Die Schöne aus dem Totenreich

',(6&+g1($86'(0727(15(,&+ *HIDKU 0\[LQGHU0DJLHUVSUWHVLHPLWMHGHU)DVHUVHLQHV.|USHUV $OOH=HOOHQVFKLHQH...

8 downloads 335 Views 242KB 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

',(6&+g1($86'(0727(15(,&+

*HIDKU 0\[LQGHU0DJLHUVSUWHVLHPLWMHGHU)DVHUVHLQHV.|USHUV $OOH=HOOHQVFKLHQHQGLH:DUQXQJDXV]XVWUDKOHQXQGGXUFKVHLQ *HKLUQUDVWHQGLH6WU|PHVFKQHOOHU'HU0DJLHUYHUKDUUWH $XIHLQHUNOHLQHQ3ODWWIRUPEOLHEHUVWHKHQ(UOHJWHHLQH3DXVH HLQDXIGHP:HJ]XP*LSIHOZlKUHQGXPLKQKHUXPGHU:LQG SILIIXQGWRVWH 0\[LQIURUQLFKW0LWVROFKHQ'LQJHQJDEHUVLFKQLFKWDE+LW]H .lOWH:lUPHVLHH[LVWLHUWHQQLFKWIULKQ6HLQH+DXWZDUQLFKW PLWGHUHLQHV0HQVFKHQ]XYHUJOHLFKHQXQGGRFKKDWWHHUVLFKGHQ 0HQVFKHQDQJHVFKORVVHQZHLOHUlKQOLFKIKOWHXQGGDFKWHZLH VLH 2EZRKOHUHLQ'lPRQJHZHVHQZDU,PDOWHQ$WODQWLVKDWWHHU GDPDOVHLQHJURH0DFKWEHVHVVHQGRFKGLH=HLWHQZDUHQYRUEHL GDV0HHUKDWWH$WODQWLVJHIUHVVHQ$EHU0\[LQHULQQHUWHVLFK LPPHUVWlUNHUDQGLHVHQ.RQWLQHQW9RUDOOHQ'LQJHQKDWWHHUDXI GHU6XFKHQDFKQHXHQ.UlIWHQ6SXUHQGLHVHV.RQWLQHQWVDXFKDXI GHQEHUGHP:DVVHUOLHJHQGHQ7HLOHQGHU(UGHHQWGHFNW(VZDU JDUQLFKWVRVFKZHUVLH]XILQGHQPDQPXWHQXUULFKWLJVFKDXHQ $XFKDQGLHVHPNDOWHQ'H]HPEHUWDJZDUHUZLHGHUDXIGHU 6XFKHQDFKHLQHP+LQZHLVDXVGHU9HUJDQJHQKHLW0\[LQZDUIHVW HQWVFKORVVHQLKQ]XILQGHQ :DUXPDEHUKDWWHLKQVHLQ*HIKOJHZDUQW" 0\[LQKLHOW$XVVFKDX6HLQH$XJHQYHUVXFKWHQGDV'XQNHOGHV $EHQGV]XGXUFKEUHFKHQZDVQLFKWP|JOLFKZDU(UVDKLQGHU )HUQHGLH/LFKWHUHLQHU2UWVFKDIW$OVKHOOH*UHVFKLPPHUWHQVLH ]XLKPKHUEHUXQGHUVDKDXFKHLQH/LFKWEDOOXQJGLFKWEHUGHP %RGHQ 'DVZDUHLQ7DQQHQEDXPDQGHPGLH.HU]HQOHXFKWHWHQ :HLKQDFKWHQVWDQGYRUGHU7U (LQ)HVWPLWGHP0\[LQQLFKWVDQ]XIDQJHQZXWH,Q$WODQWLV JDEHVGDVQRFKQLFKW(UVWVHKUYLHOVSlWHUIHLHUWHQGLH0HQVFKHQ GLHVHV)HVW 0\[LQJLQJELV]XP5DQGGHU3ODWWIRUPXQGEOLFNWHLQGLH+|KH :LHGUHLJHZDOWLJH=DKQVWXPPHOKREHQVLFKGLH)HOVHQDXVGHU /DQGVFKDIW6LHZDUHQQLFKWY|OOLJNDKOQHLQDXILKUHQ6SLW]HQ ZXFKVHQ%lXPHGLHGHP:LQGXQGGHQ8QELOGHQGHVHZLJZHFK VHOQGHQ:HWWHUVVWDQGKDIWWURW]WHQ

'LHVH)HOVZlQGHZXUGHQYRQGHQ%HZRKQHUQGHUXPOLHJHQGHQ '|UIHUDXFKª'HV7HXIHOVOHW]WH)LQJHU©JHQDQQW'HU%HJULIIJLQJ DXIHLQHDOWH6DJHDXVGHP0LWWHODOWHU]XUFN 'DYRQZXWH0\[LQMHGRFKQLFKWV(UKDWWHGHQ)HOVHQDXV HLQHPJDQ]DQGHUHQ*UXQGHLQHQ%HVXFKDEJHVWDWWHW 1RFKHLQLJH0LQXWHQZDUWHWHHUGDQQDOVHUPHUNWHGDVLFK QLFKWVWDWGDGLH*HIDKUQLFKWGURKHQGHUZXUGHNOHWWHUWHHU ZHLWHU8QGZLHGHUHLQPDOEHZLHVGHUNOHLQH0DJLHUVHLQH *HVFKLFNOLFKNHLW7ULWWXQG]LHOVLFKHUIDQGHUGLHULFKWLJHQ6WHOOHQ ZRHUVWVHLQH%HLQHXQGZHQLJVSlWHUDXFKGLH)LQJHUGHQQ|WLJHQ +DOWIDQGHQ 0\[LQZDUJHVFKLFNWZLHHLQ%HUJVWHLJHU(UYHUODJHUWHVHLQ *HZLFKWZHQQHVVHLQPXWHXQGHUVDKDXFK]XGDXQWHU VHLQHQ)HQGDV*HVWHLQQLFKWDEEU|FNHOWH 6RVFKDIIWHHU
KDWWHDOVDXIGLHVH$UWXQG:HLVH]XH[LVWLHUHQ 'RFKGLH=HLWGHU'HSUHVVLRQJLQJDXFKYRUEHL0\[LQILQJVLFK ZLHGHUHUQDKPGHQ.DPSIDXI(UVFKORVLFKGHP6LQFODLU7HDP DQNlPSIWHDEHUQLFKWGLUHNWDQGHVVHQ6HLWH0\[LQZDU]XHLQHP (LQ]HOJlQJHUJHZRUGHQHLQHP:HVHQGDVVHLQH([LVWHQ]VXFKWH XQGKRIIWHVHLQH.UlIWHZLHGHU]XILQGHQ 1LHPDQGVROOWHLKPGDEHLKHOIHQREZRKOPDQHVLKPDQJHERWHQ KDWWH0\[LQZROOWHDOOHLQVHLQVHLQH6FKZlFKHZDUVFKOLPP JHQXJHUZROOWHVLHQLFKWDXFKQRFKDQGHUHQ]HLJHQ'HVKDOEKLHOW HUVLFK]XUFNWUHQQWHVLFKRIWYRQGHP6LQFODLU7HDPXQGVXFKWH DOOHLQVHLQHQ:HJ+LQXQGZLHGHUMHGRFKPHOGHWHHUVLFKGDQQ YHUVFKZDQGHUZLHGHU 0\[LQNOHWWHUWHZHLWHU(WZDGLH+l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lIWH]XVWlUNHQ-HGHP+LQZHLVXQGMHGHU6SXUJLQJHUQDFK DXFKGDVNOHLQVWH,QGL]ZDUZLFKWLJ 8QG0\[LQIDQGLPPHUHWZDV(LQNOHLQHU7HLOVHLQHU.UlIWHZDU VFKRQ]XUFNJHNHKUWDEHUGDVUHLFKWHLKPQLFKW(UZROOWHDOOHV RGHUQLFKWV 8QGGDVGDXHUWH +LQ]XNDPGD$VPRGLQDGLH7HXIHOVWRFKWHUXQEDUPKHU]LJ -DJGDXIGHQ0DJLHUPDFKWH:HQQVLHLKQGDEHLHUZLVFKWHGDHU VLFKZLHGHUPLW0DJLHEHVFKlIWLJWHXQGYHUVXFKWHJHJHQVLH DQ]XNlPSIHQZUGHVLHLKQW|WHQ 6RVDKGLH/DJHDXV0\[LQGHU0DJLHUVWDQGDXIHLQVDPHQ 3RVWHQZHQQQLFKWVRJDUDXIYHUORUHQHP

'RFKGDVZROOWHHUQLFKWZDKUKDEHQ1HLQHUIKUWHGHQ.DPSI ZHLWHU%LV]XPELWWHUHQ(QGH 8QGGHVKDOENOHWWHUWHHUDXFKK|KHU(UZROOWHGHQ+LQZHLVDXI HLQHEHVVHUH=XNXQIWILQGHQ :LHHLQH)OLHJHNOHEWHGHU0DJLHUDQGHPULVVLJHQ*HVWHLQ'HU :LQGXPWRVWHLKQHUIDXFKWHXQGSILIIKRE0\[LQV0DQWHOKRFK XQGOLHLKQZLHHLQH)DKQHIODWWHUQ $OVHUGDVHUVWHGUUH*HVWUSSHUUHLFKWHDWPHWHHUVLFKWOLFKDXI -HW]WZDUHVQLFKWPHKUZHLW (VZDUHLQNDUJHV*HEVFKGDVVLFKLQGDV*HVWHLQIHVWJHNODP PHUWKDWWHXQGPLWLKPYHUZDFKVHQZDU0\[LQSUIWHPLWEHLGHQ +lQGHQGHQ+DOWXQGVWHOOWH]XIULHGHQIHVWGDGLHGUUHQDEHU VWDUNHQ=ZHLJHVHLQ*HZLFKWWUDJHQZUGHQ (U]RJVLFKKRFK$XIKDOEHP:HJHO|VWHHUVHLQHUHFKWH+DQG XQGIDWHLQGHQQlFKVWHQ%XVFK 6RNOHWWHUWHHUZHLWHU 'HU$XIVWLHJZXUGHDXFKQLFKWPHKUVRVWHLO(UVHQNWHVLFKHLQ ZHQLJZLHGHU%XFNHOHLQHV0RQVWHUV 0\[LQNRQQWHMHW]WZHLWHUNULHFKHQ 1DFKZHQLJHQ
WHWHGDVJHIURUHQH:DVVHUHVGHKQWHVLFKDXVVRGDPDQFKH 6WHLQHEUDFKHQZREHLHVUHJHOUHFKWHNOHLQH([SORVLRQHQJDE 'HU:HJZDUVHKUXQHEHQ0DOIKUWHHULQGLH+|KHGDQDFK ZLHGHULQHLQHNOHLQH0XOGH 'LH0XOGHYHUHQJWHVLFKDQLKUHP(QGH]XHLQHUVFKPDOHQ 5LQQHGXUFKGLHGHUNOHLQH0DJLHUVFKULWW'LH5LQQHZDUVRHQJ GD0\[LQPLWVHLQHQ6FKXOWHUQIDVWGLH:lQGHUHFKWVXQGOLQNV VWUHLIWH2EHUKDOEGLHVHU)HOVHQUDJWHQGLHEODWWORVHQ%lXPHLQGHQ +LPPHO,QGHU0XOGHZDU0\[LQYRUGHPNDOWHQ:LQG]LHPOLFK JHVFKW]W0LWGHQ6FKXKVSLW]HQVWLHHUJHJHQORVH6WHLQHGLHYRU LKPKHUUROOWHQ 0\[LQZDUQRFKYRUVLFKWLJHUJHZRUGHQgIWHUVFKDXWHHUVLFK XPUHFKQHWHPLWHLQHU*HIDKUDXVGHP+LQWHUKDOWGRFKGD]HLJWH VLFKQLFKWV(VEOLHEUXKLJ 'LH5LQQHZXUGHEUHLWHU(LQ:HJWDWVLFKYRU0\[LQDXIXQG GHUIKUWHGLUHNW]XP=LHO 7URW]GHU'XQNHOKHLWVDK0\[LQGHQZXFKWLJHQ)HOVHQGHUGHQ :HJDQVHLQHP(QGHEHJUHQ]WH 'HU0DJLHUEOLHEVWHKHQ6HLQH%OLFNHWDVWHWHQGHQ)HOVHQDEXQG HUQLFNWH]XIULHGHQ -DGDVZDUHU 'HXWOLFKXQWHUVFKLHGVLFKGDV*HVWHLQYRQGHPDQGHUHQ(V VFKLPPHUWHEOlXOLFKZDU]LHPOLFKJODWWXQGZHQQ.DQWHQYRU VWDQGHQGDQQZLUNWHQVLHZLHDEJHVFKPLUJHOWDOVKlWWHVLFKHLQ 6WHLQPHW]DQGLHVHP*HELOGHYHUVXFKW 'LHOHW]WHQ6FKULWWH 'DQQVWDQGGHUNOHLQH0DJLHUYRUGHP6WHLQ8PLKQ]XILQGHQ KDWWHHUDOOGLH%HPKXQJHQDXIVLFKJHQRPPHQVHLQH6SXUHQ YHUZLVFKWXQGVLFKLQGLH*HIDKUEHJHEHQ +LHUIDQGHUGDVZDVHUVXFKWH 0\[LQOHJWHEHLGH+DQGIOlFKHQJHJHQGHQ)HOVHQ1RUPDOHU ZHLVHKlWWHGHU6WHLQHEHQVRNDOWZLHGLHDQGHUHQ)HOVHQVHLQ PVVHQ'DVZDUQLFKWGHU)DOO(UVWUDKOWHHLQHLQQHUH:lUPHDE GLHGHUNOHLQH0DJLHUVRIRUWVSUWH -HW]WVDKHUDXFKGLHJHKHLPQLVYROOHQ=HLFKHQLQ/LQLHQGLHVLFK EHUGLH2EHUIOlFKHGHV6WHLQV]RJHQ (VZDUHLQHXUDOWHXQEHNDQQWH6FKULIW6LHZDULPDOWHQ$WODQWLV EHQXW]WZRUGHQ8QGDXFKQXUYRQHLQHUEHVWLPPWHQ.DVWH

'LH0DJLHUKDWWHQVLFKGLHVHUJHKHLPQLVYROOHQ6FKULIWEHGLHQW 8QG0\[LQ6HLQH.UlIWHZDUHQLKPJHQRPPHQZRUGHQHUKDWWH YLHOHVYHUJHVVHQVHLQ*HKLUQZDUOHHUJHZHVHQDEHULP/DXIHGHU =HLWKDWWHHUVLFKZLHGHUDQGLHDOWHQ'LQJHHULQQHUW +LHUZROOWHHUHLQHQ7HVWGXUFKIKUHQ.RQQWHHUGLH=HLFKHQ QRFKOHVHQ" :HQQMDGDQQVFKDIIWHHUHVDXFKGHQ)HOVHQ]X|IIQHQGDQQ KDWWHHUHLQZHLWHUHV*HKHLPQLVJHOIWHW 6HOEVW0\[LQZXUGHDXIJHUHJW:HQQHUYHUVDJWHZDUHQVHLQH %HPKXQJHQXPVRQVWJHZHVHQGHQQHUPXWHGLH%RWVFKDIWGHU 9HUJDQJHQKHLWQDFKVSUHFKHQ 0LWGHQ)LQJHUQ]HLFKQHWHGHUNOHLQH0DJLHUGLH=HLFKHQQDFK 'DEHLPXUPHOWHQVHLQH/LSSHQGLHIUHPGHQ:RUWH ª2NLODWUPXUOHJDH[HQWDUH© )HOVHQGHU:HLVKHLWJLEGHLQ*HKHLPQLVSUHLVGDHVPLFK VWlUNHXQGPLUGLH0DFKWGHUDOWHQ*|WWHUJHEH 0LWGLHVHQ:RUWHQEHJDQQGLH,QVFKULIWGLHVRNODUZDUDEHU GHQQRFKYROOHU5lWVHOVWHFNWH 0\[LQO|VWHVHLQH+lQGHQLFKWYRQGHUJODWWHQ:DQG(UUHGHWH ZHLWHUXQGGLH:RUWHVSUXGHOWHQEHUVHLQH/LSSHQ'LHVH (UNHQQWQLVEHIOJHOWHGHQNOHLQHQ0DJLHU$OOH.UlIWHKDWWHHU GRFKQLFKWYHUORUHQ'DVDOWH:LVVHQVWHFNWHWLHILQVHLQHP,QQHUQ PDQPXWHHVQXUKHUYRUKROHQ 8QG0\[LQUHGHWHZHLWHU(UVSUDFKGHQ)HOVHQDQDOVZlUHHU HLQOHEHQGHV:HVHQ 0\[LQODVGLH=HLFKHQYRQOLQNVQDFKUHFKWV1LFKWHLQPDOXQWHU EUDFKHUVHLQH6lW]H(QGOLFKKDWWHHUHVJHVFKDIIW 0\[LQZDUWHWH 6HNXQGHQYHUJLQJHQ 6WLOOHXPJDELKQ6HOEVWGHU:LQGZDUHLQJHVFKODIHQQXUHLQ NKOHU=XJVWULFKEHUVHLQHQ1DFNHQ0\[LQVGXQNOH$XJHQ ZDUHQDXIGLH0LWWHGHV)HOVHQVJHULFKWHWGRUWPXWHVLFKVHLQHV :LVVHQVGHU(LQJDQJEHILQGHQ 'DV7RU]X$WODQWLV (UEH :UGHHVJHOLQJHQ" -DHVWDWVLFKHWZDV$XIHLQPDOEHJDQQGHUJODWWH)HOVHQ]X lFK]HQ(UVW|KQWHUHJHOUHFKWDXIDOVZUGHQ7RQQHQDXILKQ GUFNHQXQGDQLKPUHLHQ

*HZDOWLJH.UlIWH]HUUWHQDQLKP8QVLFKWEDUH+lQGHULVVHQDQ EHLGHQ6HLWHQGHVJHZDOWLJHQ)HOVHQV (LQ6SDOWHQWVWDQG *HQDXLQGHU0LWWH 'LHEHLGHQ)HOVHQKlOIWHQZXUGHQLPPHUZHLWHUDXVHLQDQGHU JHVFKREHQGHU6SDOWYHUJU|HUWHVLFKXQGJDEHLQHQ(LQJDQJIUHL GHULQGDV,QQHUHGHV)HOVHQVIKUWH 'RUWZDUHVQLFKWGXQNHO (LQJHKHLPQLVYROOHVWLHIYLROHWWHV/LFKWVWUDKOWHYRQGHQ ,QQHQZlQGHQ(VHUIOOWHGHQJHVDPWHQ+RKOUDXPGHQPDQDOV ULHVLJH*URWWHEH]HLFKQHQNRQQWH 'LH:l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lQGHJODWWDEHUMHPDQGKDWWHGDVGXQNOH *HVWHLQJHVFKOLIIHQ(VJOlQ]WH'DV/LFKWGDVGDV*HVWHLQDXV VWUDKOWHZXUGHYRQLKPVSLHJHODUWLJUHIOHNWLHUWVRGDHVGDV ,QQHUHGHV)HOVHQVY|OOLJDXVOHXFKWHWH (LQHIDQWDVWLVFKH:HOW 'RFKHVZDUQLFKWQXUGDV/LFKWGDV0\[LQIDV]LQLHUWH9LHO ZLFKWLJHUZDUGHU0HQVFKGHULQGLHVHP)HOVHQEHJUDEHQODJ(LQ VFKZDU]KDDULJHUElUWLJHU+QHQXUPLWHLQHPNQDOOURWHQ /HQGHQVFKXU]EHNOHLGHWGHULKPYRUQELV]XGHQ:DGHQKLQJ'HU 0DQQODJVWHLIZLHHLQ%UHWWDXIHLQHUJOlVHUQHQ3ODWWHGLHYRQ HLQHPNDQWLJHQ6WHLQJHVWW]WPLWGHP%RGHQYHUEXQGHQZDU 'HU0DQQKDWWHHLQHEUDXQH+DXWIDVWVFKRQVRGXQNHOZLHGLH HLQHV1HJHUVREZRKOVHLQHDVNHWLVFKHQ*HVLFKWV]JHNHLQHQHJUR LGH$EVWDPPXQJYHUULHWHQ

(VJDEIU0\[LQNHLQHQ=ZHLIHOPHKU$XIGLHVHUJOlVHUQHQ 3ODWWHODJHLQ0DQQDXVGHPOlQJVWYHUJHVVHQHQ.RQWLQHQW $WODQWLV 'HU0DJLHUWUDWQRFKQlKHUKHUDQELVGLHJOlVHUQH.DQWHLKQ EHUKUWH(UEOLFNWHDXIGHQ$WODQWHUKLQDEVWXGLHUWHGHVVHQ*H VLFKWV]JHXQGMHOlQJHUHULKQDQVDKXPVREHNDQQWHUNDPHU LKPYRU -DHUNDQQWHGHQ0DQQ6RJDUVHLQ1DPHILHO0\[LQZLHGHUHLQ +DUR%RWHGHU*|WWHU 'DPDOVZDUHUVRJHQDQQWZRUGHQZHLOGLH*|WWHULKQPLW VWDUNHQ.UlIWHQDXVJHVWDWWHWKDWWHQGDPLWHUGHUHQ%RWVFKDIWHQ YHUNQGHWH'LH*|WWHUZDUHQ:HLVH0DJLHU*HVWDOWHQGHV/LFKWV XQGVLHKDWWHQVLFKLPHZLJHQ.DPSIPLWGHQ0lFKWHQGHU )LQVWHUQLVEHIXQGHQ]XGHQHQ0\[LQGDPDOVDXFKJHK|UWH :HQQ+DURHUZDFKWHXQG0\[LQHUNDQQWHZUGHHULKQW|WHQ $EHUZLHNDPHULQGLHVHV)HOVHQJUDE" 0\[LQZXWHHVQLFKWDEHUHUKRIIWHLKQDOV6WUHLWHU]XJH ZLQQHQ 8QGQRFKMHPDQGJHK|UWHGD]X .DUDGDV0lGFKHQDXVGHP7RWHQUHLFKGLH6FK|QHDXVGHU )LQVWHUQLVZLHVLHDXFKJHQDQQWZXUGH6LHXQG+DURZDUHQRIW ]XVDPPHQGHQQ.DUDGLH7RFKWHUHLQHV3URSKHWHQKDWWHGHQ 'lPRQHQJHWURW]W 6LHZDUQDFKLKUHP7RG]XUFNJHNHKUWXPGLH.UlIWHGHV*XWHQ ]XVDPPHOQ([LVWLHUWHVLHYLHOOHLFKWDXFKQRFK" :HQQXQG0\[LQJODXEWHSO|W]OLFKGDUDQGDQQHUKLHOWHUZLUN OLFKHLQHDXVJH]HLFKQHWH8QWHUVWW]XQJ ,QGHP*HVLFKWGHV$WODQWHUVUKUWHVLFKNHLQ0XVNHO 8QEHZHJWVWDUUXQGVWHLIODJGHU0DQQYRULKPYHUVXQNHQLQ HLQHPODQJHQQLHHQGHQZROOHQGHQ6FKODI 0\[LQGDFKWHGDUDQGDDXFKHUDXVHLQHP]HKQWDXVHQG MlKULJHQ6FKODIHUZHFNWZRUGHQZDUPLW+DURVROOWHGDVJOHLFKH JHVFKHKHQ 'HUNOHLQH0DJLHUVWUHFNWHGLH$UPHDXVVRGDEHLGH+lQGH EHUGHP*HVLFKWGHV6FKOlIHUVODJHQ'DQQVSUHL]WH0\[LQDOOH ]HKQ)LQJHU,QGLHVHP$XJHQEOLFNJHVFKDKHV,QVHLQHP5FNHQ YHUQDKPHUGDV*HUlXVFK -HPDQGZDUGD

'LH*HIDKU(UKDWWHVLHYHUJHVVHQ1XQUlFKWHHVVLFK 0\[LQNUHLVHOWHDXIGHU6WHOOHKHUXP 'LHEHLGHQVWDQGHQLP(LQJDQJ0DNDEUH*HVWDOWHQPLWIHXHU URWHQ+DDUHQVFKZDU]HU/HGHUNOHLGXQJXQG)OJHOQ $VPRGLQDKDWWHLKUH7RGHVHQJHOJHVFKLFNW $OVRGRFK (UKDWWHHVJHZXW$VPRGLQDZDUUDIILQLHUWHUXQGVWlUNHUJH ZHVHQDOV0\[LQ6LHKDWWHLKQXQWHU%HREDFKWXQJJHKDOWHQ8QG MHW]WDOVHUGLFKWYRUGHP=LHOVWDQGVFKOXJVLH]X 'XUFKLKUH7RGHVHQJHO 'LHVHJUDXVDPHQ*HVFK|SIHGLHEHUHLWV0\[LQV6FKZDU]H 9DPSLUHJHW|WHWKDWWHQ -HW]WZROOWHQVLHLKQYHUQLFKWHQ 0\[LQVFKDXWHVLHDQ(UVDKLQGLHNDOWHQ*HVLFKWHUGLHYRQGHQ IHXHUURWHQ+DDUHQZLH/RKHQXPZHKWZXUGHQHUVDKGLH /HGHUNOHLGXQJGLHLKUH%XVHQEHGHFNWHGDUXQWHUMHGRFKHLQHQ 6WUHLIHQKHOOHU+DXWIUHLOLHHQXQGVHLQ%OLFNJOLWWEHUGLHHQJHQ +RVHQGLHPLWGHP.|USHUYHUZDFKVHQ]XVHLQVFKLHQHQ 'LH7RGHVHQJHOVWUDKOWHQHLQH*UDXVDPNHLWDXVGLH0\[LQ HUVFKUHFNWH'HUNOHLQH0DJLHUEHVDQRFKGLH6HQVLELOLWlWXPGLH 6WU|PXQJHQJHQDXDXIIDQJHQ]XN|QQHQXQG]XVSUHQ 'LH*HVFK|SIHZDUHQ)HLQGH 8QGVLHQlKHUWHQVLFK ,KUH)OJHOKDWWHQVLH]XVDPPHQJHIDOWHWVLHEUDXFKWHQVLHQLFKW PHKU'DIUJULIIHQLKUH+lQGHLQGLH*UWHOZRLKUH:DIIHQ VWHFNWHQ .XU]H6FKZHUWHUPHKUODQJHQ0HVVHUQlKQHOQG'D]X)HVVHOQ GLHVLHMHW]WKHUYRUKROWHQ *OlQ]HQGH6WULFNH%OlXOLFKVFKLPPHUQGZLH6WDKOXQGlXHUVW ELHJVDP 0\[LQVXFKWHYHU]ZHLIHOWQDFKHLQHP$XVZHJ(VJDENHLQHQ 'HU:HJ]XP$XVJDQJZDUYHUVSHUUW1LHNRQQWHHUPLWVHLQHQ VFKZDFKHQ.UlIWHQJHJHQGLHEHLGHQ7RGHVHQJHOJHZLQQHQ8QG VHLQHYHQWXHOOHU+HOIHUGHU+HOG+DURODJLQWLHIHP6FKODI 0\[LQPXWHVLFKDOOHLQYHUWHLGLJHQ ª.RPPKHU©IRUGHUWHQGLH7RGHVHQJHO

ª:DVZROOWLKU"©IUDJWHGHUNOHLQH0DJLHU ª'LFK© ª8QGZDUXP"© ª:LUKDEHQGLFKEHREDFKWHW$VPRGLQDKDWXQVGHQ$XIWUDJ JHJHEHQ6LHKDWGLFKEHVWUDIWVLHKlWWHGLFKDXFKW|WHQN|QQHQ GRFKVLHZDUJQlGLJXQGWDWHVQLFKW6LHQDKPGLUQXUGHLQH .UlIWHDEHUGXKDVWYHUVXFKWVLH]XKLQWHUJHKHQLQGHPGXGLFK PLW6LQFODLUYHUEQGHWKDVW'DVYHUODQJWQDFK6WUDIH'XZLUVW VWHUEHQ© ª:HUZLOOPLFKW|WHQ"©IUDJWH0\[LQ ª:LU© 'DVDQN0\[LQLQGLH.QLH(VVROOWHZLHHLQH*HVWHGHU'HPXW DXVVHKHQGRFKGDVZDUHVQLFKW8USO|W]OLFKVFKQHOOWHHUKRFK VSUHL]WHVHLQH+lQGHXQGVFKOHXGHUWHGHQEHLGHQ7RGHVHQJHOQ HLQHQPDJLVFKHQ%DQQVSUXFKHQWJHJHQ (USUDOOWHDE 0\[LQKDWWH:RUWHDXVGHPDOWHQ$WODQWLVEHQXW]WGRFKVLH ZLUNWHQDXIGLHEHLGHQ7RGHVHQJHOQLFKW'LHOlFKHOWHQQXUXQG JULIIHQVRIRUWKDUW]X ,KUH+lQGHXPNODPPHUWHQ0\[LQV*HOHQNH]ZDQJHQGXUFK GHQKDUWHQ*ULIIGHQNOHLQHQ0DJLHULQGLH.QLH (LQHKREGHQ)XXQGVWHOOWHLKQLQ0\[LQV1DFNHQVRGDVHLQ .RSIJHEHXJWZXUGH 0LWGHU6WLUQEHUKUWH0\[LQGHQ%RGHQ 8QGZLHGHUHLQPDOZXUGHLKPEHZXWZLHVFKZDFKHUQRFK ZDU*HJHQ0HQVFKHQNRQQWHHUVLFKYHUWHLGLJHQLQ]ZLVFKHQDXFK JHJHQ'lPRQHQGHUXQWHUVWHQ6WXIHDEHUJHJHQPlFKWLJHUH :HVHQGHU)LQVWHUQLVZDUHUPDFKWORV 8QGYLHOOHLFKWZUGHVLFKGDVQLHlQGHUQGHQQGLHEHLGHQ 7RGHVHQJHOKDWWHQGDV8UWHLOJHVSURFKHQ 0\[LQVROOWHVWHUEHQ 6LHULVVHQLKQKHUXPOHJWHQLKQDXIGHQ5FNHQXQGEDQGHQ VHLQH+lQGHPLWGHQPDJLVFKHQ)HVVHOQ 'HU0DJLHUVFKDXWHKRFK (UVDKLQLKUHNDOWHQ*HVLFKWHUPLWGHQJQDGHQORVHQ$XJHQ +DURGHU+HOGDXV$WODQWLVODJQDFKZLHYRUVWLOODXIVHLQHU JOlVHUQHQ3ODWWH (UVFKOLHIZHLWHUREZRKO0\[LQGHQ)HOVHQJHVSUHQJWKDWWHXQG

+DURGHU9RUDXVVDJXQJQDFKKlWWHHUZDFKHQPVVHQ 'DQQ]RJHQGLHEHLGHQ7RGHVHQJHOLKUH.XU]VFKZHUWHU$XIGHQ EODQNHQ.OLQJHQVSLHJHOWHVLFKGDVYLROHWWH/LFKWZLGHU(LQSDDU 5HIOH[HWUDIHQ0\[LQV$XJHQ ª7RGGHP0DJLHU©VDJWHQGLHEHLGHQZLHDXVHLQHP0XQGH ,PVHOEHQ$XJHQEOLFNHUW|QWHHLQODQJJH]RJHQHV6HXI]HQ +DURHUZDFKWH 1LFKWQXU0\[LQKDWWHGDV6HXI]HQYHUQRPPHQVRQGHUQDXFKGLH EHLGHQ7RGHVHQJHO,KUH]XP6FKODJHUKREHQHQ6FKZHUWHUVHQNWHQ VLFKQLFKWZHLWHU 'LH%RWLQQHQGHU)LQVWHUQLVIKOWHQVLFKLUULWLHUW 'LHEHLGHQZDQGWHQGLH.|SIHVLHVWDUUWHQDXI+DURGHUVRHEHQ GLH$XJHQDXIVFKOXJXQG0\[LQVRPLWHLQHNOHLQH*DOJHQIULVW HUP|JOLFKWH 'HU%OLFNGHVHEHQ(UZDFKWHQZDUJHJHQGLH'HFNHJHULFKWHW %HLGH7RGHVHQJHOVDKHQGDHUGXQNOH3XSLOOHQKDWWHIDVW VFKZDU]XQGGD1LFKWEHJUHLIHQLQVHLQHP%OLFNODJ 0\[LQZDJWHHVGHQ.RSI]XKHEHQ'LH7RGHVHQJHOKLQGHUWHQ LKQQLFKWGDUDQ6LHDFKWHWHQQXUDXI+DUR 'HU0DJLHUVFKZLHJ(UVFKLHOWHXQWHUGLHJOlVHUQH3ODWWHXQG VDKGD+DURVHLQH)LQJHUEHZHJWH6HKUODQJVDPDOOHUGLQJV GHQQVHLQ.UHLVODXIPXWHVLFKHUVWZLHGHUDQGLHQHXH6LWXDWLRQ JHZ|KQHQ 'LH7RGHVHQJHOZXWHQQLFKWZDVVLHPLWGLHVHP0DQQDQ IDQJHQVROOWHQ)UDJHQGEOLFNWHQVLHVLFKDQ 6FKOLHOLFK]RJHQVLH0\[LQDXIGLH)H ª6LHKLKQDQ© 'DVKlWWHGHUNOHLQH0DJLHUVRZLHVRJHWDQ ª'XNHQQVWLKQ"©ZXUGHHUJHIUDJW 0\[LQVDKHLQGDHVNHLQHQ6LQQKDWWH]XOJHQ(UQLFNWHODQJ VDPª-DLFKNHQQHLKQ© ª:HULVWGDV"© ª+DUR© $OVGHU$WODQWHUVHLQHQ1DPHQK|UWH]XFNWHHUPLWGHQ $XJHQGHFNHOQ6HLQH6LQQHZDUHQGHPQDFKHEHQIDOOVZLHGHU HUZDFKW

ª:DUXPOLHJWHUKLHU"©IUDJWHQGLH7RGHVHQJHOª,VWHUHLQ)UHXQG YRQGLU"© ª,FKNHQQHLKQDXV$WODQWLV'RUWZDUHUGHU%RWHXQVHUHU 3URSKHWHQGHU:HLVHQGHU*|WWHU© 'LH'lPRQLQQHQODFKWHQª:LHVRVDJVWGXXQVHUHU"'DVNDQQ QLFKWVWLPPHQ'XKDVWGRFKGDPDOVQRFKDXIXQVHUHU6HLWH JHVWDQGHQGXPLHVHU9HUUlWHU© ª,FKZHL© ª(ULVWDOVRHLQ$WODQWHU© ª*HQDX© ª8QGZLHNRPPWHUKLHUKHU"%HGHXWHWHUHLQH*HIDKUIUXQVHUH $VPRGLQD"© 6LFKHUOLFKEHGHXWHWHGHU0DQQHLQH*HIDKU(UZUGHJHJHQGDV %|VHNlPSIHQDEHUGDVEUDXFKWH0\[LQGHQEHLGHQQLFKWXQWHU GLH1DVH]XELQGHQ:HQQ+DURZLHGHUYROOEHL.UlIWHQZDU ZUGHHUVLFKVHLQHV/HEHQVLQ$WODQWLVEHVWLPPWHULQQHUQXQG VLFKDXFKLQGLHVHQ7DJHQJHJHQGDV%|VHVWHOOHQ)DOOV0\[LQ VWDUEJDEHVGDQQHLQHQGHUVHLQ(UEHZHLWHUIKUWH 'LH7RGHVHQJHOGDFKWHQQDFKª:LUZHUGHQLKQDXFKW|WHQ© VDJWHQVLHVFKOLHOLFK 0\[LQ]XFNWH]XVDPPHQª$EHUZDUXP"(UKDWHXFKQLFKWV JHWDQ,KUEUDXFKWLKQQLFKWXP]XEULQJHQ© ª$EHUHUJHK|UWH]XGHQ.UlIWHQGHV/LFKWV8QGGLHVH.UlIWH VLQGXQVHUH)HLQGH© 'DKDWWHQVLHUHFKW0\[LQUHGHWHDXFKQLFKWGDJHJHQ(UZUGH GLHEHLGHQYRQLKUHP9RUKDEHQQLFKWDEEULQJHQN|QQHQ6LH IKUWHQLKUHQ$XIWUDJGXUFKREVLHGDEHLHLQHQRGHUPHKUHUH W|WHWHQGDVZDULKQHQHJDO 'lPRQHQNDQQWHQNHLQ(UEDUPHQ 'DVHW]WHVLFK+DURDXI 'LHVJHVFKDKVWHLIXQGXQJHOHQN(UZLQNHOWHGDEHLVHLQH$UPH DQXQGVWW]WHVLFKPLWGHQ+lQGHQDE)XUFKWORVEOLFNWHHULQGLH 5XQGH ª:HUVHLGLKU"©'LH:RUWHWURSIWHQODQJVDPEHUVHLQH/LSSHQ 'LH7RGHVHQJHOVFKZLHJHQQXUGHUNOHLQH0DJLHUJDEHLQH $QWZRUWª,FKELQ0\[LQ© ª0\[LQ"0\[LQ"©'DV:RUWVFKLHQLP*HKLUQGHV$WODQWHUV QDFK]XKDOOHQ(UVHQNWHGHQ.RSIXQGOHJWHVHLQH6WLUQLQ)DOWHQ

ª,FKNHQQHGLFK0\[LQLFKKDEHGHQ1DPHQJHK|UW'LH:HLVHQ KDEHQYRQGLUJHVSURFKHQ'XGXELVWHLQ'lPRQ© 'DVOHW]WH:RUW]LVFKWHHUXQGUXFNWHKHUXPZREHLHUJOHLFK ]HLWLJVHLQH%HLQHYRQGHUJOlVHUQHQ3ODWWHVFKZDQJ0LWIODP PHQGHP%OLFNVWDUUWHHU0\[LQDQ ª.DUDXQGLFKKDEHQGHQ$XIWUDJGLH'lPRQHQ]XW|WHQ 2EZRKOXQVHU/DQGGHP8QWHUJDQJJHZHLKWLVWZHUGHQZLUDOOHV WXQXPGLH'lPRQHQSHVW]XYHUQLFKWHQ8QGGX0\[LQKDVW]X GHQDQGHUHQJHK|UW'XELVWGHV7RGHV© 'LH%RWLQQHQGHU7HXIHOVWRFKWHUODFKWHQ6LHDPVLHUWHQVLFK EHU0\[LQXQG+DURGHQQDXVGHQEHLGHQZDUHQSO|W]OLFK )HLQGHJHZRUGHQZHLO+DURQLFKWGXUFKEOLFNWH ª'XYHUVWHKVWGDVIDOVFK©ULHIGHUNOHLQH0DJLHU6HLQH6WLPPH ]LWWHUWHª*ODXEPLU© +DURVFKWWHOWHGHQ.RSIª,FKVHKHHVULFKWLJ:LUKDEHQGLFKLQ HLQHQ6FKODIYHUVHW]W$EHUMHW]WELVWGXGDGXELVWHUZDFKW :DUXPZLHVR"© ª(VVLQGEHU]HKQWDXVHQG-DKUHYHUJDQJHQ©VDJWH0\[LQ ª:LH"© ª'XKDVWJHVFKODIHQ+DUR$WODQWLVLVWYHUVXQNHQ'RFKGLFKKDW PDQUHWWHQN|QQHQ© ª8QG.DUD"© ª'LHVXFKHLFKQRFK© ª'XKDVWVLHJHW|WHW©VDJWHGHU$WODQWHUGXPSI ª1HLQGDVVWLPPWQLFKW©HUZLGHUWH0\[LQª,FKKDEHVLHQLFKW JHW|WHW6LHKDWVRJDUGDV7RWHQUHLFKYHUODVVHQ© ª:RLVWVLHMHW]W"© 0\[LQKREGLH6FKXOWHUQª'DVZHLLFKQLFKW9LHOOHLFKW ZDQGHUWVLH]ZLVFKHQGHQ=HLWHQ:HUZHL© +DURQLFNWH(UVWULFKEHUVHLQ*HVLFKWGLH)LQJHUZKOWHQLQ VHLQHP%DUW(UZDUY|OOLJGXUFKHLQDQGHUZXWHQLFKWZLHHUVLFK ]XUHFKWILQGHQVROOWHGHQQHUªOHEWH©QRFKLPPHULQGHU9HU JDQJHQKHLW 0\[LQNRQQWHHVLKPQDFKIKOHQ(UHULQQHUWHVLFKQRFKJHQDX ZLH-RKQ6LQFODLUXQG6XNRLKQDXVGHPPDJLVFKHQ6FKODIHUZHFNW KDWWHQ 'DPDOVKDWWHHUHEHQVRUHDJLHUWZLH+DURGRFKLP/DXIHGHU =HLWZDUHUHLQDQGHUHUJHZRUGHQ=XHUVWZROOWHHUVHLQH5HWWHU

W|WHQGDQQlQGHUWHHUVHLQH0HLQXQJXQGKDWWHVLHQXUYRU *HIDKUHQJHZDUQWXQGMHW]WNlPSIWHHUDQLKUHU6HLWH +DURQLFNWHODQJVDPVFKLHQHU]XEHJUHLIHQREZRKOQRFKYLHO XQNODUZDUXQGEOLHE'DIUVWDUUWHHUGLH7RGHVHQJHODQª:HU VHLGLKU"©IUDJWHHUXQG]HLJWHVLFKQLFKWLPPLQGHVWHQYRQLKUHP $XVVHKHQEHUUDVFKW(UKDWWHDXFKLQ$WODQWLVVHOWVDPH*HVWDOWHQ JHVHKHQ(UDWPHWHWLHIHLQª,FKVSUHHLQH$XUDGHV%|VHQGLH YRQHXFKDXVJHKW6HLGLKUPLWGHP6DWDQYHUEUGHUW"© 'LHEHLGHQODFKWHQ,KUHNXU]HQ6FKZHUWHU]XFNWHQYRUXQG NDPHQGLFKWYRUGHQ$XJHQGHV0DQQHV]XU5XKHª'XKDVWHV HUIDW$WODQWHUZLUJHK|UHQ]XU+|OOH]X$VPRGLQDGHU7RFKWHU GHV7HXIHOV© ª'DQQVLQGZLU)HLQGH© ª-D© 'HU$WODQWHUZROOWHDXIVWHKHQGRFKGLH6FKZHUWHUKLQGHUWHQLKQ GDUDQª1HLQPHLQ)UHXQG'XZLUVWPLWLKPVWHUEHQ(VLVWJXW GDZLUGLFKJHIXQGHQKDEHQGHQQQXUVREDQQHQZLUHLQH]ZHL IDFKH*HIDKU© +DUREOLHEUXKLJª,KUZHUGHWLKUHU5DFKHQLFKWHQWJHKHQ© ª:HULVWVLH"© ª.DUDGDV0lGFKHQDXVGHP7RWHQUHLFK6LHJHK|UW]XGHQ ZHQLJHQGLHGHQ7RGEHUZXQGHQKDEHQXQGVLHZLUGPLFK UlFKHQ© 'LH7RGHVHQJHOODFKWHQODXW +DURK|UWHLKU/DFKHQXQGHUVDQGWHHLQHQYHU]ZHLIHOWHQ +LOIHUXIDXVGHULQGHU8QHQGOLFKNHLWGHU'LPHQVLRQHQVHLQ=LHO ILQGHQVROOWH $XFK0\[LQGDFKWHLQGLHVHP0RPHQWDQHLQHQ0DQQGHUZHLW YRQLKPHQWIHUQWZDUYRQGHPHUMHGRFKKRIIWHGDHULKQHQ KHOIHQNRQQWH 'HU0DQQZDU-RKQ6LQFODLU *HGDQNHQIHOGHUGXUFKVWU|PWHQGLH8QHQGOLFKNHLWGHU'LPHQ VLRQHQWDVWHWHQVLFKYRUVXFKWHQLKUHQ:HJZROOWHQLKU=LHO HUUHLFKHQXPGLH+LOIH]XEULQJHQ 6LHVWLHHQLQV/HHUH$EHUGLH*HGDQNHQWUlJHUJDEHQQLFKWDXI 6LHYHUVXFKWHQHVLPPHUZLHGHUXQGVLHKDWWHQ(UIROJ

(LQ*HGDQNHWUDI (LQQLFKWLUGLVFKHV:HVHQILQJLKQDXI+DOE*HLVWKDOE0HQVFK 'LHVHU*HGDQNHQVWUDKOGLHVHUVWXPPH+LOIHVFKUHLO|VWHEHLLKU HLQHQ,PSXOVDXVGHUVRIRUWZHLWHUJHOHLWHWZXUGHXQGZLHEHL HLQHP&RPSXWHUHLQH0DVFKLQHULHLQ*DQJVHW]WH (UOHEWHUH[LVWLHUWGDFKWHGDV:HVHQ $EHUHULVWDXFKLQ*HIDKU 8QGGDVLUULWLHUWHVLH:LHVRZDUHULQ*HIDKU":DUXPNRQQWHHU VLFKQLFKWKHOIHQ"(UZDU+DURLKU+DURGHUVRODQJHYHUVFKROOHQ ZDU ,PVHOEHQ0RPHQWWUDIVLHGHU]ZHLWH*HGDQNHQVWUDKO 1RFKHLQ1DPHHUVFKLHQ -RKQ6LQFODLU (UXQG+DURZHOFKHLQH9HUELQGXQJVROOWHGDVJHEHQ"+LOI +LOIVFKULHQGLH*HGDQNHQLPPHUODXWHUXQGGDV:HVHQVSUWH GLH7RGHVl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lUXQJDQGLH3UHVVHJHJHEHQXQG DOOHVDOV8QJOFNVIDOOKLQJHVWHOOW$XFKGLHGHXWVFKHQ%HK|UGHQ VSLHOWHQPLW'DIUKDWWHLFK6RUJHJHWUDJHQGHQQQLFKW]XOHW]W ZDUDXFK.RPPLVVDU0DOOPDQQLQGHQ)DOOYHUZLFNHOWJHZHVHQ -HW]WYHUVXFKWHHLQ%DQNHQ.RQVRUWLXPGLH)LUPD]XVWW]HQ XQG$UEHLWVSOlW]H]XHUKDOWHQ,FKGUFNWHGHQ9HUDQWZRUWOLFKHQ

EHLGH'DXPHQGDVLHHVVFKDIIWHQDEHUPHLQ-REZDUHVQLFKW PHKU 1DFKPHLQHU5FNNHKUDXV'HXWVFKODQGKDWWHLFKQRFKHLQLJH 'LQJH]XHUOHGLJHQJHKDEWEHYRULFKGLH=HLWIDQGPLW6XNRGHU )DEULNHLQHQ%HVXFKDE]XVWDWWHQ 'DV*HElXGHZDUSROL]HLOLFKYHUVLHJHOWZRUGHQGRFKGDUXP EUDXFKWHQZLUXQVQLFKW]XNPPHUQ'HU=ZHUJGHU6XNRXQG 6KDRDQJHJULIIHQKDWWHZDUOlQJVWDXIHLQHPVWlGWLVFKHQ)ULHGKRI EHJUDEHQZRUGHQ:HOFKH5ROOHHUJHQDXLQGHP)DOOJHVSLHOWXQG ZLHHU]X)DULDFJHVWDQGHQKDWWHZDUQLHJHNOlUWZRUGHQ,FK QDKPDQGDHUDOV1DFKWXQG/HLEZlFKWHUIQJLHUWH $QGHP/DERULQWHUHVVLHUWHXQVEHVRQGHUVHLQ5DXP'DVZDU GHULQGHPLFK]XHUVWGDVJHKHLPQLVYROOH0RVDLNHQWGHFNWKDWWH GDVLQ:LUNOLFKNHLWMHGRFKHLQ7RULQGLH9HUJDQJHQKHLWZDU-HW]W SUlVHQWLHUWHVLFKGLH:DQGY|OOLJJODWW'LH9DPSLUELOGHUZDUHQ YHUVFKZXQGHQ=XUFNJHEOLHEHQZDUHQGLH)ODVFKHQPLWGHP %OXW'LHVHJURHQ%HKlOWHUGLHDXIHLQHP5HJDODQGHU:DQG VWDQGHQ 6XNRXQGLFKVDKHQXQVGLH'LQJHUDQZlKUHQGGLH.ROOHJHQ GUDXHQ6SXUHQVLFKHUWHQXQGGDV/DERU6WFNIU6WFNDXVHLQ DQGHUQDKPHQ9LHOOHLFKWIDQGHQZLULUJHQGZHOFKH+LQZHLVHGLH DXI4XHUYHUELQGXQJHQ]ZLVFKHQ)DULDFXQG$VPRGLQDVFKOLHHQ OLHHQ 2SWLPLVWLVFKZDULFKDOOHUGLQJVQLFKW ,FKVFKDXWH6XNRDQ'HUOlFKHOWHª'XZHLWDXFKQLFKWPHKU ZHLWHUZLH"©IUDJWHHU ª*HQDX©,FKGHXWHWHDXIGLHJURHQ%HKlOWHULQGHQHQGDV%OXW VFKZDPPª:DVPDFKHQZLUGDPLW"© ª.HLQH$KQXQJ© ª,FKZHUGHVLH]XP
7DQQHQElXPHGLHPLWLKUHQ/LFKWHUQHLQHQVWUDKOHQGHQ*ODQ]YHU EUHLWHWHQ$XFKLQGHQ*HVFKlIWHQZLHVDOOHVDXIGDV)HVWKLQ-HGHU 9HUNlXIHUKRIIWHGHQDUPHQ.XQGHQQRFKGLHOHW]WHQ3HQQLHV DE]XNQ|SIHQ ,FKKDWWHDXV=HLWPDQJHOQRFKNHLQH*HVFKHQNHNDXIHQN|QQHQ =XVHKUKLHOWPLFKGLH'lPRQHQMDJGLQ$WHP ª+HWUlXPVWGX"©6XNRVWLHXQGVSUDFKPLFKDQ ª-DYRQ:HLKQDFKWHQ© 'HU&KLQHVHODFKWHª(UKRIIVWGXGLUHWZDV"© ª.DXP© ª'DVZLOOLFKZRKOPHLQHQ© ª,FKJHKHPDOWHOHIRQLHUHQ©VDJWHLFK]XPHLQHP)UHXQGª+DOWH GXKLHUGLH6WHOOXQJ© ª0DFKLFK© 0LWUDVFKHQ6FKULWWHQYHUOLHLFKGDV/DERU'HU$SSDUDWVWDQG GUDXHQLQGHU3RUWLHUVORJH8QWHUZHJVZXUGHLFKYRQGHP OHLWHQGHQ%HDPWHQDQJHVSURFKHQ ª1LFKWVJHIXQGHQ0U6LQFODLU© ,FKEOLHEVWHKHQª'DVZDU]XHUZDUWHQ© ª6ROOHQZLUWURW]GHPZHLWHUVXFKHQ"© ª1DWUOLFK:HQQ6LHNHLQ%OXWPHKUILQGHQGDQQODVVHQVLHHV HEHQEOHLEHQ© ª6FKRQJXW:DUMDQXU QH)UDJH© ,FKJLQJZHLWHU 'LH7U]XU3RUWLHUVORJHIDQGLFKRIIHQ=ZHL8QLIRUPLHUWH KLHOWHQDP$XVJDQJ:DFKH$OVGLHEHLGHQPLFKVDKHQJUWHQ VLH,FKQLFNWH]XUFNXQGEHWUDWGLH/RJH'HUQHEHQGHP7HOHIRQ VWHKHQGH$VFKHQEHFKHUDQLPLHUWHPLFKGD]XPLUHLQHQ*OLPP VWHQJHO]ZLVFKHQGLH/LSSHQ]XVFKLHEHQ 'LHHUVWH=LJDUHWWHVHLWGUHL6WXQGHQ ,FKUDXFKWHODQJVDPZlKUHQGLFKGLH1XPPHUYRQ6FRWODQG
ª:LUGHUOHGLJW©HUKLHOWLFK]XU$QWZRUWª8QGZDQQ"© ª+HXWHQRFK© ª1LFKWJHVWHUQ"©YHUVXFKWHGHU.ROOHJH]XVFKHU]HQ ,FKVWDPSIWHGLH=LJDUHWWHLP$VFKHUDXVª+|UHQVLHPDOLFK PDFKHKLHUNHLQH:LW]H:HQQLFKGHQ:DJHQEUDXFKHGDQQHLOW HV8QGELWWHVRIRUW© ª$OOULJKW6LU© ,FKOHJWHDXI0HLQH/DXQHZDUKHXWHZLUNOLFKQLFKWGLHEHVWH DEHUHVJLEW7DJHGDJHKWYLHOHVVFKLHIXQGOlXIWHLQLJHVTXHU:LH DQGLHVHP7DJ,FKKDWWHZLUNOLFKJHGDFKWHLQH6SXU]XILQGHQ /HLGHUZDUHVPLJOFNW 6FKOLHOLFKKDWWHLFKJHK|UWGD*RUGRQ)DULDFDXFKQXUHLQ NOHLQHV5lGFKHQLQGHU0DVFKLQHULHGHV6FKUHFNHQVZDU)DULDF KDWWHYRU-DQH&ROOLQVPLWVHLQHQ7DWHQJHSUDKOWXQGYRQHLQHP 9DPSLURGHOPDUHU]lKOWGHP6XSHUYDPSLU 'DPLWZDUGLH9HUELQGXQJ]X'U7RGXQGVHLQHU0RUGOLJDKHU JHVWHOOW,FKZDUGDPDOVGDEHLJHZHVHQDOVVLHGHQ6XSHUYDPSLU HUZHFNWHQ(VODJDXIGHU+DQGGDGLHVHV:HVHQ%OXWEUDXFKWH $QGHUVNRQQWHHVQLFKWH[LVWLHUHQ9LHOOHLFKWZDUGDVLQGLHVHP /DERUJHODJHUWH%OXWVRJDUIULKQEHVWLPPW 0LFKVFKDXGHUWHZHQQLFKGDUDQGDFKWH7UDQN9DPSLURGHO PDUGDV%OXWGHQQZUGHHUHUVWDUNHQXQGZLHHLQ7RUQDGRGHV 6FKUHFNHQVEHUXQVKLQZHJIHJHQ 6FKOLPPH$XVVLFKWHQIUZDKU ,FKWUXJPLFKPLWGLHVHQVFKZHUHQ*HGDQNHQDOVLFK]X6XNR ]XUFNNHKUWH ª:DVHUUHLFKW"©IUDJWHPLFKPHLQ3DUWQHU ª-DVLHKROHQGDV%OXWDE© ª:HU"© ª/HXWHYRP
(UWDXFKWH]ZLVFKHQ]ZHL.LVWHQKRFKª,VWGDV,KU(UQVW 0U6LQFODLU"© ª-D© ª6ROOHQZLUGDQQPRUJHQQRFK"© ª0DOVHKHQ,FKVDJH,KQHQDXIMHGHQ)DOO%HVFKHLG© ª2ND\©'HU0DQQULHIVHLQH/HXWH]XVDPPHQGLHIURKZDUHQ )HLHUDEHQGPDFKHQ]XN|QQHQª*HKHQ6LHPLW0U6LQFODLU"© ª,FKEOHLEHKLHU© ª$QJHQHKPHQ$EHQGQRFK© ª'DQNH© 'LH0lQQHUYHUVFKZDQGHQ,FKJHVHOOWHPLFKZLHGHU]X6XNR %HLGHP$EWUDQVSRUWGHU%HKlOWHUZROOWHLFKLQGHU1lKHVHLQ 'HU&KLQHVHKDWWHVLFKDXIHLQHQ/DERUWLVFKJHVHW]W'UDXHQ NODSSWHQGLH7UHQGHU)DKU]HXJH0RWRUHQKHXOWHQDXIGDQQ IXKUHQGLH:DJHQDQ ª%LQJHVSDQQWZDVEHLGHU/DERUDQDO\VHGHV%OXWHVKHUDXV NRPPW©PHLQWHGHU&KLQHVH 'DVZDULFKDXFK$EHUHLQHQ9DPSLUNHLPGXUFKFKHPLVFKH 8QWHUVXFKXQJHQIHVW]XVWHOOHQZDUELVKHUQRFKNHLQHP:LVVHQ VFKDIWOHUJHOXQJHQ ,FKVWDUUWHZLHGHUGLH:DQGDQ/HHUODJVLHYRUPLU.HLQ0RVDLN ]XHUNHQQHQ1XUHLQHJUDXHQRUPDOH:DQG 2GHU" ,FKZLVFKWHPLUEHUGLH$XJHQ7lXVFKWHLFKPLFKRGHUKDWWH LFKGLFKWYRUGHU:DQGHLQ)OLPPHUQEHPHUNW" ,FKVDKJHQDXHUKLQ 1HLQHVVWLPPWH9RUGHU:DQGIOLPPHUWHGLH/XIWLQGHU7DW,FK ZDUIHLQHQ%OLFN]X6XNR 'HUVDZLHYHUVWHLQHUWDXIGHP/DERUWLVFKXQGVFKDXWHLQHLQH DQGHUH5LFKWXQJ(UEHZHJWHVLFKQLFKWDOVZlUHNHLQ/HEHQPHKU LQLKP 8QZLOONUOLFKJULIILFK]XU%HUHWWD6ROOWHGLHVHU5DXPHWZDQRFK PHKU5lWVHOEHKHUEHUJHQDOVRKQHKLQVFKRQ" 'DVZlUHHLQ'LQJ 6HOWVDPHUZHLVHNRQQWHLFKPLFKEHZHJHQXQGXQZLOONUOLFK IXKUPHLQH+DQGLQGHQ-DFNHWWDXVVFKQLWWXQGGLH)LQJHUWDVWHWHQ QDFKGHU%HUHWWD )DXFKHQGELOGHWHVLFKHLQ6RJGLFKWYRUGHUJHKHLPQLVYROOHQ

:DQG8QGDXVGHP6RJPDQVROOWHHVNDXPIUP|JOLFKKDOWHQ NULVWDOOLVLHUWHVLFKHLQH*HVWDOWKHUYRU (LQH)UDXHLQH6FK|QKHLW 6LHKDWWHODQJHVVFKZDU]HV+DDUGDVELVDXIGLH6FKXOWHUQILHO ,KUH+DXWZDUJHEUlXQWZLHEHLMHPDQGHPGHUIULVFKDXVGHP 8UODXE]XUFNNHKUW'DV*HVLFKWVFKPDOGHU0XQGYLHOOHLFKWHLQ ZHQLJ]XNOHLQGDIUZDUHQLKUH:DQJHQNQRFKHQVWDUNDXV JHSUlJW 'LH)UDXZDUNDXPEHNOHLGHW6LHWUXJHLQELNLQLlKQOLFKHV 2EHUDOVDXFK8QWHUWHLO,KUH)HVWHFNWHQLQ6DQGDOHQGHUHQ 5LHPHQELVXPGLH:DGHQJHVFKOXQJHQZDUHQ ,QVWLQNWLYVSUWHLFKGDPLUYRQGLHVHU6FK|QKHLWNHLQH*HIDKU GURKWHXQGLFKOLHPHLQH+DQGZLHGHUDXVGHP-DFNHWWDXVVFKQLWW UXWVFKWHQ 'RFKDPPHLVWHQIDV]LQLHUWHPLFKGDVZDVVLHLQLKUHUUHFKWHQ +DQGWUXJ (VZDUHLQ6FKZHUWPLWHLQHUVFKPDOHQJROGHQHQ.OLQJH 'LHVHV6FKZHUWEOHQGHWHPLFKVRVHKUGDLFKXQZLOONUOLFKGLH $XJHQVFKORXQGDOVLFKVLHZLHGHU|IIQHWHVFKLUPWHLFKGHQ %OLFNPLWGHQ+lQGHQDE 'LH)UDXWUDWODQJVDPDXIPLFK]XXQGOlFKHOWHPLFKDQ ,FKVFKOXFNWH:DUVLHHLQ*HLVWHLQ7UDXPELOG",FKZROOWHVLH IUDJHQGRFKNHLQ7RQGUDQJEHUPHLQH/LSSHQ0HLQH.HKOHZDU UHJHOUHFKW]XJHVFKQUW 9RUPLUEOLHEVLHVWHKHQª'XELVW-RKQ6LQFODLUQLFKWZDKU"© ª-D© ª,FKKDEHHLQHQ+LOIHUXIHPSIDQJHQ-HPDQGEUDXFKWGLFKVHKU -RKQ6LQFODLU© ,FKJLQJQLFKWDXILKUH%HPHUNXQJHLQVRQGHUQIUDJWHGLUHNW ª:HUELVWGX"© ª,FKELQ.DUD© ª8QGZRNRPPVWGXKHU"© ª$XVGHU9HUJDQJHQKHLWXQGDXVGHP7RWHQUHLFK© ,FKQLFNWHZHLOLFKLPPHUQRFKXQWHUGHP(LQGUXFNLKUHVSO|W] OLFKHQ$XIWDXFKHQVVWDQGGHQQLKUH$QWZRUWKDWWHLFKQLFKWYHU VWDQGHQ=ZDUDNXVWLVFKDEHUGHP6LQQQDFKQLFKW 6LHZROOWHDOVRZDVYRQPLU0LFKXP+LOIHELWWHQ)UZHQ" :HPVROOWHLFKKHOIHQ"

'LHVH)UDJHVWHOOWHLFK ª(UKHLW0\[LQZLHLFKVHLQHQ*HGDQNHQHQWQHKPHQNRQQWH© 'HUNOHLQH0DJLHU+LPPHOODQJHKDWWHLFKQLFKWVYRQLKP JHK|UW-HW]WEHIDQGHUVLFKLQK|FKVWHU*HIDKU1DWUOLFKZUGH LFKNHLQH6HNXQGH]|JHUQ ª:RLVWHU"© ª,FKEULQJHGLFK]XLKP© ª8QGZLH"© ª.RPPKHU© 0HKUVDJWHVLHQLFKW8QGLFKYHUWUDXWHLKU6FKULWWDXIGLH8Q EHNDQQWH]XGLHPLULKUHOLQNH+DQGHQWJHJHQVWUHFNWHPLFK DQOlFKHOWHXQGPHLQH)LQJHUEHUKUWH (LQZDUPHV*HIKOGXUFKVWU|PWHPLFK(LQ3ULFNHOQGDVVLFKLQ PHLQHP.|USHUDXVEUHLWHWHLKQEHUIOXWHWHELV]XP.RSIVWLHJ ZRPLFKHLQ6FKZLQGHOHUIDWH ,PQlFKVWHQ$XJHQEOLFNYHUVFKZDPPGLH8PJHEXQJYRU PHLQHQ$XJHQ 6XNRVSUWHQXUHLQHQNDOWHQ+DXFKGDQQQLFKWVPHKU 3O|W]OLFKNRQQWHHUQLFKWVPHKUIKOHQGHQNHQVSUHQJH VFKZHLJHVLFKEHZHJHQ'HU&KLQHVHHUVWDUUWH :LHHLQ'HQNPDOEOLHEHUVLW]HQ'DQQMHGRFKHLQLJH6HNXQGHQ RGHU0LQXWHQZDUHQYHUJDQJHQZXUGHDOOHVZLHGHUQRUPDO 6XNRVFKOXFNWH]XFNWHPLWGHQ:LPSHUQXQGGUHKWHVLFKDXI GHP/DERUWLVFKKDOEXP ,PQlFKVWHQ0RPHQWZXUGHQVHLQH$XJHQJUR -RKQZDUYHUVFKZXQGHQ 'HU&KLQHVHUlXVSHUWHVLFKXQGZLVFKWHEHUVHLQH$XJHQ:LH ZDUGDVP|JOLFK":RKDWWHHUVLFKYHUVWHFNW"(UNRQQWHQLFKWDXV GHP/DERUJHJDQJHQVHLQ6XNRKlWWHLKQVLFKHUOLFKJHVHKHQ9RQ GHU=HLWVSDQQHGLHHUSUDNWLVFKªQLFKWGD©JHZHVHQZDUGDYRQ ZXWH6XNRQLFKWVPHKU ª-RKQ©ULHIHU 6XNRHUKLHOWNHLQH$QWZRUW (UUXWVFKWHYRP/DERUWLVFKXQGEHJDQQDQVLFKVHOEVW]X]ZHL IHOQ:LHVRZDU-RKQYHUVFKZXQGHQZRHUGRFK]XYRUQRFKPLW LKPJHUHGHWKDWWH"

'HU&KLQHVHJODXEWHDXIHLQPDODQHLQHPDJLVFKH%HHLQIOXVVXQJ XQGHUKDWWHDXFKVFKRQHLQHQ6FKXOGLJHQJHIXQGHQ 'LH:DQG 6XNRVFKULWWDXIVLH]XWUDXWHVLFKMHGRFKQLFKWGLHJODWWH)OlFKH ]XEHUKUHQ9RUGHU:DQGEOLHEHUVWHKHQ(UVWUHFNWHVHLQH$UPH DXVXQGVHLQH)LQJHUVSLW]HQJOLWWHQYRUVLFKWLJEHUGLH)OlFKH 1LFKWVJHVFKDK 6XNRWDXFKWHQLFKWHLQLQGLHDQGHUH'LPHQVLRQHUPDFKWHNHLQH =HLWUHLVHPLW$OOHVEOLHEQRUPDO 8QGGRFKZDU-RKQ6LQFODLUYHUVFKZXQGHQ 'HU&KLQHVH]HUPDUWHUWHVLFKGDV+LUQ(UEHUOHJWHZDV JHVFKHKHQVHLQNRQQWH]XHLQHP(UJHEQLVJHODQJWHHUQLFKW2E -RKQYLHOOHLFKWGHQ5DXPYHUODVVHQKDWWH" (VZlUHHLQH0|JOLFKNHLW6XNROLHIYRUELV]XP(PSIDQJXQG ULHILPPHUZLHGHUGHQ1DPHQ .HLQH$QWZRUW $FKVHO]XFNHQGNHKUWHHUXP'LHVHVYHUIOXFKWH/DERUVFKLHQ PHKU*HKHLPQLVVH]XEHUJHQDOV6XNRMHJHDKQWKDWWH'DVZDUHLQ WHXIOLVFKHV6\VWHP $OOHVEOLHEVWLOO6XNRK|UWHQXUVHLQHHLJHQHQ6FKULWWH,QGHU 1lKHGHV$XVJDQJVEOLHEHUVWHKHQ(UEOLFNWHDXIGLH6WUDHDEHU DXFKGRUWJDEHVNHLQH6SXUYRQ-RKQ6LQFODLU$OOHVZDUYHUKH[W ZLHYHUQDJHOWXQG6XNRZXWHHLQIDFKQLFKWZHLWHU (UJLQJZLHGHU]XUFN $XIKDOEHP:HJHMHGRFKK|UWHHUGHQ0RWRUHLQHVIDKUHQGHQ :DJHQVXQGGDVODXWH+XSHQ'DVZDUIULKQEHVWLPPW 'HU&KLQHVHOLHIZLHGHU]XP(LQJDQJ 'XUFKGLH*ODVWUNRQQWHHUGHQYRUGDV*HElXGHIDKUHQGHQ /LHIHUZDJHQVHKHQ'DVZDUVLFKHUOLFKGDVYRP
ª1DMD©'HU)DKUHUKREGLH6FKXOWHUQ(UWUXJHLQH/HGHUMDFNH XQGHLQH6FKLUPPW]HGLHHUMHW]WLQGHQ1DFNHQVFKREª:DV DQGHUHVZHUVLQG6LHGHQQ"© ª,FKELQ0U6LQFODLUV9HUWUHWHU© ª2ND\©'HU)DKUHUJDEVLFKPLWGLHVHU$XVNXQIW]XIULHGHQª,FK KDEHJHK|UWGDLFKKLHU%HKlOWHUDEKROHQVROO'DQQN|QQHQ6LH PLUMDDXIODGHQKHOIHQ© 6XNRQLFNWHª0DFKLFK©(UVDK]XP+LPPHO'LH7HPSHUDWXUHQ ZDUHQJHVWLHJHQ(VZDUOlQJVWQLFKWPHKUVRNDOWZLHLQGHQOHW] WHQ7DJHQ:HQQMHW]W1LHGHUVFKODJILHOGDQQDOV5HJHQXQGQLFKW PHKUDOV6FKQHH %HLGHK|UWHQVLHGDV*HUlXVFKHLQHV]ZHLWHQ:DJHQV$XFKHU ZDUHLQ7UDQVSRUWHU6LHVDKHQGHQKRKHQ$XIEDXDOVGDV)DKU ]HXJXPHLQH.XUYHERJ6HLQ=LHOZDUHEHQIDOOVGDV/DERU 'HU)DKUHUVFKWWHOWHGHQ.RSIª(LQ]ZHLWHU:DJHQLVWQLFKW EHVWHOOWZRUGHQ©VDJWHHU ª'DVPHLQHLFKDXFK©PXUPHOWH6XNR 'HU]ZHLWHIXKUGLFKWKLQWHUGHQHUVWHQXQGZXUGHDEJHVWRSSW 'LH6FKHLQZHUIHUYHUORVFKHQ 6XNRKDWWHSO|W]OLFKHLQNRPLVFKHV*HIKO'DVWLPPWZDVQLFKW GDFKWHHU ª*HKHQ6LHOLHEHUUHLQ©VDJWHHU]XGHP)DKUHU ª:LHVR",FK© ª0DFKHQ6LHVFKRQ© 'HU)DKUHUJLQJHLQSDDU6FKULWWH]XUFNEOLHEDEHUYRUGHU*ODV WUVWHKHQ 'DIUZXUGHGDV)KUHUKDXVGHV]ZHLWHQ/NZVJH|IIQHW(LQ 0DQQHUVFKLHQ *UREHUGXUFKVFKQLWWOLFKJURVRJDU(LQH*HVWDOWGLH$QJVW HLQMDJHQNRQQWHVRJHIlKUOLFKZDUVLH (WZDVEOLW]WH (LQ6FKZHUW 6XNRVFKOXFNWHª9HUGDPPW©]LVFKWHHUGHQQLKPZDUSO|W]OLFK HLQ/LFKWDXIJHJDQJHQª'DVLVW7RNDWD©

)UPLFKZDUHLQ=HLWVSUXQJPLWWOHUZHLOHQLFKWV1HXHVPHKU,FK JOLWWGDKLQYHUORUGDEHLMHJOLFKHV*HIKOIUGLH=HLWPHUNWHHLQHQ OHLFKWHQ6FKZLQGHOXQGIKOWHHLQH+DQGDQPHLQHQ)LQJHUQ 'DQQZDUDOOHVYRUEHL 'LH'XQNHOKHLWYHUVFKZDQG,PQlFKVWHQ$XJHQEOLFNZXUGHHV ]ZDUDXFKQLFKWVWUDKOHQGKHOODEHULFKNRQQWHLPPHUKLQHWZDV HUNHQQHQ 9LROHWWHV/LFKWVWUDKOWHDXVGHQ:lQGHQHLQHU+|KOH,QVHLQHP 6FKHLQVDKLFK0\[LQGHQ0DJLHUDP%RGHQNQLHQLFKVDKHLQHQ ElUWLJHQ0DQQDXIHLQHUJOlVHUQHQ3ODWWHKRFNHQXQGLFKVDKGLH EHLGHQ7RGHVHQJHOGLHQXU$VPRGLQDJHVFKLFNWKDEHQNRQQWH 'HQQVLHDOOHLQXPJDEVLFKPLWVROFKHLQHU/HLEJDUGH 8PPLFKKHUXPQDKPGDV)OLPPHUQDE,FKJLQJQRFK]ZHL XQVLFKHUH6FKULWWHYRUXQGMlKHQGHWHGDV6FKZLQGHOJHIKO ,FKZDUZLHGHUYROOGD 8QGGDVPXWHLFKDXFKVHLQGHQQQLFKWQXULFKKDWWHHUNDQQW LFKZDUDXFKHUNDQQWZRUGHQ ª6LQFODLU©]LVFKWHQGLHEHLGHQ7RGHVHQJHOZLHDXVHLQHP 0XQGH -DGDVZDUHV 1RFKVWDQGHQVLHYRUGHPElUWLJHQ0DQQDEHULQPLUKDWWHQVLH HLQHQQHXHQ*HJQHU *HVFKPHLGLJVSUDQJGLHHUVWHEHUGHQJOlVHUQHQ7LVFK(LQ 7XUQHUKlWWHHVQLFKWEHVVHUJHVFKDIIWVRHOHJDQW]XIODQNHQ$EHU HLQ7XUQHUWUXJDXFKNHLQ0HVVHUEHLVLFK 'DVMHGRFKEHVDGHU7RGHVHQJHO8QGGD]XPLWHLQHUYHUIOXFKW ODQJHQ.OLQJHVRGDPLFKGLH:DIIHVFKRQPHKUDQHLQ6FKZHUW HULQQHUWH'LHWHXIOLVFKH)UDXPLWGHQIHXHUURWHQ+DDUHQVFKLHQ EHUGHP%RGHQ]XVFKZHEHQVROlVVLJXQGJHVFKPHLGLJZDUVLH %HYRUHLQDQGHUHUHWZDVEHJULIIRGHUHLQJUHLIHQNRQQWHPXWHLFK PLFKPHLQHU+DXWZHKUHQ 'HU6WLFK]LHOWHDXIPHLQH.HKOH ,FKQDKPGHQ.RSI]XU6HLWH0HLQH+lQGHSDFNWHQ]XXQG GDQQKDWWHLFKGDV0HVVHUJHOHQN]ZLVFKHQPHLQHQ)LQJHUQ+DUW KHEHOWHLFKHVKHUXP ,PQlFKVWHQ$XJHQEOLFNEHUVFKOXJVLFKGHU7RGHVHQJHOLQPHL QHP*ULII(UPDFKWHGLH%HZHJXQJPLWDEHUGDQQZDUDXIHLQPDO QLFKWVPHKUYRUKDQGHQGDVLFKIHVWKDOWHQNRQQWH'HU7RGHVHQJHO

KDWWHVLFKDXIJHO|VWXQGPDWHULDOLVLHUWHDQHLQHUDQGHUHQ6WHOOH QHX 'DIUIORJGHU]ZHLWHKHUDQ 'DKDWWHLFKVFKRQGLH%HUHWWDLQGHU+DQG0LWHLQHPJHZDO WLJHQ6DW]EUDFKWHLFKPLFKLQ6LFKHUKHLWXQGIHXHUWHDXIGLH *HVWDOW/DXWNUDFKWHGHU6FKXLQGHU+|KOH'DV(FKRZXUGHYRQ GHQEODQNHQVSLHJHOQGHQ/LFKWZlQGHQ]XUFNJHZRUIHQ'DV 6LOEHUJHVFKRGUDQJVFKUlJLQGHQ.|USHUGHV7RGHVHQJHOVXQGUL LKQKHUXP (LQNODJHQGHU6FKUHLHUW|QWH,PVHOEHQ$XJHQEOLFNSODW]WHGLH *HWURIIHQHEXFKVWlEOLFKDXVHLQDQGHUXQGJUQHUVWLQNHQGHU 4XDOPZ|ONWHJHJHQGLH'HFNH 'DV]ZHLWH:HVHQKDWWHGHQ7RGVHLQHV$UWJHQRVVHQPLWEH NRPPHQ(VKREVRIRUWGHQ$UPXPGHQODQJHQ'ROFKDXIPLFK ]XVFKOHXGHUQGRFKGDZDUSO|W]OLFKGDVVFKZDU]KDDULJH 0lGFKHQPLWGHPJROGHQHQ6FKZHUW'LH.OLQJHWUDIGHQ 7RGHVHQJHOLQGHQ5FNHQ 'LH'lPRQLQVFKDIIWHHVQLFKWPHKUGHQ'ROFK]XZHUIHQ6LH YHUJLQJHEHQIDOOVLQHLQHUJUQHQ:RONHGLHWUlJHLQ5LFKWXQJ $XVJDQJ]RJ 'DV0lGFKHQDEHUVFKULWWDXI0\[LQ]XXQGVFKQLWWLKPPLWGHU JROGHQHQ6FKZHUWNOLQJHGLH)HVVHOQGXUFK 0\[LQVWDQGDXIXQGQLFNWHPLUOlFKHOQG]X ,FKDEHUVWDQGGDZLHEHVWHOOWXQGQLFKWDEJHKROW(LJHQWOLFKYHU VWDQGLFKQXU%DKQKRIXQGZDUWHWHDXIHLQH(UNOlUXQJ'RFKGLH HUKLHOWLFKVRUDVFKQLFKW(UVWHLQPDOHUOHEWHLFKHLQ:LHGHUVHKHQ XQGHLQH%HJUXQJVV]HQH]ZLVFKHQGHP%lUWLJHQXQGGHP 0lGFKHQPLWGHQODQJHQVFKZDU]HQ+DDUHQ 'HU0DQQVWDUUWHGDV0lGFKHQQXUDQ'DQQZLVFKWHHUVLFK EHUGLH$XJHQª.DUD"©IUDJWHHU ª-D© ª0HLQH.DUD© 6LHQLFNWH(LQ/lFKHOQYHUVFK|QHUWHLKU*HVLFKWQRFKPHKUXQG HVZXUGH]XHLQHP6WUDKOHQDOVGHU0DQQDXIVLH]XVFKULWW ª.DUD©VDJWHHUª(QGOLFKKDEHLFKGLFKZLHGHU©,PQlFKVWHQ $XJHQEOLFNODJHQVLFKGLHEHLGHQLQGHQ$UPHQ 'LH)UDXIOVWHUWHLPPHUQXUGHQ1DPHQGHV0DQQHVZlKUHQG VLHVHLQ*HVLFKWPLW.VVHQEHGHFNWH

ª+DURPHLQ+DUR© ,FKNDPPLU]LHPOLFKEHUIOVVLJYRUXQGZDQGWHPLFKDQGHQ NOHLQHQ0DJLHU 0\[LQZDULQ]ZLVFKHQZLHGHUDXIJHVWDQGHQ ª.DQQVWGXGDVYHUVWHKHQ"©IUDJWHLFKLKQ ª-D-RKQLFKYHUVWHKHGLHEHLGHQVHKUJXW© ª'XNHQQVWVLH"© 0\[LQQLFNWHª(VVLQG$WODQWHU© =ZHLPDOPXWHLFKVFKOXFNHQGHQQLFKZDUVREHUUDVFKW ª.DUDXQG+DURVWDPPHQDXV$WODQWLV"© ª'XKDVWHVHUIDW© ,FKVFKDXWHDXIGDVHQJXPVFKOXQJHQGDVWHKHQGH3DDUª$EHU ZLHLVWGDVP|JOLFK"© ª'XZLUVWVLHVHOEVWIUDJHQN|QQHQ1XUVRYLHOVHLJHVDJW6LHLVW GLH7RFKWHUHLQHV3URSKHWHQXQGLQGHU0DJLHVHKUEHZDQGHUW6LH KDWVRJDUGHQ7RGEHVLHJWGHVKDOEQHQQWPDQVLHGDV0lGFKHQ DXVGHP7RWHQUHLFK,Q$WODQWLVNlPSIWHVLHJHJHQGDV%|VHJHQDX ZLH+DUR(ULVWHLQ*|WWHUERWHHLQ6WUHLWHUGHQGLH0lFKWLJHQPLW JURHQ.UlIWHQDXVJHVWDWWHWKDEHQ© 'DVZDUDOOHVVFK|QXQGJXW1XUZDU$WODQWLVGDPDOVLQGHQ )OXWHQGHV0HHUHVYHUVXQNHQ'DUDXIVSUDFKLFK0\[LQDXFKDQ (UZLQNWHDEª1DWUOLFKLVW$WODQWLVXQWHUJHJDQJHQZDVDOOHU GLQJVQLFKWKHLWGDQLFKWQRFK0HQVFKHQEULJJHEOLHEHQVLQG (LQLJHOHEHQDXIGLHVHU:HOW0DQKDWVLH]XYRUZHJJHVFKDIIW8QG HVVLQG0HQVFKHQPLWEHVRQGHUHQ)lKLJNHLWHQZLHHEHQGLHVHU +DUR,FKKDEHLKQDXVHLQHPODQJHQ6FKODIHUZHFNWZLH6XNRXQG GXPLFKHUZHFNWKDEW© ª:DUXPKDVWGXGDVJHWDQ"©ZROOWHLFKZLVVHQ ª:HLOLFK8QWHUVWW]XQJVXFKHXQGEUDXFKH'HVKDOE$VPRGLQD ZLUGVHKUPlFKWLJ]XPlFKWLJP|FKWHLFKPHLQHQ,FKVXFKH .lPSIHUGLHPLUQDKHVWHKHQGLHVLFKPLWPLU6HLWHDQ6HLWHJHJHQ GLH0DFKWGHU7HXIHOVWRFKWHUVWHPPHQ© ª8QGGDLVW+DURGHU5LFKWLJH"© 0\[LQQLFNWH ª$EHULKUKDEWLQYHUVFKLHGHQHQ/DJHUQJHVWDQGHQ© ª'DVVWLPPW8QGGDVPXLFKLKPQRFKEHJUHLIOLFKPDFKHQ GDLFKMHW]WDXIVHLQHU6HLWHVWHKH© ,FKJULQVWHª1RWIDOOVNDQQLFKGLFKMDXQWHUVWW]HQ©

ª'DVKRIIHLFK© ª6DJPDOZLHKDVWGXHVHLJHQWOLFKJHVFKDIIWPLFKKLHUKHU]X EULQJHQ"© ª(VPVVHQJHGDQNOLFKH+LOIHVFKUHLHJHZHVHQVHLQ9RQ+DUR XQGPLUDXVJHVWRHQ,FKKDEHDQGLFKJHGDFKW© ª'DQQZLUG+DURVHLQH*HOLHEWHJHUXIHQKDEHQ©YHUPXWHWHLFK ª*HQDX© ,FKZXQGHUWHPLFKVFKRQQLFKWPHKU,Q]ZLVFKHQJLQJLFKPLW PDJLVFKHQ3KlQRPHQHQXPDOVZlUHGDVHWZDV$OOWlJOLFKHV0DQ JHZ|KQWVLFKHEHQDQDOOHV .DUDXQG+DURO|VWHQVLFKYRQHLQDQGHU6LHGUHKWHQVLFKXQG VFKULWWHQ$UPLQ$UPDXI0\[LQXQGPLFK]X .DUDOlFKHOWHPLFKDQª'DUILFKGLUIUGHLQHQ(LQVDW]GDQNHQ )UHPGHU"© ª:DUMDQLFKWV%HVRQGHUHV©VFKZlFKWHLFKDEª0HLQ1DPHLVW -RKQ6LQFODLUDEHUGDVZHLWGXMD©,FKZDUQRFKHLQZHQLJGXUFK HLQDQGHU ª:RKHUNRPPVWGX"©ZROOWH+DURZLVVHQ ,FKKREGLH$XJHQEUDXHQª'DVN|QQWHLFKGLFKIUDJHQ© +DURZDUIVLFKLQGLH%UXVWª,FKELQHLQ$WODQWHU© ª'DVKDEHLFKLQ]ZLVFKHQJHK|UW$EHUGXKDVW]HKQWDXVHQG -DKUHJHVFKODIHQ:lKUHQGGLHVHU=HLWKDWVLFKHLQLJHVJHlQGHUW $WODQWLVLVWLQGHQ)OXWHQGHV0HHUHVYHUVXQNHQ(VH[LVWLHUWQLFKW PHKU'XZLUVWLQHLQHDQGHUH:HOWNRPPHQ© ª'LHYROOHU)HLQGHVWHFNW© ª0|JOLFK© 'HU$WODQWHUVFKDXWHDXI0\[LQXQGVWUHFNWHVHLQHQ$UPDXV ª$XFKHULVWHLQ)HLQG© ,FKVFKWWHOWHKDVWLJGHQ.RSIª1HLQ0\[LQKDWVLFKJHlQGHUW (ULVWHLQ)UHXQG© ª'DVJODXEHLFKQLFKW© ª(VVWLPPWDEHU© 'HU.HUOPDFKWHGRFKWDWVlFKOLFK$QVWDOWHQVLFKDXIGHQNOHLQHQ 0DJLHU]XVWU]HQ ,FKVWHOOWHPLFKYRU0\[LQ$XFK.DUDJULIIHLQVLHZROOWHGHQ %lUWLJHQ]XUFNKDOWHQ'HUMHGRFKVFKWWHOWHVWXUGHQ.RSI(U ZROOWH0\[LQDQGHQ.UDJHQ ,FKVWRSSWHLKQPLWHLQHUWURFNHQHQ5HFKWHQ+DURYHUGUHKWH

OHLFKWGLH$XJHQXQGZXUGHZDFNHOLJLQGHQ.QLHQ'DV.LQQ VFKLHQZRKOVHLQHHPSILQGOLFKH6WHOOH]XVHLQ ª'XKDVWPLFKJHVFKODJHQ©VDJWHHU ,FKQLFNWHª6HKUULFKWLJ© ª'DIUZLUVWGXEHQ© ª+DURQLFKW©ULHI.DUD 'HU$WODQWHUK|UWHQLFKWDXIGDV0lGFKHQHUVWUPWHZHLWHU YRUDQ0LUWDWHVOHLGDEHULFKPXWHLKQN|USHUOLFK]XUHFKW ZHLVHQ$QVHLQHQDXVJHVWUHFNWHQOHLFKWJHNUPPWHQ$UPHQ HUNDQQWHLFKGDHUPLWPLUULQJHQZROOWH'DULQZDUHUPLUVLFKHU OLFKEHUOHJHQ,FKJOLWWXQWHUVHLQHQ]XSDFNHQGHQ+lQGHQ KLQZHJJULIIVHLQHQ$UPVHW]WH]XHLQHP+HEHOZXUIDQXQG VFKOHXGHUWHLKQEHUPHLQH6FKXOWHU (UNUDFKWH]X%RGHQ $OVHUVLFKHUKHEHQZROOWHVWDQG.DUDQHEHQLKPª(VUHLFKW© VDJWHVLH 'DQLFNWHGHU%lUWLJH ª0\[LQKDWVLFKZLUNOLFKJHlQGHUW©HUNOlUWHLFKª0HLQ)UHXQG 6XNRXQGLFKKDEHQLKQHUZHFNWXQGHUKDWHUNDQQWZLHVFKlGOLFK GDV7UHLEHQGHU'lPRQHQLVW'HVKDOEZlUHHVW|ULFKWYRQHXFK LKQ]XEHNlPSIHQ+DEWLKUPLFKYHUVWDQGHQ"© .DUDQLFNWHOlFKHOQGXQGDXFK+DUREUXPPWHVHLQH =XVWLPPXQJ,FKDEHUZROOWHZLVVHQZDVJHVFKHKHQZDU 0\[LQEHULFKWHWHQRFKHLQPDOZLHHVLKPHUJDQJHQZDUGDQQ ZDU.DUDDQGHU5HLKH 6LHHU]lKOWHYRQ$WODQWLVJDEPLU,QIRUPDWLRQHQDXVLKUHP /HEHQ6LHZDUGLH7RFKWHUHLQHV:HLVHQHLQHV3URSKHWHQGHUGHQ 8QWHUJDQJYRUDXVJHVHKHQKDWWH'DGLHVHU3URSKHWNHLQHQ6RKQ KDWWHZHLKWHHU.DUDLQGLH*HKHLPQLVVHGHU0DJLHHLQGLHHUDOV $WODQWHUEHKHUUVFKWH6LHKDWWHJHJHQGLHDOWHQ'lPRQHQ JHNlPSIWJHJHQGLH0lFKWLJHQZLHGHQ6FKZDU]HQ7RGGHQ6SXN RGHUDXFKJHJHQ0\[LQ0LWJHKHLPQLVYROOHQ5LWHQXQG %HVFKZ|UXQJHQZDUHVLKQHQJHOXQJHQGLH'lPRQHQYRQLKUHQ 7HPSHOQXQGGHQ2UWHQGHU:HLVKHLWIHUQ]XKDOWHQ$XI (LQ]HOKHLWHQJLQJVLHQLFKWHLQGRFKDOV(UEHHUKLHOWVLHGDV%HVWH ZDVLKU9DWHU]XELHWHQKDWWH'DV6FKZHUWPLWGHUJROGHQHQ .OLQJH'LHVH:DIIHKDWWHHUYRQHLQHP)UHPGHQEHNRPPHQ GHVVHQ1DPHQQLFKWEHNDQQWZDUGHUVLFKDEHU6HKHUQDQQWH

8QGGDKRUFKWHLFKDXI $XFKLFKKDWWHPLWGHP6HKHURGHUGHP%HREDFKWHU%HNDQQW VFKDIWJHPDFKW'DPDOVDOVLFKGDV%XFKGHUJUDXVDPHQ7UlXPH LQGLH+DQGEHNDPDXVGHVVHQOHW]WHQ6HLWHQVLFKVFKOLHOLFKGHU %XPHUDQJJHIRUPWKDWWH:LHVLFKGLH%LOGHUGRFKJOLFKHQ:LHGHU HLQPDOPHUNWHLFKGDGDVJHVDPWH/HEHQDXVHLQHPJLJDQWLVFKHQ .UHLVODXIEHVWDQGLQGHQZLU0HQVFKHQHLQEH]RJHQZDUHQ $EVFKOLHHQGHUIXKULFKZDUXPPDQ.DUDGDV0lGFKHQDXV GHP7RWHQUHLFKQDQQWH $OVLKU9DWHUVWDUEZROOWHVLHHVQLFKWZDKUKDEHQXQGLKPIROJHQ 6LHEUDFKWHVLFKQLFKWVHOEVWXPVRQGHUQQDKPLKU6FKZHUWXQG QDKPYRP7UDQNGHV9HUJHVVHQV'LHVHUDXVJHKHLPQLVYROOHQPLU XQEHNDQQWHQ.UlXWHUQKHUJHVWHOOWH7UDQNO|VWHGLH6HHOHYRP .|USHUGHV0HQVFKHQXQG.DUDNRQQWHLQGDV7RWHQUHLFKHLQGULQ JHQ'RUWKDWVLHGDQQ(LQEOLFNHJHZRQQHQEHUGLHVLHVLFKDXV VFKZLHJ6LHNRQQWHVRJDUQRFKPLWLKUHP9DWHUUHGHQZXUGHDEHU GDQQZLHGHU]XUFNJHVFKLFNWXPLQ$WODQWLVGHQ.DPSIJHJHQ GLHILQVWHUHQ0lFKWHDXI]XQHKPHQ'RFKGDV8QKHLOZDUQLFKW DXI]XKDOWHQ'HU.RQWLQHQWYHUJLQJ0HQVFKHQVWDUEHQLQGHQ )OXWHQHLQLJHNRQQWHQVLFKUHWWHQRGHUIORKHQUHFKW]HLWLJGLH 'lPRQHQDEHUEOLHEHQ.DUDZDUGLH)OXFKWHEHQIDOOVJHOXQJHQ :LHGHUKDWWHVLHGHQ7UDQN]XVLFKJHQRPPHQXQGVLHIORKLQHLQH DQGHUH'LPHQVLRQZRVLHGLHUHVWOLFKH=HLWEHUEOLHE 'DVZDU]XVDPPHQJHUDIIWLKUH*HVFKLFKWH 1DWUOLFKKDWWHLFK)UDJHQXQGLFKVWHOOWHVLHª:DUXPELVWGX ]XUFNJHNHKUW"© ª$XV]ZHL*UQGHQ©HUZLGHUWHVLHª:HLOGLH0DFKWGHU 'lPRQHQLPPHUVWlUNHUZLUGXQGZHLOLFKGHQ7UDQNGHU*|WWHU YHUORUHQKDEH(ULVWQLFKWPHKUGD-HPDQGKDWLKQPLUDEJHQRP PHQ,FKKDEHLKQJHVXFKWXQGHUIDKUHQGDHUVLFKDXIGLHVHU (UGHEHILQGHQVROO$OOHLQELQLFK]XVFKZDFKXPGLH6XFKHDXI ]XQHKPHQGHVKDOEZROOWHLFK+DURELWWHQPLU]XKHOIHQGRFKLFK PXWHHUVWDEZDUWHQELVMHPDQGLKQDXVVHLQHP6FKODIHUZHFNWH 'DVKDW0\[LQIUPLFKJHWDQ$OOHUGLQJVZXWHLFKQLFKWGDVLFK XQVHUH)HLQGHEHUHLWVVRGLFKWDXIXQVHUHQ)HUVHQEHIDQGHQ-HW]W ZLUGHVZLUNOLFK=HLW© 'HU0HLQXQJZDULFKDXFKª:HLWGXGHQQZRVLFKGHU7UXQN GHU*|WWHUEHILQGHW"©

ª1HLQ© 'LHVH$QWZRUWGHSULPLHUWHHLQZHQLJ,FKIUDJWHDEHUZHLWHU ª+DVWGXZHQLJVWHQVHLQH6SXU"© ª-DHLQHQ+LQZHLV© ,PPHUKLQVFKRQHWZDV:LUDOOHVFKDXWHQGDV0lGFKHQPLWGHP JROGHQHQ6FKZHUWJHVSDQQWDQ .DUDQLFNWHª(VJLEWWDWVlFKOLFKHLQHQ+LQZHLV8QG]ZDULP +DXVGHUMDPPHUQGHQ6HHOHQ© ,FKVFKDXWH.DUDDQXQGGDQQ0\[LQ'HU0DJLHUKREGLH VFKPDOHQ6FKXOWHUQª'DVNHQQHLFKQLFKW© ª,FKDXFKQLFKW©JDELFK]X ª(VOLHJWJDQ]LQGHU1lKH©HUNOlUWH.DUDª'LHVHV+DXVKDW VHLQH*HVFKLFKWH:HUGRUWVWLUEWVROOHLQ7HLOGHV+DXVHVZHUGHQ VROOVHOEVWHLQJHKHQLQGLH0DXHUQGDV'DFKLQGDV*HElON© ª,VWHVEHZRKQW"©IUDJWHLFK ª1HLQDEHUHVZDUEHZRKQW9RQHLQHPJHIlKUOLFKHQ'UXLGHQ GHUPLWGHP6SXN]XVDPPHQZDU© :LHGHUHLQH9HUELQGXQJ'HU6SXN+HUUVFKHULP5HLFKGHU 6FKDWWHQ:lFKWHUEHUGLH6HHOHQGHUJHW|WHWHQ'lPRQHQ:HQQ GDVNHLQHQHXH6SXUZDU$XHUGHPSDNWLHUWHGHU6SXNPLW $VPRGLQDXQGGLH7HXIHOVWRFKWHUKDWWHLKQVRJDUGD]XJHEUDFKW GLH6HHOHGHV0HQVFK'lPRQV'U7RGIUHL]XJHEHQGDPLWVLHLQ GHQ.|USHUGHV0DILRVR6ROR0RUDVVRHLQJHKHQNRQQWH 9LHOOHLFKWWUDILFKLQGLHVHP+DXVZLHGHUDXIGHQ6SXN%HL PHLQHUOHW]WHQ%HJHJQXQJPLWLKPKDWWHLFKLKQQLFKWIDVVHQ N|QQHQ(UZDU]XVFKQHOOJHZHVHQ ª%LVWGXVLFKHUGDGXGRUWGHQ7UDQNILQGHVW"©HUNXQGLJWHVLFK 0\[LQ ª6LFKHUQLFKW©DQWZRUWHWH.DUDª$EHUPDQPXHVYHUVXFKHQ© ª:LHNRPPHQZLUKLQ"© .DUDVFKDXWHPLFKDQ6LHOlFKHOWHª:LHELVWGXGHQQDQGLHVHQ 2UWJHODQJW"© ,FKYHUVWDQG +DURKDWWHQRFK(LQZlQGHª,FKEHVLW]HNHLQH:DIIH©VDJWHHU ª'HVKDOENDQQLFKPLFKJHJHQGLH)HLQGHQLFKWYHUWHLGLJHQ© 'DKDWWHHUUHFKW.DUDEHUOHJWH,FKKlWWHLKPPHLQH%HUHWWD JHEHQN|QQHQZROOWHVLHDEHUEHKDOWHQGHQQLFKZXWHQLFKWZDV QRFKDOOHVDXIXQV]XNRPPHQZUGH

'DV+DXVGHUMDPPHUQGHQ6HHOHQ :LHPRFKWHHVGRUWDXVVHKHQ",FKZDUZLUNOLFKEHJLHULJHV]X HUIDKUHQ ª'XPXWHEHQRKQH:DIIHNlPSIHQ©VDJWH.DUDª9LHOOHLFKW NDQQVWGXGLULUJHQGZRHLQHEHVRUJHQ© +DURQLFNWH(UYHUNQSIWHVHLQ6FKLFNVDOHQJPLWGHPGHV 0lGFKHQV(VEDWXQVHLQHQ.UHLV]XELOGHQ :LUVWHOOWHQXQVDXIXQG.DUDOLHVLFKLQGHU.UHLVPLWWHQLHGHU 6LHJLQJLQGLH+RFNH'DV6FKZHUWQDKPVLHVRGDGHU*ULIIDXI GHP%RGHQVWDQGXQGGLH6SLW]HELVEHULKUHQ.RSIUHLFKWH ZREHLVLHGLHIODFKH6HLWHJHJHQLKU*HVLFKWJHSUHWKLHOW 'DQQVSUDFKVLHHLQLJH:RUWHLQHLQHU6SUDFKHGLHLFKQRFKQLH JHK|UWKDWWH 3O|W]OLFKYHUlQGHUWHVLFKGDV6FKZHUW'LH.OLQJHH[SORGLHUWH]X HLQHUZDKUHQ/LFKWRUJLHGLHXQVHUIDWHXQGZHJWUXJ 6XNRKLHOWGHQ$WHPDQ (UVFKDXWHQRFKHLQPDOKLQXQGVDKGDHUVLFKQLFKWJHLUUW KDWWH$XVGHP:DJHQZDU7RNDWDGHU6DPXUDLGHV6DWDQVJH VWLHJHQ 'HP&KLQHVHQZXUGHEHZXWGDHUZLHDXIGHP3UlVHQWLHU WHOOHUVWDQGDEHUQLFKWQXUHUDOOHLQDXFKGHUXQEHWHLOLJWH)DKUHU ª*HKUHLQ©VFKULH6XNRGHQ0DQQDQ 'HUWDWQLFKWVHUVWDUUWH6XNRQXUYHUVWlQGQLVORVDQ ª:HJ0HQVFK© (UVWMHW]WUHDJLHUWHGHU0DQQ(UZDUIVLFKJHJHQGLH*ODVWUXQG GUFNWHVLHQDFKLQQHQ ,PVHOEHQ$XJHQEOLFNEOLW]WHHVDP:DJHQDXIXQGGDVKlP PHUQGH7DFN7DFNHLQHU0DVFKLQHQSLVWROHXQWHUEUDFKGLH6WLOOH 6XNRKHFKWHWH]X%RGHQHUKRIIWHGDGHU)DKUHUDXFKVR UHDJLHUHQZUGHGRFKGDVZDUHLQ7UXJVFKOX 'HU0DQQKDWWHGLH$EVFKVVH]ZDUJHK|UWGRFKDQVWDWWLQ 'HFNXQJ]XJHKHQEOLHEHUVWHKHQXQGGUHKWHGHQ.RSILQGLH 5LFKWXQJDXVGHUGLH6FKVVHJHIDOOHQZDUHQ 'DVZDUHLQW|GOLFKHU)HKOHU (UVDKQRFKGLH*HVFKRVVHEHUGHQ%RGHQWDQ]HQXQGZLHVLH VLFKDXILKQHLQSHQGHOWHQK|UWHDXFKGDV6SOLWWHUQGHU*ODVWUDOV

GLH.XJHOQVLHWUDIHQGDQQZXUGHHUYRQHLQLJHQKDUWHQ6FKOlJHQ JHJHQGLH%UXVW]XUFNJHZRUIHQ (UILHOLQGLH(LQJDQJVKDOOHKLQHLQXQGEOLHEWRWDXIGHQ)OLHVHQ OLHJHQ 'DVDOOHVKDWWH6XNRQXUDXVGHQ$XJHQZLQNHOQZDKUJH QRPPHQ(UPXWHVLFKDXI7RNDWDNRQ]HQWULHUHQ 'HU6DPXUDLGHV6DWDQVKDWWH6XNRHEHQIDOOVJHVHKHQXQGVWLH HLQHQZLOGHQ6FKUHLDXVEHYRUHUDQJULIIXQGVHLQ6FKZHUWLQ +XEVFKUDXEHUPDQLHUEHUGHP.RSINUHLVHQOLH 6XNRNRQQWHLKQ]ZDUQLFKWJHQDXXQGLQDOOHQ(LQ]HOKHLWHQ HUNHQQHQHUZXWHDEHUZLHGLHVHU'lPRQDXVVDK(LQJHSDFNWLQ HLQHOHGHUQH:HVWHPLWHLQHU0DVNHYRUGHPNQ|FKHUQHQ /HLFKHQJHVLFKWXQGRKQHGHQOLQNHQ$UPGHQLKPGHUVLOEHUQH %XPHUDQJZHJUDVLHUWKDWWH 'LH6FKVVHZDUHQYHUVWXPPW'DIUYHUQDKP6XNRHLQH 6WLPPHGLHHUDOVGDV2UJDQYRQ'U7RGLGHQWLIL]LHUWHª+ROWHXFK GDV=HXJ%HHLOXQJPDFKWVFKRQ© :DVZHLWHUJHVFKDKNRQQWH6XNRQLFKWVHKHQGHQQHUPXWH VLFK]XU6HLWHZHUIHQXPGHPHUVWHQ6WUHLFK]XHQWJHKHQ7RNDWDV 6DPXUDL6FKZHUWZDULQGHU+|OOHJHVFKPLHGHWZRUGHQXQGGLH .OLQJHKDWWHHLQHXQJHKHXUH6FKlUIH 6XNRK|UWHLKU3IHLIHQDOVVLHGLFKWDQVHLQHU6FKXOWHUYRU EHLVWULFK 'HUQlFKVWH+LHE 0LWHLQHPJHZDOWLJHQ6DW]EUDFKWHVLFKGHU&KLQHVHLQ 6LFKHUKHLW9RUVHLQHQ)HQUDVLHUWHGLH6SLW]HGHV6FKZHUWVEHU GHQ%RGHQXQGKLQWHUOLHHLQHDXIVSUKHQGH)XQNHQEDKQ 'HU&KLQHVHNDPQLFKWGD]XVHLQH:DIIH]X]LHKHQ(VEOLHELKP NHLQH=HLW]XVFKQHOOIKUWHGHU6DPXUDLGLH6WUHLFKH'DEHLQlKHU WHQVLHVLFKLPPHUPHKUGHP
XQG6XNRQXW]WHGLH*HOHJHQKHLWHLQHQVHLQHUJHIUFKWHWHQ .DUDWHVFKOlJHDQ]XEULQJHQ (UWUDIDXFK*HQDXGDV6WFN]ZLVFKHQ.RSIXQG6FKXOWHUGRFK GHU6DPXUDLZDUVRQLFKW]XEHVLHJHQ(UVWHFNWHGHQ6FKODJZHJ DOVZlUHHUQXUJHVWUHLFKHOWZRUGHQULDOV5HDNWLRQVHLQHQ UHFKWHQ$UPKRFKXQGWUHQQWHGLH3ODQHPLWHLQHPHLQ]LJHQ 6FKQLWWDXI 'DQQNUHLVHOWHHUKHUXP 6XNRKDWWHLQ]ZLVFKHQ$EVWDQGJHZRQQHQ(UEHPHUNWHGD EHUHLWVGHUHUVWH%OXWEHKlOWHUDXVGHU)DEULNJHWUDJHQZXUGH'HU &KLQHVHZXWHIUZHQGDV%OXWEHVWLPPWZDU9DPSLURGHOPDU VROOWHHUVWDUNHQXQGHLQHZLOGHYHU]ZHLIHOWH,GHHVFKR6XNR GXUFKGHQ.RSI:HQQHUGHQ%HKlOWHUPLWHLQHU.XJHOWUHIIHQ NRQQWHGDQQ 0DQOLHLKPMHGRFKQLFKWGLH=HLWGLH%HUHWWD]X]LHKHQ6XNR K|UWHGDVNUHLVFKHQGJUHOOH/DFKHQHLQHU)UDXXQGGDQQVSLHGLH 03LZLHGHULKU%OHL *HGXFNWKHW]WH6XNRGLHSDDU6FKULWWHELVKLQ]XP)DKUHUKDXV ZlKUHQGGLHHUVWH*DUEHQXUNQDSSDQLKPYRUEHLKDFNWH 'HU&KLQHVHPXWHIOLHKHQ%LVMHW]WKDWWHHU*OFNJHKDEWGRFK GDVZUGHQLFKWLPPHUDQKDOWHQXQGHUZDUNHLQHVIDOOVXQYHU OHW]EDU 6XNRULGLH7UDXIXQGMXPSWHPLWHLQHP6DW]DXIGHQ6LW] KLQWHUGDV/HQNUDG 1XQNDPLKP]XJXWHGDGHU)DKUHUGHQ6FKOVVHOVWHFNHQJH ODVVHQKDWWH(UZROOWHMDVRUDVFKZLHP|JOLFKZLHGHUVWDUWHQ 6XNRGUHKWHLKQPLWGHUOLQNHQ+DQGXPZlKUHQGGLHUHFKWHGLH 7U]XGURVFK ª$XIGLH5HLIHQ©NUHLVFKWHGLH)UDX $XFKGLHVH6WLPPHNDQQWH6XNR6LHJHK|UWH/DG\;GLHVHU GXQNHOKDDULJHQ([7HUURULVWLQGLHVLFKDXI'U7RGV6HLWHJHVFKOD JHQKDWWH 6LHZDUHLQ0HQVFKXQGNHLQ'lPRQ:LHDXFK0U0RQGRGHU 0RQVWHUPDFKHU 'HU0RWRUVSUDQJVRIRUWDQ .XSSOXQJ*DV 6HOWHQLQVHLQHP/HEHQZDU6XNRVRVFKQHOO 'HU:DJHQIXKUDQ

'LH0DVFKLQHQSLVWROHVSLHLKU%OHL6XNRK|UWHGLH(LQVFKOlJH GXFNWHVLFKXQGJDEZHLWHU*DV 3O|W]OLFKZDUGDHLQ6FKDWWHQDXIGHU0RWRUKDXEH7RNDWD0LW HLQHPHLQ]LJHQ6DW]ZDUHUDXIGLH.KOHUKDXEHJHVSUXQJHQXQG VFKZDQJVHLQJHIlKUOLFKHV6FKZHUW 6XNRULGHQ:DJHQQDFKUHFKWV )OLHKNUlIWHZXUGHQZLUNVDP,KQHQNRQQWHDXFK7RNDWDQLFKWV HQWJHJHQVHW]HQ(UVFKOXJ]ZDUQRFK]XGRFKGDEHIDQGHUVLFK EHUHLWVPLWWHQLQGHU%HZHJXQJ 'LH6SLW]HGHV6FKZHUWV]HUKLHEGLH6FKHLEHXQGVFKLFNWHHLQHQ JOlVHUQHQ5HJHQLQGDV,QQHUHGHV)DKUHUKDXVHVZR6XNRGHQ :DJHQVFKRQZLHGHUKHUXPJHULVVHQKDWWH7RNDWDYHUVFKZDQG YRQGHU%LOGIOlFKH 'HU&KLQHVHMDJWHZHLWHU (UEOLFNWHLQGHQ$XHQVSLHJHO(VZDUWDWVlFKOLFK/DG\;GLHGD JHVFKRVVHQKDWWH 6LHZDUYRUJHODXIHQXQGGDV/LFKWDXVGHP/DERUHLQJDQJILHO DXILKUH*HVWDOW/HLFKWJHGXFNWVWDQGVLHGDEUHLWEHLQLJXQGLQ GHQ.QLHQHWZDVHLQJHNQLFNW 'RFKGLH*DUEHQHUUHLFKWHQ6XNRQLFKWPHKU,P/LFKWGHU 6FKHLQZHUIHUVDKHUHLQHVFKPDOH6WUDHULGHQ:DJHQQDFK UHFKWVXQGVFKOHXGHUWHLQGLHQHXH5LFKWXQJ 'HU:HJZDUVFKPDO(UIKUWHGXUFKHLQ6FKURWWJHOlQGHGDV YRQHLQHP.UDQEHUUDJWZXUGH 6FKRQZHQLJH
'LHVHUYHUGDPPWH6DPXUDLGHV6DWDQVJDEHLQIDFKQLFKWDXI(U ZROOWHVHLQ2SIHU 6XNRNQSSHOWHGHQ:DJHQLQGHQYLHUWHQ*DQJXQGGUFNWH GDV*DVSHGDOIHVWQDFKXQWHQ'DVZDUHLQ)HKOHUGHUDOWH:DJHQ PDFKWHHLQHQ%RFNVSUXQJHUKSIWHDXFKEHUGLHTXHUOLHJHQGH 6FKLHQHVFKOHXGHUWHDEHUGDQQQDFKOLQNVXQGUDVWHLQHLQHQ 6FKURWWKDXIHQ $XV 'HU0RWRUKHXOWHQRFKZHLWHUDOV6XNREHUHLWVGLH7UDXIUL XQGDXVGHP:DJHQVSUDQJ 7RNDWDKHW]WHKHUDQ 0LWULHVLJHQ6lW]HQEHUZDQGHUGLH'LVWDQ]6HLQ6FKZHUWKLHOW HULQGHUUHFKWHQ+DQGXQGGHQ$UPKDWWHHUHUKREHQ (LQHZLOGHPRUGOVWHUQH.DPSIPDVFKLQHHLQ*HVFK|SIGHU +|OOHGDV6XNRV7RGZROOWH 'HU&KLQHVH]RJVHLQH:DIIH *HQDX]LHOWHHUZREHLHUGLH+DQGDXIGHQ.RWIOJHOOHJWHXP VLHDE]XVWW]HQ 'DQQGUFNWHHUDE =ZHL.XJHOQYHUVFKRHU 1XUGLH]ZHLWHWUDIZlKUHQGGLHHUVWHYRUGHQ)HQGHV 6DPXUDLV'UHFNKRFKVFKOHXGHUWH 7RNDWDHUKLHOWHLQHQUHJHOUHFKWHQ6FKODJGRFKGLH.XJHOVHOEVW VWRSSWHLKQQLFKW,QVHLQHP%UXVWSDQ]HUZDUVLHVWHFNHQJHEOLHEHQ ZLHVFKRQVRRIW 'DQQZXUGHHVIU6XNR=HLW(UPXWHZHJEHYRU7RNDWDLKQ HUUHLFKWH 1LFKWZHLWHQWIHUQWEHIDQGVLFKHLQVFKPDOHU6WLFKNDQDOGHULQ GLH7KHPVHPQGHWH8QGDXFKGHU6FKURWWSODW]K|UWHGRUWDXI ZRGHU.DQDOEHJDQQ 6XNRPXWHVLFKVSXWHQZHQQHUGHP6DPXUDLHQWNRPPHQ ZROOWH*HVFKPHLGLJVSUDQJHUEHUHLQHQXPJHVWU]WHQ3UHOOERFN XQGYHUVFKZDQGLQHLQHPVFKPDOHQ:HJGHU]ZLVFKHQ]ZHL 6FKURWWKJHOQKLQGXUFKIKUWH5HFKWVXQGOLQNVZDUGHU:HJ GXUFK'UDKW]lXQHJHVLFKHUWGDPLWGLHEHLGHQ6FKURWWEHUJHQLFKW LQHLQDQGHUUXWVFKWHQ 6XNRXQGGHU6DPXUDLZDUHQXQJHIlKUJOHLFKVFKQHOO'HU &KLQHVHZROOWH7RNDWDLQGLH,UUHIKUHQYLHOOHLFKWIDQGHUQLFKWVR

VFKQHOODXVGHP6FKURWWSODW]KHUDXVVRGD6XNRHLQH&KDQFH HUKLHOWLKQDXILUJHQGHLQH:HLVH]XEHVLHJHQ 'HU:HJPQGHWHDXIHLQHP3ODW]+LHUZDUGDV=HQWUXPGHV 6FKURWWSODW]HV6XNRVDKHLQEDUDFNHQlKQOLFKHV*HElXGHGDVGHP &KHIGHU)LUPDVLFKHUOLFKDOV%URXQG8QWHUNXQIWGLHQWH ,QGHQ5lXPHQZDUDOOHVGXQNHO0DQKDWWHOlQJVW)HLHUDEHQG JHPDFKW +LQWHUGHP*HElXGHWUPWHQVLFK]DKOORVH$XWRZUDFNV]X HLQHPJHZDOWLJHQ%OHFKEHUJGDQHEHQVWDQGHLQ.UDQXQGJDQ]LQ GHU1lKHDXFKHLQH3UHVVHGLHGDVVFKOXFNWHZDVGHU.UDQDOOHV KLQHLQIDOOHQOLH 6XNRVDKGLHPlFKWLJHQ*UHLI]lQJHQGHV.UDQV*HUQKlWWHHU 7RNDWDGD]ZLVFKHQJHVHKHQDEHUGHU&KLQHVHNDPQLFKWLQGHQ .UDQKLQHLQ(UKDWWHDXFKNHLQHQ6FKOVVHOXQGZXWHQLFKWZLH HULKQLQ%HZHJXQJVHW]HQVROOWH 0LWHLOLJHQ6FKULWWHQOLHIHUEHUGHQ3ODW]YRUGHU%DUDFNH 5HJHQSIW]HQVFKLOOHUWHQGRUWZLHJURHGXQNOH$XJHQYRQGHQ ZHLWHUHQWIHUQWHQ3LHUVVDKHUGHQVFKZDFKHQ:LGHUVFKHLQGHU +DORJHQODPSHQKHUEHUVFKLPPHUQ $QGHU6FKPDOVHLWHGHU%DUDFNHEOLHE6XNRVWHKHQSUHWHVLFK HQJJHJHQGLH:DQGXQGSHLOWHXPGLH(FNH 6RHEHQOLHI7RNDWDEHUGHQ3ODW](UKDWWHLKQ]XU+lOIWHEHU TXHUWDOVHUVWHKHQEOLHEXQGVLFKVXFKHQGLP.UHLVGUHKWH'VWHU KREVLFKVHLQH*HVWDOWYRUGHP+LQWHUJUXQGDEGDV6FKZHUWPLW GHUODQJHQ.OLQJHZDUIEOLW]HQGH5HIOH[H 'LHVHU6DPXUDLVDKXQJHKHXHUJHIlKUOLFKDXV+LQWHUVHLQHU 0DVNHZDUGDV*HVLFKWQXU]XDKQHQ 6XNR]RJVLFK]XUFN $OVHUGLH5FNVHLWHGHU%DUDFNHHUUHLFKWHVDKHUGDHUHLQHQ )HKOHUJHPDFKWKDWWH'RUWJDEHVNHLQHQ:HJGHUGXUFKGLH +DOGHVFKQLWW:HQQHUKLHUZHJZROOWHPXWHHUHQWZHGHU GLHVHOEH6WUHFNH]XUFNQHKPHQRGHUDEHUEHUGLH+DOGHNOHWWHUQ 'LH]ZHLWH0|JOLFKNHLWHUVFKLHQLKPDOVGLHFKDQFHQUHLFKHUHGHQQ VRQVWZlUHHU7RNDWDLQGLH$UPHJHODXIHQ6XNRZROOWHXQEHGLQJW HLQ7HOHIRQHUUHLFKHQXPGLHYHUDQWZRUWOLFKHQ3ROL]HLNUlIWH]X PRELOLVLHUHQ'DQQEHVWDQGGXUFKDXVGLH&KDQFH7RNDWD]XIDQ JHQ%HLP
$EHUHLQ7HOHIRQZDUZHLWHUHQWIHUQWDOVGHU0RQG6XNRKlWWH DXFKLQGLH%DUDFNHHLQEUHFKHQN|QQHQZDVZLHGHUXPQLFKWRKQH *HUlXVFKHJHJDQJHQZlUHXQGGHU&KLQHVHZROOWH7RNDWDQLFKW XQQ|WLJDXIVLFKDXIPHUNVDPPDFKHQ 'HVKDOEQDKPHUGHQDQGHUHQ:HJ(VZUGH]ZDUDXFK *HUlXVFKHYHUXUVDFKHQDEHUKLQWHUGLHVHP$XWRKJHOZUGH 6XNREHVWLPPWHLQH&KDQFHILQGHQ]XYHUVFKZLQGHQ (UPDFKWHVLFKDQGHQ$XIVWLHJ 'LH)DKU]HXJHZDUHQZDKOORVEHUHLQDQGHUJHZRUIHQZRUGHQ VWDQGHQNUHX]XQGTXHU0DQFKHVRJDUKRFKNDQWPLWGHU .KOHUVFKQDX]HDXIHLQHP$XWRGDFK=DKOUHLFKH5lGHUZDUHQ DEJHIDOOHQXQGODJHQDXI.KOHUQ'lFKHUQRGHUNOHPPWHQHLQ IDFK]ZLVFKHQGHQ:DJHQ 'LHHUVWHQ
8QWHULKPUXPRUWH7RNDWD (VZDUVFKRQYHUGDPPWQDKHXQGQDKPNHLQHUOHL5FNVLFKWRE GLH6FKURWWZDJHQQXQNLSSWHQRGHUQLFKW6XNRVSUWHZLHGHU XQVLFKHUH6WDQGXQWHULKPYLEULHUWH 8QGGDKDWWHHUHLQH,GHH :HQQHUVFKRQVRVFKQHOOQLFKWZHJNRQQWHGDQQVROOWHLKPGHU :DJHQGHUHWZDVORVHVWDQGZHQLJVWHQVQRFKQW]OLFKVHLQ 'HU&KLQHVHEHUOHJWHQLFKWODQJHVRQGHUQVHW]WHVHLQH,GHHLQ GLH7DWXP 6XNRVWUHFNWHEHLGH$UPHDXVXQGKDQJHOWHVLFKDXIGHQ:DJHQ 'DV*HIlKUWVFKZDQNWH0HLQ)UHXQGNDPVLFKZLHHLQ$UWLVWYRU XQGHUKDWWHHLQLJH0KHPLWGHP*OHLFKJHZLFKW :HLWHUUHFKWVKDWWH6XNRWURW]GHU'XQNHOKHLWHLQHQDEJHZUDFN WHQ5RYHUJHVHKHQGHVVHQ7URIIHQVWDQG'LH]ZHLWHIHKOWH$EHU GLHHLQHGLHZLFKWLJHEHIDQGVLFKDXI6XNRV6HLWHXQGVSLHOWHLQ VHLQHQ3OlQHQHLQHJURH5ROOH 7RNDWDQlKHUWHVLFKXQDXIK|UOLFK (UPDFKWH.UDFKIU]HKQ8QGHUVHW]WHVHLQ6FKZHUWHLQXP VLFKVHLQHQ:HJ]XEDKQHQ'LHLQGHU+|OOHJHVFKPLHGHWH.OLQJH KLHELQGDV%OHFKGHU)DKU]HXJHDOVEHVWQGHHVDXV%XWWHU'D KDWWHQ0HQVFKHQNQRFKHQHUVWUHFKWNHLQH&KDQFH 'DVZXWHDXFK6XNRXQGGHVKDOEEHHLOWHHUVLFK (UZDUIQRFKHLQHQ%OLFN]XUFN 7RNDWDZDUVFKRQ]LHPOLFKQDKH6RHEHQVFKOHXGHUWHHUHLQHQ 5HLIHQ]XU6HLWH'DQQVSDOWHWHHUPLWGHU.OLQJHGDV'DFKHLQHV $XWRV )U6XNRZXUGHHV=HLW (UVWDQGQRFKDXIGHU+DXEHNQLFNWHLQGHQ.QLHQHLQJDEVLFK JHQJHQG6FKZXQJXQGGUFNWHGDEHLJHJHQGHQVRZLHVRVFKRQ XQVLFKHUHQ6WDQGGHV:DJHQV 'DV)DKU]HXJNLSSWH ,PVHOEHQ$XJHQEOLFNKHFKWHWHGHU&KLQHVHYRU(UKDWWHVLFK QRFKDEVFKQHOOHQN|QQHQXQGGDHUEHLVHLQHU.DUDWHWHFKQLNDXFK GDV6SULQJHQJHOHUQWKDWWHVWLHHUVLFKWURW]GHUXQVLFKHUHQ 8QWHUODJHJXWDE 6XNRVFKQHOOWHDXIGLH7UGHV5RYHUV]X 8QGHUEHNDPVLH]XSDFNHQ 6HLQH+lQGHJULIIHQKDUWXPGHQ+ROPNODPPHUWHQVLFKIHVWVR

GDGLH)LQJHUVFKPHU]WHQGRFKHUOLHQLFKWORV(U]RJVHLQHQ .|USHUQDFKEUDFKWHGLH%HLQHKRFKZlKUHQGXQWHULKPPHKUHUH )DKU]HXJHLQV5XWVFKHQJHULHWHQXQGGDPLWHLQHNOHLQH %OHFKODZLQHLQ*DQJEUDFKWHQ 7RNDWDVDKGLH/DZLQHKHUDEGRQQHUQ 9LHU)DKU]HXJH]XJOHLFKNLSSWHQDXILKQ]X(LQVVWDQGKRFK NDQWEHNDPGDVhEHUJHZLFKWXQGILHOGHP6DPXUDLGHV6DWDQV GLUHNWHQWJHJHQ7RNDWDVWLHHLQHQZWHQGHQ6FKUHLDXV(UUL GDV6FKZHUWKRFKZRPLWHUYLHOHVVFKDIIWHDEHUNHLQH$XWRODZLQH DXIKDOWHQNRQQWH(UNRQQWHZRKOPLWGHU.OLQJHKLQGXUFKVFKOD JHQPHKUQLFKW 'LH:DJHQNLSSWHQDXILKQ 7RNDWDNRQQWHVLHQLFKWVWRSSHQ6LHULVVHQLKQNXU]HUKDQGPLW ,QGHQZLUEHOQGHQ%OHFKWHLOHQJLQJGHU6DPXUDLGHV6DWDQVXQWHU (UNRQQWH]ZDUQLFKWJHW|WHWZHUGHQGRFKGLH/DZLQHKDWWH6XNR HLQH)ULVWJHJHEHQ 'HU&KLQHVHKLQJQRFKLPPHUDQGHU7UGHV5RYHUXQGVHLQH %HLQHEDXPHOWHQLQGHU/XIW(UKDWWH$QJVWGDGLH$XVOlXIHUGHU %OHFKODZLQHDXFKQRFKLKQXQGGHQ:DJHQPLWULVVHQGRFKVLHZDU XQEHJUQGHW /DQJHZROOWHHUQLFKWPHKUKlQJHQEOHLEHQ6XNRPXWH]X VHKHQGDHUYRQKLHUYHUVFKZDQG (U]RJVLFKKRFK :LHHLQ%HUJVWHLJHUNUDEEHOWHHUDXIGDV'DFKGHV:DJHQV=X VHLQHU)UHXGHVDK6XNRGDHUGHQ*LSIHOGHV6FKURWWEHUJHV HUUHLFKWKDWWHXQGDWPHWHDXI -HW]WODJQRFKGHU$EVWLHJYRULKP 9RUVLFKWLJVSUDQJ6XNRDXIGDVQlFKVWH$XWRGDFK(VZDUGXUFK 6WDXEXQG5HJHQ]LHPOLFKVHLILJJHZRUGHQ'HU&KLQHVHUXWVFKWH DEXQGODQGHWHDXIGHP.RIIHUUDXP 9RQKLHUDXVVSUDQJHUDXIGHQQlFKVWHQ:DJHQGDQQDXI GHQEHUQlFKVWHQSDWHQLFKWDXIULVLFKHLQ+RVHQEHLQHQW ]ZHLXQGKROWHVLFKDQGHU:DGHHLQH6FKUDPPHDEHUHU JHODQJWHDQVRQVWHQXQEHVFKDGHWDXIGLHDQGHUH6HLWHGHV %HUJHVXQGVSUDQJ]X%RGHQ 'HU&KLQHVHKLHOWVLFKQLFKWOlQJHUDXI(UZROOWHVRVFKQHOOZLH P|JOLFKZHJ 6XNRIDQGHLQHQDXVJHIDKUHQHQ3IDGGHUSDUDOOHO]XP.DQDO

IKUWHXQGGRUWHQGHWHZR(LVHQEDKQJOHLVHHQWODQJOLHIHQXQG HUVWHWUEH/DWHUQHQEUDQQWHQ 6XNRVDKVLFKXP 5HFKWVYRQLKPODJGDV*HElXGHGHU.RVPHWLN)LUPD (UNRQQWHVRJDUGDV'DFKHUNHQQHQ'DKLQWHUKREHQVLFK 6FKRUQVWHLQHXQGK|KHUH%DXWHQJHJHQGLH/LFKWDXUDGHU /RQGRQHU&LW\DE'LH,QQHQVWDGWZDU]ZDUZHLWHQWIHUQWDEHUGHU :LGHUVFKHLQOHXFKWHWHGRFKELVLQGDV+DIHQYLHUWHO 1DFKHLQHP]HKQPLQWLJHQ/DXIIDQGGHU&KLQHVHHQGOLFKHLQH 7HOHIRQ]HOOH (UULHI6LU-DPHV3RZHOODQGHUVLFKQRFKLP%URDXIKLHOW6XNR KDWWHJHOHUQW(UEUDXFKWHHLQH0LQXWHIUVHLQHQ%HULFKWXQGJDE VRJDUQRFK'HWDLOVEHNDQQW ª%OHLEHQ6LHDQGHU=HOOH'HU$ODUPSODQOlXIWDQ©VDJWH6LU -DPHV ª-DZRKO6LU© 6XNRZDUWHWH(UZXWHGDMHW]WGLH(LQVDW]UHVHUYHPRELO JHPDFKWZXUGH'LH2UJDQLVDWLRQOLHIDXI+RFKWRXUHQ*HVFKXOWH XQGHUIDKUHQH0lQQHUVWDQGHQEHUHLW0DQKDWWHVLHPRGHUQDXV JHUVWHWVRJDUPLW)ODPPHQZHUIHUQ:HQQHVVHLQPXWHGDQQ ZXUGHQVLHDXFKHLQJHVHW]WDQGHUVNRQQWHPDQVROFKH.UHDWXUHQ ZLH7RNDWDQLFKWEHNlPSIHQ8QGELVKHUZDUHUQLFKWEHVLHJW ZRUGHQ 6FKRQEDOGK|UWH6XNRGDV+HXOHQGHU6LUHQHQ9RQEHUDOOKHU VFKLHQHVDQVHLQH2KUHQ]XNOLQJHQ6WDUNH6FKHLQZHUIHUVWUDKOHQ VWULFKHQZLHODQJH)LQJHUEHUGLH3LHUDQODJHQXQGGDVGDKLQWHU OLHJHQGH*HOlQGH(LQ:DJHQUDVWHKHUEHL (VZDUHLQHVFKZHUH/LPRXVLQHXQG6LU-DPHV3RZHOOSHUV|Q OLFKKRFNWHLP)RQG 'HU:DJHQKDWWHNDXPJHKDOWHQDOVHUGLH7UDXIVWLHXQG 6XNRHLQVWHLJHQOLH 'HU&KLQHVHQDKPQHEHQGHP6XSHULQWHQGHQWHQ3ODW] ª=XP)DULDF/DERU©ZLHVGHUVHLQHQ&KDXIIHXUDQ 'HU0DQQJDE*DV 6XNRKDWWH*HOHJHQKHLW6LU3RZHOOJHQDXHQ%HULFKW]XHUVWDWWHQ 'HU6XSHULQWHQGHQWK|UWHJHGXOGLJ]X ª-RKQ6LQFODLULVWZLHGHUYHUVFKZXQGHQ©VWHOOWHHUGDQQIHVW ª:LHLVWGDVP|JOLFK"©

ª:DKUVFKHLQOLFKKlQJWHVQRFKPLWGHU9DPSLU*HVFKLFKWH ]XVDPPHQ©YHUPXWHWH6XNR 6LU-DPHVQLFNWHª0|JOLFKZHQQLFKHVDXFKQLFKWVRUHFKW JODXEHQNDQQZREHLGHQLFKWPHKUH[LVWLHUHQ© ª,KU(UEH© ª)DOOVVLHHLQVKLQWHUODVVHQKDEHQ© 'DGHU)DOOJDQ]DQGHUVODJXQGEHLGHDXIGHP+RO]ZHJ ZDUHQNRQQWHQVLHQLFKWDKQHQ 6LHZDUHQQLFKWGLHHUVWHQGLHGHQ3ODW]YRUGHP/DERUHUUHLFK WHQ=ZHL:DJHQVWDQGHQEHUHLWVGRUW6FKHLQZHUIHUHUKHOOWHQGLH 8PJHEXQJ'LH/XIWZDUHUIOOWYRP+HXOHQGHU6LUHQHQ 6FKZHUEHZDIIQHWH0lQQHUVWDQGHQDOV3RVWHQ $QGHUHNPPHUWHQVLFKXPGHQ7RWHQ 'HU]ZHLWH/DVWZDJHQDEHUZDUYHUVFKZXQGHQ 8QGGDPLWDXFKGDV%OXW -HPDQGVSLHOWH.ODYLHUXQGHLQH.LQGHUVWLPPHVDQJGD]Xª:KLWH &KULVWPDV© 7UlXPWHLFKVFKRQYRQ:HLKQDFKWHQ"2GHUZDUEHUHLWVGHU 'H]HPEHU" 1HLQGDVQLFKWDEHUGHU*HVDQJH[LVWLHUWH,FKK|UWHLKQDXFK QRFKDOVLFKEHUHLWVIHVWHQ%RGHQXQWHUPHLQHQ)HQVSUWHXQG YRQHLQHUJHZLVVHQ0DWWKHLWJHSODJWZXUGH$QVRQVWHQMHGRFK JLQJHVPLU]LHPOLFKJXW 'LH0HORGLHZDUYHUVWXPPW'DIUK|UWHLFKHLQHDQGHUH -LQJOH%HOOV ,FKPXWHOlFKHOQ1HEHQPLUYHUQDKPLFKHLQVFKZHUHV 6HXI]HQ'HU$WODQWHUKDWWHHVDXVJHVWRHQ (UZDUDOVRDXFKGD :LH0\[LQXQGQDWUOLFK.DUD 6LHVDKXQVDQ(LQ/lFKHOQKDWWHVLFKXPLKUH/LSSHQJHOHJWGDV MHGRFKYHUVFKZDQGDOVVLHVLFKXPEOLFNWH,KU*HVLFKWQDKPHLQHQ QDFKGHQNOLFKHQ$XVGUXFNDQ ª'DVFKHLQWHLQLJHVQLFKW]XVWLPPHQ©EHPHUNWH0\[LQ 8QGLFKVDJWHª:DUZRKOHLQ)HKOVSUXQJ© ª1HLQZLUVLQGGD'DVLVWGDV+DXVGHUMDPPHUQGHQ6HHOHQ +LHUKDWGHU'UXLGHJHOHEW©

6LHVSUDFKGLH:RUWHVHKUVLFKHUDXVGHVKDOEHQWKLHOWLFKPLFK HLQHV.RPPHQWDUV6HOWVDPZDUHVDOOHUGLQJVVFKRQ:LUVWDQGHQ LQHLQHPODQJHQ)OXUYRQGHPLQJHQDXDEJHPHVVHQHQ$EVWlQGHQ 7UHQDE]ZHLJWHQ (LQ$SDUWPHQWIOXU 8QGGLH:HLKQDFKWVOLHGHUNODQJHQKLQWHUHLQHUGHU7UHQDXI (LQHJDQ]HLQIDFKH*HVFKLFKWH 'DV+DXVGHUMDPPHUQGHQ6HHOHQZDUHLQ:RKQEORFN $XFKLFKKDWWHPLWHLQHUDOWHQ+WWHJHUHFKQHWGLHLUJHQGZRWLHI LP:DOGVWDQGZDUMHGRFKHLQHV%HVVHUHQEHOHKUWZRUGHQ1LFKW LPPHUZLUGHVGRUWJUXVHOLJZRPDQHVHUZDUWHW ª8QGQXQ"©IUDJWH0\[LQ +DURKDWWHVLFKQHEHQ.DUDJHVWHOOWXQGVHLQH+DQGDXILKUH 6FKXOWHUJHOHJW'DV0lGFKHQKLHOWQRFKLPPHULKU6FKZHUWIHVW 6LHWUXJQRFKGLHJOHLFKH.OHLGXQJXQGZHQQLFKPLUGLH7\SHQVR DQVFKDXWHGDQQZXUGHHV=HLWGDVLHHWZDVDQGHUHVHUKLHOWHQ 6RNRQQWHQVLHQLFKWKHUXPODXIHQ ª'RFK©IOVWHUWH.DUDª(VLVWKLHU'DVKLHULVWGDV+DXVGHU MDPPHUQGHQ6HHOHQ,FKVSUHHV© (LJHQWOLFKKlWWHLFKODFKHQPVVHQ'DVWDQGHQYLHU3HUVRQHQ DXIHLQHPODQJHQ)OXUXQG]XPLQGHVW]ZHLGDYRQVDKHQDXVZLH 0lUFKHQILJXUHQ (VKlWWHQXUMHPDQGGLH7U]X|IIQHQEUDXFKHQXQG ,FKKDWWHGHQ*HGDQNHQNDXP]X(QGHJHGDFKWDOVGLHVJH VFKDK(LQH:RKQXQJVWUZXUGHDXIJHVWRHQ(VZDUGLHKLQWHU GHUZLUGLH:HLKQDFKWVOLHGHUJHK|UWKDWWHQ (LQNOHLQHV0lGFKHQHUVFKLHQ :LUDOOHGUHKWHQGLH.|SIHGRFKGLH.OHLQHPLWGHQEORQGHQ :XVFKHOKDDUHQKDWWHQXU$XJHQIU.DUD ª%LVWGXGDV&KULVWNLQG"©IUDJWHHVVWDXQHQG ,FKJODXE PLFKVWUHLIWHLQ1DVKRUQGDFKWHLFKXQG]LVFKWH ª:HJKLHUEHYRUGLH.OHLQHQRFKGLHJDQ]H%XGHUHEHOOLVFK PDFKW© 'RFK.DUDUHDJLHUWHDQGHUV6LHNQLHWHVLFKQLHGHUXQGOlFKHOWH GLH.OHLQHDQ'DV0lGFKHQGUHKWHVLFKXPXQGVFKORGLH7U 6WDXQHQGVWDQGHQZLUGD ª:DVKDVWGXGHP.LQGJHVDJW"©IUDJWHLFK .DUDHUKREVLFKOlFKHOQGª,FKKDEHLKUIUZHQLJH6HNXQGHQGDV

*HGlFKWQLVJHQRPPHQ6LHZLUGVLFKDQQLFKWVPHKUHULQQHUQ© 'DV0lGFKHQZXUGHPLUODQJVDPXQKHLPOLFK1DMDLFKZDU JHVSDQQWZHOFKHhEHUUDVFKXQJHQHVMHW]WQRFKDXI/DJHUKDWWH $EHUZLUPXWHQZHJ'DVEOLHEXQGGDYRQELNHLQH0DXVGHQ )DGHQDE 'LHDQGHUHQZDUHQHLQYHUVWDQGHQ+DURVDKVLFKPLWUDXLVFK XQGVXFKHQGXP,KPZDUDOOHVXQKHLPOLFK(UVWDPPWHDXV $WODQWLVXQGPXWHVLFKHUVWDQGLHQHXH=HLWJHZ|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lGFKHQKDWWHJHVDJWGDV+DXVGHUMDPPHUQGHQ6HHOHQZlUH QLFKWZHLWHQWIHUQW1XUZDVPHLQWHVLHPLWZHLW"+XQGHUW 0HLOHQZDUHQIUVLHVLFKHUOLFKQXUHLQ.DW]HQVSUXQJ :LUEHUDWVFKODJWHQZDV]XWXQZDU =XHUVWIUDJWHLFK.DUDQRFKHLQPDOREVLHVLFKDXFKJDQ]VLFKHU ZDU6LHQLFNWHKHIWLJ ª:HLWGXGHQQZLHDOWGDV+DXVVHLQVROOWH"©HUNXQGLJWHLFK PLFK ª6HKUDOW© ª'DQQKDWPDQHVVLFKHUOLFKDEJHULVVHQXQGHLQQHXHV+DXVDXI GDV*UXQGVWFNJHEDXW© 'HU0HLQXQJZLGHUVSUDFKQLHPDQG

ª$EHUGHQ*HLVWNDQQPDQQLFKWW|WHQ©HUNOlUWH.DUDª'HU EOHLEWLPPHUKLHU© ª'XZLOOVWLKQILQGHQ"© 6LHVDKPLFKDQXQGQLFNWHª1LFKWQXUGDV,FKZHUGHLKQ EHVFKZ|UHQGHU'UXLGHVROOPLU$XVNXQIWGDUEHUJHEHQZRVLFK GHU7UDQNGHV9HUJHVVHQVEHILQGHW© ,FKZDUHLQZHQLJVNHSWLVFKª0HLQVWGXGDGLUGDVJHOLQJW"© ª(VPX© ª,FKELQJHVSDQQW©'DQQGHXWHWHLFKDXI+DURª(UXQGGXLKU VROOWHWHXFKQHXH.OHLGXQJ]XOHJHQ+HXWHJHKWPDQQLFKWPHKUVR ZLHIUKHU©,FKOlFKHOWH ª/DXQVZHLWHUJHKHQ©GUlQJWH0\[LQ ª:DUWH©,FKVDK.DUDDQª:RN|QQHQZLUXQWHU8PVWlQGHQ GLHVHQ*HLVWILQGHQ"© ªhEHUDOO© ª:DVKHLWGDV"© ª'HU*HLVWGHV'UXLGHQZLUGLQGHQ:lQGHQXQG0DXHUQ KDXVHQ,P)XERGHQLP.HOOHULP© ª+DOWKDOW©ULHILFKª'XYHUJLWGDGLHVHV+DXVQHXLVW© ª'DVVSLHOWNHLQH5ROOH-RKQ6LQFODLU'HU'UXLGHQJHLVWLVWGXUFK HLQHQ$EEUXFKQLFKW]XW|WHQ0DQPXLKQEHVFKZ|UHQZHQQ PDQLKQKDEHQXQGIDVVHQZLOO'DVZHUGHLFKWXQ© ,FKGDFKWHVFKRQZHLWHUª:HQQGHU*HLVWWDWVlFKOLFKLQGHP +DXVVLW]WVLQGGLH%HZRKQHULQJURHU*HIDKU© .DUDQLFNWHª'DVZDUHQVLHLPPHU© ª$EHUELVKHUKDWVLFKGHU*HLVWUXKLJYHUKDOWHQ© ª6LFKHU(VJDEIULKQNHLQHQ*UXQGVLFK]X]HLJHQ© ª8QGZHQQGXLKQEHVFKZ|UVWZLUGHVHLQHQJHEHQ© ª-D© 0LUZDUSO|W]OLFKJDUQLFKWPHKUZRKO]XPXWHª'DVLVW VFKOHFKW©PXUPHOWHLFKªGHQQGDQQVLQGGLH0HQVFKHQKLHULQ JURHU*HIDKU%LVKHUZDUGHU*HLVWMDJHIDQJHQ© ª:LUPVVHQLKQHEHQXQWHU.RQWUROOHKDOWHQ©HUZLGHUWHGLH VFKZDU]KDDULJH.DUD ª'DVLVWPLU]XULVLNRUHLFK© .DUDKREGLH6FKXOWHUQXQGDXFKGLHEHLGHQDQGHUHQVDJWHQ QLFKWV1XU0\[LQGHUNOHLQH0DJLHUEOLFNWHPLFKHUQVWDQ ZlKUHQG+DUR]X%RGHQVFKDXWH

6RNDPHQZLU]XNHLQHP(UJHEQLVª/DXQVZHLWHUJHKHQ© VFKOXJLFKYRU 'UHL6WRFNZHUNHVFKULWWHQZLUKLQDE'DQQZDU6FKOX'DV 7UHSSHQKDXVK|UWHHLQIDFKDXI(VHQGHWHYRUHLQHU'RSSHOWUDXV 6WDKO :LUVWDQGHQGDZLHEHJRVVHQH3XGHO 0\[LQIUDJWHª+DVWGXHLQH(UNOlUXQJ-RKQ"© 1HLQGLHKDWWHLFKDXFKQLFKWª6RHWZDVKDEHLFKQRFKQLHJH VHKHQ©VDJWHLFKª'DVLVWEDXSROL]HLOLFKJDUQLFKWGULQ©,FK VFKDXWHDXIGLH:DQG 'RUWODVLFKHLQH]ZHL ª6HKHQZLUQDFKZDVKLQWHUGHU7UOLHJW©VFKOXJ.DUDYRU ª,FKKDEHNHLQHQ6FKOVVHO©KLHOWLFKLKUHQWJHJHQ 6LHOlFKHOWHQXUª6RHWZDVEUDXFKHLFKQLFKW-RKQ6LQFODLU*LE HLQPDODFKW© 6LHJLQJ]ZHL6FKULWWHYRUXQGOHJWHEHLGH+lQGHIODFKJHJHQ GLH7U )UHLQHQZLQ]LJHQ0RPHQWJODXEWHLFKHVIOLPPHUQ]XVHKHQ GDQQZDUDOOHVZLHGHUQRUPDO .DUDWUDW]XUFNª'LH7ULVWRIIHQ©VDJWHVLH ª:LUNOLFK"© 6LHQLFNWHPLU]Xª-D© ,FKSURELHUWHHVOHJWHPHLQHUHFKWH+DQGDXIGLH0HWDOONOLQNH XQGGUFNWHVLHQDFKXQWHQ .DUDKDWWHQLFKWJHORJHQ%HLQDKHOHLFKWVFKZDQJPLUGLHUHFKWH +lOIWHHQWJHJHQ ª.RPSOLPHQW©VDJWHLFKXQGOlFKHOWH +DWWHLP)OXUGLH1RWEHOHXFKWXQJJHEUDQQWVRVDKHQZLUYRU XQVHLQHQODQJHQGXQNOHQ*DQJ(UNHQQHQNRQQWHLFKQRFK QLFKWVDEHUULHFKHQ8QGGLHVHU*HUXFKNDPPLUEHNDQQWYRU 6ROFKHLQHQ'XIWJDEHQ2EVWXQG*HPVHDE-HW]WYHUVWDQGLFK NDXPQRFKZDV $OVGLHGUHLPLUJHIROJWZDUHQXQGLFKGDV/LFKWHLQVFKDOWHWH NOlUWHVLFKDOOHVDXI :LUEHIDQGHQXQVLP/DJHUHLQHV6XSHUPDUNWV ,FKVDKGLH:HUEH]HWWHOXQG3ODNDWHDQGHQ:lQGHQ,QJUHOOHQ )DUEHQZXUGHDXIGLH3UHLVNQOOHUGHU:RFKHKLQJHZLHVHQ *HWUlQNH6LJNHLWHQ6XSSHQ2EVWXQG*HPVHDOOHVZXUGH

DQJHEOLFKVRSUHLVZHUWDQJHERWHQ1XQZDUDXFKNODUZHVKDOEGLH 7UHSSHDXIK|UWH'HU6XSHUPDUNWQDKPGLHHUVWHQEHLGHQ(WDJHQ GHV+DXVHVHLQ:DKUVFKHLQOLFKJDEHVIUGLH+DXVEHZRKQHU HLQHQDQGHUHQ(LQJDQJ ª:DVLVWGDVKLHU"©IUDJWH+DUR ,FKHUNOlUWHHVLKP ª.HQQHLFKQLFKW©VDJWHHUQXU ª+LHUZHUGHWLKUVLFKHUOLFK.OHLGXQJILQGHQ©VDJWHLFKOlFKHOQG 'DPLWZDUHQHUXQG.DUDHLQYHUVWDQGHQ ,FKKDWWHGLH)KUXQJEHUQRPPHQ0\[LQKLHOWVLFKDQPHLQHU 6HLWHª*ODXEVWGXDQGHQ'UXLGHQJHLVW"©IUDJWHHUOHLVH ª9LHOOHLFKW© ª,FKNDQQPLUVFKOHFKWYRUVWHOOHQGDHUVLFKLQGLHVHU8P JHEXQJZRKOIKOW© ª$XFK'lPRQHQSDVVHQVLFKDQ©OlFKHOWHLFK9RUHLQHUJURHQ 7UEOLHELFKVWHKHQ6LHEHIDQGVLFKDXIGHUUHFKWHQ6HLWHGHV *DQJHVXQGLFKNRQQWHVLHDXIGUFNHQGDVLHVLFKDXV]ZHL 6FKZLQJKlOIWHQ]XVDPPHQVHW]WH :LUEHWUDWHQGHQREHUVWHQ9HUNDXIVUDXP (VZDUQLFKWY|OOLJGXQNHOGHQQDQGHQ:lQGHQEUDQQWHHLQH JUQOLFKVFKLOOHUQGH1RWEHOHXFKWXQJ:LUVDKHQGLHODQJHQ 9HUNDXIVUHJDOHGLH7KHNHQXQG7LVFKHXQGZLUVDKHQGLH .OHLGHUVWlQGHUGLHUHFKWVQHEHQGHU0|EHODEWHLOXQJEHJDQQHQ ª'DN|QQWLKUHXFKHWZDVDXVVXFKHQ©HUNOlUWHLFKGHQEHLGHQ $WODQWHUQ ª0XWGXQLFKWEH]DKOHQ"©IOVWHUWH0\[LQ ª'DVUHJOHLFKZHQQDOOHVYRUEHLLVW© .DUDXQG+DURZDUHQVFKRQ]ZLVFKHQGHQ.OHLGHUVWlQGHUQYHU VFKZXQGHQ:LUK|UWHQLKUH6WLPPHQ%HVRQGHUV.DUDIUHXWHVLFK EHUGLH6DFKHQ6RHWZDVKDWWHVLHQRFKQLHJHVHKHQ,KUH$XJHQ VWUDKOWHQEHJHLVWHUWZKOWHVLHLQGHQ.OHLGXQJVVWFNHQKHUXP ,FKZXQGHUWHPLFKGDNHLQH$ODUPDQODJHDQJHVFKODJHQZDU 9LHOOHLFKWUHDJLHUWHVLHDXFKQXUZHQQPDQYRQYRUQHLQEUDFK 'DUXPPDFKWHLFKPLULP$XJHQEOLFNNHLQH6RUJHQ +DURZDU]XHUVWIHUWLJ$OVHU]XUFNNDPNRQQWHLFKHLQ/DFKHQ NDXPXQWHUGUFNHQ(UKDWWHVLFKZLUNOLFKJHPDXVHUW +DURWUXJHLQHEODXH+RVHHLQURWHV+HPG6FKXKHLQVFKZDU] XQGHLQHNDULHUWH-DFNH

ª.DQQLFKVRJHKHQ"©IUDJWHHU 0\[LQIOVWHUWHª=XU1RW©'DVK|UWH+DURDOOHUGLQJVQLFKW 'DVVFKZDU]KDDULJH0lGFKHQZKOWHQRFKLQGHQDXIJHKlQJWHQ .OHLGHUQKHUXP (VZDUYHUVWlQGOLFK 'DQQNHKUWH.DUD]XUFN8QGLFKPXWHHKUOLFK]XJHEHQGD VLHHLQLJHQ*HVFKPDFNKDWWH6LHWUXJHLQHQKHOOHQGQQHQ /HGHUPDQWHOGHULQQHQPLW)HOOJHIWWHUWZDU6LHKDWWHVLFK6WLHIHO DQJH]RJHQ8QWHUGHP0DQWHOWUXJVLHHLQOHLFKWHV.RVWP'HU 6WRIIVFKLPPHUWHKLPEHHUURW 6LHZDUHEHQHLQH)UDX ª*HIDOOHLFKHXFK"©IUDJWHVLHXQGGUHKWHVLFKGDEHL,KUQLFKW JHVFKORVVHQHU0DQWHOIORJKRFKZLHHLQH*ORFNH ,FKQLFNWH$XFK0\[LQXQG+DURVWLPPWHQPLU]X'DV6FKZHUW KDWWH.DUDQLFKWORVJHODVVHQ ,FKGUlQJWH]XU(LOHª-HW]WP|FKWHLFKHQGOLFKZLVVHQREGHU *HLVWGHV'UXLGHQKLHUQRFKKDXVW©VDJWHLFK .DUDQLFNWHª:LUPVVHQLKQHUVWQRFKVXFKHQ© ª:R"© 6LHGHXWHWHLQGLH5XQGHªhEHUDOO© ª'DQQVHKHQZLUQDFK©,FKOlFKHOWHGDEHLGHQQGLH:lQGH ZDUHQJODWW:HQQ5HJDOHVLHQLFKWDEGHFNWHQGDQQZDUHQVLHPLW 3ODNDWHQEHSIODVWHUW ª0DQPWHLQGHQ.HOOHUJHKHQ©VFKOXJ0\[LQYRU ª(UOHEWEHUDOO©VDJWH.DUD 'DJHJHQNRQQWHQZLUQLFKWVVDJHQ.DUDZXWHPHKU 3O|W]OLFKVWXW]WHVLHEHXJWHVLFKYRUXQGODXVFKWHZREHLVLHLKUH 6WLUQLQ)DOWHQOHJWH ª:DVLVWGHQQ"©IUDJWHLFK $XFK+DURZROOWHHVZLVVHQ .DUDGUHKWHGHQ.RSIª+|UWLKUQLFKWV"© ª1HLQ© ª'DQQODXVFKWGRFK© :LUNDPHQGHU$XIIRUGHUXQJQDFKNRQ]HQWULHUWHQXQVY|OOLJ DXIGDVKHUDXV]XILQGHQGH*HUlXVFK 8QGMHW]WK|UWHQZLUHVDXFK (VZDUHLQVFKZHUHVXQKHLOYROOHV6HXI]HQ

6LU-DPHV3RZHOOXQG6XNRKDWWHQGLH'LHQVWOLPRXVLQHYHUODVVHQ 6LHVWDQGHQQHEHQGHP7RWHQ 0HKUHUH.XJHOQKDWWHQLKQJHWURIIHQ'LH+HOIHUZDUHQVFKRQ GDGLHLKQZHJWUXJHQ ª:LVVHQ6LHZHULKQJHW|WHWKDW"©IUDJWH6LU-DPHV ª/DG\;© 'HU6XSHULQWHQGHQWQLFNWHª'DQQN|QQHQZLUGDYRQDXVJHKHQ GD'U7RGVHLQHJHVDPWH7UXSSHPLWJHEUDFKWKDW© ª9LHOOHLFKW6LU© 'HU7RWHZXUGHZHJJHWUDJHQ'LH0lQQHUVFKREHQGHQ6DUJDXI GLH/DGHIOlFKHHLQHVJUDXHQ)DKU]HXJV ª+DEHQ6LHZDVJHIXQGHQ"©ZROOWH6LU-DPHVZLVVHQ 6XNRVFKWWHOWHGHQ.RSIª1XUGDV%OXWZDUQRFKGD-HW]WKDW 'U7RGHV© ª(UZLUG9DPSLURGHOPDUGDPLWVWlUNHQ© 'HU&KLQHVHQLFNWHª'DVEHIUFKWHLFKDXFK© 'HU(LQVDW]OHLWHUNDPPLWVFKQHOOHQ6FKULWWHQKHUDQXQGZLQNWH 6LU3RZHOO]Xª:LUKDEHQGDV*HOlQGHDEJHULHJHOW©HUNOlUWHHU PLOLWlULVFKNQDSS ª:XQGHUEDU8QGMHW]W"© ª(LQ]HOQH7UXSSVZHUGHQYRUVWRHQXQGGDV*HOlQGHJHQDX XQWHUGLH/XSHQHKPHQ© ª7XQ6LHGDV© 'HU(LQVDW]OHLWHUJUWHXQGYHUVFKZDQG 6XNREOLFNWH6LU3RZHOOVNHSWLVFKDQª:HQQLFKPLUHLQH %HPHUNXQJHUODXEHQGDUI6LULFKJODXEHNDXPGDGLH0lQQHU (UIROJKDEHQZHUGHQ© ª6LHVSUHFKHQPLUDXVGHU6HHOH1XUPDFKHLFKPLUODQJVDP 6RUJHQXP-RKQ6LQFODLU© 6XNRODFKWHKDUWDXIª)UDJHQ6LHPLFKPDO6LU© ª:RN|QQWHHUGHQQVWHFNHQ]XP7HXIHO"© ª%HLP7HXIHOKRIIHQWOLFKQLFKW© ª,VW,KQHQQLFKWVDXIJHIDOOHQ"©6LU3RZHOOVWDUUWH6XNRDQ'LH 3XSLOOHQZLUNWHQGXUFKGLH%ULOOHQJOlVHUVWDUNYHUJU|HUW'HU 6XSHULQWHQGHQWKDWWHZLHGHUGHQELWWHUHQ=XJXPVHLQH 0XQGZLQNHOGHU]HLJWHZLHPDJHQNUDQNHUZDU ª6LFKHULVWPLUHWZDVDXIJHIDOOHQ'DZDUHLQLJHVDQGHUV,FK NDQQPLUQXUQRFKNHLQHQ5HLPGDUDXIPDFKHQ,FKVDLQGHP

/DERUXQGGDQQZDU-RKQDXIHLQPDOYHUVFKZXQGHQ,FKKDEHLKQ DXFKQLFKWDXVGHP5DXPJHKHQVHKHQ1LFKWVZDUGDJDUQLFKWV© ª'DQQLVW0DJLHPLWLP6SLHO©VDJWHGHU6XSHULQWHQGHQW ª8QEHGLQJW© 6LU3RZHOOJLQJDXIXQGDE6HLQH+lQGHKDWWHHULQGHQ7DVFKHQ GHVGXQNHOEODXHQ0DQWHOVYHUJUDEHQ1DFKGHQNOLFKQDJWHHUDXI VHLQHU8QWHUOLSSH $OVODQJHKHOOH)LQJHUVWULFKHQGLHJURHQ6FKHLQZHUIHUGHU 6XFKWUXSSVEHUGDV*HOlQGHDP+DIHQ6XNRJODXEWHMHGRFK QLFKWGDUDQGDVLHHLQHQ(UIROJYHU]HLFKQHQNRQQWHQ$XFKHLQH )DKQGXQJZDUDXVJHUXIHQZRUGHQ6LHZUGHZHQLJ=ZHFN KDEHQGHQQ/DVWZDJHQJDEHVYLHOHDXIGHQ/RQGRQHU6WUDHQ XQGGLH:DJHQQXPPHUKDWWH6XNRLQGHPP|UGHULVFKHQ 'XUFKHLQDQGHUHUVWJDUQLFKWJHVHKHQ 6LU-DPHVNDXWHHLQH0DJHQWDEOHWWH(UVDKDXIGLH8KU(LQH 9LHUWHOVWXQGHZDUYHUJDQJHQXQGHLQ(UIROJQRFKQLFKWLQ6LFKW 9LHOOHLFKWZUGHQGLH%HDPWHQHLQSDDU3HQQHURGHU5DXVFKJLIW GHDOHUHLQIDQJHQPHKUDEHUQLFKW %HLGH0lQQHUKRUFKWHQDXIDOVSO|W]OLFK6FKVVHILHOHQ'DQQ HUW|QWHGDVVFKULOOH*HUlXVFKHLQHU7ULOOHUSIHLIHXQGLPQlFKVWHQ 0RPHQWHLQHPHJDSKRQYHUVWlUNWH6WLPPH ª.RPPHQ6LHUDXV0DQQ:LUKDEHQGDV*HElXGHXPVWHOOW:LU JHEHQ,KQHQ]HKQ6HNXQGHQ© ª'DVZDUJDQ]LQGHU1lKH©VDJWH6LU-DPHV 6XNROLHIEHUHLWVLQGLH5LFKWXQJ:HLWHUH6FKVVHILHOHQQLFKW GDIUYHUQDKPGHU&KLQHVH6WLPPHQ(UVDKGLHWDQ]HQGHQ/LFKW VWUDKOHQPHKUHUHU7DVFKHQODPSHQXQGLPQlFKVWHQ$XJHQEOLFN HQWGHFNWHHUGLHEHLGHQ3ROL]LVWHQ 6LHIKUWHQHLQHQ*HIDQJHQHQ]ZLVFKHQVLFK+HOOEOLQNWHQGLH VWlKOHUQHQ$UPElQGHU 9RU6LU-DPHV3RZHOOXQG6XNREOLHEHQVLHVWHKHQ'HU 6XSHULQWHQGHQWVRJGHQ$WHPVFKDUIGXUFKGLH1DVHHLQGHQQGHU .QDEHYHUEUHLWHWHHLQHQ*HUXFKGHQPDQPLWUXKLJHP*HZLVVHQ DOV*HVWDQNEH]HLFKQHQNRQQWH'HU.HUOVDKDXFKGHPHQW VSUHFKHQGDXV(UWUXJHLQHQODQJHQPHKUPDOVJHIOLFNWHQ0DQWHO DXIGHP.RSIVDHLQHLQJHEHXOWHU7LUROHUKXWXQGLQGHPUXQGHQ *HVLFKWEOLW]WHQ]ZHLOLVWLJHbXJOHLQ ª'DVLVW&KDUO\HLQNOHLQHU6lXIHU©HUNOlUWHHLQHUGHU%HDPWHQ

6XNRQLFNWHHUEHUOLH6LU-DPHVGDV)UDJHQ ª+DEHQ6LHHWZDVJHVHKHQ"© &KDUO\EHZHJWHGHQ.RSIQDFKYRUQ ª8QGZDV"© 'HU3HQQHUKREGLHJHIHVVHOWHQ+lQGH(UGHXWHWHDXIVHLQH .HKOHª,FKNDQQQLFKWVSUHFKHQ'LHLVWVRWURFNHQ© $P=XFNHQGHU*HVLFKWVPXVNHOQZDU]XHUNHQQHQGDVLFK6LU -DPHVlUJHUWHª:LUKDEHQQLFKWV]XWULQNHQ© ª,FKN|QQWHPLUMDZDVNDXIHQ© (VZDUNODUGHU0DQQZROOWH*HOG'DVHUKLHOWHUDXFK6XNR ZXQGHUWHVLFKGD6LU-DPHVHLQHQ6FKHLQDXVGHU7DVFKHKROWH XQGLKQGHP3HQQHULQGLHVFKPXW]LJH+DQGOHJWH ª8QGMHW]WUHGHQ6LH0DQQ© 'HU3HQQHUVFKORGLH)LQJHUXQGJULQVWHYHUVFKPLW]Wª'HQ /DVWZDJHQKDEHLFKJHVHKHQXQGDXFKGLH6FKVVHJHK|UW,FK KDEHPLFKGDQQVRIRUWYHUNURFKHQ:DUEHVVHUIUPLFKGHQQ EOHLKDOWLJH/XIWPDJLFKQLFKW6LU© ª:HLWHUZHLWHU©GUlQJWHGHU6XSHULQWHQGHQW ª1LFKWVPHKU© ª8QGGDIUKDEHQ6LH*HOGJHQRPPHQ"©]LVFKWH6LU-DPHVª6LH N|QQHQPLUGRFKQLFKWHU]lKOHQGD6LHQLFKWVPHKUJHVHKHQ KDEHQ7\SHQZLH6LHVLQGYRQ1DWXUDXVQHXJLHULJ© &KDUO\JULQVWH(U|IIQHWHGHQ0XQGXQGHLQH$ONRKROIDKQH ZHKWH6XNRXQG6LU-DPHVHQWJHJHQª'DWlXVFKHQ6LHVLFK6LU 8QVHUHLQVJHUlWQLFKWVRJHUQ]ZLVFKHQGLH0KOVWHLQHZLVVHQ 6LH$EHULFKZLOOHKUOLFKVHLQHWZDVKDEHLFKVFKRQQRFKJH VHKHQ© ª5HGHQ6LHVFKRQ© ª(VZDUVR,FKELQYHUVFKZXQGHQXQGKDEHGLH7U]XGHUDOWHQ +DOOHHLQNOHLQHV6WFNDXIJHODVVHQ$OVGLH6FKVVHGDQQYHU VWXPPWHQWUDXWHLFKPLFKZLHGHUKHUYRU$EHUGHU:DJHQVWDQG GDQRFKDOVREOLHELFKLQPHLQHP9HUVWHFN'DQQK|UWHLFKGHQ 0RWRU8QGMHW]WHUVWWUDXWHLFKPLFKZLHGHUKHUYRU,FKVDKVLH DEIDKUHQ© ª:RKLQ0DQQ"© ª.DQQPLUQLFKWHLQHUGLHNRPLVFKHQ$UPElQGHUGDDEQHK PHQ"©IUDJWH&KDUO\ 6LU-DPHVQLFNWH

'LHVWlKOHUQHQ5HLIHQILHOHQª$OVRGHU/DVWZDJHQLVWGDKLQ JHIDKUHQZRGLHJURHQ6LORVVWHKHQ© ª:HOFKH"'LHPLWGHP(UG|O"© ª,FKZHLQLFKWZDVGDULQLVW© ª:LUZHUGHQGDVDXIMHGHQ)DOOQDFKSUIHQ©VDJWH6LU-DPHV ª8QGGDVZDUDOOHV"© ª%HLGHU(KUHPHLQHU0XWWHU©&KDUO\OHJWHWUHXKHU]LJVHLQH +DQGDXIGLH%UXVW ª-DMDVFKRQJXW6FKDIIHQ6LHGHQ0DQQZHJ©VDJWH6LU-DPHV 3RZHOOª6LHN|QQHQLKQODXIHQODVVHQ© ª'DQNH6LUGDQNH©GLHQHUWHGHU6lXIHU 'HU6XSHULQWHQGHQWKDWWHLKQVFKRQYHUJHVVHQXQGZDQGWHVLFK DQGHQ(LQVDW]OHLWHU ª+DEHQ,KUH/HXWHVFKRQDQGHQ6LORVJHVXFKW"© ª1HLQ6LULFK©(UEHJDQQ]XVWRWWHUQ ª'DQQKLQ© ª-DZRKO6LU©'HU0DQQYHUVFKZDQG 6LU-DPHV3RZHOOVWLHGHQ&KLQHVHQDQª.RPPHQ6LHPLW:LU IDKUHQKLQ© 'HU&KDXIIHXUULHLOIHUWLJGLH7UHQDXIDOVGLHEHLGHQ0lQQHU DXIGHQ:DJHQ]XVFKULWWHQ ª)DKUHQ6LH]XGHQ6LORV©ZLHV6LU-DPHVGHQ0DQQDQ/DXWORV VHW]WHVLFKGHUVFKZHUH:DJHQLQ%HZHJXQJ6LU-DPHVVDKVWXU JHUDGHDXVZlKUHQG6XNRDXVGHP)HQVWHUEOLFNWH 'LHJURHQ6LORVODJHQGRUWZRGLH7KHPVHYRUEHLIOR'LH %ODFNIULDUV%ULGJHZDUQLFKWPHKUZHLWHQWIHUQW6XNRXQG6LU -DPHVPHUNWHQNDXPZLHVFKOHFKWGLH:HJVWUHFNHZDU'HUJXW DXVJHVWDWWHWH5ROOVILQJDOOH8QHEHQKHLWHQGHV%RGHQVDE(U VFKLHQZLHDXI.LVVHQGDKLQ]XJOHLWHQ 'DV*HOlQGHlQGHUWHVLFK+RKH0DVFKHQGUDKW]lXQHVSHUUWHQ GHQXQPLWWHOEDUHQ%HUHLFKGHUJURHQ9RUUDWVVLORVDE'LH/DJHU ZXUGHQYRPNDOWHQ/LFKWGHU+DORJHQODPSHQDQJHVWUDKOW9RQ PDQFKHQOLHIHQGLFNH/HLWXQJHQELVDQV:DVVHUZRGLH6FKLIIH DQOHJWHQXQGLKUH/DGXQJHQO|VFKWHQ(VZDUHQDEHUDXFK )OLHElQGHU.KOWUPHXQG5RKUV\VWHPH]XVHKHQ 'HU/DJHUKDIHQZDULQ$XIUXKU hEHUDOO]XFNWHQGLH5RWOLFKWHUGHU3ROL]HLZDJHQ'D]ZLVFKHQ KHXOWHQXQGMDPPHUWHQ6LUHQHQHVZDUHQQRFKPHKU:DJHQXQG

0HQVFKHQDQJHIRUGHUWZRUGHQ ª+DOWHQ6LHDQ*RUGRQ©ULHI6LU-DPHVVHLQHP)DKUHU]X 'HUVWRSSWHVHLGHQZHLFK 'HU6XSHULQWHQGHQWXQG6XNRYHUOLHHQGDVGXQNOH)DKU]HXJ 6LHEHIDQGHQVLFKMHW]WLQXQPLWWHOEDUHU1lKHGHUKLPPHOKRKHQ 9RUUDWVVLORV'LH)DKQGXQJKDWWHVLFKDXIGLHVHV*HELHWNRQ]HQ WULHUWREZRKONDXPQRFKMHPDQGDQHLQHQ(UIROJJODXEWH 'HU:DJHQGHV(LQVDW]OHLWHUVVWDQGEHUHLW'LH$QWHQQHIXQNHOWH LP/LFKW'HU0DQQVHOEVWVSUDFKEHU7HOHIRQPLWLUJHQGHLQHU 'LHQVWVWHOOH $OV6LU-DPHVEHLLKPZDUOHJWHHUDXIª0HLQH/HXWHZHUGHQGLH XQPLWWHOEDUH8PJHEXQJGHU6LORVGXUFKVXFKHQ©HUNOlUWHHUª'LH 7RUHGHU$EVSHUUJLWWHUVLQGEHUHLWVJH|IIQHW© 'HU6XSHULQWHQGHQWQLFNWHNQDSS:LHDXFK6XNRGUHKWHHUVLFK XPXQGVFKDXWH]XGHQYLHUKRKHQ7UPHQKLQGLHYRULKQHQDXV GHP%RGHQZXFKVHQ 'HUPLWWOHUHZDUDPK|FKVWHQ =XEHLGHQ6HLWHQIKUWHQ]ZHL/HLWHUQ]XLKPKRFK6XNRXQG6LU -DPHVVDKHQDXFKGLHEHLGHQIODFKHQ*HElXGHDP%RGHQGHV JHZDOWLJHQ6LORV'RUWEHIDQGHQVLFKGLH(QHUJLH]HQWUDOHQ 6LHZXUGHQHEHQIDOOVYRQGHQ+DORJHQODPSHQDQJHVWUDKOW'LH 0DXHUQJOlQ]WHQLPEODXZHLHQ/LFKW'LH0lQQHUGHV(LQVDW] NRPPDQGRVZLUNWHQJHJHQGHQJUDXHQ5LHVHQZLH$PHLVHQ9RQ HLQHP/DVWZDJHQMHGRFKZDUQLFKWV]XVHKHQ ª6ROOLFKPLFKDQGHU6XFKHEHWHLOLJHQ6LU"©IUDJWH6XNR 'HU6XSHULQWHQGHQWZLQNWHDEª/DVVHQ6LHPDO'DEHLNRPPW QLFKWYLHOKHUDXV© 'HU&KLQHVHKREGLH6FKXOWHUQ0LWVHLQHQVFKDUIHQ$XJHQ GXUFKIRUVWHWHHUGLH8PJHEXQJ1LFKWV9HUGlFKWLJHV]XVHKHQ 8QGGDQQZDUHV6LU-DPHV3RZHOOGHUGLH(QWGHFNXQJPDFKWH ª'D6XNRVHKHQ6LH© 'HU&KLQHVHKREGHQ.RSI $XIGHP'DFKGHVJU|WHQ6LORVVWDQGHLQH*HVWDOW(LQ 8QJHKHXHUJUDXVDPDQ]XVHKHQWURW]GHU(QWIHUQXQJ 9DPSLURGHOPDU 8QGHUKLHOWHWZDVLQGHU+DQG ª+LPPHOGDVLVWGHU%HKlOWHUPLWGHP%OXW©IOVWHUWH6XNR $XFKHUZDUYRQGHP$QEOLFNJHEDQQW

'LH6FKHLQZHUIHUOHXFKWHWHQGDV0RQVWHUDQULVVHQHVNRQWXUHQ VFKDUIDXVGHU'XQNHOKHLW8QGODQJVDPKRE9DPSLURGHOPDU VHLQHQUHFKWHQ$UP,QGHU+DQGKLHOWHUGHQVFKZHUHQ%HKlOWHU PLW%OXW)ULKQKDWWHHUQLFKWPHKU*HZLFKWDOVIUHLQHQQRUPD OHQ0HQVFKHQHLQH7DVVH :LOGODFKWHHUDXI 'DQQWUDQNHU (UNLSSWHVLFKGDV%OXWLQVHLQHQ5DFKHQ ª:DVVROOHQZLUPDFKHQ6LU"©IUDJWHGHU(LQVDW]OHLWHU ª)HXHUQ©EHIDKO3RZHOO ª,FKZHLQLFKWREGLH$XHQKDXWGHQ.XJHOQZLGHUVWHKW(V ZlUHP|JOLFK© ª9HUGDPPW©IOXFKWHGHU6XSHULQWHQGHQW6RHWZDVKDWWH6XNR QRFKQLHEHLLKPJHK|UW6LU-DPHVEHIDQGVLFKLQHLQHU =ZLFNPKOH:HQQHUGDV6FKLHHQEHIDKONRQQWHHVGXUFKDXV VHLQGDGLH$XHQKDXWGHV6LORVYHUOHW]WZXUGH8QGDXVJHUHFK QHWLQGHPJURHQ7DQNODJHUWH(UG|O*DEHUGHQ%HIHKOQLFKW HUVWDUNWHGHU9DPSLUXQGNRQQWHIOLHKHQ :DVWXQ" 6XNRVDJWHª0LWQRUPDOHQ.XJHOQN|QQHQZLULKPQLFKWVDQ KDEHQ8QGPHLQH6LOEHUJHVFKRVVHUHLFKHQQLFKWELVGRUWKLQ© 'DVVWLPPWH 9DPSLURGHOPDUKDWWHGDV*HIlLQ]ZLVFKHQJHOHHUW'DQQ ODFKWHHUDXI(VZDUHLQZLOGHVGRQQHUQGHVXQNRQWUROOLHUWHV /DFKHQGDVVRJDUDXVGLHVHU+|KHGLH2KUHQGHU0lQQHUHUUHLFK WH'LHVHV0RQVWHUPXWHVHLQHQ7ULXPSKHLQIDFKKLQDXVVFKUHLHQ GHQQHVKDWWHJHVLHJW 9DPSLURGHOPDUKREGLHUHFKWH+DQGXQGVFKOHXGHUWHGLH )ODVFKHYRQVLFK ,Q]ZLVFKHQZDUHQDXFKGLH0lQQHUGHV(LQVDW]NRPPDQGRV DXIPHUNVDPJHZRUGHQ6LHEHPHUNWHQGLH*HIDKUXQGVSULW]WHQ DXVHLQDQGHUDOVLKQHQGLH)ODVFKHHQWJHJHQJHZRUIHQZXUGH 6LHHUUHLFKWHGHQ%RGHQXQG]HUEDUVWPLWHLQHPODXWHQ.QDOO'LH 6FKHUEHQIORJHQDOVJOlVHUQHU5HJHQQDFKDOOHQ6HLWHQZHJDEHU GDPLWKDWWHGDV0RQVWHUQLFKWVDP+XW (VVWDQGQDFKZLHYRUDXIGHP'DFKGHV6LORVXQGVFKULHVHLQHQ 7ULXPSKKLQDXV,PPHUZLHGHUVFKQHOOWHGHUUHFKWH$UPYRU ZREHLGLH+DQG]XU)DXVWJHEDOOWZDU

'DQQEUOOWHHV:RUWH ª9DPSLURGHOPDU©K|UWHQGLH0lQQHUXQGLPPHUZLHGHU ª9DPSLURGHOPDU© ª(UIHXHUWVLFKVHOEVWDQ©6XNRVDJWHGLHVXQGJULQVWHYHU]HUUW (LQH6HNXQGHVSlWHUZXUGHQVHLQH$XJHQJUR9DPSLURGHOPDU GDV0RQVWHUYHUZDQGHOWHVLFK $XVGLHVHPVFKDXULJHQXQWRWHQ*HELOGHZXUGHHLQHULHVLJH )OHGHUPDXV=XHUVWZXFKVHQLKP)OJHO6LHHQWVWDQGHQDXV VHLQHQ$UPHQ'LH%HLQHVWUHFNWHQVLFKQRFKPHKUVHLQJDQ]HU .|USHUQDKPHLQHIODFKHUHIOXJJHUHFKWHUH)RUPDQ 'HU9DPSLUEUHLWHWHGLH6FKZLQJHQDXV 'DQQVWLHHUVLFKDE $WHPORVEHREDFKWHWHQGLH0lQQHUGHQ)OXJGLHVHVJHZDOWLJHQ 0RQVWHUV:LH]XP+RKQNUHLVWH9DPSLURGHOPDUEHUGHU *UXSSHXQGVFKLFNWHLKUVHLQ*HOlFKWHUHQWJHJHQ(UZDUGHU JURH6LHJHULQGLHVHU$XVHLQDQGHUVHW]XQJJHEOLHEHQ (UKDWWHGDV%OXWJHWUXQNHQ 6LU-DPHV3RZHOOEDOOWHYRU:XWGLH+lQGH'DNHLQHXQPLWWHO EDUH*HIDKUPHKUIUGLH6LORVEHVWDQGJDEHU)HXHUEHIHKO 'LH0lQQHUNQLHWHQVLFKKLQULVVHQLKUH:DIIHQKRFK(LQHQ $WHP]XJVSlWHUMDJWHQ.XJHOJDUEHQGHPULHVLJHQ9DPSLUHQW JHJHQGHUMHGRFKQLFKWGDUDQGDFKWH]XIOLHKHQ 0LWHOHJDQWHQ%HZHJXQJHQGHU6FKZLQJHQYHUVFKZDQGHUDXV GHP%HUHLFKGHU*HVFKRVVH ª0HKUVWUHXHQ©EUOOWHGHU(LQVDW]OHLWHU 'LH0lQQHUVFKRVVHQLKUH:DIIHQKHL8QGMHW]WZXUGHGDV 0RQVWHUDXFKJHWURIIHQ%OHLKLHELQGHQ.|USHUXQGLQGLH)OJHO GRFKGDVWDWGHP9DPSLUQLFKWV 'LH.XJHOQEHVWDQGHQQLFKWDXV6LOEHU $OVHUVDKGDGLH0lQQHULPPHUZHLWHUVFKRVVHQVWLHJHUQRFK K|KHUXQGYHUVFKPRO]PLWGHP'XQNHOGHV+LPPHOV 1XUHLQOHW]WHU6FKUHLJHOOWHGHQ0lQQHUQDP%RGHQQRFKHQW JHJHQª,FKNRPPHZLHGHU© ª'DVEHIUFKWHLFKDXFK©PXUPHOWH6XNRWRQORV

,FKKLHOWGHQ$WHPDQ .DUDKDWWHUHFKWJHKDEW'DV6HXI]HQH[LVWLHUWH(VZDUDEHUQLFKW QXUGDV*HUlXVFKGD]ZLVFKHQYHUQDKPLFKDQGHUH8QWHUW|QH(LQ VFKZHUHV6W|KQHQNHXFKHQGHV$WPHQXQGbFK]HQ 'DV+DXVOHEWH 0HLQH*WHZDVKDWWHQGLH0HQVFKHQQLFKWDOOHVGXUFKJHPDFKW ZHQQVLHVLFKPLWGLHVHP0RQVWHUDXI7XFKIKOXQJEHIDQGHQ'DV $WPHQGDV6HXI]HQGDVbFK]HQJUDXHQKDIW ,FKVDK.DUDDQ ª*ODXEVWGXPLUQXQ"©IUDJWHVLH ª-D$EHUZRVROOHQZLUHVILQGHQ"© .DUDGHXWHWHLQGLH5XQGHª(VLVWEHUDOO,QGLHVHPJHVDPWHQ %HUHLFK8QGLQGHU1DFKWK|UWPDQHVEHVRQGHUVGHXWOLFK© ,FKYHUVWDQGGDVQLFKW1RUPDOHUZHLVHKlWWHQGLH0LHWHUGHV +DXVHVGRFKOlQJVW]XU3ROL]HLJHKHQPVVHQZHQQVLHGHV 1DFKWVYRQVROFKHQ*HUlXVFKHQJHVW|UWZXUGHQ$EHUYLHOOHLFKW ZDUGDVJDUQLFKWGHU)DOO8QWHU8PVWlQGHQZDUHQGLHVHPDNDE UHQ/DXWHQXUKLHULQGHP6XSHUPDUNW]XK|UHQ ,FKVSUDFKGLHVH9HUPXWXQJDXV .DUDJDEPLUUHFKWª-DGDVNDQQVHLQ'DVDOWH+DXVZDUIUKHU VLFKHUOLFKQLFKWK|KHUDOVGLHVHU6XSHUPDUNW8QGZDKUVFKHLQOLFK KDWGHU*HLVWGHV'UXLGHQGDVQHXH+DXVQLFKWDQJHQRPPHQ(U ZLUGVLFKQXUKLHUZRKOIKOHQ© ª0|JOLFK©,FKJLQJHLQSDDU6FKULWWHZHLWHU 0HLQH+DDUHVWUHLIWHQHLQHQYRQGHU'HFNHKHUDEKlQJHQGHQ NQVWOLFKHQ:HLKQDFKWVEDXPhEHUDOOZDUHQGLH7DQQHQElXPH YHUWHLOW ,FKVFKULWWTXHUGXUFKGHQ9HUNDXIVUDXP 'DEHLYHUVXFKWHLFKGHQ2UWDXV]XORWHQDQGHPGDV6HXI]HQ HUW|QWH:DUHVYLHOOHLFKWDQGHUHLQHQ6HLWHODXWHURGHUOHLVHU]X YHUQHKPHQ" 1LFKWV(VEOLHEJOHLFKPlLJ:DKUVFKHLQOLFKKDWWH.DUDPLW LKUHU9HUPXWXQJLQV6FKZDU]HJHWURIIHQ'DVJDQ]H6WRFNZHUN VHOEVWZDUGDV0RQVWHU ,FKJLQJZLHGHU]XGHQDQGHUHQ 0\[LQVWDQGQRFKLPPHUNRQ]HQWULHUWGDXQGODXVFKWHZlKUHQG VLFK+DURGHUElUWLJH$WODQWHULQNDPSIEHUHLWHU+DOWXQJDXIJH VWHOOWKDWWH8QGDXFK.DUDODXVFKWH

ª:RZLOOVWGXGLH%HVFKZ|UXQJGXUFKIKUHQ"©IUDJWHLFKVLH ª+LHU© ª,QGLHVHP5DXP"© ª:DUXPQLFKW"© ª:lUHGHU.HOOHUQLFKWEHVVHUJHHLJQHW"© ª$EHUHVLVWEHUDOO© ª'DVVWLPPW1XUKDEHLFKGLH%HIUFKWXQJGDXQVGHU 1DFKWZlFKWHUKLHUOHLFKWHUZLVFKHQNDQQ6RYLHOLFKZHLKDW MHGHU6XSHUPDUNWHLQHQ$XISDVVHU© .DUDNRQQWHPLU]ZDUQLFKWVRUHFKWIROJHQVWLPPWHDEHU]X,FK IDQGPLFKLQGLHVHU=HLWEHVVHU]XUHFKWDOVVLH ª*HKHQZLULQGHQ.HOOHU© $XFK+DURKDWWHQLFKWVGDJHJHQ'LH)UDJHZDUQXUZLHZLU GRUWKLQJHODQJWHQ ,FKVDKPLFKXP(VJDE]ZHL5ROOWUHSSHQGLHMHW]WQDWUOLFK VWLOOVWDQGHQ:LUQDKPHQGLHDPQlFKVWHQJHOHJHQH ,FKJLQJDQGHU6SLW]H'LH%HUHWWDQDKPLFKQLFKWLQGLH+DQG VRQGHUQORFNHUWHVLHQXUHLQZHQLJGDPLWLFKVRUDVFKZLHP|JOLFK ]LHKHQNRQQWH .DUDJLQJKLQWHUPLU(VIROJWH+DURXQG0\[LQELOGHWHGHQ 6FKOX'LH6WXIHQJOlQ]WHQVLOEULJ6FKRQDP*HUXFKHUNDQQWHLFK GDZLUXQVGHU/HEHQVPLWWHODEWHLOXQJQlKHUWHQ:HLKQDFKWOLFKH 'IWHGUDQJHQDQXQVHUH1DVHQ :LUHUUHLFKWHQGDV(UGJHVFKR $XFKKLHUZDUHQGLHODQJHQ9HUNDXIVWKHNHQEHUYROO'LH:DUHQ VWDSHOWHQVLFKXQGLFKIUDJWHPLFKZHUGDV=HXJQXUDOOHVNDXIHQ VROOWH6RJDUGLH.RVPHWLNDEWHLOXQJZDUPLWHLQHP:HLKQDFKWV PDQQJHVFKPFNWGHUGLH)OlVFKFKHQPLWGHQ'XIWZlVVHUFKHQ KRFKKLHOW,FKVDKDXFK3URGXNWHYRQ)DULDF&RVPHWLFV $XFKKLHUK|UWHQZLUGDVVFKUHFNOLFKH6W|KQHQXQG6HXI]HQ 8QGHEHQVRVWDUNZLHREHQ 9RQHLQHP1DFKWZlFKWHUVDKLFKQLFKWV8QGLFKEHPHUNWHDXFK QLFKWVYRQGHUGURKHQGHQ*HIDKUGLHEHUHLWVDXIXQVODXHUWHGHQQ $VPRGLQDKDWWHQLFKWVYHUJHVVHQ

'DLKP5DGIDKUHQLP:LQWHU]XDQVWUHQJHQGZDUKDWWHHUVLFKGHQ NOHLQVWHQ0RUULV]XJHOHJWGHUKHUJHVWHOOWZXUGH8QGGDPLWZDU :DOWHU.HUPLWW]XIULHGHQ (UZDUVHLW]ZDQ]LJ-DKUHQJHVFKLHGHQXQGKDWWHGDQDFKQLH ZLHGHUGHQ+DIHQGHU(KHDQJHODXIHQ8PKHLUDWVZLOOLJH)UDXHQ PDFKWHHUOLHEHUHLQHQ%RJHQGLHQDKPHQHLQHP0DQQQXUGDV JDQ]H*HOGDE (UDUEHLWHWHJHUQQDFKWV'DNRQQWHHUOHVHQ.UHX]ZRUWUlWVHO O|VHQXQGDXFKPDOHLQ1LFNHUFKHQPDFKHQ.HLQ&KHIVFKDXWH QDFKLKPXQGDQGLH.RQWUROOXKUKDWWHHUVLFKLP/DXIHGHU=HLW VRJHZ|KQWGDHUVLHDOVDOWHQ.XPSHOEH]HLFKQHWH :HQQDQGHUHEHULKUH$UEHLWVFKLPSIWHQNRQQWHPDQ:DOWHU .HUPLWWDOVHLQHQ]XIULHGHQHQ0HQVFKHQEH]HLFKQHQ $OVHUDQGLHVHPVSlWHQ$EHQGVHLQHQ'LHQVWDQWUDWEUDQQWH KLQWHUNHLQHPGHU6XSHUPDUNWIHQVWHUPHKU/LFKW'DVZXQGHUWH LKQGHQQYRUGHP)HVWDUEHLWHWHGHU)LOLDOOHLWHURIWOlQJHU+HXWH ZDUHUVFKRQIUKHUKHLPJHJDQJHQ .HUPLWWEHGDXHUWHGDVHLQZHQLJGHQQPLWGLHVHP0DQQKDWWH HULPPHUJHUQHLQ6FKZlW]FKHQJHKDOWHQ 'HQ:DJHQVWHOOWH.HUPLWWLQHLQHU(LQIDKUWDE'DVWDQGHUYRU 5HJHQXQG6FKQHHJHVFKW]W:DOWHUVWULFKQRFKHLQPDOEHUGHQ URWHQ/DFNQLFNWHOlFKHOQGXQGVFKULWWDXIGLHNOHLQH7UGHV 6HLWHQHLQJDQJV]XGXUFKGLHHUGHQ6XSHUPDUNWEHWUHWHQZROOWH .HUPLWWKROWHGHQIODFKHQ6FKOVVHOKHUYRU(UVFKORDXIXQG EHWUDWGDV*HVFKlIW 6RIRUWEHJDQQHUPLWGHUHUVWHQ5XQGH'DVKDWWHHUVLFKLP /DXIHGHU-DKUHVRDQJHZ|KQW /HHUVWLOOXQGYHUODVVHQODJHQGLHEHLGHQ9HUNDXIVUlXPH'DV /DJHUHEHQIDOOVXQGDXFKDOV:DOWHU.HUPLWWGLH7UHQNRQWURO OLHUWHNRQQWHHUQLFKWVIHVWVWHOOHQ $OOHVZDULQ2UGQXQJ %HUXKLJWVWRSIWH:DOWHUVHLQH+lQGHLQGLH+RVHQWDVFKHQXQG PDUVFKLHUWHSIHLIHQG]XVHLQHU%XGH 'DVNOHLQH%URQDQQWHHULPPHU%XGH7DJVEHUVDHQGRUW ]ZHL6FKUHLEHULQQHQGLHDXILKUHQ,%0VKDFNWHQ8PGLHVH=HLW ZDUGHU/DGHQVWLOO :DOWHU.HUPLWWEFNWHVLFKXQGKROWHDXVGHU$NWHQWDVFKHHLQH )ODVFKH%LHU]ZHL6DQGZLFKHVHLQH7DIHO6FKRNRODGHGUHL

=HLWXQJHQXQGHLQ+HUUHQPDJD]LQGDVVFKRQUHLFKOLFK]HUIOHGGHUW XQG]HUOHVHQDXVVDK.HUPLWWIUHXWHVLFKDXIGLHVH/HNWUH(LQ 1DFKEDUKDWWHHVLKPEHUODVVHQ 'LH=HLWXQJHQEHVFKlIWLJWHQVLFKPLWGHP)XEDOOGDVJURH +REE\GHV1DFKWZlFKWHUV(UZDUHLQ$QKlQJHUYRQ/HHGV 8QLWHGXQGZHQQHVHEHQJLQJOLHHUNHLQ+HLPVSLHODXV .HUPLWW|IIQHWHGLH%LHUIODVFKHELLQHLQHQ6DQGZLFKXQGIDOWH WHGLH=HLWXQJDXVHLQDQGHU (UKLHOWVLHKRFKYRUVHLQ*HVLFKWGHVKDOENRQQWHHUDXFKQLFKW EHULKUHQ5DQG]XU7UVHKHQ(UEHPHUNWHZRKOGHQNKOHQ /XIW]XJGHULQGHQ5DXPZHKWHNPPHUWHVLFKMHGRFKQLFKW GDUXP(EHQVRZHQLJVW|UWHLKQGDVVFKZHUH6HXI]HQXQG$WPHQ GDVHUDP$QIDQJYHUQRPPHQKDWWH (UQDKPHVHLQIDFKQLFKWPHKU]XU.HQQWQLVXQGJODXEWHLQ]ZL VFKHQGDUDQGDHVVLFKEHLLKPXPHLQH(LQELOGXQJKDQGHOWH (UEOlWWHUWHGLH=HLWXQJGXUFK 8QGGDZDUHQSO|W]OLFKGLH)LQJHUGLHGHQREHUHQ5DQG XPNODPPHUWKLHOWHQXQG.HUPLWWGLH=HLWXQJPLWHLQHP5XFNDXV GHQ+lQGHQULVVHQ :DOWHU.HUPLWWZDU]XEHUUDVFKWXPVRIRUW]XUHDJLHUHQ(U PHUNWHQXUZLHVHLQ+HU]DQILQJ]XSXPSHQ'DQQVWDUUWHHUDXV ZHLWDXIJHULVVHQHQ$XJHQDXIGLHYRULKPVWHKHQGH3HUVRQ (VZDUHLQH)UDX $EHUZDVIUHLQH :DOWHU.HUPLWWVFKOXFNWHXQGDWPHWHU|FKHOQG6ROFKHLQH 3HUVRQKDWWHHUQRFKQLHJHVHKHQ 6LHWUXJQXUHLQHNQDSSHVFKZDU]H/HGHUNOHLGXQJGLHLQGHU .|USHUPLWWHXQWHUEURFKHQZDU,KUIHXHUURWHV+DDUILHOELVDXIGLH 6FKXOWHUQDEHUGLHVHOWVDPHQ'LQJHUDXIGHP5FNHQGLH.HUPLWW QXUVFKZDFKVDKHULQQHUWHQLKQDQ)OJHO :DVLKQVWXW]LJPDFKWHZDUGHU%RJHQGHQGLH)UDXLQGHU +DQGKLHOW4XHUEHULKUH%UXVWOLHIGHU5LHPHQPLWGHPHLQ .|FKHUYROOHU3IHLOHJHKDOWHQZXUGH 'LH6FKlIWHUDJWHQKLQWHUGHQ6FKXOWHUQKHUYRU8QG:DOWHU .HUPLWWVDKQRFKHLQH]ZHLWH)UDXDQGHU7UVWHKHQGLHGHU HUVWHQ3HUVRQDXIV+DDUJOLFK 'HU1DFKWZlFKWHUZDUY|OOLJSHUSOH[(UUL]ZDUGHQ0XQG DXIEUDFKWHMHGRFKNHLQ:RUWEHUGLH/LSSHQ'HU$QEOLFNGLHVHU

)UDXHQUDXEWHLKPEXFKVWlEOLFKGHQ$WHP (LQ:HUEHJDJGDFKWHHU-DGDVPXWHHLQIDFKHLQ:HUEHJDJ VHLQ1XUZXQGHUWHHUVLFKGDUEHUGHQQQRUPDOHUZHLVHOLHIXP GLHVH=HLWGHU:HLKQDFKWVPDQQGXUFKGLH.DXIKlXVHUXQGNHLQH DXIUHL]HQGJHZDFKVHQHQ)UDXHQPLW3IHLOXQG%RJHQ ª:LHZLHNRPPHQ6LHHLJHQWOLFKKLHUUHLQ"©IUDJWHHUXQG VFKOXFNWH .HLQH$QWZRUW ª+H6LH© 'HU7RGHVHQJHOYRULKPJOLWWPLWHLQHPUDVFKHQ6FKULWW]XUFN XQGKROWHLQGHU%HZHJXQJHLQHQ3IHLODXVGHP.|FKHU6RIRUW OHJWHHULKQDXIGLH6HKQHXQGVSDQQWHVLH :DOWHU.HUPLWWV$XJHQZXUGHQJURDOVHUVDKGDGLH 3IHLOVSLW]HJHQDXDXIVHLQH%UXVW]LHOWH 'DVZDUNHLQ6SDPHKURGHUZHQQGDQQJLQJGDV6SLHOFKHQ GRFK]XZHLW 1HLQHVZDUNHLQ6SD 'RFK:DOWHU.HUPLWWIDQGNHLQH=HLWPHKUGDUEHUQDFK]X GHQNHQ 'HU7RGHVHQJHOKDWWHGHQ%RJHQJHVSDQQWXQGLKQVRIRUWZLHGHU ORVJHODVVHQ .HUPLWWK|UWHQRFKHLQKRKHV6LQJHQVSUWHHLQHQKDUWHQ6FKODJ DQGHU%UXVWXQGGDQQQLFKWVPHKU :DOWHU.HUPLWWVWDUERKQH]XZLVVHQZDUXP (VZDUQLFKWY|OOLJUXKLJLQGLHVHU6XSHUPDUNW(WDJH ,UJHQGZRNQDFNWHXQGNQLVWHUWHHVLPPHU'D]XVXPPWHGLH .OLPDDQODJHHLQOHLFKWHU:LQG]XJEHZHJWHGLHDQPDQFKHQ &KULVWElXPHQKlQJHQGHQ.XJHOQ 'DV6HXI]HQZDUYHUVWXPPW 8QGGDVOLHPLFKPLWUDXLVFKZHUGHQ:DUXP"9LHOOHLFKWZHLO ZLULQGDV+DXVHLQJHGUXQJHQZDUHQ" ª:DVKlOWVWGXGDYRQ"©IUDJWHLFK0\[LQ (UKREGLH6FKXOWHUQª*HQDXHVZHLLFKDXFKQLFKW$EHULFK N|QQWHPLUYRUVWHOOHQGDVLFKGHU'UXLGHQJHLVWJHVW|UWIKOW© ª'DQQZHLLFK%HVFKHLG©VDJWHLFKPHKU]XPLUVHOEVWª%LQ JHVSDQQWZLHHUUHDJLHUW©

ª0DQPWHGLH*HVFKLFKWHGHV+DXVHVNHQQHQ©PHLQWHGHU NOHLQH0DJLHUªDEHUGDZHUGHQZLUZRKOQLFKWVKHUDXVILQGHQ© ,FKJDE0\[LQUHFKWXQGEOLFNWHEHUGLH9HUNDXIVWKHNHQKLQ ZHJ'LHEHLGHQ$WODQWHUVWDQGHQQHEHQHLQDQGHU6LHKLHOWHQVLFK GDEHLLPDQGHUHQ7HLOGHV9HUNDXIVUDXPHVDXI'LH*HOHJHQKHLW ZDUJQVWLJXPPLW0\[LQHLQSDDU:RUWHEHUGLHEHLGHQ]X VSUHFKHQ ª:LHVWHKVWGX]XLKQHQ"© 'HUNOHLQH0DJLHUVDKPLFKDQª,FKZHLHVQRFKQLFKW'LHVHU +DURVFKHLQWPLUHLQZHQLJIHLQGOLFKJHVRQQHQ]XVHLQ(UJODXEWH QLFKWGDLFKDXIVHLQHU6HLWHVWDQG© ª9HUVWlQGOLFKGDHUGLUQLFKWWUDXW© ª6WLPPW© ª8QG.DUD"©IUDJWHLFK 0\[LQKLHOWGHQ.RSIVFKLHI'DEHLNQLIIGHUNOHLQH0DJLHUHLQ $XJH]Xª'LHN|QQWHPLUVFKRQJHIDOOHQ©PHLQWHHUOlVVLJ ,FKJULQVWH'HUDOWH*HQLHHU(LQHQJXWHQ*HVFKPDFNKDWWHHU MDGHQQ.DUDZDUZLUNOLFKLQMHGHU%H]LHKXQJDXHUJHZ|KQOLFK ª8QGLFKKDEHGLFKLPPHUIUJHVFKOHFKWVORVJHKDOWHQ©]RJLFK 0\[LQDXI ª$XFK'lPRQHQKDEHQQDMDGXZHLWMD© ,FKODFKWHODXWORV'DQQZXUGHQZLUZLHGHUHUQVW .DUDXQG+DURNDPHQ'DV0lGFKHQWUXJLPPHUQRFKVHLQ JROGHQHV6FKZHUW'LH:DIIHJDE.DUDQLHDXVGHU+DQG6LH ZROOWHVLFKGDYRQQLFKWWUHQQHQ +DURVDKZWHQGDXV0DQPHUNWHLKPDQGDHUNHLQHQ(UIROJ HUUXQJHQKDWWH ª1XQ"©IUDJWHLFK ª1LFKWV©HUZLGHUWH.DUD ª:DVKHLWGDV"© ª,FKKDEHLQGLHVHP5DXPNHLQHQNRQNUHWHQ+LQZHLVDXIGHQ 'UXLGHQJHLVWJHIXQGHQ© ª$EHUGXKDVWGRFKJHVDJWGDHUVLFKEHUDOODXIKlOW"© ª'DVVWLPPW1XUZLUGDXFKHUHLQH6FKZDFKVWHOOHKDEHQGLHLFK KHUDXVILQGHQP|FKWH,FKZLOOLKQORFNHQ(UVROOUDXVDXVVHLQHP 9HUVWHFN9LHO]XODQJHKDWHUVLFK]XUFNJHKDOWHQ,FKP|FKWH PHLQHQ7UDQN]XUFNEHNRPPHQ:HQQLFKLKQKDEHNDQQLFKLQ GLH5HLKHQGHU)HLQGHHLQGULQJHQ©

ª'XZLOOVWDOVRZHLWHUKLQJHJHQGLH'lPRQHQNlPSIHQ©VWHOOWH LFKIHVW ª-D-RKQ6LQFODLUGDVZLOOLFK©6LHVDKPLFKHUQVWDQ,QLKUHQ $XJHQODVLFKGDVLHGLHVHQ(QWVFKOXVRUDVFKQLFKWPHKUEHU %RUGZHUIHQZROOWH 0LFKZUGHGDVIUHXHQGHQQ0LWVWUHLWHUGLHDXIXQVHUHU6HLWH VWDQGHQNRQQWHHVQLHJHQXJJHEHQ9LHOOHLFKWZUGHVLHDXFK 0\[LQXQWHUVWW]HQLFKJ|QQWHGHPNOHLQHQ0DJLHUGDV6RVHKU HUXQVDXFK]XJHWDQZDUVRJDQ]SDWHHUQLFKWLQGDV6LQFODLU 7HDP,FKZDUGXUFKPHLQHQ-REHWZDVJHEXQGHQZlKUHQG0\[LQ VLFKGRFKXQRUWKRGR[HUHU0HWKRGHQEHGLHQHQNRQQWH 'DVZDUQRFK=XNXQIWVPXVLNXQGLFKPXWHDXFK+DURLQV .DONOPLWHLQEH]LHKHQ(UZUGHEHVWLPPWQLFKWIUHLZLOOLJDXI .DUDYHU]LFKWHQZROOHQ ª:HQQKLHUQLFKWVLVWPVVHQZLULQGHQ.HOOHU©VDJWHLFK .HLQHUZLGHUVSUDFK 'HQ:HJKDWWHLFKEHUHLWVHUNXQGHW,QGHU1lKHHLQHUJURHQ 7UZDUGDV6FKLOGPLWGHU$XIVFKULIW/DJHUXQG.HOOHUDQGHU :DQGEHIHVWLJWZRUGHQ 'LH7UODJGHPJURHQJOlVHUQHQ(LQJDQJJHJHQEHU'XUFK GLH6FKHLEHQNRQQWHQZLUDXFKQDFKGUDXHQVFKDXHQ 'RUWKDWWHPDQHLQHQ3DUNSODW]DQJHOHJW1LFKWHLQ:DJHQVWDQG GRUW(UZDUOHHUZLHPHLQH*HOGE|UVHNXU]YRUGHP(UVWHQ ª'DQQ]XP.HOOHU©VDJWHLFK :LHGHUEHUQDKPLFKGLH)KUXQJ8QGLFKEOLHEZHLWHUKLQ PLWUDXLVFK8QWHUGHU'HFNHKLQJHQLQJHZLVVHQ$EVWlQGHQ JURH6SLHJHO0LWLKUHU+LOIHNRQQWHLFKGLHJHVDPWH 9HUNDXIVHWDJHEHUEOLFNHQ'LH6SLHJHOZDUHQVHKUJQVWLJDXI JHVWHOOW$OVLFKPLFKLQGHU1lKHGHU*HZU]WKHNHEHIDQG XQGGHQ.RSIKREVDKLFKLP6SLHJHOHLQH%HZHJXQJ (VZDUPHKUHLQ6FKDWWHQGHUYRUEHLKXVFKWHVLFKGXFNWHXQG GDQQZLHGHUDXIULFKWHWH0LWHLQHU:DIIH 0HLQ+HU]EHUVSUDQJYRU6FKUHFNHLQHQ6FKODJ 'HQQGHU8QEHNDQQWHRGHUEHVVHUJHVDJWGLH8QEHNDQQWHZDU NHLQHJHULQJHUHDOVHLQHYRQ$VPRGLQDV7RGHVHQJHOQ 8QGGLHVHV:HVHQKDWWHGHQ3IHLOEHUHLWVDXIGLH6HKQHJHOHJW

'LH)DKQGXQJKDWWHQLFKWVPHKUHUJHEHQ8Q]XIULHGHQIXKUHQ 6LU-DPHV3RZHOOXQG6XNRZLHGHU]XUFN]XP
EHTXHPPDFKWH(UJULII]XP7HOHIRQXQGULHI6KDRDQ %HJHLVWHUWZDUVLHYRQ6XNRV9RUKDEHQQDWUOLFKQLFKW6LHVDK DEHUHLQGD6XNRNDXPDQGHUVKDQGHOQNRQQWH=XGHPKDWWHVLH DXFK$QJVWXPPLFK 'HU&KLQHVHXQWHUEUDFKGLH9HUELQGXQJ.DOWXQGOHHUNDPLKP GDV%URYRULQGHPHUVRRIWPLWVHLQHP)UHXQGJHVHVVHQKDWWH 6ROOWHHV'U7RGGLHVPDOZLUNOLFKJHVFKDIIWKDEHQ"6XNRZDJWH NDXPGDUDQ]XGHQNHQ ª9RUVLFKW'HFNXQJ© 0HLQ:DUQUXIKDOOWHGXUFKGLH9HUNDXIVHWDJHZlKUHQGLFK]X %RGHQKHFKWHWHGHQUHFKWHQ$UPYRUVWLHXQG0\[LQHLQHQ KDUWHQ6WRYHUVHW]WHGHULKQYRQGHQ%HLQHQKROWH 'HU7RGHVHQJHOVFKRVHLQHQ3IHLODE ,FKYHUQDKPGDV6LUUHQXQGKDQGEUHLWQXUVFKZLUUWHGHUW|G OLFKH*UX EHU.DUDVXQG+DURV.|SIHKLQZHJ ª5XQWHU©EUOOWHLFKZlO]WHPLFKDXIGHP%RGHQKHUXPXQG ]RJPHLQH%HUHWWD +DURK|UWHQLFKW (UVWDUUWHPLFKQXUDQ 'DVZDUVHLQ9HUGHUEHQ 'HQQQLFKWQXUDXVHLQHU5LFKWXQJZXUGHDXIXQVJHVFKRVVHQ VRQGHUQDXVPHKUHUHQ 3O|W]OLFKYHU]HUUWHVLFK+DURV*HVLFKWVHLQ0XQG|IIQHWHVLFK ZlKUHQGHUJOHLFK]HLWLJQDFKYRUQWDXPHOWHXQGOHLFKWLQGHQ .QLHQHLQNQLFNWH ,FKVHOEVWKDWWHGHQ(LQVFKODJYHUQRPPHQXQG]LWWHUWH )U+DURZDUHV]XVSlW (UNLSSWHHLQIDFKXP$XIGHP%DXFKEOLHEHUOLHJHQXQGMHGHU YRQXQVVDKGHQ3IHLODXVVHLQHP5FNHQUDJHQ$QKDQGGHU (LQVFKXVWHOOHHUNDQQWHLFKGDHULKQGRUWJHWURIIHQKDWWHZRGDV +HU]VLW]W'LH:XQGHEOXWHWHNDXPDEHUYLHO&KDQFHQJDELFK GHP$WODQWHUWURW]GHPQLFKW $XFK.DUDKDWWHJHVHKHQZDVPLWLKUHP*HIlKUWHQJHVFKHKHQ ZDU6LHVDKLKQDP%RGHQOLHJHQVFKULHNODJHQGDXIXQGZDUI VLFKEHULKQ ª+DUR+DUR©

'LH:RUWHGUDQJHQVWRFNHQGEHULKUH/LSSHQ,FKVDK6FKPHU] XQG7UDXHUDXILKUHP*HVLFKWNRQQWHLKUDEHUQLFKWKHOIHQGHQQ GHUODXWORVH7RGZDUEHUHLWVZLHGHUXQWHUZHJV 'LHVPDOVLUUWHHUGLFKWEHUPHLQHQ.RSIKLQZHJXQGKLHELQ GLH6HLWHQZDQGGHV*HZU]VWlQGHUV'DVJDQ]H5HJDOHU]LWWHUWH HLQLJHNOHLQH'RVHQNLSSWHQ]X%RGHQ +LHUODJHQZLUVFKOHFKW'DGHUOHW]WH6FKXDEHUPDOVDXVHLQHU DQGHUHQ5LFKWXQJDEJHJHEHQZRUGHQZDUVWDQGIUPLFKIHVWGD ZLUHVPLQGHVWHQVPLWGUHL*HJQHUQ]XWXQKDWWHQ :HQQQLFKWPLWQRFKPHKUHUHQ ,FKUREEWHZHJ$XFK0\[LQZDUEHUHLWVYHUVFKZXQGHQ(UKDWWH HLQHQDQGHUHQ:HJJHQRPPHQ 6FKUlJSHLOWHLFK]XGHQ6SLHJHOQ 'DVDKLFKHLQHQ7RGHVHQJHO(UKDWWHEHUHLWVHLQHQ3IHLODQJHOHJW XQGVSDQQWHGHQ%RJHQ $OOHUGLQJV]LHOWHHUQLFKWLQPHLQH5LFKWXQJVRQGHUQVFKUlJDQ PLUYRUEHL(UKDWWHHLQDQGHUHV=LHOLP9LVLHU 0\[LQ" (JDOLFKZROOWHGLHVHQZHLEOLFKHQ'lPRQQLFKW]XP6FKX NRPPHQODVVHQ %OLW]DUWLJVFKQHOOWHLFKKRFK]LHOWHXQGVFKR /DXWNUDFKWHGHU6FKX(UWUDIGHQ7RGHVHQJHOJHQDXLQGHP $XJHQEOLFNDOVGLHVHUGHQ3IHLOORVVFKLFNHQZROOWH 'LH6LOEHUNXJHOULLKQKHUXP(UOLHGLH6HKQH]ZDUQRFKORV GRFKGHU3IHLOKLHELQGLH'HFNH'HU7RGHVHQJHOVHOEVWEUDFK ]XVDPPHQ'LH9HUNDXIVWKHNHQHQW]RJHQLKQPHLQHQ%OLFNHQ,FK VDKQXUQRFKHLQHJUQH4XDOPZRONHKRFKTXHOOHQ (LQHUZHQLJHU 'RFKZRVWHFNWHQGLHDQGHUHQ" ª'DQNH-RKQ©K|UWHLFK0\[LQV6WLPPH $OVRKDWWHGHU7RGHVHQJHODXIGHQNOHLQHQ0DJLHUJH]LHOW ,FKJDENHLQH$QWZRUWGHQQLFKZROOWHDXINHLQHQ)DOOPHLQHQ 6WDQGRUWYHUUDWHQ*HGXFNWKXVFKWHLFKZHLWHU ,FKKDWWHHLQDXIJHEDXWHV.DUUHHJHVHKHQGDVPLW*LQIODVFKHQ JHIOOWZDU6LHZXUGHQLP6RQGHUDQJHERWYHUNDXIW'RUWNRQQWH LFKHLQHJXWH'HFNXQJILQGHQ ,FKHUUHLFKWHGHQ3ODW]XQEHVFKDGHW(UZDUVRJDUVRJQVWLJ GDVFKUlJEHUPLUHLQ6SLHJHOKLQJLQGHQLFKEOLFNHQNRQQWH

XQGVRPLWGLHXQPLWWHOEDUH8PJHEXQJJXWLP$XJHEHKLHOW 9RQGHQ7RGHVHQJHOQVDKLFKQLFKWV 'DIUDEHU0\[LQ :LHHLQ6FKDWWHQZLVFKWHHUGXUFKGLHVFKPDOHQ*lQJH(UOLHI GRUWKLQZRLFKKHUJHNRPPHQZDU 'DQQZDU0\[LQYHUVFKZXQGHQ $EHUZRVWHFNWHQGLH7RGHVHQJHO" 9HUUlWHULVFKH*HUlXVFKHK|UWHLFKQLFKW(VZDUHLQHXQKHLOYROOH 6WLOOHGLHDEHUGDQQGXUFKHLQVFKOLPPHV5|FKHOQXQWHUEURFKHQ ZXUGH 'DVPXWH+DURVHLQ 0HLQ0DJHQ]RJVLFK]XVDPPHQDOVLFKGDV*HUlXVFKK|UWH ,FKYHUQDKPDXFKHLQHIOVWHUQGH6WLPPH:DKUVFKHLQOLFK VSUDFK.DUDPLWGHP6FKZHUYHUOHW]WHQDOOHUGLQJVNRQQWHLFK QLFKWYHUVWHKHQZDVVLHVDJWH:HQQ+DURVWDUENRQQWHLKQ QLHPDQGUHWWHQGHQQ.DUDVWDQGGHU7UDQNQRFKQLFKW]XU 9HUIJXQJ9LHOOHLFKWKlWWHHULKPJHKROIHQ6RDEHUPXWHQ ZLUDEZDUWHQ )QI]HKQ6HNXQGHQYHUJLQJHQ1LFKWVUKUWHVLFK *HPlFKOLFKWULHEHQGLHJUQOLFKHQ6FKZDGHQGXUFKGHQJURHQ 9HUNDXIVUDXP6LHVWDQNHQQDFK6FKZHIHO'LHVHU+|OOHQJHUXFK UHL]WHPHLQH1DVHXQGLFKKDWWH0KHHLQ1LHVHQ]XXQWHU GUFNHQ 3O|W]OLFKILHOHWZDV]X%RGHQ 'LHVHV*HUlXVFKZDUKLQWHUPLUDXIJHNOXQJHQXQGZDUQWHPLFK ,FK]XFNWHJHGDQNHQVFKQHOOKHUXP0HLQ$UPPLWGHU:DIIHIXKU KRFKDEHUGDZDUQLFKWV ,PVHOEHQ$XJHQEOLFNVFKULOOWHQPHLQH6LQQH$ODUP,FKZDUDXI HLQHQ7ULFNKHUHLQJHIDOOHQ %OLW]VFKQHOOZLUEHOWHLFKKHUXP -DVLHNRQQWHQIOLHJHQGLHVHYHUGDPPWHQ7RGHVHQJHO8QGHLQHU VFKZHEWHJHQDXEHUPLUKDWWHGHQ%RJHQJHVSDQQWHLQHQ3IHLO DXIJHOHJWXQG]LHOWHDXIPLFK -HW]WOLHHUGLH6HKQHORV ,FKNDPQLFKWPHKUGD]XDE]XGUFNHQGHQQGHUYHUGDPPWH 3IHLOZDUVFKQHOOHU (UZUGHJHQDXPHLQH%UXVWWUHIIHQ

8QGHUWUDI ,FKKDWWHNHLQH&KDQFHPHKUGHP3IHLODXV]XZHLFKHQ,FKVDK LKQZLHHLQ6FKHPHQGD]XGDVWHXIOLVFKVFK|QH*HVLFKWGHV 7RGHVHQJHOVXQGVSUWHHLQHQ6HNXQGHQEUXFKWHLOVSlWHUGHQXQ JHKHXHUKDUWHQ$XISUDOO ,FKZXUGH]XUFNJHVWRHQZDUWHWHDXIGHQ6FKPHU]GHUDOOHV ]HUIUDXQGPLFKLQGDV5HLFKGHV7RGHVULGRFKHUWUDWQLFKWHLQ =ZDUVFKPHU]WHPLUGLH%UXVWDEHULFKNRQQWHPLFKEHZHJHQ 8QGGDVVRJDU]LHPOLFKJXW $XFKGHU7RGHVHQJHOZDUEHUUDVFKWGDLFKQLFKWWRWDP%RGHQ ODJ,FKQXW]WHGLH=HLWDXVKREGHQUHFKWHQ$UP]LHOWHNXU]XQG IHXHUWH :LHGHUSHLWVFKWHGDV(FKRGHV6FKXVVHVGXUFKGHQ9HUNDXIV UDXPXQGPHLQH.XJHOWUDI*HQDXGRUWZR]ZLVFKHQGHU/HGHU NOHLGXQJGLHKHOOH+DXWVFKLPPHUWH 'HU7RGHVHQJHOILHOZLHYRP%OLW]JHIlOOWQDFKXQWHQ(UNUDFKWH JHQDXLQGDV.DUUHHPLWGHQ*LQIODVFKHQXQGULHVXP(LQ +|OOHQVSHNWDNHOZDUGLH)ROJH'LH)ODVFKHQ]HUSODW]WHQ*LQ HUJRVLFKEHUGHQ%RGHQ6FKHUEHQVSUDQJHQGXUFKGHQ5DXP XQGLFKUROOWHPLFK]XU6HLWHXPQLFKWYRQGHQ6SOLWWHUQJHWURIIHQ ]XZHUGHQ 'HU7RGHVHQJHOZDUDXIGHP.DUUHHOLHJHQJHEOLHEHQ'LH3IHLOH UXWVFKWHQDXVGHP.|FKHUXQGLFKNRQQWHVHKHQZLHGHUZHLE OLFKH'lPRQYHUJLQJ 'HU5FNHQSODW]WHDXI4XDOPJUQOLFKJHOEXQGVWLQNHQG GUDQJGDUDXVKHUYRUZlKUHQGLFKDXIGLH)HVSUDQJXQGPLFK EHUHLWVQDFKHLQHPQHXHQ*HJQHUXPVFKDXWH 'DEHLEHUOHJWHLFKQDWUOLFKZDVPLFKJHUHWWHWKDEHQNRQQWH GHQQQRUPDOHUZHLVHKlWWHLFKNHLQH&KDQFHJHKDEW 8QGLFKIDQGGLH/|VXQJ 'HU3IHLOZDU]ZDUDXIPHLQH%UXVWJH]LHOWJHZHVHQKDWWHDEHU GDV.UHX]JHWURIIHQ 'DVJHQDXKDWWHPLFKYRUGHP7RGHEHZDKUW 'LHVPDOQLFKWGXUFK$QZHQGXQJHLQHUPDJLVFKHQ.UDIW VRQGHUQZHLOHVHLQIDFKYRUKDQGHQJHZHVHQZDU .ODUGDLFKHUVWHLQPDOWLHIGXUFKDWPHWH'HQQGDVZDUZLUN OLFK5HWWXQJLQDOOHUOHW]WHU6HNXQGHJHZHVHQ 'RFKZLHYLHOH*HJQHUKDWWHLFKQRFK"

,FKEHUHLWHWHPLFKDXIHLQHQZHLWHUHQ.DPSIYRUVDKDEHUGD LFKQLFKWPHKUHLQ]XJUHLIHQEUDXFKWH (LQDQGHUHUNlPSIWHEHUHLWV 0\[LQGHU0DJLHU 1DFKGHP0\[LQGXUFKPHLQHQVFKQHOOHQ6FKXHLQHPVLFKHUHQ 7RGHQWJDQJHQZDUZROOWHDXFKHULQGLH$XVHLQDQGHUVHW]XQJHLQ JUHLIHQ8QGHUKDWWHHLQHQ3ODQ :LHHLQH6FKODQJHVRHQJDQGHQ%RGHQJHSUHWUREEWHGHU 0DJLHUGHQ:HJ]XUFN(UZROOWH]X.DUDXQGGHPVWHUEHQGHQ +DUR 'DV0lGFKHQKDWWHGHQ.RSILKUHVVFKZHUYHUOHW]WHQ*HOLHEWHQ LQLKUHQ6FKRJHEHWWHWNQLHWHVHOEVWKLQWHULKPXQGVFKDXWHLQGDV *HVLFKWGHV0DQQHV'HQ3IHLOKDWWHVLHDXVGHP.|USHUJH]RJHQ (UODJGDQHEHQHEHQVRZLHGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH 6LHVFKOXFK]WHXQGQDKPGHQNOHLQHQ0DJLHUJDUQLFKWZDKUDOV HUVLFKLKUQlKHUWH 0\[LQZROOWHVLHHUVWDQVSUHFKHQVDJWHDEHUQLFKWVZHLOHUGHQ $XJHQEOLFNGHUJURHQ7UDXHUXQGGHV6FKPHU]HVQLFKWVW|UHQ ZROOWHGHQQHUVDKVRIRUWGD+DURQLFKWPHKU]XKHOIHQZDU'DV /HEHQYHUOLHVHLQHQ.|USHU0LWMHGHU6HNXQGHZXUGHHVZHQLJHU 0\[LQVDK7UlQHQDXIGHQ:DQJHQGHVVFK|QHQ0lGFKHQV:LH JOlVHUQH3HUOHQUDQQHQVLHKHUDE.DUDVFKOXFNWHVLHIOVWHUWH LPPHUZLHGHUGHQ1DPHQLKUHV*HOLHEWHQZlKUHQGVLHLQGDV EOHLFKH*HVLFKWVFKDXWH 0\[LQZXWHGD.DUDZRKOQLFKWLQGHQ.DPSIHLQJUHLIHQ ZUGHGHVKDOEQDKPHUGLH*HOHJHQKHLWZDKUXQGJULIIQDFKGHP 6FKZHUWPLWGHUJROGHQHQ.OLQJH (UKREHVDXIXQGZXQGHUWHVLFKZLHOHLFKWHVZDU(VPXWHDXV HLQHPEHVRQGHUHQ0DWHULDOJHVFKPLHGHWZRUGHQVHLQ(LQHP 0DWHULDOGDVHVDXIGHU(UGHQLFKWJDE .DUDVDJWHQLFKWVDOVGHUNOHLQH0DJLHUGDV6FKZHUWDQVLFK QDKP9LHOOHLFKWKDWWHVLHHVDXFKJDUQLFKWJHVHKHQDEHU0\[LQ IKOWHVLFKSO|W]OLFKVLFKHUHU 'DV6FKZHUWJDELKP.UDIWXQGHUZROOWHNlPSIHQ (UVWDQGDXI 0LWGHP6FKZHUWLQGHUUHFKWHQ+DQG]RJHUVLFKODQJVDP

]XUFN'DEHLJOLWWHQVHLQH%OLFNHVXFKHQGGXUFKGHQ5DXP(U PXWHGLHVHYHUGDPPWHQ7RGHVHQJHOILQGHQXQGVLHW|WHQGDV ZDUHUVLFKXQGVHLQHQ)UHXQGHQVFKXOGLJ 1RFKVDKHUQLFKWV 'DQQDEHUK|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|WHQ %HLGHOHJWHQGLH3IHLOHDXIGLH6HKQHQLQLKUHQ*HVLFKWHUQZDU LKU3ODQ]XOHVHQ-HGHU7RGHVHQJHOWUXJLQVHLQHP*UWHOQRFKHLQ NXU]HV6FKZHUW $EHU0\[LQZDUHEHQIDOOVEHZDIIQHW(UKDWWHGDV6FKZHUWPLW GHUJROGHQHQ.OLQJH.DUDV:DIIHGLHVLHYRQLKUHP9DWHUHUKDOWHQ KDWWH8QGGDPLWJULIIGHUNOHLQH0DJLHUDQ 0LWHLQHP6SUXQJVWDQGHUDXIHLQHU9HUNDXIVWKHNH6LHZDU DEJHGHFNWGHQQHVEHIDQGHQVLFKOHLFKWYHUGHUEOLFKH:DUHQLQ LKUHP,QQHUQ-HW]WKDWWH0\[LQGLHULFKWLJH'LVWDQ] (UKREVHLQHQ$UPKROWHZHLWGDPLWDXVXQGVFKOXJLQHLQHP KDOENUHLVI|UPLJHQ%RJHQ]X 'HUOLQNH7RGHVHQJHOZROOWHZHJVFKDIIWHHVDEHUQLFKWPHKU'LH .OLQJHWUDIJHQDX 8USO|W]OLFKKDWWHGDV6FKZHUWLKQJHW|WHWGRFKNHLQ%OXWGUDQJ DXVGHU:XQGH 7RGHVHQJHO1XPPHU]ZHLKDWWHVLFKJHGUHKW 8QGHUVFKR 0\[LQPDFKWHVLFKNOHLQ'LH5HDNWLRQHUIROJWHVRHEHQQRFK UHFKW]HLWLJ'HU3IHLOKlWWHLKPIDVWQRFKHLQSDDU+DDUHDEUDVLHUW VRGLFKWVFKZLUUWHHUEHU0\[LQKLQZHJ0\[LQK|UWHHLQ.OLUUHQ

NPPHUWHVLFKMHGRFKQLFKWGDUXPZRRGHUZDVGHU3IHLOJH WURIIHQKDWWHLKQLQWHUHVVLHUWHQXUGHU7RGHVHQJHO 8QGGHUJULII]XP.XU]VFKZHUW -HW]WVHW]WHGHUNOHLQH0DJLHUDOOHVDXIHLQH.DUWH(UZXFKVEHU VLFKVHOEVWKLQDXVXQGZXUGH]XPJURHQ.lPSIHU 0\[LQVFKQHOOWHVLFKYRQVHLQHU8QWHUODJHDE(UKHFKWHWHVHLQHU *HJQHULQHQWJHJHQXQGKROWHPLWGHUUHFKWHQ+DQGDEHUPDOV ZHLWDXV *HQDXLQGHP$XJHQEOLFNDOVGHU7RGHVHQJHOVHLQ6FKZHUWDXV GHU6FKHLGHJHULVVHQKDWWHVFKOXJ0\[LQ]X 'LHVPDOQLFKWVHLWOLFKVRQGHUQYRQREHQQDFKXQWHQ:LHGHU W|WHWHGLHJROGHQH.OLQJHLKUHQ*HJQHUDXIGHU6WHOOH ,QGHU6FKQLWWVWHOOHIOLPPHUWHHVDEHUNHLQ%OXWZDU]XVHKHQ 6HOWVDP 'LH*HWURIIHQH]LWWHUWH6LHZXUGHGXUFKVFKHLQHQGXQGO|VWH VLFKDXI 1LFKWHLQPDO'lPSIHEOLHEHQ]XUFN 0\[LQDEHUODFKWHXQGVHLQH$XJHQVWUDKOWHQ(UKDWWHVLFK VHOEVWEHZLHVHQXQGHVVHLQHQ*HJQHUQPDOZLHGHUJH]HLJW -HPDQGNODWVFKWH%HLIDOO 'HUNOHLQH0DJLHUGUHKWHVLFKXP ,FKZDUGHU0DQQGHULQGLH+lQGHNODWVFKWHª%UDYR0\[LQ© VDJWHLFKOlFKHOQGª'XKDVWQLFKWVYHUOHUQW,P*HJHQWHLOGXKDVW VRJDUQRFKGD]XJHOHUQW© ª'DQNH©0\[LQVSUDQJ]X%RGHQ(UEOLFNWHVLFKXPª:DUHQ GDVDOOH*HJQHU"© ª,FKKDEHNHLQHPHKUJHVHKHQ© ª'DQQKlWWHQZLUVLHJHVFKDIIW©(UODFKWHDXIª$VPRGLQDZLUG VLFKZXQGHUQ© ª2GHUKlUWHU]XUFNVFKODJHQ©VDJWHLFK 0\[LQVFKDXWHDXIGLH.OLQJHª'DVEHIUFKWHLFKDXFK©PXU PHOWHHUª$EHUZLUKDEHQMHW]WHLQH:DIIHPLWGHUZLU© ª6LHJHK|UWGLUQLFKW©XQWHUEUDFKLFKLKQ ª,FKVDJWHDXFKH[WUDZLU© ª'DQQZLOOVWGXGLFKPLW.DUD]XVDPPHQWXQ"© (UOlFKHOWHVFKPDOª(LJHQWOLFKKDWWHLFKGDVYRU-RKQ© ª+DVWGXVLHJHIUDJW"© ª1RFKQLFKW©0\[LQVFKOXFNWH

ª6LHVLHVLW]WQRFKEHLLKP%HL+DUR,FKJODXEHHUZLUG VWHUEHQ© 'HU0HLQXQJZDULFKDXFK 0\[LQVWLHPLFKDQª/DXQV]XLKQHQJHKHQ,FKP|FKWHQLFKW DOOHLQ© ª9HUVWHKHVFKRQ©,FKOlFKHOWH :LUVXFKWHQXQVGHQ:HJGXUFKGLH*lQJH]ZLVFKHQGHQ 5HJDOHQXQGHUUHLFKWHQGLHEHLGHQ .DUDZHLQWH 6LHEHWUDXHUWHGHQ7RGHLQHV*HOLHEWHQXQG)UHXQGHV'HQQ +DURGHU.lPSIHUOHEWHQLFKWPHKU :LUVWDQGHQVWXPPGDQHEHQ ,FKEOLFNWHLQVHLQ*HVLFKW(VKDWWHNHLQHQOHLGHQGHQ$XVGUXFN DQJHQRPPHQHLQOHW]WHV/l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lQHQ QDVVHV*HVLFKW ª(ULVWWRW©IOVWHUWHVLHª+DURLVWWRW:HQQLFKMHW]WGHQ7UDQN GHV9HUJHVVHQVKlWWHZUGHLFKLKPQDFKIROJHQ© ,FKVFKWWHOWHGHQ.RSIª/DHVVHLQ.DUDHVKDWNHLQHQ6LQQ :LUNOLFKQLFKW'XZLUVWKLHUJHEUDXFKW$XIGLHVHU(UGHLQGLHVHU =HLW*ODXEHPLU© ª9LHOOHLFKW© 0\[LQGUlQJWHPLFKHLQZHQLJ]XU6HLWHXQGOHJWH.DUDGLH +DQGDXIGHQGXQNOHQ+DDUVFKRSIª:LUEHLGHVWDPPHQDXV $WODQWLV'XELVWHLQH$WODQWHULQELVWGRUWJHERUHQXQGKDVWGRUW JHOHEW'HLQ9DWHUGHUZHLVH3URSKHWKDWGLUHLQ(UEHKLQWHUODVVHQ 'LHVHV6FKZHUWPLWGHUJROGHQHQ.OLQJH(UKDWGLUJOHLFK]HLWLJ

HLQH3IOLFKWYHUHUEWGHQQGXDOVVHLQH7RFKWHUELVWQXQZUGLJGDV (UEHDQ]XWUHWHQ'XELVWGD]XEHUXIHQGHQ.DPSIGHULQ$WODQWLV EHJRQQHQKDWZHLWHU]XIKUHQ'XGDUIVWMHW]WQLFKWDXIJHEHQXQG GLFKQXUGHLQHQ*HIKOHQEHUODVVHQGHQQGXPXWHLQVHKHQGD HVVRQLFKWJHKW'XGDUIVWQLFKWUHVLJQLHUHQ8QGZHQQ+DURGLFK MHW]WVHKHQXQGPLWGLUVSUHFKHQN|QQWHZUGHHUGLHJOHLFKHQ :RUWHEHQXW]HQ,FKUHGHLQVHLQHP6LQQGHQQHUZDUGHUJURH .lPSIHUGHUQLHPDOVDXIJDE'DUDQVROOWHVWGXGLFKLPPHUHU LQQHUQ.DUD© 'DVVFKZDU]KDDULJH0lGFKHQQLFNWHª9LHOOHLFKWKDVWGXUHFKW 0\[LQ9LHOOHLFKWVROOWHLFKHVYHUVXFKHQ©6LHVFKOXFNWHXQG KREEHLGH6FKXOWHUQª$EHULFKVWHKHDOOHLQ1LHPDQGZLUGPLU KHOIHQN|QQHQ,FKPX© ª1HLQQHLQ©ULHI0\[LQª'XVWHKVWQLFKWDOOHLQ:LUVLQGEHLGLU -RKQ6LQFODLUGHU*HLVWHUMlJHUGHUGHQ6FKHUJHQGHU)LQVWHUQLVGHQ .DPSIDQJHVDJWKDW$XFKHUZLUGGLFKVWW]HQ'XILQGHVWEHL LKPLPPHU+LOIHXQGQDWUOLFKEHLVHLQHQ)UHXQGHQ%LOO&RQROO\ 6XNR-DQH&ROOLQV6KDR:LOO0DOOPDQQXQGOHW]WHQ(QGHVDXFK EHLPLU6RJDUEHVRQGHUVEHLPLU,FKZHUGHDQGHLQHU6HLWHEOHLEHQ XQGPLWGLUNlPSIHQ1DWUOLFKQXUZHQQGXZLOOVW© 6HOWHQKDWWH0\[LQHLQHVROFKODQJH5HGHJHKDOWHQXQGGDV 0lGFKHQK|UWHDXIPHUNVDP]X (LQH6FKZHLJHPLQXWHHQWVWDQG ,FKKLHOWPLFK]XUFNGHQQGLH6DFKHJLQJQXU0\[LQXQG.DUD HWZDVDQ ª1XQ"©IUDJWHGHU0DJLHU .DUDQLFNWHª-D©VDJWHVLHªGHLQ9RUVFKODJNOLQJWJXWVRJDU VHKUJXW© 'DOlFKHOWHGHUNOHLQH0DJLHU$XIVHLQHP*HVLFKWPLWGHUJUQ OLFKHQ+DXWVFKLHQGLH6RQQHDXI]XJHKHQª,FKKDEHODQJHDOOHLQ GDJHVWDQGHQZROOWHDQGHUHQQLFKW]XU/DVWIDOOHQDEHULFKKDEH QLHPHLQ=LHODXVGHQ$XJHQYHUORUHQ$VPRGLQDV9HUQLFKWXQJ 8QGGHVKDOEIUHXHLFKPLFKGDGX.DUD]XPLUKlOWVW,FKKDEH 4XDOHQGXUFKJHVWDQGHQPDQKDWPLFKJHGHPWLJWDEHULFK ELQEHUHLW$VPRGLQDDOOHV]XUFN]X]DKOHQ0LW=LQVXQG=LQVHV ]LQV© ,FKOlFKHOWHLQPLFKKLQHLQ'DVZDUGHUHFKWH0\[LQ6RZROOWH LFKLKQKDEHQ

.DUDVWDQGDXI6LHOLHGHQ.RSILKUHVHKHPDOLJHQ*HOLHEWHQ YRUVLFKWLJ]XUFNJOHLWHQ ª:LUZHUGHQ+DURVSlWHUEHJUDEHQ©VDJWHLFK ª'DQNH© 0\[LQUHLFKWH.DUDGDV6FKZHUWª(VJHK|UWGLU©VDJWHHU 6LH]|JHUWHHVHQWJHJHQ]XQHKPHQª$EHUGDQQKDVWGXMD QLFKWV©VDJWHVLH ª,FKZHUGHPHLQH)lKLJNHLWHQ]XUFNEHNRPPHQ©HUNOlUWH 0\[LQª'DQQKDEHLFK:DIIHQJHQXJ© 'DVZDUZLUNOLFKQLFKWJHORJHQGHQQGHUNOHLQH0DJLHUZDU XQJHKHXHUVWDUNJHZHVHQVRQVWKlWWHHUQLFKWGHQ.DPSIJHJHQ GHQ6FKZDU]HQ7RGXQGMHW]WDXFKJHJHQ$VPRGLQDDXIQHKPHQ N|QQHQ ª1RFKLVWXQVHUH$XIJDEHKLHUQLFKWEHHQGHW©VDJWHLFKXQG GUlQJWHGDPLW]XU(LOH ª-DGHU7UDQN©IOVWHUWH.DUDªLFKPXLKQHLQIDFKILQGHQ© ª$EHUHUVWHLQPDOGHQ*HLVWGHV'UXLGHQ© :LHDXI.RPPDQGRPHOGHWHHUVLFKZLHGHU,FKKDWWHNDXPGLH :RUWHDXVJHVSURFKHQGDK|UWHQZLUDEHUPDOVGDVVFKZHUH 6HXI]HQbFK]HQXQG6W|KQHQ 'LHVPDOODXWHUDOV]XYRU ª(VZLUG=HLW©VDJWHLFKZDUIHLQHQ%OLFNDXIGLH8KUXQGVDK GDHVELV0LWWHUQDFKWQLFKWPHKUZHLWZDU 6ROOWHHVEHLGHU7DJHVZHQGHGLH(QWVFKHLGXQJJHEHQ",FKZDU ZLUNOLFKJHVSDQQW :LUZDUHQ]XGULWW .DUD0\[LQXQGLFK'DV0lGFKHQHUVFKLHQPLULUJHQGZLH DQGHUV(VKDWWHVLFKYHUlQGHUWHLQH:DQGOXQJGXUFKJHPDFKWXQG ZDUHUQVWHUJHZRUGHQYHUVFKORVVHQHU .HLQ:XQGHU.DUDWUDXHUWHXPLKUHQ*HOLHEWHQ=HKQWDXVHQG -DKUHZDUHQVLHJHWUHQQWJHZHVHQXQGGDQQKDWWHLKUODQJHUVHKQ WHV:LHGHUVHKHQQXU0LQXWHQJHGDXHUW=XNXU]XPGHQ6FKRFN EHLP7RGHLQHV)UHXQGHV]XEHUZLQGHQ 0\[LQZROOWHVLFKXP.DUDNPPHUQ (UVDKGLHVFK|QH6FKZDU]KDDULJHRIWYRQGHU6HLWHKHUDQ -HGHVPDOKDWWHLFKGDV*HIKODOVZROOWHHUVLHDQVSUHFKHQGRFK

GHUNOHLQH0DJLHUKLHOWVLFK]XUFN(UZDUVHKUWDNWYROO 6RYLHOLFKHUNHQQHQNRQQWHZDUGLH$XVHLQDQGHUVHW]XQJYRQ GUDXHQQLFKWEHREDFKWHWZRUGHQ8QGDXFKHLQ1DFKWZlFKWHU KDWWHVLFKQLFKWXPXQVJHNPPHUWRGHUXQVEHUUDVFKW'DV VWHLJHUWHPHLQ0LWUDXHQQRFKXQGLFKIUDJWHPLFKZDVGHU *UXQGGDIUZDUGDNHLQ1DFKWZlFKWHUVHLQH5XQGHGUHKWH 9LHOOHLFKWNRQQWHHUJDUQLFKW 'LHVH0|JOLFKNHLWHUVFKLHQPLUVRJDUZDKUVFKHLQOLFK9LHOOHLFKW KDWWHQGLH7RGHVHQJHOLKQJHW|WHW ,FKVSUDFKPLW0\[LQGDUEHUEHYRUZLUGLH9HUNDXIVHWDJH YHUOLHHQ ª:LOOVWGXQDFKVFKDXHQ"© ª8QWHU8PVWlQGHQILQGHQZLULKQDXFKVR©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lKQOLFKDQJHOHJWZLHHLQH)HXHUOHLWHU 'LH6WXIHQK|UWHQGRUWDXIZRGLH7URIIHQVWDQG8QGGLHIKUWH LQHLQNOHLQHV%URPLWQLFKWJHVFKORVVHQHP)HQVWHUGHVKDOEGHU 'XUFK]XJ'DVMHGRFKLQWHUHVVLHUWHPLFKQLFKWLFKVDKQXUGHQ 7RWHQ8QGGHQ3IHLOLQGHU%UXVW'DZXWHLFKZHULKQJHW|WHW KDWWH $VPRGLQDV'lPRQLQQHQ 9RU:XWEDOOWHLFKGLH+lQGH'LHVHYHUGDPPWHQJHIKOORVHQ *HVFK|SIH(VKlWWHJHUHLFKWGHQ0DQQQXUEHZXWORV]XVFKOD JHQDEHUVLHW|WHWHQJOHLFK ,FKVFKOXFNWHKDUW $EHUIUGLHVHQ0RUGKDWWHQVLHGLH6WUDIHZHJ$OOHYLHU8QG GLH7HXIHOLQZDUZLHGHUJHVFKZlFKWZRUGHQ /HLGHUZXWHLFKQLFKWZLHYLHOHGLHVHUJHIlKUOLFKHQ'lPR

UDQQHQVLHQRFKXPVLFKKDWWH:DUHQHVKXQGHUWWDXVHQG"'LH OHW]WH=DKOZDUDOVJDUQLFKWPDOVRDEZHJLJ]XEH]HLFKQHQZHQQ PDQEHGDFKWHGDLFKMDQXUHLQHQNOHLQHQ7HLOGHUJHZDOWLJHQ 'lPRQHQUHLFKHNDQQWH9HUJOHLFKEDUPLWHLQHP(UGNUXPHQGHU PLOOLDUGHQPDODXIHLQDQGHUJHOHJWHLQHQKRKHQ)HOVHQELOGHWH ,FKOLHGHQ7RWHQ]XUFN =ZHL/HLFKHQKDWWHGLHVHUYHUGDPPWH)DOOELVKHUJHNRVWHW,FK KRIIWHLQVWlQGLJGDHVQLFKWQRFKPHKUZXUGHQ .DUDXQG0\[LQKDWWHQJHZDUWHW3DVVLHUWZDUQLFKWV$EHUGHU NOHLQH0DJLHUODVDQPHLQHP*HVLFKWDEGDEHLPLUQLFKWDOOHV JODWWYHUODXIHQZDU ª:DVLVWJHVFKHKHQ-RKQ"© ,FKEHULFKWHWH $XFK0\[LQZDUEHWUEW:LHGHUHLQ%HZHLVVHLQHU:DQGOXQJ )UKHUKlWWHLKPGHU7RGHLQHV0HQVFKHQQLFKWVDXVJHPDFKW KHXWHDEHUGDFKWHHUDQGHUVGDUEHU ª(VZLUG=HLWGDZLUGHQ'UXLGHQJHLVWILQGHQ©,FKGUlQJWH ]XU(LOH 1DFKHLQLJHP6XFKHQVDKHQZLUGDVJURH/DJHU$XFKGLHVH 7UZDUQLFKWDEJHVFKORVVHQ,QGHP6XSHUPDUNWKDWWHPDQVLFK YROOXQGJDQ]DXIGHQ1DFKWZlFKWHUYHUODVVHQ :LUEHWUDWHQHLQHJURHNKOH+DOOH1DFNWH%HWRQZlQGH 'DYRU5HJDOEHU5HJDO=XU+lOIWHZDUHQVLHJHIOOW0LWULHVLJHQ .DUWRQVRGHU.LVWHQ(VJDESUDNWLVFKDOOHVDQ/HEHQVPLWWHOQZDV GDV+HU]EHJHKUWH %LV]XU'HFNHUHLFKWHQVLH8PDQGLHREHUVWHQ5HJDOHKHUDQ]X NRPPHQVWDQGHQNOHLQH*DEHOVWDSOHUEHUHLW=ZHL]lKOWHLFK6LH SDUNWHQQHEHQHLQDQGHUXQGVWDQGHQUHFKWVYRQGHU7U 8QVHUH6FKULWWHZDUHQNDXP]XK|UHQVROHLVHJLQJHQZLU'DV XQKHLPOLFKH6HXI]HQZDUYHUVWXPPW 0LUNDPHVZLHGLH5XKHYRUGHP6WXUPYRU (WZDLQGHU0LWWHGHU/DJHUKDOOHEOLHEHQZLUVWHKHQ:LUKDWWHQ XQV5FNHQDQ5FNHQJHVWHOOWVRGDMHGHUHLQHQ7HLOGHU+DOOH EHUEOLFNHQNRQQWH ª(U]HLJWVLFKQLFKW©VDJWHLFKOHLVHª$QVFKHLQHQGZLOOHUGHQ 7UDQNGHV9HUJHVVHQVQLFKWKHUDXVUFNHQ© .DUDKREGLH6FKXOWHUQª0|JOLFK© ª'DQQPWHQZLULKQEHVFKZ|UHQ©PHLQWHGHU0DJLHU0\[LQ

XQGVFKDXWH.DUDDQª(ULVWHLQ'UXLGHQJHLVW'DJLEWHVJDQ] EHVRQGHUH0HWKRGHQXPLKQKHUYRU]XORFNHQ© ª.HQQVWGXVLH"© 0\[LQQLFNWH ª'DQQIDQJDQ©VDJWH.DUD ª0RPHQWQRFK©,FKKREGHQUHFKWHQ$UPXQGEOLHEGDEHLODX VFKHQGVWHKHQª+|UWLKUHVDXFK"© ª:DV"©IUDJWHQGLHEHLGHQZLHDXVHLQHP0XQGH ª'DV.QDFNHQ© .DUDXQG0\[LQODXVFKWHQª+|UWVLFKDQDOVZUGHMHPDQGGLH :lQGHDXIEUHFKHQ©PHLQWHGHUNOHLQH0DJLHU -DGDKDWWHHUUHFKW:lQGHDXIEUHFKHQVHW]WHLFKJOHLFKPLW (LQVWXU]JHIDKU,FKZROOWHGLHEHLGHQZDUQHQVDKDEHUGDHV QLFKW]XVHLQEUDXFKWHGHQQGLH:lQGHRGHUGLH'HFNHVWU]WHQ QLFKWHLQ'LH*HIDKUZDUHLQHJDQ]DQGHUH6LHNDPYRQGHP 'UXLGHQVHOEVW :LHGHUHUNODQJGDV6HXI]HQ'LHVPDOMHGRFKVFKZHUHUXQG VFKUHFNOLFKHUDOVMH]XYRU 8QGMHW]WVDKLFKDXFKZDUXPGDV.QDFNHQXQG.QLUVFKHQHQW VWDQGHQZDU$OVLFKQlPOLFKHLQHQ%OLFN]ZLVFKHQGHQ5HJDOHQ KLQGXUFKDXIGLH:lQGHZDUIHQWGHFNWHLFKGLHKDDUIHLQHQ5LVVH GLHVLFKEHUDOOJHELOGHWXQGZLHHLQ6SLQQHQQHW]DXVJHEUHLWHW KDWWHQ +DDUIHLQH5LVVHGLHVLFKMHGRFKVFKQHOOYHUEUHLWHUQNRQQWHQ ,FKEHREDFKWHWHJHQDX 1HLQGLH5LVVHZXUGHQQLFKWJU|HU'DIUYHUVWlUNWHVLFKGDV 6HXI]HQ(VVFKZROO]XHLQHPXQKHLPOLFKHQ7RQDQ'D]ZLVFKHQ YHUQDKPLFKHLQKRKHV6LQJHQXQGVFKZHUHVbFK]HQGDVLP 8QWHUWRQGHPOHW]WHQ5|FKHOQHLQHV6WHUEHQGHQJOLFK 8QKHLPOLFK 0LUUDQQHLQ6FKDXHUEHUGHQ5FNHQ'DV*HUlXVFKGLHVHV VFKDXULJH$WPHQ]HUUWHDQPHLQHQ1HUYHQXQGLFKPXWHPLFK EHKHUUVFKHQXPPLUQLFKWGLH2KUHQ]X]XKDOWHQ .DUDJLQJHLQSDDU6FKULWWH]XU6HLWH+RFKKREVLHLKUHQUHFKWHQ $UP :LUKDWWHQEHLP(LQWULWW/LFKWJHPDFKW'LHNDOWH+HOOLJNHLWGHU /HXFKWVWRIIU|KUHQEUHLWHWHVLFKLQGHP/DJHUUDXPDXVXQGWUDI DXFKGLHJROGHQH.OLQJH

.DUDGUHKWHVLFKLP.UHLVª=HLJHGLFK'UXLGH©ULHIVLHODXW ª:LUZROOHQGLFKVHKHQ© 6LHHUKLHOWNHLQH$QWZRUW 'DV0lGFKHQYHUVXFKWHHVQRFKHLQPDOª.RPPDXVGHLQHP 9HUVWHFN'UXLGH=HLJGLFKXQV'XEUDXFKVWNHLQH)XUFKW]X KDEHQGHQQZLUZROOHQGLFKQLFKWW|WHQ© 'HU'UXLGHWUDXWHVLFKQLFKW 1XUGDV6HXI]HQXQGbFK]HQZXUGHQRFKODXWHU(VVWHLJHUWH VLFKZHLWHU:LUHUOHEWHQGDGHU'UXLGHXQJHKHXUH4XDOHQDXV VWHKHQPXWH(UZROOWHZRKODEHUPDQOLHLKQQLFKW(UZDU *HIDQJHQHUGHV+DXVHVPHKUQRFKHUZDUPLWGHP+DXV YHUZDFKVHQGHVVHQ/DJHUKLHULP.HOOHU5LVVH]HLJWH,FKKDWWH ULHVLJH$QJVWGDGLH0DXHUQEUFKLJZXUGHQ'DVDXILKQHQ ODVWHQGH*HZLFKWZUGHQVLHGDQQQLFKWPHKUKDOWHQN|QQHQ 'LH5LVVHLQWHUHVVLHUWHQPLFKEHVRQGHUV,PPHUZLHGHUVFKDXWH LFK]XLKQHQ 8QGGDQQVDKLFKHV (UVWJODXEWHLFKDQHLQH7lXVFKXQJ'RFKEHLJHQDXHUHP +LQVHKHQHUZLHVHVVLFKDOV5HDOLWlW $XVGHQ5LVVHQLQGHQ:lQGHQGUDQJHLQHURWH)OVVLJNHLW (VZDU%OXW ,PHUVWHQ$XJHQEOLFNYHUVFKOXJHVPLUZLUNOLFKGLH6SUDFKH$XV GHQ5LVVHQLQGHQ:lQGHQVWU|PWH%OXW 8QIDEDU 'XQNHOURWTXROOHVKHUYRUKDWWHDXFKHLQHQOHLFKWHQ6WLFKLQV 6FKZDU]H6RVDKGDV%OXWHLQHV'lPRQVDXV,PPHUPHKUTXROO DXVGHQIHLQHQ5LVVHQXQGUDQQDOVODQJH)lGHQDQGHQ:lQGHQ KHUDE8QGGDVQLFKWQXUYRURGHUQHEHQPLUVRQGHUQDQDOOHQYLHU :lQGHQGHV5DXPHVJHVFKDKGDVJOHLFKH 'DV+DXV]HLJWHXQVVHLQH4XDOHQ ,FKKDWWHXQZLOONUOLFKGHQ$WHPDQJHKDOWHQ6RHWZDVZDUPLU QRFKQLFKWEHJHJQHW'DVJUHQ]WHDQ:DKQVLQQDQ=DXEHUHLGDV ZDUXQP|JOLFKGDVNRQQWHLFKQLFKWIDVVHQ 'DIUJDEHVNHLQH(UNOlUXQJRGHU" .DUDVSUDFK6LHUHGHWHOHLVHXQGPDQPHUNWHLKUGLH7UDXHUDQ 6LHVFKZDQJLQGHU6WLPPHPLW

ª(UOHLGHW©VDJWHVLHª(UOHLGHWXQJHKHXHU© ª$EHUZDUXP"©ULHILFK ª,FKZHLHVQLFKW0LWLKPZLUGYLHOOHLFKWHLQE|VHV6SLHOJH WULHEHQ%HVWLPPWZLOOHUXQVKHOIHQ-DGDELQLFKVLFKHUDEHU $VPRGLQDZLUGHV]XYHUKLQGHUQZLVVHQ© 'DVNRQQWHVHLQ'HU'lPRQGHUVLFKXQWHU8PVWlQGHQNRRSH UDWLY]HLJWHZXUGHYRQGHU7HXIHOVWRFKWHU]XUFNJHKDOWHQ ª5XILKQDQ©]LVFKWHLFKª9HUVXFKHHV.DUD© 'DV0lGFKHQVSUDFKª:LUVHKHQGHLQ%OXW'UXLGH©ULHIVLH ª:HUELVWGX"=HLJGLFKXQV© :LHGHUHUNODQJGDVJUlOLFKH6W|KQHQ8QGPLWMHGHP/DXW VFKLHQPHKU%OXWDXVGHQ5LVVHQ]XTXHOOHQ(VKDWWHEHUHLWVGHQ %RGHQHUUHLFKWXQGVDPPHOWHVLFKGRUW:HQQHLQH/DFKH]XJUR ZXUGHIORVLHDXVHLQDQGHU(LQ5LQQVDOOLHIEHUHLWVDOVVFKPDOHU 6WUHLIHQDXIPLFK]X ª*LE$QWZRUW8QWHUGUFNHGHLQHQ6FKPHU]©ULHI.DUDª:LU ZROOHQGLUQLFKWVWXQQXUPLWGLUVSUHFKHQ© 'DV6HXI]HQYHUVWXPPWH 'LH5XKHHUVFKUHFNWHPLFK6LHGDXHUWHQXUZHQLJH6HNXQGHQ DQ'DQQYHUQDKPHQZLUGLH6WLPPH ª,FKLFKVHKHHXFK© (VZDUHLQH6WLPPHDXVGHUPDQGHQ6FKPHU]KHUDXVK|UWHGHQ GLHGlPRQLVFKH.UHDWXUHPSIDQG6LHPXWHXQJHKHXHUOHLGHQ(V EHUHLWHWHLKU0KHVR]XVSUHFKHQ ª:LHKHLWGX"©IUDJWH.DUD ª,FKELQ.K\ORQ© ª'HQ1DPHQNHQQHLFKQLFKW© (LQU|FKHOQGHU$WHP]XJª,FKKDEHLPPHUKLHUJHOHEW9RU ODQJHU=HLWVFKRQXQGLFKKDEHGHP6DWDQJHGLHQW=XPLUJH K|UWHQIQI+H[HQ=XVDPPHQIHLHUWHQZLUGLH)HVWHGHU*UDX VDPNHLWXQGKROWHQXQVGLH2SIHU'HU7HXIHOEHORKQWHPLFK,FK ZXUGHPlFKWLJVHKUPlFKWLJVRJDU'DQQDEHU]HUVW|UWHMHPDQG GHQ)HVWSODW]GHV6DWDQV'HU+JHODXIGHPZLUGLH)HVWHIHLHU WHQZXUGHGHP(UGERGHQJOHLFKJHPDFKWXQGGHU7HXIHOJDEPLU GLH6FKXOG(UEHVWUDIWHPLFK$OVPDQDXIGHP+JHOHLQ+DXV EDXWHZXUGHLFKLQGLH:lQGHPLWHLQJHPDXHUW0HLQ*HLVW EHKHUUVFKWHGLHVHV+DXV,FKZDUGD]XYHUGDPPWELVLQDOOH (ZLJNHLWHQKLHUJHIDQJHQ]XVHLQEHNDPNHLQH&KDQFHGLH

0DXHUQGHV+DXVHV]XYHUODVVHQ6RYHUJLQJHQ-DKUKXQGHUWH(LQH QHXH=HLWEUDFKDQ0lQQHUPLWJURHQ)DKU]HXJHQUlXPWHQGHQ +JHODE6LHPDFKWHQLKQSODWW0LFKNRQQWHQVLHQLFKWW|WHQ REZRKOLFKJHUQJHVWRUEHQZlUH'DIUEDXWHQGLH0lQQHUHLQ QHXHV+DXVDXI(LQJURHV8QGZLHGHUYHUGDPPWHPLFK $VPRGLVGD]XLQGLHVHQ0DXHUQ]XKDXVHQ$OV*HIDQJHQHUGHV +DXVHVHUOHEWHLFKGLHHZLJHQ4XDOHQ,FKVSUHQXU6FKPHU]HQ 'LH9HUGDPPQLVKDWPLFKHLQJHKROWXQGZLUGPLFKQLHDXVLKUHQ .ODXHQODVVHQ1LHPDQGNDQQPLUKHOIHQDXFKQLFKWGLH+H[HQ PLWGHQHQLFKGHQ7HXIHODQJHEHWHWKDEH© ª:DVLVWPLWLKQHQJHVFKHKHQ"©IUDJWH.DUD :LHGHUHLQVFKZHUHUU|FKHOQGHU$WHP]XJª,FKZHLHVQLFKW 9LHOOHLFKWVLQGVLHDXFKLQGLHVHP+DXVJHIDQJHQ9LHOOHLFKWDXFK QLFKW,FKKDEHVLHQLHJHVHKHQ© .DUDVDJWHª:LUN|QQWHQGLFKEHIUHLHQ'UXLGH© 'DODFKWH.K\ORQª%HIUHLHQ"1HLQQLHPDQGLVWVWlUNHUDOVGHU 7HXIHO(UKDWPLUGLHVHV6FKLFNVDODXIHUOHJWLFKZHUGHHVWUDJHQ PVVHQ$EHULKUN|QQWPLUWURW]GHPHLQHQ*HIDOOHQHUZHLVHQ© ª:HOFKHQ"© ª7|WHWPLFK© 1DFKGLHVHQEHLGHQ:RUWHQHQWVWDQGHLQH6FKZHLJHSDXVH:LU VFKDXWHQXQVDQ0\[LQKREGLH6FKXOWHUQLQGHQ$XJHQGHU VFK|QHQ.DUDODVLFK9HUZLUUXQJ 1DFKHLQHPODQJJH]RJHQHQ6HXI]HQPHOGHWHVLFKGHU*HLVWGHV 'UXLGHQZLHGHUª,KUN|QQWHV©IOVWHUWHHUªLKUN|QQWPLFKW|WHQ ,FKZHLHVGDUXPWXWPLUGHQ*HIDOOHQ© ,FKVFKWWHOWHGHQ.RSI(VZDUNHLQHHQGJOWLJH(QWVFKHLGXQJ DEHULFKZROOWHDEZDUWHQZLHVLFKGLH'LQJHZHLWHUKLQHQWZLFNHO WHQª5HGHGX©IOVWHUWHLFK.DUD]X 6LHZDQGWHVLFKGDQQDXFKGHU:DQG]Xª:HQQLFKGLFKW|WH .K\ORQGDQQPXWGXDXFKPLUHLQHQ*HIDOOHQWXQ© ª:HQQLFKNDQQ© ª'XVROOVWGHQ7UDQNGHV9HUJHVVHQVKDEHQ© -HW]WNDPHVGDUDXIDQ:UGHGHU'UXLGHHV]XJHEHQ"8QVHUH 6SDQQXQJZXFKVGHQQ.K\ORQVDJWHHUVWHLQPDOJDUQLFKWV(U ZDUWHWHPLWVHLQHU$QWZRUWZLUYHUQDKPHQQXUVHLQVFKZHUHV $WPHQXQG6HXI]HQGHVVHQ.ODQJXQVZHLWHUKLQHLQH*lQVHKDXW EHUGHQ5FNHQMDJWH

ª1XQ"©IUDJWH.DUD ª,FKZHLQLFKWZRYRQGXUHGHVW©GUDQJGLHJHTXlOWH6WLPPH DQXQVHUH2KUHQ .DUDODFKWHJDOOHQELWWHUª'DVZHLWGXVHKUZRKO+DWPDQGLU QLFKWGHQ7UDQNGHV9HUJHVVHQVJHJHEHQ"6ROOWHVWGXLKQQLFKWDXI EHZDKUHQ.K\ORQ"© ª-DGDVVWLPPW© ª'DQQJLELKQKHU© ª,FKKDEHLKQQLFKWPHKU©HUZLGHUWHGHU'UXLGHª:LUNOLFKGX NDQQVWGLFKDXIPHLQ:RUWYHUODVVHQ0DQKDWLKQPLUZHJJH QRPPHQ,FKGXUIWHQLFKWPHKUDXILKQDFKWHQGHQQLFKZDUQLFKW ZUGLJJHQXJXPLKQZHLWHUKLQLQ9HUZDKUXQJ]XKDEHQ'HU 6DWDQKDWHVQLFKWHUODXEW,KUPWPLUJODXEHQ© 1DWUOLFKVDKLFKZLHHQWWlXVFKW.DUDZDU6LHEOLFNWH]X%RGHQ LKU*HVLFKWZXUGHEODGLH/LSSHQ]XFNWHQHEHQVRZLHLKUH :DQJHQ(VZDUYRUEHL 'DLFKPHUNWHZLHVFKZHUHV.DUDILHO]XUHGHQVWHOOWHLFKGLH QlFKVWH)UDJHª:HUKDWGHQ7UDQNGHQQHUKDOWHQ"© ª'DVKDWPLU$VPRGLVQLHPLWJHWHLOW© 'LH$QWZRUWEHUUDVFKWHPLFKQLFKW:lUHLFKDQGHU6WHOOHGHV 7HXIHOVJHZHVHQKlWWHLFKHVDXFKQLFKWJHWDQ ª:DQQKDWHUGLUGHQ7UDQNJHQRPPHQ"©HUNXQGLJWHLFKPLFK $EHUPDOVK|UWHLFKGDVbFK]HQª(VLVWQRFKQLFKWODQJHKHU$OV GLHVHV+DXVJHEDXWZXUGH© ª8QGGXKDVWNHLQH$KQXQJZHULKQHUKDOWHQVROOWH"© ª1HLQ© 'LH$QWZRUWNODQJ]|JHUQG,FKKDNWHVRIRUWQDFKª'XYHU PXWHVWHVDEHU© ª-D© ª'DQQUHGH© ª,FKK|UWHGDGHU6SXNGHQ7UDQNKDEHQVROO© 'LH(U|IIQXQJVFKRFNWHPLFK'HU6SXNZDU+HUUVFKHULP5HLFK GHU'lPRQHQVHHOHQXQGGRUWGHUDEVROXWH)UVW1LFKWHLQPDO $VPRGLQDUHGHWHLKPKLQHLQ(UDOOHLQEHVWLPPWHZDV]XWXQZDU XQGZHQQHUWDWVlFKOLFKGHQ7UDQNLQVHLQHQ+lQGHQKLHOWZDUHV VRJXWZLHXQP|JOLFKLKQGHP6SXNZLHGHUZHJ]XQHKPHQ 6RXQGQLFKWDQGHUVVDKGLH/DJHDXV'HQQZLHVROOWH.DUDLQ GDV5HLFKGHV6SXNVJHODQJHQ"9LHOOHLFKWVFKDIIWHVLHHVZHQQ

VLHGHQ7UDQN]XVLFKJHQRPPHQKDWWHDEHUGHUZDUMDQLFKWYRU KDQGHQDOVRPXWHVLHHVDXIJHEHQ ª:HULVWGHU6SXN"©IUDJWHVLH 6LHNDQQWHLKQQLFKW'RFKLKUGDV]XHUNOlUHQZDUMHW]WQLFKWGHU ULFKWLJH=HLWSXQNW ª6SlWHU©VDJWHLFK ª'DQQW|WHGHQ'UXLGHQ© 0LFKHUVFKUHFNWHLKUHKDUWH6WLPPH$EHUVLHZDUDXFKDXVGHU 6LWXDWLRQ]XHUNOlUHQLQGHUVLFK.DUDEHIDQG=XODQJHKDWWHVLH HEHQZDUWHQPVVHQ :lKUHQGZLUUHGHWHQZDULPPHUPHKU%OXWDXVGHQ5LW]HQLQ GHQ:lQGHQJHTXROOHQ(VEUHLWHWHVLFKDXIGHP%RGHQDXVXQG LFKQDKPDXFKMHW]WGHQ*HUXFKZDKUGHQHVDXVVWU|PWH (LQHQZLGHUOLFKVOLFKHQ*HUXFK ,FKVFKOXFNWH 'DV%OXWNDPYRQDOOHQ6HLWHQ$XVGHQ5LQQVDOHQZDUHQEUHLWH 6WUHLIHQJHZRUGHQGLHEHUGHQ%RGHQIORVVHQ7UlJHDEHUXQDXI K|UOLFKUDQQHQVLHLKUHP=LHOHQWJHJHQ 8QGGDVZDUHQZLU :LUKDWWHQJDUQLFKWEHPHUNWGDGLHVHV%OXWXQVHLQNUHLVWH $XFK0\[LQXQG.DUDZXUGHQDXIPHUNVDP'DV0lGFKHQJLQJ HLQHQ6FKULWWYRUXQGWLSSWHGLH6SLW]HGHVJROGHQHQ6FKZHUWVLQ HLQH%OXWODFKH 6RIRUW]LVFKWHHVDXIXQGHLQ'DPSIVWUHLIHQELOGHWHVLFKDXIGHU 2EHUIOlFKH ,FKZXUGHPLWUDXLVFK'LHVHV%OXWZLUNWHSO|W]OLFKZLH6lXUH XQGZHQQHVXQVHUH6FKXKHHUUHLFKWHZUGHHVVLHVLFKHUOLFK]HU IUHVVHQ ª*HKW]XU6HLWH©]LVFKWHLFKGHQEHLGHQ]Xª'DV%OXWGHV 'UXLGHQLVWJHIlKUOLFK© .DUDXQG0\[LQVXFKWHQVLFKHLQHQQRFKIUHLHQ3ODW]6LHJLQJHQ GDEHLDXIGLH7U]X ,FKEOLHEVWHKHQ 'DK|UWHLFKZLHGHUGDVVFKOLPPHbFK]HQ.K\ORQPDFKWHVLFK EHPHUNEDUª*HIDKU©U|FKHOWHHUª'LH*HIDKUQlKHUWVLFK,FK VSUHHV7|WHWPLFKVFKQHOO© ª:HOFKH*HIDKU"©IUDJWHLFK ª6LHNRPPHQ,FKVHKHVLHVFKRQ6FKDWWHQ6LHZROOHQGDV+DXV

'LH7RFKWHUGHV7HXIHOVLKU*HVLFKWHVLVWQDKHVHKUQDKHVRJDU LKUN|QQWQLFKWVPHKUWXQ)OLHKW©:LHGHUGDV6HXI]HQXQG U|FKHOQGH$WPHQGDVPLUHLQHQ6FKDXHUEHUGHQ.|USHUMDJWH XQGPLFKY|OOLJQHUY|VPDFKWH ª.RPP]XXQV©ULHI.DUDª'XEUDXFKVWQLFKW]XEOHLEHQ-RKQ (UKDWGHQ7UDQNQLFKW,FKZHUGHLKQZRDQGHUVVXFKHQ© ª1HLQ©,FKVFKWWHOWHGHQ.RSIª(UVWVWHOOHLFKPLFK,FKZHUGH $VPRGLQDGLH=lKQH]HLJHQ© ª)OLHK©U|FKHOWHGHU'UXLGH*OHLFK]HLWLJEUDFKHLQ6WFNDXV GHU:DQGXQGVFKZDU]HV'lPRQHQEOXWSXPSWHLQGHQ/DJHU UDXP -HW]WZXUGHHVZLUNOLFKJHIlKUOLFK 'DV=HXJKDWWHPLFKIDVWHLQJHNUHLVW(VJDEQXUQRFKHLQHQ VFKPDOHQ6WUHLIHQEHUGHQLFKPLFKWURFNHQHQ)XHVXQGVLFKHU EHZHJHQNRQQWH8QGGHUIKUWHQLFKW]XU7UVRQGHUQ]XHLQHP GHUEHLGHQ*DEHOVWDSOHU 'LHXQVLFKWEDUH*HIDKUQlKHUWHVLFK,FKVDKVLHQLFKWGRFKLFK YHUQDKPGLH5HDNWLRQGHV'UXLGHQ (UVW|KQWHQLFKWPHKUHUVFKULH(UPXWHXQVDJEDUH6FKPHU]HQ HUOHLGHQ 'LHVFKUHFNOLFKHQ*HUlXVFKH]HUUWHQDQPHLQHQ7URPPHOIHOOHQ VWUDSD]LHUWHQGLH1HUYHQKDOOWHQLQPHLQHP*HKLUQZLGHUXQG PDFKWHQPLFKIDVWZDKQVLQQLJ $QGHU7UKLHOWHQVLFK0\[LQXQG.DUDGLH2KUHQ]X'DV VFKZDU]KDDULJH0lGFKHQKDWWHVHLQ6FKZHUWIDOOHQJHODVVHQ(V ODJDXIGHP%RGHQ 1LHPDQGNPPHUWHVLFKXPGLHVHOWVDPH:DIIHDXFKIUPLFK ODJVLH]XZHLWHQWIHUQW ,FKZROOWHVLHDXFKQLFKWLFKZROOWH]XGHP*DEHOVWDSOHUXQG PLFKGRUWYRUGHP%OXWUHWWHQ :LHGHUWUDIHQPLFKGLH6FKUHLH 'LHVPDOVFKULOOHUXQGVFKOLPPHUDOV]XYRU,FKWDXPHOWHQDFK YRUQXQGYHUORUGDV*OHLFKJHZLFKW 6FKZHUILHOLFK]X%RGHQ ,FKK|UWH0\[LQVZDUQHQGH6WLPPH6LHEHUW|QWHVRJDUQRFK GDVJUlOLFKH.UHLVFKHQGRFKLFKDFKWHWHQLFKWGDUDXI,FKZlO]WH PLFKDP%RGHQXQGKLHOWPLUEHLGH2KUHQ]X 0HLQ*HVLFKWZDUQXUQRFKHLQH*ULPDVVH'LH6FKUHLHKDOOWHQLQ

PHLQHP.RSIZLGHUPDOWUlWLHUWHQGDV*HKLUQWULHEHQPLFKIDVWLQ GHQ:DKQVLQQ 8QGWURW]GHPKLHOWLFKDXV ,FKVFKQDSSWHQDFK/XIWZLHHLQ0HQVFKGHULPOHW]WHQ $XJHQEOLFNYRUGHP(UWULQNHQJHUHWWHWZRUGHQLVW+LHULQGLHVHP /DJHUUDXPEHNDPLFKHLQHQ9RUJHVFKPDFNDXIGLH+|OOHQTXDOHQ 7UlQHQOLHIHQEHUPHLQ*HVLFKW'LH$QJVWLQPLUVWHLJHUWHVLFK ,FKVFKDXWHQDFKYRUQVDK]ZLVFKHQGHQ5HJDOHQGLH:DQGGLH MHW]WVFKZDU]URWYRP%OXWGHV'lPRQVZDUXQGLPPHUPHKU )OVVLJNHLWGUDQJDXVGHQJU|HUJHZRUGHQHQ5LVVHQXQG6SDOWHQ 'DV%OXWNDPPLUDXVPHLQHU6LFKWSHUVSHNWLYHYRUZLHHLQH JLJDQWLVFKH:HOOHGLHQlKHUXQGQlKHUUROOWHXQGPLFKEDOG HUUHLFKWKDEHQPXWH ,FKZDUIPLFKKHUXP (LQ

6FKZDQNHQGKRFNWHLFKDXIGHP6LW]GHV*DEHOVWDSOHUV'DV ,QQHUHGHU+DOOHNUHLVWHYRUPHLQHQ$XJHQ1RFKLPPHUYHUQDKP LFKGLHVFKULOOHQ6FKUHLHGLHVLFKLQLKUHP:DKQVLQQEHUVFKOXJHQ XQGLQVFKDXULJHQ'LVVRQDQ]HQHQGHWHQ ,FKKROWHGDV.UHX]KHUYRUKLHOWHVIHVWXPNODPPHUWXQG NRQ]HQWULHUWHPLFKDXIGLHVHVZHUWYROOH.OHLQRG (VJLQJPLUEHVVHU .UDIWVWU|PWHLQPHLQHQ.|USHU]XUFN,FKPHUNWHZLHPHLQ *HKLUQUHLQJHZDVFKHQZXUGHLFKDWPHWHZLHGHUNODUHUH/XIWXQG KDWWHHLQHQEHVVHUHQhEHUEOLFN 'LH6FKUHLHZDUHQYHUVWXPPW 8USO|W]OLFKKDWWHQVLHDXIJHK|UW ,FKZDUIHLQHQ%OLFNDXIPHLQHEHLGHQ*HIlKUWHQ0\[LQXQG .DUDODJHQDP%RGHQ5HJORVZLHPLUVFKLHQ'DQQDEHUEHZHJ WHQVLHVLFKXQGPLUILHOHLQ6WHLQYRP+HU]HQ ,PQlFKVWHQ$XJHQEOLFNDEHUVWLHHVPLUZLHGHUJDOOHQELWWHU KRFKGHQQHLQHGLFNH%OXWODFKHEHZHJWHVLFKLQEUHLWHU)URQWDXI GLHEHLGHQ]X -HW]W]lKOWHMHGH6HNXQGH =XP*OFNZXWHLFKZLHPDQPLWHLQHP*DEHOVWDSOHUXP JHKHQNRQQWH,FKVWDUWHWHGDV)DKU]HXJ (VUXFNWHYRUKROSHUWHVFKWWHOWHPLFKGXUFKDEHUHVIXKU ª.DUD0\[LQ©VFKULHLFK 'LHEHLGHQK|UWHQPLFKQLFKW ,FKZLHGHUKROWHPHLQHQ5XIDOVLFKGLH+lOIWHGHU'LVWDQ]VFKRQ KLQWHUPLFKJHEUDFKWKDWWH .DUDUHDJLHUWH]XHUVW6LHKREGHQ.RSIVDKPLFKDXIGHP *DEHOVWDSOHUVLW]HQXQGEHJULII 5DVFKZDUVLHDXIGHQ%HLQHQ]RJ0\[LQPLWKRFKXQG|IIQHWH GLHJURH7U 'DZXWHLFKZDVVLHYRUKDWWH.DUDZROOWHPLUGHQ)OXFKWZHJ HEQHQ,FKVROOWHKLHUUDXV'LHgIIQXQJZDUVRJURGDGHU *DEHOVWDSOHUKLQGXUFKSDWH ,FKVWRSSWHLKQ ,PVHOEHQ0RPHQWHUUHLFKWHXQVGLHHUVWH%OXWODFKH,FKK|UWH GDV=LVFKHQXQG6FKPRUHQZLHVLFKGDV=HXJLQGLH5HLIHQIUD (LQEHVWLDOLVFKHU*HVWDQNEUHLWHWHVLFKDXVZlKUHQGLFKYRP *DEHOVWDSOHUVSUDQJXQG0\[LQDXIGLH%HLQH]RJ

.DUDKDVWHWHDXILKU6FKZHUW]XXQGKREHVDXI 6LHOlFKHOWHZLOG.DPSIHVZLOOHIODFNHUWHLQLKUHQ$XJHQXQG DXFKLFKZROOWHXPNHLQHQ3UHLVDXIJHEHQ ª,FKEOHLEH]XUFN©VFKULHLFKLKU]XGRFKVLHVFKWWHOWHQXUGHQ .RSI ª1HLQZLUNlPSIHQJHPHLQVDP© )UXQVZXUGHHV=HLW+DVWLJVWLHJLFKPLW0\[LQDXIGHQ 6WDSOHUXQGZROOWH.DUDDXFKQRFKKROHQGRFKGDVZDUQLFKWPHKU Q|WLJ6LHKDWWHLKUHHLJHQHQ.UlIWHDXVJHVSLHOW,KUH*HVWDOW]HU IOR3O|W]OLFKZDUVLHQXUQRFKHLQ6FKHPHQXQGGDQQJDQ]YHU VFKZXQGHQ 'LH6FK|QHDXVGHP7RWHQUHLFKKDWWHWDWVlFKOLFKGLH 'LPHQVLRQHQJHZHFKVHOW 8QIDEDU ,FKVFKOXFNWHKDUW7UDW.DUDYLHOOHLFKWLQHLQHUDQGHUHQ'LPHQ VLRQJHJHQGHQ'UXLGHQDQ" 0\[LQHUULHWPHLQH*HGDQNHQª(VLVWP|JOLFK©VDJWHHUªGD VLHXQVDXVGHU)HUQHKLOIW© ª+RIIHQWOLFK© ,FKZROOWHDXVGHU+DOOHIDKUHQEHNDPDEHUGLH.XUYHQRFK QLFKWVRQGHUQPXWHUDQJLHUHQ'LH]HUIOLHHQGHQ*XPPLUlGHU VFKPDW]WHQGXUFKGLHGLFNHDP%RGHQOLHJHQGH)OVVLJNHLW =DKOUHLFKHLQGHQ5HJDOHQVWHKHQGH.DUWRQVZDUHQHEHQIDOOVLQ 0LWOHLGHQVFKDIWJH]RJHQZRUGHQ9LHOH]HLJWHQHLQHQURWHQ 6FKOHLHUXQGZDUHQDXIJHZHLFKW8QGLPPHUQRFKSXPSWH 'lPRQHQEOXWDXVGHQ:lQGHQ 'LH/XIWZDUNDXPQRFK]XDWPHQDEHULFKULPLFK]XVDPPHQ 'DQQIXKULFK]XUFN*LQJLQHLQH5HFKWVNXUYHXQG ,PQlFKVWHQ0RPHQWVDFNWHGHU*DEHOVWDSOHUKLQWHQZHJ'DV JHVFKDKVRSO|W]OLFKGD0\[LQXQGLFKIDVWYRQGHP)DKU]HXJ JHZRUIHQZXUGHQXQVDEHUVRHEHQQRFKIDQJHQNRQQWHQ 3O|W]OLFKVWDQGGDV*HIlKUWVFKUlJ (LQZHLWHUHU5XFN:LUILHOHQWLHIHU ª+DOWHGLFKIHVW©ULHILFK0\[LQ]XXQGGUHKWHPLFKDXI GHP6LW] ,FKVDKGLH%HVFKHUXQJ,P%RGHQKDWWHVLFKHLQJHZDOWLJHV/RFK DXIJHWDQ(LQHUHFKWHFNLJHgIIQXQJDXVGHULQGLFNHQ6FKZDGHQ JUQOLFKHU%URGHPTXROO

ª'DVLVWGHV6DWDQV$WHP©VFKULH0\[LQª(UZLUGXQVSDFNHQ© ,FKVFKWWHOWHGHQ.RSIKLHOWGLH/XIWDQEHXJWHPLFKQDFK UHFKWVXQGVFKDXWHLQGLHgIIQXQJKLQHLQ 1LFKWQXUGHU%URGHPTXROOGDUDXVKHUYRUVRQGHUQPLWLKP ]HLJWHVLFKHLQH*HVWDOW ,FKKDWWHVLHQRFKQLHJHVHKHQZXWHDEHUWURW]GHPZHUGDYRU PLUVWDQG .K\ORQGHU'UXLGH ,UJHQGZLHKDWWHHUVRJDUbKQOLFKNHLWPLWGHP6SXN(UWUXJHLQ ODQJHVVFKZDU]JUQHV*HZDQGPLWHLQHU.DSX]HGLHHUVLFKEHU GHQ6FKlGHOJH]RJHQKDWWH 0HQVFKOLFKZLUNWHHULQVHLQHU.OXIW'LH*HVLFKWVKDXWVFKLP PHUWHEOHLFK,QVHLQHQ$XJHQIXQNHOWHHV'LH/LSSHQ]HLJWHQ HLQHQTXDOYROOHQ=XJGLH+lQGHZDUHQQXUPHKU.UDOOHQGLH $XJHQOHEORVHNDOWH6WHLQH (UWDXPHOWH]XU6HLWHGUHKWHVLFKXQGVWDUUWHPLFKDQ3O|W]OLFK KREHUEHLGH$UPHGUHKWHGLH+lQGHMHGRFKVRGDGLH)LQJHU]X %RGHQZLHVHQ 'DVDKLFKGDV6FKUHFNOLFKH $XVGHQ6SLW]HQIOR%OXW (VWURSIWH]X%RGHQXQGYHUHLQLJWHVLFKPLWGHUVFKRQYRUKDQ GHQHQ%OXWPHQJH ª'DVJLEWbUJHU©IOVWHUWH0\[LQªGHULVWXQVQLFKWZRKOJH VRQQHQ(UZLOOXQVW|WHQ© ,FKZLGHUVSUDFKª:DUXP":DVVROOWHHUIUHLQHQ*UXQGKDEHQ" (UKDWDXFKYRUKLQDXIXQVHUHU6HLWHJHVWDQGHQ© ª:DUWHHVDE© 0\[LQVROOWHUHFKWEHKDOWHQGHQQGLHQlFKVWHQ:RUWHGHV 'UXLGHQEHZLHVHQGLHV ª,FKELQ.K\ORQ©VFKULHHUXQVHQWJHJHQª,FKKDEHPHLQH6WUDIH HUKDOWHQPXWHGLH4XDOHQGHU+|OOHHUOHLGHQZHLOLFKYHUVDJWKDEH ,FKZDULQGLHVHP+DXVHLQJHVFKORVVHQXQGNRQQWHPLFKQLFKW UKUHQDEHU$VPRGLQDGLH7HXIHOVWRFKWHUKDWPLUQRFKHLQH&KDQFH JHJHEHQ,FKEUDXFKHGLHVH4XDOHQQLFKWPHKUOlQJHU]XHUGXOGHQ ,FKNDQQVLHVWRSSHQVLHZHUGHQYRQ$VPRGLQDJHVWRSSW'DVKDW VLHPLUYHUVSURFKHQ,FKEUDXFKHQLFKWPHKU]XOHLGHQ©

:LUVWDUUWHQLKQJHEDQQWDQ 6HLQ*HVLFKWEHZHJWHVLFKNDXPZHQQHUVSUDFKQXUGLH)LQJHU ]XFNWHQKLQXQGKHUREZRKODXVLKUHQ6SLW]HQNHLQ7URSIHQ%OXW PHKUIOR ª$EHUHLQH%HGLQJXQJKDWVLHJHVWHOOW©VRUHGHWHGHU'UXLGH ZHLWHUª6LHOlWPLFKQXUIUHLZHQQLFKHXFKLKUPLHVHQ(UGHQ ZUPHUW|WH© -HW]WZDUHVKHUDXV0\[LQKDWWHGRFKUHFKWJHKDEW.K\ORQZDU SO|W]OLFK]XHLQHPDQGHUHQJHZRUGHQ(LQ'LHQHUGHU)LQVWHUQLV ZUGHVLFKQLHOlXWHUQXQGHUILHODXFKLPPHUZLHGHUDXIGLH 9HUVSUHFKXQJHQGHU+|OOHKHUHLQ :LH.K\ORQ 'DQQODFKWHHU (UULVHLQ0DXODXIXQGEHUVHLQH/LSSHQGUDQJHQZLGHUOLFKH NLFKHUQGH/DXWHGLHLFKDOVYHUGDPPWXQDQJHQHKPHPSIDQG ª,FKELQQLFKWDOOHLQ©ODFKWHHUª1HLQLFKELQQLFKWDOOHLQ6LH VWHKHQDOOHDXIPHLQHU6HLWH$VPRGLQDKDWVLHPLU]XP6FKXW] JHJHEHQ6HKWLKUVLHQLFKW"© :HQPHLQWHHU" ª'D-RKQ© ,FKVDK0\[LQDQ'HUGHXWHWH]XU'HFNHKRFK(LQIXULRVHU :LUEHOZDUGRUWHQWVWDQGHQ )QIJHLVWHUKDIWH*HVWDOWHQVFKZHEWHQLPK|OOLVFKHQ.UHLVHO GXUFKGHQ5DXP6LHULWWHQDXIHLQHPJHZDOWLJHQ6WDEGHUPLFKDQ HLQHQ%HVHQHULQQHUWH +H[HQ -DGDVZDUHQGLHIQI+H[HQPLWGHQHQGHU'UXLGHVHLQHVFKDX ULJHQ)HVWHJHIHLHUWKDWWH 2YHUGDPPW 'LH+H[HQPDFKWHQHLQHQ+|OOHQOlUP 6LHNUHLVFKWHQXQGVFKULHQEHUERWHQVLFKJHJHQVHLWLJLQ REV]|QHQ%HVFKLPSIXQJHQGLHVLHXQVHQWJHJHQVFKOHXGHUWHQ ,FKNRQQWHQLFKWHUNHQQHQREVLHQXUIHLQVWRIIOLFKZDUHQRGHU Y|OOLJQRUPDO:HQQLKUH.XWWHQGXUFKGHQ:LUEHOKRFKIORJHQVDK LFKGLH6FKHQNHOXQGGLHODQJHQ%HLQH8QWHUGHQ.XWWHQZDUHQ GLH+H[HQQDFNW $OWHXQGMXQJHELOGHWHQGLHVHQ5HLJHQ,QLKUHQ$XJHQWDQ]WHQ NOHLQHURWH)XQNHQ

'HU7HXIHOKDWWHVLHVFKDUIJHPDFKWXQG.K\ORQZXUGH]XLKUHP $QWUHLEHU (UKREGHQ$UPª0DFKWVLHQLHGHUGLHYHUGDPPWHQ)HLQGH© EUOOWHHU 8QGGLH+H[HQJULIIHQDQ %OLW]VFKQHOOVWLHHQVLHDXIXQVKHUDE6RVFKQHOOGDLFKQLFKWHLQ PDOGD]XNDPGLH3LVWROH]X]LHKHQ'LHHUVWHZROOWHPLUPLWLKUHQ .UDOOHQGDV*HVLFKW]HUUHLHQGRFKGDJHJHQKDWWHLFKHWZDV +DVWLJ]RJLFKPHLQ.UHX]KRFK 3O|W]OLFKVFKULHGLH+H[HGLHGHQODQJHQ%HVHQYHUODVVHQKDWWH DXI6LHZDUGHP.UX]LIL[]XQDKHJHNRPPHQ9RQHLQHP $XJHQEOLFN]XPDQGHUHQVWDQGLKU.|USHULQ)ODPPHQXQGDOV ORGHUQGHV%QGHOVFKRVLHJHJHQGLH'HFNH+DUWSUDOOWHVLHGD JHJHQ,PQlFKVWHQ0RPHQWIHJWHHLQJOKHQGHU)XQNHQUHJHQ GHP%RGHQHQWJHJHQ ,FKIXKUKHUXP =ZHL+H[HQKDWWHQ0\[LQJHVFKQDSSW6LHULVVHQGHQNOHLQHQ 0DJLHUKRFKGHUHLQHQ%DQQVSUXFKVFKULH(U]HLJWHNHLQH :LUNXQJ'LH+H[HQZDUHQVWlUNHU :LHHLQ7HXIHOZDULFKGD]ZLVFKHQ8QGGLHVPDOKDWWHLFK=HLW GLH:DIIH]X]LHKHQDEHULFKNDPQLFKWPHKUGD]XDE]XGUFNHQ GHQQLQGLHVHP$XJHQEOLFNUXWVFKWHGHU*DEHOVWDSOHUQRFKWLHIHU 'XUFKGHQSO|W]OLFKHQ5XFNZXUGHLFKZLHGHUQDFKKLQWHQJHZRU IHQXQGNDPHUVW]XU5XKHDOVVLFKGDV*HIlKUWYHUNDQWHWH 'DWUDIHLQ6FKODJPHLQUHFKWHV*HOHQN,FKKDWWHGDV*HIKO PHLQ8QWHUDUPZlUHYRQJOKHQGHP(LVHQXPZLFNHOWXQGOLH GLH:DIIHIDOOHQ 'LH+H[HODFKWHNUHLVFKHQG 'DQQVFKRVLHGHU'HFNHHQWJHJHQZR0\[LQPLWGHQDQGHUHQ GUHL:HVHQUDQJ :LUZXUGHQYRQGLHVHQK|OOLVFKHQ.UHDWXUHQYHUGDPPWLQGLH 'HIHQVLYHJHGUlQJW$VPRGLQDKDWWHJHVFKLFNWUHDJLHUWXQVQLFKW DXVGHQ$XJHQJHODVVHQQDFKGHPZLULKUH7RGHVERWLQQHQJHW|WHW KDWWHQXQGVLHKDWWHVLFKDXFKGHU+LOIHGHV'UXLGHQYHUVLFKHUW 'LHVHQ6FKDFK]XJKDWWHVLHZLUNOLFKUDIILQLHUWHLQJHIlGHOWGDV PXWHPDQLKUODVVHQ

$XIGHP%RGHQNRFKWHGDV'lPRQHQEOXW (VZDUIUHJHOUHFKWH%ODVHQGLHVLFK]XGLFNHQ+DOENXJHOQIRUP WHQXQGGDQQ]HUSODW]WHQ 'LH6SULW]HUIHJWHQQDFKDOOHQ6HLWHQZHJ:HQQLFKLQGLHVH NRFKHQGHQ6XSSHVSUDQJZDULFKYHUORUHQ 9HUGDPPWZRVWHFNWHGHQQ.DUD" 6LHZDUQLFKW]XVHKHQGDIUDEHUGHU'UXLGH .K\ORQORFNWHPLFKª.RPPGRFKKHU©VFKULHHUª1XQNRPP RGHUKDVWGX$QJVW"© 'HUKDWWHJXWODFKHQ(UVWDQGLQPLWWHQVHLQHVNRFKHQGHQ 'lPRQHQEOXWVXQGKDWWHEHLGH$UPHDXVJHVWUHFNWDOVZROOWHHU PLUKHOIHQYRQGHP*DEHOVWDSOHUZHJ]XNRPPHQ 2ND\GDVNRQQWHHUKDEHQ ,FKNOHWWHUWHDXIGDV9RUGHUWHLOXQGGDQQVHW]WHLFKDOOHVDXIHLQH .DUWH 0LWHLQHPJHZDOWLJHQ6SUXQJVWLHLFKPLFKDEIORJGXUFKGLH /XIWXQGYLVLHUWHJHQDXPHLQ=LHODQ (LQVGHU5HJDOH ,FKKlPPHUWHGDJHJHQGRFKPHLQH+lQGHSDFNWHQ]XXQG EHNDPHQGLHJUQHQ4XHUVWDQJHQPLWGHQ/|FKHUQGDUDQ]X IDVVHQ-HW]WZDULFKLQGHU1lKHGHV'UXLGHQ (UODFKWHNUHLVFKHQGª$XFKGDVQW]WGLUQLFKWV'XELVWGD Y|OOLJKLOIORV© 'DVZDULFKLQGHU7DWZHQQLFKVRKlQJHQEOLHE'RFKGDVNDP QLFKWLQ)UDJH ,FKULVNLHUWHHLQHQ.OLPP]XJVFKZDQJGLH%HLQHKRFKXQGNOHW WHUWHLQHLQHOHHUH5HJDOK|KOHKLQHLQ -HW]WNRQQWHHVZHLWHUJHKHQ 6FKOLPPVDKHVEHL0\[LQDXV'LH+H[HQWULHEHQLKUHQJUDX VDPHQ6SDPLWGHPNOHLQHQ0DJLHUGHUVLFKYHU]ZHLIHOWJHJHQ GLHYLHUNUHLVFKHQGHQ:HLEHUZHKUWH ,FKKDWWHLQVRIHUQ*OFNJHKDEWGDGDV5HJDOQXUDPKLQWHUHQ 5DQGGXUFKGDV'lPRQHQEOXWEHQHW]WZDU:RLFKKRFNWHZDU DOOHVWURFNHQ 'HU'UXLGHJULQVWHPLFKDQ 8QGGLHVHV*ULQVHQPDFKWHPLFKUDVHQG ,FKQDKPPHLQ.UHX]XQGVFKOHXGHUWHHVLKPHQWJHJHQ

*OHLFK]HLWLJJHVFKDKHWZDVDQGHUHV.DUDHUVFKLHQ8QGVLHWDXFKWH DXIZLH3K|QL[DXVGHU$VFKH3O|W]OLFKVFKZHEWHVLHGXUFKGLH /DJHUKDOOHHLQIHLQVWRIIOLFKHU*HLVWPLWHLQHPJROGHQHQ6FKZHUW 6LHVDKQLFKWPLFKVRQGHUQ0\[LQXQGGLHYLHU+H[HQ .DUDJDELKQHQGDVZDVVLHYHUGLHQWHQ =XPHUVWHQPDOHUOHEWHLFKPLWZLHVLHLKU6FKZHUWIKUWH'D ZXUGHVRPDQFKPlQQOLFKHU.lPSIHUEODYRU1HLG 'LH+H[HQVDKHQVLH]XVSlW$OVVLH.DUDEHPHUNWHQGDKDWWHVLH GLHHUVWHVFKRQYHUQLFKWHW ,KU6FKZHUWWUHQQWHGHU+H[HGHQ.RSIYRP5XPSI(LQHQ /LGVFKODJODQJZLUEHOWHGHU6FKlGHOGXUFKGLH/XIWIORJLQPHLQH 5LFKWXQJXQGLFKVDKGLHZHLWDXIJHULVVHQHQ$XJHQXQGGDV *UDXHQDXIGHP*HVLFKW'DQQYHUVFKZDQGHU 'HU.RSIO|VWHVLFKDXI 'LH+H[H1XPPHU]ZHLYHUORUEHLGH$UPHDOVGDV6FKZHUWVLH WUDI$XFKVLHO|VWHVLFKDXIHLQHQJUQOLFKHQ5DXFKVFKOHLHUKLQWHU VLFKKHU]LHKHQG 'LHDQGHUHQEHLGHQVWHOOWHQVLFK 6LHJLIWHWHQLKUH*HJQHULQDQXQGIORJHQGLUHNWDXIVLH]X .DUDKROWHZHLWDXV 'LHVPDOUHLFKWHHLQ6WUHLFKPLWGHPJROGHQHQ6FKZHUWXPEHLGH +H[HQ]XW|WHQ 0\[LQZDUJHUHWWHW.DUDKDWWHHVJHVFKDIIWGHQNOHLQHQ0DJLHU LQGHU.DPSIKDQGOXQJQRFKDXI]XIDQJHQGDPLWHUQLFKWLQGHQ NRFKHQGHQ%OXWVHHVWU]WH ,FKDEHUKDWWHQRFKGHQ'UXLGHQYRUPLU %LVPHLQ.UHX]LKQHUUHLFKWH (VILHOJHQDXLQGHQ%UXVWDXVVFKQLWWGHU.XWWH3O|W]OLFKVFKULH .K\ORQZLHHLQ:DKQVLQQLJHU 'DV.UHX]HQWIDOWHWHVHLQHYROOHPDJLVFKH6WlUNH(VKOOWHGHQ 'UXLGHQLQHLQHQH[SORVLRQVDUWLJHQ/LFKWEOLW]HLQGHULKQEXFK VWlEOLFKDXVHLQDQGHUUL 'LH7HLOHGLHVHV'lPRQVIORJHQQDFKDOOHQ6HLWHQZHJXQGYHU JOKWHQZLHKHLH.RKOHQGLHLQV:DVVHUJHZRUIHQZXUGHQ (LQOHW]WHU6FKUHLHLQTXDOYROOHV-DPPHUQDXVGHU8QHQGOLFK NHLWGDQQZDUDOOHVYRUEHL 'LH'lPRQHQSHVWZDUDXVJHUlXFKHUW 8QGPLWLKUYHUJLQJDXFKGDV%OXW(VYHUGDPSIWH

,QQHUKDOEYRQ0LQXWHQZDUQLFKWVPHKU]XVHKHQ 1XUGLH5LVVHLQGHQ:lQGHQEHZLHVHQZHOFKHLQ'UDPDVLFKLQ GLHVHP/DJHUUDXPDEJHVSLHOWKDWWH 8QGQDWUOLFKGHU*DEHOVWDSOHUGHUVFKLHIXQGYHUNDQWHWLQGHU gIIQXQJ]XP.HOOHUVWDQG 0\[LQKDWWHGLH%HUHWWDDXIJHQRPPHQª:LOOVWGXVLHZLHGHU KDEHQ"©IUDJWHHU ,FKVSUDQJ]X%RGHQª8QGZLH©VDJWHLFKZREHLLFKJOHLFK ]HLWLJGDV.UHX]DXIKRE ,FKIKOWHPLFKVRZRKOHU .DUDXQG0\[LQVWDQGHQQHEHQHLQDQGHU,FKUHLFKWHLKQHQGLH +DQGXQGEHGDQNWHPLFKIULKUH+LOIH ª:LUVLQGXQVHLQLJJHZRUGHQ©VDJWH0\[LQ ª:RUEHU"© ª'DZLUGHQ.DPSIJHJHQXQVHUH)HLQGHJHPHLQVDPDXI QHKPHQ©HUZLGHUWHGHUNOHLQH0DJLHU ª8QGPLFKKDVWGXYHUJHVVHQ"© ª1HLQ-RKQ©VDJWH0\[LQª$EHULFKZHUGHLPPHUGDDXI WDXFKHQZRHWZDVORVLVW8QGLFKZHUGHGLUPDQFKHQ7LSJHEHQ N|QQHQGHQQ.DUDV)lKLJNHLWHQVLQGSKlQRPHQDO6LHDOOHLQNDQQ PLUKHOIHQPHLQHHLJHQHQXQGXUVSUQJOLFKHQ.UlIWHZLHGHU]X ILQGHQ)UGLHVH:HOWELQLFKQLFKWJHVFKDIIHQDEHULFKZHUGHDXI GLFKXQGDXIVLHLPPHUHLQ$XJHKDOWHQ9LHOOHLFKWVHKHQZLUXQV PRUJHQVFKRQZLHGHU-RKQ:HUZHL"© ,FKQLFNWHXQGUlXVSHUWHPLUGLH.HKOHIUHLª$OOULJKW0\[LQGX PXWZLVVHQZDVIUGLFKDPEHVWHQLVW,FKZQVFKHGLUMHGHQ IDOOVYLHO*OFNXQGGLUDXFK.DUD© 'DVVFKZDU]KDDULJH0lGFKHQQLFNWHGDQNHQG$EHU0\[LQ KDWWHQRFKHLQH%HULFKWLJXQJ ª'XEUDXFKVWPLUQLFKWYLHO*OFN]XZQVFKHQ-RKQVRQGHUQ XQVGHQQZLUNlPSIHQVFKOLHOLFKJHPHLQVDP© 'DVZDUHLQ:RUW 'DQQJLQJHQGLHEHLGHQXQGLFKEOLHEDOOHLQ]XUFN ,FKIDQGDXFKKHUDXVZRLFKZDU,Q/HHGVHLQH]LHPOLFKH6WUHFNH ZHJYRQ/RQGRQ $OVLFKDXIGLH8KUVDKGDPHUNWHLFKGD0LWWHUQDFKWVFKRQ

XPHLQH6WXQGHEHUVFKULWWHQZDU=ZHL7RWHKDWWHGHU)DOOJH NRVWHWYRQGHQ/RQGRQHU(UHLJQLVVHQDKQWHLFKMDQLFKWV :LHGHUHLQPDOPXWHLFKGHU0RUGNRPPLVVLRQHLQHUIUHPGHQ 6WDGWEHJUHLIOLFKPDFKHQGDPDQGHQRGHUGLH0|UGHUHLJHQWOLFK QLFKW]XU5HFKHQVFKDIW]LHKHQNRQQWH,PPHUHLQVFKZLHULJHV 8QWHUIDQJHQ8QGGDQQZROOWHLFKDXFKZLVVHQZLHHVLQ/RQGRQ ZHLWHUJHJDQJHQZDU 9RQGHP%URDXVULHILFKEHL6KDRDQ6LHPHOGHWHVLFKQDFK GHP]ZHLWHQ.OLQJHOQZDUDOVRQRFKQLFKW]X%HWWJHJDQJHQ ª-RKQGX"©IUDJWHVLHHUVWDXQW ª-DZDUXPQLFKW© ª9RQZRUXIVWGXDQ"© ª$XV/HHGV© ª8QG6XNRZDUWHWDXIGLFK© ,FKODFKWHª'DQQJLELKQPLUPDO© ª'DVJHKWQLFKW(ULVW]X6FRWODQG