Die Seelenburg

',(6((/(1%85* 6LHMDJWHQLKQHUEDUPXQJVORV 6RKDUWVREUXWDOXQGVRXQQDFKJLHELJZLHHVQXU'lPRQHQN|QQHQ 8QGGDV...

Author: Dark Jason

1 downloads 164 Views 257KB 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((/(1%85* 6LHMDJWHQLKQHUEDUPXQJVORV 6RKDUWVREUXWDOXQGVRXQQDFKJLHELJZLHHVQXU'lPRQHQN|QQHQ 8QGGDVZXWHGHU*HMDJWHGHQQHUZDUVHOEVWHLQ6FKZDU]EOWHUHLQ 'lPRQXQG=DXEHUHU 8QGGRFKKDWWHHUVLFK]XZHLWYRUJHZDJW(UZDULQ*HELHWHHLQ JHGUXQJHQYRQGHQHQHUHLJHQWOLFKGLH)LQJHUKlWWHODVVHQVROOHQ1XQ ZDUHV]XVSlW'LHDQGHUHQKDWWHQVFKRQUHDJLHUWXQGLKQLQGLH(QJH JHWULHEHQ 'HU'UXLGHZDULQGLH.HOOHUGHU%XUJJHIOFKWHW'RUWNDQQWHHUMHGHV 9HUVWHFN(UZXWHDXFKZRGLH*HKHLPJlQJHODJHQGLHLKQLQGLH )UHLKHLWEULQJHQZUGHQ 3\NNDGHU'UXLGHKDWWHQLFKWYRUDXI]XJHEHQDXFKZHQQPDQVHLQHQ *HJQHUDOVXQJHPHLQPlFKWLJEH]HLFKQHQNRQQWH6HLQ*HJQHUZDUNHLQ *HULQJHUHUDOVGHU6SXN+HUUVFKHULP5HLFKGHU6FKDWWHQ,KPZDUGHU 'UXLGHVR]XVDJHQDXIGLH=HKHQJHWUHWHQXQGYHUVXFKWHQXQGHQ )ROJHQGLHVHVª=HKHQWULWWV©]XHQWJHKHQ ,P)LQVWHUQKDVWHWHHUYRUDQ'LH'XQNHOKHLWEHKLQGHUWHGHQ'UXLGHQ QLFKW6HLQH$XJHQZDUHQZLHURWH5lGHUVLHSDWHQVLFKGHQMHZHLOLJHQ /LFKWYHUKlOWQLVVHQDQ 'RFKVHLQHHLJHQWOLFKH0DJLHNRQQWHGHU'UXLGHQLFKWPHKUHLQVHW]HQ 'HU6SXNGHULUJHQGZRODXHUWHKDWWHGLHVH%XUJPLWHLQHUIUHPGDUWLJHQ 0DJLHEHOHJWJHJHQGLH3\NNDPDFKWORVZDUVRGDHUNDXPJU|HUH .UlIWHKDWWHDOVHLQQRUPDOHU0HQVFK 'DVZXUPWHLKQ(LQVWZDUHUVRPlFKWLJJHZHVHQXQGZXUGHQXQ EHKDQGHOWZLHHLQQLHGHUHU'lPRQ )OFKWHQPXWHHU)OLHKHQLQGHU%XUJGLHHUDOVVHLQ(LJHQWXPDQVDK (VZDUHLQHUHJHOUHFKWH6FKDQGH *OHLFK]HLWLJZDU3\NNDHLQVLFKWLJJHQXJVLFK]XVDJHQGDHUJHJHQ GHQ6SXNQLFKWGHQ+DXFKHLQHU&KDQFHKDWWH'HUZUGHLKQJQDGHQ ORVYHUQLFKWHQ'DJDEHVNHLQH$OWHUQDWLYH(UKDWWHVLFKJHJHQLKQ JHVWHOOWXQGZHUJHJHQGHQ6SXNZDUGHUZXUGHYRQLKPJHW|WHW 'HVKDOEGXUIWH3\NNDGLHVHPJHVWDOWORVHQ:HVHQQLFKWLQGLH+lQGH IDOOHQ(UUDQQWHZHLWHU(VZDUGHU:HJGHQHUXQWHUGHU(UGHKDWWH DQOHJHQODVVHQ(LQ)OXFKWWXQQHOLQGHQ%HUJKLQHLQGHULUJHQGZR DXIHLQHP3ODWHDXVHLQHQ$XVJDQJKDWWH:HQQHUGRUWZDUZROOWHHU ZHLWHUVHKHQ 3\NNDEOLHEVWHKHQ(UODXVFKWHDXIGLH6FKULWWHVHLQHU9HUIROJHUGRFK HUK|UWHQLFKWV.HLQ*HU|OOEHZHJWHVLFKXQWHUGHQ)HQGHU 6SXNGLHQHUQDKH]XHLQHXQKHLOYROOH6WLOOHXPJDEGHQ'UXLGHQ 6ROOWHGLH-DJGYRUEHLVHLQ" 6RVFK|QHVJHZHVHQZlUHGHU'UXLGHJODXEWHQLFKWGUDQ1HLQGLH

JDEHQQLFKWDXIGLHZROOWHQLKQXQGGDEHLVHW]WHQVLHDOOHVHLQ ,UJHQGZLHVFKLHQHQVLH$QJVWYRULKP]XKDEHQ$OVGHU'UXLGHGDUDQ GDFKWHPXWHHUXQZLOONUOLFKNLFKHUQ $QJVWYRULKP" 1HLQQLFKWGHUPlFKWLJH6SXN:DVZDUHUGHQQVFKRQ"(LQ:HVHQ QLFKWJU|HUDOVHLQ=ZHUJPLWHLQHP]XJURHQ.RSIDEVWHKHQGHQ 2KUHQXQGEHUJURHQ$XJHQ$XFKGHU.|USHUZDUYHUZDFKVHQDEHU GLHlXHUOLFKHQ0HUNPDOHLQWHUHVVLHUWHQQLFKW:LFKWLJDOOHLQZDUHQ VHLQH.UlIWHXQGGLHKRIIWHHU]XEHKDOWHQZHQQHUGHPYHUGDPPWHQ 6SXNHQWNRPPHQZDU (UOLHIZHLWHU/HLGHUZDUHQGLH%HLQHYLHO]XNXU]3\NNDKlWWHJHUQ GLH*U|HHLQHVQRUPDOHQ0HQVFKHQJHKDEWGDQQKlWWHHUVHLQ=LHO VLFKHUOLFKVFKRQHUUHLFKWDEHUVR =XGHPIHKOWHQLKPVHLQHPDJLVFKHQ.UlIWH8QGGDVZDUQRFK VFKOLPPHU(UKDWWHGLH7HOHNLQHVHEHKHUUVFKWDXFKGLH7HOHSRUWDWLRQ GRFKHUNRQQWHVLHQLFKWHLQVHW]HQ 'LHDQGHUH0DJLHVWDQGGDJHJHQ8QGGHVKDOEOLHIHUZHLWHUVWU]WHHU DXIVHLQHQNOHLQHQ%HLQHQLQGHQILQVWHUHQ*DQJKLQHLQZRPDQQLFKW HLQPDOGLHEHUKPWH+DQGYRU$XJHQVHKHQNRQQWH $EHUGHU'UXLGHVDKXQGVHLQH$XJHQOHXFKWHWHQ:LHNOHLQH%lOOH VWDQGHQVLHLQGHU/XIW :DVVHUKDWWHVLFKDQGHU'HFNHJHELOGHW(VILHODQPDQFKHQ6WHOOHQLQ GLFNHQ7URSIHQQDFKXQWHQXQGNODWVFKWHDXIGHQIDVWKDDUORVHQ6FKlGHO GHV'UXLGHQ 'DQQVFKWWHOWHVLFK3\NNDMHGHVPDOXQGGURKWHPLWVHLQHUNOHLQHQ )DXVW (UVWROSHUWHZHLWHUGXUFKGHQ*DQJ(LQ0HQVFKZlUHLQGHUWRWDOHQ )LQVWHUQLVGXUFKJHGUHKWQLFKWVRGHU'UXLGHGHULP'XQNOHQVHKHQ NRQQWH 'RFKGLH+lVFKHUODXHUWHQ3\NNDVROOWHQLFKWHQWNRPPHQGDVKDWWH GHU6SXNEHIRKOHQXQGVHLQH%HIHKOHPXWHQEHIROJWZHUGHQ 6LHHUZDUWHWHQ3\NNDGRUWZRGHUXQWHULUGLVFKH*DQJQDFKREHQ IKUWHXQGDXFKHQGHWH=XHUVWHUVFKUDN3\NNDDOVHUGLHEHLGHQ *HVWDOWHQVDKGHQQHUKDWWHQLFKWGDPLWJHUHFKQHWGDGHU6SXNYRQ GLHVHP)OXFKWZHJZXWH'RFK6HNXQGHQVSlWHUKDWWHHUVLFKGDPLW DEJHIXQGHQ (UZUGHNlPSIHQPVVHQ 'HU6SXNKDWWH]ZHLVHLQHUHFKVHQN|SILJHQ9DVDOOHQJHVFKLFNW 0RQVWHUKDOE0HQVFKKDOE7LHU:DIIHQKLHOWHQVLHQLFKWLQGHQ+lQGHQ GDIUHLQJHIlKUOLFKHV1HW]GHVVHQ)lGHQSO|W]OLFKDQILQJHQJOXWURW ]XVFKLPPHUQ

3\NNDEOLHEVWHKHQ (WZDIQI6FKULWWHWUHQQWHQLKQYRQGHQ(FKVHQN|SILJHQGLHGHU+|OOH HQWVWLHJHQZDUHQGHQQVLHURFKHQQDFK6FKZHIHOXQG3HVWLOHQ]'HU 'UXLGHPDFKWHVLFKQRFKNOHLQHU ª:DVZROOWLKU"©6HLQH6WLPPHNODQJGXQNHO 'LHEHLGHQJDEHQNHLQH$QWZRUW $EHU3\NNDZXWHDXFKVRZDVVLHPLWLKPYRUKDWWHQ(UVROOWH ]XUFNJHVFKDIIWZHUGHQ 8QGVLHNDPHQQlKHU 'DV1HW]KLHOWHQVLHPLW]ZHL+lQGHQDQGHQ2EHUXQG8QWHUNDQWHQ IHVWXQGVRVSDQQWHQVLHHVEHUGLHJHVDPWH*DQJEUHLWH *DEHVQRFKHLQH&KDQFH" *HTXlOWYHU]RJGHUNOHLQH'UXLGHGDV*HVLFKW(UNRQQWH]XUFN ODXIHQDEHUZDVKlWWHGDVJHQW]W"(VZlUHHLQXQQ|WLJHU.UlIWHYHU VFKOHLJHZHVHQ 6REOLHEHUVWHKHQ :HQQHUQRFKVHLQHDOWHQ.UlIWHJHKDEWKlWWHGDQQZlUHDOOHVDQGHUV JHZHVHQGDQQKlWWHHUGDV1HW]]HUULVVHQDEHUVR (UEHIDQGVLFKQRFKLQPLWWHQVHLQHUhEHUOHJXQJHQDOVGLHEHLGHQ *HVWDOWHQGDV1HW]VFKOHXGHUWHQ(VJLQJEOLW]VFKQHOO'HU'UXLGHVDK SO|W]OLFKGLHVHVIOLUUHQGH*HELOGHEHUVLFKGXFNWHVLFKQRFKPHKUGRFK HUNRQQWHGHP1HW]QLFKWDXVZHLFKHQ(VILHOQDFKXQWHQ *HQDXDXILKQ]X (UVSUWHGLH%HUKUXQJ=XHUVWJHVFKDKQLFKWVGDQQDEHUZXUGHGLH PDJLVFKH.UDIWGHV1HW]HVYROOZLUNVDP 3\NNDVFKULHDXI$XIHLQPDOVFKLHQVHLQ.|USHUXQWHUHLQHPNDOWHQ )HXHU]XEUHQQHQhEHUDOOZRLKQGDV1HW]EHUKUWHVSUWHHUGLH 6FKPHU]HQGLHWLHIGXUFKVHLQH+DXWGUDQJHQLKQHLQKOOWHQXQGLKQ IDVW]XP:DKQVLQQWULHEHQ (UNRQQWHQXUQRFKVFKUHLHQ $EHUHUULVLFK]XVDPPHQHUZROOWHGHQEHLGHQ+lVFKHUQNHLQHQ *UXQGJHEHQVLFKDQVHLQHQ6FKPHU]HQ]XZHLGHQ6RVDFNWHHUQXU ]XVDPPHQXQGEOLHEDXIGHP%RGHQOLHJHQEHJUDEHQXQWHUGHU.UDIW GHVPDJLVFKHQ1HW]HV 'LH(FKVHQN|SILJHQWUDWHQQHEHQLKQ:RUWORVEFNWHQVLHVLFKXQG JULIIHQZLHGHU]X,KUH+lQGHSDFNWHQGLH(QGHQGHV1HW]HVXQG]RJHQ HV]XVDPPHQ 'DVVSUWH3\NNDQLFKWPHKU(UEHIDQGVLFKLQ]ZLVFKHQLQHLQHP WUDQFHlKQOLFKHQ=XVWDQG:DVXPLKQKHUXPJHVFKDKQDKPHUEHU KDXSWQLFKWZDKU 6LHWUXJHQLKQZHJ

(LQHUQXUZDUIVLFKGHQNOHLQHQHKHPDOVVRPlFKWLJHQ'UXLGHQEHU GLH6FKXOWHUXQGJLQJPLWLKPGDYRQ'HU6SXNZDUWHWHQLFKWJHUQHU ZROOWHGLH%HVWUDIXQJ (VGDXHUWHQLFKWODQJHGDKDWWHQVLHGHQILQVWHUHQ*DQJKLQWHUVLFK JHODVVHQXQGHUUHLFKWHQHLQH7UHSSHGLHQDFKREHQIKUWH*UDXHV 'lPPHUOLFKWILHOEHUGLH6WXIHQHLQ=HLFKHQGDVLHGLHXQWHULUGLVFKH 7LHIHYHUOLHHQXQGVLFKLQGLH5HJLRQHQGHV7DJHVOLFKWVEHJDEHQ 6LHJHODQJWHQLQGLH+DOOHGHUHLQVDPVWHKHQGHQ%XUJ'XUFKGLH KRKHQ)HQVWHUILHOWUEHV7DJHVOLFKW'LH%HUJHLQGHUQlKHUHQ 8PJHEXQJODJHQLP1HEHO$OVGLFNH6FKZDGHQZDQGHUWHQ:RONHQ EHUGLH*LSIHO ,QGHU+DOOHEOLHEHQGLH6SXNGLHQHUVWHKHQXQGOLHHQLKUH%HXWH]X %RGHQIDOOHQ 'RUWEOLHEGHU'UXLGHHUVWHLQPDOOLHJHQ'LHEHLGHQ(FKVHQPHQVFKHQ EHZHJWHQVLFKYRQLKPIRUWXQG|IIQHWHQHLQHKRKH7U6LHPHOGHWHQ LKUHQ(UIROJ (LQ/DFKHQZDUGLH$QWZRUW 'DQQHUW|QWHQ6FKULWWH,PQlFKVWHQ$XJHQEOLFNHUVFKLHQHLQHJUDX KDDULJHJHGXFNWJHKHQGH*HVWDOWGLHHLQHQIOHFNLJHQVFKZDU]HQ$Q]XJ WUXJHLQGLFNHV%XFKXQWHUGHQ$UPJHNOHPPWKDWWHXQGLKUPLW3LFNHOQ XQG3XVWHOQYHUXQVWDOWHWHV*HVLFKWGHPDP%RGHQOLHJHQGHQ'UXLGHQ ]XZDQGWH ª,VWHUGDVZLUNOLFK"©IUDJWHGHU0DQQ ª-D© 'HU$QN|PPOLQJJULQVWHZ|OILVFK(UJLQJZHLWHU6HLQ+DDUVWDQG ZLUUYRP.RSIDE'HU0XQGEHZHJWHVLFKGRFKQLFKWHLQ:RUWGUDQJ EHUVHLQH/LSSHQ $QHLQHPODQJHQ7LVFKQDKPHU3ODW]'DV%XFKOHJWHHUDXIGLH3ODWWH XQGVFKOXJPLWGHUIODFKHQ+DQGDXIGHQVFKZDU]HQ(LQEDQG'DQDFK JULIIHULQGLH,QQHQWDVFKHVHLQHUIOHFNLJHQ-DFNHXQGKROWHHLQHQ +RO]KDPPHUKHUYRUGHQHUQHEHQGDV%XFKOHJWH(UZLQNHOWHGLH$UPH DQOHJWHVLHDXIGHQ7LVFKXQGIL[LHUWHGHQLP1HW]]DSSHOQGHQ'UXLGHQ ª(LQQHXHV2SIHU©IOVWHUWHHUª,FKZHUGH*HULFKWEHUGLHVHQ $EWUQQLJHQKDOWHQXQGVHLQH6HHOHLQGHQ.UHLVGHUHZLJ-DPPHUQGHQ DXIQHKPHQ© 'LHVH:RUWHZDUHQW\SLVFKIULKQ'HQQHUZDUNHLQJHULQJHUHUDOV 0DGGR[GHU'lPRQHQULFKWHU(LQ:HVHQGDVLP5HLFKGHU)LQVWHUQLV JHIUFKWHWZDUGHQQHUXQGGHU6SXNELOGHWHQHLQK|OOLVFKHV7DQGHP :HQ0DGGR[YHUXUWHLOWHGHUJHULHWLQGLH)lQJHGHV6SXNVGHUGLH6HHOH GHV'lPRQVIUDOOH=HLWHQDQVLFKULXQGVLHGHULPPHUZlKUHQGHQ 4XDOSUHLVJDE

ª/|VWGDV1HW]©EHIDKOGHU'lPRQHQULFKWHU 'LH(FKVHQN|SILJHQNDPHQVHLQHU$XIIRUGHUXQJDXJHQEOLFNOLFKQDFK 6LHKREHQGDV1HW]KRFKXQGVFKOHXGHUWHQHV]XU6HLWH 6RIRUWYHUVFKZDQGHQGLH6FKPHU]HQGHV'UXLGHQ3O|W]OLFKNRQQWH HUZLHGHUNODUGHQNHQ(UIKOWHVLFKIUHLXQGHUO|VWXQGVWHPPWHVLFK ODQJVDPDXIGLH)H 'LH/HWKDUJLHZDUYHUVFKZXQGHQ3\NNDKDWWHLQGHQOHW]WHQ0LQXWHQ EHUKDXSWQLFKWPLWEHNRPPHQZDVPLWLKPJHVFKHKHQZDU'HVKDOE VFKDXWHHUVLFKYHUZXQGHUWXP (UEHIDQGVLFKZLHGHULQGHU%XUJVDKGLH+DOOHGLH)HQVWHU-DGDV ZDUVHLQ:RKQRUW ª6LHKKHU©'LH6WLPPHOLHLKQ]XVDPPHQ]XFNHQ6LHZDUZLHGHU .QDOOHLQHU3HLWVFKH 3\NNDGUHKWHGHQJURHQ.RSI (UJODXEWH]XWUlXPHQGHQQHVZDUQLFKWGHU6SXNGHQHUVDK VRQGHUQHLQDQGHUHU 'HU'lPRQHQULFKWHU 1XQZXWHHUZDVLKPEHYRUVWDQG(UKDWWHJHQXJYRQGHQ 9HUKDQGOXQJHQJHK|UWGLHGHU'lPRQHQULFKWHUGXUFKIKUWH:HQQHU YHUXUWHLOWZXUGHGDQQULPDQVHLQHVFKZDU]H'lPRQHQVHHOHDXVGHP .|USHUXQGHUZUGHIUDOOH=HLWHQGLH4XDOHQXQG6FKUHFNHQGHU 'lPRQHQK|OOHHUOHEHQ 3\NNDEHNDP$QJVW 1RFKQLHLQVHLQHP'UXLGHQOHEHQGDVLPPHUKLQVFKRQEHUWDXVHQG -DKUHZlKUWHKDWWHHUVRJH]LWWHUW(UZROOWHNHLQ9HUEDQQWHUVHLQ GHU)OXFKVROOWHLKQQLFKWWUHIIHQDEHUZLHHVDXVVDKZUGHHVNHLQHQ DQGHUHQ:HJJHEHQ 'HU'UXLGH]LWWHUWH 'LHEHLGHQ(FKVHQN|SILJHQ]RJHQVLFK]XUFN$QGHU7UEOLHEHQVLH DOVVWXPPH:lFKWHUVWHKHQ 0DGGR[VFKOXJPLWGHP+RO]KDPPHUDXIGHQ7LVFK(VJDEHLQHQ GXPSIHQ/DXWVRGD3\NND]XVDPPHQ]XFNWHª+LHUPLWHU|IIQHLFKGLH 9HUKDQGOXQJLP1DPHQGHV6SXNVGHUPLUGLH9ROOPDFKWHUWHLOWKDW EHUGLFK]XULFKWHQ© 3\NNDVFKZLHJ(UZROOWHOLHEHUQLFKWVVDJHQVRQGHUQDOOHVHLQJH VWHKHQ ª'XELVW3\NNDGHU'UXLGH"©ZXUGHHUGLUHNWDQJHVSURFKHQ ª-D© ª8QGGXKDVWHLQODQJHV/HEHQKLQWHUGLUGDVGXDOOHLQGHU*QDGHGHU 6FKZDU]EOWHUYHUGDQNVW6WLPPWGDV"© 3\NNDEHMDKWHZLHGHU

-HW]WEHXJWHVLFK0DGGR[YRUª8QGZDVLVWGLUHLJHQWOLFKHLQJHIDOOHQ GHQ6SXN]XKLQWHUJHKHQ"/RVUHGH:DVKDVWGXGLUGDEHLJHGDFKWGLFK LQHLQHVROFKH6FKDQGH]XVWU]HQ"© ª,FKZXWHQLFKW© 0DGGR[ODFKWHDXIª'DVZLUGMDLPPHUVFK|QHU'XZXWHVWQLFKW 1DWUOLFKZXWHVWGXHV'XKlWWHVWLQ6FKRWWODQGEOHLEHQVROOHQGHQQ GLHVH%XUJDXFK6HHOHQEXUJJHQDQQWJHK|UWGHP6SXN8QGQLHPDQG GHUQLFKWZUGLJLVWGDUIVLHEHWUHWHQ© 3\NNDQLFNWH 0DGGR[VWLHHLQ.QXUUHQDXVª$EHUGX:XUPKDVWHVWDWVlFKOLFK JHZDJWGLH%XUJDQGLFK]XUHLHQ*HJHQGHQ:LOOHQGHV6SXNV'X KDVWQLFKWHLQPDOJHIUDJWXQGZLUKDEHQGLFKJHZlKUHQODVVHQZHLOZLU GDFKWHQGDGXZLHGHU]X9HUQXQIWNRPPHQZUGHVW'RFKGDVZDU QLFKWGHU)DOO'XKDVWGLFKKLHUHLQJHQLVWHWZLHGHU.XFNXFNLQHLQHP IUHPGHQ1HVW-HW]WEUDXFKHQZLUGLH%XUJXQGGXELVWQRFKLPPHUGD :lUVWGXYHUVFKZXQGHQKlWWHQZLU*QDGHZDOWHQODVVHQ6RDEHU QLFKW© ª,FKZHUGHJHKHQ©MDPPHUWHGHU'UXLGHª:LUNOLFKLFKVFKZ|UHHV 6RIRUWJHKHLFK© ª(VLVW]XVSlW© 3\NNDYHUVXFKWHHVWURW]GHP%LVKHUKDWWHHUJHVWDQGHQ'RFKQXQILHO HUQDFKYRUQ$XIGHQ.QLHQEOLHEHUUDQJEHLGH+lQGHXQGIOHKWH]XP 5LFKWHUWLVFKKRFK $XVPLWOHLGVORVHQ$XJHQVFKDXWHLKQ0DGGR[DQ'HU'lPRQHQ ULFKWHUNLFKHUWHª=XVSlW]XVSlW©(VEHUHLWHWHLKPHLQHGLHELVFKH )UHXGHGHQ$QJHNODJWHQLQ$QJVW]XVHKHQ8QGQRFKPHKU)UHXGH ZUGHHVLKPEHUHLWHQGDV8UWHLO]XVSUHFKHQ ª$EHULFKNRQQWHGRFKQLFKWVGDIU©MDPPHUWHGHU'UXLGH 'LHNQRFKLJHQ)LQJHUGHV'lPRQHQULFKWHUVXPNODPPHUWHQGHQ6WLHO GHV+RO]KDPPHUVª'XNRQQWHVWQLFKWVGDIU"©K|KQWHHUª0DFKGLFK QLFKWQRFKOlFKHUOLFKHUDOVGXVFKRQELVW)UGHLQHQ)UHYHO©VFKULHHU XQGVHLQH6WLPPHKDOOWHYRQGHQ:lQGHQGHU+DOOHZLGHUªJLEWHVQXU HLQH%HVWUDIXQJGHQ7RG© -HGHV:RUWWUDIGHQNOHLQHQ'UXLGHQZLHHLQKHIWLJHU6FKODJ(U]XFNWH ]XVDPPHQXQGZXUGHQRFKNOHLQHU6HLQ*HVLFKWYHU]HUUWHVLFK]XHLQHU *ULPDVVHGHU4XDO 3\NNDVWDQGZDKUH+|OOHQlQJVWHDXV 'LHVHU'lPRQHQULFKWHUYRULKPZUGHNHLQ(UEDUPHQNHQQHQ(UZDU HEHQVRVFKOLPPZLHGHU6SXNXQGHUKDQGHOWHLQVHLQHP$XIWUDJ$OOHV ZDVHUWDWZXUGHGXUFKGHQ6SXNDEJHGHFNW 'HU+RO]KDPPHUNQDOOWHDXIGHQ7LVFK

3\NNDHUVWDUUWH'LHVHU6FKODJZDUGDV=HLFKHQZHOFKHUGDV8UWHLO DQNQGLJWH 0DGGR[EHXJWHVLFKQRFKZHLWHUYRUGDPLWHU3\NNDEHVVHUVHKHQ NRQQWHª8QGKLHUPLWGX:XUPYHUXUWHLOHLFKGLFK]XP7RGH'XVROOVW GLHHZLJHQ4XDOHQGHU'lPRQHQK|OOHHUOHLGHQ'HLQH6HHOHZLUGVLFK ZLQGHQXQGVLHZLUGVFKUHLHQ'LH6FKDWWHQGHUHZLJHQ1DFKWZHUGHQ GLFKEHUIDOOHQHLQKOOHQXQGGLFKQLHPHKUORVODVVHQ'DV8UWHLOLVW VRIRUW]XYROOVWUHFNHQ© %HVRQGHUVGLHOHW]WHQ:RUWHKDOOWHQLP6FKlGHOGHV'UXLGHQZLGHU 1XQZDUHQVHLQH&KDQFHQGDKLQ(UNRQQWHQLFKWPHKUIOLHKHQGLH DQGHUHQZDUHQ]XPlFKWLJ 6FKRQVHW]WHQVLFKGLHEHLGHQ:lFKWHULQ%HZHJXQJ%HYRUVLFK3\NND YHUVDKKDWWHQVLHLKQJHSDFNWXQG]RJHQLKQKRFK)UKHUKlWWHHUEHU VROFKH.UHDWXUHQQXUJHODFKWGRFKVHLQH.UlIWHZDUHQLKPJHQRPPHQ ZRUGHQHUNRQQWHVLFKQLFKWPHKUZHKUHQVRQGHUQPXWHGHU 9HUQLFKWXQJLQV$XJHVHKHQ 'HU7RGZlUHQLFKWVRVFKOLPPJHZHVHQDEHUHUVROOWHGLHHZLJHQ 4XDOHQHUOHLGHQXQGGDVZDUJUDXVDP 'LHEHLGHQ(FKVHQN|SILJHQVFKOHLIWHQLKQQDFKGUDXHQDXIGHQ %XUJKRI 'DV:HWWHUKDWWHVLFKQRFKQLFKWJHlQGHUW'LH%HUJHODJHQLQ:RONHQ hEHUGHP+RIVFKZHEWHQGLHGLFNHQ6FKZDGHQXQGKOOWHQDOOHVJQlGLJ HLQ $XFKGHQ6WHUEHSODW]GHV'UXLGHQ 6LHIKUWHQLKQKLQ-HQlKHUVLHNDPHQXPVRPHKUVFKlOWHQVLFKGLH .RQWXUHQGHV5LFKWSODW]HVDXVGHP1HEHO'DVWDQGGHU+DXNORW]DXI GHPVHKUEDOGGHU.RSIGHV'UXLGHQOLHJHQZUGH,UJHQGHLQHUZUGH GDV6FKZHUWQHKPHQXQGLKQN|SIHQ 0DGGR[ZDULKQHQJHIROJW (UVWDQGDQGHU7UHSSHXQGVLHK|UWHQVHLQKlOLFKHV*HOlFKWHU :LHGHUHLQPDOKDWWHHUGHP6SXNHLQH6HHOH]XJHIKUWXQGGDVIUHXWH LKQVHLQ$QVHKHQVWLHJ 'DV*HOlFKWHUHUUHLFKWHDXFKGHQ'UXLGHQ$XI3\NNDZLUNWHHVZLH HLQ6FKRFNXQG6WLPXODQV]XUJOHLFKHQ=HLW(UZROOWHQLFKWVWHUEHQXQG ZHQQHUMHW]WVHLQHOHW]WH&KDQFHQLFKWQXW]WHGDQQZDUDOOHVYHUORUHQ 'LHEHLGHQ$XISDVVHUKLHOWHQLKQQLFKWHLQPDOIHVW6LHVFKULWWHQQXU QHEHQLKPKHUGDVLHVLFKLKUHU6DFKHY|OOLJVLFKHUZDUHQ 1RFKIQI6FKULWWH]XU5LFKWVWlWWH1HEHOXPZDOOWHGHQ.ORW] 'DQHEHQODJHLQDOWHV6FKZHUW'HU'UXLGHZUGHN|USHUOLFKVWHUEHQ DEHUVHLQH6HHOHZUGHHLQJHKHQLQGLHXQHQGOLFKHQ4XDOHQXQGVLH ZUGHHLQVZHUGHQPLWGHP5HLFKGHV6SXNV

'DZDJWHHV3\NND%HYRUGLH$XISDVVHUUHDJLHUHQNRQQWHQZDUIVLFK GHU]ZHUJHQKDIWH'UXLGHQDFKOLQNVSUDOOWHJHJHQHLQHQ(FKVHQ N|SILJHQXQGVWLHLKQXPZHLOGDV:HVHQPLWGLHVHP$QJULIIEHU KDXSWQLFKWJHUHFKQHWKDWWH 3\NNDDEHUUDQQWH (UK|UWHKLQWHUVLFKGDV6FKUHLHQGHV5LFKWHUV0DGGR[MDJWHGLH EHLGHQGlPRQLVFKHQ:lFKWHUKLQWHUGHP'UXLGHQKHUDEHU3\NNDKDWWH EHUHLWVGHQ5DQGGHV3ODWHDXVHUUHLFKWDXIGHPGLH%XUJVWDQG0LW HLQHPJHZDOWLJHQ6SUXQJVHW]WHHUGDUEHUKLQZHJ 'DKLQWHUEHJDQQGHU+DQJ=XHUVWZDUHUQRFKVWHLQLJHLQHPLW*HU|OO EHUVlWHVFKLHIH(EHQHDQGHUHQ(QGHVLFKGHU%HJLQQHLQHVGLFKWHQ .LHIHUQZDOGHVDQVFKOR 3\NNDNRQQWHVLFKQLFKWPHKUKDOWHQ(UKDWWHVRYLHO6FKZXQJGDHU VLFKEHUVFKOXJXQGLQHLQHU:RJHYRQ*HU|OO'UHFNXQG6WHLQHQDXI GHQ:DOG]XUROOWH (UEUHLWHWHLQVWLQNWLYVHLQHNOHLQHQ$UPHXQG%HLQHDXVZROOWHLUJHQG ZR+DOWILQGHQXQGVLFKIHVWNODPPHUQGRFKVHLQH*HVFKZLQGLJNHLWZDU HLQIDFK]XKRFK (UVFKDIIWHHVQLFKW 'HU'UXLGHUDXVFKWHI|UPOLFKLQGDVVSHUULJH8QWHUKRO]KLQHLQZXUGH YRQWLHIZDFKVHQGHQ=ZHLJHQXQGbVWHQJHEUHPVWXQGHQGOLFKNDPHU ]XU5XKH (UODJVWLOO 5XKHKDWWHVLFKZLHGHU1HEHOEHUGDV/DQGDXVJHEUHLWHW'DVFKULH NHLQ9RJHOQXUHLQSDDUOHW]WH6WHLQHUROOWHQQDFK/DQJHGXUIWH3\NND DXINHLQHQ)DOOOLHJHQEOHLEHQGHQQGLHEHLGHQ+lVFKHUZUGHQLKQ VXFKHQ6LHKDWWHQLKQYHUORUHQ:HQQVLHQLFKWVHOEVWVWHUEHQZROOWHQ GDQQPXWHQVLHLKQZLHGHU]XUFNEULQJHQ 'LHVPDOZROOWHVLFKGHU'UXLGHQLFKWIDQJHQODVVHQ(UZKOWHVLFK XQWHUGHQ=ZHLJHQKRFKXQGOLHIZHLWHU$XIGHPVFKUlJHQ+DQJ NRQQWHHUVLFKQXUVFKZHUKDOWHQ]XGHPZDUGHU%RGHQIHXFKWXQGGLH :XU]HOQGHU%lXPHELOGHWHQJHIlKUOLFKH6WROSHUIDOOHQLQGLH3\NND DXFKKLQHLQJHULHW =ZHLPDOILHOHUODQJKLQUDIIWHVLFKVRIRUWZLHGHUDXIXQGVDKEHLP ]ZHLWHQ+RFKNRPPHQGDHUVLFKGLH+DQGDXIJHULVVHQXQGHLQH NOHLQH:XQGHEHLJHEUDFKWKDWWHDXVGHUJUQHV%OXWTXROO 'UXLGHQEOXW 7DODEZlUWVZXUGHGHU:DOGGLFKW'LH%lXPHVWDQGHQVHKUQDKHEHL HLQDQGHUZDUHQPLWLKUHQ=ZHLJHQYHUILO]WXQGELOGHWHQUHJHOUHFKWH %DUULHUHQ 3\NNDNDQQWHVLFKDXV(UKDWWHLQGHU%XUJJHOHEWXQGZlKUHQG

VHLQHV$XIHQWKDOWHVDXFKGLHQlKHUH8PJHEXQJHUNXQGHW(UZXWH JHQDXGDHUVLFKEDOGOLQNVKDOWHQPXWHGHQQGRUWIXKUGLH6HLOEDKQ (VZDUNHLQH.DELQHQEDKQVRQGHUQQXU6HVVHOOLIWH8PGLHVH=HLW KHUUVFKWHNDXP7RXULVWHQYHUNHKUXQGGLH6HLOEDKQVHOEVWZUGHEDOG DXFKQLFKWPHKUIDKUHQ $EHUQRFKUROOWHQGLH6HVVHOGLFKWKLQWHUHLQDQGHUGXUFKGLH/XIW 3\NNDDUEHLWHWHVLFKPLW+lQGHQXQG)HQYRUDQ,PPHUGDFKWHHU GDEHLDQGLHHFKVHQN|SILJHQ+lVFKHUGHQHQHUDXINHLQHQ)DOOLQGLH )LQJHUJHUDWHQGXUIWH0DQFKPDOZXUGHGHU+DQJVRVWHLOGDHUVLFK DQGHQ=ZHLJHQIHVWKDOWHQXQGZHLWHUKDQJHOQPXWH(UWUDWLQ $PHLVHQKDXIHQXQG]HUVW|UWHVLHVSUDQJEHU*HU|OOXQGXPJHVWU]WH %lXPHGLH$XVZLUNXQJHQGHUOHW]WHQ/DZLQHQYRP:LQWHU'DQQHQG OLFKHUUHLFKWHHUGLH6FKQHLVHXQGVDKDXFKGLHKRKHQ6WDKOWUlJHUGHQHQ KRKH%HWRQVRFNHO+DOWJDEHQ 6FKRQNDPGHUHUVWH/LIW (UZDUOHHU $XFKGHU]ZHLWHGHUGULWWHXQGGHUYLHUWH6FKOLHOLFKZDJWHHVGHU ]ZHUJHQKDIWH'UXLGH(UNOHWWHUWHDXIHLQHQ%DXPXQGEOLHEDXIKDOEHU +|KHKRFNHQ'DQDFKVXFKWHHUGLHVWlUNVWHQbVWHDXVGLHGHU%DKQ SUDNWLVFKHQWJHJHQZXFKVHQ (LQ$VWVDKEHVRQGHUVVWDELODXV$XILKPJOLWWHUODQJVDPYRUDQ 'HU'UXLGHVFKlW]WHGLH(QWIHUQXQJDE:LHGHUYHU]HUUWHVLFKVHLQ *HVLFKWYRU:XW+lWWHHUVHLQHDOWHQ.UlIWHQRFKEHVHVVHQZlUHHVLKP HLQ/HLFKWHVJHZHVHQ]XYHUVFKZLQGHQ6RDEHUPXWHHUGHQXQEH TXHPHQ:HJQHKPHQ (UZDUWHWHQRFKXQGVWLHVLFKGDQQDE)DVWZlUHGHU$VWJHEURFKHQ 3\NNDK|UWHQRFKGDV.QLUVFKHQGDEHIDQGHUVLFKEHUHLWVLQGHU/XIW VWUHFNWHEHLGH$UPHDXVGLHLP9HUKlOWQLV]XP.|USHU]LHPOLFKODQJ ZDUHQXQGHUEHNDPPLWGHUUHFKWHQ+DQGGLHVLFKXQWHUKDOEGHV6LW]HV EHILQGOLFKH)XVWDQJH]XIDVVHQ +DUWXPNODPPHUWHHUGDVGQQH5RKUJULIIPLWGHU/LQNHQQDFKXQG VFKZHEWHLPQlFKVWHQ0RPHQWWDODEZlUWVZREHLGHU/LIWKLQXQGKHU VFKDXNHOWH'HU'UXLGH]RJVLFKQLFKWKRFKHUEOLHEVRKlQJHQ 1XUGHQ.RSIGUHKWHHUGHV|IWHUHQXPQDFK9HUIROJHUQ$XVVFKDX]X KDOWHQ (UHQWGHFNWHVLHQLFKW :DVDOOHUGLQJVQLFKWEHVDJWHGDVLHDXIJHJHEHQKDWWHQ'LHJDEHQ QLHPDOVDXI(LJHQWOLFKZDUHUQLUJHQGZRYRULKQHQVLFKHU,UJHQGZDQQ ZUGHQVLHLKQEHNRPPHQXQGZHQQHUVRGDFKWHGDQQZDUVHLQH )OXFKWHLJHQWOLFKVLQQORVJHZHVHQ 'RFKLQ3\NNDIOR'UXLGHQEOXW(UGDFKWHGDUDQGDHVJHUDGHVHLQH

5DVVHJHZHVHQZDUGLHGDPDOVJHKHUUVFKWXQGVLFKGLH0HQVFKHQ8QWHU WDQJHPDFKWKDWWH6LHKDWWHQVLFKLPPHUPLW'lPRQHQYHUEQGHW ILQVWHUHQ=DXEHUGXUFKJHIKUWXQGVRJDUJHOHUQWGLH'lPRQHQ]X EHKHUUVFKHQ1LHPDQGKlWWHHVGDPDOVJHZDJWHLQHQ'UXLGHQDQ]X JUHLIHQ+HXWHZDUDOOHVDQGHUV'LH'lPRQHQKDWWHQVLFKLQ*UXSSHQ IRUPLHUWHVJDE)KUHUXQWHULKQHQVLHWHLOWHQVLFKLKUH*HELHWHDXIXQG GLH0DFKWGHU'UXLGHQZXUGH]XUFNJHGUlQJW9LHOHVHLQHU5DVVHZDUHQ JHW|WHWZRUGHQPDQEUDXFKWHVLHQLFKWPHKU,KU=DXEHUWUDIKHXWHQLFKW DXIIUXFKWEDUHQ%RGHQREZRKOHVQRFKJHQJHQG0HQVFKHQJDEGLHDQ GLH.UDIWGHU'UXLGHQJODXEWHQ 'lPRQHQVHOEVWJULIIHQLQGHQ.UHLVODXIGHU:HOWHLQ8QGVLHWDWHQ HVPLWXQEDUPKHU]LJHU+lUWH'DEHLIHJWHQVLHDXFKGHQDOWHQ 'UXLGHQJODXEHQKLQZHJXQGYHUEDQQWHQLKQDXVGHQ.|SIHQGHU 0HQVFKHQ hEHUGDVDOOHVGDFKWH3\NNDQDFKDOVHUDQGHPVFKPDOHQ/LIWKLQJ =ZDQJVOlXILJEHZHJWHQVLFKVHLQH*HGDQNHQLQHLQHDQGHUH5LFKWXQJ 6RJHIlKUOLFKGLH'lPRQHQDXFKJHZRUGHQZDUHQJDEHVWURW]GHP 0HQVFKHQGLHLKQHQGHQ.DPSIDQJHVDJWKDWWHQ 1DPHQJHLVWHUWHQGXUFKGLH5HLKHQGHU6FKZDU]EOWHU 3URIHVVRU=DPRUUD7RQ\%DOODUG'DPRQD.LQJXQGGHU1DPHHLQHV 0DQQHVYRQ6FRWODQG

ª$KD©*OHQGDOlFKHOWHª8QGZLHVR"© ,FKO|VWHHLQH+DQGYRP/HQNUDGXQGGHXWHWHPLWGHP'DXPHQLQ 5LFKWXQJ6FKHLEHª6HKHQ6LHPDOQDFKGUDXHQ© ª1HEHO© ª8QGZLH© (UODJZLUNOLFKNQSSHOGLFNXQVHU/RQGRQHU1HEHOGHUDFKVR EHUKPWEHUFKWLJWH'DEHLEHKDXSWHQPDQFKH0HQVFKHQGHU1HEHO ZlUHIUKHUYLHOVFKOLPPHUJHZHVHQ,FKZDJWHGDVDOOHUGLQJV]X EH]ZHLIHOQ=ZDULVWGHU1HEHOLP6RPPHUHWZDV6HOWHQHVDEHUZHQQHU NRPPWGDQQNQSSHOGLFN :LUVWHFNWHQLP9HUNHKUIHVW'DEHLKDWWHQZLUIDVWVFKRQ]ZHL 6WXQGHQIUKHU)HLHUDEHQGJHPDFKWGDPLWLFK*OHQGDSQNWOLFKDQV =LHOEULQJHQNRQQWH 0HLQH6HNUHWlULQZROOWH]XHLQHP.ODVVHQWUHIIHQ/HLGHUIDQGHVHLQ ZHQLJDXHUKDOE/RQGRQVVWDWWVRGDHVLQGHU1lKHGHV/RNDOVNHLQH 8%DKQJDE ,FKKDWWHPLFK]XU9HUIJXQJJHVWHOOWXQGIXKU*OHQGDKLQZRUEHU VLHVHKUJOFNOLFKZDU ª8QGZLHNRPPHQ6LH]XUFN"©ZROOWHLFKZLVVHQ 0LWGHU$QWZRUWZDUWHWHVLHELV]XUQlFKVWHQ$PSHOª,FKZHUGHPLU ZRKOHLQ7D[LQHKPHQ© ª)DOOVGLHIDKUHQ© ª6WLPPWDXFKZLHGHU$EHUZDVZUGHQ6LHDQPHLQHU6WHOOHWXQ -RKQ"© ª%LV]XP0RUJHQZDUWHQ© ª'DVLVWHLQ5HVWDXUDQWXQGNHLQ+RWHO© ,FKODFKWHª6LHZHUGHQVHKHQ*OHQGDZLHVFKQHOOGLH=HLWYHUJHKW6R HLQ.ODVVHQWUHIIHQILQGHWMDQLFKWMHGH:RFKHVWDWW,FKELQVLFKHUGDHV HLQHXQJHKHXUH0HQJH]XHU]lKOHQJLEW© ª'DVVWLPPW© ª1DELWWH© *UQ'HU.UHLVLQGHU$PSHOZDUJDUNHLQHUPHKUVRQGHUQQXUHLQ YHUZDVFKHQHU)OHFNGHUDQVHLQHQ5lQGHUQ]HUIDVHUWH0DQPXWH VFKRQVHKUJHQDXKLQVHKHQXPLKQ]XHUNHQQHQ ,P6FKULWWHPSRIXKULFKZHLWHU'HU1HEHOYHUPLVFKWHVLFKPLWGHQ $EJDVHQ]XHLQHUJHIlKUOLFKHQ0LVFKXQJ'DVZDUGLH=HLWZR +HU]NUDQNHXQG.UHLVODXIVFKZDFKH]X+DXVHEOLHEHQ :LUUROOWHQEHUHLWVGXUFK3DGGLQJWRQXQGZUGHQEDOGQDFK0DLGD 9DOHNRPPHQZRDXFKGDV5HVWDXUDQWZDU'LH6KLUODQG5RDGIKUWH DXIHLQHQ3ODW]]XYRQGHPGLH6WUDHQGDQQVWHUQI|UPLJDE]ZHLJWHQ 'RUWZROOWHLFK*OHQGDDEVHW]HQ

ª:LHNDQQLFKGDVMHZLHGHUJXWPDFKHQ"©IUDJWHVLH ª:DV"© ª'D6LHPLFKEHLGLHVHP:HWWHUIDKUHQ© ª,VWGRFKVHOEVWYHUVWlQGOLFK© ª,FKZHLQLFKW©*OHQGDOHKQWHVLFK]XUFN'HU0DQWHONODIIWHLQ +|KHGHU.QLHDXVHLQDQGHU,FKVDKGLHEHLGHQ5XQGXQJHQXQGPXWH OlFKHOQ *OHQGD3HUNLQVZDUZLUNOLFKHLQHVFK|QH)UDX8QGHVZDUIUHLQHQ 0DQQQLFKWOHLFKWEHLLKUVWDQGKDIW]XEOHLEHQ%LVKHUKDWWHLFKHVMD JHVFKDIIWDEHUREGDVYRQ'DXHUVHLQZUGHGDVZXWHLFKDXFKQLFKW ,KU3DUIPZDUDQGLHVHP1DFKPLWWDJMHGHQIDOOVGD]XDQJHWDQPLFK UHJHOUHFKWDQ]XPDFKHQ 2EVLHHVH[WUDDXIJHOHJWKDWWH" ª:RUDQGHQNHQ6LH-RKQ"© ,FKPRJHOWHPLFKDQHLQHP/DVWZDJHQYRUEHLXQGNRQQWHHLQZHQLJ VFKQHOOHUIDKUHQª'DVEOHLEW%HWULHEVJHKHLPQLV© ª$EHUPLUN|QQHQ6LHHVGRFKVDJHQ© ª,FKZHLQLFKW© ª'DQQLVWHLQH)UDXLP6SLHO©VWHOOWH*OHQGDVDFKNXQGLJIHVW 9HUGDPPWLFKKDWWH0KHQLFKWURW]XZHUGHQXQGVFKZLHJVLFKHU KHLWVKDOEHU ª6WLPPWHV-RKQ"© ª:LHNRPPHQ6LHGHQQGDUDXI"© ª$OVRGRFK© ª0RPHQWLFKKDEHQLFKWVJHVDJW© ª$EHUJHGDFKW,KUH*HGDQNHQNDQQPDQ,KQHQMDDP*HVLFKWDEOHVHQ 0U*HLVWHUMlJHU© ,FKVWULFKEHUPHLQHQ1DVHQUFNHQª'DQQVLQG6LHHLQ0HGLXP *OHQGD© ª,QJHZLVVHU+LQVLFKWMD© ª8QGZLHGDUILFKGDVYHUVWHKHQ"© ª:HQQHVXPHLQHQ0DQQQDPHQV-RKQ6LQFODLUJHKWGHQLFKVFKRQ ]LHPOLFKODQJHNHQQH© ª8QGZDVLVWPLW,KUHQ)UHXQGHQ"© *OHQGDYHU]RJHWZDVGLH/LSSHQ6LHKDWWHLKUHQ0XQGPLWHLQHP EODVVHQ6WLIWDQJHPDOWª:HOFKH)UHXQGH"© ,FKEHWlWLJWHGHQ%OLQNHUXQGUROOWHDQHLQHPSDUNHQGHQ:DJHQ YRUEHL ª:HQQLFKPLFKUHFKWHULQQHUHVLQG6LHVFKRQHLQSDDUPDODEJHKROW ZRUGHQ© ª'DVKDEHQ6LHJHQDXUHJLVWULHUW"©

ª0HKUHLQ=XIDOO© *OHQGDODFKWHª:HUVROOGDVJODXEHQ"© ª,FKEHOJH6LHGRFKQLFKW© ª1HLQJDQ]EHVWLPPWQLFKW'RFKLFKZLOO6LHEHUXKLJHQ-RKQGLHVH )UHXQGHVLQG© ª8P+LPPHOVZLOOHQNHLQH(UNOlUXQJHQ©VDJWHLFKª'D]XKDEHLFK JDUQLFKWGDV5HFKW© ª'RFKLFKZLOOHVDEHUVDJHQ© ª'DQQELWWH© ª0LWGLHVHQ)UHXQGHQZDUQLFKWVDEHUDXFKJDUQLFKWV(VZDUHQ ORFNHUH%HNDQQWVFKDIWHQ:LUVLQG]XP7DQ]HQJHJDQJHQGDVLVWDXFK DOOHVJHZHVHQ© ª1DGHQQ© (LQH:HLOHVFKZLHJHQZLU*OHQGDOlFKHOWHVWLOOYRUVLFKKLQ,FKKLQJ PHLQHQ*HGDQNHQQDFKXQGPXWHPLFKJOHLFK]HLWLJDXIGHQ9HUNHKU NRQ]HQWULHUHQ 6FKHPHQKDIWVDKLFKGHQ3ODW]YRQGHPGLH6WUDHQDE]ZHLJHQ$XFK *OHQGDKDWWHLKQHQWGHFNW ª:LUVLQGJOHLFKGD©VDJWHVLH ª8QGZRPXLFKDE"© ª)DKUHQ6LHQRFKHLQ6WFNGDQQGLH]ZHLWH6WUDHOLQNV'DPVVHQ 6LHUHLQ© ª2ND\© ,FKZXUGHQRFKEHUKROW(LQ0RWRUUDGIDKUHUKXVFKWHDQGHP%HQWOH\ YRUEHL 6FKDGHGD*OHQGDEDOGDXVVWLHJ,FKKlWWHVLHJHUQQRFKHLQ6WFN JHIDKUHQ0HLQ)LQJHUUXWVFKWH]XP%OLQNHUKHEHO/LQNVPXWHLFK IDKUHQ 'LH6WUDHZDUHQJ6LHZXUGHQRFKHQJHUJHPDFKWZHLO)DKU]HXJH UHFKWVXQGOLQNVSDUNWHQ,KUHQ1DPHQNDQQWHLFKQLFKW,QGLHVH(FNH YRQ/RQGRQZHKWHPLFKGHU:LQGVHOWHQ *OHQGDVFKDXWHDXVGHP)HQVWHU6LHYHUVXFKWH+DXVQXPPHUQ]X HUNHQQHQ(VZDUQLFKWP|JOLFK ª:DUHQ6LHVFKRQPDOGD"©IUDJWHLFK ª1HLQQRFKQLH'DV5HVWDXUDQWKDWHLQH.ODVVHQNDPHUDGLQYRQPLU DXVJHVXFKW© )DVWZlUHLFKYRUEHLJHIDKUHQ,POHW]WHQ$XJHQEOLFNNRQQWHLFKQRFK EUHPVHQDOV*OHQGDª6WRSS©ULHI +LQWHUPLUIXKUNHLQ:DJHQ6DQIWNDPGHU6LOEHUJUDXH]XP6WHKHQ ,FKGUHKWHGHQ.RSIXQGVFKDXWHGXUFKGLHZDEHUQGHQ1HEHOVFKOHLHU DXIGLH+lXVHUIURQW

ª6LHKW]LHPOLFKWRWDXV© ª6FKHLQWPLUDXFKVR©VDJWH*OHQGD .HLQ/LFKWEUDQQWH'DVJDQ]H*HElXGHPDFKWHHLQHQOHHUHQYHU ODVVHQHQ(LQGUXFN ª,FKVHKHPDOQDFK©VDJWHVLH ª8QGLFKZDUWHVRODQJH© *OHQGDVWLHJDXVXQGOlFKHOWH,FKVDKLKUQDFKZLHVLHDXIGHQ (LQJDQJ]XVFKULWW%DOGZDUVLHQXUQRFKVFKDWWHQKDIW]XHUNHQQHQZHLO GLH1HEHOVFKOHLHUVLHXPVSLHOWHQ ,FKJULII]XGHQ=LJDUHWWHQ|IIQHWHGDV)HQVWHUHLQHQ6SDOWXQG ]QGHWHHLQ6WlEFKHQDQ'HQ5DXFKEOLHVLFKGXUFKGLH5LW]H(UYHU PLVFKWHVLFKPLWGHP1HEHO +LQXQGZLHGHUZDUILFKHLQHQ%OLFNDXIGLH)DVVDGHGHV/RNDOV 9RQ*OHQGDZDUQLFKWVPHKU]XVHKHQ6LHKDWWHGDV5HVWDXUDQW ZDKUVFKHLQOLFKEHWUHWHQ :LHHVKLHNRQQWHLFKQLFKWOHVHQGDGLH6FKULIWEHUGHU7UQLFKW HUOHXFKWHWZDU 1DFKHLQHU=LJDUHWWHQOlQJHZDU*OHQGDQRFKLPPHUQLFKW]XUFN JHNRPPHQ,QPLUQDJWHODQJVDPHLQHJHZLVVH8QUXKH:REOLHEVLH QXU"'DVLHRKQHVLFK]XYHUDEVFKLHGHQHLQIDFKYHUVFKZLQGHQZUGH GDUDQZROOWHLFKQLFKWJODXEHQ ,FKJDELKUQRFKHLQPDOIQI0LQXWHQGDQQZDULFKHVOHLGXQGVWLHJ DXV 0HLQ-REYHUODQJWHHVLPPHUXQGEHUDOOHLQVDW]IlKLJ]XVHLQ'LH *HIDKUHQODXHUWHQDQMHGHU(FNHXQGDXFKGLH0HQVFKHQGLHVLFKTXDVL LQPHLQHP'XQVWNUHLVEHIDQGHQZXUGHQRIWJHQXJPLWKLQHLQJH]RJHQ 'HVKDOEQDKPLFKGLH6DFKHQLFKWDXIGLHOHLFKWH6FKXOWHUVRQGHUQYHU GDPPWHUQVW(VNRQQWHGXUFKDXVVHLQGD*OHQGDHWZDV]XJHVWRHQ ZDUGHQQGDVDOOHVKLHUURFKLQJHZLVVHU+LQVLFKWQDFK)DOOH ,FKKROWHPHLQH%HUHWWDDXVGHP+IWKROVWHUXQGVWHFNWHGLH:DIIH LQGLHUHFKWH0DQWHOWDVFKH6RNRQQWHLFKVLHLQQHUKDOENU]HVWHU=HLW ]LHKHQ 'LH7UZDURIIHQ6LHKDWWHHLQ0XVWHUDXV*ODV'LHNOHLQHQ6FKHLEHQ VDHQLQGXQNOHQ+RO]UDKPHQIHVW$QGHUOLQNHQ6HLWHGHU7UEHIDQG VLFKHLQ*XFNORFK ,FKVWLHGLH7UDXI .DOWHU5DXFKWUDIPHLQH1DVH(VURFKULFKWLJQDFK.QHLSH6FKDUI PXWHLFKPLFKQDFKUHFKWVZHQGHQZRGHU*DQJDXIHLQHQ9RUKDQJ ]XIKUWH 1LHPDQGEHJHJQHWHPLU,FKK|UWHDXFKNHLQH6WLPPHQXQGPHLQ 0LWUDXHQZXUGHQRFKVWlUNHU

'DQQNXU]YRUGHU7UULHI*OHQGD3HUNLQVPLFKDQª-RKQVLQG 6LHHV"© ª-D© ª.RPPHQ6LH© *OHQGDV6WLPPHYHUWULHEPHLQ0LWUDXHQ,FKGUFNWHGHQ9RUKDQJ ]XU6HLWHVFKDXWHLQGDV/RNDOXQGPDFKWHGLHQlFKVWHQEHLGHQ6FKULWWH 'DQQEOLHELFKDEUXSWVWHKHQGHQQGDV'LQJGDVPLUGDMHPDQGLQGLH 6HLWHSUHWHIKOWHVLFKYHUGDPPWQDFKGHU0QGXQJHLQHU:DIIHDQ ª:HQQ6LHQLFKWPLWPDFKHQPXLFK6LHOHLGHUW|WHQODVVHQGD6LH ]XYLHOZLVVHQ© 'LHVRJHODQJZHLOWDXVJHVSURFKHQHQ:RUWHGHV0LOOLDUGlUV*RUGRQ 6FKUHLEHUKDWWHQEHL&HOLQH:DOGHLQH3DQLNDXVJHO|VW'LHMXQJH 6FKZHL]HULQ3ULYDWVHNUHWlULQGHV0DQQHVJODXEWHVLFKYHUK|UW]X KDEHQ$EHU6FKUHLEHUKDWWHDXILKUH)UDJHKLQVHLQH:RUWHHLVNDOW ZLHGHUKROW 'LHVHU0DQQVSUDFKNHLQHOHHUHQ'URKXQJHQDXV &HOLQH:DOGZXWHQLFKWPHKUZDVVLHWXQVROOWH:LHEHWlXEWZDUVLH LQLKU=LPPHUJHODXIHQGDVLP:HVWIOJHOGHU%XUJODJKDWWHVLFKHLQ JHVFKORVVHQXQGZHLQHQGDXIV%HWWJHZRUIHQ 6WXQGHQZDUHQYHUJDQJHQ9HU]ZHLIHOWVDQQGLH'UHLXQG]ZDQ]LJ MlKULJHQDFKHLQHP$XVZHJ6LHIDQGNHLQHQ:HQQVLHLQ=ULFK%HUQ RGHU*HQIJHZHVHQZlUHKlWWHDOOHVDQGHUVDXVJHVHKHQDEHUQLFKWDXI GLHVHUJRWWYHUODVVHQHQ%XUJLQGHQ+RFKDOSHQ]ZLVFKHQ&KXUXQG6W 0RULW]1HLQKLHUNDPVLHQLFKWZHJ ,UJHQGZDQQDOVGLH'lPPHUXQJEHUHLWVGDV7DJHVOLFKWYHUWULHEHQ KDWWHVWDQG&HOLQHDXI6LHJLQJLQV%DGZXVFKLKU*HVLFKWXQGEH WUDFKWHWHVLFKLP6SLHJHO 0LWPDFKHQKlPPHUWHHVLQLKUHP.RSI'DVKLH3DUW\VVFKZDU]H 0HVVHQ2UJLHQ*HZDOW 1HLQVLHKDWWHVFKRQYRQGHQ)HLHUQJHK|UWDEHUVLHKDWWHHVQLFKW JODXEHQZROOHQELV*RUGRQ6FKUHLEHUVLHYRUGLH:DKOVWHOOWH &HOLQH:DOGZDUHLQHPRGHUQHMXQJH)UDX0DQNRQQWHVLHDXFKQLFKW DOVSUGHEH]HLFKQHQVLHIHLHUWHJHUQDEHUVFKZDU]H0HVVHQXQG2UJLHQ ZDUHQLKU]XZLGHUGDYRQOLHVLHOLHEHUGLH)LQJHUGHQQVRHWZDV NRQQWHHLQIDFKQLFKWJXWDXVJHKHQGDEOLHELPPHUHWZDV]XUFN1LFKW QXUSK\VLVFKH4XDOHQVRQGHUQDXFKGLH=HUVW|UXQJGHU6HHOH9LHOH EHUZDQGHQGHQ6FKRFNQLFKWXQGZDUHQGDQDFKOHEHQVODQJLQQHUOLFK JH]HLFKQHW 6LHVDKVLFKLP6SLHJHODQ%UDXQHV+DDUJHVFKQLWWHQ]XHLQHUKRFK

JHWUPWHQ.XU]KDDUIULVXUHLQHNOHLQHJHUDGH1DVHKRFKVWHKHQGH :DQJHQNQRFKHQXQGGHUYLHOOHLFKWHLQZHQLJ]XJURH0XQG$EHU QLHPDQGZDUYROONRPPHQ&HOLQHEH]HLFKQHWHVLFKVHOEVWDOVGXUFK VFKQLWWOLFKDXVVHKHQGREZRKOVLHYRQ0lQQHUQRIWGDV*HJHQWHLOJHK|UW KDWWH 6LHJLQJZLHGHULQGDV=LPPHU]XUFN(VZDUSUlFKWLJDXVVWDIILHUW 0DQVDKHVGHQ0|EHOQDQZLHNRVWEDUVLHZDUHQXQGDXIGHQ 7HSSLFKHQOLHIPDQZLHDXI'DXQHQ hEHUKDXSWZDUDOOHVSUlFKWLJLQGLHVHU%XUJ$EHUHVZDUQXUHLQH lXHUOLFKH3UDFKW,QQHUOLFKIDXOWHVLHGDZDUVLHVFKZDU]ZLHGLH6HHOH HLQHV0|UGHUV ,QWXLWLYIKOWH&HOLQHGDPLWGLHVHU%XUJHLQLJHVQLFKWVWLPPWH,Q GHQGLFNHQ0DXHUQODXHUWHGDV%|VHGDZDUWHWHHVQXUGDUDXIJHORFNW ]XZHUGHQXQGPDQFKPDOHULQQHUWHVLHVLFKDQGLH6WLPPHQGLHVLHGHV 1DFKWVJHK|UWKDWWH :LVSHUQGHIOVWHUQGHIUHPGH6WLPPHQ 'HU6FKUHLEWLVFKVWDQG]ZLVFKHQ%HWWXQG)HQVWHU&HOLQHZXWHVHOEVW QLFKWZDUXPVLHVLFKDXIGHQVFKPDOHQ6WXKOYRUGHP6FKUHLEWLVFK VHW]WH$XIMHGHQ)DOOILHOLKU%OLFNDXIGDV3DSLHUGDVLQHLQHP)DFK ODJ 6LHEHUOHJWH%ULHIHVFKUHLEHQ0HLQH*WHZLHODQJHKDWWHVLHNHLQHQ %ULHIPHKUJHVFKULHEHQ8QGDQZHQVROOWHVLHVFKUHLEHQ",KUH(OWHUQ ZDUHQWRWZHUNRQQWHLKUEHUKDXSWKHOIHQ"8QGZHUZUGHLKUJODX EHQ"*RUGRQ6FKUHLEHUZDUHLQPlFKWLJHU0DQQ,Q*HQIKDWWHGHU 6FKUHLEHU.RQ]HUQVHLQHQ6LW]'DV9HUZDOWXQJVJHElXGHVWDQGDP6HH 9RQGRUWDXVOHQNWHGHU0LOOLDUGlUVHLQH*HVFKlIWH )LOLDOHQJDEHVEHUDOOLQGHU:HOW,QGHQ86$HEHQVRZLHLQ 1RUGDIULND 1RUGDIULND'DVZDUGDV6WLFKZRUW3O|W]OLFKKDWWHVLHHV6LHGDFKWHDQ HLQHQ8UODXELQ7XQHVLHQ'RUWKDWWHVLHDP6WUDQGHLQHMXQJH)UDX NHQQHQJHOHUQWGLHLKUDXI$QKLHEV\PSDWKLVFKZDU :LHKLHVLHQRFKJOHLFK" &HOLQHILHOGHU1DPHQLFKWHLQDEHUVLHHULQQHUWHVLFKQRFKDQGHQ %HUXIXQGDQGLH6WDGWDXVGHULKUH8UODXEVEHNDQQWVFKDIWVWDPPWH /RQGRQXQGMDMHW]WKDWWHVLHHV'LHVHEORQGH)UDXZDU'HWHNWLYLQ6LH DUEHLWHWHLQHLQHPHLJHQWOLFKY|OOLJXQZHLEOLFKHQ%HUXI 8QGVLHKLH-DQH&ROOLQV %ULHI8UODXE-DQH&ROOLQV 'DVZDUGLH.HWWHGLH&HOLQH:DOGQLFKWPHKU]HUUHLHQODVVHQ ZROOWH6LHVHW]WHLKUH,GHHVRIRUWLQGLH7DWXP:HQQMHPDQGLKU JODXEWHGDQQ-DQH

'LH6FKZHL]HULQVFKULHE'HU)HGHUKDOWHUVFKLHQQXUVREHUGDV 3DSLHU]XIOLHJHQXQGDOVVLHIQI6HLWHQEHVFKULHEHQKDWWHZDUVLH LPPHUQRFKQLFKWDP(QGH(UVWDXIGHUVHFKVWHQ6HLWHVFKORVLHPLW HLQHP*UXDE %ULHIPDUNHQKDWWHVLH'LH$GUHVVHIDQGVLHLQLKUHP1RWL]EXFK6LH NOHEWHGHQ%ULHI]XXQGVWHFNWHLKQXQWHULKUHQGQQHQ3XOORYHUGDPLW LKQQLHPDQGIDQG $EHUHLQ%ULHIPXWHEHI|UGHUWZHUGHQ&HOLQHHULQQHUWHVLFKXQWHQ LP2UWHLQHQ%ULHINDVWHQJHVHKHQ]XKDEHQ6LHZROOWHDXFKNHLQH 0LQXWHOlQJHU]|JHUQXQGVRIRUWORVJHKHQ $OOHUGLQJVZUGHHVVHKUVFKZLHULJVHLQXQJHVHKHQDXVGHU%XUJ]X YHUVFKZLQGHQ7URW]GHPZROOWHVLHHVZDJHQ &HOLQHVFKDXWHDXVGHP)HQVWHU,Q]ZLVFKHQZDUHVGXQNHOJHZRUGHQ 'HU1HEHOWDWVHLQEULJHVXPGLH6LFKW]XYHUVFKOHFKWHUQ$EHUHUZDU LP/DXIHGHV7DJHVGQQHUJHZRUGHQ&HOLQH:DOGEHPHUNWHDXFK GD:LQGDXIJHNRPPHQZDUGHUGLH.URQHQGHUKRKHQ1DGHO ElXPHZLHJWH 6LHIKOWHQDFKXQGZDUEHUXKLJWGDGHU%ULHIQRFKXQWHUGHP 3XOORYHUVWHFNWH'DQQKROWHVLHDXVGHUDEJHWHLOWHQ*DUGHUREHLKUHQ 0DQWHOXQGVWHFNWHGLHZLFKWLJVWHQ3DSLHUHHLQVRZLHLKU*HOG$OOH DQGHUHQ6DFKHQZROOWHVLHKLHUODVVHQ'HQ.RIIHUGLH.OHLGHUGDVZDU]X HUVHW]HQLKU/HEHQMHGRFKQLFKW 1LFKWHLQHQ%OLFNZDUIVLH]XUFN'LHVHV=LPPHUKDWWHVLHWURW]VHLQHU 3UDFKWDQJHZLGHUWHEHQVRZLHGLHJHVDPWH%XUJ&HOLQHKXVFKWH]XU7U XQG]RJVLHDXI ,KU%OLFNILHOLQHLQHQEUHLWHQ*DQJGHVVHQKRFKOLHJHQGH'HFNH YRQ5XQGE|JHQJHVWW]WZXUGH'LH0DUPRUSODWWHQDXIGHP%RGHQ VWUDKOWHQHLQHUHJHOUHFKWH.lOWHDXV6LHJDEHQGDV*HIKOZLGHUGDV &HOLQHZlKUHQGLKUHV$XIHQWKDOWHVLQGHU%XUJHPSIXQGHQKDWWH 5HFKWVODJHLQZHLWHUHU7UDNWGHU%XUJ(VZDUGHUNOHLQVWHXQGGRUW KDWWHGDV3HUVRQDOVHLQH5lXPH'LH/HXWHNDPHQXQWHQDXVGHP'RUI VLHZDUHQSUDNWLVFKIUGLH=HLWHLQJHVWHOOWZRUGHQGLHGHU6FKUHLEHU &ODQLQGHU%XUJYHUEUDFKWH&HOLQHYHUVWDQGVLFKPLWGHQHLQIDFKHQ 0HQVFKHQJXW6LHKDWWHVFKRQHLQSDDUPDOPLWLKQHQ]XVDPPHQJH VHVVHQXQG6HOEVWJHEUDQQWHQ2EVWOHUJHWUXQNHQ hEHUHLQH6WHLQWUHSSHJHODQJWHVLHLQGHQ7UDNW'LH7UHSSHIKUWH QRFKWLHIHUXQGHQGHWHSUDNWLVFKYRUGHU.FKH'HUHQ7UZDU JHVFKORVVHQDEHUXQWHUGHU5LW]HILHOHLQ/LFKWVWUHLIHQKLQGXUFKDXFK K|UWH&HOLQHHLQ5DGLRGXGHOQXQGGLH6WLPPHGHU.|FKLQ 6FKQHOOKXVFKWHVLHDQGHU7UYRUEHLXQGHUUHLFKWHGDQQGHQ 3HUVRQDOHLQJDQJ

(UZDUYHUVFKORVVHQ &HOLQH:DOGVFKOXFK]WHYRU(QWWlXVFKXQJDXI6HNXQGHQODQJVFKOR VLHGLH$XJHQGDQQMHGRFKJDEVLHVLFKHLQHQLQQHUOLFKHQ5XFNXQGJLQJ ZLHGHU]XUFN $OVVLHDQNORSIHQZROOWHZXUGHGLH.FKHQWUEHUHLWVDXIJHVWRHQ 'LH.|FKLQHUVFKLHQ %HLGH)UDXHQHUVFKUDNHQ ª+LPPHO©VDJWHGLH.|FKLQªKDEHQ6LHPLFKDEHUHUVFKUHFNW )UlXOHLQ&HOLQH© ª(QWVFKXOGLJXQJGDVZROOWHLFKQLFKW©&HOLQHOlFKHOWH 'LHNRUSXOHQWH.|FKLQPLWGHPGXQNOHQ+DDUOLHLKUHQ%OLFNEHUGLH )UDXJOHLWHQª:ROOHQ6LHHWZDQRFKZHJ)UlXOHLQ&HOLQH"© ª-DLFKP|FKWHQRFKHLQHQ%ULHIHLQZHUIHQ© ª-HW]W"© ª(VLVWGULQJHQG©6LHUlXVSHUWHVLFKª$EHUGLH7UGHV/LHIHUDQWHQ HLQJDQJVLVWYHUVFKORVVHQ© ª*HKHQ6LHGRFKYRUQ© ª1HLQGDVP|FKWHLFKDXVJDQ]EHVWLPPWHQ*UQGHQQLFKWZHQQ6LH YHUVWHKHQ© ª-DQDWUOLFK©'LH.|FKLQYHUVWDQGWURW]GHPQLFKW ª.|QQWHQ6LHGHQQDXIVFKOLHHQ"©IUDJWH&HOLQH ª,FKKDEHGHQ6FKOVVHOQLFKW© 'DVZDUGHU]ZHLWH7LHIVFKODJLQGHQOHW]WHQIQI0LQXWHQ&HOLQH ZLVFKWHVLFKEHUGLH6WLUQ6LHZXUGHVHKUEODXQGDXILKUHP*HVLFKW VDPPHOWHVLFK6FKZHL ª,VW,KQHQQLFKWJXW"©IUDJWHGLH.|FKLQ ª'RFKGRFK,FKKDWWHQXUGDPLWJHUHFKQHW© 'LHlOWHUH)UDXQLFNWHYHUVWlQGQLVYROOª0RPHQWLFKVHKHPDOHEHQ QDFK©6LHYHUVFKZDQGZLHGHULQGHU.FKHZlKUHQG&HOLQHYROOHU $QJVWZDUWHWH 'DQQNDPGLH.|FKLQ]XUFN,QGHU+DQGKLHOWVLHGHQ6FKOVVHO ª'HQKDEHLFKLQGHU-DFNHGHV+DXVGLHQHUVJHIXQGHQ,FKZXWHGRFK GDHULUJHQGZRVWHFNWH© ª(LQ*OFN©&HOLQHDWPHWHDXI ª:ROOHQ6LHELVQDFK*XQWHU"© ª'DLVWGRFKGHU%ULHINDVWHQ© ª'DQQEHHLOHQ6LHVLFK'DVVLQGGUHL.LORPHWHUXQG6LHPVVHQQRFK ]XUFN© ª,FKZHLDEHUHLQ$EHQGVSD]LHUJDQJZLUGPLUJXWWXQ© ª'DVLVWVFKRQPHKUHLQ1DFKWPDUVFK9LHO*OFNDXIMHGHQ)DOO )UlXOHLQ&HOLQH©

ª'DQNH© 'LH.|FKLQVFKORGLH7U&HOLQH:DOGDWPHWHHUVWHLQPDOWLHIGXUFK DOVVLHYRUGHU%XUJVWDQG6LHSUHWHLKUH+DQGGRUWKLQZRXQWHUGHU %UXVWLKU+HU]VFKOXJ 'DVZDUKDUWJHZHVHQ,POHW]WHQ$XJHQEOLFNKDWWHVLHHVZLUNOLFK JHVFKDIIW &HOLQHVFKDXWHVLFKXP'LH%XUJODJLQHLQHP+RFKWDOXQGVWDQGDXI HLQHP3ODWHDXKRFKEHUGHP7DO+LQWHULKUVWLHJHQGLHVWHLOHQ:lQGH GHU'UHLWDXVHQGHULQGLH+|KHGHUHQREHUH.lPPHPLWHLQHUZHLHQ 6FKLFKWEHGHFNWZDUHQ'RUWODJGHUHZLJH6FKQHH =XU9RUGHUVHLWHKLQKDWWHPDQHLQHQIDQWDVWLVFKHQ%OLFNLQGDV7DOZR GLH2UWH*XQWHUXQG6DYRJQLQODJHQ'DVLFKGHU1HEHOLQ]ZLVFKHQIDVW DXIJHO|VWKDWWHVDK&HOLQHDXFKGLH/LFKWHUGLHZLHIHUQHKHOOH*UH]X LKUKHUEHUVFKLPPHUWHQ 9RQGHU%XUJ]XU6WUDHZDUHVQLFKWPDOZHLW(VJDEHLQHQ3IDGGHU VREUHLWZDUGDHUDXFK3ODW]JHQXJIU%XVVHRGHU/DVWZDJHQERW 'LHVHU:HJZXUGHGXUFK6FKUHLEHUV/HXWHLPPHUIUHLJHKDOWHQGHQQHU ZROOWHVHLQHQLOOXVWUHQ*lVWHQNHLQHDOO]XJURHQ6FKZLHULJNHLWHQ]X PXWHQ &HOLQH:DOGNDQQWHVLFKDXV$XFKLP'XQNHOQKDWWHVLHGHQ3IDG VFKQHOOJHIXQGHQ$OVGLH]XEHLGHQ6HLWHQZDFKVHQGHQ%lXPHLKUGLH 6LFKWDXIGLH%XUJQDKPHQGDDWPHWHVLHWLHIGXUFK-HW]WKDWWHVLH GLHHUVWH+UGHJHVFKDIIW 'RFK&HOLQHLUUWHVLFK6LHNRQQWHQLFKWZLVVHQGD*RUGRQ6FKUHLEHU VHLQH*lVWHGXUFKYHUVWHFNWDQJHEUDFKWH.DPHUDVEHUZDFKHQOLH,KP HQWJLQJQLFKWVXQGDXFKGLH)OXFKWVHLQHU6HNUHWlULQKDWWHHUEHPHUNW 6FKUHLEHUOlFKHOWHQXU(UYHUOLHGHQ.RQWUROOUDXPVFKORHLQH7UDXI XQGEHWUDWHLQ=LPPHUGDVSUDNWLVFKQXULKP]XU9HUIJXQJVWDQGXQG YRQNHLQHPDQGHUHQEHWUHWHQZHUGHQGXUIWH 'RUWWUDIHUVHLQH*HJHQPDQDKPHQ &HOLQHDKQWHYRQDOOGHPQLFKWV1DFKZLHYRUZDUVLHGHU0HLQXQJ XQEHREDFKWHWGLH%XUJYHUODVVHQ]XKDEHQ6LHKHW]WHGHQVFKPDOHQ:HJ KLQXQWHUXQGJHODQJWHDXIGLH6WUDHGLHNXU]YRU*XQWHULQGLH -XOLHUVWUDHHLQPQGHWHGLHYRQ&KXUQDFK6W0RULW]IKUW &HOLQHUDQQWHVRVFKQHOOZLHVHOWHQLQLKUHP/HEHQ6LHKDWWHIUKHU /HLFKWDWKOHWLNEHWULHEHQGDVPDFKWHVLFKQXQEHPHUNEDU,Q]ZLVFKHQ KlWWHQDQGHUHJHNHXFKWRGHU6HLWHQVWLFKHEHNRPPHQQLFKWVR&HOLQH6LH OLHIZLHHLQ8KUZHUNXQGVLHWUXJ]XP*OFNIODFKH6FKXKHLQGHQHQ VLHJXWUHQQHQNRQQWH /lQJVWZDUVLHLQ6FKZHLJHEDGHWDEHUXQHUPGOLFKVHW]WHVLHHLQHQ )XYRUGHQDQGHUHQ

,Q.HKUHQIKUWHGLH6WUDHKLQDE0DQFKPDONU]WH&HOLQHDE VSXUWHWHHLQIDFKGXUFKGHQ:DOGXQGWUDIGDQQZLHGHUDXIGLH6WUDH XPLKU]XIROJHQ 'RFKLKUH+lVFKHUODJHQEHUHLWVDXIGHU/DXHU6LHZDUHQQLFKWKLQWHU RGHUYRULKUVRQGHUQNDPHQDXVGHU/XIW*RUGRQ6FKUHLEHUV5HDNWLRQ ]HLJWHEHUHLWVLKUH)ROJHQ :HUDOV0HQVFKGHQ'lPRQHQKDOIGHPVWDQGHQVLHDXFKEHL6RZDU HVKLHUHEHQIDOOV .DXPKDWWH*RUGRQ6FKUHLEHUYRQGHU)OXFKWGHV0lGFKHQVEHULFKWHW GDUHDJLHUWHGHUZDKUH+HUUVFKHUGHU%XUJ 'HU6SXNOLHVHLQHQ'LHQHUQLFKWLP6WLFKXQGHUVFKLFNWHGLH:HVHQ DXVGLHIULKQNlPSIWHQ$XVGHQ'LPHQVLRQHQGHV6FKUHFNHQVZDUHQ GLH0RQVWHUPLWGHQ(FKVHQN|SIHQJHNRPPHQXQGVLHKRFNWHQDXI IOHGHUPDXVlKQOLFKHQ)OXJHFKVHQPLWODQJHQ6FKQlEHOQGLHVLFKZLH JHZDOWLJH'UDFKHQIOLHJHULQGLH/IWHVFKUDXEWHQ 6LHGUHKWHQLKUHHUVWHQ.UHLVH ,KUH%HIHKOHZDUHQNODU6XFKWXQGW|WHWVLH =XHUVWZDUHQGLH.UHLVHVHKUJURZHLOGLH:HVHQDOOHVEHREDFKWHQ PXWHQGDQQMHGRFKZXUGHQVLHHQJHUXQGVLHQlKHUWHQVLFKDOVJH ZDOWLJH6FKDWWHQGHUNOHLQHQ6WUDHEHUGLH&HOLQH:DOGLKUHU5HWWXQJ HQWJHJHQOLHI 1RFKDKQWHVLHQLFKWZHUGDXQWHUZHJVZDU6LHVDKGLH(FKVHQZHVHQ QLFKWXQGDXFKQLFKWGHUHQZHLWDXIJHULVVHQH0lXOHUGLHDQGLH 6FKQDX]HQYRQ.URNRGLOHQHULQQHUWHQ &HOLQHUDQQWHQXU'DVHLQ]LJHZDVVLHK|UWHZDUHQLKUH6FKULWWHXQG GHUHLJHQHNHXFKHQGH$WHP -HW]WPHUNWHVLHDXFKGLH$QVWUHQJXQJ/lQJVWNU]WHVLHQLFKWPHKU DEZHLOHV]XYLHO.UDIWNRVWHWH6LHOLHIDXIGHU0LWWHGHU)DKUEDKQXQG HVZDUPHKUHLQ7DXPHOQXQG:DQNHQ9RULKUHQ/LSSHQGDPSIWHGHU $WHPNDOWHU6FKZHLODJDXIGHP*HVLFKWDEHUGLH/LFKWHUGHU6WDGW ZDUHQQlKHUJHNRPPHQ 'LH+RIIQXQJZXFKV %LVVLHEHUVLFKHLQ5DXVFKHQK|UWH=XHUVWGDFKWH&HOLQHHVZlUHQ GLH%lXPHGRFKDOVVLHGHQ%OLFNKREGDVDKVLHGLHEHLGHQ6FKDWWHQ6LH EOLHEQLFKWVWHKHQ(VZlUHLKUDXFKQLFKWP|JOLFKJHZHVHQZHLOVLFKGLH %HLQHZLHYRQVHOEVWEHZHJWHQDEHUVLHVSUWHSO|W]OLFKGLH*HIDKU &HOLQHZDUIVLFK]XU6HLWH6LHILHOGDEHLQLFKW]X%RGHQVRQGHUQ SUDOOWHJHJHQGHQ+DQJUHFKWVGHU6WUDH'DIUWUDIGHU)OJHOGHV IOHGHUPDXVlKQOLFKHQ:HVHQVVLHQLFKWDEHUVLHNRQQWHGDV7LHUDXFK QLFKWDQHLQHU/DQGXQJKLQGHUQ &HOLQHHUVWDUUWHLQLKUHU)XUFKW(LQHUVWLFNWNOLQJHQGHU/DXWGUDQJDXV

LKUHU.HKOH6LHZDUIGHQ.RSIKHUXPXQGHUNDQQWHGDHLQ]ZHLWHV )OXJWLHUKLQWHULKUJHODQGHWZDU 0DQKDWWHVLHHLQJHNHVVHOW 'LH7LHUHWUXJHQ5HLWHU=ZHLVFKUHFNOLFKDQ]XVHKHQGH:HVHQPLWZHLW DXIJHNODSSWHQ(FKVHQPlXOHUQVWLHJHQYRQLKUHQ5FNHQ'LHVVDK &HOLQHWURW]GHU'XQNHOKHLW 'DZXWHVLHGDVLHYHUORUHQKDWWH 8QGGDEHLZDUGLH(LQPQGXQJ]XU-XOLHUVWDHQLFKWHLQPDO]HKQ 0HWHUHQWIHUQW =HKQ6FKULWWHQXU (LQHOlFKHUOLFKH'LVWDQ]IUVLHMHGRFKHLQH6WUHFNHZHLWHUDOVELV]XP 0RQG &HOLQH]LWWHUWHYRU$QJVW'LHVH:HVHQKDWWHVLHQLHJHVHKHQXQGDXFK QRFKQLHYRQLKQHQJHK|UWDEHUVLHZXWHGDVLHLP=XVDPPHQKDQJ PLW*RUGRQ6FKUHLEHUVWHKHQPXWHQ8QGVHOWVDPHUZHLVHGDFKWH&HOLQH QLFKWDQYHUNOHLGHWH0HQVFKHQVRQGHUQDQULFKWLJH0RQVWHU8QGDXFK GLH7LHUHPLWLKUHQODQJHQ6FKQlEHOQXQGGHQXQJHZ|KQOLFKHQ 6SDQQEUHLWHQGHU)OJHOGXUIWHHVHLQIDFKQLFKWJHEHQ'DVZDUHQ:HVHQ DXVGHP)DEHOUHLFKDXV0lUFKHQRGHU6DJHQZLH&HOLQHVLHLQLKUHU .LQGKHLWXQGIUKHQ-XJHQGJHOHVHQKDWWH 6LHGUHKWHGHQ.RSI $XFKGLH]ZHLWH%HVWLHZDUYRQLKUHP)OXJWLHUDEJHVWLHJHQ8QGEHLGH NDPHQMHW]WDXI&HOLQH:DOG]X 'DGUHKWHGDV0lGFKHQGXUFK7URW]GHU*HIDKUXQGWURW]LKUHU$QJVW ZDJWHVLHGHQ'XUFKEUXFK %HYRUGHU(FKVHQN|SILJHVLFKYHUVDKXQGHLQJUHLIHQNRQQWHZDU &HOLQHEHUHLWVDQLKPYRUEHL6LHPXWHQXUQRFKGDV7LHUSDVVLHUHQ GDQQZDUGHU:HJIUHL]XU6WUDH 'LHKHLH$QJVWEHHLQWUlFKWLJWHLKU6LFKWIHOG'LH6WUDHVFKLHQYRU LKUHQ$XJHQ:HOOHQ]XVFKODJHQVLHOLHIDEHUQRFKVFKQHOOHUZHLWHUXQG JODXEWHGHQ9RJHOSDVVLHUW]XKDEHQ 'HUOLHVLHDXFK 'DQQDOVVLHVFKRQYRUEHLZDUHUKREHUVLFKPLWHLQHPIDVWWUlJHQ )OJHOVFKODJ&HOLQHQDKPZDKUGDVLFKKLQWHULKUGLH/XIWEHZHJWH GUHKWHGHQ.RSIXQGZXUGHQRFKLQGHU%HZHJXQJYRP)OJHOJH WURIIHQ (VZDUHLQ+LHEGHUVLHQDFKYRUQXQGDXIGHQ6WUDHQEHODJVFKPHW WHUWH'HU$XISUDOOZDUVHKUKDUW&HOLQHNRQQWHHLQHQ6FKUHLQLFKWXQWHU GUFNHQ'DQQUROOWHVLHHLQSDDUPDOXPGLHHLJHQH$FKVHZHLOGLH 6WUDHEHUJDEIKUWHXQGSUDOOWHJHJHQHLQ+LQGHUQLVGDVVLHVWRSSWH &HOLQHKREGHQ%OLFN6LHZROOWHVHKHQZRJHJHQVLHJHSUDOOWZDU

(VZDUHQGLH%HLQHGHV(FKVHQN|SILJHQ ,QLKUVFKLHQGHU)DGHQ]X]HUUHLHQGHUVLHELVKHUQRFKDXIGHQ %HLQHQJHKDOWHQKDWWH'HU/HEHQVZLOOHLQ&HOLQHZXUGHDXVJHO|VFKWVLH JDEDXI 'LH(FKVHQN|SILJHQVWLHHQIDXFKHQGH/DXWHDXVGLHYRQDXVGHQ 0lXOHUQTXHOOHQGHQ5DXFKZRONHQEHJOHLWHWZXUGHQ*OHLFK]HLWLJ EHXJWHQVLHVLFKQDFKXQWHQ 1RFKHLQPDOULGDV0lGFKHQGLH$XJHQDXI6LHVDKGLHVFKUHFNOLFKHQ *HVLFKWHUGLFKWYRUVLFKXQGGDQQVSUWHVLHGLH*ULIIHXQG=lKQH EHUDOODP.|USHU (VZDUGDVOHW]WHZDVVLHPLWEHNDPHLQHJQlGLJH2KQPDFKWKLHOWVLH XPIDQJHQ $EHUDXFKGLH%HVWLHQZXUGHQDXIJHVFKUHFNWGHQQDXV5LFKWXQJ 7LHIHQFDVWHOQlKHUWHVLFKHLQ6FKHLQZHUIHUSDDU (LJHQWOLFKKLHHU&DUOR/HLGRFKPDQNDQQWHLKQQXUXQWHUGHP1DPHQ 'RQ&DUOR 7DJVEHUOHLWHWHHUHLQHQ6XSHUPDUNWHLQJHVXQGHV8QWHUQHKPHQ GHQQLQGHQ8UODXEVRUWHQYHUVRUJWHQVLFKLPPHUPHKU7RXULVWHQVHOEVW XQG&DUORV0DUNWZDUVRJXWVRUWLHUWGDPDQGRUWDOOHVILQGHQNRQQWH ZDVGDV8UODXEHUKHU]EHJHKUWH 1DFK)HLHUDEHQGNDPVHLQHJURH=HLW'DZXUGHDXV&DUORGHU'RQ &DUORRGHU/LHEOLQJGHU)UDXHQ(UYHUVWDQGHVDXVJH]HLFKQHWGLH 'DPHQ]XXQWHUKDOWHQZHQQVLHDOOHLQDQGHQ%DUVGHU+RWHOVVDHQ(U ZXWHDEHUDXFKLQWHUHVVDQW]XHU]lKOHQNDQQWHGLH*HJHQGZXWH EHUGLH0HQVFKHQ%HVFKHLGXQGEHULFKWHWHEHU6XFKDNWLRQHQQDFK DEJHVWU]WHQXQGYHUVFKWWHWHQ6NLIDKUHUQGHQQ&DUORJHK|UWHJOHLFK ]HLWLJQRFKGHU%HUJUHWWXQJDQ 'DZDUHLQEHNDQQWHU0DQQ,P2UWJLQJGLH.XQGHXPGDHUGLH )ODVFKHQGLHVHLQ+XQGWUXJXQGGHUHQ,QKDOWIUGLH*HUHWWHWHQ EHVWLPPWZDULPPHUVHOEVWOHHUWH 'RFKGDVKDWWHQRFKNHLQHUEHZHLVHQN|QQHQPDQPXQNHOWHQXU $QGLHVHP$EHQGKDWWH&DUORDOOHUGLQJVQRFKODQJH]XWXQJHKDEWXQG PXWHVFKOLHOLFKEHL(LQEUXFKGHU'XQNHOKHLWZLHGHUUDXV0DQYHU ODQJWHLQ%LYLRQDFKLKP(VJLQJXPHLQHQ/LHIHUYHUWUDJXQGGHQ ZROOWHVLFK&DUORQLFKWHQWJHKHQODVVHQ :HUGLH-XOLHUVWUDHNHQQWIUGHQLVWVLHLPPHUHLQH+HUDXVIRUGHUXQJ DQVHLQIDKUHULVFKHV.|QQHQ8QGGHUEUDXQKDDULJHKRFKJHZDFKVHQH &DUORPLWGHU+RUQEULOOHNDQQWHMHGH.XUYH]ZLVFKHQ&KXUXQG 6W0RULW]JHQDX

0LWVHLQHPVLOEHUIDUEHQHQHUMDJWHHUORVVFKQLWWGLH.XUYHQXQG IXKUDOVZROOWHHUHLQHQQHXHQ5HNRUGDXIVWHOOHQ (UNDPDXV/HQ]HUKHLGHKDWWHEDOG7LHIHQFDVWHOHUUHLFKWXQGUDVWHPLW XQYHUPLQGHUWHU*HVFKZLQGLJNHLWGXUFKGDVNOHLQHLP7DOOLHJHQGH gUWFKHQ'DQDFKJLQJHVZLHGHUKRFK 6HUSHQWLQHQ 'HU0HUFHGHVJDEVHLQ%HVWHV&DUORKLQWHUGHP6WHXHUJULQVWH6R PDFKWHLKPGDV)DKUHQ6SD 1DFKGHQ.XUYHQNDPHLQH*HUDGHGLHZHLWHUQDFK*XQWHUXQG 6DYRJQLQIKUWH'RQ&DUOR/LHEOLQJGHU)UDXHQLPPLWWOHUHQ$OWHU NLW]HOWHGDV*DVSHGDO(UEOHQGHWHDXIZHLOGLH6WUDHYRULKPOHHUZDU ZLHGLH*HOGE|UVHHLQHVDUPHQ$XWRUV 'HU:DJHQEHNDPQRFKPDO6FKXE 'LH6FKHLQZHUIHUZDUIHQLKUHJOHLHQGH)OXWDXIGLH6WUDH&DUOR NRQQWHYHUKlOWQLVPlLJZHLWVHKHQ5XKLJVDHUKLQWHUGHP/HQNUDG 3DVVLHUWZDUHLJHQWOLFKQRFKQLHHWZDVQXUHLQPDOKlWWHHUIDVWHLQHQ =XVDPPHQVWRPLWGHP3RVWEXVJHKDEWGRFKGDVZDUDXIGHU 1HEHQVWUHFNHQDFK'DYRVJHZHVHQ 8QGGDQQVDK&DUORGDV+LQGHUQLV (VODJIDVWPLWWHQDXIGHU6WUDHXQGHUEHPHUNWHDXFKZLH]ZHL 6FKDWWHQLQGLH/XIWVWLHJHQXQGEOLW]VFKQHOOYHUVFKZDQGHQ 'RQ&DUOREUHPVWH 6WRWWHUQGQXUGHQQHLQH9ROOEUHPVXQJZROOWHHUQLFKWULVNLHUHQ =ZHLPDOMDXOWHQGLH5HLIHQWURW]GHP'HU)DKUHUVFKDIIWHHVVHLQHQ :DJHQYRUGHP+LQGHUQLV]XP6WHKHQ]XEULQJHQ 6FKRQOlQJVWKDWWHHUHUNDQQWGDHLQH)UDXDXIGHU6WUDHODJ %HZHJXQJVORV 'RQ&DUORNDQQWHVLFKDXV(UIXKUGHQ:DJHQUHFKWVUDQVFKDOWHWHGLH :DUQOHXFKWHHLQXQGVWLHGLH7UDXI 'UHL6FKULWWHEHQ|WLJWHHUGDQQJLQJHUQHEHQGHU)UDXDXIGLH.QLH QLHGHU 9RUVLFKWLJGUHKWHHUVLHDXIGHQ5FNHQª0HLQ*RWW©IOVWHUWHHUQXU DOVHULQGDVEOXWEHUVWU|PWH*HVLFKWVFKDXWH8QGHUZXWHVRIRUWGD KLHUQLFKWPHKUYLHO]XPDFKHQZDU 'LH)UDXOHEWHQRFK6LH|IIQHWHGHQ0XQGGHQQVLHPXWHJHPHUNW KDEHQGDVLFKMHPDQGXPVLHNPPHUWH6LHZROOWHHWZDVVDJHQXQG &DUOREUDFKWHVHLQ2KUGLFKWDQLKUH/LSSHQ ª'HUGHU%ULHI8QWHU3XOORYHU© 'LH:RUWHYHUVWDQG&DUORVHKUGHXWOLFKª:DVLVWPLWGHP%ULHI"© IUDJWHHUKDVWLJ (UHUKLHOWNHLQH$QWZRUWPHKU'LH)UDXZDUVRHEHQJHVWRUEHQ

'RQ&DUORZDUEODJHZRUGHQ(UGUFNWHLKUGLH$XJHQ]XIDWH XQWHUGHQ3XOORYHUXQGIDQGGHQ%ULHI'LH$GUHVVHZDU]XHUNHQQHQ 'DV6FKUHLEHQZDUDQHLQHJHZLVVH-DQH&ROOLQVDGUHVVLHUWGLHLQ/RQGRQ ZRKQWH&DUORVWHFNWHGHQ%ULHIHLQ(UKDWWHVLFKHQWVFKORVVHQLKQDE]X VFKLFNHQGHQQGHU%ULHIPXWHZLFKWLJVHLQ =XYRUPXWHHUGLH.DQWRQVSROL]HLDODUPLHUHQ'DVQlFKVWH7HOHIRQ EHIDQGVLFKQLFKWZHLWHQWIHUQW(LQJXWHU%HNDQQWHUYRQLKPEHVDGLFKW DP(LQJDQJGHV'RUIHVHLQH.RQGLWRUHL'HU0DQQKLH5LKPZXUGH DEHUQXU6LU$UFKLEDOGJHQDQQW 'HQNOLQJHOWH&DUORYRP)HUQVHKDSSDUDWZHJ ª'X"©IUDJWHGHUJUDXKDDULJH6LU$UFKLEDOGXQGKREEHUUDVFKWVHLQH $XJHQEUDXHQ ª-DLFK© ª:DVLVWORV"©6LU$UFKLEDOG5LKPJDEGLH7UIUHL ª,FKPXXQEHGLQJWWHOHIRQLHUHQ©'RQ&DUOREHULFKWHWHZLHHUGLH 7RWHJHIXQGHQKDWWH ª'DVLVWMDVFKUHFNOLFK©'HU.RQGLWRUZXUGHEODXQGULHIQDFKVHLQHU )UDX &DUORWHOHIRQLHUWHLQ]ZLVFKHQ$OVHUDXIOHJWHZXUGHHUPLW)UDJHQ EHVWUPW(UNRQQWHQXUGLH6FKXOWHUQKHEHQ ª'DQQLVWVLHYLHOOHLFKWDEJHVWU]W©YHUPXWHWH6LU$UFKLEDOGXQG VFKHQNWHHLQHQ3IOPOL6FKQDSVHLQ ª1HLQ© ª:LHVRQLFKW"© &DUORQDKPGDV*ODVXQGOHHUWHHVPLWHLQHP=XJª,FKKDEHYLHOH 0HQVFKHQJHVHKHQGLHYHUVFKWWHWJHZHVHQRGHUDEJHVWU]WVLQG'LH VDKHQDQGHUVDXV© ª8QGGLH)UDXKLHU"©IUDJWH5LKP ª7MDZLHVROOLFKVDJHQ"©&DUORKREGLH6FKXOWHUQXQGKLHOWVHLQ*ODV KLQXQGEHNDPQDFKJHVFKHQNWª$OVRGLHVH)UDXNDPPLUYRUDOVZlUH VLHYRQHLQHPZLOGHQ7LHU]HUULVVHQZRUGHQ-DZLUNOLFKYRQHLQHP ZLOGHQ7LHU© 'LH5LKPVVWDUUWHQLKQDXVJURHQXQJOlXELJHQ$XJHQDQ 'RQ&DUOROHHUWHDXFKGDV]ZHLWH*ODVDXIH[ *OHQGD3HUNLQVVDKLFKPHLQHQ%HZDFKHUDOOHUGLQJVQLFKW(UPXWHLP WRWHQ:LQNHOGHU7UJHODXHUWKDEHQ 0HLQH6HNUHWlULQVWDQGDOOHLQYRUGHU%DU'HQ:LUWVDKLFKLP +LQWHUJUXQG(UVDJWHNHLQ:RUWXQGYHUVFKZDPPSUDNWLVFKPLW GHU'XQNHOKHLW

,FKVFKOXFNWHª:HQQGDVNHLQHhEHUUDVFKXQJLVWGDQQZLOOLFKQLH PHKU*HLVWHUMDJHQ© ª(VWXWPLUOHLG©VDJWH*OHQGD ª8QGLKU.ODVVHQWUHIIHQ"©IUDJWHLFK ª'DVJLEWHVQLFKW© ª$EHU6LHKDEHQHVPLUHU]lKOW© ª1DWUOLFKXQGGDIUHQWVFKXOGLJHLFKPLFKDXFK,FKPXWH6LHMD LUJHQGZLHKLHUKHUEHNRPPHQ© ª,QGLH)DOOHORFNHQPHLQHQ6LH© 'DVFKWWHOWH*OHQGDKDVWLJGHQ.RSIª1HLQ-RKQVRLVWGDVQLFKW'D ZLOOQXUMHPDQGPLW,KQHQUHGHQ© ª'HUKDWPLUVRHEHQHLQH.DQRQHLQGLH6HLWHJHSUHW© ª'DVZDUQLFKWDEJHPDFKW© ,FKOlFKHOWH0HLQ=RUQZDUVFKRQYHUIORJHQª:HULVWHVGHQQ"© HUNXQGLJWHLFKPLFK ª(UKHLW3\NND© ª.HQQHLFKQLFKW© ª(LQ'UXLGH© 2K-HW]WZXUGHHVLQWHUHVVDQW'DPLWKDWWHLFKZLUNOLFKQLFKWJH UHFKQHWª:LUNOLFKHLQ'UXLGH":LHNRPPHQ6LHDQLKQ*OHQGD"© ª(UKDWVLFKEHLPLUJHPHOGHWXQGZROOWHPLW,KQHQUHGHQ,FKVDJWH LKPHUVROOHLQ,KU%URNRPPHQDEHUGDVZROOWHHUQLFKW(UKDWWHHLQHQ DQGHUHQ3ODQGHPLFKVFKOLHOLFK]XVWLPPWHDOVHVLKPJHODQJPLFK]X EHUUHGHQ© ª8QGMHW]WVWHKWHUKLQWHUPLU"© ª-D© ,FKVDKNHLQHQ*UXQGPHKUZHLWHUKLQVWDUUDXIGHP)OHFN]XVWHKHQ XQGGUHKWHGHQ.RSI 9HUGDPPWLFKVDKLKQQLFKWDEHUGHU'UXFNDQPHLQHU+IWHYHU VFKZDQGSO|W]OLFK(LQHQ/LGVFKODJVSlWHUJHULHW3\NNDLQPHLQ 6LFKWIHOG'HU'UXLGHZDUZLUNOLFKOXVWLJDQ]XVHKHQGRFKLFKKWHWH PLFKLKQ]XXQWHUVFKlW]HQ$XFK0\[LQGHU0DJLHUZDUNOHLQ'LHVHU KLHUHUUHLFKWHLKQDQ*U|HDOOHUGLQJVQLFKW3\NNDZDUYRQ]ZHUJ KDIWHP:XFKVKDWWHODQJH$UPHXQGHLQHQEHUJURHQ.RSI'LH .OHLGXQJKDWWHHUVLFKHUOLFKLUJHQGZRJHIXQGHQGHQQVRVDKVLHDXV 'LH:DIIHKLHOWHUQRFKLPPHUIHVWDOOHUGLQJVVHQNWHHUMHW]WGHQ/DXI VRGDHU]X%RGHQZLHV ª6WHFNHQ6LHGLH3XVWHOLHEHUJOHLFKZHJ©ZLHVLFKLKQDQ (UOHJWHGHQ.RSIVFKLHIª'DQQZROOHQ6LHPLWPLUUHGHQ *HLVWHUMlJHU"© ª:HQQLFKVFKRQPDOKLHUELQ©

*OHQGDIUDJWHª6LHPDFKHQPLUDXFKNHLQH9RUZUIH-RKQGDLFK6LH DQGHU1DVHKHUXPJHIKUWKDEH"© ª:DUXPVROOWHLFK"© ª'DQQLVWHVJXW© ª:LUN|QQWHQXQVVHW]HQ©VFKOXJLFKYRUª,P6WHKHQUHGHLFKQLFKWVR JHUQ© *OHQGDXQG3\NNDIROJWHQGHU$XIIRUGHUXQJ$QHLQHP7LVFKQDKPHQ ZLU3ODW](QGOLFKWUDXWHVLFKDXFKGHU:LUWZLHGHUKHUYRUXQGIUDJWH ZDVZLUWULQNHQZROOWHQ,FKQDKPHLQ%LHU*OHQGDHEHQIDOOVQXU3\NND WUDQNQLFKWV *OHQGDEDWXPHLQH=LJDUHWWH,FKJDELKUHLQHXQGVWHFNWHPLUDXFK HLQ6WlEFKHQDQª1XQNRPPPDO]XU6DFKH'UXLGH©VDJWHLFKXQG VFKDXWHLKQVFKDUIDQ (UQLFNWHª1RUPDOHUZHLVHPWHQZLU)HLQGHVHLQ©HUNOlUWHHUª$EHU JHZLVVH8PVWlQGH]ZLQJHQPLFKGD]XPLWGLU]XUHGHQXQGHLQH$UW :DIIHQVWLOOVWDQG]XVFKOLHHQ©(UVSLHOWHPLWVHLQHQ)LQJHUQEHYRUHU ZHLWHUVSUDFK'DQQEHULFKWHWHHUYRQGHU6HHOHQEXUJXQGZDVLKP ZLGHUIDKUHQZDU'DHUGLH%XUJLQGHU6FKZHL]EHVHW]WJHKDOWHQGRFK QLFKWJHZXWKDWWHGDGLHVH%XUJHLQ5HIXJLXPGHV6SXNVJHZHVHQ ZDU0DQZROOWHLKQW|WHQ0DGGR[KDWWHVFKRQGDV8UWHLOJHVSURFKHQ GRFKHUZDUHQWNRPPHQ ª6LHKDEHQPLFKQRFKQLFKWHUZLVFKW©HUNOlUWHHUPLUª8QGLFKKRIIH DXFKGDHVVREOHLEW© ª$EHUVLHPDFKHQ-DJGDXIGLFK© ª'DVVWHKWIHVW© ª8QGZDVVROOLFKEHLGHU6DFKHWXQ"© 6HLQHJURHQ$XJHQUROOWHQSO|W]OLFKLQGHQ+|KOHQ,FKVDKVLHIHXHU URWOHXFKWHQ'HU:LUWGHUGLH*HWUlQNHEUDFKWHHUVFKUDNDOVHUGHQ 'UXLGHQVDK ª)DKUKLQ*HLVWHUMlJHU9LHOOHLFKWEHNRPPVWGXGLH&KDQFHGHQ6SXN ]XYHUQLFKWHQ© ª,VWGLH%XUJGHQQOHHU"© ª:HLLFKQLFKW(VLVWHLQLJH:RFKHQKHUVHLWLFKVLHYHUODVVHQKDEH© ª8QGZRNDQQLFKVLHILQGHQ"© 'HU'UXLGHQDQQWHPLUGLHLQGHU1lKHOLHJHQGHQ2UWVFKDIWHQ ,QGHU6FKZHL]KDWWHLFKVFKRQ8UODXEJHPDFKWXQGNDQQWHPLFK HLQLJHUPDHQDXV 3\NNDEOLFNWHPLFKJHVSDQQWDQ,FKWUDQNHLQHQ6FKOXFNYRQPHLQHP %LHU ª:LUVWGXIDKUHQ*HLVWHUMlJHU"© ª'DVLVWGXUFKDXVP|JOLFK©

ª'DQQZDUPHLQ%HVXFKGRFKQLFKWXPVRQVW©VW|KQWHHU ,FKPXWHJULQVHQª5DIILQLHUWUHLQJHOHJWKDEWLKUPLFKWURW]GHP© VDJWHLFK *OHQGDOHJWHPLULKUH+DQGDXIGHQ$UPª:LHNDQQLFKGDVZLHGHU JXWPDFKHQ"©IUDJWHVLH ª'DUEHUUHGHQZLUVSlWHU© 6LHZXUGHGRFKOHLFKWURW,FKGDFKWHGDUEHUQDFKRELFKPLUHLQH 5HLVHHUODXEHQNRQQWHGRFKPRPHQWDQODJKLHULQ/RQGRQNHLQ)DOODQ 8QG6LU-DPHV3RZHOO6XSHULQWHQGHQWXQGPHLQ&KHIZUGHPLU VLFKHUOLFKGLH=XVWLPPXQJJHEHQ6FKOLHOLFKZDUGHU6SXNHLQ*HJQHU GHQPDQHLQIDFKEHNlPSIHQXQGZHQQHVJLQJDXFKYHUQLFKWHQPXWH (UZDUGHU+HUULP5HLFKGHU6FKDWWHQ:HQQLFKGDQQ0DGGR[DOV %HLJDEHNULHJHQN|QQWHZlUHGDVJDUQLFKWVRYHUNHKUW ª:LOOVWGXDOOHLQIDKUHQ"©IUDJWHPLFKGHU'UXLGH ª9LHOOHLFKWQHKPHLFK6XNRPLW© ª'DVZlUHQLFKWVFKOHFKW© ª8QGGX"© 'HU'UXLGHOlFKHOWHXQGVFKLHQQRFKNOHLQHU]XZHUGHQ(UNRQQWH RKQHKLQNDXPEHUGHQ7LVFKVFKDXHQª,FKZHUGHPLFKLUJHQGZRYHU NULHFKHQZHQQHVJHKW© ª1LFKWLQGHU1lKHGHU%XUJ"© ª1HLQQHLQGDZUGHQVLHPLFKVRIRUWDXIVSUHQ'DVNDQQLFKQLFKW ULVNLHUHQ© ,FKZLQNWHGHQ:LUWKHUDQXP]X]DKOHQ(LJHQWOLFKZDUDOOHVJHVDJW 0LWZHLWHUHQ,QIRUPDWLRQHQNRQQWHPLU3\NNDQLFKWGLHQHQ'HU:LUW HUVFKLHQLFKEHJOLFKGLH5HFKQXQJXQGZLUVWDQGHQDXI=XHUVWVFKRE VLFK3\NNDYRP7LVFKZHJ*OHQGDIROJWHLFKPDFKWHGHQ6FKOX 3\NNDXQG*OHQGDVFKULWWHQEHUHLWVDXIGHQ9RUKDQJ]XDOVGLHVHU]XU 6HLWHJHULVVHQZXUGH'LHEHLGHQ*HVWDOWHQVDKHQZLUJOHLFK]HLWLJ (VZDUHQHFKVHQN|SILJH:HVHQPLWPHQVFKOLFKHQ8QWHUN|USHUQXQG LQGHQ+lQGHQKLHOWHQVLHIODPPHQGH/DQ]HQ :LUGUHLZXUGHQY|OOLJEHUUDVFKW %HYRULFKMHGRFKPHLQH%HUHWWDDXVGHU0DQWHOWDVFKH]LHKHQNRQQWH UHDJLHUWHGHUHUVWH(LQGULQJOLQJXQGVFKOHXGHUWHVHLQHIHXULJH/DQ]H (LQEUHQQHQGHU6FKZHLIUDVWHDXI3\NND]XGHUZLHHUVWDUUWDXIGHP )OHFNVWDQGXQGQLFKWZHJNDP$OVHUHVGDQQYHUVXFKWHZDUHVVFKRQ ]XVSlW 'LH/DQ]HWUDIYROO 3\NNDZXUGH]XUFNJHVFKOHXGHUWILHOJHJHQGHQ7LVFKKREGLH$UPH

XQGNUDOOWHEHLGH+lQGHXPGHQDXVGHU%UXVWUDJHQGHQ6FKDIW$XV VHLQHPDXIJHULVVHQHQ0XQGGUDQJHQlFK]HQGH/DXWH(UEUDFKLQGLH .QLHXQGILHO]X%RGHQ ,FKK|UWHGDV=LVFKHQXQGYHU]RJGDV*HVLFKW'DV]ZHLWH0RQVWHU KDWWHEHUHLWVGHQ$UPJHKREHQ(VZROOWHVHLQH:DIIHHEHQIDOOVDXIGLH 5HLVHVFKLFNHQXQGVHLQ=LHOZDUHQWZHGHU*OHQGD3HUNLQVRGHULFK 0LWHLQHPZXFKWLJHQ6WRIHJWHLFK*OHQGDYRQGHQ%HLQHQ,FKPXWH VRKDUWUHDJLHUHQZHQQLFKLKU/HEHQUHWWHQZROOWH6LHILHODXI]ZHL 6WKOHXQGGHU:LUWEHJDQQ]XVFKUHLHQ 'LH/DQ]HDEHUZXUGHQLFKWJHZRUIHQ,POHW]WHQ$XJHQEOLFNKDWWHGHU +|OOHQERWHLQQHJHKDOWHQ 6WDWWGHVVHQGUHKWHHUVHLQHQ.|USHUXQGVXFKWHPLFKDOV=LHODXV 'DNDPHUJHQDXDQGHQULFKWLJHQ,FKKDWWHPHLQH%HUHWWDHQGOLFKDXV GHU0DQWHOWDVFKHXQGVFKRSUDNWLVFKDXVGHU+IWH9HUIHKOHQNRQQWH LFKGDV:HVHQQLFKWGDIUVWDQGHVPLU]XQDKH 6FKUlJKLHEGLHJHZHLKWH6LOEHUNXJHOLQGHQ(FKVHQNRSI'LH)ROJHQ ZDUHQIUGDV0RQVWHUYHUKHHUHQG6HLQUHFKWHU$UPPLWGHUODQJHQ NUDOOHQEHZHKUWHQ+DQGEOLHELQGHU/XIWKlQJHQGDQQZXUGHGHU KlOLFKH6FKlGHOEXFKVWlEOLFK]HUULVVHQXQGJUDXJUQH:RONHQTXROOHQ lW]HQGGDUDXVKHUYRU 'DVZDUJHVFKDIIW 6RIRUWZDQGWHLFKPLFKGHP]ZHLWHQ0RQVWHU]X'DVVWHOOWHHV VFKODXHUDQ(VZDUVFKRQXQWHUZHJV,FKNDPQLFKWPHKUUHFKW]HLWLJ ZHJXQGNDVVLHUWHHLQHQ6FKODJJHJHQGHQUHFKWHQ$UPGHULKQIDVW OlKPWHXQGPLFKXPGLHHLJHQH$FKVHUL 'DV:HVHQKlWWHMHW]WGLH&KDQFHJHKDEWVLFKDXIPLFK]XZHUIHQ GRFKHVGDFKWHQXUDQVHLQH)HXHUODQ]H0LWHLQHP*ULIIULHVGLH:DIIH DXVGHU%UXVWGHVWRWHQ'UXLGHQXQGIXKUKHUXP ,FKGXFNWHPLFKXQGVSUDQJJOHLFK]HLWLJ]XU6HLWH=XP*OFNKDWWHQ *OHQGDXQGGHU:LUWKLQWHUGHU7KHNH'HFNXQJJHIXQGHQXQGEHIDQGHQ VLFKLQUHODWLYHU6LFKHUKHLW ,FKVFKQDSSWHPLUGLH]ZHLWH/DQ]HEHYRUGDV0RQVWHU]XVWRHQ NRQQWH 'DQQVFKOHXGHUWHLFKVLH$OOHUGLQJVPLWGHPOLQNHQ$UP,FKELQ 5HFKWVKlQGHUXQGGLHJHIlKUOLFKH:DIIHIXKUDP.|USHUGHV(FKVHQ N|SILJHQYRUEHL=ZLVFKHQ]ZHL)HQVWHUQWUDIVLHGLH:DQGSUDOOWHDE XQGEOLHEVFKUlJDXIHLQHP7LVFKOLHJHQ 0LVW 0HLQ*HJQHUOLHHVQLFKW]XGDLFKGLH%HUHWWDYRQGHUUHFKWHQLQGLH OLQNH+DQGZHFKVHOWH'LH=HLWJDEHUPLUQLFKW,FKEUDFKWHPLFKPLW HLQHPJHZDOWLJHQ6SUXQJLQ6LFKHUKHLWILHO]ZLVFKHQ6WKOHZDUIVLHXP

XQGULDXFKHLQHQ7LVFKPLWGHUPLU6HNXQGHQVSlWHUDOV'HFNXQJ GLHQWH 6LFKHUKHLWVKDOEHUUXWVFKWHLFKHLQ6WFN]XUFN'DVZDUPHLQ*OFN GHQQGLHPLW:XFKWJHVFKOHXGHUWH)HXHUODQ]HERKUWHVLFK]ZDULQGLH 7LVFKSODWWHDEHUVLHIUlVWHDXFKKLQGXUFKXQGKlWWHPLFKQRFKJHWURIIHQ ZHQQLFKDXIGHU6WHOOHJHEOLHEHQZlUH ,FKVFKULHDXI (VZDUHLQH/LVWDXIGLHGHU+|OOHQERWHKRIIHQWOLFKKHUHLQIDOOHQ ZUGH (LQWULXPSKLHUHQGHV)DXFKHQGUDQJDQPHLQH2KUHQ'DQQNDPHU VHOEVWXPUXQGHWHGHQ7LVFKKLHOWGLH]ZHLWH/DQ]HGLHHUDXIJHKREHQ KDWWHZXUIEHUHLWXQGVFKDXWHJHQDXLQGLH3LVWROHQPQGXQJGHU %HUHWWD 0HLQ6FKXEHUW|QWHVHLQHQ6FKUHL 'DVJHZHLKWH6LOEHUJHVFKRULLKQI|UPOLFKYRQGHQ%HLQHQ(U VFKOXJKDUWDXIZDUIVLFKHLQSDDUPDOKLQXQGKHUXQGDXVVHLQHU%UXVW GUDQJGHUJUDXJUQHQDFK6FKZHIHOVWLQNHQGH5DXFK (UZDUJHVFKDIIW ,FKHUKREPLFK,QPHLQHQUHFKWHQ$UPNHKUWHDOOPlKOLFKGDV*HIKO ]XUFN,FKNRQQWHLKQZLHGHUQRUPDOEHZHJHQ +LQWHUGHU%DUVDKLFKGLHEODVVHQ*HVLFKWHUYRQ*OHQGDXQGGHP :LUW,FKQLFNWHEHLGHQ]Xª(VLVWYRUEHLLKUN|QQWYRUNRPPHQ© 6LFKHUKHLWVKDOEHUVFKDXWHLFKKLQWHUGHP9RUKDQJQDFKGRFKNHLQ ZHLWHUHV0RQVWHUKLHOWVLFKGRUWDXI'LHEHLGHQKDWWHQNHLQH9HU VWlUNXQJPLWJHEUDFKW 'DQQ|IIQHWHLFK]ZHL)HQVWHU.KOHUH/XIWPLW1HEHOYHUPLVFKW GUDQJLQGHQ6FKDQNUDXP'HU:LUWMDPPHUWHQDFKGHU3ROL]HL(UWDWHV VRODQJHELVLFKLKPPHLQHQ$XVZHLV]HLJWH'DZXUGHHUUXKLJ ª8QG6LHZHUGHQEHUGLHVHQ9RUIDOOVFKZHLJHQ©VDJWHLFKLKP (UQLFNWHKHIWLJ *OHQGDVWDQGQHEHQGHPWRWHQ'UXLGHQª(LJHQWOLFKZDUHUPLU V\PSDWKLVFK©VDJWHVLH ,FKKREGLH6FKXOWHUQª(UVXFKWH9HUEQGHWHDEHUJODXEHQ6LHQXU QLFKWGDHUHLQ)UHXQGGHU0HQVFKHQJHZRUGHQZlUH(ULVWHLQ 'lPRQ6HKHQ6LH©,FKGHXWHWHDXIGLH:XQGHLQGHU%UXVW*UQHV%OXW TXROOGDUDXVKHUYRU ª0\[LQLVWGRFKDXFKNHLQ0HQVFK©YHUWHLGLJWH*OHQGDLKUH0HLQXQJ ª(ULVWHEHQGLH$XVQDKPHYRQGHU5HJHO© 9RQGHQEHLGHQ0RQVWHUQZDUQLFKWVEULJJHEOLHEHQ6LHKDWWHQVLFK Y|OOLJDXIJHO|VW$XFKYRQGHP'UXLGHQEOLHEQXUHLQHGLFNHJUQH )OVVLJNHLW]XUFN

ª8QGMHW]WIDKUHQ6LHLQGLH6FKZHL]"©IUDJWHPLFK*OHQGD ª1RFKQLFKW(UVWHLQPDOEULQJHLFK6LHQDFK+DXVHGDQQPXLFKPLW 6XNRXQGGHP$OWHQUHGHQ© ,FKVSUDFKQRFKHLQPDOPLWGHP:LUWXQGVFKlUIWHLKPDEHUPDOVHLQ GDHUEHUGLHVH9RUJlQJHGHQ0XQG]XKDOWHQKDWWH (UYHUVSUDFKHVPLUKRFKXQGKHLOLJ *OHQGDXQGLFKYHUOLHHQGDV5HVWDXUDQW$XFKDXIGHU6WUDH VFKDXWHLFKPLFKQDFKHYHQWXHOOHQ*HJQHUQXPVDKDXHU1HEHOMHGRFK QLFKWV(LQ:DJHQIXKUODQJVDPDP/RNDOYRUEHL:LHHLQJLJDQWLVFKHU 6FKDWWHQYHUVFKZDQGHULP*UDXGHV1HEHOV 0HLQHQ%HQWOH\KDWWHQLHPDQGDQJHUKUW,FKVWDUWHWHXQGUROOWHODQJ VDPDQ*OHQGDZDU]LHPOLFKVFKZHLJVDP:DKUVFKHLQOLFKKDWWHVLHHLQ VFKOHFKWHV*HZLVVHQ ,FKEHUXKLJWHVLHDEHUVLHZROOWHQLFKWK|UHQª,FKKlWWHGDVQLFKWVR PDFKHQGUIHQ0LULVWY|OOLJVFKOHLHUKDIWZDVGDLQPLFKJHIDKUHQLVW© ª9LHOOHLFKWKDWGHU'UXLGH6LHEHHLQIOXW© *OHQGDVWDXQWHª*ODXEHQ6LHGDVZLUNOLFK"© ª-D©%HLGLHVHU$QWZRUWORJLFKQLFKWHLQPDO,FKNRQQWHPLUVHKUJXW YRUVWHOOHQGDGHU'UXLGHVHLQH.UlIWHHLQJHVHW]WKDWWHXP*OHQGDLQ VHLQHJHLVWLJH*HZDOW]XEULQJHQ (LQH6WXQGHVSlWHUKDWWHQZLULKUH:RKQXQJHUUHLFKW*OHQGD]HLJWH VLFKVHKUEHVRUJWXQGJDEPLU]DKOUHLFKH5DWVFKOlJHPLWDXIGHQ:HJ ,FKEHGDQNWHPLFKOlFKHOQG 'DQQIXKULFK]XP

6LHWUXJQRFKGHQ7HQQLVGUHKDWWHDEHUHLQHQOHLFKWHQ6WULFNPDQWHO GDUEHUJHZRUIHQ'DV+DDUZDUKRFKJHEXQGHQXQGZXUGHYRQ HLQHPNQDOOURWHQ%DQGJHKDOWHQ =ZHL(LQODGXQJHQDQGLH%DUGHV&OXEKDXVHVKDWWHVLHDEJHOHKQWZHLO VLHDQGLHVHP$EHQGJHUQDOOHLQVHLQZROOWHXPHQGOLFKHLQSDDU%OLFNH LQELVKHUQRFKQLFKWJHOHVHQH%FKHU]XZHUIHQ$QVRQVWHQZROOWHVLH IUK]X%HWWJHKHQGHQQDPQlFKVWHQ0RUJHQKDWWHVLHHLQH9HU DEUHGXQJPLWHLQHP.OLHQWHQ ,KU1DPH-DQH&ROOLQV %HUXI3ULYDWGHWHNWLYLQ 'HU9:PLWGHPKRFKJH]FKWHWHQ0RWRUIDQGLQGHU7LHIJDUDJH VHLQHQ3ODW]XQGDOV-DQHLKUH:RKQXQJEHWUDWVWHOOWHVLHVLFKHUVWXQWHU GLH'XVFKH'DV6SLHOKDWWHVLHJHIRUGHUWXQGVLHlUJHUWHVLFKYHUORUHQ ]XKDEHQ'RFKGHP3DUWQHUKDWWHVLHMHW]WVFKRQELWWHUH5HYDQFKH JHVFKZRUHQ ,P+DXVPDQWHOYHUOLH-DQHGHQ'XVFKUDXPXQGVDKHUVWMHW]WZLHGHU GLH3RVWGLHVLHPLWKRFKJHEUDFKWKDWWH6LHQDKPGLH%ULHIHPL[WHHLQHQ OHLFKWHQ/RQJGULQNXQGVFKDXWHGLH6FKUHLEHQGXUFK =ZHL5HFKQXQJHQHLQH$QVLFKWVNDUWH5HNODPHVHQGXQJHQXQGHLQ %ULHIDXVGHU6FKZHL] -DQHEHUOHJWH6LHVFKDXWHDXIGHQ$EVHQGHUXQGODVGHQ1DPHQ &HOLQH:DOG )DOWHQELOGHWHQVLFKDXI-DQHV6WLUQ&HOLQHMDLUJHQGZRKDWWHVLHGHQ 1DPHQEHUHLWVJHK|UWXQGGDILHOHVLKUDXFKVFKRQHLQ 7XQHVLHQGHU6WUDQGGLH8UODXEVEHNDQQWVFKDIWGLH6SD]LHUJlQJH GXUFKGLH%DVDUH'DZDU&HOLQHLPPHUPLWJHJDQJHQ6LHKDWWHQVLFK EHLP$EVFKLHGDXFKYHUVSURFKHQLQ9HUELQGXQJ]XEOHLEHQDEHUPDQ YHUJDHLQDQGHUVHKUVFKQHOO -DQHKDWWHHLQULFKWLJVFKOHFKWHV*HZLVVHQDOVVLHGHQgIIQHUQDKP XQGGDV.XYHUWDXIVFKOLW]WH (VZDUHLQODQJHU%ULHIhEHUVHFKV6HLWHQ]RJHUVLFKKLQ&HOLQH:DOG PXWHLKQLQJURHU(LOHJHVFKULHEHQKDEHQGHQQPDQFKPDOIHKOWHQ %XFKVWDEHQRGHUJDQ]H:|UWHU$EHUGHU%ULHIVHOEVWKDWWHGLH%ULVDQ] HLQHU%RPEHXQG-DQH&ROOLQVODVLKQ]ZHLPDO:HQQGDVVWLPPWHZDV &HOLQHGDJHVFKULHEHQKDWWHGDQQJHVFKDKLP.DQWRQ*UDXEQGHQHLQH XQJHKHXUH6FKZHLQHUHL:LHPLWHLQHP0HLHOJHVFKODJHQVRKDWWHVLFK HLQ1DPHLQ-DQHV*HKLUQIHVWJHVHW]W *RUGRQ6FKUHLEHU *HK|UWKDWWHVLHGHQ1DPHQVFKRQGHQQGHU.RQ]HUQYHUNDXIWH 0LOFKSURGXNWH'DVILQJEHLGHU.XKPLOFKDQJLQJEHUGHQ.lVHELV KLQ]XP-RJKXUW

'LHVHP%ULHIQDFK]XXUWHLOHQVROOWH6FKUHLEHUGHU0DQQVHLQGHU HLQHPVRVFKOLPPHQ+REE\IU|QWH 6FKZDU]H0HVVHQ 'DVZDUQLFKWQXUHWZDVIU-DQH&ROOLQVVRQGHUQDXFKIU-RKQ 6LQFODLU6LHYHUVXFKWHLKQ]XHUUHLFKHQGRFKEHL-RKQKREQLHPDQGDE (UZDUQLFKWGD6LHIDQGLKQDXFKQLFKWLP%UR'LH7HOHIRQLVWLQDQGHU $QPHOGXQJHUNOlUWHLKUGD-RKQ]XVDPPHQPLWVHLQHU6HNUHWlULQGDV +DXVYHUODVVHQKDEH ª'DQNH©-DQHOHJWHDXIXQGVSUWHHLQHQNOHLQHQ6WLFK1LFKWGDVLH HWZDVJHJHQ*OHQGD3HUNLQVJHKDEWKlWWHDEHUGLHVFKZDU]KDDULJH 3HUVRQZDUVHKUDWWUDNWLYXQGNRQQWHHLQHQ0DQQVFKRQOHLFKWHLQ ZLFNHOQ ,QGHQQlFKVWHQ0LQXWHQHQWIDFKWH-DQHHLQHILHEHUKDIWH$NWLYLWlW6LH ULHIDP)OXJKDIHQDQXQGHUNXQGLJWHVLFKQDFKGHPQlFKVWHQ)OXJLQ 5LFKWXQJ=ULFK 'DZDUHUVWHLQPDOQLFKWV]XPDFKHQZHJHQGHV1HEHOV*HJHQ $EHQGMHGRFKVROOWHGLH1DFKPLWWDJVPDVFKLQHVWDUWHQYRUDXVJHVHW]W GHU1HEHOKDWWHVLFKDXIJHO|VW -DQHEXFKWHHLQHQ3ODW] 6LHSDFNWHGDV1|WLJVWH]XVDPPHQULHIQRFKHLQPDOEHL-RKQ6LQFODLU DQEHNDPDEHUNHLQH9HUELQGXQJXQGDXFK6XNRZXWHQLFKWZRHU VWHFNWH 'DEHVWHOOWHVLHHLQ7D[LXQGOLHVLFK]XP)OXJKDIHQEULQJHQ)UGLH 6WUHFNHEUDXFKWHGHU)DKUHUIDVWGLHGUHLIDFKH=HLWZLHEHLQRUPDOHP :HWWHU -DQHPXWHZDUWHQ=XVDPPHQPLWDQGHUHQ3DVVDJLHUHQGLHWUEHDXI GDV5ROOIHOGVFKDXWHQZRQDFKZLHYRUGHU1HEHOODJ$EHUGLH6FKOLHUHQ ZDUHQGQQHUJHZRUGHQXQGHVJDEHLQSDDUIUHLH)OHFNH.XU]YRU ]ZDQ]LJ8KUZXUGHGHU)OXJDXIJHUXIHQ :HQLJVSlWHUEHIDQGVLFK-DQHLQGHU/XIW'LH'HWHNWLYlQKDWWHJXWH 1HUYHQ6LHVFKORGLH$XJHQXQGVFKOLHIHLQ6LHZXUGHZDFKDOVVLH VLFKEHUGHP6FKZHL]HU/XIWUDXPEHIDQGHQ -DQHEHVWHOOWHVLFKQRFKHLQHQ6DIWXQGKDWWHGDV*ODVNDXPJHOHHUW DOVVLFKGLH3DVVDJLHUHEHUHLWVDQVFKQDOOHQPXWHQ8QWHUGHU0DVFKLQH IXQNHOWHQGLH/LFKWHUYRQ=ULFKXQGGHVVHQ)OXJKDIHQ.ORWKHQ %XWWHUZHLFKODQGHWHGHU-HW 'LH3DNRQWUROOHQOLHIHQQRUPDODE,QGHU1DFKWZROOWH-DQHQLFKW PHKUZHLWHU,Q%DKQKRIVQlKHQDKPVLHVLFKHLQ+RWHO]LPPHUDHLQH .OHLQLJNHLWXQGOHJWHVLFKGDQQKLQ :LHGHUVFKOLHIVLHIHVW$PDQGHUHQ0RUJHQZDUVLHIUKDXIGHQ %HLQHQ*HUQKDWWHVLHQRFKHLQHQ%XPPHOEHUGLH%DKQKRIVWUDH

KLQXQWHU]XP6HHJHPDFKWGRFKGLH=HLWGUlQJWH6LHEHVRUJWHVLFK HLQHQ/HLKZDJHQXQGIUKVWFNWHGDQQ $QVFKOLHHQGIXKUVLHDE 'HUJUQH*ROIZDUIUVLHJHQDXULFKWLJ,Q=ULFKEHJDQQGLH $XWREDKQQDFK&KXU/LQNVODJGHU6HH(LQHJUDXH)Ol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lJDXIHLQHQ %HUJJLSIHO]XZRHLQHNOHLQH6HLOEDKQKLQDXIIKUWH (LQHZXQGHUVFK|QH8UODXEVJHJHQGDEHU-DQHZDUJHNRPPHQXP]X DUEHLWHQ6LHEHQHLGHWHGLH0HQVFKHQGLHLQGHUEHU:DQGHUNOHLGXQJORV PDUVFKLHUWHQXQGGLH:HJHQDKPHQGLHKLQDXILQGLH%HUJHIKUWHQ 'DQQJLQJHVZLHGHUWDOZlUWV+LQHLQQDFK7LHIHQFDVWHO8QG VFKOLHOLFKHUUHLFKWH-DQHGHQNOHLQHQ2UW*XQWHUYRQGHP&HOLQHLQ LKUHP%ULHIJHVFKULHEHQKDWWH *DQ]LQGHU1lKHPXWHDXFKGLH%XUJOLHJHQ-DQHGURVVHOWHGLH *HVFKZLQGLJNHLWXQGUROOWHODQJVDPLQ*XQWHUHLQ(VZDUHLQVHKUPDOH ULVFKHVgUWFKHQYRUDOOHQ'LQJHQQLFKWVRDXI7RXULVPXVHLQJHULFKWHW VRQGHUQQRFKXUZFKVLJ6NLWRWDOJDEHVHUVWHLQSDDU.LORPHWHUZHLWHU LQ6DYRJQLQ 'HU2UWKDWWHSUDNWLVFKQXUHLQH6WUDH5HFKWVXQGOLQNVGHU6WUDH JUXSSLHUWHQVLFKGLH+lXVHU-DQHVDKDXFKDQGHQJUQHQVDIWLJHQ +lQJHQHLQLJH+RWHOVXQG3HQVLRQHQVWHKHQ 1XUGLH%XUJHQWGHFNWHVLHQLFKW

6LHIXKUELV]XU%XVKDOWHVWHOOHZRVLHLKUHQ:DJHQDEVWHOOWH -DQHVWLHJDXVXQGDWPHWHGLHNKOHIULVFKH%HUJOXIWHLQ6LHKDWWH EHVFKORVVHQVLFKGHQ2UWHLQZHQLJDQ]XVHKHQVFKOHQGHUWHEHUGLH 6WUDHXQGVDKGLH.LUFKHYRQ*XQWHU1LFKWZHLWHQWIHUQWZDUGHU )ULHGKRI 'RUWKDWWHQVLFKHLQLJH0HQVFKHQYHUVDPPHOW(VIDQGHLQH%H HUGLJXQJVWDWW -DQHVFKULWWGXUFKGDVNOHLQH7RUVDKGLHHUVWHQJHSIOHJWHQ*UlEHUXQG GLHVRUJIlOWLJJHKDUNWHQ:HJH6LHK|UWHGLH:RUWHGHV3ULHVWHUVGHUYRQ 7RG9HUJlQJOLFKNHLWDEHUDXFKYRQHZLJHP/HEHQVSUDFK(UEHPKWH VLFKQLFKWLP'LDOHNW]XUHGHQVRGD-DQHGDVPHLVWHYHUVWDQGZDV HUVDJWH (VZDUHQQXUZHQLJH0HQVFKHQDQZHVHQGZDV-DQH&ROOLQVDQVLFK ZXQGHUWHGHQQZHQQMHPDQGDXVGHP2UWVWDUEQDKPHQQRUPDOHU ZHLVHDOOHDQGHU%HHUGLJXQJWHLO -DQHZDUVFKRQYRUKHUGHUVFKZHUHGXQNHOEODXH0HUFHGHVDXI JHIDOOHQGHULQGHU1lKHGHU)ULHGKRIVPDXHUVWDQG6LHKDWWHGDV .HQQ]HLFKHQQLFKWJHVHKHQUHFKQHWHMHGRFKGDPLWNHLQHQ(LQKHL PLVFKHQYRUVLFK]XKDEHQ ,KU%OLFNJOLWWEHUGLH7UDXHUJHPHLQGH (LQEUHLWVFKXOWULJHU0DQQILHOLKUDXIGHUGLFKWHVGXQNHOEUDXQHV +DDUKDWWHHLQVRQQHQEUDXQHV*HVLFKWXQGMHWWVFKZDU]H$XJHQ'HU 0DQQKDWWHGLH/LSSHQIHVW]XVDPPHQJHSUHWXQG-DQHVDKVHLQHQ %OLFNSO|W]OLFKDXIVLFKJHULFKWHW 6LHVFKDXGHUWH:HUZDUGLHVHU0DQQ" 'LH'HWHNWLYLQJLQJHLQSDDU6FKULWWH]XU6HLWHVRGDVLHVLFK DXHUKDOEGHV%OLFNZLQNHOVEHIDQG 1HEHQHLQHPKRFKJHZDFKVHQHQ0DQQEOLHEVLHVWHKHQGHUHLQH +RUQEULOOHWUXJXQGDXIGHQ6DUJVWDUUWHGHUVRHEHQLQGLH(UGHJH ODVVHQZXUGH'HU0DQQZDUEOHLFK+LQXQGZLHGHU]XFNWHQVHLQH :DQJHQNQRFKHQ -DQHEHVFKORLKQDQ]XVSUHFKHQ ª.DQQWHQ6LHGHQ7RWHQ"©HUNXQGLJWHVLHVLFKPLWOHLVHU6WLPPH 'HU0DQQGUHKWHGHQ.RSIª(VLVWHLQH7RWH© ª$XVGHP'RUI"© ª1HLQ)UlXOHLQHLQH)UHPGH© ª8QGZLHKDWVLHJHKHLHQ"©-DQHV6WLPPH]LWWHUWHHLQZHQLJ ª:DOG&HOLQH:DOGJODXEHLFK© -DQH&ROOLQVKDWWHGDV*HIKOLP%RGHQYHUVLQNHQ]XPVVHQ 6HNXQGHQODQJVFKORVLHGLH$XJHQXQGDOOHV%OXWZLFKDXVLKUHP *HVLFKWª6LQG6LHVLFKHU"©

ª-DLFKKDEH6LHGRFKVHOEVWJHIXQGHQ© -DQHQLFNWH ª&HOLQHZDUHLQH%HNDQQWHYRQPLU© ª'DVWXWPLUOHLG6LQGVLHH[WUD]XU%HHUGLJXQJKHUJHNRPPHQ"© IUDJWHGHU0DQQ ª1HLQVLHKDWWHPLUJHVFKULHEHQ© ª'DQQVLQG6LH-DQH&ROOLQV"© ª'DVVWLPPW©hEHUUDVFKWVFKDXWHGLH'HWHNWLYLQGHQ)UHPGHQDQ1LH KlWWHVLHYHUPXWHWGDPDQKLHULKUHQ1DPHQNHQQHQZUGHª:RKHU ZLVVHQ6LHGDV"© ª(VLVWHLQHWUDXULJH*HVFKLFKWH)UlXOHLQ&ROOLQV:LUN|QQWHQXQV JOHLFKEHLHLQHU7DVVH.DIIHH]XVDPPHQVHW]HQ,FKKDEH,KQHQGDZRKO HLQLJHV]XHU]lKOHQ© ª:HQQ6LHPHLQHQ© ª,FKKHLHEULJHQV&DUOR/HL© ª0HLQHQ1DPHQNHQQHQ6LHMD© 'DQQVFKZLHJHQEHLGHXPGLH%HHUGLJXQJQLFKWPHKU]XVW|UHQ-DQH EHNDPZRKOQRFKPLWZLHGHUDQGHUH)UHPGHPLWKDVWLJHQ6FKULWWHQ GDYRQJLQJXQGGLH'HWHNWLYLQJODXEWHXPVHLQHQ0XQGHLQVS|WWLVFKHV /lFKHOQ]XVHKHQ6LHVWLH&DUOR/HLDQXQGGHXWHWHEHULKUH6FKXOWHUQ ª.HQQHQ6LHGHQ0DQQ+HUU/HL"© &DUORVFKDXWHKLQXQGVFKWWHOWHGHQ.RSIª'HQNHQQHLFKQLFKW$EHU LFKELQDXFKQLFKWYRQKLHU© :HQLJVSlWHUZDUHLQ$XWRPRWRU]XK|UHQ'HUVFKZHUH0HUFHGHV VFKRGDYRQ-DQHVWHOOWHVLFKDXIGLH=HKHQVSLW]HQ6RNRQQWHVLHEHU GLH0DXHUKLQZHJVFKDXHQ'HU:DJHQIXKUELV]XP'RUIHQGHXQGYHU VFKZDQG:HQLJVSlWHUNRQQWH-DQHLKQMHGRFKZLHGHUVHKHQ(UUROOWH HLQH6HUSHQWLQHQVWUDHKRFK:DUGDV=LHOGHV)DKUHUVYLHOOHLFKW GLH%XUJ" -DQHIUDJH&DUOR/HLQDFKGHU%XUJ ª-DGLHJLEWHV$OOHUGLQJVZDULFKQRFKQLHGRUW,FKKDEHJHK|UWGD VLFKGDHLQVHKUUHLFKHU0DQQHLQJHQLVWHWKDW© ª%HLLKPKDW&HOLQH:DOGJHDUEHLWHW© ª'DVKDWGLH3ROL]HLDXFKIHVWJHVWHOOW© ª8QGVRQVWQLFKWV"© ª1HLQ6RYLHOLFKZHL© :HQLJVSlWHUO|VWHVLFKGLH%HHUGLJXQJDXI-DQHIU|VWHOWHDOVVLHQHEHQ &DUOR/HL]XUFNLQGHQ2UWJLQJ'HU0DQQOHQNWHVHLQH6FKULWWHDXI HLQHNOHLQH.RQGLWRUHL]Xª+LHUJLEWHVGHQEHVWHQ.DIIHH'HU%HVLW]HU ZLUGDXFK6LU$UFKLEDOGJHQDQQW© ª(UKHLGRFK5LKP©VDJWH-DQH6LHKDWWHGDV6FKLOGJHVHKHQ

ª6SLW]QDPHQKDWKLHUMHGHU© (LQH*ORFNHOlXWHWHDOVVLHGDVNOHLQH&DIHEHWUDWHQ6LU$UFKLEDOG VHOEVWVWDQGKLQWHUGHU7KHNHXQGVFKDXWHYROOHU6WRO]DXIVHLQHVHOEVW JHIHUWLJWHQ3UDOLQHQGLHQLFKWQXUHLQ*DXPHQVRQGHUQDXFKHLQ $XJHQVFKPDXVZDUHQ (UEHJUWH-DQHXQGDXFK&DUOR'HU/HLWHUGHV6XSHUPDUNWVVWHOOWH -DQHDOVHLQH)UHXQGLQYRQ&HOLQH:DOGYRU ª'DUILFK,KQHQPHLQ%HLOHLGDXVVSUHFKHQ"©PXUPHOWHGHU=XFNHU ElFNHU ª'DQNH© ª-HW]WZROOHQZLUXQVHUVWHLQPDOVWlUNHQ©VFKOXJ&DUOR/HLYRUXQG GHXWHWHDXIHLQHQUXQGHQ7LVFKª%LWWHQHKPHQ6LH3ODW]© &DUOREHVWHOOWH.DIIHH-DQHQDKPDXFKQRFKHLQ6WFN.XFKHQGD]X %HLHLQHU=LJDUHWWHEHJDQQ&DUOR]XUHGHQ(UHU]lKOWHZLHHUGLH7RWH JHIXQGHQKDWWHª6LHNRQQWHQXUQRFKVDJHQGDGHU%ULHIDEJHVFKLFNW ZHUGHQVROOGDQQVWDUEVLH(VZDUVFKUHFNOLFK© 'LH'HWHNWLYLQQLFNWHª6DJHQ6LH+HUU/HL6LHKDEHQYRUKLQYRQ]ZHL 6FKDWWHQJHVSURFKHQGLHKRFKVWLHJHQ.|QQHQ6LHGDHLQZHQLJNRQ NUHWHUZHUGHQ"© ª1HLQHVZDUHQQXU6FKDWWHQPHKUQLFKW© ª.|QQWHQGDVGLH0|UGHUJHZHVHQVHLQ© ª0|UGHU"©&DUOR/HLPDFKWHHLQ]ZHLIHOQGHV*HVLFKW ª-D© ª$EHUGLH3ROL]HLJODXEWDQHLQHQ8QIDOO© -DQHYHU]RJGLH/LSSHQXQGQDKPHLQHQ6FKOXFN.DIIHHª*ODXEHQ6LH DXFKDQHLQHQ8QIDOO"© &DUORVHQNWHGHQ%OLFN(UVWUHLIWH$VFKHYRQGHU=LJDUHWWHDEª:HQQ LFKHKUOLFKVHLQVROOQLFKW,FKKDEHVFKRQ]DKOUHLFKH7RWHJHERUJHQGLH DEJHVWU]WVLQGRGHUYRQHLQHU/DZLQHEHJUDEHQZXUGHQ6RZLH GLH)UDXVDKQLHPDQGDXV© ª.|QQHQ6LHGLH7RWHJHQDXHUEHVFKUHLEHQ"©IUDJWH-DQH &DUORKREGHQ%OLFNXQGGUHKWHVLFKGDQQXPZREHLHUDXI6LU $UFKLEDOGGHXWHWHª(UKDWVLHDXFKJHVHKHQ6FKUHFNOLFKNDQQLFK,KQHQ VDJHQ:LUNOLFK© ª%LWWHVSUHFKHQ6LH© ª0DQNRQQWHGDV*HIKOKDEHQGDGLH)UDXYRULKUHP7RGHLQHP 5DXEWLHUEHJHJQHWZDUXQGPLWLKPJHNlPSIWKDWWH0XLFKQRFKGHXW OLFKHUZHUGHQ"© ª1HLQGDVEUDXFKHQ6LHQLFKW©-DQHGDFKWHZLHGHUDQGLH6FKDWWHQ GLHYHUVFKZXQGHQZDUHQDOVGDV6FKHLQZHUIHUOLFKWVLHWUDI5LHVLJ VROOWHQVLHJHZHVHQVHLQ

:DUHQGDVGLH0|UGHU" ª:DVZROOHQ6LHMHW]WPDFKHQ"©IUDJH&DUOR/HL:LHGHU]XUFNQDFK /RQGRQIDKUHQ"© ª6SlWHU©HUZLGHUWH-DQHª(UVWHLQPDOZLOOLFKKRFK]XU%XUJ 6LFKHUOLFKJLEWHVQRFKHLQLJH'LQJH]XUHJHOQGHQQ&HOLQHKDWWHNHLQH $QJHK|ULJHQ© ª,FKNDQQ6LHEHJOHLWHQ©ERW&DUORVLFKDQ 6LU$UFKLEDOGGHUGLH:RUWHJHK|UWKDWWHJULQVWHKLQWHUVHLQHU /DGHQWKHNH ª1HLQGDQNH'DVLVW]ZDUVHKUQHWWYRQ,KQHQDEHULFKNRPPHVFKRQ DOOHLQ]XUHFKW© ª'DQQHUODXEHQ6LHPLUGDLFK,KUHQ.DIIHHXQGGDV6WFN.XFKHQ EH]DKOH)UlXOHLQ&ROOLQV"© ª*HUQ© 9RUGHU7UYHUDEVFKLHGHWHVLFK&DUOR/HLª:HQQLFKLUJHQGHWZDV IU6LHWXQNDQQUXIHQ6LHPLFKDQ+LHULVWPHLQH.DUWH©(UUHLFKWH VLHLKUª,FKZRKQHLQ/HQ]HUKHLGH© ª'DQNHVHKU© -DQHJLQJ]XLKUHP:DJHQ &DUORYHUIROJWHVLHPLW%OLFNHQXQGOlFKHOWH ,Q]ZLVFKHQKDWWH-DQHGHQ3DUNSODW]HUUHLFKWVHW]WHVLFKLQGHQ /HLKJROIXQGVWDUWHWH 'LH'HWHNWLYLQKDWWHVLFKJHPHUNWZRXQJHIlKUGHUHU0HUFHGHV KLQJHIDKUHQZDU 'HQ:HJQDKPVLHDXFK 6LHIDQGGLHLQGLH%HUJHIKUHQGH6WUDHDXI$QKLHEXQGUROOWHODQJ VDPGLH6HUSHQWLQHQKRFK6LHZDUIGHV|IWHUHQHLQHQ%OLFNDXVGHP )HQVWHU/HLGHUZDUGLH%XUJQLFKW]XVHKHQ6FKOLHOLFKZDUVLHVRKRFK GDVLHVFKRQIDVWGHQHUVWHQ6FKQHHPLWGHU+DQGJUHLIHQNRQQWH $EVHLWVGHU6WUDHVWDQGHLQDXV6WHLQHQHUULFKWHWHV%DXHUQKDXV(LQH lOWHUH)UDXVFKDXWHDXVGHU7UXQGEOLFNWH-DQHIUDJHQGDQDOVGLHDXI VLH]XJLQJ 'LH'HWHNWLYLQHUNXQGLJWHVLFKQDFKGHU%XUJ (VZDUIUVLHVFKZHUGLH$QWZRUW]XYHUVWHKHQ6FKOLHOLFKEHNDPVLH VRYLHOKHUDXVGDVLHZLHGHU]XUFNPXWH6LHZDU]XZHLWJHIDKUHQ -DQHEHGDQNWHVLFKZDUIQRFKHLQHQ%OLFNEHUGLHPDMHVWlWLVFKH %HUJZHOWXQGIXKUZLHGHU]XUFN$XIHLQHQVFKPDOHQ:HJVROOWHVLH DFKWJHEHQ -DQHWDWHV 8QGVLHHQWGHFNWHLKQ(UZDUZLUNOLFKQXUVFKZHU]XHUNHQQHQ6LH EHWlWLJWHGHQ%OLQNHUXQGOHQNWHGHQ*ROIKLQHLQOLQNVZXFKVHQ)HOVHQ

KRFKUHFKWVJLQJHVLQGLH+HIHhEHUDOOKDWWHQ%lXPHLKUVWDUNHV :XU]HOZHUNLQGLH)HOVHQJHNUDOOWXQGELOGHWHQHLQHQQDWUOLFKHQ 6FKXW] $XFKGLHVHU:HJVFKOlQJHOWHVLFKYRUDQZXUGHPDOVFKPDOHUGDQQ ZLHGHUEUHLWHU0DQFKPDONUDW]WHQDXFK=ZHLJHEHUGDV:DJHQGDFK XQGGDQQPQGHWHGHU:HJDXIHLQHQEUHLWHQ)HOVYRUVSUXQJGHUVFKRQ HLQHP3ODWHDXJOLFK 'RUWVWDQGDXFKGLH%XUJ (LQHJHZDOWLJH)HVWXQJGLHVLFKHUOLFKPDQFKHQ6WUPHQJHWURW]W KDWWH'LH%XUJVFKLHQPLWGHP%HUJYHUZDFKVHQ]XVHLQ (VJDEPHKUHUH7UDNWHXQGGLH0DXHUQZDUHQPHKUDOVGLFN $XIMHGHQ)DOOERWVLHHLQLPSRVDQWHV%LOG(LQ6WFN+LVWRULHGDVGD YRU-DQHV$XJHQODJ 'HU)HOVYRUVSUXQJZDU]XHLQHP3DUNSODW]XPIXQNWLRQLHUWZRUGHQ =DKOUHLFKH:DJHQVWDQGHQGRUW=XPHLVW)DKU]HXJHGHUREHUHQ.ODVVH YHUVHKHQPLWGHXWVFKHQXQG6FKZHL]HU1XPPHUQVFKLOGHUQ'HUNOHLQH *ROIVDKGLUHNWVFKlELJDXVDOV-DQHLKQQHEHQHLQHP%0:GHUHU .ODVVHDEVWHOOWH6LHHQWGHFNWHDXFKGHQEODXHQHU(UVWDQGHWZDV DEVHLWV 'LH'HWHNWLYLQVWLHJDXVXQGVFKULWWDXIGDVJURH7RU]X'LH%XUJ KDWWHNHLQHQ9RUKRIXQGDXFKNHLQH7UPH6LHEHVWDQG]ZDUDXV PHKUHUHQ7UDNWHQGRFKGLHVDKHQVRDXVRGHUJLQJHQVRLQHLQDQGHU EHUGDVLHZLHDXVHLQHP7HLOJHJRVVHQZLUNWHQ 2EHUKDOEGHU%XUJVSLHOWHGHU:LQGPLWGHQ=ZHLJHQGHU 1DGHOElXPHGLHDP)HOVHLQNDUJHV'DVHLQIULVWHWHQ =DKOUHLFKH)HQVWHUXQWHUEUDFKHQGDV0DXHUZHUN-DQHJODXEWHKLQWHU HLQLJHQ6FKHLEHQ/LFKW]XVHKHQNRQQWHVLFKDXFKLUUHQGHQQGLH 6FKHLEHQVFKLHQHQLKU]LHPOLFKGLFN]XVHLQ(LQZHQLJ+HU]NORSIHQ KDWWHVLHVFKRQDOVVLHDXIGLH7UHSSH]XVFKULWWGLH]XPJURHQ (LQJDQJVSRUWDOKRFKIKUWH6LHPXWHZLHGHUDQGHQ%ULHIGHU7RWHQ GHQNHQXQGGDUDQGD]DKOUHLFKH:DJHQYRUGHU7USDUNWHQ'HU %XUJKHUUKDWWHDOVR%HVXFK)HLHUWHHUYLHOOHLFKWHLQHVFKZDU]H0HVVH" 2GHUZROOWHHUVLHQRFKIHLHUQ" -DQHKROWHWLHI/XIW,FKKlWWHGRFK-RKQQRFKDQUXIHQVROOHQGDFKWHVLH XQGNODPPHUWHGLH+DQGXQWHUGHQ%RGHQGHU7DVFKHZRVLHGDV *HZLFKWGHU$VWUDGXUFKGDV/HGHUIKOWH'LH:DIIHZDUPLWJHZHLKWHQ .XJHOQJHODGHQ 8PLKUHQ+DOVKDWWHVLFK-DQHHLQNOHLQHVJHZHLKWHV.UHX]JHKlQJW %LVDXI6XNRZDUHQDOOH0LWJOLHGHUGHV6LQFODLU7HDPVPLWJHZHLKWHQ .UHX]HQDXVJHUVWHW3DWHU,JQDWLXVGHUDXFKGLH6LOEHUNXJHOQGUHKWH KDWWHVLHLQGHP.ORVWHULQ6FKRWWODQGKHUJHVWHOOW

(LQH.OLQJHOIDQG-DQHQLFKWGDIUDEHUHLQHQVWLOHFKWHQ.ORSIHU6LH KlPPHUWHJHJHQGDV+RO]GHU7UXQGK|UWHGLH6FKOlJHLP,QQHUQGHV 6FKORVVHVZLGHUKDOOHQ 5DVFKZXUGHJH|IIQHW (LQ'LHQHUVFKDXWH-DQHDQ(UKDWWHHLQ+DOEJODW]HGDIUMHGRFK .RWHOHWWHQGLHIDVWELV]XGHQ0XQGZLQNHOQUHLFKWHQ'DVYHUEOLHEHQH +DDU]HLJWHHLQHSHFKVFKZDU]H)DUEH$XIGHQ:DQJHQVFKLPPHUWHQ EOlXOLFKH%DUWVFKDWWHQ'HU%XWOHUWUXJHLQHVFKZDU]H+RVHHLQZHLHV +HPGXQGHLQHJHVWUHLIWH:HVWH ª6LHZQVFKHQ"©IUDJWHHU ª,FKKlWWHJHUQ*RUGRQ6FKUHLEHUJHVSURFKHQ© ª6LQG6LHDQJHPHOGHW"©'HU6DW]NODQJHLQVWXGLHUW(UZXUGHUXQWHU JHOHLHUW ª1HLQ© ª'DQQNDQQLFKOHLGHUQLFKWVIU6LHWXQ*QlGLJVWH©'HU0DQQ ZROOWHGLH7U]XGUFNHQ 'RFKGDZDU-DQHV)XGHQVLHLQGHQ6SDOWJHVFKREHQKDWWHXQGPLW KRQLJVHU6WLPPHVDJWHVLHª,FKELQEULJHQVHLQH%HNDQQWHYRQ &HOLQH:DOG6DJHQ6LHGDV,KUHP%U|WFKHQJHEHU© 'HU'LHQHUEHUOHJWHHLQHQ0RPHQWGDQQQLFNWHHUª(VLVWJXW ZDUWHQ6LHLQGHU+DOOH© -DQHGXUIWHHLQWUHWHQ'UDXHQZDUHVVFKRQVHOWVDPUXKLJJHZHVHQ GRFKLP,QQHUQGHU%XUJNRQQWHPDQGLH6WLOOHDOVQDKH]XXQKHLPOLFK EH]HLFKQHQ$OVGLH6FKULWWHGHV'LHQHUVYHUNOXQJHQZDUHQK|UWHPDQ NHLQHQ/DXWPHKU -DQHIU|VWHOWH%HUHLWVQDFKGHPHUVWHQ(LQGUXFNPRFKWHVLHGLHVH%XUJ QLFKW1HLQGLHOHEWHQLFKWGLHZDULUJHQGZLHDQGHUVDOVQRUPDOH 6FKO|VVHURGHU%XUJHQ$QGHQ:lQGHQGHU+DOOHKLQJHQGVWHUH *HPlOGH-DQHVWDQGDXIHLQHP6WHLQERGHQZRNHLQ6WlXEFKHQODJ'LH VFKZHUHQ6LW]P|EHOZDUHQDXV(LFKHXQG-DQHHUNDQQWHGDHVNHLQH HFKWHQ$QWLTXLWlWHQZDUHQVRQGHUQQDFKJHDKPWH6FKUHLEHUKDWWHVLH KHUVWHOOHQODVVHQ 'HU'LHQHUNDP]XUFN-DQHK|UWHQXUGDV7DSSHQGHU6FKULWWHGDQQ WDXFKWHGHU0DQQDXVGHP'lPPHUDXI ª+HUU6FKUHLEHUOlWELWWHQ©VDJWHHUª%LWWHIROJHQ6LHPLU*QlGLJVWH© 'HUJHKWPLUDXIGHQ*HLVWPLWVHLQHP*QlGLJVWHGDFKWH-DQHVDJWH DEHUQLFKWVVRQGHUQOlFKHOWHZHLWHU'HU%XWOHUUlXVSHUWHVLFKXQG VFKULWWYRUDXV 6LHPXWHQHLQH7UHSSHKRFKJHODQJWHQLQHLQHQEUHLWHQ*DQJXQG EOLHEHQYRUHLQHU]ZHLIOJHOLJHQ7UVWHKHQDQGLHGHUNRPLVFKH'LHQHU ]ZHLPDONORSIWH

ª-DELWWH"© 'HU'LHQHU|IIQHWHGLH7Uª'LH'DPHLVWGDGLH6LHVSUHFKHQZROOWH +HUU6FKUHLEHU© ª)KUHQ6LHVLHKHUHLQ© ª%LWWHVHKU©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ª+DEHQ6LHJHQXJJHVHKHQ"©IUDJWHVLHQDFKHLQHU:HLOH ª*HQXJ(UIUHXOLFKHV)UlXOHLQ© ª0HLQ1DPHLVW-DQH&ROOLQV© ª'DVNOLQJWHQJOLVFK© ª,FKNRPPHDXFKDXV/RQGRQ© ª'DQQKDEHLFK6LHEHLGHU%HHUGLJXQJJHVHKHQ©VDJWH*RUGRQ 6FKUHLEHU ª-D© ª:ROOHQZLUQLFKW3ODW]QHKPHQ0LVV&ROOLQV"©*RUGRQ6FKUHLEHU VSUDFKHQJOLVFKª0HLQ*URYDWHUPWWHUOLFKHUVHLWVVWDPPWHDXV 6FKRWWODQGGHVKDOEDXFKGHU9RUQDPH*RUGRQ©VDJWHHUXQGGHXWHWH DXIHLQH6LW]JUXSSHDXVEHVWHP$QWLORSHQOHGHU -DQHQDKPLP6HVVHO3ODW]VRNDPGHU0DQQZHQLJVWHQVQLFKWLQ 9HUVXFKXQJVLFKQHEHQVLH]XVHW]HQ (UEOLHEQRFKVWHKHQ ª'DUILFK,KQHQHWZDV]XWULQNHQDQELHWHQ"©HUNXQGLJWHHUVLFK ª:HQQ6LHHLQHQWURFNHQHQ0DUWLQLKlWWHQZlUHLFK,KQHQVHKUYHU EXQGHQ©HUZLGHUWH-DQH ª$EHUQDWUOLFK0LVV&ROOLQV©'DV/lFKHOQGHV0DQQHVILHONQDSS DXV(UEHZHJWHVLFKVHOEVWEHZXWDXIHLQHQNOHLQHQ%DUVFKUDQN]XGHU DXI.QRSIGUXFNKLQDXVIXKU 'LH%DUEHIDQGVLFK]ZLVFKHQGHQKRKHQPLW%FKHUQYROOJHVWRSIWHQ 5HJDOHQ*RUGRQ6FKUHLEHUKDWWHKLHUHLQHJURH%FKHUVDPPOXQJ

]XVDPPHQJHVWHOOW/HLGHUZDUHV]XGXQNHOXPGLH6FKULIWDXIGHQ HLQ]HOQHQ%XFKUFNHQOHVHQ]XN|QQHQ 0LW]ZHL*OlVHUQNDPGHU0DQQ]XUFNª6RJDU2OLYHQKDEHLFKDXI JHWULHEHQ©VDJWHHUXQGUHLFKWH-DQHHLQ*ODVZREHLHUVLHDEVFKlW]HQG PXVWHUWH :LHGHUGXUFKIXKUHV-DQH'LHVHU0DQQZDUSHUIHNWXQGEHUHFKQHQG 9RQEHLGHPZXUGH-DQHDEJHVWRHQXQGLUJHQGZLHIUFKWHWHVLHVLFK 'DVNDPQLFKWVRRIWYRUGRFKKLHUZDUHVGHU)DOO6LHVSUWHGDVLH GLHVHP0DQQQLFKWJHZDFKVHQZDUXQGYHUNUDPSIWHVHOEVWLQQHUOLFK ª&KHHUV©VDJWH*RUGRQ6FKUHLEHUXQGQDKPHLQHQ6FKOXFN%LV]XU +lOIWHOHHUWHHUGDVNOHLQH*ODV -DQHQLSSWHQXU 6FKUHLEHUVHW]WHVLFKXQG]RJVHLQH+RVHQEHLQHHLQ6WFNK|KHU(U OHJWHGHQ$UPDXIGLH&RXFKUFNHQOHKQHXQGVDJWHª(VWXWPLUOHLG ZDVGDPLW&HOLQH:DOGSDVVLHUWLVW6LHZDUHLQHZLUNOLFKQHWWH3HUVRQ© -DQHJODXEWHLKPNHLQ:RUW,PJOHLFKHQ7RQIDOOKlWWHHUDXFKEHUGLH -RJKXUWSUHLVHVSUHFKHQN|QQHQ'DNODQJNHLQ0LWOHLGDXVGHU6WLPPH 6FKUHLEHUZDUHLVNDOWGXUFKWULHEHQHLQSHUIHNWHU6FKDXVSLHOHU8QGHU VWUDKOWHHLQHVRVWDUNH6HOEVWVLFKHUKHLWXQG$UURJDQ]DXVGDVLFK-DQH &ROOLQVLQVHLQHU1lKHXQZRKOIKOWH'DVVROOWHEHLLKUVFKRQHWZDV KHLHQQRUPDOHUZHLVHOLH-DQHVLFKQLFKWVROHLFKWLQV%RFNVKRUQMDJHQ VRQVWKlWWHVLHLKUHQ%HUXIEHUKDXSWQLFKWDXVEHQN|QQHQ 6LHQDKPQRFKHLQHQNOHLQHQ6FKOXFN'HU0DUWLQLZDUVHKUWURFNHQ XQGVFKPHFNWHHLQZHQLJELWWHU-DQHKDWWHVLFKHQWVFKORVVHQHLQHQ%OXII ]XVWDUWHQ6LHPXWH*RUGRQ6FKUHLEHUDXVGHU5HVHUYHORFNHQ ª:LHLFKK|UWHLVW&HOLQH:DOGHUPRUGHWZRUGHQ©VWHOOWHVLHLQVDFK OLFKHP7RQIHVW $XFKMHW]WEOLHEGHU0DQQJHODVVHQ.HLQ0XVNHO]XFNWHLQVHLQHP *HVLFKWª:HUVDJWGDV"© ª'LH3ROL]HL© 6FKUHLEHUV$XJHQERJHQVLFKLQGLH+|KHª'LH3ROL]HL"+DEHLFK6LH GDULFKWLJYHUVWDQGHQ"© -DQHOlFKHOWHXQGQLFNWH ª'DVNDQQLFKQLFKWJODXEHQ0LVV&ROOLQV©(UVFKWWHOWHGHQ.RSI ª1HLQHVZDUHLQ8QIDOO© ª:HUKDW,KQHQGDVJHVDJW"© ª'LHVHOEH3ROL]HLGLH,KQHQZHLVPDFKHQZROOWHGDPHLQH6HNUHWlULQ HUPRUGHWZRUGHQLVW©HUZLGHUWHGHU*URLQGXVWULHOOHOlVVLJª'LH %HDPWHQPWHQVHKUVFKQHOOLKUH0HLQXQJJHlQGHUWKDEHQ,FKKDEH KHXWHQRFKPLWLKQHQWHOHIRQLHUW:DKUVFKHLQOLFKVLQG6LHHLQHP*HUFKW DXIJHVHVVHQ0LVV&ROOLQV©

ª6RHWZDVEHKDXSWHWPDQQLFKWHLQIDFK© 6FKUHLEHUKREGLH6FKXOWHUQª:LVVHQ6LHGHQ1DPHQ,KUHV ,QIRUPDQWHQ"© ª1HLQ© ª6FKDGHPDQKlWWHLKQVHOEVWIUDJHQN|QQHQ© -DQHGXUFKVFKDXWHGDV6SLHOVRIRUW+lWWH6FKUHLEHUGHQ1DPHQ JHZXWGDQQZlUHGLH3HUVRQZRKOQLFKWPHKUVHKUODQJHDP/HEHQ JHEOLHEHQ(LQHVLPSOH5HFKQXQJ ª:LHHVDXVVLHKW0LVV&ROOLQVKDEHQ6LHGHQ:HJYRQ/RQGRQLQGLH 6FKZHL]XPVRQVWJHPDFKW'LH%HHUGLJXQJZDUIDVWYRUEHLGDVLQG6LH PLUMDVFKRQDXIJHIDOOHQ©(LQVFKDUIHULUJHQGZLHDEVFKlW]HQGHU%OLFN WUDI-DQHª6DJHQ6LH0LVV&ROOLQVZDVVLQG6LHHLJHQWOLFKYRQ%HUXI",FK IUDJHGDDXVEHVWLPPWHQ*UQGHQ© -DQHKDWWHVLFKEHUHLWVHLQH$QWZRUW]XUHFKWJHOHJWª,FKDUEHLWHEHLGHU 6WDGW/RQGRQ© ª8QGZDVWXQ6LHGD"© ª1XQLFKELQVHOEVWVWlQGLJH6DFKEHDUEHLWHULQIU:RKQXQJVZHVHQ .HLQDXIUHJHQGHU-RE© ª'DQQOLHEHQ6LH$XIUHJXQJ"© ª6DJHQZLU$EZHFKVOXQJ© ª'LHKlWWHQ6LHEHLPLU©VWHOOWH*RUGRQ6FKUHLEHUIHVW ª:LHVR"© ª&HOLQH:DOGLVWWRWGDUDQJLEWHVQLFKWVPHKU]XUWWHOQ'HU3RVWHQ VWHKW]XU'LVSRVLWLRQ'D6LH0LVV&ROOLQVVLFKHUOLFKHLQHNDXIPlQ QLVFKH$XVELOGXQJKDEHQXQGDXFK6SUDFKHQEHKHUUVFKHQZLHLFKIHVW VWHOOHQGXUIWHP|FKWHLFK6LHELWWHQLQPHLQHQ.RQ]HUQHLQ]XWUHWHQ6LH N|QQHQIUPLFKDUEHLWHQ© ª:DQQ"© ª6RIRUW0LVV&ROOLQV6DJHQ6LHMDXQGDOOHVLVWSHUIHNW© -DQHVFKDIIWHHVWDWVlFKOLFKURW]XZHUGHQ,QQHUOLFKMXELOLHUWHVLH'DV NODSSWHMDEHVVHUDOVVLHJHGDFKWKDWWH*RUGRQ6FKUHLEHUZDUWDWVlFKOLFK DXIVLHKHUHLQJHIDOOHQ(UZROOWHVLHHLQVWHOOHQ'DQQZlUHVLHLQVHLQHU 1lKHXQGNRQQWHLKQRKQHGDHVDXIILHOEHUZDFKHQ ª:DUXP]|JHUQ6LH"©IUDJWHHU ª,FKZHLQLFKWVRUHFKW,KU9RUVFKODJHKUWPLFKDEHUHUNRPPWHLQ ZHQLJSO|W]OLFK© ª,FKZlUHLQPHLQHP/HEHQQLFKWVRZHLWJHNRPPHQZHQQLFKLPPHU QXUEHUOHJWKlWWH'LHVFKQHOOHQ(QWVFKHLGXQJHQVLQGPHLVWGLHEHVWHQ =|JHUQ6LHQLFKW=XGHPPDFKHLFKHLQ$QJHERWLPPHUQXUHLQPDO GDQQQLHZLHGHU© ª:LHVROOLFKGHQQGLH6DFKHPLWPHLQHP$UEHLWJHEHUUHJHOQ"©

6FKUHLEHUZLQNWHOlVVLJDEª'DVEHVRUJHLFK6RHWZDVVLQGNOHLQH 3UREOHPH©(UOHHUWHVHLQ*ODVª2GHUJHIlOOW,KQHQGLH6FKZHL]QLFKW 0LVV&ROOLQV"© ª6FKRQ© ª:DVKLQGHUW6LHGDQQ"© ª,FKZHLQLFKW+LHULVWHV]LHPOLFKHLQVDP,FKELQHLQ0HQVFKGHU *URVWDGW© *RUGRQ6FKUHLEHUODFKWHª'DIUKDEHLFK9HUVWlQGQLV$XFKLFK N|QQWHHVKLHUQLFKWLPPHUDXVKDOWHQDEHUGLHVH%XUJLVWQLFKWPHLQ :RKQVLW],FKEOHLEHLPPHUQXUHLQLJH7DJHKLHU'LHPHLVWH=HLWYHU EULQJHLFKLQ*HQIRGHUDQGHUIUDQ]|VLVFKHQ0LWWHOPHHUNVWH6LH PWHQPLFKGDQQEHJOHLWHQ© ª'DVK|UWVLFKQDWUOLFKJDQ]DQGHUVDQ0U6FKUHLEHU© ª'DQQVWLPPHQ6LHPHLQHP9RUVFKODJDOVR]X"© ª-D© *RUGRQ6FKUHLEHUHUKREVLFKª'DVILQGHLFKDXVJH]HLFKQHW0LVV &ROOLQV,FKJUDWXOLHUH,KQHQ]X,KUHP(QWVFKOXXQGLFKELQVLFKHUGD 6LHLKQQLFKW]XEHUHXHQEUDXFKHQ:DVGDV*HKDOWDQJHKWVRZHUGHQ6LH PHKUDOV]XIULHGHQVHLQ©(UUHLFKWHGHU'HWHNWLYLQGLH+DQGª6FKODJHQ 6LHHLQ0LVV&ROOLQV© -DQHWDWHV )DVWZlUHVLH]XVDPPHQJH]XFNW'LH+DQGGHV0DQQHVIKOWHVLFK NDOWDQ6HLQ%OLFNWUDILKU*HVLFKW:LHGHUVFKDXGHUWH-DQH,QGHQ$XJHQ VWDQGNHLQ*HIKO6LHNDPVLFKYRUZLHHLQ.DQLQFKHQGDVLQHLQHP .lILJ]XVDPPHQPLWHLQHU6FKODQJHVWHFNWXQGGDUDXIZDUWHWJHIUHVVHQ ]XZHUGHQ ª8QGZDVKDEHLFK]XWXQ"©HUNXQGLJWHVLHVLFK ª(UVWHLQPDOQLFKWV'DVKHLWDPKHXWLJHQ7DJHIlQJW,KUH$UEHLWPLW HLQHPNOHLQHQ)HVWDQ,FKKDEH*lVWHLP+DXV6LHZHUGHQHVDQGHQYRU GHU%XUJSDUNHQGHQ:DJHQHUNDQQWKDEHQ(VVLQG)UHXQGHXQG %HNDQQWH6LHZHUGHQGLH'DPHQXQG+HUUHQLP/DXIHGHV7DJHVQRFK NHQQHQOHUQHQ$P$EHQGVLQG6LHQDWUOLFK]XPHLQHUNOHLQHQ)HLHUVHKU KHU]OLFKHLQJHODGHQ+DEHQ6LH*HSlFN"© ª,P:DJHQ© ª,FKZHUGH/XNDV$QZHLVXQJJHEHQHVKHUDXI]XKROHQ©6FKUHLEHU GUHKWHVLFKXPGUFNWHDXIHLQHQ.QRSIXQWHUGHU6FKUHLEWLVFKSODWWH :HQLJVSlWHUHUVFKLHQGHU.HUOPLWGHQ.RWHOHWWHQ6FKUHLEHUVWHOOWH-DQH DOVQHXH0LWDUEHLWHULQYRUXQG/XNDVQLFNWH -DQHJDELKPGHQ:DJHQVFKOVVHOXQGHUJLQJXPVLFKXPGDV *HSlFNGHU'HWHNWLYLQ]XNPPHUQ ª0LW,KUHP=LPPHUZHUGHQ6LH]XIULHGHQVHLQ©VWHOOWH*RUGRQ

6FKUHLEHUIHVW:LHHUGDVVDJWHOLH:LGHUVSUXFKHUVWJDUQLFKW]X ª+DEHQ6LHHLJHQWOLFK9HUZDQGWHGLH6LHLQIRUPLHUHQPVVHQ"© ª1HLQ0U6FKUHLEHULFKELQGDY|OOLJXQDEKlQJLJ© ª'DVLVWDXVJH]HLFKQHW© /XNDVNDP]XUFNXQGPHOGHWHGDDOOHVLQ2UGQXQJVHL 6FKUHLEHUQLFNWHXQGGHXWHWHDXIGLH7Uª'DQQGDUILFK,KQHQMHW]W ,KU=LPPHU]HLJHQ© ª*HUQ© (UJLQJYRUXQG-DQHVFKDXWHDXIGHQ5FNHQGHV0DQQHV6FKUHLEHU ZDUHLQG\QDPLVFKHU7\SDOOHLQVHLQIHGHUQGHU*DQJYHUULHWGDVXQGGLH KRFKJH]RJHQHQ6FKXOWHUQ'LHVHU0DQQZDUZLH6WDKOHUNRQQWHVLFK GXUFKVHW]HQ 'DV=LPPHUODJLQGHUJOHLFKHQ(WDJH]LHPOLFKDP(QGHGHV*DQJHV 'DQHEHQEHIDQGVLFKQRFKHLQ5DXPDOOHUGLQJVPLWHLQHUZHVHQWOLFK VFKPDOHUHQ7U /XNDVKDWWHGLH7URIIHQJHODVVHQ ª%LWWHVHKU©VDJWH*RUGRQ6FKUHLEHU -DQH&ROOLQVEHWUDWGHQ5DXP0DQFKHU$QWLTXLWlWHQKlQGOHUKlWWH JOlQ]HQGH$XJHQEHNRPPHQ:HUWYROOH0|EHOHLQ+LPPHOEHWWPLW VHLGHQHQ9RUKlQJHQGLFNH7HSSLFKHHLQJURHV)HQVWHUXQGHLQH7U GLH]XP%DGIKUWHGHVVHQ.DFKHOQVHHJUQVFKLOOHUWHQ5DGLR7HOHIRQ XQG79ZDUHQYRUKDQGHQ7URW]GHUDQWLTXLHUWHQ(LQULFKWXQJEUDXFKWH -DQHDXIGHQPRGHUQHQ.RPIRUWQLFKW]XYHU]LFKWHQ ª*HIlOOWHV,KQHQ"©IUDJWH*RUGRQ6FKUHLEHU ª-DHVLVWVHKUQHWW© 'HU)DEULNDQWODFKWHª6LHEUDXFKHQQLFKW]XVDJHQGDHV,KQHQ JHIlOOW'HU*HVFKPDFNLVWYHUVFKLHGHQXQGHVLVWQLFKWMHGHUPDQQV 6DFKHLQHLQHUDOWHQ%XUJ]XZRKQHQ© ª,FKEOHLEHMDQLFKWLPPHUKLHU© ª'DVVWLPPW0LVV&ROOLQV,FKODVVH6LHMHW]WDOOHLQXQGHUZDUWH6LH GDQQVSlWHU]XP'LQQHUXP6LHPLWPHLQHQZLUNOLFKVHKUQHWWHQ*lVWHQ EHNDQQW]XPDFKHQ© ª'DQNH© *RUGRQ6FKUHLEHUQLFNWHLKUQRFKHLQPDO]XXQGYHUOLHGDV=LPPHU $OVHUGLH7UJHVFKORVVHQKDWWHOLHVLFK-DQHDXIGLH%HWWNDQWHIDOOHQ XQGVFKOXJEHLGH+lQGHYRULKU*HVLFKW -HW]WZRVLHDOOHLQKLHUZDUEHJDQQGDV1DFKGHQNHQ8QGVLHIUDJWH VLFKREVLHZLUNOLFKULFKWLJJHKDQGHOWKDWWHDOVVLHGHQ-REDQQDKP9RU DOOHQ'LQJHQRKQH5FNHQGHFNXQJ(VZXWHMDQLHPDQGZRVLHVLFK EHIDQG0DQNRQQWHVLHKLHUVSXUORVYHUVFKZLQGHQODVVHQXQGNHLQ +DKQZUGHQDFKLKUNUlKHQ

-DQH&ROOLQVZDUZLUNOLFKQLFKWEHUlQJVWOLFKDEHULQGLHVHP)DOO HUVFKLHQHVLKUGRFKEHVVHUGDMHPDQGZXWHZRVLHVLFKDXIKLHOW'DV PRGHUQH7DVWHQWHOHIRQVWDQGGLUHNWQHEHQGHP%HWW6LHKREGHQ+|UHU DEXQGKRIIWHGDVLHQDFK/RQGRQGXUFKZlKOHQNRQQWH .HLQ7RQGUDQJDXVGHP+|UHU'DVDK-DQHGHQKHOOHQ.QRSIDXIGHP 7HOHIRQ 'LHQHU/XNDVPHOGHWHVLFKª6LHZQVFKHQELWWH"© -DQHKDWWHGLH7HOHIRQQXPPHUVFKRQDXIGHU=XQJHVDJWHVLHDEHU QLFKWZHLOVLHSO|W]OLFKGDV*HIKOEHNDPDEJHK|UW]XZHUGHQ'DV PDFKWHQGLHEHVWLPPW ª(QWVFKXOGLJXQJ©VDJWHVLHªDEHULFKZROOWHQXUDXVSURELHUHQREGHU $SSDUDWLQPHLQHP=LPPHUDXFKIXQNWLRQLHUW© ª1DWUOLFK)UlXOHLQ&ROOLQV©/XNDVXQWHUEUDFKGLH9HUELQGXQJ-DQH OHKQWHVLFK]XUFN'LHVHV=LPPHUVRSUlFKWLJHVDXFKHLQJHULFKWHWZDU PDFKWHLKU$QJVW *HUQHKlWWH-DQHHLQ%DGJHQRPPHQ6LHWUDXWHVLFKQLFKW+LHUZDULKU DOOHV]XIUHPG]XVHOWVDPXQGVLFKHUOLFKZUGHQGLHVH*lVWHGHQHQVLH QRFKYRUJHVWHOOWZXUGHDXFKQLFKWJHUDGH]XLKUHQ)UHXQGHQ]lKOHQ -DQHHUKREVLFKXQGVFKULWWLP=LPPHUDXIXQGDE6LHGXUFKTXHUWH GHQ5DXPEOLHEYRUGHP%HWWVWHKHQGUHKWHVLFKXPXQGJLQJELV]XU 7U'DEHLILHOLKU%OLFNDXIHLQJURHVgOJHPlOGHGDVQHEHQGHU7U KLQJ (V]HLJWHHLQHQ.ULHJHULQ5LWWHUUVWXQJYRQGHPDOOHUGLQJVQXUGHU 2EHUN|USHUELV]XU+IWH]XVHKHQZDU'HU%UXVWSDQ]HUZ|OEWHVLFK YRU 'DV%LOGKLQJ]LHPOLFKLP6FKDWWHQZHLOGDVHLQIDOOHQGH/LFKWYRU EHLVWULFK 8QGGRFKVDK-DQHGDV*HVLFKWJHQDXHU9LHOOHLFKWZHLOVLH|IWHUDXI GDV*HPlOGH]XJLQJ 'LH$XJHQILHOHQLKUDXI 8QGGDYRQEHVRQGHUVGDVUHFKWH ,UJHQGHWZDVZDUGDPLW -DQHEOLHEGLFKWYRUGHP%LOGVWHKHQXQGVFKDXWHJHQDXHUQDFK'DV OLQNH$XJH]HLJWHHLQHQRUPDOHGXQNOH)DUEH'DVUHFKWHDOOHUGLQJVKDWWH GHU0DOHUDQGHUVJHPDOW1DWUOLFKHUDOVZUGHHVOHEHQ 3O|W]OLFKIXKUHLQ6FKDXHUEHU-DQHV5FNHQ /HEHQ" 6ROOWHVLHHWZDEHREDFKWHWZHUGHQ"+DWWHPDQDQVWHOOHGHV$XJHVHWZD HLQH(OHNWURQLNHLQJHEDXW":DUGDV$XJHGDV2EMHNWLYHLQHU)HUQVHK NDPHUD" -DQHVFKOXFNWH,QGLHVHU%XUJUHFKQHWHVLHPLWGHP6FKOLPPVWHQ6LH

WUDWQRFKGLFKWHUKHUDQGDQQMHGRFKVFKWWHOWHVLHGHQ.RSI1HLQGDV ZDUNHLQHOHNWURQLVFKHV$XJH'HU0DOHUVFKLHQVLFKGRFKLQGHU)DUEH YHUJULIIHQ]XKDEHQ8QGHVZDUDXFKVWDUU(VEHZHJWHVLFKQLFKWPHKU -DQHQDKPDQGDVLHVLFKYRUKLQJHWlXVFKWKDWWH 6LHJLQJZLHGHU]XUFN|IIQHWHLKUHQ.RIIHUXQGQDKPGDVKHOOEODXH ODQJH.OHLGKHUYRU6LHKDWWHHV]XIlOOLJPLWJHQRPPHQHVZUGH]XP KHXWLJHQ$EHQGSDVVHQ -DQHEUHLWHWHGDV.OHLGDXIGHP%HWWDXVGRFKLUJHQGHWZDVKLHOWVLH GDYRQDEHVEHU]XVWUHLIHQ ,PPHUZLHGHUILHOLKU%OLFNDXIGDV%LOG 'DVWLPPWHHWZDVQLFKW $EHUPDOVWUDW-DQH&ROOLQVQlKHUKHUDQ:HGHUXPVFKDXWHVLHGDV $XJHDQ (VOHEWHGRFK 'LH(UNHQQWQLVOLHVLHIU|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|UWHLKUHLJHQHV+HU]NORSIHQ(VNRVWHWHVLHZLUNOLFKhEHU ZLQGXQJGLH+DQGDXIGLH.OLQNH]XOHJHQXQGVLHODQJVDPQDFKXQWHQ ]XGUFNHQ =XP*OFNJDEHVNHLQHUOHL*HUlXVFKH/DXWORVOLHVLFKGLH.OLQNH EHZHJHQ -DQH|IIQHWHGLH7UJHUDGHVRZHLWGDVLHGXUFKGHQ6SDOWVFKOSIHQ NRQQWH 'lPPHUOLFKW 'HU5DXPKDWWHHLQ)HQVWHUGHVVHQ6FKHLEH]XU+lOIWHGXUFKHLQHQ 9RUKDQJYHUGHFNWZDU'HVKDOEILHOZHQLJHU/LFKWKHUHLQ

5HFKWVODJLKU=LPPHU-DQHGUHKWHGHQ.RSI ,PVHOEHQ$XJHQEOLFNZDQGWHVLFKDXFKGHUXQKHLPOLFKH%HREDFKWHU XPXQGGLH'HWHNWLYLQHUVWDUUWH 9RULKUVWDQGHLQ0RQVWHU 'HU%OLFNGHVHFKVHQN|SILJHQ:HVHQVZDUVWDUUDXI-DQH&ROOLQV JHULFKWHW-DQHVFKDXWHVRIRUWDXIGLHNOHLQHQNXJHOLJHQ$XJHQXQG VLHZXWHMHW]WYRPZHPVLHEHREDFKWHWZRUGHQZDU 8QZLOONUOLFKZLFKVLHHLQHQ6FKULWW]XUFN3O|W]OLFKKDWWHVLH$QJVW 'LHVHV:HVHQVDKIXUFKWHUUHJHQGDXV9RQGHU+IWHDEZlUWVZDUHV QRUPDODEHUGHUREHUH7HLOGHV.|USHUVXQGYRUDOOHQ'LQJHQGHU.RSI JOLFKGHPHLQHU5LHVHQHFKVH'DVEUHLWHYHUVFKREHQH0DXONODIIWHDXI XQG-DQHVDKGLHEHLGHQVSLW]HQXQGJHIlKUOLFKHQ=DKQUHLKHQ 'LH+lQGHNRQQWHPDQPLWGHP:RUW3UDQNHQXPVFKUHLEHQ6LH KDWWHQODQJH1lJHOGLHGLH+DXWHLQHV0HQVFKHQOHLFKWDXIUHLHQ NRQQWHQ:DVGDYRUGHU'HWHNWLYLQVWDQGZDUHLQZDKUJHZRUGHQHU $OSWUDXP 6LHVFKOXFNWH 'HU(FKVHQPHQVFKVDJWHQLFKWVDEHUHUUHDJLHUWHWURW]GHPDXILKUH $QZHVHQKHLW (UNDPDXI-DQH]X 1LFKWVFKZHUIlOOLJVRQGHUQJOHLWHQGXQGODXWORV'HUGLFNH7HSSLFK GlPSIWHGLH6FKULWWH%HYRUHUVLFK-DQH]XZDQGWHJULIIHUQDFKKLQWHQ XQGQDKPHLQHQ*HJHQVWDQGLQGLH+DQGGHUDQGHU:DQGJHOHKQW KDWWH (VZDUHLQH/DQ]H -DQHVFKOXFNWH,KUH$XJHQVXFKWHQQDFKHLQHP$XVZHJ6LHZXWH QLFKWJHQDXREGDV:HVHQVLHW|WHQZROOWHDEHUHVEHGURKWHVLHXQGGDV JDEGHQ$XVVFKODJIULKUH5HDNWLRQ -DQH&ROOLQVKREGHQUHFKWHQ$UP6LHEUDFKWHLKQLQGLH:DDJHUHFKWH XQGGDQQ]HLJWHGLH0QGXQJGHUPLW6LOEHUNXJHOQJHODGHQHQ$VWUDDXI GDV(FKVHQZHVHQ (QWZHGHUDKQWHHVGLH*HIDKUQLFKWRGHUHVZXWHQLFKW%HVFKHLG$XI MHGHQ)DOOJLQJHVZHLWHU 8QGHVKREGHQUHFKWHQ$UP .HLQHQ$XJHQEOLFN]|JHUWH-DQH&ROOLQV(VZDULKUHJDOREPDQGHQ 6FKXK|UWHRGHUQLFKW'DV8QJHKHXHUYRULKUZROOWHVLHW|WHQXQG-DQH PXWHLKU/HEHQYHUWHLGLJHQ 'HU.ODQJGHV6FKXVVHVZDULUJHQGZLHWURFNHQXQGK|UWHVLFKQLFKW HLQPDOEHVRQGHUVODXWDQ

$EHUGLH.XJHOWUDI 9ROOKLHEVLHLQGLH%UXVWGHV:HVHQV-DQHV%HIUFKWXQJGDV.DOLEHU KlWWHQLFKWJHQJHQG'XUFKVFKODJVNUDIWHUIOOWHVLFKQLFKW'LH 6LOEHUNXJHOEOLHEVWHFNHQ 'DV0RQVWHUZXUGHJHVWRSSW $OVZUGHHVYRQHLQHU+DQGIHVWJHKDOWHQXQGGDQQLP6WHKHQGXUFK JHVFKWWHOW(VEHJDQQ]X]LWWHUQ:HLWULHVGDV0DXODXIXQGDXVGHU :XQGHLQGHU(FKVHQEUXVWTXROO5DXFKGHUlW]HQGLQ-DQHV1DVHVWLHJ 'DQQNLSSWHGDV(FKVHQZHVHQXP(VVFKOXJDXIGHQ7HSSLFKGDV0DXO NODSSWH]XXQGGDV:HVHQO|VWHVLFKLQHLQHUJHOEJUQHQ5DXFKZRONH DXIZREHLHVYHUHQGHWH -DQHDEHUVWDUUWHDXIGDV0RQVWHUXQGVFKWWHOWHVLFK'LH:LUNXQJGHU 6LOEHUNXJHOKDWWHLKUJH]HLJWGDVLHYRQHLQHPGlPRQLVFKHQ:HVHQ EHGURKWZRUGHQZDU8QZLOONUOLFKPXWHVLHZLHGHUDQGLH6FKDWWHQ GHQNHQYRQGHQHQGLHVHU&DUOR/HLJHVSURFKHQKDWWH :DU&HOLQH:DOGYLHOOHLFKWYRQVRHLQHPHFKVHQN|SILJHQ0RQVWHU XPJHEUDFKWZRUGHQ" 'DIUVSUDFKYLHO:HQQVLHGLH.UDOOHQDQVDKXQGDQGLH:XQGHQ GDFKWHJDEHVHLJHQWOLFKNHLQHDQGHUH0|JOLFKNHLW&DUOR/HLZDU]ZDU QLFKWDXIQlKHUH(LQ]HOKHLWHQHLQJHJDQJHQGRFKGLHHWZDVYHUZDVFKHQH 8PVFKUHLEXQJVSUDFKIUVLFK (LQ0RQVWHUKDWWH-DQHHUOHGLJW6LHIUDJWHVLFKQDWUOLFKZLHYLHOHYRQ LKQHQDXIGLHVHU%XUJQRFKKHUXPOLHIHQXQGLKU%OLFNVFKZHLIWHXQZLOO NUOLFKGXUFKGHQ5DXP (UVWMHW]WVDKVLHGHQYRUJHEDXWHQ.DPLQ 8QGVLHHQWGHFNWHQRFKHWZDV 'HU.DPLQKDWWHNHLQH5FNZDQGVRQGHUQQXUHLQUHFKWHFNLJHV/RFK GXUFKGDVPDQNOHWWHUQNRQQWH 9RU-DQH&ROOLQVODJHLQ*HKHLPJDQJ $OVVLHGDVEHJULIIHQKDWWHK|UWHVLHSO|W]OLFKGUDXHQDXIGHP*DQJ 6FKULWWH $XJHQEOLFNOLFKHUVWDUUWHGLH'HWHNWLYLQ6LHUHFKQHWHGDPLWGDGLH 6FKULWWHYRUEHLJHKHQZUGHQGRFKGDVZDUQLFKWGHU)DOO,P*HJHQWHLO VLHQlKHUWHQVLFKGHU7UKLQWHUGHU-DQHODXHUWH 'LH'HWHNWLYLQVDKQXUHLQH&KDQFHGHU(QWGHFNXQJ]XHQWJHKHQ 6LHPXWHVLFKYHUVWHFNHQ 8QGGDIUNDPQXUGHU.DPLQPLWGHPGDQDFKEHJLQQHQGHQ *HKHLPJDQJLQ)UDJH 8QGGHU*HGDQNHZDUNDXPLQ-DQHV*HKLUQDXIJHEOLW]WDOVVLHLKQ VFKRQLQGLH7DWXPVHW]WH6LH]RJGHQ.RSIHLQXQGWDXFKWHLQGHQ*DQJ 6SLQQZHEHQNLW]HOWHQLKU*HVLFKWVWUHLIWHQDOVGQQHNDXP]XHU

NHQQHQGH*HLVWHUILQJHUEHULKUH6WLUQGLH1DVHXQGGLH:DQJHQ-DQH KDWWHGLH$UPHDXVJHVWUHFNWGDPLWLKUH+lQGHHLQ+LQGHUQLVHUWDVWHQ NRQQWHQIDOOVLKUHLQVGHQ:HJYHUVSHUUWH =ZHLNOHLQH6FKULWWHGDQQEOLHEGLH'HWHNWLYLQVWHKHQ8QGHVZDULKU *OFNRGHUHLQ,QVWLQNWGHQQVHKUVFKZDFKQXUHQWGHFNWHVLHYRUVLFK GLH8PULVVHHLQHUVFKPDOHQQDFKXQWHQIKUHQGHQ7UHSSH -DQHNDXHUWHVLFK]XVDPPHQ 'LH6FKULWWHZDUHQQRFKLPPHU]XK|UHQ$OOHUGLQJVMHW]WLP=LPPHU -DQHWUDXWHVLFKQLFKWYRU]XJHKHQXQGHLQHQ%OLFNLQGHQ5DXP]X ZHUIHQ0DQKlWWHVLH]XOHLFKWHQWGHFNHQN|QQHQGHVKDOEEOLHEVLHLQ LKUHUXQEHTXHPHQ6WHOOXQJKRFNHQ 'HURGHUGLH)UHPGHJLQJLP=LPPHUDXIXQGDE$QVRQVWHQK|UWH -DQH&ROOLQVNHLQH5HDNWLRQ'HU(LQGULQJOLQJPXWHGRFKGLH/HLFKH RGHUGLH5HVWHGHV(FKVHQN|SILJHQJHVHKHQKDEHQDEHUHUNPPHUWH VLFKQLFKWGDUXP (WZDHLQH0LQXWHYHUJLQJ -DQH&ROOLQVKLHOWGHQ$WHPDQ6LHK|UWHLKUHLJHQHV%OXWLP.RSI UDXVFKHQGDV+HU]VFKOXJVFKQHOOHU6LHZDUQHUY|VXQGDXIJHUHJW 8QGGDQQJHVFKDKHWZDVZRPLWVLHQLFKWJHUHFKQHWKDWWH 'DVRIIHQH5HFKWHFNDP.DPLQYHUGXQNHOWHVLFKSO|W]OLFKHLQTXLHW VFKHQGHV*HUlXVFKHUW|QWHXQGLPQlFKVWHQ$XJHQEOLFNZXUGHHV GXQNHO'HU(LQJDQJZDUYHUVFKORVVHQ ,QY|OOLJHU)LQVWHUQLVEOLHE-DQH&ROOLQV]XUFN 6LHEUDXFKWH6HNXQGHQXPGHQ6FKRFN]XEHUZLQGHQ'DQQUHJWHVLH VLFKVLHVWUHFNWHGLH$UPHDEHUPDOVYRUXQGXQWHUVXFKWHGLHGHQ (LQJDQJYHUVFKOLHHQGH.ODSSH 6LHEHVWDQGDXV(LVHQXQGUKUWHVLFKQLFKWDOVGLH'HWHNWLYLQGDUDQ HQWODQJWDVWHWH/XIWGLFKWVFKORVLHPLWGHP0DXHUZHUNDEXQG-DQH IDQGDXFKNHLQHQ.RQWDNWRGHULUJHQGHLQHQ0HFKDQLVPXVXPGLH .ODSSHYRQLQQHQ]X|IIQHQ (VEOLHELKUQXUHLQV 'HU:HJLQGLHXQEHNDQQWH7LHIH :LUZDUHQLQGHU6FKZHL] :LHDXFK-DQH&ROOLQVODQGHWHQZLULQ=ULFKXQGNOHWWHUWHQGRUWDXV GHU0DVFKLQH ,FKKDWWHPHLQHQ(LQVDW]NRIIHUPLWJHQRPPHQXQGWUXJVRQVWQXU +DQGJHSlFN.RQWUROOLHUWZXUGHQZLUQLFKW6LU-DPHV3RZHOOKDWWH GDIUJHVRUJWXQGHLQHQ6FKZHL]HU.ROOHJHQDQJHUXIHQGHUVLFK ZLHGHUXPPLWGHP=ROOLQ9HUELQGXQJVHW]WH

6RKDWWHQZLUIUHLH%DKQXQGVWLHJHQLQGHQWHOHIRQLVFKEHVWHOOWHQ /HLKZDJHQGHUXQVYRQ=ULFK]XXQVHUHP=LHOLQGHQ*UDXEQGHQHU %HUJHQEULQJHQVROOWH (VZDUHLQVFKQHOOHU%0:PLWGHPZLUEHUGLH$XWREDKQ]LVFKWHQ (LQHQ3ODQKDWWHLFKPLUQRFKQLFKW]XUHFKWJHOHJWLFKZROOWHDQ2UWXQG 6WHOOHLPSURYLVLHUHQ (VZDU1DFKPLWWDJDOVZLUXQVHU=LHOHUUHLFKWHQ0LFKKDWWHGLH /DQGVFKDIWIDV]LQLHUWDEHUOHLGHUZDUHQZLUQLFKWKLHUXP8UODXE]X PDFKHQ :LUPXWHQHLQHQJHIlKUOLFKHQ'lPRQMDJHQ 1LFKWVGHXWHWHLQGHPNOHLQHQ2UWGDUDXIKLQGDKLHUHLQHUGHU JHIlKUOLFKVWHQ'lPRQHQEHUKDXSWVHLQJUDXVDPHV=HSWHUVFKZLQJHQ ZUGH $OOHVZDUVWLOOIULHGOLFKXQGDXFKGLH'UDFKHQIOLHJHUSDWHQLQGLHVHV %LOGGLHEHUGHPZHLWHQ7DONUHLVWHQXQGVLFKYRQGHQ:LQGHQWUDJHQ OLHHQ $OVLFKGLH'UDFKHQIOLHJHUVDKNDPPLUHLQH,GHHª'DVN|QQWHQZLU GRFKDXFKPDFKHQ©VDJWHLFK]X6XNR ª:DV"© ª,QGLH/IWHVWHLJHQ© ª%LVWGXGHQQVFKRQJHIORJHQ"© ª1HLQ© ª'DQQZUGHLFKHVDQGHLQHU6WHOOHDXFKODVVHQGDVLVWQlPOLFKVHKU JHIlKUOLFK© ª6FKDGH© ª:LHNRPPVWGXHLJHQWOLFKDXIGLH,GHH"© ª:LUPVVHQGRFKLUJHQGZLHGLH%XUJHUUHLFKHQXQGLFKGDFKWHDOV EUXFKODQGHQGHU'UDFKHQIOLHJHUZlUHGLHVGLHEHVWH&KDQFH© ª(LQH&KDQFHLVWHVVFKRQ©JDE6XNR]Xª1XUHUVFKHLQWPLUGHU $XIZDQG]XJHIlKUOLFK© 'DKDWWHPHLQ)UHXQGUHFKW(VZDUDXFKQXUHLQH%OLW]LGHHYRQPLU JHZHVHQ0DQPXWHHEHQVlPWOLFKH0|JOLFKNHLWHQLQ%HWUDFKW]LHKHQ $XHUGHPPXWHQZLUHUVWHLQPDOZLVVHQZRVLFKGLH%XUJEHIDQGXQG GDNRQQWHQXQVGLH(LQKHLPLVFKHQKHOIHQ :LUKDWWHQGHQ%0:DP2UWVHLQJDQJJHSDUNWXQGVDKHQJHJHQEHU HLQH.RQGLWRUHLDQGLHDXFKHLQNOHLQHV&DIHDQJHVFKORVVHQZDU,FK VFKOXJYRUGRUWKLQHLQ]XJHKHQXQGHLQPDOQDFK]XIUDJHQ 6XNRZDUHLQYHUVWDQGHQ 1XUHLQ7LVFKZDUEHVHW]W'DUDQKRFNWHHLQEUDXQKDDULJHU0DQQGHU HLQH%ULOOHWUXJXQGLQHLQHU7DVVH.DIIHHUKUWH (UHUZLGHUWHIUHXQGOLFKXQVHUHQ*UXDOVZLU3ODW]QDKPHQ'HU

&KHIHLQJUDXKDDULJHU0DQQNDPOlFKHOQG]XXQVXQGIUDJWHQDFK XQVHUHQ:QVFKHQ ,FKEHVWHOOWH.DIIHHIUPLFKXQG6XNRQDKP7HH %HLGHVZXUGHVFKQHOOJHEUDFKW,FK]QGHWHPLUHLQH=LJDUHWWHDQXQG VFKDXWHPLFKXP'DEHLWUDIVLFKPHLQ%OLFNPLWGHPGHVDQGHUHQ *DVWHV 'HU0DQQQLFNWHPLU]X ª6LHVLQG(QJOlQGHU"©VDJWHHUGDQQ ª-DGDVK|UWPDQQLFKW"© 'HU0DQQ]QGHWHVLFKHLQH=LJDUHWWHPLWZHLHP)LOWHUDQª(VNRP PHQVHOWHQ(QJOlQGHULQGLHVH*HJHQG©HUNOlUWHHUª'LHPHLVWHQIDKUHQ LQGLHJU|HUHQ2UWHZLH'DYRVRGHU6W0RULW]$EHUKHXWHZDUEHUHLWV HLQH/DQGVPlQQLQYRQ,KQHQGD© ª(QJODQGLVWJUR©PHLQWHLFK ª6LHNDPDXV/RQGRQ©'HU0DQQWUDQNHLQHQ6FKOXFNª,FKKDEHPLFK PLWLKUXQWHUKDOWHQHLQHVHKUQHWWH)UDX6LHZROOWH]XU%HHUGLJXQJHLQHU )UHXQGLQ© ,FKVDKZLH6XNRDXIKRUFKWHXQGDXFKPLFKLQWHUHVVLHUWHSO|W]OLFK GDV*HVSUlFKª:HULVWGHQQEHJUDEHQZRUGHQ"© ª$XFKHLQH)UHPGH,KU1DPHODXWHWH&HOLQH:DOG© )DVWKlWWHLFKGXUFKGLH=lKQHJHSILIIHQ6XNRXQGLFKWDXVFKWHQHLQHQ EHGHXWHQGHQ%OLFNGHQGHU0DQQDP1HEHQWLVFKEHPHUNWHGHQQHU IUDJWHª.DQQWHQ6LHGLH7RWH"© ª-D© ª'DQQVLQG6LHOHLGHU]XVSlWJHNRPPHQ$EHULKU8QIDOOKDWVLFK KHUXPJHVSURFKHQ© ª:DUHVGHQQHLQ8QIDOO"©ZROOWHLFKZLVVHQ ª'LH3ROL]HLVDJWHV© ª$EHU6LHVLQGQLFKWGDYRQEHU]HXJW"© ª,FKKDEHGLH7RWHJHIXQGHQGRFKPHLQH0HLQXQJLVWDQVLFK XQZLFKWLJ© ª8QGGLH/DG\DXV/RQGRQ"© ª2KVLHKDWVLFKVHKUIUGLH7RGHVXUVDFKHLKUHU)UHXQGLQLQWHUHVVLHUW :HQQPLFKQLFKWDOOHVWlXVFKWLVWVLHVRJDUKRFK]XU%XUJJHIDKUHQ'RUW NDPGLH7RWHQlPOLFKKHU6LHKDWIU*RUGRQ6FKUHLEHUGHQ%HVLW]HU JHDUEHLWHW© ,QGLHVHQZHQLJHQ0LQXWHQKDWWHQZLUVFKRQDOOHUKDQGHUIDKUHQ ª$XFKXQVLQWHUHVVLHUW6FKUHLEHU©VDJWHLFK ª'DQQNHQQHQ6LHGLH/DG\YLHOOHLFKW"© ª6DJHQ6LHGHQ1DPHQ© ª-DQH&ROOLQV©

)DVWKlWWHLFKPLFKDP.DIIHHYHUVFKOXFNW'DVGXUIWHGRFKQLFKWZDKU VHLQ$XFK6XNRPDFKWHHLQHUVWDXQWHV*HVLFKW0LWDOOHPKlWWHQZLU JHUHFKQHWQXUGDPLWQLFKW -DQH&ROOLQVKLHU,QHLQHP2UWGHQNDXPHLQ0HQVFKNHQQW:HOFKH 9HUELQGXQJHQJDEHVGHQQIUVLH" ª0LUVFKHLQWGD6LHGLH/DG\NHQQHQ©VDJWHGHU0DQQ ,FKQLFNWHª8QGZLH-DQH&ROOLQVXQGLFKVLQGJXWH%HNDQQWH© ª'DNDQQPDQ,KQHQJUDWXOLHUHQ© ª8QGVLHLVWDOOHLQKRFK]XU%XUJJHIDKUHQ"© ª-DVLHZROOWHVLFKEHL6FKUHLEHUHUNXQGLJHQGHQQVLHJODXEWHQLFKWVR UHFKWDQGLH8QIDOOWKHRULH© ª'DQQNlPHDOV$OWHUQDWLYHQXUQRFK0RUGLQ)UDJH©VWHOOWHLFKIHVW 'HU0DQQQLFNWH'DQQEHULFKWHWHHUZLHHUGLH)UDXJHIXQGHQKDWWH 'LH8PVWlQGHNDPHQPLULQGHU7DWUHFKWVHOWVDPYRUXQGDXFKLFK VWROSHUWHEHUGLHEHLGHQ6FKDWWHQGLHHUJHVHKHQKDWWH:LUHUIXKUHQ DXFKGDGHU(U]lKOHU&DUOR/HLKLHXQGLQ/HQ]HUKHLGHZRKQWH ª=XUFNJHNHKUWLVW0LVV&ROOLQVQRFKQLFKW"©ZROOWHLFKYRQLKP ZLVVHQ ª1HLQ© ª:DUHQ6LHGHQQVFKRQPDODXIGHU%XUJ"© &DUORVFKWWHOWHGHQ.RSIª1LHREZRKOLFKPLFKKLHUVHKUJXW DXVNHQQH© ª+DWGDVHLQHQEHVRQGHUHQ*UXQG"© ª(LJHQWOLFKQLFKWDEHULUJHQGZLHPHLGHQGLH(LQKHLPLVFKHQGLHDOWH %XUJ© ª:DUXP"©,FKWUDQNPHLQH7DVVHOHHUª6SXNWHVGRUWYLHOOHLFKW"© ª'DVNDQQLFKQLFKWVDJHQ$XHUGHPJLEWHVGLH*HVSHQVWHUEXUJHQMD QXULQ,KUHP/DQG(VNDQQGDKHUNRPPHQGDVLFKGLH%XUJIDVWQLHLP %HVLW]HLQHV(LQKHLPLVFKHQEHIDQG,PPHUZLHGHULVWVLHYRQ$XV OlQGHUQHUZRUEHQZRUGHQRGHUVWDQGGLHPHLVWH=HLWOHHU-HW]WKDW *RUGRQ6FKUHLEHUVLHJHNDXIW© ª8QG]XVHLQHP:RKQVLW]HUNRUHQ"© ª1LFKW]XVHLQHPVWlQGLJHQ©HUNOlUWHPLUGHU0DQQª(UOlGWQXUVHKU RIW*lVWHHLQXQGGDPXQNHOWPDQDXFKHLQLJHV© ª:DVGHQQ"© ª,FKZHLQLFKWRE6LHGHU.ODWVFKGHU(LQKHLPLVFKHQLQWHUHVVLHUW =XGHPN|QQWHQ6LHMDVHOEVW*lVWHYRQ+HUUQ6FKUHLEHUVHLQ© ª'DVVLQGZLUQLFKW© ª$EHU6LHZROOHQKLQ"© ª0|JOLFK© ª1XQHVLVWVR0LVWHU©

,FKVWHOOWH6XNRXQGPLFKYRU ª:LHJHVDJWGLHVH%XUJVWDQGRIWOHHUXQGZHFKVHOWHKlXILJGLH %HVLW]HU'HUMHW]LJHDOOHUGLQJVLVWGHQPHLVWHQ'RUIEHZRKQHUQVXVSHNW 9RUDOOHQ'LQJHQGHVKDOEZHLOEHULKQDOOHUOHL*HUFKWHNXUVLHUHQ 6SD]LHUJlQJHUGLHQDKHGHU%XUJHQWODQJJHZDQGHUWVLQGZROOHQ6FKUHLH JHK|UWKDEHQVDKHQ)HXHUEUHQQHQQDMDGRUWVROOHVZLOG]XJHKHQ© ª6LHPHLQHQ3DUW\V© ª*HQDXDEHUEHVWLPPWH6LHZLVVHQVFKRQZDVLFKGDPLWVDJHQZLOO +HUU6LQFODLU© ª1DWUOLFK© ª,FKZROOWH,KUH%HNDQQWHGDYRQDEKDOWHQVLFKGLH%XUJDQ]XVHKHQ DEHUVLHOLHVLFKQLFKWEHU]HXJHQ'LHVHKEVFKH)UDXKDWHLQHQ 'LFNNRSI© 'DVDJWHPLU&DUOR/HLQLFKWV1HXHV9RQ-DQHV'LFNNRSINRQQWHLFK HLQ/LHGVLQJHQ:HQQVLHVLFKHLQPDOHWZDVYRUJHQRPPHQKDWWHIKUWH VLHHVDXFKGXUFK8QGPDQFKPDOELV]XPELWWHUHQ(QGH ª:LHODQJHLVWHVHLJHQWOLFKKHUGDVLH]XU%XUJJLQJ"©HUNXQGLJWH LFKPLFK ª'DPXLFKPDOQDFKGHQNHQ©PXUPHOWHGHU6FKZHL]HUXQGZDQGWH VLFKGDQQDQGHQ%lFNHUª+H6LU$UFKLEDOGZDQQKDWGLHKEVFKH EORQGH(QJOlQGHULQXQVYHUODVVHQ"© 6LU$UFKLEDOG5LKPNDPKLQWHUVHLQHU9HUNDXIVWKHNHKHUYRU ª9LHOOHLFKWYRU]ZHL6WXQGHQRGHU"© &DUOR/HLQLFNWHª6WLPPWVRODQJHPXHVXQJHIlKUKHUVHLQ© ª8QGVLHLVWQLFKWZLHGHU]XUFNJHNHKUW"© ª1HLQ© ª+DWVLHDXFKNHLQH=HLWJHVDJWZDQQVLHZLHGHUKLHULP2UWHU VFKHLQHQZROOWH"© ª$XFKGDVQLFKW6RYLHOLFKZHLZROOWHVLHQXUGHQ1DFKODUHJHOQ GDVLVWDOOHV© ,FKEHVWHOOWHQRFKHLQHQ.DIIHHª6LHNHQQHQQLFKW]XIlOOLJGLHVHQ 6FKUHLEHU"© ª.DXP*HVHKHQKDEHLFKLKQ]ZDUDEHUJHVSURFKHQQRFKQLHPLW LKP'HULVWVRUHLFKXQGH[]HQWULVFKGHUNPPHUWVLFKXPXQVHUHLQV JDUQLFKW8QGGDQQGLH%HVXFKHUGHU%XUJ'DVVLQGDXFKVRDXVJH IDOOHQH7\SHQ©(UJULQVWHª,FKP|FKWHQLFKWZLVVHQZDVGLHGDREHQ WUHLEHQ'DVPXGRUWXQKHLPOLFK]XJHKHQ,FKKDEHJHK|UWGDGLH IHLQHQ+HUUVFKDIWHQQDFNWGXUFKGLH%XUJODXIHQXQGGDEHLVFKDXULJH *HVlQJHDQVWLPPHQ9LHOOHLFKWOlXIWDXFKHLQ7RQEDQG© ª:RKHUZLVVHQ6LHGDVDOOHV"©IUDJWHLFK ª9RQHLQHU)UDXGLHGRUWNRFKW©

ª,VWGDVHLQH%HNDQQWH"© ª6RJDUYHUZDQGW8PGUHL(FNHQKHUXP'LHNDXIWDXFKPDQFKPDO EHLPLUHLQXQGGDEHLVLQGZLUGDQQLQV3ODXGHUQJHNRPPHQ:HQQGDV DOOHVVWLPPWZDVVLHVDJW© ª:DVVDJWVLHGHQQQRFKVR"©KDNWHLFKQDFK ª,FKHU]lKOWH,KQHQMDYRQGHQNRPLVFKHQ*HVlQJHQXQGGDQQZLUG JHVFKULHQGDHUW|QWHLQ+HXOHQXQGHLQ.UHLVFKHQ(VPXVRVFKDXULJ VHLQDOVZlUHGLH%XUJHLQ)HVWSODW]GHV7HXIHOV© 'HU$XVGUXFNZDUJXWJHZlKOW)HVWSODW]GHV7HXIHOV,UJHQGZLHKDWWH &DUOR/HLGDLQV6FKZDU]HJHWURIIHQ(UKlWWHQXUIUGDV:RUW7HXIHOGHQ %HJULII6SXNHLQVHW]HQVROOHQ ª:LHNDQQLFKGHQQXQEHREDFKWHWLQGLH%XUJKLQHLQNRPPHQ"© VWHOOWHLFKGLHZLFKWLJVWH)UDJH &DUORVFKDXWHPLFKDQDOVKlWWHLFKVRHEHQYRQHLQHU/DQGXQJDXI GHP0DUVEHULFKWHWª6LH6LHZROOHQLQGLH%XUJ"©ZLHGHUKROWHHU IOVWHUQGXQGDXFK6LU$UFKLEDOG5LKPVWDXQWH ,FKQLFNWHª-DLFKZLOOGLHVHU%XUJHLQHQ%HVXFKDEVWDWWHQ'HVKDOE VLQGPHLQ)UHXQGXQGLFKMDKLHU© ª'HU&KLQHVHDXFK"© ª*HQDX© ª'DVZLUGQLFKWJHKHQGLHODVVHQNHLQHQUHLQ'DVLQGVLHVWXU:HU QLFKW]XLKQHQJHK|UWZLUGDEJHZLHVHQ8QGZHQQHUQLFKWIUHLZLOOLJ YHUVFKZLQGHWGDQQEUDXFKHQVLH*HZDOW© ª$EHULFKPXKLQHLQ© ª6LHZROOHQ0LVV&ROOLQVUHWWHQQLFKW"© ª$XFKGDV© ª,FKYHUVWHKHVFKRQ©PXUPHOWH&DUOR/HLª,FKYHUVWHKHVHKUJXW VRJDU© ª9LHOOHLFKWN|QQWHQ6LHGHU.|FKLQHLQHQNOHLQHQ7LSJHEHQ©KDOILFK DXIGLH6SUQJH ª'DUDQKDEHLFKDXFKJHGDFKW8QG6LHKDEHQHLQXQYHUVFKlPWHV *OFN+HUU6LQFODLU:LVVHQ6LHGDV"© ª:LHVR"© ª'LH.|FKLQKDEHLFKYRUKLQJHVHKHQDOVVLHKLHUDP/DGHQYRUEHL PDUVFKLHUWH'DQQPXVLHQRFKHWZDVKROHQXQGZLUGEDOGDXIGLH%XUJ IDKUHQXP© ª6XFKHQZLUVLHGRFK©=XPHUVWHQPDOPLVFKWHVLFK6XNRLQGDV *HVSUlFK &DUOR/HLZLQNWHDEª'DVZLUGQLFKWQ|WLJVHLQ6LHNRPPWPHLVW DXIHLQH7DVVH.DIIHHKLHUYRUEHL:LUEUDXFKHQQXUVLW]HQ]XEOHLEHQ XQG]XZDUWHQ©

$OVKlWWH&DUOR/HLHLQ6WLFKZRUWJHJHEHQVR|IIQHWHVLFKGLH7UXQG HLQH)UDXHUVFKLHQ ª'DVLVWVLH©]LVFKWH&DUOR ª*UH]LPLWHLQDQG©VDJWHGLH)UDXXQGOlFKHOWH $XIPLFKPDFKWHVLHVRIRUWHLQHQV\PSDWKLVFKHQ(LQGUXFN6LHVFKLHQ HLQOLHEHV:HVHQ]XKDEHQGDVHUNDQQWHLFKDQGHQ$XJHQGLHLUJHQG ZLHIUHXQGOLFKXQGYHUVWlQGQLVYROOEOLFNWHQ&DUOR/HLVFKQDSSWHVLH VLFKVRIRUWXQGZLUHUIXKUHQDXFKLKUHQ1DPHQ 6LHKLH0DUJD)UDPERQ $OVVLHK|UWHGDZLUDXV(QJODQGNDPHQXQGDXIGLH%XUJZROOWHQ ZXUGHQLKUH$XJHQJUR6LHVFKOXJKDVWLJHLQ.UHX]]HLFKHQXQG IOVWHUWHª(VLVWYHUERWHQ)UHPGHDXIGLH%XUJ]XQHKPHQ©VDJWH VLHXQGQLFNWHKHIWLJZREHLLKU%XVHQZRJWH ª$EHUZLUVLQGYRQGHU3ROL]HL©VDJWHLFK ª7URW]GHP,FKZHUGHHQWODVVHQZHQQ© ª/LHEH)UDX)UDPERQ©VDJWHLFKªHQWODVVHQZHUGHQ6LHVRRGHUVR $XIGLHVHU%XUJILQGHWHLQVFKUHFNOLFKHV7UHLEHQVWDWWZRYRQ6LHMDDXFK VFKRQJHK|UWKDEHQ© 'LH)UDXQLFNWHKDVWLJ,KUHURWHQ:DQJHQJOKWHQQRFKPHKUª'DV VWLPPWDOOHUGLQJV© ª6HKHQ6LHXQGGLHVHP7UHLEHQP|FKWHQZLUHLQ(QGHEHUHLWHQ'DVLVW GRFKVLFKHUOLFKDXFKLQ,KUHP6LQQH"© ª-DQDWUOLFK© ª:ROOHQ6LHXQVKHOIHQ"© ª,FKZHLQLFKWVRUHFKW©6LHYHU]RJGDV*HVLFKWXQGNlPSIWHQRFK PLWVLFKVHOEVW ª'HQNHQ6LHDXFKDQ&HOLQH:DOG© ª2KVLHZDUHLQHVHKUQHWWH3HUVRQ:LUKDEHQXQVLPPHUJXWYHU VWDQGHQ/HLGHUHUODXEWHPDQPLUQLFKWDQGHU%HHUGLJXQJWHLO]X QHKPHQ© ª:DUXPQLFKW"© 'LH)UDXKREGLH6FKXOWHUQª+HUU6FKUHLEHULVWHVQLFKWJHZRKQW VHLQHP3HUVRQDO(UNOlUXQJHQDE]XJHEHQZHQQHUHLQPDOHLQH$QRUG QXQJHUWHLOWKDW© ª6LHP|FKWHQGRFKGD&HOLQH:DOGV7RGJHVKQWZLUG"©KDNWHLFK QDFK ª(VZDUHLQ8QJOFN© ª'DVLQGZLUQLFKWVRVLFKHU© ª.|QQWHHVYLHOOHLFKW"© ,FKOLHVLHQLFKWDXVVSUHFKHQª*HUDGHGDVP|FKWHQPHLQ)UHXQGXQG LFKMDEHUSUIHQ©

ª:HQQGDVVRLVWZLOOLFKHVYHUVXFKHQ© ,FKUHLFKWHGHU.|FKLQGLH+DQGª,FKGDQNH,KQHQVHKU)UDX )UDPERQ8QGZLUZHUGHQDOOHVWXQXP6LH]XVFKW]HQ© ª-DQDWUOLFK© :LUEOLHEHQLP&DIHXQGEHVSUDFKHQPLWGHU)UDXGLHQRFKLP5DXPH VWHKHQGHQ(LQ]HOKHLWHQ -DQH&ROOLQVKDWWHVLFKVHOEVWGLH6XSSHHLQJHEURFNW-HW]WPXWHVLH GHQ7HOOHUDXFKDXVO|IIHOQ'LHVVDKVLHHLQXQGGDUDQIKUWHNHLQ :HJYRUEHL 'LHXQEHNDQQWH3HUVRQPXWHGDV=LPPHUYHUODVVHQKDEHQGHQQ -DQHYHUQDKPGLH6FKULWWHQLFKWPHKUDOVVLHLKU2KUDQGLH(LVHQNODSSH OHJWHXQGKRUFKWH 1XULKUHLJHQHU$WHPZDU]XK|UHQ :DVKDWWHVLH"'LH.OHLGXQJGLHVLHDP.|USHUWUXJLKUH$VWUDXQG NHLQH7DVFKHQODPSH 1LFKWHLQPDOHLQ)HXHU]HXJ'DVVWHFNWHLQGHU+DQGWDVFKHGLHLP =LPPHUODJ -DQHVFKOXFNWH(VJDENHLQHDQGHUH$OWHUQDWLYHDOVGLH7UHSSHKLQ XQWHU]XVWHLJHQ:RVLHKLQIKUWHZXWHVLHQLFKW6LHKRIIWHMHGRFKGD VLHLQGHU7LHIHDXILUJHQGHLQHQ$XVJDQJVWRHQZUGH %HKXWVDPWDVWHWHVLFK-DQH&ROOLQVYRUDQ6LHVWUHFNWHGDVUHFKWH%HLQ DXVXQGIKOWHVFKRQGLH.DQWHGHUREHUVWHQ6WXIHXQWHULKUHU6RKOH NQLFNWHGHQ)XXQGVWHOOWHIHVWGDGLH6WXIH]LHPOLFKVFKPDOGDIU DEHUVHKUKRFKZDU(LQHJHIlKUOLFKH7UHSSHEHUGLHPDQOHLFKWIDOOHQ NRQQWH +LQ]XNDPQRFKGLH'XQNHOKHLWGLHGHU'HWHNWLYLQVFKZHU]X VFKDIIHQPDFKWH 6LHKLHOWVLFKGDEHLDQGHU0DXHUXPZHQLJVWHQVHLQZHQLJ+DOW]X KDEHQ,KUH+DQGJOLWWEHUUDXKHV*HVWHLQGDVVLFK]XVlW]OLFKIHXFKW DQIKOWH$XFKKLHUZDUGHU*DQJPLW6SLQQZHEHQGXUFK]RJHQ-DQH VSUWHVLHZHQQGLH)lGHQEHULKU*HVLFKWVWULFKHQXQGGHU*UXQGIU HLQH*lQVHKDXWZDUHQ =XHUVWKDWWHVLHGLH6WXIHQJH]lKOW+LQWHUKHUOLHVLHHVEOHLEHQGDV EUDFKWHQLFKWV6LHEUDXFKWHGLH.RQ]HQWUDWLRQIUDQGHUH'LQJH -DQHV6LQQHZDUHQJHVSDQQW'LH'HWHNWLYLQVWDQGXQWHU6WUH6LH GDFKWHDQGDVYRQLKUHUOHGLJWH:HVHQ'LHVHV0RQVWHUZDUVFKOLPP XQG-DQHJODXEWHGDUDQGDHVQLFKWGDVHLQ]LJHVHLQHU*DWWXQJZDU 'LH7UHSSHIKUWHVWHLOLQGLH7LHIH6LHPDFKWHNHLQHQ%RJHQKDWWH NHLQHUOHL:HQGHO

:RZUGHVLHHQGHQ" (VZDUXQP|JOLFKGLH.RQ]HQWUDWLRQZlKUHQGGHUJHVDPWHQ=HLWDXI UHFKW]XHUKDOWHQ$XFKIUHLQH)UDXZLH-DQH&ROOLQVQLFKWGLHGXUFK WDXVHQG*HIDKUHQJHJDQJHQZDU,UJHQGZDQQPXWHVLHGXUFKGUHKHQ RGHULQGHU.RQ]HQWUDWLRQQDFKODVVHQ 'DVJHVFKDKDXFK 3O|W]OLFKEHUVDK-DQHHLQH6WXIHJOHLFK]HLWLJUXWVFKWHVLHDEXQG YHUORUGDV*OHLFKJHZLFKW 6LHKDWWH0KHHLQHQ6FKUHL]XXQWHUGUFNHQ-DQHZROOWHVLFKQRFK IDQJHQGRFKGDVVFKDIIWHVLHQLFKWPHKU6LHILHOQDFKYRUQXQGVRPLWGLH 7UHSSHKLQXQWHU 'LH'HWHNWLYLQUHFKQHWHPLWGHP6FKOLPPVWHQ:lKUHQGVLHLKUHQ .|USHU]XVDPPHQNUPPWHKLHOWVLHLQVWLQNWLYGLH:DIIHIHVW'UHL YLHUPDOVSUWHVLHGLH6FKOlJHDOVVLHDXIVFKOXJGDQQEOLHEVLHOLHJHQ -DQH&ROOLQVZDULPHUVWHQ0RPHQW]XEHUUDVFKWXPJOHLFKPLWGHU QHXHQ6LWXDWLRQIHUWLJ]XZHUGHQ6LHODJQXUGDXQGGDFKWHDQQLFKWV (UVWODQJVDPEHJULIIVLHGDLKUQLFKWVJHVFKHKHQZDUXQGGDVLHQXU ZHQLJH6WXIHQKLQXQWHUJHIDOOHQZDUGHQQVLHKDWWHVFKRQIDVWGDV(QGH GHU7UHSSHHUUHLFKWJHKDEW -DQHEOLHEOLHJHQXQGDWPHWHHLQSDDUPDOWLHIGXUFK'DQQWDVWHWHVLH LKUHQ.|USHUDE(VJDE]ZDUHLQLJH6WHOOHQGLHVFKPHU]WHQDQVRQVWHQ VFKLHQQLFKWVJHVFKHKHQ]XVHLQ(VZDUHQNHLQH.QRFKHQJHEURFKHQVLH KDWWHVLFKDXFKQLFKWVYHUVWDXFKW 'LH'HWHNWLYLQDWPHWHDXI'LHVHU.HOFKZDUQRFKHLQPDODQLKUYRU EHLJHJDQJHQ $EHUZREHIDQGVLHVLFKMHW]W" 'HU8QWHUJUXQGZDULP*HJHQVDW]]XUVWHLQLJHQ7UHSSHVRJDU ]LHPOLFKZHLFK$OVVLHLKUH$UPHDXVVWUHFNWHXQGPLWGHQ+lQGHQ IKOWHYHUVDQNHQGLH)LQJHULP6WDXE)HXFKWXQGNOHEULJIKOWHHUVLFK DQ-DQHVFKWWHOWHVLFK $OVVLHLKUHQHUVWHQ(NHOEHUZXQGHQKDWWHGDFKWHVLHQDFK8QGVLH JHODQJWH]XGHP6FKOXGDVLHXQWHU8PVWlQGHQLQHLQHPDOWHQ %UXQQHQVFKDFKWJHODQGHWZDU$OOHVZLHVGDUDXIKLQ'LHIHXFKWH(UGH GDV:DVVHUGDVGDUDXIQRFKVWDQGXQGNKOEHULKUH+DQGVWULFK -DQHWDVWHWHZHLWHU 3O|W]OLFK]XFNWHVLH]XVDPPHQ ,KUH)LQJHUZDUHQJHJHQHWZDV+DUWHVJHVWRHQ-DQHZXWHQLFKWZDV HVZDUDEHUVLHWDVWHWHQRFKHLQPDOQDFKEHNDPGHQ*HJHQVWDQG]X IDVVHQXQG]RJLKQKHUDQ)DVWKlWWHVLHYRU6FKUHFNJHVFKULHQ:DVGD VROlQJOLFK]ZLVFKHQLKUHQ)LQJHUQODJZDUHLQ.QRFKHQ (LQ0HQVFKHQNQRFKHQ"

+DVWLJOLH-DQHGDV)XQGVWFNIDOOHQXQGVWDQGDXI6LH]LWWHUWHSO|W] OLFK'LH'HWHNWLYLQDKQWHGDVLHLQHLQHU.QRFKHQJUXEHRGHULQHLQHP .QRFKHQVFKDFKWJHODQGHWZDU'LH*HEHLQHKDWWHQVLFKJODWWDQJHIKOW DOVZUGHQVLHVFKRQVHLWOlQJHUHU=HLWKLHUOLHJHQ9LHOOHLFKWZDUHQVLH DXFKDEJHQDJWZRUGHQ6ROOWHGDVGHU)DOOVHLQPXWHQKLHULUJHQGZR *KRXOVKDXVHQ:HQQ-DQHGDUDQGDFKWHZXUGHLKUIDVWVFKOHFKWYRU $QJVW (LQSDDU]|JHUQGH6FKULWWHJLQJVLHQDFKYRUQ6LHEOLHEVWHKHQDOVVLH PLWGHU)XVSLW]HJHJHQHLQHQKDUWHQ*HJHQVWDQGVWLH(UUROOWHYRQLKU ZHJ6LHEFNWHVLFKJLQJHLQ6WFNXQGEHNDPGHQ*HJHQVWDQG]X IDVVHQ 2EHQZDUHUUXQG (LQ6FKlGHO +LPPHOVLHZDUJHJHQHLQHQNQ|FKHUQHQ6FKlGHOJHWUHWHQ $EHUPDOV]XFNWH-DQH]XVDPPHQ(LQ6FKWWHOIURVWGXUFKOLHIVLHVRDOV KlWWHVLH)LHEHU -DQHZROOWHXQGPXWHKLHUUDXV 1XUZLHVROOWHVLHGDVDQVWHOOHQ"+RFKNRQQWHVLHZRKODEHUGDQQ ZUGHVLHZLHGHUYRUGHU(LVHQSODWWHVWHKHQ8QGGHU:HJQDFKYRUQ" :DUHULKUYHUVSHUUW"*DEHVLKQEHUKDXSW" ,KUHhEHUOHJXQJHQZXUGHQXQWHUEURFKHQDOVVLHSO|W]OLFKHLQHQ GQQHQKHOOHQ6WUHLIHQVDK -DQH]XFNWH]XVDPPHQ,KU+HU]NORSIWHZLHGHUVFKQHOOHU'DVZDU /LFKW8QGZRVLFKGDV/LFKWEHIDQGGDPXWHQYLHOOHLFKWDXFK 0HQVFKHQVHLQ 5HFKWVYRQLKUZDUGHU/LFKWVWUHLIHQ]XVHKHQ(UEHIDQGVLFKLQ+|KH GHV(UGERGHQV'HU)RUPQDFK]XXUWHLOHQPXWHHUXQWHUHLQHU7U KHUIDOOHQ 'DQQJDEHVGRFKHLQHQ$XVJDQJ -DQHOLHIDXIGHQ6FKHLQ]XVWUHFNWHLKUH$UPHDXVXQGGLH+lQGH HUWDVWHWHQWDWVlFKOLFKGDVUDXKH+RO]HLQHU7U8QGVLHKLHOWSO|W]OLFK GLH.OLQNHXPNODPPHUW -HW]WNDPHVGDUDXIDQ 'LH6SDQQXQJLQ-DQH&ROOLQVHUUHLFKWHIDVWGHQ6LHGHSXQNW:DUGLH 7URIIHQ" 8QGZDVODJGDKLQWHU" (JDOVFKOLPPHUDOVKLHUHLQJHVFKORVVHQ]XVHLQNRQQWHHVVFKRQQLFKW ZHUGHQ-DQHGUFNWHGLH.OLQNHQDFKXQWHQXQGVWHOOWHIHVWGDGLH7U QLFKWYHUVFKORVVHQZDU $OOHUGLQJVZDUVLH]LHPOLFKQLHGULJVRGD-DQHGHQ.RSIHLQ]LHKHQ PXWHXPGLH6FKZHOOH]XEHUWUHWHQ

-DQH&ROOLQVYHUOLHLKUILQVWHUHV*HIlQJQLVXQGVWDQGSO|W]OLFKLQ HLQHUDQGHUHQ:HOW 'HU5DXPYRULKUZDUJHZDOWLJ 6RULHVHQJURKlWWHVLHLKQVLFKQLFKWYRUJHVWHOOW6LHVDKLQHLQHXQWHU LUGLVFKH+DOOHXQG-DQHNDPDXVGHP6WDXQHQQLFKWPHKUKHUDXVDOVVLH GLH(LQULFKWXQJEHPHUNWH 6RHWZDV6HOWVDPHVKDWWHVLHQRFKQLHLQLKUHP/HEHQJHVHKHQXQG DXFKQRFKQLHEHPHUNW8QGLQHLQHU%XUJKlWWHVLHHVVFKRQJDUQLFKW HUZDUWHW 'HU%RGHQZDUJODWW (UEHVWDQGDXVVFKZDU]HQYLHUHFNLJHQ6WHLQHQ1DKH]XIXJHQORV ZDUHQVLHDQHLQDQGHUJHOHJWZRUGHQXQGEHGHFNWHQGLHJHVDPWH)OlFKH VRZHLWGDV$XJHUHLFKWH'LH:lQGH]HLJWHQGLHJOHLFKH*OlWWH$XFK KLHUVDK-DQHGLHVFKZDU]HQ6WHLQH$XILKQHQVSLHJHOWHVLFKGDV/LFKW ZLGHUGDVYRQPHKUHUHQNOHLQHQ.XJHOODPSHQDXVJHVWUDKOWZXUGH6LH ZDUHQLQUHJHOPlLJHQ$EVWlQGHQ]XEHLGHQ6HLWHQDQGHQ:lQGHQ DQJHEUDFKW(WZD]ZDQ]LJ6FKULWWHZHLWHUYRUQVDK-DQHGHQ$OWDU (UVWHOOWHEHUKDXSWGDV3UXQNVWFNGHV5DXPHVGDU*HEDXWZDUHU DOVHLQHJHZDOWLJHRYDOH6FKDOHGLHDXI]ZHL6lXOHQUXKWHXQGGHQ$OWDU DPREHUHQXQGXQWHUHQ(QGHVWW]WHQ(WZDGUHL)XKRFKEHIDQGVLFK GLH6FKDOHEHUGHP%RGHQXQGDXFKVLHEHVWDQGDXVHLQHPVFKZDU]HQ 0DWHULDO hEHUKDXSWKHUUVFKWHGLH)DUEHVFKZDU]YRU(LQNDOWHVXQZLUNOLFKHV 6FKZDU]YRUGHPPDQVLFKIUFKWHQNRQQWH-DQHVSUWHJHQDXGLH $WPRVSKlUHKLHUXQWHQ6LHVWUDKOWHHWZDVXQVDJEDU%|VHVDXVHLQ JUDXHQKDIWHV2PHQGDVGLHVHV*HZ|OEHGXUFKVFKZHEWH .DOWOLHIHVGHU'HWHNWLYLQGHQ5FNHQKLQXQWHU$OOHVKDWWHVLHKLHU XQWHQHUZDUWHWHLQHQ)ROWHUNHOOHURGHUVFKDXULJH*HZ|OEHQXUVR HWZDVQLFKW 9RUVLFKWLJJLQJVLHZHLWHU-DQHVFKULWWDXI=HKHQVSLW]HQGHP$OWDUHQW JHJHQ6LHZROOWHQDFKVFKDXHQREVLFKHWZDVLQGHU2SIHUVFKDOHEHIDQG $OVVLHHWZDIQI
*HVLFKWLQ.RSIK|KHEHUGHP%RGHQ]XVFKZHEHQVFKLHQ 'DVZDUMHGRFKHLQH7lXVFKXQJGHQQ-DQHHUNDQQWHGDGLH)UDX HLQHQVFKZDU]HQ8PKDQJWUXJGHUVLFKNDXPYRQGHU)DUEHGHV%RGHQV DEKRE 8QGVLHVDKHWZDVGDVVLHVHKUHQWVHW]WH ,QGHUOLQNHQXQGDXFKGHUUHFKWHQ+DQGKLHOWGLH)UDXMHZHLOVHLQ ODQJHV0HVVHU 9RQGHQEHLGHQ.OLQJHQWURSIWH%OXW 0DUJD)UDPERQIXKUHLQHQ)RUG.RPEL'LH/DGHIOlFKHZDUYROOGD SDWHQLFKWVPHKUKLQHLQ$XILKUVWDSHOWHQVLFK.LVWHQXQG.DUWRQV$OOH ZDUHQJHIOOWPLW2EVWXQG'RVHQ0DUJD)UDPERQKDWWH9RUUlWH HLQNDXIHQPVVHQ $XIGHU5FNEDQNVWDQGHQHEHQIDOOV.LVWHQXQGZLUPXWHQXQV GD]ZLVFKHQTXHWVFKHQ ,FKKDWWHGHQ(LQVDW]NRIIHULP/HLKZDJHQJHODVVHQ'LHZLFKWLJVWHQ :DIIHQKDWWHQZLUPLWJHQRPPHQ(VIHKOWHQXUQRFK'HVWHURV6FKZHUW DEHUGDVODJLQ/RQGRQ ª(VZLUGHWZDVXQEHTXHPZHUGHQ©VDJWHGLH.|FKLQXQGOlFKHOWH HQWVFKXOGLJHQG ,FKZLQNWHDEª'DVPDFKWQLFKWV%HVVHUVFKOHFKWJHIDKUHQDOVJXW JHODXIHQ© ª'DKDEHQ6LHUHFKW©ODFKWHVLH ,FKZDUI6XNRHLQHQ%OLFN]X'HU&KLQHVHKDWWHVLFKVRNOHLQZLH P|JOLFKJHPDFKW(UZROOWHPLUQLFKWYLHO3ODW]ZHJQHKPHQ 6LU$UFKLEDOG5LKPXQG&DUOR/HLVWDQGHQLQGHURIIHQHQ7UGHU .RQGLWRUHL6LHZLQNWHQDOV0DUJD)UDPERQGHQ:DJHQVFKODJ ]XGURVFK'DQQIXKUHQZLUDE ,QGHQ3ODQZLHZLUP|JOLFKVWXQJHVHKHQLQGLH%XUJJHODQJHQ NRQQWHQKDWWHXQV0DUJD)UDPERQHLQJHZHLKW(VJDEDQGHU2VWVHLWH GHQ/LHIHUDQWHQHLQJDQJGXUFKGHQ&HOLQH:DOGDXFKGLH%XUJYHUODVVHQ KDWWH+LHUZROOWHQZLUKLQHLQ$EHU*HQDXHVNRQQWHQZLUHUVWDQ2UW XQG6WHOOHIHVWVWHOOHQ 'DV:HWWHU]HLJWHVLFKQLFKWYRQGHUEHVWHQ6HLWH*UDXH:RONHQ WUPWHQVLFKDP+LPPHO6LHXPNUHLVWHQGLH6SLW]HQGHU%HUJHRGHU ILHOHQODQJVDPDOVJHZDOWLJH6FKOHLHUGHQ+RFKWlOHUQHQWJHJHQ(LQ VFKZDFKHU:LQGZHKWHQXUXQGDXIGHQ.lPPHQGHU'UHLWDXVHQGHU JOLW]HUWHGDV(LV ª*LEWHVQRFKPHKU3HUVRQDOLQGHU%XUJ"©HUNXQGLJWHLFKPLFKEHL GHU.|FKLQ

ª-DZLUKDEHQHLQHQ'LHQHUXQGQRFKGUHLZHLWHUH.FKHQKLOIHQ© ª$XIZHOFKHU6HLWHVWHKWGHU'LHQHU"© 0DUJD)UDPERQODFKWHELWWHUª/XNDVLVWVHLQHU+HUUVFKDIWWUHXHU JHEHQ'HUZLUG,KQHQQLFKWKHOIHQGHULVW,KU)HLQG© ª8QGGLHDQGHUHQLQGHU.FKH"© ª'DIUNDQQLFKHEHQIDOOVPHLQH+DQGQLFKWLQV)HXHUOHJHQ6LH PVVHQ]XVHKHQGDVLHXQHQWGHFNWEOHLEHQ© ª:HUOlGWGHQ:DJHQDE"© ª'LH*HKLOIHQXQGLFK© 6XNRKDWWHHLQH,GHHª.|QQHQ6LHXQVQLFKWGHQ6FKOVVHOIUGHQ /LHIHUDQWHQHLQJDQJEHUODVVHQ"© 'D]XFNWHGLH.|FKLQ]XVDPPHQª:LVVHQ6LHHLJHQWOLFKZDV6LHGD YRQPLUYHUODQJHQ"© ª-DHVLVWVHKUYLHODEHUZLUVHKHQNHLQHDQGHUH0|JOLFKNHLW© ª+HUU6FKUHLEHUZLUGPLFKHQWODVVHQ(UYHUWUlJWHVQLFKWZHQQVLFK VHLQ3HUVRQDOJHJHQLKQVWHOOW'DVPVVHQ6LHYHUVWHKHQ© ,FKPLVFKWHPLFKHLQª:HQQ+HUU6FKUHLEHUZLUNOLFKGHULVWIUGHQ ZLULKQKDOWHQGDQQPVVHQ6LHVLFKVRZLHVRHLQHQHXH$UEHLWVVWHOOH VXFKHQ)UDX)UDPERQ© 'LH.|FKLQVFKZLHJ6LHEHWlWLJWHGHQ%OLQNHUXQGERJLQHLQH VFKPDOH6WUDHHLQGLHLQGLH%HUJHKRFKIKUWHª+LHUKDWPDQ&HOLQH :DOGJHIXQGHQ©VDJWHVLHPLWOHLVHU6WLPPH ª*ODXEHQ6LHGHQQDQHLQHQ8QIDOO"©IUDJWHLFK ª,FKZHLHVVHOEVWQLFKW© 'LH%XUJZDUQLFKW]XVHKHQ ,FKYHUUHQNWHPLUIDVWGHQ+DOVGRFKGHU:DOGQDKPPLUOHLGHU GLH6LFKW ª:LHLVWGDVPLWGHP6FKOVVHO"©HULQQHUWH6XNRGLH)UDX 7LHIDWPHWH0DUJRW)UDPERQGXUFK'DQQVDJWHVLHª,FKZHL ZHOFKHV5LVLNRLFKHLQJHKHDEHULFKZHUGH,KQHQGHQ6FKOVVHOJHEHQ© 6LHQDKPHLQH+DQGYRP9RODQWXQGJULIILQGLH7DVFKHLKUHUGUHL YLHUWHOODQJHQ-DFNH0HKUHUH6FKOVVHONOLPSHUWHQJHJHQHLQDQGHU6LH GUHKWHGLH+DQGQDFKKLQWHQª%LWWHVHKU© 6XNRQDKPVLHHQWJHJHQ ª8QG]XNHLQHPHLQ:RUW)UDX)UDPERQ©VFKlUIWHLFKLKUQRFK HLQPDOHLQ ª,FKELQGRFKQLFKWOHEHQVPGH©HUZLGHUWHVLHWURFNHQ 'LH.RFKLQJHILHOPLU6LHZDUHLQH)UDXDXVGHP/HEHQ0LWGHUhEHU JDEHGHV6FKOVVHOVKDWWHVLHXQVHLQHQXQVFKlW]EDUHQ'LHQVWHUZLHVHQ .XUYHDXI.XUYHIROJWH0DQPHUNWHGHU)UDXDQGDVLHGLH6WUHFNH QLFKW]XPHUVWHQPDOIXKUGHQQVLHQDKPGLH.HKUHQPLW5RXWLQH

'DQQVDKLFKGLH%XUJ,FKNRQQWHIUHLQHQ0RPHQWEHUGLH %DXPZLSIHOKLQZHJVFKDXHQXQGLFKKDWWHGHQ(LQGUXFNGLH%XUJ ZUGHGLUHNWDP%HUJNOHEHQ2EHUKDOEGHU%XUJJDEHVNHLQH%lXPH PHKUQXUQRFKQDFNWHV*HVWHLQXQG)HOVGHUJUQVFKLPPHUWHZHLO 0RRVXQG)OHFKWHQDXIVHLQHU2EHUIOlFKHZXFKVHQ ,FKKlWWHGHQUHFKWVDEIKUHQGHQ:HJQLFKWJHVHKHQDEHUGLH)UDX NDQQWHLKQ*HVFKLFNW]RJVLHGHQ.RPELLQHLQH.XUYHXQGERJLQGLH VFKPDOH=XIDKUWHLQ ª'HU:HJHQGHWYRUGHU%XUJ©HUNOlUWHVLH ,FKQLFNWH /DQJVDPEUHLWHWHVLFKDXFKLQPLUGLH6SDQQXQJDXV,FKVFKDXWHQDFK OLQNVXQGUHFKWV (QJZDUHQGLH.XUYHQ%lXPHZXFKVHQDP:HJUDQG0DQFKPDO NUDW]WHQ=ZHLJHEHUGDV'DFKXQGGLH6FKHLEHQ :DUHV]XYRUQRFKKHOOJHZHVHQVRHUIOOWHMHW]W'lPPHUOLFKWGLH NXUYHQUHLFKH6WUHFNH0DUJD)UDPERQKDWWHGDV/LFKWHLQJHVFKDOWHW'LH EHLGHQ6FKHLQZHUIHUPDOWHQKHOOH)OHFNHQDXIGLH)DKUEDKQ ,PPHUZLHGHUVWHOOWHLFKPLUGLH)UDJHREGHU6SXNXQVEHUHLWVHU ZDUWHQZUGH+DWWHHUXQWHU8PVWlQGHQHQWGHFNWGDZLUXQVHLQHP VHLQHU6WW]SXQNWHQlKHUWHQ"/DQJHKDWWHQZLUQLFKWVPHKUYRQLKP JHK|UW(UZDUGHU'lPRQGHUGLH6HHOHQGHUJHW|WHWHQ6FKZDU]EOWHU GLHYHUVDJWKDWWHQVDPPHOWH8QGHUOLHVLHQLHPHKUORVELVDXIHLQH $XVQDKPH'DVZDU'U7RGJHZHVHQGHVVHQJHIDQJHQH6HHOHDXI $VPRGLQDV%HWUHLEHQKLQLQGHQ.|USHUGHV0DILRVR6ROR0RUDVVR JHZDQGHUWZDU$QVRQVWHQEHKLHOWGHU6SXNZDVHULQGLH.ODXHQ EHNDP 6HLQH'LHQHUZDUHQGLH6FKDWWHQ$XFKHUVHOEVW]HLJWHVLFKPHLVWQXU DOV6FKDWWHQ7DWVlFKOLFKMHGRFKVDKHUDXVZLHHLQ5HSWLOXQGLFKPXWH DQGLHEHLGHQ:HVHQGHQNHQGLHXQVLQGHP/RNDOEHUIDOOHQXQG 3\NNDJHW|WHWKDWWHQ'RUWZDUHQVLHLQLKUHUULFKWLJHQ*HVWDOWDXIJH WUHWHQ ,FKKDWWHGHP6SXNDXFKVFKRQGLUHNWJHJHQEHUJHVWDQGHQDEHU QLHZDUHVPLUJHOXQJHQLKQ]XYHUQLFKWHQ(UKDWWHLPPHUZLHGHU HQWNRPPHQN|QQHQ :UGHHVGLHVPDODQGHUVVHLQ" ª:LUVLQGJOHLFKGD©'LH6WLPPHGHU.|FKLQXQWHUEUDFKPHLQH *HGDQNHQ ,FKQLFNWH 6XNRVFKDXWHGXUFKGLH6FKHLEH'LH$XJHQKDWWHHUOHLFKW]XVDPPHQ JHNQLIIHQVHLQH:DQJHQPXVNHOQZDUHQJHVSDQQW6FKDUIVSDQQWHVLFK GDV)OHLVFKEHUGHQ.QRFKHQ

ª+DVWGXZDV"©IUDJWHLFKLKQ 0HLQ)UHXQGKREGLH6FKXOWHUQª,FKZHLQLFKWDEHULUJHQGHWZDV VFKHLQWQLFKW]XVWLPPHQ© ª:LHVR"© ª)lOOWGLUQLFKWVDXI"0DQVLHKWNDXPQRFK/LFKW0LUNRPPWHVYRU DOVZUGHQZLUGXUFKHLQHQ7XQQHOIDKUHQ© ª'DVLVWGHU:DOG© 'DK|UWHQZLUGDV/DFKHQ %HLGH]XFNWHQZLU]XVDPPHQGHQQGDV*HOlFKWHUZDUGDVHLQHQ 0DQQHVJHZHVHQGRFKDXVJHVWRHQKDWWHHVHLQH)UDX 0DUJD)UDPERQ %HYRUZLUQRFKUHDJLHUHQNRQQWHQKDQGHOWHVLH6LHZDUIVLFKEOLW] VFKQHOO]XU6HLWH|IIQHWHGLH:DJHQWUXQGNDWDSXOWLHUWHVLFKDXVGHP :DJHQ,P:HJIDOOHQVDKLFKZLHDXVLKUHPQRUPDOHQ.|USHUHLQ 6FKDWWHQZXUGH 'DQQZDUVLHYHUVFKZXQGHQ 6LHKDWWHXQVQRFKJHOHLPW%HYRUVLHVLFKDXVGHP:DJHQIDOOHQOLH KDWWHVLHGDV/HQNUDGQDFKUHFKWVJHGUHKW'LHEHLGHQ5lGHUZDUHQ HLQJHVFKODJHQXQGGHU:DJHQNDPYRP:HJDE(LQH6HNXQGHVSlWHU UROOWHHUVFKRQEHUGHQ5DQGXQGNLSSWHQDFKYRUQ -DQHEOLHEVWHKHQXQGVDJWHQLFKWV hEHUGLH2SIHUVFKDOHKLQZHJVFKDXWHQVLFKGLHEHLGHQ)UDXHQDQ'LH DQGHUHPXWHZRKO]XGHQ*lVWHQGHV6FKORVVHVJHK|UHQ 6LHZDUlOWHUDOVGLH'HWHNWLYLQXQGLKUUXQGHV*HVLFKW]HLJWHLUJHQG ZLHHLQHQYHUOHEWHQ$XVGUXFNDOVKlWWHVLHQlFKWHODQJGXUFKJHPDFKW XQGJH]HFKW'LH.UDXVKDDUIULVXUEHVWDQGDXV]DKOUHLFKHQ/RFNHQGLH LKUDXFKLQGLH6WLUQILHOHQ'LH:DQJHQZLUNWHQHWZDVGLFNXQGGLH )LQJHUZDUHQPLW]DKOUHLFKHQ5LQJHQEHKlQJW'LH0XQGZLQNHO]HLJWHQ HLQHQ]\QLVFKHQ=XJXQG-DQHJODXEWHLQGHQ$XJHQGHU)UDXHLQHQXU PKVDPXQWHUGUFNWH*LHU]XOHVHQ $OVVLHMHW]W]ZHL6FKULWWHYRUJLQJNODIIWHGHUVFKZDU]H8PKDQJDXV HLQDQGHU -DQHVWHOOWHIHVWGDGLH)UDXGDUXQWHUQXULKUHQDFNWH+DXWWUXJ ª*XWHQ7DJ©VDJWHGLH8QEHNDQQWHXQGOlFKHOWHª,FKKHLHGLFK KHU]OLFKZLOONRPPHQOLHEH)UHXQGLQ© 2ELFKGHLQH)UHXQGLQELQZLUGVLFKQRFKKHUDXVVWHOOHQGDFKWH-DQH OlFKHOWHMHGRFK]XUFN ª:LHKHLWGX"©IUDJWHGLH)UDX ª-DQH&ROOLQV©

ª+DWWHLFKHVPLUGRFKJHGDFKW'XELVWVLFKHUOLFKGHU(UVDW]IU XQVHUHOLHEH&HOLQH"© ª-D© ª(VIUHXWPLFKGDGHU0HLVWHUVRVFKQHOOMHPDQGHQJHIXQGHQKDW,FK ELQEULJHQV'RGR'RUDQR© ª$QJHQHKP©VDJWH-DQH&ROOLQV$QVRQVWHQVFKZLHJVLH-DQHZXWH QLFKWZLHVLHVLFKGHU)UDXJHJHQEHUYHUKDOWHQVROOWH8P+LOIHNRQQWH VLH'RGR'RUDQRQLFKWELWWHQGHQQGDV:HLEVWDQGYROODXIGHU6HLWHGHV 0HLVWHUV 8QGGDGHU0HLVWHUPLW*RUGRQ6FKUHLEHULGHQWLVFKZDUGDUDQJDE HVQLFKWGHQJHULQJVWHQ=ZHLIHO ª'XELVWVRVFKZHLJVDP©OlFKHOWH'RGRª+DEHLFKGLUHWZDVJHWDQ"© ª1HLQQHLQHVLVWQXUHLQZHQLJIUHPGKLHU©-DQHGHXWHWHLQGLH 5XQGHª:DVJHVFKLHKWHLJHQWOLFK"© 'RGRODFKWHVFKULOOª'DVIUDJVWGXQRFK"+DWGHU0HLVWHUGLFKGHQQ QLFKWHLQJHZHLKW"© ª1RFKQLFKW© ª'DQQZLOOLFKHVWXQ:LUIHLHUQ3DUW\V$EHUJDQ]EHVWLPPWHPHLQH /LHEH+DVWGXVFKRQHWZDVYRQVFKZDU]HQ0HVVHQJHK|UW"©%HYRU-DQH DQWZRUWHQNRQQWHVDJWHVLHª1DWUOLFKZLUVWGXHVJHK|UWKDEHQ'X NRPPVWMDDXV(QJODQGZRHVGLHPHLVWHQ+H[HQJLEWXQGGLHKHUU OLFKVWHQVFKZDU]HQ0HVVHQJHIHLHUWZHUGHQ$EHUZLUKLHUVLQGVRJDU QRFKEHVVHU© ª,QZLHIHUQ"© ª1XQZLUKDEHQHLQHQHFKWHQ.RQWDNWKHUJHVWHOOW=ZDUQLFKWPLW GHP7HXIHOZLHYLHOHXQVHUHU6FKZHVWHUQYHUVXFKHQHVDEHUQLFKW VFKDIIHQVRQGHUQPLWHLQHPDQGHUHQPlFKWLJHQ'lPRQ'HU6SXN LVWDXIXQVDXIPHUNVDPJHZRUGHQ.HQQVWGXLKQ"© 8QGRE-DQHGHQNDQQWH6FKOLHOLFKKDWWHVLHVLFKVFKRQLQVHLQHP 5HLFKEHIXQGHQ8QEHNOHLGHWKDWWHVLHYRUVHLQHP7KURQJHOHJHQXQGHV ZDU-RKQ6LQFODLULPOHW]WHQ$XJHQEOLFNJHOXQJHQVLH]XUHWWHQ'HVKDOE ZDUHVNHLQ:XQGHUGD-DQHHLQH*lQVHKDXWEHUGHQ5FNHQOLHIDOV VLHGLH:RUWHGHU)UDXYHUQDKP ª'XNHQQVWLKQQLFKWRGHU"© ª1HLQ©ORJ-DQH ª$EHUHUZLUGHUVFKHLQHQGHQQGLH%XUJJHK|UWLKPQLFKWHLQPDO GHP0HLVWHU(UKDWVLHQXUYRP6SXN]XU9HUIJXQJJHVWHOOWEH NRPPHQGDPLWZLUXQJHVW|UWXQVHUH)HVWHIHLHUQN|QQHQ'XELVW KHU]OLFKHLQJHODGHQ©6LHZLQNWHPLWGHP0HVVHUª.RPPKHU]XPLU NOHLQH-DQH© 'LH'HWHNWLYLQ]|JHUWH'LHVH6]HQHLQGHUNDOWHQ+DOOHZDUVRXQZLUN

OLFKVRPDNDEHUGD-DQHVFKRQDQHLQHQ7UDXPGDFKWH$XFKGLH)UDX YRULKUGLHlXHUOLFKVRZHQLJ'lPRQLVFKHVDQVLFKKDWWHGRFKLP ,QQHUQJUDXVDPXQGJHPHLQVHLQPXWH $EHU-DQHPXWHPLWVSLHOHQREVLHZROOWHRGHUQLFKW6LHKDWWHVLFK GDUDXIHLQJHODVVHQXQGHLQ=XUFNJDEHVQLFKWPHKU 7LHIDWPHWHVLHHLQ 'RGRJLQJHLQZHQLJ]XU6HLWHXQGEUHLWHWHGLH$UPHDXV'LHEHLGHQ 0HVVHUOLHVLHQLFKWORVXQGDOVVLH-DQHDXIIRUGHUWHLQLKUH$UPH]X NRPPHQVFKWWHOWHGLH'HWHNWLYLQGHQ.RSI ª1HLQLFKZLOOQLFKW© ª:LUPVVHQXQVHUHQ%XQGGXUFKGHQ%UXGHUNXEHVLHJHOQ©'LH 6WLPPHGHU)UDXNODQJVRDOVZUGHVLHNHLQHQ:LGHUVSUXFKGXOGHQ XQG-DQHIJWHVLFK 'RGR'RUDQRVFKORGLH$UPHXP-DQH&ROOLQV)UHLQHQ0RPHQW GDFKWH-DQHGDUDQGDGLH)UDXLKUGLHEOXWLJHQ0HVVHULQGHQ5FNHQ VWRHQN|QQWHGRFK'RGRKDWWHGDUDQNHLQ,QWHUHVVH6WDWWGHVVHQ VSUWH-DQHGLH:DQJHGHU)UDXDQGHULKUHQXQGVLHPHUNWHGLH.lOWH GLH'RGRV+DXWDXVVWU|PWH -DQHVFKLHQLQGHQ$UPHQGHU)UDX]X(LV]XZHUGHQ6LHUKUWHVLFK QLFKW 'DIUEHZHJWH'RGRLKUHQ.RSIXQGGLH/LSSHQGUFNWHQVLFKJHJHQ GLH:DQJHGHU'HWHNWLYLQZlKUHQGGLH)UDXLKUH$UPHKLQWHU-DQHV 5FNHQVFKOR -DQHVSUWHGHQ.X 6LHYHUVWHLIWHQRFKPHKU(LQQLHJHNDQQWHV*HIKOGXUFKVWU|PWHVLH 'LH%HUKUXQJZDULKUXQDQJHQHKPVLHYHUVXFKWHGLH)UDXZHJ]X GUlQJHQZDUMHGRFKEHUUDVFKWPLWZHOFKHU.UDIW'RGRVLHIHVWKLHOW,P HUVWHQ$XJHQEOLFNKDWWH-DQHGHQ9HUGDFKWJHKDEWHVPLWHLQHPZHLE OLFKHQ9DPSLU]XWXQ]XKDEHQGRFKLKUH=lKQHVSUWHVLHQLFKWDXI LKUHU+DXWVWDWWGHVVHQGLH=XQJHXQGVLHIKOWHHVQDDQLKUHU:DQJH KHUDEULQQHQ ª%LWWH©TXHWVFKWHVLHKHUYRUª/DPLFK© ª*OHLFKNOHLQH-DQHJOHLFK© 'RGR'RUDQRKDWWHQLFKW]XYLHOYHUVSURFKHQ6LHOLH-DQHWDWVlFKOLFK ORVWUDW]XUFNXQGVFKDXWHVLHOlFKHOQGDQ'LH'HWHNWLYLQDWPHWHDXI 'LHVH%HUKUXQJZDULKU]XZLGHUJHZHVHQLKU,QQHUVWHVKDWWHVLFK GDJHJHQJHVWUlXEWXQGMHW]WZXUGHQLKUH$XJHQJUR 6LHVDK'RGRV0XQG (UZDU]XHLQHP/lFKHOQYHU]RJHQGDVHLQHQZLVVHQGHQXQGVS|W WLVFKHQ$XVGUXFN]XJOHLFK]HLJWH'DVDOOHUGLQJVZDUHVQLFKWZDV-DQH VRVFKDXGHUQOLH

6LHVDKVHKUGHXWOLFKGDV%OXWGDVLQGHQ0XQGZLQNHOQGHU)UDX NOHEWH ª'HU%UXGHUNX©IOVWHUWH'RGRª1XQJHK|UVWGX]XXQV© -DQH&ROOLQVEHZHJWHZLHLQ=HLWOXSHGHQUHFKWHQ$UPQDFKREHQ'LH +DQGWDVWHWHEHUGLH:DQJH)LQJHUVSLW]HQIXKUHQDXIGHUJODWWHQ+DXW HQWODQJXQGEHUKUWHQGLHIHXFKWHNOHEULJH)OVVLJNHLW -DQHV)LQJHU]XFNWH]XUFN6LHKLHOWGLH+DQGYRULKU*HVLFKWXQGVDK GLHURWHQ)OHFNHQ (VZDU%OXW 'RGR'RUDQRODFKWH,KUZDU-DQHV(QWVHW]HQGXUFKDXVQLFKWHQW JDQJHQª6RPXHVVHLQ©VDJWHVLH ª(VLVWGHLQ%OXWQLFKW"©IUDJWH-DQH ª-D0HLQV(VKlWWHDXFKHLQDQGHUHVVHLQN|QQHQDEHUGXKDVWPLFK ]XHUVWJHWURIIHQ© ª:DVVROOGDVKHLHQ"© ª'DLFKMHW]WGHLQH)KUHULQELQXQGGXPLUJHKRUFKHQPXW *OHLFK]HLWLJVWHKVWGXDXFKXQWHUPHLQHP6FKXW]'XKlWWHVWDXFK)HOL[ XQG5REHUWEHJHJQHQN|QQHQ© ª:DVVLQGGDVVFKRQZLHGHUIU/HXWH"© ª=ZHL%UGHU© ª*HK|UWVRQVWQRFKMHPDQG]XGHU*UXSSH"© ª-DPHLQH)UHXQGLQ(LQHbU]WLQ'XZLUVWVLHNHQQHQOHUQHQ,KU9DWHU ZDU(QJOlQGHUVLHKHLW$QNH%RRN©3O|W]OLFKODFKWH'RGRXQNRQ WUROOLHUWª:HQQ$QNHHUIlKUWGDGXMHW]WPHLQ6FKW]OLQJELVWGDQQ ZLUGVLHVLFKlUJHUQ'DEHLKlWWHVLHDXFKJHKHQN|QQHQ© -DQHVFKWWHOWHGHQ.RSIª,FKYHUVWHKHGDVDOOHVQLFKW©VDJWHVLH ª:LHVRPXLFKGLUJHKRUFKHQ"© ª:HLOPHLQ%OXWNXGLFKJHWURIIHQKDW© ª8QG"© ª%OXWLVWHLQEHVRQGHUHU6DIWGDVVWHKWVFKRQLP)DXVW$EHUPHLQ%OXW LVWDXHUJHZ|KQOLFKHVLVWQLFKWPHKUQRUPDOVRQGHUQYRP6SXNLQ IL]LHUW'HU6SXNXQGGHU0HLVWHUKDEHQGDIUJHVRUJWGDLFKHLQ 7HLOYRQLKQHQZHUGHQNRQQWH,FKKDEHGLHJURH:HLKHHUIDKUHQ XQGGXUIWHGDV%OXWWULQNHQ© ª:HOFKHV"© ª'lPRQHQEOXW© -HW]WZDUHVKHUDXVXQG-DQH&ROOLQV]LWWHUWH,QZHOFKHLQHQ$OSWUDXP ZDUVLHGDKLQHLQJHUDWHQ"(QWVSUDFKGDVDOOHVKLHUGHQ7DWVDFKHQ".DP VLHMHPDOVKLHUZLHGHUKHUDXV" ª,FKNDQQYHUVWHKHQGDGXQHXJLHULJELVW©VDJWH'RGRª,FKZLOO DXFKGHLQH1HXJLHUGHEHIULHGLJHQ.RPPLFK]HLJHGLUDOOHV©

-DQHJLQJPLW6LFK]XZHLJHUQKlWWHZRKONHLQHQ=ZHFNJHKDEWHV ZDUEHVVHUVLHVSLHOWHMHW]WPLW9LHOOHLFKWHUJDEVLFKVSlWHUQRFKHLQH &KDQFH 'LHEHLGHQVRXQJOHLFKHQ)UDXHQVFKULWWHQLQGHQ+LQWHUJUXQGGHU JURHQ+DOOH'RGR'RUDQRKLHOWQRFKLPPHUGLH0HVVHUIHVW'DYRQ ZROOWHVLHVLFKQLFKWWUHQQHQ -DQHNRQQWHHUNHQQHQGDGLH+DOOHDXFKKLHUQLFKWOHHUZDU6LHVDK PHKUHUH7|SIHXQG*HIlHGLHHWZDVKHOOHUZDUHQDOVGHU6WHLQERGHQ DXIGHPVLHVWDQGHQDEHUGXUFK5RKUHPLWHLQDQGHULQ9HUELQGXQJ VWDQGHQ 6LHEOLHEHQVWHKHQª6FKDXQDFKOLQNV©VDJWH'RGR 'LH'HWHNWLYLQZDQGWHGHQ.RSI'DV5RKUGDVGLH*HIlHYHUEDQG OLHIDQGHU:DQGKRFKXQGYHUVFKZDQGLQGHU'HFNH ª9RQGRUWREHQZHUGHQVLHJHIOOW©HUNOlUWHLKU'RGR ª0LW%OXW"© 'RGRQLFNWHª$XFK©HUZLGHUWHVLHª$XFKPLW%OXWDEHUPLWHLQHP EHVWLPPWHQ©6LHZLQNWH-DQH]XJLQJVFKRQYRUXQGEOLHEQHEHQGHP JU|WHQ*HIlVWHKHQ ª,FKZLOOHVGLU]HLJHQXQGGXZLUVWEHUUDVFKWVHLQZDVZLUVFKRQ DOOHVJHVFKDIIWKDEHQ©:lKUHQGGHU:RUWHVWUHFNWHVLHLKUHUHFKWH+DQG DXVJULIIQDFKGHP'HFNHOXQGKRELKQLQGLH+|KH -DQHNRQQWHHLQHQ%OLFNLQGDV*HIlZHUIHQ (LQZLGHUOLFKHU*HUXFKVWLHJLKUHQWJHJHQ'LH)OVVLJNHLWZDU ]LHPOLFKGLFN]XGHPZDUPVRGDVLH%ODVHQZDUIGLHODQJVDPDQGLH 2EHUIOlFKHWULHEHQXQGGRUWPLWHLQHPVDWWHQ.QDOO]HUSODW]WHQ(LQSDDU 6SULW]HUWUDIHQ-DQH&ROOLQVXQGVLH]XFNWH]XUFN ª'DVLVWHV©VDJWH'RGRªGDVLVWGDV*HKHLPQLVGHV'lPRQHQEOXWV :LUKDEHQHVKHUJHVWHOOW'HU6SXNKDWXQVGLH$QOHLWXQJJHJHEHQ'LH JHQDXH0LVFKXQJNHQQWQXUGHU0HLVWHU© ª8QGZRUDXVEHVWHKWHV"© ª(VLVWQLFKWQXUGDV%OXWDEWUQQLJHU'lPRQHQVRQGHUQDXFKGDV YRQ7LHUHQ© ª8QGYRQ0HQVFKHQ"© 'DKRE'RGRGLHLQGHUJHEFNWHQ+DOWXQJVWDQGGHQ.RSIXQG VFKDXWH-DQH&ROOLQVVFKUlJYRQXQWHQKHUDQª-DDXFKYRQ0HQVFKHQ PHLQHNOHLQH-DQH© -DQH]HLJWHDXIGLH0HVVHU0LWUDXKHU6WLPPHIUDJWHVLHª+DVWGX GDPLW"© ª-DGDPLWKDEHLFKJHW|WHW(VLVWQRFKQLFKWODQJHKHU,FKZROOWHMD VHKHQREVLFKGDV%OXWJXWPLWGHPDQGHUHQYHUPLVFKWKDW'HU0HLVWHU KDWWHPLUGHQ$XIWUDJJHJHEHQ©

ª:HQKDVWGXJHW|WHW"© ª5DWHPDO©'RGRV$XJHQIXQNHOWHQ6LHNRQQWHGLH*LHUMHW]WQLFKW PHKU]XUFNKDOWHQ ª0HQVFKHQ"© ª1HLQHVZDUHQ+lKQH©6LHODFKWHª'LUIlOOWHLQ6WHLQYRP+HU]HQ NOHLQH-DQHZLH"© ª,FKZHUGHNHLQH0HQVFKHQW|WHQ©HUNOlUWH-DQHIHVW ª2KGDVKDEHLFKDXFKHLQPDOJHGDFKW'RFKGDQQOHUQWHLFKGHQ 0HLVWHUULFKWLJNHQQHQXQGLFKNRVWHWH]XPHUVWHQ0DOYRP%OXWGHU 'lPRQHQ(VZDUZLH5DXVFKJLIWZHQQGXYHUVWHKVWZDVLFKPHLQH,FK KDEHIUKHUPDOJHKDVFKW$EHUDOOHVKlOWGHQ9HUJOHLFK]XHLQHP 'lPRQHQWUDQNQLFKWDXVGDVPXWGXPLUJODXEHQ©6LHGHXWHWHDXIGHQ %RWWLFKª:LOOVWGXHLQHQ6FKOXFNQHKPHQNOHLQH-DQH"© ª1HLQ©-DQHZLFK]XUFN ª8QGZHQQLFKHVGLUEHIHKOH"© ª,FKZHUGHGLHVHQ%HIHKOYHUZHLJHUQ© )UHLQHQ0RPHQWVDKHVVRDXVDOVZROOWHVLFK'RGRDXIGLH 'HWHNWLYLQVWU]HQGRFKGDQQOLHVLHHVEOHLEHQXQGQLFNWHQXUª*DQ] ZLHGXZLOOVW$EHUGLH)ROJHQKDVWGXVHOEVW]XWUDJHQGDVNDQQLFK GLUVDJHQ© ª:HOFKH)ROJHQ"© ª'DUILFKGLFKGDUDQHULQQHUQGDGXMHW]WPHLQH6NODYLQELVW"'X PXWGDVWXQZDVLFKZLOO8QGKWHGLFKPLUQRFKHLQPDO]XZLGHU VSUHFKHQ© ª,FKP|FKWHMHW]WZLHGHUDXIPHLQ=LPPHU©VDJWH-DQHª+LHUKDEHLFK JHQXJJHVHKHQ© 'RGRODFKWHVFKULOOª$XIGHLQ=LPPHUZLUVWGXQLFKWPHKUNRPPHQ (VEOHLEWEHUKDXSWNHLQH=HLW© ª8QGZLHVRQLFKW"© ª:HLOGLHVFKZDU]H0HVVHJOHLFKEHJLQQW'DVFKDX© 'RGRGUHKWHVLFKXP$OVKlWWHVLHHLQHQ0HFKDQLVPXVDXVJHO|VW |IIQHWHVLFKSO|W]OLFKHLQ7HLOGHU*HZ|OEHUFNZDQGXQGJDEGHQ%OLFN LQGHQ6WROOHQIUHL 5|WOLFKHV/LFKWHUKHOOWHLKQ8QG]ZDUVRGHXWOLFKGD-DQHGLH 6FKDWWHQGHU0lQQHUXQG)UDXHQHUNHQQHQNRQQWHGLHGHQ6WROOHQ YHUOLHHQ 'HU0HLVWHUXQGVHLQ*HIROJHNDPHQ

(VJLEWNULWLVFKH6LWXDWLRQHQZRVLFKNXU]H=HLWVSDQQHQSO|W]OLFK HQGORVLQGLH/lQJH]LHKHQ,QHLQHUlKQOLFKHQ/DJHEHIDQGHQVLFK 6XNRXQGLFK 'HU:DJHQNLSSWH 8QGGLH6HNXQGHQGLHHUQRFKDXIGHP5DQGVWDQGNDPHQXQVEHLGH VHKUODQJYRU ª5DXV©VFKULHLFK:REHLLFKHVEHVVHUKDWWHGHQQGLH)DKUHUWUDXI PHLQHU6HLWHVWDQGDXI +LQWHUKHULVWPDQLPPHUVFKODXHU$EHULQGLHVHQ$XJHQEOLFNHQ ZROOWHLFKWDWVlFKOLFKGHQ:DJHQYHUODVVHQXQGEHZHJWHPLFK'DGXUFK NDPHV]XHLQHU*HZLFKWVYHUODJHUXQJ'HU)RUGZXUGHDQVHLQHU9RUGHU VHLWHEHVFKZHUWXQGILHO ,QVWLQNWLYNDXHUWHLFKPLFK]XVDPPHQ,FKKlWWHDQJHVFKQDOOWEOHLEHQ VROOHQGDVZDUPHLQ*HGDQNHDOVGHU:DJHQLQGLH7LHIHNUDFKWH(V JHODQJPLUQRFKPLFK]ZLVFKHQ6LW]XQG)XEDQN]XGUFNHQXQG PHLQHQ.RSI]XVFKW]HQGDQDFKJLQJQLFKWVPHKU 6XNRXQGLFKZXUGHQ]XHLQHP6SLHOEDOOGHU*HZDOWHQ 'HU)RUGILHOQLFKWVWHLOQDFKXQWHQVRQGHUQEHUVFKOXJVLFKLQGHU /XIW,FKZXWHSO|W]OLFKQLFKWPHKUZRREHQRGHUXQWHQZDUGLH /DGXQJJHULHWLQ%HZHJXQJNLSSWHYRUQEHU 0LUNUDFKWHQGLHYHUGDPPWHQ.LVWHQXQG.DUWRQVJHQDXLQGHQ 1DFNHQ,FKVSUWHGLH6FKOlJHXQGK|UWHJOHLFK]HLWLJGDVKlOLFKH 5HLHQGDVHQWVWHKWZHQQVLFK0HWDOOGXUFKELHJW'HU:DJHQZXUGH GXUFKJHVFKWWHOWDOVZUGHGLH)DXVWHLQHV5LHVHQJHJHQLKQGRQQHUQ GDEHLZDUHQHVQXUGLH%lXPHXQG)HOVNDQWHQJHJHQGLHGHUIDOOHQGH )RUGVWLHXQGDQHLQLJHQ6WHOOHQVRJDUYRQGHPVFKDUIHQ*HVWHLQHLQ JHULVVHQZXUGH/lQJVWJDEHVNHLQKHLOHV)HQVWHUPHKU(LQ6SOLWWHUUHJHQ SUDVVHOWHDXIXQVQLHGHUGLHRIIHQH7UULDEXQGHLQ7HLOGHU/DGXQJ UXWVFKWHDXFKQDFKGUDXHQ $EHUGHU:DJHQILHOQLFKWPHKU (UVWDQGVWLOO ,FKKLQJQRFKLPPHUHLQJHNOHPPW]ZLVFKHQ6LW]XQG)XEDQN6XNR PXWHVLFKLUJHQGZRKLQWHQEHILQGHQXQGDXIPLUODJHQGLH.LVWHQ =ZHLKDWWHQVLFKVRYHUNDQWHWGDVLH]XHLQHU$UW6FKXW]ZDOOJHZRUGHQ ZDUHQXQGDQGHUH*HJHQVWlQGHDEJHKDOWHQKDWWHQ (LQSDDU6HNXQGHQOLHLFKYHUVWUHLFKHQGDQQYHUQDKPLFKGDV 5lXVSHUQKLQWHUPLU ª6XNR"© ª1RFKYRUKDQGHQ© ,FKPXWHJULQVHQª:LHJHKWHV"© ª'DVZHLLFKQRFKQLFKW0LULVWQXUGLHVHVYHUGDPPWH2EVWLQGHQ

5FNHQJHIDOOHQDXIPHLQHP.RSIOLHJWHLQHPDWVFKLJH%DQDQHXQG HLQHQ3ILUVLFKKDEHLFKPLWGHP(OOERJHQ]HUGUFNW$QVRQVWHQLVWDOOHV NODU%HLGLUDXFK-RKQ"© ª'DVZLOOLFKKRIIHQ© ª:RKlQJHQZLUHLJHQWOLFK"© ª,UJHQGZRDQGHU)HOVZDQG.DQQVWGXQLFKWVVHKHQ"© ª1HLQGLH.LVWHQYHUVSHUUHQPLUGLH6LFKW© ª,FKYHUVXFKHHVPDO©HUZLGHUWHLFK6RJXWHVJLQJGUHKWHLFKPLFK XPXQGVWLHPLWGHPUXQGHQ6FKXOWHUNQRFKHQJHJHQGLHYHUNDQWHWHQ .LVWHQ'DQQGUFNWHLFKVLHKRFK,FKZROOWHYRUVLFKWLJ]X:HUNHJHKHQ ]XYLHO%HZHJXQJNRQQWHVLFKVFKlGOLFKDXVZLUNHQGHU:DJHQN|QQWH GDV*OHLFKJHZLFKWYHUOLHUHQXQGZHLWHUVWU]HQ =XP*OFNEHIDQGHUVLFKLQHLQHUZHQQDXFKVFKUlJHQ1RUPDO ODJH(UVWDQGDOVRQLFKWDXIGHP.RSIXQGZLUNRQQWHQLKQ]LHPOLFK VLFKHUYHUODVVHQ ,FKVWHPPWHDXFKGLH]ZHLWH.LVWH]XUFNXQGZDUIHLQHQ%OLFNDXI GHQOHHUHQ)DKUHUVLW] 'LH7UGDQHEHQZDUDEJHULVVHQZRUGHQ0HLQ%OLFNILHOQDFK GUDXHQ ,FKVFKDXWHDXIGLHbVWH]DKOUHLFKHU%lXPHGLHVLFKPLWLKUHP :XU]HOZHUNDQGLH)HOVZDQGJHNUDOOWKDWWHQ 6LHKDWWHQGHQVFKZHUHQ:DJHQJHKDOWHQ :HQQVLHGHQKLHOWHQZUGHQVLHDXFKXQVWUDJHQ ª$XVVWHLJHQ©ULHILFK6XNR]X%HLGLHVHP:RUWNURFKLFKVFKRQEHU GHQ)DKUHUVLW]DXIGHQ$XVVWLHJ]X(LQ%DXPDVWEHIDQGVLFKGLFKWYRU PLU,FKSDFNWHLKQKLHOWIHVWXQGNRQQWHPLFKVRDXVGHQ:DJHQ]LHKHQ $OVLFKGHQ.RSILQV)UHLHVWUHFNWHK|UWHLFKGDV3OlWVFKHUQ(LQ%DFK ZDUHVQLFKWGHUVWDQNQLFKWVR %HQ]LQOLHIDXV'XUFKGHQ$XISUDOOPXWHGHU7DQNEHVFKlGLJW ZRUGHQVHLQ ,FKKRFNWHDXIHLQHP.LHIHUQDVWGHVVHQ1DGHOQPLULQV*HVLFKW VWDFKHQXQGGLH+DXWPDOWUlWLHUWHQ ª.RPPUEHU©ULHILFK6XNR]Xª$EHUVHLYRUVLFKWLJ$PEHVWHQGX NOHWWHUVWEHUPHLQHQ6LW]ZHQQGXGLH/HKQHQRFKXPOHJHQNDQQVW© ª:LOO VYHUVXFKHQ© ,FKVDKPLULQ]ZLVFKHQGHQ:DJHQDQ(UKLQJZLUNOLFKDXIHLQHPVHKU VFKPDOHQ*UDWXQGZXUGHYRQGHQ=ZHLJHQXQGbVWHQGHU%lXPH JHKDOWHQ8QGHUODJDXFKQLFKWY|OOLJUXKLJVRQGHUQZLSSWHKLQXQG KHU(VZDUIHLQHQ%OLFNQDFKREHQ:DVLFKVDKZDUNHLQH2IIHQEDUXQJ :LUPXWHQWDWVlFKOLFKGLH)HOVZDQGKRFKXPDXIGHQ:HJ]XJH ODQJHQ'DVZUGHHLQHHNOLJH6FKXIWHUHLZHUGHQVRYLHOVWDQGIHVW

(VVFKLHQPLUDXFKKHOOHUJHZRUGHQ]XVHLQ'LHGXQNOHQ6FKDWWHQ ZDUHQYHUVFKZXQGHQ 6FKDWWHQ'DZDULFKZLHGHUEHLP7KHPD'HU6SXNKDWWHVHLQH+lQGH LQGLHVHPVFKPXW]LJHQ6SLHO'LH.|FKLQZDUYRQLKPEHHLQIOXWZRU GHQLQVLHZDUHQGLH6FKDWWHQGLUHNWKLQHLQJHIDKUHQXQGKDWWHQUHDJLHUW 1RFKHWZDVNDPKLQ]X 6FKDWWHQNRQQWHPDQDOVDPRUSKDOVJHVWDOWORVEH]HLFKQHQ'HUHU ZXUGHPDQQLFKW+HUUGLHQDKPHQNHLQH.XJHODXIHEHQZHLOVLHNHLQH *HVWDOWKDWWHQ *HJHQ6FKDWWHQ]XNlPSIHQZDUHLQ'LQJGHU8QP|JOLFKNHLW $OOHUGLQJVKDWWHLFKIHVWJHVWHOOWXQGGDVVFKRQYRUHLQLJHU=HLWGDVLH PLFKDXFKNDXPSDFNHQNRQQWHQGHQQPHLQ.UHX]VWLHVLHKHIWLJDE 'LHZHLPDJLVFKH$XUDGLHGDV.UHX]YHUEUHLWHWHZDUIUGLH6FKDWWHQ HLQ*UHXHO6LHNRQQWHQGHVKDOEQLFKWLQPHLQHQ.|USHUHLQGULQJHQXQG LKQYHUlQGHUQVRZLHPHLQH6HHOHLQ%HVLW]QHKPHQ /DXHUWHQVLHYLHOOHLFKWLUJHQGZR" ,FKKRFNWHLQGHU%DXPNURQHNODPPHUWHPLFKIHVWXQGEOLFNWH PLFKXP1HLQLFKVDKVLHQLFKW6LHZDUHQGDUDQ]XHUNHQQHQGDVLH GXQNOHUZDUHQDOVQRUPDOH6FKDWWHQXQGGDEHLKLQXQGKHUKXVFKWHQ 6XNRKDWWHHVDXFKJHVFKDIIW,FKVDKVHLQHQ.RSILP/RFKDQGHU )DKUHUVHLWH (UZLQNWHPLU]X 8QGGDQQK|UWHLFKGDV.QDFNHQ (VZDUHLQ*HUlXVFKGDVVFKDUIGXUFKGLH6WLOOHVFKQLWW ,FKVHQNWHGHQ.RSI6FKUlJXQWHUPLUZRGLH:DQGHWZDVYRUVSUDQJ HQWGHFNWHLFKHLQH%HZHJXQJ (LQ6FKDWWHQ" -DXQGQHLQGHQQHUKDWWHVLFKPDWHULDOLVLHUW'HU6FKDWWHQKDWWHGLH *HVWDOWGHV(FKVHQN|SILJHQDQJHQRPPHQ8QGHUKLHOWHWZDVLQGHU +DQG (LQH/DQ]HDEHUHLQHIHXULJH ,FKDKQWHGLH*HIDKUPHKUDOVGDLFKVLHPLWPHLQHQ6LQQHQHUIDWH ,FKGDFKWHLQGLHVHQ6HNXQGHQQXUDQGDV%HQ]LQXQGVFKULH6XNR]X ª:HJKLHU© 'HU&KLQHVHYHUVWDQG+DWWHHUVLFKYRUKLQQRFKYRUVLFKWLJEHZHJWVR VSUDQJHUMHW]W 0LWYROOHP*HZLFKWZDUIHUVLFKLQGHQ%DXPKLQHLQLQGHPDXFKLFK KRFNWH'HU:DJHQDQGHPHUVLFKQRFKDEJHVWW]WKDWWHVFKZDQNWH SO|W]OLFKEHNDPGDVhEHUJHZLFKWXQGILHO ,PVHOEHQ$XJHQEOLFNIODPPWHXQWHQHWZDVDXI'HUPDWHULDOLVLHUWH 6FKDWWHQKDWWHGDVDXVJHODXIHQH%HQ]LQDQJH]QGHW

6RIRUWILQJGDV0DWHULDO)HXHU(VSXIIWHI|UPOLFKKRFKEUHLWHWHVLFK EOLW]VFKQHOODXVXQGLQQHUKDOEYRQ6HNXQGHQZDUGHUIDOOHQGH:DJHQLQ HLQHIHXULJH/RKHJHKOOW ,FKZDUOlQJVWQLFKWPHKUVLW]HQJHEOLHEHQVRQGHUQKDWWHPLFKQDFK YRUQJHZRUIHQ:LHHLQ%HUVHUNHUNUDFKWHLFKLQGLH=ZHLJHGHVQlFKVWHQ %DXPHV6LHVFKOXJHQPLUJHJHQGDV*HVLFKWHVJDEODQJH.UDW]HUXQG LFKYHUQDKPXQWHUPLUGDV.UDFKHQDOV6XNRHEHQIDOOVLQGHQ%DXP KHFKWHWH 'DQQIORJGHU:DJHQLQGLH/XIW =XP*OFNZDUGHU:DJHQWLHIHUJHIDOOHQXQGGRFKWUDIXQVGLH 'UXFNZHOOH3O|W]OLFKZXUGHGHU%DXPGXUFKJHVFKWWHOWXQGERJVLFK GHU)HOVZDQGHQWJHJHQ ,FKNDPPLUYRUZLHHLQ9RJHOLP1HVWELGLH=lKQH]XVDPPHQXQG KLHOWHLVHUQIHVW 'DQQZDUDOOHVYRUEHL$XFKZLUKDWWHQGLH([SORVLRQEHUVWDQGHQ RKQHN|USHUOLFKH6FKlGHQ]XQHKPHQ 8QWHUXQVEUDQQWHGHU:DJHQDXV)HWWH5DXFKZRONHQVWLHJHQZLH 1HEHOKRFKXQGYHUPLVFKWHQVLFKPLWWLHIKlQJHQGHQ:RONHQ(V NQDWWHUWHXQGNQLVWHUWHGHU*HVWDQNYRQYHUEUDQQWHP*XPPLNLW]HOWH PHLQH1DVHXQGUHL]WHPHLQHQ5DFKHQ ,FKPXWHKXVWHQ ª$OOHVNODU"©K|UWHLFK6XNRIUDJHQ ª-D8QGGX"© ª$XFKRND\'LH%lXPHKDOWHQPHKUDXVDOVLFKHUVWJHGDFKWKDWWH© ª0VVHQ6LHDXFK'HQNQXUPDODQGLH6WUPHGLHKLHULQGHQ%HUJHQ WREHQ© ª'DVDJVWGXZDV© 8QWHUPLUEHZHJWHQVLFKGLH=ZHLJHKHIWLJHU6XNRNOHWWHUWHQDFK REHQ,FKEHIDQGPLFKEHUHLWVLQ]LHPOLFKHU+|KHXQGKLHOWQDFKHLQHP EHTXHPHQ:HJ$XVVFKDX6FKOLHOLFKZROOWHQZLUZLHGHUDXIGLH]XU %XUJIKUHQGH6WUDHJHODQJHQ :LUPXWHQDQGHQ)HOVHQKRFKHLQHDQGHUH0|JOLFKNHLWJDEHVIU XQVQLFKW 'DHQWGHFNWHLFKHLQHQNOHLQHQ9RUVSUXQJ(UZDUQLFKWZHLWHQWIHUQW XQGPLW*HEVFKEHZDFKVHQ$XFKVDKPLUGHU+DQJGRUWQLFKWVRVWHLO DXVZLHDQGHU6WHOOHZRZLUXQVMHW]WEHIDQGHQ ,FKVDJWH6XNR%HVFKHLG 'HU&KLQHVHZDUHLQYHUVWDQGHQ :LUYHUVXFKWHQHV=XHUVWNOHEWHQZLUZLHGLH)OLHJHQDQGHU)HOV ZDQG=XP*OFNJDEHVJHQJHQG6SDOWHQXQGNOHLQHUH9RUVSUQJH DQGHQHQZLUXQVIHVWKDOWHQNRQQWHQ

DXFKQLFKWVGDUXQWHU-DQH&ROOLQVVFKLHQHQVLHEHUKDXSWQLFKW]XU .HQQWQLV]XQHKPHQ %OLHEQRFKGHUGULWWHGHU0HLVWHU *RUGRQ6FKUHLEHUKDWWHVLFKHEHQIDOOVXPJH]RJHQ(UWUXJHLQHQ 0DQWHOGHUHLQHQKRKHQ6FKDONUDJHQDXIZLHVXQGGHQ1DFNHQY|OOLJ YHUGHFNWH'HU0DQWHOZDUYRUQRIIHQ$XIGHU+DXWGHV0HLVWHUVODJ HLQSHFKVFKZDU]HV7ULNRW(UKDWWHGLH+lQGH]XVDPPHQJHOHJWXQG VFKDXWHVWDUUJHUDGHDXV$XFKLKQVFKLHQGLHQlKHUH8PJHEXQJQLFKW]X LQWHUHVVLHUHQ 'DVZDUHQVLHDOVR -DQHKDWWHVLFKGLH3HUVRQHQJHQDXDQJHVHKHQ.HLQHJHILHOLKUXQGVLH NRQQWHVLFKYRUVWHOOHQGDGDV)HLHUQYRQVFKZDU]HQ0HVVHQLKQHQ HLQHQXQJHKHXUHQ6SDEHUHLWHWH 'HU(LQJDQJKDWWHVLFKKLQWHULKQHQZLHGHUJHVFKORVVHQVRGD-DQH GLHVH)OXFKWFKDQFHYHUVSHUUWZDU 6LHlUJHUWHVLFK 'LH3UR]HVVLRQVWRSSWHQHEHQGHUDXIGHQ6WW]HQVWHKHQGHQRYDOHQ 6FKDOH'LH3HUVRQHQYHUWHLOWHQVLFKGDUXPXQGGDQQVWHFNWHQ5REHUW XQG)HOL[GLHEHLGHQ.HU]HQLQ+DOWHUGLH-DQHYRQLKUHP6WDQGRUWDXV QLFKWVHKHQNRQQWH 'RUWEUDQQWHQVLHZHLWHU -DQHIKOWH'RGRV+DQGDQLKUHU+IWH'LHEHLGHQ0HVVHUKDWWH GLH)UDXZHJJHVWHFNW6LHZDUHQLUJHQGZRLP,QQHQIXWWHUGHV8P KDQJVYHUVFKZXQGHQ 0LWGHQ)LQJHUQJULII'RGR]X6LHNQLII-DQHª/RV.OHLQHZLUZROOHQ KLHUQLFKWDQZDFKVHQ*HKHQZLU]XLKQHQ© ª0XGDVVHLQ"© ª6WHOOGLFKQLFKWVRDQ© -DQH&ROOLQVEOLHEQLFKWVDQGHUHVEULJDOVGHP%HIHKOGHU)UDX]X IROJHQ'LH*lVWHXQGGHU0HLVWHUVHOEVWKDWWHQVLFKXPGLHRYDOH6FKDOH DXIJHEDXW'HU0HLVWHUVWDQGDXIGHU6FKPDOVHLWHZlKUHQGGLHDQGHUHQ OLQNVXQGUHFKWVYRQLKP$XIVWHOOXQJJHQRPPHQKDWWHQ 1LHPDQGVSUDFKHLQ:RUW(VZDUVWLOO'HVKDOENODQJHQGLH6FKULWWH GHU)UDXHQGRSSHOWVRODXWDOVVLHDXIGLH6FKDOH]XWUDWHQXQGHWZD HLQHQ6FKULWWGDYRUVWHKHQEOLHEHQ $EHUVRGDGHU0HLVWHUVLHDQVHKHQNRQQWHRKQHHUVWGHQ.RSI]X GUHKHQ (UVFKDXWHVLHDXFKDQ =XHUVW'RGRGLHLKUUXQGHV*HVLFKWLQ6WUDKOHPDQQIDOWHQOHJWHZREHL GLH$XJHQJOlQ]WHQ ª,FKKDEHVLHPLUDOV)UHXQGLQDXVHUNRUHQ0HLVWHU©

6FKUHLEHUQLFNWHVRQVWVDJWHHUQLFKWV 'DIUPLVFKWHVLFK$QNH%RRNHLQª'DVNRQQWHVLHJDUQLFKW,FKELQ QLFKWJHIUDJWZRUGHQ8QGDXFK5REHUWXQG)HOL[KlWWHQZRKODXFKJHUQ PLWJHUHGHW© 'LHEHLGHQQLFNWHQ ª.HLQHYRQHXFKZLUGVLHEHNRPPHQ©VDJWHGHU0HLVWHUPLWUXKLJHU 6WLPPH 'DVFKZLHJHQGLH)UDXHQ -DQHKDWWHGLH:RUWHHEHQIDOOVYHUQRPPHQXQGLKUZDUHVJDUQLFKW UHFKWGD6FKUHLEHUVRHWZDVJHVDJWKDWWH'DVNRQQWHQXUEHGHXWHQGD HU-DQHIUVLFKVHOEVWZROOWH 8QGVLHHUKLHOWDXFKVHKUEDOGGLH%HVWlWLJXQJ ª,FK©VDJWHGHU0HLVWHUXQGVHLQH6WLPPHQDKPDQ6FKlUIH]XªKDEH VLHJHKROW8QGGHVKDOEZLUGVLHPLUJHK|UHQPLUJDQ]DOOHLQ©(U EOLFNWH-DQHQLFKWDQDOVHUVSUDFKVRQGHUQ'RGR'RUDQRª,FKYHUVWHKH GLFK6FKZHVWHU©IXKUHUIRUWª'XKDVWLKUGHQ%OXWNXJHJHEHQ(ULVW MDQRFK]XVHKHQXQGGHVKDOEZHUGHLFKGLFKQLFKWYHUJHVVHQ© 'RGRYHUQHLJWHVLFKª,FKGDQNHGLU0HLVWHU© -DQHKlWWHQRUPDOHUZHLVHEHUGLHVH.RP|GLHJHODFKWZHQQVLHHLQH JHZHVHQZlUH'RFKKLHUVWDQGHQHUZDFKVHQH0HQVFKHQGLHPLWGHU +|OOHHLQHQJUDXVDPHQ3DNWJHVFKORVVHQKDWWHQXQGPLWDOOHQ.UlIWHQ YHUVXFKWHQGLHVHQ3DNW]XHUIOOHQ 'HU0HLVWHUVSUDFKZHLWHUª:LHLKUDOOHZLWJHK|UWGLHVH%XUJQLFKW PLUVRQGHUQHLQHP*U|HUHQGHP6SXN(UXQGVHLQH'LHQHUVRUJHQ GDIUGDZLUKLHUXQJHVW|UWVLQGXQGLKPGLH6HHOHQ]XIKUHQN|QQHQ 0LWLKPVSUHFKHLFKEHUDOOHV(ULVWPLWXQVVHKU]XIULHGHQHUIUHXWVLFK EHUMHGHYRQHXFKRGHUIDVWMHGHGHQQLFKKDEHPLWLKPDXFKEHU-DQH &ROOLQVJHVSURFKHQ$OVLFKGHQ1DPHQHUZlKQWHGDKRUFKWHGHU6SXN DXI8QGSO|W]OLFKHUNOlUWHHUPLUZDVHVPLWGLHVHU-DQH&ROOLQVDXIVLFK KDW8QVHUHNOHLQH)UHXQGLQLVWQLFKWVRKDUPORVZLHVLHVLFKJLEW,P *HJHQWHLOVLHLVWHLQH)HLQGLQGHU+|OOHQPlFKWHXQGHLQH)HLQGLQGHV 6SXNV6LHDUEHLWHWPLWHLQHP0DQQ]XVDPPHQGHU-RKQ6LQFODLUKHLW XQGGHQVLHDXFKGHQ*HLVWHUMlJHUQHQQHQ:R-DQH&ROOLQVLVWEHILQGHW VLFKDXFK-RKQ6LQFODLUGDVNDQQPDQUXKLJVDJHQ© 'LH'HWHNWLYLQZXWHZDVGLHVH:RUWH]XEHGHXWHQKDWWHQ6LHZDU GXUFKVFKDXW $OOHVQXU7ULFNDOOHVQXU7lXVFKXQJ*RUGRQ6FKUHLEHUKDWWHJHQDX JHZXWZHQHUYRUVLFKKDWWH :R-DQH&ROOLQVLVWGDEHILQGHWVLFKDXFK-RKQ6LQFODLU6RKDWWHHU JHVSURFKHQ 'LH'HWHNWLYLQODFKWHLQQHUOLFKDXI:HQQHVQXUVRZlUHDEHU-RKQ

EHIDQGVLFKLQ/RQGRQXQGHUDKQWHQLFKWHLQPDOLQZHOFKHLQHU 6LWXDWLRQVLHVWHFNWH (LQNDOWHU6FKDXHUUDQQEHULKUHQ5FNHQHUIDWHLKUHQJHVDPWHQ .|USHUXQG]RJLKQ]XVDPPHQ 'XUFKVFKDXW 'LHVHVHLQH:RUWEUDQQWHLQLKUHP*HKLUQXQGOLHVLFKQLFKWPHKU IRUWZLVFKHQ ª1XQ-DQH&ROOLQV"©=XPHUVWHQPDOZDQGWHVLFK6FKUHLEHUVHLQHU QHXHQª6HNUHWlULQ©]Xª:DVVDJVWGXGD]X"© ª(VVWLPPW© ª+D©ODFKWHHUª6LHJLEWHV]X+DEWLKUHVJHK|UW"6LHJLEW]XGDVLH QLFKWDXIXQVHUHU6HLWHVWHKW© 1HEHQ-DQHVWLH'RGR'RUDQRHLQHQIDXFKHQGHQ/DXWDXVª8QGGLU KDEHLFKYHUWUDXW'LFKKDEHLFK]XPHLQHU6NODYLQJHPDFKWXQGGXKDVW YRQPLUGHQ%UXGHUNXEHNRPPHQ©,KUH$XJHQIXQNHOWHQZLOGXQG SO|W]OLFKKLHOWVLHZLHGHUGLHEHLGHQ0HVVHULQGHQ+lQGHQ(VVDKVR DXVDOVZROOWHVLHVLFKDXIGLH'HWHNWLYLQVWU]HQGLHVLFKHUKHLWVKDOEHU HLQHQ6FKULWW]XU6HLWHWUDWGRFKGLH6WLPPHGHV0HLVWHUVKLHOW'RGR ]XUFN ª1HLQQRFKQLFKW© 'DVHQNWH'RGRGLH$UPH $QNH%RRNDEHUODFKWH,KUVFKPDOHV*HVLFKWYHU]RJVLFKª(VIUHXW PLFK'RGRGDGXPDOUHLQJHIDOOHQELVW'XZLOOVWMDDOOHVDQGLFK UHLHQ-HW]WHQGOLFKKDVWGXGLH4XLWWXQJEHNRPPHQGXYRUODXWHV :HLE© 'RGRIXKUKHUXP'LHEHLGHQ)UDXHQJLIWHWHQVLFKPLW%OLFNHQDQ ZlKUHQGGLH0lQQHUQLFKWVVDJWHQ )HOL[KDWWHQXUVHLQH$XJHQEUDXHQZHLWHULQGLH+|KHJHERJHQXQG GLH0XQGZLQNHOYHU]RJHQDQVRQVWHQKLHOWHUVLFK]XUFNXQGVDJWHNHLQ HLQ]LJHV:RUW 5REHUWOlFKHOWHhEHUKDXSWVFKLHQGDV/lFKHOQXPVHLQH/LSSHQIHVW JHIURUHQ]XVHLQ (UNRQQWH-DQHMHGRFKQLFKWWlXVFKHQ'LHVHU0DQQZDUHEHQVRJHIlKU OLFKZLHGLHDQGHUHQ ª:LHLFKHXFKHU]lKOWH©IXKU*RUGRQ6FKUHLEHUIRUWªKDEHLFKPLW GHP6SXNJHVSURFKHQ6RJDUVHKUDXVIKUOLFKUHGHWHLFKEHUGLHVHV 3UREOHPXQGZLHLFKZDUHUGDIUGDZLUHVHLQIUDOOHPDODXVGHU :HOWVFKDIIHQ0LWDQGHUHQ:RUWHQ-DQH&ROOLQVZLUGGLHVH%XUJQXUDOV 7RWHYHUODVVHQ,KU%OXWZLUGVLFKPLWGHPGHU'lPRQHQPLVFKHQXQG]X HLQHUEULVDQWHQ0L[WXUZHUGHQ'HU6SXNZLUGLKUH6HHOHDXVGHP .|USHUUHLHQXQGVLHPLWLQVHLQ5HLFKQHKPHQZRVLHELVLQDOOH

(ZLJNHLWHQ+|OOHQTXDOHQDXVVWHKHQZLUG'DVKDEHQZLUEHVFKORVVHQ VRZHUGHQZLUHVDXVIKUHQ© 'HU0HLVWHUVFKDXWHVLFKXPHUHUQWHWHEHLIlOOLJHV1LFNHQ.HLQHU ZLGHUVSUDFKLKP $XFK-DQHVDJWHNHLQ:RUW6LHGDFKWHMHGRFKDQLKUH$VWUDGHQ OHW]WHQ7UXPSIGHQVLHQRFKDXVVSLHOHQNRQQWHZHQQHVKDUWDXIKDUW JLQJ 6FKUHLEHUGHXWHWHDXIGLHRYDOH2SIHUVFKDOHª'RUWZLUVWGXOLHJHQ -DQH&ROOLQVXQGGHLQ%OXWZLUGLQGLHVHU6FKDOHDXIJHIDQJHQXQG DQVFKOLHHQGPLWGHPDQGHUHQYHUPLVFKW'DQDFKZHUGHQZLUHLQ)HVW IHLHUQZLHHVGLHVH%XUJQRFKQLFKWHUOHEWKDW'RFKDOOHVPXVHLQH 5LFKWLJNHLWKDEHQGHVKDOEKDWGHU6SXNVHLQHQ'LHQHUJHVFKLFNWGHUHUVW QRFKGDV8UWHLODXVVSUHFKHQVROO'XNHQQVWLKQ-DQH&ROOLQV(UEH ILQGHWVLFKEHUHLWVKLHU,FKVSUHLKQ© 'LHDQGHUHQGUHKWHQVLFKXP$XFK-DQHZDQGWHGHQ.RSIVFKDXWHLQ GHQ+LQWHUJUXQGGHUVFKZDU]HQ+DOOH 'RUWO|VWHVLFKHLQH*HVWDOW /DQJVDPNDPVLHQlKHU=XHUVWKREVLHVLFKNDXPYRP+LQWHUJUXQG DEGDVLHVHOEVWLQGXQNOHV=HXJJHNOHLGHWZDU(LQIDVWVFKZDU]HU $Q]XJGDIUHLQZHLHV+HPG*UDXH+DDUHGLHZLUUYRP.RSI VWDQGHQ(LQYHUZVWHWHV*HVLFKWHLQDXIJHNODSSWHU0XQGDXVGHPHLQ KlOLFKHV.LFKHUQGUDQJ8QWHUVHLQHQOLQNHQ$UPKDWWHHUVHLQ%XFK JHNOHPPWLQGHUUHFKWHQ+DQGKLHOWHUHLQHQ+DPPHUDXVEOHLFKHP +RO] -DQHNDQQWHGLH*HVWDOW (VZDU0DGGR[GHU'lPRQHQULFKWHU ,FKVSUWHGLH*HIDKUN|USHUOLFK'HUNDOWH+DXFKGHV7RGHVVWUHLIWH PLFK9RUPHLQHQ$XJHQZXUGHHVIUHLQHQ0RPHQWGXQNHODOVGLH 6FKDWWHQEHUPLFKKLQZHJJOLWWHQ 0LWHLQHU+DQGKLHOWLFKPLFKDQHLQHP9RUVSUXQJIHVWPLWGHU DQGHUHQKROWHLFKPHLQ.UHX]KHUYRUXQGOLHHVYRUGHU%UXVWEDXPHOQ (VELOGHWHGHQEHVWHQ6FKXW]JHJHQGLH6FKDWWHQ 'DQQGUHKWHLFKPLFKXP 'LH6FKDWWHQZDUHQYHUVFKZXQGHQ6LHZDUHQZLHHLQ+DXFKJH ZHVHQHLQH:DUQXQJGRFKLFKJODXEWHQLFKWGDVLHVFKRQDXIJHJHEHQ KDWWHQ 'HU0HLQXQJZDUDXFK6XNRDOVLFKPLWLKPEHUGLHVHV3UREOHP VSUDFKª'LHVLQGQRFKGD-RKQ©VDJWHHU ª'DQQZHLWHU©

:LUPXWHQ]XVHKHQGDZLUVRUDVFKZLHP|JOLFKGDVNOHLQH3ODWHDX HUUHLFKWHQGHQQKLHUDQGHU:DQGZDUHQZLUGRFKYHUGDPPWKLOIORV 8QGVLHNDPHQZLHGHU 'LHVPDODEHUQLFKWDOV6FKDWWHQVRQGHUQLQHLQHU*HVWDOWGLHLFK EHUHLWVNDQQWH 'LH(FKVHQN|SILJHQKRFNWHQDXIIOHGHUPDXVDUWLJHQ)OXJWLHUHQPLW ODQJHQ6FKQlEHOQGLHPLFKDQGLH9|JHOGHU8U]HLWHULQQHUWHQ6LH IORJHQGLFKWEHUGHQ%lXPHQKLHOWHQLKUH/DQ]HQIHVWXPNODPPHUW XQGLKUH$EVLFKWZDUNODU 6LHZROOWHQXQVW|WHQ 6XNRKDWWHVLFKVFKRQKDOEXPJHGUHKW$XFKHUYHUQDKPGDV 5DXVFKHQGHU)OJHOXQGWDWGDVJOHLFKHZLHLFK (U]RJVHLQH:DIIH (VZDUVFKRQHLQHYHUGDPPWH/DJHLQGHUZLUXQVEHIDQGHQ%HLGH KLQJHQZLUDQGHU)HOVZDQGXQGVDKHQGLH)OXJPRQVWHUPLWLKUHQ PDNDEUHQ5HLWHUQGLH.XUVDXIXQVQDKPHQ :LHGHUKDWWHQZLUXQVHUH:DIIHQJH]RJHQ$XIHLQHQODQJHQ.DPSI NRQQWHQZLUXQVQLFKWHLQODVVHQ:LUPXWHQGLHEHLGHQ:HVHQVR VFKQHOOZLHP|JOLFKDXVVFKDOWHQ ,FKVFKR]XHUVW (VZDUHLQHWZDVXQJH]LHOWHU6FKXXQGLFKIHKOWH 'DIUMHGRFKIODPPWHQGLH/DQ]HQGHU6SXNGLHQHUDQGHU6SLW]HDXI XQGZXUGHQ]XUHJHOUHFKWHQ)HXHUVWUHLIHQ -HW]WQDKPGLH*HIDKUQRFKPHKU]X=XGHPIORJHQGLH(FKVHQZHVHQ QLFKWLQHLQHU/LQLHVRQGHUQHLQHQ=LFN]DFNNXUVVRGDVLHNDXP]X WUHIIHQZDUHQ (WZDYLHU6FKULWWHYRUPLUKRFNWH6XNR(UKDWWHHLQHQVFKPDOHQ*UDW JHIXQGHQZRHUHLQHQEHVVHUHQ+DOWIDQGDOVLFKGHQQLFKVWDQGPHKU DOVXQEHTXHP 6XNR]RJGXUFK =ZHLPDOVFKRHU ,FKVDKGLHEHLGHQ6LOEHUNXJHOQQLFKWEHNDPDEHUPLWZLHGDV HFKVHQN|SILJH0RQVWHU]XVDPPHQ]XFNWHXQGQDFKKLQWHQJHZRUIHQ ZXUGH=XHUVWYHUORUHVHLQH/DQ]HGDQQNLSSWHHVQDFKOLQNVZHJXQG ILHOYRP5FNHQGHV)OXJWLHUHVZREHLHVVLFKQRFKLQGHU/XIWDXIO|VWH (LQH5DXFKZRONHKLQWHUVLFKKHU]LHKHQGYHUVFKZDQGHVLUJHQGZRXQWHU XQVLQGHU7LHIH $XFKGDV)OXJWLHUZDUYRQHLQHU.XJHOJHWURIIHQZRUGHQ(VIODWWHUWH QRFKHLQPDOZLOGDXIYHUORUGLH%DODQFHXQGMDJWHLQGLH7LHIHZRHV ]ZLVFKHQGLH%lXPHNUDFKWHXQGGRUWYHUJLQJ %OLHEQRFKHLQ*HJQHU

'DV(FKVHQZHVHQKDWWHQDWUOLFKPLWEHNRPPHQZDVPLWVHLQHP $UWJHQRVVHQJHVFKHKHQZDU(VZROOWHHVEHVVHUPDFKHQIORJLQGLH 7LHIHXQGLFKQDKPKDVWLJGHQ)LQJHUYRP'UFNHUVRQVWKDWWHLFKHV DEHUPDOVYHUIHKOW 3O|W]OLFKEHIDQGVLFKGDV7LHUGLFKWDQGHU)HOVZDQGHWZD]ZDQ]LJ 6FKULWWHXQWHUPLU 'DVFKOHXGHUWHHVVFKRQVHLQH/DQ]H 0LUEOLHEIDVWGDV+HU]VWHKHQ 'HUJOKHQGH*HJHQVWDQGUDVWHDXIPLFK]X$XVZHLFKHQNRQQWHLFK QLFKW]RJQXUPHLQHQ.|USHULQVWLQNWLY]XVDPPHQ:HQQGLH/DQ]H PLFKWUDIZDULFKYHUORUHQ 6LHZLVFKWHYRUEHL ,FKVSUWHQRFKGHQ*OXWKDXFKGHV+ROOHQIHXHUVGDQQZDUGLH*HIDKU JHEDQQW 9RUHUVW hEHUPLUNOLUUWHHWZDV $OVLFKGHQ.RSIGUHKWHVDKLFKGLH/DQ]HGLHPLWGHU6SLW]HJHJHQ HLQHQYRUVWHKHQGHQ6WHLQJHKlPPHUWZDUXQGLKQDXVGHP9HUEXQGUL 'LH/DQ]HKDWWHPLFKQLFKWJHWURIIHQGDIUGHQ6WHLQDOVHUQDFK XQWHQILHO+DUWNQDOOWHHUDXIPHLQHOLQNH6FKXOWHUXQGLFKELGLH=lKQH ]XVDPPHQ $XFKGLH/DQ]HILHOVLHWUDIPLFKDEHUQLFKWVRQGHUQWUXGHOWHHLQSDDU
,FKPDVVLHUWHPHLQH6FKXOWHUª0|JOLFK$XIMHGHQ)DOOPVVHQZLU ]XVHKHQGDZLUVRUDVFKHVHEHQJHKWLQGLH%XUJNRPPHQ,FKKDEH $QJVWXP-DQH© ª'DVZLUGHLQHWROOHU:HJ©6XNRGHXWHWHLQGLH+|KH 'DKDWWHHUUHFKW2KQH%HUJVFKXKHZDUHVHLJHQWOLFKGHUUHLQH :DKQVLQQZDVZLUGDYRUKDWWHQ$EHUZLUNDPHQQLFKWGUXPKHUXP ª0DQPWHVHOEVWDXIVRHLQHP)OXJWLHUVLW]HQ©PXUPHOWH6XNR ,FKYHUVWDQGQXUGLH+lOIWHYRQVHLQHQ:RUWHQZHLOLFKGDV3ODWHDX XQWHUVXFKWH:RHVPLWGHU:DQGDEVFKORZXFKVHQVSHUULJH%VFKH ,FKNRQQWHNDXP]ZLVFKHQGLH=ZHLJHXQGbVWHVFKDXHQDEHUHWZDVILHO PLUDXI+LQWHUGHQbVWHQKlWWHHVHLJHQWOLFKKHOOVFKLPPHUQPVVHQ GHQQGHU)HOVZDUHLJHQWOLFKJUDX 'DVZDUMHGRFKQLFKWGHU)DOO'LH:DQGKLQWHUGHP*HEVFKZDU GXQNHO ,FKEFNWHPLFKXQG]RJGLH=ZHLJH]XU6HLWH0HLQHhEHUUDVFKXQJ ZDUJURDOVLFKGHQ(LQJDQJ]XHLQHP6WROOHQHQWGHFNWHGHULQGHQ %HUJIKUWH ,FKULHIQDFK6XNR ª'DVLVWHLQ'LQJ©VDJWHGHU&KLQHVHDOVHUQHEHQPLUNQLHWHXQGLQ GLH'XQNHOKHLWVFKDXWH ª2GHUHLQ*HVFKHQNGHV+LPPHOV© ª6ROOHQZLUGHQ:HJQHKPHQ"© ª6LFKHU'DEUHFKHQZLUXQVZHQLJVWHQQLFKWGLH.QRFKHQ9LHOOHLFKW LVWGDVHLQ)OXFKWWXQQHOGHU]XU%XUJIKUW© ª2GHUHULVWXQWHUZHJV]XJHVFKWWHW© ª'DQQKDEHQZLU3HFKJHKDEW© %HLGHDKQWHQZLUQLFKWGDDXFK3\NNDGHU'UXLGHGHQ:HJKDWWH QHKPHQZROOHQXPGHQ+lVFKHUQGHV6SXNV]XHQWNRPPHQZDVLKP EHLPHUVWHQPDOQLFKWJHOXQJHQZDU :LUKROWHQXQVHUH7DVFKHQODPSHQKHUYRUNQLSVWHQVLHDQPDFKWHQ XQVDXIGHQ*DQJLQV8QJHZLVVH ,QHLQHP+DOENUHLVKDWWHQVLHVLFKYRU-DQH&ROOLQVDXIJHEDXW1XUHLQHU VWDQGLQLKUHP5FNHQ (VZDU*RUGRQ6FKUHLEHU $OOHLQGXUFKVHLQHQ6WDQGRUWQDKPHULKUGLH)OXFKWFKDQFH2EZRKO -DQHLKQQLFKWVHKHQNRQQWHVSUWHVLHLQVWLQNWLYGLH$XUDYRQ*HZDOW XQG%UXWDOLWlWGLHYRQGLHVHP0DQQDXVJLQJ :HQQVLHQDFKYRUQVFKDXWHGDQQVDKVLHLQGLHHUEDUPXQJVORVHQ $XJHQGHV'lPRQHQULFKWHUV

'LH9HUKDQGOXQJODJEHUHLWVKLQWHULKQHQ6LHZDUHLQH)DUFHJHZHVHQ 0DGGR[KDWWHGHU'HWHNWLYLQNHLQH9HUWHLGLJXQJVFKDQFHJHODVVHQ VRQGHUQLKUZDKUH+DWLUDGHQLQV*HVLFKWJHVFKOHXGHUW'DEHLKDWWHHU JUQHQ6FKOHLPJHVSXFNWXQGQLFKWQXUVLHEHVFKLPSIWVRQGHUQGDV 6LQFODLU7HDPDOOJHPHLQ -DQHVROOWHIUGDVDOOHVEHQZDVGDV6LQFODLU7HDPGHQ'lPRQHQDQ 1LHGHUODJHQEHLJHEUDFKWKDWWH ª8QGGHVKDOE©ULHIGHU'lPRQHQULFKWHUªJLEWHVQXUHLQ8UWHLOIU GLFKGHQ7RG© $OVHUGDVOHW]WH:RUWJHVFKULHQKDWWHGDOHXFKWHWHQGLH$XJHQGHU DQGHUHQ9RUDOOHQ'LQJHQ'RGRVFKDXWHPLWYHUNOlUWHP%OLFNDXILKUH EHLGHQEOXWLJHQ0HVVHU 0DGGR[VDKHVXQGVDJWHª(VLVWPLUHJDOZHUGDV8UWHLODXVIKUW,FK KDEHHVQXUJHVSURFKHQ© (VZXUGHZLHGHUVWLOOELV*RUGRQ6FKUHLEHUGLH6WLOOHPLWVHLQHQ :RUWHQXQWHUEUDFKª'DQQNDQQLFKEHVWLPPHQZHU-DQH&ROOLQVLQGLH 2SIHUVFKDOHOHJWXQGW|WHW"© ª-D© :LHGHUODVWHWH6FKZHLJHQEHUGHP5DXP-HGHUVFKDXWHGHQ0HLVWHUDQ )HOL[PHOGHWHVLFKª,FKZUGHHVJHUQWXQ©VDJWHHUPLWHLQHUHWZDV QDVDONOLQJHQGHQ6WLPPHª%LWWHLFKKDEHODQJHQLFKW© ª1HLQQHLQ©NUHLVFKWH'RGRª'LH)UDXLVWPHLQH6NODYLQ,FKKDEHLKU GHQ%UXGHUNXJHJHEHQ© ª'DVVWLPPW©HUNOlUWH*RUGRQ6FKUHLEHU ª$EHUVLHKDWVLFKQLFKWDQGLH5HJHOQJHKDOWHQ©ULHI$QNH%RRNª6LH LVWKLHUKHUJHJDQJHQXQGKDWDXIVLHJHZDUWHW'DVGDUIQLFKWVHLQ© ª'RFK©NUHLVFKWH'RGR6LHZDUZLHHLQH)XULHXQGIXFKWHOWHPLWGHQ 0HVVHUQKHUXP ª.HLQHQ6WUHLW©EHIDKOGHU0HLVWHUXQGGLHEHLGHQ)UDXHQZDUHQ VRIRUWUXKLJ *RUGRQ6FKUHLEHUZDQGWHVLFKZLHGHUDQGLH'HWHNWLYLQª'XKDVW JHK|UWZLHGDV8UWHLODXVJHIDOOHQLVW© -DQHQLFNWH ª+DVWGXQRFKHWZDV]XGHLQHU9HUWHLGLJXQJ]XVDJHQ"© (VZDUHLQHOlFKHUOLFKH)UDJHGDVZXWHQEHLGH'LH'HWHNWLYLQ GUHKWHVLFKXP'HU5HLKHQDFKVFKDXWHVLHLQGLH*HVLFKWHULKUHU)HLQGH 9RQGHP0HLVWHUVHOEVWKDWWHVLHNHLQ(UEDUPHQ]XHUZDUWHQDXFKGLH DQGHUHQZDUWHWHQGDUDXIGDVLHVWHUEHQZUGH 'DZDUYRUDOOHQ'LQJHQ'RGR'RUDQRGLHVLFKVRJHWlXVFKWVDK6LH KDWWHDXI-DQH&ROOLQVJHVHW]WZROOWHVLHEHVLW]HQXQGKDWWHLKUEHUHLWV GHQ%UXGHUNXJHJHEHQ

'DVZDUQXQYRUEHL$XVGHUHUVWHQ6\PSDWKLHKDWWHVLFKHLQJOKHQ GHU+DHQWZLFNHOW 'U$QNH%RRNKDWH-DQHHEHQIDOOV9LHOOHLFKWZHLO'RGRVLHLKUZHJ JHQRPPHQKDWWH 8QGGLHEHLGHQ0lQQHU"6LHKDWWHQVLFKELVKHUDPPHLVWHQ]XUFN JHKDOWHQGRFKIU-DQHZUGHNHLQHUYRQLKQHQ3DUWHLHUJUHLIHQ 'LH'HWHNWLYLQVDKVLFKHLQHU:HOWYRQ)HLQGHQXPJHEHQ ª,FKZDUWHDXIGLH$QWZRUW©IRUGHUWH6FKUHLEHUVLHDXI ª1HLQLFKKDEHQLFKWVPHKU]XVDJHQ©HUZLGHUWH-DQH ª'DQQLVWHVJXW6WHLJVWGXIUHLZLOOLJLQGLH2SIHUVFKDOHRGHUPVVHQ ZLUGLFK]ZLQJHQ"© ª,FKJHKHIUHLZLOOLJ©-DQHYHUVWDQGLKUHHLJHQH6WLPPHNDXPVR IUHPGNDPVLHLKUYRU ª%OHLEKLQWHULKU'RGR©EHIDKOGHU0HLVWHUª:HQQVLHHLQHIDOVFKH %HZHJXQJPDFKWVW|WGX]X© ª1DWUOLFKZHUGHLFKGDV%LHVWNLOOHQ© -DQHKDWWHHLQHQ%OLFNEHULKUH6FKXOWHUQJHZRUIHQ1RFKVWDQG'RGR QLFKWGLUHNWKLQWHULKU 'LH'HWHNWLYLQZDJWHDOOHV,KUZDUHVMHW]WHJDOZLHGLHDQGHUHQ UHDJLHUWHQVLHPXWHLKU/HEHQYHUWHLGLJHQXQGYLHOOHLFKWVFKDIIWHVLHHV PLWGLHVHU$NWLRQ %HYRU'RGR'RUDQRQRFKLKUHQ3ODW]LQ-DQHV5FNHQHLQJHQRPPHQ KDWWHVSUDQJGLH'HWHNWLYLQYRU.HLQHUJULIIHLQDOOHZDUHQ]XEHU UDVFKWXQGDOVVLHVLFKHQGOLFKHQWVFKORVVHQGDZDUHVEHUHLWV]XVSlW -DQHKDWWHVLFKGHQ'lPRQHQULFKWHUDOV=LHOREMHNWDXVJHVXFKWXQGHV DXFKJHVFKDIIW6LHVWDQGKLQWHU0DGGR[KDWWHGLHOLQNH+DQGXPVHLQHQ +DOVJHOHJWXQGKLHOWLQGHUUHFKWHQLKUH$VWUDGHUHQ0QGXQJVLH JHJHQGLH6FKOlIHGHV8QKHLPOLFKHQSUHWH ª.HLQHUUKUWVLFK©VFKULHVLH 'LHEHLGHQ)UDXHQXQGGLHGUHL0lQQHUEOLHEHQWDWVlFKOLFKVWHKHQ 8QJOlXELJHV6WDXQHQEUHLWHWHVLFKDXIGHP*HVLFKWGHV*RUGRQ 6FKUHLEHUDXV(UVFKOXFNWHXQGVHLQ$GDPVDSIHOKSIWHGDEHLDXIXQG QLHGHU'DVNRQQWHHUQLFKWEHJUHLIHQ $XFK'RGRVWDQGDXIGHU6WHOOHZLH]XU6DO]VlXOHHUVWDUUW,KUH$XJHQ ZDUHQZHLWDXIJHULVVHQHEHQVRGHU0XQG6LHVFKDXWHHLQPDODXI-DQH XQGGHQ5LFKWHUGDQQDXILKUH0HVVHUGHUHQ.OLQJHQQRFKLPPHU EOXWLJZDUHQ 1XU)HOL[ODFKWHª6LHLVWVFKODXHUDOVZLUGDFKWHQ© ª'DVQW]WGLUJDUQLFKWV©HUNOlUWH*RUGRQ6FKUHLEHUª:LUVLQGLQGHU hEHU]DKO© ª0|FKWHWLKUJHUQGHQ5LFKWHUYHUOLHUHQ"©K|KQWH-DQHª,FKJODXEH

NDXPGDGHU6SXNGDPLWHLQYHUVWDQGHQZlUH1HLQGDVJDQ]VLFKHU OLFKQLFKW© ª'XVFKDIIVWLKQQLFKW© ª$EHUYLHOOHLFKWPHLQH$VWUD6LHLVWPLWJHZHLKWHQ6LOEHUNXJHOQJH ODGHQ'DYRUKDEHQPDQFKHHXUHU)UHXQGHHLQHK|OOLVFKH$QJVW© ª$EHUQLFKW0DGGR[© ª:ROOHQ6LHHVGDUDXIDQNRPPHQODVVHQ"©]LVFKWH-DQH,KUH6WLPPH NLSSWHIDVWEHUVRDXIJHUHJWZDUGLH'HWHNWLYLQ'DVPHUNWHDXFK *RUGRQ6FKUHLEHU(UZDU3V\FKRORJHJHQXJXP]XZLVVHQGD 0HQVFKHQLQGLHVHU9HUIDVVXQJZLUNOLFKXQEHUHFKHQEDUVLQG'HVKDOE VWHFNWHHU]XUFN ª*XWGXKDVWJHZRQQHQ9RUHUVWMHGHQIDOOV:DVZLOOVWGXQXQYRQ XQV"© -DQHOlFKHOWHPRNDQWª'DVEUDXFKHLFKZRKOQLFKWQlKHU]XHUOlXWHUQ ,FKZLOOIUHLHQ$E]XJ© ª'HQN|QQHQZLUGLUQLFKWJHZlKUHQ© ª6ROOLFKVFKLHHQ"© 'D]|JHUWHGHU0HLVWHU$XFKGLHDQGHUHQVDJWHQQLFKWV6LHEHU OHJWHQXQGVLHZXWHQGDGLHVHEORQGH)UDXZLUNOLFKQLFKWEOXIIWH 0DGGR[VDJWHQLFKWV(UKLQJLQ-DQHV*ULII6HLQ*HVLFKWVDXVGUXFN KDWWHVLFKDXFKQLFKWYHUlQGHUWXQGHVZDUQLFKW]XHUNHQQHQREHUVLFK YRUGHUJHZHLKWHQ.XJHOIUFKWHWHRGHUQLFKW$XFK-DQHZXWHQLFKW PLWKXQGHUWSUR]HQWLJHU6LFKHUKHLWREVLHLQGHU/DJHZDU0DGGR[PLW HLQHU6LOEHUNXJHO]XW|WHQ ªhEHUOHJWQLFKW]XODQJH©ZDUQWHVLHª,FKKDEHHLQHQYHUGDPPW QHUY|VHQ=HLJHILQJHU© 'DQLFNWHGHU0HLVWHUª'XKDVW*OFNJHKDEWNOHLQH6SLRQLQ-HGHQ DQGHUHQKlWWHLFKJHRSIHUWDEHUQLFKWGHQ'lPRQHQULFKWHU(UZLUGQRFK JHEUDXFKW'HU6SXNZUGHHVPLUQLHYHU]HLKHQ'XNDQQVWJHKHQ© ª$EHU0HLVWHU©ULHI'RUDQR ª6HLUXKLJ© 'RGRVFKZLHJ -DQHILHOHLQ6WHLQYRP+HU]HQ'LHHUVWH5XQGHKDWWHVLHJHZRQQHQ ªgIIQHWPLUGHQ$XVJDQJ©YHUODQJWHVLH ª-DGDVZHUGHQZLU©'HU0HLVWHUVSUDFKJHODVVHQXQGZDQGWHVLFK XP'RFKPLWWHQLQGHU%HZHJXQJVWRFNWHHU(UKDWWHHLQH*HVWDOWJH VHKHQXQGHLQE|VHV/lFKHOQXPVSLHOWHSO|W]OLFKVHLQH/LSSHQ(U GUHKWHVLFKXPXQGQDKPZLHGHUVHLQHDOWH6WHOOXQJHLQª,FKZHUGHGHQ $XVJDQJQLFKW|IIQHQ©HUNOlUWHHU ª6ROOGHU5LFKWHUVWHUEHQ"© ª(UZLUGQLFKWVWHUEHQ©

ª8QGZDUXPQLFKW"©IUDJWH-DQHLUULWLHUWYRQGHU6LFKHUKHLWGHV 0DQQHV ª6FKDXQDFKUHFKWV© 'DVWDW-DQH6LHZDQGWHODQJVDPGHQ.RSI(LJHQWOLFKKDWWHVLHQRFK PLWHLQHP%OXIIJHUHFKQHWGRFKGLHVH+RIIQXQJZXUGHJUDXVDP ]HUVW|UW 'LH6]HQHKDWWHHLQHQZHLWHUHQ0LWVSLHOHUEHNRPPHQ8QK|UEDUYRQ DOOHQZDUHUHUVFKLHQHQ 'HUZDKUH%HVLW]HUGHU6HHOHQEXUJGHU6SXN -DQH&ROOLQVVDKLKQVRZLHHUVLFK]XPHLVW]HLJWH(LQSHFKVFKZDU]HV :HVHQLQHLQHPHEHQVRVFKZDU]HQ8PKDQJ'HQ6SXNVHOEVWVDKPDQ QLFKWQXUGHU8PKDQJEHZHJWHVLFKDOVZUGHHUYRQVDQIWHQ:LQG VW|HQJHWURIIHQ (LQJHVLFKWVORVHVJHVWDOWORVHV:HVHQZDUGHU6SXNGHUDEHUUHGHQ XQGDXFKKDQGHOQNRQQWH (UVSUDFK-DQH&ROOLQVDQ6HLQH6WLPPHGUDQJXQWHUGHU.DSX]HKHU YRUDQGLH2KUHQGHU'HWHNWLYLQª'XKDVWHLQJURHV6SLHOJHZDJWHLQ VHKUJURHVVRJDU$EHUGXZLUVWHVQLFKWPHKUEHHQGHQN|QQHQGDIU VWHKHLFK,FKODVVHPLUPHLQH'LHQHUQLFKWQHKPHQXQGPLWGHUOlFKHU OLFKHQ3LVWROHZLUVWGX0DGGR[QLFKWVDQWXQN|QQHQ%LVKHUKDEHLFK ]XJHVFKDXWQXQZLUGHV=HLWGDLFKVHOEVWLQGHQ.DPSIHLQJUHLIH 'LHVH-DQH&ROOLQVPXVWHUEHQ©'LHVH:RUWHZDUHQIUGHQ0HLVWHU EHVWLPPWª'DQQZLUGDXFK6LQFODLUXQVLQGLH)DOOHODXIHQZHQQZLU LKPGHQ/HLFKQDPVHLQHU)UHXQGLQYRUGLH)HVFKOHXGHUQ6HHOHQORV XQGDXVJHEOXWHW© (LQJUDXVDPHV*HOlFKWHUGUDQJXQWHUGHU.DSX]HKHUYRULQGDVGLH DQGHUHQPLWHLQVWLPPWHQ6FKDXULJKDOOWHGDV/DFKHQYRQGHQ:lQGHQ ZLGHUXQG-DQHIU|VWHOWH 1RFKLPPHUXPNODPPHUWHLKU)LQJHUGHQ$E]XJGHU3LVWROH6ROOWHVLH HVZDJHQ"6ROOWHVLHVFKLHHQ" 6LH]|JHUWHQRFK 'DVZDULKU)HKOHU6LHKlWWHLKUHQOHW]WHQ7UXPSIUXKLJDXVGHU+DQG JHEHQVROOHQGHQQQXQUHDJLHUWHGHU6SXN8QGHUGHU0lFKWLJHLP 5HLFKGHU6FKDWWHQVHW]WHVHLQH0DJLHHLQXP-DQHXQGGHQDQGHUHQGHQ %HZHLVVHLQHUJURHQ0DFKWXQG)lKLJNHLWHQ]XGHPRQVWULHUHQ 3O|W]OLFKVSUWH-DQHGDGHU'lPRQHQULFKWHUXQWHULKUHQ+lQGHQ YHUVFKZDQG6HLQ.|USHUVFKLHQ]X:DFKV]XZHUGHQ-DQHZROOWHQDFK JUHLIHQGRFKGDZDUHVVFKRQJHVFKHKHQ 0DGGR[KDWWHVLFKDXIJHO|VW

8QGGHU6SXNODFKWH(UZHLGHWHVLFKDQ-DQHVhEHUUDVFKXQJGLH GDVWDQGXQGQRFKLPPHUGLH3LVWROHLQGHU+DQGKLHOW'LH0QGXQJ DOOHUGLQJVZLHVLQV/HHUH $XFKGLHDQGHUHQVWDQGHQZLHIHVWJHOHLPWDXILKUHQ3OlW]HQ6LH EHJULIIHQHEHQIDOOVQLFKWZDVYRUJHIDOOHQZDUXQGZLHVR'RFKGHU IlOOLJH%HZHLVZXUGHLKQHQJOHLFKGDUDXIJHOLHIHUW -DPHV0DGGR[PDWHULDOLVLHUWHDQHLQHUDQGHUHQ6WHOOH ,P+LQWHUJUXQGGHU+DOOHVWDQGHUSO|W]OLFKXQGVWLPPWHLQGDV /DFKHQPLWHLQ -DQHV*HVLFKWYHU]HUUWHVLFK(UVWMHW]WVSUWHVLHGLH5HDNWLRQZXUGH LKUEHZXWGDVLHYHUORUHQKDWWH 8QGLKUZDUNODUZDVGLHVEHGHXWHWH ª3DFNWVLH©VFKULHGHU6SXN $XIGLHVH:RUWHKDWWHYRUDOOHQ'LQJHQ'RGR'RUDQRJHZDUWHW6LH VSUDQJDOVHUVWHYRUXQGKRELKUHQUHFKWHQ$UP 'D-DQH&ROOLQVPHKUHUH3HUVRQHQLP$XJHEHKDOWHQPXWHDFKWHWH VLHQLFKWVRVHKUDXI'RGR$OVVLHVFKOLHOLFKGLH%HZHJXQJGHU)UDX EHPHUNWHZDUHV]XVSlW 'DV0HVVHUEHIDQGVLFKEHUHLWVLQGHU/XIW (LQIOLUUHQGHU*HJHQVWDQGZLUEHOWHDXI-DQH&ROOLQV]X,QVWLQNWLY GUHKWHVLHVLFK]XU6HLWHXQGGDVUHWWHWHLKUYRUOlXILJGDV/HEHQ'DV 0HVVHUWUDIGHVKDOEQLFKWLKUH%UXVWVRQGHUQKLHELQLKUHQUHFKWHQ $UP 8QVHU:HJQDFKYRUQZDUHLQHHLQ]LJH4XlOHUHL'DEHLZXWHQZLU QLFKWREZLUEHUKDXSWGDVJHZQVFKWH=LHOHUUHLFKHQZUGHQ ,FKJLQJYRUGHU&KLQHVHKLHOWVLFKHLQHQ6FKULWWKLQWHUPLU'LH /DPSHQZDUHQHLQJHVFKDOWHW=ZHLKHOOH6WUDKOHQVFKQLWWHQGLH )LQVWHUQLVHQW]ZHLXQGWUDIHQRIWJHQXJDXI*HU|OOXQG*HVWHLQGDVYRQ GHU'HFNHJHIDOOHQZDUXQGGHQ*DQJ]XJHVFKWWHWKDWWH$EHUQLHVR YROOGDZLUQLFKWKLQGXUFKJHNRPPHQZDUHQ:LUNOHWWHUWHQEHUGLH %HUJHXQGZHQQHVZLUNOLFKQLFKWPHKUZHLWHUJLQJVFKDXIHOWHQZLUXQV GHQ:HJIUHL 'LH/XIWNRQQWHPDQVFKRQJDUQLFKWPHKUDOVVROFKHEH]HLFKQHQ6LH ZDUPHKUDOVVFKOHFKW=XGHPZDUHVVWLFNLJXQGLUJHQGZLHVFKZO'LH .OHLGXQJNOHEWHXQVDP.|USHUGRFK6FKULWWIU6FKULWWGUDQJHQZLU WLHIHULQGHQ*DQJYRU =ZLVFKHQGXUFKKDWWHQZLUGDUEHUQDFKJHGDFKWZLHZHLWHVZRKO QRFKVHLQNRQQWH:LUNRQQWHQQXUKRIIHQGDHULUJHQGZDQQHLQPDO]X (QGHZDUXQGZLUYRUXQVHUHP=LHOVWDQGHQ

=XP*OFNKDWWHGLH+|KHJHUHLFKWGRFKLP/LFKWGHU/DPSHQVDKHQ ZLUGDGHU*DQJQLFKWQXUHQJHUVRQGHUQDXFKWLHIHUZXUGH,FKPXWH PLFKDOVHUVWHUGXFNHQZHQLJH6FKULWWHVSlWHU]RJDXFK6XNRGHQ.RSI HLQ :LHGHUXPVWLHJHQZLUEHU6WHLQHXQG*HU|OO-HW]WNDPHQVRJDU 6WHOOHQZRZLUXQVQXUDXIDOOHQYLHUHQIRUWEHZHJHQNRQQWHQ'LHZDUHQ ]XP*OFNEDOGYRUEHLGDQDFKVFKORVLFKHLQ6WROOHQDQLQGHPZLU ZLHGHUDXIUHFKWJHKHQNRQQWHQ 8QVEHLGHQILHOHLQ6WHLQYRP+HU]HQ ª6LHKWVRDXVDOVKlWWHQZLUHVEDOGJHVFKDIIW©NHXFKWH6XNRXQG ZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ ª+RIIHQWOLFK© ,UJHQGZHOFKH0RQVWHUNUHX]WHQ]XP*OFNQLFKWXQVHUHQ:HJ'DV KlWWHXQVDXFKQRFKJHIHKOW6RNRQQWHQZLUXQVYROOXQGJDQ]DXI GDV=LHONRQ]HQWULHUHQ ,FKVFKDXWHDXIGLH8KU 9HUIOL[WhEHUHLQHKDOEH6WXQGHEHIDQGHQZLUXQVEHUHLWVLQGLHVHP GVWHUHQ6WROOHQXQGHLQ(QGHZDULPPHUQRFKQLFKWDE]XVHKHQ'DEHL ]lKOWHMHGH0LQXWH ,FKPDFKWHPLUJURH6RUJHQXP-DQH&ROOLQV6FKOLHOLFKVWHFNWHVLHLQ GLHVHUYHUGDPPWHQ6HHOHQEXUJXQGZDUYRQ)HLQGHQXPJHEHQ:HQQ LFKGDUDQGDFKWHGDVLHLQGLH.ODXHQGHUHFKVHQN|SILJHQ0RQVWHU JHUDWHQNRQQWHZXUGHPLUPHLQ0XQGQRFKWURFNHQHU %LVKHUKDWWHQZLUXQVSUDNWLVFKLQHLQHU/LQLHZHLWHUEHZHJW1XQ PDFKWHGHU*DQJHLQH.XUYH5HFKWVJLQJHVZHLWHU,FKOHXFKWHWHPLWGHU /DPSHXQGKlWWHYRU)UHXGHIDVWHLQHQ6DOWRIDEUL]LHUWGHQQGHU6WUDKO YHUORUVLFKQLFKWPHKULQGHU'XQNHOKHLWVRQGHUQZDUDXIHLQ=LHO JHIDOOHQ (LQH7UHSSH ,FKKREGHQ$UPHWZDVK|KHUXQGGHUKHOOH*HLVWHUILQJHUVWULFKEHU GLH6WXIHQ$XFK6XNRV/DPSHYHUVWlUNWHGLH/LFKWNUDIW:LHZLUHU NHQQHQNRQQWHQZDUGLH7UHSSH]LHPOLFKVWDELO$XIMHGHQ)DOOVDKHQ ZLUNHLQH]HUVW|UWHQRGHUHLQJHVWU]WHQ6WXIHQ ª'DVKlWWHQZLUGDQQZRKO©VDJWHGHU&KLQHVHXQGULHEVLFKGLH +lQGH :LUJLQJHQZHLWHU ,FKVDKDXFKHLQH7U6LHVWDQGDOOHUGLQJVRIIHQXQGZLUEHWUDFKWHWHQ HVDOVHLQHUHJHOUHFKWH(LQODGXQJ$OOHUGLQJVVWUPWHQZLUQLFKWZLHGLH :LOGHQGLH7UHSSHKRFKVRQGHUQZDUHQKEVFKYRUVLFKWLJ %HKXWVDPJLQJHQZLUGLH7UHSSHDQ,FKWDVWHWHGLH6WXIHQHUVWDE EHYRULFKPHLQ*HZLFKWGDUDXIYHUODJHUWH

(VJDENHLQHQbUJHUZLUNDPHQXQDQJHIRFKWHQYRUDQ 'LH7UHSSHPQGHWHQLFKWLQHLQHQ)OXURGHULQLUJHQGHLQHQ*DQJ VRQGHUQLQHLQHJURH+DOOH hEHUUDVFKWEOLHEHQZLUDXIGHUOHW]WHQ6WXIHVWHKHQ'DPLWKDWWHQZLU EHLGHQLFKWJHUHFKQHW 'LH+DOOHSDWH]XGLHVHU%XUJ6LHZDUJHZDOWLJLQGHQ$XVPDHQ GDEHL]LHPOLFKNDKOGHQQHVJDENDXP(LQULFKWXQJVJHJHQVWlQGH,FK NDQQWHDQGHUH%XUJHQPLWSUXQNYROOHQ+DOOHQZRGLH%HVLW]HULKUHQ :RKOVWDQG]HLJWHQKLHUZLUNWHMHGRFKDOOHVYHUODVVHQLUJHQGZLHDXIJH UlXPW=ZDUVDKLFKGHQJURHQ7LVFKXQGGLHGVWHUHQ*HPlOGHDQGHQ :lQGHQDEHUGLH9RUKlQJHZDUHQ]XJH]RJHQXQGZHLOGUDXHQGDV 7DJHVOLFKWODQJVDPVFKZDQGZDUHVLQGHU+DOOHQRFKGVWHUHU :LUVFKULWWHQEHU6WHLQERGHQ1DKH]XIXJHQORVODJ3ODWWHDQ3ODWWH $XI=HKHQVSLW]HQEHZHJWHQZLUXQVZHLWHU.HLQ6WDXENRUQNQLUVFKWH XQWHUXQVHUHQ6RKOHQ (LQNKOHU6FKDXHUOLHIEHUPHLQHQ5FNHQ'DVODJVLFKHUOLFKDQGHU 7HPSHUDWXUDEHUDXFKDQGHUJHVDPWHQ$WPRVSKlUHGLHLQGLHVHU%XUJ KHUUVFKWH 0HKUHUHJURH7UHQ]ZHLJWHQDEXQGIKUWHQVLFKHUOLFK]XGHQ DQGHUHQ7UDNWHQGHV6FKORVVHV 6XNRXQGLFK]XFNWHQIDVWV\QFKURQPLWGHQ6FKXOWHUQ +LHUIDQGHQZLUQLFKWV ª:DVPDFKHQZLU"©IUDJWH6XNR ,FKOLHPLU=HLWPLWGHU$QWZRUW$XVJHVWRUEHQVFKLHQPLUGLH%XUJ QLFKW]XVHLQ'HQQDOVLFKHLQHQ%OLFNQDFKGUDXHQZDUIVDKLFKGLH SDUNHQGHQ:DJHQ ª'LHKDEHQVLFKKLHULUJHQGZRYHUVWHFNW©VDJWHLFK ª1XUZR"© ª+DWGLH.|FKLQQLFKWYRQHLQHP/LHIHUDQWHQHLQJDQJJHVSURFKHQXQG YRQ3HUVRQDO"© ª-D© ª'DQQN|QQWHQZLUXQVGRUWHUNXQGLJHQ'LHPVVHQGRFKZLVVHQ ZRVLFKGHU%XUJKHUUEHILQGHW© ª'HQNGDUDQGDGLHNRPLVFKH.|FKLQDXFK]XGHQ'lPRQHQJH K|UWH©ZDUQWHPLFK6XNR ª$EHUGLHVPDOZLVVHQZLU%HVFKHLG© ª'DQQPDOORV©JULQVWH6XNRXQGULHEVLFKGLH+lQGH0HLQ)UHXQG ZDUXQJHKHXHUWDWHQGXUVWLJ(UZROOWHGHQ)DOOHQGOLFKKLQWHUVLFK JHEUDFKWKDEHQ :LHLFKDXFK 6FKULWWH

:LUYHUQDKPHQVLHJOHLFK]HLWLJXQGVLHZDUHQEHUXQVDXIJH NOXQJHQZRHLQHEUHLWH7UHSSH]XHLQHUJURHQ*DOHULHKRFKIKUWH 1DFKUHFKWVXQGOLQNVJLQJHQZLUDXVHLQDQGHUOHJWHQGLH.|SIHLQGHQ 1DFNHQXQGEOLFNWHQKRFK /HLGHUZDUGDV/LFKWVRVFKOHFKWGDZLUQLFKWVVHKHQNRQQWHQ8QG ]XP6FKDOWHUODXIHQGDVZROOWHLFKDXFKQLFKWHUVW'HVKDOEQDKPLFKGLH 7DVFKHQODPSHGUHKWHPHLQH+DQGXQGOHXFKWHWHQDFKREHQ 6FKUlJVFKQLWWGHU6WUDKOGXUFKGLH/XIW(UWDQ]WHEHUGLHJHGUHFK VHOWHQ6WlEHGHU%DOXVWUDGHXQGIDQGGLH*HVWDOWGLHGRUWREHQVWDQG XQGQLFKWGDUDQGDFKWH]XIOLHKHQ (VZDUHLQ0DQQ $XIVHLQHP.RSIZXFKVHQZHQLJ+DDUHGDIUKDWWHHUDEHUODQJH .RWHOHWWHQGLHLKPIDVWELV]XGHQ0XQGZLQNHOQZXFKVHQZDVLFK GHXWOLFKLP/LFKWPHLQHU7DVFKHQODPSHHUNHQQHQNRQQWH'LH+lQGH GHV0DQQHVODJHQDXIGHP*HOlQGHUXQGHUWUXJGLH.OHLGXQJHLQHV 'LHQHUV ª:HUVLQG6LH"©IUDJWHHU ª'DVN|QQWHLFK6LHDXFKIUDJHQ© ª1HKPHQ6LHGLH/DPSHZHJ© ,FKVHQNWHGHQ6WUDKOHWZDVª:LUVXFKHQHLQH)UDX(LQHJHZLVVH-DQH &ROOLQV:LVVHQ6LHYRQLKU"© ª1HLQ© 'HU7\SORJGDVZDUPLUNODUª'DQQN|QQHQ6LHXQVDEHUVLFKHUOLFK VDJHQZRZLU*RUGRQ6FKUHLEHUILQGHQ"© ª,FKELQQXUVHLQ'LHQHU© ª+HLWGDVGDVLFK0U6FKUHLEHUQLFKWDXIGHU%XUJEHILQGHW"© ª9LHOOHLFKW© ª'DVJODXEHLFK,KQHQQLFKW,FKKDEHGLH:DJHQGUDXHQJHVHKHQ 6HLQHUZDUDXFKGDEHL© 6HLQ*HVLFKWYHU]HUUWHVLFKª:DVQHKPHQ6LHVLFKHLJHQWOLFKKHUDXV KLHUHLQ]XGULQJHQ"©IXKUHUPLFKDQª+HUU6FKUHLEHULVWGHU+HUUGHU %XUJXQGHULVW,KQHQNHLQH5HFKHQVFKDIWGDUEHUVFKXOGLJZDVHUWXW XQGZDVHUJHGHQNW]X© ª6SDUHQ6LHVLFKGLH:RUWH:LUKDEHQGHQEHJUQGHWHQ9HUGDFKWGD VLFKLQGLHVHU%XUJHLQ0HQVFKLQ/HEHQVJHIDKUEHILQGHW$XVGLHVHP *UXQGHZROOHQZLUQDFKVHKHQXQGDXFK6LHZHUGHQXQVQLFKWGDUDQ KLQGHUQ© 'HU'LHQHUGDFKWHQDFK'DQQQLFNWHHUXQGVDJWHª:DUWHQ6LHLFK NRPPH© ª(QGOLFK©PXUPHOWH6XNRª2EZRKOPLUKLHUHLQLJHVQLFKWJHIlOOWGDV PXLFKGLUVDJHQ©

ª+DVWGXHLQHQ*UXQG"© ª0HKUHLQ*HIKO© ª:LUZHUGHQMDVHKHQ© 'HU%XWOHUNDPGLH7UHSSHKHUXQWHU:UGHYROODXIUHFKWJHKHQGZLH HVVLFKJHK|UWH :LUHUZDUWHWHQLKQYRUGHUOHW]WHQ6WXIH$XIGHU]ZHLWOHW]WHQEOLHEHU VWHKHQ ª:HQQLFK6LHUHFKWYHUVWDQGHQKDEHZROOHQ6LHGLH%XUJGXUFK VXFKHQPHLQH+HUUHQ"© ª*HQDX© ª+DEHQ6LHHLQHULFKWHUOLFKH(UODXEQLV"© 'HU.QDEHJLQJPLUDXIGHQ:HFNHUª'LHEUDXFKHQZLUQLFKWZHLOZLU GHQEHJUQGHWHQ9HUGDFKWKDEHQGDVLFKKLHULQGLHVHQ$XJHQEOLFNHQ HLQ9HUEUHFKHQDEVSLHOW©,FKVFKDXWHEHLGLHVHQ:RUWHQLQGDV*HVLFKW GHV0DQQHVZRHVXQWHUGHP$XJHQOLG]XFNWH(UVFKLHQ0KH]X KDEHQHLQVS|WWLVFKHV*ULQVHQ]XYHUPHLGHQ $XFKLQPLUEUHLWHWHVLFKMHW]WGDV*HIKODXVGDKLHUHLQLJHVQLFKW VWLPPWH ª,FKNDQQ,KQHQGDQLFKWIROJHQPHLQH+HUUHQ(VWXWPLUOHLG,FK KDEHYRQ+HUUQ6FKUHLEHUGLH2UGHUHUKDOWHQNHLQHQ© ª-RKQZHJ© (VZDU6XNRVJHOOHQGHU:DUQVFKUHLGHUPLFK]XU6HLWHKHFKWHQOLH ,FKSUDOOWHDXIGHQ%RGHQEHUVFKOXJPLFKXQGVDKGLH*HVWDOWGLH SO|W]OLFKDXVGHP+LQWHUJUXQGGHU+DOOHDXIWDXFKWH 'LH.|FKLQ 8QGVLHKLHOWPLWEHLGHQ+lQGHQHLQH6FKURWIOLQWHXPNODPPHUW 6LHVFKR (LQDUPODQJHU)HXHUVWUDKOMDJWHDXVGHP/DXIEOHQGHWHPLFKIU NXU]H=HLWXQGLFKK|UWHZLHGLH.XJHOQHLQVFKOXJHQ6LHKLHEHQLQGHQ %RGHQZRVLHDOVVLQJHQGH4XHUVFKOlJHUGDYRQZLUEHOWHQ=ZHLPDO ZXUGHDXFKLFKJHWURIIHQXQG]ZDUDQGHU:DGH $EHUGLHYHUGDPPWH:DIIHKDWWH]ZHL/lXIH 8QGGLH.|FKLQOLHIYRUXPVLFKHUHUWUHIIHQ]XN|QQHQ'LHVH =HLWVSDQQHQXW]WHLFKDXV ,QGHU+DOOHUROOWHQQRFKGLH(FKRVGHVHUVWHQ$EVFKXVVHVDOVLFK EHUHLWVPHLQ.UHX]LQGHU+DQGKLHOWXQGHVVFKOHXGHUWH =LHOHQNRQQWHLFK 'LH.|FKLQZXUGHYRP.UHX]YROOYRUGHU%UXVWJHWURIIHQ,KU6FKUHL ZDUQLFKWPHKUPHQVFKOLFK]XQHQQHQ$XVYROOHP/DXIVFKOHXGHUWHVLH

GLH:DIIHZHJVLHULGLH$QQHKRFKIKUWHHLQHQGHUZLVFKDUWLJHQ7DQ] DXIXQGEUDFKGDQQ]XVDPPHQ (LQGXQNOHU6FKDWWHQZLVFKWHDXVLKUHPRIIHQHQ0XQGGHU'HFNHHQW JHJHQZRHULQ]DKOUHLFKH7HLOH]HUULVVHQZXUGH ,FKK|UWHHLQHQHUVWLFNWHQ5XI'HU'LHQHUKDWWHLKQDXVJHVWRHQZHLO 6XNRV)DXVWLKPGLH/XIWDXVGHQ/XQJHQWULHE'HU0DQQNUPPWHVLFK ]XVDPPHQ6XNRSDFNWHLKQKRELKQKRFKXQGVFKOHXGHUWHLKQ]X %RGHQZRHUNUDFKHQGDXIVFKOXJXQGVLFKPHKUHUH0DOHXPVHLQH HLJHQH$FKVHGUHKWH $EHUHUZDUQRFKQLFKWDXVJHVFKDOWHW3O|W]OLFKJULIIHUKLQWHUVLFKXQG ]RJHLQHQ5HYROYHU ,FKVFKOHXGHUWHGLH7DVFKHQODPSH =ZHLPDOGUHKWHVLHVLFKLQGHU/XIWGDQQSUDOOWHVLHJHJHQGHQ.RSI GHV'LHQHUV 'HU.HUO]XFNWH]XVDPPHQXQGGDFKWHQLFKWPHKUDQVHLQH:DIIH %HZXWORVEOLHEHUOLHJHQ ª'DVKlWWHQZLU©VDJWH6XNRª:DVLVWPLWGHU)UDX"© ,FKJLQJ]XLKU 'HU.|FKLQZDUQLFKWPHKU]XKHOIHQ%OLFNORVH$XJHQVWDUUWHQPLFK DQ6LHZDUWRW$EHUVLHO|VWHVLFKQLFKWDXI6LHZDUNHLQH'lPRQLQ JHZHVHQ1XULKUH6HHOHKDWWHVLFKGHU6SXNJHQRPPHQXQGDXFKGLH ZXUGH]HUVW|UWZLHLFKVHOEVWJHVHKHQKDWWH ª9LHOOHLFKWLVWHVEHVVHUVR©PHLQWH6XNR ,FKKREGLH6FKXOWHUQ 8QVHUVSH]LHOOHU)UHXQGGHU'LHQHUKDWWHQRFKLPPHUJHLVWLJDE JHVFKDOWHW6XNRVRUJWHEHUHLWVGDIUGDHUVRVFKQHOOZLHP|JOLFK ZLHGHU]XVLFKNDP'HU&KLQHVHWlWVFKHOWHLKPGLH:DQJHQ(LQPDO OLQNVXQGHLQPDOUHFKWV ,FKHQWOXGGLH6FKURWIOLQWHXQGDXFKGHQ5HYROYHUGHV%XUVFKHQ'LH 3DWURQHQVFKOHXGHUWHLFKGLH7UHSSHKLQXQWHU 'HU'LHQHUNDP]XVLFK ª:LHKHLWGX"©IXKU6XNRLKQDQ ª/XNDV©DQWZRUWHWHHUDXWRPDWLVFKGDQQILHOLKPVHLQH%HXOHHLQXQG HUWDVWHWHEHUVHLQHQ.RSIZREHLHUDXIVW|KQWH ª0DFKGXZHLWHU©VDJH6XNRªGXEHKHUUVFKWGLH6SUDFKHEHVVHUDOV LFK© $OVRQDKPLFKPLU/XNDVYRU,FKVFKOHLIWHLKQ]XU7UHSSHXQGVHW]WH LKQGRUWKLQª$OOHVNODU"©IUDJWHLFKª'XZHLWZRHVODQJJHKW© ª-D© ª'DQQVLQJPDOVFK|QGHQQKLHUVSLHOHQPHLQ)UHXQGXQGLFKGLH 'LULJHQWHQ©

ª,FKZHLQLFKWV© ª:RVWHFNW6FKUHLEHU"© ª.HLQH$KQXQJ© ª-XQJHGXKlQJVWPLWGULQ©ZDUQWHLFKLKQª'DVKLHULVWNHLQ 6SLHOFKHQVRQGHUQYHUGDPPWHU(UQVW8QGZLUVLQGDXFKNHLQH]X IlOOLJHQ%HVXFKHUVRQGHUQ3ROL]LVWHQ'DV]XU,QIRUPDWLRQGDPLWGX ZHLWZRHVODQJJHKW© (UVFKDXWHPLFKDQ,QVHLQHQ$XJHQODVLFK8QJODXEHQDEHUGDV MXFNWHPLFKQLFKWª1RFKPDO©VDJWHLFKªZRVWHFNW6FKUHLEHU"© ª:DKUVFKHLQOLFKLP*HZ|OEH© ª:DUXPQLFKWJOHLFKVR",VWHUDOOHLQ"© ª1HLQ© ª:HULVWDXHULKPQRFKGDEHL"© ª9LHU3HUVRQHQ©SUHWHHUKHUYRUª=ZHL0lQQHUXQG]ZHL)UDXHQ© ª'LH1DPHQ© (UVDJWHVLHDXI-DQH&ROOLQVQDQQWHHUQLFKWGDVJDEPLUHLQHQ6WLFK ª8QGZRILQGHLFK0LVV&ROOLQV"© 6HLQ*HVLFKWYHUVFKORVLFK ,FKSDFNWHLKQDQGHQ6FKXOWHUQXQGVFKWWHOWHLKQª:RVWHFNWVLH YHUGDPPW"© ª$XFKXQWHQYLHOOHLFKW© ª+DVWGXVLHJHVHKHQRGHUZHVKDOEVDJVWGXYLHOOHLFKW"© ª,FKZHLHVGRFKQLFKW6LHLVWZDKUVFKHLQOLFKGRUW6LHZDULQGHP =LPPHUPLWGHP.DPLQXQGGD©(UEHULFKWHWHGDHU-DQHHQWGHFNW KDWWHXQGDXFKGLHVHV0RQVWHU'DQDFKKDEHHUGDQQGHQ.DPLQYHU VFKORVVHQ 6RDOVRVDKGDVDXV,FKQLFNWHJHGDQNHQYHUORUHQ'DVNRQQWHMDQRFK KHLWHUZHUGHQ ª8QGZDVKDW6FKUHLEHUGDXQWHQYRU"©ZROOWHLFK]XP6FKOXQRFK ZLVVHQ ª(UIHLHUWGDVHLQH3DUW\V© ª6FKZDU]H0HVVHQZLH"© 'HU0DQQQLFNWH 'DKDWWHLFKGLH%HVWlWLJXQJ,FKKDWWHYLHOEHUVFKZDU]H0HVVHJH OHVHQGLHHVVFKRQYRU+XQGHUWHQYRQ-DKUHQJDE$OOHUGLQJVHUOHEWHQ VLHLQXQVHUHUKHXWLJHQ=HLWHLQH:LHGHUDXIHUVWHKXQJGLHPLUJDUQLFKW JHILHO(VJDE]DKOUHLFKH+H[HQFODQVGLHQXU+RNXVSRNXVEHWULHEHQXQG GDUDXIDXVZDUHQHLQH2UJLH]XIHLHUQ6ROOWHQVLHUXKLJ6RODQJHNHLQH -XJHQGOLFKHQPLWKLQHLQJH]RJHQZXUGHQZDUGDVHJDO$EHUDQGHUH &OXEVGLHHFKWHQ.RQWDNWPLW-HQVHLWVZHOWHQXQGPLWGHU+|OOHDXIJH QRPPHQKDWWHQH[LVWLHUWHQHEHQIDOOV

8QGGLHZDUHQJHIlKUOLFK ª'XNHQQVWGHQ:HJ"©IUDJWHLFKLKQ (UQLFNWH ª'DQQKRFKPLWGLU:LUGUHLZHUGHQXQVPDOJHPHLQVDPGDV7UHLEHQ HLQZHQLJQlKHUDQVHKHQ© =ZHL6HNXQGHQVSUWH-DQH&ROOLQVEHUKDXSWQLFKWVPHKU6LHVFKLHOWH DXIGHQ'ROFKJULIIXQGEHJULIIQLFKWZDVPLWLKUJHVFKHKHQZDU 'DQQNDPGHU6FKPHU] ([SORVLRQVDUWLJEUHLWHWHHUVLFKDXV]RJGXUFKLKUHQJHVDPWHQ$UP DEZlUWVIXKULQGLH)LQJHUXQGEUHLWHWHVLFKDXFK]XU6FKXOWHUKLQDXV ZREHLHU-DQHVUHFKWH6HLWHOlKPWH6LHVDKGDVDXVGHU:XQGHTXHOOHQ GH%OXWXQGZLHHVLQHLQHPEUHLWHQ5LQQVDOEHUGHQ6WRIIUDQQ -DQHVFKWWHOWHVLFKYRU$QJVW6LHNRQQWHGHQ6FKPHU]QLFKWPHKU VFKZHLJHQGHUWUDJHQXQG|IIQHWHGHQ0XQG(LQOHLVHV:HKNODJHQ GUDQJEHULKUH/LSSHQ:LHYRQVHOEVW|IIQHWHQVLFKGLH)LQJHULKUHU UHFKWHQ+DQGXQGGLH$VWUDILHO]X%RGHQ -DQH&ROOLQVNRQQWHQLFKWPHKUDEHUVLHKLHOWVLFKDXIGHQ%HLQHQ ZROOWHGHQDQGHUHQGHQ)HLQGHQLKUH6FKZlFKHDXINHLQHQ)DOO]HLJHQ 'LHZROOWHQVLFKDXIGLH:HKUORVHVWU]HQGRFK6FKUHLEHUVVFKDUIHU %HIHKOKLHOWVLH]XUFN ª1HLQPDFKWHVODQJVDPJHQLHWHVXQGGHQNWGDUDQGDLKUGLH 'LHQHUGHV6SXNVVHLG,KUKDEWYRQGHP%OXWJHWUXQNHQXQGGDPLWHXUH 6HHOHQYHUNDXIW© $OVZlUHQGLH:RUWHHLQ=HLFKHQJHZHVHQVRYHUlQGHUWHVLFKSO|W]OLFK GLH+DXWGHU0HQVFKHQ+DWWHVLHYRU6HNXQGHQQRFKQRUPDODXVJHVH KHQVRYHUVFKZDQGGLHPHLVWH6RPPHUEUlXQHDXVGHQ*HVLFKWHUQ'LH +DXWZXUGHEODXQGIDKO6LHVFKUXPSIWHQLFKW]XVDPPHQDEHUVLH QDKPHLQHQDQGHUHQ)DUEWRQDQ'LH+DXWZXUGHEOlXOLFK6LHEHNDP VRJDUHLQHQ6WLFKLQV*UQHXQGGLHVHQHXH)DUEHOHJWHVLFKZLH 6FKDWWHQEHUGLH*HVLFKWHUGHUYLHU0HQVFKHQ 6LHZLUNWHQSO|W]OLFKPDVNHQKDIWVWDUUZLH6WHLQHGLHMHPDQGDXVGHP )HOVJHKDXHQKDWWH -DQHVDKGDVDOOHVQLFKW6LHKDWWHJHQXJPLWVLFKVHOEVW]XWXQ(V JHODQJLKUNDXPQRFKVLFKDXIGHQ%HLQHQ]XKDOWHQ(LQ 6FKZLQGHOJHIXKOSDFNWHVLH9RULKUHQ$XJHQEHJDQQVLFKDOOHV]XGUH KHQVRGDDXFK-DQHLQHLQHQUHJHOUHFKWHQ7DXPHOJHULHWZREHLVLHHLQ PDOQDFKOLQNVXQGGDQQZLHGHUQDFKUHFKWVVFKZDQNWH )HOL[XQG5REHUW'RGRXQG$QNHVLHQlKHUWHQVLFKGHU'HWHNWLYLQ PLWODQJVDPHQMHGRFK]LHOVWUHELJHQ6FKULWWHQ'RGRKLHOWQRFKLKU

0HVVHULQGHU/LQNHQGLH5HFKWHZDU]XU)DXVWJHEDOOWGDV*HVLFKWQXU QRFKHLQH*ULPDVVHDXV:XW+DXQG5DFKH $QNH%RRNOlFKHOWHWHXIOLVFK'LH)UDX'RNWRU|IIQHWHXQGVFKORLKUH +lQGHYROOHUJLHULJHU(UZDUWXQJZlKUHQGDXI5REHUWV*HVLFKWHLQ VFKPDOHV/lFKHOQODJGDVGXUFKDXVDOVJHIlKUOLFKHLQJHVWXIWZHUGHQ NRQQWH1XUEHL)HOL[UHJWHVLFKNHLQ0XVNHO,KQVFKLHQGDVDOOHVJOHLFK JOWLJ]XODVVHQDEHUHUZDUGHUHUVWHGHUVHLQH$UPHDXVVWUHFNWHXQG -DQHEHUKUWH 8QGHVZDUGLH%HUKUXQJGLH-DQHDXVLKUHU/HWKDUJLHUL)UHLQHQ 0RPHQWVDKVLHDOOHVNODUXQGVLHVFKULH ª1HLLLLQQQ©,KU6FKUHLJHOOWHGXUFKGDVNDKOH.HOOHUJHZ|OEHXQG EUDFKVLFKDOVVFKULOOHV(FKRDQGHQQDFNWHQ:lQGHQ )HOL[]RJLKUGHQ'ROFKDXVGHP$UP6RIRUWVWU|PWH%OXWKHUDXV -DQH&ROOLQVEUDFKLQGLH.QLH6LHKDWWHQRFKYHUVXFKWVLFK]XZHKUHQ GRFK5REHUWKLHOWLKUHOLQNH+DQGIHVWZlKUHQG$QNH%RRNLQLKUHQ 5FNHQJHODQJWZDUXQGVLH]X%RGHQGUFNWH 'RGR'RUDQRDEHUVWDQGYRULKUXQGEHGURKWHVLHPLWGHP0HVVHU'LH .OLQJH]LWWHUWHGLFKWYRU-DQHV$XJHQ ª(LQH%HZHJXQJ©]LVFKWHGDVEORQGH:HLEªHLQHQ0XFNVQXUXQG LFKVWHFKH]X© -DQHGDFKWHJDUQLFKWDQ:LGHUVWDQG6LHIKOWHVLFKGD]XEHUKDXSW QLFKWLQGHU/DJH'HU0HVVHUVWLFKKDWWHVLHY|OOLJIHUWLJJHPDFKW'LH 'HWHNWLYLQZDUDP(QGH 0DQKREVLHKRFK 'LH0lQQHUDQGHQ6FKXOWHUQGLH)UDXHQDQGHQ%HLQHQZlKUHQG *RUGRQ6FKUHLEHU]XVFKDXWHXQGHLQ]XIULHGHQHV/lFKHOQVHLQH/LSSHQ NUlXVHOWH 6RZROOWHHUHVKDEHQ $XFKGHU6SXNZDU]XIULHGHQHEHQVRZLH0DGGR['LHEHLGHQ *HVWDOWHQVFKDXWHQ]XZLH-DQH]XU2SIHUVFKDOHJHWUDJHQZXUGH 'DQQYHUVFKZDQGHQVLH 9RQHLQHU6HNXQGH]XUDQGHUHQO|VWHVLFKGHU6SXNDXIXQGQDKP 0DGGR[PLW =XUFNEOLHEHQVHLQH'LHQHU 'LHYLHUKLHYWHQ-DQHKRFK6LHNLSSWHQVLHEHUGHQ5DQGGHU6FKDOH ZRGLH'HWHNWLYLQDXIGHP5FNHQOLHJHQEOLHE'LH$XJHQKDWWHVLHZHLW DXIJHULVVHQ6LHVWDUUWHGLH'HFNHDQ$XVGHU$UPZXQGHUDQQGDV%OXW XQGVDPPHOWHVLFKLQGHU6FKDOH 9LHU6SXNGLHQHUVWHOOWHQVLFKLP.UHLVXPGLH6FKDOHDXI6LHZDUWHWHQ DXIGDV=HLFKHQGHV0HLVWHUV%HLGH0HVVHUPXWH'RGRDXIGLHJHJHQ EHUOLHJHQGHQ5lQGHUOHJHQ

+lQGHIDQGHQVLFKELOGHWHQHLQHQ.UHLVGHQQLHPDQGGXUFKEUHFKHQ VROOWH *RUGRQ6FKUHLEHUKREGHQ$UPª,FKKDEHEHVFKORVVHQGDHVGLH )UDXHQVHLQVROOHQGLH-DQH&ROOLQVW|WHQGUIHQXQGGHVKDOEZHUGHQ 'RGR'RUDQRXQG$QNH%RRNJHPHLQVDPGLH6HHOHGLHVHU9HUUlWHULQ GHP6SXN]XIKUHQ© 'RGRNUHLVFKWHZLOG6LHVDKVLFKEHVWlWLJW 8QGDXFK$QNH%RRNODFKWH ª6RQHKPWGLH0HVVHU©EHIDKOGHU0HLVWHU =ZHLEOlXOLFKVFKLPPHUQGH+lQGHJULIIHQQDFKGHQ.OLQJHQ)LQJHU XPVFKORVVHQGLH*ULIIH 6FKZHUHV$WPHQZDU]XK|UHQDXVJHVWRHQYRQGHQEHLGHQ)UDXHQ GLH]X0|UGHULQQHQZHUGHQVROOWHQ -DQH&ROOLQVODJLQGHU6FKDOHXQGEHNDPNDXPHWZDVPLW'LH:HOOHQ GHU%HZXWORVLJNHLWVFKZHPPWHQLPPHUZLHGHUDXIVLH]X(VZDUQXU HLQH)UDJHGHU=HLWZDQQVLHHQGOLFKGLH'HWHNWLYLQPLWUHLHQZUGHQ ª(VVHL©VFKULH*RUGRQ6FKUHLEHUª%OXW]X%OXW© 'LHPHVVHUEHZHKUWHQ+lQGHIXKUHQQDFKXQWHQ 'LHVHU/XNDVZDUHLQ7\SGHU]ZDULP0RPHQWDXIJHJHEHQKDWWHDEHU QLFKWIULPPHU'HUODXHUWHEHVWLPPWDXIHLQH&KDQFHXPHVVSlWHU]X YHUVXFKHQ,FKKDWWHGDVRPHLQH(UIDKUXQJHQJHVDPPHOW,UJHQGZLH JOLFKHQVLFKGLH.HUOHLPPHU,FKZDUDXFKGDYRQEHU]HXJWGDHU 'UHFNDP6WHFNHQKDWWH :LUYHUOLHHQGLH+DOOH (UJLQJYRUXQV6HLQH6FKULWWHZDUHQVFKOHSSHQGPDQFKPDO VFKZDQNWHHUDXFKZREHLLFKGDV*HIKOQLFKWORVZXUGHGDHUXQV HWZDVYRUVSLHOWHVRDUJZDUHQGLH)ROJHQGHU%HZXWORVLJNHLWQLFKW 8QGGLHVHU/XNDVNRQQWHHLQVWHFNHQXQGDXVWHLOHQGDVKDWWHHULQGHU NXU]HQ=HLWEHZLHVHQ (LQPDOEOLHEHUVWHKHQª6ROOHQZLUGLH7UHSSHQHKPHQ"© ª*LEWHVGHQQHLQHDQGHUH0|JOLFKNHLW"© ª-DGHQ/LIW© ª'HULVWVFKQHOOHU©VDJWH6XNRª1HKPHQZLULKQ© 'DPLWZDULFKHLQYHUVWDQGHQ,P)DKUVWXKOZUGHHUXQVQLFKW HQWNRPPHQ/XNDVQLFNWHGUHKWHVLFKXPEHWUDWHLQHQ.RUULGRUGHU SUDNWLVFKHLQH6DFNJDVVHZDUGHQQHUHQGHWHYRUGHU/LIWWU ª'DLVWHV© 9RUGHU7UEOLHEHQZLUVWHKHQ6LHZDUJUDXJHVWULFKHQXQGVDK Y|OOLJQRUPDODXV

ª:DVLVW"©IXKULFKGHQ0DQQDQªgIIQH/RVPDFKVFKRQ© /XNDV]RJGLH7UDXI,QGHU.DELQHIDQGHQZLUGUHLEHTXHP3ODW] 1HEHQGHU7UVDKLFKHLQH.QRSIOHLVWH%HVRQGHUVHLQURWHU.QRSIVWDFK PLULQV$XJH (VZDUGHU$ODUPNQRSI,FK]RJGLH7U]X 6XNROHKQWHDQGHU:DQGXQGEHKLHOW/XNDVLP$XJHGHUVLFKYHU GlFKWLJQDKHDQGHU.QRSIOHLVWHKHUXPWULHEXQGXQVVFKLHOHQGLP$XJH EHKLHOW $OVHUGHQ$UPDQZLQNHOWHZXWHLFKZDVHUZROOWH %OLW]VFKQHOONDPPHLQ+LHE/XNDVVSUWHGLH)DXVWDQGHU%UXVWXQG ZXUGHJHJHQ6XNRJHVFKOHXGHUWQRFKEHYRUHUGD]XNDPPLWGHP (OOERJHQGHQ.QRSI]XGUFNHQ (UKDWWH$ODUPDXVO|VHQZROOHQ 6XNRKLHOWLKQIHVW ª1RFKHLQPDOVRHLQHGXPPH%HZHJXQJXQGHVJHKWGLUVFKOHFKW© ZDUQWHLFK /XNDVVHQNWHGHQ.RSI ª:DVZROOWHHUGHQQ"©IUDJWH6XNR ,FKHUNOlUWHHVLKP'DQQGUFNWHLFKDXIGHQ.QRSIGHUGHQ/LIWQDFK XQWHQLQ%HZHJXQJVHW]WHXQGXQVLQGHQ.HOOHUEULQJHQVROOWH'HU )DKUVWXKOIXKUHWZDVXQUXKLJUXPSHOWHHLQSDDUPDOXQGVWDQGGDQQ VWLOO /XNDVVSUWHSO|W]OLFKGLH0QGXQJGHU%HUHWWDLP1DFNHQ(UEHNDP HLQH*lQVHKDXWZDVLFKVHKUJXWVHKHQNRQQWHª.HLQHQ/DXWVRQVWLVW HVYRUEHL©]LVFKWHLFK (UQLFNWH 6XNR|IIQHWHGLH7U $XFKHUKLHOWGLH%HUHWWDLQGHU+DQG'LHDQGHUH:DIIHQVWHFNWHQ JULIIEHUHLW 'HU&KLQHVHZDUIDOVHUVWHUHLQHQ%OLFNLQGHQOHHUHQ*DQJ6XNR ZLQNWHXQV]XXQGLFKWULHE)UHXQG/XNDVDXVGHP)DKUVWXKO'HU 0DQQVFKZLW]WH-HPHKUZLUXQVGHP=LHOJHQlKHUWKDWWHQXPVRXQ UXKLJHUZDUHUJHZRUGHQ/XNDVVFKLHQQLFKWQXU$QJVWVRQGHUQDXFK HLQVFKOHFKWHV*HZLVVHQ]XKDEHQ ª:RKLQ"©IUDJWHLFK ª1DFKUHFKWV© (VZDUHJDOREZLUUHFKWVRGHUOLQNVJLQJHQ'HU*DQJZDUNDKOXQG QDFKWUlJOLFKDXVJHEDXWZRUGHQ*UDXHU%HWRQKDWWHGLH:lQGHJH JOlWWHW /XNDVIKUWHXQVGLUHNWDXIHLQH:DQG]XZRLFKNHLQH7URGHU LUJHQGHLQHQDQGHUHQ$XVJDQJHQWGHFNWH

ª:HQQGXXQVUHLQOHJHQZLOOVW©VDJWHLFKOHLVH]XLKPªZLUVWGXDOV HUVWHUVWHUEHQ© ª1HLQQHLQHVLVWKLQWHUGHU:DQG© ª8QGGRUWLVWDXFKGHU(LQJDQJ"© ª-D© ª2ND\GDQQPDQ]X© (VZDUHQYLHOOHLFKWQRFKIQI6FKULWWHGDQQKDWWHQZLUXQVHU=LHO HUUHLFKW6XNRXQGLFKVWDQGHQGDXQGVFKDXWHQYRUGLH%HWRQIOlFKH hEHUXQVEUDQQWHHLQH/DPSH 1LFKWVZDU]XK|UHQ ª,FKPXPLFKEFNHQ©VDJWHGHU'LHQHU ª7XGDV© (UJLQJLQGLH.QLH0LWGHP:DIIHQODXIIROJWHLFKMHGHUVHLQHU %HZHJXQJHQ 6HLQH+lQGHWDVWHWHQDXIGHQ%RGHQKHUXPXQGVXFKWHQHLQH EHVWLPPWH6WHOOH,FKVDKHLQHNOHLQH9HUWLHIXQJlKQOLFKHLQHU0XOGH 8QGGRUWVFKLPPHUWHHWZDV6FKZDU]HV 'HU.RQWDNW /XNDVZROOWHVFKRQVHLQHQ)LQJHUGDUDXIOHJHQDOVLKQPHLQ5XI ]XUFNKLHOWª+DOW© (U]XFNWHWDWVlFKOLFK]XUFN ª:DVSDVVLHUWJHQDXZHQQGXGHQ.RQWDNWEHUKUVW"© ª'LH:DQGYLHOPHKUHLQ7HLOVFKLHEWVLFK]XU6HLWH© ª'DQNH©HUZLGHUWHLFKªHVUHLFKW©%OLW]VFKQHOOXQGWURW]GHPJH]LHOW VFKOXJLFK]X'DEHLGRVLHUWHLFKGHQ6FKODJJHQDXGHU/XNDVDQGHU 6FKOlIHWUDI (UVFKDXWHPLFKHUVWDXQWDQJDEHLQHQ6HXI]HUYRQVLFKXQGILHO]XU 6HLWH 6XNRVFKDIIWHLKQDXVGHP:HJ ,FKKDWWHPHLQHQ)LQJHUEHUGHP.QRSIOLHJHQXQGVFKDXWHDXV JHEFNWHU+DOWXQJGHP&KLQHVHQLQV*HVLFKW 6XNRQLFNWH 'DGUFNWHLFKGHQ.RQWDNW =XHUVWNQLUVFKWHHV (LQ*HUlXVFKGDVXQVEHLGHQGXUFK0DUNXQG%HLQIXKU:LUYHU ]RJHQGLH*HVLFKWHUDOVKlWWHQZLULQ=LWURQHQJHELVVHQ'LHJODWWH %HWRQZDQGVFKREVLFKlKQOLFKHLQHU6FKLHEHWUQDFKOLQNVLQHLQHQ EUHLWHUHQ5DKPHQXQGJDEXQVGLH6LFKWQDFKYRUQIUHL :LUVFKDXWHQLQHLQH+DOOH

6FKZDU]GHU%RGHQVFKZDU]GLH:lQGH'VWHUGDV/LFKW 8QGZLUK|UWHQ6WLPPHQ ,FKIURUSO|W]OLFK$OVHUVWHUVFKRELFKPLFKGXUFKGHQ6SDOWXQG KXVFKWHLQGHQGDKLQWHUOLHJHQGHQULHVLJHQ5DXP'LH6WLPPHQKDWWHLFK ]ZDUYHUQRPPHQDEHULFKVDKGLH3HUVRQHQQLFKWZHLOGDV*HZ|OEH HLQIDFK]XJURZDU 6XNRNDPKLQWHUPLU 2KQHGDXQVMHPDQGHLQ.RPPDQGRJHJHEHQKlWWHWUHQQWHQZLU XQV'HU&KLQHVHKXVFKWHQDFKOLQNVZHJLFKQDKPGLHUHFKWH6HLWHZR LFKSDUDOOHO]XU:DQGYRUOLHI 8QGGDQQVDKLFKVLHXQGK|UWHHLQHVFKDUIHKDOOHQGH0lQQHUVWLPPH ª(VVHL%OXW]X%OXW© 'LHVH:RUWHEUDQQWHQZLH6WURPVW|HLQPHLQHP*HKLUQ$XIHLQPDO ZXWHLFKGDHVXP/HEHQXQG7RGJLQJ'DV(FKRGHU6WLPPH VFKZDQJPLUQRFKHQWJHJHQDOVLFKEHUHLWVPHLQª6WRSS©VFKULH 'DEHLOLHILFKZHLWHUQDKPLQGHQQlFKVWHQ6HNXQGHQHLQPDNDEUHV %LOGLQPLUDXI (VZDUHQIQI3HUVRQHQ 'UHL0lQQHUXQG]ZHL)UDXHQ (LQHUGHU0lQQHUVWDQGHWZDVDEVHLWV'DVPXWH*RUGRQ6FKUHLEHU VHLQGHQQDOOHLQYRPbXHUHQKHUVDKHUDXVZLHHLQ)KUHURGHU HLQ0HLVWHU(UZDUDXFKGHUHUVWHGHUVLFKXPGUHKWHhEHUUDVFKXQJ ]HLFKQHWHVHLQ*HVLFKW 'LHDQGHUHQYLHUXPVWDQGHQHLQHHWZDGUHL)XEHUGHP%RGHQ VWHKHQGHVWHLQHUQH2SIHUVFKDOHLQGHUHLQ0HQVFKODJ,PHUVWHQ $XJHQEOLFNVDKLFKQXUGDVEORQGH+DDUXQGHQWGHFNWHHLQLJH %OXWVSULW]HU$OVLFKGLHQlFKVWHQ6FKULWWHOLHIKDWWHLFKGDV*HIKO MHPDQGZUGHPLUHLQH/DQ]HGXUFKGDV+HU]VWRHQ 'LH3HUVRQLQGHU2SIHUVFKDOHZDU-DQH&ROOLQV 'DQQVDKLFKGLH0HVVHULQGHQ+lQGHQGHUEHLGHQ)UDXHQ'LH .OLQJHQZDUHQYROO%OXW2IIHQEDUKDWWHQGLHYHUGDPPWHQ:HLEHUGDPLW ]XJHVWRHQ /HEWH-DQHEHUKDXSWQRFK" ,QGLHVHQ$XJHQEOLFNJHVFKDKHWZDVPLWPLUZRIULFKNDXPHLQH (UNOlUXQJILQGH7LHIDXVPHLQHP.|USHUVFKRHLQHORGHUQGH)ODPPH LQPLUKRFKXQGEHUVFKZHPPWHPHLQ'HQNHQ ,FKKDEHYHUVXFKWLPPHUNKO]XEOHLEHQXQGNODU]XGHQNHQDEHU GDPDOVVDKLFKURW ,FKZDUVFKQHOOZLHNDXP]XYRULQPHLQHP/HEHQXQGLFKNDPEHU VLHZLHHLQJHIlKUOLFKHU:LUEHOVWXUP%HYRUGLHEHLGHQ:HLEHUQRFK ]XVWRHQNRQQWHQZDULFKEHLLKQHQ'LHHUVWHHLQHEORQGH)UDXLP

PLWWOHUHQ$OWHUZDQGWHVLFKJHUDGHXPXQGPXWHPHLQHQ6FKODJYROO QHKPHQ'HU+LHEVFKOHXGHUWHVLHYRQGHU2SIHUVFKDOHZHJ .UHLVFKHQGILHOGDV:HLE]X%RGHQ 'DQQZDUGLHQlFKVWHGUDQ,FKZDUIPLFKEHUGLH6FKDOHXQGVFKOXJ PLWGHUUHFKWHQ+DQG]X 'HU3LVWROHQODXIWUDIHLQKDYHU]HUUWHV*HVLFKWLQGHVVHQ$XJHQ 0RUGZLOOHQOHXFKWHWH 'LH)UDXNLSSWH]XUFN 'DQDFKEHXJWHLFKPLFKEHU-DQH 0HLQ*RWWZDVKDWWHQVLHPLWLKUJHPDFKW6LHEOXWHWHDXVPHKUHUHQ :XQGHQ$PUHFKWHQ$UPDQGHUOLQNHQ6FKXOWHUXQGDXFKDQGHU +IWH'RUWPXWHQGLH0HVVHUVLHJHWURIIHQKDEHQ%ODZDULKU*HVLFKW /HLFKHQEOD (WZDVZUJWHLQPHLQHU.HKOH ª-DQH©IOVWHUWHLFKZREHLLFKGHQ1DPHQNDXPDXVVSUHFKHQNRQQWH 8QGGRFKPXWHVLHLKQJHK|UWKDEHQGHQQLKUH$XJHQOLGHUIODWWHUWHQ 6LHVDKPLFKXQGLFKZHLQLFKWREVLHPLFKHUNDQQWH$XIMHGHQ)DOO PXWHVLH]XHLQHP$U]W8QGGDVP|JOLFKVWVFKQHOO /HLGHUZDUHVQLFKWP|JOLFK'DJHJHQKDWWHQGLHDQGHUHQHWZDV6LH ZROOWHQLKU2SIHUXQGVLHGDFKWHQJDUQLFKWGDUDQDXI]XJHEHQ ª'LH+|OOHZLUGHXFKXQWHUVWW]HQ©VFKULH6FKUHLEHUXQGIHXHUWH VHLQH'LHQHUDQ 'LHEHLGHQ:HLEHUZDUHQVFKRQZLHGHUDXIGHQ%HLQHQ$EHUDXFKGLH 0lQQHUJULIIHQXQWHULKUHODQJHQ*HZlQGHUXQGKROWHQJHIlKUOLFKH 0HVVHUPLWVFKDUIHQ.OLQJHQKHUYRU 'LH.HUOHZXUGHQYRQ6XNRDWWDFNLHUW$XIPHLQHQ)UHXQGKDWWH ELVKHUNHLQHUJHDFKWHW6RZDUHVLKPJHOXQJHQIDVWXQEHREDFKWHWLQGHQ 5FNHQGHUEHLGHQ]XJHODQJHQ$OV)HOL[GLH6FKULWWHK|UWHXQGVLFK XPGUHKWHNDPHUQLFKWPHKUGD]XVHLQHQUHFKWHQ$UPPLWGHP0HVVHU ]XKHEHQ5LHVHQJURVDKHUGLH)DXVWYRUVHLQHP*HVLFKWDXIWDXFKHQ GDQQVFKPHWWHUWHGHU7UHIIHUXQWHUVHLQ.LQQ 'HU0DQQIORJELVJHJHQGLH2SIHUVFKDOHVWLHQRFKPLWGHP+LQWHU NRSIJHJHQGLH.DQWHXQGEUDFK]XVDPPHQ 5REHUWGHU/lFKOHUZROOWHHVEHVVHUPDFKHQ(UVWDFKQDFK6XNR'HU &KLQHVHGUHKWHDEXQGWUDW]X 'HU.DUDWHWULWWHUZLVFKWH5REHUWXQWHUGHUUHFKWHQ$FKVHOK|KOH 3O|W]OLFKZXUGHVHLQ$UPVFKZHU(UILHOQDFKXQWHQXQGZLHYRQVHOEVW |IIQHWHVLFKVHLQH)DXVW 'DQQODJGDV0HVVHUDP%RGHQ 'HUQlFKVWH6FKODJNDPZLHHLQ+DPPHU6XNRKDWWHGLH+DQGNDQWH JHQRPPHQXQGWUDIJHQDX

5REHUWKREHVQRFKHLQPDOKRFKGDQQILHOHULQVLFK]XVDPPHQXQG EOLHEZLH)HOL[EHZXWORVOLHJHQ ,FKKDWWHPLFKLQ]ZLVFKHQPLWGHQEHLGHQ)UDXHQDXVHLQDQGHU]X VHW]HQ6LHZDUHQNHLQHOHLFKWHUHQ*HJQHUDOVGLH0lQQHU,QLKUHU %HVHVVHQKHLWJOLFKHQVLHEUDQGJHIlKUOLFKHQ)XULHQ'LHEODXJUQYHU IlUEWHQ*HVLFKWHUVWDUUWHQPLFKDQZLHVWHLQHUQH0DVNHQ6LHKDWWHQGLH 0HVVHUZLHGHUDQVLFKJHULVVHQXQGYHUVXFKWHQQXQPLFKLQGLH=DQJH ]XQHKPHQ 6ROOWHLFKVFKLHHQ" %HL*RWWLQPHLQHUHUVWHQ:XWKlWWHLFKHVJHWDQGRFKGHU6FKRFNZDU YHUJDQJHQLFKGDFKWHZLHGHUHLVNDOW 1HLQGLHVH:HLEHUZROOWHLFKOHEHQG6LHVROOWHQKLQWHU*LWWHUQEHU DOOHVQDFKGHQNHQ ª.RPPWGRFK©KHW]WHLFKª/RVZRUDXIZDUWHWLKUQRFK"© (VZDUGLH%ORQGHGLH]XHUVW]XVWDFK:LHVLHGDVPDFKWHOLHDXIHLQH JHZLVVH5RXWLQHVFKOLHHQ'DV0HVVHUKlWWHPLFKGLFKWEHUGHU *XUWHOVFKQDOOHJHWURIIHQ,FKZLFKJHVFKLFNWDXVXQGVFKOXJPLWGHU OLQNHQ+DQG]X 'LH%ORQGHILHO]X%RGHQXQGVFKULHZLOG 'DQQNDPGLHDQGHUH 6LHVWU]WHVLFKDXIPLFKKLHOWGHQUHFKWHQ$UPHUKREHQXQGZROOWH PLUGLH.OLQJHYRQREHQQDFKXQWHQLQGHQ/HLEVWRHQ ,FKILQJLKUHQ$UPPLWGHUOLQNHQ+DQGDE 9RU:XWEUOOWHVLHDXIXQGVSLHPLU6SHLFKHOLQV*HVLFKW,FKWUDWLKU GLH%HLQHZHJRKQHGHQ$UPORV]XODVVHQ 'DVFKULHVLHQRFKPHKUGHQQSO|W]OLFKNRQQWHVLHLKUHQ$UPQLFKW PHKUEHZHJHQ6LHKDWWHLKQVLFKDXVJHNXJHOW0LWHLQHPVDQIWHQ6FKODJ VFKLFNWHLFKVLHLQV5HLFKGHU7UlXPH ª+XQG© 'LH%ORQGHGUHKWHGXUFK6LHZDUZLHGHUKRFKJHNRPPHQXQGVWDFK ZLHUDVHQGDXIPLFKHLQ1XUWUDIVLHPLFKQLFKWDEHULFKPXWH]XUFN ZHLFKHQ'DV0HVVHUEOLW]WHYRUPHLQHQ$XJHQ0DONDPHVYRQOLQNV GDQQZLHGHUYRQUHFKWV $OOHVJLQJVRVFKQHOOGDLFKQLFKWPHKUGD]XNDPLKUHQ$UP]X SDFNHQ 3O|W]OLFKZDU6XNRGD (UWDXFKWHLP5FNHQGHU)UDXDXIXQGPDFKWHDOOHVNODU6HLQ7UHIIHU VFKLFNWHGLH%ORQGHLQV5HLFKGHU7UlXPH9RUPHLQHQ)HQVDQNVLHLQ VLFK]XVDPPHQXQGEOLHEOLHJHQ ,FKZLVFKWHPLUGHQ6FKZHLDXVGHU6WLUQª'DQNH6XNR©VDJWHLFK ª'LHZDUY|OOLJGXUFKJHGUHKW©

ª+DEHLFKJHVHKHQ©HUZLGHUWHHUWURFNHQ 'DQDFKLQWHUHVVLHUWHPLFKQXUQRFK-DQH&ROOLQV,FKUDQQWHDXIGLHVH YHUGDPPWH2SIHUVFKDOH]XEHXJWHPLFKKLQEHUXQGKROWH-DQHKHUYRU $XIEHLGHQ$UPHQWUXJLFKVLHXQGVFKDXWHLQHLQZlFKVHUQHV*HVLFKW GDVPLFKVFKRQDQHLQH/HLFKHHULQQHUWH ,QPHLQHU.HKOHVDHLQGLFNHU.OR=XP*OFNIORNHLQ%OXWPHKU DXVGHQ:XQGHQ 9RUVLFKWLJEHWWHWHLFK-DQH]X%RGHQ,FKIKOWHQDFKGHP+HU]VFKODJ -DGDV+HU]VFKOXJ$XFKGHQ3XOVVFKODJNRQQWHLFKIKOHQ'LH 'HWHNWLYLQZDURKQPlFKWLJJHZRUGHQ9LHOOHLFKWEHVVHUIUVLH ,FKVFKDXWH6XNRDQª-DQHPXVRVFKQHOOZLHP|JOLFKLQlU]WOLFKH %HKDQGOXQJ/DXQVKRFKJHKHQXQG© ª:DVLVW"©IUDJWHGHU&KLQHVH 0LUZDUHWZDVDXIJHIDOOHQ,FK]lKOWHVLFKHUKHLWVKDOEHUQRFKQDFKXQG NDPZLHGHUXP]XGHPVHOEHQ(UJHEQLV $XIGHP%RGHQODJHQQXUYLHUEHZXWORVH3HUVRQHQ 'LHIQIWHIHKOWH $XVJHUHFKQHWGHU$QIKUHU ª6FKUHLEHULVWZHJ©VDJWHLFK 'D]XFNWHDXFK6XNR]XVDPPHQª9HUIOXFKWDXILKQKDEHLFKQLFKW JHDFKWHW:DVPDFKHQZLU"© ª+LQWHUKHU:HLWNDQQHUQRFKQLFKWVHLQ©,FKKRE-DQH&ROOLQVKRFK XQGEHKLHOWVLHZHLWHUKLQDXIPHLQHQ$UPHQDOVZLUGDV*HZ|OEH YHUOLHHQ 'HU/LIWEHIDQGVLFKQLFKWPHKUXQWHQ.ODUPLWLKPZDU6FKUHLEHU JHIORKHQ (VGDXHUWHHWZDVELVGHU)DKUVWXKOZLHGHUEHLXQVZDUXQGZLULKQ EHQXW]HQNRQQWHQ 'DQQJOLWWHQZLUKRFK ,QGHU+DOOHOHJWHLFK-DQHDXIGHQODQJHQ7LVFK1XQEHIDQGLFKPLFK LQGHU=ZLFNPKOH *HUQZlUHLFKEHLLKUJHEOLHEHQDEHUGDZDUQRFK*RUGRQ6FKUHLEHU GLHVHUPHQVFKOLFKH6DWDQGHQLFKXQEHGLQJWIDVVHQPXWH6XNR HUNDQQWHZHOFKHLQHQLQQHUHQ.DPSILFKDXVIRFKW ª*HK©VDJWHHUXQGVFKOXJPLUDXIGLH6FKXOWHUªLFKNPPHUHPLFK VFKRQXP-DQH© ª'DQNH© ,FKKHW]WH]XU7U6FKUHLEHUKDWWHVLFKQLFKWGLH0KHJHPDFKWXQG VLHYHUVFKORVVHQ$OVLFKQDFKGUDXHQNDPXQGPLFKGLHNKOH/XIWWUDI GDVDKVLHLKQ (UKRFNWHLQVHLQHP0HUFHGHVDEHUHUNDPQLFKWZHJ,UJHQGHWZDV

ZDUPLWGHP0RWRU'HURUJHOWHHLQSDDUPDOXQGVSUDQJQLFKWDQ$XFK GDVSDVVLHUWEHLHLQHPGHXWVFKHQ1REHOIDKU]HXJ )UPLFKZDUHVGHUJURH*OFNVIDOO *RUGRQ6FKUHLEHUPXWHPLFKZRKOLP6SLHJHOJHVHKHQKDEHQGHQQ HUUDPPWHGHQ:DJHQVFKODJDXIXQGYHUOLHGDV)DKU]HXJ8QVWUHQQWHQ YLHOOHLFKWGUHLLJ6FKULWWH ,FKKREGLH%HUHLWHª%OHLEHQ6LHVWHKHQ©EUOOWHLFK 6FKUHLEHUGDFKWHJDUQLFKWGDUDQXQGUDQQWHJHGXFNW]ZLVFKHQGHQ SDUNHQGHQ:DJHQKLQGXUFKZHLWHU 6RIRUWQDKPLFKGLH9HUIROJXQJDXI(VZDUPLWWOHUZHLOHGlPPULJ JHZRUGHQXQGZHQQ6FKUHLEHUHVVFKDIIWHLP:DOG]XYHUVFKZLQGHQ KDWWHLFKGDV1DFKVHKHQGHQQGHU,QGXVWULHOOHNDQQWHVLFKKLHUEHVVHU DXVDOVLFK $OVRVHW]WHLFKQRFKPHKU]X *RUGRQ6FKUHLEHUEUDFKWDWVlFKOLFKGXUFKGLH%VFKH,FKYHUQDKP GDV.QDFNHQGHU=ZHLJHXQG%UHFKHQGHUbVWH$OOHUGLQJVQLFKWOLQNV YRQPLUZRHVWDOZlUWVJLQJVRQGHUQ]XUUHFKWHQ6HLWHKLQ6FKUHLEHU ZROOWHKRFKNOHWWHUQ :DUXP"+DWWHHUGRUWLUJHQGZRHLQVLFKHUHV9HUVWHFN" 'HQ*UXQGVROOWHLFK0LQXWHQVSlWHUHUIDKUHQGRFKHUVWHLQPDOPXWH LFKLKPDXIGHQ)HUVHQEOHLEHQ ,FKELQNHLQJHEWHU%HUJVWHLJHUXQGGLH6WUHFNHEHUHLWHWHPLUYHU GDPPW0KH(VJDENHLQHQ:HJEHUGHQLFKJHKHQNRQQWHVRQGHUQ QXUGHQQDFNWHQ)HOV,FKPXWHPLFKSUDNWLVFKYRQ9RUVSUXQJ]X 9RUVSUXQJKDQJHOQZREHLLFKPLFKDQGHQbVWHQGHUVFKLHIZDFKVHQGHQ %lXPHIHVWNODPPHUWHXPQLFKWDE]XUXWVFKHQ .OHLQHUH6WHLQHO|VWHQVLFKXQWHUPHLQHQ7ULWWHQXQGNROOHUWHQLQGLH 7LHIH*RUGRQ6FKUHLEHUHUJLQJHVHEHQVRGHVKDOENRQQWHLFKVHLQHQ:HJ JXWYHUIROJHQ :LUOLHIHQSUDNWLVFKLQHLQHU/LQLHKLQWHUHLQDQGHUKHU (LQPDONRQQWHLFKLPOHW]WHQ$XJHQEOLFNQRFKGHQ.RSIHLQ]LHKHQ GHQQHLQIDXVWJURHU6WHLQVSUDQJVRDXIPLFK]XGDHUPLFKJHWURIIHQ KlWWH 'DQQDEHUlQGHUWH6FKUHLEHUVHLQH5LFKWXQJ(UNOHWWHUWHPHKU]XU UHFKWHQ6HLWHKLQXQGYLVLHUWHVHLQ=LHOGLUHNWDQ ,FKNHXFKWH'LH6FKXIWHUHLNRQQWHPDQVFKRQDOVP|UGHULVFKEH ]HLFKQHQ=ZHLJHVFKOXJHQPLULQV*HVLFKWSHLWVFKWHQGLH+DXW$XFK bVWHVWUHLIWHQPHLQHQ.RSI :LHGHUHLQPDONRQQWHLFKIHVWVWHOOHQGDGUHLKXQGHUW)X+|KHQ XQWHUVFKLHGHLQYHUGDPPWHU6FKODXFKZHUGHQN|QQHQ 3O|W]OLFKZXUGHGHU:HJEHVVHU(VJLQJQLFKWPHKUVWHLOLQGLH+|KH

,FKEUDXFKWHPLFKDXFKQLFKWPHKUDQGHQ%lXPHQIHVW]XKDOWHQ VRQGHUQNRQQWHDXIDOOHQYLHUHQZHLWHUNULHFKHQ 6FKUHLEHUPXWHHVlKQOLFKHUJHKHQPLUUROOWHQDXFKNHLQH6WHLQH PHKUHQWJHJHQ 'DQQYHUVFKZDQGHQGLH%lXPH9RUPLUVDKLFKHLQHIUHLH)OlFKH(V ZDUHLQ+DQJGHUDXIHLQHP)HOVYRUVSUXQJHQGHWH 8QGGRUWVWDQG6FKUHLEHU (UKDWWHVLFK]ZDUJHEFNWGRFKVHLQH*HVWDOWKREVLFKGHXWOLFKDE :DVHUWDWNRQQWHLFKQLFKWVHKHQDXIMHGHQ)DOOKDQWLHUWHHUPLW LUJHQGHWZDVKHUXP ,FKULHILKQDQª*HEHQ6LHDXI6FKUHLEHU© (UGUHKWHVLFKXP6RJDUVHLQ*HVLFKWVDKLFK'DQQODFKWHHUEH ZHJWHVHLQHQ)XXQGLFKYHUQDKPHLQNQLUVFKHQGHV*HUlXVFK ,PQlFKVWHQ$XJHQEOLFNZXUGHVHLQH*HVWDOW]XU+lOIWHYHUGXQNHOW 8QG]ZDUYRQHLQHP)HOVEURFNHQ 1XQZXWHLFKZDVGLHVHV.QLUVFKHQ]XEHGHXWHQKDWWH6FKUHLEHU ZROOWHPLFKPLWGHPYHUGDPPWHQ)HOVEURFNHQW|WHQ 8QGHUUROOWH )LHEHUKDIWVDKLFKPLFKQDFKHLQHU'HFNXQJXPHQWGHFNWHHLQHNOHLQH 0XOGHHLQSDDU6FKULWWHZHLWHUXQGKHW]WHGDUDXI]X,FKKHFKWHWHKLQHLQ XQGNUPPWHPHLQHQ.|USHU]XVDPPHQ 'HU%URFNHQUROOWHYRUEHL.OHLQHUH6WHLQHIROJWHQ6WDXEKOOWHPLFK HLQGDQQK|UWHLFKHLQ.UDFKHQXQG%UHFKHQDOVGHU)HOVPLW %UDFKLDOJHZDOWLQGLH%lXPHUDXVFKWHXQGHUVWHLQSDDU

$EHUQLFKWODQJHGHQQPHLQ%OLFNILHOLQGLH+WWHXQGLFKHQWGHFNWH GHQ]ZHLWHQ'UDFKHQ'DVJUQH6HJHOODJ]XVDPPHQJHIDOWHWDP%RGHQ EHUGHP*HVWlQJH ,FK]|JHUWHQLFKWPHKU6RVFKQHOOZLHP|JOLFKKROWHLFKGHQ )OXJGUDFKHQDXVGHU+WWH,FKZDU]ZDUQRFKQLHVHOEHUJHIORJHQDEHU LFKZXWHGXUFKDXVZLHPDQHLQVROFKHV*HUlW]XVDPPHQEDXWH (LQZHQLJPXOPLJZDUPLUVFKRQDOVLFKGHQ'UDFKHQDXVGHU+WWH LQGHQ8QWHUVWDQGVFKOHLIWH8QGGLHVHV*HIKOYHUVWlUNWHVLFKDOVLFK PHLQHQ*HJQHUVDK(UVFKLHQDXFKNHLQJHEWHU'UDFKHQIOLHJHU]XVHLQ GHQQGLHJHIlKUOLFKHQ$XIZLQGHPDFKWHQPLWLKPZDVVLHZROOWHQ(U WRUNHOWHUHJHOUHFKWLQGHU/XIWXQGHLQSDDUPDOJODXEWHLFKHUZUGH DEVFKPLHUHQ ,FKEHHLOWHPLFKGHQ'UDFKHQ]XVDPPHQ]XEDXHQXQGVFKDXWHLKQ PLUGDQQDQ%LVKHUKDWWHLFKGLHPXWLJHQ0lQQHULPPHULP)LOP EHZXQGHUWQXQPXWHLFKVHOEVWUDQ'DV)OXJJHUlWEHVWDQGDXVHLQHP GHOWDI|UPLJHQYRQHLQHP$OXPLQLXPJHUVWJHKDOWHQHQ7UDJVHJHOXQG HLQHPGXUFK6WDKOVHLOHPLWGHQ(QGHQGHV4XHUXQG/lQJVKROPVYHU EXQGHQHQ6WHXHUWUDSH]HV'HU)OLHJHUVHOEVWKLQJLQ*XUWHQ,FKNRQQWH DOVRGXUFK%HZHJXQJHQGHV7UDSH]HV$QVWHOOZLQNHOXQG6HLWHQODJHGHV )OXJN|USHUVVWHXHUQ ,FKKREGHQ'UDFKHQKRFKXQGJXUWHWHPLFKIHVW:REHLLFKVHKU GDUDXIDFKWHWHGDGLH*XUWHDXFKIHVWODJHQVFKOLHOLFKZROOWHLFKQLFKW KHUDXVUXWVFKHQ 'DQQXPIDWHLFKGHQ4XHUKROPGHV6WHXHUWUDSH]HV 9RUPLUVDKLFKGDVZHLWH7DOLP'lPPHUOLFKWGHUKHUHLQEUHFKHQGHQ 'XQNHOKHLW/LFKWHUVFKLPPHUWHQ]XPLUKRFK6LHNDPHQPLUVRXQ HQGOLFKZHLWHQWIHUQWYRU8QGGLH6LFKWSHUVSHNWLYHYHU]HUUWHDOOHV:DV VHKUZHLWDXVVDKNRQQWH]LHPOLFKQDKVHLQZLH]XP%HLVSLHO*RUGRQ 6FKUHLEHUGHUHLQIDFKQLFKWDXVGHP7DOKHUDXVNDP ,FKSHLOWHGLH6WUHFNH]XP$EJUXQGDQSUIWHGHQ:LQGXQGZDU ]XIULHGHQ(LQSDDU6FKULWWHJLQJLFKQRFK]XUFN(LQ:LQGVWRIXKU EHUHLWVXQWHUGDV6HJHOXQGKREHVDQ,FKKDWWH0KHGHQ'UDFKHQ EHUKDXSW]XKDOWHQ'DQQOLHILFKORV =XHUVWZDFNHOWHQPLUQRFKGLH.QLHDEHUHVJDENHLQHDQGHUH 0|JOLFKNHLWIUPLFK :HJPLW6FKDQGHQGDFKWHLFK 'LH.DQWHWDXFKWHYRUPLUDXI 1RFK]ZHL6FKULWWHQRFKHLQHU 'DQQVFKZDQJLFKPHLQHQ.|USHUKRFKXQGYHUORUGHQ.RQWDNWPLW GHP%RGHQ

-HGHU)OXJOHKUHUKlWWHQXUGHQ.RSIJHVFKWWHOWRGHUVLFKGLH6HHOHDXV GHP/HLEJHVFKULHQMHQDFK7HPSHUDPHQW:HUPLFKVDKPXWHPLFK IUYHUUFNWKDOWHQVRZLHLFKDQGHP'UDFKHQKLQJ(VILHOPLUVFKZHU PHLQHQ.|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lUWVVDXVHQ 'HU:LQGSILIIPLUXPGLH2KUHQ(VZDUYHUGDPPWNDOWKLHU0HLQH .OHLGXQJIODWWHUWHXQGNQDWWHUWHZLHGDV6HJHOWURW]GHPVWDQGPLUGHU 6FKZHLDXIGHU6WLUQ ,FKJHULHWLQHLQHZLQGUXKLJH=RQHXQGNRQQWHPLFK]XPHUVWHQPDO XPVFKDXHQ 6FKUlJYRUPLUVDKLFKPHLQHQ*HJQHU'DVURWH6HJHOZLUNWHZLHHLQ OHW]WHU)DUENOHFNVLP*UDXGHU'lPPHUXQJ:HQQLFK6FKUHLEHUSDFNHQ ZROOWHPXWHLFKQDFKUHFKWV 'DVYHUVXFKWHLFKDXFK (LQNOHLQHU'UXFNXQGGHU'UDFKHQJHKRUFKWHPLUWDWVlFKOLFK'DV PDFKWHPLU0XWGHU$QJVWNOXPSHQLP0DJHQZXUGHHLQZHQLJNOHLQHU $EHUGHU:LQGVSLHOWHPLUHLQHQ6WUHLFK(UZHFKVHOWHGLH5LFKWXQJ SDFNWHGDV6HJHOXQGWULHEPLFKDE (LQJHEWHU)OLHJHUKlWWHJHJHQVWHXHUQN|QQHQLFKVFKDIIWHGDVQLFKW XQGZXUGH]XHLQHP6SLHOEDOOGHUYRQVHLQHPHLJHQWOLFKHQ=LHOZHJ JHWULHEHQZXUGH ,FKKDWWH*OFNLP8QJOFN:lUHLFKYRQGLHVHP:LQGVWRQLFKW HUIDWZRUGHQKlWWHLFKYLHOOHLFKWQLFKWGLHEHLGHQ.UHDWXUHQJHVHKHQ GLHVLFKSUDNWLVFKDXVGHU'lPPHUXQJKHUYRUVFKlOWHQ=XHUVWZDUHQVLH QXUJURH3XQNWHGDQQDEHUVDKLFKVLHJHQDXHU ,FKKDWWHGDV*HIKOPHLQ+HU]ZUGHVWHKHQEOHLEHQ'HQQGLH :HVHQGLHGDDXILKUHQ)OXJWLHUHQKRFNWHQZDUHQ(FKVHQZHVHQ

1XQZXWHLFKZDUXP*RUGRQ6FKUHLEHUJH]|JHUWKDWWHXQGQLFKW ZHJJHIORJHQZDU(UEUDXFKWHPLFKQLFKWDQ]XJUHLIHQVRQGHUQQXU ]X]XVFKDXHQ'DQQEHNDPHUPLWZLHPLFKGLH'LHQHUGHV6SXNV IHUWLJPDFKWHQ )UHLQHQ0RPHQWJODXEWHLFKVHLQ/DFKHQ]XK|UHQ(VNRQQWHDEHU (LQELOGXQJVHLQZHLOPLUPHLQHEHUUHL]WHQ1HUYHQVFKRQHLQHQ6WUHLFK VSLHOWHQ 'LH)OXJWLHUHZDUHQYHUGDPPWVFKQHOO3O|W]OLFKVDKLFKHVDXFKDXI OHXFKWHQ(VZDUHQGLH/DQ]HQGLHLQHLQHP+|OOHQIHXHUEUDQQWHQ :HQQGLH(FKVHQZHVHQGLH'LQJHUVFKOHXGHUWHQXQGGDV6HJHOWUDIHQ ZDUHVYRUEHL ,FKVFKOXFNWHKDUW 6LHQDKPHQPLFKLQGLH=DQJH(LQHUNDPYRQOLQNVGHUDQGHUH ZROOWHHVYRQUHFKWVYHUVXFKHQ 0LWEHLGHQ+lQGHQGUFNWHLFKGLH6WHXHUVWDQJHHLQZHQLJQDFKYRUQ 6RIRUWNLSSWHGHU'UDFKHQDE=XVFKQHOO*OHLFK]HLWLJVFKREDXFKGHU :LQGXQGLFKVDKHLQHQ+DQJLPVFKUlJHQ:LQNHODXIPLFK]XUDVHQ $QJVWHUIDWHPLFK9HU]ZHLIHOWULLFKGHQ'UDFKHQK|KHUEHWHWHGD GHU:LQGPLWVSLHOWHXQGEUDFKWHGDV*HUlWZLHGHUXQWHU.RQWUROOH,FK VWLHJLQGLH+|KH 'DVZDUDXFKJXWVRGHQQGLHYHUGDPPWHQ(FKVHQZDUHQVFKRQ ]LHPOLFKQDKH hEHUJURNDPHQPLUGLH)OXJWLHUHYRUGLHLKUHJHZDOWLJHQ6FKQl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|SILJHZXUGHYRQVHLQHP)OXJWLHUJHVFKOHXGHUWXQG YHUVFKZDQG 'DV7LHUVHOEVW]RJKRFK,FKZROOWHLKPQRFKHLQH.XJHOQDFK VFKLFNHQPXWHPLFKDEHUXPGHQ]ZHLWHQ*HJQHUNPPHUQ8QGGDV :HVHQVFKOHXGHUWHGLH/DQ]H $P%RGHQZlUHLFKDXVJHZLFKHQQLFKWKLHULQGHU/XIW,FK]RJ]ZDU GHQ.RSIHLQDEHUDXVZHLFKHQNRQQWHLFKQLFKWPHKU

'LH)HXHUODQ]HWUDI 'DVKlOLFKH*HUlXVFKPLWGHUGHU6HJHOVWRIIULJLQJPLUGXUFK 0DUNXQG%HLQ =XHUVWJHVFKDKQLFKWVGLH/DQ]HZDUDXFKZHLWHUJHIORJHQDEHUGDQQ WDQ]WHQNOHLQH)ODPPHQDXI :LHKRFKEHIDQGLFKPLFKEHUGHP%RGHQ" +XQGHUW)XKXQGHUW]ZDQ]LJ" ,FKEOLFNWHPLFKXP'DEHIDQGVLFKQRFKGHUPLW*UDVEHZDFKVHQH +DQJJHJHQGHQLFKYRUKLQIDVWJHSUDOOWZlUH.RQQWHHUMHW]WPHLQH 5HWWXQJZHUGHQ" 'LH=HLWODQJHQDFK]XGHQNHQGLHKDWWHLFKQLFKWPHKU.XU] HQWVFKORVVHQNLSSWHLFKGHQ'UDFKHQQDFKYRUQXQGJHULHWLQHLQHQ 6WXU]IOXJ 1HLQGDVEHUOHEWHLFKQLFKW ,FKK|UWHGDV5DXVFKHQGHV:LQGHVGLH$QJVWSHLWVFKWHLQKHLHQ :HOOHQLQPLUKRFKGHU'UDFKHQZDFNHOWHXQG]LWWHUWHDEHUGDV6HJHO EUDQQWHQLFKWPHKU'LH)ODPPHQZDUHQYRP)OXJZLQGJHO|VFKW ZRUGHQ 8PPLFKKHUXPGUHKWHVLFKDOOHV'HU+DQJVFKZDQNWHYRQHLQHU6HLWH ]XUDQGHUHQ,FKYHUVXFKWHYHU]ZHLIHOWGHQ'UDFKHQKRFK]XUHLHQRGHU LKQLQHLQHDQGHUH/DJH]XEULQJHQGDPLWLFKQLFKWGLUHNWJHJHQGHQ +DQJNUDFKWH ,UJHQGZLHJHODQJHVPLU'HU6WXU]IOXJZXUGHJOHLWHQGHUZDUDEHU LPPHUQRFKVHKUVFKQHOO =XVFKQHOO 8QGGDZDUGHU+DQJ ,FKVWUHFNWHPHLQHQ.|USHUQLFKWPHKUVRQGHUQOLHGLH%HLQHQDFK XQWHQEDXPHOQ0HLQH)HIDQGHQ.RQWDNW,FKUDQQWH9HUVXFKWHGLH *HVFKZLQGLJNHLWEHL]XEHKDOWHQUDQQWHZHLWHUOLHGHQ'UDFKHQORVXQG GDQQKDWWHLFKGDV*HIKOHLQHQVFKPHWWHUQGHQ6FKODJJHJHQGLH:DGHQ ]XEHNRPPHQ ,FKEHNDPLKQWDWVlFKOLFK 'DQQYHUORULFKGHQ.RQWDNWPLWGHP%RGHQKREUHJHOUHFKWDEXQG IUPLFKJLQJSUDNWLVFKGLH:HOWXQWHU,FKILHODXIGLH1DVHNQDOOWHODQJ KLQUXWVFKWHZHLWHUEHUVFKOXJPLFKZXWHQLFKWZRREHQQRFKXQWHQ ZDUXQGGDFKWHQLFKWPHKUDQGLH)OXJHFKVHQXQGDQ*RUGRQ6FKUHLEHU ,FKUROOWHGHQ+DQJKLQXQWHUZREHLLFKPLFK]XVDPPHQNUPPWHXQG PHLQHQ.RSIPLWEHLGHQ$UPHQVFKW]WH 3O|W]OLFKZDUDOOHVYRUEHL ,FKODJVWLOO8QGVSUWHGLH1lVVH8PPLFKKHUXPUDXVFKWH:DVVHU (LQ%DFKKDWWHPHLQHQ6WXU]DXIJHKDOWHQ

,FKULFKWHWHPLFKDXIXQGZXQGHUWHPLFKGDHVQRFKNODSSWH=XHUVW ZDUILFKHLQHQ%OLFNLQGHQ+LPPHO 9RQGHP(FKVHQZHVHQZDUQLFKWVPHKU]XVHKHQ7URW]GHPUDXVFKWH HWZDVKHUDQ (VZDU*RUGRQ6FKUHLEHU ª:LUVSUHFKHQXQVQRFK©EUOOWHHUVRODXWHUNRQQWHELVLKPGHU :LQGVHLQH:RUWHYRQGHQ/LSSHQULDEHULFKKDWWHVLHWURW]GHPYHU QRPPHQ *RUGRQ6FKUHLEHUYHUVFKZDQG $OOHLQEOLHELFK]XUFN 0LWHLQLJHQ3UHOOXQJHQDEHURKQH.QRFKHQEUFKH,FKKDWWHHLQHQ)DOO KLQWHUPLFKJHEUDFKW$OOHUGLQJVQXUKDOE*RUGRQ6FKUHLEHUZDU HQWZLVFKW6LFKHUZUGHLFKLUJHQGZDQQYRQLKPK|UHQ 9RU:XWKDWWHLFKDPOLHEVWHQLQHLQHQ6WHLQJHELVVHQ 1DFKHLQHPTXlOHQGHQPKHYROOHQ0DUVFKHUUHLFKWHLFK*XQWHUZR GHU/HLKZDJHQVWDQG:LHHLQ*UHLVEHZHJWHLFKPLFKYRUDQZHLO PLUVlPWOLFKH.QRFKHQZHKWDWHQ,FKDWPHWHHUVWDXIDOVLFKKLQWHU GHP/HQNUDGVD 'DQQKLHOWPLFKQLFKWVPHKU 'HQ:HJ]XU%XUJVFKDIIWHLFKLQHLQHUZDKUHQ5HNRUG]HLW9RUGHU %XUJVWDQGHQ3ROL]HLZDJHQXQG]ZHL)DKU]HXJHGHU$PEXODQ](V ZLPPHOWHYRQ%HDPWHQ 0LFKLQWHUHVVLHUWHQXU-DQH&ROOLQV 6LHODJVFKRQDXIGHU7UDJHXQGKLQJDP7URSI1HEHQLKUVWDQG6XNR ,FKVDKDXFK&DUOR/HL ª8QG"©IUDJWHLFKDOVLFKLQGLH+DOOHVWUPWHXQGPLFKDXFKQLFKW YRQ3ROL]LVWHQDXIKDOWHQOLH ª6LHZLUGHVVFKDIIHQ©DQWZRUWHWH6XNR ,FKK|UWHGHQ%URFNHQI|UPOLFKSROWHUQGHUPLUYRP+HU]HQILHO-DQH ZDUEHL%HZXWVHLQ6LHHUNDQQWHPLFK ª-RKQ©IOVWHUWHVLH0HKUQLFKW ,FKVFKOXFNWHYHUVXFKWH]XOlFKHOQDEHUHVZXUGHQXUHLQYHU]HUUWHV *ULQVHQ 'DQQKDXFKWHLFKLKUHLQHQ.XDXIGLHEODVVHQ/LSSHQ 'LHYLHU3HUVRQHQGHV+H[HQ]LUNHOVZDUHQVFKRQZHJJHVFKDIIW ZRUGHQ0LWLKQHQZUGHQVLFKGLH%HK|UGHQEHIDVVHQ ª8QG6FKUHLEHU"©IUDJWH6XNR ª(QWNRPPHQ© 0HLQ)UHXQGVDJWHQLFKWVPHKU

-DQHNDPLQHLQ.UDQNHQKDXV6XNRXQGLFKEOLHEHQQRFK]ZHL7DJH ,Q*XQWHUTXDUWLHUWHQZLUXQVHLQ,FKKDWWHQRFKHLQHJHULQJH+RIIQXQJ GDGLH)DKQGXQJQDFK6FKUHLEHU(UIROJ]HLJHQZUGHGRFKHUZDU QLFKWZLHGHUDXIJHWDXFKW :LUEHVXFKWHQ-DQHGHUHVVFKRQZLHGHUEHVVHUJLQJ$OOHUGLQJV ZROOWHQGLHbU]WHVLHQRFK]ZHL:RFKHQGDEHKDOWHQ $XFKGHQYLHU3HUVRQHQLP*HIlQJQLVVWDWWHWHQZLUPHKUHUH%HVXFKH DE$XVGHQEHLGHQ)UDXHQXQGDXVGHQ0lQQHUQZDUNHLQ:RUWKHU DXV]XEHNRPPHQ$QJHEOLFKZXWHQLHPDQGZRVLFK*RUGRQ6FKUHLEHU DXIKLHOW,Q*HQIZDUHUMHGHQIDOOVQLFKWHUVFKLHQHQ $PGULWWHQ7DJVWDUWHWHXQVHU)OXJ]HXJ'RQ&DUORIXKUPLWELV=ULFK 9RUGHP)OXJYHUVSUDFKHUXQVVLFKXP-DQH&ROOLQV]XNPPHUQ(U VDKHVDOVVHLQH3IOLFKWDQZLHHUVDJWH ªhEHUQHKPHQ6LHVLFKQLFKW©ZDUQWHLFKLKQª0LVV&ROOLQVLVWPDQFK PDOHLQH.UDW]EUVWH© ª,FKPHLQHGDVDXFKQXUUHLQIUHXQGVFKDIWOLFK©HUNOlUWHPLU'RQ &DUOR ª$QHWZDVDQGHUHVKDEHLFKDXFKQLHJHGDFKW©HUZLGHUWHLFKJULQVHQG XQGUHLFKWHLKPGLH+DQG =ZDQ]LJ0LQXWHQVSlWHUVFKZHEWHQZLULQGHU/XIW'LHVPDOIKOWHLFK PLFKVLFKHUGHQQHLQ-HWLVWNHLQ6HJHOGUDFKHQ (1'(