Die Vampirflotte

',(9$03,5)/277( hEHUDOODXIGHU:HOWNDQQGDV*UDXHQODXHUQ ,QHLQVDPHQ6FKO|VVHUQVFKDXULJHQ*UIWHQXQGPRGHUQHQ6...

13 downloads 229 Views 238KB 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

',(9$03,5)/277( hEHUDOODXIGHU:HOWNDQQGDV*UDXHQODXHUQ ,QHLQVDPHQ6FKO|VVHUQVFKDXULJHQ*UIWHQXQGPRGHUQHQ6WlGWHQ HEHQVRDXIKRKHQ%HUJHQYHUODVVHQHQ)ULHGK|IHQXQGLQPHQVFKHQ OHHUHQ(LVZVWHQ ,QGLHVHP)DOODEHUODXHUWHHVZRDQGHUV $XIGHPWLHIVWHQ*UXQGGHV0HHUHVZRNDXPHLQ6RQQHQVWUDKOKLQ GUDQJODJGDVXUDOWH6HJHOVFKLIIGHVVHQ%HVDW]XQJDXV:HVHQEHVWDQG GLHQDFKGHP%OXWGHU0HQVFKHQGUVWHWHQ 9DPSLUH 6LPRQ5RFNZDUHLQ6WDU =ZDUVSLHOWHHUQLFKWLP)LOPXQGZDUDXFKDXINHLQHU790DWWVFKHLEH ]XVHKHQWURW]GHPJDOWHUDXIVHLQHP*HELHWDOVGHUDEVROXWH6XSHU PDQQ 6LPRQ5RFNZDU7DXFKHU (UXQGVHLQH&UHZYRQYLHUHLVHQKDUWHQ0lQQHUQKDWWHQHLQLUUHV *HVFKlIWDQGHU2VWNVWH)ORULGDVDXIJH]RJHQ6LHWDXFKWHQQDFKYHU VXQNHQHQ6FKLIIHQGLHYRUYLHUKXQGHUWXQGPHKU-DKUHQPLW6LHGOHUQ DXV6SDQLHQJHNRPPHQZDUHQGDV*ROGGHU,QNDVXQG$]WHNHQUDXE WHQXQGPLWSUDOOJHIOOWHQ6FKLIIVElXFKHQ]XUFNVHJHOWHQ 9LHOH*DOHRQHQZDUHQVREHUODGHQGDVLHDXIGHU5FNIDKUWVHOEVW HLQHPNOHLQHQ6WXUPQLFKWWURW]HQNRQQWHQ6LHVDQNHQ 9RUGHU.VWH)ORULGDVODJHQVLHDXIGHPULHIHQ0HHUHVJUXQG$OJHQ XQG3ODQNWRQKDWWHQHLQHQIHVWHQ0DQWHOEHUGLH6FKLIIHJHOHJWKDWWHQ GLHRIW]HUVW|UWHQ$XIEDXWHQEHUZXFKHUWXQGQHXH/HEHQVEHUHLFKHIU XQ]lKOLJH)LVFKH3IODQ]HQXQG.OHLQVWWLHUHJHVFKDIIHQ -DKUKXQGHUWHODQJNPPHUWHVLFKQLHPDQGXPGLHYHUVXQNHQHQ *DOHRQHQ%LVHVHLQHV7DJHVHLQHQUHJHOUHFKWHQ5XQJDE,UJHQGMHPDQG KDWWHGHQ$QVWRJHJHEHQ3O|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lQQHUZDUHQGDYRUVLFKWLJHU(UKDWWHVLFKGLH

/HXWHDXVDOOHU:HOW]XVDPPHQJHKROWXQGHLQHNOHLQHDEHUVFKODJNUlI WLJH0DQQVFKDIW]XVDPPHQJHVWHOOW'D]XJHK|UWHQRFK3UHWW\%HQVRQ VHLQHVFKZDU]KDDULJH)UHXQGLQPLWGHP6FKX-DPDLFD%OXWLQGHQ $GHUQ6LHZROOWH6LPRQXQEHGLQJWKHLUDWHQGRFKGHUJURHEORQGH VRQQHQEUDXQHXQGDWKOHWLVFKJHEDXWH0DQQKDWWHNHLQ,QWHUHVVHVLFK HKHOLFK]XELQGHQ $QGLHVHP7DJZDUHQVLHVFKRQVHLWGHQIUKHQ0RUJHQVWXQGHQDXI GHP:DVVHU,KUVFKQHHZHLHV%RRWGLH)O\LQJ6WDUVFKDXNHOWHVDFKWLQ GHUKRKHQ'QXQJ'LH6RQQHZDUIHLQHQJROGHQHQ7HSSLFKDXIGLH :HOOHQXQGHULQQHUWHGLHYLHU7DXFKHULPPHUGDUDQGDHLQ9HUP|JHQ XQWHUGHU2EHUIOlFKHGHV0HHUHVODJ (VZDUVSlWHU1DFKPLWWDJ*HIXQGHQKDWWHQVLHQLFKWYLHO1XUZHQL JH0Q]HQGLHDOOHUGLQJVQLFKWVHKUYLHOZHUWZDUHQ(VNDPHQQLFKW HLQPDOGLH6SHVHQIUGHQKHXWLJHQ7DJGDEHLKHUDXV'HVKDOEEHU OHJWHQVLHREVLHDQGLHVHP7DJQRFKHLQPDOWDXFKHQVROOWHQ6LHKDWWHQ VLFKDP+HFNYHUVDPPHOWXQGKLQJHQLQGHQEXQWHQ/LHJHVWKOHQ VFKODIIXQGDEJHVSDQQW'RFKGHUlXHUH(LQGUXFNWlXVFKWH'LHVH 0lQQHUNRQQWHQYRQHLQHU6HNXQGH]XUDQGHUHQH[SORGLHUHQ=XGHP ODJHQGLH:DIIHQLPPHULQ*ULIIQlKH6FKQHOOIHXHUJHZHKUHXQG3LVWROHQ =ZHLPDOZDUHQVLHEHUHLWVYRQ6HHEDQGLWHQEHUIDOOHQZRUGHQEHLGH 0DOHKDWWHQVLHGLH$WWDFNHQEOXWLJ]XUFNJHVFKODJHQ ª,FKKDEHNHLQH/XVWPHKU©VDJWH7HG/DZUHQFHGHU6FKZDU]HXQWHU LKQHQª+DEHPLFKKHXWHJHQXJJHlUJHUW© 5RFNYHU]RJGLH/LSSHQ:LHDXFKGLHDQGHUHQWUXJHUQXUVHLQH NXU]HQ%DGHVKRUWVª6HLWZDQQJLEVWGXVRVFKQHOODXI"© ª,FKKDEHHLQHQVFKOHFKWHQ7DJ©7HGUROOWHPLWGHQ$XJHQXQG VFKDXWHDQ6LPRQYRUEHLGHQQDXVGHP1LHGHUJDQJWDXFKWH3UHWW\ %HQVRQDXI 6LHZDUHLQH$XJHQZHLGH,KUH+DXWKDWWHHLQHQ)DUEWRQGHUDQ 0LOFKNDIIHHHULQQHUWH6LHWUXJHLQHZLOGH)ULVXUGLHPDQPLWGHP:RUW $IURORRNXPVFKUHLEHQNRQQWH'LH%HLQHGHU)UDXVFKLHQHQXQHQGOLFK ODQJ]XVHLQXQGHQGHWHQGRUWZRGHUVFKQHHZHLH7DQJDPHKUDOV NQDSSVD9RQ3UHWW\V*HVLFKWZDUQLFKWYLHO]XVHKHQZHLOHVYRQHLQHU JURHQ6RQQHQEULOOHYHUGHFNWZXUGH'LH/LSSHQZDUHQOHLFKWDXIJH ZRUIHQRKQHRUGLQlU]XZLUNHQ'HUKRFKDQJHVHW]WH%XVHQKlWWHHLJHQW OLFKNHLQ2EHUWHLOQ|WLJJHKDEW3UHWW\WUXJHVWURW]GHPREZRKOGDV ZLQ]LJH6WRIIWHLOQLFKWHLQPDOGLH%UXVWZDU]HQY|OOLJEHGHFNWH 'LHVH)UDXZDUVH[SORVLY 'DVZXWHQDXFKGLH0lQQHU9LHUYRQLKQHQKlWWHQVLHJHUQHLQPDO LP%HWWJHKDEW(LQHU6LPRQ5RFNNRQQWHVLFKGDV9HUJQJHQJ|QQHQ ZDQQLPPHUHUZROOWHVRPXWHQVLFKGLHDQGHUHQGDPLWEHJQJHQ

GLHVHQZHLEOLFKHQ9XONDQPLW%OLFNHQYROOHQGVDXV]X]LHKHQGHQQJHJHQ 5RFNNDPNHLQHUDQ'HUHKHPDOLJH%RG\EXLOGHUZXWHVHLQH)lXVWH DXVJH]HLFKQHWHLQ]XVHW]HQ 3UHWW\WUXJHLQ7DEOHWWDXIGHQDXVJHVWUHFNWHQ$UPHQ(LQHJURH .DUDIIHPLW)UXFKWVDIW(LVZUIHOXQGPHKUHUH*OlVHUVWDQGHQGDUDXI 'DV*LUOKDWWH0KHGXUFKLKUH%HZHJXQJHQGDV6FKZDQNHQGHV 6FKLIIHVDXV]XJOHLFKHQDEHUVLHVFKDIIWHHVPLW*OFNXQG5RXWLQH$OV VLHVLFKYRUEHXJWHXQGGDV7DEOHWWDEVWHOOWHZXUGHQGLH(LQEOLFNHGHU 0lQQHUQRFKEHVVHUXQG2 %ULHQHLQURWKDDULJHU,UHOHFNWHVLFK JHQLHHULVFKGLH/LSSHQ ª,FKKDEHHXFKHLQHNOHLQH(UIULVFKXQJJHEUDFKW©VDJWH3UHWW\,KUH 6WLPPHNODQJOHLFKWUDXFKLJHWZDVYHUUXFKWXQGDQ6QGHHULQQHUQG ª'DQNH'DUOLQJ©OlFKHOWH6LPRQ5RFNXQGNORSIWHLKUDXIGDVZRKO JHUXQGHWH+LQWHUWHLOZDVVLHPLWHLQHP.LFNVHQTXLWWLHUWHª/HJGLFK ZLHGHULQGLH6RQQH© ª=XHXFK"© ª1HLQZLUKDEHQJHVFKlIWOLFKH'LQJH]XEHUHGHQ'XOHQNVWXQV]X VHKUDE© ª$EHULFKWXHGRFKQLFKWV©VDJWHVLHXQGZLHJWHVLFKLQGHQ+IWHQ ª'DVUHLFKWVFKRQ'DUOLQJ© 6LHODFKWHZDUI6LPRQHLQH.XKDQG]XXQGYHUVFKZDQG ª0DQQGLHLVWHLQH6QGHZHUW©VDJWH/DZUHQFHXQGVFKUDSSWHPLW GHQ)LQJHUQ (UILQJVLFKHLQHQVFKUlJHQ%OLFNYRQ6LPRQ5RFNHLQª'LHPDFKWVLFK QLFKWVDXV6FKZDU]HQ© 7HGJULQVWHPLWVFKQHHZHLHQ=lKQHQª0LVFKOLQJHVLQGDPVFKOLPP VWHQ'DVNHQQHLFK© ª.RPP]XU6DFKH©IRUGHUWHLKQ,NH&ODQWRQGHU0DQQDXV.DQDGD DXI(UZDUGHU6FKZHLJVDPVWH)ULKQJLQJHVIDVWQXUXPV*HVFKlIW :HQQHU*HOGKDWWHNDXIWHHUVLFK)UDXHQ&ODQWRQVDKDXVZLH.RMDN QXUZDUHUZHVHQWOLFKVFKODQNHUXQGWUXJHLQHQGLFKWHQ9ROOEDUW 5RFN6LPRQVFKHQNWHHLQNLSSWHDXFKQRFK(LVZUIHOLQGLH*OlVHU XQGYHUWHLOWHGLH*HWUlQNH ª2ND\)UHXQGHLKUKDEWNHLQH/XVW,FKZLOODEHUQRFKWDXFKHQ:HU NRPPWPLW"© 0RQWDQDQLFNWH:LHHUULFKWLJKLHZXWHHUVHOEVWQLFKW(UZDULQ +HOHQDGHU+DXSWVWDGW0RQWDQDVJHERUHQKDWWHDQGHU:HVWNVWH JHWDXFKWXQGVLFKLQDOOHQP|JOLFKHQ-REVGXUFKJHVFKODJHQ$QJHEOLFK VROOWHLKQDXFKGLH3ROL]HLLQPHKUHUHQ6WDDWHQGHU:HVWNVWHVXFKHQ DEHUGDVZDU5RFNHJDO0RQWDQDZDUHLQ0DQQDXIGHQHUVLFKYHU ODVVHQNRQQWH

ª,VWJHERQJW©HUZLGHUWH5RFN ª8QGZDQQ"© 6LPRQVFKDXWHDXIGLH8KU(VZDUVHFKVª,QHLQHUKDOEHQ6WXQGH N|QQWHQZLUIHUWLJVHLQ© 0RQWDQDQLFNWH(UJULIIQDFKGHQ=LJDUHWWHQGLHQHEHQLKPODJHQ ]QGHWHVLFKHLQ6WlEFKHQDQXQGVFKDXWHDXIV0HHUZRLQGHU)HUQHGHU +LPPHOXQGGDV:DVVHUHLQH/LQLHGHQ+RUL]RQWELOGHWHQ'RUWODJ DXFKHLQ3XQNW 6DKDXVZLHHLQ6FKLII 0RQWDQDQDKPGDV)HUQJODVXQGSUHWHHVJHJHQVHLQH$XJHQ ZlKUHQGHUVLFKHUKRE ª:DVLVW"©IUDJH6LPRQ ª(LQ6FKLII© ª8QG"© 0RQWDQDKREGLH6FKXOWHUQª(LJHQWOLFKQLFKWV,FKNDQQQLFKWHU NHQQHQ]XZHPHVJHK|UW,VW]XZHLWZHJ© ª'LH.RQNXUUHQ]©JULQVWH2 %ULHQ ª:HQQHV3LUDWHQVLQGNULHJHQVLH%OHL©VDJWH,NH&ODQWRQXQGJULQVWH KDUW 'LHDQGHUHQODFKWHQ1RFKVHKUJXWNRQQWHQVLHVLFKDQ(LQ]HOKHLWHQ GHUOHW]WHQ$XVHLQDQGHUVHW]XQJHQHULQQHUQ 0RQWDQDVFKQLSSWHGLH.LSSHLQV0HHUXQGVHW]WHVLFKZLHGHU6LPRQ 5RFNZDUDXIJHVWDQGHQ(UKROWHGLHQHXHQ3UHOXIWIODVFKHQXQGDXFK GLHJHOEHQ1HRSUHQDQ]JH'DXQWHQZDUHVYHUGDPPWNDOWGHQQGLH 6FKLIIHODJHQVHKUWLHI 6LPRQ5RFNVWLHJLQVHLQHQ7DXFKHUDQ]XJ'DEHLNRQQWHMHGHUGDV 6SLHOVHLQHU0XVNHOQEHREDFKWHQ(UKDWWHZLUNOLFKHLQHQJXWGXUFKWUDL QLHUHQ.|USHU%UHLWH6FKXOWHUQVFKPDOH+IWHQNHLQ*UDPP)HWW ]XYLHO,QVHLQHP*HVLFKWVWDFKGLHPDUNDQWH1DVHKHUYRUXQWHUGHUHLQ KHOOHU%DUWZXFKV /DQJVDP]RJHUGHQ5HLYHUVFKOXKRFK'HU$Q]XJVDZLHHLQH ]ZHLWH+DXW $XFK0RQWDQDKDWWHVLFKLQ]ZLVFKHQXPJH]RJHQ(UEHUSUIWHQRFK PDOGLHEHLGHQ3UHOXIWIODVFKHQGHQQGDYRQKLQJLKU/HEHQDE(LQ NOHLQHU)HKOHUNRQQWHW|GOLFKVHLQ ª$OOHVNODU"©IUDJWH7HG/DZUHQFH 0RQWDQDQLFNWH $XFK6LPRQ5RFNIDQGNHLQHQ)HKOHU%HLGHZDUIHQJOHLFK]HLWLJ GLH3UHOXIWIODVFKHQEHULKUH6FKXOWHUQXQGEHIHVWLJWHQVLHDQ 5FNHQXQG+IWHQ6LHVWOSWHQGLH7DXFKHQPDVNHQEHUGHQ.RSI XQGEHUSUIWHQGLH$WPXQJ

.HLQH6FKZLHULJNHLWHQ'DQDFKVFKOSIWHQVLHLQGLH6FKZLPPIORVVHQ 'DV*ROGORFNWH /HLGHUNRQQWHQVLHQLFKWDOOHVIUVLFKEHKDOWHQ:HQQVLHHLQOLHIHQ ZXUGHGDV6FKLIIYRQVSH]LHOODXVJHELOGHWHQ%HDPWHQGHU&RDVW*XDUG XQWHUVXFKW6LHPXWHQGLH+lOIWHDQGHQ6WDDWDEOLHIHUQ'DVZXUPWHVLH DOOH 'DV:HUN]HXJEHVWDQGDXVHLQHUNOHLQHQ6FKDXIHOHLQHUHEHQVRNOHL QHQDEHUKDUWHQ6SLW]KDFNHXQGDXV]ZHLOLFKWVWDUNHQ7DVFKHQODPSHQ GLHDXFKLQGHU7LHIHJHQJHQG+HOOLJNHLWJDEHQXPVLFKRULHQWLHUHQ]X N|QQHQ ª:DQQVHLGLKUXQJHIlKUZLHGHUREHQ"©IUDJWH/DZUHQFH ª,QHLQHU6WXQGH©DQWZRUWHWH5RFN ª2ND\© 'LHEHLGHQ0lQQHUWUDWHQDQGLH%RUGZDQG|IIQHWHQGRUWHLQ*LWWHU XQGOLHHQVLFKNRSIEHULQGDV:DVVHUIDOOHQ6LPRQ5RFNWUXJQRFKGDV :HUN]HXJ 'LHDQGHUHQGUHLVFKDXWHQLKQHQQDFK.HLQHUGHU0lQQHUZHGHU GLHGLHWDXFKWHQQRFKGLHGLHDQ%RUGEOLHEHQDKQWHQZDVGLH6WXQGH JHVFKODJHQKDWWH 'HQQZHUGDV*UDXHQZHFNWHGHUZXUGHYHUVFKOXQJHQ 'DV:DVVHUVFKOXJEHULKQHQ]XVDPPHQXQGVLHEHIDQGHQVLFKLQHLQHU DQGHUHQIDV]LQLHUHQGHQ:HOW'LH6WLOOHGHV2]HDQVXPJDEVLHGLH 6FKZHLJVDPNHLWGHV0HHUHVhEHULKQHQYHUVDQNHQGLHOHW]WHQ 6RQQHQVWUDKOHQXQWHULKQHQEUHLWHWHVLFKGLHJHKHLPQLVYROOHJUQ VFKZDU]H7LHIHDXVGLHLPPHUZLHGHUPLWQHXHQ$EHQWHXHUQXQG JHZDOWLJHQ(LQGUFNHQORFNWHVRGDGLH7DXFKHULKUHU)UHPGDUWLJNHLW XQGLKUHP5HL]RIWJHQXJHUODJHQXQGVlPWOLFKH6LFKHUKHLWHQYHUJDHQ 6LPRQ5RFNXQG0RQWDQDHUJLQJHVDQGHUV6LHZDUHQNHLQH +REE\WDXFKHUIUVLHZDUGDV:DVVHUNHLQ8UODXEVHOHPHQWVLHVDKHQ GLH7DXFKHUHLDOVUHLQHV*HVFKlIWDQ ,KUH.|USHUKDWWHQVLFKJHVWUHFNW0LWNUlIWLJHQ%HLQVFKOlJHQXQG +LOIHGHU6FKZLPPIORVVHQWDXFKWHQVLHLQGLH7LHIH 6FKRQDXIGHP%RRWKDWWHVLFK6LPRQ5RFNHQWVFKORVVHQQLFKWGRUW]X WDXFKHQZRVLHDP0RUJHQVFKRQYHUJHEHQVQDFKJHVHKHQKDWWHQ (UZROOWHVLFKZHLWHUQ|UGOLFKKDOWHQXQGVRPLWLQHLQ*HELHWJHODQJHQ GDVYRQLKQHQQRFKQLFKWXQWHUVXFKWZRUGHQZDU $XIGHU6HHNDUWHKDWWHHUVLFKGDV$UHDODQJHVHKHQ$XIGHU(UGH ZUGHPDQHVPLWHLQHU:LOGQLVYHUJOHLFKHQRGHUHLQHPXQGXUFKGULQJ OLFKHQ*HELHWGHQQKLHUKDWWHGLH1DWXULQHLQHUEHUVFKlXPHQGHQ

/DXQHHLQJHZDOWLJHV.RUDOOHQULIIJHELOGHWGDVVLFKZLHHLQ*HELUJH PHLOHQZHLWDXVEUHLWHWH(VZDUQRFKOlQJVWQLFKWHUIRUVFKWZRUGHQ'D JDEHV6SDOWHQ7ULFKWHU+|KOHQJHIlKUOLFKH7XQQHOXQG]DKOUHLFKH 9HUVWHFNHIU5DXEILVFKH 'DV*HELHWZDUJHIlKUOLFK6LPRQ5RFNZXWHPLWGHU*HIDKUXP]X JHKHQHUNDONXOLHUWHXQGUHFKQHWHVLHDXV'HVKDOEZROOWHHUDXFKQLFKW WLHILQGDV5LIIKLQHLQWDXFKHQVRQGHUQVLFKQXUDQGHVVHQ5DQGDXI KDOWHQXQGHLQHQHUVWHQ(LQGUXFNJHZLQQHQ=XGHPVROOWHQGRUW]DKO UHLFKH6FKLIIHJHVXQNHQXQGYRQGHQVFKDUIHQ(FNHQXQG.DQWHQGHV 5LIIVUHJHOUHFKWDXIJHVSLHWZRUGHQVHLQ 6LPRQ5RFNZDUIHVWGDYRQEHU]HXJWLQQHUKDOEGHV.RUDOOHQULIIVHLQ 0LOOLRQHQYHUP|JHQ]XILQGHQ 6HLQ7DXFKSDUWQHUZXQGHUWHVLFKDOVGHUYRUDXVVFKZLPPHQGH5RFN SO|W]OLFKDEERJ 0RQWDQDJDEDEHUNHLQ=HLFKHQVRQGHUQIROJWHGHP%RGHU 7DXFKHUFUHZ (LQ)LVFKVFKZDUPVLOEULJJOlQ]HQGNDPLKQHQHQWJHJHQ'LHNOHLQHQ 7LHUHQDKPHQEHUKDXSWNHLQH1RWL]YRQGHQEHLGHQ0lQQHUQ8Q JHKLQGHUWNRQQWHQVLHGHQ6FKZDUPGXUFKTXHUHQ 6LHZDUHQLQ]ZLVFKHQ]LHPOLFKWLHI/LFKWGUDQJVRJXWZLHJDUQLFKW KLHUKHU(LQJUQOLFKHVGLIIXVHV'XQNHOXPJDEVLHDEHUQRFKNRQQWHQ VLHDXIGDV(LQVFKDOWHQGHU/DPSHQYHU]LFKWHQ 3ODQNWRQ$OJHQXQGQXUXQWHUGHP0LNURVNRSVLFKWEDUH(LQ]HOOHU /HEHZHVHQVRUJWHQGDIUGDDXVGHP:DVVHUHLQH]LHPOLFKWUEH %UKHZXUGH 'DQQKXVFKWHHLQ6FKDWWHQKHUDQ%OLW]VFKQHOOZDUHUGD%HLGH 0lQQHUNDQQWHQVLFKDXV'DVZDUHLQ+DL8QZLOONUOLFKWDVWHWH6LPRQ 5RFNQDFKVHLQHPEUHLWHQ0HVVHULP*UWHO(UGDFKWHDQGLH]DKO UHLFKHQ.lPSIHGLHHUVFKRQJHJHQ+DLHJHIKUWXQGEHUOHEWKDWWH 'RFKGHUVFKODQNH)LVFKOHLEJOLWWYRUEHL 6LHVFKZDPPHQZHLWHU 5XKLJXQGJOHLFKPlLJDWPHWHQVLH'LH/XIWUHLFKWHIU]ZHL6WXQGHQ 6RODQJHKDWWHQVLHQLFKWYRUXQWHU:DVVHU]XEOHLEHQ6LHZROOWHQDXFK QLFKWNRQNUHWVXFKHQQXUGDV*HELHWHUNXQGHQGDPLWVLHDPDQGHUHQ 7DJULFKWLJEHJLQQHQNRQQWHQ 6LPRQ5RFNVFKZDPPHWZDVODQJVDPHUXQGOLHVHLQHQ3DUWQHU DXIVFKOLHHQ'DQQVWUHFNWHHUGHQUHFKWHQ$UPDXVXQGGHXWHWHQDFK YRUQ 0RQWDQDYHUVWDQG6LHZUGHQQRFKZHLWHUVFKZLPPHQ)QI 0LQXWHQYHUJLQJHQGDQQZXFKVYRULKQHQHLQHJHZDOWLJH:DQGKRFK GLHHUVWQXUDOV6FKDWWHQ]XHUNHQQHQZDU'DV5LII

'UHLLJ0HLOHQYRUGHU.VWHJDEHVGLHVHVJHZDOWLJHDXV.RUDOOHQ 0XVFKHOQ3ODQNWRQXQG.DONEHVWHKHQGH*HELUJHGDVELVKHUNDXP HUIRUVFKWZDU'LHPHLVWHQWUDXWHQVLFKQLFKWKLHUKHUVLHZROOWHQ VFKQHOOHUXQGULVLNRORVHU*HOGYHUGLHQHQGRFKGHQEHLGHQ6SLW]HQ WDXFKHUQPDFKWHGLHVQLFKWVDXV 6LHJOLWWHQZHLWHUGXUFKGLHIDVWEHlQJVWLJHQGH6WLOOHGHUWLHIHQ6HH 6LPRQ5RFNVFKDOWHWHDOVHUVWHUVHLQHVWDUNH8QWHUZDVVHUODPSHHLQ 'DV*ODVZDUGXUFKHLQNOHLQHV*LWWHUJHVFKW]WGDPLWHVQLFKWVROHLFKW ]HUEUHFKHQNRQQWH 'HU6WUDKOEDKQWHVLFKVHLQHQ:HJGXUFKGLH)LQVWHUQLV,QLKPWDQ] WHQXQGZLUEHOWHQNOHLQH/HEHZHVHQGLHQLH]XU5XKHNDPHQXQGHLQHQ HZLJHQ.UHLVHOELOGHWHQ -HQlKHUVLHDQGLH:DQGKHUDQNDPHQXPVRIDV]LQLHUHQGHUZXUGHHV IUVLH6LHZDUQLFKWJODWWGDJDEHVJHZDOWLJH.HUEHQXQG6SDOWHQLQ GHQHQ0XUlQHQODXHUWHQXQGDXI%HXWHZDUWHWHQ6LHVDKHQ+|KOHQGLH YRQLUJHQGZHOFKHQIDUEHQSUlFKWLJHQ)LVFKHQEHVHW]WZDUHQ(VJDE EHUKlQJHQGH:lQGH(LQVFKQLWWHXQGUHJHOUHFKWH7lOHULQXQGGXUFK GLHVLHVFKZLPPHQNRQQWHQ $XIJHVFKUHFNWGXUFKGDV/LFKWYHUOLHHLQZLQ]LJHU.UDNHVHLQH +|KOHVRQGHUWHVHLQHGXQNOH)OVVLJNHLWDEXQGYHUVFKZDQG$XFK DQGHUH)LVFKHZLVFKWHQEOLW]VFKQHOOGDYRQGHQQGLHEHLGHQ7DXFKHU ZDUHQ6W|UHQIULHGHLPIULHGOLFKHQ1HEHQHLQDQGHUGHV.RUDOOHQULIIV 6LPRQ5RFNGHXWHWHPLWGHP'DXPHQQDFKREHQ(UZROOWHVWHLJHQ (LQHJHVFKPHLGLJH%HZHJXQJVHLQHV.|USHUVGHU6FKODJPLWGHQ )ORVVHQXQGHUJOLWWDQGHU:DQGHQWODQJKRFK (WZDIQI]HKQ)XZHLWHUK|UWHGLH:DQGDXI6LPRQ5RFNEHXJWH VLFKZLHGHUQDFKYRUQVRGDHULQGDV7DOVFKDXHQNRQQWHGDVKLQWHU GLHVHU.RUDOOHQZDQGODJ (VZDUHLQUHJHOUHFKWHU.RUDOOHQJDUWHQGHULQ]DKOUHLFKHQ)DUEHQ EOKWHDOVHUYRP/LFKWGHUEHLGHQHLQJHVFKDOWHWHQ8QWHUZDVVHU OHXFKWHQJHWURIIHQZXUGH 'DZXFKVHQ6HHVWHUQHDXIGHPNDONUHLFKHQ8QWHUJUXQGQHEHQ$OJHQ XQGODQJVWLHOLJHQ3IODQ]HQGLHVLFKLP5K\WKPXVGHU8QWHUZDVVHU GQXQJEHZHJWHQXQGPLWLKUHQ.|SIHQ]XQLFNHQVFKLHQHQ6LH EHZHJWHQVLFKQXUQDFKHLQHU6HLWHHLQ=HLFKHQIUGLH7DXFKHUGD VLHHVKLHUXQWHQQLFKWPLWJHIlKUOLFKHQ*HJHQVWU|PXQJHQ]XWXQ KDWWHQ 'DVZDUYLHOZHUW 6LHGUDQJHQHLQLQGHQ7LHIVHH*DUWHQGHUYRULKUHQ$XJHQVROFKHLQH 3UDFKWHQWIDOWHWH'DV7DOGHKQWHVLFKZHLWDXV(VZDUDXIGHP*UXQG DXFKQLFKWIODFK,P/DXIHGHU-DKUHKDWWHQVLFKQHXH.RUDOOHQElQNH

JHELOGHWGLHGDEHLZDUHQVLFKXQWHUGLHVHQLGHDOHQ/HEHQVEHGLQJXQJHQ DXV]XGHKQHQ 'LH0lQQHUOLHHQVLFKQLFKWDEOHQNHQ6LHVFKZDPPHQVHKUODQJVDP ZHLWHU'LH6WUDKOHQNUHLVWHQJOLWWHQEHUGHQ*UDQGDXFKEHU:lQGH RGHUWDVWHWHQVLFKLQ6SDOWHQXQG+|KOHQKLQHLQZRVLHVLFKPDQFKPDO LQGHU'XQNHOKHLWYHUORUHQ 5RFNXQG0RQWDQDVXFKWHQHLQHVGHU]DKOUHLFKHQJHVXQNHQHQ6FKLIIH (VZDUQXQQLFKWVRGDGLH*DOHRQHQHLQIDFKQXUGDODJHQVRGDVLH MHGHU7DXFKHUVFKQHOOILQGHQNRQQWHQHLQPDQPXWHVFKRQHLQLJH (UIDKUXQJHQKDEHQXPHLQ6FKLIIEHUKDXSW]XILQGHQ'HQQLP/DXIH GHU-DKUKXQGHUWHZDUDXVMHGHPJHVXQNHQHQ6FKLIIHLQHHLJHQH .RUDOOHQEDQNJHZRUGHQGLHVLFKXQ]lKOLJH/HEHZHVHQDOVLKU*HELHW DXVJHVXFKWKDWWH 8QGGRFKJDEHV+LQZHLVH 0DQFKPDOZDUHVGLH)RUP+LQXQGZLHGHUJOlQ]WHDXFKHLQ6WFN 0HWDOOGDVDXVLUJHQGHLQHP*UXQGHQLFKWEHUZXFKHUWZRUGHQZDU RGHUGLHJHNQLFNWHQ0DVWHQGLHHLQEHUGHP*UXQGOLHJHQGHQ :LUUZDUUELOGHWHQ0DQEUDXFKWHZLUNOLFKHLQJXWHV$XJHXPHLQH VROFKH*DOHRQH]XHQWGHFNHQ 6LPRQ5RFNVFKZDPPQRFKLPPHUDOVHUVWHU'DVOLHHUVLFKQLH QHKPHQGHQQHUZDUGHU)KUHUHUEHJDEVLFKDXFKDOVHUVWHULQ*HIDKU 3O|W]OLFKVWRSSWHHUEOLHEVWHKHQXQGWUDW:DVVHU6RIRUWZDU0RQWDQD QHEHQLKP %HLGH0lQQHUGUHKWHQGHQ.RSIXQGVFKDXWHQVLFKXQWHUGHQ 6LFKWPDVNHQKHUDQ %LV5RFNQDFKOLQNVGHXWHWH)DVWZlUHQVLHYRUEHLJHVFKZRPPHQ GHQQLQGLH)HOVZDQGKLQHLQVWDFKHLQHWZD]ZHL
*HVFKLFKWHQGLHPDQVLFKYRQ8QWHUZDVVHUJHLVWHUQXQGPlFKWLJHQ 8QJHKHXHUQHU]lKOWH:HQQ7DXFKHU]XVDPPHQVDHQXQGGLH)ODVFKH NUHLVWHZXUGHQGLHVH*HVFKLFKWHQRIWDXVJHJUDEHQXQGHU]lKOW'DEHL OLHIVRPDQFKHPHLQH*lQVHKDXWEHUGHQ5FNHQ $Q*HLVWHUJODXEWH0RQWDQDQLFKWXQGHLQHPHQVFKHQIUHVVHQGH 6HHVFKODQJHKDWWHHUDXFKQRFKQLFKWJHVHKHQ'DVZDU6HHPDQQVJDUQ XQGJHK|UWHLQV5HLFKGHU)DEHO %HLGHOHXFKWHWHQVLHGLH:lQGHDE6LHNDPHQLKQHQGXQNOHUYRUDOV GLHEULJHQGHV5LIIV$XFKKLHUVDKHQVLHGLHNOHLQHQ6SDOWHQXQG (LQVFKQLWWHHQWGHFNWHQZLQ]LJH+|KOHQXQG/|FKHULPSRU|VHQ .DONJHVWHLQ 'HU(LQVFKQLWWZDU]LHPOLFKODQJ8QJHZ|KQOLFKHLJHQWOLFKGDQQDEHU YHUEUHLWHUWHHUVLFK 6LPRQ5RFNVFKZHQNWHVHLQHQUHFKWHQ$UPXQGOHXFKWHWHMHW]WPLWGHU /DPSHQDFKYRUQ 3O|W]OLFKWUDIGHU6WUDKOHWZDV5XQGHV*URHVGDVYRP:DVVHU JHWUDJHQZXUGHXQGYRULKPVFKZHEWH(VZDUNHLQ.XJHOILVFKGHU KDWWHHLQHDQGHUH)RUPXQGGHUKDWWHDXFKNHLQH+DDUH 'HU7DXFKHUJOLWWQRFKQlKHUDQGHQ*HJHQVWDQGKHUDQXQGNRQQWH LKQMHW]WJHQDXHUNHQQHQ (VZDUHLQ.RSI 'HU.RSIHLQHV0HQVFKHQ0LWHLQHPDXIJHULVVHQHQ0XQGLQGHVVHQ REHUHU=DKQUHLKH]ZHLODQJH9DPSLU]lKQHVFKLPPHUWHQ 6LPRQ5RFNKDWWHVFKRQYLHOLQVHLQHP/HEHQJHVHKHQDEHUVRHWZDV QRFKQLFKW'HU$QEOLFNZDUHLQIDFK]XJUDXHQKDIW'LHVHULP:DVVHU VFKZHEHQGH.RSIZDUQLFKWDEJHWUHQQWRGHUDEJHVFKQLWWHQZRUGHQ VRQGHUQDEJHULVVHQ6RJHQDXVDKHQGLH2SIHUYRQ+DLHQDXVGLH XQJOFNOLFK]ZLVFKHQGHUHQPlFKWLJHQ=lKQHJHULHWHQ 'DQQPXWHGLHVHU0DQQHLQ+DLRSIHUJHZHVHQVHLQ$EHUZLHNDPHU ]XGHQVSLW]HQ(FN]lKQHQDXVZHOFKHP*UXQGHZDUNHLQ%OXW]XVHKHQ XQGZRVWHFNWHGHU.LOOHUKDL"'LHVHXQGlKQOLFKH)UDJHQEHVFKlIWLJWHQ GLHEHLGHQ0lQQHUDOVVLHGHQ.RSIYRUVLFKVDKHQ 6LPRQ5RFNZDQGWHGHQ%OLFN(UVFKDXWH0RQWDQDDQXQGVDKLQ GHVVHQEHVWU]WHV*HVLFKWKLQWHUGHU7DXFKHUEULOOH$XFKHUZXWHNHLQH (UNOlUXQJ /DQJVDPWULHEGHU6FKlGHOYRUEHL(UZXUGHYRQGHU6WU|PXQJ JHSDFNWXQGYHUVFKZDQGLQHLQHP)HOVORFK 0RQWDQDKREGLH+DQGXQGGHXWHWHDQGDHVEHVVHUZDUZLHGHUDXI ]XWDXFKHQ6LPRQ5RFNVFKWWHOWHGHQ.RSI(UZROOWHMHW]WZHLWHU PDFKHQ'DV-DJGILHEHUKDWWHLKQJHSDFNWDXIJHEHQZDUQLFKWGULQMHW]W JLQJHV]XU6DFKH

6DXHUVWRIIKDWWHQVLHQRFKJHQXJ6LHNRQQWHQDOVRZHLWHUVFKZLPPHQ XQGGLH*HJHQGHUIRUVFKHQGLHKLQWHUGHP6SDOWODJ,UJHQGHWZDVZDU GRUW]XGHPKDWWHLKQHQHLQH*HJHQVWU|PXQJGHQ.RSIYRUGLH 6LFKWEULOOHQJHWULHEHQ 6LPRQ5RFNVWUHFNWHVHLQHQ.|USHUXQGJOLWWPLWHLQSDDUOHLFKWHQ %HLQVFKOlJHQYRUDQ0RQWDQDIROJWHLKP:LHDXFKEHL6LPRQODJVHLQH UHFKWH+DQGDXIGHP*ULIIGHVJURHQ7DXFKHUPHVVHUV(UZROOWHNHLQ 5LVLNRHLQJHKHQGHQQEHLGHDKQWHQGDGLH*HIDKUHQQRFKOlQJVWQLFKW YRUEHLZDUHQ=XPLQGHVWGHU+DLGHUGLHVHQ.|USHU]HUULVVHQKDWWH PXWHVLFKQRFKLUJHQGZRLQGHU1lKHDXIKDOWHQ 6LPRQ5RFNGDFKWHGDUEHUQDFKZRKHUGHU.RSIZRKOVWDPPWH'D HU]XHLQHP.|USHUJHK|UWKDWWHZDUQDWUOLFKNODUDEHUGLH=lKQH JLQJHQLKPQLFKWDXVGHP6LQQ'HUKDWWHZLUNOLFKDXVJHVHKHQZLHHLQ 9DPSLU'RFKGLHJDEHVQLFKWHEHQVRZHQLJZLHHLQ6HHXQJHKHXHU (UIDQGNHLQH/|VXQJVRVHKUHUDXFKJUEHOWH (VZXUGHZLHGHUHWZDVKHOOHU(LQ=HLFKHQGDIUGDVLHGHQ6SDOWLP )HOVKLQWHUVLFKJHODVVHQKDWWHQ 1RFK]ZHL6FKZLPPVW|HXQGHLQHDQGHUH:HOWODJYRUGHQEHLGHQ 7DXFKHUQ(VZDUHLQJURHV.RUDOOHQWDOPLWZHLWHQ0XVFKHOElQNHQPLW EL]DUUJHIRUPWHQ.RUDOOHQIHOVHQIDUELJHQ%OXPHQ*HZlFKVHQ+|KOHQ 9HUVWHFNHQXQGHLQHUSUlFKWLJHQ7LHUZHOW /DQJVDPJOLWWHQGLHEHLGHQ0lQQHUWLHIHU6LHVDXJWHQGLH(LQGUFNH LQVLFKDXIGHQQVHOEVWVLHGLHVLHVFKRQVHKUYLHOJHVHKHQKDWWHQZDUHQ YRQGLHVHPJHKHLPQLVYROOHQ7DOXQWHU:DVVHUEHJHLVWHUW9HUJHVVHQZDU GHU.RSIGLH0lQQHUOLHHQVLFKJDQ]YRQLKUHU8PJHEXQJJHIDQJHQ QHKPHQ 'DQQZXUGHQLKUH$XJHQJUR=XUVHOEHQ=HLWVDKHQVLHJHQDXGDV ZDVVLHJHVXFKWKDWWHQ (LQ6FKLII (VZDUOLQNVYRQLKQHQJHVXQNHQXQGVFKLHQDQGHU)HOVZDQG]X NOHEHQ0LWGHU6WHXHUERUGVHLWHGUFNWHHVJHJHQGDVULVVLJH*HVWHLQ 'DVJHVDPWH6FKLIIVWDQGVFKLHIZDUPLW$OJHQXQG0XVFKHOQEHU NUXVWHWDEHUQRFKVHKUJXWHUKDOWHQ 'LHGUHL0DVWHQJDEHVQRFKYROOVWlQGLJ6RJDUQRFK5HVWHGHV 6HJHOWXFKVEHZHJWHQVLFKLQGHU6WU|PXQJ$P%XJ]HLJWHVLFKHLQ JURHV/HFNGXUFKGDVGDV:DVVHUVWU|PWH'LH$XIEDXWHQZDUHQ]X VHKHQXQGXQ]HUVW|UW 0DQQGDVLVWHLQ'LQJGDFKWH6LPRQ5RFNXQGNRQQWHVLFKDQGLH VHP$QEOLFNJDUQLFKWVDWWVHKHQ'DVZDUNHLQVSDQLVFKHV6FKLIIHV PXWHVSlWHUJHVXQNHQVHLQ(LQH'UHLPDVWEDUNYLHOOHLFKWHQJOLVFKHQ 8UVSUXQJV

6LHVFKZDPPHQODQJVDPQlKHU $OOHUGLQJVZDUHLQVYHUZXQGHUOLFK1RUPDOHUZHLVHZXUGHQGLH JHVXQNHQHQ6FKLIIHLPPHUYRQ]DKOUHLFKHQ)LVFKHQKHLPJHVXFKWKLHU MHGRFKZDUNDXPHLQHU]XVHKHQ'LH)LVFKHPDFKWHQVHOWVDPHUZHLVHXP GLHVHV6FKLIIHLQHQ%RJHQ:HQQGHP.DKQPDOHLQHU]XQDKHNDPGDQQ ]XFNWHHUNXU]YRUGHP=LHO]XUFNXQGJOLWWGDYRQ 6HKUVHOWVDP 'LHEHLGHQ7DXFKHUZDUHQVRLQGHQ$QEOLFNGHV6FKLIIHVYHUWLHIWGD VLHGLH*HIDKUYHUJDHQ'HQ.RSIKDWWHQVLH]ZDUJHVHKHQDEHUQLFKW GHQGD]XJHK|ULJHQ.|USHURGHUGLH%HVWLHGLHGDIUYHUDQWZRUWOLFK ZDUGDGHU.RSIGXUFKV:DVVHUWUXGHOWH 'HU+DLNDPYRQGHU6HLWH /DXWORVVFKQHOOXQGJHIlKUOLFK (UZDUQRFKLPPHUDXIGHU6XFKHQDFK%HXWHKDWWH]ZDUHWZDVJH ULVVHQDEHUGDPLWNRQQWHHUQLFKWVDQIDQJHQ-HW]WVDKHUGLHEHLGHQ 7DXFKHU 0RQWDQDPHUNWHGLH*HIDKU]XHUVW(LJHQWOLFKPDFKWHLKQHUVWGHU 6FKDWWHQDXIPHUNVDPHUGUHKWHGHQ.RSIVDKGHQ+DLXQGUHDJLHUWH VRIRUW (LQH5ROOHQDFKKLQWHQZREHLHUJOHLFK]HLWLJ6LPRQ5RFNJHJHQGHQ .|USHUWUDWXQGLKQVRPLWZDUQWHGDQQ]RJ0RQWDQDVHLQ0HVVHU KHUYRU $OVGHU+DLGDZDUVWDFKGLH.OLQJHLQGLH+|KH:LHJHVDJWVLHZDU VHKUVFKDUILKUKDWWHGHU+DLQLFKWVHQWJHJHQ]XVHW]HQ 6LHVFKOLW]WHLKQDQGHU8QWHUVHLWHDXI,QHLQHPODQJHQ%RJHQIORGDV %OXWDXVGHU:XQGHXQGIlUEWHGDV:DVVHU(VZUGHQDWUOLFKQRFK PHKU+DLHDQORFNHQGLHLKUHQ$UWJHQRVVHQGDQQ]HUULVVHQGRFKGDV 5LVLNRPXWHQEHLGH7DXFKHUHLQJHKHQZROOWHQVLHVLFKQLFKWYRQGHP )LVFK]HUUHLHQODVVHQ 'HU+DLZDUQRFKQLFKWHUOHGLJW(UGUHKWHGXUFK0RQWDQDVDK]XGD HUDXVVHLQHPXQPLWWHOEDUHQ%HUHLFKNDPGHQQGHUODQJHNUlIWLJHJUDXH .|USHUSHLWVFKWHGDV:DVVHU 'HU+DLZXUGHUDVHQG(UNlPSIWHJHJHQVHLQ6FKLFNVDODQZLUEHOWH LQHLQHU:RONHYRQ%OXW]XFNWHZDUIVLFKKLQXQGKHUGUHKWHGXUFKXQG YHUVFKZDQGSO|W]OLFKLQGHP6SDOWDXVGHPGLHEHLGHQ7DXFKHUJH NRPPHQZDUHQ(UZUGHLQVRIIHQH:DVVHUVFKZLPPHQXQWHUZHJV HLQH%OXWVSXUKLQWHUVLFKKHU]LHKHQXQGYRQGHQDQGHUHQ+DLHQ]HUIHW]W ZHUGHQ 6LPRQ5RFNZLQNWH0RQWDQD]X(LQ=HLFKHQGHU$QHUNHQQXQJ 0RQWDQDZDUHLQJXWHU+DLNLOOHU -HW]WKLHOWVLHQLFKWVPHKUVLFKGDVJHKHLPQLVYROOH6FKLIIDQ]XVFKDXHQ

,QVFKUlJHU/LQLHVFKZDPPHQVLHDXIGHQ.DKQ]X8QGEHLGH VSUWHQXQDEKlQJLJYRQHLQDQGHUGLH*HIDKUGLHYRUXQGXQWHULKQHQ ODXHUWH$QGHUHUVHLWVEWHGLHVHV6FKLIIHLQHQJHZLVVHQ5HL]DXIVLHDXV 6LHPXWHQHVVLFKHLQIDFKDQVHKHQ 8QGZLHGHUZDUHQVLHEHUUDVFKWDOVVLH]ZLVFKHQGHQ0DVWHQKHU VFKZDPPHQ(VZDUQRFKDOOHVVHKUJXWHUKDOWHQ6RJDUGLH:DQWHQ ZDUHQ]XHUNHQQHQ (LQH5ROOHQDFKYRUQXQGEHLGHJOLWWHQVLHGHP'HFNHQWJHJHQ6LH WUHQQWHQVLFKMHW]WQLFKWPHKUVRQGHUQEOLHEHQGLFKWEHLHLQDQGHU'DV :DVVHUZDUGXUFKGHQJHVDPWHQ6FKLIIVOHLEJHVWU|PW6LHVDKHQGLH RIIHQHQ/XNHQXQG.ODSSHQ]XGHQ1LHGHUJlQJHQGXUFKVLHNRQQWHQ VLHLQGHQ%DXFKGHV6FKLIIHVJHODQJHQ :LHGHUVFKDOWHWHQVLHGLH/DPSHQHLQ$XIGHP$FKWHUGHFNEHIDQG VLFKHLQ5XGHUKDXVPLWRIIHQHU7U'LH7UVFKZDQJLQGHU8QWHU ZDVVHUGQXQJKLQXQGKHUDOVZUGHVLHYRQQLFKWVLFKWEDUHQ+lQGHQ EHZHJW 'LH0lQQHULQWHUHVVLHUWHQVLFKIUGLH/DGXQJ8QGGLHODJQXQPDO LP%DXFKGHV6FKLIIHV 6LHPXWHQUXQWHU =XHUVWJOLWWZLHGHU6LPRQ5RFNGXUFKGLHRIIHQH/XNHXQGWDXFKWHHLQ LQGDV'XQNHOGHV6FKLIIVEDXFKV 'HUVWDUNH/DPSHQVWUDKOEDKQWHVLFKVHLQHQ:HJGXUFKGLHWUEH)OXW $XFKKLHUXQWHQZRVLFKGLH/DGHXQG6WDXUlXPHEHIDQGHQKDWWHQ 0XVFKHOQXQG.DONIUHPGDUWLJH.XQVWZHUNHDQGHQ,QQHQZlQGHQGHV 6FKLIIHVJHELOGHW 9RQGHU/DGXQJIHKOWHMHGH6SXU.HLQH.LVWHXQGNHLQ)DZDU LUJHQGZRYHUWlXW 'LHVHU6WDXUDXPSUlVHQWLHUWHVLFKGHQEHLGHQ7DXFKHUQY|OOLJOHHU 6LHGXUFKVFKZDPPHQLKQJDQ]ELV0RQWDQDPLWGHU/DPSHZLQNWH XQGVRPLWHLQ=HLFKHQJDE 6LPRQ5RFNJOLWWQHXJLHULJQlKHU 0RQWDQDKDWWHGHQ'XUFKJDQJ]XPQlFKVWHQ/DJHUUDXPHQWGHFNW (LQRIIHQHV5HFKWHFN'LHGD]XJHK|ULJH7UODJDXIGHQ3ODQNHQ 6LHPXWHZRKODXVGHQ$QJHOQJHULVVHQZRUGHQVHLQDOVGDV6FKLIIVR SO|W]OLFKVDQN 'LHEHLGHQ0lQQHUOHXFKWHWHQGLH7UDQXQGZXQGHUWHQVLFKDOVVLH GDV.UHX]VDKHQGDVDXIGLH7UJHQDJHOWZRUGHQZDU2EZRKO 0XVFKHOQXQG.DONHVEHUZXFKHUWKDWWHQZDUHQGLH8PULVVHGRFK GHXWOLFK]XHUNHQQHQ 5RFNXQG0RQWDQDKDWWHQVFKRQ]DKOUHLFKH6FKLIIHGXUFKVXFKWXQG OHHUJHUlXPWVLHNDQQWHQVLFKLQ]ZLVFKHQVHKUJXWDXVDEHUHLQ.UHX]

YRUHLQHU7UKDWWHQVLHQRFKQLHDXIHLQHPJHVXQNHQHQ6FKLIIJHVHKHQ 'DVPXWHVHLQH%HGHXWXQJKDEHQ 2EGHU6WDXUDXPGDKLQWHUYLHOOHLFKWHWZDV%HVRQGHUHVEHLQKDOWHWH" 6HKUZHUWYROOHNLUFKOLFKH6FKlW]H"9LHOOHLFKW0HNHOFKHRGHUDQGHUH JROGHQH.UHX]HGLH]XVlW]OLFKPLW(GHOVWHLQHQJHVFKPFNWZDUHQ" 'LH7DXFKHUGDFKWHQGDVJOHLFKH,KU)RUVFKHUGUDQJOLHVLFKQLFKW PHKUEUHPVHQGLH1HXJLHUGHZDUJU|HUDOVGLHLP8QWHUEHZXWVHLQ ODXHUQGH*HIDKU 6LHJOLWWHQGXUFKGLHgIIQXQJ/DXWORVZLH]ZHL)LVFKH (LQSDDU]HUSODW]HQGH/XIWSHUOHQZDUHQGDVHLQ]LJHZDVLQGHP HUVWHQ5DXP]XUFNEOLHEXQGQRFKDQGLH7DXFKHUHULQQHUWH $EHUPDOVQDKPVLHHLQHGXQNOHXQKHLPOLFKDQPXWHQGHXQGIUHPGH :HOWJHIDQJHQ$XFKLQGLHVHP/DGHUDXPVFKLHQDXIGHQHUVWHQ%OLFN QLFKWV]XVHLQDEHUQXUDXIGHQHUVWHQ%OLFN $OVGLHEHLGHQ7DXFKHUMHGRFKGLH/DPSHQVFKZHQNWHQGDVDKHQVLH GLH.LVWHQGLHLP6WDXUDXPVWDQGHQ6LHZDUHQYRUGHP8QWHUJDQJYHU WlXWJHZHVHQ'RFKDOVGDV6FKLIIJHJHQGLH)HOVZDQGSUDOOWHZDUGLH 9HUWlXXQJJHULVVHQVRGDGLH.LVWHQGXUFKHLQDQGHUJHUXWVFKWZDUHQ -HW]WVWDQGHQVLHNUHX]XQGTXHU 6LPRQ5RFNXQG0RQWDQDJOLWWHQEHUGLH/DGXQJKLQZHJHUUHLFKWHQ GDV(QGHGHV/DGHUDXPVXQGGUHKWHQVLFKZLHGHUXPXPGLH.LVWHQ JHQDXHU]XXQWHUVXFKHQ6LHVFKZDPPHQXQWHUGHU'HFNHNLSSWHQMHW]W LKUH.|USHUXQGVWLHHQGHP%RGHQHQWJHJHQ'LH6WUDKOHQGHU/DPSHQ ERKUWHQVLFKLQGDVWUEH'XQNHOWUDIHQDXFKGLH.LVWHQYRQHLQHUJH ULQJHUHQ(QWIHUQXQJXQGMHGHUGHUEHLGHQ7DXFKHUNRQQWHVHKHQGDHV VLFKQLFKWXP/DGHNLVWHQKDQGHOWHVRQGHUQXPHWZDVDQGHUHV 8P6lUJH 6LHEHQ6lUJHZDUHQHVGLHVLFKLQGLHVHP6WDXUDXPEHIDQGHQhEHU HLQKDOEHV'XW]HQG7RWHQNLVWHQGLHVHOWVDPHUZHLVHQLFKWPLW7DQJ $OJHQRGHU0XVFKHOQEHUGHFNWVRQGHUQVRJHEOLHEHQZDUHQZLH]XYRU 'LHUDVFKDXIVWHLJHQGHQ/XIWSHUOHQ]HXJWHQGDYRQZLHVFKQHOOXQG EHUUDVFKWGLHEHLGHQ7DXFKHUZDUHQ6LHWUDWHQ:DVVHUXQGVFKDXWHQ VLFKDQ0RQWDQDGUHKWHGLH)DXVWPLWGHPDXIJHULFKWHWHQ'DXPHQXQG GHXWHWHQDFKXQWHQ 6LPRQ5RFNYHUVWDQGGDV=HLFKHQ0RQWDQDZROOWHGLH6lUJHXQWHU VXFKHQ'DVKlWWHHUDXFKYRUJHVFKODJHQGHQQHVZDUVFKRQGHV|IWHUHQ SDVVLHUWGDLUJHQGZHOFKH6HHIDKUHUZHUWYROOH/DGXQJHQLQDXHU JHZ|KQOLFKHQ9HUVWHFNHQXQWHUJHEUDFKWKDWWHQ 'D]X]lKOWHQDXFK6lUJH $EHU6LPRQ]|JHUWH(UZXWHQLFKWVRUHFKWZLHHUVLFKYHUKDOWHQ VROOWHGHQQHUGDFKWHDQGHQWUHLEHQGHQ9DPSLUNRSI

(LQ.RSIXQGMHW]WGLHVLHEHQ6lUJH 6WDQGHQGLHEHLGHQLQHLQHUXQPLWWHOEDUHQ9HUELQGXQJ"8QGZDUHV YLHOOHLFKWP|JOLFKGDVLHLQHLQHPGHU6lUJHGHQ]XP.RSIJHK|UHQGHQ .|USHUIDQGHQ" $OV6LPRQ5RFNGDUDQGDFKWHJOLWWVHOEVWLKPGHP+DUWJHVRWWHQHQ HLQ6FKDXHUEHUGHQ5FNHQ'DUDQZROOWHHUOLHEHUQLFKWGHQNHQ 9HUQQIWLJZlUHHVHLJHQWOLFKJHZHVHQGHQ5FNZHJHLQ]XVFKODJHQ GRFKGLH*LHUQDFK*ROGZDUVWlUNHU 'HVKDOEQLFNWHHU $XFK0RQWDQDZDUHLQYHUVWDQGHQ(UKDWWHVLFKZlKUHQG5RFNVhEHU OHJXQJHQHLQZHQLJXPJHVFKDXW(LQ6DUJILHOZHJHQVHLQHU*U|HDXI (UZDULQVHLQHQ$XVPDHQIDVWGRSSHOWVRJURZLHGLHDQGHUHQ'HQ ZROOWHQVLFKGLH0lQQHUDOVHUVWHQYRUQHKPHQ *HPHLQVDPVFKZDPPHQVLHDXILKQ]X 'HU6DUJZDUYHUVFKORVVHQ'LH6FKO|VVHUKDWWHQLP/DXIHGHU=HLW 5RVWDQJHVHW]WXQGZUGHQQLFKWVROHLFKW]XNQDFNHQVHLQ$EHUVLH KDWWHQLKUHVFKDUIHQ0HVVHUDXVEHVWHP6WDKO8QG]XVlW]OLFKQRFKGLH 3LFNHO0LWGLHVHQ:HUN]HXJHQPXWHHV]XVFKDIIHQVHLQGLH6lUJH]X |IIQHQ 0RQWDQDKDWWHVHLQ0HVVHUEHUHLWVJH]RJHQ(UZROOWHHVLQGHQ6SDOW ]ZLVFKHQ'HFNHOXQG8QWHUWHLONOHPPHQZlKUHQGVLFK6LPRQ5RFNDQ GHQ6FKO|VVHUQ]XVFKDIIHQPDFKWH'D]XQDKPHUGHQKDUWHQ3LFNHOXQG KlPPHUWHGDJHJHQ 'HUJU|HUH6DUJVWDQG]LHPOLFKDOOHLQLQHLQHU(FNH(WZDVZHLWHUHQW IHUQWYRQGHQEULJHQ'HVKDOEVDKHQEHLGH7DXFKHUQLFKWZLHVLFKHLQ 'HFNHOSO|W]OLFKKREXQGHLQHEOHLFKHJUQEODXVFKLPPHUQGH+DQG HUVFKLHQGHUHQ)LQJHU]XU.ODXVHJHNUPPWZDU (LQ5XFNXQGGHU'HFNHOUXWVFKWHDE 6DFKWEHUKUWHHUGHQ%RGHQZRHUOLHJHQEOLHE$XVGHP6DUJDEHU VWLHJHLQH*HVWDOWGLHZLHHLQ6HHUlXEHUDXVVDKXQGGHUHQ.OHLGXQJ]HU IHW]WDP.|USHUKLQJ %OHLFKDXIJHGXQVHQXQGEOXWOHHUZDUGLH+DXW(LQUHJHOUHFKWHV 0RQVWHUNOHWWHUWHGDDXVGHP6DUJ$OVHVGLHDXIJHULVVHQHQ/LSSHQ ]XUFNVFKREZXUGHQ]ZHLVSLW]H9DPSLU]lKQHVLFKWEDUGLHHLQ]LJHQ GHQQGLHEULJHQ=lKQHKDWWHGLHVHU8QKROGYHUORUHQ 'HU9DPSLUZXUGHYRQGHU6WU|PXQJJHSDFNWGLHDXFKKLHUXQWHQ KHUUVFKWH 6HLQ.|USHUWULHEYRUDQ(UKDWWHGLH$UPHDXVJHEUHLWHWXQGVWUHFNWH VLHMHW]WYRUZREHLHUZHLWGLH+lQGH|IIQHWHXPPLWVHLQHQ)LQJHUQGHQ /XIWVFKODXFKGHVHUVWHQ7DXFKHUVDE]XUHLHQ

(VZDUHLQ*HJHQVDW]ZLHHULP%XFKHVWDQG ,QGHU%RGHJDGLHKHLHVWLFNLJHVFKZOHSDUIPJHVFKZlQJHUWHXQG QDFK6FKZHLULHFKHQGH/XIWDXIGHUHLQHQ6HLWHXQGGLHNDOWH.OLQJHGHV 0HVVHUVDXIGHUDQGHUHQ 'DV0HVVHUNOHEWHDQPHLQHU*XUJHO ,FKWUDXWHPLFKQLFKWPHKU]XDWPHQVRQGHUQKLHOWGLH/XIWDQ'HU .HUOKLQWHUPLUZDUHLQJHZDOWLJHU%URFNHQ,FKVDKLKQ]ZDUQLFKWDEHU GHUOLQNH$UPGHUPHLQHQ2EHUN|USHULQ*UWHOK|KHXPVSDQQWKLHOW KDWWHIDVWGHQ'XUFKPHVVHUHLQHV%DXPVWDPPHV 'LHVHU7\SKDWWHPLFKEHUUDVFKWDOVLFKDXIGLH7RLOHWWHZROOWH,P WRWHQ:LQNHOODXHUWHHUXQGLFKOLHIYROOLQGLH)DOOHZHLOLFKDQQLFKWV %|VHVGDFKWH -HW]WZDUHV]XVSlW ,FKURFKVHLQHQZLGHUOLFKHQ6FKZHL(UVFKLHQVLFKHLQSDDU0RQDWH QLFKWPHKUJHZDVFKHQ]XKDEHQ6HLQH$UPHZDUHQQDFNW:HQQLFK QDFKXQWHQSHLOWHVDKLFKGLH7lWRZLHUXQJ6LH]HLJWHHLQH0HHUMXQJIUDX PLWULHVLJHQ%UVWHQ 'LH+DXWZDUQLFKWJDQ]KHOODXFKQLFKWVRQQHQEUDXQ,FKKDWWHHVPLW HLQHP0LVFKOLQJ]XWXQ )QI6HNXQGHQYHUJLQJHQ0HLQ+HU]VFKODJ]XYRULQGLH+|KH JHVFKQHOOWKDWWHVLFKZLHGHUEHUXKLJW ª:DVZLOOVWGX"©SUHWHLFKKHUYRU ª'LFK© ª2ND\GXKDVWPLFK8QGMHW]W"© ª6FKQHLGHLFKGLUGLH.HKOHGXUFK© (UVDJWHGLHVPLWVRHLQHU%HVWLPPWKHLWGDPLUDQJVWXQGEDQJH ZXUGH(VZlUHDXFKNHLQHVZHJVXQQRUPDOJHZHVHQGHQQLQGLHVHU *HJHQGDP+DIHQWULHEVLFKDOOHUOHLOLFKWVFKHXHV*HVLQGHOKHUXP:LU EHIDQGHQXQVLQ.H\/DUJR)ORULGDZRGLH:HOWDXFKQLFKWPHKUKHLOLVW 'DVHUOHEWHLFKMHW]WDXIGUDVWLVFKH$UWXQG:HLVH'HU7D[LIDKUHUKDWWH %LOOXQGPLFKVFKLHIDQJHVHKHQDOVZLULKPXQVHU=LHOQDQQWHQDEHUZLU PXWHQLQGLHVHYHUGDPPWH%RGHJDGDUDQIKUWHNHLQ:HJYRUEHL,FK KlWWHPLFKDXFKOLHEHULQV+LOWRQJHVHW]WXQGGDPHLQHQ:KLVN\ JHVFKOUIW ª:LOOVWGX*HOG"©IUDJWHLFKOHLVH ª$XFK© ª8QGZDUXPZLOOVWGXPLFKVRQVWXPEULQJHQ"© ª:HLOGXGHLQHGUHFNLJHQ)LQJHUDQ&RQFKLWDJHOHJWKDVW© 2MH&RQFKLWD'XDUWHDOVR6LHZDUXQVHUH,QIRUPDQWLQ:HJHQLKU KDWWHQ%LOO&RQROO\XQGLFKEHUKDXSWGLHVH%RGHJDDXIJHVXFKW*HWDQ KDWWHQZLULKUQLFKWVQXUJHUHGHW8QGMHW]WNDPGLHVHUHLIHUVFKWLJH

*RFNHOXQGZROOWHPLUGLH.HKOHGXUFKVFKQHLGHQ'DEHLKDWWHGHU)DOO QRFKJDUQLFKWULFKWLJEHJRQQHQ ª6LHZLVVHQZDVDXI0RUGVWHKW©VDJWHLFK (UODFKWHUDXKª'XELVWQLFKWGHUHUVWHGHQLFK]XVHLQHQ$KQHQ JHVFKLFNWKDEH© 5HL]HQGH$XVVLFKWHQLP/DQGGHUXQEHJUHQ]WHQ0|JOLFKNHLWHQ 6KLWDXFK ª*HKYRU©VDJWHHUªXQGGHQNGDUDQGDV0HVVHUEOHLEWDQGHLQHU .HKOH© ª8QGZRVROOLFKKLQ"© ª1XUZHLWHUJHKHQ©EHIDKOHUª$EHUNHLQH'XPPKHLWHQVRQVWELVWGX VRIRUWWRW© ª2ND\%UXGHU©VDJWHLFKXQGJULQVWHVFKLHIREZRKOPLUGDQDFKEHU KDXSWQLFKW]XPXWHZDU'LH7RLOHWWHQODJHQZHLWHUOLQNVKLQWHUVFKPXW ]LJHQ:lQGHQGLHPLWVFKZHLQLVFKHQ6SUFKHQYROOJHNULW]HOWZDUHQLP KHUUVFKHQGHQ'lPPHUOLFKWYRQPLUMHGRFKQLFKWHQW]LIIHUWZHUGHQ NRQQWHQ 'HU*DQJIKUWH]XHLQHU+LQWHUWU/HHUH&RODGRVHQ3DSLHUXQG 'UHFNEHGHFNWHQLKQ$XVGHU%RGHJDK|UWHLFKVFKZDFKGDV.OLPSHUQ HLQHU*LWDUUH (VVFKLHQPHLQH7RGHVPHORGLH]XZHUGHQ 9RUHLQHU%RKOHQWUEOLHEHQZLUVWHKHQ'LFNH)OLHJHQXPVXPPWHQ PLFK6LHVFKLOOHUWHQEODX(VZDUHQGLHVH,QVHNWHQGLHVLFKDXFKLQGHQ (YHUJODGHVGHQ6PSIHQDXIKLHOWHQGLHZHLWHUQ|UGOLFKDXIGHP )HVWODQGODJHQ +LQWHUPLUK|UWHLFK6WLPPHQ=ZHL*lVWHGLHGLH%RGHJDYHUOLHHQ XQGGLH7RLOHWWHQDQVWHXHUWHQ'LH0lQQHUZDUHQOlQJVWQLFKWPHKU QFKWHUQGDVHQWQDKPLFKLKUHQ*HVSUlFKHQ 6LHZUGHQPLUNDXPKHOIHQ 9RUGHU7UPXWHLFKVWHKHQEOHLEHQ'HU.HUOPLWGHP0HVVHUZDU HLQZDKUHU.QVWOHU:lKUHQGZLUJLQJHQZDUGLH.OLQJHNHLQHQ )LQJHUEUHLWYRQPHLQHU.HKOHDEJHZLFKHQ 'LHDQGHUH+DQGYHUVFKZDQGYRQPHLQHU+IWH'HU7\SKLQWHUPLU JULIILQGLH7DVFKHXQGKROWHHLQHQ6FKOVVHOKHUYRUGHQHUPLU]ZLVFKHQ GLH)LQJHUGUFNWH ª$XIVFKOLHHQ© ,FKVFKREGHQ6FKOVVHOLQGDVYHUURVWHWH6FKORXQGGUHKWHLKQ]ZHL PDOKHUXP 'LH7UZDURIIHQ 6LHOLHVLFKQDFKDXHQDXIVWRHQXQGZLUEHWUDWHQHLQHQ+RIGHUHLQ 7XPPHOSODW]IU5DWWHQVHLQNRQQWHXQGDXFKZDUGHQQLFKVDKGLH

ZLGHUOLFKHQIHWWHQ7LHUHEHUGLH$EIDOOEHUJHKXVFKHQ$OVGLHXQV VDKHQIORKHQVLHQLFKWVRQGHUQVWDUUWHQXQVDQXQGZLGPHWHQVLFK DQVFKOLHHQGZLHGHULKUHU%HVFKlIWLJXQJ 9RUPLUVDKLFKHLQH0DXHU/LQNVXQGUHFKWVJUHQ]WH6WDFKHOGUDKWGHQ +RIHLQ 'LH1lKHGHU6HHURFKPDQLFKK|UWHDXFKGDV6FKUHLHQGHU :DVVHUY|JHOHLQHHZLJH%HJOHLWPXVLNKLHULQ.H\/DUJR :LUJLQJHQDXIGHQJURHQ$EIDOOKDXIHQ]XGDV3DUDGLHVIU 6FKPHLIOLHJHQXQG5DWWHQ 'LH,QVHNWHQXPWDQ]WHQGHQ%HUJVLHIDQGHQKLHUJHQJHQG1DKUXQJ XQGDXFK%UXWVWlWWHQIULKUH(LHU 9HUGDPPWZDUXPNDP%LOO&RQROO\GHQQQLFKW"(UPXWHGRFK EHPHUNWKDEHQGDHWZDVQLFKWVWLPPWH:DKUVFKHLQOLFKMHGRFKKLHOW LKQ&RQFKLWDIHVWGLHVHVVFKZDU]KDDULJH/XGHU ,FKELGLH=lKQHVRIHVW]XVDPPHQGDHVNQLUVFKWH'DQQK|UWHLFK GLHHUVWH)UDJHª:DVZROOWHWLKUYRQ&RQFKLWD"© ª0LWLKUUHGHQ© ª:RUEHU"© 'DVNRQQWHLFKGHP.HUOZLUNOLFKQLFKWVDJHQ(LJHQWOLFKZDUVLHHV JHZHVHQGLHXQVDXIGLH6SXUJHEUDFKWKDWWH'LH3ROL]HLKDWWH&RQFKLWD YRUHLQHU:RFKHEHLP7DVFKHQGLHEVWDKOHUZLVFKWYHUK|UWXQGHLQJH ORFKW%HLGHQ9HUK|UHQNDPHLQHLQWHUHVVDQWH6DFKHKHUDXV&RQFKLWD ODFKWHGHQ3ROL]LVWHQLQV*HVLFKWXQGVSUDFKYRQHLQHUIXUFKWEDUHQ %HGURKXQJGLHVLFKHUIOOHQZUGH0DQKDNWHQDFKZHLOPDQLQGHQ 6WDDWHQLQ]ZLVFKHQDXIJHZDFKWZDU$QVFKOlJHDXIKRKH3ROLWLNHUKDWWHQ GLH3ROL]HLVRPLWUDXLVFKJHPDFKWGDVLHVHOEVWNOHLQVWHQ6SXUHQQDFK JLQJHQXQGDOOHVUHFKHUFKLHUWHQ6RDXFKKLHU'DV)%,ZXUGHHLQJH VFKDOWHW8QGGLH6SH]LDOLVWHQNPPHUWHQVLFKXP&RQFKLWD'XDUWH6LH YHUVSUDFKHQLKU6WUDIIUHLKHLWZHQQVLHPHKUEHUGLH6DFKHHU]lKOWHGLH VLHJHK|UWKDWWH 8QG&RQFKLWDUHGHWH 'LH1DPHQ'U7RGXQG0RUGOLJDILHOHQ 'LH$PHULNDQHULQWHUHVVLHUWHQVLFKVRIRUWIUVLH 'HUJURH&RPSXWHUZXUGHHLQJHVFKDOWHW8QGGHUKDWWHWDWVlFKOLFK GLH1DPHQJHVSHLFKHUW$OOHUGLQJVQXUDOV5DQGLQIRUPDWLRQGHU (QJOlQGHUGLHLQJHZLVVHQ'LQJHQPLWGHUDPHULNDQLVFKHQ%XQGHV SROL]HL]XVDPPHQDUEHLWHQZROOWHQ9RUDOOHPGDQQZHQQHVXPHLQH ZHOWZHLWH%HGURKXQJJLQJ 'LH.ROOHJHQLQGHQ6WDDWHQUHDJLHUWHQVRIRUWXQGOHLWHWHQGLH $XVVDJHSURWRNROOHZHLWHU ,Q/RQGRQKRUFKWHPDQDXI8QGEHVRQGHUVODQJH2KUHQEHNDP

6XSHULQWHQGHQW3RZHOO(ULQIRUPLHUWHVRIRUWPLFK,FKVROOWHGHP)DOO QDFKJHKHQXQGZXUGHLQGLH6WDDWHQJHVFKLFNW,FKNRQQWH%LOO&RQROO\ EHUUHGHQPLW]XNRPPHQ'HU5HSRUWHUNDQQWH)ORULGDZLHVHLQH :HVWHQWDVFKH,QIUKHUHQ=HLWHQKDWWHHUKLHUGHV|IWHUHQUHFKHUFKLHUW XQGDXFKPDQFKHQ%HULFKWJHVFKULHEHQ %LOOIORJDOVRPLW 8QGQLFKWQXUHU 6XNRGXUIWHPLFKEHJOHLWHQ6LU3RZHOOKDWWHHVVRJDUYHUODQJWGHQQ GLH:RUWH0RUGOLJDXQG'U7RGKDWWHQDXFKLKQQHUY|VJHPDFKW(U ZXWHJHQDXZLHJHIlKUOLFKGLHVH&OLTXHZDU6FKOLHOLFKEUDXFKWHHU QXUDQGHQ7RGHVQHEHO]XGHQNHQGHUXQVJDQ]VFK|Q.RSI]HUEUHFKHQ EHUHLWHWKDWWHhEHUDOOZR'U7RGXQGVHLQH0RUGOLJDDXIWDXFKWHQYHU EUHLWHWHQVLH$QJVWXQG6FKUHFNHQ-HGHUDXFKQRFKVRNOHLQHQ6SXU ZROOWHQZLUNRQVHTXHQWQDFKJHKHQ.RVWHQVSLHOWHQGDEHLNHLQH5ROOH 'HU,QQHQPLQLVWHUJDE-DPHV3RZHOO5FNHQGHFNXQJ :LUIORJHQLQVVFK|QH)ORULGD0DQKDWWH&RQFKLWD'XDUWHZLHGHUDXI IUHLHQ)XJHVHW]W6LHWDQ]WHXQGVDQJLQHLQHU%RGHJD'RUWKDWWHQ%LOO XQGLFKVLHDXFKDXIJHVW|EHUWZlKUHQGGHU&KLQHVH6XNRXQWHUJHWDXFKW ZDU(UZROOWHHLQLJHVHLQHU9HWWHUQEHVXFKHQGLHHUEHUDOODXIGHU:HOW VLW]HQKDWWH9LHOOHLFKWZXWHQGLHPHKUZDVXQVZHLWHUKHOIHQNRQQWH 1LFKWPHKUDOVIQI6lW]HKDWWHQZLUPLW&RQFKLWDZHFKVHOQN|QQHQ GDQQPXWHVLHZHJZHLOGHU$XIWULWWQDKWH,FKJLQJ]XU7RLOHWWHXQG GRUWVWDQGGHU.HUO'HQ5HVWNHQQHQ6LHMD -HW]WVWDQGLFKDXIGHP+RIXQGGHU.HUOPLWGHP0HVVHUODXHUWHQRFK LPPHUDXIHLQH$QWZRUW ª'XELVWGRFKQLFKWYRQKLHU©VDJWHHU ª1HLQLFKELQ(QJOlQGHU© (UODFKWHª8PGLFKNUlKWNHLQ+DKQZHQQLFKGLFKXPOHJH© ª'DVZUGHLFKQLFKWVDJHQ6RZHLWLFKLQIRUPLHUWELQVFKDOWHWVLFK GDV)%,LQGLH(UPLWWOXQJHQHLQZHQQPDQGLH/HLFKHHLQHV$XVOlQGHUV ILQGHW© ª0DQZLUGGLFKQLFKWILQGHQ'DV0HHULVWJUR© 'DKDWWHHUUHFKW8QGPHLQHQlFKVWH+RIIQXQJZDU]HUSODW]W:HQQ GLHVHU+XQGHVRKQHQGOLFKGDV0HVVHUZHJQHKPHQZUGHDEHUGDUDQ GDFKWHHUJDUQLFKW1DFKZLHYRUEHIDQGVLFKGLH.OLQJHGLFKWYRU PHLQHU.HKOH'LH+DXWKDWWHVLHQLFKWHLQPDOJHULW]W'HU0XODWWH ZDUZLUNOLFKHLQ)DFKPDQQ ,FKSHLOWHLQGHQ+LPPHO+HOOEODXVWDQGHUEHUXQV (VZDUIDVW0LWWDJ'UDXHQKHUUVFKWHHLQHZHVHQWOLFKDQJHQHKPHUH 7HPSHUDWXUDOVLP,QQHUQGHU%RGHJDGHQQYRP0HHUKHUZHKWHLPPHU HLQHIULVFKH%ULVH

9RUGHP$EIDOOKDXIHQPXWHLFKVWHKHQEOHLEHQ'LH5DWWHQXQWHU EUDFKHQLKUH%HVFKlIWLJXQJXQGEHlXJWHQXQVPLWUDXLVFK ª:DVZROOWHVWGXYRQ&RQFKLWD"©IUDJWHHUQRFKHLQPDO ª1XUPLWLKUUHGHQZLUNOLFK© ª6LHZHLQLFKWV© ª'DQQLVWHVMDJXW© ª1HLQHVLVWQLFKWJXW©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lWWHPLFKLQGHQ8QWHUOHLEJHWURIIHQ$XI)DLUQHNRQQWHLFK EHLGLHVHP0DQQQLFKWKRIIHQGHUNDQQWHVlPWOLFKHGUHFNLJHQ7ULFNVGHV 6WUDHQNDPSIV'HU7ULWWVWUHLIWHPLFKQXUDP2EHUVFKHQNHO,FKPXWH GHQ0DQQORVODVVHQ =XPHUVWHQPDOVDKLFKLKQYRQYRUQ (UZDUZLUNOLFKHLQKDOEHU5LHVH(LQJHZDOWLJHU9ROOEDUWZXFKVLQ VHLQHP*HVLFKW'DV+DDUZDUORFNLJXQGJOlQ]WHZLHPLWgOEHU VFKWWHW,QGHP*HVLFKWZDUHQ1DVHXQG0XQGNDXP]XHUNHQQHQ1XU GLHNOHLQHQ$XJHQOHXFKWHWHQWFNLVFKXQGJHPHLQ ª,FKVWHFKGLFKDE©YHUVSUDFKHUPLUª*ODXEMDQLFKWGDGXVRZHJ NRPPVW© ,FKKlWWHLKQHUVFKLHHQN|QQHQDEHUGDVZDUQLFKW6LQQGHU6DFKH 7URW]GHP]RJLFKGLH:DIIHYLHOOHLFKWOLHHUGDV0HVVHUIDOOHQ ª(VUHLFKW©VDJWHLFKVFKDUIXQGOLHLKQLQGLH0QGXQJGHU%HUHWWD EOLFNHQ (UEOLHEVWHKHQ 6FKZHLJOlQ]WHDXIVHLQHU6WLUQ,QGHQWFNLVFKHQ$XJHQODVLFKGLH 0RUGDEVLFKW ª:HJPLWGHP0HVVHU© (U]|JHUWH ª:LOOVWGXGLH.XJHOLQGHQ$UPRGHULQV%HLQ"©

(UVWLHUWHPLFKDQ:DKUVFKHLQOLFKNRQQWHHUQRFKLPPHUQLFKWEH JUHLIHQGDLFKGHQ6SLHXPJHGUHKWKDWWH(UZROOWHHVDXFKQLFKW ZDKUKDEHQ 'HU0XODWWHJULIIDQ (VZDUHLQHZLOGHXQJHVWPH$WWDFNH(UVFKOHXGHUWH]XHUVWGDV 0HVVHUGDQQNDPHUVHOEVW 'HU6WDKOKlWWHPLFKDP+DOVJHWURIIHQGRFKPLWHLQHUUDVFKHQ %HZHJXQJZLFKLFKDXV,FKVSUWHGHQ/XIW]XJDOVGDV0HVVHUDQGHU +DXWYRUEHLZLVFKWHGDQQKLHELFK]X 'LH)DXVWPLWGHU:DIIHWUDIGHQ0XODWWHQLP6SUXQJ(VZDUHLQ KDUWHU6FKODJGHUVRPDQFKHQDXIGLH%UHWWHUJHVFKOHXGHUWKlWWHQLFKW DEHUPHLQHQ*HJQHU=ZDUZDUHUJHVFKODJHQDEHUQLFKWDXHU*HIHFKW JHVHW]W8QGVROFKH/HXWHVLQGGLHJHIlKUOLFKVWHQ (UVSUDQJPLFKDQ :LHGHUHPSILQJLFKLKQPLWHLQHP+LHE'LHVPDOPLWGHUOLQNHQ)DXVW ,FKNRQQWHVHLQHQ'UDQJQLFKWVWRSSHQHUSUDOOWHJHJHQPLFKGRFKGHU 7UHIIHUVFKWWHOWHLKQGXUFK(UEHNDPNDXPQRFK/XIW6HLQH$UPH VFKLHQHQPLW%OHLJHIOOW]XVHLQ(UKREVLHXQGZROOWHPLFKSDFNHQ 9LHO]XODQJVDP ,FKVWHOOWHLKQPLU]XUHFKW 'DQQVFKOXJLFKPLWGHP:DIIHQODXI]X6FKUlJWUDIHUGHQGLFNHQ +DOVGHV0XODWWHQGHUPLFKPLWGHP0HVVHUKDWWHXPEULQJHQZROOHQ 'HU+LHEUDXEWHLKPVlPWOLFKH.UDIW=XHUVWZDQNWHHUQXUGDQQ ZXUGHQVHLQH$XJHQJODVLJXQGGDQDFKVDFNWHHUODQJVDPLQGLH.QLH (UZROOWHVLFKQRFKDQPLUIHVWKDOWHQ 0LW]ZHL)LQJHUQWLSSWHLFKJHJHQVHLQH%UXVW'DVUHLFKWHXPLKQ YROOHQGVYRQGHQ%HLQHQ]XKROHQ'HU0XODWWHNLSSWHLQGHQ$EIDOO KDXIHQXQGEOLHEOLHJHQ 'HU%XOOHKlWWHPLFKIDVWJHVFKDIIW,FKKROWHNHXFKHQG/XIWXQG VSUWHZLHVHKULFK]LWWHUWH'DVZDUGHUQDFKWUlJOLFKH6FKRFNGHU LPPHUQDFKGLHVHQ6WUHVLWXDWLRQHQHLQWUDW 'LH5DWWHQZUGHQLKQQLFKWDQNQDEEHUQGLHKDWWHQ1DKUXQJJHQXJ 'HVKDOEOLHLFKLKQLQGHP$EIDOOKDXIHQOLHJHQXQGEHWUDWGXUFKGHQ +LQWHUHLQJDQJGLH%RGHJD &RQFKLWD'XDUWHVDQJ,FKYHUQDKPLKUHOHLFKWUDXFKLJH6WLPPH $OVLFKGLH7UDXIVWLHVDHQGLH*lVWHVWLOODXILKUHQ3OlW]HQXQG ODXVFKWHQGHU)UDXGLHDXIHLQHUSURYLVRULVFKHQ%KQHVWDQG &RQFKLWDZDUVHKUVH[\0DQFKHQ0lQQHUQZDUVLHYLHOOHLFKW]X VFKODQNDEHUPLUJHILHOLKUH)LJXU6LHWUXJHLQHQVFKZDU]URWHQZHLW JHVFKZXQJHQHQ5RFNXQGHLQHZHLH%OXVHGLHVLHEHUGHP%DXFK QDEHO]XVDPPHQJHNQRWHWKDWWH'DV0lGFKHQVWDPPWHDXV&XEDXQG

ZDULUJHQGZDQQJHIORKHQ,KUVFKZDU]HV+DDUILHOELVDXIGLH6FKXOWHUQ (VZDU]XXQ]lKOLJHQ/RFNHQJHGUHKW'LHURWH%OWHELOGHWHHLQHQ EHVRQGHUHQ.RQWUDVW]XLKUHU+DDUIDUEH ,FKVFKREPLFK]ZLVFKHQGHQ6LW]UHLKHQXQG7LVFKHQHQWODQJELVLFK GHQ3ODW]HUUHLFKWHZR%LOO&RQROO\VD(UVDKPLFKJDUQLFKWVRQGHUQ VFKDXWH]XU%KQHKLQ (LQHGLFNH5DXFKZRONHODJEHUGHP5DXP'HU%RGHQZDUPLW 6lJHVSlQHEHGHFNWGLHGHQYHUVFKWWHWHQ6FKQDSVXQGGDV%LHUDXI VDXJWHQ'D]ZLVFKHQODJHQXQ]lKOLJH=LJDUHWWHQNLSSHQXQGDXFK PDQFKDXVJHVFKODJHQHU=DKQOLHVLFKGRUWILQGHQ ,FKVHW]WHPLFK %LOO&RQROO\VFKLHOWHPLFKYRQGHU6HLWHKHUDQª+DWDEHUODQJHJH GDXHUW©VDJWHHU ª.ODULFKKDWWHDXFKOHLFKWH6FKZLHULJNHLWHQ© ,QGHQ$XJHQGHV5HSRUWHUVEOLW]WHHVDXIª:LHVR"© ª0DQZROOWHPLFKHUVWHFKHQ© ª'XELVWYHUUFNW© ª1HLQ©,FKEHULFKWHWHLP)OVWHUWRQZDVLFKHUOHEWKDWWHª8QVHUH &RQFKLWDVFKHLQWHVIDXVWGLFNKLQWHUGHQ2KUHQ]XKDEHQ©IJWHLFK QRFKKLQ]X ª6LHKWPLUDXFKVRDXV©%LOO]QGHWHVLFKHLQH=LJDUHWWHDQª8QG MHW]W"© ª:LUKROHQVLHWURW]GHP© ª'DVPHLQHLFKDXFK© :LUZDUWHWHQGDUDXIGD&RQFKLWDLKUHQ6RQJEHHQGHWH6LHEHZHJWH VLFK]XP5K\WKPXVGHU*LWDUUHQNOlQJHGLHHLQVFKZDU]KDDULJHUMXQJHU 0DQQVHLQHP,QVWUXPHQWHQWORFNWH ,FKVFKDXWHPLFKXP (LQEXQWJHPLVFKWHV3XEOLNXPKRFNWHKLHU'LHPHLVWHQZDUHQ 0LVFKOLQJHRGHU6FKZDU]H(VJDEDXHUXQVQRFKGUHL:HLH8QGGLH VDKHQYHUGDPPWKHUXQWHUJHNRPPHQDXV'HQHQZROOWHLFKDXFKQLFKW LP'XQNHOQEHJHJQHQ &RQFKLWDZDUGHUJURH6WDU$OVVLHLKU/LHGEHHQGHWKDWWHEUDFKHLQ ZDKUHU%HLIDOOVRUNDQORVVRGDPDQ$QJVWKDEHQNRQQWHGLHJDQ]H .QHLSHZUGH]XVDPPHQEUHFKHQ(LQLJH0lQQHUVSUDQJHQDXIZROOWHQ ]XU%KQHXQG&RQFKLWD]XVLFKKROHQGRFKVLHNDQQWHGDV6SLHOXQG HQWZLFKGHQ]XSDFNHQGHQ+lQGHQPLWHLQSDDUVFKQHOOHQ%HZHJXQJHQ VRGDGLH.HUOHLQV/HHUHJULIIHQXQGVLFKQRFKJHJHQVHLWLJEHKLQGHUWHQ +LQWHUHLQHU7KHNHVWDQGGHUGLFNH:LUW(UWUXJHLQHQEUHLW NUHPSLJHQ+XWPLWGHPHUZRKODXFKLQV%HWWJLQJGHQQELVKHU KDWWHHULKQQLFKWDEJHQRPPHQ:HQQHUVLFK]XZHLWYRUEHXJWH

EHUKUWHGLH.UHPSHGHQ9HQWLODWRUGHUVLFKPGHGUHKWH :LUWUDQNHQ&RODDXVGHU'RVH'HQ*OlVHUQWUDXWHLFKKLHUQLFKW'LH HQWKLHOWHQVlPWOLFKH.UDQNKHLWVHUUHJHUGLHVHV.RQWLQHQWV %LOOVFKDXWHDXIGLH8KU ,FKVWDQGDXI:LUNRQQWHQHVZDJHQGHQQ&RQFKLWDKDWWHHLQHNOHLQH *DUGHUREHLQGHUVLHVLFKXP]RJ7DJVEHUVDQJXQGWDQ]WHVLHQXU 1DFKWVZHQQGLH6WLPPXQJEHVRQGHUVKRFKVFKOXJGDQQVWULSSWHVLH DXFK ª0DQPXOHEHQ©KDWWHVLHXQVHUNOlUW :LUGUlQJWHQXQV]XGHUDOWHQ+RO]WUHSSHGLHQDFKREHQIKUWH'LH 6WXIHQNQDUUWHQXQWHUXQVHUHP*HZLFKW 1LHPDQGIROJWHXQV:LUZDUHQGLHHLQ]LJHQGLH&RQFKLWDHLQHQ %HVXFKDEVWDWWHQZROOWHQ +LHUREHQZDUHVQRFKVFKZOHU (LQVFKPDOHU*DQJYRQGHPPHKUHUH7UHQDE]ZHLJWHQQDKPXQV DXI'HU3DUIPJHUXFKZLHVXQVGHQ:HJ 9RUGHU7UEOLHEHQZLUVWHKHQ %LOONORSIWH .HLQH$QWZRUW ,FKPDFKWH1lJHOPLW.|SIHQXQGGUFNWHGLH7UDXI(LQ6FKULWW EUDFKWHPLFKEHUGLH6FKZHOOH 'DV=LPPHUZDUPLHV(LQZDFNOLJHU7LVFKPLWHLQHP6SLHJHOGDUDXI GHUVFKRQEHVVHUH7DJHJHVHKHQKDWWH(LQ+RFNHUGDYRUHLQHDOWH/LHJH XQGHLQ7LVFKDXIGHPHLQH9DVHVWDQGLQGHUHLQSDDUYHUZHONWH %OXPHQLKUH.|SIHKlQJHQOLHHQ &RQFKLWDODJDXIGHP%HWW %OXWEHUVWU|PW :LUZDUHQ]XVSlWJHNRPPHQ 9LHOOHLFKWQXUXPHLQHKDOEH0LQXWHDEHU]XVSlW'DV)HQVWHUVWDQG RIIHQ ª0HLQ*RWW©VDJWH%LOOXQGJLQJQHEHQ&RQFKLWDLQGLH.QLH (UIKOWHQDFKLKUHQ3XOV ª8QG"©IUDJWHLFK ª1LFKWV]XPDFKHQ-RKQ6LHLVWWRW9HUGDPPWZHUNDQQGDVQXU JHWDQKDEHQ"© 'DVZROOWHLFKDXFKZLVVHQVWDQGEHUHLWVDP)HQVWHUVFKZDQJPLFK KRFKXQGNOHWWHUWHKLQGXUFK+LQWHUGHP)HQVWHUXQGPLWLKPLQJOHL FKHU+|KHEHJDQQVRIRUWGDV'DFK(VOLHIVFKUlJQDFKXQWHQZHJKDWWH NHLQHUOHL6FKLQGHOQVRQGHUQQXUVFKPXW]LJH7HHUSDSSH

%LVDQGHQ'DFKUDQGNDPLFKEOLHEVWHKHQXQGVFKDXWHLQGHQ +LQWHUKRI 'HU0HVVHUKHOGODJQRFKLPPHUDXIGHP$EIDOOKDXIHQ'LHVPDOMHGRFK ZDUHUQLFKWDOOHLQ *HEFNWVWDQGYRULKPHLQHJHZDOWLJH*HVWDOWGLHDXVHLQHP $OSWUDXPHQWVSUXQJHQ]XVHLQVFKLHQ 9DPSLURGHOUQDU 'LHEHLGHQ7DXFKHUPHUNWHQQLFKWV +LHULQGHU7LHIHXQGGHUDEVROXWHQ6WLOOHNRQ]HQWULHUWHQVLHVLFKYROO XQGJDQ]DXILKUH$UEHLW6LHZROOWHQGHQJU|WHQGHU6lUJHDXIEHNRP PHQZDVZLHGHUXPQLFKWVRHLQIDFKZDUGHQQLKUH6FKOlJHZXUGHQ GXUFKGDV:DVVHUJHEUHPVWXQGVLHPXWHQGRSSHOWVRYLHO.UDIWDXI ZHQGHQZHQQVLHHWZDVHUUHLFKHQZROOWHQ 'HU9DPSLUGHUVHLQHQ6DUJYHUODVVHQKDWWHWULHEZHLWHU (LQHJQVWLJH6WU|PXQJEHZHJWHLKQDXIGLHEHLGHQ7DXFKHU]X+LQ XQGZLHGHUVFKOHQNHUWHQVHLQH$UPHXQG%HLQHDOVZUGHQVLHEHU KDXSWQLFKW]XLKPJHK|UHQ ,PPHUQlKHUNDPHU (VZDU0RQWDQDGHUHVVFKOLHOLFKVFKDIIWHGDVHUVWH6FKOR]X NQDFNHQ'LH3LFNHOVSLW]HGUFNWHHUXQWHUGDV6FKORXQGEHQXW]WHVHLQ :HUN]HXJDOV+HEHO (VNODSSWHGDV6FKORVSUDQJDXIGHUVFKZHUH5LHJHOVFKQDSSWH ]XUFN +LQWHUVHLQHU7DXFKHUPDVNHJULQVWHGHU0DQQDXV0RQWDQD (UULFKWHWHVLFKZLHGHUDXI 'DVJHQDXZDUVHLQ)HKOHU 'HU9DPSLUJULIIEOLW]VFKQHOO]X'LH)LQJHUNUDOOWHQVLFKXPGHQ /XIWVFKODXFK]HUUWHQGDUDQXQGEHYRUVLFK0RQWDQDYHUVDKKDWWHGHU 9DPSLULKPGDV0XQGVWFN]ZLVFKHQGHQ/LSSHQKHUYRUJHULVVHQ6R VFKQHOOXQGEHUUDVFKHQGGD0RQWDQD:DVVHUVFKOXFNWHXQGYHUJD VHLQHQ0XQG]XVFKOLHHQ 6RIRUWSHUOWHQ6DXHUVWRIIEODVHQDXVGHUgIIQXQJXQG]HUSODW]WHQXQWHU GHU'HFNH 0RQWDQDIXKUKHUXP(UVSUWHGHQ5XFNLP5FNHQGHQQGHU 9DPSLUGDFKWHQLFKWGDUDQGHQ6FKODXFKORV]XODVVHQ,PQlFKVWHQ $XJHQEOLFNVWDUUWHGHU7DXFKHULQGDVDXIJHGXQVHQH*HVLFKWGHV %OXWVDXJHUV (UKlWWHJHVFKULHQZHQQHUQLFKWXQWHU:DVVHUJHZHVHQZlUH6R ]HLFKQHWHVLFKGHU6FKUHFNHQDXIVHLQHP*HVLFKWDE6HLQH=JHVFKLHQHQ

]XHUVWDUUHQ(UVDK]XZLHVLFKGLHJUDXHQKDIWH*HVWDOWLKPQlKHUWHXQG LKUHQ0XQGDXIUL 'ROFK]lKQHEOLQNWHQ -HW]WHUVWZXUGH6LPRQ5RFNDXIPHUNVDP$XFKHUJODXEWHVLFKLP HUVWHQ$XJHQEOLFNLQHLQHP$OSWUDXPYHUVHW]WVDKDEHUGDHVNHLQHU ZDUGHQQVHLQ)UHXQGZXUGHDQJHJULIIHQ 5RFNVFKZDPPDXILKQ]X'DV7DXFKHUPHVVHUKLHOWHULQGHUUHFKWHQ +DQG 'DPLWVWDFKHU]X (UWUDIGHQ8QWRWHQLQGLH+IWH1RUPDOHUZHLVHKlWWH%OXWDXVGHP .|USHUGULQJHQPVVHQGRFKGDVZDUQLFKWGHU)DOO1LFKWHLQ7URSIHQ TXROODXVGHU:XQGH(VZDUVRDOVKlWWHGHU9DPSLUEHUKDXSWQLFKW EHPHUNWGDHUYHUOHW]WZRUGHQZDU (UZROOWH%OXW 0RQWDQDZXUGHJHJHQGLH:DQGJHGUlQJW$QVHLQH:DIIHQGDFKWHHU QLFKWPHKUHUZROOWHQXU/XIWEHNRPPHQVRQVWZUGHHUKLHUHOHQGLJ HUVWLFNHQ'RFKGHU%OXWVDXJHUKLHOWQDFKZLHYRUGHQ3UHOXIWVFKODXFK IHVW :LHGHUVWDFK6LPRQ]X 'LHVPDOWUDIHUGHQ+DOVGHVJUDXVDPHQ:LHGHUJlQJHUVXQGDEHU PDOVHU]LHOWHHUNHLQHQ(UIROJ 'HU9DPSLUVFKWWHOWHVLFKQXUXQGGUFNWH0RQWDQD]X%RGHQ 6LPRQ]RJGDV0HVVHUDXVGHP)OHLVFK(UKDWWHJHVHKHQGDHV NHLQHQ=ZHFNKDWWHHVDXIGLHVH$UWXQG:HLVH]XYHUVXFKHQGHVKDOE PXWHHU]XDQGHUHQ0LWWHOQJUHLIHQ (UZROOWHGHQ/XIWVFKODXFK=XHUVWPXWH0RQWDQDGDV0XQGVWFN ]ZLVFKHQGLH=lKQHEHNRPPHQ 'DJHVFKDKHV $XFK6LPRQ5RFNKDWWHQLFKWPHKUDXIGLHDQGHUHQ6lUJHJHDFKWHW%LV DXIGHQHLQHQGHVVHQ'HFNHOVLHO|VHQZROOWHQODJHQGLHDQGHUHQ 2EHUWHLOH]LHPOLFKOHLFKWDXIGHQ6lUJHQ0DQEUDXFKWHQLFKWYLHO.UDIW XPVLHLQGLH+|KH]XKLHYHQ )QI'HFNHO|IIQHWHQVLFK )QI+lQGHHUVFKLHQHQ%OHLFKH.UDOOHQGLHVLFKXPGLH5lQGHUGHU 6lUJHNODPPHUWHQXQGVLFKLQGLH+|KH]RJHQ )QI9DPSLUHNOHWWHUWHQDXVGHQ7RWHQNLVWHQLQGHQHQVLHVRODQJH JHOHJHQKDWWHQ 6LHZDUHQYRQHLQHPZDKUHQ%OXWUDXVFKEHVHVVHQKDWWHQGLH -DKUKXQGHUWHLQGHQ6lUJHQOLHJHQPVVHQXQGQXQZDUGLH=HLWUHLI ZRPDQVLHKROWHGHQQVLHKDWWHQGHQ5XILKUHV.DLVHUVHPSIDQJHQ 'DV:DVVHUWULHEGLH*HVWDOWHQKRFK6LHZDUHQZLHDXFKGHUHUVWH

%OXWVDXJHULQGHU.OHLGXQJLKUHU=HLWDQJH]RJHQ6LHWUXJHQQRFKGLH /XPSHQGHU6HHUlXEHUXQGVLHZDUHQEHZDIIQHW0LW(QWHUKDNHQ 6lEHOQb[WHQ.XU]VFKZHUWHUQXQGJHIlKUOLFKHQ'ROFKHQ (LQH$UPDGDGHV6FKUHFNHQVGLHGDDXIHUVWDQG6RODXWORVGD6LPRQ 5RFNQLFKWVK|UWHXQG0RQWDQDHUVWUHFKWQLFKWGHQQHUVWDQGVFKRQ NXU]YRUGHPHQGJOWLJHQ$XV 'HU9DPSLUKLHOWQRFKLPPHUGHQ/XIWVFKODXFKIHVW$XVGHUgIIQXQJ GHV0XQGVWFNVVFKlXPWHQGLH3HUOHQZLHHLQHODQJH6FKQXUOLHIHQ GDQQDXVHLQDQGHUXQG]HUSODW]WHQDQGHU'HFNH 6LPRQ5RFNZXWHQLFKWZLHHUGHQ6FKODXFKLQGLH+lQGHEHNRP PHQVROOWHHUNDPDQGHPYHUGDPPWHQ9DPSLUHLQIDFKQLFKWYRUEHL 'HQ$UPDEVFKQHLGHQ 'DVZDUGLHHLQ]LJH&KDQFH 'DNDQQWH6LPRQDXFKNHLQH+HPPXQJHQPHKU(UEUDXFKWHVLFK QXUVHLQHQ3DUWQHUDQ]XVHKHQGHU]XVDPPHQJHNUPPWLP:DVVHU VFKZHEWHXQGEHLGH$UPHDXVJHEUHLWHWKDWWHZREHLVHLQ.RSILPPHU ZHLWHUQDFKYRUQVDQN 'HU9DPSLUIROJWHLKP(UEHXJWHVHLQHQ.|USHUHLQIDFKQDFKYRUQ XPGHQDQGHUHQ]XSDFNHQ ,QGLHVHP$XJHQEOLFNVWLHVLFKDXFK6LPRQ5RFNDE(UPXWHMHW]W GHQ$UPNDSSHQVRQVWZDUDOOHVYHUORUHQ 'HU+LHEPLWGHP(QWHUPHVVHUULVHLQH6FKXOWHUDXI(VNDPVREHU UDVFKHQGGD6LPRQ5RFNQLFKWZXWHZLHLKPJHVFKDK(UZDUZLH JHOlKPW $QGHUOLQNHQ6FKXOWHUKDWWHLKQGLH:DIIHJHWURIIHQXQGDOVHUKLQ VFKLHOWHVDKHUGHQGXQNOHQ6WUHLIHQGHUDXVGHU:XQGHIORXQGVLFK UDVFKPLWGHP:DVVHUYHUPLVFKWH 6HLQ%OXW =XPHUVWHQPDOZXUGH6LPRQ5RFNEHZXWGDGLHVHV6FKLII]XHLQHU 7RGHVIDOOHJHZRUGHQZDU 6HLQ3DUWQHU0RQWDQDNlPSIWHLQ]ZLVFKHQPLWGHP7RG'XUFKXQJH KHXUH6HOEVWEHKHUUVFKXQJKDWWHHUHVELVKHUJHVFKDIIWGLH/XIWVRODQJH DQ]XKDOWHQ 'DVZDUQXQYRUEHL 8QVLFKWEDUH+lQGHVFKLHQHQVHLQHQ0XQGDXI]XUHLHQ(U|IIQHWHGLH /LSSHQGDV:DVVHUVWU|PWHKLQHLQVHLQ*HKLUQVFKLHQVLFKDXV]X GHKQHQHUK|UWHGDV+lPPHUQKLQWHUVHLQHQ6FKOlIHQXQGMHGH)DVHU VHLQHV.|SHUVVFKULHQDFK/XIW (UEHNDPNHLQH (VZDUDXV 1RFKHLQHOHW]WHJUHOOH([SORVLRQYRUVHLQHQ$XJHQGDQQVWU]WHHULQ

GHQHQGORVHQ6FKDFKWGHV7RGHVXQGYHUVDQNIULPPHU 'LH9DPSLUHDEHUKDWWHQLKUH2SIHU=ZHLYRQLKQHQELVVHQ]X6LH KDWWHQVFKRQDQVHLQHP+DOVJHKDQJHQDOVVHLQ+HU]QRFKVFKOXJXQG LKPVRGDV%OXWDXVJHVDXJW hEULJJHEOLHEHQZDUQRFK6LPRQ5RFN(UEHNDPZHLWHUKLQ/XIWDOOHU GLQJVNRQQWHHUVHLQHQOLQNHQ$UPQLFKWPHKUEHZHJHQXQGGDV%OXW ZUGHDXFK+DLHDQORFNHQGDZDUHUVLFKVLFKHU 7URW]GHPZROOWHHUQLFKWDXIJHEHQ(UPXWHKLHUZHJGLHVHQYHU GDPPWHQ5DXPYHUODVVHQDEHUGLH%OXWVDXJHUKDWWHQVLFK]XJXW YHUWHLOW6LHODXHUWHQDQDOOHQ6WHOOHQKDWWHQGLHVWUDWHJLVFKJQVWLJHQ 3XQNWHEHVHW]WXQGHUKLHOWHQVRJDUQRFK9HUVWlUNXQJ ,KU$QIKUHUHUVFKLHQ 'HU'HFNHOGHVJU|WHQ6DUJVZXUGHYRQHLQHUXQJODXEOLFKHQ.UDIW DXVGHU9HUDQNHUXQJJHVSUHQJW6RIRUWTXROOGDV:DVVHULQGHQ6DUJ XQG]ZHLEOHLFKH+lQGHHUVFKLHQHQ (O6DUJRVVDNDPGHU.DSLWlQGHV3LUDWHQVFKLIIHV (UWUXJQRFKGLHDOWH8QLIRUPGHVHKHPDOLJHQ3LUDWHQFKHIV%XQW ]XVDPPHQJHZUIHOWHEHQVRZLHDXFKGLH:DIIHQPLWGHQHQHUVLFK EHKlQJWKDWWH6HLQ0DXOVWDQGRIIHQHUZDUHLQ9DPSLUZLHHULP%XFKH VWDQG6HLQH(FN]lKQHVFKLHQHQEHVRQGHUVODQJ]XVHLQ 'DVDOOHVVDKDXFK6LPRQ5RFN(UZDU5HDOLVWXQGHUUHFKQHWHVLFK DXVGDVHLQH&KDQFHQVDQNHQ1HLQJHJHQGLHVH%UXWNDPHUQLFKWDQ 'LHPDFKWHQLKQHLVNDOWIHUWLJ 'LHVLHEHQ%OXWVDXJHUVFKZDPPHQRGHUWULHEHQKLQXQGKHUZlKUHQG 0RQWDQD]XVDPPHQJHVXQNHQDP%RGHQKRFNWH(UZDUJDUQLFKWJH IDOOHQ$OV5RFNV%OLFNEHULKQVWUHLIWHJHVFKDKGDVLQGHP$XJHQEOLFN ZR0RQWDQDGLH$XJHQ|IIQHWH 6LPRQHUVWDUUWH'HU6FKUHFNKDWWHLKQELVLQV0DUNJHWURIIHQ6HLQ .XPSDQ|IIQHWHQLFKWQXUGLH$XJHQQHLQHUWDWDXFKQRFKHWZDVJDQ] DQGHUHV(UVWHPPWHVLFKKRFK 0RQWDQDOHEWH +LQWHUGHU7DXFKHUEULOOHZHLWHWHQVLFK5RFNV$XJHQ:DVHUKLHUXQWHU :DVVHULQGLHVHPHQJHQ6WDXUDXPGHUYRQGHQOLFKWVWDUNHQ/DPSHQ HUKHOOWZXUGHVDKZDUHLQZDKUJHZRUGHQHU$OSWUDXP$OOH *UXVHOJHVFKLFKWHQGLHHUJHK|UWXQGDXFKVHOEVWHU]lKOWKDWWHNRQQWH PDQYHUJHVVHQZHQQPDQGDVKLHUVDK (VZDUVFKOLPP 8QEHVFKUHLEOLFK 6LPRQV$QJVWVWHLJHUWHVLFKQRFKGHQQ0RQWDQD|IIQHWHVHLQHQ0XQG XQG6LPRQ5RFNVDKGLHEHLGHQVSLW]JHZRUGHQHQ(FN]lKQHDOVVHLQ .XPSHOGLH/LSSHQ]XUFNVFKRE

0RQWDQDZDUHEHQIDOOVHLQ0LWJOLHGGHVVFKUHFNOLFKHQ9DPSLU5HLJHQV JHZRUGHQ 'LHJHVDPWH6]HQHGDV(UNHQQHQGHU:DKUKHLWKDWWHQXU6HNXQGHQ JHGDXHUW,QGLHVHU=HLWVSDQQHKDWWHQVLFK]ZHL:LHGHUJlQJHUIRUPLHUW VLHVFKZDPPHQDXI6LPRQ5RFN]X6LHZDUHQEHZDIIQHW %HLGHKDWWHQLKUH6lEHOJH]RJHQ/HLFKWJHNUPPWH:DIIHQGLH .OLQJHQPLWGLFNHP5RVWEHVHW]WDEHUGHQQRFKEUDQGJHIlKUOLFK'LH 8QWRWHQZROOWHQGHQ7DXFKHUGDPLWDQJUHLIHQ 6LPRQ5RFNJOLWW]XU6HLWH )DVWKlWWHLKQGHUHUVWH6lEHODP5FNHQHUZLVFKW(UYHUIHKOWHLKQQXU NQDSS 'HU]ZHLWHDEHUVWLHLQVHLQH:DGH $EHUPDOVVSUWH5RFNGHQJOKHQGKHLHQ6FKPHU]8QGLQHLQHU ZLOGHQ%HZHJXQJVWDFKHUPLWGHP0HVVHU]X(UKDWWHGDV*OFNHLQH +DQG]XWUHIIHQGLHQDFKGHP/XIWVFKODXFKJUHLIHQZROOWH'LH.OLQJH IXKULQGHQ%DOOHQXQGDEHUPDOVGUDQJNHLQ7URSIHQ%OXWDXVGHU :XQGH 'LH9DPSLUHZDUHQOHHU 5RFNVFKRGHP%RGHQ]X 2EZRKOVHLQ%HLQVFKPHU]WH]RJHUHVDQXQGVWLHHVZLHGHUYRU(U ZROOWHVRVFKQHOOZLHP|JOLFKZHJXQGVFKZDPPGLFKWEHUGLH 3ODQNHQDXIGLHgIIQXQJ]XGLHVLFKVFKDWWHQKDIWLQGHU/XNHQZDQG DE]HLFKQHWH 'UHLNDPHQYRQREHQXPLKQGHQ:HJDE]XVFKQHLGHQ (UVFKZDPPVFKQHOOHU (EHQVRVFKQHOOZDU0RQWDQD6HLQH$UPHKLHOWHUDXVJHVWUHFNWGLH +lQGHZDUHQ.UDOOHQGDPLWZROOWHHU]XJUHLIHQXQGVHLQHQHKHPDOLJHQ 3DUWQHUHUZUJHQ 6LPRQ5RFN]RJGDV0HVVHUKRFK (LQEUHLWHUURWHU6WUHLIHQZDUSO|W]OLFKDXIGHU%UXVWGHV9DPSLUV]X VHKHQ'LHVHU8QWRWHKDWWHQRFK%OXWGDVMHW]WDXVGHU:XQGHTXROOXQG YHUOLHI 6LPRQKDWWH*OFN 'LHDQGHUHQZDUHQXPHLQH,GHH]XODQJVDPXQGHUVFKRGXUFKGLH gIIQXQJLQGHQ]ZHLWHQ6WDXUDXPKLQHLQ 'LH/DPSHZLHVLKPGHQ:HJ'HU5DXPZDUOHHU6HLQ+HU]PDFKWH HLQHQUHJHOUHFKWHQ)UHXGHQVSUXQJ9HUJHVVHQZDUHQGLH6FKPHU]HQ DOVHUVHLQHQ5FNHQGXUFKERJXQGKRFKJOLWWGHQQGRUWEHIDQGVLFK GLH/XNH 6LPRQ5RFNVFKDIIWHVLHXQGVFKZDPPEHUGDV'HFNGHVJHVXQNHQHQ 6FKLIIHV(UZDQGWHVLFKVRIRUWQDFKOLQNVZROOWHUDXVDXVGHPYHU

GDPPWHQ7DONHVVHOXQGKDWWHSO|W]OLFKGDV*HIKOYRQHLQHP +DPPHUVFKODJJHWURIIHQ]XZHUGHQ 9RULKPNUHLVWHQGUHL+DLH 'HU/DPSHQVWUDKOILHOJHQDXDXIHLQJH|IIQHWHV0DXOGHUODQJHQ =DKQUHLKH 'LHVHQ$QEOLFNYHUNUDIWHWH6LPRQ5RFNQLFKW(U]|JHUWH]XODQJH ]XGHPEOXWHWHHUQRFKXQGGLHGUHL+DLHZDUHQVFKQHOOZLHGHU%OLW] 3O|W]OLFKWDXFKWHGHUHUVWH5DFKHQGLFKWYRUGHP*HVLFKWGHV7DXFKHUV DXI ,PQlFKVWHQ$XJHQEOLFNVFKQDSSWHQGLHODQJHQ=lKQH]X'DV:DVVHU VFKlXPWHDXIHLQH0LVFKXQJDXV/XIWSHUOHQXQG%OXWHQWVWDQGXQG 6LPRQ5RFNKDWWHHEHQIDOOVGDV6FKLFNVDOHUHLOW 'HU$QEOLFNWUDIPLFK]LHPOLFKKDUW 9DPSLURGHOPDUZDUHLQ6XSHUPRQVWHU(LQ.DLVHUGHU9DPSLUH $OOHUGLQJVGHU8UDOW9DPSLUHGHQQHUKDWWHVLHLUJHQGZDQQYRUODQJHU =HLWDQJHIKUWEHYRUHUDXIGHQ0HHUHVJUXQGYHUEDQQWZRUGHQZDU :LHVRXQGZDUXPGDVZDUPLUELVKHXWHHLQ5lWVHOJHEOLHEHQ1XUHLQV ]lKOWH,FKKDWWHHVPLWGHPZLHGHUHUVWDUNWHQ0RQVWHU]XWXQGDVJHJHQ 6LOEHUNXJHOQLPPXQZDU (UZDUJU|HUDOVHLQ0HQVFK(LQKDOEHU5LHVHZLH7RNDWDGHU 6DPXUDLGHV6DWDQV6HLQJUDXHV+DDUVFKLHQQXUDXVERUVWLJHQ6WUlKQHQ ]XEHVWHKHQGDV*HVLFKWZLHV1DUEHQXQG5LVVHDXIXQGGLH=lKQH ZDUHQDPDOOHUVFKOLPPVWHQ (VZDUHQ5HLHUGLHZLH6WDKOVWLIWHLQVHLQHP0DXOVDHQ%HVRQGHUV VWDFKHQQDWUOLFKGLH(FN]lKQHKHUYRU6LHZDUHQVRODQJZLHLFKVLH QRFKQLHEHLHLQHP9DPSLU]XYRUJHVHKHQKDWWHVRGDPLFKGLHVHU %OXWVDXJHUDQHLQHQ6lEHO]DKQWLJHUHULQQHUWH :DVHUPLWGLHVHPElUWLJHQ0DQQYRUKDWWHZDUNODU(UVROOWHDXIGLH JOHLFKH$UWXQG:HLVHVWHUEHQZLH&RQFKLWDGHQQIUPLFKJDEHVNHLQH =ZHLIHOGD9DPSLURGHOPDUGHU0|UGHUGHV0lGFKHQVZDU ,FKVFKlW]WHNXU]GLH(QWIHUQXQJDE 2ND\ELV]XP+RIPXWHLFKHVSDFNHQN|QQHQGDVZDUNHLQJURHV .XQVWVWFN,FKVSUDQJ %LVMHW]WKDWWHPLFKGHU.DLVHUGHU9DPSLUHQRFKQLFKWJHVHKHQGRFK DOVLFKKLQWHUVHLQHP5FNHQDXINDPXQGHUGDV*HUlXVFKK|UWHGD NUHLVHOWHGHUULHVLJH%OXWVDXJHUKHUXP ,FK]RJPHLQ.UHX](VUXWVFKWHXQWHUGHP+HPGKHUYRUXQGODJQXQ IUHLDXIPHLQHU%UXVW'LH6RQQHVFKLHQGDUDXIGDV0HWDOOUHIOHNWLHUWH XQGVFKLHQJUHOO]XH[SORGLHUHQ

9DPSLURGHOPDUYHUJDVHLQHUVWHV2SIHU-HW]WKDWWHHUQXUQRFK %OLFNHIUPLFK (UZROOWHPLFKW|WHQ8QEHGLQJWXQGPLWDOOHU0DFKW-HGHU9DPSLU KDWWH$QJVWYRUHLQHP.UHX]QXUGLHVHUQLFKWGHQQHUVWDPPWHDXV HLQHU=HLWZRHVQRFKNHLQHFKULVWOLFKH5HOLJLRQJDEXQGVRPLWQLFKW GLHVHV$EZHKUPLWWHOJHJHQ%OXWVDXJHU 9LHOOHLFKWKlWWHLFKLKQPLW'HVWHURV6FKZHUWW|WHQN|QQHQDEHUGDV WUXJLFKQLFKWEHLPLU ,FKOLHLKQNRPPHQ:RKOIKOWHLFKPLFKZLUNOLFKQLFKWDEHULFK NRQQWHGHQ%lUWLJHQQLFKWGHQ.UDOOHQGLHVHV0RQVWHUVEHUODVVHQ'DV ZlUHPLUKDUWJHJHQGHQ6WULFKJHJDQJHQ 'LH*HPPH ,FKKDWWHVLHHLQJHVWHFNW(VZDUHLQNOHLQHU6WHLQRYDOLQGHU)RUPXQG VHKUJODWWDQGHQ5lQGHUQ(U]HLJWHHLQ0RWLYHLQH6FKODQJHGLHVLFK VHOEVWLQGHQ6FKZDQ]EL6RVROOWHGHUHZLJH.UHLVODXIGHU:HOWGDU JHVWHOOWZHUGHQ 6LHNRQQWHPLUYLHOOHLFKWKHOIHQ ,FKKROWHVLHDXVGHU7DVFKH 'HU9DPSLUVWRSSWH,UULWLHUWUROOWHHUPLWVHLQHQPHWDOOHQZLUNHQGHQ $XJHQ'LH*HPPHVFKLHQGRFKHLQLJH:LUNXQJDXILKQDXV]XEHQ,FK VSUWHVHKUZRKOZLHVLFKGHU6WHLQHUZlUPWH'LH$QZHVHQKHLWGHV %|VHQDNWLYLHUWHLKQ 9DUQSLURGHOPDUZDUVWHKHQJHEOLHEHQ6HLQH$UPHKDWWHHUDXVJH EUHLWHWHUVWDQGGDDOVZROOWHHUPLFKIDQJHQGLHPlFKWLJHQ+lQGH JOLFKHQ3UDQNHQ 'DUHJWHVLFKGHU%lUWLJH (UZDUDXVVHLQHU%HZXWORVLJNHLWHUZDFKWLQGLHLFKLKQJHVFKLFNW KDWWHVHW]WHVLFKDXIXQGGXUFKVHLQH%HZHJXQJJHULHWGHU$EIDOOKDXIHQ LQV:DQNHQ'DUXWVFKWHXQGVFKHSSHUWHHV'LH5DWWHQYHUVFKZDQGHQ SIHLIHQGXQG9DPSLURGHOPDUGUHKWHVLFKXP 'HU%lUWLJHVDKLKQ]XUJOHLFKHQ=HLW :DKUVFKHLQOLFKZDUHUQRFKQLFKWYROOGDVRQVWKlWWHHUVLFKHUOLFK DQGHUVUHDJLHUWVRHQWUDQJVLFKVHLQHU.HKOHQXUHLQGXPSIHVbFK]HQ XQGEHUUDVFKWULHUGLH$XJHQDXI 9DPSLURGHOPDUZDQGWHPLUMHW]WGHQ5FNHQ]X 'DULVNLHUWHLFKHV 0LW]ZHLODQJHQ6lW]HQZDULFKEHLLKPXQGGUFNWHLKPGLH*HPPH LQGHQ1DFNHQ 'LH%HUKUXQJZLUNWHDXILKQZLHHLQ6WURPVWR 'LH0DJLHGHU*HPPHYRQPLURIWXQWHUVFKlW]WZHLONHLQHU GLUHNWHQFKULVWOLFKHQ5HOLJLRQHQWVWDPPHQG]HLJWH:LUNXQJEHL

9DPSLURGHOPDUGHP.DLVHUGHU%OXWVDXJHU (UEUOOWHDXI$XIGHUODSSLJHQ+DXWVHLQHV1DFNHQV]HLJWHVLFK JHQDXGHU$EGUXFNZRGLH*HPPHLKQJHWURIIHQKDWWH6RJDUGLH 6FKODQJHZDU]XVHKHQXQGVLHJOKWHIHXHUURW 'HUPlFKWLJH9DPSLUZLUEHOWHKHUXP(UVWLHHLQHQWLHULVFKHQ6FKUHL DXV,FKDKQWHZDVNDPXQGGXFNWHPLFK6RIHJWHQVHLQH)lXVWHEHU PLFKKLQZHJ ,FKZROOWHPLFK]XP]ZHLWHQPDOJHJHQLKQZHUIHQXQGLKQPLWGHU *HPPHDWWDFNLHUHQDOVPLFKHLQ5XQGVFKODJJHJHQ+DOVXQG:DQJH WUDIGHUPLUIDVWGHQ.RSIDEJHULVVHQKlWWH,FKVDK6WHUQHXQGIORJ GXUFKGHQKDOEHQ+RI,UJHQGZDQQVWROSHUWHLFKXQGODQGHWHKDUWDXI GHP+RVHQERGHQ 9RUPLUWDXFKWHGHU9DPSLUDXI6HLQ*HVLFKWZDU]XU)UDW]HYHU]HUUW GLH%HLHUJHEOHFNW ,FK]RJPHLQH%HUHWWDXQGIHXHUWH 7|WHQNRQQWHLKQGLH6LOEHUNXJHOQLFKWDEHUYLHOOHLFKWVHLQHQ$QJULII VFKZXQJVWRSSHQ 7DWVlFKOLFK]XFNWHHU]XVDPPHQDOVGDVJHZHLKWH6LOEHULKQLQGHU .|USHQQLWWHWUDI(UEOLHEVWHKHQVFKWWHOWHGHQ.RSIXQGVFKDXWHVLFK ZLOGXP ,FKDKQWHZDVGDV]XEHGHXWHQKDWWH9DPSLURGHOPDUZROOWHZHJ (UVXFKWHVHLQH+HOIHU(UEUDXFKWH8QWHUVWW]XQJXPYRQKLHUZHJ]X NRPPHQ,FKZXWHDXFKYRQZHPHUVLFKGLHHUKRIIWH 9RQGHU0RUGOLJD6LFKHUOLFKEHIDQGVLFK'U7RGLQGHU1lKH=X VDPPHQPLW7RNDWDRGHU/DG\;GLHPLWEUJHUOLFKHP1DPHQ3DPHOD 6FRWWKLH +RIIHQWOLFKNDPHQGLHQLFKWGHQQLFKKDWWHQRFKQLFKWDXIJHJHEHQ YLHOOHLFKWNRQQWHLFKGHQ9DPSLUSDFNHQ 'HU%lUWLJHJULIILKQDQ,UJHQGZLHPXWHHUJHPHUNWKDEHQGDQLFKW LFKVRQGHUQGHU9DPSLUVHLQHLJHQWOLFKHU*HJQHUZDU(UKDWWHVLFKDXV GHP$EIDOOKDXIHQHLQHURVWLJH(LVHQVWDQJHEHVRUJWGLHHUGHP%OXW VDXJHUEHUGHQ6FKlGHO]RJ (VZDUHLQXQJHKHXHUZXFKWLJHU+LHE6RJDUGHU%lUWLJHNDPQRFKLQV 6WUDXFKHOQXQGHUKLHOWVLFKGDEHL]XGLFKWDQGHP0RQVWHU9DPSLUR GHOPDUZDU]ZDU]XVDPPHQJH]XFNWDEHUHUKDWWHGHQ6FKODJHLQIDFK ZHJJHVWHFNW(UJULIIVRJDU]X 6HLQUHFKWHU$UPVFKQHOOWHYRU'HU%lUWLJHVFKULHDXIGHQQGLH)LQJHU NUDOOWHQVLFKLQVHLQH.OHLGXQJ'HU0DQQZXUGH]XUFNJHVFKOHXGHUW DXIGHQ6XSHUYDPSLU]X ,FKDKQWHZDVNDP 'HU8QKROGZROOWHVHLQH=lKQHLQGHQ+DOVGHV0DQQHVVFKODJHQ

'DSHLWVFKWHQ6FKVVH 1LFKWLFKKDWWHJHVFKRVVHQVRQGHUQ%LOO&RQROO\(UKRFNWHDP 'DFKUDQGXQGIHXHUWHVFKUlJLQGHQ+RI'LHJHZHLKWHQ6LOEHUJHVFKRVVH VFKOXJHQLQGHQ.|USHUGHV0RQVWHUVGDVPLWHLQHP:XWVFKUHLKHUXP IXKUXQGGHQ%lUWLJHQYRQVLFKVFKOHXGHUWH 'DVQlFKVWH*HVFKRILQJHUPLWGHU%UXVWDXI,FKVDKGHQ(LQVFKODJ GHU.XJHO %LOOKlWWHHEHQVRJXWJHJHQHLQH:DQGIHXHUQN|QQHQPHKUJHVFKDK QlPOLFKQLFKW 9DPSLURGHOPDUVFKWWHOWHVLFKQXUXQZLOOLJXQGEDOOWHGLH+DQG]XU )DXVW ª,FKNRPPH-RKQ©VFKULH%LOO (UVSUDQJEHYRULFKQRFKHLQH$QWZRUWJHEHQNRQQWH 9LHOOHLFKWZDUHVJXWXQGZLUVFKDIIWHQGDV0RQVWHUJHPHLQVDP 'DK|UWHQZLUGDV.QDWWHUQHLQHV+XEVFKUDXEHUV 8QGVFKRQWDXFKWHGLH0DVFKLQHDXI (LQHEHUJURHIOLUUHQGH/LEHOOHGHUHQ5RWRUEOlWWHULP6RQQHQOLFKW JOlQ]WHQ 6LHVFKZHEWHLQGHQ+RILFKVDKGHQRIIHQHQ(LQVWLHJXQGHUNDQQWH /DG\;GLHDQJHVFKQDOOWDXIGHP6LW]KRFNWHVLFKDEHU]XU6HLWHJH GUHKWKDWWHXQGLKU/LHEOLQJVVSLHO]HXJLQGHQ+lQGHQKLHOW (LQH0DVFKLQHQSLVWROH 6LHIHXHUWH 0LWHLQHPJHZDOWLJHQ6DW]KHFKWHWHLFK]XU6HLWHDOVLFKHVYRUGHU 0QGXQJURWJHOEDXIIODFNHUQVDK'LH*DUEHVWUHXWHLQGHQ+RI ZDQGHUWHXQGKDFNWHLQGHQJHZDOWLJHQ$EIDOOKDXIHQZRGHU'UHFN KRFKDXIVSULW]WH %LOOQDKPHEHQIDOOV'HFNXQJ(UZDUIVLFKGXUFKGLH+LQWHUWULQGHQ )OXUKLQHLQGHU]XP6FKUDQNUDXPGHU%RGHJDIKUWH 9DPSLURGHOPDUQXW]WHVHLQH&KDQFH(UMDJWHDXIGHQ+XEVFKUDXEHU ]XEHNDPGLHEHLGHQ.XIHQ]XSDFNHQEUDFKWHGHQ+HOLNRSWHU]XP 6FKDXNHOQGRFKGDQQEHNDPGLH0DVFKLQH6WRIIXQG]RJKRFK 0U0RQGRIORJGLHVWlKOHUQH/LEHOOH :LHGHUIHXHUWHGLH)UDX ,FKK|UHGLH(LQVFKOlJHGHU.XJHOQXQGPDFKWHPLFKVRNOHLQZLH P|JOLFK ,QHWZD]ZHL
EODXHQ)ORULGDKLPPHOXQGYHUVFKZDQGKLQWHUGHQ+DXVGlFKHUQ ,FKVWDQGDXI 1DWUOLFKZDULFKVDXHU)DVWKlWWHQZLU9DPSLURGHOPDUJHKDEW8QG ZLHGHUHLQPDOZDU/DG\;PLWGHP+XEVFKUDXEHUHUVFKLHQHQ 3ROL]HLVLUHQHQKHXOWHQ1DWUOLFKZDUGLH6FKLHHUHLJHK|UWZRUGHQ GRFKYRQGHQ*lVWHQDXVGHU%RGHJDOLHVLFKQLHPDQGEOLFNHQ'HQHQ ZDUHVHJDOZHUVLFKGDJHJHQVHLWLJEHUGHQ+DXIHQVFKR %LOONDP]XPLU(UYHU]RJGDV*HVLFKW,KQTXlOWHQGLHJOHLFKHQ *HGDQNHQZLHPLFK 'HU%lUWLJHVW|KQWH 9HUGDPPWHUKDWWHHWZDVDEEHNRPPHQ+DVWLJOLHIHQZLU]XLKP 'HU%lUWLJHEOXWHWHDP%HLQ'RUWZDUHQ]ZHL.XJHOQLQGDVKDUWH )OHLVFKDP2EHUVFKHQNHOJHIDKUHQXQGPXWHQDXFKHLQH$GHUYHUOHW]W KDEHQGHQQVWRZHLVHTXROOGHUURWH/HEHQVVDIWDXVGHU:XQGH ,FKKROWHHLQVDXEHUHV7DVFKHQWXFKKHUYRUXQGSUHWHHVDXIGLHJURH :XQGH'HU%lUWLJHULFKWHWHVLFKHWZDVDXI ª9HUGDPPW©NHXFKWHHUª:DUXPWXVWGXGDV"© ª:HLOLFKHLQ0HQVFKELQ© ª$EHULFKZROOWHGLFK© ª+DOWMHW]WGHLQHQ0XQG©ZLHVLFKLKQDQ 'DQQNDPHQGLH3ROL]LVWHQ6LHWUXJHQLKUH8QLIRUPKHPGHQPLWGHQ NXU]HQbUPHOQXQGKLHOWHQ:DIIHQLQGHQ+lQGHQ6RIRUWULFKWHWHQVLH GLH0QGXQJHQDXI%LOOXQGPLFK ª/DVVHQ6LHGDV©EHIDKOHLQ0DQQLQ=LYLO(UVFKREGLH8QLIRUPLHUWHQ ]XU6HLWHQLFNWHPLUNQDSS]XVDKGHQ%lUWLJHQXQGVDJWHª(LQ$U]WLVW XQWHUZHJV© ª8QGGLH0RUGNRPPLVVLRQ"© ª'LHDXFK"© ª-DREHQLP=LPPHUOLHJWHLQWRWHV0lGFKHQ© ª9HUGDPPW© ª(VLVW&RQFKLWD'XDUWHGLH7lQ]HULQ© ª2ND\LFKJHEH%HVFKHLG© 'HU0DQQYHUVFKZDQG (VZDUQXUJXWGDZLUPLWLKP]XVDPPHQDUEHLWHWHQ(UZDUXQVHUH RIIL]LHOOH+LOIHKLHULQ.H\/DUJR'LHVHU0DQQKLH-R%DUUDFXGDZDU )%,$JHQWXQGJOHLFK]HLWLJHLQ6FKZDU]HU0LWLKPYHUVWDQGHQZLUXQV SUlFKWLJ9LHOOHLFKWGHVKDOEZHLOHUHLQ6FKZDU]HUZDUGHQQVHLQH (OWHUQGLHDXVGHPWLHIVWHQ6GHQVWDPPWHQKDWWHQQRFKDQ*HLVWHU XQG'lPRQHQJHJODXEW-R%DUUDFXGDKDWWHVHOEVWLQVHLQHU.LQGKHLW HLQLJHVHUOHEWZRIUHUKHXWHQRFKNHLQH(UNOlUXQJKDWWH 1DFK]ZHL0LQXWHQNDPHUZLHGHU]XUFN=XVDPPHQPLWHLQHP

$U]WGHUVLFKVRIRUWXPGHQ9HUOHW]WHQNPPHUWHXQGGLH:XQGHQYHU EDQG-R%DUUDFXGDVFKLFNWH]ZHL3ROL]LVWHQQDFKREHQGLHYRUGHP 0RUG]LPPHU:DFKHKDOWHQVROOWHQ $OVHUPLFKDQVFKDXWHZXWHLFK%HVFKHLG-RZDUQHXJLHULJ,FK EHULFKWHWHLKPZDVXQVZLGHUIDKUHQZDU ª(LQ+XEVFKUDXEHU"+DEHQ6LHLUJHQGHLQ.HQQ]HLFKHQHUNDQQW"© ª1HLQ© ª6KLW'DQQVLQGVLHZHJ+LHUDXIGHQ,QVHOQJLEWHV7DXVHQGHYRQ 6FKOXSIZLQNHOQ$EHULKUH$QZHVHQKHLW]HLJWXQVGDVHLQHJURH6DFKH JHSODQWLVW© 'DVWLPPWHLFKLKP]X,FKEDWDXFKGDUXPGHQ%lUWLJHQNXU]YHU K|UHQ]XN|QQHQEHYRUHUZHJJHVFKDIIWZXUGH ª1DWUOLFK©VDJWH-R(UJULQVWHSO|W]OLFKXQG]HLJWHHLQZDKUHV 5DXEWLHUJHELª:LVVHQ6LH-RKQ©PHLQWHHULQVHLQHPEUHLWHQ 6GVWDDWHQVODQJªZHQQLFKPLFKQLFKWJHQDXEHU6LHHUNXQGLJWKlWWH ZUGHLFK6LHXQG%LOOMDIU6SLQQHUKDOWHQ$EHUGLH7RWHQXQG 9HUOHW]WHQVLQGNHLQH6SLQQHUHL/HLGHU© 'DJDELFKLKPUHFKW 'HU$U]WZDUIHUWLJ-R%DUUDFXGDYHUVFKZDQG(UZROOWHGRFKQRFK HLQH)DKQGXQJQDFKGHP+XEVFKUDXEHUDQNXUEHOQ,P+DXVK|UWHLFK 6WLPPHQ'LH0lQQHUGHU0RUGNRPPLVVLRQZDUHQHLQJHWURIIHQ ,FKNPPHUWHPLFKXPGHQ%lUWLJHQNQLHWHQHEHQLKPXQGVFKDXWHLKP LQV*HVLFKW ª.|QQHQ6LHUHGHQ"©IUDJWHLFK (UJULQVWHYHU]HUUWª:ROOHQ6LHVLFKMHW]WUlFKHQ"© ª1HLQ0HLVWHU,FKYHUJHVVHGD6LHPLFKDQJHJULIIHQKDEHQ $OOHUGLQJVQXUZHQQ6LHPLUHLQLJH)UDJHQEHDQWZRUWHQGLHIUPLFK VHKUZLFKWLJVLQG© ª2ND\© ª:LHVWDQGHQ6LH]X&RQFKLWD"© ª6LHLVWWRWQLFKW"© ª-D© ª6KLW,FKZXWHJOHLFKGDGDHWZDVQLFKWVWLPPWH$EHULFKKDEH )QIWDXVHQGNDVVLHUW© ª:RIU"© ª)U QHQ.ODFNV©(UYHU]RJZLHGHUGDV*HVLFKWZHLOHU6FKPHU]HQ KDWWHª,FKVROOWHHLQHP0DQQHLQHQ+XEVFKUDXEHUEHVRUJHQXQG ZHLWHUKLQJXWHV.DUWHQPDWHULDO© ª:LHKLHGHU0DQQ"© ª(UKDWVLFKDOV6ROR0RUDVVRYRUJHVWHOOWXQGJHVDJWGDLFKLKQDXFK 'U7RGQHQQHQN|QQWH©

ª8QGGDUEHUKDEHQ6LHPLW&RQFKLWDJHUHGHW© ª-DGHQQVLHXQGLFKQDMD6LHZLVVHQVFKRQ© ª,FKNDQQHVPLUGHQNHQ&RQFKLWDLVWIU6LHDXIGHQ6WULFKJH JDQJHQ© ª6WLPPW© ª+DEHQ6LHDOOHVEHVRUJW"© ª.ODUGHQYHUGDPPWHQ+XEVFKUDXEHUNRQQWHQ6LHMDVHOEVWVHKHQ© ª:HOFKHQ$XVVFKQLWW]HLJWHQGLH.DUWHQ"© ª'DV*HELHWGHUVGOLFKHQ)ORULGD.VWH© ª8QGZDVGLHVHU6ROR0RUDVVRYRUKDWWHGDVZLVVHQ6LHQLFKW"©KDNWH LFKZHLWHUQDFK ª1HLQLFKZDUMDQXUHLQ/DXIEXUVFKH© ª2ND\©VDJWHLFKª'DVZDU VGDQQZRKO© ª8QGZLHLVWHVPLW,KUHP9HUVSUHFKHQ0LVWHU"© ª'DVKDOWHLFK© (UZDUVLFKWOLFKEHHLQGUXFNW,FKDEHUZDQGWHPLFKDEXPPLW%LOO &RQROO\]XUHGHQ 'D]XVROOWHHVYRUHUVWQLFKWNRPPHQGHQQZLUK|UWHQDXVGHP 0RUG]LPPHUHLQHQJHOOHQGHQ6FKUHL'DQDFKILHOHQ]ZHL6FKVVHXQG DOVLFKHLQHQ%OLFNLQGLH+|KHZDUIXQGGXUFKGDV)HQVWHUVFKDXHQ NRQQWHVDKLFKGLHªWRWH©&RQFKLWDZLHVLHHLQHQ3ROL]LVWHQDQEHLGHQ 6FKXOWHUQJHSDFNWKLHOW ª.RPP©VFKULHLFK%LOO]XXQGUDQQWHORV -HW]WZDUHQHVDFKW9DPSLUH (O6DUJRVVDGHU$QIKUHUXQGVLHEHQZHLWHUHVFKUHFNOLFKH*HVWDOWHQ GHQQ0RQWDQDZDUQRFKKLQ]XJHNRPPHQ$XFKHUVFKZHEWHZLHVHLQH $UWJHQRVVHQEHUGHP%RGHQGHV6WDXUDXPV'DV:DVVHUPDFKWHLKQHQ QLFKWV0DQVDJWH]ZDUGD:DVVHU9DPSLUHW|WHQN|QQWHDEHUQXU VFKQHOOIOLHHQGHV,QGLHVHP(OHPHQWKLHUXQWHQIKOWHQVLFKGLH%OXW VDXJHUZRKO $EHUQLFKWVRZRKOGDVLHIULPPHUKLHUXQWHQJHEOLHEHQZlUHQ6LH ZXWHQ]ZDUGD*HIDKUHQDXIVLHODXHUWHQHLQHULKUHU%UGHUZDUYRQ HLQHP+DL]HUULVVHQZRUGHQGRFKHUZDU]XYRUHLOLJJHZHVHQ(UKlWWH VHLQHQ3ODW]DQ'HFNQLFKWYHUODVVHQVROOHQ$OVGDV6FKLIIXQWHUJLQJ ZDUHUDQHLQHQ0DVWJHEXQGHQJHZHVHQXQGPLWLQGLH7LHIHJHULVVHQ ZRUGHQ 'LH9DPSLUHIRUPLHUWHQVLFK6LHVFKZDPPHQZLHMXQJH+XQGHHV ZDUPHKUHLQ3DGGHOQDEHUVLHNDPHQJXWYRUDQ0LW(O6DUJRVVDDQGHU 6SLW]HYHUOLHHQVLHGHQKLQWHUHQ6WDXUDXPXQGGUDQJHQLQGHQHUVWHQ

YRUXPDQGLH/XNH]XVFKZLPPHQGXUFKGLHVLHGDV'HFNHUUHLFKHQ NRQQWHQ 'LH%OXWVDXJHUWULHEHQKRFK 6lEHO6FKZHUWHUb[WHXQG'ROFKHKLHOWHQVLHLQGHQ+lQGHQ'DPLW NRQQWHQVLHVLFKJHJHQGLH5lXEHUGHV0HHUHVYHUWHLGLJHQIDOOVVLHDXI GLH+DLHWUHIIHQVROOWHQ (O6DUJRVVDJOLWWDOVHUVWHUGXUFKGLH/XNH(UVWUHFNWHVHLQHQ.|USHU XQGVDKVFKRQGHQHUVWHQ+DLGHUEOLW]VFKQHOODXILKQ]XVFKR'HU )LVFKKDWWHLQ'HFNXQJGHU6FKPXFNEDOOXVWUDGHJHODXHUWXQGZROOWH DEHUPDOVHLQ2SIHU 0LW(O6DUJRVVDKDWWHHUHVQLFKWVROHLFKWZLHPLWGHP7DXFKHU'HU +DLVFKZDPPJHQDXLQGHQ6lEHOKLQHLQGHULKQGLFKWXQWHUGHP 8QWHUNLHIHUDXIVFKOLW]WH 6RIRUWVFKRGDV%OXWDXVGHU:XQGH'HU+DLGUHKWHGXUFK(UZDUI VHLQHQVFKODQNHQDEHUNUlIWLJHQ.|USHUKHUXPVWLHQDFKREHQXQG VFKOXJQRFKPLWGHU6FKZLPPIORVVH]XGLHGHQ$QIKUHUGHU9DPSLUH WUDIXQG]XUFNZDUI 'DQQZDUHQGLHDQGHUHQ+DLHGD 6LHVWU]WHQVLFKDXILKUHQ$UWJHQRVVHQXQGEDOGGXUFKVFKZDPPHQ :RONHQYRQ%OXWGDV:DVVHU 'LH9DPSLUHZDUHQQLFKWIDXO6LHVFKZDPPHQGHP3XONGHU+DLH HQWJHJHQXQGVHW]WHQLKUH:DIIHQHLQ 0LWGHQ6lEHOQ'ROFKHQXQG6FKZHUWHUQYHUOHW]WHQVLHPHKUHUH 7LHUHVFKZHU 6FKUHFNOLFKH6]HQHQVSLHOWHQVLFKXQWHU:DVVHUDE'LH+DLHEUDFKWHQ VLFKJHJHQVHLWLJXPZlKUHQGVLFKGLH9DPSLUH]XUFN]RJHQXQGLP 6FKXW]GHU'HFNVDXIEDXWHQODXHUWHQ )UVLH]HLJWHQGLH5DXEILVFKHNHLQHUOHL,QWHUHVVH(LVNDOWKDWWHQGLH 8QWRWHQGLH*LHUGHU+DLHDXVJHQXW]WVRGDVLHLKUH5XKHKDWWHQXP PLWGHQ9RUEHUHLWXQJHQEHJLQQHQ]XN|QQHQ 'DV%URGHOQGHV:DVVHUVQDKPODQJVDPDE'LH%OXWZRONHWULHEYRQ GHUXQWHUVHHLVFKHQ6WU|PXQJJHWULHEHQGDYRQ9RQHLQHPOHEHQGLJHQ +DLZDUHEHQIDOOVQLFKWVPHKU]XVHKHQ 'LH9DPSLUHKDWWHQGHQ.DPSIJHZRQQHQ 'LH.|USHUJOLWWHQEHUGDV'HFN6LHNDQQWHQVLFKDXVGHQQGLHVHV 6FKLIIKDWWHHLQPDOLKQHQJHK|UWXQGDXFKGLH-DKUKXQGHUWHKDWWHQ QLFKWVGDUDQYHUlQGHUW (O6DUJRVVDNRQWUROOLHUWHDOOHV(UVFKDXWHVLFKGLH0DVWHQDQGLH $XIEDXWHQGLHEHLGHQ'HFNVGHQ6WHXHUVWDQGGLH0DQQVFKDIWVUlXPH XQGGLH2IIL]LHUVNDELQHQ 'HU9DPSLUDXFKGHU.DSLWlQGHV6FKLIIHVIKOWHVLFKVRIRUWZLHGHU

ZRKO(VVFKLHQDOVZl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|UPOLFKLQGDV=LPPHU (VZDUVFKOLPP 'LHEOXWEHUVWU|PWH7lQ]HULQKDWWHVLFKHLQHQ3ROL]LVWHQJHSDFNWXQG LKQDXIGLH/LHJHJHGUFNW'HU0DQQZDUKDOEEHZXWORVZHKUHQ NRQQWHHUVLFKQLFKWPHKU 6HLQ.ROOHJHVWDQG]LWWHUQGDQGHU:DQG%OHLFKGDV*HVLFKWDXIJH ULVVHQGLH$XJHQYHU]HUUWGHU0XQG'HUUHFKWH$UPKLQJKHUDE'LH )LQJHUXPNODPPHUWHQQRFKLPPHUGHQ*ULIIGHU:DIIHGLH0QGXQJ ZLHV]X%RGHQ (UKDWWHVLFKHUOLFKJHVFKRVVHQXQGDXFKJHWURIIHQ)ULKQPXWHHV HLQ6FKRFNJHZHVHQVHLQGDGLHª7RWH©ZLHGHUOHEWH ,FKSDFNWHGLH)UDXDQGHU6FKXOWHUXQGULVLHKHUXP6LHZROOWHGHQ +DOVGHV0DQQHVHUVWQLFKWORVODVVHQDEHUPHLQHU.UDIWKDWWHVLHGRFK QLFKWVHQWJHJHQ]XVHW]HQ'DQQO|VWHVLHSO|W]OLFKLKUH)LQJHUXQGJULII PLFKDQ ,FKVDKLKUHVSLW]HQ=lKQHK|UWHGDV.UHLVFKHQGDVJUHOOLQPHLQH 2KUHQVWDFKKREGLH3LVWROHXQGVFKR (VPXWHHLQIDFKVHLQ &RQFKLWD]XFNWH]XVDPPHQVFKLHQGDQQ]XZDFKVHQVWHOOWHVLFKDXI GLH=HKHQVSLW]HQXQGEUDFKDQVFKOLHHQG]XVDPPHQ 6FKZHUILHOVLH]X%RGHQ ,FKUROOWHVLHKHUXP'HUVFKOLPPH*HVLFKWVDXVGUXFNKDWWHVLFKYHU

lQGHUW&RQFKLWD'XDUWHVDKY|OOLJQRUPDODXV'HU)OXFKZDUGXUFKGDV JHZHLKWH6LOEHUYRQLKUJHQRPPHQZRUGHQ %LOOVWDQGLQGHU7U ª6WHFNGLH:DIIHZHJ©VDJWHLFKXQGNPPHUWHPLFKXPGHQ 3ROL]LVWHQGHUNHXFKHQGQDFK/XIWUDQJ$QVHLQHP+DOV]HLFKQHWHQVLFK GHXWOLFKGLHURWHQ:UJHPDOHDEDEHUHUKDWWHEHUOHEWXQGGDVZDUGLH +DXSWVDFKH 6HLQ.ROOHJHVFKOXFK]WHDXIXQGVFKWWHOWHGHQ.RSI(UNRQQWHQLFKWV EHJUHLIHQ -R%DUUDFXGDNDP'DV-DFNHWWVHLQHVKHOOHQ/HLQHQDQ]XJVVWDQG ZHLWRIIHQ(UWUXJHLQHQNXU]OlXILJHQHU6PLWK :HVVRQLQGHU 5HFKWHQVWHFNWHGLH:DIIHDEHUZHJDOVHUPHLQHEHUXKLJHQGH +DQGEHZHJXQJVDK ª:DVLVWJHVFKHKHQ-RKQ"© ª'LH7RWHZDUHLQH9DPSLULQ© 'HU*PDQVWDUUWHPLFKPLWRIIHQHP0XQGDQª6DJHQ6LHGDVQRFK PDO-RKQ© ª(VVWLPPW© ª2YHUGDPPW©NHXFKWHGHU6FKZDU]H'DQQZDQGWHHUVLFKDQGHQ ]LWWHUQGHQ3ROL]LVWHQª6WLPPWGDV-~DQ"© ª-D6LU© ª8QGZDVMHW]W"© ª'LH0RUGNRPPLVVLRQNDQQVLFKXPGHQ)DOONPPHUQ©HUZLGHUWH LFKª6LHVROOLKQVREHKDQGHOQZLHMHGHQDQGHUHQ© ª1DWUOLFK©'HU)%,$JHQWPLWGHPVHOWVDPHQ1DPHQ%DUUDFXGDJDE GHQ.ROOHJHQ%HVFKHLG ,FKKDWWHKLHUQLFKWVPHKU]XVXFKHQ:LUPXWHQ]XVHKHQGDZLUGLH $XVVDJHQGHV%lUWLJHQYHUZHUWHWHQ'D]XEUDXFKWHLFKDXFK-R %DUUDFXGDV+LOIH :LUYHUOLHHQGHQ5DXP %DUUDFXGDNOHPPWHVLFKHLQH)LOWHUORVH]ZLVFKHQGLH/LSSHQXQG VFKWWHOWHGHQ.RSIª,FKEHJUHLIHGDVQLFKW-RKQ:LHKDEHQ6LHGLHVHQ ZHLEOLFKHQ9DPSLUEHUKDXSWJHVFKDIIW"© ª'XUFKHLQH6LOEHUNXJHO© ª(KUOLFK"© ª-D-R© ª$EHUGDVLVWMDZLHLP+RUURU)LOP© ,FKJULQVWHVFKLHIª6FKOLPPHU-RYLHOVFKOLPPHU© :LUVWLHJHQGLH7UHSSHKLQDEXQGJLQJHQLQGHQ6FKDQNUDXP'RUW VFKZLW]WHGHU:LUW%OXWXQG:DVVHUGHQQHUEDQJWHXPVHLQH .RQ]HVVLRQ%LOOVWLHPLFKDQª.HQQVWGXGHQGD"©IUDJWHHU

,FKGUHKWHGHQ.RSI $QGHU7UVWDQG6XNRXQGZLQNWHPLU]X$OVZLUVSUHFKHQNRQQWHQ VDJWHHUª6FKlW]H-RKQLFKKDEHGLUHLQLJHV]XEHULFKWHQ© ª'LHEOHLEHQDEHUYHUGDPPWODQJHXQWHQ©VDJWHGHUURWKDDULJH,UH 2 %ULHQXQGOHHUWHVHLQ*ODV 7HG/DZUHQFHJULQVWHVFKLHIZlKUHQGHUPLWHLQHP$XJHDXI3UHWW\ %HQVRQVFKLHOWHGLHVLFKVRQQWHª9LHOOHLFKWKDEHQVLHHWZDVJHIXQGHQ© ª'DVLVWP|JOLFK:DVPHLQVWGXGD]X,NH"© ,NH&ODQWRQVFKZLHJVLFKDXV(UVWDQGDQGHU5HOLQJKDWWHGDV*ODV YRUGLH$XJHQJHSUHWXQGVFKDXWHDXIV0HHUª0LUJHIlOOWGDVQLFKW© ª:DV"©IUDJWH/DZUHQFH ª'DV6FKLII© ª$FKK|UGRFKGDPLWDXI© ª1HLQ7HG(VOLHJWGDVFKRQ]XODQJH8QGLFKJODXEHGLHKDEHQXQV LP9LVLHU© ª6ROOLFKGLH:DIIHQEHUHLWOHJHQ"©HUNXQGLJWHVLFK2 %ULHQ ª:lUHYLHOOHLFKWEHVVHU© 2 %ULHQYHUVFKZDQG 7HG/DZUHQFHJHVHOOWHVLFK]X&ODQWRQ0LWGHP5FNHQOHKQWHHUVLFK JHJHQGLH5HOLQJXQGGUHKWHVHLQ*HVLFKWQDFK:HVWHQ$PVSlWHQ 1DFKPLWWDJRGHUDPIUKHQ$EHQGZHQQGLH6RQQHVFKRQWLHIVWDQG NKOWHGHU:LQGHLQZHQLJXQGOLHGLH*OXWKLW]HGHV7DJHVYHUJHVVHQ ª+DVWGXDXIGLH8KUJHVHKHQ,NH"©IUDJWH/DZUHQFHª:DQQVLQGGLH ]ZHL6WXQGHQXP"© ª6HLWGUHL0LQXWHQ© 'D]XFNWHGHU6FKZDU]H]XVDPPHQª9HUIOXFKWGDPXGRFKHLQHU YRQXQVUXQWHU© ª1RUPDOHUZHLVHMD© ª:DVZLOOVWGXGDPLWVDJHQ"© ª'DV6FKLII© ª$EHUGDVOLHJWGRFKGDQXU© ª1LFKWPHKU7HG(VKDW.XUVDXIXQVHU%RRWJHQRPPHQ,FKULHFKH GHQbUJHU© ª2YHUIOXFKW©7HGQDKPGDV)HUQJODVXQGSUHWHHVJHJHQGLH$XJHQ 'DVDKHUVHOEVWGDVLFKGDV6FKLIILQ%HZHJXQJJHVHW]WKDWWH(VZDU ]LHPOLFKJURHLQH

GDV*ODV]XUFN(LQGQQHU6FKZHLILOPJOlQ]WHDXIVHLQHU2EHUOLSSH ª'DVVLQGDXFKNHLQH%XOOHQ© ª(EHQ© 2 %ULHQNDP]XUFNª'LH:DIIHQVLQGNODU©PHOGHWHHUª$EHUGLH =HLWPWHDXFKKHUXPVHLQ© ª,VWVLHDXFK© 2 %ULHQVFKDXWH/DZUHQFHDQ ª:DUXPWDXFKWGHQQNHLQHUYRQXQV":HQQZDVSDVVLHUWLVW© ª,PPHUKLQUHLFKWGHU/XIWYRUUDWIUOlQJHUDOV]ZHL6WXQGHQXQG DXHUGHPEHNRPPHQZLU%HVXFK© ª'DV6FKLII"© ª-D© 2 %ULHQVWDUUWHMHW]WHEHQIDOOVLQGLH5LFKWXQJ6HLQ0XQGZXUGH WURFNHQGHQQHUNRQQWHPLWEORHP$XJHHUNHQQHQGDVLFKGHU.DKQ QlKHUWH(UVFKREHLQHQZHLHQ%DUWYRUVLFKKHUGLH%XJZHOOH ª'DVLVWHLQH6FKHLH©IOVWHUWH2 %ULHQª:DVPDFKHQZLUGHQQ MHW]W"© ª$EZDUWHQZDVVLHYRQXQVZROOHQ© ª1DGHQQ© &ODQWRQPLVFKWHVLFKLQGDV=ZLHJHVSUlFKª,FKZlUHGDIUHUVW HLQPDO3UHWW\XQWHU'HFNVFKDIIHQ'DQQJHKWLKUEHLGHQKLHULQ 'HFNXQJXQGKDOWHWPLUGHQ5FNHQIUHL$OOHVQXUIUGHQ)DOOGDHV bUJHUJLEW© 2 %ULHQXQG/DZUHQFHZDUHQHLQYHUVWDQGHQ'HU6FKZDU]HEOLHEEHL 3UHWW\%HQVRQVWHKHQ $OVVHLQ6FKDWWHQDXIVLHILHOKREVLHGLH6RQQHQEULOOHDQ ª,VWZDV"© ª-D©HUZLGHUWHGHU7DXFKHUXQGVFKDXWHDXILKUHQ.|USHUª'XVROOVW GLFKYHU]LHKHQ© ª$EHUZDUXP"© ª)UDJQLFKWYHUVFKZLQGHXQWHU'HFN©(UEFNWHVLFKXQGIDWHQDFK LKUHP$UP ª$X©TXLHNWH3UHWW\%HQVRQª'DVVDJHLFKDOOHV6LPRQZHQQHU ]XUFNNRPPW© ª.DQQVWGX'DUOLQJNDQQVWGX$EHUMHW]WZHJ©7HGGUlQJWHGDV*LUO DXIGHQ1LHGHUJDQJ]XZR3UHWW\PXUUHQGXQGVFKLPSIHQGXQWHU'HFN YHUVFKZDQG 2 %ULHQJULQVWHVFKLHIª,FKKDEHMDQLFKWVJHJHQ:HLEHUDEHUKLHUVLQG VLHIHKODP3ODW]H© ª(EHQ© 'HU,UHKDWWHVLFKPLWHLQHP6FKQHOOIHXHUJHZHKUEHZDIIQHW,P*UWHO

VWHFNWHQRFKHLQH$XWRPDWLN7HG/DZUHQFHEHNDPGLHJOHLFKHQ:DIIHQ 'DQQQDKPHUQRFKHLQHQUXVVLVFKHQ5HYROYHUDXIXQGEUDFKWHLKQ,NH &ODQWRQ'HUQDKPGLH:DIIHQLFNHQGHQWJHJHQXQGYHUVWDXWHVLHDP 5FNHQXQWHUGHP*UWHO 'DV6FKLIIKDWWHHWZDGLH+lOIWHGHU6WUHFNHKLQWHUVLFKJHEUDFKW1RFK ZDUHV]LHPOLFKZHLWHQWIHUQW'LHGUHL0lQQHUKRIIWHQQXUGDQLFKWV YRQLKUHQOHW]WHQ$NWLYLWlWHQEHPHUNWZRUGHQZDU $XFK/DZUHQFH]RJVLFK]XUFN(UZLUNWHZLHVHLQH3DUWQHUVHKU UXKLJ1LFKW]XPHUVWHQPDOVDKHQVLHHLQHU$XVHLQDQGHUVHW]XQJPLW 6HHEDQGLWHQHQWJHJHQ 'HQQDOOHGUHLZDUHQ]XGHUhEHU]HXJXQJJHODQJWGDVLHHVKLHUPLW 3LUDWHQ]XWXQKDWWHQ ,NH&ODQWRQEOLHEUXKLJVWHKHQXQGXPNODPPHUWHPLWEHLGHQ+lQGHQ GLH5HOLQJ'LH'QXQJVFKDXNHOWHGDV7DXFKHUERRWZLHHLQH0XWWHULKU %DE\ZHQQVLHHVLQGHQ6FKODIZLHJHQZLOO 'LH6RQQHVWDQGLP:HVWHQZLHHLQHULHVLJH9ROOUHLIH2UDQJH6LH EHUJRGDV0HHUPLWHLQHPJHZDOWLJHQJROGHQHQ6FKOHLHUGHUVLFKLQ GHU:HLWHGHV$WODQWLNVYHUOLHI ,NH&ODQWRQOLHGDV6FKLIIQLFKWDXVGHQ$XJHQ(UVWDQGDQGHU 6WHXHUERUGVHLWHKDWWHGLH6RQQHLP5FNHQXQGEUDXFKWHGHVKDOENHLQH GXQNOH%ULOOH +LQXQGZLHGHUVFKDXWHHUDXIV0HHU$EHUNHLQ.RSIKSIWHEHUGHQ :HOOHQ9RQ6LPRQ5RFNXQG0RQWDQDIHKOWHQDFKZLHYRUMHGH6SXU,NH TXlOWHQGLHVFKOLPPVWHQ%HIUFKWXQJHQ:HQQGLH*HJHQVHLWHJXWH :DIIHQEHVDKDWWHQ6LPRQXQGGHUDQGHUHNHLQH&KDQFH 'DVIUHPGH6FKLIIIXKUVRGDGLHTXHUODXIHQGHQ:HOOHQJHJHQGHQ %XJSUDOOWHQJHEURFKHQZXUGHQXQGKRFKDXIVSULW]WHQ(LQULFKWLJHU )DKUHQVPDQQKlWWHHLQHQDQGHUHQ.XUVJHZlKOWHUZlUHQLFKWTXHU]X GHQ:HOOHQJHVFKLSSHUW $XIGHP5XGHUKDXVJOlQ]WHQGLH$QWHQQHQLP6RQQHQOLFKW,NH HUNDQQWHGDGDV6FKLIIPLW5DGDUXQG)XQNDXVJHUVWHWZDU'LHVH
8QGGDVPXWHVHLQHQ*UXQGKDEHQ:DKUVFKHLQOLFKSODQWHQVLHHLQHQ EHUUDVFKHQGHQ$QJULII 'HU0DQQDXIGHU%UFNHEHZHJWHVLFK:HQLJVSlWHUIXKUGLH
ª:HLOVROFKHLQ6FKLIIZLH,KUHVQLFKWYRQ]ZHL3HUVRQHQJHOHQNW ZHUGHQNDQQ:RVWHFNWGLHEULJH%HVDW]XQJ"© ª0RPHQW©ULHI/DG\;XQGEFNWHVLFK'DEHLGUHKWHVLH,NH&ODQWRQ GHQ5FNHQ]XXQGULHIHWZDVLQ5LFKWXQJ1LHGHUJDQJZDVGHU7DXFKHU QLFKWYHUVWDQG 'LH6FRWWKDWWHLKQMHGRFKDEJHOHQNW8QGGDVZDUGHU6LQQGHU6DFKH JHZHVHQ6RDFKWHWHQZHGHU7HG/DZUHQFHQRFK2 %ULHQDXIGHQ0DQQ GHUGLH%UFNHEHVHW]WKLHOW (VZDU0U0RQGRGHU0RQVWHUPDFKHU ª-HW]W©ULHIHULQGDV6SUDFKURKUGDVLKQPLWGHQ0LWJOLHGHUQGHU 0RUGOLJDXQWHU'HFNYHUEDQG 8QGGLHUHDJLHUWHQ ,NH&ODQWRQNRQQWHGHQ1LHGHUJDQJYRQ%RUGGHU)O\LQJ6WDUQLFKW HLQVHKHQ'HVKDOEHQWJLQJLKPDXFKGLH*HVWDOWGLHJHGXFNWEHUGLH 6WXIHQVFKULWW (VZDU9DPSLURGHOPDU(UKLHOWHLQH0DVFKLQHQSLVWROHLQGHU+DQG GLHHUVRIRUW/DG\;EHUUHLFKWH ,NH&ODQWRQVDKZRKOGLH%HZHJXQJGRFKHVZDU]XVSlW3O|W]OLFKODJ /DG\;DXIGHQ3ODQNHQZLUEHOWHKHUXPXQGIHXHUWH ,P1XEUDFKGLH+|OOHDXV 9RQGHU'HFNHKLQJHQ)LVFKHUQHW]H6LHZDUHQPLW+DNHQDQGHQ GXQNOHQ%DONHQEHIHVWLJWGLHGLH:lQGHGHV/RNDOVGHNRULHUWHQ(LQ DXVJHVWRSIWHU+DLZDUHEHQVRYHUWUHWHQZLH]DKOUHLFKH)ODVFKHQVFKLIIH GLHVFKRQPHLQH%HZXQGHUXQJKHUYRUJHUXIHQKDWWHQGHQQVLHZDUHQ ZLUNOLFKNOHLQH.XQVWZHUNH 'DPLWGDV/RNDOEHVRQGHUVVWLOHFKWZDUEHIDQGHVVLFKLP%DXFKHLQHV DOWHQ6HJOHUV(UODJVFKRQVHLWODQJHU=HLWLP+DIHQXQGZXUGHYRQGHQ DQUROOHQGHQ:HOOHQOHLFKWEHZHJW:HQQGUDXHQHLQ6WXUPWREWHZDU HVIUHLQH/DQGUDWWHZLHPLFKQLFKWUDWVDPGRUW]XHVVHQ0HLQ0DJHQ NRQQWH]XOHLFKWGLHVFK|QHQ'LQJHGHP0HHU]XUFNJHEHQ -R%DUUDFXGDKDWWHXQVDXIGLHVHV6FKLIIJHIKUWZHLOZLUXQVLQ5XKH XQWHUKDOWHQZROOWHQ=XGHPKDWWHQZLU+XQJHUXQGEHVWHOOWHQHLQ(VVHQ +DLILVFKIORVVHQVXSSHXQGGDQQHLQH6SH]LDOLWlWGHV+DXVHV7KXQ ILVFKPH[LNDQLVFK6FKDUI*HZU]WPLW&KLOLXQGJUQHP3IHIIHUGD]X 5HLVXQGHLQJURHV%LHU :lKUHQGLFKDXQGDXFK%LOOQLFKW]XVFKDXWHEHULFKWHWH6XNRGHVVHQ (VVHQQRFKQLFKWVHUYLHUWZDU(UKDWWHVLFKEHLVHLQHQ/DQGVOHXWHQ GXUFKJHIUDJWXQGWDWVlFKOLFKHLQHQVHLQHUDXIGHUJDQ]HQ:HOWYHUWUH WHQHQ9HWWHUQJHWURIIHQ(UYHUOLHK%RRWHXQGZXWHZDVLP+DIHQVR

OLHI9RQLKPVWDPPWHGLH,QIRUPDWLRQGDVLFKHLQH)UDXQDFKHLQHU
ª8QG"© ª:LUYLHUQHKPHQGHQ.DPSIDOOHLQDXI© )DVWKlWWHVLFK-R%DUUDFXGDDQVHLQHP%LHUYHUVFKOXFNWª'DVLVWGRFK QLFKW,KU(UQVW© ª0HLQYROOVWHU© ª$EHUZLHZROOHQYLHU0DQQGDVVFKDIIHQZDVIUHLQH+XQGHUWVFKDIW GHU3ROL]HL]XVFKZHULVW"© ,FKOlFKHOWH ª'XUFK/LVW0XW(LQVDW]EHUHLWVFKDIWXQGJXWHQ:LOOHQ© ª'HQKDEHLFK© ª'DQQLVWHVRND\© ª8QGZLHKDEHQ6LHVLFKGDVYRUJHVWHOOW"© ,FKJDEQRFKNHLQH$QWZRUWZHLO6XNRV(VVHQJHEUDFKWZXUGH(U KDWWHVLFKHLQH)LVFKVXSSHEHVWHOOW'LH7HUULQHZDUIDVWELV]XP5DQG JHIOOW 6XNRIOOWHVLFKGHQ7HOOHUELV]XU+lOIWHXQGD,FKEHULFKWHWHZHLWHU ª'D6LH)%,$JHQWVLQGGDFKWHLFKPLUGD6LHXQVHLQHQVFKQHOOHQ 3ROL]HLNUHX]HUEHVRUJHQN|QQHQ-R©VDJWHLFKª:LHVWHKWHVGDPLW"© ª'DVOLHHVLFKPDFKHQ$XFK:DIIHQ"© ª-DGDVZlUHQLFKWVFKOHFKW© ª,FKEHVRUJH0DVFKLQHQSLVWROHQ© ª2ND\©,FKVWLPPWH]ZDU]XZDUMHGRFKGDYRQEHU]HXJWGDZLU VLHQLFKWHLQ]XVHW]HQEUDXFKWHQ'lPRQHQNRQQWHPDQQLFKWPLW%OHL NXJHOQEH]ZLQJHQ ª8QGZDQQVROOGLH$NWLRQVWDUWHQ"©IUDJWH-R ª1RFKKHXWH© ª'DQQZLUGHV=HLW©'HU*PDQVFKREVHLQHQ6WXKO]XUFNXQGHUKRE VLFKª,FKJHKHPDOWHOHIRQLHUHQ© $OVHUDXHU+|UZHLWHZDUIUDJWH%LOOª:DVKlOWVWGXYRQLKP"© ,FKOHHUWHPHLQ%LHUJODVª(LQSDWHQWHU7\S:LUNOLFK$XILKQN|QQHQ ZLUXQVYHUODVVHQ'DHUVNHSWLVFKLVWOLHJWDXIGHU+DQG:HOFKHU 3ROL]LVWJODXEWVFKRQDQ'lPRQHQ"© %LOOJULHQWH ª,FKNHQQHHLQHQ© 'DPLWPHLQWHHUPLFK %HLGHU%HGLHQXQJEHVWHOOWHLFK)UXFKWVDIW'DV0lGFKHQVHUYLHUWH JHUDGHGLH*HWUlQNHDOVGHU)%,0DQQ]XUFNNDP ,FK]DKOWHJOHLFK -R%DUUDFXGDQDKPZLHGHU3ODW]ª$OOHVNODU©PHOGHWHHUª:LUEH NRPPHQGDV%RRW(VZLUGGXUFKJHFKHFNWXQGDXIJHWDQNW0HLQ&KHI JLEWPLU5FNHQGHFNXQJ©

ª'DVLVWDXVJH]HLFKQHW©OREWHLFK ª+DEHQ6LHHLQH$KQXQJZDVGLHVHU'U7RGGDYRUGHU.VWHHLJHQW OLFKYRUKDW"© ª1HLQ© ª9LHOOHLFKWWDXFKWHUQDFKDOWHQ6FKlW]HQ©YHUPXWHWH-Rª0|JOLFKLVW HV© ,FKVFKWWHOWHGHQ.RSIª0LWVRHWZDVJLEWVLFKHLQ0DQQZLH'U7RG QLFKWDE© ª:HOFKHQ*UXQGKDWHUGDQQ"© ª(UZLOOVLFKHUOLFKLUJHQGHWZDVEHUJHQ©YHUPXWHWH6XNR 'DJDELFKGHP&KLQHVHQUHFKW ª8QGZDV"©IUDJWH-R%DUUDFXGD ª.HLQH$KQXQJ©:lKUHQGLFKGLH$QWZRUWJDEGDFKWHLFKDQ;RUURQ GHQ+HUUQGHU=RPELHV(UZDUQRFKLPPHUQLFKWDXIJHWDXFKWXQG 'U7RGVXFKWHLKQYHU]ZHLIHOW 2EHUZLHGDPDOV9DPSLURGHOPDUDXIGHP0HHUHVJUXQGODJ" ª:HQQZLUGLHJHQDXH6WHOOHNHQQHQZUGHQN|QQWHLFKQDFK IRUVFKHQ©PHLQWH-RªDEHUVR"© (UKDWWHUHFKW:LUZXWHQZLUNOLFKQLFKWZRUXPHVJLQJ=XGHP ZDUHV]ZHLIHOKDIWREZLUGDV%RRWEHUKDXSWILQGHQZUGHQ'HVKDOE GXUIWHQZLUNHLQH=HLWPHKUYHUOLHUHQ =ZHLhEHUIlOOHKDWWHQGLH7DXFKHUDEZHKUHQN|QQHQDEHUNHLQHUZDUPLW VROFKHLQHU%UXWDOLWlWXQG5DIILQHVVHGXUFKJHIKUWZRUGHQZLHGLHVHU /DG\;KLHOWYROODXILKU=LHO ,NH&ODQWRQVDKGDV0QGXQJVIHXHU(UZXWHGDGLH)UDXDEJH GUFNWKDWWHZROOWHVHOEVWVHLQH:DIIH]LHKHQDOVLKQGLH*DUEHHUIDWH XQGTXHUEHUGDV'HFNVFKOHXGHUWH &ODQWRQVFKULHQRFKDXIGDQQVSUWHHUGHQ0XQGYROOHU%OXWXQG EOLHEOLHJHQ 2 %ULHQXQG7HG/DZUHQFHODJHQLQJXWHU'HFNXQJ6LHNRQQWHQ KLQWHUGHQ$XIEDXWHQDXFKQLFKWYRQGHU)UDXJHVHKHQZHUGHQGLHVLFK VRSO|W]OLFK]XHLQHP7HXIHOHQWZLFNHOWKDWWH =ZHL6FKQHOOIHXHUJHZHKUHNUDFKWHQDOVHVIU,NH&ODQWRQEHUHLWV]X VSlWZDU 'DGLHEHLGHQ7DXFKHUVFKLHHQNRQQWHQEHZLHVHQVLHVHKUVFKQHOO 6LHMDJWHQDXVGHQ5RKUHQZDVVLHDQ%OHL]XU9HUIJXQJKDWWHQXQG EHVWUHXWHQGDV'HFNGHUJU|HUHQ

/DG\;VFKRQLFKW]XUFN6LHKDWWHVLFKQDFKLKUHPHUVWHQEHU UDVFKHQGHQ$QJULIILQ'HFNXQJJHUROOWXQGVFKLFNWHQXQLKUH9DVDOOHQ YRU -HW]WZUGHQVLFKGLHEHLGHQ.HUOHDXIGHP6FKLIIZXQGHUQ =XHUVWNDP9DPSLURGHOPDU$OVHUDXVGHP1LHGHUJDQJHUVFKLHQ XQGVLFK]XVHLQHUYROOHQ*U|HDXIULFKWHWHZDUHQGLH7DXFKHUVREHU UDVFKWGDVLHY|OOLJYHUJDHQ]XVFKLHHQ 9DPSLURGHOPDUODFKWH(U]HLJWHVHLQHJHZDOWLJHQ5HLXQG9DPSLU ]lKQHVHLQVWlKOHUQHU.|USHUEHEWHYRU)UHXGHXQGGDVZLHYRQ6lXUH ]HUIUHVVHQH*HVLFKW]HLJWHHLQHQZLOGHQ7ULXPSK (UVWLHVLFKDEXQGVSUDQJPLWHLQHP6DW]DQ%RUGGHVDQGHUHQ 6FKLIIHV 2 %ULHQEHUZDQGGLHhEHUUDVFKXQJDOVHUVWHUXQGIHXHUWH /DZUHQFH]LWWHUWHQRFK8QGHUNRQQWHZHLWHU]LWWHUQDOVHUVDKZLHGLH *HVWDOWYRQ2 %ULHQV.XJHOJDUEHJHWURIIHQZXUGHXQGGDEHL]ZDU XPILHODEHUQLFKWWRWZDU 9DPSLURGHOPDUNUDFKWHDXIV'HFN'HU$XISUDOOVFKWWHOWHLKQXQG GDV6FKLIIIDVWQRFKGXUFK(UUROOWHVLFKQLFKWLQ'HFNXQJVRQGHUQ VSUDQJKRFK 'LH7DXFKHUKlWWHQZLHGHUJHVFKRVVHQDEHUGDZDUQRFKMHPDQGGHP VLHLKUH$XIPHUNVDPNHLWZLGPHQPXWHQ(LQ]ZHLWHV0RQVWHUYLHO OHLFKWQRFKVFKOLPPHUDOVGDVHUVWH 7RNDWDGHU6DPXUDLGHV6DWDQV *LJDQWLVFKDQ]XVHKHQ(UKDWWHQXUQRFKGHQUHFKWHQ$UP,QGHU +DQGKLHOWHUGHQ*ULIIHLQHVODQJHQ6FKZHUWHV(UWUXJHLQH .DPSIPDVNHYRUGHP*HVLFKWGDPLWVHLQHEOHLFKHQ.QRFKHQQLFKWVR NODU]XVHKHQZDUHQGLHGXUFKGLH+DXWVFKLPPHUWHQ :LOGVFKZDQJ7RNDWDVHLQ6FKZHUW ª'HU7HXIHO©NUHLVFKWH/DZUHQFHVRZLHVRHWZDVDEHUJOlXELVFKª'HU 7HXIHO©(UVFKR 'UHL.XJHOQMDJWHHUDXI7RNDWD]XGHUVLHMHGRFKDEILQJDOVZlUHHV QLFKWV (UODFKWHQLFKWVWLHVLFKDEXQGVSUDQJPLWHLQHPJHZDOWLJHQ6DW]DQ %RUGGHU)O\LQJ6WDU $OVHUDXINDPGU|KQWHQGLH3ODQNHQXQGHUVFKDXWHVLFKXP:R VWHFNWHQGLH*HJQHU" (LQHUMHGHQIDOOVKLHOWHVLQVHLQHU'HFNXQJQLFKWPHKUDXV'DVZDU 2 %ULHQ(UKDWWHVHLQHQ3ODW]YHUODVVHQXQGUREEWHVFKODQJHQJOHLFKEHU GDV'HFN(UKDWWHGHQ9DPSLUJHVHKHQGHULKPGHQ5FNHQ]XZDQGWH XQGVXFKHQGVHLQHQ.RSIGUHKWH =ZHL
HLVWHHWZDV(UKDWWHQRFKQLHHLQHQ0HQVFKHQLQGHQ5FNHQJHVFKRVVHQ DEHUZDUGLHVHV:HVHQKLHUEHUKDXSWHLQ0HQVFK"2GHUZDUHVHLQ 0RQVWHU"-DPLW6LFKHUKHLWOHW]WHUHV ª)DKU]X+|OOH©NUHLVFKWHGHU,UHKREVHLQH:DIIHHLQZHQLJDQXQG VFKR 5DVHQGVFKQHOOVSLHGLH0QGXQJGHV*HZHKUHVGDV%OHLDXVGDVGHQ 5FNHQGLH6HLWHXQGGLH%UXVWGHV0RQVWHUVWUDIHVGXUFKVFKWWHOWH DEHUQLFKWW|WHWH 9DPSLURGHOPDUGHU.DLVHUGHU%OXWVDXJHUZLHHUVLFKVHOEVWQDQQWH ODFKWHEHUVRHWZDVQXU 'DQQVFKOXJHU]XUFN ,QPLWWHQGHV.XJHOKDJHOVGURVFKHUVHLQHJHZDOWLJH)DXVWQDFKXQWHQ WUDIVHLQHQ*HJQHUDQ+DOVXQG.RSIXQGVFKOHXGHUWHLKQ]X%RGHQ 2 %ULHQNUDFKWHPLWGHP5FNHQDXIGLH3ODQNHQ :LHLP.UDPSIKLHOWHUGLH:DIIHXPNODPPHUWVLHHUVFKLHQLKPDOV GHUHLQ]LJH/HEHQVUHWWHUGRFKGDVZDUHLQ7UXJVFKOX 'HUQlFKVWH7ULWWWUDILKQVRKDUWGDHUVHLQH6FKQHOOIHXHUZDIIHIDOOHQ ODVVHQPXWH 6LHUXWVFKWHEHUGLH3ODQNHQXQGEOLHELQHLQHUIULKQXQHUUHLFK EDUHQ(QWIHUQXQJOLHJHQ 2 %ULHQZlO]WHVLFKKHUXPXQGJULII]XU3LVWROH,QGLHVHP0DJD]LQ VWHFNWHQDXFKQRFKHLQLJH.XJHOQGLHHUGHU%HVWLHLQGHQ%DOJMDJHQ NRQQWH 'RFKGHU,UHNDPQLFKWPHKUGD]XGLH:DIIHKHUYRU]X]LHKHQ6HLQH +DQGEHUKUWH]ZDUQRFKGHQ*ULIIGRFKGDZDUGHUDQGHUHVFKRQEHU LKP9DPSLURGHOPDUKDWWHDXIGLHVHQ0RPHQWJHZDUWHW(UULGHQ,UHQ PLWXQZLGHUVWHKOLFKHU*HZDOWLQGLH+|KHLQVHLQHPYHUZVWHWHQ *HVLFKWVWDQGGLH9RUIUHXGHDXIGDV%OXWGHV0HQVFKHQ]XOHVHQ 'HQ0XQGKDWWHHUDXIJHULVVHQGLH=lKQHJHEOHFNW'LH5HL]lKQH VFKLPPHUWHQGLHEHLGHQ9DPSLUKDXHUVWDQGHQZHLWYRU 'LHVHVVFKUHFNOLFKH%LOGZDUGDVOHW]WHZDVGHU,UH2 %ULHQLQVLFKDXI QDKPGHQQ9DPSLURGHOPDUEL]X 2 %ULHQVSUWHQRFKGHQUDVHQGHQ6FKPHU]DP+DOVGDQQO|VFKWH HLQHJQlGLJH%HZXWORVLJNHLWDOOVHLQ'HQNHQXQG)KOHQDXV +LQWHUKHUZDUI9DPSLURGHOPDUVHLQHQOHEORVHQ.|USHULQV0HHU'DV :DVVHUVSULW]WHDXIDOVGHU7DXFKHU2 %ULHQLQGHQ)OXWHQYHUVFKZDQG XQGQLFKWPHKU]XVHKHQZDU 7RNDWDKDWWHVLFKLQ]ZLVFKHQGHQ6FKZDU]HQYRUJHQRPPHQ7HG /DZUHQFHKDWWHQLFKWPHKU&KDQFHQDOV2 %ULHQ /DG\;ZDUIHLQHQ%OLFN]XU%UFNHKRFKXQGVDKGLH]HUVW|UWH 3DQRUDPDVFKHLEH0U0RQGRVWDQGGRUW'LH$XJHQKLQWHUVHLQHUUDQG

ORVHQ%ULOOHIXQNHOWHQ(UKDWWHHLQ7DVFKHQWXFKJHJHQVHLQH:DQJH JHSUHWDXVGHUGDV%OXWOLHI'RUWPXWHLKQHLQ*ODVVSOLWWHUJHWURIIHQ KDEHQ ª$OOHVNODU"©IUDJWHGLH0|UGHULQ ª-D© /DG\;VWHFNWH]ZHL)LQJHULQGHQ0XQGXQGVWLHHLQHQ3ILIIDXV 'DVQlFKVWH0RQVWHUHUVFKLHQ (VZDU/XSLQDGLH:HUZ|OILQ(LQHEULVDQWH0LVFKXQJDXV:HLEXQG %HVWLH'HU.RSIZDUGHUHLQHUELOGKEVFKHQ)UDX/DQJHVEORQGHV+DDU ILHOELVDXIGLH6FKXOWHUGLH$XJHQOHXFKWHWHQEODXGDV*HVLFKWNRQQWH PDQDOVDXHUJHZ|KQOLFKKEVFKEH]HLFKQHQGRFKQDFKGHP+DOV EHJDQQGHU]RWWLJHIHOOEHGHFNWH.|USHUGHU%HVWLH(LQH:|OILQSUlVHQ WLHUWHVLFKGHQ%OLFNHQGHUEULJHQ0RUGOLJD0LWJOLHGHU(LQVFKDXULJHV *HVFK|SILQVHLQHU=XVDPPHQVHW]XQJHLQPDOLJXQGHEHQVRJUDXVDP ZLHGLHDQGHUHQ0RQVWHU )UVLHZDUQLFKWV]XWXQJHZHVHQ/XSLQDKLHOWVLFKPHLVWHWZDVLP +LQWHUJUXQGDEHULKUH6WXQGHZUGHQRFKNRPPHQGDZDUHQVLHDOOH VLFKHU 6LHWUDW]XU6HLWHGDPLWGHU)KUHUGHU0RUGOLJDGHU0HQVFKGlPRQ 'U7RGGDV'HFNEHWUHWHQNRQQWH (UZDUGDV*HKLUQGHUEUXWDOH3ODQHUDOOGHU9HUEUHFKHQGLHDXIGDV .RQWRGLHVHUGlPRQLVFKHQ%DQGHJLQJHQ2EZRKOHUDXVVDKZLHHLQ 0HQVFKKDWWHHUGRUWZRQRUPDOHUZHLVHGDV+HU]VLW]WHLQHQ6WHLQ(U ZDU]\QLVFKXQGEUXWDO 'HUULFKWLJH%RGLHVHU7UXSSH 0LWYRUGHU%UXVWYHUVFKUlQNWHQ$UPHQEOLHEHUVWHKHQ6HLQH$XJHQ JOLWWHQEHUGDVYRQGHQ0LWJOLHGHUQGHU0RUGOLJDEHVHW]WH'HFNGHU )O\LQJ6WDU =XIULHGHQQLFNWHHU 6RJHQDXKDWWHHUHVKDEHQZROOHQ'LH6FKZLHULJNHLWHQZDUHQEH VHLWLJW :LHVRRIWDXFKEHL*DQJVWHUEDQGHQVDKGHU%RGLHVHU7UXSSHQLFKW ZLHHLQSRWHQWLHOOHU)KUHUDXV(UZDUHKHUNOHLQNOHLQHUMHGHQIDOOVDOV GLH:HVHQGLHHUEHIHKOLJWH6HLQ*HVLFKWZDUKDUWJHVFKQLWWHQXQG ZLUNWHHFNLJ'LH$XJHQVFKLHQHQQXU.LHVHOVWHLQHLQGLHVHU9LVDJHRKQH 5HJXQJ]XVHLQ(VZDUGHU.|USHUYRQ6ROR0RUDVVRHLQHV0DILRVRGHU HLQPDO3DOHUPREHKHUUVFKWKDWWH0RUDVVRVWDUEDEHUGXUFK$VPRGLQDV 0DJLHZDUHVJHOXQJHQGLH6HHOHGHVYHUIOXFKWHQ'U7RGLQGHQ.|USHU GHV6ROR0RUDVVR]XVWHFNHQXQGLKQVRZLHGHU]XHUZHFNHQ(UOHEWH DOVR8QG]ZDUGXUFK$VPRGLQDV*QDGHXQG)UVSUDFKHEHLP6SXN GHP+HUUVFKHULP5HLFKGHU6FKDWWHQ

'DVZXWH'U7RGDEHU'DQNEDUNHLWZDUHLQ:RUWGDVHUDXVVHLQHP 6SUDFKVFKDW]JHVWULFKHQKDWWH(UZDU]ZDUIURKGDHUH[LVWLHUWHJOHLFK ]HLWLJMHGRFKVWUHEWHHUQDFKGHU0DFKW(UZROOWH$VPRGLQDDXVO|VFKHQ GDPLWHUDOOHLQGLH+HUUVFKDIWDQWUHWHQNRQQWH'LH7HXIHOVWRFKWHU VFKULHELKPHLQIDFK]XYLHOYRUXQGHUZDUMHPDQGGHUVLFKNHLQHUOHL 9RUVFKULIWHQPDFKHQOLH(QWZHGHUVWDQGHUDQGHU6SLW]HRGHUNHLQHU (LQPDOKDWWHHUGHQ$XIVWDQGSURELHUWGRFK$VPRGLQDKDWWHLKQPLW HLQHUGHPWLJHQGHQ0DFKWGHPRQVWUDWLRQLQGLH.QLHJH]ZXQJHQ 6LHKlWWHLKQVRJDUW|WHQN|QQHQDEHUVLHOLHHVEOHLEHQVRQGHUQ YHUK|KQWHLKQQXU 'DVYHU]LHKHLQ0DQQZLH'U7RGQLH6HLWGLHVHP=HLWSXQNWVDQQHU DXI5DFKH(UZROOWHEOXWLJ]XUFNVFKODJHQXQG$VPRGLQD]HUVW|UHQ ZDQQLPPHUHVJLQJ%LVKHUKDWWHVLFKDOOHUGLQJVNHLQH0|JOLFKNHLWHU JHEHQXQGVRVDQQHUZHLWHUDXI5DFKH ,P0RPHQWZDUHUGDEHL9DPSLURGHOPDUHLQHQ*HIDOOHQ]XWXQ(U KDWWHYRQHLQHP9DPSLU6FKLIIJHK|UWGDVYRUPHKUDOVGUHLKXQGHUW -DKUHQJHVXQNHQZDU'LH9DPSLUHKDWWHQDOVQlFKWOLFKH6HHUlXEHUGLH *HZlVVHUXQVLFKHUJHPDFKWXQGZDUHQEHUGLH0HQVFKHQKHUJHIDOOHQ -DKUHODQJGDXHUWHLKU7HUURUGHQ(O6DUJRVVDPLWJQDGHQORVHU+DQG IKUWHELVHVPXWLJHQ0lQQHUQJHOXQJHQZDUGLH9DPSLUH]XEHVLHJHQ 1LHPDQGGLHVHU0XWLJHQKDWWHVLFKDOOHUGLQJVJHWUDXWVLH]XW|WHQPDQ KDWWHQXUGLH9DPSLUHLQ6lUJHJHVWHFNWGDV6FKLIIYHUVHQNWXQGJHKRIIW GDHVQLHZLHGHUDXIWDXFKHQZUGH 6LHKLHOWHQDXFKODQJHJHQXJ5XKHELVHEHQ]XGLHVHP7DJZR'U7RG GLH8QWRWHQDXVLKUHQQDVVHQ*UlEHUQKROHQZROOWHXPGDV9DPSLU 6FKLIIZHLWHUKLQEHUGLH0HHUHJHLVWHUQ]XODVVHQ 6HKUSODVWLVFKVWHOOWHHUVLFKGDV(QWVHW]HQGHU0HQVFKHQYRUZHQQ GLHVHDXIHLQHU.UHX]IDKUWGHP6FKLIIEHJHJQHWHQ'LHZUGHQEHUVLH KHUIDOOHQVLHHEHQIDOOV]X%OXWVDXJHUQPDFKHQVRGDGHU9DPSLUNHLP LPPHUZHLWHUHXQGJU|HUH.UHLVH]RJELV]XHLQHPELWWHUHQ(QGH 'DVZDU'U7RGV3ODQ'HVKDOEZROOWHHUGDV6FKLIIKHEHQODVVHQXQG ]ZDUDXIHLQHPDJLVFKH$UWXQG:HLVH 'LH7DXFKHUKDWWHQHEHQ3HFKJHKDEWVLHKlWWHQVLFKHLQDQGHUHV *HELHWDXVVXFKHQVROOHQ /XSLQDGLH:HUZ|OILQZDUDXIGDVDQGHUH%RRWJHVSUXQJHQXQG JHVHOOWHVLFK]X9DPSLURGHOPDUXQG7RNDWD6LHJHElUGHWHVLFKHLQ ZHQLJXQUXKLJGHQQVLHURFKGDV%OXW$XFKVLHZROOWHLKUHP7ULHE IROJHQXQGQLFKWLPPHU]XUFNVWHKHQ'U7RGPXWHVLFKIUVLHLUJHQG ZDQQHWZDV%HVRQGHUHVDXVGHQNHQVRQVWNLSSWHVLHQRFKXPXQG YHUOLHGLH0RUGOLJD'DVZROOWHHUDXINHLQHQ)DOOGHQQ/XSLQDZDUHLQ ZHUWYROOHV0LWJOLHG=XGHPKDWWHVLHHLQHEHVRQGHUH(LJHQVFKDIWHQW

ZLFNHOW6LHNRQQWHVLFKZLHGHULQHLQHQRUPDOH)UDXYHUZDQGHOQZDQQ LPPHUVLHZROOWH1XUZHQQGHU9ROOPRQGGHV1DFKWVDP+LPPHO VFKLHQZDUHVIUVLHXQP|JOLFKGDVLHHLQH)UDXEOLHE $XFK6ROR0RUDVVRVSUDQJDQ%RUGGHVJHNDSHUWHQ6FKLIIHV'RUW VFKDXWHHUVLFKXP .HLQ$Q]HLFKHQGHXWHWHGDUDXIKLQGDQRFKMHPDQGDP/HEHQZDU $XFKGHUWRWH,NH&ODQWRQZDUYHUVFKZXQGHQ7RNDWDKDWWHLKQEHU %RUGJHZRUIHQ 'U7RGKDWWHGLHVHV6FKLIILQGHU7DWHLQH:HLOHEHREDFKWHQODVVHQ,KP ZDUQDWUOLFKQLFKWHQWJDQJHQGDQRFK]ZHLZHLWHUH3HUVRQHQ]XU %HVDW]XQJ]lKOWHQDEHUGLHZDUHQJHWDXFKWXQGQLFKWPHKU]XUFN JHNRPPHQ 6ROR0RUDVVRNDQQWHDXFKGHQ*UXQG9DPSLURGHOPDUGHUPLW(O 6DUJRVVDLQPDJLVFKHU9HUELQGXQJVWDQGKDWWHEHULFKWHWGDHLQHUYRQ +DLHQ]HUULVVHQXQGGHUDQGHUH]XHLQHP9DPSLUJHZRUGHQZDUGHU VLFKQDKWORVLQGHQ5HLJHQGHU8QWRWHQHLQUHLKWH8PVREHVVHU $XFK/DG\;VSUDQJMHW]WDQ%RUG'LH]ZHLIDFKH0|UGHULQVWHOOWH VLFKQHEHQLKUHQ&KHI=XUFNJHEOLHEHQZDUQXU0U0RQGRGHUJHIlKU OLFKH0RQVWHUPDFKHU )ULKQVXFKWH'U7RGQRFKLPPHUHLQJHHLJQHWHV/DERUZRHUVHLQH VFKOLPPHQ)RUVFKXQJHQLQDOOHU5XKHZHLWHUIKUHQNRQQWH'HQQ :LVVHQVFKDIWXQG0DJLHELOGHWHQHLQEUDQGJHIlKUOLFKHV7DQGHP $OOHUGLQJVIHKOWHGDVVHFKVWH0LWJOLHGGHU0RUGOLJD 'DVZDU;RUURQGHU+HUUGHU=RPELHV(UPXWHVLFKLUJHQGZRDXI GHU:HOWYHUVWHFNWKDOWHQQXUKDWWH'U7RGVHLQHQ6FKOXSIZLQNHOELV MHW]WQRFKQLFKWJHIXQGHQ8QGVRHWZDVlUJHUWHLKQGHQQDXIGHU6XFKH QDFK;RUURQZDULKPEHUHLWVHLQSDDUPDOVHLQ,QWLPIHLQG-RKQ6LQFODLULQ GLH4XHUHJHNRPPHQ 'HU*HLVWHUMlJHUZDUVRZLHVRGDVJURH3UREOHPGHU0RUGOLJD(U VWDQGDXIGHU$EVFKXOLVWHJDQ]REHQ6LQFODLU]XHUOHGLJHQGDVZDU 'U7RGVJU|WHU7UDXP%LVKHUZDUHVHLQ7UDXPJHEOLHEHQ 'U7RGGDFKWHQLFKWGDUDQGDV6FKLIIZHLWHUPLW]XIKUHQ(UZROOWHHV IOXWHQODVVHQ.HLQHUKDWWHHWZDVGDJHJHQ %LVDXI/XSLQD6LHVWLHSO|W]OLFKHLQGURKHQGHV.QXUUHQDXVXQG ZDUIGDVODQJHEORQGH+DDU]XUFN ª:DVLVWORV"©IUDJWH6ROR0RUDVVRXQGVFKDXWHGLH:HUZ|OILQODXHUQG DQ'HUHQ$XJHQJOlQ]WHQPHWDOOHQ'DVVRQVWVRDQ]LHKHQGH*HVLFKW ]HLJWHHLQHQODXHUQGHQ$XVGUXFN ª5HGH©]LVFKWH0RUDVVR ª,FKLFKULHFKH0HQVFKHQ©NQXUUWHVLH

3UHWW\%HQVRQHUOHEWHGLHVFKOLPPVWHQ0LQXWHQLKUHV/HEHQV6LHKRFNWH XQWHU'HFNXQGKDWWHVLFKLQGHQOHW]WHQ:LQNHOGHUKRO]JHWlIHOWHQ .DELQHHLQJHVFKORVVHQ9RU$QJVW]LWWHUWHVLHVRVHKUGDLKUH=lKQH NODSSHUWHQ3UHWW\K|UWHGLH6FKVVHXQGGLH6FKUHLH6LHZXWHGDGRUW REHQGLH+|OOHWREWHDEHUVLHWUDXWHVLFKQLFKWDXFKQXUHLQH+DDUVSLW]H DXVGHU7U]XVWHFNHQXPQDFK]XVFKDXHQ 3UHWW\%HQVRQKDWWHYRQGHQ.lPSIHQPLW6HHEDQGLWHQ]ZDUHUIDKUHQ ZDUVHOEVWDEHUQLHLQHLQHQYHUZLFNHOWJHZHVHQ6LHZXWHDXVGHQ (U]lKOXQJHQGDGLHVH$XVHLQDQGHUVHW]XQJHQRKQH5FNVLFKWDXI 9HUOXVWHJHIKUWZXUGHQGHQQHVJLQJXP*ROG'DVKDWWHGLH 0HQVFKHQVFKRQLPPHUUFNVLFKWVORVZHUGHQODVVHQ 3O|W]OLFKYHUVWXPPWHQGLH6FKVVH 3UHWW\ODXVFKWH 1LFKWVZDUPHKUREHQDQ'HFN]XK|UHQ:HQLJH6HNXQGHQVSlWHU YHUQDKPVLH6FKULWWH'DZXUGHQLKUH$XJHQJUR'DQNGHU6FKULWWH ZXWHVLHJHQDXGDHVNHLQHUGHU7DXFKHUZDUGLHGRUWEHUGLH 3ODQNHQJLQJHQ'LHKDWWHQHLQHQDQGHUHQ*DQJ3UHWW\ZDUODQJHJHQXJ DXIGHP%RRWXPGLH0lQQHUDQLKUHQ6FKULWWHQHUNHQQHQ]XN|QQHQ 'DVKLHUZDUHQDQGHUH 'DEOLHEQXUHLQH)ROJHUXQJ'HQ%DQGLWHQZDUHVJHOXQJHQGLH %HVDW]XQJ]XEHUZlOWLJHQ 'LHVHU*HGDQNHWULHELQ3UHWW\DEHUPDOVGLHKHLH$QJVWKRFK6LH NRQQWHGLH7UlQHQQLFKWOlQJHU]XUFNKDOWHQVFKOXFK]WHXQGZDUWHWH GDUDXIGDHLQHUGHU6LHJHUGHQ1LHGHUJDQJKLQXQWHUNRPPHQZUGH XPVLH]XKROHQ :DVZUGHGDQQJHVFKHKHQ":UGHPDQVLHDOVOlVWLJH=HXJLQHEHQ IDOOVEHVHLWLJHQRGHUYHUJHZDOWLJHQ" %HLGHVZDUVFKOLPPXQGWURW]GHU+LW]HOLHIHLQNDOWHU6FKDXHUEHU LKUHQ5FNHQDOVVLHGDUDQGDFKWH :DVVROOWHVLHWXQ" )OLHKHQ-D3UHWW\%HQVRQGDFKWHDQ)OXFKW(VZDULKUHHLQ]LJH &KDQFH6LHEH]HLFKQHWHVLFKVHOEVWDOVHLQHJXWH6FKZLPPHULQ0KHORV VFKDIIWHVLH]ZHL6WXQGHQXQGGDVLHVLFKLQUHODWLYHU1lKHGHU.VWH EHIDQGHQNRQQWHHVLKURKQHZHLWHUHVJHOLQJHQHLQ6FKLII]XHUUHLFKHQ GDVGLH*HZlVVHUNUHX]WH 'LHVH+RIIQXQJYHUGUlQJWHGLH$QJVW 3UHWW\NURFKDXVLKUHP:LQNHOKHUYRUXQGVFKOLFKGXUFKGLH.DELQH 'LHKRFKKDFNLJHQ6FKXKHKDWWHVLHDXVJH]RJHQEDUIXEHZHJWHVLHVLFK ZHLWHUELVVLHGLH7UHUUHLFKWHGLHHLQH$QEDXZDQGDQGLHVHU6HLWHGHU .DELQHXQWHUEUDFK 3UHWW\VFKOXFNWH1RFKWUDXWHVLHVLFKQLFKWGLH7U]X|IIQHQ6LHUHFK

QHWHPLWGHP6FKOLPPVWHQDEHUHVJDENHLQHDQGHUH&KDQFH'XUFKGLH )HQVWHUNRQQWHVLHQLFKW6LHZDUHQ]XVFKPDO=XGHPKDWWHVLHVLFKQLFKW JHWUDXWHLQPDOKLQGXUFK]XVFKDXHQ %OLHEQXUGLHVH0|JOLFKNHLW 'LH$QJHOQZDUHQJXWJH|OWVRGDGLH7UNHLQHUOHL*HUlXVFKHYHU XUVDFKWHDOV3UHWW\VLHDXI]RJ 9RULKUODJGHU1LHGHUJDQJ6LHVDKGLHKHOOJHVWULFKHQHQ6WXIHQGLH ]XP2EHUGHFNIKUWHQ/HW]WH6RQQHQVWUDKOHQILHOHQDXIGDV0HWDOO %DOGZUGHGHU/LFKWEDOOYHUVFKZXQGHQVHLQ $EHUVLHVDKQRFKPHKU /LQNVYRQLKUXQJHIlKULQGHU+|KHGHUGULWWHQ6WXIHWURSIWHHWZDV DXIGHQ+DQGODXI (VZDUHLQHGXQNOH)OVVLJNHLWXQG3UHWW\JODXEWHVRJDUHLQHQ VOLFKHQ*HUXFKZDKU]XQHKPHQ 'DVZDU%OXW )DVWKlWWHVLHJHVFKULHQ*HUDGHQRFKUHFKW]HLWLJKLHOWVLHVLFKVHOEVW GHQ0XQG]XXQGHUVWLFNWHVRPLWLKUHQ6FKUHL1HLQGDVZDUXQ P|JOLFK 3UHWW\IORJDPJHVDPWHQ.|USHU6LHPXWHHLQHQ(NHOEHUZLQGHQ XPZHLWHUJHKHQ]XN|QQHQ-HW]WHUVWPHUNWHVLHZLHKHLGDV0HWDOO QRFKZDU'DV0lGFKHQELGLH=lKQH]XVDPPHQGXFNWHVLFKXQG VFKULWWZHLWHU ,QGLHVHU+DOWXQJNRQQWHVLHYRPREHUHQ'HFNDXVQLFKWVRVFKQHOO JHVHKHQZHUGHQ 3UHWW\VFKOLFKDXIDOOHQYLHUHQZHLWHU $OVVLHGLH]ZHLWOHW]WH6WXIHYRUVLFKVDKEHPHUNWHVLHGHQ6FKDWWHQ GHUVLHEHUKUWH 3UHWW\HUVWDUUWH 6LHZDJWHQLFKWHLQPDO]XDWPHQLKU+HU]WURPPHOWHVFKQHOOHUXQG GDV%OXWVWLHJLQLKUHQ.RSI 'DQQK|UWHVLHGDV/DFKHQXQGHLQHZHLEOLFKH6WLPPHª-DZHQKDEHQ ZLUGHQQGD"© (LQ6FKDXHUUDQQEHU3UHWW\V5FNHQJOHLFK]HLWLJZXUGHGLH$QJVW HWZDVYHUGUlQJWGHQQNHLQ0DQQVRQGHUQHLQH)UDXKDWWHJHVSURFKHQ 'DV*LUODKQWHQLFKWZHQHVYRUVLFKKDWWHEHNDPHVDEHU]XVHKHQDOV HVGHQ.RSIKRE 9RULKUVWDQG/XSLQD (LQ0RQVWHU(LQH0LVFKXQJDXV)UDXXQG%HVWLH6RHWZDVKDWWH3UHWW\ QRFKQLHLQLKUHP/HEHQJHVHKHQ6LHKDWWHDXFKQLHJHGDFKWGDGLHVH :HVHQH[LVWLHUWHQXQGVLHEUDFKWHNHLQHQ/DXWKHUYRUGHQQYRU6FKUHFN ZDUVLHZLHHUVWDUUW

/XSLQD|IIQHWHGHQ0XQG-HW]WHUVWZXUGHQLKUHNUlIWLJHQ=lKQH VLFKWEDUGLHVLFKEHLHLQHUY|OOLJHQ9HUZDQGOXQJ]XP:ROIQRFKYHU VWlUNWHQª.RPPKHU©VDJWHVLH 'DV*LUOVFKOXFK]WHDXI 6LHNURFKGLHOHW]WHQ6WXIHQKRFKVDJWH8QYHUVWlQGOLFKHVLQLKUHU $QJVWIKOWHGLH+DQGDXIGHU6FKXOWHU]XFNWH]XVDPPHQXQGVFKDXWH QRFKHLQPDOKRFK 1HLQGDVGXUIWHQLFKWZDKUVHLQ 'DVWDQGNHLQ0RQVWHUPHKUVRQGHUQHLQHEORQGH)UDXXQGVLHWUXJ NHLQHQ)DGHQDP/HLEH 'HU:LQGVSLHOWHPLWGHPEORQGHQ+DDU'LH)LJXUGHU)UDXZDUDXV JH]HLFKQHW]HLJWH7UDXPPDHXQG3UHWW\VFKULHEDOOGHQYRUKHULJHQ 6FKUHFNHQLKUHUEHUUHL]WHQ)DQWDVLH]X ª:DVKDVWGX"©IUDJWH/XSLQD,KUH6WLPPHNODQJHLQVFKPHLFKHOQG XQGEHUXKLJHQGª6WHKGRFKDXI© ª-DMDQDWUOLFK,FKGDFKWHQXULFK© ª'HLQH1HUYHQVLQGQLFKWGLHEHVWHQPHLQ.LQG© ª'DVZLUGHVZRKOVHLQ© ª.RPP© 3UHWW\%HQVRQIKOWHGLH+DQGGHUDQGHUHQDXIGHULKUHQXQGVLHOLH VLFKZLOOLJKRFK]LHKHQ 6LHVFKDXWHVLFKXP)RUVFKHQGJOLWWLKU%OLFNEHUGDVOHHUH'HFN9RQ GHQDQGHUHQ7DXFKHUQNHLQH6SXU6LHVDKDOOHUGLQJVDXFKGDV]ZHLWH 6FKLIIGDVPLWGHU)O\LQJ6WDUGXUFK]ZHL7DXHYHUEXQGHQZDU%HLGH 6FKLIIHZRJWHQLQGHUODQJHQ'QXQJDXIXQGQLHGHU 3UHWW\YHUVWDQGEHUKDXSWQLFKWV6LHIURUZHLOGHU:LQGEHULKUHQ IDVWQDFNWHQ.|USHUVWULFKª6LQG6LHDOOHLQ"©IUDJWHVLH ª-D© ª$EHUZRVLQGGLHDQGHUHQ"© ª:HOFKH"© 'LH%ORQGHVWHOOWHGLH)UDJHPLWHLQHUVROFKHQ1DLYLWlWGD3UHWW\QXU VFKOXFNHQNRQQWHª'LH0lQQHUPHLQHLFK© 'DOlFKHOWHGLH%ORQGHª:HOFKH0lQQHU"© ª$EHULFKKDEHGRFK6FKVVHJHK|UW© ª1HLQ© 3UHWW\VW|KQWHXQGVWDPSIWHPLWGHP)XDXI6LHKDWWHGDV*HIKO ]XP1DUUHQJHKDOWHQ]XZHUGHQª(VPVVHQHLQIDFK0lQQHUGDJH ZHVHQVHLQ$XFKPHLQH)UHXQGHLFKKDEHPLUGDVGRFKQLFKWDOOHVHLQ JHELOGHW© ª'RFK©/XSLQDOHJWHLKUHQ$UPXP3UHWW\V6FKXOWHUQ ª.RPPODXQVJHKHQPHLQH.OHLQH©

ª:RKLQ"© ª,QGLHDQGHUH.DELQH©6LHVWUHLFKHOWH3UHWW\V5FNHQ'DV*LUOIKOWH GLHODQJHQ1lJHODXIVHLQHU+DXWXQGKDWWHGDV*HIKOYRQNOHLQHQ 0HVVHUQEHUKUW]XZHUGHQ ,KUH)OXFKWFKDQFHQKDWWHVLHVLFKDXVGHP.RSIJHVFKODJHQ6LHNDP JHJHQGLH%ORQGHQLFKWDQGDVVSUWHVLHVRIRUW'DQQPXWHVLHHEHQ PLWPDFKHQDXFKZHQQVLHQLFKWZXWHLQZHOFKHLQW|GOLFKHV6SLHOVLH GDKLQHLQJHULVVHQZXUGH ª:RIKUHQ6LHPLFKKLQ"©IUDJWHVLHPLW]LWWULJHU6WLPPH ª(VJLEWGRFKKLHUQRFKHLQH]ZHLWH.DELQH"© ª-D© ª'RUWPDFKHQZLUHVXQVJHPWOLFK© ª:LHVR"© ª6WHOOMHW]WNHLQH)UDJHQPHKUVRQGHUQODGLFKHLQIDFKEHUUDVFKHQ PHLQH/LHEH,FKKHLHEULJHQV/XSLQD© ª3UHWW\%HQVRQ©6LHVDJWHDXWRPDWLVFKLKUHQ1DPHQREZRKOVLHHV JDUQLFKWZROOWHXQGVLFKLKUH*HGDQNHQXPGLH0lQQHUGUHKWHQYRQ GHQHQVLHQRFKLPPHUNHLQH6SXUHQWGHFNWKDWWH 'LH]ZHLWH.DELQHVLHZDUZHVHQWOLFKNOHLQHUDOVGLHHUVWHODJQlKHU DQGHU%XJVHLWHGHV%RRWHV0DQNRQQWHVLHDXFKYRP'HFNHUUHLFKHQ XQGEUDXFKWHQLFKWHUVWHLQHQ1LHGHUJDQJKLQXQWHU]XJHKHQ 3UHWW\%HQVRQIUFKWHWHVLFKSO|W]OLFK6LHVFKWWHOWHGHQ.RSIª1HLQ© VDJWHVLHªLFKZLOOQLFKW© ª%OHLEWGLUHLQHDQGHUH:DKO"©/XSLQDV6WLPPHNODQJODXHUQGXQGVLH KDWWHWDWVlFKOLFKGLH:DKUKHLWDXVJHVSURFKHQ ª.DXP©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|PWH

EHULKU*HVLFKWVRGD3UHWW\%HQVRQQLFKWVVHKHQNRQQWH'DIUDEHU K|UHQ 6LHNDQQWHGLH*HUlXVFKHGLHHQWVWDQGHQZHQQHLQH0DVFKLQHQ SLVWROHDEJHIHXHUWZXUGH 'DVKlOLFKH7DFNWDFNZXUGH]XHLQHUKlPPHUQGHQ0HORGLH6RIRUW WDXFKWH3UHWW\XQWHUVWLHLQGLH7LHIHYRUXQGK|UWHQRFKGLHOHW]WHQ SHLWVFKHQGHQ(LQVFKOlJHGHU.XJHOQGRFKJHWURIIHQZXUGHVLH]XP *OFNQLFKW 3UHWW\%HQVRQVFKZDPPYHU]ZHLIHOWZHLWHU,KUH$UPHDUEHLWHWHQZLH GLH)OJHOHLQHU:LQGPKOHGLHGDV:DVVHUWHLOWHQ$XFKGLH%HLQH EHZHJWHQVLFKLPJOHLFKHQ5K\WKPXV 'LH3DQLNJDE3UHWW\GLHGRSSHOWH.UDIWXQGWULHEVLHYRUDQ $OVVLH]XP]ZHLWHQPDODXIWDXFKWHK|UWHVLHNHLQH6FKVVHPHKU'HU RGHUGLH0|UGHUKDWWHQHVDXIJHJHEHQ3UHWW\ULVNLHUWHHLQHQ%OLFNEHU LKUH6FKXOWHU6FKRQZHLWODJHQGLHEHLGHQ%RRWH]XUFN1HLQGLH KDWWHQNHLQ,QWHUHVVHPHKUDQLKU6LHUHFKQHWHQGDPLWGDGLHHLQ]LJH =HXJLQGHVhEHUIDOOVHUWULQNHQZUGH 8QG3UHWW\VFKZDPP1LFKWPHKUVRKDVWLJZLH]XYRUVRQGHUQ ODQJVDPHUNUlIWHVSDUHQGHU6LHULFKWHWHVLFKQDFKGHPZLHLQ)ODPPHQ VWHKHQGHQ+LPPHOXQGZXWHJHQDXZRKLQVLH]XVFKZLPPHQKDWWH ZHQQVLHGLH.VWHHUUHLFKHQZROOWH =XPHLVWVSOWHQGLH:HOOHQEHULKU*HVLFKWGRFKZHQQVLHVLFKYRQ GHUODQJHQ0HHUHVGQXQJKRFKWUDJHQOLHXQGDXFKLKUHQ.RSIKRE GDQQVDKVLHYRUVLFKHLQHXQHQGOLFKH)Ol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|W]OLFKVFKOXJLKU+HU]UDVHQGVFKQHOO'HUDQGHUH6FKZLPPHU EHVDHLQHQIHXHUURWHQ+DDUVFKRSIZLHLKQHLJHQWOLFKQXUHLQ0DQQ KDWWHGHQVLHNDQQWH

2 %ULHQ 3UHWW\VFKULHVFKOXFNWH:DVVHUVSLHHVZLHGHUDXVXQGZLQNWH 6RODQJHELV2 %ULHQDXIPHUNVDPZXUGH 6LHVFKZDPPHQDXIHLQDQGHU]X'DEHLZXWH3UHWW\%HQVRQQLFKW GD2 %ULHQYRQ9DPSLURGHOPDU]XHLQHP%OXWVDXJHUJHPDFKW ZRUGHQZDU -R%DUUDFXGDGHUGXQNHOKlXWLJH*PDQZDUZLUNOLFKHLQ$OOURXQG 7DOHQW(UEHKHUUVFKWHQLFKWQXUVHLQHQ-REVRQGHUQNRQQWHDXFKPLW HLQHP3ROL]HLNUHX]HUGHU&RDVW*XDUGXPJHKHQ'DVJHK|UWHZRKO]X GHQ3IOLFKWHQHLQHV)%,$JHQWHQ :LUKDWWHQGHQ+DIHQYHUODVVHQXQGIDQGHQDQ%RUGDOOHVZDV]X HLQHUNOHLQHQYLHOOHLFKWDXFKOlQJHUHQ6HHUHLVHQ|WLJZDU7ULQNZDVVHU 9HUSIOHJXQJJXWH1DFKWJOlVHUVFKW]HQGH5HJHQXPKl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lUNHQNRQQWH 0DOVHKHQ ,FKYHUOLHGLH%UFNHGHQQLFKZXWHGLH)KUXQJGHV6FKLIIHVEHL %LOO&RQROO\XQG-R%DUUDFXGDLQJXWHQ+lQGHQ6XNRKRFNWHDP+HFN (UVFKDXWHPLUHQWJHJHQXQGUFNWHGDQQ]XU6HLWHDOVLFKQHEHQLKP 3ODW]QDKP:LHDXFKLFKWUXJHUHEHQIDOOVHLQ*ODVGXUFKGDVHU VFKDXWHZHQQHUKLQXQGZLHGHUGDV0HHUQDFKHLQHPYHUGlFKWLJHQ 6FKLIIDEVXFKWH'DZDUQLFKWV ,QGHU)HUQHGLUHNWYRUGHU.LPPVDKHQZLU]ZHL6FKLIIHGLHVFKRQ MHW]WREZRKOGLH'XQNHOKHLWQRFKQLFKWY|OOLJKHUHLQJHEURFKHQZDU IHVWOLFKEHOHXFKWHWZDUHQ'DVZDUHQ

HLQHU:RONHGDKLQ]XVFKZHEHQQXUKLQXQGZLHGHUYRQDXIVSULW]HQGHQ *LVFKWWURSIHQJHWURIIHQ ª:DVPHLQVWGX-RKQZDV'U7RGVRDOOHVYRUKDW"©6XNRV6WLPPH XQWHUEUDFKPHLQH*HGDQNHQ ª.HLQH$KQXQJHKUOLFK© ª+|UDXI© ,FK|IIQHWHGLH$XJHQ'HU&KLQHVHEOLFNWHPLFKDQ(UJULQVWHª'X ELVWEHUKDXSWQLFKWEHLGHU6DFKH© ª6WLPPWPHLQ/LHEHU)UHLQHQ0RPHQWKDEHLFKWDWVlFKOLFKYHUJHV VHQZDUXPLFKHLJHQWOLFKKLHUELQ0HQVFKLFKP|FKWHHLQPDO5XKH KDEHQXQGYLHU:RFKHQ8UODXEPDFKHQ$XIV0HHUKLQDXVIDKUHQHQW VSDQQHQDXVVSDQQHQYLHOOHLFKWPLWHLQHPKEVFKHQ*LUO© ª*OHQGDRGHU-DQH"© ª%HLGHZlUHQJDUQLFKWVFKOHFKW©HUZLGHUWHLFKJULQVHQG ª'LHZUGHQGLUGRFKGLH$XJHQDXVNUDW]HQ,FKDQGHLQHU6WHOOH KLHOWHPLFKGD]XUFN© ª'DQQHEHQRKQH© ª-DGDVZlUHZDV©VWLPPWHPLUGHU&KLQHVH]XXQGZHFKVHOWHEOLW] VFKQHOOGDV7KHPDª%LVWGXHLJHQWOLFKPGHJURHU*HLVWHUMlJHU"© ª+LQXQGZLHGHU© ª'XZLUVWDOW© ª'DVZLUGMHGHUPDO:HUQLFKWDOWZHUGHQZLOOGHUPXVLFKMXQJDXI KlQJHQ© ª2GHUVLFKPLW'lPRQHQKHUXPVFKODJHQ© ª6WLPPWDXFKZLHGHU©'DEHLPXWHLFKDQGLH8QVFKXOGLJHQGHQNHQ GLHLP.DPSIJHJHQGLH0lFKWHGHU)LQVWHUQLVLKU/HEHQYHUORUHQKDW WHQ2E0lQQHURGHU)UDXHQGLHDQGHUH6HLWHPDFKWHGDNHLQH 8QWHUVFKLHGH8QGHVZDUHQDXFK)UHXQGHYRQXQVGDEHLJHZHVHQ1LFKW ]XOHW]W.DULQ0DOOPDQQGLH)UDXGHVGHXWVFKHQ.RPPLVVDUV ,FKVFKDXWH]XUFN 0LWEORHP$XJHZDUGLH.VWHVFKRQQLFKWPHKU]XHUNHQQHQ:HQQ LFKGDV*ODVQDKPVDKLFKHLQHQGXQVWLJHQJUDXHQ6WUHLIHQIHUQDP +RUL]RQW 'DV0HHUODJUXKLJ,UJHQGZLHZDUGLHODQJH'QXQJZLH%DOVDPIU PHLQH1HUYHQ0HLQHWZHJHQKlWWHGLH)DKUWQLFKW]X(QGHJHKHQEUDX FKHQDEHU7UlXPHVLQG6FKlXPHXQGVRZLGPHWHLFKPLFKZLHGHUGHQ 5HDOLWlWHQ ª6FKRQZDV]XVHKHQ"©IUDJWHLFK6XNRDOVGLHVHUPLWVHLQHP*ODVGLH *HJHQGDEVXFKWH ª1HLQ© :LUKDWWHQHLQH%HVFKUHLEXQJGHV6FKLIIHVGDVYRQ'U7RGJHPLHWHW

ZRUGHQZDU-RKDWWHHVJHVFKDIIWGLH'HWDLOV]XNULHJHQ$OVGHU 9HUOHLKHUGHQ)%,6WHUQVDKZXUGHHUZHLFK 'LH6RQQHZDUYHUVXQNHQ(LQSDDUOHW]WH6WUDKOHQILHOHQZDDJHUHFKW EHUGLH:DVVHUIOlFKH,P+LQWHUJUXQGODXHUWHVFKRQGLH'XQNHOKHLWGLH VLFKZLHHLQULHVLJHV5DXEWLHUQlKHUXQGQlKHUVFKLHEHQZUGHELVVLH DOOHVEHGHFNWH %LOO&RQROO\NDP (USODW]WHIDVWYRU7DWHQGUDQJ'DV:HLGHU.OHLGXQJKREVLFKGHXW OLFKYRQVHLQHUVRQQHQEUDXQHQ+DXWDE%LOOKDWWH=HLWJHQXJ]X+DXVH LP*DUWHQ]XOLHJHQXQGVLFKYRQVHLQHU)UDX6KHLODSIOHJHQ]XODVVHQ ª8QG"©IUDJWHLFK ª1LFKWV-RKQ:LUKDEHQGDV0HHUYRQREHQQDFKXQWHQXQGYRQOLQNV QDFKUHFKWVDEJHVXFKW© ,FKQDKPMHW]WGDV*ODVXQGVXFKWHGLH:DVVHUIOlFKHDE,PPHUZHLWHU VWULFKPHLQ%OLFNEHUGLHXQUXKLJHODQJVDPGXQNOHUZHUGHQGH)OlFKH 'DPHOGHWHVLFK6XNRª%HLGUHKHQLFKKDEHHWZDVJHVHKHQ© :HQQGHU&KLQHVHGDVVDJWHGDQQVWLPPWHHVGHQQ6XNRKDWWHGLH EHVWHQ$XJHQYRQXQVDOOHQ'DPLWXQVHU6WHXHUPDQQDXFKYHUVWDQG OLHILFKKRFK]XU%UFNHXQGJDELKP%HVFKHLG ª:DVLVWGHQQORV"©IUDJWH-RXQGJLQJDXIKDOEH.UDIW ª.HLQH$KQXQJLFKZHUGH6XNRIUDJHQ© %LOO&RQROO\VWDQGVFKRQQHEHQGHP&KLQHVHQ,FKJHVHOOWHPLFK]X GHQEHLGHQ6XNRGHXWHWHDXIV0HHUZlKUHQGHUPLWHLQHU+DQGZHLWHU KLQGDV*ODVIHVWKLHOW $XFKLFKVFKDXWHGXUFKGLH/LQVHQXQGHUNDQQWHWDWVlFKOLFKHLQHQ URWHQ+DDUVFKRSI 'DWULHEHLQ0HQVFK $EHUQLFKWQXUHLQHUVRQGHUQ]ZHL'HQODQJHQ+DDUHQQDFK]X XUWHLOHQZDUHVHLQH)UDX8PVLHKHUXPJLVFKWHWHGDV:DVVHUDXI)DVW HUVFKLHQHVPLUDOVZUGHQGLHEHLGHQNlPSIHQ 6LHWDWHQHVZLUNOLFK ,FKUDQQWHZLHGHU]XU%UFNH'RUWVFKDXWH-RHEHQIDOOVGXUFKGDV *ODV7LHIH.HUEHQKDWWHQVLFKXPVHLQH0XQGZLQNHOJHELOGHW(UZXWH VHOEVWZDVHU]XWXQKDWWHXQGJDE6WRII :LHGHUEHJDQQHLQ:HWWODXIJHJHQGLH=HLW ,FKK|UWHHLQHQ6FKUHLXQGZXWHGDHVK|FKVWH(LVHQEDKQZDU-R %DUUDFXGDKDWWHIDQWDVWLVFKUHDJLHUW(UKDWWHQLFKWLQYROOHU)DKUWDXIGLH EHLGHQ0HQVFKHQ]XJHKDOWHQVRQGHUQQXUPLWKDOEHU.UDIW8QGHU KDWWHUHFKW]HLWLJJHQXJEHLJHGUHKWVRGDHUGHQLP:DVVHUEHILQGOLFKHQ

3HUVRQHQGLH6WHXHUERUGVHLWH]XZDQGWHXQGLFKEHUGLH5HOLQJKHFKWHQ NRQQWH %LOOXQG6XNRKlWWHQHVQDWUOLFKDXFKJHWDQLFKDEHUKDWWHPLFK GXUFKJHVHW]W %LOOKLHOWEHUHLWVHLQHQGHU5HWWXQJVULQJHLQGHU+DQG,QODQJVDPHU )DKUWJOLWWGDV%RRWVHLWOLFKDQGDV0lGFKHQXQGGHQURWKDDULJHQ0DQQ KHUDQ %HLGHNlPSIWHQMHW]WXQWHU:DVVHUXQGLFKVWLHPLFKDE,FKKHFKWHWH GHP0HHUHVVSLHJHOHQWJHJHQXQGNDPGDEHLVFKOHFKWDXIGHQQLFKVWLH QLFKW]XHUVWPLWGHQDXVJHVWUHFNWHQ$UPHQLQGDV:DVVHUVRQGHUQ NODWVFKWHPLWGHP%DXFKDXIGLH:HOOHQ'DVNDPGDKHUZHLOGDV%RRW OHLGHUQRFK)DKUWXQGPHLQ.|USHUHEHQIDOOVGLH*HVFKZLQGLJNHLWDQJH QRPPHQKDWWH ,FKVFKZDPPDXIGLHEHLGHQ]XXQGULXQWHU:DVVHUPHLQH$XJHQ DXIXPVHKHQ]XN|QQHQ 'HUURWKDDULJH0DQQZROOWHGDV*LUOWDWVlFKOLFKHUZUJHQ8QGGDV ZRNHLQ/DQGLQ6LFKWZDUVRQGHUQPLWWHQDXIGHP0HHU6RHWZDV ZDUPLUDXFKQRFKQLFKWSDVVLHUW8QGHUZDUDXFKQDKHGDUDQHV]X VFKDIIHQGHQQGLH:LGHUVWDQGVNUDIWGHV*LUOVZDUHUODKPW(VKLQJ NUDIWORVLP*ULIIGHV5RWKDDULJHQ 'DQQZDULFKGD0HLQH+lQGHSDFNWHQGLH+DDUHGHV.HUOVLFKUL LKQKRFKXQGGUFNWHLKQ]XU6HLWHZHJYRQVHLQHP2SIHU(UGUHKWH VLFKXQWHU:DVVHU]RJGLH%HLQHDQXQGIUHLQHQZLQ]LJHQ0RPHQWVDK LFKVHLQ*HVLFKWPLWGHPRIIHQHQ0XQG 0LFKWUDIGHU6FKUHFN 'HU.HUOZDUHLQ9DPSLU (LQZLGHUOLFKHU%OXWVDXJHU-HW]WZXWHLFKDXFKZDUXPHUGDV 0lGFKHQDWWDFNLHUWKDWWHXQGHVLKPQLFKWVDXVPDFKWHGDULQJVKHUXP QXU:DVVHUZDU(UNRQQWHQLFKWPHKUHUWULQNHQ(UZDUVFKRQWRWXQG IKUWHQXUQRFKHLQK|OOLVFKHV'DVHLQ6HLQHRUJDQLVFKHQ)XQNWLRQHQ ZDUHQHLQJHVWHOOW 9HUGDPPW ,FKPXWHLKQORVODVVHQGHQQMHW]WJLQJHVXPGDV0lGFKHQ:DUHV YLHOOHLFKWVFKRQJHELVVHQZRUGHQ" ,FKJOLWWLQGLH7LHIHZRGDV*LUOODQJVDPDEVDFNWHWDXFKWHXQWHUGLH VFKZDU]KDDULJH6FK|QHILQJVLHDEXQGVFKDIIWHVLHZLHGHUDQGLH 2EHUIOlFKH $EHUGHU9DPSLUGDFKWHQLFKWGDUDQDXI]XJHEHQ(UZROOWHHEHQIDOOV VHLQ2SIHUVHLQ%OXWGXUVWPXWHJHVWLOOWZHUGHQXQGHUVFKZDPP VHLWOLFKDXIXQV]XXPXQVGHQ:HJDE]XVFKQHLGHQ*HUDGHUHFKW]HLWLJ WDXFKWHLFKDXI

ª1LPPHLQHUGDV0lGFKHQ©VFKULHLFKXQGVDKGXUFKGHQ:DVVHU VFKOHLHUYRUPHLQHQ$XJHQQLFKWZHUVLFKXPGLH.OHLQHNPPHUWH$XI MHGHQ)DOOIORJGHU5LQJDXIGDV*LUO]XXQGHVVSUDQJDXFKMHPDQGLQV :DVVHU 'DQQVSUWHLFKGLH+lQGHGHV9DPSLUV6HLQH$UPHXPVFKODQJHQ PLFKLQ+IWK|KHZLHGLH7HQWDNHOHLQHV.UDNHQ,FKZXUGHKHUXP JHULVVHQXQGXQWHU:DVVHUJHGUFNW(VZDUPLUDOOHUGLQJVJHQJHQG =HLWJHEOLHEHQXP/XIW]XKROHQ -HW]WEHJDQQGHU.DPSI ,FKNDP]ZDUDQPHLQH%HUHWWDKHUDQDEHUGLHQW]WHPLULP0RPHQW QLFKWVZHLOLFKXQWHU:DVVHUGDPLWQLFKWVFKLHHQNRQQWH:LFKWLJHUZDU GHU'ROFK$OOHUGLQJVVWHFNWHGHULQGHU6FKHLGHGLHZLHGHUXPDP *UWHOEHIHVWLJWZDUXQGLQGHU+|KHVSUWHLFKGLHNODPPHUQGHQ$UPH GHV%OXWVDXJHUV 0HLQH+lQGHSDFNWHQVHLQHQ.RSIXQGERJHQLKQ]XUFN'DGXUFK VDKLFKDXFKHLQHQ7HLOGHV+DOVHVXQGUHJLVWULHUWHGLHDXVJHEOXWHWH NODIIHQGH:XQGH ,FKVFKWWHOWHPLFK 'LH$XJHQGHV%OXWVDXJHUVZDUHQYHUGUHKWGHU0XQGVWDQGRIIHQ GHXWOLFKVDKLFKGLH=lKQH,FKGUFNWHPHLQHQ+DQGEDOOHQJHJHQVHLQ .LQQXQGSUHWHHV]XUFN 'DEHLPXWHLFKPLFKEHHLOHQGHQQPHLQ/XIWYRUUDWUHLFKWHQLFKW HZLJ 'HU9DPSLUVWHPPWHVLFKGDJHJHQ6HLQH.UlIWHZDUHQZLUNOLFK HQRUP (VJHODQJPLUQLFKWGLH8PNODPPHUXQJ]XO|VHQ ,QWHUYDOOZHLVHVWLHLFKGLH/XIWDXV,FKPHUNWHVFKRQZLHPHLQH +HU]VFKOlJHLKUHQ:LGHUKDOOLQPHLQHP.RSIIDQGHQHLQ=HLFKHQGD GHU/XIWPDQJHO]XQDKP (VJDEQRFKHLQH0|JOLFKNHLWIUPLFK:lKUHQGGHU9DPSLUPLFK ZHLWHULQGLH7LHIHGUFNWHKROWHLFKPHLQ.UHX]KHUYRUOLHDEHUGLH .HWWHXPPHLQHQ+DOV'DV:DVVHUGUFNWHGDV.UHX]KRFKVRGDHVLP UHFKWHQ:LQNHO]XPHLQHP+DOVVWDQGLFKHVDEHUGHQQRFKSDFNHQ NRQQWH 'HU9DPSLUEHPHUNWHLPOHW]WHQ0RPHQWGDLFKLKQEHUOLVWHWKDWWH (UOLHPLFKORVGRFKIULKQZDUHVVFKRQ]XVSlW 'DVJHZHLKWH.UX]LIL[WUDILKQPLWWHQLP*HVLFKW (VZDUHLQHW|GOLFKH%HUKUXQJ'HU%OXWVDXJHUElXPWHVLFKQRFK HLQPDODXIGDQQMHGRFKZXUGHQVHLQH%HZHJXQJHQODQJVDPHUXQG HUVWDUEHQVFKOLHOLFKY|OOLJ 'HU9DPSLUJOLWWLQGLH7LHIH$OVOHW]WHQ(LQGUXFNEHNDPLFKQRFK

PLWZLHVHLQ*HVLFKW]HUILHOXQGGLHEODQNHQ.QRFKHQGXUFKGLH +DXWVFKLPPHUWHQGDQQHQWVFKZDQGHUPHLQHQ%OLFNHQ ,FKWDXFKWHDXI (QGOLFK/XIW,FKVDXJWHVLHWLHILQPHLQH/XQJHQKXVWHWHXQGVSLH :DVVHUDXVGDVPLULQGHQ0XQGJHGUXQJHQZDU (WZDIQI]LJ
SROVWHUWH%DQNLQHLQHU.DELQHXQG-R%DUUDFXGDKROWHHLQH'HFNHGLH HUEHUGHQQDVVHQ.|USHUEUHLWHWH'DV*LUOIURU'LH=lKQHNODSSHUWHQ DXIHLQDQGHU 6LHEHNDPHWZDV:DUPHV]XWULQNHQ:LUHUIXKUHQDXFKLKUHQ1DPHQ 6LHKLH3UHWW\%HQVRQ 2EZRKOXQVGLH)UDJHQZLUNOLFKDXIGHQ1lJHOQEUDQQWHQGD3UHWW\ IUPLFKHLQH6FKOVVHOILJXULQGHPK|OOLVFKHQ6SLHOZDUOLHHQZLUVLH VRODQJHLQ5XKHELVVLHVLFKHLQLJHUPDHQJHIDQJHQKDWWH(UVWDOVLFK VLFKHUVHLQNRQQWHGDVLHLQGHU/DJHZDUXQVHLQHQ]XVDPPHQKlQ JHQGHQ%HULFKW]XJHEHQVWHOOWHLFKGLH)UDJHQ6LHDQWZRUWHWHDXFKXQG JDEXQVHLQH(U]lKOXQJGLHDOOGHQ6FKUHFNHQXQGGDV*UDXHQLQVLFK EDUJGLHVLHHUOHEWKDWWH:LUHUIXKUHQYRPhEHUIDOODXIGDV%RRWYRQ GLHVHU3HUVRQGLHKDOE0HQVFKKDOE%HVWLHZDUXQGLFKGDFKWHVRIRUWDQ /XSLQD (LQVMHGHQIDOOVVWDQGIHVW:LUZDUHQDXIGHUULFKWLJHQ6SXUGLHXQV]X 'U7RGXQGGHUYHUGDPPWHQ0RUGOLJDIKUWH ª:LUPVVHQIOLHKHQ©VDJWHVLHª'LHGLHNHQQHQNHLQH*QDGH :LUNOLFK© ,FKEHUXKLJWHVLHª(UVWHLQPDOUXKHQ6LHVLFKDXV3UHWW\GDQQZHUGHQ ZLUZHLWHUVHKHQ© ª$EHUZROOHQ6LHGHQQ"© ª-DZLUVLQGH[WUDZHJHQGLHVHU%DQGHXQWHUZHJV:LUZHUGHQVLH VWHOOHQGDVYHUVSUHFKHLFK,KQHQ© 6LHKDWWHQGDVHUREHUWH6FKLIIJHIOXWHW -HW]WVWDQGHQ'U7RGXQGGLH0LWJOLHGHUVHLQHU0RUGOLJDDXIGHP 'HFNLKUHU

:DVVHUVRGDVLHMHW]WZLHHLQJUDXHU7HSSLFKZLUNWHDXIGHPKLQXQG ZLHGHUHLQLJHZHLH6FKDXPNURQHQWDQ]WHQ .HLQDQGHUHV6FKLIIEHIDQGVLFKLQGHU1lKH'U7RGKLHOWYHUJHEOLFK QDFKIUHPGHQ3RVLWLRQVODPSHQ$XVVFKDX$XFKHUZUGHVLFKKWHQ /LFKWHU]XVHW]HQ1LHPDQGVROOWHVLHEHLGHU$UEHLWEHREDFKWHQ 1HEHQLKPVWDQG/DG\;0U0RQGRKLHOWVLFKZHLWHUKLQDXIGHU %UFNHDXI7RNDWD9DPSLURGHOPDUXQG/XSLQDKDWWHQVLFKDXIGHP 'HFNYHUWHLOW /XSLQDKLHOWVLFK]XUFN6LHZXWHDPEHVWHQZHOFKHLQHQ)HKOHUVLH JHPDFKWKDWWH9RUHUVWZDULKU$QVHKHQLQQHUKDOEGHU0RUGOLJDVWDUN JHVXQNHQ ª:DQQIlQJVWGXDQ"©IUDJWH/DG\; ª-HW]W©HUZLGHUWH'U7RG(UZDQGWHVLFKDEXQGYHUVFKZDQGXQWHU 'HFN'RUWEHIDQGVLFKHLQ*HJHQVWDQGGHUIULKQHLQHJURH %HGHXWXQJKDWWH 'HU:UIHOGHV8QKHLOV (VZDUHLQY|OOLJQRUPDOHUZHLEODXVFKLPPHUQGHU:UIHOGHPPDQ QLFKWDQVDKZHOFKHLQH0DJLHLQLKPVWHFNWH0LW+LOIHGLHVHV:UIHOV NRQQWH'U7RGGHQJHIlKUOLFKHQ1HEHOHU]HXJHQGHUEHUHLWVVRYLHO 8QKHLODQJHULFKWHWKDWWH(UNRQQWHDEHUDXFKPLWDQGHUHQ'lPRQHQLQ IHUQHQ5HLFKHQ.RQWDNWDXIQHKPHQLQDQGHUH'LPHQVLRQHQXQG =HLWHEHQHQYRUGULQJHQRGHUGDV%|VHORFNHQ,QGHU+DQGHLQHV0DQQHV ZLH'U7RGZDUHU]XHLQHPW|GOLFKHQ:HUN]HXJJHZRUGHQGHQQ GLHVHU:UIHOKDWWHDXFKGLHJHJHQWHLOLJHQ(LJHQVFKDIWHQ:DUGHU %HVLW]HUHLQ0HQVFKGHUJHJHQGLH+|OOHNlPSIWHVRIDQGHULQGHP :UIHOHLQHJURH+LOIH:LHJHVDJWHUZDUPDQLSXOLHUEDUXQG'U7RG PDQLSXOLHUWHLKQ]XP%|VHQKLQ 'DQQEHVDHUQRFKGHQVLOEHUQHQ%XPHUDQJ(LQHHEHQIDOOVVHKUZHUW YROOH:DIIH$XFKSUDOOPLW0DJLHJHIOOW$OOHUGLQJVPLWZHLHU(UKDWWH VLH-RKQ6LQFODLUGHP,QWLPIHLQGGHU0RUGOLJDDEJHQRPPHQQDFKGHP GHU%XPHUDQJ7RNDWDGHQOLQNHQ$UPDEJHVFKODJHQKDWWH'U7RGGHU 0HQVFKGlPRQNRQQWHGLHVH:DIIHDQIDVVHQZDVLP*HJHQVDW]GD]X GHQ6FKZDU]EOWHUQQLFKWP|JOLFKZDU 6LHKWHWHQVLFKLKQDXFKQXU]XEHUKUHQHUZUGHVRIRUWVHLQH ZHLPDJLVFKH.UDIWHQWIDOWHQ 6ROR0RUDVVRHUVFKLHQZLHGHUDXI'HFN'HQ:UIHOKLHOWHUPLW EHLGHQ+lQGHQXPIDW9RQ:HVWHQKHUILHOGHUHUVWHNKOH:LQGEHU GDV:DVVHU(UEHZHJWHDXFKGLH:HOOHQVWlUNHUGLHNUDIWYROOJHJHQGLH %RUGZlQGHGHV.DKQVKLHEHQ ª+DOWHWHXFKEHUHLW©VDJWH'U7RGª(VLVWVRZHLW© 'LHDQGHUHQQLFNWHQ

0RUDVVRWUDWYRUXQGEOLHEDP+HFNGHV%RRWHVVWHKHQ'LHDQGHUHQ EDXWHQVLFKKLQWHULKPLQHLQHU5HLKHDXI -HGHUZDUJHVSDQQWXQGMHGHUZXWHZDVLQGHQQlFKVWHQ0LQXWHQ IROJHQZUGH/DQJHJHQXJKDWWHQVLHJHZDUWHWMHW]WVWDQGHQVLHGLFKW YRUGHP=LHO 'LH9DPSLU)ORWWHVROOWHDXVGHQXQKHLPOLFKHQ7LHIHQGHV0HHUHVZLH GHUDQGLH2EHUIOlFKHJHODQJHQXPGDVIRUW]XIKUHQZRPLWVLHGDPDOV HLQHVRWUDXULJH%HUKPWKHLWHUODQJWKDWWH 6ROR0RUDVVRNRQ]HQWULHUWHVLFK(UVFKDXWHDXIGHQ:UIHO6HLQH *HGDQNHQYHUVXFKWHQGLHVHQ*HJHQVWDQG]XDNWLYLHUHQXQGVHLQH 0DJLHKHUDXV]XIRUGHUQ (VJHODQJ 0RUDVVRPHUNWHZLHVLFKGHU:UIHOHUZlUPWHZLHLQVHLQHP,QQHUQ HWZDVJHVFKDKIUGDVHUNHLQHUOHL(UNOlUXQJKDWWH,KPNDPHVYRUDOV KLHOWHHUHLQHQ7RSIPLWVLHGHQGHP:DVVHU]ZLVFKHQGHQ+DQGIOlFKHQ 'HU:UIHOYLEULHUWHPDFKWHVLFKVHOEVWlQGLJXQG'U7RGPXWHLKQ ORVODVVHQZHLOGLH6FKZLQJXQJHQ]XVWDUNZXUGHQ 'HU:UIHOVFKZHEWHLQGHU/XIW (WZDHLQHQ
ª:HUGHQZLUQRFKLQGLHVHU1DFKWZHLWHUVHJHOQXQGPLWGHU,QYDVLRQ EHJLQQHQ© ª(VEOHLEWEHLGHQ(YHUJODGHV"© ª-D©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hEHUVLFKW (UZDUHVDXFKGHUGHQHUVWHQ(UIROJPHOGHWH ª$FKWXQJ©ULHIHU 6RIRUWEHJDEHQVLFKVlPWOLFKH0LWJOLHGHUGHU0RUGOLJDDQGLH5HOLQJ XQGVFKDXWHQDXIGLH:DVVHUIOlFKH -DVLHZDUZLHGHUKHOOHUJHZRUGHQ(LQ=HLFKHQGDIUGDGHUZHLH 1HEHOWHSSLFKGHU2EHUIOlFKHHQWJHJHQVWLHJ8QGLQQHUKDOEGHV7HSSLFKV EUHLWHWHVLFKHLQ6FKHPHQDXVGHUJUDXVFKLPPHUWH 'DV6FKLII" 1RFKZDUHQGLH$XVPDHQLFKWJHQDX]XHUNHQQHQGRFKZHQLJH 6HNXQGHQVSlWHUDOVGHU7HSSLFKWDWVlFKOLFKVRZHLWJHVWLHJHQZDUGD PDQGDV*HIKOKDEHQNRQQWHLKQPLWGHU+DQG]XJUHLIHQ]HLFKQHWHQ VLFKGHXWOLFKGLH.RQWXUHQGHV6FKLIIHVDE *HVFKDIIW (LQWULXPSKLHUHQGHVDEHUDXFKE|VHV/lFKHOQXPVSLHOWHGLH/LSSHQ 6ROR0RUDVVRV 6RXQGQLFKWDQGHUVPXWHHVVHLQ6HLQ3ODQZDUKDDUJHQDXDXIJH JDQJHQ (UULHEVLFKGLH+lQGH:LHGHUKDWWHGLH+|OOHHLQHQ6LHJHUUXQJHQ XQGGLHVPDOEHIDQGVLFKQLHPDQGLQGHU1lKHGHULKUH$NWLYLWlWHQ VW|UHQNRQQWH -HGHUZDUHUUHJW 'HUHLQH]HLJWHHVPHKUGHUDQGHUHZHQLJHU 'LHVRQVWVRNDOWEOWLJH3DPHOD6FRWWNRQQWHVLFKQLFKWPHKU ]XUFNKDOWHQ6LHXPIDWH'U7RGV$UPXQGNUDOOWHLKUH)LQJHUQlJHO LQVHLQ)OHLVFK

ª'HU6LHJ©IOVWHUWHVLHª'HU6LHJLVWQDK© 'DNRQQWH6ROR0RUDVVRQXU]XVWLPPHQ 0DVWHQ$XIEDXWHQ6HJHOGDVDOOHV]HLFKQHWHVLFKVFKRQGHXWOLFKYRP 'HFNGHV6FKLIIHVDE(LQJHKOOWLQGHQPDJLVFKHQ1HEHOVFKZHEWHGDV 6FKLIIKRKHUXQGK|KHU =XHUVWGXUFKEUDFKHQGLH0DVWVSLW]HQGLH:DVVHUREHUIOlFKH6RJDUGHU $XVJXFNZDUQRFKYRUKDQGHQ(LQPDNDEUHU$QEOLFNERWVLFKGHQ 0LWJOLHGHUQGHU0RUGOLJDZLHGDV6FKLIIK|KHUXQGK|KHUVWLHJXQGGDV :DVVHUDQGHQ$XIEDXWHQXQG%DOXVWUDGHQKHUDEVWU|PWHXPVLFK ZLHGHUPLWGHP0HHU]XYHUHLQLJHQ 'DV*HLVWHUVFKLIIZDUHUVFKLHQHQ :LHHLQ6FKOHLHUXPKOOWHHVGHU1HEHO(UODJMHW]WQLFKWPHKUVWLOO VRQGHUQEHIDQGVLFKLQODQJVDPHU%HZHJXQJ'RUWTXROOTXLUOWHXQG ZLUEHOWHHV'LHODQJHQ)DKQHQWDQ]WHQEHUGDV'HFN6LHZXUGHQ]X VFKOHLHUlKQOLFKHQ*HELOGHQGLHGHU:LQGEHUGLH'HFNVWULHEVRGD VLHLQMHGHQ:LQNHOGHV6FKLIIVGULQJHQNRQQWHQ 'DQQODJHVDXIGHP:DVVHU 'UHL6HJHOPDVWHQPLW]HUIHW]WHP7XFK0HKUHUH'HFNV'LH%RUGZDQG UDJWHKRFKEHUGDV6FKLIIKLQDXVDXIGHP'U7RGXQGGLH0LWJOLHGHU GHU0RUGOLJDZDUWHWHQ 1RFKUKUWHVLFKQLFKWVDXIGHP*HLVWHUVFKLII$OOHVODJLQW|GOLFKHU ODXHUQGHU5XKH 'U7RGQLFNWH]XIULHGHQGDQQZDQGWHHUVLFKXPª:RLVW(O 6DUJRVVD"©IUDJWHHU 9DPSLURGHOPDUIKOWHVLFKDQJHVSURFKHQª,FKZHUGHQDFKVHKHQ© HUZLGHUWHHUPLWVHLQHUGXPSIHQ6WLPPH ª'DQQWXGDV© 9DPSLURGHOPDUNDPGHP%HIHKOVRIRUWQDFK(UOLHIEHUGDV'HFN GHU
GLH1LHGHUJlQJHDXIGHP9RUGHUGHFNGLH*HVFKW]HDXIGHP =ZLVFKHQGHFNGLH0DQQVFKDIWVNRMHQGLH5lXPHGHU2IIL]LHUH $EHUNHLQH9DPSLUH 1DFKGHPVLHGDV6FKLIIGXUFKVXFKWKDWWHQEOLHE'U7RGDXIGHP $FKWHUGHFNVWHKHQª:RVLQGVLH"©IUDJWHHU ª,FKZHLHVQLFKW© ª'XKDVWXQVKLHUHLQ0lUFKHQHU]lKOW©IXKU6ROR0RUDVVRGHQ 9DPSLUDQ ª1HLQ©NQLUVFKWH9DPSLURGHOPDUª6LHPVVHQGDVHLQYHUGDPPW© ª'DQQUXIVLH© 'HU6XSHUYDPSLUQLFNWH/DXWVFKULHHUGHQ1DPHQGHV.DSLWlQV ª(O6DUJRVVD]HLJGLFK:RELVWGX",FKZDUWHDXIGLFK,FK9DPSLURGHO PDU.DLVHUGHU%OXWVDXJHU© 'LH6WLPPHKDOOWHEHUGDVJHZDOWLJH'HFN,KU6FKDOOYHUORUVLFK LUJHQGZRLP1HEHOGRFKYRQGHQ9DPSLUHQ]HLJWHVLFKQLHPDQG6LH EOLHEHQYHUVFKZXQGHQ 'DV*HLVWHUVFKLIIEHZHJWHVLFKDXIGHUKRKHQ'QXQJGHV0HHUHV'LH 0DVWHQVFKZDQNWHQ,UJHQGZRNQDUUWHGLHPLW$OJHQXQG0XVFKHOQ EHZDFKVHQH7DNHODJHDEHUHLQHQ(UIROJKDWWH9DPSLURGHOPDUPLW VHLQHQ5XIHQQLFKWHU]LHOW 8QGGRFKH[LVWLHUWHGLHXQWRWH%HVDW]XQJ (VZDU/DG\;GLHVLH]XHUVWEHPHUNWHª+H©NODQJLKUH6WLPPHDXI ª'DVWHLJHQZHOFKHDXVGHP:DVVHU© $XJHQEOLFNOLFKVFKDXWHQ6ROR0RUDVVRXQGGHU6XSHUYDPSLUEHUGLH 5HOLQJ $XFKXQWHULKQHQZDEHUWHGHU1HEHO1LFKWNODUZDU]XHUNHQQHQZDV JHQDXVLFKGRUWDEVSLHOWHDEHUEHLGHVDKHQGDVLFK/DG\;QLFKW JHWlXVFKWKDWWH'LH9DPSLUHYHUOLHHQLQGHU7DWGDV0HHU8QGGLHV JHVFKDKDXIHLQHJUDXHQKDIWHQDKH]XJHVSHQVWLVFKH$UWXQG:HLVH0DQ K|UWHQXUGDV3OlWVFKHUQGHV:DVVHUVDOVGLH,QYDVLRQGHU8QWRWHQ EHJDQQ6LHZXWHQ]ZDUXPLKU6FKLIIDEHUHQWHUWHQGLH
'LH6FRWWEOLFNWHLKPNDOWHQWJHJHQ=XRIWVFKRQKDWWHVLHPLWGHQ %OXWVDXJHUQ]XWXQJHKDEW 6LHIUFKWHWHVLFKQLFKWYRULKQHQ,KUZDUHV]LHPOLFKHJDOREVLHYRU LKUVWDQGHQRGHUQLFKW $EHU0RQWDQDQLFKW (UVDKQXUGLH)UDX8QGHUJLQJDXIVLH]X'LH$UPHYRUJHVWUHFNWGLH )LQJHU]X.ODXHQJHNUPPW 'DZXWH/DG\;%HVFKHLG$XFKMHW]WEHUVWU]WHVLHQLFKWVQDKP LKUH0DVFKLQHQSLVWROHXQGGURVFKGHP%OXWVDXJHUGHQ/DXIYRUGHQ 6FKlGHO0RQWDQDIORJ]XUFN ª'HULVWZDKQVLQQLJ©VDJWHGLHHKHPDOLJH7HUURULVWLQXQGZDQGWHVLFK DQ7RNDWDª0DFKLKQIHUWLJ© 'HU6DPXUDLGHV6DWDQVJLQJYRU2EZRKOGHU9DPSLUQLFKWJHUDGH NOHLQZDUZLUNWHHUJHJHQ7RNDWDZLHHLQ=ZHUJ(UDKQWHDXFKZDV GLHVHV0RQVWHUPLWLKPYRUKDWWHGHQQHUGXFNWHVLFK 7RNDWDVFKOXJ]X 'DV6FKZHUW]HUVFKQLWWSIHLIHQGGLH/XIWXQGHLQHQ$XJHQEOLFN VSlWHUKDWWH0RQWDQDNHLQHQ.RSIPHKU(UUROOWHEHU%RUGXQGYHU VFKZDQG'HU7RUVRIROJWHZHQLJVSlWHUYRQ7RNDWDJHVWRHQ (LQ9DPSLUZHQLJHU ª(VZLUGGHQDQGHUHQHLQH/HKUHVHLQ©VDJWH/DG\;XQGVFKLHOWH]X 'U7RGKRFK 6HLQH*HVWDOWVDKVLHQXUYHUVFKZRPPHQLP1HEHODEHUVLHHUNDQQWH ZLHHUGHQ$UPKREDOVRKDWWHHULKUHQ%HIHKOXQG7RNDWDV7DW JXWJHKHLHQ 'HU6DPXUDLGHV6DWDQVKDWWHVHLQ6FKZHUWQLFKWZLHGHUZHJJHVWHFNW (UZDUWHWHGRUWZRGLH9DPSLUHDXIWDXFKWHQXQGGLH/HLWHU]XP'HFN IKUWH (O6DUJRVVDNOHWWHUWHDOVHUVWHUDQ%RUG(UEHIDQGVLFKPLWGHP.RSI EHUHLWVLQ'HFNK|KHDOV7RNDWDLKPGLH6FKQHLGHGHV6FKZHUWVDQGLH .HKOHVHW]WH'DVNDOWH0HWDOOEHUKUWHGLHODSSLJHJOHLFK]HLWLJDXIJH GXQVHQH+DXW (O6DUJRVVDYHUKDUUWH 2EZRKOHUELVDQGLHVSLW]HQ'ROFK]lKQHEHZDIIQHWZDUZXWHHU GRFKGDHUKLHUVHLQHQ*HJQHUJHIXQGHQKDWWH8QGDXFKGLHDQGHUHQ 9DPSLUHVWLHJHQQLFKWZHLWHUGLH/HLWHUKRFK6LHZDUWHWHQZREHLVLH WUlJHLP:DVVHUVFKZDPPHQXQGLKUHOHEORVHQ.|USHUYRQGHQ:HOOHQ DXIXQGQLHGHUEHZHJWZXUGHQ ª(O6DUJRVVD© 'LHVPDOEUOOWH9DPSLURGHOPDUQRFKODXWHU'HUXQWRWH3LUDW PXWHLKQK|UHQ(UGUHKWHGDVYHUZVWHWH*HVLFKWQDFKOLQNV7RNDWD

OLHLKQJHZlKUHQGHQQHUVROOWHGHQ6XSHUYDPSLUDQVFKDXHQ ª(UNHQQVWGXPLFK(O6DUJRVVD"© ª-D© ª8QGZHUELQLFK"© ª'XELVW9DPSLURGHOPDUGHU.DLVHUGHU%OXWVDXJHU'XELVWJH NRPPHQXP]XKROHQZDVGLUJHK|UW© ª(VVWLPPW,FKELQGHU.DLVHU8QGGHVKDOEZHUGHWLKUPLUJHKRUFKHQ 8QG'U7RGGHUQHEHQPLUVWHKWXQGPlFKWLJHULVWDOVZLUDOOH+DVWGX YHUVWDQGHQ"© ª-D© ª:LHHQWVFKHLGHVWGXGLFK"© ª,FKVWHKH]XGLU9DPSLURGHOPDU© ª'DVZROOWHLFKK|UHQ'DQQVDJHGHQDQGHUHQGDVLH]XPLUDXI 'HFNNRPPHQVROOHQGDPLWLFKHXFKPHLQH%HIHKOHJHEH© (O6DUJRVVDEHUOHJWH(UVFKLHQHLQ]XVHKHQGDHUJHJHQGLHDQGHUHQ QLFKWDQNDPGHQQLKPZDUQLFKWHQWJDQJHQZLHHLVNDOWGLHVHU'lPRQ PLWGHPHLQHQ$UPUHDJLHUWH =XGHPZDU9DPSLURGHOPDUZLUNOLFKLKU.DLVHUXQGVLHPXWHQLKP JHKRUFKHQ ª,FKNRPPH©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lPWOLFKHVHFKV9DPSLUHWUXJHQGLH]HUIHW]WH.OHLGXQJGLHVLHEHUHLWV EHLP8QWHUJDQJGHV6FKLIIHVDQJHKDEWKDWWHQ8QGVLHEHVDHQQRFKLKUH :DIIHQ 9HUURVWHWH'HJHQ6FKZHUWHU(QWHUPHVVHUJHIlKUOLFKH'ROFKHXQG NUXPPH0HVVHU+LQ]XNDPGDLKU%OXWUDXVFKNDXP]X]JHOQZDU 1RFKIKOWHQVLHVLFKOHHUXQGDXVJHEUDQQWDEHUHVZUGHQMDDQGHUH =HLWHQNRPPHQGDZDUHQVLHVLFKHUGHQQMHW]WVWDQG9DPSLURGHOPDU DXILKUHU6HLWH'HU6XSHUYDPSLUZUGHLKQHQGHQ:HJ]HLJHQGHQVLH ]XJHKHQKDWWHQ

'U7RGVFKDXWHVLFKGLHªLOOXVWUHQ©*HVWDOWHQDQ1RUPDOH0HQVFKHQ HPSIDQGHQ(NHO*UDXHQXQG$EVFKHXYRUGLHVHQWHLOZHLVHYRQ 0XVNHWHQ]HUIHW]WHQ.|USHUQDEHUQLFKWHLQ0HQVFKGlPRQZLH6ROR 0RUDVVR )ULKQZDUHQGLH%OXWVDXJHUJHUDGHGLHULFKWLJH$UPHH ª(VZLUGJHQDXGDVJHWDQZDVLFKHXFKVDJH©EHJDQQHUVHLQH5HGH ª:HUPLUQLFKWJHKRUFKWZLUGVRIRUWJHW|WHW,FKKRIIHGDVLVWNODU (EHQVRZHUGHWLKU9DPSLURGHOPDUJHKRUFKHQ:DVHUEHILHKOWLVWDXFK LQPHLQHP6LQQHGHQQHUKDWPLUVHLQH([LVWHQ]]XYHUGDQNHQHEHQVR ZLHLKUGLHHXUHLKP]XYHUGDQNHQKDEW'LHVHV6FKLIIZLUGVLFKEH ZHJHQREZRKONHLQ:LQGLQGLH6HJHOIlKUW(VZLUGEHUGDV0HHU IDKUHQXQGVHLQ=LHODQVWHXHUQGHQQPHLQH0DJLHDOOHLQZLUGHVOHLWHQ XQGYRUDQWUHLEHQ,KUQHKPWHXUH3OlW]HHLQXQGYHUODWGDV6FKLIIHUVW ZHQQLFKHVHXFKVDJH© (O6DUJRVVDQLFNWH ª9DPSLURGHOPDUZLUGKLHUDQ%RUGEOHLEHQXQGHXFKEHUZDFKHQ (UKDQGHOWLQPHLQHP$XIWUDJGDVP|FKWHLFKQRFKHLQPDOEHWRQHQ:LU VWHXHUQGLH.VWH)ORULGDVDQXQGZHUGHQEHUGLH0HQVFKHQNRPPHQ ZLHGLH+RUQLVVHQ,KU%OXWZLUGHXUH1DKUXQJVHLQXQGLKUN|QQWGHQ .HLPGHV%|VHQVRZHLWDXVEUHLWHQZLHLKUZROOW© 'DVZDUHQ:RUWHGLHGHQ8QWRWHQJHILHOHQ6LHWUDIHQEHLLKQHQ DXIIUXFKWEDUHQ%RGHQ6RHWZDVZLH8QUXKHPDFKWHVLFKEHLLKQHQ EUHLWGHQQGHU/HEHQVVDIWGHU0HQVFKHQJDUDQWLHUWHSUDNWLVFKLKUH ([LVWHQ] 'U7RGVFKDXWHVLFKQRFKHLQPDOGLHQDFK%OXWJLHUHQGHQ*HVWDOWHQ DQQLFNWHXQGYHUOLHGDV6FKLIIDXIGHPJOHLFKHQ:HJHZLHHUJH NRPPHQZDU ª.DSSGLH7DXH©EHIDKOHU7RNDWD 'HUJHKRUFKWH 6ROR0RUDVVRQDKPZLHGHUGHQ:UIHOXQGNRQ]HQWULHUWHVLFKDXILKQ (UVWHOOWH]ZLVFKHQLKPXQGGHP6FKLIIHLQHPDJLVFKH9HUELQGXQJKHU :LHGHUHQWZLFKDXVGHP:UIHOHLQIHLQHV*HVSLQVWGDVVLFKPLWGHP 1HEHOYHUHLQLJWHXQGGLH9HUELQGXQJ]ZLVFKHQGHU

%HLXQVZXFKVGLH6SDQQXQJPLWMHGHU0HLOHGLHZLU]XUFNOHJWHQ'LH 1DFKWVLFKWJOlVHUOLHHQZLUIDVWQLHYRQGHQ$XJHQ:LUVFKDXWHQJHQDX QDFKREVLFKZHLWYRUXQVHWZDVWDWRGHUEHZHJWHDEHUGDV0HHUEOLHE UXKLJ :LHHLQJURHV7XFKZDUGLH'lPPHUXQJEHUXQVKHUJHIDOOHQ'HU :LQGKDWWHDXIJHIULVFKWHUEUDFKWHHLQHDQJHQHKPH.KOHXQGGDV 6FKLIIWDQ]WHDXIGHQ:HOOHQ$P+HFN]RJHVHLQHODQJHVFKDXPLJH 6SXUKLQWHUVLFKKHUGLHVLFKVFKOLHOLFKLQGHU:HLWHGHV0HHUHVYHUORU -R%DUUDFXGDVWHXHUWHQRFKLPPHU(UO|VWHGLHVH$XIJDEHDXVJH ]HLFKQHWDOVKlWWHHUQLFKWVDQGHUHVJHWDQ %LOOWDXFKWHQHEHQPLUDXI ª:DVJLEW V"©IUDJWHLFKLKQ ª:HQQPLFKQLFKWDOOHVWlXVFKWKDEHQZLUGDV=LHOIDVWHUUHLFKW© (UVWMHW]WPHUNWHLFKGDZLUK|FKVWHQVQRFKKDOEH)DKUWPDFKWHQ,FK QDKPGDV*ODVXQGKLHOWHVJHJHQPHLQH$XJHQ ª'D©%LOOGHXWHWHQDFK6GZHVWHQ =XHUVWVDKLFKQLFKWV1XUGLHZHLWH:DVVHUIOlFKHGLHDP+RUL]RQWPLW GHPGXQNOHQ+LPPHO]XVDPPHQZXFKV'RFKGDQQPHLQH$XJHQ KDWWHQVLFKLQ]ZLVFKHQDQGLH/LFKWYHUKlOWQLVVHJHZ|KQWHUNDQQWHLFK HLQHQIHLQHQ6WUHLIHQ ª1HEHO©PXUPHOWHLFK ª*HQDX©%LOOXQG6XNRJDEHQPLUUHFKW ª8QG"© ª(VLVWNHLQ:HWWHUIU1HEHO©HUZLGHUWH%LOO&RQROO\ª,FKKDEH-R %DUUDFXGDGDQDFKJHIUDJWHUNHQQWVLFKKLHUDXV© ª$OVR'U7RG© ª8QGVHLQ7RGHVQHEHO©YROOHQGHWH6XNR %LOOPHLQWHVDUNDVWLVFKª9LHO9HUJQJHQ© 1XQHLQ9HUJQJHQZUGHHVZLUNOLFKQLFKWZHUGHQ(KHUHLQH +RUURU7RXULQV*UDXHQ'LHVHU1HEHOKDWWHGLHYHUGDPPWH$QJHZRKQ KHLW0HQVFKHQGLH+DXWYRQGHQ.QRFKHQ]XO|VHQ1XULFKZDUGD JHJHQLPPXQZHLOLFKPHLQ.UHX]WUXJ ª:DVWXQZLU"©IUDJWH%LOO ª(UVWHLQPDOQlKHUKHUDQGDPLWPDQ(LQ]HOKHLWHQHUNHQQHQNDQQ© (LQHEHVVHUH$QWZRUWILHOPLUQLFKWHLQ(VZDUYHUIOL[WVFKZLHULJKLHU HLQH(QWVFKHLGXQJ]XWUHIIHQ8QGDXVGHU)HUQHVFKRQJDUQLFKW 'LHQlFKVWHQ0LQXWHQYHUJLQJHQVFKZHLJHQG,FKOLHGDV*ODVQLFKW YRQGHQ$XJHQ'HU1HEHO]XHUVWQXUDOVKDXFKGQQHUIHLQHU6WUHLIHQ ]XVHKHQZXUGHGLFKWHUXQGHUHULQQHUWHPLFKDQHLQ:DWWHSDNHWGDV DXIGHP:DVVHUVFKZHEWH :LUNOLFKQXUVFKZHEWH"

,FKZROOWHHVJHQDXZLVVHQOLHI]XU%UFNHXQGEDWGHQ*PDQGLH 0RWRUHQ]XVWRSSHQ (UWDWPLUGHQ*HIDOOHQ %DOGVFKDXNHOWHXQVHU%RRWUXKLJDXIGHQ:HOOHQ:LHGHUULFKWHWHQZLU XQVHUH*OlVHUDXIGDV=LHO ª'HU1HEHOZDQGHUW©VDJWHLFK %LOOXQG6XNRQLFNWHQVRZDULFKVLFKHUPLFKQLFKWJHWlXVFKW]X KDEHQ 9RQGHU%UFNHKHUULHI-R%DUUDFXGDª'HUGUHKWLQ5LFKWXQJ:HVWHQ DEXQGGDPLWGHU.VWH]XYHUGDPPW© 0LWGHPOHW]WHQ:RUWKDWWHHUXQVDXVGHP+HU]HQJHVSURFKHQ ª.|QQHQZLULKQVWRSSHQ"©IUDJWH%LOO ,FKKREGLH6FKXOWHUQª.DXPGHQQ'U7RGKDWGHQ:UIHO© ª'DQQN|QQHQVLFKGLH%HZRKQHU)ORULGDVZDUPDQ]LHKHQ©PXU PHOWHGHU5HSRUWHU ,FKJLQJQLFKWDXIVHLQH%HPHUNXQJHLQVRQGHUQ]HUPDUWHUWHPLUGDV *HKLUQ:LHVRIXKU'U7RGPLWVHLQHU0RUGOLJDDXIV0HHUKLQDXV"1XU XPGHQ7RGHVQHEHOHQWVWHKHQ]XODVVHQ"1HLQGDVNRQQWHXQGZROOWH LFKHLQIDFKQLFKWJODXEHQGDPXWHHVQRFKHLQHQDQGHUHQ*UXQGJHEHQ 'HQ7RGHVQHEHOKlWWHHUDXFKLUJHQGZRDQ/DQGSURGX]LHUHQN|QQHQ GD]XEUDXFKWHHUQLFKWGDV0HHU2GHUNRQQWHPDQGLHVHQ1HEHOEHU KDXSWQLFKWPLWGHPYHUJOHLFKHQGHQZLU]XHUVWLQ*U\QH[[DNHQQHQ JHOHUQWKDWWHQ" 'DVZDUGLHJURH)UDJHDXIGLHLFKYHUGDPPWJHUQHLQH$QWZRUW JHZXWKlWWH (VEOLHEQXUQRFKHLQH0|JOLFKNHLW :LUPXWHQQlKHUUDQ 'DVVDJWHLFKDXFK-R%DUUDFXGDª*LE6WRII-R6RQVWNRPPHQZLUKLHU QLFKWZHLWHU© 'LHVFKZHUHQ0RWRUHQKHXOWHQDXI'HU%XJGHV6FKLIIHVVWLHJDXVGHP :DVVHUXQGVFKREHLQHQZHLHQ*LVFKWEDUWYRUVLFKKHU $EHUPDOVOLHHQZLUGDVVHOWVDPH*HELOGHQLFKWDXVGHQ$XJHQ8QG ZLHGHUZDUHVGHU&KLQHVHGHUDOVHUVWHUGLH(QWGHFNXQJPDFKWH ª'DLVWLUJHQGHWZDVLQQHUKDOEGHV1HEHOV© 6RIRUWKRUFKWHQ%LOOXQGLFKDXIª.DQQVWGXHVJHQDXHUHUNHQQHQ"© 6XNREHKLHOWVHLQ*ODVYRUGHQ$XJHQXQGKREGLH6FKXOWHUQª,VW QDWUOLFKVFKZHUDEHUZHQQPLFKQLFKWDOOHVWlXVFKWVLHKWHVDXVZLHHLQ 6FKLII© ª(LQ'DPSIHU"©IUDJWHLFK ª1HLQHLQ6HJHOVFKLII© 3O|W]OLFKPDFKWHHWZDVª.OLFN©LQPHLQHP*HKLUQ1DWUOLFKQXULP

EHUWUDJHQHQ6LQQH3UHWW\%HQVRQKDWWHXQVYRQGHQJHVXQNHQHQ 6FKLIIHQHU]lKOWGLHQRFKPLW*ROGEHODGHQZDUHQ'DVZDUHQDOOHV 6HJOHUXQGLFKJLQJGDYRQDXVGD'U7RGHVJHVFKDIIWKDWWHHLQHV GLHVHU6FKLIIHDXIPDJLVFKH$UWXQG:HLVH]XKHEHQ(LQ.DKQPLW*ROG ZDUHVVLFKHUOLFKQLFKWGDUDQZDU6ROR0RUDVVRNDXPLQWHUHVVLHUW$OVR PXWHGDV6FKLIIHLQDQGHUHV*HKHLPQLVEHUJHQ ,FKVSUDFKEHUPHLQHQ9HUGDFKWPLW6XNRXQG%LOO %HLGHVWLPPWHQPLU]X ª8QGMHW]W"©IUDJWHGHU5HSRUWHU ª:HUGHLFKGDV6FKLIIHQWHUQ© 'LHEHLGHQVFKDXWHQPLFKDQDOVKlWWHQVLHHLQHQ*HLVWHVNUDQNHQYRU VLFK ª:DVLVW":LWLKUHLQHDQGHUH/|VXQJ"© ª1HLQQHLQ©VWRWWHUWH%LOOXQGKREDEZHKUHQGGLHUHFKWH+DQGª1XU ZHUGHQZLUGLFKEHJOHLWHQ© ª'DVLVW]XJHIlKUOLFK© ª.DXP6HFKV+lQGHVLQGEHVVHUDOV]ZHL© ª8QGZHQQHVZLUNOLFKGHU7RGHVQHEHOLVWNDQQLFKHXFKDOV6NHOHWWH EHJUHQ© ª'DV5LVLNRPVVHQZLUHLQJHKHQ©HUZLGHUWH6XNR (VZDUHLQIDFKQLFKWGLH=HLW]XYHUVXFKHQPHLQH)UHXQGHXP]X VWLPPHQ6LHKDWWHQVLFKHLQPDOHQWVFKLHGHQXQGVLHZUGHQDXFKGDEHL EOHLEHQZLHLFKVLHNDQQWH'DKDWWHQEHLGHHLQHQVFKUHFNOLFKHQ 'LFNNRSI 1DWUOLFKZDUHQDXFKHLQLJHWHFKQLVFKH3UREOHPH]XO|VHQ'DUEHU UHGHWHLFKPLW-R%DUUDFXGDDXIGHU%UFNH $XFKHU]HLJWHVLFKYRQPHLQHP9RUVFKODJQLFKWEHJHLVWHUWKLHOWLKQ IU]XJHIlKUOLFKDEHULFKOLHPLFKQLFKWYRQPHLQHP3ODQDEEULQJHQ ª'DQQLQ*RWWHV1DPHQ©VDJWHHU ,FKGHXWHWHDXIGDV)XQNJHUlWª'DGXUFKVWHKVWGXGRFKPLWGHU .VWHQVWDWLRQLQ9HUELQGXQJRGHU"© ª.ODU© ª,FKP|FKWHGD]XPLQGHVW]ZHL+XEVFKUDXEHUVWDUWNODUJHPDFKW ZHUGHQ$EHUJURHDPEHVWHQYRQGHU$UP\'LH0lQQHUVROOHQVLFK PLWNOHLQHQ%UDQGERPEHQEHZDIIQHQ© ª:LOOVWGXKLHUHLQHQ.ULHJYHUDQVWDOWHQ"© ª1HLQDEHUZHQQHVJHKWGDVYHUGDPPWH6FKLIIYHUEUHQQHQ0LW HLQHP6WUHLFKKRO]GDXHUWQXUGDV]XODQJH© ª6WLPPWDXFKZLHGHU© 'DQQEHVSUDFKHQZLUWHFKQLVFKH'HWDLOV:LUIXKUHQQDWUOLFK DXFKRKQH/LFKWXQGLFKKRIIWHGDGHU0DQQGHUGLHDQGHUH
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lUHIDVWGDQHEHQJHVSUXQJHQDOVHUGHQ$QIDQJPDFKWH ,FKIROJWH6XNRVSUDQJDOVOHW]WHU 7URFNHQVDHQZLULP%RRW%LOOKRFNWHGRUWZRVLFKGHU$XHQERUGHU EHIDQG 'LH6FKQXUKLHOWHU]ZLVFKHQYLHU)LQJHUJHNOHPPW(UULGDUDQ =ZHLPDOVSXFNWHGHU0RWRUSURWHVWLHUHQGGDQQOLHIHUUXQG 'LH(UREHUXQJGHV*HLVWHUVFKLIIHVNRQQWHEHJLQQHQ -HQlKHUZLUGHU1HEHOEDQNNDPHQXPVRGHXWOLFKHUHQWGHFNWHQZLU GHUHQ$XVPDH 6LHZDUHQZLUNOLFKJHZDOWLJ8QGZLUVDKHQMHW]WDXFKGLH8PULVVHGHV JURHQ'UHLPDVWVHJOHUVLQPLWWHQGHU1HEHOZRONH 'DZLULQXQVHUHP6FKODXFKERRWKRFNWHQNDPHQZLUXQVGLUHNW ZLQ]LJYRU 2EGHU6HJOHUGLUHNWJH]RJHQZXUGHZDUOHLGHUQLFKWIHVW]XVWHOOHQ $XIMHGHQ)DOOVDKHQZLUHLQHDEJHGXQNHOWH

ZLHDQGHUVXQGHUKDWWHDXFKHLQHDQGHUH$XVVWUDKOXQJGHQQPHLQYRU GHU%UXVWKlQJHQGHV.UHX]HUZlUPWHVLFKQLFKW ª,FKJODXEHHVLVWQLFKWGHU7RGHVQHEHO©JDELFKPHLQH9HUPXWXQJ ZHLWHU 'LH)UHXQGHQLFNWHQ%LOOPHLQWHª+DEHLFKGRFKJOHLFKJHZXWDEHU GXPLWGHLQHQ© ª*HVFKHQNW©%OLW]VFKQHOOGXFNWHLFKPLFK]XVDPPHQGHQQLFKKDWWH DQGHU5HOLQJHLQH*HVWDOWJHVHKHQ 6LHZDUQXUXQGHXWOLFK]XHUNHQQHQDEHULFKKDWWHQXQGLH*HZLKHLW GDGLHVHV6FKLIIEHVHW]WZDU ª'DLVWQRFKHLQHU©]LVFKWH%LOOXQGGHXWHWHLQGLH+|KH 7DWVlFKOLFK'RUWDXIGHP6FKLIINOHWWHUWHMHPDQGPLWDEJHKDFNWHQ %HZHJXQJHQLQGLH]HUIHW]WHQXQG]HUIOHGGHUWHQ:DQWHQ'LH%H ZHJXQJHQNDPHQXQVEHNDQQWYRU6REHZHJWHQVLFKZLUNOLFKQXU =RPELHVRGHUDQGHUHXQWRWH:HVHQZLH9DPSLUH ª1lKHUUDQ© 6XNRKDWWHGLH$QZHLVXQJJHJHEHQ6LHZDUJXWGHQQGHU&KLQHVH ZROOWHLQGHQWRWHQ:LQNHOJHODQJHQVRGDHUYRQGHP:DQWHQJXFNHU QLFKWJHVHKHQZXUGH =XP*OFNZDUGHU0RWRUQLFKWVHKUODXW$XIGHPYRUGHUHQ6FKLII ZUGHPDQLKQNDXPK|UHQN|QQHQGHQQGDV.ODWVFKHQGHU:HOOHQZDU HEHQVRODXWZHQQQLFKWVRJDUQRFKVWlUNHU ª0RWRUDXV©VDJWHLFK %LOOVWRSSWHLKQ (LQHVHOWVDPH6WLOOHHPSILQJXQV'DZDUQXUGDV.ODWVFKHQGHU :HOOHQ]XK|UHQ :LUSDFNWHQGLH3DGGHO'DVKHLW%LOOXQG6XNRSDGGHOWHQZlKUHQG LFKPLFKIUGHQ$EVSUXQJYRUEHUHLWHWH(VJDEHLQJURHV+LQGHUQLV GLH%RUGZDQG6LHZDUYHUGDPPWKRFKXQGLFKIUDJWHPLFKZLHLFKVLH EHUZLQGHQVROOWH 6XNRXQG%LOOSDGGHOWHQZLUNOLFKZLHGLH:HOWPHLVWHU,PQlFKVWHQ $XJHQEOLFNVFKRQWDXFKWHQZLULQGHQ1HEHOHLQ6FKODJDUWLJYHU VWXPPWHGDV3OlWVFKHUQGHU:HOOHQ(LQHVHOWVDPH5XKHXPJDEXQV0LU VFKLHQHVDOVZlUHQZLULQHLQHUDQGHUHQ:HOW ª6DJHQKDIW©IOVWHUWHGHU5HSRUWHU 6XNRVWLHPLFKDQXQG]LVFKWHHWZDVGXUFKGLH=lKQHZREHLHUQRFK GHQ$UPDXVVWUHFNWH 'DV7DXGDVYRQGHU%RUGZDQGKHUDEKLQJNDPPLUZLHHLQ*HVFKHQN GHV+LPPHOVYRU(VKLQJVRZHLWQDFKXQWHQGDLFKHVPLWHLQHP 6SUXQJHUUHLFKHQNRQQWH :XQGHUEDU

:LUEHVSUDFKHQXQV=XHUVWZROOWHLFKGDV6FKLIIHQWHUQ=HKQ0LQXWHQ VSlWHUVROOWHQ6XNRXQG%LOOIROJHQ:HQQHVHEHQJLQJZROOWHLFKGLH %HVDW]XQJP|JOLFKVWODXWORVEHUZlOWLJHQ,FKWUXJDXFKQRFKHLQH /HXFKWSLVWROHEHLPLU :HQQLFKHLQH3DWURQHYHUVFKRZUGHDXFK-R%DUUDFXGDGHQURWHQ 5HJHQVHKHQZHQQHUVLFKGHP:DVVHU]XVHQNWH 8QVHU%RRWVWLHJHJHQGLH%RUGZDQG%LOOXQG6XNRSDGGHOWHQZLH GLH,UUHQGDPLWVLHGLH*HVFKZLQGLJNHLWGHV6HJOHUVKDOWHQNRQQWHQ$XI GDV6FKODXFKERRWGDVXQVELVKHUVRJXWH'LHQVWHHUZLHVHQKDWWH PXWHQZLUKLQWHUKHUYHU]LFKWHQ ,FKVWDQGVFKRQ 'HQ.RSIKDWWHLFKLQGHQ1DFNHQJHOHJWXPGDV7DXJHQDX]XYHU IROJHQ(VKLQJQLFKWUXKLJVRQGHUQVFKZDQJKLQXQGKHU(VZDUJDU QLFKWHLQIDFKHVPLWHLQHP6SUXQJ]XHUUHLFKHQ ª%HHLOGLFK©UDXQWH%LOOª/DQJHN|QQHQZLUGDV7HPSRQLFKWPLW KDOWHQ© 'LHEHLGHQZROOWHQZHQQLFKDQ'HFNZDUZLHGHUGHQ0RWRUDQ VWHOOHQ ª2ND\©,FKJDEMHW]WJHQDXDFKWSDWHPLFKPLWPHLQHQ%HZHJXQJHQ GHP5K\WKPXVGHVVFKZDQNHQGHQ6FKODXFKERRWHVXQGDXFKGHPGHV 7DXVDQ 'DQQVWLHLFKPLFKDE (VZDUHLQ9HU]ZHLIOXQJVVSUXQJXQGLFKKDWWHZLUNOLFK*OFNGDEHL GDV7DXDQGHU6WHXHUERUGVHLWHVFKRQEHLPHUVWHQPDOSDFNHQ]XN|QQHQ -HW]WKLQJLFKDQGLHVHP6HLOGDV6FKODXFKERRWZXUGHDEJHGUlQJWXQG LFKVDKYRUPLUGLHPLW$OJHQXQG0XVFKHOQEHUNUXVWHWH%RUGZDQG GLHLFKKRFKNOHWWHUQPXWH 1RFKHLQPDOKROWHLFKWLHI$WHPGDQQKDQJHOWHLFKPLFKKRFK$XFK PLWGHQ)XVSLW]HQVWHPPWHLFKPLFKDE6LHKDFNWHQLQGLH0XVFKHO XQG$OJHQNUXVWHQGHU%RUGZDQGHLQLJH%URFNHQO|VWHQVLFKXQGILHOHQ LQGLH7LHIH 'LH*HVWDOWGLHLQGLH:DQWHQJHNOHWWHUWZDUKDWWHLFKQLFKWPHKU JHVHKHQ(QWZHGHUZDUVLHKRFKEHU'HFNVLW]HQJHEOLHEHQRGHUHU KDWWHVLFKZLHGHU]XUFNJH]RJHQ =XHUVWHUUHLFKWHLFKGDV%DWWHULHGHFN+LHUVWDQGHQGLH*HVFKW]H,FK KDQJHOWHPLFKDQGHQRIIHQHQ/XNHQYRUEHLXQGVFKDXWHLQGLH]XJH ZDFKVHQHQ0QGXQJHQGHU.DQRQHQURKUH,PPHU|IWHUIDQGHQPHLQH )HVLFKHUHQ+DOW9RQGHPHUVWHQ6FKLIIDXIGHPVLFKEHVWLPPW 'U7RGXQGGLH0RUGOLJDDXIKLHOWHQVDKLFKQLFKWV -HW]WGDXHUWHHVQLFKWPHKUODQJHELVGHUJHIDKUYROOHHUVWH:HJKLQWHU PLUODJ6FKRQVDKLFKYRUPLUGDVPlFKWLJH6FKDQ]NOHLGGXUFKGHQ

$OJHQEHZXFKVQRFKJU|HUJHZRUGHQXQGXQI|UPLJHU'DV+RO]ZDU DXFKPLWVFKDUIHQ0XVFKHOQEHUZDFKVHQ,FKPXWHDFKWJHEHQGDLFK PLFKQLFKWVFKQLWW 'DV7DXKLQJDQHLQHP+DNHQGHUVLFKLQGHU.UXVWHUHJHOUHFKWYHU ELVVHQKDWWH(UKLHOWDXFKPHLQ*HZLFKWDXVDOVLFKPLFKODXWORVEHU GDV6FKDQ]NOHLGVFKZDQJXQGDQ%RUGJLQJZRLFKVRIRUWODQJDXVJH VWUHFNWDXIGHQ3ODQNHQOLHJHQEOLHE 'LH.OHWWHUHLKDWWHPLFKYHUGDPPWDQJHVWUHQJWXQGLFKZROOWHPLFK HUVWHLQPDODXVUXKHQ$XIGHP%DXFKEOLHELFKOLHJHQVDXJWHWLHIGLH /XIWLQPHLQH/XQJHQXQGZDUWHWHGDUDXIGDVLFKGLH]XP=HUUHLHQ JHVSDQQWHQ1HUYHQEHUXKLJWKDWWHQ hEHUGHP'HFNODJHLQHXQKHLPOLFKH$WPRVSKlUH'DVPDFKWHQLFKW QXUGHU1HEHOGHVVHQJHLVWHUKDIWH$UPHVFKODQJHQJOHLFKGLH$XIEDXWHQ XPILQJHQVRQGHUQLFKVSUWHDXFKGDV%|VHGDV*HIlKUOLFKHGDV 8QKHLPOLFKHGDVJDQ]LQPHLQHU1lKHODXHUWH(LQ6FKDXHUUDQQEHU PHLQHQ5FNHQ:RVWHFNWHQVLH" ,FKKREGHQ.RSIVXFKWHGLH*HVFK|SIHDEHULFKNRQQWHVLHQLFKWHQW GHFNHQ,FKUHFKQHWHPLW=RPELHVPLWJUDXHQKDIWHQ*HVWDOWHQGLH LUJHQGHLQ9RRGRR=DXEHUDXVLKUHPW|GOLFKHQ6FKODIJHKROWKDWWH :HQQVLHHVWDWVlFKOLFKZDUHQNRQQWHLFKPLFKDXIHLQLJHVJHIDW PDFKHQ%HLGHQHQGXUIWHPDQQLFKWHUVWIUDJHQVRQGHUQPXWHVRIRUW KDQGHOQXQGW|WHQ =ZHL0LQXWHQUHLFKWHQPLUXPPLFKZLHGHU]XUHJHQHULHUHQ,FK HUKREPLFKEOLHEDEHULQGHU+RFNHXQGWDVWHWHQDFKPHLQHQ:DIIHQGLH DOOHQRFKYRUKDQGHQZDUHQ%HLGHU.OHWWHUHLKDWWHLFKNHLQHYHUORUHQ 9LHO]XVHKHQJDEHVHLJHQWOLFKQLFKW'HU1HEHOYHUGHFNWHJQlGLJGDV &KDRVDQ%RUGGLHDXI.LSSHVWHKHQGHQ0DVWHQGLHGXUFKO|FKHUWHQ 6HJHOGLH]HUIHW]WHQ:DQWHQGLHDXIJHULVVHQHQ3ODQNHQGLHVFKQHOO]X 6WROSHUIDOOHQZHUGHQNRQQWHQ $XIVRHLQHP6FKLIILVWHVMDQLHUXKLJ1LFKWQXUGDV.ODWVFKHQGHU :HOOHQJHJHQGLH$XHQERUGZlQGHQHLQDXFKDXIGHQ'HFNVZDUHV QLFKWVWLOO 'DNQDUUWHGLH7DNHODJHGDVW|KQWHXQGlFK]WHGDV+RO]GDIODWWHUWHQ GLH6HJHOGDVlXVHOWHGHU:LQGGXUFK:DQWHQXQG6SDUUHQ:DVVHU WURSIWHQRFKEHUDOO(VNODWVFKWHDXI'HFNXQGPLULQGLH+DDUHRGHUOLHI EHUGHQ5FNHQ 'DV.UHX]KLQJRIIHQYRUPHLQHU%UXVWGLH%HUHWWDZDUVFKXEHUHLW DEHULQGLHVHP)DOOZROOWHLFKPLFKQLFKWQXUDXIVLHYHUODVVHQVRQGHUQ DXFKDXIGLH(LFKHQERO]HQYHUVFKLHHQGH3LVWROH'LHVHNOHLQHQDEHU lXHUVWZLUNVDPHQ%RO]HQZDUHQ]XP%HLVSLHOHLQVLFKHUHV0LWWHOJHJHQ 9DPSLUH'DLFKPHLQH*HJQHUQLFKWNDQQWHNRQQWHLFKGXUFKDXVDQ

QHKPHQGDVLFKDXFK9DPSLUHDXIGHP'HFNGHV6FKLIIHVEHIDQGHQ 0|JOLFKZDUDXIGLHVHP6HJOHUDOOHV ,FKKDWWHPLUYRUJHQRPPHQGDV2EHUGHFN]XHUUHLFKHQZRVLFKGHU 5XGHUVWDQGEHIDQG9RQGRUWKDWWHLFKHLQHQVHKUJXWHQ$XVEOLFN 9RUVLFKWLJEHZHJWHLFKPLFKEHUGDV'HFNXQGKLHOWPLFKVWHWVLQ 'HFNXQJGHU%RUGZDQG (VZDUJDUQLFKWVRHLQIDFKEHUGHQIHVWYHUNUXVWHWHQ7HSSLFK]X ODXIHQ(UZDUQLFKWJODWW0DQFKPDOKDWWHQ$OJHQ.RUDOOHQXQG 0XVFKHOQUHJHOUHFKWH6WROSHUKJHOJHELOGHWGLHLFKYRUVLFKWLJXP UXQGHWH,FKZDJWHHVQLFKWPHLQH0LQLODPSHKHUYRU]XKROHQ'HU /LFKWVWUDKOZlUH]XYHUUlWHULVFKJHZHVHQ (LQGXPSIHU6FKODJ $EUXSWEOLHELFKVWHKHQ'DV*HUlXVFKZDUOLQNVYRQPLUDXIJH NOXQJHQQDKHGHU%DFNERUGVHLWH,FKPDFKWHPLFKQRFKNOHLQHUYHU ZXFKVSUDNWLVFKPLWGHP6FKDWWHQGHV'HFNVXQGVFKDXWHLQGLH 5LFKWXQJZRLFKGHQ/DXWYHUQRPPHQKDWWH 6FKHPHQKDIWVDKLFKGLH*HVWDOW :LHHLQ*HLVWNDPVLHDXVGHP1HEHOXQGVLHJLQJVRZLHLFKHVYRQ =RPELHVRGHUªOHEHQGHQ©7RWHQHUZDUWHWH6FKZDQNHQGXQVLFKHUDEHU GHQQRFK]LHOVWUHELJ 'HU7HXIHOZROOWHHVGDGLH*HVWDOWDXVJHUHFKQHWMHQH6WHOOHDQ VWHXHUWHZRLFKJHUDGHKRFNWH:HQQVLHVRZHLWHUJLQJPXWHVLHEHU PLFKVWROSHUQ ,FKYHUVFKZDQGQLFKWVRQGHUQZDUWHWHHLVNDOWDE -HW]WVDKLFKPHLQHQ*HJQHUGHXWOLFKHU(UWUXJ]HUIHW]WH.OHLGXQJ ZDUDEHUVFKZHUEHZDIIQHW,QGHU+DQGKLHOWHU]ZHLNUXPPH'ROFKH HLQ6lEHOKLQJDQVHLQHUOLQNHQ6HLWH (LQXQWRWHU3LUDW 1RFKKDWWHHUPLFKQLFKWJHVHKHQDEHUHUVFKLHQHWZDV]XDKQHQGHQQ GUHL6FKULWWHYRUPLUEOLHEHUVWHKHQ ,FKKDWWHPLFKVRIODFKJHPDFKWZLHHVJLQJXQGLFKZDJWHNDXP]X DWPHQZREHLLFKGHQ=RPELHQLFKWDXVGHQ$XJHQOLH (U|IIQHWHVHLQHQ0XQG ,FKNRQQWHVHKHQGDLFKNHLQHQGLUHNWHQ=RPELHYRUPLUKDWWH VRQGHUQHLQHQ9DPSLU 'LH(FN]lKQH]HLJWHQHVPLUGHXWOLFK 'DVZDUQDWUOLFKHLQ'LQJ(LJHQWOLFKNODUGHQQLFKKDWWHVFKRQDQ /DQGPLW9DPSLURGHOPDU]XWXQJHKDEW'HPQDFKKDWWHHUVLFK 9HUVWlUNXQJEHVRUJW 'LH%HUHWWDOLHLFKVWHFNHQ'DIUQDKPLFKGLHHWZDVXQI|UPLJHUH %RO]HQSLVWROHLQGLHUHFKWH+DQG

,P=HLWOXSHQWHPSRVWUHFNWHLFKPHLQHQ$UPDXVXQG]LHOWHDXIGLH %UXVWGHV%OXWVDXJHUV 'HUPXWHLUJHQGHWZDVJHVSUWKDEHQGHQQHUGUHKWH]XU6HLWHDE ,FKOLHLKQHLQHQ6FKULWWJHKHQ 'DQQVFKRLFK 3IIIWPDFKWHHV(LQ*HUlXVFKGDVNDXP]XK|UHQZDUXQGVRIRUW ZLHGHUYHUNODQJ'HU(LFKHQERO]HQZXUGHPLWXQJHKHXUHU*HVFKZLQGLJ NHLWDXVGHU0QGXQJJHWULHEHQXQGZXFKWHWHLQGLH%UXVWGHV8QWRWHQ 'RUWKLQZREHLHLQHP0HQVFKHQGDV+HU]VLW]W (VZDUHLQ6FKODJGHPGHU9DPSLUQLFKWVHQWJHJHQ]XVHW]HQKDWWH =XGHPWUDIHULKQY|OOLJXQYRUEHUHLWHW'HU9DPSLUULEHLGH$UPHKRFK EOLHELQGLHVHU+DOWXQJIUGHQ%UXFKWHLOHLQHU6HNXQGHVWHKHQGDQQ NLSSWHHUQDFKKLQWHQXQGILHOVFKZHUDXI'HFN 5DVFKZDULFKEHLLKP (LQKDUWHV/lFKHOQJOLWWEHUPHLQ*HVLFKWDOVLFKVDKGDGHU (LFKHQERO]HQQLFKWVYRQVHLQHU:LUNXQJYHUORUHQKDWWH(U]HUVW|UWH GDVXQVHOLJH/HEHQGLHVHU]ZHLEHLQLJHQ%HVWLH'HU9DPSLUGHUVRODQJH DXIGHP0HHUHVJUXQGJHOHJHQKDWWHO|VWHVLFKNXU]HUKDQGDXI'LH PRUVFKHQ.QRFKHQ]HUILHOHQXQGZXUGHQ]X6WDXE=XUFNEOLHEHQHLQ SDDU]HUIHW]WH/XPSHQ (LQ*HJQHUZHQLJHU:LHYLHOHQRFKDXIPLFKODXHUWHQZXWHLFK QLFKW(VNRQQWHQRFKJHIlKUOLFKJHQXJZHUGHQ3O|W]OLFKPXWHLFK ODFKHQ:HQQ'U7RGXQGVHLQH9DVDOOHQJHZXWKlWWHQZHUVLFKKLQWHU LKQHQEHIDQGGDQQKlWWHQVLH]XHLQHP*HQHUDODQJULIIJHEODVHQ=XP *OFNZXWHQVLHHVQLFKW 'HUZHLWHUH:HJZDUHUVWHLQPDOIUHL,FKZXUGHQLFKWEHUPWLJ VRQGHUQVFKOLFKYRUVLFKWLJZHLWHU'HV|IWHUHQZDUILFKHLQHQ%OLFNLQGLH +|KHRENHLQHUPHLQHU*HJQHULQGHQ:DQWHQODXHUWHXQGVLFKDXIPLFK IDOOHQOLH'RFKGRUWEOLHEDOOHVUXKLJ $OVLFK]ZHLYHUJDPPHOWH7DXUROOHQSDVVLHUWHJHVFKDKHV*HUDGH QRFKUHFKW]HLWLJK|UWHLFKKLQWHUPLUGDV*HUlXVFK,FKGXFNWHPLFKXQG NUHLVHOWHKHUXP 'HU%OXWVDXJHUZDUDXIGLH7DXUROOHJHVSUXQJHQ*UlOLFKYHU]HUUW ZDUVHLQ*HVLFKW(UKLHOWHLQHQURVWLJHQ'HJHQLQGHU+DQGXQGVFKOXJ ZDDJHUHFKW]XXPPLUGHQ.RSIYRP5XPSI]XWUHQQHQ*HGDQNHQ VFKQHOOJLQJLFKLQGLH+RFNH 'LHYHUURVWHWH.OLQJHZLVFKWHEHUPHLQHP.RSIKLQZHJGHU9DPSLU YHUORUDXIGHQEHLGHQ7DXUROOHQVWHKHQGGDV*OHLFKJHZLFKWXQGILHODXI PLFK]X ,FKVSUDQJKDVWLJ]XU6HLWHVRGDHUQHEHQPLUDXIGDV'HFNNUDFKWH 6RIRUWZlO]WHHUVLFKKHUXP

'DVFKRLFKVFKRQ ,FKVDKQRFKVHLQYHU]HUUWHV*HVLFKWGDQQWUDILKQGHU%RO]HQJHQDX ]ZLVFKHQGLH$XJHQXQGEHUHLWHWHVHLQHPXQVHOLJHQ/HEHQHLQ(QGH(U ]HUILHOHEHQVRZLHVHLQ9RUJlQJHU 3XKGDVZDUNQDSSJHZHVHQ 0LWGHP+DQGUFNHQZLVFKWHLFKPLUGHQVDO]LJHQ6FKZHLYRQGHU 6WLUQXQGDXVGHQ$XJHQEUDXHQ 'HU]ZHLWHZDUHUOHGLJW :HQQGDVVRZHLWHUJLQJKDWWHLFKDOOH&KDQFHQGDV6FKLIIUHJHOUHFKW ]XNDSHUQ 1DFKZHQLJHQ
VLFKXQWHUPHLQHP*HZLFKW+LHUZDUGHU$OJHQZXFKVQLFKWPHKUVR VWDUNXQGGDVKlWWHPLFKHLJHQWOLFKPLWUDXLVFKPDFKHQPVVHQ 3O|W]OLFK|IIQHWHVLFKXQWHUPLUGHU%RGHQGDVKHLWHUZDUJDUQLFKW YRUKDQGHQ (LQH)DOOHGDFKWHLFKQRFKXQGGDQQILHOLFKLQGLH7LHIHGHV 6FKLIIVEDXFKV +DUWNDPLFKDXI 'HU6FKODJVFKWWHOWHPLFKGXUFKGDV(FKRGU|KQWHLQPHLQHQ2KUHQ VRZXFKWLJZDULFKDXIGLH6FKLIIVSODQNHQJHWURIIHQ,FKZDUIPLFKQRFK DXVGHU%HZHJXQJKHUDXVQDFKYRUQXQGYHUZDQGHOWHGHQ$XISUDOOLQ HLQH5ROOH (LQSDDUPDOEHUVFKOXJLFKPLFKELVLFKJHJHQHLQH:DQGNUDFKWHGLH PLFKDXIKLHOW 'LH(LFKHQERO]HQYHUVFKLHHQGH3LVWROHZDUPLUDXVGHUUHFKWHQ+DQG JHUXWVFKW6LHODJLUJHQGZRGRUWZRLFKVLHQLFKWVHKHQNRQQWH(VZDU NODUGDPDQPLFKKLHUXQWHQHUZDUWHWHDEHUOHLFKWZROOWHLFKHVGHQ *HJQHUQQLFKWPDFKHQ ,FKVWLHPLFKYRQGHU:DQGDEZROOWHPLFKXPGUHKHQXQGDXI ULFKWHQGDWUDIPLFKGHU7ULWW ,FKKDWWHGDV*HIKOPHLQ.UHX]ZUGHH[SORGLHUHQ+DUWZXUGHLFK DEHUPDOVJHJHQGLH:DQGJHVFKOHXGHUWXQGLFKVFKOXJPLWGHP*HVLFKW JHJHQGDVUDXKHIHXFKWH+RO]6WHUQHSODW]WHQYRUPHLQHQ$XJHQDXI LFKWUDWIUHLQHQ0RPHQWZHJ-HPDQGSDFNWHPLFKDQGHU6FKXOWHU HLQ'UHKJULIIXQGLFKZXUGHKHUXPJHVFKOHXGHUWVRGDLFKDXIGHP 5FNHQ]XOLHJHQNDP (VZDUQLFKWGXQNHOLP%DXFKGHV9DPSLU6FKLIIHV6LHKDWWHQ )DFNHOQDQJH]QGHWXQGLQ+DOWHUJHUDPPW'LHEHLGHQ)ODPPHQ ]XFNWHQKLQXQGKHUVLHIOOWHQGHQ/DGHRGHU6WDXUDXPPLW/LFKW XQG6FKDWWHQDXV ,FKVDKPHKUHUH6lUJHGLHDOOHVDPWRIIHQZDUHQXQGLFKHUNDQQWH PHLQH*HJQHU 9LHUZDUHQHV 9LHU9DPSLUH 'UHLGLHJHNOHLGHWZDUHQZLHGLHEHLGHQGLHLFKDXIGHP'HFNHU OHGLJWKDWWH 'HUYLHUWHMHGRFKILHODXVGHP5DKPHQ(UEHUUDJWHGLHGUHLXPIDVW HLQHQ.RSI(LQEOHLFKHV7XFKKDWWHHUXPVHLQH6WLUQJHVFKOXQJHQ(U WUXJQRFKVHLQHQ5RFNGHUIDXVWJURH/|FKHUDXIZLHV6HLQ*HVLFKWZDU YHUZVWHWZLHHLQH.UDWHUODQGVFKDIWNDPHVPLUYRU(UKDWWHVHLQ0DXO

JH|IIQHWXQGLFKVDKGLHEHLGHQODQJHQJHIlKUOLFKHQ(FN]lKQHGLHIDVW ELVEHUGLH8QWHUOLSSHZXFKVHQ 'LHVHU9DPSLUVFKLHQGHU$QIKUHU]XVHLQZDVHUPLUDXFKJOHLFK EHVWlWLJWH ª,FK(O6DUJRVVD©NQXUUWHHU 'HQ1DUUWHQKDWWHLFKQRFKQLHJHK|UWQLFNWHWURW]GHP9LHOOHLFKW ZHUGHQ6LHPLFKIUDJHQZDUXPLFKPLFKQLFKWZHKUWHQLFKWHLQIDFKGLH %HUHWWDKHUYRUULXQGVFKR 'DVJLQJQLFKWGHQQGLHURVWLJHQ6SLW]HQGHU6lEHOXQG6FKZHUWHU EHIDQGHQVLFKNDXPHLQH+DQGEUHLWYRQPHLQHP.|USHUHQWIHUQW 0DFKWHLFKHLQHXQYHUQQIWLJH%HZHJXQJZUGHQGLHDQGHUHQ]X VWRHQXQGXPPLFKZDUHVJHVFKHKHQ 'HVKDOEKLHOWLFKVWLOO 8QGGDQQEHNDPLFKHLQHQQRFKJU|HUHQ6FKUHFNGHQQDXVHLQHP GXQNOHQ:LQNHOO|VWHVLFKHLQH]ZHLWH*HVWDOW 6LHEHUUDJWHDXFK(O6DUJRVVDXQGZDUDQ6FKHXOLFKNHLWQLFKWPHKU ]XEHUELHWHQ 9RUPLUVWDQG9DPSLURGHOPDU 'HUKDWWHPLU]XPHLQHP8QJOFNQRFKJHIHKOW(LJHQWOLFKODJHVDXI GHU+DQGGDHUHUVFKHLQHQZUGHVFKOLHOLFKKDWWHLFKLKQVFKRQLQ .H\/DUJRJHVHKHQ 8QGQXQVWDQGHUYRUPLU (USUlVHQWLHUWHVLFKLQDOOVHLQHU6FKHXOLFKNHLW'HQ5DFKHQKDWWHHU ZHLWDXIJHULVVHQLFKVDKQLFKWQXUVHLQHEHLGHQODQJHQ(FN]lKQHGLH PLFKPDQFKPDODQHLQHQ6lEHO]DKQWLJHUHULQQHUWHQVRQGHUQVDKDXFK VHLQEULJHV*HELGDVJHIlKUOLFKJOlQ]WHXQGPLFKDEHUPDOVDQ 6WDKOVWLIWHHULQQHUWH $XVPHLQHU3HUVSHNWLYHZLUNWHHUQRFKJU|HUXQGJHZDOWLJHUDEHUHU KWHWHVLFKPLFKDQ]XIDVVHQ ª,FKZXWHGDGXNRPPVW©VDJWH9DPSLURGHOPDU(UVSUDFKDEJH KDFNWZLHHLQUHGHQGHU&RPSXWHUª$EHULFKKDEHGHQDQGHUHQQLFKWV GDYRQJHVDJW'LHVH6DFKHJHKWQXUXQVEHLGHHWZDVDQ,FKZLOO'U7RG XQG7RNDWD]HLJHQGDLFKGDVVFKDIIHZRYRQVLHQXUJHWUlXPWKDEHQ ,FKOHJHLKQHQGHLQH/HLFKH]X)HQ-RKQ6LQFODLU© *URH:RUWH,FKNDQQWHVLHKDWWHVLHEHUHLWVGHV|IWHUHQJHK|UWGRFK ELVKHUKDWWHLFKPLFKLPPHUDXVDOOHQ)lOOHQKHUDXVZLQGHQN|QQHQ :UGHLFKHVDXFKGLHVPDOVFKDIIHQ" $OOHVVSUDFKJHJHQPLFK'LH9DPSLUHVRQQWHQVLFKLQLKUHP7ULXPSK XQGGDVNRQQWHQVLH ª5HFKQHVWGXGLUGHLQH&KDQFHQDXV"©IUDJWH9DPSLURGHOPDU ª9LHOOHLFKW©

(UVWLHHLQGU|KQHQGHV/DFKHQDXVª(VJLEWNHLQH1LFKWIUGLFK -RKQ6LQFODLU0HLQH)UHXQGHVLQGVHKUVFKQHOO,FKEUDXFKHQXUGHQ %HIHKO]XJHEHQXQGVLHVWRHQ]X© ª:DVJHVFKLHKWPLWPLU"©IUDJWHLFK ª:LUZHUGHQGLFKHUOHGLJHQ©(UGUHKWHVLFKKDOEXPXQGGHXWHWH DXIGHQJU|WHQ6DUJGHULQGLHVHP/DJHUUDXPVWDQGª'DVZLUGGHLQH OHW]WH5XKHVWlWWH*HLVWHUMlJHU:HQQGXLQGHU7RWHQNLVWHOLHJVWZLUGVLH JHVFKORVVHQXQG'U7RGEHUJHEHQ(UNDQQVLH|IIQHQXQGZLUGVLFK ZXQGHUQZHQHUGDYRUVLFKKDW© 'DVZDUHQZLUNOLFKUHL]HQGH$XVVLFKWHQ,FKVSUWHVHOEVWZLHHVPLU EHOZXUGH9RP0DJHQKHUVWLHJGLHVHV*HIKOKRFK(LQ.ORGHU JU|HUXQGJU|HUZXUGHVLFKVFKOLHOLFKLQPHLQHU.HKOHIHVWVHW]WHXQG ]X$WHPEHVFKZHUGHQIKUWH 9HUGDPPWJDEHVGHQQNHLQH)OXFKWFKDQFHPHKU" 9DPSLURGHOPDUZDQGWHVLFKDE(UZROOWHGHQVFKZHUHQ6DUJVHOEVW KHUEHLVFKDIIHQ ,QPHLQHP.RSIEHUVFKOXJHQVLFKGLH*HGDQNHQ:LHNDPLFKDXV GLHVHUYHUGDPPWHQ/DJHZLHGHUKHUDXV":HQQLFKHUVWLQGHU7RWHQNLVWH ODJZDUHVYRUEHL'DQQUHWWHWHPLFKNHLQH0DFKWGHU:HOWPHKU 9DPSLURGHOPDUEFNWHVLFK6HLQHPlFKWLJHQ.ODXHQXPVSDQQWHQ GHQ6DUJ)ULKQEHGHXWHWHHVNHLQHQ.UDIWDNWGHQ6DUJKRFK]X VWHPPHQ 'LH8QWRWHQGLHPLFKEHZDFKWHQVFKLHOWHQ]XU6HLWHXQGEHREDFK WHWHQLKUHQ$QIKUHU 0HLQH&KDQFHQZXFKVHQ:HQQVLHVLFKQXUHWZDVPHKUDEOHQNHQ OLHHQZUGHLFKHVZDJHQ 'DILHOPLUHWZDVHLQ,FKJULII]XPlOWHVWHQ7ULFNGHU:HOWXQGEHWHWH LQQHUOLFKGDHUIXQNWLRQLHUWH 0HLQ*HVLFKWYHU]HUUWHVLFKGLH$XJHQOHXFKWHWHQXQGLFKVFKULHPLW JHZDOWLJHU6WLPPHª%LOOVFKLH/HJVLHXP© ª(UOlWVLFKYHUGDPPWODQJH=HLW©VDJWHGHU5HSRUWHUXQGVFKDXWH]XP ZLHGHUKROWHQ0DOHDXIVHLQH8KU 6XNRZDUUXKLJHUª'DV6FKLIILVWJUR-RKQPXHUVWGLH'HFNVEHU TXHUHQ© ª7URW]GHPPLUJHIlOOWGDVQLFKW© 'LHEHLGHQEHIDQGHQVLFKPLWLKUHP6FKODXFKERRWLQGHU+HFNQlKH GHV6HJOHUVGHUQRFKLPPHUYRQGHQ1HEHOVFKZDGHQXPKOOWZXUGH 6LHZDUHQQLFKWHQWGHFNWZRUGHQXQGDXFKGHUNOHLQHDEHUVHKU OHLVWXQJVIlKLJH$XHQERUGHUKLHOWVLFKWDSIHU$XIGHUYRUGHUHQ

ZDUDOOHVUXKLJ'RUWUHJWHVLFKQLFKWVQLHPDQGYRQGHU0RUGOLJDOLH VLFKEOLFNHQ 'DQQVDKHQVLHGDV/LFKW'LHVHQKHOOHQ.UHLVGHUNXU]DXIOHXFKWHWH XQGYHUZLVFKWH 6RIRUWNQLSVWH%LOOVHLQH/DPSHDQ(LQ=HLFKHQGDDXFKEHLLKQHQ DOOHVLQ2UGQXQJZDU ª'DVLHKVWGX V©VDJWH6XNR %LOOODFKWHOHLVHª0DQPDFKWVLFKHEHQ6RUJHQ© ª-RKQZLUGGLH6DFKHVFKRQVFKDXNHOQ0LUSDWQXUQLFKWGDZLU KLHUKRFNHQXQGQLFKWHLQJUHLIHQN|QQHQ© ª'HQNVWGXPLUYLHOOHLFKW"©%LOOUlXVSHUWHVLFKª6ROOWHQZLUQLFKW GRFKYHUVXFKHQ© ª1HLQQRFKZDUWHQZLU© ª2ND\ZDUMDQXUHLQ9RUVFKODJ© 'LHEHLGHQ0lQQHUDKQWHQQLFKWGDHVJHQDXGHU0RPHQWZDULQ GHPLFKYROOLQGLH)DOOHOLHI ,FKKDWWHHVNDXPIUP|JOLFKJHKDOWHQDEHUHVWUDWHLQ'LH9DPSLUH OLHHQVLFKLQGHU7DWDEOHQNHQ=ZHLYRQLKQHQGUHKWHQVLFKGLUHNW KHUXPGHUGULWWHODQJVDPHUXQG(O6DUJRVVD]XFNWHQXU]XVDPPHQ 'LH6SLW]HQGHU6FKZHUWHUXQG6l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|USHU NLSSWH]XU6HLWHZREHLHUVLFKDXIO|VWH (LQH]ZHLWH.XJHOVHW]WHLFKLQGHQ6DQG'DVKHLWVLHKLHELQGLH 6HLWHQZDQGGHV.DKQV 'DQQPXWHLFKPHLQHQ3ODW]ZHFKVHOQGHQQ(O6DUJRVVDVFKOHXGHUWH HLQHQ'HJHQDXIPLFK]X (LQODQJHU6FKULWWEUDFKWHPLFKLQ6LFKHUKHLW,FKUROOWHEXFKVWlEOLFKDQ GHU:DQGHQWODQJXQGULHLQH)DFNHODXVGHU+DOWHUXQJ

'HPQlFKVWHQ9DPSLUKLHELFKGDV'LQJXPGLH2KUHQ (UIXKUDXIVFKUHLHQG]XUFNVHLQ*HVLFKWZXUGH]XU)UDW]HGLH+DDUH ILQJHQ)HXHUXQG4XDOPZ|ONWHKRFK)UHLQHQ0RPHQWZXWHHU QLFKWZDVHUWXQVROOWH ,FKVFKRLKPLQGLH%UXVW 0LWHLQHP6HXI]HUDXIGHQ/LSSHQVDFNWHHU]XVDPPHQXQGEOLHE OLHJHQ 1RFKGUHL*HJQHU 9DPSLURGHOPDU(O6DUJRVVDXQGHLQHUVHLQHU.UHDWXUHQ$XV JHUHFKQHWGHUOHW]WHOLHPLFKYROODXIODXIHQ(UZDUVHLWOLFKDQPLFKKHU DQJHVFKOLFKHQXQGZDUIVLFKJHJHQPLFK ,FKIORJ]X%RGHQZHLOLFKPLWGHPSO|W]OLFKHQ$QSUDOOQLFKWJH UHFKQHWKDWWH=ZDUVFKOXJLFKQRFKPLWGHU)DFNHO]XWUDIGHQ9DPSLU DXFKDEHUGLH.OHLGXQJZDU]XIHXFKWXPVRIRUW)HXHU]XIDQJHQ,P QlFKVWHQ$XJHQEOLFNEUOOWHHUMHGRFKZLHDP6SLH'HU9DPSLUZDU DXIPHLQ.UHX]JHIDOOHQ (U]XFNWHKRFKVHLQ0XQGZXUGH]XHLQHPULHVLJHQ0DXODXVGHP HLQJHOOHQGHU6FKUHLGUDQJ(UEHIDQGVLFKQRFKDXIPLUDOVVHLQH.RSI NQRFKHQEHUHLWVDXIPLFKILHOHQZHLOVLHVLFKJHO|VWKDWWHQ0LUGUDQJ 6WDXELQGLH$XJHQ 0HLQ%OLFNZXUGHYHUVFKZRPPHQ,FKGUFNWHHLQIDFKDEVDKQRFK GLH*HVWDOWXQGEHNDPGHQ+LHEGHUPHLQ%HZXWVHLQDXVO|VFKWH 9DPSLURGHOPDUULFKWHWHVLFKDXI,QGHU+DQGKLHOWHUGHQ 6DUJGHFNHO'DPLWKDWWHHU]XJHVFKODJHQ :LHGHUZXUGH%LOO&RQROO\QHUY|Vª'DVWLPPWZDVQLFKW©VDJWHHUXQG VFKOXJPLWGHU+DQGDXIVHLQHQ2EHUVFKHQNHO 'LHVPDOJDE6XNRLKPUHFKW'DVKHLWHUZLGHUVSUDFKQLFKW ª-RKQKlWWHHLQ]ZHLWHV=HLFKHQJHJHEHQZHQQDOOHVQRUPDOYHUODXIHQ ZlUH© ª0|JOLFK© ª8QGZDVWXQZLU"© ª$EZDUWHQ© ª1HLQ6XNRQLFKWPHKU,FKZHUGHDXIGDV6FKLIINOHWWHUQ© ª2GHULFK© %LOOVFKDXWHGHQ&KLQHVHQDQª$OVRJHKWHVGLUDXFKTXHU"© ª.ODU© ª(LQHUPXDEHUKLHUEOHLEHQ©VDJWHGHU5HSRUWHU ª:LUORVHQ©VFKOXJ6XNRYRU 'DPLWZDU%LOO&RQROO\HLQYHUVWDQGHQ

'HU&KLQHVHJULIILQGLH7DVFKHXQGKROWHHLQH0Q]HKHUYRUª.RSI RGHU=DKO"©IUDJWHHU ª=DKODEHUQXUZHQQLFKZHUIH© 6XNRJULQVWHª7UDXVWGXPLUQLFKW"© ª1HLQ© %LOOQDKPGLH0Q]H(UVFKOHXGHUWHVLHKRFKOLHDXIVHLQHQ +DQGWHOOHUIDOOHQXQGZROOWHVLHKHUXPGUHKHQGRFKMHW]WNDP6XNRPLW VHLQHP(LQVSUXFK ª1HLQVREOHLEWHV© 'HU5HSRUWHUQLFNWH'DEHLNQLUVFKWHHUPLWGHQ=lKQHQ 6XNREUDXFKWHHUVWJDUQLFKWJURQDFK]XVFKDXHQHUKDWWHJHZRQQHQ ª3HFKIUGLFKPHLQ/LHEHU%HLPQlFKVWHQ0DONODSSWHVYLHOOHLFKW EHVVHU© %LOOQLFNWH$QVFKOLHHQGlQGHUWHHUGHQ.XUVXQGVDK]XGDHUQlKHU DQGDV6FKLIIKHUDQNDP:LHGHUZXUGHYRQHLQHP0DQQDXVGHP 6LQFODLU7HDPHLQHDUWLVWLVFKH/HLVWXQJYHUODQJW 6XNRNQLHWHVLFKKLQYHUIROJWHGDV7DXPLWGHQ$XJHQXQGEHDFKWHWH DXFKGHQ:HOOHQJDQJ/DQJVDPVFKUDXEWHHUVLFKLQGLH+|KH ª/RVMHW]W©VDJWH%LOO(LQHK|KHUH:HOOHUROOWHKHUDQXQGWUXJGDV 6FKODXFKERRWQRFKQlKHUDQGLH%RUGZDQG 'DVZDUGLH&KDQFHIU6XNR (UVFKQHOOWHVLFKDE 6HLQ.|USHUVFKLHQ]XZDFKVHQ%LOOQLFNWHDQHUNHQQHQGGHQQZLHGHU HLQPDOVDKHUZHOFKHLQH.UDIWGRFKLQGHP&KLQHVHQVWHFNWH 6XNREHNDPGDV7DX]ZLVFKHQVHLQH)LQJHU6RIRUWEHJDQQHUVLFKDQ GHU%RUGZDQGKRFK]XKDQJHOQ'DEHLDKQWHQZHGHUHUQRFK%LOO&RQROO\ ZDVVLFKDXIGHP'HFNDEVSLHOWH $OOHUGLQJVZXUGHQEHLGHGDYRQEHUUDVFKWDOVGDV6FKLIISO|W]OLFK ODQJVDPHUZXUGHXQGVWRSSWH$XFKGDV0RWRUHQJHUlXVFKGHU

HVPLUDE]XQHKPHQ:HQLJVWHQVHLQNOHLQHU+RIIQXQJVIXQNH =ZHL9DPSLUHZDUHQQRFKEULJJHEOLHEHQ'LHDQGHUHQKDWWHLFKDOOH HUOHGLJWDEHUGLHVHEHLGHQZDUHQDXVJHUHFKQHWGLHJHIlKUOLFKVWHQYRQ DOOHQ 6LHVFKDXWHQDXIPLFKKHUDE ,QLKUHQ$XJHQODVLFKGHQK|KQLVFKHQ7ULXPSKHVHQGOLFKJHVFKDIIW ]XKDEHQ6HOWVDPZLHVLFKGLH%OLFNHGHU9DPSLUHYHUlQGHUQNRQQWHQ 1RUPDOHUZHLVHVFKDXWHQVLHVWXPSIXQGOHHUDXVGHU:l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lPSIHQ'HUYHUGDPPWH+LHEPLWGHPKDUWHQ *HJHQVWDQGKDWWHPHLQ*HKLUQJDQ]VFK|QGXUFKHLQDQGHUJHEUDFKW ,FKIURU 9LHOOHLFKWZDUHVDXFKGLHVHXQKHLPOLFKH$WPRVSKlUHGLHVLFKDXI GHP6FKLIIDXVJHEUHLWHWKDWWH-DKUKXQGHUWHKDWWHHVLQGHU7LHIHGHV 0HHUHVJHOHJHQ]XVDPPHQPLWVHLQHU%HVDW]XQJGLHVHQJUDXHQYROOHQ QDFK%OXWOHFK]HQGHQ0RQVWHUQ-HW]WZDUHVZLHGHUDXIJHWDXFKW 'HU3HVWKDXFKGHU+|OOHVWUHLIWHEHU%RUGGLHVH*DOHRQHZDUHLQ 7HXIHOVVFKLIIVLHJHK|UWH]HUVW|UWXQGIULPPHUYHUVHQNW'RFKGDUDQ ZDULP0RPHQWQLFKW]XGHQNHQ 6WDWWGHVVHQGDFKWHLFKDQ6XNRXQG%LOO:LHPRFKWHHVGHQEHLGHQ HUJHKHQ"$KQWHQVLHYLHOOHLFKWZDVPLUJHVFKHKHQZDU"2GHUJODXEWHQ VLHGDUDQGDDOOHVLQ2UGQXQJZDUQDFKGHPLFKPLWGHU/DPSHHLQ =HLFKHQJHJHEHQKDWWH" 'LH=HLWDUEHLWHWHIUPLFKGRFK9DPSLURGHOPDUKDWWHHWZDVGD JHJHQ,FKVDKLKQQLFKWGDIUK|UWHLFKLKQZLHHUKLQWHUPLFKWUDWXQG VHLQH+lQGHXQWHUPHLQH$FKVHOQVFKRE

6RKLHYWHHUPLFKKRFK ,FKSHLOWHQDFKXQWHQDXIPHLQ.UHX]0LUNDPGHU*HGDQNHHVHLQ IDFKPLWGHQJHIHVVHOWHQ+lQGHQ]XSDFNHQXQGHV]XUFN]XVFKDXGHUQ GRFKGHUYRUPLUVWHKHQGH(O6DUJRVVDVFKLHQPHLQH*HGDQNHQHUUDWHQ ]XKDEHQ (UEHXJWHVLFKYRU,FKQDKPGHQ0RGHUJHUXFKZDKUDOVHUVRGLFKWLQ PHLQH1lKHNDP(UYHUPLVFKWHVLFKPLWGHU)HXFKWLJNHLW]XHLQHP ZLGHUOLFKHQ*HVWDQN ª1LFKW©]LVFKWHGHUXQWRWH3LUDWHQNDSLWlQ ,FKOLHHVEOHLEHQ'LHVHU%RO]HQZDUDXIMHGHQ)DOOVFKQHOOHUDOVPHLQH %HZHJXQJ 9DPSLURGHOPDUVFKOHLIWHPLFKDXIGHQ6DUJ]X0LWGHP5FNHQ VWLHLFKJHJHQGLH/lQJVVHLWHXQGEOLHEIUHLQHQ0RPHQWVLW]HQEHYRU LFKZLHGHUKRFKJH]RJHQZXUGH 'DQQGUFNWHPLFKGHU%OXWVDXJHUI|UPOLFKLQGHQ6DUJKLQHLQ0LW GHP)XWUDWHUQDFKXQGTXHWVFKWHPLFKLQGLHHQJH7RWHQNLVWH 'DODJLFKQXQ %HLGHVFKDXWHQPLFKDQ (O6DUJRVVDODFKWH6HLQH9DPSLU]l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lXVFKHZDUHQGHQQ9DPSLURGHOPDUXQGGHU3LUDWHQYDPSLU YHUKLHOWHQVLFKQLFKWUXKLJ6LHZDQGHUWHQDXIXQGDE :DVKDWWHQVLHYRU" :RUDXIZDUWHWHQVLH" /DXHUWHQVLHGDUDXIGDLFKEHZXWORVZXUGHRGHUHUVWLFNWHXPGDQQ PHLQ%OXWWULQNHQ]XN|QQHQ" 6FKUHFNOLFKH%LOGHUSURGX]LHUWHPHLQ*HKLUQXQGSHLQLJWHPLFKGDPLW ,FKVDKPLFKZLHGHUDXIGHP'HFNOLHJHQ9DPSLUHXPVWDQGHQPLFK XQGMHGHUGXUIWHPLFKHLQPDOEHLHQXQGDQPHLQHP%OXWWULQNHQELV

VLFKNHLQ7URSIHQPHKULQPHLQHP.|USHUEHIDQGXQGLFK]XHLQHU OHEORVHQ+OOHJHZRUGHQZDU (LQHJUDXVDPH9RUVWHOOXQJ 8QGHLQH9LVLRQGLHGXUFKPHLQH$QJVWJHVFKDIIHQZXUGHGHQQPLW GHU:LUNOLFKNHLWKDWWHVLHQLFKWV]XWXQ'LH5HDOLWlWVDKDQGHUVDXVJDQ] DQGHUV 6LHKDWWHVLFKYHUlQGHUW 'DVVWHOOWHLFKXUSO|W]OLFKIHVWXQGZXWHDXFKGDPHLQH6LQQHQRFK RND\ZDUHQ ,FKNRQ]HQWULHUWHPLFKXQGKDWWHPLFKWDWVlFKOLFKQLFKWJHWlXVFKW (WZDVZDUJHVFKHKHQ 'DV6FKLIIIXKUQLFKWPHKU(VVFKDXNHOWHQXUQRFKDXIGHQ:HOOHQ :DVKDWWHGDV]XEHGHXWHQ" $Q%RUGGHU

HUHUNOlUWHZDV9DPSLURGHOPDUJHOXQJHQZDUOHXFKWHWHQHLQLJH $XJHQDXI /DG\;SDFNWHLKUH0DVFKLQHQSLVWROHVRIRUWIHVWHU7RNDWDNQXUUWH GXPSIXQWHUVHLQHU0DVNHXQGDXFK/XSLQDZXUGHXQUXKLJ'RFK JHUDGHVLHZROOWH'U7RGQLFKWGDEHLKDEHQ ª'XEOHLEVWKLHUGHQQGXKDVW)HKOHUJHPDFKW©VDJWHHUª'LHDQGHUHQ JHKHQPLWPLUUEHU© 'DVOHW]WH:RUWZDUJOHLFK]HLWLJGDV6WDUWVLJQDO 'U7RG7RNDWDXQG/DG\;YHUOLHHQGLH

,FK|IIQHWHGLH$XJHQVDKQXUYHUVFKZRPPHQHWZDVXQGDWPHWHHUVW JLHULJGLH/XIWHLQ ,FKZDUYRP5HJHQLQGLH7UDXIHJHUDWHQGDVZXUGHPLUVFKODJDUWLJ EHZXW 'U7RGVWDUUWHPLFKDQ $EHUHUZDUQLFKWDOOHLQ6HLQHVFKOLPPVWHQ.RPSOL]HQKDWWHHUPLW JHEUDFKW 'DVWDFKPLUYRUDOOHQ'LQJHQ7RNDWDLQV$XJHGHU6DPXUDLGHV 6DWDQV(UKDWHPLFKJDQ]EHVRQGHUVGHQQHUYHUGDQNWHHVPLUGDHU VHLQHQOLQNHQ$UPYHUORUHQKDWWH'HVZHJHQKDWWHHUPLUEOXWLJH5DFKH JHVFKZRUHQDEHUDXFK/DG\;GLHHKHPDOLJH7HUURULVWLQZROOWHPLFK GXUFKHLQH03L*DUEHXPEULQJHQ 8QG'U7RGVRZLHVRhEHULKQHLQ:RUW]XYHUOLHUHQKLHH(XOHQQDFK $WKHQ]XWUDJHQ (UVWDUUWHPLFKDQ6HLQH3XSLOOHQZDUHQHUEDUPXQJVORVH.ULVWDOOH RKQHMHJOLFKHV*HIKO:HQQLQLKQHQHWZDV]XOHVHQVWDQGGDQQGLH 9HUVLFKHUXQJGDGLHVHU0DQQPLFKW|WHQZROOWH (LVNDOW ª-RKQ6LQFODLU©VDJWHHU'LH$UWZLHHUPHLQHQ1DPHQDXVVSUDFK HULQQHUWHPLFKDQHLQVFKDXULJHV(FKRDXVGHU+|OOHª-HW]WKDEHLFK GLFKGXYHUGDPPWHU+XQG'XELVWLQGLH)DOOHJHJDQJHQ*HQDXVRXQG QLFKWDQGHUVZROOWHLFKHVKDEHQ'DUDXIKDEHLFKLPPHUJHZDUWHW©(U ]HLJWHPLWGHP)LQJHUDXIPHLQ.UHX]ª'DVZLUGGLUDXFKQLFKWPHKU KHOIHQ/DG\;ZLUGHVDEQHKPHQXQGLQV0HHUVFKOHXGHUQ© 'LH6FRWWODFKWHª:LUGPLUHLQ9HUJQJHQVHLQ© ,FKKDWWHPLFKQRFKQLFKWULFKWLJHUKROWVRQGHUQVFKQDSSWHZHLWHUKLQ QDFK/XIW'RFKGLH:RUWHZDUHQVFKDUIZLH0HVVHUVWLFKHLQPHLQ *HKLUQJHGUXQJHQ 6LHZDUHQPHLQ7RGHVXUWHLO 8QGZHQQVLHPLFKW|WHWHQKDWWHQVLHHLQHQ6DUJJHVSDUWGHQQGDODJ LFKVFKRQGULQ (UVDKGDLFK$QJVWKDWWHXQGHUZHLGHWHVLFKDQGHP*HIKOPLFK KLOIORVYRUVLFK]XVHKHQ 'DQQQLFNWHHUXQGZDQGWHVLFKDQ/DG\;ª1LPPGLHVHPYHU GDPPWHQ%DVWDUGGDV.UHX]DE© ª1LFKWVZDVLFKOLHEHUWlWH©HUZLGHUWHGDV.LOOHUZHLEXQGEHXJWHVLFK ]XPLUKHUDE'LH0DVFKLQHQSLVWROHQDKPVLHLQGLHOLQNH+DQGGLH UHFKWHQlKHUWHVLFKPHLQHU%UXVWZRGLHZHUWYROOVWH:DIIHODJGLHLFK EHVD 9LHU(U]HQJHOKDWWHQGDV.UHX]JHZHLKWXPGDVVLFKMHW]WGLH)LQJHU GHU0|UGHULQVFKORVVHQ6LHULHVQLFKWYRQGHU.HWWHQHLQVLHZROOWH

PLFKTXlOHQXQGPDFKWHHVVHKUEHKXWVDP 0HLQH+DDUHLP1DFNHQIXKUHQKRFKDOVVLHYRQGHU.HWWHGXUFKVWUHLIW ZXUGHQ,FKVDKGLHWHXIOLVFKH)UHXGHDXIGHP*HVLFKWGHU)UDXXQG GDQQKLHOWVLHGDV.UHX]LQGHU+DQG ª'DLVWHVIOVWHUWHVLHª'DVLVWGLHVHVYHUGDPPWH'LQJZDVVFKRQVR YLHOH/HEHQJHNRVWHWKDW-HGHU6FKZDU]EOWHUZLUGPLUGDQNEDUVHLQ ZHQQLFKHVYHUQLFKWH©6LHVFKOHXGHUWHHVKDHUIOOW]X%RGHQXQGWUDW PLWGHP$EVDW]GDUDXI 'LHDQGHUHQVFKDXWHQ]X/DG\;KDWWHVLFKLQHLQH)XULHYHUZDQGHOW VLHEFNWHVLFKKREGDV.UHX]ZLHGHUDXIXQGZDUIHVZHLWYRQVLFK GHP6FKDQ]NOHLGGHV6FKLIIHVHQWJHJHQ 'DV.UX]LIL[YHUVFKZDQGLP1HEHO 7ULXPSKLHUHQGVFKDXWHVLHVLFKXPDOVHUZDUWHWHVLHGDPDQLKU %HLIDOONODWVFKHQZUGH 'U7RGQLFNWHQXUª,KUEHLGHNLOOWLKQ7RNDWDXQGGX/DG\;© 'HU6DPXUDLGHV6DWDQVWUDWYRUXQG]RJVHLQ6FKZHUW/DG\;KREGLH 0DVFKLQHQSLVWROH $XVGHP+LQWHUJUXQGO|VWHVLFK9DPSLURGHOPDU(UZDUPLWGHP 9HUODXIGHU'LQJHEHUKDXSWQLFKWHLQYHUVWDQGHQ ª(UJHK|UWPLU©VDJWHHUGXPSIª,FKKDEHLKQJHIDQJHQ©(U ZROOWHQRFKHWZDVVDJHQDOVEHUGHP0HHUSO|W]OLFKHLQURWHU5HJHQ QLHGHUJLQJ 'LH/HXFKWNXJHO )UHLQHQ0RPHQWVWDQGHQDOOHZLHIHVWJHOHLPWXQGVFKDXWHQGHP 6LJQDOQDFK%LOO&RQROO\PXWHGLH3LVWROHDEJHVFKRVVHQKDEHQ(VZDU MHGRFKPLJVLFKGDUEHU*HGDQNHQ]XPDFKHQPLFKUHWWHWHHVQLFKW PHKU8QGDXFKPHLQ.UHX]QLFKWGDVLUJHQGZRDXIGHP0HHUHVJUXQG ODJ ª.LOOWLKQ©VFKULH'U7RG 'HU6FKDWWHQKXVFKWHEOLW]VFKQHOOKHUDQ 1LHPDQGDFKWHWHDXILKQDOOHKDWWHQQXU$XJHQIUPLFKDEHU6XNR IOLW]WHEHUGDV'HFNXQGHUKDWWHIUHLH%DKQ (O6DUJRVVDVWDQGLKPLP:HJ%HYRUGHU9DPSLUHLQJUHLIHQNRQQWH ZXUGHHUYRQ6XNRJHSDFNWXQGEHU%RUGJHVFKOHXGHUW'DVZDUJHQDX GHU$XJHQEOLFNDOVGLHDQGHUHQZDFKZXUGHQGRFKGHU&KLQHVHKLHOW EHUHLWVVHLQHQ6WDELQGHU+DQG 'DV.HQQZRUWVFKRI|UPOLFKDXVVHLQHP0XQG ª7RSDU© 8QGGDQQZDUDOOHVDQGHUV'LH0HQVFKHQXQG0RQVWHUDXIGHP'HFN

GHV9DPSLU6FKLIIHVHUVWDUUWHQ]XU5HJXQJVORVLJNHLW$XFKLFKZXUGH VWHLIXQG6XNRKDWWHMHW]WJHQDXIQI6HNXQGHQ=HLWHWZDV]XlQGHUQ =XHUVWSDFNWH6XNR/DG\;XQGVFKOHXGHUWHVLHYRQVLFK'LH03L HQWULHULKUXQGVFKOXJGDPLW7RNDWDXP6WHLIXQGVFKZHUNUDFKWHGHU 6DPXUDLGHV6DWDQVDXIGDV'HFN 'DQQZDUGHU&KLQHVHEHLPLU(UULPLFKDXVGHP6DUJVFKOHXGHUWH PLFK]X%RGHQKROWHHLQ0HVVHUKHUYRUXQGVlEHOWHDQGHQ+DQGIHVVHOQ (UVFKDIIWHHVQLFKWPHKUVLHDXI]XVFKQHLGHQGHQQGLH=HLWZDUYRU EHLXQGGLH0RUGOLJDHUZDFKWH %LOO&RQROO\KDWWHHVZLUNOLFKQLFKWPHKUDXVJHKDOWHQ(VZDULKPHJDO REHUHLQHQ)HKOHUPDFKWHDEHUHUPXWHGLH/HXFKWNXJHODEVFKLHHQ 'HUURWHGHP0HHUHQWJHJHQIDOOHQGH5HJHQZDUIU%LOOZLHHLQ)DQDO GHU+RIIQXQJ-R%DUUDFXGDZUGHHVVHKHQXQGGLHULFKWLJHQ6FKOVVH ]LHKHQ $EHUZDVZDUPLW6XNRXQG-RKQ" 9RQEHLGHQKDWWH%LOOQLFKWVPHKUJHVHKHQDEHU6WLPPHQDXIGHP 'HFNJHK|UW/HLGHUKDWWHHUQLFKWYHUVWHKHQN|QQHQZDVJHVDJWZXUGH ZRKODEHUHLQH)UDXHQVWLPPHKHUDXVJHK|UW 8QGGLHNRQQWHDQVLFKQXU/DG\;JHK|UHQ%LOOIUDJWHVLFKZLHHV P|JOLFKZDUGDGLH0LWJOLHGHUGHU0RUGOLJDXQEHREDFKWHWDQ%RUGGHV 9DPSLU6FKLIIHVJHODQJHQNRQQWHQ 6HLQH*HGDQNHQZXUGHQMHGRFKYRQGHQ(UHLJQLVVHQXQWHUEURFKHQLQ GLHDXFKHUPLWKLQHLQJH]RJHQZXUGH -HPDQGIORJEHU%RUG %LOOVDKGHQ.|USHUXQGK|UWHGDV.ODWVFKHQGLFKWQHEHQVHLQHP%RRW =ZHL

EHULKP(UKDWWHGHQ'ROFKPLWGHUURVWLJHQ.OLQJHLQGLHUHFKWH+DQG JHQRPPHQXQGVWLH]X %LOOZHKUWHDE 6HLQH+DQGNDQWHIHJWHJHJHQGDV*HOHQNGRFKGHU9DPSLUJDEQLFKW DXI(UOLHGHQ'ROFKQLFKWORVXQGKDFNWHZLHGHUQDFKGHP5HSRUWHU %LOOERJVHLQHQ.|USHU]XUFNEHNDPEHLGH*HOHQNHGHV9DPSLUV]X IDVVHQZLQNHOWHGLH%HLQHDQVWLHGLH.QLHLQGHQ/HLEGHV8QWRWHQXQG VFKOHXGHUWHLKQPLWGHP+HEHOZXUIEHU%RUGLQV0HHU 'HU5HSRUWHUKDWWHVLFKQXUHLQHNXU]H$WHPSDXVHYHUVFKDIIWGHQQ 6HNXQGHQVSlWHUVWDUWHWHGHU9DPSLUVHLQHQ]ZHLWHQ$QJULII'LHVPDO ZROOWHHUGHQ'ROFKLQGHQ*XPPLZXOVWVWRHQ %HLPHUVWHQPDOIHKOWHHUZHLOHLQH:HOOHGDV6FKODXFKERRWZHJWUXJ $OVHUKLQWHUKHUVFKZDPPKDWWH%LOO&RQROO\GLHPLW6LOEHUNXJHOQJH ODGHQH%HUHWWDJH]RJHQ 'UHLPDOVFKRHU $OOHGUHL.XJHOQWUDIHQ =ZHLGLH%UXVWGHV9DPSLUVGLHGULWWHMDJWHJHQDXLQGLH6WLUQ (LQ6FKUHLHUNODQJGHUVRIRUWZLHGHUDEEUDFKZHLO:DVVHULQGDV0DXO GHV%OXWVDXJHUVVWU|PWH (UYHUVDQNXQG%LOOVDKZLHGHU$XIO|VXQJVSUR]HEHUHLWVGLFKWXQWHU GHU2EHUIOlFKHEHJDQQ (UKDWWHHVJHVFKDIIW 6HNXQGHQVSlWHUMHGRFKOHQNWHHLQDQGHUHV(UHLJQLVLKQDE $XVGHP9DPSLU6FKLIIVFKOXJHQSO|W]OLFK)ODPPHQXQGGDQQZDU GHU7HXIHOORV ,FKIDQGPLFKDXHUKDOEGHV6DUJVZLHGHUVSUWHGLH0HVVHUZXQGHQ DQPHLQHQ+DQGJHOHQNHQDEHUDXFKGLH6WULFNHMHGRFKVDHQVLH YLHOORFNHUHU 6XNRKDWWHVLH]XP7HLOJHNDSSW ,QHLQHP$QIDOOYRQZLOGHU9HU]ZHLIOXQJ]HUUWHLFKDQPHLQHQ)HVVHOQ XQG]HUULVLH 6RIRUWVDKLFKPLFKXP 7RNDWDGHU6DPXUDLGHV6DWDQVVSUDQJJHUDGHPLWHLQHPJHZDOWLJHQ 6DW]DXIGHQ&KLQHVHQ]XXPLKQPLWVHLQHP6FKZHUWXP]XEULQJHQ'LH .OLQJH]HUVFKQLWWGLH/XIWDEHU6XNRKDWWHVLFKGXUFKHLQHVFKQHOOH 'UHKXQJLQ6LFKHUKHLWJHEUDFKWXQGPLWGHU'lPRQHQSHLWVFKH]X JHVFKODJHQ(UWUDI 'LHGUHL5LHPHQNODWVFKWHQJHJHQ7RNDWDV.|USHU'HUJHZDOWLJH 6DPXUDLVDQN]XVDPPHQXQGLFKVDKQRFKZLH5DXFKDXVVHLQHP

3DQ]HUTXROOGDQQPXWHLFKPLFKXPPHLQHQ*HJQHUNPPHUQGHQQ GDVZDU9DPSLURGHOPDU 'HU%OXWVDXJHUVWU]WHDXIPLFK]X'LH3ODQNHQGU|KQWHQVRZXFK WLJXQGVFKZHUZDUHU6HLQH$UPHKLHOWHUDXVJHVWUHFNWHUZROOWHPLFK HUZUJHQRGHUZDVZHLLFK ,FKVSUDQJ]XUFN]RJGLH%HUHWWDXQGIHXHUWH .XJHODXI.XJHOMDJWHLFKKLQDXVWUDIGHQ.|USHUXQGHLQHKLHELQGDV OLQNH$XJHGHVEOXWVDXJHQGHQ8QJHKHXHUV (LQQLFKWPHQVFKOLFK]XQHQQHQGHU6FKUHLKDOOWHEHUGDV'HFN(LQH VFKZDU]JUQH)OVVLJNHLWVWU]WHDXVGHP/RFKXQG9DPSLURGHOPDU GUHKWHGXUFK :LHGHUIHXHUWHLFK]LHOWHDXIGDVDQGHUH$XJHYHUIHKOWHHVMHGRFK 'DQQVSUWHLFKHLQHQKHLHQ/XIW]XJDOVHLQH.XJHOGLFKWDQPHLQHP .RSIYRUEHLVWULFK /DG\;KDWWHJHVFKRVVHQ6LHKRFNWHKLQWHUHLQHU7DXUROOHXQGIHXHUWH PLWGHP5HYROYHU'LH0DVFKLQHQSLVWROHKDWWH6XNRLUJHQGZRKLQJH VFKOHXGHUW 6RIRUWJLQJLFKDXI7DXFKVWDWLRQ 'HUQlFKVWH%OHLJUXZLVFKWHEHUPLFKKLQZHJ 'U7RGVFKULHZLHHLQ:DKQVLQQLJHU$XFKHUVFKR,FKUROOWHEHUGLH 3ODQNHXQGVSUWHHWZDV+DUWHVXQWHUPLU 'LH'UXFNOXIWSLVWROH 6RIRUWQDKPLFKVLHDQPLFK'LH%HUHWWDKDWWHLFKOHHUJHVFKRVVHQ,FK EHVDWURW]GHPQRFK]ZHL:DIIHQ'HQQDXFKGLH/HXFKWSLVWROHNRQQWH IUPLFKZHUWYROOVHLQ ª,QGLH=DQJHQHKPHQ©EUOOWH'U7RG ,FKVSUDQJDXIXQGKXVFKWHTXHUEHUGDV'HFNDXIGLHDQGHUH6HLWH ]X'RUWKDWWHLFKQlPOLFK6XNRJHVHKHQ(UXQG7RNDWDVWDQGHQVLFK JHJHQEHU'HU6DPXUDLKDWWHGLH7UHIIHUYHUNUDIWHW ,FKVDK7RNDWDVEUHLWHQ5FNHQQDKPGLH/HXFKWSLVWROH]LHOWHXQG GUFNWHDE 'DV*HVFKRKLHELQGHQ5FNHQGHVULHVHQKDIWHQ'lPRQVEOLHE VWUHFNHQWULHELKQQDFKYRUQXQGSO|W]OLFKVWDQGGHU6DPXUDLLQ )ODPPHQ (UEUOOWHDXI (LQPDNDEUHV%LOG'HUEUHQQHQGH7RNDWDKHFKWHWHQDFK]ZHLJHZDO WLJHQ6FKULWWHQDOVXQWRWH)DFNHOEHUGDV6FKDQ]NOHLG =LVFKHQGYHUVDQNHULP0HHU ,FKZROOWHPLFKXP'U7RGXQG/DG\;NPPHUQGRFKGDVZDU QLFKWPHKUP|JOLFKGHQQDXIHLQPDOORGHUWHDXVGHU7LHIHGHV6FKLIIHV HLQHJHZDOWLJH)HXHUVlXOH

'RUWPXWHHLQHGHU)DFNHOQGDV+RO]HQW]QGHWKDEHQ 3ODQNHQZXUGHQDQJHKREHQIORJHQLQGLH/XIWXQGZLUEHOWHQDOV IHXULJH7HLOHGXUFKGLH1DFKW ª:HJZHJ©K|UWHLFKGDV6FKUHLHQGHV0HQVFKGl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|JOLFKYRQ GHPEUHQQHQGHQ6FKLIIHQWIHUQHQ:HQQHVVDQNZROOWHQZLUQLFKWLQ GHQVWDUNHQ6RJJHUDWHQ 1RFKHLQPDOVFKZDPPHQZLUZLHGLH:HOWPHLVWHU$OVZLUGDQQDXI WDXFKWHQUDVWHHLQ6FKDWWHQYRUEHLXQGVFKQHOOODXIHQGH%XJZHOOHQ EHUVSOWHQXQVHUH.|SIH 'LH0RUGOLJDRGHUGHUHQ5HVWH"HUJULIIGLH)OXFKW8QVILVFKWH%LOO &RQROO\DXVGHP%DFK(UVFK|SIWEOLHEHQZLULP6FKODXFKERRWOLHJHQ ZlKUHQG%LOOHU]lKOWHZLHHVLKPHUJDQJHQZDU ª'DQQKDEHQZLUMDDXIGHUJDQ]HQ/LQLHJHVLHJW©VDJWHHU ,FKVHW]WHPLFKKLQXQGVFKWWHOWHGHQ.RSIVRGDGLH:DVVHUWURSIHQ DXVPHLQHQ+DDUHQIORJHQª1HLQ%LOOGHU3UHLVZDU]XKRFK© ª:HOFKHU3UHLV"© ª/DG\;KDWPHLQ.UHX]DXIGHQ*UXQGGHV0HHUHVJHVFKOHXGHUW© 'HU5HSRUWHUZXUGHEOD 1XU6XNRODFKWHDEHUGDVIDQGHQZLUJDUQLFKWNRPLVFK $OVLFKLKQE|VHDQVFKDXWHIUDJWHHUª0HLQVWGXGDVKLHU"©XQG |IIQHWHVHLQHOLQNH+DQG 'RUWODJGDV.UHX] ,FKNRQQWHHUVWHLQPDOEHUKDXSWQLFKWVVDJHQ'DQQIUDJWHLFKLKQ ª9HUGDPPWZRKHUKDVWGXGDV"© ª)DQJHQPXPDQN|QQHQ-RKQIDQJHQ© ,FKVFKOXJLKPDXIGLH6FKXOWHU'LHVHU&KLQHVHZDUZLUNOLFKHLQPLW DOOHQ:DVVHUQJHZDVFKHQHU7HXIHOVNHUO %OLHEHQXUQRFKQDFK]XWUDJHQGDHLQHJURDQJHOHJWH6XFKHQDFK

0RUDVVRV

',(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