Das Mädchen von Atlantis

'$60b'&+(1921$7/$17,6 'LHEHLGHQ)UDXHQWUDIHQVLFKYRUGHP)DKUVWXKO ª-DQH/HEHQ6LHDXFKQRFK"©ULHIGDVEORQGH...

70 downloads 453 Views 276KB 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

'$60b'&+(1921$7/$17,6 'LHEHLGHQ)UDXHQWUDIHQVLFKYRUGHP)DKUVWXKO ª-DQH/HEHQ6LHDXFKQRFK"©ULHIGDVEORQGH*LUOPLWGHU /RFNHQIULVXUXQGGHQVWUDKOHQGEODXHQ$XJHQª'DVJLEWHVGRFK QLFKW,FKGDFKWH6LHZlUHQDXVJH]RJHQ© -DQH&ROOLQVOlFKHOWH$XFKVLHZDUIUHXGLJEHUUDVFKW6DQGUD 0RUDQJHK|UWH]XGHQ0HQVFKHQPLWGHQHQ-DQHJHUQ]XVDP PHQZDU/HLGHUOLHHVLKUH=HLWQLFKW]X2EZRKOVLHEHLGHLQ HLQHP+DXVZRKQWHQKDWWHQVLHVLFKDXVGHQ$XJHQYHUORUHQ ª6DQGUD©'LHEORQGH'HWHNWLYLQUHLFKWHLKUHU1DFKEDULQGLH +DQG ª-HW]WVDJHQ6LHQLFKW6LHKDEHQNHLQH=HLW© -DQH&ROOLQVVFKWWHOWHGHQ.RSIª$QGLHVHP$EHQGZROOWHLFK LQPHLQHU:RKQXQJEOHLEHQXQGPDODXVVSDQQHQ© ª'D]XNRPPHQ6LHQLFKWPHKU,FKKDEHHLQHQSKDQWDVWLVFKHQ IUDQ]|VLVFKHQ6HNWLP(LVVFKUDQN(UVWNODVVLJVDJHLFK,KQHQ :LUVROOWHQGLH)ODVFKHN|SIHQ:HQQGDVNHLQ*UXQGLVW© -DQH&ROOLQVZDUHLQYHUVWDQGHQ 6DQGUD]RJGLH)DKUVWXKOWUDXI6LHODFKWHGDEHLXQGZLHGHU KROWHPHKUPDOVZLHVHKUVLHVLFKDXIGHQ$EHQGIUHXH 'DEHLDKQWHVLHQLFKWGDVLHQXUQRFKHLQHKDOEH6WXQGH]X OHEHQKDWWH 'HU/LIWVFKRGLHEHLGHQ)UDXHQKRFKLQGLHDFKWH(WDJH -DQH&ROOLQVKDWWHVRHEHQHLQHQ)DOOHUIROJUHLFKDEJHVFKORVVHQ 'HU6FKHFNEHUHLQ+RQRUDUYRQWDXVHQG3IXQGNQLVWHUWHLQ LKUHU+DQGWDVFKH)U]ZHL7DJH$UEHLWHLQJXWHU/RKQ-DQHZDU LQLKUHP%HUXIDEHUDXFK6SLW]HQNODVVH6LHJDOWDOVEHVWH 3ULYDWGHWHNWLYLQ/RQGRQVXQGZDUVSH]LDOLVLHUWDXI)lOOHGLHHLQ JHZLVVHV)LQJHUVSLW]HQJHIKOYHUODQJWHQ,KUHPlQQOLFKHQ .ROOHJHQJLQJHQRIW]XGLUHNWYRUXQGYHUJDHQPDQFKPDOGLH PHQVFKOLFKH.RPSRQHQWHGLH-DQH&ROOLQVQLHDXHUDFKWOLH 9RQ6DQGUDZXWHVLHGDVLHLQHLQHU%RXWLTXHDOV (UVWYHUNlXIHULQDUEHLWHWHJXWYHUGLHQWHXQGHLQIUHLHVXQJHEXQ GHQHV/HEHQOLHEWH6HKUJOFNOLFKVFKLHQVLHDOOHUGLQJVQLFKWGDU EHU]XVHLQ -DQH&ROOLQVZDUHLQHJXWH0HQVFKHQNHQQHULQ,KUHQWJLQJHQ

QLFKWGLHWLHIHQ5LQJHXQWHU6DQGUDV$XJHQGLHDXFKGLH 6FKPLQNHQLFKWJDQ]YHUGHFNHQNRQQWH 6DQGUDVFKLHQHQWZHGHU6RUJHQRGHUVFKODIORVH1lFKWH]X KDEHQ $XIMHGHQ)DOOVSLHOWHVLHGLH)U|KOLFKH/DFKHQGKLHOWVLHGHU 'HWHNWLYLQGLH/LIWWUDXI ª.RPPHQ6LH-DQHLFKKDEHEHUHLWVHLQHQWURFNHQHQ*DXPHQ© 6DQGUDJLQJYRU'HUJORFNLJJHVFKQLWWHQHEXQWH5RFNZHKWH XPLKUH%HLQH'LHKRKHQ$EVlW]HOLHHQGLH)XIHVVHOQQRFK PHKULQ(UVFKHLQXQJWUHWHQ 6DQGUDZDUHLQJXWDXVVHKHQGHV0lGFKHQ(VJDE]DKOUHLFKH 0lQQHUGLHVLHJHUQ]XP$OWDUJHIKUWKlWWHQ 6LHVFKORLKUH:RKQXQJVWUDXIª+DEHQ6LHDXFKVROFKHLQHQ 6WUH"© ª(VJHKW©HUZLGHUWH-DQH ª$OVREHLPLU©6LHZLQNWHDEª,FKNRPPHJDUQLFKW]XU 5XKH'LH0RGHPHVVHQGDV$XVVXFKHQGHU)UKMDKUVNROOHNWLRQ GLH9RUIKUXQJHQ© ª$UEHLWHQ6LHDOV0DQQHTXLQ"© 6DQGUD|IIQHWHGLH7Uª-D1HEHQEHLZLVVHQ6LH,FKEUDXFKH GHQ/DXIVWHJDEHUMHW]WNRPPHQ6LHHUVWHLQPDOKHUHLQ© 6DQGUD0RUDQEHVDHLQNOHLQHVPLWPRGHUQHQ0|EHOQHLQJH ULFKWHWHV$SDUWPHQW$QGHQ:lQGHQKLQJHQ*UDILNHQEHNDQQWHU .QVWOHU'LHVFKZDU]HQ6HVVHOZLUNWHQIXWXULVWLVFKHEHQVRGDV 6W\OLQJGHU6WHUHR$QODJH 6DQGUDVWHOOWHVRIRUWGHQ3ODWWHQVSLHOHUDQª,FKEUDXFKH0XVLN ZLVVHQ6LH© ª$XFK$PDQGD/HDU"©IUDJWH-DQH ª-D,UJHQGZLHILQGHLFKGLHLUUH6LHQLFKW"©6DQGUDGHXWHWHDXI GLHURWLHUHQGH6FKHLEH ª'HU*HVFKPDFNLVWYHUVFKLHGHQ© 6DQGUDODFKWHª:HPVDJHQ6LHGDV"$EHUVHW]HQ6LHVLFKGRFK (VLVWHJDOZRKLQ8QGLFKKROHLQ]ZLVFKHQGHQ6HNW© 6LHYHUVFKZDQGLQHLQHUZLQ]LJHQ.FKH-DQHEOLFNWHQDFK GHQNOLFK]X%RGHQ6DQGUDNDPLKULUJHQGZLHVHOWVDPYRUEHU

GUHKWXQGJOHLFK]HLWLJDEJHVSDQQW+DWWHVLHYLHOOHLFKW6RUJHQ" ,QGHU.FKHNQDOOWHHLQ6HNWNRUNHQ6HNXQGHQVSlWHUZDU 6DQGUDZLHGHU]XUFN'HU6HNWTXROODXVGHPRIIHQHQ)ODVFKHQ KDOVXQGUDQQDQGHU)ODVFKHKHUXQWHU 'RFK6DQGUDVWUDKOWHª'DVPXVRVHLQ©NRPPHQWLHUWHVLH VWHOOWHGLH)ODVFKHDEXQGKROWHDXVHLQHPNOHLQHQ*ODVVFKUDQN ]ZHL*OlVHU 6LHJRHLQ ª&KHHULR-DQH$XIXQV© 'LHEHLGHQ)UDXHQWUDQNHQ'HU6HNWZDUZLUNOLFKHLQ*HGLFKW 3ULFNHOQGOLHIHUGXUFK-DQHV.HKOH(UZDUQLFKW]XKHUEXQG DXFKQLFKW]XVKDWWHKDDUJHQDXGHQ*HVFKPDFNGHUEHLGHQ )UDXHQJHWURIIHQ -DQH&ROOLQVOHHUWHGLH+lOIWHLKUHV*ODVHV6DQGUDWUDQNHVJDQ] DXV'DQQVWHOOWHVLHGDV*ODVDXIGHQNOHLQHQYLHUHFNLJHQ7LVFK OHKQWHVLFKLP6HVVHO]XUFNXQGOLHLKUH$UPHUHFKWVXQGOLQNV GHU/HKQHQKHUDEKlQJHQ ª(LJHQWOLFKN|QQHQZLUYRQ*OFNVDJHQGDZLUXQVKHXWH JHWURIIHQKDEHQ©VDJWHVLH ª:LHVR"© 6LHZDQGWHGHQ.RSIXQGOlFKHOWH-DQH&ROOLQVDQª0RUJHQELQ LFKYLHOOHLFKWVFKRQLQ)UDQNUHLFKGDQDFKLQ*ULHFKHQODQG© $XI-DQHVIUDJHQGHQ%OLFNIJWHVLHHUNOlUHQGKLQ]Xª:LU VWDUWHQHLQH7RXUQHH8QVHUH7UXSSHPDFKWHLQH9RUIKUWRXU :LUZLVVHQQLFKWHLQPDOJHQDXZRKLQ(VLVWLUUH© ª8QG,KU-RE"© 6DQGUDZLQNWHDEª:DVNPPHUWPLFKGHU,FKKDEHPLFK VRODQJHIUHLVWHOOHQODVVHQ'DVJHKWDOOHV0DQPXQXUGHQULFK WLJHQ'UHKILQGHQ©6LHODFKWHª'DV/HEHQLVWKHUUOLFK© -DQHNRQQWHLKUGDQLFKWVRUHFKW]XVWLPPHQ6LHZROOWHDXI NHLQHQ)DOOPLW6DQGUD0RUDQWDXVFKHQ 6DQGUDJRQDFKª7ULQNHQ6LH-DQHWULQNHQ6LH6RMXQJ NRPPHQZLUQLFKWPHKU]XVDPPHQ© -DQH&ROOLQVODFKWHOHLVHª6LHWXQMDJHUDGHVRDOVVHLGLHVHLQ $EVFKLHGIULPPHU©

ª:HUZHL-DQHZHUZHL'HU7RGLVWRIWQlKHUDOVPDQGHQNW +DEHQ6LHHLJHQWOLFK$QJVWYRULKP"© -DQH&ROOLQVZXQGHUWHVLFKEHUGLHVHQSO|W]OLFKHQ7KHPHQ ZHFKVHO6DQGUDILHOYRQHLQHP([WUHPLQVDQGHUHª-D©HUZLGHUWH VLHª,FKKDEH$QJVWYRUGHP7RG© ª,FKQLFKW8QGZLVVHQ6LHDXFKZDUXP"© ª1HLQ© ª,FKZHUGHZHLWHUOHEHQLP-HQVHLWV'HVKDOEIUFKWHLFKPLFK QLFKW'HU7RGKDWIUPLFKVHLQH6FKUHFNHQYHUORUHQ,P*HJHQ WHLOHULVWVRJDUHWZDV:XQGHUEDUHV© ª1DLFKZHLQLFKW©-DQHEOLHEVNHSWLVFKª:DKUVFKHLQOLFK KDEHQ6LH]XYLHOH%HULFKWHYRQ7RWJHJODXEWHQJHOHVHQ'DVLVW KHXW]XWDJHMDJURLQ0RGH© 6DQGUDVFKWWHOWHGHQ.RSIXQGWUDQNJOHLFK]HLWLJ'DEHL VSULW]WHGHU6HNWDXVGHP*ODV(LQLJH3HUOHQUDQQHQDQLKUHP .LQQKHUDEª1HLQ-DQHGDVPHLQHLFKQLFKW,FKVSUHFKHYRP /HEHQDOV8QWRWH9RQGHU$XIJDEHGLHLFK]XHUIOOHQKDEHQDFK PHLQHPRIIL]LHOOHQ(UGHQOHEHQ© ,Q-DQH&ROOLQV +LUQVFKULOOWHHLQH$ODUPJORFNH6LHZDU]ZDU HLQHPRGHUQGHQNHQGHMXQJH)UDXGLHQLFKWVVROHLFKWHUVFKW WHUQNRQQWH'RFKVLHKDWWHVFKRQHLQLJH$EHQWHXHUKLQWHUVLFK GLHPDQFKHQ0HQVFKHQDQVHLQHPHLJHQHQ9HUVWDQG]ZHLIHOQ OLHHQ-DQHZXWHGDHV9DPSLUH:HUZ|OIH'lPRQHQXQG 8QWRWHJDE6LHNDQQWHGHQJHKHLPQLVYROOHQ9RRGRR=DXEHU ZXWHYRQVFKUHFNOLFKHQ3DUDOOHOZHOWHQGLHMHQVHLWVGHUXQVULJHQ OLHJHQZRVLFK'lPRQHQXQG*HLVWHU]XHLQHPILQVWHUHQ5HLJHQ YHUHLQLJHQ'HQQQLFKW]XOHW]WZDU-DQH&ROOLQVPLWHLQHP0DQQ EHIUHXQGHWGHQPDQGHQ*HLVWHUMlJHUQDQQWHXQGGHUJHJHQGLH 0lFKWHGHU)LQVWHUQLVDQNlPSIWH ª:RKHUZLVVHQ6LHGDVDOOHV6DQGUD"©HUNXQGLJWHVLHVLFK 6DQGUDV6WLPPHQDKPHLQHQYHUVFKZ|UHULVFKHQ7RQDQª:HLO (5HVPLUJHVDJWKDW8QGLFKJODXEH,+0© ª8QGZHULVWGLHVHU*HKHLPQLVYROOH"© ª'DVNDQQLFKQLFKWVDJHQ$EHUZHQQ6LHLKQNHQQHQOHUQHQ ZROOHQLFKEHVXFKH6LHQDFKPHLQHP7RG,FKIKUH6LH©

6DQGUDYHUVWXPPWH,KUH$XJHQZXUGHQSO|W]OLFKZHLW'LH /LSSHQEHJDQQHQ]X]LWWHUQ'LH)LQJHUGLHGDV6HNWJODVKLHOWHQ JULIIHQVWlUNHU]X 'DV*ODV]HUEUDFK6SOLWWHUVWDFKHQLQGDV)OHLVFKLKUHU+DQG %OXWVWURSIHQTXROOHQDXVGHQNOHLQHQ:XQGHQ ª(VHVLVWVRZHLW©IOVWHUWH6DQGUDª'HU7RGHUKROWPLFK -HW]WXQGKLHU© -DQH&ROOLQVVSUDQJDXIIDWH6DQGUDDQEHLGHQ6FKXOWHUQXQG UWWHOWHVLHGXUFKª:DVLVWPLW,KQHQ6DQGUD"5HGHQ6LH"© ª'HU7RG©lFK]WHVLHª'HU6FKZDU]H7RGGDPDOVLFK VHKHHVGLH,QVHO8QWHUJDQJ'lPRQHQ© 6LHVWDPPHOWHZLUUHV=HXJEUDFKWHDOOHVGXUFKHLQDQGHUXQG UXWVFKWHLPPHUPHKULQVLFK]XVDPPHQ ª,FKKROHHLQHQ$U]W©ULHI-DQH6LHZROOWH]XP7HOHIRQODXIHQ GRFKUDVFKZLHHLQH]XVWRHQGH.ODSSHUVFKODQJHJULII6DQGUD 0RUDQ]XXQGSDFNWH-DQHV$UP ª1LFKW.HLQHQ$U]W(UNDQQPLUQLFKWKHOIHQ1LHPDQGNDQQ PLUKHOIHQ%HJUHLIGDV(5LVWVWlUNHU(5KROWPLFK'LH,QVHO ,FKVHKHVLH6WUDKOHQGKHOO0HLQH+HLPDWLVW$WODQWLV©YHU VXFKWH6DQGUDPLWEHEHQGHU6WLPPH]XHUNOlUHQ'RFK-DQH K|UWHGLHVH:RUWHQLFKWVLHKDWWHVLFKGHP7HOHIRQJHQlKHUW .UlPSIHGXUFK]XFNWHQGHQ.|USHUGHUMXQJHQ)UDX:LOG VFKULHVLHDXI'LHEODJHVFKPLQNWHQ/LSSHQ|IIQHWHQVLFK ELOGHWHQHLQ2YDO(LQVFKUHFNOLFKHV6W|KQHQHUIOOWHGHQ5DXP 3O|W]OLFKUDQQJUQHU6SHLFKHODXVLKUHP0XQG 'HU6FKZDU]H7RG(LQ1DPHZDUJHIDOOHQGHU-DQHHLQH *lQVHKDXWEHUGHQ5FNHQMDJWH'HU6FKZDU]H7RG ,QNDUQDWLRQGHV%|VHQXQG-RKQ6LQFODLUV6XSHUJHJQHU'HU 'lPRQGHULQGLH:HOWJHVFKLFKWHHLQJHJULIIHQKDWWHGHUVDWD QLVFKOlFKHOQG.ULHJHYRUEHUHLWHWHXQGGHVVHQJHVDPWHV6WUHEHQ DXIWRWDOHV&KDRVXQG9HUQLFKWXQJDXVJHULFKWHWZDU :HOFKH7HXIHOHLKDWWHHUVLFKQXQZLHGHUDXVJHGDFKW" 6DQGUD0RUDQNlPSIWHQRFKLPPHU(LQGXPSIHV6W|KQHQ GUDQJDXVLKUHP0XQGDXVJHVWRHQYRQHLQHU6WLPPHGLHQLFKW ]XLKU]XJHK|UHQVFKLHQ'LH+lQGHKDWWHVLHXPGLH/HKQHQ

JHNUDOOW:HLXQGVSLW]VWDFKHQGLH.Q|FKHOKHUYRUZLHEHLHLQHU VNHOHWWLHUWHQ+DQG 1RFKHLQPDOEUOOWHVLHDXI 'DQQILHOLKU.|USHU]XVDPPHQ 6DQGUD0RUDQZDUWRWGDVVDK-DQH&ROOLQVPLWHLQHP%OLFN 6HNXQGHQODQJVWDUUWHVLHGLH/HLFKHDQ'DQQJULIIVLH]XP 7HOHIRQK|UHUXPGLH3ROL]HL]XYHUVWlQGLJHQ ,FKVFKDXWHDXIGLH7RWHXQGVDKGDQQGHQ$U]WDQ ª7RW©GLDJQRVWL]LHUWHGHU'RFª(LQZDQGIUHL+HU]VFKODJ 'DUDQJLEWHVQLFKWV]XUWWHOQ© ª8QGGHUJUQH6FKDXPDXIGHQ/LSSHQ"© 'HU$U]WZLVFKWHVLFKEHUGLH6WLUQª,FKZHUGHGLH/HLFKH REGX]LHUHQ9LHOOHLFKWILQGHLFKGDQQHLQH(UNOlUXQJ©'HU $U]WOlFKHOWHZLVVHQGª6LQFODLULFKNHQQH6LH6LHYHUPXWHQ ZLHGHULUJHQGHLQHQ'lPRQRGHUZDVZHLLFKKLQWHUGLHVHP 7RG$EHUODVVHQ6LHHVVLFKJHVDJWVHLQGDVZDUHLQQRUPDOHU +HU]VFKODJ© ª:REHLGDVHLQHDEHUGDVDQGHUHQLFKWDXVVFKOLHW©JDELFK]X EHGHQNHQ 'HU$U]WNQXUUWHHWZDVYRQUHFKWKDEHULVFKLQVHLQHQQLFKWYRU KDQGHQHQ%DUWXQGZKOWHLQVHLQHU7DVFKHKHUXP'LH8QWHU VXFKXQJHQZDUHQDEJHVFKORVVHQ=ZHL+HOIHUOHJWHQGLH7RWHLQ HLQHIODFKH:DQQHDXV.XQVWVWRII'HU'HFNHOZXUGHJHVFKORV VHQ'LH0lQQHULQJUDXHQ.LWWHOQKREHQGLH:DQQHKRFKXQG WUXJHQGLH/HLFKHDXVGHP=LPPHU ,FKILQJ-DQHV%OLFNDXI'LH'HWHNWLYLQKDWWHPLFKJHUXIHQ9RP %URDXVZDULFKJHUDGHZHJV]XLKUJHIDKUHQXPPLUGLH7RWH DQ]XVHKHQ-DQHKDWWHPLUDXFKLQ6WLFKZRUWHQEHULFKWHWZDVLKU 6DQGUDYRULKUHP7RGQRFKEUXFKVWFNKDIWPLWJHWHLOWKDWWH,FK ZDUQLFKWGHUJOHLFKHQhEHU]HXJXQJZLHGHUJXWH'RF 6FKOLHOLFKKDWWH6DQGUDHLQHQ1DPHQHUZlKQWGHUVHOEVWIU PLFKZLHHLQ$OSWUDXPZDU 'HU6FKZDU]H7RG

3ODQWHGLHVHU6XSHUGlPRQZLHGHUHLQHQQHXHQ$QVFKODJ" +DWWHHUEHUHLWVVHLQH)KOHUDXVJHVWUHFNW")UPLFKZDUNODUGD LFKDP%DOOEOHLEHQZUGH -DQH&ROOLQVQLFNWHPLU]X,FKYHUVWDQGGHQ:LQN 'HU'RFVSUDFKPLFKDQª6ROOLFK,KQHQHLQH.RSLHGHV2EGXN WLRQVEHULFKWHV]XVFKLFNHQ6LQFODLU"© ª,FKELWWHGDUXP© ª2ND\© 0HLQHQ7UHQFKKlQJWHLFKEHUGHQ$UPYHUDEVFKLHGHWHPLFK XQGYHUOLHPLW-DQH&ROOLQVGLH:RKQXQJGHU7RWHQ:LUPXWHQ ]ZHL(WDJHQK|KHUIDKUHQ)UGHQ/LIWHLQH6DFKHYRQ6HNXQGHQ ,P)DKUVWXKOVSUDFKHQZLUQLFKWPLWHLQDQGHU 9RQGHU6HLWHKHUEOLFNWHLFK-DQH&ROOLQVDQ6LHVDKZLHGHUHLQ PDOSKDQWDVWLVFKDXV/RFNHUILHOGDVEORQGH+DDUDXIGLH 6FKXOWHUQ6LHZDUGH]HQWJHVFKPLQNWXQGGLH)DUEHYRQ /LSSHQVWLIWXQG)LQJHUQlJHOZDUKDDUJHQDXDXIHLQDQGHUDEJH VWLPPW-DQHWUXJURWH6WLHIHOHLQHQEXQWEHGUXFNWHQ5RFNXQG HLQHZHLWJHVFKQLWWHQHPRGHUQH-DFNH,KUH+DQGWDVFKHVDKDXV ZLHHLQHXPJHGUHKWH)OHLVFKZXUVW6LHZDUPDOZLHGHUQHX ,QGHU:RKQXQJHUKLHOWLFKHLQHQ:KLVN\-DQHQDKPHLQHQ 0DUWLQLXQGVWLSSWHHLQH2OLYHKLQHLQ ª8QGQXQJURHU*HLVWHUMlJHU©VDJWHVLHXQGOLHVLFKLQHLQHQ 6HVVHOIDOOHQª:LHVLHKVWGXGLH/DJH"© ,FKVWDQGQHEHQGHU6WHUHR$QODJHXQGVFKDXWHDXVGHP )HQVWHUª6LHKDWGLUJHVDJWGDVLH]XUFNNHKUHQZLOO"© ª-D© ª'DQQVROOWHPDQGLH/HLFKHEHUZDFKHQ© ª:HU"'X"© ,FKVFKWWHOWHGHQ.RSIª7XWPLUOHLGDEHULFKNDQQQLFKW PHLQHJDQ]H$UEHLWUXKHQODVVHQ© ª:LOOVWGX/HXWHDEVWHOOHQODVVHQ"© ,FKGUHKWHPLFKXPXQGODFKWHª'DVEHNRPPHLFKQLHGXUFK $XHUGHPEHVWHKWNHLQEHJUQGHWHU9HUGDFKW© ª)UGLFKVFKRQ© ª6LFKHUDEHUPDFKGDVPDOGHQDQGHUHQNODU©

ª+HUUMHK©ULHI-DQH&ROOLQVª:DQQHQGOLFKZHUGHQGLH/HXWH PDOYHUQQIWLJ"'XKDVWGRFKRIWJHQXJEHZLHVHQGDHV'LQJH JLEWGLHPLWQRUPDOHQ0DVWlEHQJDUQLFKW]XPHVVHQVLQG ,UJHQGMHPDQGPXGRFKPDOZDFKJHZRUGHQVHLQ© ª'XYHUJLWGDDOOGLH)lOOHQLFKWJURSXEOL]LHUWZRUGHQ VLQG'LH%HULFKWHOLHJHQLQGHQVLFKHUHQ$UFKLYHQGHV
$XIGHU6WUDHYHUDEVFKLHGHWHQZLUXQV ª%LVEDOG©VDJWH-DQH ,FKVDKLKUQDFKZLHVLHLQLKUHQ:DJHQVWLHJXQGDKQWHGDEHL QLFKWGD-DQH&ROOLQVLQHLQH)DOOHOLHI )UDQNIXUW 'LH+RFK]HLWZDUHLQUDXVFKHQGHV)HVW'DV%DOOHUOHEQLVGHV -DKUHV(VZDUZLHHLQ7UDXPZLHLP0lUFKHQ6FKOLHOLFK NRPPWHVQLFKWMHGHQ7DJYRUGDHLQHFKWHU*UDIHLQ0DQQHTXLQ HKHOLFKW 5RODQGYRQ5RGHQHFNZDUEODXEOWLJ 8QGVHLQH)UDX.DULQKDWWHDOV0DQQHTXLQJHDUEHLWHW6LHIHLHU WHQPLWLKUHQ*lVWHQLQHLQHP)UDQNIXUWHU1REHOKRWHO-HQlKHU 0LWWHUQDFKWKHUDQUFNWHXPVRPHKUVWLHJGLH6WLPPXQJ 'HU&KDPSDJQHUIORLQ6WU|PHQ,PPHUZLHGHUOLHHQGLH )UHXQGHGHV3DDUHVGLH+RFK]HLWHUKRFKOHEHQ :DO]HUPHORGLHQVFKZDQJHQGXUFKGHQ5DXP.DULQODJ OHLFKWZLHHLQH)HGHULQGHQ$UPHQLKUHV0DQQHV6LHVWUDKOWH $XILKUHP*HVLFKWVSLHJHOWHVLFKGDV*OFNZLGHUGDVVLH HPSIDQG 8QGDXFK5RODQGYRQ5RGHQHFNZDU]XIULHGHQ+DWWHHUHV GRFKJHJHQGLH:LGHUVWlQGHVHLQHU)DPLOLHJHVFKDIIW.DULQ 6FKQHLGHU]XKHLUDWHQ-HW]WKLHVLH.DULQYRQ5RGHQHFN :LHVLFKGDVDQK|UWH .DULQVHOEVWNRQQWHHVQRFKJDUQLFKWEHJUHLIHQ -HGHUZROOWHPLWLKUWDQ]HQ9RUDOOHQ'LQJHQ5RODQGV)UHXQGH DXVGHP*ROIFOXE6LHULVVHQVLFKXPHLQHQ7DQ] 'HUMXQJH%UlXWLJDPVWLPPWHODFKHQG]X0LWGHP&KDPSDJ QHUNHOFKLQGHU+DQGEHREDFKWHWHHUVHLQH)UDX 6LHWUXJHLQSKDQWDVWLVFKHV+RFK]HLWVNOHLGDXVZHLHU6SLW]H 'HUZHLWJHVFKQLWWHQH5RFNVFKZDQJELVKRFK]XGHQ:DGHQ ZHQQVLHVLFKLP:DO]HUGUHKWH'DVQDWXUURWH+DDUKDWWHVLH]X HLQHU/RFNHQIULVXUDXIJHGUHKW'HU6FKOHLHUZXUGHGXUFKHLQ NRVWEDUHV'LDGHPJHKDOWHQ

6LHZDUHLQHVFK|QH%UDXW(VJDEQLHPDQGHQGHUDQGHUHU 0HLQXQJZDU8QG5RODQGZDUVWRO] 1RFKHLQH9LHUWHOVWXQGHELV0LWWHUQDFKW'DQQZXUGHGHU 6FKOHLHU]HUULVVHQGDQQZDUGHUJURH7DJYRUEHL6LHZUGHQ PLWGHP/LIWLQLKUJHPHLQVDPHV=LPPHUIDKUHQGLH1DFKWGRUW YHUEULQJHQXQGDPQlFKVWHQ0RUJHQQDFK9HQHGLJUHLVHQXP GRUWGLH)OLWWHUZRFKHQ]XYHUOHEHQ6RVDKGDV3URJUDPPDXV (GOHUYRQ5RGHQHFN5RODQGV9DWHUWUDWDQGLH6HLWHVHLQHV 6RKQHV$XFKHUKLHOWHLQ&KDPSDJQHUJODVLQGHU+DQG'HU PDJHVFKQHLGHUWH6PRNLQJVDZLHDQJHJRVVHQ$P5LQJILQJHU GHUOLQNHQ+DQGEOLW]WHHLQKRFKNDUlWLJHU'LDPDQW 9DWHUXQG6RKQVDKHQVLFKVHKUlKQOLFK%HLGHKDWWHQVLHGLH KRKH6WLUQGDVZHOOLJH+DDUEHLGHP-QJHUHQEORQGEHLGHP bOWHUHQZHLXQGEHLGHKDWWHQVLHDXFKGDVHFNLJHHWZDVYRU VSULQJHQGH.LQQ'LH5RGHQHFNVZDUHQ:HLQKlQGOHU6LH EHVDHQHLQLJH'XW]HQG:HLQEHUJHXQGLKUH*HWUlQNHZDUHQ EHUKPWZHJHQLKUHU)UXFKWLJNHLWXQGLKUHV3UHLVHV-DNHLQH )ODVFKHPLW2ULJLQDODEIOOXQJNRVWHWHXQWHU]HKQ'0'D IUNRQQWHGHU.lXIHUMHGRFKVLFKHUVHLQQLFKWV*HSDQVFKWHV ]XWULQNHQ ª:LHJHKWHVGLU5RODQG"©'HUDOWH*UDIOHJWHVHLQHP6RKQGLH +DQGDXIGLH6FKXOWHU ª:LHGLUEHLGHLQHU+RFK]HLW© (GOHUYRQ5RGHQHFNODFKWHª'DQQPWHVWGXDEHULQ 6WLPPXQJVHLQ© ª%LQLFKDXFK© ª,FKIUHXHPLFKIUGLFKPLWPHLQ-XQJH,FKKRIIHGXZLUVWPLW .DULQJOFNOLFK© ª'DUDXINDQQVWGXGLFKYHUODVVHQ'DG©5RODQGQDQQWHVHLQHQ 9DWHULPPHU'DG(LQH$QJHZRKQKHLWDXVGHU6WXGHQWHQ]HLW(U KDWWHPDO]ZHL6HPHVWHULQ2[IRUGVWXGLHUWª$XHUGHPYHUVWHKW .DULQHWZDVYRP:HLQJHVFKlIW,FKKDEHLKUYLHOEHLJHEUDFKW,KU PDFKWHV)UHXGH'XZLUVWVHKHQVLHJHKWLQGHQ:HLQEHUJXQG SDFNWPLWDQ©(UOlFKHOWHHWZDVYHUlFKWOLFKª1LFKWVRZLHGLHVH $GHOVIUlXOHLQGLHQXUVFK|QDXVVHKHQN|QQHQ©

ª9HU]HLKLKQHQ©VDJWH(GOHUYRQ5RGHQHFN ª6LHLQWHUHVVLHUHQPLFKJDUQLFKW© .DULQKDWWHLKUHQ7DQ]EHHQGHW0LWKRFKURWHP.RSIOLHIVLHDXI GLHEHLGHQ0lQQHU]XXQGOLHVLFKLQ5RODQGV$UPHIDOOHQ ª0HLQ*RWW©MDSVWHVLHªZDUGDVDQVWUHQJHQG© ª'DJHJHQKLOIW&KDPSDJQHU©VFKOXJLKUGHU6FKZLHJHUYDWHU YRU(UZLQNWHHLQHQ2EHUKHUEHL'HU0DQQNDPVRIRUW6HLQ 7DEOHWWZDUJHIOOW (GOHUYRQ5RGHQHFNUHLFKWH.DULQHLQVGHU*OlVHUª7ULQNGDV 0lGFKHQ(VWXWGLUJXW© .DULQQLFNWH'DQQOHHUWHVLHGDV*ODVPLWHLQHP=XJª,FKELQ MDVRJOFNOLFK©IOVWHUWHVLHXQGVFKPLHJWHVLFKJHJHQLKUHQ IULVFKJHEDFNHQHQ(KHPDQQ /lFKHOQGEHREDFKWHWHGHU*UDIGLH6]HQH6HLQH$XJHQVFKLP PHUWHQIHXFKW(UZXUGHDQVHLQHHLJHQH+RFK]HLWHULQQHUW8QG HUGDFKWHDXFKGDUDQGDHUVHLWGUHL-DKUHQ:LWZHUZDU 1RFKIQI0LQXWHQELV0LWWHUQDFKW 'LH.DSHOOHVHW]WHDXV'LHQlFKVWHQ0LQXWHQVROOWHQGHU%H VLQQXQJGLHQHQ(UVWXP3XQNW0LWWHUQDFKWZUGHGHU6FKOHLHU IDOOHQ 'LH3DDUHJLQJHQZLHGHUDQLKUH3OlW]H 5RODQGYRQ5RGHQHFNVDPLWVHLQHU)UDXLQGHU0LWWHGHUIHVW OLFKJHVFKPFNWHQ7DIHO,P+LQWHUJUXQGGHV5DXPHVZDUHQ GLHQVWEDUH*HLVWHUGDEHLHLQNDOWHV%IHWWDXI]XEDXHQ 5RODQGOHJWHVHLQHQ$UPXP.DULQV6FKXOWHUª*OFNOLFK"© IUDJWHHU 6LHQLFNWH,KU.RSIZDUKRFKURWª6HKU© 'LHOHW]WHQ0LQXWHQYHUJLQJHQ (LQ7XVFK 0LWWHUQDFKW .ODWVFKHQ(LQ6HVVHOZXUGHLQGLH0LWWHGHU7DQ]IOlFKHJHVWHOOW 'LH.DSHOOHVSLHOWHGDVDOWH/LHGª:LUELQGHQ'LUGHQ -XQJIHUQNUDQ]©(VZDUZLHLQHLQHPVFK|QHQ7UDXP $UPLQ$UPVFKULWWGDV3DDUDXIGLH7DQ]IOlFKH]X'LH %UDXWIKUHUHUKREHQVLFKHEHQIDOOVYRQLKUHQ3OlW]HQ

*HVSDQQWH(UZDUWXQJ )UVRUJOLFKUFNWH5RODQGYRQ5RGHQHFNVHLQHUMXQJHQ)UDX GHQ6WXKO]XUHFKW .DULQZROOWHVLFKVHW]HQGRFKPLWWHQLQGHU%HZHJXQJKLHOWVLH LQQH,KU*HVLFKWYHU]HUUWHVLFK'LH+DQGIXKUKRFKXPNUDOOWH GHQ+DOV6LHZDQNWH]XUFN (LQ]ZHL6FKULWWH .DULQVWLHJHJHQGHQ6WXKO(UILHOXP 'LH0XVLNYHUVWXPPWH6WLOOHWUDWHLQ 'HVKDOENODQJ5RODQGV6WLPPHGRSSHOWODXWª.DULQPHLQ *RWWZDVLVWPLWGLU"© ª$DDDKKK©(LQVFKUHFNOLFKHVbFK]HQGUDQJDXVLKUHP 0XQG:LHHUVWDUUWEOLHEHQGLH0HQVFKHQVWHKHQ -HPDQGVFKULHª(LQHQ$U]WUDVFK©'LH6WLPPHNLSSWHEHU ª(UNRPPW'HU6FKZDU]H7RGLFKLFKZXWHHV(VLVW VRZHLW$WODQWLVLFKNRPPH© -HGHU*DVWK|UWHGLH:RUWHGLHVRNODQJHQDOVZUGHQVLHYRQ HLQHU)UHPGHQJHVSURFKHQ $QGHQ6FKXOWHUQKLHOW5RODQGYRQ5RGHQHFNVHLQH)UDX JHSDFNW(UVDKLQLKUOHLFKHQEODVVHV*HVLFKWLQGLHZHLWDXIJH ULVVHQHQ$XJHQXQGHQWGHFNWHDXFKGHQ6FKZHLDXILKUHU6WLUQ ª7RW©IOVWHUWHVLHª,FKLFKVWHUEH© ª1HLLQQQ©5RODQGV6WLPPHEHUVFKOXJVLFK(LQHQLH JHNDQQWH$QJVWKLHOWVHLQ+HU]XPNUDOOW0LWEUXWDOHU'HXWOLFK NHLWHUNDQQWHHUGDV*UDXVDPHGLHVHU6LWXDWLRQ (LQH6WLPPHKLQWHULKPª,FKELQ$U]W5DVFKODVVHQ6LHPLFK 9LHOOHLFKW© 5RODQGVFKWWHOWHGHQ.RSI'DQQIOVWHUWHHUª=XVSlW 'RNWRU6LHLVWWRW7RWWRW©'LHOHW]WHQEHLGHQ:RUWHEUOOWH HUKLQDXVZlKUHQGGLH7UlQHQZLH6WXU]ElFKHDXVVHLQHQ$XJHQ VFKRVVHQXQGEHUGDV*HVLFKWOLHIHQ 5RODQGYRQ5RGHQHFNZDUHUVWHLQHQKDOEHQ7DJYHUKHLUDWHW XQGVFKRQ:LWZHU

'LH.QVWOHU$JHQWXUODJLQGHU%RQG6WUHHW'LH$GUHVVHKDWWH -DQH&ROOLQVYRQGHU%RXWLTXH%HVLW]HULQHUIDKUHQEHLGHU6DQGUD 0RUDQJHDUEHLWHWKDWWH'HU/HLWHUGHU.QVWOHU$JHQWXUKLH $]DULQ (LQVHOWVDPHUH[RWLVFKNOLQJHQGHU1DPH-DQHZDUDXIGHQ 0DQQUHJHOUHFKWJHVSDQQW ,QGHU%RQG6WUHHWKHUUVFKWH]XGLHVHUIUKHQ$EHQGVWXQGH QRFKHLQUHJHU%HWULHE/RQGRQVJURH(LQNDXIVVWUDHZXUGHYRQ ]DKOUHLFKHQ7RXULVWHQEHY|ONHUWGLHLQGHQ*HVFKl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|IIQHW 'LH'HWHNWLYLQOHKQWHVLFKJHJHQGLH7UXQGEHWUDWHLQHQ GXQNOHQ+DXVIOXULQGHPGDV*LWWHUHLQHVDOWHUVVFKZDFKHQ )DKUVWXKOVLP+LQWHUJUXQGVFKLPPHUWH (VJDEDXFKHLQH7UHSSH6LHHUVFKLHQ-DQH&ROOLQVVLFKHUHUDOV GHU)DKUVWXKO -DQHVWLHJGLH6WXIHQKRFK$XIGHUHUVWHQ(WDJHJDEHVQXUHLQH :RKQXQJ6LHZXUGHYRQGHU.QVWOHU$JHQWXUHLQJHQRPPHQ (LQH7UHLQJHODVVHQLQHLQH*ODVIURQWGLHYRQ:DQG]X:DQG UHLFKWHZXUGHJH|IIQHW -DQH&ROOLQVVWDQGHLQHU)UDXJHJHQEHU 8QGZDVIUHLQHU .HLQHP:HLEYRQGHPHLQ0DQQWUlXPHQNRQQWH(KHUGDV *HJHQWHLOZDUGHU)DOO6LHZDUNOHLQWUXJGDVVFKZDU]H+DDU

VHKUNXU]KDWWHHLQHEHQVRGXQNOHVVDFNDUWLJHV.OHLGDQPLW HLQHPRYDOHQ$XVVFKQLWWXQGWUXJKRFKKDFNLJH3XPSV8P LKUHQIDOWLJHQ+DOVKLQJHLQH3HUOHQNHWWH6LHZDUHFKWGDVVDK -DQHVRIRUW'LH)DUEHGHV*HVLFKWVHULQQHUWH-DQH&ROOLQVDQHLQH /HLFKH6REOHLFKXQGEOXWOHHU'LH+DXWZDUIDOWLJGHU0XQG ]XJUHOOJHVFKPLQNW'DEHLZLUNWHQGLH/LSSHQZLHHLQHNODI IHQGH:XQGH ª6LHZQVFKHQ"© -DQHOlFKHOWH'DQQVDJWHVLHPLWKRQLJVHU6WLPPHª(VJHKW XP0LVV0RUDQ6LHNDQQWHQVLHGRFKRGHU"© ª.DQQVHLQ©'LH$XJHQGHU)UDXYHUHQJWHQVLFK ª6LHLVWWRW© ª8QG"© ª0HLQ1DPHLVW-DQH&ROOLQV,FKELQ3ULYDWGHWHNWLYLQXQG DXHUGHPHLQH%HNDQQWHGHU7RWHQ'DUILFKHLQWUHWHQ"© 'LH)UDX]|JHUWH'DQQVDJWHVLHª*XW0LVV&ROOLQVWUHWHQ 6LHQlKHU© ª'DUILFK,KUHQ1DPHQHUIDKUHQ"© 'LH)UDXOLH-DQHYRUEHLJHKHQª,FKELQ0DUJD©(LQHQ1DFK QDPHQJDEVLHQLFKWDQ -DQHEHWUDWHLQHQODQJHQ)OXU.HLQH6FKHLQZHUIHUNHLQH +HOOLJNHLW1XUDQGHU'HFNHEUDQQWHHLQHWUEH)XQ]HO9RP )OXU]ZHLJWHQPHKUHUH7UHQDE 0DUJDIKUWHGLH'HWHNWLYLQDXIGLHOHW]WH7U]X6LHEHIDQG VLFKDP.RSIHQGHGHV)OXUHVXQGZDUVFKZDU]JHVWULFKHQ ª7UHWHQ6LHHLQ© -DQHEHWUDWHLQHQIDVWNDKOHQ5DXP/HHUH:lQGHNHLQH0|EHO QXUHLQ/DXIVWHJGHUGDVJURH=LPPHUWHLOWH 'XUFKGLH)HQVWHUILHOGDV/LFKWHLQHU5HNODPH(VPDOWHMHGHV PDO]XFNHQGH.ULQJHODXIGHQ)XERGHQ ª:DVNDQQLFKIU6LHWXQ0LVV&ROOLQV"© ª.XU]EHYRUVLHVWDUEHU]lKOWHPLU6DQGUDGD6LHDXIHLQH 7RXUQHHPLWGHQ0lGFKHQJHKHQZUGHQ6WLPPWGDV"© ª-D,FKZWHDOOHUGLQJVQLFKWZDVGDVPLWLKUHP$EOHEHQ]X WXQKDW©

8QGMHW]WEOXIIWH-DQHª6LHKDWPLUQRFKPHKUHU]lKOW© ª6R":DVGHQQ"© ª.|QQHQ6LHVLFKGDVQLFKWGHQNHQ0DUJD"(VILHO]XP%HLVSLHO GHU%HJULIIGHU6FKZDU]H7RG© 'LH)UDXKRELKUHPDJHUHQ6FKXOWHUQª'DPLWNDQQLFKQLFKWV DQIDQJHQ©HUZLGHUWHVLH ª'DVZDUDEHUQLFKWDOOHV6DQGUDVDJWH]XP%HLVSLHOGDVLH QDFKLKUHP7RGDXIHUVWHKHQZUGH$OVOHEHQGH/HLFKH© 0DUJDODFKWHDXI(VNODQJYHUGDPPWXQHFKWª6SLQQHUHLHQ HLQHU6WHUEHQGHQPHKUQLFKW+DEHQ6LHVRQVWQRFKHWZDVDXI GHP+HU]HQ0LVV&ROOLQV"© ª-D,FKKlWWHJHUQ0U$]DULQJHVSURFKHQ© ª(ULVWQLFKWGD© ª:LUNOLFKQLFKW"© ª0LWUDXHQ6LHPHLQHU$QWZRUW"© -DQH&ROOLQVOlFKHOWHª:HQQLFKHKUOLFKVHLQVROOMD© ª%LWWHYHUODVVHQ6LHGDV+DXV©IRUGHUWH0DUJD -DQHEOLHEXQGIUDJWHZHLWHUª:RVROOGLH7RXUQHHGHQQKLQ JHKHQ",FKPHLQH6LHKDEHQVLFKHUOLFKQRFKDQGHUH0lGFKHQ XQWHU9HUWUDJ.DQQLFKHLQHVYRQLKQHQVSUHFKHQ"© ª1HLQ©'HPRQVWUDWLYJLQJ0DUJD]XU7UXQGKLHOWVLHDXI ª,FKP|FKWH6LHKLHUQLFKWPHKUVHKHQ0LVV&ROOLQV,FKZHL QLFKWZHOFKHQ9HUGDFKW6LHJHJHQPLFKKHJHQGRFKVRODQJH6LH PLUQLFKWVEHZHLVHQN|QQHQKDEHQ6LHKLHUQLFKWV]XVXFKHQ© -DQHOlFKHOWHª5HJHQ6LHVLFKQLFKWDXILFKYHUVFKZLQGHVFKRQ %HVWHOOHQ6LH0U$]DULQHLQHQVFK|QHQ*UX© -DQH&ROOLQVEHWUDWGHQ*DQJ 8QGGDVSUWHVLHGLH*HIDKU(WZDVKDWWHVLFKLQGHU:RKQXQJ YHUlQGHUW6LHVDK]ZDUNHLQH3HUVRQHQGHU)OXUODJQDFKZLH YRUOHHUYRULKUXQGGRFKPHUNWHVLHGHQ+DXFKGHV%|VHQGHU XQVLFKWEDULQGHU/XIWVFKZHEWH 6LHEOLHEVWHKHQZDQGWHVLFKXP ,P7UUHFKWHFNVWDQG0DUJD6LHKLHOWGLH+lQGHDXIGHP 5FNHQYHUVFKUlQNWXQG-DQHJODXEWHHLQZLVVHQGHV/lFKHOQLQ LKUHQ0XQGZLQNHOQ]XVHKHQ

'LH'HWHNWLYLQJLQJZHLWHU6LHQlKHUWHVLFKEHUHLWVGHP $XVJDQJDOVVLHKLQWHUVLFKGDV.QDUUHQHLQHU7UYHUQDKP (LVNDOWULHVHOWHHV-DQHGHQ5FNHQKLQXQWHU (LQH6WLPPH/HLVHDN]HQWXLHUWXQGXQKHLPOLFKª,FKK|UWH6LH ZROOHQPLFKVSUHFKHQ0LVV© *HKZDUQWH-DQHHLQHLQQHUH6WLPPH*HKVRIRUWRGHUGLH)DOOH VFKQDSSW]X 'RFK-DQH&ROOLQVUHDJLHUWHJHJHQGLH:DUQXQJ6LHZDQGWH VLFKXPXQGHUZLGHUWHª-DLFKZROOWHPLW,KQHQUHGHQ0U $]DULQ6RKHLHQ6LHGRFKRGHU"© 'HU0DQQQLFNWHXQG-DQH&ROOLQVKDWWH=HLWLKQJHQDXHU]X EHWUDFKWHQ (UZDUNHLQ(XURSlHU6HLQH:LHJHPXWHLUJHQGZRLQGHU /HYDQWHJHVWDQGHQKDEHQDEHUDXFKGDV%OXWHLQHV,QGHUVIOR GXUFKVHLQH$GHUQ'HU0DQQVWUDKOWHHWZDV*HKHLPQLVYROOHV 5lWVHOKDIWHVDXV9LHOOHLFKWZDUHQHVDEHUDXFKGLH$XJHQGLH -DQHLQLKUHQ%DQQ]RJHQXQGVLHVFKDXGHUQOLHHQ $]DULQWUXJHLQHQGXQNOHQ$Q]XJGD]XHLQKHOOHV+HPGXQG HLQHVRUJIlOWLJJHEXQGHQH.UDZDWWH'DVVFKZDU]H+DDUODJ ZHOOLJDXIVHLQHP.RSIGDVVFKPDOH*HVLFKWKDWWHHWZDV $VNHWLVFKHV(LQH.HUEHVSDOWHWHGDV.LQQZLHPLWHLQHP0HVVHU JH]RJHQ ª$EHUWUHWHQ6LHGRFKHLQ0LVV&ROOLQV©$]DULQJDEGLH7U IUHLª(QWVFKXOGLJHQ6LHELWWHGD0DUJDHWZDVXQK|IOLFKZDU :LUZHUGHQ]XRIWYRQMXQJHQ0lGFKHQEHOlVWLJWGLHLPPHUQXU GDVHLQHZROOHQ.DUULHUHPDFKHQ$EHU6LHVHKHQPLUQLFKW GDQDFKDXVXQGDXHUGHPVLQG6LHMDHLQH'HWHNWLYLQ©'LHOHW] WHQ:RUWHNODQJHQVS|WWLVFK-DQHHQWJLQJGLHVHU8QWHUWRQQLFKW 6LHEHWUDWHLQNRPIRUWDEOHV=LPPHUGDVVLHLQGLHVHP+DXV QLFKWYHUPXWHWKlWWH:HQLJVWHQVQLFKWYRQGHU(LQULFKWXQJKHU 3ROVWHUP|EHO:XFKWLJXQGEHTXHP(LQNULVWDOOHQHU/VWHU KLQJDQGHU'HFNH6WRIIWDSHWHQEHGHFNWHQGLH:lQGH6LHSDWHQ IDUEOLFK]XGHP7HSSLFKERGHQXQG]XGHQ6LW]P|EHOQ9RUGHP )HQVWHUKLQJHLQ6WRUH-DQHVFKORGDUDXVGDGHU5DXPQLFKW ]XU6WUDHKLQODJ

ª1HKPHQ6LHGRFK3ODW]0LVV&ROOLQV©VDJWH$]DULQ -DQHVHW]WHVLFK ª0|FKWHQ6LHHWZDVWULQNHQ"© ª1HLQGDQNH© $]DULQEOLHEVWHKHQª,FKKDEH7HLOH,KUHU8QWHUKDOWXQJJHK|UW 0LVV&ROOLQV'DKHUZHLLFK,KUHQ1DPHQ6LHVLQGDOVRZHJHQ 6DQGUD0RUDQKLHUZHQQLFKPLFKQLFKWLUUH© ª6LHLUUHQVLFKQLFKW6DQGUDLVWWRW© ª,FKZHL(VPXWHDXFKVRVHLQ8QGQLFKWQXUVLHLVWWRW $XFKDQGHUHMXQJH)UDXHQXQG0lGFKHQ© -DQHVLQQHUH$ODUPJORFNHVFKULOOWH:HQQGLHVHU$]DULQVRRIIHQ VSUDFKGDQQKDWWHHUHWZDVPLWGHU6DFKH]XWXQ ª6LHKDEHQMDJHVHKHQZLH6DQGUDVWDUE©VDJWH$]DULQª8QG LFKNDQQ,KQHQDXFKGHQ*UXQGQHQQHQGDV0RWLYGHV7RGHV© ª'DELQLFKJHVSDQQW© ª,KU%OXWZDUVFKXOG'DV%OXWHLQHUDOWHQ5DVVH'DVGHU $WODQWHU© ª:DV"©-DQH&ROOLQVULGLH$XJHQDXIª6LHVSUHFKHQYRQGHP DQJHEOLFKYHUVXQNHQHQ.RQWLQHQW$WODQWLV"© ª1LFKWYRQGHPDQJHEOLFKYHUVXQNHQHQVRQGHUQYRQGHPYHU VXQNHQHQ©NRUULJLHUWHVLHGHU0DQQª'LHVH0lGFKHQVLQG 1DFKIDKUHQGHVHLQVWVRVWRO]HQ9RONHVXQGVLHKDEHQLQGHUKHX WLJHQ=HLWHLQHEHVRQGHUH$XIJDEH]XHUIOOHQ© ª:HOFKH"© ª'LHVHV*HKHLPQLVZHUGHLFKQLFKWOIWHQDEHU6LHZHUGHQHV VHOEVWHUOHEHQ,FKQHKPH6LHPLW0LVV&ROOLQV© ª'DUIPDQIUDJHQZRKLQ"© ª:HLWZHJYRQKLHU© -DQHUXQ]HOWHGLH6WLUQª'DVLVWPLU]XXQJHQDX0U$]DULQ© *OHLFK]HLWLJQlKHUWHVLFKLKUH+DQGGHU:DIIHGLH-DQHLQGHU +DQGWDVFKHYHUVWHFNWKLHOW6LHZXWHYRQGHU*HIDKULQGHUVLH DXIHLQPDOVFKZHEWH'LHVHU$]DULQZDUQLFKWXPVRQVWVRJH VSUlFKLJ ª:LUVLQGIDVWDP=LHO©VSUDFK$]DULQZHLWHUª=ZHL7DJHQRFK PVVHQZLUZDUWHQGDQQHQGOLFKLVWHVVRZHLW:LUKDEHQXQVH

UHQ3ODQVHKUODQJHYRUEHUHLWHWXQGODVVHQLKQXQVMHW]WQLFKW PHKUVW|UHQ$XFKQLFKWGXUFK6LH0LVV&ROOLQV,KUH+lQGH N|QQHQ6LHUXKLJYRQGHU7DVFKHODVVHQ(KH6LH,KUH:DIIHKHU DXVKROHQN|QQHQZLUG0DUJDVFKLHHQ8QG6LHZROOHQGRFK QRFKOHEHQ"© 6WHLIEOLHE-DQH&ROOLQVVLW]HQXQGEOLFNWHGDEHLLQ$]DULQV OlFKHOQGHV*HVLFKW ª,FKEOXIIHQLFKW©VDJWHGHU0DQQ /DQJVDPZDQGWHGLH'HWHNWLYLQGHQ.RSI,QGHURIIHQHQ7U VWDQG0DUJD 8QGVLHKLHOWHLQH3LVWROHLQGHU+DQG (LQH,KUH+DQG]LWWHUWHQLFKW'LH0QGXQJGHU3LVWROH ]HLJWHDXI-DQHV.RSI ª0DUJDNDQQPLWGHU:DIIHXPJHKHQ©HUNOlUWH$]DULQ ª0DFKHQ6LHVLFKDOVRNHLQHIDOVFKHQ+RIIQXQJHQXQGMHW]W VWHKHQ6LHDXI0LVV&ROOLQVXQGJHKHQ6LH]XU7U$EHU KEVFKYRUVLFKWLJ,KUH+DQGWDVFKHN|QQHQ6LHEULJHQV OLHJHQODVVHQ© -DQHHUKREVLFK'LH7DVFKHOLHVLH]X%RGHQUXWVFKHQ$]DULQ QDKPVLHUDVFKDQVLFKXQGZDUIVLHLQHLQH(FNHGHV5DXPHV 0DUJDWUDW]XU6HLWH6LHKLHOWJHQDXGLH(QWIHUQXQJHLQGLH Q|WLJZDUGDPLW-DQHNHLQHQSO|W]OLFKHQ$QJULIIVWDUWHQNRQQWH 'DV:HLEPXWHYRUGHUEORQGHQ'HWHNWLYLQHLQHQK|OOLVFKHQ 5HVSHNWKDEHQ -DQH&ROOLQVZXUGHKLQDXVLQGHQ)OXUGLULJLHUW,QLKUHP.RSI ZLUEHOWHQ*HGDQNHQXQG9HUPXWXQJHQGXUFKHLQDQGHU6LHYHU VXFKWHDXVGHQ$QGHXWXQJHQ$]DULQVKHUDXV]XILQGHQZDVGHU 0DQQZLUNOLFKZROOWH 'HU1DPHHLQHVYHUVXQNHQHQ.RQWLQHQWVZDUJHIDOOHQ$EHU DXFK6DQGUDKDWWHNXU]YRULKUHP7RGGLHVHQ1DPHQJHQDQQW $WODQWLV:DVYHUEDQG$]DULQXQG6DQGUDPLWGLHVHPYHU VXQNHQHQ(UGWHLO" 'DV%OXW":DUHQVLHWDWVlFKOLFK7UlJHUHLQHUOlQJVWYHUJHV VHQHQXQWHUJHJDQJHQHQ5DVVH"+DWWHQVLHMHW]WYRUVLFK]X VDPPHOQXP]XYHUVXFKHQHLQQHXHV9RON]XELOGHQ"

'DVDOOHVHUVFKLHQ-DQH&ROOLQVVHKUXWRSLVFK6LHEHUOHJWHZDV VLHEHUGHQYHUVXQNHQHQ.RQWLQHQWZXWH(LJHQWOLFKQLFKWYLHO 'LHKHXWLJH:LVVHQVFKDIWZDUVLFKQLFKWHLQPDOHLQLJZR$WODQWLV HLJHQWOLFKJHOHJHQKDWWH'LHHLQHQYHUPXWHWHQHVLP0LWWHOPHHU GLHDQGHUHQZLHGHUXP]ZLVFKHQ$PHULNDXQGGHPDIULND QLVFKHQ.RQWLQHQW'RFKGDVZDULP$XJHQEOLFNVHNXQGlU-DQH ZXWHMHGRFKGDHVEHUHLWVGDPDOVLPDOWHQ$WODQWLV6FKZDU]H 0DJLHJHJHEHQKDEHQPXWH0DQKXOGLJWH'lPRQHQXQG *HLVWHUQXQGGDDXFKGHU6FKZDU]H7RGLUJHQGZLHLP+LQWHU JUXQGVWDQGNRQQWHVLFK-DQHYRUVWHOOHQGDHUEHUHLWVLQ $WODQWLVVHLQH+lQGHPLWLP6SLHOJHKDEWKDWWH -D-DQH&ROOLQVGDFKWHVRJDUQRFKZHLWHU.RQQWHHVQLFKWVRJDU P|JOLFKVHLQGDVLFKGHU6FKZDU]H7RGYHUDQWZRUWOLFKIUGHQ 8QWHUJDQJHLQHV9RONHV]HLJWH":DUHUGHUMHQLJHGHU$WODQWLVDXI GHP*HZLVVHQKDWWH" 'LH'HWHNWLYLQHUVFKDXHUWHEHLGLHVHP*HGDQNHQ3O|W]OLFK ERWHQVLFKLKUY|OOLJQHXH3HUVSHNWLYHQ6LHDKQWHGDGLHMHW]LJH :HOWYRUJURHQ9HUlQGHUXQJHQVWDQG 'LH:DUQXQJHQLKUHV)UHXQGHV-RKQ6LQFODLUNDPHQLKUZLHGHU LQGHQ6LQQ'lPRQHQXQG6FKUHFNHQVZHVHQZDUHQGDEHLGLH :HOW]XXQWHUMRFKHQ+LHOW-DQH&ROOLQVGXUFK=XIDOOYLHOOHLFKW GHQ$QIDQJGHV)DGHQVLQGHU+DQG":HQQMDXQGDOOHVVDK GDQDFKDXVGXUIWHVLHQLFKW]|JHUQLKUHJDQ]H(QHUJLHLQGLH :DDJVFKDOH]XZHUIHQ ,KUHLJHQHV/HEHQJDOWHV]XUHWWHQ 6LHPXWHMHW]WDXVGLHVHUYHUGDPPWHQ5DWWHQIDOOHHQWNRPPHQ PXWH0DUJDDQJUHLIHQXQGVLHEHUZlOWLJHQ6RQVWZDUHVDXV 9RUGHU$XVJDQJVWUEOLHE-DQH&ROOLQVVWHKHQ ªgIIQHQ©K|UWHVLH0DUJDV6WLPPH -DQHOHJWHLKUH+DQGDXIGDVNKOH0HWDOOGHU.OLQNH'UFNWH VLHQDFKXQWHQ ª0DFKVFKRQ© $XVGHQ$XJHQZLQNHOQVDK-DQHGD0DUJDHLQHQ6FKULWW QlKHUJHWUHWHQZDU,KUH*HVLFKWVPXVNHOQ]XFNWHQGHU0XQG ZDUQXUQRFKHLQ6WULFK

$EHUUXKLJODJGLH:DIIHLQLKUHU5HFKWHQ -DQHQLFNWHª2ND\0DUJD5HJHQ6LHVLFKQXUQLFKWDXI(VJHKW DOOHVNODU© -DQH]RJGLH7UDXIXQGWUDWGDEHLHWZDV]XUFN-HW]WPXWH 0DUJDQlKHUDQGLH'HWHNWLYLQKHUDQXPLKUDXIGHQ)HUVHQ]X EOHLEHQ 'DVZDUGHUNULWLVFKH3XQNW 0DUJDQlKHUWHVLFK 8QG-DQHKDQGHOWH,KUUHFKWHV%HLQVFKQHOOWHLQGLH+|KH 0DUJDVDKQXUHLQHQKXVFKHQGHQ6FKDWWHQVFKULHDXIXQG GUFNWHDE1RFKLPVHOEHQ6HNXQGHQEUXFKWHLOZLUEHOWH-DQHV )XVSLW]HJHJHQGHQ/DXIGHU 'DV%OHLSILIILQGLH'HFNHULGRUWHLQIDXVWJURHV/RFKXQG OLHKHOOHQ6WDXEGHP%RGHQHQWJHJHQULHVHOQ(LQHQ]ZHLWHQ 6FKXNRQQWH0DUJDQLFKWPHKUDEJHEHQ'DZDU-DQH&ROOLQV EHLLKU,KUHUHFKWH+DQGNDQWHVFKQLWWGXUFKGLH/XIWSUDOOWH JHJHQ0DUJDV:DIIHQJHOHQNXQGVFKOHXGHUWHLKUGLHDXVGHQ )LQJHUQ0LWHLQHP7ULWWIHJWH-DQHGHU)UDXGLH%HLQHZHJ0DUJD ILHO'RFKJHQDXDXIGLH:DIIH3HFKIUGLHEORQGH)UDX 8QGGDQQZDU$]DULQGD -DQHK|UWHVHLQH6FKULWWH]XFNWH]XUFNZROOWHVLFKQRFK]XU 6HLWHZHUIHQGRFKGDVDKVLHGLH)DXVWVFKRQULHVHQJURYRU LKUHP*HVLFKWDXIWDXFKHQXQGLPQlFKVWHQ0RPHQWH[SORGLHUWH HLQ+DPPHUDQLKUHP.LQQXQG]HUULMlKGHQ)DGHQGHV%H ZXWVHLQV -DQH&ROOLQVZXUGH]X%RGHQJHVFKOHXGHUW6LHEHNDPQLFKW PHKUPLWZDVLQGHQQlFKVWHQ0LQXWHQJHVFKDKZXUGHHUVW ZLHGHUZDFKDOVVLHDXIGHP%RGHQGHVDOWHUVVFKZDFKHQ $XI]XJVODJ %OLQ]HOQG|IIQHWHVLHGLH$XJHQ6LHKDWWHGDV*HIKOLKU *HVLFKWZlUHDXIGDV'RSSHOWHDQJHVFKZROOHQ'LFKWYRUVLFKVDK VLHGLHVFKDUIJHEJHOWHQ+RVHQEHLQHGHV0DQQHVXQGVLHK|UWH VHLQH6WLPPH ª=LHKGLH7U]X© 6LHTXLHWVFKWHLQGHQ$QJHOQGDQQNQDOOWHVLHKDUWLQV6FKOR

ª'LHVHV%LHVW©]LVFKWH0DUJDª6LHKlWWHHVEHLQDKHQRFK JHVFKDIIW© ª,FKKDEHGLUGRFKJHVDJWGXVROOVWDFKWJHEHQ© $]DULQGUFNWHDXIHLQHQ.QRSIXQGGHUDOWH$XI]XJVHW]WH VLFKUDWWHUQGXQGUXPSHOQGLQ%HZHJXQJ -DQHIKOWHVLFKZLHGHUHLQLJHUPDHQNODULP.RSI'HQNHQ NRQQWHVLHXQGVLHIUDJWHVLFKZLHGLHEHLGHQHVDQVWHOOHQ ZROOWHQVLHDXVGHP+DXV]XVFKDIIHQ $XIJHJHEHQKDWWHGLH'HWHNWLYLQQRFKOlQJVWQLFKW )lXVWHULVVHQVLHKRFK-DQHEOLFNWHLQ$]DULQV*HVLFKW8QGLQ VHLQH$XJHQGLHVLHDQGXQNOH.RKOHQVFKlFKWHHULQQHUWHQ ª0DFKGLUNHLQH+RIIQXQJHQZLUVFKDIIHQGLFK©]LVFKWHHU(U GUFNWH-DQH&ROOLQVPLWGHP5FNHQJHJHQGDV)DKUVWXKOJLWWHU 'LH'HWHNWLYLQSUHVVWHGLH/LSSHQ]XVDPPHQ'DQQIOVWHUWH VLHª(JDOZDVJHVFKLHKW,KU3ODQZLUQLFKWIXQNWLRQLHUHQ $]DULQ'DVVDJHLFK,KQHQ© 'HU0DQQODFKWHQXU8QG0DUJDVDJWHª+DXLKUGRFKZDV DXIV0DXO© 'DVWDW$]DULQQLFKW/DQJVDPVDQNGHU)DKUVWXKOQDFKXQWHQ -DQHKDWWHGDV*HIKODOVZUGHHUMHGHQ0RPHQWDXVHLQDQGHU EUHFKHQ 3DUWHUUH 'HU)DKUVWXKOUDWWHUWHZHLWHU,QGHQ.HOOHU-DQHDKQWHGDGLH EHLGHQ9HUEUHFKHUJDUQLFKWYRUKDWWHQVLHDXVGHP+DXV]X VFKDIIHQ:DKUVFKHLQOLFKZUGHQVLHVLHLQLUJHQGHLQ9HUOLH VWHFNHQ 6LHWlXVFKWHVLFKQLFKWGHQQ$]DULQV(UNOlUXQJIROJWH6HNXQ GHQVSlWHU ª6LHZHUGHQQRFKGDV9HUJQJHQKDEHQIUHLQLJH=HLWXQVHU *DVW]XEOHLEHQ(VPVVHQDOOH9RUDXVVHW]XQJHQHUIOOWVHLQHUVW GDQQN|QQHQZLUXQVXQVHUHUHLJHQWOLFKHQ$XIJDEH]XZHQGHQ© 'HU)DKUVWXKOUDWWHUWHELVLQGHQ.HOOHUKLQXQWHU5XFNDUWLJ VWRSSWHHUGDQQ $]DULQSDFNWH-DQHV$UPXQGERJLKQ]XUFNª*HKVFKRQYRU 0DUJD©EHIDKOHUªXQGPDFK/LFKW©

0DUJDJHKRUFKWH,P'XQNHOQ|IIQHWHVLHGLH)DKUVWXKOWU-DQH K|UWHZLHGHUZLHGLH7ULQGHQURVWLJHQ$QJHOQTXLHWVFKWH :HQLJVSlWHUJOKWHHLQHWUEH'HFNHQEHOHXFKWXQJDXI-DQH EHIDQGVLFKQXQLQHLQHPEUHLWHQ.HOOHUJDQJGHVVHQGLFNH 0DXHUQYRU)HXFKWLJNHLWJOlQ]WHQ%HLJHQDXHUHP+LQVHKHQ HUNDQQWHGLH'HWHNWLYLQGHQ6FKLPPHOGHU]ZLVFKHQGHQ 0DXHUULW]HQQLVWHWH $]DULQVFKRE-DQHDXVGHP)DKUVWXKO1DFKZLHYRUKLHOWHULKU +DQGJHOHQNXPNODPPHUW(VZDUGHUEHUKPWEHUFKWLJWH 3ROL]HLJULIIDXVGHPHVVRJXWZLHNHLQ(QWNRPPHQJDE 6LHJLQJHQELV]XP(QGHGHV.HOOHUIOXUHV'RUWKDWWH0DUJD VFKRQHLQH7UDXIJHVFKORVVHQGLH]X-DQHV*HIlQJQLVIKUWH 'LH7UZDULP*HJHQVDW]]XGHP.HOOHU]LHPOLFKPRGHUQ +DUWHU6WDKOPDFKWHVLHDXVEUXFKVLFKHU-DQHQDKPDQGDGLH 7UQDFKWUlJOLFKHLQJHEDXWZRUGHQZDU 'LH)UDXKDWWHGDV/LFKWLQGHP.HOOHUYHUOLHVHLQJHVFKDOWHW(V ZDUHWZDVKHOOHUDOVGDVLQGHP*DQJ(LQVFKPDOHU6WUHLIHQILHO QDFKGUDXHQ +DUWVWLH$]DULQGLHEORQGH'HWHNWLYLQLQGHQ.HOOHUUDXPXQG NQDOOWHVRIRUWGLH7UKLQWHULKU]X(LQ6FKOVVHOZXUGHLP 6FKORJHGUHKW 'RFKGDVK|UWH-DQHQLFKWEHZXW,KUH$XIPHUNVDPNHLWZXUGH YRQYLHUZHLHQ6lUJHQJHIHVVHOWGLHDQGHUJHJHQEHUOLHJHQGHQ :DQGQHEHQHLQDQGHUVWDQGHQ 'LH6lUJHZDUHQRIIHQXQGQXUGUHLYRQLKQHQOHHU ,QGHPYLHUWHQODJHLQH/HLFKH (LQMXQJHV0lGFKHQ -DQH&ROOLQVWUDWODQJVDPDQGHQ6DUJKHUDQ'LH+lQGH]LWWHU WHQLKU+HU]KlPPHUWH6LHZROOWHVLFKGLH7RWHDQVHKHQEHXJWH VLFKEHUGHQ6DUJ 6LHVDKLQHLQEODVVHV*HVLFKWPLWHLQHUGXUFKVFKHLQHQGHQ+DXW 'LH$XJHQZDUHQVWDUUZHLWJH|IIQHWXQGHWZDVYHUGUHKW'LH 6FK|QKHLWGHVMXQJHQ0lGFKHQVEOLHEVHOEVWQRFKLP7RGHU KDOWHQXQGDXFKGDVHLQIDFKH/HLFKHQKHPGNRQQWHDQGLHVHP =XVWDQGQLFKWVlQGHUQ

*HK|UWHVLHHEHQIDOOV]XGHU*UXSSHXP6DQGUD0RUDQ"$EHU 6DQGUDKDWWHJHVDJWVLHZUGHQDFKLKUHP7RG]XUFNNHKUHQ 'RFKGLHVHV0lGFKHQKLHU -DQHNDPQLFKWPHKUGD]XGHQ*HGDQNHQ]X(QGH]XIKUHQ 3O|W]OLFKKREGLH7RWHLKUHQ$UPXQGLPQlFKVWHQ$XJHQEOLFN XPIDWHQHLVNDOWH)LQJHU-DQH&ROOLQV +DQGJHOHQN ,FKEUHPVWH6FKRQLQGHUQlFKVWHQ6HNXQGHVSUDQJHQ6XNRXQG LFKDXVGHP%HQWOH\ 1DFK0LWWHUQDFKWKDWWHGDV/HEHQXQG7UHLEHQDXIGHU%RQG 6WUHHWVHLQHQ+|KHSXQNWEHUHLWVEHUVFKULWWHQ9RUGHQH[TXLVL WHQWHXUHQ0RGHJHVFKlIWHQEUDQQWHQQXUQRFKGLH5HNODPHQ 6FKHUHQJLWWHUYHUVSHUUWHQ(LQJlQJHXQG)HQVWHU:HQLJH 0HQVFKHQIODQLHUWHQDXIGHQ%UJHUVWHLJHQ=XPHLVW3lUFKHQ GLHVLFKWURW]GHUVSlWHQ6WXQGHQRFKGLH$XVODJHQGHU*HVFKlIWH DQVDKHQ /DQJVDPUROOWHHLQ6WUHLIHQZDJHQGXUFKGLH%RQG6WUHHWGLH GHQ6WDGWWHLO0D\IDLUDQGHUQ|UGOLFKHQ6HLWHEHJUHQ]W 6XNRXQGLFKOLHIHQDXIGDV+DXVPLWGHQEHLGHQYRUVSULQJHQ GHQ(UNHUQ]X ,FKZDULQJURHU6RUJHXP-DQH&ROOLQV6LHKDWWHQLFKWZLH YHUVSURFKHQDQJHUXIHQ,QLKUHU:RKQXQJZDUVLHDXFKQLFKW XQGVREOLHEPLUQXUQRFKHLQH$OWHUQDWLYH,FKPXWHEHLGLHVHU $JHQWXUQDFKIRUVFKHQ'HQ1DPHQKHUDXV]XILQGHQKDWWHPLFK QXUHLQHQ$QUXIJHNRVWHW ,FKKLHOW$XVVFKDXQDFK-DQHVDOWHP9:'HU:DJHQPXWH DXIIDOOHQ(UVDKLPPHUDXVDOVZUGHHUJHUDGHVHLQHOHW]WH )DKUWDQWUHWHQ$XIGHQ0OO'RFKGDVZDU7lXVFKXQJ8QWHU GHU+DXEHVWHFNWHHLQVWDUNHU0RWRUXQGDXFKVRQVWZDUGHU .lIHUVRXPJHEDXWGDHUEHLKRKHQ*HVFKZLQGLJNHLWHQJXW PLWKLHOW ª,KUHQ:DJHQVHKHLFKQLFKW©VDJWH6XNR(UKDWWHGHQJOHLFKHQ *HGDQNHQJHKDEW ª9LHOOHLFKWVWHKWHULQHLQHUJDQ]DQGHUHQ*HJHQG©

6XNRJULQVWHª'XKDVWGLFKDEHUDXIGLH$JHQWXUYHUVWHLIW ZLH"© ,FKKREGLH6FKXOWHUQ $XIHLQHP0HVVLQJVFKLOGODVLFKLQZHOFKHU(WDJHVLFKGLH $JHQWXUEHIDQG ,FKNOLQJHOWH 1LFKWVUKUWHVLFK ª.HLQHUGD©NRPPHQWLHUWH6XNR(UVWDQGLP+DXVHLQJDQJ XQGEHREDFKWHWHGLH6WUDH ,FKJDEQLFKWDXIXQGYHUVXFKWHHVHLQ]ZHLWHVPDO 8QGWDWVlFKOLFKHVZXUGHJH|IIQHWª.RPP©ULHILFK6XNR]X XQGOHKQWHPLFKJHJHQGLH7U :LUEHWUDWHQHLQHQGVWHUHQ)OXUXQGIDQGHQHUVWHLQPDONHL QHQ/LFKWVFKDOWHU6XNRGUHKWHGDQQQDFKHLQLJHQ6HNXQGHQGHQ 6FKDOWHUKHUXP6HKUYLHOKHOOHUZXUGHHVQLFKW ª,QGHP)DKUVWXKONRPPHLFKPLUYRUZLHLQHLQHU=HOOH© IOVWHUWHPHLQFKLQHVLVFKHU3DUWQHUª1HKPHQZLUGLH7UHSSH© ª2ND\© ,FKJLQJYRU6RVDKLFKDXFKDOVHUVWHUGLH)UDXGLHXQVHUZDU WHWH6LHZDUYRPbXHUHQKHUQLFKWJHUDGHHLQH3HUVRQGLH HLQHQ0DQQHUIUHXHQNRQQWH6LHKDWWHZRKOVFKRQJHVFKODIHQ GDVOLHVLFKDQLKUHP*HVLFKWVDXVGUXFNDEOHVHQ(LQHKHPDOV URWHU0RUJHQPDQWHOXPZLFNHOWHLKUHQPDJHUHQ.|USHU'LH /LSSHQZLUNWHQYHUNQLIIHQXQGGLH0XQGZLQNHOZDUHQQDFK XQWHQJH]RJHQ .DXPGDVLHXQVVDKJLQJHVVFKRQORVª6LQG6LHZDKQVLQQLJ KLHUPLWWHQLQGHU1DFKWHLQ]XGULQJHQXQGPLFKDXVGHP%HWW]X NOLQJHOQ"©,KUHVFKULOOH6WLPPHKDOOWHGXUFKGDV7UHSSHQKDXV XQGWDWLQPHLQHQ2KUHQZHK 8PDOOHQ0LYHUVWlQGQLVVHQYRU]XEHXJHQ]FNWHLFKPHLQHQ $XVZHLVXQGKLHOWLKQVRGDGLH)UDXLKQOHVHQNRQQWH 6LHEHXJWHLKUHQ.RSIYRUZLHHLQ*HLHUEHLP)UDª3ROL]HL"© ª-D'UIHQZLUHLQWUHWHQ"© 6LH]XFNWHHUVFKUHFNW]XUFNª:WHQLFKWZDV6LHEHLPLU]X VXFKHQKDEHQ©

ª'DVP|FKWHLFK,KQHQJHUQLQGHU:RKQXQJVDJHQ%UDXFKWMD QLFKWMHGHUPLW]XK|UHQ© 6LHEOLHEKDUWª,FKKDEHNHLQH*HKHLPQLVVH©'DZLUNHLQHQ 'XUFKVXFKXQJVEHIHKOKDWWHQNRQQWHLFKQLFKWVPDFKHQ:LU VWHOOWHQXQVHUH)UDJHQLP7UHSSHQKDXV 'DEHLHUOHEWHQZLUGLH)UDXLQLKUHP(OHPHQW6LHUHGHWHXQG VDJWHWURW]GHPQLFKWVYRQ%HGHXWXQJ+LQWHUKHUZDUHQZLUHEHQ VRVFKODXZLH]XYRU8QGYRQHLQHU-DQH&ROOLQVKDWWHGLH)UDX QLHHWZDVJHK|UW'DVVDJWHVLHXQVMHGHQIDOOV8QYHUULFKWHWHU 'LQJH]RJHQZLUZLHGHUDE+LQWHUXQVNQDOOWHGLH)UDXLKUH :RKQXQJVWULQV6FKOR ª8QGMHW]W"©IUDJWH6XNRª:LOOVWGXGLH:RKQXQJGXUFK VXFKHQ"© ,FKODFKWHKDUWª:ROOHQVFKRQ$EHUHVOLHJHQNHLQHYHUQQI WLJHQ9HUGDFKWVPRPHQWHYRU=HLJPLUGHQ5LFKWHUGHUPLUHLQHQ 6FKHLQJLEW© ª:LHVLHKWHVGHQQPLWHLQHP1RWIDOODXV"© ª,VWHVZLUNOLFKHLQHU"© 6XNRKREGLH6FKXOWHUQª)UPLFKVFKRQ© ,FKNORSIWHPHLQHP)UHXQGDXIGLH6FKXOWHUª/DJXWVHLQ,FK JHEHHLQH9HUPLWHQPHOGXQJDXIXQGOHLWHHLQHVWLOOH)DKQGXQJ QDFK-DQHHLQ© :LUKDWWHQGLH+DXVWUHUUHLFKWXQGJLQJHQQDFKGUDXHQ 'LHNKOH/XIWWDWQDFKGHPPXIILJHQ7UHSSHUKDXVJHUXFKGLUHNW ZRKO ª:LHLVWGDVHLJHQWOLFKPLWGHU:DFKH"©IUDJWH6XNRª+DVWGX GHQ3ODQDXIJHJHEHQ"© ª1HLQ© ª'DQQVROOLFKPLFKDOVRDEPRUJHQDEHQGYRUGLHNRPLVFKH /HLFKHQKDOOHVWHOOHQ"© ª,VWGRFKPDOZDVDQGHUHV© ª1DGXKDVW+XPRU$EHUPLWPLUNDQQVWGXHVMDPDFKHQ,FK PXJHVWHKHQLFKJODXEHQLFKWGDUDQGD6DQGUDZLHGHU OHEHQGLJZLUG6LHLVWGRFKWRW'HU$U]WKDW+HU]YHUVDJHQIHVW JHVWHOOW(LQGHXWLJ©

ª'LUEUDXFKHLFKGRFKQLFKW]XVDJHQZDVHVQLFKWDOOHVJLEW© ,FKVFKORGLH:DJHQWUDXI ª2ND\RND\LFKELQGDEHL© ª%UDY©OREWHLFKLKQ :LUIXKUHQ]XP
-DQH&ROOLQVPXWHVLFKEHUZLQGHQXPVHOEVWHLQH)UDJH]X VWHOOHQª:DVLVWXQVHU5HLFK"© 'LH7RWHVFKRE-DQHYRQVLFKª'XZHLWHVQLFKW"© -DQHWUDWHLQHQ6FKULWW]XUFNª0DQPDQKDWHVPLUQLFKW JHVDJW©ORJVLHª,FKZUGHHVVFKRQGXUFKGLFKHUIDKUHQWHLOWH PLU0DUJDPLW'XZlUVW© ª-DGDVVWLPPW:LHKHLWGXHLJHQWOLFK"© ª,FKELQ-DQH© ª'XNRPPVWKLHUDXV/RQGRQ"© 'LH'HWHNWLYLQQLFNWH6LHKDWWHLKUHQHUVWHQ+RUURUEHUZXQ GHQXQGVLFKHQWVFKORVVHQDXIGDV6SLHOHLQ]XJHKHQ1XUVR NRQQWHVLHHWZDVHUIDKUHQXQGDXFKULFKWLJKDQGHOQ ª,FKKHLH.DULQXQGNRPPHDXV'HXWVFKODQG'HU5XIKDW PLFKZlKUHQGPHLQHU+RFK]HLWVIHLHUHUUHLFKW3O|W]OLFKNRFKWH PHLQ%OXW,FKPHUNWHGDHVVRZHLWZDUGDGLH$KQHQPLFK MHW]W]XUFNKDEHQZROOWHQ'HU7RGZDUVFKOLPP(VZXUGHPLU LPPHUNlOWHUDOOHVYHUVFKZDPPYRUPHLQHQ$XJHQDEHUJDQ]LQ GHU)HUQHVDKLFKSO|W]OLFKHLQ/DQGZLHHVVFK|QHUQLFKWVHLQ NDQQ'LH0HQVFKHQWUXJHQNRVWEDUH*HZlQGHUVLHZDUHQJOFN OLFK$WODQWLVZLUNRPPHQDEHUGDQQ©.DULQVWRFNWH -DQHKDNWHVRIRUWQDFKª:DVZDUGDQQ"(U]lKOHV© 'LHEODVVHQ/LSSHQEHZHJWHQVLFKNDXPDOVGDV0lGFKHQDQW ZRUWHWHª3O|W]OLFKJDEHVQXUGHQ7RGGDV&KDRVXQGGDV *UDXHQ,FKVDKGDV)HXHUGLHH[SORGLHUHQGHQ9XONDQHGLHKHLH /DYDXQGGDV:DVVHUGDVULHVLJHDOOHVYHUVFKOLQJHQGH0HHUGDV EHUGLH,QVHOKHUILHOZLHHLQ5DXEWLHU8QGGDQQVDKLFKQRFK HWZDV(VZDUJUDXHQKDIW'HU'lPRQODFKWHHUIUHXWHVLFK(V ZDUGHUYRUGHPVLFKDOOHIUFKWHWHQ(VZDUGHU6FKZDU]H7RG (UKDW$WODQWLVGHP8QWHUJDQJHQWJHJHQJHIKUW(UXQGVHLQH 9DVDOOHQKDEHQGLH0HQVFKHQEHKHUUVFKW©6LHVFKZLHJKDWWHGLH +lQGHLQHLQDQGHUYHUNUDPSIW ª:DVZDUQRFK":DVKDVWGXQRFKJHVHKHQ"© ª1LFKWV'XQNHOKHLW(QGH©'LH7RWHVHQNWHGHQ.RSI ª'RFKGHU)OXFKLVWGD©IOVWHUWHVLH ª:HOFKHU)OXFK"©

.DULQYRQ5RGHQHFNVFKZLHJ6LHVSUDFKNHLQ:RUWPHKUEHU LKUH(UIDKUXQJHQ -DQH&ROOLQV]HLJWHDXIGLHZHLHQ6lUJHª:DVJHVFKLHKWMHW]W PLWXQV"© ª:LUZHUGHQZHJJHEUDFKW© ª:RKLQ"© ª,FKZHLHVQLFKWJHQDX$EHUHVJLEWHLQH,QVHODXIGHUPDQ XQVHUZDUWHW9RQGRUWDXVZLUGGLH$XIHUVWHKXQJHLQHUDOWHQ 5DVVHYRUEHUHLWHW$WODQWLVLVWXQWHUJHJDQJHQDEHUQLFKWYHUORUHQ :HQQGLH=HLWUHLILVWXQGGLH.UlIWHGHV%|VHQVLFKNRQ]HQWULH UHQZHUGHQGLH$WODQWHUDXIHUVWHKHQXQGZLHGDPDOVEHUGLH :HOWUHJLHUHQ'HQQVLHVLQGGLH.|QLJHGHU0HQVFKHQ© ª8QGGHU6FKZDU]H7RG"©IUDJWH-DQH ª:LUGVHLQ:HUNHQGJOWLJYROOHQGHQ© ,FKZHLQLFKWRE6LHVFKODIHQN|QQHQZHQQHLQHULKUHU)UHXQGH LQ/HEHQVJHIDKUVFKZHEW,FKIUPHLQHQ7HLONDQQHVQLFKW,FK ODJLP%HWWXQGZlO]WHPLFKYRQHLQHU6HLWHDXIGLHDQGHUH(V ZDUNODUGDHWZDVDXIXQV]XNDPDEHULFKZXWHQLFKWYRQ ZHOFKHU6HLWH*HIDKUGURKWH 'HU6FKZDU]H7RG 6DQGUDKDWWHVHLQHQ1DPHQHUZlKQW8QGLPPHUZHQQGHU %HJULIIDXIWDXFKWHZXUGHLFKKHOOK|ULJ 'HU6FKZDU]H7RGZDUGLH5HLQNDUQDWLRQGHV6FKUHFNHQV.HLQ 'lPRQNRQQWHVRVFKOLPPVHLQZLHHU 6FKRQLPPHUKDWWHLFKPLFKJHIUDJWZRKHUGLHVHU'lPRQ HLJHQWOLFKVWDPPWH0HLQHU0HLQXQJQDFKZDUHUVRDOWZLHGLH (UGH6FKRQLPPHUJDEHV*XWXQG%|VHKDWWHQ/LFKWXQG 'XQNHOJHJHQHLQDQGHUJHNlPSIW(LQPDOZDUGDV*XWH6LHJHU JHEOLHEHQGDQQZLHGHUGDV%|VH'RFK]XHLQHUHFKWHQ(QWVFKHL GXQJZDUHVQLHJHNRPPHQ ,UJHQGZDQQILHOLFKLQHLQHQXQUXKLJHQ6FKOXPPHU$OVGDQQ SQNWOLFKXPVLHEHQ8KUGHU:HFNHUVXPPWHGDJODXEWHLFK HUVWZHQLJH0LQXWHQJHVFKODIHQ]XKDEHQ

,FKVWHOOWHGHQ:HFNHUDEJLQJ]XP)HQVWHUXQG]RJGLH 9RUKlQJHEHLVHLWH $P+LPPHOVWDQGHLQHEODVVH$SULOVRQQH,P:HVWHQEDOOWHQ VLFKVFKRQGLFNHGXQNHOJUDXH:RONHQEHUJH]XVDPPHQGLHGHU :LQGYRUVLFKKHUWULHE(VZUGH6FKQHHJHEHQZLHLQGHQ YRUKHULJHQ7DJHQ.XU]HZHLH6FKDXHUGLHPLWJURHU +HIWLJNHLWEHU/RQGRQQLHGHUJLQJHQXQGLP1X6WUDHQXQG +lXVHUPLWHLQHPZHLHQ7HSSLFKEHGHFNWHQGHUMHGRFKUDVFK ZLHGHUZHJWDXWH 'HU:LQWHUKROWH]XHLQHPOHW]WHQ6FKODJDXV :LHGHU6FKZDU]H7RG ,FKJLQJXQWHUGLH'XVFKH:HFKVHOElGHUWULHEHQPLUGLHJU|WH 0GLJNHLWDXVGHQ.QRFKHQ,QHLQ%DGHWXFKJHZLFNHOWEHWUDW LFKGLHNOHLQH.FKHXQGEUKWHPLU.DIIHHDXI:l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
ª'HU.DIIHHLVWVFKRQIHUWLJ©VDJWHVLH ,FKEOLHEQHEHQLKUHP6FKUHLEWLVFKVWHKHQXQGOlFKHOWHª6LH VLQGHLQ6FKDW]*OHQGDhEULJHQVEHQXW]HQ6LHHLQQHXHV 3DUIP"© 6LHZXUGHHWZDVURWª:DV6LHQLFKWDOOHVPHUNHQ© ª%HLVFK|QHQ)UDXHQPHUNHLFKPLUHEHQMHGH.OHLQLJNHLW©0LW GLHVHQ:RUWHQJLQJLFKDXIPHLQ%UR]X,FKDKQWHGDLKU+HU] MHW]WNUlIWLJHUVFKOXJ $XIPHLQHP6FKUHLEWLVFKODJHQEHUHLWVGLH%HULFKWHEHUGLH 9HUEUHFKHQGLHLQGHUYHUJDQJHQHQ1DFKWSDVVLHUWZDUHQ,FKODV VLHGXUFK'LHVHPRUJHQGOLFKH3IOLFKWKDWWHMHGHU.ROOHJH]X HUIOOHQ6FKRQRIWKDWWHHV3DUDOOHOHQ]XHLQHP)DOOJHJHEHQDQ GHPPDQVHOEVWDUEHLWHWHXQGGHUVRJHO|VWZHUGHQNRQQWH 'RFKLQGHUYHUJDQJHQHQ1DFKWZDUQLFKWVSDVVLHUWZDVPLFK LQPHLQHQ(UPLWWOXQJHQZHLWHUJHEUDFKWKlWWH *OHQGDEUDFKWHGHQ.DIIHH6LHWUXJDQGLHVHP0RUJHQHLQH KHOOEODXH+RVHGD]XHLQHSDVVHQGH%OXVHPLWHLQHP%ROHURGDU EHU$QGHU%OXVHKDWWHVLHGLHREHUVWHQGUHL.Q|SIHJH|IIQHW 'DVZDUPRGHUQZLHLFKZXWH $OVVLHGHQ.DIIHHKLQVWHOOWHEHXJWHVLHVLFKVREHUGHQ 6FKUHLEWLVFKGDPHLQ%OLFN]ZDQJVOlXILJLQGHQ$XVVFKQLWW IDOOHQPXWH8QGZDVLFKGDNXU]VDKZDUQLFKWYRQ VFKOHFKWHQ(OWHUQ ª0LW]ZHL6WFN=XFNHUZLH6LHHVJHZQVFKWKDEHQ0U 6LQFODLU©VDJWHVLH ,FKULPLFKYRQGHP$QEOLFNORVQLFNWHOREHQGXQGIUDJWHª,VW GHU$OWHLP+DXV"© ª-D© ª2ND\GDQQZHUGHLFKJOHLFKPDO]XLKPJHKHQ:LHLVWVHLQH /DXQH"© ª1LFKWEHVRQGHUV'DV:HWWHUZLVVHQ6LH© ª9HUVWHKHVFKRQ© *OHQGDJLQJZLHGHU1DWUOLFKQLFKWRKQHLKUHQUDVDQWHQ+IW VFKZXQJGHPRQVWULHUW]XKDEHQ 7HXIHODXFKGLH.OHLQHNRQQWHHLQHQ0DQQVFKRQVFKZDFK

PDFKHQ,FKULPLFK]XVDPPHQ/LHEHLP%URLVWHLQ6SLHOPLW GHP)HXHU ,FKZROOWHPLFKVLFKHUKHLWVKDOEHUEHL6XSHULQWHQGHQW3RZHOO PHLQHP&KHIDQPHOGHQ$EHULFKNDPQLFKWGD]XZHLOVLFK 4XlOJHLVW1XPPHUHLQVGDV7HOHIRQPHOGHWH ª(LQ*HVSUlFKDXV'HXWVFKODQG©VDJWHGDV*LUOYRQGHU9HU PLWWOXQJ ,FKUXQ]HOWHGLH6WLUQ*HUPDQ\":HUULHIPLFKGHQQYRQGRUW DQ",FKNDQQWHHLJHQWOLFKQXUHLQHQ'HXWVFKHQGHUPLFKKLQXQG ZLHGHULP%URDQULHI.RPPLVVDU0DOOPDQQ (UZDUHVWDWVlFKOLFK ª+DOOR-RKQGXDOWHU*HLVWHUIUHVVHU©ULHIHU6HLQH6WLPPH NODQJVRNODUDOVZUGHHUGLUHNWQHEHQPLUVWHKHQ ª:LOO:DVWUHLEWGLFKGHQQ]XVROFKHLQHUIUKHQ6WXQGHDXV GHP%HWW",FKGDFKWHLPPHUGHXWVFKH%HDPWHVFKOLHIHQOlQJHU"© ª+DVWGXHLQH$KQXQJ:LUVLQGGLHHLQ]LJHQGLHQRFKULFKWLJ DUEHLWHQ© ª'DQQSDQXUDXIGDGXHLQ5XQGVFKUHLEHQQLFKW]XVFKQHOO OLHVWPHLQ/LHEHU© ª:LHVR"© ª,FKNDQQWHHLQHQGHUKDWGDEHLHLQHQ.UHLVODXINROODSVHU OLWWHQ©HUZLGHUWHLFKODFKHQG :LOO0DOOPDQQODFKWHDXFKGRFKZXUGHHUVHKUVFKQHOOHUQVW ª/HLGHUUXIHLFKGLFKQLFKW]XP9HUJQJHQDQ-RKQ(VJHKWXP HLQHQKHLHQ)DOO© ª(U]lKOH© ª,QHLQHU%RXOHYDUG]HLWXQJVWDQG]XOHVHQGDDXVHLQHU /HLFKHQKDOOHLP)UDQNIXUWHU5DXPHLQH7RWHYHUVFKZXQGHQLVW (LQIDFKVR8QGHLQYRQGHQ5HSRUWHUQLQWHUYLHZWHU)ULHG KRIVZlUWHUVFKZ|UW6WHLQXQG%HLQGDHUPLWHLJHQHQ$XJHQ GLH7RWHKDEHZHJJHKHQVHKHQ'HU0DQQLVW]XYHUOlVVLJZLH PLUVFKHLQW,FKKDEHLKQVHOEVWDQJHUXIHQ'XZHLWMD-RKQVHLW LFKGLFKNHQQHLVWPLUQLFKWV0HQVFKOLFKHVPHKUIUHPG(VLVW GXUFKDXVP|JOLFKGDZLUHVPLWHLQHUOHEHQGHQ/HLFKH]XWXQ KDEHQVRZLHLFKGLH6DFKHVHKH©

,FKZDUVRIRUWKHOOK|ULJJHZRUGHQª*LEPLUGHQ1DPHQGHU 3HUVRQ© ª.DULQ6FKQHLGHU©0DOOPDQQUlXVSHUWHVLFKª1HLQ-RKQVLH KDWMDJHKHLUDWHW6LHKHLWMHW]W.DULQYRQ5RGHQHFN6LHKDWWHVLFK HLQHQ$GOLJHQDQ/DQGJH]RJHQ© ª+DWPDQGLH7RWHLQ]ZLVFKHQVFKRQJHVHKHQ"©IUDJWHLFK ª.HLQH6SXUYRQLKU© ª'DVLVWVHOWVDP© ª:LHVR"©:LOO0DOOPDQQPXWHZRKODQPHLQHP7RQIDOO JHK|UWKDEHQGDGLHVHU)DOOPLFKEUHQQHQGLQWHUHVVLHUWH ,FKZHLKWHPHLQHQ%HNDQQWHQHLQ$XI0DOOPDQQNRQQWHPDQ VLFKKXQGHUWSUR]HQWLJYHUODVVHQ,FKZXWHGDHUDOOHVIUVLFK EHKDOWHQZUGHXQGNHLQ:RUWYRQLKPDQGLHgIIHQWOLFKNHLW GUDQJ ª1DGDVLVWHLQ'LQJ©VDJWHHUEHLQDKHHKUIUFKWLJª'DQQ N|QQWHHVGXUFKDXVVHLQGDGHLQ)DOOXQGGHU9RUJDQJKLHULQ 'HXWVFKODQGPLWHLQDQGHU]XVDPPHQKlQJHQ© ª*HQDX:LOO6XNREHKlOWEHUHLWVGLH/HLFKHQKDOOHLP$XJH :HQQGLHVH6DQGUDWDWVlFKOLFKDOVOHEHQGH7RWHGLH*HJHQGXQ VLFKHUPDFKHQZLOOGDQQKDEHQZLUVLHVFKQHOO© ª,FKZQVFKHGLUDXIMHGHQ)DOOYLHO*OFNGDEHL©VDJWH 0DOOPDQQª-RKQKDOWHPLFKDXIGHPODXIHQGHQ© ª0DFKLFK:LOO6RQVWQRFKHWZDV"© ª-D6WHOOGLUYRULFKKDEHPLUHLQHQQHXHQ:DJHQEHVWHOOW (LQHQ0DQWD6LOEHUJUDXHLQ*HVFKRVDJHLFKGLUhEHUKXQGHUW 36QDFKGHUDOWHQ0DHLQKHLW© ª,FKGDFKWHLPPHUGXZROOWHVWGLUHLQHQ3RUVFKHNDXIHQ"© 0DOOPDQQODFKWHª$EHUQLFKWEHLPHLQHP*HKDOW©(UNORSIWH DXIGHQ+|UHUª6RLFKPDFKH6FKOXVRQVWVSULQJHQPLUGLH 6WHXHU]DKOHUDQGLH*XUJHO© ª9LHOHQ'DQNIUGLH,QIRUPDWLRQ©ULHILFKª%LVGHPQlFKVW© ª2ND\-RKQ&LDR© ,FKOHJWHDXI'DVZDULQGHU7DWHLQHhEHUUDVFKXQJZDV 0DOOPDQQPLUGDPLWJHWHLOWKDWWH 6ROOWHHV]ZLVFKHQGHP)DOOLQ/RQGRQXQGGHPLQ2OG

*HUPDQ\HLQHQ=XVDPPHQKDQJJHEHQ":DUGDVLQ'HXWVFKODQG VFKRQHLQJHWUHWHQZRUDXIZLUKLHUQRFKZDUWHWHQ"0|JOLFK /HLGHUKDWWHQGLHGHXWVFKHQ.ROOHJHQGLH6SXUGLHVHU.DULQQLFKW PHKUJHIXQGHQ1LHPDQGZXWHDOVRZRVLHVLFKYHUVWHFNWKLHOW 8PVRZLFKWLJHUZDUHVGD6XNRGLH/HLFKHQKDOOHLQGHU 6DQGUDDXIEHZDKUWZXUGHLP$XJHEHKLHOW ,FKULHIPHLQHQFKLQHVLVFKHQ3DUWQHUVRIRUWDQ'DHUDEKHXWH DEHQG:DFKHVFKLHEHQPXWHODJHUVLFKHUOLFKQRFKLP%HWWXP YRU]XVFKODIHQ'DUDXINRQQWHLFKOHLGHUNHLQH5FNVLFKWQHKPHQ 6XNRPHOGHWHVLFKQDFKGHP]ZHLWHQ.OLQJHOQ6HLQH6WLPPH NODQJIULVFKXQGDXVJHUXKW:DVPLFKEHUUDVFKWHª,FKGDFKWH GXOLHJVWODQJ©VDJWHLFK ª:DUXP"© ª:HJHQKHXWHDEHQG© ª'DVPDFKHQZLUGRFKPLWGHUOLQNHQ+DQG:DVJLEW VGHQQ -RKQ"© ,FKEHULFKWHWHLKP8QGMHW]WZDU6XNREHUUDVFKWª0LVW© HUZLGHUWHHUªLFKZROOWHGLUGLH,GHHPLWGHU:DFKHVFKRQDXV UHGHQ$EHUVR© ª2ND\GDQQEHUHLWHGLFKDXIDOOHVYRU© ª+DVWGXVFKRQHLQH6SXUYRQ-DQH"©ZROOWHHUZLVVHQ ª1HLQ© ª2YHUGDPPW© ª,FKEOHLEHDEHUDP%DOO© :LUXQWHUEUDFKHQGLH9HUELQGXQJ'DQQULHILFKEHL6XSHU LQWHQGHQW3RZHOODQ 0HLQ&KHIZDUVDXHUª0LWZHPKDEHQ6LHGHQQVRODQJHJH UHGHW"©NQXUUWHHU ª0LWHLQHUPHLQHU]DKOORVHQ9HUHKUHULQQHQ©DQWZRUWHWHLFK ª'DQQNRPPHQ6LHPDO]XPLU© =ZHL0LQXWHQVSlWHUZDULFKEHL3RZHOO(U]RJHLQJULHV JUlPLJHV*HVLFKWXQGVDKDXVZLHHLQPDJHQNUDQNHU3DYLDQ ª(VLVWZLHGHUHLQLJHVLP%XVFKZLHLFKK|UWH©EHJDQQHU ,FKSIODQ]WHPLFKDXIHLQHQ%HVXFKHUVWXKOXQGVSXOWHPHLQHQ %HULFKWDE3RZHOOK|UWHPLUDXIPHUNVDP]X+LQXQGZLHGHU

WUDQNHUHLQHQ6FKOXFNYRQVHLQHP0DJHQZDVVHUXQGNDXWHDXI HLQHU7DEOHWWH'DQQKLHOWHU-DQH&ROOLQV)RWRKRFK ª'DVLVWDXI,KUHP0LVWJHZDFKVHQ6LQFODLU"© ª-D6LU© 3RZHOOULHEVLFKGDV*HVLFKWª2ND\ZHQQ6LHGLH*URIDKQ GXQJIUULFKWLJJHKDOWHQKDEHQVWLPPHLFK,KQHQ]X:HOFKH 9HUELQGXQJHQVHKHQ6LH]ZLVFKHQ'HXWVFKODQGXQG/RQGRQ"© 3RZHOOGUFNWHVLFKHLQZHQLJVHOWVDPDXVDEHULFKYHUVWDQG ZDVHUPHLQWHª(VLVWZRKOVRGDJHZLVVH3HUVRQHQVWHUEHQ GDQQGXUFK6FKZDU]H0DJLHZLHGHUDXIHUVWHKHQXPDQ VFKOLHHQGHLQHP7UHIISXQNW]X]XVWUHEHQ'HVKDOEODVVHLFK6XNR MD:DFKHVFKLHEHQ'LHVH6DQGUDLVWGLHHLQ]LJH6SXUGLHZLULP $XJHQEOLFNKDEHQ© ª:ROOHQ6LHQLFKWQRFKHLQPDOEHLGHU$JHQWXUQDFKKDNHQ"© ª'LH9HUGDFKWVPRPHQWHUHLFKHQQLFKWDXV6LU© 'DVVDK3RZHOOHLQ$XFKHUZXWHYRQGHP6FKZDU]HQ7RG ,KPZDUEHNDQQWZLHJHIlKUOLFKGLHVHU'lPRQ]XVFKODJHQ NRQQWHª:HQQZLUQXUZWHQZDVGHU6FKZDU]H7RGZLHGHU YRUKDW©PXUPHOWH3RZHOO ª,FKZHUGHHVVFKRQKHUDXVILQGHQ©HQWJHJQHWHLFKRSWL PLVWLVFK ª'DQQKDOWHQ6LHPLFKDXIGHPODXIHQGHQ-RKQ©3RZHOO EOLFNWHDXIVHLQH8KUª,FKPX]XHLQHU%HVSUHFKXQJLQGHQ NOHLQHQ.RQIHUHQ]UDXP6ROOWHLUJHQGHWZDV8QYRUKHUJH VHKHQHVJHVFKHKHQGDQQUXIHQ6LHPLFKGRUWDQ© ª*HKWLQ2UGQXQJ6LU© ,FKJLQJ]XUFNLQPHLQ%URSIODQ]WHPLFKKLQWHUGHQ 6FKUHLEWLVFKXQGYHUILHOLQV*UEHOQ (VVDKLP$XJHQEOLFNPLHVIUXQVDXV'DV]X]XJHEHQILHOPLU JDUQLFKWVFKZHU,FKNRQQWHQLFKWVWXQ1XUKLQWHUGHP 6FKUHLEWLVFKKRFNHQXQGZDUWHQ 0LWMHGHU0LQXWHGLHYHUJLQJVWHLJHUWHVLFKGLH$QJVWXP-DQH &ROOLQV

,UJHQGZDQQLQGHU1DFKWEHWUDW0DUJDGDV.HOOHUYHUOLHV-DQH NDXHUWHDXIGHP%RGHQ$OVGLH7UDXIJLQJVFKUHFNWHVLHKRFK 0DUJDWUXJHLQ7DEOHWWPLW(VVHQ$XVHLQHURIIHQHQ6FKVVHO GDPSIWHHV'DQHEHQVWDQGHLQ%HFKHUPLW.DIIHH ª'DPLWGXXQVQLFKWYHUKXQJHUVW©VDJWHVLHXQGVWHOOWHGDV 7DEOHWW]X%RGHQ (KH-DQHUHDJLHUHQNRQQWHZDU0DUJDVFKRQZLHGHUYHU VFKZXQGHQ)UGLH'HWHNWLYLQJLQJHV]XVFKQHOO6LHZDU QLFKWGD]XJHNRPPHQ0DUJD]XEHUZlOWLJHQXQGGDQQDE ]XKDXHQ .DULQODJZLHGHULP6DUJ6LHKLHOWGLH$XJHQJHVFKORVVHQXQG GLH+lQGHYRUGHU%UXVWJHIDOWHW.HLQ$WHP]XJXQWHUEUDFKGLH 6WLOOH'LH8QWRWHERWHLQHQPDNDEUHQ$QEOLFN -DQH&ROOLQVQDKPGDV7DEOHWWDXI6LHEHUOHJWHREVLHHWZDV HVVHQVROOWHGRFKGDQQVLHJWHLKU9HUVWDQG:DVQXW]WHHVLKU ZHQQVLHLQGLHVHP9HUOLHVGDKLQYHJHWLHUWHXQGLKUH.UlIWH LPPHUPHKUDEQDKPHQ"*LIWKDWWHPDQLKUZRKOQLFKWLQGDV (VVHQJHWDQ'LHVHU$]DULQZROOWHVLHOHEHQG +LQWHULKUULFKWHWHVLFKGLH8QWRWHDXIª'XLW"©IUDJWHVLHPLW VFKZDFKHU6WLPPH -DQHKDWWHGDV7DEOHWWDXIGLH.QLHJHVWHOOWXQGEOLFNWH.DULQDQ ª-DZDUXPQLFKW"© ª6FKRQJXW© -DQHKREGHQ'HFNHODE,QGHU6FKVVHOEHIDQGVLFKLUJHQGHLQ (LQWRSI'HU/|IIHOVWHFNWH-DQHSURELHUWHXQGIDQGGDGDV (VVHQQLFKWVFKOHFKWVFKPHFNWH9LHOOHLFKWWULHEHVDXFKQXUGHU +XQJHUKLQHLQ'DVKHLH*HWUlQNZlUPWHVLHYRQLQQHQ6HOWHQ KDWWH-DQHHLQ6FKOXFN.DIIHHVRJXWJHWDQ 'LH'HWHNWLYLQKDWWHVLFKPLWLKUHU6LWXDWLRQDEJHIXQGHQVR JXWHVJLQJ6LHKRIIWHLPPHUQRFKDXI-RKQ6LQFODLUGHUMD LKUH6SXUILQGHQPXWH$XHUGHPKDWWH$]DULQQLFKWYRUVR UDVFKDXVGHP+DXV]XYHUVFKZLQGHQ(UZDUWHWHQRFKDXI GUHLZHLWHUH0lGFKHQ 8QGGDVHUVWHNDP (VZDULQGHQIUKHQ0RUJHQVWXQGHQDOV-DQH&ROOLQVGUDXHQ

DXIGHP*DQJ6FKULWWHK|UWH'HQ*HUlXVFKHQQDFK]XXUWHLOHQ ZDUHQHVPLQGHVWHQV]ZHL3HUVRQHQGLHVLFKLKUHP*HIlQJQLV QlKHUWHQ 'LH7UZXUGHDXIJHVFKORVVHQXQGVFKZDQJLPQlFKVWHQ 0RPHQWQDFKLQQHQ $XFK.DULQKDWWHVLFKDXIJHULFKWHW:LHEHL-DQH&ROOLQVZDULKU %OLFNHEHQIDOOVDXIGLH7UJHULFKWHW +HUHLQWUDWHLQVFKZDU]KDDULJHV0lGFKHQ -DQHEUDXFKWHQXULQGLH$XJHQGHV*LUOV]XVHKHQXP]XZLV VHQGDVLHHEHQIDOOVHLQH8QWRWHYRUVLFKKDWWH'HU%OLFNZDU OHHUXQGVWXPSIGDV*LUOVFKLHQVHLQH8PJHEXQJNDXPZDKU]X QHKPHQ:DKUVFKHLQOLFKZDUHVHUVWYRUNXU]HU=HLWDXVGHP 7RGHVVFKODIHUZDFKW +LQWHUGHP0lGFKHQVWDQGHQ0DUJDXQG$]DULQ8P$]DULQV /LSSHQVSLHOWHHLQWULXPSKLHUHQGHV/lFKHOQª)HKOHQQXUQRFK ]ZHL©VDJWHHUª%DOGLVWGDV=LHOHUUHLFKW© -DQHVDKVLFKGLH8QWRWHJHQDXDQ6LHZDUNOHLQHUDOVGLH 'HWHNWLYLQKDWWHODFNVFKZDU]HV+DDUHLQHNQDEHQKDIWH)LJXU XQGHLQKEVFKHV3XSSHQJHVLFKW,KUODQJHV/HLQHQKHPGKDWWH HLQHQJHOEOLFKHQ6FKLPPHU ª'DVLVW)UDQFD&RUHOOL©VWHOOWH$]DULQGLH8QWRWHYRUª6LH NRPPWDXV,WDOLHQ]XXQVXQGKDWGHQODQJHQ:HJHEHQVRZLH .DULQRKQH6FKZLHULJNHLWHQJHIXQGHQ© -DQH&ROOLQVIUDJWHVLFKZLHGLH8QWRWHQGLHVLQLKUHP=XVWDQG JHVFKDIIWKDWWHQ .DULQJLQJDXI)UDQFD]XXQGXPDUPWHVLHª:LOONRPPHQEHL XQV©VDJWHVLHª'DV%OXWGHUDOWHQ5DVVHIOLHWLQGHLQHQ$GHUQ $WODQWLVZLUGXQVJHK|UHQ'XELVWGHP/RFNUXIJHIROJW© 6LHO|VWHQVLFKYRQHLQDQGHUXQGJLQJHQ]XGHQ6lUJHQª'HULVW IUGLFK©VDJWH.DULQXQGZLHVDXIGHQ6DUJGHUJDQ]OLQNV VWDQGª/HJGLFKKLQHLQXQGUXKGLFKDXV© )UDQFDVWLHJLQGLH7RWHQNLVWH6LHKDWWHQRFKNHLQ:RUWJH VSURFKHQVRQGHUQOHJWHVLFKVRIRUWDXIGHQ5FNHQNUHX]WHGLH +lQGHXQGVWDUUWHGLH'HFNHDQ -DQHKDWWHODQJVDPGDV*HIKOYHUUFNW]XZHUGHQ6LHVDK

VLFKGHQ8QWRWHQDOOHLQJHJHQEHUGDVJLQJEHULKUH 1HUYHQNUDIW $]DULQPHUNWHZDVORVZDUXQGOlFKHOWHª6LHVLQGDXFKEDOG DQGHU5HLKH0LVV&ROOLQV© (UZDUZLHGHU]XHLQHUGLVWDQ]LHUWHQ$QUHGH]XUFNJHNHKUW ª8QGZDVZLUGPLWPLUJHVFKHKHQ"©HUNXQGLJWHVLHVLFK $]DULQJDENHLQH$QWZRUW'DIUNLFKHUWH0DUJDª6ROOLFKHV LKUVDJHQ"© ª1HLQQRFKQLFKW© 0DUJDKLHOWGLHLQGHU+DQG6RJDQ]WUDXWHVLH-DQH&ROOLQV QLFKWª(VZLUGPLUHLQ9HUJQJHQVHLQPLWDQVHKHQ]XN|QQHQ ZHQQGXVWLUEVW©]LVFKWHVLHª8QGDXFKGLH3ROL]HLNDQQGLU QLFKWKHOIHQ(VZDUHLQHUEHLPLU'XNHQQVWLKQJXW(UKHLW 6LQFODLU-RKQ6LQFODLU(UDKQWHZRKOGDGXEHLPLUJHZHVHQ ELVWNRQQWHHVDEHUQLFKWEHZHLVHQ8QYHUULFKWHWHU'LQJHPXWH HUZLHGHUDE]LHKHQ6RJHKWHVLP/HEHQ8QGMHW]WUHFKQHGLUPDO VHOEVWGHLQH&KDQFHQDXV-DQH&ROOLQV© (LQZLQ]LJHU+RIIQXQJVIXQNHIODPPWHLQ-DQHDXI:HQQ-RKQ WDWVlFKOLFKGLHVHREVNXUH$JHQWXUDXIJHVXFKWKDWWHGDQQKDWWHHU DXFK9HUGDFKWJHVFK|SIW8QGZLHVLHGHQ*HLVWHUMlJHUNDQQWH ZUGHHUQLFKWORFNHUODVVHQ ª6FKOXMHW]WPLWGHP*HUHGH©EHIDKO$]DULQª:LUZDUWHQ QRFKDXIGLHEHLGHQDQGHUHQXQGGDQQJHKWHVDE©2KQH-DQH QRFKHLQHQ%OLFN]XJ|QQHQPDFKWHHUDXIGHP$EVDW]NHKUWXQG YHUOLHGDV.HOOHU*HIlQJQLV 0DUJDIROJWHLKPUFNZlUWVJHKHQG1DFKZLHYRUEHGURKWHVLH PLWGHU:DIIHGLHEORQGH'HWHNWLYLQ 'XPSIILHOGLH(LVHQWULQV6FKOR -DQHZDUZLHGHUPLWGHQEHLGHQ8QWRWHQDOOHLQ 'LHQlFKVWHQ:RUWHWUDIHQVLHKDUWª'XELVWXQVHUH)HLQGLQ© VFKULH.DULQYRQ5RGHQHFNª,FKKDEHHVJHQDXJHK|UW'XELVW HLQH*HJQHULQGHUDOWHQ5DVVH7|WHQLFKVROOWHGLFKW|WHQ© (KHVLFK-DQHYHUVDKVSUDQJ.DULQDXIGLH'HWHNWLYLQ]X6LH ZROOWHLKUGLH)LQJHULQV*HVLFKWVWRHQ -DQHEFNWHVLFKXQWHUOLHIGHQ6WRGUHKWHVLFKGDEHLSDFNWH

GLH]XUFNVFKQHOOHQGHQ+lQGHXQGVFKOHXGHUWHGLH8QWRWHEHU VLFKKLQZHJ .DULQNUDFKWH]X%RGHQ %OLW]VFKQHOOVWDQG-DQHQHEHQLKUGHQ)X]XHLQHP.DUDWHWULWW EHUHLWGRFKGLH8QWRWHPDFKWHNHLQHUOHL$QVWDOWHQDEHUPDOVDQ ]XJUHLIHQ 7HXIOLVFKJULQVHQGEOLFNWHVLH-DQH&ROOLQVYRQXQWHQKHUDQ ª'X©NQXUUWHVLHªGXNRPPVWDXFKQRFKDQGLH5HLKH9HUOD GLFKGDUDXI'DQQZLUGGHU6FKZDU]H7RGGLFKIUHVVHQ© (VZDUUHJHOUHFKWHV+RUURU:HWWHU'HU)UKMDKUVZLQGWULHE GLFNH:RONHQEHUJHYRUVLFKKHUXQGUWWHOWHDQGHQ=ZHLJHQGHU 7UDXHUZHLGHQ(UERJVLHGHP%RGHQHQWJHJHQIHJWHPLWLKQHQ EHUGHQ.LHVGHU:HJHXQGVFKWWHOWHVLHGDQQZLHGHU]XU6HLWH 6FKQHHUHJHQIHJWHVFKUlJDXIGLH(UGHKHUQLHGHUSUDVVHOWHDXI *UDEVWHLQHNODWVFKWHDXIIHXFKWHVVFKZHUHV(UGUHLFKXQGWURP PHOWHJHJHQ)HQVWHUXQG7UHQGHUNOHLQHQ/HLFKHQKDOOH ,P6FKXW]GLHVHU+DOOHODXHUWH6XNR(UZDUPLWVHLQHP 0RWRUUDGKHUJHNRPPHQHLQHU+DUOH\'DYLGVRQXQGWUXJGDKHU ZHWWHUIHVWH/HGHUNOHLGXQJHLQHQ+HOPXQGHLQH%ULOOHYRUGHQ $XJHQ(UKDWWHGLH0DVFKLQHDXIJHERFNWXQGVLHVRKLQJHVWHOOW GDVLHQLFKWJHVHKHQZHUGHQNRQQWH $EHUZHUJLQJXPGLHVH=HLWXQGEHLGHP:HWWHUVFKRQDXI HLQHQ)ULHGKRI"6HOEVWGHU7RWHQJUlEHUKDWWHVLFKLQVHLQ+DXV ZHLWDEGHV)ULHGKRIVYHU]RJHQXQGKRFNWHGRUWKLQWHUGHP ZDUPHQ2IHQ 6XNRZDUVDXHU(UVDKDEHUHLQGDHVNHLQHDQGHUH 0|JOLFKNHLWJDE:HQQVLHDP%DOOEOHLEHQZROOWHQPXWHGLH 7RWHEHUZDFKWZHUGHQ 6ROOWHVLHWDWVlFKOLFKZLHGHULQV/HEHQ]XUFNNHKUHQVRKDWWH 6XNRYRULKU]XIROJHQ(UZROOWHVLHDXINHLQHQ)DOODQJUHLIHQ XQG]XUFNKDOWHQ .RQWDNWPLWPLUKLHOWHUGXUFKHLQOHLVWXQJVVWDUNHV)XQNJHUlW (LQ:DONLHWDONLHZLHHVLP)DFKMDUJRQKHLW

,FKKRFNWHLQPHLQHP%URXQGZDUVWDUWEHUHLWIUHYHQWXHOOH (LQVlW]H)UPLFKZDUHVDPEHVWHQHUVWHLQPDOLP
ª8QGEHLGLU-RKQ"6FKRQHLQH6SXUYRQ-DQH"© ª1HLQ1LFKWHLQPDOLKU:DJHQLVWJHIXQGHQZRUGHQ© ª9HUGDPPW2ND\LFKPHOGHPLFKZLHGHUZHQQLUJHQGHWZDV JHVFKLHKW©6XNRIOXFKWHQRFKEHUGDV:HWWHUXQGVDJWHGDQQ ª(QGH© (UYHUVWDXWHGDV*HUlWZLHGHULQGHU6HLWHQWDVFKH(VZDUODX VLJNDOW'HUVFKDUIH:LQG]HUUWHDQGHU/HGHUNOHLGXQJ'HU 6FKQHHUHJHQSHLWVFKWH6XNRLQV*HVLFKW'HU&KLQHVHKDWWHGDV *HIKOVHLQH+DXWZUGHDXV(LVEHVWHKHQ %HLVROFKHLQHP:HWWHUMDJWHPDQQLFKWPDOHLQHQ+XQGYRU GLH7U 6XNREOLHVLQVHLQHNODPPHQ+lQGHhEHULKPMDXOWHGHU:LQG LQGHQKRKHQ%lXPHQ%OLFNWHHUQDFKUHFKWVDQGHQYRP6WXUP JHSHLWVFKWHQ%VFKHQYRUEHLVRNRQQWHHUHLQHQ7HLOGHV+DXSW ZHJHVVHKHQ'HU,*HVVFKLPPHUWHKHOO-HQVHLWVGHV:HJHV EHJDQQHQGLH*UDEUHLKHQ'RUWODJGHUDOWH7HLOGHV)ULHGKRIHV 'LH*UDEVWHLQHXQG.UHX]HZDUHQ]XP7HLOVFKRQYHUZLWWHUW =DKOUHLFKH*UlEHUVDQNHQHLQ$XFKGLHPLW%OXPHQJHVFKPFN WHQ*UlEHUVDKHQQDFKHLQHUVWUPLVFKHQ1DFKWHEHQVRNDKOXQG OHHUDXVZLHGLHEULJHQ*UlEHU :LHGHUPDFKWH6XNRVHLQH5XQGHXPGLH/HLFKHQKDOOH(V ZDUHLQDOWHU%DXDXVGLFNHQ6WHLQHQHUULFKWHW,QGDV+RO]GHU VFKZHUHQ(LQJDQJVWUKDWWHHLQ.QVWOHU]ZHLJURH.UHX]H KLQHLQJHVFKQLW]W'LH.OLQNHEHVWDQGDXV*XHLVHQHEHQVRZLH GDV6FKOR hEHUGHU7UEHIDQGVLFKHLQNOHLQHVKDOEPRQGI|UPLJHV )HQVWHUPLWHLQHUYRQ6SLQQZHEHQGXUFKVHW]WHQ6FKHLEH 'DUEHUZLHGHUXPJULQVWHGDV*HVLFKWHLQHV7RWHQVFKlGHOV(V HULQQHUWHGLH/HEHQGHQGDUDQGDDXFKLKUH=HLWHLQPDONDP $QGHU5FNVHLWHGHU/HLFKHQKDOOHHQWGHFNWH6XNRHLQH7U6LH ZDUJHUDGHVREUHLWGDHLQ6DUJKLQGXUFKSDWH9RQGHU7UDXV IKUWHHLQ3IDGLP%RJHQDXIGHQ+DXSWZHJ]X 6XNRZDUEHUVHLQH(QWGHFNXQJQLFKWJHUDGHJOFNOLFKPXWH HUMHW]W]ZHL(LQJlQJHXQWHU.RQWUROOHKDOWHQ ª9HUIOXFKWHU0LVW©PXUPHOWHHU

'LH=HLWYHUUDQQ'HU5HJHQZXUGHQLFKWVFKZlFKHUQDFKZLH YRUILHOHULQQLHHQGHQZROOHQGHQ%LQGIlGHQYRPVFKZDU]HQ +LPPHO 'LH7RWHLQGHU/HLFKHQKDOOHPHUNWHGDYRQQLFKWV6WDUUXQG NDOWODJVLHLQLKUHPVFKOLFKWHQ(LFKHQVDUJ'HU'HFNHOZDUDEJH KREHQXQGJHJHQGLH:DQGJHVWHOOWZRUGHQ 6DQGUDKDWWHGLH$XJHQJHVFKORVVHQ'HU/HLFKHQZlVFKHUKDWWH LKUGLH$XJHQGHFNHOEHUGLH/LGHUJHVFKREHQ'HU6DUJVWDQG HWZDVHUK|KWDXIHLQHP6WHLQSRGHVW/lQJVGHUEHLGHQ6HLWHQ ZlQGHVWDQGHQGLHIU/HLFKHQKDOOHQEOLFKHQ%XFKVElXPHGLH W\SLVFKHQ7RWHQUDXP*HUXFKYHUEUHLWHWHQ(VEUDQQWHNHLQ/LFKW XQGGRFKZDUHVQLFKWVWRFNILQVWHU 9RQGUDXHQKHUILHOVHKUVFKZDFKHV/LFKWLQGLH/HLFKHQKDOOH XQGOLHGLH8PULVVHXQG.RQWXUHQGHU*HJHQVWlQGHPHKU DKQHQDOVVHKHQ 1RFKIQI0LQXWHQELV0LWWHUQDFKW 'LHGLFNHQ0DXHUQGHU/HLFKHQKDOOHGlPSIWHQGDV+HXOHQGHV 6WXUPV1XUKLQXQGZLHGHUVWUHLIWHQGLHYRP:LQGEHZHJWHQ =ZHLJHGHU7UDXHUZHLGHQHLQHVGHU)HQVWHUXQGYHUXUVDFKWHQ GDEHLNUDW]HQGHXQKHLPOLFKH*HUlXVFKH 1RFKGUHL0LQXWHQELV]XU7DJHVZHQGH 'UDXHQYRUGHU/HLFKHQKDOOHZXFKV6XNRV6SDQQXQJ(U QDKPQRFKHLQPDOPLWPLU9HUELQGXQJDXIXQGPHOGHWHGDELV MHW]WQLFKWVJHVFKHKHQVHL 0LWIRUWVFKUHLWHQGHU=HLWZXFKV6XNRV8QUXKH(UZDUSO|W] OLFKVLFKHUGD6DQGUD0RUDQDXIVWHKHQZUGH 0LWWHUQDFKW ,PVHOEHQ$XJHQEOLFNJHVFKDKLP,QQHUQGHU+DOOHHWZDV 6FKUHFNOLFKHV(VVFKLHQDOVVWQGHGLH7RWHPLWHLQHPXQVLFKW EDUHQ%HIHKOVJHEHULQ9HUELQGXQJ 8USO|W]OLFK|IIQHWHVLHGLH$XJHQYHUGUHKWHVLHVRGDQXU QRFKGDV:HLH]XVHKHQZDU 6HNXQGHQYHUJLQJHQ 1RFKEOLHE6DQGUD0RUDQXQEHZHJOLFKOLHJHQ'DQQDEHU HQWUDQJVLFKLKUHQ/LSSHQHLQJUDXHQYROOHV6W|KQHQ(VGUDQJ

WLHIDXVLKUHU.HKOHXQGKDWWHNDXPQRFKHWZDV0HQVFKOLFKHV DQVLFK 6DQGUDHUZDFKWH 'HU%HIHKOKDWWHLKUHVFKRQDEJHVWRUEHQHQ*HKLUQ]HOOHQ HUUHLFKWXQGVLHZLHGHUDNWLYLHUW 6LHKREGLH$UPH/HJWHLKUH+lQGHXPGHQ6DUJUDQGNODP PHUWHVLFKUHJHOUHFKWIHVW 'LH)LQJHUQlJHOZDUHQJHZDFKVHQ/DQJXQGVSLW]HULQQHUWHQ VLHDQJHIlKUOLFKH'ROFKH 6DQGUDVHW]WHVLFKDXI'DVDOOHVJHVFKDKODQJVDPDOVIHKOWHLKU GLH.UDIWZLHGHUVR]XZHUGHQZLHIUKHU 'RFKGHUXQVLFKWEDUH0RWRULQLKUHP,QQHUQOLHVLFKQLFKW PHKUDEVWHOOHQ(UEHVWLPPWHLKUZHLWHUHV+DQGHOQ6LHVWHPPWH VLFKKRFKZLQNHOWHGDEHLGLH$UPHDQXQGVWUHFNWHVLHZLHGHU 'LH8QWRWHVWDQGLQLKUHPDXVJHSROVWHUWHQ6DUJ6LHVWUHFNWH EHLGH$UPHDXVEHKLHOWVLHZDDJHUHFKWLQGHU/XIWXQGIDQGGDV *OHLFKJHZLFKWZLHGHU 'LH:LHGHUJlQJHULQKREGDVUHFKWH%HLQXQGVWUHFNWHHVEHU GHQ6DUJUDQGKLQDXV,KUQDFNWHU)XEHUKUWHGHQNDOWHQ6WHLQ ERGHQGHU/HLFKHQKDOOH'RFKVLHVSUWHGLHVH.lOWHQLFKW6LH ZDULPPXQJHJHQ*HIKOHXQGPHQVFKOLFKH5HJXQJHQ 6DQGUDVWLHJDXVGHP6DUJ6LHVDKVLFKXPVFKLHQPLWLKUHQ $XJHQGLH'XQNHOKHLWGXUFKGULQJHQ]XN|QQHQ ,KU%OLFNEOLHEDXIGHUJURHQ(LQJDQJVWUKDIWHQ 'LHVH7UZDULKU=LHO /DQJVDP6FKULWWIU6FKULWWVHW]WHVLHVLFKLQ%HZHJXQJKLHOW GDEHLGLH$UPHDXVJHVWUHFNWXQGJLQJZLHHLQH6FKODIZDQGOHULQ ,KUH+lQGHVWUHLIWHQEHUGDV+RO]GHU7UIXKUHQZHLWHUQDFK XQWHQQlKHUWHQVLFKGHU.OLQNH 6LHHUWDVWHWHHLQHQ6FKOVVHO 6DQGUD0RUDQZXWHJHQDXZDVVLH]XWXQKDWWH6LHGUHKWH GHQ6FKOVVHOKHUXPJHKRUFKWHZLOOHQORVGHQ%HIHKOHQLKUHV IUHPGHQ/HQNHUVXQG0HLVWHUV 6DQGUDGUFNWHGLH.OLQNHGHUMHW]WDXIJHVFKORVVHQHQ7U KHUDE6LH]RJGLH7UDXI'DV.QDUUHQGHU$QJHOQJLQJLP

7REHQGHV:LQGHVXQWHU5HJHQSHLWVFKWHVFKUlJJHJHQGHQ .|USHUGHU8QWRWHQGXUFKQlWHLKQ (VPDFKWH6DQGUDQLFKWVDXV .lOWH+LW]H1lVVHGDVDOOHVZDUHQ'LQJHGLHLKUQLFKWVPHKU DQKDEHQNRQQWHQ 6LHWUDWGXUFKGHQ7UVSDOW'HU:LQGNQDOOWHGLH7UKLQWHULKU ZLHGHU]X :LHYHUORUHQVWDQG6DQGUD0RUDQLQGHUVWUPLVFKHQ1DFKW $P+LPPHOVHJHOWHQGLFNH:RONHQGHU:LQGMDXOWHXPGLH (FNHQGHU/HLFKHQKDOOH(VZDUHLQHVFKUHFNOLFKH1DFKW 'LH1DFKWGHV%|VHQ 6DQGUD0RUDQZDUGDVOHW]WHIHKOHQGH*OLHGLQHLQHUWHXI OLVFKHQ.HWWH(UVWZHQQVLHGHQ7RGEHUZDQGNRQQWHGDVJUDX VDPH6SLHOEHJLQQHQ 'RFKVLHZDUQLFKWXQEHREDFKWHW 6XNRWDXFKWHKLQWHUGHU0DXHUGHV/HLFKHQKDXVHVDXI)U HLQHQZLQ]LJHQ$XJHQEOLFNZDUVHLQEOHLFKHV*HVLFKWVRYDO]X HUNHQQHQ'HU&KLQHVHKDWWHJHQXJJHVHKHQ +DVWLJ]RJHUVLFKHLQHQ6FKULWW]XUFNVRGDHULQ'HFNXQJ ZDU'DQQDNWLYLHUWHHUGDV)XQNJHUlW ª6LHKDWVRHEHQGLH/HLFKHQKDOOHYHUODVVHQ© ª2ND\EOHLELKUDXIGHQ)HUVHQ©GUDQJPHLQH6WLPPHDXVGHP NOHLQHQ/DXWVSUHFKHU 6XNRVFKDOWHWHDEXQGYHUOLHGLHVWHLQHUQH'HFNXQJ'LH VFKPDOH*HVWDOWGHU8QWRWHQZXUGHYRP:LQGJHVFKWWHOW 6DQGUDVFKZDQNWHGRFKXQEHLUUWJLQJVLHLKUHQ:HJ.ODWVFKQD NOHEWHGDV/HLFKHQKHPGDQLKUHP.|USHUGLHQDFNWHQ)H SDWVFKWHQGXUFKNQ|FKHOWLHIH:DVVHUSIW]HQXQGWDSSWHQEHU GHQJOlQ]HQGHQ.LHV 6LHJLQJODQJVDP6XNROLHLKUVRYLHO9RUVSUXQJELVGLH *HVWDOWPLWGHU'XQNHOKHLWYHUVFKZDPPXQGQXUQRFKDOV 6FKHPHQZDKU]XQHKPHQZDU 'DQQNLFNWH6XNRGHQ6WlQGHUVHLQHU0DVFKLQHZHJXQG XPIDWHPLWEHLGHQ+lQGHQGHQ/HQNHU'HU&KLQHVHKLHOWGLH VFKZHUH+DUOH\DOVZlUHVLHQXUHLQ)DKUUDG$OOHLQGDUDQ

NRQQWHPDQHUNHQQHQZHOFKH.UlIWHLQVHLQHP.|USHUVWHFNWHQ 6XNRVFKREGLH+DUOH\ZHLWHU(UUHFKQHWHGDPLWGD6DQGUD DEJHKROWZXUGHXQGQLFKW]X)XLKU=LHODQVWUHEWH(LQH8QWRWH LUUWHQLFKWDOOHLQGXUFK/RQGRQ6LHNRQQWH]XOHLFKW$XIVHKHQ HUUHJHQXQGGDQQZDUGHU3ODQJHSODW]W 'HU5HJHQWUDIGHQ&KLQHVHQMHW]WYRQYRUQDOV6XNRDXIGHQ +DXSWZHJ]XVFKULWW'HU:HJIKUWHGLUHNW]XP+DXSWWRUGHV )ULHGKRIV(VVWDPPWHQRFKDXVGHQ*UQGHUMDKUHQZDUDXV 6FKPLHGHHLVHQJHIHUWLJWXQGIDVWGRSSHOWVRKRFKZLHHLQQRUPD OHU0HQVFK(LQHEHQVRKRKHU=DXQ]RJVLFKXPGDVJHVDPWH )ULHGKRIVJHOlQGH$XFKEHLLKPKDWWHGDV(LVHQOlQJVW5RVWDQ JHVHW]W =XUOLQNHQ+DQGVDK6XNRGLH8PULVVHHLQHUVFKPDOHQ%DUDFNH DXVGHQ5HJHQVFKOHLHUQDXIWDXFKHQ'RUWKDWWHGHU7RWHQJUlEHU VHLQHQ9RUUDWVVFKXSSHQ 'LH:LHGHUJlQJHULQSDVVLHUWHGHQ6FKXSSHQ6LHGUHKWHVLFK NHLQHLQ]LJHV0DOXP8QGGRFKOLHVLFK6XNRHLQZHQLJ]XUFN IDOOHQ$XHUGHPZDUHVJDUQLFKWPDOVRHLQIDFKGLHVFKZHUH 0DVFKLQHIUOlQJHUH=HLW]XKDOWHQ .QDSSIQI0LQXWHQZDUHQYHUVWULFKHQVHLW6DQGUDGLH/HLFKHQ KDOOHYHUODVVHQKDWWH6LHEHIDQGVLFKMHW]WQXUQRFKZHQLJH 6FKULWWHYRP7RUHQWIHUQW 'DQQEOLHEVLHVWHKHQ 6DQGUDOHJWEHLGH+lQGHDXIGLHEUHLWH.OLQNH'DQQUWWHOWHVLH DQGHP(LVHQWRUXQG]RJHVDXI 'LFKWYRUGHP)ULHGKRIIKUWHHLQH6WUDHYRUEHL-HQVHLWVGHU 6WUDHODJGDV*HOlQGHHLQHV*lUWQHUV'HU0DQQVHOEVWZRKQWH PLWVHLQHU)DPLOLHEHUGHP9HUNDXIVUDXP6XNRVDKQRFK/LFKW KLQWHUHLQHP)HQVWHUVFKLPPHUQ 'LH8QWRWHGXUFKVFKULWWGDV7RU6LHOLHHVKLQWHUVLFKRIIHQ 6XNRJLQJZHLWHU9LHUIQI6FKULWWHPDFKWHHUDOVHUZLHDQJH ZXU]HOWVWHKHQEOLHE 8USO|W]OLFKZXUGHGLH'XQNHOKHLWYRQ]ZHLJUHOOHQ6FKHLQ ZHUIHUVWUDKOHQDXIJHULVVHQ'LH/LFKWODQ]HQJHLVWHUWHQGXUFKGHQ 5HJHQYRUKDQJXQGIL[LHUWHQGDVXQWRWH0lGFKHQ

-HPDQGZDUJHNRPPHQXP6DQGUDDE]XKROHQ 6XNRZDUJHVSDQQWZHUGLHVHU8QEHNDQQWHZDU(UJLQJHWZDV VFKQHOOHUXQGNRQQWHHUNHQQHQGDGLH%HLIDKUHUWUGHV:DJHQV DXIJHVWRHQZXUGH$OOHVVFKLHQQRUPDO]XYHUODXIHQ'DV 0lGFKHQJLQJEHUHLWVDXIGHQ:DJHQ]XXQGZROOWHHLQVWHLJHQ 'DZXUGHLQGHUEHOHXFKWHWHQ:RKQXQJGHV*lUWQHUVGDV)HQVWHU DXIJHULVVHQ(LQH*HVWDOWWDXFKWHDXIEHXJWHVLFKQDFKGUDXHQ ª+HZDVLVWGHQQGDORV"©EUOOWHGLH6WLPPHGHV0DQQHV8QG LPQlFKVWHQ$XJHQEOLFNHLQ6FKUHLª0HLQ*RWWGDVLVWGRFKGLH 7RWHGLHKHXWHHLQJHOLHIHUWZRUGHQLVW© 6XNRDKQWHGDHVbUJHUJHEHQZUGH8QGHUVROOWHVLFKQLFKW GDULQWlXVFKHQ 1LFKWQXU6XNRKDWWHGLH:RUWHGHV0DQQHVYHUVWDQGHQVRQGHUQ DXFKGLH8QWRWHXQGGHU0DQQLP:DJHQ 6DQGUDUHDJLHUWH6LHEOLHEYRUGHU7UVWHKHQKDWWHLKUHUHFKWH +DQGXPGHQREHUHQ+ROPJHOHJWXQGGUHKWHGHQ.RSI 'HU0DQQDP)HQVWHUZDUYHUVFKZXQGHQWDXFKWHMHGRFKLQ GHUQlFKVWHQ6HNXQGHZLHGHUDXI 0LWHLQHU:DIIH ª*HLVWHU7HXIHOV]HXJ©EUOOWHHUª,FKZHUGHHXFKOHKUHQKLHU KHUXP]XVSXNHQ$XIGHQ3HO]EUHQQH© 'LHQlFKVWHQ:RUWHJLQJHQLP.UDFKHQGHU:DIIHXQWHU 6HOEVWEHLGHUVFKOHFKWHQ6LFKWNRQQWH6XNRGLHDUPODQJH 0QGXQJVIODPPHHUNHQQHQGLHDXVGHP*HZHKUODXIVWDFK 6FKURWIOLQWHUHNDSLWXOLHUWHHU 'HU7\SDP)HQVWHUEHZLHVGDHUQLFKWQXUVFKLHHQVRQGHUQ DXFKWUHIIHQNRQQWH7URW]GHPPXWHHUGLH1HUYHQYHUORUHQ KDEHQ:HOFKHUQRUPDOH0HQVFKVFKLHWRKQH:DUQXQJ" 'LH/DGXQJHUIDWHGDV0lGFKHQ6LHVFKOHXGHUWH6DQGUDYRQ GHU7UZHJ]X%RGHQ'LHDQGHUHQ6FKURWN|UQHU]HUEOLHVHQGLH 6FKHLEHDOVZlUHVLHDXV3DSLHU ª'DKDVWGX V©EUOOWHGHU0DQQ(UIXFKWHOWHQRFKLPPHUPLW VHLQHP6FKLHSUJHOKHUXP

6XNROLHIPLWVHLQHU+DUOH\QRFKHLQSDDU6FKULWWHZHLWHUYRU XQGEOLHEGDQQVWHKHQ(UNLFNWHKDVWLJGHQ6WlQGHUGHU 0DVFKLQHKHUXQWHUXQGERFNWHVLHDXI'DQQUDQQWHHU 'HU0DQQDP)HQVWHUHQWGHFNWHGHQ&KLQHVHQ ª'XDXFK©NHLIWHHUULVHLQH6FKURWIOLQWHDQGLH6FKXOWHUXQG GUFNWHZLHGHUDE .UDFKHQGHQWOXGVLFKGLH:DIIHVFKOHXGHUWHDXVGHP]ZHLWHQ /DXIGLHYROOH/DGXQJ 6XNRV+HFKWVSUXQJZDU]LUNXVUHLI(UIHGHUWHQDFKUHFKWV]XU 6HLWHZHJSUDOOWHDXIGDVQDVVHJOLWVFKLJH3IODVWHUXQGUROOWH VLFKYRUGLH.KOHUVFKQDX]HGHV:DJHQVLQGHPGHU 8QEHNDQQWHVD 'RUWZR6XNRHEHQQRFKJHVWDQGHQKDWWHIHW]WHQGLH 6FKURWN|UQHULQGHQ6WUDHQEHODJ :DVZHLWHUJHVFKDKVDKGHU&KLQHVHQLFKWGDLKPGHU:DJHQ GLH6LFKWQDKP 6DQGUDNDPDXIGLH)H 8QYHUOHW]W 'LH6FKURWNXJHOQKDWWHQ]ZDULKU/HLFKHQKHPG]HUIHW]WXQG VWHFNWHQLQLKUHP.|USHUGRFKQLFKWHLQ7URSIHQ%OXWTXROODXV GHQ:XQGHQ 6LHVWDQGDXIDOVZlUHQLFKWVJHZHVHQ 'HU0DQQGHUVLHDEKROWHEHXJWHVLFK]XU6HLWHXQGVWUHFNWH VHLQH+DQGDXVGHURIIHQHQ7U(USDFNWHGDV0lGFKHQDP +DQGJHOHQNXQG]RJHVLQGHQ:DJHQ (LQH6HNXQGHVSlWHUKHXOWHGHU0RWRUDXI 6XNRIHGHUWHDXVVHLQHU'HFNXQJZLHGHUKRFK(UYHUVXFKWH HLQHQ%OLFNLQGHQ:DJHQ]XHUKDVFKHQVDK]ZDUVFKHPHQKDIW GDV*HVLFKWGHV0DQQHVKLQWHUGHP6WHXHUNRQQWHLKQDEHUQLFKW LGHQWLIL]LHUHQ 'HU:DJHQIXKUDQ6FKQHOOUDVDQW'LH+LQWHUUHLIHQVFKOHX GHUWHQEHUGHQ$VSKDOW:DVVHUVSULW]WHKRFKXQG]XU6HLWHZHJ EHUJR6XNRPLWHLQHP6SUKUHJHQ 6XNRIOXFKWHGUHKWHVLFKDXIGHU6WHOOHXPXQGOLHI]XUFN]XP )ULHGKRIZRHUJHUDGHVHLQH+DUOH\DEJHVWHOOWKDWWH'HU0DQQ

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lUWQHUPLWWHQDXIGHU)DKUEDKQVWHKHQVDK 'HU.HUOKLHOWZLHGHUVHLQH6FKURWIOLQWHLQGHQ)lXVWHQ 'LHVPDOKDWWHHUVLHMHGRFKDP/DXIJHSDFNWXQGVFKZDQJVLH ZLHHLQH.HXOH ª9HUEUHFKHU©EUOOWHHUXQGOLHIDXIGHQ&KLQHVHQ]X (VZlUHIU6XNRHLQOHLFKWHVJHZHVHQGHQ0DQQNXU]DQ]X WLSSHQ'RFKHU]RJGLH0DVFKLQHKHUXPGXFNWHVLFKQRFKPHKU LP6DWWHOXQGWDXFKWHXQWHUGHP.ROEHQKLHEKLQZHJ 'HU*lUWQHUKDWWHVHKUYLHO:XFKWLQGHQ6FKODJJHOHJW(U NRQQWHVHLQHQHLJHQHQ6FKZXQJQLFKWPHKUEUHPVHQJHULHWLQV 7DXPHOQXQGNDP]X)DOO 6XNRVDKGLHVVFKHPHQKDIWLP5FNVSLHJHO:DVKLQWHULKPODJ ZDUHJDO,KQLQWHUHVVLHUWHQXUQRFKGHU:DJHQPLWGHP 0lGFKHQXQGGHP8QEHNDQQWHQDP6WHXHU 'HU&KLQHVHGUHKWHDXI8QGMHW]W]HLJWHGLH+DUOH\ZDVLQLKU VWHFNWH'LH%HVFKOHXQLJXQJZDUSKlQRPHQDODEHU6XNRPXWH DXFKUDVFKZLHGHUDEEUHPVHQGHQQHVZDUJHIlKUOLFKDXIGHU UHJHQQDVVHQ)DKUEDKQ]XVFKQHOO]XIDKUHQ:HQQGLH0DVFKLQH DXIGHPVSLHJHOJODWWHQ$VSKDOWLQV6FKOHXGHUQJHULHWZDUVLHQXU PLW.UDIWXQG*OFNZLHGHUXQWHU.RQWUROOH]XEULQJHQ 'HU)ULHGKRIODJLQGHP/RQGRQHU6WDGWWHLO3DGGLQJWRQ$Q GHU|VWOLFKHQ*UHQ]HQLFKWZHLWYRP+\GH3DUNHQWIHUQW'LH

VFKPDOH6WLFKVWUDHIKUWHDXIGLH%D\VZDWHU5RDGGLHLQGLH 2[IRUG6WUHHWEHUJHKW 6XNRKDWWHGHQ(KUJHL]GHQ:DJHQQRFKYRUGHU%D\VZDWHU 5RDGHLQ]XKROHQ$OOHUGLQJVZDUHUMHW]WLQHLQHIDWDOH/DJH JHGUlQJWZRUGHQ'HU8QEHNDQQWHKDWWHLKQJHVHKHQ )ODFKODJGHU&KLQHVHDXIVHLQHP0RWRUUDGERWGHPVFKQHL GHQGHQ)DKUWZLQGVRZHQLJ:LGHUVWDQGZLHP|JOLFK(UKDWWH VHLQH%ULOOHZLHGHUYRUGLH$XJHQJH]RJHQXQGKlWWHVLFKMHW]W 6FKHLEHQZLVFKHUEHUGHPIHVWHQ*ODVJHZQVFKW5HJHQWURSIHQ NODWVFKWHQGDUDXIXQGHUVFKZHUWHQGLH6LFKW 6XNREHUKROWHHLQHQDOWHQ/LHIHUZDJHQ'DV*HIlKUWUXPSHOWH JDQ]DXIGHUOLQNHQ6HLWHGDKLQ(VEUDQQWHQXUHLQ5FNOLFKW'LH 6WUDHZDUVFKOHFKW,Q]DKOUHLFKHQ4XHUULOOHQKDWWHVLFK5HJHQ ZDVVHUJHVDPPHOWVRGDGLH*HIDKUGHV$TXDSODQLQJVEHVWDQG 'RFK6XNRZDUHLQDXVJH]HLFKQHWHU)DKUHU(UZXWHJHQDX ZDQQHUPLWGHU*HVFKZLQGLJNHLWKHUXQWHU]XJHKHQKDWWHXQG ZDQQHUZLHGHUDXIGLH7XEHGUFNHQNRQQWH 8QGGDQQULVNLHUWHHUQRFKHWZDV:lKUHQGGHU)DKUWKROWHHU VHLQ:DONLHWDONLHDXVGHU6HLWHQWDVFKHKLHOWHVGLFKWYRUGLH /LSSHQXQGVFKXIGLH9HUELQGXQJPLWPLU 6XNREHULFKWHWHLQNQDSSHQ6lW]HQ ª9HUGDPPW©K|UWHHUPHLQH6WLPPHª+DVWGXHLQH$KQXQJ ZRKLQVLHIDKUHQ"© ª1HLQQRFKQLFKW© ª%RQG6WUHHW"© ª0|JOLFK© ª2ND\6XNRZHQQGXPHUNVWGDGLH$JHQWXULKU=LHOLVW GDQQVDJHPLU%HVFKHLG,FKIDKUHYRP
(LQH.XUYH /DQJJH]RJHQ6LHVFKLHQEHUKDXSWNHLQ(QGH]XQHKPHQ 6XNRGURVVHOWHGLH*HVFKZLQGLJNHLW8QWHUGHQ5HLIHQGHU 0DVFKLQHVSULW]WHGDV:DVVHUZHJ'LHKHOOH/DQ]HGHV6FKHLQ ZHUIHUVVFKQLWWGXUFKGLH'XQNHOKHLWXQG]HUIDVHUWH]XHLQHP YHUZDVFKHQHQ)OHFNLQPLWWHQGHV5HJHQYRUKDQJV 'DVDK6XNRGHQ:DJHQ (UHQWGHFNWHGLH5FNOLFKWHU'LHUHFKWHFNLJHQURWHQ3XQNWH 'HP&KLQHVHQILHOHLQ6WHLQYRP+HU]HQ(UKDWWHGHQ:DJHQ ZLHGHUJHIXQGHQ 5DVFKUFNWHHUQlKHU'LH5FNOHXFKWHQZXUGHQJU|HU JOKWHQSO|W]OLFKDXI 'HU:DJHQVWRSSWH $XFK6XNREUHPVWHDE =XVSlW 8USO|W]OLFKWDXFKWHGLH7RWHYRULKPDXVGHP5HJHQVFKOHLHU DXI6LHVWDQGPLWWHQDXIGHU6WUDHKDWWHGLH+lQGHDXVJH VWUHFNWDOVZROOWHVLHGLHKHUDQIHJHQGH0DVFKLQHDXIKDOWHQ 6XNREUHPVWHVWlUNHU 'DUXWVFKWHGDV+LQWHUUDGZHJ(VJOLWWDXIGHUQDVVHQ )DKUEDKQ]XU6HLWH9HU]ZHLIHOWYHUVXFKWH6XNRGLH+DUOH\DE]X IDQJHQVLHDXIGHU6WUDH]XKDOWHQ'RFKHLQH4XHUULOOHPDFKWH GLHVHV9RUKDEHQ]XQLFKWH'LHVFKZHUH+DUOH\JOLWW6XNRXQWHU GHP6DWWHOZHJ(UVHOEVWZXUGHYRQGHU0DVFKLQHNDWDSXOWLHUW XQGSUDOOWHDXIGLH6WUDH(UZXWHQLFKWZRREHQXQGXQWHQ ZDUDOVHUYRQGHUXQJHKHXUHQ)OLHKNUDIWZHLWHUEHI|UGHUWZXUGH 'DVDKHUUDVHQGVFKQHOOHLQHQ%DXPVWDPPDXIVLFK]XNRPPHQ 'HU$XISUDOOHUIROJWHEOLW]DUWLJXQGPLWXQJHKHXUHU:XFKW 6XNRVSUWHHLQ5HLHQLQGHU.|USHUPLWWHKDWWHGDV*HIKOLQ ]ZHL7HLOHJHVlJW]XZHUGHQVFKULHXQZLOONUOLFKODXWDXIXQG GDQQYHUVDQNVHLQ%HZXWVHLQLQGHUHQGORVHQ6FKZlU]H 'LH8QWRWHDEHUVWLHJZLHGHULQGHQ:DJHQ6LHOlFKHOWHVRJDU $OVZlUHQLFKWVJHVFKHKHQ

'LH6FKUHLEWLVFKODPSHZDUGLHHLQ]LJH/LFKWTXHOOHLQPHLQHP %UR'UDXHQWURPPHOWHGHU5HJHQJHJHQGLH6FKHLEHQ'LH +HL]XQJZDU]XUFNJHVWXIWZRUGHQRGHUDXFKGHIHNWLFKZXWH HVQLFKW$XIMHGHQ)DOOZXUGHHVNDOWLP=LPPHU ,FKZDUIPLUGDV-DFNHWWEHU0HLQH.UDZDWWHKLQJVRZLHVR VFKRQDXIKDOEDFKWGHU$VFKHQEHFKHUTXROOIDVWEHUXQGLQGHU :DUPKDOWHNDQQHEHIDQGVLFKNHLQ6FKOXFN.DIIHHPHKU $XFKPLUEHKDJWHGHU-REQLFKW(VZDUHLQYHUGDPPWHU0LVW KLHU]XVLW]HQXQGDE]XZDUWHQ'RFKHLQHDQGHUH0|JOLFKNHLW VDKLFKQLFKW,FKPXWHPLFKMHW]WDXI6XNRYHUODVVHQ 8QGGHUKDWWHVLFKODQJH=HLWQLFKWJHPHOGHW9RUPLUODJGDV :DONLHWDONLH,PPHUZLHGHUVWDUUWHLFKGDVJUDXJUQH*HUlWDQ DOVN|QQWHLFKHVK\SQRWLVLHUHQ'RFKHVJDENHLQHQ7RQYRQVLFK 'LH=HLWYHUUDQQ ,FKGDFKWHDQ-DQH&ROOLQV'LH9RUZUIHNDPHQDXWRPDWLVFK +DWWHLFKZLUNOLFKDOOHVJHWDQXPVLH]XUHWWHQ",PPHUZLHGHU VWHOOWHLFKPLUGLHVH)UDJH 0HLQH+DQGIOlFKHQZDUHQIHXFKW=ZHLPDOKDWWH6XSHULQWHQ GHQW3RZHOODQJHUXIHQXQGVLFKQDFKGHP(UPLWWOXQJVVWDQG HUNXQGLJW0HLQH$QWZRUWHQILHOHQQLFKWJHUDGHRSWLPLVWLVFKDXV ,FKKLHOWHVQLFKWPHKUOlQJHUDXV:HQQ6XNRVLFKQLFKWPHO GHWHGDQQZROOWHLFKHVHEHQYHUVXFKHQ(VZDUULVNDQW]XJH JHEHQVFKOLHOLFKZXWHLFKQLFKWLQZHOFKHLQHU6LWXDWLRQVLFK PHLQFKLQHVLVFKHU)UHXQGEHIDQG$EHUGDVODQJH:DUWHQZDU HEHQVRVFKOLPP ,FKVFKDOWHWHGDV*HUlWDXI(PSIDQJXQGPHOGHWHPLFK .HLQH$QWZRUW ª6XNR]XP7HXIHOZDVLVWORV"© 1LFKWV1XU.UDW]HQXQG5DXVFKHQDXVPHLQHPHLJHQHQ 6SUHFKJHUlW0LUZXUGHHVPXOPLJ]XPXWH(LQH*lQVHKDXWOLHI EHUPHLQHQ5FNHQXQGOLHPLFKIU|VWHOQ :HQQ6XNRHWZDVSDVVLHUWZDUZHQQPHLQ3ODQLQGLH+RVH JHJDQJHQZDUXQG-DQH&ROOLQV ,FKGDFKWHJDUQLFKWZHLWHUSDFNWHGDV:DONLHWDONLHHLQXQG VSUDQJDXI

0HLQ3ODQVWDQGVFKRQIL[XQGIHUWLJ,FKZROOWHHVDXIHLJHQH )DXVWYHUVXFKHQXQGLQGLH%RQG6WUHHWIDKUHQ'LHVPDOZUGH LFKPLFKYRQGHP:HLEQLFKWVROHLFKWDEZLPPHOQODVVHQ ,FKZDUVFKRQIDVWDQGHU7UDOVGDV7HOHIRQDQVFKOXJ=ZHL 6HNXQGHQEHUOHJWHLFKRELFKEHUKDXSWDEQHKPHQVROOWHGDQQ VLHJWHGDV3IOLFKWEHZXWVHLQ 3RZHOOIUDJWHZLHGHU)DOOVWDQG(UZDUEHUHLWV]X+DXVH WURW]GHPOLHHUQLFKWORFNHU ª,PPHUQRFKNHLQH6SXUYRQ-DQH&ROOLQV©HUZLGHUWHLFKXQG EUDFKWHHLQHQ$WHP]XJGDQDFKGLHQlFKVWH+LREVERWVFKDIWª-HW]W PHOGHWVLFKDXFK6XNRQLFKWPHKU© 3RZHOOXQWHUGUFNWHQXUVFKZHUHLQHQ)OXFKª,KU3ODQZDU ZRKOQLFKWGHUEHVWHZLH"© 'LFNODJGHU.ORLQPHLQHP0DJHQ,FKK|UWHVHKUGHXWOLFK GHQ9RUZXUIGHULQ3RZHOOV:RUWHQPLWVFKZDQJ $EHU]XP7HXIHOZDVVROOWHLFKGHQQPDFKHQ" ª,FKWXHZDVLFKNDQQ6LU©HUZLGHUWHLFKELVVLJ ª8QGQRFKHLQZHQLJPHKU-RKQ6LHKDEHQYROOH5FNHQ GHFNXQJ1XW]HQ6LH,KUH0|JOLFKNHLWHQ© ª2ND\6LU©,Q6WLFKZRUWHQHUNOlUWHLFKLKPPHLQZHLWHUHV9RU JHKHQ3RZHOOZDUHLQYHUVWDQGHQ 'DQDFKKLHOWPLFKQLFKWVPHKULP%UR,FKKDWWHEHUHLWV]XYLHO =HLWYHUWU|GHOW -HW]WJLQJHV]XU6DFKH $]DULQIXKUZLHGHU7HXIHO(UKRFNWH]XVDPPHQJHNUPPWXQG PLWYHUELVVHQHP*HVLFKWKLQWHUGHP6WHXHUGHV$XVWLQXQG VWDUUWHGXUFKGLHEUHLWH)URQWVFKHLEH 'XUFKGLH]HUVW|UWH6HLWHQVFKHLEHSILIIGHU)DKUWZLQG6FKUlJ SHLWVFKWHGHU5HJHQLQGDV,QQHUHGHV:DJHQV $]DULQZDUVDXHU6LHZDUHQLKPEHUHLWVDXIGHQ)HUVHQ'LHVHU YHUGDPPWH0RWRUUDGIDKUHUGHUMHW]WLP*UDEHQODJZDU EHVWLPPWNHLQ(LQ]HOJlQJHU:HQQHUQRFKHWZDVUHWWHQZROOWH GDQQWDW(LOH1RW

(UKDWWHQRFK0DUJDV:RUWHLP2KUZLHVLHLKPHUNOlUWHGD GHU3ROL]LVWHUJHEQLVORVGDV+DXVYHUODVVHQKDWWH7ULXPSKLHUHQG KDWWH0DUJDJHVSURFKHQ 'HU0DQQMHGRFKVFKLHQNHLQ'XPPNRSI]XVHLQ(UDKQWHGLH =XVDPPHQKlQJHXQGZXWHZRHVODQJJLQJ+lWWHHULKPVRQVW GHQ0RWRUUDGIDKUHUDXIGLH)HUVHQJHVHW]W"2GHUZDUGHU0RWRU UDGIDKUHUPLWGLHVHP6LQFODLULGHQWLVFK" 'HU1DPH6LQFODLUZDUDXFK$]DULQQLFKWXQEHNDQQW(UKDWWH VFKRQHLQLJHVEHUGLHVHQ*HLVWHUMlJHUJHK|UWQXU0DUJDQLFKWV GDYRQJHVDJW(UZROOWHVLHQLFKWEHXQUXKLJHQ :HQQVLHQXUVFKRQDXIGHU,QVHOZlUHQ 'LH8QWRWHKRFNWHQHEHQLKP,KU8QWHUN|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ª:LUIDKUHQJOHLFKZHLWHU©VDJWHHU +DVWLJVFKORHUGLH+DXVWUDXI$]DULQJLQJVRIRUWLQGHQ

.HOOHU'RUWZXUGHHUEHUHLWVXQJHGXOGLJHUZDUWHW0DUJDVWDQG YRUGHUYHUVFKORVVHQHQ7UXQGEOLW]WHLKQZWHQGDQ ª:REOHLEVWGXVRODQJH]XP+HQNHU"©6LHSDIIWHDQHLQHU ILOWHUORVHQ=LJDUHWWH $]DULQEOLHEVFKZHUDWPHQGVWHKHQ ª,FKKDEHMHW]WNHLQH=HLWIUODQJH(UNOlUXQJHQ:LUPVVHQ ZHJ© ª:DV"©'HU)UDXILHOEHLQDKHGLH=LJDUHWWHDXVGHP0XQG ª:DQQGHQQ"© ª-HW]WVRIRUW©$]DULQVFKORGLH7UDXI ª$EHUZDUXP"(VLVWGRFKDOOHVJODWWJHJDQJHQ© %HYRU$]DULQGDV9HUOLHVEHWUDWGUHKWHHUVLFKQRFKHLQPDOXP ª*DUQLFKWVLVWJODWWJHJDQJHQ'XKDVWGLHDQGHUHQXQWHUVFKlW]W 8QGYRUDOOHPGLHVHQ6LQFODLU© ª,FKYHUVWHKHQLFKW,FK© ª%UDXFKVWGXDXFKQLFKWYHUGDPPW© $]DULQEHWUDWGHQ.HOOHUUDXP)UDQFD&RUHOOLXQG.DULQYRQ 5RGHQHFNODJHQLQLKUHQ6lUJHQ6LHULFKWHWHQVLFKVRIRUWDXIDOV $]DULQGHQ5DXPEHWUDW -DQH&ROOLQVODJ]XVDPPHQJHNUPPWDXIGHP%RGHQ'DV ODQJHEORQGH+DDUILHOZLHHLQ9OLHVDXIGLHNDOWHQ.HOOHUVWHLQH 'LH'HWHNWLYLQVFKOLHI(UVFK|SIXQJXQG$QJVWKDWWHQLKUKDUW ]XJHVHW]W $OV$]DULQLQGHQ5DXPSROWHUWHZXUGHVLHZDFK9HUVW|UW VHW]WHVLHVLFKDXI,PHUVWHQ$XJHQEOLFNZXWHVLHQLFKWZRVLH VLFKEHIDQGGRFKUDVFKNHKUWHGLH(ULQQHUXQJ]XUFN ª:LUPVVHQZHJ$XIGHU6WHOOH©KHUUVFKWH$]DULQGLHEHLGHQ 8QWRWHQDQ(UGHXWHWHDXI-DQHª8QGVLHQHKPHQZLUPLW©$OV VLFKGLHEHLGHQ8QWRWHQQLFKWUKUWHQVFKULHHUª/RVZRUDXI ZDUWHWLKUQRFK"3DFNWVLHHQGOLFK© .DULQXQG)UDQFDJHKRUFKWHQ(KH-DQHVLFKYHUVDKXPNUDOOWHQ HLVNDOWH7RWHUNlQGHLKUH2EHUDUPH 'LH'HWHNWLYLQYHUVXFKWHVLFKDXVGHP*ULII]XEHIUHLHQGRFK GLH)LQJHUKLHOWHQVLHHLVHUQIHVW $]DULQZXUGHHV]XEXQW(UVFKOXJ-DQH&ROOLQVLQV*HVLFKW

,KUH8QWHUOLSSHSODW]WHGDEHLDXI(LQGQQHU%OXWIDGHQVLFNHUWH EHULKU.LQQ ª:HJPLWLKU©:HLWUL$]DULQGLH7UDXIª8QGZDUWHWLP )OXUDXIPLFK© ª:DVJHVFKLHKWPLWPLU"©NUHLVFKWH0DUJD $]DULQYHU]RJGDV*HVLFKWª'DUEHUZROOWHLFKMDJHUDGH UHGHQ'XKlOWVWKLHUGLH6WHOOXQJ© ,KU/lFKHOQZDUXQHFKWª1LH'XPDFKVWGLFKDXVGHP6WDXE XQGPLFKOlWGXKLHUDOOHLQ'DVNRPPWJDUQLFKWLQ)UDJH© $]DULQODFKWHKlOLFK(UULHEGHQ'DXPHQXQG=HLJHILQJHU GHUOLQNHQ+DQGJHJHQHLQDQGHUª6RNDQQLFKGLFK]HUTXHW VFKHQ:LHHLQH/DXV'XZHLWZHPGX*HKRUVDPJHVFKZRUHQ KDVW$XHUGHPLVWGHLQH$XIJDEHHEHQVRZLFKWLJZLHGLH PHLQH© ª'DVPXWGXPLUHUNOlUHQ© ª1DWUOLFK©$]DULQZDUIHLQHQ%OLFNGHQ*DQJHQWODQJXQG VDKGLH)UDXHQXPGLH(FNHYHUVFKZLQGHQ(UZDU]XIULHGHQ ª+|U]X0DUJD,FKKDEHQLFKWDOOH0lGFKHQ]XVDPPHQ(LQV IHKOWQRFK© 'LH$XJHQGHU)UDXZXUGHQJURª:HU"© ª&ROHWWH,FKZHLQLFKWZDQQVLHHLQWULIIW$EHULFKNDQQPLFK QLFKWPHKUXPVLHNPPHUQ6LHZLUGLQGLHVHV+DXVNRPPHQ XQGKLHUHUZDUWHVWGXVLH2ND\"© 0DUJDVSLHGLH=LJDUHWWHDXVXQGVSUHL]WHGLH$UPHª$EHUZDV VROOLFKPLWLKUPDFKHQ"© ª.LOOHQ© 0DUJDNUDOOWHLKUHUHFKWH+DQGXPGLH.HKOHª$EHUXQVHU 3ODQ(UOlWVLFKGRFKQLFKWPHKUGXUFKIKUHQ:LUEUDXFKHQ GRFKYLHU0lGFKHQ© ª0LWGLHVHU&ROOLQVVLQGZLUYROO]lKOLJ© ª,QLKUIOLHWDEHUQLFKWGDV%OXWGHU$WODQWHU© ª(VPXDXFKVRJHKHQ,FKZHUGHGLH%HVFKZ|UXQJRKQHGDV YLHUWH0lGFKHQGXUFKIKUHQ© ª'D]XPWHVWGXVLHYRUKHUW|WHQ'HQNDQGLHDOWHQ5LWHQ© ª,FKZHL©(UOlFKHOWHJUDXVDP

ª8QGZLHVROOLFK&ROHWWHXPEULQJHQ"©IUDJWH0DUJDª6LHLVW VWlUNHUDOVLFK6LHZLUGPLUEHUOHJHQVHLQ© ª8QVLQQ©$]DULQZLQNWHDEª9HUEUHQQHVLH=QGHGDVJDQ]H +DXVDQ6WHFNDOOHVLQ%UDQG:LUEUDXFKHQHVQLFKWPHKU,FK IOLHJHPLWGHQDQGHUHQ=XP*OFNVWHKWGLH0DVFKLQHEHUHLW,Q ]HKQ6WXQGHQELQLFKDXIGHU,QVHO© ª.DQQLFKQLFKWQDFKNRPPHQ"©ULHI0DUJD ª1DWUOLFK©$]DULQZDUVFKRQZHJ'DVOHW]WH:RUWULHIHULKU EHUGLH6FKXOWHU]X (LQH0LQXWHVSlWHUVWDQG0DUJDXQEHZHJOLFKDXIGHP)OHFN 'DQQKDWWHVLHLKUH(QWVFKHLGXQJJHWURIIHQ6LHKROWHHLQHQ 6FKOVVHODXVGHU7DVFKHXQGJLQJ]XHLQHUDQGHUHQ.HOOHUWU 0DUJDVFKORDXIPDFKWH/LFKWXQGIDQGZDVVLHVXFKWH =ZHLPLW%HQ]LQJHIOOWH.DQLVWHU 'LHVFKOHSSWHVLHKRFKLQLKUH:RKQXQJ'RUWHQWZLFNHOWHVLH HLQHILHEHUKDIWH7lWLJNHLW6LHO|VWHGLH9HUVFKOVVHGHU.DQLVWHU VWHOOWHHLQHQ]XU6HLWHNOHPPWHVLFKGHQ]ZHLWHQXQWHUGHQ$UP XQGNLSSWHGDV%HQ]LQDXV6LHJLQJPLWGHP.DQLVWHUGXUFKDOOH =LPPHUXQGDOVGHUHUVWHOHHUZDUQDKPVLHGHQ]ZHLWHQ6LH ZROOWHMHW]WDOOHVLQ%UDQGVWHFNHQXQGQLFKWHUVWDXI&ROHWWHGLH YLHUWH8QWRWHZDUWHQ 'DVFKHOOWHHV 0DUJDEHIDQGVLFKLQ$]DULQV%UR6LHVWHOOWHGHQ.DQLVWHU UDVFKDEXQGOLHI]XU7U6LHIUDJWHVLFKZHUXPGLHVH=HLWQRFK HWZDVYRQLKUZROOWH 0DUJD|IIQHWH 9RULKUVWDQG&ROHWWH +($7+52: 'DV6FKLOGGHV/RQGRQHU*URIOXJKDIHQVOHXFKWHWHLQGHU 'XQNHOKHLW(VZDUPHLOHQZHLW]XVHKHQXQGVHLQ$QEOLFNKRE $]DULQV/DXQHXPHLQLJH6WXIHQ 'HU)OXJKDIHQZDUVHLQ=LHO'RUWVWDQGGLH0DVFKLQHEHUHLW $XIJHWDQNWXQGVWDUWNODU

$]DULQKDWWHVLFKGHQ-HWYRUZHQLJHQ0RQDWHQJHNDXIW*HOG VSLHOWHEHLLKPNHLQHJURH5ROOH'DYRQKDWWHHUJHQXJ)ULKQ ZDUMHW]WGDVDQGHUHZLFKWLJ(UZROOWHGLH0DFKWEHUGLH 0HQVFKHQKDEHQZROOWHGDV8QP|JOLFKHYROOEULQJHQ1XUGHV KDOEKDWWHHUVLFKGHP6FKZDU]HQ7RGDQJHVFKORVVHQ -DQH&ROOLQVVDLP)RQGGHV:DJHQV'LHEHLGHQ8QWRWHQ KDWWHQVLH]ZLVFKHQVLFKJHQRPPHQ,PPHUZHQQGHU:DJHQ VFKOLQJHUWHZXUGHQGLHNDOWHQWRWHQVWDUUHQ.|USHUJHJHQVLH JHGUFNW .HLQHGHU:LHGHUJlQJHULQQHQVSUDFKHLQ:RUW6WDUUEOLFNWHQ VLHJHUDGHDXV'XUFKGLH]HUVW|UWH6FKHLEHSILII-DQHGHU )DKUWZLQGLQV*HVLFKWXQGOLHLKUH+DDUHIODWWHUQ 'LH'HWHNWLYLQZXWHGDQLFKWDOOHVQDFK3ODQJHODXIHQZDU 6D-RKQ6LQFODLUGLHVHQYHUGDPPWHQ9HUEUHFKHUQYLHOOHLFKW VFKRQGLFKWDXIGHQ)HUVHQ" -DQH&ROOLQVKRIIWHHVVHKU'RFKVLHPDFKWHVLFKNHLQH,OOX VLRQHQ$]DULQXQGVHLQHQXQWRWHQ0lGFKHQZDUGLH)OXFKW JHOXQJHQ1LHZUGH-RKQDXIGHQ*HGDQNHQNRPPHQGDVLH LQ5LFKWXQJ)OXJKDIHQJHIDKUHQZDUHQ $]DULQERJQDFKOLQNVDE(UQDKPGLH6WUDHGLH]XGHP7HLO GHV$LUSRUWVIKUWHDXIGHPGLH3ULYDWPDVFKLQHQVWDQGHQ 5HFKWVXQGOLQNVGHU6WUDHZDUGDV*HOlQGHHEHQ'LH/LFKWHU GHV7RZHUVJOKWHQLQGHU'XQNHOKHLW(VUHJQHWHQLFKWPHKU'HU :LQGKDWWHGLH6WUDH]XP*URWHLOJHWURFNQHW ,UJHQGZDQQVWRSSWHQVLHYRUHLQHP0DVFKHQGUDKWWRU$XV HLQHPEDUDFNHQlKQOLFKHQ)ODFKEDXWUDWHLQ8QLIRUPLHUWHUXQG EOLHEYRUGHP7RUVWHKHQ $]DULQVWLHJDXV(U]HLJWHVHLQH3DSLHUH 'HU8QLIRUPLHUWH|IIQHWHGDV7RUXQGGHU:DJHQNRQQWH SDVVLHUHQ $]DULQOHQNWHLKQDXIHLQHQ3DUNSODW]ZRVFKRQDQGHUH 3ULYDWZDJHQVWDQGHQ'DQQOLHHUGLH0lGFKHQDXVVWHLJHQ 6HLQH0DVFKLQHVWDQGQLFKWLP+DQJDU'DUDXIKDWWH$]DULQ EHVWDQGHQ=ZHL0lQQHUIXKUHQHLQH*DQJZD\KHUDQ(LQGULWWHU NRQWUROOLHUWHQRFKPDOVGLH3DSLHUHGHV-HW%HVLW]HUV

ª$OOHVNODU0U$]DULQ6LHN|QQHQXP6WDUWHUODXEQLVELWWHQ 8QGJXWHQ)OXJZQVFKHLFK,KQHQ+RIIHQWOLFKODFKW,KQHQDP =LHORUWGLH6RQQH© $]DULQODFKWHª:RUDXI6LHVLFKYHUODVVHQN|QQHQ© $XVGHU$QWZRUWVFKOR-DQHGDHVLQ5LFKWXQJ6GHQJLQJ 1DWUOLFKKDWWHVLHDQ)OXFKWJHGDFKWKDWWHDXFKPLWGHP9RUVDW] JHVSLHOW]XVFKUHLHQ'RFKGHU:XQVFKEOLHE9DWHUGHV*H GDQNHQV:DV-DQHGDYRQDEKLHOWZDUGLH0HVVHUVSLW]HGLH LKU)UDQFDXQDXIIlOOLJJHJHQGHQ5FNHQSUHVVWH8QGJHQDXGRUW ZRGDV+HU]VD 'DOLH-DQHHVOLHEHUEOHLEHQ 6LHVWLHJHQLQGLH0DVFKLQH'HU3DVVDJLHUUDXPZDUQLFKWVHKU JUR8QJHIlKU]HKQ)OXJJlVWHKDWWHQGDULQ3ODW])UGLH)UDXHQ UHLFKWHHUDOOHPDO -DQH&ROOLQVZXUGHYRQ)UDQFDIDFKPlQQLVFKDQJHVFKQDOOW'LH 'HWHNWLYLQNRQQWHQLFKWZLVVHQGDGLHVFKZDU]KDDULJH ,WDOLHQHULQIUKHUDOV6WHZDUGHJHDUEHLWHWKDWWH 6LHK|UWHZLH$]DULQPLWGHP7RZHUVSUDFK'DQQVWDUWHWHHU GLH7ULHEZHUNH 'LH=HLWYHUUDQQ -DQHEOLFNWHDXIGDV5ROOIHOG,QLKUHQ$XJHQVFKLPPHUWHHV IHXFKW6RZLHGLH7UlQHQLKUH:DQJHQHQWODQJOLHIHQVR]HUUDQQ GLH+RIIQXQJDXIHLQH5HWWXQJ )QI]HKQ0LQXWHQVSlWHUEHIDQGVLFKGLH0DVFKLQHLQGHU/XIW 5LFKWXQJ6GHQ =LHO*ULHFKHQODQG ª$GLHX/RQGRQ©IOVWHUWH-DQH&ROOLQV8QGGDQQª$GLHX -RKQ6LQFODLU© 'LUHNWYRUGHP+DXVIDQGLFKNHLQHQ3DUNSODW],FKPXWHVFKRQ ]XUFNIDKUHQIDQGQDFKXQJHIlKU]ZDQ]LJ
0LWWHUQDFKWZDUQLFKWVPHKUYRQGHU+HNWLNGHV7DJHV]X VSUHQ1LFKWHLQPDOGLHXQHUPGOLFKHQ7RXULVWHQXQG6FKDX IHQVWHUJXFNHUZDUHQQRFKXQWHUZHJV ,FKOLHGHQ0DQWHOLP:DJHQGDHVDXIJHK|UWKDWWH]XUHJQHQ 5DVFKJLQJLFK]XGHU$JHQWXU]XUFN,FKNDPDQHLQHP :lVFKHJHVFKlIWYRUEHLSDVVLHUWHHLQHQ+HUUHQDXVVWDWWHUXQG GDQQO|VWHQVLFK]ZHL7\SHQDXVHLQHU+DXVQLVFKHGLHPLUJDU QLFKWJHILHOHQ ,FKLKQHQZRKODXFKQLFKW%UHLWEHLQLJEDXWHQVLHVLFKDXIGHP %UJHUVWHLJDXI/HGHUMDFNHQ-HDQVHQJZLH5|KUHQ76KLUWV )DVWHLQH%HUXIVNOHLGXQJ'DV*ULQVHQGHU.HUOHZLUNWHKHUDXV IRUGHUQG ,FKZROOWHVLHQLFKWQRFKPHKUSURYR]LHUHQOlFKHOWHJLQJDXI GLH6WUDHXQGVFKOXJVRHLQHQ%RJHQXPGLHEHLGHQ 6LHZDUHQHUVWEHUUDVFKW'DQQK|UWHLFKHLQH6WLPPH'LH :RUWHNODQJHQZLH!IHLJH6DXRGHUVRlKQOLFK 'DIUVDJWHGHUDQGHUHHWZDVGDVLFKJHQDXYHUVWDQGª'HQ ]LHKHQZLUPLWGHU6FKQDX]HEHUGDV3IODVWHU© ,FKK|UWHKLQWHUPLUGLH6FKULWWH'LH0XJJHUWUXJHQ1lJHO XQWHUGHQ$EVlW]HQ6LHZUGHQPLFKLQLUJHQGHLQHQ+DXVHLQ JDQJ]LHKHQ]XVDPPHQVFKODJHQXQGEHUDXEHQ ,FKOLHVLHNRPPHQRULHQWLHUWHPLFKDP*HUlXVFKLKUHU 6FKULWWH'DQQNUHLVHOWHLFKKHUXP]RJPHLQH%HUHWWDQRFKLQGHU %HZHJXQJXQGOLHGLH.HUOHLQGLH0QGXQJEOLFNHQ 'LH0XJJHUVWRSSWHQZLHYRUHLQHU:DQG6LHKDWWHQ6FKODJ ULQJHEHULKUHUHFKWHQ)lXVWHJHVWUHLIW,FKVDKGDV0HWDOOLP /LFKWGHU6WUDHQEHOHXFKWXQJEOLW]HQ 'DQQ]RJLFKPLWGHUOLQNHQ+DQGPHLQHQ$XVZHLV6LH VWDQGHQVRQDKGDVLHGLH%XFKVWDEHQHQW]LIIHUQNRQQWHQ 9LHOOHLFKWKDWWHQVLHVFKRQGHV|IWHUHQVROFKHDPWOLFKHQ 3DSLHUHJHVHKHQ ª+DXWDE©VDJWHLFKª+DXWMDDE:HQQLKUPLUQRFKHLQPDO YRUGLH$XJHQNRPPWORFKHLFKHXFKHLQ© 6LHVDKHQVLFKDQPDFKWHQDXIGHQ$EVlW]HQNHKUWXQGUDQQWHQ GDQQKDVWLJGDYRQ

,FKVWHFNWHGLH:DIIHZLHGHUZHJ0LUIHKOWHOHLGHUGLH=HLW VRQVWKlWWHLFKGLH.HUOH]XPQlFKVWHQ5HYLHUJHVFKOHSSW'RFK PHLQ)DOOZDUYRUUDQJLJ'DJLQJHVXPPHKU ,FKIDQGGLH+DXVWURIIHQ,QGHU$JHQWXUVFKLHQZRKOQLH PDQGPLWHLQHUHUQVWKDIWHQ*HIDKU]XUHFKQHQ,P+DXVVHOEVW ZDUHVVWLOO,FKNQLSVWHGDV)OXUOLFKWDQKXVFKWHDXI=HKHQ VSLW]HQGLH7UHSSHQKRFKXQGVWDQGYRUGHU*ODVWU ,QPHLQHU7DVFKHNQLVWHUWHHLQEHUHLWVXQWHUVFKULHEHQHU+DXV VXFKXQJVEHIHKO'DPLWKDWWHLFKHLQHUHFKWOLFKH+DQGKDEHLQGLH :RKQXQJHLQ]XGULQJHQ ,FKNOLQJHOWH hEHUUDVFKHQGVFKQHOOK|UWHLFK6FKULWWH:DKUVFKHLQOLFKKDWWH GLH)UDXQRFKQLFKWLP%HWWJHOHJHQ 5XFNDUWLJZXUGHGLH7UDXIJHULVVHQ,PQlFKVWHQ0RPHQW VWDUUWHQ0DUJDXQGLFKXQVDQ ,KUURWJHVFKPLQNWHU0XQGYHU]RJVLFK ª6LH"©]LVFKWHGLH)UDXXQGZROOWHGLH7U]XVFKPHWWHUQ %OLW]VFKQHOOVWHOOWHLFKPHLQHQ)XGD]ZLVFKHQ 'LH7UNQDOOWHJHJHQGDV+LQGHUQLVZXUGH]XUFNJHSUHOOW XQGGHU)UDXDXVGHU+DQGJHULVVHQ ª6RQLFKW0DGDP©VDJWHLFKXQGEHWUDWGLH:RKQXQJ,FK GUFNWH0DUJD]XU6HLWH6LHEHJDQQ]X]HWHUQOLHIDQPLUYRUEHL EOLHEVWHKHQXQGEUHLWHWHGLH$UPHDXV ª.HLQHQ6FKULWWZHLWHU©NHLIWHVLH ,FKEOLHEVWHKHQ 6FKRQEHLP(LQWUHWHQZDUPLUGHUSHQHWUDQWH%HQ]LQJHUXFK DXIJHIDOOHQGHUVLFKVFKZHUDXIGLH$WHPZHJHOHJWH (LQVFKUHFNOLFKHU9HUGDFKWNHLPWHLQPLUKRFK ª+DEHQ6LH%HQ]LQYHUVFKWWHW"©IUDJWHLFKª:ROOHQ6LH,KUH :RKQXQJDQ]QGHQ"© 0DUJDODFKWHVFKULOOª,GHHQKDEHQ6LH%XOOH:DVZROOHQ6LH EHUKDXSW"© ª,FKVXFKH-DQH&ROOLQV© ª6LHLVWQLFKWKLHU©'LH)UDXEHJOHLWHWHGLH$QWZRUWPLWHLQHP WULXPSKLHUHQGHQ/DFKHQ

ª$EHUVLHZDUKLHU©VFKORLFKDXVLKUHU5HDNWLRQ ª0DFKHQ6LHGD6LHUDXVNRPPHQ© ,FKVFKWWHOWHGHQ.RSIª'HU'XUFKVXFKXQJVEHIHKOVWHFNWLQ PHLQHUOLQNHQ7DVFKH©HUZLGHUWHLFKª,FKGULQJHKLHUDOVRQLFKW XQJHVHW]OLFKHLQ'LHVH:RKQXQJZLUGYRQPLUGXUFKVXFKWHJDO REHV,KQHQSDWRGHUQLFKW© 6LHEHUOHJWH'DQQVDJWHVLHª)LQGHQZHUGHQ6LHQLFKWV© ª'DVODVVHQ6LHPDOPHLQH6RUJHVHLQ©,FKGUHKWHPLFK]XU 6HLWHXQGJLQJDXIHLQH7U]X'DVDKLFKLP+LQWHUJUXQGGHV )OXUVHLQH%HZHJXQJ'LHOHW]WH7UDP(QGHGHV*DQJHVZXUGH JH|IIQHW(LQH)UDXWUDWDXVGHPGDKLQWHUOLHJHQGHQ=LPPHU 1HLQHLQ0lGFKHQ (VWUXJHLQZDGHQODQJHVGXQNOHV.OHLGKDWWHEUDXQHV+DDU XQGVHOEVWDXIGLHVH(QWIHUQXQJKLQVDKLFKGLH%OlVVHLKUHV *HVLFKWV 0DUJDPHUNWHZDVKLQWHULKUHP5FNHQJHVFKDK6LHKDWWH ZRKOPHLQHQPLWUDXLVFKHQ%OLFNJHVHKHQ6LHGUHKWHVLFKXP ª&ROHWWH©VFKULHVLHª:DVZLOOVWGX",FKKDEHGLUGRFKJHVDJW GDGX© ,FKJLQJDQ0DUJDYRUEHLJHQDXDXIGLHVH&ROHWWH]X 6LHEOLHEVWHKHQ 8QGGDQQK|UWHLFK0DUJDKLQWHUPLUNHLIHQª.LOOLKQ&ROHWWH .LOOGLHVHQYHUGDPPWHQ%DVWDUG© 6XNRK|UWH6WLPPHQ)UHPGH6WLPPHQ(UWDXFKWHDXIZLHDXV HLQHPWLHIHQ6FKZLPPEHFNHQ/DQJVDPZXUGHHVKHOOHUGLH 6WLPPHQODXWHUXQGGDQQ|IIQHWH6XNRGLH$XJHQ ª%OHLEHQ6LHUXKLJOLHJHQ0LVWHU©YHUQDKPHUHLQH6WLPPH ª$FKYHUGDPPW©NQXUUWH6XNR(UGUHKWHHLQZHQLJGHQ.RSI $XWRVFKHLQZHUIHUEOHQGHWHQLKQ6LHJHK|UWHQ]XHLQHP $PEXODQ]ZDJHQGHUVFKUlJDXIGHU6WUDHVWDQG 6XNRVDKDXFKVHLQH0DVFKLQH6LHVFKLHQGHQ8QIDOOJXWEHU VWDQGHQ]XKDEHQ:HQLJVWHQVNRQQWHHULPHUVWHQ$XJHQEOLFN NHLQH%HVFKlGLJXQJHQIHVWVWHOOHQ

ª9HUGDPPWHV*OFNKDEHQ6LHJHKDEW©VDJWHHLQHHWZDV UDXKNOLQJHQGH0lQQHUVWLPPHª:HQQ,KU+HOPQLFKWJH ZHVHQZlUH© (LQ*HVLFKWEHXJWHVLFKEHULKQ0DQKDWWH6XNRGHQ+HOP DEJHQRPPHQ-HPDQGWXSIWHLKPPLW:DWWH%OXWYRQGHU:DQJH ,QVHLQHP6FKlGHOVSUWH6XNRHLQHQGXPSIHQ6FKPHU]'HU .RSIZDUVFKRQYHUDU]WHWZRUGHQ'HU9HUEDQGOHXFKWHWHZHLLQ GHU'XQNHOKHLW 8QLIRUPLHUWHXPVWDQGHQLKQ(LQ6HUJHDQWVWHOOWHGLHHUVWHQ )UDJHQZROOWHZLVVHQZLHGHU8QIDOOSDVVLHUWZDU 6XNRYHU]RJGDV*HVLFKWª6LHVHKHQMDGLHUHJHQQDVVH6WUDH ,FKELQZRKO]XVFKQHOOJHIDKUHQ© 'HU6HUJHDQW]RJGLH1DVHKRFKª,FKZHLQLFKW©PXUPHOWHHU ª6LHVHKHQZLHHLQYHUQQIWLJHU0HQVFKDXV'DZDUEHVWLPPW QRFKHWZDVDQGHUHVPLWLP6SLHO© ª4XDWVFK©6XNRVWHPPWHVLFKKRFK,QVHLQHP.RSIEHJDQQ HV]XNUHLVHQ6FKZLQGHOHUIDWHLKQ=ZHL3ROL]LVWHQPXWHQ LKQVWW]HQ ª:LUEULQJHQ6LHLQV.UDQNHQKDXV©VDJWHGHU$U]Wª'RUW N|QQHQ6LHVLFKDXVNXULHUHQ© 6XNRODFKWHJDOOHQELWWHUª9RQZHJHQ.UDQNHQKDXV,FKPX ]X6FRWODQG
HLQKXQGHUWDFKW]LJ*UDGVRGDLFKDXFK0DUJDLP%OLFNIHOG KDWWH'DQQVSUDFKLFKVLHDQ ª:DVLVW&ROHWWH"$XIZHQZDUWHVWGXKLHU":DUXPELVWGX JHNRPPHQ"8QGZRZROOWLKUKLQ"© ª'LH,QVHO©KDXFKWHVLHª:LUVXFKHQGLH,QVHOGRUWQXUGRUW N|QQHQZLUGLH6HOLJNHLWHPSIDQJHQ© 6LHVSUDFKYRQHLQHU,QVHO"9RQZHOFKHU"(WZD$WODQWLV"'HU .RQWLQHQWZDUMDHLQH,QVHO$EHUHUZDUYHUVXQNHQ9RU7DXVHQ GHQYRQ-DKUHQZHQQGLH+\SRWKHVHQVWLPPWHQ6ROOWHQVLHVLFK DXIHLQHPLP0HHUYHUVXQNHQHQ.RQWLQHQWHLQILQGHQ" =XXQZDKUVFKHLQOLFKHUVFKLHQPLUGLH7KHRULH$OOHUGLQJVKDWWH LFKHVJHOHUQWGDV:RUWXQZDKUVFKHLQOLFKDXVPHLQHP:RUW VFKDW]]XVWUHLFKHQ=XYLHOZDUPLUEHUHLWVEHJHJQHW ª:HUVROOHXFK]XGLHVHU,QVHOEULQJHQ&ROHWWH",VWHV$]DULQ" ,VWHUHXHU+HUU"2GHUGHU6FKZDU]H7RG"© ª$]DULQ©DQWZRUWHWHVLHPLWWRQORVHU6WLPPHª-D$]DULQ'HU 6FKZDU]H7RGQLFKW(U©,KU*HVLFKWYHU]HUUWHVLFKSO|W]OLFK ,FKEOLFNWHLQLKUH$XJHQXQGVDKHVGDULQSO|W]OLFKDXIOHXFKWHQ 9RUKHUZDUHQVLHVWDUUJHZHVHQ 6LHVWLHHLQJHIlKUOLFKHV.QXUUHQDXV7LHILQGHQ3XSLOOHQ VFKlFKWHQEHJDQQHV]XIOLPPHUQ(VZDUHLQNDOWHV)HXHUYHU ]HKUHQGXQGYRQHLQHUE|VHQ0DFKWJHVSHLVW ª'HU6FKZDU]H7RG(UKDWHVDXIGHP*HZLVVHQ(UKDWGHQ 8QWHUJDQJJHI|UGHUW(UZLOO©6LHEUDFKDE ª&ROHWWH©VFKULH0DUJDª.HLQ:RUWPHKU7|WHLKQHQGOLFK 7|WHLKQ6RQVWEULQJWHUGLFKXP© %UHLWEHLQLJVWDQGVLHLP)OXUXQGKDWWHGLH+lQGHJHEDOOW7ULHE GLH8QWRWHPLWKDHUIOOWHU6WLPPHDQPLFK]XW|WHQ &ROHWWHJHKRUFKWH3O|W]OLFKULEHLLKULUJHQGHLQ)DGHQ6LH VDKLQPHLQHU3HUVRQLKUHQ)HLQG(LQHQ)HLQGGHQVLHYHU QLFKWHQPXWH ,PQlFKVWHQ$XJHQEOLFNVFKRVVHQLKUHODQ]HQVSLW]HQ)LQJHU QlJHODXIPHLQ*HVLFKW]X'LH)LQJHUZDUHQJHNUPPW'LH 1lJHOZUGHQPLUGLH+DXWYRQGHQ.QRFKHQUHLHQZHQQ VLHWUDIHQ

,FKGXFNWHPLFK 'LH+lQGHYHUIHKOWHQPHLQ*HVLFKWZKOWHQLQPHLQHP+DDU NODPPHUWHQVLFKIHVW ,FKVFKULHYRU6FKPHU]DXI,QPHLQHQ6FKUHLPLVFKWHVLFK 0DUJDVK|KQLVFKHV*HOlFKWHU'LH8QWRWHEHVDJHQXJ.UDIW PLFKLQGLH.QLH]X]ZLQJHQ$EHUQRFKKDWWHLFKEHLGH+lQGH IUHL,FKOHJWHVLHDQHLQDQGHUVWLHVLH]ZLVFKHQGHQ$UPHQGHU 8QWRWHQKLQGXUFKXQGVSUHQJWHGHQ*ULII &ROHWWHOLHORV%ORQGH+DDUEVFKHONOHEWHQ]ZLVFKHQLKUHQ )LQJHUQ6LHVHOEVWWDXPHOWH]XUFN ,FKVSUDQJVLHDQ(VJHODQJPLULKUHQ$UP]XSDFNHQXQGLKQ KHUXP]XGUHKHQ,FKPDFKWHHVKDUWVHKUKDUWGRFKNHLQ/DXWGHV 6FKPHU]HVGUDQJDXVLKUHP0XQG 6LHIKOWHQLFKWPHKUZLHHLQ0HQVFK 0LWGHUUHFKWHQ+DQG]RJLFKPHLQH%HUHWWDGUFNWHLKUGLH 0QGXQJJHJHQGHQ1DFNHQ ª'LHVH3LVWROHLVWPLW6LOEHUNXJHOQJHODGHQ©IOVWHUWHLFKGLFKW DQLKUHP2KUª:HQQGXQLFKWWXVWZDVLFKGLUVDJHGUFNHLFK DE9HUVWDQGHQ"© 6LHUKUWHVLFKQLFKW'DIUJULII0DUJDZLHGHUHLQ6LHZDU ZHLWDXVJHIlKUOLFKHUDOV&ROHWWH'DVEHZLHVVLHLQGHQQlFKVWHQ 6HNXQGHQ 6LHVSUDQJSO|W]OLFKYRUHUUHLFKWHHLQHGHU7UHQGUFNWHVLH DXIXQGZDUEOLW]VFKQHOOLQGHPGDKLQWHUOLHJHQGHQ5DXPYHU VFKZXQGHQQRFKHKHHVPLUJHODQJHWZDVGDJHJHQ]XXQWHU QHKPHQ ª=XU+|OOHVFKLFNHLFKHXFK©EUOOWHGLH)UDXª=XU+|OOH© 'DSDFNWHPLFKGLH$QJVW,FKZXWHZDVVLHYRUKDWWH'LH :RKQXQJZDUPLW%HQ]LQJHWUlQNW0DUJDEUDXFKWHQXUHLQ =QGKRO]DQ]XVWHFNHQ'DV)HXHUZUGHVLFKEOLW]VFKQHOODXV EUHLWHQXQGGLH%HQ]LQGlPSIHH[SORGLHUHQ ,FKOLHGLH8QWRWHORV6LHKDWWHGDPLWQLFKWJHUHFKQHWXQGILHO ]X%RGHQ %OLW]VFKQHOOMDJWHLFK0DUJDQDFKIORJI|UPOLFKLQGDV=LPPHU KLQHLQJHULHWLQV7DXPHOQNRQQWHPLFKDEHUZLHGHUIDQJHQ

6LHKDWWHGLH=QGK|O]HUVFKRQLQGHU+DQG,QGHU/LQNHQKLHOW VLHGDVKDOEDXIJHVFKREHQH.lVWFKHQLQGHU5HFKWHQHLQ 6WUHLFKKRO]6LHEUDXFKWHHVQXUQRFKPLWGHP.RSIEHUGLH 5HLEIOlFKH]XVFKDEHQ ª1HLQQLFKW©EUOOWHLFK 6LHODFKWHQXU ,FKIORJDXIVLH]X6HOWHQLQPHLQHP/HEHQZDUPLUVROFKHLQ JHZDOWLJHU6SUXQJJHOXQJHQ(KHGHU6WUHLFKKRO]NRSIGLH5HLE IOlFKHEHUKUWHSUDOOWHLFKJHJHQGLH)UDX*HPHLQVDPILHOHQZLU ]X%RGHQ 0DUJDZDUZLHYRQ6LQQHQ6LHVFKULHELXQGNUDW]WH,KUH +lQGHZDUHQEHUDOO1lJHOULVVHQEHUGLH+DXWPHLQHU+DQG JHOHQNH]RJHQWLHIH)XUFKHQ'DV.lVWFKHQPLWGHQ=QGK|O]HUQ ODJDXIGHP%RGHQ(VZDUXPJHNLSSW'LH6WUHLFKK|O]HUODJHQ PDOHULVFKYHUVWUHXW ª/DPLFKORVGXGUHFNLJHU%XOOH©NHXFKWHVLHª/DPLFKORV YHUGDPPW© ,FKVFKOHXGHUWHVLHKHUXP6FKUHLHQGILHOVLHJHJHQHLQHQ:DQG VFKUDQN'HU*HUXFKGHVPLW%HQ]LQJHWUlQNWHQ7HSSLFKVVWLHJ PLULQGLH1DVH 0LUZXUGHEHO :HQQLFKHVQLFKWVFKDIIWHGLH)XULHDXI]XKDOWHQGDQQYHU EUDQQWHLFKPLW,FKPXWH0DUJDHLQIDFKEHZXWORVVFKODJHQ 6LHZDUVFKRQZLHGHUDXIGHQ%HLQHQXPNUHLVWHPLFK9HU]HUUW ZDULKU*HVLFKW6LHKDWWHGLH=lKQHJHIOHWVFKWZLUNWHZLHHLQ VSUXQJEHUHLWHU:ROI ª'XNRPPVWKLHUQLFKWUDXV%XOOH:LUVLQGVWlUNHU'XZLUVW YHUQLFKWHW'DV)HXHUZLUGGLFKIUHVVHQ©6LHODFKWHLUU5DVFK EUDFKWHVLHHLQHQUXQGHQ7LVFK]ZLVFKHQXQV ,FKKLHOWGLH3LVWROHLQGHUUHFKWHQ+DQG'LH0QGXQJ]HLFK QHWHMHGH%HZHJXQJGHU)UDXQDFK ª:LOOVWGXPLFKHUVFKLHHQ"©VFKULOOWHVLHª'DPLWUHWWHVWGX DXFKQLFKWV'XNRPPVWJHJHQXQVQLFKWDQ-DJLEHVLKP &ROHWWH© ,FKKHFKWHWH]XU6HLWH*HUDGHQRFKUHFKW]HLWLJ'HUVFKZHUH

.HU]HQOHXFKWHUYHUIHKOWHPLFKXP+DDUHVEUHLWH&ROHWWHGLH 8QWRWHKLHOWLKQLQGHUUHFKWHQ+DQG 9RPHLJHQHQ6FKZXQJZXUGHVLHQDFKYRUQJHZRUIHQ$XVGHU 'UHKXQJKHUDXVVFKPHWWHUWHLFKLKUGHQDQJHZLQNHOWHQ(OOERJHQ JHJHQGHQ.|USHU 6LHILHOJHJHQHLQHQ6WXKOVWROSHUWHGDUEHUXQGSUDOOWH]X %RGHQ 6FKUHLHQGUROOWHVLHVLFKVRIRUWKHUXPJHULHWLQGLH1lKHGHU =QGK|O]HUXQGEHNDPVLH]XIDVVHQ ,FKVDKHVXQGHUNDQQWHGDLFKNDXPQRFKHLQH&KDQFHKDWWH GDV5DGGHV6FKLFNVDOVKHUXP]XGUHKHQ:DVLQGHQQlFKVWHQ 6HNXQGHQJHVFKDK]lKOWH]XGHQVFKUHFNOLFKVWHQ(UHLJQLVVHQLQ PHLQHPZDKUKDIWQLFKWJHUDGHODQJZHLOLJHQ/HEHQ 9RQYRUQHKHUJULIIPLFK0DUJDDQ,FKNRQQWHPLFKQLFKWPLW EHLGHQ)UDXHQJOHLFK]HLWLJDQOHJHQPXWHDEHUHLQH.DWDVWURSKH YHUKLQGHUQ,FKZLUEHOWHKHUXPXQGVFKR 'LH.XJHOWUDIGLH8QWRWHEHYRUVLHHLQ=QGKRO]DQUHLHQ NRQQWH'DVJHZHLKWH6LOEHUGUDQJLKUPLWWHQLQGLH%UXVW *HOOHQGVFKULHVLHDXI ,PVHOEHQ0RPHQWJDEHVHLQHQ.QDOOHLQH6WLFKIODPPHSXIIWH YRP%RGHQKRFKLFKK|UWHHLQHQP|UGHULVFKHQ6FKUHLXQGGDQQ ZDUGLH+|OOHORV 1LFKWGDV6WUHLFKKRO]KDWWHGDV%HQ]LQ]XU([SORVLRQJHEUDFKW VRQGHUQGDV0QGXQJVIHXHUDXVPHLQHU%HUHWWD,FKKlWWHGDUDQ GHQNHQPVVHQ-HW]WZDUHV]XVSlW ,P1XZDUGDV=LPPHULQHLQH)ODPPHQZDQGJHKOOW'DV )HXHUEUHLWHWHVLFKLQ6HNXQGHQVFKQHOOHDXV]QJHOWHGHU6SXU GHVYHUODXIHQHQ%HQ]LQVQDFKIHJWHQDFKGUDXHQLQGHQ)OXU OHFNWHDQGHQ:lQGHQKRFKXQGVWHFNWHGLH7DSHWHQLQ%UDQG 'LH8QWRWHJOLFKHLQHUORGHUQGHQ)DFNHO:lKUHQGLFKGXUFK =XUFNZHLFKHQGHPDXISXIIHQGHQ%UDQGHQWJDQJHQZDUZXUGH &ROHWWHYRQGHQ)ODPPHQYROOHUIDW ,P+HUXPZHUIHQEHNDPLFK0DUJD]XSDFNHQULVLHHLQIDFK PLWDXIGLH7U]X ª1HLQ©EUOOWHVLHª,FKZLOOQLFKW©

6LHVWHPPWHVLFKJHJHQPHLQHQ*ULIIZROOWHVLFKLQGDV)HXHU ZHUIHQ,FKVFKOXJLKULQV*HVLFKW ,KU6FKUHLHQEUDFKDE ,PVHOEHQ$XJHQEOLFN]HUSODW]WHGXUFKGLH+LW]HGLHHLQ]LJH )HQVWHUVFKHLEHGHV=LPPHUV)ULVFKHU:LQGIHJWHLQGHQ5DXP HQWIDFKWHGDV)HXHUYRQQHXHPXQGVFKOHXGHUWHPLUHLQH*OXW K|OOHHQWJHJHQ0HLQH+DXWVFKLHQEHUHLWV]XNRFKHQXQG%ODVHQ ]XZHUIHQ'LH+DDUHZXUGHQDQJHVHQJW,FKNHXFKWHXQG KXVWHWH5DXFKIOOWHPHLQH$WHPZHJH,FKNULHJWHNDXPQRFK /XIW0HLQH.OHLGXQJVFKZHOWH:HQLJH6HNXQGHQVSlWHUZUGH DXFKVLHLQ)ODPPHQVWHKHQ :LUPXWHQKLHUUDXV=|JHUWHQZLUEHGHXWHWHGDVXQVHUHQ 7RG,FKVSUDQJEHUGLHYHUEUDQQWH8QWRWHKLQZHJ]RJGLH WREHQGH0DUJDKLQWHUPLUKHUHUUHLFKWHGHQ.RUULGRUXQGVWDQG HLQHUHLQ]LJHQJXWKHLHQ+|OOHJHJHQEHU :DUGDVGDV(QGH" 0DUJD]HUUWHDQPHLQHUUHFKWHQ+DQG6LHZROOWHPLFK ]XUFNUHLHQ ,FKJDEQLFKWDXIDNWLYLHUWHPHLQHQ/HEHQVZLOOHQ,FKPXWH GXUFKGLHVHVORGHUQGH)ODPPHQPHHUHJDOZDVJHVFKDK $WPHQNRQQWHLFKVFKRQOlQJVWQLFKWPHKU'HU*OXWKDXFK KlWWHPLUGLH/XQJHQYHUVHQJW 'DQQULVNLHUWHLFKHV ,FKVSUDQJPLW0DUJDLQGHQ)OXUKLQHLQSUDOOWHYRUGLH JHJHQEHUOLHJHQGH:DQGZXUGHYRQWDQ]HQGHQ)ODPPHQHUIDW XQGVFKULHDXI $XFK0DUJDEUOOWHKLQWHUPLU,FKNRQQWHPLFKQLFKWZHLWHU XPVLHNPPHUQULVLHPLWIRUW 'LHYHUGDPPWHQ)ODPPHQJULIIHQQDFKPLUOHFNWHQPLWODQ JHQJLHULJHQ=XQJHQEHUPHLQH.OHLGXQJJOLWWHQDQPLUKRFK ZROOWHQPLFKHUIDVVHQXQGYHUQLFKWHQ ,FKNlPSIWH6FKULHZLHHLQ:DKQVLQQLJHUEHNDPNHLQH/XIW PHKU0HLQH/XQJHQGURKWHQ]X]HUSODW]HQ$XIHLQPDOZDUGLH $QJVWGDGDLFKHVQLFKWVFKDIIHQNRQQWH (VZDUGLH+|OOH

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|UWH6WLPPHQYHUVWDQGDEHU QLFKWZDVJHVDJWZXUGH'DQQZXUGHHLQHVFKZHUHWURSIQDVVH 'HFNHEHUPLFKJHZRUIHQ )ODPPHQYHU]LVFKWHQ5DXFKVWLHJYRQPHLQHU.OHLGXQJKRFK ,UJHQGZRLQGHU)HUQHK|UWHLFKGDV+HXOHQGHU)HXHUZHKU VLUHQHQ.UlIWLJH+lQGHSDFNWHQPLFKWUXJHQPLFKGLH7UHSSH KLQXQWHU /DQJVDPVDKLFKZLHGHUNODUHU$XIGHU7UHSSHEHJHJQHWHQPLU GLH)HXHUZHKUOHXWH,FKZXUGHQDFKGUDXHQJHWUDJHQVDXJWH GLHNKOHNODUH1DFKWOXIWLQGLHPLKDQGHOWHQ/XQJHQKXVWHWH XQGNHXFKWH0LUZDUVFKOHFKWKXQGHHOHQG $EHULFKOHEWH8QGGDVZDUGLH+DXSWVDFKH ,FKVDKPLFKQDFK0DUJDXP6LHZXUGHVRHEHQDXVGHP+DXV JHWUDJHQ'LH)UDXVFKULH]XP6WHLQHUZHLFKHQ8PVLHZDUHEHQ IDOOVHLQH'HFNHJHZLFNHOWZRUGHQ,FKNRQQWH7HLOHLKUHV.|USHUV VHKHQXQGEOLFNWHVRIRUWZHJ 0DUJDVDKJUDXHQKDIWDXV(VVWHOOWHVLFKGLH)UDJHRELKUEHU KDXSWQRFK]XKHOIHQZDU (LQ:HLNLWWHOHLOWHDXIVLH]XQDKPLKUHQ$UPVFKWWHOWHGHQ .RSIXQGVDJWHª0HLQ*RWW©'DQQJDEHULKUHLQH6SULW]H -HPDQGUHLFKWHPLUHLQ*ODVPLW:DVVHU'XUVWLJWUDQNLFKHV OHHU'UHLYLHU)HXHUZHKUZDJHQUDVWHQKHUDQ,FKZXUGHPLWVDPW

GHU7UDJHYRQGHU+DXVZDQGZHJJHVFKREHQXQGNRQQWHVHKHQ ZLHGLHODQJHQ)ODPPHQ]XQJHQDXVGHQ)HQVWHUQORGHUWHQ /HLWHUIXKUHQKRFK$XVDUPGLFNHQ5RKUHQVFKRVVHQZHLH 6FKDXPVWUDKOHQLQGLH)ODPPHQ'LH%RQG6WUHHWZDUWHLOZHLVH DEJHVSHUUWZRUGHQ3ROL]HLZDJHQVWDQGHQDXIGHUEUHLWHQ6WUDH *HLVWHUKDIWJOLWWLKU%ODXOLFKWEHUGLH)DVVDGHQGHU+lXVHU ,FKVWULFKEHUPHLQ+DDU$QGHU6WLUQZDUHVZHJJHEUDQQW 'DVDQGHUHIKOWHVLFKDQZLH6WURK2EZRKOKLQWHUPLUHLQH UHJHOUHFKWH+|OOHODJIKOWHLFKPLFKQLFKWVRVFKODSSGDLFK XQEHGLQJWOLHJHQEOHLEHQPXWH ,FKVWDQGYRQGHU7UDJHDXI(LQ6DQLWlWHUZROOWHPLFK]XUFN KDOWHQGRFKLFKSILIILKQDQ+DVWLJWUDWHU]XU6HLWH ,FKJODXEWHLQPHLQHQ.QLHQ3XGGLQJ]XKDEHQ,PHUVWHQ 0RPHQWZXUGHPLUVFKZLQGOLJXQGIDVWZlUHLFK]XUFNDXIGLH 7UDJHJHIDOOHQGRFKGHUHLVHUQH:LOOHKLHOWPLFKDXIUHFKW,FK NRQQWHHVPLUQLFKWOHLVWHQVFKODSS]XPDFKHQ=XYLHOVWDQGDXI GHP6SLHO,FKKDWWHLPPHUQRFKQLFKWKHUDXVJHIXQGHQZRVLFK -DQH&ROOLQVEHIDQGXQGZDVGLHVHU$]DULQWDWVlFKOLFKYRUKDWWH 'DVVROOWHPLU0DUJDVDJHQ,FKPXWHPLWGHU)UDXUHGHQ(V JLQJNHLQ:HJGDUDQYRUEHLZHQQDQGHUH0HQVFKHQOHEHQJH UHWWHWZHUGHQVROOWHQ 0HLQH.OHLGXQJZDUY|OOLJYHUEUDQQW6LHKLQJQXUQRFKLQ )HW]HQYRQPHLQHP.|USHU'LH+lUFKHQDXIGHU+DXWKDWWHGDV )HXHUZHJJHVFKPRUWHEHQVRHLQHQ7HLOGHU$XJHQEUDXHQ5X EHGHFNWHPHLQ*HVLFKWDEHU+DXWYHUEUHQQXQJHQKDWWHLFKQLFKW ,FKZDUZRKOJHUDGHQRFKJHUHWWHWZRUGHQLP*HJHQVDW]]X 0DUJD=XLKUHU5HWWXQJZDUHQGLH+HOIHUHLQLJH6HNXQGHQ]X VSlWJHNRPPHQ 'LH)UDXZDUPLWGHU7UDJHLQHLQHQ.UDQNHQZDJHQJHVFKREHQ ZRUGHQ(UVWDQGHWZDVDEVHLWV'LHKLQWHUHQ7UHQZDUHQJH VFKORVVHQ$OVLFKDXIGHQ:DJHQ]XWUDWYHUZHKUWHPLUHLQ 8QLIRUPLHUWHUGHQ=XWULWW ª7XWPLUOHLG6LUDEHU'RF+DQVRQLVWQLFKW]XVSUHFKHQ© ,FKVFKDXWHGHQ0DQQDQ(UKDQGHOWHLQJXWHP*ODXEHQ$XI HLQHJURH'LVNXVVLRQOLHLFKPLFKQLFKWHUVWODQJHHLQVRQGHUQ

WDWGDVZDVLFKVRQVWOLHEHUYHUPLHG,FK]HLJWHLKPPHLQHQ 6RQGHUDXVZHLV 'LHVHV'RNXPHQWLVWYRP,QQHQPLQLVWHUSHUV|QOLFKDXVJHVWHOOW ZRUGHQ(VJDEPLU]DKOUHLFKH9ROOPDFKWHQ|IIQHWHPLU7U XQG7RU 'HU3ROL]LVWEHVDKVLFKGHQ$XVZHLVZXUGHEODVDKPLFKDQ XQGJDEPLUGDV3DSLHU]XUFNª%LWWH6LU© (U|IIQHWHPLUGLH7U+DVWLJGUHKWH'RF+DQVRQGHQ.RSI ª,FKKDEH,KQHQGRFKJHVDJWGDLFKQLHPDQGHQKLHUVHKHQ ZLOO©VFKLPSIWHHUª9HUVFKZLQGHQ6LH0LVWHU© ,FKWDWGDV*HJHQWHLOXQGVFKORGLH7UYRQLQQHQ 'HU$U]WVDKPLFKJURDQª6LQG6LHZDKQVLQQLJ0LVWHU"© NHXFKWHHU ª,FKPXPLWGHU)UDXUHGHQ© ª5DXV©EUOOWHGHU'RF (UZDUGHU7\S0LOLWlUDU]W+DUWHVVFKDUIJHVFKQLWWHQHV*H VLFKWJUDXHV+DDUXQGHLQHQURWHQ.RSI :LHGHU]HLJWHLFKPHLQHQ$XVZHLVYRU (UZDUILKQLQGLH(FNH ,FKEHJDQQ]XNRFKHQ8QGGDQQVFKULHLFKLKQDQª-HW]WK|UHQ 6LHPLUPDO]X'RF:HQQLFKQLFKWPHKUPLWGHU9HUOHW]WHQ VSUHFKHQNDQQGDQQSDVVLHUWHLQ8QJOFN'DQQZHUGHQPHKU 0HQVFKHQVWHUEHQDOV6LHLQ,KUHP/HEHQYRUGHP7RGEHZDKUW KDEHQ*ODXEHQ6LHYLHOOHLFKWLFKNRPPHKLHU]XP9HUJQJHQLQ GHQ:DJHQ"%HVWLPPWQLFKW© +DQVRQYHUVWDQGGLH6SUDFKHª2ND\©VDJWHHUª6LHN|QQHQ PLWGHU3DWLHQWLQVSUHFKHQ,FKKDEHLKUHLQH6SULW]HJHJHEHQ 'LHHUVWHQ6FKPHU]HQLVWVLHORV©'HU$U]WVHW]WHVLFKDXIHLQHQ NOHLQHQ.ODSSVWXKOXQGEHUOLHPLUVHLQHQ3ODW] ,FKEHXJWHPLFKEHUGLH)UDX9RQLKUHP*HVLFKWZDUNDXP HWZDV]XHUNHQQHQ(LQJHVDOEWH7FKHUYHUGHFNWHQGLHVFKUHFN OLFKHQ%UDQGZXQGHQ1XUGLH6LQQHVRUJDQHODJHQIUHL 0DUJDZDUEHL%HZXWVHLQXQGHLQ)XQNHGHV(UNHQQHQV EOLW]WHLQLKUHQ$XJHQDXIDOVVLHPLFKVDK ª,FKELQHV©VDJWHLFKOHLVH

,KUH/LSSHQIRUPWHQ:RUWHª0XPXLFKMHW]WVWHUEHQ"© ª1HLQ© ª6LHOJHQ,FKVSUHHVGDGHU7RGNRPPW,FKVSUHHVVHKU GHXWOLFK,FKKDEHYHUIOXFKWJHOHEWXQGVWHUEHDXFKYHUIOXFKW'DV ZROOWHLFK,KQHQQRFKVDJHQ© ª,FKP|FKWHDEHUQRFKPHKUZLVVHQ© ª'DVNDQQLFKPLUGHQNHQ© ª:ROOHQ6LHPLUKHOIHQ"© 6LHJDENHLQH$QWZRUW ª+HOIHQ6LHPLU©EDWLFKª-HW]WLQGHU6WXQGH,KUHV7RGHV N|QQHQ6LHYLHOOHLFKWYLHOHVZLHGHUJXWPDFKHQ© ª6LH6LHKDEHQJHZRQQHQ$OVRORV)UDJHQ6LH$EHUEHHLOHQ 6LHVLFK9LHO=HLWKDEHLFKQLFKWPHKU© ª:REHILQGHWVLFK-DQH&ROOLQVMHW]W"+DW$]DULQVLHHQWILLKUW"© ª-D$XIDXI©'LH)UDXU|FKHOWHª*HEHQ6LHPLUHWZDV]X WULQNHQELWWH© 'HU$U]WKDWWHVFKRQHLQ*ODV:DVVHUSDUDW6WUDIHQGVDKHU PLFKDQ(UVHW]WHGDV*ODVGHU6FKZHUYHUOHW]WHQDQGLH/LSSHQ 6LHWUDQNODQJVDP'DQQVFKORVLHGHQ0XQG ª*ULHFKHQODQG©IOVWHUWHVLHª,Q$WKHQ6LHVLQGQDFK$WKHQ JHIORJHQ3ULYDWPDVFKLQH8QGYRQGRUWIDKUHQVLH]XGHQ,QVHO© ª:LHKHLWGLH,QVHO"© ª'HORV1LHPDQGKDWVLHDXILUJHQGHLQHU.DUWHHLQJH]HLFKQHW (VJLEWVLHRIIL]LHOOJDUQLFKW8QGGRFKLVWVLHGD(LQ%RRWHV EULQJWVLHUEHU,QLQ$WKHQJLEWHVHLQHQ0DQQ(UKHLW .LULDNLV,KQPVVHQ6LHIUDJHQ© ª:DVKDEHQ$]DULQXQGVHLQH*HKLOILQQHQDXIGHU,QVHOYRU" 6DJHQ6LHPLUGDVQRFK© ª'LH6WDWXHQ6LHZROOHQ]XGHQ6WDWXHQ0DQPXVLH]XP /HEHQHUZHFNHQ(VVLQGHKHPDOLJH%UJHUYRQ$WODQWLV© ª:LHVLQGVLH]XGHPJHZRUGHQ"©ZROOWHLFKZLVVHQ 'LH)UDXDWPHWHVFKZHUª,FKKDEHNHLQH$KQXQJ,FKJODXEH HVZDUHQ0DJLHULQQHQ:HQQVLHDXVLKUHP6FKODIHUZHFNW ZHUGHQNDQQ$WODQWLVZLHGHUGDVZHUGHQZDVHVVFKRQHLQPDO ZDU$EHUGLHVHV(UZHFNHQLVWVHKUNRPSOL]LHUW(VPVVHQ

%HVFKZ|UXQJHQGXUFKJHIKUWXQGEHVWLPPWH*HVHW]HHLQJH KDOWHQZHUGHQ(UVWGDQQZLUGHVJHOLQJHQ$WODQWLV©6LH VW|KQWHDXI,FKVDKLQLKUH$XJHQXQGHQWGHFNWHGDULQGHQ ILHEULJHQ*ODQ] 2GHUZDUHVEHUHLWVGHU6FKOHLHUGHV7RGHVGHUGLH3XSLOOHQ EHU]RJHQKDWWH" ª/DVVHQ6LHGLH9HUOHW]WHLQ5XKH©VDJWHGHU$U]Wª6LHVHKHQ GRFKVLHVFKDIIWHVQLFKWPHKU© ª'RFK©IOVWHUWH0DUJDª,FKVFKDIIHHVQRFK.RPPHQ6LH QlKHU6LQFODLULFKLFKZLOO,KQHQQRFKHWZDVVDJHQ© ,FKOHJWHPHLQ2KUGLFKWDQLKUH/LSSHQª'LH0DJLHULQQHQ ZDUHQQLFKWVFKOHFKW$OVGHU6FKZDU]H7RGNDPKDWHUVLHDXI VHLQH6HLWHJH]RJHQ9RUKHUGLHQWHQVLHGHU:HLHQ0DJLH© ,FKKDWWHQRFK]DKOUHLFKH)UDJHQDXIGHP+HU]HQ9RUDOOHQ 'LQJHQLQWHUHVVLHUWHPLFK-DQH&ROOLQV 6FKLFNVDO,FKZROOWH ZLVVHQZDVGLHDQGHUHQPLWLKUYRUKDWWHQ ,FKIUDJWHQDFK-DQH 0LWGHU$QWZRUWGLHLFKHUKLHOWKDWWHLFK]ZDUJHUHFKQHWWURW] GHPWUDIVLHPLFKKDUW ª0DQZLUGVLHW|WHQ© ª:DUXP"©,FKVFKULHGDV:RUWIDVWª6LHKDWQLHPDQGHPHWZDV JHWDQ© ª:HQQ6LHDOV8QWRWHZLHGHUDXIHUVWHKWN|QQWHGLH%HVFKZ| UXQJYLHOOHLFKWQRFKJHOLQJHQ$]DULQEUDXFKWHHLQYLHUWHV 0lGFKHQ&ROHWWHLVWMDQLFKWPHKUGD© ª*LEWHVQRFKHLQH&KDQFHVLH]XUHWWHQ"©IUDJWHLFKª6DJHQ6LH HVPLU:HOFKH*HJHQEHVFKZ|UXQJPXLFKDQVWHOOHQXPDQV =LHO]XJHODQJHQ"© ª'DYRQYHUVWHKHLFKQLFKWV©JDEVLHIOVWHUQG]XUFNª1XU $]DULQZHLHV© ª:DVLVW$]DULQIUHLQ0HQVFK"2GHULVWHUHLQ'lPRQ")OLHW DXFKLQLKPGDV%OXWGHUDOWHQ5DVVH"© ª1HLQ$EHUHULVW0HQVFKXQG7HXIHOJOHLFK]HLWLJ6LHVROOWHQ VLFKYRUVHKHQ6LQFODLU$]DULQLVWVHKUJHIlKUOLFK8QGIUDJHQ6LH .LULDNLV(UNHQQWYLHOOHLFKW©6LHElXPWHVLFKDXIXQGYHU

VWXPPWHª(VEUHQQWVR©EUOOWH0DUJDGDQQª,FK© 'RF+DQVRQ]RJPLFKDQGHU6FKXOWHU]XUFNª-HW]WLVW6FKOX YHUGDPPW©]LVFKWHUPLULQV2KUª6LHKDEHQGLH)UDX]X7RGH JHTXlOW© ,FKPDFKWHGHQ3ODW]IUHL|IIQHWHGLH7UXQGVSUDQJQDFK GUDXHQ$POLHEVWHQKlWWHLFKPLFKLQHLQ%HWWJHOHJWGRFKLFK ZXWHGDGLHVQLFKWJLQJ hEHUDOODP.|USHUVSUWHLFK6FKPHU]HQ,FKKDWWHGDV*HIKO PLW]DKOUHLFKHQ5HLEEUVWHQEHDUEHLWHWZRUGHQ]XVHLQ$OOHV EUDQQWHXQGVWDFK 'LH/|VFKDUEHLWHQZDUHQQRFKLP*DQJH'UHL)HXHUZHKU ZDJHQZDUHQYRUJHIDKUHQ$XVVHFKV6FKOlXFKHQVSULW]WHGHU 6FKDXPGXUFKGLH)HQVWHU'RUWVFKOXJHQEHUHLWVNHLQH)ODPPHQ PHKUKHUDXVVRQGHUQGLFKWHVFKZDU]JUDXH5DXFKZRONHQ'LH 0lQQHUYRQGHU%UDQGEHNlPSIXQJKDWWHQHLQhEHUJUHLIHQGHV )HXHUVYHUKLQGHUW 'RF+DQVRQYHUOLHHEHQIDOOVGHQ.UDQNHQZDJHQ(UEOLHE QHEHQPLUVWHKHQª6LHLVWWRW©VDJWHHURKQHPLFKDQ]XVFKDXHQ ª*HEHQ6LHPLUGLH6FKXOG"© ª1HLQ6LHKDEHQMDDOOHVYHUVXFKW6LHKDWHVPLULQGHQOHW]WHQ 6HNXQGHQLKUHV/HEHQVQRFKJHVDJW7XWPLUOHLGZLHLFKYRUKLQ UHDJLHUWKDEH© ª9HUJHVVHQ'RF© ª+DWGLH)UDX6LHGHQQZHLWHUJHEUDFKW",FKKDEH7HLOHGHV 'LDORJVJHK|UW:RUXPJHKWHVHLJHQWOLFK"© ,FKOlFKHOWHPDJHUª,KQHQGDVMHW]W]XHUNOlUHQZUGHHLQH 0HQJHNRVWEDUH=HLWLQ$QVSUXFKQHKPHQ$XHUGHPZUGHQ VLHPLUQLFKWJODXEHQ© ª6LHKDEHQYRQ$WODQWLVJHVSURFKHQ"©'HU$U]WOLHQLFKW ORFNHU (LQ.RQVWDEOHUUHWWHWHPLFKYRUHLQHU%UVNLHUXQJGHV$U]WHV 'HUJXWH0DQQNDPDXIXQV]XJHODXIHQXQGZLQNWHPLWEHLGHQ $UPHQª7HOHIRQIU6LH6LU© ,FKJLQJGHP.RQVWDEOHUHQWJHJHQ ª:R"©

ª,P(LQVDW]ZDJHQ.RPPHQ6LH(VVFKHLQWGULQJHQG]XVHLQ© ª8QGZHUYHUODQJWPLFKGD]XVSUHFKHQ"© ª,FKZHLGHQ1DPHQQLFKW6LU© ,FKNOHPPWHPLFKDXIGHQ%HLIDKUHUVLW]XQGQDKPGHQ+|UHU GHV$XWRWHOHIRQV ª$OOHVNODU-RKQ"©K|UWHLFK6XNRVYHUWUDXWH6WLPPH 0LUILHOHLQ6WHLQYRP+HU]HQ6XNRKDWWHLFKLQGHPJDQ]HQ 7UXEHOY|OOLJYHUJHVVHQ8QGGDEHLZDUHUGDVDXVO|VHQGH 0RPHQWJHZHVHQ+lWWHHUVLFKJHPHOGHW ª:DVLVWGHQQJHVFKHKHQ6XNR":RELVWGXEHUKDXSW"© ª,KUGHLQHP%UR3RZHOOLVWDXFKKLHU(UHUZDUWHWGLFK© ,FKZDUIHLQHQVFKQHOOHQ%OLFNDXIGLH8KU%HUHLWV]ZHL 6WXQGHQQDFK0LWWHUQDFKWª2ND\LFKNRPPH©HUZLGHUWHLFK ª9RUKHUIDKUHLFKQRFKEHLPLU]X+DXVHYRUEHLXQG]LHKHPLFK XP,FKVHKHZLHJHJULOOWDXV'DQQVDJ3RZHOOHUVROO]ZHL3OlW]H IUGLHQlFKVWH0DVFKLQHQDFK$WKHQEXFKHQ(VLVWEUDQGHLOLJ 9HUVWDQGHQ"© ª$OOHVNODU-RKQ%ULQJPLUDXFK.OHLGXQJPLW,FKELQOHLFKW EHUHLQH6WUDHJHUXWVFKW© ª0DFKHLFK%LVJOHLFK©,FKKlQJWHHLQEHGDQNWHPLFKPLW HLQHP1LFNHQEHLGHQ.ROOHJHQXQGUDQQWH]XPHLQHP%HQWOH\ -HW]W]lKOWHMHGH6HNXQGH )QIXQGYLHU]LJ0LQXWHQVSlWHUKRFNWHLFKLQPHLQHP%UR )ULVFKJHGXVFKWXQGHLQJHNOHLGHW]ZHL7DVVHQ.DIIHHLP0DJHQ )LWIKOWHLFKPLFKWURW]GHPQLFKW,QPHLQHP+DOVKDWWHLFK HLQHQ*HVFKPDFNGHUYRQJHNDXWHP6DQGSDSLHUVWDPPHQ NRQQWH 6XNRKDWWHQGLH0HGL]LQPlQQHUYHUSIODVWHUW(UWUXJNHLQHQ 9HUEDQGPHKUXPGHQ.RSI,Q7RSIRUPSUlVHQWLHUWHDXFKHUVLFK QLFKWJHUDGH6WLFKZRUWDUWLJHUVWDWWHWHHUPLU%HULFKW 6XSHULQWHQGHQW3RZHOOZXWHVFKRQ%HVFKHLG(UKDWWHZLHGHU VHLQHELWWHUH0LHQHDXIJHVHW]WXQGQLSSWHKLQXQGZLHGHUDQ VHLQHP0DJHQZDVVHU

ª,FKKDEHLQ+HDWKURZQDFKIUDJHQODVVHQ©EHULFKWHWHHUª'LH 0DVFKLQHLVWOlQJVWZHJ.HLQH&KDQFHPHKUIUXQV© ª8QGLQ$WKHQ"©IUDJWH6XNRª6LHN|QQWHQGRFKGHUJULHFKL VFKHQ3ROL]HLHLQHQ:LQNJHEHQ6LU$]DULQZUGHPLWVHLQHQ %HJOHLWHULQQHQQDFKGHU$QNXQIWGRUWYHUKDIWHW© ,FKVFKWWHOWHGHQ.RSIª'DVLVW]XJHIlKUOLFK'LHVHU0DQQ ZUGHVLFKQLFKWVFKHXHQ-DQH&ROOLQVXP]XEULQJHQ8QGZHQQ HUHVQLFKWVFKDIIWGDQQWXQHVGLH:LHGHUJlQJHULQQHQ(VLVW]X ULVNDQWIUXQV© ª%OHLEWQXUHLQH0|JOLFKNHLW©PHLQWH3RZHOO ,FKQLFNWHª:LUIOLHJHQVHOEVWKLQ© 0HLQ&KHIZDUHLQYHUVWDQGHQª'LHQlFKVWH0DVFKLQHVWDUWHW HUVWLQHLQLJHQ6WXQGHQ© ª'DVLVWYHUGDPPWVSlW© 3RZHOOEOLFNWHPLFKDQª=XVSlW"© ª-D© 0HLQ&KHIOlFKHOWHZDVEHLLKPVHOWHQYRUNDPª,FKKDEHPLU VRHWZDVIDVWJHGDFKW$XVGHP*UXQGVWHKWDXFKHLQH.XULHU PDVFKLQHIU6LHEHUHLW-RKQ(LQVFKQHOOHU-HWGHU6LHXQG6XNR QDFK$WKHQVFKDIIW6LHODQGHQGRUWDXIGHP0LOLWlUIOXJKDIHQ,FK KDEHPHLQH%H]LHKXQJHQVSLHOHQODVVHQXQGIKUHQGH/HXWHLQ *ULHFKHQODQGHLQJHZHLKW6LHZHUGHQNHLQHUOHL6FKZLHULJNHLWHQ EHNRPPHQGDVKDWPDQPLUYHUVLFKHUW© ª,FKGDQNH,KQHQ6LU©HUZLGHUWHLFK ª+ROHQ6LH-DQHUDXV©JDE3RZHOO]XUFNª$XHUGHPUHD JLHUHLFKPLWWOHUZHLOHDOOHUJLVFKZHQQLFK!6FKZDU]HU7RGK|UH 'LHVHU%XUVFKHKDWVFKRQ]XYLHO8QKHLODQJHULFKWHW© ª%XUVFKHLVWJXW©VDJWH6XNR 3RZHOOHUKREVLFKª(LQ:DJHQVWHKWIU6LHEHUHLW'HU)DKUHU ZLUG6LH]XP)OXJKDIHQEULQJHQ9LHO*OFN© :LHGHUHLQPDOPXWHLFKPLFKEHUPHLQHQ&KHIZXQGHUQ :HULKQQLFKWNDQQWHKLHOWLKQIUHLQHQ.RPLNHU'DVSHUPD QHQWH0DJHQOHLGHQGLH%ULOOHPLWGHQGLFNHQ*OlVHUQXQGGHQ HXOHQKDIWZLUNHQGHQ$XJHQGDKLQWHUXQGGDVPHLVWVFKPHU]OLFK YHU]RJHQH*HVLFKW

'RFK3RZHOOZDUHLQJOlQ]HQGHU6WUDWHJHGDVKDWWHHULQGHQ OHW]WHQ0LQXWHQEHZLHVHQ(UGDFKWHQLFKWQXUPLWVRQGHUQDXFK LPYRUDXV 6RHWZDVILQGHWPDQVHOWHQ ,FKOHHUWHGHQ3DSSEHFKHUPLWGHU$XWRPDWHQEUKHNORSIWH 6XNRDXIGLH6FKXOWHUXQGVDJWHª.RPP© 0HLQFKLQHVLVFKHU3DUWQHUKDWWHVLFKEHUHLWVLP:DVFKUDXP XPJH]RJHQ8QVHU'ULYHUZDUWHWHLQGHU)DKUEHUHLWVFKDIW(U OHJWHVHLQH=HLWXQJZHJDOVZLUGHQ5DXPEHWUDWHQ 0LFKNDQQWHHUDEHU6XNRQRFKQLFKW ª.HLQH$QJVW©VDJWHLFKJULQVHQGª'HUIULW6LHQLFKW6XNR LVWKDUPORV© ª1XUZHQQPDQPLFKQLFKWUHL]W©HUZLGHUWHPHLQ)UHXQGXQG YHUGUHKWHGLH$XJHQ *ULHFKHQODQGHPSILQJXQVPLWHLQHP3RVWNDUWHQKLPPHO 6WUDKOHQGHV%ODXNHLQH:RONHXQGHLQH)HUQVLFKWGLHSKlQR PHQDOZDU:LUNRQQWHQZHLWQDFK6GHQVHKHQDXIGDV0HHU KLQDXVXQGGLHYLHOIlOWLJH,QVHOZHOWGHUbJlLV ,UJHQGZRGRUWPXWHGLH,QVHO'HORVOLHJHQ'LHVHV(LODQGGDV XQVHU=LHOVHLQVROOWH 'HUNOHLQH-HWKDWWHEHUHLWV/DQGHHUODXEQLVHUKDOWHQ(UIORJ QRFKHLQH6FKOHLIHEHUGHP)OXJKDIHQXQGJLQJGDQQWLHIHU 6XNRXQGLFKKDWWHQJHVFKODIHQXQGZDUHQHUVWYRUZHQLJHQ 0LQXWHQZDFKJHZRUGHQ ,FKIKOWHPLFKZHVHQWOLFKEHVVHUDOVLQ/RQGRQDEHUYLHOOHLFKW ZDUDXFKGDV:HWWHUGDUDQVFKXOG /LQGH)UKOLQJVOXIWHLQHIULVFKHYRP0HHUKHUZHKHQGH%ULVH 8QGNHLQ5HJHQXQG6FKQHHZLHLQ/RQGRQ 'LH)RUPDOLWlWHQYHUOLHIHQRKQH=ZLVFKHQIlOOH3RZHOOKDWWH ZLUNOLFKJURDUWLJH9RUDUEHLWJHOHLVWHW:LUZXUGHQYRQ]ZHL KRKHQ%HDPWHQHPSIDQJHQGLHXQVHUH3DSLHUHNRQWUROOLHUWHQ 'DQQGXUIWHQZLUJHKHQ ,FKKDWWHHLQHQ1DPHQ.LULDNLV0LUZXUGHJHVDJWGDGLHVHU

1DPHQLFKWJHUDGHVHOWHQYRUNDP:LHVROOWHLFKDOVRXQVHUHQ .LULDNLVKHUDXVILQGHQ" 8QGZLHGHUKDOIPLUGLH3ROL]HL$OVLFKGHP]XVWlQGLJHQ 3UlIHNWHQLQGHVVHQ%URJHJHQEHUVDJULIIHU]XP7HOHIRQ VFKQDWWHUWH]ZHL0LQXWHQODQJLQGHQ+|UHUXQGJULQVWHGDQQ ]XIULHGHQYRQ2KU]X2KU ª6FKDIIHQZLUVSLHOHQG©VDJWHULQVHLQHPKDUWHQ(QJOLVFK ª:LUKDEHQEHUDOOJXWH/HXWH© 1LFNHQG]ZLUEHOWHHUDQVHLQHPJHZDOWLJHQ6FKQDX]HU ,FKZDUJHVSDQQWPXWHMHGRFKGUHLLJ0LQXWHQZDUWHQELV HLQ8QLIRUPLHUWHUGDV%URGHV3UlIHNWHQEHWUDW'HU0DQQZDU NOHLQXQGGLFN'DV.RSSHOVSDQQWHVLFKQXUVRXPVHLQHQ WRQQHQDUWLJHQ%DXFK (UUDVVHOWHHLQH0HOGXQJKHUXQWHUXQGGDQDFKVSUDFKHQGLH EHLGHQ%HDPWHQ ,FKYHUVWDQGLPPHUQXU%DKQKRI 6FKOLHOLFKEHUVHW]WHGHU3UlIHNW(UVWUDKOWHGDEHLZLHHLQ GUHLDUPLJHU/HXFKWHUª:LUKDEHQHVJHVFKDIIW.ROOHJH'DVDJW PDQLPPHUXQVHUH3ROL]HLWDXJWQLFKWV9RQZHJHQ©(UVWDQG DXIXQGZDQGHUWHLP%URKHUXPª$OVR©GR]LHUWHHUª'HU .LULDNLVYRQGHP6LHVSUHFKHQZRKQWLQGHU$OWVWDGW(UJLOW DOV=DXEHUHU%HVFKZ|UHUXQG:XQGHUKHLOHU'LHHLQIDFKHQ 0HQVFKHQJHKHQ]XLKPZHQQVLH3UREOHPHKDEHQ0DQVDJW .LULDNLVKDEHVFKRQPHKUHUH0DOHJHOHEW$EHUGDVLVWVLFKHU 6FKZLQGHO© ª1DSKDQWDVWLVFK©ULHILFKª*HEHQ6LHPLUGLHJHQDXH $GUHVVH© (UVFKULHEVLHPLUVRJDUDXI'HU3UlIHNWNORSIWHPLUDXIGLH 6FKXOWHUª6DJHQ6LH%HVFKHLGZHQQ6LH(UIROJJHKDEWKDEHQ +HUU.ROOHJH"© ª1DWUOLFK,FKELQ,KQHQVFKOLHOLFKVHKUGDQNEDU© 'HU*ULHFKHZLQNWHDEª,VWGRFKVHOEVWYHUVWlQGOLFK©ODFKWHHU )UPHLQHQ%HJULIIODFKWHHU]XYLHO6ROFKH7\SHQKDWWHQLPPHU QRFKHLQHQ7UXPSILQGHU+LQWHUKDQG ,FKYHUVFKZDQGDXVGHP3ROL]HLSUlVLGLXP0LWGHP7D[LOLH

LFKPLFK]XXQVHUHP+RWHOIDKUHQZR6XNREHUHLWVLQPHLQHP =LPPHUZDUWHWH'DV+RWHOZDUHLQ*ODVSDODVWHUVW]ZHL-DKUH DOWDXFKIUHQJOLVFKH9HUKlOWQLVVHUHFKWWHXHU'RFKDXIGLH VFKQHOOHKDWWHQZLUNHLQHDQGHUH%OHLEHILQGHQN|QQHQ ª,FKKDEHGLH$GUHVVH©ULHILFKXQGKLHOWGHQ=HWWHOKRFK 6XNRVFKZDQJGLH%HLQHYRP%HWWXQGVFKOSIWHLQVHLQH 6FKXKHª:RUDXIZDUWHQZLUQRFK"©ULHIHU ª0RPHQW©,FKJLQJ]XHLQHPNOHLQHQ7LVFKDXIGHPQHEHQ GHP7HOHIRQDXFKQRFKGDV)HUQVSUHFKEXFKYRQ$WKHQODJ ª9LHOOHLFKWNDQQPDQGHQ.QDEHQHUUHLFKHQ"© ,FKEOlWWHUWHGHQ:lO]HUDXI(VJDE]DKOUHLFKH.LULDNLV DEHUNHLQHUZDUXQWHUGHU$GUHVVHYHUPHUNWGLHPDQPLU JHJHEHQKDWWH ª%HVWHOOHQZLUHEHQHLQ7D[L©VDJWH6XNRXQGJULIIDQPHLQHU 6WHOOH]XP7HOHIRQK|UHU 'UHL0LQXWHQVSl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|JOLFKVW JHUDGHQ/DJH 'LHGUHL8QWRWHQVWDQGHQQHEHQ-DQHXQGOLHHQVLHWURW]GHU )HVVHOQQLFKWDXVGHQ$XJHQ6LHZLUNWHQZLH6WDWXHQDXVHLQHU

DQGHUHQ:HOW.DOWXQGEOHLFK.HLQ0XVNHOUHJWHVLFKLQLKUHQ *HVLFKWHUQ6WDUUXQGDEZHLVHQGZDUGHU%OLFN $XV*HVSUlFKHQKDWWH-DQH&ROOLQVHUIDKUHQGDGLHJHKHLP QLVYROOH,QVHO'HORVKLH6LHODJLQPLWWHQGHUbJlLVLQGLHVHU PDOHULVFKHQ,QVHOZHOW'RUWZUGHVLFKGDV5lWVHOO|VHQGDV-DQH &ROOLQVEHVFKlIWLJWH :DU'HORVGDV9HUELQGXQJVJOLHG]XGLHVHPJHKHLPQLVYROOHQ .RQWLQHQW$WODQWLV" -DQHIKOWHLKUHLQQHUH8QJHGXOG6LHKDWWHQLFKWQXU$QJVW VRQGHUQZDUDXFKQHXJLHULJ9LHOOHLFKWODJHVDQLKUHP%HUXIGD VLHGLH*HIDKUQLFKWPHKUVRNODUXQGGHXWOLFKHUNDQQWH 'DV0HHUODJDOVJUQEODXHZHOOLJH)OlFKHYRULKU(LQOHLFKWHU 'XQVWVFKOHLHUVFKZHEWHEHUGHP:DVVHU(UNRQ]HQWULHUWHVLFK EHVRQGHUVDXIGLH]DKOUHLFKHQ,QVHOQGLHZHLWYHUVWUHXWLQGHU :HLWHGHUbJlLVODJHQ (VZDUHQ]DKOUHLFKH6FKLIIHXQWHUZHJV6FKQHHZHLH3ULYDW \DFKWHQPHLVWLP%HVLW]UHLFKHU(XURSlHU.UHX]IDKUWVFKLIIHGLH VLFKYROOEHODGHQPLW7RXULVWHQLKUHQ:HJGXUFKGLH,QVHOZHOW VXFKWHQ :LHHLQHIHXULJH2UDQJHVWDQGGLH6RQQHDP+LPPHO,KUH 6WUDKOHQGDPSIWHQDXFKGLHOHW]WHQ1HEHOUHVWHEHUGHP:DVVHU IRUWXQGEUDFKHQVLFKGDQQJOLW]HUQGDXIGHQ.lPPHQGHU ODQJHQ'QXQJ %DFNERUGVDK-DQH&ROOLQVHLQIHOVLJHV(LODQGDXVGHP:DVVHU UDJHQ'DVEUDXQH*HVWHLQ]HLJWHWLHIH5LVVHXQG.HUEHQ =HLFKHQGLHYRP:LQGXQG:HWWHUKHUUKUWHQ'DV%RRWXP UXQGHWHGLH,QVHO$QLKUHPIHOVLJHQ8IHUEUDFKVLFKVFKlXPHQG GLH%UDQGXQJ $]DULQOHQNWHGDV%RRWMHW]WDQGHU2VWVHLWHGHU,QVHOHQWODQJ 9RUGHP%XJODJZLHGHUGDVRIIHQH0HHUGHVVHQ)OlFKHPLWGHP +RUL]RQWYHUVFKZDPP 1RFKHLQH6WXQGHZDUHQVLHXQWHUZHJVDOV$]DULQGHQ0RWRU GURVVHOWH -DQH&ROOLQVGLHLQHLQHQXQUXKLJHQ6FKOXPPHUJHIDOOHQZDU KREGHQ%OLFN

,PHUVWHQ0RPHQWHUVFKUDNVLH$P%XJGHV%RRWHVVFKOXJGLH %UDQGXQJKRFK'DV:DVVHUNODWVFKWHJHJHQGLHQDFNWHQ)HOVHQ XQGZXUGHIRQWlQHQDUWLJ]XUFNJHZRUIHQ-DQHKDWWHGDV *HIKOGDV%RRWZUGHJHUDGHZHJVDXIGLH,QVHO]XIDKUHQXQG DP*HVWHLQ]HUVFKHOOHQ 'DVZDUQLFKWGHU)DOO8USO|W]OLFKZXUGHGLH6HHUXKLJHU(LQH $UW5LQQHWDWVLFKDXI6LHIKUWH]ZLVFKHQJH]DFNWHQXQGUDXKHQ 5LIIHQGLUHNWDXIGLH,QVHO]X $]DULQGUHKWHVLFKKDVWLJXPª/|VWLKUGLH)HVVHOQ©ULHIHU *HVFKLFNWWUHQQWHQGLH8QWRWHQGLH6WULFNHGXUFKZlKUHQG $]DULQQRFKPHKUPLWGHU*HVFKZLQGLJNHLWKHUXQWHUJLQJ /LQNVXQGUHFKWV]LVFKWHXQGJXUJHOWHGDVEHLQDKHNULVWDOONODUH :DVVHUXPGLH.OLSSHQ6WU|PXQJHQELOGHWHQVLFKVFKlXPHQGH .UHLVHO'RFK$]DULQYHUVWDQGHWZDVYRQGHU6HHIDKUW6LFKHU OHQNWHHUGDV%RRW]ZLVFKHQGHQJHIlKUOLFKHQ.OLSSHQKLQGXUFK XQGOLHHVDXIHLQHQNOHLQHQ6DQGVWUHLIHQDXVODXIHQ 'HU%XJVFKDEWHEHUGHQIHLQN|UQLJHQ6DQGZlKUHQGGLH +HFNVFKUDXEHQRFK:DVVHUEHUKUXQJKDWWH 'LH8QWRWHQZXWHQZDVVLH]XWXQKDWWHQ6DQGUDXQG)UDQFD SDFNWHQ-DQH&ROOLQVDQGHQ(OOHQERJHQXQG]RJHQVLHKRFK6LH PDFKWHQHVUDXKXQGZDUIHQVLHLQGHQ6DQG $]DULQZDUHEHQIDOOVDXVGHP%RRWJHVWLHJHQ(UGHXWHWHQDFK YRUQª)ROJWPLU© 5DVFKJLQJHUYRU6DQGUDXQG)UDQFDKDWWHQ-DQHLQLKUH0LWWH JHQRPPHQXQGVFKOHLIWHQGLH'HWHNWLYLQKLQWHUGHP$QIKUHU KHU6LHJLQJHQJHUDGHZHJVDXIHLQHQEUlXQOLFKVFKLPPHUQGHQ )HOVHQ]XGHUZLHHLQHEHUGLPHQVLRQDOH+DQGLQGHQVWUDKOHQG EODXHQ+LPPHOZXFKV'LH)HOVZDQGVDKDXVDOVZlUHGRUW NHLQ'XUFKNRPPHQGRFKDOV-DQHQlKHUNDPHUNDQQWHVLHGHQ 6SDOWGHUGDV*HVWHLQWHLOWH(UZDU]LHPOLFKVFKPDO0HQVFKHQ NRQQWHQQXUKLQWHUHLQDQGHUJHKHQ 6LHQDKPHQ-DQH&ROOLQVLQGLH0LWWH6DQGUDJLQJYRU)UDQFD KLHOWVLFKKLQWHULKU(VIROJWHQRFKGLHGULWWHLP%XQGH.DULQYRQ 5RGHQHFN -DQH&ROOLQVVFKLHQHVDOVKlWWHVLHHLQHDQGHUH:HOWEHWUHWHQ

'DV5DXVFKHQGHV0HHUHVEOLHE]XUFNZDUQXUQRFKDOVXQWHU VFKZHOOLJHV%UDXVHQ]XK|UHQ -DQHVDKQDFKREHQ'RUWVWLHJHQGLHHQJHQ:lQGHZLHHLQ 6FKRUQVWHLQLQGLH+|KH6LHZXFKVHQ]XVDPPHQGHQQGDV%ODX GHV+LPPHOVZDUYHUVFKZXQGHQ (LQHGVWHUHIUHPGDUWLJH:HOW(LQH:HOWYROOHU6WLOOH-DQHVDK NHLQ7LHUGDVDXIGLHVHU,QVHOOHEWH1XUGHQQDFNWHQ)HOVEHU GHQVLHMHW]WVFKULWWHQ (VZXUGHGXQNHOXQGZHQLJVSlWHUUHJHOUHFKWILQVWHU-DQHZDU PLWGHQ8QWRWHQ]ZLVFKHQGLH)HOVHQJHJDQJHQ6LHIKOWHVLFK ZLHLQHLQHPULHVLJHQ*UDE $QLKUHP5FNHQVSUWHVLH)UDQFDVNDOWH7RWHQKDQG'LH :LHGHUJlQJHULQZROOWHLKU2SIHUQLFKWYHUOLHUHQ -DQHZXWHQLFKWZLHODQJHVLHLQGHU'XQNHOKHLWJHJDQJHQ ZDUHQDOVVLHDXIHLQPDOGHQVFKZDFKHQEODXHQ/LFKWVFKHLQ EHPHUNWH (UVFKLHQVHKUZHLWHQWIHUQW]XVHLQGRFKGDVVWHOOWHVLFKEDOG DOVHLQHRSWLVFKH7lXVFKXQJKHUDXV6FKRQQDFKZHQLJHQ 6FKULWWHQZXUGHGDV6FKHLQHQLQWHQVLYHUXQG-DQHNRQQWHZLHGHU LKUH8PJHEXQJHUNHQQHQ 6LHEHIDQGHQVLFKQLFKWPHKULQGLHVHPVFKPDOHQ*DQJ VRQGHUQLQHLQHUJHZDOWLJHQ+|KOH 'DVEODXH6FKHLQHQSXOVLHUWHLQGHU/XIWOHXFKWHWHGLH+|KOH PLWVHLQHPPDJLVFKHQ/LFKWDXV -DQH&ROOLQVLQWHUHVVLHUWHVLFKIUGLHVH/LFKWTXHOOHJLQJHLQLJH 6FKULWWHYRUXQGEOLHEDEUXSWVWHKHQ :DVVLHVDKYHUVFKOXJLKUGHQ$WHP .LULDNLVKDXVWHLQHLQHP.HOOHU(LQHVFKPDOH6WHLQWUHSSHIKUWH ]XVHLQHU%OHLEH :LUEHIDQGHQXQVPLWWHQLQGHU$OWVWDGW6FKPDOHVFKLHIH +lXVHUIURQWHQGD]ZLVFKHQ6WUDHQGLHGHQ1DPHQJDUQLFKW YHUGLHQWHQXQGZLQNOLJH*DVVHQ 'HU7D[LIDKUHUKDWWHXQVQLFKWELV]XP=LHOJHIDKUHQ'LH*DVVH

ZDU]XHQJIUVHLQHQDOWHQ&KHYUROHW'DIUKDWWHGHU)DKUHUXQV GHQZHLWHUHQ:HJHUNOlUW 8QGMHW]WVWDQGHQZLUYRU.LULDNLV %OHLEH :LUZXUGHQDQJHVWDUUWDOVNlPHQZLUYRP0RQG$XV)HQVWHU XQG7UO|FKHUQEHREDFKWHWHPDQXQV0DQFKPDOYHUVWHFNWGDQQ ZLHGHUJDQ]RIIHQ 9RQLUJHQGZRKHUHUNODQJHLQHZHKPWLJH0HORGLH .LQGHUVWDUUWHQDXIXQVKHUDE$OVZLUKRFKEOLFNWHQVWUHFNWHQ VLHXQVLKUH=XQJHQKHUDXV ª+RIIHQWOLFKYHUVWHKW.LULDNLVXQVHUH6SUDFKH©IOVWHUWH6XNR ,FKKREQXUGLH6FKXOWHUQ0LWWOHUZHLOHZDUHVPLUVFKRQ]X ZDUP'DV+HPGNOHEWHXQWHUGHQ$FKVHOK|KOHQ .LULDNLV :RKQXQJKDWWHNHLQH7U:LUPXWHQHLQHQDOWHQ 9RUKDQJ]XU6HLWHVFKLHEHQGHUVFKRQPHKUDQHLQHQJURHQ6DFN HULQQHUWH 'lPPHUOLFKWVFKOXJXQVHQWJHJHQ1DFKGHU+HOOLJNHLWGHV 0LWWDJVKDWWHQHVXQVHUH$XJHQVFKZHUVLFKDQGLH'XQNHOKHLW ]XJHZ|KQHQ ª.RPPWQlKHU©K|UWHQZLUHLQHPHORGLVFKGXQNOH6WLPPHDXV GHU)LQVWHUQLVª,FKKDEHHXFKHUZDUWHW© ª'HUVSULFKWWDWVlFKOLFKHQJOLVFK©UDXQWH6XNR ª6LHKPDODQ© :LUPXWHQXQVGXFNHQXPLQGLH:RKQXQJ]XJHODQJHQ(LQH VHOWVDPH'XIWPLVFKXQJNLW]HOWHXQVHUH*HUXFKVRUJDQH(VURFK QDFKVFKDUIHP(VVHQQDFK:HLKUDXFK$XFKHLQ+DXFKYRQ -DVPLQXQG2OHDQGHUVFKZHEWHGD]ZLVFKHQ $OOPlKOLFKNRQQWHQZLU.RQWXUHQHUNHQQHQXQGLFKVDKDXFK .LULDNLV (UZLQNWHPLWGHU+DQG ª6LHKDEHQXQVHUZDUWHW"©IUDJWHLFK ª-D,FKZXWHGDLKUNRPPHQZUGHW'DV%XFKGHV 6FKLFNVDOVLVWYLHOIlOWLJXQGUlWVHOKDIW$XFKLKUVHLGGDULQYHU ]HLFKQHWDOV5HWWHUXQG.lPSIHUGHV/LFKWV$EHUJHQXJGHU :RUWH,FKZLOOHXFKDQVHKHQPHLQH)UHXQGH© hEHUVHLQHP.RSIOHXFKWHWHHLQJHLVWHUKDIWHVIDKOURWHV/LFKW

DXI:LUNRQQWHQGHQJHKHLPQLVYROOHQ.LULDNLVEHVVHUHUNHQQHQ (UZDUVFKRQHLQXQJHZ|KQOLFKHU0DQQ6WHLIVDHUDXIGHP 6WXKOPLWGHUKRKHQ/HKQHGLHEHUVHLQH6FKXOWHUQUHLFKWH(U KDWWHGLH$UPHDXIGLH/HKQHQJHOHJWXQGGHQPDJHUHQ 2EHUN|USHUHLQZHQLJYRUJHEHXJW6HLQ*HVLFKWZDUVFKPDO 'XUFKGDVURWH/LFKWZLUNWHHVZLHPLW%OXWEHUJRVVHQ'LH /LSSHQZDUHQLQGHUIDOWLJHQ+DXWNDXP]XHUNHQQHQ:LHHLQH .DQWHVSUDQJGLHJHERJHQH1DVHDXVGHP*HVLFKW'DVJUDXH +DDUKLQJZHLWEHUGLH2KUHQ .LULDNLVWUXJHLQ*HZDQGGDVPLW6WLFNHUHLHQDEJHVHW]WZDU 6HLQH)HVWHFNWHQLQ5LHPHQVDQGDOHQGHUPDJHUH+DOV VFKDXWHDXVGHPJUQOLFKVFKLOOHUQGHQ*HZDQGKHUYRUZLHGHU HLQHV*HLHUV 'LFKWYRULKPEOLHEHQZLUVWHKHQ9RQGHU$XHQZHOWZDU QLFKWVPHKU]XK|UHQ:LUKDWWHQKLHUHLQHDQGHUH:HOWXQG=HLW EHWUHWHQ 'HU5DXPVHOEVWJOLFKHLQHU5XPSHONDPPHU,FKVDKDXV JHVWRSIWH7LHUHDOWH.LVWHQXQG6LW]ElQNH7LHJHO7RQJHIlH 0|UVHU*ODVIODVFKHQ:LHGLH+H[HQNFKHHLQHVPLWWHODOWHU OLFKHQ$OFKLPLVWHQKDWWHVLFKGHUJXWH.LULDNLVHLQJHULFKWHW :DUHUHLQ6FKDUODWDQRGHUHLQHFKWHU9HUEQGHWHU",FKKRIIWH DXIGLHVH)UDJHLQGHQQlFKVWHQ0LQXWHQHLQH$QWZRUW]XHU KDOWHQ ª'LH6WXQGHGHU(QWVFKHLGXQJLVWQDKPHLQH)UHXQGH©VDJWH HUPLWOHLVHUNDXP]XYHUVWHKHQGHU6WLPPHª'LH:LHGHUJHEXUW HLQHUDOWHQ.XOWXUHLQHUDOWHQ5DVVHXQGHLQHVJODQ]YROOHQ .RQWLQHQWVVWHKWGLFKWEHYRU,FKVSUHXQGIKOHHVVHKUGHXW OLFK'HORVGLHDOWH6WHLQLQVHOZLUG]XP=HQWUXPGHU8P ZDQGOXQJ$EHUHVGURKW*HIDKU)LQVWHUH0lFKWHKDEHQLKUH +DQGLP6SLHO%|VHPDJLVFKH.UlIWHZROOHQPLWDOOHQ0LWWHOQ YHUVXFKHQGLH.UHLVHGHV/LFKWV]XVW|UHQ'LH%|VHQVLQG VFKRQZHLWVHKUZHLW© (UYHUVWXPPWHXQGKROWHWLHI$WHP6HLQ%OLFNKDIWHWHGDEHL DXIPLU ,FKIKOWHPLFKXQEHKDJOLFKGLH$XJHQGHV$OWHQVFKLHQHQ

PHLQH6HHOH]XGXUFKIRUVWHQª:RKHUNHQQHQ6LHPLFK"©IUDJWH LFKLKQ (UOlFKHOWHXQHUJUQGOLFKª,FKELQHLQDOWHUZHLVHU0DQQ8QG LFKOHEHQLFKW]XPHUVWHQPDO0HKUHUH0DOHZXUGHLFKZLHGHU JHERUHQ0HLQHUVWHV/HEHQDEHUZDULQ© ª$WODQWLV"©IOVWHUWHLFKIUDJHQG ª-D©(UQLFNWHª,FKJHK|UWH]XGHQ:HLVHQGLHYHUVXFKWKDEHQ DOOHV]XUHWWHQ:LUZROOWHQGHQ.RQWLQHQWZROOWHQXQVHUH:HOW YRUGHP8QWHUJDQJEHZDKUHQGRFKGLHDQGHUHQZDUHQVWlUNHU© ª:HUVLQGGLHVHDQGHUHQ"© ª,KUQHQQWVLH'lPRQHQ:LUQDQQWHQVLHGLH:lFKWHUGHU )LQVWHUQLV,KU$QIKUHUZDU6DWDQVUHFKWH+DQG(UKDWZLH YLHOHYRQLKQHQGLH=HLWHQEHUGDXHUWZDUWHWDXIHLQH 5FNNHKUXPVHLQH6FKUHFNHQVKHUUVFKDIWDXFKLQGHUVLFKW EDUHQ:HOW]XVWlUNHQ© ª,VWHVGHU6FKZDU]H7RG"© ª'XKDVWUHFKWPHLQ)UHXQG(VLVWGHUPlFKWLJVWHDOOHU 'lPRQHQ'HU3HVWEULQJHUGHU0HLVWHUGHV&KDRV GHUJUDX VDPH7\UDQQ(UNHQQWNHLQH*QDGH,Q$WODQWLVKDWHUJHZWHW :LUZDUHQQLFKWVWDUNJHQXJHUKDWXQVDOOHEHUUROOW$XFKJDE HV9HUUlWHULQXQVHUHQ5HLKHQ6FKRQGDPDOVVWUHEWHQGLH 0HQVFKHQQDFK0DFKWXQG5HLFKWXP8QGGDIUZDUHQVLH EHUHLWLKUH)UHXQGH]XRSIHUQ$WODQWLVJLQJXQWHU(VZXUGHYRQ 8UJHZDOWHQ]HUVW|UWQRFKEHYRUGHU6FKZDU]H7RGHVIHVWLQ VHLQH+DQGEHNRPPHQNRQQWH$EHUHUKDWQLHDXIJHJHEHQ(U KDWHLQHNDXP]XEHJUHLIHQGH*HGXOG,QGHUOHW]WHQ=HLWPHKU WHQVLFK$Q]HLFKHQIUHLQH(UVWDUNXQJGLHVHV'lPRQV,FKKDEH DOOHVJHQDXYHUIROJHQN|QQHQ,FKZHLGDGX-RKQ6LQFODLU XQGGHLQH)UHXQGHJHJHQLKQJHNlPSIWKDEW,FKZHLXPGLH 6FKUHFNHQGLHLKUHUOHEWKDEWXQGGLH7HLOQLHGHUODJHGLHLKUGHP 6FKZDU]HQ7RGEHLEUDFKWHW(ULVWQLHULFKWLJ]XP'XUFKEUXFK JHNRPPHQ%LV]XPKHXWLJHQ7DJ© ª8QGMHW]W"©IUDJWHLFKª:HQQGXDOOHVZHLW.LULDNLVGDQQLVW GLUDXFKEHNDQQWGDZLU]XGLHVHU,QVHOZROOHQ©,FKGX]WHLKQ MHW]WDXFK

.LULDNLVQLFNWHEHVWlWLJHQG ª:LUVWGXXQVIKUHQ"©IUDJWHLFKKRIIQXQJVYROO ª,FKELQ]XDOW$XHUGHPLVWHVHLQZHLWHU:HJ:LUKDEHQ QLFKWPHKUGLH=HLW© (LQGLFNHU.ORKLQJPLUSO|W]OLFKLP+DOV:LHVROOWHLFK-DQH &ROOLQVMHPDOVUHWWHQN|QQHQZHQQGLHVHU:HLVHVFKRQVDJWHGD GLH=HLWYHUWDQZDU" ª*LEWHVQRFKHLQH&KDQFH"© .LULDNLVOLHVLFK=HLWPLWVHLQHU$QWZRUW,FKZDUXQJHGXOGLJ DXFK6XNRQHEHQPLUDWPHWHVFKQHOOHU .LULDNLVEHPHUNWHXQVHUH6SDQQXQJXQG8QJHGXOGª.HLQH $QJVW©VDJWHHUPLWHLQHU6WLPPHGLHEHUXKLJHQGNODQJª,FK ZHLHLQHQ:HJZLHZLUJHIDKUORVQDFK'HORVJHODQJHQ© ª8QGZHOFKHQ"© ª:DUWHDE-RKQ6LQFODLU8QJHGXOGZDUQLHGLH6WlUNHHLQHV 0DQQHV,FKNHQQHGLFK(VJHKWGLUXPHLQHMXQJH)UDXQDPHQV -DQH&ROOLQV6LHEHILQGHWVLFKLQGHQ+lQGHQHLQHV7HXIHOVDEHU VHLJHZLZLUZHUGHQVLHUHWWHQ© ª:HOFKH5ROOHVSLHOHQGLHXQWRWHQ)UDXHQXQG0lGFKHQ"© ZROOWHLFKZLVVHQª:DUXPKDWPDQVLHHUVWVWHUEHQODVVHQXPVLH GDQQZLHGHUDXIHUVWHKHQ]XODVVHQ"© ª'DV©XQGMHW]WNODQJGLH6WLPPHGHV$OWHQVHKUHUQVWªLVWGDV JURH*HKHLPQLVGHU,QVHO(VOLHJWLQGHQ8UVSUQJHQGHV .RQWLQHQWV$WODQWLVEHJUQGHW$OOGLH0lGFKHQGLH$]DULQDXI GLH,QVHOJHVFKDIIWKDWKDEHQEHUHLWVHLQPDOJHOHEW© ª$XFK-DQH&ROOLQV"© -HW]WOlFKHOWH.LULDNLVZLHGHUª1HLQVLHQLFKW8QGGDVLVW GHLQH&KDQFH$]DULQEUDXFKWYLHU0lGFKHQGRFKGUHLKDWHUQXU (UPXDEHUPLWGHU%HVFKZ|UXQJEHJLQQHQVRQVWLVWDOOHVDXV© ª'DQQPXHUYHUVXFKHQ-DQHLQGHQPDJLVFKHQ9RUJDQJ]X LQWHJULHUHQ"© ª(WZDVYRUQHKPDXVJHGUFNWDEHUVRLVWHV© ª.|QQWHHUHVVFKDIIHQ"©ERKUWHLFKZHLWHU ª0|JOLFKDEHUGD]XPWH-DQH&ROOLQVHUVWVWHUEHQ© 0LUJDEHVHLQHQ6WLFK-DQHEHIDQGVLFKLQK|FKVWHU*HIDKUXQG

ZLUVWDQGHQKLHUKHUXPXQGUHGHWHQ,FKPXWHHWZDVXQWHU QHKPHQ.LULDNLVPHUNWHZHOFKH*HIKOHLQPHLQHP,QQHUQ WREWHQ%HUXKLJHQGKREHUGLHUHFKWH+DQGª'XEUDXFKVWNHLQH $QJVW]XKDEHQ-RKQ6LQFODLU:LUZHUGHQVLHUHWWHQ© ª'DQQODXQVJHKHQ©ULHI6XNR 'HU$OWHQLFNWH(UHUKREVLFKª)ROJWPLU©VDJWHHU ,QGHU0LWWHGHV5DXPHV]RJHUHLQHQDOWHQ7HSSLFK]XU6HLWH XQGGHXWHWHDXIHLQLP%RGHQHLQJHODVVHQHV6WHLQYLHUHFNª(VLVW GHU(LQVWLHJ]XUPDJLVFKHQ+|KOH©IOVWHUWHHUª.DXPMHPDQG NHQQWPHLQ*HKHLPQLV,KUJHK|UWQXQ]XGHQ$XVHUZlKOWHQ =HLJWHXFKGLHVHU(KUHZUGLJ© 7URW]VHLQHUJHVFKUDXEWHQ6SUDFKHZLUNWHGLHVHU0DQQQLFKW OlFKHUOLFK,P*HJHQWHLO(LQHDQGHUH5HGHZHLVHKlWWHJDUQLFKW ]XLKPJHSDW (UEHUKUWHGHQ6WHLQDQYLHUEHVWLPPWHQ6WHOOHQ1HLJWHGHQ .RSIHWZDVXQGPXUPHOWH:RUWHGLH6XNRXQGLFKQLFKWYHU VWDQGHQ 'LH:LUNXQJGHU6lW]HZDUYHUEOIIHQG 'HU6WHLQEHJDQQVLFK]XEHZHJHQ(VNQLUVFKWHLQGHQ )DVVXQJHQGDQQVDFNWHGHU6WHLQWLHIHUXQGUXWVFKWHHLQIDFK]XU 6HLWH6RDOVZUGHHULQGHU/XIWVFKZHEHQ .LULDNLVWUDW]XU6HLWHXQGKROWHHLQHDOWHgOODPSH(UVFKUDXE WHGHQ'RFKWK|KHUXQGGHXWHWHDXIHLQH6WHLQWUHSSHGLHLQGLH 7LHIHHLQHV.HOOHUVIKUWHª:LUJHKHQGRUWKLQXQWHU©VDJWHHU ª)ROJWPLUXQGVSUHFKWNHLQHLQ]LJHV:RUW(VZUGHGLH0DJLH GHV$XJHQEOLFNVVW|UHQ© 'XUFKPHLQHQ.RSIVFKRVVHQ]DKOUHLFKH*HGDQNHQ(VZDU XQHUNOlUOLFKZDVLFKKLHULQGLHVHPDOWHQ+DXVHUOHEWH'XUFK =XIDOOZDUHQZLUHLQHP*HKHLPQLVDXIGLH6SXUJHNRPPHQGDV XQVPLWHLQHU:HOWNRQIURQWLHUWHGLHLFKQXUDXV6DJHQNDQQWH 6XNRHUJLQJHVVLFKHUOLFKQLFKWYLHODQGHUV :LUVWLHJHQKLQDE'LH6WXIHQPXWHQXUDOWVHLQ$QGHQ(FNHQ ZDUGHU6WHLQEHUHLWVDEJHEU|FNHOW6WLFNLJH/XIWHPSILQJXQV,KU 6DXHUVWRIIJHKDOWZDUJHULQJ'LH.HU]HQIODPPHEHJDQQ]X IODFNHUQEUDQQWHMHGRFKZHLWHU

'HU.HOOHUZDUQXUKDOEVRJURZLHGLH:RKQXQJ8QGPLW HLQHUQRFKWLHIHUJH]RJHQHQ'HFNH6XNRXQGLFKNRQQWHQQLFKW DXIUHFKWVWHKHQ$XFK.LULDNLVPXWHVLFKEFNHQ 'LHUXHQGH)ODPPHHUKHOOWHGHQ.HOOHUQXUVSlUOLFK'RFK ZDVXQVDXIILHOZDUGDV3HQWDJUDPP0LWURWHU)DUEHZDUHVDXI GHQ%RGHQJH]HLFKQHW*HQDXLQGHU0LWWH]HLJWHHVHLQHQVWUDK OHQGHQ6WHUQXQGDQGHQ6FKQLWWSXQNWHQGHV3HQWDJUDPPVODV LFKPDJLVFKH:RUWHDXVGHU.DEEDOD ª'DVLVWGLHXUDOWH6SUDFKH©ZLVSHUWHPLUGHU$OWHLQV2KU ª6FKRQLQ$WODQWLVZDUVLHEHNDQQW'LH0DJLHUXQG=DXEHUHU EHGLHQWHQVLFKLKUHU© ,FKVDKPLFKXPEHWUDFKWHWHDXIPHUNVDPDOOH*HJHQVWlQGH 'LH:lQGHZDUHQQDFNWXQGOHHU:HQQGDV/LFKWLQHLQHPULFK WLJHQ:LQNHOGDUDXIILHOJOlQ]WHQVLHIHXFKW$QGHU6WLUQVHLWHGHV .HOOHUVVWDQGHQNOHLQHIODFKH7RQVFKDOHQ6LHZDUHQPLW.UlXWHUQ JHIOOWGLHHLQHQEHW|UHQGHQ'XIWYHUEUHLWHWHQ 8QGGRFKZDUHVPLUDOVODXHUHLUJHQGZRHLQH*HIDKU(LQH QLFKWVLFKWEDUHRGHUHUNOlUEDUHGHQQRFKLFKZDUDXIGHU+XW )OVWHUQGHU]lKOWHLFK6XNRYRQPHLQHU$KQXQJ ª:LUZHUGHQDXISDVVHQ©DQWZRUWHWHPHLQFKLQHVLVFKHU 3DUWQHU .LULDNLVKDWWHPLWEHNRPPHQZRUEHUZLUXQVXQWHUKLHOWHQ ª-D©VDJWHHUª'LH.UlIWHGHU)LQVWHUQLVKDEHQVLFKNRQ]HQWULHUW :LUPVVHQXQVEHHLOHQ+HOIWPLW'LH=HLWGUlQJW,FKZXWH QLFKWGDHVVFKRQVRZHLWLVW'LHLP6FKDWWHQUHLFKJHIDQJHQHQ *HLVWHUEHJLQQHQVLFK]XO|VHQ.XU]EHYRU$WODQWLVYHUVDQN KDEHQZLUVLHGXUFK%HVFKZ|UXQJHQXQVFKlGOLFKPDFKHQN|Q QHQ'RFKMHW]WIRUPLHUHQVLHVLFK]XP$QJULII,FKVSUHHV$XI GHU,QVHOOlXIWEHUHLWVGDV5LWXDODE6FKQHOOGLH.UlXWHU©0LW]LW WHUQGHU+DQGGHXWHWHGHU$OWHDXIGLH6FKDOHQ .LULDNLVVWDQGLQPLWWHQGHV3HQWDJUDPPV6XNRXQGLFKPDFK WHQXQVDQGLH$UEHLW5HLFKWHQLKP6FKDOHDXI6FKDOH 3O|W]OLFKK|UWHLFKEHUPLUHLQ*HUlXVFK ,FKKREGHQ%OLFN 'HUVFKZHEHQGH6WHLQJOLWW]XUFNLQGLH)DVVXQJ

ª'D©ULHILFKª'HU6WHLQHU© 'LHQlFKVWHQ(UHLJQLVVHULVVHQPLUGLH:RUWHI|UPOLFKYRQGHQ /LSSHQ$XIHLQPDOVWUDKOWHQGLH:lQGHLQHLQHPLQWHQVLYHQ %ODX(VZDUVRJUHOOGDHVPLFKXQG6XNREOHQGHWH6FKW]HQG ULVVHQZLUXQVHUH$UPHYRUGLH$XJHQ 7URW]GLHVHV/LFKWHVVDKLFKGLHVFKUHFNOLFKHQ*HVWDOWHQ6LH TXROOHQDXVGHPJUHOOHQ6FKOHLHUZDUHQEHZDIIQHWXQGVWU]WHQ DXIXQV]X ,QPLWWHQGHU+|KOHVWDQGHQYLHU6WDWXHQ 0DNHOORVHEOlXOLFKVFKLPPHUQGH0RGHOOHYRQGHQHQGDV LQWHQVLYH/LFKWDXVJLQJ6LHVWDQGHQLQHLQHP+DOENUHLV]XHLQ DQGHUXQG-DQHGLHVFKRQYLHOHUOHEWKDWWHZDUVSUDFKORV 'LH6WDWXHQJOLFKHQKDDUJHQDXGHQ8QWRWHQ 5HFKWVYRQ-DQHDOVRJDQ]DXHQVWDQG.DULQYRQ5RGHQHFN ,KU.|USHUZDUJHVWUHFNW6LHKDWWHGLH$UPHHUKREHQXQGGLH )LQJHUJHVSUHL]W$XILKUHPJODWWHQ*HVLFKWODJHLQKLQWHUJUQ GLJHV/lFKHOQ -DQHV%OLFNZDQGHUWHKLQ]XU]ZHLWHQ)LJXU6LHVDKGDVJHWUHXH (EHQELOGGHU6DQGUD0RUDQ6HOEVWGLH]DKOUHLFKHQ/RFNHQZDUHQ QDFKJHELOGHWZRUGHQ'LH)LJXUKLHOWGLHUHFKWH+DQGDXVJH VWUHFNWDOVZUGHVLHDXILUJHQGHWZDVGHXWHQ$XFKDXILKUHP *HVLFKWODJGLHVHVZLVVHQGHXQGJHKHLPQLVYROOH/lFKHOQ 'LHQlFKVWH6WDWXH]HLJWH)UDQFD&RUHOOL6LHZDUNOHLQHUDOVGLH DQGHUHQ0LWMXJHQGOLFKHQ%UVWHQVFKODQNHQ6FKHQNHOQXQG GHPKEVFKHQ3XSSHQJHVLFKW 'LHYLHUWH)UDXNDQQWH-DQHYRP$QVHKHQKHUQLFKW$EHUGDV PXWH&ROHWWHVHLQ'RFKVLHOlFKHOWHQLFKW,P*HJHQWHLO,KUH *HVLFKWV]JHZDUHQYRU6FKPHU]HQHQWVWHOOWXQGGHU.|USHU JHNUPPW9RQGHQ)LQJHUVSLW]HQKDWWHQVLFKNOHLQH6WHLQHJHO|VW XQGZDUHQ]X%RGHQJHIDOOHQ&ROHWWHVDKDXVDOVZUGHVLH MHGHQ0RPHQWVWU]HQ6LHVWUDKOWHDXFKDOVHLQ]LJHQLFKWLQ GLHVHPVRLQWHQVLYHQ%ODX (WZDVZDUPLWLKUJHVFKHKHQ-DQHEHJDQQVLFK*HGDQNHQ

GDUEHU]XPDFKHQ9LHOOHLFKWH[LVWLHUWHGLHXQWRWH&ROHWWHQLFKW PHKU+DWWH-RKQ6LQFODLUHVJHVFKDIIWVLHLQ/RQGRQ]XYHU QLFKWHQ"0DFKWHVLFKGHU7RGGHU:LHGHUJlQJHULQKLHUDQGLHVHU JODWWHQ6WDWXHEHPHUNEDU" 9LHU0lGFKHQEUDXFKWH$]DULQIUVHLQH%HVFKZ|UXQJHQ 'UHLKDWWHHUQXUQRFK]XU9HUIJXQJ 8QG-DQH&ROOLQV $]DULQV6WLPPHXQWHUEUDFKLKUH*HGDQNHQª'XVLHKVWHV VHOEVW-DQH&ROOLQV&ROHWWHJHK|UWQLFKWPHKU]XXQV'LHVHU 6LQFODLUZLUGHVJHVFKDIIWKDEHQ$EHUHUNDQQXQVQLFKWDXV VFKDOWHQ:LUKDEHQGLFKXQGLFKZHUGHGLH'lPRQHQDQIOHKHQ GDPLWVLHGLFKDN]HSWLHUHQ,QGLHVHU+|KOHZRKQWGLH6FKZDU]H 0DJLHHLQHVXUDOWHQ.RQWLQHQWV9LHU0lGFKHQGLHQWHQGDPDOV GHP6FKZDU]HQ7RGEHYRUVLHGXUFKGHQ)OXFKGHU:HLHQ 0DJLHNXU]YRUGHP(QGH]X6WHLQZXUGHQ(VZDUGLHOHW]WH 5DFKHGHU3ULHVWHUGHV/LFKWVDEHUGLHZDUQLFKWIUHLQH (ZLJNHLWJHVFKDIIHQ,QIHUQHU=XNXQIWVRVFKULHEHQHVGLHPDJL VFKHQ7DIHOQVROOWHGLHVHU)OXFKDXIJHKREHQZHUGHQ8QGGHU =HLWSXQNWLVWQXQJHNRPPHQ:DVGDV'lPRQHQDXJHXQV]HLJWH ZLUGQXQHLQWUHIIHQ'LH*UDXVDPHQYRQ$WODQWLVNHKUHQ]XUFN XQGGX-DQH&ROOLQVZLUVWXQVGDEHLKHOIHQ© 2EZRKO-DQH&ROOLQV$QJVWKDWWHERWVLH$]DULQGLH6WLUQ ª1LHPDOV©HUZLGHUWHVLHªQLHPDOVZHUGHLFKEHLGLHVHPYHU UXFKWHQ3ODQKHOIHQ,FKZHUGHQLFKW]X,KUHP+DQGODQJHU /LHEHUVWHUEHLFK© 'DODFKWH$]DULQDXIª6WHUEHQZLUVWGXRKQHKLQ-DQH&ROOLQV 'XPXWVWHUEHQGDPLWGXUFKGHLQH6HHOHGLH6WDWXHGHU&ROHWWH ]XP/HEHQHUZHFNWZLUG6RVFKUHLEWHVGDV5LWXDOYRU'LH6HHOHQ GHUDQGHUHQVLQGJHIDQJHQLP'lPRQHQDXJH'LHVHV5HOLNWLVW QRFKlOWHUDOVGHU.RQWLQHQW$WODQWLV(VKlOWGLH6HHOHQGHU 8QWRWHQIHVW$EHUHVYHUVSULFKWDXFK5HWWXQJ:HQQMHPDQGGDV $XJHILQGHWXQGHV]HUVW|UWGDQQN|QQHQGLH6HHOHQGXUFK5DXP XQG=HLWZLHGHULQGLH.|USHU]XUFNZDQGHUQXQGLKQ]XP /HEHQHUZHFNHQ$EHUQLHPDQGXQGQLFKWHLQPDOLFKZHL ZRVLFKGDVJHKHLPQLVYROOH$XJHEHILQGHW,FKZHLQXUGDHV

DOOHVVLHKWXQGVSHLFKHUW)UGHQ6FKZDU]HQ7RGLVWHVVRZLFK WLJZLHGHU6DWDQSHUV|QOLFK$EHUJHQXJGHUODQJHQ5HGH/DW XQVEHJLQQHQ6DQGUD©ULHI$]DULQ 'LH8QWRWHVHW]WHVLFKLQ%HZHJXQJ6LHJLQJDXILKU(EHQELOG ]X,QLKUHP*HVLFKW]XFNWHNHLQ0XVNHOHVJOLFKGHPGHU6WDWXH -DQHV/DJHZDUKRIIQXQJVORV8QGGRFKJDEGLH'HWHNWLYLQ QLFKWDXI6LHGDFKWHDQGHQ:HJGHQVLHJHQRPPHQKDWWHQ :HQQHVLKUJHODQJ]XUFN]XODXIHQXQGVLFKGDV%RRW]XNDSHUQ GDQQJDEHVYLHOOHLFKWQRFKHLQH&KDQFH]XU)OXFKW 8QDXIIlOOLJEOLFNWHVLFK-DQH&ROOLQVXP .DULQXQG)UDQFDEHDFKWHWHQVLHQLFKW6LHKDWWHQQXU$XJHQIU GLH6WDWXHQ8QGDXFK$]DULQYHUIROJWHPLWJHEDQQWHP%OLFNGHQ :HJGHUMXQJHQ6DQGUD 'DVZDULKUH&KDQFH -DQHZDUIVLFKDXIGHP$EVDW]KHUXPVSULQWHWHPLWODQJHQ 6FKULWWHQDXIGHQ*DQJ]XGHU]ZLVFKHQGHQ)HOVHQKLQGXUFKLQ GLH)UHLKHLWIKUWHK|UWHKLQWHUVLFK$]DULQVEHUUDVFKWHQ5XI XQGGDQQVHLQJHOOHQGHV/DFKHQ ,PQlFKVWHQ$XJHQEOLFNHUNDQQWHVLHGHQ*UXQG 'HU*DQJZDUYHUVFKORVVHQ =XJHZDFKVHQPLWEOlXOLFKVFKLPPHUQGHP)HOV2EZRKO-DQH GLH*HIDKULPOHW]WHQ$XJHQEOLFNHUNDQQWHNRQQWHVLHQLFKW UHFKW]HLWLJVWRSSHQXQGSUDOOWHJHJHQGDV*HVWHLQ 6LHVFKULHDXI $]DULQODFKWHZHLWHUª'XELVWGXPP-DQH&ROOLQV©6HLQH 6WLPPHJHOOWHLQLKUHQ2KUHQZXUGHYRQGHQ+|KOHQZlQGHQ QRFKYHUVWlUNWª,FKKDEHGLUGRFKJHVDJWGDKLHUGLH6FKZDU]H 0DJLHUHJLHUW(LQH)OXFKWLVWXQP|JOLFK6LHKGDVHQGOLFKHLQ© -DQHVDKHVHLQ6LHKDWWHDXIHLQPDONHLQH.UDIWPHKUXQG NRQQWHVLFKQLFKWDXIGHQ%HLQHQKDOWHQ/DQJVDPVDFNWHVLHDQ GHUUDXKHQ)HOVZDQG]X%RGHQ $]DULQKDWWHJHZRQQHQ

ª:LUVW|UHQLKUH.UHLVH©VFKULH.LULDNLVª5DVFKEHHLOWHXFKVLH VLQGVRQVWVFKQHOOHU© ,FKK|UWHGLH:RUWHNDXP'DVEODXZHLH/LFKWKOOWHXQVHLQ VWDQGZLHHLQH:DQGLQGHU+|KOH0RQVWHUKDOE0HQVFKKDOE 7LHU5LHVLJH6FKODQJHQP|UGHULVFKH(FKVHQ*KRXOV9DPSLUH :HUZ|OIHVLHDOOHYHUHLQLJWHQVLFK]XHLQHPK|OOLVFKHQ5HLJHQ 6LHXPWDQ]WHQXQVVWLHHQVRSDUDGR[HVNOLQJWODXWORVH 6FKUHLHDXVXQGGHPRQVWULHUWHQXQVLKUH0DFKW :DKUKDIWLJGLH+|OOHKDWWHDOOLKUH3IRUWHQJH|IIQHW8QGZLU ZDUHQGHU0LWWHOSXQNWNRQQWHQQLFKWPHKUHQWULQQHQ +lQGHJULIIHQQDFKPLU/DQJHJHNUPPWH)LQJHUZROOWHQ PLFKIDVVHQ,FKZROOWH]XUFNZHLFKHQXPGLHVHQJLHULJHQ $UPHQ]XHQWJHKHQGRFKGDVFKODQJVLFKHLQWHQWDNHODUWLJHV *HVFK|SIXPPHLQH.HKOHXQGGUFNWHHLVHQKDUW]X ,FKKREGLH$UPHZROOWHGHQ7HQWDNHOXPNODPPHUQGRFK PHLQH+DQGIDWHGXUFKLKQKLQGXUFK )UPLFKZDUHUQLFKWH[LVWHQW,FKDEHUIULKQ 'LHVH(UNHQQWQLVZDUJUDXVDPhEHUVFKWWHWHPLFKPLW$QJVW 'LH/XIWZXUGHPLUNQDSS 'LFKWYRUPHLQHQ$XJHQVDKLFKHLQIUDW]HQKDIWHV*HELOGHDXI WDXFKHQ(VJOLFKHLQHUULHVLJHQ.XJHO'DUDXIVDHLQKlOLFKHU EHKDDUWHU6FKlGHO'DV0RQVWHUKLHOWHLQODQJHV0HVVHULQGHU +DQG $OSWUlXPHZXUGHQIUPLFKZDKU ,QHLQHUOHW]WHQYHU]ZHLIHOWHQ$NWLRQULLFKPHLQHPLWJHZHLK WHQ6LOEHUNXJHOQJHODGHQH%HUHWWDDXVGHU+DOIWHU,FKZXWH QLFKWREHV=ZHFNKDWWH]XVFKLHHQLFKZROOWHDEHUQLFKWWDWHQ ORVKHUXPVWHKHQ ,FKIHXHUWHGUHKWHGDEHLGHQ$UP'LHHUVWH.XJHOVHW]WHLFKLQ GDV*HVLFKWGHV0RQVWHUV(VYHU]HUUWHVLFK'DV]ZHLWH*HVFKR MDJWHLFKHLQHPDQGHUHQ*HVFK|SILQGHQKlOLFKDXIJHULVVHQHQ 5DFKHQXQGGDQQYHUIHXHUWHLFKDOOHDQGHUHQ.XJHOQPLWUDVHQ GHU*HVFKZLQGLJNHLW 'HU'UXFNDQPHLQHP+DOVORFNHUWHVLFKZDUHLQHQ/LGVFKODJ VSlWHUJDQ]YHUIORJHQ

,FKNRQQWHZLHGHUDWPHQ )UHLXQGXQEHVFKZHUW +DWWHQGLH6LOEHUNXJHOQJHZLUNW"'LH6FKZlFKHWULHEPLFKGHP %RGHQHQWJHJHQ1HEHQPLUWDXFKWHSO|W]OLFKHLQHKQHQKDIWH *HVWDOWDXI 6XNR ,FKVDKLKQZLHGXUFKHLQHQEOLQGHQ6SLHJHO (USDFNWHPLFKDQGHQ6FKXOWHUQVFKULHLQPHLQOLQNHV2KU ª+RFKPLWGLU/RV© 6XNRZDUIPLFKHLQIDFKYRUDXIHLQHQ5DXFKYRUKDQJ]XXQG GDQQKLQHLQLQGDV3HQWDJUDPP$XI+lQGHQXQG.QLHQEOLHE LFKKRFNHQ 6XNRVWUHFNWHGLHUHFKWH+DQGDXV,FKHUJULIIVLHXQGOLHPLFK YRQGHP&KLQHVHQDXIGLH%HLQH]LHKHQ -HW]WVDKLFKQXUQRFK.LULDNLV0LWDQJHZLQNHOWHQ%HLQHQKRFN WHHUDXIGHP%RGHQ(UKDWWHGLH$UPHYRUJHVWUHFNWXQGGLH )LQJHUJHVSUHL]W(UVDJHQDXLQGHU0LWWHGHV6WHUQV ª(VZLUGVFKZHUVHLQ©K|UWHQZLUVHLQH6WLPPHª6HKUVFKZHU VRJDU'LH0lFKWHGHU)LQVWHUQLVKDEHQVLFKJHVDPPHOWVLHVLQG VWDUNJHZRUGHQXQGVFKRQEHLPLUHLQJHGUXQJHQ$EHULFKKDEH HVYRUDXVJHVHKHQ,FKZXWHHV(VPXWHVRNRPPHQ'HU .DPSILVWQXQQLFKWPHKU]XYHUPHLGHQ*XWXQG%|VHSUDOOHQ DXIHLQDQGHU'HU6FKZDU]H7RGLVWPlFKWLJXQGDXFK$]DULQLVW VWDUN,FKDOOHLQWUDJHGLH6FKXOG,FKDOOHLQ© ,FKIDWHQDFKVHLQHU6FKXOWHUª:DUXPGX":DUXPPDFKVWGX GLU9RUZUIHPHLQ)UHXQG"© ª,FKKlWWH$]DULQQLFKWJHKHQODVVHQVROOHQ© hEHUUDVFKWEOLFNWHQ6XNRXQGLFKXQVDQª'XNHQQVWLKQ"© IUDJWHLFKOHLVH ª-DVRJDUVHKUJXW©(UQLFNWHEHLGLHVHQ:RUWHQ:LUOLHHQ LKP=HLW]XHLQHU(UNOlUXQJ,FKDKQWHGD.LULDNLVXQVHLQ *HKHLPQLVRIIHQEDUHQZROOWH ,FKWlXVFKWHPLFKQLFKW 1DFKHLQHU0LQXWHGHV6FKZHLJHQVUFNWHHUGDPLWKHUDXV :HLWULHUGHQ0XQGDXI

8QGGDQQVFKULHHUª$]DULQLVWPHLQ6RKQ(ULVWPHLQOHLE OLFKHU6RKQ© 0LFKWUDIHVZLHHLQ6FKRFN 1HEHQPLUIOVWHUWH6XNRª0HLQ*RWW© ª(UGDUIHVQLFKWVFKDIIHQ©EUOOWH.LULDNLVª(UGDUIHVQLFKW :LUPVVHQHVYHUKLQGHUQ9HUVSUHFKWHVPLU:LUPVVHQ© 3O|W]OLFKYHUVWXPPWHHU ,PVHOEHQ$XJHQEOLFN]XFNWHHLQ/LFKWEOLW]LQGLH+|KHKOOWH XQVHLQGHU%RGHQYHUVDQNZLUILHOHQXQGILHOHQ 'HU6FKDFKWGHU'LPHQVLRQHQKDWWHXQVJHIDQJHQ -DQHNDPDXIGLH)H,KU)OXFKWYHUVXFKKDWWHGLH+DQGOXQJHQ GHUXQWRWHQ0lGFKHQJHVWRSSW6DQGUD0RUDQVWDQGGUHL6FKULWWH YRQLKUHP(EHQELOGXQGZDUWHWHDXIZHLWHUH$QRUGQXQJHQ ª*HKZHLWHU©EHIDKO$]DULQ(UEOLHEMHW]WQHEHQ-DQHVWHKHQ XPVLHLPPHULP$XJHKDEHQ]XN|QQHQ(UZROOWHQLFKWQRFK HLQPDOHLQH8QWHUEUHFKXQJGHVPDJLVFKHQ6FKDXVSLHOVULVNLHUHQ *HKRUVDPVHW]WHVLFK6DQGUDLQ%HZHJXQJEHJOHLWHWYRQGHQ ILHEHUQGHQ%OLFNHQGHUDQGHUHQEHLGHQ:LHGHUJlQJHULQQHQ,Q GHUHQ$XJHQZDUVRHWZDVZLH/HEHQJHNRPPHQ6LHZDFKWHQ DXIMHW]WZRGLH6WXQGHGHU(QWVFKHLGXQJGLFKWEHYRUVWDQG 6DQGUDHUUHLFKWHLKU(EHQELOG 7RWHQVWLOOZDUHVLQGHU+|KOHJHZRUGHQ0DQKlWWHHLQH 6WHFNQDGHOIDOOHQK|UHQN|QQHQ:UGHGLH6\PELRVH JHOLQJHQ":UGHVLFKGLHSHUIHNWQDFKPRGHOOLHUWH6WDWXHPLWGHU XQWRWHQ6DQGUD0RUDQYHUHLQLJHQ" 6DQGUDKREGLH+lQGH0LWGHQ,QQHQIOlFKHQPRGHOOLHUWHVLH GHQJODWWHQ.|USHUGHU6WDWXHQDFKSUHVVWHVLFKGDQQHQJDQ GLHVHVNDOWH*HELOGHXQGHLQWLHIHV6W|KQHQGUDQJDXVLKUHP ZHLWJH|IIQHWHQ0XQG 3O|W]OLFKEHJDQQGDVEODXH/LFKW]XVSUKHQXQG]X]LVFKHQ -DQHGUHKWHGHQ.RSI]XU6HLWHVRVHKUZXUGHVLHJHEOHQGHW 1HEHQVLFKK|UWHVLH$]DULQKHIWLJDWPHQ8QGVHLQHUDXKH IOVWHUQGH6WLPPH

ª(VJHOLQJW-DHVJHOLQJW,FKKDEHHVJHVFKDIIWLFKJDQ]DOOHLQ© 6WLOOH6RUDVFKZLHHVDXIJHNOXQJHQZDUK|UWHGDV3UDVVHOQ DXFKZLHGHUDXI 9RUVLFKWLJZDQGWH-DQHGHQ.RSI,KU%OLFNNRQ]HQWULHUWHVLFK DXIGLH6WDWXH -DQHKLHOWGHQ$WHPDQ 6DQGUD0RUDQZDUYHUVFKZXQGHQ 6LHXQGGLH6WDWXHZDUHQ]XHLQHU3HUVRQJHZRUGHQ'LHPDJL VFKH6\PELRVHKDWWHJHNODSSW ª(UUHLFKW(VLVWHUUHLFKW©NHXFKWH$]DULQª-HW]WNDQQXQVQLH PDQGPHKUDXIKDOWHQ©(USUHVVWHVHLQH+DQGXP-DQHV$UPVR IHVWGDGLH'HWHNWLYLQYRU6FKPHU]DXIVFKULH ª.DULQ©ULHI$]DULQª-HW]WELVWGXDQGHU5HLKH© .DULQYRQ5RGHQHFNVFKULWWDXILKU(EHQELOG]X-DQHVDKJDU QLFKWKLQ6LHEHREDFKWHWHVWDWWGHVVHQ6DQGUD0RUDQRGHUGLH )LJXUGLHHLQPDO6DQGUDJHZHVHQZDU %HLLKUZDUGDVEODXH/LFKWYHUVFKZXQGHQ.DOWXQGJODWW GDEHLJHOEOLFKZHLVFKLPPHUQGVWDQGGLH)LJXULQGHU+|KOH :DUVLHWRW"/HEWHVLH" -DQHVFKDXWHJHQDXHUKLQ 1HLQVLHOHEWH6LHVDKHVDQGHQ$XJHQDQGHQ3XSLOOHQGLH VHOWVDPEODXOHXFKWHWHQ (LQHOHEHQGH6WDWXHVWDQGYRU-DQH&ROOLQV :LHGHUZXUGHVLHJHEOHQGHW'LHVPDOYROO]RJVLFKGLH PDJLVFKH6\PELRVHEHL.DULQYRQ5RGHQHFN 6HNXQGHQVSlWHUZDUDXFKVLHHLQVJHZRUGHQPLWLKUHP VWHLQHUQHQ(EHQELOG ª)UDQFD&RUHOOL©ULHI$]DULQ 'LHVFKZDU]KDDULJH8QWRWHJLQJORV6LHOLHIVFKQHOOHUDOVGLH EHLGHQHUVWHQDOVN|QQHVLHGHQ=HLWSXQNWJDUQLFKWPHKU HUZDUWHQ $EHUPDOVJHVFKDKGDV8QIDEDUHGDV8QJODXEOLFKH-DQHIDQG NHLQH(UNOlUXQJ6LHIRUVFKWHDXFKHUVWJDUQLFKWGDQDFK 'UHL8QWRWHZDUHQHLQVJHZRUGHQPLWGHQ6WDWXHQ0LWGHQ VWDUUHQ.|USHUQGLHDXVHLQHUDUFKDLVFKHQ=HLWVWDPPWHQXQG

GLHHLQ)OXFK]XGHPJHPDFKWKDWWHZDVVLHZDUHQ6HFKVEOlX OLFKVFKLPPHUQGH$XJHQVWDUUWHQ-DQH&ROOLQVDQ'LHOHEHQGHQ )LJXUHQZDUWHWHQDXIVLHODXHUWHQDXIGLHHQGJOWLJH(UO|VXQJ 'DV/LFKWZDUVFKZlFKHUJHZRUGHQ'LH6WDWXHQVWUDKOWHQ QLFKWPHKU'RFKDQGHQ:lQGHQVFKLPPHUWHGHUEODXH6FKHLQ 7LHIDWPHWH-DQHHLQ6LHZXWHZDVNDP 8QGKDWWHVLFKQLFKWJHWlXVFKW ª1XQGX©VDJWH$]DULQQHEHQLKUª*HK*HK]XGHUYLHUWHQ )LJXUXQGXPDUPHVLH,FKZLOOGDDXFKGLHVPDOGLH6\PELRVH JHOLQJW© -DQH&ROOLQV]|JHUWHGRFK$]DULQKDWWHNHLQH*HGXOGPHKU(U ]HUUWH-DQHYRU ª*HKYHUGDPPWRGHUPXLFKGLFKKLQVFKOHLIHQ"© 'LH'HWHNWLYLQPDFKWHGHQHUVWHQ6FKULWWGDQQGHQ]ZHLWHQ ,KU+HU]KlPPHUWH]XP=HUVSULQJHQ+LQWHUVLFKK|UWHVLH $]DULQKHIWLJDWPHQ :DVKDWWHHUJHVDJW"6LHPXWHHUVWVWHUEHQXPGLH6\PELRVH HLQ]XJHKHQ $EHUQRFKOHEWHVLH -DQHEHPHUNWHQLFKWZDVKLQWHULKUHP5FNHQJHVFKDK6LHVDK QLFKWGD$]DULQXQWHUVHLQH-DFNHJULIIXQGHLQHQ*HJHQVWDQG KHUYRUKROWHGHUDQHLQHQYRUQ]XJHVSLW]WHQ6FKUDXEHQ]LHKHU HULQQHUWH(UKDWWHHLQHQ+RO]JULIIXQGHLQHQODQJHQ(LVHQVWLHO 'HU6WDKOVFKLPPHUWHEOlXOLFK ª6WHUEHQ©IOVWHUWH$]DULQª6LHPXVWHUEHQHUVWGDQQNDQQ HVJHVFKHKHQ© (UIL[LHUWH-DQH&ROOLQV 5FNHQ8QGGRUWGLH6WHOOHXQWHUKDOE GHVOLQNHQ6FKXOWHUEODWWHV -DQHJLQJZLHLQ7UDQFH ,PPHUGHXWOLFKHUVDKVLHGLH)LJXU 'DK|UWHVLHKLQWHUVLFKGLH6FKULWWH8QGGDQQGHQJHOOHQGHQ 6FKUHLª6WLUE9HUIOXFKWH©

.DW]HQKDIWIHGHUWH-DQH&ROOLQVKHUXP'XUFKGHQ6FKUHLKDWWH VLFK$]DULQVHOEVWYHUUDWHQDEHUHUZDUVLFKVHLQHU6DFKH]X VLFKHU 'HU$UPPLWGHUP|UGHULVFKHQ:DIIHUDVWHKHUDE'LH6SLW]H ]LHOWHVFKUlJDXI-DQHV+DOV *HGDQNHQVFKQHOONUHX]WHGLH'HWHNWLYLQGLH+lQGHULVLH KRFKXQGZHKUWHGHQKHLPWFNLVFKHQ6WRDE 'HU8QWHUDUPGHV0DQQHVSUDOOWHJHJHQLKUHQNUHX]I|UPLJHQ $EZHKUJULII $]DULQZXUGHDXVGHP.RQ]HSWJHEUDFKW(UVSUDQJ]XUFN -DQHV7ULWWIHJWHDQVHLQHU%UXVWYRUEHLLQV/HHUH 8QGGDQQHUIROJWH$]DULQV$QJULII 1LFKWHUNHQQEDULP$QVDW]XQGPLWXQJHKHXUHU:XFKW-DQH VDKGLH:DIIHDXIVLFK]XVDXVHQKDWWHHLQH]XODQJH6FKUHFN VHNXQGHXQGOLHVLFKGDQQHLQIDFKLQGLH.QLHIDOOHQ (WZDVULLKUGLH6FKXOWHUDXI(LQVLHGHQGHU6FKPHU]UDVWH GXUFKLKUHQ.|USHUGHU0DQQSUDOOWHJHJHQVLH6LHZXUGH]X %RGHQJHGUFNWK|UWHHLQHQ)OXFKXQGGDQQJHVFKDKGDV 6FKUHFNOLFKH -DQH&ROOLQVVDKHVDOVVLHVLFK]XU6HLWHZlO]WH 'LH:DIIHKDWWHLKUH6FKXOWHUJHVWUHLIWGRFKHVKDWWHQRFKVR YLHO:XFKWKLQWHUGHP6WRJHOHJHQGDGLH6SLW]HLQ.DULQYRQ 5RGHQHFNV6WDWXHKLQHLQJHGUXQJHQZDU :LHGXUFK%XWWHU 'DV0DWHULDOZDUQLFKWIHVWVRQGHUQZHLFKZLH.|USHUKDXW %OXWVSUXGHOWHSO|W]OLFKDXVGHU(LQVWLFKVWHOOHREHUKDOEGHU +IWH'LH)LJXUEHJDQQ]XZDQNHQHLQU|KUHQGHU6FKUHLGUDQJ DXVLKUHP0XQGXQGGDQQILHO.DULQ5RGHQHFNXP *HQDXDXI-DQH&ROOLQV]X 'LH'HWHNWLYLQNRQQWHQLFKWPHKUDXVZHLFKHQGLH=HLWZDU]X NQDSS.DULQYRQ5RGHQHFNEHJUXE-DQH&ROOLQVXQWHUVLFK $]DULQODFKWHDXI-HW]WZDUVHLQH*HJQHULQJHIDQJHQ (LQ$UPGHU6WDWXHKDWWH-DQHDP.RSIJHWURIIHQ'LH+DXW ZDUDXIJHSODW]WXQG%OXWULHVHOWHDXVGHU:XQGH-DQHZDUIU 6HNXQGHQZHJJHWUHWHQ$OVVLHZLHGHUEHL%HZXWVHLQZDU

IKOWHVLHKDUWH+lQGHEHULKUHQ.|USHUWDVWHQ$]DULQULVLH XQWHUGHUJHIDOOHQHQ6WDWXHKLQZHJDXVGHUHQ:XQGHLPPHU QRFKGDV%OXWTXROOXQGEHUHLWVHLQHJURH/DFKHDXIGHP %RGHQJHELOGHWKDWWH $]DULQGUFNWHGLHKDOEEHZXWORVH-DQHDXIGHQ5FNHQ SUHVVWHLKUH+DQGJHOHQNHPLWGHU/LQNHQ]XVDPPHQXQGKRE GDQQGHQUHFKWHQ$UP ª-HW]WKLOIWGLUQLFKWVPHKU©VFKULHHU =HLWUHLVHQ 1LFKW]XPHUVWHQPDOKDWWHLFKHLQHQ=HLWVSUXQJJHPDFKW,FK NDQQWHGDV*HIKOGHV6FKZHEHQV0DQPHLQWGHU.|USHUO|VW VLFKLQDOOVHLQH$WRPHDXI $OOHVYHUVFKZDPP 3O|W]OLFKZDUHVYRUEHL ,FKVDKGDV/LFKWGLH+HOOLJNHLWGLH]XHUVWVFKPHU]KDIWPHLQH $XJHQWUDIDQGLHLFKPLFKHUVWQRFKJHZ|KQHQPXWH ,FKULPLFK]XVDPPHQVDKHLQH+|KOHPHKUHUH6WDWXHQXQG )LJXUHQ'DQQHQWGHFNWHLFK-DQH&ROOLQV 6LHODJDXIGHP%RGHQhEHULKUNQLHWHHLQ0DQQ $]DULQ (LQHQPHVVHUlKQOLFKHQ*HJHQVWDQGKDWWHHU]XP6WRHUKREHQ (UZUGHLPQlFKVWHQ$WHP]XJ]XVWHFKHQXQG-DQHGLH:DIIHLQ GHQ/HLEUDPPHQ ª1HLLLQQQ©EUOOWHLFK $]DULQV.RSIUXFNWHKHUXP 6HNXQGHQODQJZDUHUVSUDFKORVKRFNWHEHZHJXQJVXQIlKLJGD ,FKVFKQHOOWHKRFKKHW]WHDXILKQ]XXQGULLP/DXIHQPHLQH 3LVWROHKHUYRU ª'X+XQG©VFKULH$]DULQ +XQG+XQG 6FKDXULJKDOOWHQGLH6WLPPHQYRQGHQ:lQGHQZLGHU 'DQQVWLH$]DULQ]X(UZDUYRP:DKQVLQQEHIDOOHQZROOWH PRUGHQXPVHLQ=LHO]XHUUHLFKHQ

,FKVFKR=ZHLGUHLPDO .OLFNPDFKWHHV8QGZLHGHUNOLFN 9LHOOHLFKWZDUHQGLHVH%UXFKWHLOHYRQ6HNXQGHQGLHVFKUHFN OLFKVWHQPHLQHV/HEHQV0LWDOOHU%UXWDOLWlWZXUGHPLUEHZXW GDLFKPLFKYHUVFKRVVHQKDWWH,FKKDWWHHLQIDFKQLFKWGDUDQ JHGDFKWQDFK]XODGHQ 'DQQVDKLFKURW ,FKYHUORU]XPHUVWHQPDOLQPHLQHP/HEHQGLH%HKHUUVFKXQJ 'LH+|KOHGLH8PJHEXQJDOOHVYHUVFKZDPPYRUPHLQHQ $XJHQ,FKVDKQXUQRFKGDV*HVLFKWGLHVHV0DQQHVGHUPLU GXUFKGHQIHLJHQ0RUGGDVJHQRPPHQKDWWHZDVLFKOLHEWH -DQH&ROOLQV ,FKUDVWHKHUDQ 6HOEVW$]DULQHUVFKUDNYRUPHLQHP*HVLFKWVDXVGUXFN)ULKQ PXWHLFKZLHGHU5DFKHJRWWSHUV|QOLFKDXVVHKHQ(UULLQHLQHU YHU]ZHLIHOWHQ$NWLRQGDV0HVVHUDXV-DQHV.|USHUZROOWHPLFK GDPLWDQJUHLIHQGRFKGDZDULFKEHULKP $XVYROOHP/DXIVFKPHWWHUWHLFKLKPGLH3LVWROHJHJHQGHQ .RSI6HLQH*HVLFKWVKDXWSODW]WHDXI:HLWULHUGLH$XJHQDXI %OXWVWU|PWHDXVGHU1DVH(UILHO]XUFNKREDEZHKUHQGGLH $UPH0LWHLQHP]ZHLWHQ6FKODJIHJWHLFKLKPGLH'HFNXQJ ]XU6HLWH ª0|UGHU'XGUHFNLJHU0|UGHU©EUOOWHLFKXQGJDENHLQHQ 3DUGRQ,FKZHLQLFKWZHOFKHLQ5DXVFKEHUPLFKJHNRPPHQ ZDULFKZROOWHSO|W]OLFKGLHVHQ0DQQWRWVHKHQ ª-RKQ©1XUJDQ]VFKZDFKYHUQDKPLFKGHQ6FKUHLª+|UDXI -RKQ'XGDUIVWGDVQLFKWWXQ© ,FKNRFKWHYRU:XW 'DQQULVVHQPLFKKDUWH)lXVWH]XUFNERJHQPHLQHQ 2EHUN|USHUQDFKKLQWHQ'LH:DIIHZXUGHPLUDXVGHQ)LQJHUQ JHZXQGHQ ª/DWPLFK©VFKULHLFKª/DWPLFKORV© (LQH)DXVWGHWRQLHUWHDQPHLQHP.LQQ,FKVDKSO|W]OLFK6WHUQH YRUPHLQHQ$XJHQDXISODW]HQZXUGH]XUFNJHVFKOHXGHUWZHJ YRQGHP0|UGHU$]DULQ

9LHOOHLFKWZDUHVGHU)DXVWVFKODJGHUPLFK]XU%HVLQQXQJ JHEUDFKWKDWWH3O|W]OLFKVDKLFKZLHGHUNODU 6XNRVWDQGQHEHQPLUXQGEOLFNWHDXIPLFKKHUDE(UKDWWHQRFK GLH+DQG]XU)DXVWJHEDOOW0HLQFKLQHVLVFKHU3DUWQHUKDWWHPLFK YRUGHUJU|WHQ'XPPKHLWPHLQHV/HEHQVEHZDKUW (UQVWEOLFNWHHUPLFKDQ ª(QWVFKXOGLJH©IOVWHUWHLFKª$EHULFKLFK© ª6FKRQJXW-RKQ© 0HLQ%OLFNZDQGHUWH]X$]DULQ(UODJDXIGHU6HLWH0HLQH 6FKOlJHKDWWHQLKQDUJJHWURIIHQDEHUHUZDUQLFKWEHZXWORV VWHPPWHVLFKVRJDUKRFK $XVGHP+LQWHUJUXQGGHU+|KOHQlKHUWHVLFK.LULDNLV/DQJ VDPXQGPLWJHPHVVHQHQ6FKULWWHQ 8QGGDQQVDKLFK-DQH$XIDOOHQYLHUHQNURFKLFK]XLKU'DV 0HVVHUKDWWHVLHLQGLH%UXVWJHWURIIHQ'RUWZRGLH(LQVWLFKVWHOOH ZDUEHIDQGVLFKHLQNOHLQHU%OXWIOHFNQLFKWJU|HUDOVGLH.XSSH HLQHV)LQJHUV ,FKWUDXWHPLFKQLFKWQDFKLKUHP+HU]VFKODJ]XIKOHQGRFK LFKVDKDQLKUHP+DOVHLQH$GHU]XFNHQ -DQHOHEWH ,PHUVWHQ$XJHQEOLFNILHOPLUHLQ6WHLQYRP+HU]HQ$EHUZLH ODQJHZUGHVLHQRFKOHEHQ"'LHVHP|UGHULVFKH:DIIHZDUWLHILQ LKUHQ.|USHUHLQJHGUXQJHQ,FKZXWHQLFKWZHOFKH2UJDQHYHU OHW]WZDUHQ(VZDUJUDXVDP ,FKKREGHQ%OLFNXQGVDKYLHU3XSSHQ(LQHZDUXPJHVWU]W XQGODJLQPLWWHQHLQHU%OXWODFKHDXIGHPIHOVLJHQ%RGHQ 6WDPPWHGDV%OXWYRQLKU" 6XNRJDEPLUPHLQH3LVWROH]XUFN$XWRPDWLVFKOXGLFKVLH QDFK(LQ(UVDW]PDJD]LQWUXJLFKLPPHUEHLPLU 'DQQEHJDQQ.LULDNLV]XVSUHFKHQ-HGHUK|UWHLKP]X ODXVFKWHVHLQHQ:RUWHQGHQQHUOIWHWHHLQHQJURHQ7HLOGHV *HKHLPQLVVHVGDVEHUGLHVHU+|KOHODJ ª'LHVVROOWHGLH*HEXUWVVWlWWHGHV.RQWLQHQWV$WODQWLVZHUGHQ© EHULFKWHWHHUª'LHYLHU6WDWXHQZDUHQGLHYLHU'LHQHULQQHQGHV 6FKZDU]HQ7RGV6LHKDEHQLKPGDPDOVGLH7UHXHJHKDOWHQGRFK

ZLUNRQQWHQVLHGXUFKHLQHQ)OXFKEDQQHQ/HLGHUZLUNWHGHU )OXFKQLFKWHZLJ'LHYLHU8QWRWHQVROOWHQLKQZLHGHUDXIKHEHQ GRFKQXUGUHLVLQGJHNRPPHQ-DQH&ROOLQVVROOWHGLH)XQNWLRQ GHUYLHUWHQEHUQHKPHQGHVKDOEVROOWHVLHVWHUEHQGDPLWGLH 0lFKWHGHU)LQVWHUQLVGLHVHV2SIHUDQQDKPHQXQGUHDJLHUHQ NRQQWHQ6RZDUHVGRFKPHLQ6RKQRGHU"© $]DULQKREGHQ.RSIª-D9DWHU©NHXFKWHHUª'XKDVWUHFKW ,FKKDEHYLHOYRQGLUJHOHUQW© ª/HLGHUKDVWGXHVQLFKW]XGHLQHP9RUWHLOYHUZHQGHW© -HW]WODFKWH$]DULQDXIª2GRFK9DWHU,FKKDEHPLFKPLWGHP 6FKZDU]HQ7RGYHUEQGHWGHQQHULVWPlFKWLJHUDOVLKU]XVDP PHQ'LHVHV0lGFKHQGRUWLVWWRW6LHZLUGGHQ.UHLVVFKOLHHQ© ª1HLQ©VFKULHLFKª6LHLVWQLFKWWRW:LUZHUGHQVLHUHWWHQ© $]DULQ]XFNWH]XVDPPHQEOLFNWHPLFKDQ'DQQVWDQGHUODQJ VDPDXIª,KUZHUGHWGLHVH+|KOHQLFKWOHEHQGYHUODVVHQ© IOVWHUWHHUXQGVHLQH:RUWHNODQJHQZLHHLQ6FKZXUª'HU 6FKZDU]H7RGVLHKWDOOHV(UEHVLW]WGDV'lPRQHQDXJHGDVLKP GLH0|JOLFKNHLWJLEWLQGDV6FKLFNVDOGHU0HQVFKKHLWHLQ]X JUHLIHQXQGDOOHV]XEHREDFKWHQ,KUN|QQWPLFKW|WHQGRFK GDPLWKDEWLKUQLFKWVHUUHLFKW(VZLUGDOOHVYRQYRUQEHJLQQHQ 6HKWHXFKGLH6WDWXHQDQ6LHOHEHQ6FKDXWLQGLH$XJHQ 'XUFKVLHNDQQGHU6FKZDU]H7RGHXFKHUNHQQHQ(UZLUGHV QLFKWKLQQHKPHQGDLKUGHQ)OXFKYRQ$WODQWLVXQZLUNVDP PDFKW(U© $]DULQYHUVWXPPWH ,PQlFKVWHQ$XJHQEOLFNVDKHQZLUGHQ*UXQG 'LH3XSSHQVHW]WHQVLFKLQ%HZHJXQJ=ZHLZDUHQHVGLHDXI XQV]XNDPHQ 6DQGUD0RUDQXQG)UDQFD&RUHOOL 6LHJLQJHQVWHLIXQGXQJHOHQN'RFK]LHOVLFKHU,FKZLFK ]XUFNVDKGD6XNRHLQH$QJULIIVSRVLWLRQHLQQDKPGRFKLFK JDELKPHLQHQ:LQNVRGDHUVLFK]XUFNKLHOW 'HQQLFKVDKHWZDVDQGHUHV 'LH3XSSHQZROOWHQQLFKWXQVW|WHQVRQGHUQ$]DULQ ,FKZXWHDXFKGHQ*UXQG$]DULQKDWWHYHUVDJW6HLQ3ODQZDU

IHKOJHVFKODJHQ(UKDWWHGHQ)OXFKYRQ$WODQWLVQLFKWWLOJHQ N|QQHQ8QGGHU6FKZDU]H7RGGXOGHWHNHLQH9HUVDJHUXQWHU VHLQHQ9DVDOOHQ(UUlXPWHDXI (LVNDOWRKQH3DUGRQ ,FKZDUPLUVLFKHUGDGLHEHLGHQ3XSSHQQXUGXUFKVHLQH XQKHLPOLFKHQ.UlIWHJHVWHXHUWZXUGHQXQGMHW]WLKUHQHKHPD OLJHQ+HUUQXQG0HLVWHUDQJLQJHQ 6XNRYHUVXFKWHHVQRFKHLQPDOGRFKLFKKLHOWLKQ]XUFN'LHVH EHLGHQ0RQVWHUZROOWHLFKHUOHGLJHQ .KOODJGLH%HUHWWDLQPHLQHU+DQG6LHZDUJHODGHQ6HFKV JHZHLKWH6LOEHUNXJHOQVWHFNWHQLP0DJD]LQ )DVWKDWWHGLHNOHLQHUH3XSSH$]DULQHUUHLFKW6LHGUlQJWHLKQ ]XUFNELVHUPLWGHP5FNHQJHJHQGLH)HOVZDQGVWLH6LH EUDXFKWHQXUQRFKLKUHQ$UPDXV]XVWUHFNHQ ,FKGUFNWHDE 'RQQHUQGEUDFKVLFKGDV(FKRGHV6FKXVVHVLQGHUZHLWHQ )HOVHQK|KOH'DVJHZHLKWH6LOEHUJHVFKR]HUVFKPHWWHUWHGHQ 6FKlGHOGHU6WDWXH'HU.RSISODW]WHI|UPOLFKDXVHLQDQGHU7HLOH IORJHQQDFKDOOHQ6HLWHQ 'DQQILHOGLH3XSSHXP 3O|W]OLFKEHJDQQ$]DULQ]XVFKUHLHQ(UVWMHW]WZXUGHLKPZRKO EHZXWGDGHU6FKZDU]H7RGLKQIDOOHQOLH 'DV%|VHLQLKPNDPYROO]XP'XUFKEUXFK0LWHLQHP)OXFK DXIGHQ/LSSHQVSUDQJHU]XU6HLWHKHW]WHDXIVHLQHVFKUHFNOLFKH :DIIH]XXQGKREVLHDXI ª$]DULQ1LFKW©EUOOWHLFK 6XNRMDJWHDXILKQ]X =XVSlW (UKLHOWGLH:DIIHVFKRQXPNODPPHUW8QGGDQQMDJWHHUVLFK GHQ6WDKOGXUFKGLH.HKOH (VZDUHLQJUDXHQKDIWHU$QEOLFNGHUXQVGHQ%OXWIOXLQGHQ $GHUQVWRFNHQOLH$]DULQVDFNWH]XVDPPHQHUILHODXIV*HVLFKW XQGUKUWHVLFKQLFKWPHKU

:LUIDQGHQGHQ$XVJDQJ'XUFKGLH=HUVW|UXQJGHU6FKZDU]HQ 0DJLHZDUZLHGHUDOOHVVRZLHYRUKHU ,FKWUXJ-DQH]XP6FKLII.LULDNLVWUXJVHLQHQ6RKQDXIGHQ $UPHQ(VWDWJXWGLHIULVFKH6HHOXIW]XVSUHQGHQ:LQGGHU XQVVHLQHQVDO]LJHQ$WHPLQGLH*HVLFKWHUEOLHV+LQWHUXQVODJHQ VFKUHFNOLFKH(UHLJQLVVH'RFKYRUXQVODJHLQH+|OOH (LQ%HJULIIZDUJHIDOOHQ 'DV'lPRQHQDXJH )UXQVJDOWHVQXQGLHVHV$XJH]XILQGHQXPGHP6FKZDU]HQ 7RGHLQHVHLQHUVWlUNVWHQ:DIIHQ]XQHKPHQ :LUVWLHJHQDXIGDV%RRW6XNRVWHXHUWHHV0LWVFKlXPHQGHU %XJZHOOHVFKRHVGDYRQ+LQWHUXQVEOLHEGLH,QVHO]XUFN ,FKVDPLWXQEHZHJWHP*HVLFKWDXIGHU%DQNDP+HFNhEHU PHLQHQ.QLHQODJGLHOHEORVH-DQH&ROOLQV,KU+HU]VFKODJZXUGH VFKZlFKHUZDUNDXPQRFK]XVSUHQ:HQQZLUQLFKWEDOGHLQHQ $U]WIDQGHQGDQQVWDUEPLU-DQH&ROOLQVXQWHUGHQ+lQGHQZHJ 6XNRJDEVHLQ%HVWHV0LWHLQHU*HVFKZLQGLJNHLWGLHJHUDGH QRFK]XYHUDQWZRUWHQZDUMDJWHHUGDV%RRWGHP)HVWODQGHQW JHJHQ:UGHGLH=HLWUHLFKHQXP-DQH&ROOLQV]XUHWWHQ" 0HLQH+RIIQXQJVDQN,FKVWULFKEHULKU*HVLFKWZLVFKWHHLQH +DDUVWUlKQHDXVLKUHU6WLUQ)KOWHVLFKGLH+DXWQLFKWVFKRQ NlOWHUDQ"*ULIIGHU7RGEHUHLWVPLWVHLQHQNQRFKLJHQ+lQGHQ QDFKLKU" ,FKNRQQWHQLFKWYHUPHLGHQGDHVLQPHLQHQ$XJHQIHXFKW VFKLPPHUWH8QGLQHLQHULPSXOVLYHQ*HVWHIDOWHWHLFKGLH+lQGH (VZDUGDVHLQ]LJHZDVLFKQRFKIU-DQH&ROOLQVWXQNRQQWH