Depot im Skagerrak

2WWR%RQKRII+HUEHUW6FKDXHU'HSRWLP6NDJHUUDN 'ULWWHU%DQGDXVGHU6HULH 'DVXQVLFKWEDUH9LVLHU $XIODJH...

Author: Bonhoff O | Schauer H

125 downloads 572 Views 1MB 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

2WWR%RQKRII+HUEHUW6FKDXHU'HSRWLP6NDJHUUDN 'ULWWHU%DQGDXVGHU6HULH 'DVXQVLFKWEDUH9LVLHU $XIODJH 0LOLWlUYHULDJGHU'HXWVFKHQ'HPRNUDWLVFKHQ5HSXEOLN 9(% %HUOLQO /L]HQ]1U 3ULQWHGLQWKH*HUPDQ'HPRFUDWLF5HSXEOLF 6DW] 'UXFNHUHL1HXHV'HXWVFKODQG%HUOLQ 'UXFNXQG%LQGHQ'UXFNHUHLGHV0LQLVWHULXPVI U1DWLRQDOH9HUWHLGLJXQJ %HVWHOOQXPPHU ''50

ª8PHVJOHLFKYRUZHJ]XQHKPHQ,FKKDEHJXWXQGUHLFKOLFK $EHQGEURWJHJHVVHQ© ª:LHVFK|QIU6LH©EHPHUNW$FKLP'HWMHQWURFNHQXQG QLPPWVHLQHPVSlWHQ%HVXFKHUGHQ0DQWHODEGHUGHUZLQWHU OLFKHQ.lOWHGUDXHQDQJHPHVVHQLVWIODXVFKLJHV.DPHOKDDU XQGGHUVLFKVHKU]LYLOQHEHQGHU)OLHJHUXQLIRUPDQGHU *DUGHUREHDXVQLPPW'HU(LQGUXFNYHUVWlUNWVLFKQRFK DOV-DPHV':LOVRQ6SH]LDODJHQWGHU&HQWUDO,QWHOOLJHQFH $JHQF\LQ%RQQVHLQH)HKNDSSHVFKZXQJYROOQHEHQGLH 6FKLUPPW]H'HWMHQVEHI|UGHUW ª$EHUZHQQ6LHHWZDV]XWULQNHQKlWWHQZUGHLFKQLFKW QHLQVDJHQ©IlKUWGHUVSlWH*DVWIRUW(UEFNWVLFKQDFKGHQ EHLGHQ.RIIHUQXQGJHKWPLWJU|WHU6HOEVWYHUVWlQGOLFKNHLW YRUDQLQV:RKQ]LPPHUDOVVHLHUKLHU]X+DXVHXQGPLWGHQ *HJHEHQKHLWHQYHUWUDXW8QGLQGHU7DWHUHULQQHUWVLFKPLW HLQHP/lFKHOQGHU6FKODFKWGLH860LOLWlUSROL]LVWHQYRU -DKUHQKLHULQVHLQHP$XIWUDJVFKOXJHQ'DPDOVKDWWHGHU $XIEDXGHU%XQGHVZHKUJHUDGHEHJRQQHQLQRIIL]LHOOQRFK XQGDOOHGLHGDPLWEHIDWZDUHQEHPKWHQVLFKHLIULJVR ZHQLJZLHP|JOLFKDQGLHgIIHQWOLFKNHLWGULQJHQ]XODVVHQ XQGGDYHUVXFKWHHLQJHZLVVHU+HUU*UHLQHUVHLQHQ:LOVRQV 6FKW]OLQJ'HWMHQIUHLQHQYRQLKPYHUWUHWHQHQ.RQ]HUQ HLQ]XNDXIHQ'HWMHQVSLHOWHQLFKWPLW$OVRVFKLFNWHLKP *UHLQHUHLQHQ6FKOlJHUWUXSSDXIGHQ+DOVDEHUHU:LOVRQXQG

GLH03GUHKWHQGHQ6SLHXP6RZDVYHUELQGHWMD+HXWHZlUH HLQVROFKHU9RUIDOOVFKRQQLFKWPHKUGHQNEDU*ROGJUlEHU]HLW ZDUGDV $XFK$FKLPOlFKHOWZlKUHQGHU]XP.KOVFKUDQNJHKWGHU LQGLH6FKUDQNZDQGHLQJHEDXWXQG*HWUlQNHQYRUEHKDOWHQLVW 6LFKHUOLFKZUGH0LVWHU:LOVRQVJXWH/DXQHVFKODJDUWLJGDKLQ VHLQZHQQHUZWHGDVHLQH0LWDUEHLWZHVHQWOLFKGD]X EHLJHWUDJHQKDWGHQ.XQGVFKDIWHU:HUQHU%UHGHEXVFKGHV 0LQLVWHULXPVIU6WDDWVVLFKHUKHLWGHU'HXWVFKHQ'HPRNUD WLVFKHQ5HSXEOLNLQGHU%XQGHVKDXSWVWDGWIHVWDXIGLH)H ]XVWHOOHQª:DVP|FKWHQ6LHWULQNHQ"© -DPHV':LOVRQLVWGDPLWEHVFKlIWLJWHLQHPHUNZUGLJH $SSDUDWXUDXIGHP7LVFKDXI]XEDXHQ'D]XPXHU]XQlFKVW HLQPDO3ODW]VFKDIIHQ(UUlXPWPLWGHUJOHLFKHQ6HOEVWYHU VWlQGOLFKNHLWPLWGHUHUGHQ5DXPEHWUHWHQKDWGLH5HVWHYRQ 'HWMHQV$EHQGEURWDEXQGVWHOOWVLHHLQIDFKDXIHLQHQ6HVVHO ª:LHLPPHU'HWMHQ:LHLPPHU© $FKLPJLEW:KLVN\LQ]ZHL*OlVHUXQGGD]X(LVZUIHODXV GHP7LHINKOIDFK:LOVRQWULQNWGHQ:KLVN\SXUHUVHOEVW QLPPWHLQHQNUlIWLJHQ6FKX6RGDGD]X'LH*HWUlQNHLQGHU +DQGWULWWHUDQGHQ7LVFKKHUDQ(UKDWHVVLFKDOVHUYRP 'LHQVWLP)KUXQJVVWDE/XIWZDIIHGHV9HUWHLGLJXQJVPLQLVWH ULXPVNDPVRJHPWOLFKZLHP|JOLFKJHPDFKW'DVHLQ]LJH ZDVLP$XJHQEOLFNDQGLH+DUGWK|KHHULQQHUWLVWGLH IOLHJHUEODXH8QLIRUPKRVH'HWMHQKDWGHQ+HPGNUDJHQRIIHQ XQGHLQHEHTXHPH6WULFNMDFNHDQ(UGHXWHWPLWHLQHU.RSI EHZHJXQJDXIGLHEHLGHQ*HUlWH]ZLVFKHQGHQHQGHU&,$ 0DQQMHW]WHLQH.DEHOYHUELQGXQJKHUVWHOOW-HQHULVWPLW VHLQHP:HUN]XIULHGHQQLPPW$FKLPGDV*ODVDXVGHU+DQG XQGWULQNW ª6FKDOWHQ6LH,KUHQ)HUQVHKHUDXVDOWHU-XQJH©VDJWHU ª,FKKDEHHWZDV%HVVHUHVIU6LH© 'HWMHQNRPPWGHU$XIIRUGHUXQJQDFK$XIGHP%LOGVFKLUP VLQNWGLH$XIQDKPHHLQHVVSHNWDNXOlUHQ5HQQHQVPLWVFKQHO OHQ6QRZ6FRRWHUVPLW6FKQHH0RWRUUROOHUQLQVLFK]XVDP PHQ

2IIHQEDUlUJHUWHV:LOVRQGDVHLQ*HJHQEHUQLFKW QHXJLHULJIUDJWZDVHUGDPLWJHEUDFKWKDEH ª'DV1HXHVWHZDVHVDXIGLHVHP*HELHWJLEW©YHUNQGHW HUVWRO]ª(LQ)HUQVHKELOGDXI]HLFKQXQJVXQG:LHGHUJDEHJH UlW.QIWLJZLUGPDQHLQHQVROFKHQ9LGHRUHFRUGHUDQMHGHQ KDQGHOVEOLFKHQ)HUQVHKDSSDUDWDQVFKOLHHQXQGVLFKVHLQ HLJHQHV3URJUDPPPDFKHQN|QQHQ© ª0LW+LOIHHLQHU$XWRPDWLN]HLFKQHWGDV'LQJLQWHUHVVDQWH 3URJUDPPHDXIZHQQPDQQLFKW]X+DXVHLVW]XUVSlWHUHQ 9HUZHQGXQJ*HIlOOWPLU© ª0|JOLFKLVWDOOHV©:LOVRQUFNW]ZHL6HVVHOVRKLQGDVLH HLQHQJXWHQ%OLFNDXIGHQSRVWNDUWHQJURHQ0RQLWRUGHV :LHGHUJDEHJHUlWVJHVWDWWHQª1HKPHQ6LHGRFK3ODW]0LVWHU 'HWMHQ© 'HU.XQGVFKDIWHUYHUVFKZHQGHWNHLQHQ*HGDQNHQDQGLH )HVWVWHOOXQJGDHUVLFKLQVHLQHUHLJHQHQ:RKQXQJLQGLH 5ROOHGHV*DVWHVJHGUlQJWVLHKW(UYHUVXFKWDXFKQLFKW]X HUUDWHQZRUDXIGDVKLQDXVOlXIW-DPHV':LOVRQLVWLPPHUIU hEHUUDVFKXQJHQPHLVWIUVROFKHDXVKHLWHUHP+LPPHO9RU HLQHUNQDSSHQKDOEHQ6WXQGHKDWHUDQJHUXIHQXQGLKQLQVHLQHU IU|KOLFKHQ$UWDXIJHIRUGHUWP|JOLFKH*lVWHKLQDXV]XZHUIHQ XQGDOOHLQDXILKQ]XZDUWHQ=ZHLIHOORVWDWHUGDVQLFKWXP LKPHLQ6WFNPRGHUQVWHU7HFKQLNYRU]XIKUHQ(UYHUELQGHW HLQH$EVLFKWGDPLW)U:HUQHU%UHGHEXVFKKHLWGDVGDHU JHQDXDXISDVVHQPX:LHHU:LOVRQNHQQWZLUGGHULKQ ]XQlFKVWPLWHLQHU*HVFKLFKWHNRQIURQWLHUHQDXIGLHHUVLFK NHLQHQ5HLPPDFKHQNDQQXQGGDQQSO|W]OLFKHLQH)UDJH VWHOOHQGLHVRDXVIDOOHQZLUGGDGLH$QWZRUWGHP6SH ]LDODJHQWHQQXW]WRKQHGDGHU%HIUDJWHYROOXQGJDQ]HUIlKUW ZRUXPHVHLJHQWOLFKJHKW'DVLVWVHLQH$UW/RWWHULH]XVSLHOHQ P|JOLFKVWKRKHU*HZLQQEHLP|JOLFKVWQLHGULJHP(LQVDW] $OVVLHEHLGHVLW]HQEHWlWLJW:LOVRQGHQ6FKDOWHUª(LQH )HUQVHKDXI]HLFKQXQJEHLXQVLQGHQ6WDDWHQJHPDFKWQLH JHVHQGHWDEHUKRFKLQWHUHVVDQW©(UOHKQWVLFKLP6HVVHO]X UFNPLWGHU0LHQHHLQHV0DQQHVGHUIQI]LJ'ROODUIUHLQHQ /RJHQSODW]EH]DKOWKDWXQGQXQJHZLOOWLVWHQWVSUHFKHQG]X JHQLHHQ

=DKOHQHUVFKHLQHQQDFKHLQHU*UDXVNDOD:LOVRQPXQLFKW QDFKVWHOOHQ'DV*HUlWLVWHLQZDQGIUHLMXVWLHUW)QIYLHU GUHLPLWHLQHP3LHSWRQ]ZHLHLQV'DV%LOGLVWGD (LQ+RWHO]LPPHU9RUGHPEUHLWHQ)HQVWHULVW7DJ'XUFK GLH*DUGLQHKLQGXUFKVFKZHLIWGHU%OLFNKLQDXVDXIHLQH :RONHQNUDW]HUODQGVFKDIW1XUHWZDGDVREHUH'ULWWHOGHU 6WDKOEHWRQNO|W]HLQLKUHPQFKWHUQHQ*UDXLVW]XVHKHQIDVW YHUVFKZLPPHQGPLWHLQHPJODQ]ORVHQEHZ|ONWHQ+LPPHOGHU VLFKVFKZHUDXIGDV'DFKGHV(PSLUH6WDWH%XLOGLQJ]XVWW]HQ VFKHLQW'DVEHNDQQWH%DXZHUNHUODXEWHV'HWMHQGHQ2UW]X ORNDOLVLHUHQ'LH$XIQDKPHZXUGHLQ1HZ
NRPPWLQV%LOGPHWDOOJOlQ]HQGXQGGHQªIOLHJHQGHQ8QWHU WDVVHQ©YHUEOIIHQGlKQOLFKGLHDXVXWRSLVFKHQ)LOPHQKLQ OlQJOLFKEHNDQQWVLQG'HXWOLFKODVVHQVLFKDP5DQGHGHV ª7HOOHUV©VWUDKOHQI|UPLJDQJHRUGQHWH7ULHEZHUNHHUNHQ QHQ ª,QYDVLRQYRQGHU9HJD"5DXPN|USHUYRQHLQHPIUHPGHQ 3ODQHWHQ"'DV8)2GDV8QLGHQWLILHG)O\LQJ2EMHFW!GDV6LH KLHUVHKHQ/DG\VDQG*HQWOHPHQKDWHLQHQ'XUFKPHVVHUYRQ ]ZHLXQGYLHU]LJ0HWHUQ=Z|OI6WUDKOWULHEZHUNHYHUVHW]HQHV LQURWLHUHQGH%HZHJXQJ(LQHEHUGLPHQVLRQLHUWH'LVNXV VFKHLEHLP)OXJN|QQWHPDQVDJHQ© 'DVLVWGLH6WLPPHGHV5HSRUWHUVHLQZHQLJEHUDQVWUHQJW PLWHLQHUNDXPPHUNOLFKHQ6SXUYRQ+HLVHUNHLWEHPKW 6SDQQXQJ]XHU]HXJHQ6LHIlKUWJOHLFKIRUWª(LQDXHULU GLVFKHV2EMHNW"0LVWHU.OHLQEHKDXSWHWHVEHVVHU]XZLV VHQ© 'HUDOWH0DQQNRPPWLQV%LOG(UZHLQLFKWUHFKWZRKLQ HUVHKHQVROO2IIHQEDULVWLKPJHVDJWZRUGHQHUVROOHGLUHNW LQGLH.DPHUDVFKDXHQDEHUHUKlOWGDVQLFKWDXVXQGZHQGHW GHQ%OLFNYRQGHUHLQlXJLJHQ0DVFKLQHZHJ'HU-QJHUHELWWHW LKQMHW]WVLFKVHOEVWYRU]XVWHOOHQ ª0HLQ1DPHLVW.OHLQ©NOLQJWHVEUFKLJDXVGHP/DXW VSUHFKHUGHV0RQLWRUV'DV6SUHFKHQIlOOWLKPVFKZHU(U VFKHLQW$WHPEHVFKZHUGHQ]XKDEHQª:lKUHQGGHV.ULHJHV ZDULFKDOV2EHULQJHQLHXU6RQGHUEHDXIWUDJWHUGHVGHXWVFKHQ 5HLFKVOXIWIDKUWPLQLVWHULXPV,QGLHVHU(LJHQVFKDIWKDWWHLFK (LQEOLFNLQ*HKHLPSOlQH$XFKLQGLHVH© :LHGHUGLH$QVLFKWGHUª8QWHUWDVVH©'HU5HSRUWHU VWUHLFKWVLFKIOFKWLJEHUVHLQH%UVWHQIULVXU%HLQDKHEH KXWVDPOHJWHUGDV)RWRDXIGHQ7LVFK]XUFN-HW]WVLQGEHLGH 3HUVRQHQLP%LOG ª)UPLFKNOLQJWHVUHFKWXQJODXEZUGLJ0LVWHU.OHLQGD GLHVHVIOLHJHQGH2EMHNWHLQH*HKHLPZDIIHGHV+LWOHUUHLFKHV JHZHVHQVHLQVROO,FKNDQQQLFKWGDUDQJODXEHQ© 'DVLVWHLQHVHKUELOOLJH3URYRNDWLRQGRFKVLHWXWLKUH :LUNXQJ.OHLQVFKQDXIW6HLQH%HIDQJHQKHLWLVWSO|W]OLFK

ZHJ(UVWUDIIWVLFKXQGHUZLGHUWE|VHª:DV6LHJODXEHQLVW ,KUH6DFKH,FKNDQQQXUGDVZLHGHUKROHQZDVLFKVFKRQLQ XQVHUHU9RUEHVSUHFKXQJJHVDJWKDEH'LHVHV2EMHNW©HUOHJW GLHIODFKH+DQGEHUGDV)RWRDXIGHP7LVFKªKDWHVJH JHEHQ,FKKDEHGLH+HUUHQJHNDQQWGLHDQGHU.RQVWUXNWLRQ GHV)OXJN|USHUVEHWHLOLJWZDUHQ'DVZDUHQGLH+HUUHQ 6FKULHYHU3URIHVVRU0LHWKHXQGGHULWDOLHQLVFKH6WUDKOWULHE ZHUNVLQJHQLHXU%HORQ]R'DV7HVWPRGHOOKLHULVWLQ 3HHQHPQGHPRQWLHUWZRUGHQ©'DVKDJHUH*HVLFKW.OHLQV EHKHUUVFKWQXQGHQ0LQLELOGVFKLUP(VKDWVHKUYLHO9HUELV VHQKHLWXQG$OWHUVVWDUUVLQQ:LH]XU%HVWlWLJXQJVHLQHUHLJH QHQ:RUWHQLFNWGHU$OWHª,Q3HHQHPQGHPRQWLHUW-D© ª:DQQZDUGDV"© .OHLQVFKOLHWGLH$XJHQDOVZROOHHUVLFKGDV%LOG]XUFN UXIHQXQGVLFKJHQDXHULQQHUQª'DVZDU$QIDQJQHXQ]HKQ KXQGHUWIQIXQGYLHU]LJ© 'HU5HSRUWHUZLHGHULP%LOGVFKWWHOWEHVVHUZLVVHQGGHQ .RSIª,FKKDWWHLQ+XQWVYLOOHLP%XQGHVVWDDW$ODEDPD*H OHJHQKHLWPLW0LVWHUYRQ%UDXQGHUMDGRFKGHUIKUHQGH .RSIGHUIDVFKLVWLVFKHQ5DNHWHQSURGXNWLRQLQ3HHQHPQGH ZDU]XVSUHFKHQ0LVWHU:HUQKHUYRQ%UDXQVSUDFKVHKU IUHLPWLJEHUGLH:XQGHUZDIIHQ!GHV'ULWWHQ5HLFKHV!'HQ )OXJN|USHUGD©XQGZLHGHUQLPPWGLH.DPHUDGHQ 5LHVHQWHOOHUPLWGHQ]Z|OI6WUDKOWULHEZHUNHQDXIªHUZlKQWH HUPLWNHLQHU6LOEH© ª:HLOHUQLFKWYRQVHLQHP5HLEUHWWNDP©IlKUW.OHLQ ZWHQGDXI(VNOLQJWHLQZHQLJDEVFKlW]LJ$QVFKHLQHQGLVW GLH0HLQXQJGHV2EHULQJHQLHXUVEHUGHQª5DNHWHQN|QLJ© UHFKWJHWHLOWXQGQLFKWHEHQGLHEHVWHª9RQ%UDXQZDULPPHU VHOEVWKHUUOLFKELV]XU8QHUWUlJOLFKNHLW©.OHLQUlXVSHUWVLFK XQGJLEWVLFKQHXHUGLQJVVDFKOLFKª,FKKDEHJHVDJWGDGHU )HVWN|USHULQ3HHQHPQGHPRQWLHUWZRUGHQLVWZHLOHVGRUW GLHEHVWHQWHFKQLVFKHQ9RUDXVVHW]XQJHQGDIUJDE© ª6LHZROOHQGDPLWVDJHQHULVWQLFKWLQ3HHQHPQGHHQW ZRUIHQZRUGHQ"© ª-D©

ª$EHUPHLQHV:LVVHQVZDUGLHJHVDPWH5DNHWHQIRUVFKXQJ GHV1D]LUHLFKVLQ3HHQHPQGHNRQ]HQWULHUW:RZHQQQLFKW GRUW"© %UHGHEXVFKKDWNHLQH$KQXQJZRUDXIGDVKLQDXVODXIHQ VROO0LWª8)2V©KDWHUVLFKQLHEHIDW'DVZDULKPLPPHU ]XVSHNXODWLYXQGXQVHUL|VQLFKWHUQVW]XQHKPHQ(UVLHKW :LOVRQYRQGHU6HLWHDQ9RQGHVVHQ*HVLFKWOlWVLFKQLFKWV DEOHVHQ =XPHUVWHQPDO]|JHUWGHU2EHULQJHQLHXUPLWHLQHU$QWZRUW (UEHXJWVLFKYRUJUHLIWQDFKHLQHUGHU&RFD&ROD)ODVFKHQ DXIGHP7LVFK|IIQHWVLHXPVWlQGOLFKVFKHQNWVLFKHLQWULQNW XQGZLOORIIHQNXQGLJ=HLWJHZLQQHQ'LH.DPHUDKlOWGHQ JDQ]HQ9RUJDQJIHVWLVWXQXQWHUEURFKHQQDKHGUDQXQGPDFKW GDGXUFKGLHSO|W]OLFKH.XQVWSDXVH.OHLQVEHUGHXWOLFK ª,FKZDUWHDXI,KUH$QWZRUW©'HU5HSRUWHUOlWQLFKW ORFNHUª:RDOVRZXUGHGDV3KDQWRPHQWZRUIHQ"©(UOHJWQRFK HLQHQ=DKQ]Xª:LVVHQ6LHHVQLFKWRGHUZROOHQ6LHHVQLFKW VDJHQ"© 'HU2EHULQJHQLHXUEHJUHLIWGDHUGLH)UDJHVFKZHUOLFK EHLVHLWHVFKLHEHQNDQQ$XIVHLQHU6WLUQELOGHQVLFKNOHLQH 6FKZHLSHUOHQGLHGXUFKGLHDXIJHWUDJHQH3XGHUVFKLFKW GUlQJHQ.OHLQEHUZLQGHWVHLQH%HGHQNHQ ª'HU)OXJN|USHUZXUGHYRQ:LVVHQVFKDIWOHUQGHV/RIWKX VHU.UHLVHVHQWZRUIHQ© ,QGLHVHP0RPHQWVLHKW:LOVRQ'HWMHQDQXQGKHEWDXI PHUNVDPNHLWKHLVFKHQGGHQ=HLJHILQJHU/RIWKXVHU.UHLV GHQNW$FKLPQLHJHK|UW 'HU5HSRUWHUVW|WVRIRUWQDFKª/RIWKXVHU.UHLV"'HU 1DPHVDJWPLUQLFKWV© 'LH.DPHUDVFKZHQNW]XUFN]X.OHLQHLQZHQLJ]XIUK 'DV0lGFKHQLQGHQ-HDQVIXPPHOWZLHGHUPLWGHU3XGHU TXDVWHLP*HVLFKWGHV2EHULQJHQLHXUVKHUXPXQGWULWWQXQHLOLJ DXVGHP%LOGª'DVLVWGLHXQJHVFKQLWWHQHYROOVWlQGLJH$XI QDKPH©HUNOlUW:LOVRQEHUIOVVLJHUZHLVH (VJHKWVFKRQZHLWHU ª,FKKDEHGHQ1DPHQDXFKQXUHLQPDOJHK|UW©HUNOlUW

.OHLQªXQG]ZDUEHLP9HUVXFKVVWDUWLQ6WHWWLQ'DHUIXKULFK EHUKDXSWHUVWGDHVGLHVHVZLHVDJWHQ6LH"3KDQWRP! JDE,FKJHK|UWH]XU$EQDKPHNRPPLVVLRQ© 8QJOlXELJVFKWWHOWGHU,QWHUYLHZHUGHQ.RSIª6ROOGDV KHLHQGDGLHVHV'LQJYRQ]ZHLXQGYLHU]LJ0HWHUQ'XUFK PHVVHULQHLQHP6WFNYROOPRQWLHUWXQGVFKZHUODVWLJLQGHQ :LUUHQGHVOHW]WHQ.ULHJVMDKUHVYRQ3HHQHPQGHQDFK6WHWWLQ JHEUDFKWZRUGHQLVW"© 'HU2EHULQJHQLHXUVFKU]WGLH/LSSHQª9HUJHVVHQ6LHELWWH QLFKWGDQDFKGHPDOOLLHUWHQ$QJULIIDXI3HHQHPQGHGLH JHVDPWH5DNHWHQSURGXNWLRQELQQHQNU]HVWHU)ULVWLQGLH 1lKHYRQ1RUGKDXVHQDP6GKDU]YHUOHJWZXUGH$OOHVHLQH )UDJHGHU2UJDQLVDWLRQXQGGDUDXIYHUVWHKHQZLU'HXWVFKHQ XQV'LHhEHUIKUXQJIDQGXQWHUGHU2EHUKRKHLWXQGPLW 0LWWHOQGHU66VWDWW6LHYHUOLHIUHLEXQJVORV© ª8QGZDQQZDUGHU9HUVXFKVVWDUW"© :LHDXVGHU3LVWROHJHVFKRVVHQNRPPWGLH$QWZRUWª$P YLHU]HKQWHQ)HEUXDUQHXQ]HKQKXQGHUWIQIXQGYLHU]LJ©+LHU VWRFNWHUQLFKW'LHVH)UDJHWULIIWLKQYRUEHUHLWHWKLHUIKOWHU VLFKVLFKHUª'HU)OXJN|USHUVWLHJLQGUHL0LQXWHQDXI]Z|OI WDXVHQGYLHUKXQGHUW0HWHU+|KH6HLQH+RUL]RQWDOJHVFKZLQ GLJNHLWEHWUXJ]ZHLWDXVHQG]ZHLKXQGHUW6WXQGHQNLORPHWHU :LUNRQQWHQLKQODQJHEHREDFKWHQ© (LQWURFNHQHV.QDFNHQ-DPHV':LOVRQKDWVLFKYRU JHEHXJWXQGGDV*HUlWDXVJHVFKDOWHW(UQLPPWVHLQ:KLV N\JODVVFKZHQNWHVXQGOlWGLH(LVZUIHOGDULQNUHLVHQVLHKW 'HWMHQDQXQGEHPHUNWª8QGKLHUOJW0LVWHU.OHLQ'DV 8QWHUWDVVHQJHUFKWLVWQLFKWQHX:LUKDEHQHLQELFKHQ QDFKJHJUDEHQ$PYLHU]HKQWHQ)HEUXDUQHXQ]HKQKXQGHUW IQIXQGYLHU]LJWREWHEHU6WHWWLQHLQ6FKQHHVWXUP'LH6LFKW EHWUXJZHQLJHUDOVKXQGHUW0HWHU© ª'DVXQJHHLJQHWVWH:HWWHUIUHLQHQ9HUVXFKVVWDUW© :LOVRQQLFNWª'HQKDWHVEULJHQVEHUKDXSWQLFKWJHJHEHQ 'HU)OXJ]HXJNRQVWUXNWHXU+HLQNHOGHU,KQHQMDJHZLQRFK HLQ%HJULIILVWYHUVLFKHUWHXQVHUHQ/HXWHQJODXEKDIWHVKDEH GLHVHVPHUNZUGLJH3URMHNWQLHJHJHEHQ=XVHLQHU5HDOLVDWLRQ

KlWWHGLH5VWXQJVLQGXVWULHJDUNHLQH0|JOLFKNHLWHQJHKDEW (UPXWHHVZLVVHQ© 'HWMHQOHKQWVLFK]XUFNXQGYHUVFKUlQNWGLH$UPHYRUGHU %UXVWª:HQQDOOHV6FKZLQGHOZDUZDUXPXPDOOHVLQGHU :HOWPXWHLFKPLUGLHVHQ6WUHLIHQDQVHKHQ"© 0LWGHP*ODVLQGHU+DQGVWHKWGHU6SH]LDODJHQWGHU&,$ DXIXQGEHJLQQWLP=LPPHUKLQXQGKHU]XJHKHQª,FKKDEH ,KQHQGDVJDQ]H*HVFKZlW]]XJHPXWHWGDPLW6LH]ZHL:RUWH K|UHQ©HUZLGHUWHU:LOVRQEOHLEWYRU$FKLPVWHKHQXQGVLHKW YRQREHQDXILKQKHUDEª/RIWKXVHU.UHLV:DVZLVVHQ6LH GDYRQ"© %UHGHEXVFKZHLJDUQLFKWV'HQ1DPHQ/RIWKXVKDWHU QRFKQLHJHK|UWHLQª/RIIKXVHU.UHLV©LVWLKPNHLQ%HJULII 'DVXQXPZXQGHQ]X]XJHEHQN|QQWHMHGRFKXQNOXJVHLQ ª0XLFKHWZDVGDYRQZLVVHQ"©DQWZRUWHWHUPLWHLQHU *HJHQIUDJH ª+|UHQ6LH©VDJW:LOVRQWULQNWGDV*ODVOHHUXQGKlOWHV $FKLPKLQGDPLWGLHVHUHVQHXIOOHª6HLWZDQQVSLHOHQZLU .DW]HXQG0DXVPLWHLQDQGHU"'DHVLQGHU1D]L]HLWZDU N|QQWHHLQHU,KUHUDOWHQ.DPHUDGHQPDOGDYRQJHVSURFKHQ KDEHQ© 'HWMHQKDWHVQLFKWJHUQZHQQMHPDQGVRDXILKQQLHGHU EOLFNW(UVWHKWDXIXQGJHKWPLWGHP*ODVGHVDQGHUHQ]XP .KOVFKUDQNª,P$XJHQEOLFN©ZLUIWHUEHUGLH6FKXOWHU KLQªgOHQ6LHGLH0DVFKLQHPDOHLQELFKHQGDPLWVLH OlXIW© 6HLQ%HVXFKHUVHW]WVLFKDXIGLH7LVFKNDQWHª:HQQLFKDOOHV ZWHKlWWHLFK6LHQLFKWEHOlVWLJW©NQXUUWHUª,FKZHLGD HVGLHVHQ/RIWKXVHU.UHLVJHJHEHQKDWDEHUHVJLEWQXUPDJHUH ,QIRUPDWLRQHQGDUEHU:LUZLVVHQKHXWHQRFKQLFKWPHKUDOV $OWJHKHLPGLHQVWFKHI'XOOHVVFKRQQHXQ]HKQKXQGHUWGUHLXQG YLHU]LJLQGHU6FKZHL]JHK|UWKDW(LQ*UHPLXPYRQ:LV VHQVFKDIWOHUQLP'LHQVWGHV5HLFKVIKUHUV66GDVVLFKZLH HVKLHGDPLWEHIDWHLQHXPIDVVHQGH7KHRULHGHV1D WLRQDOVR]LDOLVPXVDOVZLVVHQVFKDIWOLFKH:HOWDQVFKDXXQJ]X HUDUEHLWHQ'HVKDOELVWGLHVHU.UHLVLQ1UQEHUJPLWGHU66

YHUXUWHLOWZRUGHQSHUVRQLIL]LHUWGXUFKHLQSDDU9HUWUHWHUGHU IDVFKLVWLVFKHQ,GHRORJLH:HUVRQVWQRFKGD]XJHK|UWHZHL PDQELVKHXWHQLFKW'LH9HUXUWHLOWHQOLWWHQDXVQDKPVORVDQ *HGlFKWQLVVFKZXQGXQGVWDUEHQDXFKHUVWDXQOLFKVFKQHOO KLQWHUHLQDQGHUZHJ'HU/RIWKXVHU.UHLVVDQNLQ9HU JHVVHQKHLW,FKP|FKWHPHLQHQGDGDV0HWKRGHKDWWH 'HWMHQ© $FKLPEULQJWLKPGDV*ODVª:DUXPEHPKHQ6LHVLFKMHW]W LKQZLHGHUDXV]XJUDEHQ"© 0LWHLQHUKDOEHQ.RSIGUHKXQJZHLVW:LOVRQDXIGHQ9L GHRUHFRUGHUª,VW,KQHQQLFKWDXIJHIDOOHQGDGLHVHU.OHLQ VLFKVFKZHUWDW/RIWKXV]XQHQQHQ"'HU0DQQKDWWHSO|W]OLFK $QJVW,FKELQODQJHJHQXJLP*HVFKlIWXPGDVEHXUWHLOHQ]X N|QQHQ'HU8QWHUWDVVHQVWDUWLQ6WHWWLQZDUHUIXQGHQGDV VWHKWIHVW$EHUVFKOLHWGDVDXVGDHLQVROFKHU6WDUWYRU JHVHKHQZDU".OHLQLVWQLFKWGHU(UILQGHUGLHVHU*HVFKLFKWH HUKDWWHZDVOlXWHQK|UHQHUKDWWHDXFKGLHVH%LOGHULQGHU +DQGXQGGDV3URMHNWHUVFKLHQLKPGXUFKIKUEDUXQGJODXE KDIWZHLOHVDXV/RIWKXVNDPGDVHUHUVWQDQQWHDOVHUVLFK LQGLH(QJHJHGUlQJWXQGVHLQH*ODXEZUGLJNHLWHUVFKWWHUW IKOWH(UJODXEWHVLFKGXUFKGLH1HQQXQJYRQ/RIWKXV]X OHJLWLPLHUHQ© 'HU&,$0DQQOHHUWGDV*ODVDXIHLQHQ=XJ(VLVWHUVWDXQ OLFKZLHYLHOHUYHUWUlJWª0HLQH0HLQXQJ.OHLQZXWHPHKU :DKUVFKHLQOLFKKDWWHHU,QIRUPDWLRQHQGDUEHUGDGLH 1D]L,GHRORJHQGHP/RIWKXVHU.UHLVQXUDOV$XVKlQJHVFKLOG GLHQWHQZlKUHQGKLQWHUGLHVHU)DVVDGHDQVHKUSUDNWLVFKHQ 3URMHNWHQJHDUEHLWHWZXUGHDQ3URMHNWHQGLHJHHLJQHWZDUHQ GLH0DFKWGHVGHXWVFKHQ)DVFKLVPXV]X]HPHQWLHUHQHLQ VFKOLHOLFK:DIIHQV\VWHPHQGHU=XNXQIW8QGGDUEHU P|FKWHLFKDOOHVZLVVHQ© 'HWMHQUHLEWVLFKGDV.LQQ'DQQVHQNWHUGLH+lQGHWLHILQ GLHRKQHKLQDXVJHEHXOWHQ6HLWHQWDVFKHQGHU6WULFNMDFNH(U VFKWWHOWGHQ.RSIª7XWPLUOHLG/RIWKXVHU.UHLV©$FKLP KHEWGLH6FKXOWHUQª,FKJODXEHGDPXLFKSDVVHQ© 'DPLWJLEWVLFK:LOVRQQLFKW]XIULHGHQª'HQNHQ6LHHUVW

PDOLQ5XKHQDFK©HPSILHKOWHUª(ULQQHUQ6LHVLFKDQGLH=HLW LQ6GDPHULND'DVLQG,KQHQYLHOH/HXWHEHJHJQHW'LH PHLVWHQKDWWHQ6SLW]HQSRVLWLRQHQLQQHXQGDOOHVZDUQRFK JDQ]IULVFKLQ(ULQQHUXQJ9LHOOHLFKWKDEHQVLHQLFKWHLQPDO YRQ/RIWKXVJHVSURFKHQZRKODEHUYRQSKDQWDVWLVFKHQ3UR MHNWHQ© $FKLPJHKW]XP)HQVWHUXPGHQ5HJOHUGHU=HQWUDOKHL]XQJ DQGHUVHLQ]XVWHOOHQª6LHNRPPHQGRFKVRQVWLPPHUDXIV 1DKHOLHJHQGH:LOVRQ:DUXPQHKPHQ6LHQLFKWHUVWHLQPDO GLHVHQ2EHULQJHQLHXU.OHLQLQGLH0DQJHO"© 'HU6SH]LDODJHQWVLHKWLKQVWXPPDQZHQGHWVLFKGDQQXP XQGJHKWDQV)HQVWHU,P/LFKWGHU6WUDHQODWHUQHQWDQ]HQ 6FKQHHIORFNHQ'LH/DPSHQXQGGLHXQWHQLQLKUHP/LFKW DEJHVWHOOWHQ)DOLU]HXJHWUDJHQZHLH+DXEHQ$XFK:LOVRQV EUHLWDXVODGHQGHU&KHYUROHWLVWVFKRQIDVWY|OOLJ]XJHGHFNW ª'DV,QWHUYLHZLVWYLHU]HKQ7DJHDOW©VDJWGHU0DQQDXV GHQ6WDDWHQª(VZXUGHQLHJHVHQGHWGDVVDJWHLFKVFKRQ $XHUGHP'UHKVWDEHLQSDDU5HGDNWHXUHQYRP1DWLRQDO %URDGFDVWLQJ6\VWHPXQGHLQSDDUKLQ]XJH]RJHQHQ([SHUWHQ YRQXQVKDWHVQLHPDQGJHVHKHQ$EHUDOVXQVHUH/HXWH0LVWHU .OHLQDXIVXFKWHQXPLKPHLQSDDUHUJlQ]HQGH)UDJHQ]X VWHOOHQIDQGHQVLHLKQWRWLQVHLQHP+RWHO]LPPHU(UKDWWHDXI P\VWHUL|VH:HLVH6HOEVWPRUGEHJDQJHQ©:LOVRQGUHKWVLFK XPª(LQZHLWHUHU*UXQGVLFKIUGLH/HXWHDXV/RIWKXV]X LQWHUHVVLHUHQ0DQPXQRFKPLWLKQHQUHFKQHQ©

8PGLHVH6WXQGHLVWGLH/RQGRQHU5HJHQW6WUHHWYRP%H UXIVYHUNHKUY|OOLJYHUVWRSIW1XULP6FKULWWHPSRTXlOWVLFKGLH %OHFKODZLQHYRQ.UHX]XQJ]X.UHX]XQJVWHKWZLHGHUXQG UXFNWQHXHUOLFKDQ(VPXWHWZLHHLQ:XQGHUDQGDGLH %REE\VPLWGHQZHLHQ6WXOSHQKDQGVFKXKHQGLHGHQ9HUNHKU UHJHOQHVQLFKWOlQJVWDXIJHJHEHQKDEHQGLHVHV&KDRV]X

HQWZLUUHQ$EHUVLHKDUUHQPLWVWRLVFKHP3KOHJPDDXILKUHQ 3RGHVWHQDXVGHQ5LHPHQGHV.RUNKHOPVXQWHUGHU.LQQ VSLW]HXQGVFKDIIHQHVLPPHUZLHGHUGHQ)DKU]HXJVWURP ZHLWHUIOLHHQ]XODVVHQ'LH%XVVHHUUHLFKHQH[DNWQDFKGHP )DKUSODQLKUH+DOWHVWHOOHQGHQDXIGHP%UJHUVWHLJKDOWHQGHQ )LUPHQIDKU]HXJHQJHOLQJWHVLPPHUZLHGHUVLFKQDFKGHP%H XQG(QWODGHQLQGHQ9HUNHKUHLQ]XIlGHOQ'LHVDXFKZHLOPDQ LQ*UREULWDQQLHQVHKUK|IOLFKXQGUFNVLFKWVYROOIlKUW'HU &KDXIIHXUHLQHVFKURPEOLW]HQGHQ5ROOV5R\FHILQGHWQLFKWV GDEHLDQ]XKDOWHQXQGGXUFKNXU]HV$XIEOHQGHQGHU/LFKWKXSH HLQHPZLQ]LJHQ6WUDHQIORK]XEHGHXWHQHUP|JHDXVVHLQHU 3DUNOFNHKHUDXVIDKUHQXQGVLFKYRUGHP$XWRULHVHQHLQ RUGQHQ0DQHUZDUWHWEHL*HOHJHQKHLWHEHQVRXQWHUVWW]W]X ZHUGHQGHQQPDQLVWDXIHLQDQGHUDQJHZLHVHQ 'DVHLQ7D[LHUVWQDFK6WXQGHQGDV&URVYHQRU+RWHOHU UHLFKHQZHUGHKDWGHU0DQQPLWGHPKDOEVWHLIHQ+XWJH IUFKWHWGHUPLWHLQHU/LQLHQPDVFKLQHGHU%ULWLVK(XURSHDQ $LUZD\VDXV)UDQNIXUWDP0DLQNRPPHQGLQ/RQGRQ$LUSRUW JHODQGHWLVW(UZLUGHUZDUWHW'RFKXQYHUPXWHWVFKQHOOVWHKW GHU:DJHQYRUGHPKRKHQDOWHQ*HElXGHLPYLNWRULDQLVFKHQ 6WLO'HUOLYULHUWH3RUWLHUWULWWKHUDQXQG|IIQHWGHQ6FKODJ :UGHHUQHEHQGHPVRPPHUVSURVVLJHQ)DKUHU*HSlFNVHKHQ JHQJWHHLQH.RSIEHZHJXQJHLQHQ%R\KHUEHL]XVFKDIIHQ GDPLWHUGLH.RIIHUEHUQHKPH'RFKGHU*HQWOHPDQKDWNHLQ *HSlFNDXHUHLQHP$WWDFKHN|IIHUFKHQXQGVHLQHP5H JHQVFKLUP 'HU+HUUPLWGHPKDOEVWHLIHQ+XWJHKWGXUFKGDV9HVWLEO RKQHGHQ7RSISDOPHQXQG(PSLUHP|EHOQDXFKQXUHLQHQ%OLFN ]XVFKHQNHQ(UVFKHLQWPLWGHQ*HJHEHQKHLWHQHLQHVWUDGL WLRQVEHZXWHQHQJOLVFKHQ+RWHOVGXUFKDXVYHUWUDXW]XVHLQ (LQ(PSIDQJVFKHILQPDJHVFKQHLGHUWHP&XWDZD\HLQH ZHLH1HONHLP.QRSIORFKGUHLPDOWlJOLFKIULVFKWULWW LKPHQWJHJHQ ª0HLQ1DPHLVW%RUQ©VDJWGHU$QN|PPOLQJLQJXWHP (QJOLVFKª0DQKDWPLFKDYLVLHUW© ª(VLVWPLUHLQH)UHXGH6LHLP&URVYHQRU!EHJUHQ]X

GUIHQ0LVWHU%RUQ©NOLQJWHVYHUELQGOLFK]XUFNª,FKKRIIH GD6LHHLQHQDQJHQHKPHQ$XIHQWKDOWLQ/RQGRQKDEHQ ZHUGHQ© 'DVKRIIHLFKDXFKGHQNW%RUQDEHULFKELQGDPHLQHU 6DFKHQLFKWJDQ]VLFKHU(UKDWNHLQH$KQXQJZHVKDOEPDQ LKQKHUEHVWHOOWKDWXQGZDVDXILKQ]XNRPPWXQGVROFKH 8QJHZLKHLWKDWHUZLHGLH3HVW 'LHZHQLJHQ6lW]HGLHGHU*UDXNRSILP&XWDZD\K|UW UHLFKHQLKPDXVGLH/LVWHGHU9RUEHVWHOOXQJHQHLQ]XVHKHQXQG HLQHQ%ULHIDXVGHQ3RVWIlFKHUQ]X]LHKHQ ª:LUKDEHQ=LPPHU]ZHLKXQGHUWDFKWXQGYLHU]LJIU6LH UHVHUYLHUW0LVWHU%RUQ:HQQ6LHVLFKELWWHLQV*lVWHEXFK HLQWUDJHQZUGHQ'LHVLVWIU6LHKLQWHUOHJWZRUGHQ© %RUQKlOWHLQOlQJOLFKHV.XYHUWLQGHU+DQGDXIGHPVHLQ 1DPHXQGGLH=LPPHUQXPPHUVWHKHQ(UVWLP=LPPHU|IIQHW HUGHQ8PVFKODJGHUOHGLJOLFKGLH$XIIRUGHUXQJHQWKlOWVLFK IUDFKW]HKQ8KUEHUHLW]XKDOWHQ(UVFKLHEWGDV.XYHUWLQ GLH%UXVWWDVFKH(LQHJXWH6WXQGHEOHLEWLKPQRFK.XU] HQWVFKORVVHQNOLQJHOWHUQDFKGHP=LPPHUNHOOQHUXQGOlWVLFK 7HHEULQJHQ1HLQHVVHQP|FKWHHUMHW]WQLFKW %RUQILQGHWQLFKWGLH5XKHVLFKKLQ]XVHW]HQ(UJHKWDXI XQGDEWULQNWVWHKHQG7HHXQG]HLJWQLFKWVPHKUYRQGHP HQJOLVFKHQ3KOHJPDGDVHUXQWHQDQGHQ7DJJHOHJWKDW(LQH QHUY|VH6SDQQXQJEHKHUUVFKWLKQ6FKOLHOLFKEOHLEWHUYRUGHU *HSlFNDEODJHVWHKHQXQGEOLFNWPLWJHUXQ]HOWHU6WLUQDXIGDV $WWDFKHN|IIHUFKHQGHQ6FKLUPXQGGHQKDOEVWHLIHQ+XW QLHGHUGLHGDHLQPDOHULVFKHV6WLOOHEHQELOGHQHLQH$UW :DSSHQVHUL|VHU*HVFKlIWVWlWLJNHLW 8QYHUPLWWHOWGHQNW%RUQ]XUFN9RUHLQHPNQDSSHQKDOEHQ -DKUHUVWZXUGHHUVFKRQHLQPDOQDFK/RQGRQEHIRKOHQLQ GDVVHOEH+RWHO'DV=LPPHUKDWWHHLQHDQGHUH1XPPHUGRFK HVJOLFKGLHVHPDXIV+DDU8QGDXFKGDV.XYHUWZDUOlQJOLFK XQGHQWKLHOWHLQHlKQOLFKH0LWWHLOXQJ(U%RUQOHJWHGDPDOV DXIGLH*HSlFNDEODJHHLQH$NWHQWDVFKHXQGHLQHNDULHUWH 5HLVHPW]H'DV$WWULEXWGHVYROONRPPHQHQ*HQWOHPDQVGHU 6FKLUPIHKOWH

'DPDOVHPSILQJLKQ)ULWVFK%RUQGDFKWHGHU0DQQKDWVLFK EHUKDXSWQLFKWJHlQGHUWLQGHQDFKW-DKUHQGLHVHLWLKUHU OHW]WHQ%HJHJQXQJYHUJDQJHQZDUHQ'DVZDUDOVHU%RUQ QDFKGHU5FNNHKUDXVGHUVRZMHWLVFKHQ*HIDQJHQVFKDIW JHPHLQVDPPLWVHLQHPHKHPDOLJHQ&KHIDXVGHP5HLFKV VLFKHUKHLWVKDXSWDPWDOOH+lQGHYROO]XWXQKDWWHGDVYRUGHP =XJULIIGHU$OOLLHUWHQEHZDKUWH669HUP|JHQRGHUGRFK ZHQLJVWHQVGLHLKQHQEHNDQQWHQ7HLOHP|JOLFKVWXQDXIIlOOLJ DQ]XOHJHQXQGLP6LQQHGHUªDOWHQ.DPHUDGHQ©DUEHLWHQ]X ODVVHQ)ULWVFKWXWGDVELVKHXWHDOVGHU6SLULWXVUHFWRUGHU UHVSHNWDEOHQ+ROGLQJJHVHOOVFKDIWGLHGLHJURH$Q]DKOGHU LQVJHKHLPPLW66*HOGILQDQ]LHUWHQ:LUWVFKDIWVXQWHUQHKPHQ NRQWUROOLHUWXQGEHKHUUVFKW,KQ%RUQEUDXFKWHGHUHKHPDOLJH 2EHUVWXUPEDQQIKUHULP$PW:LUWVFKDIWGHV56+$QXUZHLO RKQHVHLQH8QWHUVFKULIWDQYHUVFKLHGHQH7DUQNRQWHQLQGHU =ULFKHU%DKQKRIVWUDHQLFKWKHUDQ]XNRPPHQZDU$EHU NDXPZDUGHUOHW]WHQRWZHQGLJH1DPHQV]XJJHWURFNQHW ZXUGHHUDENRPPDQGLHUW$XIHLQWUlJOLFKH3RVWHQ]XJHJHEHQ DEHUDXI3RVWHQGHUHQ:DKUQHKPXQJKLHKDUWDP5DQGHGHU /HJDOLWlW]XEDODQFLHUHQ2EHUVWXUPEDQQIKUHU)ULWVFKLVW KHXWHHLQUHSXWLHUOLFKHU*HVFKlIWVPDQQHLQHª*UDXH (PLQHQ]©LQGHU:HOWGHVJURHQ*HOGHVZlKUHQGHU %RUQ(UNODSSWGLH+DFNHQ]XVDPPHQXQGIKUW%HIHKOH DXVZLHHUGDVLPPHUJHWDQKDWXQGVHLQHHLQ]LJH&KDQFH EHVWHKWGDULQMHQH%HIHKOHJXWDXV]XIKUHQ 9RUHLQHPNQDSSHQKDOEHQ-DKUª6LHKDEHQJXWJHDUEHL WHW%RUQ©KDWWH)ULWVFKPLWXQWHUNKOWHU/LHEHQVZUGLJ NHLWJHVDJWª0HKUDOV6LHDXVGHP:DIIHQJHVFKlIWLQ3RUWXJDO IUXQVKHUDXVJHKROWKDEHQHLQVFKOLHOLFKGHU5HJHOXQJHQ IUGLH=XNXQIWKlWWHVLFKVFKZHUOLFKHUUHLFKHQODVVHQ 0HLQHUVHLWVEHGDXUHLFKHV]XWLHIVWGDLFK6LHYRQ/LVERD DE]LHKHQPX© (VZDUXQQ|WLJQRFKHLQHDXVIKUOLFKH%HJUQGXQJIU GLHVH(QWVFKHLGXQJ]XJHEHQ$XIGHP7LVFKLP&URVYHQRU +RWHOODJHLQH$XVJDEHGHVª-RXUQDO3DULVLHQ©'DULQJDEHV HLQHQ$UWLNHOGHUQDFKZLHVGDGHUHKHPDOLJHK|KHUH

66)KUHU%RUQLQ3RUWXJDOEHUDXVHLQWUlJOLFKH*HVFKlIWH EHWULHEGLHYRQHLQHPPHUNZUGLJHQ6FKOHLHUGHV6FKZHLJHQV XPJHEHQZDUHQª-RXUQDO3DULVLHQ©ZDUILQGLHVHP=XVDP PHQKDQJGLH)UDJHDXIZRKHUZRKOGLH*HOGHUVWDPPWHQPLW GHQHQGHU%HVLW]HUHLQHUSRPS|VHQ9LOODDP0HHUMRQJOLHUH 'D]XVHLQIRWRJUDILVFKHV.RQWHUIHL(VZDUVFKRQULFKWLJ GLH6FKXOLQLH]XYHUODVVHQXQGQLFKWQRFKPHKU$XIPHUNVDP NHLWDXIGDV8QWHUQHKPHQ]XOHQNHQ'DVLVWHLQHELWWHUH (LQVLFKWJHZHVHQ,Q3RUWXJDOKDWHUZLHGHU+HUUJRWWLQ )UDQNUHLFKJHOHEW'LHª6HNUHWlULQQHQ©&ODXGLDXQG7LQD ZHUGHQLKQOlQJVWYHUJHVVHQKDEHQ %RUQVFKHQNWVLFK7HHHLQ:U]LJHU3LFNZLFN7HDLVWGDV GHUOHLGHUVFKRQNDOWZLUG 9RUHLQHPKDOEHQ-DKUOHJWH)ULWVFKGLH)LQJHUVSLW]HQYRU GHU%UXVWDQHLQDQGHUZLHGDVYRQMHKHUVHLQH$QJHZRKQKHLW ZDUª)UHLQ3HQVLRQlUVGDVHLQLVWHVQRFKHLQZHQLJ]XIUK .DPHUDG%RUQ©VDJWHHUXQYHUPLWWHOWLPJOHLFKHQ7RQXQWHU NKOWHU/LHEHQVZUGLJNHLWª(LQHQHXH$XIJDEHZDUWHWDXI6LH ZHQLJHUVSHNWDNXOlUDOVGLHSRUWXJLHVLVFKHDEHUGLIIL]LOHU XQGZLFKWLJHU6LHVLQGGHUJHHLJQHWH0DQQGDIU©3O|W]OLFK ZDUHUDXIJHVWDQGHQXQGPLWNOHLQHQ6FKULWWHQXPGHQ7LVFK JHJDQJHQDQGHPVLW]HQ]XEOHLEHQHU%RUQPLWHLQHU+DQG EHZHJXQJHUODXEWKDWWH)ULWVFKZDUWURW]VHLQHV$OWHUVQRFK LPPHUHLQ0DQQYRQVWUDIIHU+DOWXQJKLHOWVLFKNHU]HQJHUDGH XQGHUULFKWHWHGDGXUFKGDHUVLFKQLHJHKHQOLHHLQH$UW XQVLFKWEDUH:DQGXPVLFKKHUXPª'LH2UJDQLVDWLRQGHU HKHPDOLJHQ66$QJHK|ULJHQ©IXKUHUOHLVHIRUWªKDWVLFKLQ HUIUHXOLFKHU:HLVHNRQVROLGLHUW6RVHKUGDZLUKHXWHGDUDQ GHQNHQPVVHQHLQ,QVWXPHQW]XVFKDIIHQGDVHLQHUVHLWVGHU 6LFKHUXQJGHV(UUXQJHQHQXQG(UUHLFKWHQGLHQW]XPDQGHUHQ DEHUDXFKGHU(UNXQGXQJXQJHQXW]WHU0|JOLFKNHLWHQXQGGHU (LQ]LHKXQJXQVGLHQOLFKHU$XVNQIWH,FKKDEHIUXQVHUHQ NQIWLJHQ6LFKHUKHLWVGLHQVWHLQHQXQYHUIlQJOLFKHQ1DPHQ JHZlKOW5KHLQ0DLQ'HWHNWHL!'DVNOLQJWGRFKKEVFK QLFKWZDKU:DVKDOWHQ6LHGDYRQ"© %RUQKDIWHEHVWlWLJWGDGDVHLQHKHUYRUUDJHQGH,GHHVHL

:DVEOLHELKPZHLWHUEULJ")ULWVFKVFKlW]WHHVQLFKWZHQQ PDQDQGHUHU0HLQXQJZDUDOVHU 'HU*HQHUDOGLUHNWRUGHU+ROGLQJJHVHOOVFKDIWQLFNWHEHIULH GLJWª$QHUIDKUHQHQ/HXWHQPLWJHHLJQHWHU9RUELOGXQJZLUG HVQLFKWPDQJHOQ,FKODVVH,KQHQLQGHQQlFKVWHQ7DJHQHLQH HQWVSUHFKHQGH1DPHQVOLVWH]XJHKHQ&KHIGHU5KHLQ0DLQ 'HWHNWHLVLQG6LH.DPHUDG%RUQZREHLLFKHVIUUDWVDP KDOWHQZUGHGD6LHEHLP*HZHUEHDPWQLFKWLQ(UVFKHLQXQJ WUHWHQ/DVVHQ6LHGLH/L]HQ]GXUFKHLQHQ6WURKPDQQEH DQWUDJHQ'DVLVWHLQH)UDJHGHVSROLWLVFKHQ)LQJHUVSLW]HQ JHIKOV,FKP|FKWHYHUPHLGHQGDLP-RXUQDO3DULVLHQHLQ ZHLWHUHU$UWLNHOEHU6LHHUVFKHLQW1HKPHQ6LHGLH6DFKH VRIRUWLQ$QJULII,KUH'HWHNWHLPXXPJHKHQG]XDUEHLWHQ DQIDQJHQ© 1DFKGLHVHU9RUUHGHZDU)ULWVFKGD]XEHUJHJDQJHQYRU %RUQHLQHQJDQ]HQ.RUEYROOHU$XIJDEHQDXV]XVFKWWHQ%RUQ EHJULIIDXJHQEOLFNOLFKGDHUZHLWHUDXIGHP'UDKWVHLOEDODQ FLHUHQPXWHGLHVPDOJlQ]OLFKDXHUKDOEGHU/HJDOLWlW$OV HUVWHVHUZDUWHWHGLH'HWHNWHLGLH(UPLWWOXQJXQG:LHGHU EHVFKDIIXQJQRFKYHUERUJHQHUDEHUDXFKEHLVHLWHJHVFKDIIWHU XQGYHUXQWUHXWHU9HUP|JHQVZHUWH=XP]ZHLWHQVROOWH%RUQ VLFKGDUDXIYRUEHUHLWHQEHUHLQH*UXSSHQRFK]XEHQHQ QHQGHU3HUVRQHQ,QWLPLQIRUPDWLRQHQHLQ]XKROHQGLHOHW]WOLFK (LQIOXQDKPHDXIGLH(QWVFKHLGXQJHQGHU%HVDJWHQJHVWDWWHQ ZUGHQ(VVHLZRKOVHOEVWYHUVWlQGOLFKGDVLFKXQWHUGLHVHQ EHNDQQWH3HUV|QOLFKNHLWHQGHV|IIHQWOLFKHQ/HEHQVEHILQGHQ N|QQWHQ ª'DVLVWVHOEVWYHUVWlQGOLFK©EHVWlWLJWH%RUQ )ULWVFKEOLHEYRULKPVWHKHQXQGOHJWHHUVWGLH)LQJHUVSLW]HQ XQGGDQQDXFKGLH+DQGIOlFKHQYRUGHU%UXVWDQHLQDQGHUª,P EULJHQVLQG6LHVLFKGDUEHUNODU.DPHUDG%RUQGD,KQHQ GHUNOHLQVWH.XQVWIHKOHUGDV*HQLFNEUHFKHQNDQQ:HQQ HWZDVVFKLHIJHKWZLUG6LHQLHPDQGGHFNHQ,QHLQHPVROFKHQ )DOOHZHUGHLFKMHGH%H]LHKXQJ]X,KQHQXQG]X,KUHP,QVWLWXW HQWUVWHWYRQPLUZHLVHQ$EHULFKELQVLFKHUGDHVNHLQH 3DQQHQJHEHQZLUG©

'DVZDUGDPDOV:RUXPJHKWHV)ULWVFKKHXWH":HJHQHLQHU /DSSDOLHKlWWHHULKQ%RUQQLFKWDQGLH7KHPVHEHIRKOHQ 9RUZUIHHUZDUWHWHUQLFKW'LH5KHLQ0DLQ'HWHNWHLOlXIW 6LHIXQNWLRQLHUWQLFKW]XOHW]WGDQNGHPNRQWLQXLHUOLFKHQ(LQ JDQJYRQhEHUZHLVXQJHQGXUFK/HXWHGHUHQ1DPHQ%RUQQLH JHK|UWKDWXQGGLHVLFKVWHWVDXIQLHJHVFKULHEHQH5HFKQXQJHQ GHU'HWHNWHLIUJHOHLVWHWH'LHQVWHEH]LHKHQ(UVWIDQG%RUQ GDVHLJHQDUWLJMHW]WKDWHUVLFKGDUDQJHZ|KQW(UKDGHUWDXFK QLFKWPHKUPLWVHLQHP6FKLFNVDOHUYHUVXFKWGDV%HVWHDXV VHLQHUQHXHQ/DJH]XPDFKHQ 3QNWOLFKXPDFKW]HKQ8KUVFKOlJWGDV7HOHIRQDQXQG )ULWVFKELWWHWLKQVLFK]ZHL7UHQZHLWHU]XEHPKHQ %RUQKDWHLQH6WXQGHJHZDUWHW1XQJHQJHQ]ZDQ]LJ 0LQXWHQIUGDV*HVSUlFKGHVVHQWZHJHQHUGHQ)OXJYRQ )UDQNIXUWDP0DLQQDFK/RQGRQJHPDFKWKDW)ULWVFKKDWHLQ HLQ]LJHV7KHPDXQGVFKRQGDV]HLJWZHOFKYRUUDQJLJH%H GHXWXQJHUGHU6DFKHEHLPLW 'HUHKHPDOLJH2EHUVWXUPEDQQIKUHULVWQRFKKDJHUHUJH ZRUGHQQRFKDVNHWLVFKHU(LQ1HW]DXV)DOWHQEHU]LHKWVHLQ *HVLFKW ª0DFKHQ6LHVLFK1RWL]HQ©EHJLQQWHURKQH(LQOHLWXQJXQG IlKUWEHUHLWVZlKUHQG%RUQVHLQH)OOIHGHUXQGHLQHQ7D VFKHQEORFN]XU+DQGQLPPWIRUWª,QHLQHP9RURUWYRQ2VOR LQ/RIWKXVDUEHLWHWHZlKUHQGGHV.ULHJHVHLQYRP5HLFKV IKUHU66LQV/HEHQJHUXIHQHUXQGQXULKPSHUV|QOLFKYHU DQWZRUWOLFKHU)RUVFKXQJVNUHLV/RIWKXVHU.UHLVJHQDQQW(LQ 7HLOVHLQHU$UEHLWVXQWHUODJHQZXUGHLQGHQHUVWHQ0DLWDJHQ GHV-DKUHVIQIXQGYLHU]LJYRQGHP8QWHUVHHERRW8GUHLLJ DFKWXQG]ZDQ]LJEHUQRPPHQPLWGHP%HIHKOGHQ%HKlOWHU YRUGHUQRUGIULHVLVFKHQ.VWHDQHLQHPYRUEHVWLPPWHQ2UW ]XYHUVHQNHQ8GUHLLJDFKWXQG]ZDQ]LJLVW]ZDUULFKWLJ DXVJHODXIHQMHGRFKQLHPDOVDP%HVWLPPXQJVRUWDQJHNRP PHQ,KU$XIWUDJ%HVFKDIIHQ6LHGDV0DWHULDOGDVDQ%RUG JHEUDFKWZXUGH%HVFKDIIHQ6LHHVVFKQHOO=X,KUHU,QIRU PDWLRQQXUVRYLHO'XUFKHLQHQGXPPHQ=XIDOOLVWGHU/RI WKXVHU.UHLVXQOlQJVWLQGHQ9HUHLQLJWHQ6WDDWHQLQV*HUHGH

JHNRPPHQ:LUN|QQHQQLFKWDXVVFKOLHHQGDDXI*UXQG GLHVHUYHUlQGHUWHQ6DFKODJHYRQGULWWHU6HLWH5HFKHUFKHQ DQJHVWHOOWZHUGHQXQGP|JOLFKHUZHLVHQDFKGHP8%RRW JHIRUVFKWZLUG$XIGHP0HHUHVERGHQVFKDGHQGLHHUZlKQWHQ 8QWHUODJHQVRZHQLJZLHVLHQXW]HQDQ/DQGJHEUDFKWDEHU XQGLQGLHIDOVFKHQ+lQGHJHODQJWVLQGVLHEULVDQWZLH 6SUHQJVWRII'HVKDOE.DPHUDG%RUQLVWGDVHLQ$XIWUDJGHU K|FKVWHQ'ULQJOLFKNHLWVVWXIH1XQVROOGLH5KHLQ0DLQ 'HWHNWHLHLQPDO]HLJHQZDVVLHNDQQ© %RUQVFKDXWDXIVHLQHQ%ORFNDXIGHPVRJXWZLHQLFKWV VWHKWª:DVEHILQGHWVLFKGHQQLQGHP%HKlOWHU"© )ULWVFKVFKWWHOWXQZLOOLJGHQ.RSIª,FKKDEH,KQHQDOOHV JHVDJW'LH0DWHULDOLHQVLQGLQHLQHU+OOHGLH]XYHUOlVVLJ JHJHQ(LQIOVVHYRQDXHQJHVLFKHUWLVW%ULQJHQ6LHPLUGLH XQYHUVHKUWH+OOHXQG,KU$XIWUDJLVWHUOHGLJW© (LQHNQRFKLJH*UHLVHQKDQGULQJJHVFKPFNWXQGVRUJVDP PDQLNUWVWUHFNWVLFKGHP%HVXFKHUHQWJHJHQ ª9LHO(UIROJ.DPHUDG%RUQ,FKKRIIHDXIHLQHDOVEDOGLJH (UOHGLJXQJ'HUDXHUJHZ|KQOLFKKRKH6FKHFNGHU,KQHQLQ GHQQlFKVWHQ7DJHQ]XJHKHQZLUGVROODXVVFKOLHOLFKIUGLHVH 6DFKH9HUZHQGXQJILQGHQ6ROOWHGDV*HOGQLFKWUHLFKHQ ODVVHQ6LH VPLFKZLVVHQ.HLQH6SDUVDPNHLWDPIDOVFKHQ 3ODW],KUH0DVFKLQHVWDUWHWLQHLQHU6WXQGHXQG,KU7LFNHW OLHJWDP6FKDOWHUGHU%($© $OV$WWDFKHN|IIHUFKHQKDOEVWHLIHU+XWXQG5HJHQVFKLUP EHULKPLQGHU*HSlFNDEODJHGHV)OXJ]HXJVVFKDXNHOQGHQNW %RUQGDVHLQH/DJHEHVFKLVVHQLVW6FKOLPPHUDOVHVNDP KlWWHHVQLFKWNRPPHQN|QQHQ(UKDWNHLQH$KQXQJZLHHU HLQ8%RRWILQGHQVROOGDVQRFKLQGHQOHW]WHQ.ULHJVWDJHQ ªYRQ)HLQGIDKUWQLFKW]XUFNJHNHKUW©LVWZLHGDVGDPDOVLP RIIL]LHOOHQ6SUDFKJHEUDXFKKLHJHVFKZHLJHGHQQHLQHQ%H KlOWHUGHUVLFKDQ%RUGMHQHV)DKU]HXJVEHIDQG6W|KQHQG VWW]WHUGLH6WLUQLQVHLQH5HFKWH 'LH0DVFKLQHKDWGHQ.DQDOEHUHLWVKLQWHUVLFKJHODVVHQ 7LHIXQWHULKUOLHJWMHW]WDQGHQ/LFKWHUQ]XHUNHQQHQHLQH JURH6WDGW

,PPHULFK.RPPHLFKGHQQQLHDXVGHU6FKHLHKHUDXV" GHQNW%RUQZHLWHUXQGIKOW:XWLQVLFKKRFKVWHLJHQ 'LH6WHZDUGHEHXJWVLFK]XLKPª,VW,KQHQQLFKWJXW"© IUDJWVLHPLWIKOHQGª'DUILFK,KQHQHWZDVEULQJHQ"©

$XIGHPJHVFKHXHUWHQ+RO]WLVFKVWHKHQ%OXPHQDEHUVLHVLQG QLFKWHFKW6LHZLGHUQ5RORIIDQXQGHUVFKLHEWVLHEHKXWVDP ]XUDQGHUHQ6HLWHGHU3ODWWH(VLVWIUKHU1DFKPLWWDJXQGXP GLHVH=HLWKHUUVFKWLQGHUª.RJJH©NDXP%HWULHE'DVZLUGVLFK VRIRUWlQGHUQZHQQLQGHQ)DEULNHQGHU8PJHEXQJ6FKLFKW ZHFKVHOLVW'DQQVLQGGLH6WHKWLVFKHYRUGHP7UHVHQDOOH EHVHW]WGHU6WDXEDXVGHQ%HWULHEVKDOOHQZLUGKLQXQWHU JHVSOWGHUbUJHUYRQGHU6HHOHJHUHGHWXQGDXIGLH7LVFK FKHQXQWHUGHQ)HQVWHUQZHUGHQ.DUWHQNODWVFKHQª$FKW]HKQ ]ZDQ]LJ© 'LHª.RJJH©LVWHLQHGHU(FNNQHLSHQGLHYRQ6WDPPJlVWHQ OHEHQ(VJLEWVLHEHUDOOLQGHU:HOW0DQNHQQWVLFKPDQ UHGHWVLFKPLWGHP9RUQDPHQDQXQGZHQQHLQPDOHLQ)UHP GHUHUVFKHLQWZHUGHQGLH*HVSUlFKHOHLVHU=XPDOZHQQHV VLFKXP*lVWHKDQGHOWGHUHQlXHUHV(UVFKHLQXQJVELOGQLFKW LQGLHVH$UEHLWHUJHJHQG]XSDVVHQVFKHLQW 5RORIIZHLGDVXQGKDWVLFKGDUDXIHLQJHVWHOOW,QVHLQHP 5ROONUDJHQSXOORYHUXQGPLWGHU/HGHUMDFNHVLHKWHUDXVDOV JHK|UHHUKLHUKHU(VPDFKWLKP6SDGDGLHZHQLJHQ*lVWH QDFKHLQHP%OLFNDXILKQZHLWHUVRUHGHQZLHLKQHQGHU 6FKQDEHOJHZDFKVHQLVW'DHUNHLQ:RUWYHUVWHKWOLHJWQXU GDUDQGDHUGHV+DPEXUJHU'LDOHNWVGHULQGLHVHU*HJHQG JHVSURFKHQZLUGQLFKWPlFKWLJLVW 'LH5LQGVZXUVWPLW&XUU\KDWJHVFKPHFNW3UHLVXQG*U|H VWDQGHQLPULFKWLJHQ9HUKlOWQLV]XHLQDQGHU1XQVSOW5RORII PLWHLQHP$OVWHU([SRUWQDFKZLVFKWVLFKGHQ6FKDXPPLW GHP+DQGUFNHQDXVVHLQHPVWUXSSLJHQ6HHKXQGVEDUWXQG

VWUHLFKWVLFKEHUGLHVSLHJHOEODQNH*ODW]H(LQZHQLJ=HLW EOHLEWLKPQRFK(U]QGHWVLFKHLQH=LJDUHWWHDQVWUHFNWGLH %HLQHYRQVLFKXQGVLHKWDXIGLH6WUDHKLQDXV(LQWUEHU7DJ 'LH6WUDHQElXPH]HLJHQEHVFKHLGHQGDVHUVWH*UQGDVVLFK LQPlLJHP1RUGZHVWZLQGOHLVHEHZHJW'UDXHQVSLHOHQ .LQGHU6LHJHQLHHQHVGDGHU:LQWHUYRUEHULVW 5RORIIKRIIWKHXWHHLQHQWVFKHLGHQGHV6WFNPLWGHQ5H FKHUFKHQIUGLH5KHLQ0DLQ'HWHNWHLZHLWHU]XNRPPHQGLH LKQVFKRQZRFKHQODQJLQ+DPEXUJIHVWKDOWHQ:HQQDXV JHUHFKQHWHUGHQ.QRWHQHQWZLUUHQN|QQWHDXIGHQGHU&KHI DQJHVHW]WKDWQLFKWVFKOHFKWZlUHGDV(U5RORIILVWYRQ $QIDQJDQGDEHLXQGQLPPW$QWHLODP*HGHLKHQGHV8QWHU QHKPHQV9RQDOOGHQ1DFKNULHJV-REVGLHHUJHKDEWKDW JHIlOOWLKPGHUEHLGHU5KHLQ0DLQ'HWHNWHLDPEHVWHQ(U Kl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|W]OLFKHLQ$QUXIDXV )UDQNIXUW0DLQ REHUQLFKWDQHLQHUQHXHQ$UEHLWVVWHOOH LQWHUHVVLHUWVHL0HUNZUGLJHUZHLVHZXWHGHU:HUNVFKXW] OHLWHUEHUHLWV%HVFKHLGXQGUHGHWHLKP]X$POLHEVWHQZlUH GHU$OWHZRKO]XU5KHLQ0DLQ'HWHNWHLPLWJHNRPPHQ5RORII VDJWHMDQLFKW]XOHW]WZHLOVLFKVHLQ9HUGLHQVWDEHUPDOV YHUGRSSHOWH(VJLQJDXIZlUWVPLWLKPHUVFKZDPPPLWDXI GHU:RJHGHV:LUWVFKDIWVZXQGHUV

5RORIIVLHKWDXIGLH8KU(LQSDDU0LQXWHQQRFKGDQQNDQQ HUORVIDKUHQ ª=DKOHQ© 6FKQHOOUHNDSLWXOLHUWHUQRFKHLQPDO8$OVGHU&KHI DXV/RQGRQ]XUFNNDPKHUUVFKWHLQGHU5KHLQ0DLQ'HWHNWHL WDJHODQJGLFNH/XIW%RUQXQGVHLQH&KHIGHWHNWLYHKRFNWHQELV LQGLH1lFKWHKLQHLQ]XVDPPHQXQGUHGHWHQVLFKKLQWHUYHU VFKORVVHQHQ3ROVWHUWUHQGLH.|SIHKHL'DQQJLQJHQGLH 7UHQDXI(VKDJHOWH$XIWUlJH'LH6DFKHHUKLHOWGLH'HFN EH]HLFKQXQJª7HQWDNHO©6LFKHUKHLWVKDOEHUVFKOXJHULP/H [LNRQQDFK7HQWDNHOVLQGGLHVDXJQDSIEHZHKUWHQ$UPHGHV 7LQWHQILVFKHVPLWGHQHQHUVHLQH%HXWHXPNODPPHUW'LH *HQHUDOOLQLHODXWHWHª)HVWVWHOOHQZRGDVYRQ)HLQGIDKUWLP 0DLQHXQ]HKQKXQGHUWIQIXQGYLHU]LJQLFKW]XUFNJHNHKUWH 8GUHLLJDFKWXQG]ZDQ]LJDEJHEOLHEHQLVW$OOH(UKHEXQJHQ VLQGVRDQ]XVWHOOHQGD'ULWWHNHLQHUOHL5FNVFKOVVHDXIGLH 'LUHNWLYH]LHKHQN|QQHQ© ,QGHU*HVFKlIWVVWHOOHGHV7UDGLWLRQVYHUEDQGHVGHUHKH PDOLJHQ8%RRW)DKUHUZDUGLH$XVEHXWHPDJHU0DQNODJWH GRUWGDUEHUGDGDV7UDGLWLRQVEHZXWVHLQGHUHKHPDOLJHQ .DPHUDGHQ]XZQVFKHQEULJODVVHXQGGDYLHOHNHLQHQ:HUW GDUDXIOHJWHQJHPHLQVDPH(ULQQHUXQJHQ]XSIOHJHQhEHU OHEHQGHYRQ8"0DQVFKWWHOWHGHQ.RSI'DKDWWHHV ZRKOHLQHQ7RWDOYHUOXVWJHJHEHQ 'LH5KHLQ0DLQ'HWHNWHLJDEVLFKGDPLWQLFKW]XIULHGHQ ,PPHUKLQJHODQJHVHLQH1DPHQVOLVWHGHU%HVDW]XQJ]XVDP PHQ]XVWHOOHQ$XI5RORIINDPHV]XGHQ6XFKGLHQVWGHV5RWHQ .UHX]HVLQ+DPEXUJYRUGHQ.DUUHQGHV&KHIV]XVSDQQHQ (UPDFKWHGDVRKQHGLH'HWHNWHLDXFKQXUPLWHLQHU6LOEH]X HUZlKQHQ(LQEHOLHELJHU1DPHDXVGHU/LVWHGLHQWHDOV$XI KlQJHU-HQHU2EHUPDWURVH.XKQNHVHLHLQHQJHU)UHXQG VHLQHV9DWHUVJHZHVHQHU]lKOWHHUXQGGLHVHUKlWWHJHUQ HQGJOWLJH*HZLKHLWEHUGHQ9HUEOHLEVHLQHVDOWHQ.DPH UDGHQ:LHHUQVWHVLKPVHLXQWHUVWULFKGLHEHVFKHLGHQGH 6SHQGHYRQKXQGHUW0DUNGLHHUGHP.RQWRGHV+DPEXUJHU 6XFKGLHQVWHVEHUZLHV'LHJHULQJH6XPPHHLQ.ODFNVIU

GLH5KHLQ0DLQ'HWHNWHLDEHUJURJHQXJNHLQHQ9HUGDFKW ]XHUZHFNHQPDFKWHVLFKEH]DKOW+HXWHIUKKDWWH5RORII HUIDKUHQGDGHU2EHUPDWURVH.XKQNHPLW6LFKHUKHLWDQ%RUG YRQ8GHQ6HHPDQQVWRGJHVWRUEHQZDU0DQVWHOOWHLKP DQKHLPIDOOVHU,QWHUHVVHDQ(LQ]HOKHLWHQKDEHVLFKDQGHQ 0RWRUHQVFKORVVHU:LOKHOP+RSILQ$OWRQD)ORUDJDVVH]X ZHQGHQ5RORIIKDWWH0KHVHLQHIUHXGLJH(UUHJXQJ]XYHU EHUJHQ$XIGHU1DPHQVOLVWHLQVHLQHU7DVFKHVWDQGHLQ0DDW :LOKHOP+RSILQGHU5HLKHGHU0DVFKLQHQJDVWHQ 'LH(FNNQHLSHª=XU.RJJH©IOOWHVLFKDOV5RORIIKLQ DXVJLQJ6HLQHQRUDQJHIDUEHQHQNOHLQHQ&LWURHQGLHª(QWH© OLHHUVWHKHQ(VLVWQLFKWZHLW]XU)ORUDJDVVH (LQHlOWHUH)UDXPLWHLQHU.LWWHOVFKU]HPXVWHUWGHQ%H VXFKHUYRQREHQELVXQWHQª-D"©IUDJWVLHZHQLJHLQODGHQG 5RORIIVHW]WVHLQYHUELQGOLFKVWHV/lFKHOQDXI'DVIlOOWLKP QLFKWVFKZHU6HLQUXQGHV*HVLFKWVWUDKOW)UHXQGOLFKNHLWDXV XQGZHFNW9HUWUDXHQ ª6FKRO]LVWPHLQ1DPH©VWHOOWHUVLFKYRUXQGDOVGLH7U VFKRQZLHGHU]XJHKWZHLOGLH)UDXZDKUVFKHLQOLFKHLQHQ 9HUWUHWHULQLKPYHUPXWHWVSULFKWHUVFKQHOOZHLWHUª9RP 6XFKGLHQVWGHV5RWHQ.UHX]HV,KU*DWWHZDUVROLHEHQVZUGLJ XQVHLQLJH$QJDEHQ]XPDFKHQ]XGHQHQZLUHLQLJHHUJlQ ]HQGH)UDJHQVWHOOHQP|FKWHQ© 'LH)UDXZHQGHWVLFKLQGLH:RKQXQJª:LOOL©UXIWVLH ª+LHULVWHLQHUYRP5RWHQ.UHX]© +RSIHUVFKHLQWHLQPXVNXO|VHU*UDXKDDULJHULP7XUQKHPG XQGPLWKHUXQWHUKlQJHQGHQ+RVHQWUlJHUQ(UWURFNQHWVLFK JHUDGHPLWHLQHP+DQGWXFKGLH+lQGHDE ª:HJHQ8GUHLLJDFKWXQG]ZDQ]LJZDV"©HUNXQGLJWHU VLFKª:DVZROOHQ6LHGHQQQRFK"0HKUDOV6LHVFKRQZLVVHQ LVWGD]XQLFKW]XVDJHQ,FKUHG DXFKQLFKWJHUQGDYRQ%LQ IURKGDDOOHVYRUEHLLVW© 5RORIIZLUGQRFKHLQH6SXUIUHXQGOLFKHU(UQLFNWHUYHU VWHKWDOOHV%ORHUVWHLQPDOYRQGHU7UZHJXQGLQGLH :RKQXQJKLQHLQª$EHU6LHKDEHQEHUOHEWOLHEHU+HUU +RSI©VDJWHUJHVFKPHLGLJª%LWWHEULQJHQ6LHHLQZHQLJ

9HUVWlQGQLVDXIIUMHQH0HQVFKHQGLHQRFKLPPHUPLW 7UDXHUXQG+RIIQXQJOHEHQXQGYRQXQVZHQQVFKRQQLFKW +LOIHVRGRFK*HZLKHLWEHUGHQ9HUEOHLELKUHU/LHEHQ HUZDUWHQ© 'HPNDQQVLFKGHU0RWRUHQVFKORVVHUQLFKWYHUVFKOLHHQ ª.RPPHQ6LHKHUHLQ©HUZLGHUWHUª,FK]LHKHPLUQXUVFKQHOO

Q+HPGDQ©6SlWHUDOVVLHVLFKJHJHQEHUVLW]HQIUDJWHU ª:DVZROOHQ6LHGHQQQRFKZLVVHQ"© 6LHVLW]HQLQGHUJHUlXPLJHQ.FKHXQG5RORIIGHQNWGD DXFK+RSIYRP:LUWVFKDIWVZXQGHUDEJHVDKQWKDEH$OOH WHFKQLVFKHQ$WWULEXWHHLQHVPRGHUQHQ+DXVKDOWVVLQGOFNHQ ORVYRUKDQGHQXQGDXFKGLH(QLVFKHLQGHUVLHVLW]HQNDQQ VLFKVHKHQODVVHQ(LQH3ROVWHUEDQNLQUXVWLNDOHP6WLOXQGGLH EODXJHZUIHOWH7LVFKGHFNHJHQDXDEJHVWLPPWPLWGHQ)HQ VWHUYRUKlQJHQ 5RORIIPLPW*HVFKlIWLJNHLWOHJWHLQ1RWL]EXFKYRUVLFKKLQ XQG]FNWVHLQHQ.XJHOVFKUHLEHU'LH0LWWHLOXQJGHV6XFK GLHQVWHVKDWHUVRJHIDOWHWGDGHU%ULHINRSIZLH]XIlOOLJDXV GHP(LQVFKXEGHV%XFKHVKHUYRUVLHKWZLHHLQH/HJLWLPD WLRQ ª0LW)UDJHE|JHQKDEHQZLUVFKOHFKWH(UIDKUXQJHQJH PDFKW©VDJWHUREHQKLQª6LHJODXEHQJDUQLFKW+HUU+RSI ZLHYLHOH/HXWHVLFKGDQLFKWGXUFKILQGHQ$PEHVWHQZLU XQWHUKDOWHQXQVHLQIDFKhEHUGLHOHW]WH)DKUWYRQ8GUHLLJ DFKWXQG]ZDQ]LJ:RKHUNDPHQ6LH":RKLQZDUHQ6LHXQWHU ZHJV"© (VIlOOWGHP0RWRUHQVFKORVVHUQLFKWDXIGDGLHVH)UDJHQ IUHLQHQ6XFKGLHQVWHLJHQWOLFKJDUQLFKWYRQ,QWHUHVVHVHLQ N|QQHQXQG]ZDUZHLOHUHLQHUVHLWVVHLQH)UDXEHDXIWUDJWIU +HUUQ6FKRO]XQGLKQ.DIIHH]XNRFKHQXQGZHLODQGHUHUVHLWV SO|W]OLFKGLH(ULQQHUXQJDQMHQH7DJHVRYHUGDPPWQDKHLVW (UYHUVFKUlQNWGLH+lQGHYRUVLFKDXIGHP7LVFKJURH NUlIWLJH+lQGHDXVGHUHQ3RUHQHUGLH6SXUHQYRQ0RWRUHQ|O QLHPHKUJDQ]KHUDXVNULHJW+RSIVLHKWDXIVHLQH+lQGH ZlKUHQGHUVSULFKW 'DGHU.ULHJHLJHQWOLFKVFKRQ]X(QGHZDUEHJLQQWHU

XQYHUPLWWHOWGDGHUªJU|WH)HOGKHUUDOOHU=HLWHQ©WRWXQG %HUOLQLQGHQ+lQGHQGHU5XVVHQZDUXQGGDVLFKYRP ªJURGHXWVFKHQ5HLFK©QXUQRFKGDV)OHQVEXUJHU*HELHWLQ GHQ+lQGHQGHV+LWOHUQDFKIROJHUVGHV*URDGPLUDOV'|QLW] EHIDQGª:LUODJHQLP2VORHU+DIHQ$OVZLUEXQNHUWHQ SILIIHQXQVGLH-XQJVYRP+DIHQGLHQVWGLH/DJH$PEHVWHQ ZlUHJHZHVHQDXV]XVWHLJHQXQGLUJHQGZRDXIGLH$PHULNDQHU ]XZDUWHQ*HWDQKDW VNHLQHU,FKZHLQLFKWRE6LHGDV YHUVWHKHQ$XIVR QHP8%RRWPXPDQZLH3HFKXQG 6FKZHIHO]XVDPPHQKDOWHQVRQVWZLUGHVQLFKWV0DQLVW DQHLQDQGHUJHZ|KQWPDQNDQQVLFKQLFKWYRUVWHOOHQGDPDQ HWZDVIHUWLJEULQJWRKQHGLHDQGHUHQ$XHUGHPKDWWHGHU$OWH JHVDJW1RFKHLQH)DKUWGDQQLVW6HQVH:LUKDEHQVRODQJH GXUFKJHKDOWHQZHUGHQZLUGRFKMHW]WQLFKWVFKODSSPDFKHQ! 8QVHU.DOHX&KULVWRSKHUVHQKLHHU.DSLWlQOHXWQDQW &KULVWRSKHUVHQ:LUZXWHQGDHVQDFK+DXVHJHKW$XFK HLQ*UXQGQLFKWDE]XVSULQJHQ© 5RORIIXQWHUEULFKWLKQQLFKW +RSIHU]lKOWZHLWHUGDLQGHU1DFKWHLQ66:DJHQDP3LHU GLFKWQHEHQGHP%RRWKLHOW(UKDWWHLKQQLFKWDQNRPPHQ VHKHQHUVFKOLHI(UVWDOVGHU:DFKRIIL]LHULP0RUJHQJUDXHQ ª.ODU6FKLII]X 0DUVFKXQG*HIHFKW©SIHLIHQOLHHUIXKUGHU 0DDWYRQDQGHUHQGDHLQH$UW7RUSHGRRKQH7UHLEVDW]DQ %RUGJHEUDFKWZRUGHQXQGGD EHUGLHVHLQ=LYLOLVWLP%RRW VHLª'DVVWDQNXQVDOOHDQ:LUZDUHQJHZRKQWXQWHUXQV]X VHLQ$EHUHVJLQJMDQDFK+DXVH© ª(LQ=LYLOLVW"©VFKDOWHWVLFK5RORIIHLQ'DVLQWHUHVVLHUWLKQ EUHQQHQG9RQHLQHP3DVVDJLHUDQ%RUGYRQ8LVWLKP ELVKHUQLFKWVEHNDQQW ª,FKKDEHLKQHUVWVSlWHUJHVHKHQ:LUOLHIHQDXVXQG QDWUOLFKVRIRUWDXI7DXFKVWDWLRQhEHUZDVVHUIDKUWZDUJDU QLFKWPHKUP|JOLFKPDQEUDXFKWHEORGHQ7XUPUDXV ]XVWHFNHQGDZDUHQVFKRQGLH)OXJ]HXJHGD8GUHLLJ DFKWXQG]ZDQ]LJLVWGHUGULWWH.DKQJHZHVHQDXIGHPLFK IXKU6DJW,KQHQGDVZDV"©+RSIJUHLIWKLQWHUVLFKXQGQLPPW HLQH3DFNXQJVFKZDU]HU%UDVLOVWXPSHQYRP6LPVGHU6LW]

EDQN(UWXWHVRKQHKLQ]XVHKHQ'LH3DFNXQJVWHKWLPPHU GDª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©'HUIUKHUH0DVFKLQHQJDVW VFKZHLJWVWHKWDXIXQGKROWHLQH)ODVFKH5XPDXVGHP. FKHQVFKUDQN'DYRQJLHWHUVLFKHLQHQNUlIWLJHQ6FKXLQGHQ .DIIHH'LH7DVVHQSDVVHQJXW]XUJHZUIHOWHQ7LVFKGHFNH .RUQEOXPHQPXVWHUEODXDXIZHL ª7MD©IlKUW+RSIIRUWXQGQXQVSULFKWHUOHLVHª$XIHLQPDO ZDUDOOHVYRUEHL:LHLFK]XPGULWWHQPDOGDYRQJHNRPPHQELQ ZHLLFKQLFKW'HUOLHEH*RWWPXHVJXWPLWPLUPHLQHQ
KDEW©(UOHKQWVLFK]XUFNXQGVFKOLHWEHLOlXILJª8QGGHU =LYLOLVWLVWUDXVJHNRPPHQ:LUGUHLZDUHQGLHHLQ]LJHQGLH EULJEOLHEHQ© 5RORIIEHPKWVLFKLQVHLQHU/HJHQGH]XEOHLEHQª'HU 6XFKGLHQVWZLUGDXFKGLHEHLGHQ+HUUHQQRFKEHIUDJHQ'HU HLQHLVWGHU6FKLIIVPDVFKLQLVW.XUW:HQ]HO:RZRKQWHU"© ª(LVHQVWUDH$PDQGHUHQ(QGHYRQ+DPEXUJ'LH (LVHQVWUDHLVWNXU]GLHILQGHQ6LH© ª8QGGHU=LYLOLVW"©)UGHQ(UPLWWOHUGHU5KHLQ0DLQ 'HWHNWHLVWHKWIHVWGDGHU3DVVDJLHUPLWGHP%HKlOWHUDQ %RUGNDP 'LH$QWZRUWLVWHQWWlXVFKHQG+RSIZHLQXUGDGHP 0DQQDQ%RUGGHV86$=HUVW|UHUVHLQHª([WUDZXUVW©JH EUDWHQZRUGHQLVWZLHHUGDVDXVGUFNW0DQWUHQQWHLKQYRQ GHQEHLGHQ0DWURVHQ'LHZXUGHQPHKUVFKOHFKWDOVUHFKWLP .DEHOJDWWXQWHUJHEUDFKW1XUPDQFKPDOZHQQVLHDQ'HFN GXUIWHQVDKHQVLHGHQ=LYLOLVWHQGHUVLFKIUHLEHZHJHQNRQQWH *HOHJHQKHLWPLWLKP]XVSUHFKHQKDWWHQVLHQLFKWª1XU DXVJHIUDJWKDWPDQXQVEHULKQ+HUU6FKRO]:DQQHUDQ %RUGJHNRPPHQVHLXQGVR:DU]LHPOLFKVFKZLHULJ'LH NRQQWHQQLFKWULFKWLJ'HXWVFKXQGZLUQLFKWULFKWLJ(QJOLVFK 9RUDOOHPKDEHQVLHXQVEHLJHEUDFKWGDPDQ QHQDPHULND QLVFKHQ2IIL]LHUQLFKWPLWGHP'LHQVWJUDGVRQGHUQPLW6LU! DQ]XUHGHQKDW'DZDUHQVLHSLQJHOLJ:LUKDEHQJHVDJWZDV ZLUZXWHQ1LFKWYLHODOVR© ª8QGGHU1DPH",VWGHUGHQQEHLGHP9HUK|UQLHPDOV JHIDOOHQ"6LHZXUGHQGHP6XFKGLHQVWDXHURUGHQWOLFKKHOIHQ ZHQQ6LHVLFKHULQQHUQN|QQWHQ© ª'RFK6LHVSUDFKHQYRQHLQHP'RNWRU:DUWHQ6LH© 5RORIIKDW0KHVHLQH(UUHJXQJ]XYHUEHUJHQXQGVLFK QLFKWDQPHUNHQ]XODVVHQZLHZLFKWLJLKPGLHVHU1DPHLVW ª.|QLJ©VDJW:LOKHOP+RSISO|W]OLFKª'RNWRU.|QLJ6R KDWHUJHKHLHQ(UEOLHEQRFKDQ%RUGDOVPDQXQVLQ1RUIRON 9LUJLQLDDQ/DQGVFKDIIWH]ZLVFKHQ0DWURVHQPLW%DMRQHWW DXIZLHVLFK VVFKLFNW,FKKDEHQLHZLHGHUHWZDVYRQGLHVHP 'RNWRU.|QLJJHK|UW©

ª6FKDGH©EHGDXHUW5RORIIEHIOLVVHQXQGEHKlOWIUVLFKZLH JOFNOLFKHULVWª$EHUGDN|QQWHHVLQXQVHUHQ6XFKNDUWHLHQ HLQHQ+LQZHLVJHEHQ:LUKDEHQ+XQGHUWWDXVHQGHYRQ 0HQVFKHQHUIDW+XQGHUWWDXVHQGHYRQ6FKLFNVDOHQ©(U NODSSWVHLQ1RWL]EXFK]XXQGVWHKWDXIª'DV5RWH.UHX]LVW ,KQHQVHKU]X'DQNYHUSIOLFKWHWOLHEHU+HUU+RSI9HU]HLKHQ 6LHPLUQRFKHLQHUHLQSHUV|QOLFKH)UDJHYRQEORHU1HXJLHU GLNWLHUW'HU%HKlOWHUGHQ6LHLQ2VORDQ%RUGQDKPHQLVWPLW GHP8%RRWYHUVXQNHQQLFKWZDKU"© 'HU0RWRUHQVFKORVVHUOlFKHOWª(LQ3LUDWHQVFKDW]ZDUEH VWLPPWQLFKWGULQ©HUZLGHUWHUXQGLVWIURKZLHGHUVFKHU]HQ ]XN|QQHQª$EHUZHQQHV6LHEHUXKLJW'LHVHU7RUSHGRRKQH 7UHLEVDW]JLQJVFKRQYRUKHUEHU%RUG'HU.DOHXOLHLKQ YHUVHQNHQVREDOGGLHDXIGHP7XULQGHQ=HUVW|UHUJHVLFKWHW KDWWHQ© ª:RZDUGHQQGDVXQJHIlKU"© +RSIKHEWEHLGH+lQGHª*XWHU0DQQ©VDJWHUPLWOHLGLJ ª,FKELQ0DVFKLQHJHIDKUHQZLH6LHZLVVHQ6LFKHUOLFKKDEHQ VLHREHQDXIGHP7XUPGLH3RVLWLRQEHVWLPPWJDQ]JHZL KDEHQVLHGDVJHWDQDEHUPLFKGUIHQ6LHGDQDFKQLFKWIUDJHQ 6RHWZDVLVWHLQ]LJXQGDOOHLQ6DFKHGHVQDXWLVFKHQ3HU VRQDOV©

ª1DDOVR©VDJWLQGHU5KHLQ0DLQ'HWHNWHLGHUEORQGH&KHI GHWHNWLYGHUIUKHUHLQPDO.ULPLQDOUDWEHLGHU*HKHLPHQ 6WDDWVSROL]HLZDUª8QVHUMXQJHU0DQQKDWJXWJHDUEHLWHW 'LHVHQ'RNWRU.|QLJ]XILQGHQGDVPDFKHLFKLP+DQG XPGUHKHQ0DQNDQQLQHWZDDEVFKlW]HQ]XZHOFKHP-DKU JDQJHUJHK|UWXQGZDQQHUGHPQDFKSURPRYLHUWKDEHQPX (VJHQJWGLH3URPRWLRQVVFKULIWHQGHUIUDJOLFKHQ-DKUH GXUFK]XVHKHQ2GHUZLUVFKLFNHQMHPDQGQDFK2VWEHUOLQLQGLH 'HXWVFKH6WDDWVELEOLRWKHN'LHKDWHLQOFNHQORVHV9HU]HLFK QLVDOOHU3URPRWLRQVVFKULIWHQGHUGHXWVFKVSUDFKLJHQ8QL YHUVLWlWHQ3IOLFKWH[HPSODUHZLVVHQ6LH"5HLQH)OHL DUEHLW© ª9LHO6SD©HQWJHJQHW%RUQXQGLVWZHQLJEHJHLVWHUWª6LH

VLQGVLFKGDUEHUNODUGD6LHPLWPLQGHVWHQVHLQHPKDOEHQ +XQGHUW'RNWRUDQGHQGLHVHV1DPHQVUHFKQHQPVVHQ"© ª(LQNDONXOLHUW© 1DFKGHPLKQVHLQ&KHIGHWHNWLYYHUODVVHQKDWVWHKW%RUQ ODQJHDP)HQVWHUVHLQHVPLWK\SHUPRGHUQHP6WDKOURKU PRELOLDUDXVJHVWDWWHWHQ$UEHLWV]LPPHUVXQGEOLFNWKLQXQWHU DXIGLH2SSHQKHLPHU6WUDHLP)UDQNIXUWHU6WDGWWHLO6DFKVHQ KDXVHQ(VLVWHLQHHQJHDOWH*HVFKlIWVVWUDH%RUQEHWUDFKWHW VLHDEHUHUQLPPWVLHQLFKWZDKU(UGHQNWGDHVQW]OLFK VHLQN|QQH)ULWVFKPLWHLQHPYHUVFKOVVHOWHQ)HUQVFKUHLEHQ EHUGDVHUVWHJHZLFKWLJH(UJHEQLVGHUELVKHULJHQ(UKHEXQJHQ ]XXQWHUULFKWHQ (UDKQW]XGLHVHP=HLWSXQNWQLFKWGD)ULWVFKXPJHKHQG DQWZRUWHQXQGGDLKQ%RUQGLHVH$QWZRUWDXVDOOHQ:RONHQ VWU]HQZLUG'HFKLIIULHUWODXWHWGDV)HUQVFKUHLEHQDXV /RQGRQLP.ODUWH[Wª0LUZLUGJODXEKDIWYHUVLFKHUWGDPLW GHP%HKlOWHUHLQ:LVVHQVFKDIWOHUQDPHQV'U$OH[DQGHU ,UURZDXV2VORDEUHLVWH'U,UURZJLOWDOVYHUVFKROOHQ5FN IUDJHHUJDEGD]XP/RIWKXVHU.UHLVQLHPDOVHLQ'U.|QLJ JHK|UWH©

9RQ6FKOHSSHUQEXJVLHUWOHJWGLHª:LHENH.|VWHU©DP+DP EXUJHU)UXFKWNDLDQ1LHPDQGQLPPWPHKUDOVQ|WLJ1RWL] GDYRQ%DQDQHQGDPSIHUNRPPHQKLHUEHLQDKHWlJOLFKDQLKUH (QWODGXQJLVWUHLQH5RXWLQHVDFKHGLHXPJHKHQGEHJLQQW=X GHQHQGLHIUVHFKV6WXQGHQYRQ%RUGJHKHQGUIHQJHK|UW GHU0DVFKLQHQDVVLVWHQW.XUW:HQ]HO0LWHLQHU$NWHQWDVFKH XQWHUP$UPYHUOlWHUGDV+DIHQJHELHWXQGOlXIWPLWODQJHQ 6FKULWWHQDXIHLQHQ7D[LVWDQG]X6RVFKQHOOZLHP|JOLFK P|FKWHHUQDFK+DXVH 3ULYDWGHWHNWLY5RORIIZLUIWQRFKHLQHQ%OLFNDXIGDV)RWR GDVHULQGHU+DQGKlOWXQGVWHFNWHVHLQ'DQQVWDUWHWHUVHLQH

ª(QWH©XQGVFKQHLGHWGHP6HHPDQQGHQ:HJDE ª+DOOR+HUU:HQ]HO©VDJWHUDOVREHUHLQHQXUDOWHQ %HNDQQWHQEHJUHª,KU7D[L]XU(LVHQVWUDH6WHLJHQ6LH HLQ© .XUW:HQ]HOEUDXQJHEUDQQWGLHYHUZHJHQJHNQLIIWH 6FKLIIHUPW]HNHFNDXIV2KUJHVHW]WLVWEHUUXPSHOW'HU 0DQQUHGHWHLKQPLWGHP1DPHQDQXQGZHLZRHUZRKQW DXHUGHPVLHKWHUJXWPWLJDXVXQGLVWDQGHPKQHQKDIWHQ 0DVFKLQLVWHQJHPHVVHQEORHLQHKDOEH3RUWLRQGDVZLUG VFKRQLQ2UGQXQJJHKHQ ª1HWWYRQ,KQHQ©HUZLGHUWHUXQGOlWVLFKVFKZHUDXIGHQ 6LW]QHEHQGHP0DQQDP6WHXHUIDOOHQ6LW]HGHVNOHLQHQ &LWURHQKDEHQbKQOLFKNHLWPLW)HOGVWKOHQª:RKHUNHQQHQ ZLUXQVHLJHQWOLFK"© $XIGDV.HQQ]HLFKHQGHVRUDQJHIDUEHQHQ*HIlKUWVKDW :HQ]HOQLFKWJHDFKWHW(UKlOWGHQ0DQQLQGHU/HGHUMDFNH IUHLQHQ2UWVNXQGLJHQZHLOHUJHQDXGLH6WUDHQQLPPWGLH DXIGHPNU]HVWHQ:HJ]XLKPQDFK+DXVHIKUHQ'DVLVWLP /DE\ULQWKGHU(LQEDKQVWUDHQXQGGHUHZLJHQEDXEHGLQJWHQ 8POHLWXQJHQJDUQLFKWVRHLQIDFK(VEHVWlUNW:HQ]HOLQGHU $QQDKPHGDHUVHLQHQ)DKUHULUJHQGZRVFKRQJHVHKHQXQG NHQQHQJHOHUQWKDEHQPX 5RORIIHUNOlUWWURFNHQGDHU3ULYDWGHWHNWLYVHLXQGHLQHU (UEVFKDIWVDQJHOHJHQKHLWZHJHQPLWLKPUHGHQP|FKWHª(V JHKWXP'RNWRU.|QLJGHUDOV3DVVDJLHUDQGHUOHW]WHQ)DKUW YRQ8GUHLLJDFKWXQG]ZDQ]LJWHLOQDKPZLVVHQ6LH(LQ JURHU%URFNHQ©(UUHLEW'DXPHQXQG=HLJHILQJHUHLQH *HVWHGLHLQDOOHU:HOWYHUVWDQGHQZLUGª6HLQH)UDXNRPPW HUVWUDQZHQQHLQGHXWLJIHVWVWHKWGDLKU0DQQWRWLVW© 'HU0DVFKLQLVWPXVWHUWLKQYRQGHU6HLWH3ULYDWGHWHNWLYHKDW HUVLFKHLJHQWOLFKDQGHUVYRUJHVWHOOWPHKUVRZLHGLHLP)LOP 'HUGDVLHKWGRFKDXVDOVN|QQHHUNHLQ:lVVHUFKHQWUEHQ :HQ]HONUDPWHLQH3DFNXQJNROXPELDQLVFKH=LJDUHWWHQKHUDXV RKQH6WHXHUEDQGHUROHIUHLQ'ULWWHOGHV1RUPDOSUHLVHV HLQJHNDXIWXQGKlOWVLH5RORIIKLQ ª1|©EHPHUNWHULP%UXVWWRQGHUhEHU]HXJXQJª'HULVW

QLFKWWRW-HGHQIDOOVKDWHVLKQQLFKWLQXQVHUHPVFKZLPPHQ GHQ6DUJHUZLVFKW'DVZHLLFKJHQDX,FKELQPLWLKPELVQDFK 1RUIRON9LUJLQLDDXI QHP7RXULVWHQGDPSIHUGHU861DY\ JHIDKUHQXQGGDZDUHUVROHEHQGLJZLHHLQHUYRQXQVEHLGHQ© :HQ]HOOlWVHLQ)HXHU]HXJVFKQDSSHQXQGKlOWHV5RORIIYRU GLH1DVHª,FKKDEHLKQXQWHUZHJVQXUHLQSDDUPDO]X*HVLFKW JHNULHJW0DFKWHHLQHQEHGUFNWHQ(LQGUXFNGHU+HUU1DMD ZLUKDEHQDXFKQLFKWJHUDGH)UHXGHQWlQ]HDXIJHIKUW:XWH GRFKNHLQHUZDVMHQVHLWVGHVJURHQ7HLFKVDXILKQ]XNRPPHQ ZUGH$EHUJHOHEWKDWHULQ1RUIRONQRFK'DVNDQQLFK EHVFKZ|UHQ© 'HU&LWURHQELHJWLQGLH(LVHQVWUDHHLQ ª'DVJHOEH+DXVGDKLQWHQ© 5RORIIQLFNWª,FKZHL(LQHOHW]WH)UDJHQRFK+HUU :HQ]HO©'LHª(QWH©VWRSSWJHQDXYRUGHU7Uª:DVKDWWH .|QLJPLWGHP%HKlOWHU]XWXQGHULQ2VORDQ%RUGJHQRPPHQ ZXUGH"©'HU=HLWSXQNWIUGLHVH(UNXQGLJXQJLVWJXWJHZlKOW 'HU0DVFKLQLVWZHLOWLQ*HGDQNHQVFKRQLQGHU:RKQXQJXQG EHLVHLQHU)UDX7UXGHLKPIlOOWQLFKWDXIGDGDVHLJHQWOLFK QLFKWVPLWGHU(UEVFKDIWVVDFKH]XWXQKDEHQNDQQ ª1LFKWV© ª.DQQHVVHLQGDHUIUGLH6LFKHUKHLWGHV%HKlOWHUV YHUDQWZRUWOLFKZDU"© :HQ]HOJUHLIWQDFKGHP7U|IIQHUª'HU"6RVDKHUQLFKW DXV:DUGRFK Q6WXEHQKRFNHU+lQGFKHQZLH QH)UDX© ª:HVKDOEZDUHUGDQQEHUKDXSWDQ%RUG"© 'HU0DVFKLQLVWVW|WGLH7UDXIXQGVFKZHQNWGDVUHFKWH %HLQQDFKGUDXHQª:ROOWHQDFK+DXVH:HLWHUQLFKWV8QG 8GUHLLJDFKWXQG]ZDQ]LJZDUGHUOHW]WH=XJGHUIXKU$OVR VFK|QHQ'DQNIUV+HUEULQJHQ© 5RORIIKlOWLKQDP$UPIHVWª6R Q8%RRWKDWGRFKQLFKW MHGHQPLWJHQRPPHQ© ª'DZlUHQZLUDXFKZHLWJHNRPPHQ© ª*DEHVGHQQJDUQLFKWVZDVDXIGHQ=ZHFNYRQ'RNWRU .|QLJV)DKUWPLW,KQHQKLQZHLVW"© 'DVNOLQJWMHW]WVRYHU]ZHLIHOWXQGKLOIORVGD:HQ]HOHLQH

6SXUYRQ0LWOHLGIKOW0HLQ*RWWGHU0DQQPXMDDXFK VHLQHQ-REZDKUQHKPHQXQGLPPHUKLQKDWHULKQXPVRQVW GXUFKGLHKDOEH6WDGWJHIDKUHQ'HU0DVFKLQLVWQLPPWGDV %HLQQRFKHLQPDOLQGHQ:DJHQ(UELHWHWZLHGHUVHLQH=LJD UHWWHQDQ ª6FKHLEHUXIZDV"©$OV5RORII]XVWLPPHQGQLFNWIlKUW HUIRUWª'DVHLQ]LJHZDVLFKZHLLVWGDVXQGLFKVDJHHV QLFKWJHUQZHLOLFKHVDXV]ZHLWHU+DQGKDEHYRP6PXWMH 'HUPXWHGHP.DOHXXQGGLHVHP'RNWRU.|QLJQlPOLFK .DIIHHLQGHQ7XUPEULQJHQDOVZLUEHU:DVVHUIXKUHQ'HU 6PXWMHZDU Q.XPSHOZDVLQGHU.DQQHEOLHEEUDFKWHHULQ GLH0DVFKLQH,FKIUDJWHLKQZDVHVREHQ1HXHVJlEH+DEHQ ZLULPPHUVRJHPDFKWZHQQHLQHUYRP7XUPNDP'XVLHKVW GRFKQLFKWVGDXQWHQLQGHU.RFKKLW]HELVWZLHHLQJHVSHUUW 'DVDJWHGHU6PXWMHª'LFNH/XIW(EHQKDP VHGLH.LVWHLQV 0HHUJHNLSSWXQGGHU(LQV:2KDW V%HVWHFNJHQRPPHQH 'HU(LQV:2!LVWGHUHUVWH:DFKRIIL]LHUIDOOV6LHGDVQLFKW ZLVVHQXQGGDV%HVWHFNQHKPHQ!KHLWGHQ6WDQGRUWEHVWLP PHQ:HLWHUVDJWHGHU6PXWMHª:HLOLFKJHUDGHLP:HJHVWDQG VFKLFNWHPLFKGHU$OWH]ZHL%ULHIXPVFKOlJHKROHQ$OVLFK ZLHGHUNDPVWHFNWHHULQMHGHQHLQ1RWL]EXFKEODWW'LH.R RUGLQDWHQ'HQHLQHQ8PVFKODJKDWGHU$OWHHLQJHVWHFNWGHQ DQGHUHQGHU=LYLOLVW:HLWHUNDPHUQLFKWGHQQGDNUDFKWHHV VFKRQ© ª'LH.RRUGLQDWHQ©HUZLGHUW5RORII ª6WUDHXQG+DXVQXPPHUGHU9HUVHQNXQJVVWHOOHIUGHQ )DOOGDVSlWHUPDOHLQHUYRUEHLNRPPW1DWUOLFKVLQQORVGDV *DQ]H'HU.ULHJSUDNWLVFKDXV$EHUVRZDUGHU.DOHX SHGDQWLVFKELVDXIGLH.QRFKHQ© ª+DEHQ6LHGDVEHLGHU%HIUDJXQJDXIGHPDPHULNDQLVFKHQ =HUVW|UHURGHUVSlWHUHUZlKQW"© :HQ]HOIHL[Wª0LFKKDWQLHPDQGGDQDFKJHIUDJW6LHZDUHQ ZRKOQLHLQ*HIDQJHQVFKDIWZDV"-HZHQLJHUPDQZHLGHVWR UXKLJHUOHEWPDQ©1XQLVWHUQLFKWPHKU]XKDOWHQª'DNRPPW 7UXGH©VDJWHUXQGGHXWHWDXIHLQHVWlPPLJH%UQHWWHGLHLQ GHU7UHUVFKHLQW(LQWLHIDXVJHVFKQLWWHQHV.OHLGKDWVLHDQ

EHLP)ULVHXUZDUVLHXQGLQKRFKKDFNLJHQ6FKXKHQOlXIWVLH DXIGLHª(QWH©]X:HQ]HOLVWVFKRQGUDXHQ(UKDWNHLQ:RUW XQGNHLQHQ%OLFNPHKUIU5RORII9RQDXHQNQDOOWHUGLH7U ]XGDGHU&LWURHQLQVHLQHQ*UXQGIHVWHQHUEHEW

ª'DVNRVWHWHLQH0DUN©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lVWHQGHVDOSKDEHWLVFKHQ .DWDORJVDXI 'LH$UWXQG:HLVHZLHGHUMXQJH0DQQLQGHU1\ORQ ZLQGMDFNHXQGPLWGHUKlOLFKHQ1LFNHOEULOOHGLHDXJHQEOLFN OLFKEHL6WXGHQWHQDOVLQWHOOHNWXHOOH/HJLWLPDWLRQJLOWKDQWLHUW YHUUl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lULVFKHU6W|UXQJVTXHOOHQGHVVRJHQDQQWHQ /DWRXFKH(IIHNWV

6FKZHGOHUQRWLHUWJHZLVVHQKDIW'DVJHQJW:HQQQ|WLJ NDQQPDQGLH$UEHLWMHGHU]HLWEHUGLH8QLYHUVLWlWVELEOLRWKHN +HLGHOEHUJDQIRUGHUQ (VJLEWQRFKHLQHQZHLWHUHQ,UURZDEHUGHUKLH$UWKXUXQG N|QQWHGHQ'DWHQDQJDEHQ]XIROJHGHU9DWHU$OH[DQGHUV JHZHVHQVHLQ 'HQ.DUWHLNDVWHQPLWGHQ.|QLJVQLPPW6FKZHGOHUDXVGHP 5HJDOXQGVHW]WVLFKDQHLQHQ7LVFK+LHUEUDXFKWHUOlQJHU (UVWDXQOLFKZLHKlXILJGHU1DPH.|QLJLVWXQGZLHYLHOH .|QLJHVLFKPLWKRFKJHOHKUWHQ7KHPHQDXVHLQDQGHUVHW]WHQ 2IIHQEDUZDUHQVLHLQDOOHQZLVVHQVFKDIWOLFKHQ'LV]LSOLQHQ]X +DXVH

(LQ]ZHLWHVPDOZDJW%RUQQLFKWVLFKDQ)ULWVFK]XZHQGHQ %HLGHPWDXFKWHUEHVVHUHUVWZLHGHUDXIZHQQHLQKLHEXQG VWLFKIHVWHV(UJHEQLVGHUJURHQ6XFKDNWLRQYRUOLHJW:DUXP KDWLKPGHU*HQHUDOGLUHNWRUGHU+ROGLQJJHVHOOVFKDIWGDPDOV LQ/RQGRQNHLQ6WHUEHQVZ|UWFKHQYRQGLHVHPYHUVFKROOHQHQ 'U,UURZJHVDJW"1DWUOLFKHUJODXEWHLKQPLW8WRWLP 6NDJHUUDN'HU&KHIGHU5KHLQ0DLQ'HWHNWHLVFKOXIROJHUW GDUDXVGD'U,UURZJHVHW]WGHQ)DOOHULVWPLWGHPDOV 'U.|QLJEHNDQQWJHZRUGHQHQhEHUOHEHQGHQLGHQWLVFK QLHPDOV.RQWDNW]XDQGHUHQ$QJHK|ULJHQGHV/RIWKXVHU .UHLVHVDXIJHQRPPHQGDHUGLHDOWHQ9HUELQGXQJHQY|OOLJ DEJHEURFKHQKDWXQGXQWHUJHWDXFKWLVW'LHVHU*HGDQNHKDW YLHOIUVLFK7ULIIWHU]XLVWHVRKQHKLQVLQQORV)ULWVFK]X EHIUDJHQ'HUZHLYRQQLFKWV ,P(UJHEQLVHLQHUQHXHUOLFKHQVWXQGHQODQJHQ%HUDWXQJPLW GHQ&KHIGHWHNILYHQJHODQJW%RUQ]XGHP6FKOXGDGHU WRWJHJODXEWH'U,UURZOHEW9HUPXWOLFKKDWHULQ*HIDQJHQ VFKDIWGHQ7DUQQDPHQ'U.|QLJDQJHQRPPHQXPP|JOLFKHU 9HUIROJXQJZHJHQVHLQHU=XJHK|ULJNHLW]XP/RIWKXVHU.UHLV ]XHQWJHKHQ(VEHVWHKW]ZDUGLH0|JOLFKNHLWGDHULQGHQ 86$YHUVWRUEHQLVWREZRKOHLQ'U.|QLJLQGHQHLQVFKOlJLJHQ /LVWHQQLFKWYHU]HLFKQHWLVW$EHUPXWHHUGHQQDOV=LYLOLVW XQG:LVVHQVFKDIWOHUDOVGHUHUVLFKZRKO]XHUNHQQHQJDELQ

GHQ5HJLVWHUQGHU.ULHJVJHIDQJHQHQODJHUHUVFKHLQHQ"(UNDQQ MHGRFKDXFKGHQ7DUQQDPHQEHLEHKDOWHQKDEHQ9LHOOHLFKWOHEW HULQGHQ9HUHLQLJWHQ6WDDWHQ"%RUQZQVFKWIDVWGDHVVLFK VRYHUKDOWHQP|JHGHQQLVW'U,UURZDOV'U.|QLJ]XUFN JHNHKUWXQGYHUPHLGHWHVLQV%OLFNIHOGVHLQHUDOWHQ.DPHUD GHQ]XJHUDWHQGDQQ8QGGLHVHU0DQQLVWGHUHLQ]LJHGHU GLH.RRUGLQDWHQQRFKEHVLW]HQN|QQWH ª0LW,KUHU(UODXEQLV&KHILFKVHKHGDVQLFKWVRNRPSOL ]LHUW©PHOGHWVLFKGHUEORQGH&KHIGHWHNWLYGHUHLQPDO.UL PLQDOUDWZDU]X:RUWª1DFKDOOHPZDVZLUZLVVHQPXGHU %HKlOWHULQXQPLWWHOEDUHU1lKHGHU6WHOOHDEJHVHW]WZRUGHQ VHLQDQGHU8GUHLLJDFKWXQG]ZDQ]LJ)HLQGEHUKUXQJKDWWH .HQQHQZLUGLHVHQ3XQNWOlWVLFKGHU.XUVUFNNRSSHOQ,FK EH]ZHLIOHQLFKWGDGHUDPHULNDQLVFKH=HUVW|UHUGHQJH VDPWHQ9RUIDOOPLQXWL|VLQVHLQHP/RJEXFKYHUPHUNWKDW *HJQHULVFKHV8%RRWJHVLFKWHWXQGYHUVHQNWGDLVWPDQJXW IUHLQHQ2UGHQ6RZDVOlWPDQVLFKDXFKLQGHQ86$QLFKW HQWJHKHQ/RJEFKHU.ULHJVWDJHEFKHUXQGGLH&KURQLNHQ GHU)ORWWLOOHQEHILQGHQVLFKYROOVWlQGLJLPPLOLWlUKLVWRULVFKHQ $UFKLYGHV3HQWDJRQV/DVVHQ6LHXQVHLQHQ%OLFNGRUWKLQ ZHUIHQXQGZLUVLQGDOOHU6RUJHQOHGLJ© %RUQVHXI]WXQGVFKWWHOWGHQ.RSIª1HLQ©VDJWHU NQDSS ª:LUVLQGJHKDOWHQNHLQ$XIVHKHQ]XHUUHJHQXQGDOOHV]X XPJHKHQZDV'ULWWHDXIXQVHUH(UPLWWOXQJHQKLQZHLVHQ N|QQWH1HLQZLUPVVHQGRFKGHQ:HJEHU+HLGHOEHUJ QHKPHQ(LQVLFKWLQGLHDOWHQ,PPDWULNXODWLRQVXQWHUODJHQPLW GHQ$QJDEHQ]XU3HUVRQEHU9HUZDQGWHXQG%HNDQQWHXQG VRZHLWHU:LUPVVHQUFNZlUWVJHKHQXPYRUZlUWV]X NRPPHQVRSDUDGR[GDVNOLQJW© (LQVDQIWHUZDUPHU)UKOLQJVUHJHQOlWGLH*UDEVWHLQHJOlQ ]HQ(ULVWVROHLFKWGDHUGLH=ZHLJHGHU.RQLIHUHQQLFKW EHZHJWGLHLQVFKQXUJHUDGHQ5HLKHQGLHVRUJVDPJHKDUNWHQ 6DQGZHJHVlXPHQ:LHIULVFKJHZDVFKHQVHKHQVLHDXV ZUGLJH+WHUVFKZHLJHQGHU=HXJQLVVHGHU9HUJlQJOLFKNHLW

(LQHQGHU1HEHQZHJHEHJUHQ]HQ:H\PRXWKVNLHIHUQ$QGHQ 6SLW]HQLKUHUODQJHQ1DGHOQVDPPHOQVLFK7URSIHQXQGIDOOHQ KHUDEZHQQVLHVFKZHUJHQXJJHZRUGHQVLQG,KU$XIVFKODJ DXIGHQ6FKLUPGHVHLQVDPHQ:DQGHUHUV]ZLVFKHQGHQ*UDE VWlWWHQLVWODXWHUDOVGHUGHUOHLFKWHQ5HJHQWURSIHQ :HU:ROI'LHWHU6FKZHGOHULQGHU'HXWVFKHQ6WDDWVELEOLR WKHNJHVHKHQKlWWHZUGHLKQMHW]WQLFKWZLHGHUHUNHQQHQ'HU 0DQQKLHULVWNHLQXQEHNPPHUWHU6WXGHQWPLWYHUZHJHQHU 1LFNHOEULOOHGDVLVWMHPDQGGHUHVLP/HEHQ]XHWZDVJH EUDFKWKDW(UNDQQHVVLFKOHLVWHQHLQHJROGJHIDWH%ULOOH HLQHQPRGLVFKHQ)LO]KXWHLQHQPDJHVFKQHLGHUWHQ.DPP JDUQDQ]XJXQGGDUEHUHLQHQH[NOXVLYHQ,QWHUFLW\&RDW]X WUDJHQ6FKZHGOHUELHJWLQHLQHQ1HEHQZHJHLQXQGVFKDXWVLFK VXFKHQGXP /DXWORVNRPPWLKPHLQ(OHNWURNDUUHQHQWJHJHQ$XIGHU /DGHSULWVFKHVWHKHQ3IODQ]NlVWHQXQGOLHJHQ*DUWHQJHUlWH 6FKZHGOHUKHEWGLHEHKDQGVFKXKWH/LQNHXQGVWRSSWGDV *HIlKUW ª%LWWH"©IUDJWGHU)ULHGKRIVJlUWQHUXQGKDWGHQOHLVHQ PLWIKOHQGHQ7RQGHUGLHVHP2UWGHU7UDXHUDQJHPHVVHQ HUVFKHLQW ª,FKVXFKHGLH*UDEVWlWWHGHU)DPLOLH,UURZ.|QQHQ6LHPLU EHKLOIOLFKVHLQ"© ª*HKHQ6LHYRU]XPQlFKVWHQ+DXSWZHJXQGELHJHQ6LH GDQQJOHLFKZLHGHUOLQNVHLQ(LQZHLHV0DUPRUNUHX]GDYRU HLQWUDXHUQGHU(QJHO(VLVWQLFKW]XEHUVHKHQ© (LQHGH]HQWMHGRFKPLWXQEHUVFKDXEDUHP$XIZDQGJH VWDOWHWH*UDEVWlWWH6FKZHGOHUQLPPWSLHWlWYROOGHQ+XWDE DOVHUGDYRUVWHKW(UOLHVWGLH1DPHQDXIGHP6WHLQNLVVHQ]X )HQGHV.UHX]HVPLWGHPWUDXHUQGHQ(QJHO6LHVLQGLKP DOOHJHOlXILJ6HLWHLQHUJXWHQ:RFKHIROJHQ5RORII.DUVWHQ XQGHUMHGHUDXFKGHUNOHLQVWHQ6SXUGLHGLHYHUJLOEWHQ ,PPDWULNXODWLRQVSDSLHUHGHVMXQJHQ$OH[DQGHU,UURZJH ZLHVHQKDEHQ(UVWDPPWDXV)XOGD'DVDPWOLFKH*HEXUWV UHJLVWHUJDE$XVNXQIWEHUGLH(OWHUQ'HU9DWHUZDU*\P QDVLDOOHKUHU'DVVHOEH+XPDQLVWLVFKH*\PQDVLXPEHVXFKWH

$OH[DQGHU'LH5KHLQ0DLQ'HWHNWLYHYHUZDQGWHQYLHO=HLW GDUDXIHKHPDOLJH0LWVFKOHUDXI]XVSUHQXQGVLH]XEHIUD JHQ'DVHUEUDFKWHNDXP(UNHQQWQLVVH'LH9HUELQGXQJHQ ULVVHQDEDOV$OH[DQGHU,UURZ)XOGDYHUOLHXQGVHLQHQ:HJ LQGLH,QGXVWULHQDKP(UZDUGHUHLQ]LJH6RKQJHZHVHQ )DPLOLHQDQJHK|ULJHXQG9HUZDQGWHOLHHQVLFKQLFKWILQGHQ 0DJHUGDVDOOHVPHKUDOVPDJHU 6FKZHGOHUSUHLVWGHQ(LQIDOOYRUGHU$EUHLVHDXV)XOGD QRFKGLH*UDEVWlWWHDXI]XVXFKHQ(LJHQWOLFKKDWWHHUJHGDFKW NHLQ*UDEDXIGLHVHQ1DPHQPHKUYRU]XILQGHQZHLOYLHOOHLFKW NHLQH*HEKUHQPHKUHQWULFKWHWXQGGHU3ODW]HYHQWXHOOQHX EHOHJWZXUGH(UPDFKWHGHQ:HJQXUXPVHLQH$QQDKPH EHVWlWLJW]XILQGHQ'RFKVLHKHGD'LH*UDEVWlWWHZLUGJH SIOHJWXQGGDVVWHLQHUQH1DPHQVNLVVHQWUlJWDOVOHW]WHQ 9HUPHUNGLHVHQª$OH[DQGHU,UURZJHE-XQLVHLW 0DLYHUPLW© :HUKDWGDVHLQPHLHOQODVVHQ" %HLQDKHDXIGHP$EVDW]PDFKW6FKZHGOHUNHKUWXQGVHW]W GHQ+XWDXI(UKDW0KHGHQJHPHVVHQHQ6FKULWWEHL ]XEHKDOWHQXPQLFKWDWHPORVXQGDXIJHUHJWLQGDV%URGHU )ULHGKRIVYHUZDOWXQJKLQHLQ]XSODW]HQ$EHUHUEHKHUUVFKW VLFK 6FKZHGOHUNORSIWXQGWULWWHLQKlOWPLWGHU/LQNHQGHQ ]XVDPPHQJHNODSSWHQQDVVHQ6FKLUPHWZDVYRQVLFKXQG QLPPWPLWGHU5HFKWHQGHQ)LO]KXWDE,P=LPPHUVWHKHQGUHL 6FKUHLEWLVFKH1XUHLQHULVWEHVHW]W(LQMXQJHV0lGFKHQGHP $XVVHKHQQDFKHLQ/HKUOLQJ6LHEOLFNWGHQ(LQWUHWHQGHQ QHXJLHULJDQ'HVVHQJHGLHJHQHV(UVFKHLQXQJVELOGEHHLQ GUXFNWVLHVSUEDU ª6LHZQVFKHQELWWH"© 'HU5KHLQ0DLQ'HWHNWLYVHW]WHLQYHUELQGOLFKHV/lFKHOQ DXIGDVXP(QWVFKXOGLJXQJIUGLH6W|UXQJQDFK]XVXFKHQ VFKHLQWª,UURZ*HVFKlIWHIKUHQPLFKDXV6GDPHULNDQDFK )XOGD$XV0RQWHYLGHRVRIHUQ,KQHQGDVHWZDVVDJW© 'HU6FKXWULIIW'LH.OHLQHNULHJWJDQ]DXIJHUHJWH $XJHQ

6FKZHGOHUVSULFKWZHLWHUª,FKELQHLQZHLWOlXILJHU9HU ZDQGWHUGHVKLHU]XUOHW]WHQ5XKHJHEHWWHWHQ2EHUVWXGLHQUDWV 'RNWRU,UURZ0LFKIUHXWVHLQH*UDEVWlWWHVROLHEHYROOJH SIOHJW]XILQGHQ,FKKDEH]XPHLQHP%HGDXHUQOHLGHUIDVWJDQ] GLH%H]LHKXQJHQ]XU9HUZDQGWVFKDIWDXIGHPDOWHQ.RQWLQHQW YHUORUHQ:UGHQ6LHPLUIUHXQGOLFKHUZHLVHVDJHQZHUVLFK XPGDV*UDENPPHUW"© ª*HUQ©$FKVLHKDWYROOHV9HUVWlQGQLVIUGHQ0DQQDXV GHU)HUQHGHQVLFKHUOLFKDXFKHLQ6FKX+HLPZHKLQGLH HLQVWLJH+HLPDWUHLVHQOLHª3ULYDWSIOHJHQVLQGQDWUOLFKEHL XQVQLFKWUHJLVWULHUWGRFKZHQQGLH3IOHJHLQGHQ+lQGHQGHU VWlGWLVFKHQ)ULHGKRIVJlUWQHUHLOLHJWGDQQNDQQLFK,KQHQ KHOIHQ*HGXOGHQ6LHVLFKHLQHQ$XJHQEOLFN:LHZDUGHU 1DPH"© ª,UURZ2EHUVWXGLHQUDW'RNWRU$UWKXU,UURZ© ª,UURZ©ZLHGHUKROWVLHJHVFKlIWLJXQGEOlWWHUWIOLQNLQHLQHU .DUWHLDXVGHUVLHHLQHQ%RJHQKHUDXV]LHKWª'LH 3IOHJHNRVWHQ©HUNOlUWVLHGDQQZLFKWLJWXHULVFKªZHUGHQMlKU OLFKYRQHLQHP+HUUQ'RNWRU.|QLJEHUZLHVHQ+HUU'RNWRU .|QLJKDWDXFKGLHIlOOLJHQ*HEKUHQIUGLH*UDEVWHOOHEH ]DKOWGDPLWVLHQLFKWQHXEHOHJWZLUG© 6FKZHGOHU]HLJWHLQH)UHXGHGLHZHLWKLQWHUGHU]XUFN EOHLEWGLHHULQ:DKUKHLWHPSILQGHWª'LH.|QLJV©VDJWHU ª0HLQ*RWW:RKQHQGLHLPPHUQRFKLQ6WDXIHQ"© :RKHUVROOGDV0lGFKHQZLVVHQGDHUGHQ2UWVQDPHQLQ GLHVHP$XJHQEOLFNEHULKUH6FKXOWHUKLQZHJOLHVW" ª-D©EHVWlWLJWVLHDUJORVª$P:HLQEHUJGUHL©

ª:LHGHUHLQPDOKDW)UDQN6SUDWWGHUIOLHJHQGH'LHE!YRQ VLFKUHGHQJHPDFKW(UZXUGHMHW]WLQ'VVHOGRUI]XIQIXQG ]ZDQ]LJ-DKUHQ*HIlQJQLVYHUXUWHLOWZHLOHUDP]ZHLWHQ0lU] HLQHQEHZDIIQHWHQhEHUIDOODXIHLQH%DQNILOLDOHLQ+DWWLQ

JHQ5XKU YHUEWH1DFKYROOEUDFKWHU7DWKDWWHHUPLWHLQHU %HXWHYRQVHFK]LJWDXVHQG0DUNGLH)OXFKWHUJULIIHQXQGZDU PLW+LOIH]ZHLHUJHVWRKOHQHU3ULYDWIOXJ]HXJHQDFK6GIUDQN UHLFKHQWNRPPHQ$OVGDV8UWHLOYHUNQGHWZXUGHVDJWH 6SUDWW]XVHLQHP$QZDOW)QIXQG]ZDQ]LJ-DKUH'DQDFK ZHUGHQMDGLH)OXJ]HXJHVRDQGHUVVHLQGDLFKQRFKHLQPDO JDQ]YRQYRUQDQIDQJHQPX!)UDQN6SUDWWIHLHUWLQ]ZHL 7DJHQVHLQHQDFKWXQGIQI]LJVWHQ*HEXUWVWDJ© $OVQXQ0XVLNHLQVHW]WVFKPXQ]HOW'HWMHQ(UVLW]WPLW DXVJHVWUHFNWHQ%HLQHQ]XUFNJHOHKQWLP6FKUHLEWLVFKVHVVHO XQGEOlWWHUWGLH=HLWXQJHQGXUFKGLHVLFKVHLW7DJHQDQ JHVDPPHOWKDEHQ)DVWGLHJDQ]HOHW]WH:RFKHZDUHUVHKUVSlW DXVGHP$PLJHNRPPHQXQGKDWWHGDQQNHLQH/XVWPHKU]X OHVHQ'HUQHXH&KHIEUDFKWH8QUXKHRUJDQLVLHUWHXPXQG NUHLHUWHHLQHQDQGHUHQ$UEHLWVVWLO,Q:DKUKHLWOLHIDOOHVVR ZHLWHUZLHLPPHUDEHUPDQWDWGHU)RUP*HQJHXQGJDEGHP 1HXHQ]XYHUVWHKHQGDPDQGXUFKDXVEHUHLWVHLVHLQHQ,Q WHQWLRQHQ]XIROJHQ'DVKDWPDQGUDXIQLFKW]XPHUVWHQPDO ZHFKVHOWGHU/HLWHUGHV5HIHUDWVGHUª0LWWHOIULVWLJHQ3OD QXQJ©0LWGHPHUVWHQKDWWHHV$FKLPDPOHLFKWHVWHQ2EHUVW .U|VLQJNDQQWHHUEHUHLWVDXV$UJHQWLQLHQhEHUGLHVYHUEDQG VLHGDGHU2EHUVWIHVWEHU]HXJWZDULQLKPHLQHQHKHPDOL JHQ$QJHK|ULJHQVHLQHV-DJGJHVFKZDGHUVª,PPHOPDQQ© YRUVLFK]XKDEHQ1LFKWVPHLQWHHUYHUELQGHWPHKUDOV .ULHJVNDPHUDGVFKDIW*QWHU.U|VLQJYHUOHXJQHWHQLHGHQ )URQWRIIL]LHUXQGJHILHOVLFKLQHLQHUXQRUWKRGR[HQKHPGV lUPOLJHQ%URIKUXQJ 6HLQ1DFKIROJHU2EHUVWYRQ%RFNZDUJHQDXGDV*HJHQ WHLO,QVHLQHUbUDVFKZROOYRUDOOHPGHU%HUJWlJOLFKEH VFKULHEHQHQ3DSLHUVXQJHKHXHUDQHUZDUHLQ0HLVWHUGHU $NWHQQRWL]HQXQG+DXVPLWWHLOXQJHQ'HUGULWWHQXQ2EHUVW %ULQNPDQQWDWELVYRUNXU]HP'LHQVWLP1$72+DXSW TXDUWLHUMHW]WNRPPWLKPGDV$PWLQ%RQQHLQZHQLJKLQWHU ZlOGOHULVFKYRUXQGHUYHUVXFKWGHU$UEHLWHWZDVPHKU*U|H ]XJHEHQGHQ%OLFNVHLQHU0LWDUEHLWHU]XZHLWHQ0LWLKP HLQHQJHZLVVHQ.RQWDNWKHU]XVWHOOHQZLUGQRFKVFKZLHULJHU

VHLQDOVHVPLWYRQ%RFNZDU2EHUVW%ULQNPDQQJLEWVLFK UHVHUYLHUWXQGJHKWK|FKVWHQVHLQPDOEHLPJHPHLQVDPHQ 0LWWDJHVVHQDXVVLFKKHUDXVZHQQGLH5HGHDXIGLH-DJG NRPPW(UPXHLQOHLGHQVFKDIWOLFKHU-lJHUVHLQ $FKLP'HWMHQZHLQRFKPHKUEHULKQ'LH*HQRVVHQLQ %HUOLQKDEHQLKQGXUFK:LQQLH:LQNHOPDQQGDUEHULQIRU PLHUWGDGHUHKHPDOLJH6WDEVRIIL]LHUEHLP%G/GHP%H IHKOVKDEHUGHU/XIWZDIIH]XMHQHQJHK|UWHGLHVLFKQDFK 6GDPHULNDDEVHW]WHQ:HGHU$FKLPQRFKGHUª&RURQHO© .U|VLQJNRQQWHQLKQGRUWWUHIIHQGHQQZlKUHQGVLHEHLGHLQ &RUGREDLQIUHPGHQ8QLIRUPHQ/DQGVNQHFKWVGLHQVWHOHLVWH WHQVD%ULQNPDQQDP=XVDPPHQIOXYRQ3DUDQiXQG3DUD JXD\LQGHUREHUVWHQ)KUXQJVVSLW]HGHU([LO6WUDWHJHQXQG VWHOOWHPLWLKQHQGLH:HLFKHQIUGHQ:LHGHUDXIEDXHLQHU :HKUPDFKWDXIGHP%RGHQGHU%XQGHVUHSXEOLN 6HLW%ULQNPDQQDXIGHP6HVVHOGHV5HIHUDWVOHLWHUVVLW]W VWHKWLQ'HWMHQV3ULYDWELEOLRWKHNHLQ:lO]HUEHUª-DJGOLFKHV %UDXFKWXP©$QVLFKOlW$FKLPGDV*HGDQNHQJXWGHVGHXW VFKHQ:HLGPDQQVY|OOLJNDOWZHQQHVMHGRFKHLQH%UFNH VFKODJHQNDQQ6ROOWHHUHLQPDOHLQHQ&KHIHUKDOWHQGHUHLQ $TXDULHQIUHXQGLVWZLUGHUVLFKEDOGNHQQWQLVUHLFKHWZDEHU 3WHURSK\OOXPVFDODUHGHQ6HJHOIORVVHUDXVODVVHQXQGJH OHJHQWOLFKHUZlKQHQGDHUVFKRQLQIUKHVWHU-XJHQG*XSS\V ]FKWHWHXQGGHVKDOELQGHU6FKXOHª3XOH[©JHQDQQWZXUGH ªGHU:DVVHUIORK©$XFKGDVJHK|UW]XU$UEHLWHLQHV.XQG VFKDIWHUV 'LH0XVLNZLUGDXVJHEOHQGHW'DV5DGLREULQJWGHQ :HWWHUEHULFKW(LQHDQJHQHKPH)UDXHQVWLPPH ª*XWHQ$EHQG,FKKDEHOHLGHUVFKOHFKWH1DFKULFKWHQIU 6LHPHLQH+|UHUYRUDOOHPIUGLH$XWRIDKUHUXQWHU,KQHQ ,QGLHVHU1DFKWLVWGHU+LPPHOYRUZLHJHQGEHGHFNW0LW ]HLWZHLOLJHQ1LHGHUVFKOlJHQPXJHUHFKQHWZHUGHQGLHLQGHQ QlFKVWHQ6WXQGHQDXIJDQ]'HXWVFKODQGEHUJUHLIHQ'LH 7HPSHUDWXUHQOLHJHQXPIQI]HKQ*UDG,QGHQ$XVOlXIHUQ GHV6FKZDU]ZDOGHVXQGLP2EHUUKHLQJHELHWELVLQGLH6FKZHL] KLQHLQEHKLQGHUWVWDUNH1HEHOELOGXQJ]XQHKPHQGGHQ9HU

NHKU$OOH9HUNHKUVWHLOQHKPHUZHUGHQGDKHUJHEHWHQVLFKGHQ YHUlQGHUWHQ6WUDHQYHUKlOWQLVVHQDQ]XSDVVHQ,FKZQVFKH ,KQHQWURW]GHPHLQHQVFK|QHQ$EHQG© :LHGHUHUNOLQJW0XVLN 0LWKDOEHP2KUQXUKDW$FKLPKLQJHK|UW(UVLW]W]X+DXVH HUPXQLFKWZHJGHU1HEHOLP2EHUUKHLQJHELHWJHKWLKQ QLFKWVDQ*HUDGHDOVHUGDVGHQNWNOLQJHOWHV(VLVWQHXQ]HKQ 8KU]Z|OI 'HWMHQHUZDUWHWQLHPDQG$OVHUGLH:RKQXQJVWU|IIQHW VWHKWGUDXHQHLQMXQJHU0DQQLP$Q]XJXQGPLWGHU6FKLUP PW]HHLQHU%RWHQILUPD,QGHQ+lQGHQKlOWHUHLQ:lVFKHSD NHW ª+HUU'HWMHQSHUV|QOLFK"©IUDJWHUXQGIlKUWJOHLFKIRUW ª*XQG.%RWHQGLHQVW,KU(LQNDXIYRQKHXWHYRUPLWWDJ :HQQ6LHPLUELWWHGHQ(PSIDQJEHVWlWLJHQZUGHQ© $FKLPKDWQLFKWVJHNDXIW6HOEVWZHQQHUJHZROOWKlWWHZlUH HULQNHLQ*HVFKlIWJHNRPPHQ%ULQNPDQQZDUPLWGHU JDQ]HQ$EWHLOXQJ]XHLQHU9RUIKUXQJGHV%HLO+XE VFKUDXEHUPRGHOOV8+ª,URTXRLV©JHIDKUHQ'LHVHU 0HKU]ZHFNKXEVFKUDXEHUZXUGH]XPHUVWHQPDOLQGHU$XV IKUXQJIUVHFKV3HUVRQHQJH]HLJW'LH:HUNPDQQVFKDIW GHPRQVWULHUWHGLH/HLVWXQJVIlKLJNHLWGHV+HOLNRSWHUVWURW] E|LJHQ:LQGHVVHKUEHHLQGUXFNHQG'HU/HLWHQGH,QJHQLHXU GHV%HLO.RQ]HUQVYHUZLHVDXIGLH9LHOVHLWLJNHLWVHLQHV .DPSIKXEVFKUDXEHUVGHUHQWZHGHUPLWYLHU0DVFKLQHQJH ZHKUHQYRP.DOLEHUPPRGHUPLW5DNHWHQYRP .DOLEHU=ROORGHUPLWHLQHU.RPELQDWLRQDXV0*XQG /XIW%RGHQ/HQNZDIIHQEHVWFNWZHUGHQN|QQH$XFKGLH $UPLHUXQJPLWHLQHP$UPHH*UDQDWZHUIHUPRQWLHUWDXI HLQHP'UHKWXUPVHLP|JOLFK,QIRUPDWLRQVPDWHULDOZXUGH EHUUHLFKWPDQPDFKWH1RWL]HQ)UGHQ.XQGVFKDIWHU :HUQHU%UHGHEXVFKZDUHVHLQHUJLHELJHU9RUPLWWDJ 0LWGHUJU|WHQ6HOEVWYHUVWlQGOLFKNHLWQLPPW'HWMHQGHQ GDUJHERWHQHQ.XJHOVFKUHLEHUTXLWWLHUWGHQ(PSIDQJGHV 3DNHWVXQGJLEWHLQ7ULQNJHOG:lKUHQGHULQV=LPPHU]XUFN NHKUWUHLWHUGLH8PKOOXQJGHV.DUWRQVDXI(UHQWKlOWGUHL

2EHUKHPGHQHLQZHLHVHLQ]DUWEODXHVXQGHLQKHOO JUDXHV $OVRPXHUGRFKQRFKZHJ'LH=XVHQGXQJGHV3DNHWV VLJQDOLVLHUWGDHVHLQHQWRWHQ%ULHINDVWHQ]XOHHUHQJLEWGDV )DUEHQVSLHOGHUGUHL+HPGHQZHOFKHQ6RXQOLHELVWLKPGDV JDUQLFKW(VZlUHOlQJVW=HLW]XP$EHQGEURWDEHUHLQHUVHLWV KDWWHHUNHLQH/XVWVLFKHWZDV]X]XEHUHLWHQXQGDQGHUHUVHLWV ZDUHU]XWUlJHGLH:RKQXQJ]XYHUODVVHQ1XQPXHUJHKHQ 'DZLUGHUDXIGHP5FNZHJLQGLHª5DQFK©HLQNHKUHQXQG ]X&RZER\PXVLNYRP7RQEDQGHLQ6WHDNYHU]HKUHQ,QGHU ª5DQFK©JLEWHVQXU6WHDNVHQWZHGHU]XRGHU *UDPP(UZLUGHLQHV]X*UDPPQHKPHQGD]X 3RPPHVIULWHVXQG5RKNRVWVDODW$XIHLQPDOVSUWHUHLQHQ ULFKWLJHQ+HLKXQJHUGDV:DVVHUOlXIWLKPLP0XQG]XVDP PHQ ,P+RIJDUWHQPX'HWMHQDQGHQ:HWWHUEHULFKWLP5XQG IXQNGHQNHQhEHUGLHKLHUXQPLWWHOEDUYRUEHLIKUHQGH +DXSWVWUDHKLQZHJGLHGLH%RQQHU$OWVWDGWPLWGHP5HJLH UXQJVYLHUWHOYHUELQGHW]LHKHQYRP5KHLQKHUGQQH1HEHO VFKZDGHQKHUDQ'LHJUDXHQ)HW]HQKlQJHQLQGHQ%VFKHQ XQGLPWLHIDXVODGHQGHQ*HlVWGHUPlFKWLJHQ/LQGHQZLH EHUGLPHQVLRQLHUWH6SLQQZHEHQGLHVLFKVWlQGLJYHUIRUPHQ XQGVHOWVDPH*HELOGHHU]HXJHQ(LQHª(UON|QLJ©1DFKW 0HUNZUGLJHUZHLVHVLQGVLHQLFKWQXURSWLVFKVRQGHUQDXFK PLWGHU1DVHZDKU]XQHKPHQVLHVWLQNHQHEHQVRZLHGHU 5KHLQGHUVLFKLQHLQHQGHUJU|WHQ$EZlVVHUNDQlOH(XURSDV YHUZDQGHOWKDW (VKDWGHQ$QVFKHLQGD$FKLPJDQ]DOOHLQLP3DUNLVW$P 7DJHLVWHUEHOHEWQLFKW]XOHW]WYRQGHQ6WXGHQWHQGHU DQVWRHQGHQ5KHLQLVFKHQ)ULHGULFK:LOKHOP8QLYHUVLWlWXQG YRQ(LQKHLPLVFKHQGLHGLH:HJHDOV$ENU]XQJDXIGHU 6WUHFNH]XUVGOLFKHQ9LOOHQYRUVWDGWVFKlW]HQ'DVlQGHUWVLFK PLWGHP(LQEUXFKGHU'XQNHOKHLWVFKODJDUWLJ:HUVHW]WVLFK VFKRQ6WUDHQUlXEHUHLHQXQG%HOlVWLJXQJHQDXVZHQQHUHV YHUPHLGHQNDQQ"*HOLQJWHVQLFKWVLHKWHU]XGHQ+RIJDUWHQ UDVFKKLQWHUVLFK]XEULQJHQ

'HWMHQSDWVLFKGHPDQ9RQGHU6WUDHKHUGULQJHQGLH *HUlXVFKHGHVDEIODXHQGHQ9HUNHKUVYRQXQGQDFK%DG *RGHVEHUJ]XLKPDXIGHP5KHLQWXWHQGLH1HEHOK|UQHUGHU )OXIUDFKWVFKLIIH'DVJLEWGLHVHP*DQJGXUFKGHQ1HEHOHLQH HLJHQDUWLJH7RQNXOLVVH 8QYHUPLWWHOWEOHLEW$FKLPVWHKHQODXVFKWLQGLH1DFKW'DV LVWHLQ(UIDKUXQJVZHUW:HQQHLQHPMHPDQGIROJWPDFKWHU LP'XQNHOQLPPHUQRFKHLQHQ6FKULWWRGHU]ZHL6FKULWWHHKH HUVHOEVWYHUKlOW(LQH)UDJHGHV5HDNWLRQVYHUP|JHQV8P 'HWMHQKHUXPLVWQLFKWV1XULQGHQ=ZHLJHQEHULKPUDVFKHOW HVPDQFKPDOOHLVH (LQ4XHUZHJHLQH3DUNEDQNHLQ3DSLHUNRUEDXIHLQHU6WHLQ NRQVROH1RFKHLQH3DUNEDQN$QGLHQlFKVWH/LQGHDP:HJH WULWW'HWMHQGLFKWKHUDQ,P9RUEHUJHKHQNDXPGHQ6FKULWW YHUKDOWHQG]LHKWHUHLQH5HL]ZHFNHDEGLHMHPDQGLQ+IW K|KHLQGHQ6WDPPJHGUFNWKDW'LHVH5HL]ZHFNHEHVDJW ª7%.EHVFKLFNW© (LQ6WFNZHLWHUHUKHEWVLFK]ZLVFKHQ%VFKHQHLQH6DQG VWHLQJHVWDOW'DV'HQNPDOHLQHV0DQQHVGHUVLFKXPGLH (QWZLFNOXQJ%RQQVYHUGLHQWJHPDFKWKDWEOLFNWVRUJHQYROO XQGJUEOHULVFKDXIGHQHLQVDPHQ6SD]LHUJlQJHUQLHGHU $FKLPWULWWKLQWHUGLH%VFKH.lPHMHW]WMHPDQGYRUEHU ZUGHGHUQLFKWLKQVRQGHUQOHGLJOLFKGLHLQGHU'XQNHOKHLW HUVWDXQOLFKKHOOH6DQGVWHLQILJXUZDKUQHKPHQ'HU2UWIU GLHVHQWRWHQ%ULHINDVWHQLVWJXWJHZlKOW'HU6RFNHOGHV 'HQNPDOVLVWYRQNHLQHU6HLWHHLQ]XVHKHQHLQVFKOLFKWHU 6RFNHOGHQVWHLQHUQHV5DQNHQZHUNEHU]LHKWHUKDEHQJH DUEHLWHWXQGVLFKDQGHQ6HLWHQYRP8QWHUJUXQGO|VHQG 'HWMHQ]|JHUWXQPHUNOLFK,PPHULVWGDV/HHUHQHLQHV7%.V HLQNULWLVFKHU0RPHQWXQGELUJW*HIDKULQVLFK0DQNDQQQRFK VRYRUVLFKWLJ]X:HUNHJHKHQHVJLEW6LWXDWLRQHQGLHQLFKW YRUDXV]XVHKHQVLQG0DQNDQQGHU*HIDKUGXUFKHLJHQH 9RUVLFKWXQG8PVLFKWYRUEHXJHQJDQ]DXV]XVFKOLHHQ YHUPDJPDQVLHQLFKW (LQOHW]WHUSUIHQGHU%OLFNLQGLH5XQGH]ZHL6FKULWWHQXQ ELV]XP6RFNHOHLQUDVFKHU*ULII.DOWUXKWGLHUXQGH0HWDOO

NDSVHOLQVHLQHU+DQGXQGYHUVFKZLQGHWVRJOHLFKLQGHU7D VFKH5LQJVXPEOHLEWDOOHVVWLOO $FKLPVHW]WVHLQHQ:HJIRUW(LQ3DSLHUNRUEDXIHLQHU 6WHLQNRQVROHHLQH3DUNEDQN8QGGLHQlFKVWH/LQGHUHFKWVDP :HJZLUGPLWGHUPLWJHQRPPHQHQ5HL]ZHFNHEHVWFNW ª7%.HQWOHHUW©KHLWGDV 2EZRKOLKPQLHPDQGEHJHJQHWLVWVWHLJW'HWMHQ]XQlFKVW LQGLH6WUDHQEDKQXQGIlKUWHLQ6WFN1LHPDQGIROJWLKP HVJLEWDXFKNHLQHQ:DJHQGHUGHPJHOEHQ=XJKDUWQlFNLJDXI GHQ)HUVHQEOHLEW 'DV6WHDNLQGHUª5DQFK©ZDUDXVJH]HLFKQHW,P/RNDO PDFKWHQVLHGLHEOLFKHQ0lW]FKHQ6LHOLHHQLKQVHOEVWHLQ 6WFN)OHLVFKDXVGHU.KOYLWULQHZlKOHQZRJHQHVLKPYRU JHQDX*UDPPVSLHWHQHLQH(GHOVWDKOPDUNHKLQHLQ GHUHQ'RSSHOVLHLKPJDEHQIUDJWHQREHUGDV)OHLVFKHLQIDFK JHJULOOWRGHUDXIHQJOLVFKH$UWJHEUDWHQZQVFKHOHGLJOLFKPLW gOEHSLQVHOWRGHUPLW%XWWHUEHVWULFKHQXQGPLW=LWURQHEH WUlXIHOWXQGEHUOLHHQLKQGDQQDQJHQHKPHQ(UZDUWXQJHQ XQGHLQHP'RUWPXQGHU8QLRQ 0|JHQVLHQRFKVREHN|PPOLFKVHLQ*UDPPJHJULOOWHV )OHLVFKVRXQEHVWULWWHQVLHHLQ*HQXZDUHQEHODVWHQGRFK6R IKUWGHU:HJLKQVREDOGHUZLHGHULQVHLQHU:RKQXQJLVW ]XQlFKVW]XPHLQJHEDXWHQ.KOVFKUDQN0LWHLQHP6FKPXQ ]HOQJUHLIWHUQDFKGHU)ODVFKHª&RWWEXVHU'RSSHONRUQ©GLH HUJHVWHUQDXVHLQHP*HVFKlIWDP0DUNWPLWJHEUDFKWXQGGLH LKPGHU9HUNlXIHUDXVGUFNOLFKDQJHSULHVHQKDWXQGJLHW VLFKHLQHQª'UHLVW|FNLJHQ©HLQª3URVW+HLPDW©VDJWHU'LH EHLGHQ:RUWHVWHKHQHLJHQDUWLJLQGHUVWLOOHQ:RKQXQJ 'HWMHQVWHOOWGLH)ODVFKH]XUFNXQGVFKDOWHWGDV5DGLRHLQ 1RFKLPPHUOlXIWGLHDEHQGOLFKH0DJD]LQVHQGXQJPLWLKUHU 0LVFKXQJDXV1DFKULFKWHQ5HSRUWDJHQ8QWHUKDOWXQJ%H ULFKWHQXQG0XVLN 'DQQJHKWHU]XP%FKHUUHJDO ª+HUUQ0DMRU$FKLP'HWMHQPLWHLQHPNUlIWLJHQ+DOVXQG %HLQEUXFK!LQDOWHU)OLHJHUNDPHUDGVFKDIW]XP*HEXUWVWDJ

)HEUXDUYRQ%RFN2EHUVW©'DUXQWHULQJH]LHPHQ GHP$EVWDQGGLH8QWHUVFKULIWHQGHUDQGHUHQ0LWDUEHLWHUGHV 5HIHUDWV6RVWHKWHVDXIGHUHUVWHQ8PVFKODJVHLWHGHVGLFN OHLELJHQ%DQGHVª0lQQHUXQG7DWHQ5LWWHUNUHX]WUlJHU HU]lKOHQ©GHUVHOEVWYHUVWlQGOLFKHLQHQ(KUHQSODW]LP% FKHUUHJDOKLQWHUGHP6FKUHLEWLVFKKDW'HWMHQJUHLIWGDQDFK XQGQLPPWPLWGHUDQGHUHQ+DQGVFKRQGLH3LQ]HWWHGLHPLW DQGHUHP.ULPVNUDPVLQHLQHP%LHUNUXJDXV6WHLQ]HXJVWHFNW 'DPLWIlKUWHUYRUVLFKWLJ]ZLVFKHQ%XFKUFNHQXQG%XFK EORFN+LHUJLEWHVHLQHQNDXPZDKUQHKPEDUHQ+RKOUDXP XQGDXVGLHVHP]LHKW:HUQHU%UHGHEXVFKHLQH)LOPIROLHKHU YRUGLHHUYRUVLFKDXIHLQZHLHV%ODWWOHJW6RVLQGGLH =DKOHQNRORQQHQJXW]XHUNHQQHQ=DKOHQNRORQQHQEHILQGHQ VLFKDXFKDXIGHQ)ROLHQGLHGHU.XQGVFKDIWHUGHU.DSVHODXV GHPWRWHQ%ULHINDVWHQHQWQLPPW(UKDWhEXQJLP'HFKLII ULHUHQ%HLQDKHIOLHHQGEHUWUlJWHUPLW+LOIHGHV&RGHVGHQ YHUVFKOVVHOWHQ7H[WLQ.ODUWH[W 6DFKOLFKH6lW]HVRNQDSSZLHP|JOLFKJHKDOWHQ(LQH %HVWlWLJXQJEHUVWHOOWHQ0DWHULDOVHUJlQ]HQGH)UDJHQGD]X HLQ6FKZHUSXQNWKLQZHLV'DQQHLQ6DW]ª)RUVFKXQJVNUHLV/ KDWWHZLVVHQVFKDIWOLFKH0LWDUEHLWHUYRUZLHJHQGQLFKW HLQJHWUDJHQH0LWJOLHGHUGHU661DPHQJU|WHQWHLOVXQ EHNDQQW,GHQWLIL]LHUWH0LWJOLHGHUGHV)RU/WHLOVYHUXUWHLOW WHLOVXQWHUJHWDXFKW)RU/ZXUGHHUZlKQWLP=XVDPPHQKDQJ PLWEDNWHULRORJLVFKHQ9HUVXFKHQDQ.=+lIWOLQJHQLQ%X FKHQZDOGhEHUQHXH(UNHQQWQLVVHXQWHUULFKWHQZLUVRIRUW© :LHGHUZHUGHQGLH(ULQQHUXQJHQGHU5LWWHUNUHX]WUlJHU]XP VWXPPHQ9HUVWHFNXQGZDQGHUQLQGDV5HJDO]XUFN'LH DQGHUHQ)ROLHQXQGGHU.ODUWH[WJHKHQLQ)ODPPHQDXIGLH $VFKHQUHVWHZHUGHQLP:DVFKEHFNHQIRUWJHVSOW :lKUHQG:HUQHU%UHGHEXVFKGHQ+DKQZLHGHU]XGUHKW VLQGVHLQH*HGDQNHQEHLGHQ$QJDEHQEHUGHQ/RIWKXVHU .UHLV9LHOXQGZHQLJ]XJOHLFKLVWLKPGDPLWJHWHLOWZRUGHQ 6HLWLKP-DPHV':LOVRQGLHQLFKW]XU6HQGXQJJHNRPPHQH DPHULNDQLVFKH)HUQVHKDXIQDKPHYRUJHVSLHOWKDWWHVWHOOWHHU ZRHVVLFKHUJDEGH]HQW(UNXQGLJXQJHQQDFKGHP/RIWKXVHU

.UHLVDQ(UJHEQLVORV6HOEVW/HXWHGLHZlKUHQGGHV.ULHJHV LQGHUQRUZHJLVFKHQ+DXSWVWDGW%HVDW]HUGLHQVWJHWDQKDWWHQ ZXWHQYRQQLFKWV'LH9HUPXWXQJOLHJWQDKHGDGHU/RI WKXVHU.UHLV]ZDUGHQ1DPHQGHV2VORHU9RURUWVZlKOWHZHLO GDV.LQGHLQHQ1DPHQEUDXFKWHGDHUDEHUJDUQLFKWLQ /RIWKXVDUEHLWHWH'LH0DXHUGHV6FKZHLJHQVGLHGLH,QVWL WXWLRQELVKHXWHXPJLEWOlWQXUHLQHQ6FKOX]X'HU/RI WKXVHU.UHLVPXVLFKPLW'LQJHQYRQVROFKHU7UDJZHLWH EHIDWKDEHQGDLKU%HNDQQWZHUGHQDXIVQHXHGLHJDQ]H 0HQVFKHQIHLQGOLFKNHLWGHV)DVFKLVPXVYRUGLH$XJHQGHU :HOWUFNHQZUGH(VKDWWHJHQJWGDGHU2EHULQJHQLHXU .OHLQLQ1HZ

,P6SLHJHOVLHKW&KULVWLQHGD.RQUDG%KUHUKLQWHUVLHWULWW (UJUHLIWKLOIVEHUHLWQDFKGHP=LSIHOGHV5HLYHUVFKOXVVHV DEHUHUKDWHVQLFKWHLOLJLKU.OHLGGDPLW]XVFKOLHHQ=X QlFKVWHLQPDONWHUVLH]ZLVFKHQGLH6FKXOWHUEOlWWHU ª9RQ0DO]X0DOIlOOWHVPLUVFKZHUHUGLFKIDKUHQ]X ODVVHQ©VDJWHUOHLVHª(VQHEHOWLPPHUPHKUXQGGXELVW PGH©-HW]W]LHKWHUGHQ5HLYHUVFKOX]Xª,FKZHUGHGLU HLQHQ0RNNDPDFKHQ© &KULVWLQH.|QLJZHQGHWVLFKQLFKWXP6LHOlFKHOWLQGHQ 6SLHJHOKLQHLQHLQZHQLJQDFKREHQGHQQ.RQUDG%KUHULVW JXWXQGJHUQHHLQHQ.RSIJU|HUDOVVLHDWKOHWLVFKJHEDXW EUHLWVFKXOWULJ(LQNXU]JHVFKRUHQHU.LQQEDUWVWUHFNWVHLQ RYDOHV*HVLFKWLQGHPGLHVFKPDOH1DVHHLQZHQLJVFKLHI VWHKW(LQH1DUEHJHKWGDUEHUKLQGRFKVLHLVWIDVWYHU ZDFKVHQ'LHVH1DUEHHULQQHUWVWDQGLJDQGDVJHIlKUOLFKH +REE\GHVMXQJHQ'LSORPLQJHQLHXUVDP%HUJDPW]X%DVHOLQ VHLQHU)UHL]HLWLVWHUHLQEHJHLVWHUWHU6SHOlRORJHHLQ+|KOHQ IRUVFKHU 'DV0lGFKHQPDJGHQHWZDVDOWYlWHUOLFKHQ7RQIDOOGHV 6FKZHL]HUGHXWVFKVGDV%KUHUVSULFKW(VKDWHWZDV$QKHL PHOQGHV*HPWOLFKHVXQG*HPWYROOHVXQGHEHQVRDQKHL PHOQGJHPWOLFKXQGJHPWYROOILQGHW&KULVWLQHDXFK%DVHO 6LHLVWJHUQKLHU ª'DVLVWOLHE&RQQ\DEHUHLJHQWOLFKEHUIOVVLJ'LHVH 6WUHFNHIDKULFKGRFKPLWJHVFKORVVHQHQ$XJHQ©HUZLGHUWVLH RKQHLKQDEHUGDUDQ]X KLQGHUQLQGLH.FKH]XJHKHQ6R NDQQ&KULVWLQHXQJHVW|UWLKU0DNHXSDXIOHJHQ6LHVFKlW]WHV QLFKWZHQQPDQLKUGDEHL]XVLHKW'DV3RUWUlWGDVLKUGHU 6SLHJHO]HLJWEHGDUILP$XJHQEOLFNHLQLJHU9HUlQGHUXQJHQ 6LHNlPPWGDV]HU]DXVWH+DDUELVHVZLHGHULQZHLFKHQ :HOOHQDQPXWLJDXIGLH6FKXOWHUQIlOOWXQG]LHKWGLH/LSSHQ QDFK'DPLWLVWVLHJHUDGHIHUWLJDOV%KUHUPLWGHP0RNND NRPPWLKQDXIGHQ.OXEWLVFKVWHOOWXQGHLQHQ6HVVHO]X UHFKWVFKLHEW

ª(LQHQ0RPHQWNDQQVWGXGLFKVFKRQQRFKVHW]HQ©VDJWHU XQG&KULVWLQHJHKRUFKW6LHKDWOlQJVWKHUDXVJHIXQGHQGD .RQUDGHVKDWVWHKHQG.DIIHH]XWULQNHQRGHUHLQ%XWWHUEURW KLQXQWHU]XVFKOLQJHQXQGVLFKGDUDXIHLQJHVWHOOW6LHVLW]HQ VLFKJHJHQEHU&KULVWLQHUHLVHIHUWLJHULP%DGHPDQWHOXQG ZLHLPPHULQGLHVHU6LWXDWLRQVFKZHLJHQVLHHUVWHLQPDOOl FKHOQVLFK]XXQGJHQLHHQHVHLQIDFKVREHLHLQDQGHU]X VHLQ 'DV=LPPHUKDWVRYLHO6WLPPXQJXQGHLJHQH1RWHGDGDV 0lGFKHQKLHUGULQVWHWVYHUJLWGDGLH:RKQXQJLQHLQHP 0LHWKRFKKDXVOLHJWJHQRUPWH0DHJHQRUPWHUWHFKQLVFKHU .RPIRUW'LHJHVFKZXQJHQHQ/LQLHQGHU%LHGHUPHLHUP|EHO EUHFKHQGLHVWDUUH:LQNOLJNHLWVROFKHU:RKQXQJHQYRP)OLH EDQGGLHHOHNWULIL]LHUWHQ3HWUROHXPODPSHQWXQHLQEULJHVXQG SDVVHQVLFKKDUPRQLVFKLQV%LOGRKQHLKPHLQHQJHZROOW QRVWDOJLVFKHQ=XJ]XJHEHQ6LHJHK|UHQHLQIDFKKLHUKHU$Q GHUHLQHQ:DQGKlQJWHLQVFK|QHUKDQGNRORULHUWHU6WLFKPLW GHP3DQRUDPDGHVPLWWHODOWHUOLFKHQ%DVHODQHLQHUDQGHUHQ EHUHLQHU9LWULQHPLWYLHOIDUELJHQ0LQHUDOLHQHLQLQU|WOLFKHV 0DKDJRQLJHUDKPWHV)DUEIRWRDXVGHU+|KOHGLH%KUHUIU GLHVFK|QVWHKlOWGLHHUNHQQW ª:DQQVHKHLFKGLFKZLHGHU"©IUDJWHUXQG]QGHWVLFKHLQH =LJDUHWWHDQ 6LHVDJWHVXQJHUQDEHUHVPXKHUDXVª1lFKVWH:RFKH QLFKWXQGGLHGDUDXIIROJHQGHZDKUVFKHLQOLFKDXFKQLFKW6R OHLGHVPLUWXW&RQQ\9DWHUKDWJHUDGHMHW]WLQGHU)LUPDHLQH 8QPHQJHXPGLH2KUHQXQGGDNDQQLFKQLFKWZHJ$XHUGHP ELQLFKMDQLFKWJDQ]XQEHWHLOLJWGDUDQ,FKP|FKWHQDWUOLFK DXFKVHKHQZHOFKH5HVRQDQ]XQVHUH$UEHLWILQGHW©&KULVWLQH EHXJWVLFKKLQEHUXQGNW%KUHUUDVFKKLQWHUV2KUª6REDOG LFK/DQGVHKHUXIHLFKGLFKDQ8QGVHLQLFKWWUDXULJ© 1DWUOLFKZHLHUGDVLHZLVVHQVFKDIWOLFKH$VVLVWHQWLQ LKUHV6WLHIYDWHUVLVWXQGZLHHUEHLGHU:HJHQHU 0RVV $*LQ6WDXIHQWlWLJ:RUDQVLHEHLGHDUEHLWHQHQW]LHKWVLFK LP'HWDLOVHLQHU.HQQWQLV&KULVWLQHKDWLKQJHEHWHQQLFKW GDQDFK]XIUDJHQXQG%KUHUUHVSHNWLHUWGDV1XUVRYLHOZHL

HUGD'U.|QLJDQGHU/|VXQJYRQ3UREOHPHQDXIGHP *HELHWGHU)XQNPHWHFKQLNDUEHLWHWXQGGD&KULVWLQHGLHV QRFKGUEHQLQGHQ9HUHLQLJWHQ6WDDWHQHLQH$XVELOGXQJDOV 'RNXPHQWDOLVWLQHUKDOWHQKDW*HUDGHLPHQJOLVFKVSUDFKLJHQ 5DXPLVWGLH)OXWGHU)DFKYHU|IIHQWOLFKXQJHQDXIGHP6DFK JHELHW'U.|QLJVVRJURGDHURKQH&KULVWLQHV8QWHU VWW]XQJNDXPDXIGHPODXIHQGHQVHLQN|QQWH ª:DVEOHLEWPLUEULJDOVPLFKLQ*HGXOG]XIDVVHQ"©HU ZLGHUWHUPLWHLQHP6HXI]HUª$EHUELWWHGHQNHGDUDQZLH VHKUGXPLUKLHUIHKOVW© 'LH7UVFKOlJWDXI'HU.XFNXFNIlKUWKHUDXVXQGUXIW HOIPDO'LHVH6FKZDU]ZDOGXKULVWHLQ*HVFKHQNYRQ&KULVWLQH HLQWHXUHVEHVRQGHUVNXQVWYROOJHDUEHLWHWHV([HPSODU'DV 0lGFKHQVHW]WEHKXWVDPGLH7DVVHDEXQGVWHKWDXI ª(VZLUG=HLW© (UKLOIWLKULQGHQZHLHQ6SRUWPDQWHOXQGEULQJWVLHQRFK ELV]XP)DKUVWXKO+LHUGUDXHQDXIGHP)OXUEORHLQ +lQGHGUXFN9RP:RKQXQJVIHQVWHUDXVEHREDFKWHW%KUHU ZLH&KULVWLQH.|QLJXQWHQEHUGLH6WUDHKLQZHJ]XLKUHP DXIGHUDQGHUHQ6HLWHKDOEDXIGHP%UJHUVWHLJJHSDUNWHQ :DJHQJHKWHLQVWHLJWXQGDEIlKUW0LW%HVRUJQLVVWHOOWHUIHVW GDGLHURWHQ5FNOLFKWHUIDVWDXJHQEOLFNOLFKLP1HEHOYHU VFKZLQGHQ :HGHU%KUHUQRFK&KULVWLQHDFKWHQDXIGHQVFKQLWWLJHQ 3RUVFKHGHUVLFKXQPLWWHOEDUQDFKGHP)LDW&RXSHLQGHU VHOEHQ5LFKWXQJLQ%HZHJXQJVHW]W&KULVWLQHVFKDOWHWGLH 1HEHOVFKHLQZHUIHUHLQXQGGDV*HEOlVHXPHLQ%HVFKODJHQ GHU6FKHLEHQ]XYHUKLQGHUQ 5KHLQ0DLQ'HWHNWLY6FKZHGOHUGHUVLFKLQVHLQHP3RUVFKH HUKDWLPPHUHLQH9RUOLHEHIUDWWUDNWLYHXQGEHVRQGHUV VFKQHOOH:DJHQJHKDEWVHLW6WXQGHQEHL5DGLRPXVLNJH ODQJZHLOWKDWOlWGHQ$EVWDQG]XPYRUDQIDKUHQGHQ$XWR JU|HUZHUGHQ,QGHU6WDGWLVWGLH6LFKWQRFKYHUKlOWQLVPlLJ JXW(UZLOOQLFKWDXIVLFKDXIPHUNVDPPDFKHQ$EHUGDQQ WRXUWHUGLHVHFKV=\OLQGHUGRFKHLQPDOKRFKXQG]LHKWPLWGHU .UDIWYRQ36DQHLQHP%XVYRUEHUGHUSO|W]OLFK]ZL

VFKHQGHP)LDWXQGLKPZDU$XFKZHQQGLH*UHQ]NRQWUROOH VFKQHOOXQGIOLHHQGHUIROJWN|QQWHHUQDFKKHUKLQWHUGHP%XV GHQ.RQWDNWYHUOLHUHQ 6RIlKUWGHU3RUVFKHXQPLWWHOEDUKLQWHUGHPEHLJHURWHQ &RXSHLQGLH%XQGHVUHSXEOLNHLQ+LHUZHUIHQGLH*UHQ] EHDPWHQQXUHLQHQ%OLFNLQGLH3lVVHXQGVFKRQJHKWHV ZHLWHU 6FKZHGOHU]LHKWGHQ%DQDQHQVWHFNHUGHUKRKHQ 3HLWVFKHQDQWHQQHVHLQHV:DJHQVDXVGHU$QVFKOXEXFKVHGHV $XWRUDGLRV'HUHLJHQWOLFKIU=HLWXQJHQJHGDFKWHQ,QQHQ WDVFKHVHLQHV0DQWHOVHQWQLPPWHUHLQ6SUHFKIXQNJHUlWXQG VFKOLHWHVDQGLH$QWHQQHDQ6RNDQQHUGDV6SUHFKIXQNJHUlW DXFKZlKUHQGGHU)DKUWEHQXW]HQ ª,FKUXIHbTXDWRU©VDJWHUODQJVDPXQGGHXWOLFKª$XI :LHGHUVHKHQ/LHEOLQJ© 'DVLVWGDVYHUHLQEDUWH&RGH:RUW0DQPXYRUVLFKWLJ VHLQ:HUZHLGHQQZLHYLHOHDQGHUHVROFKHU*HUlWHDXI GHUVHOEHQ:HOOHDUEHLWHQXQGREQLFKWHLQHUPLWK|UWIUGHQ GLH'XUFKVDJHQLFKWEHVWLPPWLVWª$XI:LHGHUVHKHQ/LHE OLQJ©EHVDJWGD&KULVWLQH.|QLJGLH6FKZHL]YHUODVVHQKDW XQGDXIGHUVHOEHQ6WUDHLQ5LFKWXQJ6WDXIHQIlKUWGLHVLH LPPHUEHQXW]W ªbTXDWRUEHGDQNWVLFK©NOLQJWYHU]HUUWHLQH0lQQHUVWLPPH ]XUFNª*XWH1DFKW6FKlW]FKHQ© *OHLFKGDUDXIVFKWWHOW&KULVWLQHEHGHQNOLFKGHQ.RSI(LQ KHOOHU6SRUWZDJHQVFKLHWDQLKUYRUEHUXQGYHUVFKZLQGHW YRULKULP1HEHO$OVHUSO|W]OLFKDXINDPIXKUVLHVFKDUIUHFKWV KHUDQ(VLVWLKUHLQELFKHQXQKHLPOLFK:LHNDQQPDQQXU VRUDVHQEHLGLHVHQ6LFKWYHUKlOWQLVVHQ :ROI'LHWHU6FKZHGOHUZHLKLHUVHKUJXW%HVFKHLG(U EHIXKUGLHVH6WUDHLQGHQOHW]WHQ7DJHQPHKUPDOV]XOHW]W KHXWHPLWWDJ'DIROJWHLKPHLQDOWHU)RUG7DXQXV$OV 6FKZHGOHUKLQWHU+DPPHUVWHLQDXIGHU&KDXVVHHLP:DOG DQKLHOWEOLHEDXFKGHU)RUGVWHKHQ(LQXQVFKHLQEDUHUlOWHUHU 0DQQVWLHJDXVXQGDQVHLQHU6HLWHKLHOWVLFKHLQZXQGHUVFK| QHUUDVVHUHLQHU&RFNHU6SDQLHONDNDREUDXQXQGPLWODQJHQ

+lQJHRKUHQ'HP'HWHNWLYZDUYRUKHUJHVDJWZRUGHQGHU 6SH]LDOLVWNRPPHVWHWVLQGHPDOWHQ)RUGXQGKDEHQLHHWZDV DQGHUHVEHLVLFKDOVHLQHQ.RIIHUHLQH7DVFKHXQGHLQHQ UHLQUDVVLJHQ&RFNHU6SDQLHO 6FKZHGOHUKDWWHPLWGHU)XVSLW]HHLQ.UHX]LQGHQ6DQG DP6WUDHQUDQGJH]HLFKQHWª$QGLHVHU6WHOOHPXGHU)LDW VWHKHQEOHLEHQ©KDWWHHUJHVDJW ª(UEOHLEWVWHKHQ©KDWWHGHU$OWHWURFNHQHUZLGHUWª)DKUHQ 6LHMHW]WYRUPLUKHUQDFK%DVHOJHQDXGLH6WUHFNHGLHGDV &RXSHQHKPHQZLUG'DPLWLFKGLH.LORPHWHUKDEH)DOOVGLH .XWVFKHHLQHQ8PZHJPDFKWNODSSWHVQLFKWPLWGLHVHU 6WHOOH© ª'DVLVWXQVHU5LVLNR©KDWWH6FKZHGOHUHUZLGHUWXQGZDU YRUDXVJHIDKUHQ +HXWHDEHQGKDWWHHUGXUFKGLH)URQWVFKHLEHVHLQHV3RUVFKH ]XJHVHKHQZLHGHU6SH]LDOLVWQDFK(LQEUXFKGHU'XQNHOKHLW VHLQHDOWH.LVWHXQPLWWHOEDUQHEHQGHP)LDW&RXSHJHSDUNW XQGDQVFKHLQHQGHLQH5HSDUDWXUDQGHP)RUGYRUJHQRPPHQ KDW6RZLHGHUDXVVDKJODXEWHMHGHUDQGLH(FKWKHLWGHU 9RUVWHOOXQJGHUVLHPLWHUOHEWH,Q:DKUKHLWKDWGHU$OWHGHQ )LDWSUlSDULHUW6FKZHGOHUKlWWHJHUQJHZXWZDVHUJHPDFKW KDWGRFKGHU6SH]LDOLVWKDWLKQ]XUFNJHZLHVHQ ª'DVLVWPHLQ%LHU©KDWWHHUJOHLFKJOWLJJHVDJWª,FKDUEHLWH DOOHLQRGHUELWWHVFK|QPDFKHQ6LHHVVHOEVW© 'HUMXQJH0DQQPLWGHUJROGJHIDWHQ%ULOOHKlWWHEHLP EHVWHQ:LOOHQQLFKWDQJHEHQN|QQHQZHOFKH9HUlQGHUXQJHQ GHU$OWHDQ&KULVWLQH.|QLJV:DJHQYRUJHQRPPHQKDWWH +DXSWVDFKHHUKDWVLHYRUJHQRPPHQXQGGLH$NWLRQOlXIW 'HU1HEHOEHJQVWLJWGDV8QWHUQHKPHQ'LH6WUDHLVWOHHU $PKHOOHQ7DJHXQGEHL6RQQHQVFKHLQLVWVLHHLQHGHUVFK|Q VWHQLP6FKZDU]ZDOG'LFKWHU1DGHOZDOGVlXPWVLHXQGVWHLJW DXIEHLGHQ6HLWHQWHUDVVHQI|UPLJLQGLH+|KH'DVLVWHLQ:DOG VRGLFKWXQGGXQNHOXQGJHKHLPQLVYROODOVKDEHHU:LOKHOP +DXIIDOV.XOLVVHIUVHLQ0lUFKHQYRPª.DOWHQ+HU]HQ© YRUJHVFKZHEW7URW]GHPLVWGDV%LOGQLFKWHLQW|QLJ6FKDUIH .XUYHQHU|IIQHQLPPHUQHXHUHL]YROOH3DQRUDPHQ%UFNHQ

IKUHQEHU*HELUJVElFKHXQGVSDQQHQVLFKEHU6FKOXFKWHQ -HW]WLQGHU1DFKWLVWGDVDOOHVQXU]XDKQHQ:HQQ6FKZHGOHU WURW]GHPYHUVWHKWZDUXP&KULVWLQHVWHWVGLHVHXQGQLFKWGLH GLUHNWYHUODXIHQGH+DXSWYHUNHKUVVWUDHGLH%XQGHVVWUDH QLPPWGDQQGHVKDOEZHLOHUMDDXFKVFKRQWDJVEHUKLHU JHIDKUHQLVW 6FKHPHQKDIWGXFNHQVLFKGLH+lXVHUHLQHVNOHLQHQ'RUIHV XQWHUGHQ1HEHO:lUHQQLFKWGLH6WUDHQODWHUQHQPDQ N|QQWHGXUFKGDV'RUIIDKUHQRKQHHVZDKU]XQHKPHQ :ROI'LHWHU6FKZHGOHUPLQGHUWGLH*HVFKZLQGLJNHLW'DLVW GLHRUDQJHIDUEHQHª(QWH©YRQ5RORIIXQGGRUWLVWHUDXFK VHOEVW'HQ3HO]NUDJHQVHLQHU/HGHUMDFNHKRFKJHVWHOOWGLH OHGHUQH%DVNHQPW]HZLHHLQH6FKLUPPW]HZHLWLQGLH6WLUQ JH]RJHQYHUWULWWHUVLFKVHOEVWHEHQHLQELFKHQGLH%HLQH 6FKZHGOHUJLEW=HLFKHQPLWGHU/LFKWKXSHRKQH]XKDOWHQ 5RORIIVSXFNWGHQ=LJDUHWWHQUHVWDXVGHULKPLP0XQG ZLQNHOKlQJWXQGVWHLJWHLQ'HUNOHLQH&LWURHQVHW]WVLFKLQ %HZHJXQJ6HKUODQJVDPXQGWU|GHOQGHVVLHKWDXVDOVZlUH GHU)DKUHUEHUYRUVLFKWLJIlKUWHULQGLHVHOEH5LFKWXQJLQ GHU6FKZHGOHUV3RUVFKHGDYRQJHVFKRVVHQLVW5RORIIEH REDFKWHWDXIPHUNVDPGLH6WUDHYRUVLFKXQGKLQWHUVLFK(U ZDUWHWGDUDXIGDKLQWHULKPGLH/LFKWHUGHV)LDWPLWGHU MXQJHQ)UDXDP6WHXHUDXIWDXFKHQ5RORIIIlKUWODQJVDP GDPLWGLHMXQJH)UDXLKQEHUKROHQPX 8QGGDQQKDEHQVLHGLHª.|QLJLQ©LQGHU=DQJH &KULVWLQHVFKDOWHWGLH6FKHLEHQZLVFKHUHLQ'HU1HEHOOHJW HLQHQGQQHQIHXFKWHQ)LOPDXIGLH)URQWVFKHLEH6LHKDWGHQ (LQGUXFNGDVLHYRQ6HNXQGH]X6HNXQGHZHQLJHUVLHKW9RU GHP:DJHQVWHKWHLQHZHLOLFKJUDXH:DQGZLHHLQHEURGHOQGH XQGGDPSIHQGH:DVFKNFKHDXV*URPXWWHUV=HLWHQ1XU ZHQLJH0HWHUZHLWKHEHQGLH1HEHOVFKHLQZHUIHUGHQIHXFKW JOlQ]HQGHQ$VSKDOWXQGGHQ6WUDHQUDQGKHUDXVDOVVHLPDQ DEJHVFKLHGHQYRQDOOHU:HOWXQGDOOHLQLQHLQHUJUHQ]HQORVHQ /HHUH&KULVWLQHUHLEWVLFKLPPHUZLHGHUGLH$XJHQ9RU JHEHXJWIlKUWVLHXQGKlOWGDV/HQNUDGNUDPSIKDIWIHVW'LH 7DFKRPHWHUQDGHOSHQGHOWXPGLH9LHU]LJKHUXPXQGHUUHLFKW

QXUVHOWHQHLQPDOGLH)QI]LJ.LORPHWHU0DUNH%HLGLHVHU *HVFKZLQGLJNHLWEUXPPWGHU0RWRUQXUOHLVHXQG)DKUWZLQG LVWVRJXWZLHJDUQLFKWGD &KULVWLQHGHQNWDQ&RQQ\6LHKlWWHDXILKQK|UHQXQGHUVW EHL7DJHVDQEUXFKIDKUHQVROOHQ:DVZHQQGHU)LDWDXV LUJHQGHLQHPXQHUILQGOLFKHQ*UXQGSO|W]OLFKVWHKHQEOLHEH" :DKUVFKHLQOLFKZUGHHV6WXQGHQGDXHUQELVLQGLHVHU1DFKW MHPDQGYRUEHUNlPHXQGVLFKLKUHUDQQlKPH8QGGLH$'$& 6WUDHQZDFKWLVWDXFKQXUDXIGHQ%XQGHVVWUDHQXQWHUZHJV 0HKUXQGPHKUWVWHLJHUWVLHVLFKLQ$QJVWXQG8QVLFKHUKHLW KLQHLQ9HUJHEHQVVXFKWVLHVLFK]XEHU]HXJHQGDVLHQLFKW EOHLEHQNRQQWH9DWHUKDWVLFKGDUDQJHZ|KQWGDVLHIUHLWDJV QDFK$UEHLWVVFKOXDEIlKUWDEHUDXFKGDUDQGDVLH6RQQ WDJQDFKWZLHGHULQ6WDXIHQHLQWULIIW:HQQVLHEHLGLHVHP 1HEHODXVEOHLEWZLUGHUVLFK6RUJHQPDFKHQ=XPDOHULKUH %H]LHKXQJHQ]XGHP6FKZHL]HU*HRORJHQVRZHQLJELOOLJWZLH LKUHVWlQGLJHQ)DKUWHQQDFK%DVHO(UVSULFKW]ZDUQLFKWGDYRQ XQGGDIULVWVLHLKPGDQNEDUDEHUVLHVSUWHVGRFK(V WXWLKUOHLG &KULVWLQH.|QLJKDWHLQVHKUJXWHV9HUKlOWQLV]XGHP0DQQ GHU]ZDUQLFKWLKUOHLEOLFKHU9DWHULVWVLHGDVDEHUQLHPDOV IKOHQOlWXQGYLHOOHLFKWPHKUIUVLHJHWDQKDWDOVHLQ9DWHU KlWWHWXQN|QQHQ6LHZDUQHXQ-DKUHDOWDOVLKU9DWHUHLQ %HUXIVRIIL]LHUGHU3D]LILNIORWWHGHU861DY\DP'H]HPEHU LQ3HDUO+DUERXUDXIMHQHP6FKODFKWVFKLIIGHQ7RGIDQG EHUGHVVHQJHVXQNHQHP:UDFNVLFKKHXWH]XU(ULQQHUXQJDQ GHQMDSDQLVFKHQhEHUIDOOHLQHVFKPXFNORVH%HWRQNRQVWUXN WLRQHUKHEW,KUH0XWWHUKDWWHGDQQQLFKWXQEHGLQJWGHV *HOGHVZHJHQVRQGHUQYRUZLHJHQGXPQLFKWXQXQWHUEURFKHQ DQGHQHUOLWWHQHQ9HUOXVWGHQNHQ]XPVVHQLQHLQHP )RUVFKXQJVODERULQ5LFKPRQGJHDUEHLWHW,QGHP,QVWLWXWLQ GHPVLHDOV3URWRNROODQWLQWlWLJZDUOHUQWHVLH'U.|QLJ NHQQHQGHULKUDOV(PLJUDQWDXVª2OG*HUPDQ\©YRUJHVWHOOW ZXUGHKHLUDWHWHQVLHXQGGHUGDPDOVVHFK]HKQMlKULJHQ &KULVWLQHJHILHOGHUQHXH9DWHU6LHJHZ|KQWHVLFKVFKQHOO GDUDQGDHUQLFKWZLHGLH0XWWHUª&KULV©VRQGHUQª&KUL

VWLQH©VDJWHXQGGDVLHVWDWW0LVV*UDKDPQXQ0LVV.RHQLJ KLH0XWWHUOHEWHULFKWLJDXIXQGNRQQWHZLHGHUODFKHQ &KULVWLQHGDQNWHGDV.|QLJXQWHUDQGHUHPGDGXUFKGDVLH VLFKEHPKWHVHLQHVFKZLHULJH6SUDFKHVRVFKQHOOZLHP|JOLFK SHUIHNW]XEHKHUUVFKHQ(UZDUHVGHULKU,QWHUHVVHIUZLV VHQVFKDIWOLFKH$UEHLWZHFNWHXQGPLWJURHU6HOEVWYHUVWlQG OLFKNHLWGDVWHXUH6WXGLXPILQDQ]LHUWHXQGHUZDUHVDXFKGHU LKUKDOIGLHHUVWHQ6FKULWWHLP%HUXI]XWXQ$OVLKUH0XWWHU VWDUEXQG'U.|QLJVLFKHQWVFKORQDFKª*HUPDQ\© ]XUFN]XNHKUHQZDUHVIUGDV0lGFKHQVHOEVWYHUVWlQGOLFK PLWLKP]XJHKHQ 1DWUOLFKYHUVWHKWVLHGDLKUHP9DWHUGLH%H]LHKXQJHQ QDFK%DVHO]XVFKDIIHQPDFKHQXQGGDHVLKPVFKZHUIlOOW VLHDQYLHOHQ:RFKHQHQGHQEHL%KUHU]XZLVVHQDXFKZHQQ HUNOXJJHQXJLVWVLFKPLWGHP6FKLFNVDODOOHU9lWHUDE]XILQ GHQ6FKDGHGDHV&KULVWLQHPLODQJGLHEHLGHQ0lQQHU QlKHU]XEULQJHQ6LHOXG&RQQ\QDFK6WDXIHQHLQDEHU 'U.|QLJXQGHUIDQGHQNHLQHQJHPHLQVDPHQ1HQQHUXQG XQWHUKLHOWHQVLFKDXIHLQHTXlOHQGH:HLVHYHUELQGOLFKXQG DQJHVWUHQJWPLWHLQDQGHU9DWHUK|UWHK|IOLFK]XDOV.RQUDG %KUHUYRQ$EVWLHJHQLQGLHª8QWHUZHOW©GHU+|OORFK+|KOH EHULFKWHWHGLHVLFKREHUKDOEGHV3UDJHOSDVVHVLQGHU*OlU QLVFKNHWWHPLWLKUHQ*OHWVFKHUQXQG6FKQHHIHOGHUQLQGHQ *ODUQHU$OSHQEHILQGHWXQG&RQQ\ZXWHHEHQVRZHQLJPLW 'U.|QLJV$XVIKUXQJHQEHUPRGHUQH)XQNPHWHFKQLN HWZDVDQ]XIDQJHQ%LVKHUZDUHVEHLGLHVHUHLQHQ%HJHJQXQJ JHEOLHEHQ &KULVWLQHDWPHWDXI'DIlKUWHLQHUQRFKODQJVDPHUDOVVLH $OV5RORIIVLHLP5FNVSLHJHONRPPHQVLHKWEOLQNWHUXQG IlKUWVFKDUIUHFKWVUDQGDPLWVLHJXWYRUEHLNRPPW'HU RUDQJHIDUEHQH&LWURHQEOHLEW]XUFNXQGGDVJLEWLKUVRJDUHLQ ELFKHQ$XIWULHE9HUZXQGHUOLFKHLJHQWOLFKGDVLFKGHU DQGHUHQLFKWDQLKUHURWHQ6FKOXOHXFKWHQDQKlQJWXPVRYHU ZXQGHUOLFKHUGDHUNHLQH1HEHOVFKHLQZHUIHUKDWDEHUZDKU VFKHLQOLFKIlKUWGDHLQJHPWOLFKHU2SDGHUHVQLFKWHLOLJKDW 6LHPDOWVLFKDXVZLHHUPLWGHU=LJDUUH]ZLVFKHQGHQ=lKQHQ

DP/HQNUDGVLW]WVLHPDJ/HXWHGLHVLFKEHUGLH=HLWKLQ ZHJVHW]HQXQGGHQHQ+HNWLNIUHPGLVW6LHWULWWMHW]WHWZDV IHVWHUDXIV*DVSHGDO 'HU&LWURHQKlOW5RORIINODSSWGLH6FKHLEHKHUXQWHUXQG VWHFNWGLH$QWHQQHVHLQHV6SUHFKIXQNJHUlWVVHLWOLFKKHUDXV ªbTXDWRUHLQV©VDJWHUª$FKWXQJ'HU1HEHOOLFKWHWVLFK ,FKZLHGHUKROH'HU1HEHOOLFKWHWVLFK(QGH© ª9HUVWDQGHQbTXDWRUHLQV©NOLQJWHV]XUFN &KULVWLQHQLPPWZHGHUGHQ:DOGZHJZDKUGHUYRQGHU &KDXVVHHDE]ZHLJWQRFKGHQ:DJHQGHURKQH/LFKWDXI GLHVHP:DOGZHJVWHKW6HLQ)DKUHUKDWLKQYHUODVVHQ(ULVW ELV]XU6WUDHYRUJHJDQJHQXQGOHKQWUHJORVDQHLQHP%DXP HLQJURHUPDJHUHU0DQQPLWHLQHPOlQJOLFKHQKDJHUHQ *HVLFKWXQGHLQHP6SUHFKIXQNJHUlW(UVLHKWLP1HEHOYLHU /LFKWHUDXIWDXFKHQXQGZHLGDGDVGLH+DXSWXQGGLH 1HEHOVFKHLQZHUIHUGHVDXV%DVHONRPPHQGHQEHLJHURWHQ )LDW&RXSHVVLQG(UOlFKHOWHQWVSDQQW1DDOVR'LH/LFKWHU ZDQGHUQYRUEHU(LQHQ$XJHQEOLFNODQJVLQGGUHLURWH3XQNWH ]XVHKHQVFKZDFKGLH5FNOLFKWHUXPYLHOHVNUlIWLJHUGLH 1HEHOOHXFKWH'HU0DQQJHKWRKQH+DVW]XVHLQHP:DJHQ ]XUFNXQGOlWGHQ0RWRUDQ 'HU)LDWUXFNWSO|W]OLFK]ZHLGUHLPDO'DQQLVWGHU0RWRU DXV'DV&RXSHVWHKW=XQlFKVWZXQGHUWVLFK&KULVWLQHQXU 'HU7DQNLVWGUHLYLHUWHOYROOGHUgOGUXFNQRUPDO6LHVWDUWHW 'HU$QODVVHUGUHKWGLH:HOOH'HU0RWRUVSULQJWQLFKWDQ6LH YHUVXFKWHVHLQ]ZHLWHVHLQGULWWHVHLQYLHUWHVPDO2KQH (UIROJ&KULVWLQHVFKDOWHWGLH6FKHLQZHUIHUDXI6WDQGOLFKW ]XUFN6HNXQGHQODQJVLW]WVLHUHJORVGD6RHWZDVSDVVLHUWLKU ]XPHUVWHQPDO'HU:DJHQKDWVLHQRFKQLHLP6WLFKJHODVVHQ XQGDXVJHUHFKQHWLQGLHVHU1DFKW9RUKLQKDWVLHGDUDQ JHGDFKWGHQXQDQJHQHKPHQ*HGDQNHQMHGRFKZLHGHUYHU GUlQJW8QGQXQ"'DV6FKZHLJHQVW|UWVLHPLWHLQHPPDO.HLQ /DXW7RWHQVWLOOH&KULVWLQHK|UWLKUHQHLJHQHQ$WHP8QGYRU GHQ)HQVWHUQTXLUOWGHU1HEHO:DVQXQ" 'DVHVMDQLFKWPHKUODQJHGDXHUQN|QQHELVGHU2SDPLW VHLQHP&LWURHQKHUDQLVWGHQNWVLHSO|W]OLFK(LQ+RIIQXQJV

6FKLPPHU&KULVWLQHVWHLJWDXV6LHZLUGZLQNHQXQGGDQQKlOW HUEHVWLPPW&KULVWLQHEHZHJWIU|VWHOQGGLH6FKXOWHUQ6LH JXUWHWGHQZHLHQ6SRUWPDQWHOHQJHUXQG]LHKWGLH.DSX]H EHUGHQ.RSI8QDQJHQHKPGLHVHIHXFKWH1HEHONlOWH6LH NODSSWGLH.KOHUKDXEHKRFKGDPLWHLQ9RUEHUIDKUHQGHU GHXWOLFKVLHKWGDVLHHLQH3DQQHKDW'HQ)HKOHU]XILQGHQ YHUVXFKWVLHJDUQLFKWHUVW:LHLKU$XWRIXQNWLRQLHUWGDYRQ KDWVLHNHLQH$KQXQJ,KU9DWHUVDJWLPPHUDPHIIHNWLYVWHQ VHLMHGHPGLH$UEHLW]XODVVHQZRYRQHUHWZDVYHUVWHKW(U YHUVWHKWHWZDVYRQ)XQNPHWHFKQLNVLHHWZDVYRQ'R NXPHQWDOLVWLNXQGGHU0HLVWHULQGHU$XWRZHUNVWDWWHWZDV YRQ.UDIWIDKU]HXJHQ'HU(IIHNWLYLWlWZHJHQKDEHGLH 0HQVFKKHLWVFKOLHOLFK]LHPOLFKIUKGLH$UEHLWVWHLOXQJHU IXQGHQ $OVVFKOLHOLFK/LFKWHULP1HEHODXIWDXFKHQVLQGHVQLFKW GLHGHVRUDQJHIDUEHQHQ&LWURHQ0LWGHPNDONZHLHQ6WUDKO YRQ+DORJHQVFKHLQZHUIHUQHUVFKHLQWHLQTXLWWHJHOEHU2SHO 5HNRUG 'HUJURHPDJHUH0DQQPLWGHP6SUHFKIXQNJHUlWVLHKWGLH URWHQ/LFKWSXQNWHXQGLQ8PULVVHQGLHMXQJH)UDXLPZHLHQ 6SRUWPDQWHOGLHQHEHQGHUJH|IIQHWHQ.KOHUKDXEHVWHKWXQG ZLQNW(UGHQNWIOFKWLJGDVLFKGHU$OWHPLWVHLQHP.RIIHU VHLQHU7DVFKHXQGVHLQHP+XQGQXUJHULQJIJLJYHUWDQKDEH GDV)LDW&RXSHLVWDQQlKHUQGIQI]LJ0HWHUZHLWHUJH IDKUHQDOVJHSODQWZDU7URW]GHPVDXEHUH$UEHLW'HULVW XQVFKODJEDU(LQ6SH]LDOLVWGHUDOWHQ6FKXOH%HGDXHUOLFKGD VLHQDFKXQGQDFKDXVVWHUEHQXQGLKUH7ULFNVPLWLQV*UDE QHKPHQ (UIlKUWDQGHPVWHKHQGHQ:DJHQYRUEHLXQGGDQQJOHLFK UHFKWVKHUDQ &KULVWLQHDWPHWDXI'HUGDNRPPWVLHKWYHUWUDXHQHU ZHFNHQGDXV(LQ0DQQXPGLH)QI]LJSHGDQWLVFKNRUUHNW JHNOHLGHW8QGHUKDWHLQIUHXQGOLFKHVYHUVWHKHQGHV/lFKHOQ DOVHUPLWDEJH]LUNHOWHU*HVWHVHLQHQVWHLIHQ+RPEXUJHUOIWHW XQGNDPHUDGVFKDIWOLFKVR]XVDJHQYRQ.UDIWIDKUHU]X .UDIWIDKUHUIUDJWª1DZLOOHUQLFKWPHKU"©

'HU&KHIGHU5KHLQ0DLQ'HWHNWHLVFKOlIWQLFKWLQGLHVHU 1DFKW(WZDVQHUY|VJHKW%RUQLQVHLQHP6WDKOURKUP|EHOEUR DXIXQGDE6HLWGLH'HWHNWHLEHVWHKWKDWVLHQRFKQLHHLQH $NWLRQGLHVHV$XVPDHVGXUFKJHIKUW6LHLVWJHQHUDOVWDEV PlLJJHSODQWXQGPLWXQJHKHXUHP$XIZDQGYRUEHUHLWHW ZRUGHQ1DFKPHQVFKOLFKHP(UPHVVHQNDQQQLFKWVVFKLHI JHKHQ $XVHLQHU7KHUPRVNDQQHVFKHQNWVLFK%RUQ.DIIHHHLQ]X GHPHUYLHO=XFNHUQLPPW(UNDQQQLFKWYHUKHKOHQGDHUYLHO ZHQLJHURSWLPLVWLVFKLVWDOVVHLQH0LWDUEHLWHU3O|W]OLFKGHQNW HUDQVHLQH6FKXO]HLW(UKDWJHQDXGDVJOHLFKH*HIKOGDVLKQ DOV6FKOHUEHUNDPZHQQHUHLQH.ODVVHQDUEHLWDEJHJHEHQ KDWWHª0LW6LFKHUKHLWYHUKDXHQ©0LWGHU)UHXGHZDUWHWHPDQ EHVVHUELVVLFKGDV*HJHQWHLOHUZLHV2IWHUZLHVHVVLFKQLFKW KlXILJEHVWDQGGLHGVWHUH3URJQRVH]X5HFKW 0LWWHUQDFKWLVWOlQJVWYRUEHU6HLQHª0DQQVFKDIW©EHILQGHW VLFKYROOLP*HVFKlIW(UVHOEVWNDQQKLHULQ)UDQNIXUWQXU ZDUWHQDXIGDV.OLQJHOQGHV7HOHIRQVDXI+HU]RJV9ROO]XJV PHOGXQJ'LHVH6DFKHLVWLKPVRZLFKWLJGDHUVHLQHQ6WHOO YHUWUHWHU+HU]RJPLWLKUHU'XUFKIKUXQJEHWUDXWKDW'DVKDW DXFKGHQ9RU]XJGDHU%RUQZHQQGLH6DFKHVFKLHIJHKW LQ/RQGRQLPPHUQRFK+HU]RJ]XP%XKPDQQVWHPSHOQNDQQ :LHVROOHUGHQQDKQHQGDMHQHUGHUPDHQXQIlKLJLVW" 6LFKHUOLFKGLHIHLQH$UWZlUHGDVQLFKWDEHUGDV+HPGLVW HLQHPQlKHUDOVGHU5RFN 'HU&KHIJHKWDQV)HQVWHUXQG|IIQHWHV'LH2SSHQKHLPHU 6WUDHLVWVWLOO+LHUZ|OEWVLFKGLH1DFKWEODXXQGVWHUQHQNODU XQGGLHLQ]ZHL5HLKHQ]XEHLGHQ6HLWHQGHU6WUDHGLFKWDQ GLFKWJHSDUNWHQ:DJHQGLHGHQKDOEHQ%UJHUVWHLJEORFNLHUHQ JOlQ]HQLP/LFKWDXVKHOOHUOHXFKWHWHQ6FKDXIHQVWHUQ:HQQ HUGLH6WUDHKLQXQWHUEOLFNWVLHKWHUMHQVHLWVGHV0DLQVYRQ 6FKHLQZHUIHUQDQJHVWUDKOWGLHURWHQ%DFNVWHLQEDXWHQDP 5|PHUXQGDXFKGHQ'RP

%RUQKDWIUGDVDOOHVNHLQHQ%OLFN(UDWPHWWLHI'LHNKOH 1DFKWOXIWPDFKWLKQPXQWHU 1HLQVLQQLHUWHUGD'U.|QLJLGHQWLVFKLVWPLWGHPVHLW GHP$XVODXIHQYRQ8DXV2VORYHUVFKROOHQHQ'U$OH[ DQGHU,UURZGDUDQEHVWHKWNHLQ=ZHLIHOPHKU$XVJH]HLFK QHWH$UEHLWEULJHQVYRQ6FKZHGOHU'HUKDWGDV(QGHGHV )DGHQVJHIXQGHQPLWGHVVHQ+LOIHVLFKGLHJDQ]H*HVFKLFKWH DXIVSXOHQOlW %RUQNHKUWDQVHLQHQ6FKUHLEWLVFK]XUFN=XPZLHYLHO WHQPDOHLJHQWOLFK]LHKWHUVLFKGLHGLFNOHLELJH0DSSHKHUDQ DXIGHUHQ'HFNHOQXUGDV.HQQZRUWª7HQWDNHO©VWHKW"6LHLVW SUDOOJHIOOWPLWPDVFKLQHJHVFKULHEHQHQ%HULFKWHQPLW)RWRV XQGPLWEODWWDUWLJHQ7RQIROLHQIUGLHLQMHGHP=LPPHUGHU 'HWHNWHLVWHKHQGHQ'LNWDSKRQH(LQHOFNHQORVH'RNXPHQ WDWLRQ $OVVLHZXWHQGD'U.|QLJLQ6WDXIHQ$P:HLQEHUJ ZRKQWNRQQWHQVLHLKQV\VWHPDWLVFKXQWHUGLH/XSHQHKPHQ 'DHULQGHU)RUVFKXQJVDEWHLOXQJGHU:HJHQHU 0RVV$* DUEHLWHWZDULP+DQGXPGUHKHQIHVWJHVWHOOW0DQIRWRJUDILHUWH LKQXQGYHUJOLFKGLH$XIQDKPHQGLHLP=XJHGHUYRUDQJH JDQJHQHQ5HFKHUFKHQEHLJHEUDFKWZXUGHQ)RWRVGHU$E LWXUNODVVHLQ)XOGD)RWRVDXVGHP)LUPHQDUFKLYGHV8QWHU QHKPHQVEHLGHP'U,UURZYRUGHP.ULHJH]HLWZHLOLJDU EHLWHWHPLWGHQHQGLHLQ6WDXIHQDQJHIHUWLJWZXUGHQ 'U,UURZXQG'U.|QLJVLQGGHPQDFKHLQXQGGLHVHOEH 3HUVRQ 'DVZDUGHUHUVWH6WUHLFK6FKZHGOHUGHUGDV$ELWXULHQWHQ ELOGDXIJHWULHEHQKDWWHWDWDXFKGHQ]ZHLWHQ,QVHLQHU*UQG OLFKNHLWJDEHUVLFKQLFKWPLWGHP)RWR]XIULHGHQVRQGHUQ QRWLHUWHDXHUGHP1DPHQGHV$ELWXULHQWHQ,UURZDXFKGLH 1DPHQGHUDQGHUHQ8QWHULKQHQZDUDXIGHP)RWRQHEHQ $OH[DQGHU,UURZVWHKHQGDXFKHLQ:LOKHOP%XW]NR(LQ :LOKHOP%XW]NRDEHU'UUHUQDWLVWHLQHUGHUPDJHEOLFKHQ 'LUHNWRUHQGHUVHOEHQ:HJHQHU 0RVV$*LQGHUHQ)RU VFKXQJVDEWHLOXQJ'U.|QLJVHLWVHLQHU5FNNHKUDXVGHQ86$ DUEHLWHW,QGHQ9HUHLQLJWHQ6WDDWHQZLHGHUXPZDU'U.|QLJ

LQ5LFKPRQGEHLHLQHU)LUPDWlWLJGLHVFKRQLQGHU=HLWGHU :HLPDUHU5HSXEOLNLQHQJHU*HVFKlIWVYHUELQGXQJ]XU:HJH QHU$*GLHLP5DKPHQGHU:LUWVFKDIWVNRQ]HQWUDWLRQ ]XU:HJHQHU 0RVV$*H[SDQGLHUWHVWDQGXQGEHLGHU 'U%XW]NRYRQELVDPHULNDQLVFKHV0DQDJHPHQWDQ GHU4XHOOHVWXGLHUWH'LHVH(UNHQQWQLVVHPDFKWHQGLH/LQLH GHXWOLFK)UDJORVKDWWHVLFK,UURZLQ5LFKPRQGDXI%XW]NR EHUXIHQ0DQZDUGHPDOWHQ*HVFKlIWVIUHXQGJHIlOOLJJHZHVHQ XQGKDWWH,UURZJHKROIHQVLFKLQ'U.|QLJ]XYHUZDQGHOQ LQHLQHQEHOLHELJHQ'U.|QLJGHUQLHPDOVHWZDVPLWHLQHU )RUVFKXQJVWHOOHGHU66]XWXQKDWWH$OVHU]XUFN NHKUWHEHKLHOWHUGHQ1DPHQEHL(LQHUGHU*UQGHGDIU PRFKWHVHLQGDHUGDPLWXQOLHEVDPHQ)UDJHQVHLQHU 6WLHIWRFKWHUDXVGHP:HJHJLQJ=XPDQGHUHQOLHHUDOOHVZDV LKQP|JOLFKHUZHLVHEHODVWHQNRQQWHKLQWHUVLFKO|VWHVLFKDXV VHLQHQDOWHQ9HUELQGXQJHQXQGJLQJDOOHPDXVGHP:HJHZDV LKQLUJHQGZLHDQVHLQH9HUJDQJHQKHLWHULQQHUQN|QQWH1XQ OLHVLFKDXFKIHVWVWHOOHQGDGLH1DPHQVlQGHUXQJPLW8QWHU VWW]XQJGXUFK'U%XW]NREHUHLWVDPWOLFKOHJDOLVLHUW ZXUGH %RUQVFKOlJWGLHª7HQWDNHO©$NWH]X'LHVHU'U$OEUHFKW .|QLJZLGHUWLKQDQ'LHVH6RUWH0HQVFKKDWHUZLHGLH3HVW (KUORVLVWVLH]XIHLJHVLFK]XEHNHQQHQDXIQLFKWVEHGDFKW DOVGLHHLJHQH.DUULHUHHLQ9HUUlWHU1HLQGLHIHVWJHVWHOOWHQ 9HUKDOWHQVZHLVHQ.|QLJVVFKORVVHQGLH0|JOLFKNHLWDXVHLQ IDFKDQGHQ0DQQKHUDQ]XWUHWHQXQGGLH.RRUGLQDWHQGHU 9HUVHQNXQJYRUGHUQRUZHJLVFKHQ.VWHYRQLKP]XYHU ODQJHQ(UKlWWHYHUPXWOLFKYRQQLFKWVJHZXW,KQKDUWLQGLH 0DQJHOQHKPHQNRQQWHPDQDEHUDXFKQLFKWGHQQ.|QLJ JHK|UW]XGHQ6SLW]HQNRQVWUXNWHXUHQGHU:HJHQHU 0RVV $*LVWQDFKGHQ)HVWVWHOOXQJHQGHU5KHLQ0DLQ'HWHNWHL VRJDUDQVWUHQJJHKHLPHQ1$723URMHNWHQEHWHLOLJWXQGJH QLHWGHP]XIROJHGDV:RKOZROOHQGHV9HUWHLGLJXQJVPLQL VWHULXQLV'DVKlWWHHLQHQULHVLJHQ:LUEHOJHJHEHQXQGGHUODJ LQNHLQHU:HLVHLP,QWHUHVVHGHV.DPHUDGHQ)ULWVFK 'HU&KHIVWHKWZLHGHUDXI,QGHQ3DQ]HUVFKUDQNOHJWHUQXQ

GHQGLFNOHLELJHQ'RVVLHU1HLQHVJLEWNHLQHDQGHUH0|JOLFK NHLWDOVGLH1DFKWXQG1HEHODNWLRQGLHXQWHU+HU]RJV/HLWXQJ LQYROOHP*DQJHLVW'DUEHUGDVLHHLQ9DEDQTXHVSLHOLVW JLEWVLFK%RUQNHLQHU,OOXVLRQKLQ'LH&KDQFHQVWHKHQIQI]LJ ]XIQI]LJ:HQQPDQQLFKWZWHGD'U.|QLJLQVHLQHP 6DIHDOOHUKDQGDOWHV=HXJDXIEHZDKUW(ULQQHUXQJVVWFNHGLH HLQHJHZLVVH%HGHXWXQJIULKQKDEHQ6LFKHUOLFKZDUMHQH 8%RRW)DKUWHLQHLQVFKQHLGHQGHV(UHLJQLVLQVHLQHP /HEHQ 2KQHGDMHPDOVHLQ0LWDUEHLWHUGHU'HWHNWHLLP+DXVH$P :HLQEHUJZDUNHQQHQVLHHVZLHLKUH:HVWHQWDVFKH(VZDU HLQH.OHLQLJNHLWVLFKGLH%DXSOlQH]XEHVFKDIIHQMHGHU $UFKLWHNWIKOWVLFKJHVFKPHLFKHOWZHQQPDQLKPHLQHQ $XIWUDJLQ$XVVLFKWVWHOOWXQGGD]XVDJWVHLQ%DX$P:HLQ EHUJKDEHHLQHQEHVWRFKHQXQGPDQVWHOOHVLFKHWZDVbKQ OLFKHVYRU'LH1XW]XQJVVFKXW]JHEKUIUGDVhEHUODVVHQGHU 3OlQHEHWUXJ0DUN0LWHLQHP/lFKHOQDOVVHLGLHVH 6XPPHIULKQQLFKWVKDWWH%RUQVHLQ6FKHFNEXFKJH]FNW 'DVVHOEHZLHGHUKROWHVLFKQRFKHLQPDOEHLGHP,QQHQ DUFKLWHNWHQGHUGDV+DXVQDFK.|QLJV:QVFKHQHLQJHULFKWHW KDWWH9RQLKPEUDFKWHGHU&KHIHLQH0DSSHYROOHUJXWHU JURIRUPDWLJHU)DUEIRWRVPLWDXIJHQRPPHQDP7DJHGHU 6FKOVVHOEHUJDEH'LH.HQQWQLVDOOGLHVHU'RNXPHQWHHU ODXEWHVGHQ'HWHNWLYHQVLFKQRWIDOOVPLWJHVFKORVVHQHQ$XJHQ VLFKHU]ZLVFKHQ.HOOHUXQG%RGHQNDPPHUQ]XUHFKW]XILQGHQ 5HFKHUFKHQEHUGLH/HEHQVJHZRKQKHLWHQGHU%HZRKQHU GLHVHV+DXVHVUXQGHWHQGDV%LOGDE&KULVWLQHV)DKUWHQQDFK %DVHOVLQGVRZHQLJHLQ*HKHLPQLVZLHGLHIUHLHQ7DJHGHU +DXVKlOWHULQGLHGLHVHUHJHOPlLJEHLLKUHU6FKZHVWHULQ 1UQEHUJYHUEULQJW 5FNVFKDXHQGILQGHW%RUQNHLQH/FNHLQGHQ9RUEHUHL WXQJHQ'DV0HQVFKHQP|JOLFKHZXUGHJHWDQ8QGWURW]GHP (VEOHLEWHLQH0HQJH8QZlJEDUNHLWHQ &KULVWLQH.|QLJKHEWGLH6FKXOWHUQª$XIHLQPDO©HUZLGHUWVLH KLOIORVXQGLVWNOXJJHQXJGLHVH+LOIORVLJNHLWGHXWOLFKDXV

]XVSLHOHQª,FKKDEHQRFK]ZHLPDORGHU|IWHUJHVWDUWHW 1LFKWV© 'HUVHUL|VH0LWWILLQI]LJHUQLFNW(UWULWWDQGLHJH|IIQHWH 0RWRUKDXEHGHV)LDW&RXSHVXQGEHXJWVLFKEHUGLH0D VFKLQH2KQHGLH$XWRKDQGVFKXKHDE]XOHJHQUWWHOWHUDQGHQ VHFKV.HU]HQVWHFNHUQXQGSUIWGHQIHVWHQ6LW]GHU.DEHO,Q :DKUKHLWPKWVLFK+HU]RJQXUHLQH6SXUGHU$UEHLWGHV$OWHQ ]XHQWGHFNHQ9HUJHEHQV(LQ.|QQHUGHU0DQQ )UHXQGOLFKZHQGHWVLFK+HU]RJGHP0lGFKHQ]Xª:HQQ 6LHQRFKPDOVWDUWHQZUGHQ©ELWWHWHU 'HU6WDUWHUPDKOWXPVRQVW'HU+LOIVEHUHLWHOlWVLFKGHQ .HU]HQVFKOVVHOJHEHQGLH.HU]HQVLQGUHKEUDXQXQGWURN NHQJHUDGH]XLGHDO8QGDOOHVLQGLQWDNW$QGHUHOHNWULVFKHQ $QODJHZDUGHU$OWHDOVRQLFKW (LQZHLWHUHU6WDUWYHUVXFKPLJOFNWHEHQIDOOV ª7MDMXQJH)UDX©VDJW+HU]RJEHGDXHUQGXQGPDFKWHLQ NXPPHUYROOHV*HVLFKWª'DZHLLFKDXFKQLFKWZHLWHU$EHU LFKELQNHLQ$XWRVFKORVVHU© 6HNXQGHQODQJVFKZHLJHQVLH9RQGHQ7DQQHQDP:HJH WURSIWGLH1lVVH'HU1HEHOZDOOWQDFKZLHYRU)HXFKWLJNHLW VFKOlJWVLFKDXI&KULVWLQHV*HVLFKWQLHGHU6LHKDWGDV*HIKO GDHVLPPHUNlOWHUZLUG(VLVWJXWGDGHU)UHPGHEHLLKU VWHKWXQGQDFKHLQHU0|JOLFKNHLWVXFKWLKU]XKHOIHQ ª:LVVHQ6LHZDV©VDJWHUXQYHUPLWWHOWª,FKKlQJH6LHDQ XQGVFKOHSSH6LHQDFK+DPPHUVWHLQ'RUWJLEWHVHLQHJXWH :HUNVWDWWXQGZHQQ6LHGHQ%HVLW]HUIUVHLQHJHVW|UWH 1DFKWUXKHHQWVFKlGLJHQEULQJWHU,KQHQGLH0KOHJOHLFKLQ 2UGQXQJ© 'DEHLGUFNWHUVFKRQGLH0RWRUKDXEHLQGLH+DOWHUXQJ ª:DVKDOWHQ6LHGDYRQ"© 2ELKUGHQQHWZDVDQGHUHVEULJEOHLEHGHQNWVLHXQGGD GLHYRUJHVFKODJHQH/|VXQJGLHYHUQQIWLJVWHVHL6LHOlFKHOW GDQNEDU ª'DVZlUHVHKUOLHEHQVZUGLJYRQ,KQHQ© 6LHZLOOLKUHQ.RIIHUUDXP|IIQHQXPDQGDV6FKOHSSVHLO KHUDQ]XNRPPHQGRFK+HU]RJZLQNWDEª$EHUELWWHJQlGLJH

)UDX,FKKDEHGDZDKUVFKHLQOLFKPHKU(UIDKUXQJDOV6LH© &KULVWLQHIlOOWQLFKWDXIGDGDV6FKOHSSVHLOGHVDQGHUHQ QLFKWYHUSDFNWLVWVRQGHUQJULIIEHUHLWREHQDXIOLHJWXQGGD VLFKGLH7DVFKHQODPSHQLFKWYRUQLQGHU.DELQHVRQGHUQ HEHQIDOOVKLHUEHILQGHW$XFKHLQH'HFNHVWHKWVRIRUW]XU 9HUIJXQJ'HU)DKUHUGHV2SHO5HNRUGEUHLWHWVLHYRUGHP )LDWDXVXPVLFKEHLP+LQNQLHQQLFKWGLH+RVH]XEH VFKPXW]HQ(UILQGHWGHQ6FKOHSSKDNHQGHV&RXSHVPLW VROFKHU6LFKHUKHLWDOVVHLHUGDUDXIVSH]LDOLVLHUWHLQHQ)LDW GLHVHV7\SV]X]LHKHQ0LWWHQLQVHLQHPHPVLJHQ7XQKlOWHU LQQHEOLFNW]X&KULVWLQHDXIXQGOIWHWVHLQHQ+RPEXUJHU ª$FKYHU]HLKHQ6LH©EHPHUNWHULP7RQHHLQHV0HQVFKHQ GHUVLFKSO|W]OLFKHLQHU8QWHUODVVXQJVVQGHEHZXWZLUGª,FK KDEHPLFKQRFKQLFKWYRUJHVWHOOW0HLQ1DPHLVW%FK PDQQ© 'LHMXQJH)UDXKDWVFKRQZLHGHUVRYLHO2EHUZDVVHUGD VLHGHQPLWGHP+XWLQGHU+DQGNQLHQGHQ5LWWHUNRPLVFK ILQGHQNDQQ5RPHRXQG-XOLDDXIGHU:DQGHUEKQH$EHUVLH VHW]WLKUFKDUPDQWHVWHV/lFKHOQDXIXQGHUZLGHUWDOVZlUHGHV 0DQQHV3RVHJDQ]DOOWlJOLFKª.|QLJ© +HU]RJVHW]WGHQ+XWZLHGHUDXIHUKHEWVLFKOHJWGLH'HFNH ]XVDPPHQXQGLQGHQ.RIIHUUDXPXQGNORSIWVLFKGLH.QLH DE ª$PEHVWHQZLUGVHLQZHQQLFKGHQ:DJHQLQ+DPPHUVWHLQ LQGLH:HUNVWDWWEULQJH©ZLUIWHUKLQZlKUHQGHUVHLQH .RIIHUUDXPNODSSH]XIDOOHQOlWª,FKELQGRUWJXWEHNDQQW,FK YHUWUHWHKLHULP6GZHVWHQHLQH$JHQWXUPVVHQ6LHZLVVHQ 8QG6LHVHW]HLFKLP*UQHQ%DXP!DE'DKDEHQ6LHHVZDUP XQGJHPWOLFKXQGN|QQHQHWZDV]XVLFKQHKPHQ(LQKHLHU 7HHPLW=LWURQHWXW:XQGHUEHLVROFKHP:HWWHU© (LQ+DQGHOVYHUWUHWHUDOVR-DGDVSDW]XLKP'DVVHOEVW VLFKHUH$XIWUHWHQGLHEHWRQWVHUL|VH(UVFKHLQXQJ'DVEH OHXFKWHWH.HQQ]HLFKHQVHLQHV:DJHQVEHJLQQWPLWGHQ%XFK VWDEHQª)5©)5LVW)UHLEXUJLP%UHLVJDXJDUQLFKWZHLWZHJ YRQ6WDXIHQ'DVDOOHVIO|W9HUWUDXHQHLQ ª6HKUIUHXQGOLFK+HUU%FKPDQQ,FKIDKUHGLH6WUHFNHVR

RIWDEHUGDVLVWPLUQRFKQLH]XJHVWRHQ© 6LHVWHLJHQHLQ'HU2SHO5HNRUGVHW]WVLFKLQ%HZHJXQJXQG ]LHKWGHQ)LDWVDQIWDQ-HW]WHUVWNRPPWGLHRUDQJHIDUEHQH ª(QWH©XQGIlKUWODQJVDPYRUEHU)UHLQHQ$XJHQEOLFN EOHQGHQGLH6FKHLQZHUIHUGHVJHOEHQ5HNRUGDXI,KU/LFKW WULIIWYROOGDVVFKUlJH+HFNGHVNOHLQHQ&LWURHQHKHGLHVHU SO|W]OLFKDQ]LHKHQGLP1HEHOXQWHUWDXFKW +HU]RJ]QGHWVLFKHLQH=LJDUHWWHDQXQGKDWHLQNOHLQHV YHUNQLIIHQHV/lFKHOQ%LVMHW]WOlXIWDOOHVSURJUDPPJHPl 'LHGXUFKGHQ1HEHOEHGLQJWHQ=HLWYHUVFKLHEXQJHQVLQGJHULQJ XQGEOHLEHQLP5DKPHQGHUYRUJHJHEHQHQ5HVHUYHQ'LHHUVWH +UGHKDWGLH5KHLQ0DLQ'HWHNWHLJHQRPPHQ(LQH:HLOH KDEHQVLHJHIUFKWHW&KULVWLQH.|QLJZHUGHLKUHQ$XIHQWKDOW LQ%DVHODXVGHKQHQRGHUDXVQDKPVZHLVHGLH%XQGHVVWUDH EHQXW]HQGDVKlWWHGLH$NWLRQIUGLHVH1DFKWXQP|JOLFK JHPDFKW'RFKELVMHW]WOLHIDOOHVZLHDP6FKQUFKHQ8QGGLH .|QLJKDWNHLQHQ9HUGDFKWJHVFK|SIW,P*HJHQWHLO6LHLVW LKP]XWLHIVWGDQNEDU +DPPHUVWHLQ'DV2UWVHLQJDQJVVFKLOGUHIOHNWLHUWPGHGDV 6FKHLQZHUIHUOLFKW'HU2UWVFKOlIW'LH)HQVWHUGHU+lXVHU JlKQHQVFKZDU]:LHYHUVFKZRPPHQHZHLEODXH.UHLVH VWHKHQGLH6WUDKOHUGHU3HLWVFKHQPDVWHQKRFKEHUGHU6WUDH 0DQVLHKWLKUH9HUDQNHUXQJQLFKW:LHVHOWVDPHXWRSLVFKH )OXJN|USHUPXWHQVLHDQGLHLQ]ZHLODQJHQ5HLKHQJHVWRSSW KDEHQ 'HUª*UQH%DXP©VLHKWDXVZLHHLQHULHVLJH6FKZDU] ZlOGHU.XFNXFNVXKU$OV+HU]RJ]XPHUVWHQPDOYRUGHP 3RUWDOVWDQGGDFKWHHUEHUGHPPLW6FKQLW]HUHLHQUHLFK YHU]LHUWHQ)DFKZHUNZUGHMHGH6HNXQGHWDWVlFKOLFKGHU =HLWUXIHUHUVFKHLQHQ+LHUVLQGGLHVRQVWJHOEOLFKJHW|QWHQ %XW]HQVFKHLEHQKHOO:LHHLQH/RFNXQJLVWGDVIUGLHGLH WURW]DOOHU:HWWHUZDUQXQJHQORVJHIDKUHQXQGQXQVFKRQKDOE EHUHLWVLQGDXI]XJHEHQXQGLQEHKDJOLFKHU8PJHEXQJGHQ 0RUJHQDE]XZDUWHQ,Pª*UQHQ%DXP©JLEWHVDXFK)UHP GHQ]LPPHU(LQLJHGUIWHQEHOHJWVHLQ(LQSDDU:DJHQSDUNHQ GD

$XIGHQHUVWHQ%OLFNHQWGHFNW+HU]RJGLH8PULVVHGHV EXFNOLJHQ)RUG7DXQXVXQGHUIlKUWVRGDGDV)LDW&RXSH JHQDXGDQHEHQKlOW'LHRUDQJHIDUEHQHª(QWH©LVWQLUJHQGV]X VHKHQREZRKOVLH+HU]RJLQGHU1lKHZHL5RORIIKDWVLHVR DEJHVWHOOWGDVLHGHP0lGFKHQQLFKWQRFKHLQPDOXQWHUGLH $XJHQNRPPW 'HUVHUL|VH0LWWIQI]LJHUOlWHVVLFKQLFKWQHKPHQ)UlX OHLQ.|QLJLQGLH*DVWVWlWWH]XJHOHLWHQHKHHUVLFKXPGLH :HUNVWDWWNPPHUW)U&KULVWLQHYHUVWlUNWVLFKGHU(LQ GUXFNGD%FKPDQQLQGHU*HJHQG]X+DXVHLVW(UIKUW VLHLQHLQH1LVFKHEHVWHOOWLKU7HHXQGYHUVSULFKWQDFKGHP VLHLKPLKUH$XWRVFKOVVHODXVJHKlQGLJWKDWIUHLQHVFKQHOOH 5HSDUDWXU6RUJH]XWUDJHQ'DQQHUVWJHKWHU 'LHSO|W]OLFKH:lUPHLQGHU]ZDUQLHGULJHQMHGRFKJH UlXPLJHQ*DVWVWXEHPLWLKUHPUXVWLNDOHQ=XVFKQLWWXQGGHQ %DXHUQP|EHOQDXVQDWXUIDUEHQHP+RO]EHUIlOOW&KULVWLQH $XIHLQPDOPHUNWVLHZLHDEJHVSDQQWXQGPGHVLHLVW6LH OHKQWVLFKZRKOLJ]XUFNXQGLVWVHKUYHUVXFKWGLH$XJHQ]X VFKOLHHQ1XUZLHYRQZHLWKHUK|UWVLHGLH6WLPPHQHLQLJHU ZHQLJHU*lVWHGLHDQHLQHPUXQGHQ7LVFK]XVDPPHQVLW]HQ VFKZlEHOQXQGGHPHLQKHLPLVFKHQ:HLQZRKOVFKRQNUlIWLJ ]XJHVSURFKHQKDEHQ$XHULKUEHILQGHWVLFKQXUQRFKHLQ )UHPGHUKLHUHLQlOWHUHU0DQQQHEHQGHPHLQKEVFKHU &RFNHU6SDQLHOGHQ.RSIDXIGLH3IRWHQJHOHJWKDW3O|W]OLFK VSULQJWHUDXIXQGVFKWWHOWVLFKGDGLHODQJHQ2KUHQIOLHJHQ DOV+HUUFKHQQXQ]DKOWXQGVLFK]XU7UZHQGHW 'LH0lQQHUDPUXQGHQ7LVFKPDFKHQQRFKQLFKW6FKOX (LQQHXHU.UXJ:HLQZLUGYHUODQJWXQGYRQGHP6HUYLHUPlG FKHQLQGHUVFKPXFNHQ6FKZDU]ZDOGWUDFKWJHEUDFKW3O|W]OLFK KDW&KULVWLQHHLQHQ2SHUHWWHQVFKODJHULP2KUXQGZLUGLKQ QLFKWZLHGHUORVª$XVMHGHP/lGHOHVFKDXW V6FKZDU]ZDOG PlGHOH©6LHOHJWEHLGH+lQGHXPV7HHJODV'DVWXWJXW6LH VLHKW]XU8KUEHUGHU7KHNH5HFKQHW:HQQDOOHVNODSSW NDQQVLHJHJHQGUHL8KU]X+DXVHVHLQ8PHLQHQJURHQ 6FKDGHQZLUGHVVLFKMDQLFKWKDQGHOQ,KUEOHLEW]ZDUQXUHLQH NXU]H1DFKWDEHU%DVHOIRUGHUWHEHQDXFK2SIHU&RQQ\GDUI

VLHYRQGLHVHU*HVFKLFKWHQLFKWVVDJHQ'HU*HGDQNHDPVLHUW &KULVWLQH 6LHEOLFNWHUZDUWXQJVYROO]XU7UDOVGUDXHQHLQ:DJHQ YRUIlKUW+HUU%FKPDQQ:DKUVFKHLQOLFKKDWHUGHQ0HLVWHU PLWJHEUDFKWXQGMHW]WZHUGHQGLH0lQQHUGHQ)LDWZLHGHUDQ GHQ2SHOKlQJHQXQG]XU:HUNVWDWWKLQVFKOHSSHQ'RFKGLH 7UJHKWDXIXQGGHUKLOIVEHUHLWH+DQGHOVYHUWUHWHUNRPPW DOOHLQKHUHLQ $XIVHLQHP*HVLFKWVWHKW8QPXWDOVHUVDJWª'DVLVWPLU DXVJHVSURFKHQSHLQOLFK1XQKDEHLFKVROFKH5HNODPHIUGLH :HUNVWDWWJHPDFKW$XVJHUHFKQHWKHXWHLVWGHU0HLVWHUZHJ JHIDKUHQ(UVROOWHVFKRQ]XUFNVHLQDEHUGHU1HEHO8P VLHEHQZLUGGLH:HUNVWDWWDXIJHPDFKWGDLVWHUDXIDOOH)lOOH ZLHGHUGD'LH0HLVWHULQOlW,KU$XWRGDQQVRIRUWDEKROHQ ,FKKDEHGLH6FKOVVHOGRUWJHODVVHQ'DVZDUGRFKLQ,KUHP 6LQQ"© 'DVZDUHVQLFKWDEHUGHU0DQQKDWVLFKLKUHWZHJHQVRYLHO 0KHJHJHEHQGDVLHLKQQXQQLFKWNUlQNHQZLOOª,FKPX XPQHXQLP%URVHLQ©VDJWVLHª8QEHGLQJW,FKPDFKH,KQHQ HLQHQDQGHUHQ9RUVFKODJ6LHVFKOHSSHQPLFKQDFK6WDXIHQ XQGLFKHUVHW]H,KQHQDOOH8QNRVWHQ,FKZHLQDWUOLFKZLH DQVWUHQJHQGGDVIU6LHLVW© 'DPLWVDJWVLHGHXWOLFKGDVLFKGHU:HJQDFK6WDXIHQIU LKQORKQHQZUGH'RFKHUJHKWQLFKWGDUDXIHLQREZRKOLKQ GLH$XVVLFKWDXIHLQHVROFKH1HEHQHLQQDKPH]XORFNHQ VFKHLQW ª/HLGHU©HUZLGHUWHUª,FKZXUGHEHUHLWVYRUHLQHU6WXQGH LQ=HOOHUZDUWHW2ELFKZLOORGHUQLFKWLFKPXMHW]WIDKUHQ :HQQ6LHPLUHUODXEHQ,KQHQHLQHQ5DW]XJHEHQ1HKPHQ 6LHKLHUHLQ=LPPHUJQlGLJH)UDXXQGVFKODIHQ6LHHLQSDDU 6WXQGHQ6SlWHVWHQVXPKDOEDFKWLVW,KU:DJHQIDKUEHUHLW GDVVFKDIIHQ6LHQRFKJDQ]EHTXHPELVQDFK6WDXIHQ'DQQ LVWHVKHOOGHU1HEHOZLUGIDOOHQXQGGLH:HOWVLHKWYLHO IUHXQGOLFKHUDXV© :LHGHUJLOWHVIUGLH5KHLQ0DLQ'HWHNWHLHLQH.OLSSH]X XPVFKLIIHQ:DVZlUHZHQQGLHMXQJH)UDXGHQHUVWEHVWHQ

$EVFKOHSSGLHQVWNRPPHQOLHHRGHUVLFKHLQ)XQNWD[LEH VWHOOWH"'LH.RVWHQIUHLQHhEHUODQGIDKUWVSLHOHQGRFKEHL LKUNHLQH5ROOH 8QJHEHWHQDEHUJHQDXLPULFKWLJHQ$XJHQEOLFNNRPPWGHU :LUW+HU]RJ]X+LOIH'HUKDWHLQHQVLHEHQWHQ6LQQIUV *HVFKlIWXQGZHQQMHPDQGLP8PNUHLVYRQKXQGHUW0HWHUQ GDYRQVSULFKWHLQ=LPPHU]XQHKPHQGDVK|UWHU6FKRQVWHKW HUGDHLQIUHXQGOLFKHUEHOHLEWHU0DQQPLWHLQHUOHGHUQHQ .IHUVFKU]HXQGYHUEHXJWVLFKOlFKHOQG ª,QIQI0LQXWHQLVFKWHLQ=LPPHUOHKHUJHULFKW JQlGLJH )UDX©YHUVLFKHUWHUª6LHKDEH*OFNHLQDQGHUHU*DVFKW LVW]XUFNJHWUHWH© &KULVWLQHLVWXQVFKOVVLJ(LQHUVHLWVNlPSIWVLHPLWGHU ZDFKVHQGHQ0GLJNHLWDQGHUHUVHLWVP|FKWHVLHQXQHLQIDFK QDFK+DXVH,Q+DPPHUVWHLQZLUGGRFKHLQ7D[L]XEH NRPPHQVHLQ$EHUGDQQEOLHEHGDV&RXSHKLHUXQGVLHPWH PRUJHQQRFKHLQPDOKHUXPHVDE]XKROHQ'HUYRQ%FKPDQQ YRUJHVFKODJHQH:HJHUVFKHLQWDPUDWLRQHOOVWHQ +HU]RJVSUWGDLKPGHU6FKZHLDXIGLH6WLUQWULWW,Q GLHVHQ6HNXQGHQHQWVFKHLGHWVLFKDOOHV(VKlQJWDQHLQHP VHLGHQHQ)DGHQREHUGLH$NWLRQDEEODVHQPXRGHUVLH ZHLWHUIKUHQODVVHQNDQQ:HQQHUEORYRUKLQVFKRQ*H OHJHQKHLWJHIXQGHQKlWWHGDVVFKQHOOZLUNHQGH6FKODIPLWWHO LQ&KULVWLQHV7HH]XJHEHQGDVHUJULIIEHUHLWLQGHU :HVWHQWDVFKHKDW ª,FKQHKPHDQ6LHEHIUFKWHQGDPDQVLFK6RUJHQXP6LH PDFKW©VHW]WHUQHXDQª'RUWLVWGDV7HOHIRQ5XIHQ6LHGRFK DQXQGVDJHQ6LH%HVFKHLG© 0LWHLQHP$XIDWPHQNDQQHUIHVWVWHOOHQGDGLH$QUHJXQJ DXIIUXFKWEDUHQ%RGHQIlOOW&KULVWLQHVWHKWDXIXQGOlXIW]XU .DELQHKLQEHUGHUHQ+RO]YHUNOHLGXQJGHU$XVVWDWWXQJGHV *DVWUDXPHVHQWVSULFKW1XQHQGOLFKKDW+HU]RJ*HOHJHQKHLW GLH7DEOHWWHORV]XZHUGHQ /DQJH=HLWK|UW&KULVWLQHLP$SSDUDWQLFKWVDOVGDVDQ NRPPHQGH5XI]HLFKHQ'DQQHQGOLFKZLUGDPDQGHUHQ(QGH GHU/HLWXQJGHU+|UHUDEJHQRPPHQ'LHVFKODIWUXQNHQH 6WLPPHGHV6WLHIYDWHUV

6LHEHULFKWHWZDVLKUZLGHUIDKUHQLVW ª$EHUGDVLVWGRFK8QVLQQ.LQG©NOLQJWHV]XUFNª'X VDJVWGDV=LPPHUDEXQGLFKVWHLJHLQGHQ:DJHQXQGKROH GLFK© &KULVWLQHSURWHVWLHUW6LHOHKQWDXFKDEZHLOLKU9DWHU VFKOHFKWH$XJHQKDWXQGZHLOGLH)DKUWLP1HEHOIULKQHLQH XQJHKHXUH$QVWUHQJXQJZlUH8QGGDQQQRFKGLH5FNIDKUW PLWGHP)LDWLP6FKOHSS6HKUHQHUJLVFKHUNOlUWVLHVLHZLVVH JHQDXZDVVLHWXHXQGHUP|JHVLFKUXKLJZLHGHUVFKODIHQ OHJHQ(VVHLOLHEYRQLKPJHGDFKWDEHUXQQ|WLJ6RZlUHVLH PRUJHQ]HLWLJXQG]XGHPDXVJHUXKWZLHGHUGDKHLP 'LHVHQ7RQNHQQW'U.|QLJ(UVHXI]WHLQELFKHQª'X ZHLWGDLFKGLUNHLQH9RUVFKULIWHQPDFKH©OHQNWHUHLQ ª$OVRJXWEHUQDFKWHLQ+DPPHUVWHLQ,FKGDQNHGLUGDGX PLFKYHUVWlQGLJWKDVW6FKODIVFK|Q.OHLQHV© 6LHNHKUWDQGHQ7LVFK]XUFN0LWHLQHP=XJHOHHUWVLHGDV 7HHJODV1XQLVWDOOHVHUOHGLJWZDV]XHUOHGLJHQZDUMHW]WZLOO VLHLQV%HWW ª$OOHVLQ2UGQXQJ)UlXOHLQ.|QLJ"©HUNXQGLJWVLFK+HU]RJ WHLOQHKPHQG ª-D© 'HU9HUWUHWHUHUKHEWVLFKXQGJUHLIWQDFKVHLQHP+RP EXUJHUª'DQQNDQQLFKEHUXKLJWZHLWHUIDKUHQ,FKKDEHHV ZLUNOLFKHLOLJ©(UYHUEHXJWVLFKWLHIª,FKZQVFKHHLQHDQ JHQHKPH1DFKW© ª8QGQRFKHLQPDOYLHOHQ'DQN+HUU%FKPDQQ:DVELQ LFK,KQHQVFKXOGLJ"© (ULVWJDQ].DYDOLHUGHUDOWHQ6FKXOHª$EHULFKELWWH6LH JQlGLJH)UDX(VZDUPLUHLQ9HUJQJHQ©'DPLWVWHO]WHU VWHLIEHLQLJKLQDXV $XFK&KULVWLQHVWHKWDXI'DV)UHPGHQ]LPPHUEHILQGHWVLFK LPHUVWHQ6WRFNZHUN'HU:LUWJHKWYRUDXV'UDXHQIlKUWGHU 2SHODE :HLWIlKUWHUQLFKW(UKlOWQHEHQGHP&LWURHQ5RORIIV2KQH /LFKWSDUNHQVLHDEVHLWVGHU6WUDHLP1HEHO5RORIIVWHLJWDXV DOV+HU]RJVHLQHQ:DJHQYHUOlW*HPHLQVDPJHKHQVLHHLQHQ

VFKPDOHQ)XZHJ]ZLVFKHQ*lUWHQKLQDXI9RQKLHUDXV N|QQHQVLHGLH6HLWHQIURQWGHVª*UQHQ%DXPV©VHKHQXQG WURW]GHUZHLOLFKJUDXHQ1HEHOVFKZDGHQHUNHQQHQGDLQ HLQHPGHU)UHPGHQ]LPPHUGDV/LFKWHLQXQGEDOGGDUDXI DXVJHVFKDOWHWZLUG=XYRUZLUGGHUHLQH)HQVWHUIOJHOJH|II QHW ª3URJUDPPJHPl©EHPHUNW+HU]RJQHEHQLKPª'LH7D EOHWWHKDWVLHJHVFKOXFNW,Q]HKQ0LQXWHQNDQQVWGXUDXIXQG LKU6FKOVVHOEXQGKROHQ© 'HUDQGHUHQLFNWª*XWKRFK]XNRPPHQ,FKKDEHHVPLU DQJHVHKHQ© 6LHVWHKHQUDXFKHQXQGZDUWHQ(VLVWDOVKDOWHGLH1DFKW GHQ$WHPDQ.HLQ1DFKWYRJHONHLQ+XQGHJHEHOO'HU9HU NHKUVFKHLQWY|OOLJ]XP(UOLHJHQJHNRPPHQ]XVHLQ &KULVWLQH.|QLJVFKOlIWVFKQHOOHLQ,KUHOHW]WHQ*HGDQNHQ ZDUHQQRFKEHLGHP*HVSUlFKPLWGHP:LUWDXIGHU7UHSSH ª+HUU%FKPDQQLVWZRKO|IWHUKLHU"©KDWWHVLHJHIUDJWXP EHUKDXSWHWZDV]XVDJHQ'HU:LUWDQWZRUWHWHª'DVFKWXW PHUOHLGGHQ+HUUQKDQ LVFKKLHUQRFKQLHJHVHKH© 0HUNZUGLJGHQNWVLH$EHUVLHKDWQLFKWPHKUGLH.UDIW ]XEHUOHJHQZDUXP%FKPDQQGDVDQGHUVGDUJHVWHOOWKDW 'HQ.RSILQGLH%HXJHGHV$UPVJHOHJW6FKOXPPHUWVLHHLQ

ª$FKWXQJbTXDWRU]ZHL"© ªbTXDWRU]ZHLK|UW© ª,FKELQLQHLQHU0LQXWHDP%DOO(QGH© ª2ND\© 'HU0DQQGHQ+HU]RJPLWªbTXDWRU]ZHL©DQJHUXIHQKDW VWHKWQHEHQHLQHP7HOHIRQPDVWLQGHU6WUDH$P:HLQEHUJ LQ6WDXIHQ6LHLVWEHVRQGHUVVFK|QJHOHJHQGLHVH6WUDH$P :HLQEHUJLQGHUHVQXUHLQSDDUJURH*UXQGVWFNHJLEW EHEDXWPLWª1REHOKHLPHQ©ZLHPDQKLHU]XODQGHVDJW:HLW

KLQWHUGHQKRKHQ+HFNHQVWHKHQVWLOYROOHPRGHUQH9LOOHQMHGH JUXQGYHUVFKLHGHQYRQGHUEHQDFKEDUWHQ,QGLYLGXDOEDXWHQ HEHQJHSUlJWYRP*HVFKPDFNGHV%HVLW]HUVXQGGHP.|QQHQ VHLQHV$UFKLWHNWHQ(LQLJHGHU+lXVHUVLQGQLFKWVDOVSURW]LJ GRFKEHU*HVFKPDFNOlWVLFKEHNDQQWOLFKVWUHLWHQ'LH9LOOD 'U.|QLJVILQGHWbTXDWRU]ZHLVFK|Q,QVLFKDXVJHZRJHQ JHGLHJHQ'LHYRUJH]RJHQHEUHLWH)HQVWHUIURQWGHVHUVWHQ 6WRFNVJHIlOOWLKP (UKDWGLH6WHLJHLVHQEHUHLWVDQJHOHJW'HU0DVWDQGHPHU QXQHPSRUNOLPPWLVWGHUOHW]WHYRU1XPPHU=XJOHLFKHQGHW KLHUGLH)UHLOHLWXQJ'U.|QLJ]ZHLIHOORVEHVVHUEHVDWWHOWDOV GLHLPPHULQURWHQ=DKOHQVWHFNHQGH%XQGHVSRVWKDWGLH .DEHODXIVHLQHP*UXQGVWFNXQWHULUGLVFKYHUOHJHQODVVHQ (LQ5RKUPDQWHODP0DVWIKUWDEZlUWVLQGLH(UGH2EHQZR GLH/HLWXQJPLWHLQHU6FKOHLIHLQV5RKUHLQWULWWOHJWbTXDWRU ]ZHLPLWHLQHP0HVVHUGLH.DEHOVRZHLWIUHLGDHU]ZHL .OHPPHQGDUDQOHJHQNDQQ(UVHW]WGLH.RSIK|UHUDXI1XQ NDQQHUMHGHV*HVSUlFKPLWK|UHQGDVEHUGLH/HLWXQJ'U.| QLJVJHIKUWZLUG(UULFKWHWVLFKVREHTXHPZLHP|JOLFKHLQ 'HUEUHLWH6LFKHUKHLWVJXUWJLEWLKP+DOWHUKDWGLH+lQGHIUHL *LQJHXQWHULKPMHPDQGYRUEHLZUGHMHQHULKQQLFKWVHKHQ 'HU1HEHOGHFNWLKQ6RKDWGHUDXFKVHLQ*XWHV 1RFKLVWGLH/HLWXQJVWLOO(LQSDDU0LQXWHQEUDXFKW+HU]RJ VFKRQLQGHU'HWHNWHLQHQQHQVLHGHQ6WHOOYHUWUHWHU%RUQV GHQª9L]H©XPHLQH7HOHIRQ]HOOH]XHUUHLFKHQXQG.|QLJV 1XPPHU]XZlKOHQ$EHUMHW]W'DVMlKORVOlUPHQGH5XI ]HLFKHQNOLQJWLP.RSIK|UHUXQQDWUOLFKODXWbTXDWRU]ZHL ]lKOWPLW9LHUPDOIQIPDO *HQDXEHUGHP3RUWDOEHILQGHWVLFKGDV$UEHLWV]LPPHUGHV :LVVHQVFKDIWOHUV(VKDW]ZHLJURH)HQVWHUXQGELHWHWDP KHOOHQ7DJHEHVWLPPWHLQHKHUUOLFKH$XVVLFKWª6RHLQHUNDQQ VLFKHEHQDOOHVOHLVWHQ©VLQQLHUWbTXDWRU]ZHLPLPXWLJªXQG ZHLVLFKHUOLFKQLFKWHLQPDOZLHJXWHVLKPJHKW'LHVH%UGHU MDPPHUQGRFKLPPHU© ,P$UEHLWV]LPPHUIODPPWGDV/LFKWDXI(LQ)HQVWHUIOJHO VWHKWRIIHQGLH9RUKlQJHVLQG]XUFNJH]RJHQ'HU0DQQDP

0DVWVLHKW'U.|QLJ]XP7HOHIRQJHKHQ(ULVWQRFKGDEHL GHQ*UWHOGHV%DGHPDQWHOV]X]X]LHKHQGHQHUKDVWLJEHU JHVWUHLIWKDW6HLQIDVWVFKRQJDQ]ZHLHVDEHUQRFKYROOHV +DDULVWYRP6FKODI]HU]DXVW(UIlKUWIOFKWLJPLWGHU+DQG GDUEHUKLQ'LH%ULOOHKDWHUZRKODXIJHVHW]WDOVHUDXVGHP %HWWVWLHJ:DKUVFKHLQOLFKYHUPDJHURKQHVLHNHLQHQ6FKULWW ]XWXQ(UKHEWGHQ+|UHUDE ª.|QLJ©PHOGHWVLFKGHU:LVVHQVFKDIWOHUPGH bTXDWRU]ZHLK|UWGLH6WLPPHGHVª9L]H©VHKUZDFKVHKU NKOXQGEHWRQWVFKDUI ª+HUU'RNWRU+|UHQ6LHPLUELWWHJHQDX]X© .|QLJXQWHUEULFKWª0LWZHPVSUHFKHLFK"© ª'DVLVWJDQ]XQZLFKWLJ,FKVDJHDOOHVQXUHLQHLQ]LJHV0DO ,KUH7RFKWHU&KULVWLQHEHILQGHWVLFKLQPHLQHU*HZDOW© %HLQDKHN|USHUOLFKHPSILQGHWGHU0DQQDP0DVWZLH 'U.|QLJ]XVDPPHQ]XFNW0LWHLQHP6FKODJLVWGHU:LV VHQVFKDIWOHUJDQ]PXQWHU(UVWUDIIWVLFKXQGVFKLHEWPLWHLQHU IDKULJHQ%HZHJXQJGLH%ULOOHK|KHUDXIGLH1DVH(UZLOOHWZDV VDJHQGRFK+HU]RJOlWLKQQLFKW]X:RUWNRPPHQ ª6LHKDWYRUHLQHUJXWHQ6WXQGHLQPHLQHP$XIWUDJEHL,KQHQ DQJHUXIHQ$XV+DPPHUVWHLQ6LHVROOWHQLKUH6WLPPHQRFK HLQPDOK|UHQ© ª$EHU©VHW]WGHU:LVVHQVFKDIWOHUQHXDQ ª6FKZHLJHQ6LH+HUU'RNWRU6LHQHKPHQMHW]W,KU6FKHFN EXFKXQGDOOHV%DUJHOGGDV6LHLP+DXVHKDEHQGDPLWEH JHEHQ6LHVLFK]X,KUHP:DJHQ$XIGHP%HLIDKUHUVLW]OLHJW HLQ6SUHFKIXQNJHUlW'DPLWZLUGPDQ6LH]XHLQHP3ODW] GLULJLHUHQDQGHPZLUDOOHV:HLWHUHEHVSUHFKHQZHUGHQ,FK ZDUQH6LH.HLQH3ROL]HLNHLQHIDXOHQ7ULFNV2GHU6LHVHKHQ ,KUH7RFKWHUQLFKWOHEHQGZLHGHU+DEHQ6LHPLFKYHUVWDQ GHQ"© .|QLJVFKOXFNWª-DZRKO©HUZLGHUWHUVRWRQORVGDHV NDXP]XYHUVWHKHQLVW'DQQNQDFNWHVLQGHU/HLWXQJ'HU DQRQ\PH*HVSUlFKVSDUWQHUKDWDXIJHOHJW ª+DOOR©UXIW.|QLJQRFKHLQPDOª+DOORVRK|UHQ6LH GRFK©(UNORSIWDXIGLH*DEHOGRFKGDQDFKLVWQXUGDV)UHL ]HLFKHQGD

bTXDWRU]ZHLVHW]WGLH.QHLI]DQJHDQXQGGXUFKWUHQQWGLH /HLWXQJ.HLQHQ$XJHQEOLFN]XVSlWGHQQ'U.|QLJYHUVXFKW SO|W]OLFKKDVWLJ]XZlKOHQ$OVHUPHUNWGDVHLQ$SSDUDWWRW LVWVWHKWHUHLQHQ$XJHQEOLFNODQJPLWGHP+|UHULQGHU+DQG KLOIORVXQGZLHYHUORUHQLQGHPZHLWUlXPLJHQ=LPPHU*DQ] ODQJVDPOHJWHUGHQ+|UHUDXIGLH*DEHO-HW]WHUVWVFKHLQWHU VLFKGHU7UDJZHLWHGHUHUIROJWHQ'URKXQJEHZXW]XZHUGHQ (USUHVVHULVFKH(QWIKUXQJLVWHLQKlXILJHV'HOLNWLQGLHVHQ -DKUHQXQGVLFKHUOLFKGHQNWGHU:LVVHQVFKDIWOHUDQGLH VFKUHFNOLFKHQ)RWRVLQGHQ=HLWXQJHQXQGDQGLH%HULFKWHYRP YHUJHEOLFKHQ%HPKHQGHU3ROL]HLGLH(QWIKUWHQUHFKW]HLWLJ ]XEHIUHLHQ'DJLEWHUDXIGDLVWHUEHUHLWDOOHV]XWXQZDV YRQLKPYHUODQJWZLUG:HQQVHLQHLJHQHV.RQWRQLFKWDXV UHLFKWZLUGHUVLFKDQ:LOKHOP%XW]NRZHQGHQ bTXDWRU]ZHLVWHLJWYRP0DVWQLPPWGLH(LVHQDEGLHJURH bKQOLFKNHLWPLWGHQ=DQJHQGHV+LUVFKNlIHUVKDEHQXQGOlXIW ]XVHLQHP:DJHQGHUDP(LQJDQJGHU6WUDH$P:HLQEHUJ SDUNW$P:HLQEHUJLVWHLQH6DFNJDVVHZLHGLHPHLVWHQGLHVHU 9LOOHQVWUDHQPDQZLOOYHUPHLGHQGDGHUIOLHHQGH9HUNHKU GLHEHVFKDXOLFKH5XKHVW|UWXQGDXFKJHJHQ*DIIHUKDWPDQ HLQHJHZLVVH$EQHLJXQJ5KHLQ0DLQ'HWHNWLYªbTXDWRU ]ZHL©GHULP]LYLOHQ/HEHQ.HQQVFKHKHLWVLW]WNDXPLQ VHLQHP9RONVZDJHQDOVHUDXVGHP:DON\7DON\*HUlXVFKH K|UWGLHYRQGHP*HUlWDXV'U.|QLJV)DKU]HXJNRPPHQ GDVDXIGHPVHOEHQ.DQDODUEHLWHW(LQH7UNODSSWHLQ$Q ODVVHUVXPPWHLQ0RWRUVSULQJWDQ6HLQOHLVHV5DXVFKHQ VFKZLOOWDQXQGGDQQVLHKW.HQQVFKHEHUHLWVGHQODQJ JHVWUHFNWHQZHLHQ0HUFHGHVGLH6DFNJDVVHKHUXQWHUNRP PHQ(UQLPPWVHLQ*HUlWDXI ª,KU$SSDUDWLVWDXI(PSIDQJJHVFKDOWHW©VDJW.HQQVFKH ª0DFKHQ6LHQLFKWVGDUDQ%LHJHQ6LHQDFKOLQNVDEXQGIDKUHQ 6LHDQGHUHUVWHQ4XHUVWUDHQDFKUHFKWV© .|QLJJHKRUFKW2EZRKOHUGDV6SUHFKIXQNJHUlWQXUNXU] EHWUDFKWHQNRQQWHKDWHUHUNDQQWGDHVVRZRKOHPSIlQJWDOV DXFKVHQGHW'HUDQGHUHK|UWMHGHV*HUlXVFKGDVHUYHU XUVDFKW(VLVWHLQ*HUlWYRQJHULQJHU/HLVWXQJHVUHLFKWHLQ

SDDUKXQGHUW0HWHUZHLWPHKUQLFKW(LQH6HNXQGHODQJKDW GHU:LVVHQVFKDIWOHUGLHYHU]ZHLIHOWH,GHHVHLQHUVHLWV]X VSUHFKHQXQGGLH:RUWHVR]XZlKOHQGDHLQ'ULWWHUVRIRUW %HVFKHLGZHL'LH)XQNEHUZDFKXQJN|QQWHJHUDGHDXIGHU ULFKWLJHQ:HOOHVHLQRGHUHLQ)XQNDPDWHXUHLQHQ6WUHLI]XJ GXUFKGHQbWKHUXQWHUQHKPHQ$EHUGDV*HUlWLVWVFKZDFK PLW%HGDFKWDXVJHZlKOWXQGGDV5LVLNRIULKQ]XKRFK.|QLJ EHVFKOLHWGHQDQGHUHQQLFKWPHUNHQ]XODVVHQGDHUZHL GDPDQEHUGDV*HUlWVSUHFKHQNDQQ 'DLVWGLH.UHX]XQJ'U.|QLJELHJWUHFKWVDEXQGZHLOHU KLHUJHQDX%HVFKHLGZHLXQGDXHUGHPDXIGHU+DXSWVWUDH LVWEHVFKOHXQLJWHUJHZRKQKHLWVPlLJ+LHULQ6WDXIHQPDFKW LKPGHUGLFKWH1HEHOQLFKWVDXV 6FKRQPHOGHWVLFKZLHGHUGLHIUHPGH6WLPPHª6LHIDKUHQ ]XVFKQHOO© .|QLJQLPPWGHQ)XYRQGHP3HGDO]XUFN(UVFKDXWLQ GHQ5FNVSLHJHOGHU.HUOPXDXI6LFKWZHLWHKLQWHULKPVHLQ (UVLHKWQXUYHUVFKZRPPHQHLQ6FKHLQZHUIHUSDDUXQG1H EHOODPSHQ'HU:DJHQW\SLVWQLFKW]XHUNHQQHQGLH(QWIHU QXQJEHLGHUVFKOHFKWHQ6LFKWVFKZHU]XVFKlW]HQ 'HU)UHPGHGLULJLHUWLKQDXVGHU6WDGWKLQDXVZHQQ.|QLJ QLFKWDOOHVWlXVFKWLQ5LFKWXQJGHU%XUJUXLQHGLHVLFKDXI HLQHP%HUJEHU6WDXIHQHUKHEW-DGHQQQXQVDJWGLH6WLPPH DXVGHP*HUlWª6FKDOWHQ6LHMHW]WDXIGHQ]ZHLWHQ*DQJ ]XUFN5HFKWVNRPPWHLQH)RUVWVWUDH,QGLHELHJHQ6LH HLQ© 'LHVHU:DOGZHJIKUWDXIGLH5XLQH]X'HUZHLFKJHIHGHUWH JURH:DJHQVFKZDQNWXQGVFKDXNHOWZLHHLQ%RRWEHL 6HHJDQJ,PPHUKLQVLQGGLH)DKUVSXUHQQLFKWVRWLHIGDGLH ZHLH/LPRXVLQHDXIVHW]HQN|QQWH 0HKUXQGPHKUJHZLQQWEHL.|QLJGHU*HGDQNH5DXPGD GLHVHV.LGQDSSLQJVRUJVDPXQGJHQDXYRUEHUHLWHWZRUGHQLVW $OOHLQGLH2UWVNHQQWQLV'DV6SUHFKIXQNJHUlWODJLQGHU YHUVFKORVVHQHQ*DUDJHLP:DJHQPDQPXWHUHFKW]HLWLJ 1DFKVFKOVVHOEHVRUJWXQGLKUH*HZRKQKHLWHQEHREDFKWHW KDEHQ$XFKNHLQ=XIDOOGDDOOHVVWDWWILQGHWZlKUHQGGLH

+DXVKlOWHULQLQ1UQEHUJZHLOW'LHXQWHUEURFKHQH7HOH IRQOHLWXQJ(UKDWNHLQHDQGHUH:DKODOV]XJHKRUFKHQ .|QLJZLVFKWVLFKPLWGHP+DQGUFNHQEHUGLH6WLUQ6LH LVWQDYRP6FKZHL6HLQH%ULOOHEHVFKOlJW(UKlOWDQXP VLHDE]XZLVFKHQ8QGVFKRQGLH6WLPPHª9RQ6WHKHQEOHLEHQ ZDUQLFKWGLH5HGH©-HGHVHLQHU%HZHJXQJHQKDEHQVLHXQWHU .RQWUROOH 'HU:LVVHQVFKDIWOHUEHLWGLH=lKQH]XVDPPHQXQGIlKUW ZHLWHUZHLWHUEHUJDXI'DV6FKHLQZHUIHUOLFKWWULIIWMHW]WDXI JUDXHV0DXHUZHUN'LH5XLQH/RVH6WHLQHYRQGHQ5HLIHQ HUIDWXQGKRFKJHVFKOHXGHUWVFKODJHQPLW|QHQGJHJHQGLH .DURVVH.|QLJ]XFNW]XVDPPHQ9RUVLFKWLJVWHXHUWHU]ZL VFKHQGHQDOWHQ7RUSIHLOHUQKLQGXUFK(U]|JHUW'HUHQJH+RI :RKLQQXQ" 'DNRPPWEHUHLWVGDV.RPPDQGRª6LHKDOWHQUHFKWVDQGHU 0DXHU0RWRUXQG6FKHLQZHUIHUDXV6LHJHKHQQDFKOLQNVLQ GLH5HVWHGHUDOWHQ6WDOOXQJHQ'DV*HUlWEOHLEWLP:DJHQ© 'DV6FKHLQZHUIHUOLFKWHUOLVFKWGDV0RWRUHQJHUlXVFKVWLUEW .|QLJGUHKWGLH6HLWHQVFKHLEHHLQZHQLJKHUXQWHUHKHHU DXVVWHLJW(UPXGRFKK|UHQZHQQLKQGDV*HUlWUXIW(LQHQ $XJHQEOLFNODQJKDWHUJHKRIIWGHU9HUIROJHUZDJHQZHUGH QDFKLKPLQGHQ+RIHLQIDKUHQXQGHUZHUGHGHQ0DQQQXQ HQGOLFK]X*HVLFKWEHNRPPHQ1LFKWV.HLQ/LFKWNHLQ *HUlXVFKNHLQH6FKULWWH$XFKGDVVSULFKWZLHGHUIUGLHJXWH 9RUEHUHLWXQJ'HU.HUOZHLQDWUOLFKZRKLQHUVLFKVWHOOHQ PXXPLKQXQJHVHKHQEHREDFKWHQ]XN|QQHQ :lKUHQGHUEHUGLHYRP=DKQGHU=HLWEHQDJWHQXQHEHQHQ 6WHLQSODWWHQGHV+RIHV]XGHQHKHPDOLJHQ6WDOOXQJHQJHKWXQG LP/DXIHQGHQ.OHSSHUPDQWHOEHU]LHKWHUZDUWHWHULP 'XQNHOQDQJHVSURFKHQ]XZHUGHQ:LHGHUGHQNW'U.|QLJDQ GLH=HLWXQJVEHULFKWH'HU0DQQZLUGHLQH3XGHOPW]HWUDJHQ GLHHUELV]XP.LQQKHUDEJH]RJHQKDWXQGLQGLH6FKOLW]HIU $XJHQXQG0XQGJHVFKQLWWHQZRUGHQVLQGRGHUHLQH6WUXPSI PDVNHXQGHUZLUGZLVVHQGDLKPGHU:LVVHQVFKDIWOHUZLH HUKLHUVWHKWKLOIORVDXVJHOLHIHUWLVW'HUZHLKDDULJH.RQ VWUXNWHXUZLUGDXIDOOHVHLQJHKHQZLUGGDV%DUJHOGEHUJHEHQ

HLQHQ6FKHFNDXVVFKUHLEHQXQGJHGXOGLJKLHUREHQZDUWHQELV GLH.HUOHGHQHLQJHO|VWKDEHQXQGLKQIUHLJHEHQ$EHU&KUL VWLQHGUIHQVLHQLFKWVWXQ .HQQVFKHKDWLQGHQ5HVWHQGHVDOWHQ%HUJIULHGVGHV %XUJWXUPV3RVWHQEH]RJHQ9RQREHQKHUDENDQQHUGHQ+RI JXWEHUEOLFNHQ$XIGHP%HUJLVWNHLQ1HEHO'HU+LPPHO Z|OEWVLFKVWHUQHQEHVlWXQGHVVLHKWDXVDOVUXKWHQ%HUJXQG %XUJDXIGHQZDOOHQGHQ1HEHOPDVVHQGLHGLH6WDGW6WDXIHQ ZHLWHUXQWHQY|OOLJYHUGHFNHQ.HQQVFKHHUNHQQWLPEOlXOL FKHQ1DFKWOLFKWMHGH(LQ]HOKHLWLP+RI(UGUFNWGLH7DVWH GHV]ZHLWHQ6SUHFKIXQNJHUlWVGDVLKQPLWVHLQHQ/HXWHQ YHUELQGHWEULQJWGHQ0XQGGLFKWDQV0LNURIRQXQGPHOGHW OHLVHªbTXDWRU]ZHL=LHOHUUHLFKW$OOHVRND\©

6FKZHGOHULQVHLQHPZHLHQ0DQWHOIDVWPLWGHP1HEHO YHUVFKPHO]HQGXQGVHOEVWDXINXU]H(QWIHUQXQJNDXPZDKU ]XQHKPHQVFKWWHOWPLELOOLJHQGGHQ.RSI'DGHUª9L]H© VHLQHQTXLWWHJHOEHQ2SHO5HNRUGXQPLWWHOEDUYRUGHU7RU HLQIDKUWGHU9LOOD$P:HLQEHUJJHSDUNWKDWJHKWLKP]X ZHLW0DQNDQQHVDXFKEHUWUHLEHQ'RFKHUVDJWQLFKWVGD]X (UEHVFKUlQNWVLFKDXIGLH0HOGXQJGDLQGHU8PJHEXQJGHV +DXVHVDOOHVYROONRPPHQUXKLJVHL +HU]RJQLFNWXQGVWUHLIWIDUEORVH3ODVWLNKDQGVFKXKHEHU ZLHVLHbU]WHEHL2SHUDWLRQHQWUDJHQ6FKZHGOHUKDWGHU JOHLFKHQVFKRQDQ(UJHKWZRUWORVPLWDOV%RUQV6WHOOYHUWUHWHU VLFK]XU+DXVWUZHQGHW'HUª9L]H©KlOWHLQH6FKOVVHOWDVFKH LQGHU+DQGGLHIUHLQHQ0DQQ]XYHUVSLHOWZLUNWURWHV 6DIILDQOHGHUPLWJROGJHSUlJOHQ2UQDPHQWHQXQGGHQ,QLWLDOHQ ª&.©&KULVWLQH.|QLJ :DVLP+DXV]XJHVFKHKHQKDWLVWJHQDXIHVWJHOHJW0DQ ZLUGHVQLFKWV\VWHPDWLVFKGXUFKVXFKHQVRQGHUQQDFK 6FKZHUSXQNWHQYRUJHKHQ1XPPHUHLQVLVWGDEHLGDV$UEHLWV ]LPPHU (LQH:RKQGLHOHWXWVLFKDXI.DPLQULHVLJH6HVVHO7HS SLFKHNUHX]XQGTXHUXQG]XP7HLOEHUHLQDQGHUIDUEOLFKJXW DXIHLQDQGHUDEJHVWLPPW(LQHIUHLWUDJHQGHEUHLWH7UHSSHIKUW

KLQDXILQGHQHUVWHQ6WRFN+HOOHV(LFKHQKRO]VFKPLHGHHLVHU QHV*HOlQGHUZHLJHVWULFKHQ(LQGLFNHU/lXIHUPDFKWGLH 6FKULWWHXQK|UEDU'HU6WUDKOHLQHU7DVFKHQODPSHWDVWHWGHQ 0lQQHUQYRUDXV+HU]RJJHKWYRUDQVRVLFKHUXQGVHOEVW YHUVWlQGOLFKDOVKDEHHUGLHVHQ:HJVFKRQKXQGHUWPDOJH QRPPHQ6FKZHGOHUIROJWLKPLQNXU]HP$EVWDQG 2EHQHLQH(PSRUHYRQGHU7UHQDE]ZHLJHQ+HU]RJOlXIW ]LHOVWUHELJLQV$UEHLWV]LPPHULQGHPHUXQYHUIURUHQGLH 'HFNHQEHOHXFKWXQJHLQVFKDOWHW:HQQLQGHU9LOOD/LFKW EUHQQWLVWGDVGLHQRUPDOVWH6DFKHGHU:HOWGHUKXVFKHQGH .HJHOHLQHU7DVFKHQODPSHGDJHJHQZLUNWLPPHUYHUGlFKWLJ 6FKZHGOHUEOLFNW]XU9RUVLFKWLQGLH1DFKEDUUlXPH(LQH %LEOLRWKHN2IIHQEDUKDWGHU,QQHQDUFKLWHNWGHQ.XQVWWLVFKOHU HLQHGHUVWLPPXQJVYROOHQDOWHQ6FKORELEOLRWKHNHQ]XP 9RUELOGQHKPHQODVVHQHVLVWHLQVHOWVDPHU*HGDQNHGD .|QLJ9HUWUHWHUHLQHUGHUPRGHUQVWHQ)DFKULFKWXQJHQLVW 'LHVH%LEOLRWKHNVWHPSHOWLKQ]XHLQHP6FK|QJHLVW(LQ 0XVLN]LPPHUPLWVFK|QHP6WXW]IOJHO'U.|QLJV6FKODI ]LPPHUPLWHLJHQHPEODXJHNDFKHOWHP%DG'HP3ODQ]XIROJH EHILQGHQVLFK&KULVWLQHV5lXPHXQGGLHGHU+DXVKlOWHULQLP 'DFKJHVFKRZlKUHQG]XHEHQHU(UGHXPGLH'LHOHKHUXP GLH.FKHHLQ(]LPPHUHLQ:LUWVFKDIWVUDXPXQGGDV 7HUUDVVHQ]LPPHUDQJHRUGQHWVLQG(LQ'XUFKJDQJIKUWLQGLH *DUDJH(LQH7UDXPYLOODGHQNW6FKZHGOHU:LHYLHOHN|QQHQ VLFKVRHWZDVVFKRQOHLVWHQ"'DQQJHKWHU]X+HU]RJ *HPHVVHQDQGHU%LEOLRWKHNZLUNWGDV$UEHLWV]LPPHUNKO (LQULHVLJHU6FKUHLEWLVFKEHKHUUVFKWHVGHUVFKUlJXQWHUGHQ )HQVWHUQVWHKW'DVLQGLHKHOOH+RO]WlIHOXQJGHU:DQGHLQ JHEDXWHRIIHQH%FKHUUHJDOLVWSUDOOJHIOOWPLW)DFKOLWHUDWXU WHFKQLVFKHQ1DFKVFKODJHZHUNHQXQG)DFK]HLWXQJHQYRU QHKPOLFKLQHQJOLVFKHU6SUDFKH$EHUDXFK%OlWWHULQUXV VLVFKHU6SUDFKHVLQGGDXQYHUNHQQEDUGXUFKGLHN\ULOOLVFKHQ %XFKVWDEHQ$QJHKHIWHWDQVLHVLQGhEHUVHW]XQJHQZLFKWLJHU 7H[WH'LHVLVWNHLQ5HQRPPLHU]LPPHUVRQGHUQHLQ5DXP ]XP$UEHLWHQ 6FKZHGOHUZHQGHWVLFKGHP6FKUHLEWLVFK]X

+HU]RJVWHKWPLWWHQLP5DXP0LWGHP=HLJHILQJHUVFKLHEW HUVHLQHQ+RPEXUJHUVRZHLWDXVGHU6WLUQGDHU]LHPOLFK YHUZHJHQDXIGHP+LQWHUNRSIVLW]W'LH%OLFNHGHVª9L]H© UXKHQDXIGHP*HPlOGHGDVDQGHU:DQGJHJHQEHUGHP %FKHUUHJDOKlQJW(V]HLJWHLQHQ0DQQGHULP.RVWPGHV YRULJHQ-DKUKXQGHUWVXQWHU%lXPHQODJHUWXQGVLFKPLWLUJHQG ZHOFKHQ3DSLHUHQEHVFKlIWLJW(LQ0HVVLQJVFKLOGFKHQDP 5DKPHQQHQQW0DOHUXQG7LWHOGHV2ULJLQDOVGDVKLHUNRSLHUW ZXUGHª-DQXDULXV=LFN-HDQ-DFTXHV5RXVVHDXO|VWGLH3UHLV DXIJDEHGHU8QLYHUVLWlW]X'LMRQFRS)ULHGHULNH*HOGHU PDQ©+HU]RJWULWWGDUDXI]XIDWDQGHQ5DKPHQXQGNODSSW GDV*HPlOGHEHLVHLWHZLHPDQHLQ%XFKDXIVFKOlJW'LH6WDKO WUHLQHVLQGLH:DQGHLQJHODVVHQHQ6DIHVZLUGVLFKWEDU 6HNXQGHQODQJ]|JHUWGHUª9L]H©+LHULVWHLQQHXHU8Q VLFKHUKHLWVIDNWRU6HLQH'HWHNWHLZHLYRQGHP,QQHQ DUFKLWHNWHQZHOFKH6SH]LDOILUPDGHQ6DIHHLQJHEDXWKDWXQG QDWUOLFKVFKLFNWHVLHHLQHQ6WURKPDQQDXVVLFKXQYHUELQGOLFK HLQ$QJHERWPDFKHQXQGVLFKEHUDWHQ]XODVVHQ'DEHLNDP DXFKGLHVHU6DIH7\S]XU6SUDFKHHLQVFKOLHOLFKGHU0|JOLFK NHLWLKQJHJHQXQEHIXJWHQ=XJULII]XVLFKHUQ=XGLHVHP =ZHFNN|QQHPDQVLFKKLHHVLPZHVHQWOLFKHQ]ZHLHU $ODUPV\VWHPHEHGLHQHQ'DVHLQHO|VH:DUQVLJQDOHLP*H ElXGHVHOEVWDXVGDVDQGHUHVROFKHDXIGHP)XQNZHJHDQ HLQHPEHOLHELJHQIUHPGHQ2UWEHL:DFKXQG6FKOLHJHVHOO VFKDIWHQHWZDRGHUEHLGHU3ROL]HL(LQH8QWHUEUHFKXQJGHV 6WURPNUHLVHVLP+DXVHVHLGDEHLY|OOLJXQHUKHEOLFKGDGLH $QODJHVHOEVWYHUVWlQGOLFKYRQDXWRPDWLVFKDXIODGEDUHQ 1&%DWWHULHQJHVSHLVWZHUGH'LHHLJHQH$UEHLWPLWGHP6DIH EHKLQGHUHGLH$QODJHQLFKWXQGHVEHVWHKHDXFKQLFKWGLH 1RWZHQGLJNHLWVLHHLQXQGDXV]XVFKDOWHQZDVPDQMDYHU JHVVHQN|QQH6LHWUHWHQXULQ$NWLRQZHQQVWDWWGHVSDV VHQGHQNRPSOL]LHUWHQ6LFKHUKHLWVVFKOVVHOVHLQ)UHPGN|USHU LQV6FKORHLQJHIKUWRGHUZHQQHLQHJHZDOWVDPHgIIQXQJ ]XP%HLVSLHOPLWWHOV6FKQHLGEUHQQHUYHUVXFKWZHUGH )UZHOFKHV6\VWHPVLFK.|QLJHQWVFKLHGHQKDWZDUQD WXUJHPlQLFKW]XHUIUDJHQ+HU]RJYHUPXWHWMHGRFKGDHLQH

.RSSHOXQJPLWGHU:HJHQHU 0RVV$*YRUKDQGHQLVW'HU .RQVWUXNWHXUVWHOOWHLQHQLKUHUH[SRQLHUWHVWHQ/HXWHGDU ]ZHLIHOORVDUEHLWHWHUDXFK]X+DXVHDQ)LUPHQSURMHNWHQ ZHOFKHU:LVVHQVFKDIWOHUO|VWVLFKJlQ]OLFKYRQVHLQHU$UEHLW ZHQQGLH%URWUKLQWHULKPLQV6FKORIlOOW"XQGGDVNDQQ GHU:HJHQHU 0RVV$*MDQXUOLHEVHLQ'HU5VWXQJV NRQ]HUQKDWHLQHQKHUYRUUDJHQGRUJDQLVLHUWHQHLJHQHQ6LFKHU KHLWVGLHQVW:HQQHU+HU]RJMHW]WKLHUHWZDVIDOVFKPDFKW EOLQNHQGRUWGLH:DUQODPSHQ(VJHK|UWQLFKWYLHO3KDQWDVLH GD]XVLFKYRU]XVWHOOHQZDVGDQQSDVVLHUW (UKDW&KULVWLQHV6DIHVFKOVVHOLQGHU+DQG+HU]NORSIHQ KDWHUDXFK+HU]RJ]ZLQJWVLFK]XU5XKHXQGIKUWGHQ 6FKOVVHOHQWVFKORVVHQHLQ7URW]GHVUXQGXPYLHOIDFKJH ]DFNWHQ%DUWHVOlWHUVLFKOHLFKWGUHKHQ:LHYRQVHOEVW|IIQHW VLFKGLH7U 6FKZHGOHUEHREDFKWHWJHVSDQQW+HU]RJV9RUJHKHQ8Q ZLOONUOLFKKlOWDXFKHUGHQ$WHPDQ.HLQH6LUHQHKHXOWDXI $OOHVEOHLEWVWLOO +HU]RJWULWWHLQHQ6FKULWW]XUFNXQGJUHLIWQDFKGHU6RIRUW ELOGNDPHUDGLHHUDXVGHP:DJHQPLWJHEUDFKWKDW(LQ .QRSIGUXFNOlW2EMHNWLYWUlJHUXQG%DOJYRUVFKQHOOHQ'HU ª9L]H©PDFKWHLQHhEHUVLFKWVDXIQDKPHYRP,QQHUHQGHV 6DIHV]LHKWDQHLQHU/DVFKHGLHDXVGHU)LOPSDFNNDVVHWWH KHUDXVUDJWUHLW]HKQ6HNXQGHQVSlWHUGDVNOHEULJH'HFNEODWW YRPIHUWLJHQ6FKZDU]ZHLELOGGDVHUXQWHUKDOEGHV6DIHVDQ GHVVHQ%RUGVWHOOW$Q+DQGGHU$XIQDKPHZHUGHQVLHGHQ 6DIHQDFKKHUZLHGHUVRHLQUlXPHQGDHUXQEHUKUWZLUNW 2IIHQEDUPDFKW+HU]RJGHUJOHLFKHQQLFKW]XPHUVWHQPDOLQ VHLQHP/HEHQ6FKQHOOXQGURXWLQLHUWVLFKWHWHUGHQ,QKDOW :DVHUEHWUDFKWHWKDWOHJWHUDXIGHP%RUGDE'DVZLFKWLJVWH LP6DIHLVWIU.|QLJVLFKHUOLFKGLHGLFNH0DSSHPLWGHU $XIVFKULIWª6RQGH(OR3$©+HU]RJOHJWVLHVRIRUW ZLHGHUZHJQDFKGHPHUVLHGXUFKJHEOlWWHUWKDW$QGHUH 2UGQHU1RWL]HQXQG%HUHFKQXQJHQDXVMQJVWHU=HLW 2ULJLQDO]HLFKQXQJHQXQG%ODXSDXVHQYRUDOOHPDEHU6NL]]HQ XPGLHVLFKPDWKHPDWLVFKH)RUPHOQGLFKWDQGLFKWUHLKHQ

*HOGEHILQGHWVLFKJDUQLFKWKLHU1DGDVKDWHUMDZRKOPLW JHQRPPHQDXIGLH5XLQH (LQHMDSDQLVFKH/DFNVFKDFKWHOKDOEVRJURZLHHLQ6FKXK NDUWRQ+HU]RJVWHOOWVLHXQJH|IIQHWEHLVHLWH$OVHUVLHDQKHEW HQWGHFNWHUGDUXQWHUHWZDVZDVLKQJHUDGH]XPDJLVFKDQ]LHKW (LQHDOWH%ULHIWDVFKH'DV%HVRQGHUHGDUDQVLQGGLHJURHQ GXQNOHQ)OHFNHQDXIGHPKHOOHQ/HGHU:DVVHUIOHFNHQPLW ZHLOLFKYHUIlUEWHQ5lQGHUQ 'HUª9L]H©HQWOHHUWGHQ,QKDOWDXIGHQ6FKUHLEWLVFK 6FKZHGOHUKLOIWEHLGHU'XUFKVLFKW $XFKGLHYHUJLOEWHQ)DPLOLHQIRWRV]HLJHQ:DVVHUVFKlGHQ (VVLQG$XIQDKPHQGDEHLGLH6FKZHGOHUNHQQWGLH$E LWXUNODVVH)RWRVDXV+HLGHOEHUJHLQ6FKQDSSVFKXGHUGHQ MXQJHQ,UURZPLWGHPHEHQVRMXJHQGOLFKHQ%XW]NRIHVWKlOW $XIGHU5FNVHLWHYHUODXIHQH7LQWHQ]HLOHQª=XU(ULQQHUXQJ DQHLQHPHKUDOVIHXFKWH0RVHOIDKUW:LOKHOP©6LFKHUOLFK KDWGLHVH$XIQDKPH,UURZLQ5LFKPRQG9LUJLQLDJXWH'LHQVWH JHOHLVWHW.LQGHUELOGHURKQH%HVFKlGLJXQJHQ'DVNOHLQH 0lGFKHQLVWJHZL&KULVWLQH(LQPDOVFKRQHLQHMXQJH'DPH ZXUGHVLH$UPLQ$UPPLWGHU0XWWHUIRWRJUDILHUWGDVLVW GLHVHOEH)UDXGHUHQJHUDKPWHVJURIRUPDWLJHV)DUEIRWRDXI GHP6FKUHLEWLVFKVWHKW$XFKKDWVLHGDVVFKZDU]H+DDUXQG GLHGXQNOHQ$XJHQ&KULVWLQHV $OOHUOHL.ULPVNUDPV'DVLQG]ZHL9RUNULHJVWKHDWHUNDUWHQ IUHLQH$XIIKUXQJª3ULQ]YRQ+RPEXUJ©LP%HUOLQHU 6FKDXVSLHOKDXVDP*HQGDUPHQPDUNWPHUNZUGLJHUZHLVH QLFKWHQWZHUWHW:HUZHLZDVLKQJHKLQGHUWKDWGLH$XI IKUXQJ]XEHVXFKHQ"(LQ=HSSHOLQIDKUVFKHLQLVWGDHLQ %LOOHWWIUGLH)DKUWYRQ%HUOLQQDFK3DULV9LHOOHLFKWKDWHU HVDXIJHKREHQZHLOGLH=HSSHOLQOXIWVFKLIIDKUWZHQLJH0RQDWH VSlWHUPLWGHU.DWDVWURSKHYRQ/DNHKXUVWHLQVFKDXULJHV(QGH IDQG0LWHLQDQGHU]X HLQHUXQO|VEDUHQ0DVVHYHUNOHEWH 3IHQQLJ%ULHIPDUNHQPLWGHP%LOG+LWOHUV(LQ=HWWHO =DKOHQGDUDXI]ZHL5HLKHQPLWHLQHP.RSLHUVWLIWHLOLJKLQ JHVFKULHEHQYRQ:DVVHUVHKUYHUZLVFKW :RUWORVVHKHQVLFKGLHEHLGHQ0lQQHUDQ.HLQHUZDJWVR

UHFKW]XJODXEHQGDGDVGLH1LHGHUVFKULIWGHU.RRUGLQDWHQ LVWIUGLHGHU6PXWMHYRQ8%ULHIXPVFKOlJHKROHQ PXWHXQGGLHHU.DSLWlQOHXWQDQW&KULVWRSKHUVHQGHP=LYL OLVWHQDQ%RUGJHEHQVDK2EZRKOGLHJDQ]H$NWLRQYRQGHU YDJHQ+RIIQXQJDXIHLQHQVROFKHQ)XQGGLNWLHUWXQGJHWUDJHQ LVWNRPPWHU+HU]RJXQG6FKZHGOHUQXQZLHHLQ:XQGHUYRU 'DVJLEWHVGRFKQLFKW'DVNDQQHLJHQWOLFKJDUQLFKWVHLQ$EHU HVLVWVRVLHKDEHQGHQ%HZHLVLQGHU+DQG 'LH]ZHLWH9DULDQWHLKUHV3ODQHVPXQXQQLFKWDQODXIHQ 6LHN|QQHQGDUDXIYHU]LFKWHQ'U.|QLJLQGHU5XLQHYRUGLH $OWHUQDWLYH]XVWHOOHQª6DJHQ6LHXQVGLH.RRUGLQDWHQRGHU 6LHVHKHQ)UlXOHLQ&KULVWLQHQLFKWZLHGHU© %HLQDKHLP+DQGXPGUHKHQLVWGHU6DIHZLHGHUHLQJHUlXPW (LQOHW]WHU9HUJOHLFKPLWGHP)RWRHUJLEWGDVLFKDOOHVJHQDX DPXUVSUQJOLFKHQ3ODW]EHILQGHW1XUGHU=HWWHOZDQGHUW QLFKWLQGLH%ULHIWDVFKH]XUFN'HQKDW+HU]RJPLWVSLW]HQ )LQJHUQLQHLQH3ODVWLNWWHJHVWHFNWXQGLQVHLQH%UXVWWDVFKH JHVFKREHQ6FKZHGOHUVFKZHQNWGDV*HPlOGHDQVHLQHQ3ODW] ]XUFN1RFKHLQSUIHQGHU5XQGEOLFNGDQQO|VFKHQVLHGDV /LFKWXQGYHUODVVHQGDV+DXV]ZDUQLFKWEHUVWU]WDEHU HLOLJ 'UDXHQDXIGHU6WUDHKlQGLJW+HU]RJ6FKZHGOHU&KUL VWLQHV6FKOVVHOWDVFKHDXVª6LHEULQJHQGDV5RORIIQDFK +DPPHUVWHLQ0LW'DQN]XUFN8QGYHUVWlQGLJHQ6LH .HQQVFKH.|QLJPXPLQGHVWHQVQRFKHLQH6WXQGHDXIGHU %XUJEOHLEHQ,FKIDKUHQDFK)UDQNIXUW© 'U.|QLJIULHUW'HUNDOWH6FKZHLNOHEWLKPGLH:lVFKHDQ GHQ.|USHUXQGGHU.OHSSHUPDQWHOLVW]ZDUJXWJHJHQ5HJHQ DEHUHUZlUPWQLFKW'HU.RQVWUXNWHXULVWHLQZHQLJUXKLJHU JHZRUGHQ6HLQH$XJHQKDEHQVLFKDQGLH'XQNHOKHLWJHZ|KQW HUNHQQWGLH0DHGHUDXV)HOGVWHLQHQJHPDXHUWHQDOWHQ 6WDOOXQJXQGEULQJWHVVRJDUVFKRQIHUWLJVLFK]XIUDJHQZDV GDVIUHLQZHLOLFKHV5HFKWHFNDQGHU:DQGVHLQPDJ 6FKOLHOLFKJHKWHUKLQEHUXQGUHLWHLQ6WUHLFKKRO]DQJH ZlUWLJGDLKPVRJOHLFKEHIRKOHQZLUGGLH)ODPPH]X

O|VFKHQ'RFKHVJHVFKLHKWQLFKWV'DV6WUHLFKKRO]JHKWDXV (LQ]ZHLWHVZLUIWVHLQHQ6FKHLQDXIHLQHYHUZLWWHUWH6WHLQ WDIHO ª,P]Z|OIWHQ-DKUKXQGHUWDOV6WDPPVLW]GHU+HUUHQYRQ 6WDXIHQHUEDXW]HUILHOGDV6FKORQDFKGHP7RGHGHV*HRUJ /HRYRQ6WDXIHQXQGZXUGHYRQGHQ6FKZHGHQ QLHGHUJHEUDQQW© (LQGULWWHV6WUHLFKKRO] ª,QVWlQGLJHQ*HOGVFKZLHULJNHLWHQVWHFNHQGEHULHI$QWRQ YRQ6WDXIHQLP-DKUHKLHUKHUGHQ6FKZDU]NQVWOHUXQG =DXEHUHU'U)DXVWXVGDPLWHU*ROGHU]HXJH'HU$OFKLPLVW NDPKLHUEHLHLQHU([SORVLRQVHLQHU*HUlWHMlPPHUOLFKXPV /HEHQXQGIXKU]XU+|OOH© 8QZLOONUOLFKGHQNW.|QLJGDUDQGDHVLP6WDXIHQHU 5DWVNHOOHUHLQHª)DXVWVWXEH©JLEWXQGDP0DUNWHLQHª'U )DXVWXV$SRWKHNH©'DVYHUJLWHUJOHLFKZLHGHU1HXHUOLFK EHPlFKWLJWVLFKVHLQHUGLH8QUXKH:DUXP]XP7HXIHOODVVHQ VLHLKQVRODQJHZDUWHQ"(UKDWGRFKEHZXWDOOHVYHUPLHGHQ ZDVVLHPLWUDXLVFKJHPDFKWKDEHQN|QQWH6RIRUWLVWHUORV JHIDKUHQVLHZLVVHQGDHUQLHPDQGHQYHUVWlQGLJHQNRQQWH :DVZROOHQVLHQRFK"6ROOHQVLHGRFKHQGOLFKNRPPHQGDV %DUJHOGXQGHLQHQ6FKHFNQHKPHQXQGLKPVDJHQZDVHUWXQ VROO(ULVWMD]XDOOHPEHUHLW 'HU.RQVWUXNWHXUEOLFNWDXIGDV/HXFKW]LIIHUEODWWVHLQHU 8KU9RUHLQHU6WXQGHWUDWHUKLQDXVDXIGHQ+RIXQGZROOWH VLFKGHP:DJHQQlKHUQ(UUDXFKWK|FKVWVHOWHQGRFKDXI HLQPDOYHUVSUWHHUGDVGULQJHQGH%HGUIQLVVLFKHLQHGHU =LJDUUHQLP+DQGVFKXKIDFK]XKROHQ(UKDWWHQRFKQLFKWGHQ 7UJULIILQGHU+DQGGDZDUVFKRQGLH6WLPPHDXVGHP 6SUHFKIXQNJHUlWGDª.HLQH'XPPKHLWHQ*HKHQ6LH]XUFN :HJYRP:DJHQ©(UKDWWHVLFKXPJHGUHKWXQGZDULQGHQ 6WDOO]XUFNJHNHKUW :LHGHUZHQGHWHUVLFKGHP+RI]X0DQPXGRFKPLWGHQ .HUOHQYHUKDQGHOQN|QQHQ:HQQVLHLKQGLHVPDODQUXIHQ ZLUGHUDQWZRUWHQ)UDJHQVWHOOHQ hEHUDOOGDZRGDVEODEODXH6WHUQHQOLFKWQLFKWKLQNRPPW

VLQGGLH6FKDWWHQLP+RIWLHIVFKZDU]*HVSHQVWLVFKKHOO OHXFKWHWGLHZHLH.DURVVHGHV0HUFHGHV.|QLJJHKWEHKHU]W GDUDXI]XDEHUHUVWUHFNWGDQQGRFKODQJVDPGLH+DQGQDFK GHP7UJULIIDXV 8QGNHLQ%HIHKOSIHLIWLKQ]XUFN'DUHLWHUGLH7UDXI $XWRPDWLVFKIODPPWGLH,QQHQEHOHXFKWXQJGHU/LPRXVLQHDXI (UVLHKWHVVRIRUW'DV:DON\7DON\LVWIRUW$XIGHP%HL IDKUHUVLW]OLHJWVWDWWVHLQHUHLQ6WFN.DUWRQDXIGDVPLWURWHP )HWWVWLIWLQ'UXFNEXFKVWDEHQJHVFKULHEHQZRUGHQLVWª)DKUHQ 6LHQDFK+DXVH,KUHU7RFKWHUJHVFKLHKWQLFKWV© :LHVRKDWHUGHQ.HUOQLFKWEHPHUNWGHUVLFKDP:DJHQ ]XVFKDIIHQJHPDFKWKDW":LHVRQLFKWJHK|UWGDVHLQ%H REDFKWHUDEJHIDKUHQLVW"9HUPXWOLFKKDWHUVHLQ$XWRHLQIDFK EHUJDEUROOHQODVVHQ$EHUHVLVWPLJGDUEHUQDFK]XGHQ NHQ'HU.RQVWUXNWHXU]LHKWGLH7UKLQWHUVLFK]XXQGOlW GHQ0RWRUDQ=XDQGHUHU=HLWKlWWH'U.|QLJYLHO0KH GDUDXIYHUZDQGWGLHODQJJHVWUHFNWH/LPRXVLQHDXIGHPHQJHQ +RI]XZHQGHQ+HXWHGUFNWHUVLHHLQIDFKUFNZlUWV]ZL VFKHQGHQ7RUSIHLOHUQKLQGXUFKXQGHVLVWLKPYROONRPPHQ JOHLFKJOWLJGDHVGDEHLHLQHNUlIWLJH6FKUDPPHJLEW

%ODXXQGZHLVLQGGLH)DUEHQGHU:HJHQHU 0RVV$*%ODX XQGZHLOHXFKWHWGHU5XPSIGHV+XEVFKUDXEHUVPLWGHP )LUPHQ]HLFKHQDXIGHQ)ODQNHQ'DV:XQGGDV0VWHKHQVR DXIHLQDQGHUGDGLH$EVWULFKHGHV:DXIGHQ06SLW]HQ UXKHQ*DQ]SO|W]OLFKZLUGGHU:HUNIOXJSODW]LQ6FKHLQ ZHUIHUOLFKWJHWDXFKW*OHLFKGDUDXIOlXIWGHU3LORW]XP+XE VFKUDXEHU)UGLHVH'LUHNWLRQVPDVFKLQHLVWLPPHUHLQ)OXJ ]HXJIKUHUJUHLIEDULQGUHL6FKLFKWHQUXQGXPGLH8KUVWHKHQ VLHLQ%HUHLWVFKDIW'HU0DQQOlWDXJHQEOLFNOLFKGDV7ULHE ZHUNDQ,QGHUVWLOOHQ1DFKWLVWGDV)DXFKHQGHU7XUELQH ZHLWKLQ]XK|UHQ'LHVHUª$ORXHWWH©+XEVFKUDXEHULVWIUDQ

]|VLVFKHU+HUNXQIWXQGVHLWYLHU-DKUHQLP%HWULHE'LHN EHOI|UPLJHUXQGXPYHUJODVWH.DELQHOlXIWLQHLQHQYROOVWlQGLJ YHUNOHLGHWHQ*LWWHUUXPSIDXV'LH:HJHQHU 0RVV$*KDW PHKUHUHDXVOlQGLVFKH+XEVFKUDXEHUKLHUVLHEHIDWVLFK VHOEVWPLWGHP+HOLNRSWHUEDX .DXPKDEHQVLFKGLHHUVWKHUDEKlQJHQGHQ5RWRUEOlWWHU JHKREHQXQGHLQHQIOLUUHQGHQ.UHLVEHUGHU0DVFKLQHJH ELOGHWGDNRPPHQYLHU0lQQHULQGXQNOHQ:HWWHUPlQWHOQDOOH PLW%DVNHQPW]HJHUDQQW'UHLYRQLKQHQWUDJHQVFKZDU]H +DQGNRIIHUEHLVLFK2EZRKOVLH=LYLODQKDEHQZLUNHQGLHYLHU PHUNZUGLJXQLIRUPLHUW.DXPVLQGVLHLQGHUª$ORXHWWH© YHUVFKZXQGHQGDVFKZLOOWGDV3IHLIHQGHU7XUELQHDQXQGGLH .XIHQO|VHQVLFKYRP%RGHQ'HU+XEVFKUDXEHUVWHLJWLQGHQ 1HEHOKLQHLQXQGEHULKQKLQZHJ(UHQWIHUQWVLFKPLWVG OLFKHP.XUV ª.HLQH6RUJH$OEUHFKW©VDJWDQHLQHP)HQVWHUGHV'LUHN WLRQVWUDNWHV'U:LOKHOP%XW]NRª'LH0DVFKLQHLVWPLW 1DFKWXQG%OLQGIOXJJHUlWHQDXVJHVWDWWHW6LHNRPPWVLFKHU DQV=LHO©(UGUFNWIOFKWLJDXIHLQH7DVWHGHULPSRVDQWHQ :HFKVHOVSUHFKDQODJHDXIVHLQHP'LSORPDWHQVFKUHLEWLVFK ª,FKK|UHGHQJHVDPWHQ6SUHFKYHUNHKUPLWGHP+XEVFKUDX EHU(QGH© .|QLJZHQGHWVLFKYRP)HQVWHUZHJLQGHQJURHQ5DXP KLQHLQYRQGHPDXVPDQEHL7DJHHLQHQEHWUlFKWOLFKHQ7HLO GHV:HUNJHOlQGHVEHUVFKDXHQNDQQ1HUY|VJHKWHUHLQSDDU 6FKULWWH(UKDWGLH'DXPHQLQGLH7DVFKHQGHU:HVWHJHKlQJW GLHDQJHUDXFKWH=LJDUUHYHUJOLPPWXQEHDFKWHWLP$VFKHU'HU .RQVWUXNWHXULVWYROOTXlOHQGHU8QVLFKHUKHLW+DWHUULFKWLJ JHKDQGHOWDOVHUVLFKQDFKGHU5FNNHKUDXVGHU5XLQHVRIRUW LQV:HUNEHJDEQDFKGHPHU&KULVWLQHQLFKW]X+DXVHDQWUDI" 9LHOOHLFKWKlWWHHUDEZDUWHQVROOHQHLQIDFKDEZDUWHQ'DV NRQQWHHUQLFKW(VPXWHGRFKLUJHQGHWZDVJHVFKHKHQ9RP :HUNDXVKDWHU:LOKHOP%XW]NRDODUPLHUW'HUVFKOLHIQDWU OLFKDEHUHUVWDQGDXIXQGNDPVRVFKQHOOZLHP|JOLFK.|QLJ KDWWHQLFKWVDQGHUHVHUZDUWHW(LJHQWOLFKVXFKWHHUQXUHLQHQ 0HQVFKHQPLWGHPHUVSUHFKHQGHPHUVHLQH%HIUFKWXQJHQ

PLWWHLOHQNRQQWH%XW]NRK|UWHLKQDQDEHUGDEHLEOLHEHV QLFKW %XW]NRKDWVRIRUWGLH,QLWLDWLYHDQVLFKJHULVVHQ'HU+XE VFKUDXEHUHLQVDW]EHZHLVWHV .|QLJVLHKWGHQ'LUHNWRUDQGHUVLFKQHEHQGLH:HFKVHO VSUHFKDQODJHJHVHW]WKDW(UZLUNWYLHOMQJHUDOVHULVW%XW]NR WUHLEWUHJHOPlLJ6SRUWXQGWXWYLHOGDIUMDQLFKW]XPDOWHQ (LVHQJHUHFKQHW]XZHUGHQ ª,FKZHLQLFKWREGDVULFKWLJLVW©JLEWGHU.RQVWUXNWHXU OHLVH]XEHGHQNHQª0LUZXUGHDXVGUFNOLFKJHVDJW.HLQH 3ROL]HL.HLQHIDXOHQ7ULFNV2GHU6LHVHKHQ,KUH7RFKWHUQLFKW OHEHQGZLHGHU!© 9RU%XW]NROLHJWGDV6WFN.DUWRQPLWGHU)HWWVWLIWVFKULIW ª)DKUHQ6LHQDFK+DXVH,KUHU7RFKWHUJHVFKLHKWQLFKWV© ª%HUXKLJHGLFK$OEUHFKW'XKDVWGDVHLQ]LJ5LFKWLJHJHWDQ 9RQGHQ7UHSSHQWHUULHUQGHU3ROL]HLZlUHZLUNOLFKQLFKWV]X HUZDUWHQJHZHVHQ]XYLHOH'LHQVWYRUVFKULIWHQ]XYLHO /HJDOLWlW(LQVFKZHUIlOOLJHU$SSDUDW'LH.ULPLQDOZDFKH ZHFNWGHQ&KHIGHUZLHGHUXPVHLQHQ&KHILQ)UHLEXUJXQG GHUPLWGHU6DFKHHLQHVROFKH7UDJZHLWHEHLGDHUGHQ ,QQHQPLQLVWHUYRQ%DGHQ:UWWHPEHUJYHUVWlQGLJW'LH7HOH IRQHODXIHQKHLXQGHKHPDQVLFK VYHUVLHKWVLQG]ZHL7DJH LQV/DQGJHJDQJHQDQGHQHQZHQLJRGHUVRJXWZLHQLFKWV JHVFKDK©(UVFKWWHOWGHQ.RSIª8QVHU6LFKHUKHLWVGLHQVW NRVWHWGLH)LUPDHLQ9HUP|JHQDEHUGDIUKDEHQZLUGLH EHVVHUHQ/HXWHXQGGLHEHVVHUH7HFKQLN,FKELQJDQ]VLFKHU GDVLHLQ+DPPHUVWHLQEUDXFKEDUH6SXUHQILQGHQ:LUEHU ODVVHQHVGRFKQLFKWHLQSDDU*DQRYHQ]XHQWVFKHLGHQZDQQ HVLKQHQJHIlOOWGLUGHLQH7RFKWHUZLHGHU]XJHEHQ© (UEULQJWGDVLP%UXVWWRQGHUhEHU]HXJXQJYRUDEHUVRJDQ] LVWHUQLFKWYRQGHPGXUFKGUXQJHQZDVHUVDJW*DQRYHQ" 1HLQJHZ|KQOLFKH.LGQDSSHUVLQGGDVPLW6LFKHUKHLWQLFKW 'LHKlWWHQNDVVLHUW(VPXHWZDVDQGHUHVGDKLQWHUVWHFNHQ XQGHVOLHJWQDKHGDEHLDQGLHJHKHLPHQ.RQVWUXNWLRQHQ .|QLJV]XGHQNHQ'LH.|QLJVRQGH]XP%HLVSLHOGLHGLH VDFKOLFKH%H]HLFKQXQJª(OR3$©WUlJW(LQ0LOOLDU

GHQSURMHNWZHQQPDQDOOHV]XVDPPHQQLPPW,VW&KULVWLQH P|JOLFKHUZHLVHLPJURHQ6SLHOXPGLH)XQNPHVRQGH]XU 6FKDFKILJXUJHZRUGHQ" $XVGHU:HFKVHOVSUHFKDQODJHNOLQJWYRP7ULHEZHUN JHUlXVFKGHUª$ORXHWWH© EHUODJHUWGLH0HOGXQJGHU+H OLNRSWHUEHILQGHVLFKEHU+DPPHUVWHLQXQGGHU3LORWVXFKH HLQH/DQGHP|JOLFKNHLWDP5DQGHGHV2UWHV'LH6LFKWVHL IXUFKWEDUVFKOHFKWHVVHLHLQNRPSOL]LHUWHV0DQ|YHU .|QLJQLPPWVHLQH:DQGHUXQJGXUFKGHQ5DXPZLHGHUDXI VREDOGGLH'XUFKVDJHEHHQGHWLVW(UJHKWYRUEHUDQGHQ JURHQ:DQGELOGHUQGLHHLQ6WFN*HVFKLFKWHYRUQHKPOLFK GHVDOWHQ:HJHQHU)OXJ]HXJZHUNHVHU]lKOHQ%XW]NRPDJ GLHVH5HLKHPLWJURHU$NULELHJHPDOWHUgOELOGHU(UYHUVWHKW VLHDOV0DKQXQJVLFKPLW(UUHLFKWHPQLFKW]XIULHGHQ]XJHEHQ QLFKWVWHKHQ]XEOHLEHQVRQGHUQNRQWLQXLHUOLFKZHLWHU]XJHKHQ 1RFKZlKUHQGLP:LQGNDQDOGLH:ROOIlGHQDP7HVWPRGHOO HLQHVQHXHQ7\SVIODWWHUQPVVHQGLH.RQVWUXNWHXUHEHUHLWV HLQHQQRFKQHXHUHQDXIGHP5HLEUHWWKDEHQ .|QLJVLHKWKHXWHGLH*HPlOGHQLFKW ª:HQQGDVQXUQLFKWDOOHVVRVFKUHFNOLFKYHUZRUUHQZlUH© VDJWHUSO|W]OLFKª(UVW%ULQJHQ6LH,KU6FKHFNEXFKPLWXQG GDV%DUJHOG!'DVSDWQRFKLQV%LOG'DQQOlWPDQPLFKLQ GHU5XLQHZDUWHQ$XFKGLHVLVWQRFK]XHUNOlUHQ0DQZROOWH VHKHQRELFKZLUNOLFKDOOHLQZDU8QGVFKOLHOLFKGDV©(U ]HLJWDXIGDV6WFN.DUWRQª'DUDXIILQGHLFKNHLQHQ5HLP© .|QLJGUHKWVLFKDEUXSW]X%XW]NRXPª:DUXPZLOOPDQ &KULVWLQHSO|W]OLFKRKQH*HJHQOHLVWXQJIUHLODVVHQ"© (VLVWGHP'LUHNWRUDQJHQHKPGDGHU.RQVWUXNWHXUYRQ VLFKDXVGDPLWDQIlQJW(UOHKQWVLFK]XUFNJUHLIWLQGLH =LJDUUHQNLVWHXQGHQWIHUQWGLH=HOORSKDQKOOHYRQGHUª9LU JLQLD©.|QLJZLQNWJOHLFKDE=XP=LJDUUHQUDXFKHQEUDXFKW PDQ5XKH ª'DVPDJEUXWDONOLQJHQ$OEUHFKWDEHU&KULVWLQHVZHJHQ PDFKHLFKPLUJDUQLFKWVRYLHOH6RUJHQ,FKKDEHGDVVFKOLPPH *HIKOGDHVXPHWZDVJDQ]DQGHUHVJHKW© 'HU.RQVWUXNWHXUVFKOXFNWXQGZLUNWHLQELFKHQYHUVWlQG QLVORV

%XW]NRIlKUWIRUWª2EHUVW.U|VLQJZLUGJOHLFKKLHUVHLQ'X NHQQVWLKQQRFKQLFKW0XWLKQLQGHUVWLOOHQ$EJHVFKLHGHQ KHLWGHLQHU=HLFKHQVlOHDXFKQLFKWNHQQHQ(LQDOWHU+DXGHJHQ DXVGHP9HUWHLGLJXQJVPLQLVWHULXP-HW]WDXHU'LHQVW©8QG GDGDVYLHOOHLFKWGRFKHLQHU(UNOlUXQJEHGDUIIJWHUPLWHLQHP /lFKHOQKLQ]Xª0LWKHUYRUUDJHQGHQ%H]LHKXQJHQ]XGHQ PDJHEOLFKHQ+HUUHQGHU/XIWZDIIH(ULVWLQ6LFKHUKHLWV IUDJHQVHKUEHZDQGHUW© 8QPLWWHOEDUGDUDXIHUVFKHLQWGHU2EHUVWD'WURW]GHU IUKHQ0RUJHQVWXQGHPDNHOORVUDVLHUWXQGLQVRWDGHOORVHU +DOWXQJDOVVHLHU]XP5DSSRUWEHLP*HQHUDOEHIRKOHQ'DV LVWGLH0DFKWGHU*HZRKQKHLWGDYRQNDQQHUVLFKQLHPHKU JDQ]EHIUHLHQ'HU'LUHNWRUEHJLQQWRKQH8PVFKZHLIHLKQ]X XQWHUULFKWHQJLEWHLQHNRQ]HQWULHUWH=XVDPPHQIDVVXQJ (LQHNOHLQH3DXVHHQWVWHKWDOVHLQGLHQVWEDUHU*HLVW0RNND VHUYLHUW'DQQZHQGHWVLFK.U|VLQJDQGHQ.RQVWUXNWHXU ª,FKYHUVWHKH6LHQXU]XJXW+HUU'RNWRU©VDJWHUOHEKDIW 'HU2EHUVWVSULFKWLPPHU]XODXWJHUDGHVRDOVKDEHHUHLQH DQJHWUHWHQH)RUPDWLRQYRUVLFKª,FKKDEHVHOEVWHLQHHU ZDFKVHQH7RFKWHU7URW]GHP:HQQZLUHLQPDODOOH*HIKOH DXVGHP6SLHOODVVHQXQGGHQ.HUQGHU*HVFKLFKWHVXFKHQ ZDVNRQQWHPDQVLFKGDYRQYHUVSUHFKHQ6LHDXVGHP+DXVH ]XORFNHQ":HUEOLHEGRUW]XUFN"© ª1LHPDQG©DQWZRUWHW.|QLJZDKUKHLWVJHPlXQGHUNOlUW GDVHLQH+DXVKlOWHULQLQ1UQEHUJLVW ª:RZDU,KUH7RFKWHU"© ª,Q%DVHO3ULYDW6LHYHUVWHKHQ© .U|VLQJVHW]WGLH%HIUDJXQJGLHPHKUXQGPHKUHLQHP 9HUK|UJOHLFKWXQEHLUUWIRUWª,VWHVP|JOLFKGD'ULWWHYRQ GLHVHU5HLVHZXWHQ"© ª'DVLVWP|JOLFK&KULVWLQHPDFKWVLHXQJHIlKUDOOHYLHU]HKQ 7DJH:DUXPDXFKQLFKW"6LHLVWDOWJHQXJ© 'HU2EHUVWQLFNW1LFKWV0HQVFKOLFKHVLVWLKPIUHPG(U ZHQGHWVLFK6DFKIUDJHQ]Xª6LHDUEHLWHQDXFK]X+DXVH"© ª6HOEVWYHUVWlQGOLFK© ª1HKPHQZLUDQMHPDQGLQWHUHVVLHUWVLFKIU6LH%OLHEHLKP ,KUH+HLPDUEHLW!YHUERUJHQ"©

'U.|QLJEHUOHJWª,FKSIOHJHNDXP.RQWDNWHXQGOHEH VHKU]XUFNJH]RJHQ$EHULFKPDFKHQDWUOLFKDXFKNHLQ *HKHLPQLVGDUDXV6LFKHUOLFKNDQQPDQHWZDVGDUDXVDEOHLWHQ GDLQPHLQHP$UEHLWV]LPPHUGDV/LFKWRIWELVLQGLH0RU JHQVWXQGHQEUHQQW,FKKDEHNHLQDXVJHSUlJWHV6FKODIEHGUI QLV© 'DVKDW.U|VLQJHUZDUWHWª8PHV]XSUl]LVLHUHQ8QWHU ODJHQ,KUHU$UEHLWIU:HJHQHUXQG0RVVEHILQGHQVLFKEHL ,KQHQ]X+DXVH"© ª,FKKDEHGRUWIUPHLQHhEHUOHJXQJHQGLH5XKHGLHPLU LP%URQLHEOHLEW1DWUOLFKODVVHLFKQLFKWVKHUXPOLHJHQ 6REDOGLFKYRP6FKUHLEWLVFKDXIVWHKHZDQGHUWGDV0DWHULDO LQGHQ6DIH© %XW]NRVFKDOWHWVLFKHLQª'DVDOOHVJHVFKLHKWLP(LQYHU QHKPHQPLWGHU)LUPHQOHLWXQJOLHEHU.U|VLQJ:LUWUDJHQ GLHVHU$UEHLWVZHLVHHLQHV:LVVHQVFKDIWOHUV5HFKQXQJ:HQQ VLFK8QEHIXJWHDQGHP7UHVRU'U.|QLJV]XVFKDIIHQPD FKHQZLUGLQGHU=HQWUDOHXQVHUHV6LFKHUKHLWVGLHQVWHVDXWR PDWLVFK$ODUPDXVJHO|VW$EHUHVJDENHLQHQ$ODUP© ª$OVRZDUQLHPDQGDP7UHVRU©ZLUIW.|QLJKLQ(UZQVFKW GLH'HEDWWHHQGOLFK]XEHHQGHQGLHYRQGHPZDVLKQEHZHJW YRQ&KULVWLQHQlPOLFKZHJ]XIKUHQVFKHLQW 'HU2EHUVWDXHU'LHQVWLVWQRFKQLFKWIHUWLJª$OV6LHGDV +DXVYHUOLHHQKDWWHQ6LHGD,KUH6FKOVVHOEHLVLFK"© 'HU.RQVWUXNWHXUQLPPWHLQH6FKOVVHOWDVFKHKHUDXVXQ DQVHKQOLFKXQGDEJHJULIIHQXQGOHJWVLHGHPRQVWUDWLYDXIGHQ 7LVFKª'LHVH6FKOVVHOKDEHLFKLPPHUEHLPLU© .U|VLQJERKUWZHLWHUª:HUKDWDXHU,KQHQQRFKHLQHQ 6FKOVVHO]XP6DIH"© ª0HLQH7RFKWHU© )UlXOHLQ.|QLJVHLZLVVHQVFKDIWOLFKH0LWDUEHLWHULQLKUHV 9DWHUVZLUIWGHU'LUHNWRUHUNOlUHQGHLQ ªGLHLKUH6FKOVVHOHEHQIDOOVVWlQGLJEHLVLFKKDW©NRP ELQLHUW.U|VLQJ 'U.|QLJEHVWlWLJWGDV 3O|W]OLFKVWHKWGHU2EHUVWDXIXQGKDWJDQ]XQPLOLWlULVFKGLH

+lQGHLQGHQ+RVHQWDVFKHQª(LQHJOlQ]HQGHLQJHIlGHOWH *HVFKLFKWHPHLQH+HUUHQ©YHUNQGHWHUª0HLQH+\SRWKHVH 0DQEHPlFKWLJWHVLFKXQWHUZHJVGHV)UlXOHLQV.|QLJZHLO VLHLP%HVLW]GHU6FKOVVHOLVW© 'HUDOWH:LVVHQVFKDIWOHUXQWHUEULFKWLKQVRIRUWª&KULVWLQH ZUGHGLH6FKOVVHOQLHKHUDXVJHEHQ© ª)UHLZLOOLJEHVWLPPWQLFKW©UlXPW.U|VLQJYHUELQGOLFKHLQ ª0DQVSHNXOLHUWDXIGLH6RUJHGHV9DWHUV0DQORFNWLKQDXV GHP+DXVXQGNDQQVLFKXQJHVW|UWPLWGHP7UHVRUEHIDVVHQ 'DNHLQH*HZDOWDQZHQGXQJHUIROJWJLEWHVDXFKNHLQHQ $ODUP6RXQJHIlKUVWHOOWVLFKPLUGLH6DFKHGDU© %XW]NREHXJWVLFK]XU:HFKVHOVSUHFKDQODJHXQGGUFNWHLQH 7DVWHª0HLQHQ:DJHQ©EHILHKOWHUª8QGGLH6SXUHQVLFKHUHU YRP:6'©(UOlWGLH7DVWHORVª,FKIUFKWHZLUPVVHQ XQVGHLQ+DXVJUQGOLFKDQVHKHQ$OEUHFKW©

'LHYLHU0lQQHUDXVGHP+XEVFKUDXEHUHLOHQGXUFK+DP PHUVWHLQ,KUH*HVLFKWHUVLQGDXVGUXFNVORV.LGQDSSLQJOLHJW DQVROFKH%XUVFKHQJHKHQDXIV*DQ]HGHQQ.LGQDSSLQJ]lKOW ]XGHQ.DSLWDOYHUEUHFKHQXQGZLUGPLWVFKZHUVWHQ6WUDIHQ JHDKQGHW'DULVNLHUWPDQDOOHVQLFKWJHVFKQDSSW]XZHUGHQ 'LHYLHUKDEHQVFKRQLP+XEVFKUDXEHUGLH3LVWROHQDXVLKUHQ 6FKXOWHUKDOIWHUQLQGLH0DQWHOWDVFKHQYHUODJHUWJULIIEHUHLW 'HU(LQVDW]OHLWHUKHLW6FKPDXV(UEOHLEWYRUGHP ª*UQHQ%DXP©VWHKHQXQGGLHDQGHUHQWXQHVLKPJOHLFK 6FKPDXVWHLOWHLQHQ+RIEHREDFKWHUHLQXQGHLQHQ0DQQGHU GLH6HLWHQIURQWLP$XJH]XEHKDOWHQKDW(UVHOEVWJHKWPLWGHP GULWWHQ0DQQ]XP(LQJDQJXQGEHWlWLJWGLH1DFKWJORFNH XQJHVWPXQGPHKUPDOVKLQWHUHLQDQGHU'HUDQGHUHVWHKWGUHL 6FKULWWHVHLWOLFKGLH+DQGLQGHUDXVJHEHXOWHQ7DVFKHGHV EODXHQ1\ORQPDQWHOV (QGOLFKVLQGVFKOXUIHQGH6FKULWWHKLQWHUGHU+DXVWU6LH |IIQHWVLFK6FKPDXVHUIDWVRIRUWGLH6LWXDWLRQ'HU0DQQ GHUGDYHUVFKODIHQYRULKPVWHKWXQGVRPGHLVWGDHUVLFK GDXHUQGPLWGHP%DQGGHV%DGHPDQWHOVYHUKDVSHOWGDVHU ]XELQGHQP|FKWHLVWGHU:LUW'LH+DOWXQJGHV(LQVDW]OHLWHUV

HQWVSDQQWVLFKXQGZLUGIUHXQGOLFKYHUELQGOLFK ª(QWVFKXOGLJHQ6LHYLHOPDOV©VDJWHUYHUVWlQGQLVKHLVFKHQG ª%HL,KQHQZRKQWHLQ)UlXOHLQ.|QLJQLFKWZDKU",FKELQLQ HLQHUXQDXIVFKLHEEDUHQ)DPLOLHQDQJHOHJHQKHLWH[WUDKLHU KHUJHNRPPHQ,FKPXVLHVRIRUWVSUHFKHQ© 'HU:LUWHULQQHUWVLFKGDVHLQ*DVWWHOHIRQLHUWKDWLQ VRIHUQLVWGHU%HVXFKQLFKWDXHUJHZ|KQOLFK'HU0DQQ GUDXHQVLHKWDXFKQLFKWDXVZLHHLQHUGHPPDQDPOLHEVWHQ GLH7UYRUGHU1DVH]XVFKODJHQP|FKWH ª.RPPHQ6LHUHLQ©(UJlKQWKLQWHUGHUYRUJHKDOWHQHQ+DQG ª,FKZHLVFKDEHUQLVFKWREHVGHP)UlXOHLQUHVFKWVHLQZLUG 6LHVFKOlIW© ª'DVODVVHQ6LHQXUPHLQH6RUJHVHLQ©EHUXKLJWLKQ 6FKPDXV'DEHLEHVFKlIWLJWLKQGLH)UDJHREGHU:LUWYRQ GHP.LGQDSSLQJQLFKWVZHLRGHUREHUQXUVRWXW ª,PHUVFKWH6WRFN=LPPHUYLHU© 6FKQHOOHUDOVGHU:LUWIROJHQNDQQVLQGVLHREHQ'HU .RUULGRUOLHJWYHUODVVHQGD(LQHVFKZDFKH1DFKWEHOHXFKWXQJ EUHQQW :LHGHUVWHKWGHU%HJOHLWHUVLFKHUQGQHEHQGHU7U6FKPDXV IDWGLH.OLQNHXQGGUFNWVLHQLHGHU(VLVW]XJHVSHUUW'HU 6FKOVVHOVWHFNWYRQLQQHQ'HU(LQVDW]OHLWHUN|QQWHVFKZ| UHQGDGDV=LPPHUOHHULVWGDPDQGLH7RFKWHUGHV .RQVWUXNWHXUVDXIUDIILQLHUWH:HLVHXQEHPHUNWZHJJHEUDFKW KDW'HQQRFKNORSIWHUXQGUXIWª)UlXOHLQ.|QLJ"+DOOR )UlXOHLQ.|QLJ6RK|UHQ6LHGRFK©'DVPXHUVFKRQWXQ XPGHP:LUWJHJHQEHUGHQ6FKHLQ]XZDKUHQ 6WLOOH 6FKPDXVJLEWGHPDQGHUHQHLQHQ:LQNXQGZHFKVHOWPLWLKP GHQ3ODW]1XQLVWHUGHU6LFKHUQGH6HLQ%HJOHLWHU|IIQHWVHLQ .|IIHUFKHQXQGHQWQLPPWLKP,QVWUXPHQWHPLWGHQHQHUHUVW GHQ6FKOVVHODXVGHP6FKOREULQJHQXQGGDQQ|IIQHQ ZLUG 'HU:LUWLVWKHUDQJHNRPPHQXQGVLHKWVFKZHLJHQG]X 1LFKWHLQHQ$XJHQEOLFN]ZHLIHOWHUGDGLHEHLGHQEHIXJWVLQG VR]XKDQGHOQ:DVVLHWXQPDFKHQVLHPLWGHUJU|WHQ

6HOEVWYHUVWlQGOLFKNHLWXQGYHUVXFKHQQLFKWHV]XYHUEHUJHQ ,KU9RUJHKHQYHUUlWhEXQJGDVEHU]HXJWGHQ:LUWDP PHLVWHQ 'LH7UJHKWDXIGDV/LFKWDQ,QGHPJURHQEUHLWHQ %DXHUQEHWWKDW&KULVWLQH.|QLJGHQ.RSILQGLH%HXJHGHV $UPVJHNXVFKHOWXQGVFKOlIWPLWWLHIHQUXKLJHQ$WHP]JHQ

'DV*HPlOGHDXIGHP-HDQ-DFTXHV5RXVVHDXDEJHELOGHWLVW LVWEHLVHLWHJHNODSSW0LW3LQVHOXQG.OHEHIROLHDUEHLWHWHLQHU GHU6SXUHQVLFKHUHUDP6DIH=XYRUKDWHLQDQGHUHUPLWHLQHP 6SH]LDOVWDXEVDXJHUGHQ7HSSLFKXQPLWWHOEDUYRUGHP7UHVRU DEJHVDXJW:DVHUDXIQDKPZDQGHUWLQV/DERUXQGZLUGQDFK DOOHQ5HJHOQGHU.XQVWDQDO\VLHUW(VN|QQWHKLHUMHPDQG JHVWDQGHQKDEHQDQGHVVHQ6RKOHQ(UGSDUWLNHOFKHQNOHEWHQ ZLHVLHLQGHUQlKHUHQ8PJHEXQJ6WDXIHQVQLFKW]XILQGHQ VLQG'DVZlUHVFKRQHLQH6SXU ª:LUEHUSUIHQMHW]WGLH$ODUPDQODJH©VDJWGHU&KHIGHU 6SXUHQVLFKHUHULQHLQ6SUHFKIXQNJHUlWQLPPW'U.|QLJV 6FKOVVHOXQGIKUWLKQLQV6DIHVFKORHLQ6FKRQDXIKDOEHP :HJHIlQJWHUDQGHQ%DUW]XGUHKHQ6RIRUWUXIWGLH=HQWUDOH GHV:6']XUFNª$ODUPDXVJHO|VW©'DVJOHLFKH(UJHEQLV HU]LHOWGHU6SXUHQVLFKHUHUDXFK(UWXWQLFKWVZHLWHUDOVPLW GHU)DXVWNUlIWLJJHJHQGLH6WDKOWU]XVFKODJHQ'LH$ODUPDQ ODJHLVWYROONRPPHQLQWDNW ª+LHUZDUHQ3URILVDP:HUN©VDJW.U|VLQJª'LHKLQWHU ODVVHQNHLQH6SXUHQ8QGGDDXVGHU$NWHQLFKWVIHKOWOLHEHU +HUU'RNWRU'HU)RWRDSSDUDWZXUGHOlQJVWHUIXQGHQ© :LHGHUPHOGHWVLFKGDV6SUHFKIXQNJHUlW9RQGHU=HQWUDOH LP:HUNDXIGLHVHQ$SSDUDWXPJHVFKDOWHWHUNOLQJWGLH6WLPPH GHV(LQVDW]OHLWHUV ª,FKZLHGHUKROH)UlXOHLQ.|QLJKDEHQZLUXQYHUVHKUWLQGHU *DVWVWlWWH*UQHU%DXP!LQ+DPPHUVWHLQYRUJHIXQGHQ6LH LVWZRKODXIVWHKWDEHUDQVFKHLQHQGXQWHUGHP(LQIOXHLQHV VWDUNHQ1DUNRWLNXPV9RQHLQHP.LGQDSSLQJZHLVLHQLFKWV 6LHZXUGHLQNHLQHU:HLVHEHOlVWLJW,FKKDOWHHVIUDQ JHPHVVHQ)UlXOHLQ.|QLJLP+HOLNRSWHUQDFK6WDXIHQ]X EULQJHQ6WDUWHUIROJWVRIRUW©

'HU.RQVWUXNWHXUOHKQWVLFKDQGLH:DQG$XIHLQPDOKDW HUGDV*HIKORKQHGLHVH6WW]HQLFKWPHKUVWHKHQ]XN|QQHQ 'LH.QLHVLQGSO|W]OLFKVRZHLFKª'DQQLVWMDDOOHVJXW© PXUPHOWHU$XFK%XW]NRIUHXWVLFKXQGNORSIWGHPDOWHQ )UHXQGDXIGLH6FKXOWHU 'HUHLQ]LJHGHUQLFKWDXIOHEWVRQGHUQQXQQRFKEHGHQNOL FKHUGUHLQVFKDXWLVW.U|VLQJ(UKDWZLHGHUGLH+lQGHLQGHQ +RVHQWDVFKHQXQGZLSSWDXIGHQ=HKHQVSLW]HQ ª1HLQ©VDJWHUNQDSSª'DPXLFKZLGHUVSUHFKHQ'D )UlXOHLQ.|QLJJHVXQGXQGPXQWHULVWLFKIUHXHPLFKDXFK VHKUGDUEHULVWQXUGLHHLQH6HLWH'LHDQGHUH,FKELQ XQEHGLQJWGDIUGDV$PWIU6LFKHUKHLWEHLP9HUWHLGLJXQJV PLQLVWHULXPHLQ]XVFKDOWHQ© .HLQHUGHU$QZHVHQGHQZLGHUVSULFKW

1DWUOLFKKDW$FKLP'HWMHQHLQH)UDJHDXIGHU=XQJH$XV VSUHFKHQNDQQHUVLHQLFKW6WDWWGHVVHQNODSSWHUGH]HQWGLH +DFNHQ]XVDPPHQXQGVDJWQXUª-DZRKO+HUU2EHUVW© )UGHQ/HLWHUGHV5HIHUDWV2EHUVW%ULQNPDQQLVWGLH 6DFKHGDPLWHUOHGLJW(UQLFNWGHP0DMRUXQPLOLWlULVFK]XXQG EHXJWVLFKZLHGHUEHUGLH$NWHQDXIVHLQHP6FKUHLEWLVFK 'HWMHQ]HOHEULHUWHLQHVHKUYRUVFKULIWVPlLJH.HKUWZHQGXQJ XQGYHUOlWGDV=LPPHU ,P6HNUHWDULDWOlFKHOWHU)UDX0DUVFKQHU]Xª,FKELQDXHU +DXV©VDJWHUª'HU&KHIZHL%HVFKHLG©8QGZLHEHLOlXILJ HUNXQGLJWHUVLFKª:DQQNDPGHQQGHU$QUXI"© ª(EHQHUVW+HUU'HWMHQ© (UJHKWKLQEHULQGDV=LPPHUGDVHUPLW0DMRU+RWWHQURWK WHLOW+RWWHQURWKLVWQLFKWDQZHVHQGGHUVLW]WVLFKHUOLFKZLHGHU EHLGHQ/XIWELOGDXVZHUWHUQ'LH=XVDPPHQDUEHLWPLWGHP 7RSRJUDSKLVFKHQ'LHQVWJHK|UW]XVHLQHQ2EOLHJHQKHLWHQXQG HUOlWNHLQH*HOHJHQKHLWDXVGLH$UEHLWVHUJHEQLVVHGHU

ª/XIWELOGIULW]HQ©EHL]X]LHKHQ$OVDNWLYHU)OLHJHULVWHUVHOEVW /XIWDXINOlUHUJHZHVHQHUSUDKOWJHUQGDPLWGDHUDOVMXQJHU 'DFKVVFKRQYRUGHP]ZHLWHQ:HOWNULHJ$XINOlUXQJVIOJH EHUGHU6RZMHWXQLRQGXUFKJHIKUWKDWLQGHUJHKHLPQLVXP ZREHQHQ6WDIIHO5RZHKOGLHHUVWDOVª+DQVD/XIWELOG$*© ILUPLHUWHXQGGDQQ]XUª$XINOlUXQJVJUXSSHEHLP2EHU EHIHKOVKDEHUGHU/XIWZDIIH©DYDQFLHUWHª'DVZDUHQ=HLWHQ© SIOHJWHU]XVHXI]HQª+DEHQ6LHPDOGLH-XQNHUVGLH-X DFKWXQGDFKW]LJ'HLQVJHVHKHQGLHPLWGHU+|KHQIOXJNDELQH XQGGHQ]ZHL/XIWELOGNDPHUDVLP%DXFK"©8QGLPPHUKDWHU ªUHLQ]XIlOOLJ©HLQLJHDEJHJULIIHQH)RWRVGHV7LHIGHFNHUVPLW GHQ]ZHL=\OLQGHU0RWRUHQ]XU+DQG2EHQDXIOLHJWGDV %LOGGDVGHQMXQJHQ+RWWHQURWK]HLJWZLHHUGDV(LQKlQJHQ GHU]HQWQHUVFKZHUHQ6SH]LDONDPHUDVEHREDFKWHW :HUQHU%UHGHEXVFKUlXPWVHLQHQ6FKUHLEWLVFKDXI:DV NDQQGDV$PWIU6LFKHUKHLWYRQLKPZROOHQ"*UXQG]XU %HXQUXKLJXQJEHVWHKWRIIHQVLFKWOLFKQLFKWPDQKDWLKQQLFKW DEJHKROWVRQGHUQDXIGHP'LHQVWZHJDXIJHIRUGHUWGRUW]X HUVFKHLQHQhEHUGLHVVROOHUVLFKEHL%ULJDGHJHQHUDOYRQ :LHVHQHFNPHOGHQXQGZHQQGLHVHU1DPHIlOOWVLHKWHUGDV VWlQGLJVIILVDQWOlFKHOQGH*HVLFKWGHV6LFKHUKHLWVRIIL]LHUV LPPHUYRUHLQHUSRUWXJLHVLVFKHQ.XOLVVHZlKUHQGMHQHV +DXUXFN(LQVDW]HVQlPOLFKGHULKP:HUQHU%UHGHEXVFK (LQEOLFNLQGLHVWUHQJJHKHLPHQ3OlQHGHU5ROOEDFN)OXJEDVLV %HMDYHUVFKDIIWKDW6ROOWHYRQ:LHVHQHFNHUIDKUHQKDEHQ" .HLQH6SHNXODWLRQHQ6LFKQLFKWYHUUFNWPDFKHQ8QGZHQQ LKPGLH$EZHKUOHXWHGRFKDXIGLH6SXUJHNRPPHQVLQGGDQQ ZLUGHU+DOWXQJEHZDKUHQXQGHUNOlUHQª,FKELQ2IIL]LHUGHV 0LQLVWHULXPVIU6WDDWVVLFKHUKHLWGHU'HXWVFKHQ'HPRNUD WLVFKHQ5HSXEOLN:HLWHUH$XVVDJHQPDFKHLFKQLFKW©$EHU VRZHLWPXHVQRFKQLFKWVHLQ7URW]GHPGHQNWHUPDQFKPDO GDUDQZHQQHUXQHUZDUWHWPLWhEHUUDVFKXQJHQNRQIURQWLHUW ZLUG$XIGHP3RVWHQDXIGHPHUVWHKWZlUHHVEHLDOOHU 9RUVLFKWIDOVFKVLFKLQ6LFKHUKHLW]XZLHJHQ )HOGMlJHUVWHOOHQGLH:DFKHQEHLP$PWIU6LFKHUKHLW6LH QHKPHQ+DOWXQJDQXQGVDOXWLHUHQ6HOEVWEHZXWXQGVLFKHU

WLSSWGHU)OLHJHUPDMRUDQGHQ0W]HQVFKLUPDOVHUYRUEHU JHKWHLQYLHOEHVFKlIWLJWHU0DQQLPYROOHQ%HZXWVHLQVHLQHU %HGHXWXQJ=LHOVWUHELJXQGPLWHQHUJLVFKHP6FKULWWGXUFKPLW HUGLHODQJHQ.RUULGRUH6LHVLQGHLJHQDUWLJVWLOOGLH6FKULWWH KDOOHQDXIGHP6WHLQKRO]ERGHQ'DJHJHQJHKWHVLP9HU WHLGLJXQJVPLQLVWHULXPZLHLQHLQHP7DXEHQVFKODJ]X+LHU EHJHJQHWLKPQLHPDQG'LH3ROVWHUWUHQODVVHQGDV+lPPHUQ YRQ6FKUHLEPDVFKLQHQGDV5DWWHUQYRQ)HUQVFKUHLEHUQQLFKW DXIGHQ)OXUKLQDXVGULQJHQ+LHUZDFNHOWVHOEVWGHU3DWHUQR VWHUODXWORVGXUFKGLH6WRFNZHUNH(LQ+DXVGHV*HKHLP QLVVHVGHQNW$FKLPVS|WWLVFK8QGGLHVHV,PDJHSIOHJHQGLH %R\V ,P9RU]LPPHUVLW]WNHLQH=LYLODQJHVWHOOWHZLHGLHIUHXQG OLFKH)UDX0DUVFKQHU(LQ0DQQVWHKWDXI'HWMHQNHQQWLKQ QLFKWDEHUGHUIUHPGH2IIL]LHULQ=LYLOZHLVRIRUW%HVFKHLG ª'HU+HUU*HQHUDOHUZDUWHW6LH©VDJWHUIDUEORVXQGGHXWHW DXIGLH3ROVWHUWU'DUDXVGDHUVLFKQLFKWGLH0KHPDFKW LKP]X|IIQHQVFKOLHW$FKLPGDGHUDQGHUHPLQGHVWHQVGHQ JOHLFKHQ5DQJEHNOHLGHWZLHHU ª0DMRU'HWMHQPHOGHWVLFK]XU6WHOOH©VFKQDUUWHUGULQPLW GHU+DQGDQGHU0W]HXQGQLPPWGDQQPLWHLQHUHFNLJHQ %HZHJXQJGLH6RQQHQEULOOHDE 'DLVWHVZLHGHUGDVIUHXQGOLFKHVIILVDQWH/lFKHOQXQG LVWGRFKHLQH6SXUDQGHUV]XUFNKDOWHQGHU(UKDWPLWGHP 6SUXQJYRP2EHUVW]XP%ULJDGHJHQHUDOHLQHGHUVFKZLHULJ VWHQ6SURVVHQDXIGHU6WXIHQOHLWHUGHU0LOLWlUKLHUDUFKLHJH QRPPHQ'DVYHUSIOLFKWHW9LHOHVLQGEHUXIHQGRFKQXU ZHQLJHVLQGDXVHUZlKOW9RQ:LHVHQHFNJHK|UW]XGHQ$XV HUZlKOWHQ (UHUKHEWVLFKKLQWHUVHLQHP6FKUHLEWLVFKXQGVWUHFNW'HWMHQ GLH+DQGHQWJHJHQ8QZLOONUOLFKHUZDUWHW$FKLPGHUDQGHUH ZHUGHVRJOHLFKHWZDV%HGHXWHQGHVYRQVLFKJHEHQGRFKHU VDJWQXUª1DGDVLQG6LHMD1HKPHQ6LHGRFK3ODW]© 'HWMHQDFKWHWGDUDXIQLFKWVFKQHOOHU]XVLW]HQDOVGHU *HQHUDO'DVJHK|UWVLFKQLFKW'DVLFKYRQ:LHVHQHFNQLFKW YHUlQGHUWKDWREZRKOHUVLFKGHQ$QVFKHLQJHEHQP|FKWH EHHLQIOXWGDVQLFKW

6LHVLW]HQVLFKJHJHQEHU$FKLPDXIGHU9RUGHUNDQWHGHV 6HVVHOVXQGPLWVWHLIHP5FNHQEHTXHP]XUFNJHOHKQWGHU *HQHUDOJDQ]&KHI8QGHUOlWGHQDQGHUHQVHLQHQ$XIVWLHJ VSUHQ:HGHUIRUGHUWHULKQDXIEHTXHPHU]XVLW]HQQRFK VWHOOWHULKPDQKHLPGLH6FKLUPPW]HDE]XOHJHQGLH'HWMHQ MHW]WYRUVFKULIWVPlLJXQWHUPOLQNHQ$UPKDW ª8PHKUOLFK]XVHLQPHLQ/LHEHU©EHJLQQWGHU%ULJDGHJH QHUDOXQGVFKOlJWGLH%HLQHEHUHLQDQGHUª6LHVFKHLQHQHLQ IOXUHLFKH)UHXQGH]XKDEHQ0DQKDW6LHPLUIUGLHVH6DFKH GLUHNWHPSIRKOHQ©'DPLWQLFNWHU$FKLPEHGHXWXQJVYROO ]X 'HUVLHKWLKQQXUIUDJHQGDQ$FKGXOLHEH*WHGHQNWHU ,VWZLHGHUHLQPDOZLHGDPDOVLQ3RUWXJDOHLQ0LQLVWHULDOGL ULJHQWYRP+LPPHOJHIDOOHQ"*LOWHVZLHGHUHLQHQ(LQVDW] DXHUKDOEGHU/HJDOLWlWGXUFK]XIKUHQIUGHQHLQ0DQQ JHEUDXFKWZLUGGHUKDOEZHJV6SDQLVFKVSULFKWXQGVHLQHU +HUNXQIWDXVGHP.UHLVGHUDOWHQ.DPHUDGHQZHJHQDOV ]XYHUOlVVLJJLOW" 9RQ:LHVHQHFN]XSIWDQVHLQHU%JHOIDOWHª6LHVLQGPLU DOVRELVDXIZHLWHUHVXQWHUVWHOOW©IlKUWHUIRUWª6LHYHUVWHKHQ" 1DGDVZLUG,KQHQMDQLFKWXQDQJHQHKPVHLQ,P9RUMDKULQ 3RUWXJDOKDEHQ6LHPLUPDOJHVDJWGD,KQHQXQVHUH$UW$UEHLW 6SDPDFKW© 0LWHLQHU.RSIQHLJXQJJLEWGHU0DMRU]XHUNHQQHQGDHU ]XMHQHUbXHUXQJQDFKZLHYRUVWHKW8QGHUGHQNW'DVSDW PLUJDUQLFKW,P5HIHUDWGUHLZLUG]XU=HLWDQGHU6FKOX IDVVXQJGHV'RNXPHQWVJHDUEHLWHWª'LH$XIJDEHQGHU PLWWHOIULVWLJHQ3ODQXQJEHLGHU(UZHLWHUXQJGHV1HW]HVGHU (UVDW]IOXJKlIHQXQWHU%HUFNVLFKWLJXQJGHU%HVRQGHUKHLWHQ GHPQlFKVWLQ'LHQVW]XVWHOOHQGHUQHXHU)OXJ]HXJW\SHQ©%HL GHU(QGIDVVXQJKlWWHLFKJDQ]JHUQPLWJHPLVFKW ª1XQ]XU6DFKH©VHW]WGHU*HQHUDOQHXDQXQGJODXEWZRKO GHU(LQOHLWXQJVHLJHQXJJHWDQª%HKDOWHQ6LH3ODW]©(UVHOEVW JHKW]XP6FKUHLEWLVFKXQGQLPPWHLQHQEODXHQ$NWHQGHFNHO DXIª,FKKDEH6LHDXFKGHVKDOEDQJHIRUGHUWZHLOGDVLQ,KU $UEHLWVJHELHWIlOOW6LHNHQQHQ:HJHQHUXQG0RVV"©(LQH

$QWZRUWHUZDUWHWHUQLFKW(UVFKOlJWGLH$NWHDXIª.RQNUHW JHKWHVXPGLH$UEHLWHLQHVGRUWLJHQ:LVVHQVFKDIWOHUVHLQHV JHZLVVHQ'RNWRU.|QLJ(UZDUEHUHLWVZlKUHQGGHV.ULHJHV PLWJHKHLPHQ5VWXQJVSURMHNWHQEHVFKlIWLJW1DFKIQI XQGYLHU]LJJOHLFKDUWLJH7lWLJNHLWLQGHQ86$6HLWVLHEHQXQG IQI]LJZLHGHULQ'HXWVFKODQG(LQNOXJHU0DQQGLHVHU.|QLJ (LQELFKHQYHUVSRQQHQ/HEWQXUIUVHLQH$UEHLW(WZDV XQGXUFKVLFKWLJHU&KDUDNWHU©2EZRKO'HWMHQNHLQHUOHL$Q VWDOWHQJHWURIIHQKDWHWZDVDXI]XVFKUHLEHQVDJWHUSO|W]OLFK ª2KQH1RWL]HQELWWH©:DKUVFKHLQOLFKJLEWHUGLHVH$QZHL VXQJLPPHUZHQQLKP0LWDUEHLWHUVHLQHV$PWHVJHJHQEHU VLW]HQ6LHJHK|UWHLQIDFKGD]XZHQQHUGR]LHUW ª'RNWRU.|QLJKDWHLQH)XQNPHVRQGHHQWZLFNHOW©IlKUW HUIRUWª(OR3$QHXQXQGIQI]LJ6FKUlJVWULFKHLQKXQGHUW]ZHL 'DV%HVWHZDVHVELVKHUDXIGLHVHP*HELHWJLEW6LHZLUGLP JHVDPWHQ1$72%HUHLFKHLQJHIKUWZHUGHQGHQNHLFK 'RNWRU.|QLJOLHJWQDWUOLFKHEHQVRZLHGHU)LUPDGDUDQGD GLHLQGXVWULHOOH1XW]XQJDXVVFKOLHOLFKEHLGHU:HJHQHU 0RVV$*EOHLEW.ODU"© 'HWMHQLVWQLFKWVNODUª9ROONRPPHQ+HUU*HQHUDO©HU ZLGHUWHUª,FKNDQQPLUQXUQLFKWVGDUXQWHUYRUVWHOOHQ© 9RQ:LHVHQHFNKDWHLQNOHLQHVJ|QQHUKDIWHV/lFKHOQª'DV QHKPHLFK,KQHQQLFKWEHO$XFKLFKKDEHPLFKHUVWLQIRU PLHUHQPVVHQ© (UQLPPWHLQ%ODWWDXVGHU0DSSHXQGOLHVWYRUª'LHVH 6RQGHQLPPWLQNU]HVWHU=HLWHLQ0D[LPXPJHJQHULVFKHU )XQNLQIRUPDWLRQHQDXIVSHLFKHUWVLHXQGJLEWVLHDQHLQH (PSIDQJVVWDWLRQDE'DHVVLFKXPHLQH5DNHWHQVRQGHKDQ GHOWLVWVLHVREHUUDVFKHQGHLQVHW]EDUGDGHP*HJQHUNHLQH =HLW]X7lXVFKXQJVPDQ|YHUQEOHLEW)XQNVSLHOHWFHWHUD'HV ZHLWHUHQLVWGLH6RQGHNDXPPLWKHUN|PPOLFKHQ)XQNPH PLWWHOQ]XRUWHQ1DFKLKUHP(LQVDW]DOVRZlKUHQGGHV 5FNVWXU]HV]XU(UGHYHUQLFKWHWVLHVLFKQDFK$EJDEHGHU JHVSHLFKHUWHQ:HUWHVHOEVW'DVLVWQRFKQLFKWDOOHV'LH .|QLJVRQGHNDQQHQWVSUHFKHQGSURJUDPPLHUWIUHLQLJH=HLW GHQJHVDPWHQJHJQHULVFKHQ)XQNYHUNHKU]XP(UOLHJHQEULQ

JHQ,FKNDQQXQWHUVWHOOHQGD6LHZLVVHQZDVGDVLP)DOOH HLQHV3UlYHQWLYVFKODJHVEHGHXWHW©9RQ:LHVHQHFNNODSSWGLH 0DSSHZLHGHU]Xª:LUKDEHQEHJUQGHWHQ9HUGDFKWGD DQGHUHDXIGLH6RQGHDXIPHUNVDPJHZRUGHQVLQG© 1DKRIIHQWOLFKGHQNW:HUQHU%UHGHEXVFK:HQQQLFKWLVW HVK|FKVWH=HLWVLFKGDUXP]XNPPHUQ ª1LFKWGHU2VWHQ©SUl]LVLHUWGHU*HQHUDOª,FKJODXEHYLHO PHKUGLH.RQNXUUHQ]'LH.|QLJVRQGHLVWQDWUOLFKIUGHQ +HUVWHOOHUHLQSKDQWDVWLVFKHV*HVFKlIW$EHUZHUZHL" *HQDXGDVVROOHQ6LHKHUDXVILQGHQ'HU$SSDUDWPHLQHV$PWHV VWHKW,KQHQ]XU9HUIJXQJ6LHKDEHQDOOH9ROOPDFKWHQ,KU 6RQGHUDXVZHLVOLHJWLQPHLQHU$GMXWDQWXUIU6LHEHUHLW©(U QLFNW'HWMHQYHUELQGOLFK]Xª,FKKRIIH6LHZHUGHQLPHLJHQHQ /DQGHQLFKWZHQLJHUHUIROJUHLFKDUEHLWHQDOVLQ3RUWXJDO© ª,FKWXHZDVLFKNDQQ+HUU*HQHUDO:HQQ6LHPLFK IUHXQGOLFKHUZHLVHXQWHUULFKWHQZUGHQZRUDXIVLFK,KU9HU GDFKWJUQGHW"'LH'HWDLOV© 9RQ:LHVHQHFNOHJWGHQEODXHQ$NWHQGHFNHODXIGHQ 6FKUHLEWLVFK]XUFN$EHUHUVHW]WVLFKQLFKWZLHGHU'DVKHLW HUEHWUDFKWHWGLH$XGLHQ]DOVEHHQGHW'HWMHQVWHKWDXI ª:DVGLH'HWDLOVEHWULIIWGLHHUIDKUHQ6LHDQ2UWXQG6WHOOH© HUNOlUWGHU*HQHUDOª'LHHUVWH%HVWDQGVDXIQDKPHKDWXQVHU JHPHLQVDPHU)UHXQG.U|VLQJGXUFKJHIKUW$OOHV:HLWHUH VDJWHU,KQHQ©8QGXQYHUPLWWHOWLQGHQNDPHUDGVFKDIWOLFKH UHQ7RQIUKHUHU-DKUH]XUFNIDOOHQGODFKWHUª6LHZLVVHQMD ZLHVFKZHUHVLKPGDPDOVJHIDOOHQLVWDXVGHPDNWLYHQ'LHQVW DXV]XVFKHLGHQ8QGQXQ".HLQH]HKQ3IHUGHEUlFKWHQLKQLQ GLH(UPHNHLONDVHUQH]XUFN(UKDWEHL:HJHQHUXQG0RVV GDVJURH/RVJH]RJHQ,QGHU,QGXVWULHZLUGHLQ*HOGYHUGLHQW GDYRQNDQQXQVHUHLQHUQXUWUlXPHQ*UHQ6LHLKQKHU]OLFK YRQPLU© %LV%LQJHQLVW$FKLP'HWMHQGHP/DXIGHV5KHLQVJHIROJW(U IOLHJWLQNQDSSGUHLKXQGHUW0HWHU+|KHXQGKDWJXWH6LFKW 5XKLJOLHJWGLHª%HHFKFUDIW%RQDQ]D©LQGHU/XIW'LHVHV NOHLQH5HLVHIOXJ]HXJVWHXHUW$FKLPLP6FKODIZHQQHVVHLQ

PX'DVLVWGHUJOHLFKH7\SPLWGHP9I|UPLJHQ/HLWZHUN GHQHUVFKRQZlKUHQGVHLQHVª*DVWVSLHOV©EHLGHUDUJHQWL QLVFKHQ/XIWZDIIHJHIORJHQKDW(UHULQQHUWVLFKDQGLH)OJH EHLGHQHQHU'HWMHQGHQGDPDOLJHQª&RURQHO©.U|VLQJ]X MHQHUJHKHLPQLVYROOHQ+D]LHQGDNXWVFKLHUWKDWDXIGHUGLH 3OlQHIUGHQ$XIEDXGHU%XQGHVZHKUDXVJHKHFNWZRUGHQ VLQG8QGDXFKVHLWKHUKDW$FKLPLPPHUZLHGHUGLHª%RQDQ]D© JHIORJHQ'LHVH0DVFKLQHLVWLKPYHUWUDXW8QGDOVHU0LWJOLHG GHV6SRUWIOLHJHUNOXEVZXUGHEOLHEHUGHP7\SWUHX,QHUVWHU /LQLHDXV%HTXHPOLFKNHLWGDVHUVSDUWHLKP,QVWUXNWLRQV VWXQGHQGLHQLFKWELOOLJVLQGhEHUGLHVLVWGHU0LWJOLHGVEHLWUDJ LQMHQHPH[NOXVLYHQ.OXEJHSIHIIHUWJHQXJ 0LWJOLHG]XVHLQLVWMHGRFKIUGHQ.XQGVFKDIWHU:HUQHU %UHGHEXVFKHLQH1RWZHQGLJNHLW(LQ]XWUHWHQKDWLKP:LQQLH :LQNHOPDQQLP$XIWUDJGHU%HUOLQHU*HQRVVHQDXVGUFNOLFK QDKHJHOHJW6HOEVWIOLHJHQ]XN|QQHQXQGP|JOLFKVWHLQHHLJHQH 0DVFKLQH]XEHVLW]HQZLUGLQGHU%XQGHVUHSXEOLNPHKUXQG PHKU]XHLQHP6WDWXVV\PEROGHUHLQIOXUHLFKHQ.UHLVH,P %RQQHU)OLHJHUNOXEWULIIWPDQHLQHJDQ]H5HLKHPDJHEOLFKHU 3ROLWLNHUGHU8QLRQVSDUWHLHQVHOEVW)UDQ]-RVHSK6WUDXKDW MDPLWYLHO0KHXQGUHLFKOLFK)OXJVWXQGHQGLH/L]HQ]HU ZRUEHQHLQHQ6WHXHUNQSSHO]XKDQGKDEHQHLQIOXUHLFKH 9HUWUHWHUGHU:LUWVFKDIWXQG/REE\LVWHQLQJURHU$Q]DKO,P )OLHJHUNOXEJHEHQVLHVLFKDOOHIRUVFKXQGNDPHUDGVFKDIWOLFK VRHWZDQDFKGHP0RWWRª'HXWVFKODQGV=XNXQIWKlQJWLQGHU /XIWXQGZLUVLQGGDEHL©'DVJOHLFKH+REE\UFNWHLQDQGHU QlKHUXQGHVJLEWNHLQHQEHVVHUHQ3ODW]]ZDQJORV9HUELQ GXQJHQDQ]XNQSIHQ]XSIOHJHQXQGDXV]XEDXHQ0LWHLQ ELFKHQ*HVFKLFNNDQQPDQGRUW,QIRUPDWLRQHQHUKDOWHQGLH VRQVWQLUJHQGZR]XKDEHQVLQG(VPDQJHOWDXFKQLFKWDQ 'DPHQIUGLHHLQH3LORWHQOL]HQ]HLQH$UW*WHVLHJHOIU 4XDOLWlWDXFKEHLDQGHUHQ*HOHJHQKHLWHQGDUVWHOOW*HVHOOLJNHLW ZLUGJURJHVFKULHEHQXQGPDQLVWªLQ© %UHGHEXVFKHUNDQQWHVRIRUWGLH%HUHFKWLJXQJGHV%HUOLQHU 9RUVFKODJV'DQQKDWWHQ:LQQLHXQGHUHLQHJURH5HFKHQ VWXQGH.DQQVLFKHLQ0DMRUGHU%XQGHVOXIWZDIIHEHUKDXSW

OHLVWHQHLQHPVRIHXGDOHQ.OXEDQ]XJHK|UHQ")UGHQ .XQGVFKDIWHU%UHGHEXVFKZlUHGDVQLFKWGDV3UREOHP VRIHUQHLQ6FKULWWQRWZHQGLJLVWILQGHQVLFKDXFK:HJH$EHU HLQ0DMRURKQHILQDQ]LHOOHV+LQWHUODQG" (VJLQJ1DWUOLFKPXHUDXIHLQHHLJHQH0DVFKLQHYHU ]LFKWHQXQGVLFKDXINOXEHLJHQHEHVFKUlQNHQ$XFKVRLVWHV QRFKHLQ2SIHUDEHUHLQJODXEKDIWHV'HU0DMRU$FKLP 'HWMHQXQYHUKHLUDWHWXQGRKQH8QWHUKDOWVYHUSIOLFKWXQJHQ YRQEHVFKHLGHQHQ/HEHQVDQVSUFKHQXQGRKQHDQGHUHNRVW VSLHOLJH/LHEKDEHUHLHQZDUYRQMHKHUHLQOHLGHQVFKDIWOLFKHU )OLHJHUEHLLKPLVWJODXEKDIWGDHUVLFKDXIYLHOHQ*HELHWHQ HLQVFKUlQNWXPDXIGLHVHQ6SDQLFKWYHU]LFKWHQ]XPVVHQ ,PPHUKLQNDQQPDQGDYRQDXVJHKHQGDGLHGLYHUVHQ1DFK ULFKWHQXQG*HKHLPGLHQVWHGHU%5'XQGLKUHU9HUEQGHWHQ HLQ$XJHDXI(LQULFKWXQJHQVROFKHU$UWKDEHQ(VNDQQLKQHQ QLFKWHQWJHKHQGDGHU0DMRU'HWMHQLPPHUMXVWQDFKGHU *HKDOWV]DKOXQJLP.OXEEHVRQGHUVDNWLYZLUG'LH/HJHQGH VWLPPW 6FKUlJYRUDXVVLHKWHUPLWWHQLP5KHLQGHQª0lXVHWXUP© DOV2ULHQWLHUXQJVSXQNWUHFKWHU+DQG%LQJHQ'DXQWHQ PQGHWGLH1DKH'HUNDQQHUQLFKWIROJHQGHQQGDV*HELHW YRQ%DG.UHX]QDFKLVWIUGHQ)OXJYHUNHKUJHVSHUUWGHU JURHQ7UXSSHQEXQJVSOlW]HZHJHQ(UZLUGVLFKKDUWDQGHU *UHQ]HGHV6SHUUJHELHWVKDOWHQXQGVLFKEHLGLHVHU*HOHJHQKHLW EHU]HXJHQZLHZHLWVLHPLWGHP%DXGHU%XQNHUIUGLH $WRPVSUHQJN|SIHVLQG 0DQNDQQEHU*HQHUDOYRQ:LHVHQHFNGHQNHQZLHPDQ ZLOOHVZDUHLQJXWHU(LQIDOOYRQLKP'HWMHQ]XVDPPHQPLW GHP6RQGHUDXVZHLVVWLOOVFKZHLJHQGGLH3DSLHUHIUGLH ª%RQDQ]D© EHUUHLFKHQ]XODVVHQGLHVPLWGHP=XVDW]ª2KQH 3LORW6HOEVWIOLHJHU©'LH/HXWHYRP*HKHLPGLHQVWKDEHQGHQ %RJHQUDXVHLQHPLKUH6SH]LDODXIWUlJHVFKPDFNKDIW]XPD FKHQ6RJDQ]RKQH*UXQGLVWYRQ:LHVHQHFNQLFKWGLH7UHSSH ªKLQDXIJHIDOOHQ© 8QGHUYHUVWHKWHVGLHQVWOLFKHXQGSULYDWH,QWHUHVVHQJH VFKLFNWPLWHLQDQGHU]XYHUTXLFNHQ1DFK/DJHGHU'LQJHKlWWH

HURKQHZHLWHUHVEHOLHELJH2IIL]LHUHDXVVHLQHP$PW]XU :HJHQHU 0RVV$*EHRUGHUQN|QQHQ$EHUHUKROWHVLFK 'HWMHQ:DUXP":DKUVFKHLQOLFKZHLOVHLQ6FKZLHJHUYDWHU *QWHU.U|VLQJGLH6DFKHHLQJHUKUWKDWGLHVPLW5HFKW XQGZHLOHVVHLQH3RVLWLRQEHLGHU)LUPDVWlUNWZHQQHUVLH LQGHU+DQGEHKlOW'LH1RWZHQGLJNHLWVWlQGLJHQ.RQWDNWV]X LKPEHVWQGHIUIUHPGH2IIL]LHUHEHUKDXSWQLFKW'HWMHQ GDJHJHQLVWHLQªDOWHU6SH]L©GHV2EHUVWHQD'6RHLQIDFK 8QG'HWMHQHUVWDWWHWYRQ:LHVHQHFNVHOEVW%HULFKWGD HUIlKUWHUPHKUDOVZHQQDOOHVDXIGHP'LHQVWZHJGXUFK PHKUHUH$EWHLOXQJHQOlXIWHKHHVDXIVHLQHP7LVFKODQGHW $OOHV)DPLOLHQSROLWLNDEHUGHP''5.XQGVFKDIWHUNRPPW VLHJHOHJHQ6RKDWHUVHLQ5lQ]OHLQRKQH:LGHUZLOOHQJH VFKQUW 9LHO=HLWEOLHELKPQLFKWXQGHUKDWWHHLQH0HQJH]XHU OHGLJHQ1LFKWLP$PW$QIRUGHUXQJGXUFKHLQHQ*HQHUDO GHU]XGHPQRFKEHUGLH6LFKHUKHLWZDFKWGDJLEWHVNHLQH 3UREOHPH,P*HJHQWHLOGLHVH$QIRUGHUXQJIHVWLJWVHLQH 3RVLWLRQ6DIHW\ILUVW6LFKHUKHLWJHKWEHUDOOHV'HWMHQKDWHLQ SDDUJHVHOOVFKDIWOLFKH9HUSIOLFKWXQJHQDEJHVDJWGHUHQ:DKU QHKPXQJIHVWHU%HVWDQGWHLOVHLQHV/HEHQVLQ%RQQLVW$P PHLVWHQ=HLWNRVWHWHGDV7HOHIRQDWPLW%HDWH*UXQGPDQQGLH HULP)OLHJHUNOXENHQQHQJHOHUQWKDWWHXQGGLHLKPVHKUIUHL PWLJ]XYHUVWHKHQJDEGDHVVLHUHL]HQZUGHHLQSDDU VFK|QH6WXQGHQPLWLKP]XYHUEULQJHQ'LHVHOEVWKHUUOLFKHXQG YRQGHU$OOPDFKWGHVYlWHUOLFKHQ9HUP|JHQVGXUFKGUXQJHQH %HDWHJHK|UWQLFKW]XGHP7\SDQGHQ:HUQHU%UHGHEXVFK VHLQ+HU]YHUOLHUHQZUGHDEHUGHU0DMRU$FKLP'HWMHQNDQQ HLQHPVROFKHQ$EHQWHXHUQLFKWDXVZHLFKHQ8QGLPPHUKLQLVW GLHNKOH%ORQGHHLQHDWWUDNWLYH(UVFKHLQXQJ*HODQJZHLOWKDW HUVLFKQRFKQLFKWPLWLKU(UPWHOJHQZHQQHUVDJHQVROOWH GDVLHLKPUXQGKHUDXVXQV\PSDWKLVFKZlUH(VSDWHLKUJDU QLFKWGDHUVLFKIUHLQSDDU7DJHYHUDEVFKLHGHWH :LQQLH:LQNHOPDQQKDWJHODFKWDOVHULKUGDYRQHU]lKOWH 6LHIDQG:RUWHWLHIHQ%HGDXHUQVIUGHQJHSODJWHQ0DMRUGHU VLFKDXIVRYLHOHQ(EHQHQLPPHUZLHGHUEHZlKUHQPX(U

ODFKWHPLW'DVLVWGDV6FK|QHEHL:LQQLHVLHKDWIUDOOHV 9HUVWlQGQLV :DKUVFKHLQOLFKILHOHVLKUJDUQLFKWOHLFKWVLFKGHVVRIRUW QRWZHQGLJHQ7UHIIHQVZHJHQDXVLKUHQ)UDQNIXUWHU9HU SIOLFKWXQJHQ]XO|VHQXQGQDFK%RQQ]XIDKUHQGRFKGDUEHU YHUORUVLHNHLQH6LOEH=X$FKLPVhEHUUDVFKXQJQDKPVLH VHLQH(UNOlUXQJHQEHUGLH.|QLJVRQGHPLWJURHU*HODVVHQ KHLWDXIDOVHWZDV%HNDQQWHV9HUWUDXWHV1HLQGDUXP EUDXFKHHUVLFKQLFKW]XNPPHUQVDJWHVLHQXUGDVVHLEHUHLWV LQ GHP7RSILQGHPHVNRFKH(LQH5HLVH'HWMHQVQDFK 6WDXIHQZDUMDQLFKWYRUKHU]XVHKHQ:DVHUEHLGHU:HJHQHU 0RVV$*EHUGLHGLHQVWOLFKHQ2EOLHJHQKHLWHQKLQDXVWXQ N|QQHVHL.U|VLQJHLQZHQLJDQGHU=XQJH]X]LHKHQLQ VHLQHU3RVLWLRQNHQQHGHUDXFK3HUVSHNWLYYRUKDEHQGLHELVKHU QXUHLQHPNOHLQHQ.UHLVEHNDQQWVLQGXQGEHUGLHRIIL]LHOO QRFKQLFKWVODXWJHZRUGHQLVW'DQQOlFKHOWHVLHZDVHUQLFKW ZDKUQHKPHQNRQQWHZHLOVLH5FNHQDQ5FNHQDXIHLQHU 3DUNEDQNVDHQHUPLWGHU/HNWUHGHVª5KHLQLVFKHQ0HUNXU© EHVFKlIWLJWXQGVLHLKUHQ:HOVK7HUULHUVWUHLFKHOQGGHUIURK ZDUHQGOLFKDXVGHP$XWRKHUDXVJHNRPPHQ]XVHLQ ª:XQGHUHGLFKQLFKWZHQQGXEHLGHU:HJHQHU 0RVV$* )RWRVVLHKVWGLHPHLQHQ1DPHQV]XJWUDJHQ(VKDWVLFKIU PLFKJHORKQWDXI,QGXVWULHDXIQDKPHQXP]XVWHLJHQ©8QG VDFKOLFKª8QVHUQlFKVWHU7UHIIRUWLVWGHU:HVWKDIHQLQ)UDQN IXUW0DLQ $P.UDQYLHU0LFKLQWHUHVVLHUWQDWUOLFKEUHQ QHQGZHOFKHQ=ZHFNGLHVHVYRUJHWlXVFKWH.LGQDSSLQJKDWWH 6FKRQXQVHUHU$UEHLWZHJHQ:LUZLVVHQHLQLJHVEHUGLH .|QLJVRQGHDEHUHEHQQRFKQLFKWDOOHV%HLXQVKHLWGDV 3URMHNW+DQQLEDO!© ª8QG,KUVHLGQRFKQLFKWEHUGLH$OSHQLFKYHUVWHKH© 'LH6RQQHWULIIWYRQYRUQDXIGLH0DVFKLQH'LH*H VFKZLQGLJNHLWOLHJWEHL.LORPHWHUQMH6WXQGH'LHª%R QDQ]D©IROJWMHW]WGHU%XQGHVVWUDHGLHEHU)UHLEXUJLQ 5LFKWXQJ%DVHOYHUOlXIW$OV$FKLPGLH6WDGWDP)XHGHU 6FKZDU]ZDOGEHUJHXQGDP$XVJDQJGHV'UHLVDPWDOHVYRUVLFK VLHKWGUHKWHUGDV6WHXHUKRUQQDFKOLQNVXQG]LHKWLQHLQHU

ZHLWHQ.XUYHIUGLHHUQXUZHQLJ4XHUUXGHUJLEWQDFK 2VWVGRVW-HW]WLVWHVDQGHU=HLWGDV)XQNJHUlWDXIGLH:HOOH GHV:HUNIOXJKDIHQVXP]XVWHOOHQ'DV1DYLJDWLRQVKDQGEXFK ]lKOWVLHXQWHUYLHOHQDQGHUHQDXI ª:HJHQHUXQG0RVV7XUP©UXIW$FKLPª(UELWWH/DQGHHU ODXEQLVXQG(LQZHLVXQJIU'6WULFK%/6WULFK]ZRXQGYLHU]LJ .RPPHQ© ª5RJHU©NOLQJWHLQHIU|KOLFKH0lQQHUVWLPPHDXVGHP /DXWVSUHFKHUª:LUZDUWHQVFKRQDXI6LH,FKKDEH6LHDXI GHP6FKLUP/DQGXQJHUODXEW%DKQ]ZR/DQGHQ6LHQDFK 6LFKW,KUH+|KHLVWQRFK]ZHLKXQGHUWYLHUXQGGUHLLJ,KUH *HVFKZLQGLJNHLWMHW]W]ZHLKXQGHUWXQGVHFK]LJ.RPPHQ6LH UXQWHU+DOVXQG%HLQEUXFK© ª2ND\©TXLWWLHUW'HWMHQJHPWOLFKIlKUWPLWHLQHP.QRSI GUXFNGDV)DKUZHUNDXVGUFNWGDV6WHXHUKRUQQDFKYRUQXQG VLHKWGDVJUDXH%HWRQEDQGPLWGHUZHLHQ/HLWOLQLHDXIVLFK ]XNRPPHQ)UHLQHQ3ULYDWIOXJSODW]LVWGLHJHVDPWH$QODJH HUVWDXQOLFKJUR6LHLVWHVQLFKWZHQQPDQHLQHQ%OLFNDXI GLH+DQJDUVXQG:HUNKDOOHQZLUIWXQGVLFKYHUJHJHQZlUWLJW GDKLHUPLW)OLHJHUHL*HOGYHUGLHQWZLUG $P(QGHGHU%DKQZDUWHWHLQVFKZDU]HU0HUFHGHVXQ YHUNHQQEDUHLQ'LUHNWLRQVZDJHQ'DQHEHQVWHKWHLQVFKODQNHU 0DQQPLW+DOEJODW]HXQGYRQHLQGHXWLJVROGDWLVFKHU+DOWXQJ VFKLUPWGLH$XJHQPLWGHU+DQGXQGVLHKW]XLKPKRFK'DV LVWPLW6LFKHUKHLW.U|VLQJXQGHUHUZDUWHWQDWUOLFKGDLKQ GHUHLQVWLJH)OXJ]HXJIKUHUDXVªVHLQHP©-DJGJHVFKZDGHU ]QIWLJEHJUW'HWMHQWXWLKPGHQ*HIDOOHQ4XHUUXGHU UHFKWV4XHUUXGHUOLQNVGLH0DVFKLQHªZDFNHOW©XQGGHU 0DQQUHLWEHLGH$UPHKRFKXQGZLQNWEHUVFKZHQJOLFK $FKLPEHPKWVLFKHLQHJHUDGH]XNODVVLVFKH'UHLSXQNWODQ GXQJKLQ]XOHJHQXQGGLHª%RQDQ]D©JHQDXYRUGHP:DJHQ]X VWRSSHQ'HU%XJPDFKWHLQHZLQ]LJH9HUEHXJXQJ6RZDV IUHXW.U|VLQJLPPHUQRFK ª+HU]OLFKZLOONRPPHQEHLGHU:HJHQHUXQG0RVV©WURP SHWHWHUVFKRQDOV'HWMHQDXVGHP&RFNSLWVSULQJWXQG VFKWWHOWLKPGLH+DQGDOVZROOHHULKPGHQ$UPDEUHLHQ

ª,FKIUHXHPLFK,FKIUHXHPLFKULHVLJ© ª1DXQGLFKHUVW+HUU2EHUVW©HUZLGHUW'HWMHQª%HVWH *UHYRP+HUUQ6FKZLHJHUVRKQ,FKKDEHLKQ]XPHUVWHQPDO DOV*HQHUDOHUOHEW$OOH$FKWXQJ© .U|VLQJEHU]HXJWVLFKPLWHLQHP6HLWHQEOLFNGD:HUN PRQWHXUHLQJUDXHQ2YHUDOOVPLWHLQHPEODXHQ:0DXIGHP 5FNHQJHODXIHQNRPPHQXQGGLHª%RQDQ]D©LQLKUH2EKXW QHKPHQª+DWHVZHLWHUJHEUDFKWDOVZLUDOWHQ)URQWVFKZHLQH© EHPHUNWHUª,FKJ|QQHHVLKPYRQ+HU]HQ6FKRQ5HQDWHV ZHJHQ6WHLJHQ6LHHLQ'HWMHQ'LH:HJHQHUXQG0RVVHU ZDUWHW*URHVYRQ,KQHQ©

1LFKWZHVHQWOLFKJU|HUDOVHLQIODFKHUHOHNWULVFKHU5DVLHU DSSDUDWLVWGDV'LNWLHUJHUlWPLWHLQJHEDXWHP0LNURIRQGDV YRU$FKLP'HWMHQDXIGHP5DXFKWLVFKLP$UEHLWV]LPPHU 'U.|QLJVOLHJW'DQNVHLQHUPXHUNHLQH$XI]HLFKQXQJHQ PDFKHQXQGNDQQVLFKJDQ]DXIGDV*HVSUlFKPLW&KULVWLQH NRQ]HQWULHUHQ 'LHVFKZDU]KDDULJH'RNXPHQWDOLVWLQVLW]WLKPLQHLQHU &RXFKHFNHJHJHQEHUKDWDQPXWLJGLHODQJHQ%HLQHEHU HLQDQGHUJHVFKODJHQXQGDQWZRUWHWEHUHLWZLOOLJ'LHVHU0DMRU DXVGHP$PWIU6LFKHUKHLWPDFKWHLQHQYHUWUDXHQHUZHFNHQ GHQ(LQGUXFNXQGRIIHQEDUYHUVWHKWHUVHLQ*HVFKlIW(LQ ZHQLJNXU]DQJHEXQGHQLVWHUDEHUVRVLQGGLHVH/HXWHZRKO DOOH6HKUVDFKOLFKJLEWHUVLFKEDUMHGHU(PRWLRQ(UPDFKW HLQH%HVWDQGVDXIQDKPHXQGHQWKlOWVLFKMHGHQ.RPPHQWDUV ]XGHQPLWJHWHLOWHQ(LQ]HOKHLWHQGLHVHLQ*HUlW]XUVSlWHUHQ $XVZHUWXQJVSHLFKHUW'LH=ZLVFKHQIUDJHQGLHHUVWHOOW ]LHOHQDXVVFKOLHOLFKGDUDXIDEGLH'HWDLOVVRJUQGOLFKXQG XPIDVVHQG]XHUIRUVFKHQZLHHVQXUP|JOLFKLVW'DVHQW VSULFKWDQJHQHKPGHU9RUVWHOOXQJGLH&KULVWLQHDXVDPHULND QLVFKHQ'HWHNWLYJHVFKLFKWHQYRQVROFKHU$UEHLWJHZRQQHQ

KDW:DVVLHWXQNDQQLKP]XKHOIHQWXWVLH'LHVDXFKLQGHU +RIIQXQJGDHVGDQQXPVRVFKQHOOHUYRUEHUJHKW6HLWGHP $EHQGDQGHPVLHLQ+DPPHUVWHLQEHUQDFKWHWHLVWGLH 8QUXKHLQGDV+DXV$P:HLQEHUJHLQJHNHKUW9DWHUVLQG GLH1HUYHQGXUFKJHJDQJHQ=XPHUVWHQPDOKDWHULKU%KUHUV XQGLKUHU)DKUWHQQDFK%DVHOZHJHQ9RUZUIHJHPDFKW'LH KDWVLHDQJHK|UWXQGJHVFKZLHJHQ6LHYHUVWHKWLKQDEHUVLH EHGDXHUWGHQ0LNODQJGHULQLKUHELVKHUVRKDUPRQLVFKH %H]LHKXQJJHNRPPHQLVW ª'DQQVLQGZLUGRFKVFKRQHLQJDQ]HV6WFNZHLWHUJHNRP PHQ)UlXOHLQ.|QLJ©=XPHUVWHQPDODQGLHVHP9RUPLWWDJ OlFKHOWGHU0DMRUGHUJUDXH6FKOlIHQXQGHLQHQHWZDVVWUXS SLJHQPHOLHUWHQ/LSSHQEDUWKDW0LWHLQHUJHGDQNHQORVHQ *HVWHULFKWHWHUVHLQH.UDZDWWHXQGNQ|SIWGDV6DNNRGHV JUDXHQ7ZHHGDQ]XJVDXI$OOHVLQDOOHPPDFKWHUHLQHQEHL QDKHEHUNRUUHNWHQGLV]LSOLQLHUWHQXQG]XUFNKDOWHQGHQ (LQGUXFNª6RYLHOHTXLWWHJHOEH2SHO5HNRUGNDQQHVJDUQLFKW JHEHQ'DHUHLQH)UHLEXUJHU1XPPHUKDWWHZLVVHQ6LH JHQDX"© 6LH]LHKWGLH8QWHUOLSSH]ZLVFKHQGLH=lKQHXQGVLHKWDQ LKPYRUEHLLQGDVJURH=LPPHU$P6FKUHLEWLVFKVWHKHQLKU 9DWHU'U%XW]NRXQG2EHUVW.U|VLQJ6LHXQWHUKDOWHQVLFK OHLVHXPGLH%HIUDJXQJQLFKW]XVW|UHQ%LVKLHUKHULQGHQ (UNHUGULQJHQLKUH6WLPPHQQLFKW&KULVWLQHVFKDXWDQGHQ 0lQQHUQYRUEHU6LHYHUVXFKWVLFKGLH6LWXDWLRQLP1HEHO DXIGHUPHQVFKHQOHHUHQ/DQGVWUDHYRU+DPPHUVWHLQLQV *HGlFKWQLV]XUFN]XUXIHQ ª-D©VDJWVLHª-D$P$QIDQJ)5GDELQLFKVLFKHU8QG GDQQHLQ0(LQHGUHLVWHOOLJH=DKOIROJWH© 'HWMHQEHREDFKWHWVLH:LHVLHGDYRULKPVLW]WXQGGLH6WLUQ LQ)DOWHQ]LHKWLVWVLHGHUDQKHLPHOQGHQ8PJHEXQJY|OOLJ HQWUFNW6LHHUOHEWGHQ9RUJDQJQRFKHLQPDO'DKLOIWHULKU HLQIKOVDPGDV%LOGGDVVLHYRU$XJHQKDW]XSUl]LVLHUHQ ª(ULQQHUQ6LHVLFKJHQDX©IRUGHUWHUOHLVH(UUFNWQlKHU ]XLKU-HW]WKDWVHLQH6WLPPHHWZDV6XJJHVWLYHVª'LHVHU+HUU %FKPDQQEHXJWVLFKEHUGHQGHIHNWHQ0RWRU,KUHV:DJHQV

6LHKDEHQLKQVRHEHQDXVGHPJHOEHQ2SHOVWHLJHQVHKHQ(U JLQJDQGHQ+HFNOHXFKWHQVHLQHV)DKU]HXJVYRUEHU'DV 6WDQGOLFKW,KUHV)LDWILHOYROODXIGDV1XPPHUQVFKLOG)5 6WULFK0©(UOlWGLH%HVFKUHLEXQJLQGHU6FKZHEH(VIHKOW QRFKHWZDV &KULVWLQHVFKOLHWGLH$XJHQ6LHKHEWGLH+DQGDOVZROOWH VLHPLWGHPDXVJHVWUHFNWHQ=HLJHILQJHUEHUGDV.HQQ]HLFKHQ IDKUHQ ª'UHLHLQVYLHU2GHUDFKWHLQVYLHU'LH'UHLN|QQWHDXFK HLQH$FKWJHZHVHQVHLQ©6LH|IIQHWGLH$XJHQXQGVLHKWLKQ DQª2GHUHLQH=ZHL©IlKUWVLHYHUOHJHQIRUWª'DVZHLLFK EHLPEHVWHQ:LOOHQQLFKW$EHUGLH(LQVXQGGLH9LHUZDUHQ GDEHL$XIDOOH)lOOH© 0HKUNDQQVLHQLFKWVDJHQ 'HU0DMRUVFKDOWHWGDV'LNWLHUJHUlWDE(LQHZLQ]LJHURWH /DPSHHUOLVFKWª,FKEHGDQNHPLFK)UlXOHLQ.|QLJ© 9RUDOOHP.U|VLQJVLHKWLKPHUZDUWXQJVYROOHQWJHJHQDOV 'HWMHQQXQDXIGLH*UXSSHDP7LVFK]XJHKW(UWLSSWDXIGHQ 6FKQHOOKHIWHUPLWGHP$XIGUXFNª:HJHQHU 0RVV$* :HUNVLFKHUKHLWVGLHQVW9HUWUDXOLFK© ª$XHURUGHQWOLFKSUl]LVH$UEHLWGHU6SXUHQVLFKHUHU©EH PHUNW$FKLPª7URW]GHPEHKDXSWHLFKLP*HJHQVDW]]XGHQ )HVWVWHOOXQJHQ,KUHU3ULYDWSROL]HL(VLVWMHPDQGLP+DXV JHZHVHQ©(UZHQGHWVLFK]X'U.|QLJª'DIUVSULFKW'DV (UHLJQLV!IDQGLQHLQHU1DFKWVWDWWLQGHUDXHU,KQHQQLH PDQGLP+DXVHZDU'LH7HOHIRQOHLWXQJZXUGHXQPLWWHOEDUYRU GHU7UGXUFKJHWUHQQWGDPLW6LHYRQKLHUDXVQLHPDQGHQ YHUVWlQGLJHQRGHU+LOIHKROHQNRQQWHQ0DQVFKOHXVWH6LHDXV GHU6WDGW'DVLVWGLHHLQH6HLWH'LHDQGHUH©-HW]WGUHKWHU VLFKVRGDHU&KULVWLQHQLFKWPHKUGHQ5FNHQ]XZHQGHW VRQGHUQVLHLQVHLQH'DUOHJXQJHQHLQEH]LHKHQNDQQª:LHVLFK KHUDXVVWHOOWHLVWGHU'HIHNWDQGHP:DJHQYRQ)UlXOHLQ.|QLJ QLFKWYRQVHOEVWHQWVWDQGHQ(UZXUGHKHUEHLJHIKUW6HKU UDIILQLHUWVR]XVDJHQPLW/DQJ]HLWZLUNXQJ6SXUHQDQGHU 7DFKRPHWHUZHOOHXQGDQGHU%HQ]LQOHLWXQJGHXWHQGDUDXIKLQ GDGRUWPDQLSXOLHUWZRUGHQLVW:LHGDVLPHLQ]HOQHQJH

VFKDK©(UKHEWEHLGH+lQGH 'LH'RNXPHQWDOLVWLQLVWDXIJHVWDQGHQXQGJHVHOOWVLFKQXQ HEHQIDOOV]XGHU*UXSSHDP6FKUHLEWLVFKª6HLWLFKLQ%DVHO DEJHIDKUHQELQKDEHLFKGHQ:DJHQQLFKWHLQH0LQXWHYHU ODVVHQ©YHUVLFKHUWVLH ª'DQQLVWHVLQ%DVHOJHPDFKWZRUGHQ©EHKDXSWHW'HWMHQ ªhEULJHQV)UlXOHLQ.|QLJ:DVVDJWHGLHVHU%FKPDQQ]X ,KQHQDOVHULQ+DPPHUVWHLQYRQVHLQHPQlFKWOLFKHQ :HUNVWDWWEHVXFK]XUFNNDP"© ª'HU0HLVWHUZlUHQLFKWGDXQGNlPHHUVWDPQlFKVWHQ 0RUJHQZLHGHU© ª'HU0HLVWHUZDU]X+DXVHDEHUHVKDWLKQQLHPDQGKHU DXVJHNOLQJHOW©(UVLHKW'U%XW]NRDQª'DVKDWPLU,KU+HUU 6FKPDXVLP:HUNPLWJHWHLOW8QGQRFKHWZDV(LQHUYRQ VHLQHQ/HXWHQEOLHEEHNDQQWOLFKLQ+DPPHUVWHLQ]XUFNXP GLH5HSDUDWXUGHV)LDW]XYHUDQODVVHQXQGLKQ]XUFN]XIKUHQ (UYHUVXFKWHLKQ]XVWDUWHQ'DV&RXSHVSUDQJVRIRUWDQXQG OLHIELVQDFK6WDXIHQHLQZDQGIUHL0LWHLQHP:RUW'HUHLQ JHEDXWH'HIHNWZDU]XGLHVHP=HLWSXQNWQlPOLFKZlKUHQG6LH LQGHP*UQHQ%DXP!VFKOLHIHQEHUHLWVEHKREHQZRUGHQ,Q +DPPHUVWHLQ0DQPXWHMDQLFKWIUFKWHQGD6LH]XIUK HUZDFKHQ)UlXOHLQ.|QLJ$XFKGDVOLHPLFK+HUU6FKPDXV ZLVVHQ'LH%OXWSUREHGLHGHU:HUNDU]WQDFK,KUHP(LQ WUHIIHQQDKPLVWLP*HULFKWVPHGL]LQLVFKHQ,QVWLWXWGHU)UHL EXUJHU8QLYHUVLWlWXQWHUVXFKWZRUGHQ0DQKDWWH,KQHQHLQ VWDUNHV6FKODIPLWWHOYHUDEUHLFKW(LQEHVRQGHUHV6FKODIPLWWHO +DOWHQ6LHVLFKIHVWPHLQH+HUUHQ'LHVHV%HWlXEXQJVPLWWHO $GUHLXQGYLHU]LJZXUGHQHXQ]HKQKXQGHUWYLHUXQGYLHU]LJ]XP HUVWHQPDOKHUJHVWHOOW9RQGHU,*)DUEHQ(VIDQGIDVW DXVVFKOLHOLFKLQGHU0LOLWlUPHGL]LQ9HUZHQGXQJXQGZXUGH QDFKGHP.ULHJHQLFKWZHLWHUSURGX]LHUW.HLQH$KQXQJLQ ZHVVHQ+lQGHQVLFKQRFK5HVWEHVWlQGHGLHVH1DUNRWLNXPV EHILQGHQ© 'U.|QLJZHQGHWVLFKSO|W]OLFK]XP)HQVWHU2EZRKO 'HWMHQLKQQXUDXVGHQ$XJHQZLQNHOQEHREDFKWHWHQWJHKWLKP QLFKWGDGHU:LVVHQVFKDIWOHUDXIHLQPDOVRZHLZLHGLH

:DQGJHZRUGHQLVW'DVKHLW'U.|QLJZHLPHKUª9HU ZHQGXQJLQGHU0LOLWlUPHGL]LQ©ZDUHLQHDEVLFKWOLFKH8P VFKUHLEXQJGHUYRQGHQ)UHLEXUJHU*HULFKWVPHGL]LQHUQPLW JHWHLOWHQ7DWVDFKHGD$GXUFK9HUVXFKHDQ0HQVFKHQLQ .RQ]HQWUDWLRQVODJHUQEHNDQQWZXUGH1XUHLQNOHLQHU.UHLV KDWWHEHUKDXSW.HQQWQLVGDYRQ$XFKQDFKHUKLHOWHQ HLJHQWOLFKEOR7R[LNRORJHQ,QIRUPDWLRQHQGDUEHUGLHVLFK YRQ%HUXIVZHJHQPLWGHUDUWLJHQ3UlSDUDWHQEHIDVVHQPXWHQ XQGGD]XPLW3KDUPDNRORJHQ+DQGLQ+DQGDUEHLWHWHQ 'LH6FKUHFNUHDNWLRQ'U.|QLJVPDFKWLKQIU:HUQHU %UHGHEXVFKLQWHUHVVDQWZHLWEHUGHQ*UDGKLQDXVGHQHU ]HLJHQPXXPGHQ9RUVWHOOXQJHQVHLQHV$XIWUDJJHEHUVLQ %RQQ]XHQWVSUHFKHQ:LHYLHOZHLHUYRQGHQVWUHQJJHKHLP JHKDOWHQHQª)RUVFKXQJVSURMHNWHQ©GHU1D]LV"9LHOOHLFKW N|QQWHHUHWZDVEHU/RIWKXVVDJHQZHQQHUPLWGHUDUWLJHQ .UHLVHQ]XWXQKDWWH" ª8QGZlKUHQG)UlXOHLQ&KULVWLQHLQGHU%HWlXEXQJODJ© IlKUWHUIRUWDOVZlUHLKP.|QLJVYHUlQGHUWHV9HUKDOWHQ HQWJDQJHQªZDUPDQPLWGHQ6FKOVVHOQ,KUHU7RFKWHU+HUU 'RNWRULP7UHVRU©'HWMHQGHXWHWPLWHLQHUIOFKWLJHQ+DQG EHZHJXQJDXIGDV*HPlOGHYRQ-DQXDULXV=LFN 'LUHNWDQJHVSURFKHQPXVLFK'U.|QLJLQGHQ5DXP ]XUFNGUHKHQ,PPHUQRFKLVWHUEODhEHUGHQ%DFNHQNQR FKHQVWHKHQLKPHLQSDDUEUDQGURWH)OHFNH$EHUHUEHPKW VLFKXP+DOWXQJHUVWUHQJWVLFKDQVLFKQLFKWVDQPHUNHQ]X ODVVHQ ª,FKZQVFKWH6LHN|QQWHQGDVHLQZDQGIUHLEHZHLVHQ© HUZLGHUWHUVHKUEHKHUUVFKWª:DKUVFKHLQOLFKYHUP|JHQ6LH VLFKQLFKWYRU]XVWHOOHQZDVLFKGXUFKPDFKHELVGHU6DFK YHUKDOWHLQGHXWLJJHNOlUWLVW'LH6RQGH+HUU0DMRULVWHLQ 6WFNPHLQHV/HEHQV© ª8QVHUHV/HEHQV©VWHOOW%XW]NRQDFKGUFNOLFKULFKWLJ $FKLPQLFNWYHUVWlQGQLVYROO(UGHQNWDQGLH$XVIKUXQJHQ GHV%ULJDGHJHQHUDOVYRQ:LHVHQHFNEHUGLH.|QLJVRQGH (LQVDW]LPJHVDPWHQ1$72%HUHLFK)UGLH:HJHQHU 0RVV$*HLQHVLKUHUJURHQ*HVFKlIWHGHVVHQEORH*HIlKU

GXQJVLH]LWWHUQPDFKW'HVKDOEOlWHVVLFK'U%XW]NRQLFKW QHKPHQEHLGHU8QWHUVXFKXQJSHUV|QOLFK]XJHJHQ]XVHLQ 'HWMHQQLPPWGLHOHW]WHQ:RUWHDXIª'HVKDOEP|FKWHLFK GD6LHGHQ7UHVRUQRFKHLQPDODXVUlXPHQ,FKKDEHYROOHV 9HUWUDXHQ]X,KUHQ6SXUHQVLFKHUHUQ+HUU'LUHNWRUDEHULFK PDFKWHPLUJHUQVHOEVWHLQ%LOG,FKKDEHHLQDXVJHVSURFKHQ RSWLVFKHV*HGlFKWQLVZLVVHQ6LH©(UVFKZHLJWHLQHQ$XJHQ EOLFNXQGZLSSWDXIGHQ=HKHQVSLW]HQ'DQQVDJWHUPLWJXW JHVSLHOWHU%HVRUJQLVVHKUOHLVHª,Q%RQQGHQNWPDQDQ .RQNXUUHQ]VSLRQDJH,FKZDUGHUVHOEHQ0HLQXQJ1XQMHGRFK LFKNDQQPLUHLQIDFKQLFKWHUNOlUHQZDUXPVLFKHLQHPLW VXSHUPRGHUQHQ0LWWHOQDUEHLWHQGH2UJDQLVDWLRQZLHVLHKLHU ]ZHLIHOORVDP:HUNHZDUDXVJHUHFKQHWGHVDOWHQ,*)DUEHQ 0LWWHOV$GUHLXQGYLHU]LJEHGLHQWKDW©$FKLPOlWNHLQHQ %OLFNYRQ.|QLJª(LQ1$723URMHNWXQGGDQDFKMDJWPDQ DXVJHUHFKQHWPLWGHQ+LOIVPLWWHOQHLQHUYHUJDQJHQHQ(SRFKH" 'DVZLOOPLUQLFKW]XVDPPHQSDVVHQ© *HQDXJH]LHOWWULIIWGHU3IHLOLQV6FKZDU]H'HU:LVVHQ VFKDIWOHUHUZLGHUW]ZDUQLFKWVGRFKDXIVHLQHU6WLUQVWHKW SO|W]OLFK6FKZHLª:HQQ6LHVLFKHWZDVGDYRQYHUVSUHFKHQ +HUU0DMRU©PXUPHOWHUNODSSWGDV*HPlOGHEHLVHLWHXQG VFKOLHWGHQ7UHVRUDXI'DEHLKDWHU0KHGHQ6SH]LDO 6FKOVVHOLQV6FKORHLQ]XIKUHQ,KP]LWWHUQGLH+lQGH VRVHKUHUVLFKPKWGDVQLFKWPHUNHQ]XODVVHQ$EHUDXHU $FKLPDFKWHWQLHPDQGGDUDXI.HLQ=ZHLIHOGHU:LVVHQ VFKDIWOHUKDW$QJVW ª%LWWH©VDJW.|QLJ|IIQHWGLH6WDKOWUXQGWULWWEHLVHLWH ª1HLQQHLQ©ZHKUW'HWMHQDEª,FKZLOOQLFKWVGXUFKHLQ DQGHUEULQJHQ'DVLVW,KU7UHVRU© 'HU.RQVWUXNWHXU]LHKWHLQHQ6HUYLHUZDJHQKHUDQDXIGHQ HU6WFNIU6WFNGHQ,QKDOWGHV6DIHVSHGDQWLVFKVWDSHOW 2UGQHU1RWL]HQXQG%HUHFKQXQJHQDXVMQJVWHU=HLW 2ULJLQDO]HLFKQXQJHQXQG%ODXSDXVHQ9RUDOOHPDEHU6NL]]HQ XPGLHVLFKPDWKHPDWLVFKH)RUPHOQGLFKWDQGLFKWUDQNHQ ª,FKYHUPLVVHGLH8QWHUODJHQIUGLH6RQGH©ZLUIW$FKLP KLQ

ª6LHVLQGQLFKWPHKUKLHU©PLVFKWVLFK'U%XW]NRHLQ ª1DFKGHQ9RUIlOOHQKLHOWHQZLUHVIUUDWVDPVLHLQGHU 6WDKONDPPHUGHU)LUPD]XGHSRQLHUHQ© ª6HKUXPVLFKWLJ©DQHUNHQQW'HWMHQ'DQQZHQGHWHUVLFK ZLHGHU]X.|QLJª:DQQKDEHQ6LHGHQ7UHVRU]XPOHW]HQPDO JDQ]DXVJHOHHUWXQGGHQ,QKDOW6WFNIU6WFNLQGHU+DQG JHKDEWEHZXWLQGHU+DQGJHKDEW"©(UHUNOlUWZDVHUPHLQW ª6RZLHHLQ.DXIPDQQGHU,QYHQWXUPDFKW© ª$OVZLUQDFKJHVHKHQKDEHQREHWZDVIHKOW©HUZLGHUWGHU .RQVWUXNWHXU ª8QGGDYRU"© -HW]WKlOW.|QLJHLQH/DFNVFKDFKWHOLQGHU+DQG(UQLPPW GHQ'HFNHOYRQGHP%HKlOWQLVGDVHWZDKDOEVRJURLVWZLH HLQ6FKXKNDUWRQ6FKPXFNLQDOWHUWPOLFKHQ)DVVXQJHQEOLW]W JUDQDWEHVHW]WH%URVFKHQ+DOVNHWWHQ5LQJH'D]XHLQHJRO GHQH7DVFKHQXKUPLW6SUXQJGHFNHOHLQª%LHU]LSIHO©PLWGHQ )DUEHQHLQHUVWXGHQWLVFKHQ9HUELQGXQJHLQ(LVHUQHV.UHX] PLWGHU-DKUHV]DKOXQGGHPVFKZDU]ZHLHQSUHXLVFKHQ %DQGHLQ0HGDLOORQPLWHLQHP0lGFKHQELOGQLVLQ3RU]HOODQ PDOHUHL(ULQQHUXQJDQGLH(OWHUQ.|QLJVFKOLHWGHQ 'HFNHOZLHGHU 1XQLVWGLHDOWH%ULHIWDVFKHDQGHU5HLKH*URHGXQNOH )OHFNHQDXIGHPKHOOHQ/HGHU:DVVHUIOHFNHQPLWZHLOLFK YHUIlUEWHQ5lQGHUQ'LHVH%ULHIWDVFKHIlOOWKLHUY|OOLJDXVGHP 5DKPHQ'HUEULJH,QKDOWGHV6DIHVZLUNWDNNXUDWJHSIOHJW XQGVRUJVDPHUKDOWHQGLHVH%ULHIWDVFKHDEHU" 'U$OEUHFKW.|QLJZLHJWVLHODQJHDXIGHU+DQGhEHU VHLQHU1DVHQZXU]HOVSULQJWHLQHVWHLOH)DOWHDXI$XIHLQPDO LVWGLH(ULQQHUXQJDQ7DJHLP0DLGD(UVLHKWVLFKLQGLH ªVWlKOHUQH5|KUH©8KLQDEVWHLJHQ8QWHUKDOEGHV7XUPV LVWGLH.RPPDQGR]HQWUDOH'HU0DDWGHULKQIKUWGLULJLHUW LKQQDFKYRUQ+LQWHUGHU=HQWUDOHVHLHQGHU8QWHURIIL]LHUV UDXPGLH.RPEVHGHU'LHVHOUDXPGLH(0DVFKLQHQDQODJH XQGGHU+HFNWRUSHGRUDXPPXUPHOWHUGDEHL6LHVFKOlQJHOQ VLFKGXUFKGHQ)XQNXQG+RUFKUDXPNRPPHQDQHLQHP GLFNHQJUQHQ9RUKDQJYRUEHLGHUGLHZLQ]LJH.RP

PDQGDQWHQNDMWHDEVFKLUPWDOVHLQ]LJHLP%RRWKDWVLHHLQH $EJUHQ]XQJXQGNRPPHQGDQQLQGLH0HVVH+LHUN|QQH VLFK+HUU'U,UURZGLH:DQGEDQN]XHLJHQPDFKHQVDJWGHU 0DDW'DYRUOLHJHGLH7RLOHWWHXQGQRFKZHLWHUYRUQGHU %XJWRUSHGRXQG]XJOHLFK0DQQVFKDIWVUDXP$OVGDV%RRW HQGOLFKDEOHJWDWPHW'U,UURZDXI1XUMHW]WQLFKWGDDOOHV ]X(QGHJHKWPLWGLHVHU*HVHOOVFKDIWDXVGHUHUNRPPWLQ GLH+lQGHGHV)HLQGHVIDOOHQ6LHZDULKPDQJHQHKPVRODQJH VLHWURW]GHV.ULHJHVJHUDGH]XLGHDOH$UEHLWVP|JOLFKNHLWERW GRFKQXQ" .|QLJOHJWGLHDOWH%ULHIWDVFKHPLWDXIGHQ6HUYLHUZDJHQ (UZLUGGDV*HIKOQLFKWORVGDGDVDOOHVWURW]VHLQHU PDQQLJIDFKHQ%HPKXQJHQXQGWURW]GHVDQGHUHQ1DPHQV GHQHUKHXWHWUlJWIULKQQRFKQLFKWYRUEHLLVW'LHVHU*H GDQNHEHVFKlIWLJWLKQVHLWGHU$EZHKURIIL]LHUDXV%RQQGDV $HUZlKQWKDW(UVFKUHFNWDXIZHLOHUHLQH)UDJHEHUK|UW KDWGLHDQLKQJHULFKWHWZXUGHª:LHELWWH"© ª,VWGLH%ULHIWDVFKHOHHU"©ZLHGHUKROW'HWMHQ 'U.|QLJQLPPWGDVDEJHJULIIHQH/HGHUHUQHXWKRFK ª(ULQQHUXQJHQ©ZLUIWHUKLQXQGUlXPWEHUHLWZOLJGLH)lFKHU DXV9HUJLOEWH)DPLOLHQIRWRVPLW:DVVHUVFKlGHQXQGXQYHU VHKUWH$XIQDKPHQDXV$PHULND&KULVWLQHRIIHQVLFKWOLFKPLW LKUHU0XWWHU(LQ)DUEIRWRGHUVHOEHQ)UDXVWHKWDXIGHP 6FKUHLEWLVFK=ZHL7KHDWHUNDUWHQIUª3ULQ]YRQ+RPEXUJ© (LQ=HSSHOLQIOXJVFKHLQ .|QLJGHXWHWGDUDXIª'HQKDEHLFKDXIJHKREHQZHLOYLHU ]HKQ7DJHQDFKGHPLFKPLWGHUIOLHJHQGHQ=LJDUURQDFK 3DULVJHUHLVWZDUGLH.DWDVWURSKHYRQ/DNHKXUVWSDVVLHUWH 'LH+LQGHQEXUJ!H[SORGLHUWH6LHZDUPLW:DVVHUVWRIIJDV JHIOOW(VJDEYRUKHUHLQ*HZLWWHUGDVULHVLJH6FKLIIKDWWH VLFKVWDWLVFKDXIJHODGHQXQGDOVGDVVWlKOHUQH+DOWHVHLOGHQ %RGHQEHUKUWHJDEHVHLQH$UW.XU]VFKOX'LHJDQ]H ZXQGHUYROOH=HSSHOLQOXIWVFKLIIDKUWVFKHLWHUWHOHW]WOLFKDQGHU :HLJHUXQJ$PHULNDVGDVXQEUHQQEDUH+HOLXPJDV]XH[ SRUWLHUHQ6WUDWHJLVFKH*UQGH'RFKGDVZLUG6LHNDXPQRFK LQWHUHVVLHUHQ©

,QGHU7DWGDVLQWHUHVVLHUW$FKLPQLFKW,KQPDFKWYLHO PHKUGLHSO|W]OLFKH*HVSUlFKLJNHLWGHV+DXVKHUUQVWXW]LJ 'DQQEHJUHLIWHUGD.|QLJVRYLHOXQGDQJHVWUHQJWUHGHWXP ]XNDVFKLHUHQGDHULQGHU7DVFKHHWZDVVXFKWZDVRIIHQEDU QLFKWPHKUYRUKDQGHQLVW8QGGLH)HVWVWHOOXQJGDGLHVHV (WZDVIHKOWVFKHLQWVHLQH8QUXKHQRFK]XYHUVWlUNHQ 6LHKDEHQPLFKHQWGHFNWGHQNWHUXQGLVWHLQHU3DQLNVHKU QDKH'DUXPJLQJHV6LHYHUJHVVHQQLFKWV8QGQXUVLH N|QQHQHVJHZHVHQVHLQ'DV$GUHLXQGYLHU]LJ,QGLHVHU 6HNXQGHZHLHUGDHVGHQ7lWHUQQLFKWXPGLH6RQGHJLQJ (EHQIDOOVLQGLHVHU6HNXQGHEHVFKOLHWHUVHLQH(UNHQQWQLV IUVLFK]XEHKDOWHQ$XVZHOFKHQ*UQGHQDXFKLPPHUHU LVWQRFKJOLPSIOLFKZHJJHNRPPHQDEHUZHQQHUMHW]WGHQ 0XQGDXIPDFKWLVWHUHLQWRWHU0DQQ'DVZHLHUXQGVDJW ª,FKELQHLQVFKOHFKWHU*DVWJHEHU&KULVWLQH:HQQGXGLFKXP HLQSDDU6DQGZLFKHVXQG.DIIHHNPPHUQZUGHVW© 6LHJHKWEHUHLWZLOOLJKLQDXV 0LWHLQHUXQPHUNOLFKHQ'DXPHQEHZHJXQJVFKDOWHW'HWMHQ GDV'LNWLHUJHUlWZLHGHUHLQ'LHVHU'U.|QLJKDWVLFKHUVWDXQ OLFKLQGHU*HZDOWDEHULKQNDQQHUQLFKWWlXVFKHQ ª6LHYHUPLVVHQDOVRGRFKHWZDV©VDJWHUSO|W]OLFKLQGLH 6WLOOHKLQHLQª:DV"© 'HU.RQVWUXNWHXUZLUIWGLH7DVFKH]XPEULJHQ'LH)UDJH EULQJWLKQY|OOLJDXVGHP.RQ]HSWPDFKWLKQXQVLFKHU:HQQ VLHDOOHJHVHKHQKDEHQGDHUHWZDVYHUPLW"(UEHU OHJWILHEHUKDIWHLQHDQGHUH9DULDQWH:DVKLQGHUWLKQGLH :DKUKHLW]XVDJHQRGHUGRFKVRYLHOGDYRQZLHHUIUQRW ZHQGLJHUDFKWHW"%XW]NRZHLDOOHVXQGGLHEHLGHQ+HUUHQPLW GHQ2IIL]LHUVGLHQVWJUDGHQ"2EHUVWD'.U|VLQJLVWYRQGHU :HJHQHU 0RVV$*DEKlQJLJ%HL6WUDIHVHLQHV8QWHU JDQJHVPXHUIUVLFKEHKDOWHQZDV'U%XW]NRQLFKWDQGLH JURH*ORFNH]XKlQJHQZQVFKW'HU$EZHKUPDMRU"'DV 9HUWHLGLJXQJVPLQLVWHULXPEUDXFKWGLH:HJHQHU 0RVV$* XQGVHLQH6RQGH'DVLVWGLH0DUVFKULFKWXQJ'DHUYRU DQH[SRQLHUWHU6WHOOHLQGHU5VWXQJVIRUVFKXQJWlWLJZDU GDUDXVHLQ*HKHLPQLV]XPDFKHQEHVWHKWNHLQ*UXQGLQGHU

%5''DVLQGJDQ]DQGHUH/HXWHDOVHUZLHGHULQ$PWXQG :UGHQ1XUVRUJVDPDEZlJHQPXHUZDVHUVDJW%OR NHLQHQ+LQZHLVDXIGLHGLHLQVHLQHDOWH%ULHIWDVFKHJHJULIIHQ KDEHQ'DVZUGHQVLHQLFKWYHU]HLKHQ(VKHLWDOVRGHP 0DMRUVRZHLWHQWJHJHQ]XNRPPHQGDHUOHW]WOLFKJODXEWPLW GHU%ULHIWDVFKHKDEHHVNHLQHZHLWHUH%HZDQGWQLVXQGHVJHKH GRFKXPGLH6RQGH ª9HUPLVVHQ"©HQWJHJQHWGHU'RNWRUXQGZLHJWGHQ.RSI ª9HUPLVVHQ!LVWQLFKWGDVULFKWLJH:RUW,FKGDFKWHHVZlUH PHKUGULQ1HLQLFKYHUPLVVHQLFKWV© 'HWMHQQLPPWGLH%ULHIWDVFKHLQGLH+DQGEHWUDFKWHWVLH VHKUJHQDXVWUHLFKWPLWGHPDQJHIHXFKWHWHQ)LQJHUGDUEHU KLQXQGNRVWHWPLWGHU=XQJHQVSLW]Hª'DVLVW6HHZDVVHU©VDJW HUEHUUDVFKWª'DUILFKPDOQHXJLHULJVHLQ":LH"© 'U%XW]NRVFKHLQWGLHJOHLFKHQ(UZlJXQJHQDQJHVWHOOW]X KDEHQZLHVHLQ.RQVWUXNWHXU(UQLFNWLKPDXIPXQWHUQG]X 'DQLFNWDXFK.U|VLQJ(UQLFNWEORZHLOGHU'LUHNWRUQLFNW 'DNDQQHVQLFKWIDOVFKVHLQ]XQLFNHQ ª'LHVH)OHFNHQKDWGLH1RUGVHHJHPDFKW©HUNOlUW.|QLJ EDJDWHOOLVLHUHQGª,FKKDEHLQGHQOHW]WHQ.ULHJVWDJHQYHU VXFKWPLWHLQHP6FKLIIYRQ2VORQDFK)OHQVEXUJ]XNRPPHQ :LUZXUGHQYHUVHQNWXQGVFKZDPPHQLP:DVVHU©(UGHXWHW DXIGLH0DSSHXQGVFKDIIWHV]XOlFKHOQª0HKUJLEWHVGD]X QLFKW]XVDJHQ=XIULHGHQOLHEHU+HUU0DMRU"© $XFKGHUªOLHEH0DMRU©OlFKHOWYHUELQGOLFK'LHVHV/lFKHOQ IlOOWLKPHEHQVRVFKZHUZLHGHP.RQVWUXNWHXUGDVVHLQH .|QLJHUZlKQWH2VOR*HQHUDOYRQ:LHVHQHFNHUNOlUWHGHU :LVVHQVFKDIWOHUKDEHELVDXVVFKOLHOLFKIUGLH5VWXQJ JHDUEHLWHWXQGVHLPLWJHKHLPHQ3URMHNWHQEHIDWJHZHVHQ :LOVRQVSUDFKYRQGHQ*HKHLPQLVVHQGHV66)RUVFKXQJV NUHLVHVLQ/RIWKXVEHL2VOR:HUQHU%UHGHEXVFKEHVFKOLHW DXIV*DQ]H]XJHKHQ ª,P0DLIQIXQGYLHU]LJ©HUZLGHUWHUªEHKHUUVFKWHQGLH $OOLLHUWHQ]X:DVVHUXQGLQGHU/XIWGHQ1RUGVHHUDXPDE VROXW(QWVFKXOGLJHQ6LHDEHULFKKDOWHHVIUXQP|JOLFKGD GDHLQ.DSLWlQEHUKDXSWQRFKYHUVXFKWKDEHQVROOYRQ2VOR

QDFK)OHQVEXUJ]XNRPPHQ'HU0DQQPXHLQ6HOEVWP|UGHU JHZHVHQVHLQ© 'LHVHQ7RQLVWGHU.RQVWUXNWHXUQLFKWJHZRKQWª(VZDUHLQ 8%RRW©VDJWHU]XUHFKWZHLVHQGªXQGZLUZlUHQGXUFK JHNRPPHQZHQQZLUQLFKWHLQHQ6FKDGHQDQGHU($QODJH JHKDEWKlWWHQ© ª6LHZDUHQGHUHLQ]LJH=LYLOLVWDQ%RUG"© ª-D© $FKLPVFKOlJWVLFKPLWGHUIODFKHQ+DQGJHJHQGLH6WLUQ ª$FKMD,FKYHUJD6LHJHK|UWHQGRFKGHP/RIWKXVHU.UHLV DQ©(VLVWJHZDJWZDVHUGDPDFKWDEHUGLHKRKH:DKU VFKHLQOLFKNHLWGDVHLQH$QQDKPH]XWULIIWUHFKWIHUWLJWGHQ +XVDUHQULWW %XW]NRKDWHLQJDQ]EHWUHWHQHV*HVLFKW.U|VLQJVLHKWYRQ HLQHP]XPDQGHUHQXQGYHUVWHKWQLFKWV.|QLJVWHKWGDZLH YHUVWHLQHUW(QGOLFKVDJWHUOHLVHª:HQQ6LHHVZLVVHQZDUXP IUDJHQ6LH"© :HUQHU%UHGHEXVFKKDWVLFKY|OOLJLQGHU*HZDOW'XUFK QLFKWVJLEWHU]XHUNHQQHQZLHVHKUHVLKQEHIULHGLJWVHLQH 9HUPXWXQJEHVWlWLJW]XILQGHQ9RULKPVWHKWHLQHKHPDOLJHV 0LWJOLHGGHV/RIWKXVHU.UHLVHVEHUGHQHVELVKHUVRYLHOH *HUFKWHXQGVRZHQLJNRQNUHWH$QJDEHQJLEW(VZDUHLQH 3URYRNDWLRQXQG.|QLJKDWVLFKSURYR]LHUHQODVVHQ$EHU HULVWQLFKWKLHUEHUGHQ/RIWKXVHU.UHLV]XUHFKHUFKLHUHQ 'DVLVWGLH6WUHFNHGHV.XQGVFKDIWHUVXQGGLHEOHLEWGHQ /HXWHQYRQGHU:HJHQHU 0RVV$*EHVVHUYHUERUJHQ 7URW]GHPNDQQHUGLHJQVWLJH*HOHJHQKHLWQLFKWXQJHQXW]W YHUVWUHLFKHQODVVHQ(UPXGHQ.RQVWUXNWHXUQRFKHLQEL FKHQDQGHU=XQJH]LHKHQ ª,FKPXDOOH0|JOLFKNHLWHQLQ%HWUDFKW]LHKHQ©HUNOlUWHU ªXQGLFKNDQQQLFKWXPKLQ]XVDJHQGDPLFKGLHVH8%RRW )DKUWVWXW]LJPDFKW:HQQZLUXQVGLH/DJH$QIDQJ0DL IQIXQGYLHU]LJYHUJHJHQZlUWLJHQ,FKJHKHUHFKWLQGHU$Q QDKPHGDMHQHU8%RRW(LQVDW]VWDWWIDQGXPHLQHQGHU IKUHQGHQ.|SIHGHV/RIWKXVHU.UHLVHVGHP=XJULIIGHU $OOLLHUWHQ]XHQW]LHKHQ"©

.U|VLQJJODXEWMHW]WGLH6DFKH]XGXUFKVFKDXHQXQGVHW]W HLQHLQTXLVLWRULVFKH0LHQHDXI%XW]NRVSLHOWGHQ8QEHWHLOLJ WHQXQGNRQ]HQWULHUWVLFKJDQ]DXIGDV$Q]QGHQHLQHU=LJDUUH 'U.|QLJVLHKWVLFKDOOHLQJHODVVHQ ª=XGHQIKUHQGHQ.|SIHQJHK|UWHLFKQLFKW©VDJWHUEH WRQWª6LHHUZHLVHQPLU]XYLHO(KUHZHQQ6LHGHQNHQGD 8GUHLLJDFKWXQG]ZDQ]LJPHLQHWZHJHQQDFK2VORLQ0DUVFK JHVHW]WZXUGH,FKGXUIWHPLWIDKUHQGDVZDUDOOHV©(UOHJW HLQHNOHLQH3DXVHHLQXQGIlKUWGDQQXQZLUVFKIRUWª:DV GLHIKUHQGHQ.|SIHDQJHKWGLHZDUHQOlQJVWEHUDOOH %HUJH© $FKLPEOHLEWGUDQª$XIGLHVH$UWNRPPHQZLUQLFKW ZHLWHU©ZLUIWHUKLQª:LHVROOLFKGLH6DFKHULFKWLJHLQVFKlW ]HQRKQHGLH=XVDPPHQKlQJH]XNHQQHQ"© 'HPNDQQVLFKGHU.RQVWUXNWHXUQLFKWYHUVFKOLHHQ ª8GUHLLJDFKWXQG]ZDQ]LJ©VDJWHUNQDSSªKDWWHGHQ $XIWUDJ8QWHUODJHQGHV/RIWKXVHU.UHLVHVQDFK)OHQVEXUJ]X EULQJHQ:RUXPHVVLFKGDEHLLPHLQ]HOQHQKDQGHOWHZHLLFK QLFKW'DV%RRWZXUGHYHUVHQNWXQGPLWLKPVLQGGLH0DWH ULDOLHQYHUVXQNHQ©8QYHUPLWWHOWEUDXVWHUDXIª8QGQXQ HUNOlUHQ6LHPLUELWWH+HUU0DMRUZDVXP*RWWHVZLOOHQ GDVDOOHVPLW&KULVWLQHV(QWIKUXQJ]XWXQKDEHQVROO© 'HWMHQOlFKHOWª:LUZUGHQVFKRQQLFKWPHKUYRQGLHVHU IHXFKWHQ$QJHOHJHQKHLWVSUHFKHQ+HUU'RNWRUZHQQ6LHGHQ 6DFKYHUKDOWJOHLFKGDUJHOHJWKlWWHQ,FKELQHLQJUQGOLFKHU 0HQVFKXQGHWZDVZDVLFKQLFKWJHQDXZHLUHL]WPLFKVRIRUW ]XGHQSKDQWDVWLVFKVWHQ9HUPXWXQJHQ© 'U%XW]NRUROOWGLH=LJDUUH]ZLVFKHQGHQ)LQJHUQª1XQ ZLVVHQ6LHMDDOOHV+HUU0DMRU© ,P7UUDKPHQVWHKW&KULVWLQHXQGELWWHWGLH+HUUHQLQGHQ 1HEHQUDXPLQGHPHLQNOHLQHU,PELDQJHULFKWHWLVW .U|VLQJOlWHVVLFKQLFKWQHKPHQ$FKLPELVYRUV+RWHO ª.UHX]3RVW©]XIDKUHQ,QVHLQHPXQYHUZVWOLFKHQ2SWLPLV PXVPHLQWGHUHKHPDOLJH*HVFKZDGHUFKHIGDDOOHVSUlFKWLJ JHODXIHQXQGPDQDXIGHPULFKWLJHQ:HJVHL

ª$QVLFK QHWROOH*HVFKLFKWH©XUWHLOWHUª'HU'RNWRUPX GRFK QH]LHPOLFKH1XPPHUJHZHVHQVHLQZHQQVLHLKQPLW

QHP8%RRWPLWJHQRPPHQKDEHQ$XFKRKQHGDHUHV ]XJLEW7\SLVFKHU:LVVHQVFKDIWOHU%HVFKHLGHQELVDXIGLH .QRFKHQ©8QGGDQQYHUEUHLWHWHUVLFKNHQQWQLVUHLFKGDUEHU ZLHH[SRQLHUWH0lQQHUGHV1D]LUHLFKHVHUVDJWª*UR GHXWVFKODQGV©LQ6LFKHUKHLWJHEUDFKWZRUGHQVLQG$XFK .U|VLQJVHLJHQH*HVFKLFKWH$FKLPOlQJVWEHNDQQWNRPPWEHL GLHVHU*HOHJHQKHLWZLHGHUKRFK'HU&KHIGHVVFKOLHOLFKQLFKW PHKUHLQVDW]IlKLJHQ-DJGJHVFKZDGHUVª,PPHOPDQQ©NDP QDFK$UJHQWLQLHQDOV1DYLJDWRUHLQHUYLHUPRWRULJHQª&RQGRU© PLWGHUVLFKXQWHUDQGHUHQGHU*HQHUDO$OEUHFKWQDFK6G DPHULNDDEVHW]WH.U|VLQJVFKLOGHUWZLHGHUXPPLWGUDVWLVFKHQ :RUWHQZLHHUGDPDOVJHVFKZLW]WKDWXPGHQYRUJHVHKHQHQ /DQGHSXQNW]XILQGHQ(QGOLFKNRPPWHUZLHGHUDXI.|QLJ ª,QWHUHVVDQWHU0DQQ0LWWROOHQ(UOHEQLVVHQ© ª(EHQGDULQOLHJWGLH*HIDKU©VWLPPW$FKLPWURFNHQ]X ª0DQPXVHKUDXISDVVHQGDHUHLQHQQLFKWXQEHDEVLFKWLJW DXIHLQ1HEHQJOHLVVFKLHEW'LHVHJDQ]H8%RRW*HVFKLFKWH VRVHKUVLHGLH3KDQWDVLHDQUHJWLVWJDQ]XQHUKHEOLFK(VJHKW XPGLH6RQGHGDELQLFKDEVROXWVLFKHU© .U|VLQJVFKOXFNWGDVGHU0HLQXQJZDUHUMDLPPHUXQGYRQ YRUQKHUHLQª1DGDQQVWUHQJHQ6LHVLFKPDODQ©SROWHUWHU IU|KOLFKª,FKKDEH6LHKLHUDOVHLQH$UW:XQGHUNQDEHQDQ JHNQGLJW1XQPDFKHQ6LHPLUEORNHLQH6FKDQGH© ª:RZHUG LFKGHQQ©YHUVLFKHUW'HWMHQXQGGHQNWGDGHU 2EHUVWQRFKHEHQVRGlPOLFKLVWZLHIUKHUª1DFKGHPDOWHQ 0RWWR1HXH0DVFKLQHQQHXH0RQWXUDEHUGHU*HLVWGHUGHU 7UXSSH!© 8QGEHLGH]HLJHQVLFKODFKHQGGLHUHFKWH)DXVWPLWDXIZlUWV JHULFKWHWHP'DXPHQª6R© 9RUGHUª.UHX]3RVW©LVW$FKLPEHUHLWVDXVJHVWLHJHQDOV .U|VLQJGDV)HQVWHUKHUXQWHUGUHKWXQGVLFKKLQDXVEHXJW ª1RFKHLQV©UXIWHUª0RUJHQDEHQGJLEWVLFKGHU3XEOLF 5HODWLRQV0DQDJHUGLH(KUH'DVLVWVLFKHUOLFKJDQ]LQWHU HVVDQWIU6LH'DHUKDOWHQ6LHHLQHQJXWHQ(LQEOLFNLQGDV

3URJUDPPGHU:HJHQHU 0RVV$*1HXQ]HKQ8KUGUHLLJ 6PRNLQJ© (UKHEWQRFKHLQPDOJUHQGGLH+DQGXQGUDXVFKWGDYRQ

(LQZHQLJNUlFK]HQGJLEWGDV'LNWLHUJHUlWGDV*HVSUlFKPLW 'U.|QLJZLHGHU]XPGULWWHQPDOVFKRQ-HW]WVWRSSW'HWMHQ GDV$EVSLHOQLFKW%HLPHUVWHQ'XUFKODXIKDWHUGDV%DQG DQJHKDOWHQQDFKGHP&KULVWLQHVLFKGHU:DJHQQXPPHUQHU LQQHUWH(U]RJVLFKGDV7HOHIRQKHUDQZlKOWHGLH9HUELQGXQJ GHU)UHLEXUJHU5HVLGHQ]GHV0LOLWlULVFKHQ$EVFKLUPGLHQVWHV GHV0$'XQGPHUNWHDQGHUGRUWLJHQ5HDNWLRQGDGLH +HUUHQEHUGDV:LUNHQHLQHV0DMRUV'HWMHQLQ6WDXIHQ XQWHUULFKWHWZRUGHQZDUHQ=ZHLIHOORVZLVVHQVLHGD%UL JDGHJHQHUDOYRQ:LHVHQHFNSHUV|QOLFKVHLQH+DQGEHUGHQ 6RQGHUEHDXIWUDJWHQKlOW'DVEHVWLPPWLKU9HUKDOWHQ6LH ZHUGHQLKUP|JOLFKVWHVWXQDXFKREZRKOVLHZDVYRQLKQHQ YHUODQJWZLUGJHZLIUXQWHULKUHU:UGHKDOWHQ$UEHLWIU HLQ5HYLHUNULPLQDOEURDEHUZHQQHLQ*HQHUDOGDVDE VHJQHW" 'DV%DQGOlXIWDXV'HQ.RSILQEHLGH+lQGHJHVWW]WVWDUUW $FKLPDXIGDV*HUlW1HLQHUJODXEWGLHVHP'U.|QLJQXU VHKUEHGLQJW'HWMHQGUFNWGLH7DVWHXQGK|UWVLFKHLQH6WHOOH GHV%DQGHV]XPYLHUWHQPDODQ ª6LHYHUPLVVHQDOVRGRFKHWZDV:DV"© 3DXVH ª9HUPLVVHQ"9HUPLVVHQ!LVWQLFKWGDVULFKWLJH:RUW,FK GDFKWHHVZlUHPHKUGULQ©'DVNOLQJW]|JHUQGXQGSDWQLFKW ]XGHPSO|W]OLFKHQWVFKLHGHQHQª1HLQLFKYHUPLVVH QLFKWV© 'HWMHQEHWlWLJWGLH6WRSSWDVWH(UNDQQHVLQGLHVHP$XJHQ EOLFNQLFKWEHJUQGHQDEHUHUKlOWGLHDOWHVHHZDVVHUJHWUlQNWH %ULHIWDVFKHIUGHQ$QJHOSXQNWGHUPHUNZUGLJHQ*HVFKHK

QLVVHLQ6WDXIHQ1RFKHLQPDOK|UWHUGLH6WHOOHDE :DVNDQQ'U.|QLJJHVXFKWKDEHQ"(UZXUGHEHLP'XUFK VHKHQGHV,QKDOWVGHU%ULHIWDVFKHGRFKSO|W]OLFKEODXQG QHUY|VIDKULJLQVHLQHQ%HZHJXQJHQ(LQVVWHKWMHGHQIDOOV IHVW'LH%ULHIWDVFKHKDWWHPLWGHU.|QLJVRQGHQLFKWV]XWXQ 'DVVLQG]ZHLJUXQGYHUVFKLHGHQH'LQJH0LWGHPUDIILQLHUW YRUJHWlXVFKWHQ.LGQDSSLQJKDWWHPDQHVRIIHQVLFKWOLFKDXIGLH %ULHIWDVFKHDEJHVHKHQ8QGZDUXPOHQNWH'U.|QLJVRGDYRQ DE"$FKLPLVWHLQJXWHU%HREDFKWHU)ULKQVWHKWIHVWGDGHU .RQVWUXNWHXUSO|W]OLFK$QJVWKDWWH9RUZHP" 'HU/RIWKXVHU.UHLV2EHULQJHQLHXU.OHLQGHUEHU :XQGHUZDIIHQSURMHNWHGHU66)RUVFKXQJVJUXSSH]XVSUH FKHQZDJWHVWDUELP1HZ
:DVN|QQWHLQGHU%ULHIWDVFKHJHZHVHQVHLQ"2IIHQNXQGLJ VWDQGHVPLWGHU)UDFKWYRQ8LQ9HUELQGXQJ'HUHQ %HGHXWXQJZDUGHP.RPPDQGDQWHQGHV%RRWHVQDWUOLFK EHNDQQW:DVKlWWHHU%UHGHEXVFKLQGHVVHQ6LWXDWLRQJHWDQ" 'DGDV%RRWGHQ=LHOKDIHQQLFKWHUUHLFKHQZUGHZDUDE ]XVHKHQGHU6FKDGHQDQGHU($QODJHGLHhEHUZDVVHUIDKUW 8QGVLFKHUOLFKZDUGHP0DQQGHU%HIHKOHUWHLOWZRUGHQGLH JHKHLPQLVYROOH)UDFKWNHLQHVIDOOVLQGLH+lQGHGHV*HJQHUV JHUDWHQ]XODVVHQ$QGHUHUVHLWVPXWHVLHZLHGHUDXIILQGEDU VHLQ'DUDXVIROJWGDGHU2UWDQGHPGDV8%RRWYHUVHQNW ZRUGHQZDUH[DNWEHVWLPPWZXUGH0LW6LFKHUKHLWEHNDPGHU 3DVVDJLHUGHUPLWGHU)UDFKWDXV/RIWKXVNDPGLH.RRUGL QDWHQ8QGDQGHQKDWWHQVLFKVHLQHHKHPDOLJHQ)UHXQGH JHKDOWHQ:DVOLHJWQlKHU"$EHUZDUXPXPDOOHVLQGHU:HOW VLQGVLHQLFKWHLQIDFKDQLKQKHUDQJHWUHWHQXQGKDEHQVLFKGDV 3DSLHUDXVKlQGLJHQODVVHQ"'DUDXIILQGHW:HUQHU%UHGHEXVFK QRFKNHLQHQ5HLP (UOlWGDV%DQGGHV'LNWLHUJHUlWHVJDQ]]XUFNODXIHQXQG GUFNWGDQQGLH/|VFKWDVWH:DVHUEHU/RIWKXVHUIDKUHQKDW JHKWGDV$PWIU6LFKHUKHLWLQ%RQQQLFKWVDQ

$PIUKHQ$EHQGPHOGHWGLH+RWHOUH]HSWLRQWHOHIRQLVFKHLQHQ %HVXFKHUDQ$OVGHULP=LPPHUVWHKWHLQXQVFKHLQEDUHU MXQJHU0DQQLP6WUDHQDQ]XJNODSSWHUGLH+DFNHQXQG PDFKWHLQHNQDSSHPLOLWlULVFKH.RSIQHLJXQJ ª/HXWQDQW)LVFKHU0$')UHLEXUJ©VWHOOWHUVLFKYRUXQG OHJLWLPLHUWVLFKGXUFK9RUODJHHLQHULQ.XQVWVWRIIHLQ JHVFKZHLWHQ$XVZHLVNDUWHPLW/LFKWELOG 'HWMHQJLEWLKPIOFKWLJGLH+DQGª6WHKHQ6LHEHTXHP© VDJWHUªXQGIDQJHQ6LHDQ© 'HU0$'2IIL]LHUKDWVRJOHLFKHLQ3DSLHULQGHU+DQGXQG UHIHULHUWª'LHIUDJOLFKHQJHOEHQ2SHO5HNRUGPLW )50.HQQ]HLFKHQVLQGEHIHKOVJHPl EHUSUIWZRUGHQ +HUU0DMRU7KHRUHWLVFKNRPPHQDOOHGUHL:DJHQDOV7DW IDKU]HXJHLQ)UDJH'LH/LPRXVLQH)50GUHLHLQVYLHUEH ILQGHWVLFKVHLWKHXWHIUKDXIGHP:HJQDFK6FKRWWODQG6LH

ZXUGHLQGHQ0RUJHQVWXQGHQLQ+DPEXUJYHUODGHQ%HVLW]HULQ LVWHLQH*XQGXOD.UHWVFKPDUDXV)UHLEXUJ6FKUHLEW.RFK EFKHU:LOOLQ6FKRWWODQG5H]HSWHVDPPHOQ© $FKLPODFKWª:LHPDFKHLFKPLWHLQHP$XJHQDXIVFKODJ XQGHLQHP+HULQJIQIWDXVHQG0DQQVDWWRGHUVR© )LVFKHUODFKWSIOLFKWVFKXOGLJPLWª(LQlKQOLFKHV5H]HSW VWHKWEHUHLWVLQGHU%LEHO+HUU0DMRU©(UUlXVSHUWVLFKXQG IlKUWIRUWª'LH/LPRXVLQH)50DFKWHLQVYLHUVWHKWVHLW KHXWHIUKPLWDXVJHEDXWHP0RWRULQGHU.I]:HUNVWDWW 1RUGPH\HU*HWULHEHVFKDGHQ%HVLW]HULVWHLQ+HUU*XPSHO PDQQ(UUHLVWIUHLQHQ/DQGNDUWHQJURVVLVWHQLQ)UDQNIXUWDP 0DLQ2EHUOLQGDXGUHLXQGYLHU]LJ'DVLVWGLUHNWDP 5RWKVFKLOGSDUN ª8QGGHUGULWWH:DJHQ"© ª'LH/LPRXVLQH)50]ZHLHLQVYLHUJHK|UWHLQHP3HQVLR QlU:DJQHUHLQHP6WDGWGLUHNWRUDXHU'LHQVW+HUU:DJQHU LVW:LWZHUXQGKlOWVLFKGHQJU|WHQ7HLOGHV-DKUHVEHLVHLQHP 6RKQLQ )UDQNIXUW2SSHQKHLPHU6WUDH]Z|OIDXI'HU6RKQ *HUKDUG:DJQHULVWVHOEVWlQGLJHU6WHXHUEHUDWHU'HUDOWH +HUU:DJQHUHLQOHLGHQVFKDIWOLFKHU$XWRIDKUHUEHQXW]WIU VHLQH5HLVHQQDFK)UDQNIXUWVWHWVGHQ2SHO5HNRUG© ª$OOHGUHL3HUVRQHQVLQGEHUSUIWZRUGHQ"© )LVFKHUQLFNWª6HOEVWYHUVWlQGOLFK+HUU0DMRU,QDOOHQGUHL )lOOHQVLQGGLH$OLELVKLHEXQGVWLFKIHVW+LHULVWGHUVFKULIW OLFKH%HULFKW© ª6HKUVFK|Q©EHPHUNW'HWMHQXQGOHJWGDV3DSLHUDFKWORV DXIGHQ7LVFKª(WZDV1HXHV6WHOOHQ6LHGRFKPDOIHVWZR $QIDQJ0DLIQIXQGYLHU]LJ8GUHLLJDFKWXQG]ZDQ]LJYHU VHQNWZRUGHQLVW8QGDXIZHOFKH:HLVH© 'HU/HXWQDQWPDFKWHLQH1RWL](UYHU]LHKWNHLQH0LHQH DEHUHUGHQNWGLHVHP0DMRUPWHQHV)DKU]HXJHDQJHWDQ KDEHQ(UVWGUHL$XWRVQXQHLQ8QWHUVHHERRW%HLHLQHP GULWWHQ$XIWUDJVSLHOWYHUPXWOLFKHLQ)UHLEDOORQGLH+DXSWUROOH 6RQDFKGHU0D[LPH'HU%DOORQKDWWHHLQHQ5DXPLQKDOWYRQ ]ZDQ]LJWDXVHQG.XELNPHWHUQXQGVWLHJXPVLHEHQ8KUGUHLLJ DXIZLHKLHGHU/XIWVFKLIIHU")LVFKHUVDJWª:LUGSURPSW HUOHGLJW+HUU0DMRU©

ª(VHLOW©EHWRQW'HWMHQª=X,KUHU,QIRUPDWLRQQXUVRYLHO +HUU/HXWQDQW:LUKDEHQHVPLWHLQHP)DOOLP1$72 0DVWDE]XWXQ©

9RP7XUPGHUNDWKROLVFKHQ.LUFKHYHUNQGHQGLH*ORFNHQ GLHDFKWH$EHQGVWXQGH$FKLP'HWMHQKDWLP+RWHOUHVWDXUDQW $EHQGEURWJHJHVVHQXQGGLH5HFKQXQJDEJH]HLFKQHW1XQ JHKWHUGLH7UHSSHKLQDXIGLHLQGHQ+RWHOWUDNWIKUW(UKlOW GHQ=LPPHUVFKOVVHOEHUHLWVLQGHQ+lQGHQ'DQQJHKWHU MHGRFKDQVHLQHU7UYRUEHUELVDQV(QGHGHV*DQJHV+LHU VWHKWHLQ0Q]IHUQVSUHFKHU$FKLPEHWULWWGLHGRSSHOWYHU JODVWH.DELQH)UGDV*HVSUlFKGDVHUIKUHQZLOOHUVFKHLQW LKPGHU$SSDUDWLP=LPPHUXQJHHLJQHW'DPWHHUQlPOLFK GLH=HQWUDOHDQZlKOHQXQGVLFKYHUELQGHQODVVHQ(UPWH 2UWXQG$QVFKOXQXPPHUQHQQHQGDPLWGDVDXIJHVFKULHEHQ XQGLKPLQ5HFKQXQJJHVWHOOWZHUGHQNDQQ'LH5HFKQXQJ NDQQHUYHUQLFKWHQDEHUHVEOHLEWGLH(LQWUDJXQJLQV7HOH IRQMRXUQDOXQGPLWGHVVHQ+LOIHN|QQWHPDQQRFKQDFK-DKUHQ IHVWVWHOOHQPLWZHPGHU+HUUYRQ=LPPHUJHVSURFKHQKDW 'DVGDUIQLFKWVHLQ*HVHW]WGHQ)DOOPDQZLUGGRFKHLQPDO DXI:HUQHU%UHGHEXVFKDXIPHUNVDPGDQQPXPDQQLFKWPLW GHU1DVHDXIVHLQH9HUELQGXQJHQ]XHLQHU)RWRJUDILQQDPHQV :LQQLH:LQNHOPDQQJHVWRHQZHUGHQ'HU0Q]IHUQVSUHFKHU HUODXEWHVDQRQ\P]XEOHLEHQ $FKLPZLUIWGDVHUVWH=ZHLPDUNVWFNHLQZlKOW'LH9RU ZDKOYRQ)UDQNIXUWDP0DLQGDQQGHU$QVFKOX ª-DELWWH"©K|UWHUGLHYHUWUDXWH6WLPPH(UHUNHQQWVLH VRIRUW6LHLVWHLQELFKHQGXQNHOXQGOHLVHZDUPXQGIUHXQG OLFK ª6W|UHLFKGLFK"©EHJLQQWHUVRIRUWª+LHULVWGHLQ]ZHLW EHVWHU)UHXQG© ªXQGKLHUGHLQHGULWWEHVWH)UHXQGLQ©HUZLGHUWVLHXQGHU VLHKWI|UPOLFKGDVLHVFKPXQ]HOWª1HLQGXVW|UVWQLFKW© 'HWMHQQLPPWGHQ+|UHULQGLHDQGHUH+DQGª,FKKDEH 6HKQVXFKWQDFKGLU0|FKWHGLFKVHKHQ*HKWHVPRUJHQ"© ª1HLQªDQWZRUWHWVLHVRIRUWEHVWLPPWª:LUPDFKHQHWZDV

DQGHUHV,FKNRPPHDXIGLFK]X(LQYHUVWDQGHQ"© ª(LQYHUVWDQGHQ6FKODIVFK|Q© ª'XDXFK© 'DV*HVSUlFKKDWQRFKQLFKWHLQPDOHLQHKDOEH0LQXWH JHGDXHUW$FKLPZHQGHWVLFK]XP=LPPHU6HKU]XIULHGHQ LVWHUQLFKW(UKlWWH:LQQLHJHUQVFKQHOOEHUGLHQHXH:HQ GXQJXQWHUULFKWHWLKUHQ5DWJHK|UWXQGVLFKLKUHU+LOIHYHU VLFKHUW'HU%HULFKWGHV0$'/HXWQDQWV)LVFKHUKDWLKQDXI HLQH,GHHJHEUDFKW:DVLKPGDHLQJHIDOOHQLVWWUlJW]ZDUUHFKW VSHNXODWLYHQ&KDUDNWHUEHVLW]WMHGRFKHLQHQJHZLVVHQ:DKU VFKHLQOLFKNHLWVJUDG:LHUHFKWRGHUXQUHFKWHUKDWP|FKWHHU JHQDXZLVVHQXQGLKPVHOEVWVLQGGLH+lQGHJHEXQGHQGDV ]XEHUSUIHQ:HUQHU%UHGHEXVFKKlWWHHVJHUQJHKDEWGD :LQQLHª-DPRUJHQXPYLHU8KU"©RGHUHWZDVlKQOLFKHV JHVDJWKlWWH'HU7UHIIRUWZDUMDIHVWJHOHJWGHU:HVWKDIHQ DP.UDQXQGPLWGHU%HHFKFUDIWª%RQDQ]D©ZlUHHVQDFK )UDQNIXUWQXUHLQ6SUXQJJHZHVHQ$QGHUHUVHLWVLVWLKPNODU GDDXFK:LQQLH:LQNHOPDQQ9HUSIOLFKWXQJHQKDWDXVGHQHQ VLHVLFKQLFKWYRQHLQHU6WXQGHDXIGLHDQGHUHO|VHQNDQQ /HLGHUQLFKW (UVWHKWLQVHLQHP=LPPHUXQGZHLQLFKWVPLWVLFKDQ ]XIDQJHQ6FKOLHOLFKQLPPWHUGHQ0DQWHO(LQHQ%XPPHO GXUFK6WDXIHQZLUGHUPDFKHQVLFKGLHDOWHQ)DFKZHUNKlXVHU XQGGLH,G\OOHXPGHQKLVWRULVFKHQ0DUNWDQVHKHQXQGGDQQ IUKVFKODIHQJHKHQ(LJHQWOLFKKlWWHLKQ*QWHU.U|VLQJ]X HLQHPDEHQGOLFKHQ3ODXVFKHLQODGHQXQGZLHGHUHLQPDO .HU]HQPLW6HNWNRUNHQDXVVFKLHHQN|QQHQDEHUDXIGDV 1lFKVWOLHJHQGHNRPPWGHUQLH,VWZRKODXFKEHVVHUVR'D PWHHU$FKLPVLFKEORDQVWUHQJHQZLHGHUDOOHVDXI ]XZlUPHQZDV:HUQHU%UHGHEXVFKEHUGDVª)OLHJHU$V©LP -DJGJHVFKZDGHUª,PPHOPDQQ©EHUGHVVHQXQEHUWUHIIOL FKHQ&KHIXQGEHUJHPHLQVDPH.ULHJVHUOHEQLVVHZHL8QG DOOHVNHQQWHUHEHQQLFKWHVZlUHQVHKUDQVWUHQJHQGH 6WXQGHQJHZRUGHQ'DVP|JOLFKH(UJHEQLVVWHKWQLFKWGDIU $XFKRKQH.U|VLQJZHLHUGD6WDXIHQDOV6WDQGRUWIUHLQ $XINOlUXQJVJHVFKZDGHUGHU%XQGHVOXIWZDIIHDXVJHEDXWZLUG

XQGGDGLHVHV*HVFKZDGHUDXVJHUHFKQHWZLHGHUª,PPHO PDQQ©KHLW0DQLVWMDJURLQGHU3IOHJHXQUKPOLFKHU 7UDGLWLRQHQ 6RWULQNWHUVHLQHQ6FKRSSHQHLQKHLPLVFKHQ:HLQVDOOHLQ (UWULQNWLKQLQGHUª)DXVWVWXEH©GHV5DWVNHOOHUV'LHJLEWVLFK PLWWHODOWHUOLFKDOFKLPLVWLVFK:HQQGHUJURH=DXEHUHUVFKRQ HLQPDOLQGLHVHU*HJHQG]XU+|OOHJHIDKUHQLVWZDUXPVROO PDQQLFKWHLQ*HVFKlIWPLWLKPPDFKHQ"8QGGHU:HLQLVW JXW

'LH:HJHQHU 0RVV$*IKOWVLFKDOVHLQH)LUPDYRQ :HOWJHOWXQJ6LHYHUVlXPWQLFKWGDVJHEKUHQG]XXQWHU VWUHLFKHQ'DV.DVLQRIUGLHJHKREHQHQ$QJHVWHOOWHQLQGHP GHU3XEOLF5HODWLRQV0DQDJHUHPSIlQJWEHILQGHWVLFKREHU KDOEGHU'LUHNWLRQVVXLWH(VN|QQWHPLWMHGHPEHOLHELJHQ /X[XVKRWHONRQNXUULHUHQ'LHJOlVHUQHQ7UHQ]XP'DFK JDUWHQVLQGJH|IIQHWXQGHUODXEHQHVKLQDXV]XWUHWHQ]ZLVFKHQ GLHKLHUJHSIODQ]WHQ.RQLIHUHQ]ZLVFKHQ6LOEHUWDQQHQXQG 6lXOHQZDFKROGHU9RQKLHUDXVNDQQPDQEHUGLHDXV JHGHKQWHQ:HUNDQODJHQPLWGHP%HWULHEVIOXJSODW]ZHLWKLQ ZHJDXIGHQ6FKZDU]ZDOGPLWVHLQHQPDOHULVFKHQ%HUJHQXQG :DOGXQJHQEOLFNHQ(VJLEWHLQHQ7HLFKPLW*ROGILVFKHQ JHUDKPWYRQYHUVFKLHGHQIDUELJHQ7HSSLFKSKOR[HQGLHHLQHQ EHW|UHQGHQ'XIWDXVVWU|PHQ(VZLUGYLHOGDIUJHWDQGDGLH OHLWHQGHQ+HUUHQGHP:HUNODQJHHUKDOWHQEOHLEHQXQGQLFKW GHP6WUHYHUIDOOHQ'HQ0DQQDQGHU:HUNEDQNXQGLP +DQJDUNDQQPDQHUVHW]HQDEHU'LUHNWRUHQ" 'LHKEVFKHVWHQ'DPHQDXVGHQ%URVGHUREHUHQ(WDJH VLQGDXIJHERWHQZRUGHQGLH*lVWH]XHPSIDQJHQXQGVLHWXQ GDVPLWYLHO&KDUPH0DQKDWDXFK$XVOlQGHUJHODGHQ .RUUHVSRQGHQWHQDXVGHP1$72%HUHLFKXQGGLHEHUKUWHV DQJHQHKPGDVLHLQLKUHU0XWWHUVSUDFKHEHJUWZHUGHQ0LW

GHPª:LOONRPPHQEHLGHU:HJHQHUXQG0RVV©JLEWHVIU MHGHQ(LQWUHWHQGHQHLQHUHLFKEHELOGHUWH)LUPHQJHVFKLFKWHPLW YLHOIlOWLJHP3UHVVHPDWHULDO'LH7H[WHHQWVSUHFKHQDOOHQ %HGUIQLVVHQXQGUHLFKHQYRQGHUNXU]HQ0HOGXQJEHUGHQ VDFKOLFKHQ%HULFKWELV]XUVWLPPXQJVYROOHQOLWHUDULVFKHQ 5HSRUWDJH:HUGDPLWQLFKWDXIOHLFKWH:HLVH*HOGYHUGLHQW LVWVHOEVWGUDQVFKXOGhEULJHQVLVWGLH3HUIHNWLRQELV]XP lXHUVWHQJHWULHEHQPHKUHUHhEHUVFKULIWHQIUYHUVFKLH GHQH6SDOWHQEUHLWHQZHUGHQDQJHERWHQXQGEHUFNVLFKWLJHQ DXFKGLHXQWHUVFKLHGOLFKHQ%HGUIQLVVHYRQªVHUL|VHQ©XQG %RXOHYDUG%OlWWHUQ=XGLHVHP$UEHLWVPDWHULDOJLEWHVDOV 6RXYHQLUGHU)LUPDHLQH3ODVWLNKOOHPLWPHWDOOHQHP)OO IHGHUKDOWHUXQGHEHQVROFKHP.XJHOVFKUHLEHU.OHLQH*H VFKHQNHHUKDOWHQGLH)UHXQGVFKDIW 8QGHVZDUGRFKULFKWLJGDVLFK'HWMHQHLQHQ6PRNLQJ JHOLHKHQXQGVLFKPLWHLQHP4XHUELQGHUJHVFKPFNWKDWWH 2KQHª.RVWPXQG0DVNH©KlWWHHUKLHUGHSODFLHUWJHZLUNW 'LHHLQ]LJHQGLHDXVGHU5HLKHWDQ]HQVLQGGLHYROOElUWLJHQ .DPHUDDVVLVWHQWHQXQG%HOHXFKWHUHLQHU)LOPQDFKULFK WHQDJHQWXUXQGYRP6GZHVWIXQNLQLKUHPª*DPPHOORRN© $XHQVHLWHUGLHVHUH[NOXVLYHQ*HVHOOVFKDIW1HEHQODQJHQ $EHQGNOHLGHUQXQG6PRNLQJVVLHKW$FKLPHLQH0HQJH8QL IRUPHQQDMDGLHVLVWMDHLQ5VWXQJVEHWULHEXQGGLH+HUUHQ 2IIL]LHUHVSHLVHQDXFKJHUQH[]HOOHQWDXIIUHPGH.RVWHQ'DV NDOWH%IHWWQLPPWHLQHJDQ]H:DQGGHV.DVLQRVHLQXQGLVW QLFKW]XEHUVHKHQ'HWMHQGHQNWLURQLVFKGDGLH:HJHQHU 0RVV$*VLFKHUVHLQGDUIHLQHJXWH3UHVVH]XKDEHQ $OV7RFKWHUHLQHV6SLW]HQNRQVWUXNWHXUVGHU)LUPDZXUGH DXFK&KULVWLQH.|QLJJHODGHQ'LHVFKODQNHMXQJH)UDXPLW GHPVHLGLJJOlQ]HQGHQVFKZDU]HQ+DDUJHUHLFKWLQLKUHP VFKXOWHUIUHLHQZHLQURWHQ6DPWNOHLGGHU9HUDQVWDOWXQJGXUFK DXV]XU=LHUGH$FKLPKDWVLHIRUPYROOHQGHWEHJUWXQGVLH VWHKHQQRFKEHLHLQDQGHU'HWMHQGHXWHWDXIGHQJHODFNWHQ 'HFNHOGHU)LUPHQJHVFKLFKWHGLHDXIHLQ-XELOlXPKLQZHLVW ª,FKVHKHJHUDGHGDGDVJURH(UHLJQLVGHU)QI]LJMDKU IHLHUHUVWLQDFKW:RFKHQVWDWWILQGHW©VDJWHU

6LHODFKWª:DVQXW]WGDVVFK|QVWH-XELOlXPZHQQQLHPDQG GDYRQUHGHW"9RUKHUXQGKLQWHUKHUQDWUOLFKHUVWUHFKW 7HFKQLVFKHV.QRZKRZSOXV7UDGLWLRQGDVLVWGDV*U|WH©6LH ILQGHWHVJDQ]LQGHU2UGQXQJGLHJHEUWLJH$PHULNDQHULQGD PDQLPDOWHQ(XURSDZDV5HNODPHVFKODFKWHQDQJHKWHLQH 0HQJHYRQGHQ86$JHOHUQWKDWª7URPPHOQJHK|UW]XP +DQGZHUN6DJWPDQKLHU]XODQGHQLFKWVR"© ª.ODSSHUQ©YHUEHVVHUW$FKLPª.ODSSHUQJQlGLJH )UDX© :lKUHQGGDV*HVSUlFKGDKLQSOlWVFKHUWQLFKWVVDJHQGH .RQYHUVDWLRQPXVWHUWHUGLH*lVWH0HKUDOVKXQGHUWVLQGHV VFKlW]WHU.U|VLQJVWHKWPLW)OLHJHURIIL]LHUHQ]XVDPPHQVHLQ VFKDOOHQGHV/DFKHQNOLQJWKHUEHU'HUª3ROWHUJHLVW©GHU :HJHQHU 0RVV-HW]WO|VWHUVLFKDXVMHQHU*UXSSHXQG EHJLEWVLFKVFKQHOOHQ6FKULWWHV]XP(LQJDQJXPHLQHHEHQ HLQWUHIIHQGH'DPH]XEHJUHQ 'HWMHQVFKOXFNW:LQQLH:LQNHOPDQQ,KUNXSIHUIDUEHQHV +DDUKHEWVLFKDWWUDNWLYYRPVFKZDU]HQ$EHQGNOHLGDE 'HVKDOEDOVRKDWVLHJHVDJWª,FKNRPPHDXIGLFK]X©8QG ZXQGHUQGDUIPDQVLFKEHUQLFKWV :LHYRQZHLWKHUGULQJW&KULVWLQHV6WLPPHDQVHLQ2KU ª0RUJHQIKUW9DWHUGHQ+HUUHQYRP%HVFKDIIXQJVDPWVHLQH 6RQGHYRU6HKHQZLUXQVGD"© ª,FKJODXEHQLFKW©9HUVWRKOHQVLHKWHUZLHGHU]X:LQQLH 6LHZLUGMHW]WDXFKYRQDQGHUHQ+HUUHQEHJUWGLHZDKU VFKHLQOLFK)LUPHQPLWDUEHLWHUVLQG'LHH[WUDYDJDQWHQYLROHW WHQXQGURWHQ6PRNLQJVDNNRVVFKHLQHQDXIGLH:HUEHDEWHL OXQJKLQ]XZHLVHQ'DIKOWPDQVLFKDOV.QVWOHUXQGIlOOWJHUQ DXI'HUbOWHUHGHUVLFKGD]XJHVHOOWXQGZHLJHZHOOWHV+DDU KDWGUIWHGHU3XEOLF5HODWLRQV0DQDJHUVHOEVWVHLQª:DV VROOWHLFKDXFKGD",FKVWQGHYRUGHU6RQGHZLHGHU2FKV YRUP6FKHXQHQWRU© &KULVWLQHODFKWª,FKJODXEH,KQHQNHLQ:RUW6LHVROOWHQ GRFKNRPPHQ6RHWZDVEHNRPPHQ6LHQLFKWDOOH7DJH]X VHKHQ8QGLQ,KUHU)XQNWLRQKDEHQ6LHGRFKEHUDOO=X WULWW©

,UJHQGZHUVSULFKWVLHDQXQG$FKLP]LHKWVLFKK|IOLFK ]XUFN%HIUDFNWH.HOOQHUJHKHQPLW7DEOHWWVKHUXPXQG ELHWHQ6HNWDQ=LJDUUHQXQG=LJDUHWWHQLQJH|IIQHWHQ3DN NXQJHQ'LH*lVWHKDEHQ=HLWVLFK]XDNNOLPDWLVLHUHQXQGHLQH JHZLVVHDQIlQJOLFKH6WHLIKHLWDE]XOHJHQ ,P.DVLQRKHUUVFKWVWlQGLJH%HZHJXQJ0DQJHKWKHUXP EHJUW%HNDQQWHKDW=HLWIUHLQHQ6FKZDW]XQGJLEWVLFK IUHXQGOLFKDXFK/HXWHQJHJHQEHUGLHPDQDPOLHEVWHQ]XP 0RQGVFKLHHQZUGH8QGGDEHLLVWDOOHVVHKUXQYHUELQGOLFK 'DVKDEHQ3DUW\VVRDQVLFK'HWMHQVFKOHQGHUWXQGNRPPW VLFKHLQZHQLJYHUORUHQYRU *HVSUlFKVIHW]HQ 'HUZHLJHZHOOWH0DQDJHUVWHKWMHW]WPLW]ZHLMQJHUHQ 0lQQHUQRIIHQVLFKWOLFK-RXUQDOLVWHQ]XVDPPHQGHUHQJH ORFNHUWH+DOWXQJDXI(UIDKUXQJLP8PJDQJPLW9HUWUHWHUQGHV JURHQ*HOGHVVFKOLHHQOlW ª1LFKWVOHLFKWHUDOVGDV©VDJWHUHEHQª:HQQ6LHDQGLHVHP (UVWIOXJWHLOQHKPHQZROOHQEHWUDFKWHQ6LHVLFKMHW]WVFKRQ DOVHLQJHODGHQ'DVHLQ]LJHGDV6LHPLWEULQJHQPWHQ©HU ODFKWXQGOHJWGHPHLQHQIUHXQGVFKDIWOLFKGLH+DQGDXIGHQ $UPªZlUH=HLW'LH0DVFKLQHPLWGHU6LHIOLHJHQZLUGLQ XQVHUHPDUJHQWLQLVFKHQ=ZHLJZHUNHUVWHLQPDODXI+HU]XQG 1LHUHQJHSUIWXQGLQ]ZLVFKHQ,FKZUGH,KQHQJHUQGLH 6R]LDOPDQDKPHQLP=ZHLJZHUN]HLJHQGLHVLQGIUODWHLQ DPHULNDQLVFKH9HUKlOWQLVVHYRUELOGOLFK:HJHQHUXQG0RVV KDEHQVLFKGDVHWZDVNRVWHQODVVHQ'DV0RGHUQVWHKRFK LQWHUHVVDQW©'LHEHLGHQVFKHLQHQVHLQ,QWHUHVVHQLFKWXQ EHGLQJW]XWHLOHQ'DIlKUWHUOHLVHUIRUWª1DXQG]XU(UKROXQJ HLQ$XVIOXJLQGLH3DPSDVHLQELFKHQ1DFKWOHEHQLQ%XHQRV $LUHV.RVWHQHQWVWHKHQ,KQHQVHOEVWYHUVWlQGOLFKQLFKW:HQQ 6LHGDVPLW,KUHQ5HGDNWLRQHQDEJHVSURFKHQKDEHQ$QUXI EHLPLUJHQJW©'DPLWJHKWHUZHLWHU 'LHEHLGHQQHKPHQ=LJDUHWWHQYRQHLQHP7DEOHWW ª'DEHLNRPPWGRFKQLFKWVUDXV©ZLUIWGHU'LFNHUHKLQXQG EHXJWVLFKEHUGDVDXIIODPPHQGH)HXHU]HXJGHVDQGHUHQ ª5HLQH=HLWYHUVFKZHQGXQJ,FKZDUQHXOLFKEHL5ROOH[LQ

6LQJDSRUHXQGQXQPXLFKPLUNQIWLJMHGHVNULWLVFKH:RUW YHUNQHLIHQ.ROLEULV!KDWWHQGLHGDDQ/DQGJH]RJHQ'X PDFKVWGLUNHLQH9RUVWHOOXQJ©(UVHXI]Wª/HLGHULVWPDQQLFKW PHKUGHU-QJVWH'LH$XJHQZROOHQPHKUDOVPDQYHUGDXHQ NDQQ© 'HUDQGHUHJULQVW(ULVWZHVHQWOLFKMQJHUXQGDXIVHLQHU VFKPDOHQ1DVHVLW]WHLQHJROGJHIDWH%ULOOHª$FKZHLWGX© HUZLGHUWHUVFKQRGGULJªZDQQNRPPWPDQVFKRQXPVRQVW QDFK6GDPHULND"'HQ&KHINULHJHLFKUXP'HUPDFKWDOOHV PLWZHQQHVQXUQLFKW]X/DVWHQGHU5HGDNWLRQVNDVVHJHKW 8QGZDVGHQ0DXONRUEDQJHKWLFKKDOWHHVPLW*XVWDY )UH\WDJ.DQQLFKVFKUHLEHQUHFKWVNDQQLFKVFKUHLEHQ OLQNV!'HU5HGDNWHXU6FKPRFNLQGHQ-RXUQDOLVWHQ!)UH\ WDJZXWHZRUEHUHUVHLQ6WFNVFKULHE,FKZLOOQDFK $UJHQWLQLHQ'DZDULFKQRFKQLFKW© 'LHEHLGHQVHKHQVLFKDQXQGYHUVWHKHQVLFK*HPHLQVDP JHKHQVLHDXIHLQHQ1HXDQN|PPOLQJ]X 'LHVH3DUW\ZlFKVWQRFK]XPUHLQVWHQ)DPLOLHQWUHIIHQDXV GHQNW'HWMHQ,KQZXQGHUWQLFKWHLQPDOGDHUSO|W]OLFK-DPHV ':LOVRQJHJHQEHUVWHKW'HU&,$6SH]LDODJHQWQLPPWLKQ HEHQIDOOVZDKUXQGO|VWVLFKDXVHLQHP*HVSUlFKPLW.RU UHVSRQGHQWHQGHUª1HZ
ª1LFKWKLHU©ZHKUWHUDEª:DVKDOWHQ6LHYRQHLQHPNOHLQHQ 3ODXGHUVWQGFKHQXQWHUYLHU$XJHQ"© ª9LHO©DQWZRUWHWGHU6SH]LDODJHQWDEHUHUVDJWHV]HUVWUHXW XQGLVWPLWGHQ$XJHQVFKRQJDQ]ZRDQGHUVª5XIHQ6LHPLFK GRFKLUJHQGZDQQPDODQª ª:RHUUHLFKHLFK6LHKLHU"© ª+RWHO=XU:HLQVWUDH!6LHHQWVFKXOGLJHQPLFK©(UKDW MHPDQGHQHQWGHFNWPLWGHPHUXQEHGLQJWVSUHFKHQP|FKWH ª6RORQJ'HWMHQ© $XIHLQPDONORSIWLKP.U|VLQJDXIGLH6FKXOWHU$FKLP GUHKWVLFKXP9RULKPVWHKW:LQQLH,QLKUHQ$XJHQLVWHLQ NOHLQHV/DFKHQDEHUVLHEHKHUUVFKWVLFKXQGVLHKWLKQDQDOV EHJHJQHVLHGLHVHP0DQQ]XPHUVWHQPDOLQLKUHP/HEHQ ª*QlGLJH)UDXLFKGDUI,KQHQ+HUUQ'HWMHQYRUVWHOOHQ )UKHUHLQ$VGHU/IWHLQPHLQHP*HVFKZDGHUDP5DQGH EHPHUNW0HLQOLHEHU'HWMHQGDVLVW)UDX:LQNHOPDQQ(U NOlUXQJHQHUEULJHQVLFK)UDX:LQNHOPDQQKDWGLH)RWRVIU XQVHUH)LUPHQJHVFKLFKWHJHPDFKW© ª.RPSOLPHQWJQlGLJH)UDX,FKIUHXHPLFK6LHNHQ QHQ]XOHUQHQ©$QJHGHXWHWHU+DQGNX'LH6LWXDWLRQEHOXVWLJW 'HWMHQ'DVWHKWGHU.XQGVFKDIWHUGHV0LQLVWHULXPVIU 6WDDWVVLFKHUKHLWLP6PRNLQJPLWWHQLQHLQHUGHU+RFKEXUJHQ GHUEXQGHVGHXWVFKHQ5VWXQJVLQGXVWULHGHU*HQRVVLQJHJHQ EHUGLHIULKQGLH9HUELQGXQJ]XU+HLPDWEHGHXWHWXQGHLQ 0DQQGHPGLH'HXWVFKH'HPRNUDWLVFKH5HSXEOLNHLQ'RUQ LP$XJHLVWOlWHVVLFKDQJHOHJHQVHLQ]ZHL0LWDUEHLWHU HEHQMHQHQ0LQLVWHULXPVIRUPYROOHQGHWPLWHLQDQGHUEHNDQQW ]XPDFKHQ:HQQGDVQLFKWNRPLVFKLVW:LHGDV/HEHQVR VSLHOWª,FKKDEHELVKHUQLFKWJHZXWZLHKEVFKVLFKXQVHUH %XQGHVZHKUPDVFKLQHQIRWRJUDILHUHQODVVHQ*HUDGH]XOLH EHQVZHUW© .U|VLQJOlWZLHGHUVHLQVFKDOOHQGHV/DFKHQK|UHQ ª6FKOLHOLFKEHVLW]WGLH:HJHQHUXQG0RVVVRYLHOHGDYRQGD VLHVLHYHUNDXIHQPX'LH'DPHQDXIGHQ7UDJIOlFKHQZHUGHQ MHGRFKQLFKWPLWJHOLHIHUW'LHEUDXFKHQZLUQRFK© :LQQLHVFKZHLJWXQGVLHKWVHKUNKOXQGXQQDKEDUDXV(V

PDFKWGHQ(LQGUXFNDOVSDVVHLKUGHU2IIL]LHUVNDVLQRWRQGHV 2EHUVWHQD'QLFKWDOVWROHULHUHVLHLKQDEHUDXV*HVFKlIWV UFNVLFKWHQ(VVFKHLQWLKUOLHE]XVHLQGDVLHGHU0DQDJHU ]XU6HLWHQLPPW)ULKQKDWVLHVHKUYLHO&KDUPH$XIWUlJH GHV$XVPDHVZLHLKQGHU-XELOlXPVEDQGGDUVWHOOWYHUJLEW HUSHUV|QOLFKXQGGXUFKGLHVHQ$XIWUDJKDW:LQQLHHLQHQ KHUYRUUDJHQGHQ(LQEOLFNLQGDV3URGXNWLRQVVSHNWUXPGHU :HJHQHU 0RVV$*JHZRQQHQ.HLQHQOFNHQORVHQ(LQ EOLFNYHUVWHKWVLFKDEHUGDJLEWHVMDQRFKDQGHUH0|JOLFK NHLWHQ$XINOlUXQJLVWHLQ3X]]OHVSLHO(UVWGLH=XVDPPHQ VHW]XQJHLQHU9LHO]DKOYRQ0RVDLNVWHLQHQHUJLEWHLQJHVFKORV VHQHV%LOG $FKLPIHJWPLWHLQHU+DQGEHZHJXQJHLQDQJHQRPPHQHV 6WlXEFKHQYRP6HLGHQUHYHUVGHV6PRNLQJNUDJHQVª(LQ(LV EHUJGLH'DPHZLH"©ZLUIWHUKLQXQGVLHKWLKUQDFK .U|VLQJJLEWVLFKDOV.HQQHUª$EHUVLHLVWURWEORQG :DKUVFKHLQOLFKPXPDQVLHQlKHUNHQQHQ%HVWHKW,QWHU HVVH"© 'HWMHQJULQVWª:DUXPHLJHQWOLFKQLFKW"*HOHJHQWOLFK EUDXFKWPDQGRFKHLQSDDU3DELOGHU© 'HU2EHUVWNQHLIWHLQ$XJH]Xª'HU:XQVFKPHLQHU0lQQHU ZDUPLULPPHU%HIHKO9HUODVVHQ6LHVLFKDXI,KUHQDOWHQ .RPPDQGHXU© -HW]WVFKOLHHQGLHEHIUDFNWHQ.HOOQHUGLH7UHQ]XP'DFK JDUWHQ(VZLUGHUQVW=XPLQGHVWGLH-RXUQDOLVWHQGLHGLH $QVFKDIIXQJHLQHV6PRNLQJVDOVEHUXIVEHGLQJWH$XVJDEHYRQ GHU6WHXHUDEVHW]HQNHQQHQGLHVHV6LJQDO6LHELOGHQ]ZDQJORV HLQHQ+DOENUHLV$XIHLQPDOLVWHVVWLOO1XQWULWWGHU0DQDJHU PLWGHPJHZHOOWHQ+DDULQGHQIUHLHQ5DXP ª,FKGDUI6LH]XQlFKVWLP1DPHQGHU:HJHQHUXQG0RVV $NWLHQJHVHOOVFKDIWXQGVHOEVWYHUVWlQGOLFKLQPHLQHPHLJHQHQ KHU]OLFKLQ6WDXIHQZLOONRPPHQKHLHQPHLQH'DPHQXQG +HUUHQ©EHJLQQWHUJHZDQGWª,FKGDQNH,KQHQIU,KU]DKO UHLFKHV(UVFKHLQHQXQGGDVIUHXQGOLFKH,QWHUHVVHDQXQVHUHP 8QWHUQHKPHQGDV6LHPLW,KUHU7HLOQDKPHEHNXQGHQ:LH6LH ZLVVHQIKUWXQVHLQDXHUJHZ|KQOLFKHV(UHLJQLV]XVDPPHQ

,FKELWWH6LHXP$XIPHUNVDPNHLWIU+HUUQ'LUHNWRU'RNWRU %XW]NRGHUGD]XHLQLJH:RUWHDQ6LHULFKWHQZLUG© 'LH)LOPNDPHUDVODXIHQ%OLW]OLFKWIODPPWDXI7RQ EDQGVSXOHQURWLHUHQ 'U%XW]NROlFKHOWª0HLQH'DPHQXQG+HUUHQ,FKP|FKWH HUVWHLQPDO,KUH3KDQWDVLHDXIHLQHKDUWH3UREHVWHOOHQ:HQQ 6LHKHXWHKLHULP+HU]HQHLQHV8QWHUQHKPHQVVWHKHQGDVVLFK LQIQI]LJMlKULJHU]lKHUXQGDXIRSIHUXQJVYROOHU$UEHLWLP 'LHQVWHGHU/XIWIDKUW:HOWJHOWXQJHUZRUEHQKDWGDQQIlOOWHV VFKZHUVLFKGHQ$QIDQJLQHLQHU:HUNVWDWWYRU]XVWHOOHQGLH NDXPGLH*U|HGLHVHV.DVLQRVKDWWH© 'HWMHQV*HVLFKWKlOWGHQ$XVGUXFNWHLOQDKPVYROOHU$XI PHUNVDPNHLWIHVW$EHUHUK|UWQLFKW]X-HW]WNRPPWGDVDOWH 0lUFKHQYRPWFKWLJHQEUDYHQ0DQQGHUVLFKPLW)OHLXQG .|QQHQDXVNOHLQHQ9HUKlOWQLVVHQHPSRUDUEHLWHWH9RP 7HOOHUZlVFKHU]XP0LOOLRQlU:LHJHKDEW

1XQVLW]W:HUQHU%UHGHEXVFKQHEHQ:LQQLH:LQNHOPDQQLQ GHUHQ%0:'HUDOWH.U|VLQJLVWGRFKHLQ)LORX'DHURIIHQH 7UHQHLQUDQQWHDOVHUGLH)RWRJUDILQOLVWLJEDW+HUUQ'HWMHQ GHULPVHOEHQ+RWHOZLHVLHZRKQWIUHXQGOLFKHUZHLVHGRUWKLQ PLW]XQHKPHQDKQWHHUMDQLFKW*HZLVRQQWHUVLFKQXQLQ GHP*ODXEHQIUHLQHKHPDOLJHVª,PPHOPDQQ©$VJDQ] SUlFKWLJJHNXSSHOW]XKDEHQ,QVROFKHQ)lOOHQ]HUUHLWHUVLFK GDVFKHXWHUNHLQH0KH ª0RUJHQZLUGGLH.|QLJVRQGHYRUJHIKUW©VDJWH:HUQHU ª(VOLHHVLFKHLQULFKWHQGDLFKGDEHLELQ© :LQQLHVWUHFNWGLH5HFKWHLPGXUFKEURFKHQHQ$XWRKDQG VFKXKQDFKGHP/DXWVWlUNHUHJOHUGHV5DGLRVDXVXQGGUHKW QDFKUHFKWV6LFKHULVWVLFKHU'LHª(YHUJUHHQVDPODXIHQGHQ %DQG©GHFNHQGDV*HVSUlFK]X:HUZHLGHQQREVLFKGHU IDPRVH:HUNVLFKHUKHLWVGLHQVWGHU:HJHQHU 0RVV$*

QLFKWGHQ6SDPDFKWPLW]XK|UHQZLHGLH*lVWHGHU9HU DQVWDOWXQJGLHVHLP1DFKKLQHLQNRPPHQWLHUHQ"'DVN|QQWH GRFKQW]OLFKVHLQ ª:R]X"©IUDJWGLH)RWRJUDILQWURFNHQ]XUFNª'DVLVWGRFK QLFKWGHLQ%LHU'XELVWKLHUXPHLQHQ(LQEUXFKDXI]XNOlUHQ =XZHLWUHLFKHQGHV,QWHUHVVHGHLQHUVHLWVPDFKWK|FKVWHQVDXI GLFKDXIPHUNVDP'DVKDEHQZLUQLFKWQ|WLJ0RUJHQLVWGDV .REOHQ]HU%HVFKDIIXQJVDPWLQ6WDXIHQ9HUWUHWHQXQWHUDQ GHUHPGXUFK+HUUQ)UHJDWWHQNDSLWlQ:HQGODQG© :HQGODQG"$OVGHU1DPHIlOOWHULQQHUWVLFK:HUQHU%UH GHEXVFKDQGLHEDQJHQ0LQXWHQYRUVHLQHU$EIDKUWDXVGHP :DVVHUVFKORLQGHU(LIHOLQGHPLQDOOHU+HLPOLFKNHLW GLH3OlQHIUGHQ$XIEDXGHU%XQGHVZHKUEHVFKORVVHQZXU GHQ9RUGHU$EUHLVHGHUWHFKQLVFKHQ0LWDUEHLWHUJDEHVDXI $QRUGQXQJ*HUWYRQ:LHVHQHFNVHLQH/HLEHVYLVLWDWLRQXQG HU:HUQHUKDWWH0LNURILOPHPLW$XIQDKPHQGHVVWUHQJJH KHLPHQ3URWRNROOVLQGHU7DVFKH'DWUDWEXFKVWlEOLFKLQ OHW]WHU0LQXWHGHU.RPPDQGHXUGHUEHLGHQ:DVVHUVFKXW] SROL]HLERRWHDXILKQ]XGLHGLHVHHVHLWLJH6LFKHUXQJGHV 6FKORVVHVEHVRUJWHQXPVLFK]XYHUDEVFKLHGHQ(UQDQQWHGLH YRQ:LQQLHYRUJHJHEHQH3DUROHGLHLKQDOV0LWDUEHLWHUGHV 0LQLVWHULXPVIU6WDDWVVLFKHUKHLWDXVZLHVEHUQDKPGDV 0DWHULDOXQGYHUOLHXQDQJHIRFKWHQGHQGVWHUHQ6FKORKRI :HQGODQGLVWDOVRMHW]WLP%HVFKDIIXQJVDPW:HUQHUZHFKVHOW GDV7KHPDª,FKELQEHU]HXJW©VDJWHUSO|W]OLFKªGDHVEHL GLHVHP.LGQDSSLQJGDVJDUNHLQVZDUEHUKDXSWQLFKWXPGLH 6RQGHJLQJ(VJLQJXPGHQ,QKDOWGHU%ULHIWDVFKHYHUPXWOLFK XPGLH9HUVHQNXQJVVWHOOHGHUJHKHLPQLVYROOHQ)UDFKW)UDJH :RVLQGGLH/HXWHYRP/RIWKXVHU.UHLVKHXWHGLHXPGHQ ,QKDOWGHV%HKlOWHUVZXWHQXQGLKQMHW]WRIIHQEDUZLHGHUDQ /DQG]LHKHQP|FKWHQ"'DVPVVHQZLUKHUDXVEHNRPPHQ 8QGLFKZHUGHHVZLVVHQZHQQLFKGLH.LGQDSSHUKDEH© ª8QGZLHZLOOVWGXVLHVXFKHQ"© 'HWMHQOHKQWVLFKDQGLH6HLWHQWUGHVJHUlXPLJHQ:DJHQV 8QDXIGULQJOLFKXQGGRFKVSUEDUOlWGHUHUNHQQHQGD :LQQLHEHUXIOLFK(UIROJKDW'DPDOVLQGHU(LIHOKDWWHVLHQRFK

HLQHZLQ]LJH]ZHLVLW]LJHª,VHWWD©PLWGHP)URQWHLQVWLHJ1XU GDV)LUPHQ]HLFKHQLVWGDVVHOEHJHEOLHEHQ'DV$XWRLVWLQGHU %5'HLQ6WDWXVV\PEROGHPPXPDQVLFKDQSDVVHQ ª0DQKDWPLFKQDFK6WDXIHQJHVFKLFNWZHLOPDQGLHP\ VWHUL|VHQ9RUJlQJHPLWGHU.|QLJVRQGHLQ9HUELQGXQJEULQJW 'LHVH9HUVLRQPXLFKQRFKHLQELFKHQDXIUHFKWHUKDOWHQ GHQQEHZHLVHLFKGDHVQLFKWXP.|QLJV(UILQGXQJJHKWLVW PHLQ$XIWUDJHUIOOW'DQQNDQQLFKGLH.RIIHUSDFNHQXQG QDFK%RQQ]XUFNNHKUHQ,FKP|FKWHJHUQQRFKEOHLEHQ© ª8QGZRZLOOVWGXDQVHW]HQ"©'DLVWHLQH.UHX]XQJXQG :LQQLHªYHUIlKUW©VLFKUHFKWJHVFKLFNWVLHVWHXHUWQLFKWQDFK 6WDXIHQKLQHLQVRQGHUQGDUDQYRUEHL6RNRPPWVLHDXIHLQH 8PJHKXQJVVWUDHGLHLQ5LFKWXQJ)UHLEXUJIKUW ª'XZLUVWHVQLFKWJODXEHQLQ)UDQNIXUW8QGGD]XEUDXFKH LFKGHLQH+LOIH© ª,Q)UDQNIXUW"©ZLHGHUKROW:LQQLH1RFKVLHKWVLHGDNHLQHQ =XVDPPHQKDQJ9RQGHU6WDGWDP0DLQLQGHUVLHOHEWXQG DUEHLWHWZDULQ9HUELQGXQJPLW:HUQHUV(LQVDW]LQ6WDXIHQ EHUKDXSWQRFKQLFKWGLH5HGH (UHUNOlUWª9LHOOHLFKWLVWPHLQH+\SRWKHVHJHZDJWDEHU K|UHVLHGLUHUVWHLQPDODQ0LFKKDWVWXW]LJJHPDFKWGD]ZHL GHUDOV:DJHQGHV.LGQDSSHUVLQ)UDJHNRPPHQGHQ:DJHQ KlXILJXQG]LHPOLFKUHJHOPlLJLQ)UDQNIXUW]XILQGHQVLQG ,FKJHKHGDYRQDXVGDGLH(QWIKUHUZHUVLHDXFKLPPHU JHZHVHQVHLQP|JHQQDWUOLFKQLFKWPLWLKUHQHLJHQHQPLWGHQ HFKWHQ.HQQ]HLFKHQJHIDKUHQVLQG1DKHOLHJHQGZlUHJH ZHVHQGDVLHVLFKIUHPGHUJHVWRKOHQHU)DKU]HXJHEHGLHQW KlWWHQGRFKHVZDUNHLQHUGHUGUHLIUDJOLFKHQ:DJHQHQW ZHQGHWZRUGHQ)ROJHULFKWLJHU6FKOX0DQYHUVDKHLQHQ JHOEHQ2SHO5HNRUGPLWGHPQDFKJHPDFKWHQ.HQQ]HLFKHQ HLQHVGHU)UHLEXUJHU:DJHQXPGHQ9HUGDFKWZHQQHVHLQH 8QWHUVXFKXQJJHEHQZUGHLP6DQGHYHUODXIHQ]XODVVHQ'LH GUHLLQ)UHLEXUJEHVLW]HQHLQZDQGIUHLH$OLELV,VWGDVVRZHLW ORJLVFK"© ª/RJLVFK©EHVWlWLJW:LQQLH 'HWMHQIlKUWIRUWª'DUDXVGDHLQ)UHLEXUJHU.HQQ]HLFKHQ

EHQXW]WZXUGHHUJLEWVLFKPLW6LFKHUKHLWGDGLH+LQWHU PlQQHUQLFKWLQ)UHLEXUJVLW]HQ:HQQPDQVFKRQYRQVLFK DEOHQNHQZLOOGDQQGRFKVRZHLWZHJZLHP|JOLFK'LH.LG QDSSHUNDPHQDXVHLQHUDQGHUHQ*HJHQG© $EHUHVLVWNHLQ3KDQWDVLHNHQQ]HLFKHQXQGGDV2ULJLQDO KlQJWDQHLQHP:DJHQGHUJHQDXVRJHOEXQGYRPJOHLFKHQ 7\SLVWZLHGHUGHUHLQJHVHW]WZRUGHQLVWGHQNW:LQQLH :LQNHOPDQQª'XPHLQVWGDVLHGDV2ULJLQDOH[DNWNRSLHUW KDEHQ"© ª*HQDX©VWLPPWHU]Xª$EHUGD]XPXWHQVLHHVVHKHQ 8QGQLFKWQXUHLQPDOLP9RUEHUJHKHQ0HLQH+\SRWKHVH (LQHUGHUEHLGHQ:DJHQGLHKlXILJXQGLP)DOOHGHV6WDGW GLUHNWRUVDXHU'LHQVWDXFKODQJIULVWLJLQ)UDQNIXUWVWHKHQ ZDUGDV9RUELOG,FKKDOWHVRJDUIUZDKUVFKHLQOLFKGDHLQHU GHU.LGQDSSHUDP5RWKVFKLOGSDUNRGHULQGHU2SSHQKHLPHU 6WUDHZRKQW:DUXPVROOWHQVLHVLFKXQQ|WLJH$UEHLWPD FKHQ"© 'LH)RWRJUDILQZHQGHWGHQ%0:XQGIlKUWQXQZLHGHULQ 5LFKWXQJ6WDXIHQ$OO]XVSlWHV(LQWUHIIHQLP+RWHON|QQWH $XIPHUNVDPNHLWHUUHJHQª*XW,FKZHUGHPLFKXPVHKHQRE GDLQGHU*HJHQGHLQTXLWWHJHOEHU2SHO5HNRUGVWHKWXQG ZHUGHHUIDKUHQZHPHUJHK|UWXQGZDVGHU%HVLW]HUWUHLEW© 8QGDOVVFKRQGDV+RWHOª.UHX]3RVW©LQ6LFKWNRPPWVDJW VLHQRFKª'DVLVWZLUNOLFKHLQHYHUZHJHQH+\SRWKHVHDEHU LFKNDQQPLUQLFKWKHOIHQPLUJHIlOOWVLH©

'HUQlFKVWH7DJLVWIU0DMRU'HWMHQHLQUHLQHUª%HVFKlIWL JXQJVWDJ©(UWXWLP3ULQ]LSQLFKWVDOV6FKDXPVFKODJHQDEHU GDVPDFKWHUJUQGOLFK'LH/HXWHYRQGHU:HJHQHU 0RVV $*JHZLQQHQGHQ(LQGUXFNGDGLHVHU$EZHKURIIL]LHUHLQ EHUDXVSIOLFKWEHZXWHUDJLOHUXQGEHKDUUOLFKHU0HQVFKLVW GHUQLFKWVXQYHUVXFKWOlW/LFKWLQGDV'XQNHOXPGHQ$Q VFKODJDXI'U$OEUHFKW.|QLJV6RQGH]XEULQJHQ6HLQH7lWLJ NHLWOlWNHLQHQ=ZHLIHOGDUDQGDHUPHKUXQGPHKUGLH *HZLKHLW]XJHZLQQHQVFKHLQWGDGLH.RQNXUUHQ]QDFKGHU (OR3$JHJULIIHQKDW(ULQIRUPLHUWVLFKZHOFKH0LW

DUEHLWHUDQGHP3URMHNWEHWHLOLJWZDUHQHUVWXGLHUWEHLP 3HUVRQDOGLUHNWRUGLH/HEHQVOlXIHGHU%HWUHIIHQGHQXQGEH IUDJWVLHODQJXQGEUHLW'DEHLJLEWHVDXFKSHLQOLFKH(UNXQ GLJXQJHQª:HOFKHQHXHQ%HNDQQWVFKDIWHQKDEHQ6LHLP 9HUODXIGHVOHW]WHQ-DKUHVJHVFKORVVHQ"(ULQQHUQ6LHVLFKRE VLFKMHPDQGLQ,KUHQ%HNDQQWHQNUHLVJHGUlQJWXQGEHWRQW,KUH )UHXQGVFKDIWJHVXFKWKDW"6LQG6LHLQILQDQ]LHOOHQ6FKZLHULJ NHLWHQ"+DWPDQ,KQHQGHPHQWVSUHFKHQGH+LOIHDQJHERWHQ" :HUVLQGGLH)UHXQGLQQHQ,KUHU)UDXXQGZDVZLVVHQ6LHEHU GHUHQ0lQQHU"©8QGLPPHUOlXIWGDEHLGDV'LNWLHUJHUlW'HU 8PVWDQGGDDOOH$XVVDJHQDXIGLHVH:HLVHHOHNWURQLVFK SURWRNROOLHUWZHUGHQI|UGHUWZDKUKHLWVJHPlH$QJDEHQVHKU 0DQN|QQWHDXIVLH]XUFNJUHLIHQN|QQWHVLHEHUSUIHQ 'LHVHU0DMRUDXV%RQQVFKHXWZLUNOLFKNHLQH0KH6HOEVW GLH+DXVKlOWHULQ'U.|QLJVGLHGRFK]XU7DW]HLWQLFKWLQ 6WDXIHQZDU]LHKWHUQRFKHLQPDOLQHLQODQJHV*HVSUlFKGDV HUJHEQLVORVYHUOlXIW(UVWDOV'HWMHQVFKRQZLHGHUJHJDQJHQ LVWIlOOWGHU)UDXHLQGDGDYRUHLQLJHU=HLWHLQMXQJHU0DQQ PLWHLQHP3RUVFKHJHNRPPHQLVWXQGVLFKQDFKGHP$UFKLWHN WHQGHV+DXVHV$P:HLQEHUJHUNXQGLJWKDW$EHUGDVZDU ZRKOQLFKWZLFKWLJ'HQ+HUUQ0DMRUGHVKDOE]XUFNUXIHQ" 1HLQ 6RJHUQXQGVLFKHU:LQQLH:LQNHOPDQQLKU$XWRIlKUWXQGVR JXWVLHLP*HZLUUGHU)UDQNIXUWHU(LQEDKQVWUDHQ%HVFKHLG ZHLZHQQHVVLFKPDFKHQOlWYHUPHLGHWVLH/LQNV DEELHJHU]XVHLQ'DVLHYRQGHU+DXSWZDFKHKHUGLH*URH %RFNHQKHLPHU6WUDHHQWODQJNRPPWEHUTXHUWVLHGHQ 2SHUQSODW]XQGJHODQJWLQGLH%RFNHQKHLPHU/DQGVWUDH 'DQQHUVWH4XHUVWUDHUHFKWV2EHUOLQGDX5HFKWHU+DQG OLHJWVFKRQGHU5RWKVFKLOGSDUNDEHUVLHP|FKWHDXIGLHDQGHUH 6HLWHXQGZHOFKHLQH,URQLHGHV6FKLFNVDOVMHW]WEHQXW]WVLH GLH6WDXIHQHU6WUDH,PPHUZLHGHU6WDXIHQ1RFKHLQPDO UHFKWV-HW]WLVWVLHLP5HXWHU:HJ'DHUKHEWVLFKDEHUPDOV UHFKWVGDV$PHULNDKDXV'DVKDWSUDNWLVFKHUZHLVHHLQHQ DXVJHGHKQWHQ3DUNSODW]+LHUOlW:LQQLHLKUHQ%0:]X UFN

'LH)RWRJUDILQGXUFKTXHUWGHQ3DUNXQGNRPPWVRZLHGHU LQGLH6WUDH2EHUOLQGDX:LQQLHPDFKWGHQ(LQGUXFNHLQHU 0LJJlQJHULQ'DPLWXQWHUVFKHLGHWVLHVLFKQLFKWYRQGHU 0HKU]DKOGHU0HQVFKHQKLHU(VLVWHLQVFK|QHU7DJGLH6RQQH VFKHLQW$XIGHQ%lQNHQVLW]HQMXQJH0WWHUXQGVRIHUQLKUH .OHLQHQLQGHQ.LQGHUZDJHQVFKODIHQXQGVLHQLFKWYROOXQG JDQ]PLW%HVFKODJEHOHJHQOHVHQVLHVWULFNHQRGHUVFKZDW]HQ PLWDQGHUHQ'LH.LQGHULKUH3IOHJHXQGLKUH(U]LHKXQJVLQG HLQXQHUVFK|SIOLFKHV7KHPD(LQDOWHU+HUUIKUW]ZHL PXQWHUH6LOEHUSXGHODQGHU/HLQH9RQGHQ6SLHOSOlW]HQNOLQJW *HVFKUHLKHUEHU=ZHL3ROL]LVWHQVFKOHQGHUQGXUFKGHQ3DUN 6LHKDOWHQVLFKLP6FKDWWHQ:HQQVLHGDV/LFKWWULIIWEOLW]W DQLKUHQ0W]HQGDVJURH6WDGWZDSSHQPLWGHPJHNU|QWHQ $GOHU%HL7DJLVWGHU6WUHLIHQGLHQVWLP3DUNQLFKWXQDQJH QHKP :LQQLHJHKWJHUDGHVFKQHOOJHQXJXPQLFKWDQJHVSURFKHQ ]XZHUGHQ(LQHJXWDXVVHKHQGH)UDXDOOHLQHOHJDQWDQJH]R JHQ,PPHUVLQGGLH3DUNVDXFKGDVª-DJGUHYLHU©IORWWHUMXQJHU 0lQQHUGLHHVEHVRQGHUVDXIªJUQH:LWZHQ©DEJHVHKHQ KDEHQDXI)UDXHQGHQHQ]HLWZHLOLJHV$OOHLQVHLQ/XVW]X HLQHPNOHLQHQ6HLWHQVSUXQJPDFKW 2EHUOLQGDX(LQIQIVW|FNLJHV+DXVDXVGHU*UQGHU]HLW LVWGDVUHLFKDQ%DONRQHQPLWJHVFKZXQJHQHQ(LVHQJLWWHUQ YRQEXQWHQ0DUNLVHQEHUGDFKW1HEHQGHP(LQJDQJEOLW]WHLQ 0HVVLQJVFKLOGLQGHU6RQQHª$WODQWHQ*OREHQ.DUWHQ 6WDGWSOlQH6HHNDUWHQ©8QWHUGHQ)HQVWHUQHLQEUHLWHU 6FKDXNDVWHQYROOHUIDUELJHU5HSURGXNWLRQHQDWWUDNWLYHUPLW WHODOWHUOLFKHU'DUVWHOOXQJHQGHU:HOW+LHUKHUNRPPWUHJHOPl LJ+HUU*XPSHOPDQQ :LQQLH:LQNHOPDQQYHUODQJVDPWLKUHQ6FKULWW0LW%HGDFKW KDWVLHIULKUH(UNXQGXQJGHQVSlWHQ9RUPLWWDJJHZlKOW8P GLHVH=HLWVWHKWGLH0HKU]DKOGHU)UDQNIXUWHU3.:VLKUH %HVLW]HUDUEHLWHQ:RHLQVW9RUJlUWHQHLQH$UWOlQGOLFKHU ,G\OOHLQGLH6WDGWEUDFKWHQVLQGVLH$XWR6WHOOSOlW]HQJH ZLFKHQVWDWWIUHXQGOLFKHQ*UQVOHXFKWHW/DFN+LHUJHKWHV QRFKZHLOJHJHQEHUGHU3DUNOLHJWDEHULQDQGHUHQ6WUDHQ

KHUUVFKWXQHLQJHVFKUlQNWGLHªKHLOLJH'UHLHLQLJNHLW©YRQ $VSKDOW%OHFKXQG0DXHUZHUN6WUDHQVLQGGDVLQGHQHQ VLFKGHU)XJlQJHUJHUDGHQRFKJHGXOGHWYRUNRPPW (LQHJHOEH.DURVVH]LHKW:LQQLHPDJLVFKDQGRFKDOVVLH QlKHUNRPPWZHQGHWVLHVLFKHQWWlXVFKWDE'DVLVWNHLQ 2SHO5HNRUGVRQGHUQHLQ.DGHWW3O|W]OLFKZLUGGHU)RWRJUD ILQEHZXWGDLKUH6XFKHGRFKHLQUHFKWIUDJZUGLJHV 8QWHUQHKPHQLVWYRQWDXVHQG8QZlJEDUNHLWHQEHODVWHW 1LHPDOVNDQQHLQHVROFKH%HREDFKWXQJ$QVSUXFKDXI9ROO VWlQGLJNHLWHUKHEHQ'LH&KDQFHHWZDV]XHUUHLFKHQLVW lXHUVWJHULQJDEHULPPHUKLQHLQH&KDQFHEOHLEW 9RUGHP6FKDXNDVWHQGHV/DQGNDUWHQJURVVLVWHQYHUZHLOW VLH,PPHUKDEHQGLHVHDOWHQ%OlWWHUHWZDV)DV]LQLHUHQGHV 0RGHUQH.DUWHQVLQGVDFKOLFK]ZHFNGLHQOLFKXQGHPRWLRQV ORVDEHUDXIMHQHQHUKHEHQVLFKDXVGHQ:HOOHQDXIGHQHQ XQWHUYROOHQ6HJHOQ.DUDYHOOHQ]LHKHQQRFKIDEHOKDIWH8Q JHKHXHU'LHKRKHQ:DVVHUIRQWlQHQGLHVLHEODVHQYHUUDWHQ :DOH$EHUGLHDOWHQ6HHIDKUHUVDKHQQXUHLQ7LHUGDVEDOG GLH*U|HLKUHV6FKLIIHVKDWWHXQGHVP|JOLFKHUZHLVHYHU VFKOLQJHQZUGH,QLKUH%HVFKUHLEXQJHQIORVVHQGLH6DJHQ YRQ'UDFKHQXQGDQGHUHQ8QWLHUHQHLQGLHVLHJHK|UWKDWWHQ 8QGWURW]GHP]RJHQ VLH]X(QWGHFNXQJHQDXVGLHGDV:HOW ELOGYHUlQGHUWHQPXWLJH0lQQHU 1RFKHLQJHOEHU:DJHQLVWLQGHU1lKHDEHUHULVWJROGJHOE XQGHLQ)RUG1LFKWV:LQQLHVWXGLHUWGLH)LUPHQVFKLOGHU ULQJVXPDEHUHVLVWNHLQHVGDEHLGDVVLHVWXW]LJPDFKW(LQ 0LHWZDJHQYHUOHLKZUGHLKUH$XIPHUNVDPNHLWHUUHJHQRGHU HLQH,QGXVWULHYHUWUHWXQJGLHVLFKDXI9HUZHUWXQJXQG9HU PLWWOXQJYRQ(UILQGXQJHQVSH]LDOLVLHUWKDW'RFKHVJLEWKLHU QLFKWV'HUDUWLJHV 6LHNHKUW]XLKUHP%0:]XUFNNUHX]WZLHGHUGHQ2SHUQ SODW]XQGIlKUWGLH0DLQ]HU6WUDHHQWODQJELVKLQDE]XP 0DLQNDL(LQ3DUNSODW]LQGHU1lKHGHV+LVWRULVFKHQ0XVH XPVLVWLKUHQlFKVWH6WDWLRQ$XIGHP(LVHUQHQ6WHJHLQHU ZHJHQGHV6FKLIIVYHUNHKUVVHKUKRFKJH]RJHQHQ)X JlQJHUEUFNH]XGHUDXIEHLGHQ6HLWHQPHKUIDFKJHZLQNHOWH

URWH6DQGVWHLQWUHSSHQHPSRUIKUHQEHUTXHUW:LQQLHGHQ 0DLQ8QWHULKUIlKUWHLQ6FKOHSS]XJLQ5LFKWXQJGHV:HVW KDIHQVYLHOOHLFKWDXFKLQ5LFKWXQJGHV5KHLQV'LH.lKQH OLHJHQWLHILP:DVVHU$XIGHP6FKOHSSHUKlQJWHLQH)UDXLQ -HDQV:lVFKHDXIGLH/HLQHPLWWVFKLIIVP|JOLFKVWZHLWYRU GHP6FKRUQVWHLQ 1XQEHILQGHWVLFK:LQQLH:LQNHOPDQQLP6WDGWWHLO 6DFKVHQKDXVHQ1HXHUGLQJVILQGHWXQPLWWHOEDUQHEHQGHP %UFNHQDXIJDQJGHU)ORKPDUNWVWDWW-HGH$UWYRQ7U|GHOLVW KLHU]XKDEHQYRQGHUDQJHVFKODJHQHQ1LSSHVILJXUEHU .OHLGHUDXV*URPXWWHUV=HLWELVKLQ]XP)DKUUDGRKQH7UHW ODJHU+LHUKHU]XJHKHQVWHOOWIUGLHPHLVWHQ%HVXFKHUHLQ UHLQHV*DXGLHLQ9HUJQJHQGDU0DQNRPPWXP]XVFKDXHQ XQGKDWGDQQGRFKSO|W]OLFKHLQHQJUQVSDQEHU]RJHQHQ NOHLQHQ0HVVLQJDPERXQWHUGHP$UP $QGHU'UHLN|QLJVNLUFKHELHJWGLH)RWRJUDILQLQGLH2SSHQ KHLPHU6WUDHHLQGLHYHUVWRSIWLVWGXUFK)DKU]HXJHXQGHLQHQ QLFKWHQGHQZROOHQGHQ)XJlQJHUVWURPYRQGHPVLHVLFK WUHLEHQOlWELVVLHSO|W]OLFKVWXW]W$XIGHUDQGHUHQ6WUD HQVHLWHVWHKWLQGHUlXHUHQ3DUNUHLKHXQEHUVHKEDUHLQ TXLWWHJHOEHU2SHO5HNRUG6LHSUlJWVLFKVRIRUWGDV.HQQ ]HLFKHQHLQª)00©+LQWHUGHP*HOEHQKDWHLQH RUDQJHIDUEHQH&LWURHQª(QWH©HLQH/FNHJHIXQGHQ'LHVHV $XWREHDFKWHW:LQQLHQLFKW 8QZLOONUOLFKVLHKWVLHGLHVVHLWVGHU)DKUEDKQDQGHP+DXV HPSRUGHPVLHGHQ5FNHQ]XJHZDQGWKDW'DVLVW1XP PHU$QGHU7UVLQGQXU]ZHL6FKLOGHUEHIHVWLJWGDVHLQHV 0DVVDJHLQVWLWXWVª/LDQH©XQGGDVGHV+HOIHUVLQ6WHXHUVDFKHQ *HUKDUG:DJQHU'LSORPYRONVZLUW .HLQ*HGDQNHPHKUDQGLHJHULQJHQ&KDQFHQLKUHU8QWHU QHKPXQJ:LQQLHHUVFKULFNWJHUDGH]XYRUGHUSODNDWLYHQ hEHUHLQVWLPPXQJYRQ$FKLPV+\SRWKHVHXQGGHPZDVVLH VLHKW(WZDKLHUZRVLHVWHKWPWHGHUJHOEH2SHO5HNRUG GHV)UHLEXUJHU6WDGWGLUHNWRUVD'SDUNHQZHQQGLHVHU]X %HVXFKLQGHU0DLQPHWURSROHZHLOW'HU0DQQGHPGHUJHOEH GRUWGUEHQJHK|UWNDQQLKQJDUQLFKWEHUVHKHQKDEHQ6HLQ

:DJHQLVWYRPJOHLFKHQ7\SGDVVHOEH%DXMDKU1XUGLH 1XPPHUXQWHUVFKHLGHWGLHEHLGHQ 1XQSDFNW:LQQLHHLQH$UW-DJGILHEHU)HVWVWHOOHQZHPGDV $XWRJHK|UWNDQQVLHLPPHUQRFK-HW]WP|FKWHVLHVHKHQZHU HLQVWHLJW(VLVWJOHLFK0LWWDJZHQQVLH*OFNKDWIlKUWGHU %HVLW]HULUJHQGZRKLQHVVHQ 1HEHQGHP+DXV1XPPHUEHILQGHWVLFK]XHEHQHU(UGH GDV&DIHª=XUDOWHQ%UFNH©:LQQLHJHKWKLQHLQ'DV&DIH LVWNOHLQHLQHU%lFNHUHLDQJHVFKORVVHQGDVULHVLJH.XFKHQ EIHWWEHKHUUVFKWGLH6]HQHULH'HU*DVWUDXPZLUNWJHPWOLFK PLWGHQNOHLQHQUXQGHQ0DUPRUWLVFKHQXQGGHQJHVFKZXQJH QHQ6WKOFKHQ'LHVHLWOLFKJHUDIIWHQ6WRUHVDQGHPVFKDX IHQVWHUlKQOLFKHQ'XUFKEOLFN]XU6WUDHKDUPRQLHUHQIDUEOLFK PLWGHUIODVFKHQJUQHQ6HLGHQWDSHWHPLWHLQJHZHEWHQ2UQD PHQWHQ(LQ7LVFKYRUQZLUGJHUDGHIUHLXQGVRIRUWYRQ:LQQLH EHOHJW'HUJHOEH2SHO5HNRUGOLHJWJHQDXLQLKUHP%OLFN IHOG (LQHQ7HHEHVWHOOWVLHVLFKXQG|IIQHWDOVGLH6HUYLHUHULQPLW GHPZHLHQ+lXEFKHQJHKWQLFKWPHKUJDQ]MXQJZDKU VFKHLQOLFKHLQH)DPLOLHQDQJHK|ULJHGHV%lFNHUPHLVWHUV EHUHLWVLKUH8PKlQJHWDVFKH(LQHNOHLQHMDSDQLVFKH.DPHUD QLPPWVLHKHUDXVGLHHLQHQ)HGHUPRWRUKDWXQGHVJHVWDWWHW RKQHDXI]X]LHKHQHLQ%LOGQDFKGHPDQGHUHQ]XPDFKHQ 'DEHLVRUJWGLH9ROODXWRPDWLNDOOHLQIUULFKWLJH%HOLFKWXQJ :LQQLHVWHOOWREHUIOlFKOLFKGLH(QWIHUQXQJHLQXQGGDQQGHQ $SSDUDWVRDXIGHQ7LVFKGDGDV2EMHNWLYJHQDXDXIGHQ JHOEHQ2SHO5HNRUGJHULFKWHWLVW-HW]WPXVLHQXUQRFK ZDUWHQ 6LHWULQNWGHQ7HHXQGQRFKHLQHQ]ZHLWHQ6LHLWVRJDUHLQ 6WFN$SIHONXFKHQZHLOGLHVHª6SH]LDOLWlWGHV+DXVHV©XQ JHPHLQZRUWUHLFKDQJHERWHQZLUGXQGEOlWWHUWVlPWOLFKH ,OOXVWULHUWHQDXVGHPLQJUHLIEDUHU1lKHVWHKHQGHQ=HLWXQJV VWlQGHUGXUFK'LHª5HJHQERJHQSUHVVH©KHUUVFKWYRUPLWLKUHQ VFKQXO]HQVHOLJHQ%HULFKWHQYRP3IDXHQWKURQYRQ.UHX] IDKUWHQUHLFKHU/HXWHLP0LWWHOPHHUYRQGHU5RPDQ]HGHU 2SHUQVlQJHULQ&DOODVPLWGHP7DQNHUPLOOLDUGlU2QDVVLVXQG

lKQOLFKHQ7KHPHQ-HGHUGLHVHU%HLWUlJHHLQHHFKWH/H EHQVKLOIHIUGHQOHVHQGHQªNOHLQHQ0DQQ©6LHKGDDXFK UHLFKH/HXWHKDEHQ6RUJHQ 'DQQLVWHVVRZHLW 0LWHLQHP$XJHLPPHUGLH6WUDHEHREDFKWHQGVLHKW :LQQLH:LQNHOPDQQ]ZHL0lQQHUGLHKLQWHUH$XWRUHLKH GUEHQGXUFKTXHUHQXQGDXIGLH6WUDHWUHWHQ'HUHLQHLVW XQWHUVHW]WJODW]N|SILJXQGWUlJWHLQHQ6HHKXQGVEDUW(UKDW HLQH/HGHUMDFNHDQXQGDXVGHU$UWZLHHUGHQDQGHUHQ EHKDQGHOWLVW]XHUVHKHQGDGHULKPEHUJHRUGQHWLVW'HU DQGHUHNRPPW:LQQLHYRUZLHGHU(WDJHQFKHILQHLQHP%H NOHLGXQJVKDXVZLHDXVGHP(LJHSHOOWXQGEHWRQWVHUL|V +DJHULVWHUXQGJURKDWHLQHQ+RPEXUJHU+XWDXIXQGHLQHQ 6FKQHLGHUDQ]XJDXVJUDXHP*OHQVFKHFNDQ'LHVHU0DQQWULWW DQGLH7UGHVJHOEHQ2SHO5HNRUGXQGQLPPW6FKOVVHODXV GHU7DVFKHZlKUHQGHUQRFKPLWGHPDQGHUHQVSULFKW :LQQLHVWUHFNWGLH5HFKWHQDFKGHU.DPHUDDXV'LH/LQNH KHEWGLH,OOXVWULHUWHPLWGHPGHWDLOOLHUWHQ%HULFKWEHUGLH 6XFKHQDFKGHQDXVGHU%XUJ+RKHQ]ROOHUQHQWZHQGHWHQ ª5HLFKVLQVLJQLHQ©GXUFKYRQGHU5HGDNWLRQHQJDJLHUWH3ULYDW GHWHNWLYH6LHKlOWGDV%ODWWVRGDGHUPHWDOOEODQNHMDSDQL VFKH$SSDUDWJHJHQGDV&DIH,QQHUHYHUGHFNWZLUG ,QVFKQHOOHU)ROJHGUFNW:LQQLHGHQ$XVO|VHUGHU.DPHUD 0LWQRUPDOHP.OHLQELOGILOPJHODGHQPDFKWVLH$XIQDKPHQ LP)RUPDW[0LOOLPHWHU'HU9HUVFKOXDUEHLWHWVROHLVH GDGDVIRUWJHVHW]WH.OLFNHQQLHPDQGLP5DXPDXIEOLFNHQ OlW'DQQIlKUWGHU:DJHQDEXQGQXQVWHLJWDXFKGHU0DQQ PLWGHU*ODW]HLQVHLQHQ&LWURHQXQGIlGHOWVLFKLQGHQ IOLHHQGHQ9HUNHKUHLQ :LQQLHOlWGLH.DPHUDLQGHU8PKlQJHWDVFKHYHUVFKZLQ GHQQLFKWRKQHGHQ)HGHUPRWRUYRUKHUXQWHUGHP7LVFK ZLHGHUDXI]X]LHKHQZHQQVLHHLQHQ$SSDUDWEHLVLFKKDWPX GHUVFKXIHUWLJVHLQXQG]DKOW'UDXHQEHUTXHUWVLHGLH 2SSHQKHLPHU6WUDHXQGJHKWDXIGDV+DXV]XDXVGHPGLH EHLGHQXQJOHLFKHQ0lQQHUJHWUHWHQVLQG'DV*HElXGHKDW NHLQHQ(LQJDQJVRQGHUQHLQ3RUWDO'DVLVW]XEHLGHQ6HLWHQ

PLW6FKLOGHUQEHUVlWGHPQDFKVFKHLQWHVKLHUEHUKDXSW NHLQH3ULYDWZRKQXQJHQ]XJHEHQVRQGHUQQXU*HVFKlIWV UlXPH'LH)RWRJUDILQOLHVWYRQREHQQDFKXQWHQ$QYRUOHW]WHU 6WHOOHDPXQDXIIlOOLJVWHQXQGEHVFKHLGHQVWHQYRQDOOHQ EHLQDKHlUPOLFKKlQJWHLQ6FKLOGGHVVHQWZHJHQVLHDOOHDQ GHUHQVRIRUWYHUJLW,QNDQWLJHQ%ORFNEXFKVWDEHQVWHKWGD 5+(,10$,1'(7(.7(,8QGGDUXQWHU,9(WDJH

'LHVPDOKDW%RUQ/RQGRQ$LUSRUWQLFKWYHUODVVHQ(ULVWLQ HLQH]ZHLPRWRULJHª%ULVWRO©GHU,QODQGOLQLH/RQGRQ*ODVJRZ XPJHVWLHJHQXQGQDFKHLQHU=ZLVFKHQODQGXQJLQ0DQFKHVWHU UROOWGLH0DVFKLQHDXIGHP)OXJKDIHQ3UHVWZLFNDXV$OV%RUQ GLH(LQUHLVHKDOOHYHUOlWEHZHJWHUIU|VWHOQGGLH6FKXOWHUQ (LQUDXKHU:LQGDXV:HVWIHJWEHUGDVRIIHQH*HOlQGH :HOFKHLQ*HJHQVDW],Q)UDQNIXUWLVWGDVVFK|QVWH6RPPHU ZHWWHUJHZHVHQPLOGXQGIUHXQGOLFKZLHPDQHVLP 5KHLQJHELHWJHZRKQWLVWXQGKLHULQ6FKRWWODQG"(LQHJUDXH :RONHQGHFNHVFKOLHWGHQ+LPPHO:HQQVLHIU6HNXQGHQ HLQPDODXIUHLWZLUGIU$XJHQEOLFNHHLQ6WFNOHXFKWHQGHQ %ODXVVLFKWEDU %RUQGUFNWGHQVWHLIHQ+XWIHVWHUDXIGHQ.RSI:LHHU GDVWHKWLVWHUHLQ0HQVFKGHUVHLQHQ:HUWNHQQW(UVLHKWGHP EHYRUVWHKHQGHQ*HVSUlFKPLW)ULWVFKJHODVVHQHQWJHJHQ'HQ $XIWUDJGHQHUGDPDOVLP&URVYHQRU+RWHOHUKDOWHQKDWHUELV DXIV,7SIHOFKHQDXVJHIKUW,QVHLQHPELVRQOHGHUQHQ $WWDFKHN|IIHUFKHQIKUWHUGLH)RWRNRSLHGHUEHL'U.|QLJ DOLDV'U,UURZVLFKHUJHVWHOOWHQ$QJDEHQEHUGLH9HUVHQ NXQJVVWHOOHGHVJHKHLPQLVYROOHQ%HKlOWHUVDXV/RIWKXVPLW VLFKGDV2ULJLQDOOLHJWZRKOYHUZDKUWLP3DQ]HUVFKUDQNGHU 'HWHNWHL(LQHHQWVSUHFKHQGHYHUVFKOVVHOWH0LWWHLOXQJDQ )ULWVFK]RJGHQ)OXJQDFK*ODVJRZQDFKVLFK%RUQHPSILQGHW HVGXUFKDXVDOV$XV]HLFKQXQJQLFKWLQHLQHP/RQGRQHU+RWHO

ªDEJHIUKVWFNW©]XZHUGHQVRQGHUQLQ)ULWVFKVª$OOHUKHL OLJVWHP©LQGHU=HQWUDOHHUVFKHLQHQ]XGUIHQ:RGLHVH =HQWUDOHJHQDXLVWHUZHLHVQLFKW1RFKQLFKW(VKLH OHGLJOLFKHUVROOHXPGLHXQGGLH=HLWPLWGHUXQGGHU0DVFKLQH QDFK6FKRWWODQGIOLHJHQXQGZHUGHKLHUDEJHKROW(KUHZHP (KUHJHEKUW 'HQ0RWRUK|UWHUQLFKWODXIHQGRFKSO|W]OLFKKlOWGLUHNW YRULKPHLQVLOEHUJUDXHU5ROOV5R\FH8QZLOONUOLFKWULWW%RUQ HLQZHQLJ]XU6HLWH'DVNDQQLKPQLFKWJHOWHQ0LWHLQHP JHZLVVHQVDFKOLFKHQ,QWHUHVVHEHWUDFKWHWHUGLHXQJHKHXUH .DURVVHGLHQRFKLPPHUXQGGDVQLFKWQXULQ*UREULWDQ QLHQGHQ,QEHJULIIYRQ([NOXVLYLWlWXQGlXHUVWHU1REOHVVH GDUVWHOOW'HU&KDXIIHXULPGXQNHOEODXHQ'LHQVWDQ]XJVWHLJW DXVJHKWXPGHQ:DJHQKHUXP|IIQHWGLH7U]XP)RQGXQG QLPPWGLH6FKLUPPW]HDE'DEHJUHLIW%RUQGDHUGRFK JHPHLQWLVW ª:LOONRPPHQLQ6FKRWWODQG©VDJWGHU&KDXIIHXUPLW]X UFNKDOWHQGHP5HVSHNWª,FKKRIIH6LHKDWWHQHLQHQDQ JHQHKPHQ)OXJ0LVWHU%RUQ:HQQ6LH3ODW]QHKPHQZU GHQ©'HU0DQQVSULFKWGHXWVFKIOLHHQGXQGIHKOHUIUHL %RUQKDWLQVHLQHP/HEHQVFKRQLQYLHOHQ$XWRVJHVHVVHQ LQHLQHP5ROOV5R\FHGHU/X[XVNODVVHQRFKQLH$EHUHUOHLGHW QLFKWDQ.OHLQPXWGDVDOOHVVWHKWHLQHP(UIROJVPHQVFKHQ]X (UOHJW+XWXQG0DQWHODEXQGPDFKWHVVLFKEHTXHP'HU )DKUHUGXUFKHLQH6FKHLEHYRP)DKUJDVWUDXPJHWUHQQWEH WlWLJWLUJHQGHLQH0HFKDQLN'DUDXIKLQVFKZHQNWJHZLVVHUPD HQDXVGHUYRUGHUHQ$EJUHQ]XQJHLQ.ODSSWLVFKKHUDXV,Q GHU+DOWHUXQJGDKLQWHUILQGHW%RUQHLQHVLOEULJH7KHUPRV NDQQHPLWKHLHP7HHHLQHQ6WDQQLROZUIHOPLWSRUWLRQLHUWHU 6DKQH=XFNHUXQG*HVFKLUU$XFK=LJDUUHQXQG=LJDUHWWHQ VLQGGD1LFKWHLQPDO*HElFNIHKOW 'HU&KHIGHU5KHLQ0DLQ'HWHNWHLJLEWVLFK0KHGHQ (LQGUXFNY|OOLJHQ9HUWUDXWVHLQVPLWGHUOHLSURW]LJHP.RPIRUW ]XHUZHFNHQ'DVIHKOWHQRFKGDLKQGHU)DKUHULP5FN VSLHJHOEHREDFKWHWXQGEHUGHQNOHLQHQ0DQQDXV*HUPDQ\ JULQVW%RUQVFKOLHWDXVGHQ9RUNHKUXQJHQGDGLH)DKUW

OlQJHUGDXHUQZLUGXQGULFKWHWVLFKGDUDXIHLQ 'LH0LOOLRQHQVWDGW*ODVJRZJU|WHVXQGEHGHXWHQGVWHV :LUWVFKDIWV]HQWUXP6FKRWWODQGVEOHLEW]XUFNPLWLKUHQ )|UGHUWUPHQXQG$EUDXPKDOGHQGHQ:HUIWHQGHQ(LVHQ XQG6WDKOKWWHQXQGGHQXQDQVHKQOLFKHQJUDXHQ:RKQYLHUWHOQ GHU,QGXVWULHPHWURSROHDP8QWHUODXIGHV&O\GH(LQ6WFN JHKWHVEHU/DQGXQGQRFKLPPHUVLQG$EUDXPKDOGHQXQG )|UGHUWUPHGDXQGSUlJHQGDV%LOG$OOPlKOLFKEOHLEHQVLH ]XUFN6FKDIKHUGHQDXIGUUHP:HLGHODQGVLQG]XVHKHQGDV GDXQGGRUWGXUFKHLQH*UXSSHNQRUULJHU.LHIHUQDXIJHORFNHUW ZLUG'LH)DKUWJHKWGXUFK,UYLQJXQGGDQQDQGHU.VWHGHV )LUWKRI&O\GHHQWODQJ8QGLPPHUVLQG0|ZHQGD%RUQVLHKW VLHVHLWGHU/DQGXQJLQ3UHVWZLFN*URH9|JHOVLQGHVEUlXQ OLFKJHILHGHUW5DXEP|ZHQ6LHSDVVHQLQGLHVHNDUJHGVWHUH /DQGVFKDIWXQWHUGHPVWHLQJUDXHQ+LPPHO +LQWHU$\UYHUOlWGHU5ROOV5R\FHGLH.VWHQVWUDH%DOG YHUVSHUUWHLQ+|KHQ]XJGLH6LFKWDXIGHQ)LUWKRI&O\GHGHU EHL*LUYDQQRFKHLQPDOVLFKWEDUZLUGXQGGDQQIKUWGLH 6WUDHHQGJOWLJODQGHLQZlUWVXQGEHUJDXI(QGOLFKELHJWGHU :DJHQYRQGHU&KDXVVHHDEXQGUROOWDXIHLQHUPlLJEH IHVWLJWHQ3ULYDWVWUDHZHLWHU0HKUHUH6FKLOGHUZHLVHQVLHDOV HLQHVROFKHDXVXQGXQWHUVDJHQ8QEHIXJWHQGHQ=XWULWW1XQ LVW%RUQVHKUDXIPHUNVDP$EHU]XHUVWLVWGDQXU+HLGHLVW :DFKROGHUVLQGHLQSDDUQDFNWH)HOVHQXQGDOOGDVVLHKW XQZLUWOLFKXQGDEZHLVHQGDXV8QGNHLQH0HQVFKHQVHHOHZHLW XQGEUHLW (LQ+RKOZHJHLQH%LHJXQJ%RUQVFKOXFNW$XIHLQHU ZHLWHQRIIHQHQ)OlFKHVWHKWJUDXNDQWLJXQGPLWXQ]lKOLJHQ 7UPFKHQHLQDOWHUVFKRWWLVFKHU$GHOVVLW]ZLHJHVFKDIIHQ]X )LOPDXIQDKPHQIUHLQHQ$EHQWHXHUVWUHLIHQEHUPLWWHODOWHU OLFKH)HXGDOIHKGHQPLW0RUGXQG7RWVFKODJ2GHUDXFKHLQ 7HLOYRQ6KDNHVSHDUHVª0DFEHWK©N|QQWHKLHUVSLHOHQ'HU DOWH%DXUHJW%RUQV3KDQWDVLHDQ ª%HUU\+LOO&DVWOH©HUNOlUWGHU&KDXIIHXU6HLQH6WLPPH NRPPWDXVHLQHP/DXWVSUHFKHUREHUKDOEGHU*ODVVFKHLEH *DQ]ODQJVDPVFKLHEWVLFKGHU5ROOV5R\FHGXUFKHLQHQJHV

7RUXQGKlOWLQHLQHPTXDGUDWLVFKHQ,QQHQKRIDXIGHQXQ ]lKOLJH)HQVWHUXQG8PJlQJHQLHGHUVHKHQ'HU:DJHQVWHKW YRUGHUVWHLQHUQHQ7UHSSH]XPHKHPDOLJHQ+HUUHQKDXV'HU )DKUHU|IIQHWYRQDXHQGLH7U %RUQLVWHLQHP,UUWXPHUOHJHQ9RPJHVFKORVVHQHQ)DKU ]HXJDXVHUZHFNWH%HUU\+LOO&DVWOHGHQ(LQGUXFNY|OOLJHU 9HUODVVHQKHLW1XQGDHULP+RIVWHKWJODXEWHU6FKUHLE PDVFKLQHQNODSSHUQ]XK|UHQ$XFKGDVXQYHUNHQQEDUH 5DWWHUQHLQHV)HUQVFKUHLEHUVZLUGYHUQHKPEDUXQGZHQQHU LQGLH+|KHVFKDXWVLHKWHU)XQNDQWHQQHQDXIGHP'DFK0LW HLQHPPDOYHUOLHUW%RUQYLHOYRQVHLQHU6HOEVWVLFKHUKHLW,Q PLWWHQGLHVHUJHZDOWLJHQ0DXHUQLVWHUHLQNOHLQHU)LVFKXQG ZlUHHLQ1LFKWVRKQHGHQ,QKDOWGHVELVRQOHGHUQHQ.|IIHU FKHQV +LHUDOVRODXIHQGLH)lGHQ]XVDPPHQGLH662EHUVWXUP EDQQIKUHU)ULWVFK]LHKW'LH+ROGLQJJHVHOOVFKDIWLQ/RQGRQ LVWQXUGDV$XVKlQJHVFKLOG*DQ]VLFKHUZHUGHQGLH(QW VFKHLGXQJHQKLHUJHWURIIHQ (LQ0DQQLQGHQ)QI]LJHUQNRPPWGLH7UHSSHKHUXQWHULQ GHUGXQNOHQ+RVHXQGGHUJHVWUHLIWHQ:HVWHGHV%XWOHUV2KQH ZHLWHUHVEHUQLPPWHU%RUQV+XWXQG0DQWHOGHQ $WWDFKHNRIIHUJLEWGHU&KHIGHU5KHLQ0DLQ'HWHNWHLQLFKW DXVGHU+DQG ª:HQQ6LHPLUELWWHIROJHQZROOHQ+HUU%RUQ© 'DV.UHX]JHZ|OEHHLQHU+DOOH'LFNH7HSSLFKHPLOGHUQGLH .lOWHGHU6DQGVWHLQTXDGHUQ0DVVLYH(LFKHQWUHQ*lQJHLQ GHQHQGLH6FKULWWHKDOOHQ:LHGHUHLQH7U ª+HUU%RUQ©PHOGHWGHU%XWOHU ª.RPPHQ6LHGRFKQlKHU+HUU%RUQ©VDJW)ULWVFK'DEHL EOHLEWHUDQGHPULHVLJHQ(LFKHQVFKUHLEWLVFKVLW]HQ(LFKH KHUUVFKWKLHUYRUDOV:DQGWlIHOXQJXQGDOV0DWHULDOIUGLH 0|EHOGLHHLJHQWOLFKDOOHHLQH6SXU]XJURXQGERPEDVWLVFK VLQG%RUQHPSILQGHWHVQLFKWVR,KQHULQQHUWGDVDOOHVXQG GLHVHEHQZHJHQGHULQGLH+|KHVWUHEHQGHQJRWLVFKHQ6WLO HOHPHQWHDQ+LWOHUV5HLFKVNDQ]OHLXQGQRFKPHKUDQEH VWLPPWH5HSUlVHQWDWLRQVUlXPHEHLP5HLFKVIKUHU66'D

+LPPOHULQVROFKHU.XOLVVHUHVLGLHUWHZHLHUDXVHLJHQHU $QVFKDXXQJ%RUQPXVLFKYRUEHXJHQXPEHUGHQ 6FKUHLEWLVFKKLQZHJ)ULWVFKVDXVJHVWUHFNWH5HFKWHHUUHLFKHQ ]XN|QQHQ'DVKDW6\VWHP+LQWHU%RUQUFNWGHU%XWOHUHLQHQ KRFKOHKQLJHQ6WXKO]XUHFKWHKHHUODXWORVDXVGHP=LPPHU JHKWª=HLJHQ6LHPDOKHU© 'LHVHQ$XJHQEOLFNJHQLHWGHU*DVW8PVWlQGOLFKXQGRKQH (LOHVWHOOWHUGLH=DKOHQNRPELQDWLRQHQGHUEHLGHQ6SH]LDO VFKO|VVHUVHLQHV$WWDFKHN|IIHUFKHQVHLQXQG|IIQHWPLWJURHU *HVWHGHQ'HFNHOª%LWWH+HUU)ULWVFK© 1LFKWHLQHQ$XJHQEOLFNODQJJLEWGHU*UHLVYRUPLWGHQ EHLGHQ=DKOHQJUXSSHQHWZDVDQIDQJHQ]XN|QQHQ(UVLHKW GDUDXIQLHGHUEHPHUNWKHU]OLFKª6HKUVFK|Q©XQGEHWlWLJW HLQHQXQWHUGHU6FKUHLEWLVFKSODWWHYHUERUJHQHQ.OLQJHONQRSI 'XUFKHLQH1HEHQWUHUVFKHLQWHLQ0DQQGHUHVEHLHLQHU NQDSSHQ9HUEHXJXQJJHJHQ%RUQEHZHQGHQOlWZRUWORVGLH )RWRNRSLHHQWJHJHQQLPPWXQGPLWLKUGDV=LPPHUYHUOlW 'DGDVDOOHVYRUEHUHLWHWVHLGHQNWGHU&KHIGHU5KHLQ0DLQ 'HWHNWHLXQGGDGHU0DQQQXUGDUDXIJHZDUWHWKDEHGLH .RRUGLQDWHQ]XEHNRPPHQ ª,FKELQVHKU]XIULHGHQ.DPHUDG%RUQ6HKU]XIULHGHQ© VDJW)ULWVFKQDFKGUFNOLFKª,FKELQVLFKHUGD6LHGHQ ]ZHLWHQ6FKULWWPLWQLFKWZHQLJHU%UDYRXUWXQZHUGHQDOV GLHVHQHUVWHQ© %RUQKDWVRHWZDVJHDKQW8QGHQNEDUGDHUPDO]XU5XKH NRPPW%HUU\+LOO&DVWOH]HLJWPDQLKPGDPLWHUDXVGHP $QEOLFNGLHVHU=HQWUDOHYHUERUJHQHU0DFKWHLQHQ$QVSRUQ JHZLQQWXQGGDV*HIKOGDLKPPLWVROFKHU=HQWUDOHLP 5FNHQDOOHVJHOLQJHQZHUGH ª,FKHUZDUWH,KUH%HIHKOH©HUZLGHUWHUXQGlUJHUWVLFK JOHLFKGDHUHLQHQVRXQWHUZUILJPLOLWDQWHQ7RQJH EUDXFKW )ULWVFKILQGHWGLHVHQ7RQY|OOLJLQ2UGQXQJ(UVHW]WGLH (OOHQERJHQDXIGLH6FKUHLEWLVFKSODWWHXQGOHJWGLH)LQJHUVSLW ]HQVDQIWDQHLQDQGHU'DEHLVLHKWHU]XP)HQVWHUKLQDXV 0HWHUGLFNVLQGGLH0DXHUQYRQ%HUU\+LOO&DVWOH'HU%OLFN

JHKWEHUHLQH3DUNODQGVFKDIWKLQZHJUXKWVLFKDXIHLQHP6HH DXVXQGVWUHLIWHLQHQ*ROISODW]EHUGHQHLQZHLHU*ROIZDJHQ PLW(OHNWURPRWRUIlKUW ª(VZLUG6LHNDXPEHUUDVFKHQOLHEHU.DPHUDG%RUQZHQQ LFK6LHELWWHGLH%HUJXQJGHV%HKlOWHUV]XRUJDQLVLHUHQGHVVHQ /DJHDXIGHP0HHUHVJUXQGMHQH=DKOHQJUXSSHQNHQQ]HLFK QHQ5XQGKHUDXVJHVDJW8QVOLHJWVHKUYLHOGDUDQ$XV PHKUHUHQ*UQGHQ,FKKDEHYROOHV9HUWUDXHQ]X,KQHQ6LH VROOHQDOOHVZLVVHQ© 1DFKHLQHU3DXVHZlKUHQGGHU%XWOHUHLQWULWW&KHUU\ VHUYLHUWXQGVLFKZLHGHU]XUFN]LHKWVSULFKWHUZHLWHU ª:XQGHUQ6LHVLFKQLFKWGDZLUDXIHLQPDOHLQH$NWLRQPLW JURHU(LOHEHWUHLEHQREZRKOZLUGD]XLQGHQ1DFKNULHJV -DKUHQJHQXJ=HLWJHKDEWKlWWHQ'DVKDWYHUVFKLHGHQH8U VDFKHQ=XQlFKVWHLQPDOZDUGHU1RUGVHHJUXQGHLQGXUFKDXV ]XYHUOlVVLJHVXQGVLFKHUHV'HSRW(ULVWHVQLFKWPHKU:LH ZLUDXVVLFKHUHU4XHOOHHUIDKUHQKDEHQZHUGHQLQQlFKVWHU =HLWLP6NDJHUUDNXPIDQJUHLFKH%RGHQJUXQGXQWHUVXFKXQJHQ GXUFKJHIKUW=XIDOORGHUQLFKWPDQNDQQDXIGHQYHUVHQNWHQ %HKlOWHUVWRHQ'DUDQOLHJWPLUQLFKW8PVRZHQLJHUGDGHU %HKlOWHUXQWHUDQGHUHP)RUVFKXQJVHUJHEQLVVHHQWKlOWGLHGLH EHJLQQHQGHQ8QWHUVXFKXQJHQLQEHVWLPPWHU:HLVHWDQJLHUHQ :LUKDEHQNHLQH9HUDQODVVXQJXQVHUH(UNHQQWQLVVHDQGHUHQ ]XEHUODVVHQ:HQQZLUGHQ%HKlOWHUMHW]WKDEHQVLQGZLU QRFKLQGHU9RUKDQGXQGN|QQHQGDV0DWHULDONRPPHU]LHOO QXW]HQ'D]XEHVWHKWNHLQH0|JOLFKNHLWPHKUZHQQHVLQHLQ RGHU]ZHL-DKUHQGXUFKGLHQHXHQ(UNXQGXQJHQEHUKROWXQG YHUDOWHWLVW1RFKKlWWHQZLUHVLQGHU+DQG]XJQVWLJHQ %HGLQJXQJHQLQGDV3URMHNWGHV1$723DUWQHUVHLQ]XVWHLJHQ GHUGLH(UNXQGXQJHQYHUDQODWKDWDEHUDOOHLQQXUPLW lXHUVWHU0KHLKUHILQDQ]LHOOHQ/DVWHQWUDJHQN|QQWH© ª,FKYHUVWHKH©EHPHUNW%RUQXQGIKOWVLFKY|OOLJLP%LOGH (VLVWLPPHUULVNDQWWHFKQLVFKH(QWGHFNXQJHQ]XKRUWHQ HKHPDQ VVLFKYHUVLHKWLVWGDV5DGGHU=HLWGDUEHUKLQ ZHJJHUROOW)ULWVFKLVWJH]ZXQJHQVFKQHOO]XKDQGHOQ ª$EHUGDVLVWQXUHLQXQGQLFKWHLQPDOGHUZLFKWLJVWH

$VSHNW©IlKUW)ULWVFKIRUWXQGQLSSWYRP&KHUU\1XQOHJW HUDXHUGHQ)LQJHUVSLW]HQDXFKQRFKGLH+DQGIOlFKHQDQ HLQDQGHUª6LHZLVVHQYRP/RIWKXVHU.UHLVXQG6LHNHQQHQ GHQ)DX[SDVGHV2EHULQJHQLHXUV.OHLQLPDPHULNDQLVFKHQ )HUQVHKHQ'DVKDWEHGDXHUOLFKHUZHLVH.UHLVHJH]RJHQ JU|HUH.UHLVHDOVXQVOLHEVHLQNDQQ1DFK.OHLQV,QWHUYLHZ ]HLJWHLQHDPHULNDQLVFKH%XQGHVEHK|UGHGLH&HQWUDO,Q WHOOLJHQFH$JHQF\JDQ]DXHURUGHQWOLFKHV,QWHUHVVHIUGHQ /RIWKXVHU.UHLV'LHVHQ$NWLYLWlWHQJLOWHV]XYRU]XNRP PHQ© %RUQQHLJW]XVWLPPHQGGHQ.RSIHQWKlOWVLFKMHGRFKHLQHU bXHUXQJ(UYHUPDJQRFKNHLQHQ%H]XJKHU]XVWHOOHQ]ZL VFKHQGHP]XEHUJHQGHQ%HKlOWHUXQGGHQ&,$%HVWUHEXQ JHQ ª1RFKLQGHU(QGSKDVHGHV.ULHJHVZXUGHXQJHKHXUH0KH GDUDXIYHUZDQGWGLH6SXUHQGHV/RIWKXVHU.UHLVHV]XYHU ZLVFKHQ8PHVPLWHLQHPPRGHUQHQ:RUW]XVDJHQ0DQNDQQ VHLQH0LWJOLHGHUDOVGHQ%UDLQWUXVWGDV*HKLUQGHV*UR GHXWVFKHQ5HLFKHVEH]HLFKQHQ6LHZXUGHQDXISHUV|QOLFKH :HLVXQJGHV5HLFKVIKUHUV66LQ6LFKHUKHLWJHEUDFKWIU VSlWHUH=HLWHQ(LQJUDQGLRVHU(LQIDOO.DPHUDG%RUQ:HQQ HVXQVLQGHQ:LUUHQQDFKIQIXQGYLHU]LJQLFKWQXUJHOXQJHQ LVWGDV9HUP|JHQGHU2UJDQLVDWLRQ]XUHWWHQVRQGHUQHV]X PHKUHQHQWVFKHLGHQGH6FKOVVHOSRVLWLRQHQ]XEHVHW]HQXQG LQ]XQHKPHQGHP0DH(LQIOX]XJHZLQQHQGDQQLVWGDV DXVVFKOLHOLFKMHQHUJURHQ(LQJHEXQJGHV5HLFKVIKUHUV66 ]XYHUGDQNHQ6HKHQ6LH%RUQ©)ULWVFKOHJWVHLQH+lQGHDXI GLHOHHUH6FKUHLEWLVFKSODWWHªZHQQGLH&,$GDV1HW]LQGLH +DQGEHNRPPWGDVZLUVRVRUJVDPXQGPKHYROOJHNQSIW KDEHQZHQQVLH(LQEOLFNHUKlOWLQXQVHUH9HUELQGXQJHQ]XGHQ ZHVHQWOLFKHQ.RPPDQGRK|KHQGHU:LUWVFKDIWXQGGDPLWGHU 3ROLWLNGHUZHVWOLFKHQ:HOWGDQQVLQGZLUDXVGHP6SLHO'DQQ UHLWGLH&,$GLHVHV1HW]DQVLFKIXQNWLRQLHUWHVIULKUH =ZHFNHXPXQGZLUKDEHQGDV1DFKVHKHQ'DVZUGHEH GHXWHQGDZLU%HUU\+LOO&DVWOH]XHLQHP(UKROXQJVKHLPIU JHIDOOHQH0lGFKHQPDFKHQN|QQWHQ,FKWlWHGDVXQJHUQLFK

KlQJHDQGLHVHU*HJHQG8QGLFKELQDXFKQLFKWJHQHLJWRKQH ZHLWHUHVDXI]XJHEHQZDV]XHLQHP7HLODXFKPHLQ:HUNLVW© )ULWVFKWULQNWVHLQHQ&KHUU\DXVXQGVFKOLHWDEUXSWª,QGHP %HKlOWHUEHILQGHWVLFKGLHHLQ]LJHYROOVWlQGLJH/LVWHGHU0LW JOLHGHUGHV/RIWKXVHU.UHLVHV1XQZLVVHQ6LHZRUXPHV JHKW© ,QGHU7DW%RUQEHJUHLIWZLHKRFKGHU(LQVDW]LVWGHUYRQ LKPYHUODQJWZLUG(UKDWWHGHP$OWHQPLWDQJHKDOWHQHP$WHP ]XJHK|UWZDUIDV]LQLHUWXQGEHNORPPHQ]XJOHLFK*HJHQGDV ZDVGLHVPDOYRQLKPYHUODQJWZLUGZDUGLH%HVFKDIIXQJGHU .RRUGLQDWHQHLQ.LQGHUVSLHO$EHUZHQQHVJHOLQJWXQGHV PXJHOLQJHQVRQVWNDQQHUVLFKJOHLFKGLH3LVWROHDQGLH 6FKOlIHVHW]HQZLHVWHKWHUGDQQGD'DVUHL]WLKQGHU LPPHUPLWGHP$EHQWHXHUJHOHEWKDW'HU(LQVDW]ORFNWLKQ %RUQEHUOHJWEHUHLWVZLH $EHUPDOV|IIQHWVLFKGLH1HEHQWUXQGGHU0DQQYRQ YRUKLQNRPPW]XUFN6WDWWGHU)RWRNRSLHKlOWHUGHQ$XV VFKQLWWHLQHU6HHNDUWHLQGHQ+lQGHQ%HKXWVDPOHJWHUVLH )ULWVFKGHPHKHPDOLJHQ2EHUVWXUPEDQQIKUHUYRUXQGWLSSW PLWGHP)LQJHUDXIHLQHURWPDUNLHUWH6WHOOHª+LHU©VDJWHU ª,P6HHJHELHWYRU*ULPVWDG)HYLN8QVHUHVFKOLPPVWHQ %HIUFKWXQJHQVLQGQLFKWHLQJHWUHWHQ'HU%HKlOWHUOLHJW DXHUKDOEGHU+RKHLWVJHZlVVHU'LH'LVWDQ]EHWUlJW]ZDUQXU HLQHKDOEH.DEHOOlQJHHLQ.DEHOJOHLFKKXQGHUWIQIXQG DFKW]LJ.RPPD]ZHL0HWHU$EHULPPHUKLQHVLVWGLHRIIHQH 6HH© )ULWVFKOlFKHOWHQWVSDQQWXQGVFKLHEWGLH6HHNDUWHEHUGHQ 6FKUHLEWLVFK]X%RUQKLQª1DDOVR2IIHQH6HH©ZLHGHUKROW HUª'DJLEWHVNHLQH3UREOHPH©

ª'DVNDQQGRFKQLFKWZDKUVHLQ© :HUQHU%UHGHEXVFKUHLEWVLFKGLHbXJHQXQGVFKWWHOWKHIWLJ GHQ.RSI$EHUHVLVWNHLQ7UXJELOGGDVWHKW+HU]RJYRU HLQHP2SHO5HNRUG:LHHUGDDXIHLQHQNOHLQHUHQJODW] N|SILJHQ0DQQHLQUHGHWGDVKDWGLHYRQ:LQQLHEHQXW]WH 6FKQHOOVFKXNDPHUDJOHLFKVDPLQ3KDVHQIHVWJHKDOWHQVRGD GHU%HZHJXQJVDEODXIPKHORVQDFK]XYROO]LHKHQZlUH'LH )RWRJUDILQKDWGLH$XIQDKPHQDXI3RVWNDUWHQIRUPDWYHU JU|HUWZHLOGDVXQYHUIlQJOLFKLVW:HUGLHEHLGHQYRQIHUQ EHREDFKWHWN|QQWHJODXEHQVLHVHKHQVLFK$QVLFKWVNDUWHQ DQ ª8QGGLHVHU2SHO5HNRUGLVWTXLWWHJHOE©EHWRQW:LQQLH :LQNHOPDQQª6HLQ.HQQ]HLFKHQ)6WULFK00QHXQVHFKV DFKW*HQDXJHJHQEHUOLHJWGDV%URYRQ*HUKDUG:DJQHU GHVVHQ9DWHUYLHOH0RQDWHLP-DKULQ)UDQNIXUWLVWXQGGHVVHQ 1XPPHUPLWGHUGHV7DWZDJHQVEHUHLQVWLPPW© 8PGLHVHIUKH9RUPLWWDJVVWXQGHLVWGDV&DIHLP)UHL EXUJHUª6FKZDEHQWRU©ZHQLJEHVXFKW6LHVLW]HQDXIGHU EHUGDFKWHQ%DOXVWUDGHXQGVHKHQPDQFKPDOKLQXQWHUDXIGLH *HVFKlIWVVWUDHXQGGHQ3DUNSODW]:LHYRQZHLWKHUGULQJW GHU/lUPGHU8PJHKXQJVVWUDH]XLKQHQKHUDXI'DV ª6FKZDEHQWRU©KDWVHLQHHLQVWLJH%HGHXWXQJIUGHQ'XUFK JDQJVYHUNHKUHLQJHEWXQGLVWQXUDOV6HKHQVZUGLJNHLW HUKDOWHQJHEOLHEHQ0LWZHQLJ3KDQWDVLHNDQQPDQVLFKQRFK YRUVWHOOHQZLHKLHUHLQVWGLHKRFKEHODGHQHQ3DFNZDJHQ PLWWHODOWHUOLFKHU.DXIOHXWHYRUEHL]RJHQLPPHUEHJOHLWHWYRP %HOOHQGHU:ROIVVSLW]HXQGGHQ)OFKHQLKUHU+HUUHQGHU )XKUNQHFKWH ª'DVLVWGHUULFKWLJH2SHO©VDJW:HUQHULQHLQHP7RQGHU MHGHQ=ZHLIHODXVVFKOLHWª'HU0DQQPLWGHP+RPEXUJHU EHZHLVWHV'DVLVW+HU]RJ'XNHQQVWLKQQXUGHP1DPHQ QDFK,FKELQLKPLQ/LVVDERQEHJHJQHW9RULJHV-DKU'XZHLW VFKRQ©

1DWUOLFKHULQQHUWVLHVLFK,P9RUMDKUKDW%UHGHEXVFK HEHQIDOOVLP$XIWUDJ*HUWYRQ:LHVHQHFNVLQ3RUWXJDOPLWGHU /HJLWLPDWLRQHLQHV9HUVLFKHUXQJVSUIHUVGHQUlWVHOKDIWHQ7RG 'U+RKOIHOGVXQWHUVXFKWXQGGDEHL(LQEOLFNLQGLH*HKHLP SOlQHGHV%5'/XIWZDIIHQVWW]SXQNWHV%HMDQHKPHQN|Q QHQ$OVVLHLP*HZHUEHDPW)UDQNIXUW(UNXQGLJXQJHQEHU GLH5KHLQ0DLQ'HWHNWHLHLQKROWHNDPLKUGDVZLHGHULQ (ULQQHUXQJ ª(LQ-RKDQQHV+HU]RJLVWEHLP*HZHUEHDPWDOV/L]HQ] WUlJHUXQG,QKDEHUGHU'HWHNWHLHLQJHWUDJHQ©EHULFKWHWVLH ª,FKKLHOWHVIUHLQH]XIlOOLJH1DPHQVJOHLFKKHLW:LHVRLVW GHLQ+HU]RJQLFKWPHKULQ3RUWXJDO"© :HUQHUKHEWGLH6FKXOWHUQ(VLVWLKPXQEHJUHLIOLFKGD VHLQHLQ:DKUKHLWGRFKUHFKWYHUZHJHQH+\SRWKHVH]XGLHVHP (UJHEQLVJHIKUWKDW$EHUGDHVGLHVH'HWHNWHLZDUGLHEHL &KULVWLQHVYRUJHWlXVFKWHU(QWIKUXQJXQGEHLGHU'XUFK VXFKXQJYRQ'U.|QLJV+DXVGLH+lQGHLP6SLHOKDWWHVWHKW QXQDXHU)UDJH(LQ3DSLHUYHUVFKZLQGHWGDV$XVNXQIWEHU GHQ9HUEOHLEYRQ8QWHUODJHQGHVPLWGHU66OLLHUWHQ/RIWKXVHU .UHLVHVJLEWXQGGHU&KHIGHU5KHLQ0DLQ'HWHNWHLLVWHLQ 0DQQGHUEHUHLWVLQ/LVVDERQGLH*HVFKlIWHGHUªDOWHQ.D PHUDGHQ©EHVRUJWKDW'DVSDWQDKWORV]XVDPPHQ:HUZHQQ QLFKWVLHNDQQHLQ,QWHUHVVHGDUDQKDEHQDQMHQH0DWHULDOLHQ KHUDQ]XNRPPHQ" ª:DUXP+HU]RJQLFKWPHKULQ/LVVDERQLVWZHLLFKQLFKW DOV&KHIMHGRFKNDQQLFKLKQPLUQLFKWYRUVWHOOHQ,FKKDEH LKQDOVHLQHQ0DQQRKQHHLJHQH,GHHQNHQQHQJHOHUQWDOVHLQHQ EORHQ%HIHKOVHPSIlQJHUGHUVLFKZRKOIKOWHZHQQDQGHUH IULKQGDFKWHQ,Q/LVVDERQZDUHUGLHUHFKWH+DQGYRQ%RUQ OLHILKPQDFKZLHHLQ+XQG+lOWVWGXIUP|JOLFKGD +HU]RJQXU6WURKPDQQLVWXQGLQ:LUNOLFKNHLWHLQDQGHUHUGLH *HVFKlIWHIKUW"© ª'XUFKDXV,FKKDEHPLFKHUNXQGLJWZHOFKH9RUDXVVHW ]XQJHQPDQLQGLHVHP6WDDWEHVLW]HQPXXPHLQ$XVNXQIWV EUR]XJUQGHQ)DFKNHQQWQLVVHZHUGHQQLFKWYHUODQJW'X PXWOHGLJOLFKLP%HVLW]GHUEUJHUOLFKHQ(KUHQUHFKWHVHLQ

]HKQ0DUNDXIGHQ7LVFKOHJHQXQGGLFKEHLP*HZHUEHDPW HLQWUDJHQODVVHQ'DVLVWDOOHV:HQQGXGDVJHWDQKDVWVLQG GHLQHP7DWHQGUDQJNHLQH*UHQ]HQPHKUJHVHW]W© ª(VOHEHGLH)UHLKHLWGHV8QWHUQHKPHUWXPV©:HUQHU VFKPXQ]HOW(UZLUGJOHLFKZLHGHUHUQVWª8QGZHQQQXQ%RUQ GLH'HWHNWHLOHLWHW",Q/LVVDERQZDUHUVHKUH[SRQLHUW$EHU GDVNULHJHLFKUDXV© ª(VJHQJWZHQQLFKPLFKQRFKPDOLQV&DIH=XUDOWHQ %UFNH!VHW]HXQGGDUDXIDFKWHZHUGDV+DXVLQGHU2SSHQ KHLPHU6WUDHYHUOlWZHQQGLH%URVVFKOLHHQ'HVKDOE PXWGXQLFKWQDFK)UDQNIXUWNRPPHQ©HUZLGHUW:LQQLH6LH VLHKWDSDUWDXVLQLKUHPIODVFKHQJUQHQ/HGHUNRVWPGDVGLH VSRUWOLFKH1RWHLKUHUVFKODQNHQ(UVFKHLQXQJXQWHUVWUHLFKW :HUQHU%UHGHEXVFKJLEWVLFKEHWRQWDXIPHUNVDPDOV.DYDOLHU GHUDOWHQ6FKXOH'DVKDWHUJHOHUQW(VJHK|UWVLFKHLQIDFKIU HLQHQ6WDEVRIIL]LHULP%XQGHVYHUWHLGLJXQJVPLQLVWHULXP(U KDWGDV%XFKGHU/HJDWLRQVUlWLQYRQ3DSSULW]GHQ/HLWIDGHQ IUGDV$XIWUHWHQLQGHQ.RUULGRUHQGHU0DFKWQLFKWQXULQ VHLQHP%FKHUVFKUDQNHUKDWHVDXFKVHKUDXIPHUNVDPJH OHVHQ9LHOJHODFKWKDWHUGDEHLXQGPDQFKPDOJHJODXEWGHQ +DXFKGHU=RSI]HLW]XVSUHQDEHULPPHUKLQJLEWHVLQ%RQQ HLQH0HQJH/HXWHGHQHQHVLPSRQLHUWZHQQHLQHUDXFKGLH DQWLTXLHUWHVWHQ5HJHOQGHU(WLNHWWHZLHVHOEVWYHUVWlQGOLFK DQZHQGHW8QGMHQH/HXWHVLW]HQPHLVWDQH[SRQLHUWHU 6WHOOH ª,FKZLOODEHUQDFK)UDQNIXUW©QLPPW:HUQHU:LQQLHV :RUWHDXIª0LWWHQKLQHLQLQGLH+|KOHGHV/|ZHQ:HQQ%RUQ LQGHU2SSHQKHLPHU6WUDHLVWXQGLFK]ZHLIOHHLJHQWOLFK QLFKWPHKUGDUDQGDQQPXHUGLH.DUWHQDXIGHQ7LVFK OHJHQ8QGHUZLUGDXVSDFNHQYHUODGLFKGDUDXI6FKOLHOLFK KDWHUPLU QH0HQJH]XYHUGDQNHQ© 'LH)RWRJUDILQUKUWLP0RNNDXQGZLHJWGHQ.RSIª=X YHUGDQNHQ©ZLHGHUKROWVLHXQGHVLVWDOVSUIHVLHGDV*H ZLFKWGLHVHU:RUWHª6ROFKH/HXWHVLQGQLHGDQNEDU6RODQJH LKQHQMHPDQGQXW]WJXW$EHUGDQDFK",KQHQLVWDOOHV0LWWHO ]XP=ZHFN%HJULIIHZLH(KUH)UHXQGVFKDIW'DQNEDUNHLW

VLQGIUVLH9RNDEHOQGLHVLHOHGLJOLFKGDQQJHEUDXFKHQZHQQ HWZDVIUVLHGDEHLKHUDXVVSULQJW© ,P)R\HUGHV6WDXIHQHU+RWHOVª.UHX]3RVW©ZDUWHW/HXWQDQW )LVFKHUYRP0LOLWlULVFKHQ$EVFKLUPGLHQVW'HWMHQHQWGHFNW LKQVRIRUW(UVLW]WPLWHLQHU=HLWXQJXQGHLQHU/LPRQDGHVR ªXQDXIIlOOLJ©GDGDHUJDUQLFKW]XEHUVHKHQLVW'HWMHQ EHPHUNWDXFKGD)LVFKHUVWRO]JHVFKZHOOWLVWEHUGDVZDV HUPLW]XWHLOHQKDW ª+HUU*HQHUDOYRQ:LHVHQHFNKDWPLFKEHDXIWUDJW©HUNOlUW HUREHQLP=LPPHUXQGQLPPWNHLQHQ$QVWRGDUDQGD 'HWMHQVHLQ'LNWLHUJHUlWHLQVFKDOWHWª6LHQRFKKHXWHYRP (UJHEQLVGHU(UPLWWOXQJHQLQ.HQQWQLV]XVHW]HQGLHXQVHUH 'LHQVWVWHOOHLQGHQ9HUHLQLJWHQ6WDDWHQYHUDQODWKDW6LH +HUU0DMRUKDWWHQPLFKDQJHZLHVHQDOOHVEHU8GUHLLJ DFKWXQG]ZDQ]LJ]XUHFKHUFKLHUHQ'DGLHGHXWVFKHQ8QWHU ODJHQEHUGLHOHW]WHQ.ULHJVWDJHOFNHQKDIWVLQGKLHOWHQZLU HVIUDQJHPHVVHQXQVHUH8QWHUVXFKXQJHQDXIGLHGHUGD PDOLJHQ*HJHQVHLWHDXV]XGHKQHQ© (UPDFKWHLQH3DXVH(LJHQWOLFKHUZDUWHWHUHLQHDQHUNHQ QHQGH%HPHUNXQJ'RFKGHU0DMRUVDJWQXUª'DVLVWVHOEVW YHUVWlQGOLFKGDVKDEHLFKHUZDUWHW© )LVFKHUUlXVSHUWVLFKª:LUKDEHQLPPLOLWlUKLVWRULVFKHQ $UFKLYGHV3HQWDJRQV0DULQHXQWHUODJHQHLQJHVHKHQGLHVLFK DXIR]HDQLVFKH.DPSIKDQGOXQJHQ$QIDQJ0DLIQIXQGYLHU]LJ LP1RUGVHHUDXPEH]LHKHQ,P'HWDLOZDU]XHUPLWWHOQREHV VLFKGDEHLXP$QJDEHQEHUGLH9HUVHQNXQJGHV8GUHLLJ DFKWXQG]ZDQ]LJ.RPPDQGDQW.DSLWlQOHXWQDQW&KULVWRSKHU VHQKDQGHOWH'DV(UJHEQLV8GUHLLJDFKWXQG]ZDQ]LJ ZXUGHDPGULWWHQ0DLIQIXQGYLHU]LJEHLhEHUZDVVHUIDKUW GXUFK$UWLOOHULHIHXHUGHV=HUVW|UHUV.VLHEHQXQGQHXQ]LJYRU GHUQRUZHJLVFKHQ.VWHYHUQLFKWHW,P6NDJHUUDN'LHHQW VSUHFKHQGHQ.RRUGLQDWHQVWHKHQLP/RJEXFKGHV=HUVW|UHUV ,FKKDEHKLHUHLQH)RWRNRSLHDOOHU(LQWUDJXQJHQYRPIUDJOL FKHQ7DJH©'DPLWEHUUHLFKWHUHLQJHVFKORVVHQHV.XYHUWGDV 'HWMHQHQWJHJHQQLPPWXQGXQJH|IIQHWDXIGHQ7LVFKOHJW'HU

/HXWQDQWIlKUWIRUWª6LHILQGHQGDIHUQHUGLH(LQWUDJXQJGD GUHLhEHUOHEHQGHJHUHWWHWXQGDQ%RUGYRQ.VLHEHQXQG QHXQ]LJJHEUDFKWZRUGHQVLQG(VKDQGHOWVLFKXPGLH0D VFKLQHQJDVWHQ:LOKHOP+RSIXQG.XUW:HQ]HOVRZLHHLQHQ :LVVHQVFKDIWOHUQDPHQV'RNWRU$OEUHFKW.|QLJ,VW GDV"© ª(EHQGHU©EHVWlWLJW'HWMHQª6SUHFKHQ6LHZHLWHU© ª$OOHGUHLZXUGHQVFKRQDQ%RUGGXUFK2IIL]LHUHGHV=HU VW|UHUVYHUQRPPHQ'LH9HUQHKPXQJVSURWRNROOHNRQQWHLFK QLFKWHLQVHKHQ6LHZXUGHQVHLQHU]HLWXQYHU]JOLFKGHP2IILFH RI1DYDO,QWHOOLJHQFHGHP0DULQH1DFKULFKWHQGLHQVW ]XJHOHLWHW$XFKGDUEHUJLEWHVHLQ1RWDWLP/RJEXFK© ª1RFKZDV"©IUDJW'HWMHQXQGYHUPHLGHWHVQRFKLPPHU QDFKGHP.XYHUW]XJUHLIHQ ª1XULQGLUHNW©VFKUlQNWGHU/HXWQDQWHLQª%HLGHQ1DFK IRUVFKXQJHQLPPLOLWlUKLVWRULVFKHQ$UFKLYGHV3HQWDJRQV ZXUGHEHLOlXILJIHVWJHVWHOOWGDVLFKIU8GUHLLJDFKWXQG ]ZDQ]LJZHLWHUH3HUVRQHQLQWHUHVVLHUHQ©-HW]WHQGOLFKKDWHU HUUHLFKWGDGLHVHU0DMRUDXV%RQQGHUDOOHVYRUKHUZHLXQG IUGHQDOOHVVHOEVWYHUVWlQGOLFKLVWLKQEHUUDVFKWDQVLHKWXQG GLH%UDXHQKRFK]LHKWª:HU"©IUDJW'HWMHQ]XUFN )LVFKHUOlWVLFK=HLWª'HU*HKLOIHGHV0DULQH$WWDFKHVLQ GHU:DVKLQJWRQHU%RWVFKDIWGHUVLFKPLWXQVHUHU6DFKHEH IDWHPXWHHLQHKDOEH6WXQGHDXIGLH$XVKlQGLJXQJGHV /RJEXFKHVGHV=HUVW|UHUV.VLHEHQXQGQHXQ]LJZDUWHQZHLO HVVLFKLPWHFKQLVFKHQ%UREHIDQG$OVHUHV]XUFNHUKLHOW EHIDQGVLFKDXVJHUHFKQHW]ZLVFKHQGHQ6HLWHQGLHDXFKXQV LQWHUHVVLHUWHQGHU9RUGUXFNPLWGHU$QZHLVXQJ]XU.RSLH $OV(PSIlQJHUXQG.RVWHQWUlJHUZLHVGDV3DSLHUHLQHQ$G PLUDO-RKQ)LW]JHUDOG0HOFROPDXV'DVPDFKWHXQVHUHQ0DQQ VWXW]LJ(U]RJ(UNXQGLJXQJHQEHU$GPLUDO0HOFROPHLQ© 'HWMHQQLFNWXQJHGXOGLJª'DVYHUVWHKWVLFK8QG"© ª$GPLUDO-RKQ)LW]JHUDOG0HOFROP+HUU0DMRUZDULP0DL IQIXQGYLHU]LJ%HIHKOVKDEHUMHQHV9HUEDQGHVYRQ*HOHLW ]HUVW|UHUQGHV7\SV(GVDOO!]XGHP.VLHEHQXQGQHXQ]LJ JHK|UWH0HOFROPVFKUHLEWVHLQH0HPRLUHQ'DV%XFKVROOLP

9HUODJ6LOYHUVPLWKXQG6RQVXQWHUGHP7LWHO6HKURKU]HKQ 6WULFK%DFNERUG.ULHJVHUOHEQLVVHDXIGHU5ROOEDKQ$W ODQWLN!HUVFKHLQHQ=ZHLYHUVLHUWH%XUVFKHQVFKUHLEHQGDV :HUNXQWHUVHLQHU/HLWXQJ©

ª8QGGDQQVDJWHHUQRFK©HU]lKOW:HUQHU%UHGHEXVFK :LQQLH:LQNHOPDQQLP&DIH ª=XUDOWHQ%UFNH©LQGHU)UDQN IXUWHU2SSHQKHLPHU6WUDHªGDGLHVHU$GPLUDO0HOFROP KHXWH]XU/REE\HLQHVJURHQ,QGXVWULHXQWHUQHKPHQVJHK|UW 'DVKHLWHUWUHLEWLQGHQ6WDDWHQGDVJOHLFKHZLHPHLQDOWHU )UHXQG!.U|VLQJLQ6WDXIHQ,QWHUHVVDQWLVW© (UEULFKWDEZHLOGLH6HUYLHUHULQJHUDGHª$SSHOW|UWFKH© EULQJW6LHEHKHUUVFKWLKU+DQGZHUN,Q:LQQLHKDWVLHVRIRUW GLHª'DPHYRQQHXOLFK©ZLHGHUHUNDQQWEHKDQGHOWVLHGHVKDOE DOV6WDPPJDVWXQGKDWGDIUJHVRUJWGDVLHZLHGHUGHQ VFK|QHQ3ODW]DP)HQVWHUEHNRPPW ª0DFK VQLFKWVRVSDQQHQG©HUPXQWHUW:LQQLH:HUQHU VREDOGVLHZLHGHUDP7LVFKDOOHLQVLQGª:DVLVWLQWHU HVVDQW"© ª'LH)LUPDIUGLH$GPLUDO0HOFROPVHLQHDOWHQ9HUELQ GXQJHQVSLHOHQOlWKDWYRQHLQLJHQ$XVQDKPHQDEJHVHKHQ GDVJOHLFKH3URGXNWLRQVSURILOZLH:HJHQHUXQG0RVV :HVWHUQ(OHFWURQLF6DJWGLUGDVHWZDV"© ª-D,FKOHVHOHLGHQVFKDIWOLFKJHUQ%|UVHQEHULFKWH©'LH *ULPDVVHGLHVLHEHLGLHVHU%HKDXSWXQJ]LHKWOlWGLH*U|H LKUHUª/HLGHQVFKDIW©GHXWOLFKHUNHQQHQ6LHPX%|UVHQ EHULFKWHOHVHQZHLOGLHIUHLQHQ(LQJHZHLKWHQLQIRUPDWLRQV WUlFKWLJVLQGª9RUHLQSDDU7DJHQEHVFKlIWLJWHVLFKGLH )UDQNIXUWHU$OOJHPHLQH!LQHLQHPhEHUVLFKWVEHULFKWVSH]LHOO PLWGHU:HVWHUQ(OHFWURQLF$NWLHQQRWLHUXQJIQIIDFKEHU QRUPDO7HQGHQ]VWHLJHQG'HU0DUNWDQWHLOLQGHU%5'EHWUlJW DXIGHP6HNWRUHOHNWURHOHNWURQLVFKHU(LQULFKWXQJHQXQG *HUlWH]HKQ.RPPD]ZHL3UR]HQWXQGGHU.RQ]HUQH[ SDQGLHUWZHLWHU9HUVXFKHGXUFK$NWLHQNlXIH(LQIOXDXIGLH :HJHQHUXQG0RVV]XJHZLQQHQKDEHQVLFK]HUVFKODJHQ'LH YRUJHVFKREHQHQ6WURKPlQQHUNDPHQQLFKW]XP=XJH©

ª'RNWRU%XW]NREHVLW]WHLQHUHFKWWFKWLJHHLJHQH6LFKHU KHLWVDEWHLOXQJ©NRPPHQWLHUW:HUQHU8QGLQVHLQHP*H GlFKWQLVKlOWHUIHVWZDV:LQQLHGDHEHQ]ZHLIHOORVLQGHU $QQDKPHHVZHUGHLKPQXW]HQLQVROFKHU%UHLWHPLWJHWHLOW KDWª)UPLFKVWHKWIHVWGDGLH:HVWHUQ(OHFWURQLFDXIGHP 8PZHJEHU0HOFROPHEHQVR-DJGDXIGLH/RIWKXVHU)RU VFKXQJVHUJHEQLVVHPDFKWZLHMHQH*UXSSLHUXQJIUGLHGLHGD GUEHQGLH.DVWDQLHQDXVGHP)HXHUKROHQ©0LWHLQHU.RSI EHZHJXQJZHLVWHUEHUGLH6WUDHKLQZHJDXIGDV+DXVLQ GHVVHQYLHUWHP6WRFNGLH5KHLQ0DLQ'HWHNWHLUHVLGLHUW$XFK KHXWHVWHKHQXQPLWWHOEDUYRUGHP*HElXGHHLQJHNHLOW]ZL VFKHQDQGHUHQ:DJHQGHUTXLWWHJHOEH2SHO5HNRUGXQGGLH RUDQJHIDUEHQHª(QWH©:LQQLHIROJWQLFKWVHLQHP%OLFN6LHKDW GLHVFK|QHQVFKODQNHQ%HLQHEHUHLQDQGHUJHVFKODJHQXQG RUGQHWYHUVSLHOWGLHEXQWHQ6RPPHUEOXPHQLQGHUNOHLQHQ .HUDPLNYDVHDXIGHP0DUPRUWLVFKFKHQª,FKIUDJHPLFK© VDJWVLHOHLVHªREQLFKWYLHOOHLFKWVRJDUGLHVH'HWHNWHLXQG 0LVWHU0HOFROPDXIYHUVFKLHGHQHQ:HJHQGLH,QWHUHVVHQGHV JOHLFKHQ$XIWUDJJHEHUVZDKUQHKPHQ© ª'DVJODXEHLFKQLFKW©ZLGHUVSULFKW:HUQHUOHEKDIWXQG VFKLHEWGHQOHHUHQ7HOOHUYRQVLFKª*HVHW]WGHQ)DOOGLH $XIWUDJJHEHUGHU'HWHNWHLKlWWHQGLH0|JOLFKNHLWJHVHKHQDXI GHPYHUKlOWQLVPlLJHLQIDFKHQ:HJHEHU0HOFROPXQGGDV PLOLWlUKLVWRULVFKH$UFKLYGLHJHZQVFKWH,QIRUPDWLRQ]XHU KDOWHQHVKlWWHNHLQH9HUDQODVVXQJIUGHQ*HZDOWDNWLQ 6WDXIHQJHJHEHQ8QGQRFKHWZDV0HOFROPWDXFKWHLP 3HQWDJRQDXIQDFKGHPGLH$NWLRQ.LGQDSSLQJEHUHLWVJH ODXIHQZDU© ª'DQQKDEHQDOVRMHW]W]ZHLYHUVFKLHGHQH,QWHUHVVHQJUXS SHQGLHVHOEHQ.RRUGLQDWHQ"© ª'UHL©EHULFKWLJW:HUQHUXQG]HLFKQHWVSLHOHULVFKGUHL .DURVGHUJHZUIHOWHQ7LVFKGHFNHPLWGHP)LQJHUQDFK ª9HUJLQLFKWGDDXIGHP(PSIDQJSO|W]OLFK:LOVRQYRUPLU VWDQGGHVVHQ,QWHUHVVHIUGHQ/RIWKXVHU.UHLVMDEHNDQQWLVW 2EHUGLH.RRUGLQDWHQNHQQWVHLGDKLQJHVWHOOWDXIDOOH)lOOH ZHLHUGDHU'RNWRU.|QLJLQ6WDXIHQILQGHW.|QLJZDU

ODQJHLQGHQ86$'LH&,$N|QQWHLKQEHUVHLQHGRUWLJHQ $UEHLWJHEHUKLHUJHIXQGHQKDEHQ©(UUHLEWVLFKGLH6WLUQª-H OlQJHUPDQGDUEHUUHGHWGHVWRYHUZRUUHQHUZLUGHV,FKKDEH GDVLPPHUZLHGHUKLQXQGKHUJHGUHKWXQGGDEHLELQLFK]X GHP6FKOXJHNRPPHQGDHLJHQWOLFK0HOFROPXQGGLH 'HWHNWHLYHUVFKLHGHQH.RRUGLQDWHQNHQQHQPVVHQ© :LQQLH]LHKWIUDJHQGGLH%UDXHQKRFK ª*DQ]HLQIDFK:LQQLH:HOFKH3RVLWLRQKDWGHU=HUVW|UHU .VLHEHQXQGQHXQ]LJEHVWLPPW"'LH6WHOOHDQGHU8GUHLLJ DFKWXQG]ZDQ]LJYHUVHQNWZXUGH'LHVH3RVLWLRQ]XEHVWLPPHQ EOLHEGHQ2IIL]LHUHQGHV.DSLWlQOHXWQDQWV&KULVWRSKHUVHQJDU NHLQH=HLW$QGHUHUVHLWVELQLFKDXI*UXQGGHV9HUKDOWHQVYRQ 'RNWRU.|QLJVLFKHUGDHUHLQHHQWVSUHFKHQGH1LHGHUVFKULIW EHVHVVHQKDW'DUDXVHUJLEWVLFKGDGHU/RIWKXVHU%HKlOWHU VFKRQIUKHUGHQ)OXWHQEHUJHEHQZRUGHQLVWYHUPXWOLFK XQPLWWHOEDUQDFKGHPGLH7XUPZDFKHGHV8%RRWVGHQ =HUVW|UHUDXVJHPDFKWKDWWH'DZDUDE]XVHKHQZDVNRPPHQ ZUGHDEHUHVEOLHEQRFK*HOHJHQKHLWGHQ6WDQGRUWH[DNW]X EHVWLPPHQ0HOFROPKDWGLH.RRUGLQDWHQGHV6FKLIIVXQWHU JDQJV.|QLJEHVDGLHGHU9HUVHQNXQJVVWHOOH6RPWHHLQ 6FKXKGDUDXVZHUGHQ© ª6FKRQ©UlXPWGLH)RWRJUDILQHLQª$EHUPLUZLOOQLFKWLQ GHQ.RSIGD.|QLJGLHVH1LHGHUVFKULIWDQ%RUGGHV=HU VW|UHUVQLFKWDEJHQRPPHQZRUGHQLVW0DQKDWLKQGRFK YHUK|UW© :HUQHUKHEWGLH6FKXOWHUQª6FKLIIVRIIL]LHUH:LQQLH6LH KDEHQVLFK$QJDEHQEHUGDV8%RRWXQGVHLQH%HVDW]XQJ YLHOOHLFKWDXFKQRFKEHUVHLQHOHW]WHQPLOLWlULVFKHQ(LQVlW]H PDFKHQODVVHQ-DZHQQVLHYRQGHU9HUVHQNXQJJHZXW KlWWHQ$EHUGDUEHUKDEHQGLHGUHLNHLQ:RUWYHUORUHQ6R HLQIDFKLVWGDV© :LQQLHVWUHLFKWVLFKGHQ5RFNJODWWª'DVZUGHKHLHQGD GLHZHVHQWOLFKHQ.RRUGLQDWHQMHW]WLP%HVLW]GHU'HWHNWHL VLQG"© ª-D©:HUQHUQLFNWª9LHOOHLFKWZHLLFKPHKUZHQQLFKGRUW GUEHQ*XWHQ7DJ!JHVDJWKDEH8QGGDVWXHLFKJOHLFKZHLO

PDQKLHULP&DIHQLFKW]X0LWWDJHVVHQNDQQ© ª*ODXEVWGXGRUWGUEHQHPSIDQJHQVLHGLFKPLWHLQHP 0HQ"©'DVVROOKHLWHUNOLQJHQGRFKGHXWOLFKVFKZLQJW%H VRUJQLVPLW:LQQLHJLEWVLFKDXFKNHLQH0KHVLH]XYHU EHUJHQª9RUVLFKW:HUQHU,FKEOHLEHDXIDOOH)lOOHKLHUELV GXGDV+DXVZLHGHUYHUODVVHQKDVW©

0LQXWHQODQJVLHKW:LQQLH:LQNHOPDQQ:HUQHU%UHGHEXVFK QLFKW'DQQWDXFKWHUSO|W]OLFKDXIGHUDQGHUHQ6WUDHQVHLWH ZLHGHUDXIDOVNlPHHUJHUDGHZHJVYRP6FKZHL]HU3ODW]KHU (UJHKWUDVFKXQGLQGHU+DOWXQJHLQHV0DQQHVGHUHLQEH VWLPPWHV=LHOKDW'HUOHLFKWH6RPPHUDQ]XJXQGGLHVRUJIlOWLJ JHEXQGHQH.UDZDWWHJHEHQLKPGHQ$QVWULFKHLQHVJHGLHJHQHQ *HVFKlIWVPDQQHVGHUDXIVHLQHQJXWHQ5XIEHGDFKWLVW,P 9RUEHLJHKHQZLUIWHUHLQHQIOFKWLJHQ%OLFNLQGDV6FKDXIHQ VWHUGHVVHQ$XVODJHQLKQMHGRFKQLFKWLQWHUHVVLHUHQ'DQQWULWW HUGXUFKGDV3RUWDOGHV+DXVHV1XPPHUDQGHPXQWHU DQGHUHQ)LUPHQVFKLOGHUQGHU+LQZHLVKlQJW5+(,10$,1 '(7(.7(,,9(WDJH:LQQLHVLHKWLP&DIHª=XUDOWHQ %UFNH©DXILKUH$UPEDQGXKU'LH=HLJHUVWHKHQDXI]Z|OI 8KUYLHU]HKQ 'DV7UHSSHQKDXVLVWVWLOOXQGNKO'HU6FKULWWKDOOWDXI JHIOLHVWHP%RGHQ:HUQHU%UHGHEXVFKJHKWDP7UHSSHQDE VDW]YRUEHUQDFKKLQWHQ'LH+RIWULVWXQYHUVFKORVVHQ(U |IIQHWVLH'HU+RILVWULQJVXPHLQJHEDXWHQJXQGOLFKWORV(V JLEWNHLQHUOHL*HUPSHOGLH0OOWRQQHQVWHKHQGDZLHPLWGHP /LQHDODXVJHULFKWHW(LQHQVHSDUDWHQ$XVJDQJKDWGHU+RI QLFKW:HUQHUZHQGHWVLFKLQV7UHSSHQKDXV]XUFN(LQ)DKU VWXKOLVWHEHQIDOOVQLFKWLP*HElXGH%UHGHEXVFKVWHLJWGLH 6WXIHQKLQDXI'LH7UHSSHLVWEUHLWXQGPRGHUQ6HOWVDPHU ZHLVHEHJHJQHWLKPELVKLQDXI]XPYLHUWHQ6WRFNQLHPDQG'DV LVWHLJHQDUWLJGDGRFKDXIMHGHU(WDJHEODQNH)LUPHQVFKLOGHU

]XILQGHQVLQG(VGULQJWDXFKNHLQ/DXWKHUDXVDOOHVLVWZLH DXVJHVWRUEHQXQGEHLQDKHHQWVWHKWGHU(LQGUXFNGDGLHVHV JURH+DXVLQ:DKUKHLWY|OOLJOHHULVW 5+(,10$,1'(7(.7(,:HLWHUVWHKWQLFKWVGD$XFK KLHUQRFKEOHLEHQGLH,QKDEHUGHV8QWHUQHKPHQVDQRQ\P -HW]WHUVWZLUG:HUQHUEHZXWGDVLHLKUHU)LUPDHLQHQ JlQ]OLFKQLFKWVVDJHQGHQ1DPHQJHJHEHQKDEHQª5KHLQ 0DLQ©KHLWLQ)UDQNIXUWDOOHVYRP)OXJKDIHQEHUHLQH 3HUVRQHQVFKLIIDKUWVJHVHOOVFKDIWELV]XP3DQQHQGLHQVWGHV $'$&,PPHUVFKRQZDUHVGHQ)UDQNIXUWHUQHLQ'RUQLP $XJHGDLKUH6WDGWHLQHZHOWEHNDQQWH+DQGHOVPHWURSROH VWDWWDP5KHLQEORDQHLQHPVHLQHU1HEHQIOVVHOLHJW'DVKDW VLFK]XHLQHP.RPSOH[DXVJHZDFKVHQXQGGXUFKGLH1D PHQVJHEXQJª5KHLQ0DLQ©YHUVXFKHQVLH]XNRUULJLHUHQZDV GLH6WDGWJUQGHUYRUYLHOHQ-DKUKXQGHUWHQYHUSDW]WKDEHQ (LQVHOEVWOHXFKWHQGHU.OLQJHONQRSI'DV6LJQDOGDVHU DXVO|VWLVWLP7UHSSHQKDXVQLFKW]XK|UHQhEHUGHP.QRSI ZLUGHLQH0LOFKJODVVFKHLEHKHOO6FKULIWOHXFKWHWDXIª%LWWH WUHWHQ6LHHLQ©*OHLFK]HLWLJ|IIQHWVLFKZLHYRQ*HLVWHUKDQG EHZHJWGLH7UDXWRPDWLVFKXQGVFKOLHWVLFKVRIRUWZLHGHU KLQWHUGHP%HVXFKHU%UHGHEXVFKVLHKWGDVLHLQQHQNHLQH .OLQNHKDW'DVKHLWVLHOlWVLFKQXUDXIHOHNWULVFKHP:HJH |IIQHQ (LQDEJHVFKORVVHQHU9RUUDXPIHQVWHUORVLQGHQHKHPDOLJHQ .RUULGRUJHEDXWQHRQEHOHXFKWHW'LH:lQGHVLQGSDVWHOO IDUEHQJHW|QW0LWLKUHP%ODXKDUPRQLHUWGHU6SDQQWHSSLFK HEHQVRZLHGLH'HFNHXQGEODXVLQGDXFKGLH6LW]NLVVHQGHU HLHUVFKDOHQIDUEHQHQ'UHKVHVVHOXPHLQHQJOHLFKIDUEHQHQ 7LVFKGXUFKGHVVHQ*ODVSODWWHGHU%OLFNELVDXIGHQ%RGHQ JHKW(LQD]XUEODXHU*ODVDVFKHUVWHKWDXIHLQHP6WDSHO3UR VSHNWHQ2EZRKOHVLP5DXPQLFKWNDOWLVWIU|VWHOWGHU%H VXFKHU'LHVHV(PSIDQJV]LPPHULVWGHUXQSHUV|QOLFKVWHXQG DEZHLVHQGVWH5DXPLQGHPHUVLFKMHDXIJHKDOWHQKDW (LQ0DQQWULWWHLQ(UVFKHLQWJHUDGHZHJVGXUFKGLH:DQG JHNRPPHQ]XVHLQ%UHGHEXVFKlUJHUWVLFKGDHUGLHª7D SHWHQWU©YRUKHUEHUVHKHQKDW6RZDVGDUIHLQHPQLFKW

SDVVLHUHQ'HQ0DQQNHQQWHUYRQ:LQQLHV)RWRVQXUWUlJW GHU*ODW]NRSIPLWGHP6HHKXQGVEDUWKHXWHNHLQH/HGHUMDFNH VRQGHUQHLQHQ$Q]XJXQGHLQHQEODXHQ4XHUELQGHU ª*XWHQ7DJ©VDJWHU]XUFNKDOWHQGXQGVWHOOWVLFKPLWHLQHU NQDSSHQ9HUEHXJXQJYRUª5RORII© %UHGHEXVFKYHUEHXJWVLFKNXU]ª'HWMHQ© .HLQH(LQODGXQJ3ODW]]XQHKPHQ6WDWWGHVVHQUHLEWVLFK 5RORIIQXUGLH+lQGHXQGUDWWHUWPLWXQEHZHJWHP*HVLFKWHLQ 6SUFKOHLQKHUXQWHUGDVHURIIHQVLFKWOLFKVFKRQYLHOH0DOH DXIJHVDJWKDW ª6HKUHUIUHXW+HUU'HWMHQ'LH5KHLQ0DLQ'HWHNWHLGDQNW ,KQHQIUGDV9HUWUDXHQGDV6LHXQVHUHP,QVWLWXWHQWJHJHQ EULQJHQZROOHQ=XXQVHUHPJU|WHQ%HGDXHUQLVWHVXQVHUHP %URDXI*UXQGDXJHQEOLFNOLFKHU$UEHLWVEHUODVWXQJQLFKW P|JOLFKIUQHXH.OLHQWHQWlWLJ]XZHUGHQ'DIUELWWHQZLU XP,KU9HUVWlQGQLV8P,KQHQWURW]GHPEHKLOIOLFK]XVHLQ HUODXEHLFKPLU©GDPLWWULWWHULPPHUIRUWUHGHQGDQGHQ 7LVFKPLWGHU*ODVSODWWHKHUDQKHEWGHQ$VFKHUKRFKQLPPW GHQREHQDXIOLHJHQGHQ3URVSHNWXQGEHUUHLFKWLKQ$FKLPPLW HLQHUOHLFKWHQ9HUEHXJXQJª,KQHQGLH$QVFKULIWHQHLQLJHU )UDQNIXUWHU'HWHNWHLHQPLW]XWHLOHQDQGLH6LHVLFKYHUWUDX HQVYROOZHQGHQN|QQHQ$OOHGLHVH8QWHUQHKPHQGHV(U PLWWOXQJVXQG%HZDFKXQJVJHZHUEHVJHQLHHQHLQHQXQWDG OLJHQ5XI6HLHQ6LHEHU]HXJWGD,KUH$QJHOHJHQKHLWEHL MHGHPYRQLKQHQLQGHQEHVWHQ+lQGHQLVW:LUEHGDXHUQ DXHURUGHQWOLFKYHUHKUWHU+HUU6LHKHXWHDEVFKOlJLJEH VFKHLGHQ]XPVVHQ©(UUlXVSHUWVLFKXQGJHKWRKQHZHLWHUHV YRUDXV]XP$XVJDQJª+LHUELWWH$XI:LHGHUVHKHQ© $EHUPDOV|IIQHWVLFKZLHYRQ*HLVWHUKDQGEHZHJWGLH7U RKQHGD5RORIIHLQHQ0HFKDQLVPXVEHWlWLJWKlWWH'HWMHQ lUJHUWVLFK]XP]ZHLWHQPDO(VLVWDXFKNHLQH/LFKWVFKUDQNH ]XHUNHQQHQ(UEOHLEWZLHDQJHZXU]HOWVWHKHQª%LWWH©VDJW GHU*ODW]NRSIQRFKHLQPDOXQGLVWQXQVFKRQHLQZHQLJYHU ZXQGHUW $FKLPKROWWLHI/XIWª(UVWHQV©EHJLQQWHUWURFNHQªKDEH LFKNHLQHQ$XIWUDJIU6LH=ZHLWHQVVLQGPLUDQGHUH)UDQN

IXUWHU'HWHNWHLHQY|OOLJJOHLFKJOWLJXQGGULWWHQVZLOOLFK +HUUQ+HU]RJVSUHFKHQ© 5RORIIVFKOXFNW(UZLUNWEHVWU]WXQGPDFKWHLQ*HVLFKW DOVYHUVWHKHHUNHLQ:RUWYRQGHPZDVGHU%HVXFKHUGDUHGHW ª+HUUQ+HU]RJ"©ZLHGHUKROWHULQHLQHP7RQDOVK|UHHUGHQ 1DPHQ]XPHUVWHQPDO+LHUVFKHLQWHVJDQ]XQJHZ|KQOLFK]X VHLQGDMHPDQGZHLZHUGHU&KHILVWQRFKGD]XMHPDQG GHQGHU*ODW]NRSIQLFKWHLQ]XRUGQHQYHUPDJXQGGHUEHUGLHV JDUQLFKWZLHHLQ.OLHQWDXIWULWWZLHHLQ0DQQGHPHVLP 3ULQ]LSSHLQOLFKLVWGDV(UPLWWOXQJVXQG%HZDFKXQJVJHZHUEH LQ$QVSUXFK]XQHKPHQGHPLPPHUHLQ+DXFKYRQ$Q UFKLJHPXQGXQUHFKWPlLJHU6FKQIIHOHLDQKDIWHW 'HWMHQ]LHKWHLQHVGHU)RWRVDXVGHU7DVFKHGLH:LQQLHYRP &DIHª=XUDOWHQ%UFNH©DXVJHPDFKWKDW(UKlOWHV5RORII VRGLFKWYRUGLH1DVHGDGHUHUVFKURFNHQHLQHQ6FKULWW ]XUFNZHLFKWª'LHVHQ0DQQ(UKHLW+HU]RJ© -DXQGIRWRJUDILHUWZXUGHHULP*HVSUlFKPLWLKPVHOEVW XQWHQLQGHU2SSHQKHLPHU6WUDHGLUHNWYRUGHP+DXVHLQJDQJ ]XU5KHLQ0DLQ'HWHNWHL5RORIIJLEWDXI,PPHUKLQLVWHU QRFKJHLVWHVJHJHQZlUWLJJHQXJGHP)UHPGHQGDV)RWRDXV GHU+DQG]XQHKPHQDOVVHLGDVGHU=ZHFNGHV9RU]HLJHQV JHZHVHQª1HKPHQ6LHGRFK3ODW]+HUU'HWMHQ©ELWWHWHU SO|W]OLFK6RJDU]XHLQHUQHXHUOLFKHQ9HUEHXJXQJGLHHLQLJH *UDGHWLHIHUDXVIlOOWUDIIWHUVLFKDXIª,FKZHUGHVHKHQZDV LFKIU6LHWXQNDQQ© ,PVHOEHQ$XJHQEOLFNLQGHPVLFKGLH7DSHWHQWU|IIQHW VFKOLHWVLFKGLH.RUULGRUWUZLHGHU$FKLPLVWLQGHPNKOHQ EODXHQ(PSIDQJV]LPPHUDOOHLQ0HUNZUGLJ:RYRQOHEHQ VLHKLHUZHQQVLHHLQHQ0DQQGDUDXIGUHVVLHUWKDEHQ.XQGHQ DE]XZLPPHOQRKQHVLFKLKU$QOLHJHQZHQLJVWHQVDQ]XK|UHQ" 'DVZLGHUVSULFKWMHGHP*HVFKlIWVVLQQ6HOEVWZHQQGLH'H WHNWHLLP$XJHQEOLFNY|OOLJDXVJHODVWHWZlUHPWHVLHVLFK ]XPLQGHVWYHUJHZLVVHUQREVLHVLFKQLFKWHLQHQJDQ]JURHQ )LVFKHQWJHKHQOlWGHVVHQWZHJHQVLFKVRJDUHLQH8PGLV SRVLWLRQORKQHQZUGH1LFKWVGHUJOHLFKHQ $OV5RORII]XUFNNHKUWVLW]W'HWMHQVRJHODVVHQGDVR

XQEHHLQGUXFNWYRQGHQ$EZHKUIDUEHQGHV5DXPHVXQGGHP JDQ]HQHOHNWURQLVFKHQ'UXPXQG'UDQGDGHU*ODW]NRSI XQZLOONUOLFKQRFKHLQH6SXUVHUYLOHUZLUG ª%HVLW]HQ6LHQRFKZHLWHUH$XIQDKPHQYRQ+HUUQ+HU ]RJ"©HUNXQGLJWHUVLFKXQVLFKHU ª-HGH0HQJH©'DVNOLQJWVRJDUJHPWOLFKª8QGVLHVLQG VLFKHUGHSRQLHUWYHUODVVHQ6LHVLFKGDUDXI©(UOlFKHOW5RORII ]Xª6ROOWHLFKVLHELVKHXWHDEHQGQLFKWDEJHKROWKDEHQGUIHQ 6LHPRUJHQHLQHQ6FKUDXEHQ]LHKHUQHKPHQXQG,KU6FKLOG FKHQGUDXHQDEPRQWLHUHQ*DQ]VLFKHUILQGHQ6LHDXIGHP )ORKPDUNWQRFKHLQHQ,QWHUHVVHQWHQGDIU0DQPDFKWVLFK MDNHLQH9RUVWHOOXQJZDVPDQFKH/HXWHDOOHVVDPPHOQ© 'HU*ODW]NRSIIlKUWVLFKPLWGHP=HLJHILQJHUORFNHUQG ]ZLVFKHQ+DOVXQG+HPGNUDJHQ'LHVHU%URFNHQLVW]XKDUW IULKQª%LWWHIROJHQ6LHPLU©VDJWHUQXU 'HU.RUULGRUKLQWHUGHU7DSHWHQWULVWVWLOOXQGOHHUXQG GXUFK1HRQU|KUHQWDJKHOOEHOHXFKWHW(VULHFKWQDFKJHILU QLWHP3DUNHWWXQG0DOHUIDUEH2IIHQEDULVWKLHUHUVWNU]OLFK UHQRYLHUWZRUGHQ1LHPDQGEHJHJQHWLKQHQDEHUHLQHGHU 7UHQVWHKWRIIHQXQG'HWMHQVLHKWDXIJUQHQ7LVFKHQHLQH %DWWHULHYRQ/HVHJHUlWHQZLHVLH]XU$UEHLWPLW0LNURILOPHQ EHQXW]WZHUGHQ'LH5KHLQ0DLQ'HWHNWHLVSHLFKHUWGLHYRQ LKUJHVDPPHOWHQ,QIRUPDWLRQHQDXIPRGHUQH:HLVHUDXP VSDUHQGXQGUDWLRQHOOGHQNWHU:DVVRQVWHLQHQJDQ]HQ%L EOLRWKHNVVDDOIOOHQZUGHKDWDXI0LNURILOPLQHLQHU6FKXE ODGH3ODW]=ZHLMXQJH'DPHQGLHDQ.DUWHLNlVWHQDUEHLWHQ KHEHQGLH.|SIHXQGVWDUUHQ$FKLPVRYHUZXQGHUWDQDOVZlUH LKQHQHLQ*HLVWHUVFKLHQHQ$OVRLVWHVVHOWHQGDHLQ)UHPGHU LQGLHVHQ.RUULGRUJHODQJWVFKOXIROJHUWHU ª+LHUELWWH©OlGW5RORIIHLQXQGOlWGHP%HVXFKHUGHQ 9RUWULWW%HLOlXILJUHJLVWULHUWGHUGDGLHVH7UYRQ+DQG JH|IIQHWZLUG 'HWMHQVLHKWVRIRUWGDGLHVNHLQ%URLVWHKHUHLQH$UW .RQIHUHQ]UDXP'HUKDWHLQZHQLJYRQGHU.KOHGHV (PSIDQJV]LPPHUVGLHDOOHUGLQJVJHPLOGHUWZLUGGXUFKGLH =ZHFNPlLJNHLWGHU(LQULFKWXQJ5DXPEHKHUUVFKHQGLVWHLQ

JURHURYDOHU7LVFKPLWGUHL]HKQ6WKOHQ-DHVVLQGKDUWH ]LHPOLFKXQEHTXHPH6WKOHGLH]X.U]HXQG.RQ]HQWUDWLRQ ]ZLQJHQ,QGLHHLQH6FKPDOZDQGHLQJHODVVHQLVWHLQHVLOEULJ VFKLPPHUQGH3URMHNWLRQVIOlFKHLKUJHJHQEHUVWHKHQHLQ (SLGLDVNRSXQG]ZHL.RIIHUGLHRIIHQVLFKWOLFK6FKPDOILOP SURMHNWRUHQIUYHUVFKLHGHQH)LOPIRUPDWHHQWKDOWHQ'D QHEHQEHILQGHWVLFKHLQNRPSDNWHU$NXVWLNVFKUDQNPLW7RQ EDQGDQODJHQXQGHLQHU8QPHQJHYHUVFKLHGHQIDUELJHU6FKDO WHU'LH)HQVWHUIKUHQ]XU2SSHQKHLPHU6WUDHKLQDXV 'HXWOLFKHUNHQQW$FKLPXQWHQGLH.RQGLWRUHLXQGGDV&DIH ª=XUDOWHQ%UFNH©1HLQGHQ7LVFKDQGHPHU:LQQLHZHL NDQQHUQLFKWVHKHQGDIULVWVHLQ6LFKWZLQNHO]XVSLW]1XU GLHVHLWOLFKJHUDIIWH*DUGLQHLVW]XDKQHQ ª*XWHQ7DJ+HUU'HWMHQ© (UHUNHQQWGLHVHVSU|GHXQGHLQZHQLJJHVSUHL]WNOLQJHQGH 6WLPPHVRIRUWZLHGHU'DVLVWGHUVHOEH7RQIDOOZLHGDPDOVDOV +HU]RJLQ/LVVDERQDXILKQ]XWUDWXQGLKQHLQOXGPLWLKP]X %RUQ]XIDKUHQ$FKLPGUHKWVLFKXP ª,PPHUQRFKGHUDOWH©VDJWHUª6LHKDEHQVLFKNDXPYHU lQGHUW%LFKHQEODVHKHQ6LHDXV.RPPHQZRKOVHOWHQUDXV ZLH"© :LHLPPHU+HU]RJGDV*HVSUlFK]XHU|IIQHQJHGDFKWH GLHVHXQNRQYHQWLRQHOOH%HWUDFKWXQJVZHLVHVHLQHU3HUVRQ ]HUVW|UWVHLQ.RQ]HSW(UVHW]WHLQVFKLHIHV/lFKHOQDXI$P EHVWHQGQNWLKQHLQIDFKEHU'HWMHQV%HPHUNXQJKLQZHJ ]XJHKHQ6LHVLQGMHW]WDOOHLQ5RORIIKDWODXWORVGHQ5DXP YHUODVVHQ ª:DVZROOHQ6LHYRQPLU"©IUDJWHUIURVWLJª,FKKDEHHLQH 0HQJH$UEHLWZLVVHQ6LH© $FKLPQLFNW*HODVVHQZLUIWHUVHLQHQ7UHQFKFRDWDXIGHQ 7LVFKXQGOHJWGHQ+XWGDUDXI'DQQQLPPWHUVLFKHLQHQ6WXKO VHW]WVLFKXQGVFKOlJWJHPWOLFKGLH%HLQHEHUHLQDQGHU(U HULQQHUWVLFKQRFKJHQDXZLH%RUQPLWGLHVHP7\SXP JHJDQJHQLVW ª:HLLFKEHUHLWV+DWPLU,KUH6FKDOOSODWWHVFKRQDQGHU 7UHU]lKOW0DFKHQZLUHVDOVRNXU],FKZDUWHKLHUXQG6LH KROHQ,KUHQ&KHI©

ª'HU&KHIGHU5KHLQ0DLQ'HWHNWHLELQLFK© 'HWMHQVLHKWLKQEHWRQWYRQREHQELVXQWHQDQXQGZLHJWGHQ .RSIª$EHU+HU]RJ'DVN|QQHQ6LHGHQ/HXWHQYRP*H ZHUEHDPWHU]lKOHQDEHUGRFKQLFKWPLU6LHJHEHQGHP.LQG ,KUHQHKUOLFKHQ1DPHQQDVFK|Q,FKKDEHDXFKQLFKWV JHJHQ6LHDEHUPHLQH=HLWLVWHEHQIDOOVEHJUHQ]W'HQ&KHI +HU]RJ© +HU]RJ]HLJWVLFKXQEHHLQGUXFNWª1RFKHLQPDO:DV ZROOHQ6LH"© $FKLPOHKQWVLFK]XUFNXQGYHUVFKUlQNWGLH$UPHYRUGHU %UXVWª,FKELQYRQ,KQHQHQWWlXVFKW6HKUHQWWlXVFKW:DV KDEHQ6LHVLFKEORGDEHLJHGDFKW"0DQQZLVVHQ6LHQLFKW ZLHXQSRSXOlU.LGQDSSLQJLVW"© 6HLQ*HJHQEHUYHU]LHKWNHLQH0LHQHDEHUDQVHLQHP GUUHQ+DOVVSULQJWGHU$GDPVDSIHODXIXQGQLHGHUª,FKKDEH NHLQH$KQXQJZRYRQ6LHUHGHQ© 'HWMHQ]LHKWHLQZHLWHUHV)RWRGDV+HU]RJYRUGHP TXLWWHJHOEHQ2SHO5HNRUG]HLJWDXVGHU7DVFKHXQGOHJWHVDXI GHQ7LVFKDOVZUGHHUEHLP.DUWHQVSLHOHLQHQ7UXPSIDXI EOlWWHUQ'DQQVDJWHUª'DPLWNRPPHQ6LHQLFKWGXUFK 1HKPHQ6LHPDODQLFKIUDJHHLQHJHZLVVHMXQJH'DPHLQ 6WDXIHQREVLHGHQ0DQQXQGGHQ:DJHQDXIGLHVHP)RWR VFKRQPDOJHVHKHQKDW'DKDEHQ6LHNHLQH&KDQFH+HU]RJ $FKLFKYHUJD$QMHQHP$EHQGKLHHQ6LH%FKPDQQ© +HU]RJZLUGXPHLQHQ6FKHLQEODVVHU'DVKDWLKPJHUDGH QRFKJHIHKOW$XIHLQHVROFKH$WWDFNHZDUHUQLFKWJHIDW :DVXPDOOHVLQGHU:HOWKDW'HWMHQGDPLW]XWXQ"(UZHL QLFKWZHLWHU ª%UDXFKHQ6LH*HOG"©IUDJWHUXQGGDVLVWVR]LHPOLFKGDV 'PPVWHZDVHUIUDJHQNDQQ $FKLPVFKQHOOWYRP6WXKOKRFKª+HU]RJ©EUDXVWHUDXI ª%HJUHLIHQ6LHGHQQJDUQLFKWV":HQQLFK6LHKRFKJHKHQ ODVVHQZROOWHKlWWHLFKGLHVH$XIQDKPHQGRFKQLFKWELVMHW]W IUPLFKEHKDOWHQ© ª$OVR:DVZROOHQ6LH"© 'HWMHQVFKLHEWEHLGH+lQGHLQGLH-DFNHQWDVFKHQª,FKKDEH

6LHQLFKWDXIJHVW|EHUWZHLOHVPLUSHUV|QOLFK6SDPDFKW,FK NDQQPLUZDV6FK|QHUHVGHQNHQ'DV]XHUVW0LUOLHJWQLFKWV GDUDQDOWH.DPHUDGHQDXIIOLHJHQ]XODVVHQ'DVDOV]ZHLWHV $EHULFKELQYRQ$PWVZHJHQPLWGHU.OlUXQJGHV6DFK YHUKDOWVEHDXIWUDJWLFKPX(UJHEQLVVHEULQJHQ:HQQ6LHGLH .DUWHQDXIGHQ7LVFKOHJHQNDQQLFKYHUVXFKHQ6LHUDXV ]XKDOWHQ'HQNHQ6LHDXVQDKPVZHLVHPDOVFKQHOOQDFK© +HU]RJZHL'DVNDQQHUQLFKWDOOHLQ'DVEHUVWHLJWVHLQH =XVWlQGLJNHLW'DZLOOHUVLFKDXFKQLFKWIHVWOHJHQª%HKDOWHQ 6LHGRFK3ODW]:DUWHQ6LH© ª+HU]RJ©VDJW'HWMHQKLQWHULKPKHUª1XUDP5DQGH0DQ ZHLGDLFKKLHUELQ© 'HUDQGHUHEUHLWHWEHLGH$UPHDXVª$EHUZLUNHQQHQXQV GRFKODQJHJHQXJ© ª(EHQGHVKDOE©ZLUIW$FKLPWURFNHQKLQXQGGHQNW)DO VFKHU+XQG +HU]RJJHKWKLQDXV+LQWHULKPIlOOWGLH7ULQV6FKOR-HW]W VLHKW'HWMHQGDVLHLQQHQNHLQH.OLQNHKDW:LHLQHLQHU SV\FKLDWULVFKHQ.OLQLN)UVHUVWHLVWHULQGLHVHP.RQIHUHQ] UDXPJHIDQJHQ(UWDWJXWGDUDQGHQ:DUQVFKXDE]XJHEHQ 'LHVHP+HU]RJNDQQPDQQLFKWEHUGHQ:HJWUDXHQXQG ZHQQ'HWMHQV+\SRWKHVHEHUGLH0RWLYLHUXQJGHV.LG QDSSLQJVGXUFKGLH5KHLQ0DLQ'HWHNWHL]XWULIIWZUGHHU ZRKOVRJDUEHU/HLFKHQJHKHQZHQQHVLKPUDWVDPHUVFKLHQH 'XUFKDOOHVZDVHUKLHUHUOHEWILQGHW$FKLPMHQH+\SRWKHVH PHKUXQGPHKUEHVWlWLJW:DVLPYLHUWHQ6WRFNGHV+DXVHV 2SSHQKHLPHU6WUDHJHVFKLHKWSDWQLFKWLQV%LOGHLQHU JHZ|KQOLFKHQ'HWHNWHL

:LQQLH:LQNHOPDQQOHJWGDVEXQWH%ODWWDXIGDV0DUPRUWLVFK FKHQXQGLVWQXQ]LHPOLFKJHQDXXQWHUULFKWHWZLHGDV6H[,GRO DOOHU.LQRDQKlQJHU0DULO\Q0RQURHGLHHLJHQWOLFK1RUPD -HDQ%DNHUKHLWXQGMHW]W-DKUHDOWLVWGHQ:HJYRP )RWRPRGHOO]XP+ROO\ZRRGVWDUJHQRPPHQKDW9RQGHP VWlQGLJHQ%HPKHQGHU6FKDXVSLHOHULQ]XDQVSUXFKVYROOHQ VLHIRUGHUQGHQ5ROOHQ]XNRPPHQNHLQ:RUWGDIUDEHUXP

VRPHKU+LVW|UFKHQ'DVROOHLQH5HSRUWHULQLQEH]XJDXIGLH $NWIRWR]HLWHQWVHW]WJHIUDJWKDEHQª8QG6LHKDWWHQZLUNOLFK QLFKWVDQ"©ª'RFKGDV5DGLR©VROOGLH0RQURHVFKODJIHUWLJ JHDQWZRUWHWKDEHQ8QGVRZHLWHULQGLHVHP6WLO 'LH)RWRJUDILQPDVVLHUWVLFKPLW'DXPHQXQG=HLJHILQJHU GLH$XJHQ2EZRKOVLHJHOHVHQKDWEHREDFKWHWHVLHXQXQWHU EURFKHQGHQ(LQJDQJVFKUlJJHJHQEHU:HUQHU%UHGHEXVFK KlOWVLFKQRFKLPPHULPYLHUWHQ6WRFNDXIXQGGDVVFKRQVHLW PHKUDOVHLQHUKDOEHQ6WXQGH1LFKWGD:LQQLH:LQNHOPDQQ PLWHLQHUHFKWHQ*HIDKUIULKQUHFKQHWLPPHUKLQKDWGRUW GUEHQ%RUQGDV5XGHULQGHU+DQGZHQQVLHVLFKQLFKW WlXVFKHQXQG%RUQZLUGLQVHLQHPDOWHQ.XPSDQDXVGHP .ULHJVJHIDQJHQHQODJHUVFKZHUOLFKHLQHQ)HLQGVHKHQ$EHU ZDVLVWZHQQVLHVLFKLUUHQ"/HXWHGLHGLHDXIZHQGLJH6WDX IHQHU$NWLRQLQV]HQLHUWHQODVVHQVLFKXQJHUQLKUHVRUJVDP JHVSRQQHQHQ)lGHQ]HUUHLHQ6LHJHKHQDXIV*DQ]H 9RUVLFKWVKDOEHUKDW:LQQLHZLHGHUGLH6FKQHOOVFKXNDPHUD LQ6WHOOXQJJHEUDFKWGXUFKLKUVHLGHQHV+DOVWXFKJHJHQGDV &DIH,QQHUHYHUGHFNW0DQNDQQMDQLFKWZLVVHQ6FKRQVWHKW GDVGULWWHª$SSHOW|UWFKH©YRULKU6LHOlWVLFK=HLWPLWGHP 9HU]HKU6LW]HQXQGZDUWHQ]XPVVHQXQGQLFKWVWXQ]X N|QQHQJHK|UW]XGHQ'LQJHQGLH:LQQLHPLWDPYHUKDWHVWHQ VLQGXQGGDEHLVWHOOHQVLHHLQHQEHWUlFKWOLFKHQ7HLOLKUHU $UEHLWGDU 6HXI]HQGJUHLIWVLHQDFKHLQHUDQGHUHQ,OOXVWULHUWHQ6FKOLH OLFKNDQQVLHVLFKQLFKWHZLJDQGLHVHPGXPPHQ*HVFKZlW] EHU0DULO\Q0RQURHIHVWKDOWHQ

ª1DDOWHV+DXV":LHJHKW V"© %RUQEOHLEWQLFKWDQGHU7UVWHKHQ0LWDXVJHVWUHFNWHQ +lQGHQNRPPWHUDXI'HWMHQ]X(UVLHKWJDQ]DQGHUVDXVDOV GDPDOVLQ3RUWXJDOZRHULQZHLHQ+RVHQXQGJUHOOEXQWHP

+HPGPLWEDXPHOQGHP0RGHVFKPXFNDXIGHU%UXVWGHQ 3OD\ER\PLPWH(VVFKHLQWDOVVHLHUHLQELFKHQGLFNHUJH ZRUGHQDEHUGDVPDJQXUGDUDQOLHJHQGDHUHLQHQNRUUHNWHQ JUDXHQ$Q]XJPLW:HVWHWUlJWHLQZHLHV+HPGXQGHLQH KLPPHOEODXH.UDZDWWH'DPLWKDWHUVLFKGHQ*HSIORJHQKHLWHQ GHU*HVFKlIWVZHOWLQGHU+DQGHOVPHWURSROHDP0DLQDQ JHSDW'DGLHVHUVHUL|VH$XHQDQVWULFKEORH7DUQXQJ GDUVWHOOWXQGGDVLFK%RUQQLFKWYHUlQGHUWKDWEHZHLVHQGLH $NWLYLWlWHQVHLQHU'HWHNWHLLQ6WDXIHQ 1DWUOLFKVSLHOW$FKLP:LHGHUVHKHQVIUHXGHVFKOlJWLQGLH GDUJHERWHQH5HFKWHHLQXQGVFKWWHOWVLHNUlIWLJª'XPXW GRFKYHUUFNWVHLQ©OlUPWHUEXUVFKLNRVª+DWWHVWVRHLQKHUU OLFKHV6FKORDP$WODQWLN0XWHVWGXGLFKVRYHUVFKOHFK WHUQ"©'DVVDJWHUJDQ]EHZXWXP]XHUIDKUHQZDVJH VFKHKHQLVWVHLWVLHVLFKEHLGHLQ/LVVDERQWUHQQWHQ $XJHQVFKHLQOLFKKDWHUGHQZXQGHQ3XQNWJHWURIIHQ%RUQ VFKQHLGHWHLQH*ULPDVVH%HYRUHUDQWZRUWHWKROWHUDXVGHP $NXVWLNVFKUDQNHLQH)ODVFKHXQG.RJQDNVFKZHQNHUª0XWH LFK©HUZLGHUWHUª'DV+DXVDP0HHU'XGDUIVWPLUJODX EHQGDLFKPLFKPDQFKPDOGRUWKLQ]XUFNVHKQH'DJHJHQ LVWGDVKLHUHLQ6FKHLOHEHQ©(UKHEWGDV*ODVXQGWULQNW 'HWMHQ]Xª(ULQQHUVWGXGLFKDQGLH*RGLYD"1DPLWGHU 0XWWHUDXVGHP0DVNHQPXVHXPKDEHLFKWDEXODUDVDJHPDFKW HKHLFKZHJPXWH'LHVHVIDOVFKH$DV© ª8QGGDUEHUELVWGXJHVWROSHUW"©PXWPDW'HWMHQXQG WULQNWHEHQIDOOV(VLVWHLQHJDQ]VFKHLQKHLOLJH)UDJH(UNDQQ VLFKGHQNHQZDVSDVVLHUWLVW6FKOLHOLFKKDWHUVHOEVWGLH :HLFKHQIUGHQXQUKPOLFKHQ$EJDQJGHVHKUHQZHUWHQ,Q GXVWULHEHUDWHUV%RUQDXV3RUWXJDOJHVWHOOWLQGHPHUHLQLJHV 0DWHULDOEHULKQDQMHQHVª-RXUQDO3DULVLHQ©VDQGWH]XGHVVHQ LQ6GDPHULNDXPJHEUDFKWHP0LWDUEHLWHU&KDUOHV$QGUHHU HLQHKHU]OLFKH=XQHLJXQJJHIDWKDWWH'HWMHQVLHKWGHQ -RXUQDOLVWHQDXFKMHW]WZLHGHUYRUVLFKHLQHQ0DQQPLWHLQHP GHUEHQ%DXHUQJHVLFKWXQGJHGUXQJHQHU6WDWXU%ORQGHV+DDU KDWWHHU]XHLQHU%UVWHJHVWXW]WXQGHUWUXJLPPHUMHQH DPHULNDQLVFKHQ-HDQV$Q]JHGLHGDPDOVLQ(XURSDQRFK

NDXPEHNDQQWZDUHQª'LH6SXUGHU:|OIH©KLHGLH$UWLNHO VHULHLQGHUHUGLH9HUJDQJHQKHLWDOWHU1D]LVDXIGHFNWHXQG GLHHUQLFKW]X(QGHVFKUHLEHQNRQQWH'LHDQWLIDVFKLVWLVFK GHPRNUDWLVFKH+DOWXQJVHLQHU=HLWXQJKDWVLFKVHLWKHUQLFKW JHlQGHUWLQ%RQQZLUGVLHZHQQEHUKDXSWVWHWVPLW 9HUlUJHUXQJJHQDQQWXQG$FKLPZDUVLFKHUGDVLHPLWGHU 6HQGXQJDXV/LVVDERQHWZDVDQIDQJHQNRQQWH]XPDOHUDOV $EVHQGHUGHQ1DPHQGHVWRWHQ&KDUOHV$QGUHJHZlKOW KDWWH %RUQZLQNWDEª'RFKQLFKWEHUGLH*RGLYDhEHUVRZDV VWROSHUHLFKQLFKW1HLQDOVLFKGDFKWHHVVHLDOOHVZLHGHULP /RWKDWVRHLQ3DULVHU:XUVWEODWWVLFKPLWPLUEHIDWXQG]X DOOHP8QJOFNDXFKQRFKHLQ)RWRYRQPLULQGHUVFKZDU]HQ 8QLIRUPDXIJHWULHEHQ'D]X.RQWRDXV]JHDXVGHU6FKZHL] $QJDEHQEHUGDVJHKHLPH1XPPHUQNRQWR8QGGDGHQNW PDQEHLGHQ(LGJHQRVVHQLVWGDV%DQNJHKHLPQLVQRFKZDV ZHUW$EHUGLH*QRPHLQGHU=UFKHU%DKQKRIVWUDHVLQGDXFK QLFKWPHKUGDVZDVVLHPDOZDUHQ0LUY|OOLJXQNODUZLHGLH %UGHUDQGDV=HXJKHUDQJHNRPPHQVLQG©(UWULQNWDXVª1D MDXQGQXQVLW]HLFKKLHU© ª&KHIGHU5KHLQ0DLQ'HWHNWHL'DVLVWDXFKHWZDV© :LHGHUGLH*ULPDVVHª&KHI",FKPXHLQELFKHQNXU] WUHWHQZHLWGX,P6FKDWWHQEOHLEHQ+HU]RJIKUWGLH %XGH© $FKLPODFKWª8QGGLH*HVFKlIWHJHKHQVRJOlQ]HQGGD LKUHVHXFKOHLVWHQN|QQWGLH.OLHQWHQLP9RU]LPPHUDE ]XZLPPHOQRKQHEHUKDXSW]XIUDJHQZDVVLHZROOHQ:HU VLQGGHQQHXUH.XQGHQ"© %RUQVWHOOWGLH)ODVFKHZLHGHULQGHQ6FKUDQN'LH6FKZHQ NHUOlWHUVWHKHQª1LFKWKLHU©VDJWHUOHLVHXQGPDFKWHLQH DEZHKUHQGH+DQGEHZHJXQJ'HWMHQYHUVWHKWGLH:lQGH KDEHQ2KUHQ(LQH=HQWUDOHK|UWPLWYRQGRUWDXVZLUGDOOHV JHVWHXHUWDXFKGLH(LQJDQJVWU%RUQEHXJWVLFKEHUGLH :HFKVHOVSUHFKDQODJHDXIGHPRYDOHQ7LVFKGUFNWHLQH7DVWH XQGQHQQWVHLQHQ1DPHQª0HLQHQ:DJHQ©8QG]X$FKLP ª'XKDVWGRFK=HLWPLWJHEUDFKW"© ª6RYLHOGXZLOOVW©

=XHUVWVLHKW:LQQLH:LQNHOPDQQOHGLJOLFKGHQGXQNHOURWHQ 0HUFHGHVGHUYRUGHP+DXV1XPPHUPLWWHQDXIGHU )DKUEDKQVWHKHQEOHLEWXQGDXJHQEOLFNOLFK]XHLQHP9HU NHKUVKLQGHUQLVZLUG8QJHUKUWVWHLJWGHU)DKUHUDXVXQGJHKW QDFKKLQWHQXPGHQ6FKODJ]X|IIQHQ,VWHU%UHGHEXVFKV ZHJHQKLHU":LQQLHV)LQJHUOHJWVLFKDXIGHQ$XVO|VHUGHU .DPHUD6LHEHWlWLJWLKQDOV:HUQHULQ%HJOHLWXQJHLQHV 0DQQHVHUVFKHLQWGHUQXU%RUQVHLQNDQQ'LHEHLGHQUHGHQ PLWHLQDQGHUVLHODFKHQVRJDUXQG%RUQJHKW]XP:DJHQ YRUDXV1HLQYRQHLQHUJHVSDQQWHQ$WPRVSKlUHLVWQLFKWV]X PHUNHQ7URW]GHPO|VW:LQQLHQRFKHLQPDODXVDOVGHU 0HUFHGHVGDYRQIlKUWGHV.HQQ]HLFKHQVZHJHQ'DQQ]DKOW VLHXQGYHUOlWGDV&DIH

%RUQ]HLJWNHLQHUOHL9HUZXQGHUXQJEHU'HWMHQV$XIWDXFKHQ LQGHU2SSHQKHLPHU6WUDH(UQLPPWHVKLQDOVVHLGDVGDV 6HOEVWYHUVWlQGOLFKVWHYRQGHU:HOW6ROOWHQVLHLKQLQGHU 'HWHNWHLHUZDUWHWKDEHQ"GHQNW'HWMHQ$EHUGDQQKlWWHLKQ 5RORIIQLFKWKLQDXV]XNRPSOLPHQWLHUHQYHUVXFKWXQG+HU]RJ ZlUHQLFKWVRKLOIORVJHZHVHQ6HNXQGHQODQJVSLHOW$FKLPPLW GHP*HGDQNHQ%RUQN|QQWHEHLGHU:HJHQHU 0RVV$* HLQHQ6SLW]HOKDEHQXQGGXUFKGHQYRUJHZDUQWZRUGHQVHLQ(U YHUZLUIWLKQVRIRUWZLHGHU %RUQKDWQ|UGOLFKYRQ%DG+RPEXUJLG\OOLVFKLP7DXQXV JHOHJHQHLQHDOWH6FKlIHUHLJHNDXIWXQG]XHLQHUEHVFKHLGHQHQ 2DVHIHUQYRP*URVWDGWOHEHQDXVJHEDXW'DV$QZHVHQLVW JHSIOHJWXQGVLHKWKEVFKDXVDEHUHVZUGHNHLQHQ9RU EHUNRPPHQGHQYHUDQODVVHQVWDXQHQGVWHKHQ]XEOHLEHQ .HLQ9HUJOHLFKPLWGHUSURW]LJHQ/X[XVYLOODLQ3RUWXJDOKRFK DXI8IHUIHOVHQJHOHJHQXQGJOHLFKVDPLQGLHEUDXVHQGH6HH KLQHLQJHVWHOOW%RUQKDWVLFKYHUVFKOHFKWHUWGDVLVWNHLQH )UDJH 1DWUOLFKZHLHUGDVDEHUHUJLEWVLFKDOOH0KHHV]X NDVFKLHUHQ(LQZHQLJ]XHLIULJIKUWHUVHLQ$QZHVHQYRU YHUEUHLWHWVLFKZRUWUHLFKEHUGLHHUIROJWHQ$QXQG8PEDXWHQ XQGZHLVWGDUDXIKLQGDGHUlXHUH(LQGUXFNEHWRQWEH

VFKHLGHQJHKDOWHQZXUGH1XUNHLQ$XIVHKHQHUUHJHQ'HWMHQ K|UWGLHIDOVFKHQ7|QHXQGVLHDPVLHUHQLKQ'HU0DQQLVW DQSDVVXQJVIlKLJHUDOVHUJHGDFKWKDW (LJHQWOLFKHUZDUWHWH$FKLPKLHUQXQHQGOLFKHLQPDOGLH )UDXNHQQHQ]XOHUQHQGHUHQ$GUHVVHLKP%RUQVHLQHU]HLWLP +HLPNHKUHU]XJNXU]YRUGHP$XIIDQJODJHULQGHUEULWLVFKHQ =RQHPLWGHU%HPHUNXQJJDEVLHZHUGHLKPGDQNLKUHU,Q GXVWULHYHUELQGXQJHQGHQ6WDUWLQ:HVWGHXWVFKODQGHUOHLFKWHUQ N|QQHQ(ULUUW=XU%HJUXQJHUVFKHLQWHLQVHKUMXQJHV 0lGFKHQLQ6KRUWVXQGHLQHPGQQPDVFKLJHQ6RPPHUSXOOL (VKDWQLFKWVGDUXQWHUQLFKWHLQPDOHLQHQ%+XQGVHLQH SUDOOHQ%UVWH]HLFKQHQVLFKEHUGHXWOLFKDE7URW]GHPXQG REZRKOHVVFK|QHVODQJHVORFNLJHVEORQGHV+DDUKDWLVWGLHVHV 0lGFKHQYRQGHU*HVDPWHUVFKHLQXQJKHUPLQGHVWHQVHLQH 1XPPHUNOHLQHUDOVGLHEHLGHQDWWUDNWLYHQSRUWXJLHVLVFKHQ ª6HNUHWlULQQHQ© ª'DVLVW*DEULHOH©VDJW%RUQ'LH.OHLQHYHUVXFKWQLFKW VHKUJHVFKLFNWGLH'DPHGHV+DXVHV]XVSLHOHQ$FKLPWXW EHLGHQGHQ*HIDOOHQGDVHUQVW]XQHKPHQ%RUQVFKHLQW RIIHQVLFKWOLFKHUOHLFKWHUW 8QYHUPLWWHOWIUDJWHUZHOFKH6FKXKJU|H$FKLPKDEHXQG DOVVLFKKHUDXVVWHOOWGDGLHHLQHKDOEH1XPPHUXQWHUGHU VHLQHQOLHJWELHWHWHULKPHLQHQ$XVULWWDQXQGHLQHQ6WUHLI]XJ GXUFKGLHZXQGHUVFK|QH8PJHEXQJ%RUQSUDKOWHLQELFKHQ PLWGHU4XDOLWlWGHU5HLWSIHUGHGLHHUDQVFKDIIWHXQGZLHGHU KDW'HWMHQGDV*HIKOGD%RUQGHQ(LQGUXFNHUZHFNHQ P|FKWHGHPSRUWXJLHVLVFKHQ$EHQWHXHUQLFKWQDFK]XWUDXHUQ XQGKLHUIHVWLP6DWWHO]XVLW]HQ %RUQVLW]WKHUYRUUDJHQGLP6DWWHOGDVPXLKPGHU1HLG ODVVHQ'RFKHUEHWRQWGDHUQXUUHLWHZHLOHVLKPGHU$U]W YHURUGQHWKDEHXQGZHLOMDNHLQHDQGHUH6SRUWDUWVRGHQ JDQ]HQ.|USHUWUDLQLHUHXQGILWKDOWH$FKLPKDWHLQLJH0KH PLW]XKDOWHQ(VLVWVFKOLHOLFKHLQHJDQ]H=HLWKHUGDHULQ $UJHQWLQLHQ]XPHUVWHQPDOLP/HEHQDXIHLQHP3IHUGHUFNHQ JHVHVVHQKDW:LHKLHGRFKGHU*DXFKRPLWGHPEUHLWIOl FKLJHQ,QGLDQHUJHVLFKWPLWGHVVHQ+LOIHHUGDV8UZDOGYHU

VWHFNYRQ&KDUOHV$QGUHIDQG"3HGUR"-DULFKWLJ'HWMHQVHW]W VLFK]XUHFKWZLHHUHVYRQ3HGURJHOHUQWKDW6HKUHOHJDQWVLHKW HUQLFKWDXVQHEHQ%RUQGHUVFKXOPlLJLP6DWWHOVLW]WGLH =JHONXU]XQGGLH+lQGHGLFKWEHLHLQDQGHUEHUGHP$QVDW] GHU0lKQH*DXFKRVUHLWHQPLWGXUFKJHGUFNWHQ.QLHQXQG KDEHQGLH+lQGHKRFKYRUGHU%UXVW6RUHLWHWGHU)OLHJHUPD MRU$FKLP'HWMHQ 'XQNOHU7DQQHQZDOG6DQIWH+JHO6RQQHQJODVWIOLPPHUW ,P:DOGVFKOlJWHLQ+lKHU$ODUPXQGLUJHQGZRKlPPHUWHLQ 6SHFKW+RFKLP%ODXHQNUHLVHQ%XVVDUGHPLWZHLWJHEUHLWHWHQ 6FKZLQJHQIDVWRKQH)OJHOVFKODJ$XIHLQHP6WHLQDP:HJH VRQQWVLFKHLQH(LGHFKVH*DQ]XQEHUKUWVFKHLQHQGLHVH :DOGZHJH]XVHLQ(LQ'XIWYRQ+DU]OLHJWLQGHU/XIW0HKU DOVHLQPDOPVVHQGLH5HLWHUGLH.|SIHHLQ]LHKHQXPQLFKW YRQWLHIKlQJHQGHQ=ZHLJHQJHVWUHLIW]XZHUGHQ 'LHEHLGHQ%UDXQHQIKOHQVLFKDXVJHVSURFKHQZRKOXPVR PHKUGDLKQHQGLH5HLWHULPZHVHQWOLFKHQLKUHQ:LOOHQODV VHQ %RUQGHXWHWPLWHLQHU.RSIEHZHJXQJYRUDXVhEHUHLQH /LFKWXQJKLQZHJJHKWGHU%OLFN]XP*URHQ)HOGEHUJKLQEHU $XIHLQHP3ODWHDXHUKHEHQVLFKHLQ$XVVLFKWVXQGHLQ)HUQ PHOGHWXUPGHU3RVWª(LQH)DONQHUHLJLEWHVGRUW©ZLUIWHUKLQ ª,QWHUHVVLHUWGLFKGDV"© ª:DUVWGXVFKRQGD"©(VLVWHLQ*HVSUlFKDOVKlWWHQVLHVLFK JHVWHUQ]XPOHW]WHQPDOJHVHKHQ 'HU&KHIGHU5KHLQ0DLQ'HWHNWHLQLFNWª-D6LHULFKWHQ GRUW$GOHUDE7ROOHV%LOGZHQQGLH%XUVFKHQYRQREHQ KHUXQWHUDXILKUH%HXWHVWRHQ8QGGDQQIOLHJHQGLH)HW]HQ :DUXPELVWGX]XU2SSHQKHLPHU6WUDHJHNRPPHQ"6HKQ VXFKWQDFKPLUZDUHVGRFKZRKOQLFKW© -HW]WOlWHUGLH.DW]HDXVGHP6DFN-HW]WKHLWHVDXI ]XSDVVHQXQGGLH:RUWHJHQDXDE]XZlJHQ%UHGHEXVFKOlW VLFKQLFKWDQPHUNHQZLHJHVSDQQWHULQQHUOLFKLVW6FKOLHOLFK VDJWHUª5HLQH1lFKVWHQOLHEHZDUHV%RUQ,FKODVVHVR XQJHUQDOWH.DPHUDGHQKRFKJHKHQ'DVLVWQLFKWPHLQH$UW :DVIU'LOHWWDQWHQEHVFKlIWLJVWGXGHQQLQGHLQHU)LUPD"

0XWHWLKU&KULVWLQH.|QLJVRHQWIKUHQGDLFKHXFKLP +DQGXPGUHKHQDXIGLH6SXUJHNRPPHQELQ"© %RUQPDFKWHLQH3DUDGHIDWGLH=JHOYRQ$FKLPV3IHUG XQG]ZLQJWHVDXIGLHVH:HLVHHEHQIDOOVVWHKHQ]XEOHLEHQ'LH 3IHUGHVFKQDXEHQXQZLOOLJXQGYHUVXFKHQGLH.|SIHDXI ]XZHUIHQ'RFK%RUQKlOWIHVWª,FKEHVFKlIWLJHNHLQH'LOHW WDQWHQ©HUZLGHUWHUEHWRQWª0DQNRPPWXQVQLFKWOHLFKWDXI GLH6FKOLFKH'XPXWPLUVFKRQHU]lKOHQZLHGXHVJHPDFKW KDVW8QGYRUDOOHPZDUXP© 'HWMHQODFKWLKPLQV*HVLFKWEHXJWVLFKYRUXQGQLPPWGLH +DQGGHVDQGHUHQYRQVHLQHP=JHO%RUQZLOOQLFKWORVODVVHQ DEHU$FKLPIDWVRIHVWXQGEHVWLPPW]XGDGHUDQGHUHHV IUGDVEHVWHKlOWQDFK]XJHEHQ6RIRUWJDORSSLHUW'HWMHQDQ XQG%RUQEOHLEWQLFKWVEULJDOVLKP]XIROJHQ6FKOHFKWZDU GLH6FKXOHGHV*DXFKRV3HGURQLFKW'HWMHQLVWPLWHLQHPPDO DXIXQGGDYRQ(LQH)OXFKWLVWGDVQLFKW'LHVHU*DORSSPDFKW %RUQOHGLJOLFKNODUGD$FKLPLKP5HGHXQG$QWZRUWVWHKHQ ZLUGZDQQXQGZRHUZLOO'HU&KHIGHU5KHLQ0DLQ'HWHNWHL KROWVHLQHQ*DVWHUVWHLQDOVGHUDXIHLQHUZLQ]LJHQ:DOGZLHVH DEJHVHVVHQLVWGXUFKGLHPXUPHOQGHLQ%lFKOHLQ]ZLVFKHQ 6WHLQHQGDKLQIOLHW'HWMHQVWHKWJDQ]UXKLJGDZlKUHQG%RUQ YRU$QVWUHQJXQJNHXFKW(UKDWGHP%UDXQHQGHQ=JHOEHU GHQ.RSIJH]RJHQXQGLKQVLFKORVHEHUGHQ$UPJHKlQJW 6REOHLEWGHP3IHUGH5DXPXQJHVW|UW]XWULQNHQ%RUQ VFKZLQJWVLFKlFK]HQGDXVGHP6DWWHO ª.|QQWLKUHXFKQLFKWDXVUHFKQHQ©HPSIlQJWLKQ$FKLP ªZHOFKH)ROJHQHLQ$QVFKODJZLHGHUDXIGLH7RFKWHUHLQHV .RQVWUXNWHXUVYRQ:HJHQHUXQG0RVVKDW"'DVQLPPWPDQ QLFKWKLQGHQQGDVWHKHQK|KHUH%HWUlJHDXIGHP6SLHO'D UXIWPDQQDFKGHP$PWIU6LFKHUKHLWEHLP9HUWHLGLJXQJV PLQLVWHULXPPHLQ*XWHU'DURWLHUWHLQQLFKWHEHQNOHLQHU $SSDUDW(LQ$SSDUDWGHPGLH5KHLQ0DLQ'HWHNWHLQLFKW GXUFKGLH0DVFKHQJHKHQNDQQ:HQQVLHELVMHW]WXQJHVFKR UHQEOLHE%RUQGDQQGDQNWVLHGDVDXVVFKOLHOLFKGHP8P VWDQGGDGLH(UPLWWOXQJHQLQ6WDXIHQYRQHLQHP(VHOJHIKUW ZHUGHQGHUVLFKVHLQHQDOWHQ.DPHUDGHQQDFKZLHYRUXQ

ZDQGHOEDUYHUEXQGHQIKOW'XUFKHLQHQJHZLVVHQ$FKLP 'HWMHQQlPOLFK8QGYRQGLHVHP$FKLP'HWMHQZHUGHQ(U NHQQWQLVVHHUZDUWHW(UJHEQLVVH'XPDFKVWGLUNHLQH9RU VWHOOXQJZHOFKHQ(LHUWDQ]LFKDXIIKUHQPXXPGLFKDXV GHP6SLHO]XODVVHQ© 'LHVH(U|IIQXQJOlW%RUQGLHJDQ]H7UDJZHLWHHUNHQQHQ $XIHLQPDOKDWHUZLHGHU)ULWVFKV:RUWHLP2KUGD$XIVHKHQ LQMHGHP)DOOH]XYHUPHLGHQVHL%LVMHW]WJODXEWHHUGLHVHU )RUGHUXQJLQYROOHP8PIDQJJHUHFKWJHZRUGHQ]XVHLQ'HU 3ODQZDUJHQHUDOVWDEVPlLJDXVJHKHFNWGLH7DUQXQJHLJHQW OLFKYROONRPPHQGHU9HUGDFKW]LHOVWUHELJDXIGHQ5DXP )UHLEXUJJHOHQNW'HU&KHIGHU5KHLQ0DLQ'HWHNWHLVFKZLW]W SO|W]OLFK(UEHXJWVLFKDXFKXPVHLQH9HUVW|UWKHLW]XYHU EHUJHQ]XP%lFKOHLQQLHGHUXQGVFK|SIWVLFKPLWGHUKRKOHQ +DQG:DVVHULQV*HVLFKW.ODUXQGNDOWLVWHVXQGWXWLKP JXW $FKLPEUHLWEHLQLJLQGHQJHOLHKHQHQ5HLWVWLHIHOQXQG%RUQV OHGHUEHVHW]WHQ%UHHFKHVGHQ=JHOGHV%UDXQHQDP$UP EOLFNWDXILKQQLHGHU(UHUVSDUW%RUQQLFKWV6REDOGGHUZLHGHU GHQ.RSIJHKREHQKDWIlKUW'HWMHQIRUWª:DVLKUJHPDFKW KDEWZDUGXUFKGDFKW]ZHLIHOORV*OlQ]HQGHLQJHIlGHOWXQG GXUFKJHIKUW$EHUVSlWHVWHQVVHLWGHPOHW]WHQ.ULHJZLVVHQ ZLUEHLGHGDDXFK*HQHUDOVWlEHQLFKWXQIHKOEDUVLQGYRU DOOHPGDQQQLFKWZHQQVLHVLFKGDIUKDOWHQ© 1HUY|VQLPPW%RUQVHLQH%ULOOHDEXQGSXW]WVLHª:LOOVWGX PLUQLFKWZHQLJVWHQVHUNOlUHQZLHGXGDUDXIJHNRPPHQELVW" 9HUVWHKGRFK'DVEHXQUXKLJWPLFK© -HW]WKDW$FKLPGHQDQGHUHQGDZRKLQHULKQKDEHQZROOWH %RUQV*URVSXULJNHLWLVWZLHZHJJHEODVHQHUELWWHW'DOlW VLFK'HWMHQKHUDELKP]XHUNOlUHQZLHLKQGLH)UHLEXUJHU 1XPPHUQVWXW]LJJHPDFKWKDEHQXQGZLHHUEHUGHQ+HOIHU LQ6WHXHUVDFKHQ*HUKDUG:DJQHULQGLH2SSHQKHLPHU6WUDH NDPª8QGDOVLFKVRZHLWZDUKDEHLFKPLFKPLWHLQHU.DPHUD LQGDV&DIH=XUDOWHQ%UFNH!JHVHW]WXQGDXFKIDVWXPJHKHQG XQVHUHQJHPHLQVDPHQ)UHXQG+HU]RJDXIV=HOOXORLGJHNULHJW 'DVUHLFKWH:R+HU]RJLVWNDQQVWGXQLFKWZHLWVHLQ©(U

OlFKHOWª+HU]RJPDJGHP*HZHUEHDPWDOV/L]HQ]WUlJHUJXW JHQXJVHLQLFKZHLQDWUOLFKGDHUZHGHUHLQVROFKHV 8QWHUQHKPHQOHLWHQQRFKHLQHGHUDUWLJH$NWLRQDXIGLH%HLQH EULQJHQNDQQ'D]XJHK|UWHLQELFKHQPHKUDOVHU]XELHWHQ KDW© 'DVULFKWHW%RUQZLHGHUDXI6LHJHKHQHLQ6WFN'DEHL IKUHQVLHGLH3IHUGHDP=JHOQDFK ª$OVLFKGLH)RWRVKDWWH©SODXGHUW'HWMHQªJDEHV]ZHL 0|JOLFKNHLWHQ,FKNRQQWHVLH)UlXOHLQ.|QLJ]HLJHQLFKELQ VLFKHUGDVLH+HUUQ%FKPDQQ!]ZHLIHOVIUHLLGHQWLIL]LHUW KlWWH'DQQZlUHQVWDWWPHLQHUHLQLJHKDQGIHVWH+HUUHQYRP 0LOLWlULVFKHQ$EVFKLUPGLHQVWLQGHLQHQ%URVHUVFKLHQHQ 6LFKHUOLFKKlWWHQGHLQH$XIWUDJJHEHU0LWWHOXQG:HJHJHIXQ GHQGHLQ,QVWLWXWOHW]WHQ(QGHVXQJHVFKRUHQEOHLEHQ]XODVVHQ DEHUGHU6NDQGDO6WHOOGLUPDOYRUVRHLQEHUHLIULJHU0$' 'DFKVKlWWHGDV+DXVYRUVLFKWVKDOEHUYRQ)HOGMlJHUQLQ 8QLIRUPXPVWHOOHQODVVHQ.LGQDSSLQJ%RUQYHUJLGDV QLFKWXQGGDQQDXFKQRFKLQ7DWHLQKHLWPLW5VWXQJV VSLRQDJH:DVGHQNVWGXZLHVFKQHOOGLH5HSRUWHUYRP +HVVLVFKHQ5XQGIXQNGDJHZHVHQZlUHQ8QGLQGHU$EHQG SRVW!]HKQ=HQWLPHQWHUKRKH6FKODJ]HLOHQ'DKDEHLFKPLU JHGDFKW'DVNDQQVWGXGHPDOWHQ.QDEHQQLFKWDQWXQ*HKVW OLHEHUPDOYRUEHLXQGVLHKVWQDFKGHP5HFKWHQ©8QYHUPLWWHOW VFKOLHWHUª'LH6DFKHZLUGGDGXUFKNRPSOL]LHUWGDPDQ K|KHUHQ2UWHVJODXEWGHU$QVFKODJKDEHGHU.|QLJVRQGH JHJROWHQ© ª'DVLVW8QVLQQ©ZHKUW%RUQDEª,FKVFKZ|UHGLU© ª,FKZHL©ZLUIW$FKLPKLQª(VJHKWQLFKWXPGLH6RQGH :RUXPJHKWHVGDQQ"© %RUQ]|JHUWª'DVGDUILFKGLUQLFKWVDJHQ© 6HLQ%HVXFKHUQLFNWª'LH$UEHLWVHUJHEQLVVHGHV/RIWKXVHU .UHLVHVWUXJHQDXFKIUKHUGLHK|FKVWH*HKHLPKDOWXQJVVWXIH 'DVLVWVRJHEOLHEHQ%HVD.|QLJZHQLJVWHQVQRFKGLHEHLLKP YHUPXWHWH1LHGHUVFKULIWGHU9HUVHQNXQJVNRRUGLQDWHQ"© -HW]WZLUGHUGHP&KHIGHU'HWHNWHLHLQZHQLJXQKHLPOLFK GDVVSUWHUGHXWOLFK%RUQEHUOHJWILHEHUKDIWGXUFKZHQXQG

ZLHZHLW$FKLPLQGLH6DFKHHLQJHZHLKWVHLQN|QQWH'DHU LP=XJHVHLQHU5HFKHUFKHQLQ6WDXIHQKLQWHUGLH=XVDPPHQ KlQJHJHNRPPHQLVWKlOWHUIUXQP|JOLFK ª-D©DQWZRUWHWHUVRNQDSSZLHP|JOLFKª(UKDWWHVLH© 'HWMHQHUNHQQWGDHUVRODQJH%RUQGHUPDHQYHUXQVL FKHUWXQGYHUZLUUWLVWHLQHHLQPDOLJH&KDQFHKDW6LHQLFKW JHQXW]W]XKDEHQZUGHHUVLFKVSlWHUQLHPDOVYHU]HLKHQ(V HUZHLVWVLFKPHKUXQGPHKUGDGHU/RIWKXVHU.UHLVXQGVHLQH )RUVFKXQJHQDXFKKHXWHQRFKYLHU]HKQ-DKUHQDFKGHP =XVDPPHQEUXFKGHVIDVFKLVWLVFKHQ5HLFKVHLQHJURH*HIDKU VLQG*LQJHHVXP.OHLQLJNHLWHQZlUHGDQQGHU(LQVDW]VR KRFK"(UPXDXISDVVHQ,P$XJHQEOLFNLVWHULQGHU9RUKDQG HUKDWHLQKHUYRUUDJHQGHV%ODWWDEHUZHQQHUHVQLFKWYROO DXVUHL]WN|QQWHHVLKPDXVGHU+DQGJHQRPPHQZHUGHQ(U ZLUGVLFKQLFKWDXVGHU6DFKHKHUDXVNDWDSXOWLHUHQODVVHQ'UDQ EOHLEHQ(LQHQ'UHKILQGHQGHUHVLKPHUP|JOLFKWDXFKQDFK GHP$EVFKOXVHLQHV$XIWUDJVLQ6WDXIHQPLW]XPLVFKHQ ª8QGZDQQZROOWLKUGLH6FKlW]HKHEHQ"©IUDJWHU 0HKUXQGPHKUHUOLHJW%RUQGHP7UXJVFKOXGHUDQGHUH ZLVVHDOOHVª%DOG© $FKLPEOHLEWZLHGHUVWHKHQVFKZLQJWGHQ=JHOQHXHUOLFK EHUGLH2KUHQGHV%UDXQHQKLQZHJXQGVWHLJWDXI(VOlXIW VLFKVFKOHFKWLQIUHPGHQ]XJURHQ5HLWVWLHIHOQ%RUQ]LHKW QDFK ª1DGDQQEHHLOWHXFKQXU©UlW'HWMHQª,FKKDEHOlXWHQ K|UHQGDVLFKJHZLVVH/HXWHLQ$PHULNDDXFKIUGLHOHW]WH )DKUWYRQ8GUHLLJDFKWXQG]ZDQ]LJLQWHUHVVLHUHQ,P/RJ EXFKGHV=HUVW|UHUVGHUGDV)DKU]HXJYHUVHQNWHLVWGLH 3RVLWLRQH[DNWHLQJHWUDJHQ(VJHKWGRFKQLFKWVEHUPLOLWl ULVFKH3Ul]LVLRQ© %RUQZROOWHHEHQGLH=JHODXIQHKPHQ-HW]WOlWHUVLH KlQJHQ'LHVH0LWWHLOXQJVFKRFNWLKQª:HU"©HUNXQGLJWHU VLFKKHLVHUª'DVLVWGRFKXQP|JOLFK©3O|W]OLFKLVWLKPGDV 0lUFKHQYRP:HWWODXI]ZLVFKHQGHP+DVHQXQGGHP,JHO JHJHQZlUWLJ(U%RUQUHQQWVLFKGLH/XQJHDXVGHP/HLEZLH MHQHU+DVHXQGZHQQHUDP=LHODQNRPPWGDQQKHEWGHU,JHO

GHQ.RSIXQGVDJWª,FKELQVFKRQGD©1LFKWDXV]XGHQNHQ GDMHPDQGYRULKPDQGHU9HUVHQNXQJVVWHOOHWDXFKW ª(LQ$GPLUDO0HOFROP:DVYRP,QKDOWGHU6HHNLVWHPHLQVW GXN|QQWHLKQLQWHUHVVLHUHQ"© 'HWMHQUHLWHWLP7UDEDQXQG]ZLQJWGHQDQGHUHQVRLKP VFKQHOO]XIROJHQ-HW]W%RUQQXUQLFKW=HLWODVVHQVLFK]X VDPPHOQ ª.HLQH$KQXQJ©YHUVLFKHUW%RUQª'RFKZRKONDXPGLH 3HUVRQDODNWHQ© $KDGHQNW'HWMHQXQGJLEWGHP%UDXQHQGLH6SRUHQ'HU VFKLHWYRUDQZLHHLQ3IHLOXQG$FKLPOlWLKQODXIHQ$XI HLQPDOIKOWHUVLFKVLFKHULP6DWWHOYRUDOOHPGHV7ULXPSKV ZHJHQ'LH3HUVRQDOXQWHUODJHQGHV/RIWKXVHU.UHLVHV:HQQ PDQGLHLQGHU+DQGKlWWH:RGLH/HXWHKHXWHVLQGXQGLQ ZHOFKHQ.FKHQVLHNRFKHQOLHHVLFKPLWHLQLJHU0KHHU PLWWHOQXQGHUPLWWHOQOLHHQVLFKDXFKGLHKHXWLJH2UJDQL VDOLRQVIRUPXQGGLH)KUXQJGHV/RIWKXVHU.UHLVHV'D GLHVH/HXWHNHLQH9HUELQGXQJPHKUKDEHQGLHVHQ*HGDQNHQ VFKLHEWHUZHLWYRQVLFK9HUPXWOLFKPDFKW'U.|QLJGDHLQH $XVQDKPHGDVPDJPLWVHLQHP$XIHQWKDOWLQ$PHULND]X VDPPHQKlQJHQ (UVWDOVGHU%UDXQHVFKOLHOLFKZLHYRQDOOHLQZLHGHULP 6FKULWWJHKWVFKOLHW%RUQDXI(LQNXU]HV6WFNGHV:HJHV UHLWHQVLHVFKZHLJHQGQHEHQHLQDQGHUKHU ª:DVPDFKWHLJHQWOLFKGHLQH)DPLOLH"©IUDJW$FKLP(V VLHKWDXVDOVVHLGDV7KHPD/RIWKXVGDPLWIULKQDEJHVFKORV VHQ(ULVWJDQ]VLFKHUGD%RUQYRQVLFKDXVQRFKHLQPDO GDUDXI]XUFNNRPPW ª9RP:LQGHYHUZHKW©HUZLGHUW%RUQª'LH.LQGHUVLQG HUZDFKVHQXQGJHKHQHLJHQH:HJH,FKELQVFKRQGUHLPDO *URYDWHU© ª*UDWXOLHUH© %RUQQLFNWª0HLQH)UDXKDWVLFKVFKHLGHQODVVHQ$OVGLH VFKZDU]HQ8QLIRUPHQSDVVHZDUHQ'DQQKHLUDWHWHVLHHLQHQ 2IIL]LHUGHU%XQGHVZHKU6LHNRPPWQXQPDOYRPEXQWHQ 7XFKQLFKWORVQXUPXGLH)DUEH0RGHVHLQ©(UZLQNWDE

ª:LHILQGHVWGX*DEULHOHPHLQH1HXHVWH"© ª+DE LFKPLUEHLQDKHJHGDFKW©VDJW'HWMHQª0HQVFK %RUQGHLQH0lGFKHQZHUGHQLPPHUMQJHU© 'HUDQGHUHVFKHLQWGLHVH)HVWVWHOOXQJDOVVFKPHLFKHOKDIW]X HPSILQGHQª'XVROOWHVWHVDXFKVRKDOWHQ©UlWHUª-HlOWHU PDQZLUGYHUVWHKVWGX"© 'HWMHQGHQNWGDHVHLQ7UXJVFKOXVHL]XPHLQHQVLFKPLW HLQHUMQJHUHQ3DUWQHULQGLH-XJHQGEHZDKUHQ]XN|QQHQDEHU GDVEHKlOWHUIUVLFK :LHHUZDUWHWNRPPW%RUQZHQLJH0LQXWHQVSlWHUQRFK HLQPDODXI/RIWKXV]XUFN

ª,FKIOLHJHYRQKLHUDXVZHLWHUQDFK%RQQXQGHUVWDWWHGHP *HQHUDO%HULFKW©VDJW:HUQHU%UHGHEXVFK]X:LQQLH:LQ NHOPDQQª-HOlQJHULFKLQ6WDXIHQEOHLEHGHVWRXQKDOWEDUHU ZLUGGLH9HUVLRQYRP$QVFKODJDXIGLH.|QLJVRQGH,FK EHUOHJHRELFKYRQ:LHVHQHFNQLFKWUHLQHQ:HLQHLQVFKHQNH ,UJHQGZLHZHUGHLFKGHQ*HGDQNHQQLFKWORVGDHUPLFKPLW PHKU%HGDFKWIUGLHVH*HVFKLFKWHDXVZlKOWHDOVVLFK]X QlFKVWDEVHKHQOLH1DWUOLFKVWHKWYLHOHVIUVHLQHhEHU OHJXQJGDLFKEHLGHU:HJHQHUXQG0RVVGHUULFKWLJH0DQQ VHL(UVWHQV/XIWZDIIHQRIIL]LHU]ZHLWHQV)OXJ]HXJIKUHUDXV .U|VLQJV*HVFKZDGHU'DVNDQQHUJHJHQMHGHUPDQQYHUWUH WHQ=XPDQGHUHQDEHU:lUHHVVRDEZHJLJGDHUPLFK JHVFKLFNWKDEHQN|QQWHZHLO$FKLP'HWMHQGHQDOWHQ.D PHUDGHQ!YHUSIOLFKWHWLVW"(ULVWGHQU|PLVFKHQ:HJ!JH JDQJHQGLH66KDW3DWHJHVWDQGHQEHLVHLQHU(QWZLFNOXQJ QDFKGHU=HUVFKODJXQJGHV)DVFKLVPXV:HQQLFKDQGLHVH /HXWHGHQNHDQ%RUQ.DLVHU/DXWHUEDFKHUGLH%UlXHU)UDX .UJHULP.ORVWHU6FKUHLQHULQ6GDPHULNDXQG.XW]QHUDXI GHU+D]LHQGD8QGPDQVROOWHDXFKQLFKWYHUJHVVHQGD+HUU YRQ:LHVHQHFNVHLQH6SRUHQLQGHU$EWHLOXQJ)UHPGH+HHUH

2VW!GHVGDPDOLJHQ2EHUVWHQ*HKOHQYHUGLHQWHXQGGDGLHVH $EWHLOXQJ]ZDQJVOlXILJHQJPLWGHP5HLFKVVLFKHUKHLWVKDXSW DPW]XVDPPHQKLQJ:DVKlOWVWGXGDYRQ"© :HUQHUKDW:LQQLHQDFKGHU5FNNHKUDXVGHP7DXQXV DQJHUXIHQXPVLHEHUVHLQH%HJHJQXQJPLW%RUQ]XXQWHU ULFKWHQ1XQJHKHQVLHGXUFKGHQ3DOPHQJDUWHQDQGHU)UDQN IXUWHU0LJXHODOOHHXQGRKQHGDHVHLQHUYRQLKQHQDXVVSULFKW HULQQHUQVLHVLFKEHLGHGDKLHULKUHHUVWH=XVDPPHQNXQIW VWDWWJHIXQGHQKDW'DPDOVKDWWH:LQQLHHLQHQZLQ]LJHQ)R WRODGHQDXIJHEDXWXQG%UHGHEXVFKNDPDOV.XULHUGHUVG DPHULNDQLVFKHQ.DPDULOODQDFK(XURSD:LHKDWWHVLFKGHU 3DOPHQJDUWHQLQ]ZLVFKHQYHUlQGHUW.HLQHUDXFKJHVFKZlU] WHQ:lQGHNHLQHYHUERJHQHQ6WDKOWUlJHUPHKU'LH6FKlGHQ VLQGEHVHLWLJWZRUGHQYLHOHVLVWQHXKLQ]XJHNRPPHQXQG PDQFKHVXPJHVWDOWHWZRUGHQ :LHYRQVHOEVWQHKPHQGLHEHLGHQ9HUWUDXWHQKHXWHZLHGHU .XUVDXIGLH0LPRVDSXGLFDGLHª5KUPLFKQLFKWDQ© 3IODQ]HDXFKMHW]WWLSSW:LQQLH:LQNHOPDQQEHKXWVDPHLQ IHLQJOLHGULJHV%ODWWDQXQGZLHGDPDOVNODSSHQGDUDXIKLQGLH %OlWWHUGHVJDQ]HQ=ZHLJHV]XVDPPHQ ª(UN|QQWHZLHGLHVH0LPRVDUHDJLHUHQZHQQGXLKQGDUDXI DQVSULFKVW©HUZLGHUWVLHª$EHUGDVKDOWHLFKIUXQZDKU VFKHLQOLFK© :lKUHQGVHLQHV)OXJHVKDWVLFK$FKLPHLQHWDNWLVFKH9DULDQWH IUGDV*HVSUlFKPLWGHP%RQQHU&KHIGHV$PWHVIU6L FKHUKHLW]XUHFKWJHOHJW(ULVWQLFKWPLWGHU7ULQV+DXVJH IDOOHQDEHUHUKDWYRQ:LHVHQHFNHLQH%UFNHJHEDXWGLHHU EHWUHWHQNDQQRKQHVLFKHWZDV]XYHUJHEHQ$XIGHQ0$' %HULFKWEHUGLHYRQGHU:HVWHUQ(OHFWURQLFGXUFK$GPLUDO 0HOFROPXQWHUQRPPPHQHQ$NWLYLWlWHQQDKPHU%H]XJXQG OHLWHWHDXVLKQHQGLH9HUPXWXQJDEGDGLH6WDXIHQHU$NWLRQ QLFKWGHU6RQGHVRQGHUQHLQHU6DFKHJDOWGLHPLW8 ]XVDPPHQKLQJXQGPLW'U.|QLJV$UEHLWLP5DKPHQGHV /RIWKXVHU.UHLVHV %HLGHU1HQQXQJGHV66)RUVFKXQJVNUHLVHVYHU]RJGHU

%ULJDGHJHQHUDONHLQH0LHQH(UVWHOOWHDXFKNHLQH)UDJHQ'HU /RIWKXVHU.UHLVZDULKPGHPQDFKHLQYHUWUDXWHU%HJULII 'HWMHQVWLHZHLWHUYRU0LWVSUEDUHU=XUFNKDOWXQJXQG VRDOVVHLHVLKPlXHUVWXQOLHEGLHªDOWHQ.DPHUDGHQ©LQ GLHVHP=XVDPPHQKDQJDXFKQXUHUZlKQHQ]XPVVHQVSUDFK HUYRQGHU)DKQGXQJGHU5KHLQ0DLQ'HWHNWHLQDFKJHZLVVHQ 8QWHUODJHQ6HLQH)RUPXOLHUXQJHQOLHHQNHLQHQ=ZHLIHODQ VHLQHUSHUV|QOLFKHQ6\PSDWKLHIUHLQHVROFKH/|VXQJ:DV QXQ"(VVHLIKUWHHUDXVUHODWLYHLQIDFKJHZHVHQIHVW ]XVWHOOHQGDGLH.|QLJVRQGHLQ:DKUKHLWXQJHIlKUGHWLVW 3UDNWLVFKZlUHGHULKPHUWHLOWH%HIHKOGDPLWDXVJHIKUW'DV MHGRFKPHOGHHUPLWJURHU%HVRUJQLV:HQQHURKQHDOO]X JURH6FKZLHULJNHLWHQGLH6SXUHQGHU5KHLQ0DLQ'HWHNWHL IDQGZHUJDUDQWLHUWGDQLFKWPRUJHQHLQDQGHUHUHLQ0DQQ RKQH9HUVWlQGQLVIUGDVª1RUGVHHSURMHNW©VLHHEHQIDOOV HQWGHFNW"ª+HUU*HQHUDO©VFKORHUª:HQQ6LHPLUHLQH SULYDWH%HPHUNXQJHUODXEHQ0DQKDWKHUYRUUDJHQGH/HXWH HLQJHVHW]WXPGLH/RIWKXVHU3DSLHUHGHP=XJULII8QEHIXJWHU ]XHQW]LHKHQDEHUQDFK/DJHGHU'LQJHUHLFKWGDVEHLZHLWHP QLFKWDXV'DV$QVHKHQGHU%XQGHVUHSXEOLNVWHKWDXIGHP 6SLHO1DFKGHQ%XFKVWDEHQGHV*HVHW]HVPWHQGLHVH/HXWH HLQJHVSHUUWZHUGHQ.DQQGDVLQXQVHUHP,QWHUHVVHVHLQ"1XQ LFKGHQNHQLFKW$QGHUHUVHLWV:HQQZLUVLHLQGHUELVKHULJHQ :HLVHZHLWHUZXUVWHOQODVVHQLFKELWWH+HUUQ*HQHUDOGLHVHQ $XVGUXFN]XHQWVFKXOGLJHQGDQQIUFKWHLFKGDGHU7DJ QDKLVWDQGHPGLHgIIHQWOLFKNHLW:LQGEHNRPPW:HOFKH ZHOWZHLWHQ$XVPDHGLHVHU6NDQGDOKlWWHZDJHLFKQLFKW DXV]XPDOHQ'DV]XVDJHQKDOWHLFKIUPHLQH3IOLFKW© *HQHUDOYRQ:LHVHQHFNVDJW]XQlFKVWJDUQLFKWV8QLIRUP WUlJWHUKHXWH'DVPDFKWLKQQRFKXQQDKEDUHUREZRKOHUZLH XPGLHVHQ(LQGUXFN]XEUHFKHQGLH+lQGHVDORSSLQGHQ +RVHQWDVFKHQKDW6RVWHKWHUDP)HQVWHU(UGHQNWQDFK $FKLPZDUWHW6RZLHHUGLH6DFKHDXIJHEDXWKDWPWH GHU*HQHUDOHLJHQWOLFK)DUEHEHNHQQHQ (QGOLFKZHQGHWVLFKYRQ:LHVHQHFNXPª6WHOOHQ6LHVLFK HLQPDOYRU6LHZlUHQDQPHLQHU6WHOOH+HUU0DMRU©VDJWHU

OLHEHQVZUGLJª:DVZUGHQ6LHWXQ"© 'DV6FKPXQ]HOQGDV%UHGHEXVFKVHKUQDKHLVWXQWHUGUFNW HU+EVFKH,GHHVLFKYRU]XVWHOOHQGDHLQ.XQGVFKDIWHUGHV 0LQLVWHULXPVIU6WDDWVVVLFKHUKHLWGHU'HXWVFKHQ'HPRNUD WLVFKHQ5HSXEOLNGDV$PWYRQ:LHVHQHFNVEHNOHLGHQZUGH 'DVN|QQWHPDQFKHVVHKUHUOHLFKWHUQ ª:DVZUGHLFKWXQ"©ZLHGHUKROWHUª,FKZUGHGDYRQ DXVJHKHQGDGLH$NWLRQHQGLHVHU5KHLQ0DLQ'HWHNWHLEHL DOOHP9HUVWlQGQLVIUVLHQLFKWYRQGHU$UWVLQGGDVLHYRQ HLQHU,QVWLWXWLRQGHU%5'EHUQRPPHQZHUGHQN|QQWHQ©'D GHU*HQHUDOQLFKWUHDJLHUWIlKUWHUJOHLFKIRUWª,FKZUGHPLU MHGRFKGLH0|JOLFKNHLWVLFKHUQMHGHU]HLWHLQJUHLIHQ]XN|Q QHQZHQQHVXQYHUPHLGEDULVW'DVKHLWLFKZUGHHLQH VWlQGLJH9HUELQGXQJ]ZLVFKHQGLHVHP$PWXQGGHQ/HLWHUQ GHU'HWHNWHLKHUVWHOOHQQLFKWXPHWZD'LUHNWLYHQ]XHUWHLOHQ XQGPLW]XPLVFKHQVRQGHUQXPJHJHEHQHQIDOOV:HLFKHQ]X VWHOOHQXQG*HIDKUDE]XZHKUHQ,FKJODXEH+HUU*HQHUDOGD ZLULP$XJHQEOLFNXQJHQJHQGXQWHUULFKWHWZHUGHQXQGYRQ GHQODXIHQGHQ9RUJlQJHQ]XZHQLJZLVVHQ=XVDPPHQIDV VHQG'LHVH,QIRUPDWLRQVOFNHZUGHLFKVFKOLHHQ© *HUWYRQ:LHVHQHFNQLFNWLKPZRKOZROOHQG]Xª'DVVLQG JHQDXPHLQH,QWHQWLRQHQ6HLWZDQQN|QQHQ6LH*HGDQNHQ OHVHQ",Q6WDXIHQKDWXQVGLHVH)UDQNIXUWHU'HWHNWHLJODWW EHUIDKUHQ'DVGDUIVLFKQLFKWZLHGHUKROHQ,P*UXQGHKDEHQ GLHQRFKHLQHQ5LHVHQEDPPHOJHKDEWZHLO6LHGRUWHUPLWWHOW KDEHQ©(UJHKW]XP6FKUHLEWLVFKXQGQLPPWVLFKHLQH=LJD UHWWH$FKLPJLEWLKPDXIPHUNVDP)HXHUª'DQNH(UVWHQV 6LHNHKUHQQDFK6WDXIHQ]XUFNXQGEHUXKLJHQ:HJHQHUXQG 0RVV=X.U|VLQJN|QQHQ6LHHWZDVGHXWOLFKHUZHUGHQGDV ZLUG,KQHQGLH$UJXPHQWDWLRQHUOHLFKWHUQ'DQQEUHFKHQ6LH GRUW,KUH=HOWHDE=ZHLWHQV9HUELQGXQJVPDQQ]XU5KHLQ 0DLQ'HWHNWHLVLQG6LH%HULFKWHQXUDQPLFKSHUV|QOLFK6LH NHQQHQGRFK+HUUQ%RUQ"© ª-DZRKO+HUU*HQHUDO©EHVWlWLJW'HWMHQXQGGHQNWGD %RUQV1DPHZlKUHQGGHVJDQ]HQ*HVSUlFKVQLFKWILHO:HQQ *HUWYRQ:LHVHQHFNLKQVHLQHU]HLWQXUZHJHQVHLQHU%H

NDQQWVFKDIWPLW2EHUVW.U|VLQJQDFK6WDXIHQVFKLFNWHGDQQ PXHULQGHU=ZLVFKHQ]HLWªJHLPSIW©ZRUGHQVHLQ ª'ULWWHQV,KUHQ0$'$XVZHLVJHEHQ6LHLQGHU$GMXWDQWXU DE)KOHQ6LHVLFKDEVRIRUWDOVHLQH$UW8UODXEHUPLW'LHQVW DXIWUDJ,KU&KHIZLUGYRQPLUYHUVWlQGLJW8QGSUlJHQ6LH VLFKIUDOOH)lOOHPHLQH*HKHLPQXPPHUHLQ)QIXQGVHFK]LJ 6HFKVXQGVHFK]LJVLHEHQXQGVHFK]LJ© ª)QIXQGVHFK]LJ6HFKVXQGVHFK]LJVLHEHQXQGVHFK]LJ© ZLHGHUKROW$FKLPª,FKKDEHYHUVWDQGHQ+HUU*HQHUDO©

'LH/XIWVFKUDXEHVWHKW(EHQVWUHFNW'HWMHQGLH+DQGQDFK GHP6FKDOWHUDXVGHUGLH)XQNDQODJHGHU%HHFKFUDIWª%R QDQ]D©DXHU%HWULHEVHW]WGDUXIWGHU7RZHUGHU:HJH QHU 0RVV$*LKQQRFKHLQPDODQ ª'6WULFK%/6WULFK]ZRXQGYLHU]LJ.RPPHQ© ª,FKK|UH©VDJW$FKLPYHUZXQGHUW ª:LUKDEHQKLHUHLQH0LWWHLOXQJIU6LH©NOLQJWHVLP .RSIK|UHUª6LHZHUGHQJHEHWHQVRIRUWGHQ3ULYDWDQVFKOX YRQ+HUUQ'RNWRU.|QLJ]XUXIHQ(QGHXQGRYHU© ª2YHU©EHVWlWLJW'HWMHQGDV(QGHGHV6SUHFKYHUNHKUVXQG VFKDOWHWDE:LHLPPHUVLQGVREDOGHUDXVVWHLJWGLH0RQWHXUH GHV:HUNIOXJKDIHQV]XU6WHOOHXQGUROOHQGLH0DVFKLQHDXI HLQHQ6WHOOSODW](LQ6WFNKLQGU|KQHQ0RWRUHQ0lQQHULQ ZHLHQ.LWWHOQVWHKHQYRUHLQHP+XEVFKUDXEHUPRGHOOGDV HLQHQ+DXSWURWRUPLWYLHUVWDUUHQ%OlWWHUQXQGHLQH5RWRU EUHPVHKDWXQGDQHLQHP0HZDJHQGHUGXUFK.DEHOPLWGHP 3URWRW\SYHUEXQGHQLVW:DKUVFKHLQOLFKPDFKHQVLH9LEUD WLRQVSUREHQ$FKLPVLHKWNDXPKLQ:DVEHUGLHVHV+XE VFKUDXEHUSURMHNWZLVVHQVZHUWLVWKDWLKP.U|VLQJOlQJVW HU]lKOW%HYRUGHU+XEVFKUDXEHULQ6HULHJHEDXWZHUGHQNDQQ YHUJHKHQZHQLJVWHQVQRFK]ZHLRGHUGUHL-DKUH ,Q'U.|QLJV:RKQXQJPHOGHWVLFK&KULVWLQH,KUH6WLPPH

NOLQJWDXIJHUHJW(UP|FKWHVRIRUWNRPPHQELWWHWVLH8QG GDQQª9DWHULVWYHUKDIWHWZRUGHQ,FKZHLQLFKWZDVLFKWXQ VROO© ª7XQ6LHQLFKWV©HUZLGHUWHUNQDSSª,FKELQJOHLFKGD© 6LHHUZDUWHWLKQDQGHU+DXVWUGHUVFK|QHQ9LOODDP :HLQEHUJXQGOlXIWYRULKPKHULQV$UEHLWV]LPPHU,KU*HVLFKW LVWJHU|WHWXQGLKUHVRQVWVRDXVJHJOLFKHQHQVHOEVWVLFKHUHQ *HVWHQKDEHQHWZDV)DKULJHV =XHUVWVLHKW$FKLPGDVEHLVHLWHJHNODSSWH%LOG/DQJVDP NDQQHUGDV*HPlOGHQLFKWPHKUVHKHQ'RFKGHUZHLW VFKZHLILJHXQGEHGHXWXQJVYROOH7LWHOLQWHUHVVLHUWLKQ(UKDW QDFKJHVFKODJHQXQGZHLQXQGDGHUIUDQ]|VLVFKVFKZHL ]HULVFKH6FKULIWVWHOOHU3KLORVRSKXQG3lGDJRJH-HDQ-DFTXHV 5RXVVHDXGDPDOVDQGHU8QLYHUVLWlW'LMRQGLH)UDJHEHDQW ZRUWHWKDWWHRE:LVVHQVFKDIWXQG.XQVWGD]XEHLJHWUDJHQ KlWWHQGLH6LWWHQ]XYHUEHVVHUQ5RXVVHDXYHUQHLQWHPLWGHU %HJUQGXQJGDQDFKVHLQHU0HLQXQJGHUhEHUJDQJYRP LGHDOHQ1DWXU]XVWDQGGHU0HQVFKKHLW]XU=LYLOLVDWLRQGXUFK GLHGDPLWYHUEXQGHQH(QWZLFNOXQJGHU%HGUIQLVVHHEHQVR XQYHUPHLGOLFKZLHNRUUXPSLHUHQGVHLXQGHUKREVHLQHUVHLWV GLH)RUGHUXQJQDFKHLQHUQDWXUJHPlHQ/HEHQVZHLVH1XQ GDHV'HWMHQZHLKDWHUMHGHV,QWHUHVVHDQGHP%LOGHYRQ -DQXDULXV=LHOHYHUORUHQ $XFKGLH6WDKOWUKLQWHUGHP*HPlOGHVWHKWRIIHQ ª,FKKDEHQLHPDQGNRPPHQK|UHQ©EHULFKWHW&KULVWLQH VRIRUWª'DVZLOODEHUQLFKWVKHLHQ,FKZDUGUEHQLQGHU %LEOLRWKHNPLW6WU|PXQJVWDEHOOHQEHVFKlIWLJWDXVGHQHQLFK IU9DWHU$XV]JHPDFKWH$XIHLQPDOK|UWHLFKODXWH6WLP PHQ'DVZXQGHUWHPLFK,FKJLQJKLQEHU=ZHLIUHPGH 0lQQHUZDUHQKLHUXQG9DWHUGHUJDQ]KLOIORVXQGYHUVW|UW ZLUNWH$OVLFKLQV=LPPHUNDPZDUHVSO|W]OLFKVWLOO9DWHU VDKPLFKDQDOVHUZDUWHHU+LOIHYRQPLU9DWHUZDVJHKWKLHU YRU"!IUDJWHLFK(UDQWZRUWHWH'LH+HUUHQVLQGYRP&ULPLQDO ,QYHVWLJDWLRQ'HSDUWPHQW!,FKEHJULIIQLFKWZDVGLHDPHULND QLVFKH.ULPLQDOSROL]HLKLHULQ6WDXIHQLQXQVHUHP+DXV]X VXFKHQKDWWH,FKIUDJWHVLHGDQDFK]LHPOLFKVFKDUIXQGLQ

PHLQHU0XWWHUVSUDFKH(VZDUHQZLUNOLFK$PHULNDQHUXQGVLH VSUDFKHQGLHVHQEUHLWHQ6GVWDDWHQVODQJ$XHUGHPKROWH HLQHUVHLQHQ$XVZHLVPLWGHU0HWDOOPDUNHKHUYRU(VKDEH DOOHVVHLQH5LFKWLJNHLWVDJWHHU9DWHUPVVHVLH]XLKUHU 'LHQVWVWHOOHEHJOHLWHQ(VZHUGHQLFKWODQJHGDXHUQ9DWHUJLQJ PLW:DVVROOWHHUPDFKHQ".HLQH6RUJH&KULVWLQH!ZDUHQ VHLQHOHW]WHQ:RUWHLFKELQEDOG]XUFN!$EHULQ]ZLVFKHQ VLQGYLHU6WXQGHQYHUJDQJHQXQGQLFKWV©6LHKHEWKLOIORV GLH6FKXOWHUQª,FKKDEHPLUVFKRQEHUOHJWRELFKGLH%RW VFKDIWGHU9HUHLQLJWHQ6WDDWHQLQ%RQQDQUXIHQVROO© 'HWMHQVFKWWHOWGHQ.RSIª'DPLWKlWWHQ6LHQLFKWVHU UHLFKW)UlXOHLQ.|QLJ%HVWHQIDOOVKlWWHPDQ,KQHQ]XYHU VWHKHQJHJHEHQGDGDV%HVDW]XQJVVWDWXW]ZDUYRUYLHU -DKUHQDEJHODXIHQLVWGDDEHUGLH%HK|UGHQGHU%XQGHV UHSXEOLNGHU$UEHLWJHZLVVHU$PWVVWHOOHQGHU86$]XGHQHQ DXFKGDV&,'JHK|UWQLFKWVLQGHQ:HJOHJHQ'DKDWVLFKVR HLQH$UW*HZRKQKHLWVUHFKWKHUDXVJHELOGHW© ª:DVN|QQHQZLUGHQQWXQ"© $FKLPDQWZRUWHWQLFKWJOHLFK(UJHKWLP=LPPHUXPKHU DOVPDFKHHUHLQH%HVWDQGVDXIQDKPHDEHULQ:LUNOLFKNHLW VLHKWHUSO|W]OLFK-DPHV':LOVRQYRUVLFKGHQ6SH]LDODJHQWHQ GHU&,$GHQHUXQYHUPXWHWEHLP(PSIDQJLP'LUHNWLRQV NDVLQRGHU:HJHQHU 0RVV$*JHWURIIHQKDWWH'DFKWHHU GDQLFKWJOHLFK:LOVRQN|QQH.|QLJVZHJHQKLHUVHLQ" 6FKOLHOLFKZDUGHU.RQVWUXNWHXUMDODQJHJHQXJLQGHQ6WDDWHQ JHZHVHQ0LWDOOHU9RUVLFKWKDWWH'HWMHQ.U|VLQJDXVJHKRUFKW 'HUZXWHJDUQLFKWVXQGPXWHLQGHU*lVWHOLVWHQDFKVFKDXHQ $XIGLHVH:HLVHHUIXKU'HWMHQGD0U:LOVRQQLFKWGLUHNW HLQJHODGHQZRUGHQZDU:ROOWHPDQGHU$QZHVHQKHLWVOLVWH WUDXHQJHK|UWH:LOVRQ]XP7HDPGHUª1HZ
$FKLPPLWHLQHU.RSIEHZHJXQJ]XURIIHQVWHKHQGHQ6D IHWU &KULVWLQHKHEWGLH6FKXOWHUQXQGPDFKWHLQSDDU]LHOORVH QHUY|VH6FKULWWHª1LFKWV©HUZLGHUWVLHª-HGHQIDOOVKDEHLFK QLFKWVJHVHKHQ$EHU9DWHUKDWWHGLHDOWH%ULHIWDVFKHLQGHU +DQG6LHZLVVHQVFKRQXQGHUKLHOWVLHVRGDLFKVLHXQ EHGLQJWVHKHQPXWH*HUDGHVRDOVZROOHHUPLUGDPLWHLQHQ :LQNJHEHQ© 'HWMHQV9HUGDFKWGDKLHUGLH&,$DP:HUNHZDUYHU VWlUNWHVLFK:HUVRQVWDOV-DPHV':LOVRQN|QQWHGLH DPHULNDQLVFKH.ULPLQDOSROL]HLIUVHLQH=ZHFNHEHQXW]HQ"(U PXVLFKGHQ6SH]LDODJHQWHQYRUNQ|SIHQ]XPDOGHULQGLHVHP )DOOK|FKVWXQDQJHQHKPVHLQH.UHLVHVW|UWH)ULKQ$FKLP ZDUVFKRQDOOHVJHODXIHQ(UKDWHUUHLFKWGDHUDXVJHUHFK QHWHUDOV9HUELQGXQJVPDQQGHV$PWHVIU6LFKHUKHLW]X %RUQV'HWHNWHLEHVWHOOWZXUGHHUKlWWHLQDOOHU5XKHDXV 6WDXIHQDEIDKUHQN|QQHQ8QGQXQ" $FKLPJHKW]XP6FKUHLEWLVFKQLPPWGDV7HOHIRQEXFKDXI XQGEOlWWHUW,P+RWHOª=XU:HLQVWUDH©ZRKQHHUKDW:LOVRQ EHLGHU9HUDQVWDOWXQJJHVDJW$OOHUGLQJVLVWGDVHLQLJH7DJH KHU'HWMHQHUUHLFKWLKQQRFKª+LHULVW'HWMHQ0DMRU'HWMHQ© VDJWHU]LHPOLFKVFKDUIª,FKELQLQ]HKQ0LQXWHQEHL,KQHQ 0LVWHU:LOVRQ© 'HWMHQODXVFKWHLQHQ$XJHQEOLFNGDQQHUNOlUWHUVHKUEH VWLPPWª'RFK6LHKDEHQ=HLWIUPLFK.OHLQH(ULQQHUXQJ 2EHULQJHQLHXU.OHLQ© :DVLPPHUHVPLWGLHVHP2EHULQJHQLHXU.OHLQDXIVLFK KDEHQPDJGDV6WLFKZRUWVFKHLQWGHQ0DQQDPDQGHUHQ (QGHGHU/HLWXQJVRJOHLFKXP]XVWLPPHQ'HQQ$FKLPOHJWDXI XQGZLUIWHLQWURFNHQHVª1DDOVR©KLQ ª:DUWHQ6LHKLHUDXIPLFKXQGXQWHUQHKPHQ6LHQLFKWV© &KULVWLQH.|QLJQLFNW6LHZHL EHUKDXSWQLFKWPHKUZDV JHVSLHOWZLUG:DVEOHLEWLKUEULJDOVVLFKGDUDXI]XYHUODVVHQ GDGHUPLWDOOHQ9ROOPDFKWHQDXVJHVWDWWHWH$EZHKURIIL]LHU GDV5LFKWLJHWXW

$XIGHP+RWHONRUULGRUGHQ'HWMHQYRP)DKUVWXKOKHUKLQ XQWHUJHKWEHJHJQHWLKPHLQHSSLJH5RWKDDULJHGLH RIIHQVLFKWOLFKDXVGHP=LPPHUYRQ0U:LOVRQJHNRPPHQ LVW -DPHV':LOVRQKDWHLQHQVFKZDU]HQPLWMDSDQLVFKHQ 6FKULIW]HLFKHQEHVWLFNWHQVHLGHQHQ+DXVPDQWHODQ(UVWHKW YRUGHP6SLHJHOXQGNlPPWVLFK2KQHVLFKXP]XGUHKHQVDJW HUª=ZHL0LQXWHQ]XIUK'HWMHQ6HLW,KUHP$QUXIVLQGHUVW YLHUKXQGHUWDFKW]LJ6HNXQGHQYHUJDQJHQ©1XQZHQGHWHUVLFK XPª,KU3UHXHQ© $FKLPJHKWDXIGDVIUHXQGVFKDIWOLFKH)ODFKVHQQLFKWHLQ 6FKDUIIlKUWHUGHQ$PHULNDQHUDQª0LVWHU:LOVRQKlOWVLFK LQ6WDXIHQDXI-XVWGDYHUKDIWHWGLHDPHULNDQLVFKH.ULPLQDO SROL]HL'RNWRU$OEUHFKW.|QLJ0HUNZUGLJH'XSOL]LWlWGHU (UHLJQLVVHILQGHQ6LHQLFKW"© 7XW:LOVRQQXUVRRGHULVWHUZLUNOLFKEHUUDVFKW" ª0RPHQW0RPHQW©HUZLGHUWHUª1RFKPDO:HUYHUKDIWHW .|QLJ"© ª/HXWHYRQ,KUHP&ULPLQDO,QYHVWLJDWLRQ'HSDUWPHQW© ª0HLQHP"©HFKRWGHU6SH]LDODJHQW'DQQVFKWWHOWHUGHQ .RSIXQGHUNOlUWVHKUEHU]HXJHQGXQGIHVWª,FKKDEHGDPLW QLFKWV]XWXQ©(UJHKW]XPHLQJHEDXWHQ.KOVFKUDQNXQGKDW JOHLFKGLH:KLVN\IODVFKHLQGHU+DQGª1HKPHQ6LHPLW (LV"© 0HLQ*RWWGHQNW$FKLP.RPPWGHU0HQVFKGHQQEHU KDXSWQLFKWRKQH$ONRKRODXV"/DXWHUZLGHUWHUª:HGHUQRFK :HQQ6LHGDHLQHQ-XLFHLQ,KUHP*LIWVFKUDQNKlWWHQGDVZlUH PLUOLHEHU© ª'HV0HQVFKHQ:LOOHLVWVHLQ+LPPHOUHLFK©EUXPPW :LOVRQ'HXWVFKH6SULFKZ|UWHUNHQQWHUGDPLWJOlQ]WHHU VFKRQ|IWHU(UKlOW'HWMHQHLQ:KLVN\JODVYROOHU 2UDQJHQMXLFHKLQª*ODXEHQ6LHLP(UQVWGDLFKHVQ|WLJ KDEH.|QLJDXIVR QHSOXPSH7RXU"1RQVHQV© ª:HUDXFKLPPHU©EOHLEW$FKLPEHLP7KHPDª:HQQGD QLFKWJDQ]VFKQHOOHWZDVJHVFKLHKWJLEWHVHLQHQ5LHVHQNUDFK .|QLJXQGGLH:HJHQHU 0RVV$*VLQGQLFKWLUJHQGZHU

.|QLJVZHJHQLVWLQ6WDXIHQGDV$PWIU6LFKHUKHLWSUlVHQW ]XDOOHP8QJOFNDXFKQRFKLQPHLQHU3HUVRQ'DVZLUGHLQH JURH3UHVVHPDFKHQ86$.ULSRVHW]WGHXWVFKHQ:LVVHQ VFKDIWOHUKLQWHU6FKORXQG5LHJHO0$'PXWDWHQORV]X VHKHQ1DSULPD8QGZHQQGLHFOHYHUHQ-XQJVQRFKHLQ ELFKHQ*OFNKDEHQVWRHQVLHDXFKDXIGDV1RUGVHHSURMHNW XQGKlQJHQHVDQGLHJURH*ORFNH:lUHGDVLQ,KUHP6LQQH" %LVMHW]WKDEHLFKJHJODXEW6LHZROOWHQGLH/RIWKXVHU(U JHEQLVVHLQDOOHU6WLOOHIUVLFKDQ/DQG]LHKHQ6LHN|QQHQPLU QLFKWVYRUPDFKHQ:LOVRQ1DFK6WDXIHQNDPHQ6LHKLQWHU GHP6FKLOGGHU1HZ
:LOVRQVª.OHLQZDJHQ©HQWSXSSWVLFKDOVHLQ&KHYUROHWXQG HVNRVWHW$FKLPHLQLJHQ6FKZHLLKQGXUFKGLHHQJHQ6WDX IHQHU$OWVWDGWVWUDHQ]XVWHXHUQ1HLQVROFKHLQ5LHVHQVSLHO ]HXJLVWQLFKWVIULKQ=XXQKDQGOLFK]XSURW]LJXQGKLQ VLFKWOLFKGHV%HQ]LQYHUEUDXFKHV]XXQHUVlWWOLFK$XHUGHP IlOOWHLQHGHUDUWLJH.XWVFKHGLHYRUQXQGKLQWHQNHLQ(QGH QLPPWYLHO]XVHKUDXIXQGGDVN|QQWH'HWMHQPLWVHLQHU $UEHLWQLFKWYHUHLQEDUHQ ,Q)UHLEXUJHUZDUWHWPDQLKQRIIHQEDU$OVHUYRUGHP JHQDQQWHQ+DXVYRUIlKUWJHKWGHVVHQ7UDXIXQG'U.|QLJ WULWWKHUDXV+LQWHULKPVFKOLHWVLFKGLH3IRUWHZLHGHU'HU .RQVWUXNWHXUEOHLEWDQJHVLFKWVGHV&KHYUROHWV]|JHUQGVWH KHQ(UKDWODQJHJHQXJLQGHQ9HUHLQLJWHQ6WDDWHQJHOHEWXP GDVJUQH1XPPHUQVFKLOGVRIRUWDOVHLQDPHULNDQLVFKHVHLQ ]XRUGQHQ:DVGHQQQXQZLHGHU"6HLQ*HVLFKWKHOOWVLFKDXI DOVHU'HWMHQHUNHQQW'RFKZDUXPIlKUWGLHVHU0DMRUDXV %RQQHLQHQLQGHQ6WDDWHQ]XJHODVVHQHQ:DJHQ".|QLJIUDJW QLFKW:LFKWLJLVWQXUGDHUVLFKZLHGHUXQWHU'HWMHQV2EKXW EHILQGHW ª:DVKDEHQGLH$PHULNDQHUYRQ,KQHQJHZROOW"©HUNXQGLJW VLFK$FKLPVREDOGGHU&KHYUROHWUROOW .|QLJQLPPWVHLQHQ+XWDEXQGVWUHLFKWVLFKEHUGDVZHLH +DDUª(VZDUVHKUXQDQJHQHKP+HUU0DMRU©PXUPHOWHU ª'UHL0DQQ8PPLFKYHUWHLOWLQHLQHP:LQNHOYRQKXQGHUW DFKW]LJ*UDG(LQHUYRUPLUHLQHUOLQNVXQGHLQHUUHFKWV(LQ UHJHOUHFKWHV.UHX]YHUK|U(QWVFKXOGLJHQ6LHDEHUGDVKDW PLFKHLQELFKHQPLWJHQRPPHQ©(UVFKZHLJW 'HWMHQVDJWQLFKWV'U.|QLJZLUGYRQDOOHLQZLHGHU]X VSUHFKHQDQIDQJHQ ª8P8GUHLLJDFKWXQG]ZDQ]LJJLQJHV'DUXPKDWVLFK MDKUHODQJNHLQ0HQVFKJHNPPHUWXQGQXQSO|W]OLFKYRQ DOOHQ6HLWHQ'DV&,'ZROOWHZLVVHQZDVLFKDQ%RUGGHV 6FKLIIHV]XVXFKHQKDWWHXQGZDUXPHVGLHVH)DKUWPDFKWH© ª8QGZDVKDEHQ6LHJHVDJW"© ª'DPDQPLFKQDFK1RUZHJHQGLHQVWYHUSIOLFKWHWKDWWHXQG GDLFKQDFK+DXVHZROOWH'DLFKGXUFKSXUHQ=XIDOOHUIXKU

GD8GUHLLJDFKWXQG]ZDQ]LJQDFK)OHQVEXUJDXVODXIHQ VROOWH'DLFKGHQ.DSLWlQEDWPLFKPLW]XQHKPHQXQGGD HULPDOOJHPHLQHQ:LUUZDUUGD]XEHUHLWZDU'DPLFKLP EULJHQGLH2SHUDWLRQHQGHUGHXWVFKHQ.ULHJVPDULQHQLFKWV DQJLQJHQXQGGDLFKNHLQHGHPHQWVSUHFKHQGHQ)UDJHQVWHOOWH 'DPHLQ*OFNYRQNXU]HU'DXHUZDU© 'HWMHQVFKDXWLKQQLFKWDQ'LH+lQGHDP/HQNUDGVLHKW HUEHUGHQODQJJHVWUHFNWHQ.KOHUQDFKYRUQª*DEPDQVLFK GDPLW]XIULHGHQ"© ª1HLQ©.|QLJZHQGHWVLFK]X$FKLPª0DQPXLKQHQ HLQHQ:LQNJHJHEHQKDEHQ,FKVROOWHLKQHQEHVWlWLJHQGDGDV %RRWLQ2VORHLQHQ%HKlOWHUEHUQRPPHQKDWWH)HUQHUVROOWH LFK$QJDEHQGDUEHUPDFKHQREGLHVHU%HKlOWHUPLWGHP%RRW XQWHUJHJDQJHQVHLRGHUREHUYRUKHUYHUVHQNWZXUGH© ª8QGZDVKDEHQ6LHJHVDJW"© ª'DLFKYRQHLQHP%HKlOWHUQLFKWVZWH6LHKDWWHQNHLQH $KQXQJGDLFKLQ/RIWKXV6LHZLVVHQVFKRQ6LHPXWHQ VLFKPLWPHLQHU$XVVDJH]XIULHGHQJHEHQ© 1XQGUHKWVLFK'HWMHQGRFKHLQPDO]XU6HLWHXQGQLFNWGHP .RQVWUXNWHXU]Xª'DVKDEHQ6LHDXVJH]HLFKQHWJHPDFKW +HUU'RNWRU,FKGHQNHGHU/RIWKXVHU.UHLVZLUG,KQHQGDV ]XGDQNHQZLVVHQ+DEHQ6LHHLQH9HUPXWXQJZLHGLH $PHULNDQHU]XLKUHQ1DFKIRUVFKXQJHQJHNRPPHQVLQG"© (LQYDJHV6FKXOWHU]XFNHQª,FKNDQQHVPLUQXUVRHUNOlUHQ GDVHLQHU]HLWGDVHLQHRGHUDQGHUHZDVPDQEHU/RIWKXV K|UWHGDV,QWHUHVVHGHU$PHULNDQHUJHZHFNWKDW$EHULQ /RIWKXVZXUGHQDFK.ULHJVHQGHQXUZHQLJXQGYRUDOOHP 8QEHGHXWHQGHVJHIXQGHQ1DWUOLFKZDUHQQLFKWDOOH6SXUHQ Y|OOLJ]XYHUZLVFKHQ'D]XZDUGHUJDQ]H$SSDUDW]XJUR :HQQPDQIHVW]XVWHOOHQYHUVXFKWKDWZRKLQXQGPLWZHOFKHQ 7UDQVSRUWPLWWHOQGLH6SLW]HQHUJHEQLVVHYHUODJHUWZXUGHQ PXWHPDQDXFKDXIGLH)DKUWYRQ8GUHLLJDFKWXQG]ZDQ]LJ NRPPHQ1DFKGHQ)UDJHQ]XXUWHLOHQGLHPLUJHVWHOOWZXUGHQ ZXWHQGLH&,'/HXWHQLFKWV*HQDXHV©(UKDWHLQNOHLQHV GDQNEDUHV/lFKHOQª8QGGDQQNDPGHU$QUXIXQGVLHVDJWHQ QXUQRFKHVVHLDOOHVHLQ,UUWXPXQGPDQZHUGHPLFKJOHLFK

QDFK+DXVHKROHQ1DWUOLFKKlWWHLFKEHUPHLQH(LQYHU QDKPHVWUHQJVWHV6WLOOVFKZHLJHQJHJHQEHUMHGHUPDQQ]X EHZDKUHQ© ª1DWUOLFK©EHVWlWLJW'HWMHQ(UIlKUW'U.|QLJELVYRUGDV VFKPLHGHHLVHUQH7RU$P:HLQEHUJXQGKlOW'DV7RUVWHKW RIIHQDEHU$FKLPZDJWQLFKWDXIV*UXQGVWFN]XIDKUHQ 'DQQPWHHUGHQ&KHYUROHWDXIUHODWLYHQJHP5DXPZHQGHQ RGHUUFNZlUWV]XUFNDXIGLH6WUDHIDKUHQ6FKRQGHU *HGDQNHGDUDQYHUXUVDFKWDQJHVLFKWVGHU'LPHQVLRQHQGHV )DKU]HXJHV$OSGUFNHQ6RWUlJWHUGHP.RQVWUXNWHXU IUHXQGOLFKH*UHDQVHLQH7RFKWHUDXIOHKQWGLH(LQODGXQJ GRFK]XHLQHP.DIIHHPLWKLQDXI]XNRPPHQK|IOLFKDEHU EHVWLPPWDEXQGUROOWGDYRQLQ5LFKWXQJ+RWHOª=XU:HLQ VWUDH© $OVHU:LOVRQGLH$XWRVFKOVVHO]XUFNJLEWVWHOOW$FKLP QRFKHLQH)UDJHª'DVZLOOPLUQLFKWDXVGHP.RSI©VDJWHU ª:HQQ6LHDOOHVEHU.|QLJZLVVHQZLHVRGDQQNHLQH ZHLWHUHQ$NWLYLWlWHQ"© 'HU6SH]LDODJHQWOlFKHOWXQGVLHKWLKQHLQZHQLJYRQREHQ KHUDEDQª1HKPHQ6LHPDODQLFKKlWWHHLQ*HQWOHPDQ V $JUHHPHQWJHWURIIHQ'HWMHQ'HQ%HKlOWHUEHUJHQ/HXWHGLH HLQJHZLVVHVEHUHFKWLJWHV,QWHUHVVHGDUDQKDEHQGDHUQLFKW LQIUHPGHQ%HVLW]JHODQJW,FKKDOWHVFKW]HQGGLH+DQGEHU VLHXQGGDHLQH/LHEHGHUDQGHUHQZHUWLVWHUKlOWGLH&,$DXFK HWZDV6FK|QHV!DXVGHP%HKlOWHU© $FKLPYHU]LFKWHWGDUDXI1lKHUHV]XHUIUDJHQ:LOVRQVSLHOW LPPHUPLWYHUGHFNWHQ.DUWHQXQGHVZlUHJDQ]DXVVLFKWVORV VHLQ%ODWWVHKHQ]XZROOHQ

2SSHQKHLPHU6WUDH *DQ]DQGHUVLVWGLHVPDOGHU(PSIDQJLQGHU5KHLQ0DLQ 'HWHNWHL1HLQ5RORIIVDJWVHLQ6SUFKOHLQQLFKWDXI,P

*HJHQWHLO%HWRQWIUHXQGOLFKJHOHLWHWHU'HWMHQGXUFKGLH 7DSHWHQWU(UIKUWLKQDXFKDP.RQIHUHQ]UDXPYRUEHUXQG GLUHNWLQ%RUQV&KHIEUR %RUQHUKHEWVLFKDXVVHLQHP6HVVHONQ|SIWGDV6DNNR]X XQGVDJWQDFKGHP5RORIIGLH7UYRQGUDXHQJHVFKORVVHQ KDWPLWHLQHP/lFKHOQª'LH5KHLQ0DLQ'HWHNWHLHUODXEW VLFKGHQ9HUELQGXQJVRIIL]LHUGHV$PWHVIU6LFKHUKHLWKHU] OLFK]XEHJUHQ,FKGHQNHZLUZHUGHQHLQJXWHV7HDP VHLQ© $FKLPJHKWDXIGHQ7RQHLQª%HKDOWHQ6LHGRFK3ODW]+HUU %RUQ©'DQQVHW]WHUVLFKª:HQQGXPLFKIUDJVW6HHIDKUW WXWQRW:DQQVWHFKHQZLULQ6HH"© 6HLQ*HJHQEHUVFKPXQ]HOWª,QGHQQlFKVWHQ7DJHQ8QG ZLHZLULQ6HHVWHFKHQGDV+HU]ZLUGGLUODFKHQDOWHU-XQJH 0LWDOOHP.RPIRUW©(U]LHKWGLH6FKXEODGHDXIQLPPWHLQ )DUEIRWRKHUDXVXQGNQDOOWHVYRU'HWMHQDXIGHQ7LVFKª:DV VDJVWGXGD]X"© 'HWMHQYHUVFKOlJWHVGLH6SUDFKH:DVVLFKGDXQWHUYROOHQ 6HJHOQ]HLJWLVWHLQHZHLH6FKRQHUEULJJ$FKLPVFKDXWPLW .HQQHUEOLFN'DVJH]LHPWVLFKIUHLQHQJHEUWLJHQ+DP EXUJHUIUGHQ6RKQHLQHU+DQVHVWDGW,Q:LUNOLFKNHLWKDWHU NHLQH$KQXQJ'LHHLQ]LJHQVHHPlQQLVFKHQ(UIDKUXQJHQGHV .XQGVFKDIWHUV:HUQHU%UHGHEXVFKVLQGUHFKWEHVFKHLGHQHU 1DWXU6LHEHVFKUlQNHQVLFKDXIHLQLJH0ULW]IDKUWHQPLWGHP =ZHLHUIDOWERRWHLQHV6FKXONDPHUDGHQGHUEULJHQVYHUJHE OLFKYHUVXFKWH:HUQHUIUGLH6FK|QKHLWHQGHV:DVVHUZDQ GHUQV]XEHJHLVWHUQ%UHGHEXVFKZXUGH6HJHOIOLHJHU (UYHU]LFKWHWDXIHLQHQ.RPPHQWDUXQGIUDJWQXU©.R VWHW"ª %RUQIOHJHOWVLFKLQVHLQHQ6HVVHO]QGHWHLQH=LJDUUHDQ ª1LFKWV©HUZLGHUWHUª'LHVHV6FKLIIPLWVDPWGHU%HVDW]XQJ KDWHLQ*|QQHUXQHQWJHOWOLFK]XU9HUIJXQJJHVWHOOW'LH%ULJJ ZXUGHIU6SRUW]ZHFNHJHEDXWHUVWNODVVLJH.DMWHQ:LU ZHUGHQHLQHQDQJHQHKPHQ7XUQKDEHQ© ª8PVREHVVHU'DUIPDQHUIDKUHQZHUGHUKRFKKHU]LJH *|QQHULVW"©

ª'HU0DQQLVWJURLP7DEDNJHVFKlIW,QWHUHVVDQWH3HU V|QOLFKNHLW,Q'HXWVFK6GZHVW$IULNDJHERUHQ8QG'LD PDQW!KHLWGHU.DKQZRKO]XU(ULQQHUXQJDQGHQ-REVHLQHV 9DWHUV'HUZDUVRYLHOLFKZHL'LUHNWRUHLQHV'LDPDQWHQ 3RROVLQ:LQGKRHN© 'HWMHQQLFNW2KQHGD%RUQZHLWHUH(LQ]HOKHLWHQHU]lKOW NDQQHUVLFKGLH*HVFKLFKWHGHV0DQQHVYRUVWHOOHQ=ZHLIHOORV PLWHLQIOXUHLFKHU3RVLWLRQLPIDVFKLVWLVFKHQ.RORQLDOEXQG XQG:RUWIKUHUHLQHU5FNJHZLQQXQJGHUªGXUFKGHQ6FKDQG YHUWUDJYRQ9HUVDLOOHVJHUDXEWHQ©.RORQLHQGHVHKHPDOLJHQ .DLVHUUHLFKV)ROJHULFKWLJ9HUELQGXQJHQ]XU)KUXQJVVSLW]H GHVIDVFKLVWLVFKHQ6WDDWHVXQGGDPLW]XGHQªDOWHQ.DPHUD GHQ©6RVFKOLHWVLFKGHU.UHLV (UVFKLHEWGDV)RWR]XUFNª+EVFK$OV-DFKWVFK|QXQG JXW$EHULFKVHKHNHLQH+HEHHLQULFKWXQJ© ª'DVLVWQRFKPHLQ3UREOHP©EHVWlWLJW%RUQª,FKELQGDEHL HV]XO|VHQ©(UEHXJWVLFKEHUGLH:HFKVHOVSUHFKDQODJH ª8QVHUHQ*DVWELWWH©8QG]X$FKLPª'XELVWJHUDGHLP ULFKWLJHQ$XJHQEOLFNJHNRPPHQ© (LQH'DPHWULWWHLQQDFK'HWMHQVHUVWHP(LQGUXFNYLHO]X MXJHQGOLFKJHNOHLGHW-XQJLVWVLHQLFKWPHKU)UHLOLFKKDEHQ HV0DVVHXVHQXQG6FK|QKHLWVLQVWLWXWHJHVFKDIIWLKUHLQHQ PlGFKHQKDIWHQ.|USHU]XHUKDOWHQDEHULKU*HVLFKWYHUUlWGLH +|KHQXQG7LHIHQHLQHVVWUPLVFKHQ/HEHQV8QGQRFKHKH %RUQLKUHQ1DPHQQHQQWZHL$FKLPZHUGDVLVW0LWDXV JHVWUHFNWHQ+lQGHQJHKWHUDXIVLH]Xª6LONH,VWGDVHLQH hEHUUDVFKXQJ1HLQZLHLFKPLFKIUHXH'XKDVWGLFKMD EHUKDXSWQLFKWYHUlQGHUW© =XPHUVWHQPDOZDUHQVLHVLFKEHJHJQHWDOVLKQ.DLVHUQDFK 0QFKHQ]X/DXWHUEDFKHUVª6G,PSRUW*PE+©EUDFKWHXQG LKQGDPLWGHP=XJULII&DSLWDLQ5HQDUGVYRP6HUYLFHGH GRFXPHQWDWLRQH[WHULHXUHWGHFRQWUHHVSLRQDJHGHPIUDQ]| VLVFKHQ*HKHLPGLHQVWHQW]RJ'HUVXFKWHLKQZHLO.U|VLQJV ª)OLHJHU$V©'HWMHQLP-XQLEHU5RXHQDXIHLQHQPLW GHP)DOOVFKLUPDEJHVSUXQJHQHQIUDQ]|VLVFKHQ3LORWHQJH VFKRVVHQKDWWH'DPDOVLQ0QFKHQWHVWHWH/DXWHUEDFKHUGHQ

LQGLH+DXWMHQHV'HWMHQJHVFKOSIWHQ:HUQHU%UHGHEXVFK LQGHPHULKPGLH+DPEXUJHULQ6LONH%UlXHULQV%HWWOHJWH(U VLHKWGDVZLHGHUYRUVLFKGDV0DQVDUGHQ]LPPHUXQG6LONHV JODWWHQ5FNHQLPGLIIXVHQ0RUJHQOLFKW.OHLQH%UVWHKDWWH VLH'LHZLSSWHQHLQZHQLJDOVVLHDXIVWDQGODXWORVDXI=H KHQVSLW]HQ]XP%FKHUERUGJLQJXQGPLWHLQHP%XFKLQV%HWW ]XUFNNHKUWHGHVVHQ7LWHOGDVQlFKVWH=LHODXIVHLQHP:HJ QDQQWH*RHWKHVª,WDOLHQLVFKH5HLVH©ZDUHV'DPDOVNRVWHWH HVLKQNHLQHhEHUZLQGXQJ6LONH%UlXHULQGLH$UPH]X QHKPHQ8QGVLHVHOEVWHU]lKOWHLKPGDVLHDOV$QJHK|ULJH GHV6'GHV6LFKHUKHLWVGLHQVWHVLQVNDQGLQDYLVFKHQ/lQGHUQ ZDU'HP6LFKHUKHLWVGLHQVWREODJDOVGHU$EWHLOXQJ9,GHV 5HLFKVVLFKHUKHLWVKDXSWDPWHVGHU66GLH$XVODQGVDXINOlUXQJ HUZXUGHJHIKUWYRQGHPEHUFKWLJWHQ66*UXSSHQIKUHUXQG *HQHUDOOHXWQDQWGHU3ROL]HL6FKHOOHQEHUJ ª$FKLP©,KUHhEHUUDVFKXQJLVWHFKWLKUH)UHXGHDXFK ª'DZLUXQVPDOZLHGHUVHKHQ© ª(LQH9RUVWHOOXQJHUEULJWVLFKDOVR©EHPHUNW%RUQWURN NHQª,FKGHQNHLFKZHUGHPDOZDV]XWULQNHQKROHQ©

ª'XNDQQVWGLUQLFKWYRUVWHOOHQZLHVFKZHUHVZDUGLHVH %UlXHUZLHGHUORV]XZHUGHQ©EHULFKWHW:HUQHU%UHGHEXVFK :LQQLH:LQNHOPDQQXQGUHLFKWLKUGLH6FKDOHPLWGHQ3RPPHV IULWHVKLQEHUª1DWUOLFKPXWHLFKVLHDOVK|IOLFKHU0HQVFK ELV]XP)UDQNIXUWHU+RI!EHJOHLWHQDEHUDOVVLHPLFKGDQQ ]XHLQHP0RNNDDXILKUHP=LPPHUHLQOXGVHLOWHLFKPLFK DE© :LQQLHVFKPXQ]HOW ª(VVWHOOWHVLFKKHUDXVGDVLHZLHGHULQ6NDQGLQDYLHQVLW]W ,Q2VORXPHVJHQDX]XVDJHQ6HLWGHP]HLWLJHQ)UKMDKU 1XQMDLQXQPLWWHOEDUHU1lKHYRQ/RIWKXV%RUQKDWGHU %UlXHUMHW]WGHQ$XIWUDJHUWHLOWP|JOLFKVWVFKQHOOHLQQRU ZHJLVFKHV%HUJXQJVXQWHUQHKPHQDXVILQGLJ]XPDFKHQGDV DXFK]XHLQHPJHZLVVHQ5LVLNREHUHLWVHL'HU%HKlOWHUOLHJW XQPLWWHOEDUYRUGHUQRUZHJLVFKHQ6HHJUHQ]H2KQHHLQ%HL JXQJVXQWHUQHKPHQGDVKHLWRKQH+HOPWDXFKHUPLWVFKZH

UHP*HVFKLUUNRPPHQVLHQLFKWUDQ1DWUOLFKKDEHQVLH )DFKOHXWH]X5DWHJH]RJHQ'LHKDEHQLKQHQJHVDJWGDGDV YHUVHQNWH*XWXQWHUHLQHU6FKLFKWYRQ6FKODPPXQG6FKOLFN OLHJHQPVVHRGHUXQWHUHLQHU0LHVPXVFKHOEDQN(VN|QQWH WDJHMDZRFKHQODQJGDXHUQELVPDQGHQ%HKlOWHUJHIXQGHQ XQGIUHLJHOHJWKDEH8QGGDVJDQ]H8QWHUQHKPHQPXVR GXUFKJHIKUWZHUGHQGDPDQGLHQDKHQQRUZHJLVFKHQ+R KHLWVJHZlVVHUQLFKWYHUOHW]WXQGHLQHQ=XVDPPHQVWRPLW .VWHQVFKXW]XQG3DWURXLOOHQERRWHQGHU.|QLJOLFKHQ0DULQH YHUPHLGHW'HQQ$XIVHKHQVROOHVXPNHLQHQ3UHLVJHEHQ© 6LHVLW]HQLP5HVWDXUDQWGHV+RWHOVª1DWLRQDO©LQGHU 6FKZHL]HU6WUDHGDVVLFKPLWEDURFNHP0RELOLDUPLW6WXFN GHFNHQXQG.ULVWDOOVWHUQEHWRQWªJXWEUJHUOLFK©JLEWXQGLP KHNWLVFKHQ*HWULHEHGHV%DKQKRIVYLHUWHOVYHUZXQGHUOLFK UXKLJXQGEHKDJOLFKZLUNW'D5XKHXQG%HKDJOLFKNHLWPLW HEHQIDOOVYHUZXQGHUOLFKHQZHLOVHKUKRKHQ3UHLVHQHUNDXIW ZHUGHQPVVHQVWHKWDXIHLQHPDQGHUHQ%ODWW:LQQLH :LQNHOPDQQXQG:HUQHU%UHGHEXVFKPDFKHQVHOWHQ*H EUDXFKYRQGHU0|JOLFKNHLWGLHLKQHQGDV(LQDQGHUYRU JHVWHOOW:HUGHQGXUFK2EHUVWD'.U|VLQJHUVFKORVVHQKDW VLFKQlPOLFKLQDOOHUgIIHQWOLFKNHLW]XWUHIIHQDEHUKLHULQ )UDQNIXUWDP0DLQOLHJWHVQDKH1LHPDQGILQGHWHWZDVGDEHL GDGHU)OLHJHURIIL]LHU'HWMHQHLQHLKPEHNDQQWH'DPH]XP (VVHQHLQOlGWDQGHUHQ:RKQRUWHUVLFKJHUDGHDXIKlOW'DV LVWGDV1DWUOLFKVWHYRQGHU:HOW :HUQHUZLVFKWVLFKGLH/LSSHQXQGOHJWGLH6HUYLHWWHKLQ $XIPHUNVDPHV3HUVRQDOQLPPWVRIRUWGDV*HVFKLUUYRP7LVFK XQGHUNXQGLJWVLFKREMHW]WGHU0RNNDJHQHKPVHL :HUQHUQLFNWª1LFKWJDQ]NODULVWPLU©IlKUWHUIRUWªZR]X %RUQHLQ6FKLIIEUDXFKWZHQQHUGLH%HUJXQJHLQHU2VORHU 5HHGHUHLEHUWUlJW'DN|QQWHHUGRFKUXKLJLQGHU2SSHQ KHLPHU6WUDHEOHLEHQXQGDXIGLH9ROO]XJVPHOGXQJZDU WHQ© :LQQLHVFKWWHOWGHQ.RSIª,FKJODXEHGD]XVWHKWLKP]X YLHODXIGHP6SLHO:LHZLFKWLJLKPGDV3URMHNWLVW]HLJWDOOHLQ GHU8PIDQJGHU9RUEHUHLWXQJHQ,FKYHUVXFKHPLUDXV]XUHFK

QHQZLHYLHO*HOGLKPVHLQH$XIWUDJJHEHU]XU9HUIJXQJ JHVWHOOWKDEHQPVVHQ8QGZHQQLFKDQ5RORIIGHQNHGHUPLW VHLQHP6SUFKOHLQDOOHQRUPDOH3ULYDWGHWHNWLYDUEHLWYRQVLFK IHUQKlOWGDQQNRPPHLFK]XGHP6FKOXGDGDVUHFKWJUR DXIJH]RJHQH8QWHUQHKPHQZRKODXVVFKOLHOLFKPLW$XIJDEHQ LP'LHQVWGHUDOWHQ.DPHUDGHQ!EHIDWLVW,FKJODXEH%RUQ EUDXFKWGLH'LDPDQW!XPGHQYRP*UXQGHKRFKJHKROWHQ %HKlOWHUDXIRIIHQHU6HHYRP%HUJXQJVVFKLII]XEHUQHK PHQ© ª8QGGDUDXIZDVGDDQ0DWHULDOLHQDQV7DJHVOLFKWNRPPW ELQLFKJHVSDQQW© 'LH)RWRJUDILQJLHWHLQHQ6FKX6DKQHLQGHQ0RNNDGHU MHW]WVHUYLHUWZLUGQLPPWGDVZLQ]LJH/|IIHOFKHQXQGUKUW 6LHUKUWODQJHGRFKGDVKLOIWLKUEHLP1DFKGHQNHQ ª6FKDGH©VDJWVLHXQYHUPLWWHOWª,FKKDEHHLQHQOXNUDWLYHQ $XIWUDJYRQGHU%XQGHVEDKQLQ$XVVLFKW,FKJODXEHLFK ZHUGHGDUDXIYHU]LFKWHQPVVHQ© ª:DUXP"© 6LHQLPPWGHQ/|IIHODXVGHU7DVVHXQGWULQNWJHQLHHULVFK ª6RLGHDOHVVHLQNDQQGDGXDQ%RUGGHU%ULJJELVWPLU JHIlOOWQLFKWGDGDVGHLQH%HZHJXQJVIUHLKHLWLPZDKUVWHQ 6LQQHGHV:RUWHVHLQHQJW:LUPVVHQGLH6DFKHJHQDXVR ZLFKWLJQHKPHQZLHGLHDOWHQ.DPHUDGHQ!'DGXDQGHU R]HDQLVFKHQ2SHUDWLRQWHLOQLPPVW© %UHGHEXVFKODFKWª2]HDQLVFKH2SHUDWLRQ!LVWJXW'DV NDQQVREOHLEHQ© ªZHUGHLFK]X/DQGHZLUNHQ:DVKlOWVWGXGDYRQZHQQ LFKPLFKDQGLH%UlXHUKlQJH"9HUJLQLFKWGDVLHLQ2VOR HLQH6FKOVVHOSRVLWLRQLQQHKDW© ª0HLQVWGXGDHVORKQW"©IUDJW%UHGHEXVFKDEHUGDQQVDJW HUª6FKDGHQNDQQHVNHLQHVIDOOV©XQGEHVWHOOWHLQH3LFFRORIOD VFKH6HNW (LQ3DVVDJLHUXQWHUYLHOHQZDUWHW:LQQLH:LQNHOPDQQDXI GHP5KHLQ0DLQ)OXJKDIHQGDUDXIGDGHU)OXJGHU 6FDQGLQDYLDQ$LUOLQHV6\VWHPQDFK2VORDXIJHUXIHQZLUG,KU

*HSlFNEHILQGHWVLFKEHUHLWVLPXQWHULUGLVFKHQ/DE\ULQWKGHV 7UDQVSRUWV\VWHPVGDV/XIWIUDFKWXQG3DVVDJLHUJHSlFNHOHN WURQLVFKJHVWHXHUW]XGHQDEIOXJEHUHLWHQ0DVFKLQHQEH I|UGHUW1XUHLQHOHLFKWH5HLVHWDVFKHKDWGLH)RWRJUDILQEHL VLFKXQGZHQQGHQQRFKJHOHJHQWOLFK0lQQHUEOLFNHDXILKU KDIWHQGDQQQXUZHLOVLHPLWLKUHPVFK|QHQNXSIHUIDUEHQHQ +DDUXQGGHQODQJHQVFKODQNHQ%HLQHQHEHQHLQHDWWUDNWLYH )UDXLVW %UHGHEXVFKHUVSlKWVLHVRIRUWQLPPWMHGRFKNHLQH1RWL] YRQLKU(UEHJOHLWHW6LONH%UlXHU]XP6FKDOWHUXQGHV VLHKWDXVDOVVHLHUGHU6HNUHWlUHLQHV6FKODJHUVWDUVGHUPLW ZHKHQGHP&DSHPDQWHOQHXHQ(UIROJHQHQWJHJHQHLOW )ODPPHQGURWLVWGLHVHUXQGHUXQWHUVWUHLFKWGLHEORQGHQ /RFNHQGHU7UlJHULQQDFKGUFNOLFK6LONH%UlXHUKDWGLH %OXPHQLP$UPGLHLKU:HUQHULP+RWHOEHUUHLFKWKDWWHIU :LQQLHHLQVLFKHUHV(UNHQQXQJV]HLFKHQ'LH%UlXHUZDUHLQ ELFKHQJHUKUWDOVHUVLHDQULHIZDQQXQGPLWZHOFKHU 0DVFKLQHVLH)UDQNIXUWYHUOLHH$XFKVHLQ$QJHERWVLH]XP )OXJSODW]]XEULQJHQQDKPVLHGDQNHQGDQ6LHEHGDXHUWHQXU GD'HWMHQªDXI*UXQGGULQJHQGHU2EOLHJHQKHLWHQ©QLFKWPHKU =HLWIUVLHHUEULJHQNRQQWH'RFKVLHOXGLKQKHU]OLFKHLQ VLHXQEHGLQJWLQ2VOR]XEHVXFKHQZHQQLKQGHU:HJHLQPDO GRUWKLQIKUHQVROOWHXQGUHLFKWHLKPLKUH9LVLWHQNDUWH6LONH %UlXHUVFKLHQQLFKWEHO/XVW]XVSUHQGLH%H]LHKXQJHQDXV GHU0QFKQHU=HLWZLHGHUDXI]XQHKPHQ ª:LUELWWHQGLH5HLVHQGHQ]XP)OXJ1XPPHUYLHUVLHEHQ DFKWGHU6FDQGLQDYLDQ$LUOLQHV6\VWHPQDFK2VOR$EIOXJ ]Z|OI8KUIQI]LJLQGHQ$EIHUWLJXQJVUDXP'ZLH'RUD:LU ZQVFKHQ,KQHQHLQHQDQJHQHKPHQ)OXJ©GU|KQHQGLH+DO OHQODXWVSUHFKHU'LHVLQGXQXQWHUEURFKHQLQ7lWLJNHLWXQG ZHQQGHU)OXJYHUNHKUQRFKGLFKWHUZLUGPXPDQVLFKHWZDV DQGHUHVHLQIDOOHQODVVHQ :LQQLH:LQNHOPDQQJUHLIWLKUH7DVFKHXQGJHKW]XP$E IHUWLJXQJVUDXP'6LHZHLHVVRHLQ]XULFKWHQGDVLHDXIGHU 5ROOWUHSSHQDFKREHQKLQWHU:HUQHUXQGGHU%UlXHUVWHKW (U]LHKWHLQH3DFNXQJ3UDOLQHQDXVGHU0DQWHOWDVFKHXQG

EHUUHLFKWVLHª0DUVFKYHUSIOHJXQJ6LONH© 6LHVFKHQNWLKPLKUVFK|QVWHV/lFKHOQª'DVKDVWGXGDPDOV LQ0QFKHQDXFKJHVDJW© ª0LUIlOOWHEHQQLFKWV1HXHVPHKUHLQ©HUZLGHUWHUWURN NHQ :LQQLH:LQNHOPDQQVLHKWDXIGLH7UHSSHQLHGHU8PLKUH 0XQGZLQNHO]XFNWHVVLHNDQQQLFKWHUQVWEOHLEHQ ª0LUVFKRQ'DVZHUGHLFKGLUEHZHLVHQZHQQGXQDFK2VOR NRPPVW©YHUKHLW6LONHXQGWULWWREHQYRQGHU7UHSSH:HLWHU NDQQ$FKLPQLFKWPLWJHKHQ'DEOHLEWGLH%UlXHUVWHKHQXQG KlOWLKPVHKUGDPHQKDIWGLH:DQJH]XP$EVFKLHGVNXKLQ ª,FKIUHXHPLFKGDUDXI© $QLKQHQYRUEHUJHKW:LQQLH:LQNHOPDQQ0LWJURHP *HVFKLFNYHUPHLGHWVLHHVXQPLWWHOEDULQV%OLFNIHOGGHU'DPH LQ5RW]XJHUDWHQ'LHLVWLPPHUKLQHLQPDOGXUFKGLH6FKXOH 6FKHOOHQEHUJVJHJDQJHQXQGLVWHLQHHUIDKUHQH$JHQWLQHV ZlUHIDOVFKVLH]XXQWHUVFKlW]HQ:LQQLHZDKUW$EVWDQGXQG KlOWVLFKLQGHU1lKHGUHLHU'DPHQDXIGLHIDVWGHQJOHLFKHQ 7UHQFKFRDWWUDJHQZLHVLH:HQQGLH%UlXHUVLFKLKUHULQ2VOR EHUKDXSWQRFKHULQQHUQNDQQ'HUELQLFKGRFKVFKRQEH JHJQHW:RZDUGDV"GDQQK|FKVWHQVLKUHVDXIIlOOLJHQ +DDUHVZHJHQ:LQQLHEHVFKOLHWEHLP9HUODVVHQGHU0D VFKLQHGLHNXSIHUIDUEHQH3UDFKWXQWHUHLQHU6SRUWNDSSH]X YHUEHUJHQGLHVLFKLQLKUHU5HLVHWDVFKHEHILQGHWYRUVRUJOLFK PLWJHQRPPHQZHLOGHU:HWWHUEHULFKWIU6NDQGLQDYLHQNKOH 0HHUHVOXIWDXV1RUGHQLQ$XVVLFKWVWHOOWH,QGHU0DVFKLQH ZlKOWVLHHLQHQ3ODW]ZHLWDEYRQGHPGHU%ORQGLQHXQGYHU JUlEWVLFKDXFKJOHLFKKLQWHUHLQHU,OOXVWULHUWHQ :HUQHU%UHGHEXVFKKDWDOOHVHUOHGLJWZDV]XHUOHGLJHQZDU -HW]WKDWHUHWZDV=HLWVLFK]XHQWVSDQQHQ(UEXPPHOW]XP $XVVLFKWVJHVFKRGHV)OXJKDIHQVKLQEHUVWHKWHLQHQ$XJHQ EOLFNDXIGHUZHLWUlXPLJHQ7HUUDVVHXQGVLHKWZLHVLFKGLH 0DVFKLQHPLWGHPEODXHQ6$6DP/HLWZHUNYRP%RGHQKHEW XQGLQGHQ+LPPHOVFKZLQJW'DQQZHQGHWHUVLFK]XP&D IHWUDNWXQGVWUHFNWEHKDJOLFKGLH%HLQHXQWHUHLQHQ7LVFK(U ZLUGGLHVHIUHLHQ6WXQGHQDXVNRVWHQLQDOOHU5XKHHLQHQ

%XPPHOGXUFK)UDQNIXUWPDFKHQDP5|PHUHQWODQJJHKHQ XQGLUJHQGZRJXWXQGUHLFKOLFK]X0LWWDJHVVHQ$OOHVZDVHU JHJHQZlUWLJ]XWXQKDWLVWVLFKDXIGLH6HHUHLVHYRU]XEHUHLWHQ XQGDXI%RUQV6WDUWVLJQDO]XZDUWHQ1HLQDXIHLQH6HHIDKUW LVWHUQLFKWHLQJHULFKWHW$QGHUHUVHLWVVFKHLQWHVLKPQLFKW UDWVDPVLFKDOV+DPEXUJHUQRFKGD]XGHU6FKLIIV EHVDW]XQJDOVª/DQGHL©]XSUlVHQWLHUHQ(LQSDDU6HJHOVFKXKH PLWZHLFKHU6RKOHPVVHQKHUHLQHZHLH+RVHHLQKHOOEODXHU 3XOORYHUXQGHLQHVWHLIH6FKLIIHUPW]H'HU*HGDQNHPDFKW LKP6SD0DOZDVDQGHUHV:HQQHUZLHGHUDQVHLQH0XWWHU VFKUHLEWZLUGHUYRQVHLQHP6HHDXVIOXJLQGHQGUDVWLVFKVWHQ )DUEHQEHULFKWHQVRDOVVHLGDVHLQH$UW8UODXEVIDKUWJH ZHVHQDXVUHLQHU)UHXGHDP6SDXQWHUQRPPHQ:LHZHLWLVW GDV0HHUZLHEODXNDQQGHU+LPPHOVHLQ (EHQLVWHLQH0DVFKLQHGHU6ZLVV$LUJHODQGHW:HUQHU EHREDFKWHWGXUFKGLH)HQVWHUZDQGZLHVLHLQVFKQHOOHU)DKUW DXIGDV$EIHUWLJXQJVJHElXGH]XUROOW=ZHLGHUYLHU/XIW VFKUDXEHQVWHKHQVFKRQQXUGLHLQQHUHQGUHKHQQRFK'HU 0DQQPLWGHQ:LQNNHOOHQVWHKWEHUHLWGDV)OXJ]HXJDQGHQ YRUJHJHEHQHQ+DOWHSXQNW]XGLULJLHUHQ$OOWDJ %UHGHEXVFKVLHKWKLQXQWHU:HQQGLH0DVFKLQHDXV%DVHO NRPPWGHQNWHULVWVLHEHUGHQ6FKZDU]ZDOGJHIORJHQ 8QYHUVHKHQVKDWHUGDV%LOG6WDXIHQVYRUVLFKGLH:HJHQHU 0RVV$*6HLQH*HVFKlIWHGRUWVLQGDEJHVFKORVVHQ,P %HLVHLQYRQ'U.|QLJXQG2EHUVW.U|VLQJKDWHU'U%XW]NR GLHPLW%ULJDGHJHQHUDOYRQ:LHVHQHFNIHVWJHOHJWH(UNOlUXQJ DEJHJHEHQ ª0HLQH0LVVLRQLVWHUIOOW'DV$PWIU6LFKHUKHLWZLUG6LH QRFKDXVIKUOLFKXQWHUULFKWHQ©VDJWHHUª+HXWHQXUVRYLHO )U+HUUQ'RNWRU.|QLJXQGVHLQH6RQGHEHVWHKWNHLQH *HIDKUPHKU'DPHLQH8QWHUVXFKXQJVHUJHEQLVVHHLQGHXWLJ DXI0DFKLQDWLRQHQHLQHV.RQNXUUHQ]XQWHUQHKPHQVKLQGHX WHQVLQGDXIGLSORPDWLVFKHP:HJHLP%HUHLFKGHV%QGQLVVHV GLH:HLFKHQVRJHVWHOOWZRUGHQGDGLH3URGXNWLRQGHU6RQGH DXVVFKOLHOLFKEHL:HJHQHUXQG0RVVEOHLEW© 'U%XW]NREHGDQNWHVLFKLQZRKOJHVHW]WHQ:RUWHQXQGHU

'HWMHQEHPHUNWHHUQHKPHPLWHLQZHQLJ:HKPXW$EVFKLHG YRQ6WDXIHQ(UOLHEH.OHLQVWlGWHPLW7UDGLWLRQXQG6HQWL PHQW ª*LEWHVGDHLQHQ8QWHUVFKLHG]ZLVFKHQ6WDXIHQXQG %RQQ"©ILHO.U|VLQJPLWVHLQHPGU|KQHQGHQ/DFKHQHLQ$OOH ODFKWHQPLWXQGVRWUHQQWHQVLHVLFKK|FKVW]XIULHGHQPLW HLQDQGHUXQGLPEHVWHQ(LQYHUQHKPHQ =XP$EVFKLHGJDEHVQRFKHLQHOLHEHQVZUGLJHhEHU UDVFKXQJ$OVGHU0DMRUDXV%RQQDXIGHP:HUNIOXJSODW] HUVFKLHQZDUWHWHDQGHU%HHFKFUDIWª%RQDQ]D©&KULVWLQH .|QLJ2IIHQEDUZDUVLHDXVLKUHP%URLQGHU'RNXPHQWD WLRQVDEWHLOXQJGLUHNWKLHUKHUJHODXIHQGHQQVLHKDWWHHLQHQ NXU]lUPOLJHQZHLHQ$UEHLWVPDQWHODQGHQVLHRIIHQWUXJ ª6LHKDEHQHLQH0HQJHIUXQVJHWDQ©VDJWHVLHKHU]OLFK ª'HVKDOEP|FKWHLFKGD6LH6WDXIHQQLFKWJDQ]YHUJHVVHQ© 8QGVLHEHUUHLFKWHLKPDXFKLP1DPHQLKUHV9DWHUVZLH VLHDXVGUFNOLFKEHWRQWHHLQHQJHUDKPWHQDOWHQ.XSIHUVWLFK GHU]HLJWHZLHGHUEHUKPWH6FKZDU]NQVWOHU)DXVWXVLQ VHLQHP/DERUDWRULXPLP6FKORVVH$QWRQVYRQ6WDXIHQ DXV%OHL*ROG]XPDFKHQYHUVXFKWH&KULVWLQH.|QLJEOLHE GDQQVWHKHQXQGZLQNWHXQGGDVZDUGHU$QOD]XGHU3ODW] UXQGHGLH'HWMHQQRFKGUHKWHXQGGLHLP7RZHUJHZL$QVWR ]XDOOHUOHLOlVWHUOLFKHQ%HPHUNXQJHQJDE$EHUVLHSDWH]XU -DJGIOLHJHUOHJHQGHGHV.XQGVFKDIWHUV:HUQHU%UHGHEXVFK :HQQ.U|VLQJGDYRQK|UWHXQGHUZLUGGDYRQK|UHQ ZUGHHUPLWVHLQHPGU|KQHQGHQ/DFKHQEHUDOOKHUXPHU]lK OHQGDHVVLFKNHLQ3LORWGHUIDVFKLVWLVFKHQ/XIWZDIIH QHKPHQOLHEHLSDVVHQGHU*HOHJHQKHLWHLQH5XQGHEHUGHP +DXVGHU)UDXRGHU)UHXQGLQ]XGUHKHQDXFKZHQQGDVJH PHLQKLQPLWGUHL7DJHQ)OXJYHUERWJHDKQGHWZXUGH8QG VLFKHUZUGHGHU2EHUVWD'KLQ]XIJHQª'DVLVWPHLQ 'HWMHQZLHHUOHLEWXQGOHEW©

:LQQLH:LQNHOPDQQKDWWHEHREDFKWHWZLHGLH%UlXHUQDFKGHU /DQGXQJLQ2VOR]XP3DUNSODW]DP)OXJKDIHQOLHILQLKUHQ GRUWDEJHVWHOOWHQ%RUJZDUGVWLHJXQGGDYRQEUDXVWH6LHKDWWH VLFKGDV.HQQ]HLFKHQHLQJHSUlJWXQGVLFKJHVDJWGLH'DPH LPURWHQ&DSHPDQWHOZHUGHMHW]WHUVWHLQPDOQDFK+DXVH IDKUHQXQGGDVLH:LQQLH:LQNHOPDQQGLH$GUHVVHKDW 'LH)RWRJUDILQOlWVLFKGXUFKHLQ6HUYLFH%URGHV)OXJ KDIHQV)RUQHEXHLQ+RWHO]LPPHUEHVFKDIIHQWHOHIRQLHUW VHOEVWPLWHLQHP$XWRYHUOHLKXQGQLPPW]HKQ0LQXWHQVSlWHU DXVGHQ+lQGHQHLQHV9HWUHWHUVGHU)LUPD6FKOVVHOHQWJHJHQ 6LHKDWVLFKHLQHQ%0:GHVJOHLFKHQ7\SVEULQJHQODVVHQGHQ VLHLQ)UDQNIXUWDP0DLQIlKUWVREUDXFKWVLHVLFKQXUPLWGHP 9HUNHKULQGHUIUHPGHQ6WDGWDXVHLQDQGHU]XVHW]HQ'DVª5HQW DFDU©8QWHUQHKPHQZDUVRFOHYHUHLQHQPHKUVSUDFKLJHQ 6WDGWSODQGHQQZHOFKHU$XVOlQGHUVSULFKWVFKRQ1RU ZHJLVFK"DXIGHQ%HLIDKUHUVLW]]XOHJHQ'DVQRUZHJLVFKH 5HLVHEURKDWIUGLH%HLIJXQJHLQHV6WRHV3URVSHNWHJH VRUJWVLHUHLFKHQYRQ%HVFKUHLEXQJHQGHU6HKHQVZUGLJ NHLWHQELV]X9HUDQVWDOWXQJVNDOHQGHUQXQGGHP6SLHOSODQGHU .|QLJOLFKHQ7KHDWHU :LQQLHKDWPLWHLQHP0LQLPXPDQ=HLWDXIZDQGHLQ0D[L PXPHUUHLFKWDOVVLHDQGHU.UHX]XQJ+HLPGDOV*DWD9DKOV *DWDLQGLHHUVWJHQDQQWH6WUDHHLQELHJWXQGODQJVDPDQGHQ ]ZHLXQGGUHLVW|FNLJHQ0LHWVKlXVHUQPLWLKUHQ9RUJlUWHQ YRUEHUIlKUWXPGDV+DXV1XPPHU]XILQGHQLQGHPGLH %UlXHUZRKQW'DVJDQ]H9LHUWHOWUlJWGHQ6WHPSHOGHU-DKU KXQGHUWZHQGHXQGHULQQHUW:LQQLHDQGLHQRUGGHXWVFKH%DFN VWHLQJRWLNGLHLKULQ5RVWRFNLPPHUEHVRQGHUVJXWJHIDOOHQKDW 6LHKDWHWZDV8UZFKVLJHV.UDIWYROOHVGXUFKGLHXQYHUSXW] WHQ)DVVDGHQDXVJHEUDQQWHQURWHQ=LHJHOVWHLQHQLQGLHJOD VLHUWHXQGYHUVFKLHGHQIDUELJH=LHJHOHLQJHIJWVLQGXQG2U QDPHQWHELOGHQ'LHDXV)RUPVWHLQHQ]XVDPPHQJHVHW]WHQ 3URILOHIU)HQVWHUXQG3RUWDOHLQIDVVXQJHQJHEHQGHP*H

VDPWELOGHLQHQEHVRQGHUHQ5HL] %HL1XPPHUKlOWGLH)RWRJUDILQ9RQKLHUDXVKDWVLHGHQ (LQJDQJLP$XJHYRUGHPGHU%RUJZDUGVFKUlJDXIGHP %UJHUVWHLJVWHKWHLQJHNHLOW]ZLVFKHQDQGHUHQ)DKU]HXJHQ 'LH6WUDHLVWVWLOOHLQDXVJHVSURFKHQHV:RKQJHELHWRKQH *HVFKlIWVQLHGHUODVVXQJHQXQG*DVWVWlWWHQ(VKHUUVFKWNDXP 9HUNHKUGHUZLUGHUVWQDFK%URVFKOXHLQVHW]HQZHQQGLH +HUUHQ%HDPWHQOHLWHQGHQ$QJHVWHOOWHQ%DQNNDXIOHXWHXQG 0LWDUEHLWHUGHU6FKLIIDKUWVXQWHUQHKPHQQDFK+DXVHNRP PHQ:HQQ:LQQLHGLH%HZRKQHUGHU+HLPGDOV*DWDQDFK GHP$QEOLFNGHU+lXVHUNODVVLIL]LHUHQVROOWHZUGHVLHVDJHQ ª*HKREHQHU0LWWHOVWDQG© $XIGHQ%UJHUVWHLJHQNUHLVHOQ.LQGHUIDKUHQ5ROOVFKXK VSLHOHQPLW5HLIHQ,KUHODXWHQOXVWLJHQ6WLPPHQVLQGXQ EHUK|UEDU2KQH+DVWJHKHQMXQJH0WWHUPLW.LQGHUZDJHQ YRUEHU(LQ6WFNKLQWUDJHQ9DWHUXQG6RKQYRUVLFKWLJHLQ )HUQVHKJHUlWLQHLQHP:lVFKHNRUEYRP$XWRLQV+DXV VLFKHUOLFKDXVHLQHU5HSDUDWXUZHUNVWDWWDEJHKROW =XQlFKVWHLQPDOJHVFKLHKWLQGHU+HLPGDOV*DWDJDUQLFKWV :LQQLHEOlWWHUWJHODQJZHLOWVlPWOLFKH3URVSHNWHGXUFKGLHVLH LP%0:ILQGHW6LHOLHVWDOOHVZDVLQGHQ:HUEHPDWHULDOLHQ GHU2VORHU0XVHHQEHUGDV2VHEHUJVFKLIIVWHKWMHQHVZL NLQJHU]HLWOLFKH5XGHUXQG6HJHOERRWPLWGHU]HOWDUWLJHQ*UDE NDPPHULQGHUXPGDV-DKUHLQHHWZDIQI]LJMlKULJH7RWH EHVWDWWHWZXUGHXQGGDVPDQDP:HVWXIHUGHV2V ORIMRUGHVHQWGHFNWH'HU7H[WOLHVWVLFKZLHHLQ.ULPL$OVGDV :LNLQJHUVFKLIIPLWGHPKRFKJH]RJHQHQ9RUGHUVWHYHQDXI JHIXQGHQZXUGHKDWWHQ*UDEUlXEHUGLHVHHLJHQDUWLJH%HJUlE QLVVWlWWHEHUHLWVKHLPJHVXFKWXQGDOOH(UPLWWOXQJHQGLHYHU VFKZXQGHQHQ=HXJQLVVHHLQHUYHUJDQJHQHQ=HLWZLHGHUKHU DQ]XVFKDIIHQEOLHEHQHUIROJORV 'DQQWULWW6LONH%UlXHUDXVGHP+DXV1XPPHU-HW]WIlOOW VLHQLFKWPHKUDXI6LHWUlJWVFKZDU]H+RVHQXQGHLQHQJOHLFK IDUEHQHQ3XOORYHUXQGKDWHLQ1HW]LQGHU+DQG1HLQGHQ %RUJZDUGEHQXW]WVLHQLFKW=LHOVWUHELJDEHURKQH(LOHJHKW VLHYRU]XU.UHX]XQJXQGELHJWLQGLH9DKOV*DWDHLQ

2IIHQVLFKWOLFKZLOOVLHHLQNDXIHQ :LQQLHEOHLEWVLW]HQXQGYHUPHLGHWGDV5LVLNRGHU%UlXHU YRU]HLWLJDXI]XIDOOHQ $XIGHUJHJHQEHUOLHJHQGHQ6WUDHQVHLWHJHKWLQGHUVHOEHQ 5LFKWXQJZLHGLH%UlXHUHLQ0DQQPLWHLQHU/HLQHQPW]HGLH HLQHQEHLQDKHWUDSH]I|UPLJHQ6FKLUPKDW0DQVLHKWVROFKH 0W]HQLQDPHULNDQLVFKHQ)LOPHQGDWUDJHQVLH0lQQHUEHLP $QJHOQEHLP6HJHOQEHLP*ROIVSLHOHQRGHUEHUKDXSWLQGHU )UHL]HLW(VSDWQLFKWUHFKW]XVDPPHQGDGLHVHU0DQQ]X GHU/HLQHQPW]H6FKOLSVXQG.UDJHQWUlJW2KQHHUVLFKWOLFKHQ *UXQGEHREDFKWHWLKQ:LQQLHLP3DQRUDPDVSLHJHO6LHVLHKW LKQELV]XU.UHX]XQJYRUJHKHQGRUWVWHKHQEOHLEHQXQGGLH 9DKOV*DWDKLQXQWHUEOLFNHQ=XHUVWOLHIHUUHFKW]LHOVWUHELJ -HW]WVFKHLQWHUDXIHLQPDOQLFKWPHKU]XZLVVHQZRKLQ(U VWHKWXQHQWVFKORVVHQGD(QGOLFKZHQGHWHUVLFKLQGLH+HLP GDOV*DWD]XUFN6HLQ8QWHUNLHIHULVWLQGDXHUQGHU%HZHJXQJ VHLQH=lKQHNQHWHQ.DXJXPPL$OV:LQQLHLKQLP6SLHJHO QlKHUNRPPHQVLHKWPLWGLHVHU/HLQHQPW]HGHQPDKOHQGHQ .LHIHUQXQGGHQ+lQGHQLQGHQ7DVFKHQGHUGHUEHQ:LQG MDFNHHUVFKHLQWHULKULUJHQGZLHEHNDQQW6LHLVWGLHVHP0DQQ VFKRQHLQPDOEHJHJQHW$EHUZR"6LHNHQQWGRFKLQ2VOR NHLQHQ0HQVFKHQDXHUGHU)UDXGHUVLHVLFKDQGLH)HUVHQ JHKHIWHWKDW :LQQLHGHQNWNRQ]HQWULHUWQDFK,Q)UDQNIXUW"1HLQ,P )OXJ]HXJ"$XVJHVFKORVVHQ'LHVHU7\SKlWWHVLFKLKUHLQ JHSUlJW(LQ$PHULNDQHUJDQ]RIIHQNXQGLJREZRKOHUVLFK GXUFKQLFKWVDOVGLHVHLQ(XURSDXQJHEUlXFKOLFKH.RSI EHGHFNXQJYHUUlW%OHLEWQXU2VORXQGYRQ2VORKDWVLHQRFK QLFKWVJHVHKHQDOVGHQ)OXJKDIHQ6LHEHVFKZ|UWGDV%LOGGHU (PSIDQJVKDOOHLQ)RUQHEXKHUDXI'DLVWGHU.RIIHUNUHLVHO DQGHVVHQ)|UGHUEDQGGLH5HLVHQGHQKHUDQWUHWHQXPLKU *HSlFNDE]XKROHQ'DVWHKW6LONH%UlXHUGDVWHKHQGLHGUHL 'DPHQLP7UHQFKFRDWXQGGDQQHLQ0DQQ'LH%UlXHUKDW LKUHQ.RIIHULQ(PSIDQJJHQRPPHQXQGJHKW'LH'DPHQLP 7UHQFKFRDWZDUWHQQRFK$XFKGHU0DQQ,UJHQGZDVIlOOWGHP DXVGHU+DQGXQGGDLVWSO|W]OLFKHLQDQGHUHUGDGHUGDV

DXIKHEW'LHEHLGHQZHFKVHOQHLQSDDU:RUWHQDWUOLFKEH GDQNWVLFKGHU3DVVDJLHUXQGGDQQJHKWGHUDQGHUH]XPVHOEHQ $XVJDQJGHQGLH%UlXHUQDKP:LQQLHDFKWHWHQLFKWEH VRQGHUVDXILKQDEHULP8QWHUEHZXWVHLQQDKPVLHGRFK ZDKUGDHUHLQH0W]HPLWWUDSH]I|UPLJHP6FKLUPXQGHLQH GHUEH:LQGMDFNHWUXJZLHMHW]WGHU0HQVFKDXIGHUDQGHUHQ 6WUDHQVHLWH$XFKGLH*U|HVWLPPWEHUHLQ=XIDOO" 'HU0DQQVFKOHQGHUW]XUFN]XVHLQHP)DKU]HXJGDV VFKUlJJHJHQEHUGHP+DXV1XPPHUJHSDUNWLVW$EHUHU IlKUWQLFKWDE'HU:DJHQHLQHKHOOJUDXH/LPRXVLQHHQJ OLVFKHQ)DEULNDWVHLQª+LOOPDQ©PLW5HFKWVVWHXHUEOHLEW VWHKHQ*OHLFKGDUDXINHKUWGLH%UlXHUPLWYROOHP(LQNDXIV QHW]DXVGHU9DKOV*DWD]XUFNXQGEHJLEWVLFKLQLKUH :RKQXQJ 6LHKlOWVLFKQXUHWZD]HKQ0LQXWHQLP+DXVHDXIGDQQ HUVFKHLQWVLHZLHGHUVWHLJWLQLKUHQ%RUJZDUGXQGIlKUWDE6LH UROOWDQ:LQQLHYRUEHU'LH.XQGVFKDIWHULQPXHUVWZHQGHQ XPLKUIROJHQ]XN|QQHQ:LHJXWGDVLHVLFKHLQHQLKU YHUWUDXWHQ:DJHQJHPLHWHWKDW6LHKDWGLH+DQGVFKRQQDFK GHP=QGVFKOVVHODXVJHVWUHFNWGD]LHKWVLHVLHQRFKHLQPDO ]XUFN'HQQSO|W]OLFKVHW]WVLFKGHUª+LOOPDQ©LQ%HZHJXQJ 'DVNDQQNHLQ=XIDOOPHKUVHLQ*DQ]RIIHQVLFKWOLFKZLOOGHU 0DQQPLWGHU0W]HGLH%UlXHUHEHQVRZHQLJDXVGHQ$XJHQ YHUOLHUHQZLHVLH:LQQLH (LQHY|OOLJQHXH6LWXDWLRQLVWHLQJHWUHWHQ2KQHHVVLFK HLQJHVWHKHQ]XZROOHQZLUGLKUGRFKHLQELFKHQElQJOLFKXPV +HU]'DVNDQQMDKHLWHUZHUGHQ:lKUHQGVLHGHQ%0: ZHQGHWXQGGHP+LOOPDQQDFKIlKUWEHUOHJWVLHILHEHUKDIW ZHUDXHULKUHLQ,QWHUHVVHGDUDQKDEHQN|QQWHGLH%UlXHU]X EHVFKDWWHQ:HQQVLHGHQ9RUJDQJLQ)RUQHEXULFKWLJJHGHXWHW KDWWHZHQQGDHLQ2EVHUYDQWGLH%UlXHUJOHLFKVDPDQHLQHQ DQGHUHQZHLWHUJDEPX]XGHP+LOOPDQHLQHKDQGIHVWH 0DQQVFKDIWJHK|UHQ$EUXSWIlOOW:LQQLHHLQZDV:HUQHU %UHGHEXVFKEHUVHLQH%HJHJQXQJPLW-DPHV':LOVRQDQ OlOLFKGHU9HUKDIWXQJYRQ'U.|QLJJHVDJWKDWWH6ROOWH :LOVRQV%HWRQXQJHLQHV*HQWOHPDQ V$JUHHPHQWVPLWGHQ

+LQWHUPlQQHUQGHU5KHLQ0DLQ'HWHNWHLEORHV*HUHGHJH ZHVHQVHLQ",VWKLHUGLH&,$DP:HUN" :LQQLHPXVLFKMHW]WYROONRQ]HQWULHUHQ'HU9HUNHKULQ GHUIUHPGHQ0LOOLRQHQVWDGWHUIRUGHUWLKUHJDQ]H$XIPHUNVDP NHLW]XPDOGLH)DKUWGXUFK+DXSWVWUDHQJHKWLQGHQHQMHW]W GHUDEHQGOLFKH%HUXIVYHUNHKUHLQVHW]W:LQQLHYHUOLHUWY|OOLJ GLH2ULHQWLHUXQJ6LHVLHKWQLFKWVPHKUDOVHLQ6WFNYRUVLFK GLHKHOOJUDXH.DURVVHXQGYHUOlWVLFKEOLQGGDUDXIGD ZLHGHUXPHLQ6WFNZHLWHUYRUQGHU%RUJZDUGIlKUW8QG DOOHGUHL:DJHQVLQGHLQJHNHLOWLQHLQHQ)DKU]HXJVWURPDXI PHKUHUHQ6SXUHQ:HQQVLHMHW]W3HFKKDW 6LHKDW3HFK(LQH$PSHOVFKDOWHWDXI5RW2EZRKOVLFK UHFKWVXQGOLQNVGLHZDUWHQGHQ.RORQQHQVRIRUWLQ%HZHJXQJ VHW]HQVFKLHWGHU+LOOPDQQRFKEHUGLH.UHX]XQJ$XV $EJHKlQJW $EHUGHU%0:VWHKWDOVHUVWHUDQGHU)XJlQJHUPDUNLHUXQJ 1RFKLVW:LQQLHRSWLPLVWLVFK0LWHLQJHOHJWHP*DQJXQGGHP )XDP*DVSHGDOZDUWHWVLHDXIGLH8PVFKDOWXQJXQGDOVDQ GHU$PSHOGDV*HOEJHUDGHLQV*UQEHUJHKWOlWVLHGLH .XSSOXQJORVXQGJLEW*DV'LH0DVFKLQHKHXOWDXIGLH5lGHU GUHKHQGXUFKDEHUDXIHLQPDOVLHKWVLFK:LQQLHDOOHLQMHQVHLWV GHU.UHX]XQJXQGVFKOLHWLQKDOVEUHFKHULVFKHP7HPSR]XP YRUDXVIDKUHQGHQ3XONDXI6LHKDWGHQ+LOOPDQZLHGHUHU UHLFKWLVWOHGLJOLFKGXUFKHLQHQ.OHLQWUDQVSRUWHUPLWRIIHQHU 3ULWVFKHYRQLKPJHWUHQQW :LQQLH:LQNHOPDQQDWPHWDXI6LHKDWHVDXIGLHVH:HLVH $XWR]XIDKUHQ =X)X]XJHKHQLVWGHU)RWRJUDILQZHVHQWOLFKV\PSDWKLVFKHU DOVLQHLQHUIUHPGHQ6WDGWPLWEHUK|KWHU*HVFKZLQGLJNHLW HLQHPKHOOJUDXHQ:DJHQQDFK]XUDVHQ'LH%UlXHUKDWLKUHQ :DJHQDEJHVWHOOWGHUJHKHLPQLVYROOH9HUIROJHUWDWHVLKU JOHLFKXQGDXFK:LQQLHIDQGHLQH3DUNOFNH*OHLFKVDPLP *lQVHPDUVFKJHKHQVLHQXQLQ5LFKWXQJGHV+DIHQV'LH )RWRJUDILQILQGHWGDVLHGLHEHVWH3RVLWLRQKDWLKUIROJW QLHPDQG'DYRQKDWVLHVLFKEHU]HXJW

'DVHLJHQDUWLJH'UHLJHVSDQQIlOOWQLFKWDXI(VJHKWXQWHU LP0HQVFKHQVWURP6LONH%UlXHUEHZHJWVLFKJDQ]XQEHIDQ JHQVLHLVWVLFKQLFKWEHZXWGDVLHEHREDFKWHWZLUG$XFK GHU0DQQPLWGHU*ROIPW]HNRQ]HQWULHUWVHLQH$XIPHUNVDP NHLWDXVVFKOLHOLFKQDFKYRUQ(ULVWZRKOIHVWGDYRQEHU ]HXJWGHUHLQ]LJH6FKDWWHQGHU'DPHLQ6FKZDU]]XVHLQXQG VFKOHQGHUWNDXPHLQ'XW]HQG0HWHUKLQWHULKU'LH)RWRJUDILQ IROJWLKPLQJU|HUHP$EVWDQG%ORNHLQ5LVLNRHLQJHKHQXQG VLFKGHU*HIDKUDXVVHW]HQHQWGHFNW]XZHUGHQ)UGHQ +LOOPDQ)DKUHUN|QQWHHLQDQGHUHUHLQVSULQJHQ)UVLHQLFKW 6LHLVWLQ2VORJDQ]DXIVLFKDOOHLQJHVWHOOW(LQ0XVWHUEHLVSLHO IUGHQ8QWHUVFKLHGYRQ7KHRULHXQG3UD[LV:DVQXW]WHVLKU KLHU]XZLVVHQGDHLJHQWOLFK]XHLQHU%HREDFKWXQJPHKUHUH 9HUIROJHUJHK|UHQGLHHLQDQGHUDEZHFKVHOQXQGGDGXUFKGLH *HIDKUYHUULQJHUQGDGLH%H]XJVSHUVRQ9HUGDFKWVFK|SIW XQGDXI1LPPHUZLHGHUVHKHQYHUVFKZLQGHW"'LHVHV:LVVHQLVW GHU*UXQGGDIUGDGLH)RWRJUDILQLPPHUZLHGHUQDFKHLQHP $EO|VHUIUGHQ0DQQPLWGHU0W]H$XVVFKDXKlOW9HU JHEOLFK'DVZXQGHUWVLHHLQELFKHQ:HQQKLHUZLHVLH]XHUVW YHUPXWHWHGLH&,$DP:HUNHZlUH'LHKDWLP:HVWHQ EHUDOO/HXWHJHQXJ:DVGLHVHU$PHULNDQHUGDSUDNWL]LHUW VLHKWQDFK/HXWHQDXVGLHPLWNOHLQHP6WDERSHULHUHQ 'LH6WUDHQZHUGHQHQJHUKDEHQ.RSIVWHLQSIODVWHUXQG (LQEDKQYHUNHKU'LH+lXVHUUFNHQKLHUQlKHUDQHLQDQGHU VLQGVFKPDOHU'XUFKJlQJHWXQVLFKDXIXQGSO|W]OLFKLVWGLH %UlXHULQHLQHPVROFKHQ'XUFKJDQJYHUVFKZXQGHQ'HU+LOO PDQ)DKUHUEOHLEW]|JHUQGVWHKHQHKHHUDXIHLQPDOHEHQIDOOV GXUFKGHQ(LQJDQJWULWW:LQQLHJHKWGDUDQYRUEHU:DVVLH VLHKWOlWVLHZHQLJH6FKULWWHVSlWHUNHKUWPDFKHQXQG]XUFN JHKHQ'HU'XUFKJDQJVWUHFNWVLFKODQJKLQDXIEHLGHQ6HLWHQ JLEWHV/lGHQXQGGXUFKHLQ*ODVGDFKIlOOWJHGlPSIWHV/LFKW HLQ9RUDOOHPMHGRFKVLQGVRYLHOH0HQVFKHQGDGDVLHKLHU QLFKWDXIIDOOHQZLUG 'HU$PHULNDQHUVWHKWYRUGHP6FKDXIHQVWHUHLQHU6HLOHUHL XQGEHWUDFKWHW7DXHXQG7DPSHQVRLQWHUHVVLHUWDOVYHUVWHKH HUHWZDVGDYRQhEHUKDXSWKDEHQIDVWDOOHGLHVHNOHLQHQ

*HVFKlIWHGDHWZDVPLWGHU6HHIDKUW]XWXQ)DUEHQJLEWHV %HVFKOlJHLQXQJHKHXUHU0HQJH6LJQDODQODJHQ)ODJJHQXQG :LPSHOHLQH5HSDUDWXUDQQDKPHIU)XQNJHUlWH:HUN]HXJH ZLHGLH6FKLIIV]LPPHUPDQQVD[WPLWGHUUHFKWZLQNOLJ]XP 6WLHOVWHKHQGHQ6FKQHLGHXQG.OHLGXQJVVWFNH*HEUDXFKW ZDUHQJHVFKlIWHZHUEHQPLWJQVWLJHQ$QJHERWHQVFKRQYRU GHU7UMHGH0HQJH$QGHQNHQUDPVFKLVW]XKDEHQXQGDXFK HLQ6FKQHOOIRWRJUDIKDWKLHUVHLQ$WHOLHU6HLQ)HQVWHULVWYROOHU 6HHPDQQVIRWRV)DKUHQVOHXWHDXVDOOHU+HUUHQ/lQGHUQKDEHQ VLFKKLHUVFKRQHLQ6WHOOGLFKHLQJHJHEHQ(LQ6FKLOGLQ(QJOLVFK ZLUEWIUª*LUO)RWRVLQJURHU$XVZDKO© 'LH%UlXHULVWQLUJHQGV]XVHKHQ:HLWNDQQVLHQLFKWVHLQ GHQQGHU*ROIPW]HQWUlJHUEHWUDFKWHWQDFKZLHYRUJHODVVHQ GLH7DPSHQ$OVHUVLFKHLQPDOXPZHQGHWXQGQDFKREHQVLHKW HQWGHFNW:LQQLHVHLQHP%OLFNIROJHQGLQ+|KHGHV]ZHLWHQ 6WRFNVHLQHQ8PJDQJ(LQ+RO]JHOlQGHULVWGDUHLFKPLW 6FKQLW]HUHLHQYHU]LHUWXQGGDKLQWHUVLQG7UHQ:LQQLHVLHKW YRQXQWHQQXUGHQREHUHQ7HLOGHU(LQJlQJH(LQH:HQ GHOWUHSSHIKUW]XP8PJDQJKLQDXI:lUHGHU+LOOPDQ)DKUHU QLFKWGDZUGHGLH)RWRJUDILQKLQDXIJHKHQXQGVLFKEHU ]HXJHQZDVVLFKKLQWHUGHQ7UHQEHILQGHW6RZDJWVLHHV QLFKW6LHIODQLHUWXQGQlKHUWVLFKHLQHP6FKUHLEZDUHQJHVFKlIW GLFKWQHEHQGHP7UHSSHQDXIJDQJ6LHWXWVRDOVEHWUDFKWHVLH GLH$XVODJHQELOOLJHV3DSLHUELOOLJH.XJHOVFKUHLEHU VFKUHLHQGEXQWH3RVWNDUWHQZlKUHQGVLHLQ:DKUKHLWGLH )LUPHQVFKLOGHUVWXGLHUWGLHDXIHLQHU7DIHOXQPLWWHOEDUQHEHQ GHU7UHSSHDQJHEUDFKWVLQG$XFKVLHVSUHFKHQYRQ6FKLIIDKUW (LQ0DNOHUHLQ+HXHUEURHLQ5HFKWVEHLVWDQG6SHGLWLRQHQ GLH9HUWUHWXQJHLQHU'LHVHOPRWRUHQIDEULN.OHLQH%XGHQDOOHV GLHDP5DQGHGHVJURHQ*HVFKlIWVLKUEHVFKHLGHQHV6FKlI FKHQLQVWURFNHQHEULQJHQ (LQ0HVVLQJVFKLOGPLWGHU$EELOGXQJHLQHV7DXFKHUKHOPV LQGHUOLQNHQREHUHQ(FNH5HHGHUHL/|YERUJ7DXFKHUHLXQG %HUJXQJVEHWULHE8PJDQJ%XUHDX1XPPHUª7DXFKHUHL XQG%HUJXQJVEHWULHE©VWHKWQRUZHJLVFKXQGHQJOLVFKGD :LQQLHV%OLFNKHIWHWVLFKDXIGDV6FKLOG.HLQ=ZHLIHOGLHVH

5HHGHUHL/|YERUJLVWHLQHEHQVROFKHU:LQNHOEHWULHEZLHGLH DQGHUHQLQHLQHUVRDEJHOHJHQHQ(FNH2VORV8QGZLHDOOHV EULJHKLHUKDWVLHHLQHQ$QVWULFKYRQ8QVHUL|VLWlWYRQ 0|FKWHJHUQXQGNDQQQLFKW5HFKW'LH)RWRJUDILQ]ZHLIHOW QLFKWGDGLH%UlXHUHEHQGLHVHV7DXFKHUHLXQG%HUJXQJV XQWHUQHKPHQDXIJHVXFKWKDW6LHEHVFKHLQLJWLKUVRJDUGDVLH HLQHJXWH:DKOJHWURIIHQKDW%HLGHQJURHQXQGUHQRPPLHU WHQ)LUPHQGLUHNWDP+DIHQZUGHVLHYRQYRUQKHUHLQRKQH &KDQFHDQNORSIHQ+LHUREHQVWHOOWPDQZDKUVFKHLQOLFKNDXP )UDJHQZHQQHVQXUHWZDV]XYHUGLHQHQJLEWXQGHUIDK UXQJVJHPlZHUGHQ'LHQVWHZLHVLHGLH%UlXHUZQVFKWJXW KRQRULHUW'LHJURHQ%HUJXQJVEHWULHEHZUGHQJHQDXH$Q JDEHQYHUODQJHQXQGYHUPXWOLFKYRQVLFKDXVGLH%HK|UGHQ NRQVXOWLHUHQZHQQLKQHQGLH6DFKHDQUFKLJHUVFKLHQH :LQQLH:LQNHOPDQQNDQQQLFKWHZLJYRUGHP*HVFKlIW KHUXPVWHKHQ.XU]HQWVFKORVVHQWULWWVLHLQGHQ3DSLHUODGHQ VWHOOWVLFKDQGHQ'UHKVWlQGHUPLW$QVLFKWVNDUWHQXQGJLEWVLFK GHQ$QVFKHLQXQHQWVFKORVVHQ]XZlKOHQ'HU/DGHQEHVLW]HU HLQ$OWHUPLW6SLW]EDUWXQG6DPWMDFNHWWOlWVLHJHZlKUHQ $XVJURHQ.DUWRQVIOOWHUVHLQH5HJDOHDXIYHUPXWOLFKKDW HUYRUNXU]HP:DUHHUKDOWHQ'LH)RWRJUDILQVWHKWVRGDVLH GXUFKV6FKDXIHQVWHUKLQGXUFKGHQ$PHULNDQHUVHKHQNDQQ 'HU]QGHWVLFKJHUDGHHLQH=LJDUHWWHDQ(ULVWLQ]ZLVFKHQHLQ 6WFNZHLWHUJHJDQJHQXQGEHWUDFKWHW6LJQDOIODJJHQ-HOlQJHU LKQ:LQQLHEHREDFKWHWGHVWRJHVFKLFNWHUILQGHWVLHVHLQ 9HUKDOWHQ1DWUOLFKYRUKLQKLHOWHUKLQWHUGHU%UlXHU]X ZHQLJ$EVWDQGDEHUKLHULP'XUFKJDQJEULQJWHUHVIHUWLJ HUVWDXQOLFKIDUEORVXQGXQDXIIlOOLJ]XZLUNHQ0LWGHU*ROI PW]HXQGGHUGHUEHQ:LQGMDFNHGLHHUJHVFKORVVHQKDWXQG GLHVHLQHQ6FKOLSVYHUELUJWSDWHUGXUFKDXVKLHUKHUHLQ 0DQQGHUHLQHQ*HOHJHQKHLWVMREVXFKWXQGHLQELFKHQLQGHQ 7DJKLQHLQOHEW6LHGDUILKQQLFKWXQWHUVFKlW]HQ 1XQIHVVHOWLKQGLHEXQWH9LHOIDOWGHU6LJQDOIODJJHQEH VRQGHUVIU:LQQLHHLQ=HLFKHQGDGLH%UlXHUGLH:HQ GHOWUHSSHKHUXQWHUNRPPW6LHQLPPWGLHHUVWEHVWHQ$QVLFKWV NDUWHQEHLGH]HLJHQGDV3DQRUDPDYRQ6LGQH\LQ$XVWUD

OLHQEH]DKOWXQGEUDXFKWVRODQJH]XP:HJVWHFNHQELVGLH 'DPHLQ6FKZDU]XQGGHU+LOOPDQ)DKUHUYRUEHUVLQG'DQQ VFKOLHWVLHVLFKDQ (VLVWJHQDX8KU=X:LQQLHV9HUEOIIXQJJHKW6LONH %UlXHUDFKWORVDQLKUHP%RUJZDUGYRUEHU'DUDXIKLQODVVHQ DXFKGHU$PHULNDQHUXQGGLH)RWRJUDILQLKUH)DKU]HXJH VWHKHQ (LQ3RVWDPW=LHOVWUHELJJHKWGLH%UlXHU]XHLQHPGHUPLW 5HNODPHEHUVlWHQ6FKUHLESXOWH6LHQLPPWHLQ7HOHJUDPP IRUPXODU]LHKWHLQHQ.XJHOVFKUHLEHUDXVGHU7DVFKHXQGZLUIW UDVFKHLQLJH:RUWHDXIV3DSLHU:LQQLHVLHKWYHUEOIIWGDGHU +LOOPDQ)DKUHUSO|W]OLFKKLQWHUGLH6FKUHLEHQGHWULWW%HLP %HWUHWHQGHV3RVWDPWHVKDWHUGLH:LQGMDFNHEHUGHQ$UP JHQRPPHQXQGGLH0W]HZHJJHVWHFNWHUVLHKWY|OOLJYHU lQGHUWDXV8QYHUIURUHQELWWHWHUGLH%UlXHUXPGHQ3RVW IHGHUKDOWHUGHUYRULKULQGHU6FKDOHOLHJW6LHQLFNW]XVWLP PHQGGUHKWVLFKDEHUQLFKWXP'DJUHLIWHU]XXQGKDWPLW HLQHP%OLFNGLHZHQLJHQ:RUWHHUIDW'UXFNEXFKVWDEHQ ª+(5=2*233(1+(,0(5675$66()5$1. )8570$,1 *(50$1<5(,6(*(%8&+7 /$8)(1,1=:(,7$*(1$86*5866 %5b8(5© (LQXQYHUIlQJOLFKHU7H[W'HU$PHULNDQHUJHKWPLWGHP )HGHUKDOWHUHLQ3XOWZHLWHUXQGOHJWLKQGRUWXQEHQXW]WLQGLH 6FKDOH(UZDUWHWELVGLH%UlXHUPLWLKUHP7HOHJUDPPDQ HLQHQ6FKDOWHUWULWWXQGGDV)RUPXODUHLQHP%HDPWHQEHUJLEW 'DQQYHUOlWHUGHQ6FKDOWHUUDXP 6HNXQGHQODQJ]|JHUW:LQQLH:LQNHOPDQQ:DVWXQ"*DQ] VLFKHULVWGDV7HOHJUDPPDQGLH5KHLQ0DLQ'HWHNWHLJH ULFKWHW(LQH$UW9ROO]XJVPHOGXQJ:DKUVFKHLQOLFKZHUGHQ GDUDXIKLQ%RUQXQGVHLQH/HXWHXQGPLWLKQHQGHUª9HUELQ GXQJVRIIL]LHUª$FKLP'HWMHQLQ6HHVWHFKHQ 6FKQHOOHQWVFKORVVHQIROJW:LQQLHGHP$PHULNDQHUGHU MHW]WRKQH+DVW]XP3DUNSODW]XQGLQVHLQHQ:DJHQ]XUFN NHKUW+DWWHGLH)RWRJUDILQYHUPXWHWHUZXUGHLQDOOHU5XKH GDUDXIZDUWHQGDGLH%UlXHUZLHGHUDQIlKUWVRVLHKWVLHVLFK

JHWlXVFKW'HU+LOOPDQIlKUWDEJHPWOLFKXQGRKQH(LOHVR GDLKP:LQQLHEHTXHPIROJHQNDQQ'DVHUVFKHLQWLKU ZLFKWLJ6LHPXKHUDXVILQGHQZRGLHVHU0DQQHLQ]XRUGQHQ LVWXQGZHOFKH5ROOHHULQGHP6SLHOHLQQLPPW'LH5KHLQ 0DLQ'HWHNWHLZHLQLFKWVYRQLKPGHQQVRQVWKlWWHVLFKGLH %UlXHULQ2VORDQGHUVYHUKDOWHQIROJOLFKLVWDXFK:HUQHU DKQXQJVORV9RQLKU:LQQLHKlQJWHVDEKLHU.ODUKHLW]X VFKDIIHQDXFKZHQQVLH%UHGHEXVFKLQDEVHKEDUHU=HLWZHGHU ZDUQHQQRFKYHUVWlQGLJHQNDQQ 'LH)DKUWIKUWZHLWGXUFKGLH6WDGWXQGHQGHWLQGHU 7KHUHVHV*DWD1XPPHU'DVLVWHLQZHLWUlXPLJHV*UXQG VWFNDXIGHPVLFKYRQGHU6WUDH]XUFNJHVHW]WXQGGXUFK 1DGHOJHK|O]ZHLWJHKHQGGHP%OLFNHQW]RJHQHLQHUH SUlVHQWDWLYH9LOODHUKHEW'LH7RUHLQIDKUWVWHKWRIIHQ:LQQLH VLHKWGHQ:DJHQVFKZXQJYROOHLQELHJHQXQGDXIGLHJH|IIQHWH 7LHIJDUDJH]XIDKUHQRIIHQVLFKWOLFKNHQQWVLFKGHU)DKUHUKLHU JHQDXDXV :LQQLHIlKUWODQJVDPDQGHP+DXVYRUEHU.HLQ1D PHQVVFKLOGLVWGDNHLQ)LUPHQ]HLFKHQ$EHUHVPXGRFK]X HUIDKUHQVHLQZHULQGHU7KHUHVHV*DWDUHVLGLHUW .DXPLVW:LQQLH:LQNHOPDQQQDFKGHPVLHVLFKYRUVLFKWV KDOEHUEHU]HXJWKDWGDGHU%RUJZDUGGHU%UlXHUZLHGHUYRU GHP:RKQKDXVLQGHU+HLPGDOV*DWDVWHKWLQLKUHP+RWHO]LP PHUGDUXIWVLHGLH7HOHIRQDXVNXQIWDQXQGELWWHWXPGLH 1XPPHUGHV$QVFKOXVVHVLQGHU7KHUHVHV*DWD'LH 7HOHIRQDXVNXQIWLVWGHUHQJOLVFKVSUHFKHQGHQ$XVOlQGHULQ JHUQEHKLOIOLFK ª+|UHQ6LHELWWH"©VDJWHLQH0lGFKHQVWLPPHLQVHKUVFKXO PlLJHPXQGHWZDVXQEHKROIHQHP(QJOLVFK©7KHUHVHV*DOD 1XPPHU]ZHL]ZHL]ZHLKDWGHQ$QVFKOXVLHEHQXQGDFKW]LJ GUHLLJIQI]HKQ'HU$QVFKOXOlXIWDXIGHQ1DPHQGHU )LUPD:HVWHUQ(OHFWURQLF© ª,FKELQ,KQHQVHKUYHUEXQGHQ©HQWJHJQHWGLH)RWRJUDILQ XQGOHJWGHQ+|UHUEHLQDKHEHKXWVDPLQGLH*DEHO]XUFN 'DQQJHKWVLHLQV%DGKLQEHUXP]XGXVFKHQ6LHLVWXQ ]XIULHGHQPLWVLFK'LH:HVWHUQ(OHFWURQLF:DUXPLVWVLH

QLFKWDOOHLQGDUDXIJHNRPPHQ"%UHGHEXVFKKDWLKUGRFKYRQ GHP(UJHEQLVGHU0$'(UKHEXQJHQLP3HQWDJRQEHULFKWHW 'DUDXVXQGHEHQVRDXVGHU9HUKDIWXQJ'U.|QLJVGXUFK DPHULNDQLVFKH.ULPLQDOSROL]HLJLQJHLQGHXWLJKHUYRUGDGLH :HVWHUQ(OHFWURQLFQDFK/RIWKXVHU)RUVFKXQJVHUJHEQLVVHQ MDJW1DKHOLHJHQGLVWGDLKUH/HXWHDXFKDP2UWGHV*H VFKHKHQVQlPOLFKKLHUYRUGHQ7RUHQ2VORVQDFKIRUVFKWHQ :DKUVFKHLQOLFKVLQGVLHGDEHLDXIGLH%UlXHUJHVWRHQXQG KDEHQVLHLP$XJHEHKDOWHQ0LW(UIROJZLHVLFK]HLJW'DVLH GLH%UlXHUELVQDFK)UDQNIXUWDP0DLQYHUIROJWHQZLVVHQVLH QXQDXFKIUZHQVLHDUEHLWHWXQGPLWZHPVLHHVEHLHLQHP HLJHQHQ%HUJXQJVXQWHUQHKPHQ]XWXQKDEHQ:LQQLHN|QQWH VFKZ|UHQGDHVVSlWHVWHQVVHLWGHU5HLVHGHU%UlXHULQGLH %XQGHVUHSXEOLNLQGHUHQ2VORHU:RKQXQJHLQH$EK|UDQODJH JLEWGLHHVGHU'DPHLQ6FKZDU]XQP|JOLFKPDFKWLQGHQ HLJHQHQYLHU:lQGHQXQJHVW|UW]XWHOHIRQLHUHQRGHUVLFK]X XQWHUKDOWHQ:HQQGLH:HVWHUQ(OHFWURQLF]XP=XJHNRPPW GDQQGUIWHHV:HUQHU%UHGHEXVFKVHKUVFKZHUKDEHQ (LQVLFKWLQGHQ,QKDOWGHVGDPDOVYRQ8YHUVHQNWHQ %HKlOWHUV]XQHKPHQ'LHVHU*HGDQNHEHXQUXKLJW:LQQLH VHKUGRFKLKUVLQGGLH+lQGHJHEXQGHQ $OVVLHXQWHUGHU'XVFKHVWHKWPHUNWVLHZLHPGHXQG HUVFK|SIWVLHLVW'HQQRFKVWHFNWVLHVRYROOHU8QUXKHGDVLH ODQJHQLFKWHLQVFKODIHQNDQQ

.DXPOLHJW%ODQNHQHVHDFKWHUDXVXQGNDXPLVWGLHª'LDPDQW© DXIRIIHQHU6HHOlWGHU.RPPDQGDQW6HJHOVHW]HQ(VLVW IDV]LQLHUHQG]XVHKHQZLHGLH%HVDW]XQJNDW]HQJOHLFK]XGHQ 5DKHQGHVYRUGHUHQ0DVWHVDXIHQWHUWZLHVLFKGLH6HJHO |IIQHQXQGGHU:LQGNQDOOHQGLQGDV7XFKIlKUW6REDOGDXFK GLHGUHLHFNLJHQ.OYHUXQG6WDJVHJHOJHVHW]WVLQGOlWGHU .DSLWlQGHQ'LHVHOPRWRUDEVFKDOWHQ$XIHLQPDOLVWY|OOLJH

6WLOOHDXIGHUª'LDPDQW©1XUGDVbFK]HQGHVDUEHLWHQGHQ +RO]HVLVW]XK|UHQ(VLVWDOVREVWDUNHU:LQG%DXPNURQHQ EHXJWXQG]XEUHFKHQVXFKW'HU:LQGVLQJWXPV7DXZHUN .DXPPHUNOLFKOHJWVLFKGLH6FKRQHUEULJJHLQZHQLJ]XU6HLWH 8QYHUVHKHQVZLUGLKUH)DKUWVFKQHOOHUXQGHVLVWDOVZlUHQ 6FKLIIXQG:DVVHUXQG:LQGQXQHLQVJHZRUGHQ'HWMHQKlOW GLH+DQGYRUGLH$XJHQXQGVLHKWKLQDXI]XGHQSUDOOHQ6HJHOQ GLHZLH:RONHQEHULKPVWHKHQ 'HU.DSLWlQPXVWHUWLKQYRQGHU6HLWHHLQNOHLQHV]X IULHGHQHV/lFKHOQXPVSLHOWVHLQHQ0XQG(UZHLZLHWLHI EHHLQGUXFNWMHGHULVWGHU]XPHUVWHQPDODXIHLQHPJURHQ 6HJOHUUHLVW'DLVWLQGHU(ULQQHUXQJSO|W]OLFKDOOHVOHEHQGLJ ZDVPDQEHLPDOWHQ6WHYHQVRQXQGEHL-DFN/RQGRQYRQGHU )DKUWDXIª:LQGMDPPHUQ©JHOHVHQKDWYRQGHUªKRKHQ 6FKXOH©GHU6HHPDQQVFKDIWXQGGHP$XVJHOLHIHUW6HLQGHU *HZDOWGHU(OHPHQWH*HUDGHGHVKDOEVFKDOWHW.DSLWlQ :ROOHUPDQQZHQQ*lVWHDQ%RUGVLQGVRUDVFKZLHP|JOLFK GHQ0RWRUDE(UZLOOLKQHQJHQDXGDV(UOHEQLVYHUVFKDIIHQ DXIGDVVLHDOOHZDUWHQ'DVPDFKWLKP6SD(LQHVROFKH /X[XVMDFKW]XIKUHQLVWLKPQLFKWVFKOHFKWKLQ%HUXIVRQGHUQ HLQH$XIJDEH'D]LHKWHUDOOH5HJLVWHUXQGVREHWUDFKWHWLVW HUHLQJHUDGH]XLGHDOHU.RPPDQGDQWIUGLHª'LDPDQW© $XFKGDVJHK|UWGD]X.VWHQPRWRUVFKLIIHGLH.XUVDXI +DPEXUJKDOWHQODVVHQJUHQGGLH6LUHQHDXIKHXOHQ:HU =HLWKDWVWHKWZLQNHQGDQGHU5HOLQJXQGGLH6FKLIIVRIIL]LHUH OHJHQGLH+DQGDQGLH0W]H6HJOHUZLHGLHª'LDPDQW©VLQG VHOWHQJHZRUGHQDXIGHQ:HOWPHHUHQXQGZRVLHHLQPDO HUVFKHLQHQHUZHLVWPDQLKQHQ5HIHUHQ]ZLH5HOLTXLHQDXV HLQHUVDJHQXPZREHQHQ=HLWLQGHUQRFKXQWHU6HJHOQGLH IHUQHQ.RQWLQHQWHHQWGHFNWXQG+DQGHOVVWUDHQHUNXQGHW ZXUGHQ'DVZDUHQGLHJURHQ=HLWHQGHU6HHIDKUWGDVZDU HWZDVDQGHUHVDOVQDFKH[DNWHP3ODQ(U]DXV1DUYLNRGHU .RKOHDXV(GLQEXUJKRGHU+RO]DXV+HOVLQNLDXILPPHUGHU VHOEHQ5RXWH]XEHI|UGHUQ8QGGLHª'LDPDQW©LVWVRULFKWLJ GD]XDQJHWDQGLH3KDQWDVLH]XHQW]QGHQGHQQVLHPDFKW LKUHP1DPHQ(KUHXQGSUlVHQWLHUWVLFKLQPDNHOORVHU6FK|Q KHLW

.DSLWlQ:ROOHUPDQQQLPPWGLH*UHHQWJHJHQZLHMH PDQGGHUZHLZDVLKPXQGGHPYRQLKPJHIKUWHQ6FKLII JHEKUW:LHHLQ.DSLWlQLP%LOGHUEXFKVLHKWHUDXVLQVHLQHU ZHLHQ8QLIRUP 'HFNVWKOHZHUGHQJHEUDFKW:ROOGHFNHQGD]X'UHL6WKOH XQGGUHL'HFNHQ0LW%RUQVLQGGLHEORQGH*DEULHOHGLHJURH YHUWUlXPWH$XJHQKDWXQG'HWMHQDQ%RUGJHJDQJHQ1LH PDQGYRQGHU5KHLQ0DLQ'HWHNWHL$FKLPHUVLHKWGDUDXVZLH HQJXQGYHUWUDXWGDV9HUKlOWQLV%RUQV]XP6FKLIIVHLJQHUVHLQ PXRIIHQVLFKWOLFKZXUGHGHU.DSLWlQDQJHKDOWHQDOOH %HIHKOH%RUQVDXV]XIKUHQVRGDGHUDXIGLH0LWQDKPH HLJHQHU/HXWHYHU]LFKWHQNDQQ (LQ6WHZDUGDXFKHULQZHLHU-DFNHUHLFKW6HNW:ROOHU PDQQKHEWVHLQ*ODVª*HVWDWWHQ6LHPLU©VDJWHUIRUPYROO HQGHWª6LHLP1DPHQGHV6FKLIIVHLJQHUVXQGLQPHLQHPHL JHQHQDQ%RUGGHU'LDPDQW!KHU]OLFKZLOONRPPHQ]XKHLHQ XQGXQVDOOHQ0DVWXQG6FKRWHQEUXFK]XZQVFKHQ,FK KRIIHZLUZHUGHQHLQHDQJHQHKPH)DKUWKDEHQ©8QGQDFK GHPGLH*OlVHUDQHLQDQGHUNODQJHQWULQNWHUDXVXQGZLUIWGDV *ODVEHU%RUG'LH*lVWHIROJHQVHLQHP%HLVSLHO*DEULHOH HQW]FNW%RUQPLWHLQHP*HVLFKWDOVPDFKHHUGDVLPPHUVR XQG$FKLPJULQVHQG(VDPVLHUWLKQ]XEHREDFKWHQZLHKLHU ªKLJKVRFLHW\©JHVSLHOWZLUG1DWUOLFKVSLHOWHUPLWXQGHUZDU JXWEHUDWHQPLWGHP.DXIGHU6HJHOVFKXKHGHUZHLHQ +RVHGHVKHOOEODXHQ3XOORYHUVXQGGHU6FKLIIHUPW]H(U VLHKW]QIWLJDXVXQGJLEWDXIDOOH)lOOHHLQHEHVVHUH)LJXUDE DOV%RUQGHU]XPEODXHQ&OXEVDNNRVFKORWWHUQGHYLHO]XODQJH 6KRUWVWUlJW'DVHULQQHUWHLQELFKHQDQHLQ0LWJOLHGGHU 0lQQHUULHJHHLQHV7XUQYHUHLQVXPGLH-DKUKXQGHUWZHQGH $XHU$FKLPVFKHLQWGDVQLHPDQGDQ%RUG]XVHKHQ'LHVH 0DQQVFKDIWLVWZRKODQYLHOHVJHZ|KQWXQGKLQVLFKWOLFKGHU *lVWHQDFKGHP0RWWRJHGULOOWQLFKWV]XVHKHQQLFKWV]X K|UHQXQGQLFKWV]XVDJHQ6LHVW|UWDXFKQLFKW1XUZHU XQEHGLQJWDXI'HFN]XWXQKDWLVWREHQ'HU5XGHUJlQJHUVWHKW DP6WHXHUUDGXQGGHU:DFKKDEHQGHKHEWPDQFKPDOVHLQ )HUQJODV(LQVFKPDOHUJUDXHU6WUHLIHQEOHLEWGLH1RUG

VHHNVWHVFKRQZHLWKLQWHUGHP6FKLII]XUFN ª%DFNERUGYRUDXVVHKHQ6LHJOHLFK+HOJRODQG©HUNOlUWGHU .DSLWlQª$Q6WHXHUERUG1RUGIULHVODQG:LUVHJHOQPLW Q|UGOLFKHP.XUVXQGHLQHU*HVFKZLQGLJNHLWYRQHWZDIQI ]HKQ.QRWHQGDVHQWVSULFKWHLQHU)DKUWYRQVLHEHQXQG ]ZDQ]LJ.LORPHWHUQMH6WXQGH'HU5HNRUGGHU'LDPDQW!OLHJW EHLDFKW]HKQ.QRWHQ'D]XPXHVDOOHUGLQJVNUlIWLJHUZHKHQ :HQQLFK,KQHQEHLGLHVHU*HOHJHQKHLWHLQLJH$QJDEHQEHU GDV6FKLIIPDFKHQGDUI"8QVHUH6HJHOIOlFKHEHWUlJWIQI KXQGHUW4XDGUDWPHWHUDXIJHWHLOWDXIGUHL]HKQ6HJHOhEHU VLHE]LJYHUVFKLHGHQH7DPSHQZLH)DOOHQ6FKRWHQ%UDVVHQ *RUGLQJV*HLWDXHXQGVRZHLWHUVLQGDXI'HFNEHOHJW,KUH %HKHUUVFKXQJYHUODQJWHLQKRKHV0DDQ:LVVHQXQG.|QQHQ 0XWXQG(QWVFKORVVHQKHLW$EHUGDVQXUDP5DQGH'LH 'LDPDQW!KDWHLQH/lQJHYRQHLQXQGYLHU]LJ0HWHUQHLQH %UHLWHYRQVLHEHQ0HWHUXQGIQI]LJ'HU7LHIJDQJEHWUlJW PD[LPDOGUHL0HWHU6HFKVXQGVHFK]LJ'HU*URPDVWKDWHLQH +|KHYRQVLHEHQXQG]ZDQ]LJ0HWHU]ZDQ]LJ'HU)RFNPDVW LVWYLHU]LJ=HQWLPHWHUQLHGULJHUDOVRVHFKVXQG]ZDQ]LJ0HWHU DFKW]LJ'HU'LHVHOPRWRU© $FKLPK|UWQLFKW]X'LHVHU)UHPGHQIKUHUWRQGHUDXHU GHPQRFKHWZDV*|QQHUKDIWHVKDWLVWLKPLQGHU6HHOHYHUKDW :DVLQWHUHVVLHUHQLKQGLHVH'DWHQ"9LHOPHKUEHZHJWLKQGLH )UDJHZHUGLHEHLGHQ0lQQHUVLQGGLHHEHQDXVHLQHP 1LHGHUJDQJDXI'HFNNDPHQ]XP%XJJHJDQJHQVLQGXQGVLFK GRUWDXIGLH3ODQNHQOHJHQZLHXPVLFK]XVRQQHQ=XU 6FKLIIVEHVDW]XQJJHK|UHQVLHQLFKWGHQQGLHWUlJWPLW$XV QDKPHGHUEHLGHQ2IIL]LHUHDXVQDKPVORVZHLHV'ULOOLFK]HXJ 'LHEHLGHQKDEHQ3XGHOPW]HQDXIEXQWH6ZHDWHUDQXQG YHUVFKLHGHQIDUELJH+RVHQ'LH6FKLIIVRUGQXQJLJQRULHUHQVLH 'HWMHQZLUG%RUQGDQDFKIUDJHQ'HUK|UWJHUDGH:ROOHU PDQQDQGlFKWLJ]X(UKDWGLHEHLGHQDXFKNRPPHQVHKHQXQG HULVWZHGHUYHUZXQGHUWQRFKEHUUDVFKWGDVKHLWHUZHL ZHOFKH%HZDQGWQLVHVPLWLKQHQKDW ª0LWWHFKQLVFKHU+LOIHGHV%HUJXQJVEHWULHEHV/|YERUJ

ZHUGHQLQGHQQlFKVWHQ7DJHQLP6HHUDXPYRU*ULPVWDGW )HYLN6FKPXJJOHUHLQHQ%HKlOWHUKHEHQ,QKDOWIQI]LJ.LOR +HURLQ© =ROOVHNUHWlU%UDWWHLQYLHUVFKU|WLJHU0DQQPLWORFNLJHP +DDUXQGHLQHP'RSSHONLQQOHJWGHQ%ULHIGHQHUIOLHHQG DXVGHP(QJOLVFKHQLQVHLQHQRUZHJLVFKH0XWWHUVSUDFKH EHUVHW]WKDWEHLQDKHEHKXWVDPDXIGLH*ODVSODWWHVHLQHV 6FKUHLEWLVFKV]XUFN,PJOHLFKHQ7RQLQGHPHUEHUVHW]WH GLVWDQ]LHUWXQGZHUWIUHLIJWHUKLQ]Xª.HLQH$QUHGH.HLQH 8QWHUVFKULIW.HLQ$EVHQGHU'UXFNEXFKVWDEHQ+DQGHOVE OLFKHVJODWWHV%ULHISDSLHU1DFK$QJDEHXQVHUHV/DERUV NHLQHEUDXFKEDUHQGDNW\ORVNRSLVFKHQ6SXUHQ'HU%ULHI ZXUGHYRQHLQHP+DOEZFKVLJHQXQWHQDEJHJHEHQ(LQH %HVFKUHLEXQJGHV%RWHQOLHJWQLFKWYRU'DVLVWDOOHV© )UHLQHQ$XJHQEOLFNKHUUVFKW6WLOOHLQGHP%URUDXPGHU HUVWYRUNXU]HPGXUFKHLQH*ODVZDQGJHWHLOWZXUGH+LQWHUGHU *ODVZDQGEHILQGHWVLFKMHW]WGDV9RU]LPPHUGHUYRQ=ROO NRPPLVVDU)UHGHULFKJHOHLWHWHQ,,$EWHLOXQJGHV)DKQGXQJV GLHQVWHVGHU.|QLJOLFK1RUZHJLVFKHQ=ROOYHUZDOWXQJ,Q GLHVHPª9RU]LPPHU©LQWHUQªGHU+KQHUVWDOO©JHQDQQW UHVLGLHUWGLH6HNUHWlULQ/RQD,PJHVFKUXPSIWHQ%URVLQG GUHL6FKUHLEWLVFKHVR]XVDPPHQJHUFNWGDGHUGHV.RPPLV VDUVGLH6WLUQVHLWHELOGHW=XU/LQNHQVLW]W%UDWW]XU5HFKWHQ GHU2EHUVHNUHWlU+HLEHUJHLQVFKODQNHU0DQQGHUZHLZLH JXWHUPLWGHQEUHLWHQ6FKXOWHUQXQGVHLQHQEODXHQ$XJHQ DXVVLHKW(UWUlJWLPPHUEOHQGHQGZHLH+HPGHQXQGNQDOO EXQWH.UDZDWWHQGLHZLHGXUFKHLQ:XQGHUGRFKLPPHU]X VHLQHPVFKRNRODGHQEUDXQHQOHJHUHQ:LOGOHGHUVDNNRSDV VHQ +HLEHUJNORSIWPLWGHP(QGHHLQHV'UHKEOHLVWLIWVDXIGLH 6FKUHLEXQWHUODJHXQGEOLFNWHUVW%UDWWXQGGDQQGHQ.RPPLV VDUDQª'DVZlUHGHUJU|WH3RVWHQ5DXVFKJLIWGHUDXIHLQHQ 6FKODJLQV/DQGNRPPW©VDJWHUª6RZDVKDWHVVFKRQJH JHEHQ$UEHLW]ZHLHUJHWUHQQWHU1HW]H'DVHLQHEULQJWGLH :DUHXQGOHJWVLHDE'DV]ZHLWHGDV9HUWHLOHUQHW]KROWVLH VLFK'DVLVWHLQH$UW6LFKHUKHLWVVFKOR.HLQHGHUEHLGHQ

*UXSSHQZHLYRQGHUDQGHUHQPHKUDOVXQEHGLQJWQ|WLJXQG GHU%RGHUGLH)lGHQ]LHKWVFKZHLJW© )UHGHULFKVFKDXWJHUDGHDXV]XP)HQVWHU'RUWVWHKWHLQH %OXPHQEDQNYROOHU.DNWHHQVLHEHQXQG]ZDQ]LJ6RUWHQLQ DFKWXQG]ZDQ]LJ7|SIHQ'HU.RPPLVVDUOLHEW.DNWHHQ'LHVH KLHULP%URVLQG$EOHJHUYRQMHQHQGLHHU]X+DXVHKHJWXQG SIOHJWXQGZHQQHUGDV%URHLQPDOIUPHKUHUH7DJHYHU ODVVHQPXYHUVlXPWHUQLFKW/RQDDXVIKUOLFKH$QZHLVXQ JHQIUGLH3IOHJHVHLQHU6FKW]OLQJH]XHUWHLOHQ 'HU.RPPLVVDULVWHLQPDJHUHUNOHLQHU0DQQPLW+DOEJODW]H XQGVFKPDOHUVSLW]HU1DVH)OLQNH$XJHQEOLFNHQGXUFKHLQH JROGJHIDWH%ULOOH0LWHLQHU/HEKDIWLJNHLWGLHPLW1HUYRVLWlW QLFKWV]XWXQKDWZHQGHWHUVLFKMHW]WZLHGHUDQVHLQH0LW DUEHLWHUª6FK|QXQGJXWDEHUGDGLH5HHGHUHL/|YERUJPLW LP*HVFKlIWVHLQVROOPDFKWPLFKVWXW]LJ,PDOOJHPHLQHQVLQG 5DXVFKJLIWULQJHWHFKQLVFKPRGHUQHUDXVJHUVWHWDOVGLHVH :LQNHOUHHGHUHL©)UHGHULFK]LHKWGLH%HLQHDQXQGVHW]WVLFK JHUDGHª:DU/|YERUJVFKRQPDODQKlQJLJ"© (UVLHKW%UDWWDQXQG2EHUVHNUHWlU+HLEHUJWXWHVLKP JOHLFK=ROOVHNUHWlU%UDWWLVWGHU:LVVHQVVSHLFKHUGHU,,$E WHLOXQJGHV)DKQGXQJVGLHQVWHVGHU.|QLJOLFK1RUZHJLVFKHQ =ROOYHUZDOWXQJLQ2VORVHLQ*HGlFKWQLVXQEHUWURIIHQ %UDWWVFKOLHWGLH$XJHQXQGYHUVFKUlQNWGLH$UPHEHUGHU %UXVW'HU6FKUHLEWLVFKVHVVHOlFK]WXQWHUVHLQHP*HZLFKW ª/|YERUJ©VLQQWHUª-DZDUVFKRQDQKlQJLJDEHUQLFKW LP=XVDPPHQKDQJPLW5DXVFKJLIW=ZHLXQGIQI]LJ'DZXUGH GDV:UDFNGHVDOWHQ3DVVDJLHUGDPSIHUV/XFUH]LD!JHSOQ GHUW,P6WXUPJHVXQNHQDPDFKWXQG]ZDQ]LJVWHQ'H]HPEHU DFKW]HKQ]ZHLXQGDFKW]LJ'HU6FKLIIVWUHVRUZDUYROOHU:HUW JHJHQVWlQGH6FKPXFNGHU3DVVDJLHUHXQGVRZHLWHU/|YERUJ VWHOOWHGLH7HFKQLN(UKDWWHHLQHQJXWHQ$QZDOW'DV9HU IDKUHQZXUGHHLQJHVWHOOWª ª6RVR©)UHGHULFKIHGHUWDXVGHP6HVVHOKRFKJHKWPLW NOHLQHQVFKQHOOHQ6FKULWWHQ]XVHLQHQ.DNWHHQXQG]XSIWDQ HLQHUª%LVFKRIVPW]H©:HLGHU7HXIHOZLHHVNRPPW VHLQH.RQIHNWLRQVDQ]JHLPPHULQJHGHFNWHPNOHLQHP.DUR

GDVMHGHQ)OHFNYHUVFKZLQGHQOlWVHKHQVWHWVDXVDOVZlUHQ VLHLKP]XZHLW8QYHUPLWWHOWVDJWHUXQGHUVFKDXWGDEHL QLFKWVHLQH0LWDUEHLWHUDQVRQGHUQEOLFNWKRFK]XP)RWR .|QLJV2ODI9GHU1RUZHJHQVHLW]ZHL-DKUHQUHJLHUWª)QI ]LJ.LOR+HURLQ*HZ|KQOLFKNRPPWDXI]ZDQ]LJ.LORHLQ 0RUG)QI]LJ.LORVLQGJOHLFK]ZHLHLQKDOE0RUGH$OVR ULVNLHUWKLHULUJHQGZHUDOV9HUUlWHUOLTXLGLHUW]XZHUGHQ LQGHPHUXQVLQIRUPLHUW©6HLQ%OLFNVSULQJWYRP.RQWHUIHL GHV0RQDUFKHQ]X+HLEHUJª:DUXPWXWHUGDV"© +HLEHUJIKOWVLFKYHUSIOLFKWHWHLQH(UNOlUXQJ]XILQGHQ ª$EOHQNXQJYRQHLQHPDQGHUHQ3XQNW©PXWPDWHU 'HU.RPPLVVDUNHKUWDQGHQ6FKUHLEWLVFK]XUFNXQGVWW]W EHLGH+lQGHDXIGLH6WXKOOHKQHª=XULVNDQW'LHVH/HXWH ZLVVHQJHQDXZRXQVHUH6WDWLRQHQXQGXQVHUH.XWWHUVLQG 8QGPDFKHQZLUXQVQLFKWVYRUVLHNHQQHQDXFKXQVHUH 'LHQVWSOlQHXQGGHQ$EODXIGHU3DWURXLOOHQIDKUWHQDXI6HH $EOHQNHQN|QQWHQVLHDXIHLQHYLHOZHQLJHUDXIZHQGLJH :HLVH©(UVHW]WVLFKª6RGDZLU VJDUQLFKWPHUNHQ'DYRQ VROOWHQZLUDXVJHKHQ*HEHQ6LHGRFKPDOKHU© %UDWWUHLFKWVHLQHP&KHIGHQ%ULHIª(LJHQWOLFKSDWGDV DOOHVJDUQLFKW]XVDPPHQ©ZLUIWHULQVHLQHUUXKLJHQVFKRQ SKOHJPDWLVFK]XQHQQHQGHQ$UWKLQª9LHOOHLFKWLVWHVEOLQGHU $ODUP"6RZDVKDWWHQZLUDXFKVFKRQ,P-DQXDUYLHUXQGIQI ]LJ]XP%HLVSLHO© 2KQHYRQGHP6FKUHLEHQDXI]XEOLFNHQZLQNW)UHGHULFKDE 'HU2EHUVHNUHWlUJULQVW%UDWWOHKQWVLFK]XUFN 'DV7HOHIRQNOLQJHOWXQG+HLEHUJKHEWDEª=ROOIDKQGXQJ ]ZHLWH$EWHLOXQJ2EHUVHNUHWlU+HLEHUJ1HLQQLFKWDEEUH FKHQ%OHLEHQ6LHGDUDQGDLVWEHVWLPPWZDVLP%XVFK*XW GDQQPHOGHQ6LHVLFKZLHGHU©(UOHJWDXIXQGOlWGLHDQGHUHQ ZLVVHQª7MlOGH,QGHU'HYLVHQVDFKH$KOVHQ%LVMHW]WWXWVLFK JDUQLFKWV© 'HU.RPPLVVDUQLFNWRKQHYRQGHP%ULHIDXI]XVFKDXHQ ª'DVGLFNH(QGHNRPPWPHLQNOHLQHU)LQJHUZHLGDV 6FKLFNHQ6LH7MlOGHGLHVHQQHXHQ$VVLVWHQWHQDOV9HUVWlU NXQJ=X]ZHLWZDUWHWVLFK VEHVVHUXQGHUVROOLKP QSDDU EHOHJWH%URWHPLWQHKPHQ©

+HLEHUJEHJLEWVLFKLQV6HNUHWDULDW%UDWWEHREDFKWHWZLH HUVLFK]X/RQDEHXJWXQGZLHVLHGDQQWHOHIRQLHUW'HU2EHU VHNUHWlUNRPPW]XUFNXQGVDJWVFKRQYRQGHU9HUELQ GXQJVWUKHUª:LUKDEHQZLUNOLFKJHQXJXPGLH2KUHQ*HEHQ ZLUGDVGDLQGLH$EODJH&KHI© 0LWHLQHUUXFNDUWLJHQ%HZHJXQJKHEW)UHGHULFKGDV.LQQ ª$EODJHLVWJXW©HUNOlUWHUPLW1DFKGUXFNOlWHLQH3DXVHXQG EHVWLPPWª$EODJHDEHUHUVWQDFKGHPIHVWJHVWHOOWLVWGDHV GLHVHIQI]LJ.LOR+HURLQQLFKWGRFKJLEW:DVDXIGLHVHU:HOW LVWVFKRQXQP|JOLFKQLFKWZDKU"©'HU=HLJHILQJHUVFKQHOOWYRU XQGULFKWHWVLFKDXIGLH%UXVWGHV2EHUVHNUHWlUVª6LHNP PHUQVLFKGDUXP+HLEHUJ6RYHUZRUUHQGLH*HVFKLFKWHDXFK DXVVLHKW© %UDWWJULQVWVFKDGHQIURK1DFKGHPQXQDXFKGHUGHU,,$E WHLOXQJQHX]XJHRUGQHWH=ROODVVLVWHQWHLQJHVHW]WZXUGHKDW GHU.RPPLVVDUEORQRFKLKQXQG+HLEHUJ]XU9HUIJXQJ$Q LKP%UDWWLVWGHU.HOFKYRUEHUJHJDQJHQXQGLQHLQHUKDOEHQ 6WXQGHJHKWGLH%UR]HLW]X(QGH(LQ-DPPHUGDVLFKGLH ª.XQGHQ©GHV=ROOVQLHGDQDFKULFKWHQ +HLEHUJWUlJWHVPLW)DVVXQJ(ULVWMDVHOEVWVFKXOGXQG NHQQWGHQ&KHIODQJHJHQXJXP]XZLVVHQZLHGHUDXIHLQHQ VRSURYRNDQWHQ9RUVFKODJDQWZRUWHW(UQLPPWVHLQ:LOG OHGHUVDNNRXQGGHQ+XWXQGJHKW0DOVHKHQZDVDXIGHQ )DKU]HXJHQGHU5HHGHUHL/|YERUJORVLVWREVLHVWLOODQGHU .HWWHKlQJHQRGHUVLFK]XP$XVODXIHQUVWHQ 0LWEHLGHQ+lQGHQVFKLHEW)UHGHULFKGDVLQKDOWVFKZHUH %ODWWZHLWYRQVLFKXQG]LHKWVLFKGLH:HFKVHOVSUHFKDQODJH KHUDQ1DFKDOWHU*HZRKQKHLWUlXVSHUWHUVLFKHKHHUHLQHGHU 7DVWHQGUFNW(LQH.RQWUROODPSHIODPPWDXI ª0RELOHV.RPPDQGR=ROOLQVSHNWRU%M|UQVRQ©GU|KQWHLQH 6WLPPHDXVGHP/DXWVSUHFKHU ª)UHGHULFK9HUHKUWHU.ROOHJH,FKKDEH$QOD6LH]X ELWWHQGDV$XJHQPHUN,KUHU+HHUVFKDUHQDXIGDV6HHJHELHW YRU*ULPVWDG)HYLN]XULFKWHQ2KQH$XIVHKHQZHQQHV P|JOLFKLVWDEHUZHQQ,KUH.XWWHURGHUGLH/XIWEHUZDFKXQJ LPIUDJOLFKHQ5DXPHWZDVEHPHUNHQZDVQDFK%HUJXQJDXV

VLHKWGDQQODVVHQ6LHHVPLFKXPJHKHQGZLVVHQ$NWLRQHQHUVW QDFK$EVSUDFKHPLWPLU© ª9HUVWDQGHQ+HUU.RPPLVVDU©DQWZRUWHWGLH6WLPPHDXV GHP/DXWVSUHFKHUª,FKUXIH6LHGDQQ]X+DXVHDQ© )UHGHULFKOlFKHOWXQGVFKWWHOWVRKHIWLJGHQ.RSIDOVN|QQH GHUDQGHUHGDVVHKHQª1LFKWQ|WLJ,FKEOHLEHLP$PW©(U OlWGLH7DVWHORVGLH.RQWUROODPSHHUOLVFKWGHUUHFKWH =HLJHILQJHU]LHOWDXI%UDWWGHUJHUDGHVHLQHQ6FKUHLEWLVFK DXI]XUlXPHQEHJLQQWXQGGHU.RPPLVVDUIlKUWLPJOHLFKHQ 7RQIRUWª8QGVLHOHLVWHQPLU*HVHOOVFKDIW© :LHGHUPDOQLFKWVPLWSQNWOLFKHP%URVFKOXGHQNW %UDWW2IIHQVLFKWOLFKKDWGHU$OWH QH$KQXQJGDKLQWHUGHU 6DFKHPHKUVWHFNWDOVVLFKLP$XJHQEOLFNDEVHKHQOlW(U VLHKW]XUXQWHUVWHQ6FKUHLEWLVFKODGHKLQXQWHUZRGHU5DVLHU DSSDUDWXQGGLH=DKQEUVWH]ZHL3DNHWH=ZLHEDFNHLQH 6FKDFKWHOPLW7HHEHXWHOQXQGHLQH7WHYROO=XFNHUOLHJHQ =LJDUHWWHQNDQQPDQVLFKLPPHUDXVGHP$XWRPDWHQYRUGHU .DQWLQHKROHQ%HLGHU,,$EWHLOXQJGHV)DKQGXQJVGLHQVWHV ]XDUEHLWHQEHGHXWHWPLWGHPJHSDFNWHQ7RUQLVWHU]XOHEHQ

'HU0RUJHQLVWNKO$FKLP'HWMHQVWHKWDPJH|IIQHWHQ %XOOH\HVHLQHU.DELQHXQGDWPHWWLHIGLHIULVFKHNODUH6HHOXIW HLQ'DVJOHLFKPlLJH)DKUJHUlXVFKGDV5DXVFKHQXQWHUGHP .LHOXQGGDV3OlWVFKHUQGHV:DVVHUVDQGHU%RUGZDQGEH UXKLJHQXQGGDV(UVWDXQOLFKVWHLVWGLHVHJOHLWHQGH)DKUWRKQH 0RWRUHQVWDPSIHQ$FKLPIKOWVLFKDOOHP*HZRKQWHQVHOWVDP HQWUFNWXQGIDVWPXHUVLFK]ZLQJHQGDUDQ]XGHQNHQ ZDUXPHUVLFKKLHUDQ%RUGEHILQGHW$XI'HFNVLQG6FKULWWH ]XK|UHQKDOEODXWH.RPPDQGRVZHUGHQJHJHEHQ'HU+RUL ]RQWGHUHEHQQRFKVHKUWLHI]XOLHJHQVFKLHQEHJLQQWODQJVDP ]XVWHLJHQ:LHHLQH:DQGKHEWVLFKGDV0HHU'LH6FKRQHU EULJJOHJWVLFKVDFKWYRQHLQHU6HLWHDXIGLHDQGHUH6LHNUHX]W

(VKDWHLQZHQLJDXIJHIULVFKW'LH1RUGVHHLVWQLFKWPHKU VSLHJHOJODWW'LH:HOOHQNlPPHEUHFKHQVLFKXQGWUDJHQJOD VLJHQ6FKDXP'DXQGGRUWLVWHUZHL (LQZRONHQORVHUEODXHU+LPPHOZ|OEWVLFKEHUGHP 6NDJHUUDN'HWMHQV.DELQHOLHJWDXIGHU6WHXHUERUGVHLWHGHU ª'LDPDQW©XQGVRKDWHUGLH6RQQHURWJROGHQDXVGHP0HHU VWHLJHQVHKHQ,KPZDUDOVEHJLQQHGDV:DVVHU]XJOKHQXQG IOFKWLJGXUFK]XFNWHLKQGHU*HGDQNHGDHVJDUQLFKWVR XQYHUVWlQGOLFKVHLZHQQGLH$OWYRUGHUQJHJODXEWKDEHQGLH (UGHZlUHHLQH6FKHLEHXQGPDQPWHVLFKKWHQGHP5DQG ]XQDKH]XNRPPHQZHLOPDQVRQVWKLQXQWHUIDOOHQN|QQWH -HW]WGUHKWHUVLFKLQGLH.DMWH]XUFN$OOHVKLHULVWIDUEOLFK LQ(OIHQEHLQXQG*ROGJHKDOWHQ6HVVHOEH]JHXQG%RGHQEHODJ VLQGSXUSXUURW(LQ+DXFKYRQ1RVWDOJLHOLHJWEHUDOOHPDEHU GDVSDW]XP&KDUDNWHUGHV6FKLIIVXQGJLEW6WLPPXQJ'DV %HWWLVWVHKUEUHLWXQGPLWHLQHP6SDQQHW]YHUVHKHQGDVHLQ JHKDNWZHUGHQNDQQXPEHLEHZHJWHU6HHHLQ+HUDXVUROOHQ ]XYHUKLQGHUQ-HGH.DELQHKDWHLQHHLJHQH7RLOHWWHXQGHLQH 'XVFKHXQGHVLVWDXFKHLQH6WHFNGRVHGDGLHGHQ6WURPIU GHQ5DVLHUDSSDUDWOLHIHUW$FKLP]LHKWVLFKDQXQGJHKWDQ 'HFNKLQDXI ,KQIU|VWHOWXQGHUEHJUHLIWZDUXPGHU5XGHUJlQJHUXQG GHU:DFKKDEHQGHLQZHESHO]JHIWWHUWHQ.XWWHQ'LHQVWWXQ (EHQVRZDUPVLQGGLH0lQQHUDQGHQ%UDVVHQDQJH]RJHQ6HLW GLHª'LDPDQW©DXVJHODXIHQLVWDUEHLWHQVLHLPWXUQXVPlLJHQ :HFKVHOYRQ:DFKHXQG)UHLZDFKHUXQGXPGLH8KU :ROOHUPDQQVFKOlIWDQVFKHLQHQGQRFK'HU:DFKKDEHQGH HQWELHWHW'HWMHQIU|KOLFKHLQHQª*XWHQ0RUJHQ©XQGVFKQDX]W LPJOHLFKHQ$WHP]XJHLQHQ6HHPDQQDQGHUPLWHLQHUYROOHQ 3W]YRUEHUJHKWXQGLKPXQEHDEVLFKWLJW:DVVHUYRUGLH)H VFKZDSSWª:DKUVFKDX0HQVFK©'HU0DWURVHLVWQLFKWVHKU EHHLQGUXFNW 1HEHQ$FKLPOHKQWVLFKGHU:DFKKDEHQGHDQGLH5HOLQJ ª:LUNUHX]HQLP6NDJHUUDN©HUOlXWHUWHUª1HKPHQ6LHPDO PHLQ*ODV'DQQN|QQHQ6LHDFKWHUDXVGDV)lKUVFKLIIYRQ .ULVWLDQVDQGQDFK+LUWVKDOVDXI-WODQGVHKHQ(VKlOWGLH

9HUELQGXQJ]ZLVFKHQGHU6GVSLW]H1RUZHJHQVXQGGHU 1RUGVSLW]H'lQHPDUNV/DQJZHLOLJH6FKLSSHUHLLPPHUGDV VHOEH'DNDQQPDQDXFK%XVIDKUHUZHUGHQ©(ULVWHLQJH VSUlFKLJHU7\SGLHVHU6WHXHUPDQQª'LH'LDPDQW!LVWZDV DQGHUHV(LJHQWOLFKKDEHLFKKLHUGDVJURH/RVJH]RJHQ,P )UKMDKUPDFKWHQZLUHLQH.UHX]IDKUWLP0LWWHOPHHUXQGLQ GLHVHP6RPPHUJHKWHVQRFKLQV6FKZDU]H0HHUbUPHONDQDO *ROIYRQ%LVND\D*LEUDOWDUDP3HORSRQQHVYRUEHLGXUFKGDV *HZLUUGHUJULHFKLVFKHQ,QVHOQXQGGDQQDXIGHU6WUHFNHGHU DOWHQ$UJRQDXWHQ'LHbJlLV'DUGDQHOOHQ%DFNERUG(XURSD 6WHXHUERUG$VLHQ'DV0DUPDUDPHHUGHU%RVSRUXV'LH VFKODQNHQ7UPHGHU0LQDUHWWVYRQGHQHQDXVGHU0XH]]LQ GLH*OlXELJHQ]XP*HEHWUXIW8QGGDQQGDV6FKZDU]H0HHU .HQQHQ6LHHV"© $FKLP'HWMHQNQHLIWGLH$XJHQHLQELFKHQ]XVDPPHQZHLO GLH6RQQHEOHQGHW6HNXQGHQODQJEHUOHJWHUHUQVWKDIWREGHU IDVFKLVWLVFKH-DJGIOLHJHU'HWMHQMHPDOVDP6FKZDU]HQ0HHU JHZHVHQVHLQN|QQH1HLQGHUZDUZRKOQLHGRUW$EHU:HUQHU %UHGHEXVFKZDUGD'DPDOVDOVHULQ9RUEHUHLWXQJDXIVHLQHQ (LQVDW]IUGDV0LQLVWHULXPIU6WDDWVVLFKHUKHLWLQ6DPDUNDQG -DJGIOXJ]HXJHIOLHJHQOHUQWHGLHGRFKVHKUDQGHUVZDUHQDOV GHUODQJVDPH'RSSHOGHFNHU+6DXIGHPHUDOV6FKODFKW IOLHJHUDXVJHELOGHWZRUGHQZDUXQGPLWGHPHUVHLQHQHLQ]LJHQ ª)HLQGIOXJ©PDFKWHXPZHLWKLQWHUGHU)URQWGHU5RWHQ $UPHH]XODQGHQXQGVLFKIUGHQ.DPSIJHJHQGHQ)DVFKLV PXV]XU9HUIJXQJ]XVWHOOHQ,Q*DJUDVLQGVLHJHZHVHQGHP ZlUPVWHQ2UWGHUVRZMHWLVFKHQ6FKZDU]PHHUNVWHXQG %UHGHEXVFKGHQNWJHUQGDUDQZLHHUDXIGHUKHUUOLFKHQ8IHU SURPHQDGH]XPHUVWHQPDOLQVHLQHP/HEHQXQWHU3DOPHQ JHZDQGHOWLVWDXIGHUHLQHQ6HLWHGDV0HHUDXIGHUDQGHUHQ GLHPLW)HULHQKHLPHQ6DQDWRULHQXQG3HQVLRQHQEHEDXWHQ JUQHQ+lQJHGHV0DPGV\VFKFKD%HUJHV(UHULQQHUWHVLFK JOHLFKGDUDQDOVGHU6WHXHUPDQQGLH$UJRQDXWHQ)DKUWHU ZlKQWHLQ*DJUDJLEWHVLQV0HHUKLQHLQUHLFKHQGGLH5HVWH HLQHUDQWLNHQ)HVWXQJDXVGHPYLHUWHQ-DKUKXQGHUW6FK|QZDU HVGD$EHUHUVDJWª7XWPLUOHLG,FKELQMDNHLQ7DEDN N|QLJ©

'HU6FKLIIVRIIL]LHUVFKHLQWGDVDXHURUGHQWOLFK]XEH GDXHUQ $XVGHPYRUGHUHQ1LHGHUJDQJNRPPHQGLHEHLGHQ0lQQHU GLH'HWMHQDOV)UHPGN|USHUDQ%RUGHPSILQGHW6LHVLQGLQ %DGHKRVHQXQGKDEHQVSRUWOLFKWUDLQLHUWH.|USHU0LWJURHU 6HOEVWYHUVWlQGOLFKNHLWEHJLQQHQVLHDXIGHQ'HFNVSODQNHQHLQ LQWHQVLYHV7UDLQLQJVSURJUDPPGXUFK]XIKUHQ%DOGVLQGLKUH .|USHUQDYRQ6FKZHL $FKLPGHXWHWPLWHLQHU.RSIEHZHJXQJKLQEHUª$WKOHWHQ© VDJWHUDQHUNHQQHQGª1DEHLLKUHU$UEHLW© ª8QYHUPHLGEDU©EHVWlWLJWGHU6WHXHUPDQQª7DXFKHQPLW *HUlWVLHKWVROHLFKWDXVGRFKDXVGHU1lKHEHWUDFKWHW"'D PXPDQVFKRQHLQH0HQJHLQYHVWLHUHQZHQQPDQHV]XHWZDV EULQJHQZLOO,FKELQEHLGHU%XQGHVPDULQHJHIDKUHQZLVVHQ 6LHDXI QHP5%RRWXQGKDEHPDOHLQHhEXQJYRQ.DPSI VFKZLPPHUQPLWHUOHEW+XWDEVDJHLFKQXU8QGGLHEHLGHQ PDFKHQHVYRQ%HUXIVZHJHQ'DLVW)LWQHVVDOOHV©*HVSUl FKLJZLHHULVWHU]lKOWHUJOHLFKZHLWHUª:LUKDWWHQVLHVFKRQ PDOPLW,PYRULJHQ-DKUZDUHQZLULP.DULELVFKHQ0HHU'LH EHLGHQ6|KQHYRQXQVHUHPKRKHQ&KHIHQWGHFNWHQGDPDOV JHUDGHLKU+HU]IUGDV)RWRJUDILHUHQXQWHU:DVVHUXQGGHU $OWHKLHOWHVIUUDWVDPLKQHQHLQSDDU)DFKOHXWHPLW]XJHEHQ ,Q)ORULGDQDKPHQZLUGLHEHLGHQDQ%RUGLQ0LDPL6LHZDUHQ HEHQY|OOLJDEJHEUDQQWLKU9HUVXFKDXIHLJHQH)DXVWGLH 6LOEHUIUDFKWHLQHULPVHFK]HKQWHQ-DKUKXQGHUWJHVXQNHQHQ VSDQLVFKHQ.DUDYHOOH]XKHEHQZDUMlPPHUOLFKIHKOJHVFKOD JHQ6RZDVNDQQQXUPLWJURHPWHFKQLVFKHP(LQVDW]JHOLQ JHQ'HQEHLGHQNDPGDVQHXH$EHQWHXHUJHUDGHUHFKW9HU ZHJHQH%XUVFKHQ'DVJDQ]H/HEHQHLQHLQ]LJHV$EHQWHXHU 9RUNXU]HPKDEHLFKVLHLP)HUQVHKHQJHVHKHQLQHLQHP 8QWHUZDVVHUNULPL:DVVLHGD]HLJWHQGLH-XQJVVLQGJXW© 8QGQXQKDWVLH%RUQDQJHKHXHUWGHQNW'HWMHQXQGHU HULQQHUWVLFKDXFKDQ:LQQLHV9HUPXWXQJGHU&KHIGHU'H WHNWHL]LHOHGDUDXIDEGHQYRP%HUJXQJVVFKLIIJHKREHQHQ %HKlOWHUDXIRIIHQHU6HH]XEHUQHKPHQ:R]XEUDXFKWHUGD 7DXFKHU":LOO%RUQGLH%HXWHLQDOOHU+HLPOLFKNHLWXQGXQWHU

:DVVHUDQVLFKEULQJHQVREDOGGLHYRQGHU%UlXHUDQJHZRU EHQHQVFKZHUHQ7DXFKHUGLH9RUDUEHLWJHOHLVWHWKDEHQ" (UOlFKHOWGHQIUHXQGOLFKHQMXQJHQ6WHXHUPDQQDQª(VZLUG HLQHPDOOHUKDQGJHERWHQDXIGHU'LDPDQW!©VDJWHUWURN NHQ

=ROOREHUVHNUHWlU+HLEHUJZHQGHWVLFKVHLQHP'LHQVWZDJHQ ]XQLPPWGHQ7HOHIRQK|UHUDEXQGOlWVLFKPLWGHU,,$E WHLOXQJGHV)DKQGXQJVGLHQVWHVGHU=ROOYHUZDOWXQJYHUELQ GHQ ª+HUU.RPPLVVDU"©VDJWHUª'LH6DFKHNRPPWLQ%H ZHJXQJ6RHEHQKDWVLFKHLQH'DPHDQ%RUGGHV/|Y ERUJVFKLIIHV&KULVWLQDGUHL!EHJHEHQXQGMHW]WZHUIHQVLHGLH /HLQHQORV:DVVROOLFKWXQ"© (ULVWKHLOIURKGDGLH:DUWHUHLLP+DIHQIULKQYRUEHU LVW*HVWHUQDOVHUVLFKGHQ/LHJHSODW]GHU:LQNHOUHHGHUHL DQVDKPXWHHUVRIRUWZLGHUZLOOLJHLQUlXPHQGDGHUEH UKPWHNOHLQH)LQJHUVHLQHV&KHIVZLHGHUHLQPDOUHFKWKDWWH $XIGHUª&KULVWLQD,,,© KHUUVFKWH%HWULHE1LFKWGDVLFKGD MHPDQGHLQ%HLQDXVJHULVVHQKlWWH(VJLQJDOOHVUHFKWJH PlFKOLFK]XDEHUXQEHUVHKEDUEOLHEGDPDQ9RUEHUHLWXQ JHQIUHLQHQJU|HUHQ7XUQWUDI'HUDOWH/|YERUJVHOEVW LQVSL]LHUWHGDV6FKLII'DV%HUJXQJVJHVFKLUUZXUGHSUR EHZHLVHDXVXQGZLHGHUHLQJHEUDFKW3O|W]OLFKUDWWHUWHGHU .RPSUHVVRUGHUGLHVFKZHUHQ7DXFKHUEHLP(LQVDW]PLW $WHPOXIWYHUVRUJWXQGGDQQZXUGHHV]ZDUVWLOOXQG/|YERUJ JLQJDEHUGLH0DQQVFKDIWEOLHEDQ%RUG'DUDXIKLQYHUIJWH )UHGHULFK'DXHUEHREDFKWXQJXQG%UDWWNDPVHLQHQ.ROOHJHQ DE]XO|VHQ*DQ]VFKOHFKWH/DXQHKDWHUJHKDEWGHUYLHU VFKU|WLJH6HNUHWlUGHQQDOVHUVHLQHMXQJH)UDXWHOHIRQLVFK YHUVWlQGLJWHGDHUQLFKWQDFK+DXVHNRPPHQN|QQHKDWVLH VFKQLSSLVFKXQGE|VHJHVDJWHUVROOHGRFKJOHLFKVHLQHQJH OLHEWHQ.RPPLVVDUKHLUDWHQ6LHMHGHQIDOOVKDOWHGLHVHV/HEHQ DXIGLH'DXHUQLFKWDXVXQGVHLDXFKQLFKWZLOOLJ]XYHUVDXHUQ 'LHJOHLFKHQ:RUWHJHEUDXFKWVLHUHJHOPlLJVHLWIQI-DKUHQ DEHU%UDWWLVWLPPHUZLHGHUYHUVWLPPW.|QQWHGLHVHLQHQLFKW

VRVHLQZLH)UDX)UHGHULFKGLHEHLHQWVSUHFKHQGHU%HQDFK ULFKWLJXQJVWHWVGLHVHOEHQ]ZHL6lW]HVDJWª,VWJXW+HQULN 8QGZHQQGXGUDXHQ]XWXQKDVW]LHKGHQZDUPHQ0DQWHO DQ©+HLEHUJLVWQRFK-XQJJHVHOOHVROFKHQ.XPPHUKDWHU QLFKW(ULVWDP0RUJHQZLHGHUDQGLH6WHOOHYRQ%UDWWJHWUH WHQJXWUDVLHUWXQGVRJDUKHLWHU 'HU.RPPLVVDUUXIWLKQQDFKVHLQHU0HOGXQJLQV%UR ]XUFN ª1DVHKHQ6LH+HLEHUJ©HPSIlQJWHULKQXQGJLEW/RQD GXUFKGLH*ODVZDQGPLW+LOIHYRQ+DQG]HLFKHQ]XYHUVWHKHQ VLHP|JHHLQGULWWHV*ODV7HHKHUEHLVFKDIIHQª6RJDQ]DXVGHU /XIWJHJULIIHQLVWGLHDQRQ\PH$Q]HLJHQLFKW(VZlUHMDP PHUVFKDGHJHZHVHQVLHLQGHU$EODJH]XEHHUGLJHQ©(UUHLEW VLFKGLH+lQGH]LHKWVLFKZLHGHUGLH:HFKVHOVSUHFKDQODJH KHUDQUlXVSHUWVLFKXQGYHUODQJWHUQHXWGDVPRELOH.RP PDQGR ª,P6HHJHELHWYRU*ULPVWDG)HYLNNHLQHEHVRQGHUHQ 9RUNRPPQLVVH+HUU.RPPLVVDU©GU|KQWHVVRIRUWDXVGHP /DXWVSUHFKHUª'LHEOLFKHQ)LVFKHUHLIDKU]HXJHGHUJH ZRKQWH/LQLHQYHUNHKU© )UHGHULFKEHGDQNWVLFKª7XQ6LHPLUHLQHQ*HIDOOHQYHU HKUWHU.ROOHJH©ELWWHWHUGDQQªXQGVWHOOHQ6LHIHVWZRKLQGDV %HUJXQJVVFKLII&KULVWLQDGUHL!GHU5HHGHUHL/|YERUJIlKUW (VKDWYRUHWZD]ZDQ]LJ0LQXWHQGHQ+DIHQYHUODVVHQ$EHU ELWWHODVVHQ6LHNHLQHQ=ROONXWWHUQHEHQKHUIDKUHQ© 'HUDQGHUHODFKWª1DWUOLFKQLFKW'DVNDQQGHU+XE VFKUDXEHUPLWHUOHGLJHQ%LWWHPDFKHQ6LHQlKHUH$QJDEHQ ]XP6FKLII© 'LHOLQNH+DQGGHV.RPPLVVDUVGUFNWGLH6SUHFKWDVWHGLH UHFKWHVSUHL]WDOOH)QIHª6LHN|QQHQGRFKYRQPLUNHLQH 6FKLIIVNODVVLIL]LHUXQJHUZDUWHQ/DVVHQ6LHLP5HJLVWHUQDFK VHKHQ&KULVWLQDGUHL!5HHGHUHL/|YERUJ+HLPDWKDIHQ2VOR PHKUNDQQLFK,KQHQQLFKWVDJHQ© ª2ND\©GU|KQWGHU/DXWVSUHFKHUXQGYHUVWXPPW )UHGHULFKVWHKWOHEKDIWDXIXQGNQ|SIWVHLQ6DNNR]X ª$XIEUXFK©EHVWLPPWHUª=HLW]XP)UKVWFNHQ$XV

QDKPVZHLVHODGHLFK6LHVRJDUHLQ©8QGLP9RUEHLJHKHQ KLQWHUOlWHUEHL/RQDHUVHLLQGHU.DQWLQH]XHUUHLFKHQZHQQ VLFKGDVPRELOH.RPPDQGRPHOGH

6LONH%UlXHUVWHKWDQGHU5HOLQJGHU&KULVWLQD,,,!XPGLH JDQ]H6FKZlUPHYRQ0|ZHQNUHLVHQ'DVEUHLWJHEDXWH HEHQVRSOXPSZLHUREXVWZLUNHQGH6FKLIIVFKLHEWHLQHUH VSHNWDEOH%XJZHOOHYRUVLFKKHUREZRKOHVQLFKWVFKQHOOOlXIW 'LHDOWHQ0DVFKLQHQOlUPHQXQGVWDPSIHQXQGWHLOHQLKUHQ $UEHLWVUK\WKPXVDXFKGHPOHW]WHQ1LHWDQ%RUGPLW ,QHLQHPVROFKHQLQWHUQDWLRQDOHQ+DIHQKHUUVFKW9HUNHKU ZLHDXIHLQHUVWlGWLVFKHQ+DXSWVWUDHJURHª3|WWH©ZHUGHQ YRQ6FKOHSSHUQEXJVLHUWDQGHQ/DGHNDLVOLHJHQVLHGLFKWDQ GLFKWRKQH8QWHUODVFKZHQNHQGLHJURHQ.UDQHGLH'HU ULFNV3ROWHUQGXQGNUDFKHQGHUJLHWVLFK)UDFKWLQGLH%lXFKH YRQ6FKWWJXWIUDFKWHUQXQGGLH%UlXHUJLEWHVVFKQHOODXIGLH 9LHO]DKOGHU)ODJJHQ+HLPDWOlQGHUQ]X]XRUGQHQ%DUNDVVHQ NUHX]HQGHQ:HJGHV%HUJXQJVVFKLIIVHLQ/RWVHQERRW]LHKW PLWKRKHU)DKUWYRUEHULQ5LFKWXQJGHU5HHGHXQGHLQ%RRW GHU+DIHQSROL]HLVWUHEWGHPgOKDIHQ]X(VJLEW7DXVHQGHUOHL ]XVHKHQXQGGLH%UlXHUPHUNWQLFKWZLHVFKQHOOGLH=HLW YHUJHKW'HU+DIHQEOHLEW]XUFNGLH5HHGHHQWVFKZLQGHW LKUHQ%OLFNHQGDV6FKLIIEHJLQQWHLQZHQLJGLH1DVH]XKHEHQ XQG]XVHQNHQ0DQFKPDOVSULW]W*LVFKWELVDXIGDVQLHGULJH 'HFNKHUDXI8QGGLH0|ZHQEOHLEHQ]XUFN 'HU6FKLIIVIKUHUWULWW]XLKUXQGVSHLWHLQHQ3ULHPEHU %RUG(UKDWGLH+lQGHLQGHQ+RVHQWDVFKHQXQGHLQHDOWH -RSSHDQGLHHEHQVRDXV0HWKXVDOHPV=HLWHQ]XVWDPPHQ VFKHLQWZLHGLHDXVJHEOLFKHQH6FKLIIHUPW]HPLWGHPJH EURFKHQHQ6FKLUP ª7MD)UDX%UlXHU©VDJWHUODQJVDPGHQQHVEHUHLWHWLKP 0KHGHXWVFK]XVSUHFKHQª2VORIMRUGHQLVWDFKWHUQ$Q 6WHXHUERUGOLHJW6WDYHUQ%DFNERUGKDEHQZLUGLH7UPHYRQ 6WURPVWDG'DVLVW6FKZHGHQ9RUDXVGDV6NDJHUUDN©(U QLPPWGLH0W]HDEXQGNUDW]WVLFKKLQWHUP2KU'DQQVHW]W HUGLH.RSIEHGHFNXQJZLHGHUDXIXQGIUDJWª8QGZRKLQ IDKUHQZLUQXQ"©

'LH%UlXHUKDWHLQHQ+RVHQDQ]XJDXVVFKZDU]HP1DSSDOH GHUDQ6LHIDWLQGLH-DFNHQWDVFKHXQGQLPPWHLQ)RWRKHUDXV 'DVLVWGLH$EOLFKWXQJGHV=HWWHOVGHQ+HU]RJZlKUHQGGHU 6WDXIHQHU.LGQDSSLQJDNWLRQDXVGHUDOWHQ%ULHIWDVFKHLQ 'U.|QLJV6DIHJHQRPPHQKDWª'DVLVWGHU3XQNW©HUNOlUW VLHXQGKlQGLJWGHP6FKLIIVIKUHUGDV3DSLHUDXV 'HUQLPPWHVHQWJHJHQQLFNWZRUWORVXQGVWDSIW]XP 6WHXHUKDXV0LWGHU*HODVVHQKHLWHLQHV0DQQHVGHUJHZRKQWH $UEHLWYHUULFKWHWEHXJWHUVLFKEHUGLHDXIGHP.DUWHQWLVFK DXVJHEUHLWHWH6HHNDUWHXQGEHVWLPPWLP+DQGXPGUHKHQGLH IUDJOLFKH3RVLWLRQ9HUGDPPWQDKHDP+RKHLWVJHZlVVHU GHQNWHUHVZlUHJXWJHZHVHQZHQQGHU.XQGHEHLGHQ %HK|UGHQXPHLQH%HUJXQJVJHQHKPLJXQJHLQJHNRPPHQZlUH GRFKHUYHU]LHKWNHLQH0LHQH'HU&KHIKDWGLHVHQ$XIWUDJ DQJHQRPPHQGHU&KHIPXZLVVHQZDVHUWXW 'HU6FKLIIVIKUHUJHKWKLQEHU]XP5XGHUJlQJHUª5XGHU 6WHXHUERUG©VDJWHUª=ZHLXQG]ZDQ]LJ*UDG© 'HUDQGHUHGUHKWGDV5DGXQGVLHKWDXIGHQ.RPSD8QWHU GHU1DGHOZDQGHUWGLH*UDGHLQWHLOXQJª/LHJWDQ© *HJHQ0LWWDJKDW=ROOVHNUHWlU7MlOGHJHPHLQVDPPLWGHP QHXHQ=ROODVVLVWHQWHQGLH'HYLVHQVDFKH%M|UQVRQHUIROJUHLFK DEJHVFKORVVHQKDW/RQDVHLQHQ%HULFKWGLNWLHUWGHQVLHQRFK DXVGHP6WHQRJUDPPEHUWUlJWXQGLVWHEHQVRZLHGHU$V VLVWHQWQDFK+DXVHJHJDQJHQª9RUEHUPRUJHQZLOOLFK6LH EHLGHKLHUQLFKWVHKHQ©KDWWH)UHGHULFKEHIRKOHQªXQGJQDGH ,KQHQ*RWW6LHVFKODIHQVLFKQLFKWULFKWLJDXV©'DVVFKlW]HQ VHLQH0LWDUEHLWHUDQLKPGHU.RPPLVVDUYHUODQJWEHGLQ JXQJVORVHQ(LQVDW]DEHUHUVRUJWVLFKDXFKXPVLHXQGEHU IRUGHUWVLHQLFKW%|VH=XQJHQEHKDXSWHQHEHQGHVKDOEVHLHU QRFKLPPHUQLFKW]XP2EHUNRPPLVVDUEHI|UGHUWZRUGHQ,KP VHOEVWVFKHLQWGDVMHGRFKK|FKVWJOHLFKJOWLJ]XVHLQ ª0RELOHV.RPPDQGRIUGLH=ZHLWH$EWHLOXQJ.RPPLVVDU )UHGHULFK©GU|KQWGHU/DXWVSUHFKHU 'HU.RPPLVVDUUlXVSHUWVLFKXQGGUFNWGLH7DVWHª)UH GHULFK©

ª,FKHUKDOWHHEHQHLQH0HOGXQJYRP+XEVFKUDXEHU(UKDW GDV%HUJXQJVVFKLIIDXVJHPDFKW'LH&KULVWLQDGUHL!IlKUWPLW VGZHVWOLFKHP.XUVXQGKlOWVLFKLQQHUKDOEGHU+RKHLWV JHZlVVHU,P$XJHQEOLFNGHU0HOGXQJZDUVLHDXIGHU+|KH YRQ.UDJHUD'HU3LORWVFKlW]WGLH*HVFKZLQGLJNHLWDXIPD[L PDODFKW.QRWHQ:QVFKHQ6LHGDHUDP2EMHNWEOHLEW"© )UHGHULFKVFKWWHOWKHIWLJGHQ.RSIª1HLQ(VPXZLHGHU QRUPDOH3DWURXLOOHQIOXJDXVVHKHQ,FKEHGDQNHPLFK(QGH© 0LWNOHLQHQOHEKDIWHQ6FKULWWHQJHKWHU]XU:DQGNDUWHGLH GHQ6GWHLO1RUZHJHQV]HLJW6LFKDXIGLH=HKHQVSLW]HQ VWHOOHQGIlKUWHUPLWGHP=HLJHILQJHUYRQ2VORDXVDQGHU .VWHQOLQLHHQWODQJª.UDJHUD©'HU)LQJHUIlKUWZHLWHUª+LHU LVW*ULPVWDG'DLVW)HYLN© +HLEHUJXQG%UDWWVLQGDXIJHVWDQGHQXQG]XLKPJHWUHWHQ (UGUHKWVLFK]XLKQHQXPVFKLHEWGLH%ULOOHKRFKXQGVFKDXW YRQHLQHP]XPDQGHUHQª1DGDQQZROOHQZLUPDO©%HLQDKH MXQJHQKDIWNOLQJWGDV2EZRKOHULP'LHQVWGHU=ROOIDKQGXQJ DOWXQGJUDXJHZRUGHQLVWKDWHULPPHUQRFK)UHXGHDQVHLQHU $UEHLWLVWQLHGHU5RXWLQHHUOHJHQXQGZUGHHVHLQIDFKQLFKW IHUWLJEULQJHQEHLHLQHP$QODZLHGLHVHPVHLQHMXQJHQ/HXWH ORV]XVFKLFNHQXQGVLHYRP%URDXV]XGLULJLHUHQ %UDWWSDFNWZRUWORVVHLQHQª7RUQLVWHU©'HU5DVLHUDSSDUDW GLH=DKQEUVWH]ZHL3DNHWH=ZLHEDFNHLQH6FKDFKWHOPLW 7HHEHXWHOQXQGGLH7WHYROO=XFNHUZDQGHUQDXVGHUXQWHUHQ 6FKUHLEWLVFKODGHLQGLH$NWHQWDVFKH+HLEHUJKDWEHUHLWVVHLQH :LOGOHGHUMDFNHDEJHOHJWXQGVFKQDOOWGDV3LVWROHQKDOIWHUXP 'HU.RPPLVVDUPXOHGLJOLFKVHLQ+DOIWHUDXVGHU 6FKUHLEWLVFKVFKXEODGHQHKPHQXQGLQHLQHQ5HLVHORUGOHJHQ 'LHVHJURH/HGHUWDVFKHLVWVWlQGLJJHSDFNWGDIUVRUJW VHLQH)UDX(LQPDOLQGHU:RFKHPXHUGHQ/RUGPLWQDFK +DXVHEULQJHQGDPLWVLHGHQ,QKDOWDXIGHQQHXHVWHQ6WDQG EULQJHQXQGVLFKYRQVHLQHU9ROOVWlQGLJNHLWEHU]HXJHQNDQQ :HQQHUJHOHJHQWOLFKPDXOWVDJWVLHHUPVVHEORGDUDQ GHQNHQGHQZDUPHQ0DQWHOQLFKW]XYHUJHVVHQDOOHVDQGHUH N|QQHHULKUEHUODVVHQ $EHUPDOLJHV5lXVSHUQQHXHUOLFKHV1LHGHUGUFNHQGHU

6SUHFKWDVWHª.RPPLVVDU)UHGHULFKIUGDVPRELOH.RP PDQGR*HEHQ6LHDQQXOOHLQV]ZRYLHUNODU6FKLII]X 0DUVFKXQG*HIHFKW8QGVFKLFNHQ6LHPLUHLQ$XWR© 2KQH+DOWIlKUWGHU:DJHQDP=ROOKDIHQYRUEHU'LH JUDXHQ.XWWHUVFKDUIDXIGHQ.LHOJHEDXWPLWNKDNLIDUEHQHQ $XIEDXWHQXQGEHVWFNWPLWVWDUNHQ6FKHLQZHUIHUQEOHLEHQ ]XUFN(UVWHLQ6WFNKLQVWRSSWGDV)DKU]HXJVWHLJHQGHU .RPPLVVDUXQGVHLQHEHLGHQ%HJOHLWHUDXV+LHUVLHKWPDQ NHLQHXQLIRUPLHUWHQ=ROO:DFKWPHLVWHUPHKUKLHUJLEWPDQVLFK EHWRQW]LYLOXQGDXFKGDV%RRWDXIGDVGLHGUHL]XJHKHQKDW NHLQHQGLHQVWOLFKHQ$QVWULFKXQWHUVFKHLGHWVLFKLQQLFKWV YRQGHQNOHLQHQ)LVFKHUHLIDKU]HXJHQGLH]X+XQGHUWHQLQGHU 1RUGVHHXQGLP6NDJHUUDNXQG.DWWHJDWWLKUH1HW]HVFKOHS SHQ%HUElUWLJH6FKLIIHULP5ROONUDJHQSXOORYHUUHLFKW)UH GHULFKGLH+DQGXQGHUOHLFKWHUWLKPVRGDV$QERUGJHKHQ(LQ /DXIEUHWWKlOWPDQIUEHUIOVVLJHLQNOHLQHU6SUXQJJHQJW EHUGLHVFKHXHUQGHQ)HQGHUYRQGHU0ROHDXIGHQ)LVFK NXWWHU]XJHODQJHQ'DQQVDJWGHU%lUWLJHª:LUVLQGNODU]XP $XVODXIHQ© ª1DELWWH'DQQODXIHQ6LHDXV©'HU.RPPLVVDUHLQH :LOGOHGHUPW]HDXIGHP.RSIQLFNWLKP]Xª(UVWPDOLQ 5LFKWXQJ*ULPVWDG)HYLN(LQHP\VWHUL|VH6DFKH,FKZHL QRFKQLFKWUHFKWZDVLFKGDYRQKDOWHQVROO©(UKHEWYLHO VDJHQGGHQNOHLQHQ)LQJHUXQGGDZHL.URQEHUJZDVGLH *ORFNHJHVFKODJHQKDW6LHKDEHQVFKRQRIW]XVDPPHQJHDU EHLWHWXQGDXIªP\VWHUL|VH6DFKHQ©LVWJHHLFKW=XU /|VXQJVROFKHU8QWHUQHKPHQLVWJHVFKDIIHQZRUGHQ,Q XQUHJHOPlLJHQ=HLWUlXPHQZLUGGLH1XPPHUJHlQGHUWGHU $QVWULFKJHZHFKVHOW$XFKNOHLQH9HUlQGHUXQJHQDQGHQ 'HFNDXIEDXWHQJHK|UHQGD]X0DQFKPDOZLUGDXFKHLQHQHXH 0DVFKLQHHLQJHEDXWYLHOVWlUNHUDOVPDQVLHJHPHLQKLQDXI )LVFKNXWWHUQILQGHW'DVDOOHUGLQJVEOHLEWYHUERUJHQ,Q+D IHQQlKHXQGEHL.VWHQVLFKWVWHKWGHU0DVFKLQHQWHOHJUDIVWHWV DXIªKDOEH)DKUW©'DQQVFKLSSHUWGHU.XWWHUPLWJHPWOLFKHQ DFKW.QRWHQGDKLQ LVWYLHUXQG]ZDQ]LJ0HWHUODQJIDVWVLHEHQ0HWHUEUHLW

XQGKDWHLQHQ7LHIJDQJYRQNQDSSYLHU0HWHUQ'LH%HVDW]XQJ ]lKOWDFKW0DQQGLHZHQQQRWZHQGLJDXFKGLHEHLGHQ VFKZHUHQ0DVFKLQHQJHZHKUHEHGLHQHQPLWGHQHQGHU.XWWHU EHVWFNWLVW,P$XJHQEOLFNEHILQGHQVLHVLFKXQWHU'HFNQXU EHL%HGDUIZHUGHQVLHDXIGLHMHW]WPLW3HUVHQQLQJXQG )LVFKHUHLJHUlWJHWDUQWHQ'UHKJHVWHOOHPRQWLHUW'DVVLQGQXU HLQSDDU+DQGJULIIH,QVHFK]LJ6HNXQGHQNDQQ IHXHUEHUHLWVHLQ,QHLQH6FKLHHUHLDXI6HHZDUGHU.XWWHU MHGRFKQRFKQLHYHUZLFNHOW%LVKHUUHLFKWHHVDXVZHQQ PLWYROOHU)DKUWDXI6FKPXJJOHU]XEUDXVWHXQGLKQHQHLQH HKUIXUFKWJHELHWHQGH%XJZHOOH]HLJWH

:LH)DEHOZHVHQEHZHJHQVLHVLFKGXUFKGLHVH:HOWGHV 6FKZHLJHQVGLHEHLGHQVFKZHUHQ7DXFKHUYRQGHUª&KUL VWLQD,,,©'LH%OHLODVWHQDQ6FKXKHQXQG*UWHOQVRUJHQ GDIUGDGLHXQI|UPLJHQ.|USHUVHOWVDPLQGHU6FKZHEH EOHLEHQ'LH6FKZHUNUDIWVFKHLQWDXIJHKREHQ]XVHLQ'DV :DVVHUWUHLEWGLH0lQQHUVRZHQLJQDFKREHQZLHGLH*H ZLFKWHVLHDXIGHQ0HHUHVERGHQGUFNHQ0LWHLJHQDUWLJ WUlJHQXQGLQ:DKUKHLWGRFKYLHO.UDIWNRVWHQGHQ6FKULWWHQ EHZHJHQVLHVLFKYRUZlUWV1DFKWXPJLEWVLHWLHIVFKZDU]H 1DFKWREZRKOGUHLLJ0HWHUEHULKQHQGHU:DVVHUVSLHJHOLP 6RQQHQOLFKWJOHLW6LHVHKHQHLJHQWOLFKQXUZDVGHU6FKHLQ ZHUIHUGHQMHGHUDXIGHU%UXVWWUlJWPLWVHLQHP/LFKWNHJHO HUIDW 'LH+HOOLJNHLWORFNW)LVFKHDQ6LHQlKHUQVLFKRKQH)XUFKW QHXJLHULJDOVKLHOWHQVLHDOOHVZDVVLFKKLHUXQWHQEHZHJWIU LKUHVJOHLFKHQ6FKROOHQVLQGGDGLHVLFKZLHJURH%OlWWHU ZHOOHQI|UPLJIRUWEHZHJHQXQGVLFKGLFKWEHU*UXQGGD KLQWUHLEHQODVVHQ6LHKHEHQVLFKNDXPDEXQGYHUVFKPHO]HQ ZDVGLH)DUEHDQEHODQJWPLWGHP0HHUHVERGHQ'HUHULQQHUW KLHUDQHLQHOHLFKWJHZHOOWHHEHQH/DQGVFKDIWGLHPLW

6FKODPPXQG6LFNHUVWRIIHQEHGHFNWLVWXQGGLHGDVZLVVHQ GLH7DXFKHUDXV(UIDKUXQJLQGHQ:HOOHQWlOHUQPHWHUGLFN XQGPDQFKPDOXQHUJUQGOLFKVHLQNDQQ 'HP*UXQGJLOWLKUHJDQ]H$XIPHUNVDPNHLW,QHLQLJHP $EVWDQGJHKHQGLH7DXFKHUQHEHQHLQDQGHUKHU'LHª&KUL VWLQD,,,© KDWGLHEHLGHQXQPLWWHOEDUDP.UHX]ZHJGHU.R RUGLQDWHQKHUDEJHODVVHQ'LH$EGULIWLVWHLQNDONXOLHUW(VZlUH HLQ:XQGHUZHQQGLH7DXFKHUGHQUXQGIQI]HKQ-DKUHDXI *UXQGOLHJHQGHQ%HKlOWHUDXI$QKLHEILQGHQZUGHQ'DPLW UHFKQHQVLHQLFKWXQGHVPDFKWVLHDXFKQLFKWQHUY|VGDVLH QXQVFKRQVWXQGHQODQJYHUJHEOLFKVXFKHQ0DQKDWGDVHLQH (UIDKUXQJHQXQGHEHQVRHLQHEHVWLPPWH0HWKRGHHLQLQ )UDJHNRPPHQGHV*HELHWV\VWHPDWLVFKGXUFK]XNlPPHQ9RU ]ZHL-DKUHQHLQPDOKDEHQVLHGUHL7DJHJHEUDXFKWLKU2EMHNW ]X ILQGHQ ,P/LFKWGHU6FKHLQZHUIHUHUVFKHLQWHLQH0LHVPXVFKHO EDQNK|KHUJHOHJHQDOVGLH8PJHEXQJ6LHOLHJWLQLKUHU 5LFKWXQJXQGGHVKDOEJHKHQVLHGDUDXI]X'DQQEOHLEHQVLH VWHKHQ(VLVWDOVJHUDWHGHU0HHUHVERGHQLQ%HZHJXQJ 6FKOLFNZLUEHOWDXIXQGQLPPWGLHRKQHKLQVFKOHFKWH6LFKW YROOHQGV(VOlWVLFKJHUDGHQRFKHUNHQQHQGDHLQ]HQW QHUVFKZHUHU0HHUHVDDODXVGHP6FKOLFNKHUYRUVFKLHWGLH VFKZDU]H:RONHYHUXUVDFKWXQGQXQGDYRQVFKZLPPW6RIRUW YHUVFKOXFNWLKQGLH'XQNHOKHLW ª:LUVWHKHQLP)LQVWHUQ©VDJWGHUHLQH7DXFKHULQGDV 0LNURIRQVHLQHV+HOPVª+LHUJLQJHEHQHLQ$DOKRFK6FKHLQW GDREHQQRFKGLH6RQQH"©8QGDOVGHU0DQQGHUDXIGHU ª&KULVWLQD,,,© GLH6SUHFKYHUELQGXQJKlOWGDVODFKHQGEH VWlWLJWKDWIJWHUKLQ]Xª:LUEOHLEHQVWHKHQELVZLUHWZDV VHKHQN|QQHQ© %HODQJORVH6lW]HDEHUVLHPVVHQJHVDJWZHUGHQGDPLWGLH REHQZLVVHQGDGLH9HUELQGXQJLQWDNWXQGXQWHQDOOHVLQ 2UGQXQJLVW 8QVlJOLFKODQJVDPVHQNWVLFKGLH:RONHGLH6FKHLQZHUIHU JUHLIHQZLHGHUZHLWHULQGLH'XQNHOKHLW'LH6XFKHZLUGIRUW JHVHW]WXQGMHGHU6FKULWWLVWYHUEXQGHQPLWHLQHUKDOEHQ

'UHKXQJHUVWQDFKGHUHLQHQGDQQQDFKGHUDQGHUHQ6HLWH6R HUIDVVHQGLH/LFKWEDKQHQHLQHQEUHLWHUHQ5DXP0HWHUXP 0HWHUJHKHQGLH0lQQHUYRUZlUWV$OOH]HKQ6FKULWWHHLQH 3DXVH:DVVLHKLHUWXQLVWVFKZHUH$UEHLW 'HU6FKHLQZHUIHUGHV]ZHLWHQ7DXFKHUVEHJLQQWSO|W]OLFK ]XIODFNHUQ'RFKHVVFKHLQWQXUVRGHQQGHU0DQQEHZHJW GLH+DQGYRUGHU6FKHLEHDXIXQGDE'DZHLGHUDQGHUHGD LKQVHLQ.DPHUDGDXIHWZDVDXIPHUNVDPPDFKHQZLOO(UJHKW ]XLKP1XQ]HLJHQEHLGH/DPSHQLQHLQH5LFKWXQJ'LFKWEHU GHP%RGHQVWHKWHLQH8QWHUZDVVHUERMH,KUH+DOWHUXQJYHU VFKZLQGHWLP6FKODPP(VJHK|UWYLHO(UIDKUXQJGD]XLQ MHQHPYRQ0XVFKHOQEHZDFKVHQHQXQGGDGXUFKXQI|UPLJ JHZRUGHQHQ.|USHUHLQH%RMH]XHUNHQQHQ+LQ]XNRPPWGD VLHGXUFKGHQ%HZXFKVVFKZHUHUJHZRUGHQLVWXQGNDXPQRFK $XIWULHEKDW'LH+DOWHUXQJLVWQLFKWPHKUVWUDIIJHVSDQQWGHU XQI|UPLJH%DOOUROOWZLHLQHLQHU'QXQJ 'LHEHLGHQ7DXFKHUVFKODJHQPLW+lPPHUQGHQ%HZXFKV DE0KVDPLVWGDV1DWUOLFKPHOGHQVLHLKUHQ)XQGQDFK REHQXQGGLH:RUWHGLHVLHVDJHQVLQGVHKUYRUVLFKWLJJH ZlKOW6LHODVVHQQRFKDOOH0|JOLFKNHLWHQRIIHQ%ORNHLQHQ YHUIUKWHQ2SWLPLVPXV ª6FKLFNWXQVZDVUXQWHUGDPLWZLUGLH)XQGVWHOOHPDUNLH UHQ© ª6FKZLPPERMH©VDJWGHU.DSLWlQGHUª'LDPDQW©]XGHP QHEHQLKPVWHKHQGHQ%RUQXQGOlWGDV*ODVQLFKWYRQGHQ $XJHQ ª8QGGDVKHLW"© ª'DVKHLW(VLVWZDVJHIXQGHQZRUGHQXQGVLHNHQQ ]HLFKQHQGLH6WHOOHDXIGHP0HHUHVJUXQG© ª8QGQXQ"© :ROOHUPDQQKHEWGLH6FKXOWHUQª-HW]WKROHQVLHHUVWPDOGLH 7DXFKHUKRFK'LHVLQGVRODQJHXQWHQGLHEUDXFKHQ QH3DXVH 8QGGDQQEHUDWHQVLHZDVVLHPDFKHQ,FKZUGHYRUVFKODJHQ +HUU%RUQGDZLUDEGUHKHQ:LUZROOHQGRFKQLFKWDXIXQV DXIPHUNVDPPDFKHQRGHU"©

ª.HLQ2GHU© 'HU.DSLWlQQLFNWXQGJLEWGLHQRWZHQGLJHQ.RPPDQGRV ª,FKVFKLFNHHLQHQ0DQQDXIGHQ*URPDVW'HPJHEHQZLU 6SUHFKIXQNPLWGDPLWHUXQVYHUVWlQGLJWZHQQZDVSDVVLHUW 'UEHQVHKHQVLHGDQQQLFKWPHKUYRQXQVDOVXQVHUH0DVW VSLW]HXQGDXIGLH]XDFKWHQKDEHQVLHNHLQH9HUDQODVVXQJ© *OHLFKGDUDXIHQWHUWHLQ0DWURVH]XP0DVWNRUEDXI'HWMHQ EHREDFKWHWGHQ9RUJDQJXQGGHQNWDXIGHUª'LDPDQW©N|QQH GLH0DQQVFKDIWZRKOGXUFKQLFKWVPHKUYHUEOIIWZHUGHQ$OOH %HIHKOHZHUGHQKLHUPLWHLQHU*HODVVHQKHLWDXIJHQRPPHQDOV ZlUHGDVDOOHVVFKRQHLQPDOGDJHZHVHQYHUWUDXWXQGQLFKW XQJHZ|KQOLFK %RUQNRPPW]XLKPQDFKDFKWHUQXQGOlWVLFKQHEHQ$FKLP LQHLQHQ/LHJHVWXKOIDOOHQ'HUGULWWH/LHJHVWXKOEOHLEWOHHU *DEULHOHKRFNWEHLGHQEHLGHQ$EHQWHXUHUQGLHVLFKHLQ6WFN KLQDXIHLQHU'HFNHDXVJHVWUHFNWKDEHQXQGGLH%ORQGLQHPLW GHU6FKLOGHUXQJSKDQWDVWLVFKHU(UOHEQLVVHXQWHUKDOWHQ'DEHL VWHOOHQVLHLKU/LFKWNHLQHVZHJVXQWHUGHQ6FKHIIHO9RQ+DLHQ XQG%DUUDNXGDVHU]lKOHQVLHYRQEL]DUUHQ.RUDOOHQElQNHQ GLHLP6FKHLQZHUIHUOLFKWLQGHQVFK|QVWHQ)DUEHQDXIJOKHQ XQGYRQGHU%O|GKHLWGHU6FKDXVSLHOHUGLHDOWDXVJHVHKHQ KlWWHQZHQQQLFKWVLHGLHEHLGHQ+HOGHQDXIGHUª'LDPDQW© XQWHU:DVVHULKUH5ROOHQEHUQRPPHQKlWWHQ*DEULHOHK|UW LKQHQJOlXELJ]XQLPPWDOOHVIUEDUH0Q]HXQGJHQLHWZRKO DXFKHLQELFKHQGLHEHZXQGHUQGHQ%OLFNHGHU0lQQHU6LH WUlJWHLQHQVFKZDU]HQ%LNLQLGHUPHKU]HLJWDOVYHUKOOWXQG VLHLVWJXWJHEDXWGLHVH*DEULHOH0DQEHZXQGHUWVLFKJHJHQ VHLWLJXQGHPSILQGHWGDVDOVGXUFKDXVDQJHQHKP ª:HQQLFKQRFKHLQPDODXIGLH:HOWNRPPH©VDJW'HWMHQ XQGUHNHOWVLFKEHKDJOLFKªGDQQJHKHLFK]XU5KHLQ0DLQ 'HWHNWHL6RZLHLKUDUEHLWHWN|QQHQDQGHUHQLFKWHLQPDO LKUHQ8UODXEYHUEULQJHQ© %RUQVLHKWLKQYRQGHU6HLWHDQXQGUXQ]HOWGLH6WLUQª'DV WlXVFKWPHLQ/LHEHU'DVWlXVFKW:LUPDFKHQNHLQH3LFN QLFNIDKUWZHQQHVDXFKVRDXVVLHKW©(UEOLFNW]X*DEULHOH KLQEHU'DVLHGRUWEHLGHQ$WKOHWHQKRFNWPLIlOOWLKP(U

UXIWVLHKHUDQXQGIUDJWREVLHLKQXQG+HUUQ'HWMHQYHU GXUVWHQODVVHQZROOH%RUQGHQNWDQVHLQH.RPPL]HLW0DQ PXGLH/HXWHEHVFKlIWLJHQGDPLWVLHQLFKWDXIGXPPH *HGDQNHQNRPPHQ'DVJLOWZRKODXFKIU)UDXHQ ª2UDQJHQVDIWELWWH0LWYLHO(LVXQGP|JOLFKVWVFKQHOO© 6LHEHJUHLIWVRIRUWXQGLVWGLH/LHEHQVZUGLJNHLWVHOEVW(LOLJ ZHQGHWVLHVLFK]XP1LHGHUJDQJ%RUQVLHKWLKUQDFK0XVLH GHQQVRLQGHQ+IWHQVFKDXNHOQGHQNWHUZWHQG$EHU LPPHUKLQVLHJHKRUFKW8QGVLHKDWLP9RUEHLJHKHQQLFKW HLQHQ%OLFNIUGLH8QWHUZDVVHUKHOGHQ'DVQLPPWHUPLW %HIULHGLJXQJZDKU 'HWMHQDPVLHUWVLFKGRFKHUVFKZHLJW(UVWHOOW%RUQGLH JOHLFKH)UDJHGLHLKPGHU6WHXHUPDQQVFKRQEHDQWZRUWHWKDW ª:DVVLQGGDVIU7\SHQ"*HK|UHQVLH]XU%HVDW]XQJRGHU LVWGDV0DUVFKYHUSIOHJXQJIU*DEL"©8QGZHLO%RUQ]XVDP PHQ]XFNWXQGDXIHLQPDOVHKUOHLGHQGDXVVLHKWQLPPWHU VRIRUW]XUFNª QHGXPPH%HPHUNXQJ9HUJLVLH© ª'DVVLQG6FKZLPPWDXFKHU)URVFKPlQQHU©HUNOlUW%RUQ (UPDFKWJDUNHLQ+HKOGDUDXVª'HQNVWGXLFKVHKH]XZLH GLHGDGUEHQGDV=HXJKRFKKROHQXQGZLHGHUQDFK1RUZHJHQ VFKOHSSHQJHQDXGDKLQYRQZRHV8GUHLLJDFKWXQG]ZDQ]LJ ZHJEULQJHQVROOWH":HQQGLHGHQ%HKlOWHUDXVGHP6FKODPP JHSXOWKDEHQVFKLFNHLFKGLHEHLGHQDXIGLH5HLVH6LHVROOHQ GHQ1RUZHJHUQGDV=HXJTXDVLXQWHUP$UVFKZHJ]LHKHQ8QG GDQQDXIXQGGDYRQ© ª*OlQ]HQGH,GHH©'DVLVWJHQDXGDVZDV:LQQLHXQGHU YHUPXWHWKDEHQª1XQVDJPLUPDOHLQV%RUQ:HQQZLUGDV 'LQJDQ%RUGKDEHQZDVJHVFKLHKWGDPLW"© 'HU&KHIGHU5KHLQ0DLQ'HWHNWHLOlFKHOWGHQQHUVLHKW *DEULHOHEHIOLVVHQPLWGUHL*OlVHUQ2UDQJHQVDIWNRPPHQ'DV KHLWGDVLHVLFK]XLKQHQVHW]HQXQGQLFKWDXIGLH'HFNHGHU )URVFKPlQQHU]XUFNNHKUHQZLUGª:LUEULQJHQLKQQDFK +DPEXUJ$XV© ª1DFK+DPEXUJ©HFKRW'HWMHQ(UZLHJWGHQ.RSIXQG VFKQHLGHWHLQH*ULPDVVHª,P*DQ]HQ",VWGDVQLFKWHLQEL FKHQXQEHGDFKW"%XQGHVJUHQ]VFKXW]"=ROO"/HXWHGLHEH

REDFKWHQZLHGHU%URFNHQYRQ%RUGJHEUDFKWZLUG"'DV JHIlOOWPLUJDUQLFKW© %RUQQLPPW]ZHL*OlVHUYRQ*DEULHOHV7DEOHWWXQGUHLFKW HLQV$FKLP1XQGDVLFKGDVEORQGH0lGFKHQEUDYQHEHQLKQ VHW]WQLPPWHUNHLQH1RWL]PHKUYRQLKU8QGDQNLVWGHU:HOW /RKQª'DPDFKGLUQXUNHLQH6RUJHQ'LHDXIGLHHVDQ NRPPWZLVVHQ%HVFKHLGXQGGLHDQGHUHQN|QQHQPLFK PDO© 'HWMHQWULQNW'DQQVWHOOWHUGDV*ODVQHEHQGHQ/LHJHVWXKO XQG]LHKWGDV+HPGDXV(VLVWKHUUOLFKZDUPJHZRUGHQGHU :LQGZHKWMHW]WVFKZDFKXQGGLH6RPPHUVRQQHEUHQQWDXIV 6FKLII ª'HP5KHLQ0DLQ8UODXEHU'HWMHQJHQJWGDVGHP9HU ELQGXQJVRIIL]LHUOHLGHUQLFKWJDQ],FKELQJHKDOWHQMHGHV $XIVHKHQ]XYHUPHLGHQ0LUZlUHHVOLHEHUGHQ%HKlOWHUDQ %RUG]X|IIQHQDOOHQXQQ|WLJHQ%DOODVWDXHQERUGV]XSIHI IHUQXQGGDVZRUDXIHVDQNRPPWGH]HQWXQGXQYHUIlQJOLFK DQ/DQG]XVFKDIIHQ© %RUQOlWGLH(LVZUIHOLP*ODVNUHLVHQXQGNOLUUHQGJHJHQ GLH:DQGVWRHQªhEHUOHJHQVZHUWZDVGXGDVDJVW©UlXPW HUHLQª:LUNOLFKhEHUOHJHQVZHUW© $FKLPEOLQ]HOWLQGLH6RQQHXQGYHU]LHKWNHLQH0LHQHMD HUZLUNWDXVJHPDFKWXQLQWHUHVVLHUW'DEHLEHUOHJWHUILHEHU KDIW'DVIHKOWHQRFKGDGLHVH6HHUHLVHIULKQDXVJHKWZLH GDV+RUQEHUJHU6FKLHHQZHLOGHU%HKlOWHUDQ%RUGQLFKW JH|IIQHWZLUG ª6LHVROOWHQVLFKDEHUHLQUHLEHQ+HUU'HWMHQ©EHPHUNW *DEULHOHª6RQVWKDEHQ6LHPRUJHQGHQVFK|QVWHQ6RQQHQ EUDQG0DQJODXEWJDUQLFKWZLHLQWHQVLYGDV6RQQHQOLFKWDXI 6HHLVW1HXOLFKHUVWKDEHLFKLP)UDXHQ)UHXQG!JHOH VHQ© ª+DOWGLH.ODSSH©XQWHUEULFKWVLH%RUQRKQHGHQ.RSI]X ZHQGHQRGHUGLH$XJHQ]X|IIQHQGLHHUJHVFKORVVHQKDW ª9DWHUGHQNWQDFK© $FKLPVLHKWGDV0lGFKHQDQXQGOlFKHOWLKP]X6HLQH %HPHUNXQJVFKHLQWEHL%RUQDXIIUXFKWEDUHQ%RGHQJHIDOOHQ

]XVHLQ*DEULHOHEH]LHKWGDV/lFKHOQJDQ]DXIVLFKXQGHU ZLGHUWHV

'LHHOHJDQWH6LONH%UlXHUGLHZLHHLQ)UHPGN|USHUDQ%RUG GHUª&KULVWLQD,,,© ZLUNWVLHKW]XZLHGLH7DXFKHU]XQHXHP (LQVDW]JHUVWHWZHUGHQ(VGDXHUWVHLQH=HLWELVVLHIHUWLJ VLQG'LHURVWURWHQ$Q]JHDXVJXPPLEHVFKLFKWHWHP*H ZHEHXQGDXFKGLHEOHLEHVFKZHUWHQ6FKXKHKDEHQVLHVFKRQ DQ'DPLWVLQGVLHEHU:DVVHUEHZHJXQJVXQIlKLJ6LHN|QQHQ QXUVWLOOVWHKHQXQGVLFKYRQ+HOIHUQZHLWHUDQ]LHKHQODVVHQ 'HUVFKZHUH*UWHOZLUGLKQHQXPJHOHJWDQGHPHLQIDFKHV :HUN]HXJKlQJW'LH+HOPHVLQGVRVFKZHUGDMHZHLOV]ZHL 0DQQVLHDQKHEHQXQGGHQ7DXFKHUQDXIVHW]HQPVVHQ1RFK LVWGLH6LFKWVFKHLEHRIIHQQRFKPVVHQDXFK%UXVWXQG 5FNHQJHZLFKWHLQJHKlQJWZHUGHQ6FKRQLVWGHU/XIW VFKODXFKDQJHVFKORVVHQGLH6SUHFKYHUELQGXQJKHUJHVWHOOW XQGQXQZLUGDXFKGLH6LFKWVFKHLEH]XJHVFKUDXEW(LQH 6SUHFKSUREHILQGHWVWDWWGLH'UXFNPHVVHUGHV.RPSUHVVRUV ]HLJHQGLHRUGQXQJVJHPlH=XIKUXQJYRQ$WHPOXIWDQ1RFK HLQH3UREHGHU6FKHLQZHUIHUGDQQLVWHVZLHGHUVRZHLW=XU %UFNHZLUGHLQ+DQG]HLFKHQJHJHEHQXQGJOHLFKGDUDXIKHEW GLH0RWRUZLQGHGLHVFKZHUH6WDKOSODWWHDQDXIGHUGLH 7DXFKHUVWHKHQVFKZHQNWVLHDXHQERUGVXQGOlWVLHODQJVDP LQGLH7LHIHJOHLWHQ'DVVLHKWDXVDOVIKUHQVLHPLWHLQHP )DKUVWXKOKLQDEGHPGLH6HLWHQZlQGHIHKOHQ%ODVHQVWHLJHQ KRFKYHUEUDXFKWH/XIWVWU|PWDXVGHQ$XVODYHQWLOHQ8QG REHQDQ'HFNVWHKWHLQHUGHUNHLQHQ%OLFNYRQGHQ0DQRPH WHUQGHV.RPSUHVVRUVXQGGLH+DQGQLFKWYRP5HJXOLHUKHEHO OlW1HEHQLKPKDWGHU0DQQPLWGHQ.RSIK|UHUQXQGGHP .HKONRSIPLNURIRQVHLQHQ3ODW] $XFKGHU5HVWGHU0DQQVFKDIWLVWYROOEHVFKlIWLJW(LQH 6FKODXFKWURPPHOVWHKWEHUHLW'LH6SLW]HZLUGDXIJHVHW]WXQG EHVFKZHUWDXHQERUGVJHKLHYWXQGODQJVDPKLQDEJHVHQNW 'LH7URPPHOGUHKWVLFK$XIQRUZHJLVFKVDJWHLQH0lQ QHUVWLPPH=DKOHQ'LH%UlXHUYHUVWHKWQLFKWVGRFKVLHYHU PXWHWULFKWLJGDHUDQJLEWZLHYLHOH0HWHU6FKODXFKDE

JHODXIHQVLQG'DQQZLUGGLH7URPPHOJHVWRSSW(LQHJDQ]H :HLOHJHVFKLHKWJDUQLFKWVGDQQTXLWWLHUWGHU0DQQPLWGHQ .RSIK|UHUQHLQH0HOGXQJYRQXQWHQXQGJLEWZLHGHUHLQ +DQG]HLFKHQ]XU%UFNH ª-HW]WKDEHQGLH7DXFKHUGHQ6FKODXFKDXIJHIDQJHQXQG VLQGPLWLKPDP2EMHNW©HUNOlUWLQVHLQHPODQJVDPHQEH KXWVDPHQ'HXWVFKGHU.DSLWlQGHUª&KULVWLQD,,,© ]XYRUNRP PHQG'DQQJLEWHUHLQHQ%HIHKO(LQH+RFKGUXFNSXPSHZLUG DQJHODVVHQ'HUELVMHW]WVFKODIIDXI'HFNOLHJHQGH6FKODXFK ZLUGSO|W]OLFKOHEHQGLJ(UZLUGSUDOOXQGUXQG(LQ=LWWHUQ GXUFKOlXIWLKQ 'LH%UlXHUVWHKWXQGVFKDXW,QGHU3DXVHYRUKLQLVWGDV ZHLWHUH9RUJHKHQEHVSURFKHQZRUGHQXQGGHU.DSLWlQKDW VLHPLWGHPYHUWUDXWJHPDFKWZDVMHW]WJHVFKLHKW0LWWHOV HLQHVVFKDUIHQ:DVVHUVWUDKOVZHUGHQGLH7DXFKHU]XQlFKVW HLQPDO6FKOLFNXQG6FKODPPYRP%HKlOWHUZHJEODVHQ(UVW ZHQQPDQLKQVHKHQNDQQOlWVLFKGDVZHLWHUH9HUIDKUHQ EHVWLPPHQ6HHZDVVHUVHLDJJUHVVLYEHPHUNWHUXQGPDQ PVVHYRUVLFKWLJVHLQGDPLWGHU%HKlOWHUEHLXQVDFKJHPlHU %HKDQGOXQJQLFKWDXVHLQDQGHUIDOOH)QI]HKQ-DKUHVHLHQHLQH ODQJH=HLWXQGGHU5RVW$XIGLH)UDJHZLHODQJHHVGDXHUQ ZHUGHKHEWHUGLH6FKXOWHUQ0DQN|QQHIURKVHLQZHQQGLH 7DXFKHUKHXWHQRFKZHQLJVWHQVHLQH.DQWHGHV%HKlOWHUV]X *HVLFKWEHNlPHQ9RUPRUJHQDEHQGJODXEHHUQLFKWDQGLH 0|JOLFKNHLWHLQHU+HEXQJ'DVVHLJDQ]DXVJHVFKORVVHQ ª,FKNDQQPLUQLFKWYRUVWHOOHQZLHHVGDXQWHQDXVVLHKW© VDJW6LONH ª'HU:DVVHUVWUDKOZKOWDOOHVDXI'LH0lQQHUDXIGHP *UXQGVWHKHQLQHLQHU:RONHYRQ6FKODPPXQG'UHFN6R GLFKWLVWGLH:RONHGDGLH6FKHLQZHUIHUZHQQHVKRFK NRPPWVLH]HKQRGHU]ZDQ]LJ=HQWLPHWHUZHLWGXUFKGULQ JHQ'DV:DVVHUZLUEHOWXQGHLQ7HLOGHV6FKOLFNVVLQNWZLHGHU GDKLQ]XUFNYRQZRHUNDP$EHUGDNDQQLFKUHGHQVRYLHO LFKZLOO,KQHQYRQKLHUREHQDXVHLQ%LOG]XJHEHQGDVLVW XQP|JOLFK:HQQ6LHPLFKIUDJHQLFKP|FKWHQLFKWGDYRU2UW VWHKHQ©HUZLGHUWGHU.DSLWlQ

'LH%UlXHUJHKWYRU]XP%XJOHKQWVLFKDXIV6FKDQ]GHFN XQGEOLFNWEHUGDVZHLWH0HHU'LH6RQQHVWHKWVFKRQWLHI QHEHQGHUª&KULVWLQD,,,© OLHJWJURWHVNYHU]HUUWLKU6FKDWWHQ 'LH6HHLVWUXKLJQXUNOHLQHVFKXSSHQI|UPLJDXVVHKHQGH .UlXVHOZHOOHQVLQGGDXQGVSLHOHQPLWHLQDQGHU,QHLQLJHU (QWIHUQXQJ]LHKHQ)LVFKNXWWHU6LHIDKUHQODQJVDPXQGGLH 6WW]VHJHOGLHVLHJHVHW]WKDEHQXP'LHVHONUDIWVWRII]X VSDUHQVSDQQHQVLFKNDXP'HUOHLVH=XJGHV:LQGHVUHLFKW QLFKWUHFKWVLH]XEOlKHQ$EHUKEVFKVHKHQVLHDXV RFNHUIDUEHQXQGYRQVFKPXW]LJHP:HL :HLWXQGEUHLWNHLQHª'LDPDQW©'DVYHUXQVLFKHUW6LONH %UlXHUHLQZHQLJ(VZDUGRFKYHUHLQEDUW1XU]|JHUQGHQW VFKOLHWVLHVLFKGDVYHUHLQEDUWH6LJQDO]XJHEHQ'DVNRPPW LKUYRUDOVXQWHUKDOWHVLHVLFKPLWHLQHP3DUWQHUGHUQLFKW YRUKDQGHQLVW6LH]LHKWLKU.RSIWXFKDXVGHU-DFNHQWDVFKH NQDOOURWLVWHVXQGZHLWKLQVLFKWEDUXQGOHJWHVYRUVLFKDXIV 6FKDQ]GHFN6LHIDWHVDQEHLGHQ(QGHQXQGKHEWHVKRFK GDHVZLHHLQ6HJHOIODWWHUW(LQNLQGOLFKHV6SLHOXQYHU IlQJOLFK'LH0lQQHUYRQGHUª&KULVWLQD,,,©GLHHVVHKHQ OlFKHOQYHUVWlQGQLVYROO6RYHUKDOWHQVLFK/HXWHGLHVHOWHQDXI 6FKLIIHQVLQG $XIGHUª'LDPDQW©NRPPWGDV6LJQDODQ'HU$XVJXFN PHOGHWHVQDFKXQWHQGHU6WHXHUPDQQEHUPLWWHOWHV%RUQ 'HUHUNOlUWHV'HWMHQª1RFKQLFKWV]XPDFKHQ(UVWZHQQ VLHGDV.RSIWXFKXPELQGHWVLQGZLUGUDQ© $FKLPYHU]LHKWGDV*HVLFKWª'DVJHIlOOWPLUQLFKW'LH %UlXHUGDGUEHQPXVLFKDXIGDVYHUODVVHQZDVLKUGLH 0LWDUEHLWHUGHU5HHGHUHLVDJHQ*ODXEVWGXQLFKWGDGHQHQ GDUDQOLHJWGLH6DFKHVRODQJHZLHP|JOLFKKLQ]X]LHKHQ"-HGH 6WXQGHLVWEDUHV*HOGIUVLH© %RUQVWHKWDXI(UYHUVFKZLQGHWLP.DUWHQKDXV*OHLFK GDUDXIZLUGGHU'LHVHODQJHODVVHQXQGGLHª'LDPDQW©QLPPW )DKUWDXI8QG%RUQNRPPW]XUFNJHKWMHGRFKQLFKWELV]X GHQ/LHJHVWKOHQVRQGHUQEOHLEWEHLGHQ8QWHUZDVVHUDWKOHWHQ VWHKHQ'LHHUKHEHQVLFK6LHUHGHQPLWHLQDQGHU'HWMHQNDQQ QLFKWYHUVWHKHQZDVJHVDJWZLUGDEHUHUKDWGRFKGDV*HIKO

GDVHLQH$QUHJXQJDXIIUXFKWEDUHQ%RGHQJHIDOOHQLVWGHQQ GLHEHLGHQYHUVFKZLQGHQLP1LHGHUJDQJ%RUQEOHLEWVWHKHQ XQGVWW]WEHLGH+lQGHDXIGLH5HOLQJ$FKLPWULWW]XLKP *DEULHOHVW|UWVLHQLFKW6LHVFKOlIWLQLKUHP/LHJHVWXKOXQGKDW HLQURVLJHVNLQGOLFKHV*HVLFKWEHUGDVEORQGH+DDUVWUlKQHQ ZLHHLQ6FKOHLHUIDOOHQ ª:HQQGLH'lPPHUXQJHLQVHW]WJHKHQXQVHUHEHLGHQPDO QDFKVHKHQ© ª8QGGLH7DXFKHU"© ª1DFKLKUHP$UEHLWVUK\WKPXV]XXUWHLOHQPWHQGLH JOHLFKZLHGHUKRFKJHKLHYWZHUGHQ8QGGDQQLVWHUVWPDO 1DFKWUXKH© ª:LUGPDQQLFKWGDV/LFKWXQWHU:DVVHUVHKHQ"© %RUQVFKWWHOWGHQ.RSIª'LHEHLGHQVDJHQQHLQ'D]X ZlUHQVLH]XWLHIXQGDXHUGHPZDUXPVROOWHQGLHGUEHQ GDUDXIDFKWHQ"© 1XQLVWGLHª&KULVWLQD,,,© VFKRQPLWEORHP$XJH]XVHKHQ 6LHODVVHQVLFK*OlVHUJHEHQXQGVHKHQGDGHUª)DKUVWXKO© GUEHQZLHGHUDXI'HFNVWHKW'DV%HUJXQJVVFKLIIKDWVHLQH 7lWLJNHLWIUKHXWHHLQJHVWHOOWOLHJWYRU$QNHUXQG]HLJW ZHLWKLQVHLQH/LFKWHU6WHXHUERUGJUQ%DFNERUGURWXQG DP0DVWEHUHLQDQGHUURWJHOEURW'LHVHV6LJQDOLVWGLHLQWHU QDWLRQDOEOLFKH.HQQXQJª%HUJXQJVVFKLIIEHLGHU$UEHLW© 8QGEHUDOOLP6FKLIIEUHQQW/LFKW%LVKHUEHU]XUª'LDPDQW© VFKDOOW0XVLNDXVGHP2EHUGHFNODXWVSUHFKHUGHUª&KUL VWLQD,,,© )HLHUDEHQG'DGUEHQPDFKHQVLHHVVLFKJH PWOLFK 0LWDXVZlUWVJHVHW]WHQ)HQNRPPHQGLH)URVFKPlQQHU GHQ1LHGHUJDQJKRFK,KU*DQJLVWPHUNZUGLJYHUlQGHUW'LH JURHQ6FKZLPPIORVVHQDQLKUHQ)HQ]ZLQJHQVLHDQGHUV ]XODXIHQDOVVRQVW6LHVHKHQDXFKJDQ]YHUlQGHUWDXVLQGHQ VFKZDU]HQ1HRSUHQDQ]JHQGLHQLFKWVIUHLODVVHQDOVGLH +lQGHXQGHLQVFKPDOHV*HVLFKWVRYDO6RHULQQHUQVLHVHOWVDP DQ%HVXFKHUYRQHLQHPDQGHUHQ6WHUQDQVHOWVDPH=ZLWWHU ]ZLVFKHQ0HQVFKXQG)LVFK'LH7DXFKHUEULOOHQVLW]HQLKQHQ QRFKDXIGHU6WLUQ1DVHQNOHPPHXQG0XQGVWFNGHV$WHP

JHUlWVEDXPHOQYRUGHU%UXVW'LH6DXHUVWRIIIODVFKHQWUDJHQ VLHDXIGHP5FNHQGLH%OHLJUWHOKDEHQVLHVFKRQDQJHOHJW 'HWMHQXQG%RUQVHKHQ]XZLH0DWURVHQPLWHLQHP/D GHJHVFKLUUHLQH7RUSLOOHDXVGHP/DGHUDXPKLHYHQ'HU 6WHXHUPDQQDFKWHWGDUDXIGDVLHGDEHLVWHWVDXIGHUGHP %HUJXQJVVFKLIIDEJHZDQGWHQ6HLWHGHUª'LDPDQW©EOHLEHQ $XIGLHVHU6HLWHVROODXFKGDV*HUlWLQV:DVVHUJHODVVHQ ZHUGHQ(VKDWGLH/lQJHHLQHVJURHQ7RUSHGRVQXULVWHV YRUQVWXPSIXQGPLWGUHL6FKHLQZHUIHUQEHVWFNW0LWJHEWHQ *ULIIHQNODSSHQGLH)URVFKPlQQHUGLHVHLWOLFKHQ6WDELOLVLH UXQJVIOlFKHQDXVXQGDUUHWLHUHQVLH8QWHUKDOEGHV7RU SHGROHLEHVVLHKW$FKLPHLQH+DOWHYRUULFKWXQJZLHJHPDFKW ]XP/DVWHQWUDQVSRUW(UEHJUHLIWGDPLWLKUHU+LOIHGHU P\VWHUL|VH%HKlOWHU]XUª'LDPDQW©KLQEHUJHVFKOHSSWZHUGHQ VROO$XIGHP5FNHQGHV7RUSHGRVEHILQGHQVLFK0HVNDOHQ GLH6WHXHUHLQULFKWXQJXQGHLQ)OXJ]HXJNRPSDPLW)OVVLJ NHLWVIOOXQJ1DWUOLFKZHLGHU)OLHJHU'HWMHQGD)OXJ]HXJ NRPSDVVHDQ3Ul]LVLRQLKUHVJOHLFKHQVXFKHQ8QWHU:DVVHU ZHUGHQGLHEHLGHQ)URVFKPlQQHUULWWOLQJVKLQWHUHLQDQGHUDXI GHPVSLQGHOI|UPLJHQ.|USHUVLW]HQ 'HU6WHXHUPDQQOlWGLH0DVFKLQHVWRSSHQSHLOWGLH/DJH GHUYRQGHQ+HOPWDXFKHUQJHVHW]WHQ2ULHQWLHUXQJVERMHXQG VWHOOWSHUV|QOLFKGLHHQWVSUHFKHQGH.XUV]DKODP.RPSDGHU 7RUSLOOHHLQª1DFKGHPZLU6LHDXVJHVHW]WKDEHQODXIHQZLU DE©VDJWHUQHEHQEHLª6REDOGHVJDQ]GXQNHOLVWOLHJHQZLU ZLHGHUKLHUXQGQHKPHQ6LHDXI©:HLWHUH(UNOlUXQJHQJLEW HUQLFKWXQGGDVLVWZRKODXFKQLFKWQ|WLJ'LHEHLGHQQLFNHQ JOHLFKPWLJ)UVLHGLH$XJHLQ$XJHPLW+DLHQJHWDXFKWVLQG LVWGLHVHUJDQ]H(LQVDW]LQGHU1RUGVHHQXUHLQ.ODFNV8QG ZDV8QWHUZDVVHUQDYLJDWLRQDQJHKWGDVJHK|UW]XLKUHP +DQGZHUNGDPDFKWLKQHQQLHPDQGHWZDVYRU 'LH7RUSLOOHZLUGZHJJHILHUWXQGVREDOGVLHLP:DVVHULVW QHKPHQGLH)URVFKPlQQHU1DVHQNOHPPHXQG0XQGVWFN ]LHKHQGLH%ULOOHQKHUDEVHW]HQVLFKDXIGLH5HOLQJXQGODVVHQ VLFKUFNZlUWVLQV0HHUIDOOHQ:DVVHUSHLWVFKWDXIDEHUGD O|VHQGLHEHLGHQDXFKVFKRQLKU*HIlKUWDXVGHU+DOWHUXQJXQG

VFKZLQJHQVLFKGDUDXI'LH6FKUDXEHTXLUOWGDV:DVVHUXQG LQHLQHPHOHJDQWHQ%RJHQO|VWVLFKGLH7RUSLOOHYRQGHU-DFKW XQGYHUVFKZLQGHWLQGHU7LHIH1LFKWVHULQQHUWPHKUDQVLH 6RJOHLFKQLPPWGLHª'LDPDQW©ZLHGHU)DKUWDXI5LFKWXQJ 2VORIMRUGHQ %RUQGUHKWVLFKXPXQGVLHKW*DEULHOHDQGLHGLH9RUJlQJH DQ%RUGQDWUOLFKJHZHFNWXQGDQJHORFNWKDEHQ(LQH.DPHUD KDWVLHVLFKJHKROWXQGHLQH0HQJH$XIQDKPHQYRP$XIEUXFK GHU)URVFKPlQQHUJHPDFKW'HU&KHIGHU5KHLQ0DLQ 'HWHNWHLVWUHFNWGLH+DQGQDFKGHP$SSDUDWDXVª*HQXJYRQ XQV1XQVWHOOVWGXGLFKPDODQGLH5HOLQJ© (UJLEWVLFKYLHO0KHJXWH$XIQDKPHQ]XPDFKHQHUVXFKW LPPHUQHXH%OLFNZLQNHOXQGQLPPWVRJDUUHFKWKDOVEUHFKH ULVFKH3RVLWLRQHQHLQ'DEHLSDVVLHUWHVGDQQ'LH.DPHUD UXWVFKWLKPDXVGHU+DQGNODVFKWLQV:DVVHUXQGYHUVLQNWLQ GHU1RUGVHH ª$FKGDVWXWPLUDEHUOHLG©VDJW%RUQVFKHLQKHLOLJXQG WlWVFKHOW*DEULHOHGLHGHP:HLQHQQDKHLVWYlWHUOLFKGLH :DQJHª6HLQLFKWWUDXULJ*DELOHLQ6REDOGZLUDQ/DQGVLQG NDXIHLFKGLUHLQHQHXH(LQHYLHOVFK|QHUH© 'DVWU|VWHWVLH6LHZHQGHWVLFK]XP1LHGHUJDQJ$OVVLH QLFKWPHKUK|UHQNDQQZDVDXI'HFNJHVSURFKHQZLUGGUHKW VLFK$FKLP]X%RUQª.HLQH)RWRVNODU$EHUGXELVWHLQ PLVHUDEOHU6FKDXVSLHOHU%RUQ© 'HUJULQVWª)U*DELUHLFKW V©

'LHUlXPOLFKH(QJHYRQEHODVWHW.RPPLVVDU)UHGHULFK PHKUDOVHU]XJLEW6HLQHP%HWlWLJXQJVGUDQJVLQGKLHU*UHQ ]HQJHVHW]W'HQPLWJHQRPPHQHQ5RPDQGHVVHQ+DQGOXQJV IKUXQJ]LHPOLFKJHQDXGHPWDWVlFKOLFKHQ$EODXIGHVVHLQHU ]HLWEHUKPWHQXQGLQGLH.ULPLQDOJHVFKLFKWHHLQJHJDQJHQHQ ª)DOOHV(XQLFH©JOHLFKWKDWHULQGHUYHUJDQJHQHQ1DFKW

DXVJHOHVHQ+HLEHUJXQG%UDWWKDEHQJHVFKODIHQZLHGLH 0XUPHOWLHUHXQGDP0RUJHQGDYRQJHVFKZlUPWZLHZXQ GHUEDUVLHGLH6HHLQGHQ6FKOXPPHUJHZLHJWKDEHDEHUHU GHU.RPPLVVDUKDWDXIHLQHP6FKLIIQRFKQLHJXWVFKODIHQ N|QQHQ'DKDWHUGDV%XOOH\HZHLWJH|IIQHWVHLQH7DVFKHQ ODPSHJHQRPPHQXQGVLFKYRQGHP%XFKHQWIKUHQODVVHQLQ GDV3DULV0LWWHGHUGUHLLJHU-DKUHXQGLQGDVNOHLQH%URHLQHV .ULPLQDOUHSRUWHUV-DFTXHV%DWLVVLHUXQGGLH6WXQGHQVLQGLKP ZLHLP)OXJHYHUJDQJHQ -HW]WLVWZLHGHU0LWWDJ'LH6RQQHEUHQQWDXIGLH3ODQNHQ :LHHLQ%UHWWOLHJWGLH6HHJOlQ]HQGZLH%OHL'LH+HOOLJNHLW WXWGHQ$XJHQZHKIDVWDOOHDQ%RUGWUDJHQ6RQQHQEULOOHQ %UDWWG|VWLP6FKDWWHQGHV.DEHOJDWWVKDW6FKXKHXQG 6WUPSIHDXVJH]RJHQXQGGLH+RVHQELVEHUGLH:DGHQ KRFKJHNUHPSHOW +HLEHUJEHREDFKWHWJHGHFNWGXUFKGDV6WHXHUKDXVPLW HLQHPVWDUNHQ*ODVGDV*HVFKHKHQDXI6HH$OVGHU.RPPLV VDU]XLKPWULWWEHPHUNWHUª&KULVWLQD!OLHJWLPPHUQRFKYRU $QNHU© ª8QGGHU6HJOHU"© 'DV*ODVZDQGHUWª+lOWVLFKYRUQHKPLP+LQWHUJUXQG© 'HU=ROOREHUVHNUHWlUZHQGHWVLFKVHLQHP&KHI]Xª,FKKDEH PLWXQVHUHP6FKLIIVIKUHUEHUGLH6FKRQHUEULJJJHVSURFKHQ (UKDWVLHGLHJDQ]H1DFKWEHUXQXQWHUEURFKHQLP5DGDU JHKDEW0DOHLQELFKHQQlKHUPDOHLQELFKHQZHLWHUZHJ© )UHGHULFKVFKLHEWVHLQH:LOGOHGHUPW]HZHLWQDFKKLQWHQ (UUHLEWVLFKGLH6WLUQDXIGHUGDV6FKZHLEDQGGHU.RSI EHGHFNXQJHLQHGHXWOLFKH6SXUKLQWHUODVVHQKDWª,UJHQGZLH KlQJHQGLHEHLGHQ]XVDPPHQ©VDJWHU ª)XQNNRQWDNWKDEHQVLHQLFKW©JLEW+HLEHUJ]XEHGHQNHQ ª8QGHLJHQWOLFKN|QQWHHVEDOGHWZDV]XHVVHQJHEHQ© 'HUElUWLJH6FKLIIVIKUHUJHVHOOWVLFK]XLKQHQª,FKEOHLEH GDEHL+HUU.RPPLVVDU©ZLUIWHUKLQª0LW5DXVFKJLIWKDWGDV GDGUEHQQLFKWV]XWXQ)QI]LJ.LOR5DXVFKJLIWHUVWNU]OLFK DEJHOHJWN|QQHQHLQSDDU)URVFKPlQQHUZHJEULQJHQ:DVGLH GDKHEHQLVWHWZDVDQGHUHV'DOLHJWGHU6FKODPPYRQ-DKU

]HKQWHQGUDXI%LVYRUNXU]HPKDEHQVLHQRFKJHVSOWGDV KHLWVLHKDEHQLUJHQGZDVIUHLJHOHJW© ªGDVQXQGDHV]XJlQJOLFKLVWHLQSDDU)URVFKPlQQHU RKQH$XIVHKHQ]XP6HJOHUKLQEHUVFKOHSSHQN|QQWHQ©NRP ELQLHUWGHU2EHUVHNUHWlU ª(VKDQGHOWVLFKXPGHQGHXWVFKHQ6HJOHU'LDPDQW! .DSLWlQ)ULW]:ROOHUPDQQ+HLPDWKDIHQ+DPEXUJ(LJQHULVW VRHLQ7DEDNN|QLJ©HUNOlUW.URQEHUJVRIRUW *HJHQ0LOOLRQlUHXQGLKUH-DFKWHQKDWGHU.RPPLVVDU HWZDVEHVRQGHUVZHQQVLHDXVGHU%5'NRPPHQ:HQQDXFK 1RUZHJHQLP1$725DW6HLWHDQ6HLWHPLWGHQ/HXWHQDXV %RQQ]XVDPPHQDUEHLWHWLKP)UHGHULFKVLQGGLH-DKUHGHU %HVHW]XQJVHLQHV9DWHUODQGHVGXUFK1D]L7UXSSHQGHXWOLFKLQ (ULQQHUXQJXQGGLH(LQGUFNHGLHHUGDPDOVYRQGHQ ª+HUUHQPHQVFKHQ©HUKLHOWZLUGHUELVDQVHLQ/HEHQVHQGH QLFKWORV )UHGHULFKQLPPWGLH0W]HDEXQGZHGHOWVLFKPLWLKUZLH PLWHLQHP)lFKHU/XIW]X(UJHKWEHUHLWVLQ5LFKWXQJ 6WHXHUKDXVDOVHUEHUGLH6FKXOWHUKLQZHJ]X.URQEHUJVDJW ª6WHOOHQ6LHGRFKPDOHLQH6SUHFKYHUELQGXQJ]XPPRELOHQ .RPPDQGRKHU© ,QGLHVHP$XJHQEOLFNNRPPWGHU6PXWMHGHQ1LHGHUJDQJ KRFKª%DFNHQXQGEDQNHQ©UXIWHUIU|KOLFKKHEWHLQHQ7HOOHU YROOKDQGIHVWHU0lQQHUVWXOOHQKRFKXQGEULQJWHVIHUWLJ GHQQRFKGLHXQWHUGLH$UPHJHNOHPPWHQ%LHUIODVFKHQQLFKW IDOOHQ]XODVVHQª%LWWHPHLQH+HUUHQJUHLIHQ6LH]X(LQH 3ODWWHQDFKGHUEHVFKHLGHQHQ$UWGHUN|QLJOLFKHQ=ROOYHU ZDOWXQJ© 'LH7RUSLOOHOLHJWDXI'HFN(LQH3HUVHQQLQJYHUELUJWVLH QHXJLHULJHQ%OLFNHQ2IIHQVLQGQXUGLH%DWWHULHVFKlFKWH(V VLHKWDXVZLHEHLHLQHU2SHUDWLRQEHLGHUELVDXIGLH2SHUD WLRQVVWHOOHDOOHVDEJHGHFNWZXUGH'LH)URVFKPlQQHULQ %DGHKRVHQEHLGHZHFKVHOQPLWJURHU6RUJIDOWGLH$N NXPXODWRUHQDXV0DWURVHQGHUª'LDPDQW©KHOIHQLKQHQGDEHL (KHGLH6FKlFKWHZLHGHUJHVFKORVVHQZHUGHQEHUSUIHQVLH

QRFKHLQPDOGLH/DGHVSDQQXQJ)UHLQHQ$XJHQEOLFNODVVHQ VLHGLH(0DVFKLQHDQ'LH6FKUDXEHGXUFKHLQHQ7XQQHO JHVFKW]WELOGHWIU%UXFKWHLOHYRQ6HNXQGHQHLQHQIOLUUHQGHQ .UHLV ª2ND\©'HU:RUWIKUHUGHUEHLGHQ)URVFKPlQQHUZHQGHW VLFKDQ%RUQª'DPLW]LHKHQZLUGDV'LQJZHJ:LUPVVHQ LKPQXUHLQELFKHQ$XIWULHEYHUVFKDIIHQGDPLWHVQLFKW VFKOHLIW$EHUGDVLVWNHLQ3UREOHP©8QGHUGHXWHWDXIHWZDV GDVZLHHLQ]XVDPPHQJHOHJWHU3ODVWLNVDFNDXVVLHKWXQGPLW HLQHU3UHOXIWIODVFKHYHUEXQGHQLVW (LQ6WFNKLQOHKQW'HWMHQDP)RFNPDVWXQGVLHKW]X.HLQ =ZHLIHOGLH2SHUDWLRQWULWWLQLKUHHQWVFKHLGHQGH3KDVH$XFK KHXWHKDEHQGLH)URVFKPlQQHUZlKUHQGGLH+HOPWDXFKHUDXI GHUª&KULVWLQD,,,© DXVUXKWHQHLQH)XQGRUWEHVLFKWLJXQJ GXUFKJHIKUW6LHEHULFKWHWHQGDGLH8QWHUZDVVHUDUEHLWZHLW JHGLHKHQVHL'HU%HKlOWHUY|OOLJYRQ5RVWXQG%HZXFKV EHGHFNWZlUHIUHLJHVSOWXQGKDEHGLH)RUPHLQHV7RUSHGRV GHPGLH$QWULHEVDQODJHIHKOH6WDWWGHVVHQEHVLW]HHUHLQHQ %DOODVWN|USHUGHULKQELVMHW]WDP%RGHQIHVWJHKDOWHQKDW'LH VFKZHUHQ7DXFKHUKlWWHQEHUHLWVEHJRQQHQGHQ%DOODVWN|USHU DE]XVFKZHLHQXQGIKUWHQLQGLHVHQ0LQXWHQMHQH$UEHLW YHUPXWOLFK]X(QGH'LH)URVFKPlQQHUKREHQGLHJXWHIDFK OLFKH$UEHLWXQGGDVYRUVLFKWLJH+HUDQJHKHQLKUHUª.ROOHJHQ YRQGHUDQGHUHQ)DNXOWlW©DQHUNHQQHQGKHUYRU ª'LHYHUVWHKHQLKU+DQGZHUN©EHWRQWGHU:RUWIKUHUª(LQ ELFKHQZHQLJHU8PVLFKWXQGGHU%HKlOWHUZlUHZLHHLQH 7XOSHDXVHLQDQGHUJHIDOOHQ,FKNHQQHVROFKH)lOOH7DJHODQJH $UEHLWXQGGDQQYHUVLQNWGDVZDVPDQKDEHQZLOODXI 1LPPHUZLHGHUVHKHQLP6FKODPP'HPVLHKWPDQQLFKWDQ ZLHWLHIHULVWXQGDQPDQFKHQ6WHOOHQOLHJWHUPHKUDOV]HKQ 0HWHUKRFK2KQHGLH9RUDUEHLWYRQGHQHQZUGHQZLUGDV 'LQJQLHKHLOKRFKNULHJHQ© :HQQHVQXUHUVWREHQZlUHGHQNW$FKLP9RUKLQQRFKKDW LKP%RUQZLHEHLOlXILJ]XYHUVWHKHQJHJHEHQGDVHLQH $XIWUDJJHEHUVLFKQXQGRFK]XGHU$QVLFKWEHNHKUWKlWWHQHV ZlUHZRKOGDVNOJVWHGHQ%HKlOWHUDQ%RUG]X|IIQHQXQG

GHQ,QKDOWLQZHQLJHUYHUIlQJOLFKH3DNHWHXP]XSDFNHQª+DEH LFKMDJHVDJW©KDWWH'HWMHQ]LHPOLFKXQLQWHUHVVLHUWHUZLGHUW (UZLUGDOVR(LQEOLFNLQGHQ,QKDOWGHVP\VWHUL|VHQ'HSRWV DXV/RIWKXVQHKPHQN|QQHQGHQQGDVLVWNODUDOOHLQVFKDIIW %RUQGLH8PODJHUXQJQLFKWYRQGHU'HWHNWHLLVWQLHPDQG ZHLWHUDQ%RUGGLH%HVDW]XQJVFKHLGHWDXVXQG*DEULHOH NRPPWQLFKWLQ)UDJH%RUQPXLKQGHQ]XYHUOlVVLJHQªDOWHQ .DPHUDGHQ©XQG%HDXIWUDJWHQGHV%ULJDGHJHQHUDOVYRQ :LHVHQHFNLP$PWIU6LFKHUKHLWGHU%XQGHVZHKUXP+LOIH ELWWHQ %HWRQWJOHLFKJOWLJZHQGHWVLFK$FKLPDEXQGVLHKWDXIGLH 6HHKLQDXV:LHDXFKJHVWHUQVFKRQOLHJHQLQHLQLJHU(QW IHUQXQJ)LVFKNXWWHU(LQ)UDFKWHU]LHKWYRUEHU 'HUJHVSUlFKLJH6WHXHUPDQQJHVHOOWVLFK]X'HWMHQ(UKlOW LKPVHLQ*ODVKLQª'DVLVWGLH7KHRGRU.|UQHQDXV5R VWRFN©HUNOlUWHUIUHXQGOLFKª'LH)ODJJHVLHKWPDQMHW]W KlXILJHU:LGHU(UZDUWHQKDEHQGLHVLFKGUEHQJDQ]VFK|Q JHPDXVHUW,KUH6FKLIIHIDKUHQLPPHUZHLWHUGHKQHQLKUH 5RXWHQELV$OJLHU$GHQ&RORPERXQG3RUW6XGDQDXVKDEH LFKJHK|UW8QGZDVNDQQPDQGDJHJHQWXQ"1LFKWV© ª-DVRLVWGDV©%UHGHEXVFKKDWEHLP$QEOLFNGHV''5 0RWRUIUDFKWHUVIURKH*HGDQNHQ(LQ6WFN+HLPDWXQG ]XJOHLFKHLQ%HZHLVGDIUGDGLHHLJHQHJHIDKUYROOH$UEHLW LP$XVODQG)UFKWHWUlJWZHLOVLH]XU]XYHUOlVVLJHQ6LFKHUXQJ XQG]XP6FKXW]GHVIULHGOLFKHQ$XIEDXZHUNHVGDKHLPEHL WUlJW ª'UEHQ]LHKHQVLHGLH7DXFKHUKRFK©EHREDFKWHWXQG PHOGHWGHU0DQQLP0DVWNRUEGHUª'LDPDQW©XQGMHGHUGHU DQ%RUGHLQ*ODVKDWULFKWHWHVKLQEHU]XUª&KULVWLQD,,,© -DGHQ8QWHUZDVVHUDUEHLWHUQZHUGHQMHW]WGLH+HOPHDE JHQRPPHQ+LOIVEHUHLWH+lQGHEHIUHLHQVLHYRQLKUHU6FKXW] NOHLGXQJ'LH/HXWHYRQGHU6FKLIIVIKUXQJXQGPLWLKQHQGLH %UlXHUVWHKHQGDXQGUHGHQPLWLKQHQ'DQQYHUVFKZLQGHW HLQHUQDFKGHPDQGHUHQLP1LHGHUJDQJXQGGHU2EHUGHFN ODXWVSUHFKHUEHJLQQW]XGU|KQHQ0LWWDJVSDXVH 'HUZHLEOLFKH*HZlKUVPDQQGHU5KHLQ0DLQ'HWHNWHL

EOHLEWDXI'HFN'LH%UlXHUJHKWZLHGHU]XP%XJDEHUGLHVPDO OHJWVLHLKUOHXFKWHQGHV.RSIWXFKQLFKWDXIV6FKDQ]GHFN VRQGHUQELQGHWHVXP6RVWHKWVLHXQGVFKHLQWWUlXPHULVFKGDV LPPHUZLHGHUYHUlQGHUWHXQGDXIQHXH$UWVFK|QH%LOGGHV RIIHQHQ0HHUHVLQVLFKDXI]XQHKPHQ %RUQ]LHKWK|UEDUGLH/XIWGXUFKGLH1DVH8QPHUNOLFK VWUDIIWHUVLFKVFKOXFNWHUUHJWPHKUPDOVKLQWHUHLQDQGHU UlXVSHUWVLFKXQGVDJWGDQQPLWHLQHUJDQ]IUHPGHQEHOHJWHQ 6WLPPHª0DFKWHXFKIHUWLJ$QGLH.DQRQHQ© (VLVWVRZHLW :LHGHU%OLW]VWHFNHQGLH7DXFKHULQLKUHQ1HRSUHQDQ]JHQ XQGZLHXP]XEHWRQHQGDHVMHW]WJLOWUFNHQVLHGLHEUHLWHQ DQGLHUHFKWH:DGHJHVFKQDOOWHQ7DXFKHUPHVVHUGHPRQVWUDWLY ]XUHFKWHKHVLH1DVHQNOHPPHXQG0XQGVWFNQHKPHQ'LH 7RUSLOOHZLUGZHJJHILHUWUFNZlUWVNODWVFKHQGLH0lQQHULQV :DVVHUXQGYHUVFKZLQGHQPLWLKUHP*HIlKUWLQGHU7LHIH =XQlFKVWKDOWHQVLHVLFKGLFKWXQWHUGHU2EHUIOlFKH(VLVW DOVEHZHJWHQVLHVLFKDQGHU*UHQ]H]ZLVFKHQ1DFKWXQG7DJ 8QWHULKQHQOLHJWGLH1DFKWPLWJlKQHQGHP6FKZDU]EHU LKQHQGHU7DJPLWGHPQDFKREHQKLQDOOPlKOLFKKHOOHUZHU GHQGHQ:DVVHU6LHIDKUHQJOHLFKVDPLQGHU'lPPHUXQJ GDKLQhEHULKQHQVFKZHEWHLQ4XDOOHQVFKZDUPWDXPHOQGH GXUFKVLFKWLJH*ORFNHQGLHLKUH)RUPVWlQGLJYHUlQGHUQ6R ZLGHUOLFKVLHGHP0HQVFKHQVLQGZHQQHULKQHQDOV6FKZLP PHUEHJHJQHWDXVGLHVHU3HUVSHNWLYHEHWUDFKWHWVLQGVLH VFK|QPLWLKUHPEOlXOLFKHQRGHUURVD6FKLPPHU'LH5HLWHU DXIGHU7RUSLOOHVFKHQNHQLKQHQNHLQH%HDFKWXQJHEHQ VRZHQLJZLHHLQHP3XON+HULQJHQGHUHLQH:HLOHGLFKWQHEHQ GHU7RUSLOOHKHU]LHKWXQGSO|W]OLFKPLWVFKDUIHU:HQGXQJ DEGUHKWDOVKDEHLUJHQGHLQª2EHUKHULQJ©GD]XGDV.RP PDQGRJHJHEHQ'LHEHLGHQ0lQQHUVLQGJDQ]DXILKU*HUlW NRQ]HQWULHUW0DWWHUKHOOWVFKLPPHUWGHU.RPSDJUQOLFK XQWHUGHPVFKW]HQGHQ*ODVXQGEHOHXFKWHWVLQGDXFKGHU 7LHIHQPHVVHUGLH0HXKUHQGHU(0DVFKLQHXQGGHU 'UXFNVFKDOWHUIUGLH6FKHLQZHUIHU'LHEUHQQHQQRFKQLFKW GLHZHUGHQVLHHUVWLQJU|HUHU7LHIHLQ%HWULHEQHKPHQ

XQPLWWHOEDUYRU2UW6RIDKUHQVLHGDKLQXQGGLH%ODVHQ YHUEUDXFKWHU/XIWGLHGLH$WHPJHUlWHSDXVHQORVDXVVWRHQ VWHLJHQDXIXQGYHUPLVFKHQVLFKPLWGHUOHLFKWEHZHJWHQ6HH 'LH)URVFKPlQQHUPVVHQQLFKWIUFKWHQYHUUDWHQ]X ZHUGHQ 'HU:RUWIKUHUGHUMHW]WDOV6WHXHUPDQQIXQJLHUWOlWGHQ %OLFNQLFKWYRP.RPSD]ZLQJWPLWNDXPPHUNOLFKHQ 6WHXHUEHZHJXQJHQGLH7RUSLOOHGLH.XUV]DKO]XKDOWHQXQG VLHKWK|FKVWHQVHLQPDODXIGLH7DXFKHUXKUDQVHLQHP+DQG JHOHQN6LHKDEHQGLH6WUHFNHVFKRQPHKUPDOV]XUFNJHOHJW XQGZLVVHQJHQDXZLHODQJHVLHLQGHU'lPPHUXQJIDKUHQ N|QQHQHKHVLHLQGLH1DFKWKLQXQWHUPVVHQ-HW]W6DQIW QHLJWVLFKGLHVWXPSIH1DVHGHVVXEPDULQHQ6FKOLWWHQVYRUQ EHU'HU=HLJHUGHV7LHIHQPHVVHUVVWHLJW)QI]HKQ0HWHU =ZDQ]LJ'LH6FKHLQZHUIHUIODPPHQDXIGUHL/LFKW EDKQHQGLHVLFKGLFKWYRUGHU7RUSLOOH]XHLQHP6WUDKOYHU HLQHQ(UWULIIWDXIHLQHJUDXEUDXQH:DQGGLHLQGHVVHQQLFKW QlKHUNRPPWVRQGHUQLQJOHLFKEOHLEHQGHU(QWIHUQXQJYRUGHQ 6FKHLQZHUIHUQKHU]XZDQGHUQVFKHLQW'HU]ZHLWH)URVFK PDQQEHZHJWXQDQJHQHKPEHUKUWGLH6FKXOWHUQDOV IU|VWOHLKQ:DVIUHLQ8QWHUVFKLHGGLHVH)DKUWLQGHU1RUG VHH]XLKUHQIUKHUHQ8QWHUQHKPXQJHQLQGHQOLFKWGXUFK IOXWHWHQNDULELVFKHQ%UHLWHQPLWLKUHU9HJHWDWLRQXQGGHU 9LHOIDOWGHU)DUEHQXQGGHU)RUPHQ:HQQVLHQXUHUVWZLHGHU GRUWZlUHQ6LHKRIIHQEHLGHGDLKQHQGDVYHUHLQEDUWH +RQRUDUIUGLHVHQ(LQVDW]GLH0|JOLFKNHLWJLEWGLH6XFKH QDFKGHQ6FKlW]HQGHUVSDQLVFKHQ6LOEHUIORWWHGLHVPDOHU IROJUHLFKIRUW]XVHW]HQ'DIUORKQWHVVLFKLQGLHVHU gGQLV]XWDXFKHQGLHNDOWXQGPHUNZUGLJDEZHLVHQGLVW

ª.XU]H0LWWDJVSDXVH©NRPPHQWLHUW=ROOREHUVHNUHWlU+HL EHUJDXIGDV*HVFKHKHQDXIGHUª&KULVWLQD,,,© $XFK)UHGHULFKKHEWGDV*ODV6HLQ%OLFNVFKZHQNWODQJVDP EHUGDV'HFNGHV%HUJXQJVVFKLIIHV$P%XJYHUZHLOWHU'RUW VWHKWQDFKZLHYRUGLH%UlXHUª'LHMXQJH'DPHKDWGLH 6SLHOHUHLPLWGHP.RSIWXFKHQGJOWLJVDWW©EHPHUNWGHU

.RPPLVVDUª6LHELQGHWHVQLFKWPHKUDE8QGGLHVHV5RWLVW GLHUHLQVWH6LJQDOIDUEH2EVLHGDPLWYLHOOHLFKWHLQ=HLFKHQ JLEW+HLEHUJ"© 'HUKHEWGLH6FKXOWHUQª:DVPHLQW,KUNOHLQHU)LQJHU"© 2KQHGDV*ODVDE]XVHW]HQVFKPXQ]HOWGHU.RPPLVVDUª(U MXFNWJDQ]WHXIOLVFK©6HNXQGHQODQJYHUZHLOWVHLQ%OLFNDXI GHP7DXFKHUIDKUVWXKO'HUVWHKWDQ'HFNDEHUQRFKZHUGHQ NHLQH$QVWDOWHQJHWURIIHQGLH7DXFKHUZLHGHU]XUVWHQ'LH %HPHUNXQJ+HLEHUJVGLH0LWWDJVSDXVHVHLRIIHQEDUYRUEHU EH]LHKWVLFKDOOHLQGDUDXIGDMHW]W0lQQHUDPJURHQ$XV OHJHNUDQKDQWLHUHQXQGDQVHLQHP+DNHQHLQ6WDKOQHW]EH IHVWLJHQ0LWGHVVHQ+LOIHVROOGDVLVWXQYHUNHQQEDUGHU)XQG YRP0HHUHVERGHQKRFKJHKLHYWZHUGHQ:LHHVDXVVLHKWZLUG GDVJHVFKHKHQVREDOGGLH7DXFKHULKUH5XKHSDXVHEHHQGHW KDEHQ'LH9RUEHUHLWXQJHQODXIHQVFKRQ 0LWHLQHUVFKQHOOHQ'UHKXQJZHQGHW)UHGHULFKGDV*ODV 'HU6HJOHUOLHJWPLWQDFNWHQ0DVWHQGDXQEHZHJOLFK'HU .RPPLVVDUWULWW]X.URQEHUJLQV5XGHUKDXV$XFKGHU 6FKLIIVIKUHUKDWGDV*ODVDQGHQ$XJHQ ª6HOWVDP©VDJWHUVRIRUWª'HU+DPEXUJHUKDWGLH0DVFKLQH DQXQGNRUULJLHUWGDPLWGLH$EGULIW(UOLHJWH[DNWDXIGHU 6WHOOHDOVKlWWHHUGLH$EVLFKWVLFKZHGHUGXUFK:LQGQRFK GXUFK6WU|PXQJYRUDXVVHLWOLFKRGHUDFKWHUDXVYHUVHW]HQ]X ODVVHQ:DVNDQQHUIUHLQHQ*UXQGKDEHQHLQHYRUJHJHEHQH 3RVLWLRQVRJHQDX]XKDOWHQ"© 'HU.RPPLVVDUQLPPWGLH:LOGOHGHUPW]HDEXQGVWUHLFKW VLFKPLWGHU+DQGEHUGLHJOlQ]HQGH*ODW]Hª*HVWHUQXQG DXFKKHXWHIUKQRFKLVWHUKLQXQGKHUJHIDKUHQ©VDJWHU ª=LHOORVQXUVR]XP9HUJQJHQ:LHHV/HXWHWXQGLHYLHO=HLW XQGQLFKWV]XYHUOLHUHQKDEHQ8QGVHLWHLQHU9LHUWHO VWXQGH"© ª6HLWGLH/DG\GDGUEHQGDV.RSIWXFKXPKDW©SUl]LVLHUW +HLEHUJGHULKPJHIROJWLVWª:HQQZLUDQGHU)URVFK PDQQWKHRULHIHVWKDOWHQGLHILQGHQQDWUOLFKHLQHQIHVWHQ 3XQNWOHLFKWHUZLHGHUDOVHLQHQEHZHJWHQ]XPDOPLW/DVWXQG RKQHDXI]XWDXFKHQ©

ª*XW+HLEHUJ©)UHGHULFKKDWHLQHQVFKQHOOHQZRKO ZROOHQGHQ%OLFNIUGHQ-QJHUHQ(LQHQ$WHP]XJODQJ KHUUVFKW6WLOOHLP5XGHUKDXV'DQQUlXVSHUWVLFKGHU.RPPLV VDUª*HEHQ6LHDQGDVPRELOH.RPPDQGR*UDQG+DQG© ª9HUVWDQGHQ©.URQEHUJZHQGHWVLFKQDFKKLQWHQZRKLQWHU HLQHURIIHQVWHKHQGHQ'XUFKJDQJVWUGHU)XQNHUVLW]Wª)XQN VSUXFKDQPRELOHV.RPPDQGR6HW]HQ6LHDE*UDQG +DQG© ª)UPRELOHV.RPPDQGR*UDQG+DQG©ZLHGHUKROWGHU )XQNHU )UHGHULFKVWUHFNWGLH+DQGDXVXQGQLPPWPLWVSLW]HQ )LQJHUQEHKXWVDPHLQHQ)XVVHOYRQGHUVFKRNRODGHQEUDXQHQ :LOGOHGHUMDFNHVHLQHV2EHUVHNUHWlUVª(VSDWQLFKWVPHKU ]XVDPPHQ©EHPHUNWHUOHLVHª'HUDQRQ\PH%ULHIEH KDXSWHWHGLHIQ]LJ.LORJUDPP5DXVFKJLIWVHLHQYRU *ULPVWDG)HYLNDEJHOHJWZRUGHQXPLQXQVHU/DQGJH VFKPXJJHOW]XZHUGHQ1XQVWHKWZRKOHUVWHQVIHVWGDHVVLFK QLFKWXP+HURLQKDQGHOWXQG]ZHLWHQVLVWGLHVHU'HXWVFKHGD RIIHQEDUXPGDV%HUJXQJVJXWDQVLFK]XEULQJHQ+DEHQ6LH HLQHQ5HLPGDUDXI"© ª1HLQ+HUU.RPPLVVDU©HUZLGHUW+HLEHUJHKUOLFK )UHGHULFKQLFNWLKP]Xª,FKDXFKQLFKW8QGHEHQGHVKDOE PVVHQZLUKDQGHOQ© ª+HUU.URQEHUJ©UXIWGHU)XQNHUDXVVHLQHP9HUVFKODJ ª'DVPRELOH.RPPDQGRKDWTXLWWLHUW6LHIXQNHQ*UDQG +DQGZLUGJHVSLHOW© )UHGHULFKUHLEWVLFKGLH+lQGH:LHGHUVLHKWHUYLHOMQJHU DXVDOVHULVW(UVLHKWGHQ%lUWLJHQDQª=ROOVFKLIIVIKUHU .URQEHUJ©VDJWHUXQGGHUJLEWXQZLOONUOLFKVHLQHOHJHUH +DOWXQJDXIDOVHUPLWGHP'LHQVWJUDGDQJHUHGHWZLUGGHU]X /DQGHGHPHLQHV=ROOVHNUHWlUVHQWVSULFKWª.ODU6FKLII]XP *HIHFKW8QGYROOH3XOOH© ª:LUVLQGDXHUKDOEGHU+RKHLWVJHZlVVHU&KHI©JLEW +HLEHUJ]XEHGHQNHQ )UHGHULFKNORSIWLKPDXIGLH6FKXOWHUª:HLLFKZHLLFK© HUZLGHUWHUª$EHUHUVWHQVKDQGHOWHVVLFKEHLGHU&KULVWLQD

GUHL!XPHLQQRUZHJLVFKHV6FKLIIXQG]ZHLWHQVIQI]LJ.LOR 5DXVFKJLIW'DNHQQHLFKNHLQH9HUZDQGWHQPHKU©(UKDWHLQ NOHLQHVYHUVFKPLW]WHV/lFKHOQª6REHWUDFKWHWZDUGLH$Q ]HLJH*ROGZHUW6LHUHFKWIHUWLJWDOOHV8QGJDQ]DXVGHU/XIW JHJULIIHQZDUVLHDXFKQLFKW©

'LH8QWHUZDVVHUERMHVFKZDQNWKLQXQGKHU6LHVWHKWQXQ QLFKWPHKUEHUGHP%HKlOWHUVRQGHUQEHUGHVVHQ%DOODVW N|USHU'HQKDEHQGLH+HOPWDXFKHUDEJHVFKZHLWXQGDFKWORV EHLVHLWHJHOHJW'LH6FKQLWWVWHOOHJOlQ]WZLH6LOEHUGLH)ODPPH GHV6FKQHLGEUHQQHUVKDWGHQ5RVWZHJJHJOKW'HXWOLFKLVW]X VHKHQZLHGQQPLWGHQ-DKUHQGLH:DQGXQJGHV%HKlOWHUV JHZRUGHQLVW'HU%HKlOWHUOLHJWMHW]WY|OOLJIUHL'HUKDUWH :DVVHUVWUDKOPLWGHPGLH0lQQHUYRQGHUª&KULVWLQD,,,© LKQ DXVGHP6FKOLFNJHO|VWKDEHQKDWHLQH$UW0XOGHJHVFKDIIHQ LQGHPGDV2EMHNWZLHLQHLQHP*UDQDWWULFKWHUUXKW 'LH)URVFKPlQQHUKDEHQLKUH7RUSLOOHDXI*UXQGJHVHW]W 'LH6FKHLQZHUIHUEUHQQHQVLQGDXIGHQXQWHUVHHLVFKHQ$U EHLWVSODW]JHULFKWHWXQGOHJHQHLQHQJHVSHQVWLVFKHQ6FKDWWHQ KLQWHUGHQ%HKlOWHU)LVFKHVWHKHQLP/LFKWYHUODVVHQHVXQG NHKUHQZLHGHU]XUFNDOV]LHKHVLHGLH+HOOLJNHLWPDJLVFK DQ 'HU:RUWIKUHUWLSSWVHLQHP%HJOHLWHUDXIGHQ$UPXQG GHXWHWDXIgVHQGLHGLH+HOPWDXFKHUDQGHQ%HKlOWHUJH VFKZHLWKDEHQ,KU=ZHFNLVWXQVFKZHU]XHUUDWHQ'DPLWVROO GDV%HUJXQJVJXWEHLGHU+HEXQJ]XVlW]OLFKJHVLFKHUWZHUGHQ -HW]WHUOHLFKWHUQVLHGHQEHLGHQGLH$UEHLW 'HU]ZHLWHO|VWYRQGHU7RUSLOOHGDV*HELOGHGDVZLHHLQ ]XVDPPHQJHOHJWHU3ODVWLNVDFNDXVVLHKWXQGDQGHPHLQH3UH OXIWIODVFKHEHIHVWLJWLVW(UEULQJWHVKHUDQXQGJHPHLQVDP O|VHQVLHGLH7DXHPLWGHQHQHVXPVFKQUWLVW'DVJHKWLKQHQ VFKQHOOYRQGHU+DQGVLHVLQGHLQJHVSLHOWXQGPDFKHQVRHWZDV

QLFKW]XPHUVWHQPDO-HGHUHUJUHLIWHLQHVGHU7DXHQGHQXQG IKUWHVGXUFKHLQHGHUgVHQ5DVFKXQGJHVFKLFNWVFKOLQJHQ VLHNRPSOL]LHUWH6HHPDQQVNQRWHQ)DVWJOHLFK]HLWLJVLQGVLH IHUWLJ1XQGUHKWGHU:RUWIKUHUGDV9HQWLOGHU3UHOXIWIOD VFKHDXI'HU3ODVWLNVDFNZLUGDXIJHEODVHQZ|OEWVLFKXQG QLPPWGLH)RUPHLQHV%DOORQVDQGHUYLHOOHLFKWHUDOVGDV LKQXPJHEHQGH(OHPHQWVRIRUW]XVWHLJHQEHJLQQW'LH7DXH VSDQQHQVLFKDEHUQRFKOLHJWGHU%HKlOWHUXQEHZHJOLFK'HU :RUWIKUHUGHU)URVFKPlQQHUEOLFNWEHVRUJWDXIGLH0HXKU GHU3UHOXIWIODVFKH'LHLVWEHLQDKHOHHUXQGGHU$XIWULHEGHV %DOORQVUHLFKWQRFKQLFKWGDV%HUJXQJVJXWLQGLH6FKZHEH]X EULQJHQ(LQ+DQG]HLFKHQ]XPDQGHUHQ6FKZLPPWDXFKHU XQGGHULVWVFKRQPLWZHQLJHQNUlIWLJHQ)ORVVHQVFKODJHQDQ GHU7RUSLOOHGLH5HVHUYHIODVFKHKHUEHL]XKROHQ(VGDXHUWHLQ ZHQLJVLHDQGLH6WHOOHGHUHUVWHQ]XVHW]HQ'LHOlWGHU :RUWIKUHUDFKWORVDEVLQNHQXQG6HNXQGHQVSlWHULVWVLHLP 6FKODPPYHUVFKZXQGHQ'LH/XIWDXVGHU]ZHLWHQ)ODVFKH VWU|PWLQGHQ%DOORQ 'D6FKZHUIlOOLJZLHHLQWUlJHVDXVGHP6FKODIJHVFKUHFNWHV 8U]HLWWLHUEHJLQQWVLFKGHU%HKlOWHU]XUHJHQ(VLVWDOVGUHKH HUVLFKDXIGLH6HLWH-HW]WELOGHQGLH]ZHLLQXQJOHLFKHU+|KH DQJHVFKZHLWHQgVHQHLQH:DDJHUHFKWHGLHEHLGHQ7DXHGLH JOHLFKODQJVLQGKDEHQQXQGLHVHOEH6SDQQXQJ 'HU:RUWIKUHUQLFNWVHLQHP.DPHUDGHQ]X'HU]HLJWEHLGH )lXVWHª(VOlXIW©XQGPDFKWVLFKGDUDQGLH6FKOHSS YHUELQGXQJ]XU7RUSLOOHKHU]XVWHOOHQ)ULKQVFKHLQWHVNHLQ 2EHQXQGNHLQ8QWHQPHKU]XJHEHQ(UDUEHLWHWPDODXIGHP 5FNHQOLHJHQGPDOElXFKOLQJV]XP*UXQGXQGZHQQHUVLFK GUHKWJHVFKLHKWGDVPLWJHVFKPHLGLJHQVFKUDXEHQI|UPLJHQ 'UHKXQJHQ 'HU%HKlOWHUO|VWVLFKDXVGHU0XOGH8QVlJOLFKODQJVDP KHEWHUVLFKDXIHWZDDQGHUWKDOE0HWHU(ULVWNRSIODVWLJGDV HLQH(QGHKlQJWWLHIKHUDE'HU]ZHLWH)URVFKPDQQGHXWHW EHVRUJWGDUDXI'HU:RUWIKUHUZLQNWDE'DVLVWQLFKW VFKOLPP'LH)DKUWZLUGGDVDXVJOHLFKHQ(UEHJLEWVLFK]XU 7RUSLOOHXQGVWDUWHWVLH'LH6FKUDXEHEHJLQQW]XPDKOHQXQG

GUHKWGHQ8QWHUZDVVHUVFKOLWWHQLQGLHJHZQVFKWH5LFKWXQJ $XIHLQPDOEHILQGHWVLFKGHU]ZHLWH0DQQGHUVLFKDQGHQ %HKlOWHUKlQJWLQWLHIHU'XQNHOKHLW'DVVFKUHFNWLKQQLFKW (USDFNWIHVWHU]XDOVHVHLQHQPHUNOLFKHQ5XFNJLEW'LH +DOWHVHLOHGHV%DOORQVVWHKHQQXQQLFKWPHKUVHQNUHFKWEHU GHP%HKlOWHUVRQGHUQZHLVHQVFKUlJQDFKKLQWHQ6LHIDKUHQ XQGREZRKOGHU:RUWIKUHUGHU(0DVFKLQHGHU7RUSLOOHGLH K|FKVWH/HLVWXQJDEYHUODQJWNRPPHQVLHQXUVHKUVHKU ODQJVDPYRUDQ'HUJUDXH%DOORQEUHPVWXQJHPHLQDEHURKQH LKQZlUHGLH(QWIKUXQJGHVP\VWHUL|VHQ%HKlOWHUVQLFKW]X UHDOLVLHUHQ'HUZUGHGLH7RUSLOOHIHVWKDOWHQZLHHLQ$QNHU $XIGHUª'LDPDQW©VLQGDOOH*OlVHUKLQEHUJHULFKWHW]XU ª&KULVWLQD,,,©1HLQGRUWGUEHQDKQHQVLHQLFKWZDVVLFK JOHLFKVDPXQWHULKUHP.LHOYROO]LHKW*HUDGHWUHWHQGLH 7DXFKHUZLHGHULQDOOHU5XKHDXIGLH6WDKOSODWWHXPVLFKDXIV QHXHUVWHQ]XODVVHQXQGGLH%HVDW]XQJVPLWJOLHGHUGLHLKQHQ ]XU+DQGJHKHQKDEHQHVQLFKWHLOLJ6RJDUGHU2EHUGHFN ODXWVSUHFKHUVSLHOWQRFK/HGLJOLFKGLH%UlXHU]HLJWHLQHJH ZLVVH1HUYRVLWlWXQGVLHKWDXIGLH8KU6LHZLUNWIUHPGDXI GHPDOWHQ.DKQGHVVHQ3XPSHQXQHQWZHJWOHQ]HQXQG :DVVHULQWUEHQDUPGLFNHQ6WUDKOHQDXHQERUGVVSHLHQ /DQJHGUIWHVLHHVQLFKWPHKUPDFKHQGLHVHª&KUL VWLQD,,,© %RUQVW|WDXI=XP0LWWDJHVVHQKDWHVDXIGHU6FKRQHU EULJJ/DEVNDXVJHJHEHQXQGGLHVHVVHKUVFKDUIJHZU]WH *HULFKWDXVJHS|NHOWHP6FKZHLQHXQG5LQGIOHLVFKGDVPLW HLQHUXQJHKHXUHQ3RUWLRQ=ZLHEHOQJHNRFKWXQGPLW3LPHQW /RUEHHU3IHIIHUXQG6DO]DEJHVFKPHFNWPLW5RWHQ%HWHQ 6DO]KHULQJXQG*XUNHQGXUFKJHGUHKWXQGPLW.DUWRIIHOEUHL YHUUKUWZXUGHZLUNWLP0DJHQGHV&KHIVGHU5KHLQ0DLQ 'HWHNWHLQDFK(UKDWGHQ6WHZDUGJOHLFKJHIUDJWREVLHDXFK HLQ)D%LHUDQVWHFNHQZHQQHVGLHVHV(VVHQJLEWGRFKGHU 0DQQOlFKHOWHQXUXQGVDJWH]XHLQHP6HHWXUQJHK|UH /DEVNDXV8QGGDQQZXUGH%LHULQ+DOEOLWHUJOlVHUQVHUYLHUW 6HLWKHUUOSVW%RUQ %RUQVLHKWDXFKDXIGLH8KUª'LH6DFKHPWHJHODXIHQ

VHLQ©ZLUIWHUKLQª6LHVLQGOlQJVWDXIGHP:HJ]XUFN:LU VROOWHQ6HNWNDOWVWHOOHQODVVHQ© ª:DVLVWGDV"©IUDJW$FKLPXQGGHXWHW]XU6HLWH:DVHU MHW]WGXUFKVHLQ*ODVVLHKWIDV]LQLHUWLKQ $OOHDQGHUHQVFKZHQNHQLKUH*OlVHULQGLHVHOEH5LFKWXQJ 'RUWKLQWHQOLHJHQZLHJHVWHUQDXFKHLQH0HQJH )LVFKHUERRWH'LHJHK|UHQVRVHKU]XP%LOGGHU6HHYRU *ULPVWDG)HYLNGDQLHPDQGPHKUDXIVLHJHDFKWHWKDW 'RFKMHW]WKDWVLFKHLQHUGHU.XWWHUYRQGHQDQGHUHQJHO|VW XQGIlKUWJHQDXDXIGDV%HUJXQJVVFKLII]X8QGZLHHUIlKUW (UOlXIWPLWVROFKHU*HVFKZLQGLJNHLWGDHVDXVVLHKWDOVKHEH VLFKVHLQ%XJDXVGHP:DVVHUXQGYHUVXFKHGLHZHLH *LVFKWZRJH]XEHUVSULQJHQGLHHUYRUVLFKKHUVFKLHEW'HU .XWWHU]LHKWHLQHEUHLWH.LHOZDVVHUVSXUQDFKVLFK$P+HFN TXLUOWGLH6FKUDXEHGDV:DVVHUVFKDXPLJ .HLQHUVDJWHLQ:RUWDEHUVLHZLVVHQHVDOOH'DVLVWNHLQ )LVFKHUHLIDKU]HXJ)LVFKHUHLIDKU]HXJHKDEHQNHLQHQVROFKHQ +RFKOHLVWXQJVGLHVHO8QGVLHIKUHQDXFKQLFKWGHQ:LPSHO GHUMHW]WDP0DVWJHVHW]WZLUGGDVZHLJHUlQGHUWHEODXH .UHX]DXIURWHP*UXQGXQGLQPLWWHQGHUQRUZHJLVFKHQ)DUEHQ HLQ'LHQVWZDSSHQXQG6FKULIW ª'DVLVWGHU'LHQVWZLPSHOGHU.|QLJOLFK1RUZHJLVFKHQ =ROOYHUZDOWXQJ©VDJW.DSLWlQ:ROOHUPDQQKHLVHUª6LHJHEHQ GDPLW]XHUNHQQHQGDLKU(LQVDW]YRQ$PWVZHJHQHUIROJW 8QGVLHKDOWHQJHQDXDXIGLH&KULVWLQDGUHL!]X© %RUQZLUGZHLZLHGLH:DQG6HLQH.LHIHUPDKOHQ(U VWDUUWKLQEHU'LH0lQQHUDXIVHKHQYHUlQGHUWDXV KDEHQLKU5lXEHU]LYLODEJHOHJWXQGWUDJHQGLHNKDNLIDUEHQH 'LHQVWNOHLGXQJ'DVDOOHVLVWXQPLYHUVWlQGOLFKVRXQPL YHUVWlQGOLFKZLHGDVVFKZHUH0DVFKLQHQJHZHKUDXIHLQHP YRUKHUYHUGHFNWHQ'UHKNUDQ]GHV9RUVFKLIIV ª9HUGDPPWH6FKHLH©EUOOW%RUQ ª8QVN|QQHQVLHQLFKWV©EHPHUNW:ROOHUPDQQNDOWª/|Y ERUJLVW1RUZHJHUDEHUZLU]HLJHQ6FKZDU]5RW*ROGXQG VLQGDXIRIIHQHU6HH8QVDQ]XJHKHQZlUH3LUDWHULH'DV ZDJHQVLHQLFKW©

ª:HUZLOOXQVYHUELHWHQ]X]XVHKHQZLHHLQ%HUJXQJVVFKLII DUEHLWHW"©HUJlQ]WGHUJHVSUlFKLJH6WHXHUPDQQª:LUVLQGDXI .UHX]IDKUW:LUKDEHQ=HLW$OOHUGLQJVVROOWHQZLUYLHOOHLFKW NDVFKLHUHQGDZLUVHLWJHUDXPHU:HLOHHLQHEHVWLPPWH3R VLWLRQKDOWHQ© 'HU.DSLWlQQLFNWLKPDQHUNHQQHQG]Xª:HQQXQVGLH )URVFKPlQQHUKLHUQLFKWILQGHQEOHLEHQVLHXQGZDUWHQELV ZLUVLHDXIQHKPHQ'DVVLQGGRFKDXVJHEXIIWH-XQJV8QG6LH ]HLJHQGHQ=|OOQHUQZLHKDUPORVZLUVLQG(LQIULHGOLFKHU 6HJOHU© 'DVVFKHLQWGHP6WHXHUPDQQ]XJHIDOOHQª7lXVFKXQJGHV )HLQGHV©GDVKDWLKPZRKOVFKRQLQVHLQHU=HLWEHLGHU %XQGHVPDULQH6SDJHPDFKW6HKU]DFNLJOHJWHUGLH5HFKWH DQGHQ0W]HQVFKLUPXQGZLHGHUKROWGHQ%HIHKOHKHHUVLFK XPGUHKW'LHJHVDPWH0DQQVFKDIWEHILQGHWVLFKDXI'HFNHU PXVLHQLFKWHUVWYRP%RRWVPDQQKRFKSIHLIHQODVVHQª.ODU ]XP6HJHOPDQ|YHU©KDOOWVHLQ.RPPDQGRª%DFNERUG *RUGLQJV*HLWDXHXQG7DPSHQORV$QGLH6WHXHUERUGEUDV VHQ© :lKUHQGLQJHULQJHU(QWIHUQXQJPLWPRGHUQHQ0LWWHOQHLQ =ROOHLQVDW]VWDWWILQGHWZLUGDXIGHUª'LDPDQW©QDFKDOOHQ 5HJHOQGHU.XQVWHLQ6WFNPLWWHODOWHUOLFKH6HJHOVFKLIIDKUW ]XU6FKDXJHVWHOOW:HOFKNUDVVHU*HJHQVDW] 'LH6SDQQXQJXQG(UUHJWKHLWGLHGLHEHUUDVFKHQGH:HQGH LP*HVFKHKHQYRU*ULPVWDG)HYLNPLWVLFKEULQJWKDWMHGHQ HUJULIIHQ$XFK:HUQHU%UHGHEXVFKEHREDFKWHWPLWDQJHKDO WHQHP$WHPGLH]XJHVSLW]WH6LWXDWLRQXQPLWWHOEDUDQGHU QRUZHJLVFKHQ6HHJUHQ]H(UYHUIROJWVLHPLWJHPLVFKWHQ *HIKOHQ)DVWEHGDXHUWHUHLQZHQLJGDGLHVHFOHYHUHQ =ROOEHDPWHQ]XVSlWNRPPHQ$XIQRUZHJLVFKHP%RGHQODJ GLHJHKHLPH*LIWNFKHGHV66)RUVFKXQJVNUHLVHV(VZlUH 6DFKHGHU1RUZHJHU]XHQWKOOHQZDVVLFKZlKUHQGGHUIU VLHOHLGYROOHQ=HLWGHU%HVHW]XQJGXUFKGLH+LWOHUIDVFKLVWHQ LQ/RIWKXVDEJHVSLHOWKDWXQGQRFKLPPHUQLFKWJHDKQGHWLVW $QGHUHUVHLWVJlEHHVGHQQ(QWKOOXQJHQZHQQGLH %HKlOWHUVLFKHUVWHOOHQXQGQDFK2VOREULQJHQN|QQWH":HUQHU

JODXEWGDVEH]ZHLIHOQ]XPVVHQ6HLWGDV.|QLJUHLFK1RU ZHJHQQDFKGHP]ZHLWHQ:HLWNULHJYRQVHLQHUWUDGLWLRQHOOHQ 1HXWUDOLWlWVSROLWLNDEZLFKXQG]XGHQ*UQGXQJVPLWJOLHGHUQ GHU1$72]lKOWKDWHVVLFKVHOEVWDXIYLHOHUOHL:HLVHGLH +lQGHJHEXQGHQXQGVLFK]X5FNVLFKWVQDKPHQJH]ZXQJHQ 1HLQHVZUGHQLFKWVDQGLHgIIHQWOLFKNHLWGULQJHQPDQ ZUGHLQ2VORPLWGHQ=lKQHQNQLUVFKHQXQGGRFK]XJXQVWHQ GHU%5'VFKZHLJHQ%UHGHEXVFKZQVFKWYRQJDQ]HP+HU ]HQGDGLH)URVFKPlQQHUPLWLKUHUEULVDQWHQ)UDFKWYRP .XWWHUXQEHPHUNWEOHLEHQ GUHKWQHEHQª&KULVWLQD,,,© EHL*DQ]H.DVNDGHQ VFKDXPLJHQ:DVVHUVZLUEHOWGLH6FKUDXEHDXIGLHGHQ.XWWHU ]XP+DOWHQEULQJWXQGLKQ%RUGDQ%RUGPLWGHP%HUJXQJV VFKLIIGUFNW*DQ]VFKXOPlLJOlXIWGLH2SHUDWLRQDEGDV 0*LVWDXIV'HFNGHUª&KULVWLQD,,,© JHULFKWHWZlKUHQG XQLIRUPLHUWH=|OOQHUKLQEHUVSULQJHQXQGGUHL=LYLOLVWHQVLFK PKHQDXFKDXIGDVIUHPGH)DKU]HXJ]XJHODQJHQ1DWU OLFKIUGLH%HDPWHQGHU,,$EWHLOXQJGHV)DKQGXQJVGLHQVWHV LVWVRHLQ(QWHUQQLFKWDOOWlJOLFK ª'LH%UlXHUKDEHQVLH©ZLUIW'HWMHQKLQ ª6LHZHUGHQVLHLQGLH0DQJHOQHKPHQ©%RUQOlWGDV*ODV QLFKWYRQGHQ$XJHQ $FKLPZLQNWDEª1DXQG",FKNHQQHVLHOlQJHUDOVGX'LH KlOWGLFKW-HGHQIDOOVKDEHQGLHGDGUEHQHUVWPDO QH:HLOH ]XWXQXQGLQ]ZLVFKHQVLQGGHLQH)URVFKPlQQHUDXIXQG GDYRQ© ª$QIOLHJHQGHU+XEVFKUDXEHUIQIXQGYLHU]LJ*UDG%DFN ERUG©VFKUHLWSO|W]OLFKHLQHUGHU0DWURVHQª*HVFKlW]WH+|KH DFKW]LJ0HWHU© .DSLWlQXQG6WHXHUPDQQIDKUHQKHUXPXQGUHLHQGLH *OlVHUKRFK,KUH+DOWXQJZLHGHUPHOGHQGH=XUXIGHV0D WURVHQYHUZDQGHOQGLHª'LDPDQW©SO|W]OLFKLQHLQ.ULHJVVFKLII ª)HKOWQXUQRFK©PHLQW$FKLPWURFNHQªGDMHW]WGLH5LFKW ZHUWHIU)ODNDUWLOOHULHDQJHVDJWZHUGHQ'LH%UGHUNRPPHQ VLFKZRKOYRUZLHDXIGHP6HHWHXIHO!GHV*UDIHQ/XFNQHU© 'HUYRQHLQHPDEHQWHXHUOXVWLJHQ$GOLJHQEHIHKOLJWH6HJOHU

ª6HHWHXIHO©HUODQJWHLPHUVWHQ:HOWNULHJDOVª+LOIVNUHX]HU© WUDXULJHQ5XKPDOV.DSHUVFKLII$EHUEHLGHU%XQGHVPDULQH JHK|UWVHLQH*HVFKLFKWH]XGHQªVWRO]HQ7UDGLWLRQHQ©GLH JHSIOHJWZHUGHQ6REHWUDFKWHWVSUHFKHQGDV%HQHKPHQGHV 6WHXHUPDQQVXQGGHVMQJHUHQ7HLOVGHU0DQQVFKDIW%lQGH 'HU+XEVFKUDXEHUVLQNWQRFKWLHIHUKHUDEXQGEOHLEWIDVW JHQDXEHUGHU%HUJXQJVVWHOOHLQGHU/XIWVWHKHQ1XQVLQG VHLQH.HQQ]HLFKHQGHXWOLFKDXV]XPDFKHQ(UJHK|UW]XU .|QLJOLFKHQ0DULQH8QGQRFKHKHVLHDXIGHUª'LDPDQW©LKUH 0HLQXQJHQGDUEHUDXVWDXVFKHQN|QQHQO|VHQVLFKQDFK HLQDQGHUIQI*HVWDOWHQYRQGHU0DVFKLQHXQGODVVHQVLFK KLQXQWHUIDOOHQLQGLH1RUGVHH1DFKHLQDQGHUVWHLJHQIQIKRKH )RQWlQHQDXIXQGIDOOHQZLHGHULQVLFK]XVDPPHQ ª0DULQHNDPSIVFKZLPPHU©VDJWGHU6WHXHUPDQQKHLVHU ª'DVVLQGKDUWH%XUVFKHQ-HW]WNDQQHVLQV$XJHJHKHQ© %RUQYHUKlOWVLFKJDQ]UXKLJ(UVWDUUWQXUDEZHFKVHOQG KLQEHU]XP%HUJXQJVVFKLIIQHEHQGHPGHU=ROONXWWHUOLHJW KLQDXI]XP+XEVFKUDXEHUXQWHUGHPIOLUUHQGHQ.UHLVVHLQHU 5RWRUHQXQGKLQDEDXIV:DVVHU'DVNUlXVHOWZLHGHUNOHLQH :HOOHQEHUGLH(LQVSUXQJVWHOOHQDQGHQHQGLH.DPSI VFKZLPPHUHLQJHWDXFKWVLQG8QKHLPOLFKHU*HGDQNHXQWHU GHUOHLFKWEHZHJWHQ2EHUIOlFKHDXIGHUGLH6RQQHJOLW]HUW ILQGHWHLQHODXWORVH-DJGVWDWW1LFKWHLQH6HNXQGH]ZHLIHOWGHU &KHIGHU5KHLQ0DLQ'HWHNWHLGDUDQGDGLH0DULQHVROGDWHQ DEJHVSUXQJHQVLQGXPGHQ%HKlOWHUDQVLFK]XEULQJHQ:LH N|QQHQVLHEHUKDXSWYRQLKPZLVVHQ"'LH%UlXHUKDWPLW /|YERUJYHUKDQGHOWRKQHPHKUDOVQ|WLJ]XVDJHQGHU&KHI GHUª&KULVWLQD,,,© HUKLHOWGLH.RRUGLQDWHQGHU9HUVHQNXQJV VWHOOHHUVWQDFKGHP$EOHJHQZRVROOGDHLQHXQGLFKWH6WHOOH JHZHVHQVHLQ"0LJGDUEHUQDFK]XGHQNHQ'LH.DPSI VFKZLPPHUVLQGGDXQG%RUQNDQQQXUKRIIHQGDVLHLQGHP 'XQNHOGDXQWHQGLH7RUSLOOHXQGGHUHQ/DVWQLFKWRUWHQ N|QQHQ 'LH.DPSIVFKZLPPHUEHILQGHQVLFKXQWHU:DVVHUQDFKHLQHU YRUJHJHEHQHQ.XUV]DKOJHQDXDXIGHU/LQLHGLHGLH9HU

6HQNXQJVVWHOOHPLWGHU3RVLWLRQYHUELQGHWDXIGHUGLH6FKR QHUEULJJODJHKHVLH6HJHOVHW]WH'LH0lQQHUYRQGHU0DULQH NRPPHQDXHURUGHQWOLFKVFKQHOOYRUDQ0LWDXVJHZRJHQHQ NUDIWYROOHQ)ORVVHQVFKOlJHQJOHLWHQVLHZDDJHUHFKWGXUFKV :DVVHU1XUGLH1HRSUHQDQ]LLJHKDEHQVLHPLWGHQ)URVFK PlQQHUQ%RUQVJHPHLQVDP6FKRQLKU$WHPJHUlWLVWDQGHUV 0LWVFKZHUHQ)ODVFKHQDXIGHP5FNHQKlWWHQVLHQLFKWYRP +XEVFKUDXEHUDEVSULQJHQN|QQHQ'D]XEHGDUIHVVSH]LHOOHU $SSDUDWHGHUHQ.RQVWUXNWLRQ*HKHLPQLVGHU6WUHLWNUlIWHLVW 'UHLGHU0lQQHUIKUHQDOV:DIIHOHGLJOLFKGDV7DXFKHUPHV VHUEHLVLFK'LHEHLGHQDQGHQ6HLWHQGHUEUHLWDXVHLQDQGHU JH]RJHQHQ.HWWHKDOWHQ6FKXKDUSXQHQLQGHQ+lQGHQ IXUFKWEDUH:DIIHQLPXQWHUVHHLVFKHQ*HIHFKW'HU.DPSI VFKZLPPHULQGHU0LWWHJLEWGLH5LFKWXQJDQHULVWGHU1D YLJDWRUGHU*UXSSH 8QGGLH7RUSLOOHNRPPWPLWLKUHUVFKZHUHQ/DVWNDXP YRUDQ,P6FKQHFNHQWHPSRQXUVFKLHEWVLHVLFKGXUFKV:DV VHU'HU%DOORQEUHPVW2EZRKOVLFKGHU]ZHLWH)URVFKPDQQ KLQWHQDQGHQ%HKlOWHUJHKlQJWKDWXPVHLQH3HQGHOEH ZHJXQJHQ]XUHJXOLHUHQXQGLKPPHKU6WDELOLWlW]XJHEHQ EHUWUDJHQVLFKVHLQHWRUNHOQGHQ%HZHJXQJHQDXIGHQ8QWHU ZDVVHUVFKOLWWHQGHXWOLFKHUNHQQEDUDP+LQXQG+HUVFKODJHQ VHLQHV+HFNV8QWHUQRUPDOHQ8PVWlQGHQXQGZHQQGLHJDQ]H 6DFKHQLFKWYRUGHQ/HXWHQYRP%HUJXQJVVFKLIIJHKHLP JHKDOWHQZHUGHQPWHKlWWHQVLHHLQIDFK/XIWNLVVHQDXI JHEODVHQXQGGHQ%HKlOWHUGDPLWDQGLH2EHUIOlFKHJHEUDFKW $XIGLHVH:HLVHKDEHQVLHLQGHU.DULELVFKHQ6HHEURQ]HQH *HVFKW]URKUHDXVHLQHUJHVXQNHQHQ.DUDYHOOHGLHDXIGHU 5HLVH]XGHQZHVWLQGLVFKHQ.RORQLHQ6SDQLHQVXQWHUJHJDQJHQ ZDUQDFKREHQJHVFKDIIW/HLGHUKDWWHVLHNHLQ6LOEHUDQ%RUG DEHUDXFKGLH*HVFKW]URKUHEUDFKWHQJXWHV*HOG0HUN ZUGLJHUZHLVHGHQNHQVLHLQGLHVHQ0LQXWHQEHLGHGDUDQXQG IKOHQ6HKQVXFKWQDFKSDOPHQEHZDFKVHQHQ6WUDQGHQVFKR NRODGHQEUDXQHQ0lGFKHQXQG6RQQH'RUWLVWDOOHVIU|KOLFKHU KHLWHUHUXQEHVFKZHUWHUXQGIDUELJHUEHUXQGXQWHU:DV VHU'LHVH6HKQVXFKWKLOIWLKQHQMHW]WLQGHUGXQNOHQXQ

IUHXQGOLFKHQ1RUGVHHGHQNUDIW]HKUHQGHQ7UDQVSRUW]XEH ZlOWLJHQ (VLVWSXUHU=XIDOOGDVLFKGHU]ZHLWH)URVFKPDQQXP ZHQGHW9RPHKHPDOLJHQ/LHJHSODW]GHV%HKlOWHUVDQGHPGLH 8QWHUZDVVHUERMH]XUFNEOLHELVWRKQHKLQQLFKWVPHKU]X VHKHQ8QGGDHUEOLFNWHUGLH.DPSIVFKZLPPHU 'LHEHZHJHQVLFKLQJU|HUHU+|KHDOVVLHXQGVLQGQRFK HLQJXWHV6WFNHQWIHUQWGXQNOH6LOKRXHWWHQJHJHQGLH 'lPPHUXQJXQWHUGHU:DVVHUREHUIOlFKH$EHUVLHVFKOLHHQ VFKQHOODXI'DOlWGHU)URVFKPDQQGLH)UDFKWORVXQGEHJLEW VLFKPLWNUlIWLJHQ)ORVVHQVFKOlJHQQDFKYRUQ]XVHLQHP .DPHUDGHQOHJWLKPGLH+DQGDXIGLH6FKXOWHUXQGGHXWHW QDFKKLQWHQ 'HU:RUWIKUHUVFKDOWHWVRIRUWGLH6FKHLQZHUIHUDXV1HLQ VROHLFKWLVWHUQLFKWEHUHLWDXI]XJHEHQ(UGUFNWGLH7RUSLOOH ZLHGHUWLHIHUKLQDEXQGKRIIWGLH.DPSIVFKZLPPHUZUGHQ GDUEHUKLQZHJ]LHKHQRKQHVLH]XEHPHUNHQ $EHUVLHKDEHQGDV/LFKWVFKRQJHVHKHQ6LHVWRHQKHUDE 'LH.HWWHZLUG]XHLQHU$UW+XIHLVHQ'LH.DPSIVFKZLPPHU ]LHKHQXQPLYHUVWlQGOLFKLKUH0HVVHUDXVGHU+DOWHUXQJDP 8QWHUVFKHQNHO'LHEHLGHQJDQ]DXHQQHKPHQLKUH6FKX KDUSXQHQVRZLHPDQHLQ*HZHKUEHLP6FKLHHQDXVGHU +IWHKlOW6FKXKDUSXQHQVHKHQDXVZLH3LVWROHQPLWHLQHP EHUODQJHQVWRFNGQQHQ/DXI'LH*HVWHLVWHLQGHXWLJ%RUQV )URVFKPlQQHUVROOHQGLH7RUSLOOHVWRSSHQXQGVLFKHUJHEHQ hEHUGHQ(UQVWLKUHU/DJHPDFKHQVLHVLFKNHLQH,OOXVLRQHQ 6LHGHXWHQGLH$XVUVWXQJGHU9HUIROJHUPDQQVFKDIWULFKWLJ 'DVVLQGNHLQH6SRUWWDXFKHUZLHVLHGDVVLQG6ROGDWHQHLQHU KRFKVSH]LDOLVLHUWHQXQGDXIZHQGLJDXVJHELOGHWHQ(LQKHLW GDUDXIWUDLQLHUWXQWHU:DVVHU]XNlPSIHQ'DVHLQ]LJHZDV LKQHQGLH)URVFKPlQQHUYRUDXVKDEHQLVWGLH0DVFKLQHQNUDIW LKUHU7RUSLOOHDEHUGLHQW]WLKQHQQLFKWVVRODQJHVLHDQGHQ %DOODVWPLWGHP%DOORQJHIHVVHOWLVW 'LH.DPSIVFKZLPPHUVWRHQKHUDE6FKRQOlWVLFKGHU ZLQ]LJH*HVLFKWVDXVVFKQLWWHUNHQQHQGHQ%ULOOHXQG0XQG VWFNIUHLJHEHQ8QGQXQJHKWDOOHVEOLW]VFKQHOO'HUHUVWH

)URVFKPDQQPDFKWHLQH%HZHJXQJDOVZROOWHHUPLWGHU +DQGNDQWH]XVFKODJHQVHLQ*HIlKUWHUHLWGDVVFKZHUH 0HVVHUKHUDXVXQGNDSSWPLWGHUEUHLWHQ.OLQJHGDV6FKOHSS VHLO'DQQZLUIWHUVLFKKHUXPXQGNDXPKDWHUPLWHLQHU+DQG HLQHQ+DOWHJULIIGHU7RUSLOOH]XIDVVHQJHNULHJWGDVFKLHW GLHVHYRUZlUWVZLHHLQ3IHLOXQGYHUVFKZLQGHWYRUGHQ$XJHQ GHU.DPSIVFKZLPPHULQGHU'XQNHOKHLW'LHEHLGHQPLWGHQ 6FKXKDUSXQHQVFKODJHQ]ZDUDQDEHUVLHGUFNHQQLFKWDE ,KU%HIHKOODXWHWVLFKHU]XVWHOOHQZDVGLHª&KULVWLQD,,,© EHUJHQZROOWH'LHVHU%HIHKOLVWDXVJHIKUW ª8QGQXQ"©IUDJW'HWMHQ ª,FKELQHUOHGLJW'DVLVWPHLQ(QGH©HUZLGHUW%RUQWRQORV 'LHEHLGHQ0lQQHUVWHKHQDOOHLQ%RUQWREWQLFKWXQGHUIOXFKW QLFKW(UVSULFKWOHLVHHLQVLFKHUHV=HLFKHQGDIUZLHVFKZHU LKQGLHVH1LHGHUODJHWULIIW(UEOLFNW$FKLPQLFKWDQHUVLHKW ]XZLHPLW+LOIHGHU.DPSIVFKZLPPHUGHU%HKlOWHUDQ%RUG YRQJHKLHYWZLUG'LHGUHL=LYLOLVWHQXQGPLWLKQHQ]ZHL XQLIRUPLHUWH=|OOQHUEHILQGHQVLFKQRFKDXIGHP%HUJXQJV VFKLII:RUDQGHQNWGHU&KHIGHU'HWHNWHLLQGLHVHP$XJHQ EOLFN"(UGHQNWDQGLHPKVDPHQXQGNRPSOL]LHUWHQ(U PLWWOXQJHQGLHGLH$NWLRQLQ6WDXIHQHUP|JOLFKWHQGHQNWDQ GHQ(PSIDQJDXI%HUU\+LOO&DVWOHXQGGLH%HOHKUXQJEHUGLH :LFKWLJNHLWGHV%HKlOWHUVGHQNWDQGLHXPVLFKWLJH9RU EHUHLWXQJGLHVHU%HUJXQJXQGIDWQLFKWGDDOOHVVR]X(QGH JHKHQVROO:LHDXVJHEUDQQWIKOWHUVLFKHLQJHEURFKHQHU 0DQQ ª$FK©$FKLPGHKQWGDV:RUWPDFKWHLQHNOHLQH3DXVHXQG IlKUWGDQQIRUWª:HQQLFKGXZlUH7HOHJUDPPDQ+HU]RJ ,QKDOW$OOH0DQQQDFK2VOR!,FKZUGHDXFKQLFKWQDFK +DPEXUJ]XUFNNHKUHQVRQGHUQGHP=ROONXWWHULQVHLQHQ +HLPDWKDIHQIROJHQ'RUWPXQRFKZDV]XPDFKHQVHLQ© %RUQNQHLIWGLH/LGHU]XVDPPHQELVVHLQH$XJHQQXUQRFK VFKPDOH6FKOLW]HVLQG'D'HWMHQGLH6DFKHQLFKWYHU ORUHQJLEWZHFNWVHLQH/HEHQVJHLVWHU9LHOOHLFKWLVWZLUNOLFK HWZDV]XPDFKHQ"(UEHUOHJWILHEHUKDIW'LH=|OOQHUKDEHQ

GHQ%HKlOWHUDQ%RUG6FKRQQDFKIOFKWLJHU%HWUDFKWXQJ PVVHQVLHHUNHQQHQGDVLHQLFKWLUJHQGZHOFKHV6FKPXJ JHOJXWYRUVLFKKDEHQVRQGHUQHLQ6WFNYRP1DFKODGHV HKHPDOLJHQJURGHXWVFKHQ5HLFKV'DVIlOOWQLFKWPHKULQGLH .RPSHWHQ]GHV=ROOV'LH/HXWHDXIPVVHQVLFKQHXHU :HLVXQJHQZHJHQDQLKUHYRUJHVHW]WH'LHQVWVWHOOHZHQGHQ (LQ5DWWHQVFKZDQ]YRQ,QVWDQ]HQLVW]XGXUFKODXIHQEHYRU GLH=ROOGLUHNWLRQLKUHUEHUJHRUGQHWHQ%HK|UGH9RUWUDJKlOW hEHUJHRUGQHWH%HK|UGHGHV=ROOVLVWHEHQVRZLHGLHGHU 6WHXHUEHK|UGHQPLWLKUHP)DKQGXQJVGLHQVWGHU)LQDQ] PLQLVWHU'DV0LQLVWHULXPIU)LQDQ]HQZLUGVLFKHEHQIDOOVIU QLFKW]XVWlQGLJHUNOlUHQXQGGHQ9RUJDQJZHLWHUUHLFKHQDQV ,QQHQPLQLVWHULXP'DVVHLQHUVHLWVJHODQJW]XGHP6FKOXGLH 6DFKHJHKHVHLQH6LFKHUKHLWVDEWHLOXQJDQ'LHVHHUKlOW:HL VXQJGHQP\VWHUL|VHQ%HKlOWHU]XEHUQHKPHQXQGEHU VHLQHQ,QKDOW]XEHILQGHQ8QGELV]XGLHVHP=HLWSXQNWEOHLEW GDV2EMHNWLP*HZDKUVDPGHU=ROOYHUZDOWXQJGLHEHUVL FKHUH9HUVFKOXP|JOLFKNHLWHQXQGEHZDIIQHWH%HDPWH]X GHUHQ6FKXW]YHUIJW(KHGLH(QWVFKHLGXQJIlOOWN|QQHQ7DJH YHUJHKHQhEHUKDVWHWH(QWVFKOVVHVFKlW]WPDQLQ1RUZHJHQ QLFKWVFKRQJDUQLFKWZHQQHVXP'LQJHJHKWGLHGDV HUVWUHEWHJXWH(LQYHUQHKPHQPLW1$729HUEQGHWHQEH ODVWHQN|QQWHQ=XPLQGHVWLQGHQQlFKVWHQYLHUXQG]ZDQ]LJ 6WXQGHQJHVFKLHKWQLFKWV 'HU&KHIGHU5KHLQ0DLQ'HWHNWHLKROWWLHI/XIW(UZLUG GDV7HOHJUDPPDQ+HU]RJDXIJHEHQ'HUNDQQHVZHQLJH 0LQXWHQVSlWHUKDEHQ'DQQHLQ$QUXIEHLP)UDQNIXUWHU )OLHJHUNOXEPLWGHPKDWGDV8QWHUQHKPHQLQGHU2SSHQ KHLPHU6WUDHHLQHQ9HUWUDJGHULKP]XMHGHU7DJHVXQG 1DFKW]HLWGLH%HQXW]XQJHLQHUVWDUWNODUHQNOXEHLJHQHQ0D VFKLQHHUP|JOLFKW$OOHJURHQ%HWULHEHGHV(UPLWWOXQJV JHZHUEHVXQWHUKDOWHQVROFKH%H]LHKXQJHQ]X3ULYDWIOLHJHUQ %RUQVLHKWDXIGLH8KU-HW]WLVWHV8KU6SlWHVWHQVLQYLHU 6WXQGHQNDQQVHLQH0DQQVFKDIWLQ2VORODQGHQ9LHOIUKHU ZLUGGLHª'LDPDQW©DXFKQLFKWGRUWVHLQ2VOR'HU*H GDQNHZLHGHUHLQPDOGHQ)XDXIQRUZHJLVFKHQ%RGHQ]X

VHW]HQLVWLKPVRXQOLHEQLFKW=XPOHW]WHQPDOZDUHUZlKUHQG GHV.ULHJHVGRUWXQGGDQQQLFKWZLHGHUZHJHQGHUYRQLKP JHOHLWHWHQ5HTXLULHUXQJHQLQ.ULVWLDQVDQGVWDQGHU]HLWZHLOLJ DXIGHUQRUZHJLVFKHQ.ULHJVYHUEUHFKHUOLVWH1DGDQDFKNUlKW KHXWHNHLQ+DKQPHKU %UHGHEXVFKEHREDFKWHWLKQDXVGHQ$XJHQZLQNHOQXQG UHJLVWULHUWPLW(UOHLFKWHUXQJGDVLFK%RUQPHKUXQGPHKUPLW VHLQHP9RUVFKODJDQIUHXQGHW,QGLHVHU6WXQGHGHFNHQVLFK DXVQDKPVZHLVHGLH,QWHUHVVHQGHV&KHIVGHU'HWHNWHLXQGGLH GHV''5.XQGVFKDIWHUV:HUQHU%UHGHEXVFKYROOXQGJDQ] %RUQVFKOlJWLKPDXIGLH6FKXOWHUª1HLQZLUJHEHQQLFKW DXI©YHUNQGHWHUZHQGHWVLFKDEXQGJHKWVFKQHOO]X.DSLWlQ :ROOHUPDQQ

ª$OVLFKDQULHIKDWWHLFKJOHLFKHLQHQ)OXJOHKUHUGHV.OXEVDQ GHU6WULSSH©HU]lKOW+HU]RJª,P+DQGXPGUHKHQZDUHQZLU LQGHU/XIWXQGZLUVLQGVR]HLWLJLQ2VORJHODQGHWGDZLU VFKRQDP.DLVWDQGHQDOVGLH&KULVWLQDGUHL!XQGGHU=ROO NXWWHUHLQOLHIHQ9RQGHPZXWHQZLUMDQLFKWVZLUDFKWHWHQ HLQIDFKDXIGDV6FKLIIGHU5HHGHUHL/|YERUJ:LUZXWHQ GXUFKGDV7HOHJUDPPGDHWZDV$XHUJHZ|KQOLFKHVSDVVLHUW VHLQPXWHXQGDOVZLUVDKHQGDGHU.XWWHUPLWGHP=ROO ZLPSHODQGHP%HUJXQJVVFKLIIKLQJZLHHLQH.OHWWHDKQWHQ ZLUZDVYRUJHIDOOHQZDU'DQQVDKHQZLUDXFKQRFKZLH)UDX %UlXHU]ZLVFKHQ8QLIRUPLHUWHQGLHVHQ=ROONXWWHUYHUOLHXQG ]XHLQHP:DJHQJHIKUWZXUGH'DZDUDOOHVNODU,FKKDEH GLHHQWVSUHFKHQGHQ$QZHLVXQJHQJHJHEHQ© 6LHKDEHQVRJXWHVJLQJLQ6LONH%UlXHUV:RKQXQJLKU +DXSWTXDUWLHUDXIJHVFKODJHQ'LHVFKZHUHQ+RO]MDORXVLHQ YRUGHQ)HQVWHUQVLQGJHVFKORVVHQJHEOLHEHQGDPLWNHLQ /LFKWVFKHLQQDFKDXHQGULQJW'LH%HQXW]XQJGHV7HOHIRQV KDW%RUQXQWHUVDJW0DQNDQQMDQLHZLVVHQ'HU.KOVFKUDQN

LVWJHSOQGHUWZRUGHQGHUEHVFKHLGHQH.DIIHHYRUUDWVFKRQ YHUEUDXFKW1DFKKHUZLUGPDQMHPDQGDXVVFKLFNHQIU 1DFKVFKXE]XVRUJHQ 9RQGUDXHQNRPPW6FKZHGOHUKHUHLQ(VPX]XUHJQHQ EHJRQQHQKDEHQGHQQVHLQ0DQWHOWULHIWYRU1lVVH6FKZHGOHU VHW]WVLFKXQDXIJHIRUGHUWKLQEUHLWHWHLQHQJOHLFKIDOOVGXUFK IHXFKWHWHQ6WDGWSODQDXVXQGWLSSWPLWGHP=HLJHILQJHUDXI HLQHEHVWLPPWH6WHOOHDP5DQGHGHV+DIHQJHELHWVª+LHUKLQ KDEHQVLHGHQ%HKlOWHUJHEUDFKW©HUNOlUWHURKQH8P VFKZHLIHª'DVLVWGHU=ROOVFKXSSHQ]Z|OI(LQIDFKHU'UDKW ]DXQREHQ]ZHL/DJHQ6WDFKHOGUDKWNDOWDOVRRKQH6WURP 'DVLVWGLH6WUDHQVHLWH6HLWOLFKUHLFKWGLH8P]lXQXQJELVDQ GHQ.DLKHUDQ'HU.XWWHULVWHQWODGHQZRUGHQXQGKDW ZLHGHUDEJHOHJW'HU.DLOLHJWMHW]WYHUODVVHQGD© *DQ]EHLGHU6DFKHIUDJW%RUQª%HZDFKXQJ"© ª=ZHL=ROOZDFKWPHLVWHUPLW0DVFKLQHQSLVWROHQ(LQHUWUlJW HLQ6SUHFKIXQNJHUlW5RORIIKlOWVLHXQWHUVWlQGLJHU%H REDFKWXQJ'HU5K\WKPXVGHU$EO|VXQJ6LHZLVVHQ VFKRQ© 'HU&KHIVLHKWYRQHLQHP]XPDQGHUHQª1XU]ZHL 0DQQ©VDJWHU$OOHZLVVHQZDVHUGDPLWPHLQW ª$EHUGUHLKXQGHUW0HWHUKLQ©JLEW6FKZHGOHU]XEHGHQNHQ ªOLHJHQGLH=ROONXWWHU'RUWLVWDXFKGHUHQ(LQVDW]OHLWVWHOOH,FK QHKPHDQGDGHU3RVWHQDP6FKXSSHQPLWGLHVHP.RP PDQGRLQ6SUHFKYHUELQGXQJVWHKW,PPHUKLQMHGHVGHU VFKQHOOHQ%RRWHKDWDFKW0DQQ%HVDW]XQJXQGDOOHVLQGEH ZDIIQHW© ª0DQPX]XHUVWGDV:DON\7DON\DXVVFKDOWHQXQGGDQQ VHKUVFKQHOOKDQGHOQ©VFKOXIROJHUW+HU]RJ(UEHUOHJW EHUHLWVZLHGDVPLWGHQZHQLJHQ0lQQHUQ]XVFKDIIHQLVWGLH GDV3ULYDWIOXJ]HXJDXIQHKPHQNRQQWH'LH'RUQLHU'RHLQ HLQPRWRULJHU+RFKGHFNHULVWIUPD[LPDOVLHEHQ3DVVDJLHUH EHVWLPPW+HU]RJKDWPLWJHEUDFKWZHQHUJHUDGHJUHLIHQ NRQQWH0LWLKPVLQGHVVHFKV0DQQ 'DV7HOHIRQNOLQJHOW1LHPDQGKHEWDE$OOHYHUVWXPPHQ DOVIUFKWHWHQVLHGDV.OLQJHO]HLFKHQDOOHLQJHQJHHLQH

9HUELQGXQJKHU]XVWHOOHQXQG]XK|UHQZDVVLHVSUHFKHQ *OHLFKDOVVLHNDPHQKDEHQVLHGHQ$SSDUDWJUQGOLFKGXUFK VXFKWXQGHUOHLFKWHUWIHVWJHVWHOOWGDNHLQHª:DQ]H©GDULQ YHUERUJHQLVW'UHLPDOVFKOlJWGDV7HOHIRQDQGDQQYHUVWXPPW HVZLHGHU :HUQHU%UHGHEXVFKLVWHLQDXIPHUNVDPHU%HREDFKWHU(U K|UW]XXQGVFKZHLJW:HQQHUQXUZWHZLHHUPLW:LQQLH :LQNHOPDQQLQ9HUELQGXQJWUHWHQN|QQWH)UVLHJDEHVQXU HLQHQ$QODXISXQNWLQ2VOR6LONH%UlXHU1DWUOLFKKDWVLH KHUDXVJHIXQGHQZRGLH'DPHZRKQWXQGQXUGXUFK%H REDFKWXQJGHU:RKQXQJNDQQVLHIHVWVWHOOHQREGLH%UlXHU YRQGHU6HHUHLVH]XUFNXQGGLH$NWLRQEHHQGHWLVWZDVVLH XQWHUQLPPWXQGPLWZHPVLHJHJHEHQHQIDOOVLQ.RQWDNWVWHKW %UHGHEXVFKKDWGLHJU|WH+RFKDFKWXQJYRU:LQQLHVJUQG OLFKHUXQGJHZLVVHQKDIWHU$UEHLW(ULVWEHU]HXJWGDVLHVLFK DXFKMHW]WLQGHU1lKHDXIKlOW9LHOOHLFKWKDWVLHLKQVRJDUPLW %RUQDXVGHP7D[LVWHLJHQVHKHQXQGLKPPLWGHP7HOH IRQNOLQJHOQVDJHQZROOHQª,FKELQGD©'DKLHUQLHPDQG DEKHEWLVWLKUY|OOLJNODU (VNRPPHQQRFKGUHL$QUXIH'LH*ORFNHPDFKWDOOH QHUY|VDEHUQLHPDQGHPIlOOWDXIGDLQGHU=DKOGHU5XIHHLQ 6\VWHPOLHJW%HLPHUVWHQ$QUXINOLQJHOWHVGUHLPDOGDQDFK ]ZHLPDOGDQQQXUHLQPDO%UHGHEXVFKLVWVHLQHU6DFKHVLFKHU 'DVJLOWLKP %RUQXQG+HU]RJVSUHFKHQEHURUJDQLVDWRULVFKH(LQ]HO KHLWHQGHUª$NWLRQ=ROOVFKXSSHQ©$FKLPVWHKWDXIXQGUHFNW VLFK ª-D©VDJWHUGDQQXQYHUPLWWHOWª,FKZHUGHJHKHQPLUHLQ +RWHO]LPPHUEHVRUJHQXQGGDUDXIDFKWHQGDPDQEHREDFK WHWZLHVLFKGHU*DVW]XU5XKHEHJLEW© +HU]RJJULQVWª'LH+RVHQYROOZDV"© ª(UKDWY|OOLJUHFKW©ZHLVWLKQ%RUQ]XUHFKWª'DVKLHULVW XQVHU*HVFKlIW:HQQHVJHODXIHQLVWZHUGHQGLH:HOOHQ KRFKVFKODJHQ'DQQVLQGZLUEHUDOOH%HUJH1DZLUZROOHQ HVQLFKWEHVFKUHLHQPDQNDQQQLHZLVVHQZLHGXPPHV NRPPW8QGGDQQPX'HWMHQDXHUKDOEGHU6DFKHVWHKHQ

XPHWZDVIUXQVWXQ]XN|QQHQ(UPXGLH+lQGHIUHLKDEHQ (LQH9HUELQGXQJYRQ*HKHLPGLHQVW]X*HKHLPGLHQVWZLUNW PDQFKPDO:XQGHU+DEHLFKGLFKULFKWLJYHUVWDQGHQDOWHU -XQJH"© ª1DWUOLFK©EHVWlWLJW$FKLPª:HQQLFKHLQ+RWHO]LPPHU KDEHVDJHLFKGLU%HVFKHLG,QHLQHUKDOEHQ6WXQGHHWZD$EHU GDQQPXWGXDXFKDEKHEHQ© ª,QHLQHUKDOEHQ6WXQGHHWZDRND\©HQWJHJQHW%RUQXQG VLHKWDXIGLH8KUª'XILQGHVWZRKODOOHLQUDXV© (LQOHLVHVPRQRWRQHV5DXVFKHQOLHJWLQGHU/XIW(VUHJQHW XQDXIK|UOLFK'DV/LFKWGHU6WUDHQODWHUQHQVSLHJHOWVLFKLP QDVVHQ$VSKDOWGHU+HLPGDOV*DWD7URSIHQULQQHQEHUGLH HUOHXFKWHWH7DIHOPLWGHU+DXVQXPPHU(VLVWPHUNOLFK NKOHUJHZRUGHQ %UHGHEXVFKEOHLEWLP+DXVHLQJDQJVWHKHQVHW]WVHLQH 5HLVHWDVFKHDEXQGNQ|SIWGHQ1\ORQPDQWHO]X(UELQGHWGHQ *UWHOXQGVWHOOWGHQ.UDJHQKRFK%HLDOOHGHPOlWHUVLFK =HLW6RODQJHHULP/LFKWVWHKWNDQQLKQ:LQQLH:LQNHOPDQQ HUNHQQHQ'DQQQLPPWHUVHLQH7DVFKHDXIXQGJHKWLQGLH 5HJHQQDFKWKLQDXV.DXPLVWHULQGLH9DKOV*DWDHLQJHERJHQ KROWLKQHLQ:DJHQHLQHLQ%0:(UKlOWDP%RUGVWHLQ'LH 7UZLUGYRQLQQHQJH|IIQHWXQGGDLVWGLHYHUWUDXWH6WLPPH ª(LQVWHLJHQ:HUQHU©6REDOGHUVLW]WIlKUWVLHZHLWHUXQG EHU]HXJWVLFKPLW+LOIHGHV5FNVSLHJHOVGDNHLQ:DJHQ IROJW ª'LH%UlXHUKDWLQ2VORIRUWJHVHW]WXQWHU%HREDFKWXQJ JHVWDQGHQ©HUNOlUWVLHªELVGLH&KULVWLQDGUHL!DXVOLHI8QG PDQKDWVLHDXFKVFKRQZlKUHQGLKUHU5HLVH]X%RUQEH REDFKWHW© %UHGHEXVFKEOLFNWVLHEHUUDVFKWDQ9RQDOOHGHPZHLHU QLFKWVNDQQHUQLFKWVZLVVHQª:HU"©IUDJWHUQXU ª(LQ0DQQGHUHLQHQKHOOJUDXHQ+LOOPDQIlKUW(UKDWVHLQ 6WDPPTXDUWLHULQGHU7KHUHVHV*DWD]ZR]ZR]ZR'DV+DXV JHK|UWHLQHUDXVOlQGLVFKHQ)LUPDQDWUOLFKGHU:HVWHUQ (OHFWURQLF$OVGLH%UlXHULKU7HOHJUDPPQDFK)UDQNIXUW VFKLFNWHKDWLKUGHU0DQQEHUGLH6FKXOWHUJHVHKHQ'DV

KHLWGLH:HVWHUQ(OHFWURQLFZXWHDOOHV© ª0RPHQWPDO0RPHQWPDO©%UHGHEXVFKGHQNWODXWª-HW]W HQGOLFKILQGHLFKHLQH(UNOlUXQJIUGDVYHUEOIIHQGH(LQ JUHLIHQGHVQRUZHJLVFKHQ=ROOVDXI6HH'LH:HVWHUQ(OHF WURQLFHUIXKUYRQGHUJHSODQWHQ2SHUDWLRQXQGVDKLKUH)HOOH GDYRQVFKZLPPHQ'D]RJ VLHGLH1RWEUHPVH:HQQVLHGHQ %HKlOWHUVFKRQQLFKWEHNRPPHQNRQQWHVROOWHQLKQGLHDQ GHUHQDXFKQLFKWKDEHQ'DKDWPDQGHP=ROOHLQHQ:LQN JHJHEHQ0DQPXWHGLH6DFKHXQJHKHXHUKRFKDQJHVHW]W KDEHQGHQQGLH1RUZHJHUVHW]WHQDOOHVHLQVRJDUHLQ0D ULQHKXEVFKUDXEHUXQG.DPSIVFKZLPPHUPLVFKWHQPLW©(U XQWHUULFKWHW:LQQLHEHUGLH9RUIlOOHLP6HHJHELHWYRU *ULPVWDG)HYLNXQGVDJWGDQQª,FKEUDXFKHHLQ+RWHO]LP PHU:DVNDQQVWGXHPSIHKOHQ"© 'LH)RWRJUDILQOlFKHOWª,FKKDEHLQ]ZLVFKHQHLQHJHZLVVH 2UWVNHQQWQLVHUODQJW'HU+HUUZHUGHQ]XIULHGHQVHLQ©8QG ZLHGHUHUQVWHUNXQGLJWVLHVLFKª:DVXQWHUQHKPHQZLUZHQQ GXLP+RWHOJHVHKHQZRUGHQELVW"© ª:LUEHJHEHQXQVLQGLH1lKHGHV=ROOVFKXSSHQV1XPPHU ]Z|OI$XFKIUGLH:HVWHUQ(OHFWURQLFELHWHWGLHVH1DFKWGLH OHW]WH0|JOLFKNHLWDQGHQ%HKlOWHUKHUDQ]XNRPPHQ© 0LJHODXQWVHKHQVLHDXVGLHEHLGHQ=ROOZDFKWPHLVWHUDP 6FKXSSHQ,KUH6FKLUPPW]HQXQGGLHNQ|FKHOODQJHQ 3RVWHQPlQWHODXVVFKZDU]HP*XPPLWULHIHQYRU1lVVHXQG GDV:DVVHUOlXIWXQWHQLQGLH+RVHQEHLQHXQGPDFKWVLHVWHLI XQGXQI|UPLJ'LHEHLGHQ0lQQHUKDEHQLKUH0DVFKLQHQ SLVWROHQXPJHGUHKWXQGWUDJHQVLHVRGDGLH0QGXQJHQDXI GHQ%RGHQZHLVHQ$XFKVRZLUGHVQRFKJHQJHQG0KH NRVWHQGLHQDVVHQ'LQJHUZLHGHUDXI+RFKJODQ]]XEULQJHQ 'DV)XQNJHUlWGDVVLHEHLVLFKKDEHQLVWQLFKW]XVHKHQ8QG GHU5HJHQUDXVFKWKHUQLHGHU6RVWDSIHQVLHLQGLHVHUGXQNOHQ 1DFKWYHUGURVVHQXQGZRUWNDUJXPGHQ=ROOVFKXSSHQ]Z|OI :HQQGRFKQXUHUVWGLH6WXQGHGHU$EO|VXQJNlPH'LHVHU 'LHQVWLVWODQJZHLOLJXQGLQVJHKHLPPDOHQVLFKGLHEHLGHQ MXQJHQ%HDPWHQDXVZLHHVVHLQZLUGZHQQVLHGLHXQWHUVWH

6WXIHGHV=ROOGLHQVWHVXQGGLH:DFKWPHLVWHUGLHQVWJUDGHEHU UXQGHWKDEHQXQGDOVIULVFKJHEDFNHQH$VVLVWHQWHQ]XHLQHP HLJHQHQ6FKUHLEWLVFKJHNRPPHQVLQG(LQELFKHQHPSILQGHQ VLHGDVZR]XVLHMHW]WYHUXUWHLOWVLQGDOVXQWHULKUHU:UGH =X%HJLQQGHU:DFKHKDWWHQVLHQRFK*HVSUlFKVVWRIIQXQ VLQGVLHYHUVWXPPW6LHWURWWHQQHEHQHLQDQGHUKHU8PVLHKHU HUNOLQJHQQXUGLHYHUWUDXWHQ*HUlXVFKHGHV+DIHQVGHU5XI HLQHU'DPSIHUVLUHQHVWHKWYHUORUHQLQGHU'XQNHOKHLWXQG PDQFKPDOIDKUHQLQQDKHQ4XHUVWUDHQ$XWRV=XP.RW]HQ 9LHOOHLFKWZlUHQVLHPHKUEHLGHU6DFKHZHQQVLHZWHQ ZRUDXIVLH2EDFKWKDEHQVROOHQDEHULKQHQLVWQLFKWEHNDQQW ZDVVLFKLP6FKXSSHQEHILQGHW6LHVLQGHLQJHWHLOWLKQ]X EHZDFKHQXQGEHLMHGHU5XQGHGLH8QYHUVHKUWKHLWGHU6FKO|V VHUXQG6LHJHO]XNRQWUROOLHUHQ5RXWLQHGLHQVW:DVZLUGVFKRQ GULQVHLQ",UJHQGZHOFKHV6FKPXJJHOJXWZLHHVLQ6HHKlIHQ WlJOLFKDQIlOOW.DQDGLVFKHU:KLVN\DPHULNDQLVFKH=LJDUHW WHQRSWLVFKH*HUlWHDXV-DSDQ (LQ/DVWNUDIWZDJHQVFKDXNHOWODQJVDPYRUEHU6HLQ )DKUHUPXVLFKYHUIDKUHQKDEHQHUKDWGLH/DJHUVFKXSSHQ XQGKlXVHUGHU6WDSHOILUPHQ]XGHQHQHUZDKUVFKHLQOLFKZLOO Y|OOLJYHUIHKOW$EHUVLHDFKWHQQLFKWDXILKQJHKHQZHLWHU OHXFKWHQPLWGHU7DVFKHQODPSH6LHJHOXQG6FKORGHV7RUHV DXIGHUDQGHUHQ6HLWHDEXQGEOHLEHQHLQHQ$XJHQEOLFNDXIGHU .DLVHLWHVWHKHQZHLOHLQKHOOHUOHXFKWHWHU$XVIOXJVGDPSIHU YRUEHU]LHKW(ULVWEHUGLH7RSSHQJHIODJJW0XVLNVFKDOOW KHUEHUXQGGLHEUHLWHQ)HQVWHUJHVWDWWHQHLQHQ%OLFNDXI WDQ]HQGH3DDUH1HLQ]XU9HUEHVVHUXQJLKUHU/DXQHWUlJW GLHVHV%LOGQLFKWEHL6LHKHEHQIU|VWHOQGGLH6FKXOWHUQXQWHU GHQNDOWHQ*XPPLPlQWHOQUFNHQDP7UDJHJXUWGHU03LXQG VWDSIHQZHLWHU'LH(FNHGHV6FKXSSHQV'DVDQGHUH7RU 'DEUHFKHQVLHEHLGHODXWORV]XVDPPHQ:lKUHQGVLH]X GHP'DPSIHUKLQEHUVFKDXWHQKDWDXIGHUDQGHUHQ6HLWHHLQH 'UDKWVFKHUHHLQH*DVVHLQGHQ=DXQJHVFKQLWWHQXQGGXUFK GLHVHV/RFKVLQG5RORIIXQG]ZHLGUHLDQGHUH5KHLQ0DLQ /HXWHJHNURFKHQGLHQLFKWHUVWVHLWJHVWHUQGLH.DUDWHVFKXOH GHV6GNRUHDQHUV-XQ-HQ+HQJLQ)UDQNIXUW(VFKHQKHLP

EHVXFKHQª1XQ]HLJWPDOZDVLKUJHOHUQWKDEWªKDW+HU]RJ DXIPXQWHUQGJHVDJWXQGVLH]HLJHQHV0HKU=HLWDOVVLHGLH 1LHGHUZHUIXQJGHUMXQJHQ%HDPWHQNRVWHWHEUDXFKHQVLH MHQH]XNQHEHOQXQG]XIHVVHOQ 8QWHUGHVVHQZLUGGDV7RUDXIJHEURFKHQHVJLEWNDXPHLQ *HUlXVFK'HU6FKXSSHQHLQJDQJPDFKWHLQZHQLJPHKU0KH GRFKDXFKHUZLGHUVWHKWQLFKW'HU/NZVFKLHEWVLFKKHUDQ 8QQDWUOLFKODXWU|KUWGLH0DVFKLQHLP5FNZlUWVJDQJDOVVLH GLH/DGHIOlFKHLQGHQ6FKXSSHQKLQHLQGUFNW%LVDXIGHQ %HKlOWHULVWHUOHHU$OOHSDFNHQDQ(LQ)ODVFKHQ]XJLVWGD XQGPLWVHLQHU+LOIHKLHYHQVLHGLH%HXWHDXIGHQ/DVWHU'DV JHKWLP+DQGXPGUHKHQXQGWURW]GHPNRPPWHVGHQEHLGHQ GLHGUDXHQGLH6WUDHEHREDFKWHQ%RUQVHOEVWXQG6FKZHG OHUYRUDOVYHUJHKHXQHQGOLFKYLHO=HLW6LHVWHKHQGDGLH +lQGHLQGHQ0DQWHOWDVFKHQHLQZHQLJJHGXFNWPLWLQGLH 6WLUQJH]RJHQHQ+WHQXQGDWPHQDXIDOVQDFKJHQDXDFKW 0LQXWHQGHU/NZDQIlKUWXQGGDV=ROOJHOlQGHYHUOlW(UKlOW QLFKWPHKUHUIlKUWQXUJDQ]ODQJVDPXQGKDWGLH7UGHU )DKUHUNDELQHRIIHQ6LHVSULQJHQQDFKHLQDQGHUDXIZREHL 6FKZHGOHUVHLQHP&KHIGHQ9RUWULWWOlW ª,Q]ZHL6WXQGHQZlUHQGLH+HOGHQDEJHO|VWZRUGHQ©ZLUIW HUKLQª:LUKDEHQLPPHUYRUDXVJHVHW]WGDQLHPDQGDXIGLH ,GHHNRPPWGLH3RVWHQ]XNRQWUROOLHUHQ© %RUQYHUWHLOW=LJDUUHQª8QGZHQQKLHUGHUJURH:LUEHO EHJLQQWLVWGDV0DWHULDOOlQJVWLQGHU'RVLHEHQXQG]ZDQ]LJ XQGQDFK)UDQNIXUWXQWHUZHJV'DVLVWQRFKPDOJXWJHJDQ JHQ© 6LHVLQGDOOHUHFKW]XIULHGHQPLWVLFK

ª/RV©VDJW%UHGHEXVFK]X:LQQLHDOVGHU/NZYRULKQHQGLH 6WUDHNUHX]Wª)DKUQLFKWVRGLFKWDXIHVKHUUVFKWMDNDXP 9HUNHKU© ª:RKLQJHKWHV"©HUNXQGLJWVLFK:LQQLH :HUQHU]HLJWQDFKYRUQª=XQlFKVWHLQPDODXVGHU6WDGW KHUDXVXQGHWZDIQI]HKQ.LORPHWHULQV/DQG'DJLEWHVHLQHQ DOWHQ*UDQLWEUXFKGHU.DUWH]XIROJHOlQJVWVWLOOJHOHJW'RUW

|IIQHQVLHGHQ%HKlOWHUSDFNHQGHQ,QKDOWXPXQGYHUVHQNHQ DOOHVYHUUlWHULVFKH'UXPXQG'UDQLP:DVVHU+HU]RJXQG 6FKZHGOHUGLHMHW]WJOHLFKDXVVWHLJHQZHUGHQNRPPHQPLW 0LHWZDJHQKLQGDVKHLWGDVLHVFKQHOOHUVLQGPLWGHQ3NZV IDKUHQVLHYRUDXVXQGVRQGLHUHQGDV7HUUDLQ6LHVFKDIIHQGDV 0DWHULDOGDQQDXFK]XP)OXJSODW]ª(UVLHKW:LQQLHYRQGHU 6HLWHDQª$XHUKDOEGHU6WDGWPXWGXNUlIWLJDXIGUHKHQXQG VLHEHUKROHQ,FKPXVFKRQGRUWVHLQZHQQVLHHLQWUHIIHQ (VKDWPLUQlPOLFKLP+RWHONHLQH5XKHJHODVVHQ0DQPX YHUPHLGHQGDGLH'RVLHEHQXQG]ZDQ]LJDXIGHP)OXJSODW] JHILO]WZLUGXQGGDVNDQQQXULFKYHUKLQGHUQLQGHPLFK YRQ:LHVHQHFNLQ%RQQDQUXIHXQGLKQXQGVHLQHQ0$' HLQVFKDOWH©%UHGHEXVFKNQHLIWHLQ$XJH]XXQGODFKWª9RUKLQ LVWPLUGDVQLFKWHLQJHIDOOHQ(VJLQJGRFKDOOHVVRVFKQHOO© ª2KQHGLH6WUH6LWXDWLRQZlUHHVDXFKQLFKWJODXEKDIW© XUWHLOW:LQQLHOHLVHª*ODXEVWGXGDGXXQWHUGLHVHQ8P VWlQGHQEHUKDXSWYLHO]X*HVLFKWEHNRPPVW"© ª1HLQ©HUZLGHUWHUHKUOLFKª'DVKDWPLUGLH:HVWHUQ (OHFWURQLFYHUPDVVHOW$EHUYLHOOHLFKWJHZLQQHLFKZHQLJVWHQV HLQHQ$QKDOWVSXQNW(VZlUH]XVFK|QJHZHVHQZHQQ%RUQ XQGLFKDXIGHU'LDPDQW!LQDOOHU5XKHGDV=HXJXPJHSDFNW KlWWHQ+DWQLFKWVROOHQVHLQ© 3O|W]OLFKEUHPVWGHU/NZZHLWYRULKQHQEUHPVWVRVFKDUI GDHUHLQZHQLJVFKOHXGHUWXQGVLFK]XU6HLWHGUHKW ª6WRS©UXIW%UHGHEXVFKXQGEHXJWVLFKJHVSDQQWYRU6R KlOWPDQQLFKWXP]ZHL0LWIDKUHQGHDXVVWHLJHQ]XODVVHQª'D PXHWZDVSDVVLHUWVHLQ© 6LHN|QQHQQLFKWVHKHQGDVLFKDXVHLQHU1HEHQVWUDH KHUYRUVFKLHHQGHLQ.OHLQEXVTXHUYRUGHQ/DVWHUJHVWHOOW KDW,P/LFKWGHU6WUDHQODWHUQHQHUNHQQHQVLHQXUGDLP VWU|PHQGHQ5HJHQMlKJHVSHQVWLVFKDQPXWHQGH*HVWDOWHQ DXIWDXFKHQJHVLFKWVORVH*HVWDOWHQPLWULHVLJHQNUHLVUXQGHQ $XJHQ6LHZHUIHQHWZDVXQWHUGLH3ODQHGHV/NZXQGVWHKHQ DXFKDXIGHP7ULWWEUHWWGHU)DKUHUNDELQH$XIHLQPDOLVWGDV )DKU]HXJHLQJHKOOWLQHLQHQKHOOHQ5DXFKGHUPLOFKLJH :RONHQELOGHWGLHYRP1LHGHUVFKODJ]X%RGHQJHGUFNW ZHUGHQ

ª*DV©VDJW%UHGHEXVFKª'LHKDEHQ*DVPDVNHQDXIXQG ZHUIHQ*DV©6HLQH6WLPPHKDWHLQHQEHNORPPHQHQ.ODQJ ,QGLHVHQ6HNXQGHQIKOWHUVLFKHEHQVREHUUXPSHOWZLHHV GLH/HXWHDXVGHU2SSHQKHLPHU6WUDHVLQG'LHYHUVXFKHQ ]ZDUQRFKDXVGHP:DJHQXQGGHUP|UGHULVFKHQ:RONH KHUDXV]XNRPPHQDEHUQDFKHLQSDDUWDXPHOQGHQ6FKULWWHQ EUHFKHQVLH]XVDPPHQXQGEOHLEHQOLHJHQEHWlXEWIUGLH QlFKVWHKDOEH6WXQGHQLFKWDQVSUHFKEDU :LQQLH:LQNHOPDQQKDWGLH6FKHLQZHUIHUDXVXQGGHQ 0RWRUDEJHVFKDOWHW,QWLHIHU6WLOOHYHUIROJHQVLHGDVPDNDEUH 6FKDXVSLHOGDVVLFKYRULKUHQ$XJHQDEVSLHOW$OOHVLVWEOLW] VFKQHOOJHJDQJHQ.HLQ6FKXILHOGLH5KHLQ0DLQ/HXWH VLQGQLFKWHLQPDOGD]XJHNRPPHQLKUH3LVWROHQ]X]LHKHQ(V JLEWNHLQHQ/lUPXQGNHLQ*HVFKUHL6RODXWORVOlXIWDOOHVDE GDVLFKLQNHLQHPGHUXPOLHJHQGHQ+lXVHUHLQ)HQVWHU|IIQHW GDQLUJHQGZR/LFKWJHPDFKWXQGJHIUDJWZLUGª,VWGDMH PDQG"©'LH0DVNLHUWHQ]HUUHQGLH%HZXWORVHQYRQGHU 6WUDHLQHLQHQ+DXVIOXUVWHLJHQDXIGHQ/NZXQGIDKUHQDE :LHDXVJHVWRUEHQOLHJWGLH.UHX]XQJGD(LQSDDUNOHLQHZHLH :|ONFKHQ]HUIODWWHUQLP6RJGHVGDYRQUROOHQGHQ)DKU]HXJV $OOHVYRUEHL 'LH)RWRJUDILQGUHKWGHQ=QGVFKOVVHO'HU0RWRUVSULQJW ZLHGHUDQGLH6FKHLQZHUIHUIODPPHQZLHGHUDXIª8QGQXQ LQGLH7KHUHVHV*DWD©VDJWVLHWURFNHQªhEULJHQV+DVWGX LQGHU1lKHGHV=ROOVFKXSSHQV)UHPGHJHVHKHQ"© %UHGHEXVFKVFKWWHOWGHQ.RSI0DQKDWGLH/HXWHYRQGHU :HVWHUQ(OHFWURQLFXQWHUVFKlW]W6RYLHOVWHKWIHVW

ª'LH9LOODOLHJWGDZLHWRW©EHULFKWHW:HUQHUQDFKGHPHUPLW HLQHU)ODQNHEHUGHQQLFKWDOO]XKRKHQ=DXQ]X:LQQLHDXI GLH6WUDH]XUFNJHNHKUWLVWª+lWWHQZLUQLFKWJHVHKHQZLH GHU/NZIRUWIXKUZUGHLFKJODXEHQVLHVHLJlQ]OLFKOHHU©

6LHVHKHQEHLGHKLQEHU0HKU]XDKQHQDOVGHXWOLFKZDKU ]XQHKPHQHUVFKHLQW/LFKWDQGHQ)OXUIHQVWHUQGHV(UG JHVFKRVVHVKXVFKWYRUEHUXQGYHUVFKZLQGHWZLHGHU ª$XHQLVWQLHPDQGYRUEHLJHJDQJHQ©VDJW:LQQLHSO|W]OLFK ª(VPXLP+DXVHLQHQ'XUFKJDQJ]XU*DUDJHJHEHQ© %UHGHEXVFKQLFNWª'DXQWHQLVWHLQH:HUNVWDWWVLHLVWVR ODQJZLHGLH*DUDJHGDV'LQJGDQHKPHQVLHPLWHLQHP 6FKZHLEUHQQHUDXVHLQDQGHU0LUZDUVRDOVKlWWHLFKHLQ ]LVFKHQGHV*HUlXVFKJHK|UW:LHYLHO0DQQZHUGHQGULQ VHLQ"©(UYHUVXFKWJOHLFKVHOEVWVLFKGLH)UDJH]XEHDQW ZRUWHQª%HLGHPhEHUIDOOKDEHLFKGUHLXQGGDQQQRFKPDO ]ZHLJHVHKHQ)QI(LQHULVWPLWGHP.OHLQEXVZHJJHIDK UHQHLQHUPLWGHP/NZ%OHLEHQGUHL*ODXEVWGXGDGLH EHLGHQ]XUFNNRPPHQ"© :LQQLHZLHJWGHQ.RSIª.DXP'LHGUHLUHLFKHQQDWUOLFK DXVGHQ%HKlOWHU]X|IIQHQ8QGVLHIKOHQVLFKVLFKHU'LH 5KHLQ0DLQ'HWHNWHLZlUHQLFKWVROHLFKW]XEHUUXPSHOQ JHZHVHQZHQQVLHYRQGHU:HVWHUQ(OHFWURQLFKLHULQ2VOR JHZXWKlWWH'DVKHLWGDVLHYRQGHU7KHUHVHV*DWDHUVW UHFKWNHLQH.HQQWQLVKDW'LHGUHLN|QQHQVLFKGDVDQGHQ )LQJHUQDE]lKOHQ:LHVLFKHUVLHVLFKIKOHQVLHKVWGXVFKRQ GDUDQGDVLHQLFKWHLQPDOHLQH:DFKHGUDXHQKDEHQ$EHU *HZLKHLWJLEWHVQLFKW© (LQH3DXVHHQWVWHKW'HU5HJHQUDXVFKWXQGUHLWDXIGHU 6WUDHHLQH8QPHQJHZLQ]LJHU)RQWlQHQKRFK9RQGHQ %OlWWHUQGHU/LQGHXQWHUGHUGLHEHLGHQ.XQGVFKDIWHUVWHKHQ IDOOHQLQVFKQHOOHU)ROJHGLFNH7URSIHQ'DV%ODWWZHUNYHUPDJ VLHQLFKWPHKU]XKDOWHQ'DVJUQH'DFKLVWXQGLFKWJH ZRUGHQ ª(VKLOIWDOOHVQLFKWV©HQWVFKHLGHW:HUQHUª:HUZHLZDV GLHGDGULQPLWGHP0DWHULDODQVWHOOHQVREDOGVLHHVHUVWHLQPDO LQGHQ+lQGHQKDOWHQ8QVEOHLEWNHLQH=HLW-HW]WRGHUQLH XQGHVVLQGQXUGUHL+DVWGXHLQH:DIIHEHLGLU"© ª1HLQ© *HQDXGDVKDW%UHGHEXVFKEHIUFKWHWª,FKYHUVXFKH©VDJW HUHQWVFKORVVHQªLQV+DXVKLQHLQ]XNRPPHQXQGHVLQ$XJHQ

VFKHLQ]XQHKPHQ9LHOOHLFKWILQGHLFKHLQH0|JOLFKNHLW$EHU HUVWHLQPDOPXLFKGLHgUWOLFKHQ*HJHEHQKHLWHQNHQQHQ:R LVWZDV"'DEHLNDQQVWGXPLUQLFKWKHOIHQ%OHLEKLHUXQGDFKWH DXIGLH)HQVWHU 6LHP|FKWHLKQJHUQELWWHQYRUVLFKWLJ]XVHLQGRFKVLH XQWHUOlWHV(VZlUHQOHHUH:RUWH6LHWULWWWLHIHULQGHQ 1DFKWVFKDWWHQGHU/LQGHXQGUKUWVLFKQLFKWPHKU0DQ PWHVHKUQDKHKHUDQNRPPHQXP]XHUNHQQHQGDGD MHPDQGVWHKW1XU%HZHJXQJZUGHVLHYHUUDWHQ :LHGHUIODQNW:HUQHUEHUGHQ=DXQ*HGHFNWGXUFKGLH .RQLIHUHQHUUHLFKWHUGDV*HElXGH1RFKHLQPDOXPUXQGHW HUHV1DFKZLHYRUILQGHWHUDOOH7UHQXQG)HQVWHUJHVFKORV VHQ,PPHUQRFKLVWGDV+DXVVWLOO'HUHLQ]LJHEHOHEWH5DXP VFKHLQWGLH7LHIJDUDJH]XVHLQ(USUHWGDV2KUDQGLH-D ORXVLHWU:LHGHUGLHVHV=LVFKHQ$XFK6WLPPHQVLQGGDGRFK HUYHUVWHKWQLFKWZDVVLHVSUHFKHQ 'HU5HJHQUDXVFKW(LQULFKWLJHU/DQGUHJHQWURVWORVXQG HLQW|QLJ %UHGHEXVFKVFKWWHOWVLFK9RQVHLQHU+XWNUHPSHVSULW]W GDV:DVVHUGDVVLFKDQJHVDPPHOWKDW(UN|QQWHQDWUOLFKHLQ )HQVWHUHLQVFKODJHQDEHUGDVPDFKW/lUP:HQQEHUKDXSW PXHVHLQ)HQVWHUVHLQGDVZHLWYRQGHU*DUDJHHQWIHUQWLVW XQGNHLQHVIDOOVLQP|JOLFKHUZHLVHEHZRKQWH5lXPHIKUW 'D]XPXHUYHUVXFKHQEHUGLH)HXHUOHLWHUDXIV'DFK]X JHODQJHQ$EHUGLH)HXHUOHLWHUEHJLQQWHUVW]ZHLHLQKDOE0HWHU EHUGHP%RGHQ$XVGLHVHU+|KHQDFKXQWHQ]XVSULQJHQ ZlUHNHLQ3UREOHPGRFKYRQGHU(UGHDXVGLHWLHIVWH6SURVVH ]XHUUHLFKHQGDVZLUGVFKZLHULJ=ZHLGUHLPDOEHPKWHU VLFKYHUJHEHQV%HLPYLHUWHQPDOEHNRPPWHUGLHQDVVH (LVHQVWUHEHZHQLJVWHQVPLWHLQHU+DQG]XIDVVHQ'DQQJUHLIW HUPLWGHUDQGHUHQQDFKGLH)HVWHPPHQVLFKJHJHQGLH :DQG'HU5DXKSXW]JLEWHLQHQJHZLVVHQ+DOW(LQ.OLPP]XJ 'LH5HFKWHJUHLIWGLHQlFKVWH6SURVVHGLH/LQNHIDWQDFK 1RFKHLQPDOQRFKHLQPDO'DQQVWHKHQGLH)HDXIGHU XQWHUVWHQ6WUHEH3DXVH'HU$WHPSIHLIW'LH:lVFKHNOHEW DP.|USHU(VLVWHLQHUGHU$XJHQEOLFNHLQGHQHQHUPLW

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|IIQHWGLH 6SHUUH'DQQOlWHUVLFKDXIGHQ%RGHQKLQDE 'HUGQQH/LFKWVWUDKOGHU7DVFKHQODPSHHUIDW'DFKVSDU UHQ6WW]HQ9HUVWUHEXQJHQXQG*HUPSHOZLHHVDXIMHGHP %RGHQOLHJW(LQH7ULVWGDXQGKLQWHULKUIKUWHLQH7UHSSH KLQDELQV+DXV*DQ]DP5DQGHJHKWHUVLHKLQDEGRUWZRGLH 'LHOHQDPZHQLJVWHQNQDUUHQ'HU)OXUPDFKWHLQHQYHUQDFK OlVVLJWHQXQJHSIOHJWHQ(LQGUXFN,QGHP6WDXEGHUEHUDOO OLHJWKLQWHUODVVHQVHLQH6RKOHQ6SXUHQ'DVLVWQXQQLFKW]X lQGHUQ 'DVHUVWH6WRFNZHUNEOHLEW]XUFN8QEHPHUNWHUUHLFKWHU GLH'LHOH$XFKVLHZLUNWYHUODVVHQDXFKKLHUOLHJW6WDXELQ GHPVLFK7ULWWVSXUHQYLHOIDFKNUHX]HQ(VIlOOWQLFKWDXIZHQQ GLHYRQ:HUQHUGD]XNRPPHQ,QGHU'LHOHVWHKWDXIHLQHP 7LVFKGLUHNWYRUGHP7UHSSHQSRGHVWGDV7HOHIRQHLQDOWHU $SSDUDWPLWKRFKVWHKHQGHU0HWDOOJDEHO6ROFKH0RGHOOH ZDUHQYRU]HKQ-DKUHQLP*HEUDXFK'LHVH:DKUQHKPXQJ EHVHLWLJWGLHOHW]WHQ=ZHLIHO'DV+DXVLVWQLFKWVDOVHLQ 'XUFKJDQJVTXDUWLHU(VZLUGEHQXW]WZHQQ%HGDUIKHUUVFKW VRQVWQLFKW7UHQ9LHOH7UHQ6LHVLQGULVVLJGLH)DUEH EU|FNHOWDEZLHYRQDOWHQ*HPlOGHQ1XUHLQHVWHKWHLQHQ6SDOW ZHLWRIIHQ,KUHU/DJHQDFKPWHVLHLQGHQ.HOOHUIKUHQ -D6WHLQVWXIHQ8QG'XQNHOKHLW 'HU/LFKWVWUDKOGHU7DVFKHQODPSH]HLJWHLQHQEHWRQLHUWHQ *DQJGHUQHXZLUNWXQGVDXEHULVW$QVHLQHP(QGHZLHGHU HLQH7UHLQHPDVVLYH6WDKOWU$XFKVLHLVWQXUDQJHOHKQWHLQ

ZHQLJ/LFKWIlOOWKHUDXV8QGYRQGRUWKHUNRPPWMHW]WXQ YHUZHFKVHOEDUGDV=LVFKHQGHV6FKQHLGEUHQQHUV /HLVHZHQGHWVLFK:HUQHU]XU+DXVWU+LHUVWHFNWYRQ LQQHQGHU6FKOVVHOGDVgIIQHQLVWOHLFKW :LQQLHIROJWLKPLQV+DXV.DXPKDWVLHGHQ)X EHUGLH 6FKZHOOHJHVHW]WNOLQJHOWGDV7HOHIRQ'LH*ORFNHLVWODXWGDV .OLQJHOQKDOOWLP+DXVZLGHUXQGXQWHUVWUHLFKWGHVVHQ /HHUH %UHGHEXVFKIDW:LQQLHDP$UPXQG]LHKWVLHDXIGLH 7UHSSH'DVKRKH*HOlQGHUDXVPDVVLYHP+RO]JLEWJXWH 'HFNXQJ=XVDPPHQJHGXFNWKRFNHQVLHGDXQGZDUWHQ 6FKULWWH'DV/LFKWLQGHU'LHOHJHKWDQGHU7HOHIRQK|UHU ZLUGDEJHQRPPHQXQGHLQH0lQQHUVWLPPHPHOGHWVLFK (QJOLVFKPLWDPHULNDQLVFKHP$N]HQW(QJOLVFKYHUVWHKHQ VRZRKO:LQQLH:LQNHOPDQQDOVDXFK:HUQHU ª,Q2UGQXQJ6LU©VDJWGHU0DQQª:LUDUEHLWHQDQGHP %HKlOWHU/DQJHGDXHUWHVQLFKWPHKU,FKEULQJHGDV=HXJ GDQQGLUHNWDQGLH0DVFKLQH'HQ%HKlOWHUVHOEVWVWXW]HQZLU DXI:HVWHQWDVFKHQIRUPDWXQGODVVHQLKQYHUVFKZLQGHQ'DV JHKWDOOHVNODU%LVQDFKKHU© :LQQLHKDWYRUVLFKWLJEHUGLH%UVWXQJJHVHKHQª'DVLVW GHU%XUVFKHDXVGHP+LOOPDQ©IOVWHUWVLH6LHVSULFKWVROHLVH GDLKU:HUQHUGLH:RUWHIDVWYRQGHQ/LSSHQOHVHQPX 'HU0DQQJHKWQLFKWJOHLFKLQGHQ.HOOHU]XUFN(UZHQGHW VLFK]XHLQHUNOHLQHQ7UXQGEDOGGDUDXIUDXVFKWHLQH:DVVHU VSOXQJ )UHLQHQ0RPHQWKDWLKQ%UHGHEXVFKJHVHKHQ'HU+LOO PDQ)DKUHUWUlJWHLQHQEODXHQ0RQWHXUDQ]XJXQGHLQH6FKLOG PW]HDXIGLHHUGLH6FKZHLHUEULOOHJHVFKREHQKDW(UKDW HWZD:HUQHUV6WDWXULVWMHGRFKLQGHQ6FKXOWHUQEUHLWHU8QG MQJHUZLUGHUZRKODXFKVHLQ 'LH*HOHJHQKHLWLVWVRJQVWLJGDPDQVLHQLFKWXQJHQXW]W YHUVWUHLFKHQODVVHQGDUI :HUQHUJLEW:LQQLHPLWHLQHP+DQG]HLFKHQ]XYHUVWHKHQ VLHP|JHLQ'HFNXQJEOHLEHQ(UVHOEVWVSULQJWGHQ0DQQYRQ KLQWHQDQ1DWUOLFKLVWGHUEHUUDVFKWDEHUHUVWHKWIHVWHUDOV

HUZDUWHW0LWHLQHUXQJHKHXUHQ.UDIWDQVWUHQJXQJPDFKWHU VLFKIUHLXQGVFKOlJW]XUFN=XP*OFNIlOOWLKPQLFKWHLQ VHLQH.DPHUDGHQ]XUXIHQ]XP*OFNGULQJWHUDOOHLQXQG ZRUWORVDXI%UHGHEXVFKHLQ(UJUHLIWDQZLHHLQ%R[HUPLW GHQ)lXVWHQXQGGDVLVWVHLQ9HUKlQJQLV6RLVWHUHLQHP -XGRNDQLFKWJHZDFKVHQ:HUQHUYHUPDJLKQ]XIDVVHQLKP GDV*OHLFKJHZLFKW]XQHKPHQLKQ]XKHEHQXQG]X%RGHQ]X ZHUIHQ'HU$XIVFKODJLVWKDUWGHU+LOOPDQ)DKUHUIUHLQHQ $XJHQEOLFNEHQRPPHQXQGGDVUHLFKW6HLQHLJHQHV7D VFKHQWXFKZLUGLKP]ZLVFKHQGLH=lKQHJHGUFNWVHLQ6FKDO GDUXPJHEXQGHQXQGDOVHUGRFKQRFKHLQPDOKRFKIlKUWXQG QDFKGHP.QHEHOIDWXPLKQZHJ]XUHLHQVFKPHWWHUWLKQ :HUQHUPLWVROFKHU:XFKWJHJHQGDV7UHSSHQJHOlQGHUGD HUGDV%HZXWVHLQYHUOLHUWXQGOLHJHQEOHLEW(VLVWQLFKWVGD XPLKQ]XIHVVHOQ%UHGHEXVFKUHLWGLH7HOHIRQVFKQXUDEXQG ELQGHWLKQGDPLW'DQQVWHKWHUHLQHQ$WHP]XJODQJXQGVWDUUW NHXFKHQGDXIGHQ/LHJHQGHQQLHGHU(ULVWZLHDXVJHSXPSW XQGZHQQHUGLH$XJHQVFKOLHWVLHKWHUIHXULJH.UHLVH(V NRVWHWLKQJURH:LOOHQVDQVWUHQJXQJMHW]WQLFKWGHP:XQVFK QDFK]XJHEHQVLFKDXV]XUXKHQ :LQQLHQLFNWLKP]XDOVREVLHVDJHQZROOWHª*URH.ODVVH :HUQHU© 6FKULWWHKDOOHQDXIGHP%HWRQGHV.HOOHUJDQJV%UHGHEXVFK KDWGHQ+LOOPDQ)DKUHUKHUDXINRPPHQK|UHQQXQEHPKWHU VLFKVHLQHQ/DXIUK\WKPXVQDFK]XDKPHQ0LWYLHO6HOEVW EHZXWVHLQJHKWHUDXIGLH6WDKOWU]X(ULVWPLWGHPHLQHQ IHUWLJJHZRUGHQRKQHHLQH:DIIH]XEHVLW]HQXQGMHW]WKlOW HUGLH6PLWK :HVVRQLQGHU+DQGGLHHUGHP0DQQDE JHQRPPHQKDWGHURIIHQEDUKLHU&KHILVWHLQHGXUFKJHODGHQH XQGHQWVLFKHUWH03L6LHOLHJWVFKZHULQGHU)DXVW :lKUHQGHUOlXIWEOLFNW:HUQHUDXIGLH8KU(UZHLGD :LQQLHMHW]WDXHQXPGDV+DXVKHUXP]XU*DUDJHJHKW$OV VLHGUDXHQPLWGHQ)lXVWHQJHJHQGLH-DORXVLHDQGHU(LQIDKUW KlPPHUWXQGGLHEHLGHQ.HUOHGLHDP%HKlOWHUVLQGKHU XPIDKUHQXQG]XP7RUEOLFNHQUHLW:HUQHUGLH6WDKOWUDXI $XFKGLHEHLGHQ0lQQHUWUDJHQ0RQWHXURYHUDOOVXQGHLQHU

KDWHLQHQ6FKZHLEUHQQHULQGHU5HFKWHQ ª+lQGHKRFK©UXIW:HUQHUDXIHQJOLVFKª6FKQHLGEUHQQHU ZHJ*HVLFKW]XU:DQG© 6LHVHKHQGLH3LVWROHXQGVLHZLVVHQGDHLQHIDOVFKH %HZHJXQJGHQ7RGEULQJHQNDQQ2KQH$XIIRUGHUXQJVWW]HQ VLHGLH+lQGHDQGLH:DQG:DVVLHJHVHKHQKDEHQJHQJW 'LHVHU0DQQGDLPQDVVHQVFKPXW]LJHQ1\ORQPDQWHOPLWGHP YHUEHXOWHQ+XWGHVVHQ.UHPSHKDUWEHUGHQ$XJHQVLW]WLVW GHU3URWRW\SGHV5HYROYHUPDQQVZLHVLHLKQNHQQHQ'HU YHUKDQGHOWQLFKWXQGGHUKDWHLQHQQHUY|VHQ=HLJHILQJHUDP $E]XJ$XHUGHPGDHUDXVGHP+DXVNRPPWPXHULKUHP *HIlKUWHQEHUHLWVEHJHJQHWVHLQ'DHUWURW]GHPKLHUVWHKW PDKQW]XlXHUVWHU=XUFNKDOWXQJ:LHHUVLHQDFK:DIIHQ DEJUHLIWJHNRQQW:LHHUGLHNOHLQH7U]XPOLFKWXQG IHQVWHUORVHQ*HUlWHUDXP|IIQHWXQGGDKLQWHUEOLFNWRKQHVLH EHLGHDXVGHQ$XJHQ]XYHUOLHUHQGDVLVWHLQ5RXWLQLHU *HKRUVDPXQGRKQH:LGHUUHGHIROJHQVLHGHP:LQNGHU3L VWROHJHKHQQDFKQHEHQDQXQGODVVHQVLFKHLQVFKOLHHQ$OOH 7UHQLQGLHVHU*DUDJHVLQGVWlKOHUQXQGPLWVFKZHUHQ5LHJHOQ YHUVHKHQ'LHEHLGHQVLQGVRJDUIURKVRELOOLJGDYRQ]XNRP PHQ :HUQHU%UHGHEXVFKVFKLHEWPLWGHP3LVWROHQODXIGHQ+XW ZHLWLQGHQ1DFNHQXQGJULQVW(UVLFKHUWGLH:DIIHXQGVWHFNW VLHLQGLH0DQWHOWDVFKH:HQQHUDQVLFKKHUXQWHUVLHKWILQGHW HUDXFKGDHUZHQLJYHUWUDXHQHUZHFNHQGDXVVFKDXW9LHO OHLFKWKDWHUHVLQGHU+DOWXQJHLQELFKHQEHUWULHEHQDEHU HVZLUNWH $OV:LQQLH:LQNHOPDQQ]XLKPNRPPWOHJWHUGHQ)LQJHU DXIGHQ0XQG1LFKWVSUHFKHQXQGQLFKWJHK|UWZHUGHQKHLW GDV6LHYHUVWHKWVRIRUW:HUQHUGDUINHLQHQ+HOIHUJHKDEW KDEHQHUPXDOOHLQKLHUJHZHVHQVHLQ6LHJHKWDXI=H KHQVSLW]HQ]XGHPKHOOJUDXHQ+LOOPDQGHUDQGHUKLQWHUHQ :DQGGHU7LHIJDUDJHVWHKW|IIQHWGLH7UVFKDOWHWGDV$XWR UDGLRHLQ6LHGUHKWGHQ6NDOHQNQRSIELVVLH/RQGRQKDW'LH %%&VHQGHW]XVRIUKHU6WXQGHHLQ2UJHONRQ]HUWYRQ *LRYDQQL*DULEROGLHLQH7RFFDWDPLWVWlQGLJHP:HFKVHO

]ZLVFKHQPlFKWLJHQ$NNRUGHQXQGJOlQ]HQGHP/lXIHUZHUN HLQHQMHQHU.RPSRVLWLRQHQGLHEHVWLPPWZDUHQGLH(LJHQDUW GHV,QVWUXPHQWVEULOOLHUHQ]XODVVHQXQGGLHGHUHLQVWLJHHUVWH 2UJDQLVWDQGHU0DUNXVNLUFKH]X9HQHGLJZRKOVHOEVWPLW %UDYRXU]XVSLHOHQZXWH:LQQLHGUHKWGHQ$SSDUDWDXIYROOH /DXWVWlUNH1XQGHFNWGLH0XVLNDOOHV]XZDVKLHUJH VFKLHKW ª-HW]WPXHVDEHUVFKQHOOJHKHQ©VDJWVLH]X:HUQHU 'HU%HKlOWHULVWRIIHQ%UHGHEXVFKV+HU]VFKOlJWUDVFKHU DOVHUKLQHLQJUHLIW6LHVLQGDP=LHO:LQQLHXQGHUXQGHVZDU ZHL*RWWQLFKWOHLFKWVRZHLW]XNRPPHQ 1DFKHLQDQGHUQLPPWHUGUHLLQgOSDSLHUYHUSDFNWHYHU VFKQUWHXQGYHUVLHJHOWH3DNHWHKHUDXV$OOHKDEHQEHU HLQVWLPPHQG',1$)RUPDWXQGGLH'LFNHYRQ]ZHL%URFN KDXVElQGHQGHU-DKUKXQGHUWZHQGH6LHKDEHQGHQ+RKOUDXP LP%HKlOWHUY|OOLJDXVJHIOOW0DDUEHLW$OOHVDQGHUHZDU %DOODVWUDXPQRWZHQGLJGDV'HSRWDXIGHP0HHUHVJUXQG IHVW]XKDOWHQ:lUHHVNOHLQHUJHZHVHQKlWWHPDQHVNDXP ZLHGHUDXIILQGHQN|QQHQ 'DVHUVWH3DNHWHQWKlOW0DSSHQPLWGHUVFKDEORQHQ JHVFKULHEHQHQ$XIVFKULIWª(UNXQGXQJHQVXEPDULQH(UG|O IHOGHULP6HHJHELHW,,,,,,9XQG9,EHWUHIIHQGQHEVW+\ SRWKHVHQEHU0|JOLFKNHLWHQGHU(UVFKOLHXQJ©.DUWHQPLW YLHOIDUELJHQ(LQ]HLFKQXQJHQJHRFKURQRORJLVFKH'DUVWHOOXQ JHQ7DEHOOHQ.XUYHQXQGXPIDQJUHLFKH7H[WHUOlXWHUXQJHQ 'DVDOOHVVLHKWVRNRUUHNWH[DNWXQGDXIZHQGLJJHPDFKWDXV XQGLVWGHUPDHQSHGDQWLVFK]X3DSLHUJHEUDFKWDOVZlUHGLH KLHULQ(UJHEQLVVHQYRUJHOHJWH)RUVFKXQJVDUEHLWRKQHMHJOLFKH %HODVWXQJGXUFKGHQ.ULHJXQGVHLQH%HJOHLWXPVWlQGHJH OHLVWHWZRUGHQ1XUGHU6WHPSHOª*HKHLPH5HLFKVVDFKH©XQG HLQ5XQHQVWHPSHOPLWGHU8PVFKULIWª/RIWKXVHU.UHLV'HU 5HLFKVIKUHU66©YHUUDWHQZHUKLHUªIULHGOLFK©DP:HUNH ZDU 'LHVHV3DNHWOHJHQVLHEHLVHLWH 6LHEHJLQQHQPLWGHU6LFKWXQJGHV]ZHLWHQ*OHLFKH9HU SDFNXQJ*OHLFKH6LHJHO:LHGHU0DSSHQPLWGHQEHLGHQ

6WHPSHOQª*HKHLPH5HLFKVVDFKH©XQGª/RIWKXVHU.UHLV 'HU5HLFKVIKUHU66©,QGHQ0DSSHQEHUHLQDQGHUJHOHJW HLQH)OOHYRQGXUFKVLFKWLJHQ$NWHQGHFNHOQDXV=HOOXORLG 8QGLQMHGHPGHWDLOOLHUWH3HUVRQDOXQWHUODJHQ0LWGHU6FKUHLE PDVFKLQHH[DNWDXVJHIOOWH9RUGUXFNHKDQGJHVFKULHEHQH /HEHQVOlXIH=HXJQLVVHDXI)LUPHQERJHQ)RWRNRSLHQYRQ 'LSORPHQXQG3URPRWLRQVXUNXQGHQJHQDXH%HVFKUHLEXQJHQ GHV$UEHLWVJHELHWVYRQGHU*HKHLPHQ6WDDWVSROL]HLDXV JHVWHOOWH)KUXQJV]HXJQLVVHXQGLPPHUHLQ/LFKWELOG'DV IlOOWDXIDP.RSIMHGHV9RUGUXFNVVWHKHQXQEHUVHKEDUGLH 665XQHQDOOH3DSLHUHVLQGPLW'LHQVWVWHPSHOQGHV1D]L UHLFKVJHVSLFNWDEHUNHLQHUGHUDEJHELOGHWHQ0lQQHUWUlJWHLQH 8QLIRUPRGHU]XPLQGHVWGDV$E]HLFKHQGHUIDVFKLVWLVFKHQ 3DUWHL)UHXQGOLFKH+HUUHQ]ZLVFKHQGUHLLJXQGVHFK]LJ -DKUHQ+HUUHQLQWDGHOORVHQ0DDQ]JHQXQGPLWVRUJVDP JHEXQGHQHQ.UDZDWWHQEOLFNWHQLQGLH.DPHUDV,PPHUOLHJWLQ GHUMHZHLOLJHQ=HOOXORLGPDSSHREHQDXIHLQ=HWWHOXQGGDUDXI LVWPLWHLQHP%OHLVWLIWLQHFNLJHU6WWHUOLQVFKULIWYHUPHUNW ZRKLQGHUEHWUHIIHQGH$QJHK|ULJHGHV/RIWKXVHU.UHLVHV JHEUDFKWZXUGHGDPLWHU]XJHJHEHQHU=HLWZLHGHUYHUIJEDU VHL0DQFKPDOVWHKWDXFKHLQIUHPGHU1DPHGDEHL'XUFKDXV QLFKWDOOHZXUGHQQDFK/DWHLQDPHULNDRGHUQDFK6GDIULND JHVFKDIIW9LHOHNHKUWHQLQLKUH+HLPDWRUWH]XUFN'LH$NWHQ JHEHQGDUEHU$XIVFKOXGDDOOHGLHVH:LVVHQVFKDIWOHU ,QJHQLHXUHXQG7HFKQLNHUZlKUHQGLKUHU/RIWKXVHU7lWLJNHLW RIIL]LHOO$QJHK|ULJHGHUª%HOHJVFKDIW©EOLHEHQDXVGHUVLHGHU 5HLFKVIKUHU66LQVHLQHQ)RUVFKXQJVNUHLVEHULHI'DVHU OHLFKWHUWHLKQHQQDFKGDV8QWHUWDXFKHQ:HQQPDQVLH IUDJWHKDWWHQVLHIULKUH)LUPHQ6SH]LDODXIJDEHQHUIOOW /RIWKXVZXUGHQLFKWHUZlKQW:HQLJHZXWHQYRQLKUHP (LQVDW]ZDKUVFKHLQOLFKQXUGLHª%HWULHEVIKUHU©XQGGLH VFKZLHJHQ :LQQLH:LQNHOPDQQKDWEHUHLWVLKUH8PKlQJHWDVFKHJH|II QHWXQGGLHMDSDQLVFKH6FKQHOOVFKXNDPHUDPLW9RUVDW]OLQVHQ XQGGHP6XFKHUSDUDOOD[HQDXVJOHLFKIU1DKDXIQDKPHQEH VWFNW'LH0RWRUKDXEHGHVKHOOJUDXHQ+LOOPDQPXDOV$U

EHLWVWLVFKGLHQHQ6FKQHOOXQGURXWLQLHUWIlQJWGLH)RWRJUDILQ DQGLH3DSLHUHDE]XOLFKWHQ2KQHGDVLHGDUEHUHLQ:RUW YHUOLHUHQZLVVHQVLHEHLGHZDVVLHKLHULQGHQ+lQGHQKDOWHQ XQGZHOFKHQ:HUWGLHVHV0DWHULDOIUGDV$XIVSUHQXQGGLH (QWODUYXQJGHU1DFKIROJHRUJDQLVDWLRQHQGHV+LWOHUIDVFKLV PXVLKUHU%DVHQXQGLKUHU)|UGHUHUKDW6LHKDEHQLQYROOHP 8PIDQJGLH3HUVRQDOXQWHUODJHQGHU.|SIHHLQHUXQJHKHXUHQ +\GUDYRUVLFK ª:HQQLFKKLHUIHUWLJELQ©VDJW:LQQLHRKQHLKUH$UEHLW]X XQWHUEUHFKHQªUXIVWGX%RUQDQ(VJHKWQLFKWDQGHUV:HQQ GDVKLHUYHUVFKZLQGHWNDQQVWGXGLH.RIIHUSDFNHQ*LEVWGX HV%RUQELVWGXIUGLHDOWHQ.DPHUDGHQGHU*U|WHXQGKDVW EHLLKQHQHLQHQQRFKGLFNHUHQ6WHLQLP%UHWWDOVMH]XYRU© %UHGHEXVFKUHLFKWLKUGLH8QWHUODJHQ]Xª-D©EHVWlWLJWHU ª9HUVFKQUXQJXQG6LHJHOZDUHQVFKRQHQWIHUQWDOVLFKKLHU HLQGULQJHQXQGGLH.HUOHEHUZlOWLJHQNRQQWH© 6LHVFKDXWHLQHQ$XJHQEOLFN]XLKPKRFKXQGOlFKHOW ª*HQDX© 0HUNZUGLJHUZHLVHILQGHWVLFKLQGHP6WRQLFKWGLH$NWH HLQHV'U$OEUHFKW.|QLJVRVHKU:HUQHUGDQDFKVXFKW(LQ 'U$OEUHFKW.|QLJZDUEHLP/RIWKXVHU.UHLVXQEHNDQQW'DV YHUZLUUW%UHGHEXVFK'HU.RQVWUXNWHXUJDEGRFKVHOEVW]X 8QGGDQQILQGHWHULKQ'DVKHLWHUHQWGHFNWGDV)RWRHLQHV 'U$OH[DQGHU,UURZGHUGHP:LVVHQVFKDIWOHUEHLGHU:HJH QHU 0RVV$*YHUEOIIHQGlKQOLFKVLHKWGHUHLQJHOHJWH =HWWHOHUNOlUWª0DL0LW8QDFK)OHQVEXUJDE JHVHW]W©'HU.XQGVFKDIWHU]LHKWK|UEDUGLH/XIWGXUFKGLH 1DVH9RQHLQHU1DPHQVlQGHUXQJNHLQ:RUW%UHGHEXVFK EHJUHLIWGDVLFK,UURZ.|QLJVHOEVWXPEHQDQQWKDWXQGVLFK GDPLWGHQ1DFKIRUVFKXQJHQGHUªDOWHQ.DPHUDGHQ©HQW]RJ 'DVZDUIUVLHJHQXJ*UXQGLQ6WDXIHQPLW*HZDOW]X RSHULHUHQ 'DV2UJHONRQ]HUWGHU%ULWLVK%URDGFDVWLQJ&RUSRUDWLRQ GDXHUWDQ'DV,QVWUXPHQWMXEHOWXQGVFKOXFK]WWUDXHUWXQG IURKORFNWXQGVFKZLQJWVLFKDXI]XHLQHPJHZDOWLJHQK\P QLVFKHQ)LQDOH'DKDW:HUQHUHLQGULWWHV3DNHWLQGHU+DQG

6FKZHUHULVWHVDOVGLHDQGHUHQREZRKOHVLKQHQlXHUOLFK DXIV+DDUJOHLFKW$OVGLH9HUSDFNXQJIlOOWNRPPHQGLHVPDO NHLQH3DSLHUH]XP9RUVFKHLQ(LQH6WDKONDVVHWWHZLUGVLFKW EDUHLQH.DVVHWWHRKQH6FKO|VVHUXQGRKQH'HFNHO6LHVLHKW DXVZLHDXVHLQHP6WFNJHPDFKW$XIHLQHU6HLWHEHILQGHW VLFKHLQH*UDYXUHLQ7RWHQNRSIPLWJHNUHX]WHQ.QRFKHQ GDUXQWHU6RQVWQLFKWV%UHGHEXVFKVLHKWGDUDXIQLHGHU'HU 7RWHQNRSIZDUGDV6\PEROGHU66VLHWUXJLKQDXIGHU8QL IRUP,VWGDVJHPHLQW"2GHUZXUGHGDV=HLFKHQKLHULQVHLQHP LQWHUQDWLRQDOHQ6LQQHJHEUDXFKWDOVZDUQHQGHU+LQZHLVQlP OLFKDXIJHIlKUOLFKHV*LIWDXI*HIDKU"'DVOlWVLFKGHP %HKlOWHUQLFKWDQVHKHQ$QGHUHUVHLWVZHGHUGLH3HUVRQDODN WHQQRFKGLH(UJHEQLVVHGHVDXIZHQGLJHQ1RUGVHHXQWHUQHK PHQVZXUGHQDXIGLHVH:HLVHJHVLFKHUW'HU7RWHQNRSIGD VLJQDOLVLHUW*HIDKU$OVHUGDVHUNDQQWKDWYHU]LFKWHW:HUQHU GDUDXIGLH.DVVHWWHJHZDOWVDPDXI]XEUHFKHQ:HUN]HXJGD]X ZlUHLQDXVUHLFKHQGHU0HQJHYRUKDQGHQDEHUNHLQH([ SHULPHQWHDXI*HELHWHQYRQGHQHQHUQLFKWVYHUVWHKW (UWULWWQHEHQ:LQQLHXQG]HLJWLKUGHQHLJHQDUWLJHQ)XQG 6LHELOOLJWVHLQH(QWVFKHLGXQJGDV%HKlOWQLVXQYHUVHKUW]X ODVVHQXQGJHPHLQVDPHQWVFKOLHHQVLHVLFKGLHVH.DVVHWWH QLFKW%RUQXQGVHLQHQ+LQWHUPlQQHUQ]XJHEHQ'DHULKQHQ GLHEHLGHQDQGHUHQ3DNHWHDXVOLHIHUWVWHOOW%UHGHEXVFK DXHUKDOEGHV9HUGDFKWVHUN|QQWHHLQGULWWHVXQWHUVFKODJHQ KDEHQ'LH.DVVHWWHZDUHEHQQLFKWGD3XQNW ª,FKQHKPHVLHPLW©HUNOlUW:LQQLH:LQNHOPDQQªGHQQGX PXWMDKLHUDXI%RUQXQGVHLQH+HOGHQZDUWHQ'XHUKlOWVW VLHLQGHLQHP+RWHOGDVKHLWLFKVFKLFNHGLUGLH6FKOVVHO PHLQHV/HLKZDJHQV'HU%HKlOWHUVWHKWXQWHUGHP)DKUHUVLW] ,FKVHOEVWYHUODVVH2VORDXIVFKQHOOVWHP:HJH:DVLFKDXI PHLQHQ)LOPHQKDEHGDVLVWVRZLFKWLJGDHVRKQH9HU ]|JHUXQJQDFK%HUOLQPX©

ª1HKPHQ6LHPDODQLFKKlWWHHLQ*HQWOHPDQ V$JUHHPHQW JHWURIIHQ'HWMHQ'HQ%HKlOWHUEHUJHQ/HXWHGLHHLQJH ZLVVHVEHUHFKWLJWHV,QWHUHVVHGDUDQKDEHQGDHUQLFKWLQ IUHPGHQ%HVLW]JHODQJW,FKKDOWHVFKW]HQGGLH+DQGEHUVLH XQGGDHLQH/LHEHGHUDQGHUHQZHUWLVWHUKlOWGLH&,$DXFK HWZDV6FK|QHV!DXVGHP%HKlOWHU©VDJW:HUQHUKDOEODXWLQ GDV+RWHO]LPPHUKLQHLQ:RUWIU:RUWGLH6lW]HGLH-DPHV ':LOVRQLQ6WDXIHQLQ=XVDPPHQKDQJPLWGHU9HUKDIWXQJ 'U.|QLJVGXUFKGDV&ULPLQDO,QYHVWLJDWLRQ'HSDUWPHQW JHEUDXFKWH6LHVLQG%UHGHEXVFKZLHGHUJHJHQZlUWLJVHLWHU GLHHLJHQDUWLJH.DVVHWWHLQGHQ+lQGHQKLHOW ªHUKlOWGLH&,$DXFKHWZDV6FK|QHV© :DVN|QQHQGLH+LQWHUPlQQHUGHU5KHLQ0DLQ'HWHNWHLGHU &,$YHUVSURFKHQKDEHQGDV:LOVRQZHUWYROOJHQXJHUVFKLHQ GLHVHU9HUKHLXQJZHJHQGHU%HUJXQJVDNWLRQVHLQHQ6HJHQ]X JHEHQ"'LH3HUVRQDODNWHQ":HUQHUVFKWWHOWGHQ.RSI1HLQ GLHQLFKW'LH&,$KDWNHLQ,QWHUHVVHGDUDQGLHVH/HXWH DXIIOLHJHQ]XODVVHQYLHOOLHEHUZLUGVLHVLFKLKUHUJHOHJHQWOLFK EHGLHQHQ'D]XDEHUEUDXFKWVLHGLH3DSLHUHQLFKWZHQQVLH RKQHKLQEHUHLWV]XHLQHP*HQWOHPDQ V$JUHHPHQWPLWIK UHQGHQ.|SIHQGHU661DFKIROJHRUJDQLVDWLRQJHODQJWLVW'LH JHRORJLVFKHQ(UNXQGXQJHQ"'LH&,$NDQQGDPLWXQPLWWHOEDU JDUQLFKWVDQIDQJHQNDQQEHVWHQIDOOV$N]HQWHVHW]HQZHQQ GDV5HQQHQQDFKGHPVFKZDU]HQ*ROGEHJLQQW'LH6WDKO NDVVHWWH"0HKUXQGPHKUQHLJW%UHGHEXVFK]XGHU$QVLFKW GDVLFK:LOVRQVªHWZDV6FK|QHV©DXIVLHEH]RJ :DVPDJVLHHQWKDOWHQ"'HXWOLFKVLHKWHUGHQ7RWHQNRSIPLW GHQJHNUHX]WHQ.QRFKHQYRUVLFK*LIW(LQ*HIKOGHV 8QEHKDJHQVMDGHV:LGHUZLOOHQVVWHLJWLQLKPKRFKXQGDXFK +DLVWGD8QYHUPLWWHOWHULQQHUWVLFKGHU.XQGVFKDIWHU :HUQHU%UHGHEXVFKDQGLH=HLWLQGHUHUQDFKGHU5FNNHKU DXVGHU6RZMHWXQLRQEHLGHQ6LFKHUKHLWVRUJDQHQGHUGDPDOL JHQVRZMHWLVFKHQ%HVDW]XQJV]RQH]XDUEHLWHQEHJDQQ.ULHJV

YHUEUHFKHQJDOWHVDXI]XNOlUHQQDFKGHQ9HUDQWZRUWOLFKHQ]X IDKQGHQXQGVLHLKUHU%HVWUDIXQJ]X]XIKUHQ(UHULQQHUWVLFK GHU=HXJHQDXVVDJHQYRQ0HQVFKHQGLHGXUFKGLH+|OOHGHU .RQ]HQWUDWLRQVODJHUJHJDQJHQXQGPHLVWPLWNQDSSHU1RWGHU 9HUQLFKWXQJHQWURQQHQZDUHQ9RQ9HUVXFKHQKDWWHQVLH EHULFKWHWGLH0lQQHULQbU]WHNLWWHOQYRUQDKPHQXQGEHL GHQHQGLH0HKU]DKOGHUª9HUVXFKVSHUVRQHQ©XQWHUHQWVHW] OLFKHQ4XDOHQVWDUE6LHZXWHQDXFKGDZLHGHUDQGHUHLQ KHUPHWLVFKDEJHVFKORVVHQH5lXPHJHEUDFKWZXUGHQLQGHUHQ :lQGHQHV%HREDFKWXQJVIHQVWHUJDE1DFK7DJHQVSlWHU VFKRQQDFK6WXQGHQJLQJHQ0lQQHULQJHVSHQVWLVFKDQ PXWHQGHQ6FKXW]DQ]JHQGXUFK6FKOHXVHQLQGLH,VROLHUNDP PHUQXQGXQWHUVXFKWHQGLH7RWHQ,PPHUZLHGHUZDUGDVLQ GHQ3URWRNROOHQHUVFKLHQHQGLH:HUQHU%UHGHEXVFKDXIQDKP ,QMHNWLRQHQPLW*LIW,QIHNWLRQGXUFK%D]LOOHQ'DVDOOHV GHXWHWHDXIHLQJURDQJHOHJWHV3URMHNW]XU(QWZLFNOXQJXQG 9HUYROONRPPQXQJEDNWHULRORJLVFKHU.DPSIPLWWHOKLQ.HLQ =ZHLIHOGDGLHGDPDOVEHQXW]WHQ%HKlOWQLVVHGHQVHOEHQ 7RWHQNRSIPLWGHQJHNUHX]WHQ.QRFKHQWUXJHQZLHGLH6WDKO NDVVHWWHDXVGHP6NDJHUUDN(QWKlOWVLHHLQH'RNXPHQWDWLRQ MHQHU9HUVXFKH$QJDEHQEHU=XVDPPHQVHW]XQJ:LUNXQJV ZHLVHQ(QWZLFNOXQJVOLQLHQXQGYLHOOHLFKWVRJDU3UREHQ"'DV ZUGHGHQVLFKHUHQ9HUVFKOXHUNOlUHQ'HUJOHLFKHQDOV ªHWZDV6FK|QHV©]XEH]HLFKQHQSDW]X:LOVRQ6LFKGDIU ]XLQWHUHVVLHUHQOLHJWDXIVHLQHU6WUHFNH8QGGLH86$KDEHQ ]X%HJLQQGHUIQI]LJHU-DKUHZlKUHQGLKUHV.RUHDNULHJHV QDFKZHLVOLFKDXFKFKHPLVFKHXQGEDNWHULRORJLVFKH:DIIHQ HLQJHVHW]W %UHGHEXVFKJHKWLQV%DGKLQEHUOlWGDV:DVVHUODXIHQ (UKDWDXIHLQPDOGDV*HIKOVLFKXQEHGLQJWGLH+lQGH ZDVFKHQ]XPVVHQ:lKUHQGHUQDFKGHP+DQGWXFKJUHLIW NORSIWHVGUDXHQXQGVFKRQDOVHUªKHUHLQ©UXIWZHLHUGD HV:LOVRQLVWGHU]XLKPNRPPW3O|W]OLFKIKOWHUVLFK DXHUVWDQGHGHP6SH]LDODJHQWHQGLH+DQG]XJHEHQ(UKlQJW GDV+DQGWXFKZHJXQGJHKWPLWQDVVHQ)LQJHUQKLQEHU ª1DIHUWLJPLWGHP0RUJHQEDG"©OlUPWGHU$PHULNDQHUXQG

ZLUIWVHLQHQ+XWDFKWORVDXIV%HWW 'HWMHQVFKWWHOWGDV:DVVHUYRQGHQ+lQGHQª:LH6LH VHKHQ:DVXP*RWWHVZLOOHQPDFKHQ6LHQXQVFKRQZLHGHU LQ2VOR"© -DPHV':LOVRQOlWVLFKLQHLQHQGHU6HVVHOIDOOHQGDHV NUDFKWª,PPHUDP%DOOPHLQ/LHEHU©8QGEHUJDQJVORV ª'DVKDEHQ6LHJXWKLQJHNULHJW'HWMHQ,KUDOWHU.DPHUDG %RUQZLOOPLUZHLVPDFKHQGDHUGHQ%HKlOWHUGHQPDQLKP VFKRQDEJHMDJWKDWWHDOOHLQDXIJHVSUWXQG]XUFNJHKROWKlWWH 1DWUOLFKJODXEHLFKLKPNHLQ:RUW1RFKHLQH6WXQGHYRUKHU QlPOLFKKDWHULQ3DQLNPLW6FKRWWODQGWHOHIRQLHUWXQGJHVDJW HVVHLDOOHVYHUORUHQ1DFKKHUZLGHUULHIHUXQGEHKDXSWHWHHU VHLHLQHU)HKOLQIRUPDWLRQDXIJHVHVVHQ©(UOlWHLQHNOHLQH 3DXVHHKHHUZHLWHUVSULFKWª'LHKLHVLJH&,$5HVLGHQWXUKDW GUHL)LJXUHQDXVHLQHP+DXVLQGHU7KHUHVHV*DWDGXUFKGLH 0DQJHOJHGUHKWXQGZHLJHQDXGDVLHYRQQXUHLQHP0DQQ EHUZlOWLJWZXUGHQ6HLWZDQQOLHEHQ6LH2UJHOPXVLN"© ª,FKVWDPPHDXVHLQHPFKULVWOLFKHQ(OWHUQKDXV0LVWHU :LOVRQ:XWHQ6LHGDVQLFKW"© 'DUDXIJHKWGHU6SH]LDODJHQWQLFKWHLQª:HQLJVWHQVGLH EHLGHQLP$EVWHOOUDXPKDEHQVLFKGLH6HQGXQJELV]XP6FKOX DQJHK|UWXQGVDHQZLHGLH0lXVFKHQZHLOVLHGDFKWHQGHU VFKPXW]LJH0DQQPLWGHP.LOOHUJHVLFKWVHLQRFKGD©(UZLQNW DEª0LFKLQWHUHVVLHUWYRUDOOHPHLQH6WDKONDVVHWWH+DQGDXIV +HU]'HWMHQ:DUGLHLP%HKlOWHURGHUQLFKW"%RUQEHKDXSWHW VLHVHLQLFKWGDJHZHVHQ+DOWHQ6LHHVIUP|JOLFKGDGLHVH *DQRYHQYHUVXFKHQPLFKDXIV.UHX]]XOHJHQQDFKGHPVLH LKU=LHOHUUHLFKWKDEHQ"© ª.DXP©HUZLGHUW$FKLWQNQDSSª(LQH6WDKONDVVHWWHKDEH LFKQLFKW]X*HVLFKWJHNULHJW=ZHL3DNHWHODJHQGDDXV VFKOLHOLFK3DSLHUXQGGLHKDW%RUQEHUQRPPHQ(UYHUPLWH QLFKWV:DUHVHWZDV:LFKWLJHV"© -DPHV':LOVRQ]|JHUW(UVFKHLQWQLFKWUHFKW]XZLVVHQ REHUGLH)UDJHEHDQWZRUWHQVROORGHUQLFKW6FKOLHOLFKEH TXHPWHUVLFK]XHLQHUKDOEHQ$XVVDJHª1HKPHQZLUPDODQ GDZlUHQRFKZDVGULQJHZHVHQ9LHOOHLFKW3UREHQYRQJH

KHLPHQ.DPSIVWRIIHQGLH/RIWKXVHQWZLFNHOWKDW© 0LWHLQLJHU$QVWUHQJXQJJHOLQJWHV'HWMHQXQEHIDQJHQ]X ZLUNHQXQGHLQXQJOlXELJHV.LQGHUJHVLFKW]X]HLJHQª'DV =HXJZlUHUXQGHIQI]HKQ-DKUHDOW©ZLUIWHUKLQª/lQJVW EHUKROW:HQLQWHUHVVLHUWGDVQRFK"© 'HU6SH]LDODJHQW]LHKWGLH%UDXHQKRFKXQGVLHKWLKQDQ ª6LHVLQGGRFKVRQVWVR QNOXJHU.RSI'HWMHQhEHUOHJHQ6LH PDOLQDOOHU5XKH'LH1D]LVKDWWHQLQLKUHQ.RQ]HQWUDWLRQV ODJHUQ0HQVFKHQ]XU9HUIJXQJDQGHQHQVLHGLH.DPSIVWRIIH WHVWHQNRQQWHQ:DVJODXEHQ6LHZHOFKHQ9RUODXILKQHQGDV JDE"7HVWVDQPHQVFKOLFKHP0DWHULDOZDUHQQXUXQWHUGHQ %HGLQJXQJHQGHV+LWOHUUHLFKVP|JOLFK6LHVLQGNDXPZLHGHU KROEDU© %UHGHEXVFKZHQGHWVLFKEUVNDEHUP|FKWHGLHVHP0DQQ DXVhEHUVHHDPOLHEVWHQDQGLH*XUJHOVSULQJHQ$OOHVKDWVHLQH *UHQ]HQDXFKGLH6HOEVWEHKHUUVFKXQJHLQHV.RPPXQLVWHQ (UWULWWDQV)HQVWHUXQGVWDUUWKLQDXV$XIHLQHP3DUNSODW]LQ GHU1lKHYRQKLHUDXVJXW]XVHKHQVWHKWLQPLWWHQDQGHUHU )DKU]HXJH:LQQLHV/HLKZDJHQXQGXQWHUGHP)DKUHUVLW] GLHVHV%0:EHILQGHWVLFKGLH6WDKONDVVHWWH ª6HLHQ6LHQLFKWQDLY'HWMHQ©:LOVRQGHXWHWGLH5HDNWLRQ GHVDQGHUHQIDOVFKª6LHZLVVHQGDJHJHQZlUWLJEHUHLQ LQWHUQDWLRQDOHV$ENRPPHQYHUKDQGHOWZLUGGDV(QWZLFNOXQJ /DJHUXQJXQG(LQVDW]YRQFKHPLVFKHQXQGEDNWHULRORJLVFKHQ :DIIHQYHUELHWHW'LH5XVVHQZHUGHQQLFKW5XKHJHEHQELV $PHULNDXQWHUVFKULHEHQKDW$EHUGDVLVW6DFKHGHU5HJLH UXQJ:DVGLH3ROLWLNHUWXQLVWLKUH6DFKH'HU&,$REOLHJWHV ZHLWHU]XGHQNHQ'LH8QWHUQHKPXQJHQ,KUHV)UHXQGHV%RUQ +HUU'HWMHQZlUHQPLUWRWDOJOHLFKJOWLJJHZHVHQZHQQLFK QLFKWKlWWHKRIIHQN|QQHQGXUFK,KUH%LOOLJXQJDQGDVEHVDJWH 0DWHULDOKHUDQ]XNRPPHQ%HJUHLIHQ6LHQLFKWZDVGDVEH GHXWHWKlWWHIUXQVIUGLH1$72"© :HUQHUKDWVLFKJHIDW(UNDQQVLFKLQV=LPPHU]XUFN ZHQGHQª7XWPLUOHLG:LOVRQ0LWHLQHU6WDKONDVVHWWHNDQQ LFKQLFKWGLHQHQ,FKP|FKWHDEHUEHKDXSWHQGD/RIWKXV PHKUDOVHLQ'HSRWDXIGHP0HHUHVJUXQGDQJHOHJWKDWXQGGD

GLH9HUDQWZRUWOLFKHQQLFKWPHKUVRJHQDXZLVVHQZDVLQGHQ HLQ]HOQHQXQWHUJHEUDFKWZXUGH(VJLQJGDPDOVDOOHVHLQEL FKHQGUXQWHUXQGGUEHUGLH=HLWGUlQJWHXQGDXFKSUHXL VFKH$NNXUDWHVVHGDUIPDQXQWHUVROFKHQ8PVWlQGHQQLFKW DOO]XKRFKDQVHW]HQ©(UEULQJWHVIHUWLJ]XODFKHQª6LHJODXEHQ GRFKQLFKWDQGDV0lUFKHQGDHVQXUGHQHLQHQ%HKlOWHUJLEW" 'DV(UJHEQLVYRQMDKUHODQJHU$UEHLWSDWLQ]ZHL $NWHQWDVFKHQ(LQELFKHQZHQLJILQGHQ6LHQLFKW"© -DPHV':LOVRQVFKDXWDXIVHLQH)XVSLW]HQ6HLQHUDXIV 3UDNWLVFKHJHULFKWHWHQ'HQNXQJVDUWOHXFKWHQGLH:RUWHGHV DQGHUHQHLQ(UVXFKWEHUHLWVQDFK0|JOLFKNHLWHQZHLWHUH %HKlOWHUDXI]XVSUHQXQG]XKHEHQ1DWUOLFKPXPDQGD JDQ]DQGHUVYRUJHKHQDOVGLHVH5KHLQ0DLQ/HXWH0RGHUQVWH 7HFKQLNJUR]JLJH0LWWHO'HU*HGDQNHIDV]LQLHUWLKQ %UHGHEXVFKDWPHWDXIDOVGHU%HVXFKHUJHJDQJHQLVW(V EHUHLWHWLKPNHLQH)UHXGHVHLQH+\SRWKHVHKLQVLFKWOLFKGHU 6WDKONDVVHWWHEHVWlWLJW]XILQGHQ$EHUHUZHLMHW]WZDVHU WXQZLUG 2KUHQEHWlXEHQGUDWWHUWGDV6WURPDJJUHJDWDQGHU%DXVWHOOH VSHLVWGLH3XPSHQGLHGDV*UXQGZDVVHUDEVDXJHQXQGGLH )|UGHUZHUNHGLHIOVVLJHQ%HWRQKLQDEVFKWWHQLQHLQ JHVFKDOWHJURH*UXEHQGLHHLQPDOGDV)XQGDPHQWHLQHU %UFNHVHLQZHUGHQ(LQXQJHKHXUHU%DXSODW]LVWGDV7DJXQG 1DFKWZLUGJHDUEHLWHWXQGGLHYHUVFKLHGHQIDUELJHQ6FKXW] KHOPHGHU$UEHLWHUEHKHUUVFKHQGDV%LOG5DXSHQIDKU]HXJH PLW3ODQLHUVFKLOGHQ/DVWNUDIWZDJHQXQG%HWRQVLORV %UHGHEXVFKKDWGHQ/HLKZDJHQLQHLQLJHU(QWIHUQXQJJH SDUNW1XQVWHKWHUHLQHYROXPLQ|VH$NWHQWDVFKHLQGHU+DQG DXIGHPK|O]HUQHQ/DXIVWHJGHUHLQHQ7HLOGHV%DXJHOlQGHV EHUVSDQQWGDPLWHV3DVVDQWHQJHIDKUORVEHUTXHUHQN|QQHQ *HQDXXQWHULKPLVWHLQHGHU*UXEHQLQGLHXQXQWHUEURFKHQ ]lKIOVVLJHU%HWRQIOLHW(LQDOWHU0DQQLVWQRFKGDGHU HEHQIDOOVKLQXQWHUVFKDXWVRQVWQLHPDQG'HU$OWHKDWYLHO=HLW XQGYHUWUHLEWVLHVLFKGDPLWGHQUDVFKHQ)RUWJDQJGHU%DX DUEHLWHQ]XYHUIROJHQ-HW]WIHVVHOWLKQDXIGHUDQGHUHQ6HLWH

GHU$XIEDXHLQHUHOHNWULVFKHQ5DPPHZHLOGLH0lQQHUGLH VLHHLQULFKWHQQHEHQGHPXQJHVFKODFKWHQ*HUlWZLH=ZHUJH DXVVHKHQ 'DVLVWGHU$XJHQEOLFNLQGHP:HUQHUVHLQH7DVFKHEHU GLH%UVWXQJIDOOHQOlW6LHVFKOlJWDXI1XUJDQ]ODQJVDP VLQNWVLHXQGPLWLKUGLH6WDKONDVVHWWHLQGLHQRFKZHLFKH JUDXH0DVVHDEHUGDVFKLHEWVLFKEHUHLWVIULVFKHU%HWRQDXV GHU)|UGHUOHLWXQJEHUVLH6FKRQQDFK6HNXQGHQNDQQ %UHGHEXVFKQLFKWPHKUJHQDXVDJHQZRVLHOLHJW:R]XDXFK" 'HUDOWH0DQQZHQGHWVLFK]XUFN(UP|FKWHVFKZlW]HQ XQGHVIUHXWLKQGDGHU-QJHUHLPPHUQRFKGDVWHKWXQG DQVFKHLQHQGJHQDXVRYLHO=HLWPLWJHEUDFKWKDWZLHHU ª:LHVFKQHOOKHXW]XWDJHDOOHVJHKW©IlQJWHUHLQ*HVSUlFK DQª.RPPHQ6LHLQHLQHPKDOEHQ-DKUZLHGHUXQGKLHUVWHKW HLQHQHXH%UFNH8UVSUQJOLFKZDUGDVDOOHV6XPSI©(U XPIDWPLWHLQHUZHLWHQ+DQGEHZHJXQJGDVJDQ]H*HOlQGH ª$EHUVLHVLQGGDPLWIHUWLJJHZRUGHQ© :HUQHUVSULFKWQLFKWHLQ:RUW1RUZHJLVFK(UYHUVWHKWGHQ $OWHQQLFKW$EHUHUQLFNWXQGOlFKHOWLKP]XDOVHUZHLWHU JHKW