Doktor Tod

'2.72572' 'LHQDFNWH/HLFKHODJDXIHLQHPODQJHQ7LVFK =ZHL3XQNWVWUDKOHUNQDOOWHQGDV/LFKWDXIGHQZHLHQ.|USHU ...

Author: Dark Jason

10 downloads 898 Views 267KB 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

'2.72572' 'LHQDFNWH/HLFKHODJDXIHLQHPODQJHQ7LVFK =ZHL3XQNWVWUDKOHUNQDOOWHQGDV/LFKWDXIGHQZHLHQ.|USHU ]HLFKQHWHQMHGH+DXWIDOWHLQIDVWEUXWDOHU'HXWOLFKNHLWQDFK (LQ7HLOGHV*HZ|OEHVODJLP'XQNHOQ,UJHQGZRWURSIWHHLQ :DVVHUKDKQhEHUODXWGUDQJGDV*HUlXVFKGHU]HUSODW]HQGHQ 7URSIHQGXUFKGLH6WLOOH 3O|W]OLFKWDXFKWHQGLH.RQWXUHQHLQHV0DQQHVDXVGHU )LQVWHUQLVDXI6HLQH6FKULWWHZDUHQNDXP]XK|UHQQLFKWHLQPDO HLQOHLVHV6FKOHLIHQKlWWHGDVJHEWH2KUYHUQRPPHQ'HU0DQQ JHULHWLQGHQ/LFKWNUHLVGHU6WUDKOHUXQGEOLHEQHEHQGHP7LVFK VWHKHQ /DQJHDEHUGHQQRFKNUlIWLJH)LQJHUVWULFKHQEHUGLHQDFNWH /HLFKH/LHENRVHQGZLHHVVFKLHQ (LQVHOWVDPHU5LQJEOLW]WHLP6FKHLQGHU/DPSHDXI'HU0DQQ WUXJLKQDP0LWWHOILQJHUVHLQHUUHFKWHQ+DQG'HU5LQJKDWWHHLQH YLHUHFNLJHUXELQURWH2EHUIOlFKHDXIGLHHLQZHLHU7RWHQNRSI HLQJUDYLHUWZRUGHQZDU-HQDFK6WLPPXQJGHV0DQQHVVWUDKOWH GHU7RWHQNRSIHLQVHOWVDPHV/LFKWDXV'LHVHV3KlQRPHQKLQJ ZLHGHUXPPLWGHU.|USHUZlUPHXQGGHUSV\FKLVFKHQ 9HUIDVVXQJGHV8QKHLPOLFKHQ]XVDPPHQ (LQHQ$XJHQEOLFNYHUKDUUWHQGLH+lQGHDXIGHP*HVLFKWGHV 7RWHQ'LH)LQJHUVSLW]HQGUFNWHQOHLFKWJHJHQGLH$XJHQOLGHU VFKREHQVLHKRFK 'LH$XJHQGHU/HLFKHZDUHQYHUGUHKWhEHUGHXWOLFKWUDWGDV :HLHKHUYRU 'U7RGQLFNWH]XIULHGHQ-DGDVZUGHNODSSHQ (UZDQGWHVLFKXPXQGWDXFKWHZLHGHUHLQLQGDV'XQNHOGHV *HZ|OEHV(LQ(LVKDXFKEOLHE]XUFN'HU+DXFKYRQ9HUQLFKWXQJ $QJVWXQG*UDXHQ 'U7RGZLHHUVLFKVHOEVWQDQQWHZDU]XUFNJHNHKUW 1LHPDQGZXWHZRKHUHUNDP1LHPDQGNDQQWHVHLQHQ1DPHQ VHLQ$XVVHKHQ (UZDUHLQIDFKGD8QGHUKDWWHQXUHLQ=LHO (UZROOWHGLH0HQVFKKHLWYHUQLFKWHQ'D]XZDULKPMHGHV 0LWWHOUHFKW

'U7RGKDWWHGDV=HLWDOWHUGHU+|OOHHLQJHOHLWHW 6FKRQHLQPDOKDWWHHUHLQHQ9HUVXFKXQWHUQRPPHQ9RUYLHOHQ YLHOHQ-DKUHQ'RFKGDPDOVKDWWHHVQLFKWJHNODSSW(UZDUQRFK ]XVFKZDFKJHZHVHQXPVLFKJHJHQGDV*XWH]XEHKDXSWHQ $EHUPLWWOHUZHLOHKDWWHHUVLFK$VPRGLVGHP+|OOHQIUVWHQ YHUVFKZRUHQXQGGXUFKLKQGLH)lKLJNHLWHQHUKDOWHQGLHHU EUDXFKWH(UZDUGHUHUVWH'LHQHUGHV6DWDQVJHZRUGHQ 'U7RGKDWWHGHQ=HLWSXQNWVHLQHU5FNNHKUJHQDXDEJHSDW 'HQ0HQVFKHQIHKOWHKHXWHGDV=XVDPPHQJHK|ULJNHLWVJHIKO -HGHUGDFKWHQXUDQVLFKZDULPPHUDXIVHLQHQHLJHQHQ9RUWHLO EHGDFKW 8QGGDVZDUGHULGHDOH1lKUERGHQIUHLQHQ0DQQZLH 'U7RG 8QHUNDQQWNRQQWHHU]ZLVFKHQGHQ0HQVFKHQOHEHQLKQHQ VHLQHQ:LOOHQDXI]ZLQJHQXQGVRPLWGLH(UGHLQGDVDEVROXWH &KDRVVWU]HQ ,PPHUZLHGHUNUHLVWHQGLHVH*HGDQNHQLQGHP6FKlGHOGHV 8QKHLPOLFKHQ'LH9RUVWHOOXQJHLQPDOGHU+HUUGHU:HOW]XVHLQ OLHLKQDOOHVYHUJHVVHQ 'U7RGODFKWHKlOLFKhEHUODXWKDOOWHGDV*HOlFKWHUZLGHUXQG YHUPLVFKWHVLFK]XHLQHPVFKDXULJHQ*HKHXO 0LQXWHQYHUVWULFKHQ'DQQQlKHUWHVLFK'U7RGZLHGHUGHP +RO]WLVFK /DPSHQEOLW]WHQDXIWDXFKWHQGDV*HZ|OEHLQHLQNDOWHV EHLQDKHJUHOOHV/LFKW 'DV*HZ|OEHZDUULHVLJ(VODJWLHIXQWHUGHU(UGHXQGZDUQXU GXUFKHLQHQ*HKHLPJDQJ]XHUUHLFKHQhEHUDOOVWDQGHQPRGHUQH HOHNWULVFKH$SSDUDWXUHQGLHPLW6NDOHQ6FKDOWHUQXQG 0RQLWRUHQDXVJHVWDWWHWZDUHQ $QHLQHU:DQGZDUHQ]ZHLJURH/DERUWLVFKHEHIHVWLJW 0RGHUQHFKHPLVFKH0HJHUlWHVWDQGHQGDUDXI'LH5HJDOH GDUEHUZDUHQPLW&KHPLNDOLHQIODVFKHQYROOJHVWHOOW ,QHLQHU(FNHGHV*HZ|OEHVVWDQGHLQULHVLJHU%RWWLFK(UZDU DQJHIOOWPLWHLQHUNODUHQGLFNIOVVLJHQ6XEVWDQ]'QQH 6FKZDGHQVWLHJHQYRQGHU2EHUIOlFKHJHJHQGLH'HFNH 'U7RG|IIQHWHVHLQHUHFKWH+DQG(LQNOHLQHV)OlVFKFKHQNDP

]XP9RUVFKHLQ'XUFKGDVZHLH*ODVVFKLPPHUWHHLQHURWH )OVVLJNHLW 'U7RG|IIQHWHGLH)ODVFKH(LQlW]HQGHU*HUXFK]RJLQVHLQH 1DVH(UGUHKWHGHQ.RSI]XU6HLWHXQGEHXJWHVLFKEHUGLH /HLFKH 6HLQH+lQGH]LWWHUWHQNHLQELFKHQDOVHUHWZDVYRQGLHVHU )OVVLJNHLWLQGLH$XJHQGHU/HLFKHWU|SIHOQOLH :LHHLQGLFNHU9RUKDQJOHJWHVLFKGHUURWH6WRIIEHUGLH 3XSLOOHQ 'U7RGYHUVFKORGLH)ODVFKHVWHFNWHVLHHLQXQGEHWUDFKWHWH ]XIULHGHQVHLQ:HUN 'HU$QIDQJZDUJHPDFKW 'DQQWUDWGHU8QKHLPOLFKHDQHLQHQGHULQGHU:DQGHLQJH EDXWHQ6FKUlQNH]RJHLQH6FKXEODGHKHUDXVXQGHQWQDKPGLHVHU ]ZHLUXQGH/HGHUVWFNHGLHHUGHU/HLFKHEHUGLH$XJHQOHJWH -HW]WNRQQWHQLFKWVPHKUSDVVLHUHQ 'HU8QKHLPOLFKHJULIIQDFKGHP7RWHQ(UKRELKQPLWIDVW VSLHOHULVFKHU/HLFKWLJNHLWKRFK 'DEHLZDUHUYRQGHU6WDWXUKHUQRFKQLFKWHLQPDOHLQNUlIWLJHU 0DQQ 'U7RGZDUEHLQDKHVFKPlFKWLJ'RFKDXIVHLQHPVFKPDOHQ .|USHUWKURQWHHLQVFKRQEHUJURHUKDDUORVHU6FKlGHO'LH $XJHQVWDQGHQGLFKWEHLHLQDQGHUXQGODJHQWLHILQGHQ+|KOHQ :LHHLQH.OLSSHVSUDQJGLHVFKDUIJHVFKQLWWHQH1DVHKHUYRU'LH /LSSHQZDUHQPHVVHUVFKDUIXQGVFKLHQHQPLWGHUVWUDIIHQ IDOWHQORVHQ+DXW]XVDPPHQ]XZDFKVHQ'LH*HVLFKWVIDUEH ZDUEODIDVWZHLXQGHVILHOEHVRQGHUVDXIGDGLHVHU0DQQ NHLQH$XJHQEUDXHQKDWWH 'U7RGEHYRU]XJWHVFKZDU]H.OHLGXQJ$OOGLHVJDEVHLQHP $XVVHKHQHLQHQXQKHLPOLFKHQ$XVGUXFN (VJDE0HQVFKHQGLHVFKRQEHLVHLQHP$QEOLFNGDV)UFKWHQ EHNDPHQ 'U7RGZDQGWHVLFKXP 'LH/HLFKHODJEHUVHLQHQDXVJHVWUHFNWHQ$UPHQ0LWJHPHV VHQHQ6FKULWWHQJLQJHUDXIGHQ%RWWLFK]XLQGHPGLH)OVVLJNHLW GDPSIWH

'HU%RWWLFKKDWWH+HL]VSLUDOHQGLHLQGDV0DXHUZHUNHLQJH EDXWZRUGHQZDUHQXQGHLQH+LW]HDXVVWUDKOWHQGLHVHOEVW0HWDOO ]XP6FKPHO]HQEUDFKWH 'U7RGWXQNWHGLH/HLFKHPLWGHP.RSI]XHUVWLQGLH NRFKHQGKHLH)OVVLJNHLW (LQSDDU%ODVHQVWLHJHQWUlJHDQGLH2EHUIOlFKH 'HU%RWWLFKZDUJURJHQXJGDGLHJDQ]H/HLFKHKLQHLQSDWH 'U7RGZDQGWHVLFKDE0LWUXKLJHQ%HZHJXQJHQVWUHLIWHHU VLFKHLQ3DDU*XPPLKDQGVFKXKHEHUGLH+lQGH 'DQQOLHHU]HKQ0LQXWHQYHUVWUHLFKHQXQGVFKDOWHWH VFKOLHOLFKGLH+HL]XQJGHV%RWWLFKVDXV :LHGHUWUDW'U7RGDQGDVJURH*HIl'LHVPDO]RJHUGHQ 7RWHQDQGHQ)HQ]XHUVWDXVGHP%RWWLFK 7URSIHQILHOHQDXIGLH(UGH ,QQHUKDOENXU]HU=HLWEHU]RJHQVLFKGLH7URSIHQPLWHLQHU .UXVWHZXUGHQKDUW :LH:DFKV 8QGJHQDXGDVKDWWHVLFKLQGHP%RWWLFKEHIXQGHQ)OVVLJHV :DFKVGDVMHW]WZLHHLQH]ZHLWHILQJHUGLFNH+DXWEHUGHU /HLFKHODJ 'U7RG]RJGLHZlUPHDEVWRHQGHQ+DQGVFKXKHDXVXQG ZDUWHWHELVVLFKGLH/HLFKHDEJHNKOWKDWWH 'HUHUVWH7HLOVHLQHV3ODQHVZDUJHOXQJHQ 1XQNDPGLHVFKZLHULJVWH$XIJDEH 'HU7RWHPXWHZLHGHUOHEHQGLJZHUGHQ $EHUGDVODJQLFKWLQVHLQHU+DQG'DVZDUHLQ]LJXQGDOOHLQ $VPRGLV 6DFKH 1XUHUKDWWHGLH0DFKWGLHVHU.UHDWXUHLQQHXHVWHXIOLVFKHV /HEHQ]XJHEHQ 'RFKGD]XEUDXFKWHHUHLQHQ0HQVFKHQ'DPLWGLH6HHOHGLHVHV /HEHQGHQLQGHQ.|USHUGHV7RWHQEHUZHFKVHOQNRQQWH (VZDUHLQ([SHULPHQWZLHHVVLFKQXUGHU6DWDQVHOEVWDXV GHQNHQNRQQWH

'LH8%DKQ6WDWLRQ(DVW3XWQH\OLHJWVGOLFKGHU7KHPVHQLFKW ZHLWHQWIHUQWYRP5LFKPRQG3DUN 'LH6WDWLRQVHOEVWLVW]LHPOLFKDOW6LHVWDPPWQRFKDXVGHQ $QIlQJHQGHV8%DKQ1HW]HV$XHUGHPJHK|UWHVLH]XHLQHU 1HEHQVWUHFNHXQGGLH6WDGWKDWWHNHLQJURHV,QWHUHVVHGLH 6WDWLRQQRFK]XUHQRYLHUHQ+DXSWVDFKHGLH%HWULHEVVLFKHUKHLW ZDUJHZlKUOHLVWHW %HWULHEKHUUVFKWHKLHULQGHQ0RUJHQXQG$EHQGVWXQGHQ9RU DOOHQ'LQJHQEUDFKWHGHU%HUXIVYHUNHKU*HOGLQGLH.DVVHQ 'RFKQDFKGUHLXQG]ZDQ]LJ8KUVDJWHQVLFKDXIGHUNOHLQHQ 6WDWLRQ+DVHXQG)XFKVJXWH1DFKW(VNDPZRKOQRFKJHJHQ 0LWWHUQDFKWHLQ=XJDEHUGDVZDUDXFKDOOHV ,QVJHVDPWZDUGLH6WDWLRQHLQVWLOOHU)OHFN 'DVZXWHDXFK-LPP\GHU3HQQHU(UKDWWHVFKRQPDQFKH 1DFKWDXIGHUVFKlELJHQ:DUWHEDQNYHUEUDFKWVWHWVHLQJHUROOWLQ EHNDQQWHHQJOLVFKH=HLWXQJHQ $XVOlQGLVFKH%OlWWHUQDKP-LPP\QLH'DIUZDUHU]XVHKU %ULWH $XFKDQGLHVHP$EHQGVD-LPP\ZLHGHUDXIHLQHU3DUNEDQN $XVURWXPUlQGHUWHQ$XJHQVWLHUWHHUDXIGLHJURHQ 5HNODPHVFKLOGHUDQGHQJHIOLHVWHQ:lQGHQ(LQH:KLVN\ :HUEXQJILHOLKPEHVRQGHUVLQV$XJH -LPP\OHFNWHVLFKGLHVSU|GHQ/LSSHQXQGVFKLHOWH]XGHU KDOEOHHUHQ*LQIODVFKHKLQGLHQHEHQLKPDXIGHU%DQNVWDQG 'HUELOOLJH*LQZDUHLQ6SULWYRQGHUEHOVWHQ6RUWH 7URW]GHPQDKP-LPP\HLQHQ6FKOXFNXQGUOSVWHGDQQNUlIWLJ %HVVHU*LQDOV:DVVHU -LPP\VFKOXJGHQ.RUNHQLQGLH)ODVFKHQ|IIQXQJXQGYHUVWDX WHGLH%XGGHOLQGHU7DVFKHVHLQHVDEJHWUDJHQHQ0DQWHOV )UKHXWHKDWWHHUHLJHQWOLFKJHQXJ0LWWOHUZHLOHZDUHVVRVSlW JHZRUGHQGDHUVLFKKLQOHJHQNRQQWH =HLWXQJHQKDWWHHU(VKDQGHOWHVLFKGLHVPDOXP]ZHL $XVJDEHQGHV'DLO\0LUURU -LPP\OHJWHVLFKODQJXQGEOLQ]HOWHJHJHQGLHJHNUPPWH 'HFNH 'DVNDOWH/HXFKWVWRIIU|KUHQOLFKWEUDQQWH7DJXQG1DFKW

-LPP\IOXFKWHZHLOHVLKPLPPHULQGLH$XJHQVWDFKXQGLKQDP ]HLWLJHQ(LQVFKODIHQKLQGHUWH 'RFKDXFKGLHVPDOWDWGHU$ONRKROVHLQH:LUNXQJ-LPP\ VFKOXPPHUWHHLQ :LHODQJHHUJHOHJHQKDWWHZXWHHUQLFKW(UZXUGHQXUSO|W] OLFKZDFK6HLQMDKUHODQJHU,QVWLQNWKDWWHLKQJHZDUQW -LPP\VHW]WHVLFKDXI 'DK|UWHHUGDV*HUlXVFK (VZDUHQ6FKULWWH 6LHNDPHQGLH7UHSSHKLQXQWHUGLH]XGHU8%DKQ6WDWLRQ IKUWHQ 9LHOOHLFKWHLQ)DKUJDVW$EHUXPGLHVH=HLWIXKUNHLQH%DKQ PHKU -LPP\YHUVSUWHSO|W]OLFK$QJVW$XVZHLWDXIJHULVVHQHQ $XJHQVWDUUWHHU]XGHP(LQJDQJKLQ (LQ6FKDWWHQWDXFKWHDXI )UHLQHQ$XJHQEOLFNVWRFNWHQGLH6FKULWWH 'DQQVDK-LPP\GHQ0DQQXQGNRQQWHQXUPLW0KHHLQHQ 6FKUHLGHV(QWVHW]HQVXQWHUGUFNHQ 'HU0DQQKDWWHHLQHQY|OOLJNDKOHQ6FKlGHOXQGZDUJDQ]LQ 6FKZDU]JHNOHLGHW 'DVJUHOOH/LFKWOLHMHGH(LQ]HOKHLWVHLQHV*HVLFKWHVHUNHQQHQ (VHULQQHUWH-LPP\DQHLQH7RWHQNRSIPDVNH*ODWWDEZHLVHQG XQGJUDXVDP $XIHLQPDOZXWH-LPP\GDHVGHU0DQQQXUDXILKQDEJHVH KHQKDWWH $EHUZHVKDOE"(UZDUQXUHLQ3HQQHUXQGHWZDV]XKROHQJDE HVZHL*RWWQLFKWEHLLKP 'HU8QKHLPOLFKHEOLHE]ZHL6FKULWWHYRUGHU%DQNVWHKHQPLW GHP5FNHQ]XGHQ*OHLVHQ -LPP\YHUVXFKWHHLQ*ULQVHQGDVMHGRFKPLODQJ 6HNXQGHQODQJVWDUUWHLKQGHU8QKHLPOLFKHDQ'DQQVDJWHHU ª.RPPPLW© -LPP\VFKWWHOWHHQWVFKLHGHQGHQ.RSIª1HH0LVWHULFKEOHL EHKLHU© ª'XZLUVWPLWNRPPHQ,FKEUDXFKHGLFK©

ª8QGZHQQ6LHHLQHQ.DVWHQ:KLVN\JUDWLVGD]XJHEHQLFKZLOO QLFKW©-LPP\NRQQWHPDQFKPDOVHKUVW|UULVFKVHLQª$XHUGHP VLQG6LHPLUQLFKWJDQ]JHKHXHU© 'U7RGODFKWH8USO|W]OLFKVFKRVHLQH+DQGYRUXQGXPNODP PHUWH-LPP\V$UP 'HU3HQQHUVFKULHZWHQGDXI(UKDWWHGDV*HIKO]ZHL 6WDKONODPPHUQZUGHQVHLQH0XVNHOQ]XVDPPHQGUFNHQ 'U7RG]RJGHQ3HQQHUYRQGHU%DQNKRFK -LPP\PHUNWHGDHUGHU.UDIWGLHVHVUHODWLYVFKPlFKWLJHQ 0DQQHVQLFKWJHZDFKVHQZDUUHDJLHUWHGHVKDOELQZLOGHU3DQLN (UULGLH)ODVFKHDXVGHU0DQWHOWDVFKHXQGVFKOXJVLHPLW YROOHU:XFKWDXI'U7RGV.RSI 'HU8QKHLPOLFKHVWLHHLQH9HUZQVFKXQJDXVXQGOLH-LPP\ ORV 'HU3HQQHUUDQQWHGLUHNWDXIGHQ$XVJDQJ]X 'LHVHQ6FKODJNRQQWHGHU.HUOQLFKWYHUNUDIWHWKDEHQ'HUKDWWH LKQEHVWLPPWLQV5HLFKGHU7UlXPHJHVFKLFNW9LHOOHLFKWZDUHU DXFKWRW 'LHVHU*HGDQNHMDJWH-LPP\HLQHQKHLHQ6FKUHFNHLQ(U ZDQGWHGHQ.RSIXQGEUOOWHLQZLOGHU3DQLNDXI 'HU8QKHLPOLFKHZDUQXUZHQLJH6FKULWWHKLQWHULKP(UPXWH HLQHQ6FKl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

'DVZDUJHQDXHLQ2SIHUZLHHUHVEUDXFKWH8PHLQHQ3HQQHU NPPHUWHVLFKQLHPDQG'HQNDQQWHNHLQHUGHVKDOEZXUGHHU DXFKQLFKWYHUPLW /HLFKWILJVWLHJ'U7RGGLH6WXIHQKRFK (VZXUGHGXQNOHU'DV/LFKWUHLFKWHOlQJVWQLFKWELVQDFKREHQ 'U7RGKDVWHWHDXIGLH6WUDH(UVDKVLFKVFKQHOOXPXQG XQWHUGUFNWHHLQHQ)OXFK 'RUWKLQWHQQlKHUWHQVLFKGUHL0lQQHU-XJHQGOLFKHZLHHV VFKLHQ6LHXQWHUKLHOWHQVLFK]LHPOLFKODXW 'U7RGOLHIVFKQHOO]XVHLQHP:DJHQ (VZDUHLQ/HLFKHQZDJHQ 6FKZDU]ODFNLHUWXQGPLWZHLHQ.UHX]HQDQGHQ6HLWHQ ZlQGHQYHUVHKHQ .HLQDQGHUHU:DJHQKlWWHEHVVHU]XLKPJHSDW 'U7RG|IIQHWHGLH/DGHNODSSH (LQHEHQIDOOVVFKZDU]HU6DUJZXUGHVLFKWEDU (UZDURIIHQ'HU'HFNHOODJGDQHEHQ6FKQHOOYHUVWDXWH'U7RG GHQ3HQQHULQGHP6DUJ'HQ'HFNHOVFKREHUVRZHLWYRUGD QRFKJHQJHQG/XIWLQGHQ6DUJGUDQJ 'LHGUHL-XJHQGOLFKHQZDUHQVFKRQIDVWKHUDQ,KUH/HGHUMDFNHQ JOlQ]WHQLP/LFKWGHU6WUDHQODWHUQHQ 'U7RGVFKOXJGLH.ODSSH]X'DQQKDVWHWHHU]XP)KUHUKDXV VWLHJHLQ 'HU0RWRUNDPVRIRUW ,QGLHVHP$XJHQEOLFNKDWWHQGLH-XJHQGOLFKHQGHQ:DJHQ HUUHLFKWª0HQVFKVLHKPDOHLQ/HLFKHQZDJHQ©EUOOWHHLQHU ª8QGGDVLW]WQRFKHLQHUGULQ© 'LHGUHLVWHOOWHQVLFKYRUGLH.KOHUKDXEHXQGPDFKWHQGLH %HZHJXQJGHV+DOVDEVFKQHLGHQV (VZDUNODUVLHZROOWHQLKUHQPDNDEHUHQ6SDKDEHQ 'RFKQLFKWPLW'U7RG (LQJHIKOORVHV/lFKHOQXPVSLHOWHVHLQHVWULFKGQQHQ/LSSHQ 8USO|W]OLFKJDEHU*DV'LH-XJHQGOLFKHQNRQQWHQJDUQLFKWVR VFKQHOOUHDJLHUHQ 'LHEUHLWH.KOHUKDXEHGHV/HLFKHQZDJHQVHUIDWH]ZHLYRQ LKQHQVFKOHXGHUWHVLH]XU6HLWH

'HUGULWWHVFKDIIWHHVVRHEHQUHFKW]HLWLJ]XUFN]XVSULQJHQ +DDUVFKDUIUDGLHUWHQGLH9RUGHUUlGHUDQVHLQHP.RSIYRUEHL (LQHUVHLQHU.XPSDQHEUOOWHXQPHQVFKOLFKDXI(LQ+LQWHUUDG ZDUEHUVHLQH%HLQHJHIDKUHQ 'U7RGVWLHHLQODXWORVHV.LFKHUQDXV'LHVH7\SHQKDWWHQHV QLFKWDQGHUVJHZROOW,P5FNVSLHJHOVDKHUGDHLQHUORVUDQQWH :DKUVFKHLQOLFKVXFKWHHUHLQH7HOHIRQ]HOOH 6ROOWHHU'LH3ROL]HLZUGHLKPNDXPJHIlKUOLFKZHUGHQ 'U7RGOLH/RQGRQKLQWHUVLFK(UIXKU]JLJDEHUQLFKW EHUPlLJVFKQHOO 'LH)DKUWJLQJLQ5LFKWXQJ6GRVWHQGHUHQJOLVFKHQ.VWH]X =LHOZDUGHU2UW7RQEULGJHHLQHYHUVFKODIHQH.UHLVVWDGWDP 5DQGHLQHUNDUVWLJHQ%HUJNHWWH 'RUWKDWWH'U7RGVHLQ'RPL]LOHUULFKWHW :DJHQEHJHJQHWHQLKPNDXP =ZHL6WXQGHQVSlWHUVWDQGHUZLHGHULQVHLQHPXQWHULUGLVFKHQ 5HLFK 'RFKGLHVPDOKDWWHHUGDV/DERUDWRULXPQLFKWEHWUHWHQ(UZDU LQHLQHQDQGHUHQ5DXPJHJDQJHQ+LHUEHIDQGVLFKGLH.XOWVWlWWH GHV8QKHLPOLFKHQ 'DV9HUOLHVZDUQLFKWHLQPDOJUR(VZDUNUHLVUXQGDQJHOHJW XQGGLH:lQGHPLWYLROHWWHQ7FKHUQEHVSDQQW(LQHLQIDFKHU 6WHLQDOWDUVWDQGLQGHU0LWWHGHV5DXPHV)ODQNLHUWZXUGHHUYRQ ]ZHLKRKHQ6FKDOHQLQGHQHQVHOWVDPH.UlXWHUVFKZHOWHQXQG HLQHQEHW|UHQGHQ'XIWYHUEUHLWHWHQ 'U7RGGlPSIWHVHLQH6FKULWWHDOVHUGHQ5DXPEHWUDW=XP HUVWHQPDOVSUWHHUVRHWZDVZLHLQQHUH6SDQQXQJGHQQKLHU ZDUGDV5HLFKGHV7HXIHOV $XIGHP$OWDUODJGLHPLW:DFKVEHU]RJHQH/HLFKH'LH$UPH KLQJHQ]XEHLGHQ6HLWHQKLQDE 'U7RGOHJWHGHQ3HQQHUYRUGHQ$OWDU'HU0DQQZDUQRFKDP /HEHQ 'DQQZDUIVLFKGHU8QKHLPOLFKHDXIGHQ%RGHQXQGEHUKUWH PLWGHU6WLUQGLHNDOWHQ6WHLQH 'U7RGEHJDQQ]XVSUHFKHQ(VZDUHQVHOWVDPH/DXWHGLHDXV VHLQHP0XQGGUDQJHQ%HVFKZ|UXQJVIRUPHOQGLHLQNHLQHP

%XFKVWDQGHQXQGDXVGHQ8U]HLWHQGHU:HOWVWDPPWHQ'LH .UlXWHULQGHQ6FKDOHQEHJDQQHQVWlUNHU]XUDXFKHQ :LHHLQGLFKWHU9RUKDQJOHJWHVLFKGHU4XDOPEHUGHQ5DXP .RQWXUHQHLQHV*HVLFKWHVHUVFKLHQHQ(VZDUHLQH+|OOHQIUDW]H $EVWRHQGXQGKlOLFK$VPRGLVVHOEVWZDUDXIJHWDXFKWXP VHLQHQHUVWHQ'LHQHU]XHUK|UHQ (WZDV6FKUHFNOLFKHVJHVFKDK $VPRGLVQDKPGDV2SIHUDQ(UHQWIHUQWHGLH6HHOHDXVGHP /HLEGHV%HZXWORVHQXPVLHGHP0RQVWHUHLQ]XJHEHQ -LPP\NUPPWHVLFKXQWHUJUlOLFKHQ6FKPHU]HQ(UVFKULH ElXPWHVLFKDXIXQGILHOGDQQ]XVDPPHQ -LPP\ZDUWRW 'U7RGKDWWHVFKRQOlQJVWQLFKWPHKUJHVSURFKHQ1RFKLPPHU KDWWHHUVHLQH6WLUQJHJHQGHQ6WHLQJHGUFNW 1XUODQJVDPKREHUGHQ.RSI 'HU5DXFKKDWWHVLFKYHU]RJHQ'HU8QKHLPOLFKHNRQQWHDOOHV NODUXQGGHXWOLFKHUNHQQHQ (UVDKGHQWRWHQ-LPP\6HLQ%OLFNJOLWWK|KHUVDXJWHVLFKDQ GHP$OWDUIHVW 'DV8QP|JOLFKHZDUHLQJHWUHWHQ 'HUPLW:DFKVEHU]RJHQH7RWHEHZHJWHGLH$UPH (UOHEWH $VPRGLVKDWWHLKPGLHK|OOLVFKH*OXWHLQJHJHEHQ 'DV*UDXHQQDKPVHLQHQ$QIDQJ hEHU/RQGRQVWDQGHLQHVWUDKOHQGH)UKOLQJVVRQQH 'LH0LOOLRQHQVWDGWRIWJUDXXQGGVWHUVFKLHQZLHDXV HLQHP'RUQU|VFKHQVFKODIHUZDFKW]XVHLQ 'LH6WUDHQZLUNWHQKHOOHUIUHXQGOLFKHUXQGVHOEVWGLHlOWHVWHQ +lXVHUIDVVDGHQVDKHQQLFKWPHKUVRDEVWRHQGKlOLFKDXV $EHUDXFKPLWGHQ0HQVFKHQZDUHLQH9HUZDQGOXQJYRUVLFK JHJDQJHQ'LHPHLVWHQKDWWHQJXWH/DXQH6LHUHGHWHQZLHGHUPLW GHP1DFKEDUQXQGVRJDULQGHQJURHQ%URVZXUGHQLFKWPHKU GXPSIYRUVLFKKLQJHEUWHW 'RFKGDV*UDXHQODJVFKRQDXIGHU/DXHU

$EHUGDYRQPHUNWHNHLQ(LQZRKQHUGHU0LOOLRQHQVWDGWHWZDV 1RFKQLFKW (VZDUHLQ)HLHUWDJXQGGDVHLQHQ7DJYRUGHP:RFKHQHQGH :HUIUHLKDWWHZDU.|QLJ 1LFNXQG+HOHQKDWWHQIUHL'LHEHLGHQ$FKW]HKQMlKULJHQVDHQ LQHLQHU3L]]HULDLKUHP6WDPPORNDOXQGQXFNHOWHQ&ROD $XHULKQHQEHIDQGHQVLFKQXUQRFKGUHL*lVWHLQGHPNOHLQHQ /RNDO +HOHQHLQEORQGHV*LUOGDVYLHOYRQ3RSPXVLNXQGZHQLJYRQ %+VKLHOWVFKDXWHlUJHUOLFK]XU8KU'DEHLELOGHWHQVLFKLPPHU PHKU)DOWHQDXILKUHUNOHLQHQ6WLUQ ª:HQQGLHEHLGHQDQGHUHQQLFKWEDOGNRPPHQGDQQJHKHQZLU DOOHLQH© 1LFNJULQVWHQXUª:RKLQGHQQ":LUKDEHQGRFKNHLQHQ :DJHQ© 'DUDXIKLQZDUILKP+HOHQHLQHQELWWHUE|VHQ%OLFN]X +HOHQZDUHLQTXLUOLJHV*HVFK|SIPLWNXU]HQEORQGHQ+DDUHQ XQGHLQHUXQZDKUVFKHLQOLFKHQ6WXSVQDVH1LFNVDJWHLPPHU!3D QXUDXIGDHVEHLGLUQLFKWUHLQUHJQHWZRUDXIJUXQGVlW]OLFKHLQ .UDFKIROJWH 1LFNPRFKWHMHGRFKVHLQH+HOHQ(UQDKPDXFKJHUQHHLQSDDU )HKOHULQ.DXI,UJHQGZDQQLQGLHVHP-DKUZROOWHQVLHVLFK YHUOREHQ+HOHQIDQGGDV]ZDUDOWPRGLVFKGRFK1LFNKDWWHHV YHUVWDQGHQVLH]XEHUUHGHQ ª1RFKHLQH&ROD©ULHI+HOHQGHPVFKZDU]KDDULJHQ.HOOQHU]X ª/DQJVDPZHUGHLFKDEHUVDXHU1LFN:HQQGLHEHLGHQ© 'LH*ODVWUGHU3L]]HULDZXUGHVFKZXQJYROODXIJHVWRHQ ª1DVFKRQODQJHJHZDUWHWLKUEHLGHQ"©ULHIHLQKRFKJHVFKRV VHQHUXQZDKUVFKHLQOLFKGQQHUMXQJHU0DQQ+HOHQXQG1LFN ]X (UOLHGLHDQGHUHQJDUQLFKWHUVW]X:RUWNRPPHQª+DOOR *LQRXQVDXFK]ZHL&ROD0HQVFKLVWGDVHLQ:HWWHU©'HU 1HXDQN|PPOLQJHUKLH+DQNZDUIVLFKQHEHQ+HOHQDXIGHQ 6WXKOXQGVWUHFNWHVHLQHODQJHQ*HKZHUN]HXJHDXV ª,VWIUPLFKDXFKQRFK3ODW]GDGX6WULFNVWRFN"©ULHIHLQH 0lGFKHQVWLPPHXQGVFKRE+DQNV%HLQHNXU]HUKDQG]XU6HLWH

ª-LOOKDWKHXWHZLHGHULKUHQ(QHUJLVFKHQ©ULHI+DQNODFKHQG XQGVFKREVHLQHU)UHXQGLQHLQHQ6WXKOKLQ ª,KUVHLGQDWUOLFK]XVSlW©NRQQWHVLFK+HOHQQLFKWYHUNQHLIHQ ]XVDJHQª'HVKDOEPVVHQZLUVFKQHOOHQWVFKHLGHQZDVZLU KHXWHXQWHUQHKPHQ©+HOHQVDKMHGHQDQª9RUVFKOlJHORV© /DQJH*HVLFKWHUVHOEVW+DQN]XFNWHPLWGHQVFKPDOHQ 6FKXOWHUQ-LOOHLQ]LHUOLFKHV3HUV|QFKHQPLW3IHUGHVFKZDQ]XQG VWUDKOHQGEODXHQ$XJHQKREGHQ.RSIª:LHZlUHHVPLWHLQHU )DKUWDXIV/DQG"© ª8P.DUWRIIHOQ]XSIODQ]HQZDV"©NQXUUWH1LFN ª4XDWVFK,FKPHLQHHLQHULFKWLJHLUUH/DQGWRXU6RPLWDOOHP 'UXPXQG'UDQ© ª8QG QHU1XPPHULP+HX©VFKQDSSWH+DQN 'DIUNDVVLHUWHHUHLQHQ7ULWW 'LHDQGHUHQODFKWHQ ª6SDEHLVHLWH.LQGHU©VDJWH+HOHQª:RVROO VGHQQKLQ JHKHQ"© ª,FKKDEHKHXWHHLQH5HNODPHLQGHU=HLWXQJJHVHKHQ©VDJWH -LOOª,Q7RQEULGJHGDVLVWLUJHQGZRVGOLFKYRQ/RQGRQLVW VFKZHUZDVORV6LHKDEHQGDHLQHQJDQ]GXIWHQ-DKUPDUNWDXI JH]RJHQ0LW*HLVWHUEDKQXQG*UXVHONDELQHWW© ª*UXVHONDELQHWW"©VFKULH1LFNª0HQVFK+DQNGDEUDXFKVWGX GLFKJDUQLFKWPDO]XYHUNOHLGHQ'LFKN|QQHQVLHVRUHLQVWHOOHQ© +DQNVSUDQJDXIXQGVFKREGLH2EHUOLSSHKRFKª+DDD© JUXQ]WHHUªVHKHLFKQLFKWVFKRQDXVZLH'UDFXOD"©(UEHXJWH VLFKEHU-LOOª,FKZHUGHGHLQ%OXWDXVVDXJHQ,FKZHUGH© -LOONRQQWHVLFKYRU/DFKHQNDXPKDOWHQª+|UDXI+DQN(V UHLFKWZHQQLFKJOHLFK9DPSLUH]XVHKHQEHNRPPH© +DQNVHW]WHVLFKZLHGHUKLQ6HLQH$XJHQVWUDKOWHQ'LHVHU 9RUVFKODJZDUJHQDXQDFKVHLQHP*HVFKPDFNª1XQZDVPHLQW LKU"©VSUDFKHUGLHEHLGHQDQGHUHQDQ ª:LUVLQGHLQYHUVWDQGHQ©VDJWH+HOHQVFKQHOO ª:RUDXIZDUWHQZLUGDQQQRFK"/RV©+DQNVSUDQJDXI 'LHYLHU/HXWHVWUPWHQODFKHQGQDFKGUDXHQ%H]DKOWKDWWHQ VLHVFKRQ 9RUGHU3L]]HULDSDUNWH+DQNV:DJHQ(LQDOWHU&9(UZDU

EXQWDQJHVWULFKHQXQGIULKQJHQDXGHUULFKWLJHIDKUEDUH 8QWHUVDW] 8QWHUJURHP*HOlFKWHUZXUGHGHU:DJHQJHHQWHUW +DQNVDKLQWHUGHP/HQNUDGª.HQQVWGXEHUKDXSWGHQ :HJ"©IUDJWH+HOHQYRQKLQWHQ ª1HH© -LOONUDPWHXQWHUGHP%HLIDKUHUVLW]KHUXPXQGIDQGHLQH.DUWH ª'D/HVHQNDQQVWGXMD©6LHZDUILKUHP)UHXQGGLH.DUWHDXI GHQ6FKR 'LH6WUHFNHZDUVFKQHOOJHIXQGHQ8QGGDQQJLQJHVDE -LOOVFKDOWHWHGDV$XWRUDGLRHLQ%DOGZDUGDV,QQHUHGHV :DJHQVYRP5K\WKPXVKHLHU3RSPXVLNHUIOOW 'LH/DXQHGHUYLHUMXQJHQ/HXWHVWLHJVWlQGLJ 1RFKDKQWHQVLHQLFKWGDVLHLQLKU9HUGHUEHQIXKUHQ 1DFK]ZHL6WXQGHQJHPWOLFKHU)DKUWXQWHUEURFKHQYRQHLQL JHQ3DXVHQHUUHLFKWHQVLH7RQEULGJH ª6ROOHQZLUVRIRUWDXIGHQ-DKUPDUNWJHKHQ"©IUDJWH1LFN 'LHDQGHUHQZDUHQGDJHJHQ0DQEHVFKORGHQ$EHQG DE]XZDUWHQXQGVLFKGLH=HLWVRODQJHPLW6SD]LHUJlQJHQ]X YHUWUHLEHQ 'LH*HJHQGXP7RQEULGJHZDUKJHOLJ(VJDEVRJDUHLQLJH K|KHUH%HUJHGLHPLW:DOGEHZDFKVHQZDUHQXQG]XP 6SD]LHUHQJHKHQHLQOXGHQ 'LH6WXQGHQYHUJLQJHQZLHLP)OXJ .XU]EHYRUGLH'lPPHUXQJHLQWUDWNHKUWHQGLHYLHUZLHGHU QDFK7RQEULGJH]XUFN 6FKRQYRQZHLWHPK|UWHQVLHGLH0XVLN ª0HQVFKGDVFKHLQWMDVDJHQKDIWZDVORV]XVHLQ©ULHI+DQN EHJHLVWHUW8QZLOONUOLFKEHVFKOHXQLJWHHUVHLQH6FKULWWH ª/DQJVDPZLUNRPPHQMDJDUQLFKWPLW©-LOOZDUlUJHUOLFK ª+DWMDQLFKWMHGHUVRODQJH6WHO]HQZLHGX© +DQNZDQGWHVLFKZLHGHUXPXQGVSLHOWH9DPSLU 'LHDQGHUHQPXWHQZLHGHUODFKHQREVLHZROOWHQRGHUQLFKW 'HU-DKUPDUNWWDXFKWHDXI .DUXVVHOOV%XGHQ6FKLHVWlQGHDOOHVJDEVLFKKLHUHLQ 6WHOOGLFKHLQ(VURFKQDFKJHEUDQQWHQ0DQGHOQ3RSFRUQXQG

0DO]ERQERQV(VKHUUVFKWHHLQVDJHQKDIWHU%HWULHE6WLPPHQ JHZLUUEUDQGHWHGXUFKGLHHLQVHW]HQGH'XQNHOKHLW $XVGHQ/DXWVSUHFKHUQMDXOWHQGLH+LWVGHV0RQDWV ª'DLVWGLH*HLVWHUEDKQ©ULHI-LOOSO|W]OLFKª/RVZHUIlKUW PLW"© ª$OOH©VFKULH+HOHQ 6LHVWUPWHQDXIGLH.DVVH]X6FKQHOOZDUHQGLH.DUWHQJHO|VW XQGGDQQJLQJHVDE 6FKPDW]HQGVFKOXJHQGLH7UHQKLQWHUGHPHUVWHQ:DJHQ]X 0RQVWHU6NHOHWWH7RWHVLHWDXFKWHQLQUDVFKHU5HLKHQIROJHDXI XQGYHUVFKZDQGHQHEHQVRVFKQHOO 0DQFKPDOPXWHQGLH)UDXHQZLUNOLFKLPOHW]WHQ$XJHQEOLFN HLQHQ6FKUHLXQWHUGUFNHQZHQQSO|W]OLFKHLQHNDOWH+DQGEHU LKUH*HVLFKWHUIXKURGHUHLQ0RQVWHUEHVRQGHUVVFKOLPPDXVVDK 'DQQZDUGLH)DKUW]X(QGH 'LH:DJHQ]LVFKWHQDXIGHUDQGHUHQ6HLWHZLHGHUQDFK GUDXHQ ª1DZDUGDVQLFKWNODVVH"©IUDJWH+DQNXQGVWUHFNWHEHLGH $UPHZHLWDXVª0LQGHVWHQV]HKQ9DPSLUHKDEHLFKXPJHEUDFKW XQGJHQDXVRYLHOH0RQVWHU,FKELQGHU*U|WH© +DQNZDUZLUNOLFKHLQ6SDYRJHO ª6R©VDJWHHUª8QGMHW]WJHKWHVLQV+RUURU.DELQHWW1DLVW GDVHLQ9RUVFKODJ"© 0DQVWLPPWHEHJHLVWHUW]X +DQNZDUIHLQHQ%OLFNLQGLH5XQGHª-DZRLVWGHQQGLHVHU NRPLVFKH/DGHQ"© ª:LUN|QQHQMDPDOIUDJHQ©PHLQWH1LFN ª0DFKHQZLUDXFK$EHUNRPLVFKLVWHVVFKRQ$OOH%XGHQXQG .DUXVVHOOVKDEHQZLUJHVHKHQQXUGLHVHQVHOWVDPHQ/DGHQ QLFKW© +DQNKLHOWHLQMXQJHV3lUFKHQDQGDVHQJXPVFKOXQJHQEHU GHQ5XPPHOSODW]JLQJ 'LHEHLGHQHUNOlUWHQLKPGHQ:HJ .RSIVFKWWHOQGNDP+DQN]XGHQDQGHUHQ]XUFNª.RPLVFK GDV.DELQHWWEHILQGHWVLFKVR]LHPOLFKDP(QGHGHV-DKUPDUNWHV 1DMDLVWDXFKHJDO:LUZHUGHQHVVFKRQILQGHQ©

=HKQ0LQXWHQVSlWHUVWDQGHQVLHGDYRU(VODJZLUNOLFKDP (QGHGHU.LUPHV*HQDXDQGHU*UHQ]H]XGHPJURHQ :RKQZDJHQSODW] 'HU3ODW]ODJ]LHPOLFKLP'XQNHOQ1XUYHUHLQ]HOWEUDQQWHYRU HLQHPGHU:DJHQHLQHWUEH/DWHUQH 'LHEHLGHQ0lGFKHQIU|VWHOWHQXQZLOONUOLFKDOVVLHGRUW KLQEHUEOLFNWHQ(VNDPLKQHQDOOHVQLFKWJDQ]JHKHXHUYRU ª:ROOWLKUGDHLQVFKODIHQ"©ULHI+DQNXQGZLQNWHPLWEHLGHQ $UPHQª,FKODGHHXFKHLQ]XHLQHU5XQGHLP+RUURU.DELQHWW© +HOHQXQG-LOOOLHIHQODFKHQGDXILKUH)UHXQGH]X (WZD]ZDQ]LJ0HQVFKHQVWDQGHQYRUGHU)DVVDGHGHV+RUURU .DELQHWWV9LHOHWUDXWHQVLFKZRKOQLFKWKLQHLQ]XJHKHQ'LHVHV ZDUHWZDVDQGHUHVDOVHLQH*HLVWHUEDKQ 'LH)DVVDGHZDUGVWHUEHLQDKHGURKHQG$EXQG]XEOLW]WHHLQ YLROHWWHV/LFKWDXI'DQQZXUGHQIUHLQHQ$XJHQEOLFNJUlOLFKH )UDW]HQDXVGHU'XQNHOKHLWJHULVVHQ$OOHEHNDQQWHQ9HUWUHWHU GHU+RUURU/LWHUDWXUZDUHQYHUVDPPHOW'UDFXOD)UDQNHQVWHLQ GDV3KDQWRPGHU2SHUXQGYLHOHDQGHUH $XVYHUVWHFNWDQJHEUDFKWHQ/DXWVSUHFKHUQGUDQJ+HXOHQXQG :HKNODJHQXQWHUEURFKHQYRQVSLW]HQ)UDXHQVFKUHLHQ 8QZLOONUOLFKIDWH-LOOQDFK+DQNV$UP ª$QJVW"©IUDJWHGHUMXQJH0DQQXQGOlFKHOWH ª(LQELFKHQVFKRQ©HUZLGHUWH-LOOª$EHUGXELVWMDEHLPLU© ª8QGRE0DQQHQQWPLFKVFKOLHOLFKQLFKWXPVRQVWGHQ 0RQVWHU.LOOHU©SUDKOWHHU +HOHQXQG1LFNVWDQGHQHLQSDDU6FKULWWHDEVHLWV$XFK+HOHQ KDWWHVLFKDQ1LFNV$UPJHNODPPHUW6LHVFKLHQGLHJOHLFKH )XUFKW]XVSUHQZLHLKUH)UHXQGLQ 1LFNOLHVHLQHQ%OLFNQDFKOLQNVZDQGHUQ1XULQGHPNOHLQHQ .DVVHQKlXVFKHQEUDQQWH/LFKW1LFNVDKGHQ8PULGHV .DVVLHUHUV 'HU0DQQKDWWHHLQHQ%XFNHO2EHUHFKWZDUNRQQWH1LFNDXV GHU(QWIHUQXQJQLFKWIHVWVWHOOHQ 'LH*HUlXVFKHDXVGHP/DXWVSUHFKHUYHUVWXPPWHQ 'HU%XFNOLJHLQGHP.DVVHQKlXVFKHQJULII]XP0LNURSKRQ (UVWUDXVFKWHHVGDQQNODQJVHLQH6WLPPHDXI

ª/DGLHVDQG*HQWOHPHQZLUODGHQ6LHHLQ]XHLQHU7RXULQV *UDXHQ6LHZHUGHQGHQ6FKUHFNHQNHQQHQOHUQHQXQGKLQWHUKHU ZLVVHQZDV,KUH1HUYHQZLUNOLFKDXVKDOWHQ© 'HU%XFNOLJHODFKWH ª$EHUVHLHQ6LHYRUVLFKWLJ8QVHU+RUURU.DELQHWWLVWQLFKWVIU lQJVWOLFKH%HVXFKHU:DVZUGHQ6LHPDFKHQZHQQSO|W]OLFK *UDI'UDFXODYRU,KQHQVWQGH"+lWWHQ6LH$QJVW"1HLQGDV EUDXFKHQ6LHQLFKW*UDI'UDFXODZLOOQLFKWVYRQ,KQHQ(UZLOO ,KQHQVRJDUHWZDVJHEHQ'LH8QVWHUEOLFKNHLW6HLQH=lKQHZHU GHQVLFKLQ,KUHQ+DOVERKUHQHUZLUG,KQHQGDV%OXWDXVGHP .|USHUVDXJHQXQG6LHZHUGHQHLQQLHJHNDQQWHV*OFNVJHIKO HUOHEHQ:DVLVW":ROOHQ6LHGLHVHQ9HUVXFKZDJHQ")U]HKQ 6KLOOLQJVLQG6LHGDEHL)UGLHVHOlFKHUOLFKH6XPPHHUOHEHQ6LH GLH:HOWGHV6FKUHFNHQV)DVVHQ6LHVLFKHLQ+HU]hEHUZLQGHQ 6LHGLH$QJVW:DJHQ6LHHLQHQ%HVXFKEHLXQV© 'HU0DQQUHGHWHQRFKZHLWHUSULHVLPPHUPHKU9RU]JH GLHVHU*UXVHONDPPHUDQ -LOOZDQGWHGHQ.RSIVDK+DQNLQV*HVLFKWª6ROOHQZLUGD ZLUNOLFKUHLQJHKHQ"© ª:DVGHQNVWGXGHQQ".RPP© +DQNVWLHVHLQHQ)UHXQG1LFNLQGLH6HLWHª/RVGXDOWHU 6FKZHGH=HLJPDOGDGXHLQ0DQQELVW© 'LHYLHUMXQJHQ/HXWHZDUHQGLHHUVWHQGLHGLHSDDU6WXIHQ]X GHP.DVVHQKlXVFKHQKRFKJLQJHQ 6LHO|VWHQGLH.DUWHQ 'HU%XFNOLJHULGLH.DUWHQYRQGHU5ROOHDEXQGKREGHQ.RSI +DQNGHUVFKRQGDV*HOGLQGHU+DQGKLHOW]XFNWH]XUFN,Q VHLQHP5FNHQK|UWHHU1LFNJHSUHWDWPHQ 'HU%XFNOLJHKDWWHVLFKHLQH0DVNHEHUJHVWUHLIW6LHVDKDXV DOVZUGHVLHOHEHQ6LHEHZHJWHVLFKV\QFKURQPLWGHQ *HVLFKWVPXVNHOQ 'DVOLQNH$XJHKLQJIDVWDXIGHU:DQJH'DVUHFKWHZDUEHU KDXSWQLFKWYRUKDQGHQ6WDWWGHVVHQJDEHVHLQHNODIIHQGH RULJLQDOJHWUHXQDFKJHELOGHWHEOXWURWH:XQGH 'LH6WLPPHGHV%XFNOLJHQNODQJGXPSIXQWHUGHU0DVNHKHU YRUª,FKELQQRFKGHU+DUPORVHVWHGHU6LHEHLXQVHUZDUWHW©

+DQNVFKRELKPVFKZHLJHQGGDV*HOG]X(UEHNDPGDIUGLH .DUWHQXQGNRQQWHJHKHQ 'XUFKHLQHQ.RQWDNW|IIQHWHQVLFKYRUGHQYLHUMXQJHQ/HXWHQ GLH]ZHL6FKZLQJWUHQGHV+RUURU.DELQHWWV (LQILQVWHUHV/RFKWDWVLFKGDKLQWHUDXI ª'DQQZROOHQZLUPDO©VDJWH1LFN6HLQH6WLPPHNODQJEHOHJW 6HNXQGHQVSlWHUVFKQDSSWHGLH7UKLQWHUGHQEHLGHQ3lUFKHQ ]X-HW]WJDEHVNHLQ=XUFNPHKU (LQXQPHQVFKOLFKHV6W|KQHQGUDQJSO|W]OLFKGXUFKGLH 'XQNHOKHLW ª1LFN©IOVWHUWH+HOHQ ,PVHOEHQ$XJHQEOLFNGXUFKEUDFKHLQ/LFKWVWUDKOGLH )LQVWHUQLV(VJDEHLQNQLUVFKHQGHV*HUlXVFKXQGGDQQUROOWH GHU.RSIHLQHV+LQJHULFKWHWHQYRULKUH)H *HOlFKWHUIROJWH 'HU.RSIZDUYHUVFKZXQGHQ ª,VWGRFKDOOHVQXU7ULFN©]LVFKWH+DQNª.RPPZLUJHKHQ ZHLWHU© ª1HLQ©-LOOKDWWHMHW]WVFKRQJHQXJª,FKZLOOKLHUUDXV©6LH ZDQGWHVLFKXPWDVWHWHQDFKGHU7UXQG 6LHZDU]X ª0HLQ*RWW+DQNZLUVLQGJHIDQJHQ:LUNRPPHQQLFKWPHKU UDXV:LU© ªZLUPVVHQZHLWHUJHKHQ©VDJWH+DQNª'DGLHDQGHUHQ EHLGHQVLQGVFKRQYRUJHJDQJHQ© (VZDUZLHGHUGXQNHOJHZRUGHQ6FKULWWIU6FKULWWWDVWHWHQVLH VLFKYRUZlUWV 3O|W]OLFKVFKLPPHUWHYRULKQHQHLQVFKZDFKHVURWHV/LFKW(V UHLFKWHDXVXP+HOHQXQG1LFNV.RQWXUHQHUNHQQHQ]XN|QQHQ 'LHEHLGHQKDWWHQVLFKDQJHIDWXQGJLQJHQQXU]|JHUQG ZHLWHU ª+HJHKWPDOVFKQHOOHU©ULHI+DQNª:LUZROOHQDXFK QRFK© 'LHZHLWHUHQ:RUWHZXUGHQLKPYRP0XQGJHULVVHQ(LQ

JUlOLFKHU6WXUPEUDQGHWHSO|W]OLFKDXI'HU%RGHQXQWHULKP EHJDQQVLFK]XEHZHJHQVFKDXNHOWHXQGVHQNWHVLFKQDFKYRUQ ª-LOO©VFKULH+DQN*OHLFK]HLWLJZDUIHUVLFK]XUFN 'RFKVHLQH)UHXQGLQUXWVFKWHVFKRQLQGLH7LHIH +DQNZDUIVLFKYRUEHNDP-LOOV3XOORYHU]XIDVVHQGRFKLP VHOEHQ$XJHQEOLFNEHJDQQVLFKGLHVFKLHIH(EHQH]XGUHKHQ +DQNPXWHORVODVVHQ ,QUDVHQGHU*HVFKZLQGLJNHLWUXWVFKWH-LOOLQGLH7LHIH 'HU%RGHQKREVLFKZLHGHU 6FKZHLJHEDGHWNDP+DQNDXIGLH%HLQH 'XQNHOKHLW ª-LOO©ULHIHUª-LOOZRELVWGX"6RPHOGHGLFKGRFK"© .HLQH$QWZRUW +DQNJLQJLQGLH.QLH6HLQH)LQJHUWDVWHWHQEHUGHQ%RGHQ (UVXFKWHQDFKHLQHP0HFKDQLVPXVRGHULUJHQGHLQHP+HEHOXP GHQ%RGHQZLHGHULQ%HZHJXQJVHW]HQ]XN|QQHQ 9HUJHEHQV +DQNVWDQGZLHGHUDXI6HLQ$WHPJLQJVFKQHOOXQGNHXFKHQG :DUGDVDOOHVQRFKQRUPDOZDVHUKLHUHUOHEWH"*HK|UWHGDV]X GHQ,OOXVLRQHQGHV*UXVHONDELQHWWV" +DQNJODXEWHQLFKWPHKUGDUDQ (UJLQJZHLWHU9RUVLFKWLJVHW]WHHUVHLQH6FKULWWHLPPHUGDUDXI JHIDWHLQHQHXHhEHUUDVFKXQJ]XHUOHEHQ 3O|W]OLFKOHJWHVLFKHLQH+DQGDXIVHLQHUHFKWH6FKXOWHU +DQNZLUEHOWHKHUXP (LQ*HULSSHVWDUUWHLKQDQ$QJHOHXFKWHWYRQHLQHPZHLHQ /LFKWVWUDKO ,PHUVWHQ$XJHQEOLFNVFKOR+DQNGLH$XJHQ'DQQYHUORUHU GLH1HUYHQ 0LWHLQHP:XWVFKUHLVFKOXJHUDXIGDV6NHOHWWHLQ'LH.QRFKHQ VFKOXJHQNODSSHUQGJHJHQHLQDQGHU 'DQQZDUGDV6NHOHWWYHUVFKZXQGHQ +DQNVW|KQWHJHSUHW(UZLVFKWHVLFKEHUGLH6WLUQXQG IKOWHGDVLHVFKZHLQDZDU (UJLQJZHLWHU0XWHZHLWHUJHKHQXPVHLQH)UHXQGLQRGHU YLHOOHLFKW+HOHQXQG1LFN]XILQGHQ

'LH'XQNHOKHLWOLFKWHWHVLFK(VZXUGHKHOOHU+DQNNRQQWHHLQ ]HOQH.RQWXUHQHUNHQQHQ (UEHIDQGVLFKLQHLQHP*DQJ$QEHLGHQ6HLWHQZDUHQ6SLHJHO DQJHEUDFKWGLHVHLQHQ.|USHUYHU]HUUWHQ (LQPDOVDKHUVLFKEHUPlLJGLFNGDQQZLHGHUGUUZLHHLQH %RKQHQVWDQJH ,QHLQHUDQGHUHQ6LWXDWLRQKlWWH+DQNYLHOOHLFKWJHODFKW'RFK MHW]WQLFKW 'LH6SLHJHOYHUVFKZDQGHQ'HU*DQJPDFKWHHLQHQ.QLFN (VZXUGHQRFKKHOOHU 'DV/LFKWPXWHYRQLUJHQGZHOFKHQ/DPSHQNRPPHQGLHHU QLFKWVHKHQNRQQWH 'DV$QJVWJHIKOYHUVFKZDQGHWZDV +DQNEOLHEVWHKHQIRUPWHVHLQH+lQGH]XHLQHP7ULFKWHUYRU GHQ0XQGXQGULHIODXWGHQ1DPHQVHLQHV)UHXQGHV ª1LFN© 'DV(FKRJHLVWHUWHGXUFKGDV+RUURU.DELQHWW 1RFKHLQPDOULHI+DQN :LHGHUHUKLHOWHUNHLQH$QWZRUW6ROOWHGHQDQGHUHQGDVJOHLFKH 6FKLFNVDOZLGHUIDKUHQVHLQZLHVHLQHU)UHXQGLQ" +DQNVFKOXFNWH (UIKOWHVLFKPXWWHUVHHOHQDOOHLQ8QGZRZDUHQEHUKDXSWGLH DQGHUHQ0HQVFKHQJHEOLHEHQGLHGDV+RUURU.DELQHWWEHWUHWHQ KDWWHQ"+DQNNRQQWHVLFKHULQQHUQGD]ZHL0lQQHUGLUHNWKLQ WHULKQHQJHVWDQGHQKDWWHQDOVVLHGLH.DUWHQO|VWHQ (UNRQQWHMHGRFKQLFKWZLVVHQGDHUXQGVHLQH)UHXQGHGXUFK HLQHQUDIILQLHUWHQ7ULFNLQGLH,UUHJHIKUWZRUGHQZDUHQ'HQQ DXIVLHKDWWHPDQHVDEJHVHKHQ6LHVROOWHQGLH2SIHUVHLQ)U 'U7RGVJUDXVDPH([SHULPHQWH 'HU*DQJGXUFKGHQ+DQNJLQJHUZHLWHUWHVLFK]XHLQHP NOHLQHQ6DDO 'LH:lQGHZDUHQXQWHUWHLOWLQVFKPDOHKRKH7UHQ +DQNEOLHEVWHKHQ/DQJVDPGUHKWHHUVLFKLP.UHLVVWDUUWHGLH 7UHQDQ 'HU5DXPZDULQVFKXPPULJHV5RWOLFKWJHWDXFKW(WZDV NODWVFKWHYRU+DQNDXIGHQ%RGHQ

(LQ7URSIHQ +DQNEFNWHVLFKIXKUPLWGHP)LQJHUEHUGLH)OVVLJNHLW 6LHNOHEWH +DQNOLHISO|W]OLFKHLQ$QJVWVFKDXHUEHUGHQ5FNHQ:DVHU KLHU]ZLVFKHQGHQ)LQJHUQVSUWHZDU%OXW 0HQVFKHQEOXW ,PVHOEHQ$XJHQEOLFN|IIQHWHVLFKKLQWHUVHLQHP5FNHQHLQH GHUYLHOHQ7UHQ +DQNZLUEHOWHKHUXP 'DVJUlOLFKH.QDUUHQKDWWHLKQJHZDUQW (LQH+DQGWDXFKWHDXIHLQ$UPXQG +DQNVFKOXFNWH6HLQH$XJHQZHLWHWHQVLFKHQWVHW]W(UZDQNWH ]XUFNVWLHJHJHQHLQH7U 6HLQ9HUVWDQGZHLJHUWHVLFKGDVDXI]XQHKPHQZDVHUVDK 9RULKPVWDQG1LFNVHLQEHVWHU)UHXQG ,QVHLQHU%UXVWVWHFNWHHLQ'ROFK 9RU6FKUHFNZDUGHUEORQGHQ-LOOGLH.HKOHZLH]XJHVFKQUW ,QVWLQNWLYUROOWHVLHLKUHQ.|USHU]XVDPPHQSUHWHGHQ.RSILQ EHLGH$UPH ,KU)DOOZXUGHDEUXSWJHEUHPVW -LOOODQGHWHZHLFK 6LHEOLHEHUVWHLQPDOOLHJHQYHUVXFKWHVLFKEHULKUH/DJHNODU ]XZHUGHQ -LOOZDUHLQQFKWHUQGHQNHQGHV0lGFKHQ'DGLHVH5XWVFK IDKUWQLFKW]XGHQ6FKHU]HQGHV+RUURU.DELQHWWVJHK|UWHZDU LKUNODU9LHOOHLFKWKDWWHVLHDXFKDXV9HUVHKHQHLQHQ 0HFKDQLVPXVDXVJHO|VWRGHUDEHUPDQKDWWHVLHLQHLQH)DOOH JHORFNW %HLGLHVHP*HGDQNHQVFKDXGHUWHVLH $EHUZDUXPJHUDGHVLH"8QGZDVZDUPLW+DQNXQGGHQ DQGHUHQJHVFKHKHQ" -LOOEHNDP$QJVW+XQGVJHPHLQH$QJVWGLHVLFKQLFKWXQWHU GUFNHQOLH 6LHVWDQGDXI

(VZDUVWRFNGXQNHOXPVLHKHUXP-LOOEFNWHVLFKXQGVWHOOWH IHVWGDVLHDXIHLQHP.LVVHQJHODQGHWVHLQPXWH 6LHKREGHQ.RSIYHUVXFKWHLKUHQ:HJ]XUFN]XYHUIROJHQ .HLQ/LFKWVFKLPPHUGUDQJYRQREHQKLHUKHUXQWHU -LOOVFKOXFNWH6LHKDWWHGLH+lQGH]X)lXVWHQJHEDOOWXQGYHU VXFKWHYHUJHEOLFKGDV3DQLNJHIKOQLHGHU]XNlPSIHQ 9LHOOHLFKWZDUDOOHVJDUQLFKWVRVFKOLPPZDUHVGRFKQXUHLQ 6FKHU]GLHVHV.DELQHWWV -LOOPDFKWHHLQSDDUYRUVLFKWLJH6FKULWWH'HU%RGHQXQWHULKQHQ )HQZDUKDUWZLH6WHLQ -LOOKLHOWGLH+lQGHDXVJHVWUHFNWVXFKWHLQGHU'XQNHOKHLWQDFK LUJHQGZHOFKHQ*HJHQVWlQGHQ ,KUH)LQJHUVSLW]HQEHUKUWHQHWZDV:HLFKHV ,PHUVWHQ$XJHQEOLFN]XFNWH-LOO]XUFNGRFK GDQQIDWH VLHQDFK -LOOUXQ]HOWHGLH6WLUQ'DVIKOWHVLFKDQZLHMDZLH6WRII-LOO IDWHIHVWHU]X*HQDXGDVZDU6WRIIDEHUHLQHUGHUEHVVHUHQ 6RUWH1lPOLFK6DPW 6RIRUWGDFKWH-LOODQGHQ%HJULII9RUKDQJ:DVZLUGVRQVWDXV 6DPWKHUJHVWHOOW" 6LHJLQJZHLWHU+LHOWLKUH+lQGHGDEHLLPPHUDQGHP9RUKDQJ 6LHVSUWHGDGHU6DPW)DOWHQJHZRUIHQKDWWH(YHQWXHOOJDEHV KLHUVRJDUHLQHQ'XUFKVFKOXSIZLHDXIHLQHU%KQH 'LHVHU*HGDQNHEHIOJHOWH-LOO,KUH$UPHEUDFKWHQGHQ 9RUKDQJLQ%HZHJXQJGDQQKREVLHLKQKRFK (UZDUVFKZHUXQGHVNRVWHWHVLH0KH -LOONURFKGDUXQWHUKLQZHJ ,PQlFKVWHQ0RPHQWVFKULHVLHVFKPHU]KDIWDXI+LQWHUGHP 9RUKDQJEHIDQGVLHHLQH+RO]ZDQG6LHZDUJHQDXPLWGHP.RSI GDJHJHQJHVWRHQ -LOOVFKOXFK]WH:RVLHDXFKKLQIDWHEHUDOOQXUGLH+RO]ZDQG (UVWMHW]WNDPGHP*LUOGLH$XVZHJORVLJNHLWLKUHU/DJHYROO]X %HZXWVHLQ 6LHZDUJHIDQJHQ9ROOXQGJDQ]HLQHPXQEHNDQQWHQ6FKLFNVDO DXVJHOLHIHUW 8QGLKUH)UHXQGH":UGHQVLHVLHMHKLHUILQGHQ"

+RIIQXQJVORVLJNHLWNHLPWHLQ-LOODXI 6LHNURFKZLHGHU]XUFNVHW]WHVLFKDXIGDV.LVVHQ 0LQXWHQODQJVDVLHXQEHZHJOLFK'LH6WLOOH]HUUWHDQLKUHQ 1HUYHQ6LHK|UWHVRJDUGDVOHLVH7LFNHQLKUHU$UPEDQGXKU 3O|W]OLFKVWDQG-LOODXI6LHZDUIVLFKJHJHQGHQ9RUKDQJXQG WURPPHOWHPLWEHLGHQ)lXVWHQJHJHQGLHGDKLQWHUOLHJHQGH :DQG ª,FKZLOOKLHUUDXV©JHOOWHLKUH6WLPPHª,FKZLOOKLHUUDXV© ,PPHUZLHGHUVFKOXJVLHGLH)lXVWHJHJHQGLH:DQGELVVLH DQILQJHQ]XVFKPHU]HQ ,KUH6FKUHLHZXUGHQYRQGHQ9RUKlQJHQYHUVFKOXFNW1LHPDQG ZUGHVLHKLHUK|UHQ -LOOZDQNWH]XUFN7UlQHQOLHIHQEHULKU*HVLFKW'DVMXQJH 0lGFKHQEHJDQQ]XEHWHQ(VZDUGDVHLQ]LJHZDVLKULQGHU 9HU]ZHLIOXQJHLQILHO -LOOV/LSSHQEHEWHQVLH]LWWHUWHDPJDQ]HQ.|USHU 'DV0lGFKHQZDUPLWGHQ1HUYHQIHUWLJ 8QGGDUDXIKDWWH'U7RGJHZDUWHW(UKDWWHVLHVFKRQGLHJDQ]H =HLWDXVHLQHP9HUVWHFNKHUDXVEHREDFKWHW(LQ1DFKWVLFKWJHUlW PDFKWHGLH'XQNHOKHLWLQGHP*HIlQJQLV]XP7DJ 'U7RGZDQGWHVLFKXP,QHLQHU(FNHVWDQGGHUPLW:DFKV EHU]RJHQHOHEHQGH7RWH ª*HKMHW]W©]LVFKWH'U7RG 'HU7RWHVHW]WHVLFKLQ%HZHJXQJ6HLQH$XJHQGLH'U7RGPLW GHUURWHQ)OVVLJNHLWEHWUlXIHOWKDWWHJOKWHQWHXIOLVFK $EHUYRQGLHVHQ9RUJlQJHQDKQWH-LOOQLFKWVGLHLQGXPSIHU 9HU]ZHLIOXQJLQLKUHP*HIlQJQLVKRFNWH 6LHKDWWHVLFKZLHGHUEHUXKLJW,KU7UlQHQVWURPZDUYHUVLHJW 8QGGDK|UWHVLHGDV*HUlXVFK(VNODQJZLHGDV.QDUUHQ HLQHU7U -LOOVSUDQJDXI.DPPDQLKU]X+LOIHRGHU :HQQQXUQLFKWGLHVH'XQNHOKHLWJHZHVHQZlUH ª+DOOR"©ULHI-LOOª,VWGRUWMHPDQG"© 0HVVHUVFKDUIGUDQJGDV.QDUUHQGHU7UGXUFKGLH6WLOOH ª6RVDJHQ6LHGRFKHWZDV%LWWH© .HLQH$QWZRUW

-LOOELVLFKDXIGLH/LSSHQ(VZDULKUXQP|JOLFKIHVW]XVWHOOHQ DXVZHOFKHU5LFKWXQJGDV.QDUUHQNDP ª0HOGHQ6LHVLFKGRFK©ULHI-LOOª,FK© 6LHYHUVWXPPWH(LQ/LFKWVFKLPPHUJHLVWHUWHLQLKU9HUOLHV(U GUDQJXQWHUGHP9RUKDQJVSDOWKHUYRU -LOOVFK|SIWH+RIIQXQJ,KUH$XJHQZDUHQDXIGHQ9RUKDQJ VDXPJHULFKWHWGHUHLQ6WFNEHUGHP%RGHQVFKZHEWH =ZHL)HWDXFKWHQDXI -LOOHUVFKUDN'LH)HZDUHQKHOOIDVWZHLJHOE(VVDKDXVDOV KlWWHGHURGHUGLH3HUVRQNHLQH6FKXKHDQ 'RFK-LOOVDKNHLQH=HKHQ :DVNDPGRUWDXIVLH]X" -LOOZLFK]XUFNELVVLHGHQJHJHQEHUOLHJHQGHQ9RUKDQJLP 5FNHQVSUWH ,KUH$XJHQZDUHQVWDUUDXIGHQ/LFKWVFKLPPHUJHULFKWHW 'HU9RUKDQJJHULHWLQ%HZHJXQJ(LQUDWVFKHQGHV*HUlXVFK )U$XJHQEOLFNHVDK-LOOHWZDVEOLW]HQ (LQ0HVVHU" 0HLQ*RWWZHQQGDVZDKUZlUH -LOOV*HGDQNHQ]HUVSOLWWHUWHQ $XVGHP9RUKDQJVSDOWVFKREVLFKHLQH+DQG(LQHZHLH +DQG:LHGDV3DDU)H (VIROJWHHLQ$UPHLQH6FKXOWHUXQG -LOO]ZHLIHOWHSO|W]OLFKDQLKUHP9HUVWDQG 9RULKUVWDQGHLQ0RQVWHU(LQHOHEHQGH:DFKVILJXU %OXWURWJOKWHQGLH$XJHQLQGHP*HVLFKW,QGHUUHFKWHQ+DQG KLHOWGLH:DFKVILJXUHLQ0HVVHU 'LH6FKQHLGHZDUDUPODQJXQGEOLW]WH -LOOZDUXQIlKLJVLFK]XEHZHJHQ 'DV0RQVWHUNDPQlKHUKREGHQ$UPPLWGHPP|UGHULVFKHQ 0HVVHU 8QGSO|W]OLFKEHJDQQ-LOO]XODFKHQ6FKULOOXQGJHOOHQG6LH EHNDPQLFKWPHKUPLWZDVVLFKKLHUDEVSLHOWH6LHKDWWHHLQHQ 6FKRFNEHNRPPHQGHULKUH1HUYHQY|OOLJDXVGHU%DKQJHULVVHQ KDWWH 3O|W]OLFKIXKUGDV0HVVHUGXUFK-LOOVOLQNH%UXVW

ª1LFNPHLQ*RWWLFK© +DQNVW|KQWHLQWLHIHU9HU]ZHLIOXQJ:LHHLQ6FKZDPPVDXJWH HUGDV%LOGGDVVLFKVHLQHQ$XJHQERWHLQ (UKDWWHSO|W]OLFKGDV*HIKOLQHLQHU=HQWULIXJH]XVLW]HQ'HU 5DXPGLH7UHQDOOHVGDVGUHKWHVLFK1XULP8QWHUEHZXWVHLQ QDKPHUZDKUZLH1LFN]XVDPPHQEUDFKXQGDXIGHU6HLWHOLH JHQEOLHE +DQNVFKZDQNWH 0LW*HZDOWULHUVLFK]XVDPPHQZLVFKWHVLFKPLWGHP +DQGUFNHQEHUGLH$XJHQ :HLWULGHUMXQJH0DQQGLH$XJHQDXI 'DVJUlOLFKH%LOGEOLHE 1LFNVHLQEHVWHU)UHXQGZDUWRW'DV0HVVHUVWHFNWHWLHILQ VHLQHU%UXVW (UKLHOWGHQ*ULIIPLWEHLGHQ+lQGHQXPNODPPHUW(LQH VFKPDOH%OXWVSXUOLHIEHUVHLQ+HPG'HU0XQGVWDQGKDOE RIIHQ%OXWLJHU6FKDXPODJDXIVHLQHQ/LSSHQ +DQNQlKHUWHVLFKVHLQHP)UHXQGJLQJQHEHQLKPLQGLH.QLH %HKXWVDPGUHKWHHU1LFNDXIGHQ5FNHQ *HEURFKHQH$XJHQVDKHQLKQDQ .HLQ=ZHLIHO1LFNZDUWRW'DVZDUNHLQ6SXNNHLQH,OOXVLRQ GDVZDUDOOHVHFKW +DQNV)LQJHUEHUKUWHQGDV0HVVHU 'DQQSDFNWHHUIHVWHU]X]RJGLH6WLFKZDIIHPLWHLQHP5XFN DXVGHU%UXVWGHV7RWHQ 6RMHW]WNRQQWHHUVLFKZHQLJVWHQVYHUWHLGLJHQ +DQNZDULQGHQOHW]WHQ6HNXQGHQHLQDQGHUHUJHZRUGHQ(U ZXWHKLHUJLQJHVXPVHLQ/HEHQXQGHUZDUHQWVFKORVVHQHV ]XYHUWHLGLJHQ +DQNEHJDQQVLFKLP.UHLV]XGUHKHQ'LH7UHQVFKLHQHQLKQ K|KQLVFKDQ]XJORW]HQ]XORFNHQ.RPPKLHUUHLQKLHULVWHLQ $XVZHJIUGLFK(UIKUWQDFKGUDXHQ(U +DQNJUXEVHLQH)LQJHUQlJHOLQGHQ+DQGEDOOHQ,FKGDUIMHW]W QLFKWGXUFKGUHKHQVFKULHHVLQLKP,FKPXGLH1HUYHQEHKDO WHQ,UJHQGZLHZHUGHLFKVFKRQKHUDXVNRPPHQ,FKPXQXU 6HLQ*HGDQNHQIOXVWRFNWH

'HXWOLFKVDKHUZLHVLFKGLH7UHQ|IIQHWHQ/DQJVDPXQGPLW NQDUUHQGHQ*HUlXVFKHQ 6LHNDPHQ+DQNYRUZLH+|OOHQWRUH6FKUHFNOLFKH*HUlXVFKH GUDQJHQDQVHLQH2KUHQ 8QGGDQQNDPHQGLH0RQVWHU 6LHTXROOHQDXVGHQ7U|IIQXQJHQ(LQ$OSWUDXPZXUGHIU +DQN:DKUKHLW 6SLQQHQPRQVWHUPLW0HQVFKHQN|SIHQGUDQJHQDXILKQHLQ P|UGHULVFKH*HVWDOWHQDXVGHP6FKDWWHQUHLFKULHVLJH(FKVHQ 6NHOHWWHEHUJURH)OHGHUPlXVH $UPHWDVWHWHQQDFKGHPMXQJHQ0DQQ0lXOHUZXUGHQDXIJH ULVVHQXQG1LFNEOLFNWHLQULHVLJH6FKOQGH 'DGUHKWHHUGXUFK 'HU$UPPLWGHP0HVVHUIXKUGXUFKGLH/XIW:LOGXQG XQNRQWUROOLHUWVWDFKHUDXIGLH0RQVWHUHLQ (UVFKULHVLFKGLH/XQJHDXVGHP/HLE,PPHUXQGLPPHU ZLHGHUKLHEHUPLWGHP0HVVHU]X 3O|W]OLFKZDUHQGLH0RQVWHUYHUVFKZXQGHQ 1XUQRFKGHU7RWHODJDXIGHP%RGHQ +DQNKLHOWLQQH(UVWDQGJHEFNWGDVHLQ$WHPJLQJNHX FKHQGVHLQH$XJHQZDUHQEOXWXQWHUODXIHQXQGYHUGUHKW 3O|W]OLFKEHJDQQ+DQN]XNLFKHUQª6LHVLQGZHJVLHVLQG ZHJ© (UIUHXWHVLFKZLHHLQNOHLQHV.LQGXQGDKQWHQLFKWGD'U7RG VFKRQVHLQH.UDOOHQQDFKLKPDXVJHVWUHFNWKDWWH /DQJVDPEHUXKLJWHVLFK+DQNV$WHP(UEHWUDFKWHWHGDVEOXW YHUVFKPLHUWH0HVVHUVDKGDQQDXIGHQWRWHQ)UHXQGKLQDEXQG ZDQGWHZLHGHUGHQ.RSI 1HLQGLHVHU$QEOLFNZDU]XJUDXVDP 3O|W]OLFKILHO+DQNDXIGDDOOH7UHQYHUVFKORVVHQZDUHQ %LVDXIHLQH 8QGGXUFKGLHVH7UZDU1LFNJHNRPPHQ6ROOWHGDVIU+DQN HLQ=HLFKHQVHLQGDPLWHUGHQJOHLFKHQ:HJEHQXW]WH"$EHU ZRKLQIKUWHLKQGLHVHU"$XFKLQGHQ7RG" +DQNKDWWHNHLQHDQGHUH:DKO(UPXWHGXUFKGLHRIIHQ VWHKHQGH7UJHKHQ$OOHDQGHUHQZDUHQYHUVFKORVVHQ

9RUVLFKWLJVHW]WHVLFK+DQNLQ%HZHJXQJ'HQ$UPPLWGHP 0HVVHUKLHOWHUDXVJHVWUHFNW :HQQLKPMHW]WMHPDQGHQWJHJHQNDPGDQQ (VNDPQLHPDQG )LQVWHUODJGHU*DQJYRULKP +DQNEHVFKOHXQLJWHVHLQH6FKULWWH(UZDUIHVWHQWVFKORVVHQ GDV5lWVHOGLHVHV+RUURU.DELQHWWV]XO|VHQ 'DVDKHUGHQ/LFKWVFKLPPHU(UZDUQRFK]LHPOLFKZHLWZHJ OLHMHGRFKQHXH+RIIQXQJLQ+DQNDXINHLPHQ 'DQQKDWWHHVGHUMXQJH0DQQJHVFKDIIW(UVWDQGLQHLQHP ULHVLJHQ*HZ|OEH 6WDXQHQGVDKHUVLFKXP 'LHJURH6WHLQKDOOHZDUZLHHLQ/DERUHLQJHULFKWHWhEHUDOO JDEHV$SSDUDWXUHQXQG0HJHUlWHGLH+DQNDXVGHPQDWXU ZLVVHQVFKDIWOLFKHQ8QWHUULFKWNDQQWH ,PPHUZLHGHUVFKWWHOWHGHUMXQJH0DQQXQJOlXELJGHQ.RSI 0LWDOOHPKlWWHHUJHUHFKQHWQXUGDPLWQLFKW :RZDUHUQXUKLHUJHODQGHW",Q)UDQNHQVWHLQV+H[HQNFKH" )DVWVDKHVVRDXV ª1DJHIlOOW,KQHQPHLQ5HLFK"©K|UWHHUSO|W]OLFKHLQH /DXWVSUHFKHUVWLPPH +DQNZDUIGHQ.RSILQGHQ1DFNHQ (LQVS|WWLVFKHV*HOlFKWHUIROJWHVHLQHU5HDNWLRQª1HLQPHLQ )UHXQGVHKHQN|QQHQ6LHPLFKQLFKWQRFKQLFKW© +DQNQDKPDOOHQ0XW]XVDPPHQª'DQQVLQG6LHDOVRGHU 0DQQGHUIUGHQ0RUGDQPHLQHP)UHXQGYHUDQWZRUWOLFKLVW© ª-DGDVZLOOLFKQLFKWOHXJQHQ© )UHLQHQ$XJHQEOLFNZDU+DQNEHUGLHVH5HDNWLRQYHUEOIIW 'DQQULHUGHQ$UPPLWGHP0HVVHUKRFKXQGVFKULHª/RV]HL JHQ6LHVLFK6LHIHLJHV6FKZHLQ6LH6LH0HXFKHOP|UGHU,FK P|FKWH,KQHQYRQ$QJHVLFKW]X$QJHVLFKWJHJHQEHUVWHKHQ ,FKZHUGH,KQHQGHQ'ROFKPLWGHPVLHPHLQHQ)UHXQGXPJH EUDFKWKDEHQLQGDV+HU]UDPPHQ© ª6LHZHUGHQXQVDFKOLFK©VDJWHZLHGHUGLHNDOWH6WLPPH1LFKW HLQH6SXU(UUHJXQJVFKZDQJGDULQPLWª'UHKHQ6LHVLFKPDO OLHEHUXPMXQJHU0DQQ©

+DQNZDQGWHGHQ.RSI,QGHUQlFKVWHQ6HNXQGHGURKWHLKP GHU+HU]VFKODJDXV]XVHW]HQ (LQ0RQVWHUNDPDXILKQ]X(LQPLW:DFKVEHUJRVVHQHU 0HQVFK(LQHOHEHQGH:DFKVILJXU $EHUGDVZDUHVQLFKWZDV+DQNVRHUVFKUHFNWH'DV0RQVWHU WUXJHWZDVDXIGHQ$UPHQ (LQ0lGFKHQ -LOO 6HLQH-LOO +DQNNRQQWHGDV*UDXHQNDXPIDVVHQ 3O|W]OLFKEOLHEGLH:DFKVILJXUVWHKHQVHQNWHGLH$UPH 'HUWRWH.|USHUGHV0lGFKHQVILHO]X%RGHQXQGUROOWHJHQDX YRU+DQNV)H %HL+DQNULGHU)DGHQ 0LWHLQHPJXUJHOQGHQ6FKUHLVWU]WHHUVLFKYRUULGHQ$UP PLWGHP0HVVHUKRFKXQGVWLHGLH.OLQJHJHJHQGLH%UXVWGHV 0RQVWHUV 'HU6WDKOSUDOOWHDE 8QGGDQQHUKLHOW+DQNHLQHQP|UGHULVFKHQ6FKODJLQV*HVLFKW GHULKQJHJHQHLQHQ/DERUWLVFKZDUIYRUGHPHUVW|KQHQG ]XVDPPHQVDFNWH )UHLQHQ$XJHQEOLFNWUDW+DQNZHJ $OVHUZLHGHUNODUVHKHQNRQQWHVWDQGHLQ0DQQYRULKP +DQNVDKLQHLQJUDXVDPYHUNQLIIHQHV*HVLFKW(LQH+DQG VFKREVLFKLQVHLQ%OLFNIHOG$P0LWWHOILQJHUGHU+DQGEOLW]WHHLQ VHOWVDPHU5LQJ (UZDUGXQNHOURWXQGDXIGHU)OlFKHEHIDQGVLFKHLQZHLHU 7RWHQNRSI 'HU0DQQYHU]RJGDV*HVLFKW]XHLQHPE|VHQ/lFKHOQ ª:HUZHUVLQG6LH"© lFK]WH+DQN ª'HU0DQQGHP6LHHLQ0HVVHULQGLH%UXVWUDPPHQZROOWHQ XQGLQGHVVHQ*HZDOW6LHVLFKMHW]WEHILQGHQ:LHLVWHVMHW]WPLW ,KUHP9RUKDEHQ"© +DQNHUVFKUDNELVLQV0DUN6HLQ%OLFN]XFNWHLQGLH5XQGH

'DV0HVVHUODJQHEHQLKPDXIGHP%RGHQ0LWGHP)XVFKREHV LKPGHU8QKHLPOLFKHQlKHUKHUDQ ª1XQ"©IUDJWHHU +DQNVFKWWHOWHGHQ.RSIª:RLVW-LOO"©IOVWHUWHHU ª'DV0lGFKHQ"©'U7RGODFKWHª6LHZLUG,KU*UDEILQGHQ,FK EUDXFKHVLHQLFKWPHKU6LHGLHQWHQXU]XU'HPRQVWUDWLRQPHLQHU 0DFKW*HQDXVRKlWWHHVGLFKWUHIIHQN|QQHQ© +DQNIUDJWHQLFKWQDFKGHQ0RWLYHQGLHVHV0DQQHV(UEHJULII QLFKWVPHKU6HLQ'HQNHQZDUDXIHLQPDOY|OOLJDXVJHO|VFKW=X VWDUNZDUGHU(LQIOXGHV%|VHQ ª,FKZLOOGDGXGHU:HOWVDJVWZDVGXKLHUHUOHEWKDVW6LH VROOHQZLVVHQZDVGHPQlFKVWDXIVLH]XNRPPWGD'U7RGUHD JLHUHQZLUGXQGHVNHLQH5HWWXQJPHKUJLEW'DV=HLWDOWHUGHV 6DWDQVLVWDQJHEURFKHQ,FKODVVHGLFKXQGGHLQH%HNDQQWHHQW NRPPHQ'HQNDQPHLQH:RUWH© 'HU8QKHLPOLFKHJLQJ]XUFN+DQNVDKGLH%HLQHDXVVHLQHP %OLFNIHOGHQWVFKZLQGHQ 'LH:RUWHGHV8QKHLPOLFKHQKDWWHQVLFKLQVHLQ*HKLUQ HLQJHPHLHOW.HLQH6LOEHZUGHHUYHUJHVVHQ +DQNVWDQGDXI (UZXQGHUWHVLFKZLHOHLFKWDXIHLQPDODOOHVJLQJ(UPDFKWH HLQLJH6FKULWWHXQGVFKLHQ]XVFKZHEHQ +DQNVDKGHQ8QKHLPOLFKHQ*DQ]GLFKWVWDQGHUYRULKPXQG EOLFNWHLKPWLHILQGLH$XJHQ 'U7RGKDWWHVHLQH]ZHLWH0DFKWDXVJHVSLHOW'LH0DFKWGHU +\SQRVH +DQNZDUSO|W]OLFKDOOHVHJDO'U7RGEHZHJWHGLH/LSSHQ +DQNK|UWHNHLQ:RUWXQGZXWHGRFKZDVGHU8QKHLPOLFKH EHIDKO )ROJHQVROOWHHULKPIROJHQ 6LHJLQJHQGXUFKGDV/DERUEHWUDWHQHLQHNOHLQH.DPPHU (LQH/LHJHVWDQGGDULQ8QGDXIGHU/LHJHODJHLQ0lGFKHQ +HOHQ +DQNOlFKHOWHDOVHUVLHHUNDQQWH(UWUDWQHEHQVLHEHUKUWHVLH PLWGHU+DQG +HOHQZDQGWHGHQ.RSI

$XFKVLHOlFKHOWHVFKLHQLKQHUNDQQW]XKDEHQ 'U7RGVWDQGDP.RSIHQGHGHU/LHJHEHREDFKWHWHGLHEHLGHQ 0HQVFKHQDXVIXQNHOQGHQ$XJHQ 'DQQVWUHFNWHHUGLH$UPHDXV6HLQH/LSSHQPXUPHOWHQPDJL VFKH)RUPHOQ +DQNKDWWHSO|W]OLFKGDV*HIKO]XVFKZHEHQ'HU%RGHQXQWHU LKPWDXFKWHZHJXQGHUJHULHWLQHLQHQUHLHQGHQ6WUXGHOGHU LKQK|KHUXQGK|KHU]RJ 'DQQZXWHHUQLFKWVPHKU =XHUVWVSUWH+DQNGLH.lOWH 6LHGUDQJZLHPLWHLVLJHQ)LQJHUQLQVHLQHQ.|USHUHUUHLFKWH GDV*HKLUQXQG +DQNHUZDFKWH(UVW|KQWHDXIXQG|IIQHWHGLH$XJHQ 6HLQHUHFKWH+DQGZDUJHIKOORVXQWHUNKOW+DQN]RJYRU VLFKWLJGHQ$UPDQEHZHJWHGLH)LQJHU (UK|UWHHLQOHLVHV3OlWVFKHUQ 3OlWVFKHUQ":DVVHU"+DQNKDWWHNHLQH$KQXQJZRHUVLFK EHIDQG 0KVDPZDQGWHHUGHQ.RSI'DVDKHUGHQNOHLQHQ%DFKLQ GHPVHLQUHFKWHU$UPJHOHJHQKDWWH hEHU+DQNVSDQQWHVLFKGDV/DXEGDFKHLQHV:DOGHV 9HUHLQ]HOWH6RQQHQVWUDKOHQILHOHQZLHJOLW]HUQGH6SHHUHDXIGHQ PLW0RRVXQG+XPXVEHGHFNWHQ%RGHQXQGNLW]HOWHQ+DQNV 1DVH 'HUMXQJH0DQQPXWHQLHVHQ (VVFKLHQDOVRELKQGLHVHV*HUlXVFKHQGJOWLJDXVGHU %HZXWORVLJNHLWJHULVVHQKlWWH +DQNVHW]WHVLFKDXI 8QGGDQQNDPGLH(ULQQHUXQJ.ODUXQGGHXWOLFKVWDQGHQGLH 6FKUHFNHQVELOGHUYRUVHLQHQ$XJHQ'LHJUlOLFKHQ0RQVWHU ILHOHQLKPZLHGHUHLQVHLQWRWHU)UHXQGXQG-LOO $EHUKDWWHHUGDVQLFKWDOOHVQXUJHWUlXPW" +DQNKRIIWHHV(UGUHKWHGHQ.RSI,PVHOEHQ$XJHQEOLFN YHUHQJWHQVLFKVHLQH$XJHQ

(LQSDDU
ª,FKZHLHVQLFKW©ZLHGHUKROWHHUVLFK ª'XOJVW+DQN'LHEHLGHQVLQGWRWQLFKW"© +DQN]XFNWH]XVDPPHQ'LHEUXWDOH'HXWOLFKNHLWGLHVHV 0lGFKHQVWUDILKQELVLQV0DUN ª:LHZLHNRPPVWGXGHQQDXIVRHWZDV"©NUlFK]WHHU ª6LHVLQGWRW*ODXEPLU©+HOHQV6WLPPHNODQJOHLVHXQG PRQRWRQª(VZDUNHLQ7UDXPZDVLFKHUOHEWKDEH:LUVLQGLQ GLHVHV.DELQHWWJHJDQJHQXQGSO|W]OLFKZDU1LFNYHUVFKZXQ GHQ,FKJLQJZHLWHUVXFKWHGHQ$XVJDQJ'DQQKDWPDQPLFK JHSDFNW(LQH:DFKVSXSSH6LHEUDFKWHPLFK]XHLQHP0DQQ(U WUXJHLQHQVFKHXOLFKHQ5LQJDP)LQJHU'HU0DQQEOLFNWHPLFK DQXQGYRQGRUWDQZHLLFKQLFKWVPHKU1XUHLQHQ6DW]KDEH LFKQRFKEHKDOWHQ'HLQH)UHXQGHVLQGWRW'HU0DQQVSUDFKVR EHVWLPPWGDLFKLKPJODXEWH© +HOHQYHUVWXPPWH +DQNODXVFKWHQRFKLKUHQ:RUWHQQDFK(UEOLFNWHVWDUUJHUDGH DXVYHUQDKPGDV=ZLWVFKHUQGHU9|JHOXQGK|UWHHVGRFKZLH GHUQLFKW(LQHLQQHUH/HHUHKDWWHVLFKLQLKPDXVJHEUHLWHW$OVHU DQWZRUWHWHJHVFKDKGLHVUHLQPHFKDQLVFKª'XKDVWUHFKW+HOHQ HVZDUNHLQ7UDXP,FKKDEHIDVWGDVJOHLFKHHUOHEW1XU©+DQN VWRFNWHªLFKKDEHVLHJHVHKHQ-LOOXQG1LFNPHLQHLFK6LHZDUHQ EHLGHQLFKWPHKUDP/HEHQ0DQKDWVLHHLQIDFKXPJHEUDFKW© +HOHQVWDQGDXIª:LUPVVHQJHKHQ+DQN© ª8QGZRKLQ":LUZLVVHQMDQLFKWHLQPDOZRZLUXQVEHILQGHQ 8QGZLHVLQGZLUEHUKDXSWKLHUKHUJHNRPPHQ"© ª,UJHQGZRZLUGGHU:DOG]X(QGHVHLQ.RPPMHW]W© $XFK+DQNVWDQGDXI0HFKDQLVFKIROJWHHUGHP0lGFKHQ 1DFKHLQLJHQ0LQXWHQ)XPDUVFKVWLHHQVLHDXIHLQHQVFKPD OHQ:HJ,KQJLQJHQVLHZHLWHU 3O|W]OLFKK|UWHQVLH*ORFNHQJHOlXW +HOHQEOLHEVWHKHQª+HXWHLVW)HLHUWDJ©VDJWHVLHª-HW]WLVWHV QLFKWPHKUZHLWELV]XGHP2UW© 'LH%lXPHOLQNVXQGUHFKWVGHV:HJHVZXUGHQVSlUOLFKHU PDFKWHQ%XVFKZHUN3ODW] 'LHMXQJHQ/HXWHKDWWHQIUHLH6LFKW 9RULKQHQODJ7RQEULGJH

(LQHNOHLQH6WDGWHLQJHEHWWHWLQGHUHUVWHQ)UKOLQJVVRQQH +DQNV%OLFNHZDQGHUWHQQDFKOLQNV 'DODJGHU5XPPHOSODW]'HXWOLFKNRQQWHPDQGDV5LHVHQUDG HUNHQQHQ +HOHQIDWHQDFK+DQNV+DQGª/DXQVZHLWHUJHKHQ© ª:LUPVVHQ]XU3ROL]HL©VDJWH+DQN +HOHQVFKWWHOWHGHQ.RSIª$EHUQLFKWKLHU,QGLHVHUNOHLQHQ 6WDGWZUGHPDQXQVQLFKWJODXEHQ1HLQZLUZHUGHQQDFK /RQGRQIDKUHQXQG]X6FRWODQG
6LHIXKUHQEHUGLH$XVIDOOVWUDHLQ5LFKWXQJ/RQGRQ%HLGH VSUDFKHQNDXPHLQ:RUW +HOHQVDKVWXUDXVGHP)HQVWHU +DQNGDFKWHDQGHQJHVWULJHQ7DJDQGHPVLHQRFKDOOH]XVDP PHQJHZHVHQZDUHQ6SDJHKDEWKDWWHQXQG +DQNELGLH=lKQH]XVDPPHQ*HZDOWVDPPXWHHUGLH 7UlQHQXQWHUGUFNHQ (LQH0HQJH6SD]LHUJlQJHUNDPHQLKQHQHQWJHJHQ6LHVWUHEWHQ 7RQEULGJH]XZROOWHQZDKUVFKHLQOLFKDXIGHP5XPPHOSODW] HWZDVHUOHEHQ +DQNZDUYHUVXFKWDQ]XKDOWHQXQGDXV]XVWHLJHQXPGLH 0HQVFKHQ]XZDUQHQGDPLWVLHQLFKWLQLKU9HUGHUEHQUDQQWHQ (UOLHHVEOHLEHQ:HUKlWWHLKPVFKRQJHJODXEW" /DQJVDPQlKHUWHQVLHVLFK/RQGRQ'HU9HUNHKUZXUGHGLFKWHU +DQNPXWHVLFKNRQ]HQWULHUHQXQGVHLQH*HGDQNHQYHU VFKHXFKHQ ª:DUVWGXVFKRQPDOEHLP
(LQH+DOOHWDWVLFKDXI'LHJURH3RUWLHUVORJHZDUEHVHW]W'RUW PXWHQVLHHUVWHLQPDOKLQ 'HU0DQQDQGHU$XVNXQIWZDUHLQlOWHUHU%HDPWHUGHUVLH IUHXQGOLFKDQOlFKHOWH ª:DVNDQQLFKIU6LHWXQ"© ª:LUP|FKWHQHLQHQ,KUHU%HDPWHQVSUHFKHQ©VDJWH+DQN ª,QZHOFKHU$QJHOHJHQKHLW"© ª'DVVDJHQZLULKPVHOEVW© 'HU$XVNXQIWVEHDPWHVFKWWHOWHGHQ.RSIª'DVJHKWQLFKW,FK NDQQ6LHEHL7RWVFKODJQLFKW]XHLQHP,QVSHNWRUGHU5DXVFKJLIW DEWHLOXQJVFKLFNHQ© ª-D©VDJWH+DQNªGDVYHUVWHKHQZLU© (UEHUOHJWHHLQHQ0RPHQWXQGPHLQWHGDQQª:LUNRPPHQLQ HLQHUHWZDVNRPSOL]LHUWHQ6DFKH(VJHKWXP0RUGXQGXP© +DQNVWRFNWHVXFKWHGLHULFKWLJHQ:RUWHªMDXQGXP*HLVWHU© .ODUXQGGHXWOLFKKDWWHHUGDVOHW]WH:RUWDXVJHVSURFKHQ'HU $XVNXQIWVEHDPWHULGLH$XJHQZHLWDXI'DQQEHXJWHHUVLFK HWZDVYRUª,FKKRIIH6LHWUHLEHQNHLQH6FKHU]HPLWPLU:ROOHQ 6LHHLQHQ0RUGPHOGHQ"© ª-DXQGQHLQ© ª:DVKHLWGDV"© +DQNEHJDQQ]XVFKZLW]HQ(UKDWWHJHDKQWGDHVbUJHU JHEHQZUGH(UZDUI+HOHQHLQHQKLOIHVXFKHQGHQ%OLFN]X 'DV*LUOJLQJSO|W]OLFKHLQLJH6FKULWWHYRUELVHVGLFKWYRUGHP *ODVNDVWHQVWDQG ª,FKZLOO,KQHQPDOZDVVDJHQ©VDJWH+HOHQª=ZHLXQVHUHU EHVWHQ)UHXQGHVLQGYRQHLQHP0RQVWHUYRQHLQHU:DFKVILJXU EHVWLDOLVFKHUPRUGHWZRUGHQ(VLVWHWZDVJHVFKHKHQZDVHVJDU QLFKWJHEHQNDQQ9HUVWHKHQ6LHMHW]W"'HU6DWDQNRPPW]XUFN (UKDWVFKRQVHLQH'LHQHUDXIGLH(UGHJHVFKLFNW(VZDU'U7RG GHUXQVGLHVH:RUWHJHVDJWKDW'U7RGDKKK© +HOHQElXPWHVLFKDXIHLQPDODXI%HYRU+DQNVLHDXIIDQJHQ NRQQWHEUDFKVLH]XVDPPHQ (UVWMHW]WZDUGLH5HDNWLRQDXIGLHVHVJUlOLFKH(UOHEQLVHLQJH WUHWHQ +DQNZDQGWHVLFKXPXQGVDKGHQ$XVNXQIWVEHDPWHQDQ

GHUEHUHLWV]XP7HOHIRQK|UHUJHJULIIHQKDWWHXPHLQHQ$U]W]X DODUPLHUHQ ª%HJUHLIHQ6LHMHW]WGDZLUNHLQHQ6SDPDFKHQ6LU"© 'HU%HDPWHQLFNWHVWXPP 0LWHLQHP'UXFNVHLQHV=HLJHILQJHUVVFKDOWHWH6XSHULQWHQGHQW -DPHV3RZHOOGDVODXIHQGH7RQEDQGDXV (UOHKQWHVLFKLQVHLQHP6FKUHLEWLVFKVHVVHO]XUFNXQGEOLFNWH ,QVSHNWRU6LQFODLUIRUGHUQGDQ ª'DVVLQGDOVRGLH$XVVDJHQGHV0lGFKHQV©VDJWH 6XSHULQWHQGHQW3RZHOO ªGLHVLHZlKUHQGGHV6FKRFNVJHPDFKWKDW©YROOHQGHWH -RKQ6LQFODLUGHQ6DW] ª6LHLVW]ZLVFKHQGXUFKLPPHUDXVLKUHU%HZXWORVLJNHLW HUZDFKW©IJWH3RZHOOHUNOlUHQGKLQ]X -RKQ]QGHWHVLFKHLQH=LJDUHWWHDQª8QGLKU)UHXQG"© ª6DJWLP3ULQ]LSGDVJOHLFKH© 'HU,QVSHNWRUNDQQWHQDWUOLFKGLH*HVFKLFKWHGHUEHLGHQ MXQJHQ0HQVFKHQ6XSHULQWHQGHQW3RZHOOKDWWHLKQVFKQHOO XQGXPIDVVHQGLQIRUPLHUW'HU)DOO$NWH3ZLHHULP 6FKULIWJHEUDXFKEHWLWHOWZRUGHQZDUZDUVRIRUWDXI3RZHOOV 6FKUHLEWLVFKJHODQGHW6XSHULQWHQGHQW3RZHOOZDUGHU/HLWHU HLQHU6RQGHUNRPPLVVLRQGLHVLFKQXUPLWEHUVLQQOLFKHQ)lOOHQ EHVFKlIWLJWH (UKDWWHDQVLFKQXUHLQHQ$JHQWHQ8QGGDVZDU-RKQ6LQFODLU 'LHDQGHUHQ0LWDUEHLWHUDUEHLWHWHQLQGHQ/DERUVXQG .RPPLVVLRQHQ-RKQ6LQFODLUHUVWDQGLP5DQJHHLQHV ,QVSHNWRUVZDUJHZLVVHUPDHQGLH)HXHUZHKU'HU.lPSIHUDQ GHU)URQW6FKRQPDQFKHV0DOZDUHUQXUKDDUVFKDUIPLWGHP /HEHQGDYRQJHNRPPHQ -RKQ6LQFODLUZDUHLQVSRUWOLFKHU7\SPLWNXU]JHVFKQLWWHQHQ EORQGHQ+DDUHQXQGEODXHQ$XJHQ8PVHLQH0XQGZLQNHOODJ PHLVWHQVHLQNOHLQHV/lFKHOQXQGPDQZlUHQLHLP/HEHQGDUDXI JHNRPPHQ-RKQIUHLQHQ*HLVWHUMlJHU]XKDOWHQ ª7DWVDFKHEOHLEW,QVSHNWRUGD]ZHLMXQJH0HQVFKHQYHU

VFKZXQGHQVLQG,KUH/HLFKHQKDEHQZLUELVKHUQLFKWJHIXQGHQ© ª'DQQEHVWHKWDOVRGLH0|JOLFKNHLWGDVLHQRFKOHEHQ©VDJWH -RKQ -DPHV3RZHOOVFKWWHOWHGHQ.RSIª*ODXEHLFKQLFKW'LHVHU 'U7RGKDWVHOEVWPLWGHU(UPRUGXQJGHUEHLGHQJHSUDKOW 'HVKDOEZHUGHLFKYHUDQODVVHQGDZLUGDV+RUURU.DELQHWWDXI GHQ.RSIVWHOOHQELVNHLQ%UHWWPHKUDQVHLQHP3ODW]OLHJW© -RKQZLQNWHDEª'DYRQZUGHLFKDEUDWHQ:DVKlWWHQZLU JHZRQQHQ"© ª:LUN|QQHQGLHVHQ'U7RGHLQEXFKWHQ© -RKQODFKWHª)DOOV6LHLKQNULHJHQ8QGGDQQPVVHQ6LHLKP DXFKQRFKHLQLJHVEHZHLVHQ1HLQGLHVH$XIJDEHLVWHLQ(LQ 0DQQ-REDOD-RKQ6LQFODLU© 8P6XSHULQWHQGHQW3RZHOOV/LSSHQVSLHOWHHLQVIILVDQWHV /lFKHOQª0LW,KUHU5HDNWLRQKDWWHLFKEHLQDKHJHUHFKQHW ,QVSHNWRU© 'HUDOWH)XFKVZXWHJHQDXZLHHUVHLQHQEHVWHQ0DQQSDFNHQ NRQQWH -RKQPXWHOlFKHOQGRFKHUZXUGHVFKQHOOZLHGHUHUQVW ª,FKYHUVWHKHQXUHLQVQLFKW©VDJWHHUªZHVKDOEKDW'U7RGGLH EHLGHQODXIHQODVVHQ":DKUVFKHLQOLFKLQHLQHP$QIOXJYRQ *U|HQZDKQVRDXIGLH0DVFKH!0LUNDQQNHLQHU© ª'XUFKDXVP|JOLFK©JDE6XSHULQWHQGHQW3RZHOO]Xª(U IKOWHVLFKHEHQXQEHVLHJEDU© ª9RUDXVJHVHW]WGLH*HVFKLFKWHVWLPPW©VFKUlQNWH-RKQHLQ ª$EHUGDVZHUGHLFKMDVHKHQ6LQGEULJHQVGLH(OWHUQGHU EHLGHQ9HUPLWHQEHQDFKULFKWLJW"© ª-D© ,QVSHNWRU6LQFODLUGUFNWHVHLQH=LJDUHWWHDXV(VZDU :RFKHQDQIDQJXQGEHU/RQGRQODJHLQVWUDKOHQGEODXHU )UKOLQJVKLPPHO(LJHQWOLFKHLQ:HWWHU]XP)DXOHQ]HQGDFKWH -RKQ ª:DVKDEHQ6LHDOVHUVWHVYRU"©ULLKQ3RZHOOV6WLPPHDXVGHQ *HGDQNHQ ª,FKZHUGH]XGLHVHP+DQNIDKUHQ:LHKHLWGHU-XQJHHLJHQW OLFKPLW1DFKQDPHQ"©

ª'LOOLQJHU'DV0lGFKHQKHLW+HOHQ&OD\© ª:DVVFKlW]HQ6LH6LUZLHODQJH0LVV&OD\QRFKXQWHUlU]W OLFKHU$XIVLFKWEOHLEHQPX"© ª(LQLJH:RFKHQZHUGHQQRFKYHUJHKHQ© ª'DQQELQLFKDOVRDXI+DQN'LOOLQJHUV$XVVDJHQDQJHZLHVHQ© ª9RUOlXILJMD© ª'DNDQQPDQQLFKWVPDFKHQ©-RKQVWDQGDXIª6LHK|UHQGDQQ YRQPLU6LU© 6XSHULQWHQGHQW3RZHOOQLFNWHXQGQDKPHLQHQ6FKOXFN 0LQHUDOZDVVHUGDVLKQYRQVHLQHQ0DJHQJHVFKZUHQEHIUHLHQ VROOWH%LVKHXWHKDWWHHVQLFKWJHKROIHQ -RKQV:DJHQHLQVLOEHUJUDXHU%HQWOH\VWDQGDXIGHP3DUNKRI GHV
ª0HLQ1DPHLVW-RKQ6LQFODLU6FRWODQG
'HU-XQJHVWDUUWHLKQDQ6HLQ%OLFNZDUVHOWVDPOHHUXQG HQWUFNW -RKQVDKGDVRIIHQH)HQVWHUOLHIKLQXQGEHXJWHVLFKQDFK GUDXHQ 9RQGHP!3ROL]LVWHQZDUQLFKWV]XVHKHQ 'HU,QVSHNWRUZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ'DZDU HUJHUDGHQRFKUHFKW]HLWLJJHNRPPHQ(LQH0LQXWHVSlWHUXQG DOOHVZlUHYRUEHLJHZHVHQ 3O|W]OLFKVWDQG0UV'LOOLQJHULP=LPPHU 6LHVFKULHHUVWLFNWDXIDOVVLHLKUHQ6RKQVDK 'LH)UDXZROOWHDXI+DQN]XODXIHQGRFK-RKQKLHOWVLH]XUFN ª6SlWHU©VDJWHHUª=XHUVWPXLFKPDOPLWLKPUHGHQ/DVVHQ6LH XQVELWWHDOOHLQ© 0UV'LOOLQJHUJLQJ-RKQK|UWHVLHDXIGHP)OXUVFKOXFK]HQ 'DQQVHW]WHHUVLFK]X+DQNDXIV%HWW'HU%OLFNGHV-XQJHQZDU LPPHUQRFKYHUVFKOHLHUWXQGHQWUFNW+DQN'LOOLQJHUODJLQ WLHIHU+\SQRVH 'DZDUYRUHUVWQLFKWV]XPDFKHQ -RKQVFKORGDV)HQVWHUXQGJLQJDXIGHQ)OXU 0UV'LOOLQJHUEOLFNWHLKPDXVYHUZHLQWHQ$XJHQHQWJHJHQ ª+DEHQ6LH7HOHIRQ"©IUDJWH-RKQ ª-D8QWHQLP:RKQ]LPPHU© ª'DQNH© -RKQULHIHLQHQ3V\FKLDWHUYRP
ª0HLQ*RWW©ULHIGLH)UDXª8QGXQGHUZROOWH+DQNXP EULQJHQ"© ª1HLQ(UKDWLKQK\SQRWLVLHUW© ª$EHUZHVKDOE"© ª+DQNVROOWHYHUJHVVHQZDVHUJHVHKHQKDW© 0UV'LOOLQJHUJDEVLFKPLWGLHVHU$XVNXQIW]XIULHGHQ-RKQ KDWWHMHGRFKQRFKHLQLJH)UDJHQDQGLH)UDX ª0UV'LOOLQJHU©VDJWHHUªN|QQHQ6LHXQVGHQDQJHEOLFKHQ 3ROL]HLEHDPWHQEHVFKUHLEHQ"© 'LH)UDX]XFNWHPLWGHQ6FKXOWHUQª0HLQ*RWWZDVVROOLFKGD VDJHQ"(UZDUNOHLQHUDOV6LHXQGKDWWHHLQHQ5HJHQPDQWHODQ XQGHLQHQ+XWDXI6HLQ*HVLFKWZDUNDXP]XHUNHQQHQ+DOWGD IlOOWPLUHWZDVHLQ(UKDWWHNHLQH$XJHQEUDXHQ(VZDUDOOHV JODWWZLVVHQ6LH"8QG+DQGVFKXKHKDWHUJHWUDJHQ,FKKDEH QRFKQLFKWVPLWGHU3ROL]HL]XWXQJHKDEWXQGGHVKDOEGDFKWH LFKGLH/HXWHVHKHQVRDXV0DQVLHKWMDDXFKLPPHUZLHGHULP )HUQVHKHQGLHVH7\SHQ© ª/HLGHU©NQXUUWH-RKQª8QGZDVKDWGHU0DQQJHVDJW"© ª'DHUPLW+DQNVSUHFKHQPVVH© ª:LHNODQJVHLQH6WLPPH"+HOOGXQNHO"© ª1RUPDOZUGHLFKVDJHQ9LHOOHLFKWHWZDVNQDSSXQGVFKDUI 6RJHQDXKDEHLFKGDUDXIQLFKWJHDFKWHW$EHUZDVJHVFKLHKWMHW]W PLW+DQN":ROOHQ6LHLKQZLUNOLFKPLWQHKPHQ"© ª:LUPVVHQ0UV'LOOLQJHU(VLVWEHVVHUIULKQ© 'LH$XJHQGHU)UDXZXUGHQJURª0DQPDQZLOOLKQ XPEULQJHQQLFKWZDKU"© ª6RVFKOLPPLVWHVQLFKW©VDJWH-RKQª$XIMHGHQ)DOOEUDXFKHQ 6LHVLFKNHLQH6RUJHQ]XPDFKHQ:LUZHUGHQGHQ)DOOVFKRQEHU GLH5XQGHQNULHJHQ,QHLQSDDU7DJHQLVWDOOHVYRUEHL© -RKQJDEVLFKRSWLPLVWLVFKHUDOVHULQ:LUNOLFKNHLWZDU'HQQLQ GLHVHQSDDU7DJHQNRQQWHYHUGDPPWYLHOJHVFKHKHQ8QGQDFK DOOHPZDVHUJHK|UWKDWWHVFKLHQ'U7RGHLQ0DQQ]XVHLQGHU LKP]XPLQGHVWHEHQEUWLJZDU :HQQQLFKWVRJDUEHUOHJHQ

'HU/HLFKHQZDJHQUROOWHPLWPlLJHU*HVFKZLQGLJNHLWGXUFK /RQGRQ'U7RGZDUXQWHUZHJV (UKDWWHHVJHUDGHQRFKJHVFKDIIWDXVGHP)HQVWHU]XHQWNRP PHQ(LQ6LQQIU*HIDKUKDWWHLKQJHZDUQW+DXSWVDFKHGHU -XQJHKDWWHVLFKVHOEVWXPJHEUDFKW 'RFK'U7RGZDUQLFKWUHVWORV]XIULHGHQ'DJDEHVQRFKHLQ 3UREOHP (UEUDXFKWH/HLFKHQ6RJDUGULQJHQGXPVHLQH7UXSSHDXV EDXHQ]XN|QQHQ 1DWUOLFKKlWWHHUOHLFKW0HQVFKHQXPEULQJHQN|QQHQ 6FKOLHOLFKNDPHQ]DKOUHLFKH%HVXFKHULQVHLQ+RUURU.DELQHWW 'RFKGDVKlWWH]XYLHO$XIVHKHQHUUHJW%HLGHQYLHU-XJHQGOLFKHQ ZDUGDV5LVLNRJHQDXHLQNDONXOLHUWJHZHVHQ 'HU-XQJHZDULQ]ZLVFKHQHUOHGLJWXQGGDV0lGFKHQZUGH QRFKLQGLHVHU1DFKWDQGLH5HLKHNRPPHQ $EHUGDVZROOWHHUQLFKWVHOEVWXQWHUQHKPHQ'LHVH$XIJDEH ZROOWHHUHLQHPVHLQHU'LHQHUEHUODVVHQ 'DV0RQVWHUODJVFKRQEHUHLW'U7RGKDWWHHVLQGHP6DUJ KLQWHQDXIGHU/DGHIOlFKHGHV/HLFKHQZDJHQVYHUVWHFNW 'U7RGZDUHLQ0DQQGHUQLFKWVGHP=XIDOOEHUOLHXQG ZHLWUHLFKHQGH%H]LHKXQJHQKDWWH9RUDOOHQ'LQJHQLQGLH XQWHUHQ.UHLVHGHU*HVWUDQGHWHQXQG3HQQHU9RQVHLQHP .RQWDNWPDQQKDWWHHUGDPDOVDXFKGHQ7LSEHNRPPHQZRHU -LPP\ILQGHQNRQQWH 'U7RGVWRSSWHGHQ/HLFKHQZDJHQZHQLJH
'DV2EGDFKORVHQDV\OODJLQGHU1lKHGHV+DIHQV(VZDUHLQ %DFNVWHLQEDXGHVVHQ)DVVDGHDXHQJHQDXVRWULVWXQGWURVWORV ZDUZLHGDV,QQHUH +LHUKDXVWHQGLH*HVWUDQGHWHQGHU*HVHOOVFKDIW'LH3HQQHU GLH$XVJHIOLSSWHQ )UHLQSDDU0Q]HQNRQQWHQVLHVFKODIHQXQGEHNDPHQDXFK ZDV]XHVVHQ 1XU$ONRKROJDEHVQLFKW$EHUGHUZXUGHLPPHUZLHGHUHLQ JHVFKPXJJHOW 'HU9HUZDOWHUXQG+DXVPHLVWHUGHV$V\OVKLH-HII7XUSLQ 7XUSLQVDKDXVZLHHLQ3LUDW6RZHLWHU]XUFNGHQNHQNRQQWH WUXJHULPPHUVFKRQGLHVFKZDU]H.ODSSHEHUGHPOLQNHQ$XJH 6HLQ+DDUZDUVFKZDU]XQGKLQJLKPVWUlKQLJDP.RSIKHUXQWHU (LQLJHOLFKWH6WHOOHQ]HLJWHQDQGD7XUSLQQLFKWPHKUGHU -QJVWHZDU 7XUSLQYHUEUDFKWHIDVWGHQJDQ]HQ7DJLQHLQHU.DPPHUGLUHNW KLQWHUGHU(LQJDQJVWUGHV$V\OV9RQKLHUDXVNRQQWHHUDXFK GHQ7U|IIQHUEHWlWLJHQXQGLPPHUZLHGHUVHKHQZHUNDPXQG JLQJ %H]DKOWZXUGHHUYRQGHU6WDGW'DVPHKUVFKOHFKWDOVUHFKW 'HVKDOEZDUHUDXFKQLHDEJHQHLJWHLQHQNOHLQHQ1HEHQMRE]X EHUQHKPHQ,P/DXIHGHU=HLWZDUHUVRJDU]XHLQHUORNDOHQ *U|HJHZRUGHQGHQQHVKDWWHVLFKLQGHU8QWHUZHOWKHUXPJH VSURFKHQGDPDQEHL7XUSLQ/HLFKHQJXWYHUVFKZLQGHQODVVHQ NRQQWH 8QWHUGHP*HElXGHIORQlPOLFKHLQ$EZDVVHUNDQDOGLUHNW ]XU7KHPVHKLQ (LQHQDKH]XLGHDOH0|JOLFKNHLWYRQGHU-HII7XUSLQIOHLLJ *HEUDXFKPDFKWH (LQHV7DJHVKDWWHHU'U7RGNHQQHQJHOHUQW'LHVHU0DQQKDWWH 7XUSLQVRIRUWLQVHLQHQ%DQQJH]RJHQ(VGDXHUWHQLFKWODQJH XQGHUZDUHLQZLOOLJHV:HUN]HXJ /HLGHUNODSSWHGHU/HLFKHQQDFKVFKXELQOHW]WHU=HLWQLFKWVR JXW'LH/RQGRQHU8QWHUZHOWKDWWHJHZLVVHUPDHQHLQH )HXHUSDXVHHLQJHOHJWXQG7XUSLQV*HVFKlIWHJLQJHQ]XUFN 'DVlUJHUWHLKQGHQQJHUDGHMHW]WKlWWHHU/HLFKHQJHEUDXFKW

+HXWHZDUHLQ$QUXIJHNRPPHQGHULKQDXVVHLQHU5XKH JHVFKUHFNWKDWWH 'U7RGZROOWHNRPPHQXQG/HLFKHQDEKROHQ6HFKV6WFN KDWWHHUEHVWHOOWGUHLNRQQWH7XUSLQQXUYRUZHLVHQ(LQHYHU GDPPWH6DFKH 7XUSLQZDUVRQHUY|VGDHUVFKRQEHL%HJLQQGHU'lPPHUXQJ GUDXHQYRUGHP*HElXGHVWDQG 'LH*DVVHLQGHUGDV$V\OODJZDUPLW.RSIVWHLQHQJHSIODVWHUW 'HUPLOFKLJH6FKHLQHLQLJHU*DVODWHUQHQEHU]RJVLHPLWHLQHP PDWWHQ*ODQ] 1HUY|VTXDOPWH7XUSLQHLQH=LJDUUH 'LHHUVWHQ3HQQHUWUDIHQHLQXQG7XUSLQNDVVLHUWHGLH*HEKU (UYHUJDVRJDUGLH/HXWH]XILO]HQ (VZXUGHNKOHU9RP+DIHQKHU]RJ'XQVWDXIGHUVLFKEDOG ]X1HEHOYHUGLFKWHWH (LQPDONDPHLQH1XWWHYRUEHL6LHPDFKWH7XUSLQHLQ$QJHERW (UVFKHXFKWHGLH+DIHQVFKZDOEHPLWHLQHP7ULWWZHJ 6LHIOXFKWHQRFKIQI0LQXWHQVSlWHU :DJHQIXKUHQVRJXWZLHNHLQHLQGLH*DVVH:R]XDXFK"(V JDENHLQHQ$XVJDQJ(LQH0DXHUULHJHOWHGDV*HELHW]XGHQ .DLVDE 'DV7XWHQGHU6FKLIIHZXUGHGXUFKGHQ1HEHOJHGlPSIW$EHU 7XUSLQK|UWHGLH*HUlXVFKHVFKRQJDUQLFKWPHKU 8QGGDQQZHLWHWHQVLFKVHLQH$XJHQ $P(LQJDQJGHU*DVVHZDUHQ]ZHLPLOFKLJH)OHFNHDXIJH WDXFKWGLHVLFKVFKQHOOQlKHUWHQ (LQ:DJHQ 'DVPXWH'U7RGVHLQ (UZDUHV6FKRQEDOGVFKlOWHQVLFKGLH.RQWXUHQGHV/HLFKHQ ZDJHQVDXVGHP1HEHO 7XUSLQOLHILPPHUHLQH*lQVHKDXWEHUGHQ5FNHQZHQQHU GDV*HIlKUWVDK 'HU:DJHQVWRSSWH 'LHUHFKWH7UVFKZDQJDXIXQG'U7RGVWLHJLQV)UHLH(U YHUVFKORGLH7UZLHGHUVRUJIlOWLJHKHHUVLFKGHP $V\OYHUZDOWHU]XZDQGWH

7XUSLQJLQJLKPHQWJHJHQ(UZROOWHHWZDVVDJHQGRFK'U7RG VFKQLWWLKPPLWHLQHU+DQGEHZHJXQJGDV:RUWDE ª+LHUQLFKW© 'LH0lQQHUEHWUDWHQGDV%DFNVWHLQJHElXGH 7XUSLQVFKORGLH7U]XGHPJURHQ$XIHQWKDOWVVDDODE6R ZDUHQVLHXQJHVW|UW ,QGHP*DQJEUDQQWHHLQHWUEH/DPSH7XUSLQNRQQWHYRQ 'U7RGQLFKWPHKUDOVGHQKRFKJHVWHOOWHQ0DQWHONUDJHQHUNHQ QHQXQGGHQWLHILQGLH6WLUQJH]RJHQHQ+XW ª(VHVVLQGQXUGUHL/HLFKHQ©VDJWHGHU+DXVYHUZDOWHU 'U7RG]LVFKWHHLQHQ)OXFKGXUFKGLH=lKQHª,FKKDEHGLU GRFKJHVDJWGXVROOVWGLFKGDUXPNPPHUQ© ª7XWPLUOHLG6LU$EHULFKKDEHQLFKWPHKUEHNRPPHQ'LH 8QWHUZHOWKDWHLQH3DXVHHLQJHOHJW© (UJULQVWHVFKPDO 'U7RGQLFNWHª%HVVHUGUHL/HLFKHQDOVNHLQH.RPP]HLJ VLHPLU© ª6RIRUW6LU© 7XUSLQZDUIURKGDDOOHVVRJXWDEJHODXIHQZDU (UKDWWHVFKRQK|OOLVFKH$QJVWXPVHLQHUElUPOLFKHV/HEHQ JHKDEW =XP/HLFKHQNHOOHUIKUWHHLQHDOWH+RO]WUHSSHKLQXQWHU -HII7XUSLQPDFKWH/LFKW $XFKKLHUZDUGDV:RUW/DPSHJHVFKPHLFKHOW 'HU%RGHQGHV.HOOHUVZDUDXV6WHLQXQGZLHVDQPDQFKHQ 6WHOOHQNUDWHUDUWLJH/|FKHUDXI 'LH/HLFKHQODJHQLQHLQHU(FNH 7XUSLQKDWWHQRFKHLQH7DVFKHQODPSHPLWJHQRPPHQPLWGHUHU MHW]WGLH/HLFKHQDQOHXFKWHWH (VZDUHQDOOHV0lQQHU 7XUSLQJDEHLQLJH(UNOlUXQJHQ ª'HUGDLVW.LQJ.HHQH0DQQDQQWHLKQGHQ.|QLJYRQ6RKR© VDJWHHUXQGZLHVPLWHLQHPOHLVHQ/DFKHQDXIGHQUHFKWVDXHQ OLHJHQGHQ7RWHQ ª0LULVWHJDOZLHPDQLKQQDQQWH©JDE'U7RG]XUFN ª+DXSWVDFKHHUOHEWQLFKWPHKU©

'U7RGZDUIURKGDHUVHLQH([SHULPHQWHMHW]WDXFKPLW /HLFKHQGXUFKIKUHQNRQQWH%HLPHUVWHQPDOPXWHHUGHP 0DQQQRFK/HEHQHLQJHEHQGRFKGDVZDUQXQQLFKWPHKU HUIRUGHUOLFK 6DWDQVHOEVWKDWWHLKPGLH.UDIWJHJHEHQGXUFKEHVWLPPWH PDJLVFKH6SUFKHGLH7RWHQZLHGHULQV/HEHQ]XUXIHQ'RFK GDEHLPXWHQEHVWLPPWH9RUDXVVHW]XQJHQHUIOOWZHUGHQ (UNRQQWHQLFKWHLQIDFKKLQJHKHQVLFKYRUHLQ*UDEVWHOOHQXQG GHQ7RWHQDXVGHU(UGHNRPPHQODVVHQ'DVJLQJQLFKW'D]X ZDUVHLQH0DFKWQRFK]XNOHLQ $EHUYLHOOHLFKWZUGHHVLKPHLQHV7DJHVJHOLQJHQ -HII7XUSLQVDK'U7RGHUZDUWXQJVYROODQª:ROOHQ6LHGLH /HLFKHQVFKRQPLWQHKPHQRGHUZDUWHQELVLFKDOOH]XVDPPHQ KDEH"© ª,FKQHKPHVLHPLW© ª*XW© 7XUSLQJLQJHLQ6WFN]XU6HLWHXQGVFKOHLIWHDXVGHU(FNHHLQH .LVWHKHUDQ ª'LHZLUGUHLFKHQ©VDJWHHU 'U7RGQLFNWHª3DFNVLHKLQHLQ© -HII7XUSLQPDFKWHVLFKDQGLH$UEHLW(UHPSIDQGQLFKWVGDEHL HUZDULP/DXIHGHU=HLWDEJHVWXPSIW ª6RIHUWLJ©VDJWHHU 'HU8QKHLPOLFKHJULIILQGLH7DVFKHXQG]RJGUHL=HKQ3IXQG 1RWHQKHUYRU (UGUFNWHVLH7XUSLQLQGLH+DQG 'HU9HUZDOWHUEHGDQNWHVLFKEHUVFKZHQJOLFK 'DQQWUDQVSRUWLHUWHQGLHEHLGHQ0lQQHUGLH.LVWHQDFKREHQ 6FKRQDXIGHU7UHSSHK|UWHQVLHGLHGXPSIHQ6FKOlJHJHJHQGLH +DXVWU ª9HUGDPPW©IOXFKWH7XUSLQªDXVJHUHFKQHWMHW]W© ª6FKLFNHQ6LHGHQ0DQQZHJ©VDJWH'U7RG 7XUSLQJLQJHQWVFKORVVHQORV'RFKDXIKDOEHP:HJHVWRSSWH LKQ'U7RGV6WLPPH ª1HLQLFKKDEHHVPLUDQGHUVEHUOHJW/DVVHQ6LHGHQ.HUOKHU HLQNRPPHQ9LHU/HLFKHQVLQGEHVVHUDOVGUHL©

7XUSLQVFKOXFNWH(LQ0RUGZDUQLFKWQDFKVHLQHP*HVFKPDFN (UKDQGHOWH]ZDUPLW7RWHQDEHUVRZDV ª0DFKHQ6LHVFKRQ© ª-DMDQDWUOLFK6LU© 7XUSLQV+lQGH]LWWHUWHQDOVHUGLH7UDXIVFKOR ª:LOOVWGXPLFKKLHUHUIULHUHQODVVHQ"©JU|OWHHLQH6WLPPH (LQXQUDVLHUWHU.HUOPLWIHWWLJHQVFKZDU]HQ+DDUHQWDXPHOWH DQ7XUSLQYRUEHLLQGHQ9RUUDXP 'HU9HUZDOWHUVFKORKLQWHULKPGLH7U 'HU3HQQHUNUDPWHLQGHQ7DVFKHQ'U7RGGHUVLFKLP 6FKDWWHQKLHOWKDWWHHUQRFKQLFKWEHPHUNW ª+LHULVWGDV*HOG©VDJWHGHU1HXDQN|PPOLQJXQGKLHOW 7XUSLQGLHRIIHQH+DQGKLQª6FKQDSVKDEHLFKDXFKQLFKW,FK ELQQRFKYRQJHVWHUQYROO© 7XUSLQQDKPGLH0Q]HQ ª8QGMHW]WZLOOLFKDQGHU0DWUDW]HKRUFKHQ©VDJWHGHU3HQQHU XQGGUHKWHVLFKXP 'DVDKHUGLH.LVWH ª2KZDVLVWGDVGHQQ"© 1HXJLHULJWUDWHUQlKHU 1DFK]ZHL6FKULWWHQSUDOOWHHU]XUFN6HLQH$XJHQZXUGHQ VWDUUYRU6FKUHFN ª$OOPlFKWLJHUGDVVLQGMD©(UZDQGWH7XUSLQGDV*HVLFKW ]Xª/HLFKHQVLQGGDV© ª*HQDXPHLQ)UHXQG©PHOGHWHVLFKLQGLHVHP$XJHQEOLFN 'U7RGª'DVVLQG/HLFKHQXQGGXZLUVWEDOGGDQHEHQOLHJHQ© 'HU3HQQHUNUHLVHOWHKHUXP 'U7RGO|VWHVLFKDXVGHP6FKDWWHQ/DXWORVNDPHUDXIGHQ 3HQQHU]X ,QVHLQHUEHKDQGVFKXKWHQ5HFKWHQIXQNHOWHHLQ'ROFK 'HU3HQQHUEHJULII(UPDFKWHDXIGHP$EVDW]NHKUWXQG ZROOWH]XU7UUHQQHQ 'DNODPPHUWHQVLFK]ZHL+lQGHKDUWZLH6FKUDXEEDFNHQXP VHLQH2EHUDUPH -HII7XUSLQKDWWH]XJHSDFNW 'HU3HQQHUNDPQLFKWHLQPDOGD]XHLQHQ6FKUHLDXV]XVWRHQ

(UVDKQRFKGDV$XIEOLW]HQGHU.OLQJHXQGGDQQVSUWHHUGHQ DOOHVYHU]HKUHQGHQ6FKPHU]GHUVHLQH%UXVWDXVHLQDQGHU]X UHLHQGURKWH 'HU3HQQHUZDUVFKRQWRWDOVHUQRFKLQ7XUSLQV*ULIIKLQJ 'U7RG]RJVHHOHQUXKLJGDV0HVVHUDXVGHU:XQGHXQGZLVFK WHHVDQGHU.OHLGXQJGHV3HQQHUVDE ª:LUILKQ]XGHQDQGHUHQ©VDJWHHU]X7XUSLQJHZDQGWª8QG YHUJLQLFKWGDV%OXWDXI]XZLVFKHQ© 7XUSLQOLHGLH/HLFKHLQGLH.LVWHIDOOHQ'HUUHFKWH$UPKLQJ QRFKEHUGHP5DQG 'DQQVFKORHUZLHGHUGLH7UDXI (UVWHLQPDOZDUI7XUSLQHLQSDDUYRUVLFKWLJH%OLFNHQDFK GUDXHQ'LH/XIWZDUUHLQ 'XUFKGLHYLHUWH/HLFKHZDUGLH.LVWHQRFKVFKZHUHUJHZRUGHQ 'LHEHLGHQ0lQQHUKDWWHQRUGHQWOLFK]XWUDJHQELVVLHHQGOLFKDQ GHU/DGHNODSSHGHV/HLFKHQZDJHQVVWDQGHQ 'U7RGVFKREGHQ6DUJHLQ6WFN]XU6HLWHGDPLWGLH.LVWH QRFK3ODW]KDWWH 'DQQZXFKWHWHQVLHVLHJHPHLQVDPKRFK 0LWHLQHPVFKPDW]HQGHQ*HUlXVFKVFKORGLH.ODSSH9RQ GUDXHQNRQQWHPDQQLFKWLQGDV,QQHUHGHV/HLFKHQZDJHQV EOLFNHQ6HOEVWGLH/DGHNODSSHZDUPLWHLQHU0LOFKJODVVFKHLEH YHUVHKHQ 'U7RGVFKORGLH)DKUHUWUDXI(UVSUDFKNHLQ:RUWPHKU VWDUWHWHGHQ0RWRUXQGUROOWHUFNZlUWVGLH*DVVHKRFK:HQGHQ NRQQWHHUKLHUQLFKW -HII7XUSLQVWDUUWHGHP:DJHQQDFK(UKDWWHDXIHLQPDO VFKUHFNOLFKH$QJVW +HOHQ&OD\ODJLQLKUHP%HWW'LH6SULW]HKDWWHLKUHZRKOWXHQGH :LUNXQJJHWDQ 9RUGHQ)HQVWHUGHV*X\+RVSLWDOVODXHUWHGLH1DFKW'LH KRKHQ%lXPHVFKOXFNWHQGHQJU|WHQ7HLOGHV9HUNHKUVOlUPVGHU +DXSWVWUDH$XIGHQ*lQJHQGUDXHQNODSSWHQKLQXQGZLHGHU 7UHQ6RQVWZDUDOOHVVWLOO

+HOHQODJLQHLQHP(LQEHWW]LPPHU'LUHNWEHULKUDQGHU:DQG EHIDQGVLFKGHU5XINQRSIIUGLH1DFKWVFKZHVWHU1HEHQGHP %HWWVWDQGHLQHNOHLQH.RPPRGH(LQH/HVHODPSHVWUHXWHLKU /LFKWLQGHQ5DXP 9RUGHU7UGHV.UDQNHQ]LPPHUVKRFNWHHLQ3ROL]LVW(UHPS IDQGGLHVHQ-REDOVlXHUVWDQJHQHKPEHVRQGHUVGHVKDOEZHLOHV KLHUYLHOHKEVFKH.UDQNHQVFKZHVWHUQJDE 6HLQH$XJHQKDWWHQKHXWH)HLHUWDJ$Q*HIDKUHQGDFKWHHUQLFKW LP7UDXP $XHUGHPKDWWHPDQLKQQLFKWHLQJHZHLKW(UQDKPDQHU KlWWHHLQH*HLVWHVJHVW|UWH]XEHUZDFKHQ8QGEHLVHLQHU6WDWXU ZXUGHHUGDPLWLPPHUIHUWLJ ,P=LPPHUZXUGH+HOHQSO|W]OLFKXQUXKLJ 6LHOHJWHGDV%XFKLQGHPVLHJHEOlWWHUWKDWWH]XU6HLWHXQG ZDQGWHLKUHQ.RSIGHP)HQVWHU]X +HOHQVDKQLFKWV 1DFKZLHYRUEHUVFKDWWHWHGLH'XQNHOKHLWGDV/DQG $EHULUJHQGHWZDVZDUJHVFKHKHQ+HOHQVSUWHHV(WZDV PXWHVLFKLP=LPPHUEHILQGHQ +HOHQV%OLFNHWDVWHWHQGXUFKGHQ5DXP 6LHEHPHUNWHQLFKWV 7URW]GHP $EHUPDOVJULIIVLH]XGHP%XFKGRFKVFKRQQDFKZHQLJH 6HNXQGHQOHJWHVLHHVZLHGHUZHJ6LHNRQQWHVLFKHLQIDFKQLFKW NRQ]HQWULHUHQ,KUH*HGDQNHQZXUGHQODXIHQGJHVW|UW $EHUZRGXUFKXQGYRQZHP" +HOHQVHW]WHVLFKDXIODXVFKWH -DMHW]WK|UWHVLHHVNODUXQGGHXWOLFK(VZDUHLQH6WLPPHLQ LKUHP,QQHUQ 6WHLJDXVGHP%HWWORFNWHGLH6WLPPH.RPP]XPLUNRPP +HOHQJHKRUFKWH6LHVFKZDQJGLH%HLQHEHUGHQ%HWWUDQG 'DV*LUOWUXJQXUHLQKDXFKGQQHV1DFKWKHPG$XWRPDWLVFK JULII+HOHQQDFKGHP0RUJHQURFN]RJLKQEHU 'DV)HQVWHUORFNWHVLHPLWEHLQDKHPDJLVFKHU*HZDOW-D GRUWZROOWHVLHKLQ1XUGRUWNRQQWHVLHUDXVXPGHU6WLPPH ]XIROJHQ

+HOHQPDFKWHHLQHQ]|JHUQGHQ6FKULWWDXIGDV)HQVWHU]X ,QGLHVHP$XJHQEOLFN|IIQHWHVLFKGLH7U'HU3ROL]LVWGHUDOOH GUHLLJ0LQXWHQQDFKLKU]XVHKHQKDWWHNDPLQV=LPPHU ª$EHU0LVV&OD\©ULHIHUª:DVPDFKHQ6LHGHQQGRUWDP )HQVWHU"©'HU%HDPWHVFKORGLH7U +HOHQZDQGWHVLFKXPª,FKLFK©6LHVWRFNWHZXWHQLFKW PHKUZDVVLHVDJHQVROOWH ª/HJHQ6LHVLFKZLHGHUKLQ%HVWLPPWKDEHQ6LHJHWUlXPW© +HOHQ]|JHUWH6LHNDPVLFKDXIHLQPDOXQKHLPOLFKEODPLHUW YRU:HVKDOEZDUVLHQXUDXIJHVWDQGHQ" 'RFKSO|W]OLFKZDUGLH6WLPPHZLHGHUGD 'LHVPDOYLHOODXWHUGHXWOLFKHU 'XPXWKLHUYHUVFKZLQGHQGXPXW +HOHQV*HVLFKWYHU]HUUWHVLFK+DUWWUDWHQLKUH:DQJHQNQRFKHQ KHUYRU 'HU3ROL]LVWEHPHUNWHGLH9HUlQGHUXQJGLHPLWGHP0lGFKHQ YRUJHJDQJHQZDU ª6WLPPWHWZDVQLFKW0LVV&OD\"6ROOLFKGHQ$U]WUXIHQ"© +HOHQ]XFNWH]XVDPPHQª1HLQQLFKWGHQ$U]W©VDJWHVLHª,FK ELQVFKRQLQ2UGQXQJ© 'HU%HDPWHUXQ]HOWHGLH6WLUQ9HUIOXFKWGLH6DFKHNDPLKP QLFKWJHKHXHUYRU ª,FKZHUGHGRFKOLHEHUJHKHQ©VDJWHHU )LHEHUKDIWVXFKWH+HOHQQDFKHLQHP$XVZHJ:HQQGHU3ROL]LVW MHW]WGHQ$U]WKROWHZDUDOOHVYRUEHL'DQQPXWHVLHKLHUEOHLEHQ NRQQWHGHP5XIQLFKWPHKUIROJHQ 6LHVWUHFNWHGHQ$UPDXV ª.RPPHQ6LH]XPLU© +HOHQVHW]WHLKUYHUIKUHULVFKVWHV/lFKHOQDXI0LWHLQHU VFKHLQEDUXQEHDEVLFKWLJWHQ%HZHJXQJO|VWHVLHGLHORVH6FKODXIH GHV0RUJHQPDQWHOV 5FNZlUWVJLQJVLH]XP%HWWVHW]WHVLFKKLQ 'HU%HDPWHEHNDPHLQHWURFNHQH.HKOH=XP7HXIHOQRFKPDO HUZDUVFKOLHOLFKHLQMXQJHU0DQQXQGDXHUGHPKDWWHQLKQGLH .UDQNHQVFKZHVWHUQLQLKUHQHQJHQ.LWWHOQJHQXJDXIJHUHL]W8QG HLQ.XNRQQWHEHVWLPPWQLFKWVFKDGHQ

ª:HQQLFKMHW]W]X,KQHQNRPPHYHUVSUHFKHQ6LHPLUGDQQ VLFKZLHGHULQV%HWW]XOHJHQ"© ª-D©KDXFKWH+HOHQ 6LHOHKQWHVLFKHLQZHQLJ]XUFN 'DV1DFKWKHPGVFKPLHJWHVLFKHQJDQLKUHQ.|USHUOLHGHXW OLFKMHGH(LQ]HOKHLWHUNHQQHQ 'DQQZDUZLHGHUGLH6WLPPHGD'XPXWHQGOLFKNRPPHQ %ULFKDXVGLHVHP*HIlQJQLVDXV ª-D©VW|KQWH+HOHQ 'HUMXQJH%HDPWHIDWHGLHVDOV$XIIRUGHUXQJDXI0LWVHLQHU %HKHUUVFKXQJZDUHVYRUEHL =ZHL6FKULWWHEUDFKWHQLKQ]XGHP0lGFKHQ(UILHODXIGLH .QLHYHUVXFKWHGLH/LSSHQGHV*LUOV]XNVVHQ +HOHQERJLKUHQ2EHUN|USHU]XUFN,QLKUHQ$XJHQODJHLQ NDOWHU*ODQ] $XIGHU.RPPRGHVWDQGHLQHVFKZHUH.ULVWDOONDUDIIH6LHZDU ]XU+lOIWHPLW:DVVHUJHIOOW +HOHQV)LQJHUVFKORVVHQVLFKXPGHQJOlVHUQHQ*ULII *OHLFK]HLWLJVSUWHVLHGLH+lQGHGHV3ROL]LVWHQEHULKUH %UVWHJOHLWHQK|UWHVHLQVFKZHUHV$WPHQ 'DVFKOXJVLH]X (VJDEHLQHQGXPSIHQ/DXWDOVGLH.DUDIIHDXIGHP6FKlGHO GHV0DQQHVODQGHWH 'HU3ROL]LVWVW|KQWHXQGElXPWHVLFKDXI0LWHLQHPJODVLJHQ %OLFNVWDUUWHHU+HOHQDQ 'DV0lGFKHQKDWWHMHW]WEHLGH+lQGHXPGLH.DUDIIHJH NODPPHUW6LHVDKGDGHUHLQH6FKODJQLFKWJHUHLFKWKDWWH 'DULVLHGLH$UPHQRFKHLQPDOKHUXQWHU 'LHVPDOVFKPHWWHUWHVLHGLH.DUDIIHJHJHQGLH6WLUQGHV %HDPWHQ 'HUOHW]WH5HVW:DVVHUVFKZDSSWHKHUDXV 6FKZHUILHOGHU3ROL]LVW]X%RGHQZRHUUHJORVOLHJHQEOLHE +HOHQPDFKWHVLFKXPVHLQ6FKLFNVDONHLQH6RUJHQ,KUZDUHV HJDODXFKZHQQHUWRWZDU 'DV!$QGHUHLQLKUZDUVWlUNHU 'U7RGV)HUQK\SQRVHKDWWHLKUH:LUNXQJJH]HLJW

1RFKLPPHUORFNWHGLH6WLPPH(LQQLHJHNDQQWHU'UDQJ HUIDWH+HOHQVRUDVFKZLHP|JOLFKDXVGHP=LPPHU]XJH ODQJHQ 6FKQHOOKXVFKWHVLH]XP)HQVWHUULHVDXI (LQNKOHU1DFKWZLQGIXKULQGDV=LPPHU +HOHQVFKDXGHUWH 'DQQEHXJWHVLHVLFKZHLWEHUGLH%UVWXQJ ,KU=LPPHUEHIDQGVLFKLP]ZHLWHQ6WRFN'LH)DVVDGHGHV +DXVHVZDUJODWW(VJDENHLQH9RUVSUQJHDQGHQHQVLHKlWWH KLQDENOHWWHUQN|QQHQ 'XQNHOODJGHU3DUNYRULKU'LH%DXPZLSIHOUDXVFKWHQLP :LQG 3O|W]OLFKVDKVLHHLQH*HVWDOW ,PHUVWHQ0RPHQW]XFNWH+HOHQ]XVDPPHQGRFKGDQQ HUNDQQWHVLHGLH:DFKVILJXUDXVGHP+RUURU.DELQHWW *HVFKPHLGLJIDVWZLHHLQ0HQVFKVFKOLFKGLH:DFKVILJXU GXUFKGLH%VFKH 8QWHU+HOHQV)HQVWHUEOLHEVLHVWHKHQ -HW]WKREGDV0RQVWHUEHLGH$UPH'HXWOLFKHUNDQQWH+HOHQGLH URWJOKHQGHQ$XJHQ 8QGGDQQZDUZLHGHUGLH6WLPPHGD 6SULQJDXVGHP)HQVWHU/RVVSULQJ 2KQH]X]|JHUQNOHWWHUWH+HOHQDXIGLHVFKPDOH)HQVWHUEDQN 0LWGHUUHFKWHQ+DQGKLHOWVLHVLFKDQGHP5DKPHQIHVW 8QWHULKUEUHLWHWHGLH:DFKVILJXUEHLGH$UPHDXV +HOHQOlFKHOWH -DGRUWXQWHQZUGHPDQVLHDXIIDQJHQ$QJVWEUDXFKWHVLH QLFKW]XKDEHQ +HOHQEHXJWHLKUHQ2EHUN|USHUHLQZHQLJYRUXQGVSDQQWHGLH 0XVNHOQ 'HU:LQGVSLHOWHPLWLKUHP+DDU 1RFKHLQPDOVDKVLHLQGLH7LHIH 8QEHZHJOLFKVWDQGGLH:DFKVILJXUXQWHUGHP)HQVWHU -HW]WVFKULHHVLQ+HOHQ 'DV0lGFKHQVWLHVLFKDE ,QGHUVHOEHQ6HNXQGHZXUGHGLH7UDXIJHULVVHQ

-RKQ6LQFODLUZDUDXIGHP:HJ]XP*X\+RVSLWDO'HUJDQ]H 1DFKPLWWDJZDUPLW9HUK|UHQGUDXIJHJDQJHQ'RFKHLQNRQNUH WHV(UJHEQLVZDUQLFKWKHUDXVJHNRPPHQ 8QGGDVlUJHUWH-RKQ +DQN'LOOLQJHUZDUEHLP
'DQQPXWHHUVLFKHUVWZLHGHURULHQWLHUHQ 'DV=LPPHULQGHP+HOHQODJEHIDQGVLFKDXIGHUOLQNHQ6HLWH GHV*DQJHV -RKQPXWHGXUFKHLQHJOlVHUQH)OJHOWUJLQJHLQSDDU 6FKULWWHZHLWHUXQGVWXW]WH 'HU6WXKODXIGHPHLJHQWOLFKGHU3ROL]LVWVLW]HQVROOWHZDUOHHU %OLW]VFKQHOOVWLHJGHUbUJHULQGHP,QVSHNWRUKRFK$EHU JOHLFK]HLWLJPDFKWHVLFKDXFKHLQHVHOWVDPH8QUXKHEUHLW -RKQOLHIGLHSDDU
-RKQVFKULHGLHOHEHQGH:DFKVILJXUDQ'HU.RSIUXFNWH KHUXP -RKQVDKLQGLHNOHLQHQURWHQ$XJHQ*OHLFK]HLWLJ]RJHUVHLQH PLW6LOEHUNXJHOQJHODGHQH%HUHWWD 'DV0RQVWHUOLH+HOHQIDOOHQ -RKQVDKJHQDXLQGLHURWHQ$XJHQ(UVSUWHGLH6WUDKOHQGLH YRQLKQHQDXVJLQJHQXQGVLFKZLHNOHLQH6SHHUHLQVHLQ*HKLUQ ERKUWHQ 'RFK-RKQ6LQFODLUZDUQLFKWXPVRQVW6FRWODQG
+LQWHUVHLQHP5FNHQZXUGHGLH7UDXIJHULVVHQ'LH6FKVVH ZDUHQJHK|UWZRUGHQ ª.PPHUWHXFKXPGHQ3ROL]LVWHQ©ULHI-RKQGHQLQV=LPPHU VWUPHQGHQbU]WHQXQG6FKZHVWHUQ]X 'DQQVSUDQJHU -RKQKHFKWHWHZDDJUHFKWGXUFKGLH/XIW(UKDWWHHLQ6WFNYRP )HQVWHUHQWIHUQWGHQVWDUNHQ$VWHLQHV%DXPHVJHVHKHQ 'HU$VWNDPPLWUDVHQGHU*HVFKZLQGLJNHLWQlKHU -RKQZDUIGLH$UPHQRFKHLQPDOYRUEHNDPGHQ$VW]X SDFNHQ (LQP|UGHULVFKHU5XFNJLQJGXUFKVHLQH$UPJHOHQNHDOVGHU )OXJVRDEUXSWJHEUHPVWZXUGH 'HU,QVSHNWRUVFKZDQJKLQXQGKHU (UKDQJHOWHVLFKZHLWHUGHP%DXPVWDPP]X 9RQXQWHQK|UWHHUGLH$QJVWVFKUHLHGHV0lGFKHQV -RKQVFKOXFNWH+RIIHQWOLFKNDPHUQLFKW]XVSlW (UOLHVLFKIDOOHQIDWHQDFKGHPQlFKVWHQJU|HUHQ$VW -HW]WNRQQWHHUGHQ5HVWGHU6WUHFNHVSULQJHQ -RKQIORJGXUFKGLH/XIWODQGHWHZHLFKDXIGHP5DVHQXQG UROOWHVLFKEHUGLH6FKXOWHUDE 'DV0RQVWHUOLH+HOHQORV6LHZDULQ]ZLVFKHQRKQPlFKWLJ JHZRUGHQ -RKQVDKGDVLHDP.RSIEOXWHWH )HQVWHUZXUGHQDXIJHULVVHQ/LFKWVFKHLQILHOQDFKGUDXHQ $QJVWYHU]HUUWH*HVLFKWHUEHREDFKWHWHQZLHGDV0RQVWHUDXI -RKQ6LQFODLU]XWDSSWH ª3ROL]HL:LUPVVHQGLH3ROL]HLKROHQ©EUOOWHHLQH6WLPPH -RKQK|UWHGDV*HVFKUHLLP8QWHUEHZXWVHLQ(UNRQ]HQWULHUWH VLFKYROODXIGLHOHEHQGH:DFKVILJXU 'HU,QVSHNWRUKDWWHVFKRQYLHOPLW0RQVWHUQXQG'lPRQHQ]X WXQJHKDEW$EHUJHJHQHLQH:DFKVILJXUKDWWHHUQRFKQLFKW JHNlPSIW.RQQWHHUVLHEHUKDXSWEHVLHJHQ" .XJHOQZDUHQZLUNXQJVORVSUDOOWHQDQGHP3DQ]HUDEZLH +DJHON|UQHU -RKQ6LQFODLUVWDQGOHLFKWJHGXFNWGD hEHUJURNDPHQLKPGLH$XJHQGHV0RQVWHUVYRU

'LH:DFKVILJXUJULIIDQ(WZDVXQJHOHQNVFKOXJHQGLH$UPHLQ -RKQV5LFKWXQJ 'HU,QVSHNWRUZLFKDXVHQWJLQJGHP6FKODJXP+DDUHVEUHLWH 'DQQZDUIHUVLFKYRU-RKQSUDOOWHJHJHQGLH%HLQHGHU :DFKVILJXUNUDOOWHVHLQH+lQGHXPGHQNDOWHQZHLHQhEHU]XJ 'DV:DFKVZDUJODWWXQGJOLWVFKLJ 0LWHLQHP5XFNEUDFKWH-RKQGDV0RQVWHU]X)DOO 6FKZHUVWU]WHHVDXIGHQ5FNHQKREEHLGH$UPHXQG XPNODPPHUWH-RKQ6LQFODLUGHUDXIGHP%DXFKGHV0RQVWHUVODJ ZLHHLQ6FKUDXEVWRFN -RKQZXUGHGLH/XIWDXVGHQ/XQJHQJHSUHW 'DV*HVLFKWGHV,QVSHNWRUVYHU]HUUWHVLFKYRU6FKPHU]'LH $UPHZDUHQZLHVWlKOHUQH5HLIHQ (VZDUXQP|JOLFKGHQ*ULII]XVSUHQJHQ -RKQVSDQQWHDOOH0XVNHOQYHUVXFKWHVLFKDXI]XElXPHQ 'HU*ULIIORFNHUWHVLFKQLFKW (VZDUSUDNWLVFKHLQH)UDJHYRQ6HNXQGHQGDQQZUGHLKP GDV0RQVWHUGLH5LSSHQEUHFKHQ 1RFKHLQPDOPRELOLVLHUWH-RKQ6LQFODLUDOOH.UlIWH(VJHODQJ LKPGHQUHFKWHQ$UPIUHL]XEHNRPPHQ 'LFKWYRUVLFKVDK-RKQGLHJUlOLFKHQURWHQ$XJHQ6LHVDKHQ DXVZLHPLW%OXWJHIOOWH.UDWHU 'LH$XJHQ :LHHLQ%OLW]]XFNWHGHU*HGDQNHGXUFK-RKQV*HKLUQ +HUUJRWWZDUXPKDWWHHUQLFKWIUKHUGDUDQJHGDFKW" (VJHODQJ-RKQVHLQHUHFKWH+DQGXQWHUGDV-DFNHWW]X VFKLHEHQ'LH)LQJHUVSLW]HQEHUKUWHQGDV0HWDOOGHU3LVWROH 1RFKHLQ6WFN -RKQNRQQWHVFKRQQLFKWPHKUDWPHQ 'DXPNODPPHUWHQVHLQH)LQJHUGLH:DIIH]RJHQVLHKHUYRU $XV-RKQV0XQGGUDQJHLQYHU]ZHLIHOWHVbFK]HQ0LWHLQHU XQJHKHXUHQ$QVWUHQJXQJKREHUGHQ$UPEUDFKWHGLH0QGXQJ GHU3LVWROHGLFKWYRUGDV$XJHGHV0RQVWHUV -RKQ6LQFODLUGUFNWHDE 'HU6FKXKDOOWHLQVHLQHQ2KUHQ7LHIGUDQJGLH.XJHOLQGDV UHFKWH$XJHGHU:DFKVILJXU

6RIRUWORFNHUWHVLFKGHUJQDGHQORVH*ULII:LOGVFKOXJHQGLH $UPHGHV0RQVWHUVXPVLFK -RKQ6LQFODLUUROOWHVLFKUHDNWLRQVVFKQHOOYRQGHP.|USHUGHU :DFKVILJXU 1HEHQLKPNUDFKWHQGLH$UPHGHV0RQVWHUVDXIGHQ%RGHQ -RKQEOLHEHUVWHLQPDOOLHJHQ %HLMHGHP$WHP]XJVFKPHU]WHQVHLQH5LSSHQ1RFKLPPHU KLHOWHUGLH3LVWROHLQGHU+DQG 'DV0RQVWHUVWDQGDXI (VWRUNHOWHLP.UHLVVFKOHQNHUWHPLWGHQ$UPHQXQGOLHI GDQQGDYRQ (VZROOWHIOLHKHQ 'DVNRQQWH-RKQDXINHLQHQ)DOO]XODVVHQ(UPXWHGLH :DFKVILJXUHLQIDQJHQXPHLQHQ%HZHLVIUGLH([LVWHQ]GLHVHU PRUGHQGHQ%HVWLH]XEULQJHQ -RKQULFKWHWHVLFKDQHLQHP%DXPVWDPPDXI'DV-DXOHQYRQ 3ROL]HLVLUHQHQGUDQJDQ-RKQV2KUHQ 'LH%HDPWHQZUGHQGDVJHVDPWH*HOlQGHDEVSHUUHQ'LH :DFKVILJXUKDWWHNHLQH&KDQFH]XU)OXFKWPHKU ,QHLQLJHU(QWIHUQXQJK|UWH-RKQGDV%HUVWHQYRQ=ZHLJHQ'DV 0RQVWHUPXWHPLW8UJHZDOWGXUFKGLH%VFKHEUHFKHQ -RKQQDKPGLH9HUIROJXQJDXI6HLQHUHFKWH+DQGKDWWHHUDXI GLHVFKPHU]HQGHQ5LSSHQJHSUHW %HIHKOHJHOOWHQGXUFKGLH1DFKW'LH3ROL]HLEHDPWHQZDUHQ GDEHLHLQHQ5LQJXPGDV.UDQNHQKDXVJHOlQGH]X]LHKHQ 3O|W]OLFKVDK-RKQGLH:DFKVILJXUDXIWDXFKHQ'HUKHOOH.|USHU VFKLPPHUWHGXUFKGLH'XQNHOKHLW 'DV0RQVWHUSUDOOWHJHJHQHLQHQ%DXPVWDPP(UPXWHGLH 2ULHQWLHUXQJYHUORUHQKDEHQ -RKQ6LQFODLUKROWHDXI 'HUVFKULOOH7RQHLQHU7ULOOHUSIHLIHVFKQLWWGXUFKGLH1DFKW 6HNXQGHQVSlWHUZDUIHQ6FKHLQZHUIHULKUHEUHLWHQ/LFKWEDKQHQ GXUFKGHQ3DUN 'LH+HOOLJNHLWNDPYRQDOOHQ6HLWHQ/LFKWILQJHUVWULFKHQEHU -RKQKLQZHJXQG ª'DGDLVWHV©EUOOWHHLQHKHLVHUH6WLPPH

'LH6FKHLQZHUIHUUXFNWHQKHUXPNRQ]HQWULHUWHQVLFKYROODXI GLHOHEHQGH:DFKVSXSSH 'DV0RQVWHUVWDQGLP6FKQLWWSXQNWGHU.HJHO8QNRQWUROOLHUW VFKOXJHVXPVLFK 'DQQSHLWVFKWHQGLH6FKVVH -RKQZDUIVLFKDXIGHQ%RGHQ hEHULKQSILIIGDVKHLH%OHLKLQZHJ ª,GLRWHQ©NHXFKWHGHU,QVSHNWRU:LHOHLFKWKlWWHHUJHWURIIHQ ZHUGHQN|QQHQ 6FKXDXI6FKXMDJWHQGLH%HDPWHQJHJHQGHQ.|USHUGHV 8QKHLPOLFKHQ 'RFKVlPWOLFKH*HVFKRVVHSUDOOWHQDE (LQH0DVFKLQHQSLVWROHUDWWHUWH 'DV%OHLVSULW]WHJHJHQGHQ3DQ]HU'DV0RQVWHUEOLHEXQEH VFKlGLJW (LQH)HXHUSDXVHHQWVWDQG ª1LFKWVFKLHHQ©JHOOWH-RKQV6WLPPH 'HU,QVSHNWRUVSUDQJDXIGLH%HLQH(UZLQNWHPLWEHLGHQ $UPHQ/LFKWNHJHOEOHQGHWHQLKQ ª0DFKWGLH6FKHLQZHUIHUDXV© 6LHHUORVFKHQELVDXIHLQHQ8QGGLHVHUNDPYRQ-RKQDXVJH VHKHQYRQGHUUHFKWHQ6HLWHEOHQGHWHLKQQLFKW 'HU/LFKWVWUDKOEDQQWHGDV0RQVWHUDXIGHU6WHOOH -RKQOLHIDXIGLH:DFKVILJXU]X(UJULIIIURQWDODQ'HQ$UPPLW GHU3LVWROHKDWWHHUZHLWYRUJHVWUHFNW 'UHL6FKULWWHYRUGHP0RQVWHUHQWIHUQWEOLHEHUVWHKHQ -RKQVFKRLQGDVDQGHUH$XJH 'DV0RQVWHUVWLHNHLQHQ/DXWDXV:LHYRP%OLW]JHWURIIHQ EUDFKHV]XVDPPHQ -RKQOLHGHQ$UPPLWGHU:DIIHVLQNHQ 6HNXQGHQVSlWHUK|UWHHUGLH6FKULWWH(WZD]ZDQ]LJ%HDPWH WDXFKWHQQHEHQLKPDXI (LQ=LYLOLVWEHIDQGVLFKXQWHUGHQ8QLIRUPLHUWHQ ,QVSHNWRU'HQQLVRQ-RKQNDQQWHLKQUHFKWJXW 'HQQLVRQOLHIVRIRUWDXIGHQ*HLVWHUMlJHU]Xª0HQVFK6LQFODLU ZDVPDFKHQ6LHGHQQKLHU"©

ª0XLFK,KQHQGDVQRFKHUNOlUHQ"©IUDJWH-RKQXQG]HLJWHDXI GLHOHEORVH:DFKVILJXU 'HQQLVRQJULQVWHª(LJHQWOLFKQLFKW(VKDWVLFKMDPLWWOHUZHLOH KHUXPJHVSURFKHQZHQQ6LHDXIWDXFKHQVROOWHPDQQDFK 0|JOLFKNHLWGDVORJLVFKH'HQNHQYHUJHVVHQ© 'HQQLVRQV:RUWHZDUHQLURQLVFKJHPHLQW-RKQZDUGDVQLFKW IUHPG(VJDEVRHWZDVZLH)XWWHUQHLGXQWHUVHLQHQ.ROOHJHQ 'HQQZHQQHVKDUWDXIKDUWNDPNRQQWHVLFK-RKQ6LQFODLUGHV JHVDPWHQ)DKQGXQJVDSSDUDWHVGHV
XQGGLVNXWLHUWHQGDV*HVFKHKHQH'LH/HXWHGLHGDV0RQVWHU JHVHKHQKDWWHQZDUHQQDWUOLFKGLH6WDUV -RKQNPPHUWHVLFKQLFKWXPGDV*HUHGH(UVXFKWHGHQGLHQVW KDEHQGHQ2EHUDU]W -RKQIDQGLKQLQPLWWHQHLQHU*UXSSH.ROOHJHQDXIGHP)OXU 'LH0HGL]LQHUVWDUUWHQGHQ,QVSHNWRUDQ -RKQJLQJGHQ)UDJHQGLHVLFKDXIGDV0RQVWHUEH]RJHQDXV GHP:HJXQGHUNXQGLJWHVLFKQDFK+HOHQXQGGHP3ROL]LVWHQ ª'DV0lGFKHQKDWDXHUHLQLJHQ3UHOOXQJHQNHLQHZHLWHUHQ 9HUOHW]XQJHQHUOLWWHQ8PGHQ%HDPWHQVWHKWHVDOOHUGLQJV VFKOHFKW(UZLUGJHUDGHJHU|QWJW:LUKRIIHQMHGRFKLKQGXUFK ]XNULHJHQ© ª9LHOHQ'DQN'RNWRU©VDJWH-RKQXQGYHUDEVFKLHGHWHVLFK 'UDXHQLQVHLQHP%HQWOH\EOLHEHUIQI0LQXWHQUXKLJVLW]HQ (UEUDXFKWHGLHVHNXU]H5XKHSDXVH'DQDFKIXKUHUORV,Q 5LFKWXQJ1HZ6FRWODQG
-RKQVDKHLQHQZHLWDXIJHULVVHQHQ0XQGGHQ7HLOHLQHU:DQJH XQGGDV$XJHZRVHLQH.XJHOJHWURIIHQKDWWH 'U%UHQQDQPDFKWHZHLWHU 6WFNIU6WFNYRQGHU:DFKVVFKLFKWVFKPRO]GDKLQ%DOG NRQQWH-RKQGDVJDQ]H*HVLFKWHUNHQQHQ 'HU,QVSHNWRUNDQQWHGHQ0DQQQLFKW(VPXWHHLQHUYRQGHQ 3HUVRQHQVHLQGLHLQ/RQGRQLPPHUVSXUORVYHUVFKZDQGHQ RKQHGDVLFKMHPDQGJURGDUXPNPPHUWH ª+RIIHQWOLFKKDEHQVLHGHQDUPHQ7HXIHOQLFKWEHLOHEHQGLJHP /HLEPLW:DFKVEHUJRVVHQ©VDJWH-RKQOHLVHª.|QQHQ6LH HLJHQWOLFKQRFKIHVWVWHOOHQZDQQGHU7RGHLQJHWUHWHQLVW"©IUDJWH HU'U%UHQQDQ 'HU:LVVHQVFKDIWOHUQLFNWHRKQHVHLQH$UEHLW]XXQWHUEUHFKHQ ª'DVZLUGVLFKPDFKHQODVVHQ9HUVSUHFKHQ6LHVLFKHWZDVGDYRQ ,QVSHNWRU"© ª9LHOOHLFKW0DQN|QQWHLPPHUKLQ5FNVFKOVVH]LHKHQZLH ODQJH'U7RGVFKRQVHLQ+DQGZHUNYHUEW© ª'U7RG"©IUDJWHGHU:LVVHQVFKDIWOHUª:HULVWGDVGHQQ"(LQ 6SLQQHU"© ª,FKZQVFKWHHUZlUHHV$EHU'U7RGLVWHLQJHIlKUOLFKHU 9HUEUHFKHUGHUVLFKPLWGHP6DWDQYHUEQGHWKDW© 'U%UHQQDQODFKWHOHLVHª8PHLQHQ0HQVFKHQPLW:DFKV ]XEHU]LHKHQEUDXFKHLFKPLFKQLFKWPLWGHP6DWDQ]XYHU EQGHQ© ª6LHYHUJHVVHQGDGLHVH:DFKVSXSSHJHOHEWKDW© ª=XP7HXIHO,QVSHNWRU6LHKDEHQUHFKW© ª8QGQRFKHLQV'RF%HKDOWHQ6LHEHUGDVZDVLFK,KQHQ HU]lKOWKDEH6WLOOVFKZHLJHQ© ª:HUELQLFKGHQQ,QVSHNWRU"© ª*XW©-RKQYHUDEVFKLHGHWHVLFK ª'HQJHQDXHQ%HULFKWVFKLFNHLFK,KQHQQRFK]X©ULHI 'U%UHQQDQDOVGHU,QVSHNWRUVFKRQDQGHU7UZDU ª,Q2UGQXQJ'RF© -RKQ6LQFODLUIXKUPLWGHP/LIWQDFKREHQ(UZROOWHVLFKLQ VHLQHQ:DJHQVHW]HQXQGQDFK+DXVHIDKUHQ0RUJHQZUGHHU GHP+RUURU.DELQHWWHLQHQ%HVXFKDEVWDWWHQ

-RKQK|UWHGLHNHLIHQGH)UDXHQVWLPPHVFKRQDOVHUQRFKLP /LIWZDU ª8QGLFKVDJH,KQHQLFKZLOOHLQHQ,KUHU%XOOHQVSUHFKHQ 0DQQ© 'LH/LIWWUHQ|IIQHWHQVLFK -RKQPXWHXQZLOONUOLFKJULQVHQ9RUGHP1DFKWGLHQVW EHDPWHQDQGHU$XVNXQIWVWDQGHLQHGHU/RQGRQHU%RUGVWHLQ VFKZDOEHQ6LHVFKLPSIWHZLHHLQWUNLVFKHU0DXOHVHOWUHLEHU ª'DNRPPWPDQVFKRQIUHLZLOOLJ]XGHQ%XOOHQXQGGDQQZLUG PDQQRFKIHUWLJJHPDFKW*HEHQ6LHPLUMHW]WLUJHQGHLQHQYRQ GHQ2EHUEXOOHQRGHULFKVFKODJH,KQHQGHQ/DGHQ]XVDPPHQ© 'HU%HDPWHDQGHU$XVNXQIWZDUI-RKQHLQHQKLOIHVXFKHQGHQ %OLFN]X 'LH)UDXKDWWHLKQZRKOEHPHUNWGHQQVLHZDQGWHVLFKXP ª,VWGDVHLQHUYRQGHQHQ"© ª,QVSHNWRULFK© 'HU%HDPWHUDQJGLH+lQGH -RKQZLQNWHDEª.DQQLFKLUJHQGHWZDVIU6LHWXQ0LVV"© ª3ROO\1HQQHQ6LHPLFKHLQIDFK3ROO\-D6LHN|QQHQZDVIU PLFKWXQ,FKNRPPHMDVRQVWQLHIUHLZLOOLJDEHUGLHVHP.HUO GHPZLOOLFKGRFKHLQVDXVZLVFKHQ© ª:HQQ6LH,KUHQ=XKlOWHUPHLQHQGDQQVLQG6LHEHLPLUIDOVFK ,FKZHUGH,QVSHNWRU© ª4XDWVFK=XKlOWHU'HQNHQ6LHLFKDUEHLWHPLW QHP/RGGHO" 1HHPHLQH6FKHLQHNDQQLFKDOOHLQDXVJHEHQ$EHUGLHVHUYHU GDPPWH7XUSLQKDWPLFKGRFKWDWVlFKOLFKLQGHQ$LFKPHLQH LQGDVYHUOlQJHUWH+LQWHUWHLOJHWUHWHQ© ª8QGGHVKDOENRPPHQ6LH]XU3ROL]HL"©IUDJWH-RKQGHPGLH JXWH3ROO\PLWWOHUZHLOHDXFKDXIGLH1HUYHQJLQJ ª/DVVHQ6LHPLFKGRFKPDODXVUHGHQ.HUO'HQQGLHVHUDUUR JDQWH)DW]NHPDFKWQHEHQEHLJXWH*HVFKlIWH8QGZLVVHQ6LH ZRPLW,QVSHNWRU"(UYHUVFKHXHUWQlPOLFK/HLFKHQ-HW]WVLQG6LH SODWWZDV"©

'U7RGV*HVLFKWZDUKDYHU]HUUW(UKDWWHDXVVLFKHUHU (QWIHUQXQJGLH9HUQLFKWXQJGHU:DFKVSXSSHPLWHUOHEW8QGHU KDWWHVLFKGDV*HVLFKWGHV0DQQHVGHUGLHV]XYHUDQWZRUWHQ KDWWHJHQDXHLQJHSUlJW (UZUGHHVQLHYHUJHVVHQ 'U7RGDKQWHLQVWLQNWLYGDGLHVHU0DQQVHLQ)HLQGZDU'D GHULKPVRJDUJHIlKUOLFKZHUGHQNRQQWH8QGHUPXWHGDPLW UHFKQHQGDGLHEHLGHQMXQJHQ/HXWHVHLQ9HUVWHFNYHUULHWHQ $EHUGDVZDUHLQJHSODQW %HVWLPPWZUGHGLHVHU0DQQNRPPHQXQGGDQQ )ULKQKDWWHVLFK'U7RGHLQHJDQ]EHVRQGHUH$UW]XVWHUEHQ DXVJHGDFKW 'HU8QKHLPOLFKHVDKLQWHUGHP6WHXHUVHLQHV/HLFKHQZDJHQV $XIGHU/DGHIOlFKHODJHQQRFKLPPHUGLHYLHU/HLFKHQ1RFK KHXWHQDFKWZROOWHHUVLHSUlSDULHUHQ]XPRUGHQGHQ0RQVWHUQ PDFKHQXPVRVFKQHOOZLHP|JOLFK]X]XVFKODJHQ 'HUGXQNOH/HLFKHQZDJHQUDVWHEHUGLH$XVIDOOVWUDHLQ 5LFKWXQJ7RQEULGJH 'LH+l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

-RKQEUDXFKWHJHQDX]ZHL6HNXQGHQXPVHLQHhEHUUDVFKXQJ]X YHUGDXHQ 3ROO\KDWWHVLFKLQ3RVLWXUJHVWHOOWNRVWHWHLKUH6FKDXYROODXV ª1D,QVSHNWRUGDVKlWWHQ6LHZRKOQLFKWJHGDFKWGDXQVHU HLQVDXFKPDOZDVIUGLH%XOOHQWXW© -RKQJULQVWHª0HLQ'DQNZLUG,KQHQHZLJQDFKODXIHQXQG6LH QLHHUUHLFKHQ$EHUMHW]WIDKUHQZLUDPEHVWHQUDXILQPHLQ%UR 'RUWN|QQHQ6LHPLUHLQLJHVHU]lKOHQ© (UIDWH3ROO\DP$UPXQGVWUHEWHPLWLKUGHP/LIW]X 'HU%HDPWHDQGHU$QPHOGXQJVFKDXWHQXUNRSIVFKWWHOQG KLQWHUKHU 3ROO\PLVFKWHGLHPXIILJH$XI]XJVOXIWPLWLKUHPDXIGULQJ OLFKHQ3DUIP -RKQUPSIWHXQZLOONUOLFKGLH1DVH 3ROO\]XFNWHPLWGHQ6FKXOWHUQª:DVZLOOPDQPDFKHQ ,QVSHNWRU"0DQFKH.HUOHULHFKHQGDVHEHQJHUQH© 3ROO\ZDUZLUNOLFKEHPHUNHQVZHUW1LFKWQXUPLWLKUHUJURHQ .ODSSHVRQGHUQDXFKLQLKUHU)LJXU 9LHOIHKOWHQLFKWPHKUDQ]ZHL=HQWQHUQ'LHJHIlUEWHQKHOO EORQGHQ+DDUHKDWWHVLH]XHLQHP7XUPIULVLHUW8QWHUGHU VFKZDU]HQ/HGHUMDFNHWUXJVLHHLQHQJUQHQELV]XP%HUVWHQ JHIOOWHQ3XOORYHU'HU5RFNZDUURWXQGHQGHWHZHLWEHUGHQ .QLHQ6WUPSIHWUXJ3ROO\DXFK'D]XQRFKPLWHLQHUGLFNHQ 1DKW$XHUGHPZDUHQLKUH6FKXKDEVlW]HEOHLVWLIWGQQ 3ROO\HU]lKOWHQRFKZLHVFKZHUVLHHVHLJHQWOLFKKDWWHDOVVLH -RKQV%UREHWUDWHQ ª$OVRHKUOLFK,QVSHNWRU©VDJWH3ROO\HLQSDDU6HNXQGHQ VSlWHUªKLHUP|FKWHLFKDXFKQLFKWDUEHLWHQ'LH%URVVLQGMD QRFKWURFNHQHUDOVLFKGDFKWH© ª'DVOlWVLFKlQGHUQ©HUZLGHUWHGHU,QVSHNWRUXQGKROWHHLQH :KLVN\IODVFKHDXVGHP6FKUHLEWLVFK $XI3ROO\V*HVLFKWJLQJGLH6RQQHDXI ª0HQVFK%XOOH6LHZHUGHQPLUMDGLUHNWV\PSDWKLVFK© -RKQ]RJGLH9RUKlQJH]X3ROO\KDWWHLQ]ZLVFKHQ]ZHL :DVVHUJOlVHUDXIJHWULHEHQXQGVLFKHLQHQDQVWlQGLJHQ6FKOXFN HLQJHVFKWWHW

ª7HXIHO,QVSHNWRUPLUZLUGJDQ]ZDUP©3ROO\VDKVLFKXP ª5LFKWLJJHPWOLFKKLHU%HL,KQHQZUGHLFKQRFKQLFKWPDO*HOG QHKPHQ© ª1HLQQHLQ©-RKQZLQNWHODFKHQGDEª,FKELQLQIHVWHQ +lQGHQ© ª'DVLVWHEHQLPPHUPHLQ3HFK© 3ROO\QDKPQRFKHLQHQ6FKOXFN-RKQOLHVLHJHZlKUHQ6LH ZUGHVFKRQDOOHLQDQIDQJHQ]XHU]lKOHQ8QGULFKWLJQDFK HLQLJHQ0LQXWHQZDUHVGDQQVRZHLW ª'LHVHU-HII7XUSLQLVWHLQ6FKZHLQHKXQG,FKZLOO,KQHQPDO ZDVVDJHQ,QVSHNWRULFKODVVHMDYLHOHVPLWPLUPDFKHQ$EHUVR PLUQLFKWVGLUQLFKWVHLQIDFKLQGHQYHUOlQJHUWHQ5FNHQWUHWHQ QHHGDVLVWEHL3ROO\QLFKWGULQ8QGGHVKDOEKDEHLFKPLUJHVDJW 3ROO\GDV]DKOVWGXLKP]XUFN© 'LH+DIHQVFKZDOEHJRVLFKQRFKHLQHQ:KLVN\QDFK'DQQ IXKUVLHIRUWª,FKELQQDFKGHP7ULWWQXUELV]XU(FNHJHODXIHQ XQGKDEHJHZDUWHW,FKZXWHGD7XUSLQZDVYRUKDWWH8QG ZDVVROOLFK,KQHQVDJHQ,QVSHNWRUGDNDPSO|W]OLFKHLQ /HLFKHQZDJHQDQ(LQULFKWLJHU/HLFKHQZDJHQVFKZDU]XQGVR ,FKKDEHYLHOOHLFKW QHQ6FKUHFNJHNULHJWDOVGHUYRU7XUSLQV %XGHKLHOW,FKZXWHMDGDHUIUGLH8QWHUZHOW/HLFKHQYHU VFKZLQGHQOlWDEHUGDHUVLHYHUVFKDFKHUWZDUPLUQHX© ª+DEHQ6LHJHVHKHQGDHUVLHYHUNDXIW"©VWHOOWH-RKQHLQH =ZLVFKHQIUDJH ª/DVVHQ6LHPLFKGRFKHUVWPDODXVUHGHQ,QVSHNWRU,FKKDEH DOVRJHZDUWHW$XIGHUJHJHQEHUOLHJHQGHQ6HLWHGHU*DVVHKDEH LFKPLFKYHUVWHFNW8QGDXIHLQPDONDPHQGLH.HUOH]XUFN© ª:HUVLQGGLH.HUOH"©IUDJWH-RKQVFKQHOO ª7XUSLQXQGGHU)DKUHUGHV/HLFKHQZDJHQV©3ROO\]QGHWH VLFKHLQH=LJDUHWWHDQ'DQQEHXJWHVLHVLFKYRUXQGVSUDFKLP 9HUVFKZ|UHUWRQZHLWHUª8QGZLVVHQ6LHZDVGLHEHLGHQPLW VFKOHSSWHQ"(LQH.LVWHPLW/HLFKHQ'LHKDEHQVLHLQGHP /HLFKHQZDJHQYHUVWDXW© ª0RPHQWPDO3ROO\©VDJWH-RKQª:RKHUZROOHQ6LHGHQQVR JHQDXZLVVHQGDHV/HLFKHQZDUHQ"6FKOLHOLFKZDUHVQHEOLJ XQG6LHVWDQGHQMDDXFKQLFKWJHUDGHGDQHEHQ©

ª:HQQLFKVDJHGDZDUHQ/HLFKHQGULQGDQQVWLPPWGDV $XHUGHPEDXPHOWHQRFKHLQ$UPDQGHU$XHQZDQGGHU.LVWH KHUXQWHU8QGGLHVHU0DQQ]XGHPGHU$UPJHK|UWHLVWNXU] YRUKHULQGDV+DXVJHJDQJHQ'DKDEHQVLHLKQVRIRUWNLUUH JHPDFKW© ª'DVVLQGQDWUOLFKVFKZHUZLHJHQGH%HVFKXOGLJXQJHQGLH6LH GDDXVVSUHFKHQ©VDJWH-RKQª:LUZHUGHQGHU6DFKHDXIGHQ *UXQGJHKHQXQGIDKUHQVRIRUW]XGLHVHP-HII7XUSLQ:RZRKQW HUHLJHQWOLFK"© ª$P+DIHQ(ULVWGHU9HUZDOWHUHLQHV2EGDFKORVHQDV\OV$EHU PXLFKXQEHGLQJWPLW,QVSHNWRU"© ª(VLVWEHVVHU© 3ROO\ZDUVDXHUª7HXIHODXFK-HW]WEHUHXHLFKHVVFKRQGDLFK JHNRPPHQELQ7XUSLQPDFKWPLFK]X+DFNIOHLVFK© ª.HLQH$QJVW©VDJWH-RKQOlFKHOQGª:HQQHVWDWVlFKOLFK VWLPPWZDV6LHLKPYRUZHUIHQZLUGHUQLHPDQGHPPHKUHWZDV WXQ:HQLJVWHQVLQGHQQlFKVWHQ]HKQ-DKUHQQLFKW© ª6LHKDEHQPLFKEHU]HXJW,QVSHNWRU©3ROO\VWDQGDXIXQG UHFNWHVLFKª'DQQZROOHQZLUPDO© 6LHQDKPHQ-RKQV%HQWOH\ ª6FKPXFNHU:DJHQ©VDJWH3ROO\ª6LHPVVHQJDQ]VFK|Q YHUGLHQHQ2GHUKDW6LHLUJHQGHLQ*DQJVWHUIUVWJHNDXIW"© -RKQODFKWHª0HLQHQ3UHLVNDQQQLHPDQGEH]DKOHQ© ª6RKDEHLFK6LHDXFKHLQJHVFKlW]W,QVSHNWRU© -HQlKHUVLHGHP+DIHQNDPHQXPVRGXQVWLJHUZXUGHHV-RKQ KDWWHQRFKQLHHUOHEWGDLP/RQGRQHU+DIHQPDONODUHV:HWWHU JHZHVHQZlUH ª$PEHVWHQ6LHODVVHQGHQ:DJHQREHQDQGHU*DVVHVWHKHQ© VDJWH3ROO\ªVRQVWPVVHQ6LHKLQWHUKHUUFNZlUWVUDXVNXW VFKLHUHQ© -RKQQLFNWH 6LHIXKUHQGXUFKVFKPDOH6WUDHQ9RUEHLDQ/DJHUKlXVHUQXQG )LUPHQJHElXGHQ 8PGLHVH=HLWZDUDOOHVUXKLJ.HLQ0HQVFKOLHVLFKDXIGHU 6WUDHQEOLFNHQ 'RFKGHUlXHUH(LQGUXFNWlXVFKWH,QGHQZLQNOLJHQ*DVVHQ

XQG(FNHQGUFNWHVLFKJHQJHQG*HVLQGHOKHUXP6LHIXKUHQ DXFKGXUFKHLQLJH6WUDHQ]JHLQGHQHQ%DUQHEHQ%DUODJ ª'DVLVWPHLQ%H]LUN©VDJWH3ROO\VWRO]XQG]HLJWHQDFK GUDXHQ )DVWUHLKHQZHLVHVWDQGHQGLH%RUGVWHLQVFKZDOEHQDQGHQ +DXVZlQGHQ0DQFKHYHUKDQGHOWHQDQGHUHZLHGHUVWLHUWHQ GXPSIYRUVLFKKLQ 6LHOLHHQGHQ5RWOLFKWEH]LUNVFKQHOOKLQWHUVLFK(VZXUGH ZLHGHUHLQVDPHU ª/LQNVGDQQUHFKWVXQGZLHGHUOLQNV©VDJWH3ROO\ª'DLVWHV GDQQ6ROOLFKQLFKWGRFKOLHEHUYRUKHUDXVVWHLJHQ"© ª,FKGDFKWHZLUKlWWHQHLQHQ3DNWJHVFKORVVHQ"© ª:DUMDDXFKQXU Q9RUVFKODJ© -RKQJLQJPLWGHP7HPSRKHUXQWHUª:LHVDKGHU0DQQHLJHQW OLFKDXVGHUGLHVHQ/HLFKHQZDJHQJHIDKUHQKDW"© ª9RQGHPKDEHLFKQLFKWYLHOJHVHKHQ'HUWUXJMDHLQHQ+XW XQGKDWWHGHQ0DQWHONUDJHQKRFKJHVWHOOW1HHEHLPEHVWHQ :LOOHQQLFKW,QVSHNWRU© ª'LH1XPPHUGHV:DJHQVKDEHQ6LHVLFKQLFKW]XIlOOLJ JHPHUNW"© ª.RQQWHLFKHEHQIDOOVQLFKWHUNHQQHQ$XHUGHPKDWPLFKGLH .LVWHYLHO]XVHKUEHVFKlIWLJW©3ROO\VWUHFNWHGHQ$UPDXVXQG ]HLJWHGXUFKGLH)URQWVFKHLEHª$PEHVWHQ6LHKDOWHQKLHUDQ ,QVSHNWRU© -RKQVWRSSWH 6LHVWLHJHQDXVª8QGVFKOLHHQ6LHGHQ:DJHQJXWDE ,QVSHNWRU+LHULQGHU*HJHQGLVWDOOHVP|JOLFK© ª'DQNHIUGHQ5DW© 3ROO\JLQJVFKRQYRU'HU1HEHOKDWWHQRFK]XJHQRPPHQ'LFN XQGZDWWLJKLQJHU]ZLVFKHQGHQVFKPDOHQ6WUDHQXQG *HElXGHQ ,UJHQGZRDXVGHU'XQNHOKHLWHUW|QWHHLQ3ILII8QZLOONUOLFK WDVWHWH-RKQQDFKVHLQHU:DIIH 3ROO\ODFKWHª.HLQH%DQJH,QVSHNWRUGLHOHJHQ6LHQLFKWXP +|FKVWHQVHLQHQ6FKODJEHUGHQ6FKlGHOGDVLVWDOOHV© ª'DELQLFKDEHUEHUXKLJW©PHLQWH-RKQJULQVHQG

9RUGHP2EGDFKORVHQDV\OVFKDXNHOWHHLQHWUEH/DWHUQH6LH NRQQWHQVLHHUVWVHKHQDOVVLHGLFKWGDYRUVWDQGHQ 3O|W]OLFKK|UWH-RKQLQVHLQHP5FNHQHLQH]LVFKHQGH6WLPPH ª.HLQH%HZHJXQJ%XGG\VRQVWVFKQLW]HLFKGLUHLQ/RFKLQGLH )LJXU,FKZLOOQXUGHLQH0FNHQ© (KH-RKQUHDJLHUHQNRQQWHEHUQDKP3ROO\GLH,QLWLDWLYH ª0HQVFKGDVLVW Q%XOOHYRP
(VNUDFKWHXQG7XUSLQZXUGHLQGHQ)OXUJHVFKOHXGHUW (KHHUVLFKZLHGHUDXIUDSSHOQNRQQWHZDUHQ-RKQXQG3ROO\ VFKRQGULQ 7URW]GHUPLHVHQ%HOHXFKWXQJHUNDQQWH-RKQGLH$QJVWLQGHP *HVLFKWGHV(LQlXJLJHQ ª6LHVLQG-HII7XUSLQ"© ª-D© ª,FKELQ,QVSHNWRU6LQFODLU6FRWODQG
6HOWHQKDWWH-RKQVHLQH3LVWROHVRVFKQHOOJH]RJHQZLHLQGLHVHP $XJHQEOLFN 'LH:DIIHVFKLHQLKPI|UPOLFKLQGLH+DQG]XVSULQJHQ :LHHLQHOHEHQGH0DXHUVWDQGHQGLH3HQQHUYRUGHP,QVSHNWRU -RKQVDKLQILQVWHUH*HVLFKWHU 9LHOHGHU0lQQHUKLHOWHQ.QSSHOLQGHQ+lQGHQ6RJDU]ZHL 0HVVHUEOLQNWHQ 7XUSLQZDU]XU6HLWHJHVSUXQJHQ(UKDWWHLQGHP3XONGHU 3HQQHU'HFNXQJJHIXQGHQ 3ROO\KDWWHVLFKKLQWHU-RKQVEUHLWHQ5FNHQYHU]RJHQ6LH NUHLVFKWHQXULPPHUZLHGHUª,FKKDEHGDPLWQLFKWV]XWXQ/DW PLFKDP/HEHQ© -RKQVWLH3ROO\]XU6HLWH(UEUDXFKWHIUHLH%DKQª0DFKWNHL QHQ8QVLQQ0lQQHU,FKELQ6FRWODQG
-RKQVWHFNWHEOLW]VFKQHOOVHLQH3LVWROHHLQ(UKlWWHVRZLHVR QLFKWDXIGLHVH0HQVFKHQJHVFKRVVHQ (LQH0DVVHQVFKOlJHUHLEHJDQQ,QGHP9RUIOXUZDUHVHQJXQG GLH3HQQHUEHKLQGHUWHQVLFKJHJHQVHLWLJ -RKQ6LQFODLULQYLHOHQ.DPSIDUWHQSHUIHNWZLFKGHQ PHLVWHQ6FKOlJHQDXVRGHUEORFNWHVLHDE (UVHOEVWWHLOWHDXFKRUGHQWOLFKDXV6RPDQFKHU=DKQDU]WKlWWH VHLQH)UHXGHGDUDQJHKDEW :LHHLQ%HUVHUNHUNlPSIWHVLFK-RKQGXUFKGDV*HZKO 8QGSO|W]OLFKVWDQGGHU3HQQHUPLWGHP0HVVHUYRULKP:HU ZHLZRHUGLH:DIIHDXIJHWULHEHQKDWWHDXIMHGHQ)DOOZDUHVHLQ K|OOLVFKJHIlKUOLFKHV'LQJ 'HU.HUOVWLHVRIRUW]X -RKQUDPPWHLKPJHGDQNHQVFKQHOOGLH+DQGNDQWHJHJHQGHQ (OOHQERJHQXQGWUDWLKPJOHLFK]HLWLJGLH%HLQHZHJ 'HU3HQQHUOHJWHVLFKIODFK -RKQKDWWHIUHLH%DKQVDKGLFKWYRUVLFKGLH7U]XGHP *HPHLQVFKDIWVVDDO -RKQKHFKWHWHKLQGXUFK+LQWHULKPVFKOXJHQVLFKGLH3HQQHU JHJHQVHLWLJNR)UVLHZDUGLH.HLOHUHLPDOZLHGHUHLQH ZLOONRPPHQH$EZHFKVOXQJ -RKQVDKVLFKVFKQHOOLQGHP6FKODIUDXPXP $QGHU'HFNHEUDQQWHHLQHDOWH)XQ]HOXQGEHOHXFKWHWHHLQ XQEHVFKUHLEOLFKHV&KDRV9HUGUHFNWH+HPGHQ6RFNHQ8QWHU ZlVFKHGLHI|UPOLFKQDFK:DVVHUVFKULHQDOOHVODJNXQWHUEXQW GXUFKHLQDQGHU 1XU-HII7XUSLQIHKOWH (UKDWWHHVYRUJH]RJHQLQGHPDOOJHPHLQHQ:LUUZDUU]X YHUVFKZLQGHQ -RKQIOXFKWHOHLVH 6HLQ%OLFNILHODXIGDVRIIHQH)HQVWHU'DPXWH7XUSLQKLQDXV VHLQ -RKQ6LQFODLUVSUDQJEHU]ZHLHLVHUQH%HWWJHVWHOOHXQGHU UHLFKWHGDV)HQVWHU 'UDXHQODJGHU1HEHOGLFKWZLH:DWWH +LHUMHPDQGHQ]XILQGHQZDUXQP|JOLFK

7URW]GHPVWLHJ-RKQQDFKGUDXHQ(VZDUHWZDHLQ
-RKQULGHQ.RSILQGHQ1DFNHQ,PVHOEHQ$XJHQEOLFNVDXVWH HWZDVDXILKQ]X ,QVWLQNWLYVSUDQJHU]XU6HLWH 'LFKWYRUVHLQHQ)HQNODWVFKWHHLQOHEORVHU.|USHUDXI GDV3IODVWHU %OLW]DUWLJJLQJ-RKQLQGLH+RFNH (VZDUHLQH)UDXGLHYRULKPODJ 3ROO\GLH+DIHQGLUQHPLWHLQHP0HVVHUVWLFKLP+DOV -HII7XUSLQKDWWHJUDXVDPH5DFKHJHQRPPHQ 3ROO\ZDUWRW'DVVDK-RKQPLWHLQHP%OLFN 'HU,QVSHNWRUIKOWHHLQ:UJHQLP+DOV6LFKHU3ROO\ZDU HLQH)UDXJHZHVHQGLHLKUHQ.|USHUIU*HOGYHUNDXIWKDWWH $EHUGHQQRFKHLQ0HQVFK (LQ0HQVFKGHUYRQHLQHUUHLHQGHQ%HVWLHXPJHEUDFKWZRU GHQZDU -RKQ]RJ3ROO\LQGHQ6FKDWWHQGHU+DXVPDXHU'DEHLVWLHHU JHJHQHLQH7UGLHVLFKTXLHWVFKHQG|IIQHWH 6RIRUWVSUDQJ-RKQ]XU6HLWHKROWHVHLQH%OHLVWLIWODPSHKHUYRU XQGNQLSVWHVLHDQ 'HUGQQH6WUDKOJHLVWHUWHEHUEUFKLJHV0DXHUZHUNXQGDOWH 6WDKOWUlJHUGLHYHUURVWHWXQGIHXFKWZDUHQ'XUFKGLHNOHLQHQ )HQVWHUGUDQJHQ1HEHOVFKZDGHQ'DV'DFKZDU]XU+lOIWHHLQ JHVWU]W(LQH7UHSSHRKQH*HOlQGHUIKUWHDXIGHQKHLOHQ7HLO GHV'DFKHV 'RUWREHQPXWHVLFK7XUSLQEHIXQGHQKDEHQ -RKQULVNLHUWHHVXQGJLQJGLH6WXIHQKRFK(UKDWWH$QJVWGLH 7UHSSHZUGHXQWHUVHLQHP*HZLFKW]XVDPPHQEUHFKHQ 'RFKVLHKLHOW $XIGHP'DFKSDFNWHGHU1HEHO-RKQVRIRUWLQGLFNH:DWWH 9LHOOHLFKWEHIDQGVLFK7XUSLQQRFKLQGHU1lKH+HUXQWHU JHNRPPHQZDUHUDXINHLQHQ)DOO 6FKULWWIU6FKULWWJLQJGHU,QVSHNWRUZHLWHU'UHFNNQLUVFKWH XQWHUVHLQHQ6FKXKVRKOHQ (UHUUHLFKWHGHQ5DQGGHV'DFKHV

2EZRKOGDV+DXVQLFKWVHKUKRFKZDUNRQQWHHUQLFKWHLQPDO GDV6WUDHQSIODVWHUHUNHQQHQ 'HU,QVSHNWRUNHKUWHZLHGHUXPJLQJGHQ5DQGGHV'DFKHVDE 7XUSLQEOLHEYHUVFKZXQGHQ(VPXWHLUJHQGHLQH0|JOLFKNHLW JHEHQXQJHVHKHQYRQKLHU]XYHUVFKZLQGHQ -RKQ6LQFODLUVWLHJGLH7UHSSHQDFKXQWHQLQGLH+DOOHKLQDE GXUFKTXHUWHVLHXQGWUDWZLHGHUDXIGLH6WUDH 3ROO\ODJQRFKLPPHUDXIGHPIHXFKWHQVFKPXW]LJHQ3IODVWHU -RKQ6LQFODLUJLQJ]XVHLQHP:DJHQ(UVFKQDSSWHVLFKGDV 0LNURSKRQXQGOLHVLFKEHUGLH
6ROHLVHHVJLQJKXVFKWHHUDXIGLH(LQJDQJVWU]X:HQLJ VSlWHUKDWWHGHU1HEHOGHQ0|UGHUYHUVFKOXFNW 7XUSLQZDUHLQ.LQGGHV+DIHQV(UNDQQWHGLH*HJHQGEHVVHU DOVVHLQHHLJHQH0XWWHU6HOEVWEHLY|OOLJHU'XQNHOKHLWIDQGHU VLFK]XUHFKW =XHUVWPXWHHUPDODXVGLHVHP9LHUWHOYHUVFKZLQGHQ 'HU,QVSHNWRUZUGHEHVWLPPW+LPPHOXQG+|OOHLQ %HZHJXQJVHW]WHQXPLKQ]XILQGHQ )U7XUSLQJDEHVHLJHQWOLFKQXUHLQH0|JOLFKNHLWXQWHU]X WDXFKHQ'DVZDUEHL'U7RG(UPXWHLKQIUGLHQlFKVWHQ 7DJHYHUVWHFNHQ(LQZHQLJVFKDXGHUWHHUEHLGHP*HGDQNHQ PLWGLHVHP.HUOXQWHUHLQHP'DFK]XKDXVHQDEHUHUKDWWH NHLQHDQGHUH:DKO :LHHLQDXIGHU)OXFKWEHILQGOLFKHV5DXEWLHUVFKOLFK-HII7XUSLQ GXUFKGLHHQJHQ+DIHQJDVVHQ7URW]GHV1HEHOVQXW]WHHULPPHU QRFKMHGH'HFNXQJJHVFKLFNWDXV (LQPDOK|UWHHULQGHU)HUQH3ROL]HLVLUHQHQ%HVWLPPWKDWWHGHU ,QVSHNWRUVHLQH+LOIVNUlIWHDODUPLHUW :R'U7RGOHEWHZXWH7XUSLQQLFKW(UKDWWHQXUHLQH 7HOHIRQQXPPHUXQWHUGHUHULKQHUUHLFKHQNRQQWH 7XUSLQIDQGVFKQHOOHLQH=HOOH 6HLQH)LQJHU]LWWHUWHQDOVVLHGLH1XPPHUZlKOWHQ,PPHU ZLHGHUVDKVLFKGHU0|UGHUQDFKDOOHQ6HLWHQXP'RFKGXUFK GLH*ODVVFKHLEHQVFKLHQGLH1HEHOZDQGQRFKGLFNHU]XVHLQ (VGDXHUWHHQGORVODQJHELVMHPDQGDPDQGHUHQ(QGHGHU /HLWXQJDEKRE ª-D"© ª,FKELQ V7XUSLQ+|UHQ6LH'RNWRU,FKVWHFNHLQ 6FKZLHULJNHLWHQ6FRWODQG
ª+|U]X7XUSLQ©NQDUUWHGLH6WLPPHª,FKKDEH9HUVWlQGQLV IUGHLQH6LWXDWLRQ'XNDQQVW]XPLUNRPPHQ6RIRUW,FKJHEH GLUQXUPHLQH$GUHVVH© ª1DGDELQLFKDEHUIURK© 7XUSLQDWPHWHHUOHLFKWHUWDXI (UZLHGHUKROWHGLH$QJDEHQQRFKHLQPDOXQGKlQJWHGDQQHLQ 'DVOHLVH/DFKHQGHV8QKHLPOLFKHQK|UWHHUQLFKWPHKU 7XUSLQYHUOLHGLH7HOHIRQ]HOOHXQGEHUOHJWHVHLQHQlFKVWHQ 6FKULWWH =XHUVWEUDXFKWHHUPDOHLQHQ:DJHQ'DVZDUNHLQ3UREOHP 6FKOLHOLFKVWDQGHQJHQXJKHUXP 7XUSLQRULHQWLHUWHVLFKLQ5LFKWXQJ/RQGRQHU&LW\-HZHLWHU HUVLFKYRP+DIHQHQWIHUQWHXPVRGQQHUZXUGHGHU1HEHO 9RUHLQHU%DUHQWGHFNWH7XUSLQGDVZDVHUEUDXFKWH (LQGXQNOHU$XVWLQGHUZDUJHQDXULFKWLJ 7XUSLQVDKHUVWQDFKREGLH/XIWUHLQZDUXQGPDFKWHVLFK GDQQDQGLH$UEHLW (UKDWWHDXVVHLQHQIUKHUHQ=HLWHQQRFKQLFKWVYHUOHUQW ,QQHUKDOENXU]HU=HLWNQDFNWHHUGHQ:DJHQXQGVFKORLKQNXU] (LQ%OLFNDXIGLH7DQNXKU]HLJWHLKPGDQRFKJHQXJ6SULWIU HLQHOlQJHUH)DKUWYRUKDQGHQZDU 7XUSLQJULQVWH]XIULHGHQ 1DFKGUHLLJ0LQXWHQKDWWHHU/RQGRQKLQWHUVLFKJHODVVHQ 'HU1HEHOZDU]XHLQHPIHLQHQ'XQVWVFKOHLHUJHZRUGHQ=JLJ JLQJHVZHLWHULQ5LFKWXQJ7RQEULGJH 'HUNOHLQH2UWZDUZLHDXVJHVWRUEHQ.HLQ0HQVFKEHIDQGVLFK PHKUDXIGHQ6WUDHQ 7XUSLQIXKUGXUFKELV]XGHP-DKUPDUNWXQGOLHGHQ:DJHQLQ HLQHUNOHLQHQ6HLWHQJDVVHVWHKHQ 'HQ5HVWGHV:HJHVJLQJHU]X)X (VZDUVFKRQHLQNRPLVFKHV*HIKOEHUGHQYHUODVVHQHQ 5XPPHOSODW]]XVFKOHLFKHQ hEHUDOOK|UWHHU*HUlXVFKH'DV+RO]GHU%XGHQNQLVWHUWH XQGlFK]WH -HII7XUSLQJULQVWHYHU]HUUW,PPHUZROOWHHUKLHUDXFKQLFKW ZRKQHQ

3O|W]OLFKK|UWHHUKLQWHUVHLQHP5FNHQHLQ*HUlXVFK6RIRUW EOLHE7XUSLQVWHKHQ (LQKlOLFKHV.LFKHUQHUUHLFKWHVHLQ2KUª6HLWZDQQELVWGX lQJVWOLFK7XUSLQ"2GHUKDVWGXHLQVFKOHFKWHV*HZLVVHQ"© 7XUSLQZDQGWHGHQ.RSI ,QGHU'XQNHOKHLWNRQQWHHUQLFKWYLHOHUNHQQHQ(UVDKGLH .RQWXUHQHLQHU*HVWDOW]ZLVFKHQ]ZHL%XGHQDXIWDXFKHQ ª.RPP]XPLU© 7XUSLQ]|JHUWH$POLHEVWHQZlUHHUMHW]WZHJJHODXIHQ$EHU ]XP7HXIHOHUZDUDXIGLHVHQ'U7RGDQJHZLHVHQ ª:REULQJHQ6LHPLFKKLQ"©IUDJWHHUUDXQHQG ª:RGXKLQZROOWHVW©DQWZRUWHWHGLH6WLPPH:LHGHUNLFKHUWH GHU0DQQKlPLVFK $OV7XUSLQGLFKWHUYRUGHP8QEHNDQQWHQVWDQGZDQGWHVLFK GLHVHUXP ª)ROJHPLU©VDJWHHUQXU 'LHEHLGHQ0lQQHUVFKOLFKHQGXUFKHLQ:LUUZDUUYRQ%XGHQ XQG.DUXVVHOOV ª:RKLQEULQJHQ6LHPLFK"©ZLHGHUKROWH7XUSLQVHLQH)UDJH ª:LUVLQGJOHLFKGD© 9RUHLQHUHLQVW|FNLJHQJURHQ+RO]EXGHEOLHEHQVLHVFKOLHOLFK VWHKHQ 'HU8QEHNDQQWHVFKORGLH7UDXI 'LH0lQQHUEHWUDWHQGDV,QQHUHGHV+RUURU.DELQHWWV 6LHJHODQJWHQLQHLQHQODQJHQ*DQJDQGHVVHQ(QGHVLFKHLQH 7UEHIDQG 'HU*DQJZXUGHYRQHLQHUURWHQ/DPSHEHOHXFKWHW &DUOR'U7RGV'LHQHUEOLHEYRUGHU7UHLQHQ0RPHQWVWHKHQ 'DQQGUHKWHHUVLFKXP =XPHUVWHQPDOVDK7XUSLQ&DUORV*HVLFKWJDQ]GHXWOLFK 'HU0|UGHU]XFNWHXQZLOONUOLFK]XUFN(LQHU|WOLFKH IOHLVFKLJH0DVVHDXVGHU]ZHL$XJHQOXJWHQVWDUUWHQLKQDQ ª0HLQ$QEOLFNJHIlOOWGLUZRKOQLFKWZDV"©]LVFKWH&DUOR ª$EHUGXZLUVWGLFKGDUDQJHZ|KQHQVRZLHDQGHUHYRUGLU DXFK(VJDEDXFKZHOFKHGLHZROOWHQVLFKHLQIDFKQLFKWPLWPLU YHUWUDJHQ6LHOLHJHQMHW]WDXIGHP)ULHGKRI©

7XUSLQVDJWHQLFKWV$EHULQQHUOLFKPDFKWHHUVLFK9RUZUIH GLHVHQ:HJHLQJHVFKODJHQ]XKDEHQ'RFKMHW]WJDEHVNHLQ =XUFNPHKU &DUORIKUWHLKQHLQH6WHLQWUHSSHKLQXQWHULQGHQ.HOOHU 6XPPHQGH*HUlXVFKHGUDQJHQDQ7XUSLQV2KUHQ 6LHVWDPPWHQYRQGHQ0DVFKLQHQGLH'U7RGIUVHLQH ([SHULPHQWHEHQXW]WHDEHUGDVZXWH7XUSLQ]XGLHVHP =HLWSXQNWQRFKQLFKW (UZDUQXUHUVWDXQWEHUGDV/DE\ULQWKYRQ*lQJHQXQG 9HUOLHVHQGDVVLFKKLHUXQWHQEHIDQG 6LHJHODQJWHQLQHLQHQNOHLQHQ5DXP(UZDUEHLQDKHJHPWOLFK HLQJHULFKWHW=ZHL6HVVHOHLQ7LVFK7HSSLFKHJHGlPSIWHV/LFKW 6RJDU=LJDUHWWHQJDEHV6LHEHIDQGHQVLFKLQHLQHU'RVHGLHDXI GHP7LVFKVWDQG &DUORYHUVFKZDQGGXUFKHLQH6HLWHQWU 7XUSLQEOLHEDOOHLQ]XUFN8QVFKOVVLJVDKHUVLFKXP1XU PKVDPNRQQWHHUVHLQH(UUHJXQJXQWHUGUFNHQ (U]QGHWHVLFKHLQH=LJDUHWWHDQ ª1DJHIlOOWHVGLUKLHUXQWHQ"©IUDJWHSO|W]OLFKHLQH6WLPPH 'LH=LJDUHWWHZlUH7XUSLQEHLQDKHDXVGHU+DQGJHIDOOHQVR KDWWHHUVLFKHUVFKURFNHQ 8QK|UEDUZDU'U7RGHLQJHWUHWHQ (UZDUDXVGHU7UJHNRPPHQKLQWHUGHUDXFK&DUORYHU VFKZXQGHQZDU ª1LPPUXKLJ3ODW]-HII7XUSLQ©VDJWH'U7RGª'XELVWHLQHU GHUZHQLJHQGLHPHLQ5HLFKKLHUXQWHQJHVHKHQKDEHQ:LHELVW GXHLJHQWOLFKKHUJHNRPPHQ"© ª0LWHLQHP:DJHQ© ª'HLQHPHLJHQHQ"© ª1HLQ© ª$OVRJHVWRKOHQ© 7XUSLQQLFNWH 'U7RGKDWWHVLFKHEHQIDOOVKLQJHVHW]W)DVWLP3ODXGHUWRQ VSUDFKHUZHLWHU ª,FKPXGDVQlPOLFKJHQDXZLVVHQGDPLWLFKKLQWHUKHUDOOH 6SXUHQEHVHLWLJHQNDQQ©

7XUSLQKDWWHGDV*HIKODOVKlWWHLKPMHPDQGHLQHQ (OHNWURVFKRFNYHUVHW]Wª6ROOGDVKHLHQGDLFKIULPPHUKLHU KLHUXQWHQEOHLEHQPX"©IUDJWHHUVWRFNHQG ª$QVLFKQLFKW'XNDQQVWQDWUOLFKDXFKGLHVH5HJLRQYHU ODVVHQ$OOHUGLQJVQLFKWDOV0HQVFKVRQGHUQ©'U7RGPDFKWH HLQHNOHLQH.XQVWSDXVHªDOV0RQVWHU*HQDXHUJHVDJWDOV :DFKVILJXU© 'LHEUHQQHQGH=LJDUHWWHILHO7XUSLQDXVGHU+DQGXQGYHU VHQJWHGHQ7HSSLFK'HU0|UGHUDFKWHWHQLFKWGDUDXI8QJOlXELJ VWDUUWH7XUSLQVHLQ*HJHQEHUDQ'LH:RUWHNDPHQLKPHUVWMHW]W ULFKWLJ]X%HZXWVHLQª,FKVROODOV:DFKVILJXU"© ª:DVGDFKWHVWGXGHQQ"'HQNVWGXLFKODVVHGLFKDXVODXWHU 0HQVFKHQIUHXQGOLFKNHLWKLHUKHUNRPPHQ"1HLQ6FKOLHOLFK EUDXFKHLFK(UVDW](LQHVPHLQHU*HVFK|SIHKDWPDQYHUQLFKWHW© ª1HLQ© 7XUSLQVSUDQJDXIXQGZROOWHVLFKDXI'U7RGVWU]HQ 'RFKZLHYRQHLQHUXQVLFKWEDUHQ6FKQXUJH]RJHQ|IIQHWHVLFK GLH7U 9LHU:DFKVILJXUHQEHWUDWHQGHQ5DXP 7XUSLQEOLHEJHEDQQWVWHKHQ 'U7RGODFKWHKlOLFKª'LHVHYLHU:DFKVILJXUHQZDUHQYRU NXU]HPQRFKGLH/HLFKHQGLHGXPLUEHVRUJWKDVW'XZROOWHVW GRFKLPPHUZLVVHQZDVLFKGDPLWYRUKDEH-HW]WVLHKVWGXHV VHOEVW© 'LH0RQVWHUKDWWHQVLFKLP5DXPYHUWHLOW7XUSLQV%OLFNLUUWH ]ZLVFKHQGHQJUlOLFKHQ*HVWDOWHQKLQXQGKHU$QJVWVFKDXHU MDJWHQEHUVHLQHQ5FNHQ 9LHUURWH$XJHQSDDUHVWDUUWHQLKQDQ/DQJH0HVVHUEOLQNWHQLQ GHQ+lQGHQGHUOHEHQGHQ)LJXUHQ ª6LHKGLUPHLQH)UHXQGHJHQDXDQ©VDJWH'U7RGª%DOGZLUVW GXHLQHUYRQLKQHQVHLQXQGQXUPLUJHKRUFKHQ© -HII7XUSLQVFKWWHOWHLQSDQLVFKHU$QJVWGHQ.RSI'HU0DQQ GHPHVQLFKWVDXVJHPDFKWKDWWHHLQHXQVFKXOGLJH)UDXXP]X EULQJHQYHUORUGLH1HUYHQ (UZDUIVLFKJHJHQGLH7UUWWHOWHDQGHU.OLQNH 'LH7UZDUYHUVFKORVVHQ

ª,KU6FKZHLQH©KHXOWH7XUSLQª,KUGUHFNLJHQ6FKZHLQH:DV PDFKWLKUPLWPLU",FKZLOOKLHUUDXVUDXVUDXV© 7XUSLQZDUIVLFKKHUXP ,PQlFKVWHQ$XJHQEOLFNEUOOWHHUXQPHQVFKOLFKDXI 'LHYLHU:DFKVILJXUHQVWDQGHQGLFKWYRULKP 8QGGDQQUDVWHQGLH0HVVHUDXILKQ]X (VZDUGUHL8KUPRUJHQVDOV-RKQ6LQFODLULQ7RQEULGJHHLQWUDI 1RFKLPPHUNRQQWHHUGLH+DQGOXQJVZHLVHVHLQHV*HJQHUVQLFKW YHUVWHKHQ 6RZLH'U7RGVLFKEHQDKPPXWHHU]ZDQJVOlXILJGLH3ROL]HL DXIVHLQH6SXUKHW]HQ 2GHUZDUGDVEHDEVLFKWLJW"6WHFNWHHWZDPHKUGDKLQWHU":ROOWH HU-RKQ6LQFODLUXQGGHQ
'XPSIVFKQDSSWHGLH:DJHQWULQV6FKOR-RKQVDKVLFKNXU] XPEHYRUHUZHLWHUJLQJ 1LHPDQGKDWWHVHLQH$QNXQIWEHREDFKWHW (VZDUHLQHHPSILQGOLFKNKOH0lU]QDFKW'LH)HQVWHUVFKHLEHQ GHU+lXVHUZDUHQEHVFKODJHQ -RKQEHWUDWGDV*HOlQGHGHV5XPPHOSODW]HV8QWHUVHLQHQ )HQNQLUVFKWHGLHVFKZDU]H$VFKH 'HU,QVSHNWRUKDWWHGDV*HIKOGLHVHV*HUlXVFKZUGHPDQ PHLOHQZHLWK|UHQN|QQHQ 6RYLHOHUZXWHODJGDV+RUURU.DELQHWWDP(QGHGHV 5XPPHOSODW]HV(VZDUTXDVLGLHOHW]WH$WWUDNWLRQ(LQJUDXHQ YROOHU$XVNODQJ -RKQKLHOWVLFKLPPHULP6FKDWWHQGHU%XGHQ,QGHQVFKPD OHQ*DVVHQ]ZLVFKHQGHQHLQ]HOQHQ6WlQGHQEDOOWHVLFKGLH 1DFKW (LQH.DW]HKXVFKWHEHUGHQ:HJ,KUHJUQHQ$XJHQOHXFKWH WHQLQGHU'XQNHOKHLW ,UJHQGZRNODSSHUWHHLQ6FKLOG(VVFKOXJLPHZLJHQ5K\WKPXV JHJHQHLQHQ+RO]EDONHQ 1RFKKLQJHLQOHW]WHU'XIWYRQ3RSFRUQJHEUDQQWHQ0DQGHOQ XQG%UDWZUVWHQLQGHU/XIW -RKQZDUNRQ]HQWULHUWZLHLPPHU:LHGHUHLQPDOVWDQGHU DOOHLQJHJHQGLH0lFKWHGHU)LQVWHUQLV (UVSUWHGDVOHLFKWH=LHKHQLQGHU0DJHQJHJHQGGDVVLFK LPPHUGDQQHLQVWHOOWHZHQQ*HIDKUGURKWH 6FKRQVDK-RKQGLH8PULVVHGHU:RKQZDJHQ'LHPHWDOOHQHQ 9HUNOHLGXQJHQJOlQ]WHQLP0RQGOLFKW 'HU,QVSHNWRUKDWWHGDV(QGHGHV5XPPHOSODW]HVHUUHLFKW $XIGHUUHFKWHQ6HLWHOLHJWGDV+RUURU.DELQHWWKDWWH+DQN 'LOOLQJHUJHVDJW -RKQEOLHEVWHKHQ *URXQGZXFKWLJUDJWHQGLH8PULVVHHLQHUHLQVW|FNLJHQ 5XPPHOSODW]EXGHYRULKPKRFK 'DVPXWHGDV+RUURU.DELQHWWVHLQ -RKQO|VWHGLH7DVFKHQODPSHYRQVHLQHP*UWHONQLSVWHVLHDQ 'HUVWDUNH/LFKWVFKHLQULGLH)DVVDGHDXVGHU'XQNHOKHLW-RKQ

VDKJUlOLFKH*HVWDOWHQ9DPSLUH0RQVWHU:HUZ|OIH6LHZDUHQ DXIGDV+RO]JHPDOWZRUGHQ 'LH*HVLFKWHUNRQQWHQHLQHQ0DQQZLH-RKQ6LQFODLUQLFKW HUVFKUHFNHQ'DIUKDWWHHUVFKRQYLHO]XYLHOHUOHEW (LQHQ(LQJDQJJDEHVKLHUQLFKW'LHJHVDPWH9RUGHUIURQW ZXUGHGXUFKJURH+RO]NODSSHQYHUVFKORVVHQ %OLHEQXUGLH5FNVHLWH -RKQVFKDOWHWHGLH/DPSHDXV,P'XQNHOQVXFKWHHUVLFKHLQHQ :HJXPGDV*HElXGH (LQPDOVWLHHUJHJHQHLQH.RQVHUYHQGRVH0LWHLQHPVFKHS SHUQGHQ*HUlXVFKUROOWHVLHEHUGHQ%RGHQ -RKQ6LQFODLU]HUELHLQHQ)OXFK 'DV+RUURU.DELQHWWZDUQLFKWVHKUEUHLW(WZDDFKW
GLHODQJHQ0HVVHUGLHGLHPRUGHQGHQ:DFKVILJXUHQLQGHQ +lQGHQKLHOWHQ 'LH.OLQJHQZDUHQYHUVFKPLHUW %OXWYHUVFKPLHUW -RKQ6LQFODLUOLHIHLQHLVNDOWHU6FKDXHUEHUGHQ5FNHQ(U GDFKWHDQGLHDKQXQJVORVHQ0HQVFKHQGLHLQLKUHQ:RKQZDJHQ VFKOLHIHQ:HQQGLH0RQVWHUEHUVLHKHUILHOHQJDEHVNHLQH 5HWWXQJ 'LHEHLGHQ:DFKVILJXUHQYHUVXFKWHQ-RKQLQGLH=DQJH]X QHKPHQ 'LH$UPHPLWGHQ0HVVHUQZLVFKWHQGXUFKGLH/XIW =XP*OFNZDUHQGLH%HZHJXQJHQQLFKWVRVFKQHOOXQG-RKQ NRQQWHLPPHUQRFKUHFKW]HLWLJDXVZHLFKHQ 'RFK]XP6FKXNDPHUQLFKW(UEUDXFKWHGD]XHLQSDDU 6HNXQGHQ=HLWXPLQ5XKH]LHOHQ]XN|QQHQ 'LH:DFKVILJXUHQJDEHQLKPNHLQH&KDQFH 6FKOLHOLFKHUJULII-RKQ6LQFODLUGLH,QLWLDWLYH(UVFKOXJHLQHQ %RJHQXQGJHODQJWHPLWHLQSDDUODQJHQ6lW]HQGHQ0RQVWHUQLQ GHQ5FNHQ -RKQVWLHVLFKDE (LQH6HNXQGHVSlWHUKLQJHUHLQHU:DFKVILJXUDXIGHP5FNHQ -RKQVFKODQJGHQUHFKWHQ$UPXPGHQ.RSIXQGGUFNWHGLH 0QGXQJGHU3LVWROHJHJHQGDVUHFKWH$XJHGHU:DFKVILJXU /DXWSHLWVFKWHGHU6FKX 6RIRUWVHW]WH-RKQGLH:DIIHJHJHQGDVOLQNH$XJHGUFNWH ZLHGHUDE 'DV0RQVWHUZDQNWH -RKQVSUDQJHLQSDDU
$OOHVZDUVHKUVFKQHOOJHJDQJHQKDWWHQLFKWHLQPDOIQI]HKQ 6HNXQGHQJHGDXHUW 'RFKGLH6FKVVHZDUHQJHK|UWZRUGHQ 7UHQNODSSWHQ/LFKWIODPPWHDXI0HQVFKHQVWU]WHQDXV LKUHQ:RKQZDJHQ 6WLPPHQVFKULHQ(UUHJWKHLVHU 8QGSO|W]OLFKJHOOWHQGLH6FKUHLH6FKULOOQHUYHQ]HUIHW]HQG -RKQ6LQFODLUDKQWHZDVJHVFKHKHQZDU (VZDUHQQRFKPHKU0RQVWHUXQWHUZHJVXQGGLHKDWWHQMHW]W GLH0HQVFKHQHQWGHFNW (LQH6FKHLEHJLQJNOLUUHQG]X%UXFK *HZHKUVFKVVHSHLWVFKWHQ -RKQUDQQWHORV$XIGLH:RKQZDJHQDQVDPPOXQJ]X bQJVWOLFKHHUVFKUHFNWH*HVLFKWHUVWDUUWHQLKQDQ'LH 0HQVFKHQZDUHQQXUOHLFKWEHNOHLGHW6LHZDUHQPLWWHQDXVGHP 6FKODIJHULVVHQZRUGHQ ª*HKHQ6LHLQ,KUH:DJHQ©VFKULH-RKQLP/DXIHQ :LHGHUK|UWHHU6FKVVH -RKQUDQQWHZHLWHUVWROSHUWHEHUHLQHQ(LPHUILHOKLQUDIIWH VLFKZLHGHUDXIXQGEOLHEZLHDQJHZXU]HOWVWHKHQ 6HLQHQ$XJHQERWVLFKHLQ%LOGGHV*UDXHQV-RKQNRQQWHDOOHV GHXWOLFKHUNHQQHQ$XVGHQ)HQVWHUQGHU:RKQZDJHQILHOJH QJHQG/LFKW =ZHL0RQVWHUZWHWHQHUEDUPXQJVORV (LQVKDWWHVLFKGHQ0DQQPLWGHP*HZHKUJHSDFNW 'LHDQGHUH:DFKVILJXUKDWWHHLQH*UXSSHYRQIQI0HQVFKHQ JHJHQGLH:DQGHLQHV:RKQZDJHQVJHGUlQJW $XV-RKQV.HKOHGUDQJHLQKHLVHUHU6FKUHL6HLQHJHVWUHFNWHQ $UPHIORJHQKRFK'LH)lXVWHNQDOOWHQXQWHUGHQ0HVVHUDUPGHV 0RQVWHUVSHLWVFKWHQLKQKRFK 'HUW|GOLFKH0HVVHUVWLFKJLQJLQV/HHUH'LH.OLQJHUXWVFKWHDQ GHU$OXPLQLXPKDXWGHV:RKQZDJHQVYRUEHLXQGKLQWHUOLHHLQH WLHIH)XUFKH ª9HUVFKZLQGHQ6LH©EUOOWH-RKQª:HJKLHU© 6HLQH6WLPPHEHUVFKOXJVLFK 'LH0HQVFKHQEHJULIIHQQLFKWEOLHEHQZLHDQJHZXU]HOWVWHKHQ

'LH:DFKVILJXUZDQGWHVLFK-RKQ6LQFODLU]X'HU,QVSHNWRUVDK GLHJUlOLFKHQURWHQ$XJHQXQGIHXHUWH =ZHLPDO 'LH.XJHOQERKUWHQVLFKLQGLH$XJHQK|KOHQW|WHWHQGLH +|OOHQNUHDWXUDXIGHU6WHOOH ª9RUVLFKW© 'LH6WLPPHHLQHV0DQQHVJHOOWHDXI -RKQOLHVLFKHLQIDFKIDOOHQ 'LHP|UGHULVFKH0HVVHUNOLQJHIXKUEHUVHLQHQ.RSIKLQZHJ -RKQ6LQFODLUUROOWHVLFK]XU6HLWHKREGHQ$UPZROOWH VFKLHHQGDILHOLKPHLQGDHUNHLQH.XJHOQPHKULP0DJD]LQ KDWWH 'HU,QVSHNWRUVFKQHOOWH]XU6HLWHZHJDXVGHPXQPLWWHOEDUHQ *HIDKUHQEHUHLFK 1RFKLP/LHJHQIXKUVHLQH+DQGLQGLH-DFNHQWDVFKH0LW HLQHP+HEHOGUXFNOLH-RKQGDVOHHUH0DJD]LQDXVGHP 3LVWROHQJULIIJOHLWHQXQGVFKREGDVJHIOOWHKLQHLQ 'DZDUGDV0RQVWHUVFKRQKHUDQ -RKQVDKGLHEOXWLJHODQJH.OLQJHGLFKWYRUVHLQHQ$XJHQ 'HUPLW:DFKVEHU]RJHQH.|USHUGHV0RQVWHUVVFKLP PHUWHKHOO 0LWXQKHLPOLFKHU:XFKWIXKUGLH0HVVHUKDQGKHUXQWHU -RKQULVHLQHQUHFKWHQ$UPKRFK'DV0HWDOOGHU3LVWROH VFKUDPPWHEHUGDV:DFKVEUDFKWHGHQ$UPGHV0RQVWHUVDXV GHUHLJHQWOLFKHQ6WRULFKWXQJ 'LFKWQHEHQ-RKQV.RSIERKUWHVLFKGLH.OLQJHLQGLH(UGH (KHGLH:DFKVILJXUGD]XNDPGDV0HVVHUZLHGHUKHUDXV]X ]LHKHQKDWWH-RKQ6LQFODLU]ZHLPDODEJHGUFNW 6WHUEHQGEUDFKGDV0RQVWHU]XVDPPHQ 'LFKWQHEHQ-RKQILHOGHU.|USHU]X%RGHQ 'DV0RQVWHUVWDUEODXWORV 6WLOOHVHQNWHVLFKEHUGHQ3ODW]

-RKQ6LQFODLUVWDQGODQJVDPDXI$XWRPDWLVFKZLVFKWHHUVLFKGHQ 6FKPXW]YRQGHU.OHLGXQJ 6HLQ%OLFNILHODXIGLHWRWHQ:DFKVILJXUHQZlKUHQGHUGLHYHU VFKRVVHQHQ.XJHOQHUVHW]WH 'LH0HQVFKHQVWDUUWHQLKQDQ3DQLNXQG*UDXHQODJLQLKUHP %OLFN 'HU,QVSHNWRU]XFNWHKLOIORVPLWGHQ6FKXOWHUQ:DVVROOWHHU LKQHQVDJHQ"*HQDXH(UNOlUXQJHQ"1HLQHVZDUEHVVHUGD GLHVH/HXWHQLFKWVGDYRQHUIXKUHQ=XYLHO6FKUHFNOLFKHVZDU VFKRQDXIVLHHLQJHVWUPW (LQPLWWHOJURHU0DQQO|VWHVLFKDXVGHU*UXSSH/DQJVDP NDPHUDXI-RKQ6LQFODLU]X ª6LHKDEHQGLHVHGLHVH*HVWDOWHQHUOHGLJW©VDJWHHUPLWVFKZH UHU6WLPPHª,FKP|FKWHPLFKDXFKLP1DPHQPHLQHU.ROOHJHQ GDIUEHGDQNHQ© 'HU0DQQZDQGWHGHQ.RSIXQGEOLFNWHDXIGLHEHLGHQ /HLFKHQGLHGLH0RQVWHUKLQWHUODVVHQKDWWHQ ª:DUXPPXWHGDVVHLQ":DUXPPXWHQVLHVWHUEHQ"© -RKQOHJWHGHP0DQQGLH+DQGDXIGLH6FKXOWHUª,FKZHUGHHV ,KQHQVDJHQ9HUODVVHQ6LHVLFKGDUDXI$EHUVSlWHU-HW]WKDEHLFK QRFKHWZDV]XHUOHGLJHQ© ª6WHKWGDVPLWGLHVHQ0RQVWHUQLQ9HUELQGXQJ"© ª-D© ª'DQQP|FKWHQZLU,KQHQKHOIHQ© -RKQVFKWWHOWHGHQ.RSIª1HLQLFKNRPPHVFKRQDOOHLQ ]XUHFKW0XDOOHLQ]XUHFKWNRPPHQ:HQQ6LHPLUKHOIHQ ZROOHQGDQQJHKHQ6LHELWWHLQ,KUH:RKQZDJHQXQGYHUKDO WHQVLFKUXKLJ© ª6LQGQRFKPHKU0RQVWHUXQWHUZHJV"©'LH6WLPPHGHV 0DQQHVNODQJlQJVWOLFK ª,FKZHLHVQLFKWJHQDX$EHUVLFKHULVWVLFKHU8QGEULQJHQ6LH ELWWHGLH7RWHQZHJ© 'HU0DQQZDQGWHVLFKXP0LWVFKOHSSHQGHQ6FKULWWHQJLQJHU ]XUFN]XVHLQHQ/HXWHQ0LWOHLVHU6WLPPHJDEHUHLQSDDU $QZHLVXQJHQ(LQLJH0lQQHUO|VWHQVLFKDXVGHP0HQVFKHQULQJ XQGKREHQGLH7RWHQDXI-RKQK|UWHDXVGHQJHIOVWHUWHQ

*HVSUlFKHQGDHVHLQ(KHSDDUJHZHVHQZDURKQHQDKH 9HUZDQGWH 'LH/HXWHVFKDIIWHQIU-RKQHLQH*DVVH(UZXUGHDQJHVHKHQ ZLHHLQ+HOG -RKQ6LQFODLUODFKWHELWWHU'LHVH/HXWHDKQWHQQLFKWZDVLKP QRFKDOOHVEHYRUVWDQG -RKQYHUOLHGHQ:RKQZDJHQNRPSOH[0LWODQJHQ6FKULWWHQ JLQJHUDXIGDV+RUURU.DELQHWW]X(UZROOWHVRVFKQHOOZLHP|J OLFKGLH(QWVFKHLGXQJKHUEHLIKUHQ 'U7RG]XFNWH]XVDPPHQDOVHUGLH6FKVVHK|UWH1XUJDQ] VFKZDFKZDUHQGLH'HWRQDWLRQHQ]XYHUQHKPHQ 'LH)LQJHUGHV8QKHLPOLFKHQEDOOWHQVLFK]XU)DXVW6HLQH $XJHQJOLFKHQVFKPDOHQ6LFKHOQ 'U7RGDKQWHGDVHLQH*HVFK|SIHLQHLQHPP|UGHULVFKHQ .DPSIYHUZLFNHOWZDUHQ8QGSO|W]OLFKKDWWHHUGDV*HIKOGD VLHGLHVHQ.DPSIYHUORUHQKDWWHQ &DUORVHLQ'LHQHUVWDQGQHEHQLKP6HLQVFKUHFNOLFKHV*HVLFKW ]XFNWH ª-HW]WKDEHQGLH0RQVWHUHVJHVFKDIIW©IOVWHUWHHU 'U7RGZLUEHOWHKHUXPª*DUQLFKWVKDEHQVLH©VFKULHHU(U VFKOXJPLWGHQ)lXVWHQDXIHLQH7LVFKSODWWHª6LHKDEHQYHUORUHQ ,FKZHLHVJHQDX'LHVHU-RKQ6LQFODLULVWPlFKWLJHUJHZHVHQDOV VLH© 5XFNDUWLJZDQGWH'U7RGGHQ.RSI/DQJHVWDUUWHHUVHLQHP 'LHQHULQGLH$XJHQ &DUOR]XFNWHXQZLOONUOLFK]XUFN'LHVHP%OLFNNRQQWHHU QLFKWOlQJHUVWDQGKDOWHQ ª$EHULFKZHUGHLKQHUOHGLJHQ©]LVFKWH'U7RGª(UVROOQXU NRPPHQ'DUDXIKDEHLFKODQJHJHZDUWHW$VPRGLVKDWPLFK VFKRQYRUGLHVHP0DQQJHZDUQW,FKZXWHGDLFKPLWLKP ]XVDPPHQWUHIIHQZUGH-HW]WLVWGLH=HLWUHLI&DUORGXZLUVW LKQHUZDUWHQ6FKDIILKQKHU]XPLU© &DUORQLFNWHHUJHEHQ,QVHLQHP*HVLFKW]XFNWHHV1DFKGHPHU HLQPDOLQHLQH)HXHUVEUXQVWJHUDWHQZDUKDWWHVLFKGLH+DXWQLH

ZLHGHUUHJHQHULHUW6HLWGLHVHU=HLWZDUHUHLQ$XVJHVWRHQHU JHZHVHQ(LQ0DQQEHUGHQDOOHODFKWHQRGHU$QJVWYRULKP KDWWHQ 1XU'U7RGQLFKW(UKDWWHLKQEHLVLFKDXIJHQRPPHQXQG]X VHLQHP'LHQHUJHPDFKW&DUORKDWWHVHLQ6HOEVWYHUWUDXHQ]XUFN JHZRQQHQ(UZDUZLHGHUHLQ0HQVFKJHZRUGHQ $XINHLQHQ)DOOZROOWHHU'U7RGV9HUWUDXHQHQWWlXVFKHQ 'HUVWDUNH/DPSHQVWUDKO]XFNWHEHUGLH5FNVHLWHGHV+RUURU .DELQHWWV -RKQ6LQFODLUJLQJGLHJHVDPWH)URQWDE,UJHQGZLHPXWHHUMD LQGDV,QQHUHJHODQJHQ 3O|W]OLFKEOLHE-RKQVWHKHQ (UKDWWHDQGHU5FNZDQGHLQH)XJHHQWGHFNW-RKQJLQJHLQLJH 6FKULWWHYRU -HW]WHUVWVDKHUGLH7U6LHYHUVFKPRO]IDVWPLWGHP+RO]GHU :DQG -RKQVDKGDV0HWDOOHLQHU.OLQNHVFKLPPHUQ (UGUFNWHVLHQLHGHU 'LH7UZDURIIHQ 9RUVLFKW'DVLVWHLQH)DOOH$XJHQEOLFNOLFKPDFKWHVLFKGLHVHU *HGDQNHLQ-RKQ6LQFODLUEUHLW (LQHGXQNOHgIIQXQJJlKQWHLKPHQWJHJHQ6LHHUVFKLHQZLHHLQ 7XQQHOLQV*UDXHQ -RKQKREGHQ$UPPLWGHU/DPSH9RULKPODJHLQODQJHU VFKPDOHU*DQJGHUGRUWZRGHU/LFKWVWUDKOVFKZlFKHUZXUGH HLQHQ.QLFNPDFKWH $XI=HKHQVSLW]HQJLQJGHU*HLVWHUMlJHUZHLWHU(UZXWHGD LQHLQHP+RUURU.DELQHWWXQOLHEVDPHhEHUUDVFKXQJHQDXILKQ ZDUWHQNRQQWHQ 8QOLHEVDPHXQGW|GOLFKH 8QDQJHIRFKWHQHUUHLFKWHGHU,QVSHNWRUGLH6WHOOHZRGHU*DQJ LQHLQH.XUYHERJ(LQHNOHLQH7UHSSHODJYRULKP -RKQQDKPGLHHUVWH6WXIHGLH]ZHLWH 3O|W]OLFKJHOOWHHLQJUDXVLJHV*HOlFKWHULQVHLQHQ2KUHQ

(UPXWHZRKOPLWGHP)XHLQHQ.RQWDNWEHUKUWKDEHQ GHUGLHVHV*HOlFKWHUDXVJHO|VWKDWWH -RKQJLQJZHLWHU 'DV*HOlFKWHUYHUVWXPPWH :HOFKHhEHUUDVFKXQJHQKLHOWPDQZRKOMHW]WIULKQSDUDW" -RKQOLHVHLQH/DPSHDXIEOLW]HQ ,PVHOEHQ$XJHQEOLFNWDXFKWHZLHDXVGHP%RGHQJHZDFKVHQ HLQ8QJHKHXHUYRULKPDXI 6WLQNHQGHU$WHPIXKULQ-RKQV*HVLFKW(LQH4XDOPZRONH TXROODXI 'DQQZDUDOOHVYRUEHL -RKQJULQVWHYHU]HUUW7HXIHODXFKGLHVHV+RUURU.DELQHWW VWHFNWHWDWVlFKOLFKYROOHUhEHUUDVFKXQJHQ 'HU,QVSHNWRUJLQJZHLWHU(UEHIDQGVLFKMHW]WLQHLQHPEUHLWH UHQ*DQJGHUDXIEHLGHQ6HLWHQPLW7UHQJHVSLFNWZDU +LQXQGZLHGHUVSUDQJHLQH7UDXI-HGHVPDONDPHLQ 0RQVWHU]XP9RUVFKHLQGDVJUlOLFKH/DXWHDXVVWLHGDQQDEHU VFKQHOOZLHGHUYHUVFKZDQG /DQJVDPKDWWHGHU*HLVWHUMlJHUJHQXJYRQGLHVHQ6FKHU]FKHQ 6FKOLHOLFKZDUHUJHNRPPHQXPHLQHQJHIlKUOLFKHQ9HUEUHFKHU ]XVWHOOHQXQGQLFKWXPHLQHQ6SD]LHUJDQJGXUFKGDV+RUURU .DELQHWW]XPDFKHQ $EHUYLHOOHLFKWJHK|UWHGDV]X'U7RGV7DNWLN9LHOOHLFKWZROO WHHUQXUVHLQHQ*HJQHUQHUY|VPDFKHQXPGDQQJDQ]SO|W]OLFK ]XVFKODJHQ]XN|QQHQ -RKQEHVFKORZHLWHUKLQK|OOLVFKDXIGHU+XW]XVHLQ $XIHLQPDOEHJDQQGHU%RGHQXQWHU-RKQV)HQQDFK]XJHEHQ (LQH$ODUPNOLQJHOVFKULOOWHLQVHLQHP*HKLUQ =XVSlW 'LH)DOOWUZDUDXIHLQPDOGDXQGHKHVLFK-RKQYHUVDKILHOHU LQGLH7LHIH 'HU$XISUDOOZDUKDUWZXUGHMHGRFKJHPLOGHUWGD-RKQVLFK UHFKW]HLWLJXQGJHNRQQWEHUGLH6FKXOWHUDEUROOWH (LQLJH6HNXQGHQEOLHEHUOLHJHQ 'LH'XQNHOKHLWKDWWHLKQHLQJHVFKORVVHQ=XP*OFNKDWWH-RKQ QRFKVHLQH7DVFKHQODPSH

(UNQLSVWHVLHDQ 9RUhEHUUDVFKXQJKlWWHGHU,QVSHNWRUEDOGHLQHQODXWHQ5XI DXVJHVWRHQ 'HU5DXPLQGHPHUVLFKEHIDQGZDUUXQG/DQJH9RUKlQJH KLQJHQELV]XP%RGHQ $QVRQVWHQZDUGHU5DXPOHHU -RKQVHW]WHVLFKDXI(UNRQQWHQLFKWZLVVHQGDHUVLFKLQGHP JOHLFKHQ5DXPEHIDQGLQGHPGDV0l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|W]OLFKEHUVLFKHLQNUDW]HQGHV*HUlXVFKK|UWH 6HNXQGHQEUXFKWHLOHVSlWHUHUKHOOWHHLQ/LFKWVWUDKOGLH 'XQNHOKHLW 'HU.HJHONQDOOWHI|UPOLFKDXI-RKQ6LQFODLU 'HU,QVSHNWRUVHQNWHGHQ.RSIXPQLFKWJHEOHQGHW]XZHUGHQ 9RQREHQKHUHUNODQJHLQWHXIOLVFKHV.LFKHUQª'DPLWKDWWHQ6LH ZRKOQLFKWJHUHFKQHWZDV,QVSHNWRU"© -RKQ]XFNWHHUJHEHQPLWGHQ6FKXOWHUQ2EZRKOHUVLFKEHU GLHVHXQDQJHQHKPHhEHUUDVFKXQJlUJHUWHEHKLHOWHUZHQLJVWHQV QDFKDXHQKLQGLH5XKH

ª:HQQLFKPLFKQLFKWLUUHVSUHFKHLFKPLW'U7RG©HUZLGHUWH -RKQ6LQFODLU ª6LHLUUHQVLFKQLFKW,QVSHNWRU8QGGLHVPDOPHLQ/LHEHU KDEHQ6LHNHLQH&KDQFH6LHVLQGPHLQ*HIDQJHQHU,FKNDQQ6LH YRQKLHUREHQPLWHLQSDDU.XJHOQDENQDOOHQXQG6LHN|QQWHQ JDUQLFKWVGDJHJHQWXQ$EHULFKKDEHIHLQHUH0HWKRGHQXP PLFKPHLQHU*HJQHU]XHQWOHGLJHQ,FKZHUGHHLQ([SHULPHQWDQ ,KQHQGXUFKIKUHQGDVVHLQHVJOHLFKHQVXFKW'LH+|OOHZLUGPLU GDQNEDUVHLQ© 'U7RGKDWWHHLQHODQJH5HGHJHKDOWHQXQG-RKQ6LQFODLUZDU NODUGDGLHVHU0DQQQLFKWEOXIIWH$EHUQRFKKDWWHHUHLQH &KDQFH6RJHVFKRFNWZLH'U7RGDQQDKPZDUHUQXQGRFK QLFKW %OLW]VFKQHOOZDUIVLFK-RKQ6LQFODLU]XU6HLWHZROOWHDXVGHP JUHOOHQ/LFKWNHJHOUDXV*OHLFK]HLWLJULHUGHQ$UPPLWGHU 3LVWROHKRFK (UDKQWHGDVSIHLIHQGH*HUlXVFKPHKUDOVHUHVZDKUQDKP (WZDVIORJDXILKQ]XHUZLVFKWHLKQDP.RSI(LQK|OOLVFKHU 6FKPHU]]XFNWHGXUFK-RKQV6FKlGHOGDQQVDFNWHGHU *HLVWHUMlJHUEHZXWORV]XVDPPHQ 7ULXPSKLHUHQGEOLFNWH&DUORDXIGHQOHEORVHQ.|USHU(UZDUHV JHZHVHQGHUVLFKGXUFKGLH*HKHLPWUJHVFKOLFKHQKDWWH6HLQ 7RWVFKOlJHUKDWWHJDQ]H$UEHLWJHOHLVWHW ª*XWJHPDFKW&DUOR©GU|KQWH'U7RGV6WLPPHª8QGMHW]W EULQJGHQ.HUOLQXQVHU/DERU© 'DV:DFKVLQGHPJURHQ%RWWLFKZDUNRFKHQGKHL'LH 2EHUIOlFKHJOlQ]WH|OLJ:LQ]LJH%OlVFKHQVWLHJHQYRP*UXQG GHV*HIlHVDXIXQG]HUSODW]WHQ 'U7RGKDWWHVHLQH+lQGHDXIGHQ5DQGGHV%RWWLFKVJHOHJW 'HUZHLH7RWHQNRSILQVHLQHP5LQJVDQGWHHLQXQJHZ|KQOLFKHV /LFKWDXV 'U7RGVSUWHGLHILHEHUKDIWH6SDQQXQJGLHLKQHUJULIIHQKDWWH -HW]WLQZHQLJHQ0LQXWHQZUGHHVVLFKHQWVFKHLGHQZHUVWlUNHU ZDU

-RKQ6LQFODLURGHU$VPRGLV $EHUHLJHQWOLFKKDWWHGHU,QVSHNWRUNHLQH&KDQFHPHKU *HIHVVHOWODJHULQGHU(FNH'U7RGKDWWHGDUDXIYHU]LFKWHWLKP DXFKQRFKGLH%HLQH]XELQGHQ(UZUGHVLFKVRZLHVRQLFKW PHKUZHKUHQN|QQHQ 'U7RGZDQGWHGHQ.RSI1HEHQGHPEHZXWORVHQ-RKQ 6LQFODLUVWDQGHQVHLQHEHLGHQ'LHQHU&DUORGHU*HVLFKWVORVH XQGGLHHLQ]LJHQRFKH[LVWLHUHQGH:DFKVILJXU 8QWHUGHUJOlQ]HQGHQ6FKLFKWYHUEDUJVLFKHLQ0DQQGHU HLQPDO]X'U7RGV+HOIHUQJHK|UWKDWWH -HII7XUSLQ 9LHU0HVVHUVWLFKHKDWWHQLKQJHW|WHWXQGLKQVR]XHLQHP 'lPRQHQRSIHUJHPDFKW -RKQ6LQFODLUZDUDQVFKHLQHQGQRFKLPPHUEHZXWORV'HU 6FKODJPXWHYHUIOL[WKDUWJHZHVHQVHLQ 'U7RGVDKXQJHGXOGLJDXIVHLQH8KU,KPGDXHUWHGDVDOOHV ]XODQJH ª%ULQJLKQZLHGHU]XVLFK©KHUUVFKWHHU&DUORDQ &DUORYHUVFKZDQG$OVHUZLHGHU]XUFNNHKUWHKDWWHHUHLQHQ (LPHUPLW:DVVHULQGHU+DQG 0LWHLQHUVFKQHOOHQ%HZHJXQJNLSSWHHUGLH)OVVLJNHLWEHU -RKQV.RSI 'HU,QVSHNWRUGHUVFKRQVHLWHLQLJHQ0LQXWHQZLHGHUNODUZDU XQGVLFKQXUYHUVWHOOWKDWWHSUXVWHWH'LH6FKPHU]HQLQVHLQHP 6FKlGHOZXUGHQGXUFKGHQ:DVVHUJXZHQLJVWHQVHLQZHQLJ JHOLQGHUW 9HUELVVHQKDWWH-RKQLQGHULKP]XU9HUIJXQJJHEOLHEHQHQ =HLWDQVHLQHQ+DQGIHVVHOQJHDUEHLWHW(UKDWWHYHUVXFKWVLHHLQ ZHQLJ]XORFNHUQ (LQH+DQGWDXFKWHLQ-RKQV*HVLFKWVIHOGDXI 'HU,QVSHNWRUVDKGLHZHLH:DFKVVFKLFKWXQGVFKDXGHUWH XQZLOONUOLFK]XVDPPHQ 'LH)LQJHUSDFNWHQ]X)DVWVSLHOHULVFKOHLFKWZXUGH-RKQ 6LQFODLUDQJHKREHQ 'LH:DFKVILJXUVWLHLKQYRUVLFKKHU-RKQV.QLHZDUHQQRFK ZHLFK(UNRQQWHVLFKNDXPVHOEVWDXIGHQ%HLQHQKDOWHQ

'LFKWYRU'U7RGEOLHEHQVLHVWHKHQ=XPHUVWHQPDOVDK-RKQ GDV*HVLFKWGHV9HUEUHFKHUVJHQDXHU(UVDKGHQNDKOHQ6FKlGHO GLHHQJ]XVDPPHQVWHKHQGHQ$XJHQXQGGLHJODWWHIDVWZHLH +DXW $XFKGHU5LQJILHO-RKQLQV$XJH'HU7RWHQNRSILQGHP5XELQ OHXFKWHWH 'U7RG|IIQHWHGLHVWULFKGQQHQ/LSSHQ6HLQHWLHIOLHJHQGHQ $XJHQIXQNHOWHQ 'LH:DFKVILJXUOLH-RKQ6LQFODLUORV-RKQVFKZDQNWHKLHOWVLFK DEHUDXIGHQ%HLQHQ 'U7RGEHPHUNWHZRKOVHLQHQ6FKZlFKHDQIDOOVDJWHMHGRFK QLFKWV6WDWWGHVVHQ]HLJWHHUDXIGLH:DFKVILJXUª(VLVWPHLQH QHXHVWH6FK|SIXQJ,QVSHNWRU8QGZLVVHQ6LHZHUVLFKGDKLQWHU YHUELUJW"1LHPDQGDQGHUHVDOV,KU)UHXQG-HII7XUSLQ(UZDUIU PLFK]XHLQHU*HIDKUJHZRUGHQXQGGDLFKPRPHQWDQNQDSSDQ /HLFKHQELQPXWHHUHEHQGDUDQJODXEHQ© 'U7RGODFKWHKlOLFK'DQQZDQGWHHUVLFKZLHGHUDQ-RKQ 6LQFODLU ª8QGMHW]WZLOOLFK,KQHQGDVJURH*HKHLPQLV,KUHV7RGHV YHUUDWHQ,QVSHNWRU6LHZHUGHQHEHQIDOOV]XHLQHU:DFKVILJXU ZHUGHQ©'U7RGGHXWHWHEHUVHLQHUHFKWH6FKXOWHUª6HKHQ6LH GHQJURHQ%RWWLFKGRUW",KQKDEHLFKH[WUDIU6LHUHVHUYLHUW(U LVWELV]XP5DQGPLWIOVVLJHP:DFKVJHIOOW$EHUMHW]WNRPPW GHU&ORX,QVSHNWRU%LVKHXWHZDUHQGLH:DFKVILJXUHQYRUGHU %HKDQGOXQJ/HLFKHQ%HL,KQHQPDFKHLFKMHGRFKHLQH $XVQDKPH6LHZHUGHQEHLOHEHQGLJHP/HLELQGDVIOVVLJH :DFKVJHWDXFKW© 'LHOHW]WHQ:RUWHVSLH'U7RGGHP,QVSHNWRUKDHUIOOW LQV*HVLFKW -RKQNRQQWHQLFKWYHUKLQGHUQGDVHLQH.QLHDQILQJHQ]X ]LWWHUQ'LHVH0RUGPHWKRGHZDUVRJUDXVDPZLHVLHVLFKQXUHLQ NUDQNHV+LUQDXVGHQNHQNRQQWHRGHUHLQ0DQQGHUPLWGHP 6DWDQLP%XQGHVWDQG 8QGGDVOHW]WHWUDIDXI'U7RG]X ª6LHVDJHQMDQLFKWV,QVSHNWRU©K|KQWH'U7RGª+DWHV,KQHQ GLH6SUDFKHYHUVFKODJHQ"©

-RKQELGLH=lKQH]XVDPPHQGDVLHNQLUVFKWHQª1RFK KDEHQ6LHQLFKWJHZRQQHQ©]LVFKWHHU hEHU'U7RGV*HVLFKWIORJHLQ6FKDWWHQ(UVWLHGHQUHFKHQ $UPYRUª3DFNWLKQ©VFKULHHUVHLQHQ+HOIHUQ]Xª8QGGDQQ ZHUIWLKQLQGHQ%RWWLFK© (LQHQ+HU]VFKODJVSlWHUIKOWH-RKQGLH+lQGHGHV0RQVWHUV ZLH6FKUDXEVW|FNHDQVHLQHQ2EHUDUPHQ +LOIORVKLQJ-RKQLQGLHVHUJQDGHQORVHQ.ODPPHU 'U7RGODFKWHª6RKDEHLFKPLU6LHLPPHUYRUJHVWHOOW6LQFODLU *HIHVVHOWXQGPLUDXVJHOLHIHUW6LHJODXEHQJDUQLFKWZDVGLHVIU HLQ7ULXPSKLVW'LH+|OOHEHVLHJWLKUHQJURHQ)HLQG© -RKQYHU]RJGDV*HVLFKWª1RFKOHEHLFK©NHXFKWHHU 'HU,QVSHNWRUZXWHVHOEVWQLFKWZRKHUHUGHQ0XWQDKPGLHV ]XVDJHQ0DQKDWWHLKPGLH+lQGHYRUVHLQHQ.|USHUJHIHVVHOW 'LH6WULFNHZDUHQIDFKJHUHFKWJHNQRWHW%LVKHUKDWWH-RKQGLH )HVVHOQNDXPORFNHUQN|QQHQ'RFKXQHQWZHJWGUHKWHHUGLH +DQGJHOHQNHKLQXQGKHU(LQ.QRWHQZDUVFKRQJHSODW]W 'U7RGXQGVHLQ'LHQHUZDUHQ]XUFNJHWUHWHQ6LHEHREDFKWH WHQJHQXYROOZLHGLHOHEHQGH:DFKVSXSSH-RKQ6LQFODLULPPHU PHKUGHPPLWKHLHP:DFKVJHIOOWHQ%RWWLFKHQWJHJHQVFKRE -RKQVWHPPWHVLFKPLWEHLGHQ)HQIHVWJHJHQGHQ%RGHQ9RU $QVWUHQJXQJWUDWHQVHLQH$GHUQDXVGHU6WLUQGLFNKHUYRU (VKDOIQLFKWV'DV0RQVWHUEHVDXQKHLPOLFKH.UlIWH1DKH]X VSLHOHULVFKOHLFKWVFKREHV-RKQYRUZlUWV 'LH3LVWROHKDWWHPDQGHP,QVSHNWRUDEJHQRPPHQ&DUORGHU *HVLFKWVORVHKDWWHVLHHLQJHVWHFNW -RKQYHUVXFKWHVHLQHQ2EHUN|USHU]XU6HLWH]XGUHKHQ(V JHODQJLKPQLFKW=XIHVWZDUGHU*ULIIGHV0RQVWHUV -RKQKDWWHNDXPQRFK*HIKOLQGHQ2EHUDUPHQ'HU6FKZHL OLHILKPZLH:DVVHUYRP*HVLFKW,QVHLQHQ2KUHQGU|KQWHGDV KlPLVFKH/DFKHQGHUEHLGHQ0lQQHU -RKQ6LQFODLUULDQGHQ6WULFNHQ:HQQHUVLHORVEHNRPPHQ NRQQWHKDWWHHUQRFKHLQH&KDQFH 9LHOOHLFKWQRFK]ZHL
'DYHUVXFKWHHV-RKQPLWHLQHP7ULFN(UVWLHVLFKSO|W]OLFKPLW EHLGHQ)HQJHJHQGHQ5DQGGHV%RWWLFKV :DDJUHFKWKLQJGHU,QVSHNWRULQGHP*ULIIGHV0RQVWHUVGDV YRQGLHVHU*HJHQZHKUEHUUDVFKWZXUGH-RKQEHQXW]WHGLH %HLQHDOV+HEHOXQGGUFNWHVHLQ.|USHUJHZLFKWQDFKKLQWHQ *OHLFK]HLWLJULHUPLWDOOHU0DFKWDQGHQ)HVVHOQ 'LH.QRWHQSODW]WHQ (VZDUHLQH(QHUJLHOHLVWXQJRKQHJOHLFKHQ -RKQVSUWHDXIHLQPDOZLHHUGLH$UPHZLHGHUIUHLEHZHJHQ NRQQWH]RJVHLQH%HLQHDQNDPPLWGHQ)HQDXIGHQ%RGHQ XQGZDUIGLH$UPHQDFKKLQWHQ $OOHVKDWWHVLFKLQQHUKDOEZHQLJHU6HNXQGHQDEJHVSLHOW -RKQV+lQGHSDFNWHQGHQ1DFNHQGHU:DFKVILJXU(UNODP PHUWHVHLQH)LQJHULQHLQDQGHUEFNWHVLFKXQGVFKOHXGHUWHPLW HLQHP5XFNGDV0RQVWHUEHUVHLQHQ.RSIKLQZHJ 'LH%HVWLHZLUEHOWHGXUFKGLH/XIWNQDOOWHDXIGHQ5DQGGHV %RWWLFKVEHNDPGDVhEHUJHZLFKWXQGYHUVDQNLQGHP NRFKHQGKHLHQ:DFKV 6RIRUWNUHLVHOWH-RKQ6LQFODLUKHUXP 'U7RGXQG&DUORVWDQGHQZLHIHVWJHQDJHOWDXIGHU6WHOOH6LH NRQQWHQQLFKWJODXEHQZDVVLFKHEHQYRULKUHQ$XJHQDEJHVSLHOW KDWWH 'RFKGDQQUHDJLHUWHGHU*HVLFKWVORVH (UUL-RKQV3LVWROHDXVVHLQHP*UWHOKHUYRUXQGOHJWHDXIGHQ ,QVSHNWRUDQ -RKQKHFKWHWHKDOEKRFKEHUGHQ%RGHQNQDOOWHLQGHP 0RPHQWPLWGHP.RSILQ&DUORV0DJHQJUXEHDOVGLHVHU DEGUFNWH 'LH6LOEHUNXJHOQIDXFKWHQEHU-RKQKLQZHJXQGNODWVFKWHQLQ LUJHQGZHOFKH$SSDUDWXUHQDQGHU:DQG (WZDV]HUVSOLWWHUWH%OLW]H]XFNWHQDXI'UDKWEHJDQQ]X VFKPRUHQ -RKQZDUPLW&DUOR]X%RGHQJHNUDFKW,QHLQDQGHUYHUNUDOOW UROOWHQVLHHLQSDDUPDOXPGLHHLJHQH$FKVH 'HP,QVSHNWRUJHODQJHV&DUORV3LVWROHQKDQG]XIDVVHQ(U ERJGHQ$UP]XUFNVRZHLWHUNRQQWH

6FKUHLHQG|IIQHWH&DUORGLH)LQJHU3O|W]OLFKULHUVHLQ.QLH KRFKXQGUDPPWHHV-RKQLQGHQ8QWHUOHLE 6FKPHU]YHUNUPPWUROOWHVLFKGHU,QVSHNWRUDXIGLH6HLWH &DUORVSUDQJVRIRUWDXIKHFKWHWHDXIGLH3LVWROH]X -RKQVSDQQWHVHLQH%HLQHDQXQGNLFNWHGLH:DIIHZHJ &DUORJULIILQV/HHUH(UEUOOWHZWHQGDXI $EHUDXFK-RKQVWDQGVFKRQZLHGHU $OV&DUORDQJULIIVFKPHWWHUWHHULKPVHLQH5HFKWHPLWWHQLQGLH JUlOLFKH)UDW]H 'U7RGV'LHQHUWDXPHOWH]XUFNIORJDXIGHQ%RWWLFK]XDXV GHPJHUDGHGLH:DFKVILJXUVWLHJ $EHUZDVZDUPLWLKUJHVFKHKHQ" 'LHURWHQ$XJHQZDUHQ]XJHNOHEW(LQHGLFNH:DFKVVFKLFKW KDWWHVLFKGDUEHUJHOHJW 'DV0RQVWHUNRQQWHQLFKWVPHKUVHKHQ 5DVHQGYRU:XWVWDQGHVYRUGHP%RWWLFKXQGEHNDP&DUOR ]XIDVVHQ 'DQQJLQJDOOHVVRVFKQHOOGD-RKQQLFKWPHKUHLQJUHLIHQ NRQQWH 'DV0RQVWHUSDFNWHGHQY|OOLJHQWVHW]WHQ&DUORKRELKQKRFK XQGZDUILKQLQGDVNRFKHQGKHLH:DFKV &DUORVJHOOHQGHU$QJVWVFKUHLHQGHWHLQHLQHP*XUJHOQ -RKQ6LQFODLUKDWWHPLWHLQHPODQJHQ6DW]GLH3LVWROHHUUHLFKW 1XUGDPLWNRQQWHHUGHQ$PRNODXIGHV0RQVWHUVVWRSSHQ -RKQIHXHUWH (UKDWWHYHUVXFKWGLHPLW:DFKVEHU]RJHQHQ$XJHQ]X WUHIIHQGRFKGLH.XJHOSUDOOWHDEXQGVLUUWHDOVJHIlKUOLFKHU 4XHUVFKOlJHUGXUFKGHQ5DXP 'LH:DFKVILJXUZXUGHGDGXUFKQXUQRFKZWHQGHU6LHZDUVR JXWZLHXQYHUZXQGEDU(VJDENHLQH6WHOOHPHKUDQGHU-RKQVLH KlWWHWUHIIHQN|QQHQ 3O|W]OLFKJDEHVHLQHQ.UDFK'DQQ]XFNWHHLQ%OLW]DXI 'LH$SSDUDWXUGLHYRQGHQ.XJHOQGXUFKVFKODJHQZRUGHQ ZDUILQJ)HXHU%OlXOLFKH)ODPPHQOHFNWHQDXVGHP'UDKWJHZLUU KHUYRU :LHGHUEOLW]WHHV

(LQDUPODQJHU)HXHUVWUDKOGUDQJDXVGHP]HUVW|UWHQ.DVWHQ EHUKUWHGHQ5FNHQGHU:DFKVILJXU 'DV:DFKVVFKPRO] 5DXFKXQG4XDOP]RJHQGXUFKGHQ5DXP-RKQV$XJHQ WUlQWHQ)UHLQHQ$XJHQEOLFNVDKHUXQWHUGHU:DFKVVFKLFKW GHQQDFNWHQ5FNHQHLQHU/HLFKH 8QGGDV)HXHUJULIIXPVLFKIDQGUHLFKOLFK1DKUXQJ(LQ7LVFK VWDQGDXIHLQPDOLQ)ODPPHQ 'HU5DXFKZXUGHLPPHUGLFKWHU(VVWDQNHUElUPOLFK -RKQKDWWHYRUKLQDQGHUHLQHQ6HLWHHLQH7UHQWGHFNW'DUDXI WDXPHOWHHU]X(UKLHOWGLH+DQGVFKW]HQGYRUGLH$XJHQ+DOE EOLQGHUUHLFKWHHUGLH7U 8QGGDWDXFKWHGDV0RQVWHUYRULKPDXI (VZDUHLQ7RUVR-RKQVDKGLH$UPHZLH:LQGPKOHQIOJHO GXUFKGLH/XIWZLVFKHQXQGKDWWH*OFNGDHUQLFKWJHWURIIHQ ZXUGH 'LH)ODPPHQKDWWHQLQGHU:DFKVILJXULKU2SIHUJHIXQGHQ 'DV:DFKVZDU]XP7HLOJHVFKPRO]HQHVOLHILQGLFNHQ6FKOLHUHQ DQGHLQ.|USHUKLQDE 'LH/HLFKHGDUXQWHUZXUGHZLHGHUVLFKWEDU-RKQVDKIUHLQHQ NXU]HQ0RPHQWHLQJUlOLFKHV*HVLFKW ,PPHUPHKUVFKPRO]GDV:DFKVJHVLFKWGHV0RQVWHUV 3O|W]OLFKEUDFKHV]XVDPPHQ'LFKWYRU-RKQV)HQNQDOOWHHV DXIGHQ%RGHQ$UPHXQG%HLQH]XFNWHQNRQYXOVLYLVFK1RFK HLQPDOElXPWHVLFKGDV0RQVWHUDXI(VNURFKZHJ *HQDXDXIGLH)ODPPHQZDQG]X -RKQULGLH7UDXI :HJKLHU1XUZHJ 'HU,QVSHNWRUWDXFKWHLQHLQHQ*DQJNQDOOWHGLH7UZLHGHU KLQWHUVLFK]X +LHUZDUGLH/XIWEHVVHU(QGOLFKNRQQWH-RKQZLHGHUIUHL DWPHQ $EHUZRZDU'U7RG" -RKQVDKYRQGHP*DQJPHKUHUH5lXPHDE]ZHLJHQ(UULGLH 7UHQDXIVDKLQMHGHVGDKLQWHUOLHJHQGH=LPPHU 9RQ'U7RGNHLQH6SXU

-RKQ6LQFODLUKHW]WHZHLWHU)DQGHLQH7UHSSHGLHQDFKREHQ IKUWH 3O|W]OLFKK|UWHHUKLQWHUVLFKHLQK|OOLVFKHV*HOlFKWHU (LQH*lQVHKDXWOLHIEHU-RKQV5FNHQ (VZDULPZDKUVWHQ6LQQHGHV:RUWHVHLQ+|OOHQJHOlFKWHU $VPRGLVGHU+|OOHQIUVWKDWWHHVDXVJHVWRHQ )ULKQZDUHVHLQ7ULXPSK'HQQVHLQ'LHQHU'U7RGZDUHQW ZLVFKW ,UJHQGZLHVFKDIIWHHV-RKQDXVGHP+RUURU.DELQHWW]X NRPPHQ'UDXHQKDWWHVLFKHLQHJURH0HQVFKHQPHQJH YHUVDPPHOW-RKQHUNDQQWHGLH*HVLFKWHUGHU6FKDXVWHOOHU ª$ODUPLHUWGLH)HXHUZHKU©VFKULH-RKQGHQlQJVWOLFKHQ/HXWHQ ]Xª'DV+RUURU.DELQHWWEUHQQW© =ZHL0lQQHUOLHIHQZHJ ª'DLVWYRUKLQHLQHUUDXVJHUDQQW©ULHIMHPDQG 'DVNRQQWHQXU'U7RGJHZHVHQVHLQ -RKQVDKHLQH&KDQFHGLHVHQ9HUEUHFKHUGRFKQRFK]X EHNRPPHQ ª:RLVWHUKLQJHODXIHQ"© ª$XIGHQ5XPPHOSODW]]X© -RKQ6LQFODLUVSXUWHWHORV (UHUUHLFKWHHLQH$UW.UHX]XQJ,QGHU0LWWHVWDQGGHU.RPSOH[ HLQHV$XWR6FRRWHUV-RKQVDKGLH8PULVVHGHUEXQWODFNLHUWHQ :DJHQDXIGHU%DKQVWHKHQ ,PVHOEHQ$XJHQEOLFNK|UWHHUGDV%UXPPHQHLQHV $XWRPRWRUV -RKQV.RSI]XFNWHKHUXP =ZHLJUHOOH/LFKWILQJHU]HUVFKQLWWHQGLH'XQNHOKHLWHUIDWHQ GHQ,QVSHNWRU -RKQZDUIVLFK]XU6HLWHXQGUROOWHVLFKVRIRUWDE 'HU:DJHQUDVWHDXILKQ]X -RKQNDPDXIGLH.QLHIHXHUWH %OLW]VFKQHOOKLQWHUHLQDQGHUMDJWHHUGLH.XJHOQDXVGHP/DXI +LHOWKDOEKRFK]ZLVFKHQGLH6FKHLQZHUIHU

'DQQKHFKWHWHHUPLWHLQHP3DQWKHUVDW]DXVGHP *HIDKUHQEHUHLFK *HUDGHQRFKUHFKW]HLWLJ 1XUHLQHQKDOEHQ
-RKQ6LQFODLUV/DXQHKDWWHVLFKQRFKQLFKWJHEHVVHUWDOVHUVHLQHP &KHIJHJHQEHUVD -RKQIDQGEHLVHLQHP9RUJHVHW]WHQGHQHUIDVWLPPHUQXUDOV EUXPPLJNHQQHQJHOHUQWKDWWHYROOHV9HUVWlQGQLV ª:LUPVVHQDOVRPLWZHLWHUHQ$NWLRQHQGLHVHV0DQQHV UHFKQHQ©VDJWH3RZHOO -RKQQLFNWHGVWHU ª'LHVH6DFKH,QVSHNWRUEOHLEWXQWHUXQV(VZDUVRZLHVRVFKRQ IDVWXQEHJUHLIOLFKGD6LHMHGHQ)DOOJHO|VWKDEHQ8QGHLQHV 7DJHVZHUGHQ6LH'U7RGDXFKQRFKVFKDIIHQ'DYRQELQLFKIHVW EHU]HXJW© ,QGLHVHP$XJHQEOLFNVFKZRUVLFK-RKQ6LQFODLUGDHU'U7RG ZHQQHVVHLQPXWHELVLQGLH+|OOHYHUIROJHQZUGH'LHVHU 9HUEUHFKHUKDWWHLKPGHQ.DPSIDQJHVDJW (UVROOWHLKQKDEHQ 1RFKDKQWH-RKQQLFKWGDQRFKHLQJUDXHQKDIWHV$EHQWHXHU DXILKQZDUWHWHEHYRU'U7RGZLHGHUVHLQHQ:HJNUHX]WH

Doktor Tod

Doktor Tod

Doktor Tod

Doktor Tod

Doktor Kopernikus

Doktor Pascal

Unterderseaboat Doktor

Doktor Shiwago

Doktor Pascal

Doktor Pascal

Doktor Frigo

Doktor Pascal

Doktor Pascal

Doktor Methusalem

Doktor Faust

Hallo Doktor

Doktor Frigo

Doktor Faustus

Doktor Piotr

Doktor Methusalem

Doktor Pascal

Doktor Kopernikus

Unterderseaboat Doktor

Doktor Frigo

Doktor Methusalem

Bradbury, Ray - Unterderseaboat Doktor

Der Dschunken Doktor

Ray Bradbury - Unterderseaboat Doktor

Der Dschunken Doktor

Doktor auf Draht

Doktor Tod

Doktor Tod

Doktor Tod

Doktor Tod

Doktor Tod

Doktor Kopernikus

Doktor Pascal

Unterderseaboat Doktor

Doktor Shiwago

Doktor Pascal

Doktor Pascal

Doktor Frigo

Doktor Pascal

Doktor Pascal

Doktor Methusalem

Doktor Faust

Hallo Doktor

Doktor Frigo

Doktor Faustus

Doktor Piotr

Doktor Methusalem

Doktor Pascal

Doktor Kopernikus

Unterderseaboat Doktor

Doktor Frigo

Doktor Methusalem

Bradbury, Ray - Unterderseaboat Doktor

Der Dschunken Doktor

Ray Bradbury - Unterderseaboat Doktor

Der Dschunken Doktor

Doktor auf Draht

Recommend Documents