Nacht №ber Childonga

3HUU\5KRGDQ3ODQHWHQURPDQ 1$&+7h%(5&+,/'21*$ (LQH0DFKWDXVGHP'XQNHOVFKOlJW]XXQGHLQ3ODQHWYHUVFKZLQGH...

25 downloads 703 Views 243KB 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

3HUU\5KRGDQ3ODQHWHQURPDQ 1$&+7h%(5&+,/'21*$ (LQH0DFKWDXVGHP'XQNHOVFKOlJW]XXQGHLQ3ODQHWYHUVFKZLQGHW (LQ*XFN\$EHQWHXHUYRQ+$59(<3$7721 9(5/$*$57+8502(:,**0%+5$67$77 3ULQWHGLQ*HUPDQ\ $SULO %HHLOWHXFKJHIlOOLJVWLKUPGHQ5HJHQKSIHUNHLIWH+DUUR3RQD[XQG JHVWLNXOLHUWHKHIWLJPLWEHLGHQ$UPHQ'DV)HVWVROOLQHLQHUKDOEHQ6WXQGH EHJLQQHQXQGZLHVLHKWHVKLHUQRFKDXV":LHVROOHQZLUGHQ*lVWHQPLW hEHUUDVFKXQJHQDXIZDUWHQZHQQLKUEHLLKUHP(LQWUHIIHQQRFKEHLGHU$UEHLW VHLG"'LH.DLVHULQZLUGHXFKDOOHKLQDXVZHUIHQXQGGDVPLWYROOHP5HFKW 6HLQ6FKLPSIHQJDOWGHQ7HFKQLNHUQDXI]ZHL$QWLJUDYSODWWIRUPHQGLHGDEHL ZDUHQLQGHQDOWHQ%lXPHQGHV3DUNV$SSDUDWXUHQDQ]XEULQJHQGLHGLH hEHUUDVFKXQJHQEHZHUNVWHOOLJHQVROOWHQ(UUHJWHVLFKPlFKWLJDXIDEHUGLH 0lQQHUIHL[WHQQXUYHUVWRKOHQ6LHNDQQWHQGHQ3DODVWYHUZDOWHUVFKOLHOLFK ODQJHXQGJXWJHQXJ ,UJHQGMHPDQGGHULQGHU*HVFKLFKWHGHV6RODUHQ,PSHULXPVEHZDQGHUWZDU KDWWHLKPGHQ6SLW]QDPHQ4XLQWR3RQD[JHJHEHQXQGGLHVHUSDWH YRU]JOLFKDXILKQ:LHGHUOHJHQGlUH/HLWHUGHU$EWHLOXQJ,,,GHU862ZDU DXFK+DUUR3RQD[NOHLQXQGXQWHUVHW]WKDWWHHLQIHLVWHVURWHV*HVLFKWXQG VFKWWHUHVEORQGHV+DDU(UVFKZLW]WHVWlQGLJNODJWHEHUDQJHEOLFK]X KRKHQ%OXWGUXFNXQGZDUDXVJHVSURFKHQFKROHULVFKYHUDQODJW(LQLJH/HXWH LP3DODVWKLHOWHQHVVRJDUIUP|JOLFKGDHUDEVLFKWOLFKEHUWULHEXPGHP HFKWHQ4XLQWRVRVHKUZLHP|JOLFK]XJOHLFKHQ 9LHOOHLFKWNDQQWHHUVLFKHEHQIDOOVJXWLQGHUWHUUDQLVFKHQ*HVFKLFKWHDXV" =X]XWUDXHQZDUHVLKPDXIMHGHQ)DOOGHQQHUZDUHLQJHELOGHWHU0DQQPLW JURHQ4XDOLWlWHQ(LQ0DQQRKQHGLHHQWVSUHFKHQGHQ)lKLJNHLWHQKlWWHHV QLHELV]XP3DODVWYHUZDOWHUGHU.DLVHULQYRQ&KLOGRQJDEULQJHQN|QQHQ (UQ|UJHOWHQRFKHLQH:HLOHZHLWHUDEHULP*UXQGHZDUHUVHKU]XIULHGHQ 'DV:HWWHUZDUJXWQLFKW]XZDUPXQGQLFKW]XNKOJHUDGHULFKWLJIUGLH JURH*DUWHQSDUW\]XGHUPHKUDOVWDXVHQG*lVWHDXVDOOHQ*HJHQGHQGHV 3ODQHWHQHLQJHODGHQZDUHQ 'LHVHV)HVWVROOWHGLH)HLHUOLFKNHLWHQDXV$QODGHV-DKUHVWDJVGHU 7KURQEHVWHLJXQJGHU.DLVHULQHU|IIQHQ6LHZDUYRUGUHL-DKUHQ]XU +HUUVFKHULQEHU&KLOGRQJDSURNODPLHUWZRUGHQQDFKGHPLKUH0XWWHUDXV JHVXQGKHLWOLFKHQ*UQGHQDEJHGDQNWKDWWH 'HU3ODQHWZXUGHPDWULDUFKDOLVFKUHJLHUWVHLQ2EHUKDXSWZDUVWHWVHLQH )UDX'LH*DWWHQGHU.DLVHULQQHQIKUWHQHLQ6FKDWWHQGDVHLQLKQHQZXUGHQ

OHGLJOLFK]ZHLWUDQJLJH5HSUlVHQWDWLRQVDXIJDEHQ]XJHVWDQGHQ:LHGLHVH (QWZLFNOXQJ]XVWDQGHJHNRPPHQZDUZHVKDOE&KLOGRQJDEHUKDXSWHLQH 0RQDUFKLHKDWWHZXWHMHW]WNDXPQRFKMHPDQG(UZDUYRUIDVWWDXVHQG -DKUHQYRQ7HUUDDXVEHVLHGHOWZRUGHQKDWWHVLFKGDQQDEHUZHLWJHKHQG HLJHQVWlQGLJHQWZLFNHOW'DVZDUYRUDOOHPDXIVHLQHLVROLHUWH/DJHLQGHU (DVWVLGHGHU0LOFKVWUDH]XUFN]XIKUHQ/LFKWMDKUHYRQGHU(UGH HQWIHUQW 'HU.RQWDNW]XP6RODUHQ,PSHULXPZDU]ZDUORVHDEHUQLHJDQ]YHUORUHQ JHJDQJHQ(UEHVWDQGDXFKMHW]WLP-DKUKXQGHUWQRFKLQHLQHU=HLWLQ GHUHVYLHOHJURHPLW7HUUDULYDOLVLHUHQGH0DFKWEO|FNHJDE1DFKZLHYRU JDEHV+DQGHOVYHUELQGXQJHQPLWGHU(UGHDXFKHLQLJHLQWHUVWHOODUH 3DVVDJLHUOLQLHQIORJHQ&KLOGRQJDUHJHOPlLJDQ 6RZDUGLH(QWZLFNOXQJNRQWLQXLHUOLFKYHUODXIHQHVKDWWHNHLQH QHQQHQVZHUWHQ5FNVFKOlJHJHJHEHQ'LH0LOOLRQHQ%HZRKQHUGHV 3ODQHWHQJHQRVVHQDOOH$QQHKPOLFKNHLWHQWHUUDQLVFKHU=LYLOLVDWLRQXQG.XOWXU 6LHIKOWHQVLFKZRKODXILKUHU:HOWXQGYHUVWDQGHQHVDXFKGLH)HVWH]X IHLHUQZLHVLHILHOHQ $XFK4XLQWR3RQD[ZDUVFKOLHOLFK]XIULHGHQDOVVLFKGLH7HFKQLNHUHLQH 9LHUWHOVWXQGHVSlWHUHQWIHUQWHQ$OOHVZDULQEHVWHU2UGQXQJQXQNRQQWHQGLH *lVWHNRPPHQ(UKDWWHZLHEOLFKEHUWULHEHQGHQQGLH3DUW\EHJDQQHUVW ]ZHL6WXQGHQVSlWHU /DQJVDPJLQJHU]XP3DODVW]XUFNGHUZLHHLQDOWHUWPOLFKHVLUGLVFKHV 6FKOR]ZLVFKHQGHQ%lXPHQDXIUDJWH'DVZDUMHGRFKQXU)DVVDGHGHQQ LQVHLQHP,QQHUQVRUJWHQDXVJHNOJHOWHWHFKQLVFKH(LQULFKWXQJHQIUGDV :RKOEHILQGHQVHLQHU%HZRKQHU +DUUR3RQD[ZDUJHUDGHDP)XGHUJURHQ7HUUDVVHDQJHODQJWDOVVLFK EHULKPHLQH7U|IIQHWH 'LH.DLVHULQWUDWKHUDXVJLQJGLHEUHLWH7UHSSHKLQDEXQGNDPDXILKQ]X )LRQD

:RULQEHVWHKWVLHGLHVPDO"IUDJWH)LRQD3RQD[OlFKHOWHXQGZLVFKWHVLFK YHUVWRKOHQGHQ6FKZHLDXVGHP1DFNHQ 'DVYHUUDWHLFKDXFK,KQHQQLFKW0DMHVWlW6LHKDEHQPLULPYRULJHQ-DKU GLH6FKDXJHVWRKOHQDOV6LH,KUHUEHVWHQ)UHXQGLQGDYRQHU]lKOWHQ=HKQ 0LQXWHQVSlWHUZXWHQVFKRQDOOH*lVWHGDYRQXQGGHU(IIHNWZDUGDKLQ 'LHMXQJH.DLVHULQODFKWHSHUOHQGDXI6FKRQJXWLFKJHEHPLFKJHVFKODJHQ :LHJHKWHVGDQQZHLWHU" 'HU9HUZDOWHUKREGLH+DQGXQGEHJDQQDXI]X]lKOHQ$OVQlFKVWHU 3URJUDPPSXQNWIROJWHLQ.RQ]HUWPLWNODVVLVFKHUWHUUDQLVFKHU0XVLNNHLQH %HDUEHLWXQJHQVRQGHUQ:LHGHUJDEHQHFKWHU0R]DUWPHORGLHQ'DQQKlOWGHU (UVWH6HQDWRUGLHEOLFKH)HVWDQVSUDFKHGDQDFKHUQHXW0XVLN6LHOHLWHW ]XP/XIWEDOOHWWEHUGDVYRQGUHLLJPLW0LNURJUDYLWDWRUHQDXVJHUVWHWHQ 0lGFKHQDXVJHIKUWZLUG'DQQIROJWGLH]ZHLWHhEHUUDVFKXQJVHLQODJHGLH ]XHLQHPHFKWHQ+|KHSXQNW (UXQWHUEUDFKVLFKHUVFKURFNHQGHQQSO|W]OLFKHUHLJQHWHVLFKHWZDVGDV EHVWLPPWQLFKWLP)HVWSURJUDPPVWDQG hEHUJDQJVORVYRQHLQHP0RPHQW]XPDQGHUHQVHQNWHVLFKDEVROXWH 'XQNHOKHLWEHUGHQ3DUN(EHQKDWWHGLH6RQQHGHV%HNNDU6\VWHPVQRFK KRFKDP+LPPHOJHVWDQGHQXQGPLWLKUHQ6WUDKOHQGDV*HOlQGHXQGGHQ 3DODVWEHUJ|VVHQ1XQZDUHVVWRFNGXQNHOJHZRUGHQQLFKWGHUNOHLQVWH /LFKWVFKLPPHUH[LVWLHUWHPHKU +DUUR3RQD[lFK]WHXQZLOONUOLFKDXIXQGJULIIQDFKGHP$UPGHU.DLVHULQ )LRQDKDWWHMHGRFKQLFKWEHJULIIHQGHQQVLHPHLQWH 'LHVHhEHUUDVFKXQJGUIWHQXQZRKOHQGJOWLJNHLQHPHKUVHLQ'DKDW RIIHQEDUMHPDQGDQHLQHP6FKDOWHUJHVSLHOWXQGGLH/LFKWDEVRUEHU 3URMHNWRUHQYRU]HLWLJDNWLYLHUW:LHNRQQWHHV]XGLHVHU3DQQHNRPPHQ 3RQD[" 4XLQWREUDXFKWHVLFKGLHVPDOLQNHLQHU:HLVH]XYHUVWHOOHQGLH3DQLNLQ VHLQHU6WLPPHZDUHFKW 'DVJHK|UWQLFKWPLW]XP3URJUDPP0DMHVWlWVDJWHHUKHLVHU,FK VFKZ|UH,KQHQEHLDOOHPZDVPLUKHLOLJLVWGDGLHVHV3KlQRPHQEHLGHU 3ODQXQJEHUKDXSWQLFKWHUZRJHQZXUGH (LJHQWOLFKVFKDGHEHPHUNWHGLH.DLVHULQQRFKLPPHUVRUJORV'LH :LUNXQJDXIGLH*lVWHZlUHEHVWLPPWGXUFKVFKODJHQGJHZHVHQ :LHGXUFKVFKODJHQGXQGYHUKlQJQLVYROOGLH:LUNXQJDXIJDQ]&KLOGRQJD ZDUDKQWHNHLQHUGHUEHLGHQ 'LH$//$1'0(5&$17ZDUHLQ3DVVDJLHUOLQHUYRQ7HUUD(LQPLWWHOJURHV 6FKLIIGDVPD[LPDODFKWKXQGHUW)DKUJlVWHDXIQHKPHQNRQQWHDEHUQXU VHOWHQYROOEHVHW]WZDU'LH5RXWHLQGHQ$XHQEH]LUNGHU*DOD[LVLQGHPHV QXUUHODWLYZHQLJEHZRKQWH:HOWHQJDEZXUGHQXUVFKZDFKIUHTXHQWLHUW 'DV6FKLIIIORJJHUDGHLQGDV%HNNDU6\VWHPHLQQDFKGHPHVDXVGHP /LQHDUUDXPJHNRPPHQZDU'LH)XQN]HQWUDOHQDKP9HUELQGXQJPLWGHP +DIHQYRQ2ONDVWRQDXI&KLOGRQJDDXIGLH/DQGHJHQHKPLJXQJZXUGH DQVWDQGVORVJHJHEHQ

(LJHQWOLFKLVWHV8QVLQQKLHUEHUKDXSW]XODQGHQEHPHUNWHGHU(UVWH 2IIL]LHUPLPXWLJ'LHVPDOKDEHQZLUJDQ]HGUHL3DVVDJLHUHGLHQDFK &KLOGRQJDZROOHQ'DVLVWGRFKHLQJODWWHV=XVDW]JHVFKlIWIUXQV 'HU.DSLWl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|HUQGHQ7HOHRSWLNHQOLHHQLKQEHUHLWVLQ )XEDOOJU|HGDUDXIHUVFKHLQHQ$PXQWHUHQ5DQGGHU%LOGIOlFKHZXUGHQGLH DXWRPDWLVFKHUPLWWHOWHQ'DWHQHLQJHEOHQGHW'HU,2ODVVLHDXFKUHLQ DXWRPDWLVFKDE &KLOGRQJDZDUHLQH:HOWGLHIDVWJHQDXGHU7HUUDQRUPHQWVSUDFK .LORPHWHU'XUFKPHVVHU6FKZHUNUDIW*UDYRV'XUFKVFKQLWWVWHPSHUDWXU *UDG5RWDWLRQVGDXHU6WXQGHQLQGHU$WPRVSKlUH3UR]HQW IUHLHQ6DXHUVWRIIXQGGLHVRQVWEOLFKHQDQGHUHQ*DVH'LH$FKVQHLJXQJ EHWUXJQXU]HKQ*UDGDOVRZDUHQGLH-DKUHV]HLWHQZHLWZHQLJHUVWDUN DXVJHSUlJWDOVDXIGHU(UGH$XIGHQEHLGHQ.RQWLQHQWHQGLHVLFK ODQJJHVWUHFNWGXUFKDOOH.OLPD]RQHQKLQ]RJHQOLHHVVLFKDOVRDQJHQHKP OHEHQ 6DJHQ6LHGXUFKGDZLULQHLQHU6WXQGHDXIGHP+DIHQYRQ2ONDVWRQ ODQGHQZHUGHQRUGQHWHGHU.DSLWlQDQ'LHKLHUDXVVWHLJHQGHQ3DVVDJLHUH VROOHQVLFKIHUWLJPDFKHQXQGVRZHLWHUQXQ6LHNHQQHQGDVMD ,QGLHVHP$XJHQEOLFNYHUVFKZDQGGDV%LOGGHV3ODQHWHQRKQHMHGHQ hEHUJDQJYRP6FKLUP %LOGVW|UXQJ"HUNXQGLJWHVLFKGHU2IIL]LHUNQDSS'HU0DQQGHUGLH*HUlWH EHUZDFKWHVFKWWHOWHMHGRFKGHQ.RSI $XVJHVFKORVVHQ6LU$OOH$Q]HLJHQHUEULQJHQ1RUPDOZHUWHGLH .RQWUROODXWRPDWLN]HLJWNHLQHQ$XVIDOODQ6HKHQ6LHGRFK'LH +LQWHUJUXQGVWHUQHVLQGQDFKZLHYRUVLFKWEDUQXUGHU3ODQHWLVWQLFKWPHKU GD 'DVJLEWHVGRFKJDUQLFKWPXUPHOWHGHU,2YHUGXW]W9LHOOHLFKWKDEHQZLU HLQH6FKZHQNXQJJHPDFKWVRGD&KLOGRQJDDXVJHZDQGHUWLVW/DVVHQ6LH GLH2SWLNHQPDONUHLVHQELVZLULKQZLHGHUKDEHQ

'HU0DQQNDPVHLQHP9HUODQJHQQDFKDEHUGHU(UIROJEOLHEDXV'LH DQGHUHQ3ODQHWHQXQGGLH6RQQHNDPHQHLQZDQGIUHLLQV%LOGQXU&KLOGRQJD ZDUQLUJHQGV]XHQWGHFNHQ 6WLPPWHWZDVQLFKW"IUDJWHGHU.DSLWlQGHULQ]ZLVFKHQKLQ]XJHWUHWHQZDU 'HU(UVWHXQWHUULFKWHWHLKQPLWNQDSSHQ:RUWHQGLHHUPLWDXVJHVSURFKHQHU 6NHSVLV]XU.HQQWQLVQDKP(LQ3ODQHWGHUYRQHLQHU6HNXQGH]XUDQGHUHQ YHUVFKZXQGHQVHLQVROOWHZDUVHLQHU$QVLFKWQDFKHLQIDFKHLQ'LQJGHU 8QP|JOLFKNHLW 'DVlQGHUWHDEHUQLFKWVDQGHU7DWVDFKHXQGVREHJDEHQVLFKGLHEHLGHQ 0lQQHU]XP6LW]GHV2UWXQJVWHFKQLNHUV]XUFN$OVVLHVDKHQGDDXFKHU YHU]ZHLIHOWGLH6HQVRUHQVHLQHU.RQWUROOHQEHDUEHLWHWHGlPPHUWHLKQHQ DOOPlKOLFKGDKLHUZLUNOLFKHWZDVQLFKWLQ2UGQXQJZDU 9HUGDPPWZDVKDWGDVQXU]XEHGHXWHQ"VDJWHGHU.DSLWlQ NRSIVFKWWHOQG%ULQJHQDXFKGLH0DVVHWDVWHUQLFKWVPHKUKHUHLQ" 'HU7HFKQLNHUKREKLOIORVEHLGH+lQGH1LFKWGDVNOHLQVWH(FKRPHKU6LU 'LH$Q]HLJHQEUDFKWHQIUZHQLJH6HNXQGHQ$QRPDOLHQKHUHLQGLHLFK ]XHUVWIUHLQ)DGLQJGXUFKLUJHQGZHOFKH(LQIOVVHGHU6RQQHKLHOW'DQQ YHUVFKZDQGGHU3ODQHWDEUXSWDOVZlUHHUQLHGDJHZHVHQ 'HU(UVWH2IIL]LHUQDKP,QWHUNRPYHUELQGXQJ]XU)XQN]HQWUDOHDXI+DEHQ 6LHQRFK.RQWDNWPLW2ONDVWRQ"HUNXQGLJWHHUVLFKGRUW 'HU)XQNHUYRP'LHQVWYHUQHLQWH'LH9HUELQGXQJEUDFKYRQHLQHP0RPHQW ]XPDQGHUHQDE6LU'LH+DIHQNRQWUROOHNQGLJWHPLUJHUDGHGLH hEHUPLWWOXQJHLQHV3HLO]HLFKHQVDQDEHUGDQQEOLHEHQVRZRKOGDV%LOGZLH DXFKGHU7RQSO|W]OLFKDXV,FKEHNRPPHQXUQRFK6WDWLNKHUHLQPHLQH $QUXIHZHUGHQQLFKWPHKUEHDQWZRUWHW$XJHQEOLFNHEHQKDEHLFKZLHGHU (PSIDQJ /HJHQ6LH]XP.RPPDQGRUDXPXPEHVWLPPWHGHU.DSLWlQ'HU)XQNHU QLFNWHXQGJOHLFKGDUDXIZHFKVHOWHGDV%LOG(V]HLJWHQXQHLQHQlOWHUHQ 0DQQYRQVFKZDU]HU+DXWIDUEHGHUGLHVFKPXFNORVH.RPELQDWLRQWUXJGLH EHLGHQ%HVDW]XQJHQYRQ)UDFKWVFKLIIHQEOLFKZDU :RLVW&KLOGRQJDJHEOLHEHQ"SODW]WHHUKHUDXV 'HU.DSLWlQKREGLH6FKXOWHUQ'DVP|FKWHQZLUDXFKJHUQZLVVHQJDEHU ]XUFN'HU3ODQHWZDUSO|W]OLFKZHJDOOH%HPKXQJHQLKQZLHGHU]XILQGHQ VLQGHUIROJORVJHEOLHEHQ6LHKDEHQDOVRDXFKNHLQH(UNOlUXQJGDIU" +lWWHLFK6LHVRQVWDQJHUXIHQ"IUDJWHGHU.DSLWlQGHV)UDFKWHUVJHUHL]W ]XUFN:LUVROOWHQLQIQI]HKQ0LQXWHQLQ2ONDVWRQODQGHQGHU3HLOVWUDKO VWDQGVHLW]ZDQ]LJ0LQXWHQ-HW]WLVW&KLOGRQJDYHUVFKZXQGHQGDV 3HLO]HLFKHQGLH)XQNYHUELQGXQJHLQIDFKDOOHV 8QVHUH,QVWUXPHQWHVSLHOWHQIUHLQLJH6HNXQGHQYHUUFNWGHU&RPSXWHU ZXWHPLWGHQ$QJDEHQQLFKWVDQ]XIDQJHQ0HKUNDQQLFKDXFKQLFKWVDJHQ :DUWHQ6LHHLQH:HLOHEDWGHU.DSLWlQGHV3DVVDJLHUOLQHUV6SDUNV YHUVXFKHQ6LHGLHEHLGHQDQGHUHQ6FKLIIH]XHUUHLFKHQGLHGDV6\VWHP YHUODVVHQ9LHOOHLFKWKDEHQLKUH,QVDVVHQHWZDVIHVWVWHOOHQN|QQHQGDVXQV KLOIW

'RFKDXFKGLHVHVFKZDFKH+RIIQXQJEOLHEYHUJHEOLFK%HLGH5DXPHU PHOGHWHQVLFK]ZDUPXWHQDEHUJOHLFKIDOOVPLWWHLOHQGD&KLOGRQJDIULKUH ,QVWUXPHQWHQLFKWPHKUDXI]XILQGHQZDU'LH9HUZLUUXQJLQDOOHQYLHU6FKLIIHQ ZDUJUR6LHZXUGHQRFKGDGXUFKJHVWHLJHUWGDGLHEHLGHQNOHLQHQ0RQGH GHV3ODQHWHQQDFKZLHYRUVLFKWEDUZDUHQQXUHUVHOEVWQLFKW 'DLVWHUMDZLHGHUULHIGHU2UWXQJVWHFKQLNHUSO|W]OLFKHUOHLFKWHUWDXV h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lUH GHV3ODQHWHQ:DVGLH.DLVHULQDOVHLQHQEHVRQGHUHQ*DJLQLKUHP )HVWSURJUDPPDQJHVHKHQKDWWHNDPHLQHU.DWDVWURSKHIU&KLOGRQJDJOHLFK 9LHOH0LOOLRQHQ0HQVFKHQZDUHQDXIGHPZHVWOLFKHQ.RQWLQHQWXQWHUZHJV,Q GHQ6WlGWHQEHQXW]WHQVLHPHLVWERGHQJHEXQGHQH)DKU]HXJHXPLKUH=LHOH ]XHUUHLFKHQ:HUJU|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|JOLFKJHZlKUOHLVWHWZDU 'LHVH6LFKHUKHLWZDUMHGRFKQXUUHODWLYGHQQHVJDEYLHOH0HQVFKHQGLH HLQHPDQXHOOH6WHXHUXQJEHYRU]XJWHQ)UVLHNDPGLHDEUXSWHLQVHW]HQGH )LQVWHUQLVHLQHU.DWDVWURSKHJOHLFK6LHZDUHQQLFKWQXU]X%OLQGHQ JHZRUGHQVRQGHUQDXFK]X7RGHHUVFKURFNHQ'DVIKUWH]X]DKOUHLFKHQ 3DQLNKDQGOXQJHQGLHHLQH.HWWHVFKZHUVWHU8QIlOOHDXVO|VWHQ 9LHOHYHUORUHQGLH+HUUVFKDIWEHULKU)DKU]HXJNDPHQYRP.XUVDEXQG VWLHHQPLWDQGHUHQ]XVDPPHQ:HUJHLVWHVJHJHQZlUWLJJHQXJZDUVRIRUW ]XEUHPVHQSURILWLHUWHQXULQGHQVHOWHQVWHQ)lOOHQGDYRQ0HLVWZXUGHVHLQ :DJHQLPQlFKVWHQ0RPHQWYRQHLQHPQDFKIROJHQGHQJHUDPPWGHVVHQ YHUlQJVWLJWHU)DKUHUQLFKWVFKQHOOJHQXJUHDJLHUHQNRQQWH

,QQHUKDOEZHQLJHU6HNXQGHQJOLFKHQGLH6WUDHQGHU6WlGWHZDKUHQ 6FKODFKWIHOGHUQ8Q]lKOLJH)DKU]HXJHNROOLGLHUWHQNUDFKHQGGLH6FKUHLHGHU 9HUOHW]WHQXQG6WHUEHQGHQHUIOOWHQGLH/XIW7URW]DOOHU 6LFKHUKHLWVHLQULFKWXQJHQNDPHV]X]DKOUHLFKHQ([SORVLRQHQGLH%UlQGHLP *HIROJHKDWWHQ'LHQXQDXIORGHUQGHQ)ODPPHQZDUHQQLFKWQXUGDVHLQ]LJH /LFKWVRQGHUQ]XJOHLFK)DQDOHGHV7RGHV 'RFKDXFKLQGHU/XIWVWLHHQYLHOH*OHLWHU]XVDPPHQGLHLQIROJHYRQ 3DQLNUHDNWLRQHQLKUHU3LORWHQXQNRQWUROOLHUWH0DQ|YHUYROOIKUWHQ6LHVWU]WHQ DEVFKOXJHQ]XP7HLOLQGHQ:RKQYLHUWHOQDXIW|WHWHQGDEHL]DKOUHLFKH 0HQVFKHQXQGVHW]WHQ+lXVHULQ%UDQG'RFKDXFKVRQVWJDEHVQRFK XQ]lKOLJH8QIlOOHGHUYHUVFKLHGHQVWHQ$UWGLHHLQH)OOHYRQ0HQVFKHQOHEHQ IRUGHUWHQ $OVGDQQNQDSSIQI0LQXWHQVSlWHUGLH6RQQHJHQDXVRDEUXSWZLHGHUDP +LPPHOHUVFKLHQZLHVLHYHUVFKZXQGHQZDUEHOHXFKWHWHVLHHLQ&KDRV 3ROL]HL)HXHUZHKUHQXQGDQGHUH+LOIVRUJDQHZXWHQNDXPZRVLHPLWLKUHU $UEHLWEHJLQQHQVROOWHQ&KLOGRQJDZDUVWHWVHLQHUXKLJHXQGIULHGOLFKH:HOW JHZHVHQDXIHLQHGHUDUWLJXPIDVVHQGH.DWDVWURSKHZDUQLHPDQG YRUEHUHLWHW6RYHUEOXWHWHQ]DKOUHLFKH9HUOHW]WHGLHQRFK]XUHWWHQJHZHVHQ ZlUHQZHLOHVHLQIDFKQLFKWJHQJHQG+HOIHUJDERGHUGLHVHLQIROJHGHUWRWDO EORFNLHUWHQ6WUDHQQLFKWGXUFKNRPPHQNRQQWHQ 'HQ0HQVFKHQGLHYHUVFKRQWJHEOLHEHQZDUHQVDGHU6FKRFNWLHILQDOOHQ *OLHGHUQ )UVLHZDUHVGDV6HOEVWYHUVWlQGOLFKVWHYRQGHU:HOWJHZHVHQGDGLH 6RQQHLQUHJHOPlLJHU)ROJHDXIXQGXQWHUJLQJ%HNNDUZDUHLQ*HVWLUQYRP 6SHNWUDOW\S)HLQHJHOEZHLHYRQ1DWXUDXVVWDELOH6RQQHGLHQLH $EZHLFKXQJHQYRQGHU1RUPJH]HLJWKDWWH1LHPDQGKDWWHDXFKQXULP 7UDXPMHPDOVGDUDQJHGDFKWGDHVDQGHUVVHLQN|QQWH 'DV8QKHLOJDEMHGRFKNHLQHP=HLWODQJHGDUEHUQDFK]XGHQNHQ:HUQLFKW VHOEVWEHWURIIHQZDUZXUGHEHU9LGHRIXQNDXIJHIRUGHUWDQGHQ5HWWXQJV XQG$XIUlXPXQJVDUEHLWHQPLW]XZLUNHQ(LQKDVWLJ]XVDPPHQJHVWHOOWHU .ULVHQVWDEGHU5HJLHUXQJKDWWHVHLQH$UEHLWDXIJHQRPPHQXQGEHPKWHVLFK QXQPLWDOOHQ0LWWHOQZLHGHU2UGQXQJ]XVFKDIIHQ (LQHEHUUDVFKHQGJURH$Q]DKOYRQ0HQVFKHQIROJWHGLHVHP$XIUXIGHU VWlQGLJZLHGHUKROWZXUGH6LHZDUHQQRFKZLHEHWlXEWXQGGDQNEDUGDIU GDHVMHPDQGJDEGHULKQHQVDJWHZDVVLHWXQVROOWHQ 'LH.DLVHULQZDUQLFKWZHQLJHUYHUVW|UWDOVVLH (LQLJH*OHLWHUPLW)HVWJlVWHQGLHXQZHLWLKUHV3DODVWVDEVWU]WHQJDEHQLKU HLQH9RUDKQXQJGDYRQZDVVLFKLQGLHVHQVFKUHFNOLFKHQOLFKWORVHQ0LQXWHQ EHUDOODXIGHP3ODQHWHQDEVSLHOWH+DUUR3RQD[WUXJHLQ (OHNWURQHQIHXHU]HXJEHLVLFKLQGHVVHQ6FKHLQVLHLQGHQ3DODVW ]XUFNIDQGHQ,Q]ZLVFKHQZDUHQGRUWGLH/LFKWHUDQJHJDQJHQXQG YHUEUHLWHWHQHLQHQWUJHULVFKHQ6FKHLQYRQ*HERUJHQKHLW )LRQDZXWHMHGRFKZDVVLFKLQGLHVHU=HLWEHUDOODXI&KLOGRQJDDEVSLHOHQ PXWH6LHEHJDEVLFKLQGLH1DFKULFKWHQ]HQWUDOHGHV*HElXGHVXQGGRUW

OLHIHQLQUDVFKHU)ROJHLPPHUQHXH6FKUHFNHQVPHOGXQJHQHLQ'DQQWDXFKWH GDV*HVLFKWGHV(UVWHQ6HQDWRUV.DUQ+HOGLQJDXIHLQHP%LOGVFKLUPDXIGHU QDFKLKUYHUODQJWH =XUJOHLFKHQ=HLWZXUGHHVZLHGHUKHOOXQGXQZLOONUOLFKDWPHWHGLH.DLVHULQ DXI+HOGLQJHLQVWDWWOLFKHUZHLKDDULJHU0DQQYRQQHXQ]LJ-DKUHQOLHLKU DEHUNHLQH=HLWVLFKGHP*HIKOGHU(UOHLFKWHUXQJKLQ]XJHEHQ (VLVWHLQIDFKJUDXHQKDIW0DMHVWlWVDJWHHUPLWPDVNHQVWDUUHP*HVLFKW 'LH1DFKULFKWHQYHUELQGXQJHQVLQGJU|WHQWHLOVXQWHUEURFKHQDEHUZDVLFK ELVKHU]XK|UHQEHNRPPHQKDEHLVWVFKOLPPJHQXJ,FKVHOEVWKDWWHJURHV *OFNIDVWKlWWHLFKDXFK]XGHQ2SIHUQJHK|UW,FKZDUEHUHLWVXQWHUZHJV]X PHLQHP*OHLWHUXP]XP3DODVW]XIOLHJHQDOVGLH'XQNHOKHLWKHUHLQEUDFK 9RP'DFKGHV5HJLHUXQJVJHElXGHVDXVKDWWHLFKHLQHQJXWHQhEHUEOLFN EHU2ONDVWRQHUVSDUHQ6LHPLUGLH6FKLOGHUXQJZLHHVMHW]WLQGHU6WDGW DXVVLHKW )LRQDQLFNWHVFKZDFK,FKNDQQHVPLUDXFKVRJXWJHQXJYRUVWHOOHQ.DUQ $XIGHP2VWNRQWLQHQWGUIWHHVQLFKWVRVFKOLPPVHLQDEHUGDVLVWQXUHLQ VFKZDFKHU7URVW:HOFKH0DQDKPHQKDEHQ6LHLQ]ZLVFKHQJHWURIIHQ" 'HU6HQDWRUXQWHUULFKWHWHVLHEHUGLH%LOGXQJGHV.ULVHQVWDEVXQGZHLWHUH LQ]ZLVFKHQDQODXIHQGH0DQDKPHQ:LUPVVHQPLW+XQGHUWWDXVHQGHQYRQ 2SIHUQUHFKQHQ0DMHVWlWHUNOlUWHHUGDQQ(LQSO|W]OLFKDXVEUHFKHQGHU $WRPNULHJKlWWHLQGLHVHUNXU]HQ=HLWNHLQHVFKOLPPHUHQ)ROJHQKDEHQ N|QQHQ(VZLUGODQJH=HLWGDXHUQELVVLFK&KLOGRQJDYRQGLHVHP6FKODJ ZLHGHUHUKROW )DOOVHUNHLQH:LHGHUKROXQJHUIlKUWVDJWHGLH.DLVHULQJHSUHW1DFKGHP HVHLQPDOJHVFKHKHQLVWN|QQHQZLUGLHVH0|JOLFKNHLWQLFKWDXVVFKOLHHQ *LEWHVLUJHQGZHOFKH$QKDOWVSXQNWHGDIUZRUDXIGLHSO|W]OLFKH 9HUILQVWHUXQJGHU6RQQH]XUFN]XIKUHQVHLQPDJ" +HOGLQJ]XFNWHPLWGHQ6FKXOWHUQ%LVKHUQLFKW0DMHVWlW'DV2EVHUYDWRULXP DXIGHP0RXQW*UHNRKDWPLUDXI$QIUDJHPLWJHWHLOWGDGLHGRUWLJHQ :LVVHQVFKDIWOHUJHQDXVRUDWORVVLQGZLHZLU1LFKWQXUGLH6RQQHZDU SO|W]OLFKXQVLFKWEDUVRQGHUQDXFKGLH0RQGHXQGDOOH6WHUQH )LRQDEHUOHJWHHLQLJH6HNXQGHQ5XIHQ6LHDOOHNRPSHWHQWHQ/HXWH ]XVDPPHQVREDOGVLFKGDVPDFKHQOlWJDEVLHGDQQ]XUFN6LHVROOHQ VLFKKLHULP3DODVWHLQILQGHQLFKP|FKWHLKUH0HLQXQJHQSHUV|QOLFKK|UHQ $QVRQVWHQLVWMHGHUSULYDWH)DKU]HXJYHUNHKUELVDXIZHLWHUHV]XXQWHUVDJHQ GDPLWHVNHLQH]ZHLWHGHUDUWLJH.DWDVWURSKHJLEW 'HU6HQDWRUODFKWHELWWHUDXI(LQVROFKHV9HUERWN|QQHQZLUXQVHUVSDUHQ 0DMHVWlW9RUHUVWZLUGVLFKQLHPDQGPHKULQHLQHQ:DJHQRGHU*OHLWHU VHW]HQZHQQHUQLFKWXQEHGLQJWPX :DVVROOHQZLUMHW]WWXQ"IUDJWHGHU.DSLWlQGHU$//$1'0(5&$17PLW ]XVDPPHQJHNQLIIHQHQ%UDXHQ'LHEHLGHQGDV%HNNDU6\VWHPYHUODVVHQGHQ

6FKLIIHZDUHQLQ]ZLVFKHQ]XP/LQHDUIOXJEHUJHJDQJHQXQGYRQGHQ 2UWXQJVVFKLUPHQYHUVFKZXQGHQ1XUGHU3DVVDJLHUOLQHUXQGGHUGULWWH )UDFKWHUEHIDQGHQVLFKQRFKLQGHU1lKHYRQ&KLOGRQJD 'HUGXQNHOKlXWLJH.RPPDQGDQW]RJHLQH*ULPDVVH ,FKGHQNHQLFKWXPDOOHVLQGHU:HOWGDUDQDXIGLHVHP3ODQHWHQ]XODQGHQ HUNOlUWHHU:DVSDVVLHUHQNDQQIDOOV&KLOGRQJDZlKUHQGGHV$QIOXJV SO|W]OLFKZLHGHUYHUVFKZLQGHWOlWVLFKDQ]ZHL)LQJHUQDE]lKOHQ(LQ VROFKHV5LVLNRJHKHLFKQLFKWHLQLFKIOLHJH]XU(UGH]XUFN :LUVROOWHQHEHQIDOOVZHLWHUIOLHJHQ6LUPHLQWHGHU(UVWH2IIL]LHUPLW EHGHQNOLFKYHU]RJHQHP*HVLFKW(VZlUH8QVLQQGDV/HEHQYRQPHKUDOV YLHUKXQGHUW0HQVFKHQDXIV6SLHO]XVHW]HQQXUXPGUHL3DVVDJLHUHQDFK 2ONDVWRQ]XEULQJHQ]XPDOGLH)XQNYHUELQGXQJ]XPGRUWLJHQ+DIHQ XQWHUEURFKHQLVW 6HLQ9RUJHVHW]WHUQLFNWH,QGHQ%HI|UGHUXQJVEHGLQJXQJHQGHU&RPSDQ\ JLEWHVHLQHQ3DVVXVGHQZLULQGLHVHU6LWXDWLRQRKQHZHLWHUHVKHUDQ]LHKHQ N|QQHQHULQQHUWHHUVLFK:LUVHW]HQGLHGUHL/HXWHDXIGHPQlFKVWHQ DQ]XIOLHJHQGHQ3ODQHWHQDEXQGVLQGGDPLWGLH9HUDQWZRUWXQJIUVLHORV(LQ 1DKYHUNHKUVVFKLIINDQQVLHGDQQQDFK&KLOGRQJDEULQJHQIDOOVVLHGDV ZQVFKHQ'LH1HEHQNRVWHQ]DKOWGLH$XVIDOOYHUVLFKHUXQJVRYLHOLFKZHL )DOOVLKUH5HFKWVYHUGUHKHUQLFKWHEHQIDOOVHLQHQ3DVVXVILQGHQGHUVLH GDUDQYRUEHLEULQJWIHL[WHGHU.DSLWlQGHV)UDFKWUDXPHUV9HUVLFKHUXQJHQ VLQGLQGLHVHU+LQVLFKWVHKUILQGLJGDVZHLLFKDXV(UIDKUXQJ2ND\GDQQLVW MDDOOHVNODUIUXQV:HLWHUJXWH)DKUW]ZLVFKHQDOOHQ6WHUQHQ %HLGH6FKLIIHQDKPHQZLHGHU)DKUWDXIXQGYHUOLHHQGDV%HNNDU6\VWHPLQ YHUVFKLHGHQHQ5LFKWXQJHQ,KUH,QVDVVHQDKQWHQQLFKWVYRQGHU7UDJ|GLH GLHLQGHU=ZLVFKHQ]HLWEHU&KLOGRQJDKHUHLQJHEURFKHQZDU $OVGLH$//$1'0(5&$17LQGHQ/LQHDUIOXJJLQJWUDIHQJHUDGHGLHHUVWHQ :LVVHQVFKDIWOHULP3DODVWGHU.DLVHULQHLQ(LQHKDOEH6WXQGHVSlWHUKDWWHQ VLFKVHFKV0lQQHUXQGYLHU)UDXHQGRUWHLQJHIXQGHQ.DSD]LWlWHQDXIGHQ *HELHWHQ$VWURQRPLHXQG$VWURSK\VLN$QGDV)HVWGDV]XGLHVHU=HLW HLJHQWOLFKKlWWHEHJLQQHQVROOHQGDFKWHQLHPDQGPHKU )LRQD

:DVKDWGDV]HLWZHLOLJH9HUVFKZLQGHQGHU6RQQHXQGGDPLWGLHZHOWZHLWH .DWDVWURSKHDXVJHO|VW" 'LH:LVVHQVFKDIWOHUKDWWHQHWZDHLQH6WXQGH=HLWJHKDEWXPGLHVH)UDJH]X GLVNXWLHUHQ0DQNDQQWHVLFKYRQDQGHUHQ$QOlVVHQKHUHLQLJHDUEHLWHWHQ VRJDUVWlQGLJ]XVDPPHQ(VKlWWHLKQHQDOVRQLFKWVFKZHUIDOOHQVROOHQLKUH 0HLQXQJHQDXIHLQHQJHPHLQVDPHQ1HQQHU]XEULQJHQ 'DVZDUMHGRFKQLFKWJHOXQJHQ :DVVLO.RQ]HZGHUlOWHVWHYRQLKQHQPDFKWHGHQ6SUHFKHU:LUZLVVHQHV QLFKW0DMHVWlWEHNDQQWHHURIIHQ(VJLEWNHLQHUOHL(UIDKUXQJVZHUWHYRQ GHQHQZLUDXVJHKHQN|QQWHQ$OOHVZDVZLUKDEHQVLQGEORH9HUPXWXQJHQ GLH]XWUHIIHQN|QQHQRGHUQLFKW )LRQDQLFNWHGHQQHWZDVbKQOLFKHVKDWWHVLHVFKRQHUZDUWHW'DQQVDJHQ 6LHPLUZDV6LHYHUPXWHQIRUGHUWHVLHLKQDXI 'HU$VWURSK\VLNHUUlXVSHUWHVLFK (VKDWGHQ$QVFKHLQDOVZlUH&KLOGRQJDIUIQI0LQXWHQYRP 1RUPDONRQWLQXXPLVROLHUWZRUGHQ0DMHVWlW'DIUVSULFKWGDVJOHLFK]HLWLJH 9HUVFKZLQGHQDOOHU+LPPHOVN|USHUQLFKWQXUGHU6RQQH(VZlUHGHQNEDU GDGHU3ODQHWGXUFKHLQhEHUJUHLIHQK\SHUGLPHQVLRQDOHU.UlIWHLQHLQH 5DXPIDOWHRGHUEODVHYHUVHW]WZXUGHDOVRNXU]IULVWLJHLQ%HVWDQGWHLOGHV +\SHUUDXPVZDU 'DVK|UWVLFKGXUFKDXVSODXVLEHODQPHLQWHGLH.DLVHULQ:DVKLQGHUW6LH GDUDQGLHVH0|JOLFKNHLWDOVUHDOH7DWVDFKHDQ]XVHKHQ" 'DV)HKOHQMHJOLFKHUIUHLQHQVROFKHQ)DOOYRUDXV]XVHW]HQGHU$Q]HLFKHQ 0DMHVWlW'DV(QWVWHKHQHLQHV6WUXNWXUULVVHV]ZLVFKHQGHQ.RQWLQXDNRPPW QXUGXUFKGDV:LUNHQJHZDOWLJHU(QHUJLHQ]XVWDQGHGLHYRQGHUHLQHQRGHU DQGHUHQ6HLWHDXIGLHhEHUJDQJV]RQHHLQZLUNHQ6HOEVWZHQQGDVJDQ] SO|W]OLFKJHVFKLHKWPX]ZLVFKHQGHP%HJLQQGHU,QVWDELOLWlWXQGGHP $XIEUXFKLPPHUHLQHJHZLVVH=HLWVSDQQHOLHJHQXQGZHQQHVQXU 6HNXQGHQEUXFKWHLOHVLQG'DVKlWWHDEHUVFKRQJHQJWXPXQVHUHDXI +\SHUEDVLVDUEHLWHQGHQ0HLQVWUXPHQWH]XEHHLQIOXVVHQ6LHKDEHQMHGRFK QLFKWDQJHVSURFKHQZLHGHUEHUHLWVHUIROJWH1DFKULFKWHQDXVWDXVFK]ZLVFKHQ GHQZLFKWLJVWHQZLVVHQVFKDIWOLFKHQ,QVWLWXWLRQHQHUJHEHQKDW 'U+HOHQ)DOWLQKREGLH+DQGXQGQDQQWHLKUHQ1DPHQGDVLHGHU +HUUVFKHULQQLFKWSHUV|QOLFKEHNDQQWZDU ,FKNRPPHYRP3ODQFN:DULQJHU,QVWLWXW0DMHVWlW$OVGLH)LQVWHUQLVHLQWUDW ZDULFKJHUDGHPLWYHUJOHLFKHQGHQ0HVVXQJHQQRUPDOHQHUJHWLVFKHU 9RUJlQJHEHVFKlIWLJW3O|W]OLFKVFKOXJHQDOOH.RQWUROOHQIUZHQLJH 6HNXQGHQDXV]HLJWHQDEHUYROONRPPHQXQVLQQLJH:HUWHDQ'DVNRQQWH DEHUNHLQHVIDOOVDXI9RUJlQJHK\SHUGLPHQVLRQDOHU1DWXU]XUFN]XIKUHQ VHLQGHQQGDUDXIKlWWHQGLHVH,QVWUXPHQWHQLFKWUHDJLHUW ,VWGHUVHOEH9RUJDQJDXFKEHLP(QGHGHU'XQNHOSHULRGH]XEHREDFKWHQ JHZHVHQ"IRUVFKWH)LRQD

'DVNDQQLFKOHLGHUQLFKWVDJHQ0DMHVWlW$OVGLH6RQQHYHUVFKZDQGJDE HVDXFKEHLXQVHLQ]LHPOLFKHV'XUFKHLQDQGHUXQGLFKEUDFKGLH0HVVXQJHQ DE6LHZDUHQRKQHKLQVLQQORVJHZRUGHQGHQQGLH%HHLQIOXVVXQJYRQDXHQ KDWWHDOOH:HUWHUHVWORVYHUIlOVFKW:HQQLFKJHDKQWKlWWH ,FKPDFKH,KQHQGHVZHJHQQLFKWGHQJHULQJVWHQ9RUZXUIHUNOlUWHGLH .DLVHULQ(LQH:LHGHUKROXQJGHV9RUJDQJVKlWWHYHUPXWOLFKGRFKQXU VWDWLVWLVFKHQ:HUWJHKDEW%HVLW]HQ6LH$XI]HLFKQXQJHQIUGLHIUDJOLFKH =HLWVSDQQH"$OVRMDGDVLVWJXW6RUJHQ6LHQDFK,KUHU5FNNHKU]XP ,QVWLWXWGDIUGDXPJHKHQGHLQH&RPSXWHUDQDO\VHYRUJHQRPPHQZLUG(V JLEWYHUPXWOLFKQRFKZHLWHUHlKQOLFKH'DWHQGHUHQ9HUJOHLFKHYHQWXHOOGRFK HWZDVHUEULQJHQN|QQWH ,QGLHVHP6WLOJLQJHVQRFKHLQH9LHUWHOVWXQGHZHLWHU$OOH%HWHLOLJWHQZDUHQ VLFKMHGRFKNODUGDUEHUGDVLHLP*UXQGHJDUQLFKWVZXWHQ(QWWlXVFKW EHHQGHWH)LRQDVFKOLHOLFKGLH.RQIHUHQ] +DOWHQ6LHHVIUP|JOLFKGDVLFKGLHVHV(UHLJQLVEHUNXU]RGHUODQJ ZLHGHUKROW"ODXWHWHLKUHOHW]WH)UDJH :DVVLO.RQ]HZ]XFNWHPLWGHQ6FKXOWHUQXQGVDKGLHDQGHUHQDQ'DV N|QQWHGXUFKDXVVHLQUlXPWHHUGDQQHLQ1DWUOLFKZHUGHQDOOH 2EVHUYDWRULHQXQGVRQVWLJHQ,QVWLWXWHDEVRIRUWVWlQGLJEHPKWVHLQDXI HQWVSUHFKHQGH$Q]HLFKHQ]XDFKWHQ 'DUXPZROOWHLFK6LHHEHQELWWHQVDJWHGLH.DLVHULQ,FKZHLDOOHUGLQJV GD,KUH0LWWHOQXUEHVFKUlQNWVLQGXQGDQGLH(LQULFKWXQJ]XVlW]OLFKHU $QODJHQLVWYRUOlXILJQLFKW]XGHQNHQ&KLOGRQJDPXMHW]WDOOH.UlIWHGDUDXI NRQ]HQWULHUHQGHQ*HVFKlGLJWHQ]XKHOIHQXQGZLHGHUKDOEZHJV2UGQXQJ]X VFKDIIHQ,FKZHUGHPLFKMHGRFKDQGLH(UGHZHQGHQXQG3HUU\5KRGDQ ELWWHQHLQ7HDPWHUUDQLVFKHU6SH]LDOLVWHQKLHUKHU]XHQWVHQGHQ9LHOOHLFKW KDWPDQLQ7HUUDQLD&LW\EHUHLWV(UIDKUXQJHQGLHHLQH/|VXQJGHV5lWVHOV EULQJHQ %HGUFNWYHUOLHVLHGHQ5DXPLKUH6FKXOWHUQKLQJHQPXWORVKHUDE'LH1RW XQG9HU]ZHLIOXQJXQ]lKOLJHU0HQVFKHQTXlOWHVLHGHQQVLHOLHEWHLKUH:HOW 3HUU\5KRGDQVDLQVHLQHP$UEHLWV]LPPHUXQGEHVFKlIWLJWHVLFKPLWGHU 'XUFKVLFKWGHU0HOGXQJHQGLHZlKUHQGGHU1DFKWLQGHU1DFKULFKWHQ]HQWUDOH YRQ,PSHULXP$OSKDHLQJHODXIHQZDUHQ1DWUOLFKEHNDPHUQXUGLHZLUNOLFK ZLFKWLJHQYRUJHOHJWDOOH]ZHLWUDQJLJHQ'LQJHZXUGHQYRQVHLQHP 0LWDUEHLWHUVWDEHUOHGLJW'DV6RODUH,PSHULXPZDUQRFKLPPHUJURHVKlWWH VHLQH.UlIWHEHLZHLWHPEHUVWLHJHQZHQQHUVLFKSHUV|QOLFKPLWDOOHPKlWWH EHIDVVHQPVVHQZDVVLFKLQVHLQHP%HUHLFKHUHLJQHWH =XU=HLWKHUUVFKWHZHQLJVWHQVQDFKDXHQKLQUHODWLYH5XKH'DHVKLHU RGHUGD]XNOHLQHQ=ZLVFKHQIlOOHQXQG5HLEHUHLHQNDPZDUDOOHUGLQJV XQYHUPHLGOLFK'LHLP/DXIGHU=HLWYRP,PSHULXPDEJHIDOOHQHQ0DFKWEO|FNH &DUVXDOVFKHU%XQG=*8,PSHULXP'DEULIDXQGYLHOHNOHLQHUH*HELOGH ZDUHQHLIULJGDUDXIEHGDFKWLKUH6WHOOXQJ]XIHVWLJHQRGHU]XKDOWHQ 1DWUOLFKQDFK0|JOLFKNHLWDXI.RVWHQ7HUUDVGHUXQJHOLHEWHQLKQHQ YROONRPPHQHQWIUHPGHWHQ6WDPPZHOW

6WXQGHQYHUJLQJHQ'HU*URDGPLQLVWUDWRUIKUWH9LGHRJHVSUlFKHHUWHLOWH $QZHLVXQJHQXQGEHNDPZHLWHUH1HXLJNHLWHQ]XK|UHQ(UZDUGDQNEDUDOV HUJHJHQHOI8KUHQGOLFKHLQHNOHLQH9HUVFKQDXISDXVHHLQOHJHQNRQQWH (UKDWWHJHUDGHGLH$XJHQJHVFKORVVHQXPVLFK]XHQWVSDQQHQDOV 5HJLQDOG%XOOGHQ5DXPEHWUDW6HXI]HQGULFKWHWH5KRGDQVLFKZLHGHUDXI XQGVDKGHPDOWHQ.DPSIJHIlKUWHQHQWJHJHQ 'XKDVWHLQVHOWHQHV7DOHQWPLFKLPPHULPXQJHHLJQHWHQ0RPHQW KHLP]XVXFKHQEHPHUNWHHU2ND\PDFKHVGLUEHTXHP+DVWGXHWZDVDXI GHUVFKZDU]HQ6HHOH" 'HU6WDDWVPDUVFKDOOODFKWHGU|KQHQGDXI(UJLQJ]LHOVLFKHUDXIGLH 6HUYRDXWRPDWLN]XWDVWHWHHLQ*ODV6FRWFKPLW6RGDXQGOLHVLFKGDQQLQ HLQHQ6HVVHOIDOOHQ1DFKGHPHUVWHQ6FKOXFNIORJHLQJHQLHHULVFKHV /lFKHOQEHUVHLQEUHLWHVVRPPHUVSURVVLJHV*HVLFKWXQWHUGHUU|WOLFKHQ +DDUEUVWH 6LHKPLFKQLFKWVRYRUZXUIVYROODQ3HUU\VDJWHHUXQJHUKUW,FKNRPPH JHUDGHYRQHLQHU)ORWWHQLQVSHNWLRQKDEHPLUDOVRGHQHLQHQ:KLVN\UHGOLFK YHUGLHQW$XHUGHPGLHQWHUGHU)|UGHUXQJGHV$SSHWLWVXQGZLUKDEHQMD EDOG0LWWDJ (VJHKWGRFKQLFKWVEHUHLQHJXWH$XVUHGHPHLQWHGHU*URDGPLQLVWUDWRU VDUNDVWLVFK'XELVWGRFKDEHUEHVWLPPWQLFKWQXUJHNRPPHQXPPLUGLHVH :HLVKHLWHQ]XXQWHUEUHLWHQQHKPHLFKDQ %XOO\QDKPHLQHQ]ZHLWHQ6FKOXFNXQGQLFNWH(UJULIILQGLH%UXVWWDVFKHXQG KROWHHLQH]XVDPPHQJHIDOWHWH+\SHUJUDPPIROLHKHUYRU 'DV'LQJIDQGLFKQHEHQHLQLJHQDQGHUHQYRUKLQDXIPHLQHP6FKUHLEWLVFK (LJHQWOLFKLVWHVMDDQGLFKJHULFKWHWDEHUPDQKDWHVDXVVRUWLHUWZHLOPDQHV QLFKWDOVZLFKWLJJHQXJDQVDKXPHVGLUSHUV|QOLFKYRU]XOHJHQ(VKDW LQ]ZLVFKHQYHUVFKLHGHQH$EWHLOXQJHQGXUFKODXIHQGDVJLQJDXVGHP EHLJHIJWHQ/DXI]HWWHOKHUYRU$QVFKHLQHQGIKOWHVLFKDEHUQLHPDQG NRPSHWHQWGDIUXQGVRKDWPDQHVVFKOLHOLFKPLU]XJHVFKREHQ'DVZDU JDQ]JXWVRGHQQLFKKDEHGHQ9HUGDFKWGDKLQWHUGHU6DFKHZHLWPHKU VWHFNWDOVHVGHQ$QVFKHLQKDW (UOLHGLH)ROLHGXUFKGLH/XIWVDXVHQXQG5KRGDQILQJVLHJHVFKLFNWDXI(U ODVGHQ+\SHUJUDPPWH[WGXUFKXQGKREGDQQGLH%UDXHQ &KLOGRQJD"EHUOHJWHHU9RQGLHVHU:HOWKDEHLFKQRFKQLHJHK|UW+DVW GXHLQH$KQXQJZRVLHOLHJW" (UVWVHLW]HKQ0LQXWHQXQGGD]XPXWHLFKXQVHUHQ$UFKLYFRPSXWHU EHIUDJHQ(LQIUKHUHU.RORQLDOSODQHWLQGHU(DVWVLGH/LFKWMDKUHYRQ KLHU0LOOLRQHQ%HZRKQHU$XWRQRPDEHUGHP6RODUHQ,PSHULXP DVVR]LLHUWZLHHVVRVFK|QKHLW0DQWUHLEW+DQGHOPLW7HUUDHLQLJH 3DVVDJLHUOLQLHQIOLHJHQ&KLOGRQJDDQ9RUQHKPH/HXWHZLHHVVFKHLQWGHQQ VLHKDEHQVLFKVRJDUHLQH.DLVHULQ]XJHOHJW ,P0RPHQWJHKWHVLKQHQDEHUJDUQLFKWJXWVDJWH3HUU\5KRGDQ0HKUDOV IQI]LJWDXVHQG7RWHGD]XPLQGHVWHQV9LHUKXQGHUWWDXVHQG6FKZHUYHUOHW]WH GDVZLOOVFKRQHWZDVKHLHQ8QGGDVDOOHVQXUZHLOLKUH6RQQHIQI0LQXWHQ

ODQJYHUVFKZXQGHQZDU6WHOOGLUYRUVRHWZDVZUGHKLHUDXI7HUUD SDVVLHUHQ 'DQQKlWWHQZLUMHW]WHLQH0LOOLRQ7RWHSURSRUWLRQDOJHUHFKQHWEHUOHJWH GHU6WDDWVPDUVFKDOO(UEHXJWHVLFKYRUXQGVDKGHQ)UHXQGHUQVWDQ(V N|QQWHDXFKDXIGHU(UGHSDVVLHUHQ3HUU\'LHVHV3Kl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|QQWH GLHVHPXQVHUHQ0DVWlEHQQDFKYROONRPPHQXQEHGHXWHQGHQ3ODQHWHQVR EHOPLW]XVSLHOHQ*DQ]JOHLFKZLHPDQHVDQJHIDQJHQKDEHQPDJGHU $XIZDQGPXXQJHKHXHUJHZHVHQVHLQ 5HJLQDOG%XOOOlFKHOWHILQVWHU ,FKZWHVFKRQMHPDQGHQGHUGD]XLPVWDQGHZlUH 'DJLEWHVHLQLJH]ZDQ]LJ/LFKWMDKUHYRQ&KLOGRQJDHQWIHUQWHLQHQ9HUHLQGHU VLFK%UDLQ%URWKHUKRRGQHQQW'DVLVWHLQH&OLTXHYRQ:LVVHQVFKDIWOHUQGLH VLFKLQGLHVHHQWOHJHQH*HJHQG]XUFNJH]RJHQKDEHQZHLOVLHDQGHUVZR QLFKWJHUQJHVHKHQZXUGHQ=XHUVWYRUHWZDYLHUKXQGHUW-DKUHQZDUHQHV QXUHLQLJHZHQLJHDEHUVLHEHNDPHQLPPHUPHKU=XODXIMHPHKUGLH 0HQVFKKHLWDXVHLQDQGHUILHO-HW]WEHKHUUVFKHQVLHHLQH)|GHUDWLRQYRQIQI 3ODQHWHQXQGQLHPDQGGDUILKQHQLQGLH.DUWHQVFKDXHQ,KU2EHUKDXSWLVW 'U5RE\7XOOPDQQXQZDVVDJVWGXMHW]W" 9HUGDPPWHQWIXKUHVGHP*URDGPLQLVWUDWRU'DVLVWGRFKGHU0DQQGHQ :DULQJHUDXVVHLQHP7HDPJHZRUIHQKDWZHLOHUVLFKLPPHUZLHGHU (LJHQPlFKWLJNHLWHQOHLVWHWHGLHHLQLJH3URMHNWHLQ*HIDKUEUDFKWHQ(LQ KHUYRUUDJHQGHU+\SHUSK\VLNHUDEHUDXFKHLQ(JR]HQWULNHUZLHHULP%XFK VWHKW(ULVWYRU]HKQ-DKUHQPLWXQEHNDQQWHP=LHOYHUVFKZXQGHQQLFKWRKQH ]XYRUQRFKHLQLJHZVWH'URKXQJHQDXV]XVSUHFKHQ %XOO\QLFNWHPLWYHUNQLIIHQHP*HVLFKW*HQDXGLHVHU0DQQLVWHV3HUU\,FK KDWWHLKQOlQJVWYHUJHVVHQDEHUGLHVHOWVDPHQ*HVFKHKQLVVHDXI&KLOGRQJD PDFKWHQPLFKPLWUDXLVFK'HVKDOEEHIUDJWHLFKGHQ$UFKLYFRPSXWHUDXFK QDFKGHQ6\VWHPHQULQJVXPGLH%HNNDU6RQQHXQGGDQQJLQJHQPLUGLH $XJHQDXI7XOOPDQNDQQHWZDVXQGHUKDW7HUUDZHLOHUVLFKXQJHUHFKW EHKDQGHOWIKOWH9LHOOHLFKWKDWHUGRUWKLQWHQLQDOOHU6WLOOHHWZDVDXVJHEUWHW PLWGHPHUVLFKDQGHU(UGHUlFKHQZLOO'LH(UHLJQLVVHDXI&KLOGRQJD N|QQWHQHLQH*HQHUDOSUREHIULKQJHZHVHQVHLQ 'XUFKDXVP|JOLFK%XOO\'DVZlUHQLFKWGHUHUVWH)DOOLQGHPHLQHUGHU 0DG6FLHQWLVWVVHLQH)lKLJNHLWHQPLEUDXFKW'HLQ9HUGDFKWGDKLQWHUGHP )DOO&KLOGRQJDPHKUVWHFNHQN|QQWHDOVHVEHLIOFKWLJHP+LQVHKHQVFKLHQ

ZDUDOVRGXUFKDXVEHJUQGHW:LUN|QQHQYRQ*OFNUHGHQGDGLH.DLVHULQ VLFKDQXQVXP+LOIHJHZDQGWKDW$QGHUHQIDOOVKlWWHQZLUZRKOQLFKWV JHPHUNWHKHHV]XVSlWIUXQVJHZHVHQZlUH 'LHEHLGHQ0lQQHUKDWWHQVLFKVRDXIGLHVHV7KHPDNRQ]HQWULHUWGDHV LKQHQY|OOLJHQWJLQJGDLQ]ZLVFKHQQRFKHLQ0DQQLQGHQ5DXPJHNRPPHQ ZDU(VKDQGHOWHVLFKXP5RL'DQWRQDOLDV0LFKDHO5HJLQDOG5KRGDQGHQ 6RKQGHV*URDGPLQLVWUDWRUV(UKDWWHQXUQRFKGLHOHW]WHQ6lW]HJHK|UW 3DUGRQQH]PRLPRQFKHUSDSDVDJWHHUZlKUHQGHUQlKHUNDP(UKDWWH ]ZDUGDV6WXW]HUJHKDEHIUKHUHU=HLWHQOlQJVWDEJHOHJWJHEUDXFKWHDEHU ]XZHLOHQLPPHUQRFKIUDQ]|VLVFKH5HGHZHQGXQJHQ8PZHOFKH.DLVHULQ KDQGHOWHVVLFKGHQQKLHU",VWGLH'DPHWUqVFKDUPDQW" .HLQH$KQXQJ0LNHJDEVHLQ9DWHUJHZROOWQFKWHUQ]XUFN,FKKDEH HEHQ]XPHUVWHQ0DOYRQLKUJHK|UWDOVPLU%XOO\GDV+\SHUJUDPPYRQ &KLOGRQJDEUDFKWH/LHVHVVHOEVWXQGVDJHPLUGDQQZDVGXGDYRQKlOWVW =HKQ0LQXWHQVSlWHUZDUHQVLFKGLHGUHL0lQQHUGDULQHLQLJGD]XPLQGHVW HLQHODWHQWH%HGURKXQJGHU(UGHJHJHEHQZDU'LH$Q]HLFKHQZDUHQ DXVJHVSURFKHQDODUPLHUHQG :LUGUIHQHVXQVZLUNOLFKQLFKWOHLVWHQGLHVHQ'U7XOOPDQ]X XQWHUVFKlW]HQIDWH3HUU\5KRGDQ]XVDPPHQ'HVKDOEPXUHFKWVFKQHOO HWZDVJHWDQZHUGHQDOOHUGLQJVP|JOLFKVWXQDXIIlOOLJ$XIGHQ(LQVDW]GHU 862P|FKWHLFKDEHUYRUHUVWYHU]LFKWHQ]XPDOZLUQRFKNHLQHUOHL%HZHLVH KDEHQ'LHVHN|QQHQXQVDEHUZRKOQXU:LVVHQVFKDIWOHUEHVFKDIIHQGLHGLH 'LQJHDQ2UWXQG6WHOOHXQWHUGLH/XSHQHKPHQ'HVKDOEZHUGHLFK:DULQJHU ELWWHQPLUHLQLJH)DFKOHXWH]XU9HUIJXQJ]XVWHOOHQGLHHUIUNXU]H=HLW HQWEHKUHQNDQQ=XU6LFKHUKHLWZHUGHLFKVLH]XVDPPHQPLW6SH]LDOLVWHQGHU 6RODUHQ$EZHKUQDFK&KLOGRQJDVFKLFNHQ%HLGH*UXSSHQN|QQHQGDQQDXI LKUH$UWYHUVXFKHQGHQ'LQJHQDXIGLH6SXU]XNRPPHQ 5HJLQDOG%XOOQLFNWH*DQ]PHLQH0HLQXQJ3HUU\$WODQN|QQHQZLULPPHU QRFKKLQ]X]LHKHQZHQQHUVWHLQPDO/LFKWLQGLH6DFKHJHNRPPHQLVW 6RODQJHQLFKWGHILQLWLYHUZLHVHQLVWGDGLH%UDLQ%URWKHUKRRGKLQWHUGHQ 9RUJlQJHQVWHFNWJlEHHLQPDVVLYHU(LQVDW]QXUE|VHV%OXW 6RHLQVLFKWLJZDUVWGXQLFKWLPPHUYHUHKUWHU3DWHQRQNHOOlFKHOWH5RL 'DQWRQ,FKVWDXQHGDGLFKGDV)HOOQRFKQLFKWMXFNWPLWQDFK&KLOGRQJD ]XIOLHJHQ'XELVWGRFKVRQVWLPPHUIURKZHQQGXLUJHQGZRPLWPLVFKHQ NDQQVW 'HU0DUVFKDOOKREDEZHKUHQGEHLGH+lQGH =XVDPPHQPLW(LHUN|SIHQXQG$JHQWHQ"$XIHLQHQVROFKHQ7ULSYHU]LFKWH LFKPLW)UHXGHQ+lWWHVWGXQLFKW/XVWGDUDQWHLO]XQHKPHQ"'HQNHDQGLH .DLVHULQ0LNH6LHLVWMXQJXQGVFK|QGHU$UFKLYFRPSXWHUKDWPLUDXFKLKU %LOGEHUPLWWHOW 3HUU\5KRGDQOlFKHOWH'LH,GHHLVWQLFKWVFKOHFKW%XOO\6LHXQGGHU HKHPDOLJH.|QLJGHU)UHLIDKUHUGDZlUHQ]ZHL0DMHVWlWHQXQWHUVLFK%HL HLQHPVRZLFKWLJHQ8QWHUQHKPHQPXRKQHKLQMHPDQGGDEHLVHLQGHULP

1RWIDOOVFKQHOOH(QWVFKHLGXQJHQWUHIIHQNDQQRKQHHUVWEHLPLUUFNIUDJHQ]X PVVHQ'XZlUVWGDZLUNOLFKGHUULFKWLJH0DQQ0LNH 2KTXHOPDOKHXUVHXI]WH'DQWRQPLWJHVSLHOWHU9HU]ZHLIOXQJ(LQVFK|QHV .RPSORWWGDVLKUEHLGHGDJHJHQPLFKJHVFKPLHGHWKDEW1XQ PHLQHWZHJHQLFKELQGDEHL,P0RPHQWKDEHLFKRKQHKLQQLFKWV]XWXQXQG DXIGHUIDXOHQ+DXWOLHJHLFKQLFKWJHUQ ,FKZROOWHLFKKlWWHHVVRJXWZLHGXPHLQWH5KRGDQPLWHLQHP%OLFNDXI GLHYLHOHQ)ROLHQDXIVHLQHP7LVFK2ND\GDQQEHUQLPPVWGXDOVRGLH /HLWXQJGHU([SHGLWLRQ,FKZHUGHHLQ6SH]LDOVFKLIIEHUHLWVWHOOHQODVVHQGDV EHUDOOH(LQULFKWXQJHQYHUIJWGLHGLH:LVVHQVFKDIWOHUEUDXFKHQN|QQHQ :HLWHUZHUGHLFKYHUDQODVVHQ (UJLQJLQGLH(LQ]HOKHLWHQRKQH]XDKQHQGDMHGHVVHLQHU:RUWHYRQ HLQHP6SLRQEHODXVFKWZXUGH 9RQHLQHP6SLRQEHVRQGHUHU$UWDOOHUGLQJVGHUHVGXUFKDXVQLFKWE|VH PHLQWH(UZDUNOHLQNDXPJU|HUDOVHLQHQ0HWHUZLUNWHPLWVHLQHP U|WOLFKEUDXQHQ)HOOXQGGHPVWHWVSILIILJHQ*HVLFKWZLHHLQH.UHX]XQJ ]ZLVFKHQ%LEHUXQG0DXVXQGZDUHLQ0XOWLPXWDQW*XFN\GHU0DXVELEHU (UODJG|VHQGDXIGHU9HUDQGDVHLQHV+DXVHVDP*RVKXQ6HHXQG ODQJZHLOWHVLFK'LH0RKUUEHQLQVHLQHP*DUWHQGLHHUIUVHLQHQHLJHQHQ %HGDUI]RJJHGLHKHQDXFKRKQHVHLQ=XWXQSUlFKWLJDEHULQOHW]WHU=HLW VFKPHFNWHQVLHLKPQLFKWPHKUVRUHFKW(UVHKQWHVLFKLPVWLOOHQZLHGHU HLQPDOQDFKHLQHPULFKWLJHQ$EHQWHXHUDEHULP0RPHQWKDWWHVHLQ)UHXQG 3HUU\QLFKWVLQGLHVHU$UWIULKQ :HQQGDVVRZHLWHUJHKWZHUGHLFKULFKWLJJHKHQGIHWWQ|UJHOWHHUYRUVLFK KLQXQGVWULFKVLFKEHUGHQZLUNOLFKEHGHQNOLFKJHZ|OEWHQ%DXFK,FK NRPPHQRFKJDQ]DXVGHUhEXQJHLQQHWWHUNOHLQHU(LQVDW]WlWHPLUMHW]W JXW (UGDFKWHDQ3HUU\5KRGDQXQGJDQ]YRQVHOEVWVFKDOWHWHVLFKVHLQ 7HOHSDWKLHVLQQHLQXQGVXFKWHQDFKGHP%HZXWVHLQGHV *URDGPLQLVWUDWRUV,PQlFKVWHQ0RPHQW]XFNWHHU]XVDPPHQXQGVHLQ 1DFNHQIHOOVWUlXEWHVLFKXQZLOONUOLFK5KRGDQXQG%XOOZDUHQJHUDGHPLWWHQ LQGHU'LVNXVVLRQEHU&KLOGRQJDXQGGDVLQWHUHVVLHUWHLKQQDWUOLFKVHKU (VSDVVLHUWDOVRGRFKQRFKHWZDVLQGLHVHUPGHQ*DOD[LVPXUPHOWHHU XQGODXVFKWHZHLWHU5RL'DQWRQNDPGD]XZXUGHHLQJHZHLKWXQGDYDQFLHUWH LQQHUKDOEZHQLJHU0LQXWHQ]XP/HLWHUGHV(LQVDW]HVDXI&KLOGRQJD$Q *XFN\GHQ5HWWHUGHV8QLYHUVXPVGDFKWHQLFKWHLQHUGHUGUHL0lQQHUXQG GDVQDKPLKQHQGHU0DXVELEHUEHO 'DVKDEWLKUHXFKVRJHGDFKWVDJWHHUXQGNRQ]HQWULHUWHVLFKNXU],P QlFKVWHQ0RPHQWZDUGLH3QHXPROLHJHDXIGHU9HUDQGDOHHU 3ORSSPDFKWHHVOHLVHLP$UEHLWV]LPPHUGHV*URDGPLQLVWUDWRUVXQG 5KRGDQXQWHUEUDFKVLFKPLWWHQLP:RUW(UZDQGWHGHQ.RSIXQGVDK*XFN\ GHUDXIHLQHPIUHLHQ6HVVHOPDWHULDOLVLHUWKDWWHXQGZLHGLHSHUVRQLIL]LHUWH 8QVFKXOGDXVVDK

6LHKDQXQVHU.OHLQHUPHLQWHHUJHGHKQW'XKDVWDOVRZLHGHUHLQPDOLQ PHLQHQ*HGDQNHQJHIUKVWFNWVWDWWGHLQH0RKUUEHQ]XYHU]HKUHQ'DV ILQGHLFKZHQLJIHLQ*XFN\ 'HU0DXVELEHU]HLJWHVHLQHQHLQ]LJHQ1DJH]DKQ'DVZDUUHLQHU=XIDOO 3HUU\,FKKDWWH/DQJHZHLOHXQGGDFKWHDQGLFKXQGVFKRQKDWWHLFKGLFKLQ GHU/HLWXQJ(KUHQZRUW*URHUHVJHVFKDKZLUNOLFKJDQ]YRQVHOEVW'DQQ K|UWHLFKYRQGHUVFKUHFNOLFKHQ*HVFKLFKWHDXI&KLOGRQJDXQGGDELQLFK QDWUOLFKDP%DOOJHEOLHEHQ0LNHVROODOVRGHQ(LQVDW]PLWPDFKHQXQGPLFK ZROOWLKUKLHUKHUXPVLW]HQODVVHQ"'DVILQGHLFKQXQZLHGHUZHQLJIHLQYRQ GLU3HUU\ 5HJLQDOG%XOOODFKWHGU|KQHQGDXI'DPXLFK*XFN\DOOHUGLQJVUHFKW JHEHQ3HUU\(UOLHJWVFKRQVHLW0RQDWHQDXIGHUIDXOHQ+DXWXQGIlOOWPLU LPPHUDXIGLH1HUYHQZHQQLFKDP$EHQGDEJHVSDQQWQDFK+DXVHNRPPH 'DQQPXLFKPLUVWXQGHQODQJVHLQH$XIVFKQHLGHUHLHQDQK|UHQXQGPHLQ JXWHU:KLVN\ %XOO\SLHSVWH*XFN\HPS|UWXQGVHLQ1DJH]DKQYHUVFKZDQG,FKJHKHGLU DOVRDXIGLH1HUYHQMD"'DEHLNRPPHLFKNDXPHLQPDO]XP:RUWGHQQGX OHJVWVRIRUWORV%HL7KRUDXQG&UHVWDXIGHP0RQGIlQJVWHVDQGDQQ NRPPW$UNRQGLH0HLVWHUGHU,QVHOGLH*XUUDGVGLH2NHIHQRNHHVGLH +DOXWHUXQGGHQ:KLVN\QLSSHOVWGXVHOEVWZlKUHQGGXLQGHLQHQ (ULQQHUXQJHQVFKZHOJVW8QGMHW]WZLOOVWGXEHKDXSWHQ 5XKH6RQGHURIIL]LHU*XFNXQWHUEUDFKLKQ5KRGDQJHZROOWVWUHQJ:HUYRQ HXFKEHLGHQDPGLFNVWHQDXIVFKQHLGHWXQGGHQPHLVWHQ:KLVN\WULQNWODVVH LFKOLHEHUGDKLQJHVWHOOW.XU]XQGSUl]LVHJHIUDJW:DVZLOOVWGXKLHUXQGYRQ PLU" 'HU0DXVELEHUGXFNWHVLFKXQZLOONUOLFK:HQQGXPLFKVRGLUHNWIUDJVW 3HUU\,FKP|FKWHJHUQPLWQDFK&KLOGRQJDVDJWHHUHUQVW'RUWKDWVLFK HLQLJHVJHWDQXQGGLH/HXWHYRQGHU%UDLQ%URWKHUKRRGVFKHLQHQQLFKW JHUDGHGLH)U|PPVWHQ]XVHLQ0LNHLVWJHZLHLQJXWHU0DQQ:DULQJHUV /HXWHXQGGLH$JHQWHQGHU6RO$EGUIWHQDXFKNDXP1LHWHQVHLQ*LEWHV DEHUXQWHULKQHQHLQHQHLQ]LJHQGHUHWZDVKHUDXVILQGHQNDQQLQGHPHU *HGDQNHQOLHVW"7XOOPDQV/HXWHN|QQHQLKQHQZHQQVLHJHVWHOOWZHUGHQGLH +XFNHYROOJHQRKQHGDPDQLKQHQGDV*HJHQWHLOEHZHLVHQNDQQ 5RL'DQWRQQLFNWHVDFKOLFK'HU.OHLQHKDWUHFKWFKHUSDSDVWHOOWHHUIHVW (UN|QQWHXQVEHLGHU$XINOlUXQJGLHVHURPLQ|VHQ$QJHOHJHQKHLWZLUNOLFK HLQHJURH+LOIHVHLQ,FKELQDXFKGDIUGDHUPLWPLUIOLHJW 3HUU\5KRGDQVDKQDFKGHQNOLFKYRUVLFKKLQGDQQQLFNWHHU2ND\HXUH $UJXPHQWHOHXFKWHQPLUHLQ'LHQ|WLJHQ%HIHKOHJHKHQVRIRUWKLQDXVGDV 6FKLIIGUIWHQRFKKHXWHVWDUWNODUVHLQ0DFKWHXFKDOVRDXIGHQ:HJXQG VRUJWGDIUGDGHQ/HXWHQGLH6RQQHQYHUVFKZLQGHQODVVHQQDFKKDOWLJ GDV+DQGZHUNJHOHJWZLUG

'DV(LQVDW]IDKU]HXJZDUHLQ6FKZHUHU.UHX]HUGHU7(55$.ODVVHPLW HLQHP'XUFKPHVVHUYRQ]ZHLKXQGHUW0HWHUQXQGHLQHU%HVDW]XQJYRQ YLHUKXQGHUW0DQQ0DQKDWWHPLW$EVLFKWGDUDXIYHU]LFKWHWHLQJU|HUHV 6FKLII]XQHKPHQXPGHQ*HJQHUQLFKWYRU]HLWLJDXIPHUNVDP]XPDFKHQ 5DXPHUGLHVHU*U|HJDEHVZLH6DQGDP0HHUQLFKWQXUEHLGHU6RODUHQ )ORWWH 7URW]GHPZDUGLH0$*(//$1GXUFKDXVVFKODJNUlIWLJ6LHEHVDHLQH VFKZHUH7UDQVIRUPNDQRQHLQGHUQ|UGOLFKHQ3RONXSSHOGD]X]DKOUHLFKH ,PSXOVJHVFKW]HHLQHOHLFKWHUH7UDQVIRUPNDQRQHLP8QWHUVFKLIIVRZLH 'HVLQWHJUDWRUXQG1DUNRVHJHVFKW]H,KUH.XJHO]HOOHYHUIJWHEHUHLQH GRSSHOWH7HUNRQLWVWDKOSDQ]HUXQJLP*HIDKUHQIDOONRQQWHGHU+h 6FKXW]VFKLUPDXIJHEDXWZHUGHQ,KU%HVFKOHXQLJXQJVYHUP|JHQYRQ VHFKVKXQGHUWNPVHNPDFKWHVLHGHQPHLVWHQ6FKLIIHQGLHVHU *U|HQNODVVHEHUOHJHQ 6LHVWDQGDXIHLQHUNOHLQHQ1HEHQSLVWHLQGHU1lKHGHVVLFKHOI|UPLJHQ :DOOHVGHU7HUUDQLD&LW\YRUGHU*HUlXVFKEHOlVWLJXQJGXUFKGLHVWDUWHQGHQ XQGODQGHQGHQ5DXPHUVFKW]WH6FKZHUH7UDQVSRUWJOHLWHUNDPHQLQUDVFKHU )ROJHDQLKUH/DVWZXUGHGXUFK7UDNWRUIHOGHULQGLH/DVWHQVFKOHXVHQ JHKREHQXQG]XGHQ/DJHUUlXPHQZHLWHUEHI|UGHUW3HUU\5KRGDQKDWWH DQJHRUGQHW0HGLNDPHQWH%OXWSODVPDXQGDQGHUHPHGL]LQLVFKH 9HUVRUJXQJVJWHUPLWQDFK&KLOGRQJD]XEHI|UGHUQ6LHVROOWHQHLQQW]OLFKHV *HVFKHQNIUGHQVFKZHUJHSUIWHQ3ODQHWHQVHLQ 0DMRU/LQQ&UDQQRNEHUZDFKWHGDV(LQODGHQSHUV|QOLFK(UZDUHLQJURHU VWDWWOLFKHU0DQQYRQHWZDIQI]LJ-DKUHQHLQHJHZDOWLJH+DNHQQDVH]LHUWH VHLQHFNLJHV*HVLFKWXQWHUGHPDVFKJUDXHQYROOHQ+DDU6WDKOEODXH$XJHQ VSlKWHQDXIPHUNVDPXPKHUXQGKDWWHQLKPGHQ%HLQDPHQGHU)DONH HLQJHWUDJHQ&UDQQRNZDUMHGRFKHLQKXPRUYROOHUXQGXPJlQJOLFKHU0DQQ XQGEHLVHLQHU%HVDW]XQJEHOLHEW (UZDUIUGLHVHV8QWHUQHKPHQEHVWLPPWZRUGHQZHLOHUIUKHUGHU6RODUHQ $EZHKUDQJHK|UWKDWWHDOVREHUHLWVHLQVFKOlJLJH(UIDKUXQJHQEHVD$OVGLH ]ZDQ]LJ6SH]LDOLVWHQGHU6RO$ELQV6FKLIIJHNRPPHQZDUHQKDWWHHVHLQH ODXWVWDUNH%HJUXQJJHJHEHQ'LHPHLVWHQGLHVHU0lQQHUZDUHQDOWH %HNDQQWHYRQLKPGLHHUODQJHQLFKWPHKUJHVHKHQKDWWH 'LHIQI:LVVHQVFKDIWOHUGLH*HRIIU\$EHO:DULQJHUDXI9HUODQJHQGHV *URDGPLQLVWUDWRUVDEJHVWHOOWKDWWHZDUHQGDJHJHQXQEHNDQQWH*U|HQIU LKQJHZHVHQ$OV7HDPOHLWHUIXQJLHUWH'U+DQV%HULQJHLQPLWWHOJURHU HWZDVNRUSXOHQWHU0DQQPLWUXQGOLFKHP*HVLFKWXQG6WLUQJODW]H(UZDU $VWURXQG+\SHUSK\VLNHUNDQQWHVLFKDEHUQRFKDXIYLHOHQ1HEHQJHELHWHQ DXV'LH1DPHQVHLQHUGUHLPlQQOLFKHQ.ROOHJHQKDWWH&UDQQRNQLFKW EHKDOWHQGDIUDEHUGHQGHU$VWURQRPLQ0DEHO

'LH0$*(//$1ZDUIUGHUDUWLJH6RQGHUHLQVlW]HDXVJHUVWHWXQGIKUWH DOOHVPLWZDVLP)DOO&KLOGRQJDJHEUDXFKWZHUGHQNRQQWH*DQ]H%DWWHULHQ YRQK|FKVWHPSILQGOLFKHQ0HJHUlWHQDOOHU.DWHJRULHQVROOWHQKHOIHQGDV 5lWVHOXPGHQ3ODQHWHQXQGVHLQH6RQQH]XO|VHQ 1RFKIHKOWHQDEHUGLH+DXSWDNWHXUH $OVGDV(LQODGHQEHHQGHWZDUVDK/LQQ&UDQQRNDXIGLH8KUXQGUXQ]HOWH PLPXWLJGLH6WLUQ,QHLQHU9LHUWHOVWXQGHVROOWHGHU6WDUWHUIROJHQGLH 9RUEHUHLWXQJHQOLHIHQEHUHLWV'HU0DMRUOHJWHJURHQ:HUWDXI3QNWOLFKNHLW XQGZDUGHU0HLQXQJGD5KRGDQV6RKQLQGLHVHU+LQVLFKWGXUFKDXVNHLQH $XVQDKPHVWHOOXQJJHQLHHQVROOWH *DQ]UHFKW6FKLIIVKlXSWOLQJNODQJGDHLQHHWZDVSLHSVLJH6WLPPHGLFKW KLQWHULKPDXI6WHFNGLUGHLQH6RUJHQDQGLH0W]HZLUVLQGVFKRQGD &UDQQRNIXKUKHUXPXQGZLUNWHLQGLHVHP0RPHQWOHLFKWYHUVW|UW'DV HUKHLWHUWH*XFN\GHU]XVDPPHQPLW5RL'DQWRQKLQWHULKPLQGHURIIHQHQ 6FKOHXVHVWDQG(UJULQVWHXQG]HLJWHVHLQHQ1DJH]DKQLQYROOHU*U|H(U ZROOWHHLQHQHXHVDORSSH5HGHQVDUWYRQVLFKJHEHQDEHU'DQWRQNDPLKP ]XYRU :LUVLQGOHLGHUDXIJHKDOWHQZRUGHQ0DMRUVDJWHHUXQGUHLFKWH/LQQ &UDQQRNGLH+DQG9RUNXU]HPNDPHLQ)UDFKWHULQ.DSVWDGWDQXQGVHLQ .DSLWlQEHUPLWWHOWHHLQH1DFKULFKWDQ,PSHULXP$OSKD(UEHIDQGVLFKPLW VHLQHP6FKLIIJHUDGHLP$QIOXJDXI&KLOGRQJDDOVGHU3ODQHWSO|W]OLFKIUIQI 0LQXWHQXQVLFKWEDUZXUGH'HU0DQQKDWGDUDXIKLQDXIHLQH/DQGXQJ YHU]LFKWHWXQGLVW]XU(UGH]XUFNJHNHKUWZHLOHUHLQH:LHGHUKROXQJGLHVHV (UHLJQLVVHVEHIUFKWHWH'HU*URDGPLQLVWUDWRUKDWQXQDOOH)DNWHQGXUFK GLHVH1DFKULFKWHUJlQ]WDQ1$7+$1DXIGHP0RQGEHUPLWWHOWXQGHLQH %OLW]DQDO\VHYRUQHKPHQODVVHQ:LUPXWHQVRODQJHZDUWHQXQGGDQQKDW XQV*XFN\SHU7HOHSRUWDWLRQKLHUKHUJHEUDFKW 'HU0DMRUKDWWHVLFKEHUHLWVZLHGHUJHIDQJHQ:DVKDWGLH$QDO\VH HUJHEHQ"HUNXQGLJWHHUVLFK 5RL'DQWRQ]XFNWHPLWGHQ6FKXOWHUQ'DV5LHVHQJHKLUQKDWGLH ,QIRUPDWLRQHQIUXQ]XUHLFKHQGHUNOlUW (VlXHUWH]ZDUDXFKGHQ9HUGDFKWGDGLH%UDLQ/HXWHKLQWHUGLHVHU6DFKH VWHFNHQN|QQWHQJDEDEHUQXUHLQH:DKUVFKHLQOLFKNHLWYRQ3UR]HQW GDIUDQ'DVLVWQLFKWHEHQYLHOXQGEHVDJWGDHVDXFKJDQ]DQGHUVVHLQ NDQQ:LUZHUGHQDOVRVHOEVW]XVHKHQPVVHQGDZLUGLH:DKUKHLW KHUDXVILQGHQ 'DVZLUGHLQH.OHLQLJNHLWVHLQEHKDXSWHWHGHU0DXVELEHUJURVSXULJ(LQH %LRSRVLWURQLNXQGPDJVLHDXFKQRFKVRJURVHLQNDQQHVQLHPDOVPLWPLU DXIQHKPHQ9HUODWHXFKQXUDXI*XFN\GHQ5HWWHUGHV8QLYHUVXPVXQG +HOIHULQDOOHQVFKUlJHQ/DJHQ,FKZHUGH (UVWHU2IIL]LHUDQ.RPPDQGDQWHQNODQJHLQH/DXWVSUHFKHUVWLPPHDXIXQG VFKQLWWLKPGDV:RUWDE6WDUWHUIROJWLQ]HKQ0LQXWHQLFKELWWH6LHXQG,KUH %HJOHLWHUXPJHKHQGLQGLH.RPPDQGR]HQWUDOH]XNRPPHQ

8QJHKREHOWHU0HQVFKQ|UJHOWH*XFN\GHPGLHVH'XUFKVDJHGLH6FKDX JHVWRKOHQKDWWH,FKZHUGHLKPEHLQlFKVWHUSDVVHQGHU*HOHJHQKHLW *DUQLFKWVZLUVWGX.OHLQHUVDJWH'DQWRQHQWVFKLHGHQ/RVWHOHSRUWLHUH XQVLQGLH=HQWUDOHHVLVWZLUNOLFKVFKRQK|FKVWH=HLW:HQQZLUHUVWDXI &KLOGRQJDVLQGNDQQVWGXEHZHLVHQZDVDQGHLQHQJURHQ:RUWHQ WDWVlFKOLFKGUDQLVW 1DWUOLFKZXWHQGLH0lQQHUGHU=HQWUDOHEHVDW]XQJGDGHU0DXVELEHU ]XVDPPHQPLW5KRGDQV6RKQDQ%RUGNRPPHQVROOWH-HGHUNDQQWH*XFN\ ]XPLQGHVWYRP9LGHRIXQNKHUXQGGLHDEHQWHXHUOLFKHQ*HVFKLFKWHQGLH PDQVLFKEHULKQHU]lKOWHZDUHQLP/DXIGHU=HLW/HJLRQJHZRUGHQ.HLQHU KDWWHMHGRFKGDPLWJHUHFKQHWGDHUVLFKJOHLFKVRHIIHNWYROOHLQIKUHQ ZUGH(UIDWHGLHEHLGHQ0lQQHUDQGHQ+lQGHQXQGWHOHSRUWLHUWHPLW LKQHQ=XYRUKDWWHHUJHHVSHUWZRVLFKGHU(UVWH2IIL]LHULP0RPHQWEHIDQG XQGGLHVHQYLVLHUWHHUQXQDQ'LH7UDXEHDXV*XFN\5RL'DQWRQXQG/LQQ &UDQQRNHUVFKLHQXUSO|W]OLFKGLUHNWYRU*RUP7\OHU 'HU2IIL]LHUIXKU]XVDPPHQXQGPDFKWHXQZLOONUOLFKHLQHQ6DW]QDFKKLQWHQ (UVWLHJHJHQGHQ.RQWXUVLW]GHV1DYLJDWRUVNDPLQV6WROSHUQXQGGURKWH ]XIDOOHQ6RIRUWJULIIGHU0DXVELEHUWHOHNLQHWLVFK]XXQGVWHOOWHLKQZLHGHUDXI GLH)H(UVFKWWHOWHJHVSLHOWYRUZXUIVYROOGHQ.RSI %LVWGXLPPHUVRVFKUHFNKDIW8QWHUKlXSWOLQJ"HUNXQGLJWHHUVLFK(UGX]WH JUXQGVlW]OLFKMHGHQXQGPDFKWHK|FKVWHQVEHL)UDXHQRGHUZLFKWLJHQ 3HUV|QOLFKNHLWHQHLQH$XVQDKPH6HLQH5HGHZHLVHZDUDXVJHVSURFKHQ VDORSSDEHUHUEUDFKWHDOOHVPLWVRWUHXKHU]LJHP*HVLFKWYRUGDLKP QLHPDQGE|VHVHLQNRQQWH 'LHULQJVXPVWHKHQGHQRGHUVLW]HQGHQ0lQQHUVFKPXQ]HOWHQDXFKMHW]W YHUVWRKOHQVHOEVW7\OHUEHJDQQ]XOlFKHOQZHQQDXFKHWZDVPKVDP'HU .RPPDQGDQWOLHVLHMHGRFKGDVNOHLQH,QWHUPH]]RVFKQHOOZLHGHUYHUJHVVHQ XQGHULQQHUWHVLHGXUFKVHLQH$QRUGQXQJHQGDUDQGDGHU6WDUWGHV .UHX]HUVGLFKWEHYRUVWDQG 'LHYRUJHVFKULHEHQHQ.ODUPHOGXQJHQDXVGHQYHUVFKLHGHQHQ$EWHLOXQJHQ NDPHQLQUDVFKHU)ROJHGXUFKGHQ,QWHUNRP/LQQ&UDQQRNULHIGHQ7RZHUDQ XQGHUVXFKWHXP6WDUWIUHLJDEH6LHNDPVRIRUWXQGZHQLJVSlWHUKREGLH 0$*(//$1PLWVLQJHQGHQ$QWLJUDYSURMHNWRUHQDEXQGVWLHJLQGHQ $EHQGKLPPHOEHU7HUUDQLD&LW\ 6ROOLFKMHPDQGPLWVFKLFNHQGHU,KQHQ,KUH.DELQH]HLJW"IUDJWHGHU0DMRU EHL5RL'DQWRQDQ(KHGLHVHUDEHUHWZDVHUZLGHUQNRQQWHVFKDOWHWHVLFK EHUHLWVGHU0DXVELEHUHLQ 1LFKWPHKUQ|WLJ+lXSWOLQJVDJWHHUJURVSXULJ'LUHNWEHUXQVDXI'HFN QHEHQGHLQHU%HKDXVXQJQLFKWZDKU"'XKDVWVRLQWHQVLYGDUDQJHGDFKW GDLFKHVHLQIDFKPLWNULHJHQPXWH /LQQ&UDQQRNZDUILKPHLQHQODQJHQ%OLFN]XZDQGWHVLFKGDQQDEXQG ZLGPHWHVLFKZLHGHUGHU6FKLIIVIKUXQJ'DQWRQVDK*XFN\VWUDIHQGDQDOV VLFKEHLGHLQGHQ$QWLJUDYVFKDFKWVFKZDQJHQ

/DGHLQHNOHLQHQ6FKHU]HJHIlOOLJVW.OHLQHUHUNOlUWHHUVFKDUI(VZDU VFKRQHWZDVYLHOGDGX7\OHUHLQHQ6FKUHFNHLQJHMDJWKDVWQXUZHLOHUGLFK YRUKLQUHLQ]XIlOOLJXQWHUEURFKHQKDWWH'DFKWHVWGXHWZDLFKKlWWHGLH $EVLFKWQLFKWEHPHUNW"$XHUGHPJLEWHVEHNDQQWOLFKHLQHQ.RGH[IUDOOH 0XWDQWHQGHULKQHQGDV*HGDQNHQOHVHQRKQHHLQHGLHQVWOLFKH 1RWZHQGLJNHLWXQWHUVDJW'DUDQP|FKWHLFKGLFKMHW]WLQDOOHU)RUPHULQQHUQ YHUVWDQGHQ" 'HU0DXVELEHUOLHGLH2KUHQKlQJHQ6FKRQJXW0LNHJDEHUNOHLQODXW ]XUFN:HLWGXGDVNRPPWDOOHVGDKHUGDLFK]ZDQJVZHLVHVRODQJH IDXOHQ]HQPXWH,QGLHVHU=HLWKDWVLFKEHLPLUVRHLQH$UWYRQSVLRQLVFKHP 6WDXJHVDPPHOWZLHHVGLH(LHUN|SIHDXVGUFNHQZUGHQ 'DQWRQQLFNWH*XWLFKZLOOGDVDN]HSWLHUHQDEHUMHW]WPX6FKOXPLWGHQ ([WUDWRXUHQVHLQ6SDUHGLUGHLQH.UlIWHIU&KLOGRQJDDXIDQVWDWWGLFKKLHU DQ%RUGXQEHOLHEW]XPDFKHQ9RUDOOHPJHJHQEHUGHQ(LHUN|SIHQ VROOWHVW GXGLFKJHVLWWHWEHQHKPHQ]XPDOHLQH)UDXGDEHLLVW 6LHVXFKWHQLKUH.DELQHDXILQGHUVLFKLKUSHUV|QOLFKHV*HSlFNEHUHLWV EHIDQG6FKRQNXU]GDUDXIPDFKWHQVLHVLFKDXIGHQ:HJ]XGHQ :LVVHQVFKDIWOHUQXPVLFKPLWLKQHQEHNDQQW]XPDFKHQ'LH0$*(//$1 ZDULQ]ZLVFKHQLQGHQ/LQHDUIOXJEHUJHJDQJHQXQGUDVWHPLWYLHOIDFKHU /LFKWJHVFKZLQGLJNHLWGXUFKGLH/LEUDWLRQV]RQHLKUHP=LHOHQWJHJHQ 6LHNDPHQLQGHQ7UDNWGHU([SHUWHQDEHUQLHPDQGNPPHUWHVLFKXPVLH 'U%HULQJXQGVHLQH.ROOHJHQZDUHQHLIULJGDPLWEHVFKlIWLJWGLHYLHOIlOWLJHQ 6SH]LDODSSDUDWXUHQ]XWHVWHQ'LHPHLVWHQGDYRQZDUHQ1HXHQWZLFNOXQJHQ GHUOHW]WHQ-DKUHGLHHVELVKHUQXULQZHQLJHQ([HPSODUHQJDE'DGLH PHLVWHQDEHUDXV3URIHVVRU:DULQJHUV*HKHLPNFKHVWDPPWHQZDUGHU 8PJDQJPLWLKQHQIUGLH6SH]LDOLVWHQNHLQ3UREOHP 'U0DEHO

:LUVLQGWURW]GHPVHKU]XIULHGHQ0U'DQWRQHUNOlUWHHU'LH*HUlWH ZXUGHQJU|WHQWHLOVYRP:DULQJHU7HDPHQWZLFNHOWZLUNHQQHQVLHDOVR JHQDX6RHWZDVLVWLPPHUEHVVHUDOVGHU8PJDQJPLW$SSDUDWXUHQGLH YLHOOHLFKWLQPDQFKHU+LQVLFKWHIIHNWLYHUVLQGDXIGLHZLUXQVDEHUHUVW XPVWHOOHQPWHQ:HQQHVEHUKDXSWP|JOLFKLVWGDV3KlQRPHQYRQ &KLOGRQJDPLWXQVHUHQ0LWWHOQ]XNOlUHQVLQGZLUZLUNOLFKDXIVEHVWH JHUVWHW 6LHPDFKWHQHLQHQNXU]HQ5XQGJDQJXQG'U%HULQJVWHOOWHDXFKGLH DQGHUHQ6SH]LDOLVWHQYRU'DQWRQXQG*XFN\ODQJZHLOWHQVLFKGHQQLKQHQ IHKOWHGDV9HUVWlQGQLVIUGLHVHNRPSOL]LHUWHQXUZLUNOLFKHQ)DFKOHXWHQ YHUWUDXWH0DWHULH5KRGDQV6RKQZDUPHKUIUZHQLJHUDEVWUDNWH'LQJHXQG GHU0DXVELEHUVWDQGPLWGHUJHKREHQHQ7HFKQLNRKQHKLQPHLVWDXIGHP .ULHJVIX(UKDWWHVHLQHHLJHQHQ0LWWHOYHU]ZLFNWH3UREOHPH]XO|VHQ 7URW]GHPKDWWHQVLHDOVVLHVLFKZLHGHUYHUDEVFKLHGHWHQGHQ(LQGUXFNGD YRQGLHVHU6HLWHKHUGLHZHQLJVWHQ6FKZLHULJNHLWHQ]XHUZDUWHQZDUHQ'LH $NULELHPLWGHU'U%HULQJV7HDPDQV:HUNJLQJNRQQWHNDXPQRFK EHUWURIIHQZHUGHQ 6LHVFKZDQJHQVLFKLQGHQQlFKVWHQ$QWLJUDYVFKDFKWXQGEHJDEHQVLFK KLQDXI]XGHP(LQVDW]NRPPDQGRGHU6RODUHQ$EZHKU 'LH]ZDQ]LJ0lQQHUVDHQLQHLQHP$XIHQWKDOWVUDXP]XVDPPHQ6LHKDWWHQ VLFK.DUWHQXQGDQGHUH6SLHOHEHVRUJWXQGYHUWULHEHQVLFKGDPLWGLH :DUWH]HLW,KU$QIKUHUZDU0DMRU*DO$QGRFGHQ5RL'DQWRQEHUHLWVIOFKWLJ NDQQWH(UHUKREVLFKNDPGHQ%HVXFKHUQHQWJHJHQXQGVDOXWLHUWHOHJHU 6RO$E.RPPDQGREHL)UHL]HLWJHVWDOWXQJ0U'DQWRQXQG6RQGHURIIL]LHU *XFN*LEWHVHWZDV1HXHVGDVZLUZLVVHQPVVHQ" 'DQWRQZLQNWHDE1LFKWGDLFKZWH0DMRU(UQVWZLUGHVHUVWZHQQZLU GDV%HNNDU6\VWHPHUUHLFKWKDEHQ2E6LHXQG,KUH0lQQHUGDQQ]XP (LQVDW]NRPPHQKlQJWJDQ]YRQGHQ8PVWlQGHQDEGLHZLUGRUWDQWUHIIHQ 'HU.RPPDQGDQWZLUG6LHXQWHUULFKWHQVREDOGGHU$XVWULWWDXVGHP /LQHDUUDXPHUIROJW 0DMRU$QGRFQLFNWHXQGVLHYHUOLHHQGHQ5DXPZLHGHU9RUGHU7UVWLH GHU0DXVELEHU5RL'DQWRQDQVHLQ*HVLFKWZDUVSLW]EELVFKYHU]RJHQ 'LH%UGHUZHUGHQVLFKMHW]WQLFKWVFKOHFKWZXQGHUQ0LNHVDJWHHU$OOH KDEHQ]XXQVKHUJHVHKHQXQGLQ]ZLVFKHQKDEHLFKEHLGHQ GUHLGLPHQVLRQDOHQ6FKDFKVSLHOHQGLH6WHOOXQJHQHLQLJHU)LJXUHQWHOHNLQHWLVFK YHUlQGHUW 5KRGDQV6RKQVHXI]WHQXUXQGVFKWWHOWHUHVLJQLHUHQGGHQ.RSI*XFN\ZDU ZLUNOLFKXQYHUEHVVHUOLFKXQGWURW]GHPNRQQWHLKPQLHMHPDQGHUQVWOLFKE|VH VHLQ(UZDUHLQIDFKHLQ8QLNXPXQYHUEHVVHUOLFKDEHULUJHQGZLHGRFK OLHEHQVZHUW .RPPZLUEHJHEHQXQVLQXQVHUH.DELQH%LV]XU$QNXQIWLP%HNNDU 6\VWHPZHUGHQQRFKHWZD]HKQ6WXQGHQYHUJHKHQXQGLFKELQVHLWGHP IUKHQ0RUJHQDXIGHQ%HLQHQ0DQZLUGXQVVFKRQUHFKW]HLWLJZHFNHQ ZHQQHVDQGHU=HLWLVW

.RPPDQGDQWDQDOOHHUNODQJ0DMRU&UDQQRNV6WLPPHDXVGHQ /DXWVSUHFKHUQGHV,QWHUNRPV$XVWULWWDXVGHP/LQHDUUDXPHUIROJWLQHLQHU 6WXQGH(UK|KWH(LQVDW]EHUHLWVFKDIWZLUGDQJHRUGQHWGLH0DQQVFKDIWQLPPW UHFKW]HLWLJLKUH3RVLWLRQHQHLQ,FKELWWH0U'DQWRQXQGGLHEHLGHQ/HLWHUGHU 6SH]LDOLVWHQWHDPV]XHLQHU%HVSUHFKXQJLQGDV6FKLIIVREVHUYDWRULXP(QGH 0LFKKDWHUYHUJHVVHQVWHOOWH*XFN\PLPXWLJIHVW2EGDVQXQ=XIDOORGHU $EVLFKWZDU",FKN|QQWHHVMDKHUDXVILQGHQZHQQGXQLFKWGLHVHQDOEHUQHQ .RGH[]LWLHUWKlWWHVWXPPLFKDQGLH.HWWH]XOHJHQ 5RL'DQWRQJULQVWHOHLFKW,FKVHKH/LQQ&UDQQRNQLFKWIUHLQHQ0DQQDQ GHUJOHLFKDXVMHGHU0FNHHLQHQ(OHIDQWHQPDFKW(UZLUGVLFKIROJHULFKWLJ VDJHQGDLFKNDXPRKQHGLFKHUVFKHLQHQZHUGH,FKELQMD]ZDUQRPLQHOO GHU/HLWHUGLHVHU([SHGLWLRQDEHUZHQQHVGDUDXIDQNRPPWZLUVWLPPHUGX GHU6WDUVHLQ 6WLPPWMDDXFKPHLQWHGHU,OWJURVSXULJGHQQIUVROFKH:RUWHZDUHU LPPHUHPSIlQJOLFK2ND\GDQQZROOHQZLUPDO*LEPLUGHLQH+DQGZLU VSULQJHQJOHLFKLQV2EVHUYDWRULXP 'LHVPDOQLFKWHQWVFKLHG5KRGDQV6RKQ'LHNQDSSIQI]LJ0HWHUOHJHQZLU VFK|QEUDY]X)X]XUFN'XEUDXFKVWHWZDVN|USHUOLFKH%HZHJXQJ .OHLQHU,FKKDEHGHQ(LQGUXFNDOVREGHLQ%DXFKODQJVDPDEHUVLFKHUDQ 8PIDQJJHZLQQW *XFN\VDKHUVFKURFNHQDQVLFKKHUDE/HLGHUKDVWGXUHFKWVHXI]WHHU 'DVNRPPWDEHUDXFKQXUYRQGHPYHUGDPPWHQ/LHJHQDXIGHUIDXOHQ+DXW (LQ*OFNGDHVQXQHLQ(QGHKDWLFKEUHQQHI|UPOLFKDXIHLQHQ(LQVDW] 6LHJLQJHQORVXQGWUDIHQJOHLFK]HLWLJPLW'U%HULQJLQGHP5DXPHLQ'HU .RPPDQGDQWHUZDUWHWHVLHEHUHLWVJOHLFKGDUDXIVFKREVLFKDXFK*DO $QGRFVKDJHUH*HVWDOWGXUFKGDV(LQJDQJVVFKRWW(LQ/HXWQDQWGHU %HVDW]XQJOHKQWHDQHLQHP6FKDOWSXOWGDV$E]HLFKHQDQVHLQHPbUPHOZLHV LKQDOVGHQ$VWURQRPLHH[SHUWHQGHU0$*(//$1DXV /LQQ&UDQQRNQLFNWHGHQ$QN|PPOLQJHQ]XXQGNDPGDQQVRIRUW]XU6DFKH (KHZLULP%HNNDU6\VWHPDQNRPPHQP|FKWHLFK6LHPLWGHQGRUWLJHQ *HJHEHQKHLWHQYHUWUDXWPDFKHQHUNOlUWHHU'DGLHVHV8QWHUQHKPHQ ]LHPOLFKNXU]IULVWLJDQJHVHW]WZXUGHKDWWHQ6LHYHUPXWOLFKQLFKWDXVUHLFKHQG *HOHJHQKHLWGD]XHVVHOEVW]XWXQ (UZDQGWHVLFKDQGHQ/HXWQDQW6FKDOWHQ6LH]XQlFKVWGLH *URUDXPSURMHNWLRQHLQ'U.RP]DN'LH.RQVWHOODWLRQGHU:HOWHQGHU%UDLQ %URWKHUKRRGLQEH]XJDXI&KLOGRQJDNDQQDPEHVWHQYHUGHXWOLFKHQZLH EHGURKOLFKGLH/DJHGLHVHV3ODQHWHQLVW .RP]DNWLSSWHDXIHLQLJH6HQVRUHQXQGGDV/LFKWLQGHP5DXPHUORVFK *OHLFKGDUDXIHUKHOOWHVLFKHLQHJURH%LOGIOlFKHXQG]HLJWHHLQ6\PEROGDV EHZLHVGDGLHIROJHQGHQ$XIQDKPHQYRQHLQHP6FKLIIGHU([SORUHUIORWWH JHPDFKWZRUGHQZDUHQ$OVHVYHUVFKZDQGHUVFKLHQDXIGHP6FKLUPGLH VDPWLJH6FKZlU]HGHV:HOWUDXPVDXIGHUVLFKHLQH$Q]DKOIDUELJHU /LFKWSXQNWHDE]HLFKQHWH$OOPlKOLFKZXUGHLKUH=DKOJHULQJHUELVQXUQRFK VLHEHQYRQLKQHQ]XVHKHQZDUHQGLHDQVFKOLHHQGLQVWDUNHU9HUJU|HUXQJ

LQGHQ0LWWHOSXQNWGHU)Ol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|UGOLFKHQ.URQHZLH VLHYRQGHU(UGHDXV]XVHKHQLVW'DV%HNNDU6\VWHPXQGGDPLWDXFK &KLOGRQJDOLHJWIDVWJHQDXLQLKUHP%UHQQSXQNWOlGWDOVRHWZDLJH(UREHUHU I|UPOLFK]XHLQHU2NNXSDWLRQHLQ 5RL'DQWRQKDWWHGLH(QWIHUQXQJVDQJDEHQDEJHOHVHQGLHLPXQWHUHQ7HLOGHU %LOGIOlFKHHLQJHEOHQGHWZXUGHQXQGPHOGHWHVLFKQXQ]XP:RUW 'DVLVWHLJHQWOLFKHLQHHWZDVNKQH%HKDXSWXQJ'RFZDQGWHHUHLQ'LH YRQ7XOOPDQV&OLTXHEHKHUUVFKWHQ:HOWHQOLHJHQLP'XUFKVFKQLWWDOOHUXQG ]ZDQ]LJ/LFKWMDKUHHQWIHUQW9RQLKQHQDXV&KLOGRQJD]XNRQWUROOLHUHQGUIWH QLFKWHEHQHLQIDFKVHLQZHQQPDQQLFKWEHUHLQHHLJHQHPLOLWlULVFKH 5DXPIORWWHYHUIJW'LH%UDLQVEHVLW]HQMHGRFKQXUXQJHIlKUVHFK]LJ6FKLIIH HQWVSUHFKHQGHU*U|HYRQGHQHQZLHGHUXPQXUHWZDGLH+lOIWHNULHJVPlLJ DUPLHUWLVW'LHVH$QJDEHQVWDPPHQYRQ1$7+$1GUIWHQDOVR]LHPOLFK ]XYHUOlVVLJVHLQ 0DMRU&UDQQRNHUJULIIGDUDXIKLQGDV:RUW:DVVLQGVFKRQ]ZDQ]LJ /LFKWMDKUHLP=HLWDOWHUGHV/LQHDUIOXJV6LU"6LHVFKUXPSIWHQ]XNDXPHLQHU 6WXQGH]XVDPPHQZHQQHLQ5DXPHUPLW9ROODVWIOLHJW 9ROONRPPHQULFKWLJZDUI*DO$QGRFHLQ,FKJODXEHRKQHKLQGD7XOOPDQ JDUQLFKWDQHLQHRIIHQNXQGLJH$JJUHVVLRQGHQNW(UGUIWHDXIGLHNDOWH7RXU UHLVHQZLHZLUGD]XVDJHQ 'XUFK0DQLSXODWLRQHQGHUEHUHLWVSUDNWL]LHUWHQ$UWZLUG&KLOGRQJDLQV&KDRV JHVWU]WELVGLH.DLVHULQZHGHUHLQQRFKDXVZHL$QVFKOLHHQGELHWHWVLFK GDQQGLH%UDLQ)|GHUDWLRQDOV5HWWHULQGHU1RWDQ7XOOPDQYHUVSULFKWGLH UlWVHOKDIWHQ3KlQRPHQHGXUFKGDV(LQJUHLIHQVHLQHUYRU]JOLFKHQ :LVVHQVFKDIWOHU]XEHVHLWLJHQIDOOVVLFK&KLOGRQJDXQWHUVHLQH2EHUKRKHLW VWHOOW'DVJHOLQJWLKPGDQQQDWUOLFKRKQH6FKZLHULJNHLWHQZHLOHUVHOEVWGHU ,QLWLDWRUGD]XZDU 6RJHZLQQWHUQLFKWQXUHLQZHLWHUHV6\VWHPGD]XVRQGHUQKDW]XJOHLFKIU VHLQ)HUQ]LHOJHSUREWGDVVSlWHUHLQHQJOHLFKDUWLJHQ6FKODJJHJHQGLH(UGH EULQJHQVROO %HGUFNWHV6FKZHLJHQIROJWHVHLQHQ:RUWHQGLHDOOH7HLOQHKPHUDQGLHVHU 5XQGHQDFKGHQNOLFKVWLPPWHQ 7HUUDZDUWURW]DOOHU$EVSOLWWHUXQJHQQRFKLPPHUGHU0LWWHOSXQNWHLQHV JURHQ6WHUQHQUHLFKV9LHOHWDXVHQG5DXPVFKLIIHXQGXQ]lKOLJHVRUJIlOWLJ JHVFKXOWH0lQQHUVWDQGHQ]XVHLQHU9HUWHLGLJXQJEHUHLW'RFKZDVNRQQWHQ

VLHLP(QGHIIHNWDXVULFKWHQZHQQGDQQSO|W]OLFKHLQ$QJULIIPLW0LWWHOQ HUIROJWHGLHDXHUKDOEMHGHUGHQNEDUHQ(EHQHODJHQ .|QQWHHVVHLQGDPDQGLHHQWVSUHFKHQGHQWHFKQLVFKHQ$QODJHQDXI HLQHPGHU0RQGHYRQ&KLOGRQJDLQVWDOOLHUWKDW"IUDJWH'DQWRQVFKOLHOLFK )UHLQ6FKLIIPLWHLQHPJXWHQ2UWXQJVVFKXW]ZlUHHLQHKHLPOLFKH/DQGXQJ GRUWNHLQ3UREOHPJHZHVHQ2GHUJLEWHVDXIGHQ0RQGHQLUJHQGZHOFKH 6WDWLRQHQRGHU%HUJZHUNH" $XIHLQHQ:LQN&UDQQRNVO|VFKWH'U.RP]DNGLH3URMHNWLRQXQGEOHQGHWHHLQ %LOGGHV%HNNDU6\VWHPVHLQ(V]HLJWHULQJVXPGLH6RQQHGLH/LFKWIXQNHQ YRQVHFKV3ODQHWHQ'LHEHLGHQlXHUHQZDUHQYRP-XSLWHUW\SGLH*U|H GHUDQGHUHQGLIIHULHUWH]ZLVFKHQ]ZDQ]LJWDXVHQGXQGNQDSS]ZHLWDXVHQG .LORPHWHU'XUFKPHVVHU&KLOGRQJDZDUGHUGULWWHYRQGHU6RQQHDXV JHVHKHQVHLQHPLWWOHUH%DKQHQWIHUQXQJEHWUXJ]ZHLKXQGHUW0LOOLRQHQ .LORPHWHU'DVZDUUHODWLYYLHOHUZXUGHDEHUWURW]GHPDXVUHLFKHQGHUZlUPW GDGLH6RQQHJU|HUXQGKHLHUDOV6ROZDU 'HU$VWURQRPHUNOlUWHGDVPLWNQDSSHQ:RUWHQXQGZLHGHUZHFKVHOWHGDV %LOG1XQVWDQGGHUEODXJUQH%DOO&KLOGRQJDVDXIGHP%LOGVFKLUPUHFKWV GDYRQGLHEHLGHQ0RQGHGLHVLFKIDVWLQ2SSRVLWLRQVVWHOOXQJEHIDQGHQ'LH EOLFKHQ$QJDEHQEHUGLH1DWXUGHV3ODQHWHQZXUGHQXQWHQHLQJHEOHQGHW XQG.RP]DNOLHGHQ0lQQHUQ=HLWVLHDE]XOHVHQ 'LH'DWHQGHU0RQGHKDEHLFKGHP6WHUQHQNDWDORJGLHVHV6HNWRUV HQWQHKPHQPVVHQHUNOlUWHHUGDQQ6LHVLQGQDWXUJHPllXHUVWGUIWLJ XQGEHVFKUlQNHQVLFKQXUDXIGLHUHLQHOHPHQWDUHQ:HUWH'HULQQHUH 7UDEDQWLVW.LORPHWHUYRQ&KLOGRQJDHQWIHUQWXQGEHVLW]WQXUNQDSS WDXVHQG.LORPHWHU'XUFKPHVVHU'HUlXHUHGXUFKPLW ]ZHLWDXVHQGVHFKVKXQGHUW.LORPHWHUXQGNUHLVWLQ.LORPHWHU (QWIHUQXQJXPGHQ3ODQHWHQ'DV9RUKDQGHQVHLQQHQQHQVZHUWHU %RGHQVFKlW]HZLUGIUEHLGH0RQGHYHUQHLQWGLH([LVWHQ]LUJHQGZHOFKHU 6WDWLRQHQLVWQLFKWHUZlKQW'LHVH$QJDEHQVLQGDOOHUGLQJVMHW]WVFKRQPHKU DOV]ZHLKXQGHUW-DKUHDOWLQGHU=ZLVFKHQ]HLWN|QQWHHV9HUlQGHUXQJHQ JHJHEHQKDEHQ %HZRKQEDURKQHEHVRQGHUH+LOIVPLWWHOVLQGVLHMHGHQIDOOVQLFKWPHLQWH *XFN\GHUELVGDKLQQXU]XJHK|UWKDWWH6LHVLQGYLHO]XNOHLQXPHLQH $WPRVSKlUHIHVWKDOWHQ]XN|QQHQ(VGUIWHNDXPDQ]XQHKPHQVHLQGD VLFKGLH/HXWHYRQ&KLOGRQJDGLH0KHJHPDFKWKDEHQGRUW$QODJHQ]X HUULFKWHQ%HLLKUHUUHODWLYNOHLQHQ$Q]DKOGUIWHGDVLKUH0LWWHOZHLW EHUIRUGHUWKDEHQ 'DV/LFKWZDULQ]ZLVFKHQZLHGHUDQJHJDQJHQXQGGHU.RPPDQGDQWZDUI GHP,OWHLQHQYHUZXQGHUWHQ%OLFN]X1DFKGHU$UWZLHVLFK*XFN\ELVKHULQ 6]HQHJHVHW]WKDWWHKDWWHHULKPGLHVHVDFKOLFKHQ)HVWVWHOOXQJHQNDXP ]XJHWUDXW (UJLQJMHGRFKQLFKWGDUDXIHLQVRQGHUQVDKDXIVHLQHQ$UPEDQGFKURQR:LU ZHUGHQDOOHHUIRUGHUOLFKHQ$QJDEHQDXI&KLOGRQJDHUXLHUHQVDJWHHU 'DQDFKN|QQHQZLUGDQQXQVHU9RUJHKHQHLQULFKWHQ-HW]WZLUGHV=HLWGD

LFKLQGLH=HQWUDOH]XUFNNHKUHLQ]HKQ0LQXWHQNRPPHQZLULQGHQ 1RUPDOUDXP]XUFN 'HUhEHUJDQJLQV(LQVWHLQ.RQWLQXXPYROO]RJVLFKVRXQGUDPDWLVFKXQG URXWLQHPlLJZLHPDQHVVHLWODQJHU=HLWJHZRKQWZDU'HU6WHXHUDXWRPDW JDEGLHEOLFKHQ=HLFKHQXQGVFKDOWHWHGDQQGLH/LQHDUNRQYHUWHUDE hEHUJDQJVORVHUVFKLHQGLHELVGDKLQQXUDXIGHP6SH]LDOELOGVFKLUPVLFKWEDU JHZHVHQH=LHOVRQQHQXQDXFKDXIGHUEUHLWHQ%LOGZDQGGHU 3DQRUDPDJDOHULH /LQHDUIOXJPDQ|YHUSODQPlLJEHHQGHW6LUPHOGHWHGHU3LORW YRUVFKULIWVPlLJ.HLQH$EZHLFKXQJHQYRPYRUJHVHKHQHQ.XUV(QWIHUQXQJ ]XP%HNNDU6\VWHPIQIKXQGHUW0LOOLRQHQ.LORPHWHU]XU%DKQHEHQHGHU 3ODQHWHQJHUHFKQHW'LVWDQ]]X&KLOGRQJDUXQGVLHEHQKXQGHUW0LOOLRQHQ .LORPHWHU 'DQNH/HXWQDQWVDJWH/LQQ&UDQQRNDXWRPDWLVFK'RFKVFKRQLP QlFKVWHQ0RPHQWIXKUHU]XVDPPHQXQGVHLQH$XJHQZHLWHWHQVLFK(U VXFKWHGHQ3ODQHWHQDEHUHUNRQQWHLKQQLFKWILQGHQ &KLOGRQJDZDUHLQ]ZHLWHV0DOLP1LFKWVYHUVFKZXQGHQ 'LHQlFKVWHQ0LQXWHQEUDFKWHQLQGHU0$*(//$1HLQHIDVWKHNWLVFKH $NWLYLWlW $OOH9HUVXFKHGHQ3ODQHWHQGRFKQRFK]XHQWGHFNHQZDUHQYHUJHEOLFK 6HOEVWEHLVWlUNVWHU%LOGYHUJU|HUXQJ]HLJWHQGLH6FKLUPHQXUVHLQH0RQGH GLHHLQVDPXQGYHUORUHQDXILKUHQ%DKQHQNUHLVWHQ$XFKGLH0DVVHXQG (QHUJLHWDVWHUEUDFKWHQQLFKWGDVNOHLQVWH(FKRKHUHLQ .RPP.OHLQHUVDJWH5RL'DQWRQXQGVFKRE*XFN\YRUVLFKKHU:LU VXFKHQGDV7HDPYRQ'U%HULQJDXIZDQGWHHUVLFKDQ0DMRU&UDQQRN )DOOVGLH6SH]LDOLVWHQHWZDVEHUGHQ9HUEOHLE&KLOGRQJDVIHVWVWHOOHQ N|QQHQHUKDOWHQ6LHVRIRUW%HVFKHLG 'LHVPDOKDWWHHUQLFKWVGDJHJHQHLQ]XZHQGHQGDGHU0DXVELEHUPLWLKP WHOHSRUWLHUWH,PQlFKVWHQ$XJHQEOLFNVWDQGHQEHLGHLQGHP5DXPLQGHP GLH:LVVHQVFKDIWOHUYRULKUHQ$SSDUDWHQVDHQ6LHZLUNWHQEHKHUUVFKWXQG NRQ]HQWULHUWDEHUDXFKVLHDUEHLWHWHQILHEHUKDIW 'U+DQV%HULQJHQWGHFNWHGLHEHLGHQ%HVXFKHUXQGNDPDXIVLH]X,FK KDEHEHU,QWHUNRPPLWJHK|UWXQGZHLZDVJHVFKHKHQLVWPHLQWHHU KDOEODXW:DUWHQ6LHELWWHHLQLJH=HLWGHQQPHLQH/HXWHYHUVXFKHQ &KLOGRQJDPLWGLYHUVHQ7ULFNVXQG5DIILQHVVHQWURW]GHPDXI]XILQGHQ:HQQ DXFKQXUGLHJHULQJVWH6SXUDXIGHQ3ODQHWHQKLQZHLVWZHUGHQVLHVLHPLW 6LFKHUKHLWHQWGHFNHQ 2XL0RQVLHXU%HULQJJDE'DQWRQODNRQLVFK]XUFN (LQH9LHUWHOVWXQGHVSlWHUVWDQGIHVWGDDXFKGLH6SH]LDOLVWHQDXVGHP :DULQJHU7HDPKLHUQLFKWVDXVULFKWHQNRQQWHQ6HOEVWPLWLKUHQ

DXVJHNOJHOWHQXQGKRFKZHUWLJHQ,QVWUXPHQWHQOLHVLFKNHLQ3ODQHW DXIILQGHQGHQHVHLQIDFKQLFKWPHKUJDE 0DQPXGLHVH:HOWLQHLQHDQGHUH%H]XJVHEHQHYHUVHW]WKDEHQVWHOOWH %HULQJPLWYHUNQLIIHQHP*HVLFKWIHVW:RKLQOlWVLFKZHGHUYHUPXWHQQRFK HUUDWHQ0U'DQWRQ(VJLEWQLFKWGHQNOHLQVWHQ$QKDOWVSXQNWGDIUXQGLQ GLHVHP)DOOVLQGDXFKZLUPDFKWORV%HGDXHUOLFKHUZHLVHEHILQGHQVLFK]XU =HLWDXFKNHLQH6FKLIIHLQGHP6\VWHPGLHYLHOOHLFKWGHQ9RUJDQJGHU 'LVORNDWLRQEHREDFKWHWKDEHQN|QQWHQDOVR (UEUDFKDEXQGKREKLOIORVGLH+l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lUWLJHQ*HVFKZLQGLJNHLWZHUGHQZLUELVGRUWKLQQRFKHWZD ]ZHL6WXQGHQEUDXFKHQXQGLQGLHVHU=HLWNDQQVLFKHLQLJHVYHUlQGHUW KDEHQ1RWIDOOVIOLHJHQZLUGLHEHLGHQ0RQGHDQXPGRUWQDFKGHP5HFKWHQ ]XVHKHQ6ROOWHQVLFKZLUNOLFK/HXWHGHU%UDLQ%URWKHUKRRGDXIHLQHPYRQ LKQHQHLQJHQLVWHWKDEHQGUIWHLKQHQGDVGDQQEDOGVHKUOHLGWXQ 'HU.RPPDQGDQWQLFNWHXQGJDEGHP3LORWHQGLHHQWVSUHFKHQGHQ $QZHLVXQJHQ'DV6FKLIIZXUGHYRUVRUJOLFKLQ$ODUPVWXIH*HOEYHUVHW]WXQG GLH.RQYHUWHUIUGLH6FKLIIVJHVFKW]HIUGHQ(UQVWIDOOYRUJHKHL]W'LH $XIPHUNVDPNHLWGHU0lQQHUYRUGHQ2UWXQJVLQVWUXPHQWHQNRQ]HQWULHUWHVLFK QXQJDQ]DXIGLH0RQGH,QGHU.RPPDQGR]HQWUDOHZDUHVVWLOOVHOEVWGHU 0DXVELEHUYHU]LFKWHWHGDUDXILUJHQGZHOFKHYRUODXWHQbXHUXQJHQYRQVLFK ]XJHEHQYRUGHQHQVRQVWQLHPDQGVLFKHUZDU $QIUDJHQEHL'U%HULQJV7HDPHUJDEHQGDPDQGRUWLPPHUQRFKQLFKW ZHLWHUJHNRPPHQZDU6FKOLHOLFKZLHV0DMRU&UDQQRNGHQ3LORWHQDQGDV 6FKLIIDE]XEUHPVHQ (VLVWEHVVHUZHQQZLUXQVQLFKW]XQDKHKHUDQEHJHEHQVDJWHHU]X5RL 'DQWRQ%HLPHUVWHQ0DOHEOLHE&KLOGRQJDQXUIUIQI0LQXWHQYRQGHU 8PZHOWLVROLHUW'LHVPDOGDXHUWHVVFKRQ6WXQGHQXQGLFKQHKPHDQGD]XU $XIUHFKWHUKDOWXQJGLHVHV=XVWDQGHVHUKHEOLFKH(QHUJLHQHUIRUGHUOLFKVLQG 6ROOWHGHU3ODQHWQXQSO|W]OLFKZLHGHUDXIWDXFKHQN|QQWHHVJHZLVVH $QRPDOLHQJHEHQHLQHQ*UDYLWDWLRQVVFKRFNRGHUlKQOLFKH'LQJH'HP N|QQWHGLHNOHLQH0$*(//$1QLFKWJHZDFKVHQVHLQ )DOOVHUEHUKDXSWZLHGHUHUVFKHLQWEHPHUNWH'DQWRQSHVVLPLVWLVFK(U ZROOWHQRFKPHKUVDJHQDEHUGLH:RUWHEOLHEHQLKPLP+DOVVWHFNHQ6HLQ %OLFNUXKWHJHUDGHDXIGHQ2UWXQJVDQ]HLJHQGLHSO|W]OLFKHLQHQZLOGHQ7DQ]

YROOIKUWHQ1DFKZHQLJHQ6HNXQGHQNDPHQVLHZLHGHU]XU5XKHXQGLQ GLHVHP0RPHQWHUVFKLHQ&KLOGRQJDYRULKQHQLP5DXP 'LH0lQQHULQGHU=HQWUDOHVWLHHQHUUHJWH5XIHDXVDOVVLHGDV3KlQRPHQ VDKHQ(VJDENHLQHhEHUJDQJVSKDVHNHLQHDOOPlKOLFKH5HPDWHULDOLVDWLRQ 'HU%DOOGHV3ODQHWHQVWDQGSO|W]OLFKZLHKLQJH]DXEHUWDXIDOOHQ %LOGVFKLUPHQ :LHHLQH/DPSHGLHMHPDQGHLQJHVFKDOWHWKDWPHLQWH*RUP7\OHU NRSIVFKWWHOQG8QGGDVDOOHVRKQHGLHOHLVHVWH*HIJHHUVFKWWHUXQJGLH +\SHUWDVWHUKDEHQEHUKDXSWQLFKWDQJHVSURFKHQ:LHLVWGDVEHLHLQHUVR JURHQ0DVVHQXUP|JOLFK" ,Q]ZLVFKHQKDWWH5RL'DQWRQEHUHLWVGHQ,QWHUNRPDNWLYLHUW+DEHQ6LH LUJHQGZHOFKHEUDXFKEDUHQ0HHUJHEQLVVHEHNRPPHQ"HUNXQGLJWHHUVLFK EHL'U%HULQJ 'HU:LVVHQVFKDIWOHUVFKWWHOWHGHQ.RSIGLH5DWORVLJNHLWVWDQGLQVHLQHP *HVLFKWJHVFKULHEHQ$EVROXWQLFKWV6LU'LHQRUPDOHQ,QVWUXPHQWHVSLHOWHQ NXU]YHUUFNWGLHDXI+\SHUEDVLVDUEHLWHQGHQ*HUlWHKDEHQJDUQLFKW UHDJLHUW6RHWZDVKDWHVPHLQHV:LVVHQVQRFKQLH]XYRUJHJHEHQ 'DQWRQVWLHHQWWlXVFKWGLH/XIWDXV:LUNOLFKVFKDGH'RFZLUKDWWHQJURH +RIIQXQJHQDXI,KU7HDPJHVHW]W+LHUVFKHLQWGHUDOWH%HQ$NLEDGRFK HLQPDODGDEVXUGXPJHIKUW]XZHUGHQ1HKPHQ6LHMHW]WHLQPDOGHQ 3ODQHWHQVHOEVWXQWHUGLH/XSH9LHOOHLFKWZHLVWHULUJHQGZHOFKH$QRPDOLHQ DXIGLHGRFK5FNVFKOVVHDXIVHLQHQ9HUEOHLELQGHQOHW]WHQ6WXQGHQ HUP|JOLFKHQ 6ROOLFKMHW]W&KLOGRQJDDQIOLHJHQ6LU"IUDJWHGHU3LORW0DMRU&UDQQRNVDK 'DQWRQDQ 2EZLUGDVZRKOULVNLHUHQN|QQHQ"2IIHQJHVWDQGHQPLULVWEHLGLHVHP *HGDQNHQJDUQLFKWZRKO(VN|QQWHSDVVLHUHQGDGHU3ODQHWSO|W]OLFK ZLHGHUYHUVFKZLQGHWZlKUHQGZLUXQVLP/DQGHDQIOXJEHILQGHQXQGZDV GDQQ" 5RL'DQWRQQLFNWH'LHVH)UDJHEHVFKlIWLJWPLFKDXFK/LQQ'LH*UDYLWDWLRQ HLQHV3ODQHWHQVWHOOWHLQHEHDFKWOLFKH*U|HGDUXQGPXEHLMHGHU/DQGXQJ HQWVSUHFKHQGEHUFNVLFKWLJWZHUGHQ,QGHP$XJHQEOLFNZRVLHDXVIlOOWPX GLH6WHXHUDXWRPDWLN]ZDQJVOlXILJ]XSRVLWURQLVFKHQ)HKOVFKOVVHQNRPPHQ XQGIUNXU]H=HLWGXUFKHLQDQGHUJHUDWHQ)DOOV&KLOGRQJDVLFKGDQQLQHLQHU $UW+\SHUEODVHEHILQGHWZlUHGDVQLFKWZHLWHUVFKOLPP'LH0$*(//$1 N|QQWHGLHVH6WHOOHSDVVLHUHQRKQHGDLKUHWZDVJHVFKLHKW:LUGGHU3ODQHW GDJHJHQGXUFKHLQ$EVRUEHUIHOGXQEHNDQQWHU.RQVLVWHQ]JHJHQGHQ 1RUPDOUDXPDEJHVFKLUPWEOHLEWDEHUVWDELODPJOHLFKHQ)OHFNJlEHHVHLQH .ROOLVLRQEHLGHUGDV6FKLIIYHUPXWOLFK]HUVW|UWZUGH *HQDXGDVEHIUFKWHLFKDXFKEHVWlWLJWHGHU.RPPDQGDQW9LHOOHLFKW VROOWHQZLUHVPLWGHP0LWWHOZHJYHUVXFKHQ:LUQlKHUQXQV]ZDUGLHVHU:HOW EOHLEHQDEHUIUHLQLJH=HLWQRFKDXI'LVWDQ]9LHOOHLFKWKHOIHQXQVGDQQ )XQNJHVSUlFKHPLWGHP5DXPKDIHQYRQ2ONDVWRQGLH/DJH]XNOlUHQ 'DQWRQVWLPPWHLKP]XXQGGHU.UHX]HUVHW]WHVHLQHQ:HJIRUW

(LQH6WXQGHVSlWHUVWDQGGDV6FKLIIHLQHKDOEH0LOOLRQ.LORPHWHUYRQ &KLOGRQJDHQWIHUQWDXI:DUWHSRVLWLRQ5KRGDQV6RKQKDWWHLQ]ZLVFKHQHUQHXW GLH:LVVHQVFKDIWOHUDXIJHVXFKWVDKMHGRFKVHLQHRKQHKLQQLFKWDOO]XJURHQ +RIIQXQJHQDXIHLQHQ(UIROJHQWWlXVFKW )HKODQ]HLJHDXIGHUJDQ]HQ/LQLH6LUVDJWH+DQV%HULQJODNRQLVFK:LU N|QQHQDQIDQJHQZDVZLUZROOHQHVNRPPWHLQIDFKQLFKWVGDEHLKHUDXV 1DFKGHP%HIXQGXQVHUHV,QVWUXPHQWDULXPVLVW&KLOGRQJDLQMHGHU+LQVLFKW VRQRUPDOZLHHLQEHOLHELJHUDQGHUHU3ODQHW6lPWOLFKHIUKHUHUPLWWHOWHQ :HUWHVWLPPHQPLWXQVHUHQ0HVVXQJHQELV]XUOHW]WHQ'H]LPDOVWHOOH EHUHLQ %HREDFKWHQ6LHWURW]GHPYRUHUVWZHLWHUEHVWLPPWH'DQWRQXQGNHKUWH GDQQLQGLH.RPPDQGR]HQWUDOH]XUFN :LUN|QQHQNHLQH9HUELQGXQJPLWGHP5DXPKDIHQEHNRPPHQPHOGHWH LKPGRUWGHU.RPPDQGDQW'LH)XQN]HQWUDOHYHUVXFKWHVLPPHUZLHGHUDEHU HVPHOGHWVLFKQLHPDQG'LH6WDWLRQLQ2ONDVWRQVFKHLQWQLFKWEHVHW]W]X VHLQ 5RL'DQWRQZLHJWHGHQ.RSI'LH/HXWHGDXQWHQKDEHQMHW]WYHUPXWOLFK JHQJHQGDQGHUH6RUJHQ/LQQ(VJDEVFKRQHLQJURHV&KDRVDOV &KLOGRQJDQXUIUIQI0LQXWHQYRQVHLQHU8PZHOWDEJHVFKQLWWHQZDU 'LHVPDOZDUHQHV6WXQGHQXQGGDVZLUGVLFKZDKUVFKHLQOLFKQRFKVWlUNHU DXVJHZLUNWKDEHQ *HUDGHGHVKDOEVROOWHQZLUVFKOHXQLJVWODQGHQPDFKWHVLFK*XFN\SO|W]OLFK EHPHUNEDU(VGUIWHHUQHXWYLHOH7RWHXQG9HUOHW]WHJHJHEHQKDEHQVR GDGLH+LOIVRUJDQHUHVWORVEHUIRUGHUWVLQG(VLVWDOVRXQVHUHPRUDOLVFKH 3IOLFKWLKQHQPLWDOOHQ0LWWHOQ]X+LOIH]XNRPPHQ:DVQW]HQGHQ/HXWHQ %OXWSODVPDXQG0HGLNDPHQWHGLHLKQHQ3HUU\]XJHGDFKWKDWZHQQZLUVLH KLHUVSD]LHUHQIOLHJHQ" 8QGZHQQGDV6FKLIIPLWDOOGLHVHQ'LQJHQDXI&KLOGRQJD]HUVFKHOOWZHP LVWGDQQJHKROIHQ"IUDJWH'DQWRQ]XUFN'DQQJLEWHVQRFKUXQG YLHUKXQGHUWGUHLLJ2SIHUPHKUGDUXQWHUGLFKXQGIQIQDPKDIWH :LVVHQVFKDIWOHU 'HU0DXVELEHUVWHPPWHGLHbUPFKHQLQGLH6HLWHQXQGVDKLKQ KHUDXVIRUGHUQGDQ 'XHQWWlXVFKVWPLFKVFKZHUDOWHU)UHLIDKUHUKlXSWOLQJVWHOOWHHUUHVSHNWORV IHVW)UKHUKDVWGXQLFKWQDFKGHP5LVLNRJHIUDJWZHQQHVKHLKHUJLQJ LFKZDURIWJHQXJGDEHL:HUVDJWGHQQGDGLH%UDLQVRGHUVRQVWMHPDQG VFKRQQDFKVRNXU]HU=HLWZLHGHUQHXH0lW]FKHQPDFKHQZHUGHQ"(VKDW LPPHUKLQYLHU7DJHJHGDXHUWELV&KLOGRQJD]XP]ZHLWHQ0DOYHUVFKZDQG 'DIUDEHUDXFKJOHLFKPHKUHUH6WXQGHQODQJHULQQHUWHLKQGHU)UHXQG 'DV9HUIDKUHQVFKHLQWLQ]ZLVFKHQSHUIHNWLRQLHUWZRUGHQ]XVHLQDOVRLVWHV GXUFKDXVP|JOLFK 8QVLQQVFKULOOWH*XFN\HPS|UW0DQQEHQXW]HGRFKQXUPDOGHLQELFKHQ *ULSVXPJHUDGHDXV]XGHQNHQ,FKYHUVWHKH]ZDUPHKUYRQ0RKUUEHQDOV YRQ7HFKQLNDEHUDEXQG]XKDEHLFKGRFKPDOHLQHEUDXFKEDUH,GHH-HGH

6WHXHUSRVLWURQLNOlWVLFKVFKOLHOLFKEHOLHELJSURJUDPPLHUHQVRGDGLH *HIDKUHLQHU)HKOUHDNWLRQZHLWJHKHQGDXVJHVFKDOWHWZLUG,KUEUDXFKWGRFK GHQ.DVWHQQXUVRHLQ]XVWHOOHQGDGDV6FKLIIDXWRPDWLVFKLQGHQ /LQHDUUDXPJHKWVREDOGHWZDVQLFKWPHKUVWLPPW*HKWGDVRGHUQLFKW" /LQQ&UDQQRNQLFNWH]|JHUQG 'RFKGDVOlWVLFKPDFKHQ(LQ/LQHDUPDQ|YHUVR]XVDJHQDXVGHP6WDQG NRVWHW]ZDUXQYHUKlOWQLVPlLJYLHO(QHUJLHLVWDEHULP3ULQ]LSGXUFKIKUEDU (LQH*HIDKUIU6FKLIIXQG%HVDW]XQJHQWVWHKWGDEHLQLFKW 1DDOVRVDJWHGHU,OWEHIULHGLJW'DQQZHUIWPDOVFKOHXQLJVWDOOH%HGHQNHQ EHU%RUGLKU]ZHLIXUFKWORVHQ2EHUKlXSWOLQJH6LQGZLUHUVWHLQPDODXI &KLOGRQJDNDQQXQVVRZLHVRQLFKWVPHKUSDVVLHUHQ'DIUN|QQHQZLUGDQQ DEHUGHQ/HXWHQGLHGLHVHQJDQ]HQ0LVWYHUXUVDFKWKDEHQJHK|ULJDXIGLH =HKHQWUHWHQELVLKQHQGLH/XIWZHJEOHLEW'DVLVWGRFKXQVHUH$XIJDEH QLFKWZDKU" 5RL'DQWRQZDQGVLFKLQQHUOLFKEHLGLHVHQ5HGHZHQGXQJHQ*XFN\VGLH GLHVHUJU|WHQWHLOVYRQVHLQHP)UHXQG5HJLQDOG%XOOJHOHUQWKDWWH(UPXWH MHGRFK]XJHEHQGDGHU0DXVELEHUUHFKWKDWWH'HU6WHXHUDXWRPDWOLHVLFK RKQHZHLWHUHVVRSURJUDPPLHUHQGDGLH0$*(//$1VFKRQEHLP JHULQJVWHQ$Q]HLFKHQHLQHU$QRPDOLHGLH/LQHDUNRQYHUWHUDNWLYLHUWHXQGGHU 5DXPHULQGLH/LEUDWLRQV]RQHEHUJLQJ 2ND\/LQQVDJWHHUVFKOLHOLFK7UHIIHQ6LHDOOHGD]XQ|WLJHQ 9RUEHUHLWXQJHQZLUODQGHQDXI&KLOGRQJD 2ONDVWRQPLWGHPHLQ]LJHQ5DXPKDIHQGHV3ODQHWHQEHIDQGVLFK]XU=HLW LQQHUKDOEGHU7DJHV]RQH:HQQGLH0$*(//$1GRUWDQNDPPXWHIUKHU 1DFKPLWWDJVHLQ'HU+\SHUVHQGHUGHV+DIHQVVFKZLHJMHGRFKQDFKZLHYRU VRGDHVXQP|JOLFKZDUHWZDVEHUGLH=XVWlQGHDXIGHP3ODQHWHQ]X HUIDKUHQ (UVWDOVGDV6FKLIIELVDXIKXQGHUWWDXVHQG.LORPHWHUDQ&KLOGRQJD KHUDQJHNRPPHQZDUNDPHLQ$QUXIDXVGHU)XQN]HQWUDOH,FKEHNRPPH MHW]WGDV9LGHRSURJUDPPYRQ2ONDVWRQKHUHLQPHOGHWHGHU)XQNHU'HU (PSIDQJLVWQRFKQLFKWVHKUJXWGUIWHDEHUDOOPlKOLFKEHVVHUZHUGHQZHQQ ZLUQlKHUKHUDQNRPPHQ /HJHQ6LHGLH6HQGXQJLQGLH=HQWUDOHXP6SDUNVRUGQHWHGHU .RPPDQGDQWDQ 6HNXQGHQVSlWHUHUKHOOWHVLFKHLQ%LOGVFKLUP]HLJWHDEHUYRUHUVWQXU ZDOOHQGH6FKOLHUHQ'DQQVWDELOLVLHUWHVLFKGDV%LOGHLQ0lQQHUNRSIZXUGH XQGHXWOLFKVLFKWEDU'HU7RQNDPEHVVHUDQ7URW]VWDUNHQVWDWLVFKHQ 5DXVFKHQVNODQJHQGLH:RUWHGHV6SUHFKHUVJXWYHUVWlQGOLFKDXVGHU )HOGPHPEUDQH (UYHUODVJHUDGHHLQHQ$XIUXIGHV(UVWHQ6HQDWRUVGHUGLH%HY|ONHUXQJ HUPDKQWH5XKH]XEHZDKUHQXQGGLH+LOIVRUJDQHQDFKEHVWHQ.UlIWHQ]X XQWHUVWW]HQ,QIROJHGHU9RUVRUJHPDQDKPHQVHLHVGLHVPDOEHLUHODWLY JHULQJHQ6FKlGHQXQG3HUVRQHQYHUOXVWHQJHEOLHEHQ(LQ7HDPGHUEHVWHQ *HOHKUWHQGHV3ODQHWHQVHLGDEHLGLH8UVDFKHQIUGLHUlWVHOKDIWHQ

9RUJlQJH]XHUIRUVFKHQGDPLWVLHLQ=XNXQIWXQWHUEXQGHQZHUGHQN|QQWHQ 0DQZUGHGLH%HY|ONHUXQJODXIHQGEHUGLHGDEHLHU]LHOWHQ)RUWVFKULWWH XQWHUULFKWHQ 'DQQZXUGHHLQ3DXVHQELOGHLQJHEOHQGHWJHWUDJHQH0XVLNNODQJDXI/LQQ &UDQQRNZLQNWHDEXQGVFKDOWHWHGDV*HUlWDXV 'DVEOLFKH%ODKEODKPHLQWHHUJHULQJVFKlW]LJ1XQMDZDVVROOGHU 6HQDWRUGHQ/HXWHQDXFKVRQVWVDJHQ"'DVPLWGHQHLIULJDUEHLWHQGHQ :LVVHQVFKDIWOHUQLVWDXFKQLFKWVZHLWHUDOVHLQH/HHUSLOOHZLHGLH0HGL]LQHU HVQHQQHQZUGHQ6LHKDWWHQMHW]WYLHU7DJH=HLWKDEHQDEHURIIHQEDU LPPHUQRFKQLFKWGDVJHULQJVWHKHUDXVJHIXQGHQ$QGHUHQIDOOVKlWWHHVNHLQ ]ZHLWHV0DOJHJHEHQ 5RL'DQWRQQLFNWH'DVGUIWHVWLPPHQ/LQQ:LUZLVVHQMHW]WDEHU LPPHUKLQGD&KLOGRQJDGLHVPDOEHVVHUGDYRQJHNRPPHQLVWXQGGDVLVW GHQ8PVWl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lUWV1XUGLHJOHLFK]HLWLJHLQVSULQJHQGHQ$QGUXFNDEVRUEHUEHZDKUWHQ GLH0lQQHUGDYRUKDOWORV]X%RGHQJHVFKPHWWHUW]XZHUGHQ 6LHVDKHQPLWEODVVHQ*HVLFKWHUQZLHGDVDQGHUH)DKU]HXJNDXPHLQHQ .LORPHWHUKLQWHUGHU0$*(//$1YRUEHLVFKR'DQWRQVWLHSIHLIHQGGLH/XIW DXVXQGOHKQWHVLFKDQGHQQlFKVWHQ.RQWXUVLW] 9HUGDPPWZDUGDVNQDSSVDJWHHUWRQORV+LHUJLQJHVZLUNOLFKQXUXP 6HNXQGHQEUXFKWHLOHZHQQPDQGLH*HVFKZLQGLJNHLWEHLGHU6FKLIIHEHGHQNW :DVPDJQXULQGLH/HXWHJHIDKUHQVHLQGDVLHHLQIDFKZLHEOLQGGDUDXIORV JHIORJHQVLQG" 3DQLN0LNHHUNOlUWHGHU0DXVELEHU,FKKDEHPLFKLQGLH*HGDQNHQGHV 3LORWHQHLQJHVFKDOWHWHUZDUZLUNOLFKYRU$QJVWKDOEYHUUFNW1XUIRUWYRQ GHP3ODQHWHQVRVFKQHOOXQGVRZHLWZLHP|JOLFKHKHZLHGHUHWZDV SDVVLHUWhEULJHQVVLQGDOOH5lXPHGHV6FKLIIHVYROOJHVWRSIWPLW/HXWHQGLH HEHQVRGHQNHQ(VVLHKWVRDXVDOVKlWWHGLH%UDLQ%URWKHUKRRGLKU JHVWHFNWHV=LHOVFKRQMHW]WHUUHLFKW )DOOVVLHGDKLQWHUVWHFNW.OHLQHUXQGGDVLVWELVMHW]WQRFKQLFKWHUZLHVHQ 9RUVLFKW3LORWGDNRPPWQRFKVRHLQ6HOEVWPRUGNDQGLGDW

(LQ]ZHLWHV6FKLIIZDUJHVWDUWHWXQGQDKPHEHQIDOOVPLW9ROODVW.XUVLQGHQ IUHLHQ5DXP1XQZDUGHU3LORWDEHUEHUHLWVJHZDUQW(UEUHPVWHGLH 0$*(//$1DEXQG]ZDQJVLHLQHLQHZHLWH.XUYHVRGDGHU5DXPHUZHLW DQLKUYRUEHUVFKR 'DVZDUDXJHQVFKHLQOLFKDOOHVVWHOOWH/LQQ&UDQQRNIHVWDOVGLH6FKLUPH GDUDXIKLQOHHUEOLHEHQ'LHVHU9RUIDOOKDWMHGRFKXQVHUJDQ]HVVFK|QHV 6LFKHUKHLWVSURJUDPPGXUFKHLQDQGHUJHEUDFKW-HW]WN|QQHQZLUQRFKHLQPDO YRQYRUQDQIDQJHQXQGGLH$XWRPDWLNQHXHLQVWHOOHQ 'HU6RKQGHV*URDGPLQLVWUDWRUVVFKWWHOWHGHQ.RSI ,FKJODXEHGDZLUGDUDXIYHU]LFKWHQN|QQHQ/LQQ:LUVLQGQXUQRFK ]HKQWDXVHQG.LORPHWHUYRP+DIHQHQWIHUQWGDVVLQGQLFKWPHKUDOV]HKQ 0LQXWHQ)OXJ]HLW'LH1HXSURJUDPPLHUXQJZUGHIDVWJHQDXVRODQJHGDXHUQ ZLUN|QQWHQGDPLWDOVRSUDNWLVFKQLFKWVJHZLQQHQ(LQHVFKQHOOH/DQGXQJ GDQQLVWDOOHVDXVJHVWDQGHQ 'HU.RPPDQGDQWVWLPPWHLKP]XXQG]HKQ0LQXWHQVSlWHUVHQNWHVLFKGLH 0$*(//$1DXIGHQ+DIHQYRQ2ONDVWRQQLHGHU(UZDUQXQOHHUXQGHLQH )XQNYHUELQGXQJPLWVHLQHU6WDWLRQZDUQDFKZLHYRUQLFKW]XHUUHLFKHQ6R VHW]WHGHU3LORWGDV6FKLIIQXUKXQGHUW0HWHUYRUGHP7RZHUDXI 'HU)HOGDQWULHEOLHIDXVGLH$UEHLWVJHUlXVFKHGHU0HLOHUXQG7UDQVIRUPHU HUVWDUEHQ&UDQQRNVDK5RL'DQWRQIUDJHQGDQ:LHVROOHVMHW]W ZHLWHUJHKHQ"HUNXQGLJWHHUVLFK 'DQWRQNQLIIEHUOHJHQGGLH%UDXHQ]XVDPPHQ:LUPVVHQ]XHUVW )XQNYHUELQGXQJPLWGHQ%HK|UGHQDXIQHKPHQHQWVFKLHGHUGDQQ6LH VROOHQGLH.DLVHULQGDYRQYHUVWlQGLJHQGDZLUDQJHNRPPHQVLQG%LVHV VRZHLWLVWGUIWHDEHUZRKOQRFKHLQLJH=HLWYHUJHKHQGLH2UJDQHYRQ &KLOGRQJDKDEHQMHW]WEHVWLPPWDOOH+lQGHYROO]XWXQ,VWGUEHQLP7RZHU LPPHUQRFKQLHPDQG*XFN\" 'HU,OWOHJWHGHQ.RSIVFKLHIXQGODXVFKWHPLWVHLQHQWHOHSDWKLVFKHQ6LQQHQ .HLQHLQ]LJHU0HQVFKVDJWHHUQDFKHLQHU:HLOH'DIUQlKHUWVLFKDEHU HLQHJURH$Q]DKOYRQ/HXWHQGHP+DIHQPLW*OHLWHUQXQG]X)X $XJHQEOLFNPDOGXGLHKDEHQHVDXIXQVHU6FKLIIDEJHVHKHQ'LH6WXQGHQ LQGHQHQ&KLOGRQJDMHW]WYRQGHU8PZHOWDEJHVFKQLWWHQZDUKDEHQVLH YROONRPPHQNRSIORVJHPDFKW6LHKDEHQGLH/DQGXQJEHREDFKWHWXQG NRPPHQQXQXPGHQ5DXPHU]XVWUPHQ6LHZROOHQGLH%HVDW]XQJGD]X ]ZLQJHQVLHYRQGHP3ODQHWHQZHJ]XEULQJHQ'DVLQGGLHHUVWHQVFKRQ 'XW]HQGHYRQ*OHLWHUQDOOHU*U|HQVFKRVVHQYRQGHU6WDGWKHUDXIGDV +DIHQJHOlQGH$OOHZDUHQEHUEHVHW]WXQGHLQLJHJLQJHQEHLP$XIVHW]HQIDVW ]X%UXFK(LQHEXQWH0LVFKXQJYRQ0lQQHUQ)UDXHQXQG.LQGHUQHUJR VLFKDXVLKQHQXQGKDVWHWHDXIGLH0$*(//$1]X,KUHHUUHJWHQ$XVUXIH GUDQJHQEHUGLH$XHQPLNURSKRQHLQV6FKLII 'LH6FKOHXVHQEOHLEHQ]XEHVWLPPWHGHU.RPPDQGDQW:LUYHUKDOWHQXQV YROONRPPHQSDVVLYPLWGHU=HLWZHUGHQGLH/HXWHVLFKVFKRQEHUXKLJHQ'D VLHHLQHQ.UHX]HUGHV6RODUHQ,PSHULXPVQLFKWHLQIDFKVWUPHQN|QQHQ GUIWHLKQHQEDOGNODUZHUGHQ

(UKDWWHMHGRFKGLH%HZRKQHUYRQ&KLOGRQJDXQWHUVFKlW]W .DXP]HKQ0LQXWHQVSlWHUZDULKUH6FKDUDXIPHKUHUH7DXVHQG DQJHZDFKVHQXQGHVZXUGHQLPPHUQRFKPHKU6LHELOGHWHQHLQHQHQJHQ .RUGRQXPGDV6FKLII+XQGHUWHZDJWHQVLFKELVZHLWXQWHUGLH.XJHO]HOOH YRU)lXVWHXQG+DQGVWUDKOHUZXUGHQGURKHQGJHVFKZXQJHQ$OVNHLQH 5HDNWLRQHUIROJWHQDKPHQVLHVRJDUGLH/DQGHVWW]HQGHU0$*(//$1XQWHU %HVFKX 'DVZDUQDWUOLFKVLQQORVGHQQGHU7HUNRQLWVWDKOHUKLW]WHVLFKGDEHLNDXP 'LHVH+DQGOXQJHQVDJWHQDEHUYLHOEHUGHQSV\FKLVFKHQ=XVWDQGGHU/HXWH DXV'DVVWXQGHQODQJH9HUVFKZLQGHQLKUHU6RQQHPXWHHLQHIDVW XQHUWUlJOLFKH%HODVWXQJIUDOOHJHZHVHQVHLQ ,PPHUQRFKNHLQH9HUELQGXQJ]XGHQ%HK|UGHQ"IUDJWH/LQQ&UDQQRNLQ GHU)XQN]HQWUDOHDQ 1LFKWV6LUHQWJHJQHWHGHU)XQNHU0DQK|UWXQVZRKODEHUPDQDQWZRUWHW QLFKW'HU9LGHRIXQNVFKHLQWPLW$EVLFKWJHZDOWLJXQWHUWULHEHQ]XKDEHQ GHQQODXIHQGNRPPHQQHXH.DWDVWURSKHQPHOGXQJHQGXUFK8QVHU6HQGHU N|QQWHVLHPKHORVEHUW|QHQDEHUGDVZlUHZRKO (UXQWHUEUDFKVLFKHUVFKURFNHQDOVSO|W]OLFKHLQKHIWLJHU6FKODJGDV6FKLII HUVFKWWHUWH 'DVGDUIGRFKQLFKWZDKUVHLQVWLHGHU(UVWH2IIL]LHUIDVVXQJVORVKHUYRU ,UJHQGMHPDQGKDWQHEHQGHP7RZHUHLQVFKZHUHV,PSXOVJHVFKW]LQ 6WHOOXQJJHEUDFKWXQGEHVFKLHWXQVGDPLW (LQ%OLFNDXIGLH%LOGVFKLUPHXQWHUPDXHUWHVHLQH$QJDEH'RUWZDUHLQ )OXJSDQ]HUYHUPXWOLFKHLQ3ROL]HLIDKU]HXJHUVFKLHQHQXQGKDWWHGDV)HXHU DXIGLH0$*(//$1HU|IIQHW 6LHVFKLHHQDXIXQVHUH/DQGHVWW]HQVWHOOWHGHU0DMRUPLWVWDUUHP *HVLFKWIHVW2IIHQEDUJODXEHQVLHQRFKLPPHUHVPLWHLQHP3ULYDWVFKLII]X WXQ]XKDEHQGHVVHQ,QVDVVHQVLFKGDGXUFKHLQVFKFKWHUQODVVHQ(LQHQ OlQJHUHQ%HVFKXKDOWHQGLH6WW]HQDXFKZLUNOLFKQLFKWDXV:DVVROOHQZLU WXQ0U'DQWRQ" 6HW]HQ6LHHLQHVGHU1DUNRVHJHVFKW]HHLQEHVWLPPWH5RL'LH %HVDW]XQJGHV3DQ]HUVLVWNDPSIXQIlKLJ]XPDFKHQGDQQZHUGHQZRKO DXFKGLHDQGHUHQHLQVHKHQGDLKUH%HPKXQJHQYHUJHEOLFKVLQG &UDQQRNJDEGHQ%HIHKODQGHQ)HXHUOHLWRIIL]LHUZHLWHUXQG6HNXQGHQVSlWHU HUORVFKGLH6WUDKOEDKQGHU,PSXOVNDQRQH$XFKHLQLJHLQGHU1lKH EHILQGOLFKH0lQQHUZXUGHQJHWURIIHQXQGVDQNHQEHZXWORV]X%RGHQ'LH 8PVWHKHQGHQIOFKWHWHQURWWHWHQVLFKDEHUDEVHLWVZLHGHU]XVDPPHQXQG VFKZDQJHQGURKHQGGLH)lXVWH 6LHVLQGYROONRPPHQYHU]ZHLIHOWVDJWH*XFN\PLWIKOHQG9LHOHKDEHQ GXUFK8QIlOOHRGHU%UlQGH$QJHK|ULJHYHUORUHQDEHUGDVLVWHVQLFKWDOOHLQ 'LHDEVROXWH'XQNHOKHLWZlKUHQGGHUOHW]WHQ6WXQGHQKDWVLHSV\FKLVFK IHUWLJJHPDFKW6LHYHUVWHKHQHLQIDFKQLFKWZDUXPZLULKQHQQLFKW]XU)OXFKW YRQ&KLOGRQJDYHUKHOIHQZROOHQ 'DQWRQ]XFNWHPLWGHQ6FKXOWHUQ

,FKNDQQVLHJXWYHUVWHKHQDEHUGD]XVLQGZLUQXQHLQPDOQLFKWKLHU:LU KHOIHQLKQHQZHLWEHVVHUZHQQZLUP|JOLFKVWVFKQHOOGLH8UVDFKHQIULKUH $QJVWEHVHLWLJHQ(VGUIWHDPEHVWHQVHLQZHQQZLUPLWWHOVGHV )HOGDQWULHEVVWDUWHQXQGXQVHLQHQDQGHUHQ/DQGHSODW]VXFKHQ9RQGRUWDXV N|QQHQZLUGDQQ (UXQWHUEUDFKVLFKGHQQGHU%LOGVFKLUPGHV,QWHUNRPVKDWWHVLFKHUKHOOW:LU ZHUGHQYRP7RZHUDXVDQJHUXIHQPHOGHWHGHU)XQNHU,FKOHJHGLH 9HUELQGXQJLQGLH=HQWUDOHXP (QGOLFKDWPHWHGHU.RPPDQGDQWDXIXQGEHJDEVLFK]XGHP*HUlWDXI GHPQXQGDV%LOGHLQHV0DQQHVLQ3ROL]HLXQLIRUPHUVFKLHQ$OVHUGLH 5DQJDE]HLFKHQGHV0DMRUVHUNDQQWHQDKPHUXQZLOONUOLFK+DOWXQJDQ 6LQG6LHGDV+LOIVVFKLIIYRQ7HUUD"IUDJWHHU&UDQQRNQLFNWHXQGHUIXKU IRUW,FKUXIHLP$XIWUDJGHU.DLVHULQDQ6LU6LHZHUGHQJHEHWHQ]XLKUHP 3DODVW]XIOLHJHQHUOLHJW]ZDQ]LJ.LORPHWHUQ|UGOLFKYRQKLHU'RUWJLEWHVHLQ SURYLVRULVFKHV/DQGHIHOGDXIGHP6LHDXIVHW]HQN|QQHQ,KUH0DMHVWlWXQG GHU(UVWH6HQDWRUHUZDUWHQ6LHLP3DODVW 7UqVELHQVDJWH'DQWRQEHIULHGLJW-HW]WNRPPHQGLH'LQJHDOOPlKOLFKLQV 5ROOHQDOORQV0HVVLHXUVVWDUWHQZLU 0DQQGDVLVWMDIDVWZLHLPROOHQ(QJODQGVWDXQWHGHU0DXVELEHUDOVHU GHQ3DODVWVDK'RUWVWHKHQQRFKPDVVHQKDIWVROFKVWHLQHUQH.lVWHQ KHUXPLQGHQHQIUKHUGLH5LWWHULKUHPXQWHUHQ6SLHOHWULHEHQ:DVKDWHLQ VROFKHU$QDFKURQLVPXVKLHUDXI&KLOGRQJD]XVXFKHQ" (UEHNDPNHLQH$QWZRUWGHQQ'DQWRQZDUEHVFKlIWLJW(UULHI'U%HULQJXQG 0DMRU$QGRFDQXQGIRUGHUWHVLHDXIPLWLKP]XVDPPHQGLH5HJHQWLQ DXI]XVXFKHQ'DQQZDQGWHHUVLFKDQ/LQQ&UDQQRN 6LHKDOWHQLQ]ZLVFKHQKLHUGLH6WHOOXQJ=ZLVFKHQIlOOHZLHDXIGHP+DIHQ GUIWHHVNDXPJHEHQKDOWHQ6LHDEHUWURW]GHPGLH$XJHQRIIHQ)DOOVQ|WLJ N|QQHQ6LHPLFKEHU$UPEDQGWHOHNRPHUUHLFKHQ.RPP*XFN\GX EHJOHLWHVWPLFKHEHQIDOOV 'HU,OW]HLJWH]XIULHGHQVHLQHQ1DJH]DKQ6LHYHUOLHHQGLH .RPPDQGR]HQWUDOHXQGEHJDEHQVLFKLQGHQ)DKU]HXJKDQJDU$QGRFXQG 'U%HULQJHUZDUWHWHQVLHEHUHLWVVLHEHVWLHJHQHLQHQJURHQ*OHLWHUXQG YHUOLHHQGDV6FKLIIGXUFKGLH+DQJDUVFKOHXVH+DUUR3RQD[HPSILQJVLHDQ GHU)UHLWUHSSHXQGIKUWHVLHLQGHQ3DODVW )LRQD

=XVDPPHQWUHIIHQXQWHUVRXQJQVWLJHQ8PVWlQGHQVWDWWILQGHQPX6LH N|QQHQDEHUVLFKHUVHLQGDZLUDOOHVWXQZHUGHQZDVLQXQVHUHU0DFKW VWHKWXP,KUHPVFKZHUJHWURIIHQHQ3ODQHWHQ]XKHOIHQ (UVWHOOWHVHLQH%HJOHLWHUYRUYRQGHQHQ*XFN\QDWUOLFKGLHPHLVWH %HDFKWXQJIDQG:lKUHQGGHVDOOJHPHLQHQ+lQGHVFKWWHOQVEHREDFKWHWHHU )LRQDXQDXIIlOOLJ(UIDQGVLHXQJHPHLQDQ]LHKHQGWURW]GHVWLHIHQ(UQVWHV GHULKUH=JHEHUVFKDWWHWH 6LHQDKPHQ3ODW]*OlVHUXQG.DUDIIHQPLW*HWUlQNHQVWDQGHQEHUHLWVDXI GHP7LVFK'RFKQXUGHU0DXVELEHUEHGLHQWHVLFKGLHDQGHUHQNDPHQVRIRUW ]XU6DFKH (VVLHKWZLUNOLFKVFKOHFKWXPXQVDXV6LUEHULFKWHWHGHUZHLKDDULJH(UVWH 6HQDWRUEHGUFNW'LHHUVWHQIQI0LQXWHQXQVHUHU,VROLHUXQJZDUHQGLH VFKOLPPVWHQZHLOGDV(UHLJQLVVRSO|W]OLFKNDP6LHIRUGHUWHQPHKUDOV VHFK]LJWDXVHQG7RWHGLH=DKOGHUHUKHEOLFK9HUOHW]WHQOLHJWEHLHWZDHLQHU KDOEHQ0LOOLRQ'LH6XPPHGHU6DFKVFKlGHQOlWVLFKELVKHUQRFKQLFKW ]XYHUOlVVLJIHVWVWHOOHQGLH%HK|UGHQKDEHQDQGHUH6RUJHQ 5RL'DQWRQQLFNWH$OVZLUKLHULP6\VWHPDQNDPHQZDU&KLOGRQJDHUQHXW YHUVFKZXQGHQIUXQVGHU3ODQHWIU6LHGLH6RQQH+DWHVZHLWHUH .DWDVWURSKHQJHJHEHQ" .DUQ+HOGLQJVFKWWHOWHGHQ.RSI6RYLHOPLUELVKHUEHNDQQWLVWZDUGLH=DKO GHU8QIlOOHQXUJHULQJREZRKOGLH)LQVWHUQLVPHKUDOVYLHU6WXQGHQGDXHUWH 'DVLVWYRUDOOHPGDUDXI]XUFN]XIKUHQGDGHU9HUNHKUPLW*OHLWHUQXQG DQGHUHQ)DKU]HXJHQIDVWY|OOLJ]XP(UOLHJHQJHNRPPHQLVW'LHPHLVWHQ /HXWHWUDXHQVLFKHLQIDFKQLFKWPHKU]XIOLHJHQRGHU]XIDKUHQREZRKOIDVW DOOH0DVFKLQHQEHU$XWRPDWVWHXHUXQJHQYHUIJHQ6RJHVHKHQVLQGZLU GLHVPDOUHODWLYJXWGDYRQJHNRPPHQDEHULQDQGHUHU+LQVLFKW]HLJHQVLFK EHGHQNOLFKH)ROJHQ'LH$QJVWJHKWDXI&KLOGRQJDXP6LU'LH0HQVFKHQ ]LWWHUQZHLOVLHEHIUFKWHQGDGLH6RQQHHLQHV7DJHVIULPPHUDXVEOHLEHQ N|QQWH (LQHQ9RUJHVFKPDFNGDYRQKDEHQZLUEHUHLWVDXIGHP+DIHQEHNRPPHQ JDE'DQWRQ]XUFN6FKRQYRUXQVHUHU/DQGXQJZXUGHQZLUIDVWYRQHLQHP 6FKLIIPLW)OFKWOLQJHQJHUDPPW6SlWHUEHVFKRPDQXQVVRJDUPLWHLQHP ,PSXOVJHVFKW]ZHLOPDQKRIIWHVLFKGHQ=XJDQJ]XGHP.UHX]HU HU]ZLQJHQ]XN|QQHQ1DWUOLFKZlUHHVVLQQORVHLQH(YDNXLHUXQJGHV 3ODQHWHQDXFKQXULQ(UZlJXQJ]X]LHKHQ'UHLKXQGHUWIQI]LJ0LOOLRQHQ 0HQVFKHQZlUHQVHOEVWIUHLQHULHVLJH)ORWWHHLQIDVWXQO|VEDUHV3UREOHP :LUPVVHQYHUVXFKHQGLH8UVDFKHGHVhEHOV]XILQGHQXQG]XEHVHLWLJHQ +DOWHQ6LHHVIUP|JOLFKGDGLH%UDLQ%URWKHUKRRGKLQWHUDOOHPVWHFNW" 'LH.DLVHULQVDKLKQEHVWU]WDQ 6LHPHLQHQ7XOOPDQV:LVVHQVFKDIWOHUN|QQWHQKLHUDP:HUNJHZHVHQ VHLQ"$XIGLHVHQ*HGDQNHQLVWELVKHUQRFKNHLQHUYRQXQVJHNRPPHQ'LH %UXGHUVFKDIWKDWXQVDXFKNHLQHUOHL$QOD]XHLQHUGHUDUWLJHQ9HUPXWXQJ JHJHEHQ2EZRKOZLU1DFKEDUQVLQGLVWGDV9HUKlOWQLV]XLKULPPHUNKOXQG

GLVWDQ]LHUWJHEOLHEHQ(VJLEWQLFKWHLQPDO+DQGHOVEH]LHKXQJHQ]XGHQIQI 3ODQHWHQ ,FKKDOWHGDVDXFKIUXQZDKUVFKHLQOLFKZDUI'U.RQ]HZHLQ$XI &KLOGRQJDJLEWHVNDXPHWZDVGDVIUGLH%UDLQVLQWHUHVVDQWZlUH6HOEVW %RGHQVFKlW]HVLQGEHLXQVQXUGQQJHVlWZHLOGLH0DVVHQGLFKWHGHV 3ODQHWHQUHODWLYJHULQJLVW:DVN|QQWH7XOOPDQVRQVWQRFKUHL]HQ" 'LH0DFKWDQVLFKHUZLGHUWH5RL'DQWRQ'LH9HUPXWXQJGDGLH(UGHGDV HLJHQWOLFKH(QG]LHOVHLQN|QQWHEHKLHOWHUYRUHUVWIUVLFK /DVVHQZLUGLHVHV7KHPDDEHUYRUOlXILJEHLVHLWHVRODQJHQLFKWVEHZLHVHQ LVW0LFKZUGHMHW]WYRUDOOHPLQWHUHVVLHUHQZDV6LHELVKHUEHUGLH1DWXU GHVYHUKlQJQLVYROOHQ3KlQRPHQVLQ(UIDKUXQJEULQJHQNRQQWHQ'DKLHU DXFK:LVVHQVFKDIWOHUDQZHVHQGVLQGQHKPHLFKDQGDPDQVLFKEHUHLWV PLWVHLQHU(UIRUVFKXQJEHVFKlIWLJWKDW .RQ]HZQLFNWHXQGEHJDQQ]XEHULFKWHQ *XFN\KDWWHGHQ(U|UWHUXQJHQQXUPLWHLQHPKDOEHQ2KUJHODXVFKW(UZXWH OlQJVWZDVQXQNRPPHQZUGHGHQQQDWUOLFKKDWWHHUHVVLFKQLFKW YHUNQHLIHQN|QQHQGHQ%HZXWVHLQVLQKDOWGHU$QZHVHQGHQWHOHSDWKLVFK]X VRQGLHUHQ:DVQW]WHDEHUDOOHV5HGHQZHQQLP(QGHIIHNWGRFKQLFKWV GDEHLKHUDXVNDP" )DVWQHLGLVFKGDFKWHHUDQGDV(FKRGDV5RL'DQWRQV$XIWUHWHQLQGHQ *HGDQNHQGHUEHLGHQ)UDXHQJHIXQGHQKDWWH5KRGDQV6RKQKDWWHDXIEHLGH HLQHQVWDUNHQ(LQGUXFNJHPDFKW'LHEORQGHHWZDVIOOLJH$VWURQRPLQKDWWH DOOHUGLQJVQXUDQVHLQHVWDUNH0l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lXVFKGHUKLQWHULKPLQGDVHQWVWDQGHQH9DNXXP VWU]HQGHQ/XIWPROHNOHZXUGHYRQ:DVVLO.RQ]HZVODXWHU6WLPPHEHUW|QW 'DQQVWDQG*XFN\YRUGHP3DODVWEOLQ]HOWHLQGLHEHUHLWVXQWHUJHKHQGH 6RQQHXQGVWLHDXIGLH*HGDQNHQGHV3DODVWYHUZDOWHUV+DUUR3RQD[KDWWH DXFKVHLQH6RUJHQGHQQGDVEULJH3HUVRQDOZDUVHLW]ZHL7DJHQQLFKW PHKU]XP'LHQVWHUVFKLHQHQ-HW]WVWDQGHUYRUGHP$XWRPDWKHUGLQGHU

.FKHXQGZDUWHWHGDUDXIGDGLH*HULFKWHJDUZXUGHQGLHHUGHQ*lVWHQ XQGGHU.DLVHULQVSlWHUYRUVHW]HQZROOWH 6RVRPDQQHQQWGLFKDOVR4XLQWRPXUPHOWHGHU0DXVELEHUDPVLHUWYRU VLFKKLQ.HLQVFKOHFKWHU9HUJOHLFKILQGHLFKDEHUVRQVWELVWGXHLQH1LHWH 'XKDVWGHQ+HUGJDQ]IDOVFKHLQJHVWHOOWLQ]ZHL0LQXWHQZLUGDOOHV YHUEUXW]HOWVHLQ1LFKWZHLWHUVFKOLPPHVLVWMDQXU)OHLVFK ,PQlFKVWHQ0RPHQWWHOHSRUWLHUWHHUHUQHXWXQGWDXFKWHLP5DQGEH]LUNYRQ 2ONDVWRQKLQWHUHLQHU+HFNHDXI )DVVHQZLUHLQPDODOOHV]XVDPPHQVDJWH'U%HULQJXQGQDKPHLQHQ 6FKOXFNDXVVHLQHP*ODV:LUVLQGXQVPLWWOHUZHLOHGDULQHLQLJJHZRUGHQ GDGLH,VROLHUXQJ&KLOGRQJDVGXUFK0DQLSXODWLRQHQYRQXQEHNDQQWHU6HLWH NQVWOLFKKHUYRUJHUXIHQZLUG'HU3ODQHWZLUGLQHLQH$UW(QHUJLHEODVH HLQJHVFKORVVHQGLHNHLQHUOHL6WUDKOXQJGXUFKOlWP|JOLFKHUZHLVHVRJDULQ GHQ+\SHUUDXPRGHUHLQHDQGHUH'LPHQVLRQYHUVHW]W(VLVW]XYHUPXWHQ GDGLHVH%ODVHDXVQGLPHQVLRQDOHU(QHUJLHEHVWHKWZHLOVLHVLFKPLW XQVHUHQ,QVWUXPHQWHQQLFKWDQPHVVHQOlW :DVVLO.RQ]HZKREGLH+DQG6LHYHUJHVVHQGDV$XVVFKODJHQ YHUVFKLHGHQHU*HUlWHLPQRUPDOHQHQHUJHWLVFKHQ%HUHLFK+HUU.ROOHJH HULQQHUWHHUGHQ7HDPOHLWHU +DQV%HULQJZLQNWHDE'LHVHQ$VSHNWN|QQHQZLUPHLQHU$QVLFKWQDFK DXHUDFKWODVVHQ:DVVLO(VKDQGHOWVLFKGDEHLOHGLJOLFKXP 6HNXQGlUHUVFKHLQXQJHQUHLQ]XIlOOLJHU$UWGLHNHLQHPXQVEHNDQQWHQ 1DWXUJHVHW]XQWHUOLHJHQ,KUYROONRPPHQXQNRQWUROOLHUEDUHVXQG XQHLQKHLWOLFKHV$XIWUHWHQPDFKWVLHIUHLQH$XVZHUWXQJGLHXQVZHLWHUKHOIHQ N|QQWHZHUWORV'DVLHVRZRKOLQQHUKDOEZLHDXFKDXHUKDOEGHV)HOGHV DXIWUHWHQLVW]ZDUEHPHUNHQVZHUWDEHUDXFKQXUYRQUHLQVWDWLVWLVFKHP ,QWHUHVVH +HOHQ)DOWLQQLFNWH'DULQVWLPPHLFK,KQHQ]X(VHUJLEWVLFKDOVRGHU VHOWHQH)DOOGDVLFKGLH:LVVHQVFKDIWOHUDXVQDKPVZHLVHHLQPDOHLQLJVLQG 'HU6FK|QKHLWVIHKOHULVWQXUGDZLUDXVGLHVHU7DWVDFKHNHLQHUOHL1XW]HQ ]LHKHQN|QQHQ(VPXVLFKXPHLQYROONRPPHQQHXDUWLJHV3ULQ]LSKDQGHOQ QDFKGHPGDV3KlQRPHQHU]HXJWZLUG0LWGHQ0LWWHOQGLHXQV]XU 9HUIJXQJVWHKHQGUIWHQZLUHVQLHHUJUQGHQN|QQHQ 5RL'DQWRQZDUIGHU.DLVHULQHLQHQPLWIKOHQGHQ%OLFN]X2EZRKOVLFK)LRQD EHPKWH+DOWXQJ]XEHZDKUHQVDKPDQLKUQDFKGLHVHQ(U|IIQXQJHQGLH 1LHGHUJHVFKODJHQKHLWGHXWOLFKDQ (UVHW]WHJHUDGHDQXPLKUHWZDV7U|VWOLFKHV]XVDJHQDOV0DMRU$QGRFGDV :RUWHUJULII 'DQQZHUGHQZLUGDV3UREOHPDOVRYRQHLQHUDQGHUHQ6HLWHKHUDQJHKHQ PVVHQVDJWHHUQFKWHUQ'LH0|JOLFKNHLWGDGLH%UDLQ%URWKHUKRRGGDV DOOHVDXIGHP*HZLVVHQKDWVROOWHQZLUGDEHLDXHUDFKWODVVHQ(VEHVWHKW VRQVWGLH*HIDKUGDZLUXQVHLQVHLWLJXQGIDOVFKRULHQWLHUHQXQGVRDXI HLQHQ,UUZHJJHUDWHQ:LUPVVHQÃ(UPLWWOXQJHQJHJHQ8QEHNDQQW IKUHQ XQGVHOEVWGHUJHULQJVWHQ6SXUQDFKJHKHQ

9ROONRPPHQULFKWLJPHLQWHGHU(UVWH6HQDWRU1DFKGHPHULP.UHLVGHU ([SHUWHQQLFKWKDWWHPLWUHGHQN|QQHQZDUHURIIHQVLFKWOLFKIURKGDQXQ ZHQLJHUDEVWUDNWH'LQJHDQGHU5HLKHZDUHQ,FKVLFKHUH,KQHQGDEHLMHGH 8QWHUVWW]XQJ]XGLHZLU,KQHQJHZlKUHQN|QQHQ $QGRFQLFNWHLKP]X)DOOVQ|WLJZHUGHLFK]XJHJHEHQHU=HLWGDUDXI ]XUFNNRPPHQ6HQDWRU.RPPHQZLUDOVRQXQ]XU6DFKH:LHGDV 3KlQRPHQKHUYRUJHUXIHQZLUGEOHLEWXQNODU9LHOOHLFKWNDQQPLUDEHUMHPDQG ZHQLJVWHQVDQGHXWXQJVZHLVHVDJHQYRQZRDXVGLHHQWVSUHFKHQGHQ 0DQLSXODWLRQHQGXUFKJHIKUWZHUGHQN|QQWHQ"(LQHQ3ODQHWHQEULQJW QLHPDQGHLQIDFKPLWGHUOLQNHQ+DQG]XP9HUVFKZLQGHQHJDOZRKLQ0DQ EUDXFKWGD]XDXVJHGHKQWHWHFKQLVFKH$QODJHQZRN|QQWHQVLFKGLHVH EHILQGHQ" .DUQ+HOGLQJ]XFNWHPLWGHQ6FKXOWHUQ hEHUDOOXQGQLUJHQGV0DMRU&KLOGRQJDLVWJURXQVHUH.RQWLQHQWHVLQGQXU ]XP7HLOEHZRKQW,QGHQXQJQVWLJHQ.OLPD]RQHQKlOWVLFKQRUPDOHUZHLVH NDXPMHPDQGDXIQXUHLQH+DQGYROO-lJHU*HRORJHQXQG3URVSHNWRUHQ =XZHLOHQDXFK7HDPVYRQ$UFKlRORJHQGLHQDFK5HOLNWHQGHUDOWHQ5DVVH IRUVFKHQGLHXQVHUH:HOWIUKHUEHY|ONHUWKDW(VJLEWDOVRDXIEHLGHQ /DQGPDVVHQLP1RUGHQZLHLP6GHQZHLWHXQEHZRKQWH*HELHWHEHUGLH ZLUNHLQH.RQWUROOHKDEHQ 'DVK|UWPDQJHUQVHXI]WH*DO$QGRF3UDNWLVFKN|QQWHDOVRMHGHU[ EHOLHELJHGRUWWXQXQGODVVHQZDVHUZLOO(UNRPPWPLWHLQHP5DXPVFKLII XQGEUDXFKWQXUGDUDXI]XDFKWHQGDGLHVHVYRQGHQ2UWXQJHQLQ2ONDVWRQ QLFKWDQJHPHVVHQZLUG'DQQVXFKWHUVLFKHLQ9HUVWHFNLQHLQHUHQWOHJHQHQ (FNHEDXWGRUWHLQH*HKHLPVWDWLRQDXIXQGJHKWIU|KOLFKDQV:HUN 'U%HULQJVFKWWHOWHGHQ.RSI'DVJODXEHLFKQXQZLHGHUQLFKW0DMRU'HU 3ODQHWPLWVHLQHQYLHOIlOWLJHQPDJQHWLVFKHQXQGJUDYLWDWRULVFKHQ(LQIOVVHQ ZlUHIUMHGHGHQNEDUH$UWYRQ)HOGSURMHNWRUHQHLQ6W|UIDNWRUHUVWHU 2UGQXQJ6LHDOOH]XQHXWUDOLVLHUHQZUGHXQYHUKlOWQLVPlLJYLHO WHFKQLVFKHQ$XIZDQGHUIRUGHUQ:HQQLFKHLQHGHUDUWLJH$QODJH]XHUULFKWHQ KlWWHZUGHLFKVLHGRUWDXIEDXHQZRLFKPLWHUKHEOLFKHLQIDFKHUHQ0LWWHOQ GHQJOHLFKHQ(IIHNWHU]LHOHQNDQQ,UJHQGZRDXHUKDOEGHU*UDYLVSKlUHYRQ &KLOGRQJD 3DUGLVWDQFHDOVREHUOHJWH5RL'DQWRQ,GHDOGDIUZlUHQ6DWHOOLWHQULQJV XPGHQ3ODQHWHQDEHUGLHJLEWHVMDQLFKW.lPHQGDIUHYHQWXHOOGLHEHLGHQ 0RQGHLQ)UDJH'RF",FKKDWWHVFKRQEHLP$QIOXJGDUDQJHGDFKWVLHHLQPDO XQWHUGLH/XSH]XQHKPHQ 'HU:LVVHQVFKDIWOHUQLFNWH'DVZlUHP|JOLFK6LU'LH7UDEDQWHQVLQGQXU NOHLQEHVLW]HQNHLQHHLJHQHQ0DJQHWIHOGHUXQGLKUH6FKZHUNUDIWLVWVHKU JHULQJ'DVLHNHLQH$WPRVSKlUHEHVLW]HQNDQQIUMHPDQGGHUEHUGLH Q|WLJHQWHFKQLVFKHQ+LOIVPLWWHOYHUIJWNHLQ+LQGHUQLVVHLQ 'DQQELQLFKGDIUGD6LHGRUWQDFKGHP5HFKWHQVHKHQ0DMRUVDJWH 'DQWRQ,FKVWHOOH,KQHQXQVHUHQ6SDFH-HWPLWGHUEOLFKHQ%HVDW]XQJ]XU 9HUIJXQJ6LHYHUIJWEHUHLQH7UDQVIRUPNDQRQHHLQHQ+h6FKXW]VFKLUP

XQGDXVJH]HLFKQHWH2UWXQJVJHUlWH1HKPHQ6LHHLQHQ7HLO,KUHU/HXWHPLW QDWUOLFKPLWVFKZHUHQ.DPSIDQ]JHQXQGDOOHPZDV6LHVRQVWYLHOOHLFKW EUDXFKHQN|QQHQ)DOOV6LHHWZDVILQGHQPVVHQ6LHVHOEVWHQWVFKHLGHQRE 6LHHVDOOHLQVFKDIIHQ,P1RWIDOOVWDUWHWGLH0$*(//$1VRIRUWXQGNRPPW ,KQHQ]X+LOIH 2ND\6LUJDEGHU0DQQGHU6RO$E]XUFN:LUZHUGHQIUGLH0HQVFKHQ DXI&KLOGRQJDWXQZDVLQXQVHUHQ.UlIWHQVWHKW (LQ$XIDWPHQJLQJGXUFKDOOH$QZHVHQGHQ'LHIUXFKWORVHQ'LVNXVVLRQHQ ZDUHQEHHQGHWHQGOLFKVROOWHQXQHWZDVJHWDQZHUGHQ'DV*HVLFKWGHU .DLVHULQKDWWHVLFKHQWVSDQQWVLHOlFKHOWH5RL'DQWRQ]X /DVVHQ6LHVLFKQRFKHLQH:HLOH=HLWEDWVLH+LHULP3DODVWLVWLP0RPHQW OHLGHUQLFKWDOOHVVRZLHIUKHUGHQQPHLQ3HUVRQDOKDWPLFKLP6WLFK JHODVVHQ1LFKWVHKUHUIUHXOLFKDEHULFKNDQQHVGHQ/HXWHQQLFKWYHUGHQNHQ VLHVLQGHEHQVRYHUlQJVWLJWZLHDOOHDQGHUHQ1XUGHU9HUZDOWHULVW ]XUFNJHEOLHEHQXQGVRUJWIUPLFK,FKKDEHLKQEHDXIWUDJWHLQ$EHQGHVVHQ IUPHLQH*lVWHKHU]XULFKWHQ 6LHGUFNWHDXIHLQHQ6LJQDONQRSIXQGZHQLJVSlWHU|IIQHWHVLFKGLH7U +DUUR3RQD[NDPLQGHQ5DXPVHLQ*HVLFKWZDUNQDOOURWYRU9HUOHJHQKHLWHU VFKZLW]WHZLHQLH]XYRU %LWWHELWWHXP9HUJHEXQJ0DMHVWlWVWDPPHOWHHUXQGZDQGVLFKI|UPOLFK (VKDWHVKDWHLQH3DQQHPLWGHP$XWRPDWKHUGJHJHEHQGDV $EHQGHVVHQLVWWRWDOYHUEUDQQW (UERWHLQHVRWUDJLNRPLVFKH)LJXUGD'DQWRQVLFKGDV/DFKHQQLFKW YHUNQHLIHQNRQQWH(UNORSIWH4XLQWRWU|VWHQGDXIGLH6FKXOWHUXQGZDQGWH VLFKDQ)LRQD

0DUVFKYHUSIOHJXQJLQHLQH7DVFKHZDQGHUWHQ'DQQWHOHSRUWLHUWHHU]X VHLQHPHUVWHQ6WDQGRUW]XUFNXPVLFKGRUWXP]XVHKHQ 'LH5DXFKIDKQHNDPYRQHLQHPHKHPDOLJHQ)OXJWD[LGDVVFKRQYRU6WXQGHQ DEJHVWU]WZDU6HLQH.DELQHZDUDEJHVSUHQJWDOVRKDWWHQVLFKGLH,QVDVVHQ QRFKUHWWHQN|QQHQ1XUGLH]l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lKHKLHOWVLFK QLHPDQGDXI2ONDVWRQZDU]ZDUHLQH6WDGWPLWPHKUDOV]HKQ0LOOLRQHQ (LQZRKQHUQGRFKLQGLHVHP5DQGEH]LUNJDEHVQXUZHQLJHZHLWYHUVWUHXWH +lXVHU2IIHQEDUKDWWHQVLFKLKUH%HZRKQHULQGLH,QQHQVWDGWJHIOFKWHWGHP DOWHQ+HUGHQWULHEIROJHQGGHULQ1RWVLWXDWLRQHQVWHWV]XP'XUFKEUXFKNDP *XFN\ZDWVFKHOWHZHLWHUXQGJHODQJWHVFKOLHOLFKDXIHLQH6WUDHGLHLQGLH 6WDGWIKUWH 'DVQlFKVWH+DXVGDVHU]X*HVLFKWEHNDPZDUQXUQRFKHLQH DXVJHEUDQQWH5XLQH1RWGUIWLJEHLVHLWHJHUlXPWH7UPPHU]HXJWHQGDYRQ GDKLHUHLQHEHQIDOOVDEJHVWU]WHU*OHLWHUGLH%UDQGXUVDFKHJHZHVHQZDU $OOH$Q]HLFKHQZLHVHQMHGRFKGDUDXIKLQGDGDVVFKRQZlKUHQGGHUHUVWHQ VFKUHFNOLFKHQIQI0LQXWHQJHVFKHKHQZDU 'LH6RQQHYHUVFKZDQGQXQEHUHLWVKLQWHUGHP+RUL]RQWLQOlQJVWHQVHLQHU 6WXQGHZUGHHVGXQNHOVHLQ'HU0DXVELEHUPXWHVLFKDOVREHHLOHQZHQQ HUYRUKHUQRFKHLQLJHVYRQ2ONDVWRQ]XVHKHQEHNRPPHQZROOWH(UJLQJ DXHUGHPRKQHKLQQXUGDQQ]X)XZHQQHVVLFKQLFKWYHUPHLGHQOLH 'HVKDOESHLOWHHUGDV'DFKHLQHVKRKHQ*HElXGHVDQXQGWHOHSRUWLHUWH GRUWKLQ (UJHODQJWHDXIHLQH/DQGHIOlFKHIU*OHLWHUDXIGHUVLFKDEHULP0RPHQW QLHPDQGDXIKLHOW(VVWDQGHQQXUZHQLJH)DKU]HXJHKHUXPYRQGHQHQ ]XGHPHLQLJHEHVFKlGLJWZDUHQ,KUH3LORWHQKDWWHQHVDEHUZHQLJVWHQVQRFK JHVFKDIIWKHLODQLKU=LHO]XJHODQJHQ *XFN\ZDU]XNOHLQXPEHUGLH8PIDVVXQJVPDXHUKLQZHJVHKHQ]XN|QQHQ (UVSUDQJDOVRDXIGDV'DFKHLQHV*OHLWHUVXQGNRQQWHQXQHLQHQJURHQ7HLO GHU6WDGWEHUVHKHQ'HU$QEOLFNGHSULPLHUWHLKQ]XWLHIVW (UKDWWHVFKRQRIWDQ.lPSIHQWHLOJHQRPPHQEHLGHQHQHV]XVFKZHUHQ =HUVW|UXQJHQJHNRPPHQZDU'DVZDUMHGRFKLP.ULHJJHVFKHKHQEHL PLOLWlULVFKHQ$XVHLQDQGHUVHW]XQJHQPLW)HLQGHQGHV6RODUHQ,PSHULXPV +LHUKDWWHDEHUMHPDQGPLWWHQLPWLHIVWHQ)ULHGHQ]XJHVFKODJHQRKQHMHGH 5FNVLFKWDXIGLHXQVFKXOGLJHXQGDKQXQJVORVH%HY|ONHUXQJ

(UVDK]DKOUHLFKHDXVJHEUDQQWH+lXVHUXQGHLQLJH6WUDHQGLHDXFKMHW]W QRFKYRQLQHLQDQGHUYHUNHLOWHQ)DKU]HXJHQEORFNLHUWZDUHQ$QPDQFKHQ 6WHOOHQEUDQQWHHVQRFKXQGGLHNQDOOURWHQ*OHLWHUGHU)HXHUZHKUKLQJHQ GDUEHUXQGVSUKWHQ/|VFKVFKDXPLQGLH)ODPPHQ$QGHUHVWLHJHQPLW EOLQNHQGHQ:DUQOLFKWHUQDXIXQGWUDQVSRUWLHUWHQRIIHQEDU9HUOHW]WHDE6RQVW ZDUZHLWXQGEUHLWNHLQ/XIWIDKU]HXJ]XVHKHQDXFKDXIGHQIUHLHQ6WUDHQ JDEHVNHLQHUOHL9HUNHKU1XUZHQLJH3DVVDQWHQHLOWHQDXIGHQ*HKVWHLJHQ XQG)XJlQJHUEUFNHQGDKLQ'LH$QJVWVDLKQHQLP1DFNHQ 'DVHUNDQQWHGHU,OWGDQQJDQ]GHXWOLFKDOVHUVHLQHQ7HOHSDWKLHVHNWRU |IIQHWH(LQHZDKUH:HOOHYRQ1RW/HLGHQXQG9HU]ZHLIOXQJVWUPWHYRQ DOOHQ6HLWHQDXILKQHLQ(LQ7HLOGHU/HXWHZDUDXFKGDEHLVLFKPLW+LOIHYRQ $ONRKRORGHU'URJHQ]XEHWlXEHQXPGLHVFKUHFNOLFKH*HJHQZDUW YHUJHVVHQ]XN|QQHQ 6RZDUHVEHUDOOLQ2ONDVWRQ6HOEVWGLH]DKOUHLFKHQEHDPWHWHQRGHU IUHLZLOOLJHQ+HOIHUZDUHQYROOHU3HVVLPLVPXV6LHEHIUFKWHWHQGHQ =XVDPPHQEUXFKMHGHU2UGQXQJIDOOVHV]XHLQHUQHXHUOLFKHQ:LHGHUKROXQJ GHUWRWDOHQ,VRODWLRQNDP *XFN\WHOHSRUWLHUWHQRFKPHKUPDOVZHLWHUGXUFKPDVRGLH6WDGWXQGNHKUWH GDQQVSUXQJZHLVHZLHGHUQDFK6GHQ]XUFN(VZXUGHEHUHLWVGXQNHOGLH 6WUDHQEHOHXFKWXQJJLQJDQ6LHIXQNWLRQLHUWHMHGRFKQLFKWEHUDOOHVJDE HLQLJH=RQHQGLHILQVWHUEOLHEHQ'HU0DXVELEHUKDWWHQXQEHUHLWV 6FKZLHULJNHLWHQVLFKRSWLVFK]XRULHQWLHUHQ(USHLOWHGHVKDOEGDV )OXJZDUQOLFKWHLQHVKRKHQ*HElXGHVLP6GHQGHU6WDGWDQXQGJHODQJDXI GHVVHQ'DFK (UZDUHQWWlXVFKWZHLOHUQLFKWVZLUNOLFK%HPHUNHQVZHUWHVKHUDXVJHIXQGHQ KDWWH(UPXWHVLFKDEHUDXFKHLQJHVWHKHQGDVHLQH([NXUVLRQVRHWZDV ZLHGLHVSULFKZ|UWOLFKH6XFKHQDFKGHU6WHFNQDGHOLP+HXKDXIHQJHZHVHQ ZDU'LH(PRWLRQHQGHU]HKQ0LOOLRQHQ%HZRKQHUPXWHQHLQIDFKGLH *HGDQNHQGHU,QLWLDWRUHQGHV8QKHLOVEHUODJHUQVRIHUQVLFKGLHVH EHUKDXSWLQ5HLFKZHLWHEHIDQGHQ *XFN\VWUHFNWHVHLQHJHGDQNOLFKHQ)KOHUDXV(UZROOWHDXIGLHVH:HLVH5RL 'DQWRQDQSHLOHQXPGDQQGLUHNW]XLKPWHOHSRUWLHUHQ]XN|QQHQ(UVSUWH GDVYHUWUDXWH*HKLUQPXVWHUEHUHLWVDOVVLFKSO|W]OLFKHLQXQEHNDQQWHU(LQIOX EHPHUNEDUPDFKWHGHUVHLQH.RQ]HQWUDWLRQGXUFKEUDFK 8QZLOONUOLFKOLHGHU0DXVELEHUGLHOHW]WHVDIWLJH%LUQHIDOOHQGLHHUJHUDGH DQJHELVVHQKDWWH0LWGHPVLFKHUHQLQODQJHQ-DKUKXQGHUWHQHUZRUEHQHQ ,QVWLQNWIU*HIDKUHQDOOHU$UWHUNDQQWHHUGDV8QJHZ|KQOLFKHGDVVLFKLQ GHP)UHPGHQPDQLIHVWLHUWHDXIGDVHUHEHQJHVWRHQZDU (VZDUIUHPGHVJHK|UWHQLFKWDXIGLHVH:HOW

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lVHQWLHUVWHOOXQJDOV'DQWRQGHU.DLVHULQJDODQWDXVGHP )DKU]HXJKDOI )LRQD

1DFKGHP'HVVHUWZXUGHQYHUVFKLHGHQH*HWUlQNHVHUYLHUW'DQQ]RJHQVLFK GLH2UGRQQDQ]HQDXIHLQHQ:LQN'DQWRQV]XUFN5RLXQWHUKLHOWVLFKQRFK HLQLJH=HLWPLW)LRQDXQGEHPKWHVLFKVLHGDV(OHQGLKUHV3ODQHWHQIU NXU]H=HLWYHUJHVVHQ]XODVVHQ'DVJHODQJLKPDXFKPLWGHQIDUELJHQ 6FKLOGHUXQJHQDXVVHLQHU9HUJDQJHQKHLWEHLGHQHQHUDEVLFKWOLFKDXI DQJHQHKPHXQGHUIUHXOLFKH%HJHEHQKHLWHQ]XUFNJULII 'LH$XJHQGHU.DLVHULQYRQ&KLOGRQJDEHJDQQHQ]XJOlQ]HQZR]XDXFKGHU :HLQHLQLJHVEHLWUXJ,FKEHQHLGH6LH5RLVDJWHVLHPLWHLQHP/lFKHOQLQ GHPPHKUDOVQXU%HZXQGHUXQJODJ,FKGDUI6LHGRFKZRKOVRQHQQHQXQG 6LHPLFK)LRQD"6FKOLHOLFKVLQGZLU]ZHL0DMHVWlWHQKLHUMDXQWHUXQV 1DWXUHOOHPHQW)LRQDJDE3HUU\5KRGDQV6RKQ]XUFNXQGGUFNWHGLHLKP JHERWHQH+DQG (UKDWWHLP/DXIVHLQHVODQJHQ/HEHQVGXUFKHLQHQ=HOODNWLYDWRUSUDNWLVFK XQVWHUEOLFKJHZRUGHQYLHOHVFK|QHXQGUHL]YROOH)UDXHQNHQQHQJHOHUQW9RQ )LRQD

:HLWHUGUlQJWHVHLQ)UHXQGXQJHGXOGLJ+DEHQVLHGLH.DWDVWURSKHQ YHUXUVDFKWXQGZLH" *XFN\]XFNWHPLWGHQVFKPDOHQ6FKXOWHUQ'DUEHUKDEHLFKOHLGHUQLFKWV KHUDXVILQGHQN|QQHQ0LNH(VKDQGHOWVLFKXPDFKW3HUVRQHQGDUXQWHU ]ZHL)UDXHQDEHUVLHVLQGVlPWOLFKPHQWDOVWDELOLVLHUW(VZDUPLUDOVRQLFKW P|JOLFKGHQ,QKDOWLKUHU%HZXWVHLQH]XHUIDVVHQ,FKNRQQWHOHGLJOLFKXQG GDVDXFKQXUVHKUVFKZDFKHLQHQ7HLOLKUHU2EHUIOlFKHQJHGDQNHQ DXIIDQJHQVRVHKULFKPLFKDXFKDQJHVWUHQJWKDEH'DVUHLFKWHJHUDGH GD]XLKUH,GHQWLWlWKHUDXV]XILQGHQ]XPHKUQLFKW +DVWGXJOHLFKDQ2UWXQG6WHOOHQDFKJHVHKHQ"HUNXQGLJWHVLFK'DQWRQ 'HU0DXVELEHUVFKWWHOWHGHQ.RSI 'DVKlWWHZHQLJ6LQQJHKDEWLFKZDUVFKOLHOLFKDOOHLQXQGXQEHZDIIQHW 0HLQ(UVFKHLQHQKlWWHVLHK|FKVWHQVGDUDXIDXIPHUNVDPJHPDFKWGDZLU KLQWHULKQHQKHUVLQG9LHOOHLFKWKlWWHQVLHGDUDXIKLQHUQHXWDQJHIDQJHQPLW GHP3ODQHWHQKHUXP]XVSLHOHQXQGGDVZROOWHLFKQLFKWULVNLHUHQ 6HKUYHUQQIWLJ.OHLQHUOREWHLKQ5KRGDQV6RKQGHU*XFN\V1HLJXQJ LPSXOVLYXQGDXIHLJHQH)DXVW]XKDQGHOQ]XU*HQJHNDQQWH(UHLOWH]XP ,QWHUNRPDQVFKOXXQGVWHOOWHGLH9HUELQGXQJ]XU.RPPDQGR]HQWUDOHKHU ,VWGDV%HLERRWPLWGHP.RPPDQGRGHU6RO$EVFKRQ]XGHQ0RQGHQ XQWHUZHJV"IUDJWHHUDOV/LQQ&UDQQRNV*HVLFKWDXIGHP%LOGVFKLUP HUVFKLHQ $OVGHU.RPPDQGDQWYHUQHLQWHIXKUHUIRUW'LHVH([NXUVLRQZLUGYRUOlXILJ ]XUFNJHVWHOOWXQWHUULFKWHQ6LH0DMRU$QGRFVRIRUWGDYRQ*XFN\KDWGLH 6SXUHLQHU*UXSSHYRQ%UDLQ/HXWHQHQWGHFNWGLHVLFKKLHULQGHU1lKH DXIKDOWHQ:LUZHUGHQGLH6SDFH-HWGD]XEHQXW]HQXPGLHVHV1HVW DXV]XKHEHQ,FKNRPPHLQZHQLJHQ0LQXWHQ]X,KQHQXPDOOHV:HLWHUH]X EHVSUHFKHQ (UZDQGWHVLFKDQGLH.DLVHULQGLHGHQ*HVSUlFKHQPLWKRIIQXQJVYROO JOlQ]HQGHQ$XJHQJHIROJWZDU'XKDVWJHK|UWXPZDVHVMHW]WJHKW)LRQD ,FKZHUGHGHQ(LQVDW]JHJHQGLHVH*UXSSHVHOEVWOHLWHQKDEHDOVROHLGHU NHLQH=HLWPHKUIUGLFK:LOOVWGXKLHULP6FKLIIEOHLEHQRGHUP|FKWHVWGX GRFKOLHEHULQGHQ3DODVW]XUFNNHKUHQ" ,FKIOLHJH]XUFNHQWVFKLHG)LRQD

/DPLFKGDVELWWHEHVRUJHQEDW*XFN\XQG]HLJWHVFKFKWHUQVHLQHQ 1DJH]DKQ,FKKDEHVFKOLHOLFKQRFKHWZDVJXW]XPDFKHQZHJHQYRUKLQDOV LFKKLHUKHUHLQJHSODW]WELQ 2ND\.OHLQHUOlFKHOWH'DQWRQXQGGUFNWHGHU.DLVHULQQRFKHLQPDOGLH +DQG'DQQZDWVFKHOWHGHU0DXVELEHUDXIVLH]XXQGPDFKWHHLQHHWZDV OLQNLVFKH9HUEHXJXQJ,FKELWWHGDUXP6LHDQIDVVHQ]XGUIHQ0DMHVWlW SLHSVWHHUXQG)LRQDVWLPPWHOlFKHOQG]X 6HNXQGHQVSlWHUPDWHULDOLVLHUWHGDVXQJOHLFKH3DDULQGHU(LQJDQJVKDOOHGHV 3DODVWV*XFN\KDWWHGLHVHQ2UWJHZlKOWZHLOHUIHVWJHVWHOOWKDWWHGDVLFK +DUUR3RQD[JHUDGHGRUWDXIKLHOW 'HU3DODVWYHUZDOWHUILHOYRU6FKUHFNDXIGHQ5FNHQDOVHUGLHEHLGHQ SO|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lKOLJDQZHVHQGZDUHQNDQQLFKOHLGHUQLFKWVDJHQ(VLVWGXUFKDXV P|JOLFKGDHVQRFKPHKUYRQLKQHQJLEWGLHJHUDGHXQWHUZHJVZDUHQDOV LFKGLHVHV1HVWHQWGHFNWH 'DQWRQ]XFNWHPLWGHQ6FKXOWHUQ'DVGUIWHLP(QGHIIHNWNHLQHJURH5ROOH VSLHOHQGHQNHLFK:HQQHVXQVJHOLQJWGDV*URVDXV]XKHEHQZHUGHQGLH DQGHUHQZRKONDXPQRFKHWZDVDXVULFKWHQN|QQHQ%HL8QWHUQHKPHQGLHVHU *U|HQRUGQXQJZLHGHU0DQLSXODWLRQHLQHVJDQ]HQ3ODQHWHQPXHLQH JDQ]H$Q]DKOYHUVFKLHGHQHU6SH]LDOLVWHQ]XVDPPHQDUEHLWHQGLHVLFK JHJHQVHLWLJHUJlQ]HQ:HQQQXUHLQSDDUZLFKWLJH)LJXUHQDXVIDOOHQVLQGGLH DQGHUHQSUDNWLVFKKLOIORV :LUVROOWHQ]XQlFKVWDEHUHLQPDOIHVWVWHOOHQREHVGRUWHLQHJHVWHLJHUWH HQHUJHWLVFKH$NWLYLWlWJLEWVFKOXJ0DMRU$QGRFYRU'LH $XWRPDWHLQULFKWXQJHQGHU6WDWLRQZHUGHQEHL1DFKWZRKOYHUPXWOLFKDXHU %HWULHEVHLQ,FKQHKPHDQGDGLH%UDLQVGRUWHLQHHLJHQH.UDIWDQODJH LQVWDOOLHUWKDEHQ

5RL'DQWRQQLFNWH(LQJXWHU*HGDQNH*DO6LHNRQQWHQHVVLFKQDWUOLFK QLFKWOHLVWHQ(QHUJLHDXVGHP|UWOLFKHQ1HW]]XHQWQHKPHQGDVKlWWHGLH JHVDPWH9HUVRUJXQJGLHVHU*HJHQG]XP=XVDPPHQEUXFKJHEUDFKW/DVVHQ 6LHGLH(QHUJLHRUWXQJDNWLYLHUHQ/LQQ 'DQQVDKHQGLH0lQQHUJHVSDQQWDXIGLH0RQLWRUHQDEHUVLHZXUGHQ HQWWlXVFKW'LH6FKLUPH]HLJWHQQXUVFKZDFKH(FKRVGLHNHLQHQ $QKDOWVSXQNWIUGDV9RUKDQGHQVHLQJURHU.RQYHUWHUHUEUDFKWHQ,QGHU 6WDWLRQZXUGH]ZDU(QHUJLHYHUEUDXFKWXQGGDVZLHVPLW6LFKHUKHLWDXIGLH $QZHVHQKHLWYRQ0HQVFKHQKLQDEHUGDVZDUDXFKDOOHV 'DIUEUDFKWHHLQHHLJHQPlFKWLJH+DQGOXQJGHV(UVWHQ2IIL]LHUVHLQHQ XQHUZDUWHWHQ(UIROJ*RUP7\OHUKDWWHGLH0DVVHWDVWHUGHV6FKLIIHVLQ %HWULHEJHQRPPHQXQGVWLHQXQHLQHQWULXPSKLHUHQGHQ$XVUXIDXV 'DVHKHQ6LHGRFK6LU=ZLVFKHQGHQEHLGHQJURHQ6LORVEHILQGHWVLFK HLQGLVNXVI|UPLJHU.|USHUGHUJHQDXGLH0DHHLQHU6SDFH-HWDXIZHLVW $OOH:HUWHVWLPPHQSUl]LVHPLWGHQHQGLHVHV)DKU]HXJW\SVEHUHLQ 'DQWRQZDUPLWHLQLJHQVFKQHOOHQ6FKULWWHQEHLLKP6FKRQQDFKHLQHP IOFKWLJHQ%OLFNNORSIWHHULKPDQHUNHQQHQGDXIGLH6FKXOWHU $XVJH]HLFKQHW*RUP(VLVWPLU]ZDUUlWVHOKDIWZLHGLH/HXWH7XOOPDQVGDV JURH%RRWGRUWKLQJHEUDFKWKDEHQP|JHQRKQHGDEHLDXI]XIDOOHQHVLVW DEHUMHGHQIDOOVGD'DVPDFKWHLQH0RGLIL]LHUXQJXQVHUHV(LQVDW]SODQV QRWZHQGLJ:LUZHUGHQQLFKWVRIRUWLQGLH6WDWLRQHLQGULQJHQVRQGHUQ]XHUVW GDV)DKU]HXJVLFKHUVWHOOHQ'DPLWVFKQHLGHQZLUGHQHQGLHXQVYLHOOHLFKW HQWZLVFKHQN|QQHQGLH)OXFKWP|JOLFKNHLWDE 'RFKDXFK*XFN\DXIGHQLQGHU=ZLVFKHQ]HLWQLHPDQGPHKUJHDFKWHWKDWWH PDFKWHVLFKQXQZLHGHUEHPHUNEDU,FKNDQQMHW]W]Z|OIYHUVFKLHGHQH *HKLUQPXVWHULQGHU6WDWLRQIHVWVWHOOHQ5RL,Q]ZLVFKHQPVVHQDOVRQRFK YLHU)LJXUHQGD]XJHNRPPHQVHLQ/HLGHUVLQGDXFKVLHPHQWDOVWDELOLVLHUWLFK NDQQGLUDOVRQLFKWPLW1HXLJNHLWHQGLHQHQ +DOEVRVFKOLPPVDJWH5RL'DQWRQPLWJULPPLJHP8QWHUWRQ:HQQZLUVLH HUVWHLQPDODOOHJHVFKQDSSWKDEHQGDQQZHUGHQVLHDXFKUHGHQYHUODGLFK GDUDXI*DO$QGRFXQGVHLQ7HDPZLVVHQVFKRQ0LWWHOXQG:HJHXPVLH JHVSUlFKLJ]XPDFKHQhEHUPlLJH5FNVLFKWQDKPHLVWLQGLHVHP EHVRQGHUHQ)DOOZRKONDXPDQJHEUDFKW(VJHKWKLHUYHUPXWOLFKQLFKWQXU DOOHLQXP&KLOGRQJDVRQGHUQDXFKXPGLH(UGHGHU7XOOPDQIHLHUOLFK5DFKH JHVFKZRUHQKDW (UZDQGWHVLFKDQ0DMRU&UDQQRN :LUVWDUWHQLQHLQHU9LHUWHOVWXQGH/LQQ=ZLVFKHQGHU-HWXQGGHU 0$*(//$1EOHLEWHLQHSHUPDQHQWH)XQNYHUELQGXQJEHVWHKHQ'DV6FKLIILVW VWDUWEHUHLW]XKDOWHQXPLP%HGDUIVIDOOVRIRUWHLQJHVHW]WZHUGHQ]XN|QQHQ 6ROOWHQLUJHQGZHOFKHZLFKWLJHQ1DFKULFKWHQYRQGHU.DLVHULQRGHUGHQ %HK|UGHQYRQ&KLOGRQJDHLQWUHIIHQVLQGVLHXPJHKHQGDQPLFK ZHLWHU]XOHLWHQ 'HU.RPPDQGDQWEHVWlWLJWHGDQQYHUOLHHQ'DQWRQ$QGRFXQG*XFN\GLH =HQWUDOH'XUFKGHQUHFKWVJHOHJHQHQ6HLWHQ$QWLJUDYVFKDFKWHUUHLFKWHQVLH

'HFNDXIGHPVLFKGHU+DQJDUPLWGHU6SDFH-HWEHIDQG'LHYLHUN|SILJH %HVDW]XQJGHVNOHLQHQ6FKLIIHVXQWHU)KUXQJYRQ/HXWQDQW5LFR7RUUHV EHIDQGVLFKEHUHLWVDQ%RUGXQGIKUWHGLHEOLFKHQ&KHFNVGXUFK=HKQ 0lQQHUGHU6RODUHQ$EZHKUVWDQGHQYRUGHP)DKU]HXJ $OOHWUXJHQOHLFKWH.DPSIDQ]JHPLW)OXJDJJUHJDWHQLKUH%HZDIIQXQJ EHVWDQGDXV.RPELVWUDKOHUQXQG9LEURPHVVHUQ1XUGHU0DXVELEHU YHU]LFKWHWHDXIHLQHEHVRQGHUH(LQVDW]NOHLGXQJXQGQDKPOHGLJOLFKHLQHQ VHLQHU*U|HDQJHSDWHQ3DUDO\VDWRUPLW6HLQHSDUDSV\FKLVFKHQ )lKLJNHLWHQNRQQWHQLP1RWIDOOZHLWZLUNXQJVYROOHUDOVVLFKWEDUH:DIIHQVHLQ 'DV(LQVDW]NRPPDQGREOLHELQGHP/DGHUDXPLP8QWHUVFKLIILQGHPDXFK HLQ6KLIWEHUHLWVWDQG1XU5RLXQGGHU0DXVELEHUEHJDEHQVLFKLQGLHNOHLQH KDOENXJHOLJH=HQWUDOH/HXWQDQW7RUUHVKDWWHGHQ3LORWHQVLW]HLQJHQRPPHQ GLHDQGHUHQGUHL0lQQHUKLHOWHQGDV)XQNJHUlWGLH2UWXQJHQXQGGHQ )HXHUOHLWVWDQGEHVHW]W 'DQWRQQLFNWHGHP/HXWQDQW]XXQGEHUJDELKPGLH.DUWHDXIGHUGHU =LHORUWPDUNLHUWZDU:LUEHQXW]HQQXUGHQ)HOGDQWULHEXQGGLH $EVWRSURMHNWRUHQGDPLWMHGHV*HUlXVFKYHUPLHGHQZLUGGDVXQVHUH $QQlKHUXQJYHUUDWHQN|QQWH'DGLH%UDLQ/HXWHDXFK2UWXQJVDQODJHQ EHVLW]HQLVWNDXPDQ]XQHKPHQ6ROOWHHVGRFKGHU)DOOVHLQXQGZLUZHUGHQ JHRUWHWVFKDOWHQ6LHVRIRUWDXIGHQ,PSXOVDQWULHEXP:LUVWRHQGDQQPLW YROOHU)DKUWELV]XU6WDWLRQYRUXPVLHLP+DQGVWUHLFK]XEHVHW]HQ)DOOV QLFKWODQGHQ6LHHWZDHLQHQ.LORPHWHUYRUGHP=LHOZLUOHJHQGHQUHVWOLFKHQ :HJGDQQPLWWHOVGHU)OXJDJJUHJDWH]XUFN6LHXQG,KUH0lQQHUZDUWHQ GDQQELVZLU]XUFNNHKUHQRGHU,KQHQQHXH$QZHLVXQJHQJHEHQ 2ND\6LUVDJWHGHUNOHLQHVFKZDU]KDDULJH2IIL]LHUXQGSUlJWHVLFKNXU]GLH $QJDEHQDXIGHU.DUWHHLQ'DQQQDKPHU9HUELQGXQJ]XU+DXSW]HQWUDOHGHU 0$*(//$1DXIXQGPHOGHWHGDV)DKU]HXJYRUVFKULIWVPlLJDE*OHLFK GDUDXIJOLWWGLH+DQJDUVFKOHXVHDXI'LH6SDFH-HWKREVDQIWDEXQG VFKZHEWHPLWVXPPHQGHQ$QWLJUDYSURMHNWRUHQLQGLH1DFKWKLQDXV (VZDUMHW]WYROONRPPHQGXQNHO1XUGLHZHQLJHQ6WHUQHGHUJDODNWLVFKHQ (DVWVLGHZDUHQDP+LPPHO]XVHKHQGLH0RQGHZUGHQHUVWVSlWHU DXIJHKHQ7URW]GHPOLHIHUWHQGLHDXI,QIUDURWXPJHVFKDOWHWHQ2UWXQJHQXQG 5HOLHIWDVWHUHLQNODUHV%LOGGHU8PJHEXQJ *LEWHV1HXLJNHLWHQEHLXQVHUHQÃ)UHXQGHQ "HUNXQGLJWHVLFK5RL'DQWRQ EHL*XFN\'HU0DXVELEHUOHJWHGHQ.RSIVFKLHIXQGODXVFKWHPLWVHLQHP 3DUDVLQQ 1DFKZHQLJHQ6HNXQGHQQLFNWHHU6LHVLQGQRFKDOOH]Z|OIGDDEHUGLH +lOIWHVFKHLQWVLFKLQ]ZLVFKHQVFKODIHQJHOHJW]XKDEHQ,FKHPSIDQJHGLH W\SLVFKHQ0XVWHUYRQ*HKLUQHQLP5XKH]XVWDQG'LHDQGHUHQVLW]HQZRKO ]XVDPPHQXQGGLVNXWLHUHQZRUEHUNDQQLFKEHLPEHVWHQ:LOOHQQLFKW IHVWVWHOOHQ 6LHZHUGHQEDOGQHXHQ*HVSUlFKVVWRIIEHNRPPHQYHUVSUDFK'DQWRQPLW JULPPLJHP/lFKHOQ

'DVNOHLQH6FKLIIKDWWHGLHEHZDOGHWHQ+JHOLQGHU1lKHGHV.DLVHUOLFKHQ 3DODVWHVKLQWHUVLFKJHODVVHQ(VVFKZHEWHQXQIDVWJHUlXVFKORVLQQXU IQI]LJ0HWHU+|KHEHUGLHVFKDFKEUHWWDUWLJDQJHOHJWHQ)HOGHUGDKLQ ]ZLVFKHQGHQHQ6WUDHQIUGLH$XWRPDWWUDQVSRUWHUYHUOLHIHQ1LUJHQGVUHJWH VLFKHWZDVDXFKLQGHU/XIWJDEHVLP(UIDVVXQJVEHUHLFKNHLQHUOHL9HUNHKU 'LH%HY|ONHUXQJZDJWHQLFKWPHKULKUH*OHLWHURGHU)OXJWD[LV]XEHQXW]HQ GLH$QJVWVDWLHILQDOOHQ6HHOHQ 'LHNQDSS]HKQ.LORPHWHUZXUGHQLQQHUKDOEZHQLJHU0LQXWHQ]XUFNJHOHJW 'LH0lQQHUVWDUUWHQDQJHVWUHQJWDXIGLH$Q]HLJHQGHU2UWXQJVJHUlWHDEHU GLHVHUKUWHQVLFKQLFKW5RL'DQWRQQLFNWH]XIULHGHQ /DQGHQ6LHMHW]WEHIDKOHUDOVGLHHUVWHQ*HElXGHGHU(UQWHVWDWLRQLQ6LFKW NDPHQ/HXWQDQW7RUUHVVFKDOWHWHGLH3URMHNWRUHQKHUXQWHUXQGGDV GLVNXVI|UPLJH6FKLIIVHW]WHZHLFKPLWVHLQHQYLHU/DQGHVWW]HQDXIHLQHU 6WUDHQNUHX]XQJDXI'HU.XQVWVWRIIEHODJNQLUVFKWHOHLFKWKLHOWMHGRFKGDV EHWUlFKWOLFKH*HZLFKWGHV)DKU]HXJVDXV 6FKDOWHQ6LHDXIGLH)UHTXHQ]XQVHUHU+HOPJHUlWHXPZLHV'DQWRQGHQ 0DQQDP)XQNJHUlWDQ'DQQQLFNWHHUGHP0DXVELEHU]X.RPP.OHLQHU MHW]WZLUGHVHUQVW,QHLQSDDU0LQXWHQZHUGHQVLFKJHZLVVH/HXWHVHKU ZXQGHUQPVVHQ 'LH%RGHQVFKOHXVHGHU-HW|IIQHWHVLFKJHUlXVFKORVXQGHQWOLHGDV (LQVDW]NRPPDQGR'LH)XQNJHUlWHGHU.DPSIDQ]JHZXUGHQJHWHVWHWGLH :DIIHQVFKXEHUHLWJHPDFKW'LH,QIUDURWEOHQGHQGHU+HOPHHUODXEWHQDOOHQ HLQHJXWH2ULHQWLHUXQJ ,FKIOLHJHPLW*XFN\YRUDQJDE5RL'DQWRQEHNDQQW6LHIROJHQPLW,KUHQ 0lQQHUQLQHWZDKXQGHUW0HWHUQ$EVWDQG*DO6FKZlUPHQ6LHDXVXQG LQVSL]LHUHQ6LHNXU]GLH1HEHQJHElXGHGDQQZDUWHQ6LHDXIZHLWHUH %HIHKOH:LUNPPHUQXQVLQ]ZLVFKHQXPGDV+DXSWJHElXGHXQGGDV6FKLII GHU%UDLQV :DUXPWHOHSRUWLHUHQZLUQLFKWHLQIDFK"PDXOWH*XFN\GHPGDVDOOHV]X ODQJHGDXHUWH'DVZXUGHGDVJDQ]H9HUIDKUHQHUKHEOLFKYHUNU]HQ +lXSWOLQJ:HQQZLULQGLH-HWGHU%UDLQVKLQHLQZROOHQZHUGHQZLURKQHKLQ VSULQJHQPVVHQ'LH%UGHUVLQGEHVWLPPWQLFKWOHLFKWVLQQLJJHQXJGLH 6FKOHXVHLQGHU1DFKWRIIHQVWHKHQ]XODVVHQ 'DVZRKONDXPJDE5KRGDQV6RKQ]X*XWGDQQVROOVWGXGHLQHQ:LOOHQ KDEHQ$QVRQVWHQEOHLEWDOOHVZLHEHVSURFKHQZDQGWHHUVLFKDQGLH 0lQQHUGHU6RO$E *DO$QGRFEHVWlWLJWHXQGGHU0DXVELEHUJULIIQDFKGHU+DQGVHLQHV *HIlKUWHQ,PQlFKVWHQ$XJHQEOLFNVWDQGHQEHLGHPLWWHQLQGHU6WDWLRQ GHUHQ$UHDOHLQHQ'XUFKPHVVHUYRQHWZDIQIKXQGHUW0HWHUQEHVD,P 0LWWHOSXQNWEHIDQGVLFKGDVJURHGUHLVW|FNLJH+DXSWJHElXGHLQGHPGLH .RQWUROOPHFKDQLVPHQIUGLH]DKOUHLFKHQ(UQWHURERWHUXQGIHUQJHVWHXHUWHQ 7UDQVSRUWHUXQWHUJHEUDFKWZDUHQ(VZDUYRQQLHGULJHQ'HSRWVXQG :DUWXQJVKDOOHQXPJHEHQLQGHQHQLQODQJHQ5HLKHQ)DKU]HXJHDOOHU$UWDXI LKUHQ(LQVDW]ZDUWHWHQ$XVJHGHKQWH6LORV7URFNHQXQG.KOWUPHZDUHQ

QDFKDXHQKLQDQJHRUGQHWXQGQDKPHQGLHYHUVFKLHGHQDUWLJHQ)HOGIUFKWH DXIGLHDXIGLHVHU)DUPDQJHEDXWZXUGHQ2ONDVWRQODJNOLPDWLVFKVR JQVWLJGDHVNDXPMDKUHV]HLWOLFKEHGLQJWH7HPSHUDWXUVFKZDQNXQJHQJDE XQGHLQH(UQWHGHUDQGHUHQIROJWH $OOHVLQ2UGQXQJ5RLVDJWH*XFN\QDFKHLQHUNXU]HQWHOHSDWKLVFKHQ 6RQGLHUXQJ'LH%UDLQVVLW]HQLP.HOOHUJHVFKRGHV+DXSWJHElXGHVXQG KDEHQELVKHUQLFKWVJHPHUNW6LHKDEHQULQJVXPGHQ%DXHLQ$ODUPV\VWHP DXIJHEDXWDEHUGDUXPN|QQHQZLUXQVVSlWHUNPPHUQ6HW]HQZLUMHW]WHUVW HLQPDOLKUH-HWDXHU%HWULHE (UKDWWHGLH,QLWLDWLYHDQVLFKJHULVVHQDEHU5RL'DQWRQZDQGWHQLFKWV GDJHJHQHLQ(UZXWHGDGLHYLHOIlOWLJHQSDUDSV\FKLVFKHQ*DEHQGHV 0DXVELEHUVVHLQHQQRUPDOHQ6LQQHQEHLZHLWHPEHUOHJHQZDUHQ,Q GHUDUWLJHQ6LWXDWLRQHQZDUHVGXUFKDXVDQJHEUDFKWGDGHU)lKLJVWHGLH )KUXQJEHUQDKPGLH+DXSWVDFKHZDULPPHUQXUGHU(UIROJ 'HU,OWVDKVLFKXPXQGHQWGHFNWHGDQQGDV'LVNXVVFKLII(VEHIDQGVLFK ]ZLVFKHQ]ZHLKRFKDXIUDJHQGHQ6LORVXQGZDUPLWHLQHU7DUQIROLHEHGHFNW GLHDEHUGHQHUIDKUHQHQ*XFN\QLFKWWlXVFKHQNRQQWH(U]HLJWH]XIULHGHQ VHLQHQ1DJH]DKQXQGIDWH'DQWRQDQGHU+DQG 6LHPDWHULDOLVLHUWHQLQGHU6WHXHUNXSSHOGHV)DKU]HXJVLQGHUHV YROONRPPHQGXQNHOZDU'DQWRQVFKDOWHWHVHLQHQ%UXVWVFKHLQZHUIHUHLQ RULHQWLHUWHVLFKXQGDNWLYLHUWHGDQQGLH%HOHXFKWXQJ(UNRQQWHGDVXQEHVRUJW WXQGHQQGHU5DXPHUEHVDNHLQH6LFKWIHQVWHUGXUFKGLHGHU6FKHLQLQV )UHLHIDOOHQNRQQWH'DQQSILIIHUOHLVHGXUFKGLH=lKQH 'DV,QVWUXPHQWDULXPGHU6WHXHU]HQWUDOHJOLFKQXUDXIGHQHUVWHQ%OLFNGHU 6WDQGDUGDXVVWDWWXQJHLQHUQRUPDOHQ6SDFH-HW%HLQlKHUHP+LQVHKHQ ZXUGHQYHUVFKLHGHQH8QWHUVFKLHGHVLFKWEDU(LQH$Q]DKOYRQ.RQWUROOHQZDU DQGHUVDQJHRUGQHWDXHUGHPJDEHVPHKUHUH]XVlW]OLFKH6FKDOWSXOWH GHUHQ%HVWLPPXQJHQQLFKWVRIRUW]XHUNHQQHQZDU(UWUDWQlKHUXQG EHWUDFKWHWHGLHVH1HXHUXQJHQLQWHUHVVLHUW 'LH+HUUHQ:LVVHQVFKDIWOHUGHU%UDLQ%URWKHUKRRGVFKHLQHQJDQ]LPVWLOOHQ DOOHUKDQG1HXHQWZLFNOXQJHQJHVFKDIIHQ]XKDEHQPHLQWHHU:HQQLFKGLH VSlUOLFKHQ%HVFKULIWXQJHQULFKWLJGHXWHEHVLW]WGLH-HWHUKHEOLFKVWlUNHUH 7ULHEZHUNHDOVXQVHU1RUPW\S$XHUGHPJLEWHVHLQHQQHXDUWLJHQ 2UWXQJVVFKXW]GHUZHLWZLUNVDPHUDOVXQVHUH(LQULFKWXQJHQLVW'DVHUNOlUW DXFKZLHVRVLHGHQ'LVNXVKLHUVR]XVDJHQXQWHUGHQ$XJHQGHU +DIHQDQODJHQ *XFN\XQWHUEUDFKLKQUHVROXW(VPDJVLFKHUJDQ]LQWHUHVVDQWVHLQZDVVLFK GLH(LHUN|SIHGHU%UDLQVGDDXVJHGDFKWKDEHQ-HW]WLVWDEHUQLFKWGLH ULFKWLJH=HLWVLFKGDPLW]XEHIDVVHQ0LNH=LHKGHQ=QGVFKOVVHOUDXVXQG GDQQKDXHQZLUZLHGHUDE$QGRFXQGVHLQH0lQQHUPVVHQOlQJVW DQJHNRPPHQVHLQ 5RL'DQWRQZLQNWHDE%LVVLHDOOH%DXWHQGDGUDXHQLQ$XJHQVFKHLQ JHQRPPHQKDEHQGUIWHHLQLJH=HLWYHUJHKHQ*DOZLUGVLFKVFKRQPHOGHQ ZHQQVLHGDPLWIHUWLJVLQG

(UVHW]WHVHLQH,QVSHNWLRQIRUWGHQQHUKRIIWH+LQZHLVHGDUDXI]XILQGHQ ZHOFKHU0HWKRGHQVLFKGLHXQJHEHWHQHQ*lVWHEHLLKUHPP|UGHULVFKHQ6SLHO PLWGHP3ODQHWHQEHGLHQWKDWWHQ6HLQH6XFKHEOLHEMHGRFKYHUJHEOLFKXQG GDQQNDPDXFKVFKRQGHU$QUXIYRQ0DMRU$QGRF5RLHQWIHUQWHQXQHLQH $Q]DKOYRQ6LFKHUXQJHQDP3LORWHQSXOWXQGQDKPDXFKGDV.lVWFKHQPLW GHQ5HVHUYHQDQVLFK)DOOVHVZLUNOLFKHLQLJHQGHU%UDLQVJHODQJGDV6FKLII ]XHUUHLFKHQNRQQWHQVLHZHGHUVWDUWHQQRFKGLH:DIIHQVWHXHUXQJEHGLHQHQ *XFN\SHLOWHGLH0lQQHUGHU6RO$EWHOHSDWKLVFKDQXQGVLHVSUDQJHQ]X LKQHQKLQDXV+DEHQ6LHHWZDVJHIXQGHQ*DO"HUNXQGLJWHVLFK5KRGDQV 6RKQ 'HU0DMRUVFKWWHOWHGHQ.RSI$EVROXWQLFKWV6LU:LUKDEHQ]ZDULPPHU QXU6WLFKSUREHQPDFKHQN|QQHQDEHUHLQHIUHPGHWHFKQLVFKH$QODJHYRQ GHQHUIRUGHUOLFKHQ$XVPDHQZlUHXQVWURW]GHPQLFKWYHUERUJHQJHEOLHEHQ ,QGHQ'HSRWVXQG0DVFKLQHQKDOOHQEHILQGHWVLFKQXUGHUQRUPDOH )DKU]HXJSDUNVRQVWQLFKWV ,FKKDWWHDXFKQLFKWHUQVWOLFKPLWHWZDVDQGHUHPJHUHFKQHWJDE'DQWRQ ]XUFN1DFKVHKHQPXWHQZLUDEHUWURW]GHPXPJDQ]VLFKHU]XJHKHQ -HW]WN|QQHQZLUXQVJDQ]DXIGDV+DXSWJHElXGHNRQ]HQWULHUHQRKQH LUJHQGZHOFKHhEHUUDVFKXQJHQEHIUFKWHQ]XPVVHQ*HKHQZLUDOVRORV 6LHVFKZlUPWHQDXVXQGEHZHJWHQVLFKYRUVLFKWLJDXIGHQ%DXLP0LWWHOSXQNW GHU6WDWLRQ]X(VZDULQ]ZLVFKHQNKOHUJHZRUGHQGLH6LFKWGXUFKGLH ,QIUDURWEOHQGHQZDUQLFKWPHKUVRJXW=XU2ULHQWLHUXQJUHLFKWHVLHMHGRFK QRFKDXV 'DQQKDWWHQVLHGHQ5LQJGHU:DUQGHWHNWRUHQHUUHLFKWGHUVLFKLQ]HKQ 0HWHU(QWIHUQXQJULQJVXPGDV*HElXGHKLQ]RJ(LQHUGHU6RO$E 6SH]LDOLVWHQVWHOOWHLKUHJHQDXH/DJHPLWWHOVVHLQHU,QVWUXPHQWHIHVW 'DJLEWHVQRUPDOHUZHLVHNHLQ'XUFKNRPPHQ6LUZDQGWHHUVLFKDQ5RL 'DQWRQ'LHYRQGHQ*HUlWHQDXVJHKHQGHQ6WUDKOHQELOGHQHLQ*LWWHUGDV SUDNWLVFKGHQJDQ]HQ%DXHLQVFKOLHW:LUZHUGHQ]ZDUHLQH/FNHVFKDIIHQ N|QQHQDEHUGDVZLUGHLQHJDQ]H:HLOHGDXHUQ 'DQQIDQJHQ6LHVRIRUWGDPLWDQEHVWLPPWH5RL'LH0lQQHUKROWHQLKUH WHFKQLVFKH$XVUVWXQJKHUYRUXQGJLQJHQDQV:HUN ,KUH$XIJDEHZDUDOOHVDQGHUHDOVHLQIDFK'LH'HWHNWRUHQVDQGWHQQLFKWQXU GDV6WUDKOHQJLWWHUDXVGDVMHGH'XUFKGULQJXQJGXUFKHLQHQPHKUDOV DSIHOJURHQ.|USHUVRIRUWUHJLVWULHUWH6LHVSUDFKHQDXFKGDQQDQZHQQGDV *LWWHUQHW]XQWHUEURFKHQZXUGHRKQHGDHVHLQHQVROFKHQ)UHPGN|USHU JDE(VNDPDOVRGDUDXIDQHLQH/FNH]XVFKDIIHQXQGGXUFKGHQ(LQVDW] HQWVSUHFKHQGHU0LWWHOGLH'HWHNWRUHQ]XWlXVFKHQVRGDGLH$XVO|VXQJGHV $ODUPVXQWHUEOLHE $OOHVQXU=HLWYHUVFKZHQGXQJQ|UJHOWHGHU0DXVELEHUXQJHGXOGLJ,FK N|QQWHHXFKDOOHLQQHUKDOEHLQHU0LQXWHKLQHLQEULQJHQZR]XDOVRGLHVHU JDQ]H4XDWVFK" 5RL'DQWRQJULQVWH+DVWGXGHLQHQÃSVLRQLVFKHQ6WDX LPPHUQRFKQLFKW DEUHDJLHUW.OHLQHU"6LFKHUN|QQWHVWGXGDVDEHUGHU=XIDOON|QQWHHVDXFK

PLWVLFKEULQJHQGDZLUJOHLFKQDFKGHPHUVWHQ6SUXQJHQWGHFNWZHUGHQ 'DQQZlUHGDGULQLP1XGHU7HXIHOORVXQGGHUhEHUUDVFKXQJVHIIHNWGDKLQ ,FKZLOOGLHVH6DFKHDEHUQDFK0|JOLFKNHLWXQEOXWLJDEODXIHQODVVHQXQGYRU DOOHPYHUKLQGHUQGDGLH/HXWHGHU%URWKHUKRRGQRFKHLQHZHLWHUH 0DQLSXODWLRQGHV3ODQHWHQYRUQHKPHQN|QQHQ'DVZUGHQVLHDEHUPLW 6LFKHUKHLWYHUVXFKHQVREDOGVLHVLFKHQWGHFNWZLVVHQ9HUPXWOLFKN|QQWHQ ZLUVLHEHUZlOWLJHQXQGGD]X]ZLQJHQGLH6FKDOWXQJHQZLHGHUUFNJlQJLJ ]XPDFKHQ,Q]ZLVFKHQZUGHDEHUDXI&KLOGRQJDHLQHQHXH3DQLN DXVEUHFKHQXQGZHLWHUH2SIHUIRUGHUQYRUDOOHPLQGHU7DJHV]RQH'DV]X YHUKLQGHUQPXXQVHU]ZHLWHV=LHOVHLQ *XFN\QLFNWHODQJVDP(QWVFKXOGLJH0LNHVRZHLWKDWWHLFKQLFKWJHGDFKW 1DWUOLFKKDVWGXUHFKWZDUWHQZLUDOVRDEELVGLH$EZHKUPlQQHUIHUWLJ VLQG *HVFKDIIW6LUPHOGHWH*DO$QGRFQDFKHWZD]ZDQ]LJ0LQXWHQ:LUKDEHQ LQGHP6WUDKOHQJLWWHUHLQHJHQJHQGJURHgIIQXQJJHVFKDIIHQGLHYRQ MHZHLOVHLQHP0DQQSDVVLHUWZHUGHQNDQQ'LH6WUDKOHQZHUGHQGXUFK XQVHUH*HUlWHDXIJHIDQJHQXQG]XGHQ'HWHNWRUHQ]XUFNJHVSLHJHOWVRGD LKUH7lXVFKXQJYROONRPPHQLVW:HQQHVQLFKWQRFKZHLWHUH6LFKHUXQJHQ JLEWN|QQHQZLULQGDV*HElXGHHLQGULQJHQ 'DQQQLFKWVZLHORVVDJWH'DQWRQOLHVLFKGLH/FNH]HLJHQXQGJLQJ VHOEVWYRUDQ (LQH0LQXWHVSlWHUVWDQGHQDOOH]Z|OI3HUVRQHQGLFKWYRUGHP*HElXGH6LH WHLOWHQVLFKXQGXPUXQGHWHQHVGLH0HDSSDUDWXUHQEOLHEHQSDXVHQORVLQ %HWULHE(VJDEMHGRFKNHLQHZHLWHUHQ:DUQPHFKDQLVPHQPHKU7XOOPDQV /HXWHKDWWHQVLFKJDQ]DXIGLHLKUHU0HLQXQJQDFKQLFKW]XEHUOLVWHQGHHLQH 6SHUUHYHUODVVHQ)UGLHDKQXQJVORVHQ%HZRKQHU&KLOGRQJDVKlWWHGLHVH DXFK]ZHLIHOORVJHQJW'DLQ]ZLVFKHQGLHYRQGHU.DLVHULQ KHUEHLJHUXIHQHQ7HUUDQHUDXIGHQ3ODQJHWUHWHQZDUHQNRQQWHQVLHQLFKW DKQHQ 'HU=HQWUDOEDXZDUUHFKWHFNLJGUHLLJ0HWHUEUHLWXQGIQI]LJ0HWHUODQJ $OOH:lQGHEHVWDQGHQDXVJODWWHP.XQVWVWHLQHEHQVRGDVIODFKH'DFK )HQVWHUJDEHVQLFKWQXUYLHU(LQJlQJHMHZHLOVLQGHU0LWWHGHU $XHQPDXHUQ :RKDOWHQVLFKGLH%UDLQVDXI.OHLQHU"HUNXQGLJWHVLFK'DQWRQEHLGHP 0DXVELEHU *XFN\HVSHUWHNXU]XQGZLHVGDQQQDFKXQWHQ6LHKDEHQVLFKLP.HOOHU HLQJHQLVWHW0LNH=ZHLYRQLKQHQVLQGLQ]ZLVFKHQDXFKQRFKLQGLH +RUL]RQWDOHJHJDQJHQMHW]WVLQGQXUQRFKYLHUZDFK6LHKDOWHQVLFKLP YRUGHUHQ'ULWWHOGHV*HElXGHVDXIXQGVFKHLQHQ]XIDFKVLPSHOQVRZHLWLFK LKUH*HKLUQPXVWHUGHXWHQNDQQ

'DQQGULQJHQZLUYRQKLQWHQKHUHLQEHVWLPPWH5RL'DQWRQ'LH 9HUVWlQGLJXQJHUIROJWHQDFKZLHYRUEHU+HOPIXQNVRGDNHLQ:RUWQDFK GUDXHQGULQJHQNRQQWH'LH*UXSSHEHZHJWHVLFKJHUlXVFKORV]XGHP EHWUHIIHQGHQ(LQJDQJVWDQGGDQQDEHUYRUHLQHPJURHQ]ZHLIOJHOLJHQ 0HWDOOWRUDQGHPHVNHLQHVLFKWEDUHQgIIQXQJVPHFKDQLVPHQJDE (LQHSRVLWURQLVFKH9HUULHJHOXQJVWHOOWHHLQHUGHU6SH]LDOLVWHQQDFKHLQHP %OLFNDXIVHLQH,QVWUXPHQWHIHVW6LHLVWYRQDXHQKHUQXUPLWWHOVHLQHV &RGHJHEHUV]XO|VHQGHUHLQHEHVWLPPWH,PSXOVIROJHDEVWUDKOW 'DVKlWWHQZLUYRUKHUZLVVHQVROOHQPXUUWH0DMRU$QGRF)UGLH.DLVHULQ ZlUHHVEHVWLPPWOHLFKWJHZHVHQXQVGHQJOWLJHQ&RGH]XEHVFKDIIHQ :HQQZLUHVDXIHLJHQH)DXVWYHUVXFKHQVWHKHQZLUDEHUZDKUVFKHLQOLFKLQ HLQHU:RFKHQRFKKLHU(VJLEWGDHLQSDDU0LOOLDUGHQ0|JOLFKNHLWHQ *HVFKHQNW*DOXQWHUEUDFKLKQ'DQWRQ9RQLQQHQKHULVWGDV7RUPLW 6LFKHUKHLWPDQXHOO]X|IIQHQGLHVLVWHLQHXQHUOlOLFKH9RUVLFKWVPDQDKPH GDPLWQLHPDQGLQHLQHPVROFKHQ.DVWHQHLQJHVSHUUWZHUGHQNDQQ-HW]WELVW GXDOVRGRFKQRFKDQGHU5HLKH.OHLQHU 2KQH*XFN\JHKWHEHQQLFKWVSUDKOWHGHU0DXVELEHUDXFKSURPSW1XU QLFKWYHU]DJHQVWHWV*XFN\IUDJHQ:DVLVWVRHLQOlFKHUOLFKHV7RUVFKRQIU GHQ5HWWHUGHV8QLYHUVXPV" 'DGLH0lQQHUGDUDXIKLQODFKWHQEHHLQGUXFNWHLKQNDXP(UWHOHSRUWLHUWH PLW5RL'DQWRQLQV,QQHUHGHV*HElXGHVXQG]HKQ6HNXQGHQVSlWHUJOLWWHQ GLH7RUIOJHOOHLVHVXPPHQG]XU6HLWH'HU:HJLQGDV*HElXGHZDUIUHL $OVVLHGHQ(LQJDQJKLQWHUVLFKZLHGHUJHVFKORVVHQKDWWHQVWDQGHQVLHLQ HLQHPYROONRPPHQGXQNOHQ.RUULGRU*DO$QGRFVFKDOWHWHVHLQHQ 6FKHLQZHUIHUHLQQDFKGHPHUHLQHQEODXHQ)LOWHUYRUJHVHW]WKDWWH'LH ,QIUDURWEOHQGHQQW]WHQLKQHQKLHUQLFKWVPHKUZHLOHVNHLQHQHQQHQVZHUWHQ 7HPSHUDWXUXQWHUVFKLHGHJDE ,QGHPVFKZDFKHQ/LFKWEHZHJWHQVLHVLFKYRUZlUWVXQGNDPHQDQ ]DKOUHLFKHQJURHQ7UHQYRUEHL6LHZDUHQJHVFKORVVHQDEHU %HVFKULIWXQJHQYHUULHWHQZDVKLQWHULKQHQODJ=XPHLVWZDUHQHV SRVLWURQLVFKH6WHXHUXQG.RQWUROODQODJHQIUGLHYLHOIlOWLJHQ$XWRPDWHQGHU 6WDWLRQ 8QLQWHUHVVDQWVDJWH5RL'DQWRQXQGYHU]LFKWHWHGDUDXIGLHVH5lXPH]X LQVSL]LHUHQ:LUGUIHQNHLQH=HLWYHUOLHUHQPDFKHQZLUXQVJOHLFKDXIGLH 6XFKHQDFKGHQ.HOOHUUlXPHQ'LH+HOPHEOHLEHQYRUHUVWJHVFKORVVHQ GDPLWZLUXQVRKQH5LVLNRYHUVWlQGLJHQN|QQHQ 6LHHUUHLFKWHQHLQHNOHLQH+DOOHYRQGHU1HEHQNRUULGRUHDE]ZHLJWHQ'RUW IDQGHQVLHDXFKHLQHEUHLWH7UHSSHGLHLQGLH%DVLVUlXPHIKUWHhEHUDOOZDU HVGXQNHOQLFKWVZLHVDXIGLH$QZHVHQKHLWYRQ0HQVFKHQKLQ/DQJVDPXQG JHUlXVFKORVVWLHJHQVLHGLH6WXIHQKLQDEXQGYHUKLHOWHQGDQQZlKUHQGGHU 0DMRUGHQ6FKHLQZHUIHUZDQGHUQOLH 'DVZDV*XFN\VLPSHODOV.HOOHUEH]HLFKQHWKDWWHHQWSXSSWHVLFKDOVGDV +HU]GHU(UQWHVWDWLRQ+LHUJDEHVODQJH5HLKHQYRQ.RQYHUWHUQ 7UDQVIRUPHUQXQG6SHLFKHUElQNHQGLHDOV(QHUJLHOLHIHUDQWHQIUGLH

$QODJHQZHLWHUREHQGLHQWHQ,Q1LVFKHQVWDQGHQSDVVLYLHUWH :DUWXQJVURERWHUEHUHLWXPEHL6W|UXQJHQHLQJUHLIHQ]XN|QQHQ:HLWHUH $JJUHJDWHYHUORUHQVLFKLP'XQNHOGHVJURHQ5DXPHV 2EGLH%UDLQVKLHULKUH0DVFKLQHQDXIJHEDXWKDEHQP|JHQ"IUDJWH$QGRF PLWXQZLOONUOLFKJHGlPSIWHU6WLPPH'DVZlUHGXUFKDXVGHQNEDU6LU(VLVW JHQXJ3ODW]GDXQGQRUPDOHUZHLVHKDOWHQVLFKKLHUMDNHLQH0HQVFKHQDXI 9RQKLHUDXVN|QQHQVLHZRFKHQODQJRSHULHUHQRKQHHQWGHFNW]XZHUGHQ 6FKRQP|JOLFK*DOJDE'DQWRQ]XUFN:LUZHUGHQXQVYRUOlXILJDEHU QLFKWGDUXPNPPHUQ:HQQZLU7XOOPDQV/HXWHKDEHQHUIDKUHQZLUDOOHV DXVHUVWHU+DQG:RILQGHQZLUVLH.OHLQHU" *XFN\ZLHVQDFKUFNZlUWVZRLKQHQHLQH=ZLVFKHQZDQGGLH6LFKW YHUVSHUUWH'DGUEHQQXUQRFKZHQLJH0HWHUHQWIHUQW'LHYLHU6FKODIPXIIHO UHGHQLPPHUQRFKVLHVFKHLQHQDEHUDXFKHLQ9LGHRJHUlWODXIHQ]XKDEHQ hEHUPHLQ$XHQPLNURSKRQNRPPWHWZDVKHUHLQGDVVLFKDQGHUVDOVHLQH QRUPDOH8QWHUKDOWXQJDQK|UW 5HFKWVYRQGHU7UHSSHJDEHVHLQHQ'XUFKJDQJRKQH7U5RLVFKDOWHWH VHLQHQHEHQIDOOVDEJHEOHQGHWHQ6FKHLQZHUIHUHLQXQGVFKREVLFKYRUVLFKWLJ GXUFKGLHgIIQXQJ(UNDPLQHLQHQHWZD]ZDQ]LJ0HWHUODQJHQ*DQJKLQWHU GHPVLFKHLQHZHLWHUH0DVFKLQHQKDOOHEHIDQG$QGHQ:lQGHQUHFKWVXQG OLQNVJDEHVPHKUHUH7UHQPLW'UHKJULIIHQ 'LH$XIVFKULIWHQGDUDQEHVDJWHQGDHVVLFKXP0DWHULDOXQG (UVDW]WHLOGHSRWVKDQGHOWH1XQKDWWHQGLH/HXWHGHU%UDLQ%URWKHUKRRGVLH ]ZHFNHQWIUHPGHWXQGEHQXW]WHQVLHDOV:RKQTXDUWLHUH8QWHUHLQHU7U VFKLPPHUWHHLQVFKPDOHU/LFKWVWUHLIKHUYRUPDQK|UWHXQGHXWOLFK6WLPPHQ XQGGD]ZLVFKHQOHLVH0XVLNDXVGHP9LGHR $OOHQDFKNRPPHQVDJWH'DQWRQEHUGHQ+HOPIXQN $OVHUVWHUNDPQDWUOLFK*XFN\VHLQ1DJH]DKQEOLW]WHXQWHUGHP+HOP6R GDQQZROOHQZLUGLH%UGHUPDOKRSSQHKPHQPHLQWHHUHUZDUWXQJVYROO$XI LKUHODQJHQ*HVLFKWHUIUHXHLFKPLFKMHW]WVFKRQ )UHXHGLFKVSlWHUHPSIDKOLKP5RL-HW]WPVVHQZLUHUVWHLQPDO]XVHKHQ GDDOOHVRKQH3DQQHQDEJHKW (UZDQGWHVLFKDQ$QGRFXQGVHLQH0lQQHU-H]ZHL0DQQYHUWHLOHQVLFKYRU GHQHLQ]HOQHQ7UHQXQG|IIQHQVLHDXIPHLQH$QZHLVXQJKLQJOHLFK]HLWLJ %UXVWVFKHLQZHUIHUYROODXIEOHQGHQEHL:LGHUVWDQGZHUGHQ/lKPVWUDKOHQ HLQJHVHW]W$OOHVIHUWLJ"*XWORV 9LHU.|SIHUXFNWHQKHUXPDOVGLH7U]XU6HLWHJOLWWLQGHQ*HVLFKWHUQ ]HLFKQHWHVLFKPDORVHV(UVFKUHFNHQDE=ZHLGHU0lQQHUZROOWHQ DXIVSULQJHQVDQNHQMHGRFKVRIRUWZLHGHULQLKUH6LW]H]XUFNDOVVLHGLHDXI VLHJHULFKWHWHQ:DIIHQVDKHQ'LHhEHUUDVFKXQJNRQQWHQLFKWJU|HUVHLQ 6HKUYHUQQIWLJ,KU9HUKDOWHQOREWH5RL'DQWRQVLH2KJXWHQ$EHQG'U 7XOOPDQ'DUILFKIUDJHQZDV6LHKLHUKHUQDFK&KLOGRQJDJHWULHEHQKDW" 5RL'DQWRQSUHWHGHU:LVVHQVFKDIWOHUKHUYRUVHLQH$XJHQIORJHQ XQVWHWXPKHU(UZDUHLQNOHLQHUKDJHUHU0DQQPLWVFKWWHUHP%ORQGKDDUXQG HLQHPDVNHWLVFKZLUNHQGHQ*HVLFKW$XVVHLQHQJUDXHQ$XJHQVFKOXJ

5KRGDQV6RKQXQGGHP0DXVELEHUXQYHUKOOWHU+DHQWJHJHQDOVHUGLH $XVZHJORVLJNHLWVHLQHU6LWXDWLRQHUNDQQWKDWWH (UILQJVLFKUDVFKZLHGHU,FKVWHOOH,KQHQGLHJOHLFKH)UDJHNQXUUWHHU DJJUHVVLY:DVVXFKHQ6LHDXIGLHVHU:HOW"&KLOGRQJDJHK|UWQLFKW]XP 6RODUHQ,PSHULXPHVOLHJWYLHOPHKULQPHLQHP(LQIOXEHUHLFK+LHUKDW QLHPDQGYRQ5KRGDQV/HXWHQHWZDV]XVXFKHQDXFK6LHEHLGHQLFKW 'DQWRQOlFKHOWHJHODVVHQ .OHLQHU,UUWXPYHUHKUWHU'RFNRQWHUWHHU'LH.DLVHULQKDWHLQRIIL]LHOOHV +LOIHJHVXFKDQGHQ*URDGPLQLVWUDWRUJHULFKWHW:LUVLQGDOVRPLWYROOHP 5HFKWKLHUZlKUHQG6LHXQG,KUH/HXWHLOOHJDOHLQJHUHLVWVLQG 0DFKGRFKQLFKWVRYLHO8PVWlQGHPLWGHP2QNHOPLVFKWHVLFKQXQ*XFN\ HLQ(UKDWWHQDFKGUDXHQJHVHKHQZRGLH0lQQHUGHU6RODUHQ$EZHKUGLH DQGHUHQQXUQRWGUIWLJEHNOHLGHWHQ0LWJOLHGHUGHU*UXSSHLQLKUH0LWWH JHQRPPHQKDWWHQ(XHU6SLHOLVWDXVJURHU%UDLQ+lXSWOLQJ,KUZHUGHW QLFKWQRFKHLQPDOPLWGHP3ODQHWHQVSLHOHQXQGQHXH2SIHUDXIHXHU YHUPXWOLFKJDUQLFKWYRUKDQGHQHV*HZLVVHQODGHQ 7XOOPDQV8QWHUNLHIHUNODSSWHKHUDEHLQ$XVGUXFNPDORVHU9HUEOIIXQJIORJ EHUVHLQH=JH'DQQVFKWWHOWHHUODQJVDPGHQ.RSI 6LHKDEHQGLH)DOVFKHQJHIDQJHQ'DQWRQVDJWHHUUXKLJ'HU6FKHLQPDJ YLHOOHLFKWJHJHQXQVVSUHFKHQDEHUHUWUJW:LUKDEHQPLWGHQ9RUJlQJHQ XP&KLOGRQJDQLFKWGDV*HULQJVWH]XWXQ 'DVVWLPPWEHVWlWLJWHHLQHUGHUDQGHUHQHLQlOWHUHU0DQQPLWHLQHUYROOHQ ZHLHQ+DDUPlKQH:LUVLQGHUVWJHVWHUQKLHUDQJHNRPPHQQDFKGHPGLH 1DFKULFKWYRQGHQUlWVHOKDIWHQ9RUJlQJHQ]XXQVJHGUXQJHQZDU:HOFKHV ,QWHUHVVHVROOWHQZLUZRKOGDUDQKDEHQGHQ3ODQHWHQLQV8QJOFN]X VWU]HQ" 5RL'DQWRQOlFKHOWHKXPRUORV &KLOGRQJDJHK|UW]X,KUHU(LQIOXVSKlUHZLH'U7XOOPDQHEHQQRFK EHPHUNWKDW'DVDOOHLQLVWVFKRQ*UXQGJHQXJ,FKNHQQHJHQJHQG)lOOHLQ GHQHQ3ODQHWHQPLWQRFKYLHOGUIWLJHUHQ%HJUQGXQJHQ]XLKUHP*OFN JH]ZXQJHQZXUGHQ'RFKZDVVROOHQZLUXQVQRFKODQJHGDUEHUVWUHLWHQ" 'LH0lQQHUGHU6RO$EZHUGHQ6LHLQLKUH2EKXWQHKPHQZROOHQZLUZHWWHQ GD6LHGDQQGLH:DKUKHLWVDJHQZHUGHQ" =XVHLQHUhEHUUDVFKXQJOlFKHOWHQXQDXFK7XOOPDQ 6LHZHUGHQDXFKPLWGHP(LQVDW]YRQ:DKUKHLWVGURJHQDXVXQVQLFKWV DQGHUHVKHUDXVEHNRPPHQ'DQWRQ-HW]WEHGDXUHLFKGDZLUDOOH PHQWDOVWDELOLVLHUWVLQG$QGHUHQIDOOVN|QQWH*XFN\,KQHQDXIGHU6WHOOH EHVWlWLJHQGDZLUQLFKWGLH8UKHEHUGHV9HUVFKZLQGHQVYRQ&KLOGRQJD VLQG:LUVLQGOHGLJOLFKJHNRPPHQXPGHP3KlQRPHQQDFK]XJHKHQGDV XQVQDWUOLFKEUHQQHQGLQWHUHVVLHUW 'DQWRQZLQNWHDE%HHQGHQZLUGLHVH8QWHUKDOWXQJYRUHUVWHVNRPPWMD GRFKQLFKWVGDEHLKHUDXV6LHKDEHQVLFKMDKLHUUHFKWNRPIRUWDEHO HLQJHULFKWHWDEHUGDPLWLVWHVQXQYRUEHL:LUZHUGHQ,KUHQ/HXWHQ

*HOHJHQKHLWJHEHQVLFKDQ]XNOHLGHQGDQQEULQJHQZLU6LHLQXQVHU6FKLII 'RUWZLUGVLFKDOOHV:HLWHUHILQGHQ 'HU+\SHUSK\VLNHU]XFNWHPLWGHQ6FKXOWHUQPDFKWHMHGRFKNHLQH(LQZlQGH PHKU'LHYLHU0lQQHUYHUOLHHQGHQ5DXPRKQHMHGHQ9HUVXFKVLFK]XU :HKU]XVHW]HQ6LHJHVHOOWHQVLFK]XGHQDQGHUHQGLHQDFKXQGQDFK DQJH]RJHQDXIGHP*DQJHUVFKLHQHQ'LHPHLVWHQZDUHQQRFKMXQJGLH EHLGHQ)UDXHQVRJDUVHKUKEVFKZLHVHOEVW5RL]XJHEHQPXWH 'LH'XUFKVXFKXQJGHUDQGHUHQ5lXPHGHUHQ,QYHQWDU]XP7HLOHQWIHUQW ZRUGHQZDUI|UGHUWHHLQXPIDQJUHLFKHV$UVHQDOYRQZLVVHQVFKDIWOLFKHQ *HUlWHQ]XWDJH(VKDQGHOWHVLFKMHGRFKDXVQDKPVORVXP0HDSSDUDWXUHQ lKQOLFKGHQHQGLH'U%HULQJLQGHU0$*(//$1]XU9HUIJXQJKDWWH,QGHQ 0DVFKLQHQKDOOHQEHIDQGHQVLFKQXUGLHQRUPDOHQ$JJUHJDWHGHU6WDWLRQZLH HLQHHLQJHKHQGH,QVSHNWLRQHUJDE 'DQWRQNQLIIGLH/LSSHQ]XVDPPHQGHQQGDVSDWHJDUQLFKWLQVHLQ .RQ]HSW,KPNDPHQHUVWPDOVOHLFKWH=ZHLIHODEHUHUXQWHUGUFNWHVLH(V ZDUGXUFKDXVP|JOLFKGD7XOOPDQHLQHQ]ZHLWHQ6WW]SXQNWDQDQGHUHU 6WHOOHEHVDLQGHPGLHYHUKlQJQLVYROOHQ0DQLSXODWLRQHQGXUFKJHIKUW ZXUGHQ 9LHU]LJ0LQXWHQVSlWHUYHUOLHHQDOOHGLH(UQWHVWDWLRQ'HU(LQIDFKKHLWKDOEHU ZXUGHGLH6SDFH-HWGHU:LVVHQVFKDIWOHU]XP5FNIOXJEHQXW]WQDFKGHP GLH6LFKHUXQJHQZLHGHUHLQJHVHW]WZRUGHQZDUHQ*XFN\WHOHSRUWLHUWHPLW /HXWQDQW7RUUHVXQGHLQHPZHLWHUHQ0DQQLQLKUHLJHQHV)DKU]HXJGDV JOHLFKGDUDXIHEHQIDOOVVWDUWHWH %HLGH'LVNXVVFKLIIHVHW]WHQQHEHQGHU0$*(//$1DXIGLHLQ]ZLVFKHQ YHUVWlQGLJWZRUGHQZDU7XOOPDQXQGVHLQH/HXWHZXUGHQDQ%RUGGHV .UHX]HUVJHEUDFKWXQGGRUWYRUOlXILJXQWHU$UUHVWJHVWHOOW5RL'DQWRQIKUWH HLQNXU]HV)XQNJHVSUlFKPLW)LRQD

9HUVFKOXVFKRQ7XOOPDQRGHUMHPDQGYRQVHLQHQ/HXWHQ]XU(LQVLFKWXQG ]XP5HGHQ]XEULQJHQ $QGRFZLHJWHGHQ.RSI'DUDXIVROOWHQZLUXQVOLHEHUQLFKWYHUODVVHQ6LU,FK KDEHGLH.DELQHQGHU%UDLQVQDWUOLFKPLW$EK|UDQODJHQYHUVHKHQODVVHQ DEHUELVKHUKDEHQVLHQRFKNHLQ:RUWJHVDJWGHPHWZDV]XU6DFKH]X HQWQHKPHQZDU,P*HJHQWHLOVLHUHGHQVRDOVKlWWHQVLHZLUNOLFKHLQUHLQHV *HZLVVHQ$QVLFKZlUHLFKGDIUP|JOLFKVWEDOGPLWGHQ9HUQHKPXQJHQ]X EHJLQQHQ 6FKOLHHQZLUGRFKHLQHQ.RPSURPLPHOGHWHVLFK*XFN\XQGVFKOXJGLH $XJHQDXI1HKPHQZLUGUHLXQVGHQ%UDLQ&KHIYRUXQGEHIUDJHQLKQLQ NOHLQHP.UHLVJDQ]RKQH'URJHQRGHUDQGHUHV3LSDSR'HU0DQQLVWQLFKW GXPPVRQVWKlWWHHUQLFKW]XP:DULQJHU7HDPJHK|UWXQGZlUHMHW]W 2EHUERQ]HGHU%UDLQV6LFKHUHUKDW7HUUDDEHUHUPWHDXFKZLVVHQ ZDQQ HUYHUORUHQKDW)DOOVQLFKWZHUGHLFKLKQVFKRQ]XGLHVHU(LQVLFKWEULQJHQ :HQQHUHUVWPDOHLQH:HLOHXQWHUGHU'HFNHJHKDQJHQKDW 'DQWRQZLQNWHDE6SDUGLUGHLQH.UlIWHIUDQGHUH*HOHJHQKHLWHQDXI .OHLQHU'HLQ9RUVFKODJLVWMHGRFKQLFKWVFKOHFKWHLQH6WXQGHN|QQHQZLU VFKRQQRFKRSIHUQ-HHKHU&KLOGRQJDYRQGHU$QJVWEHIUHLWZLUGXPVR EHVVHULVWHV6LHN|QQHQVLFKVFKRQ]XU5XKHEHJHEHQ/LQQXQG*DO:LU ]ZHLHUOHGLJHQGDVDOOHLQDOV=HOODNWLYDWRUWUlJHUEUDXFKHQZLUQLFKWYLHO 6FKODI6RUJHQ6LHQXUQRFKGDIUGD7XOOPDQLQPHLQH.DELQHJHEUDFKW ZLUG 'LH2IIL]LHUHJLQJHQXQGGHU0DXVELEHUWHOHSRUWLHUWHPLW5RLLQGLH.DELQH GLHVLH]XVDPPHQEHZRKQWHQ=HKQ0LQXWHQVSlWHUHUVFKLHQ$QGRFGRUWPLW GHP:LVVHQVFKDIWOHUYRQHLQHP3RVWHQEHJOHLWHW'DQWRQVFKLFNWHEHLGH 0lQQHUGHU6RO$EZHJXQGVDKGDQQ7XOOPDQDQ 1HKPHQ6LH3ODW]'RF+DEHQ6LHLUJHQGZHOFKH%HVFKZHUGHQLQEH]XJDXI 4XDUWLHURGHU9HUSIOHJXQJ",FKELQJHUQEHUHLW,KQHQVRZHLWZLHP|JOLFK HQWJHJHQ]XNRPPHQ'DUILFKGDIUDXI*HJHQVHLWLJNHLWKRIIHQ0RQVLHXU" 'HU+\SHUSK\VLNHUVHW]WHVLFK(UJDEVLFKYROONRPPHQUXKLJXQGJHODVVHQ XQGOlFKHOWHDEHUGDVZDUQXUHLQEORHV9HU]LHKHQGHV*HVLFKWHV6HLQH $XJHQEOLHEHQNDOWXQGZDFKVDP 6LHN|QQHQPLUHLQHQ:KLVN\JHEHQZHQQ6LHZROOHQHULVWGDVHLQ]LJH ZDVLFKDQ7HUUDQRFKVFKlW]H:DVDEHUGLHHEHQ]LWLHUWH*HJHQVHLWLJNHLW DQJHKWP|FKWHLFK6LHYRUIDOVFKHQ+RIIQXQJHQZDUQHQ'DZLUPLWGHQ 9RUJlQJHQXPGLHVHQ3ODQHWHQQLFKWV]XWXQKDEHQKDEHLFKEHUHLWVJHVDJW XQGGDEHLEOHLEHLFKDXFK(VLVWGLH:DKUKHLW 5RL'DQWRQKROWH*OlVHUXQGHLQH)ODVFKH6FRWFK(UVFKHQNWHHLQ7XOOPDQ WUDQNPLWVLFKWOLFKHP*HQXXQGDXFKGHU,OW]LHUWHVLFKQLFKWODQJH'DQWRQ OLHVHLQ*ODVMHGRFKXQEHUKUWVWHKHQ(UEHXJWHVLFKYRUXQGVDKVHLQHQ *HJHQVSLHOHUHLQGULQJOLFKDQ :DVKDWHVIUHLQHQ6LQQZHQQ6LHXQVXQQW]H6FKZLHULJNHLWHQPDFKHQ 'RF":LUKDEHQ6LHXQG,KUH/HXWHXQGDXFKGLH0LWWHO6LH]XP5HGHQ]X

EULQJHQ'D6LHPHQWDOVWDELOLVLHUWVLQGZLUG,KQHQQLFKWYLHOQW]HQ'DV 9HUIDKUHQZXUGHVFKOLHOLFKDXIGHU(UGHHQWZLFNHOWXQGGRUWKDWPDQLQGHQ OHW]WHQ]HKQ-DKUHQQLFKWJHVFKODIHQ 6LHEOXIIHQGRFKQXUVDJWH7XOOPDQDEHUHLQHZLQ]LJH6SXUYRQ 8QVLFKHUKHLWJORPPLQVHLQHQ$XJHQDXI'DQWRQEHPHUNWHHVXQGQXQ OlFKHOWHHU :ROOHQ6LHHVGDUDXIDQNRPPHQODVVHQ"2GHUVDJHQ6LHPLUOLHEHUIUHLZLOOLJ ZDV6LHPLW&KLOGRQJDDQJHIDQJHQKDEHQ" (UEOXIIWHZLUNOLFKQXUDEHUVREHU]HXJHQGGD7XOOPDQGDUDXIKHUHLQILHO (UULFKWHWHVLFKVWHLODXI ,FKGHQNHQLFKWGDUDQPHLQ*HKLUQGXUFKLUJHQGZHOFKH'URJHQYHUSIXVFKHQ ]XODVVHQ6LHZROOHQGLH:DKUKHLWELWWHVHKU ,PQlFKVWHQ0RPHQWILHO*XFN\V*ODVNOLUUHQG]X%RGHQ'HU0DXVELEHUZDU ]XVDPPHQJH]XFNWXQGVDKQXQGHQ:LVVHQVFKDIWOHUYHUEOIIWXQGHQWWlXVFKW ]XJOHLFKDQ'DQQZDQGHUWHVHLQ%OLFN]X5RLXQGHUQLFNWHODQJVDP 3OHLWHDXIGHUJDQ]HQ/LQLH0LNH'XNDQQVWDXIJHEHQHKHGXULFKWLJ DQJHIDQJHQKDVW'LH%UDLQ%UGHUKDEHQPLWGHP)DOO&KLOGRQJDZLUNOLFK QLFKWV]XWXQ :LHVR"IUDJWH'DQWRQREZRKOHUGLH$QWZRUWLPYRUDXVZXWH7XOOPDQ ODFKWHWULXPSKLHUHQGDXI :HLOLFKHEHQPHLQH0HQWDOVSHUUHJH|IIQHWKDEH6LH.OXJVFKZlW]HU,FK KlWWH6LHMDJHUQQRFKHWZDV]DSSHOQODVVHQDEHULFKP|FKWHNHLQHQ 0RPHQWOlQJHUDOVQ|WLJLQGLHVHUXQHUIUHXOLFKHQ8PJHEXQJEOHLEHQ-HW]W KDW*XFN\PHLQ%HZXWVHLQVRQGLHUHQN|QQHQXQGGDPLWLVW]ZLVFKHQXQV ZRKODOOHVNODU,KQHQEOHLEWMHW]WQXUQRFKEULJXQVPLWYLHOHQ (QWVFKXOGLJXQJHQZLHGHUJHKHQ]XODVVHQPHKUQLFKW 5KRGDQV6RKQELGLH=lKQH]XVDPPHQGHQQGLH(QWWlXVFKXQJKDWWHLKQ XQYRUEHUHLWHWXQGPLWYROOHU:XFKWJHWURIIHQ(UZDUVRVLFKHUJHZHVHQ EHUHLWVDP=LHO]XVHLQXQGQXQGDV 'LH7DWVDFKHGDKLHUHLQHUNOlUWHU)HLQGGHU(UGHEHULKQWULXPSKLHUWH VSLHOWHGDEHLGLHEHLZHLWHPNOHLQHUH5ROOH7XOOPDQXQGVHLQH%UDLQ %URWKHUKRRGZDUHQVHLWGHP$XJHQEOLFNGLHVHU(U|IIQXQJIULKQ XQLQWHUHVVDQWJHZRUGHQ6LHKDWWHQQLFKWVZRPLWVLH7HUUDJHIlKUGHQ NRQQWHQGLHVH6RUJHZDUQXQYRQLKPJHQRPPHQ 'LH6RUJHXP&KLOGRQJDDEHUEOLHE :HQQHVQLFKWGLH%URWKHUKRRGJHZHVHQZDUGLHGHQ3ODQHWHQLQV&KDRV JHVWU]WKDWWHQZHUZDUHVGDQQ":HOFKHXQEHNDQQWH0DFKWZDUKLHUDP :HUNXQGVlWH7RGXQG9HUGHUEHQXPLUJHQGZHOFKHGXQNOH=LHOH]X YHUIROJHQ" -HW]WPXWHQVLHQRFKHLQPDOJDQ]YRQYRUQEHJLQQHQ(LQHQHXH6XFKH PXWHDXIJHQRPPHQZHUGHQGLHVPDOXQWHUXQJOHLFKVFKOHFKWHUHQ 9RU]HLFKHQ7XOOPDQXQGVHLQH/HXWHZDUHQZHQLJVWHQVJUHLIEDUH*HJQHU JHZHVHQ=XGHPZDUHQVLHZHQQDXFK]ZHLIHOORVIHLQGOLFKH%UGHU LPPHUKLQ0HQVFKHQPLWGHQHQPDQXP]XJHKHQZXWH

:HUDEHUPRFKWHGLH0DFKWLP'XQNHOQVHLQ" 6FKOX.OHLQHUVDJWH5RLUHVLJQLHUW%ULQJ7XOOPDQ]XVHLQHQ/HXWHQ ]XUFN6LHEOHLEHQKHXWHQDFKWQRFKDQ%RUGPRUJHQZHUGHQ6LHGHQ KLHVLJHQ%HK|UGHQEHUJHEHQ'RFGLH6LHYHUPXWOLFKZHJHQLOOHJDOHU (LQUHLVHEHODQJHQZHUGHQ,FKJHKHMHW]WVFKODIHQLFKELQYLHO]XHUVFKODJHQ XPQRFKZHLWHUQDFKGHQNHQ]XN|QQHQ :DUXPVROOHVGLUEHVVHUHUJHKHQDOVPLU"VHXI]WHGHU0DXVELEHUGHQQ DXFKHUZXWHNHLQHQ5DWPHKU :RKlOWVLFKGDV7HDPGHU:LVVHQVFKDIWOHU]XU=HLWDXI"HUNXQGLJWHVLFK 'DQWRQQDFKGHP)UKVWFNEHLP(UVWHQ2IIL]LHU*RUP7\OHUGHXWHWHPLW GHP'DXPHQEHUVHLQHOLQNH6FKXOWHUKLQZHJ ,P0HVVHUDXP,,6LUHUZLGHUWHHUXQGVHW]WHVHLQHQ:HJ]XU .RPPDQGR]HQWUDOHIRUW*XFN\VDKLKPNRSIVFKWWHOQGQDFK (LQW\SLVFKHU0RUJHQPXIIHOGLHVHU8QWHUKlXSWOLQJNRPPHQWLHUWHHU PLPXWLJ,FKKlWWHQLFKWEHO/XVWLKPHLQHNXU]H/HNWLRQ]XHUWHLOHQ6R HLQNOHLQHU5XQGIOXJGXUFKGLH=HQWUDOHZUGHVHLQH/HEHQVJHLVWHUVFKRQ DQKHL]HQ 'XELVWDEHUDXFKQLFKWJHUDGHVWUDKOHQGHU/DXQHPHLQWH5RLWURFNHQ $QGHUQIDOOVZUGHVWGXJDUQLFKWDXIVROFKH*HGDQNHQNRPPHQ2GHUWUlJVW GX7\OHULPPHUQRFKHWZDVQDFK" 'HU,OW]RJHLQH*ULPDVVH1HLQZHQQGXHVJHQDXZLVVHQZLOOVW,FKlUJHUH PLFKQXUQRFKLPPHUDXVJLHELJGDVLVWHV6RHLQYHUGDPPWHU5HLQIDOOLFK NRPPHHLQIDFKQLFKWGDUEHUKLQZHJ 'DQWRQ]XFNWHQXUPLWGHQ6FKXOWHUQXQGVLHPDFKWHQVLFKDXIGHQ:HJ]X GHP0HVVHUDXP )U5KRGDQV6RKQZDUGLH1DFKWQXUNXU]JHZHVHQ'HU0LHUIROJKDWWHLKQ QRFKODQJHEHVFKlIWLJWXQGQXUZHQLJ6FKODIILQGHQODVVHQ'LH8QUDVWKDWWH LKQIUKZLHGHUDXVGHP%HWWJHWULHEHQ=XHUVWKDWWHHUHLQ +\SHUNRPJHVSUlFKPLW7HUUDQLD&LW\JHIKUWXQGHLQHQ%HULFKWEHUGLH ELVKHULJHQ(UHLJQLVVHDQ,PSHULXP$OSKDJHJHEHQ 6SlWHUKDWWHHU)LRQD

'DQWRQKDWWHQXUJHQLFNWGHQQHUKDWWHLP/DXIVHLQHVODQJHQ/HEHQV JHQJHQGHLQVFKOlJLJH(UIDKUXQJHQJHVDPPHOW*XWGDQQZROOHQZLUGHQ +\lQHQHLQHQ%URFNHQKLQZHUIHQGHUVLH]XP6FKZHLJHQEULQJHQZLUG,FK EHUODVVH,KQHQ7XOOPDQXQGVHLQH/HXWHXQGGDVN|QQHQ6LHQDFK %HOLHEHQDXVQXW]HQ *HEHQ6LHEHUGHQ9LGHRIXQNLKUH)HVWQDKPHEHNDQQWRKQHDEHUGLH 1DPHQ]XQHQQHQ0LWHWZDV*HVFKLFNZHUGHQHVGLH.DPHUDPlQQHUVFKRQ ]XZHJHEULQJHQGDPDQLKUH*HVLFKWHUQLFKWHUNHQQHQNDQQ%H]HLFKQHQ 6LHVLHHLQIDFKDOVGLHYHUPXWOLFKHQ8UKHEHUGHU*HVFKHKQLVVHGLHQXQ YHUK|UWXQGVREDOGZLHP|JOLFKDEJHXUWHLOWZUGHQ'DVZLUG:XQGHU ZLUNHQ 'DVVWLPPWGRFKDEHUJDUQLFKWKDWWH+HOGLQJYHUEOIIWJHVDJWGDQQMHGRFK UDVFKEHJULIIHQ2ND\LFKZHUGH,KUHQ5DWEHIROJHQ6LU$OOHUGLQJVZHUGHQ ZLUGLH]Z|OI/HXWHDQHLQHQVLFKHUHQ2UWEULQJHQXQGVWUHQJEHZDFKHQ ODVVHQPVVHQ8QVHUH%HY|ONHUXQJKDWVRYLHOPLWJHPDFKWGDVLHDXFK QLFKWGDYRU]XUFNVFKUHFNHQZUGHJHZDOWVDPJHJHQVLHYRU]XJHKHQ 'DVDOOHVEHUODVVHLFK,KUHP*HVFKLFN6HQDWRU'LHVHV0DQ|YHU YHUVFKDIIWXQVMHGHQIDOOVZLHGHUHWZDV/XIWGDUDXINRPPWHVYRUDOOHPDQ :LUZHUGHQVRIRUWGDPLWEHJLQQHQGLH6XFKHQDFKGHQ8UKHEHUQGHV 8QKHLOVZHLWHU]XIKUHQ,UJHQGZDQQZHUGHQZLUVLHDXFKILQGHQGDYRQELQ LFKEHU]HXJW 8QGZHQQVLHQXQYRUKHUHLQGULWWHV0DO]XVFKODJHQ"KDWWH+HOGLQJ VNHSWLVFKJHIUDJW 'DQWRQV$QWZRUWKDWWHOHGLJOLFKLQHLQHP6FKXOWHU]XFNHQEHVWDQGHQGHQQ GLHVH0|JOLFKNHLWZDUGXUFKDXVJHJHEHQ(UNRQQWHQXUKRIIHQGHQ 8QEHNDQQWHQ]XYRU]XNRPPHQPHKUQLFKW1XQZDUHUXQWHUZHJV]X'U %HULQJXQGVHLQHP7HDPXPGLH(LQOHLWXQJHLQHUQHXHQ6XFKHPLWDOOHQ YHUIJEDUHQ0LWWHOQ]XHU|UWHUQ7XOOPDQXQGVHLQ*HIROJHZDUEHUHLWVYRQ ]ZHL3ROL]HLJOHLWHUQDEJHKROWXQGLQ*HZDKUVDPGHU%HK|UGHQYRQ &KLOGRQJDJHEUDFKWZRUGHQ'DV2EHUKDXSWGHU%UDLQ%URWKHUKRRGKDWWH KHIWLJSURWHVWLHUWDEHURKQH(UIROJ 'LH/HXWFKHQVLQGDXFKDOOHVDQGHUHDOVIU|KOLFKVWHOOWH*XFN\EHUHLWVIHVW HKHHUXQG5RLGHQ0HVVHUDXPEHWUHWHQKDWWHQ(UKDWWHZLHGHUHLQPDO JHGDQNOLFKVSLRQLHUWDEHUGLHYHUGLHQWH5JHEOLHEGLHVPDODXV6HLQ)UHXQG KDWWHZLFKWLJHUH'LQJHLP.RSI :DVVLFKKHXWHQDFKWHUHLJQHWKDWZLVVHQ6LHMDOlQJVWVDJWHHUQDFKHLQHU VXPPDULVFKHQ%HJUXQJ8QVHUH$NWLRQZDU]ZDUHUIROJUHLFKWURW]GHP DEHUHLQ6FKODJLQV:DVVHU:LUPVVHQQRFKHLQPDOYRQYRUQDQIDQJHQVR OHLGPLUGDVWXW +DQV%HULQJQLFNWHDEHULQVHLQHPUXQGOLFKHQ*HVLFKWVWDQGEHUHLWVGHU 9RUZXUIJHVFKULHEHQGHQHUJOHLFKGDUDXIDXVVSUDFK :DUXPKDEHQ6LHXQVQLFKWQRFKHLQPDONRQVXOWLHUWHKH6LHORVIORJHQ0U 'DQWRQ",FKKDWWHVFKOLHOLFKVFKRQIUKHUGHXWOLFK]XP$XVGUXFNJHEUDFKW

GDGLH$QODJHQ]XU0DQLSXODWLRQGHV3ODQHWHQNDXPDXI&KLOGRQJDVHOEVW ]XILQGHQVHLQZUGHQ'LHYLHOIlOWLJHQ6W|UXQJHQ *HVFKHQNW'RFXQWHUEUDFKLKQ5RL'DQWRQ:LUKDWWHQHWZDVJHIXQGHQ GDVVHKUYLHOYHUVSUHFKHQGVFKLHQXQGPXWHQGDUDXIKLQVFKQHOOKDQGHOQ *XFN\KDWWHGLH)UHPGHQDOV$QJHK|ULJHGHU%UDLQ%URWKHUKRRGHUNDQQWXQG GDVPDFKWHVLHDXWRPDWLVFKK|FKVWYHUGlFKWLJ6LHNHQQHQ'U7XOOPDQMD VFKOLHOLFKYRQ,KUHUIUKHUHQ=XVDPPHQDUEHLWKHU:HQQHVHLQHP0DQQ ]X]XWUDXHQZDUIUGLHVFKOLPPHQ(UHLJQLVVHYHUDQWZRUWOLFK]XVHLQGDQQ LKP]XHUVW6HLQ+DJHJHQGLH(UGHLVWHKHUQRFKJU|HUDOVNOHLQHU JHZRUGHQ (UZDUHVDEHUWURW]GHPQLFKWVDJWH'U0DEHO

]HLFKQHWHVLFKDXFKHLQ$QIOXJYRQ+RIIQXQJDE5KRGDQV6RKQQLFNWHLKQHQ ]XXQGIRUGHUWHVLH]XP3ODW]QHKPHQDXI'DQQVDKHUVLHHUZDUWXQJVYROODQ 0HLQNOHLQHU)UHXQGKLHUKDWEHUHLWVDQJHGHXWHWGD6LH1HXLJNHLWHQIUXQV KDEHQ,VWHV,KQHQJHOXQJHQHWZDV.RQNUHWHVKHUDXV]XILQGHQ LUJHQGZHOFKH'LQJHGLHXQVZHLWHUKHOIHQN|QQHQ" :DVVLO.RQ]HZZLHJWHGHQPDVVLJHQ.RSIhEHUVHLQEUHLWIOlFKLJHV*HVLFKW IORJHLQ6FKPXQ]HOQ :REHLZHLWHUKHOIHQ6LU"IUDJWHHUXQVFKXOGLJ:HQQPDQXQVHUHP 9LGHRIXQNJODXEHQGDUIVLQGGRFKDOOH3UREOHPHVFKRQJHO|VW'DVKDWXQV ZHQLJVWHQV.DUQ+HOGLQJYRUKLQODXWYHUVLFKHUWXQGGDQQ]HLJWHPDQGLH IHVWJHQRPPHQHQhEHOWlWHUZLHVLHLQHLQH6WUDIDQVWDOWJHEUDFKWZXUGHQ 2GHUVROOWHGDVDOOHVQXU6FKDXJHZHVHQVHLQHLQ]LJ]XGHP=ZHFN LQV]HQLHUWGDV9RON]XEHUXKLJHQ" 5RL'DQWRQOlFKHOWH]XUFN+DWHVGHQQJHZLUNW'RF"HUNXQGLJWHHUVLFK LPJOHLFKHQ7RQIDOO.RQ]HZQLFNWH 'DVVFKRQ6LU'LH/HXWHJODXEHQ]XPJU|WHQ7HLOGDUDQGLH/DJHKDWVLFK LQQHUKDOENXU]HU=HLWVSUEDUHQWVSDQQW,P$QIDQJZDULFKDXFKIDVW EHU]HXJW]XPDOVLFK'U7XOOPDQYRQGHU%UDLQ)|GHUDWLRQXQWHUGHQ 9HUKDIWHWHQEHIDQG 6LHKDEHQLKQHUNDQQW"IUDJWH5RLPLWJHUXQ]HOWHU6WLUQ'DVLVWJDUQLFKW JXWGHQQGDQQGUIWHQDXFKDQGHUHVHLQH,GHQWLWlWIHVWJHVWHOOWKDEHQ,FK KDWWHGHQ6HQDWRUDXVGUFNOLFKJHEHWHQGDV]XYHUKLQGHUQ 'HU:LVVHQVFKDIWOHUZLQNWHDE.HLQH6RUJH6LUGLH$XIQDKPHQZDUHQ ZLUNOLFKVRVFKOHFKWGDVLHNHLQH*HVLFKWV]JHHUNHQQHQOLHHQ0LFK NRQQWHQVLHDOOHUGLQJVQLFKWGSLHUHQGHQQLFKKDEH]XVDPPHQPLW7XOOPDQ ]ZHL-DKUHODQJGLHJOHLFKH8QLYHUVLWlWEHVXFKW'DPDOVZDUHUQRFKHLQ YLHOYHUVSUHFKHQGHUMXQJHU0DQQXQGZLUZDUHQRIW]XVDPPHQ6HLQH)LJXU XQGGLHXQYHUNHQQEDUH$UWEHLP*HKHQUXFNDUWLJGLH$UPH]XEHZHJHQVLQG PLUJXWLP*HGlFKWQLVJHEOLHEHQ1XUGHVKDOENRQQWHLFKLKQDXFKYRQKLQWHQ HUNHQQHQ 7UqVELHQJDE'DQWRQHUOHLFKWHUW]XUFN'DVZlUHDOVRNODUZHLWHUH %HNDQQWHGUIWHHUKLHUNDXPKDEHQ:LHVLQG6LHGDQQDEHUGDUDXI JHNRPPHQGDPLWGLHVHU6DFKHHWZDVQLFKWVWLPPHQN|QQWH" 'DUDQZDULFKVFKXOGZDUI+HOHQ)DOWLQHLQ:LUKDWWHQGRFKEHVSURFKHQ GDZLUDOOH+LQZHLVHDXIGDV&KLOGRQJD3KlQRPHQ]HQWUDOHUIDVVHQXQG DXVZHUWHQZROOWHQ'DVVWLHDOOHUGLQJV]XHUVWLQIROJHGHUYHUZRUUHQHQ 9HUKlOWQLVVHDXI]LHPOLFKH6FKZLHULJNHLWHQ9LHOHXQVHUHUVRQVWLJHQ 0LWDUEHLWHUZDUHQLUJHQGZLHGXUFKGLH.DWDVWURSKHLQ0LWOHLGHQVFKDIW JH]RJHQ'HVKDOEWUDIHQLKUH$QWZRUWHQDXIXQVHUH$XIIRUGHUXQJ]XU0LWKLOIH QXUPLWJURHU9HU]|JHUXQJHLQ:LUZDUHQHUVWKHXWHPRUJHQVRZHLWGDZLU JHQJHQG0DWHULDOEHVDHQXPXQVHUHQ=HQWUDOFRPSXWHUGDPLWIWWHUQ]X N|QQHQ,FKJODXEHDEHUVDJHQ]XN|QQHQGDVLFKXQVHUH%HPKXQJHQ JHORKQWKDEHQ

6SDQQHQ6LHXQVELWWHQLFKWDXIGLH)ROWHUYHUHKUWH.ROOHJLQEDW'U%HULQJ VLH:DVKDEHQ6LHKHUDXVJHIXQGHQ" 'LHMXQJH)UDXOlFKHOWH'HU%HJULIIÃ(SL]HQWUXP GUIWH,KQHQZRKOYRQGHU 7HNWRQLNKHUEHNDQQWVHLQ(UEH]HLFKQHWGHQ.HUQSXQNWHLQHV(UGEHEHQV YRQGHPDXVVLFKGLH(UGVW|HZHOOHQI|UPLJYHUEUHLWHQ'HU&RPSXWHUKDW QXQKHUDXVJHIXQGHQGDGLH%HHLQIOXVVXQJGHU0HLQVWUXPHQWHMHZHLOVDP $QIDQJXQG6FKOXGHU,VRODWLRQGHV3ODQHWHQQLFKWEHUDOOJOHLFKVWDUNZDU +LHUDXIGHP:HVWNRQWLQHQWZDUVLHUHODWLYJHULQJLP9HUKlOWQLV]XP 2VWNRQWLQHQWZRYLHOH$SSDUDWHYROONRPPHQXQEUDXFKEDUZXUGHQ'RFK DXFKGRUWJDEHVQRFK$EVWXIXQJHQXQG]ZDUYRQ6GHQQDFK1RUGHQKLQ 'HUQ|UGOLFKVWH0HSXQNWZDUGDV2EVHUYDWRULXPDXIGHP0RXQW.LVVRQLP /DVN*HELUJHXQGGRUWZXUGHQDXFKGLHVWlUNVWHQ$QRPDOLHQUHJLVWULHUW'DV YHUDQODWHXQVHUHQ5HFKQHU]XGHU$XVVDJHGDVLFKGHU$XVJDQJVSXQNW GHV3KlQRPHQVLP1RUGWHLOGHV2VWNRQWLQHQWVEHILQGHQPX(UJDEGDIU HLQHQ:DKUVFKHLQOLFKNHLWVNRHIIL]LHQWHQYRQ3UR]HQWDQ 3DUEOHXHQWIXKUHV5RL'DQWRQ'DVLVWHLQVHKUKRKHU:HUWGHUSUDNWLVFK HLQHU*HZLKHLWJOHLFKNRPPW0LWGLHVHU)HVWVWHOOXQJKDEHQ6LHXQVZLUNOLFK VHKUJHKROIHQ6LHJUHQ]WGHQ7HLOGHV3ODQHWHQGHQZLUDEVXFKHQPVVHQ JDQ]HUKHEOLFKHLQ(VLVWVFKRQHLQ8QWHUVFKLHGREPDQ]ZHLJDQ]H .RQWLQHQWHRGHUQXUHLQ9LHUWHOHLQHU/DQGPDVVHDEVXFKHQPX :DVVLO.RQ]HZVFKPXQ]HOWHZLHGHU :DVZROOHQ6LHGRUWHLJHQWOLFKQRFK6LU"IUDJWHHUEHWRQWXQVFKXOGLJ 7XOOPDQXQGVHLQH/HXWHVLQGGRFKVFKRQXQVFKlGOLFKJHPDFKW:HUVROOWH XQVMHW]WQRFKVFKDGHQN|QQHQ" 'LH$UWZLHHUVLFKJDEPDFKWH'DQWRQVWXW]LJXQGHUVDKDXFKGDV EHOXVWLJWH*ULQVHQGHV0DXVELEHUV6LHKDEHQGRFKOlQJVWGXUFKVFKDXWZLH GLH'LQJHOLHJHQJDEHUOHLFKWYHUlUJHUW]XUFN6LFKHUZLUKDEHQGLH %UDLQVDXVJHKREHQXQGGHU3ROL]HLEHUJHEHQ'DVJHVFKDKDEHUJDQ]KLHU LQGHU1lKHXQGVLHN|QQHQDXV]ZHL*UQGHQQLFKWGLH8UKHEHUJHZHVHQ VHLQ'HUHUVWHLVWGDVLHJDUQLFKWEHUGLHQ|WLJHQWHFKQLVFKHQ$QODJHQ YHUIJWHQGHQ]ZHLWHQKDWXQV'U)DOWLQHEHQHUVWJHQDQQW:DVKDEHQ6LH QRFKLQGHU+LQWHUKDQG'RF" .RQ]HZZXUGHXQYHUPLWWHOWZLHGHUHUQVW :LUKDEHQHWZDVGDVZHLWEHUGLHUHLQUHFKQHULVFKHUPLWWHOWHQ:HUWHGHV &RPSXWHUVKLQDXVJHKW6LU:LH6LHZLVVHQLVWGHU1RUGWHLOGHV 2VWNRQWLQHQWVLQIROJHGHUXQJQVWLJHQ/HEHQVEHGLQJXQJHQQLFKWEHVLHGHOW *HUDGHGRUWILQGHQVLFKDEHUGLHPHLVWHQ5HOLNWHGHUDOWHQ5DVVHGLH &KLOGRQJDYRUODQJHU=HLWHLQPDOEHZRKQWKDW'HVKDOELVWGLHVH*HJHQGGDV EHYRU]XJWH=LHODUFKlRORJLVFKHU([SHGLWLRQHQ6LHVXFKHQGRUWQDFK $UWHIDNWHQGLHLQHLQHPEHVRQGHUHQ0XVHXP]XVDPPHQJHWUDJHQZHUGHQ %LVKHUZDUGLH$XVEHXWHDEHUQXUVSlUOLFK]XPDOGLH)RUVFKXQJHQHUVWVHLW HLQLJHQ-DKUHQJH]LHOWEHWULHEHQZHUGHQ (UPDFKWHHLQH3DXVHXQGWUDQNGHQ.DIIHHDXVGHUYRULKPVWDQG'DQQ IXKUHUIRUW

9RUHLQLJHQ:RFKHQVWLHHLQ$UFKlRORJHQWHDPXQWHU/HLWXQJYRQ3URIHVVRU )UDQ]LNDXIGLHEHGHXWHQGVWHQhEHUUHVWHGLHMHJHIXQGHQZXUGHQ(V KDQGHOWVLFKXPHLQHJDQ]H6WDGWYRQEHWUlFKWOLFKHU$XVGHKQXQJGLH DOOHUGLQJVYROOVWlQGLJYRQ:DOGEHUZXFKHUWLVW'HU3URIHVVRUZDQGWHVLFK GDUDXIKLQDQGLH5HJLHUXQJGLHLKPDXFK*HOGPLWWHOIUXPIDVVHQGH $XVJUDEXQJHQ]XU9HUIJXQJJHVWHOOWKDW'LHHUVWHQ7UDQVSRUWHYRQ 0DVFKLQHQXQG*HUlWVROOWHQLQGHQQlFKVWHQ7DJHQGRUWKLQDEJHKHQ 0DFKHVNXU]:DVVLOIRUGHUWHLKQ*XFN\DXIDOVHUQXQHLQHQHXH3DXVH HLQOHJWH'LHDOWHQ.QDFNHUGLHGRUWREHQYRU-DKUWDXVHQGHQPDOJHOHEW KDEHQLQWHUHVVLHUHQXQVQLFKWGLH%RKQH5FNVFKRQPLWGHLQHP:LVVHQ KHUDXVRGHUVROOLFKHVVDJHQ" 'HU$VWURSK\VLNHUVDKGHQ0DXVELEHULUULWLHUWDQGHVVHQ1DJH]DKQ SURYR]LHUHQGHUVFKLHQHQZDU:LHGLHPHLVWHQ0HQVFKHQNRQQWHHUQXU VFKZHUGLH7DWVDFKHDN]HSWLHUHQGDHUHLQHP7HOHSDWKHQJHJHQEHUVD GHUVFKRQOlQJVWZXWHZDVHUVDJHQZROOWHHKHHVDXVJHVSURFKHQZDU )ULKQVSUDQJ+HOHQ)DOWLQLQGLH%UHVFKHGLHZHLWMQJHUXQGGDPLWJHLVWLJ IOH[LEOHUZDU )ROJHQGHVLVWJHVFKHKHQ6LUZDQGWHVLHVLFKDQ'DQWRQ'LHHUVWH ,VRODWLRQ&KLOGRQJDVZXUGHYRQGHQ$UFKlRORJHQJDUQLFKWEHPHUNW6LHILHO LQGLH1DFKWVWXQGHQDOOHVFKOLHIHQ'LH]ZHLWHYRPJHVWULJHQ7DJHILHOIUVLH MHGRFKLQGLHIUKHQ0RUJHQVWXQGHQDOVVLHVLFKJHUDGHDXIHLQHQ$XVIOXJLQ GDV5XLQHQIHOGYRUEHUHLWHWHQ3O|W]OLFKZXUGHHVDXFKGRUWVWRFNGXQNHORKQH GDMHPDQGHLQH(UNOlUXQJGDIUZXWH 0DQWLSSWH]XHUVWDXIHLQH6RQQHQILQVWHUQLVZXUGHDEHUXQUXKLJDOVHVQDFK HLQHU6WXQGHLPPHUQRFKILQVWHUZDU6FKOLHOLFKOLHGHU3URIHVVRUHLQHQ *OHLWHUDXIVWHLJHQGHUDXVJURHU+|KHHUNXQGHQVROOWHZLHHVLQGHU ZHLWHUHQ8PJHEXQJDXVVDK'HU3LORWEHPHUNWHZHLWLP1RUGHQHLQHQKHOOHQ 6FKHLQXQGIORJGDUDXI]X(UPXWHMHGRFKEDOGZLHGHUXPNHKUHQGHQQ VHLQH,QVWUXPHQWH]HLJWHQYROONRPPHQXQVLQQLJH:HUWHDQXQGPLW,QIUDURW OlWVLFKLQGLHVHUNDOWHQ=RQHVRJXWZLHJDUQLFKWVDXVULFKWHQ(UNRQQWHQXU HLQHJUREH6FKlW]XQJJHEHQZHLOLKPGLH,QWHQVLWlWGHUXQEHNDQQWHQ /LFKWTXHOOHQLFKWEHNDQQWZDU$XVYLHU.LORPHWHU+|KHKDWWHHUMHGRFKHLQH JXWH:HLWVLFKW]XPDOGDV*HOlQGHGRUWYROONRPPHQHEHQLVW 6HLQHU6FKlW]XQJQDFKPXGDV/HXFKWHQLQHLQHU(QWIHUQXQJ]ZLVFKHQ ]ZHLXQGGUHLKXQGHUW.LORPHWHULQQRUGQRUG|VWOLFKHU5LFKWXQJVHLQHQ $XVJDQJVSXQNWJHKDEWKDEHQ 5RL'DQWRQQLFNWH$OOHV:HLWHUHNDQQLFKPLUVHOEVW]XVDPPHQUHLPHQ 0DGDPH(VZXUGHVFKOLHOLFKZLHGHUKHOOXQGGLH*HPWHUEHUXKLJWHQVLFK 'DQQHUIXKUPDQEHU)XQNYRQGHQ(UHLJQLVVHQDXIGHPEULJHQ3ODQHWHQ XQGGHU3URIHVVRUPDFKWHVLFKVHLQHHLJHQHQ*HGDQNHQ(UQDKP 9HUELQGXQJPLW2ONDVWRQDXIXQGPHOGHWHGLH%HREDFKWXQJHQVHLQHV 3LORWHQ (VZDUQLFKWJDQ]VRNRUULJLHUWH'U.RQ]HZGHUVLFKLQ]ZLVFKHQZLHGHU JHIDQJHQKDWWH(UVSUDFKPLWGHQ%HK|UGHQLQ'HQQLNHQGHU+DXSWVWDGW

GHV2VWNRQWLQHQWV0DQVFKHQNWHVHLQHQ$QJDEHQ]XHUVWQLFKWYLHO $XIPHUNVDPNHLWGHQQZlKUHQGGHU)LQVWHUQLVKDWWHHVDXFKGRUWYLHOH 8QIlOOHJHJHEHQ'LH0HQVFKHQZDUHQVRUJORVHUZHLOVLHZlKUHQGGHU HUVWHQ,VRODWLRQUHODWLYJXWZHJJHNRPPHQZDUHQ(UVWQDFKOlQJHUHU=HLW IDQGVLFKMHPDQGGHUGDUDQGDFKWH)UDQ]LNV0HOGXQJQDFK2ONDVWRQ ZHLWHU]XJHEHQ6LHHUUHLFKWHXQVZHQLJH0LQXWHQHKHZLUXQVDXIGHQ:HJ ]X,KQHQPDFKWHQ 'DIULVWVLHZRKODXFKGLHZLFKWLJVWHYRQDOOHQVDJWH'DQWRQ'LH DQGHUHQLQ]ZLVFKHQGXUFKGHQ&RPSXWHUDXVJHZHUWHWHQ$QJDEHQOLHIHUWHQ ]ZDUEHUHLWVJXWH$QKDOWVSXQNWHOLHHQDEHUGRFKQRFKHLQHQ]LHPOLFK JURHQ6SLHOUDXP-HW]WN|QQHQZLUGDVIUDJOLFKH*HELHWDEHUVFKRQJXW DEJUHQ]HQLQGHPVLFK,KUÃ(SL]HQWUXP EHILQGHQPX0HUFLEHDXFRXS6LH KDEHQXQVZLUNOLFKVHKUJHKROIHQ (UZDQGWHVLFKDQ'U.RP]DN 9HUIJHQ6LHEHUHLQH.DUWHGHV2VWNRQWLQHQWVYRQ&KLOGRQJD"HUNXQGLJWH HUVLFK'HU$VWURQRPYHUQHLQWHDEHU'U.RQ]HZJULIIEHUHLWVLQVHLQH 7DVFKH ,FKKDEH,KQHQYRUVRUJOLFKHLQHPLWJHEUDFKW6LU$XFKGHU6WDQGRUWGHU $UFKlRORJHQ([SHGLWLRQLVWEHUHLWVPDUNLHUW :HQLJH0LQXWHQGDQDFKZXUGHHVEHUDOOLQGHU0$*(//$1OHEHQGLJ'DV 6FKLIIZXUGHVWDUWNODUJHPDFKWDOOHQ|WLJHQ9RUEHUHLWXQJHQIUGHQ(LQVDW] JHWURIIHQ'U.RQ]HZXQG+HOHQ)DOWLQJLQJHQZLHGHUYRQ%RUGXQGIORJHQ QDFK2ONDVWRQ]XUFN6LHVROOWHQDXIHYHQWXHOOHQHXHLQWUHIIHQGH0HOGXQJHQ DFKWHQXPVLHXQYHU]JOLFKSHU)XQNDQ'DQWRQZHLWHU]XJHEHQ 'LHVHUVSUDFKLQ]ZLVFKHQEHUHLWVPLWGHP(UVWHQ6HQDWRU.DUQ+HOGLQJ ]HLJWHVLFKPLWGHUELVKHULJHQ(QWZLFNOXQJDXI&KLOGRQJDVHKU]XIULHGHQ ,KU5H]HSWKDWJHZLUNW6LUHUNOlUWHHU'LH%HY|ONHUXQJKDWVLFKZLHGHU EHUXKLJWGLH7LUDGHQGHUIDOVFKHQ3URSKHWHQILQGHQNDXPQRFK:LGHUKDOO :LUKDEHQDEHUYRUVRUJOLFKIUVHUVWHGLH9HUNHKUVEHVFKUlQNXQJHQDXIUHFKW HUKDOWHQGHQQLQ:LUNOLFKNHLWLVWGLH*HIDKUIUGHQ3ODQHWHQMDQRFKQLFKW EHVHLWLJW:HUGHQ6LHGDVMHW]WVFKDIIHQ6LU" :LUZHUGHQHVYHUVXFKHQ6HQDWRU'LH$XVVLFKWHQGDIUVLQGMHGHQIDOOV JXWHUNOlUWH5RL (UXQWHUEUDFKGLH9HUELQGXQJXQGULHIGHQ.DLVHUSDODVWDQ)LRQD

(UVWDUUWHQRFKLPPHUDXIGHQ%LOGVFKLUPDOVGLHJURHQ0DQGHODXJHQ OlQJVWZLHGHUYHUEODWZDUHQ)LRQDZDUZLUNOLFKHLQH)UDXYRQ)RUPDWXQG GDVLQMHGHU+LQVLFKW:DUXPVLHQLFKWOlQJVWHLQHQ0DQQJHIXQGHQKDWWH EOLHE5RL'DQWRQHLQIDFKXQYHUVWlQGOLFK(VPXWHGRFKVRVFK|QVHLQ :LUVWDUWHQ6LUULLKQ/LQQ&UDQQRNV6WLPPHDXVVHLQHU9HUVXQNHQKHLW :LGHUZLOOLJZDQGWHHUVLFKXPXQGNHKUWHLQGLH5HDOLWlW]XUFN8QZLOONUOLFK PXWHHUDQVHLQHQ9DWHUGHQNHQGHUEHUDOODOV6RIRUWXPVFKDOWHUEHNDQQW ZDU2EHVLKPEHLHU$UNRQLGLQ7KRUDRGHUVHLQHU]ZHLWHQ)UDX0RU\$EUR QLFKW]XZHLOHQGRFKlKQOLFKHUJDQJHQZDU" 'LH0$*(//$1KREPLWVXPPHQGHQ$QWLJUDYSURMHNWRUHQDEXQGWUDWLKUHQ )OXJ]XP2VWNRQWLQHQWDQ'LHHLJHQH6SDFH-HWZDULQ]ZLVFKHQ HLQJHVFKOHXVWZRUGHQZlKUHQG7XOOPDQV]XUFNJHODVVHQZXUGH6LHVROOWH YRUOlXILJGHU.DLVHULQ]XU9HUIJXQJVWHKHQGHUHQ3ULYDW-DFKWYRQGHU %HVDW]XQJ]XU)OXFKWYRQ&KLOGRQJDEHQXW]WZRUGHQZDU 'DV6FKLIIVWLHLQGHQ:HOWUDXPYRUXQGXPUXQGHWHGHQ3ODQHWHQGLFKW REHUKDOEGHU$WPRVSKlUH'LH2UWXQJHQVXFKWHQNXU]GDV6\VWHPDEDEHU ZHLWXQGEUHLWZDUNHLQDQGHUHU5DXPHU]XHQWGHFNHQ 2IIHQEDUZDU&KLOGRQJDLQ]ZLVFKHQ]XPJHIlKUOLFKHQ+LPPHOVN|USHUHUNOlUW ZRUGHQGHQQLHPDQGPHKUDQIOLHJHQPRFKWH'LH6FKUHFNHQVEHULFKWHGHU )OFKWOLQJHPXWHQUDVFKGLH5XQGHJHPDFKWKDEHQ hEHUGHP1RUGWHLOGHV2VWNRQWLQHQWVOLH'DQWRQGDV6FKLIIDEVWRSSHQ1XQ ZXUGHQDOOH2UWXQJVLQVWUXPHQWHQDFKXQWHQJHULFKWHWXQGGDVIUDJOLFKH *HELHWJHQDXHVWHQVDEJHWDVWHW 'LH%LOGVFKLUPH]HLJWHQULHVLJH:lOGHUGLHGHQJU|WHQ7HLOGHU/DQGPDVVH EHGHFNWHQ(VKDQGHOWHVLFKXPQLHGULJHNRQLIHUHQlKQOLFKH%lXPHDQGHUH *HZlFKVHJHGLHKHQLQGLHVHUXQZLUWOLFKHQ*HJHQGNDXP=XZHLOHQZDUHQ DXFK6WHSSHQJHELHWHHLQJHVSUHQJWDXIGHQHQJURH+HUGHQELVRQDUWLJHU 3HO]WLHUHZHLGHWHQ(LQLJHVFKPDOH)OVVHVFKOlQJHOWHQVLFKGXUFKGDV/DQG %RGHQHUKHEXQJHQJDEHVNDXP :LHPDJHVJHNRPPHQVHLQGDVLFKGLH8UHLQZRKQHUDXVJHUHFKQHWLQ GLHVHUZHQLJOHEHQVIUHXQGOLFKHQ=RQHHQWZLFNHOWKDEHQ"HUNXQGLJWHVLFK 'DQWRQEHL'U.RP]DN(UVWDQGPLWLKP]XVDPPHQLP%RUGREVHUYDWRULXP YRUHLQHP6SLHJHOELOGVFKLUPDXIGHPGDVYRQGHQ7HOHRSWLNHQ DXIJHQRPPHQH%LOGZLHGHUJHJHEHQZXUGH $XI&KLOGRQJDKDWHVQLFKWLPPHUVRDXVJHVHKHQZLHKHXWHHUNOlUWHGHU $VWURQRP$OOH$Q]HLFKHQZHLVHQGDUDXIKLQGDVLFKGLHVHV*HELHWHLQPDO LQGHUbTXDWRU]RQHGHV3ODQHWHQEHIXQGHQKDW6SlWHUPXGDQQLQIROJHYRQ (LQIOVVHQGLHZLUKHXWHQLFKWPHKUIHVWVWHOOHQN|QQHQHLQH9HUODJHUXQJGHU 5RWDWLRQVDFKVHVWDWWJHIXQGHQKDEHQ&KLOGRQJDNLSSWHJHZLVVHUPDHQ]XU 6HLWHVRGDGLHIUKHUHQ3ROJHJHQGHQ]XPbTXDWRUKLQZDQGHUWHQXQG XPJHNHKUW 5RLQLFNWHGHQQHUZXWHGDGLH(UGHLP/DXIGHU-DKUPLOOLRQHQHLQLJH VROFKH9HUlQGHUXQJHQPLWJHPDFKWKDWWH6HOEVWGRUWZRVLFKMHW]WGDVHZLJH

(LVGHU$QWDUNWLVEHIDQGKDWWHHVHLQPDOSSLJHWURSLVFKH:lOGHUJHJHEHQ GDUDXIZLHVHQ]DKOUHLFKH)XQGHYRQ9HUVWHLQHUXQJHQKLQ (UYHUDEVFKLHGHWHVLFKYRQ.RP]DNXQGNHKUWHLQGLH.RPPDQGR]HQWUDOH ]XUFN*LEWHVHWZDV1HXHV"IUDJWHHUEHL/LQQ&UDQQRNDQ'HU0DMRU VFKWWHOWHGHQ.RSI :LUKDEHQLQ]ZLVFKHQOHGLJOLFKGDV/DJHUGHU$UFKlRORJHQDXVILQGLJ JHPDFKW6LU,P0RPHQWWUHLEHQZLUPLWJHULQJHU)DKUWQDFK1RUGQRUGRVW XPEHUGDVYRQ'U.RQ]HZEH]HLFKQHWH*HELHW]XJHODQJHQ%LVKHUKDEHQ ZLUQRFKQLFKWVHQWGHFNHQN|QQHQGDVDXIGLH$QZHVHQKHLWZHLWHUHU 0HQVFKHQLQGLHVHU*HJHQGKLQZHLVW 'DQWRQJLQJ]X*XFN\KLQEHUGHUOlVVLJLQHLQHP.RQWXUVLW]KLQJGHQ EUHLWHQ%LEHUVFKZDQ]EHUGLH$UPOHKQHJHKlQJW,UJHQGZHOFKH *HGDQNHQLPSXOVH.OHLQHU"HUNXQGLJWHHUVLFK 1LFKWGLH%RKQH0LNHJDEGHU0DXVELEHU]XUFN.HLQGHQNHQGHV:HVHQ ZHLWXQGEUHLWELVDXIGLHSDDU$OWHUWXPVEXGGOHU'LHVH*HJHQGLVWVRWRWZLH HLQ)ULHGKRIXP0LWWHUQDFKW,FKJODXEHQLFKWGDZLUKLHUEHUKDXSWHWZDV ILQGHQZHUGHQ (VPXDEHUHWZDVGDVHLQ.OHLQHUVDJWH5RLHQWVFKLHGHQ:HQQHLQ JURHU&RPSXWHUHLQH$XVVDJHPLWPHKUDOV3UR]HQW:DKUVFKHLQOLFKNHLW JLEWLVWXQEHGLQJWHWZDVGDUDQ'DGHU3LORWGHU$UFKlRORJHQVLFKGHQ /LFKWVFKHLQQXUHLQJHELOGHWKDWLVWDXFKNDXPDQ]XQHKPHQ$XHUGHP VSLHOWHQGLH,QVWUXPHQWHVHLQHV*OHLWHUVYHUUFNWGDVLVWHLQZHLWHUHU GHXWOLFKHU+LQZHLV (LQ1RUGOLFKWYLHOOHLFKWZDUI*RUP7\OHUHLQGHUKLQ]XJHWUHWHQZDU'LH GDPLWYHUEXQGHQHQPDJQHWLVFKHQ6W|UXQJHQN|QQWHQGLH0LZHLVXQJHQGHU $Q]HLJHQYHUXUVDFKWKDEHQ6LU ,VWQLFKWGULQ8QWHUKlXSWOLQJPHLQWH*XFN\6HOEVWLFKZHLGD 1RUGOLFKWHUHLQH6HNXQGlUHUVFKHLQXQJPDJQHWLVFKHU6WUPHVLQGGLHGXUFK HQHUJHWLVFKH9RUJlQJHDXIGHU6RQQHKHUYRUJHUXIHQZHUGHQ=XUIUDJOLFKHQ =HLWZDU&KLOGRQJDDEHUUHVWORVYRQVHLQHU8PZHOWLVROLHUWVRGDHVQLFKW HLQPDOHLQHQ/LFKWTXDQWYRQGHPDOWHQ$WRPRIHQPHKUEHNDP 2UWXQJ6LUULHILQGLHVHP0RPHQWGHU.RPPDQGDQWDXV'DQWRQHLOWH]X LKPKLQEHUDXFKGHU,OWUXWVFKWHDXVGHP6LW]XQGZDWVFKHOWHKLQWHUKHU &UDQQRNZLHVDXIGHQ%LOGVFKLUPGHU(QHUJLHRUWXQJ :LUVLQGMHW]WJHQDX.LORPHWHU/XIWOLQLHYRP/DJHU3URIHVVRU)UDQ]LNV HQWIHUQWHUNOlUWHHU1DFKGHQ$QJDEHQVHLQHV*OHLWHUSLORWHQPXVLFKGLH UlWVHOKDIWH/LFKWTXHOOHHWZDKLHUEHIXQGHQKDEHQ:LUPHVVHQQXQEHU GLHVHP6HNWRUHLQNUHLVUXQGHVHWZD]ZHL.LORPHWHUGXUFKPHVVHQGHV)HOG YRQYHUPXWOLFKHQHUJHWLVFKHU1DWXUDQ 1DDOVRHQGOLFKZLUGHVLQWHUHVVDQWIUHXWHVLFK*XFN\ 5KRGDQV6RKQGDJHJHQUXQ]HOWHGLH6WLUQ :DVKHLWKLHUYHUPXWOLFKHQHUJHWLVFKHV)HOG"IRUVFKWHHU/lWVLFKVHLQH 1DWXUGHQQQLFKWHLQZDQGIUHLIHVWVWHOOHQ"

'HU2UWXQJVVSH]LDOLVW]XFNWHPLWGHQ6FKXOWHUQ%LVMHW]WOHLGHUQLFKW6LU'LH ,QVWUXPHQWHVSUHFKHQ]ZDUDQJHEHQMHGRFKNHLQHNODUGHILQLHUEDUHQ:HUWH (WZDVbKQOLFKHVLVWPLULQPHLQHU]HKQMlKULJHQ'LHQVW]HLWQRFKQLFKW EHJHJQHW 'LH0lQQHUVDKHQDQJHVWUHQJWDXIGHQJURHQ6FKLUPGHUDXIGXQNOHP 8QWHUJUXQGHLQHQYHUZDVFKHQHUVFKHLQHQGHQUXQGHQ)OHFN]HLJWH6HLQH )DUEHZDUXQEHVWLPPEDUVLHODJLUJHQGZR]ZLVFKHQKHOOJUDXXQGPDWWEODX .HLQDQGHUHV*HUlWVSUDFKGDUDXIDQDXFKGLH,QIUDURWRUWXQJQLFKW :LUNOLFKVHKUPHUNZUGLJVDJWH5RL'DQWRQGHPHLQlKQOLFKHV3KlQRPHQ JOHLFKIDOOVXQEHNDQQWZDUhEHUPLWWHOQ6LHDOOH:HUWHVRIRUWDQGHQ +DXSWFRPSXWHU6HUJHDQW9LHOOHLFKWNDQQHUHWZDVGDUDXVPDFKHQ 'HU6SH]LDOLVWNDPVHLQHU$QZHLVXQJQDFKXQGGDQQZDUWHWHQDOOHJHVSDQQW DXIGDV(UJHEQLV'DDXFKGHU5HFKQHU6FKZLHULJNHLWHQKDWWHHUNDQQWHQ VLHDQGHUXQJHZ|KQOLFKHQ/lQJHGHU$XVZHUWXQJV]HLW(VGDXHUWHIDVWHLQH KDOEH0LQXWHELVGDVDNXVWLVFKH6LJQDOHUNODQJ .HLQHHLQGHXWLJHQ$QJDEHQ6LUHUNOlUWHGDQQGHU&RPSXWHUWHFKQLNHU $XFKGHU5HFKQHUVLHKWVLFKDXHUVWDQGHGDV)HOGQDFKLUJHQGZHOFKHQ HLQJHVSHLFKHUWHQ(UIDKUXQJVZHUWHQHLQ]XRUGQHQ'DVHKHQ6LHVHOEVW 5RL'DQWRQQDKPGLH$XVZHUWXQJVIROLHHQWJHJHQXQGODVGLHGDUDXI HLQJHVWDQ]WHQ$QJDEHQDE'DQQVDKHU/LQQ&UDQQRNXQGGLHDQGHUHQPLW ]XVDPPHQJHNQLIIHQHQ$XJHQEUDXHQDQ 'HU&RPSLVWDXFKQLFKWYLHOVFKODXHUDOVZLU0HVVLHXUV(UPHOGHW )HKODQ]HLJHIUDOOHGHULUGLVFKHQ7HFKQLNEHNDQQWHQ$UWHQYRQ HQHUJHWLVFKHQ)HOGHUQ(UOlWVLFKOHGLJOLFK]XGHUYDJHQ$QJDEHKHUDE GDHVVLFKKLHUXPHLQH$UWYRQ$EVRUEHUIHOGXQEHNDQQWHU.RQVLVWHQ] KDQGHOQN|QQWH'DIUJLEWHUHLQH:DKUVFKHLQOLFKNHLWYRQ3UR]HQW DQ 'DVLVWVHKUZHQLJ6LUPHLQWH&UDQQRNSHVVLPLVWLVFK:lUHQLFKWGLH DXIIDOOHQGNUHLVI|UPLJH)RUPGLHVHV)HOGHVN|QQWHPDQHVIUHLQ]ZDU XQEHNDQQWHVDEHUGRFKQDWUOLFKHV3KlQRPHQKDOWHQ:DVVROOHQZLUMHW]W WXQ" 'DQWRQEHUOHJWHQRFKDOVVLFK*RUP7\OHUGXUFKHLQHQ=XUXIEHPHUNEDU PDFKWH'HU(UVWH2IIL]LHUKDWWHGHQ+RKOUDXPWDVWHULQ%HWULHEJHQRPPHQ GHPPDQELVKHUNHLQH$XIPHUNVDPNHLWJHVFKHQNWKDWWHZHLOPDQVLFKJDQ] DXIGDVUlWVHOKDIWH)HOGNRQ]HQWULHUWH'DV*HUlWVSUDFKQLFKWDXI HQHUJHWLVFKH(UVFKHLQXQJHQDQHVUHJLVWULHUWHOHGLJOLFKGDV9RUKDQGHQVHLQ YRQJU|HUHQ+RKOUlXPHQXQWHUKDOEGHU%RGHQNUXVWH $QDO\VHSRVLWLY6LUVDJWHGHU/HXWQDQWDOV5RL'DQWRQ]XLKP KHUEHUJHHLOWNDP*HQDXLP0LWWHOSXQNWGHV%HUHLFKVGHQGLH (QHUJLHRUWXQJHUPLWWHOWKDWH[LVWLHUHQPHKUHUHJU|HUH+|KOXQJHQXQWHUKDOE GHV%RGHQQLYHDXV'LH0HHUJHEQLVVHZHUGHQDOOHUGLQJVOHLFKWYHUIlOVFKW YHUPXWOLFKGXUFKGHQ(LQIOXGHV$EVRUEHUIHOGHV

$XVJH]HLFKQHW*RUPVDJWH'DQWRQ(UQDKPVLFKYRUEHLP )ORWWHQNRPPDQGRHWZDVIUGLH.DUULHUHGHV2IIL]LHUV]XWXQGHUQXQGXUFK VHLQH(LJHQLQLWLDWLYHEHUHLWV]ZHLPDOKHUYRUJHWUHWHQZDU 7\OHUV$QJDEHQEHVWlWLJWHQVLFK 'DVYRQGHPUlWVHOKDIWHQ$EVRUEHUIHOGDEJHVFKLUPWH$UHDOZDUHEHQVRPLW %DXPZXFKVEHVWDQGHQZLHDOOHVLQGHU8PJHEXQJ(VJDEOHGLJOLFKHLQLJH OHLFKWH%RGHQZHOOHQGLHDEHUGXUFKDXVHLQHQQDWUOLFKHQ8UVSUXQJKDEHQ NRQQWHQ$QGHUVYHUKLHOWHVVLFKMHGRFKPLWGHQVXESODQHWDUHQ+RKOUlXPHQ GLHGHU7DVWHUIHVWJHVWHOOWKDWWH 6LHZDUHQDXVJHGHKQWHLQLJHPXWHQHLQHQ'XUFKPHVVHUYRQPHKUDOV KXQGHUW0HWHUKDEHQ1DKPPDQGLH]DKOUHLFKHQNOHLQHUHQKLQ]XZDUHV UXQGHLQ'XW]HQG$OOHVFKLHQHQOlQJOLFK]XVHLQLKUHJHQDXH)RUPZDUDEHU QLFKW]XHUPLWWHOQ'DV(FKRELOGVFKZDQNWHVWlQGLJXQGOLHGLH8PULVVH ]HUIOLHHQ$XFKUlXPOLFKHV9ROXPHQXQGGLH7LHIHLQGHUVLHVLFKEHIDQGHQ ZDUGHVZHJHQQLFKWIHVWVWHOOEDU .|QQWHHVVLFKXPQDWUOLFKH+|KOXQJHQKDQGHOQ"IUDJWHGHU.RPPDQGDQW 5RL'DQWRQVFKWWHOWHHQWVFKLHGHQGHQ.RSI 'DVKDOWHLFKIUDXVJHVFKORVVHQ/LQQ%LVKHUKDEHQZLUQLUJHQGVLQGHU 8PJHEXQJ.DYHUQHQYRQQHQQHQVZHUWHU*U|HHQWGHFNHQN|QQHQ+LHUJLEW HVDEHUJOHLFKHLQJDQ]HV6\VWHPGDYRQXQGGDVDXVJHUHFKQHWXQWHUKDOE GHVRPLQ|VHQ$EVRUEHUIHOGV'LHVHV=XVDPPHQWUHIIHQLVW]XDXIIlOOLJXP QLFKWYHUGlFKWLJ]XVHLQ 5LFKWLJ0LNHVHNXQGLHUWH*XFN\LKP,FKYHUZHWWHGLHJDQ]H0$*(//$1 JHJHQHLQHYHUVFKUXPSHOWH0RKUUEHGDKLHUHLQLJHVQLFKWVWLPPW:HQQ GDXQWHQQLFKWGLH8QEHNDQQWHQVLW]HQGHQHQ&KLOGRQJDGHQJDQ]HQ 6FKODPDVVHO]XYHUGDQNHQKDWZLOOLFKLQ=XNXQIWQXUQRFK]X)XJHKHQ .HLQHOHHUHQ9HUVSUHFKXQJHQ.OHLQHUOlFKHOWH5RLGHUGLHVHQ*HGDQNHQ DXVJXWHP*UXQGHUKHLWHUQGIDQG:LUN|QQHQDEHUQRFKHLQHQZHLWHUHQ 7HVWYRUQHKPHQ/DVVHQ6LHDXFKGLH0HWDOOWDVWHULQ%HWULHEQHKPHQ/LQQ :HQQVLHHWZDVDQ]HLJHQKDEHQZLUGLHOHW]WH%HVWlWLJXQJIUXQVHUH 9HUPXWXQJ *RUP7\OHUDNWLYLHUWHGLHVH*HUlWHGLHVLFKVHLWODQJHU=HLWWDXVHQGIDFK EHZlKUWKDWWHQ6LH]HLJWHQGDV9RUKDQGHQVHLQQHQQHQVZHUWHU 0HWDOOPHQJHQELVKLQDELQJURH7LHIHQDQ=XJOHLFKDQDO\VLHUWHQVLHDXFK LKUH=XVDPPHQVHW]XQJVRGDVLFKPLWLKUHU+LOIH]XYHUOlVVLJHUPLWWHOQOLH XPZHOFKH(OHPHQWHHVVLFKGDEHLKDQGHOWH 'LHVPDOZDUHVMHGRFKlKQOLFKZLHEHLGHP+RKOUDXPWDVWHU'LH$Q]HLJHQ VSUDFKHQ]ZDUDQOLHIHUWHQDEHUQXU:HUWHGLHVWlQGLJVFKZDQNWHQXQG NHLQHYHUOlOLFKHQ$QDO\VHQ]XOLHHQ2IIHQEDUPDFKWHVLFKDXFKKLHUGHU (LQIOXGHVXQEHNDQQWHQ$EVRUEHUIHOGVEHPHUNEDU 'DQWRQZDUWURW]GHP]XIULHGHQ 0HKU%HZHLVHEUDXFKHQZLUQLFKWHUNOlUWHHU:LUKDEHQLPPHUKLQ IHVWVWHOOHQN|QQHQGDHVLQGLHVHQ+RKOUlXPHQEHWUlFKWOLFKH0HWDOOPHQJHQ JLEW'DPLWVLQGHVQXQVFKRQGUHL)DNWRUHQGLHPLWJURHU6LFKHUKHLWGDUDXI

VFKOLHHQODVVHQGDGDXQWHQMHQHVLW]HQGLHIUGLH0DQLSXODWLRQHQGLHVHU :HOWYHUDQWZRUWOLFKVLQG(LQHZHLWHUH$XVZHUWXQJGXUFKGHQ&RPSXWHU HUEULJWVLFKGLH/DJHLVWDXFKVRYROONRPPHQNODU *UHLIHQZLUDQ"IUDJWHGHU0DXVELEHUVRIRUWXQWHUQHKPXQJVOXVWLJZLH LPPHU'HU)UHXQGZLQNWHMHGRFKHQWVFKLHGHQDE 1XUQLFKWVRKLW]LJ*XFN\:LUZHUGHQXQVHUH6FKULWWHHUVWHLQPDOVRUJIlOWLJ DEZlJHQPVVHQQXUHLQHLQ]LJHUIDOVFKHUXQGHVN|QQWHXQVHUOHW]WHU VHLQ9HUJLQLFKWGDZLUEHUXQVHUHXQEHNDQQWHQ*HJQHUQRFKJDUQLFKWV ZLVVHQ 1LFKWHLQPDOREHV0HQVFKHQRGHULUJHQGZHOFKH)UHPGZHVHQVLQGZDUI 0DMRU&UDQQRNHLQ5RLQLFNWHVHLQ*HVLFKWZDUXQJHZ|KQOLFKHUQVW 'DIUVWHKWDEHUIHVWGDVLHEHUHLQHKRFKHQWZLFNHOWH7HFKQLNYHUIJHQ PVVHQ'DV)HOGEHULKUHUXQWHULUGLVFKHQ$QODJHLVWHLQXQWUJOLFKHV $Q]HLFKHQGDIU(VDEVRUELHUWRIIHQEDUDOOH(QHUJLHDUWHQVRZRKOYRQLQQHQ ZLHYRQDXHQXQGIKUWVRJDUGLHVRQVWQDUUHQVLFKHUHQ7DVWJHUlWHLUUH 9LHOOHLFKWOLHHVLFKGDV3UREOHPPLWHLQHP)HXHUVFKODJO|VHQJHQDXVRJXW N|QQWHDEHUDXFKGDV*HJHQWHLOGHU)DOOVHLQ:HQQGLH0DVFKLQHQGHU )UHPGHQDXHU.RQWUROOHJHUDWHQNDQQHVGDV(QGHGHVJDQ]HQ3ODQHWHQ EHGHXWHQ 2ND\0LNHVHXI]WH*XFN\'DQQEHHLOGLFKDEHUZHQLJVWHQVPLWGHU (LQEHUXIXQJGHU.RQIHUHQ]PLWXQVHUHQ(LHUN|SIHQDQGLHGXJHUDGHGHQNVW :HQQHVGHQ8QEHNDQQWHQHLQIlOOW&KLOGRQJDHUQHXWYHUVFKZLQGHQ]X ODVVHQHKHZLULKQHQGHQ1HUY]LHKHQN|QQHQVWHKHQZLUDXIGHP6FKODXFK 'LH%HVSUHFKXQJPLWGHP7HDPYRQ'U%HULQJGDXHUWHQXUNQDSS]ZDQ]LJ 0LQXWHQ$XFK0DMRU$QGRFQDKPGDUDQWHLO 'DQWRQWHLOWHGHQ:LVVHQVFKDIWOHUQVRNXU]ZLHP|JOLFKGLHHUPLWWHOWHQ )DNWHQPLW(UEHDQWZRUWHWH]ZDUHLQLJH)UDJHQEORFNWHDEHUVRIRUWDEZHQQ GLH*HIDKUEHVWDQGGDVLHVLFKLQ)DFKVLPSHOHLHQYHUORUHQ*XFN\VOHW]WH %HPHUNXQJKDWWH]ZDUQRFKVDORSSHUJHNOXQJHQDOVJHZ|KQOLFKDEHUGHQ (UQVWGHU/DJHVHKUWUHIIHQGKHUDXVJHVWHOOW *XWVRPLWVLQGZLUXQVDOVRHLQLJVWHOOWH5KRGDQV6RKQDEVFKOLHHQGIHVW 'LH0$*(//$1EOHLEWLPVWDWLRQlUHQ2UELWEHUGLHVHP*HELHWZLU HQWVHQGHQOHGLJOLFKGLH6SDFH-HWXPXQWHQGLH*HJHEHQKHLWHQ]X HUNXQGHQ'DV(LQVDW]NRPPDQGRZLUGDEHUVRVFKODJNUlIWLJZLHP|JOLFK DXVJHUVWHWXPDOOHQ(YHQWXDOLWlWHQJHZDFKVHQ]XVHLQ,FKZHUGHHVVHOEVW OHLWHQ0DMRU$QGRFZLUGPHLQ6WHOOYHUWUHWHUVHLQ6ROOWHGDV8QWHUQHKPHQ VFKHLWHUQXQGZLUGDEHLXPV/HEHQNRPPHQEOHLEWHV0DMRU&UDQQRN EHUODVVHQZHOFKH0DQDKPHQHUZHLWHUWULIIW

(UDN]HSWLHUWHGDV9HUODQJHQ'U%HULQJVDQGHU([NXUVLRQWHLO]XQHKPHQ $XHUGHPVROOWHQQRFK]HKQ0lQQHUGHU6RO$EPLWIOLHJHQXQGQDWUOLFK *XFN\GHU$OOURXQGPXWDQW $OVGHU'LVNXVUDXPHUHLQH9LHUWHOVWXQGHVSlWHUDXVJHVFKOHXVWZXUGH EHIDQGHQVLFKHLQVFKOLHOLFKGHUQRUPDOHQ%HVDW]XQJDFKW]HKQ3HUVRQHQDQ %RUG$OOHWUXJHQ.DPSIDQ]JHPLW)OXJDJJUHJDWHQXQG'HIOHNWRUHQLKUH %HZDIIQXQJEHVWDQGDXV,PSXOVVWUDKOHUQDWRPDUHQ0LNURERPEHQVRZLH FKHPLVFKHQ6SUHQJXQG%UDQGVlW]HQ$XFKGLH*HVFKW]HGHU-HWZDUHQ IHXHUEHUHLW 'DVNOHLQH6FKLIIVWUHEWHVHLWOLFKYRQGHP.UHX]HUKLQZHJEHVFKULHEHLQHQ %RJHQXQGWDXFKWHHUVWGDQQLQGLH$WPRVSKlUHHLQHWZDKXQGHUW.LORPHWHU YRQGHUYHUPXWOLFKHQ6WDWLRQGHU)UHPGHQHQWIHUQW5RL'DQWRQZLHVGHQ 3LORWHQDQGHQ5DXPHUELVDXI]ZHLKXQGHUW0HWHUEHUGHP%RGHQDEVLQNHQ ]XODVVHQ9RQGDDEZXUGHGHU)OXJQXUPLW+LOIHGHV$QWLJUDYDQWULHEV IRUWJHVHW]WGHUIDVWJHUlXVFKORVDUEHLWHWH1XUGLHSDVVLYHQ2UWXQJHQOLHIHQ XPGHQ*HJQHUQLFKWGXUFKDXIWUHIIHQGH7DVWVWUDKOHQYRU]HLWLJDXIPHUNVDP ]XPDFKHQ *XFN\NDP]X'DQWRQKHUDQJHZDWVFKHOWXQGOHKQWHVLFKJHJHQGLH$UPOHKQH VHLQHV.RQWXUVLW]HV0LUJHKWGDQRFKHWZDVGXUFKGHQ.RSI0LNH(VZlUH P|JOLFKGDGLH$QODJHQXQWHUGHP)HOGQXUPLW5RERWHUQEHVHW]WVHLQ N|QQWHQ'DVZUGHHUNOlUHQZDUXPLFKDXFKQLFKWGHQNOHLQVWHQ *HGDQNHQIHW]HQDXIIDQJHQNDQQQLFKWHLQPDOHLQVLPSOHV*HKLUQPXVWHU 'XUFKDXVP|JOLFKUlXPWH5RLHLQ(VJLEWDEHUDXFKQRFKHLQH]ZHLWH 0|JOLFKNHLW'DV$EVRUEHUIHOGZLUNWDXFKDOV3VL6SHUUH'DVZUGHGLUZHQLJ EHKDJHQ.OHLQHUZLH" 1RFKZHQLJHUVDJWHGHU,OWPLWYHUNQLIIHQHP*HVLFKW'DVZlUHZLUNOLFKHLQ DXVJHPDFKWHU0LVWDOWHU-XQJH'DQQKlWWHLFKDXFKJOHLFKLP.UHX]HU EOHLEHQN|QQHQ 'HU5HVWVHLQHU$QWZRUWYHUORUVLFKLQXQGHXWOLFKHP*HPXUPHOGDV YHUPXWOLFKQXUZHQLJVDORQIlKLJZDU*XFN\ZDUVRDQGHQVWlQGLJHQ *HEUDXFKVHLQHU3DUDIlKLJNHLWHQJHZ|KQWGDHVLKQ]XWLHIVWGHSULPLHUWH ZHQQHUVLHQLFKWHLQVHW]HQNRQQWH'DVPXWHDEHUXQZHLJHUOLFKGHU)DOO VHLQZHQQGDVIUHPGH)HOGDXFKHLQHSVLRQLVFKH6SHUUHZDU 0HLQVWUXPHQWHGDIUKDWWHPDQELVKHUQRFKQLFKWHQWZLFNHOQN|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

(QHUJLHRUWXQJGHV)DKU]HXJVDQJHPHVVHQZHUGHQ9RQGHUVXESODQHWDUHQ 6WDWLRQDXVZDUELVGDKLQNHLQH5HDNWLRQDXIVHLQH$QQlKHUXQJHUIROJW2E PDQHVWDWVlFKOLFKQLFKWEHPHUNWKDWWHRGHUVLFKQXUDXVWDNWLVFKHQ*UQGHQ WRWVWHOOWHEOLHEHLQHRIIHQH)UDJH /DQGHQZLHV5RL/HXWQDQW7RUUHVDQ 'HU3LORWQLFNWHXQGOLHGHQ'LVNXVUDXPHUDXIHLQHUZLQ]LJHQ/LFKWXQJ ]ZLVFKHQGHQ%lXPHQQLHGHUJHKHQ(UVHW]WHVDQIWDXIGLHYLHU 7HOHVNRSVWW]HQVDQNHQNDXPLQGHQWURFNHQHQ%RGHQHLQ$OOH0DVFKLQHQ ZXUGHQDEJHVFKDOWHWQXUGLH2UWXQJVLQVWUXPHQWHEOLHEHQLQ%HWULHE 'LH$QJHK|ULJHQGHV(LQVDW]NRPPDQGRVPDFKWHQVLFKEHUHLWXQGFKHFNWHQ LKUH$Q]XJVJHUlWHQRFKHLQPDOGXUFK'DQQYHUOLHHQVLHGLH-HWGXUFKGLH %RGHQVFKOHXVHGLH%HVDW]XQJEOLHEDQ%RUG6LHVROOWHGHQDQGHUHQ )HXHUVFKXW]JHEHQIDOOVGDVQRWZHQGLJZXUGH'HU'LVNXVN|USHUUDJWHZHLW EHUGLHQLHGULJHQ%lXPHDXIVRGDYRQGHU6WHXHU]HQWUDOHDXVDOOHV EHREDFKWHWZHUGHQNRQQWHZDVLQGHU8PJHEXQJJHVFKDK 'DQWRQVDKDXIGLH$Q]HLJHQGHVNOHLQHQ9LHO]ZHFN0HJHUlWHVDQVHLQHP +DQGJHOHQN6LHVFKOXJHQQLFKWDXVNRQQWHQDOVRGDV$EVRUEHUIHOGQLFKW HUIDVVHQ'DVZDUXQJQVWLJGHQQDXFKGLH2UWXQJHQGHU6SDFH-HW YHUPRFKWHQVHLQH*UHQ]HQLFKWHLQGHXWLJIHVW]XVWHOOHQ(VPXWHHWZD]ZHL ELVIQIKXQGHUW0HWHUYRQLKUHPMHW]LJHQ6WDQGRUWHQWIHUQWEHJLQQHQ 'LH0lQQHUXQG*XFN\VWDQGHQLQIXKRKHPEUHLWEOlWWULJHP*UDVYRQ JHOEJUQHU)DUEH5LQJVXPZDUDOOHVVWLOOQXUDEXQG]XIXKUHLQ:LQGVWR GXUFKGLH%lXPHXQGOLHGLHODQJHQ1DGHOQDQGHQbVWHQOHLVHUDVFKHOQ 'LH6RQQHVWDQGQLHGULJHVZDUDEHUWURW]GHPZDUPJHZRUGHQ 5RL'DQWRQVDKVLFKHLQJHKHQGXPXQGVFKWWHOWHGDQQGHQ.RSI'LH %lXPHVWHKHQ]XGLFKW(VLVWXQP|JOLFKVLFK]ZLVFKHQLKQHQ KLQGXUFK]XDUEHLWHQ:LUPVVHQDOVRGLH)OXJDJJUHJDWHEHQXW]HQREZRKO LFKGDVJHUQYHUPLHGHQKlWWH'RF6LHXQG*XFN\EOHLEHQEHLPLU'LH DQGHUHQVFKZlUPHQQDFKGHQ6HLWHQKLQDXV$EVWDQGMHZHLOV]HKQ0HWHU VRGDZLUHLQH.HWWHELOGHQ)OXJK|KH]ZHL0HWHUEHUGHQ%DXPNURQHQEHL *HIDKUVRIRUWKHUXQWHUJHKHQXQG'HFNXQJQHKPHQ$XVIKUXQJ $OVGLH0lQQHULKUH3RVLWLRQHQHUUHLFKWKDWWHQJDEHUGDV.RPPDQGR]XP $EIOXJ0LWPlLJHU*HVFKZLQGLJNHLWIORJHQVLHGHU6WDWLRQGHU8QEHNDQQWHQ HQWJHJHQYRQGHUDOOHUGLQJVQLFKWGDVJHULQJVWH]XVHKHQZDU(VJDEQLFKWV DOV%lXPHVRZHLWGHU%OLFNUHLFKWH 'U%HULQJEHVDQXUZHQLJhEXQJLP8PJDQJPLW)OXJDQ]JHQ(U]HLJWH DQIDQJV8QVLFKHUKHLWHQHLQLJH0DOHPXWHGHU0DXVELEHUWHOHNLQHWLVFK HLQJUHLIHQXPLKQYRUHLQHU.ROOLVLRQPLWGHQ%DXPZLSIHOQ]XEHZDKUHQ(U ZXUGHDEHUEDOGVLFKHUHUXQGNDPJHQDXVRVFKQHOOYRUZlUWVZLHGLH DQGHUHQ .HLQH2UWXQJ6LU"IUDJWH0DMRU&UDQQRNDQ'DQWRQNRQVXOWLHUWHHUQHXWGDV 0HJHUlWDEHUHVVSUDFKQDFKZLHYRUQLFKWDQ6LHKDWWHQLQ]ZLVFKHQ EHUHLWV]ZHLKXQGHUW0HWHU]XUFNJHOHJW

/DQJVDPHUZHUGHQRUGQHWH5RLDQ'RUWKLQWHUGHU%RGHQZHOOHJLEWHV HLQHZHLWHUH/LFKWXQJ:LUZHUGHQGDUDXIQLHGHUJHKHQXQGGDQQYHUVXFKHQ (UXQWHUEUDFKVLFKHUVFKURFNHQGHQQLQGHQ+|UPXVFKHOQGHV.DPSIDQ]XJV JHOOWHQPHKUHUH6FKPHU]HQVVFKUHLHDXI (LQLJH0lQQHUGHU6RO$EDXIGHPOLQNHQ)OJHOGHU.HWWHZDUHQGHQDQGHUHQ PHKUHUH0HWHUYRUDXV6LHSUDOOWHQSO|W]OLFKJHJHQHLQXQVLFKWEDUHV +LQGHUQLVZXUGHQ]XUFNJHVFKOHXGHUWXQGYHUORUHQGLH.RQWUROOHEHULKUH )OXJDJJUHJDWH1XUGDVUDVFKH(LQJUHLIHQ*XFN\VGHUVLHWHOHNLQHWLVFK IHVWKLHOWEHZDKUWHVLHYRUXQIUHLZLOOLJHQ.DSULROHQRGHUHLQHP6WXU]]ZLVFKHQ GLH%lXPH $EVFKZHQNHQULHI'DQWRQXQGJULIIJOHLFK]HLWLJQDFKGHP$UPYRQ'U %HULQJGHUGLFKWQHEHQLKPIORJ(UJDEYROOHQ*HJHQVFKXENRQQWHMHGRFK QLFKWYHUKLQGHUQGDDXFKVLHQRFKPLWGHP)HOGNROOLGLHUWHQ'HU$XISUDOO ZDUDEHUQXUVFKZDFKXQGEOLHERKQHQDFKWHLOLJH)ROJHQ6HNXQGHQVSlWHU JLQJHQVLHLQHLQHU/FNH]ZLVFKHQGHQ%lXPHQQLHGHUXQGZDUHQYRUOlXILJ LQ6LFKHUKHLW -HW]WZLVVHQZLUZRUDQZLUVLQGVWHOOWHGHU0DXVELEHUJULPPLJIHVW=XWULWW YHUERWHQXQGPDQKDWQLFKWHLQPDO:DUQVFKLOGHUDXIJHVWHOOW 'DV(LQVDW]NRPPDQGRKDWWHVLFKEHL5RL'DQWRQYHUVDPPHOWXQGDQDO\VLHUWH GLH/DJH'LH%LODQ]ILHOQLFKWVHKUHUIUHXOLFKDXV 9LHU0lQQHUGHU6RODUHQ$EZHKUZDUHQDXHU*HIHFKWJHVHW]W7URW]GHU +HOPHKDWWHQVLHEHLP$QSUDOO*HKLUQHUVFKWWHUXQJHQGDYRQJHWUDJHQ]ZHL YRQLKQHQDXFK$UPEUFKH6LH]XUFNLQGLH6SDFH-HW]XEULQJHQKlWWH ZHQLJ6LQQJHKDEW'HVKDOEWHOHSRUWLHUWH*XFN\VLHGLUHNWLQGLH0$*(//$1 KLQDXIZRVLHlU]WOLFKYHUVRUJWZHUGHQNRQQWHQ 8QGZDVMHW]W"HUNXQGLJWHHUVLFKDOVHUGDV]ZHLWH0DO]XUFNJHNHKUWZDU 'DV)HOGKDWXQVLPZDKUVWHQ6LQQHGHV:RUWHVJDQ]VFK|Q DEJHVFKPHWWHUW0DFKPDOHLQHQEUDXFKEDUHQ9RUVFKODJ2EHUKlXSWOLQJ 'DQWRQNRQQWHMHGRFKQXUPLWGHQ6FKXOWHUQ]XFNHQ (UKDWWHLQ]ZLVFKHQPHKUPDOVYHUVXFKWGLHXQVLFKWEDUH*UHQ]H]X SDVVLHUHQ(VJDEDEHUNHLQ'XUFKNRPPHQZHGHULQGHU/XIWQRFK]X)X 'LH6SHUUHUHLFKWHELVDXIGHQ%RGHQKLQDEXQGZ|OEWHVLFK]XP0LWWHOSXQNW KLQ]XHLQHU+|KHYRQVFKlW]XQJVZHLVH]ZHLKXQGHUW0HWHUDXI7URW]LKUHU 6WDELOLWlWZDUVLHYROONRPPHQXQVLFKWEDU(VJDEQLFKWGDVOHLVHVWH)OLPPHUQ LQGHU/XIWGDVVRQVWEHLWUDQVSDUHQWHQ6FKXW]VFKLUPHQVWHWV]XEHREDFKWHQ ZDU $OOHKDWWHQLQ]ZLVFKHQLKUH0LNURGHIOHNWRUHQHLQJHVFKDOWHW6LHZDUHQQXQ XQVLFKWEDUXQGNRQQWHQVLFKDXFKJHJHQVHLWLJQXUGXUFKGLH$QWLIOH[EOHQGHQ VHKHQ'DEHLNDPHQVLHVLFKVHOEVWHWZDVOlFKHUOLFKYRUGHQQHVJDE QLUJHQGVHLQHQ*HJQHU:lUHQLFKWGDVVHOWVDPH6FKLUPIHOGJHZHVHQ KlWWHQVLHPHLQHQN|QQHQJDQ]DOOHLQLQGLHVHU:LOGQLV]XVHLQ 2GHUZXUGHQVLHYLHOOHLFKWGRFKDXIPHUNVDPEHREDFKWHW":DUWHWHQGLH 8QEHNDQQWHQYLHOOHLFKWQXUGDUDXIGDVLHGDV)HOGLUJHQGZLHGXUFKEUDFKHQ

XPVLHGDQQ]XYHUQLFKWHQ",KUHELVKHULJH3DVVLYLWlWNRQQWHZRKOEHUHFKQHW VHLQ :LUVROOWHQLQGLH6SDFH-HW]XUFNNHKUHQVFKOXJ0DMRU$QGRFYRU9RQ GRUWDXVN|QQHQZLUGDQQYHUVXFKHQGDV)HOGGXUFKNRQ]HQWULHUWHQ%HVFKX DXI]XNQDFNHQ:HQQGLH)UHPGHQPHUNHQGDZLUHUQVWPDFKHQNRPPHQ VLHYLHOOHLFKWDXVLKUHU5HVHUYHKHUDXV 'DQWRQVDK]|JHUQGYRUVLFKKLQ6HLQ%OLFNILHODXIHLQNOHLQHVKDVHQDUWLJHV 3HO]WLHUGDVRKQHMHGH6FKHXQXUZHQLJH0HWHUYRQLKQHQHQWIHUQWMHQVHLWV GHU%DUULHUHGDKLQKRSSHOWH (VVFKLHQGLH0lQQHUQLFKW]XEHPHUNHQREZRKOVLH*HUlXVFKH YHUXUVDFKWHQGLHNDXP]XEHUK|UHQZDUHQ $XFKGHU0DXVELEHUVDKHVXQGSO|W]OLFKNDPLKPHLQ*HGDQNH(UJULII WHOHNLQHWLVFK]XXQGSO|W]OLFKEHIDQGVLFKGDV7LHUGLUHNWYRULKPDXHUKDOE GHU6SHUUH(V]DSSHOWHZLOGXQGTXLHNWHDXIELVHV*XFN\DXVVHLQHP SVLRQLVFKHQ=XJULIIHQWOLH'DQQUDVWHHVPLWODQJHQ6lW]HQGDYRQXQG YHUVFKZDQG]ZLVFKHQGHQ%lXPHQ (VNODSSW5RLWULXPSKLHUWHGHUOLW6RVWDELOGDV)HOGVRQVWDXFKLVWHLQH 3VL6SHUUHLVWHVMHGHQIDOOVQLFKW,FKNDQQKLQHLQWHOHSRUWLHUHQXQGGHQ %UGHUQDXIGHQ3HO]UFNHQ 7UqVELHQVDJWH5KRGDQV6RKQHUOHLFKWHUW$OOHUGLQJVELQLFKGDIUGDGX GLFKYRUHUVWDXIHLQHUHLQH(UNXQGXQJEHVFKUlQNVW6SlWHUNDQQVWGXXQV GDQQQDFKKROHQXQGZLUJHKHQJHPHLQVDPJHJHQGLHXQWHULUGLVFKH6WDWLRQ YRU *XFN\QLFNWHXQG]HLJWHVHLQHQ1DJH]DKQ6HNXQGHQVSlWHU HQWPDWHULDOLVLHUWHHUXQGHUVFKLHQGLFKWKLQWHUGHP$EVRUEHUIHOGZLHGHU(U ZLQNWHGHQDQGHUHQJULQVHQG]XXQGWDXFKWHGDQQ]ZLVFKHQGHQ%lXPHQ XQWHU 'HU.OHLQHLVWZLUNOLFKXQEH]DKOEDUVDJWH'U%HULQJPLWHLQHP XQEHUK|UEDUHQ$QIOXJYRQ1HLG 'DVZHLLFKOlQJVWROOHU(LHUNRSIGDFKWHGHU0DXVELEHUZlKUHQGHUVLFK HLQHQ:HJGXUFKGDV*HZLUUGHUELV]XP%RGHQUHLFKHQGHQ$VWHEDKQWH 'HU%HJULII%HVFKHLGHQKHLWNDPLQVHLQHPJHLVWLJHQ5HSHUWRLUHQLFKWYRU 3O|W]OLFKVFKUHFNWHHUMHGRFK]XVDPPHQGHQQWURW]GHVLVROLHUHQGHQ .DPSIDQ]XJVGXUFKOLHILKQHLQHLJHQDUWLJHV.ULEEHOQ6HLQURVWEUDXQHU3HO] VWUlXEWHVLFKXQGEHJDQQ]XNQLVWHUQZLHXQWHUHLQHUHOHNWULVFKHQ(QWODGXQJ +DVWLJPDFKWHHUHLQSDDU6FKULWWHYRUZlUWVEHUHLW]XGHQDQGHUHQ ]XUFN]XWHOHSRUWLHUHQIDOOVHVVFKOLPPHUZHUGHQVROOWH 8QGGDQQEHIDQGHUVLFKEHUJDQJVORVLQHLQHUY|OOLJDQGHUHQ:HOW(UKLHOW XQZLOONUOLFKGHQ$WHPDQXQGVWDUUWHPLWZHLWDXIJHULVVHQHQ$XJHQDXIGDV ZDVVLFKVHLQHQ%OLFNHQGDUERW 'HU1DGHOZDOGZDUYHUVFKZXQGHQDOVKlWWHHVLKQQLHJHJHEHQ(LQ DXVJHGHKQWHU.RPSOH[YRQ*HElXGHQUDJWHYRULKPDXIXQGYHUVSHUUWHLKP GLH6LFKW6LHZDUHQWHUUDVVHQI|UPLJDQJHOHJWXQGELV]X]HKQ6WRFNZHUNHQ KRFK*URH)HQVWHUXQWHUEUDFKHQGLHIDUEHQIURKHQ:lQGHDXVHLQHP

JODWWHQZLHHPDLOOLHUWJOlQ]HQGHQ0DWHULDO*HSIOHJWH*UQDQODJHQPLWYLHOHQ $UWHQYRQH[RWLVFKHQ*HZlFKVHQXPJDEHQVLHEUHLWH6WUDHQ]RJHQVLFK GD]ZLVFKHQKLQ :DVLVWGHQQGDV"PXUPHOWH*XFN\HKUOLFKYHUEOIIWZDVEHLLKPlXHUVW VHOWHQGHU)DOOZDU,VWGDVZLUNOLFKHFKWRGHUWUlXPHLFKQXU" 'DV.ULEEHOQKDWWHDXIJHK|UWDEHUGDVUHJLVWULHUWHHUQXUQHEHQEHL(U ZDQGWHVLFKXPXQGVDKHLQHZLHPLOFKLJHV*ODVVFKLPPHUQGH:DQGGRUW ZRHUHEHQKHUJHNRPPHQZDU1XUJDQ]VFKZDFKKREHQVLFKGDKLQWHUGLH .RQWXUHQGHU%lXPHDEGXUFKGLHHUVLFKVHLQHQ:HJJHEDKQWKDWWH (UVWHOOWHIHVWGDGLH)XQNYHUELQGXQJ]XVHLQHQ*HIlKUWHQDEJHULVVHQZDU GRFKGDVEHXQUXKLJWHLKQQLFKWVHKU,P1RWIDOONRQQWHHUMHGHU]HLW]XLKQHQ ]XUFNVSULQJHQXQGVLFKLQ6LFKHUKHLWEULQJHQ(UGUHKWHVLFKZLHGHUXPXQG NRQ]HQWULHUWHVHLQH$XIPHUNVDPNHLWDXIGLH6WDGWDQGHUHQ3HULSKHULHHU VLFKEHIDQG (UVWMHW]WILHOLKPGLH6WLOOHDXIGLHEHUGLHVHU6]HQHODJ$OOH*HElXGH ZDUHQWDGHOORVHUKDOWHQGLH*UQDQODJHQZLUNWHQVRUJVDPJHSIOHJW8PVR EHGUFNHQGHUZLUNWHGDVDEVROXWH6FKZHLJHQ.HLQ)DKU]HXJJOLWWDXIGHQ 6WUDHQGDKLQQLUJHQGVZDUHLQOHEHQGHV:HVHQ]XVHKHQ'LH6WDGWVFKLHQ YROONRPPHQDXVJHVWRUEHQ]XVHLQ *XFN\NRQWUROOLHUWHVHLQ$XHQPLNURSKRQDEHUHVIXQNWLRQLHUWHHLQZDQGIUHL *XWGDQQDXILQV9HUJQJHQVDJWHHU]XVLFKVHOEVW5lWVHOVLQG VFKOLHOLFKGD]XGDXPJHO|VW]XZHUGHQZLH3HUU\LPPHUVRVFK|QVDJW (UNRQ]HQWULHUWHVLFKDXIHLQH6WUDHQNUHX]XQJGLHXQJHIlKU]ZHLKXQGHUW 0HWHUHQWIHUQWZDUXQGWHOHSRUWLHUWHGRUWKLQ'HU6SUXQJJHODQJRKQHMHGH 6FKZLHULJNHLWDOVRZDUZHQLJVWHQVLQGLHVHU+LQVLFKWKLHUDOOHVQRUPDO'DV %LOGEOLHEMHGRFKDXFKMHW]WXQYHUlQGHUW 6FKZHLJHQXPJDELKQYRQDOOHQ6HLWHQQLUJHQGV]HLJWHVLFKHLQH%HZHJXQJ 'HU0DXVELEHUVFKWWHOWHGHQ.RSIXQG|IIQHWHVHLQHQ7HOHSDWKLHVHNWRU :HQQHVLQGLHVHUIUHPGHQVRXQYHUPXWHWHUVFKLHQHQHQ6WDGWLQWHOOLJHQWH /HEHZHVHQJDEPXWHHU]XPLQGHVWLKUH*HGDQNHQVSUHQN|QQHQXQG ZHQQVLHVLFKQRFKVRJXWYHUERUJHQKLHOWHQ 8PVRQVWGLH7HUUDVVHQJHElXGHZDUHQYHUODVVHQXQGOHHU(UVSUWHMHGRFK XQGHXWOLFKHWZDVGHVVHQ1DWXUHUQLFKWVRIRUWHUIDVVHQNRQQWH,UJHQGZRLQ GHU1lKHPXWHHV/HEHQJHEHQ/HEHQLQHLQHUIUHPGHQLKPYROONRPPHQ XQEHNDQQWHQ$UW$OVHUVLFKVFKlUIHUNRQ]HQWULHUWHUHJLVWULHUWHHUGLH *HGDQNHQPXVWHUHLQHUJU|HUHQ$Q]DKOLQWHOOLJHQWHU:HVHQ6LHGUDQJHQ MHGRFKQXUZLHGXUFKHLQHQ)LOWHU]XLKPGXUFKGHUGHQ*URWHLOLKUHU $XVVWUDKOXQJHQDEVRUELHUWH ,QGHU6WDGWVLQGVLHQLFKWDEHUVLHVLQGGDPXUPHOWHGHU,OWYRUVLFKKLQ $EHUZRYHUGDPPWZDVELQLFKQXUKHXWHIUHLQ6FKZDFKNRSI6LHVLQG XQWHUPLUGRUWZRVLFKGLH6WDWLRQGHU0DQLSXODWRUHQEHILQGHQPX *XFN\VWDQGLQHLQHUJURHQXQWHULUGLVFKHQ+DOOHXQGVWDXQWHQLFKWVFKOHFKW 8PLKQKHUXPUDJWHQZDKUH0DPPXWDJJUHJDWHDXIZLHHUVLHlKQOLFKQRFK QLH]XYRUJHVHKHQKDWWH$OOHZDUHQYROONRPPHQUXQGHVJDENHLQHHLQ]LJH

.DQWHRGHUJHUDGH/LQLH$XVHLQHPVLOEHUJUDXHQ0HWDOOHUEDXWJOLFKHQVLH .XJHOQ(OOLSVRLGHQRGHUEHUGLPHQVLRQDOHQ.RUNHQ]LHKHUQ0DQFKH EHVWDQGHQDXVHLQHPJDQ]HQ.RQJORPHUDWYHUVFKLHGHQDUWLJJHIRUPWHU .|USHU6LHVDHQDXIQHEHQRGHUKLQWHUHLQDQGHUVFKHLQEDUYROONRPPHQ ZLOONUOLFK]XVDPPHQJHIJW $XIGHQHUVWHQ%OLFNKlWWHPDQVLHIU(U]HXJQLVVHHLQHVOHLFKWYHUUFNWHQ .QVWOHUVKDOWHQN|QQHQGHUVLFKKLHUDXVJHWREWKDWWH(VZDUHQMHGRFK XQ]ZHLIHOKDIW0DVFKLQHQ'DUDXIZLHVHQQLFKWQXUGLHXQ]lKOLJHQ .DEHOYHUELQGXQJHQKLQVRQGHUQDXFKGLHQDWUOLFKHEHQIDOOVLUJHQGZLH JHUXQGHWHQ.RQWUROOLQVWUXPHQWHGLHDQDOOHQP|JOLFKHQ6WHOOHQDQJHEUDFKW ZDUHQ .HLQHVGLHVHU$JJUHJDWHZDUMHGRFKLQ%HWULHE$OOH6NDOHQODJHQVWLOONHLQH HLQ]LJH/HXFKWDQ]HLJHZDUHUKHOOW,QGHPGXUFKJURH/HXFKWIOlFKHQXQWHU GHU'HFNHPLWKHOOHP/LFKWHUIOOWHQ5DXPKLHOWVLFKQLHPDQGDXI(VZDUVR VWLOOGDGLHYRUVLFKWLJHQ6FKULWWHGHV0DXVELEHUVHLQKDOOHQGHV(FKR KHUYRUULHIHQ(VZDUDEHUQLHPDQGGDGHUVLHK|UHQNRQQWH (LQH$NXVWLNZLHLPEHVWHQ7KHDWHUYRQ7HUUDQLD&LW\VDJWH*XFN\ NRSIVFKWWHOQG)UDJWVLFKQXUZDVKLHUJHVSLHOWZLUGGLH$NWHXUHVFKHLQHQ JHUDGH3DXVH]XPDFKHQ9LHOOHLFKWEHUHLWHQVLHVLFKDXIGHQJURHQ +DXSWDNWYRU6HLQRGHUQLFKWVHLQIU&KLOGRQJD (UZDWVFKHOWHZHLWHUGXUFKGLH*DVVHLQGHU0LWWHGHU+DOOHDXIHLQHJURH 7ULP+LQWHUJUXQG]X6LHZDUJHVFKORVVHQDEHULQGHP5DXPGDKLQWHUKLHOW VLFKHLQHJU|HUH$Q]DKOGHU8QEHNDQQWHQDXI(UVSUWHGLH$XVVWUDKOXQJHQ LKUHU+LUQHNRQQWHDEHUDXFKMHW]WQRFKNHLQHQHLQ]LJHQ*HGDQNHQHUIDVVHQ 2EPDQEHLGLHVHU5DVVHDXFKVRHWZDVZLH0HQWDOVWDELOLVLHUXQJNHQQHQ PRFKWH" 'HU0DXVELEHUSHLOWHVRUJIlOWLJHLQH6WHOOHDQDQGHUVLFKJHUDGHQLHPDQG DXIKLHOW,PQlFKVWHQ0RPHQWVWDQGHULQHLQHPHEHQVRULHVLJHQ5DXP+LHU EHIDQGVLFKGLH=HQWUDOHGLHVHU6WDWLRQGDVHUNDQQWHHUVRIRUW 6LHHQWKLHOWQXUZHQLJHNOHLQHUH0DVFKLQHQGLHULQJVXPDQGHQ:lQGHQ YHUWHLOWZDUHQ'DIUJDEHVXQ]lKOLJH.RQWUROOXQG6FKDOWSXOWHVRZLHHLQH JURH$Q]DKOYRQRYDOHQ0RQLWRUHQXQG%LOGVFKLUPHQ,QGHU0LWWHGHU+DOOH VWDQGZLHHLQHEHUGLPHQVLRQDOH*ORFNHHLQKDXVKRKHV*HELOGHGDV ]ZHLIHOORVGLH)XQNWLRQHLQHV&RPSXWHUVHUIOOWH (UZDULQYROOHP%HWULHEGDVEHZLHVQLFKWQXUVHLQODXWHVVXPPHQGHV $UEHLWVJHUlXVFK=DKOORVHEXQWH/LFKWHU]XFNWHQLQXQUHJHOPlLJHP 5K\WKPXVDXI3URJUDPPVSXOHQGUHKWHQVLFKNOLFNHQGIUHPGDUWLJH 6FKULIW]HLFKHQOLHIHQEHUGLHREOLJDWHQRYDOHQ6LFKWVFKLUPH'RFK*XFN\V $XIPHUNVDPNHLWJDOWQLFKWGLHVHP*URUHFKQHU 6LHULFKWHWHVLFKDXIGLHYLHOHQIUHPGHQ:HVHQGLHVLFKLQGHP5DXP DXIKLHOWHQ(VPXWHQZHLWPHKUDOVKXQGHUWVHLQXQGDOOHZDUHQHPVLJ EHVFKlIWLJW(LQ7HLOVDDXIQLHGULJHQUXQGHQ+RFNHUQXQGKDQWLHUWHDQGHQ 6FKDOWSXOWHQHWZD]ZDQ]LJVWDQGHQXPGHQ&RPSXWHUKHUXPGUFNWHQ

.RQWDNWHXQGODVHQ(UJHEQLVVHDE$QGHUHHLOWHQKLQXQGKHUXQGWUXJHQ EHGUXFNWH)ROLHQ]ZLVFKHQGHQHLQ]HOQHQ$UEHLWVJUXSSHQKHUXP gIWHUPDOZDV1HXHVPXUPHOWHGHU,OWXQGZLFKKDVWLJDQGLH:DQG]XUFN DOVHLQHUGHU)UHPGHQLKP]XQDKHNDP(UNRQQWHDOOHVVHKHQEOLHEDEHUIU VLHXQVLFKWEDUZHLOGDV'HIOHNWRUIHOGXPLKQODJ *XFN\ZDUZHLWKHUXPJHNRPPHQVHLWHUVHLQHQ+HLPDWSODQHWHQ7UDPSDOV EOLQGHU3DVVDJLHUYHUODVVHQKDWWHXPPLW3HUU\5KRGDQ]XJHKHQ(UKDWWH XQ]lKOLJHIUHPGH/HEHQVIRUPHQNHQQHQJHOHUQWPHQVFKOLFKHXQG QLFKWPHQVFKOLFKHJUD]LOHXQGPRQVWU|VH'LH$QJHK|ULJHQGLHVHU5DVVH VWHOOWHQMHGRFKHLQDEVROXWHV1RYXPIULKQGDU 6LHNRQQWHQDOVKXPDQRLGJHOWHQGHQQVLHEHVDHQMH]ZHL$UPHXQG%HLQH 'DPLWK|UWHLKUHbKQOLFKNHLWPLWGHQ0HQVFKHQDEHUDXFKVFKRQDXI ,KUH.|USHUZDUHQJHGUXQJHQIDVWNXJHOI|UPLJ$XIODQJHQH[WUHPGQQHQ +lOVHQVDHQELUQHQI|UPLJH.|SIHGHUHQ6SLW]HQDFKREHQZLHV'DVDOOHV OLHVLHIDVWOlFKHUOLFKHUVFKHLQHQ,KUH+DXWIDUEHZDUGXQNHOHLQ WLHIVFKZDU]HUNXU]HU3HO]EHGHFNWHLKUHIUHLHQ.|USHUSDUWLHQ ,KUH*HVLFKWHUGDJHJHQZDUHQURVLJGDIUDEHUVRIDOWLJZLHYHUVFKUXPSHOWH bSIHO8QWHUGHQKRKHQVSLW]]XODXIHQGHQ6WLUQHQVDHQJURHU|WOLFKH $XJHQGDUXQWHUSODWWJHGUFNWZLUNHQGH1DVHQXQGEUHLWHELVIDVW]XGHQ JURHQVSLW]HQ2KUHQUHLFKHQGH0QGHU*XFN\PXWH]XGHQ)UHPGHQ DXIVHKHQGHQQVLHZDUHQLP'XUFKVFKQLWWIDVW]ZHL0HWHUJUR ,KUH$UPHVFKLHQHQlKQOLFKZLHGLHGHU0DDKNVNHLQH.QRFKHQ]XEHVLW]HQ GHQQVLHOLHHQVLFKEHOLHELJQDFKDOOHQ6HLWHQKLQEHZHJHQ'DVJOHLFKHJDOW DXFKIUGLHYLHUNUlIWLJHQQDJHOORVHQ)LQJHU'LHPHLVWHQWUXJHQHLQH NRPELQDWLRQVDUWLJHROLYJUQH%HNOHLGXQJGD]XNXU]H6WLHIHODXVHLQHP ZHLFKHQ0DWHULDO 2IIHQEDUJHK|UWHQVLH]XPXQWHUJHRUGQHWHQ3HUVRQDOGHQQVLHVDHQ GXUFKZHJDQQHEHQVlFKOLFKHUVFKHLQHQGHQ$QODJHQRGHUIKUWHQ %RWHQJlQJHDXV'LHXPGHQ&RPSXWHUJHVFKDUWHQ:HVHQGDJHJHQWUXJHQ PLWWHOEODXH.OHLGXQJGLHPLWIDUELJHU3DVSHOLHUXQJEHVHW]WZDU=HKQGHU )UHPGHQVFKLHQHQGLH2EHUVFKLFKW]XUHSUlVHQWLHUHQ6LHVDHQXPHLQHQ JURHQUXQGHQ7LVFKDXIGHP]DKOUHLFKH)ROLHQDXVJHEUHLWHWZDUHQ$EXQG ]XULHIHLQHUYRQLKQHQ%HIHKOHDXVGLHGDQQXQYHU]JOLFKYRQGHQROLYJUQ *HNOHLGHWHQEHIROJWZXUGHQ'LH/DXWHDXVGHQEUHLWHQ0QGHUQNODQJHQ YRNDOUHLFKXQGDQJHQHKP 'LH%UGHUGDVLQGURWDQJH]RJHQVFKHLQHQDOVRKLHUGLH2EHUERQ]HQRGHU (LHUN|SIH]XVHLQVFKOXIROJHUWHGHU0DXVELEHU$OOHVLQGDEHUJOHLFK SDUDWDXEHLQJHUDGH]XKDDUVWUlXEHQGHU=XVWDQGIUPLFK'DQQPXLFK DOVRPHLQHQ7UDQVODWRU]X+LOIHQHKPHQZHQQLFKHWZDVHUIDKUHQZLOO6RQVW VWHKHLFKPRUJHQQRFKKLHUXQGVHKHGHQ%LUQHQN|SIHQ]X (UKROWHGDVhEHUVHW]XQJVJHUlWKHUYRUXQGVFKORHVGXUFKHLQHQ 6WHFNNRQWDNWDQVHLQ+HOPIXQNJHUlWDQ'DQQZDSSQHWHHUVLFKPLW*HGXOG GHQQGDV,GLRPGHU)UHPGHQZDUGHP7UDQVODWRUQLFKWHLQSURJUDPPLHUW(V PXWHDOVRHLQLJH=HLWYHUJHKHQELVGDV*HUlWJHQJHQGYRQGLHVHQ/DXWHQ

DXIJHQRPPHQKDWWHXPGDVVHPDQWLVFKH6FKHPD]XDQDO\VLHUHQXQGHLQH EUDXFKEDUHhEHUVHW]XQJOLHIHUQ]XN|QQHQ *XFN\EHUOHJWHNXU]XQGWHOHSRUWLHUWHGDQQDXIHLQ*HUlWGDVVRHWZDVZLH HLQ1DKUXQJVPLWWHOVSHQGHU]XVHLQVFKLHQ(VZXUGHQLFKWEHQXW]WEHIDQG VLFKDEHUQXUZHQLJH0HWHUYRQGHP7LVFKPLWGHQ5RWJHNOHLGHWHQHQWIHUQW (UULFKWHWHGHQ$XIQDKPHVHNWRUGHV7UDQVODWRUVDXIVLH]ZLVFKHQGHQHQ HLQHHLIULJH8QWHUKDOWXQJLP*DQJHZDU2IIHQEDUZHUWHWHQVLHGLH)ROLHQ DXVGLHLKQHQLQUDVFKHU)ROJHYRP&RPSXWHUDXVEHUEUDFKWZXUGHQ 9HUGDPPWHV.DXGHUZHOVFKQ|UJHOWHHUDOVHUQDFKHLQLJHQ0LQXWHQLPPHU QRFKQLFKWVYHUVWHKHQNRQQWH'LH6SUDFKHGHUELUQHQN|SILJHQ)UHPGHQ VFKLHQGHPhEHUVHW]XQJVJHUlWHUKHEOLFKH6FKZLHULJNHLWHQ]XEHUHLWHQ'DV ZLHVGDUDXIKLQGDHVLQVHLQHP(UIDKUXQJVVFKDW]NHLQ,GLRPJDEGDV DXFKQXUHLQHHQWIHUQWHbKQOLFKNHLWPLWGHPKLHUJHEUlXFKOLFKHQDXIZLHV 6HOEVWHLQ0XOWLPXWDQWZLHHVGHU0DXVELEHUZDUNRQQWHQLFKWVGD]XWXQ XPGHQ$QDO\VHYRUJDQJ]XEHVFKOHXQLJHQ *XFN\ODQJWHQDFKGHP7ULQNU|KUFKHQVHLQHV$Q]XJVXQGJHQHKPLJWHVLFK HLQH5DWLRQ0|KUHQVDIWDXVHLJHQHU=FKWXQJ'DQQNDPHQDEHUJDQ] SO|W]OLFKGLHHUVWHQYHUVWlQGOLFKHQ:RUWHDXVGHP7UDQVODWRU6LHNODQJHQVR DODUPLHUHQGGDHUVLFKSURPSWYHUVFKOXFNWHXQG]XKXVWHQEHJDQQ,QVHLQH $XJHQWUDWHQ7UlQHQHUNRQQWHVLHDEHUQLFKWZHJZLVFKHQRKQHGHQ+HOP ]X|IIQHQ 'DVYHUERWVLFKYRQVHOEVWGHQQLQGLHVHP$XJHQEOLFNKlWWHQGLH:RUWHGLH DXVVHLQHP+HOPODXWVSUHFKHUGUDQJHQGHQ%LUQHQN|SILJHQVHLQH $QZHVHQKHLWYHUUDWHQ(UPXWHVLFKGDUDXIEHVFKUlQNHQGLH7UlQHQ ZHJ]X]ZLQNHUQXQGLQ]ZLVFKHQQDKPGHU7UDQVODWRUVHLQH$UEHLWYROODXI -HOlQJHUGHU,OWGHU'LVNXVVLRQGHU8QEHNDQQWHQODXVFKWHXPVRJU|HU ZXUGHQVHLQH$XJHQ $OOPlKOLFKEHJDQQHU]XYHUVWHKHQZDVHVPLWGHQVHOWVDPHQXQG VFKOLPPHQ(UHLJQLVVHQXPXQGDXI&KLOGRQJDIUHLQH%HZDQGWQLVKDWWH'LH URWJHNOHLGHWHQ)UHPGHQZDUHQWDWVlFKOLFK:LVVHQVFKDIWOHULKUHU5DVVHGLH EULJHQ7HFKQLNHUXQG+LOIVNUl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|UPLJH&RPSXWHUEHIUDJWGHVVHQ$XVVDJHQVLHVLFKVFKOLHOLFK XQWHURUGQHWHQ 'DQQJLQJHQGLH'HEDWWHQ]X(QGH(LQHUGHU5RWJHNOHLGHWHQGHUDXIGHQ 1DPHQ7XR[[DQLQ9HUELQGXQJPLWHLQHPXQEHUVHW]EDUHQ7LWHOK|UWHULHI

GLHJHVDPWH%HVDW]XQJGHU6WDWLRQ]XVDPPHQ(UKLHOWHLQH$QVSUDFKHGLH PLWGHU)HVWVWHOOXQJEHJDQQGDQXQPHKUDOOH$XVZHUWXQJHQXQG 3ODQXQJHQDEJHVFKORVVHQVHLHQ'LH=HLWGHU([SHULPHQWHVHLYRUEHUPDQ N|QQHGDUDQJHKHQGDVJURH9RUKDEHQHUIROJUHLFKDE]XVFKOLHHQ 'HU0DXVELEHUZDUWHWHGDV(QGHVHLQHU$XVIKUXQJHQQLFKWDEGHQQHU KDWWHJHQXJJHK|UW (UKROWHHLQHZLQ]LJHHOHNWURQLVFKH.DPHUDDXVGHU7DVFKHXQGILOPWHPLW HLQHPUDVFKHQ6FKZHQNGLHJDQ]H6]HQH'DQQNRQ]HQWULHUWHHUVLFKNXU] XQGLPQlFKVWHQ0RPHQWVWDQGHUZLHGHULQGHU6WDGWPLWGHQ 7HUUDVVHQJHElXGHQ'HUQlFKVWH6SUXQJEUDFKWHLKQ]XVHLQHQ*HIlKUWHQ ]XUFN (QGOLFKNRPPVWGXULHI5RL'DQWRQHUOHLFKWHUWDXV'XZDUVWIDVWGUHL 6WXQGHQZHJ.OHLQHU:LUIUFKWHWHQVFKRQGDGLUHWZDV]XJHVWRHQ ZlUH *XFN\]HLJWHNXU]VHLQHQ1DJH]DKQ(LQHP3UDFKWNHUOZLHPLUVW|WQLFKWV ]XGDVVROOWHVWGXZLVVHQ0LNH(UZXUGHDEHUVRIRUWZLHGHUHUQVW8PHV NXU]]XPDFKHQ5XIHVRIRUWGLH6SDFH-HWKHU6LHNDQQXQEHVRUJWKLHU ODQGHQXQGVROOGDV6RO$E.RPPDQGRDXIQHKPHQXPGDQQDXIXQVHUH 5FNNHKU]XZDUWHQ,FKZHUGHLQ]ZLVFKHQPLWGHP'RFXQGGLUHLQHQ NOHLQHQ$EVWHFKHU]XU0$*(//$1PDFKHQ 'DQWRQIUDJWHQLFKWODQJHGHQQGHUGUlQJHQGH8QWHUWRQLQGHU6WLPPHGHV 0DXVELEHUVVDJWHLKPJHQXJ(UULHIGLH-HWDQXQGGDQQWHOHSRUWLHUWH*XFN\ PLWLKPXQG'U%HULQJKLQDXILQV6FKLII (LQH0LQXWHVSlWHUVDHQVLHPLW/LQQ&UDQQRNXQGGHQEULJHQ :LVVHQVFKDIWOHUQ]XVDPPHQ'LH.DPHUDZXUGHHLQHP7HFKQLNHU EHUJHEHQGHUGLH$XI]HLFKQXQJEHUHLQHQ3URMHNWRUVFKLUPODXIHQOLH$OV GLH6FKDUGHUELUQHQN|SILJHQ)UHPGHQDXIGHU%LOGIOlFKHHUVFKLHQZXUGHQ YHUZXQGHUWH$XVUXIHODXW 'DVVLQGGLH8UHLQZRKQHUYRQ:RROVDDQHUNOlUWHGHU0DXVELEHU6R QDQQWHQVLHLKUHQ3ODQHWHQGHQZLUKHXWHXQWHUGHU%H]HLFKQXQJ&KLOGRQJD NHQQHQ 'LH8UHLQZRKQHU"IUDJWH0DEHO

VFKLOGHUQDQVFKOLHHQGZHUGHQZLUZLFKWLJH(QWVFKHLGXQJHQ]XWUHIIHQ KDEHQ (UWUDQNHLQHQ6FKOXFN)UXFKWVDIWXQGIXKUGDQQIRUW'LHDOWHQ%LUQHQN|SIH YRQ:RROVDDQ&KLOGRQJDEHPHUNWHQHLQHVXQVFK|QHQ7DJHVGDHLQH ,UUOlXIHU6RQQHGLUHNWDXILKU6\VWHP]XNDP6LHPXWHHV]ZDUQXU WDQJLHUHQDEHUGDVUHLFKWHVFKRQDXVXPMHGH0HQJH8QRUGQXQJ]XVWLIWHQ 'DVLVWDXFKZLUNOLFKJHVFKHKHQGHQQGDPDOVNLSSWH&KLOGRQJDDEXQGGLH EHZRKQWHQZDUPHQ*HELHWHZXUGHQ]XMHQHU(LQ|GHGLHZLUKHXWHNHQQHQ 9HUPXWOLFKJDEHVDXFKQRFKYHUKHHUHQGH)OXWZHOOHQGLHVLH]HLWZHLVH EHUVSOWHQDEHUGDVZDUQRFKQLFKWGDV6FKOLPPVWH'LHIUHPGH6RQQH VDQGWH]XVlW]OLFKHLQHLQWHQVLYHKDUWH6WUDKOXQJDXVGLHDOOHV/HEHQ]X YHUQLFKWHQGURKWH 'LH:RROVDDQHUKDWWHQ]XHUVWJHSODQWGLHJHVDPWH%HY|ONHUXQJLQVLFKHUH *HELHWH]XHYDNXLHUHQELVGHU8QVWHUQYRUEHLJH]RJHQZDU1XQPHUNWHQVLH GDLKQHQGDVQLFKWYLHOQW]HQZUGH6LHNRQQWHQ]ZDUGRUWQLFKWHUWULQNHQ PXWHQGDIUDEHUYRQGHU6WUDKOXQJJHU|VWHWZHUGHQ'LH/DJHVFKLHQ KRIIQXQJVORVDEHUGDQQWUDW7XR[[DQDXIGHQ3ODQ(UEHVFKlIWLJWHVLFK VFKRQOlQJHUPLW'LPHQVLRQVIRUVFKXQJHQXQGJDEDQHLQHQ$XVZHJDXV GHP6FKODPDVVHOILQGHQ]XN|QQHQ'LH2EHUERQ]HQYRQ:RROVDDQHUJULIIHQ GLHUHWWHQGH%RKQHQVWDQJHZLHPDQDXI7HUUDVDJW6LHEHDXIWUDJWHQGHQ .QDEHQPLWGHU/|VXQJGHV3UREOHPVXQGVWHOOWHQLKPDOOHV]XU9HUIJXQJ ZDVHUEUDXFKWH (LQQHXHU6FKOXFNXQG*XFN\VSUDFKZHLWHU 'HUVFKODXH%LUQHQ(LHUNRSIKDWWHKHUDXVJHIXQGHQGDHVDXIGHP 3ODQHWHQHLQH6WHOOHJDEDQGHUGDV5DXP=HLW.RQWLQXXPVR]XVDJHQSRU|V ZDU'RUWODJ]ZDUHLQH6WDGWDEHUGDVVSLHOWHQXQNHLQH5ROOHPHKU6LH ZXUGHVFKQHOOVWHQVJHUlXPWXQGPDQHUULFKWHWHXQWHULKUHLQHJURH6WDWLRQ 7XR[[DQKDWWHHWZDGUHL-DKUH=HLWXQGGLHYHUVWDQGHU]XQXW]HQ(VJHODQJ LKPHLQ)HOG]XHUULFKWHQGDVGLH6WDWLRQXQGLKUHQlKHUH8PJHEXQJXP KXQGHUWWDXVHQG-DKUHLQGLH=XNXQIWWUDQVSRQLHUWH 'DVUlWVHOKDIWH$EVRUEHUIHOGZDUI5RL'DQWRQHLQ 5LFKWLJ0LNH(UNRQQWHHVVWDELOKDOWHQXQGH[SHULPHQWLHUWHZHLWHUPLWGHP =LHOGHQJDQ]HQ3ODQHWHQHLQHQ=HLWVSUXQJPDFKHQ]XODVVHQ +XQGHUWWDXVHQG-DKUHVSlWHUPXWHQGLHGXUFKGLHIUHPGH6RQQH KHUYRUJHUXIHQHQ$QRPDOLHQLQGHP6\VWHPOlQJVWEHUZXQGHQVHLQ 7XR[[DQQDKPHLQHQHUVWHQ$QODXIDEHUHVJLQJQLFKWDOOHVJODWW:RROVDDQ ZXUGH]ZDULQGLH=XNXQIWYHUVHW]W]XJOHLFKMHGRFKDXFKYROONRPPHQYRP 1RUPDOUDXPDEJHVFKQLWWHQ 'LHHUVWHQIQI0LQXWHQEHPHUNWH'U%HULQJ *HQDX'RF'HUDOWH:RROVDDQHUEHPHUNWHGHQ)HKOHUXQGPDFKWHDOOHV ZLHGHUUFNJlQJLJ(UVWHOOWHQHXH%HUHFKQXQJHQDQYHUVXFKWHHVZLHGHU XQGHUOHEWHHLQH]ZHLWH3OHLWH(UJDEDEHUQLFKWDXI (LQHQ0RPHQW*XFN\VFKDOWHWHVLFKQXQ'U.RP]DNHLQ'DVDOOHV OHXFKWHWPLUQLFKWJDQ]HLQ&KLOGRQJDHUOHEWH]ZDUGDV3KlQRPHQDEHUHV

JDEGRFKNHLQHUOHLVRQVWLJH9HUlQGHUXQJHQ'HU3ODQHWEHKLHOWVHLQHMHW]LJH 6WHOOXQJXQGZHGHUGLH8UHLQZRKQHUQRFKLKUH6WlGWHHUVFKLHQHQDXIGHP 3ODQ:LHOlWVLFKGDVHUNOlUHQ" 5HODWLYHLQIDFK'RF7XR[[DQIKUWHVRHWZDVZLHHLQHYRUEHUJHKHQGH .RH[LVWHQ]EHLGHU=HLW%H]XJVHEHQHQKHUEHL(UOLHVLFKJHZLVVHUPDHQ HLQ+LQWHUWUFKHQRIIHQXPEHLHLQHP0LOLQJHQGDV([SHULPHQWZLHGHU DEEUHFKHQ]XN|QQHQ1XUVHLQH6WDWLRQH[LVWLHUWH]XJOHLFKLQEHLGHQ %HUHLFKHQ'DVDOOHVNDPEHLGHQ'LVNXVVLRQHQ]XU6SUDFKHGHQHQLFKGD XQWHQ]XJHK|UWKDEH,P6SHLFKHUWHLOPHLQHV7UDQVODWRUVLVWDOOHV DXIJH]HLFKQHWZHQQ6LHZROOHQN|QQHQ6LHHVDEK|UHQ 6SlWHUYLHOOHLFKW5HGHMHW]WZHLWHU.OHLQHUGUlQJWH5RL'DQWRQ'XKDVW GRFKDQJHGHXWHWGDZLUQLFKWPHKUYLHO=HLWKlWWHQ 'HU0DXVELEHUQLFNWH9LHONDQQHVMHGHQIDOOVQLFKWPHKUVHLQ,P0RPHQWLVW 7XR[[DQQlPOLFKGDEHLDOOHVIUVHLQHQGULWWHQHQGJOWLJHQ9HUVXFK YRU]XEHUHLWHQ0DQKDWVHKUJHQDXJHUHFKQHWGLHDOWHQ%LUQHQN|SIHKDWWHQ DXFKJXWH$VWURQRPHQ:RROVDDQVROOH[DNWDQMHQHU6WHOOHDXIWDXFKHQDQ GHUVLFK&KLOGRQJDKHXWHEHILQGHWGDPLWGHUhEHUJDQJLQGLH3ODQHWHQEDKQ UHLEXQJVORVJHOLQJW8QGLPJOHLFKHQ0RPHQWZUGH&KLOGRQJDDXIK|UHQ]X H[LVWLHUHQHVZUGHVSXUORVYHUVFKZLQGHQXQGDOOHGUHLKXQGHUWIQI]LJ 0LOOLRQHQ%HZRKQHUPLW (LQHOlKPHQGH6WLOOHOHJWHVLFKEHLGLHVHUGVWHUHQ9LVLRQEHUGHQ5DXP 6FKHXH%OLFNHVXFKWHQGHQ3URMHNWLRQVVFKLUPDXIGHPGDV%LOGGHUIUKHUHQ %HZRKQHUGHV3ODQHWHQVWDQG :DV*XFN\VDJWHNODQJSKDQWDVWLVFKDEHUQLHPDQG]ZHLIHOWHDQVHLQHQ :RUWHQ$XFKDXI7HUUDZXWHPDQOlQJVWGDGLH=HLWNHLQHNRQVWDQWH *U|HZDU:HUEHUGLHQ|WLJHQ0LWWHOXQG(UIDKUXQJHQYHUIJWHNRQQWH LKUHQ$EODXIYHUlQGHUQ 'LHHUVWHQ%HZHLVHKDWWHYRUPHKUDOV]Z|OIKXQGHUW-DKUHQEHUHLWVGHU 7HOHWHPSRUDULHU(UQVW(OOHUWHUEUDFKW'RFKDXFKVSlWHUZDUPDQLPPHU ZLHGHUPLW=HLWSKlQRPHQHQNRQIURQWLHUWZRUGHQ%HVRQGHUVGLH0HLVWHUGHU ,QVHOLQGHU$QGURPHGD*DOD[LVZDUHQDXFK0HLVWHULQEH]XJDXI =HLWPDQLSXODWLRQHQJHZHVHQ6LHKDWWHQVRJHQDQQWH=HLWWUDQVPLWWHU EHVHVVHQXQGDXFK3HUU\5KRGDQIUHLQLJH=HLWLQGLH9HUJDQJHQKHLW YHUEDQQW -HW]WOLHIDXIGHU(UGHEHUHLWVVHLWOlQJHUHPHLQ3URMHNWGDV]XP=LHOKDWWH GHQ3ODQHWHQGXUFKHLQ$QWLWHPSRUDOHV*H]HLWHQIHOGLP)DOOGHU*HIDKULQ GLH=XNXQIW]XYHUVHW]HQ(VIKUWHGLH7DUQEH]HLFKQXQJ/$85,1XQG XQWHUODJGHUK|FKVWHQ*HKHLPKDOWXQJVVWXIH'LH0LWJOLHGHUGHV:DULQJHU 7HDPVVRZLH5RLXQG*XFN\ZXWHQDEHUQDWUOLFKGDYRQ'HVKDOENDP LKQHQGDV9RUKDEHQGHU8UHLQZRKQHUYRQ&KLOGRQJDGXUFKDXVQLFKWVR XQJHZ|KQOLFKYRU :DVN|QQHQZLUGDJHJHQWXQ"IUDJWH'U%HULQJVFKOLHOLFK5RL'DQWRQ EHUOHJWHHLQH:HLOH

*XFN\LVWGHUHLQ]LJHGHUEHUKDXSWHWZDVXQWHUQHKPHQNDQQVDJWHHU GDQQ1XUHUNDQQGXUFK7HOHSRUWDWLRQLQGLH6WDWLRQGHU:RROVDDQHU JHODQJHQ(UNDQQGDEHLDEHUDXFKDQGHUH3HUVRQHQPLWQHKPHQ,FKELQ GDIUGDHU6LHXQGPLFKGRUWKLQEULQJW 'HU+\SHUSK\VLNHUZDUHLQYHUVWDQGHQXQGVRWHOHSRUWLHUWHGHU0DXVELEHU ZHQLJVSlWHUPLWEHLGHQHUQHXWLQGLH$QODJHQ7XR[[DQV 'LHVPDOZDUHVLQGHP0DVFKLQHQGRPQLFKWPHKUVRUXKLJZLHQRFKHLQLJH 6WXQGHQ]XYRU 'XW]HQGHYRQ:RROVDDQHUQKLHOWHQVLFKGDULQDXI6LHZDUHQHPVLJGDPLW EHVFKlIWLJWGLH9LHO]DKOYRQ$JJUHJDWHQ]XEHUSUIHQXQGQHX]XMXVWLHUHQ 7XR[[DQZDUPLWWHQXQWHULKQHQ(UJDEODXWVWDUNH$QRUGQXQJHQYHUJOLFK HUKDOWHQH:HUWHPLWGHQHQDXIGHQ&RPSXWHUIROLHQNRUULJLHUWHGLHVXQG MHQHV'DHUXQJHEHWHQH*lVWHKDWWHGLHXQVLFKWEDUDOOHVPLWDQVDKHQXQG ]XK|UWHQNRQQWHHUQLFKWDKQHQ +DQV%HULQJZDUVLFKWOLFKEHHLQGUXFNW (LQIDFKSKDQWDVWLVFKGLHVH$QODJHQPHLQWHHUPLWJOlQ]HQGHQ$XJHQ 1DWUOLFKYHUZLUUHQPLFKGLHXQJHZ|KQOLFKHQ)RUPHQGLHVHU$JJUHJDWH YRUOlXILJQRFK1XUEHLZHQLJHQJODXEHLFKGHQ%HVWLPPXQJV]ZHFNHUUDWHQ ]XN|QQHQ]XPDOVLFK7XR[[DQ]XYLHOHUIUHPGHU$XVGUFNHEHGLHQW,FKELQ DEHUEHU]HXJWGDYRQGDZLUDXFKPLWGLHVHU$QODJH]XUHFKWNRPPHQ N|QQWHQZHQQPDQXQVQXUJHQJHQG=HLWGD]XOlW 'DJHJHQGUIWHQGLHVH/HXWHYHUPXWOLFKHLQLJHVHLQ]XZHQGHQKDEHQJDE 'DQWRQWURFNHQ]XUFN.RPP*XFN\EULQJHXQVDXFKLQGLHDQGHUHQ 5lXPH1RFKVLQGGLH9RUEHUHLWXQJHQQLFKWVRZHLWIRUWJHVFKULWWHQGDHLQH DNXWH*HIDKUGURKWDOVRN|QQHQZLUXQVQRFKHWZDVXPVHKHQ ,QGHU+DOOHPLWGHPJORFNHQI|UPLJHQ&RPSXWHUZDUHVLQGHVVHQHUKHEOLFK UXKLJHUJHZRUGHQ1XUQRFKZHQLJH%ODXJHNOHLGHWHKLHOWHQVLFKGDULQDXIXQG JLQJHQQHEHQVlFKOLFKHQ%HVFKlIWLJXQJHQQDFK'HU*URUHFKQHUZDU VWLOOJHOHJWRIIHQEDUEUDXFKWHPDQLKQMHW]WQLFKWPHKU 'U%HULQJVFKWWHOWHZLHGHUHLQPDOGHQ.RSI (VLVWNDXP]XJODXEHQGDGLH:RROVDDQHUVFKRQYRUUXQG KXQGHUWWDXVHQG-DKUHQHLQHQVRKRKHQWHFKQLVFKHQ6WDQGDUWEHVDHQ HUNOlUWHHU'DPDOVGUIWHQVLFKDXIGHU(UGHGLHDOWHQ/HPXUHUQRFKLP )UKVWDGLXPLKUHU(QWZLFNOXQJEHIXQGHQKDEHQ'LHVH5DVVHKlWWHHV ZLUNOLFKYHUGLHQW]XEHUOHEHQ]XPDOVLHVRHQHUJLVFKXPLKUHQ)RUWEHVWDQG NlPSIW 5RL'DQWRQZDUILKPHLQHQQLFKW]XGHXWHQGHQ%OLFN]XJDEMHGRFKNHLQH $QWZRUW*XFN\EUDFKWHVLHQRFKLQGUHLDQGHUH5lXPHXQGHVVWHOOWHVLFK KHUDXVGD7XR[[DQV0DVFKLQHQSDUNZHLWJU|HUDOVDQJHQRPPHQZDU $XFKKLHUJDEHV]DKOUHLFKH$JJUHJDWVlW]HGLHGHQHQLQGHUHUVWHQ+DOOH JOLFKHQ,QHLQHPGLHVHU5lXPHVWDQGHQJLJDQWLVFKH.RQYHUWHUXQG 7UDQVIRUPHU6LHOLHHQHLQHXQJHIlKUH6FKlW]XQJIUGLH(QHUJLHQ]XGLH 7XR[[DQIUVHLQH=HLWPDQLSXODWLRQHQEUDXFKWH(VPXWHQYLHOH0LOOLDUGHQ 0HJDZDWWVHLQ

1RFKUXKWHQGLHVHULHVLJHQ.UDIWHU]HXJHUDEHU6FKDUHQYRQ:RROVDDQHUQ EHVFKlIWLJWHQVLFKDXFKPLWLKQHQ,QGLHVHU6WDWLRQKLHOWHQVLFKZHLWPHKU $QJHK|ULJHGHUDOWHQ5DVVHDXIDOVQDFK*XFN\VHUVWHQ$QJDEHQ DQ]XQHKPHQJHZHVHQZDU0DQPXWH7XR[[DQIDVWXQEHJUHQ]WH0LWWHO]XU 9HUIJXQJJHVWHOOWKDEHQGDPLWHUGDVGURKHQGH9HUKlQJQLVDEZHQGHQ NRQQWH %ULQJXQVLQGLHHUVWH+DOOH]XUFNEHVWLPPWH5RL'DQWRQQDFKHLQHU :HLOH:LUPVVHQLQ(UIDKUXQJEULQJHQZLHODQJHGLH:RROVDDQHUQRFK EUDXFKHQZHUGHQXPXQVGDQDFKHLQULFKWHQ]XN|QQHQ %LQLFKHLQ3DFNHVHO"PDXOWHGHU,OWNDPDEHUGRFKGHU$XIIRUGHUXQJQDFK 'DV%LOGKDWWHVLFKLQGHU=ZLVFKHQ]HLWQLFKWZHVHQWOLFKYHUlQGHUW1RFK LPPHUZXUGHMXVWLHUWNRQWUROOLHUWXQGNRUULJLHUW(LQLJH$JJUHJDWHEHIDQGHQ VLFKDEHUEHUHLWVLP3UREHODXIHVZXUGHDOVRDOOPlKOLFKHUQVW 'DQQOLHGLH*HVFKlIWLJNHLWEHUUDVFKHQGVFKQHOOQDFKXQG7XR[[DQULHI DOOH5RWJHNOHLGHWHQ]XVLFK 'LH9RUEHUHLWXQJHQVLQGLPZHVHQWOLFKHQDEJHVFKORVVHQYHUNQGHWHHU 'LH.RRUGLQDWLRQPLWGHQDQGHUHQ0DVFKLQHQKDOOHQLVWLP*DQJHGHUJURH =HLWSXQNWUFNWLPPHUQlKHU,QGUHL/LLWLVZHUGHQZLUGHQJURHQ5HFKQHU DNWLYLHUHQN|QQHQGDPLWHUGLHHQWVFKHLGHQGHQ,PSXOVHJLEW 'UHL/LLWLVHQWVSUDFKHQQDFKGHUhEHUVHW]XQJGXUFKGHQ7UDQVODWRUHWZD]ZHL LUGLVFKHQ6WXQGHQ'DQWRQKDWWHQXQHUIDKUHQZDVHUZLVVHQZROOWH$XI VHLQH$QZHLVXQJKLQWHOHSRUWLHUWHGHU0DXVELEHU]XU6SDFH-HWGLHQRFK LPPHUGLFKWYRUGHP$EVRUEHU=HLWIHOGVWDQG 6LHZDUWHQPLW,KUHQ0lQQHUQZHLWHUKLHUZLHVGHU0DMRU$QGRFDQ1RFK LVWQLFKWGDUEHUHQWVFKLHGHQZLHZLUZHLWHUYRUJHKHQZHUGHQ,FKP|FKWH 6LHDEHUIUGHQ1RWIDOOLQGHU1lKHZLVVHQ*DO (LQZHLWHUHU6SUXQJEUDFKWHDOOHGUHLZLHGHU]XU0$*(//$1KLQDXIZRHLQH HUQHXWH/DJHEHVSUHFKXQJVWDWWIDQG :DVZROOHQ6LHQXQDQIDQJHQ6LU"HUNXQGLJWHVLFK0DMRU&UDQQRNDOV5RL XQG'U%HULQJLKUHQ%HULFKWEHHQGHWKDWWHQ5KRGDQV6RKQ]XFNWHPLWGHQ 6FKXOWHUQ 'DV]XHQWVFKHLGHQLVWPHKUDOVQXUVFKZLHULJ/LQQVHXI]WHHU,FKELQ EHVWLPPWQLFKWIHLJHDEHULFKZQVFKWHPLUGRFKPDQKlWWHHLQHQDQGHUHQ PLWGHU/HLWXQJGLHVHV.RPPDQGRVEHWUDXW.DQQPLUYLHOOHLFKWMHPDQGYRQ ,KQHQUDWHQZLHZLUXQVDXVGHU$IIlUH]LHKHQVROOHQRKQHMHPDQGHP]X VFKDGHQ" (UVDKVLFKDXIIRUGHUQGXPEHJHJQHWHDEHUQXUXQVFKOVVLJHQ*HVLFKWHUQ 6FKOLHOLFKPHOGHWHVLFK0DEHO

6HKUJXWJHVDJW0DGDPHHQWJHJQHWHHUVDUNDVWLVFK'LHDOWH5DVVHDXV GHU9HUJDQJHQKHLWNlPSIWVFKOLHOLFKXPLKU:HLWHUOHEHQYHUJHVVHQ6LHGDV QLFKW*HQDXVRJXWN|QQWHQ6LHYRQHLQHP(UWULQNHQGHQYHUODQJHQGDHU IUHLZLOOLJGHQ%DONHQZLHGHUORVOlWDQGHQHUVLFKPLWVHLQHQOHW]WHQ.UlIWHQ JHNODPPHUWKDW 'U.RP]DNQLFNWHGVWHU7XR[[DQZUGH6LHZDKUVFKHLQOLFKXPEULQJHQ ODVVHQHKH6LHULFKWLJDXVJHVSURFKHQKlWWHQ,KPJHKWHVXPVHLQHLJHQHV 9RONGDVHUYRUGHP8QWHUJDQJUHWWHQZLOO(LQHQ0DQQLQVHLQHU/DJH N|QQHQGLH/HEHZHVHQHLQHUVSlWHUHQ(SRFKHQLFKWLQWHUHVVLHUHQ(UN|QQWH VLFKYRQLKUHU([LVWHQ]NDXPHLQHQ%HJULIIPDFKHQYLHOZHQLJHUQRFKGLHVH *HJHEHQKHLWDN]HSWLHUHQ:HUN|QQWHHVLKPYHUGHQNHQZHQQHUVLFKJHJHQ GLH6HOEVWDXIJDEHVWUlXEW" 1LHPDQGVDJWH/LQQ&UDQQRNODNRQLVFK:LUVROOWHQDEHUWURW]GHP YHUVXFKHQ7XR[[DQV3URMHNW]XVDERWLHUHQ6LU7XQZLUGDVQLFKWPX &KLOGRQJDXQWHUJHKHQXQGGUHLKXQGHUWIQI]LJ0LOOLRQHQ0HQVFKHQPLW:HQQ GHU3ODQHWKXQGHUWWDXVHQG-DKUHYRUGHU-HW]W]HLWDXVGHP5DXP=HLW .RQWLQXXPJHULVVHQZLUGEHGHXWHWGDVQLFKWGDHULQGHU=ZLVFKHQ]HLW QLFKWH[LVWLHUWKlWWH(VJDELKQXQGHULVWYRQ7HUUDDXVEHVLHGHOWZRUGHQVR SDUDGR[GDVDXFKNOLQJHQPDJ'LH9HUlQGHUXQJWULWWHUVWLQGHP0RPHQW HLQLQGHPGLH=HLWYHUVHW]XQJQDFKXQVHUHU5HDO]HLWGXUFKJHIKUWZLUG 9ROONRPPHQULFKWLJEHVWlWLJWH5RL'DQWRQ7XR[[DQV$QODJHEHILQGHWVLFK DXIEHLGHQ=HLWHEHQHQ]XJOHLFKZRGXUFKHLQH:HFKVHOZLUNXQJ]ZDQJVOlXILJ JHJHEHQLVW'LHVH(UNHQQWQLVEULQJWXQVMHGRFKDXFKQLFKWZHLWHU0DGDPH HW0HVVLHXUV:LHZLUHVDXFKDQIDQJHQZLUYHUXUWHLOHQLQMHGHP)DOOYLHOH 0LOOLRQHQYRQ/HEHZHVHQ]XP7RGH +DEHQZLUGDV5HFKWGD]X"IUDJWH'U%HULQJOHLVHZLHLP6HOEVWJHVSUlFK 'LH:RROVDDQHUKDEHQHLQHUHHOOH&KDQFH]XP:HLWHUOHEHQZHQQZLUVLH JHZlKUHQODVVHQ'UIHQZLULKU9RUKDEHQGXUFKNUHX]HQXPGDGXUFKGLH =XNXQIWXQVHUHU=HLWJHQRVVHQ]XVLFKHUQ" :LUVROOWHQGDV*DQ]HQLFKWYRQGLHVHP*HVLFKWVSXQNWDXVDQVHKHQ VFKDOWHWHVLFKQXQ'U0XOOLQVHLQ(UJHK|UWH]X%HULQJV7HDPZDUHLQ JURHUKDJHUHU0DQQPLWYHUVFKORVVHQHP*HVLFKWXQGUHGHWHVRQVWQXU ZHQLJ7DWVDFKHLVWGRFKGDGLH5DVVHGHU:RROVDDQHUYRU KXQGHUWWDXVHQG-DKUHQXQWHUJHJDQJHQVHLQPX'HU3ODQHWGDJHJHQKDW ZHLWHUH[LVWLHUWGLH,UUOlXIHU6RQQH]RJDQGHP6\VWHPYRUEHLXQGIKUWHGHQ KHXWLJHQ=XVWDQGKHUEHL'LHVH(QWZLFNOXQJPXDOVRYRUJH]HLFKQHWVHLQ $OOHVDQGHUHZlUHHLQ=HLWSDUDGR[RQXQG3DUDGR[DYRQGLHVHU *U|HQRUGQXQJNDQQHVHLQIDFKQLFKWJHEHQ 6HLQH:RUWHEHVHLWLJWHQGLHXQWHUVFKZHOOLJHQRGHURIIHQHQ6SDQQXQJHQ ]ZLVFKHQGHQ$QVLFKWHQGHUDQGHUHQ6LHKDWWHQVLFKLQ6SHNXODWLRQHQXQG HWKLVFKH(UZlJXQJHQYHUORUHQGLHLKQHQQXQDEHULQHLQHPJDQ]DQGHUHQ /LFKWHUVFKLHQHQ=XHLQHUJOWLJHQ(QWVFKHLGXQJNDPHVDEHULPPHUQRFK QLFKW

6LHZXUGH5RL'DQWRQHUVWDXIJH]ZXQJHQDOVSO|W]OLFKHLQ$QUXIDXVGHU .RPPDQGR]HQWUDOHNDP 8QWHQDXIGHP3ODQHWHQJHVFKLHKWHWZDV6LUPHOGHWHHUHUUHJW'DV $EVRUEHUIHOGYHUlQGHUWVHLQH6WUXNWXUXQGLVWQXQJDQ]GHXWOLFKDQ]XPHVVHQ -HW]WEHJLQQWHV]XVWUDKOHQXQGZLUGLPPHUKHOOHUGDIUYHUEODWGLH6RQQH 6LU'HU3ODQHWZLUGHUQHXWYRP1RUPDONRQWLQXXPLVROLHUW 6SULQJQDFKXQWHQ.OHLQHUULHI'DQWRQLPSXOVLYDXV1XQLP=HLWSXQNWGHU (QWVFKHLGXQJHQWVFKLHGHUVLFKVSRQWDQIUGLHOHLGJHSUIWHQ0HQVFKHQGHU 5HDO]HLW'XKDVWMDQRFKGLH0LNURERPEHQEHLGLUOHJHVLHLQ7XR[[DQV 6WDWLRQDXVXQGNRPPGDQQVFKQHOOVWHQV]XUFN :LUGJHPDFKW2EHUKlXSWOLQJSLHSVWH*XFN\GHUVLFKELVGDKLQ VFKZHLJVDPYHUKDOWHQKDWWH'LH%LUQHQYRQ&KLOGRQJDVLQGPLURKQHKLQ OLHEHUDOVGLH%LUQHQN|SIHYRQ:RROVDDQ:HUGHLFKQXQVR]XVDJHQDOV 6FKDUIULFKWHUIXQJLHUHQRGHUDOV5HWWHUDXVK|FKVWHU1RW" ,PQlFKVWHQ0RPHQWZDUHUYHUVFKZXQGHQQXUVHLQH)UDJHVWDQGQRFKLP 5DXP(LQHJOWLJH$QWZRUWGDUDXIZXWHNHLQHUGHU$QZHVHQGHQ 6FKRQZlKUHQGGHV6SUXQJHVVSUWHGHU0DXVELEHUGDQLFKWPHKUDOOHVVR ZDUZLHHVVHLQVROOWH 6RQVWHUIROJWHMHGH7HOHSRUWDWLRQRKQHHLQHQPHUNOLFKHQ=HLWYHUOXVW'LHVPDO ZDUHVMHGRFKJDQ]DQGHUV*XFN\KLQJIUHLQH:HLOHVR]XVDJHQ]ZLVFKHQ GHQ'LPHQVLRQHQIHVW'DV/HXFKWHQGHVELVGDKLQXQVLFKWEDUHQ)HOGHV VWDFKJUHOOLQVHLQH$XJHQHUZXUGHYRQLKPDXIJHKDOWHQXQGVSUWHHLQHQ ]LHKHQGHQ6FKPHU]LQDOOHQ*OLHGHUQ'LH,QWHQVLWlWHQWVSUDFKLQHWZDMHQHU GLHEHLHLQHU7UDQVLWLRQPLWGHQ5DXPVFKLIIHQDXVGHU)UK]HLWGHV6RODUHQ ,PSHULXPVDXIJHWUHWHQZDU 'DVVWDFKHOWHGHQ,OWMHGRFKQXU]XU(QWIDOWXQJVHLQHUJDQ]HQ SDUDSV\FKLVFKHQ.UlIWHDQ6HLQ,FKVWHPPWHVLFKGHQIUHPGHQ*HZDOWHQ HQWJHJHQXQGHVEHKLHOWGLH2EHUKDQG(VEHUZDQGGHQOHXFKWHQGHQ 6FKLUPSO|W]OLFKJDEHVHLQHQ5XFNXQG*XFN\EHIDQGVLFKLP=HQWUXPYRQ 7XR[[DQV6WDWLRQGLFKWYRUGHPJURHQ&RPSXWHU 'LHJORFNHQI|UPLJH$QODJHZDULQYROOHP%HWULHE 'HU3URMHNWOHLWHUVHOEVWVDYRUGHQ+DXSWNRQWUROOHQYRQHLQHU6FKDUVHLQHU 0LWDUEHLWHUXPJHEHQ$OOHVZDULQYROOHP%HWULHE=HLJHU]XFNWHQEHUGLH 6NDOHQXQ]lKOLJH.RQWUROOHXFKWHQEOLQNWHQLQUDVFKHU)ROJH$XVGHQ DQJUHQ]HQGHQ0DVFKLQHQKDOOHQHUNODQJGDVGRQQHUQGH$UEHLWVJHUlXVFKGHU .RQYHUWHU7UDQVIRUPHUXQGVRQVWLJHQ$QODJHQ'LHVPDOJLQJ7XR[[DQDXIV *DQ]HGDVVWDQGIHVW *XFN\EHPHUNWHHUVWQDFK6HNXQGHQGDHUYHUJHVVHQKDWWHVHLQHQ 0LNURGHIOHNWRUHLQ]XVFKDOWHQ2IIHQVLFKWEDUVWDQGHUPLWWHQLP5DXPDEHU HUKDWWH*OFN1LHPDQGVDKLKQDOOH%OLFNHNRQ]HQWULHUWHQVLFKDXI7XR[[DQ RGHUGLH%LOGVFKLUPHEHUGLHQXQVWHLOH$PSOLWXGHQ]XFNWHQ

'DVKlWWHLQEHLGHQ$XJHQJHKHQN|QQHQPXUPHOWHGHU0DXVELEHUXQG KROWHQXQGDV9HUVlXPWHKDVWLJQDFK,PQlFKVWHQ0RPHQWKDWWHVLFKGDV XQVLFKWEDUPDFKHQGH)HOGXPLKQKHUXPDXIJHEDXWXQGHUNRQQWHVLFK ZLHGHUVLFKHUIKOHQ (UQHVWHOWHGLHNDXPHLJURHQDWRPDUHQ0LNURERPEHQDXVGHU7DVFKHXQG VDKVLFKEHUOHJHQGXP 2EHVZRKOJHQJHQPRFKWHZHQQHUVLHQHEHQGHP&RPSXWHUGHSRQLHUWH YRQGHPDXV]ZHLIHOORVGDVJDQ]H9RUKDEHQJHVWHXHUWZXUGH"2GHUPRFKWH HVLUJHQGZRQRFKHLQH(UVDW]DQODJHJHEHQGLHGDQQDXWRPDWLVFKHLQVSUDQJ ZHQQGLH]HQWUDOH5HFKHQDQODJHDXVILHO" 'DVZDUGXUFKDXVP|JOLFKZHQQPDQPHQVFKOLFKH9HUKDOWHQVZHLVHQ]XP 9HUJOHLFKKHUDQ]RJ'LH7HUUDQHUSIOHJWHQVLFKQLHDXIHLQHLQJOHLVLJHV 9RUJHKHQ]XYHUODVVHQZLHVLHHVDXVJHGUFNWKlWWHQ2EVLFKGDV'HQNHQ GHUDOWHQ:RROVDDQHULQlKQOLFKHQ%DKQHQEHZHJHQPRFKWH",KUH7HFKQLN ZDUGHUWHUUDQLVFKHQPLQGHVWHQVHEHQEUWLJGDVVWDQGIHVW *XFN\HQWVFKORVLFKGD]XHEHQIDOOVPHKUJOHLVLJYRU]XJHKHQ(UKDWWHYLHU %RPEHQPLWEHDFKWOLFKHU6SUHQJNUDIWEHLVLFK:HQQVLHLKUH:LUNXQJ HQWIDOWHQNRQQWHQPXWHYRQ7XR[[DQV6WDWLRQQXUQRFKHLQJURHU.UDWHU EULJEOHLEHQ(VNDPQXUGDUDXIDQVLHGRUWDE]XOHJHQZRVLFKGLH QDFKKDOWLJVWH:LUNXQJHU]LHOHQOLH (LQHIUGHQ5HFKQHUGLHDQGHUHQIUGLH.RQYHUWHUXQG0DVFKLQHQKDOOHQ HQWVFKLHGVLFKGHU,OW'UHLLJ6HNXQGHQ9HU]|JHUXQJZDUHQVFKQHOO HLQJHVWHOOWLQGLHVHU=HLWPXWHHUVHLQH$XIJDEHHUOHGLJWKDEHQXQGGLH 5FNNHKUGXUFKGDV=HLWIHOGVFKDIIHQ (UVHW]WHJHUDGH]XP6SUXQJDXIGDV2EHUWHLOGHV&RPSXWHUVDQDOVLKQ HLQHWRQDOH'LVVRQDQ]LQQHKDOWHQOLH 'DVDOOHDQGHUHQ*HUlXVFKHEHUW|QHQGHPDFKWYROOH'U|KQHQDXVGHQ 0DVFKLQHQKDOOHQKDWWHVLFKYHUlQGHUW(LQVFKULOOHUNUHLVFKHQGHU7RQ PLVFKWHVLFKQXQKLQHLQ:DUHVVFKRQVRZHLW"+DWWH7XR[[DQEHUHLWVGLH OHW]WH6FKDOWXQJYRUJHQRPPHQGLH&KLOGRQJDV6FKLFNVDOHQGJOWLJ EHVLHJHOWH" %HLGLHVHP*HGDQNHQZDU*XFN\JDUQLFKWZRKOLQVHLQHP3HO],QGLHVHP $XJHQEOLFNZDUHVDXFKIULKQ]XVSlWQRFKDXVGHQVXESODQHWDUHQ$QODJHQ ]XHQWIOLHKHQ'HU0$*(//$1PRFKWHHVQRFKJHOLQJHQVLFKGHP%DQQGHV =HLWIHOGV]XHQW]LHKHQ5RL'DQWRQZDUMDEHUHLWVJHZDUQWXQGKDWWHGDV 6FKLIILQ]ZLVFKHQEHVWLPPWVFKRQDXVGHU8PODXIEDKQJHQRPPHQ 'LH6SDFH-HWGDJHJHQVDHEHQVRDXIGHP3ODQHWHQIHVWZLHGHU 0DXVELEHU*HVFKHKHQZUGHYHUPXWOLFKZHGHULKPQRFKGHQ0lQQHUQ*DO $QGRFVHWZDVQXULKUH8PJHEXQJZUGHVLFKGUDVWLVFKYHUlQGHUQ :RROVDDQZUGHQHXHQWVWHKHQ&KLOGRQJDXQGVHLQH%HZRKQHUDEHUZlUHQ VSXUORVDXVJHO|VFKW *XFN\EHPHUNWHMHGRFKVFKRQLPQlFKVWHQ$XJHQEOLFNGDGDVVFKULOOH *HUlXVFKHLQHJDQ]DQGHUH%HGHXWXQJKDWWH

,QGLH:RROVDDQHUZDU%HZHJXQJJHNRPPHQ)UHLQHQ0RPHQWKDWWHQ DXFKVLHZLHHUVWDUUWGDJHVWDQGHQ1XQKDVWHWHQVLHKLQEHU]XGHQ 6FKDOWSXOWHQDQGHQ:lQGHQXQGEHWlWLJWHQVLFKILHEHUKDIWGDUDQ$XFK 7XR[[DQKDQWLHUWHPLWIOLHJHQGHQ)LQJHUQDQGHQ.RQWUROOHQXQG (LQJDEHHOHPHQWHQGHV*ORFNHQFRPSXWHUV'DVDOOHVOLHQXUHLQH'HXWXQJ ]X 'DVJURH=HLWH[SHULPHQWGHU8UHLQZRKQHUZDUSO|W]OLFKDXHU.RQWUROOH JHUDWHQ 2EGDVQXQDXI%HUHFKQXQJVIHKOHURGHU9HUVDJHQHLQLJHU$JJUHJDWH ]XUFN]XIKUHQZDUEOLHEXQNODU'HU(IIHNWZXUGHDEHUVFKRQQDFKZHQLJHQ 6HNXQGHQGHXWOLFKHUNHQQEDUhEHUGLHELVGDKLQPLWUXKLJHQJOHLFKPlLJHQ )HOGPXVWHUQEHGHFNWHQ%LOGVFKLUPHWDQ]WHSO|W]OLFKHLQFKDRWLVFKHV0HHU YRQ)XQNHQZLHHLQ)HXHUZHUN'LHJURHQ7UHQ]XGHQ0DVFKLQHQVlOHQ JOLWWHQDXIGLHGDULQDUEHLWHQGHQ:RROVDDQHUYHUOLHHQVLHLQZLOGHU)OXFKW XQGVWU]WHQLQGLH=HQWUDOH *XFN\NRQQWHYRQVHLQHP6WDQGRUWDXVHLQHQ7HLOGHU0DPPXWDJJUHJDWH VHKHQXQGHUNDQQWHGDHLQLJHGDYRQEHUHLWV]XJOKHQEHJDQQHQ$XFK DXVGHQ(OHPHQWHQGHVJURHQ5HFKQHUV]XFNWHQQXQSO|W]OLFKHOHNWULVFKH (QWODGXQJHQDXIGLHLPPHUVWlUNHUZXUGHQ0HKUHUH0lQQHUGHV %HGLHQXQJVSHUVRQDOVZXUGHQYRQLKQHQJHWURIIHQXQGILHOHQWRW]X%RGHQ GDUXQWHUDXFKGHU:LVVHQVFKDIWOHU7XR[[DQ 'DV.UHLVFKHQXQG6FKULOOHQGHUGXUFKJHKHQGHQ0DVFKLQHQVlW]HZXUGH XQHUWUlJOLFKGDV.UDFKHQHUVWHU([SORVLRQHQNODQJGD]ZLVFKHQDXI'LH .DWDVWURSKHZDUQLFKWPHKUDXI]XKDOWHQMHGHQ$XJHQEOLFNNRQQWHGLH JHVDPWH$QODJHLQGLH/XIWJHKHQ'DVZDUGHPHUIDKUHQHQ0DXVELEHU YROONRPPHQNODU (UNRQ]HQWULHUWHVLFKDXIGHQ/LHJHSODW]GHU6SDFH-HWXQGWHOHSRUWLHUWH :LHGHUVSUWHHUEHLP3DVVLHUHQGHV=HLWIHOGVHLQHQ:LGHUVWDQGHUZDU GLHVPDODEHUZHVHQWOLFKVFKZlFKHU,PQlFKVWHQ$XJHQEOLFNVWDQGHULQGHU 6WHXHUNXSSHOGHV'LVNXVVFKLIIHVXQGVFKDOWHWHGDV'HIOHNWRUIHOGDE $ODUPVWDUWULHIHUGHP3LORWHQ]X 'LH0lQQHUZDUHQ]XVDPPHQJHIDKUHQDOVHUDXVGHP1LFKWVSO|W]OLFKXQWHU LKQHQHUVFKLHQ'LH6FKUHFNVHNXQGHYRQ/HXWQDQW7RUUHVGDXHUWHMHGRFK QLFKWODQJH(UVWHOOWHDXFKNHLQH]HLWUDXEHQGHQ)UDJHQVRQGHUQKDQGHOWH VRIRUW 6HLQH+DQGILHODXIGHQJURHQURWPDUNLHUWHQ6FKDOWHUGHUXQWHU8PJHKXQJ DOOHUVRQVWQRWZHQGLJHQ6FKDOWXQJHQVlPWOLFKH6FKLIIVNRQYHUWHUPLW9ROODVW KRFKIXKU,PQlFKVWHQ0RPHQWEUOOWHQEHUHLWVGLH7ULHEZHUNHDXIXQGGDV )DKU]HXJVFKRLQHLQHP*HZDOWPDQ|YHULQGLH$WPRVSKlUHKLQDXI (VZDUHUVWNDXPHLQHQ.LORPHWHUKRFKDOVVLFKXQWHULKPGHU%RGHQDXIWDW 'HU/LFKWVFKHLQGHV$EVRUEHU=HLWIHOGHVZDUYHUEODW$QVHLQHU6WHOOHJUHOOWH QXQHLQXQHUWUlJOLFKKHOOHV*OHLHQDXIGLH)HXHUVlXOHHLQHUVFKZHUHQ DWRPDUHQ([SORVLRQVFKRLQGHQ+LPPHO'LH0lQQHUPXWHQLKUH%OLFNH

YRQGHQ%LOGVFKLUPHQDEZHQGHQREZRKOVLFKGLHVHDXWRPDWLVFKYHUGXQNHOW KDWWHQ 9HUGDPPWGDVZDUNQDSSVDJWH0DMRU$QGRFPLWEOHLFKHP*HVLFKW .HLQHIQI6HNXQGHQPHKUXQGHVKlWWHXQVXQZHLJHUOLFKPLWHUZLVFKW,VW GLH*HIDKUIUGHQ3ODQHWHQMHW]WEHVHLWLJW*XFN\" 'HU0DXVELEHUZLHVKLQDXI]XP3DQRUDPDVFKLUPDXIGHPGLH6RQQHGHV %HNNDU6\VWHPVZLHGHULQYROOHP*ODQ]]XVHKHQZDU'DKDVWGXGLH $QWZRUW$EZHKUKl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|KHEHU&KLOGRQJD'LH 7HOHRSWLNHQEUDFKWHQGHQ2UWGHU.DWDVWURSKHLQVWDUNHU9HUJU|HUXQJDXI GLH%LOGVFKLUPHGLH0lQQHUVWDUUWHQPLWHUQVWHQ*HVLFKWHUQGDUDXI 'DVJUHOOH/HXFKWHQZDUQXQ]XHLQHPGVWHUURWHQ*OKHQDEJHNOXQJHQDXV GHPQXU]XZHLOHQQRFKKHOOHUH)HXHU]XQJHQKHUYRUVWDFKHQ'HUW\SLVFKH $WRPSLO]KDWWHVLFKJHELOGHWXQGHLQ6FKDXHUYRQKDUWHU6WUDKOXQJJLQJYRQ LKPDXV6LHVW|UWHDXFKGLH)XQNJHUlWHVRGDNHLQH9HUELQGXQJPLWGHP 3ODQHWHQ]XEHNRPPHQZDU +RIIHQWOLFKSDVVLHUWGHQ$UFKlRORJHQGDXQWHQQLFKWVPHLQWH'U.RP]DN EHVRUJW'HU)DOORXWZLUG]ZDUQRFKHLQLJH=HLWDXIVLFKZDUWHQODVVHQ'LH GLUHNWH6WUDKOXQJYRP([SORVLRQVRUWDXVLVWDEHUVWDUNJHQXJXPGDV7HDP ]XJHIlKUGHQ :LUKDEHQ3URIHVVRU)UDQ]LNEHU)XQNJHZDUQWDOVGDV)HOG]XOHXFKWHQ EHJDQQEHUXKLJWHLKQ0DMRU$QGRF(ULVWGDUDXIKLQPLWVHLQHQ/HXWHQLQ GLH*OHLWHUJHVWLHJHQXQGLQ5LFKWXQJ'HQQLNHQDEJHIORJHQ1DFK PHQVFKOLFKHP(UPHVVHQPWHQVLHLQ6LFKHUKHLWVHLQ ([FHOOHQW0HVVLHXUVVDJWH'DQWRQ]XIULHGHQ.RPPHQ6LHZLUEHJHEHQ XQVKLQEHULQGHQNOHLQHQ.RQIHUHQ]UDXP'LH:LVVHQVFKDIWOHUVLQG QHXJLHULJGDUDXI]XHUIDKUHQZDVVLFKLQGHU6WDWLRQGHU:RROVDDQHU HUHLJQHWKDW 'DUDXVZLUGYRUOlXILJQLFKWVHPS|UWHVLFKGHU0DXVELEHU%LQLFKYLHOOHLFKW HLQ5RERWHU",FKKDEHMHW]WVHLW6WXQGHQQLFKWVPHKUJHJHVVHQPHLQ0DJHQ NQXUUWJDQ]HUElUPOLFK'LH(LHUN|SIHN|QQHQZDUWHQ]XHUVWJHQHKPLJHLFK PLUHLQRGHU]ZHL.LOR0RKUUEHQ 'HQNDQGHLQHVFKODQNH/LQLHHPSIDKO5RLLKPVFKPXQ]HOQGDEHUGDV K|UWH*XFN\VFKRQQLFKWPHKU(UZDUYHUVFKZXQGHQXQGKLQWHULKPVFKOXJ GLH/XIWPLWOHLVHP3ORSS]XVDPPHQ

:LUJHKHQWURW]GHPVFKRQLQGHQ.RQIHUHQ]UDXPZDQGWHVLFK5KRGDQV 6RKQDQ0DMRU&UDQQRN5XIHQ6LHGRUWKLQGXUFKZHQQGLH6WUDKOXQJVRZHLW DEJHNOXQJHQLVWGDZLU)XQNNRQWDNWPLW2ONDVWRQEHNRPPHQN|QQHQ/LQQ .|QQHQZLUQLFKWLQ]ZLVFKHQVFKRQ7HUUDQLD&LW\EHUGHQ$XVJDQJGHV 8QWHUQHKPHQVXQWHUULFKWHQ"IUDJWHGHU.RPPDQGDQW'LH +\SHUNRPYHUELQGXQJGRUWKLQGUIWHRKQH6FKZLHULJNHLWHQKHU]XVWHOOHQVHLQ ZHLOVLHEHU5LFKWVWUDKOJHKW 5RL'DQWRQZLQNWHDE1LFKWQ|WLJGDVHUOHGLJHQZLUVSlWHU:HQQ6LHDXI GLH8KUVHKHQZHUGHQ6LHIHVWVWHOOHQGDLQ,QQHUDVLHQMHW]WJHUDGH 0LWWHUQDFKWLVW(VZlUH8QVLQQHLQH$Q]DKOYRQ/HXWHQXPLKUHQ ZRKOYHUGLHQWHQ6FKODI]XEULQJHQ (UEHJDEVLFK]XVDPPHQPLW0DMRU$QGRFXQG/HXWQDQW.RP]DN]XGHQ :LVVHQVFKDIWOHUQ'LHVHKDWWHQVLFKLQ]ZLVFKHQPLWGHQYRQ*XFN\ JHOLHIHUWHQ$XIQDKPHQLQ%LOGXQG7RQEHVFKlIWLJW$XHUGHPKDWWH'U %HULQJDXVIKUOLFKEHUDOOHVEHULFKWHWZDVHUEHLVHLQHP$XIHQWKDOWLQGHU =HLWVWDWLRQGHU:RROVDDQHUJHVHKHQXQGHUOHEWKDWWH /DVVHQ6LHVLFKQLFKWVW|UHQVDJWH5RLDOVHUPLWVHLQHQ%HJOHLWHUQHLQWUDW *XFN\NRPPWHUVWVSlWHUQDFKZHQQHUVLFKJHVlWWLJWKDW'LH*HIDKUIU &KLOGRQJDLVWDXIMHGHQ)DOOMHW]WEHVHLWLJWGHQQ7XR[[DQXQGVHLQJDQ]HV 7HDPVLQGEHLGHU([SORVLRQXPJHNRPPHQ'HQ:RROVDDQHUQNRQQWH XQP|JOLFKQRFKJHQJHQG=HLWEOHLEHQHLQH]ZHLWHGHUDUWLJH$QODJH]X HUULFKWHQHKHGLH,UUOlXIHU6RQQHGDV6\VWHPHUUHLFKWH +DQV%HULQJQLFNWH=XGLHVHU6FKOXIROJHUXQJVLQGZLUDXFKVFKRQ JHNRPPHQ6LU,FKSHUV|QOLFKEHGDXUHHVDOOHUGLQJVVHKUGDGLHVHVRZHLW IRUWJHVFKULWWHQH5DVVHHLQVROFKHV(QGHILQGHQPXWH9HUPXWOLFKKlWWHGLH JHVDPWH(QWZLFNOXQJLQGHU0LOFKVWUDHHLQHQZHVHQWOLFKDQGHUHQ9HUODXI JHQRPPHQZHQQVLHQLFKWDXVJHO|VFKWZRUGHQZlUH 'DQQVWlQGHQZLUMHW]WYLHOOHLFKWQLFKWKLHU'RFPHLQWH'DQWRQODNRQLVFK XQG]DSIWHVLFKHLQHQ%HFKHU.DIIHHDXVGHP*HWUlQNHVSHQGHU(UOLHVLFK GDPLWDP7LVFKQLHGHUXQGQDKPHLQHQJURHQ6FKOXFN'DQQVDKHUHUQHXW GHQ+\SHUSK\VLNHUDQ (VJLEWGDHLQH)UDJHGLHPLFKVFKRQHLQLJH=HLWEHVFKlIWLJW'RF6LH DUEHLWHQGRFKDXFKDP3URMHNW/$85,1PLWGHVKDOEPWHQ6LHVLH EHDQWZRUWHQN|QQHQ1HKPHQZLUHLQPDODQHVZlUHGHQ:RROVDDQHUQ JHOXQJHQLKUH:HOWGXUFKGLH=HLW]XWUDQVSRQLHUHQXQGKHXWHDQGLH6WHOOH YRQ&KLOGRQJD]XVHW]HQ:HQQPDQHVIROJHULFKWLJEHGHQNWZlUHGHU 3ODQHWGHUMDGHUVHOEHJHEOLHEHQLVWXQGMHW]WQXUHLQHQDQGHUHQ1DPHQ WUlJWGDQQEHUHLWVYRUKXQGHUWWDXVHQG-DKUHQDXVGHPGDPDOLJHQ5DXP =HLW.RQWLQXXPYHUVFKZXQGHQ:LHKlWWHHVGDQQJHVFKHKHQN|QQHQGD HVLKQDXFKZHLWHUKLQJDEXQGHUYRQGHU(UGHDXVEHVLHGHOWZHUGHQ NRQQWH" 'HU:LVVHQVFKDIWOHU]XFNWHPLWGHQ6FKXOWHUQVHLQ*HVLFKWQDKPHLQHQ QDFKGHQNOLFKHQ$XVGUXFNDQ

'DVLVWHLQHZLUNOLFKKHLNOH)UDJH6LUEHNDQQWHHUGDQQ7XR[[DQV6WDWLRQ EHIDQGVLFKSUDNWLVFKDXI]ZHL=HLWHEHQHQ]XJOHLFK6LHH[LVWLHUWHVRZRKOLQ GHU9HUJDQJHQKHLWZLHDXFKDXIGHP&KLOGRQJDGHU-HW]W]HLW'HQ%HZHLV GDIUEHNDPHQZLUDOV*XFN\]XHUVWDOOHLQXQGGDQQ]XVDPPHQPLWXQVLQ VLHWHOHSRUWLHUWH'LHVH7DWVDFKHLVWDOVREHZLHVHQDEHUEHUDOOHVZHLWHUH N|QQHQZLUK|FKVWHQV6SHNXODWLRQHQDQVWHOOHQ(VJLEWMDDEHUEHNDQQWOLFK LPPHUPLQGHVWHQV]ZHL0|JOLFKNHLWHQ:HQQZLUDOVRYRUDXVVHW]HQ 9HUELHJHGLUQLFKWGLH*HKLUQZLQGXQJHQ'RFSLHSVWH*XFN\UHVSHNWORV GD]ZLVFKHQGHUHEHQLQGHQ5DXPPDWHULDOLVLHUWZDU'LHVHJDQ]H -RQJOLHUHUHLPLWK\SRWKHWLVFKHQ0|JOLFKNHLWHQLVWGRFKDXVJHPDFKWHU8QVLQQ 'LH%LUQHQN|SIHVLQGYRUKXQGHUWWDXVHQG-DKUHQHLQJHJDQJHQDQGHUVNDQQ HVJDUQLFKWVHLQ:lUH7XR[[DQV9RUKDEHQHUIROJUHLFKJHZHVHQKlWWHHV DXI&KLOGRQJDQLH0HQVFKHQJHJHEHQQXU:RROVDDQHU ,UUWXP*XFN\PLVFKWHVLFKQXQ'U0DEHO

+DUUR3RQD[PLWKRFKURWHP.RSIXPKHUXQGEHPKWHVLFKVLHGHP3URWRNROO HQWVSUHFKHQGDXI]XVWHOOHQ 3DUEOHXHLQ6WDDWVHPSIDQJHQWIXKUHV5RL'DQWRQ-DGDQQZHUGHQZLU XQVZRKORGHUEHODXFKHQWVSUHFKHQGNOHLGHQPVVHQ/HJHQ6LH ([WUDXQLIRUPDQ/LQQXQG*DO6LHEHLGHZHUGHQPLFKEHJOHLWHQ 8QWHUULFKWHQ6LHDXFK'U%HULQJXQG0L

*XFN\V$XJHQZXUGHQJURDOV+DUUR3RQD[SHUV|QOLFKHLQHJURH6FKDOH PLWHUOHVHQHQ)UFKWHQYRULKQDXIGHQ7LVFKVWHOOWH(VZDUHQ]ZDUNHLQH 0|KUHQGDEHLGDIUDEHUJURHVDIWLJH%LUQHQXQGGDV:DVVHUOLHILKPLP 0XQGH]XVDPPHQ *XWHUDOWHU4XLQWRPXUPHOWHHUJHUKUW'XELVWGRFKHLQ3UDFKWNHUOLFK QHKPHDOOHV]XUFNZDVLFKIUKHUEHUGLFKJHVDJWKDEH (UPDPSIWHLPPHUQRFKDOVGLHDQGHUHQEHUHLWVGHQ(VDDOYHUOLHHQXQG VLFKLQHLQHP6DORQQLHGHUOLHHQXPGRUWGLH*HVFKHKQLVVHGHUOHW]WHQ7DJH ]XHU|UWHUQ +HXWHZDUHVEHVRQGHUVVFKOLPP6LUVDJWHGHU6HQDWRU=XHUVWNDPGLH 'XQNHOKHLWGLH]HLWLJWHMHGRFKNDXPGLHIUKHUHQ)ROJHQZHLOGLH %HY|ONHUXQJVLFKGLV]LSOLQLHUWYHUKLHOW0LWGHU=HLWVWXPSIWGHU0HQVFKDE XQGVWHKWVHOEVWGHQXQJHZ|KQOLFKVWHQ'LQJHQUHODWLYJOHLFKJOWLJJHJHQEHU (LQH$UWYRQJHLVWLJHP6HOEVWVFKXW]N|QQWHPDQGD]XVDJHQ'DQQNDPHV MHGRFK]X(UHLJQLVVHQGLHDXFKGLHVH6FKXW]ZlOOHGXUFKEUDFKHQ6LH PXWHWHQVRJHVSHQVWLVFKDQGDVHOEVWLFKLQ3DQLNYHUILHOREZRKOLFKXP ,KUH,QLWLDWLYHZXWH 'U.RQ]HZQLFNWH*HVSHQVWLVFKLVWGDVULFKWLJH:RUW6LU:LU :LVVHQVFKDIWOHUNRQQWHQXQVGLH3KlQRPHQHQDWUOLFKHUNOlUHQDEHUGLH 0DVVHGHU%HY|ONHUXQJQLFKW)UIDVWHLQH0LQXWHNDPHV]X$QRPDOLHQGLH XQVHLQH$XIO|VXQJGHVJHVDPWHQ3ODQHWHQEHIUFKWHQOLHHQ(V]HLJWHQ VLFK(UVFKHLQXQJHQGLHXQYHUNHQQEDUHLQH9RUVWXIH]XU(QWPDWHULDOLVLHUXQJ DOOHUVRQVWVWDELOHQ*HJHQVWlQGHZDUHQ,KUHDWRPDUH6WUXNWXUYHUlQGHUWH VLFKVLHZXUGHQWUDQVSDUHQWXQGLQVWDELO:HUVDYHUVDQNSO|W]OLFKLQ VHLQHP6WXKOZHUVWDQGRGHUJLQJVDQNELV]XGUHLLJ=HQWLPHWHUWLHILQGHQ %RGHQHLQ'DHVGXQNHOJHZRUGHQZDUEUDQQWHQEHUDOOGLH%HOHXFKWXQJHQ DEHUDXFKVLHXQWHUODJHQHLQHPDGlTXDWHQ3KlQRPHQ'DV/LFKWZXUGH LPPHUGXQNOHU]XOHW]WJDEHVQXUQRFKHLQHQWUEHQURWHQ6FKLPPHU:DV VLFKGDUDXIKLQXQWHUGHQ0HQVFKHQIU6]HQHQDEVSLHOWHQN|QQHQ6LHVLFK NDXPYRUVWHOOHQ6LHEHJDQQHQVHOEVW]XHQWVWRIIOLFKHQHVZDUZLUNOLFK VFKUHFNOLFK6LU 'DQQZDU7XR[[DQDOVRHLQHP(UIROJYLHOQlKHUDOVZLUGDFKWHQVDJWH5RL 'DQWRQQDFKGHQNOLFK'DV6FKLFNVDOKDWHVMHGRFKDQGHUVJHZROOWXQG LUJHQGHLQ)HKOHUKDWVHLQH3OlQHVFKHLWHUQODVVHQ=XZHOFKHQ7UDJ|GLHQ PXHVDQVFKOLHHQGDXIGHP3ODQHWHQJHNRPPHQVHLQDOVGLH:RROVDDQHU HUNDQQWHQGDLKUH5DVVHGHP8QWHUJDQJJHZHLKWZDU 9HUPXWOLFKEHVDHQVLHDEHUDXFK5DXPVFKLIIHZDUI0DMRU&UDQQRNHLQ (VLVWDOVRGXUFKDXVP|JOLFKGDVLFKZHQLJVWHQVHLQ7HLOYRQLKQHQQRFK DXIDQGHUH:HOWHQUHWWHQNRQQWH'DZLUQLHHWZDVYRQLKQHQJHK|UWKDEHQ VSULFKWQLFKWGDJHJHQ'LH0LOFKVWUDHLVWJURXQGKXQGHUWWDXVHQG-DKUH VLQGODQJ *XFN\WDXFKWHDXIVXFKWHVLFKHLQHQUXKLJHQ3ODW]XQGVFKORGLH$XJHQDOV HUVLFKHUZDUGDQLHPDQGPHKUDXILKQDFKWHWH(UZDUVDWWXQGIKOWHVLFK UXQGKHUXPZRKO:LHDXVZHLWHU)HUQHGUDQJHQGLH:RUWHGHUDQGHUHQDQ

VHLQH2KUHQDOVGLH*HVSUlFKHZHLWHUJLQJHQ'DQQK|UWHHUJDUQLFKWVPHKU HUZDUHLQJHVFKODIHQXQGWUlXPWHDEZHFKVHOQGYRQGHQ%LUQHQXQG %LUQHQN|SIHQGHV3ODQHWHQ :DVVROOHQZLUMHW]WPLWGHQ/HXWHQGHU%UDLQ%URWKHUKRRGDQIDQJHQ6LU" HUNXQGLJWHVLFK.DUQ+HOGLQJDOVPDQDOOHVRQVWQRFKDNXWHQ3UREOHPH EHVSURFKHQKDWWH6LHVLQGQXQHLQPDOXQVFKXOGLJDQGHQ*HVFKHKQLVVHQ GDVVWHKWIHVW:LUN|QQHQLKQHQOHGLJOLFKLOOHJDOH(LQUHLVHXQG%HVFKlGLJXQJ YRQ|IIHQWOLFKHP(LJHQWXPYRUZHUIHQ2EHVDEHUUDWVDPLVWVLHGHVZHJHQ ]XEHODQJHQHUVFKHLQWPLUIUDJOLFK7XOOPDQLVWVFKOLHOLFKQLFKWLUJHQGZHU VRQGHUQGDV2EHUKDXSWGHU%UDLQ)|GHUDWLRQ hEHUODVVHQ6LHLKQHQLKUH-HWXQGODVVHQ6LHVLHZLHGHUDEIOLHJHQHPSIDKO LKP'DQWRQ'D6LHVLFKHQWVFKORVVHQKDEHQGLH%H]LHKXQJHQ]X7HUUD HQJHU]XJHVWDOWHQZLUGVLFK7XOOPDQKWHQLQ=XNXQIW&KLOGRQJDLUJHQGZLH DQ]XWDVWHQ'LH(UGHZLUG,KQHQ+LOIVVFKLIIHVFKLFNHQGLHDOOHVEULQJHQZDV KLHU]XUhEHUZLQGXQJGHUHLQJHWUHWHQHQ)ROJHQJHEUDXFKWZLUG%HLGLHVHU *HOHJHQKHLWZHUGHQZLUXQDXIIlOOLJHLQ.RPPDQGRGHU6RODUHQ$EZHKULQ GHQ%HUHLFKGHU)|GHUDWLRQHLQVFKOHXVHQGDV7XOOPDQXQG*HQRVVHQDXI GLH)LQJHUVLHKW-HW]WZLVVHQZLUZRHUVLFKDXIKlOWXQGGDPLWVWHOOWHUIU GDV6RODUH,PSHULXPNHLQH*HIDKUPHKUGDU 6FKOLHOLFKO|VWHVLFKGLH5XQGHDXI'HU(UVWH6HQDWRUIORJPLWGHQ :LVVHQVFKDIWOHUQQDFK2ONDVWRQ]XUFNXQG/LQQ&UDQQRNVDK5RL'DQWRQ IUDJHQGDQ'HUQLFNWHLKPOlFKHOQG]X )OLHJHQ6LHDOOHVFKRQPLWGHP*OHLWHU]XP6FKLII /DVVHQ6LHGLH+LOIVJWHULQGLH6WDGWEULQJHQXQGEHUHLWHQ6LHGLH 0$*(//$1]XP6WDUWYRU,FKNRPPHGDQQPLWPHLQHPEHVRQGHUHQ 7UDQVSRUWPLWWHOQDFK (UZLHVDXIGHQIULHGOLFKVFKOXPPHUQGHQ0DXVELEHUXQGGHU0DMRUOlFKHOWH ]XUFN'LH'HOHJDWLRQGHV.UHX]HUVYHUDEVFKLHGHWHVLFKXQGGDQQZDU5RL PLW)LRQD

,FKVFKQDUFKHQLHHPS|UWHVLFKGHU0DXVELEHU8QGGLHNOHLQH0W]HYROO 6FKODIGUIWHVWGXPLUUXKLJJ|QQHQDOWHU%DQDXVH6FKOLHOLFKKDEHLFK EHLQDKH&KLOGRQJDJHUHWWHWXQGVFKRQGHU9HUVXFKZDU]LHPOLFK DQVWUHQJHQG0HLQHSVLRQLVFKH(QHUJLHLVWVRJXWZLHYHUEUDXFKW :LHVFKDGHIHL[WH'DQWRQKLQWHUKlOWLJ'DQQZLUGXQVDOVRQLFKWVZHLWHU EULJEOHLEHQDOVGHQ:HJ]XP.UHX]HU]X)X]XUFN]XOHJHQ0LUPDFKW GDVMDRKQHKLQQLFKWVDXVXQGGLUZLUGHLQNOHLQHU9HUGDXXQJVVSD]LHUJDQJ DXFKQLFKWVFKDGHQ *XFN\VHEHQHUVWHUVFKLHQHQHU1DJH]DKQYHUVFKZDQGVFKODJDUWLJZLHGHU 'LHJDQ]H6WUHFNHODXIHQ".RPPWQLFKWLQ)UDJHGDQQNUDW]HLFKOLHEHU PHLQHOHW]WHQ.UlIWH]XVDPPHQXQGVSULQJHPLWGLULQV6FKLII:DVWXWPDQ QLFKWDOOHVIUHLQHQDOWHQ)UHXQG" (1'(

Nacht über Childonga

Nacht über Childonga

Nacht über Childonga

Nacht über Childonga

Herr №ber die Toten

Herr №ber die Toten

Sturm ber der Tundra

Sturm ber der Tundra

Feuersturm ber Litauen

Feuersturm ber Litauen

Unheil ber der Stadt

Unheil ber der Stadt

Der Puppengr ber

Der Puppengr ber

aranb-ber-maa-ar LT

aranb-ber-maa-ar LT

Nacht

Nacht

Nacht

Nacht

Nacht

Nacht

Stille Nacht, eisige Nacht

Stille Nacht, eisige Nacht

Nacht, Tag und Nacht

Nacht, Tag und Nacht

Nacht

Nacht

Sieg #252;ber Frankreich. Berichte und Bilder

Sieg #252;ber Frankreich. Berichte und Bilder

Sieg #252;ber Frankreich. Berichte und Bilder

Sieg #252;ber Frankreich. Berichte und Bilder

Schwaerzeste Nacht

Schwaerzeste Nacht

Samtschwarze nacht

Samtschwarze nacht

Werwolf-Nacht

Zombie-Nacht

Onbetaalbare nacht

Onbetaalbare nacht

Zehnundeine Nacht

Zehnundeine Nacht

Nacht Patrouille

Nacht Patrouille

Onbetaalbare Nacht

Onbetaalbare Nacht

Onbetaalbare Nacht

Onbetaalbare Nacht

Stille Nacht

Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close