Unsterblichkeit X

3(7(57(55,' 8167(5%/,&+.(,7; 3(55...

16 downloads 328 Views 287KB 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

3(7(57(55,'

8167(5%/,&+.(,7; 3(55<5+2'$17DVFKHQEXFK

$OV%XUW5K\DQGHQ0DQQDP6WUDHQUDQGVWHKHQXQGZLQNHQVDKZXWHHUVRIRUWGDGLH QlFKVWHQ0LQXWHQZHQQQLFKW6WXQGHQDOOHVDQGHUHDOVDQJHQHKPZHUGHQZUGHQ $POLHEVWHQZlUH5K\DQZHLWHUJHIDKUHQDEHUGHU*HGDQNHDQGLHHUVFKUHFNHQGH/HHUHVHLQHU *HOGE|UVHKLHOWLKQGDYRQDE9RUNQDSS]ZHL-DKUHQZDU%XUWV9DWHU2GLH5K\DQPLWVHLQHP )UDFKWVFKLII&$52/,1$LP:HOWUDXPYHUVFKROOHQXQGELVGLH9HUVLFKHUXQJVJHVHOOVFKDIWHQ HQGOLFKGLHYHUWUDJOLFKHQ6XPPHQDXVVFKWWHWHQZUGHQZDKUVFKHLQOLFKQRFK]ZHLZHLWHUH -DKUHYHUJHKHQ8QGGD5HFKWVDQZlOWHJUXQGVlW]OLFKHUVWGDQQLQ$NWLRQWUDWHQZHQQVLH *HOGJHVHKHQKDWWHQZDU%XUW5K\DQQLFKWVDQGHUHVEULJJHEOLHEHQDOVVLFKQHEHQVHLQHP 6WXGLXPDOV7D[LIDKUHU]XYHUGLQJHQ .XQGHQZLHGHUZLQNHQGH0DQQDP6WUDHQUDQGJHK|UWHQ]XGHU6RUWH)DKUJlVWHGLHHLQ )DKUHUEHUHLWVQDFKHLQHU:RFKH'LHQVW]XIUFKWHQJHOHUQWKDWWH'HU0DQQZDUNOHLQXQG GLFNIDVWVFKRQIHWW0DQKlWWHDXFKVDJHQN|QQHQGDHUEHLVHLQHP*HZLFKWPLQGHVWHQV HLQHQKDOEHQ0HWHU]XNXU]JHUDWHQZDUGDVNDPDXIGDVJOHLFKHKLQDXV:lKUHQG%XUW 5K\DQGHQ*OHLWHUDQGHQ6WUDHQUDQGVWHXHUWHIDQGHU=HLWGLH(LQ]HOKHLWHQGHU 3K\VLRJQRPLHVHLQHV)DKUJDVWV]XVWXGLHUHQ 'DZDU]XQlFKVWHLQPDOGDV*HVLFKW5RWVFKZLW]HQGXQGPLWGLFNHQ3DXVEDFNHQGDUEHU GQQHEORQGH +DDUHVWUDII]XUFNJHNlPPW'LH/LSSHQZDUHQZXOVWLJXQGIHXFKWZHLOGHU0DQQLPPHU ZLHGHUGLH=XQJHEHQXW]WHXPVLH]XEHIHXFKWHQ$OOHLQGLHURWH*HVLFKWVIDUEHJHQJWHIU %XUWLQGHP0DQQHLQHQKRFKJUDGLJHQ&KROHULNHU]XYHUPXWHQ (UKLHOWDQXQG|IIQHWHGHQ6FKODJ0LWHLQHPODXWHQ.HXFKHQVHW]WHVLFKGHUNOHLQH 'LFNZDQVWLQ%HZHJXQJXQGPDUVFKLHUWHDXIGDV7D[L]X Ä-XQJHU0DQQEHJDQQGHU)DKUJDVWÄ.|QQHQ6LHPLUYHUUDWHQZDUXPPDQQHXHUGLQJVLQ ,KUHP*HZHUEHRIIHQEDU+DOEEOLQGHHLQVHW]W",FKVWHKHKLHUVHLWIDVWHLQHUKDOEHQ6WXQGHXQG ZLQNH,KQHQ(LQ:XQGHUGDPLFKEHLGLHVHU$QVWUHQJXQJQLFKWVFKRQGHU6FKODJJHWURIIHQ KDW 0|JHHUGLFKWUHIIHQZQVFKWH%XUW5K\DQ$OOHLQGLHVFKULOOHKRKH6WLPPHGHV'LFNHQ UHLFKWHDXVGLHVHQ:XQVFKYHUVWlQGOLFK]XPDFKHQ Ä,FKZlUH,KQHQYHUEXQGHQNHLIWHGHU)DKUJDVWZHLWHUÄZUGHQ6LH,KU)DKU]HXJHQGOLFKLQ %HZHJXQJVHW]HQ-HGH0LQXWHGLHLFKLQGLHVHP*HIlKUWYHUEULQJHQPXWUHLEWPHLQHQ %OXWGUXFNLQDVWURQRPLVFKH+|KHQ Ä9HUVXFKHQ6LHHVHLQPDOPLWDXWRJHQHP7UDLQLQJVFKOXJ%XUWYRU(LQH6HNXQGHVSlWHU EHUHXWHHUGLHVHQ7LSEHUHLWVGHQQGHU'LFNHVWHLJHUWHVLFKLQHLQHQ:XWDQIDOOGHUVHLQ *HVLFKWQRFKPHKUU|WHWH Ä:HQQLFKGLH+LOIHHLQHVSVHXGRPHGL]LQLVFKHQ4XDFNVDOEHUVEUDXFKHQVROOWHZHUGHLFK PLFKDQ6LHZHQGHQ8QGMHW]WIDKUHQ6LHHQGOLFKORVEHYRUPLFKLQ,KUHPNODSSULJHQ*HIlKUW GHU6FKODJUKUW %XUWYHUVXFKWHGHQ'LFNHQ]XNRSLHUHQ Ä,FKPHLQHUVHLWVZlUH,KQHQYHUEXQGHQZUGHQ6LHPLUYHUUDWHQZRKLQ6LHJHIDKUHQ]X ZHUGHQZQVFKHQ"=HQWUDONOLQLN" Ä:HQQ6LHZHLWHUKLQYHUVXFKHQPLFK]XlUJHUQZLUGGDVEHVWLPPWGLHULFKWLJH$GUHVVHVHLQ :DVIlOOW,KQHQHLJHQWOLFKHLQPLFKGHUDUW]XLQVXOWLHUHQ",FKZHUGHPLFKEHU6LH

EHVFKZHUHQYHUQLFKWHQZHUGHLFK6LHMDZRKOGDVZHUGHLFKWXQ*RVKXQ6HH %XUWVHXI]WHXQGOLHGHQ*OHLWHUDQIDKUHQ,PPHUKLQELV]XP*RVKXQ6HHZDUHVZHLWXQG GDVEUDFKWHHWZDVHLQ0LW7ULQNJHOGUHFKQHWH%XUWQDFKGHPHUVWHQ$XIWULWWGHV)HWWOHLELJHQ QLFKWPHKU(UNRQQWHYRQ*OFNVDJHQEHUOHJWHHUVLFKZHQQLKQVHLQEHOODXQLJHU 3DVVDJLHUQLFKWGHUDUWQHUYWHGDHUGHQ*OHLWHUYRUHLQH+DXVZDQGVHW]WH Ä)DKUHQ6LHQLFKWVRVFKQHOONHLIWHHVKLQWHU%XUWÄ:ROOHQ6LHPLFKXPEULQJHQ6LH" Ä1LFKWVOLHJWPLUIHUQHUDOVGDVYHUVXFKWH%XUW]XNRQWHUQÄ=XPDO6LHQRFKQLFKWEH]DKOW KDEHQ Ä(VLVWHLQ.UHX]PLWGLHVHQMXQJHQ/HXWHQ6LHVLQGIUHFKDXIVlVVLJXQGXQYHUVFKlPW+HUU LP+LPPHOKDEHQ6LHQLFKWGHQ7UDQVSRUWHUJHVHKHQ"+DOWHQ6LHJHIlOOLJVWGHQ 0LQGHVWDEVWDQGHLQ2GHUVLQG6LHHWZDEOLQG" Ä1LFKWJDQ]JDE%XUW]XÄ1XUVHKUNXU]VLFKWLJ 'LHVH$XVNXQIWYHUVFKOXJGHP)DKUJDVWIUVHUVWHGLH6SUDFKHDEHUQLFKWVHKUODQJH Ä8QGGDQQZDJHQ6LHHVVLFKRKQH%ULOOHKLQWHUHLQ6WHXHU]XVHW]HQ" Ä:DUXPQLFKWDQWZRUWHWH%XUWÄ'LH)HQVWHUVLQGQDFK5H]HSWJHVFKOLIIHQ 'LHVFKULOOH6WLPPHGHV'LFNHQHUVWDUEGDQQK|UWH%XUWKLQWHUVLFKHLQ%UXPPHQ*UROOHQ XQG6FKQDXIHQGDVYHUGlFKWLJDQHLQHQ9XONDQNXU]YRUHLQHU(UXSWLRQHULQQHUWH%XUW EHVFKORGLHVHP$XVEUXFKPLWHLQHU)UDJH]XYRU]XNRPPHQ Ä:HOFKH$GUHVVHDP*RVKXQ6HHZQVFKHQ6LH"'HU6HHLVW]LHPOLFKJUR Ä:HUGHQ6LHQLFKW]XGULQJOLFKNHLIWHGHU'LFNHÄ:DVJHKWHV6LHDQZHQLFKEHVXFKH" .PPHUQ6LHVLFKXPLKU)DKU]HXJ:DVLVWGDVEHUKDXSWIUHLQ *HUlXVFK")OLHJWGDV'LQJYLHOOHLFKWEDOGLQGLH/XIW" Ä/HGLJOLFKGHU0RWRU6LUDQWZRUWHWH%XUWIUHXQGOLFK,P5FNVSLHJHONRQQWHHUVHKHQZLH VLFKGHU'LNNHDQGLH$UEHLWPDFKWHLQP|JOLFKVWNXU]HU=HLWHLQH%RQERQVFKDFKWHO]X OHHUHQ(UVWDOVHUGLH$XIVFKULIWDXIGHP'HFNHOVDKHQWGHFNWH%XUWGDHVVLFKEHLGHQ %RQERQVXP3LOOHQKDQGHOWH:HQQVLFKGHU'LFNHLPPHUGHUDUWLJPLW0HGLNDPHQWHQ YROOVWRSIWHZDUHVNHLQ:XQGHUZHQQHUDQ%OXWKRFKGUXFNXQGHLQHPKDQGIHVWHQ /HEHUVFKDGHQOLWW'HPSDXVElFNLJHQ*HVLFKWQDFK]XVFKOLHHQZDUGHU)DKUJDVWHWZDIQI XQG]ZDQ]LJ-DKUHDOWGLHUHVWOLFKHQ=HLFKHQVSUDFKHQDEHUHKHUIUIQI]LJXQGPHKU:HQQ GHU'LFNHVRZHLWHUPDFKWHZUGHHUVHLQH3HQVLRQLHUXQJQLFKWPHKUHUOHEHQ /DQJVDPEHJDQQ%XUWGDV6SHNWDNHO]XJHQLHHQ:lKUHQGGHU)DKUWEHVFKZHUWHVLFKVHLQ )DKUJDVWEHUGLHHLVLJH.lOWHLQGHP*OHLWHUREZRKOHUVLFKZlKUHQGVHLQHUZWHQGHQ 7LUDGHQXQXQWHUEURFKHQPLWHLQHPKlOLFKHQURWNDULHUWHQ7DVFKHQWXFKGHQ6FKZHLYRP *HVLFKWZLVFKHQPXWH(UVWHOOWH9HUPXWXQJHQEHU%XUWV$EVWDPPXQJXQG,QWHOOLJHQ]DQ MDPPHUWHEHUGLHXQHUWUlJOLFKH+LW]HXQGEUDFKWHHVEHLOlXILJQRFKIHUWLJHLQHLQSIQGLJHV 0DU]LSDQVFKZHLQQHEVWHLQHP9LHUWHOSIXQG0DJHQSLOOHQ]X YHUWLOJHQ(UYHUEDWVLFKZWHQG MHGHQ.RPPHQWDUYRQ%XUWXQGEHVFKLPSIWHLKQZHQLJVSlWHUDOVUFNVLFKWVORVXQGIOHJHOKDIW ZHLO%XUWNHLQHQ/DXWPHKUYRQVLFKJDE :lKUHQGGHU'LFNHVFKLPSIWHMDPPHUWHNHLIWHXQGIDXFKWHEHJDQQ%XUW]XEHUOHJHQ ZHOFKHQ%HUXIVHLQ)DKUJDVWZRKOKDEHQPRFKWH$OVHUVWHVWLSSWHHUDXIHLQHQ%HDPWHQQXU HLQ0DQQLQXQNQGEDUHU6WHOOXQJNRQQWHVLFKHLQGHUDUWLJHV%HQHKPHQOHLVWHQ0|JOLFKZDU DXFKGDHVVLFKXPGHQ/HLWHUHLQHV0lGFKHQSHQVLRQDWVKDQGHOWHRGHUXPHLQHQ &KHIUHGDNWHXU'HQNEDUZDUDXFKGDGHU0DQQVFKOLFKWZHJLUUHZDUXQGVLFKDXVHLQHU JHVFKORVVHQHQ$QVWDOWDEJHVHW]WKDWWH Ä*RVKXQ6HHYHUNQGHWH%XUWVFKOLHOLFK'DV7D[DPHWHU]HLJWHHLQHQHUIUHXOLFKKRKHQ 6WDQGÄ:QVFKHQ6LHKLHUDEJHVHW]W]XZHUGHQ" Ä:ROOHQ6LHPLFKPHLQHP6FKLFNVDOEHUODVVHQ"NHLIWHGHU'LFNHÄ,FKZHUGHPLUHLQHQ 6RQQHQVWLFKKROHQHLQHQ+HU]LQIDUNWHUOHLGHQRGHUDQY|OOLJHU(UVFK|SIXQJVWHUEHQ6WHXHUQ 6LHQDFKUHFKWV %XUWEHJDQQVLFK]XZXQGHUQ:HQQHUGLH5LFKWXQJVDQJDEHGHV'LFNHQULFKWLJYHUVWDQGHQ KDWWHZROOWHVHLQ)DKUJDVWMHQHQ%HUHLFKDP8IHUGHV*RVKXQ6HHVDXIVXFKHQLQGHPGLH

3ULYDWZRKQXQJHQGHU0LWJOLHGHUGHU$GPLQLVWUDWLRQODJHQ Ä)DKUHQ6LHVFKRQEHIDKOGHU'LFNHVFKULOOÄ'HQNHQ6LHGDUDQGDVLFKEHLMHGHU0LQXWH 6WLOOVWDQGGLH7HPSHUDWXULQGLHVHP7HXIHOVJHIlKUWHUK|KW:HQQ6LHQRFKOlQJHU]|JHUQ ZHUGHLFKPHLQ=LHOQLFKWOHEHQGHUUHLFKHQ *HKRUVDPOLH%XUWGHQ*OHLWHUDQIDKUHQ'HU'LFNHVFKLHQJHQDX]XZLVVHQZRKLQHUZROOWH (VKDWWHIDVWGHQ$QVFKHLQDOVZUGHHUVLFKLQGLHVHP%HUHLFKGHV*RVKXQ8IHUVVHKUJHQDX DXVNHQQHQ%XUWNRQQWHVLFKDOOHUGLQJVQLFKWYRUVWHOOHQGDLUJHQGHLQ0LWJOLHGGHU $GPLQLVWUDWLRQVLFKIUHLZLOOLJGLHVHQIHLVWHQ&KROHULNHULQV+DXVODGHQZUGH Ä+DOWHQ6LHHQGOLFKDQMXQJHU0DQQ,FKZLOODXVVWHLJHQ %XUWEUDFKWHGHQ*OHLWHU]XP6WHKHQ(UVWDUUWHVHLQHQ)DKUJDVWHQWJHLVWHUWDQ Ä6LHZROOHQ5HJLQDOG%XOOEHOlVVXFKHQ" Ä:DVJHKWHV6LHDQZHQLFKEHOlVVXFKH":LHYLHOKDEHLFK]X]DKOHQ":LHYLHO"-XQJHU 0DQQLFKZROOWHJHIDKUHQZHUGHQLFKKDEHQLHPDOVGDYRQJHVSURFKHQGDLFKGHQ%DQNURWW ,KUHU)LUPDDEZHQGHQZLOO1HKPHQ6LHVFKRQXQGGDQQYHUVFKZLQGHQ6LH,KUEORHU $QEOLFNWUHLEWPHLQHQ%OXWGUXFNLQGLH+|KH 'HU'LFNHZlO]WHVLFKDXVGHP*OHLWHUXQGGUFNWH%XUWHLQHQ6FKHLQLQGLH+DQG Ä9HUVFKZLQGHQ6LHHQGOLFK'HQ5HVWN|QQHQ6LHEHKDOWHQ%HVXFKHQ6LHHLQHJXWH6FKXOH GDYRQLFKVFKODJHHLQH)DKUVFKXOHYRU :lKUHQGGHU'LFNHDXIGLH7UYRQ5HJLQDOG%XOOV+DXV]XZDWVFKHOWHEHWUDFKWHWH%XUW 5K\DQHQWJHLVWHUWGHQ*HOGVFKHLQLQVHLQHU+DQG'DQQEHJDQQHU]XOlFKHOQ :DKUVFKHLQOLFKZUGHQQXUHLQSDDU$XJHQEOLFNHYHUJHKHQELV5HJLQDOG%XOOGHQ'LFNZDQVW KLQDXVEHI|UGHUQZUGH'DQQKDWWH%XUWDXFKIUGLH5FNIDKUWHLQHQ3DVVDJLHUXQGZHQQ GDV7ULQNJHOGDXIGHU5FNIDKUWlKQOLFKDXVILHONRQQWH%XUWHVVLFKGXUFKDXVOHLVWHQVHLQH )UHXQGLQ]XHLQHPVHKURSXOHQWHQ$EHQGHVVHQHLQ]XODGHQ ,QWHUHVVLHUWVDK%XUW]XZLHGHU'LFNHGLH7UNOLQJHOGUFNWH:HQLJVSlWHUHUVFKLHQHLQ 5RERWLQGHU7UXQG6HNXQGHQGDQDFKKDWWHVLFKGLH7UKLQWHUGHP%HVXFKHUZLHGHU JHVFKORVVHQ %XUW5K\DQZDUYHUEOIIW (UNRQQWHQLFKWZLVVHQGDNHLQ0LWJOLHGGHU$GPLQLVWUDWLRQGDUDQGDFKWHGLHVHP%HVXFKHU GLH7U]XZHLVHQ(UNRQQWHDXFKQLFKWZLVVHQGDGLHVHUXQDXVVWHKOLFKH0DQQXQGVHLQH 0LWDUEHLWHUHVJHVFKDIIWKDWWHQGHQKHLPWFNLVFKHQhEHUIDOOGHU6SULQJHUDXI]XNOlUHQGHP %XUW5K\DQV9DWHU]XP2SIHUJHIDOOHQZDU :RKHUKlWWH%XUW5K\DQZLVVHQVROOHQGDHU1LNH4XLQWREHI|UGHUWKDWWHGHQ&KHIGHU $EWHLOXQJ,,,GHU,QWHUNRVPLVFKHQ6R]LDOHQ(QWZLFNOXQJVKLOIH" 5HJLQDOG%XOOZDUJHUDGHGDPLWEHVFKlIWLJWVHLQHQ'ULQNPLWYLHO)UXFKWVDIW]XHQWVFKlUIHQ DOVHUGHQ7UVXPPHUK|UWH'LH.DPHUDDP(LQJDQJYHUULHWLKPUDVFKZHULKQLQGHQ ZHQLJHQIUHLHQ6WXQGHQGLHGHP6WHOOYHUWUHWHU5KRGDQVEOLHEHQ]XVW|UHQZDJWH(LQ0DQQ ZLH1LNH4XLQWRKDWWHQDWUOLFKMHGHU]HLW(LQOD .HXFKHQGXQGVFKQDXEHQGEHWUDW4XLQWRGDV:RKQ]LPPHU Ä*XWHQ$EHQG6LUVDJWHHUVFKULOOÄ6LHHQWVFKXOGLJHQZHQQLFK6LHLQ,KUHU)UHL]HLWVW|UH DEHUXQDXIVFKLHEEDUH(QWVFKHLGXQJHQGUlQJHQPLFKGD]X$QGHUQIDOOVKlWWHLFKGLHVHQ VHOEVWP|UGHULVFKHQ$XVIOXJQLFKWJHZDJW'LHVH7D[LIDKUHUVLQGKHXW]XWDJHGHU6FKUHFNHQGHU 0HQVFKKHLW:DVVLFKGLHVH%XUVFKHQDOOHVHUODXEHQJUHQ]WDQVFKZHUH.|USHUYHUOHW]XQJ6LH JHVWDWWHQGDLFKPLFKVHW]H,FKEHIUFKWHHUQVWOLFKGDHLQOlQJHUHV6WHKHQPHLQHU *HVXQGKHLWHLQHQQLFKWZLHGHUJXW]XPDFKHQGHQ6FKDGHQ]XIJHQN|QQWH%HVWHQ'DQN6LU 4XLQWRSOXPSVWHLQGHQ6HVVHOXQGKROWHHUVWHLQPDOWLHI/XIW'DV6SUHFKHQVFKLHQLKQVHKU HUVFK|SIW]XKDEHQ Ä(WZDV]XWULQNHQ2EHUVW4XLQWR"HUNXQGLJWHVLFK5HJLQDOG%XOOIUHXQGOLFK Ä,VWGDHWZDV$ONRKROLVFKHVGULQ"IUDJWHGHU2EHUVWPLWUDXLVFKXQGVFKQIIHOWHDQGHP*ODV Ä$ONRKROLVWSXUHV*LIWIUPLFK Ä1XULQKRP|RSDWKLVFKHU'RVLHUXQJYHUVSUDFK5HJLQDOG%XOOÄ:DVIKUW6LHKHU"

Ä'LH9HU]ZHLIOXQJ6LUGLHSXUH9HU]ZHLIOXQJ(LJHQWOLFKKlWWHLFKOLHEHUPLW5KRGDQVHOEVW JHVSURFKHQDEHULFKZHLGDGHU&KHIQRFKHWZDVUXKHEHGUIWLJLVW,FKELQHLQ0HQVFK Ä'DVZHLLFKZDUI%XOO\HLQ ÄGHUDXIGLH*HVXQGKHLWDQGHUHULPPHU]X5FNVLFKWQLPPWXQG6FKRQXQJEWDXFKZHQQ PDQPLFKVHOEVWXQDXVJHVHW]WTXlOWXQGVFKLQGHW$OVR]RJLFKHVYRUGHQ&KHILQVHLQHP (UKROXQJVXUODXEQLFKW]XVW|UHQ0HLQH%RWVFKDIWZUGHLKQVLFKHUOLFKVRIRUWQLHGHUVWUHFNHQ 6LHKLQJHJHQ6LUKDEHQHLQ*HPWZLHHLQ0HW]JHUVKXQG6LHZLUIWVRVFKQHOOQLFKWVXPDOVR NDPLFK]X,KQHQ %XOO\QDKPGDV]ZHLIHOKDIWH.RPSOLPHQW4XLQWRVXQJHUKUWKLQ(UNDQQWHGHQ2EHUVWXQG VHLQH(LJHQWPOLFKNHLWHQ Ä6LHVLQGQRFKQLFKW]XP.HUQGHV$QOLHJHQVYRUJHVWRHQHULQQHUWHHU4XLQWRVDQIW Ä:RUXPKDQGHOWHVVLFK" Ä,FKJHEH,KQHQ]XQlFKVWQXUHLQ6WLFKZRUW6LU,FKVDJHQXU=HOODNWLYDWRU Ä,FKKDEH=HOODNWLYDWRUYHUVWDQGHQPHLQOLHEHU2EHUVW:QVFKHQ6LHGDLFKGLH 7HPSHUDWXULQGLHVHP5DXPlQGHUH"+lWWHQ6LHHVOLHEHUHWZDVNlOWHU" 4XLQWRKREDEZHKUHQGEHLGH+lQGH Ä8P+LPPHOVZLOOHQQHLQ6LU-HGHUQRFKVRJHULQJH7HPSHUDWXUVWXU]KlWWHPHLQVRIRUWLJHV $EOHEHQ]XU)ROJH(VKDQGHOWVLFKXPGLH=HOODNWLYDWRUHQZLHLFKVFKRQDXVIKUWH Ä8PEHLGH" 4XLQWREOLQ]HOWHYHUZLUUW Ä+|UWPLUGHQQNHLQ0HQVFK]X"+DEHLFKHVGHQQQXUPLW'XPPN|SIHQ]XWXQ":LH NRPPHQ6LHDXI]ZHL$NWLYDWRUHQ" Ä:HLOHVQXU]ZHLJLEWDQWZRUWHWH%XOO\QXQOHLFKWLUULWLHUWÄ$WODQWUlJWVHLWNQDSS ]HKQWDXVHQG-DKUHQGHQHLQHQGHQDQGHUHQWUlJWVHLWHLQLJHQ0RQDWHQGHU&KHI Ä8QIXJZHKUWH4XLQWRDEÄ:DVLVWHLJHQWOLFKLQGLHVHP*HWUlQN"$SIHOVDIW"+HLOLJHU bVNXODSZLVVHQ6LHGHQQQLFKWZDVIUYHUKHHUHQGH)ROJHQbSIHOLQMHGHUQXUGHQNEDUHQ (UVFKHLQXQJVIRUPIUPHLQH*HVXQGKHLWKDEHQ"6LHHQWVFKXOGLJHQ6LU 4XLQWRI|UGHUWHHLQH3LOOHQVFKDFKWHO]XZHJHXQGVXFKWHHLQH=HLWODQJGDULQKHUXPGDQQ ]XFNWHHUPLWGHQ6FKXOWHUQXQGVFKODQJGHQJHVDPWHQ,QKDOWKLQDE Ä,FKKRIIHLFKZHUGHGLHVH.DWDVWURSKHEHUOHEHQ Ä6LHZROOWHQEHU=HOODNWLYDWRUHQVSUHFKHQHULQQHUWH%XOO\Ä:HQQHVZHGHU$WODQVQRFK 5KRGDQV$NWLYDWRUEHWULIIWZHOFKHGDQQ" Ä:HOFKHGDQQZLHGHUKROWH4XLQWRIDVVXQJVORVÄ1DWUOLFKGLHDQGHUHQZHOFKHVRQVW" %XOO\VHXI]WHOHLFKW Ä:DVIUDQGHUH$NWLYDWRUHQPHLQHQ6LH9LHOOHLFKWHUNOlUHQ6LHPLUGHQ6DFKYHUKDOWHWZDV DXVIKUOLFKHU 4XLQWRVHXI]WHHEHQIDOOVQXUHQWVFKLHGHQODXWHUXQGZHKOHLGLJHU Ä$OVRJXWlFK]WHHUÄ,FKELQHVJHZRKQWDOOHQDOOHVGUHLPDOHUNOlUHQ]XPVVHQ6LH HULQQHUQVLFKDQ7KRPDV&DUGLI" Ä1XU]XJXWVDJWH%XOO\9RUVLFKWVKDOEHUVHW]WHHUVLFK Ä&DUGLIZXUGHYRQGHQ$QWLVHUSUHWGLHLKQEHLVHLQHPKHLPWFNLVFKHQ9HUVXFKXQWHUVWW]W KDWWHQ5KRGDQV3ODW]HLQ]XQHKPHQ8QWHUGHP(LQGUXFNGLHVHU(USUHVVXQJIORJ&DUGLI VHLQHU]HLWQDFK:$1'(5(5XQGYHUVFKDIIWHVLFKMHQHQ=HOODNWLYDWRUGHULKPGDQQ]XP 9HUKlQJQLVZXUGH Ä,FKHULQQHUHPLFKVFKOLHOLFKLVWGLH$QJHOHJHQKHLWHUVWHLQLJH0RQDWHDOW&DUGLIEHNDP ZHLOHUHVVRJHIRUGHUWKDWWHHLQHQ$NWLYDWRUGHUDXI3HUU\V6FKZLQJXQJHQHLQJHVWHOOWZDU 'LH'LIIHUHQ]]ZLVFKHQ3HUU\V:HUWHQXQGGHQHQ&DUGLIVIKUWHGDQQ]XU.RQWUDLQGLNDWLRQ XQGHQGOLFK]XP7RGYRQ7KRPDV&DUGLI Ä5LFKWLJ6LU$EHU&DUGLIKDWGDPDOVQLFKWQXUHLQHQ$NWLYDWRUEHVWHOOWXQGEHNRPPHQ 5HJLQDOG%XOOVSUDQJDXI6HLQ*ODVILHODXIGHQ%RGHQGHU,QKDOWYHUVLFNHUWHLP7HSSLFK %XOO\V$XJHQZDUHQJHZHLWHW

Ä1DWUOLFKVFKULHHUDXIÄ(UKDWHLQXQG]ZDQ]LJ$NWLYDWRUHQEHNRPPHQHLQHQIUVLFKXQG Ä]ZDQ]LJIUVHLQH)UHXQGHGLH$QWLVVHW]WH1LNH4XLQWRIRUW(UPDFKWHHLQ]XIULHGHQHV *HVLFKWPDQNRQQWHLKQIDVWVFKRQIU|KOLFKQHQQHQ Ä8QGGLHVH$NWLYDWRUHQVLQGQRFKLPPHULQGHQ+lQGHQGHU$QWLVEHUOHJWH5HJLQDOG%XOO ODXW1HUY|VJLQJHULP5DXPDXIXQGDEÄ=ZDQ]LJPDOGLH8QVWHUEOLFKNHLWLQGHQ+lQGHQ GHUVFKOLPPVWHQ)HLQGHGLHGDV,PSHULXPKDW1LFKWDXV]XGHQNHQZDVGDUDXVHUZDFKVHQ NDQQ:DVZLVVHQ6LHYRQGLHVHQ$NWLYDWRUHQ2EHUVW" 4XLQWR]XFNWHKLOIORVPLWGHQ6FKXOWHUQ Ä0HLQH0LWDUEHLWHUVLQGXQ]XYHUOlVVLJXQGVFKOHFKWMDPPHUWHHUÄ:DVVROOLFKPLWVROFKHQ /HXWHQPDFKHQ":LUZLVVHQQXUGDHLQ$NWLYDWRUDXI8WLNDXIJHWDXFKWLVW'RUWKDWHUIU DOOHUKDQG9HUZLUUXQJJHVRUJW(UEHZLUNWHQlPOLFKGDMHGHUPDQQGHQ7UlJHUIUHLQH ZXQGHUVFK|QH%OXPHKLHOWGLHJHSIOHJWXQGEHJRVVHQZHUGHQPVVH(LQHUPHLQHU 0LWDUEHLWHUHLQJHZLVVHU0HHFK+DQQLJDQKDWGDVKHUDXVJHIXQGHQ:DVGDQQDXVGHP $NWLYDWRUJHZRUGHQLVWZHLQLHPDQG Ä:ROOHQ6LHGHQ)DOOEHUQHKPHQ"IUDJWH%XOO\HUUHJW 4XLQWR]|JHUWH=XPHUVWHQPDOVHLWVHLQHP(LQWULWWNODQJVHLQH6WLPPHHLQLJHUPDHQQRUPDO YRQGHU7RQK|KHDEJHVHKHQ Ä'LH$EWHLOXQJ,,,LVWKRIIQXQJVORVEHUODVWHW6LU,FKNDQQYLHOOHLFKWGLH6SXUHLQHV $NWLYDWRUVDXIQHKPHQQLFKWDEHUGLHYRQ]ZDQ]LJ'DVLVWDXVJHVFKORVVHQ:HQQLFKPLU XQGPHLQHQ0LWDUEHLWHUQGLHVHPXQIlKLJHQ*HVLQGHO]XJHWUDXWKlWWHGDV3UREOHP]XO|VHQ ZlUHLFKQLFKWXQWHUJU|WHU/HEHQVJHIDKU]X,KQHQJHNRPPHQ,FKEHIUFKWHGDGDVVRJDU IUGLH6RODUH$EZHKUHLQKDUWHU%URFNHQVHLQZLUG %XOO\WURPPHOWHPLWGHQ)LQJHUVSLW]HQDXIGHU3ODWWHVHLQHV6FKUHLEWLVFKVHLQHQKDUWHQ :LUEHO Ä,FKZHUGHPLFKVHOEVWXPGLHVH$QJHOHJHQKHLWNPPHUQYHUVSUDFKHUÄ-HGHQIDOOVELQLFK ,KQHQVHKUGDQNEDUGDVLHXQVYRQGLHVHU*HIDKUXQWHUULFKWHWKDEHQ Ä(LQHUPXMDDXIGDV,PSHULXPDXISDVVHQHUNOlUWH4XLQWRVHOEVWVLFKHUÄ6WHOOHQ6LHVLFK YRUHVJlEHPLFKQLFKW.HLQHYLHU]HKQ7DJHKlWWHGDV,PSHULXPQRFK%HVWDQG9LHOOHLFKW YHUKLOIW,KQHQGLHVH(LQVLFKWGD]XNQIWLJHWZDVVFKRQHQGHUPLWPHLQHPZHUWYROOHQ/HEHQ XP]XJHKHQ6FKOLHOLFKNDQQMHGHUVHKHQZLHVHKULFKOHLGH Ä,FKZHUGHPHLQP|JOLFKVWHVWXQ2EHUVW4XLQWR6ROOLFK,KQHQHLQHQ*OHLWHUUXIHQODVVHQGHU VLH]XUFNEULQJW" Ä1LFKWQ|WLJ6LU,FKELQVLFKHUGDGHUXQYHUVFKlPWH%XUVFKHGHUPLFKKDOEWRW KLHUKHUJHVFKDIIWKDWGUDXHQDXIPLFKZDUWHW,FKKDEHLKPYLHO]XYLHO7ULQNJHOGJHJHEHQ MHGHQIDOOVIUHLQHHLQIDFKH)DKUW-HW]WVWHKWHUPLW6LFKHUKHLWGUDXHQYRUGHU7UXQGZDUWHW DXIPLFKLQGHU+RIIQXQJHLQ]ZHLWHV7ULQNJHOG]XHUJDWWHUQ(UZLUGVLFKWlXVFKHQ *ULQVHQGVDK%XOO\]XZLH4XLQWRODXWODPHQWLHUHQGGDV+DXVYHUOLH'DQQZXUGH5HJLQDOG %XOOVFKODJDUWLJHUQVW(UGDFKWHJHUDXPH=HLWQDFKGDQQVFKDOWHWHHUGHQ+\SHUNRPHLQ (LQVLPSOHU.QRSIGUXFNO|VWHHLQHQ,PSXOVDXV'LHVHU,PSXOVUDVWHYRQ%XOO\V*HUlW]XU JURHQ6HQGHVWDWLRQLQ7HUUDQLDYRQGRUWDXVEHUOLFKWVFKQHOO]XU(PSIlQJHUVWDWLRQGHV 5RERWUHJHQWHQDXI$UNRQ,,,,QHLQHUNDXPPHEDUNXU]HQ=HLWVSDQQHEHZLUNWHGLHVHU ,PSXOVGDGHU3ULYDWDQVFKOXGHV,PSHUDWRUV*RQR]DO9,,,PLW%XOO\V*HUlWYHUEXQGHQ ZXUGH*OHLFK]HLWLJZXUGHQ5DIIHUXQG=HUKDFNHU]XJHVFKDOWHWGLHHVXQP|JOLFKPDFKHQ VROOWHQGDHLQ)UHPGHUGLHVHV*HVSUlFKEHODXVFKHQNRQQWH %XOO\EUDXFKWHQXUHLQLJH6HNXQGHQ]XZDUWHQGDQQHUVFKLHQDXIVHLQHP%LOGVFKLUPGDV XQYHUNHQQEDUH6HQGH]HLFKHQGHV5RERWUHJHQWHQXQGHLQH6HNXQGHVSlWHUZDU$WODQV6\PERO ]XHUNHQQHQ 'HU$UNRQLGHEOLQ]HOWHYHUZLUUWLQGLH2SWLNHQ(UEUDXFKWHHLQLJH6HNXQGHQELVHU%XOO\ HUNDQQWKDWWH

Ä%XOO\VDJWHHUPLWOHLVHP9RUZXUIXQGJlKQWHDXVJLHELJÄ,VWGLUNODUGDHVLQGLHVHP %HUHLFKYRQ$UNRQ,,,6FKODIHQV]HLWLVW":DVJLEWHV" Ä,FKKDEHHLQH1HXLJNHLWIUGLFKGLHGLFKVRIRUWKHOOZDFKPDFKHQZLUG6DJWGLUGDV 6WLFKZRUW=HOODNWLYDWRUHWZDV" 'HU$UNRQLGHYHUIJWHEHUHLQIRWRJUDILVFKHV*HGlFKWQLVXQGHLQHQKHUYRUUDJHQG DUEHLWHQGHQ/RJLNVHNWRU(UZXWHVRIRUWZDVHUYRQGLHVHP6WLFKZRUW]XKDOWHQKDWWH Ä%HL$UNRQVW|KQWHHUDXIÄ'LH]ZDQ]LJ$NWLYDWRUHQGLH&DUGLIIUGLH$QWLVEHVRUJWKDW Ä1LNH4XLQWRKDWPLFKJHUDGHGDUDQHULQQHUW(VLVWK|FKVWH=HLWGDZLUHWZDV XQWHUQHKPHQ Ä+DVWGX3HUU\LQIRUPLHUW" %XOO\VFKWWHOWHGHQ.RSI Ä1RFKQLFKWJHVWDQGHUÄ3HUU\EUDXFKWQDFKGHQ(UHLJQLVVHQGHUMHW]WHQ0RQDWHYRUDOOHP HLQHV5XKH9HUJLQLFKWGDHUVHLQHQ6RKQYHUORUHQKDW'DVJHKWLKPQDKHDXFKZHQQ VLFKGLHVHU6RKQDOVGHUEHOVWH6FKXUNHLQGHU*HVFKLFKWHGHU0HQVFKKHLWHQWSXSSWKDW1HLQ $UNRQLGHQKlXSWOLQJGLHVH$QJHOHJHQKHLWPVVHQZLUEHLGHHUOHGLJHQ Ä7XWPLUOHLG%XOO\DEHUDXIPLFKZLUVWGXGDEHLYHU]LFKWHQPVVHQ,FKKDEH7HUPLQH %XOO\UXQ]HOWHGLH6WLUQ Ä6HLWZDQQQLPPVWGXGLH5HSUlVHQWDWLRQVSIOLFKWHQVRHUQVW"%LVODQJZDUVWGXLPPHU KHLOIURKZHQQZLUGLFKDXVGHU7UHWPKOHGHU(WLNHWWHEHIUHLWKDEHQ Ä,QGHQQlFKVWHQ7DJHQZLUGGHUQHXH=DUOWYRQ=DOLWLQVHLQ$PWHLQJHIKUW(VLVWEOLFK GDGHU,PSHUDWRUYRQ$UNRQGLHVHQ)HLHUOLFKNHLWHQGHQ*ODQ]VHLQHU$QZHVHQKHLWYHUOHLKW VRIHUQQLFKWZLFKWLJH*UQGHYRUOLHJHQ Ä6LQG]ZDQ]LJ$NWLYDWRUHQQLFKWZLFKWLJJHQXJ":LOOVWGXQRFKPHKUbUJHU" $WODQOlFKHOWHYHUKDOWHQ Ä:HQQLFKQLFKWHUVFKHLQHJHEHLFKGDPLW]XGDZLFKWLJH*UQGHIUGLH$EVDJHYRUOLHJHQ 1DFKDXHQKLQLVWLP,PSHULXPDOOHVUXKLJNHLQH$XIVWlQGHNHLQH5HYROWHQNHLQHGURKHQGH *HIDKU:DVVROOLFKHUNOlUHQZDUXPLFKQLFKW]XU$PWVHLQIKUXQJHUVFKLHQHQELQ" +HUXPSRVDXQHQGDHVLQGHU*DOD[LV]ZDQ]LJPDOGDVHZLJH/HEHQ]XKROHQJLEW".DQQVWGX GLUYRUVWHOOHQZDVJHVFKHKHQZLUGZHQQGLHVH,QIRUPDWLRQGXUFKVLFNHUW":HUYRQHXFK WHUUDQLVFKHQ%DUEDUHQZHLHLJHQWOLFKYRQGHU$QJHOHJHQKHLW" Ä1LNH4XLQWRLFK%UD]R$ONKHUXQGDOOHGLHGDPDOVPLW&DUGLIV$XVIOXJQDFK:$1'(5(5 HWZDV]XWXQKDWWHQ$EHUDXIGHUHQ6FKZHLJHQLVW9HUOD8QGGLH$QWLVZHUGHQGLH 1DFKULFKWDXFKQLFKWODXWYHUNQGHQ)U*HKHLPKDOWXQJLVWDOVRHLQVWZHLOHQJHVRUJW,FK ZHLQDWUOLFKGDHVIUKHURGHUVSlWHUGXUFKVLFNHUQZLUG%LVGDKLQPVVHQZLUGLH $QJHOHJHQKHLWHEHQDXVGHU:HOWJHVFKDIIWKDEHQ Ä%XOO\GXELVWHLQXQYHUEHVVHUOLFKHU2SWLPLVW,FKKRIIHGDGXUHFKWEHKlOWVW$EHUGXVLHKVW KRIIHQWOLFKHLQGDLFKXQWHUGLHVHQ8PVWlQGHQXQDEN|PPOLFKELQVRVHKUHVPLUDXFKLQ GHQ)LQJHUQMXFNWPLFKDQHLQHU$NWLRQ]XEHWHLOLJHQ'DV$PWHLQHV,PSHUDWRUVLVWHLQH YHUIOL[WODQJZHLOLJH$QJHOHJHQKHLW %XOO\PDFKWHHLQQDFKGHQNOLFKHV*HVLFKW Ä+|U]X$WODQ,FKZLOOPLWGLHVHU$QJHOHJHQKHLWNHLQH3RVLWURQLNEHVFKlIWLJHQGDV5LVLNR HUVFKHLQWPLU]XJURGDGRFKMHPDQGYRQGHU6DFKH:LQGEHNRPPW.DQQGHLQ([WUDKLUQ QLFKWDXVUHFKQHQZDVJHVFKLHKWZHQQZLUGLHVH]ZDQ]LJ$NWLYDWRUHQQLFKWILQGHQ" Ä(VNDQQQLFKWQXUDQWZRUWHWHGHU$UNRQLGHEHGlFKWLJÄ(VWXWVHLWHLQLJHQ0LQXWHQQLFKWV DQGHUHVPHKU :LFKWLJLVWGDGLH%HVLW]HUGHU$NWLYDWRUHQXQVHUH)HLQGHVLQG6LHZHUGHQLQMHGHP)DOO YHUVXFKHQGLHVH7DWVDFKHJHJHQXQVDXV]XVSLHOHQ'HQQQXQKDEHQGLH$QWLVYRUDOOHPHLQHV =HLWVHKUYLHO=HLWVRJDU$OOH=HLWGHV8QLYHUVXPV'XNHQQVWGLHVHXUDOWHQ0LOFK PlGFKHQUHFKQXQJHQZLHYLHOZLUGDXVHLQHP6ROL]XIQI3UR]HQWDQJHOHJWLQWDXVHQG -DKUHQ"'LH$QWLVEUDXFKHQMHW]WQXU]XZDUWHQVLHKDEHQNHLQH(LOHPHKU6LHN|QQHQ ZDUWHQELVVLHHXFKGDV6RODUH,PSHULXPUHJHOUHFKWDENDXIHQN|QQHQ,UJHQGZDQQZHUGHQVLH

GXUFKVLFNHUQODVVHQGDVLHGLH$NWLYDWRUHQEHVLW]HQXQGGDQQZHUGHQVLHEHUDOO$QKlQJHU ILQGHQ6LHEUDXFKHQLKUHQ*HIROJVOHXWHQQXUHLQHQ$NWLYDWRU]XYHUVSUHFKHQXQGGLHKDOEH *DOD[LVZLUGKLQWHULKQHQVWHKHQ Ä6LHKDEHQQXU]ZDQ]LJ=HOODNWLYDWRUHQHULQQHUWH%XOO\ Ä'DVPDFKWQLFKWV6LHZHUGHQKLQJHKHQXQGLKUHQ/HXWHQIROJHQGHVVDJHQWXGLHVRGHUGDV IUXQV:HQQHVGLUJHOLQJWZHUGHQZLUGLFKLQGHQ.UHLVGHU$XVHUZlKOWHQDXIQHKPHQXQG GLUHLQHQ$NWLYDWRUEHVFKDIIHQ$EHUKDOWGHQ0XQGYHUUDWHNHLQHPHWZDV:DVZHUGHQGLH /HXWHWXQGLHDXIGLHVH:HLVHJHN|GHUWZHUGHQ"6LHZHUGHQDOOHVWXQZDVPDQYRQLKQHQ YHUODQJW:HQQVLHGDQQLKUH%HORKQXQJZROOHQZLUGPDQVLHW|WHQ6HOEVWZHQQVLFKGDV KHUXPVSULFKWZLUGGHU7ULFNIXQNWLRQLHUHQ-HGHUZLUGJODXEHQGDPDQLKQQLFKWWlXVFKHQ ZLOOGDQXUGLHDQGHUHQVRGXPPZDUHQ'LH$XVVLFKWDXIUHODWLYH8QVWHUEOLFKNHLWZLUGGLH ,QWHOOLJHQ]HQGHU*DOD[LVEOLQGYRU*LHUPDFKHQ 8QGQRFKHWZDV'LH$QWLVN|QQHQGDV*HUFKWDXVVWUHXHQGDHVLKQHQJHOXQJHQLVWGDV +HUVWHOOXQJVJHKHLPQLVGHU$NWLYDWRUHQ]XOIWHQ:HQQZLUGDV*HJHQWHLOEHKDXSWHQZHU ZLUGHVJODXEHQ":HUZHLYLHOOHLFKWJHOLQJWHVLKQHQWDWVlFKOLFK$NWLYDWRUHQKHU]XVWHOOHQ 6LHN|QQHQ]ZHLRGHUGUHL*HUlWHIU)RUVFKXQJHQ]XU9HUIJXQJVWHOOHQ²VLHKDEHQMD YRUOlXILJJHQXJGDYRQ8QGVLHNHQQHQNHLQH6NUXSHOYHUJLGDVQLFKW Ä$XIK|UHQEHJHKUWH%XOO\DXIÄ'DVJHQJW1XUHLQHVQRFK*ODXEVWGXGD(6GLHVHP 7UHLEHQGHU$QWLVWDWHQORV]XVHKHQZLUG" $XIGHP%LOGVFKLUPNRQQWHHUVHKHQZLH$WODQPLWGHQ6FKXOWHUQ]XFNWH Ä:HUZHLZDV(6ZLOORGHUWXW"9LHOOHLFKWVWHFNWHLQH$EVLFKWGDKLQWHUGLHZLUMHW]WQRFK QLFKWEHJUHLIHQ"(LQH+HUDXVIRUGHUXQJIUHXFK7HUUDQHUGLHLKUDQJHEOLFKDOOHV]XZHJH EULQJWRGHUHLQ:HWWNDPSI]ZLVFKHQ$QWLVXQG7HUUDQHUQ'HP6LHJHUJHK|UWGLH=XNXQIW 'XNHQQVWGRFKGHQDEVRQGHUOLFKHQ+XPRUGHV*HLVWHVZHVHQV Ä,FKNHQQHLKQVDJWH%XOO\EHWURIIHQ$XIGHP%LOGVFKLUPNRQQWHHULP+LQWHUJUXQGVLFK VHOEVWVHKHQZLHHUJHUDGHDXVKROWHXP$WODQHLQHQ)XWULWW]XYHUSDVVHQ'HU$UNRQLGH QDKPGLH%HZHJXQJQLFKWZDKUHUVWDUUWHZLHJHEDQQWDXIVHLQHQ0RQLWRU(UVWDOV%XOO\ HLQHQKDUWHQ*HJHQVWDQGPLW]LHPOLFKYLHO:XFKWLQVHLQHPYHUOlQJHUWHQ5FNHQIKOWHXQG HUQDFKYRUQWDXPHOWHEHJULIIHUGD(6VLFKEHLEHLGHQ*HVSUlFKVSDUWQHUQLQ(ULQQHUXQJ JHEUDFKWKDWWH:lKUHQG%XOO\VLFKPKVDPDXIUDSSHOWHXQGVLFKGLHVFKPHU]HQGH $XIVFKODJVVWHOOHULHEK|UWHHUGDVWREHQGH*HOlFKWHUGHV)LNWLYZHVHQVYRQ:$1'(5(5 Ä(6VFKHLQWVLFKJURDUWLJ]XDPVLHUHQVWHOOWH%XOO\HUELWWHUWIHVWÄ$OVRJXWLFKZHUGH PLFKXPGLH$NWLYDWRUHQNPPHUQ:LHZUGHVWGXLQPHLQHU/DJHYRUJHKHQ" $WODQULHEVLFKQDFKGHQNOLFKGHQ1DVHQIOJHO Ä,FKVHKHQXUHLQH0|JOLFKNHLW'XPXW:$1'(5(5DQIOLHJHQ2KQHGLH+LOIHYRQ(6 ZLUVWGXNHLQH&KDQFHKDEHQhEHUOHJHZDVGXYRUKDVW'XZLOOVW]ZDQ]LJ*HJHQVWlQGH GLHVHU*U|H$WODQKLHOWVHLQHQ$NWLYDWRULQGLH+|KHÄILQGHQGLHLUJHQGZRLQGHU *DOD[LVYHUVWHFNWVLQG'LH&KDQFHQVLH]XILQGHQVLQGSUDNWLVFKJOHLFK1XOO %XOO\PDFKWHHLQEHWURIIHQHV*HVLFKW Ä:HLWGXZDVGXPLUGDYRUVFKOlJVW$WODQ"(6PDJPLFKJDQ]EHVRQGHUV:HQQ(6HLQ 2SIHUIUHLQHQEOHQ6FKHU]EUDXFKWGDQQYHUIlOOW(6PLWW|GOLFKHU6LFKHUKHLWDXIPLFK Ä1LPP*XFN\PLWZHQQGXGLFKIUFKWHVW Ä$OOHVQXUGDVQLFKWVW|KQWH%XOO\DXIÄ'HU.OHLQHLVWE|VHDXIPLFKXQGGXZHLWZLHHU VLFK]XUHYDQFKLHUHQSIOHJW1HLQLFKIOLHJHOLHEHUDOOHLQ'LUZQVFKHLFKYLHO9HUJQJHQDXI =DOLW(VJLEWGRUW ÄLFKZHLUHL]HQGH0lGFKHQ0LUVLQGGHLQHHLQVFKOlJLJHQ(UIDKUXQJHQEHNDQQW%XOO\ 5HJLQDOG%XOONQLUVFKWHOHLVHPLWGHQ=lKQHQ(UPRFKWHHVJDUQLFKWZHQQPDQLKQDQMHQHQ $EHQGHULQQHUWHDQGHPHUVLFKYRQDOV0lGFKHQYHUNOHLGHWHQ5RERWHUQKDWWHYHUZLUUHQ ODVVHQ Ä$XIEDOGDOWHV(NHONQXUUWHHUXQGWUHQQWHGLH9HUELQGXQJ(LQ.QRSIGUXFNYHUEDQGLKQ ZHQLJVSlWHUPLWGHP5DXPKDIHQ

Ä0DFKHQ6LHIUPLFKHLQH6SHFH-HWNODUPLW/LQHDUDQWULHEZHQQP|JOLFKhEOLFKH %HZDIIQXQJDXVUHLFKHQG/HEHQVPLWWHOXQG*HWUlQNHYRUDOOHPDEHUHLQLJH.RPELODGHU Ä:ROOHQ6LHGHQ$QWLVDXIGHQ3HO]UFNHQ6LU"HUNXQGLJWHVLFKGHU+DIHQYHUZDOWHU Ä:HUZHPDXIGHQ3HO]UFNWZLUGVLFKQRFKKHUDXVVWHOOHQEUXPPWH%XOO\PLYHUJQJW Ä,FKELQVSlWHVWHQVLQ]ZHL6WXQGHQEHLLKQHQ =ZHL6WXQGHQZUGHQVRKRIIWHHUGD]XDXVUHLFKHQGHQMHW]LJHQ6WDQGRUWYRQ:$1'(5(5 EHUHFKQHQ]XODVVHQ%XOO\JDEHLQHQHQWVSUHFKHQGHQ$XIWUDJDQGLH5HFKHQ]HQWUDOHGDQQ PDFKWHHUVLFKGDUDQVHLQH6DFKHQ]XVDPPHQ]XSDFNHQ $OVHUGDV+DXVYHUOLHKDWWHHUHLQXQJXWHV*HIKOHLQH(PSILQGXQJGLHLKPVDJWHGDHV IULKQZHLWEHVVHUJHZHVHQZlUHKlWWHHUGLHQlFKVWHQ7DJHLQVHLQHP+HLPYHUEUDFKWXQG VLFKHLQZHQLJPLW*XFN\JH]DQNW 9RQVROFKHQ5HLVHQKDWWH5HJLQDOG%XOOVFKRQJHWUlXPWDOVHUQRFKHLQNOHLQHU-XQJH JHZHVHQZDUURWKDDULJVRPPHUVSURVVLJXQGGHU6FKUHFNHQVHLQHU0LWEUJHU:HQQHUQDFK VHLQHQ6WUHLFKHQGLHLKPGHQ5XIHLQJHWUDJHQKDWWHQGHUPLUDWHQVWH6SU|OLQJDOOHU=HLWHQ ]XVHLQ]XP)OXJHJDQJHQZDUKDWWHHUVLFKDP8IHULQV*UDVJHOHJWXQGGHQ)OXJ]HXJHQ QDFKJHVHKHQGLHYRPQDKHJHOHJHQHQ0LOLWlUIOXJKDIHQVWDUWHWHQRGHUGRUWODQGHWHQ(UVWKDWWH HUGDYRQJHWUl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lU]HGHV5DXPHVZRKO'LHJHZDOWLJHQ'LVWDQ]HQGLHHULQQHUKDOEYRQ0LQX WHQEHUZDQGKDWWHQIULKQQLFKWV(UVFKUHFNHQGHVDQVLFKREZRKO%XOO\MHGHU]HLWLQGHU /DJHZDUVLFKDXV]XUHFKQHQZLHODQJHHU]X)XKlWWHODXIHQPVVHQXPDXFKQXUHLQHQ %UXFKWHLOGLHVHU'LVWDQ]HQ]XUFNOHJHQ]XN|QQHQ9RQGHU6RQQHELV]XU(UGHEUDXFKWHGDV /LFKWWURW]VHLQHU*HVFKZLQGLJNHLWYRQIDVW.LORPHWHUQLQGHU6HNXQGHIDVWDFKW 0LQXWHQXQGMHW]WOHJWH%XOO\LQMHGHU0LQXWHPHKUDOVHLQ/LFKWMDKU]XUFNPHKUDOVQHXQ %LOOLRQHQ.LORPHWHU 'LH0DVFKLQHQGHU6SDFH-HWDUEHLWHWHQJOHLFKPlLJXQGUXKLJ'HU$XWRSLORWVWHXHUWHGDV NOHLQH5DXPVFKLII%XOO\KDWWHLKQPLWGHQ'DWHQGHV*URUHFKQHUVJHIWWHUW:HQQGLHVH 'DWHQVWLPPWHQGDQQZDUHVQLFKWPHKUVHKUZHLWELV:$1'(5(5 Ä:DQGHUHUVHXI]WH%XOO\OHLVH(UQLSSWHDQVHLQHU7DVVH6LHHQWKLHOW7HHDXVGHP :HJDV\VWHPHLQHZU]LJH0LVFKXQJIHLQVWHU%OlWWHUXQG.QRVSHQ Ä:DVKDWGHUDOWH6FKXUNHGLHVPDOPLWPLUYRU"EHUOHJWH%XOO\KDOEODXW6HOEVWGDV$URPD GHV7HHVNRQQWH%XOO\V6RUJHQQLFKWJDQ]YHUGUlQJHQ(6ZDUIUVHLQHEOHQ6FKHU]H EHNDQQWXQGHVVWLPPWHZDV%XOO\$WODQJHJHQEHUEHKDXSWHWKDWWHDXI5HJLQDOG%XOOKDWWH (6HVEHVRQGHUVDEJHVHKHQ9LHOOHLFKWODJHVGDUDQGD%XOO\HLQZHQLJ]XGLFNZDUGDHU VHLQHURWHQ+DDUH]XHLQHU%UVWHQIULVXUVWXW]WHGDVLFKGLHZDVVHUEODXHQ$XJHQLQVHLQHP VRPPHUVSURVVHQEHUVlWHQ*HVLFKWQLFKWIRUWOHXJQHQOLHHQ Ä:DVKDEHLFKGHP6FKHXVDOHLJHQWOLFKJHWDQ"UlWVHOWH%XOO\6FKHXVDKHUVLFKXP:HQQHV

VLFKXP(6KDQGHOWHZDUPDQQLHVLFKHU9LHOOHLFKWK|UWHHU]X0|JOLFKZDUDOOHV Ä/LQHDUIOXJHQGHWLQ]HKQ0LQXWHQSOlUUWHHLQH5RERWVWLPPH %XOO\VHXI]WHXQGWUDQNGHQUHVWOLFKHQ7HH(VKDOIQLFKWVHUPXWHVLFKGHU*HIDKUDXVVHW]HQ OlFKHUOLFKJHPDFKW]XZHUGHQ(VZlUHHLQHP:XQGHUJOHLFKJHNRPPHQZUGH(6QLFKW YHUVXFKHQPLW%XOO\GHQHLQHQRGHUDQGHUHQ6FKHU]]XWUHLEHQ 3O|W]OLFKULFKWHWHVLFK%XOO\DXI(UEHJDQQEUHLW]XJULQVHQ Ä1DWUOLFKVHXI]WHHUHUOHLFKWHUWÄ,FKELQMDDOOHLQ 'DVVHW]WHGHPHLJHQWPOLFKHQ+XPRUGHV)LNWLYZHVHQV]XPLQGHVWJHZLVVH*UHQ]HQ%LVODQJ ZDUHVLPPHUVRJHZHVHQGD(6%XOO\]XP*HVS|WWGHU0HQJHJHPDFKWKDWWH1XQDEHUJDE HVNHLQH=XVFKDXHUXQGGDVQDKPGHU6DFKHYLHOYRQGHU*HIlKUOLFKNHLW:DVNRQQWH(6 VFKRQJURDQIDQJHQZHQQHVDXHULKPQLHPDQGHQJDEGHUEHU%XOO\ODFKHQNRQQWH" 1DFKGHPHUGLHVH(LQVLFKWJHKDEWKDWWHZDU%XOO\IDVWVFKRQJXWHU'LQJH(USILIIOHLVHYRU VLFKKLQXQGK|UWHHUVWGDQQDXIDOVLKPNODUZXUGHGD]XGLHVHP/LHGHLQNHLQHVZHJV VWXEHQUHLQHU7H[WJHK|UWH8QZLOONUOLFKVDKHUVLFKXPDEHUQRFKZDUYRQ(6QLFKWV]X K|UHQRGHUVHKHQ 'HU$XWRSLORWPHOGHWHVLFKHLQ]ZHLWHVPDOJHWUHXGHQ%HIHKOHQGLH%XOO\GHU%RUGSRVLWURQLN JHJHEHQKDWWH'DV)OXJSURJUDPPOLHILQZHQLJHQ0LQXWHQDEGDQDFKZUGHVLFK HQWVFKHLGHQRE%XOO\PLWGHU8QWHUVWW]XQJGHV:DQGHUHU%HZRKQHUVUHFKQHQGXUIWHRGHU QLFKW (6KDWWHVLFKYHUPXWOLFKYHUVWHFNWXQGHVZUGHVLFKHUOLFKQLFKWOHLFKWVHLQGLHVHV9HUVWHFN ]XILQGHQ:HQQEHUKDXSWGDQQZDUGLHVHV)LQGHQRKQHKLQQXUP|JOLFKZHQQ(6]XOLH GDMHPDQGVHLQ5HIXJLXPEHVXFKWH'HU3DNWGHQ3HUU\5KRGDQXQG(6VHLQHU]HLW JHVFKORVVHQKDWWHQEHVDVHLQH7FNHQ(6KDWWHVLFKYHUSIOLFKWHW5KRGDQMHGHU]HLWGDV OHEHQVHUKDOWHQGH3K\VLRWURQ]XU9HUIJXQJ]XVWHOOHQIU5KRGDQVHOEVWXQGMHGHQVHLQHU PHQVFKOLFKHQ0LWDUEHLWHUGLH3HUU\EHVWLPPWH'DV6WRSSHQGHVQRUPDOHQ$OWHUVSUR]HVVHV ZDU6DFKHYRQ(6GLH$XIJDEHGHV7HUUDQHUVEHVWDQGMHGHVPDOGDULQ(6XQGVHLQHQ 3ODQHWHQ:DQGHUHUEHUKDXSW]XILQGHQXQGGDVKDWWHVLFKHLQLJH0DOHDOV]LHPOLFKNLW]OLJH $XIJDEHHUZLHVHQ Ä/LQHDUPDQ|YHU(QGH 'LH5RERWVWLPPHKDWWHQRFKQLFKWDXVJHTXlNWGDNDPGLH%HZHJXQJGHU6WHUQHDXIGHQ 6FKLUPHQVFKRQ]XHLQHP6WLOOVWDQG2KQH(UVFKWWHUXQJJDQ]VDQIWJOLWWGHUNOHLQH 5DXPIOXJN|USHUDXVGHU/LEUDWLRQV]RQHLQGDV1RUPDONRQWLQXXP0LWHLQHP+DQGJULII VFKDOWHWH%XOO\GLH7DVWHUHLQ0DVVHWDVWHU(QHUJLHWDVWHU6WUXNWXUWDVWHU(UYHU]LFKWHWHQLFKW HLQPDOGDUDXIGLH%LOGHUGHVNOHLQHQQRUPDORSWLVFKHQ%RUGWHOHVNRSVDQGLH3RVLWURQLN ZHLWHU]XOHLWHQ0LWDOOHQWHFKQLVFKHQ6LQQHQVXFKWHQGLH(LQULFKWXQJHQGHU6SDFH-HWQDFK GHP:XQGHUSODQHWHQ 0LQXWHXP0LQXWHYHUJLQJ%XOO\VDUHJORVDXIVHLQHP6HVVHOXQGZDUWHWH :DUWHQGDVZDUHLQH%HVFKlIWLJXQJGLH%XOO\QRFKQLHJHPRFKWKDWWH9RQDOOVHLQHQ )HLQGHQZDUGLH/DQJHZHLOHGHUlUJVWH%XOO\EUDXFKWH/HEHQ7UXEHO$EZHFKVOXQJGDVVWHWH *OHLFKPDZDULKPYHUKDW(VZDUQLFKW]XOHW]WGLHVHU&KDUDNWHU]XJGHULKQLQGHU )KUXQJVVSLW]HGHV6RODUHQ,PSHULXPVVREHOLHEWPDFKWH 1DFKGHQNOLFKULHEVLFK%XOO\GHQ'DXPHQDXIGHPQRFKLPPHUHLQHGQQH1DUEH]XVHKHQ ZDUGLH(ULQQHUXQJDQHLQHQ6LOYHVWHUDEHQGGHQ%XOO\VRVFKQHOOQLFKWYHUJHVVHQKDWWH (LQHUGHU7DVWHUVFKOXJDQGHU(QHUJLHWDVWHU8QG6HNXQGHQGDQDFKPHOGHWHVLFKDXFKGHU 0DWHULHWDVWHU %XOO\VFKDOWHWHEHLGH*HUlWHDXIGLH3RVLWURQLNXQGZDUWHWHHUQHXW6RZLHHU(6NDQQWH ZUGHQHLQSDDU6WXQGHQYHUJHKHQELVGHU5HFKQHUGLH,QIRUPDWLRQHQYHUDUEHLWHWKDWWHXQG]X GHP(UJHEQLVNDPGDHVNHLQ(UJHEQLVJDE %XOO\VWDXQWHQLFKWVFKOHFKWDOVVLFKZHQLJH0LQXWHQVSlWHUHLQ'DWHQVWUHLIHQDXVGHP $XVJDEHVHJPHQWGHV5HFKQHUV]XVFKOlQJHOQEHJDQQ+DVWLJJULII%XOO\QDFKGHP 3ODVWLNPDWHULDOHUNRQQWHGLHYHUVFKLHGHQDUWLJHQ/RFK]HLFKHQDXFKRKQH'HNRGHUVFKQHOOXQG

IOVVLJOHVHQ Ä+HLOLJH*DOD[LVIOVWHUWHHUDOVHUEHJULIIHQKDWWHZDVGHU'DWHQVWUHLIHQLKPEHNDQQWJDE Ä'DVNDQQMDKHLWHUZHUGHQ 'LH7DVWHUEHULFKWHWHQGDHVLQUHODWLYHU1lKHYRQ%XOO\V6SDFH-HWHLQHQPHUNZGLJHQ +LPPHOVN|USHUJDE'LHVHU.|USHUZDUJHIRUPWZLHHLQH6FKHLEHPLWHLQHP'XUFKPHVVHU YRQDFKWWDXVHQG.LORPHWHUQ'DVEHULFKWHWHGHU0DVVHWDVWHUZlKUHQGGHU(QHUJLHWDVWHU]X EHULFKWHQZXWHGDVLFKEHUGLHVHU6FKHLEHHLQHHQHUJHWLVFKH+DOENXJHOZ|OEWHLQGHUHQ =HQLWHLQHDWRPDUH.XQVWVRQQHVWDQGGLHDXIGLH2EHUIOlFKHGHU6FKHLEHKHUDEVFKLHQ %XOO\ZXWHVRIRUWZRUDQHUZDU 'LHVHVPHUNZUGLJH*HELOGHZDU:DQGHUHUGLH+HLPDWGHV)LNWLYZHVHQVHLQH$UW JDODNWLVFKHU:XQGHUWWHMHGHU]HLWIUHLQHhEHUUDVFKXQJJXW,P)DOOYRQ5HJLQDOG%XOO ILHOHQGLHVHhEHUUDVFKXQJHQPHLVWZHQLJHUIUHXOLFKDXV 'LHVHhEHUUDVFKXQJDEHU %XOO\ZLHJWHGHQ.RSIXQGVRUJWHVLFK (UKlWWHVLFKQLFKWJHZXQGHUWZlUHKLQWHULKPHLQDXVJHZDFKVHQHU6lEHO]DKQWLJHU PDWHULDOLVLHUWXQGHLQHQOLHEHYROOHQ.XYRQGHV7HXIHOV*URPXWWHUKlWWH%XOO\JDQ]QRUPDO JHIXQGHQ(LQ(UGEHEHQLPIUHLHQ5DXP":DUXPQLFKW"(LQHXPHLQHQKDOEHQ0HWHU YHUOlQJHUWH1DVH"%LWWHVHKU*HVWDQNLQDOOHQ5lXPHQ6LQWIOXWHQRKUHQEHWlXEHQGHU/lUP" :HQQHVGHPWHXUHQ)LNWLYZHVHQJHIlOOW%XOO\ZDUDXIDOOHVYRUEHUHLWHW 8QGQXQGDV 'DODJ:DQGHUHUQDFNWXQGEORXQEHUVHKEDUZLHHLQ0HLOHQVWHLQ'DVVW|UWH5HJLQDOG %XOOGLHVHXQYHUKOOWH(LQODGXQJPDFKWHLKQVWXW]LJ:HUJHZ|KQWZDUYRQVHLQHP *HJHQEHUVWlQGLJ7ULWWH]XEHNRPPHQZDUGRSSHOWDXIGHU+XWZHQQEHVDJWHV*HJHQEHU EHUJDQJVORVGLH)UHXQGOLFKNHLWVHOEVWGDU]XVWHOOHQYHUVXFKWH Ä$OWHU)UHXQGVDJWH%XOO\KDOEODXWXQGOlFKHOWHYHUNUDPSIWÄ:DVVROOGHU6SD"'XZHLW VHOEVWZLHHUQVWHVPLULVW$OVRELWWH $EHUGDV)LNWLYZHVHQUKUWHVLFKQLFKW'LH6SDFH-HWUDVWHDXI:DQGHUHU]XXQGQLFKWV JHVFKDK(6PHOGHWHVLFKQLFKWHLQPDOXQGDOOPlKOLFKEHNDPHV%XOO\PLWGHU$QJVW Ä'LUZLUGGRFKQLFKWVSDVVLHUWVHLQ"HUNXQGLJWHHUVLFKYRUVLFKWLJ %XOO\ZDUVLFKGDUEHUNODUGDHUDOOHVDQGHUHDOVHKUIXUFKWJHELHWHQGZLUNHQPXWH,Q 7HUUDQLDKlWWHHLQ6WHOOYHUWUHWHQGHU$GPLQLVWUDWRUGHUPLWVLFKWOLFKHP5HVSHNWPLWGHU/XIW SODXGHUWHVLFKHUOLFKIUDOOHUKDQG$XIUHJXQJJHVRUJW$EHU%XOO\ZDULP$XJHQEOLFN WDWVlFKOLFKEHVRUJW(LQH*HIDKUGLH(6LQ6FKZLHULJNHLWHQEULQJHQNRQQWHZDUIU%XOO\ XQYRUVWHOOEDUXQYRUVWHOOEDUDXFKZLHVLFKHLQHVROFKH*HIDKUDXIGDV,PSHULXPDXVZLUNHQ ZUGH $QJHVLFKWVGLHVHU%HIUFKWXQJHQZDU%XOO\I|UPOLFKHUOHLFKWHUWDOVHUGXUFKGLH/XIWVHJHOWH XQGPLWGHP3DQRUDPDVFKLUPNROOLGLHUWH(6OHEWHDOVRQRFKDXFKZHQQHVGHQ%HZHLVVHLQHU ([LVWHQ]LQ)RUPHLQHU%HXOHDXI%XOO\V6WLUQDQWUDW 'LH6SDFH-HWKDWWHDEUXSWJHVWRSSWXQGDXIGHP6FKLUPGHV(QHUJLHWDVWHUV]HLFKQHWHVLFKHLQ EHIUHPGOLFKHV%LOGDE'HXWOLFKZDUGHU(QHUJLHVFKLUP]XVHKHQGHUGLH+DOENXJHOEHUGHU .UHLVIOlFKHELOGHWHXQGLQGLHVHU+DOENXJHOZDUGLH6SDFH-HWJHIDQJHQ6LHVWHFNWH]XU +lOIWHLQGHP6FKLUPZLHLQHLQHUZHLFKHQ]lKHQ0DVVHXQGQDFKHLQHPNXU]HQ3UREHODXI GHU0DVFKLQHQZXWH%XOO\GDHUVLFKDXVHLJHQHU.UDIWDXVGLHVHU)DOOHQLFKWZUGH EHIUHLHQN|QQHQ Ä+DOORPDFKWH%XOO\]DJKDIWÄ+LHUELQLFK (UNUDW]WHVLFKDP.RSI 'DV'XPPHZDUGD(6HLQKHUYRUUDJHQGHU7HOHSDWKZDUIROJOLFK%XOO\V*HGDQNHQOHVHQ NRQQWHZLHHLQRIIHQHV%XFK8QGZDVLQ%XOO\V*HGDQNHQ]XOHVHQZDUVFKPHLFKHOWHGHP )LNWLYZHVHQEHUKDXSWQLFKW Ä+DOORK|UWH%XOO\SO|W]OLFKHLQHYHUWUDXWH6WLPPHVDJHQÄ6LHKDQXQVHU)UHXQG5HJLQDOG %XOO:LHJHKWHVGLUDOWHU)UHXQG

Ä*XWJXWEHHLOWHVLFK%XOO\]XYHUVLFKHUQXQGHVJHODQJLKPJHUDGHQRFKGDVYHUUlWHULVFKH ÄELVMHW]WMHGHQDOOVKHUXQWHU]XZUJHQ Ä0LUZLOOVFKHLQHQK|KQWH(6ÄGDGXGHLQHQ*HVXQGKHLWV]XVWDQGEHLZHLWHPEHUVFKlW]W 0LUIlOOWQlPOLFKDXIGDGXSUDNWLVFKQLFKWPHKUGHQNVW1LFKWGDGXIUKHUYLHOJHGDFKW KlWWHVWDEHUQXQKDWVLFKGHLQ:HUWYRQHLQHPEHUDXVQLHGULJHQ1LYHDXIDVWGHP1XOOZHUW JHQlKHUW'DVHUIOOWPLFKPLW6RUJHDOWHU)UHXQG %XOO\JULQVWHYHU]ZHLIHOWGLH/XIWDQ1DWUOLFKGDFKWHHULP$XJHQEOLFNQLFKWYLHO(U EHPKWHVLFKDOOHQ(UQVWHVEHUKDXSWQLFKW]XGHQNHQGHQQZHQQHUGDFKWHGDQQGDFKWHHU GLH:DKUKHLWDXFKEHU(6XQGZHQQGLHVHODXVLJHHOHQGH Ä$EHUDEHUGU|KQWHGLHWHOHSDWKLVFKH6WLPPHÄ%XOO\GHQNWVFKOHFKWEHUPLFK'DVILQGH LFKJDUQLFKWQHWW Ä7XWPLUOHLGZLUNOLFKlFK]WH%XOO\GHUHLQH.DWDVWURSKHKHUDXIGlPPHUQVDKÄ(VZLUG QLFKWPHKUYRUNRPPHQ :HQQLFKGLHVKLHUEHUOHEHGDFKWH%XOO\ZHUGHLFKZDKUVFKHLQOLFKEHUKDXSWQLFKWPHKU GHQNHQ Ä,FKZUGHGLFKMDJHUQHEHLPLUZLOONRPPHQKHLHQDOWHU)UHXQGHU|IIQHWH(6GHP YHUZLUUWHQ%XOO\Ä$EHUOHLGHU Ä$EHU" %XOO\EHJDQQ]XDKQHQGDGDV6SLHOGHV)LNWLYZHVHQVJHUDGHHUVWEHJRQQHQKDWWH (UVWDXQOLFKHUZHLVHZDU%XOO\EHUKDXSWQLFKWQHXJLHULJZDVVLFK(6KDWWHHLQIDOOHQODVVHQ Ä:DVIKUWGLFKHLJHQWOLFKKHUDOWHU)UHXQG"(WZDV:LFKWLJHV" Ä6HKUZLFKWLJEHVWlWLJWH%XOO\Ä6RZLFKWLJGDLFKGLFKGHVKDOEDXIVXFKWH Ä'DUIMHGHUYRQGHU$QJHOHJHQKHLWZLVVHQ" %XOO\ V9HUZXQGHUXQJVWLHJXQGPLWLKUVHLQH%HIUFKWXQJGD(6]XHLQHP6FKODJDXVKROWH Ä1DWUOLFKQLFKWHUNOlUWHHU$OOPlKOLFKEHJDQQHUVLFKGDUDQ]XJHZ|KQHQPLWGHU/XIW]X UHGHQ(UPXWHQXUGDUDQGHQNHQGLHVH*HZRKQKHLWELV]XVHLQHP(LQWUHIIHQLQGHU6RODUHQ $GPLQLVWUDWLRQZLHGHUDE]XOHJHQ Ä6LHKVWGXGDQQZHLWGXDXFKZDUXPLFKGLFKHLQVWZHLOHQQLFKW]XPLUODVVHQNDQQ,FK JHEHGLUHLQHQ7DJ=HLWGLH6DFKH]XHUOHGLJHQ:HQQQLFKWZLUVWGXZRKOXPNHKUHQPVVHQ ZHQQGXNDQQVW Ä$XJHQEOLFNSURWHVWLHUWH%XOO\XQGVSUDQJYRQVHLQHP6LW]DXIÄ:DVIUHLQH6DFKHVROOLFK HUOHGLJHQ"8QGZDVKHLWKLHUZHQQGXNDQQVW"+H(6PHOGHGLFK 'LHWHOHSDWKLVFKH6WLPPHZDUYHUVWXPPWXQG%XOO\NDQQWHGLH/DXQHQVHLQHV*DVWJHEHUVDXV OHLGYROOHU(UIDKUXQJJXWJHQXJXP]XZLVVHQGDVLFK(6IUKHVWHQVLQYLHUXQG]ZDQ]LJ 6WXQGHQPHOGHQZUGH %XOO\IOXFKWHLQVLFKKLQHLQ:DVKDWWH(6JHPHLQWDOVHVYRQGHU6DFKHVSUDFKGLH%XOO\]X HUOHGLJHQKDEH" Ä/DQJVDPVDJWH%XOO\]XVLFKVHOEVWÄJDQ]ODQJVDP0LWHLQZHQLJ/RJLNZHUGHLFKGLH 1XVFKRQNQDNNHQ (LQJHGHQNIUKHUHU(UIDKUXQJHQKDWWH%XOO\HLQ%DQGJHUlWPLWODXIHQODVVHQ'DV6WLFKZRUW $OWHU)UHXQGKDWWHGLH$XIQDKPHDXVJHO|VW9RQlKQOLFKHQ=XVDPPHQNQIWHQKHUZXWH %XOO\GD(6VLFK]XZHLOHQVRNODUXQGEHUVLFKWOLFKDXV]XGUFNHQSIOHJWHZLHHLQ TXDGUDWPHWHUJURHV.UHX]ZRUWUlWVHO'LHNODVVLVFKH3\WKLDGHVGHOSKLVFKHQ2UDNHOVKDWWHHLQH JHUDGH]XPDWKHPDWLVFKH[DNWH$XVGUXFNVZHLVHYHUJOLFKHQPLWGHP)LNWLYZHVHQZHQQ(6 EHL/DXQHZDU %XOO\ZXWHGDGDV5lWVHOO|VEDUZDU6RKLQWHUKlOWLJZDU(6QLFKWGDHV$XIJDEHQVWHOOWH GLHHLQIDFKQLFKWO|VEDUZDUHQVHOEVWZHQQPDQVLFKQRFKVRVHKUGHQ.RSI]HUEUDFK $OOHUGLQJVZDUHQGLH$XIJDEHQYRQ(6QLFKWVHOWHQHLQNOHLQZHQLJOHEHQVJHIlKUOLFK %XOO\K|UWHVLFKGDV%DQGLQDOOHU5XKHIQIPDODQ,QGHQ3DXVHQGDFKWHHUQDFKXQG EHUHLWHWHVLFKHLQH0DKO]HLWPLWYLHOHQ3URWHLQHQ(LZHLZDUDQJHEOLFKJXWIUGDV*HKLUQ DOVRVFKODQJ%XOO\VFKLFNVDOVHUJHEHQHLQ3IXQG0DJHUTXDUNLQVLFKKLQHLQKRIIHQGGDPLW

GHPPHUNZUGLJHQ*HVFKPDFNLP0XQGVLFKDXFKGLH/|VXQJGHV3UREOHPVHLQVWHOOHQ ZUGH 1LFKWVGHUJOHLFKHQJHVFKDK'LH6SDFH-HWVWHFNWHQRFKLPPHUIHVWXQG(6KDWWH IUHXQGOLFKHUZHLVHIUHLQH8KUJHVRUJWGLH%XOO\GLHEHUHLWVYHUVWULFKHQH=HLWPLW XQEHUK|UEDUHP7LFNHQDQ]HLJWHXQGGLHVHV7LFNHQ]HUUWHIDVWQRFKPHKUDQ%XOO\V1HUYHQ DOVGLH)UDJHZDV(6IUHLQHQ6SDEHUHLWKDOWHQZUGHIUGHQ)DOOGD%XOO\GDV5lWVHO QLFKWO|VHQNRQQWH %HLPVHFKVWHQ$EK|UHQGHV%DQGHVNDP%XOO\GDQQHQGOLFKHLQ*HGDQNH (UYHUOLHGLH=HQWUDOHGHU6SDFH-HWXQGPDFKWHVLFKDQGLH$UEHLWGDV5DXPVFKLII JHQDXHVWHQV]XGXUFKVXFKHQ 8QWHUKDOEGHU=HQWUDOHODJHQGLH5lXPHIUGLH%HVDW]XQJVPLWJOLHGHUXQGHWZDLJH3DVVDJLHUH %XOO\UHFKQHWHLQVJHKHLPGDPLWLQHLQHUGLHVHU.DELQHQDXIHLQHQXQJHEHWHQHQ*DVW]X VWRHQGHVVHQ+XPRUHEHQVRQHUYHQ]HUIHW]HQGVHLQNRQQWHZLHGHUGHV)LNWLYZHVHQV$EHU ]XVHLQHUhEHUUDVFKXQJVWLH%XOO\QLFKWDXIHLQHQ0DXVELEHUGHULKPEUHLWJULQVHQGYRUJHOR JHQKlWWHHUKDEHVLFKYHULUUW %XOO\EUDXFKWHHLQHKDOEH6WXQGHELVHUGLH5lXPHJUQGOLFKLQVSL]LHUWKDWWH(UIDQGQLFKW GLHJHULQJVWHQ$Q]HLFKHQIUHLQHQEOLQGHQ3DVVDJLHUXQGGDVYHUEOIIWH%XOO\QLFKWZHQLJ (UKDWWHIHVWGDPLWJHUHFKQHWDXI*XFN\]XVWRHQDEHUYRQGHPYRUZLW]LJHQ0DXVELEHU IHKOWHMHGH6SXU Ä0HUNZUGLJPXUPHOWH%XOO\NRSIVFKWWHOQGDOVHUVHLQHQ5XQGJDQJEHHQGHWKDWWH ,QGHU=ZLVFKHQ]HLWZDUGDV7LFNHQGHUXQVLFKWEDUHQ8KUHWZDVODXWHUJHZRUGHQXQG YHUNQGHWH%XOO\DXIGLHVH:HLVHGDGLH0LQXWHQXQDXIKDOWVDPYHUVWULFKHQ Ä'DQQKLQXQWHULQGLH0DVFKLQHQUlXPHVHXI]WH%XOO\XQGPDFKWHVLFKDQGHQ$EVWLHJ 'LH6SDFH-HWZDUIXQNHOQDJHOQHXXQGGDVKLHGDDXIQDKH]XDOOHQEHZHJOLFKHQ 0HWDOOWHLOHQHLQHILQJHUGLFNH6FKLFKW6FKPLHUVWRII]XILQGHQZDUGLHDXIVlPWOLFKHQ .OHLGXQJVVWFNHQKlOLFKHURWH)OHFNHKLQWHUOLHZHQQGHU6WRIIPLWGHP)HWWLQ%HUKUXQJ NDP6ROFKH.RQWDNWHOLHHQVLFK]X%XOO\V/HLGZHVHQQLFKWY|OOLJYHUPHLGHQ'LH 5DXPVFKLIIVZHUIWHQDXIGHP0RQGDUEHLWHWHQZHLWHVWJHKHQGDXWRPDWLVFKXQGGHU$XWRPDW GHUIUGDV9HUWHLOHQGHUU|WOLFKHQ6FKPLHUH]XVWlQGLJJHZHVHQZDUKDWWHNHLQHQ*HL] JHNDQQW0LWVSUDFKORVHP6WDXQHQPXWH%XOO\IHVWVWHOOHQGDLUJHQGHLQSRVLWURQLVFKHU (LQIDOWVSLQVHORIIHQEDUJHIROJHUWKDWWHGDGLH*ULIIHYRQ7UHQGLHVLFKLQLKUHQ$QJHOQ EHZHJHQOLHHQXQWHUGLH5XEULNEHZHJOLFKH0HWDOOWHLOHILHOHQIROJHULFKWLJVWDUUWHQGLHVH *ULIIHYRQ6FKPLHUIHWW %XOO\OLHNHLQHQ:LQNHOGHU0DVFKLQHQUlXPHDXVLKPEOLHEQLFKWVDQGHUHVEULJ'DHUEHL GLHVHU%HVFKlIWLJXQJDUJLQV6FKZLW]HQJHULHWPXWHHUVLFKDEXQG]XGHQ6FKZHLYRQGHU 6WLUQZLVFKHQGLHVRODQJVDPHLQHVFKW]HQGH+DXWDXVO|VXQJVPLWWHOIHVWHP6FKPLHUVWRII EHNDP %XOO\VDKDXVZLHHLQHVFKOHFKWH.DULNDWXUVHLQHUVHOEVWDOVHUGHQ]ZHLWHQ7HLOVHLQHV 5XQGJDQJHVEHHQGHWKDWWH (UKDWWHHLQLJHVJHIXQGHQ=LJDUHWWHQNLSSHQOHHUH6FKQDSVIODVFKHQ]HUOHVHQH,OOXVWULHUWHPLW URWHQ)LQJHUDEGUFNHQEHUVlWH'DPHQZlVFKHDEHUNHLQH6SXUYRQHLQHP/HEHZHVHQGDV GLHKRFKZLFKWLJH%HVSUHFKXQJ]ZLVFKHQ%XOO\XQG(6KlWWHEHODXVFKHQN|QQHQ Ä:DUWH)UHXQGFKHQZHQQLFKGLFK]XIDVVHQEHNRPPHPDFKWHVLFK%XOO\/XIW)UHLQ SDDU$XJHQEOLFNHZDUHVLKPHJDOGD(6QLFKWQXUGLHVH:RUWHK|UHQXQGGDUDXIUHDJLHUHQ NRQQWHVRQGHUQDXFKMHGHU]HLWLQGHU/DJHZDU%XOO\V*HGDQNHQ]XEHUZDFKHQXQGGLH EHVFKlIWLJWHQVLFKPLW,QEUXQVWPLWDOOHQ5DFKHP|JOLFKNHLWHQGLH%XOO\OLHEHQGJHUQ DXVJHNRVWHWKlWWHKlWWHHUQXUHLQH&KDQFHJHKDEW(6LQVHLQH*HZDOW]XEULQJHQ Ä0LFKGHUDUWLJDQ]XVFKPLHUHQNQXUUWH%XOO\YHUlUJHUW(UYHU]RJDQJHHNHOWGDV*HVLFKWDOV HUVLFKLQHLQHP6SLHJHOVDKPLWZLUUHQVFKZHLYHUNOHEWHQ+DDUHQXQGURWHQ)OHFNHQLP *HVLFKWGLHZLHHLQHNRVPLVFKH$EDUWYRQ0DVHUQDXVVDKHQ

Ä+DVWGXGLFKVFKRQZLHGHUVFKPXW]LJJHPDFKW%XOO\" 'LH6WLPPHHUNODQJKLQWHU%XOO\V5FNHQXQG3HUU\5KRGDQV6WHOOYHUWUHWHUVSUWHVHKU GHXWOLFKZLHVLFKVHLQH1DFNHQKDDUHDXIULFKWHWHQ%XOO\EHJDQQLGLRWLVFK]XNLFKHUQ Ä$EHU'DGG\VWRWWHUWHHUZlKUHQGHUVLFKODQJVDPKHUXPGUHKWH (UKDWWHVLFKQLFKWJHLUUW9RULKPVWDQGVHLQ9DWHUULHVHQKDIWDQJHZDFKVHQVRGDVLFK%XOO\ VFKRQYRQGHQN|USHUOLFKHQ$EPHVVXQJHQKHUVFKODJDUWLJLQVHLQH/DXVEXEHQ]HLW ]XUFNYHUVHW]WIKOWH Ä:LHGXDXVVLHKVWVWDXQWHGHUHUJULPPWH9DWHU%XOO\VWDUUWHKHIWLJVFKOXFNHQGDXIGLH JLJDQWLVFKZLUNHQGH3UDQNHVHLQHV9DWHUV%XOO\VDOWHU+HUUIXKUPLWGHP=HLJHILQJHUEHU GLHVFKPLHUIHWWEHGHFNWH:DQJHVHLQHV6SU|OLQJVXQGQDFKNXU]HU=HLWZDUHQVHLQH)LQJHU HEHQVRVFKPXW]LJZLHGLHVHLQHV6RKQHV Ä1XQUHLFKWHVPLUDEHUYHUVXFKWH%XOO\DXI]XEHJHKUHQÄ+|UPLWGLHVHQVFKZDFKVLQQLJHQ 6FKHU]HQDXI(6 Ä,FK'HP9DWHUYHUVFKOXJHVGLH6SUDFKH(LQHKDOEH0LQXWHVWDUUWHHUVHLQHQ6RKQDQ XQG%XOO\ZQVFKWHVLFKGDV*HIKOGDVHUKDWWHP|JHGHU:DKUKHLWHQWVSUHFKHQXQWHU GHP%OLFNVHLQHV9DWHUVVFKLHQHU]X0LNUREHQJU|H]XVDPPHQ]XVFKUXPSIHQ Ä'DVLVWGRFKGHU*LSIHOGHU)UHFKKHLWWREWHGHUDOWH+HUUÄ:LHKDVWGXPHLQH9HUVXFKH JHQDQQWDXVGLUHLQHQDQVWlQGLJHQ0HQVFKHQXQG6WDDWVEUJHU]XPDFKHQ"6FKZDFKVLQQLJH 6FKHU]H" Ä1LFKWGRFKVDJWH%XOO\UHVLJQLHUHQG(UOLHGLH$UPHVLQNHQ(VKDWWHNHLQHQ=ZHFN Ä,FKZHUGHGLUQRFKHLQEOHXHQZDVVFKZDFKVLQQLJH6FKHU]HVLQGGXPLUDWHQHV%DOJ %HLGHP:RUWPLUDWHQVFKRGLH3UDQNHQDFKYRUQXQGEHL%DOJIKOWHVLFK%XOO\DP+HPG JHSDFNWXQGLQGLH+|KHJHULVVHQ(UVFKULHHUVFKUHFNWDXIDEHUGDVKDOILKPQLFKW(KHHU VLFK VYHUVDKODJHUEHUHLQHPZRKOEHNDQQWHQ.QLHXQGHPSILQJHLQHQLFKW]XNQDSS EHPHVVHQH3RUWLRQMHQHVSlGDJRJLVFKHQ+DXVPLWWHOVGDV]XDOOHQ=HLWHQGLHOHW]WH5HWWXQJ YHU]ZHLIHOWHU(OWHUQJHZHVHQZDU Ä'X/DXVHEHQJHOK|UWH%XOO\VHLQHQ9DWHUVFKLPSIHQZlKUHQGHUVFKLFNVDOVHUJHEHQGLH 7UDFKW3UJHOEHUVLFKHUJHKHQOLHÄ'HQJDQ]HQ7DJWUHLEWGHU%XUVFKHVLFKKHUXPXQGOLHVW VFKOHFKWH5RPDQHDQVWDWWVHLQH+DXVDXIJDEHQ]XPDFKHQ:DVVROOQXUDXVGLUZHUGHQZHQQ GXQLFKWOHUQHQZLOOVW"'XZLUVWQRFKLQGHU*RVVHHQGHQGDVSURSKH]HLHLFKGLU8QGGLHVH :HOWUDXPVFKP|NHUZLUIVWGXQDFKKHULQGHQ0OOHLPHU:HQQLFKGDVVFKRQK|UH :HOWUDXPIDKUHUZLOOHUZHUGHQ,FKZHUGHGLUVFKRQ]HLJHQZLHHVLP:HOWUDXPDXVVLHKW'X ZLUVWGLH(QJOHLQEDOGVLQJHQK|UHQ %XOO\KDWWHVLFKOlQJVWDQGDV9HUIDKUHQHULQQHUWGDVHUZLHODQJHZDUGDVHLJHQWOLFKKHU" IUKHUEHLVROFKHQ3UR]HGXUHQDQJHZDQGWKDWWH(UOLHGLH3UJHOEHUVLFKHUJHKHQXQG HQWVSDQQWHVLFKVRZHLWVHLQHVFKPHU]HQGHQ0XVNHOQGDVEHUKDXSW]XOLHHQ)UKHUKDWWHGHU 7ULFNLPPHUIXQNWLRQLHUWXQGHUYHUIHKOWHDXFKGLHVPDOVHLQH:LUNXQJQLFKW %XOO\V9DWHUVSUWHGDVHLQ6RKQEHUVHLQHP.QLHHUVFKODIIWHXQGRIIHQEDUGLH%HVLQQXQJ YHUORUHQKDWWH6RIRUWK|UWHHULQVHLQHQHU]LHKHULVFKHQ%HPKXQJHQDXIXQG%XOO\NROOHUWH VHLQHU5ROOHHQWVSUHFKHQGDXIGHQ%RGHQ6RUJIl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

GHP)OXJSDQ]HUDXIGHPVWlKOHUQHQ%RGHQGHV/DGHUDXPV Ä1LFKWLPPHUDXIGLHJOHLFKH6WHOOHMDPPHUWH%XOO\XQWHUGUFNW (UVWDQGDXIXQGULHEVLFKGLHJHVFKXQGHQH6LW]IOlFKHhEHULKPDXIGHP]ZHLWHQ'HFNZDU HVZlKUHQGGHVVHQUXKLJJHZRUGHQ2IIHQEDUKDWWH(6GDV3KDQWRPELOGYRQ%XOO\V9DWHU DXIJHO|VW Ä$QGLH$UEHLW%XOO\ (UYHUVXFKWHVLFKVHOEVWDXI]XPXQWHUQDOVHUGDPLWEHJDQQDOVOHW]WHVGHQ/DGHUDXPDXIGHQ .RSI]XVWHOOHQ(UZDUVLFKVLFKHUGDHUYHUVHKHQWOLFKYRQGHU(UGHLUJHQGHLQOHEHQGHV :HVHQPLWJHEUDFKWKDWWHGDVGLH8QWHUKDOWXQJPLW(6EHODXVFKWKDWWH9HUPXWOLFKKDQGHOWHHV VLFKXPHLQH0DXVHLQH5DWWHRGHUYLHOOHLFKWJDUQXUXPHLQHQ6FKPHWWHUOLQJ(6ZUGHGDIU VRUJHQGDVHOEVWGDVDEVXUGHVWH9LHK]HXJVSUHFKHQXQGGHQYROOVWlQGLJHQ:RUWODXWGHV *HVSUlFKVZLHGHUJHEHQNRQQWHGDVVWDQGIU%XOO\IHVW%HL(6PXWHPDQDXIZLUNOLFKDOOHV JHIDWVHLQ 6RJDUGDUDXIGDLQGHU.XSSHOGHV6KLIWVSO|W]OLFKHLQ.RSIDXIWDXFKWHXQGPLWWHQLQGLHVHP *HVLFKWHLQ0XQG]XVHKHQZDULQGHVVHQ=DKQUHLKHQHLQHEHDFKWOLFKH/FNHNODIIWH %XOO\NQLIIGLH$XJHQ]XVDPPHQVFKWWHOWHKHIWLJGHQ.RSIXQG|IIQHWHGLH$XJHQZLHGHU DEHUGDVJHQJWHQLFKWXPGDV3KDQWRP]XYHUWUHLEHQ %XOO\IKOWHVLFKDOVKDEHHUHLQHQ6FKODJDXIGHQ.RSIEHNRPPHQ(LQHQ$XJHQEOLFNODQJ KRIIWHHUIDVWHLQHPQHXHQ6FKZLQGHOYRQ(6DXIJHVHVVHQ]XVHLQDEHUGDQQGlPPHUWHLKP ODQJVDPGDHUQLFKWJHIRSSWZXUGH Ä*ZHQVWRWWHUWH%XOO\HQWJHLVWHUW 0LWHLQHPOHLVHQ.OLFNHQZXUGHGHU9HUVFKOXGHU6KLIWNXSSHOJH|IIQHWXQG*ZHQGROLQ 1XWKDUNRQQWHDXVGHP)OXJSDQ]HUNOHWWHUQ6LHWDWGDVPLWGHU*HVFKZLQGLJNHLWHLQHV KXQJULJHQ(LFKK|UQFKHQVGDQQUDQQWHVLHIUHXGHVWUDKOHQG]XHLQHPY|OOLJHQWJHLVWHUWHQ%XOO\ KLQEHU Ä0lGFKHQVWDPPHOWH%XOO\KLOIORVÄ:LHELVWGXEHUKDXSWKLHUKHUHLQJHNRPPHQ" Ä*DQ]HLQIDFK2QNHO%XOO\SODSSHUWH*ZHQGROLQORVÄDOVGHU2QNHO0HFKDQLNHUGHLQH 6FKQDSVNLVWH%XOO\]XFNWH]XVDPPHQDOVKDEHHUHLQHQ)XWULWWHUKDOWHQÄLQGLH6SDFH-HW VFKOHSSWHGDKDEHLFKPLFKKLHULP6KLIWYHUVWHFNW'XELVWPLUGRFKQLFKWE|VH" Ä4XDWVFKZHKUWH%XOO\JHLVWHVDEZHVHQGDE(UPXWHHUVWPLWGLHVHU6LWXDWLRQIHUWLJZHUGHQ *ZHQGROLQZDUGLHELVODQJHLQ]LJH7RFKWHUHLQHVEHIUHXQGHWHQ(KHSDDUHVPLWGHP%XOO\ |IWHUVVHLQH)UHL]HLWYHUEUDFKWH'DVDFKWMlKULJH0lGFKHQKDWWHEDOGHLQHQ1DUUHQDQLKUHP Ä2QNHO%XOO\JHIUHVVHQ'DVODJXUVlFKOLFKGDUDQGDHVLPPHUGHUOLHEH2QNHO%XOO\ZDU GHUVLFKLQHLQHQ$PHLVHQKDXIHQVHW]WHXQGGDQQVROXVWLJH6SUQJHYROOIKUWHRGHUGHU ]XIlOOLJLP:HJVWDQGZHQQEHLP6HJHOQHLQH%|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Ä)UHXVWGXGLFKGDLFKGDELQ" Ä,FKNDQQPLFKNDXPQRFKEHKHUUVFKHQVDJWH%XOO\ZDKUKHLWVJHPlÄ:DUXPKDVWGXGLFK HUVWMHW]WJHPHOGHW" Ä.HLQH/XVWHUNOlUWH*ZHQGROLQNXU]DQJHEXQGHQÄ:DVPDFKHQZLUMHW]W"$OVHUVWHVZUGH LFKDQGHLQHU6WHOOHGLH8KUDEVWHOOHQGLHVRDEVFKHXOLFKODXWWLFNW %XOO\VFKUDNKRFK(LQLJH$XJHQEOLFNHODQJKDWWHHUUHJHOUHFKWDEJHVFKDOWHWXQGVLFKI|UPOLFK LQVLFKVHOEVW]XUFNJH]RJHQDXIGHU6XFKHQDFKHLQHU/|VXQJIUHLQKDOEHV'XW]HQGYRQ

3UREOHPHQ Ä,FKJODXEHYHUNQGHWH%XOO\ÄGDGLHVHV7LFNHQVHKUEDOGJDQ]YRQVHOEVWDXIK|UHQZLUG (UKDWWHVHLQHQ6DW]QRFKQLFKWJDQ]EHHQGHWGDYHUVWXPPWHGDVQHUYW|WHQGH*HUlXVFKDXFK VFKRQ Ä,FKJUDWXOLHUHVDJWH(6IUHXQGOLFKDEHU%XOO\VFKLHQHVDOVVFKZLQJHLQGLHVHU*UDWXODWLRQ LQIDPHU6SRWWPLWÄ'LHVHV3UREOHPZlUHJHO|VW %XOO\EUDXFKWHQXUHLQHQ%OLFN]XU6HLWH]XZHUIHQGDQQZXWHHUGDHUVLFKJOHLFK]HLWLJHLQ QHXHVZHLWVFKZLHULJHUHV3UREOHPHLQJHKDQGHOWKDWWH (VZDUIDVW]XVFK|QXPZDKU]XVHLQ 'LH6RQQHVFKLHQQLFKW]XVFKZDFKQLFKW]XVWDUNGHU+LPPHOZDUEODXXQGIDVWZRONHQORV XQGGHUVDQIWH:LQGWUXJGLHDEHQWHXHUOLFKHQ*HUFKHGHVQDKHQ'VFKXQJHOVKHUEHU%XOO\ VDLQHLQHPEHTXHPHQ.RUEVHVVHOGLH%HLQHDXIGHQ+RO]WLVFKJHOHJWLQGHUOLQNHQ+DQG HLQHQ.QRFKHQDQGHPHUKLQJHEXQJVYROOKHUXPNQDEEHUWHLQGHUUHFKWHQHLQJHIOOWHV*ODV 'HU:KLVN\GDULQZDUGDVEHVWHZDV%XOO\MHPDOVEHUGLH/LSSHQJHODXIHQZDU Ä8IIVDJWH%XOO\QDFKGHPHUGHQOHW]WHQ)OHLVFKIHW]HQYRP.QRFKHQJHQDJWKDWWH'HU QXQPHKUZHUWORVH.QRFKHQEHVFKULHEHLQHQZHLWHQ%RJHQGXUFKGLH/XIWXQGYHUVFKZDQGLQ NQLHKRKHP*UDV Ä.|QQHQZLUMHW]W]XP*HVFKlIWNRPPHQ" +RPXQNKDWWHJHVSURFKHQGDVKDOERUJDQLVFKHKDOELQSRWURQLVFKH*HVFK|SIGHV+HUUHQYRQ :DQGHUHU(6VHOEVWKDWWHVLFKHQWVFKXOGLJWHVKDEH]XWXQ 6HLWGHU6WXQGHLQGHU%XOO\GLHNOHLQH*ZHQGROLQHQWGHFNWKDWWHVLHPDFKWHJHUDGHHLQHQ 'VFKXQJHOULWWDXIHLQHP]DKPHQ(REDVLOHXVHLQHP0RQVWUXPDXVGHU(UGIUK]HLWVR VFKDXHUOLFKZLHGHU+XPRUYRQ(6ZDUHQYLHU]HKQ6WXQGHQYHUJDQJHQXQGZlKUHQGGLHVHU 6WXQGHQKDWWH(6VLFKQDFK.UlIWHQDQJHVWUHQJW%XOO\]XYHUV|KQHQ*HVFKODIHQKDWWH%XOO\ LP%HWW1DSROHRQVDXVGHPHU]XYRUDOOHUGLQJVKDWWHHLQHEHUDXVOLHEHEHGUIWLJH.DLVHULQ -RVHSKLQHHQWIHUQHQPVVHQGDV)UKVWFNZDUXQEHUWUHIIOLFKJHZHVHQ+RPXQNV IUHXQGOLFKHU7RQIDOOVFKLHQDQ]XNQGLJHQGDGLHQ|WLJH8QWHUKDOWXQJPLWGHP)LNWLYZHVHQ HLQLJHUPDHQIULHGOLFKYHUODXIHQZUGH Ä(LJHQWOLFKEHJDQQ%XOO\ Ä0HLQ+HUUXQG*HELHWHUK|UWXQGVLHKWDOOHVZDVKLHUJHVSURFKHQRGHUJHWDQZLUGHUNOlUWH +RPXQNQRFKEHYRU%XOO\VHLQHQ(LQZDQGDQEULQJHQNRQQWHÄ6SUHFKHQ6LHDOVRJDQ]RIIHQ 0LVWHU%XOO 0LVWHU%XOONODQJ]ZDUHWZDVI|UPOLFKZDUDEHULQMHGHP)DOOEHVVHUDOVGDV SOXPSYHUWUDXOLFKHDOWHU)UHXQGPLWVHLQHQ%HJOHLWHUVFKHLQXQJHQ Ä(VJHKWXP]ZDQ]LJ=HOODNWLYDWRUHQGLHGHU6FKXIW&DUGLIKLHUEHNRPPHQKDWHU|IIQHWH %XOO\GHQHUVWHQ7HLOGHV0RUJHQVÄ'LHVH$NWLYDWRUHQVLQGLP%HVLW]GHU$QWLV Ä8QGGDVVW|UW6LH" Ä9RQPLUDXVN|QQHQGLH$QWLVGDPLW%RFFLDVSLHOHQNQXUUWH%XOO\Ä,FKKDEH$QJVWGD VLFKGLH$QWLPXWDQWHQGDQNGLHVHU$NWLYDWRUHQYHUVWlUNWLQGLHJDODNWLVFKH3ROLWLN HLQPLVFKHQ Ä+DEHQ6LHHWZDVJHJHQIRUVFKH*UHHQKRUQVLQGHUJDODNWLVFKHQ3ROLWLN"HUNXQGLJWHVLFK +RPXQNVFKHLQKHLOLJ %XOO\VSUWHGHQ6WDFKHOXQGUHDJLHUWHQLFKWGDUDXI1DWUOLFKZXWHHUGDGDV6RODUH ,PSHULXPVHOEVWQLFKWVDQGHUHVZDUDOVHLQNRVPLVFKHU3DUYHQ Ä,FKNDQQPLUNDXPYRUVWHOOHQVDJWHHUJHODVVHQXQGQLSSWHDQVHLQHP'ULQNÄGDHLQH 0DFKWZLHGHU+HUUYRQ:DQGHUHUHLQ0HLVWHULQDOOHQ3DUD)lKLJNHLWHQGDUDQLQWHUHVVLHUW VHLQNDQQGDVLFKLQGHU*DOD[LVHLQ*UXSSLHUXQJEUHLWPDFKWGLHLKUHQ1DPHQGDYRQ DEOHLWHWGDVLHVROFKH3DUDIlKLJNHLWHQEORFNLHUHQNDQQ

Ä6LHEUDXFKHQVLFKGDVJDUQLFKWYRU]XVWHOOHQVDJWH+RPXQNIUHXQGOLFKÄ2IIHQEDU XQWHUVFKlW]HQ6LHXQVHUH0LWWHO0LVWHU%XOO$XHUGHPZHUGHQ6LHNDXPHLQHVRZHLWH5HLVH JHPDFKWKDEHQXPDXVJHUHFKQHWXQVHUH+DXWYRU6FKDGHQ]XEHZDKUHQ,Q:LUNOLFKNHLWLVWHV ,KQHQGRFKXPVHLJHQH)HOO]XWXQQLFKWZDKU" 'DGHU%HJLQQGHV*HVSUlFKVRKQHKLQKRIIQXQJVORVYHUIDKUHQZDUPDFKWHHVQLFKWVPHKU DXVZHQQ%XOO\GHU:DKUKHLWHLQZHQLJQDFKKDOI Ä:LUGHQNHQKDXSWVlFKOLFKDQGDV:RKODOOHU9|ONHUGHU0LOFKVWUDHQDWUOLFKDXFKDQGDV HLJHQHEHKDXSWHWH%XOO\GUHLVW +RPXQNODFKWHXQWHUGUFNW Ä9RUDOOHPEHLVSLHOVZHLVHDQGDV:RKOGHV%ODXHQ6\VWHPVQLFKWZDKU" Ä6LHNHQQHQGDV%ODXH6\VWHP" Ä6HOEVWYHUVWlQGOLFK0LVWHU%XOO,FKVDJWHEHUHLWV6LHXQWHUVFKlW]HQXQVHUH0LWWHO1DWUOLFK NHQQHQZLUGDV%ODXH6\VWHPPHKUQRFKZLUDEHUGDVLVWHLQHDQGHUH6DFKH %XOO\PDFKWHHLQHQWWlXVFKWHV*HVLFKW=XJHUQHKlWWHHUHWZDVEHUGLH$NRQHQHUIDKUHQ 1DFKDOOHPZDVPDQDXIGHU(UGHEHUGLHVHV9RONZXWHZDUHQGLH$NRQHQ]LHPOLFK KRFKPWLJH/HXWHXQG+RFKPXWZDUHLQH(LJHQVFKDIWGLH%XOO\EHUKDXSWQLFKWPRFKWH Ä6LHVLQGJHNRPPHQZHLO6LH+LOIHYRQXQVHUZDUWHQ0LVWHU%XOO:lUHHVQLFKWDQGHU=HLW GD6LHXQVVDJWHQZLH6LHVLFKGLHVH+LOIHYRUVWHOOHQ" %XOO\OHFNWHVLFKGLH/LSSHQ9LHOOHLFKWVFKDIIWHHUHVGLHJDQ]H$QJHOHJHQKHLWLQ:LQGHVHLOH EHUGLH%KQH]XEULQJHQ Ä$POLHEVWHQZlUHPLU(6ZUGHGLH]ZDQ]LJ$NWLYDWRUHQHLQIDFKHLQNDVVLHUHQXQG YHUQLFKWHQ +RPXQNODFKWHZLHGHU Ä6HKHQ6LH0LVWHU%XOO6LHYHUVXFKHQVLFKVHOEVW]XEHUOLVWHQ6LHVLQGQDFK:DQGHUHU JHNRPPHQZHLO6LHLQGLHVHQ]ZDQ]LJ$NWLYDWRUHQHLQHSROLWLVFKH*HIDKUVHKHQ8QGLFK PX,KQHQ5HFKWJHEHQ=ZDQ]LJIDFKH8QVWHUEOLFKNHLWLVWLPSROLWLVFKHQ.UlIWHVSLHOGHU 0LOFKVWUDHHLQ)DNWRUYRQHQWVFKHLGHQGHU%HGHXWXQJ*ODXEHQ6LHGDZLUHLQHQVROFKHQ )DNWRUQXU]XP6SDLQGLH3ROLWLNHLQIKUHQ"8QGLKQZLHGHUDXVNODPPHUQZHQQHVHLQLJHQ JU|HQZDKQVLQQLJJHZRUGHQHQ%DUEDUHQKlXSWOLQJHQJHIlOOW" Ä0LWGHQ%DUEDUHQVLQGZRKOZLU7HUUDQHUJHPHLQW"PXUPHOWH5HJLQDOG%XOO Ä(LQVWZHLOHQQXULKUHGLSORPDWLVFKHQ9HUWUHWHUVDJWH+RPXQNXQJHUKUWÄ9HUVXFKHQ6LH HLQPDOVLFKYRU]XVWHOOHQZLHZLUDXI:DQGHUHUGLHJDODNWLVFKH3ROLWLNVHKHQ:DVZLVVHQ6LH EHUGLHEHUJUHLIHQGHQ=XVDPPHQKlQJH":LVVHQ6LHZDVIU0DQDKPHQMHW]WLQGLHVHP $XJHQEOLFNHLQJHOHLWHWZHUGHQPVVHQXPLQ]HKQ%LOOLRQHQ-DKUHQHLQJDQ]EHVWLPPWHV(U JHEQLV]X]HLWLJHQ Ä=HKQ%LOOLRQHQ-DKUH" %XOO\JODXEWHVLFKYHUK|UW]XKDEHQ1DFKGHQEHNDQQWHQ7KHRULHQEHUGLH(QWVWHKXQJGHV 8QLYHUVXPVZDUGDV(LQVWHLQ.RQWLQXXPPLWVHLQHQ*DOD[LHQHWZDGUHL]HKQ0LOOLDUGHQ-DKUH DOW=HKQ%LOOLRQHQGDVZDUWDXVHQGPDOPHKU Ä,FKKDEHGLH=DKOZLOONUOLFKJHZlKOWHUNOlUWH+RPXQNJHODVVHQÄ$XHUGHPKDEHQ6LH VLFKVFKRQHLQPDOEHUOHJWREHVHLQHQ5DXPJLEWRKQH*HJHQVWlQGHRGHU=HLWRKQH (UHLJQLVVH" Ä%LWWH" Ä6WHOOHQ6LHVLFKHLQ8QLYHUVXPYRULQGHPNHLQHUOHL(UHLJQLVVHPHKUVWDWWILQGHQDOVZlUH GLHVHV8QLYHUVXPPLWWHQLQHLQHU%HZHJXQJJHIURUHQ,QGLHVHP8QLYHUVXPZHUGHQ6LH QLHPDOVGLH=HLWPHVVHQ²ZHLOHVNHLQH(UHLJQLVVHJLEWDQGHUHQ]HLWOLFKHP$EVWDQG6LH VLFKRULHQWLHUHQN|QQWHQ*LEWHVLQGLHVHP8QLYHUVXPGDQQEHUKDXSWQRFKHLQH=HLW"8QG ZHQQ6LHDXVGLHVHP8QLYHUVXPGDQQDXFKQRFKDOOH*HJHQVWlQGHHQWIHUQHQ]ZLVFKHQGHQHQ $EVWlQGHH[LVWLHUHQN|QQWHQJLEWHVGDQQQRFK/lQJH%UHLWHXQG+|KHLQGLHVHP8QLYHUVXP "*LEWHVLQHLQHPVROFKHQ8QLYHUVXPGDVZHGHU*HJHQVWlQGHQRFK(UHLJQLVVHHQWKlOWEHU KDXSWQRFK5DXPRGHU=HLW"*LEWHVGLHVHV8QLYHUVXPGDQQEHUKDXSWQRFK"

6LHVHKHQGLH6DFKHLVW]LHPOLFKYHUZRUUHQ %XOO\NRQQWHGD]XQXUQLFNHQ(UZDUHLQ0DQQGHU3UD[LVGHUDXFKLQGHU7KHRULHJXW EHVFKODJHQZDUDEHUVRYLHOSKLORVRSKLVFKSK\VLNDOLVFKH6SLW]ILQGLJNHLWJLQJEHUVHLQH .UlIWH Ä.|QQWHQZLUDXIEHVDJWH=HOODNWLYDWRUHQ]XUFNNRPPHQ"EDWHUÄ0LUZUGHJHQJHQ ZHQQLFKJHQDXZWHZRGLHVH$NWLYDWRUHQMHZHLOV]XVXFKHQVLQG.|QQWHLFKZHQLJVWHQV GLHVH$QJDEHQEHNRPPHQ" :lKUHQGGHV6SUHFKHQVKDWWHHUVLFKKHUXPJHGUHKWGHQQKLQWHUVLFKKDWWH5HJLQDOG%XOO 6FKULWWHJHK|UW 'HU0DQQGHUVLFKODQJVDPQlKHUWHZDUHLQHGHU(UVFKHLQXQJVIRUPHQLQGHQHQVLFK(6 VHLQHQ%HVXFKHUQ]XSUlVHQWLHUHQSIOHJWHHLQDOWHU0DQQPLWXQHUJUQGOLFKHQZHLVHQ$XJHQ VSDUVDPHU*HVWLNXQGGHU$XUDGHV*HKHLPQLVYROOHQ(LQH]ZHLWHEHOLHEWH(UVFKHLQXQJVIRUP YRQ(6ZDUHLQHVFKLOOHUQGH.XJHODXVSXUHU(QHUJLH'LHVPDONDP(6DOVDOWHU0DQQXQGVL FKHUOLFKKDWWHGDVHLQHQJXWHQ*UXQG(6SDWHVHLQ$XIWUHWHQVHLQHQ*lVWHQDQXQGGHPZDV HUEHLGLHVHQ*lVWHQHUUHLFKHQZROOWH Ä6ROOGDVHLQH$QVSLHOXQJDXIGHQ$OWHQ+HUUQVHLQEHPHUNWH%XOO\8QZLOONUOLFKKDWWHHU JHZDUWHWELVGHU$OWHLQ+|UZHLWHZDUREZRKOGLHVHUHLQH$OWHGXUFKDXVLQGHU/DJHJHZHVHQ ZlUHPLW%XOO\HLQH8QWHUKDOWXQJEHU/LFKWMDKUHKLQZHJ]XEHWUHLEHQ 'HU*UHLVOlFKHOWH]XUFNKDOWHQGXQGQDKPDXIHLQHP.RUEVHVVHO3ODW]GHUSO|W]OLFKDXVGHU /XIWKHUDXVHQWVWDQG:HQLJVSlWHUHUVFKLHQHLQH.DIIHHNDQQH=XFNHU0LOFKXQGVRJDU .XFKHQ%XOO\YHU]RJNHLQH0LHQHDEHULQQHUOLFKJULQVWHHUYRUDOOHPDOVHUGDV +lQGH]LWWHUQVHLQHV*HJHQEHUVVDKDOVVLFKGHU$OWH.DIIHHHLQVFKHQNWH(6OLHNHLQHQ 3V\FKRWULFNDXVXQGGHULQIDPVWHGLHVHU7ULFNVZDUGLHHLQIDFKH7DWVDFKHGD(6 VHOEVWYHUVWlQGOLFKZLVVHQPXWHGDVLFKHLQ0DQQZLH5HJLQDOG%XOOQLFKWYRQHLQHP .ODSSHUJUHLVZUGHEHUW|OSHOQODVVHQ%XOO\ZXWHGD(6HEHQVRJXWDOVVWUDKOHQGHU$SROO KlWWHDXIWUHWHQN|QQHQ Ä:UGHLFK,KQHQGLH'DWHQJHEHQOLHEHU0LVWHU%XOOEHLGHQOHW]WHQ:RUWHQYHU]RJ%XOO\ DQJHHNHOWGDV*HVLFKWÄZlUHGLH$QJHOHJHQKHLWYLHO]XVLPSHOIUHLQHQ0DQQLKUHV 6FKODJHV Ä.HLQHEHUWULHEHQHQ6FKPHLFKHOHLHQHUNOlUWH%XOO\DEZHKUHQGÄ:HQQLFKDXVGLHVHP 0XQGGLH:RUWHOLHEHU0LVWHU%XOOK|UHZLUGPLUVFKOHFKW 'HU$OWHNLFKHUWHXQWHUGUFNW Ä(UKDWVLFKQLFKWJHlQGHUWVWHOOWHHUIHVWÄ)UHFKDXIVlVVLJVHOEVWEHZXWXQGQRFKLPPHU ]XGLFN %XOO\PDFKWHÄ3KKXQG]XFNWHPLWGHQ6FKXOWHUQ Ä6LHZROOHQGLH.RRUGLQDWHQKDEHQDQGHQHQ6LHGLH$NWLYDWRUHQILQGHQN|QQHQ"1XQHLQH :HOWDXIGHUHLQHUGHU$NWLYDWRUHQDXIJHWDXFKWLVWNHQQHQ6LHEHUHLWV Ä,FKZHL8WLNDQWZRUWHWH%XOO\PLWHLQHUDEZHKUHQGHQ*HVWHÄ$EHUXQVHUH$JHQWHQ VDJHQGDGHU$NWLYDWRUOlQJVWYRQGRUWYHUVFKZXQGHQLVW6DJHQ6LHKDEHQGLHDQGHUHQ QHXQ]HKQ$NWLYDWRUHQlKQOLFKYHUZLUUHQGH(LJHQVFKDIWHQ" 'HU$OWHOlFKHOWHVHOEVWJHIlOOLJ Ä0LUPDFKHQVLH)UHXGHDQWZRUWHWHHUXQG%XOO\YHU]LFKWHWHGDUDXIPLWHLQHU=XVDW]IUDJH IHVW]XVWHOOHQREVLFKGDVVLHDXILKQRGHUDXIGLH$NWLYDWRUHQEH]RJ(LQHHKUOLFKH$QWZRUW KlWWHHURKQHKLQQLFKWHUZDUWHW Ä9HUVXFKHQ6LHHVHLQPDODXI9HHYHHVFKOXJGHU$OWHYRUÄ1XU Ä-D" Ä6LHKDEHQQLFKWPHKUYLHO=HLWYHUHKUWHU0LVWHU%XOO'LH%HVRQGHUKHLWHQGHU$NWLYDWRUHQ DOVRGDVZDV6LHVRWUHIIHQGLKUHYHUZLUUHQGHQ(LJHQVFKDIWHQQDQQWHQYHUVFKZLQGHQQDFK XQGQDFK(LQVWZHLOHQN|QQHQ6LHVLFKQRFKQDFKGHQ3KlQRPHQHQRULHQWLHUHQGLHGLH $NWLYDWRUHQKHUYRUUXIHQDEHUZHQQ6LHVLFKQLFKWK|OOLVFKEHHLOHQGDQQZHUGHQ6LHVHKUEDOG YRUGHP3UREOHPVWHKHQ]ZDQ]LJHLI|UPLJHQLFKWVVDJHQGH.|USHU]XILQGHQGLHLUJHQGZRLQ

GHU*DOD[LVYHUVWHFNWVLQG %XOO\VFKZLQGHOWHHVEHLGHPEORHQ*HGDQNHQGDUDQ Ä:LHYLHO=HLWKDEHLFKQRFK" 'HU$OWHJULIILQHLQH7DVFKHVHLQHVODQJHQ*HZDQGVGDVLKPGDV$XVVHKHQHLQHV0|QFKHV JDEXQGEUDFKWHHLQH8KU]XP9RUVFKHLQHLQDEVXUGHV3DUDGR[RQZHQQPDQEHGDFKWHGD GDV)LNWLYZHVHQQRUPDOHUZHLVHPLWGHU=HLWVRXYHUlQXPJLQJ Ä)QI7DJH0LVWHU%XOO %XOO\VSUDQJHUUHJWDXI Ä:LHVROOLFKLQIQI7DJHQ]ZDQ]LJ$NWLYDWRUHQILQGHQ"ULHIHULQHLQHU0LVFKXQJDXV:XW XQG9HU]ZHLIOXQJÄ'LHVH=HLWUHLFKWQLFKWHLQPDOXPPHLQHQEOLQGHQ3DVVDJLHU]XVHLQHQ (OWHUQ]XUFN]XEULQJHQ %HLGHU(UZlKQXQJ*ZHQVKDWWHVLFK5HJLQDOG%XOOXQZLOONUOLFKXPJHGUHKW,QZHLWHU)HUQH NRQQWHHU*ZHQVHKHQ'DV0lGFKHQPDFKWHJHUDGHHLQHQ5LWWDXIGHQ6FKXOWHUQHLQHV 3WHUDQRGRQHLQHVWHUWLlUHQ)OXJVDXULHUVPLWPHKUDOVIQI0HWHUQ)OJHOVSDQQZHLWH,KU .UHLVFKHQNODQJELV]XGHU6LW]JUXSSHKLQEHU Ä,KU3UREOHP0LVWHU%XOOVDJWHGHU$OWHVDQIWXQGVWDQGDXIÄ,FKZLHGHUKROHYHUVXFKHQ6LH LKU*OFNDXI9HHYHHXQGYHUVXFKHQ6LHHVVFKQHOO6LHKDEHQIQI7DJH=HLW 'HU$OWHOlFKHOWHIUHXQGOLFKGDQQO|VWHHUVLFKDXI:lKUHQGHULQIDUELJHQ*DVVFKOHLHUQ YHUZHKWHNRQQWH%XOO\QRFKK|UHQ Ä$XI:LHGHUVHKHQXQGYLHO*OFNOLHEHU0LVWHU%XOO $XVGLHVHP0XQGK|UWHVLFKGDVOLHEHUDQZLHHLQ)OXFK (LQHQ$XJHQEOLFNODQJVWDQG5HJLQDOG%XOOIDVWUHJXQJVORVGDQQDEHUNDP/HEHQLQLKQ Ä*ZHQGROLQNRPPVRIRUWKHU8QGODGLHVH%HVWLHGRUWZRVLHLVW-DGDV6WLQNWLHUPX DXFKKLHUEOHLEHQ +RPXQNN|QQHQZLUVRIRUWDEIOLHJHQ" 'HU*HKLOIHGHV)LNWLYZHVHQVDQWZRUWHWHUDVFK Ä,KUH6SDFH-HWLVWVWDUWNODU0LVWHU%XOO,KUHP$EIOXJVWHKWQLFKWVPHKULP:HJH 0LWHLQHU.RSIEHZHJXQJGHXWHWH%XOO\DXIGDVNOHLQH0lGFKHQ Ä.DQQLFK*ZHQGROLQQLFKWKLHUODVVHQHUNXQGLJWHHUVLFKÄ,FKNDQQGDV0lGFKHQGRFKQLFKW LQ*HIDKUEULQJHQ6REDOGLFKPHLQH$XIJDEHJHO|VWKDEHZHUGHLFKVLHZLHGHUDEKROHQ +RPXQNEUHLWHWHEHGDXHUQGGLH$UPHDXV Ä:LUVLQGOHLGHUDXIGHQ%HVXFKVRMXQJHU'DPHQQLFKWYRUEHUHLWHW0LVWHU%XOO,FKIUFKWH 6LHZHUGHQ0L*ZHQGROLQPLWQHKPHQPVVHQ Ä2QHLQVW|KQWH5HJLQDOG%XOODXI(UEHJDQQ]XDKQHQGDGLHVHU)OXJ]XP$OSWUDXP ZHUGHQZUGH0LWWOHUZHLOHZDU*ZHQGROLQQlKHUJHNRPPHQ)UGLHZHQLJHQKXQGHUW0HWHU YRP5DQGGHV'VFKXQJHOVELV]X%XOO\V6WDQGRUWKDWWHVLHVHKUYLHO=HLWJHEUDXFKWZHLOVLH XQWHUZHJVQRFKHLQLJH%OXPHQLQVSL]LHUHQPXWHXQGHLQVHKULQWHUHVVDQWHV*HVSUlFKPLW HLQHP0DLNlIHUJHKDOWHQKDWWH$XHUGHPKDWWHVLHHLQHQ%OXPHQVWUDXIULKUHQ2QNHO%XOO\ JHSIOFNW %XOO\EHWUDFKWHWHGLH6DPPOXQJ8QNUDXWGLH*ZHQLKPEHUJHEHQKDWWHPLWYHUNUDPSIWHP /lFKHOQ Ä6HLHLQOLHEHV.LQG*ZHQXQGJHK]XU6SDFH-HW:LUPVVHQDXIEUHFKHQ,FKNRPPH JOHLFKQDFK +SIHQGXQGVLQJHQGPDFKWHVLFK*ZHQDXIGHQ:HJ%XOO\ZDUIGDV8QNUDXWZHJXQG ZDQGWHVLFKDQ+RPXQN Ä:HQQLKUPLUVFKRQQLFKWKHOIHQZROOWNDQQLFKZHQLJVWHQVHLQSDDU.OHLGXQJVVWFNHXQG 6SLHO]HXJIUGLH.OHLQHEHNRPPHQ"6LHNDQQVFKOLHOLFKQLFKWWDJHODQJLQGHPHLQHQ .OHLGFKHQKHUXPODXIHQ +RPXQNGHXWHWHHLQH9HUEHXJXQJDQ Ä:LUKDEHQEHUHLWVGDIUJHVRUJWYHUNQGHWHHUÄGDHVGHUMXQJHQ'DPHDQQLFKWVIHKOHQ ZLUG

Ä:HQLJVWHQVHWZDVNQXUUWH%XOO\(UZDU]LHPOLFKHQWWlXVFKW9RQGHP$XVIOXJQDFK :DQGHUHUKDWWHHUVLFKPHKUYHUVSURFKHQÄ'DQQDXI:LHGHUVHKHQ :LHGHUODFKWH+RPXQN Ä(VZLUGHWZDV=HLWYHUJHKHQELVZLUXQVZLHGHUVHKHQZHUGHQ0LVWHU%XOORUDNHOWHHU %XOO\PDFKWHVLFKJDUQLFKWHUVWGLH0KHDXV]XUHFKQHQZDVPLWGHP%HJULIIHWZDV=HLW JHPHLQWZDUEHL(6NRQQWHHVVLFKXPHLQSDDU6WXQGHQKDQGHOQDEHUDXFKXP-DKU ]HKQWDXVHQGH'HU]HLWOLFKH0DVWDEGHV)LNWLYZHVHQVZDUYRQDQGHUHU$UWDOVGHULUGLVFKH Ä/HEHQ6LHZRKO%XOO\ Ä.HLQH9HUWUDXOLFKNHLWHQ$OWHUVDJWH%XOO\JULQVHQG (UZROOWHQRFKHLQHQ6FKHU]DQEULQJHQDEHUGDQQVDKXQGK|UWHHU]XVHLQHP(QWVHW]HQGD MHPDQGPLWGHQ$QODJHQGHU6SDFH-HWKHUXPVSLHOWH'DV$QWLJUDYIHOGZDUHLQJHVFKDOWHW ZRUGHQXQGQXQEHJDQQGDV.OHLQUDXPVFKLII]XVFKZHEHQZLHHLQ%DOORQGHUJHUDGHJHQXJ $XIWULHEKDWWHXPLQGHU/XIW]XEOHLEHQ:LQGNDPDXIXQGWULHEGLH6SDFH-HWDXIGHQ5DQG GHV'VFKXQJHOV]X Ä*ZHQGROLQYHUIOXFKWHV%DOJEUOOWH5HJLQDOG%XOOXQGVHW]WHVLFKLQ%HZHJXQJ 9HU]ZHLIHOWUDQQWHHUKLQWHUGHUGDYRQVFKZHEHQGHQ6SDFH-HWKHU$XVGHP,QQHUQGHV 6FKLIIHVNDPHQ*HUlXVFKHGLHZLH9RUERWHQHLQHUIUFKWHUOLFKHQ([SORVLRQNODQJHQ%XOO\ UDQQWHZDVVHLQH/XQJHQKHUJDEHQXQGGLH%HLQHDXVKLHOWHQDEHUGLH6SDFH-HWVFKDIIWHHV LPPHUZLHGHULKP]XHQWZLVFKHQ-HGHVPDOZHQQHUGHQ(LQVWLHJHUUHLFKW]XKDEHQJODXEWH NDPHLQ:LQGVWRXQGWULHEGLH6SDFH-HWDXVVHLQHU5HLFKZHLWH =XDOOHPhEHUIOXKDWWH*ZHQGROLQGHQQQLHPDQGDQGHUHUNRQQWHLQGHU=HQWUDOHGHU6SDFH -HWIUGLHVHQ8QIXJYHUDQWZRUWOLFKVHLQGDQQDXFKQRFKGLH%HGLHQXQJVHOHPHQWHIUGLH 7ULHEZHUNHHQWGHFNW$XVGHQ'VHQNDPHQNUDFKHQGH*HUlXVFKHGLH7HOHVNRSODQGHEHLQH ]XFNWHQZLHGLH$QWHQQHQHLQHUDXIJHUHJWHQ$PHLVHXQGGLH6SDFH-HWEHJDQQDEHQWHXHUOLFKH 6SUQJH]XYROOIKUHQ0LWGLHVHQ.DSULROHQNRQQWH5HJLQDOG%XOOQLFKWPLWKDOWHQDXHUGHP JLQJLKPGLH3XVWHDXV(UEOLHEVFKQDXIHQGVWHKHQXQGZDUWHWHDE(VJDEHLQLJH 0|JOLFKNHLWHQZDVSDVVLHUHQNRQQWH*ZHQGROLQNRQQWHHLQHQ$ODUPVWDUWIDEUL]LHUHQGHUGLH 6SDFH-HWHQWZHGHULQGHQ:HOWUDXPVFKRRGHUDEHUDQGHU(QHUJLHNXSSHOEHU:DQGHUHU ]HUVFKHOOHQOLH6LHNRQQWHGDV%HLERRWDXFKDXIGHP%RGHQLQ6FKURWWYHUZDQGHOQRGHUPLW ODXIHQGHQ7ULHEZHUNHQEHU%XOO\V.RSI]XP/DQGHDQIOXJDQVHW]HQZREHL%XOO\HQWZHGHU ]HUTXHWVFKWRGHUYRQGHQ,PSXOVWULHEZHUNHQLQHLQ+lXIFKHQ$VFKHYHUZDQGHOWZXUGH 1LFKWVGHUJOHLFKHQJHVFKDK 'LH6SDFH-HW]LFN]DFNWHQRFKHLQLJH0LQXWHQODQJEHUGLH/DQGVFKDIWXQGVHW]WHGDQQLQ %XOO\V1lKHDXI5HJLQDOG%XOOKlWWHNHLQHJODWWHUH/DQGXQJYRUZHLVHQN|QQHQ9RUVLFKWLJ QlKHUWHVLFK%XOO\GHU6SDFH-HW$OVHUGLH0DQQVFKOHXVHHUUHLFKWHVDKHUEHUVLFK *ZHQGROLQIUHXQGOLFKOlFKHOQGLP5DKPHQVWHKHQ Ä+DEHLFKGDVQLFKWIHLQJHPDFKW"IUDJWHVLHIU|KOLFK %XOO\QLFNWHGVWHUZlKUHQGHULQGDV5DXPVFKLIIVWLHJ=XVDPPHQVFKZHEWHQVLHLP ]HQWUDOHQ$QWLJUDYVFKDFKW]XU3RONXSSHOKLQDXI6FKZHLJHQGVFKQDOOWH%XOO\VHLQH %HJOHLWHULQDXIGHP6HVVHOGHV1DYLJDWRUVIHVW*ZHQGROLQOLHGDVRKQH*HJHQZHKUEHU VLFKHUJHKHQVLHVFKLHQGDVDOOHVIUHLQHQ7HLOHLQHVQHXHQLQWHUHVVDQWHQ6SLHOV]XKDOWHQ %XOO\QDKPDXIGHP3LORWHQVLW]3ODW]XQGOLHGLH7ULHEZHUNHDQODXIHQ/DQJVDPVWLHJGLH 6SDFH-HWLQGLH+|KHQDKP)DKUWDXIXQGMDJWHDXIGLH(QHUJLHNXSSHO]XGLH:DQGHUHU EHUZ|OEWH Ä:LUZROOHQVHKHQZHUEHVVHUH1HUYHQKDWPXUPHOWH%XOO\XQGVFKREGHQ %HVFKOHXQLJXQJVKHEHOQDFKYRUQ'LH6SDFH-HWPDFKWHI|UPOLFKHLQHQ6DW]XQGGHU *HVFKZLQGLJNHLWVDQ]HLJHUDXIGHP,QVWUXPHQWHQSXOWNOHWWHUWHPLWEHlQJVWLJHQGHU 6FKQHOOLJNHLWLQGLH+|KH(LQH.DWDVWURSKHVFKLHQXQYHUPHLGOLFKZHQQQLFKWHQWZHGHU%XOO\ VRIRUWEUHPVWHRGHUDEHU(6VHLQH(QHUJLHNXSSHO|IIQHWH (6ZDUWHWHELV]XGHP$XJHQEOLFNDQGHP%XOO\V+DDUHVHQNUHFKWVWDQGHQXQGVHLQ*HVLFKW GLH)DUEHIULVFKJHIDOOHQHQ6FKQHHVKDWWHGDQQHUVWVFKXIGDV)LNWLYZHVHQHLQH6WUXNWXUOFNH

LQGHU(QHUJLHNXSSHOGXUFKGLHGLH6SDFH-HWLQGHQIUHLHQ5DXPKLQDXVVFKR9RQ:DQGHUHU ZDUHLQHQ6HNXQGHQEUXFKWHLOQDFKGHP3DVVLHUHQGHV(QHUJLHVFKLUPVQLFKWVPHKU]XVHKHQ XQGDXFKGLH(QHUJLHXQG0DWHULHWDVWHUNRQQWHQGHQ.XQVWSODQHWHQQLFKWPHKUHUIDVVHQ %XOO\IROJHUWHGDUDXVGD(6GLH8QWHUUHGXQJIUEHHQGHWDQVDK'LHVHU7HLOGHV$EHQWHXHUV ZDUGDPLWDOVREHUVWDQGHQXQGGDVVRJDUHLQLJHUPDHQJOLPSIOLFKZLH%XOO\VLFK HLQJHVWHKHQPXWH =XIULHGHQVXPPHQGVFKQDOOWHHU*ZHQGROLQORV'DV0lGFKHQVSUDQJYRQGHP6LW]GHUYLHO ]XJURIUVLHZDUXQGVXFKWHLKUH.DELQHDXI6LHZROOHVLFKXP]LHKHQYHUWUDXWHVLH%XOO\ DQXQGVLHN|QQHGDVVFKRQJDQ]DOOHLQXQGRKQHIUHPGH+LOIH%XOO\IDQGGDVJURDUWLJXQG VSDUWHQLFKWPLW.RPSOLPHQWHQ(UVHXI]WHHUOHLFKWHUWDOVHUGHQ+DDUVFKRSILP$QWLJUDYYHU VFKZLQGHQVDK (UZDUIHLQHQ%OLFNDXIGLH8KU'LH0DKQXQJYRQ(6NODQJLKPQRFKLQGHQ2KUHQ(U GXUIWHNHLQH=HLWYHUOLHUHQ+DVWLJWLSSWH%XOO\GHQ1DPHQ9HHYHHLQGLH7DVWDWXUGHU %RUGSRVLWURQLN (VGDXHUWHQLFKWODQJHELVDXIHLQHP/HVHVFKLUPGLHHUVWHQ'DWHQVLFKWEDUZXUGHQ 9HHYHHODV5HJLQDOG%XOOYLHUWHU3ODQHWGHU6RQQH9HHQGMDULP6\VWHPGHU-XUIHU:HOWHQ $QQlKHUQGHUGJURVHKUZDUPVWDUNEHVLHGHOWO(LQZRKQHUQDFKGHUOHW]WHQ 9RONV]lKOXQJYRQ9HHYHHZLUGYRQGHQ$QWLVGHV%DDORO.XOWHVNRQWUROOLHUWGLHVLFKDXI 9HHYHHRIIHQ]HLJHQ'LH*$VWXIW9HHYHHDOVZHQLJHUEHGHXWHQGLPDEZHKUWHFKQLVFKHQ6LQQ HLQGHQQRFKZLUG6FKLIIHQGHV6RODUHQ,PSHULXPVYRQHLQHU/DQGXQJDXI9HHYHHDEJHUDWHQ .RQVXODULVFKH9HUWUHWXQJGHV6,VHLWGHPLQGHU+DXSWVWDGW9HHQ\P %HVRQGHUKHLWHQNHLQH :lKUHQG%XOO\GLHNOLPDWLVFKHQJHRJUDSKLVFKHQZLUWVFKDIWVSROLWLVFKHQXQGVR]LRORJLVFKHQ 'DWHQEHU9HHYHHVWXGLHUWHWLSSWHHUPLWGHU5HFKWHQEOLQGGLH.RRUGLQDWHQGHU:HOWLQGDV (LQJDEHVHJPHQWGHU3RVLWURQLN(VZDU6DFKHGHV5HFKQHUVQDFKGLHVHQ'DWHQGHQ.XUV QDFK9HHYHH]XEHUHFKQHQXQGGLHHQWVSUHFKHQGHQ6WHXHUPDQ|YHUGXUFK]XIKUHQ8PGLH 6SDFH-HWEUDXFKWHVLFK%XOO\QLFKWPHKU]XNPPHUQ6RIHUQQLFKWV8QYRUKHUJHVHKHQHV HLQWUDWEUDXFKWHHUHUVWZLHGHUHLQ]XJUHLIHQZHQQGLH6SDFH-HWNXU]YRU9HHYHHZLHGHULQ GHQ1RUPDOUDXPHLQWUDW %XOO\QLFNWH]XIULHGHQQDFKGHPHUGDV'DWHQEQGHOGXUFKJHDUEHLWHWKDWWH'DQDFKJULIIHU ]XP+\SHUNRPXQGVWHOOWHHLQH9HUELQGXQJ]XU(UGHKHU%HUHLWVQDFKZHQLJHQ$XJHQEOLFNHQ WDXFKWHDXIGHPNOHLQHQ%LOGVFKLUPGDV6\PEROGHU+\SHUNRPVWDWLRQ7HUUDQLDVDXI(V PDFKWHZHQLJVSlWHU3ODW]IUHLQIUHXQGOLFKOlFKHOQGHV0lGFKHQJHVLFKW Ä0LVWHU%XOO"IUDJWHGLHMXQJH)UDXQDFKNXU]HP=|JHUQ Ä5LFKWLJEHVWlWLJWH%XOO\IUHXQGOLFKÄ,FKP|FKWHHLQ*HVSUlFKPLWGHU*DODNWLVFKHQ $EZHKU Ä*HEHQ6LHPLUELWWH,KUH$QVFKOXQXPPHU6LU" Ä0HLQHZDV" Ä'LH.HQQQXPPHU,KUHV+\SHUNRPDQVFKOXVVHV6LU 0HLQH$Q]HLJHYHUUlWPLUGD,KU*HUlWNHLQHQ*HEKUHQ]lKOHUKDW,FKNDQQ,KQHQGLH *HEKUHQEHUHFKQHQDEHUGD]XPXLFK6LH]XUFNUXIHQ2GHULFKPWHGHU*DODNWLVFKHQ $EZHKUGDV*HVSUlFKEHUHFKQHQ Ä/HW]WHUHVEDW%XOO\HLQLJHUPDHQHUVFKWWHUW(UKDWWHY|OOLJEHUVHKHQGDHUHLQ +\SHUNRPGHU6RODUHQ)ORWWHEHQXW]WHVLFKDEHUZLHHLQ3ULYDWPDQQLQGDV|IIHQWOLFKH +\SHUNRP1HW]HLQJHVFKDOWHWKDWWH1DWUOLFKKlWWHHUMHW]WDEUXSWGDV*HVSUlFKEHHQGHQXQG DXIGHU)ORWWHQZHOOH0HUFDQWDQUXIHQN|QQHQDEHUGDVZlUHJHJHQEHUGHP0lGFKHQLQGHU 9HUPLWWOXQJUHFKWXQK|IOLFKJHZHVHQ8QK|IOLFKNHLWDEHUGDVZXWH%XOO\NRQQWHLKQLQ GLHVHP)DOOIQI]LJXQGPHKU6WLPPHQNRVWHQZHQQHUEHLGHUQlFKVWHQ:DKOIUGDV 3DUODPHQWNDQGLGLHUWH$OV9ROOEOXWSROLWLNHUGHUHULQ]ZLVFKHQJHZRUGHQZDUYHUPLHG

5HJLQDOG%XOOVROFKH6FKQLW]HUJHIOLVVHQWOLFK Ä+DEHQ6LHGLH1XPPHU,KUHV*HVSUlFKVSDUWQHUV6LU" %XOO\VFKWWHOWHGHQ.RSI(VJHVFKDKK|FKVWVHOWHQGDHUVHOEVWHLQH+\SHUNRPYHUELQGXQJ KHUVWHOOWH1RUPDOHUZHLVHZXUGHGDVLQGHU)XQNEXGHHLQHV)ORWWHQVFKLIIHVHUOHGLJWRGHUDEHU VHLQH9RU]LPPHUOHXWHVWHOOWHQGLH9HUELQGXQJKHU Ä:HQP|FKWHQ6LHVSUHFKHQ6LU Ä$OODQ'0HUFDQWELWWH Ä3ULYDWRGHUGLHQVWOLFK" Ä'LHQVWOLFK 'LH8QWHUKDOWXQJEHJDQQODQJVDPDQ%XOO\V1HUYHQ]X]HUUHQWURW]GHPEHKHUUVFKWHHUVLFK (LQHKDOEH0LQXWHYHUJLQJXQG%XOO\EHJDQQVFKRQ]XIUFKWHQ0HUFDQWOHKQHYLHOOHLFKWGLH hEHUQDKPHGHU*HVSUlFKVNRVWHQDEDEHUGDQQWDXFKWHGDV*HVLFKWGHV0DQQHVDXIGHP %LOGVFKLUPDXIGHUVHLWLKUHU*UQGXQJGLH*DODNWLVFKH$EZHKUOHLWHWH'LH=HOOGXVFKHGLH 3HUU\5KRGDQVHLQHQHQJVWHQ0LWDUEHLWHUQ]XJHVWDQGHQKDWWHEHZDKUWHJHWUHXOLFKGDV $XVVHKHQGDV$OODQ'0HUFDQWJHKDEWKDWWHDOVHU]XPHUVWHQPDOGDV3K\VLRWURQEHQXW]W KDWWH1RFKLPPHUZLUNWHHUZHLWHKHUZLHHLQSHQVLRQVUHLIHU%XFKKDOWHULP1HEHQEHUXI 9RUVLW]HQGHUGHVLUGLVFKHQ7LHUVFKXW]YHUEDQGHVGHQQDOV&KHIHLQHU2UJDQLVDWLRQGLH$QWLV 6SULQJHUhEHUVFKZHUH$UDVXQG$NRQHQlUJHUIUFKWHWHQDOVPDQFKHNRVPLVFKH6HXFKH $OOHUGLQJVZDUGHUlXHUH(LQGUXFNQLFKWY|OOLJIDOVFK0HUFDQWZDUWDWVlFKOLFK9RUVLW]HQGHU GHV7HUUHVWULVFKHQ7LHUVFKXW]YHUEDQGVZHQQDXFKQXUHKUHQKDOEHU Ä%XOO\"VWDXQWH0HUFDQWDOVHUGDV*HVLFKWVHLQHV*HVSUlFKVSDUWQHUVVDKÄ:RWUHLEHQ6LH VLFKKHUXP" Ä'DVGDUILFK,KQHQOHLGHUQLFKWVDJHQDQWZRUWHWH%XOO\Ä(VZlUHLPPHUKLQP|JOLFKGD ZLUDEJHK|UWZHUGHQ,FKKDEHHLQH)UDJH$OODQ+DWGLH*$HLQHQ$JHQWHQLQ9HHQ\P VLW]HQGHU+DXSWVWDGWGHV3ODQHWHQ9HHYHH" Ä,FKVHKHQDFK%XOO\,VWGLH$QJHOHJHQKHLWZLFKWLJ" Ä0DQNDQQHVVRQHQQHQ)UDJHQ6LHHLQPDOXQVHUHQFKROHULVFKHQ2EHUVWQDFKGHU6DFKHDEHU QHKPHQ6LHYRUKHUHLQ%HUXKLJXQJVPLWWHO Ä'DVWXHLFKLPPHUZHQQLFKHVPLWGHP2EHUVW]XWXQKDEHODFKWH0HUFDQW(VJDE 7DXVHQGHYRQ2EHUVWHQLQGHU6RODUHQ)ORWWHXQGGDUXQWHUZDUHQ&KROHULNHUKDXIHQZHLVH]X ILQGHQDEHUEHLGH0lQQHUZXWHQVRIRUWZHUJHPHLQWZDUZHQQYRQHLQHPFKROHULVFKHQ 2EHUVWJHVSURFKHQZXUGHGDQQNRQQWHHVVLFKQXUXP1LNH4XLQWRKDQGHOQ Ä,FKVHKHJHUDGHZLUKDEHQNHLQHQ$JHQWHQDXI9HHYHHVLW]HQ6ROOHQZLUHLQHQGRUWKLQ HQWVHQGHQ" Ä'DIULVWHVMHW]WVFKRQ]XVSlW.DQQLFKGRUWPLWLUJHQGZHOFKHU8QWHUVWW]XQJUHFKQHQ ZHQQLFKGRUWODQGH" Ä:DVZROOHQ6LHDXVJHUHFKQHWDXI9HHYHH%XOO\"IUDJWH0HUFDQWYHUZXQGHUWÄ:DUXP KDEHQ6LHVLFKQLFKWDQGLH*DODNWLVFKH$EZHKUJHZDQGW":LUKDEHQIUVROFKH$XIJDEHQ XQVHUH/HXWH Ä.HLQH=HLW0HUFDQW%LV6LHHLQHQ,KUHU$JHQWHQGRUWKLQJHVFKLFNWKDEHQLVWHVVFKRQ]X VSlW 0HUFDQWUXQ]HOWHGLH6WLUQ Ä:ROOHQ6LHPLU$QJVWPDFKHQ%XOO\",VWGLH$QJHOHJHQKHLWVRZLFKWLJ"6LQG6LHGHVKDOE VHOEVWDXIJHEURFKHQ" Ä:HQQHVPLUQLFKWJHOLQJWGLHVH$XIJDEH]XHUOHGLJHQGDQQN|QQHQ6LH,KUHQ$EVFKLHG HLQUHLFKHQ$OODQ$EHUWXQ6LHPLUHLQHQ*HIDOOHQVDJHQ6LH3HUU\QLFKWVGDYRQ Ä'DLFKQLFKWHLQPDODKQHZRYRQ6LHEHUKDXSWUHGHQZHUGHLFKPLFKKWHQGHP&KHIPLW ,KUHQ2UDNHOVSUFKHQXQWHUGLH$XJHQ]XWUHWHQ.DQQLFKQRFKLUJHQGHWZDVIU6LHWXQ" 5HJLQDOG%XOOEHUOHJWHHLQHQ$XJHQEOLFNODQJ Ä6LHNHQQHQGLH1XWKDUV)UHXQGHYRQPLU" 0HUFDQWODFKWHXQWHUGUFNW

Ä/LHEHU%XOO\VDJWHHUDPVLHUWÄ6HOEVWYHUVWlQGOLFKNHQQHLFK,KUH)UHXQGH:HQQMHPDQG LQ,KUHPSHUV|QOLFKHQ8PNUHLVQHXDXIWDXFKWZLUGHUVRIRUWYRQXQVXQWHUGLH/XSH JHQRPPHQ %XOO\UXQ]HOWHGLH6WLUQ Ä'DVJHIlOOWPLUQLFKWPXUUWHHUÄ,FKPDJHVQLFKWZHQQPHLQH)UHXQGHYRQ,KUHQ/HXWHQ DXVJHVFKQIIHOWZHUGHQ Ä(UVWHQVPHUNHQGLHVH)UHXQGHQLFKWVGDYRQXQG]ZHLWHQVLVWGDVIUGLH6LFKHUKHLWGHV ,PSHULXPVZLFKWLJ:HQQ6LHVLFKHWZDVLQWHQVLYHUPLWXQVHUHQ9RUVFKULIWHQEHIDWKlWWHQ GDQQZWHQ6LHGDLFKZHQQGLH$NWHQ,KUHU)UHXQGHHLQZDQGIUHLVLQGZHGHU,KQHQQRFK GHP&KHI(LQEOLFNJHEHQGUIWH'LH1XWKDUVVLQGHLQZDQGIUHLDOVRZHLQXUXQVHUH6SH]L DOSRVLWURQLNZDVVLHIUNOHLQH6FKZlFKHQXQG)HKOHUKDEHQ:DVLVWPLWGHU)DPLOLH" Ä'LHNOHLQH*ZHQKDWVLFK]XPLUDQ%RUGJHVFKOLFKHQVDJWH%XOO\NOlJOLFKÄ6DJHQ6LHGHQ (OWHUQGDVLHVLFKNHLQH6RUJHQPDFKHQ]XEUDXFKHQ 0HUFDQWV*HVLFKWGUFNWHEHUGHXWOLFKVHLQH9HUZXQGHUXQJDXV Ä:DVLVWORVPLW,KQHQ%XOO\"6LHGUFNHQVLFKXQJODXEOLFKYRUVLFKWLJDXVZHLO6LH$QJVW KDEHQXQVHU*HVSUlFKN|QQWHEHODXVFKWZHUGHQ6LHRUDNHOQYRQHLQHUXQJHKHXUHQ*HIDKUIU GDVJDQ]H,PSHULXPXQGGDQQWUHLEHQ6LHVLFKPLWHLQHP6FKXOPlGFKHQLP:HOWUDXP KHUXP" %HLGHP:RUW6FKXOPlGFKHQ]XFNWH%XOO\ZLGHU:LOOHQ]XVDPPHQ Ä,FKWXHGDVQLFKWIUHLZLOOLJEHNDQQWHHU Ä:HUGHQ6LHHWZDYRQGHU.OHLQHQHUSUHW"VWDXQWH0HUFDQW%XOO\VFKOXJGLH+lQGHEHU GHP.RSI]XVDPPHQ Ä0HUFDQWVDJWHHUEHVFKZ|UHQGÄ%HULFKWHQ6LHGHQ(OWHUQLKUHU7RFKWHUJHKHHVJXW $QVRQVWHQZDUWHQ6LHDEELVLFKPLFKZLHGHUPHOGH,FKKDEHMHW]WNHLQH=HLWVlPWOLFKH 0LYHUVWlQGQLVVHDXI]XNOlUHQ$XIVSlWHU %XOO\ZLQNWH$OODQ'0HUFDQWQRFKHLQPDO]XP$EVFKLHG]XXQGVFKDOWHWHDE'DVOHW]WH ZDVHUVDKZDUGDVEHUDOOH0DHQHUVWDXQWH*HVLFKWGHV$EZHKUFKHIV(UVWVHKUYLHOVSlWHU VROOWH%XOO\HUIDKUHQZDUXP$OODQ'0HUFDQWHLQH9LHUWHOVWXQGHQDFKVHLQHU8QWHUKDOWXQJ PLW5HJLQDOG%XOOQRFKZHVHQWOLFKHUVWDXQWHUGUHLQVDK 5HJLQDOG%XOOKlWWHYLHOGDUXPJHJHEHQZlUHYRQLUJHQGZRKHUHLQ6SULQJHUVFKLIIDXIJHWDXFKW XQGKlWWHHLQ.DW]XQG0DXV6SLHOPLWVHLQHU6SDFH-HWDQJHIDQJHQ0LWVROFKHQ/DJHQ NDQQWH%XOO\VLFKDXVDEHUGHP(LQIDOOVUHLFKWXPXQGGHU4XHQJHOLJNHLWHLQHVDFKWMlKULJHQ 0lGFKHQVZDUHUQLFKWJHZDFKVHQ $OVGLH6SDFH-HWDXVGHP/LQHDUUDXPILHOXQGLQGHQ1RUPDOUDXPHLQWDXFKWHZDU5HJLQDOG %XOOPHKUHUVFK|SIWDOVHUQDFKHLQHP]HKQVWQGLJHQ)OXJKlWWHVHLQGUIHQ*ZHQGROLQKDWWH LKPQLFKWHLQH0LQXWH5XKHJHODVVHQ,QXQXQWHUEURFKHQHU)ROJHKDWWHVLH:QVFKHJHlXHUW 6SLHOHDQJHUHJWRGHUHLQJHOHLWHWXQG%XOO\GHUDUWLJLQ$WHPJHKDOWHQGDHUI|UPOLFKQDFK HLQHU5DXPVFKODFKWOHFK]WHXPVLFKHLQPDODXVUXKHQ]XN|QQHQ Ä:DUXPKHLWGLHVHU3ODQHW9HHYHH2QNHO%XOO\" Ä6HLQH%HZRKQHUKDEHQLKQVRJHQDQQWYHUVXFKWH%XOO\]XHUNOlUHQZlKUHQGHUGHQ /DQGHDQIOXJSURJUDPPLHUWH Ä8QGZDUXPKDEHQVHLQH%HZRKQHULKQVRJHQDQQW" Ä)UDJVLHVREDOGZLUJHODQGHWVLQGNQXUUWH%XOO\Ä8QGMHW]WJ|QQHPLUZHQLJVWHQVHLQLJH 0LQXWHQ5XKH:HQQQLFKWZHUGHQZLUGRUWXQWHQQlPOLFKHLQH%UXFKODQGXQJPDFKHQ Ä.DQQVWGXPLWHLQHU6SDFH-HWQLFKWXPJHKHQ"HUNXQGLJWHVLFK*ZHQYHUZXQGHUWÄ'DVGD LVWGHU6WHXHU Ä)LQJHUZHJEUOOWH5HJLQDOG%XOODEHUHVZDUVFKRQ]XVSlW %HLHLQHP5DXPKDIHQGHV7\SVGHQ9HHYHHDXIZHLVHQNRQQWHZXUGHGLH/DQGXQJ]ZLVFKHQ

+DIHQSRVLWURQLNXQG%RUGSRVLWURQLNDEJHVWLPPWXQGYRP$XWRSLORWHQGXUFKJHIKUW,QV 6WHXHUJULIIGHU3LORWQXUGDQQZHQQHVEHLGHU/DQGXQJXQHUZDUWHWH6FKZLHULJNHLWHQJDE *ZHQV+DQGJULIIQDFKGHP6WHXHUNQSSHOKDWWH]XU)ROJHGDGHU$XWRSLORWGHU6SDFH-HW DXVJHVFKDOWHWZXUGHXQGGLH3RVLWURQLNHLQHQ1RWIDOODQQDKP:lKUHQGGLH1RWDXWRPDWLNGLH 6LFKHUKHLWVJXUWHXPGLH/HLEHUGHU3DVVDJLHUHOHJWHXQGDOOH9RUEHUHLWXQJHQIUHLQHQ$EVWXU] WUDIIROJHUWHGHU$XWRPDWDXIGHP%RGHQGHV3ODQHWHQDXVGHUUXFNKDIWHQ%HZHJXQJGHU 6SDFH-HWDXIHLQHQKHLPWFNLVFKHQ$QJULIIXQGJDE%RGHQDODUP (QWVHW]WVDK%XOO\ZLHVLFKGHU+LPPHOULQJVXPGLH3DQRUDPDNXSSHOGHU6SDFH-HW]X EHUVFKODJHQVFKLHQ=LVFKHQGVFK|VVHQGLH6LFKHUKHLWVJXUWHDQ*ZHQV6HVVHODXVLKUHQ +DOWHUXQJHQDEHUDXIHLQHQVRNOHLQHQ]LHUOLFKHQ.|USHUZDUHQVLHQLFKWHLQJHVWHOOW LQQHUKDOEHLQHU=HKQWHOVHNXQGHYHUEDQGHQVLHVLFK]XHLQHP.QRWHQGHUVHOEVWGHP*URHQ $OH[DQGHU6FKZLHULJNHLWHQJHPDFKWKlWWH$XVGHP/DXWVSUHFKHUNDPGDVHQWVHW]WH6FKUHLHQ HLQHV+DIHQEHDPWHQGHUJODXEHQPXWHGLH6SDFH-HWUDVHDXIVHLQHQ.RQWUROOWXUP]X 'D]ZLVFKHQHUNODQJHQGLH)OFKHHLQHV6SULQJHUSDWULDUFKHQGHUVHLQHQ:DO]HQUDXPHUQXU GXUFKJHZDJWH$XVZHLFKPDQ|YHULQ6LFKHUKHLW]XEULQJHQYHUPRFKWH'LH)RUWVLQGHU1lKH GHV5DXPKDIHQVJDEHQHLQH6DOYH:DUQVFKVVHDEGDV'XUFKHLQDQGHUZXUGHGDGXUFKQLFKW JHULQJHU$XIGHP5DXPKDIHQVWREHQ*OHLWHUZLHDXIJHVFKHXFKWH9|JHODXVHLQDQGHUXPVLFK LQ6LFKHUKHLW]XEULQJHQ3LORWHQUHWWHWHQVLFKXQGLKUH6FKLIIHPLW$ODUPVWDUWVGLH%HVDW]XQJ GHV.RQWUROOWXUPVEUDFKWHVLFKVFKOHXQLJVWLQ6LFKHUKHLW (QGOLFKJHODQJHV%XOO\GHQ6WHXHUNQSSHO]XIDVVHQ]XEHNRPPHQXQGHLQH0LQXWHVSlWHU ZDUGHU)OXJGHU6SDFH-HWZLHGHUVWDELOLVLHUW,QGHQ/DXWVSUHFKHUQZXUGH%XOO\YRQ PLQGHVWHQVHLQHP'XW]HQGYHUVFKLHGHQHU3HUVRQHQEHVFKLPSIWXQGPLW)OFKHQEHGDFKW]XP JU|WHQ7HLOLQXQYHUVWlQGOLFKHQ6SUDFKHQDEHUDP7RQIDOOHLQGHXWLJLQWHUSUHWLHUEDU%XOO\ K|UWHJDUQLFKW]X1DFKVHLQHP(PSILQGHQJDOWHQGLH%HVFKLPSIXQJHQRKQHKLQVHLQHU XQVFKXOGVYROOGUHLQVHKHQGHQ%HJOHLWHULQ (UVWDOVGLH6SDFH-HWUXKLJDXIGHP/DQGHIHOGVWDQGZXUGHHVLPbWKHUZLHGHUUXKLJHU1XU GHU6SULQJHUZROOWHVLFKQLFKWEHUXKLJHQ Ä7HUUDQLVFKHU/XIWNXWVFKHUWREWHHUÄ:RKDVWGXGHLQHQ3LORWHQVFKHLQJHPDFKWGX :LQ]OLQJ",FKZHUGHPLFKEHVFKZHUHQGDVJDUDQWLHUHLFKGLU,FKZHUGHQLFKWUDVWHQXQG UXKHQELVGXGHLQH/L]HQ]ORVELVWXQGZHQQLFKPLFKELV]XU$GPLQLVWUDWLRQGXUFKER[HQ PX,FKZHUGH+LPPHOXQG+|OOHLQ%HZHJXQJVHW]HQLFKZHUGH5HJLQDOG%XOO K|FKVWSHUV|QOLFKEHPKHQ 2IIHQEDUKDWWHGHU3DWULDUFKPHKU(QWUVWXQJHQWZLFNHOWDOVHULQ:RUWHNOHLGHQNRQQWH -HGHQIDOOVYHUVWXPPWHHUVFKODJDUWLJ6WDWWGHVVHQNDPHLQH9HUELQGXQJPLWGHU +DIHQEHK|UGH]XVWDQGH Ä,FKKRIIH(UGPHQVFKEHJDQQGHU%HDPWHGDV*HVSUlFKÄGDGHLQH9HUVLFKHUXQJVSROLFH JOWLJLVW'LHVHU6SDZLUGGLFKHLQH0HQJHNRVWHQ7HUUDQHUIUVHUVWHMHGHQIDOOVGLH )UHLKHLW 5HJLQDOG%XOOEHGDFKWH*ZHQGROLQ1XWKDUPLWHLQHP%OLFNGHURIIHQH0RUGOXVWYHUULHWDEHU DQ*ZHQVOFNHQKDIWHP*ULQVHQZLUNXQJVORVDESUDOOWH'DQQHUVWGUHKWHVLFK%XOO\VRXP GDGLH.DPHUDVHLQHP*HVSUlFKVSDUWQHUHLQEUDXFKEDUHV%LOGOLHIHUQNRQQWH Ä$XJHQEOLFNVWXW]WHGHU$UNRQLGHÄ.HQQHLFKGLFKQLFKW" 0LWHLQHUDQRQ\PHQ/DQGXQJZDUHVRKQHKLQYRUEHLDOVR]|JHUWH%XOO\QLFKW]XDQWZRUWHQ Ä,FKKHLH5HJLQDOG%XOO)UGHQHWZDVPLOXQJHQHQ/DQGHDQIOXJELWWHLFKXP9HU]HLKXQJ (VZDUQLFKWPHLQH$EVLFKWGHQ+DIHQEHWULHE]XVW|UHQ 'HU$UNRQLGHLP7RZHUIOHWVFKWHGLH=lKQH(UZXWHGDHUJHVFKODJHQZDU%XOO\ZDU DXHUKDOEGHV6RODUHQ,PSHULXPV]ZDUQLFKWDQQlKHUQGVREHNDQQWZLH3HUU\5KRGDQRGHU 6HLQH(UKDEHQKHLW,PSHUDWRU*RQR]DO9,,,DEHUGHU+DIHQEHDPWHZXWHGDHUHLQHQ SROLWLVFKHQ6NDQGDOKHUDXIEHVFKZRUZHQQHU5HJLQDOG%XOOHLQIDFKLQKDIWLHUWH:DVGHQ $UNRQLGHQMHGRFKDPPHLVWHQlUJHUWHZDUGLH7DWVDFKHGD5HJLQDOG%XOOVHLQ )HKOYHUKDOWHQRIIHQHLQJHVWDQGHQXQGVLFKGDIUHQWVFKXOGLJWKDWWH(LQ$UNRQLGHKlWWHHLQH

VROFKH(QWVFKXOGLJXQJQLHPDOVEHUGLH/LSSHQJHEUDFKW Ä.|QQHQ6LHGLH6WUDIJHEKUEH]DKOHQ6LU",QGHU6WLPPHVFKZDQJHLQHOHLVH+RIIQXQJ PLW:HQQ%XOO\VLFKDOV]DKOXQJVXQIlKLJHUZHLVHQVROOWHGXUIWHGHU%HDPWHHLQH (U]ZLQJXQJVKDIWYHUKlQJHQXQGHVZDUGHP$UNRQLGHQDQ]XVHKHQZLHJHUQHU5HJLQDOG %XOOKLQWHU*LWWHUJHEUDFKWKlWWH Ä*HQJWHLQH.UHGLWNDUWH"IUDJWH%XOO\]XUFNÄ9RQ$WODQJHJHQJH]HLFKQHW" 'DPLWZDUGHU+DIHQEHDPWHSV\FKLVFKNQRFNRXW0LWHLQHU.UHGLWNDUWHLQGHU7DVFKHGLH YRP,PSHUDWRUGHV*URHQ,PSHULXPVJHJHQJH]HLFKQHWZDUKlWWH%XOO\GHQJDQ]HQ 5DXPKDIHQGHPROLHUHQN|QQHQ'DVDOOHLQKlWWHJHQJWGHQ+DIHQEHDPWHQDXHU*HIHFKW]X VHW]HQ$EHUGD%XOO\HVZDJWHVHLQH$OOHVVHKHQGH7DXVHQGlXJLJH(UKDEHQKHLW*RQR]DO 9,,,²LQDPWOLFKHQ'RNXPHQWHQQDKPHQGLH7LWHOGHV,PSHUDWRUVQHXQXQGGUHLLJ 'UXFN]HLOHQHLQVFKOLFKWZHJ$WODQ]XQHQQHQYHUVFKOXJGHP$UNRQLGHQGLH6SUDFKH-HW]W EHJDQQGHU%HDPWH]XEHJUHLIHQZDUXPGLHKDOEH*DOD[LVGLH7HUUDQHUQLFKWOHLGHQNRQQWH 'DUILFKIUDJHQZHOFKH$EVLFKWHQ6LHQDFK9HHYHHIKUHQ" Ä)UDJHQGUIHQ6LHDQWZRUWHWH%XOO\WURFNHQÄ1XUHLQH$QWZRUWZHUGHQ6LHQLFKW EHNRPPHQ.DQQLFKMHW]WPHLQ6FKLIIYHUODVVHQ" Ä6HOEVWYHUVWlQGOLFKHUZLGHUWHGHU+DIHQEHDPWHKDVWLJÄ,FKNDQQ,KQHQDOOHUGLQJVHUVWGDQQ GLH6WDUWIUHLJlEHHUWHLOHQZHQQ6LHGHQ6FKDGHQEH]DKOWKDEHQGHQ6LHDQJHULFKWHWKDEHQ Ä,FKZHUGHHVPLUPHUNHQYHUVSUDFK%XOO\XQGWUHQQWHGLH9HUELQGXQJ 6HLQ3ODQZDUVFKRQLP$QVDW]JHVFKHLWHUW8UVSUQJOLFKKDWWHHUVLFKXQDXIIlOOLJXPVHKHQ ZROOHQDEHUGDPLWZDUHVQDFKGHU3DXNHQVFKODJODQGXQJVHOEVWYHUVWlQGOLFKDXV(LQH RIIL]LHOOH$QIUDJHZlUHQDWUOLFKEHDQWZRUWHWZRUGHQQXUQLFKWZDKUKHLWVJHPl *ZHQGROLQKDWWHVLFKDXIHLQ,QVWUXPHQWHQSXOWJHVHW]WOLHGLH%HLQHKHUDEEDXPHOQXQG EHVFKlIWLJWHVLFKGDPLWLKUHVFKXOWHUODQJHQURWHQ+DDUH]X=|SIHQ]XIOHFKWHQ $OVHUVWHVPXWH%XOO\]XVHKHQGDHUGLHVHQURWKDDULJHQ3ODJHJHLVWORVZXUGH$P HLQIDFKVWHQZlUHJHZHVHQGHP0lGFKHQHLQ/LQLHQIOXJWLFNHWYRQ9HHYHHEHU$UNRQQDFK 7HUUD]XNDXIHQXQGVLHQDFK+DXVH]XVFKLFNHQ)UDJOLFKZDUGDEHLQLFKWRE%XOO\HLQHVR ZHLWH5HLVHHLQHPDFKWMlKULJHQ0lGFKHQRKQH%HJOHLWXQJ]XPXWHQGXUIWHIUDJOLFKZDURE HUGLH9HUNHKUVYHUELQGXQJHQ]ZLVFKHQGHP6RODUHQXQGGHP*URHQ,PSHULXPHLQHUVROFKHQ %HODVWXQJDXVVHW]HQGXUIWH1DFKGHQ(UHLJQLVVHQGHUOHW]WHQ7DJHNDPLKP*ZHQGROLQ EHLQDKHZLHHLQ(LQ0DQQ6DERWDJH7UXSSYRU Ä+PPDFKWH%XOO\QDFKGHQNOLFK :DVNRQQWHHUQXUWXQXPVHLQH+DQGOXQJVIUHLKHLWZLHGHU]XJHZLQQHQ(VODJDXIGHU+DQG GDGLH$QWLVIUKHURGHUVSlWHUPHUNHQZUGHQGDVLFK5HJLQDOG%XOODXIGLH)lKUWHGHU ]ZDQ]LJ=HOODNWLYDWRUHQJHVHW]WKDWWH6LHZUGHQYHUVXFKHQLKQYRQGLHVHU)lKUWH DE]XEULQJHQDXFKHLQ0RUGZDULKQHQRKQHZHLWHUHV]X]XWUDXHQ:HQQ%XOO\GDQQQRFKHLQ .LQGPLWVLFKKHUXPVFKOHSSWH Ä,FKPXGLFKIUHLQSDDU6WXQGHQYHUODVVHQVDJWHHUVFKOLHOLFKÄ.DQQVWGXHVDQ%RUGVR ODQJHRKQHPLFKDXVKDOWHQ" Ä6LFKHUEHKDXSWHWHVLHÄ,FKNRPPHVFKRQ]XUHFKWÄ+RIIHQZLUHVZQVFKWHVLFK%XOO\ ,UJHQGZLHIKOWHHUVLFKHUOHLFKWHUWDOVHUGDV*HOlQGHGHV5DXPKDIHQVKLQWHUVLFKZXWH$P 7RZHUKDWWHHUVLFKHLQHQ*OHLWHUJHPLHWHWPLWGHPHUHWZDLJH9HUIROJHUDEVFKWWHOQNRQQWH 1DFKHLQHUKDOEHQ6WXQGH)DKUWXQGHWOLFKHQ=LFN]DFNPDQ|YHUQLP6WUDHQJHZLUUGHU +DXSWVWDGWIKOWHVLFK5HJLQDOG%XOOHLQLJHUPDHQVLFKHUGDHUQLFKWOlQJHUEHREDFKWHW ZXUGH $XIGHQ6WUDHQ9HHQ\PVKHUUVFKWHJHVFKlIWLJHV7UHLEHQ9HHYHHZDUIULUGLVFKH 9HUKlOWQLVVH]LHPOLFKKHLIU$UNRQLGHQDEHUGLHXQWHUHLQHUHQWVFKLHGHQZlUPHUHQ6RQQH JHERUHQZXUGHQPXWHGLHVHV.OLPDLGHDOVHLQ(VJDEHLQH0HQJH7RXULVWHQLQ9HHQ\PXQ VFKZHUDQGHQERUQLHUWHQ*HVLFKWHUQ]XHUNHQQHQ(VZDUW\SLVFKIUGHQ=XVWDQGGHU DUNRQLGLVFKHQ*HVHOOVFKDIWGD$UNRQJHERUHQHIHVWGDYRQEHU]HXJWZDUHQEHUHLWV DXHUKDOEGHU/XIWKOOHHLQHV$UNRQSODQHWHQEHJLQQHGHUNXOWXUHOOHXQG]LYLOLVDWRULVFKH$E

JUXQGGHU$UNRQYRQGHQ%DUEDUHQZHOWHQWUHQQH1LFKWVHOWHQVDK%XOO\$UNRQJHERUHQHGLH QXUGXUFKGLH1DVHDWPHWHQGLHJHEOlKWHQ1DVHQIOJHOEHZLHVHQGDLQGHQ1DVHQO|FKHUQ .OHLQILOWHUXQWHUJHEUDFKWZRUGHQZDUHQ %XOO\SDUNWHGHQ*OHLWHULQGHU1lKHGHU+DXSWVWUDH$XVGHU.KOER[PLWGHUDXI9HHYHH MHGHU0LHWJOHLWHUDXVJHUVWHWZDUKROWHHUVLFKHLQ(UIULVFKXQJVJHWUlQNXQGVWHOOWHGDEHL YHUZXQGHUWIHVWGDGLHLUGLVFKH*HWUlQNHLQGXVWULHPLWGHU(UREHUXQJGHV$OOVHUKHEOLFK ZHLWHUJHNRPPHQZDUDOVGLH6RODUH$GPLQLVWUDWLRQ:lKUHQGHUGLHHLVNDOWHNRIIHLQKDOWLJH /LPRQDGHWUDQNGDFKWH5HJLQDOG%XOODQJHVWUHQJWQDFK $XI8WLNGHVVHQHULQQHUWHHUVLFKKDWWHHLQ$QWLPLWHLQHP=HOODNWLYDWRUIUHLQLJH$XIUHJXQJ JHVRUJW:HUDXFKLPPHUGLHVHQ$NWLYDWRUWUXJZXUGHYRQVHLQHQ0LWPHQVFKHQIUHLQH ZXQGHUVFK|QHDEHUEHUDXVZDVVHUEHGUIWLJH%OXPHJHKDOWHQ$QJHORFNWYRQGHP XQZLGHUVWHKOLFKHQ'XIWZDUHQGLH%HZRKQHU8WLNV]XVDPPHQJHODXIHQXQGKDWWHQDOOHVGDUDQ JHVHW]WGLH]DUWH3IODQ]HPLW:DVVHU]XYHUVRUJHQ=XP*OFNIUGLH7HUUDQHUZDUHVHLQ XQEHHLQIOXEDUHU5RERWJHZHVHQGHUGLHVHV3KlQRPHQHQWGHFNWKDWWH :HQQGHU8WLN$NWLYDWRUGHUDUWYHUUFNWJHVSLHOWKDWWHGDQQVWDQG]XYHUPXWHQGDDXFK 9HHYHHlKQOLFKWXUEXOHQWH6]HQHQHUOHEWKDWWH8QG%XOO\NDQQWHGLH*HSIORJHQKHLWHQVHLQHU =HLWJHQRVVHQJXWJHQXJXP]XZLVVHQGDEHLWXUEXOHQWHQ6]HQHQGLH3UHVVHVHOWHQIHKOWH :HQQHVDOVRDXI9HHYHHHEHQIDOOV]XDXIUXKUlKQOLFKHQ6]HQHQJHNRPPHQZDUGDQQPXWHQ GLHORNDOHQ0HGLHQGDUEHUEHULFKWHWKDEHQ6LFKHUOLFKZUGHVLFKLQGHQ$UFKLYHQHWZDV ILQGHQODVVHQXQGZHQQHVQXUGLH6SXUHQZDUHQGLHGLH$QWLVEHLP9HUWXVFKHQVROFKHU 0HOGXQJHQKLQWHUODVVHQKDWWHQ 5HJLQDOG%XOOYHUOLHGHQ*OHLWHUVFKDOWHWHGLH'LHEVWDKOVVLFKHUXQJHLQXQGJLQJ]XU +DXSWVWUDH]XUFN(UHULQQHUWHVLFKGDHLQHVGHU*HElXGHHLQH'UXFNHUHLJHZHVHQZDU HLQH=HLWXQJVGUXFNHUHL (UEUDXFKWHQXUZHQLJHKXQGHUW0HWHU]XJHKHQXPGDV*HElXGH]XILQGHQ'LH=HLWXQJ QDQQWHVLFK9HHQ\P3RSXOlU*D]HWWHXQGDQKDQGHLQHV3UREHH[HPSODUVNRQQWHVLFK%XOO\ GDYRQEHU]HXJHQGDHUVLFKIUGLHULFKWLJH=HLWXQJHQWVFKLHGHQKDWWH'LH*D]HWWHZDUHLQ W\SLVFKHV%RXOHYDUGEODWWPLWDOOHQ9RUXQG1DFKWHLOHQGLHVHU6SLHODUWGHU3UHVVH 6FKQHOOLJNHLW(LQSUlJVDPNHLWXQG(LQIDFKKHLW:LHEOLFKIHKOWHEHLNDXPHLQHU1DFKULFKW GHU*HUXFKQDFK%OXWRKQHGHQHLQH,QIRUPDWLRQXQLQWHUHVVDQW]XVHLQVFKLHQ 5HJLQDOG%XOO]|JHUWHQLFKWODQJH(UEHWUDWGDV*HElXGH 'DVHUVWHZDVLKPDXIILHOZDUGLHQLHGULJH7HPSHUDWXULP,QQHUQ'DVNOHLQH7KHUPRPHWHU DQ%XOO\V+DQGJHOHQN]HLJWH]ZDUGDGLH7HPSHUDWXUQRFKLPPHUEHUGUHLLJ*UDGODJ DEHULPPHUKLQHUKHEOLFKXQWHUKDOEGHU:lUPHLP)UHLHQ Ä.DQQLFKKHOIHQ"HUNXQGLJWHVLFKHLQGLHQVWEHIOLVVHQHU5RERWEHL5HJLQDOG%XOO Ä,FKVXFKHGDV$UFKLYDQWZRUWHWH%XOO\Ä,FKP|FKWHHLQLJH,QIRUPDWLRQHQDXVGHU 9HUJDQJHQKHLWQDFKVFKODJHQ Ä%LWWHIROJHQ6LHPLUEDWGHU5RERWXQGUROOWHORV 'DV$UFKLYODJLP.HOOHUXQGHUZLHVVLFKDOVHLQH6DPPOXQJDXVYHUJLOEWHQ3DSLHUVFKQLW]HOQ XQGHLQHU7RQQHQODVW6WDXEGLHDOOH$NWHQ]HQWLPHWHUGLFNEHGHFNWH%HLP$QEOLFNGLHVHV 'XUFKHLQDQGHUVYHUVFKOXJHV5HJLQDOG%XOOHUVWHLQPDOGLH6SUDFKH'LH$XVVLFKWLQGLHVHP 'XUFKHLQDQGHUHLQHEHVWLPPWH$XVJDEHGHU*D]HWWH]XILQGHQZDUSUDNWLVFKJOHLFK1XOO 'DVVROOWHHLQ$UFKLYVHLQ"0LWUDXLVFKHUNXQGLJWHVLFK%XOO\ Ä6DKGLHVHU5DXPVFKRQLPPHUVRDXV" 'LH0DVFKLQHJDENHLQH$QWZRUWXQGGDVZDUGDV]ZHLWHXQJHZ|KQOLFKH9RUNRPPQLV LQQHUKDOEZHQLJHU$XJHQEOLFNH%XOO\YHUPXWHWHGDGHU5RERWHLQHLQSURJUDPPLHUWHV 6SUHFKYHUERW]XGLHVHP7KHPDKDWWH(UUHFKQHWHDXFKGDPLWGDHLQH)UDJHQDFKGLHVHQ 'LQJHQHLQHQ$ODUPDXVO|VWH %XOO\KDWWHVLFKQLFKWJHLUUW(VYHUJLQJHQQXUZHQLJH0LQXWHQELVHLQMXQJHU0DQQLP.HOOHU GHV=HLWXQJVJHElXGHVHUVFKLHQXQGJUDGOLQLJDXI5HJLQDOG%XOO]XJLQJ Ä.DQQLFKKHOIHQ"IUDJWHHU

Ä,FKVXFKHHLQLJH,QIRUPDWLRQHQHUNOlUWH%XOOHLQ]ZHLWHVPDOHUZLHVDXIGDV&KDRVLP $UFKLYÄ.DQQPDQLQGLHVHP'XUFKHLQDQGHUEHUKDXSWQRFKHWZDVILQGHQ" Ä6LFKHUOLFKDQWZRUWHWHGHU$QJHVWHOOWH%XOOWLSSWHGDHUDXI9HHYHHJHERUHQZDUÄ(VZLUG GDYRQDEKlQJHQZDV6LHVXFKHQ Ä1XQPDFKWH%XOO\JHGHKQWÄ,FKKDEHJHK|UWHVKlWWHYRUHLQLJHQ0RQDWHQDXIGLHVHU:HOW HLQLJHV'XUFKHLQDQGHUJHJHEHQXQG]ZDULP=XVDPPHQKDQJPLWHLQHPKRKHQ0LWJOLHGGHU %lDORO6HNWH %XOO\ZXWHQDFKZHQLJHQ6HNXQGHQGDHULQHLQ:HVSHQQHVWJHVWRFKHQKDWWH'HU $QJHVWHOOWH]XFNWH]XVDPPHQDEHUHVJHODQJLKPGDVVWHUHRW\SH/lFKHOQEHL]XEHKDOWHQGDV HUEHLP%HWUHWHQGHV5DXPHVDXIJHVHW]WKDWWH(VJHODQJLKPDEHUQLFKWHLQHQ0DQQZLH 5HJLQDOG%XOO]XWlXVFKHQ%XOO\ZXWHVRIRUWZDVGHUMXQJH0DQQYRUKDWWHDOVHUODQJVDP HLQH+DQGLQHLQHU7DVFKHVHLQHV$Q]XJVYHUVFKZLQGHQODVVHQZROOWH Ä1LFKWGRFKVDJWH%XOO\JULQVHQGXQGSDFNWH]X'HUMXQJH0DQQEUDFKWH]ZDUQRFKGLH +DQGDXVGHU7DVFKHDEHU%XOO\V*ULIIXPVHLQ+DQGJHOHQNZDUVRQDFKGUFNOLFKGDLKP QLFKWVDQGHUHVEULJEOLHEDOVGLH:DIIHIDOOHQ]XODVVHQ (LQ%ODVWHUODQGHWHVFKHSSHUQGDXIGHP%RGHQXQGDOVGHUMXQJH0DQQYHUVXFKWHVLFKPLW GHUIUHLHQ+DQGORV]XNlPSIHQVDKVLFK%XOO\JHQ|WLJWVHLQHQ:LGHUVDFKHUPLWHLQHP 'DJRUJULIIGHQHU$WODQDEJHVFKDXWKDWWHGHP%ODVWHUQDFK]XVFKLFNHQ Ä:DVVROOGHU8QIXJIUDJWH5HJLQDOG%XOOIUHXQGOLFKXQGULFKWHWHGLH:DIIHGLHHUUDVFK DXIJHKREHQKDWWHDXIGHQ.|USHUGHVMXQJHQ0DQQHV'HU$QJHVWHOOWHZXUGHEOHLFK 'HU5RERWYHUVXFKWHVLFKHLQ]XPLVFKHQDEHU%XOOOHJWHLKQPLWHLQHPJH]LHOWHQ6FKXVWLOO 'LH*HVFKZLQGLJNHLWPLWGHU%XOO\]LHOWHVFKRXQGWUDIWUXJHEHQVRGD]XEHLGHQ $QJHVWHOOWHQ]XEHHLQGUXFNHQZLHGLH7DWVDFKHGD%XOO\IDVWEHLOlXILJHLQHQ5RERWLP :HUWYRQHLQLJHQ]HKQWDXVHQG6RODU]X6FKURWWPDFKWH(UIROJHUWHGDUDXVQLFKWJDQ] ]XWUHIIHQGGD%XOO\ZHQLJ+HPPXQJHQKDEHQZUGHDXFKLKQIUDOOH=HLWHQ IXQNWLRQVXQIlKLJ]XPDFKHQ Ä6LHKWGLHVHU6FKXSSHQVHLWODQJHPVRDXV"IUDJWH%XOO(UGHXWHWHDXIGDV&KDRVULQJVXP 'HU$QJHVWHOOWHVFKWWHOWHGHQ.RSI Ä0DFKGHQ0XQGDXI-XQJHKHUUVFKWH%XOO\LKQDQÄ,FKZLOOZLVVHQZDUXPHVKLHUVRZVW DXVVLHKW Ä(VVLQGHLQLJH0lQQHUJHNRPPHQEHULFKWHWHGHU$QJHVWHOOWHVWRFNHQGÄ6LHKDEHQKLHU HWZDVJHVXFKWXQGPLWJHQRPPHQXQGDOVVLHGDV$UFKLYYHUOLHHQVDKHVVRDXVZLHVLHHV KLHUVHKHQ Ä:DVZDUHQGDVIU0lQQHU" 'HUMXQJH$QJHVWHOOWHKDWWHVLFKWOLFK$QJVW(VIUDJWHVLFKQXUREHU%XOO\V:DIIHPHKU IUFKWHWHDOVGLH5DFKHGHUXQEHNDQQWHQ%HVXFKHU(LQVWZHLOHQKDWWHQGLH%HVXFKHUGLH 2EHUKDQGDEHUDOV5HJLQDOG%XOOV*HVLFKWLQLPPHUVWlUNHUHQ0DHbUJHU]X]HLJHQEHJDQQ EHUZRJEDOGGLH$QJVWYRU%XOO\VKDQGJUHLIOLFKHP8QPXW Ä,FKKDWWHGHQ(LQGUXFNGDHVVLFKXP3ULHVWHUGHV%lDORO.XOWHVKDQGHOWHJHVWDQGHU QHUY|V Ä'DFKWHLFKHVPLUGRFKPXUPHOWH%XOO\]XIULHGHQÄ8QGZRQDFKKDEHQGLH$QWLVJHVXFKW" 'HUMXQJH0DQQZXWH]XQlFKVWQLFKWZDV%XOO\PLW$QWLVPHLQWHDEHUHUEHJULIIEDOGGD GDPLWGLHXQEHNDQQWHQ%HVXFKHUJHPHLQWVHLQPXWHQ Ä'DVZHLLFKQLFKWHUNOlUWHHUXQGXQZLOONUOLFKYHUVXFKWHHUDXIGHP%RGHQHWZDVYRQ %XOO\V)lXVWHQZHJ]XUXWVFKHQÄ,FKIUFKWHHVZLUGQXUHLQ9HUIDKUHQJHEHQGDV KHUDXV]XILQGHQPDQPWHGLH3DSLHUHGXUFKVHKHQXQGIHVWVWHOOHQZDVIHKOW %XOO\PXWHQLFKWHLQPDOKLQVHKHQXP]XZLVVHQGDHUEHLGLHVHP9HUIDKUHQIUKHVWHQVLQ ]ZHL:RFKHQHLQ(UJHEQLVKDEHQZUGH(UYHUVWlUNWHGHQ JULPPLJHQ$XVGUXFNVHLQHV*HVLFKWVXQG]LHOWHPLWGHP%ODVWHUDXIHLQHQ)XGHVMXQJHQ 0DQQHV Ä+DWHVYRUHLQLJHQ0RQDWHQDXI9HHYHHHLQHQ|IIHQWOLFKHQ$XIUXKUJHJHEHQ"

'HUMXQJH0DQQDWPHWHHUOHLFKWHUWDXI Ä8QGREYHUULHWHU]XIULHGHQGD%XOO\GDVKHLNOH7KHPDGHUYHUVFKZXQGHQHQ %HOHJH[HPSODUHYHUPLHGÄ(LQHUGHUK|FKVWHQ%lDORO3ULHVWHULVWGDPDOVYHUUFNWJHZRUGHQ 0DQVWHOOHVLFKYRUHUULHIGD]XDXIGDVLFKDOOH9|ONHUGHU*DOD[LVYHUHLQHQXQGPLWGHQ 7HUUDQHUQ]XVDPPHQVFKOLHHQVROOWHQ$XVJHUHFKQHWPLWGHQ7HUUDQHUQGLHVHQDXIJHEODVHQHQ (PSRUN|PPOLQJHQ8QGHVNDPQRFKEHVVHUGHU3ULHVWHUVFKOXJVRJDUYRUGHQ+lXSWOLQJGHU 7HUUDQHU]XP2EHUKDXSWDOOHUJDODNWLVFKHQ9|ONHU]XHUQHQQHQ Ä:DVLVWDXVGHP3ULHVWHUJHZRUGHQ"HUNXQGLJWH%XOO\VLFKEHLOlXILJ 6HLQ*HIDQJHQHU]XFNWHPLWGHQ6FKXOWHUQ Ä,FKZHLHVQLFKWVDJWHHUÄ0DQZLUGLKQHLQJHVSHUUWKDEHQ,FKKDEHJHK|UWHUKDEH 9HHYHHOlQJVWYHUODVVHQ Ä+DWHVGDQDFKQRFKHLQPDOlKQOLFKH9RUIlOOHJHJHEHQ" Ä9RUIlOOHGLHVHU$UW"1HLQNHLQHQHLQ]LJHQ %XOO\PDFKWHHLQILQVWHUHV*HVLFKWREZRKOHULQQHUOLFKIURKORFNWH:HQQLQGHQOHW]WHQ :RFKHQXQG0RQDWHQNHLQ$QWLPHKUYHUUFNWJHVSLHOWKDWWHGDQQKDWWHGHU3ULHVWHU9HHYHH ]XVDPPHQPLWGHP$NWLYDWRUYHUODVVHQ(VJDOWMHW]WQXUQRFKGLH6SXUGLHVHV3ULHVWHUV]X ILQGHQ Ä+DVWGXHLQH$KQXQJZRKLQPDQGHQEHUJHVFKQDSSWHQ%lDORO3ULHVWHUJHEUDFKWKDW" 'HUMXQJH0DQQVFKWWHOWHGHQ.RSI Ä9LHOOHLFKWQDFK7UDNDUDWEHUOHJWH%XOO\KDOEODXW7UDNDUDWZDUHLQPDOGLH+DXSWZHOWGHU $QWLVYRP%lDORO.XOWJHZHVHQELVGLH*DODNWLVFKH$EZHKUGLH3RVLWLRQYRQ7UDNDUDW KHUDXVJHIXQGHQKDWWH'DQDFKZDUHVPLWGHU0DFKWSRVLWLRQGHU$QWLVIUVHUVWH]X(QGH JHZHVHQ,Q]ZLVFKHQZDUGHU1DPH7UDNDUDWEHL,QWHUHVVLHUWHQKLQOlQJOLFKEHNDQQW %XOO\V*HIDQJHQHUPDFKWHHLQHQ)HKOHU(UVFKQDSSWHQDFKGHP.|GHUGHQ%XOO\LKPRKQH HV]XZROOHQKLQJHZRUIHQKDWWH Ä1DFK7UDNDUDWEHVWLPPWQLFKWVDJWHHUKDVWLJÄ(KHU Ä-D" 'HUMXQJH0DQQSUHWHGLH.LHIHU]XVDPPHQ(UEHJULIIGDHUVLFKYHUSODSSHUWKDWWH%XOO\ OlFKHOWHPLOGH Ä,FKEHNRPPHHVKHUDXVYHUNQGHWHHUÄ6RRGHUVRHVZLUGJDQ]EHLGLUOLHJHQ)lOOWHVGLU OHLFKW6FKPHU]HQ]XHUWUDJHQ" 'HUMXQJH0DQQILHODXIGHQ%OXIIKHUHLQ(UZXWHQLFKWPLWZHPHUHV]XWXQKDWWH+lWWHHU 5HJLQDOG%XOOJHNDQQWKlWWHHUGHQ0XQGJHKDOWHQHUKlWWHJHZXWGD%XOO\EHLDOOHU JHVSLHOWHQ5DXKEHLQLJNHLWHVQLFKWIHUWLJJHEUDFKWKlWWHDXIHLQHQ:HKUORVHQHLQ]XGUHVFKHQ XP,QIRUPDWLRQHQDXVLKPKHUDXV]XSUJHOQ Ä$UFRPXUWKVWRWWHUWHGHUMXQJH0DQQÄ0DQZLUGLKQQDFK$UFRPXUWKJHEUDFKWKDEHQ Ä:ROLHJWGDV" 'HUMXQJH0DQQ]XFNWHPLWGHQ6FKXOWHUQ Ä,FKZHLHVZLUNOLFKQLFKWEHHLOWHHUVLFK]XYHUVLFKHUQÄ,FKKDEHQXUHLQPDOGHQ1DPHQ JHK|UWXQG]XIlOOLJHUIDKUHQGDHVGRUWHLQJHKHLPHV=HQWUXPGHU%lDORO3ULHVWHUJHEHQ VROO :HQQHUEHUHLWVYRQGLHVHP=HQWUXPZXWHNRQQWHHVVRJHKHLPQLFKWVHLQEHUOHJWHVLFK %XOO\ 'LH,QIRUPDWLRQJDELKP]XGHQNHQ(UOHKQWHVLFKDQHLQH6lXOHXQGGDFKWHQDFKGDEHLKLHOW HUGLH:DIIHVWHWVDXIGHQMXQJHQ$QJHVWHOOWHQGHU=HLWXQJJHULFKWHW $UFRPXUWKGHU1DPHNODQJJHKHLPQLVYROOlKQOLFKZLH7UDNDUDW'DGLH$QWLVJUXQGVlW]OLFK QLFKW|IIHQWOLFKJHJHQGDV6RODUH,PSHULXPYRUJLQJHQKDWWHQVLHVLFKK|FKVWZDKUVFKHLQOLFK QDFKGHP9HUOXVWYRQ7UDNDUDWHLQHQQHXHQ*HKHLPSODQHWHQ]XJHOHJW$UFRPXUWKNRQQWHVHKU ZRKOGLHVHU3ODQHWVHLQ$XHUGHPODJHVDXIGHU+DQGGDGLH$QWLVGLH]ZDQ]LJ=HOODNWL YDWRUHQQLFKWHLQIDFKKHUXPOLHJHQOLHHQhEHULKUH9HUWHLOXQJPXWHHQWVFKLHGHQZHUGHQ XQG(QWVFKHLGXQJHQYRQVROFKHU7UDJZHLWHILHOHQIUJHZ|KQOLFKLP=HQWUXPGHU0DFKW

:HQQPDQGHQYHUUFNWHQ3ULHVWHUDEWUDQVSRUWLHUWKDWWHXQG]ZDUPLWVDPWGHP$NWLYDWRU GDQQYHUPXWOLFK]XP=HQWUXPGHUSROLWLVFKHQ0DFKWGHU$QWLV:DU$UFRPXUWKGLHVHV=HQ WUXP"'DGHUMXQJH0DQQGHQ1DPHQNDQQWHVSUDFKQLFKWXQEHGLQJWGDJHJHQYRQ7UDNDUDW ZDUDXFKHUVWGHU1DPHEHNDQQWJHZHVHQ ,QGHP9HUODJVJHElXGHZUGH%XOO\QLFKWPHKUYLHOHUIDKUHQGDVVWDQGIU5HJLQDOG%XOO IHVW(UKRIIWHLQHLQLJHQ6WXQGHQGLH'DWHQJHVDPPHOW]XKDEHQGLHHUEUDXFKWH%LVGDKLQ PXWHGHUMXQJH0DQQ]XP6FKZHLJHQJHEUDFKWZHUGHQ(LQ6FKXDXV%XOO\V3DUDO\VDWRU O|VWHGLHVHV3UREOHP'HUMXQJH0DQQ]XFNWHQRFKHLQPDOXQGEOLHEGDQQUHJXQJVORVDXIGHP VWDXELJHQ%RGHQOLHJHQ )U|KOLFKSIHLIHQGYHUOLH5HJLQDOG%XOOGDV=HLWXQJVJHElXGHQXQPHKUDXIGHU6XFKHQDFK HLQHU|IIHQWOLFKHQ%LEOLRWKHN(LQHKDOEH6WXQGHVSlWHUKDWWHHUGDVHQWVSUHFKHQGH*HElXGH JHIXQGHQ(UEH]DKOWHGLHJHULQJH*HEKUXQGWUDWHLQ ,P,QQHUQJDEHVHLQLJH'XW]HQGEHTXHPH6LW]JHOHJHQKHLWHQLQGHQHQVLFKGLH%HQXW]HUGHU %FKHUHLGLH'DWHQ]XVSLHOHQODVVHQNRQQWHQGLHVLHDQJHIRUGHUWKDWWHQ%LOGLQIRUPDWLRQHQ DXINOHLQHQ0RQLWRUHQ*HUlXVFKHEHUHUVWNODVVLJH.RSIK|UHU=XMHGHP6LW]GHU VHOEVWYHUVWlQGOLFKPLWDOOHQ5DIILQHVVHQDUNRQLGLVFKHU/X[XVWHFKQLNDXVJHVWDWWHWZDUJHK|UWH HLQ(LQJDEHVHJPHQWLQGHVVHQ7DVWDWXUGHU%HQXW]HUVHLQH:QVFKHHLQWLSSHQNRQQWH %XOO\QDKPDXIHLQHPGHU6LW]H3ODW]XQGVRUJWH]XQlFKVWHLQPDOGDIUGDHUZHGHUPDVVLHUW QRFKSDUIPLHUWQRFKPLW6SKlUHQNOlQJHQEHULHVHOWZXUGH(VNRVWHWHLKQHLQLJH0KHGLH 6FKDOWXQJHQ]XILQGHQGLHDXVGHP6LW]HLQQRUPDOHV0|EHOVWFNXQGQLFKWHLQHQ KDOEDXWRPDWLVFKHQ6FK|QKHLWVVDORQPDFKWHQ6REDOGVLFKGHU6LW]QLFKWPHKUUKUWHWLSSWH 5HJLQDOG%XOOGLH.HQQ]DKOGHUSRVLWURQLVFKHQ$XVNXQIWLQGLH7DVWDWXUGDQDFKGHQ1DPHQ $UFRPXUWK 6FKRQGLH7DWVDFKHGDHLQLJH6HNXQGHQYHUVWULFKHQEHZLHVGDGLHVHU1DPH DXHUJHZ|KQOLFKZDU%HLHLQHU3RVLWURQLNGHUHQ=XJULIIJHVFKZLQGLJNHLWLQGHU1lKHGHU /LFKWJHVFKZLQGLJNHLWODJEUDXFKWHPDQIUJHZ|KQOLFKQLFKWHLQPDOHLQH=HKQWHOVHNXQGH]X ZDUWHQELVVLHDXIHLQH)UDJHDQWZRUWHWH =XIULHGHQJULQVHQGVWHOOWH%XOO\IHVWGDDXIGHPNOHLQHQ%LOGVFKLUPGLHODNRQLVFKH %HPHUNXQJDXIWDXFKWH6WLFKZRUWQLFKWJHVSHLFKHUW:HLWHUHU$QVWUHQJXQJHQEHGXUIWHHV QLFKWPHKUGHVVHQZDUVLFK%XOO\VLFKHU 9HHYHHZXUGHYRQGHQ$QWLVNRQWUROOLHUWXQGZHQQLQHLQHU|IIHQWOLFKHQ%FKHUHLHLQ %HVXFKHUGHQ1DPHQGHV*HKHLP]HQWUXPVGHU$QWLVLQGLH7DVWDWXUHLQJDEGDQQZXUGHQGLH $QWLVDXI9HHYHHPLW6LFKHUKHLWKHOOK|ULJ5HJLQDOG%XOOZXWHGDHUPLWVHKUKRKHP (LQVDW]VSLHOWHDEHUHUZXWHDXFKGDHUNHLQHDQGHUH:DKOKDWWHQ,KPEOLHEHQQRFKYLHU 7DJH=HLW$UFRPXUWK]XILQGHQGDQDFKZXUGHGLH6DFKHGDQQHLQIDFKHU(UEUDXFKWHQXU QRFKGLH)ORWWH]XDODUPLHUHQGLHGDQQGHQ3ODQHWHQHLQNUHLVHQXQGGLH$NWLYDWRUHQ VLFKHUVWHOOHQNRQQWH 9RUVLFKWVKDOEHUIUDJWH%XOO\GHQ$XWRPDWHQQRFKHLQPDOQDFK$UFRPXUWKXQGHUKLHOWGLH JOHLFKH$XVNXQIW'DQDFKYHUOLH%XOO\GLH%FKHUHL (UKDWWHVLFKQLFKWJHLUUW 1DFKLKPYHUOLHHLQILQVWHUGUHLQEOLFNHQGHU0DQQGHQ/HVHVDDOVDKVLFKNXU]XPXQGIROJWH GDQQGHPJHPWOLFKGDYRQVFKOHQGHUQGHQ5HJLQDOG%XOO%XOO\KDWWHVHLQHQ%HVFKDWWHUUDVFK HQWGHFNWXQGVLFKHQWVFKORVVHQGHP0DQQGLH$UEHLWQLFKWDOO]XVFKZHU]XPDFKHQ(UVFKOXJ GDKHUHLQ7HPSRDQGHPGHU6FKDWWHQOHLFKWIROJHQNRQQWHRKQHVLFKDXIIlOOLJEHQHKPHQ]X PVVHQ(LQH6WXQGHODQJWULHE%XOO\GLHVHV6SLHOPLWVHLQHP%HZDFKHU(UZROOWHGHQ$QWLV =HLWODVVHQ (UVWQDFK$EODXIGLHVHU6WXQGH]RJHV%XOO\YRUGHQ%HUHLFK9HHQ\PV]XYHUODVVHQGHULKP DOO]XEHY|ONHUWVFKLHQ(U]RJHVYRU]ZLVFKHQGHQHQJHQ*DVVHQXQWHU]XWDXFKHQXQGGHP 6WDGWUDQGHQWJHJHQ]XJHKHQ6RUJIlOWLJDFKWHWH%XOO\GDUDXIGDVHLQ6FKDWWHQGLH6SXUQLFKW YHUORU(UVWDOVHUVLFKYRP=HQWUXPGHU6WDGWZHLWJHQXJHQWIHUQWKDWWHVFKOXJ%XOO\]X (UYHUVFKZDQGVHLWZlUWVLQHLQHU*DVVHXQGDOVVHLQ%HZDFKHULKPKDVWLJIROJWHIDQGVLFK

GHU0DQQSO|W]OLFKPLWHLQHPHQWVLFKHUWHQ%ODVWHUNRQIURQWLHUWGHULQ%XOO\V+DQGODJ 5HJLQDOG%XOOJULQVWHIUHXQGOLFK Ä1LPPGLH+lQGHKRFKIRUGHUWHHUVHLQHQKDUWQlNNLJHQ9HUIROJHUDXI Ä:DVZROOHQ6LHYRQPLU"VWRWWHUWHGHU0DQQ (LQHQEHVRQGHUVNlPSIHULVFKZLUNHQGHQ9HUIROJHUKDWWHPDQQLFKWDXI%XOO\DQJHVHW]W 2IIHQEDUZDUHQKDQGJUHLIOLFKH$XVHLQDQGHUVHW]XQJHQLP5HSHUWRLUHGHV6FKDWWHQQLFKW YRUJHVHKHQGHU0DQQVFKORWWHUWHYRU$QJVW Ä6DJHGHLQHQ$XIWUDJJHEHUQKHUUVFKWH%XOO\VHLQWRWDOYHUlQJVWLJWHV*HJHQEHUDQÄVLH VROOHQPLFKJHIlOOLJVWLQ5XKHODVVHQ8QGGXZLUVWPLUQXQYHUUDWHQZRLFK$UFRPXUWK]X VXFKHQKDEH,FKP|FKWHGLHVH:HOWJHUQHLQPDONHQQHQOHUQHQ Ä$UFRPXUWK"1LHJHK|UWEHKDXSWHWHGHU9HUIROJHU 'DHUORJZDURIIHQNXQGLJHEHQVRHUNHQQEDUZDUDXFKGDGHU0DQQYRU$QJVWZHGHUHLQ QRFKDXVZXWH2IIHQEDUZXUGHHU]XVROFKHQ$XIJDEHQHUSUHWXQGQXQIUFKWHWHHU JOHLFKHUPDHQ%XOO\V:DIIHXQGGLH5DFKHVHLQHU$XIWUDJJHEHU Ä'LH.RRUGLQDWHQYRQ$UFRPXUWKEHKDUUWH%XOO\REZRKOHUVLFKDXVUHFKQHQNRQQWHGD VHLQ6FKDWWHQNHLQH'DWHQVWUHLIHQPLWVLFKKHUXPVFKOHSSWH8QGGLHJDODNWLVFKHQ.RRUGLQDWHQ HLQHU:HOWLP.RSI]XKDEHQZDUQLFKWMHGHUPDQQV6DFKH'HU6FKDWWHQZDUPLWHLQHP VROFKHQ$QVLQQHQMHGHQIDOOVKRIIQXQJVORVEHUIRUGHUW:LHEHUIRUGHUWGDV]HLJWHVLFK 6HNXQGHQQDFK%XOO\VEDUVFKHU)UDJH'HU0DQQYHUGUHKWHGLH$XJHQVHXI]WHOHLVHXQGILHO %XOO\LQGLH$UPH%XOO\EOLHEQLFKWVDQGHUHVEULJDOVGHQ2KQPlFKWLJHQDXI]XIDQJHQXQG VDFKW]X%RGHQJOHLWHQ]XODVVHQ9HUEOIIWVDKHUVFKOLHOLFKDXIVHLQHQEHZXWORVHQ9HU IROJHUKHUDEXQGVFKWWHOWHGHQ.RSI Ä+HLOLJH*DOD[LVPXUPHOWH5HJLQDOG%XOOXQGVWHFNWHGLH:DIIHZHJÄ6ROOWHLFKWDWVlFKOLFK VRIXUFKWHUUHJHQGDXVVHKHQ" (LQH$QWZRUWDXIGLHVH)UDJHEHNDPHUQLFKW%XOO\OLHGHQ0DQQOLHJHQ(UZUGHEDOG ZLHGHU]XVLFKNRPPHQXQGIUGHQ1DFKULFKWHQGLHQVWGHU$QWLVPXWHHVHLQOHLFKWHVVHLQ IHVW]XVWHOOHQZRKLQGHU9HUIROJWHYHUVFKZXQGHQZDU,PPHUKLQKDWWH%XOO\DXIGHP 5DXPKDIHQIUJHQJHQG$XIVHKHQJHVRUJW =XIULHGHQPLWGHPZDVHULQGHQOHW]WHQ6WXQGHQJHOHLVWHWKDWWHNHKUWH%XOO\]XVHLQHU6SDFH -HW]XUFN,P.RQWUROOWXUP]FNWHHUVHLQH.UHGLWNDUWHXQGEHJOLFKGLH5HFKQXQJHQGLHVLFK PLWWOHUZHLOHGRUWDQJHVDPPHOWKDWWHQ'D]XJHK|UWHQHEHQHLQHUJHVDO]HQHQ6WUDIHIUGLH 6W|UXQJGHVDOOJHPHLQHQ)OXJEHWULHEVDXFKGLH7UHLEVWRIIUHFKQXQJ%XOO\KDWWHVlPWOLFKH 7DQNVIOOHQODVVHQXQGHLQH5HFKQXQJIUHLQH3RUWLRQ6SHLVHHLVZLHVLHLQGLHVHU+|KH %XOO\QRFKQLH]X*HVLFKWJHNRPPHQZDU$EHUVRODQJH*ZHQGROLQVLFKGDPLWEHJQJWHGHQ /DGHUDXPGHU6SDFH-HWPLW6SHLVHHLV]XIOOHQXQGNHLQHQDQGHUHQ6FKDGHQDQULFKWHWHZDU %XOO\]XIULHGHQ(U]DKOWHXQGZXUGHGDQQ]lKQHNQLUVFKHQGHQWODVVHQ 'LHYHUKDOWHQH:XWGHU+DIHQEHDPWHQPDFKWH5HJLQDOG%XOOEHVRQGHUHQ6SD(UODFKWHQRFK OHLVHLQVLFKKLQHLQDOVHUGLH6SDFH-HWHUUHLFKWKDWWHXQGLP=HQWUDODQWLJUDYLQGLH+|KH VFKZHEWH Ä'DELVWGXMD2QNHO%XOO\6LHKPDOZLUKDEHQ%HVXFKEHNRPPHQ Ä'DVVHKHLFKNRPPHQWLHUWH%XOO\WURFNHQ 'DV*ULQVHQZDULKPYHUJDQJHQXQGDQJHVLFKWVGHVHQWVLFKHUWHQ'HVLQWHJUDWRUVLQGHU+DQG GHV(LQGULQJOLQJVPXWHHV%XOO\EHLGLHVHP.RPPHQWDUEHZHQGHQODVVHQ 'HU$QWLOlFKHOWHVS|WWLVFK Ä(VIUHXWPLFKGHQ6WHOOYHUWUHWHU3HUU\5KRGDQVDQ%RUGVHLQHV6FKLIIHVEHJUHQ]XGUIHQ 1HKPHQ6LH3ODW]0LVWHU%XOO6LHZROOWHQ$UFRPXUWKNHQQHQOHUQHQQLFKWZDKU"1XQGLHVHU :XQVFKNDQQ,KQHQGXUFKDXVHUIOOWZHUGHQ8QGDQVFKOLHHQGZHUGHQ6LHKRIIHQWOLFKQLFKWV GDJHJHQKDEHQXQVHLQHQNOHLQHQ:XQVFK]XHUIOOHQ Ä'DVZlUH" 'DV/lFKHOQGHV$QWLVYHUEUHLWHUWHVLFK Ä$QHLQHP%HJUlEQLVWHLO]XQHKPHQ0LVWHU%XOO%HLHLQHU3HUV|QOLFKNHLWYRQ,KUHP5DQJ

XQG,KUHU%HGHXWXQJNRPPWQDWUOLFKQXUHLQH7HLOQDKPHDOV+DXSWSHUVRQLQ)UDJH Ä$XIHLQIUHXWHVLFK*ZHQGROLQÄ:LUVSLHOHQ%HJUlEQLV0DFKVWGXPLW2QNHO%XOO\" %XOO\JULQVWHIUHXGORV Ä(VZLUGPLUNDXPHWZDVDQGHUHVEULJEOHLEHQIUFKWHUOLFK (LQVDQIWHU*RQJVFKODJYHUNQGHWHGDV(QGHGHU0HGLWDWLRQVVWXQGH6NORWK%DUVWUDIIWHGLH *OLHGHUXQGULFKWHWHVLFKDXI'LHIDVWVFKZHUHORVH/HLFKWLJNHLWGHV.|USHUVXQGGHU *HGDQNHQILHOWHLOZHLVHYRQLKPDE'LH:LUNOLFKNHLWQDKPLKQZLHGHUJHIDQJHQHLQH :LUNOLFKNHLWGLH6NORWK%DUQDFK.UlIWHQXP]XJHVWDOWHQJHGDFKWH (UYHUOLHVHLQH0HGLWDWLRQV]HOOH/DXWORVVFKZDQJKLQWHULKPGHUURWH9RUKDQJ]XUFNXQG EHGHFNWH6NORWK%DUV0HGLWDWLRQV]HLFKHQDQGHU:DQGGHU=HOOH'DV/HGHUVHLQHU6FKXKH NQDUUWHOHLFKWDXIGHP0DUPRUGHV*DQJHVDOV6NORWK%DUGHQ9HUVDPPOXQJVUDXPDXIVXFKWH LQGHPVLFKGLH%UGHUDOODEHQGOLFKWUDIHQ 6NORWK%DUZDUHLQHUGHUJHULQJVWHQGHUMHPDOV=XJDQJ]XGLHVHP.UHLVJHIXQGHQKDWWH :DUXPGHU+RKH%lDOROJHUDGHLKQEHUXIHQKDWWHZXWH6NORWK%DUQLFKWDEHUHUKRIIWH HLQHV7DJHVHLQH$QWZRUWDXIGLHVHXQDXVJHVSURFKHQH)UDJH]XILQGHQ6NORWK%DUZDUQRFK MXQJDEHUKRFKLQWHOOLJHQWYLHOOHLFKWZDUGDVGHU*UXQGGHULKQEHIlKLJWKDWWHHLQJHUHLKW]X ZHUGHQLQGHQ.UHLVGHUHUGLHDQGHU+RKHQ9HUVDPPOXQJGHV%lDORO.XOWHVWHLOQHKPHQ GXUIWHQ (LQKXQGHUW3HUVRQHQZDUHQHVGLHVLFKYHUVDPPHOWKDWWHQ=XPHUVWHQPDOLQGHU*HVFKLFKWH GHU+RKHQ9HUVDPPOXQJGLHDOOHUGLQJVQLFKWVHKUODQJZDUXQGPLWGHP(QGH7UDNDUDWV LKUHQ$QIDQJJHQRPPHQKDWWHZDUHQDOOH0LWJOLHGHUYHUVDPPHOW )DVWHKUIUFKWLJQDKP6NORWK%DU3ODW](UVDZHLWXQWHQDQGHU7DIHOQXUIQI3HUVRQHQJDE HVGHUHQ5DQJQRFKQLHGULJHUZDUDOVGHUVHLQH:DVDEHUEHGHXWHWHGDVVFKRQYHUJOLFKPDQ GLH6WHOOXQJ6NORWK%DUVPLWGHUJHZ|KQOLFKHU$QKlQJHUGHV+RKHQ%lDORO/LFKWMDKUHDQ VR]LDOHP$EVWDQGODJHQ]ZLVFKHQGHQJHPHLQHQ*OlXELJHQXQGGHQ3ULHVWHUQXQG]ZLVFKHQ GLHVHQXQGGHQ0LWJOLHGHUQGHU+RKHQ9HUVDPPOXQJNODIIWHHLQQRFKJU|HUHU$EJUXQG 'HQ9RUVLW]KDWWH.DOGHU'KDQEHUQRPPHQ'HUNDKOH6FKlGHOGHV9RUVLW]HQGHQ VFKLPPHUWHLP/LFKWGHU6DNUDOODPSHQGLHGLH9HUVDPPOXQJVKDOOHPLWLKUHPP\VWLVFKHQ /LFKWHUIOOWHQGDVVFKHLQEDUPLWWHQDXVGHU/XIW]XNRPPHQVFKLHQXQGU|WOLFKH6FKOHLHU GXUFKGLH'VWHUQLVGHV5DXPHVZRE Ä%UGHUHU|IIQHWH.DOGHU'KDQGLH9HUVDPPOXQJÄ=XPHUVWHQPDOLQGHU*HVFKLFKWHGLHVHU 9HUVDPPOXQJVLQGDOOH%UGHUDQZHVHQG'LHVKDWHLQHQEHVWLPPWHQ*UXQGGHQLKUEDOG HUIDKUHQVROOW:DVJLEWHV" 8QZLOOLJKHUUVFKWH.DOGHU'KDQGHQ%RWHQDQGHUJHUlXVFKORVGHQ5DXPEHWUHWHQKDWWHXP GHP9RUVLW]HQGHQHLQHQ'DWHQVWUHLIHQEHUJHEHQ]XN|QQHQ Ä(LQ6FKLIILP$QIOXJ":LHODQJHZLUGHVQRFKEUDXFKHQELVZLUHVDEVFKLHHQN|QQHQ")QI 6WXQGHQQRFK"3DFNGLFKXQGVW|UHXQVQLFKWOlQJHURGHUHVZLUGGLFKGHQ.RSINRVWHQ %OHLFKYRU)XUFKWVFKOLFKGHU%RWHDXVGHU+DOOH.DOGHU'KDQVDKZWHQGDXVDEHUHU EHUXKLJWHVLFKUDVFKZLHGHU Ä:LUGLHZLUGHP+RKHQ%lDORODQKlQJHQKDEHQYRUQLFKWDOO]XODQJHU=HLWHLQH1LHGHUODJH HLQVWHFNHQPVVHQ'LHMHQLJHQ3ULHVWHUXQVHUHV%XQGHVGLHGLHVH1LHGHUODJH]XYHUDQWZRUWHQ KDWWHQVLQGQLFKWPHKU,FKEUDXFKHQLFKW]XHUZlKQHQGDMHGHUGHUGLHQHXH$XIJDEHGLH DQGLHVHP$EHQGEHJLQQWQLFKW]XO|VHQYHUPDJGDVJOHLFKH6FKLFNVDOHUOHLGHQZLUG ,QGHQ5HLKHQGHU%UGHUEOLHEHVUXKLJ6NORWK%DUOlFKHOWHNDXPHUNHQQEDU(UNRQQWHGHU $XIJDEHZLHLPPHUVLHDXFKDXVVHKHQPRFKWHPLW*HODVVHQKHLWHQWJHJHQVHKHQ.|USHUOLFK ZLHJHLVWLJZDUHUGHQPHLVWHQ0LWJOLHGHUQGHU9HUVDPPOXQJEHUOHJHQXQGZDVVHLQH 3DUDHLJHQVFKDIWHQEHWUDIVRKDWWH6NORWK%DUQRFKNHLQHQ%lDOROJHWURIIHQGHULKP JHZDFKVHQJHZHVHQZlUH9LHOOHLFKWJDEHVXQWHUGHQ9RUVLW]HQGHQGHU9HUVDPPOXQJHLQLJH

GLH6NORWK%DUEHUWUHIIHQNRQQWHQDEHU6NORWK%DUVDKDXFKGLHVHU$XVHLQDQGHUVHW]XQJPLW *HODVVHQKHLWHQWJHJHQ%LVHVVRZHLWZDUPXWHVLFKHUVWGLH/FNH]ZLVFKHQ6NORWK%DUXQG GHU)KUXQJGHU%lDOROVYHUNOHLQHUQ Ä'LHPHLVWHQYRQHXFKZHUGHQZLVVHQGDZLUPLWGHP7HUUDQHU7KRPDV&DUGLISDNWLHUW KDEHQXP7HUUDQHUXQG$UNRQLGHQJOHLFKHUPDHQ]XYHUGHUEHQ'DGHU3ODQ]XVROFKHQ $NWLRQHQYRQ&DUGLIVWDPPWHZDUHVQLFKWYHUZXQGHUOLFKGDGLHVHU3ODQIHKOVFKOXJ 6NORWK%DUKDWWH0KHVLFK]XEHKHUUVFKHQ'LH$UWLQGHU.DOGHU'KDQVlPWOLFKH 9HUDQWZRUWXQJ7KRPDV&DUGLILQV*UDEQDFKVFKLHEHQZROOWHUHL]WH]XP/DFKHQ Ä(LQ7HLOGHV3ODQHVGHUYRQXQVHLQJHOHLWHWZXUGHLVWKLQJHJHQQRFKQLFKW]XU*lQ]H IHKOJHVFKODJHQ,KUZHUGHWHXFKHULQQHUQGDGHU+RFKYHUUlWHU$WODQGHUVLFKQXQ,PSHUDWRU GHV*URHQ,PSHULXPVQHQQWHLQ*HUlWWUlJWGDVHU=HOODNWLYDWRUQHQQWXQGYRQGHPHU EHKDXSWHWHVVFKHQNHLKPGLHUHODWLYH8QVWHUEOLFKNHLW:LUKDEHQYHUVXFKWXQVLQGHQ%HVLW] GLHVHV*HUlWHV]XVHW]HQGLHVHU9HUVXFKLVWIHKOJHVFKODJHQ$OV&DUGLIDEHUXQVHU:HUN]HXJ $GPLQLVWUDWRUGHV6RODUHQ,PSHULXPVZDUKDEHQZLULKQXQWHU'UXFNJHVHW]WXQGHUPXWH XQVREHUZROOWHRGHUQLFKW]ZDQ]LJ([HPSODUHGLHVHV*HUlWHVYHUVFKDIIHQ(LQ7HLOGHU %UGHULVWEHUHLWVLQIRUPLHUWGLHDQGHUHQVHLHQKLHUPLWDXIJHNOlUWGLHVH]ZDQ]LJ =HOODNWLYDWRUHQVLQGKLHU (LQ$XIVFKUHLJLQJGXUFKGLH5HLKHQGHU%lDOROVGLHPHLVWHQVSUDQJHQYRQLKUHQ6HVVHOQDXI XQGEHJDQQHQZLOGGXUFKHLQDQGHU]XUHGHQ(LQHUGHUZHQLJHQGLHDQ LKUHQ3OlW]HQEOLHEHQZDU6NORWK%DU 'DHUQLFKW]XGHQ]ZDQ]LJ3HUVRQHQJHK|UHQZUGHGHQHQPDQHLQHQ$NWLYDWRU]XELOOLJHQ ZUGHODJIU6NORWK%DUDXIGHU+DQG'D]XVFKlW]WHHUVHLQHQ6WHOOHQZHUWLQQHUKDOEGHV .XOWHV]XJXWHLQ $XHUGHPYHUULHWGLH5HDNWLRQGHUDQGHUHQZHUEHUHLWVEHUGLH$NWLYDWRUHQLQIRUPLHUWZDU %OLW]VFKQHOOEHUIORJ6NORWK%DUGLH9HUVDPPOXQJ,QVJHVDPWZDUHQQXUDFKW3ULHVWHUDXI LKUHQ3OlW]HQJHEOLHEHQGDUXQWHU.DOGHU'KDQ6LHZDUHQDOVRLQIRUPLHUWXQGDXVLKUHU5XKH XQGGHPJHUDGHHUNHQQEDUHQ/lFKHOQIROJHUWH6NORWK%DUGDGLHVH3HUVRQHQHLQHV $NWLYDWRUVVLFKHUZDUHQ6HLQHHLJHQHQ&KDQFHQVWDQGHQGDQQ]ZHLXQGQHXQ]LJ]X]Z|OI QLFKWHEHQJXW 1XUPLW0KHJHODQJHV.DOGHU'KDQGLH5XKHLP6DDOZLHGHUKHU]XVWHOOHQ6NORWK%DU ZDUWHWHGDUDXIGDGHU9RUVLW]HQGHGLH6FKZLHULJNHLWHQEHNDQQWJDEGLHHVPLWGHQ $NWLYDWRUHQJDE6FKZLHULJNHLWHQPXWHHVJHEHQ²DQGHUHQIDOOVKlWWH.DOGHU'KDQGLHVHV *HKHLPQLVDXIGHQ3HUVRQHQNUHLVEHVFKUlQNWGHUPLW$NWLYDWRUHQYHUVHKHQZHUGHQVROOWH 6NORWK%DUOlFKHOWH]XIULHGHQDOV.DOGHU'KDQVHLQH(UNOlUXQJHQIRUWVHW]WHHUKDWWHVLFK QLFKWJHLUUW Ä/HLGHUDUEHLWHQGLHVH$NWLYDWRUHQQLFKWHLQZDQGIUHL8QVHUH0HVVXQJHQKDEHQHUJHEHQGD VLHLKUHHLJHQWOLFKH$XIJDEHGDV/HEHQ]XYHUOlQJHUQHUIOOHQ:LUKDEHQ7LHUHGHUHQ QRUPDOH/HEHQVHUZDUWXQJQXUHLQLJH7DJHEHWUlJWGDPLWPRQDWHODQJDP/HEHQKDOWHQ N|QQHQ *HVSDQQWZDUWHWHQGLH0LWJOLHGHUGHU+RKHQ9HUVDPPOXQJDXIGHQ+DNHQGHUEHLGHU6DFKH ZDU Ä1HEHQGLHVHU7lWLJNHLWHQWIDOWHQGLH]ZDQ]LJ$NWLYDWRUHQLQXQVHUHP%HVLW]DEHUDXFKQRFK DQGHUH(LJHQVFKDIWHQGLHK|FKVWXQHUZQVFKWVLQG(LQ$NWLYDWRUVRUJWHEHLVSLHOVZHLVHDXI 8WLNGDIUGDMHGHUVHLQHQ7UlJHUIUHLQH%OXPHKLHOWXQG]XEHJLHHQYHUVXFKWH(VGUIWH MHGHPLQGLHVHU5XQGHNODUVHLQGDXQVHUH$UEHLWQXUGDQQHLQHQ6LQQKDWZHQQGLH IKUHQGHQ.|SIHXQVHUHU%HZHJXQJQLFKWVWlQGLJZHJHQGHU$NWLYDWRUHQLP0LWWHOSXQNWGHV DOOJHPHLQHQ,QWHUHVVHVVWHKHQ 6NORWK%DUKREGLH+DQGXQGZDUWHWHGDUDXIGD.DOGHU'KDQLKQ]XP6SUHFKHQDXIIRUGHUWH Ä(LQH.UDIWGLHGD]XIKUWGDGHU7UlJHUHLQHV$NWLYDWRUVIUHLQH%OXPHJHKDOWHQZLUG PWHHLJHQWOLFKSDUDSK\VLNDOLVFKHU$UWVHLQ:LHVRNRQQWHGHU$NWLYDWRUWUlJHUGLHVH 3DUDHLJHQVFKDIWHQGHV$NWLYDWRUVQLFKWNRPSHQVLHUHQ"2GHUKDQGHOWHHVVLFKQLFKWXPHLQHQ

GHU8QVHUHQ" Ä'HU(LQZDQGLVWULFKWLJ6NORWK%DU=XQlFKVWZLUZHUGHQHLQ*HUlWGDVGHP7UlJHUGLH ELRORJLVFKH8QVWHUEOLFKNHLWJHZlKUWQLHPDOVHLQHP9HUEQGHWHQJHEHQ'HU7UlJHUZDUHLQ %lDORO 'LHVH(UNOlUXQJYHUXUVDFKWHHLQLJH(UUHJXQJXQWHUGHQ0LWJOLHGHUQGHU+RKHQ9HUVDPPOXQJ 0LWHLQHP+DQG]HLFKHQJHERW.DOGHU'KDQGHU9HUVDPPOXQJ5XKH Ä(VNRPPWQRFKVFKOLPPHUEHULFKWHWHHUÄ8QVHU0DQQDXIGHP3ODQHWHQ9HHYHHZXUGH XQWHUGHP(LQIOXGHV$NWLYDWRUVVRJDU]XP9HUUlWHU Ä8QP|JOLFKDXVJHVFKORVVHQJUDXHQYROOVFKZLUUWHQ5XIHGXUFKGLH+DOOH'LH6DNUDOODPSHQ ZXUGHQXQWHUGHP$QVWXUPKHIWLJHU(PRWLRQHQKHOOHU Ä:LUKDEHQGLH$QJHOHJHQKHLWXQWHUVXFKWXQGGDEHLIROJHQGHVIHVWJHVWHOOWHVZDULQELVKHU MHGHP)DOOIUGHQ7UlJHUGHV$NWLYDWRUVXQP|JOLFKVLFKGHQYHUKlQJQVLYROOHQ(LQIOVVHQ GHV*HUlWV]XHQW]LHKHQ'LHHLQ]LJH0|JOLFKNHLWGLHVH*HUlWHLP6LQQXQVHUHU6DFKH HLQVHW]HQ]XN|QQHQVFKHLQWGDULQ]XEHVWHKHQHLQHQ7HLOGLHVHU*HUlWHXQVFKlGOLFK]X PDFKHQXQG]ZDUMHQHQ7HLOGHUIUGLHVW|UHQGHQ$XVZLUNXQJHQYHUDQWZRUWOLFKLVW9RQ GHQ7HUUDQHUQZLVVHQZLUGDMHGHU9HUVXFKHLQHQ=HOODNWLYDWRU]X|IIQHQPLWGHU =HUVW|UXQJGHV*HUlWVHQGHW8QVEOHLEWGDKHUQXUHLQH0|JOLFKNHLW .DOGHU'KDQPDFKWHHLQHGUDPDWLVFKH3DXVHVDKVLFKLP.UHLVGHU0LWJOLHGHUXPXQG OlFKHOWH]XYHUVLFKWOLFK Ä:LUZHUGHQHLQHQ3DUDEORFNELOGHQXQGGHQVW|UHQGHQ(LQIOXGHU$NWLYDWRUHQYHUQLFKWHQ Ä:LUDOOH"IUDJWHVHLQ1DFKEDUYHUEOIIWÄ$OOHHLQKXQGHUW" Ä$OOHEHVWlWLJWH.DOGHU'KDQ(UNODWVFKWHLQGLH+lQGH 0LWVWDPSIHQGHQ6FKULWWHQNDPHLQ5RERWLQGHQ5DXP$XIHLQHP7DEOHWWWUXJHUHLQHQ NOHLQHQ+DXIHQHLI|UPLJHU*HJHQVWlQGH'LH.HWWHQDQGHQHQGLH$NWLYDWRUHQJHWUDJHQ ZXUGHQNOLUUWHQOHLVHEHLMHGHU%HZHJXQJ'LH%lDOROVVWDUUWHQDXIGDVU|WOLFKVFKLPPHUQGH 0HWDOOGHU+OOHQXQWHUGHQHQVLFKGDVJU|WHWHFKQLVFKELRORJLVFKH*HKHLPQLVYHUEDUJGDV GLH*DOD[LVNDQQWH (ZLJHV/HEHQHLQJHIDQJHQNRQGHQVLHUWNULVWDOOLHUW:LUNOLFKNHLWJHZRUGHQLQMHGHPGLHVHU XQVFKHLQEDUHQ.|USHU%LRORJLVFKH8QVWHUEOLFKNHLWIUMHGHQ7UlJHUGLH$NWLYDWRUHQVWHOOWHQ VLFKDXIMHGHQXQGMHGHVHLQ $OV6NORWK%DUGHQHUVWHQ$NWLYDWRUVDKZXWHHUGDHUHLQHV7DJHVHLQHVGHU*HUlWH EHVLW]HQZUGH:HQQHVHLQH(LJHQVFKDIWJDEGLH6NORWK%DUDXV]HLFKQHWHGDQQZDUHV VHLQH=LHOVWUHELJNHLW(UKDWWHDOOHVHUUHLFKWZDVHUVLFKYRUJHQRPPHQKDWWHXQGHUZXWH GDHUDXFKGLHVHV=LHOHUUHLFKHQZUGH:HQQHVGDEHL6FKZLHULJNHLWHQJHEHQVROOWHQXQHU ZUGHVLH]XO|VHQZLVVHQMHQDFKGHPZLHHVGLH/DJHHUIRUGHUWH Ä'DGHU5RERWNHLQRUJDQLVFKHV:HVHQLVWVDJWH.DOGHU'KDQHUNOlUHQGÄZLUGHUYRQGHQ $NWLYDWRUHQQLFKWEHHLQIOXW:LUN|QQHQDOVRDQV:HUNJHKHQ (UNODWVFKWHLQGLH+lQGHXQGGLH0LWJOLHGHUGHU9HUVDPPOXQJIRUPLHUWHQVLFK6LHELOGHWHQ HLQHQ.UHLVYLHU5HLKHQWLHILQGHVVHQ0LWWHOSXQNWGHU5RERWPLWGHQ$NWLYDWRUHQVWDQG Ä.RQ]HQWUDWLRQ 6NORWK%DUEHJDQQPLWGHQHUVWHQHLQOHLWHQGHQ6HOEVWYHUVHQNXQJVEXQJHQ'LHVH$XIJDEH EHUWUDIDOOHVZDVHUDXISDUDSK\VLNDOLVFKHP*HELHWMHEHJRQQHQKDWWH(LQ%ORFNYRQ HLQKXQGHUW3HUVRQHQQRFKGD]XYRQGHQHLQKXQGHUWVWlUNVWHQ3DUDKLUQHQEHUGLHGHU+RKH %lDOROYHUIJWHGHUJOHLFKHQKDWWHGLH*DOD[LVQLH]XYRUHUOHEW 6NORWK%DUVSUWHZLHVHLQH.RQ]HQWUDWLRQVWLHJ$QGHQJOHLFKPlLJHUZHUGHQGHQ $WHP]JHQVHLQHU1DFKEDUQVSUWHHUGDDXFKVLHVLFKDXIGLH$XIJDEH]XNRQ]HQWULHUHQ EHJDQQHQ (LQKXQGHUWSDUDEHJDEWH+LUQH *DEHVEHUKDXSWHLQH.UDIWLP8QLYHUVXPGLHGLHVHP%ORFNZLHGHUVWHKHQNRQQWH"6NORWK %DUNRQQWHHVVLFKQLFKWYRUVWHOOHQ(LQKXQGHUW%lDORO*HKLUQHNRQ]HQWULHUWDXIQXUHLQHQ *HGDQNHQ

6FKRQKDOELQ7UDQFHK|UWH6NORWK%DUGHQ9RUVLW]HQGHQVDJHQ Ä:LUZHUGHQGLHVH$XIJDEHO|VHQXQGGDQQZLUGGLH*DOD[LVXQVJHK|UHQ :lKUHQGHULQGHQPHGLWDWLYHQ=XVWDQGKLQHLQJOLWWLQGHPHUVHLQH.UlIWHDXIVbXHUVWH DQVWUHQJHQNRQQWHIORJHLQ/lFKHOQEHU6NORWK%DUV*HVLFKW Ä0LUGDFKWHHUQRFKEHYRUHUDXVGHU:LUNOLFKNHLWJOLWWÄZLUGVLHJHK|UHQPLUDOOHLQ Ä'DVDOVRLVW$UFRPXUWKVWHOOWH5HJLQDOG%XOOIHVW=XPHKUDOVGLHVHU)HVWVWHOOXQJZDUHU QLFKWIlKLJ'HU$QWLKDWWHLKQDQGHQ6LW]GHV.RSLORWHQJHIHVVHOWXQGDXVHLJHQHU.UDIW YHUPRFKWH%XOO\GLHVH)HVVHOQQLFKW]XO|VHQ 7KDO%XUQKLHGHU$QWLGHULQGHU5DQJIROJHGHU%lDOROVHLQHQHKHUEHVFKHLGHQHQ5DQJ EHNOHLGHWH:HQQHUDOOHUGLQJVGHQ6WHOOYHUWUHWHQGHQ$GPLQLVWUDWRUJHIHVVHOWDXI$UFRPXUWK DEOLHIHUQNRQQWHZUGHHUHLQHQJHZDOWLJHQ6SUXQJQDFKREHQPDFKHQXQGGLH$XVVLFKWDXI GLHVHQ$XIVWLHJVFKlUIWHGLH$XIPHUNVDPNHLWGHV$QWLV *ZHQGROLQKDWWHHUNXU]HUNOlUWHUZHUGHLKUGHQ6FKlGHONDKOVFKHUHQZHQQVLHYHUVXFKH %XOO\]XEHIUHLHQXQGGLHVH'URKXQJKDWWHLKUH:LUNXQJQLFKWYHUIHKOW:HGHU3XSSHQQRFK (LVNUHPZHGHUGLH$QGURKXQJHLQHUJUDXHQYROOHQ7UDFKW3UJHOQRFKGLH$XVVLFKWDXIHLQ JDQ]HV-DKU6RPPHUIHULHQKDWWHQ*ZHQGROLQGD]XEHZHJHQN|QQHQLKUURWHV+DDUDXIV6SLHO ]XVHW]HQ2EHQGUHLQVFKLHQVLHGLHJDQ]H$QJHOHJHQKHLWIUHLQHQ0RUGVVSD]XKDOWHQRKQH GDEHL]XDKQHQGDGHU3ODQGHV$QWLVWDWVlFKOLFKDXI0RUGKLQDXVOLHI 7DKO%XUQKDWWHYRU%XOO\V$XJHQGLH.RRUGLQDWHQYRQ$UFRPXUWKLQGDV(LQJDEHVHJPHQW GHV$XWRSLORWHQJHWLSSWHVKDWWHLKP6SDJHPDFKWVHLQHQ*HIDQJHQHQ]XlUJHUQXQG%XOO\ ZDUDXIGDV6SLHOHLQJHJDQJHQ9LHOOHLFKWJHODQJHVLKPGHQ$QWLLQGHU6LFKHUKHLW]X ZLHJHQGDHUMHGH5HDNWLRQVHLQHV*HIDQJHQHQULFKWLJYRUKHUVDJHQNRQQWHGDQQERWVLFK YLHOOHLFKWGLH&KDQFH7KDO%XUQPLWHLQHUXQYRUKHUVHKEDUHQ5HDNWLRQ]XEHUUDVFKHQ 'HQQRFKVDKGLH/DJHDOOHVDQGHUHDOVURVLJDXVZREHLVLFK%XOO\PHKU6RUJHQXPGDV 0lGFKHQDOVXPVLFKVHOEVWPDFKWH'DGLH$QWLVLKQW|WHQZUGHQZDUDE]XVHKHQXQG ZHQQQLFKWZUGHHVVHLQH3IOLFKWVHLQVLFKVHOEVW]XW|WHQEHYRUGLH$QWLVLKQYLHOOHLFKW GRFKJHVSUlFKLJIROWHUQNRQQWHQ'DHUGLHVHV5LVLNRHLQJLQJZDU%XOO\NODUJHZHVFQDOVHU DQ3HUU\5KRGDQV6HLWHJHEOLHEHQZDU'LHVHV5LVLNRZDUGHU$XVJOHLFKGDIUGDHULQ$PW XQG:UGHQVDDOOJHPHLQEHNDQQWXQGEHOLHEWZDUHLQEHUGXUFKVFKQLWWOLFKHV*HKDOW NDVVLHUWHXQGDEXQG]XVRJDUXQJHVWUDIWHLQH3DUNXKUEHUVHKHQGXUIWH 9LHOPHKUDOVXPGDVHLJHQH/HEHQEDQJWH5HJLQDOG%XOOXP*ZHQGROLQ(LQVWZHLOHQYHUKLHOW VLFKGDV0lGFKHQHUVWDXQOLFKUXKLJXQGVWLOODEHUZHQQVLHLKUHQ1HLJXQJHQQDFKJDEXQG GHP$QWLlKQOLFKH6WUHLFKHVSLHOWHZLHVLHHVPLW%XOO\]XWXQSIOHJWHGDQQVFKZHEWHVLHLQ K|FKVWHU*HIDKU(LQVRQGHUOLFKKXPRUYROOHU0HQVFKVFKLHQGHU$QWLQLFKW]XVHLQXQG 6NUXSHONDQQWHHUPLW*HZLKHLWQLFKW:HQQ*ZHQGROLQLKPOlVWLJILHOZUGHHUVLH ]ZHLIHOVRKQHW|WHQ Ä*HIlOOW,KQHQGHU3ODQHW0LVWHU%XOO"HUNXQGLJWHVLFK7KDO%XUQÄ,PJQVWLJVWHQ)DOOZLUG HUIUGHQ5HVW,KUHV/HEHQV,KUH+HLPDWZHUGHQ (LQVWZHLOHQZDUYRQGHP3ODQHWHQQLFKWYLHO]XVHKHQ $XIGHP%LOGVFKLUPGHV0DVVHWDVWHUV]HLFKQHWHVLFKHLQ5LGHV6RQQHQV\VWHPVDE'DQDFK EHVDGDV6\VWHPLQVJHVDPWVHFKV3ODQHWHQYRQGHQHQDOOHUGLQJVQXUHLQHULQGHUgNRVSKlUH ODJ$UFRPXUWK 'DV6\VWHPODJZHLWDEYRQDOOHQQRUPDOHQ6FKLIIVURXWHQ'LH:DKUVFKHLQOLFKNHLWGDVLFK HLQ6FKLIILQGLHVHQ%HUHLFKGHU*DOD[LVYHULUUWHZDUYHUVFKZLQGHQGJHULQJ=XGHPKWHWHQ VLFKGLHPHLVWHQ.DSLWlQHGLHJlQJLJHQ5RXWHQ]XYHUODVVHQDXHUKDOEGLHVHU6WUHFNHQ ODXHUWHQ6SULQJHUVFKLIIHGDUDXIGDLKQHQOHLFKWIHUWLJH)UDFKWHUSLORWHQYRUGLH0QGXQJHQ JHULHWHQ'LH+RIIQXQJYRQLUJHQGHLQHP6FKLIIHQWGHFNWXQGDQ%RUGJHQRPPHQ]XZHUGHQ NRQQWH5HJLQDOG%XOOVWUHLFKHQ Ä'DVEOHLEWDE]XZDUWHQNRQWHUWH%XOO\JHODVVHQ 1RFKKDWWHHUVLFKQLFKWDXIJHJHEHQQRFKODQJHQLFKW'HU$QWLZXWHEHLVSLHOVZHLVHQLFKW GD]XU$XVUVWXQJGHU6SDFH-HWDXFKHLQ.RPELODGHUJHK|UWHHLQHMHQHU:DIIHQPLWGHQHQ

VHOEVWGLHN|USHUHLJH QHQ6FKLUPIHOGHUGHU$QWLVGXUFKEURFKHQZHUGHQNRQQWHQ%XOO\KRIIWHQRFKLPPHULQHLQHP JQVWLJHQ$XJHQEOLFNGLHVH:DIIHDQVLFKQHKPHQ]XN|QQHQ %LV]XU/DQGXQJDXI$UFRPXUWKPXWHQQRFKHLQLJH6WXQGHQYHUJHKHQ=HLWJHQXJIU 5HJLQDOG%XOOVLFKHWZDVHLQIDOOHQ]XODVVHQZLHHUGHP$QWLEHJHJQHQVROOWH:DUGLH 6SDFH-HWHUVWHLQPDOLQGHQ)HXHUEHUHLFKGHU*HVFKW]HJHUDWHQGLHHVDXI$UFRPXUWKPLW 6LFKHUKHLWJDEZDUHVIUHLQHQ)OXFKWYHUVXFK]XVSlW Ä:DVDQ$UFRPXUWKLQWHUHVVLHUW6LHHLJHQWOLFKGHUDUWLJ0LVWHU%XOO"IUDJWHGHU$QWL SO|W]OLFK %XOO\]XFNWHPLWGHQ6FKXOWHUQ'LH)UDJHGHV$QWLVEHZLHVGDGLH$QJHOHJHQKHLWGHU =HOODNWLYDWRUHQDXFKEHLGHQ$QWLVVWUHQJJHKHLPJHKDOWHQZXUGH%XOOZXQGHUWHVLFKQLFKW GDUEHUHLQ7KHPDYRQGLHVHU%ULVDQ]VFKULHI|UPOLFKQDFKVWUHQJVWHU*HKHLPKDOWXQJ'LH $QWLVKlWWHQ1DUUHQVHLQPVVHQKlWWHQVLHMHGHPLKUHU/HXWHHWZDVYRQGHQ$NWLYDWRUHQ HU]lKOW Ä+OOHQ6LHVLFKQXULQ6FKZHLJHQPXUUWH7KDO%XUQDOV%XOO\EHKDUUOLFKGLH$QWZRUWDXI VHLQH)UDJHYHUZHLJHUWHÄ)UKHURGHUVSlWHUZHUGHQ6LHUHGHQ Ä0|JOLFKJDE%XOO\]X 9LHOOHLFKWOLHVLFKGHU$QWLDEOHQNHQEHUOHJWHHUVLFK:HQQHVLKPJHODQJGHQ0DQQLQHLQ *HVSUlFK]XYHUZLFNHOQLKPHWZDVYRU]XPDFKHQYLHOOHLFKW5HJLQDOG%XOOZXWHPLW ZLHYLHOHQ)UDJH]HLFKHQGLHVHVYLHOOHLFKW]XYHUVHKHQZDU(VEOLHELKPDEHUNHLQHDQGHUH :DKOZHQQHUQLFKWWDWHQORV]XVHKHQZROOWHZLHHUXQGGDV0lGFKHQLQHLQH/DJHJHEUDFKW ZXUGHQDXVGHUHVDXVHLJHQHU.UDIWNHLQH5HWWXQJPHKUJHEHQNRQQWH Ä:DVLVW$UFRPXUWKHLJHQWOLFKIUHLQH:HOWHUNXQGLJWHVLFK%XOO\ZLHEHLOlXILJHU YHUVXFKWHGHQ6SLHXP]XGUHKHQ Ä6LHHUNXQGLJHQVLFKQDFKHLQHU:HOWYRQGHU6LHQXUGHQ1DPHQNHQQHQ"ZXQGHUWHVLFK 7KDO%XUQ Ä6LHVFKHLQHQDXFKQLFKWYLHOPHKU]XZLVVHQNRQWHUWH%XOO\VRIRUW'HU7ULFNYHUILQJQLFKW Ä5HGHQ6LHQXUPHLQWH7KDO%XUQÄ2E6LHVFKZHLJHQRGHUUHGHQZLUZHUGHQYRQ,KQHQ HUIDKUHQZDVZLUZLVVHQZROOHQ,FKELQJHVSDQQWZDV5KRGDQIUVHLQHQ6WHOOYHUWUHWHU ]DKOHQZLUG Ä1LFKWVHKUYLHOPHLQWH%XOO\Ä(UZLUGRKQHKLQQXUYHUPXWHQGDLFKPHLQHQ8UODXE YHUOlQJHUWKDEH,FKKDEHPLWGHU.OHLQHQHLQHQ$XVIOXJJHPDFKWGDVLVWDOOHV Ä'DVVWLPPWPLVFKWHVLFK*ZHQGROLQHLQ6LHKLHOWHVDXILKUHP6LW]QLFKWPHKUDXV:HL GHU+LPPHOZRKHUVLHGDV6WFN.UHLGHJHQRPPHQKDEHQPRFKWHPLWGHPVLHHLQ0XVWHU DXIGHQ0HWDOOERGHQGHU=HQWUDOH]X]HLFKQHQEHJDQQ7DKO%XUQVDK]XQlFKVWPLWUDXLVFK GDQQPLWVWHLJHQGHU)DV]LQDWLRQ]XZLH*ZHQGROLQHLQXUDOWHV+SIVSLHO]XVSLHOHQEHJDQQ HLQEHLQLJ]ZHLEHLQLJYRU]XUFN]XU6HLWH %XOO\EHZHJWHKHNWLVFKGLH)LQJHUDEHUHVKDOIQLFKWV=ZDUKDWWH*ZHQGROLQHVRKQH]X ZROOHQJHVFKDIIWGHQ$QWLYRQ%XOO\DE]XOHQNHQDEHUGLH)HVVHOXQJVDVWUDPP:HQQ 5HJLQDOG%XOOZLUNOLFKHLQH&KDQFHKDWWHGLH6WULFNHDXVHLJHQHU.UDIWDE]XVWUHLIHQGDQQ EUDXFKWHHULQMHGHP)DOOHQWVFKLHGHQPHKU=HLWDOVHULQGLHVHU/DJHKDWWH 7KDO%XUQOLHVLFKQXUNXU]H=HLWYRQGHP0lGFKHQDEOHQNHQ(UEHUSUIWHGLH ,QVWUXPHQWHXQGHUYHUJDEHLGLHVHU7lWLJNHLWQLFKW*ZHQGROLQLP$XJH]XEHKDOWHQ 8QDEOlVVLJSHQGHOWHQGLH$XJHQGHV$QWLV]ZLVFKHQGHQ$Q]HLJHQXQGGHQ*HIDQJHQHQKLQ XQGKHU %XOO\ZXQGHUWHVLFKQLFKWEHUGLHVH$XIPHUNVDPNHLW:DQQZDUHVHLQHP$QWLVFKRQHLQPDO JHOXQJHQGHQVWHOOYHUWUHWHQGHQ5HJLHUXQJVFKHIHLQHUIHLQGOLFKHQ0DFKWJHIDQJHQ]XQHKPHQ" 'DHVNHLQHQRIIL]LHOOHQ.ULHJV]XVWDQG]ZLVFKHQ$QWLVXQG7HUUDQHUQJDEZDULQGLHVHP =XVDPPHQKDQJRKQH%HODQJGLHVHU.ULHJZXUGHRKQHKLQLP8QWHUJUXQGLQRIIL]LHOOVR ]XVDJHQJHIKUW'HUKHLPWFNLVFKH$QVFKODJEHUGLH'URJH/LTXLWLYZDUGDVEHVWH%HLVSLHO

IUGLH7DNWLNGHU$QWLV$XIGLHVH:HLVHNRQQWHQVLHLP+LQWHUJUXQGEOHLEHQXQGZDUHQ WHLOZHLVHIDVWXQDQJUHLIEDUIUGLH7HUUDQHUXQGGHUHQ)ORWWH,P8QWHUJUXQGNDPSIZDUHQGLH $QWLV0HLVWHU/HGLJOLFKGLH$NRQHQNRQQWHQHVDQKHLPWFNLVFKHU,QWHOOLJHQ]XQG VNUXSHOORVHU.DOWEOWLJNHLWPLWGHQ%lDORO$QKlQJHUQDXIQHKPHQ Ä,FKP|FKWHHWZDVWULQNHQOLHVLFK*ZHQGROLQSO|W]OLFKYHUQHKPHQÄ/LPRQDGH Ä,P9RUUDWVWDQNLVW:DVVHUDQWZRUWHWH7KDO%XUQ Ä,FKZLOO/LPRQDGHEHKDUUWH*ZHQGROLQ%XOO\GHU$XVHLQDQGHUVHW]XQJHQGLHVHU$UW EHVWHQVNDQQWHKWHWHVLFKHLQH0LHQH]XYHU]LHKHQ Ä7ULQN:DVVHUGDVJHQJW 'HU$QWL]HLJWHVLFKQLFKWJHZLOOWDXI*ZHQGROLQV6RQGHUZQVFKHHLQ]XJHKHQ*ZHQ LKUHUVHLWV]HLJWHJURHQ8QZLOOHQVLFKGHQ:QVFKHQ7KDO%XUQV]XIJHQ:DVDXVGLHVHP ,QWHUHVVHQNRQIOLNWZXUGHZXWH%XOO\EHUHLWVHUKDWWHGHUJOHLFKHQVFKRQHLQLJH0DOH GXUFKH[HU]LHUWXQGMHGHVPDOGHQNU]HUHQJH]RJHQ,PVWLOOHQKRIIWHHUGD*ZHQGROLQ DXVQDKPVZHLVHLKUH4XDOLWlWHQDOV1HUYHQVlJH]XP:RKOH%XOO\VDXVVSLHOHQZUGH Ä,FKZHUGHPHLQHP9DWLVDJHQGDGXPLUNHLQH/LPRQDGHJHEHQZROOWHVWYHUNQGHWH *ZHQ'LH'URKXQJPDFKWHDXIGHQ$QWLNHLQHQ(LQGUXFN(UOHLWHWHHLQNOHLQHV /LQHDUPDQ|YHUHLQGDVGLH6SDFH-HWQlKHUDQ$UFRPXUWKKHUDQEULQJHQZUGH%XOO\VDKLKP GDEHLJHQDXDXIGLH)LQJHU 7KDO%XUQPDFKWH)HKOHUHQWVFKHLGHQGH)HKOHU =XPHLQHQNDQQWHHUVLFKPLWGHP/LQHDUDQWULHEQRFKQLFKWDXV'LHVHUEHUOLFKWVFKQHOOH $QWULHEZDUXUVSUQJOLFKHLQH(UILQGXQJGHU'UXXIJHZHVHQGLHYRQGHQ7HUUDQHUQDOOHQ YRUDQ3URIHVVRU$UQR.DOXSDXIJHJULIIHQXQGYHUEHVVHUWZRUGHQZDU6HLWHLQLJHQ-DKUHQ ZXUGHQIDVWDOOHLUGLVFKHQ1HXEDXWHQPLWGLHVHP$QWULHEDXVJHUVWHW,P$UNRQ,PSHULXP ZDUGHU/LQHDUDQWULHE]ZDUHEHQIDOOVEHNDQQWDEHUHUKDWWHVLFKOlQJVWQRFKQLFKW GXUFKJHVHW]W%XOO\ZXWHGDJHUDGHHUVWGLHDOOHUHUVWHQ6HULHQQHXEDXWHQPLWHLQJHEDXWHQ .DOXSVYRP%DQGOLHIHQ)UGLH$QWLVPXWH%XOO\V6SDFH-HWHLQHVGHUHUVWHQ([HPSODUH PLWHLQHPYHUNOHLQHUWHQ.DOXSHLQHWHFKQLVFKH6HQVDWLRQHUVWHQ5DQJHVGDUVWHOOHQ6R EHWUDFKWHWZDUHVQXUQDWUOLFKGDLQ7KDO%XUQGLH%HJHLVWHUXQJEHUKDQGQDKPPLW GLHVHPQHXHQ*HUlWKHUXP]XVSLHOHQXQGVHLQH/HLVWXQJVIlKLJNHLW]XHUSUREHQ %XOO\GHUVLFKVRZRKOLQGHQWHFKQLVFKHQ'HWDLOVGHU.DOXSVDXVNDQQWHZLHDXFKLP &KDUDNWHUVHLQHVFKROHULVFKHQ1DPHQVJHEHUVVWHOOWH]XIULHGHQIHVWGDGLH6SDFH-HWVHKU GLFKWDQGHU$WPRVSKlUH$UFRPXUWKVDXVGHU/LEUDWLRQV]RQHIDOOHQZUGH(VYHUJLQJHQ]ZDU QXUHLQLJH0LOOLRQVWHO6HNXQGHQZlKUHQGGHUVLFKGDV.DOXSIHOGDOOPlKOLFKDEEDXWHDEHULQ GLHVHUNXU]HQ=HLWVSDQQHNRQQWHQGLH'(LQIOVVHGHV3ODQHWHQDXIGHQ$QWULHEGHU6SDFH -HWHLQZLUNHQ1DFK%XOO\V6FKlW]XQJZUGHGDV%HLERRWHLQHQ6DW]PDFKHQGHUEHUGLH .RPSHQVDWLRQVIlKLJNHLWHQGHV$QGUXFNDEVRUEHUVEHWUlFKWOLFKKLQDXVJLQJ 7KDO%XUQEHPHUNWHGLHVHQ)HKOHUQLFKW(UZDUNHLQ*HQLHVLFKJOHLFK]HLWLJDXIGHQ ZHUWYROOHQ*HIDQJHQHQ5HJLQDOG%XOOGHQ4XlOJHLVW*ZHQGROLQGDV0lGFKHQSURGX]LHUWH JHUDGH]XVWXU]EDFKDUWLJH7UlQHQIOXWHQ²]XNRQ]HQWULHUHQXQGGLHSURJUDPPLH UXQJVWHFKQLVFKHQ)LQHVVHQGHVNOHLQHQ.DOXSV]XEHKHUUVFKHQGDVZDUPHKUDOV7KDO%XUQ ]XOHLVWHQYHUPRFKWH 6HLQJU|WHU)HKOHUDEHUZDUGDHUGLH'DXHUGHU/LQHDUHWDSSHJDQ]JHZDOWLJEHUVFKlW]WH 8PGLHZHQLJHQ/LFKWPLQXWHQ]XUFN]XOHJHQGLHGLH6SDFH-HWQRFKYRQ$UFRPXUWK WUHQQWHQEUDXFKWHQGLH0DVFKLQHQGHV%HLERRWVQXU6HNXQGHQEUXFKWHLOH%XOO\NRQQWHVLFK DXVUHFKQHQGD7KDO%XUQVHKUEHUUDVFKWVHLQZUGHYRQGHPZDVHUVLFK ]XVDPPHQSURJUDPPLHUWKDWWH%LV]XGLHVHUhEHUUDVFKXQJYHUEOLHEHQQRFKZHQLJH0LQXWHQ DEHUIU%XOO\UHLFKWHGLH=HLW (UKDWWHGLH0LQXWHQJHQXW]WLQGHQHQVLFK7KDO%XUQQLFKWDXILKQKDWWHNRQ]HQWULHUHQ N|QQHQ'LH)HVVHOQZDUHQVWDUNJHORFNHUW5HJLQDOG%XOOEUDXFKWHQXUHLQSDDU6HNXQGHQXP IUHL]XVHLQHLQSDDU6HNXQGHQLQGHQHQHUVLFKRIIHQVLFKWEDUYRQGHQ)HVVHOQEHIUHLHQ PXWH:HQQHVJHODQJ7KDO%XUQIUGLHVH6HNXQGHQVR]XEHVFKlIWLJHQGDHUVLFKQLFKW

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|OOLJEHUUDVFKWXQG%XOOHQWJLQJGLHVHP6FKRFNQXU GHVKDOEZHLOHUXQXQWHUEURFKHQGLH,QVWUXPHQWHLP$XJHJHKDEWKDWWH(UKDWWHJHZXWGD GHU6FKRFNXQPLWWHOEDUEHYRUVWDQG *ZHQGROLQVFKULHDXIZlKUHQGGHU$QWLLQHLQHU5HIOH[EHZHJXQJYHUVXFKWHHLQHQ+DOW]X ILQGHQ 0LWYLHO]XKRKHU*HVFKZLQGLJNHLWSUDOOWHGLH6SDFH-HWDXIGLH/XIWKOOHGHV3ODQHWHQ $UFRPXUWKDEHUQXU%XOO\KDWWHGLHVHQ(IIHNWYRUKHUVHKHQN|QQHQ(UKDWWHQRFK (ULQQHUXQJHQDQGLH=HLWGDHUVLFKPLW3HUU\5KRGDQ(ULF0DQROLXQGGHPXQJOFNOLFKHQ )OLSSHU]XVDPPHQDXIGHQHUVWHQ0RQGIOXJYRUEHUHLWHWKDWWH(LQHVGHUNQLIIOLJVWHQ3UREOHPH IUMHGHQ$VWURQDXWHQZDUGDPDOVJHZHVHQEHLGHU5FNNHKU]XU(UGHGHQULFKWLJHQ $QIOXJZLQNHO]XILQGHQ:DUGHU:LQNHO]XVWXPSIYHUJOKWHGDV]XVFKQHOOHLQWDXFKHQGH 5DXPIDKU]HXJILHOHU]XVSLW]DXVZXUGHGHU/DQGHWHLOGHV0RQGIDKU]HXJVYRQGHU/XIWKOOH ]ZDUDEJHEUHPVWVFKQHOOWHDEHUZLHYRQHLQHUHODVWLVFKHQ:DQGLQGHQ5DXP]XUFN *HQDXGDVSDVVLHUWHQXQGHU6SDFH-HW6LHIHGHUWHI|UPOLFKYRQ$UFRPXUWKV/XIWKOOH]XUFN XQG]ZDUPLWHLQHU.UDIWGLHGLH$QGUXFNDEVRUEHUQLFKWDEIDQJHQNRQQWHQ*UDYLWDWLRQVNUlIWH NDPHQGXUFKJOHLFK]HLWLJEDXWHVLFKDXWRPDWLVFKHLQ(QHUJLHIHOGDXIGDVGLH6SDFH-HWYRU GHU5HLEXQJVKLW]HVFKW]HQVROOWH'DV)HOGEH]RJVHLQH(QHUJLHDXVGHPJOHLFKHQ5HDNWRU ZLHGLH$EVRUEHUXQGVHW]WHVRGHUHQ:LUNXQJQRFKZHLWHUKHUDE 'LH6SDFH-HWEHJDQQVLFK]XEHUVFKODJHQ(LQ]LJ%XOO\GHUVRIRUWYRQGHQDXWRPDWLVFKHQ *XUWHQDQGHQ6LW]JHIHVVHOWZXUGHZDUYRQGLHVHP(IIHNWQLFKWEHWURIIHQhEHOKLQJHJHQ HUJLQJHVGHP$QWL(UNDPYRQGHQ%HLQHQXQGIORJVRXQJOFNOLFKGXUFKGLH=HQWUDOHGD HUPLWGHUODXWVFKUHLHQGHQ*ZHQGROLQNROOLGLHUWH'LH6WLHIHODQ*ZHQV)HQNUDFKWHQ JHJHQVHLQHQ.RSIXQG7KDO%XUQYHUORUVFKODJDUWLJGDV%HZXWVHLQ%XOO\UHJLVWULHUWH EHIULHGLJWGD]XPHLQHQ7KDO%XUQVODQJJH]RJHQHU6FKUHLDEUXSWHQGHWHXQGHU]ZHLWHQVGLH +lQGHIUHLEHNRPPHQKDWWH $XVGHQ$XJHQZLQNHOQKHUDXVVDK%XOO\GD*ZHQGROLQZLHHLQH*OLHGHUSXSSHGXUFKGLH /XIWJHZLUEHOWZXUGH6LHODQGHWHLQHLQHP:LQNHOGHU=HQWUDOHXQGYHUVWXPPWHZlKUHQG %XOO\YHU]ZHLIHOWYHUVXFKWHGHQ)OXJGHU6SDFH-HW]XVWDELOLVLHUHQ (UEUDXFKWHHLQHKDOEH0LQXWHELVLKPGDVJHODQJ(UZROOWHJHUDGHHUOHLFKWHUWDXIDWPHQDOV GHUHUVWH6FKXDXVHLQHP%RGHQIRUWLQGLH6FKLUPIHOGHUGHU6SDFH-HWNUDFKWH %XOO\NDPQLFKWPHKUGD]XEOD]XZHUGHQRGHUHLQHQ6FKUHLDXV]XVWRHQ (UVDKQXUHLQHURWH)HXHUZDQGDXIVLFK]XNRPPHQXQGDOVVLHLKQHUUHLFKWKDWWHZDUGLHVHV 5RW]XHLQHPERGHQORVHQ6FKZDU]JHZRUGHQLQGHP%XOOYHUVDQN Ä5HWWHWPLFKNUHLVFKWH/RNGHV-XUWK :LHEHVHVVHQUDQQWHHUGHQKDOEHUOHXFKWHWHQ*DQJKLQXQWHUDEHUGLH'lPRQHQKLQWHULKP OLHHQQLFKWORFNHU(UVDKGLHJHLIHUQGHQ0lXOHUGLHEOXWLJHQ/HI]HQGLH.UDOOHQGLHVLFKLP QlFKVWHQ$XJHQEOLFNEHUHLWVLQVHLQ)OHLVFKVFKODJHQNRQQWHQ /RNGHV-XUWKUDQQWHXPVHLQ/HEHQXQGGDVZDUXPVRSDUDGR[HUDOVHUJHUDGHHUVW

XQVWHUEOLFKJHZRUGHQZDU9RUZHQLJHQ$XJHQEOLFNHQHUVWKDWWHHUGHQHUVWHQ$NWLYDWRU XPJHKlQJWGHUYRQGHPJHZDOWLJHQ3V\FKREORFNEHDUEHLWHWZRUGHQZDU'HU$NWLYDWRUDU EHLWHWHHLQZDQGIUHLGDVZXWH/RNGHV-XUWK(UZXWHDEHUDXFKGDGLHDQGHUHQLKPGLHVHV ZXQGHUEDUH*HUlWQHLGHWHQ1XUGDUXPKDWWHQVLHGLH%HVWLHQORVJHODVVHQXQGDXILKQJHKHW]W -XUWKHUUHLFKWHHLQH:HJNUHX]XQJ(UZDQGWHVLFKQDFKUHFKWVGRUWKLQZRHLQ $QWLJUDYVFKDFKWVHLQPXWH'DVZUGHGLH%HVWLHQIUVHUVWHDXIKDOWHQ1RFKLP/DXIHQ]RJ HUVHLQH:DIIHXQGJDEGLHHUVWHQ6FKVVHDXIGLH%HVWLHQDE(UK|UWHGDV.UHLVFKHQGHU *HWURIIHQHQXQGGLHVHV*HUlXVFKVWLPPWH-XUWKHLQLJHUPDHQ]XIULHGHQ 'HU$QWLJUDYVFKDFKWZDUHUUHLFKW 6HNXQGHQODQJ]|JHUWH/RNGHV-XUWKGDQQVSUDQJHULQGLH7LHIH0LWODXWHP*HOlFKWHUVWHOOWH HUVLFKGLH(QWWlXVFKXQJYRUGLHMHW]WLQGHQJLHULJHQ+LUQHQGHU'lPRQHQWREHQZUGH 'DVODXWH*HOlFKWHUKLHOWELV]XGHP$XJHQEOLFNDQDQGHPHUGHQ%RGHQGHV6FKDFKWV HUUHLFKWHXQGVLFKGDV*HQLFNEUDFK 'HUHUVWH*HGDQNHGHULKQEHVFKlIWLJWHJDOWGHP0lGFKHQ'LH6FKPHU]HQGLHGXUFKVHLQHQ .|USHUUDVWHQXQWHUGUFNWHHUUDVFK*HEURFKHQZDURIIHQEDUQLFKWVGLH*OLHGHUOLHHQVLFK EHZHJHQ Ä*ZHQULHI%XOO\Ä.OHLQHVZRELVWGX" %XOO\DWPHWHHUOHLFKWHUWDXIDOVHUGDVOHLVH6FKOXFK]HQK|UWH'DV0lGFKHQOHEWHQRFKXQG PLWHWZDV*OFNKDWWHVLHGHQ$EVWXU]GHU6SDFH-HWHEHQVRJOLPSIOLFKEHUVWDQGHQZLH%XOO\ 6HKHQNRQQWH5HJLQDOG%XOOGDV0lGFKHQQLFKW:DVHUVDKZDUHLQ6WFNGHV ZRONHQYHUKDQJHQHQ+LPPHOVXPJUHQ]WYRQGHQ=DFNHQ]HUIHW]WHQ0HWDOOV'LH/XIWZDU HUIOOWYRP*HVWDQNNOHLQHU.DEHOEUlQGHGLHLP5XPSIGHV:UDFNVVFKPRUWHQ 9RUVLFKWLJYHUVXFKWHVLFK%XOO\]XEHZHJHQ(VJHODQJ=ZDUJODXEWHHU7RQQHQODVWHQ EHZHJHQ]XPVVHQDEHUHUVFKDIIWHHVVLFKDXVGHP7UPPHUKDXIHQ]XEHIUHLHQ $OVHUGLH5HVWHGHU6SDFH-HWVDKNDPHVLKPZLHHLQ:XQGHUYRUGDHUEHUKDXSWGHQ $EVWXU]$EVFKXYHUEHVVHUWHHUVLFKKDVWLJLQ*HGDQNHQEHUOHEWKDWWHQRFKGD]XEHL UHODWLYHU*HVXQGKHLW6HLQH.OHLGXQJKLQJLQ)HW]HQXQGDPQlFKVWHQ0RUJHQZUGHVHLQ .|USHUEODXJUQPDUPRULHUWVHLQ]XGHPEOXWHWHHUDXV]DKOUHLFKHQNOHLQHQ6FKUIXQG 6FKQLWWZXQGHQDEHULPJURHQXQGJDQ]HQJLQJHVLKPJXW Ä*ZHQGROLQ.OHLQHVPHOGHGLFK:RVWHFNVWGX" ,UJHQGZRLQGLHVHP:LUUZDUUYRQ%OHFK*ODVVLW.DEHOXQG+RO]PXWHGDV0lGFKHQOLHJHQ 'HPOHLVHQ6FKOXFK]HQQDFK]XVFKOLHHQKDWWHVLHHWZDVDEEHNRPPHQDEHU%XOO\HULQQHUWH VLFKGD.LQGHUGLHYRU6FKPHU]QRFKZHLQHQN|QQHQLQGHQPHLVWHQ)lOOHQEHUOHEHQ Ä*ZHQ'XPXWUXIHQGDPLWLFKGLFKK|UHQNDQQ6LQJHLQ/LHGRGHUHU]lKOHPLUHLQ 0lUFKHQ,FKPXGLFKK|UHQN|QQHQVRQVWNDQQLFKGLFKQLFKWILQGHQ Ä+LHUELQLFKK|UWH%XOO\GDV0lGFKHQUXIHQÄ+LHU2QNHO%XOO\ %XOO\DWPHWHHUOHLFKWHUWDXI:HQQ*ZHQLQGHU/DJHZDULKQDQKDQGVHLQHU6WLPPH]X LGHQWLIL]LHUHQGDQQNRQQWHHVQLFKWDOO]XVFKOHFKWXPVLHEHVWHOOWVHLQ-HGHQIDOOVKDWWHVLHLKUH 6LQQHQRFKEHLHLQDQGHU %XOO\EHJDQQVLFKHLQHQ:HJGXUFKGHQ7UPPHUKDXIHQ]XEDKQHQGHUYRQGHU6SDFH-HW EULJJHEOLHEHQZDU)OXJIlKLJZUGHGLHVHV6DPPHOVXULXPYRQGHIHNWHQ]HUVSOLWWHUWHQ YHUERJHQHQXQGYHUEUDQQWHQ(LQ]HOWHLOHQQLHPDOVZLHGHUVHLQ 5HJLQDOG%XOOEUDXFKWHHLQHKDOEH6WXQGHGDQQKDWWHHU*HZHQJHIXQGHQ'DV0lGFKHQKDWWH HLQJHUDGH]XDWHPEHUDXEHQGHV*OFNJHKDEW%HLGHP$XISUDOOZDUHLQHGHU 7HOHVNRSODQGHVWW]HQGXUFKGHQ5XPSIGHU6SDFH-HWJHWULHEHQZRUGHQZLHHLQ6SLHGXUFK HLQ)OHLVFKVWFN'HU6WXPSIGHU6WW]HKDWWH*ZHQV.RSIQXUXP+DQGEUHLWHYHUIHKOW *HQDXJHQRPPHQKDWWH*ZHQGROLQQXUHLQHQIUFKWHUOLFKHQ6FKUHFNXQGHLQLJHEODXH)OHFNHQ GDYRQJHWUDJHQ6LHZHLQWH]ZDUDEHULKUWUlQHQYHUVFKPLHUWHV*HVLFKW]HLJWHHLQVFKZDFKHV /lFKHOQDOV%XOO\VLHDXVGHP:UDFN]RJXQGLQGHQ$UPQDKP Ä(VZLUGDOOHVZLHGHUJXWYHUVXFKWH%XOO\GDV0lGFKHQ]XWU|VWHQHUVWUHLFKHOWHLKUEHUGHQ .RSI'LHVH5ROOHZDUIU5HJLQDOG%XOOHLQLJHUPDHQQHXDEHUVLHEHJDQQLKP]XJHIDOOHQ

Ä%HNRPPHLFKMHW]WHLQ(LV"HUNXQGLJWHVLFK*ZHQGROLQ]DJKDIW %XOO\VHW]WHVLHEHKXWVDPDXIGHP%RGHQDEXQGVWDUUWHVLHHQWJHLVWHUWDQ Ä:HQQLFKEHLP=DKQDU]WWDSIHUZDUKDEHLFKLPPHUHLQ(LVEHNRPPHQHUNOlUWH *ZHQGROLQGLHLKUH6HOEVWVLFKHUKHLWPLWHUVFKUHFNHQGHP7HPSRZLHGHUIDQGÄ-HW]WZDULFK DXFKWDSIHUREZRKOGDVKLHUYLHOVFKOLPPHUZDUDOVHLQ=DKQDU]W$OVRZREOHLEWPHLQ (LV" Ä+LHUJLEWHVNHLQ(LVHUNOlUWH%XOO\KLOIORV Ä:DUXPVLQGZLUGDQQEHUKDXSWKHUJHNRPPHQ"HPS|UWHVLFK*ZHQÄ0DQPDFKWGRFK NHLQH$XVIOJH]X6WHOOHQZRHVNHLQ(LVJLEW Ä'DVLVWNHLQ$XVIOXJEUOOWH%XOO\ORVHUNRQQWHQLFKWDQGHUVHUPXWHVLFKDXVWREHQ'LH 1HUYHQDQVSDQQXQJGHUOHW]WHQ7DJHZDU]XJURJHZHVHQXPVLHHLQIDFKVWLOOVFKZHLJHQG KLQXQWHUVFKOXFNHQ]XN|QQHQ Ä'LHVLVWNHLQ$XVIOXJNHLQ6SDYHUVWHKVWGXPLFK:LUVLQGDEJHVWU]WXQGZHQQZLUQLFKW K|OOLVFKDXISDVVHQZHUGHQZLUKLHUGHQ5HVWXQVHUHV/HEHQVYHUEULQJHQPVVHQ+LHUJLEWHV NHLQ(LVXQGDXFKNHLQH/LPRQDGHXQGNHLQH=XFNHUVWDQJHQXQGZHQQGXQLFKWDXIK|UVWPLU DXIGHQ1HUYHQKHUXP]XWUDPSHOQGDQQ $QGLHVHU6WHOOHPXWH%XOO\/XIWKROHQIUQRFKPHKU(QWUVWXQJUHLFKWHVHLQH$WHPOXIW QLFKWDXV Ä,FKNDQQMDGHQDQGHUHQ2QNHOIUDJHQERW*ZHQDQVLHPDFKWHJURH$XJHQGHQQVR ZWHQGKDWWHVLHGHQ2QNHO%XOO\QRFKQLHHUOHEW -HW]WHUVWILHO5HJLQDOG%XOOGHU$QWLHLQ'HU0DQQPXWHQRFKXQWHUGHQ7UPPHUQOLHJHQ 2E$QWLRGHUQLFKW%XOO\PDFKWHVLFKVRIRUWGDUDQGHQ0DQQ]XVXFKHQ*HIlKUOLFKNRQQWH HUZDKUVFKHLQOLFKQLFKWZHUGHQEHUOHJWHVLFK%XOO\$OVHUGDQQQRFK]XIlOOLJDXIVHLQHQ .RPELODGHUVWLHGHUGHQ$EVWXU]XQEHVFKlGLJWEHUVWDQGHQKDWWHIKOWHHUVLFKYROOHQGV VLFKHU 7KDO%XUQVWHOOWHNHLQH*HIDKUPHKUGDU(UZDUWRW(UZDUZlKUHQGGHV$EVWXU]HVLP $QWLJUDYVFKDFKWGHU6SDFH-HWELVLQGHQ/DGHUDXPKLQDEJHIDOOHQXQGPLWGLHVHP/DGHUDXP KDWWHGLH6SDFH-HWGHQ%RGHQGHV3ODQHWHQ]XHUVWEHUKUW %XOO\ZDUIURKGDVLFK*ZHQGROLQLQWHQVLYXPGLH/DQGVFKDIWJHNPPHUWKDWWHGLH hEHUUHVWHGHV%lDOROZDUHQQLFKWDQJHQHKPDQ]XVHKHQ%XOO\GHFNWHGHQ/HLFKQDPPLW 7UPPHUQ]X 1DFK]ZHL6WXQGHQKDUWHU$UEHLWOLHVLFKHLQHUVWHV)D]LWGHV$EVWXU]HV]LHKHQ %XOO\XQG*ZHQGROLQKDWWHQGHQ$XISUDOOEHUOHEWXQGZDUHQZHLWJHKHQGJHVXQG%XOO\KDWWH JHQJHQG:DIIHQILQGHQN|QQHQXPHLQNOHLQHV6FKDUPW]HOGDPLWDXVWUDJHQ]XN|QQHQ GHVJOHLFKHQ9HUSIOHJXQJLQJU|HUHU0HQJHPHKUDOVHU]XVFKOHSSHQYHUPRFKWH 'LH/DQGVFKDIWLQGHUGLH6SDFH-HWDEJHVWU]WZDUZDUQLFKWOHEHQVIHLQGOLFK%LVODQJZDUHQ NHLQH5DXEWLHUH]XHUNHQQHQJHZHVHQXQGGLH3IODQ]HQZDUHQHEHQIDOOVQLFKWDJJUHVVLY %XOO\KDWWHGDVFKRQLQIUKHUHQ)lOOHQXQOLHEVDPHhEHUUDVFKXQJHQHUOHEW 'LH6SDFH-HWKLQJHJHQPXWHDEJHEXFKWZHUGHQGHVJOHLFKHQGLHJHVDPWHWHFKQLVFKH $XVVWDWWXQJGHV'LVNXV'DVWUDIYRUDOOHPIUGHQ+\SHUNRP]XYRQGHPQXUQRFK6SOLWWHU ]XILQGHQJHZHVHQZDUHQ'DPLWZDUHQDOOH1DFKULFKWHQYHUELQGXQJHQ]XDQGHUHQ3ODQHWHQ DEJHVFKQLWWHQ+LOIHKHUEHL]XIXQNHQZDUDXVJHVFKORVVHQ Ä:LUZHUGHQHLQHQVHKUODQJHQ6SD]LHUJDQJPDFKHQPVVHQIDWH%XOO\]XVDPPHQ *ZHQGROLQKDWWHHLQH%FKVHPLW3ILUVLFKHQJHIXQGHQXQGDHLIULJ'HUVHNOHEULJH6DIW OLHILKUDXVGHQ0XQGZLQNHOQEHUGDV.LQQXQGYRQGRUWLQVFKZHUHQ7URSIHQDXILKUH .OHLGHU %XOO\VXFKWHDXVGHQJHUHWWHWHQ9RUUlWHQGDV]XVDPPHQZDVHUVFKOHSSHQNRQQWH(LQ ]ZHLWHVHUKHEOLFKOHLFKWHUHV%QGHOVFKQUWHHUIU*ZHQ'DV0lGFKHQZDU]ZDUQRFKVHKU MXQJDEHUHLQLJH.LORPXWHVLHGHQQRFKVFKOHSSHQN|QQHQEHUOHJWHVLFK%XOO\=XGHPZDU *ZHQEHLDOOHPhEHUPXWHLQLQWHOOLJHQWHV.LQGVLHZUGHGLH1RWZHQGLJNHLWHLQVHKHQXQG QLFKWPXUUHQ

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lKHGLHVHU*HVFKW]HDXFKHLQH%HGLHQXQJVPDQQVFKDIWVHLQPXWH :HQQIUGLHEHLGHQ+DYDULVWHQ+LOIH]XHUKRIIHQZDUGDQQQXUGRUW Ä'DQQDXILQGLH+|KOHGHV/|ZHQPXUPHOWH%XOO\QDFKGHPHUVLFKNODUEHUGLH 0DUVFKULFKWXQJJHZRUGHQZDUÄ*ZHQLGHQOHW]WHQ3ILUVLFKDXIXQGGDQQJHKHQZLU *ZHQVDKLKQYHUZXQGHUWDQXQGKLHOWGLH3ILUVLFKGRVHLQGLH+|KH Ä8QGZDVZLUGGDPLW"IUDJWHVLHÄ:LUN|QQHQGDVGRFKQLFKWHLQIDFKKLHUKHUXPOLHJHQ ODVVHQ'DVZlUH8PZHOWYHUVFKPXW]XQJ %XOO\UROOWHPLWGHQ$XJHQ Ä8QGZLHZUGHVWGXGDVGDQHQQHQ"NQXUUWHHUXQGGHXWHWHDXIGDV:UDFNXQGGLHEHUDOO YHUVWUHXWHQ7UPPHUÄ:LUIGLH'RVHGD]XXQGGDQQNRPPHQGOLFK+LHUGDVLVWIUGLFK $XVQDKPVZHLVHOLHVLFK*ZHQGXUFKORJLVFKH$UJXPHQWHEHHLQIOXVVHQ6LHZDUIGLHOHHUH 'RVHDXIGLH7UPPHUGHU6SDFH-HWLQGHUHQ:UDFN%XOO\XQWHUGHVVHQHLQKDOEHV'XW]HQG 7KHUPLWODGXQJHQDXVGHU:DIIHQNDPPHUYHUVWHFNWKDWWH'DQDFKSDFNWHVLFK*ZHQEUDYGDV %QGHODXIGLH6FKXOWHUQXQGPDUVFKLHUWHORV%XOO\IROJWHLKUVREDOGHUGLH=QGHUIUGLH 7KHUPLWODGXQJHQHLQJHVWHOOWKDWWH1RUPDOHUZHLVHKlWWHVLFK%XOO\PLWGHP:UDFNHLQHU 6SDFH-HWQLFKWVRYLHO0KHJHPDFKWDEHUHUZROOWHYRQGHPZHUWYROOHQ/LQHDUDQWULHEVR ZHQLJZLHP|JOLFKKLQWHUODVVHQ8QWHUDOOHQ8PVWlQGHQPXWHGHUWHFKQRORJLVFKH9RUVSUXQJ GHU0HQVFKKHLWJHZDKUWEOHLEHQXQGVHLHVQXU]HLWOLFK %XOO\IDWH*ZHQGROLQEHLGHU+DQGXQG]HUUWHVLHGXUFKGHQ:DOG+LQWHULKQHQYHUJLQJHQ GLH5HVWHGHU6SDFH-HWLQHLQHUJHZDOWLJHQ)ODPPHQNXJHO'DPLWZDUGHU$EVWXU]SHUIHNW JHZRUGHQHVJDENHLQ=XUFNPHKU 9RUDXVDEHUXQGGDVZXWH5HJLQDOG%XOOQXU]XJHQDXODJGHU*HJQHU Ä)QIVWHOOWH.DOGHU'KDQNDOWIHVWÄ)QI7RWHXQGVHFKV:DKQVLQQLJHGLHZDKUVFKHLQOLFK QLHPHKU]XKHLOHQVHLQZHUGHQ Ä$EHUHLQIXQNWLRQVIlKLJHU$NWLYDWRUJDE6NORWK%DU]XEHGHQNHQ.DOGHU'KDQVDKLKQDXV GHQ$XJHQZLQNHOQKHUDXVDQ Ä)UHLQHQGHUQLHPDOVHLQHQ$NWLYDWRUWUDJHQZLUGVLQGGLHVH2SIHUQDWUOLFKJHULQJZHUWLJ VDJWHHUHLVLJ'HQQRFKEUDFKWH6NORWK%DUHLQ/lFKHOQ]XZHJH Ä2SIHUPVVHQDEXQG]XJHEUDFKWZHUGHQVDJWHHUHEHQVRHLVLJÄ1RWIDOOVVRJDUYRQGHQ %HVWHQ .DOGHU'KDQWUXJHLQHQ$NWLYDWRUGHQHLQ]LJHQGHUELVKHUYRQVHLQHQYHUKlQJQLVYROOHQ3DUD (LJHQVFKDIWHQJHVlXEHUWZRUGHQZDU(UIXQNWLRQLHUWHHLQZDQGIUHL.DOGHU'KDQNRQQWH I|UPOLFKVSUHQZLHGLH6WU|PHYRQGHP*HUlWDXVJLQJHQXQGVHLQHQ.|USHUGXUFKIORVVHQ 1LHPDOVPHKUZUGHHUGDV*HUlWDEOHJHQGDVVWDQGIULKQIHVW(UGDFKWHDQ.\UGLQDGLH 'LHQHULQGHV7HPSHOV]X/HSVRPDQZUGHVHKHQYLHOOHLFKWEUDFKWHGHU$NWLYDWRUDXFK .UlIWH]XUFNGLH.DOGHU'KDQOlQJVWYHUVFKZXQGHQJHJODXEWKDWWH%LVKHUKDWWH.DOGHU 'KDQGDV3UREOHP=HOODNWLYDWRUDOVORJLVFKHVZLVVHQVFKDIWOLFKHV3UREOHPEHWUDFKWHW-HW]W DEHUGDHUVHOEVWGDVHUVWHHLQZDQGIUHLDUEHLWHQGH*HUlWWUXJKDWWHVLFKGLHVH(LQVWHOOXQJ JUQGOLFKJHlQGHUW-HW]WZXWH.DOGHU'KDQGDHVHLQHQJHZDOWLJHQ8QWHUVFKLHGJDE ]ZLVFKHQODQJHP/HEHQXQGGHU8QVWHUEOLFKNHLW:HUHLQHQ$NWLYDWRUWUXJZDUDXVGHU DPRUSKHQ0DVVHGHVRUJDQLVFKHQ/HEHQVKHUDXVJHKREHQ.DOGHU'KDQHULQQHUWHVLFKDQGLH YLHOHQ0DOHGDLKP*OlXELJHGHV%lDORO.XOWV+lQGHXQG)HJHNWKDWWHQ'DPDOVVFKRQ HULQQHUWHHUVLFKXQGOlFKHOWHEHLGHP*HGDQNHQZDUHUVLFKJRWWlKQOLFKYRUJHNRPPHQ$EHU ZDVZDUGLHVHV*HIKOZHUWYHUJOLFKHQPLWVHLQHPMHW]LJHQ=XVWDQG

Ä%HLHLQHP$NWLYDWRUN|QQHQZLUHVQLFKWEHZHQGHQODVVHQVDJWH6NORWK%DUKDOEODXW .DOGHU'KDQNRQQWHGLH*LHUPLWGHUGHU-QJHUHGHQ$NWLYDWRUDXIVHLQHU%UXVWDQVWDUUWH IDVWN|USHUOLFKIKOHQ Ä'XKDVWUHFKWHUZLGHUWH.DOGHU'KDQ 'LHEHLGHQ%lDOROVJLQJHQLQGHQ9HUVDPPOXQJVUDXP]XUFN9LHU6WXQGHQZDUHQYHUJDQJHQ VHLWGDV([SHULPHQWVHLQHQ$QIDQJJHQRPPHQKDWWHXQGDXVGHP.UHLVZDUHQHWOLFKH DXVJHVFKLHGHQ (VZDUQLFKWOHLFKWGLH3DUDHLQIOVVHGHU$NWLYDWRUHQ]XUFN]XGUlQJHQ'LH:DKQELOGHUGLH VLHSURGX]LHUWHQIUDHQVLFKWLHILQGLH*HKLUQHXQGOLHHQGHQ 7UlJHUDOOHVDQGHUHYHUJHVVHQ8QGIDVWVFKLHQHVDOVVHW]WHQVLFKGLH$NWLYDWRUHQ]XU:HKU 'LH9LVLRQHQZXUGHQVWlUNHUGLH=ZlQJHXQZLGHUVWHKOLFKGLHYRQGHQ*HUlWHQDXVJLQJHQ (LQ%lDOROZDUJHVWRUEHQZHLOHUVLFKIUHLQHQ)LVFKKLHOW(LQDQGHUHUKDWWHJURHJUQH %HVWLHQJHVHKHQGLHVLFKVFKOHLPEHGHFNWEHU:lQGHXQG%RGHQJHZlO]WKDWWHQ'HQ $NWLYDWRUKDWWHPDQLKPHQWUHLHQN|QQHQGLH%HVWLHQZDUHQLKPYHUEOLHEHQ .DOGHU'KDQVDKVLFKXP Ä,FKVFKODJHYRUVDJWHHUUXKLJÄGLH.DQGLGDWHQGLHGHQ3UR]HQLFKWEHUVWHKHQ DE]XEHUXIHQ (VEOLHEVWLOO-HGHUZXWHZDVPLWGHU$EEHUXIXQJJHPHLQWZDU(VZXUGHNODUGDGLH 9HUVDPPOXQJYRUHLQHUJHVSHQVWLVFKHQ$OWHUQDWLYHVWDQGZHUGLHVHQ5DXPYHUOLHZDU HQWZHGHUXQVWHUEOLFKRGHUWRW Ä(VJLEWNHLQH$OWHUQDWLYHVDJWH6NORWK%DUEHYRU.DOGHU'KDQZHLWHUVSUHFKHQNRQQWH 1RFKZDUHUQLFKWLQ*HIDKU6NORWK%DUKDWWHVLFKHLQH6WUDWHJLHDXVJHGDFKWGLHLKPHLQ *HIKOGHU6LFKHUKHLWYHUOLHK1XUGHVKDOENRQQWHHUVLFKVRNDOWJHEHQXQGGHQ0XW DXIEULQJHQ.DOGHU'KDQLQV:RUW]XIDOOHQ Ä(QWZHGHUEOHLEWGHU%HWURIIHQHNUDQNVDJWH6NORWK%DUXQGIUHXWHVLFKDOVHUEHLHLQLJHQ GHU$QJHVSURFKHQHQHLQH*lQVHKDXWVDKÄGDQQZLUGHVHLQH(UO|VXQJIULKQVHLQZHQQZLU LKQHUK|KHQ(UK|KHQKLHGHQULWXHOOHQ9RUVFKULIWHQJHPlGHU*RWWKHLWRSIHUQÄ2GHUHU ZLUGJHQHVHQGDQQLVWHU0LWZLVVHUHLQHV*HKHLPQLVVHVGDVNHLQH0LWZLVVHUKDEHQGDUILP ,QWHUHVVHGHV+RKHQ%lDORO 'HU1HQQXQJGHV+HLOLJHQ1DPHQVKlWWHHVQLFKWEHGXUIW .DOGHU'KDQVDKVHLQHQMXQJHQ%HJOHLWHU6NORWK%DUKDWWHVLFKJHVFKLFNWHLQHQ6LW]SODW]LQ GHU1lKHGHV9RUVLW]HQGHQJHVXFKWDOVGLHJHZDOWLJH$QVWUHQJXQJGHV3DUDEORFNVGLH 6LW]RUGQXQJJHVSUHQJWKDWWH±DXVGHQ$XJHQZLQNHOQKHUDXVDQ(UVDK6NORWK%DUVVWLOOH )UHXGH.DOGHU'KDQVDKDEHUDXFKGDHVEHLHLQLJHQ%lDOROVGHV$NWLYDWRUHLQIOXVVHVQLFKW PHKUEHGXUIWHVLHXPGHQ9HUVWDQG]XEULQJHQ 6NORWK%DUKDWWHGLH$OWHUQDWLYHDXVJHVSURFKHQ$QGHQ%OLFNHQGHU9HUVDPPHOWHQZDU]X HUNHQQHQGDVLHGDV2PHQDN]HSWLHUWHQ7RWRGHUXQVWHUEOLFKGDVZDUGLH$OWHUQDWLYH 0LWNOLUUHQGHQ6FKULWWHQHUVFKLHQHQYRQ6NORWK%DUQDFK.DOGHU'KDQV%HIHKOSURJUDPPLHUW GLH5RERWHU,KUH:DIIHQZDUHQJHODGHQVRJDUHQWVLFKHUW Ä1HKPW3ODW]%UGHU .DOGHU'KDQEHUHLWHWHGLH$UPHDXV(UOlFKHOWH:DVLPPHUDXFKJHVFKDKLKQEHWUDIHVQLFKW PHKUHUEHVDVHLQHQ$NWLYDWRU 6NORWK%DUVHW]WHVLFKXQGYHUEDUJVHLQ)URKORFNHQ:DVLPPHUDXFKJHVFKDKLKQEHWUDIHV QLFKWPHKUHUEHVDHLQHQ$NWLYDWRUHUPXWHLKQQRWIDOOVQXUGHPDOWHQ0DQQDEQHKPHQ GHULKQVR]XVDJHQIU6NORWK%DUDQZlUPWH Ä.RQ]HQWUDWLRQ Ä:LUOHJHQHLQH3DXVHHLQVDJWH5HJLQDOG%XOO$XIVHXI]HQGOHJWHHUGDV*HSlFNDXIGHQ %RGHQ*ZHQGROLQVDKLQWHUHVVLHUW]XZLH%XOO\VLFKLPNDOWHQ:DVVHUHLQHV%DFKHV HUIULVFKWHXQGGDQQDXIGHP%RGHQDXVVWUHFNWH Ä%LVWGXLPPHUVRIDXO"HUNXQGLJWHVLHVLFKQHXJLHULJ Ä$EXQG]XJHVWDQG%XOO\GHPQLFKWQDFK'LVNXVVLRQHQ]XPXWHZDU

'HQJDQ]HQ7DJODQJZDUHQGLHEHLGHQPDUVFKLHUWXQG*ZHQKDWWHVLFKKHUYRUUDJHQG JHKDOWHQ1LFKWHLQPDOKDWWHVLHJHTXHQJHOWRGHUJHNODJWXQGLKU*HSlFNKDWWHVLHRKQH VLFKWEDUH0KHQVFKOHSSHQN|QQHQ Ä+LHUL %XOO\KROWHHLQ6WFN%UDWHQDXVVHLQHP*HSlFNXQGJDEHVDQ*ZHQGROLQZHLWHU:HOFKH 6WUHFNHVLH]XUFNJHOHJWKDWWHQZXWH%XOO\QLFKWDEHUHUDKQWHGDGHU:HJLQ:LUNOLFKNHLW QXUHLQLJH.LORPHWHUDXVPDFKWH(VKDWWHVLFKDOVVHKUKLQGHUOLFKHUZLHVHQGD$UFRPXUWK ZHLWHVWJHKHQGXQEHZRKQWZDU(VJDELPGLFKWHQ:DOGNHLQH:HJHQLFKWHLQPDO 7UDPSHOSIDGH6LFKDXIGLH:LOGZHFKVHO]XYHUODVVHQHUVFKLHQ%XOO\]XJHIlKUOLFKZHU ZXWHVFKRQZLHGHU%HVLW]HUHLQHVVROFKHQ:HFKVHOVDXVVDK"(VJDENHLQH6WUDHQNHLQH *OHLWHUYRU%XOO\V$XJHQ]HLFKQHWHVLFKGLHJUDXHQHUUHJHQGH3HUVSHNWLYHDE+XQGHUWH ZHQQQLFKW7DXVHQGHYRQ.LORPHWHUQ]X)XJHKHQ]XPVVHQXPZLHGHUDXI]LYLOLVLHUWHV /HEHQ]XVWRHQ Ä:ROOHQZLUKHXWHQRFKZHLWJHKHQ"HUNXQGLJWHVLFK*ZHQVLHVSUDFKPLWYROOHP0XQG DEHU%XOO\ZDUQLFKWLQGHU/DXQHGLHVHQ9HUVWRJHJHQGLH(WLNHWWH]XUJHQ Ä%LVHVGXQNHOZLUGHUNOlUWH%XOO\XQGHVNDPLKPYRUDOVVSUHFKHHUVHLQHLJHQHV8UWHLO DXV6HLQH)HVFKPHU]WHQNHLQ:XQGHUDOV6WHOOYHUWUHWHU5KRGDQVVWDQGLKPHLQ 'LHQVWIDKU]HXJ]XXQG%XOO\KLHOWHVEOLFKHUZHLVHPLWGHU0D[LPHGLH+HQU\)RUG,]XJH VFKULHEHQZXUGHXQGODXWHWHÄ6WHKHQLHZHQQGXVLW]HQNDQQVWXQGVLW]HQLHZHQQGXOLHJHQ NDQQVW 'LHVHU0D[LPHJHPlKDWWHVLFK%XOO\]XHLQHPDXVJHPDFKWHQ)DXOSHO]HQWZLFNHOW1XQ EHNDPHUGDIUGLH5HFKQXQJSUlVHQWLHUWXQGHUEHJOLFKVLHVW|KQHQGXQGVHXI]HQGXQGPLW 7DXVHQGHQYRQ6FKZHLWURSIHQ Ä*LEWHVKLHUHLJHQWOLFKNHLQH/HXWH"IRUVFKWH*ZHQGROLQÄ'HU3ODQHWLVWGRFKVFK|Q ZDUXPZRKQWKLHUNHLQHU" %XOO]XFNWHPLWGHQ6FKXOWHUQ:DVVROOWHHUGHP0lGFKHQVDJHQ"'DHVKLHUHLQHRGHU PHKUHUH6WDWLRQHQGHU$QWLVJDEGLHYHUPXWOLFKNHLQHQ$XJHQEOLFN]|JHUQZUGHQGHU NOHLQHQ*ZHQHQWZHGHUGLH.HKOHGXUFK]XVFKQHLGHQRGHUVLHDOV6NODYLQ]XYHUNDXIHQ1DFK GHQIUFKWHUOLFKHQ1LHGHUODJHQGLHHLQLJHJDODNWLVFKH9|ONHULQ$XVHLQDQGHUVHW]XQJHQPLW GHQ7HUUDQHUQKDWWHQHLQVWHFNHQPVVHQ$QWLV6SULQJHU$UNRQLGHQ$UDVXQGDQGHUH ZDUHQ6NODYHQYRQGHU(UGHLQJHZLVVHQ.UHLVHQEHVRQGHUVEHOLHEW(LQLJHUHL]WHGDUDQYRU DOOHPGHU.LW]HOGDGLH7HUUDQHUXQYHUVWlQGOLFKHUZHLVHHWZDVJHJHQ6NODYHUHLKDWWHQVRJDU JHJHQGLHDQGHUHU9|ONHU Ä6DWW" *ZHQGROLQQLFNWH6LHYHUVWDXWHGHQ5HVWGHV%UDWHQVLQLKUHP%QGHOQDKPHVZLHGHUEHU GLH6FKXOWHUXQGVWDQGDXI Ä9RUZlUWVPXQWHUWHVLH5HJLQDOG%XOODXIÄ:HQQGXIUKHUQLFKWVRYLHOJHJHVVHQKlWWHVW ZlUHVWGXHEHQVRIOLQNZLHLFK'XVROOWHVWGLFKVFKlPHQ Ä,FKVFKlPHPLFKVDJWH%XOO\XPGDV7KHPD]XHLQHP$EVFKOXEULQJHQ]XN|QQHQ :lKUHQGGHUNXU]HQ5DVWKDWWHVLFKGDV*HZLFKWVHLQHV*HSlFNVYHUULQJHUWDEHUQDFKHLQLJHQ KXQGHUW0HWHUQNDPVLFK%XOO\ZLHGHUYRUDOVPVVHHUHLQJDQ]HV'HSRWDXIVHLQHQ 6FKXOWHUQVFKOHSSHQ6HOEVWGLH7DWVDFKHGDHUZXWHZLHVFKZHUGDV*HSlFNZDUlQGHUWH QLFKWVGDUDQGDLKPVHLQ*HIKOVDJWHHUZHUGHELQQHQNXU]HPDQY|OOLJHU(UVFK|SIXQJ VWHUEHQ9RQVRGVWHUHQ*HGDQNHQXQEHOlVWLJWKSIWH*ZHQGROLQYRUDQ 'HU:DOGZDUOLFKWHUJHZRUGHQ'HU+LPPHOZDUDEXQG]X]XVHKHQXQGDXIGHP PRRVEHGHFNWHQ%RGHQNDPPDQVFKQHOOHUYRUDQDOVLQGHPNOHEULJHQ0RUDVWLQGHPVLHYRU HLQLJHQ6WXQGHQPDUVFKLHUWZDUHQ(VJDE9|JHOLQGLHVHP:DOGYHUPXWOLFKDXFKDQGHUH 7LHUHDEHUGDYRQZDUHQHLQVWZHLOHQQXU6SXUHQ]XHQWGHFNHQJHZHVHQ'LH9|JHOYRQ $UFRPXUWKKDWWHQZLHLKUHLUGLVFKHQ*HJHQVWFNHGLH$QJHZRKQKHLWVLFK]X ]DQNHQXQG]XEHNULHJHQLKUH%HVLW]DQVSUFKHODXWKDOVKHUDXV]XVFKUHLHQXQGVLHWDWHQHVPLW GHQJOHLFKHQZRKONOLQJHQGHQ/DXWHQGLHDXFKIULUGLVFKH9|JHOW\SLVFKZDUHQ'DV

JUXQGIDOVFKH.OLVFKHHGDGHU*HVDQJGHU9|JHO)ULHGHQXQG*OFNVHOLJNHLWEHGHXWHWHVD VRWLHILQ%XOO\YHUDQNHUWGDLKPGHUKHIWLJH.OHLQNULHJ]ZHLHU6FKZlUPHGHVVHQ/lUPGLH /XIWHUIOOWHDOVEODQNHU+RKQHUVFKLHQ(VZDUHLQE|VDUWLJHU*HGDQNHGXUFKHLQ,G\OO]X VSD]LHUHQ:DOGHVHLQVDPNHLWPLW]ZLWVFKHUQGHQ9|JHOHLQXQGGDEHL]XZLVVHQGDMHGHU :LQNHOGLHVHVYHUPHLQWOLFKHQ,G\OOVGHQ7RGYHUEDUJ %XOO\VSlKWHLQGLH+|KH $UFRPXUWKKDWWHGUHLNOHLQHUH0RQGHYRQGHQHQVWlQGLJHLQHUDP+RUL]RQWVWDQG'LH$OEHGR GLHVHU0RQGHZDU]LHPOLFKKRFKPDQNRQQWHDOVRWKHRUHWLVFKDXFKEHL1DFKWPDUVFKLHUHQ 'HUQlFKVWH%OLFNJDOW*ZHQGROLQNRQQWHPDQHLQHQVROFKHQ1DFKWPDUVFKDXFKGHP 0lGFKHQ]XPXWHQ" %XOO\EHJDQQVS|WWLVFK]XOlFKHOQ ,QVHLQHU.DONXODWLRQIHKOWHGHUZLFKWLJVWH)DNWRU:DUHUVHOEVWLQGHU/DJHHLQHQVROFKHQ 0DUVFKGXUFK]XVWHKHQ":LFKWLJGDEHLZDUQLFKWGLH)UDJHQDFKGHUN|USHUOLFKHQ$XVGDXHU IUDJOLFKZDUREHUVLFKVHOEVWGD]XEHUZLQGHQNRQQWHHLQHQGHUDUWLJHQ*HZDOWPDUVFKDXI VLFK]XQHKPHQ(VJDE7DXVHQGHYRQ$XVUHGHQVHOEVWHLQVRZLFKWLJHV3UREOHPZLHGDVGHU $NWLYDWRUHQ]XYHUWUDJHQ8QWHU8PVWlQGHQUHLFKWHQGD]XEHUHLWVVFKPHU]HQGH)H %XOO\SUIWHVLFKNXU]XQGNDP]XGHP(UJHEQLVGDGDV3UREOHP=HOODNWLYDWRUHQYRQGHU $UWZDUEHLGHU/HEHQXQG*HVXQGKHLWDXIV6SLHOJHVHW]WZHUGHQPXWHQ :HU5HJLQDOG%XOOQLFKWQlKHUNDQQWHOLHVLFKVHKUOHLFKWYRQbXHUOLFKNHLWHQWlXVFKHQ %XOOZDUQLFKWGHUYRU/HEHQVOXVWVWUDKOHQGH2SWLPLVWGHU+DQV'DPSILQDOOHQ*DVVHQDOV GHUHUDXIWUDW$XFKGLHXQEHLUUEDUH=lKLJNHLWPLWGHUHUVHLQH=LHOHYHUIROJWHZDUNHLQ =XIDOOVSURGXNW(LQHQREHUIOlFKOLFKHQ3ROWHUHUXQG6FK|QZHWWHUSROLWLNHUKlWWH5KRGDQLQ VHLQHUHQJVWHQ8PJHEXQJQLHPDOVJHGXOGHW5HJLQDOG%XOOSIOHJWHRIWXQGLQWHQVLY QDFK]XGHQNHQXQGGLHVHV1DFKGHQNHQKDWWHQLFKWVHOWHQDXFKLKQVHOEVW]XP*HJHQVWDQG 1XUVRZDUHULQGHU/DJHMHGHU]HLW]XNRQWUROOLHUHQZLHYLHOHUYRQVHLQHQJHKHLPHQ:Q VFKHQXQGbQJVWHQLQGLH:LUNOLFKNHLWHLQIOLHHQOLH 'HU0DUVFKZDUHLQW|QLJ(LQ)XZXUGHYRUGHQDQGHUHQJHVHW]W]X8QWHUKDOWXQJHQIHKOWHQ /XVWXQG$WHPOXIW'LHEHGUFNWH6WLPPXQJGLH5HJLQDOG%XOOEHKHUUVFKWHKDWWHVLFKDXFK *ZHQGROLQPLWJHWHLOW'DV0lGFKHQZDUHEHQIDOOVVWLOOJHZRUGHQWUXJVHLQH/DVWXQGZLVFKWH VLFKDEXQG]XGHQ6FKZHLYRQGHU6WLUQ,KUH.OHLGXQJZDUY|OOLJYHUGUHFNW%ODWWUHVWH NOHLQH6WHLQHXQG=ZHLJHNOHEWHQGDUDQIHVW'HUHLQJHWURFNQHWH3ILUVLFKVDIWNRQQWHHVPLW HLQHPPRGHUQHQ$OOHVNOHEHUGXUFKDXVDXIQHKPHQ'LHGQQHQ6FKXKHGHV0lGFKHQVKDWWHQ ZlKUHQGGHV0DUVFKHVGXUFKGHQ6XPSI)DUEHXQG)RUPHLQJHEWXQG%XOO\NDQQWHNHLQ 0LWWHO]XYHUKLQGHUQGDGDV/HGHUDPQlFKVWHQ7DJEHLQKDUWZXUGH(UVHOEVWWUXJ 5DXPIDKUHUVWLHIHOEHLGHQHQVROFKH3UREOHPHQLFKWDXIWUDWHQ (LQH6WXQGHQDFKGHUDQGHUHQYHUJLQJ/lQJVWZDUGLH6RQQHXQWHUJHJDQJHQXQGYRQGHP /LFKWGHV0RQGHVGUDQJQXUZHQLJGXUFKGDV%OlWWHUGDFK'HU:LQGOLHGLH%OlWWHUUDXVFKHQ XQGEUDFKWHHUVFKUHFNHQGH%HZHJXQJHQLQGLHEHlQJVWLJHQGHQ1HEHOVFKOHLHUGLHGLH1DFKWLQ GHQ%lXPHQZRE9|JHOVFKULHQXQGNUHLVFKWHQXQGDEXQG]XPDFKWHQDXFKGLHQDFKWNXQ GLJHQ5lXEHU$UFRPXUWKVHLQ*HUlXVFKGDVGLHEHLGHQ:DQGHUHU]XVDPPHQ]XFNHQOLH 5HJLQDOG%XOOVSUWHGLH+DQGGHV0lGFKHQVLQGHUVHLQHQXQGLQLKPVWLHJHLQ*HIKOGHU +RFKDFKWXQJIU*ZHQGROLQDXI*ZHQKDWWH3KDQWDVLHJHQXJXPVLFK]XGLHVHU=HLWXQGLQ GLHVHU8PJHEXQJ]X7RGHlQJVWLJHQ]XN|QQHQ8QGVLHKDWWH$QJVWGDVEHZLHVGDV=XFNHQ LKUHU+DQGZHQQLPPHUGDV.QDFNHQHLQHVEUHFKHQGHQ=ZHLJHVGDVHLQW|QLJH 6FKULWWJHUlXVFKGXUFKEUDFK$EHU*ZHQJDENHLQHQ/DXWYRQVLFK6LHKDWWH$QJVWDEHUVLH NlPSIWHVLHQLHGHU Ä6ROOHQZLUHLQH3DXVHPDFKHQ.OHLQHV" %XOO\ZXQGHUWHVLFKZLH]lUWOLFKVHLQHHLJHQH6WLPPHNOLQJHQNRQQWH Ä-DNDP*ZHQV$QWZRUWPHKUJHKDXFKWDOVJHVSURFKHQ$OV%XOO\LKUH+DQGORVOLHILHOVLH YRU(UVFK|SIXQJEHLQDKHXP5HJLQDOG%XOOSUHWHGLH.LHIHU]XVDPPHQ(VJLQJQLFKWPHKU ZHLWHUQLFKWLQGLHVHU1DFKW*ZHQZDU]XHUVFK|SIWXPGHQ0DUVFKIRUWVHW]HQ]XN|QQHQ

7KHRUHWLVFKKlWWH%XOO\GDV0lGFKHQVFKOHSSHQN|QQHQDEHUHUKDWWHVLFKOlQJVWDXVJHUHFK QHWGDHULQGHQ3DXVHQGLH*ZHQ]XU:LHGHUJHZLQQXQJLKUHU.UlIWHEUDXFKWHZHQLJHU=HLW YHUORUDOVEHLGHP9HUIDKUHQEHLGHPHU*ZHQWUXJVREDOGVLHHUVFK|SIWZDUXQGGDGXUFK VHOEVWZHVHQWOLFKODQJVDPHUYRUZlUWVNDP Ä%UUPXUPHOWH%XOO\0LQXWHQVSlWHU'DV)HXHU]HXJIXQNWLRQLHUWHQLFKW *ZHQODJDXIGHP%RGHQXQGJULQVWHLKQDQ Ä:DUVWGXQLH3IDGILQGHU2QNHO%XOO\"HUNXQGLJWHVLHVLFK Ä1HLQJDE%XOO\JHUHL]W]XUFN(LQ*OFNGDFKWHHUGD3RXQGHUMHW]WQLFKWKLHULVWVHLQ DOWHU9RUJHVHW]WHUYRQGHU6SDFH$FDGHP\3RXQGHUKDWWHGHQ2EHUEHIHKOEHU3HUU\5KRGDQ XQG5HJLQDOG%XOOXQGGLHDQGHUHQ7HLOQHKPHUGHUHUVWHQ0RQGODQGXQJVH[SHGLWLRQJHKDEW EHLGHUGLH&UHZDXIGHQQRWJHODQGHWHQ$UNRQLGHQNUHX]HUJHVWRHQZDU'DPDOVKDWWH%XOO\ VHLQHQ.XUVLQhEHUOHEHQVWUDLQLQJPLW$XV]HLFKQXQJDEVROYLHUW Ä(LQ*OFNGDLFKEHLGHQ*LUO6FRXWVELQNRPPHQWLHUWH*ZHQ6LHEUDFKWHLQ]ZHL 0LQXWHQIHUWLJZR]X%XOO\QDFKHLJHQHP(LQJHVWlQGQLVPHKUDOVHLQH6WXQGHJHEUDXFKW KlWWH0LWVLFKHUHP,QVWLQNW]QGHWH*ZHQQLFKWQXUHLQ)HXHUDQVLHVDPPHOWHDXFKGDV+RO] GDIU.HLQHVGHU$VWEUXFKVWFNHTXDOPWHEHUPlLJRGHUHQWZLFNHOWH]XYLHOH)XQNHQ Ä+HUYRUUDJHQGOREWH%XOO\Ä:DVZlUHLFKRKQHGLFK Ä(LQLJH.LORPHWHUZHLWHUVDJWHVLHNDXPK|UEDUXQG%XOO\VFKLFNWHHLQHQOHLVHQ)OXFK]XP +LPPHO'DV0lGFKHQZDUKRFKLQWHOOLJHQW(VKDWWHOlQJVWEHPHUNWGD5HJLQDOG%XOOHV XQJODXEOLFKHLOLJKDWWHXQGHVZUGHQLFKWOHLFKWVHLQGXUFKGLH0DXHULKUHU9HUQXQIW]XGHQ XQNRQWUROOLHUEDUHQbQJVWHQYRU]XGULQJHQGLHVLHTXlOWHQ Ä+DVWGX$QJVWLFKZUGHGLFK]XUFNODVVHQ" *ZHQVDJWHQLFKWVDEHUVLHQLFNWHXQGLQGHPXQVLFKHUHQ/LFKWGHVNOHLQHQ)HXHUVVDK%XOO\ 7UlQHQLQLKUHQ$XJHQZLQNHOQ:HQQLKPQLFKWVFKQHOOHWZDVHLQILHOGDV*ZHQEHUXKLJWH NDPHV]XU.DWDVWURSKH ,QGLHVHP$XJHQEOLFNJDEHVIU%XOO\NHLQhEHUOHJHQ(VZDUSXUHU,QVWLQNWGHULKQDXIGHP JOHLFKHQ1LYHDXDQWZRUWHQOLHGDV*ZHQHLQJHVFKODJHQKDWWH Ä7UDXVWGXPLUVRHWZDV]X" *ZHQ]ZLQNHUWHYHUEOIIWXQGGDQQVWDKOVLFKHLQ/lFKHOQEHULKU*HVLFKW6LHZDUEHUXKLJW %XOO\V)UDJHKDWWHHLQGULQJOLFKHUJHZLUNWDOVHLQ%QGHOYRQYHUQQIWLJHQ$UJXPHQWHQ Ä,FKKDOWHGLHHUVWH:DFKHYHUVSUDFK%XOO\Ä/HJGLFKKLQXQGVFKODIH,FKZHFNHGLFK ZHQQHV=HLWLVWIUGHLQH:DFKH *ZHQQLFNWHHLIULJXQGVWUHFNWHVLFKQHEHQGHP)HXHUDXIGHPPRRVLJHQ%RGHQDXV(VZDU DQJHQHKPZDUPPDQEUDXFKWHNHLQH'HFNHVHOEVWQDFKWVQLFKW %XOO\OHJWH+RO]QDFKXQGDOVHUVLFKZLHGHUDXIULFKWHWHZDU*ZHQEHUHLWVHLQJHVFKODIHQ $PVLHUWVWHOOWH%XOO\IHVWGD*ZHQVFKQDUFKWH %XOO\OHKQWHVLFKJHJHQHLQHQ%DXPVWXPSI(UKWHWHVLFKLQGLH)ODPPHQ]XVHKHQ,P)DOO GDLUJHQGHWZDVRGHULUJHQGMHPDQGDXVGHP:DOGNDPZUGHHUNRVWEDUH6HNXQGHQ EUDXFKHQELVVLFKVHLQH$XJHQDQGLH'XQNHOKHLWJHZ|KQWKDWWHQ 9RQGHPQDPHQORVHQ0RQGLP2UELWXP$UFRPXUWKZDUQXUHLQ]DFNLJHU)HW]HQNDONLJHQ :HL]ZLVFKHQGHQ%DXPZLSIHOQ]XVHKHQ8QZLOONUOLFKPXWH%XOO\OlFKHOQDOVHULQGLH +|KHVDKZLHGDPDOVKDWWHLKQXQZLOONUOLFKGHU*HGDQNHEHVFKOLFKHQZLHPDJHVGDREHQ ZRKODXVVHKHQ" 5HJLQDOG%XOOKDWWHGLH$QWZRUWDXIGLHVH)UDJHEHNRPPHQ(UKDWWHGHQ0RQGJHVHKHQGLH 9HQXVEHWUHWHQ$UNRQHUOHEW(UZUGHQRFKYLHOVHKHQXQGHUOHEHQDEHUDXFKHUPXWHHLQHQ 3UHLVGDIU]DKOHQ6HLQ%OLFNILHODXI*ZHQ'DVZDUVHLQ3UHLV1LHPDOVNRQQWH%XOO\HLQ QRUPDOV9DWHU6RKQ7RFKWHU9HUKlOWQLVHUOHEHQ(LQ8QVWHUEOLFKHUXQG%XOO\ZDUGDQNGHU =HOOGXVFKHUHODWLYXQVWHUEOLFKZDUGD]XYHUXUWHLOWDOOHLQRGHUQXULP.UHLVDQGHUHU 8QVWHUEOLFKHU]XOHEHQ %XOO\DKQWHQLFKWGD]XGLHVHP=HLWSXQNWDQGHUH8UWHLOHJHIlOOWZXUGHQXQGDXFK YROOVWUHFNW

Ä'LH6DFKHZLUGODQJVDPJHIlKUOLFKVWHOOWH6NORWK%DUIHVW6RODQJHGLHVH*HIDKULKQQLFKW XQPLWWHOEDUEHWUDIZDUHVLKPJOHLFKJOWLJ .DOGHU'KDQQLFNWHEHWURIIHQ hEHUHLQHP6HLWHQIOJHOGHV9HUVDPPOXQJVJHElXGHVGHU%lDORO3ULHVWHUVWDQGHLQH 5DXFKVlXOH9RQGHP)OJHOVHOEVWZDUHQQXUQRFKYHUNRKOWH7UPPHU]XVHKHQ9LHU %lDORO3ULHVWHUZDUHQLQGHP%UDQGXPJHNRPPHQ:HQQGLH+LW]HQDFKJHODVVHQKDWWH ZUGHPDQGLHEHLGHQ$NWLYDWRUHQDXVGHQ7UPPHUQEHUJHQ.DOGHU'KDQ]ZHLIHOWHQLFKW GDUDQGDHLQ=HOODNWLYDWRUHLQHQ*UREUDQGEHUVWHKHQZUGH Ä/DWXQVLQGHQ6DDO]XUFNNHKUHQEHVWLPPWH.DOGHU'KDQ 6NORWK%DUKlWWHDPOLHEVWHQJHVW|KQW(UZDUDP(QGHVHLQHU.UlIWH 6WXQGHXP6WXQGHZDUYHUJDQJHQXQGQXUGLH$NWLYDWRUWUlJHUKDWWHQQLFKWVGDYRQEHPHUNW ,KUH.UlIWHZXUGHQYRQGHQ$NWLYDWRUHQVWHWLJHUQHXHUWVLHZDUHQLQGHU/DJHVLFKQRFK WDJHODQJ]XNRQ]HQWULHUHQ (VZDUHLQ$XVOHVHSUR]HGHVVHQZDUVLFK6NORWK%DUEHZXW8QGHUVHOEVWVSLHOWHLQGLHVHP 3UR]HHLQH6FKOVVHOUROOHGLHHUQRFKVHKUODQJHZUGHJHKHLPKDOWHQPVVHQ1RFKZDUGHU =HLWSXQNWQLFKWJHNRPPHQDQGHP6NORWK%DUVLFKPHOGHQZUGH(LQVWZHLOHQJDEHVIULKQ QXUHLQHVDEZDUWHQPLWVSLHOHQXQGPLWGHQHLJHQHQ.UlIWHQP|JOLFKVWUDWLRQHOOXPJHKHQ 9LHUXQGIQI]LJ%lDORO3ULHVWHUVHW]WHQVLFKZLHGHU]XVDPPHQ=Z|OIGDYRQWUXJHQDQGHQ XQ]HUUHLEDUHQ.HWWHQHLQHQ=HOODNWLYDWRUXPGHQ+DOV6WRO]]HLJWHQVLHGLH*HUlWH 'HU$XVOHVHSUR]HZDUHUEDUPXQJVORV =XHUVWZXUGHGHU$NWLYDWRUYRQVHLQHQ3DUDHLJHQVFKDIWHQJHVlXEHUWZLH.DOGHU'KDQGDV 9HUIDKUHQQDQQWHGLHXQJHZQVFKWHQ,PSXOVHGHV$NWLYDWRUV]XLVROLHUHQDE]XEORFNHQXQG LKUH4XHOOHDXI3DUD%DVLVDXV]XVFKDOWHQ:DUHLQ$NWLYDWRUJHVlXEHUWGDQQZXUGHHUHLQHP %lDOROXPJHKlQJW0HUNZUGLJHUZHLVHJDEHVEHUGLH3HUVRQGLHZUGLJEHIXQGHQZXUGH HLQHQ=HOODNWLYDWRU]XWUDJHQNHLQHUOHL'LVNXVVLRQHQ.DOGHU'KDQQDQQWHGHQ1DPHQXQG GHU%HWUHIIHQGHNRQQWHVLFKGHQ$NWLYDWRUXPKlQJHQ 'LHHLJHQWOLFKH$XVOHVHEHJDQQLQGLHVHP$XJHQEOLFN ,PHUVWHQ7HLOGHV9HUIDKUHQVZXUGHQMHQH,PSXOVHGHU$NWLYDWRUHQHOLPLQLHUWGLHDQGHUH YHUUFNWVSLHOHQOLHHQ²EHLVSLHOVZHLVHGD]XDQLPLHUWHQGHQ$NWLYDWRUWUlJHUPLW:DVVHU]X EHJLHHQ,P]ZHLWHQ7HLOPXWHQGLH,PSXOVHXQWHUGUFNWZHUGHQGLHQXUDXIGLH3V\FKHGHV MHZHLOLJHQ7UlJHUVZLUNWHQ (VZDUHLQVSDQQHQGHU$XJHQEOLFNYRUDOOHPIU6NORWK%DUZHQQHLQ$NWLYDWRUXPJHOHJW ZXUGH0HLVWGDXHUWHHVHLQHKDOEH6WXQGHELVGHU$NWLYDWRUVHLQYHUKlQJQLVYROOHV6SLHO EHJDQQVFKODJDUWLJZXUGHGHU7UlJHUYHUUFNW ,QGLHVHP$XJHQEOLFNKDWWHQGLHDQGHUHQHLQ]XJUHLIHQ6LHPXWHQVRIRUWHLQHQ3DUDEORFN ELOGHQGHUGLH3V\FKHGHV$NWLYDWRUWUlJHUVXQWHUVWW]HQVROOWH:DUDXFKGLHVJHVFKHKHQ EOLHEQXUQRFKGLH(QWVFKHLGXQJDE]XZDUWHQ (VZDUHLQJUDXVLJHV9HUIDKUHQ (QWZHGHUKLHOWGHU$NWLYDWRUWUlJHUGHP9HUIDKUHQQLFKWVWDQGGDQQILHOHUQDFKNXU]HP :DKQVLQQGHULKPGHQ6FKDXPDXIGLH/LSSHQWULHEXPXQGZDUWRW,QGLHVHP)DOOZXUGH GDV9HUIDKUHQPLWHLQHPQHXHQ$NWLYDWRUWUlJHUZLHGHUDXIJHQRPPHQ ,PDQGHUHQ)DOOGHUIUGHQ7UlJHUGHV=HOODNWLYDWRUVJQVWLJHUZDUHQWOXGVLFKGLH 3DUDHQHUJLHDXVGHQ,PSXOVHQGHV$NWLYDWRUVXQGGHP%ORFNGHU%lDORO3ULHVWHUEHLHLQHP GHUDP%ORFN%HWHLOLJWHQ%LVKHUZDUHLQHVROFKH(QWODGXQJDXVQDKPVORVW|GOLFKJHZHVHQ 'LH2SIHUZDUHQSO|W]OLFK]XVDPPHQJHEURFKHQRKQHHLQHQ/DXWYRQVLFK]XJHEHQ1XULKUH 0LPLNYHUULHWMHGHPGHULQGLHYHU]HUUWHQ*HVLFKWHUJHVHKHQKDWWHGDGHUOHW]WH$XJHQEOLFN GHV/HEHQVIUGHQ%HWURIIHQHQHLQHQ9RUJHVFKPDFNGHU+|OOHEHUHLWJHKDOWHQKDWWH 1LHPDQGKDWWHVLFKDEKDOWHQODVVHQ'LH$XVVLFKWYLHOOHLFKWHLQHQGHUOHEHQVHUKDOWHQGHQ

$NWLYDWRUHQEHNRPPHQ]XN|QQHQKDWWHGLH7RGHVIXUFKWEHUVSLHOW6NORWK%DUKLHOWVLFKIU GHQHLQ]LJHQGHUVLFKGHV3DUDGR[RQVEHZXWZDULQGLHVHP5DXPVHW]WHQ0HQVFKHQLKU /HEHQRKQH=|JHUQDXIV6SLHOXPHLQH9HUOlQJHUXQJGLHVHV/HEHQVLQV8QHQGOLFKHHUUHLFKHQ ]XN|QQHQ'LH*LHUQDFKGHU8QVWHUEOLFKNHLWPDFKWHGLHPHLVWHQEOLQGIUMHGH9HUQXQIW 0LQXWHQYHUJLQJHQLQY|OOLJHP6WLOOVFKZHLJHQ 6NORWK%DUEHWHLOLJWHVLFKDQGHP%ORFNPLWDOOHU.RQ]HQWUDWLRQZLHMHGHU%HWHLOLJWH6NORWK %DUZDUDOOHUGLQJVGHUHLQ]LJHGHUGLHVHYROOH.RQ]HQWUDWLRQEHZXWDXIEUDFKWH (LQPDOKDWWHHUVHLQHQ$QWHLODQGHP%ORFNVHNXQGHQODQJ]XVDPPHQEUHFKHQODVVHQ,Q ZHQLJHQ$XJHQEOLFNHQKDWWHHUGDPDOVLQGHQ*HKLUQHQGHUDQGHUHQKHUXP]XVFKQIIHOQ YHUVXFKWXQGHVKlWWHQLFKWZHQLJJHIHKOWXQGHUZlUHGDEHLUHJHOUHFKWHUZLVFKWZRUGHQ6HLQ *HJHQEHUHLQVFKRQUHFKWEHWDJWHU3ULHVWHUKDWWHVLFKHUVFK|SIWDXVGHPJHLVWLJHQ%ORFN ]XUFN]LHKHQPVVHQ6NORWK%DUKDWWHVLFKVRIRUWZLHGHUDXIGHQ%ORFNNRQ]HQWULHUWXQGLQ GHP$XJHQEOLFNLQGHPHUVLFKZLHGHULQGHQ.UHLVHLQJHVFKDOWHWKDWWHKDWWHHUGLHW|GOLFKH (QWODGXQJKHUDQQDKHQIKOHQ'UHL6HNXQGHQVSlWHUZDU6NORWK%DUV*HJHQEHUWRWYRP6LW] JHVXQNHQ6HLWKHUZXWH6NORWK%DURGHUHUJODXEWH]XPLQGHVWGLHV]XZLVVHQGDGHUMHQLJH YRP7RGHEHGURKWZDUGHUVLFKDXVGHPJHLVWLJHQ%ORFNZHJ]XVWHKOHQYHUVXFKWHRGHUDXV 6FKZlFKHDXVVFKLHG 6NORWK%DUVSUWHGDKLQWHUGHUU|WOLFKVFKLPPHUQGHQ+OOHGHV$NWLYDWRUV(QHUJLHQ ZLUNWHQGHUHQ*HIlKUOLFKNHLWIDVWPLW+lQGHQ]XJUHLIHQZDU(UVSUWHGDGHUKDUPORV HUVFKHLQHQGH0HWDOON|USHUGHQ:DKQVLQQLQIDVWNRQ]HQWULHUWHU)RUPHQWKLHOW,QGHPNOHLQHQ *HUlWWREWHQ*HZDOWHQZLHVLH/HJLRQHQYRQ+RKHQ3ULHVWHUQLP'LHQVWH%lDOROVQLFKW DXIEULQJHQNRQQWHQZHQQVLHVLFKNRQ]HQWULHUWHQ(VNDPLKPYRUDOVVSLHOHHUPLW]LWWHUQGHQ )LQJHUQDP=QGHUHLQHU+DQGJUDQDWHKHUXPGDUDXIKRIIHQGGDGLH6SOLWWHULKQYHUVFKRQHQ XQGHLQHQDQGHUHQ]HUIHW]HQZUGHQ 6NORWK%DUVSUWHQLFKWGDVHLQ*HVLFKWIDVWEOXWOHHUZXUGH(UK|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lQNWYRQGHU)XUFKWYRUGHQXQKHLPOLFKHQ:LUNXQJHQGHV$NWLYDWRUV 'DQQZXUGHQGLH*HGDQNHQHQWVFKORVVHQHUULFKWHWHQVLFKLQLPPHUVWlUNHUHP0DDXIGHQ $NWLYDWRU'LH*LHUQDFKGHU8QVWHUEOLFKNHLWEHNDPGLH2EHUKDQGXQGQDFKGHU*LHUNDPGHU +DDOVGDVVWlUNVWHDOOHU*HIKOH0LWDOOHU.UDIWKDWWH6NORWK%DUVHLQHQ+DDXIGHQ $NWLYDWRUNRQ]HQWULHUWGHQ+DDXIDOOHVZDVLKPLP:HJHZDUXQGGDVZDULQGLHVHP)DOO GHUKHLPWFNLVFKH0HFKDQLVPXVGHUGHQ$NWLYDWRUIDVWZHUWORVPDFKWH 6NORWK%DUVSUWHZLHGHU:LGHUVWDQGVFKODJDUWLJQDFKOLH (UILQJVLFKDEXQG|IIQHWHZLHGHUGLH$XJHQ(VZDUMHGHVPDOGDVJOHLFKH(UPDFKWHHV JHQDXZLHGLHDQGHUHQHUDWPHWHHUOHLFKWHUWDXIOlFKHOWHHLQZHQLJXQGZLVFKWHVLFKGHQ 6FKZHLYRQGHU6WLUQ9LHOHGHUbOWHUHQ]HLJWHQQDFKHLQHUVROFKHQ6LW]XQJDOOH=HLFKHQGHU (UVFK|SIXQJDXVJHQRPPHQGLH$NWLYDWRUWUlJHU,KQHQVFKLHQGLHXQJHKHXUH6WUDSD]HGHU lXHUVWHQPHQWDOHQ.RQ]HQWUDWLRQQLFKWVDXV]XPDFKHQXQGGLHVHRIIHQ]XU6FKDXJHWUDJHQH 6WlUNH5XKHXQG6LFKHUKHLWIDFKWHGHQ%HVLW]WULHEGHUDQGHUHQMHGHVPDOZLHGHUDQXQG VWHLJHUWHLKQELVDQGLH*UHQ]HGHU%HVHVVHQKHLW Ä%HQWK-DSVDJWH.DOGHU'KDQPHKUQLFKW 'HU$QJHVSURFKHQHQLFNWHQXUJULIIQDFKGHP$NWLYDWRUXQGKlQJWHLKQXP6NORWK%DU NDQQWHGHQ0DQQHUOHLWHWHGHQ7HPSHODXIGHU.ULVWDOOZHOW$UNRQ,'LH+lQGHGHVDOWHQ 0DQQHVKDWWHQJH]LWWHUWDOVHUQDFKGHP$NWLYDWRUJHJULIIHQKDWWH6NORWK%DUKDWWHJHQDX

DXIJHSDW(UWLSSWHGDUDXIGDLQGLHVHP)DOOGHU7UlJHUGHV$NWLYDWRUVDXVVFKHLGHQZUGH Ä/XPSHQVDJWH%HQWK-DSSO|W]OLFKÄ1LHGULJHJHPHLQH6FKXIWH .DOGHU'KDQUXQ]HOWHGLH6WLUQ6NORWK%DUVWXW]WH Ä,KUZDUWHWGRFKQXUGDUDXIGDPHLQ$NWLYDWRUK|UWLKU"0HLQ$NWLYDWRUPLFKXPGHQ 9HUVWDQGEULQJW*HEWHVGRFK]XLKUQLHGHUWUlFKWLJHQ+XQGH(UVFKODJHQVROOWHPDQHXFK *HVFKPHLVHLGLKU$XVZXUI :lKUHQGGLHDQGHUHQQRFK]LHPOLFKYHUZXQGHUWH*HVLFKWHUPDFKWHQEHJULII6NORWK%DUGD VLFKGLHVHU$NWLYDWRUDXIGLHVH$UWXQG:HLVHEHPHUNEDUPDFKWH(UWULHEVHLQHQ7UlJHUGD]X RIIHQXQGHKUOLFKVHLQH0HLQXQJ]XVDJHQRKQH5FNVLFKWDXIGLH5HDNWLRQGHU=XK|UHU Ä8QGGX.DOGHU'KDQGXELVWGHU$QIKUHUGLHVHU%DQGHYRQ+DOXQNHQ1LPPVWGXZLUNOLFK DQGDDXFKQXUHLQHUYRQXQVGLUJODXEWGLH+RKHLWVHOEVWKDEHPLWGLUJHVSURFKHQGHU *URH%lDOROVHOEVWVHLGLUHUVFKLHQHQ" 6NORWK%DUV*HVLFKWJHIURU]XHLQHU0DVNH$QGHUVNRQQWHHUGHQ5HL]QLFKWXQWHUGUFNHQ GHULKQ]XHLQHP*HOlFKWHUDQVWDFKHOWHGDVLQGLHVHU5XQGHDXIJODWWHQ6HOEVWPRUGKLQDXVOLHI ,QVHLQHP'UDQJGLHUHLQH:DKUKHLW]XVDJHQJDEGHUDOWH3ULHVWHURIIHQ]XGDHU WDWVlFKOLFKDQGHQ+RKHQ%lDOROJODXEWHVRZLHVHLQH*OlXELJHQGDVSULPLWLYH9RON6NORWK %DUIDQGGLHVKRFKJUDGLJHUKHLWHUQG9RQHLQHP0DQQGHUGHQ7HPSHODXI$UNRQ,OHLWHWH XQGGHUVRJHQDQQWH.ULVWDOOWHPSHOZDUHLQHUGHUJURHQSROLWLVFKXQJHKHXHUZLFKWLJHQ 7HPSHO²KlWWHPDQDQQHKPHQVROOHQGDHUGHQ+XPEXJOlQJVWGXUFKVFKDXWKDWWH 8QYRUVWHOOEDUHLQJOlXELJHU3ULHVWHUGHV%lDORO (UVWDOV%HQWK-DSSO|W]OLFKDXIVWDQG]X.DOGHU'KDQKLQEHUJLQJXQGLKPLQV*HVLFKWVSLH EHJULIIHQDXFKGLHDQGHUHQ7HLOQHKPHUGHU9HUVDPPOXQJGD%HQWK-DSXQWHUGHP(LQIOX GHV$NWLYDWRUVKDQGHOWH Ä.RQ]HQWUDWLRQEHIDKO.DOGHU'KDQ 6NORWK%DU]|JHUWHHLQHQ$XJHQEOLFNODQJ1DFKGHUXQJHKHXHUOLFKHQ%HOHLGLJXQJYRQ%HQWK -DSKDWWH6NORWK%DUIHVWGDPLWJHUHFKQHWGD.DOGHU'KDQGHQ%HOHLGLJHUDXIGHU6WHOOH W|WHQZUGH'D%HQWK-DSVHLQ/HEHQYHUVSLHOWKDWWHVDK6NORWK%DUDOVIHVWVWHKHQGH 7DWVDFKHDQGDIUZDUHUODQJHJHQXJ0LWJOLHGGHU6HNWH 'DQQHUVWEHJULII6NORWK%DUGHQ6FKDFK]XJGHV9RUVLW]HQGHQ.DOGHU'KDQIDWHQlPOLFK %HQWK-DSEHLGHU+DQGXQG]RJLKQDXIGHQ6LW]QHEHQVLFK 6NORWK%DUVFKORKDOEGLH$XJHQ$XVQDKPVZHLVHVFKDOWHWHHUVLFKQLFKWLQGHQ3DUDEORFN HLQ8QGULFKWLJ.DOGHU'KDQKDQGHOWHVRZLH6NORWK%DUHVVLFKYRUJHVWHOOWKDWWH:lKUHQG GLHDQGHUHQVLFKDXIGHQ%ORFNNRQ]HQWULHUWHQGUFNWHHU%HQWK-DSIUHXQGOLFKGLH+DQGDEHU VRUJIlOWLJVRGDQLHPDQGGLHEHLOlXILJH%HZHJXQJVHKHQNRQQWH8QGQLHPDQGHP6NORWK %DUDXVJHQRPPHQILHODXFKDXIGD.DOGHU'KDQYRUGLHVHP+lQGHGUXFNDQVHLQHP VFKZHUHQ6LHJHOULQJKHUXPJHVSLHOWKDWWH =ZLVFKHQGHQ:LPSHUQKLQGXUFKVDK6NORWK%DUZLH%HQWK-DSOHLVH]XVDPPHQ]XFNWHVLFK GDQQDEHUVRIRUWZLHGHUEHUXKLJWH6RKlWWHVLFKMHGHUYHUKDOWHQGHUSO|W]OLFKHLQHQIHLQHQ 6FKPHU]YHUVSUWYRQHLQHPNOHLQHQ,QVHNWRGHUHLQHUZLQ]LJHQJLIWEHVFKPLHUWHQ1DGHODQ HLQHPVFKZHUHQ6LHJHOULQJ 6NORWK%DUVFKDOWHWHVLFKKDVWLJLQGHQ%ORFNHLQXQGHUNDPJHUDGHQRFK]XUHFKWGHQ :LGHUVWDQGVFKZLQGHQ]XIKOHQ3O|W]OLFKVHW]WHGHU$NWLYDWRUGHQGUlQJHQGHQ,PSXOVHQ QLFKWVPHKUHQWJHJHQ'LHJHEDOOWHQ%ORFNLPSXOVHVWLHHQLQV/HHUH -HW]WGXUIWH6NORWK%DUGLH$XJHQ|IIQHQRKQHVLFKGDPLWYHUGlFKWLJ]XPDFKHQ%HQWK-DS KLQJI|UPOLFKLQVHLQHP6HVVHO'DV*LIWKDWWHUDVFKJHZLUNWVWHOOWH6NORWK%DUIHVW(U ZXQGHUWHVLFKQLFKWGDUEHUGDHLQ9RUVLW]HQGHUHLQHUVROFKHQ9HUVDPPOXQJDXFKEHU KRFKZLUNVDPH*LIWHYHUIJWHXQGVLHDXFKQDFKHLJHQHP*XWGQNHQYHUZHQGHWH'HUJOHLFKHQ HUVFKLHQLKPVHOEVWYHUVWlQGOLFK 'DQQDEHUJHVFKDKHWZDVGDV6NORWK%DUIUDOOHVDQGHUHDOVVHOEVWYHUVWlQGOLFKKLHOW %HQWK-DSZDUWRWHUPXWHHVVHLQ6NORWK%DUKLHOWHVIUVHOEVWYHUVWlQGOLFKGD.DOGHU 'KDQHLQ*LIWYHUZHQGHWKDWWHGDEOLW]VFKQHOOZLUNWHXQGGHP2SIHUNHLQH=HLW]XHLQHU

*HJHQZHKUOLH %HQWK-DSPXWHWRWVHLQGDVOLHVLFKDQGHQ)LQJHUQHLQHU+DQGDXVUHFKQHQ $EHU7RWHNRQQWHQQLFKWSO|W]OLFKGLH$XJHQ|IIQHQXQGLKUHQ0|UGHUDQVHKHQ6LHNRQQWHQ DXFKQLFKWGLH+DQGKHEHQPLWGHP)LQJHUDXIGHQ7lWHU]HLJHQXQGODXWVDJHQ Ä0|UGHU .DOGHU'KDQZXUGHZHLLP*HVLFKWGDQQVDFNWHHULQVHLQHP6HVVHO]XVDPPHQ2KQHVLFK XPGHQZWHQGHQ%OLFN%HQWK-DSV]XNPPHUQHLOWH6NORWK%DU]XGHP9RUVLW]HQGHQ KLQEHU (UEUDXFKWHQXUGLH+DQGDXV]XVWUHFNHQXP*HZLKHLW]XKDEHQ /DQJVDPULFKWHWHVLFK6NORWK%DUDXI7RQORVJDEHUEHNDQQW Ä.DOGHU'KDQLVWWRW (VZDUHLQZXQGHUVFK|QHU7UDXPVRJDULQ)DUEHXQG%XOO\ZHLJHUWHVLFKDXVGLHVHP7UDXP DXI]XZDFKHQ$EHUGLH6RQQHNLW]HOWHLQVHLQHU1DVHXQGGLHVHU5HL]HUZLHVVLFKVFKOLHOLFK DOVVWlUNHU'LH7UDXPELOGHUYHUEODWHQXQGODQJVDPZXUGHVLFK5HJLQDOG%XOOEHZXWGD HUQLFKWLQVHLQHPEHTXHPHQ%HWWODJVRQGHUQDXIHLQHPKDUWHQXQHEHQHQ8QWHUJUXQGODJ GDGLH/XIWHQWVFKLHGHQ]XZDUPZDUIUHLQYROONOLPDWLVLHUWHV6FKODI]LPPHU5HJLQDOG%XOO ZDU]ZDUNHLQWUlJHU0HQVFKDEHUEHLZHLWHPQLFKWVRUHDNWLRQVVFKQHOOZLHEHLVSLHOVZHLVH 3HUU\5KRGDQGHQPDQHLQHQ6RIRUWXPVFKDOWHUJHQDQQWKDWWHZHLOHUVLFKLQ*HGDQ NHQVFKQHOOHDXIYHUlQGHUWH6DFKYHUKDOWHXP]XVWHOOHQYHUPRFKWH :HQQLKQZLHLQGLHVHP)DOOQLFKWV]XU(LOHGUlQJWHEUDXFKWH%XOO\JHUDXPH=HLWELVHUVLFK PLWGHU:LUNOLFKNHLWGHV:DFK]XVWDQGVYHUWUDXWJHPDFKWKDWWH/DQJVDPGlPPHUWHLKPGD HUVLFKDXIHLQHPIUHPGHQ3ODQHWHQEHIDQGXQGGDHUGRUWQRWJHODQGHWZDUXQGGDHUQLFKW DOOHLQZDU %HLGLHVHU(ULQQHUXQJDQJHODQJWVFKUDN5HJLQDOG%XOODXI *ZHQGROLQ(UKDWWHGDV0lGFKHQY|OOLJYHUJHVVHQ(UZDUHLQJHVFKODIHQREZRKOHUKDWWH ZDFKHQZROOHQ'DV6FKODIEHGUIQLVZDUVWlUNHUJHZHVHQDOVVHLQH9RUVLFKW:RZDUGDV 0lGFKHQ" 5HJLQDOG%XOODWPHWHHUOHLFKWHUWDXIDOVHUGUHL0HWHUYRQLKPHQWIHUQWHLQHQURWHQ)OHFNDXI GHPPRRVEHGHFNWHQ%RGHQEHPHUNWH*ZHQGROLQVFKOLHIQRFKXQGQDFKGHQKHIWLJHQ $XJHQEHZHJXQJHQ]XVFKOLHHQWUlXPWHVLHDXFK%XOO\OlFKHOWH:RYRQPRFKWHHLQ DFKWMlKULJHV0lGFKHQLQGLHVHU/DJHWUlXPHQ" %XOO\EHVFKOR*ZHQVSlWHUGDQDFK]XIUDJHQ=XHUVWZROOWHHUIUHLQ)UKVWFNVRUJHQ,Q GHU1lKHIORZLHHUDXVGHP3OlWVFKHUQIROJHUWHHLQ%DFK:DVVHUZDUDOVRYRUKDQGHQXQG GLHQRFKIHKOHQGHQ%HVWDQGWHLOHHLQHV)UKVWFNVVFKOHSSWH%XOO\LQVHLQHP*HSlFNPLW O|VOLFKHQ.DIIHH7URFNHQPLOFK(LHUXQG6FKLQNHQLQNRQ]HQWULHUWHU)RUP0DQEUDXFKWHQXU :DVVHU]X]XJHEHQXPGLH.RQ]HQWUDWHJHQLHEDU]XPDFKHQ$OVOHW]WH5HWWXQJVWHFNWHQ DXFKQRFKHWOLFKH1DKUXQJVNRQ]HQWUDWZUIHOLP*HSlFNGLHDXVDUNRQLGLVFKHU3URGXNWLRQ VWDPPWHQ6LHZDUHQ]ZDUQRFKQDKUKDIWHUDOVGLHLUGLVFKH7URFNHQQDKUXQJDEHULKU *HVFKPDFNOLHVWDUN]XZQVFKHQEULJ 'HU.DIIHHZDUJHQDXGDVZRQDFK5HJLQDOG%XOOLQGLHVHP$XJHQEOLFNEHJHKUWH(UOHLFKWHUW VWHOOWHHUIHVWGDGDV)HXHUQRFKQLFKWHUORVFKHQZDU'HPQDFKZDUHUHUVW]XP(QGHGHU :DFKHKLQHLQJHVFKODIHQ %XOO\OHJWH+RO]QDFKXQGKROWHGDQQLP.RFKJHVFKLUU:DVVHUYRP%DFK(LQHKDOEH6WXQGH VSlWHUZDUGDV)UKVWFNNRPSOHWWhEHUGDV/DJHU]RJHLQ'XIWQDFK.DIIHHXQGGLHVHU *HUXFKOLH%XOO\V6WLPPXQJDXHURUGHQWOLFKRSWLPLVWLVFKZHUGHQ(UIDWHQDFK*ZHQGROLQV 6FKXOWHUQ Ä$XIZDFKHQ.OHLQHVULHIHUJHGlPSIW *ZHQGROLQZDUIDVWVFKODJDUWLJKHOOZDFK6LH|IIQHWHGLH$XJHQ]ZLQNHUWHHLQLJH0DOHXQG IUDJWHGDQQ Ä,VWMHW]W=HLWIUPHLQH:DFKH" Ä1LFKWQ|WLJDQWZRUWHWH%XOO\OlFKHOQGÄ.RPPLFKKDEHVFKRQ)UKVWFNJHPDFKW

Ä)HLQPXUPHOWH*ZHQ$OVZRKOHU]RJHQHV0lGFKHQJLQJVLHHUVW]XP%DFKXQGZXVFKVLFK EHYRUVLHVLFKQHEHQ%XOO\KRFNWHXQGQDFKHLQHU'RVHPLW1VVHQJULII Ä:DVPDFKHQZLUKHXWH"HUNXQGLJWHVLHVLFKPLWYROOHP0XQG Ä0DUVFKLHUHQJDE%XOO\EHNDQQW'DV0lGFKHQWDWLKPOHLGDEHUHVJDENHLQHDQGHUH 0|JOLFKNHLWÄ:LUPVVHQPDUVFKLHUHQXQG]ZDUVHKUODQJH Ä'DVJHIlOOWPLUJDUQLFKWYHUULHW*ZHQ:LHVLHHVIHUWLJEUDFKWHGHQNRFKHQGKHLHQ.DIIHH ]XWULQNHQRKQHGDEHL]XVFKOUIHQRGHUVLFKGLH/LSSHQ]XYHUEUHQQHQZDU%XOO\HLQ5lWVHO Ä.|QQHQZLUQLFKWVDQGHUHVWXQ" Ä1HLQVDJWH%XOO\HQWVFKLHGHQÄ:LUPVVHQHLQH6WDWLRQHUUHLFKHQXQGXQVGRUWHLQQHXHV 6FKLIIEHVRUJHQ$QGHUQIDOOVPWHQZLUKLHUGHQ5HVWXQVHUHV/HEHQVYHUEULQJHQ Ä0LFKZUGHGDVQLFKWVW|UHQYHUULHW*ZHQGROLQÄ%OHLEHQZLUGRFKKLHU Ä'DQQZlUHQZLUDEHUJDQ]DOOHLQDXIGLHVHU:HOWHULQQHUWHVLH%XOO\Ä1XUGXXQGLFKXQG GDVZUGHGRFKVHKUEDOGODQJZHLOLJ Ä:LHVR"ZXQGHUWHVLFK*ZHQÄ,FKN|QQWHGRFKPLWGHQDQGHUHQ2QNHOVVSLHOHQ %XOO\HUVWDUUWH6HKUYRUVLFKWLJVHW]WHHUGLH.DIIHHWDVVHDE Ä:DVIU2QNHOV"HUNXQGLJWHHUVLFKZlKUHQGVLFKVHLQH1DFNHQKDDUHVWUlXEWHQ Ä'LHGD *ZHQGROLQGHXWHWHPLWGHP)LQJHUDXIHWZDVKLQWHU%XOO\V5FNHQ/DQJVDPGUHKWHVLFK %XOO\KHUXP (VZDUHQVLHEHQ6LHEHQ0lQQHUKDOEQDFNWEUDXQJHEUDQQWXQGPLWODQJHQ6SHHUHQ EHZDIIQHWGHUHQ6SLW]HQLQGHU6RQQHJOlQ]WHQ6LHVWDQGHQDP5DQGGHUNOHLQHQ/LFKWXQJ XQGVDKHQGHQEHLGHQ(UGPHQVFKHQEHLP)UKVWFN]X,KUH*HVLFKWHUYHUULHWHQ1HXJLHUGH %XOO\VDKGLH.|SIHXQGZXWHVRIRUWZRUDQHUZDU'DVZHLH+DDUXQGGLHURWHQ$XJHQ YHUULHWHQJHQXJ (VKDQGHOWHVLFKXP$UNRQLGHQJHQDXHUJHVDJWXP$UNRQDEN|PPOLQJH2EVLHGLH 1DFKIDKUHQIUKHU.RORQLVWHQRGHUDEHUYRQQRWJHODQGHWHQ5DXPIDKUHUQZDUHQOLHVLFK QLFKWIHVWVWHOOHQ,QMHGHP)DOODEHUZDUHQVLHXQWHUGDV1LYHDXLKUHU9RUYlWHU]XUFNJHIDOOHQ %XOO\KREGLH+DQG]XP*UX Ä.RPPWQlKHUVDJWHHUDXIDUNRQLGLVFKGHU9HUNHKUVVSUDFKHLQGLHVHP7HLOGHU 0LOFKVWUDH $XVGHQ$XJHQZLQNHOQKHUDXVVFKLHOWHHUQDFKVHLQHU:DIIH6LHODJZHLWHQWIHUQW]XZHLWDOV GDHUVLHPLWHLQHP*ULIIKlWWHHUUHLFKHQN|QQHQ8QGGLH%HVXFKHUPDFKWHQQLFKWGHQ (LQGUXFNDOVZUGHQVLHODQJHIDFNHOQZHQQ%XOO\VLFKHLQHQ)HKOHUHUODXEWH (LQHUGHU0lQQHUGHUVLFKYRQGHQDQGHUHQGXUFKHLQHQEHVRQGHUVKEVFKHQJHIlUEWHQ /HQGHQVFKXU]XQWHUVFKLHGHUZLGHUWH%XOO\V*UX Ä6HLZLOONRPPHQ)UHPGOLQJVDJWHHUPLWWLHIHU6WLPPH(UVSUDFKHLQDOWHVDUNRQLGLVFKHV ,GLRPGDV%XOO\QXUPLW0KHYHUVWDQG$EHULPPHUKLQHLQH9HUVWlQGLJXQJZDUP|JOLFK 'LH0lQQHUNDPHQQlKHUXQGKRFNWHQVLFKQHEHQGDV)HXHU,KUH:DIIHQKLHOWHQVLH JULIIEHUHLWODQJVFKQHLGLJH6FKZHUWHUPLWNXQVWYROOYHU]LHUWHQ6FKHLGHQDXV+DUWKRO]NXU]H 'ROFKHPLWVFKDUIJHVFKOLIIHQHU.OLQJHGD]XGLH6SHHUHGHUHQ6SLW]HQ:LGHUKDNHQWUXJHQ =ZHLGHUVLHEHQ0lQQHUWUXJHQ%|JHQXQG3IHLOHXQGDOOHKDWWHQDP*UWHO6WHLQHXQGHLQH NOHLQH6FKOHXGHUKlQJHQ2IIHQEDUZDUHQGLHVH$UNRQDEN|PPOLQJHQLFKWGHJHQHULHUW VRQGHUQLP*HJHQWHLOK|FKVWNULHJHULVFK 6FKHLQEDUJOHLFKJOWLJQDKP%XOO\HLQHQ6FKOXFNDXVVHLQHU7DVVHGDQQJDEHUGHQ%HFKHU PLW.DIIHHZHLWHU'HU$QIKUHUGHVNOHLQHQ7UXSSVVDK%XOO\]ZHLIHOQGDQ]|JHUWHHLQHQ $XJHQEOLFNGDQQVHW]WHHUGHQ%HFKHUDQGLH/LSSHQ6FKOUIHQGQDKPHUHLQHQ6FKOXFN GDQQJDEHUGHQ%HFKHU]XUFN6HLQ*HVLFKWVDXVGUXFNYHUULHWQLFKWZLHLKPGHU.DIIHHJH VFKPHFNWKDWWH*ZHQGROLQKDWWHXQEHIDQJHQHEHQIDOOVYRQLKUHP.DIIHHDQJHERWHQ Ä:HUELVWGXXQGZDVZLOOVWGXDXIGHP*HELHWGHU7KDQNKHU"IUDJWHGHU$QIKUHU Ä5HJLQDOG%XOOVWHOOWHVLFK%XOO\YRUGDQQGHXWHWHHUDXIGDV0lGFKHQÄ*ZHQGROLQ 'HU$QIKUHUQLFNWHHLIULJ]XP=HLFKHQGDHUYHUVWDQGHQKDWWH

Ä+RUSVWHOOWHHUVLFKVHOEVWYRUXQGGDQQQDQQWHHUQRFKGLH1DPHQVHLQHU*HIlKUWHQ Ä:DVZROOWLKUEHLXQV"IUDJWHHUGDQQÄ'LHVLVWXQVHU/DQG Ä:LUVXFKHQHLQHQ2UWYHUULHW%XOO\(UEHUOHJWHVLFKKDVWLJLQZHOFKHP9HUKlOWQLVGLH (LQJHERUHQHQ]XGHQ$QWLVVWHKHQPRFKWHQGLH$UFRPXUWKEHKHUUVFKWHQÄ,FKVXFKHHLQHQ 7HPSHOGHV+RKHQ%lDORO 'HU$QIKUHUVDKLKQYHUZXQGHUWDQ Ä+LHUJLEWHVNHLQHQVROFKHQ7HPSHOVDJWHHUDEZHKUHQGÄ:HUKDWGLUJHVDJWGDHVDXI GHP*HELHWGHU7KDQ.KHUHLQHQ7HPSHOGLHVHV*RWWHVJHEH" %XOO\GHXWHWHQDFKREHQ Ä,FKKDEHHVEHLGHU/DQGXQJJHVHKHQHUNOlUWHHUÄ$XVGHU/XIW +RUS]RJGLH%UDXHQ]XVDPPHQXQGVHLQH0lQQHUJULIIHQLKUH:DIIHQIHVWHU Ä'XKDVWGDV/DQGJHVHKHQZLHHLQ9RJHOHVVHKHQNDQQZHQQHUVLFKLQGLH/IWH VFKZLQJW" Ä6LFKHUYHUULHW%XOO\Ä$OVZLUPLWXQVHUHP5DXPVFKLII]XU/DQGXQJDQVHW]WHQ :HLWHUNDPHUQLFKW+RUSNDPEOLW]VFKQHOODXIGLH)HXQGULFKWHWHVHLQHQ6SHHUDXI%XOO\V .HKOH Ä'DVOJVWGXVFKULHHUHUUHJW6HLQH*HIlKUWHQKDWWHQHEHQIDOOVQDFKLKUHQ:DIIHQJHJULIIHQ Ä'HU+lXSWOLQJZLUGEHVWLPPHQZDVPLWHXFKJHVFKHKHQVROO9RUZlUWV Ä$EHUVHW]WH%XOO\DQ (UZROOWHZHQLJVWHQVGDV*HSlFNUHWWHQ(UZUGHGDV*HSlFNDXIGHP:HLWHUPDUVFK EUDXFKHQYRUDOOHPGLH:DIIHQ$EHUGLH7KDQNKHUNPPHUWHQVLFKQLFKWXP%XOO\V3URWHVW +RUSEHZHJWHVHLQHQ6SHHUHWZDVZHLWHUQDFKYRUQXQGGLHEURQ]HQH6SLW]HEHUKUWH%XOO\V .HKONRSINQRUSHO*HJHQGLHVH$XIIRUGHUXQJJDEHVNHLQHQ:LGHUVSUXFK%XOO\VWDQGODQJVDP DXI'LH6SHHUHGHU7KDQNKHUEHVDHQXQWHUDUPODQJH6SLW]HQXQGGLH.DQWHQGHU 6SHHUEOlWWHUZDUHQVFKDUIJHVFKOLIIHQ0LWGLHVHQ6SHHUHQNRQQWHPDQZHUIHQDEHUHEHQVRJXW DXFKVWHFKHQXQG]XVFKODJHQ :LH6FKODFKWYLHKWULHEHQGLH7KDQNKHULKUHEHLGHQ*HIDQJHQHQYRUVLFKKHU$XI%XOO\]LHOWH VWHWVHLQH6SHHUVSLW]HZlKUHQGVLFKGLH(LQJHERUHQHQEHL*ZHQGROLQZHQLJHU0KHJDEHQ $OV%XOO\ORVPDUVFKLHUWHZDU*ZHQHLQIDFKJHIROJW6LHWUlOOHUWHHLQ/LHGFKHQRKQH:RUWH EHWUDFKWHWHLPPHUZLHGHU3IODQ]HQDP:HJUDQGRGHUVHOWHQH.lIHUGLHDXIGHQ%lXPHQKHU XPNUDEEHOWHQXQGGLH7KDQNKHUKLQGHUWHQVLHQLFKW%XOO\NRQQWHHUNHQQHQGDGLH (LQJHERUHQHQYRQ*ZHQVURWHP+DDUI|UPOLFKYHU]FNWZDUHQ,PPHUZLHGHUVWUHFNWHHLQHU GHU7KDQNKHUHLQH+DQGQDFKGHP+DDUDXVDEHUNHLQHUZDJWHHV*ZHQ]XEHUKUHQ6WHWV ]XFNWHGLH+DQGZLHGHU]XUFN*ZHQEHPHUNWHGDYRQQLFKWYLHOVLHZDU]XVHKUGDPLW EHVFKlIWLJWVLFKPLWDOOHP]XEHIUHXQGHQZDVDP:HJUDQGZXFKVXQGNURFK%HVRQGHUVGLH GLFNHQ.lIHUPLWGHQPHWDOOLVFKVFKLPPHUQGHQ)OJHOQKDWWHQHVLKUDQJHWDQ,KUH %HJHLVWHUXQJHUORVFKHUVWDOVHLQHUGHU7KDQNKHUQDFKHLQHPEHVRQGHUVIHWWHQ.lIHUJULII LKQDXIKREXQGPLWURXWLQLHUWHQ%HZHJXQJHQ]XP0XQGIKUWH(LQ%LHLQ]ZHLWHUXQGGHU .lIHUZDUYHUVFKZXQGHQ%XOO\SULHVVHLQ6FKLFNVDOGDVLKQPLWHLQHPXQHPSILQGOLFKHQ 0DJHQDXVJHVWDWWHWKDWWHDQGHUHQIDOOVKlWWHHUVLFKMHW]WEHUJHEHQPVVHQ*ZHQGROLQZDU GHP9RUJDQJPLWZHLWDXIJHULVVHQHQ$XJHQJHIROJW6LHZDUDQVFKHLQHQG]XGHP6FKOX JHNRPPHQGDHLQKDOEQDFNWHU:LOGHUGHUHLQIDFKOHEHQGH.lIHUKLQXQWHUVFKODQJ ZDKUVFKHLQOLFKDXFKNHLQH+HPPXQJHQNHQQHQZUGH]XNOHLQHQ0lGFKHQJDUVWLJ]XVHLQ GDKHUXQWHUGUFNWHVLHGHQ3URWHVWGHULKULP*HVLFKWJHVFKULHEHQVWDQG Ä:LHZHLWPVVHQZLUQRFKJHKHQ"IUDJWHVLHVFKOLHOLFK5HJLQDOG%XOO'HU]XFNWHPLWGHQ 6FKXOWHUQ Ä,FKZHLHVQLFKWJHVWDQGHUÄ'DPXWGXVFKRQGLHVH0lQQHUIUDJHQ6LHKDEHQXQV VR]XVDJHQHLQJHODGHQ Ä'DVLVWDEHUQHWWQLFKWZDKU"PHLQWH*ZHQIU|KOLFK Ä6HKUQHWWPXUPHOWH%XOO\ $XVGHPDQVFKZHOOHQGHQ/lUPSHJHOIROJHUWHHUGDVLFKGHUNOHLQH7UXSSGHP/DJHURGHU

'RUIGHU7KDQNKHUQlKHUWH(UKDWWHVLFKQLFKWJHLUUW $OVHUVWHVVDKHUGLH+WWHQVDXEHUDXV+RO]XQG6FKLOIJHEDXW'DQQGLH0HQVFKHQGLHGLH 6LHGOXQJHUIOOWHQ0lQQHU)UDXHQ.LQGHUXQGHLQLJH'XW]HQGKDOEYHUKXQJHUWHU KXQGHlKQOLFKHU7LHUH,QZHLWHP%RJHQ]RJVLFKGDV'RUIDP8IHUHLQHV6HHVHQWODQJXQG OLH]ZLVFKHQGHUHUVWHQ+lXVHUUHLKHXQGGHP6HHHLQHQEUHLWHQ6WUHLIHQ/DQGIUHL)HLQHU ZHLN|UQLJHU6DQGEHGHFNWHGHQ8IHUVWUHLIHQXQGQXUDQHLQHU6WHOOHZXUGHGLHVHV:HL XQWHUEURFKHQ $QHLQHU6WHOOHZDUGHU%RGHQVFKZDU]$QGLHVHP2UWUDJWHHLQVWHLQHUQHU.RORDXVGHP %RGHQHLQHULHVLJHDQQlKHUQGPHQVFKHQlKQOLFKH*HVWDOWDXVVFKZDU]HP*HVWHLQ'DV *HVLFKWGHV.RORVVHVZDUGHP:DVVHU]XJHNHKUW9RUGHP*|W]HQVWDQGHLQ$OWDUHEHQIDOOV DXVVFKZDU]HP6WHLQJHPHLHOW %XOO\EUDXFKWHQXUHLQHQ%OLFNXPGLH6]HQHULHLQVLFKDXI]XQHKPHQ'DV$UUDQJHPHQWZDU HLQGHXWLJXQGHVKlWWHQLFKWGHVHLQGHXWLJHQ*HUXFKVEHGXUIWLKPNODU]XPDFKHQZHOFKH %UlXFKHKLHUJDOWHQ 'HU.RORZDU]ZHLIHOVRKQHGHU*RWWGHU7KDQNKHUXQGDXIGHPVFKZDU]HQ$OWDURSIHUWHQ VLHLKUHP*|W]HQXQGZHQQ%XOO\VLFKQLFKWVHKULUUWHGDQQRSIHUWHQVLHLKP0HQVFKHQ 8QGDXVGHP*HVLFKWVDXVGUXFNGHQ+RUSXQGVHLQH)UHXQGH]XU6FKDXWUXJHQOLHVLFK DEOHVHQGDGLH7KDQNKHUI|UPOLFKGDQDFKEUDQQWHQMHQH:HVHQGLHEHKDXSWHWKDWWHQDXV GHU/XIW]XNRPPHQVFKOHXQLJVWLQGHQ+LPPHO]XUFN]XVFKLFNHQ (LQ*HZLUUYRQ6WUDKOEDKQHQVSDQQVLFKGXUFKGHQ5DXP 6NORWK%DU]LHOWHVRUJIlOWLJXQGIHXHUWHGDQQ'HU$UPVDPW:DIIHGHUSO|W]OLFKKLQWHUHLQHU 6lXOH]XP9RUVFKHLQJHNRPPHQZDUZXUGHJHWURIIHQXQGGHUUDVHQGH6FKPHU]GLHVHV 7UHIIHUVWULHEGHQ9HUOHW]WHQDXVVHLQHP9HUVWHFN1RFKHLQPDOEHWlWLJWH6NORWK%DUGHQ $E]XJVHLQHU:DIIHXQGGHU9HUOHW]WHNRQQWHNHLQHQ6FKPHU]PHKUHPSILQGHQ(UZDUWRW 6NORWK%DUVDKHLQHQ5RERWGHUVLFKDXIGDV.DPSIIHOGZDJWHXQGELQQHQZHQLJHU6HNXQGHQ ]XHLQHPXQI|UPLJHQ6FKURWWKDXIHQ]XVDPPHQJHVFKRVVHQZXUGH ,QGHUJURHQ9HUVDPPOXQJVKDOOHZDUGDV&KDRVDXVJHEURFKHQ (VJDEQXUQRFK]ZDQ]LJOHEHQGH%lDOROVDXI$UFRPXUWKXQGQDFKGHP7UHIIHUYRQ6NORWK %DUZDUHQHVQXUQRFKQHXQ]HKQ-HW]WJDEHVIUMHGHQhEHUOHEHQGHQHLQHQ$NWLYDWRUGHQQ ELVKHUKDWWHPDQHVVHOEVWPLWYHUHLQWHQ.UlIWHQQLFKWJHVFKDIIWGHQYHUPDOHGHLWHQ :DKUKHLWVDNWLYDWRU]XVlXEHUQ*HQDXHUJHVDJWNHLQHUKDWWHHVJHZDJWGLHVHV*HUlW EHU]XVWUHLIHQ'DV5LVLNRZDUDOOHQ]XJURHUVFKLHQHQ%LVGHU$NWLYDWRUVW|UXQJVIUHL IXQNWLRQLHUWHKDWWHGHU7UlJHUEHUHLWVGHUDUWYLHO:DKUHVJHVDJWGDVHLQ.RSIXQUHWWEDU YHUIDOOHQZDU 1HXQ]HKQ0lQQHUJDEHVQRFKDXI$UFRPXUWKQHXQ]HKQ$NWLYDWRUWUlJHUELVDXIHLQHQ 6NORWK%DUKDWWHVHLQHQ$NWLYDWRUYHUVWHFNW$OVGDV*HUlWIULKQIUHLJHZRUGHQZDUKDWWHHU VLFKK|IOLFKEHGDQNWXQGGHQ$NWLYDWRUDXIGHP$OWDUGHSRQLHUW'DVHLQH*HIlKUWHQLKQIU EHUJHVFKQDSSWJHKDOWHQKDWWHQKDWWH6NORWK%DUQLFKWJHVW|UW6NORWK%DUIKUWHVHLQHQ3ODQ GXUFK(UZXWHGDHUGHQ.DPSIXPGLH8QVWHUEOLFKNHLWQRFKQLFKWJHZRQQHQKDWWH 8QGULFKWLJHVKDWWHQLFKWODQJHJHGDXHUWGDZDUHQGLHDOWHQ6FKZLHULJNHLWHQHUQHXW DXIJHWDXFKW(LQ7HLOGHU$NWLYDWRUHQKDWWHVHLQHXQKHLOEULQJHQGHQ3DUDHLJHQVFKDIWHQ ]XUFNEHNRPPHQXQGGDPLWZDUGHU.DPSIDOOHUJHJHQDOOHHQWEUDQQW 'HU8QWHUVFKLHG]XGHQIUKHUHQ$XVHLQDQGHUVHW]XQJHQZDUHLQVFKQHLGHQG%HLP%HJLQQGHV 9HUIDKUHQVKDWWHGLH0HKU]DKOGHU%HWHLOLJWHQVLFKDXVUHFKQHQN|QQHQGDHVIUVLHNHLQHQ =HOODNWLYDWRUJHEHQNRQQWH'DQQDEHUZDUGLHVH=DKO]XVDPPHQJHVFKUXPSIW8QIlOOH 6HOEVWPRUGDEXQG]XDXFKHLQ0RUGKDWWHQGLH=DKOGHU$QZlUWHUDXIGLH8QVWHUEOLFKNHLW V\VWHPDWLVFKYHUULQJHUW :HU]XGLHVHP=HLWSXQNWQRFKOHEWHKDWWHGDV*HIKOEHUHLWVDXVJHNRVWHWZXWHZDVHVKLH

GHQ$NWLYDWRUDXIGHU+DXWJHWUDJHQ]XKDEHQVHLQHQOHEHQVHUKDOWHQGHQ,PSXOVJHVSUW]X KDEHQ$P(QGHHLQHV7DJHVLQGHPGHU.DPSIXPGLHULFKWLJH)XQNWLRQGHU$NWLYDWRUHQ]X HLQHUI|UPOLFKHQ3DUDVFKODFKWJHZRUGHQZDUZDUHQDOOHhEHUOHEHQGHQY|OOLJHUVFK|SIWJHZH VHQXQGVLHKDWWHQDOOHJHVSUWZLHVFKQHOOHLQ$NWLYDWRUGLHYHUEUDXFKWHQ.UlIWHHUQHXHUQ NRQQWH :DUHQVLHYRUKHUVFKRQJLHULJJHZHVHQVRVWHLJHUWHVLFKGLHVH*LHU]XP:DKQVLQQDOVGLH HUVWHQ$NWLYDWRUHQZLHGHUIHKOHUKDIW]XDUEHLWHQEHJDQQHQ=XHLQHUNRRUGLQLHUWHQ$NWLRQZDU HVQLFKWPHKUJHNRPPHQ1LHPDQGKDWWHVLFKGDUDXIYHUODVVHQZROOHQGLHEHWUHIIHQGHQ $NWLYDWRUHQQRFKHLQPDO]XVlXEHUQ-HGHUKDWWHQXUHLQHQ*HGDQNHQJHKDEWVFKQHOOHLQHQ IXQNWLRQVWFKWLJHQ$NWLYDWRULQ%HVLW]]XEHNRPPHQJOHLFKJOWLJZLH -HW]WZDUGLH6FKODFKWXPGLH$NWLYDWRUHQLQYROOHP*DQJ 6NORWK%DUZDUIVLFKDXIGHQ%RGHQXQGUREEWHYRUZlUWV(LQ7HLOGHU'HFNHZDU KHUDEJHVWU]WXQGKLQWHUGHQ7UPPHUQZDU6NORWK%DUJHGHFNW(UZXWHGDLKPGLH $XVHLQDQGHUVHW]XQJDXVGHU+DQGJHJOLWWHQZDU6NORWK%DUKDWWHIHVWJHJODXEWGLH$NWL YDWRUHQVHLHQQDFKGHP6lXEHUXQJVSUR]HHLQZDQGIUHL'HUSO|W]OLFKDXINHLPHQGH:DKQVLQQ KDWWHDXFKLKQY|OOLJEHUUDVFKW $XIGHP5FNHQOLHJHQGZHFKVHOWH6NORWK%DUGDV0DJD]LQVHLQHU:DIIH(VJDEJHQJHQG :DIIHQXQG0XQLWLRQLQGHU6WDWLRQGHU%lDOROVXPGDPLWHLQHQPRQDWHODQJHQ.OHLQNULHJ DXVIHFKWHQ]XN|QQHQ0LWHLQHPSUl]LVHQ6FKXKROWH6NORWK%DUHLQHQ5RERWYRQGHU 'HFNHGHUHLQH:DIIHJHWUDJHQKDWWH2IIHQEDUZDUHVHLQHP%UXGHUJHOXQJHQHLQLJH5RERWV IUVHLQH=ZHFNHXP]XSURJUDPPLHUHQXQG]XEHZDIIQHQ.QIWLJPXWH6NORWK%DUDOVR DXFKDXI5RERWVDFKWHQ=XP*OFNZDUHQGLH0DVFKLQHQYRQYRUQHKHUHLQ]XODQJVDPXP DOV.lPSIHULQGLHVHP.ULHJYRQ:HUW]XVHLQ'LH0DVFKLQHGLHVLFK]ZDUUHFKWUDIILQLHUW DXIGDV'DFKYRUJHDUEHLWHWKDWWHDEHUYLHO]XODQJVDPXQG]XODXWJHZHVHQZDUXP6NORWK %DUEHUUDVFKHQ]XN|QQHQILHOGXUFKGDV/RFKLQGHU'HFNHDXIGHQ%RGHQXQG]HUVFKHOOWH GRUW'DV0DJD]LQGHULPSURYLVLHUWHLQJHEDXWHQ:DIIHJLQJKRFKXQGULGHQ5RERWLQ 6WFNHGLHZLH*UDQDWHQGXUFKGHQ5DXPMDXOWHQ(LQJHOOHQGHU6FKUHLEHZLHVGD PLQGHVWHQVHLQHUGHU6SOLWWHUJHWURIIHQKDEHQPXWH 6NORWK%DUNURFKZHLWHUDXVGHU9HUVDPPOXQJVKDOOHKHUDXV (VJDEIUMHGHQGHUVLFKDP.DPSIEHWHLOLJWH]ZHL0|JOLFKNHLWHQ(QWZHGHUEOLHEGHU %HWUHIIHQGHDXI$UFRPXUWKGDQQOLHIHU*HIDKUYRQHLQHPGHU%UGHUJHW|WHW]XZHUGHQGLH QXUHLQHQGHIHNWHQ$NWLYDWRUHUKDOWHQKDWWHQ2GHUDEHUHUYHUOLHGHQ3ODQHWHQDXIGHP VFKQHOOVWHQ:HJGDQQOLHIHU*HIDKUGDDXFKVHLQ$NWLYDWRUZLHGHUYHUUFNW]XVSLHOHQ EHJDQQ,QGLHVHP)DOOKDWWHHUVLFKGLH0|JOLFKNHLWHQYHUVFKHU]WVLFKHLQHQZHLWHUHQ $NWLYDWRU]XYHUVFKDIIHQ 6NORWK%DUIROJHUWHGDGLH0HKU]DKOVHLQHU%UGHUDXI$UFRPXUWKEOHLEHQZUGHMHGHQIDOOV VRODQJHELVVLFKKHUDXVJHVWHOOWKDWWHZHOFKH=HOODNWLYDWRUHQLKUH$UEHLWRKQHMHGH0XFNHQ XQG6W|UXQJHQWDWHQ1DFK6NORWK%DUV6FKlW]XQJZUGHGLHVHU3UR]HPLQGHVWHQVHLQLJH :RFKHQLQ$QVSUXFKQHKPHQ 6NORWK%DUV3ODQVDKYRUVLFKLQGLHVHU=HLW]XYHUVWHFNHQXQGHLQIDFKDE]XZDUWHQ6HLQ JDQ]HU3ODQEDVLHUWHDXIGHUHLQIDFKHQ7DWVDFKHGDHUDOOHLQVLFKVWDUNJHQXJIKOWHQRFK HLQLJH0RQDWHQ|WLJHQIDOOVVRJDUHLQLJH-DKUHZDUWHQ]XN|QQHQVHOEVWZHQQHUHLQHQHLJHQHQ $NWLYDWRULQGHU6FKXEODGHKDWWH1RFKZDU6NORWK%DUVRMXQJGDHUVLFKGLHVHV:DUWHQOHL VWHQNRQQWHYRUDOOHPDEHUEHVDHUGLH*HGXOGXQGGLH:LOOHQVVWlUNHGLHHUIUGLHVHQ3ODQ EUDXFKWH (LQLJH0HWHUIUHLHQ6FKXIHOGVODJHQ]ZLVFKHQGHQ7UPPHUQXQGGHQHUVWHQ6WUlXFKHUQGHV *DUWHQV6NORWK%DUULFKWHWHVLFKKDOEDXI(UDKQWHGDPDQLKQXQWHU)HXHUQHKPHQZUGH HUNDQQWHVHLQH%UGHU (UUDQQWHORV 6NORWK%DUPDFKWHQXUGUHLRGHUYLHUQRUPDOH/DXIVFKULWWHGDQQZDUIHUVLFKQDFKYRUQ'LHVH %HZHJXQJUHWWHWHLKPGDV/HEHQ'HU6WUDKOVFKXGHULKQYROOJHWURIIHQKlWWHVWUHLIWHVRQXU

VHLQHQ5FNHQ(UYHUNRKOWHGDV*HZHEHDXI6NORWK%DUV5FNHQXQGOLHLKQDXIVFKUHLHQ )DVWEHVLQQXQJVORVYRU6FKPHU]OLHVLFK6NORWK%DUIDOOHQXQGUROOWHVLFKDE1XUKDOEEHL 9HUVWDQGQDKPHUZDKUGDHUHUQHXWHLQH'HFNXQJJHIXQGHQKDWWH 5DVHQGHU6FKPHU]WREWHLQ6NORWK%DUV*OLHGHUQ 'HU6FKXKDWWH]ZDUKDXSWVlFKOLFKGLH.OHLGHU]HUVW|UWDEHUWURW]GLHVHU7DWVDFKHZDU 6NORWK%DUV5NNHQEDOGJUHOOURWXQGGLH=DKOGHU%UDQGEODVHQPHKUWHVLFKPLWMHGHU 0LQXWH/HEHQVJHIlKUOLFKZDUGLH:XQGHQLFKWDEHUVLHVHW]WH6NORWK%DUV.DPSINUDIWVHKU VWDUNKHUDEXQGPDFKWHLKQ]XUOHLFKWHQ%HXWH (VJDEQXUHLQH5HWWXQJIU6NORWK%DU(UPXWHVLFKVFKOHXQLJVWDXVGHP.DPSIJHELHW HQWIHUQHQXQGLQ6LFKHUKHLWVHLQH:XQGHQDXVKHLOHQ'DQQHUVWNRQQWHHU]XUFNNHKUHQXQG VLFKZLHGHULQGLH$XVHLQDQGHUVHW]XQJHQHLQPLVFKHQ 6W|KQHQGYRU6FKPHU]EHZHJWHVLFK6NORWK%DUYRUZlUWV$XIUHFKW]XJHKHQZDJWHHUQLFKW GDPDQLKQVRQVWKlWWHVHKHQN|QQHQ$OVRUREEWHHUVLFKPKVDPGXUFKGDV8QWHUKRO] =ZHLJHVFKUDPPWHQEHUVHLQHQ5FNHQXQGHUEUDXFKWHDOOVHLQH:LOOHQVNUDIWXPEHL VROFKHQ%HUKUXQJHQQLFKWODXW]XVFKUHLHQ 0HWHUXP0HWHUOHJWH6NORWK%DU]XUFNXQGQLFKWHLQHLQ]LJHVPDOVWDQGHUDXIXPVLFK XP]XVHKHQ(UNURFKXPGLH%lXPHKHUXPXQGHLQJHGHQNJHUDGHHUVWJHPDFKWHU (UIDKUXQJHQVFKQLWWHUODQJVDPXQGXPVWlQGOLFKMHGHQ=ZHLJDEGHUVHLQHP5FNHQJHIlKU OLFKZHUGHQNRQQWH$XFKEHLGLHVHU6FKRQXQJZDUGHU6FKPHU]NDXP]XHUWUDJHQ6NORWK%DU ZXWHGDHUVHKUEDOGHLQVFKPHU]VWLOOHQGHV0HGLNDPHQWEUDXFKWH'HU.DPSIZDUVR JQDGHQORVGDHUVLFKNHLQHQ$XJHQEOLFNGHU6FKZlFKHOHLVWHQGXUIWH $OV6NORWK%DUV)LQJHUVLFKSO|W]OLFKXPHWZDV0HWDOOLVFKHVNUDOOWHQZXWHGHU%lDORO HQGOLFKZLHGHUZRHUZDU ,QGHU1lKHGHU7HPSHOJHElXGHJDEHVVRUJIlOWLJYHUVWHFNWHLQHQ+DQJDULQGHPNOHLQHUH 5DXPIDKU]HXJHXQWHUJHEUDFKWZDUHQ'LH%HLERRWHZDUHQQLFKWVHKUOHLVWXQJVIlKLJDEHUVLH UHLFKWHQDXVLKUH3DVVDJLHUHELV]XPQlFKVWHQ7HPSHOGHV.XOWHV]XEULQJHQZRMHGHU%lDORO VLFKHUVHLQNRQQWH+LOIH]XILQGHQYRUDOOHPQDWUOLFKGLH3ULHVWHUGHV.XOWHV 9RQGHQQHXQ]HKQ%lDOROVGLHP|JOLFKHUZHLVHQRFKOHEWHQNRQQWHQEHVWHQIDOOVGUHLRGHU YLHUGDV9HUVWHFNNHQQHQ'LHDQGHUHQNDQQWHQQXUGDVNOHLQH/DQGHIHOGHLQHKDOEH6WXQGH PLWGHP*OHLWHUYRQGHU6WDWLRQHQWIHUQW'RUWVWDQGHQGLHNOHLQHQVFKQHOOHQ-DFKWHQPLW GHQHQGLHHLQ]HOQHQ3ULHVWHU$UFRPXUWKDQJHIORJHQKDWWHQ(VPXWHQ]ZDQ]LJRGHUGUHLLJ -DFKWHQVHLQGLHPHLVWHQ%HVXFKHUKDWWHQHLQHQRGHU]ZHL%UGHUPLWJHQRPPHQXPHLQH $QVDPPOXQJYRQDOO]XYLHOHQ6FKLIIHQLP5DXPXP$UFRPXUWK]XYHUPHLGHQbFK]HQGYRU 6FKPHU]ZLVFKWH6NORWK%DUGLH%OlWWHUIRUWGLHEHUGHP(LQJDQJ]XP+DQJDUODJHQ6HLQH )LQJHUVSLW]HQIDQGHQGLHTXDGUDWLVFKH7DVWDWXUGHV6FKORVVHV1XUZHUGLHULFKWLJH =DKOHQNRPELQDWLRQNDQQWHNRQQWHGDV6FKOR|IIQHQ6NORWK%DUKDWWH-DKUHDXI$UFRPXUWK YHUEUDFKWHUNRQQWHGLH.RGH]LIIHUQDOOHU6FKO|VVHULP6FKODIKHUVDJHQ(UEUDXFKWHQXU ZHQLJH6HNXQGHQGDQQNODSSWHGLH7UKHUXQWHUXQGJDEGHQ$QWLJUDYVFKDFKWIUHLGHULQGLH 7LHIHIKUWH$XWRPDWLVFKJLQJHQGLH/LFKWHUDQ 1RFKHLQPDOVWUHQJWHVLFK6NORWK%DUDQXPVLFKDQGHQ6FKDFKWKHUDQ]XUREEHQGDQQOLHHU VLFKNRSIEHUKLQHLQIDOOHQ 5HJLQDOG%XOOIKOWHVLFKQLFKWVHKUZRKOLQVHLQHU+DXW ,PPHUZLHGHUZDQGHUWHQVHLQH$XJHQ]XGHU.RORVVDOVWDWXHKLQEHUXQGEOLHEHQDQGHP$OWDU KlQJHQ'HU4XDGHUZDUYRQ%OXWEHUNUXVWHWGHVVHQ*HVWDQNYRP:LQGELV]X%XOO\ KLQEHUJHWUDJHQZXUGH Ä3XKPDFKWH*ZHQGROLQXQGUPSIWHGLH1DVHÄ'DVULHFKWDEHUEHO %XOO\NRQQWHQLFKWVGDUDQlQGHUQ6HLQH%HZDFKHUVWLHHQLKQYRUZlUWV9RUHLQHUGHU+WWHQ EOLHEHQVLHVFKOLHOLFKVWHKHQ 'LH+WWHQGHU7KDQNKHUVWDQGHQDXI3IlKOHQZLHYLHOH6LHGOXQJHQEHUDOOLQGHU*DOD[LV GLHDP8IHUHLQHV6HHVRGHU0HHUHVVWDQGHQXQGHLQHQ*H]HLWHQZHFKVHONDQQWHQ'LH+WWH YRUGLHPDQ%XOO\JHIKUWKDWWHZDUHLQHGHUJU|WHQGHVJDQ]HQ2UWHVXQGPLWSUlFKWLJHQ

6FKQLW]HUHLHQEHGHFNW:DKUVFKHLQOLFKZRKQWHKLHUGHU+lXSWOLQJGHU7KDQNKHU %XOO\ULHUVWDXQWGLH$XJHQDXIDOVGHU+lXSWOLQJDXIGLHNOHLQH3ODWWIRUPWUDWGLHYRUGHP (LQJDQJGHV+DXVHVODJ9RQGRUWDXVVDKHUDXIGHQ*HIDQJHQHQKHUDE %XOO\KDWWHGDPLWJHUHFKQHWHLQHPJURHQNUDIWVWURW]HQGHQ0DQQJHJHQEHUWUHWHQ]X PVVHQRGHUHLQHPMHQHUIHWWHQ3RWHQWDWHQDQGHQHQDXFKGLH*HVFKLFKWHGHU(UGHVRUHLFK ZDU ,QGHVVHQZDUGHU+lXSWOLQJGHU7KDQNKHUHLQ0lQQOHLQ+lWWHHUQHEHQ%XOO\JHVWDQGHQ ZlUHGHU+lXSWOLQJEHVWHQIDOOVELV]X%XOO\V$FKVHOJHNRPPHQ'D]XZDUHUGUUDOVKDEHHU MDKUHODQJNHLQHQ%LVVHQ1DKUXQJPHKU]XVLFKJHQRPPHQ'LH+DXWVFKORWWHUWHI|UPOLFKDP .|USHUGHVDXVJHPHUJHOWHQ+lXSWOLQJV'DV*HVLFKWZLUNWHDXIGHQHUVWHQ%OLFNZHQLJIXUFKW HUUHJHQG'HU+lXSWOLQJVDKHLQHP+DXSWEXFKKDOWHUDXVHLQHP:LW]EODWWHUVWDXQOLFKlKQOLFK (VIHKOWHLKPQXUHLQHQRUPDOH.OHLGXQJXQGHLQ.DVVHQEXFKXPGLH.DULNDWXUNRPSOHWW]X PDFKHQ.XU]VLFKWLJZDUGHU+lXSWOLQJHEHQIDOOV,PPHUZLHGHU]ZLQNHUWHHUKHIWLJXQGGDV YHUVWlUNWHQRFKGHQHUKHLWHUQGHQ(LQGUXFNGHV0DQQHV %XOO\GHUKLQWHUVLFKGLH6SHHUVSLW]HQVHLQHU%HZDFKHUZXWHKWHWHVLFK]XODFKHQRGHU]X JULQVHQ*ZHQGROLQEHJDEWPLWGHP]LHOVLFKHUHQ,QVWLQNWHLQHV(OHIDQWHQDXIGHU6XFKHQDFK HLQHP3RU]HOODQODGHQWURPSHWHWH Ä*XFNPDO2QNHO%XOO\'HUVLHKWDEHUNRPLVFKDXV+|LKLKLVLHKWGHU2QNHOOXVWLJDXV *HOHKULJZLHVLHZDUKDWWHVLFK*ZHQGHUDUNRQLGLVFKHQ6SUDFKHEHGLHQW6LHKDWWH PLWEHNRPPHQGD%XOO\VLFKLQGLHVHU6SUDFKHPLWGHQ(LQJHERUHQHQYHUVWlQGLJWKDWWHXQG ZROOWHQXQEHZHLVHQGDDXFKVLHVLFKLQPHKUHUHQ6SUDFKHQJHOlXILJDXVGUFNHQNRQQWH Ä6HLVWLOO]LVFKWH%XOO\YHU]ZHLIHOWDEHUGLH:DUQXQJKDOIQLFKWV*ZHQGROLQERJVLFK I|UPOLFKYRU/DFKHQXQGGDPLWDXFKMDNHLQHULPXQNODUHQGDUEHUEOLHEDXIZHQVLFKGDV *HOlFKWHUEH]RJGHXWHWHVLHPLWGHP=HLJHILQJHUDXIGHQ+lXSWOLQJGHULQ]ZLVFKHQYRQGHU 3ODWWIRUPJHVWLHJHQZDUXQGVLFKYRUGHQEHLGHQ*HIDQJHQHQDXIJHEDXWKDWWH 'HU+lXSWOLQJEUDXFKWHJHUDXPH=HLWELVHUEHJULIIGD*ZHQGROLQVLFKEHULKQOXVWLJ PDFKWH'DQQDEHUVWHLJHUWHHUVLFKELQQHQZHQLJHU$XJHQEOLFNHLQHLQHQ7REVXFKWVDQIDOO KLQHLQ (UEHJDQQ]XVFKUHLHQUROOWHPLWGHQ$XJHQXQGEDOOWHGLH)lXVWH(LQH.DVNDGHYRQ:RUWHQ JLQJDXI%XOO\QLHGHUYRQGHQHQHU]ZDUNHLQHVYHUVWDQGGHUHQ6LQQVLFKDEHUDXVGHU*HVWLN XQGGHP7RQIDOOXQVFKZHUIROJHUQOLH'HU+lXSWOLQJIOXFKWHVFKLPSIWHXQGGURKWHGD VHLQH6FKOlIHQDGHUQVFKZROOHQ,QGLHVHP=XVWDQGVDKHUDOOHVDQGHUHDOVHUKHLWHUQGDXV ]XPDOHUVHLQH:XWGXUFK*HVWHQXQWHUVWULFKGLHIUGLH*HIDQJHQHQXQDQJHQHKPH 3UR]HGXUHQLQ$XVVLFKWVWHOOWHQ Ä(VZDUMDQLFKWVRJHPHLQWYHUVXFKWH%XOO\GHQZWHQGHQ&KHIGHU7KDQNKHU]X EHUXKLJHQDEHUGHU0DQQOLHVLFKQLFKWVW|UHQ(UVHW]WHVHLQHQ7HPSHUDPHQWVDXVEUXFKIRUW ELVLKPEXFKVWlEOLFKGLH/XIWZHJEOLHE6FKZHUDWPHQGK|UWHGHU+lXSWOLQJDXIXQGQXUPLW GHQ+lQGHQYHUVSUDFKHU%XOO\QRFKLKPGLH+DDUHHLQ]HOQYRP.RSI]XUHLHQ Ä,FKELWWHXP9HU]HLKXQJYHUVXFKWH%XOO\HLQ]ZHLWHVPDOHLQ]XOHQNHQÄ'DV0lGFKHQKDW VLFKHUOLFKQLHPDQGHQEHOHLGLJHQZROOHQ 'HU+lXSWOLQJPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJ Ä6FKZHLJIXKUHU%XOO\DQÄ:DVZROOWLKUKLHU":DVVXFKWLKUEHLP9RONGHU7KDQNKHU" Ä:LUVXFKHQHLQHQ7HPSHOGHV+RKHQ%lDOROHUNOlUWH%XOO\ZDKUKHLWVJHPlÄ.HQQW MHPDQGHLQHQVROFKHQ7HPSHO" 'HU+lXSWOLQJNQLIIGLH$XJHQ]XVDPPHQ Ä:DVZLOOVWGXLQGHP7HPSHO"'DV0lGFKHQRSIHUQ" Ä1LHPDOVZHKUWH%XOO\DEXQGDQVHLQHP*HVLFKWVDXVGUXFNOLHVLFKGHXWOLFKHUNHQQHQZLH HUVFKURFNHQHUZDU8QWHU8PVWlQGHQHUERWVLFKGHU+lXSWOLQJ%XOO\GLHVH$UEHLW DE]XQHKPHQ Ä:LOOVWGXVLH]XP:HLEHQHKPHQ" Ä1DWUOLFKQLFKW

%XOO\OLHIURWDQGHQQGLH$QWZRUWDXIGLH)UDJHGHV+lXSWOLQJVZDUVHKUUDVFKJHNRPPHQ XQG]ZDUYRQ*ZHQGROLQ(LQLJH7KDQNKHUEHJDQQHQ]XNLFKHUQ Ä,VWVLHYLHOOHLFKWGHLQH7RFKWHU" %XOO\QLFNWHHLIULJ'DVZDUGLH5HWWXQJJODXEWHHU'D*ZHQVHLQH7RFKWHUZDUOLHVLFK PKHORVEHZHLVHQ²EHLGHKDWWHQURWH+DDUHEODXH$XJHQXQGHLQHHUNOHFNOLFKH=DKOYRQ 6RPPHUVSURVVHQ*ZHQKDWWHDOOHUGLQJVHLQHSUDFKWYROOH=DKQOFNHLP2EHUNLHIHU 'HU+lXSWOLQJULFKWHWHVLFKKRFKDXI Ä6RZLVVHGHQQ)UHPGHUQLHPDQGGDUIXQVHU*HELHWEHWUHWHQGHUQLFKW]XXQVHUHP6WDPP JHK|UW:HUHVGHQQRFKWXWGHUZLUGGHP6FKZDU]HQ*|W]HQJHRSIHUW Ä'DVZXWHQZLUQLFKWSURWHVWLHUWH%XOO\:HQQHUQXUVHLQH:DIIHLQ*ULIIZHLWHJHKDEW KlWWH Ä'DVLVWXQHUKHEOLFKHQWVFKLHGGHU+lXSWOLQJÄ8QNHQQWQLVVFKW]WYRU6WUDIHQLFKW +LOIHVXFKHQGVDKVLFK%XOO\XP(VHUVFKLHQLKPIDVWXQJODXEOLFKGDGLH7KDQNKHUHLQVR JHULQJIJLJHV9HUJHKHQJOHLFKPLWGHP7RGHEHVWUDIWHQ:HQQVLHMHGHQ)UHPGOLQJW|WHWHQ GHUVLFKDXILKU*HELHWYHULUUWHNRQQWHQVLHEHLVSLHOVZHLVHQLHPDOV+DQGHOWUHLEHQ Ä(VJLEWDOOHUGLQJVQRFKHLQH0|JOLFKNHLWHXUHQ7RG]XYHUPHLGHQIXKUGHU+lXSWOLQJIRUW +RIIQXQJVYROOXQGPLWUDXLVFK]XJOHLFKVDK%XOO\GHQVFKPlFKWLJHQ0DQQDQÄ,KUN|QQW 0LWJOLHGHUXQVHUHV6WDPPHVZHUGHQ 'LH6DFKHNDP%XOO\QLFKWJHKHXHUYRU=XHUVWZXUGHHUPLWGHP7RGHEHGURKWXQGZHQLJ VSlWHUWUXJPDQLKPGLH(KUHQPLWJOLHGVFKDIWGHV6WDPPHVDQ" Ä8QGZLHZHUGHQZLU0LWJOLHGHUGHVUXKPUHLFKHQ9RONHVGHU7KDQNKHU"HUNXQGLJWHHUVLFK VNHSWLVFK Ä'XUFK+HLUDWHU|IIQHWHLKPGHU+lXSWOLQJGDQQGUHKWHHUVLFKKHUXPXQGULHIEHUGLH 6FKXOWHUHLQHQ1DPHQ Ä&DGDUD $OOHLQGHU1DPHHUVFKLHQ%XOO\VFKRQXQKHLOYHUNQGHQGDEHUGLH)UDXGLHZHQLJVSlWHU HUVFKLHQXQGVLFKQHEHQGHP+lXSWOLQJDXIEDXWHZDUGDVSHUVRQLIL]LHUWH8QJOFN6LHZDU PLQGHVWHQVHLQHQ.RSIJU|HUDOV%XOO\XQGNRQQWHHVDQ%HOHLEWKHLWPLWGHP6WHLQNRORDP 6WUDQGGXUFKDXVDXIQHKPHQ%XOO\IKOWHVLFKDQGDV$XIWUHWHQVHLQHV9DWHUVYRUHLQLJHQ 7DJHQLQGHU6SDFH-HWHULQQHUWMHW]WIKOWHHUVLFKlKQOLFKLQGLH'HIHQVLYHJHGUlQJW Ä0HLQH7RFKWHUYHUNQGHWHGHU+lXSWOLQJPLWVLFKWOLFKHP6WRO]6HLQ7|FKWHUOHLQKlWWHLKQ ]ZLVFKHQGHQ)LQJHUQ]HUPDOPHQN|QQHQÄ:HQQGXVLHKHLUDWHVWZLUVWGX0LWJOLHGXQVHUHV 9RONHV'DQQZHUGHQZLUDOOHGLFKEHVFKW]HQXQGGLUKHOIHQGHQ7HPSHOGHU7DXVHQG7RGH ]XHUUHLFKHQZHQQGXGDUDXIEHVWHKVW %XOO\UHJLVWULHUWHGDGHU+lXSWOLQJPLWZHQLJHQ:RUWHQYLHOJHVDJWKDWWH'LH1HQQXQJGHV 7HPSHOVYHUULHW%XOO\GDGHU+lXSWOLQJGLH6WDWLRQGHU%lDOROVVHKUZRKONDQQWH'HU %HLQDPHGLHVHV7HPSHOVDEHUYHUKLHJDUQLFKWV*XWHV Ä8QGVLH"IUDJWH%XOO\XQGZLHVPLWHLQHU.RSIEHZHJXQJDXI*ZHQGROLQGHUGHU$QEOLFN YRQ&DGDUDGLH6SUDFKHYHUVFKODJHQKDWWH*ZHQKDWWHGHQ.RSIDXIGLH6HLWHJHOHJWXQG EHlXJWHGLH7KDQNKHULQHLQHU0LVFKXQJYRQ1HXJLHUGHXQG)XUFKW Ä,FKZHUGHGLHNOHLQH*|WWLQKHLUDWHQYRUVRUJOLFKVDJWHGHU+lXSWOLQJVWRO](LQLJH7KDQ NKHUPXUUWHQ'DGHU+lXSWOLQJYHUVXFKWHVHLQH7RFKWHUXQWHUGLH+DXEH]XEULQJHQZDU GHQ7KDQNKHUZRKOQRUPDOHUVFKLHQHQXQGGDVLFKGDIUHLQ)UHPGHURSIHUQPXWHZDU LKQHQZRKOVHKUUHFKW'DDEHUGHU9DWHUJOHLFK]HLWLJYHUVXFKWHVLFKGLHNOHLQH*|WWLQ]X YHUVFKDIIHQHUUHJWHGHQ8QPXWGHU0HQJH,QGHVEUDXFKWH&DGDUDQXUHLQPDOPLWGHQ$XJHQ ]XUROOHQXP5XKHLQGHU0HQJHKHU]XVWHOOHQ6FKODJDUWLJZXUGH%XOO\NODUZHULQGLHVHP 'RUIGDV2EHUNRPPDQGRKDWWH (UZDUVLFKDOOHUGLQJVQLFKWJDQ]VLFKHUZDVLKPEOKWHZHQQHUGLHVHQ.XKKDQGHO YHUZHLJHUWH9LHOOHLFKWPDFKWHQGLH7KDQNKHULKUH'URKXQJZLUNOLFKZDKU&DGDUDVFKLHQ VFKRQYRQHLQLJHQ7KDQNKHUQYHUVFKPlKWZRUGHQ]XVHLQXQGGDVKDWWHLKU*HPW YHUILQVWHUW

%XOO\EHUOHJWHILHEHUKDIW (VJDEHLQH0|JOLFKNHLWDXVGLHVHU)DOOH]XHQWNRPPHQ%XOO\ZROOWHQLFKWOlQJHU5HJLQDOG %XOOKHLHQZHQQGLH9HUKHLUDWXQJYRQ&DGDUDQLFKWDXIHLQVFKDXHUOLFKHV%HVlXIQLVGHV JDQ]HQ'RUIHVKLQDXVOLHI:HQQHUVLFK]XUFNKLHOWNRQQWHHUQDFKGHP*HODJHVLFKHUOLFK RKQH5LVLNRYHUVFKZLQGHQ ,QGHVKDWWHGLH6DFKHHLQHQYHUWHXIHOWHQ+DNHQ $UFRPXUWKZDU]ZDUQXU(LQJHZHLKWHQEHNDQQWDEHUHVZDUYRQ$UNRQLGHQEHVLHGHOWXQG %XOO\ZXWHGDGDV$UNRQ,PSHULXPDOOHYRQ$UNRQLGHQEHVLHGHOWH3ODQHWHQJUXQGVlW]OLFK DOV]XP,PSHULXPJHK|ULJEHWUDFKWHWH2KQHHV]XZLVVHQZDUHQGLH7KDQNKHU8QWHUWDQHQ GHV,PSHUDWRUV*RQR]DO9,,,'HU+DNHQEHVWDQGGDULQGDVFKRQYRUODQJHU=HLW]ZLVFKHQ GHP*URHQ,PSHULXPGHU$UNRQLGHQXQGGHP6RODUHQ,PSHULXPGHU0HQVFKKHLWHLQ9HUWUDJ JHVFKORVVHQZRUGHQZDUGHUGLH9HUELQGOLFKNHLWHQLP5HFKWVV\VWHPUHJHOWH'DQDFKZDUHQ hEHUHLQNQIWHQDFK$UNRQ5HFKWIU7HUUDQHUHEHQVRELQGHQGZLHXPJHNHKUW0LWKLQDXFK EHLHLQHUSULPLWLYHQ=HUHPRQLHKLHUDXI$UFRPXUWKNDP]ZLVFKHQLKPXQG&DGDUDHLQ(KH YHUWUDJ]XVWDQGHGHULPJDQ]HQ$UNRQ,PSHULXPJOWLJZDU3DFWDVXQWVHUYDQGDKLHHVLP LUGLVFKHQ5HFKW9HUWUlJHPVVHQHLQJHKDOWHQZHUGHQ'LHVH(KHZlUHGHPQDFKDXFKQDFK (UGUHFKWJOWLJJHZHVHQHLQVFKOLHOLFKVlPWOLFKHU.ODXVHOQ:HQQGLH7KDQNKHUNHLQ 6FKHLGXQJVUHFKWNDQQWHQXQG%XOO\ZDUVLFKVLFKHUGDVLHGHUOHLQLFKWNDQQWHQGDQQZDU GLH(KHGLHLKPEHYRUVWDQGQDFKDUNRQLGLVFKHPXQGLUGLVFKHP5HFKW]XPHLQHQJOWLJXQG ]XPDQGHUHQZHJHQGHU%HVRQGHUKHLWHQGHV$UNRQ5HFKWVV\VWHPVDXFKXQDXIO|VOLFK (VZDUHLQHYHUWHXIHOWH=ZLFNPKOH8PVHLQ/HEHQ]XUHWWHQKlWWH%XOO\]XU1RWDXFKGHV 7HXIHOV8UJURPXWWHUJHHKHOLFKWGLHHUVLFKLPEULJHQ&DGDUDVHKUlKQOLFKYRUVWHOOWH *OWLJZlUHDEHUDXFKJHZHVHQGDGHUYHUWURFNQHWH+lXSWOLQJ*ZHQGROLQJHKHLUDWHWKDWWH XQGZDV*ZHQGROLQV9DWHUPLW%XOO\DQVWHOOHQZUGHZHQQHUHUIXKUGD%XOO\HV ]XJHODVVHQKDWWHGD*ZHQDQHLQHQKDOEZLOGHQ$UNRQLGHQKlXSWOLQJYHUVFKDFKHUWZRUGHQ ZDUZUGHVLFKQXUZHQLJYRQGHPXQWHUVFKHLGHQZDVGLH7KDQNKHUPLWLKPDQVWHOOWHQ ZHQQHUGDV$QJHERWUXQGKHUDXVDEOHKQWH Ä'DUILFKPLWPHLQHU7RFKWHUGDUEHUVSUHFKHQ"IUDJWH%XOO\XP=HLW]XJHZLQQHQ(U ]HUPDUWHUWHVLFKI|UPOLFKGDV*HKLUQDXIGHU6XFKHQDFKHLQHPSUDNWLNDEOHQ$XVZHJGHU QLFKWLQGHQ6SHHUHQGHU7KDQNKHUHQGHWH Ä'XGDUIVWYHUNQGHWHGHU+lXSWOLQJKRKHLWVYROO6HLQH7RFKWHUPXVWHUWH%XOO\PLWGHP %OLFNHLQHVDXVJHKXQJHUWHQ6LOEHUO|ZHQ%XOO\OlFKHOWHJHTXlOW Ä+|U]X*ZHQGROLQVDJWHHUDXI(QJOLVFKXQGHUNOlUWHGHP0lGFKHQGLH=ZLFNPKOH Ä'XELVWHLQNOXJHV.LQG*ZHQ:HQQGLUHWZDVHLQIlOOWZLHZLUDXVGLHVHU.OHPPH KHUDXVNRPPHQGDQQVDJHVDEHUVDJHVVHKUVFKQHOO *ZHQGROLQZDUYRQGHP*HK|UWHQQRFKY|OOLJEHQRPPHQ Ä'LHVHUKlOLFKHDOWH0DQQZLOOPLFKKHLUDWHQ"2KQH.XWVFKH"2KQHVHFKVZHLH3IHUGH" 'HULVWMDQLFKWJDQ]ULFKWLJLP.RSI 'DVPRFKWH]XWUHIIHQDEHU%XOO\GDQNWHVHLQHP6FK|SIHUGD*ZHQVLFKGHUHQJOLVFKHQ 6SUDFKHEHGLHQWHGLHGHU+lXSWOLQJQLFKWYHUVWHKHQNRQQWH *ZHQVDKVLFKGHQ+lXSWOLQJQRFKHLQPDOJDQ]JHQDXDQ6LHOHJWHGLH6WLUQLQ)DOWHQXQG JLQJSUIHQGHLQPDOXPLKQKHUXP'HP+lXSWOLQJNDPGDVQLFKWJDQ]JHKHXHUYRU(U VWXW]WH Ä$XVJHVFKORVVHQVDJWH*ZHQ6FKOLHXQJDXI(QJOLVFKÄ,FKZHUGHGHP$OWHQVFKRQ]HLJHQ ZDVHU]XHUZDUWHQKDW 6LHOlFKHOWHGHQ+lXSWOLQJDQXQGGLH=DKQOFNHLP2EHUNLHIHUJDEGLHVHP/lFKHOQGHQ &KDUDNWHUGHV$EHUZLW]LJHQ'DQQJLQJVLHDXILKQ]XQRFKLPPHUOlFKHOQGKROWHDXVXQG WUDWGHP+lXSWOLQJYRUGDV6FKLHQEHLQ =XHUVWULGHU+lXSWOLQJQXUGLH$XJHQDXIGDQQVFKULHHUDXIXQGVSUDQJLQGLH+|KH /DXWKDOVEUOOHQGKSIWHHUDXIHLQHP)XKLQXQGKHUXQGULHEVLFKGDVVFKPHU]HQGH 6FKLHQEHLQ*ZHQQXW]WHGLHJQVWLJH*HOHJHQKHLWXQGVWHOOWHGHP$OWHQHLQ%HLQ6HLQ)OX

FKHQVWRSSWHDEUXSWZHLOHUPLWGHP*HVLFKWLP6DQGODQGHWH Ä'HUKDWJHQXJVWHOOWH*ZHQIHVW 'HU+|KHSXQNWLKUHV$XIWULWWVZDUJHNRPPHQDOVVLHPLWZLHJHQGHQ6FKULWWHQ]XLKUHP3ODW] QHEHQ%XOO\]XUFNNHKUWHXQGVLFKGLH+lQGHNORSIWHZLHVLHHVLQKXQGHUWHQYRQ 9LGHRVWUHLIHQYRP+HOGHQJHVHKHQKDWWH'LH7KDQNKHUZDUHQVLFKWOLFKEHHLQGUXFNWYRU DOOHP&DGDUDGLHEHUGLHVH6WLHIWRFKWHUIDVWLQ9HU]FNXQJJHULHW'LH%OLFNHGLHVLH%XOO\ ]XZDUIZXUGHQQRFKEHVLW]HUJUHLIHQGHU /DQJVDPNDPGHU+lXSWOLQJZLHGHULQGLH+|KH6HLQ%OLFNSHQGHOWH]ZLVFKHQGHU VFKPHO]HQGOlFKHOQGHQ&DGDUDXQG*ZHQKLQXQGKHU*ZHQKDWWHGLH+lQGHLQGLH+IWHQ JHVWHPPWXQGVDKGHQ$OWHQKHUDXVIRUGHUQGDQ Ä'XNDQQVWGHLQH7RFKWHUEHKDOWHQEHHLOWHVLFKGHU+lXSWOLQJ]XVDJHQ(UVSUDFK XQGHXWOLFKZHLOHUQRFK6DQGLP0XQGKDWWHÄ,FKYHU]LFKWHDXIVLH8QGGX)UHPGHUZLOOVW GXPHLQH7RFKWHU]XU)UDXKDEHQ" Ä6DJMDIOVWHUWH*ZHQXQGVWLH%XOO\LQGLH5LSSHQÄ$XIQRUPDOHP:HJHEHNRPPVWGX GRFKVRQVWQLHHLQH)UDX Ä-DVDJWH%XOO\]lKQHNQLUVFKHQG(VEOLHELKPQLFKWVDQGHUHVHUPXWHLQGHQVDXHUHQ $SIHOEHLHQ*ZHQNLFKHUWHOHLVHXQG&DGDUDEHJDQQ]XOlFKHOQ GDVHOEVWHLQHPhEHUVFKZHUHQDQJVWXQGEDQJHJHZRUGHQZlUH Ä0HLQ6RKQVHXI]WHGHU+lXSWOLQJEHJOFNWÄ0HLQ6RKQ *ZHQNLFKHUWHXQGGLH7KDQNKHUVFKULHQLKUH%HJHLVWHUXQJKLQDXV (LQDXIPHUNVDPHU%HREDFKWHUKlWWHDXVGHU/XIWHLQEHIUHPGOLFKHV%LOGJHVHKHQ(LQHQ.UHLV YRQODFKHQGHQVLQJHQGHQ0HQVFKHQHLQHQYHU]FNWXPKHUKSIHQGHQDOWHQ+lXSWOLQJHLQH YHUNOlUWOlFKHOQGH%UDXWHLQH6WLHIWRFKWHULQVSHGLHVLFKYRU/DFKHQDXIGHP%RGHQUROOWH XQGHLQHQ%UlXWLJDPGHUDQHLQHQ7RGHVNDQGLGDWHQNXU]YRUGHU([HNXWLRQHULQQHUWH 1RFKHLQPDO]lKOWH6NORWK%DUGLH$NWLYDWRUHQ(VZDUHQDFKW 'D]XNDPQRFKGHUQHXQWHGHUXQKHLOYROOH:DKUKHLWVDNWLYDWRU6NORWK%DUZUGHVLFKKWHQ GDV*HUlWXP]XOHJHQ 'LHDFKW$NWLYDWRUHQODJHQDXIGHP%RGHQGHV+DQJDUV'RUWODJHQDXHUGHPYLHU VFKURWWUHLIH%HLERRWHXQGVLHEHQ7RWH1DFKHLQDQGHUZDUHQGLH%UGHULQGLH)DOOHJHWDSSW 6NORWK%DUKDWWHQXU]XZDUWHQEUDXFKHQELVVLHNDPHQ'DQQKDWWHHUVLHQDFKHLQDQGHU DXVJHVFKDOWHW 6NORWK%DUJULQVWHDOVHUGLHUHJORVHQ.|USHUDXIGHP%RGHQVDK2IIHQEDUKDWWHDXHULKP NHLQHUGDV:LFKWLJVWHEHUKDXSWEHPHUNWHLQHQ$NWLYDWRU]XEHVLW]HQZDUJXWXQG YHUVFKDIIWH0DFKW$EHUHVJDEGD]XQRFKHLQH6WHLJHUXQJZHU$NWLYDWRUHQ]XYHUJHEHQ KDWWHGHUEHVDHLQH0DFKWIOOHGLHQLFKWPHKU]XEHUWUHIIHQZDU'DVKDWWHQGLHDQGHUHQ RIIHQEDUQLFKWEHJULIIHQXQGGDUXPZDUHQVLHDXFKVHKUHUVWDXQWJHZHVHQDOVVLHDXVGHP +LQWHUKDOWDQJHVSUXQJHQZRUGHQZDUHQ6NORWK%DUKDWWHGLH$NWLYDWRUHQQLFKWGXUFK XQNRQWUROOLHUWHV6FKLHHQJHIlKUGHQZROOHQGDUXPKDWWHHUDQGHUH:DIIHQEHQXW]W=ZHLHQ VHLQHU%UGHUKDWWHHUGLH.HKOHGXUFKVFKQLWWHQGHQDQGHUHQKDWWHHLQZXFKWLJHU+LHEPLW HLQHU.HXOHGLH+LUQVFKDOH]HUWUPPHUW6NORWK%DUKDWWHGLH:DIIHYRQHLQHP(LQJHERUHQHQ EHNRPPHQHLQHYRU]JOLFKH:DIIHZHQQHVGDUDXIDQNDPODXWORV]XW|WHQ Ä,KU1DUUHQVDJWH6NORWK%DUNRSIVFKWWHOQGÄ,KUDUPHQ1DUUHQ (UIDWHGHQHUVWHQ7RWHQDQGHQ)HQXQG]HUUWHLKQIRUW)DOOVQRFKHLQ%UXGHUGDV9HUVWHFN GHU%HLERRWHNDQQWHGXUIWHHUEHLP%HWUHWHQGHV+DQJDUVQLFKWEHUHLQH/HLFKHVWROSHUQ'HU +DQJDUKDWWHLQVJHVDPWIQI(LQJlQJHIU3HUVRQHQGD]XNDPGLHJURHgIIQXQJGXUFKGLH %HLERRWHGHQ+DQJDUYHUOLHHQ)QI(LQJlQJH]XEHZDFKHQZDUHLQHQLFKWVHKUHLQIDFKH $XIJDEHDEHU6NORWK%DUKDWWHVLFKHLQHQ7ULFNHLQIDOOHQODVVHQ $FKWNOHLQH%HLERRWHKDWWHQLQGHP+DQJDUJHVWDQGHQDFKWIXQNWLRQVIlKLJH%RRWH'DYRQ

KDWWH6NORWK%DUIQI]HUVFKRVVHQ9LHU%HLERRWHZDUHQDXIGHQHUVWHQ%OLFNDOV:UDFNV]X HUNHQQHQEHLPIQIWHQJDEHVQRFK+RIIQXQJXQGGDVKDWWHHLQHQ*UXQG 'LH:UDFNVVWDQGHQVRGDMHGHUGHUGHQ+DQJDUEHWUDWVRIRUWDXIHLQ:UDFNVWLH'LH (QWGHFNXQJGDGLHZHUWYROOHQ%HLERRWH]HUVW|UWZDUHQZUGHQDFKGHU(LQVFKlW]XQJ 6NORWK%DUVHLQHJDQ]EHVWLPPWH6FKRFNUHDNWLRQDXVO|VHQ'HU%HVXFKHUZUGHDQJHVLFKWV GHU0|JOLFKNHLWIUDOOH=HLWHQDXIGHP3ODQHWHQEOHLEHQ]XPVVHQVRIRUWQDFKHLQHPQRFK LQWDNWHQ%RRWVXFKHQ'DEHLPXWHGHU%UXGHUXQZHLJHUOLFKDXIGDVQXUWHLOEHVFKlGLJWHIQIWH %RRWVWRHQ6NORWK%DUNDQQWHVHLQH%UGHU9RQSO|W]OLFKHU $QJVWJHSDFNWZUGHGHU%HVXFKHUQLFKWZHLWHUJHKHQXQGGDEHLHLQHVGHUGUHL IXQNWLRQVWFKWLJHQ%RRWHVHKHQ:LHYRQXQVLFKWEDUHQ)lGHQJHOHQNWZUGHGHU%UXGHU IHVW]XVWHOOHQYHUVXFKHQZLHEHVFKlGLJWGDVIQIWH%HLERRWZDUXQGGDEHL6NORWK%DULQGLH $UPHODXIHQ(UEUDXFKWHGDQQQXUQRFK]X]XVFKODJHQ 'DVKDWWHVLFK6NORWK%DUDXVJHGDFKWXQGGHU7ULFNKDWWHIXQNWLRLHUW,PVWLOOHQKDWWHVLFK 6NORWK%DUDPVLHUW(LJHQWOLFKZDUHVY|OOLJXQORJLVFKVLFKXPGDVGHIHNWH%RRW]X NPPHUQGDQRFKGUHLLQWDNWH%RRWH]XU9HUIJXQJVWDQGHQ+lWWHHVVLFKXP0HQVFKHQ JHKDQGHOWZlUHGLH5HDNWLRQHUNOlUOLFKJHZHVHQXPGLH7RWHQEUDXFKWHPDQVLFKQLFKWPHKU ]XNPPHUQGLH/HEHQGHQZDUHQXQYHUVHKUWDOVREHVFKlIWLJWHVLFKMHGHU]ZDQJVOlXILJ ]XQlFKVWHLQPDOPLWGHP9HUOHW]WHQ%HLGHQ%RRWHQYHUKLHOWHQVLFKGLH%lDOROVHEHQVR 6NORWK%DUNRQQWHVLFKEHUGLHVHQ$XWRPDWLVPXVQXUIUHXHQHUDUEHLWHWHLKPLQGLH+lQGH $FKW$NWLYDWRUHQGD]XQRFKGHUYHUWUDFNWHQHXQWH)UVHUVWHPHKUDOVJHQXJGDFKWH6NORWK %DU$EHUHUZXWHGDHUDXFKGLHDQGHUHQ$NWLYDWRUHQKDEHQPXWH(UVWZHQQHU6NORWK %DUDOOHLQLJHU%HVLW]HUDOOHU=HOODNWLYDWRUHQZDUHUVWGDQQZDUVHLQH0DFKWYROOVWlQGLJ'DQQ NRQQWHQLHPDQGDXHULKPIUWUHXH'LHQVWHXQGHQWVSUHFKHQGH6NUXSHOORVLJNHLWGHP%H WUHIIHQGHQGDVHZLJH/HEHQYHUVSUHFKHQ0LWHLQHPVROFKHQ)DXVWSIDQGPXWHHVVRJDU P|JOLFKVHLQGLHJU|WHQ)HLQGHGHU%lDOROVDXV]XVFKDOWHQ3HUU\5KRGDQXQG$WODQ%HL HLQHPHFKWHQ=HOODNWLYDWRUDOV%HORKQXQJZUGHVLFKEHVWLPPWHLQ0|UGHUILQGHQODVVHQGHU GLHVH3HUVRQHQDXVGHP:HJVFKDIIWH-DPHKUQRFKHVZDUVRJDUP|JOLFKGHQ )KUXQJVNUHLVEHLGHU,PSHULHQ]XVSUHQJHQ:HOFKHU5HJLHUXQJVFKHINRQQWHQRFKGHU /R\DOLWlWVHLQHU.DELQHWWVPLWJOLHGHUVLFKHUVHLQZHQQDOV3UHLVIU+RFKYHUUDWHLQ =HOODNWLYDWRUDXVJHVHW]WZDU" $XVHLQHP)DFKGDVKDXSWVlFKOLFK*HUXPSHOXQG.OHLQWHLOHHQWKLHOWEUDFKWHHUHLQ6WFN 'UDKW]XWDJHDQGHPHUGLHDFKW$NWLYDWRUHQDXIIlGHOWH'DQQ]|JHUWH6NORWK%DU 6ROOWHHUVLFKHLQHVGHU*HUlWHXPKlQJHQ":DUGHU.DPSIXPGLH.RQWUROOHGHU $NWLYDWRUIXQNWLRQHQEHUHLWVHQWVFKLHGHQ" 3O|W]OLFKEHJDQQ6NORWK%DU]XODFKHQ *HQDXJHQRPPHQJDEHVEHUKDXSWNHLQH*HIDKU'LH$NWLYDWRUHQVDQGWHQ =HOOVFKZLQJXQJVWUDKOHQDXVZDVLPPHUVLFKDXFKKLQWHUGLHVHP:RUWYHUEHUJHQPRFKWH 'LHVH=HOOVFKZLQJXQJHQEHZLUNWHQGHQNUDIWVSHQGHQGHQXQGOHEHQVHUKDOWHQGHQ(IIHNW *OHLFK]HLWLJJDEHQGLH$NWLYDWRUHQDEHUDXFKXQGGDVZDUGDVKHLPWFNLVFKHDQLKQHQ 3DUDZHOOHQDXVGLHGHQ7UlJHURGHUVHLQH8PJHEXQJXPGHQ9HUVWDQGEUDFKWHQ:HQQQXQ 6NORWK%DUPHKUHUH$NWLYDWRUHQJOHLFK]HLWLJWUXJGDQQPXWHQGLHVH3DUDZHOOHQVLFK ]ZDQJVOlXILJEHUODJHUQ'LHVH,QWHUIHUHQ]PXWHDXVGHQ3DUDLPSXOVHQGHQHQVLFKDXFKHLQ VRVWDUNHU0HQWDOLVWZLH6NORWK%DUQLFKW]XZLGHUVHW]HQYHUPRFKWHHLQ6DPPHOVXULXP PDFKHQGDVQLHPDQGHPPHKUVFKDGHQNRQQWH'LH3DUDEHIHKOHPXWHQVLFKJHJHQVHLWLJ QHXWUDOLVLHUHQ 6NORWK%DU]|JHUWHQRFKHLQZHQLJGDQQJULIIHU]X0LWHLQHP6FKZXQJJULIIHUQDFKGHQ DFKW.HWWHQXQG]ZHL6HNXQGHQVSlWHUVWLHHQGLHDFKW$NWLYDWRUHQDQVHLQHU%UXVWNOLFNHQG DQHLQDQGHU 6NORWK%DUKROWHWLHI/XIW (UIKOWH)HXHUVWU|PHGXUFKVHLQH$GHUQUDVHQ6HLQ.|USHUVFKLHQYRU.UDIWEHUVWHQ]X

ZROOHQ 3UREHZHLVHNRQ]HQWULHUWHVLFK6NORWK%DUDXIVHLQH3DUDIlKLJNHLWHQXQGQDFKHLQHU6HNXQGH ZXWHHUGDHUDOOHLQHLQHQ3DUDEORFNKHUVWHOOHQNRQQWHGHUDOOHVEHUWUDIZDVMHPDOVHLQ %lDOROKDWWHHU]HXJHQN|QQHQ1LFKWHLQPDOGDV.ROOHNWLYGHU9HUVDPPOXQJKlWWHHLQHQGHUDUW VWDUNHQ%ORFNHU]HXJHQN|QQHQ Ä0DFKWPXUPHOWH6NORWK%DUHUIKOWHVLFKZLHEHUDXVFKWÄ0DFKWXQJODXEOLFKH0DFKW 1LHPDQGZLUGPLUZLGHUVWHKHQN|QQHQ (UVXFKWHQDFKGHQPHQWDOHQ,PSXOVHQGHUYHUEOLHEHQHQ%UGHUXQGQDFKNXU]HU=HLWIDQGHU VLHDXFK $XIGHU3DUDHEHQHWREWHHLQ.DPSIZLHHUQRFKQLHDXVJHWUDJHQZRUGHQZDU $XVGHQ,PSXOVHQGLHHUDXIILQJIROJHUWH6NORWK%DUGDQXUQRFK]ZHLVHLQHU%UGHU OHEWHQ8QGEHLGHZDUHQDXIGHQJOHLFKHQ*HGDQNHQJHNRPPHQZLHHUVHOEVW(LQHUWUXJIQI GHUDQGHUHVHFKV$NWLYDWRUHQXQGEHLGHEHQXW]WHQVLHGLH*HUlWHGD]XLKUHPHQWDOHQ.UlIWH ELVDQGLH*UHQ]HGHV0|JOLFKHQDXI]XODGHQ 6NORWK%DUNLFKHUWHOHLVH (UEUDXFKWHMHW]WQXUDXI]XSDVVHQ(VJDOWGHQ6FKZlFKHUHQGHUEHLGHQ.lPSIHU KHUDXV]XILQGHQYRUDOOHPVHLQHQ6WDQGRUW:DUGLHVJHVFKHKHQEUDXFKWHVLFK6NORWK%DUQXU QRFKLQGHU1lKHGHV%HWUHIIHQGHQDXIGLH/DXHU]XOHJHQ(LQNXU]HUDEHUKHIWLJHU3D UDLPSXOVZUGHGLHEHLQDKHDXVJHJOLFKHQH6FKODFKW]ZLVFKHQGHQEHLGHQ.RQWUDKHQWHQUDVFK EHHQGHQ 'DQDFK 6NORWK%DUEUDXFKWHGDQQQXUQRFKGLH$NWLYDWRUHQGHV7RWHQDXI]XKHEHQXQGVLFK DQ]XKlQJHQ(LQHP7RGHVLPSXOVGHUYRQGUHL]HKQRGHUYLHU]HKQ=HOODNWLYDWRUHQYHUVWlUNW ZXUGHNRQQWHNHLQ%ORFNZLGHUVWHKHQVHOEVWZHQQGLHVHU%ORFNHEHQIDOOVYRQ=HOODNWLYD WRUHQJHVWW]WZXUGH 6NORWK%DUZDUVHKUPLWVLFKXQGGHU(QWZLFNOXQJGHU'LQJH]XIULHGHQDOVHUVLFKDXVGHP +DQJDUHQWIHUQWH 1LHGHUJHVFKODJHQKRFNWH%XOO\DXIGHP8IHUVDQGXQGVWDUUWHGLHKlOLFKH)UDW]HGHV 6FKZDU]HQ*|W]HQDQ )DVWKlWWHHUOLHEHUGHQ6WHLQNORW]JHKHLUDWHW 'LH)HLHUQlKHUWHVLFKODQJVDPGHPIHLHUOLFKHQ$XJHQEOLFNGD%XOO\VHLQ-DZRUWJHEHQ ZUGH&DGDUDPRFKWHGDULQGHQVFK|QVWHQ$XJHQEOLFNLKUHV/HEHQVHUEOLFNHQ%XOO\VDK GDULQQXUHLQHUHFKWOLFKZLUNVDPH:LOOHQVHUNOlUXQJGLH]XP$EVFKOXHLQHVHEHQVR UHFKWVZLUNVDPHQ(KHYHUWUDJVIKUWH'LH9ROOVWUHNNXQJHLQHV7RGHVXUWHLOVNRQQWHQLFKW HQGJOWLJHUVHLQDOVGLHVHU9HUWUDJ%XOO\KDWWHVLFKLQIRUPLHUW'LH7KDQNKHUNDQQWHQNHLQ 6FKHLGXQJVUHFKW:HQQ%XOO\DQGLHVHP$EHQGMDVDJWHZUGHHUIUGHQ5HVWVHLQHV/HEHQV ZDKUVFKHLQOLFKQLFKWPHKUYLHOPHKUDOVMD]XVDJHQKDEHQ Ä)UHXVWGXGLFKQLFKW2QNHO%XOO\" Ä,Q0DHQ.OHLQHVJDE%XOO\]XUFN 'LH7KDQNKHUQlKHUWHQVLFKHLQHP=XVWDQGGHUQXUDOVNROOHNWLYH(XSKRULH]XEH]HLFKQHQ ZDU$XFKGDIUKDWWH%XOO\GHQ*UXQGHUPLWWHOQN|QQHQ(VZDU9RUVFKULIWGDQLHPDQGEHL GHQ7KDQNKHUKHLUDWHQGXUIWHZHQQQLFKW]XYRUGLHKHLUDWVIlKLJH7RFKWHUGHV+lXSWOLQJV HLQHQ0DQQJHIXQGHQKDWWH6RHUNOlUWHVLFKGLH7DWVDFKHGDHVLP'RUINHLQH.LQGHU ]ZLVFKHQHLQHPXQGDFKW-DKUHQJDE 9RQGHU$XVVLFKWGHPQlFKVWKHLUDWHQ]XGUIHQUHVWORVEHJHLVWHUWKDWWHQVLFKGLH7KDQNKHU EHULKUH6FKQDSVYRUUlWHKHUJHPDFKW6LHWUDQNHQHLQ*HEUlXGDV%XOO\GHUZLUNOLFK DOOHUKDQGJHZRKQWZDUGHQ6FKZHLDXIGLH6WLUQJHWULHEHQKDWWH)OXVlXUHNRQQWHQLFKW lW]HQGHUVHLQDOVGLHVHU6FKQDSVYRQGHPGLH7KDQNKHUXQJODXEOLFKH0HQJHQYHUWUXJHQ :lKUHQG%XOO\DP8IHUKRFNWHXQGWUEVLQQLJDXIV:DVVHUKLQDXVVFKDXWH²RIIL]LHOO PHGLWLHUWHHUXQGVDPPHOWH.UlIWHEHJDQQHQGLH7KDQNKHUHLQ7DQ]IHVWGDVLQGHU *HVFKLFKWHLKUHV9RONHVRKQH%HLVSLHOZDU6HLW6WXQGHQVFKRQVFKOXJHQGLH0lQQHUGLH

7URPPHOQXQGEOLHVHQGLH)UDXHQDXILKUHQ)O|WHQGD]ZLVFKHQ ILHGHOWHQHLQLJHlOWHUH0lQQHUDXI,QVWUXPHQWHQGHUHQ.ODQJPDUNHUVFKWWHUQGZDU:DVVLFK KLQWHU%XOO\DEVSLHOWHGHPQXU*ZHQGROLQ*HVHOOVFKDIWOHLVWHWHZDUHLQ,QIHUQRDXV$ONRKRO VFKDXHUOLFKHU0XVLNXQG%HZHJXQJVDEOlXIHQGLH%XOO\QLHPDOV]XYRUJHVHKHQKDWWH(U ]ZHLIHOWHVRJDUREHUEHUKDXSWGLH0XVNHOQKDWWHGLHPDQ]XGHUDUWLJHQ9HUUHQNXQJHQ EUDXFKWH Ä:DUXPVLHKVWGXVRILQVWHUGUHLQ"ZROOWH*ZHQZLVVHQÄ:LOOVWGXGLH7DQWHQLFKW KHLUDWHQ" Ä1HLQIDXFKWH%XOO\GHUVLFKGDUEHUlUJHUWHGD*ZHQ]ZDURKQH6FKZLHULJNHLWHQ:RUWH ZLH+H[DEXWD]\NORLGEHUGLH/LSSHQEUDFKWHDEHULPPHUZLHGHULQLKUH%DE\VSUDFKHYHUILHO XQGYRQ2QNHOQXQG7DQWHQUHGHWHÄ1HLQLFKZLOOGLH7DQWHQLFKWKHLUDWHQ Ä6DJHVLKUIRUGHUWH*ZHQLKQDXIÄ,FKKDEHGHP2QNHO+lXSWOLQJMDDXFKJHVDJWGDLFK LKQQLFKWZLOO 'LH9RUVWHOOXQJZDVVHLQH%UDXWPLWLKPYHUDQVWDOWHQZUGHZHQQHUVLHQDFK*ZHQGROLQV 9RUELOGYRUV6FKLHQEHLQWUHWHQZUGHOLHLKQHUVFKDXHUQ=XGHPZDUHVLQ]ZLVFKHQ]XVSlW IUHLQH)OXFKWJHZRUGHQ'HU6HHZDUHWOLFKH.LORPHWHUEUHLWYLHO]XEUHLWXPLKQ GXUFKVFKZLPPHQ]XN|QQHQ=XGHPKlWWH%XOO\QLFKWJHZXWZHOFKH5LFKWXQJHU HLQVFKODJHQPXWHGHU6HHVWDQGPLWGHPRIIHQHQ0HHULQ9HUELQGXQJXQGZHQQ%XOO\ EOLQGOLQJVORVVFKZDPP +LQWHULKPYHUVSHUUWHQGLH7KDQNKHUGHQ)OXFKWZHJ=XGHPKDWWH%XOO\KHUDXVEHNRPPHQ GDGHUJHVXFKWH7HPSHOGHU$QWLVDXIGHUDQGHUHQ6HLWHGHV6HHVODJ(LQH)OXFKWLQGHQ 'VFKXQJHO]XUFNKlWWHQDOOH+RIIQXQJHQGLH$NWLYDWRUHQGRFKQRFKILQGHQ]XN|QQHQ ]XQLFKWHJHPDFKW'LH7KDQNKHUGLHVHLQH3OlQHNDQQWHQKlWWHQLKPGHQ:HJDEJHVFKQLWWHQ ²XQGHLQ8PZHJKlWWHLKQPHKU=HLWJHNRVWHWDOVHUQRFK]XU9HUIJXQJKDWWH +LQWHUVHLQHP5FNHQZXUGHGLH0XVLNVFKZlFKHUZHQQPDQGDV+HXOHQ6FKUHLHQ3IHLIHQ 5DVVHOQXQG7XWHQPLWGHQXQHUPGOLFKHQ7URPPHOVFKOlJHQGD]ZLVFKHQDOV0XVLN EH]HLFKQHQZROOWH Ä6LHNRPPHQYHUNQGHWH*ZHQGROLQ 6LHNDPHQWDWVlFKOLFK'HU+lXSWOLQJDOOHQYRUDQQHEHQLKPVWRO]XQGYRUJHZDOWWlWLJHU =XQHLJXQJIDVWSODW]HQGNDPVHLQH7RFKWHUQlKHU'DKLQWHUVFKO|VVHQGLH5HLKHQGHU PlQQOLFKHQ7KDQNKHUDXIGLH*HVLFKWHUYRQ6FKDGHQIUHXGHJHSUlJW/HGLJOLFKEHLHLQLJHQ )UDXHQNRQQWH%XOO\$Q]HLFKHQYRQ0LWOHLGHQWGHNNHQ'LHPHLVWHQ7KDQNKHUKDWWHQ EUHQQHQGH)DFNHOQLQGHQ+lQGHQ6LHELOGHWHQHLQHQ+DOENUHLVXP%XOO\GLH%UDXWXQGGHQ %UDXWYDWHU'HU+lXSWOLQJVDKVLFKYRUVLFKWLJQDFK*ZHQXPXQGZLUNWHHUVWHWZDVUXKLJHU DOVHUGDV0lGFKHQEHLGUHLHQVHLQHU.ULHJHUJXWXQGVLFKHUDXIJHKREHQZXWH Ä)UHXQGHEHJDQQHUVHLQH$QVSUDFKHÄ0LWEUJHUOLHEHU%UlXWLJDP 'LH5HGHQDKPLKUHQ$QIDQJDEHUNHLQ(QGH'HU$OWHVSUDFKXQGVSUDFK(UHU]lKOWHYRP $OWHUXQGGHPKRKHQ5DQJVHLQHU)DPLOLHYRQGHQKHLOLJHQ7UDGLWLRQHQYRQ0RUDOXQGYRP JXWHQ/HEHQVZDQGHO(UHUPDKQWH%XOO\VHLQ:HLEQLFKW]XSUJHOQZDV%XOO\QLHJHZDJW KlWWHDXV$QJVWXPGDVHLJHQH/HEHQXQGHPSIDKOGHU7RFKWHUGHUHQ*HVLFKWYRQ 6FKPLQNIHWWJOlQ]WHLKUHQJHOLHEWHQ*DWWHQQLHPDOVDOOHLQ]XODVVHQXQGHEHQGLHVH 9RUVWHOOXQJZDUHVGLH%XOO\$QJVWVFKDXHUEHVFKHUWH =HKQ0LQXWHQYHUJLQJHQHLQH9LHUWHOVWXQGHHLQHKDOEH6WXQGHGHU$OWHUHGHWHZHLWHU(V NDP%XOO\YRUDOVPDFKHHUHLQH$UW.UHX]IDKUWGXUFKGDV.RQYHUVDWLRQVOH[LNRQYRQ $UFRPXUWK6HLQNQIWLJHU6FKZLHJHUYDWHUNDPYRQHLQHP*HJHQVWDQGDXIGHQDQGHUHQDEHU HUIDQGNHLQ(QGH,P$OWHUVRGURKWHHU%XOO\DQZHUGHHU]XVHLQHQ.LQGHUQ]LHKHQXQG GRUWGLHOHW]WHQVRUJHQIUHLHQ7DJHVHLQHV(UGHQGDVHLQVYHUEULQJHQHLQH9RUVWHOOXQJGLH%XOO\ EXFKVWlEOLFKGHQ$WHPYHUVFKOXJ $OVZLGHU(UZDUWHQGHU+lXSWOLQJVHLQH5HGHEHHQGHWHWDWHUHVQLFKWZHLOLKPGHU 5HGHVWRIIDXVJHJDQJHQZlUH,P*HJHQWHLOHUKROWHJHUDGH]XHLQHPOlQJHUHQ([NXUVEHU GLH6LSSHVHLQHU)UDXDXVDOVHLQ%OLW]GLH1DFKW]HUUL'LH7KDQNKHUVWDQGHQHUVWZLH

IHVWJHZXU]HOWGDQQDEHUNDP/HEHQLQVLH(LQ$XIVFKUHLJHOOWHDXVEHUKXQGHUW.HKOHQXQG GDQQIOFKWHWHQGLHYHUlQJVWLJWHQ0HQVFKHQLQDOOH+LPPHOVULFKWXQJHQ1XU%XOO\XQG*ZHQ EOLHEHQ]XUFN %XOO\ZXWHVHKUEDOGZDVSDVVLHUWZDU 'DV/LFKWKDWWHVHLQH4XHOOHGRUWZRQDFKGHQ(U]lKOXQJHQGHV+lXSWOLQJVGHU7HPSHOGHU 7DXVHQG7RGH]XILQGHQZDUXQGDXFKEHUGLH$UWGLHVHU/LFKWTXHOOHNRQQWHHVNHLQHQ =ZHLIHOJHEHQ'HU)HXHUEDOOGHU5DXFKSLO]GHULQGLH+|KHMDJWHYRQGHQ+|OOHQJOXWHQDP %RGHQJHVSHQVWLVFKHUOHXFKWHW²GDVGHXWHWHDXIHLQHDWRPDUH([SORVLRQKLQ'DGDV 'RVLPHWHUDQ%XOO\VOLQNHP+DQGJHOHQN%HVWDQGWHLOGHV.RPELJHUlWVGDVDOOH5DXPIDKUHU EOLFKHUZHLVHWUXJHQNHLQHUOHL6WUDKOHQEHODVWXQJDQ]HLJWHVFKOR%XOO\DXIHLQH .HUQYHUVFKPHO]XQJ 1RFKZlKUHQGHUGLHVHhEHUOHJXQJHQDQVWHOOWHEHJDQQDXFK%XOO\]XODXIHQ*ZHQKDWWHHU PLWHLQHPKDUWHQ*ULIIKHUDQJHULVVHQXQGDXIGHQ$UPJHQRPPHQ%XOO\ZXWHGDHUXP VHLQ/HEHQUDQQWH'HU.HUQSXQNWGHU([SORVLRQZDUQDKH =XHUVWNDPQDFKGHU/LFKWIOXWGHV%OLW]HVGHU/XIWGUXFN(UUL%XOO\YRQGHQ%HLQHQXQG ZLUEHOWHLKQZLHHLQZHONHV%ODWWLP+HUEVWVWXUPGXUFKGLH/XIW6LFKPHKUIDFK EHUVFKODJHQGNDP%XOO\DXIGHP%RGHQDXIHLQH+WWHQZDQGEHHQGHWHVHLQHQ5XWVFK *ZHQGROLQLQVHLQHQ$UPHQZLPPHUWHOHLVHYRQ$QJVWXQG6FKUHFNHQHUIOOW 'DQQNDPGDV:DVVHU :LHHLQHVFKZDU]H:DQGEUDFKGLH)OXWEHUGHQEHLGHQ0HQVFKHQ]XVDPPHQXQGEHJUXEVLH XQWHUVLFK%XOO\VSUWHZLHHUJHJHQGLH:DQGGHV+DXVHVJHZRUIHQZXUGHXQGIDVWJODXEWH HUGDV%UHFKHQVHLQHU.QRFKHQK|UHQ]XN|QQHQ:LHGHUZXUGHHUKHUXPJHZLUEHOWDOVGDV +DXVXQWHUGHP$QVWXUPGHU)OXW]XVDPPHQEUDFK(LQ%DONHQVWU]WHDXI%XOO\KHUDEXQG ODKPWHLKPGLH6FKXOWHUDOVHUJHUDGHHLQPDOGHQ.RSIKHUDXVVWUHFNHQXQG/XIWVFKQDSSHQ NRQQWH 'DQQJLQJGDV:DVVHU]XUFNXQG%XOO\PXWHDOOH.UlIWHVHLQHVVFKPHU]HQGHQ JHVFKXQGHQHQ.|USHUVDXIELHWHQXPQLFKWPLWJHULVVHQ]XZHUGHQ$OVHUHQGOLFKIHVWHQ %RGHQXQWHUGHQ)HQXQGDQGHQ:DQJHQNKOH$EHQGOXIWIKOWHZDUHUGHP =XVDPPHQEUXFKQDKH Ä*ZHQNHXFKWHHUY|OOLJHUVFK|SIWÄ.OHLQHV *ZHQEUDFKWHQXUHLQVFKZDFKHV/lFKHOQ]XZHJH6LHKXVWHWHXQGVSXFNWH:DVVHUDXV1DFK HLQLJHQ0LQXWHQNRQQWHVLHDXFKZLHGHUVSUHFKHQ Ä:DVZDUGDV"IUDJWHVLHOHLVHÄ'HU:HOWXQWHUJDQJ" Ä1RFKQLFKWNRPPHQWLHUWH%XOO\Ä$EHUHVZDUQDKHGDUDQ (UHQWGHFNWHHLQHQ6FKHPHQDXIGHP6DQG,UJHQGHLQGXQNOHUJURHU.|USHUODJDXIGHP GXQNOHQ6DQG 1HXJLHULJJLQJ%XOO\KLQEHU (VZDUHLQ%RRW.HLQSULPLWLYHU(LQEDXPZLHHVEHLGHQ7KDQNKHU]XYHUPXWHQJHZHVHQ ZlUH1HLQHVKDQGHOWHVLFKXPHLQPRGHUQHV%RRWPLWHLQHP5XPSIDXV JODVIDVHUYHUVWlUNWHP.XQVWVWRIIXQGHLQHP6WDXVWUDKOWULHEZHUNGDVQRFKDUEHLWHWH'DV%RRW ODJNLHOREHQDXIGHP6DQGGDKHUSURGX]LHUWHGDV7ULHEZHUNQXUHLQHQ/XIWVWUDKO Ä+LOIPLUEDW%XOO\XQG*ZHQGROLQNDPKHUDQJHZDQNW'LH+DDUHNOHEWHQLKUDP.RSILKU .OHLGEHVWDQGQXUQRFKDXV)HW]HQDEHUVLHEUDFKWHHLQ/lFKHOQIHUWLJ%HLHLQHP =XVDPPHQVWRKDWWHVLHGLHUHVWOLFKHQ6FKQHLGH]lKQHLP2EHUNLHIHUHLQJHEWXQGGDV PDFKWHLKU/lFKHOQHWZDVEHIUHPGOLFK Ä'XPXWHLQHQURWHQ.QRSIILQGHQHUNOlUWH%XOO\Ä:HQQGXLKQKDVWGDQQPXWGXGHQ .QRSIGUFNHQ(USDFNWH]XXQGVWUDIIWHGLH0XVNHOQ=HQWLPHWHUZHLVHKREHUGDV%RRW VHLWOLFKDQELVHLQH/FNHHQWVWDQGGXUFKGLH*ZHQGROLQVFKOSIHQNRQQWH'DV0lGFKHQ ZDUJHOHQNLJZLHHLQ$DO*ZHQJOLWWXQWHUGLH6FKDOHXQGVFKDOWHWHGHQ0RWRUDXV-HW]WHUVW NRQQWH%XOO\ULFKWLJ]XSDFNHQ0LWJHZDOWLJHU.UDIWDQVWUHQJXQJZXFKWHWHHUGDV%RRWLQGLH ULFKWLJH/DJHÄ,FKIUFKWHVDJWH*ZHQGROLQOHLVHÄGLHVHU2QNHOLVWHLQELFKHQWRW

'DUDQNRQQWHHVNHLQHQ=ZHLIHOJHEHQ,QGHU%UXVWNODIIWHHLQH:XQGHXQGGLH$XJHQGHV 0DQQHVZDUHQJHEURFKHQ(VZDUNHLQ$QEOLFNIUHLQNOHLQHV0lGFKHQDEHUGDVOLHVLFK QXQQLFKWPHKUlQGHUQ :LFKWLJHUQRFKDOVGHU7RWHVHOEVWZDUGDVZDVHUEHLVLFKWUXJ$QGHU+IWHKLQJHLQ ,PSXOVVWUDKOHUXQGXPGHQ+DOVWUXJGHU7RWHHLQHQ=HOODNWLYDWRU%XOO\ZDU]X DQJHVFKODJHQXPVLFKEHUGLH3DUDGR[LHGLHVHV$QEOLFNVNODU]XZHUGHQHLQ7RWHUGHUDP +DOVGHQ*DUDQWHQGHU8QVWHUEOLFKNHLWWUXJ $OVHUVWHVJULII%XOO\QDFKGHU:DIIHGHV7RWHQ'HU0DQQKDWWHHLQLJH0DOHGDPLWJHIHXHUW DEHUGDV0DJD]LQZDUQRFKJXWJHIOOW'DQQQDKP%XOO\GHP7RWHQGHQ=HOODNWLYDWRUDE 1DFKGHQNOLFKZRJHUGDV*HUlWLQGHU+DQG (UEUDXFKWHVLFKGHQ$NWLYDWRUQXUXP]XKlQJHQGDQQZDUHUHEHQVRXQVWHUEOLFKZLH3HUU\ 5KRGDQXQG$WODQ1LHPDOVZLHGHUZUGHHUEDQJHQPVVHQREHVUHFKW]HLWLJJHODQJ :DQGHUHU]XILQGHQEHYRUGHUOHW]WH=HLWSXQNWIUGLHOHEHQVHUKDOWHQGH=HOOGXVFKHYHUVWUL FKHQZDU(LQ=HOODNWLYDWRUPDFKWHGHQ7UlJHUYRQGLHVHU3UR]HGXUXQDEKlQJLJ8QDEKlQJLJ ZDUHLQ$NWLYDWRUWUlJHUDXFKYRPJXWHQ:LOOHQ3HUU\5KRGDQV(UDOOHLQKDWWHYRQ(6GDV 5HFKW]XJHVWDQGHQEHNRPPHQ]XHQWVFKHLGHQZHULQGHQ*HQXGHU=HOOGXVFKHNRPPHQ VROOWH%LVMHW]WKDWWHHVQLH=ZHLIHOJHJHEHQGD]XGLHVHPEHYRU]XJWHQ3HUVRQHQNUHLVDXFK 5HJLQDOG%XOOJHK|UWH:DVDEHUZHQQ3HUU\5KRGDQQLFKWOlQJHUIU%XOO\GLH=HOOGXVFKH JHZlKUHQNRQQWH" %XOO\EUDXFKWHVLFKGHQ$NWLYDWRUQXUXP]XKlQJHQGDQQZDUDXFKGLHVHV3UREOHPIUDOOH =HLWJHO|VW 'LH$QJHOHJHQKHLWKDWWHQXUHLQHQ+DNHQ3HUU\V$NWLYDWRUXQGGHUYRQ$WODQNRQQWHQQXU YRQ3HUU\RGHU$WODQJHWUDJHQZHUGHQ7KRPDV&DUGLIGHUVLFK3HUU\V$NWLYDWRUHUVFKOLFKHQ KDWWHZDUDQGHQ)ROJHQGHUVRJHQDQQWHQ.RQWUDLQGLNDWLRQJHVWRUEHQ%HLGHP$NWLYDWRUGHQ %XOO\LQGHU+DQGKLHOWNRQQWHGDVQLFKWSDVVLHUHQ:HULPPHULKQWUXJ0HQVFKRGHU $XHULUGLVFKHUMHGHUHUKLHOWYRP$NWLYDWRUGLHOHEHQVHUKDOWHQGHQ,PSXOVH'DV*HUlWVWHOOWH VLFKVWHWVDXIGHQMHZHLOLJHQ7UlJHUHLQ (LQHHLQPDOHUKDOWHQH=HOOGXVFKHNRQQWH5HJLQDOG%XOOQLHPDQGDEQHKPHQZRKODEHUHLQHQ =HOODNWLYDWRU,P*UXQGHJHQRPPHQOHEWHHUPLWHLQHPGHUDUWLJHQ$NWLYDWRUJHIlKUOLFKHUDOV IUKHU=XDOOGHQYHUVFKUREHQHQ0RWLYHQDXVGHQHQKHUDXV$WWHQWDWHDXILKQGHQNEDUZDUHQ NDPQXQQRFKHLQQHXHV0RWLYKLQ]XGLH*LHUQDFKGHP$NWLYDWRU:LHZHQLJGHU%HVLW] GHV$NWLYDWRUVDOOHLQKDOI]HLJWHGHU7RWH(UKDWWHGLH8QVWHUEOLFKNHLWLQGHU+DQGJHKDOWHQ QXQZDUHUWRWRIIHQNXQGLJHUPRUGHWZRUGHQ%XOO\YHUPXWHWHGDGHU6FKZHUYHUOHW]WH YHUVXFKWKDWWHVLFKLQ6LFKHUKHLW]XEULQJHQXQGGDEHLDXIGHP6HHJHVWRUEHQZDU)KUHUORV ZDUGDV%RRWZHLWHUJHUDVWELVHVLQGHU1lKHGHU7KDQNKHU6LHGOXQJYRQGHU)OXWHUIDW ZRUGHQZDUGLHGLH([SORVLRQDXVJHO|VWKDWWH %XOO\ZXWHGDGLH7KDQNKHUVLFKQLFKWIUDOOH=HLWHQLP:DOGYHUEHUJHQZUGHQ'LH =HLWLQGHUHUQRFKIOLHKHQNRQQWHZDUNQDSSEHPHVVHQ %XOO\VWHFNWHGHQ$NWLYDWRULQHLQH+RVHQWDVFKH Ä+LOIPLUEDWHUQRFKHLQPDOÄ:LUPVVHQGDV%RRW]XP:DVVHUVFKDIIHQ 0LWYHUHLQWHQ.UlIWHQEUDXFKWHQVLHQXUZHQLJH0LQXWHQIUGLHVH$UEHLW%XOO\GDFKWHQRFK GDUDQDXVHLQHUGHUKDOE]HUVW|UWHQ+WWHQGHU7KDQNKHU:DVVHUVFKOlXFKH]XEHVRUJHQGHQQ GDV%UDFNZDVVHUGHV6HHVNRQQWHPDQQLFKWWULQNHQ'DQQNRQQWHGLH)DKUWEHJLQQHQ $OVGHU0RWRUDXIKHXOWHHUVFKLHQHQGLH7KDQNKHUZLHGHUDXIGHU%LOGIOlFKH6LHHQWGHFNWHQ GD%XOO\IOFKWHQZROOWHXQGVLHQDKPHQVRIRUWGLH9HUIROJXQJDXI%XOO\VHQNWHGDV EHZHJOLFKH6WDXVWUDKOWULHEZHUN6REDOGGHU0RWRUXQWHU:DVVHUZDUVHW]WHVLFKGDV%RRWPLW HLQHP5XFNLQ%HZHJXQJ0LWODQJVDPJU|HUZHUGHQGHU*HVFKZLQGLJNHLWMDJWHGDV%RRW GHPMHQVHLWLJHQ8IHUHQWJHJHQ'DHUQLHPDOV]XUFNNHKUHQGXUIWHZDUIU%XOO\NODU(U NRQQWHQRFKVHKHQZLHGLH7KDQNKHULKUHZHQGLJHQ(LQElXPH]X:DVVHUEUDFKWHQ 9RUDXVODJGHU7HPSHOGHU7DXVHQG7RGHXQGGHUQHXQ]HKQIDFKHQ8QVWHUEOLFKNHLW 'DV%RRWUDVWHLQGLH'XQNHOKHLW

6NORWK%DUZXWHGDGHU(UIROJ]XP*UHLIHQQDKHZDU 9RUZHQLJHQ6HNXQGHQHUVWKDWWHHUGHQOHW]WHQ6FKUHLJHK|UWGHQGHUYRUOHW]WHVHLQHU *HJHQVSLHOHUDXVJHVWRHQKDWWH 1XQSKDOKDWWHGHU3ULHVWHUJHKHLHQ2EHUSULHVWHUGHV.XOWHVDXI=DOLWHLQ0DQQPLW EHDFKWOLFKHQ3DUD IlKLJNHLWHQ$EHUVHLQ%ORFNZDUWURW]DOOHU9HUVWlUNXQJGXUFKIQI=HOODNWLYDWRUHQQLFKW VWDUNJHQXJJHZHVHQGHQEHUIDOODUWLJHQ$QJULII]XYHUNUDIWHQ]XGHP6NORWK%DULQHLQHP $XJHQEOLFNDQJHVHW]WKDWWHLQGHP1XQSKDOVFKRQJHJODXEWKDWWHVHLQHQ*HJQHUIDVW EH]ZXQJHQ]XKDEHQ-HW]WZDU1XQSKDOWRWVHLQH,PSXOVHZDUHQYHUVWXPPW 'HUOHW]WH*HJQHUGHQ6NORWK%DUQRFKDXV]XVFKDOWHQKDWWHZDU$MDW+LGG\=XU=HLWZDUHU IDVWRKQH%HVLQQXQJVRVHKUKDWWHGLH6FKODFKWJHJHQ1XQSKDOLKQDQJHVWUHQJW1XQSKDOXQG $MDW+LGG\ZDUHQGLHJU|WHQ3DUDEHJDEXQJHQGLHVLFKLQGHQ5HLKHQGHU%lDOROVILQGHQ OLHHQ 6NORWK%DUZXWHGDV(UZXWHGDHUDOOHLQJHJHQNHLQHQGLHVHU0lQQHUHWZDVDXVULFKWHQ NRQQWH6HLQHHLQ]LJH&KDQFHKDWWHGDULQEHVWDQGHQVHKUODQJH=HLWXQVLFKWEDULP +LQWHUJUXQG]XEOHLEHQXQGDE]XZDUWHQGDVLFK1XQSKDOXQG+LGG\JHJHQVHLWLJEHNULHJWHQ XQGVRVHKUVFKZlFKWHQGD6NORWK%DUHLQH&KDQFHKDWWH 6NORWK%DUODJDP5DQGGHVYHUZVWHWHQ5DXPKDIHQV.XU]EHYRUHUJHVWRUEHQZDUKDWWH 1XQSKDOY|OOLJGHQ9HUVWDQGYHUORUHQ:LOGXPVLFKVFKLHHQGZDUHUDXIGDV/DQGHIHOG JHUDQQWXQGPLWGHUNQVWOLFKKRFKJHSHLWVFKWHQ3DUDEHJDEXQJKDWWHHUDXVGHQ6FKVVHQ (QHUJLHElOOHJHIRUPWXQGVLHQDFK$MDW+LGG\JHVFKOHXGHUW0LWVFKUHFNJHZHLWHWHQ$XJHQ KDWWH6NORWK%DUGDV6FKODFKWHQYHUIROJW,QHLQHUJLJDQWLVFKHQ([SORVLRQGLH6NORWK%DUV .|USHUVFKXW]VFKLUPIDVWKDWWH]XVDPPHQEUHFKHQODVVHQZDUHQDOOH-DFKWHQLQGLH/XIW JHIORJHQ$OV1XQSKDOHQGOLFK]XVDPPHQEUDFKJDEHVQXUQRFKHLQH0|JOLFKNHLWGHQ3OD QHWHQ]XYHUODVVHQGLHGUHL%RRWHLPYHUVWHFNWHQ+DQJDU$MDW+LGG\ZXWHQLFKWVYRQGHQ %RRWHQGDZDUVLFK6NORWK%DUVLFKHU$EHUHVZUGHVLFKHUOLFK0LWWHOXQG:HJHJHEHQ GLHVH,QIRUPDWLRQKHUDXV]XEHNRPPHQZHQQ+LGG\LQGHUVLFKDE]HLFKQHQGHQ$XVHLQDQ GHUVHW]XQJGLH2EHUKDQGEHKDOWHQVROOWH %HLGH3DUWHLHQZDUHQVLFKEHULKUH/DJHLPNODUHQ+DOERKQPlFKWLJXQGY|OOLJHUVFK|SIW DEHUGHQQRFKJHLVWLJDXIQDKPHIlKLJKDWWH$MDW+LGG\PLWEHNRPPHQZLHVLFKHLQHQHXH .UDIWLQGHQ.DPSIHLQVFKDOWHWH:lKUHQG+LGG\QDKH]XNDPSIXQIlKLJZDUKDWWHVLFKGHU 8QEHNDQQWHDXI1XQSKDONRQ]HQWULHUWXQGGHUZDUQDFKGHUVWXQGHQODQJHQ $XVHLQDQGHUVHW]XQJDXI3DUDHEHQHQLFKWPHKULQGHU/DJHJHZHVHQVLFKZLUNXQJVYROOJHJHQ GHQEHUIDOODUWLJHQ$QJULII]XU:HKU]XVHW]HQ1DFKPLQXWHQODQJHP:LGHUVWDQGZDU 1XQSKDOJHVWRUEHQ 'LH$UWLQGHUGLHVHU.DPSIHQWVFKLHGHQZRUGHQZDUJDE$MDW+LGG\GLHHUVWHQ+LQZHLVHDXI GHQP|JOLFKHQ7lWHU'LH.RQVWUXNWLRQGHVhEHUIDOOVGLH9RUEHUHLWXQJZLHGLH$XVIKUXQJ GDV]HLJWH]LHPOLFKGHXWOLFKGLH+DQGVFKULIWYRQ6NORWK%DU$MDW+LGG\ZXWHGDHUDXI 3DUDHEHQH6NORWK%DUEHUOHJHQZDUDEHUQXQVWDQGIHVWGD6NORWK%DUEHUPHKU $NWLYDWRUHQYHUIJWHDOV+LGG\XQGGDVPDFKWHGHQ9RUWHLOPHKUDOVZHWW+LGG\ZDU]XGHP HUVFK|SIWZlKUHQGVLFK6NORWK%DUDXVGHQ.lPSIHQZHLWJHKHQGKHUDXVJHKDOWHQKDWWH'D 6NORWK%DUVFKZHUDQJHVFKODJHQZDUXQGVHLQH5FNHQKDXWLQ)HW]HQKHUXQWHUKLQJNRQQWH +LGG\QLFKWZLVVHQ :lKUHQGVLFK$MDW+LGG\EHUOHJWHZLHHUGHQHUVWHQ]XHUZDUWHQGHQ$QJULIIYRQ6NORWK%DU SDULHUHQVROOWHODJGLHVHUDP5DXPKDIHQXQGVWDQGYRUVLFKWLJDXI%HLMHGHU%HZHJXQJ VFKPHU]WHGHU5FNHQXQGGLHVHQ6FKPHU]PXWH6NORWK%DUYROONRPPHQXQWHUGUNNHQ ZHQQHU+LGG\QLFKWHLQHQZHUWYROOHQ+LQZHLVJHEHQZROOWH +XPSHOQGEHUTXHUWH6NORWK%DUGHQ3ODW](UKDWWHELVLQGLHIUKHQ0RUJHQVWXQGHQZDUWHQ

PVVHQ9RUKHUZDUGHU%RGHQYRQGHQ([SORVLRQHQ]XKHLJHZHVHQDOVGDPDQGDUDXI KlWWHJHKHQN|QQHQXQGVHOEVWMHW]WVDK6NORWK%DUVLFKJH]ZXQJHQHLQVFKZDFKHV ZlUPHLVROLHUHQGHV)HOGDXI]XEDXHQGDVVHLQH)HYRU9HUEUHQQXQJHQVFKW]WH 'LH=HOODNWLYDWRUHQZDUHQXQEHVFKlGLJW9RQ1XQSKDONRQQWHPDQGDVQLFKWVDJHQ(UZDU DXIGLH*U|HHLQHVNOHLQHQ.LQGHV]XVDPPHQJHVFKUXPSIWXQGVFKZDU]VRVHKUKDWWHGLH +LW]HVHLQHU/HLFKH]XJHVHW]W9RUVLFKWLJWDVWHWH6NORWK%DUQDFKGHQ=HOODNWLYDWRUHQ (LJHQWOLFKKlWWHGDV0HWDOOQRFKVHKUKHLVHLQPVVHQDEHUGHPZDUQLFKWVR6NORWK%DU EUDXFKWHQXU]X]XJUHLIHQ(UKlQJWHVLFKGLH$NWLYDWRUHQXP 'UHL]HKQ$NWLYDWRUHQWUXJHUMHW]WXQGGDVZDUHLQHHUKHEOLFKH/DVW6LHZXUGHDOOHUGLQJV GDGXUFKNRPSHQVLHUWGDGLH$NWLYDWRUHQGHQ.UlIWHYHUVFKOHLVRIRUWDXIKREHQ(LQ $NWLYDWRUGHU:DKUKHLWVDNWLYDWRUZLH6NORWK%DULKQJHWDXIWKDWWHVWHFNWHLQVHLQHU+R VHQWDVFKHHVEOLHEHQDOVRQRFKGLHVHFKV$NWLYDWRUHQGLH$MDW+LGG\WUXJ 6NORWK%DUZDUDOVRQDFKGHU=DKOGHU$NWLYDWRUHQPHKUDOVGRSSHOWEHUOHJHQDEHUHUZDU YLHO]XJHULVVHQXPVLFKHLQHUVROFKHQ7lXVFKXQJKLQ]XJHEHQ(QWVFKHLGHQGZDUZHQLJHUXP ZLHYLHOGLHPHQWDOHQ.UlIWHHLQHV$NWLYDWRUWUlJHUVJHVWHLJHUWZXUGHQZLFKWLJZDUHQGLHVH .UlIWHVHOEVWXQGGDZDU$MDW+LGG\HLQGHXWLJEHUOHJHQ6NORWK%DUZXWHGDVXQGVWHOOWHHV LQ5HFKQXQJ -HW]WGDGUHL]HKQ$NWLYDWRUHQGDUDQDUEHLWHWHQLKQNUlIWLJ]XPDFKHQJLQJVHLQH*HQHVXQJ UDVFKYRUDQ6NORWK%DUJODXEWHIDVWVHKHQ]XN|QQHQZLHGLH+DXWDXIVHLQHP5FNHQ HUQHXHUWZXUGH:HVHQWOLFKIULKQZDUGDGLH6FKPHU]HQPHKUXQGPHKUYHUVFKZDQGHQ 6LHVW|UWHQVHLQH.RQ]HQWUDWLRQ 6NORWK%DUOlFKHOWHYHUKDOWHQ $MDW+LGG\UHFKQHWHYHUPXWOLFKPLWHLQHP$QJULIIDXI3DUDHEHQHDEHUHUVROOWHVLFKWlXVFKHQ 6NORWK%DUZDUIHVWHQWVFKORVVHQGLHVH$XVHLQDQGHUVHW]XQJKDQGJUHLIOLFK]XEHHQGHQ(LQ 0HVVHULP5FNHQZDUPLQGHVWHQVVRZLUNVDPZLHHLQ3DUDLPSXOVGHUHLQLJH.X ELN]HQWLPHWHU+LUQEXFKVWlEOLFKNRFKHQOLHXQGN|USHUOLFKZDUGHUhEHUOHJHQH6NORWK%DU $MDW+LGG\ZDUHLQDOWHU0DQQYRQ*LFKWJHSODJWXQGQDKH]XXQEHZHJOLFK 6NORWK%DUPDFKWHVLFKDXIGHQ:HJ 1RFKLPPHUHWZDVKXPSHOQGXQGDEXQG]XOHLVHVW|KQHQGYRU6FKPHU]NHKUWHHULQGHQ 7HPSHOEH]LUN]XUFN,UJHQGZRLQGHQ5XLQHQGHQQPHKUZDUYRQGHU$QODJHQDFKGHP WDJHODQJHQ*HPHW]HOQLFKWJHEOLHEHQPXWH$MDW+LGG\VWHFNHQYHUPXWOLFKJXWJHWDUQW $QGHUVNRQQWHVLFK6NORWK%DUQLFKWHUNOlUHQZLHGHUKDOEODKPH+LGG\GLHOHW]WHQ7DJH EHUVWDQGHQKDEHQNRQQWH 'HU:DOG]ZLVFKHQGHP/DQGHIHOGXQGGHP7HPSHOEH]LUNZDUQLFKWPHKUhEHUGHU JHVDPWHQ$QODJHODJGLFKWHUlW]HQGHU4XDOPÄ,FKZHUGHGHQ7HPSHOQHXDXIEDXHQ PXUPHOWH6NORWK%DUÄ(UZLUGPLUJHZHLKWZHUGHQPLUZHUGHQGLH(LQJHERUHQHQRSIHUQPLU DOOHLQ8QGPLUZLUGHLQHV7DJHVDXFKGHU5RERWUHJHQWYRQ$UNRQ8QWHUWDQVHLQ0LU,FK ZHUGHGHU0lFKWLJVWHVHLQXQGZHUPLU]XZLGHUVSUHFKHQZDJWZLUGHVPLWGHP/HEHQ EHQ ,QHLQHU3IW]HNRQQWHHUVHLQ6SLHJHOELOGVHKHQXQGHUJULQVWHVLFKVLHJHVVLFKHUDQREZRKOHU LPHUVWHQ$XJHQEOLFNHUVFKURFNHQZDU6HLQH$XJHQODJHQWLHILQGHQ+|KOHQGLH+DDUH ZDUHQVWUlKQLJ6HLQ*HVLFKWZDUY|OOLJYHUGUHFNWGLH+lQGHPLW%OXWEHVFKPLHUW6HLQH .OHLGXQJKDWWHXQWHUGHQ'RUQHQJHOLWWHQXQGXQWHUGHQVFKDUIHQ.DQWHQGHU7UPPHU $EHUGLHVHU$QEOLFNNRQQWHGLH=XYHUVLFKWLQ6NORWK%DUQLFKWHUVFKWWHUQ(UZXWHGDHU JDQ]GLFKWDP=LHOVWDQG 9RUVLFKWVKDOEHUSUIWH6NORWK%DUVHLQH:DIIHQ 'LH0DJD]LQHGHUEHLGHQ+DQGZDIIHQZDUHQQDKH]XOHHU6LFKVRDQ$MDW+LGG\ KHUDQ]XZDJHQZlUHEODQNHU6HOEVWPRUGJHZHVHQ 6NORWK%DUZXWHQXUHLQHQ3ODW]DQGHPHURKQH*HIDKUIULVFKH0DJD]LQHEHNRPPHQ NRQQWHXQGGDUXPNHKUWHHUVRVFKQHOOZLHP|JOLFKLQGHQ+DQJDU]XUFN(UEUDXFKWHGDIU IDVWHLQHKDOEH6WXQGH1RFKLPPHUPDFKWHLKPVHLQ5FNHQ]XVFKDIIHQ

9RUVLFKWLJVFKZHEWHHULP$QWLJUDYVFKDFKWKLQDE,P+DQJDUZDUHVOHHUGLH6WLOOHZXUGHQXU YRP.QLVWHUQNOHLQHU%UlQGHXQWHUEURFKHQGLHEHLGHU=HUVW|UXQJGHUIQI%HLERRWH HQWVWDQGHQZDUHQ,QHLQHPGHUXQEHVFKlGLJWHQ%RRWHVXFKWH6NORWK%DUQDFKIULVFKHQ 0DJD]LQHQ(UIDQGVLHXQGOXGVHLQH:DIIHQQDFKGDQQVWLHJHUZLHGHUDXVGHP%HLERRW0LW HLQHPHQWVFKORVVHQHQ*HVLFKWVDXVGUXFNPDFKWHHUVLFKDXIGHQ:HJXPGHQOHW]WHQVHLQHU *HJQHU]XHUOHGLJHQGHULKQQRFKYRQGHUDOOHLQLJHQ0DFKWWUHQQWH (LVLJHU6FKUHFNHQGXUFKIXKULKQDOVHUSO|W]OLFKHLQH6WLPPHK|UWH Ä/DGLH:DIIHQIDOOHQ6NORWK%DURGHULFKGUFNHVRIRUWDE,FKKDEHGHLQHQ5FNHQJHQDX LP9LVLHU 6NORWK%DUZXUGHEOD(UZXWHGD+LGG\VHLQHQ.|USHUVFKXW]HEHQVRQXOOLIL]LHUHQNRQQWH ZLHHUGHQGHV*HJQHUV(UKDWWHY|OOLJEHUVHKHQGDHLQLJH=HOODNWLYDWRUHQDXIGLH JLFKWLJHQ*HOHQNHYRQ$MDW+LGG\GHQJOHLFKHQ(LQIOXKDEHQPXWHQZLHDXIVHLQHQ YHUOHW]WHQ5FNHQ+LGG\ZDUNHLQ.USSHOPHKU8QGHUKDWWH+LGG\V.HQQWQLVVHIDOVFK HLQJHVFKlW]W+LGG\KDWWHGHQ+DQJDUJHNDQQW3V\FKRORJLVFKJHVFKLFNWKDWWHHU6NORWK%DULQ DOOHU5XKHGHQ+DQJDUEHWUHWHQODVVHQ(UVWDOVVLFK6NORWK%DUPLWGHQIULVFKJHODGHQHQ :DIIHQLQGHU+DQGY|OOLJVLFKHUJHIKOWKDWWHKDWWHVLFK$MDW+LGG\EHPHUNEDUJHPDFKW 1DFK6NORWK%DUV$QVLFKWKDWWHDOOHUGLQJVDXFK+LGG\HLQHQ)HKOHUJHPDFKW(UKlWWHDQ +LGG\V6WHOOHVRIRUWW|GOLFK]XJHVFKODJHQ Ä'UHKGLFKODQJVDPXPIRUGHUWH+LGG\LKQDXI 6NORWK%DUIROJWHGHU$XIIRUGHUXQJ Ä'XZDUVWUHFKWJHVFKLFNW6NORWK%DUVDJWH$MDW+LGG\'HUNORELJH%ODVWHUVDKZXQGHUOLFK LQGHU+DQGGHV]LHUOLFKHQZHLKDDULJHQ0DQQHVDXV$EHU6NORWK%DUZXWHGDGLHVHU $QEOLFNWlXVFKWH7URW]VHLQHVVDQIWPWLJHQbXHUHQZDU+LGG\VROHLFKWIHUWLJ]XHLQHP 0RUGEHUHLWZLHQXULUJHQGHLQHULP)KUXQJVNUHLVGHV%lDORONXOWV Ä,FKKlWWHGLFKYHUVFKRQW6NORWK%DUVDJWH+LGG\IUHXQGOLFKÄ$EHUPLULVWJHUDGHQRFK UHFKW]HLWLJHLQJHIDOOHQZLHUDIILQLHUWGXGHLQH3OlQHLQ6]HQHJHVHW]WKDVW'XZDUVWPLWGHU 8QVWHUEOLFKNHLWDOOHLQQLFKW]XIULHGHQXQGLFKVHKHGLUDQGDGXHVQLHPDOVHUWUDJHQZLUVW DQGHUH8QVWHUEOLFKHQHEHQGLU]XZLVVHQ/DGHLQH$NWLYDWRUHQIDOOHQ =HLWOXSHQKDIWODQJVDPQDKP6NORWK%DUGHQHUVWHQ$NWLYDWRULQGLH+DQGXQGLQGLHVHP $XJHQEOLFNVFKOXJHU]X (VZDUHLQ$QJULIIGHUVHLQH(QHUJLHQLFKW]XOHW]WDXVGHU7RGHVDQJVWEH]RJGLH6NORWK%DU HUIOOWH'DVZDU$MDW+LGG\V)HKOHU(UKDWWHGLH3DUDNUlIWHVHLQHV*HJQHUVY|OOLJULFKWLJ HLQJHVFKlW]WDXFKGHQ9HUVWlUNHUHIIHNWGHU=HOODNWLYDWRUHQ8QWHUVFKlW]WKDWWH$MDW+LGG\GLH 9HU]ZHLIOXQJGLH6NORWK%DUVOHW]WH.UlIWHPRELOLVLHUWH $MDW+LGG\]XFNWH]XVDPPHQXQGJULIIVLFKDQGHQ+DOV6NORWK%DUYHU]LFKWHWHDXIDOOH 0lW]FKHQHUYHUVXFKWHQXUWHOHNLQHWLVFKGLH+DOVVFKODJDGHUYRQ$MDW+LGG\ ]XVDPPHQ]XGUFNHQ*HODQJLKPGDVZXUGH+LGG\LQ6HNXQGHQIULVWEHZXWORVXQGGHU5HVW GHV.DPSIHVZDUQHEHQVlFKOLFK+LGG\VHW]WHVLFKJHJHQGLHVHQ$QJULII]XU:HKUHUEORFNWH 6NORWK%DUVP|UGHULVFKHQ,PSXOVDE =ZLVFKHQGHQEHLGHQ.lPSIHUQHQWVWDQGLQGHU/XIWHLQEOlXOLFKHV)OLPPHUQ'RUWSUDOOWHQ GLHYRQGHQ$NWLYDWRUHQYHUVWlUNWHQ3DUDHQHUJLHQDXIHLQDQGHUXQGVRJURXQGJHZDOWLJ ZDUHQGLH(QHUJLHQGLHEHLGLHVHP.DPSIIUHLJHVHW]WZXUGHQGDHV]X(UVFKHLQXQJHQNDP GLHQRFKNHLQ%lDOROMHPDOVJHVHKHQKDWWH+LQXQGKHUZRJWHGHU.DPSIXQGODQJH=HLW VFKLHQHLQH(QWVFKHLGXQJ]ZHLIHOKDIW'DQQDEHUPRELOLVLHUWH6NORWK%DUQRFKHLQPDODOOH .UlIWH(UEDUPXQJVORVVFKQUWHHUGLH.HKOHYRQ$MDW+LGG\]X+LGG\VWLHHLQGXPSIHV *XUJHOQDXVVHLQH*OLHGHUYHUNUDPSIWHQVLFK 'HU6FKXDXV+LGG\V%ODVWHU3URGXNWGHU9HUNUDPSIXQJXQGQLFKWJH]LHOWWUDI6NORWK%DU LQGHQ0DJHQXQGLQGHP$XJHQEOLFNLQGHPGHUZDKQVLQQLJH6FKPHU]LKPGLH%HVLQQXQJ UDXEWHZXWH6NORWK%DUGDHUDQGLHVHU9HUOHW]XQJVWHUEHQZUGHXQGGLHVH7DWVDFKH EHUUDVFKWHLKQ (VNQLUVFKWHOHLVHDOVGDV%RRWDXIGHP8IHUDXIOLHI%XOO\VWHOOWHGHQ0RWRUDEXQGVSUDQJ

DXVGHURIIHQHQ6FKDOH(UZDUPGHXQGXQWHUNKOW'LH1DFKWDXIGHP6HHZDU]LHPOLFK DQVWUHQJHQGJHZHVHQ*ZHQGROLQ]LWWHUWHDPJDQ]HQ/HLEHXQGKDWWHEODXH/LSSHQ Ä%DOGKDEHQZLUHVJHVFKDIIW.OHLQHVYHUVXFKWH%XOO\GDV0lGFKHQDXI]XPXQWHUQ *ZHQGROLQYHUVXFKWHHLQ/lFKHOQGDVLKUNOlJOLFKPLODQJ%XOO\PXWHVLHDXVGHP%RRW KHEHQVRVFKZDFKZDUGDV0lGFKHQ,PVWLOOHQKDWWH%XOO\ZlKUHQGGLHVHU1DFKWGHP )LNWLYZHVHQYRQ:DQGHUHUVlPWOLFKH+|OOHQTXDOHQDQGHQ+DOVJHZQVFKWGD(6VLFK JHZHLJHUWKDWWHGDV0lGFKHQHLQVWZHLOHQEHLVLFKDXI]XQHKPHQ Ä(VZLUGEDOGZlUPHUZHUGHQYHUVSUDFK%XOO\XQGGHXWHWHDXIGLH6RQQHGLHDP+LPPHOLQ GLH+|KHVWLHJ*ZHQGROLQQLFNWHVFKZDFK %XOO\QDKPVLHDXIGLH$UPHXQGVHW]WHVLFKLQ%HZHJXQJ9RUDXVODJHQGLH7UPPHUHLQHV JU|HUHQ*HElXGHV,PHUVWHQ$XJHQEOLFNGDFKWH%XOO\HVKDQGOHVLFKXPKLVWRULVFKH 5XLQHQDEHUDOVHUGLH%UDQGVSXUHQVDKDKQWHHUZDVVLFKDEJHVSLHOWKDWWH(UVXFKWHHLQHQ VLFKWJHVFKW]WHQ3ODW]DXVDXIGHP*ZHQGROLQEDOGYRQGHU6RQQHEHVFKLHQHQZXUGH Ä%OHLEKLHUXQGZDUWHDXIPLFKEHIDKO%XOO\Ä,FKNRPPHEDOGXQGKROHGLFKDE8QGGDQQ EHVRUJHLFKDXFKHLQ6FKLIIGDVXQVQDFK+DXVHEULQJW Ä+RIIHQWOLFKPXUPHOWH*ZHQGROLQNDXPK|UEDU%XOO\KDWWHGHQIUFKWHUOLFKHQ9HUGDFKW GDV0lGFKHQN|QQWHVLFKLQGHU.KOHGHU1DFKWHLQH/XQJHQHQW]QGXQJJHKROWKDEHQ:LH VROOWH%XOO\VR*ZHQGROLQV9DWHUXQWHUGLH$XJHQWUHWHQ" 'DQQPDFKWHVLFK%XOO\DXIGLH6XFKH 'LH/RJLNVDJWHLKPGDHVYHUPXWOLFKQXUQRFKHLQHQ$QWLJDE'LHDQGHUHQKDWWHQVLFKLP .DPSIXPGLH$NWLYDWRUHQJHW|WHW$QGHUVNRQQWHHUVLFKGLHEHNOHPPHQGH6WLOOHQLFKW HUNOlUHQGLHEHUGHP5XLQHQIHOGODJ$EXQG]XVWROSHUWH%XOO\EHUHLQHQ/HLFKQDP'LH 6SXUHQHLQHVP|UGHULVFKHQ.DPSIHVZDUHQQLFKW]XEHUVHKHQ 8QGLUJHQGZRLQGLHVHP'XUFKHLQDQGHUODXHUWHHLQ%lDORO3ULHVWHUGHUEHU'XW]HQGHYRQ 7RWHQKLQZHJGLH8QVWHUEOLFKNHLWHUODQJHQZROOWH $OV$MDW+LGG\]XVLFKNDPZDU6NORWK%DUEHUHLWVWRW6HLQ*HVLFKW]HLJWHHLQHQ$XVGUXFN PDORVHUhEHUUDVFKXQJ $MDW+LGG\VFKWWHOWHVLFKXPGLH%HQRPPHQKHLWORV]XZHUGHQGDQQJULQVWHHU6HOEVW GUHL]HKQ$NWLYDWRUHQKDWWHQ6NORWK%DUQLFKWJHKROIHQ1XW]ORVKLQJHQGLH*HUlWHDQVHLQHP +DOV $MDW+LGG\VWXW]WH (UVHOEVWWUXJIQI=HOODNWLYDWRUHQ6NORWK%DUWUXJ ZLH+LGG\UDVFKQDFK]lKOWHGUHL]HKQ$NWLYDWRUHQ Ä=ZHLIHKOHQPXUPHOWH$MDW+LGG\ 'DPLWKDWWHHUQLFKWJHUHFKQHW+LGG\KDWWHJHKRIIWGDGHU.DPSIQXQHLQ(QGHKDWWHGDHU VLFKHQGOLFKVHLQHUUHODWLYHQ8QVWHUEOLFKNHLWHUIUHXHQNRQQWH:RPRFKWHGHU-HPDQGVHLQGHU GLHIHKOHQGHQ$NWLYDWRUHQEHVD":DUHQQLFKWDOOH%UGHUGHV.XOWHVWRWHUDOOHLQ DXVJHQRPPHQ"6ROOWHHLQHUHVJHVFKDIIWKDEHQDOOHDQGHUHQ]XWlXVFKHQXQGVHLQHQ7RGQXU YRU]XVSLHOHQ":DUHQHVYLHOOHLFKWJDU]ZHLGLHVLFKLKPQRFKLQGHQ:HJVWHOOHQNRQQWHQ" +LGG\EHJDQQVLFKHUQHXW]XIUFKWHQ(UZDUVNUXSHOORVZLHQXULUJHQGHLQHUDEHUHUKDWWH DXFK$QJVWXPGDVHLJHQH/HEHQXQGMHW]WPHKUDOVMH]XYRU 'DQQK|UWH$MDW+LGG\6FKULWWH,UJHQGMHPDQGQlKHUWHVLFKGHP+DQJDU'HU)UHPGHPXWH YRP6HHXIHUNRPPHQ1XUDXVGLHVHU5LFKWXQJIKUWHHLQ*DQJLQGLH+DQJDUKDOOHGHUHQ %RGHQGHUDUWLJH6FKULWWJHUlXVFKHKHUYRUEUDFKWH+LGG\]RJVLFKLQ'HFNXQJ]XUFN (LQ0DQQNDPYRUVLFKWLJLQGLH+DOOH'HU0DQQZDUXQWHUVHW]WVRJDUHLQZHQLJGLFN(UWUXJ NXU]JHVFKQLWWHQHURWH+DDUHXQGGDVDOOHLQKlWWHDXVJHUHLFKWLKQDOV7HUUDQHUNHQQWOLFK]X PDFKHQ 8QGGDQQVDK$MDW+LGG\GDV.HWWFKHQGDVDXVGHU+RVHQWDVFKHGHV0DQQHVEDXPHOWH 'HU5RWKDDULJHEHVDHLQHQ=HOODNWLYDWRUGHQQHXQ]HKQWHQXQGHUWUXJLKQQLFKW +LGG\JODXEWH]XWUlXPHQ:DVZDUGDVIUHLQ0DQQGDHUVHLQHQ=HOODNWLYDWRUHLQIDFKLQ GLH+RVHQWDVFKHVWHFNWH":HUJLQJVROHLFKWIHUWLJPLWGHPHZLJHQ/HEHQXP"

Ä%OHLEVWHKHQIRUGHUWH$MDW+LGG\GHQ0DQQDXI'HU5RWKDDULJHVWRSSWHDOVVHLHUJHJHQ HLQH0DXHUJHUDQQW2KQHEHVRQGHUH$XIIRUGHUXQJKREHUGLH+lQGH %XOO\JODXEWHVHLQHQ$XJHQQLFKWPHKUWUDXHQ]XGUIHQ$XVHLQHP9HUVWHFNQlKHUWHVLFK LKPHLQDOWHU0DQQHLQ%LOGHUEXFKJUHLVZHLKDDULJJHEUHFKOLFKPLWIUHXQGOLFKHP*HVLFKW $EHUGLHVHU$OWHVFKOHSSWHDQVHLQHP+DOVHLQ%QGHOYRQDFKW]HKQ=HOODNWLYDWRUHQPLWVLFK KHUXPXQGLQGHU+DQGKLHOWGHU$OWHHLQHQHQWVLFKHUWHQ%ODVWHU'LHNORELJH:DIIHVDKLQGHU ]LHUOLFKHQ*UHLVHQKDQGVHKUPHUNZUGLJDXVDEHUGDVQDKPLKUQLFKWVYRQGHU*HIlKUOLFKNHLW Ä'HQ$NWLYDWRUKHUIRUGHUWHGHU$OWH%XOO\KROWHGDV*HUlWDXVGHU+RVHQWDVFKHXQGUROOWH HVEHUGHQ%RGHQDXIGHQ$OWHQ]X:lKUHQGVLFKGHU$QWLEFNWHXPGHQ$NWLYDWRU DXI]XKHEHQ]LHOWHGLH0QGXQJGHV%ODVWHUVZHLWHUKLQDXI%XOOV0DJHQJUXEH Ä:RLVWGHUDQGHUH" Ä'HUDQGHUHZDV" Ä$NWLYDWRUIDXFKWHGHU$OWH(UKDWWHVLFKGHQQHXQ]HKQWHQ$NWLYDWRUXPJHKlQJW:lUHGLH :DIIHLQGHU+DQGGHV*UHLVHVQLFKWJHZHVHQ%XOO\KlWWHODXWKDOVORVJHODFKW Ä,FKKDEHLKQQLFKWVDJWH%XOOÄ9HUVXFKHQ6LHHVGRFKHLQPDOPLWGLHVHPGRUW(EHQIDOOVLQ GHU+RVHQWDVFKH -HW]WHUVWQDFKGLHVHP+LQZHLVGHV)UHPGHQVDK$MDW+LGG\GHQOHW]WHQ$NWLYDWRULQ6NORWK %DUV7DVFKH:DKUVFKHLQOLFKZDUHVGHUOHW]WH$NWLYDWRUGHQ6NORWK%DUJHIXQGHQKDWWH 'HU$OWHJLQJ]XGHU/HLFKHKLQEHUXQGQDKPDXFKGLHVHQ$NWLYDWRUDQVLFK%XOO\ZDUWHWH YHUJHEOLFKGDUDXIGDVLFKGHU$OWHHLQH%O|HJDEDOVHUVLFKGHQ]ZDQ]LJVWHQ$NWLYDWRU XPKlQJWH'HU$OWHSDWHDXIQLHPDOVJHULHWGLH:DIIHDXVGHP=LHO (VZDUGHU]ZDQ]LJVWH$NWLYDWRUGHUOHW]WH'HU6SDGHULQGLHVHV*HUlWHLQJHEDXW ZDUEHVWDQGGDULQGDHUGHP7UlJHUGLH:DKUKHLW]HLJWHGLHREMHNWLYHXQYHUIlOVFKWH :DKUKHLW,QGHQIUKHUHQ)lOOHQKDWWHGHU7UlJHUGLH+HLPWFNHXQG1LHGHUWUDFKWVHLQHU *HJHQEHUXQG*HIlKUWHQGXUFKVFKDXWRGHUGHU7UlJHUKDWWHVLFKIUHLXQGZDKUKHLWVJHPl]X EHVWLPPWHQ3UREOHPHQJHlXHUW $XFKGLHVPDOYHUIHKOWHGHU$NWLYDWRUGHUQLHPDOVYRQGLHVHPHLQJHEDXWHQ)HKOHUEHIUHLW ZRUGHQZDUVHLQH:LUNXQJQLFKW:LHGHU]HLJWHHUGHP7UlJHUGLH:DKUKHLWGLH:DKUKHLW EHUVLFKVHOEVW 8QGGLHVH:DKUKHLWZDUQLFKWVFK|QXQGGLHDQGHUHQQHXQ]HKQ$NWLYDWRUHQDQGHQHQVRYLHO %OXWNOHEWHYHUVWlUNWHQGLH,PSXOVHQRFK $MDW+LGG\HUIXKUGLH:DKUKHLWEHUVLFKVHOEVWXQGGDHUVLHQLFKWHUWUDJHQNRQQWHW|WHWHHU VLFK (SLORJH 'HU*OHLWHUKLHOWYRUGHU+DXVWUXQG%XOO\]FNWHGDV3RUWHPRQQDLHXPGHQ)DKUHU]X EH]DKOHQ1HEHQLKPUXWVFKWH*ZHQGROLQ1XWKDUDXIJHUHJWDXMGHP3ROVWHUKLQXQGKHU9RU NQDSSHLQHU6WXQGHZDU%XOO\PLWHLQHUIXQNHOQDJHOQHXHQ6SDFH-HWDXIGHP5DXPKDIHQYRQ 7HUUDQLDJHODQGHW'LH6SDFH-HWZDUHLQ*HVFKHQNYRQ(6DQ%XOO\]XP$XVJOHLFKIUGLH ]ZDQ]LJ=HOODNWLYDWRUHQGLH%XOO\GRUWDEJHOLHIHUWKDWWH$XIGHP)OXJQDFK:DQGHUHUKDWWH VLFK%XOO\EHUOHJWREHUGLH$NWLYDWRUHQQLFKWEHVVHUEHKDOWHQVROOWHRGHUQLFKW(UKDWWHGDV 3UREOHPGDGXUFKJHO|VWGDHU(6XPGLH(UODXEQLVJHEHWHQKDWWHGLH$NWLYDWRUHQPLW]XQHK PHQ(6KDWWHGLHVH(UODXEQLVYHUZHLJHUWXQG%XOO\KDWWHGLH8QVWHUEOLFKNHLWDQGHQ 8QVWHUEOLFKHQ]XUFNJHJHEHQ Ä%HNRPPHLFKHLQ(LV"HUNXQGLJWHVLFK*ZHQZlKUHQG%XOO\]DKOWHXQGGHU)DKUHUVHLQ *HIlKUWZHQGHWH Ä'XEHNRPPVWGHLQ(LVYHUVSUDFK%XOO\(U|IIQHWHGLH7U2IIL]LHOOZDUHUNQDSS]HKQ 6WXQGHQXQWHUZHJVJHZHVHQHEHQIDOOVHLQHNOHLQH$XIPHUNVDPNHLWGHV)LNWLYZHVHQV Ä:DQQEHNRPPHLFKGDV(LV"ZROOWH*ZHQGROLQQXQZLVVHQ2IIHQEDUKDWWHGDV0lGFKHQ VHKUVFKOHFKWH(UIDKUXQJHQJHPDFKWZDV(UZDFKVHQHXQGLKUH9HUVSUHFKXQJHQEHWUDM Ä*OHLFKEHWHXHUWH%XOO\Ä,QZHQLJHQ0LQXWHQ /HLVHILHOKLQWHULKPGLH7ULQV6FKOR'LHDQJHQHKPH.KOHGHVYROONOLPDWLVLHUWHQ+DXVHV

QDKP5HJLQDOG%XOODXI Ä(QGOLFKZLHGHUGDKHLPPXUPHOWHHU(UEUDXFKWHQXUHLQLJH6FKULWWH]XPDFKHQXPGDV :RKQ]LPPHU]XHUUHLFKHQ$EHUEHYRUHUVLFKHLQHQHLVNDOWHQ'ULQNPL[WHGDFKWH%XOO\DQ *ZHQ$XVGHU.FKHKROWHHUHLQH3RUWLRQ(LVNUHPIOOWHVLHLQHLQH*ODVVFKDOHXQG VHUYLHUWHVLH]XVDPPHQPLWHLQHU3DFNXQJ.HNVHQGHUVWUDKOHQGHQ*ZHQGROLQGLHVRIRUW GDPLWEHJDQQGDV(LVJOHLFKPlLJ]XYHUWHLOHQVLHE]LJ3UR]HQWLQLKUHQ0DJHQGUHLLJ 3UR]HQWIUGLH3ROVWHUP|EHO %XOO\VDKHLQH:HLOHJULPPLJJULQVHQG]XGDQQJLQJHU]XU+DXVEDUKLQEHU(UZROOWH JHUDGHQDFKHLQHU)ODVFKHJUHLIHQDOVVLFKGHU7UVXPPHUPHOGHWH Ä+HUHLQ ULHI%XOO\XQGJULIIQDFKGHP:KLVN\ 'HU.ODQJVHLQHU6WLPPHJHQJWHXPGLH7UDXIVSULQJHQ]XODVVHQ%XOO\JDEHLQLJH (LVZUIHOLQHLQ*ODVXQGJRYRUVLFKWLJGHQ:KLVN\QDFK6RJXWZLHGHU:KLVN\GHQHUDXI :DQGHUHUJHWUXQNHQKDWWHZDUGLHVHUQLFKW Ä+DOOR2QNHO%XOO\K|UWH5HJLQDOG%XOOHLQHZRKOYHUWUDXWH6WLPPHLQVHLQHP5FNHQ VDJHQÄ'DELQLFKNDQQHVORVJHKHQ" %XOO\IXKUKHUXP $XIGHU6FKZHOOH]XP:RKQUDXPVWDQG*ZHQGROLQIULVFKIULVLHUWKEVFKJHNOHLGHWXQGLP 0XQGHLQH=DKQNODPPHUGLHGUHL1XPPHUQ]XJUR]XVHLQVFKLHQ %XOO\OLHGDV*ODVIDOOHQ -HW]WEHJULIIHUZHULKQEHLVHLQHP$EHQWHXHUDXI$UFRPXUWKEHJOHLWHWKDWWH 8QZLOONUOLFKVDKHUVLHKQDFKGHUIDOVFKHQ*ZHQGROLQXPDEHU(6KDWWHHVYRUJH]RJHQVLFK VWLOOVFKZHLJHQGDE]XVHW]HQ%XOO\IKOWH:XWXQG(QWVHW]HQJOHLFKHUPDHQLQVLFKDXIVWHLJHQ XQGZLHGXUFKGLFKWHQ1HEHOK|UWHHU*ZHQGROLQVDJHQ Ä:LHVWHKWHVEUHFKHQZLUMHW]WJOHLFKDXI$EHU2QNHO%XOO\ZDUXPVLHKVWGXPLFKGHQQVR ILQVWHUDQ8QGZDVZLOOVWGXPLWGHP(LVNEHO"2QNHO%XOO\ 5HJLQDOG%XOOOLHGHQ(LVNEHOIDOOHQXQGSOXPSVWHLQHLQHQVHLQHU6HVVHO Ä2QHLQVHXI]WHHUXQGJDEVLFKJHVFKODJHQ Ä.RPP0lGFKHQZLUJHKHQ-DZLUJHKHQDXFKLQGHQ=RRZRGLH$IIHQVLQGGLHGHQ 2QNHO%XOO\VRKEVFKQDFKPDFKHQN|QQHQ-DXQGGXEHNRPPVWDXFKHLQ(LV 8QGGDQQVDJWH%XOO\JDQ]OHLVHXQGQXUIU(6EHVWLPPW Ä9HUIOXFKWH8QVWHUEOLFKNHLW 8QG(6NLFKHUWHOHLVHGD]XQXUIU%XOO\K|UEDU (1'(