Frau jenny treibel

3')HGLQ E\=RREHVXFKHU 7KHRGRU)RQWDQH 7K)RQWDQHZXUGHDPLQ1HXUXSSLQJHERUHQ(U VWDPPWHDXVH...

73 downloads 929 Views 2MB 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')HGLQ

E\=RREHVXFKHU

7KHRGRU)RQWDQH

7K)RQWDQHZXUGHDPLQ1HXUXSSLQJHERUHQ(U VWDPPWHDXVHLQHULQ3UHXHQKHLPLVFKJHZRUGHQHQ +XJHQRWWHQIDPLOLH'HU9DWHUZDU$SRWKHNHU)RQWDQH EHVXFKWHGDV*\PQDVLXP1HXUXSSLQ XQGGLH *HZHUEHVFKXOH%HUOLQ $SRWKHNHUOHKUHLQ %HUOLQ )RQWDQHJDEVHLQHQ$SRWKHNHUEHUXIDXIHUDUEHLWHWH GDQQPLW8QWHUEUHFKXQJELVDOVIUHLHU0LWDUEHLWHULP %URHLQHV0LQLVWHULXPV(UOHEWHYRQLQ(QJODQG DOV%HULFKWHUVWDWWHU9RQELVDUEHLWHWHHUDOV 5HGDNWHXU GHU%HUOLQHU.UHX]=HLWXQJ 7KHDWHUNULWLNHUEHLGHU9RVVLVFKHQ=HLWXQJ6HNUHWlU GHU$NDGHPLHGHU.QVWH%HUOLQXQGIUHLHU6FKULIWVWHOOHU 'USKLOKF)RQWDQHVWDUEDPLQ%HUOLQ

,QKDOW

(UVWHV.DSLWHO

=ZHLWHV.DSLWHO

9LHUWHV.DSLWHO

'ULWWHV.DSLWHO

)QIWHV.DSLWHO

6HFKVWHV.DSLWHO

6LHEHQWHV.DSLWHO $FKWHV.DSLWHO

1HXQWHV.DSLWHO

=HKQWHV.DSLWHO

=Z|OIWHV.DSLWHO

(OIWHV.DSLWHO

'UHL]HKQWHV.DSLWHO 9LHU]HKQWHV.DSLWHO

)QI]HKQWHV.DSLWHO

6HFK]HKQWHV.DSLWHO

(UVWHV.DSLWHO

$QHLQHPGHUOHW]WHQ0DLWDJHGDV:HWWHUZDUVFKRQVRPPHUOLFK ERJ HLQ]XUFNJHVFKODJHQHU/DQGDXHUYRP6SLWWHOPDUNWKHULQGLH .XU XQGGDQQLQGLH$GOHUVWUDHHLQXQGKLHOWJOHLFKGDQDFKYRU HLQHPWURW]VHLQHU)URQWYRQQXUIQI)HQVWHUQ]LHPOLFK DQVHKQOLFKHQLP8HEULJHQDEHUDOWPRGLVFKHQ+DXVHGHPHLQ QHXHUJHOEEUDXQHU2HOIDUEHQDQVWULFKZRKOHWZDVPHKU 6DXEHUNHLWDEHUNHLQH6SXUYRQJHVWHLJHUWHU6FK|QKHLWJHJHEHQ KDWWHEHLQDKHGDV*HJHQWHLO,P)RQGGHV:DJHQVVDHQ]ZHL 'DPHQPLWHLQHP%RORJQHVHUKQGFKHQGDVVLFKGHUKHOO XQG ZDUPVFKHLQHQGHQ6RQQH]XIUHXHQVFKLHQ'LHOLQNVVLW]HQGH 'DPHYRQHWZD'UHLLJDXJHQVFKHLQOLFKHLQH(U]LHKHULQRGHU *HVHOOVFKDIWHULQ|IIQHWHYRQLKUHP3ODW]DXV]XQlFKVWGHQ :DJHQVFKODJXQGZDUGDQQGHUDQGHUHQPLW*HVFKPDFNXQG 6RUJOLFKNHLWJHNOHLGHWHQXQGWURW]LKUHUKRKHQ)QI]LJQRFKVHKU JXWDXVVHKHQGHQ'DPHEHLP$XVVWHLJHQEHKOIOLFK*OHLFKGDQDFK DEHUQDKPGLH*HVHOOVFKDIWHULQLKUHQ3ODW]ZLHGHUHLQZlKUHQG GLHlOWHUH'DPHDXIHLQH9RUWUHSSH]XVFKULWWXQGQDFK3DVVLHUXQJ GHUVHOEHQLQGHQ+DXVIOXUHLQWUDW9RQGLHVHPDXVVWLHJVLHVR VFKQHOOLKUH&RUSXOHQ]HV]XOLHHLQH+RO]VWLHJHPLWDEJHODXIHQHQ 6WXIHQKLQDXIXQWHQYRQVHKUZHQLJ/LFKWZHLWHUREHQDEHUYRQ HLQHUVFKZHUHQ/XIWXPJHEHQGLHPDQIJOLFKDOVHLQH'RSSHOOXIW EH]HLFKQHQNRQQWH*HUDGHGHU6WHOOHJHJHQEHUZRGLH7UHSSH PQGHWHEHIDQGVLFKHLQH(QWUpHWKUPLW*XFNORFKXQGQHEHQ GLHVHPHLQJUQHVNQLWWULJHV%OHFKVFKLOGGDUDXIª3URIHVVRU :LOLEDOG6FKPLGW©]LHPOLFKXQGHXWOLFK]XOHVHQZDU'LHHLQZHQLJ DVWKPDWLVFKH'DPHIKOWH]XQlFKVWGDV%HGUIQLVVLFK DXV]XUXKHQXQGPXVWHUWHEHLGHU*HOHJHQKHLWGHQLKUEULJHQV YRQODQJHU=HLWKHUEHNDQQWHQ9RUIOXUGHUYLHUJHOEJHVWULFKHQH :lQGHPLWHWOLFKHQ+DNHQXQG5LHJHOQXQGGD]ZLVFKHQHLQHQ K|O]HUQHQ+DOEPRQG]XP%UVWHQXQG$XVNORSIHQGHU5|FNH ]HLJWH'D]XZHKWHGHUJDQ]HQ$WPRVSKlUHDXFKKLHUGHQ &KDUDNWHUJHEHQGYRQHLQHPQDFKKLQWHQ]XIKUHQGHQ&RUULGRU KHUHLQVRQGHUEDUHU.FKHQJHUXFKKHUDQGHUZHQQQLFKWDOOHV WlXVFKWHQXUDXI5KUNDUWRIIHOQXQG&DUERQDGHJHGHXWHWZHUGHQ NRQQWHEHLGHVPLW6HLIHQZUDVHQ XQWHUPLVFKWª$OVRNOHLQH :lVFKH©VDJWHGLHYRQGHPDOOHQZLHGHUJDQ]HLJHQWPOLFK EHUKUWHVWDWWOLFKH'DPHVWLOOYRUVLFKKLQZlKUHQGVLH]XJOHLFK ZHLW]XUFNOLHJHQGHU7DJHJHGDFKWHZRVLHVHOEVWKLHULQHEHQ GLHVHU$GOHUVWUDHJHZRKQWXQGLQGHPJHUDGHJHJHQEHU

JHOHJHQHQ0DWHULDOZDUHQODGHQLKUHV9DWHUVPLWLP*HVFKlIW JHKROIHQXQGDXIHLQHPEHU]ZHL.DIIHHVlFNHJHOHJWHQ%UHWW NOHLQHXQGJURH'WHQJHNOHEWKDWWHZDVLKUMHGHVPDOPLWª]ZHL 3IHQQLJIUV+XQGHUW©JXWJHWKDQZRUGHQZDUª(LJHQWOLFKYLHO]X YLHO-HQQ\©SIOHJWHGDQQGHU$OWH]XVDJHQªDEHU'XVROOVWPLW *HOGXPJHKHQOHUQHQ©$FKZDUHQGDV=HLWHQJHZHVHQ0LWWDJV 6FKODJ=Z|OIZHQQPDQ]X7LVFKJLQJVDVLH]ZLVFKHQGHP &RPPLV+HUUQ0LHONHXQGGHP/HKUOLQJ/RXLVGLHEHLGHVR YHUVFKLHGHQVLHVRQVWZDUHQGLHVHOEHKRFKVWHKHQGH.DPPWROOH XQGGLHVHOEHQHUIURUHQHQ+lQGHKDWWHQ8QG/RXLVVFKLHOWH EHZXQGHUQGQDFKLKUKLQEHUDEHUZXUGHMHGHVPDOYHUOHJHQ ZHQQHUVLFKDXIVHLQHQ%OLFNHQHUWDSSWVDK'HQQHUZDU]X QLHGULJHQ6WDQGHVDXV HLQHP2EVWNHOOHULQGHU6SUHHJDVVH-D GDVDOOHVVWDQGMHW]WZLHGHUYRULKUHU6HHOHZlKUHQGVLHVLFKDXI GHP)OXUXPVDKXQGHQGOLFKGLH.OLQJHOQHEHQGHU7KU]RJ'HU EHUDOOYHUERJHQH'UDKWUDVFKHOWHGHQQDXFKDEHUNHLQ$QVFKODJ OLHVLFKK|UHQXQGVRIDWHVLHVFKOLHOLFKGHQ.OLQJHOJULIIQRFK HLQPDOXQG]RJVWlUNHU-HW]WNODQJDXFKHLQ%LPPHOWRQYRQGHU .FKHKHUELVDXIGHQ)OXUKHUEHUXQGHLQSDDU$XJHQEOLFNH VSlWHUOLHVLFKHUNHQQHQGDHLQHKLQWHUGHP*XFNORFK EHILQGOLFKHNOHLQH+RO]NODSSH EHL6HLWHJHVFKREHQZXUGH6HKU ZDKUVFKHLQOLFKZDUHVGHV3URIHVVRUV:LUWVFKDIWHULQGLHMHW]WYRQ LKUHP%HREDFKWXQJVSRVWHQDXVQDFK)UHXQGRGHU)HLQGDXVVDK XQGDOVGLHVH%HREDFKWXQJHUJHEHQKDWWHGDHVªJXW)UHXQG© VHLZXUGHGHU7KUULHJHO]LHPOLFKJHUlXVFKYROO]XUFNJHVFKREHQ XQGHLQHUDPDVVLHUWH)UDXYRQ$XVJDQJV9LHU]LJPLWHLQHP DQVHKQOLFKHQ+DXEHQEDXDXILKUHPYRP+HUGIHXHUJHU|WHWHQ *HVLFKWVWDQGYRULKU ª$FK)UDX7UHLEHO)UDX&RPPHU]LHQUlWLQ:HOFKH(KUH ©

ª*XWHQ7DJOLHEH)UDX6FKPRONH:DVPDFKWGHU3URIHVVRU"8QG ZDVPDFKW)UlXOHLQ&RULQQD",VWGDV)UlXOHLQ]X+DXVH"© ª-D)UDX&RPPHU]LHQUlWLQ(EHQZLHGHUQDFK+DXVHJHNRPPHQ DXVGHU3KLOKDUPRQLH:LHZLUGVLHVLFKIUHXHQ©

8QGGDEHLWUDW)UDX6FKPRONH]XU6HLWHXPGHQ :HJQDFKGHP HLQIHQVWULJHQ]ZLVFKHQGHQ]ZHL9RUGHUVWXEHQJHOHJHQHQXQGPLW HLQHPVFKPDOHQ/HLQZDQGOlXIHUEHOHJWHQ(QWUpHIUHL]XJHEHQ $EHUHKHGLH&RPPHU]LHQUlWLQQRFKHLQWUHWHQNRQQWHNDPLKU )UlXOHLQ&RULQQDVFKRQHQWJHJHQXQGIKUWHGLHªPWWHUOLFKH

)UHXQGLQ©ZLHVLFKGLH5lWLQJHUQVHOEHUQDQQWHQDFKUHFKWVKLQ LQGDVHLQH9RUGHU]LPPHU

'LHVZDUHLQKEVFKHUKRKHU5DXPGLH-DORXVLHQKHUDEJHODVVHQ GLH)HQVWHUQDFKLQQHQDXIYRUGHUHQHLQHPHLQH%OXPHQHVWUDGH PLW*ROGODFNXQG+\DFLQWKHQVWDQG$XIGHP6RSKDWLVFKH SUlVHQWLHUWHVLFKJOHLFK]HLWLJHLQH*ODVVFKDOHPLW$SIHOVLQHQXQG GLH3RUWUlWVGHU(OWHUQGHV3URIHVVRUVGHV5HFKQXQJVUDWV6FKPLGW DXVGHU+HUROGVNDPPHUXQGVHLQHU)UDXJHE 6FKZHULQVDKHQ DXIGLH*ODVVFKDOHKHUQLHGHU GHUDOWH5HFKQXQJVUDWLQ)UDFNXQG URWHP$GOHURUGHQGLHJHERUHQH6FKZHULQPLWVWDUNHQ %DFNHQNQRFKHQXQG6WXEVQDVHZDVWURW]HLQHUDXVJHVSURFKHQHQ %UJHUOLFKNHLWLPPHUQRFKPHKUDXIGLHSRPPHUVFK XFNHUPlUNLVFKHQ7UlJHUGHVEHUKPWHQ1DPHQVDOVDXIGLH VSlWHUHRGHUZHQQPDQZLOODXFKYLHO IUKHUHSRVHQVFKH/LQLH KLQGHXWHWH ª/LHEH&RULQQDZLHQHWW'XGLHVDOOHV]XPDFKHQYHUVWHKVWXQG ZLHKEVFKHVGRFKEHL(XFKLVWVRNKOXQGVRIULVFK XQGGLH VFK|QHQ+\DFLQWKHQ0LWGHQ$SIHOVLQHQYHUWUl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© 8QWHUGLHVHQ:RUWHQKDWWHGLH&RPPHU]LHQUlWLQLQHLQHPKRKHQ /HKQVWXKOH3ODW]JHQRPPHQXQGVDKPLWGHP/RUJQRQQDFKGHQ ªOLHEHQ *HVLFKWHUQ©KLQDXIGHUHQVLHVLFKHEHQVRKXOGYROO HULQQHUWKDWWHZlKUHQG&RULQQDIUDJWHREVLHQLFKWHWZDV0RVHO XQG6HOWHUZDVVHUEULQJHQGUIHHVVHLVRKHL

ª1HLQ&RULQQDLFKNRPPHHEHQYRP/XQFKXQG6HOWHUZDVVHU VWHLJWPLULPPHUVR]X.RSI6RQGHUEDULFKNDQQ6KHUU\ YHUWUDJHQXQGDXFK3RUWZHQQHUODQJHJHODJHUWKDWDEHU0RVHO XQG6HOWHUZDVVHUGDVEHQLPPWPLFK-DVLHK .LQGGLHV =LPPHUKLHUGDVNHQQHLFKQXQVFKRQYLHU]LJ-DKUHXQGGDUEHU

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© ª-D©ODFKWH&RULQQDªGLH-XJHQGLVWJXW$EHU ¾&RPPHU]LHQUlWLQ½LVWDXFKJXWXQGHLJHQWOLFKQRFKEHVVHU,FK ELQIUHLQHQ/DQGDXHUXQGHLQHQ*DUWHQXPGLH9LOODKHUXP8QG ZHQQ2VWHUQLVWXQG*lVWHNRPPHQQDWUOLFKUHFKWYLHOHVR ZHUGHQ2VWHUHLHULQGHP*DUWHQYHUVWHFNWXQGMHGHV(LLVWHLQH $WUDSSHYROO&RQILWUHQYRQ+|YHOORGHU.UDQ]OHURGHUDXFKHLQ NOHLQHV1HFHVVDLUHLVWGULQ8QGZHQQGDQQDOO GLH*lVWHGLH(LHU JHIXQGHQKDEHQGDQQQLPPWMHGHU+HUUVHLQH'DPHXQGPDQ JHKW]X7LVFK,FKELQGXUFKDXVIU-XJHQGDEHUIU-XJHQGPLW :RKOOHEHQXQGKEVFKHQ*HVHOOVFKDIWHQ© ª'DVK|UHLFKJHUQ&RULQQDZHQLJVWHQVJHUDGHMHW]WGHQQLFK ELQKLHUXP'LFKHLQ]XODGHQXQG]ZDUDXIPRUJHQVFKRQHVKDW VLFKVRUDVFKJHPDFKW(LQMXQJHU0U 1HOVRQLVWQlPOLFKEHL2WWR 7UHLEHO VDQJHNRPPHQGDVKHLWDEHUHUZRKQWQLFKWEHLLKQHQ HLQ6RKQYRQ1HOVRQ &RDXV/LYHUSRROPLWGHQHQPHLQ6RKQ 2WWRVHLQH+DXSWJHVFKlIWVYHUELQGXQJKDW8QG+HOHQHNHQQWLKQ DXFK'DVLVWVRKDPEXUJLVFKGLHNHQQHQDOOH(QJOlQGHUXQG ZHQQVLHVLHQLFKWNHQQHQVRWKXQVLHZHQLJVWHQVVR0LU XQEHJUHLIOLFK$OVR0U 1HOVRQGHUEHUPRUJHQVFKRQZLHGHU DEUHLVWXPGHQKDQGHOWHVVLFKHLQOLHEHU*HVFKlIWVIUHXQGGHQ

2WWR VGXUFKDXVHLQODGHQPXWHQ'DVYHUERWVLFKDEHUOHLGHU ZHLO+HOHQH PDOZLHGHU3OlWWWDJKDWZDVQDFKLKUHU0HLQXQJ DOOHPDQGHUHQYRUJHKWVRJDU LP*HVFKlIW'DKDEHQZLU V GHQQ EHUQRPPHQRIIHQJHVWDQGHQQLFKWDOO]XJHUQDEHUGRFKDXFK QLFKWJHUDGH]XXQJHUQ2WWRZDUQlPOLFKZlKUHQGVHLQHU HQJOLVFKHQ5HLVHZRFKHQODQJLQGHP1HOVRQ VFKHQ+DXVH]X *DVW'XVLHKVWGDUDXVZLH VVWHKWXQGZLHVHKUPLUDQ'HLQHP .RPPHQOLHJHQPX'XVSULFKVWHQJOLVFKXQGKDVWDOOHVJHOHVHQ XQGKDVWYRULJHQ:LQWHUDXFK0U %RRWKDOV+DPOHWJHVHKHQ,FK ZHLQRFKUHFKWJXWZLH'XGDYRQVFKZlUPWHVW8QGHQJOLVFKH 3ROLWLNXQG*HVFKLFKWHZLUVW'XQDWUOLFKDXFKZLVVHQGDIUELVW 'XMD'HLQHV9DWHUV7RFKWHU©

ª1LFKWYLHOZHLLFKGDYRQQXUHLQELFKHQ(LQELFKHQOHUQWPDQ MD©

ª-DMHW]WOLHEH&RULQQD'XKDVWHVJXWJHKDEWXQGDOOHKDEHQHV MHW]WJXW$EHU]XPHLQHU=HLWGDZDUHVDQGHUVXQGZHQQPLU QLFKWGHU +LPPHOGHPLFKGDIUGDQNHGDV+HU]IUGDV 3RHWLVFKHJHJHEHQKlWWHZDVZHQQHVPDOLQHLQHPOHEWQLFKW ZLHGHUDXV]XURWWHQLVWVRKlWWHLFKQLFKWVJHOHUQWXQGZWH QLFKWV$EHU*RWWVHL'DQNLFKKDEHPLFKDQ*HGLFKWHQ KHUDQJHELOGHWXQGZHQQPDQYLHOHGDYRQDXVZHQGLJZHLVR ZHLPDQGRFKPDQFKHV8QGGDHVVRLVWVLHK GDVYHUGDQNH LFKQlFKVW*RWWGHUHVLQPHLQH6HHOHSIODQ]WH'HLQHP9DWHU 'HUKDWGDV%OPOHLQJURJH]RJHQGDVVRQVWGUEHQLQGHP /DGHQJHVFKlIWXQWHUDOOGHQSURVDLVFKHQ0HQVFKHQ XQG'X JODXEVWJDUQLFKWZLHSURVDLVFKH0HQVFKHQHVJLHEW YHUNPPHUWZlUH:LHJHKWHVGHQQPLW'HLQHP9DWHU"(VPX HLQ9LHUWHOMDKUVHLQRGHUOlQJHUGDLFKLKQQLFKWJHVHKHQKDEH GHQYLHU]HKQWHQ)HEUXDUDQ2WWR V*HEXUWVWDJ$EHUHUJLQJVR IUKZHLOVRYLHOJHVXQJHQZXUGH© ª-DGDVOLHEWHUQLFKW:HQLJVWHQVGDQQQLFKWZHQQHUGDPLW EHUUDVFKWZLUG(VLVWHLQH6FKZlFKHYRQLKPXQGPDQFKH QHQQHQHVHLQH8QDUW©

ª2QLFKWGRFK&RULQQDGDVGDUIVW'XQLFKWVDJHQ'HLQ9DWHULVW EORHLQRULJLQHOOHU0DQQ,FKELQXQJOFNOLFKGDPDQVHLQHUVR VHOWHQKDEKDIWZHUGHQNDQQ,FKKlWW LKQDXFK]XPRUJHQJHUQH PLWHLQJHODGHQDEHULFKEH]ZHLIOHGD0U 1HOVRQLKQ LQWHUHVVLHUWXQGYRQGHQDQGHUHQLVWQXQVFKRQJDUQLFKW]X

VSUHFKHQXQVHU)UHXQG.URODZLUGPRUJHQZRKOZLHGHUVLQJHQ XQG$VVHVVRU*ROGDPPHUVHLQH3ROL]HLJHVFKLFKWHQHU]lKOHQXQG VHLQ.XQVWVWFNPLWGHP+XWXQGGHQ]ZHL7KDOHUQPDFKHQ©

ª2GDIUHX LFKPLFK$EHUIUHLOLFK3DSDWKXWVLFKQLFKWJHUQH =ZDQJDQXQGVHLQH%HTXHPOLFKNHLWXQGVHLQH3IHLIHVLQGLKP OLHEHUDOVHLQMXQJHU(QJOlQGHUGHUYLHOOHLFKWGUHLPDOXPGLH:HOW JHIDKUHQLVW3DSDLVWJXWDEHUHLQVHLWLJXQGHLJHQVLQQLJ© ª'DVNDQQLFKQLFKW]XJHEHQ&RULQQD'HLQ3DSDLVWHLQ-XZHO GDVZHLLFKDPEHVWHQ© ª(UXQWHUVFKlW]WDOOHV$HXHUOLFKH%HVLW]XQG*HOGXQG EHUKDXSWDOOHVZDVVFKPFNWXQGVFK|QPDFKW©

ª1HLQ&RULQQDVDJHGDVQLFKW(UVLHKWGDV/HEHQYRQGHU ULFKWLJHQ6HLWHDQHUZHLGD*HOGHLQH/DVWLVWXQGGDGDV *OFNJDQ]ZRDQGHUVOLHJW©6LHVFKZLHJEHLGLHVHQ:RUWHQXQG VHXI]WHQXUOHLVH'DQQDEHUIXKUVLHIRUWª$FKPHLQHOLHEH &RULQQDJODXEHPLUNOHLQH9HUKlOWQLVVHGDVLVWGDVZDVDOOHLQ JOFNOLFKPDFKW© &RULQQDOlFKHOWHª'DVVDJHQDOOHGLHGLHGUEHUVWHKHQXQGGLH NOHLQHQ9HUKlOWQLVVHQLFKWNHQQHQ© ª,FKNHQQHVLH&RULQQD©

ª-DYRQIUKHUKHU$EHUGDVOLHJWQXQ]XUFNXQGLVWYHUJHVVHQ RGHUZRKOJDUYHUNOlUW(LJHQWOLFKOLHJWHVGRFKVRDOOHVP|FKWH UHLFKVHLQXQGLFKYHUGHQNHHVNHLQHP3DSDIUHLOLFKGHUVFKZ|UW QRFKDXIGLH*HVFKLFKWHYRQGHP.DPHOXQGGHP1DGHO|KU$EHU GLHMXQJH:HOW © ª,VWOHLGHUDQGHUV1XU]XZDKU$EHUVRJHZLGDVLVWVRLVW HVGRFKQLFKWVRVFKOLPPGDPLWZLH'X'LU VGHQNVW(VZlUH DXFK]XWUDXULJZHQQGHU6LQQIUGDV,GHDOHYHUORUHQJLQJHYRU DOOHPLQGHU-XJHQG8QGLQGHU-XJHQGOHEWHUDXFKQRFK'DLVW ]XP%HLVSLHO'HLQ9HWWHU0DUFHOOGHQ'XEHLOlXILJPRUJHQDXFK WUHIIHQZLUVWHUKDWVFKRQ]XJHVDJW XQGDQGHPLFKZLUNOLFK QLFKWVZHLWHU]XWDGHOQZWHDOVGDHU:HGGHUNRSSKHLW:LH NDQQHLQVRIHLQHU0DQQHLQHQVRVW|UULVFKHQ1DPHQIKUHQ$EHU ZLHGHPDXFKVHLQP|JHZHQQLFKLKQEHL2WWR VWUHIIHVR VSUHFKHLFKLPPHUVRJHUQPLWLKP8QGZDUXP"%ORZHLOHUGLH

5LFKWXQJKDWGLHPDQKDEHQVROO6HOEVWXQVHUJXWHU.URODVDJWH PLUHUVWQHXOLFK0DUFHOOVHLHLQHYRQ*UXQGDXVHWKLVFKH1DWXU ZDVHUQRFKK|KHUVWHOOHDOVGDV0RUDOLVFKHZRULQLFKLKPQDFK HLQLJHQ$XINOlUXQJHQYRQVHLQHU6HLWHEHLVWLPPHQPXWH1HLQ &RULQQDJLEGHQ6LQQGHUVLFKQDFKREHQULFKWHWQLFKWDXIMHQHQ 6LQQGHUYRQGRUWKHUDOOHLQGDV+HLOHUZDUWHW,FKKDEHQXUPHLQH EHLGHQ6|KQH*HVFKlIWVOHXWHGLHGHQ:HJLKUHV9DWHUVJHKHQ XQGLFKPXHVJHVFKHKHQODVVHQDEHUZHQQPLFK*RWWGXUFK HLQH7RFKWHUJHVHJQHWKlWWHGLHZlUHPHLQJHZHVHQDXFKLP *HLVWXQGZHQQVLFKLKU+HU]HLQHPDUPHQDEHUHGOHQ0DQQH VDJHQZLUHLQHP0DQQHZLH0DUFHOO:HGGHUNRSS]XJHQHLJW KlWWH © ª6RZlUHGDVHLQ3DDUJHZRUGHQ©ODFKWH&RULQQD

ª'HUDUPH0DUFHOO'DKlWW HUQXQVHLQ*OFNPDFKHQN|QQHQ XQGPXJHUDGHGLH7RFKWHUIHKOHQ© 'LH&RPPHU]LHQUlWLQQLFNWH

ª8HEHUKDXSWLVWHVVFKDGHGDHVVRVHOWHQNODSSWXQGSDW© IXKU&RULQQDIRUWª$EHU*RWWVHL'DQNJQlGLJVWH)UDXKDEHQMD QRFKGHQ/HRSROGMXQJXQGXQYHUKHLUDWKHWXQGGD6LHVROFKH 0DFKWEHULKQKDEHQ VRZHQLJVWHQVVDJWHUVHOEVWXQGVHLQ %UXGHU2WWRVDJWHVDXFKXQGDOOH:HOWVDJWHV VRN|QQW HU ,KQHQGDGHULGHDOH6FKZLHJHUVRKQQXQPDOHLQH8QP|JOLFKNHLW LVWZHQLJVWHQVHLQHLGHDOH6FKZLHJHUWRFKWHULQV+DXVIKUHQHLQH UHL]HQGHMXQJH3HUVRQYLHOOHLFKWHLQH6FKDXVSLHOHULQ © ª,FKELQQLFKWIU6FKDXVSLHOHULQQHQ ©

ª2GHUHLQH0DOHULQRGHUHLQH3DVWRUV RGHUHLQH 3URIHVVRUHQWRFKWHU ©

'LH&RPPHU]LHQUlWLQVWXW]WHEHLGLHVHPOHW]WHQ:RUWHXQG VWUHLIWH&RULQQDVWDUNZHQQDXFKIOFKWLJLQGHVVHQ ZDKUQHKPHQGGDGLHVHKHLWHUXQGXQEHIDQJHQEOLHEVFKZDQG LKUH)XUFKWDQZDQGOXQJHEHQVRVFKQHOOZLHVLHJHNRPPHQZDU ª-D/HRSROG©VDJWHVLHªGHQKDE LFKQRFK$EHU/HRSROGLVWHLQ .LQG8QGVHLQH9HUKHLUDWXQJVWHKWMHGHQIDOOVQRFKLQZHLWHU )HUQH:HQQHUDEHUNlPH ©8QGGLH&RPPHU]LHQUlWLQVFKLHQ VLFKDOOHQ(UQVWHV YLHOOHLFKWZHLOHVVLFKXPHWZDVQRFKªLQVR ZHLWHU)HUQH©/LHJHQGHVKDQGHOWH GHU9LVLRQHLQHULGHDOHQ

6FKZLHJHUWRFKWHUKLQJHEHQ]XZROOHQNDPDEHUQLFKWGD]XZHLO LQHEHQGLHVHP$XJHQEOLFNHGHUDXVVHLQHU2EHUVHFXQGD NRPPHQGH3URIHVVRUHLQWUDWXQGVHLQH)UHXQGLQGLH5lWLQPLW YLHOHU$UWLJNHLWEHJUWH ª6W|U LFK"©

ª,Q,KUHPHLJHQHQ+DXVH"1HLQOLHEHU3URIHVVRU6LHN|QQHQ EHUKDXSWQLHVW|UHQ0LW,KQHQNRPPWLPPHUGDV/LFKW8QGZLH 6LHZDUHQVRVLQG6LHJHEOLHEHQ$EHUPLW&RULQQDELQLFKQLFKW ]XIULHGHQ6LHVSULFKWVRPRGHUQXQGYHUOHXJQHWLKUHQ9DWHUGHU LPPHUQXULQHLQHUVFK|QHQ*HGDQNHQZHOWOHEWH © ª1XQMDMD©VDJWHGHU3URIHVVRUª0DQNDQQHVVRQHQQHQ$EHU LFKGHQNHVLHZLUGVLFKQRFKZLHGHU]XUFNILQGHQ)UHLOLFKHLQHQ 6WLFKLQV0RGHUQHZLUGVLHZRKOEHKDOWHQ6FKDGH'DVZDU DQGHUVDOVZLUMXQJZDUHQGDOHEWHPDQQRFKLQ3KDQWDVLHXQG 'LFKWXQJ©

(UVDJWHGDVVRKLQPLWHLQHPJHZLVVHQ3DWKRVDOVREHUVHLQHQ 6HFXQGDQHUQHLQHEHVRQGHUH6FK|QKHLWDXVGHP+RUD]RGHUDXV GHP3DUFLYDOGHQQHUZDU&ODVVLNHUXQG5RPDQWLNHU]XJOHLFK ]X GHPRQVWULHUHQKlWWH6HLQ3DWKRVZDUDEHUGRFKHWZDV WKHDWUDOLVFKJHKDOWHQXQGPLWHLQHUIHLQHQ,URQLHJHPLVFKWGLHGLH &RPPHU]LHQUlWLQDXFKNOXJJHQXJZDUKHUDXV]XK|UHQ6LHKLHOW HVLQGHVVHQWURW]GHPIUDQJH]HLJWHLQHQJXWHQ*ODXEHQ]X ]HLJHQQLFNWHGHVKDOEQXUXQGVDJWHª-DVFK|QH7DJHGLHQLH ZLHGHUNHKUHQ© ª1HLQ©VDJWHGHULQVHLQHU5ROOHPLWGHP(UQVWHLQHV *URLQTXLVLWRUVIRUWIDKUHQGH:LOLEDOGª(VLVWYRUEHLGDPLWDEHU PDQPXHEHQZHLWHUOHEHQ©

(LQHKDOEYHUOHJHQH6WLOOHWUDWHLQZlKUHQGZHOFKHUPDQYRQGHU 6WUDHKHUHLQHQVFKDUIHQ3HLWVFKHQNQLSVK|UWH ª'DVLVWHLQ0DKQ]HLFKHQ©ZDUIMHW]WGLH&RPPHU]LHQUlWLQHLQ HLJHQWOLFKIURKGHU8QWHUEUHFKXQJª-RKDQQXQWHQZLUG XQJHGXOGLJ8QGZHUKlWWHGHQ0XWHVPLWHLQHPVROFKHQ 0DFKWKDEHU]XYHUGHUEHQ©

ª1LHPDQG©HUZLGHUWH6FKPLGWª$QGHUJXWHQ/DXQHXQVHUHU 8PJHEXQJKlQJWXQVHU/HEHQVJOFNHLQ0LQLVWHUEHGHXWHWPLU ZHQLJDEHUGLH6FKPRONH © ª6LHWUHIIHQHVZLHLPPHUOLHEHU)UHXQG©

8QGXQWHUGLHVHQ:RUWHQHUKREVLFKGLH&RPPHU]LHQUlWLQXQGJDE &RULQQDHLQHQ.XDXIGLH6WLUQZlKUHQGVLH:LOLEDOGGLH+DQG UHLFKWHª0LWXQVOLHEHU3URIHVVRUEOHLEWHVEHLPDOWHQ XQHQWZHJW©8QGGDPLWYHUOLHVLHGDV=LPPHUYRQ&RULQQDELV DXIGHQ)OXUXQGGLH6WUDHEHJOHLWHW

ª8QHQWZHJW©ZLHGHUKROWH:LOLEDOGDOVHUDOOHLQZDUª+HUUOLFKHV 0RGHZRUWXQGQXQDXFKVFKRQELVLQGLH9LOOD7UHLEHOJHGUXQJHQ (LJHQWOLFKLVWPHLQH)UHXQGLQ-HQQ\QRFKJHUDGHVRZLHYRU YLHU]LJ-DKUHQZRVLHGLHNDVWDQLHQEUDXQHQ/RFNHQVFKWWHOWH 'DV6HQWLPHQWDOHOLHEWHVLHVFKRQGDPDOVDEHUGRFKLPPHUXQWHU %HYRU]XJXQJYRQ&RXUPDFKHQXQG6FKODJVDKQH-HW]WLVWVLHQXQ UXQGOLFKJHZRUGHQXQGEHLQDK JHELOGHWRGHUGRFKZDVPDQVR JHELOGHW]XQHQQHQSIOHJWXQG$GRODU.URODWUlJWLKU$ULHQDXV /RKHQJULQXQG7DQQKlXVHUYRU'HQQLFKGHQNHPLUGDGDVLKUH /LHEOLQJVRSHUQVLQG$FKLKUH0XWWHUGLHJXWH)UDX %UVWHQELQGHUGLHGDV3SSFKHQGUEHQLP$SIHOVLQHQODGHQ LPPHUVRKEVFKKHUDXV]XSXW]HQZXWHVLHKDWLQLKUHU :HLEHUNOXJKHLWGDPDOVJDQ]ULFKWLJJHUHFKQHW1XQLVWGDV 3SSFKHQHLQH&RPPHU]LHQUlWLQXQGNDQQVLFKDOOHVJ|QQHQDXFK GDV,GHDOHXQGVRJDUªXQHQWZHJW©(LQ0XVWHUVWFNYRQHLQHU %RXUJHRLVH© 8QGGDEHLWUDWHUDQV)HQVWHUKREGLH-DORXVLHQHLQZHQLJXQG VDKZLH&RULQQDQDFKGHPGLH&RPPHU]LHQUlWLQLKUHQ6LW]ZLHGHU HLQJHQRPPHQKDWWHGHQ:DJHQVFKODJLQV6FKORZDUI1RFKHLQ JHJHQVHLWLJHU*UXDQGHPGLH*HVHOOVFKDIWVGDPHPLWVDXHU VHU0LHQHWHLOQDKPXQGGLH3IHUGH]RJHQDQXQGWUDEWHQ ODQJVDPDXIGLHQDFKGHU6SUHHKLQJHOHJHQH$XVIDKUW]XZHLOHV VFKZHUZDULQGHUHQJHQ$GOHUVWUDH]XZHQGHQ $OV&RULQQDZLHGHUREHQZDUVDJWHVLHª'XKDVWGRFKQLFKWV GDJHJHQ3DSD,FKELQPRUJHQ]X7UHLEHO V]X7LVFKJHODGHQ 0DUFHOOLVWDXFKGDXQGHLQMXQJHU(QJOlQGHUGHUVRJDU1HOVRQ KHLW©

ª,FKZDVGDJHJHQ"*RWWEHZDKUH:LHN|QQW LFKZDVGDJHJHQ KDEHQZHQQHLQ0HQVFKVLFKDPVLHUHQZLOO,FKQHKPHDQ'X DPVLHUVW'LFK©

ª*HZLDPVLHU LFKPLFK(VLVWGRFK PDO ZDVDQGHUHV:DV 'LVWHONDPSVDJWXQG5LQGIOHLVFKXQGGHUNOHLQH)ULHGHEHUJGDV ZHLLFKMDVFKRQDOOHVDXVZHQGLJ$EHUZDV1HOVRQVDJHQZLUG GHQN 'LU1HOVRQGDVZHLLFKQLFKW© ª9LHO*HVFKHLGWHVZLUGHVZRKOQLFKWVHLQ©

ª'DVWKXWQLFKWV,FKVHKQHPLFKPDQFKPDOQDFK 8QJHVFKHLGWKHLWHQ© ª'DKDVW'X5HFKW&RULQQD©

=ZHLWHV.DSLWHO

'LH7UHLEHO VFKH9LOODODJDXIHLQHPJURHQ*UXQGVWFNHGDVLQ EHGHXWHQGHU7LHIHYRQ GHU.|SQLFNHUVWUDHELVDQGLH6SUHH UHLFKWH)UKHUKDWWHQKLHULQXQPLWWHOEDUHU1lKHGHV)OXVVHVQXU )DEULNJHElXGHJHVWDQGHQLQGHQHQDOOMlKUOLFKXQJH]lKOWH&HQWQHU YRQ%OXWODXJHQVDO]XQGVSlWHUDOVVLFKGLH)DEULNHUZHLWHUWH NDXPJHULQJHUH4XDQWLWlWHQYRQ%HUOLQHU%ODXKHUJHVWHOOWZRUGHQ ZDUHQ$OVDEHUQDFKGHPVLHE]LJHU.ULHJHGLH0LOOLDUGHQLQV/DQG NDPHQXQGGLH*UQGHUDQVFKDXXQJHQVHOEVWGLHQFKWHUQVWHQ .|SIH]XEHKHUUVFKHQDQILQJHQIDQGDXFK&RPPHU]LHQUDW7UHLEHO VHLQELVGDKLQLQGHU$OWHQ-DNREVWUDHJHOHJHQHV:RKQKDXV WURW]GHPHVYRQ*RQWDUGMDQDFKHLQLJHQVRJDUYRQ.QREHOVGRUII KHUUKUHQVROOWHQLFKWPHKU]HLW XQGVWDQGHVJHPl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lKHGHU )DEULNZHQQGHU:LQGXQJQVWLJVWDQGKDWWHIUHLOLFKDXFKDOOHUOHL 0LOLFKHVLP*HOHLWH1RUGZLQGDEHUGHUGHQ4XDOPKHUDQWULHE ZDUQRWRULVFKVHOWHQXQGPDQEUDXFKWHMDGLH*HVHOOVFKDIWHQ QLFKWJHUDGHEHL1RUGZLQG]XJHEHQ$XHUGHPOLH 7UHLEHOGLH )DEULNVFKRUQVWHLQHPLWMHGHP-DKUHK|KHUKLQDXIIKUHQXQG EHVHLWLJWHGDPLWGHQDQIlQJOLFKHQ8HEHOVWDQGLPPHUPHKU

'DV'LQHUZDU]XVHFKV8KUIHVWJHVHW]WDEHUEHUHLWVHLQH6WXQGH YRUKHUVDKPDQ+XVWHU VFKH:DJHQPLWUXQGHQXQGYLHUHFNLJHQ .|UEHQYRUGHP*LWWHUHLQJDQJHKDOWHQ'LH&RPPHU]LHQUlWLQ VFKRQLQYROOHU7RLOHWWHEHREDFKWHWHYRQGHP)HQVWHULKUHV %RXGRLUVDXVDOO GLHVH9RUEHUHLWXQJHQXQGQDKPDXFKKHXWH ZLHGHUXQG]ZDUQLFKWRKQHHLQHJHZLVVH%HUHFKWLJXQJ$QVWR GDUDQª'D 7UHLEHOHVDXFKYHUVlXPHQPXWHIUHLQHQ 1HEHQHLQJDQJ6RUJH]XWUDJHQ:HQQHUGDPDOVQXUHLQYLHU)X

EUHLWHV7HUUDLQYRQGHP1DFKEDUJUXQGVWFN]XNDXIWHVRKlWWHQ ZLUHLQHQ(LQJDQJIUGHUDUW/HXWHJHKDEW-HW]WPDUVFKLHUWMHGHU .FKHQMXQJHGXUFKGHQ9RUJDUWHQJHUDGHDXIXQVHU+DXV]XZLH ZHQQHUPLWJHODGHQZlUH'DVVLHKWOlFKHUOLFKDXVXQGDXFK DQVSUXFKVYROODOVREGLHJDQ]H.|SQLFNHUVWUDHZLVVHQVROOH 7UHLEHO VJHEHQKHXW HLQ'LQHU$XHUGHPLVWHVXQNOXJGHP 1HLGGHU0HQVFKHQXQGGHPVRFLDOGHPRNUDWLVFKHQ*HIKOVRJDQ] QXW]ORVQHXH1DKUXQJ]XJHEHQ© 6LHVDJWHVLFKGDVJDQ]HUQVWKDIWJHK|UWHMHGRFK]XGHQ *OFNOLFKHQGLHVLFKQXUZHQLJHVDQGDXHUQG]X+HU]HQQHKPHQ XQGVRNHKUWHVLHGHQQYRP)HQVWHU]XLKUHP7RLOHWWHQWLVFK ]XUFNXPQRFKHLQLJHV]XRUGQHQXQGGHQ6SLHJHO]XEHIUDJHQ REVLHVLFKQHEHQLKUHU+DPEXUJHU6FKZLHJHUWRFKWHUDXFKZHUGH EHKDXSWHQN|QQHQ+HOHQHZDUIUHLOLFKQXUKDOEVRDOWMDNDXP GDVDEHUGLH&RPPHU]LHQUlWLQZXWHUHFKWJXWGD-DKUHQLFKWV EHGHXWHQXQGGD&RQYHUVDWLRQXQG$XJHQDXVGUXFNXQG QDPHQWOLFKGLHª:HOWGHU)RUPHQ©LPHLQHQXQGLPDQGHUQ 6LQQHMDLPªDQGHUQ©6LQQHQRFKPHKUGHQ$XVVFKODJ]XJHEHQ SIOHJHQ8QGKLHULQZDUGLHVFKRQVWDUNDQGHU*UHQ]HGHV (PERQSRLQWDQJHODQJWH&RPPHU]LHQUlWLQLKUHU6FKZLHJHUWRFKWHU XQEHGLQJWEHUOHJHQ

,QGHPPLWGHP%RXGRLUFRUUHVSRQGLHUHQGHQDQGHUDQGHUQ6HLWH GHV)URQWVDDOHVJHOHJHQHQ=LPPHUVD&RPPHU]LHQUDW7UHLEHO XQGODVGDVª%HUOLQHU7DJHEODWW©(VZDUJHUDGHHLQH1XPPHU GHUGHUª8ON©EHLODJ(UZHLGHWHVLFK DQGHP6FKOXELOGXQGODV GDQQHLQLJHYRQ1XQQH VSKLORVRSKLVFKHQ%HWUDFKWXQJHQ ª$XVJH]HLFKQHW6HKUJXW$EHULFKZHUGHGDV%ODWWGRFKEHL 6HLWHVFKLHEHQRGHUPLQGHVWHQVGDVª'HXWVFKH7DJHEODWW© GDUEHUOHJHQPVVHQ,FKJODXEH9RJHOVDQJJLHEWPLFKVRQVW DXI8QGLFKNDQQLKQZLHGLH'LQJHPDOOLHJHQQLFKWPHKU HQWEHKUHQVRZHQLJGDLFKLKQ]XKHXWHKDEHHLQODGHQPVVHQ 8HEHUKDXSWHLQHVRQGHUEDUH*HVHOOVFKDIW(UVWGLHVHU0U 1HOVRQ GHQVLFK+HOHQHZHLOLKUH0lGFKHQPDOZLHGHUDP3OlWWEUHWW VWHKHQJHIlOOLJVWDEJHZlO]WKDWXQG]XGLHVHP1HOVRQGLHVHU 9RJHOVDQJGLHVHU/LHXWHQDQW D 'XQGDJHQWSURYRFDWHXU LQ :DKOVDFKHQ(UYHUVWHKWVHLQ0HWLHUVRVDJWPDQPLUDOOJHPHLQ XQGLFKPXHVJODXEHQ-HGHQIDOOVVFKHLQWPLUGDVVLFKHUKDWHU PLFKHUVWLQ7HXSLW]=RVVHQXQGDQGHQ8IHUQGHUZHQGLVFKHQ 6SUHHGXUFKJHEUDFKWVREULQJWHUPLFKDXFKKLHUGXUFK8QGGDV LVWGLH+DXSWVDFKH'HQQVFKOLHOLFKOlXIWGRFKDOOHVGDUDXI

KLQDXVGDLFKLQ%HUOLQVHOEVWZHQQGLH=HLWGD]XJHNRPPHQ LVWGHQ6LQJHURGHULUJHQGHLQHQDQGHUQYRQGHU&RXOHXUEHL 6HLWHVFKLHEH1DFKGHU%HUHGWVDPNHLWVSUREHQHXOLFKEHL %XJJHQKDJHQLVWHLQ6LHJVHKUZRKOP|JOLFKXQGVRPXLFKLKQ PLUZDUPKDOWHQ(UKDWHLQHQ6SUHFKDQLVPXVXPGHQLFKLKQ EHQHLGHQN|QQWHWURW]GHPLFKGRFKDXFKQLFKWLQHLQHP 7UDSSLVWHQNORVWHUJHERUHQXQGJURJH]RJHQELQ$EHUQHEHQ 9RJHOVDQJ"1XOO8QGNDQQDXFKQLFKWDQGHUVVHLQGHQQEHL /LFKWHEHVHKHQKDWGHUJDQ]H.HUOQXUGUHL/LHGHUDXIVHLQHP .DVWHQXQGGUHKWHLQVQDFKGHPDQGHUQYRQGHU:DO]HKHUXQWHU XQGZHQQHUGDPLWIHUWLJLVWIlQJWHUZLHGHUDQ6RVWHKWHVPLW LKPXQGGDULQVWHFNWVHLQH0DFKWJXWWDFDYDWODSLGHPGHU DOWH:LOLEDOG6FKPLGWZUGHVLFKIUHXHQZHQQHUPLFKVRFLWLHUHQ K|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lKUOLFK XQGHLJHQWOLFKUHLIIU'DOOGRUI8QGYRQVROFKHU%HVFKDIIHQKHLWLVW MXVWGHU0DQQGHP]X(KUHQLFKZHQQLFKYRQ0U 1HOVRQ DEVHKHKHXWHPHLQ'LQHUJHEHXQGPLU]ZHLDGOLJH)UlXOHLQV HLQJHODGHQKDEHEODXHV%OXWGDVKLHULQGHU.|SQLFNHUVWUDHVR JXWZLHJDUQLFKWYRUNRPPWXQGGHVKDOEDXV%HUOLQ :YRQPLU YHUVFKULHEHQZHUGHQPXWHMD]XU+lOIWHVRJDUDXV &KDUORWWHQEXUJ2 9RJHOVDQJ(LJHQWOLFKLVWPLUGHU.HUOHLQ *UHXHO$EHUZDVWKXWPDQ QLFKW$OOHVDOV%UJHUXQG3DWULRW© 8QGGDEHLVDK7UHLEHODXIGDV]ZLVFKHQGHQ.QRSIO|FKHUQ DXVJHVSDQQWH.HWWFKHQPLWGUHL2UGHQHQPLQLDWXUHXQWHUGHQHQ HLQUXPlQLVFKHUGHUYROOJOWLJVWHZDUXQGVHXI]WHZlKUHQGHU ]XJOHLFKDXFKODFKWHª5XPlQLHQIUKHU0ROGDXXQG:DOODFKHL (VLVWPLUZLUNOLFK]XZHQLJ©

'DVHUVWH&RXSpGDVYRUIXKUZDUGDVVHLQHVlOWHVWHQ6RKQHV 2WWRGHUVLFKVHOEVWlQGLJHWDEOLHUWXQGJDQ]DP$XVJDQJHGHU

.|SQLFNHUVWUDH]ZLVFKHQGHP]XU3LRQLHUNDVHUQHJHK|ULJHQ 3RQWRQKDXVXQGGHP6FKOHVLVFKHQ7KRUHLQHQ+RO]KRIHUULFKWHW KDWWHIUHLOLFKYRQGHUK|KHUHQ2EVHUYDQ]GHQQHVZDUHQ )DUEHK|O]HU)HUQDPEXN XQG&DPSHFKHKRO]PLWGHQHQHU KDQGHOWH6HLWHWZDDFKW-DKUHQZDUHUDXFKYHUKHLUDWHW,P VHOEHQ$XJHQEOLFNHZRGHU:DJHQKLHOW]HLJWHHUVLFKVHLQHU MXQJHQ)UDXEHLP$XVVWHLJHQEHKOIOLFKERWLKUYHUELQGOLFKGHQ $UPXQGVFKULWWQDFK3DVVLHUXQJGHV9RUJDUWHQVDXIGLH )UHLWUHSSH]XGLH]XQlFKVW]XHLQHPYHUDQGDDUWLJHQ9RUEDXGHU YlWHUOLFKHQ9LOODKLQDXIIKUWH'HUDOWH &RPPHU]LHQUDWVWDQG VFKRQLQGHU*ODVWKUXQGHPSILQJGLH.LQGHUPLWGHULKPHLJHQHQ -RYLDOLWlW*OHLFKGDUDXIHUVFKLHQDXFKGLH&RPPHU]LHQUlWLQDXV GHPVHLWZlUWVDQJUHQ]HQGHQXQGQXUGXUFKHLQH3RUWLqUHYRQ GHPJURHQ(PSIDQJVVDDOJHVFKLHGHQHQ=LPPHUXQG UHLFKWHGHU 6FKZLHJHUWRFKWHUGLH%DFNHZlKUHQGLKU6RKQ2WWRLKUGLH+DQG NWHª*XWGD'XNRPPVW+HOHQH©VDJWHVLHPLWHLQHU JOFNOLFKHQ0LVFKXQJYRQ%HKDJOLFKNHLWXQG,URQLHZRULQVLH ZHQQVLHZROOWH0HLVWHULQZDUª,FKIUFKWHWHVFKRQ'XZUGHVW 'LFKDXFKYLHOOHLFKWEHKLQGHUWVHKHQ© ª$FK0DPDYHU]HLK (VZDUQLFKWEORGHV3OlWWWDJVKDOEHU XQVHUH.|FKLQKDW]XPHUVWHQ-XQLJHNQGLJWXQGZHQQVLHNHLQ ,QWHUHVVHPHKUKDEHQVRVLQGVLHVRXQ]XYHUOlVVLJXQGDXI (OLVDEHWKLVWQXQVFKRQJDUNHLQ9HUODPHKU6LHLVWXQJHVFKLFNW ELV]XU8QVFKLFNOLFKNHLWXQGKlOWGLH6FKVVHOQLPPHUVRGLFKW EHUGHQ6FKXOWHUQEHVRQGHUVGHU+HUUHQDOVREVLHVLFK DXVUXKHQZROOWH © 'LH&RPPHU]LHQUlWLQOlFKHOWHKDOEYHUV|KQWGHQQVLHK|UWHJHUQ GHUJOHLFKHQ

ª8QGDXIVFKLHEHQ©IXKU+HOHQHIRUWªYHUERWVLFKDXFK 0U 1HOVRQZLH'XZHLWUHLVWVFKRQPRUJHQ$EHQGZLHGHU 8HEULJHQVHLQFKDUPDQWHUMXQJHU0DQQGHU(XFKJHIDOOHQZLUG (WZDVNXU]XQGHLQVLOELJYLHOOHLFKWZHLOHUQLFKWUHFKWZHLREHU VLFKGHXWVFKRGHUHQJOLVFKDXVGUFNHQVROODEHUZDVHUVDJWLVW LPPHUJXWXQGKDWJDQ]GLH*HVHW]WKHLWXQG:RKOHU]RJHQKHLWGLH GLHPHLVWHQ(QJOlQGHUKDEHQ8QGGDEHLLPPHUZLHDXVGHP(L JHSHOOW,FKKDEHQLHVROFKH0DQVFKHWWHQJHVHKHQXQGHV EHGUFNW PLFKJHUDGH]XZHQQLFKGDQQVHKHZRPLWVLFKPHLQ DUPHU2WWREHKHOIHQPXEORZHLOPDQGLHULFKWLJHQ.UlIWHEHLP EHVWHQ:LOOHQQLFKWKDEHQNDQQ8QGVRVDXEHUZLHGLH

0DQVFKHWWHQVRVDXEHULVWDOOHVDQLKPLFKPHLQHDQ0U 1HOVRQ DXFKVHLQ.RSIXQGVHLQ+DDU:DKUVFKHLQOLFKGDHUHVPLW +RQH\ZDWHU EUVWHWRGHUYLHOOHLFKWLVWHVDXFKEORPLW+OIH YRQ6KDPSRRLQJ© 'HUVRUKPOLFK*HNHQQ]HLFKQHWHZDUGHUQlFKVWHGHUDP *DUWHQJLWWHUHUVFKLHQXQGVFKRQLP+HUDQNRPPHQGLH &RPPHU]LHQUlWLQHLQLJHUPDHQLQ(UVWDXQHQVHW]WH'LHVHKDWWH QDFKGHU6FKLOGHUXQJLKUHU6FKZLHJHUWRFKWHUHLQHQ$XVEXQGYRQ (OHJDQ]HUZDUWHWVWDWWGHVVHQNDPHLQ0HQVFKHQNLQGGDKHUDQ GHPPLW$XVQDKPHGHUYRQGHUMXQJHQ)UDX7UHLEHOJHUKPWHQ 0DQVFKHWWHQVSHFLDOLWlWHLJHQWOLFKDOOHVGLH.ULWLNKHUDXVIRUGHUWH 'HQXQJHEUVWHWHQ&\OLQGHULP1DFNHQXQGUHLVHPlLJLQHLQHP JHOE XQGEUDXQTXDGULUWHQ$Q]XJHVWHFNHQGVWLHJHUYRQOLQNV QDFKUHFKWVVLFKZLHJHQGGLH)UHLWUHSSHKHUDXIXQGJUWHPLW GHUEHNDQQWHQKHLPDWOLFKHQ0LVFKXQJ YRQ6HOEVWEHZXWVHLQXQG 9HUOHJHQKHLW2WWRJLQJLKPHQWJHJHQXPLKQVHLQHQ(OWHUQ YRU]XVWHOOHQ ª0U 1HOVRQIURP/LYHUSRRO GHUVHOEHOLHEHU3DSDPLWGHP LFK ©

ª$K0U 1HOVRQ6HKUHUIUHXW0HLQ6RKQVSULFKWQRFKRIWYRQ VHLQHQJOFNOLFKHQ7DJHQLQ/LYHUSRROXQGYRQGHP$XVIOXJHGHQ HUGDPDOVPLW,KQHQQDFK'XEOLQXQGZHQQLFKQLFKWLUUHDXFK QDFK*ODVJRZPDFKWH'DVJHKWMHW]WLQVQHXQWH-DKU6LH PVVHQGDPDOVQRFKVHKUMXQJJHZHVHQVHLQ© ª2QLFKWVHKUMXQJ0U 7UHLEHODERXWVL[WHHQ © ª1XQLFKGlFKWHGRFKVHFK]HKQ ©

ª2VHFK]HKQQLFKWVHKUMXQJQLFKWIUXQV©

'LHVH9HUVLFKHUXQJHQNODQJHQXPVRNRPLVFKHUDOV0U 1HOVRQ DXFKMHW]WQRFKZLHHLQ-XQJHZLUNWH=XZHLWHUHQ%HWUDFKWXQJHQ GDUEHUZDUDEHUNHLQH=HLWZHLOHEHQMHW]WHLQH'URVFKNH ]ZHLWHU&ODVVHYRUIXKUGHUHLQODQJHUKDJHUHU0DQQLQ8QLIRUP HQWVWLHJ(UVFKLHQ$XVHLQDQGHUVHW]XQJHQPLWGHP.XWVFKHU]X KDEHQZlKUHQGGHUHQHUEULJHQVHLQHEHQHLGHQVZHUWVLFKHUH +DOWXQJEHREDFKWHWHXQGQXQUFNWHHUVLFK]XUHFKWXQGZDUIGLH *LWWHUWKULQV6FKOR(UZDULQ+HOPXQG'HJHQDEHUHKHPDQ

QRFKGHUª6FKLOGHUKlXVHU©DXIVHLQHU$FKVHONODSSHJHZDKU ZHUGHQNRQQWHVWDQGHVIUMHGHQPLWPLOLWlULVFKHP%OLFNQXU HLQLJHUPDHQ$XVJHUVWHWHQIHVWGDHUVHLWZHQLJVWHQVGUHLLJ -DKUHQDXHU'LHQVWVHLQPVVH'HQQGLH*UDQGH]]DPLWGHUHU GDKHUNDPZDUPHKUGLH6WHLIKHLWHLQHVDOWHQLUJHQGHLQHUJDQ] VHOWHQHQ6HFWH]XJHK|ULJHQ7RUI RGHU6DO]LQVSHFWRUVDOVGLHJXWH +DOWXQJHLQHV2IIL]LHUV$OOHVJDEVLFKPHKURGHUZHQLJHU DXWRPDWHQKDIWXQGGHULQ]ZHLJHZLUEHOWHQ6SLW]HQDXVODXIHQGH VFKZDU]H6FKQXUUEDUWZLUNWHQLFKWQXUJHIlUEWZDVHUQDWUOLFK ZDUVRQGHUQ]XJOHLFKDXFKZLHDQJHNOHEW'HVJOHLFKHQGHU +HQULTXDWUH'DEHLODJVHLQ8QWHUJHVLFKWLP6FKDWWHQ]ZHLHU YRUVSULQJHQGHU%DFNHQNQRFKHQ0LWGHU5XKHGLHVHLQJDQ]HV :HVHQDXV]HLFKQHWHVWLHJHUMHW]WGLH)UHLWUHSSHKLQDXIXQG VFKULWWDXIGLH&RPPHU]LHQUlWLQ]Xª6LHKDEHQEHIRKOHQPHLQH *QlGLJVWH ©ª+RFKHUIUHXW+HUU/LHXWHQDQW ©,Q]ZLVFKHQZDU DXFKGHUDOWH7UHLEHOKHUDQJHWUHWHQXQGVDJWHª/LHEHU 9RJHOVDQJHUODXEHQ6LHPLUGDLFK6LHPLWGHQ+HUUVFKDIWHQ EHNDQQWPDFKHPHLQHQ6RKQ2WWRNHQQHQ6LHDEHUQLFKWVHLQH )UDXPHLQHOLHEH6FKZLHJHUWRFKWHU +DPEXUJHULQZLH6LHOHLFKW HUNHQQHQZHUGHQ8QGKLHU©XQGGDEHLVFKULWWHUDXI 0U 1HOVRQ]XGHUVLFKPLWGHPLQ]ZLVFKHQHEHQIDOOV HUVFKLHQHQHQ/HRSROG7UHLEHOJHPWOLFKXQGRKQHMHGH5FNVLFKW DXIGHQ5HVWGHU*HVHOOVFKDIWXQWHUKLHOWªXQGKLHUHLQMXQJHU OLHEHU)UHXQGXQVHUHV+DXVHV0U 1HOVRQIURP/LYHUSRRO© 9RJHOVDQJ]XFNWHEHLGHP:RUWª1HOVRQ©]XVDPPHQXQGVFKLHQ HLQHQ$XJHQEOLFN]XJODXEHQ GHQQHUNRQQWHGLH)XUFKWGHV *HIRSSWZHUGHQVQLHJDQ]ORVZHUGHQ GDPDQVLFKHLQHQ:LW] PLWLKPHUODXEH'LHUXKLJHQ0LHQHQDOOHUDEHUEHOHKUWHQLKQEDOG HLQHV%HVVHUHQZHVKDOEHUVLFKDUWLJYHUEHXJWHXQG]XGHP MXQJHQ(QJOlQGHUVDJWHª1HOVRQ(LQJURHU1DPH6HKUHUIUHXW 0U 1HOVRQ©

'LHVHUODFKWHGHPDOWXQGDXIJHVWHLIWYRULKPVWHKHQGHQ /LHXWHQDQW]LHPOLFKXQJHQLHUWLQV*HVLFKWGHQQVROFKHNRPLVFKH 3HUVRQZDULKPQRFKJDUQLFKWYRUJHNRPPHQ'DHULQVHLQHU $UWHEHQVRNRPLVFKZLUNWHGLHVHU*UDGGHU(UNHQQWQLVODJLKP IHUQ9RJHOVDQJELVLFKDXIGLH/LSSHQXQGEHIHVWLJWHVLFKXQWHU GHP(LQGUXFNGLHVHU%HJHJQXQJLQGHUODQJJHKHJWHQ9RUVWHOOXQJ YRQGHU,PSHUWLQHQ]HQJOLVFKHU1DWLRQ,P8HEULJHQZDUMHW]WGHU =HLWSXQNWGDZRGDV(LQWUHIIHQLPPHUQHXHU$QN|PPOLQJHYRQ

MHGHUDQGHUHQ%HWUDFKWXQJDE]RJXQGGLH6RQGHUEDUNHLWHQHLQHV (QJOlQGHUVUDVFKYHUJHVVHQOLH

(LQLJHGHUEHIUHXQGHWHQ)DEULNEHVLW]HUDXVGHU.|SQLFNHUVWUDH O|VWHQLQLKUHQ&KDLVHQPLWQLHGHUJHVFKODJHQHP9HUGHFNGLHZLH HVVFKLHQQRFKLPPHUVLFKEHVLQQHQGH9RJHOVDQJ VFKH'URVFKNH UDVFKXQGEHLQDKJHZDOWVDPDEGDQQNDP&RULQQDVDPWLKUHP 9HWWHU0DUFHOO:HGGHUNRSSEHLGH]X)X XQGVFKOLHOLFKIXKU -RKDQQGHU&RPPHU]LHQUDW7UHLEHO VFKH.XWVFKHUYRUXQGGHP PLWEODXHP$WODVDXVJHVFKODJHQHQ/DQGDXHU GHUVHOEHGDULQ JHVWHUQGLH&RPPHU]LHQUlWLQLKUHQ%HVXFKEHL&RULQQDJHPDFKW KDWWH HQWVWLHJHQ]ZHLDOWH'DPHQGLHYRQ-RKDQQPLWJDQ] EHVRQGHUHPXQGEHLQDKHEHUUDVFKOLFKHP5HVSHFWEHKDQGHOW ZXUGHQ(UHUNOlUWHVLFKGLHVDEHUHLQIDFKGDUDXVGD7UHLEHO JOHLFKEHL%HJLQQGLHVHULKPZLFKWLJHQXQGMHW]WHWZDXP GULWWKDOE-DKUH]XUFNOLHJHQGHQ%HNDQQWVFKDIW]XVHLQHP .XWVFKHUJHVDJWKDWWH-RKDQQHLQIUDOOHPDOGLHVHQ'DPHQ JHJHQEHULPPHU+XWLQ+DQG'DVDQGHUH'XYHUVWHKVWPLFK LVWPHLQH6DFKH©'DGXUFKZDUHQGLHJXWHQ0DQLHUHQ-RKDQQV DXHU)UDJHJHVWHOOW%HLGHQDOWHQ'DPHQJLQJ7UHLEHOMHW]WELVLQ GLH0LWWHGHV9RUJDUWHQVHQWJHJHQXQGQDFKOHEKDIWHQ %HFRPSOLPHQWLHUXQJHQDQGHQHQDXFKGLH&RPPHU]LHQUlWLQ WKHLOQDKPVWLHJPDQZLHGHUGLH*DUWHQWUHSSHKLQDXIXQGWUDW YRQGHU9HUDQGDKHULQGHQJURHQ(PSIDQJVVDORQHLQGHUELV GDKLQZHLOGDVVFK|QH:HWWHU]XP9HUZHLOHQLP)UHLHQHLQOXG QXUYRQZHQLJHQEHWUHWHQZRUGHQZDU)DVWDOOHNDQQWHQVLFKYRQ IUKHUHQ7UHLEHO VFKHQ'LQHUVKHUQXU9RJHOVDQJXQG1HOVRQ ZDUHQ)UHPGHZDVGHQSDUWLHOOHQ9RUVWHOOXQJVDFWHUQHXHUWH ª'DUILFK6LH©ZDQGWHVLFK7UHLEHODQGLH]XOHW]W HUVFKLHQHQHQ DOWHQ'DPHQªPLW]ZHL+HUUHQEHNDQQWPDFKHQGLHPLUKHXWH ]XPHUVWHQ0DOHGLH(KUHLKUHV%HVXFKHVJHEHQ/LHXWHQDQW 9RJHOVDQJ3UlVLGHQWXQVHUHV:DKOFRPLWpVXQG0U 1HOVRQIURP /LYHUSRRO©0DQYHUQHLJWHVLFKJHJHQVHLWLJ'DQQQDKP7UHLEHO 9RJHOVDQJ V$UPXQGIOVWHUWHGLHVHPLKQHLQLJHUPDHQ]X RULHQWLHUHQ]Xª=ZHL'DPHQYRP+RIHGLHNRUSXOHQWH)UDX 0DMRULQYRQ=LHJHQKDOVGLHQLFKWNRUSXOHQWHZRULQ6LHPLU ]XVWLPPHQZHUGHQ )UlXOHLQ(GZLQHYRQ%RPVW© ª0HUNZUGLJ©VDJWH9RJHOVDQJ ª,FKZUGHGLH:DKUKHLW]X JHVWHKHQ ©

ª(LQH9HUWDXVFKXQJGHU1DPHQIUDQJH]HLJWJHKDOWHQKDEHQ'D WUHIIHQ6LH V9RJHOVDQJ8QGHVIUHXWPLFKGD6LHHLQ$XJHIU VROFKH'LQJHKDEHQ'DEH]HXJWVLFKGDVDOWH/LHXWHQDQWVEOXW-D GLHVH=LHJHQKDOVHLQHQ0HWHU%UXVWZHLWHZLUGVLHZRKOKDEHQ XQGHVODVVHQVLFKDOOHUKDQG%HWUDFKWXQJHQGDUEHUDQVWHOOHQ ZHUGHQDXFKZRKOVHLQHU=HLWDQJHVWHOOWZRUGHQVHLQ,P 8HEULJHQHVVLQGGDVVRGLHVFKHU]KDIWHQ:LGHUVSLHOHGLHGDV /HEHQHUKHLWHUQ.ORSVWRFNZDU'LFKWHUXQGHLQDQGHUHUGHQLFK QRFKSHUV|QOLFKJHNDQQWKDEHKLH*ULHSHQNHUO(VWULIIWVLFK GDXQVEHLGH'DPHQHUVSULHOLFKH'LHQVWHOHLVWHQN|QQHQ© ª:LHGDV"ZLHVR"©

ª'LH=LHJHQKDOVLVWHLQHUHFKWH&RXVLQHYRQGHP=RVVHQHU /DQGHVlOWHVWHQXQGHLQ%UXGHUGHU%RPVWKDWVLFKPLWHLQHU 3DVWRUVWRFKWHUDXVGHU6WRUNRZHU*HJHQGHKHOLFKYHUPlKOW+DOEH 0HVDOOLDQFHGLHZLULJQRULHUHQPVVHQZHLOZLU9RUWHLOGDUDXV ]LHKHQ0DQPXZLH%LVPDUFNLPPHUHLQ'XW]HQG(LVHQLP )HXHUKDEHQ$K*RWWVHL 'DQN-RKDQQKDWGHQ5RFN JHZHFKVHOWXQGJLHEWGDV=HLFKHQ$OOHUK|FKVWH=HLW(LQH 9LHUWHOVWXQGHZDUWHQJHKWDEHU]HKQ0LQXWHQGDUEHULVW]XYLHO 2KQHPLFKlQJVWOLFK]XEHODXVFKHQLFKK|UHZLHGHU+LUVFK QDFK:DVVHUVFKUHLW%LWWH9RJHOVDQJ IKUHQ6LHPHLQH)UDX /LHEH&RULQQDEHPlFKWLJHQ6LHVLFK1HOVRQ V9LFWRU\DQG :HVWPLQVWHU$EEH\GDV(QWHUQLVWGLHVPDODQ,KQHQ8QGQXQ PHLQH'DPHQGDUILFKXP,KUHQ$UPELWWHQ)UDX0DMRULQ" XQGXPGHQ,KUHQPHLQJQlGLJVWHV)UlXOHLQ"©

8QGGLH=LHJHQKDOVDPUHFKWHQGLH%RPVWDPOLQNHQ$UPJLQJHU DXIGLH)OJHOWKU]XGLHVLFKZlKUHQGGLHVHUVHLQHUOHW]WHQ :RUWHPLWHLQHUJHZLVVHQODQJVDPHQ)HLHUOLFKNHLWJH|IIQHWKDWWH

'ULWWHV.DSLWHO

'DV(]LPPHUHQWVSUDFKJHQDXGHPYRUJHOHJHQHQ (PSIDQJV]LPPHUXQGKDWWHGHQ%OLFNDXIGHQJURHQSDUNDUWLJHQ +LQWHUJDUWHQPLWSOlWVFKHUQGHP6SULQJEUXQQHQJDQ]LQGHU1lKH GHV+DXVHVHLQHNOHLQH.XJHOVWLHJDXIGHP:DVVHUVWUDKODXIXQG DEXQGDXIGHP4XHUKRO]HLQHU]XU6HLWHVWHKHQGHQ6WDQJHVD HLQ.DNDGXXQGVDKPLWGHPEHNDQQWHQ$XJHYROO7LHIVLQQ DEZHFKVHOQGDXIGHQ6WUDKOPLWGHUEDODQFLHUHQGHQ.XJHOXQG GDQQZLHGHULQGHQ(VDDOGHVVHQREHUHV6FKLHEHIHQVWHUGHU 9HQWLODWLRQKDOEHUHWZDVKHUDEJHODVVHQZDU'HU.URQOHXFKWHU EUDQQWHVFKRQDEHUGLHQLHGULJJHVFKUDXEWHQ)OlPPFKHQZDUHQ LQGHU1DFKPLWWDJVVRQQHNDXPVLFKWEDUXQGIKUWHQLKU VFKZDFKHV9RUOHEHQQXUGHVKDOEZHLOGHU&RPPHU]LHQUDWXPLKQ VHOEVWVSUHFKHQ]XODVVHQQLFKWOLHEWHªGXUFK0DQLSXODWLRQHQLP /DWHUQHQDQVWHFNHUVWLOLQVHLQHU'LQHUVWLPPXQJJHVW|UW]X ZHUGHQ©$XFKGHUEHLGHU*HOHJHQKHLWK|UEDUZHUGHQGHNOHLQH 3XIIGHQHUJHUQDOVªPRGHULHUWHQ6DOXWVFKX©EH]HLFKQHWH NRQQWHVHLQH*HVDPWVWHOOXQJ]XGHU)UDJHQLFKWlQGHUQ'HU 6SHLVHVDDOVHOEVWZDUYRQVFK|QHU(LQIDFKKHLW JHOEHU6WXFNLQ GHPHLQLJH5HOLHIVHLQJHOHJWZDUHQUHL]HQGH$UEHLWHQYRQ 3URIHVVRU)UDQ]6HLWHQVGHU&RPPHU]LHQUlWLQZDUDOVHVVLFKXP GLHVH$XVVFKPFNXQJKDQGHOWH5HLQKROG%HJDVLQ9RUVFKODJ JHEUDFKWDEHUYRQ7UHLEHODOVVHLQHQ(WDWEHUVFKUHLWHQG DEJHOHKQWZRUGHQª'DVLVWIUGLH=HLWZRZLU*HQHUDOFRQVXOV VHLQZHUGHQ ©ªHLQH=HLWGLHQLHNRPPW©KDWWH-HQQ\ JHDQWZRUWHWª'RFKGRFK-HQQ\7HXSLW]=RVVHQLVWGLHHUVWH 6WDIIHOGD]X©(UZXWHZLH]ZHLIHOKDIWVHLQH)UDXVHLQHU :DKODJLWDWLRQ XQGDOOHQVLFKGDUDQNQSIHQGHQ+RIIQXQJHQ JHJHQEHUVWDQGZHVKDOEHUJHUQGXUFKNOLQJHQOLHGDHUYRQ GHP%DXPVHLQHU3ROLWLNDXFKIUGLHZHLEOLFKH(LWHONHLWQRFK JROGHQH)UFKWH]XKHLPVHQJHGHQNH 'UDXHQVHW]WHGHU:DVVHUVWUDKOVHLQ6SLHOIRUW'ULQQHQLP6DDO DEHULQGHU0LWWHGHU7DIHOGLHVWDWWGHUEOLFKHQ5LHVHQYDVHPLW )OLHGHUXQG*ROGUHJHQHLQNOHLQHV%OXPHQSDUNHW]HLJWHVDGHU DOWH7UHLEHOQHEHQVLFKGLHEHLGHQDGOLJHQ'DPHQLKP JHJHQEHUVHLQH)UDX]ZLVFKHQ/LHXWHQDQW9RJHOVDQJXQG GHP HKHPDOLJHQ2SHUQVlQJHU$GRODU.UROD.URODZDUVHLWIQI]HKQ -DKUHQ+DXVIUHXQGZRUDXILKPGUHLHUOHLHLQHQJOHLFKPlLJHQ $QVSUXFKJDEVHLQJXWHV$HXHUHVHLQHJXWH6WLPPHXQGVHLQ

JXWHV9HUP|JHQ(UKDWWHVLFKQlPOLFKNXU]YRUVHLQHP5FNWULWW YRQGHU%KQHPLWHLQHU0LOOLRQlUVWRFKWHUYHUKHLUDWHW$OOJHPHLQ ]XJHVWDQGHQZDUHUHLQVHKUOLHEHQVZUGLJHU0DQQZDVHUYRU PDQFKHQVHLQHUHKHPDOLJHQ&ROOHJHQHEHQVRVHKUYRUDXVKDWWH ZLHGLHPHKUDOVJHVLFKHUWH)LQDQ]ODJH

)UDX-HQQ\SUlVHQWLHUWHVLFKLQYROOHP*ODQ]XQGLKUH+HUNXQIW DXVGHPNOHLQHQ/DGHQLQGHU$GOHUVWUDHZDULQLKUHU (UVFKHLQXQJELVDXIGHQOHW]WHQ5HVWJHWLOJW$OOHVZLUNWHUHLFKXQG HOHJDQWDEHUGLH6SLW]HQDXIGHPYHLOFKHQIDUEHQHQ%URNDWNOHLGH VRYLHOPXWHJHVDJWZHUGHQWKDWHQHV QLFKWDOOHLQDXFKQLFKW GLHNOHLQHQ%ULOODQWRKUULQJHGLHEHLMHGHU%HZHJXQJKLQXQGKHU EOLW]WHQQHLQZDVLKUPHKUDOVDOOHVDQGHUHHLQHJHZLVVH 9RUQHKPKHLWOLHKZDUGLHVLFKHUH5XKHZRPLWVLH]ZLVFKHQLKUHQ *lVWHQWKURQWH.HLQH6SXUYRQ$XIUHJXQJJDEVLFK]XHUNHQQHQ ]XGHUDOOHUGLQJVDXFKNHLQH9HUDQODVVXQJYRUODJ6LHZXWHZDV LQHLQHPUHLFKHQXQGDXI5HSUlVHQWDWLRQJHVWHOOWHQ+DXVH EUDXFKEDUH'LHQVWOHXWHEHGHXWHQXQGVRZXUGHGHQQ$OOHVZDV VLFKQDFKGLHVHU6HLWHKLQQXULUJHQGZLHEHZlKUWHGXUFKKRKHQ /RKQXQGJXWH%HKDQGOXQJIHVWJHKDOWHQ$OOHVJLQJLQ)ROJHGDYRQ ZLHDP6FKQUFKHQDXFKKHXWHZLHGHUXQGHLQ%OLFN-HQQ\ V UHJLHUWHGDV*DQ]HZREHLGDVXQWHUJHVFKREHQH/XIWNLVVHQGDV LKUHLQHGRPLQLHUHQGH6WHOOXQJJDELKUQLFKWZHQLJ]XVWDWWHQ NDP,QLKUHP6LFKHUKHLWVJHIKOZDUVLH]XJOHLFKGLH /LHEHQVZUGLJNHLWVHOEVW2KQH)XUFKWZLUWVFKDIWOLFKLUJHQGHWZDV LQV6WRFNHQNRPPHQ]XVHKHQNRQQWHVLHVLFKVHOEVWYHUVWlQGOLFK DXFKGHQ3IOLFKWHQHLQHUJHIlOOLJHQ8QWHUKDOWXQJZLGPHQXQGZHLO VLH VVW|UHQGHPSILQGHQPRFKWH GHQHUVWHQ%HJUXQJVPRPHQW DEJHUHFKQHW ]XNHLQHPHLQ]LJHQLQWLPHUHQ*HVSUlFKVZRUWHPLW GHQDGOLJHQ'DPHQJHNRPPHQ]XVHLQVRZDQGWHVLHVLFKMHW]W EHUGHQ7LVFKKLQDQGLH%RPVWXQGIUDJWHYROODQVFKHLQHQGHU RGHUYLHOOHLFKWDXFKYROOZLUNOLFKHU7HLOQDKPHª+DEHQ6LHPHLQ JQlGLJVWHV)UlXOHLQQHXHUGLQJVHWZDVYRQ3ULQ]H$QLVHWWFKHQ JHK|UW",FKKDEHPLFKLPPHUIUGLHVHMXQJH3ULQ]HVVLQOHEKDIW LQWHUHVVLHUWMDIUGLHJDQ]H/LQLHGHV+DXVHV6LHVROOJOFNOLFK YHUKHLUDWHWVHLQ,FKK|UHVRJHUQYRQJOFNOLFKHQ(KHQ QDPHQWOLFKLQGHU2EHUVSKlUHGHU*HVHOOVFKDIWXQGLFKP|FKWH GDEHLEHPHUNHQGUIHQHVVFKHLQWPLUHLQHWK|ULFKWH$QQDKPH GDDXIGHQ+|KHQGHU0HQVFKKHLWGDV(KHJOFNDXVJHVFKORVVHQ VHLQVROOH©

ª*HZL©XQWHUEUDFKKLHU7UHLEHOEHUPWLJªHLQVROFKHU9HU]LFKW DXIGDVGHQNEDU+|FKVWH © ª/LHEHU7UHLEHO©IXKUGLH5lWLQIRUWªLFKULFKWHWHPLFKDQGDV )UlXOHLQY %RPVWGDVEHLMHGHPVFKXOGLJHQ5HVSHFWYRU'HLQHU VRQVWLJHQ$OOJHPHLQNHQQWQLVPLULQDOOHPZDVª+RI©DQJHKW GRFKXPHLQ(UKHEOLFKHVFRPSHWHQWHULVWDOV'X©

ª=ZHLIHOORV©VDJWH7UHLEHO8QGGLH%RPVWGLHGLHVHKHOLFKH ,QWHUPH]]RPLWHLQHPVLFKWOLFKHQ%HKDJHQEHJOHLWHWKDWWHQDKP QXQLKUHUVHLWVGDV:RUWXQGHU]lKOWHYRQGHU3ULQ]HVVLQ GLHJDQ] GLH*URPXWWHUVHLGHQVHOEHQ7HLQWXQGYRUDOOHPGLHVHOEHJXWH /DXQHKDEH'DVZLVVHVRYLHOGUIHVLHZRKOVDJHQQLHPDQG EHVVHUDOVVLHGHQQVLHKDEHQRFKGHV9RU]XJVJHQRVVHQXQWHU GHQ$XJHQGHU+RFKVHOLJHQGLHHLJHQWOLFKHLQ(QJHOJHZHVHQLKU /HEHQEHL+RIHEHJLQQHQ]XGUIHQEHLZHOFKHU*HOHJHQKHLWVLH VRUHFKWGLH:DKUKHLWEHJULIIHQKDEHGDGLH1DWUOLFKNHLWQLFKW QXUGDV%HVWHVRQGHUQDXFKGDV9RUQHKPVWHVHL

ª-D©VDJWH7UHLEHOªGDV%HVWHXQGGDV9RUQHKPVWH'DK|UVW 'X V-HQQ\YRQHLQHU6HLWHKHUGLH'X3DUGRQPHLQJQlGLJVWHV )UlXOHLQHEHQVHOEVWDOVªFRPSHWHQWVWH6HLWH©EH]HLFKQHWKDVW©

$XFKGLH=LHJHQKDOVPLVFKWHVLFKMHW]WPLWHLQXQGGDV *HVSUlFKVLQWHUHVVHGHU&RPPHU]LHQUlWLQGLHZLHMHGHJHERUHQH %HUOLQHULQIU +RIXQG3ULQ]HVVLQQHQVFKZlUPWHVFKLHQVLFK PHKUXQGPHKULKUHQEHLGHQYLVjYLV]XZHQGHQ]XZROOHQDOV SO|W]OLFKHLQOHLVHV$XJHQ]ZLQNHUQ7UHLEHO VLKU]XYHUVWHKHQJDE GDDXFKQRFKDQGHUH3HUVRQHQ]X7LVFKHVlHQXQGGDGHV /DQGHVGHU%UDXFKVHLVLFKZDV*HVSUlFKDQJHKHPHKUPLW VHLQHP1DFKEDU]XU/LQNHQXQG5HFKWHQDOVPLWVHLQHP *HJHQEHU]XEHVFKlIWLJHQ'LH&RPPHU]LHQUlWLQHUVFKUDNGHQQ DXFKQLFKWZHQLJDOVVLHZDKUQDKPZLHVHKU7UHLEHOPLWVHLQHP VWLOOHQZHQQDXFKKDOEVFKHU]KDIWHQ9RUZXUILP5HFKWHVHL6LH KDWWH9HUVlXPWHVQDFKKROHQZROOHQXQGZDUGDGXUFKLQHLQH QHXHVFKZHUHUH9HUVlXPQLVKLQHLQJHUDWHQ,KUOLQNHU1DFKEDU .UROD QXQGDVPRFKWHJHKHQGHUZDU+DXVIUHXQGXQGKDUPORV XQGQDFKVLFKWLJYRQ1DWXU$EHU9RJHOVDQJ(VNDPLKUPLWHLQHP 0DOH]XP%HZXWVHLQGDVLHZlKUHQGGHV 3ULQ]HVVLQQHQJHVSUlFKVYRQGHUUHFKWHQ6HLWHKHULPPHUHWZDV ZLHHLQHQVLFKHLQERKUHQGHQ%OLFNHPSIXQGHQKDWWH-DGDVZDU 9RJHOVDQJJHZHVHQ9RJHOVDQJGLHVHUIXUFKWEDUH0HQVFKGLHVHU

0HSKLVWRPLW+DKQHQIHGHUXQG+LQNHIXZHQQDXFKEHLGHVQLFKW UHFKW]XVHKHQZDU(UZDULKUZLGHUZlUWLJXQGGRFKPXWHVLH PLWLKPVSUHFKHQHVZDUGLHK|FKVWH=HLW ª,FKKDEH+HUU/LHXWHQDQWYRQLKUHQEHDEVLFKWLJWHQ5HLVHQLQ XQVHUHOLHEH0DUN%UDQGHQEXUJJHK|UW6LHZROOHQELVDQGLH *HVWDGHGHUZHQGLVFKHQ6SUHHYRUGULQJHQMDQRFKGDUEHU KLQDXV(LQHK|FKVWLQWHUHVVDQWH*HJHQGZLHPLU7UHLEHOVDJW PLWDOOHUOHL:HQGHQJ|WWHUQGLHVLFKELVGLHVHQ7DJLQGHP ILQVWHUHQ*HLVWHGHU%HY|ONHUXQJDXVVSUHFKHQVROOHQ© ª1LFKWGDLFKZWHPHLQH*QlGLJVWH©

ª6R]%LQGHP6WlGWFKHQ6WRUNRZGHVVHQ%XUJHPHLVWHUZHQQ LFKUHFKWXQWHUULFKWHWELQGHU%XUJHPHLVWHU7VFKHFKZDUMHQHU SROLWLVFKH5HFKWVIDQDWLNHUGHUDXI.|QLJ)ULHGULFK:LOKHOP ,9 VFKRRKQH5FNVLFKWDXIGLHQHEHQVWHKHQGH.|QLJLQ(VLVWHLQH ODQJH=HLWDEHULFKHQWVLQQHPLFKGHU(LQ]HOKHLWHQDOVREHV JHVWHUQJHZHVHQZlUHXQGHQWVLQQHPLFKDXFKQRFKGHV HLJHQWPOLFKHQ/LHGHVGDVGDPDOVDXIGLHVHQ9RUIDOOJHGLFKWHW ZXUGH© ª-D©VDJWH9RJHOVDQJªHLQHUElUPOLFKHU*DVVHQKDXHUGDULQ JDQ]GHUIULYROH*HLVWVSXNWHGHUGLH/\ULNMHQHU7DJH EHKHUUVFKWH:DVVLFKDQGHUVLQGLHVHU/\ULNJLHEWJDQ] EHVRQGHUVDXFKLQGHPLQ5HGHVWHKHQGHQ*HGLFKWLVWQXU 6FKHLQ/XJXQG7UXJ¾(UHUVFKRXQVDXIHLQ+DDU XQVHUWHXUHV .|QLJVSDDU½'DKDEHQ6LHGLHJDQ]H3HUILGLH'DVVROOWHOR\DO NOLQJHQXQGXQWHU8PVWlQGHQYLHOOHLFKWDXFKGHQ5FN]XJ GHFNHQLVWDEHUVFKQ|GHUXQGVFKlQGOLFKHUDOVDOOHVZDVMHQH YHUORJHQH=HLWVRQVWQRFKKHUYRUJHEUDFKWKDWGHQJURHQ +DXSWVQGHUDXIGLHVHP*HELHWHQLFKWDXVJHQRPPHQ,FKPHLQH QDWUOLFK+HUZHJK*HRUJH+HUZHJK©

ª$FKGDWUHIIHQ6LHPLFK+HUU/LHXWHQDQWZHQQDXFKXQJHZROOW DQHLQHUVHKUHPSILQGOLFKHQ6WHOOH+HUZHJKZDUQlPOLFKLQGHU 0LWWHGHUYLHU]LJHU-DKUHZRLFKHLQJHVHJQHWZXUGHPHLQ /LHEOLQJVGLFKWHU(VHQW]FNWHPLFKZHLOLFKLPPHUVHKU SURWHVWDQWLVFKIKOWHZHQQHUVHLQHª)OFKHJHJHQ5RP© KHUEHLVFKOHSSWHZRULQ6LHPLUYLHOOHLFKWEHLVWLPPHQZHUGHQ8QG HLQDQGHUHV*HGLFKWZRULQHUXQVDXIIRUGHUWHGLH.UHX]HDXVGHU (UGH]XUHLHQODVLFKEHLQDK PLWJOHLFKHP9HUJQJHQ,FKPX

IUHLOLFKHLQUlXPHQGDHVNHLQH/HFWUHIUHLQH&RQILUPDQGLQ ZDU$EHUPHLQH0XWWHUVDJWH¾/LHVHVQXU-HQQ\GHU.|QLJKDW HVDXFKJHOHVHQXQG+HUZHJKZDUVRJDUEHLLKPLQ &KDUORWWHQEXUJXQGGLHEHVVHUHQ.ODVVHQOHVHQHVDOOH½0HLQH 0XWWHUZRIULFKLKUQRFKLP*UDEHGDQNHZDULPPHUIUGLH EHVVHUHQ.ODVVHQ8QGGDVVROOWHMHGH0XWWHUGHQQHVLVW EHVWLPPHQGIUXQVHUHQ/HEHQVZHJ'DV1LHGHUHNDQQGDQQ QLFKWKHUDQXQGEOHLEWKLQWHUXQV]XUFN© 9RJHOVDQJ]RJGLH$XJHQEUDXHQ]XVDPPHQXQG-HGHUGHQGLH 9RUVWHOOXQJYRQVHLQHU0HSKLVWRSKHOHVVFKDIWELVGDKLQQXU JHVWUHLIWKDWWHKlWWHEHLGLHVHP0LHQHQVSLHOXQZLOONUOLFKQDFK GHP+LQNHIXVXFKHQPVVHQ'LH&RPPHU]LHQUlWLQDEHUIXKU IRUWª,P8HEULJHQZLUGPLUGDV=XJHVWlQGQLVQLFKWVFKZHUGD GLHSDWULRWLVFKHQ*UXQGVlW]HGLHGHUJURH'LFKWHUSUHGLJWH YLHOOHLFKWVHKUDQIHFKWEDUZDUHQ:LHZRKODXFKGDVQLFKWLPPHU GDV5LFKWLJHLVWZDVDXIGHUJURHQ6WUDHOLHJW © 9RJHOVDQJGHUVWRO]GDUDXIZDUGXUFKDXVHLQH1HEHQVWUDH]X ZDQGHOQQLFNWHMHW]W]XVWLPPHQG

ª$EHUODVVHQZLUGLH3ROLWLN+HUU/LHXWHQDQW,FKJHEH,KQHQ +HUZHJKDOVSROLWLVFKHQ'LFKWHUSUHLVGDGDV3ROLWLVFKHQXUHLQ 7URSIHQIUHPGHQ%OXWHVLQVHLQHQ $GHUQZDU,QGHVVHQJURLVWHU ZRHUQXU'LFKWHULVW(ULQQHUQ6LHVLFK"¾,FKP|FKWHKLQJHKQZLH GDV$EHQGURWXQGZLHGHU7DJPLWVHLQHQOHW]WHQ*OXWHQ ½© ª0LFKLQGHQ6FKRGHV(ZLJHQYHUEOXWHQ-DGDVNHQQ LFK PHLQH*QlGLJVWHGDVKDE LFKGDPDOVDXFKQDFKJHEHWHW$EHU ZHUVLFKDOVHVJDOWGXUFKDXVQLFKWYHUEOXWHQZROOWHGDVZDUGHU +HUU'LFKWHUVHOEVW8QGVRZLUGHVLPPHUVHLQ'DVNRPPWYRQ GHQKRKOHQOHHUHQ:RUWHQXQGGHU5HLPVXFKHUHL*ODXEHQ6LH PLU)UDX5lWLQGDVVLQGEHUZXQGHQH6WDQGSXQNWH'HU3URVD JHK|UWGLH:HOW© ª-HGHUQDFKVHLQHP*HVFKPDFN+HUU/LHXWHQDQW9RJHOVDQJ© VDJWHGLHGXUFKGLHVH:RUWHYHUOHW]WH-HQQ\ª:HQQ6LH3URVD YRU]LHKHQVRNDQQLFK6LHGDUDQQLFKWKLQGHUQ$EHUPLUJLOWGLH SRHWLVFKH:HOWXQGYRU $OOHPJHOWHQPLUDXFKGLH)RUPHQLQ GHQHQGDV3RHWLVFKHKHUN|PPOLFKVHLQHQ$XVGUXFNILQGHW,KP DOOHLQYHUORKQWHVVLFK]XOHEHQ$OOHVLVWQLFKWLJDPQLFKWLJVWHQ DEHULVWGDVZRQDFKDOOH:HOWVREHJHKUOLFKGUlQJWlXHUOLFKHU

%HVLW]9HUP|JHQ*ROG¾*ROGLVWQXU&KLPlUH½GDKDEHQ6LHGHQ $XVVSUXFKHLQHVJURHQ0DQQHVXQG.QVWOHUVGHUVHLQHQ *OFNVJWHUQQDFKLFKVSUHFKHYRQ0H\HUEHHUZRKOLQGHU/DJH ZDU]ZLVFKHQGHP(ZLJHQXQG9HUJlQJOLFKHQXQWHUVFKHLGHQ]X N|QQHQ,FKIUPHLQH3HUVRQYHUEOHLEHGHP,GHDOXQGZHUGHQLH GDUDXIYHU]LFKWHQ$PUHLQVWHQDEHUKDE LFKGDV,GHDOLP/LHGH YRU$OOHPLQGHP/LHGHGDVJHVXQJHQZLUG'HQQGLH0XVLNKHEW HVQRFKLQHLQHK|KHUH6SKlUH+DEHLFK5HFKWOLHEHU.UROD"©

.URODOlFKHOWHJXWPWLJYHUOHJHQYRUVLFKKLQGHQQDOV7HQRUXQG 0LOOLRQlUVDHU]ZLVFKHQ]ZHL6WKOHQ(QGOLFKDEHUQDKPHU VHLQHU)UHXQGLQ+DQGXQGVDJWHª-HQQ\ZDQQKlWWHQ6LHMHQLFKW 5HFKWJHKDEW"© 'HU&RPPHU]LHQUDWKDWWHVLFKPLWWOHUZHLOHJDQ]GHU0DMRULQYRQ =LHJHQKDOV]XJHZDQGWGHUHQª+RIWDJH©QRFKHWZDVZHLWHU ]XUFNODJHQDOVGLHGHU%RPVW,KP7UHLEHOZDUGLHVQDWUOLFK JOHLFKJOWLJGHQQVRVHKULKPHLQJHZLVVHU*ODQ]SDWHGHQGDV (UVFKHLQHQGHU+RIGDPHQWURW]LKUHU$XHUGLHQVWVWHOOXQJVHLQHU *HVHOOVFKDIWLPPHUQRFKOLHKVRVWDQGHUGRFKDXFKZLHGHUY|OOLJ GDUEHUHLQ6WDQGSXQNWGHQLKPGLHEHLGHQ'DPHQVHOEVWHKHU ]XP*XWHQDOV]XP6FKOHFKWHQDQUHFKQHWHQ1DPHQWOLFKGLHGHQ )UHXGHQGHU7DIHOEHUDXV]XJHQHLJWH=LHJHQKDOVQDKPLKUHP FRPPHU]LHQUlWOLFKHQ)UHXQGHQLFKWVEHODPZHQLJVWHQDEHU YHUGURHVVLHZHQQHUDXHU$GHOV XQG*HEXUWVIUDJHQDOOHUOHL 6LWWOLFKNHLWVSUREOHPHVWUHLIWH]XGHUHQ/|VXQJHUVLFKDOV JHERUHQHU%HUOLQHUEHVRQGHUVEHUXIHQIKOWH'LH0DMRULQJDE LKPGDQQHLQHQ7LSSPLWGHP)LQJHUXQGIOVWHUWHLKPHWZDV]X GDVYLHU]LJ-DKUHIUKHUEHGHQNOLFKJHZHVHQZlUHMHW]W DEHU EHLGHUHQRPPLHUWHQEHVWlQGLJPLWLKUHP$OWHU QXU+HLWHUNHLW ZHFNWH0HLVWZDUHQHVKDUPORVH6HQWHQ]HQDXV%FKPDQQRGHU DQGHUHJHIOJHOWH:RUWHGHQHQHUVWGHU7RQDEHUGLHVHURIWVHKU HQWVFKLHGHQGHQHURWLVFKHQ&KDUDNWHUDXIGUFNWH

ª6DJHQ6LHFKHU 7UHLEHO©KREGLH=LHJHQKDOVDQªZLHNRPPHQ 6LH]XGHP*HVSHQVWGDGUEHQHUVFKHLQWQRFKHLQ 9RUDFKWXQGYLHU]LJHUGDVZDUGDPDOVGLH(SRFKHGHVVRQGHUEDUHQ /LHXWHQDQWVDEHUGLHVHUEHUWUHLEWHV.DULNDWXUGXUFKXQGGXUFK (QWVLQQHQ6LHVLFKQRFKHLQHV%LOGHVDXVMHQHU=HLWGDVGHQ'RQ 4XL[RWHPLWHLQHUODQJHQ/DQ]HGDUVWHOOWHGLFNH%FKHUULQJVXP VLFKKHU'DVLVWHUZLHHUOHLEWXQGOHEW©

7UHLEHOIXKUPLWGHPOLQNHQ =HLJHILQJHUDP,QQHQUDQGVHLQHU .UDZDWWHKLQXQGKHUXQGVDJWHª-DZLHLFK]XLKPNRPPH PHLQH*QlGLJVWH1XQMHGHQIDOOVPHKUGHU1RWJHKRUFKHQGDOV GHPHLJHQHQ7ULHEH6HLQHJHVHOOVFKDIWOLFKHQ0HULWHQVLQGZRKO HLJHQWOLFKJHULQJXQGVHLQHPHQVFKOLFKHQ ZHUGHQGDVVHOEH1LYHDX KDEHQ$EHUHULVWHLQ3ROLWLNHU©

ª'DVLVWXQP|JOLFK(UNDQQGRFKQXUDOV:DUQXQJVVFKDWWHQYRU GHQ3ULQFLSLHQVWHKHQGLHGDV8QJOFNKDEHQYRQLKPYHUWUHWHQ ]XZHUGHQ8HEHUKDXSW&RPPHU]LHQUDWZDUXPYHULUUHQ6LHVLFK LQGLH3ROLWLN":DVLVWGLH)ROJH"6LHYHUGHUEHQVLFK,KUHQJXWHQ &KDUDNWHU,KUHJXWHQ6LWWHQXQG,KUHJXWH*HVHOOVFKDIW,FKK|UH GD6LHIU7HXSLW]=RVVHQFDQGLGLHUHQZROOHQ1XQPHLQHWZHJHQ $EHUZR]X"/DVVHQ6LHGRFKGLH'LQJHJHKHQ6LHKDEHQHLQH FKDUPDQWH)UDXJHIKOYROOXQGKRFKSRHWLVFKXQGKDEHQHLQH 9LOODZLHGLHVHGDULQZLUHEHQHLQ5DJRXWILQ HLQQHKPHQGDV VHLQHVJOHLFKHQVXFKWXQGKDEHQGUDXHQLP*DUWHQHLQHQ 6SULQJEUXQQHQXQGHLQHQ.DNDGXXPGHQLFK6LHEHQHLGHQ N|QQWHGHQQPHLQHUHLQJUQHUYHUOLHUWJHUDGHGLH)HGHUQXQG VLHKWDXVZLHGLHVFKOHFKWH=HLW:DVZROOHQ6LHPLW3ROLWLN"ZDV ZROOHQ6LHPLW7HXSLW]=RVVHQ"-DPHKUXP,KQHQHLQHQ 9ROOEHZHLVPHLQHU9RUXUWHLOVORVLJNHLW]XJHEHQZDVZROOHQ6LH PLW&RQVHUYDWLVPXV"6LHVLQGHLQ,QGXVWULHOOHUXQGZRKQHQLQGHU .|SQLFNHUVWUDH/DVVHQ6LHGRFKGLHVH*HJHQGUXKLJEHL6LQJHU RGHU/XGZLJ/|ZHRGHUZHUVRQVWKLHUJHUDGHGDV3UlKDW-HGHU /HEHQVVWHOOXQJHQWVSUHFKHQDXFKEHVWLPPWHSROLWLVFKH *UXQGVlW]H5LWWHUJXWVEHVLW]HUVLQGDJUDULVFK3URIHVVRUHQVLQG QDWLRQDOH0LWWHOSDUWHLXQG,QGXVWULHOOHVLQGIRUWVFKULWWOLFK6HLHQ 6LHGRFK)RUWVFKULWWOHU:DVZROOHQ6LHPLWGHP.URQHQRUGHQ" ,FKZHQQLFKDQ,KUHU6WHOOHZlUHODQFLHUWHPLFKLQV6WlGWLVFKH KLQHLQXQGUlQJHQDFKGHU%UJHUNURQH© 7UHLEHOVRQVWXQUXKLJZHQQHLQHUODQJHVSUDFK ZDVHUQXUVLFK VHOEVWDXVJLHELJJHVWDWWHWH ZDUGLHVPDOGRFKDXIPHUNVDP JHIROJWXQGZLQNWH]XQlFKVWHLQHQ'LHQHUKHUDQXPGHU0DMRULQ HLQ]ZHLWHV*ODV&KDEOLV]XSUlVHQWLHUHQ6LHQDKPDXFKHUPLW XQGQXQ VWLHHUPLWLKUDQXQGVDJWHª$XIJXWH)UHXQGVFKDIW XQGQRFK]HKQ-DKUHVRZLHKHXW $EHUGDVPLWGHP )RUWVFKULWWOHUWXPXQGGHU%UJHUNURQH ZDVLVWGD]XVDJHQ PHLQH*QlGLJVWH6LHZLVVHQXQVHUHLQVUHFKQHWXQGUHFKQHWXQG NRPPWDXVGHU5HJXODGHWUL JDUQLFKWPHKUKHUDXVDXVGHP DOWHQ$QVDW]HªZHQQGDVXQGGDVVRYLHOEULQJWZLHYLHOEULQJW

GDVXQGGDV©8QGVHKHQ6LH)UHXQGLQXQG*|QQHULQQDFK GHPVHOEHQ$QVDW]KDE LFKPLUDXFKGHQ)RUWVFKULWWXQGGHQ &RQVHUYDWLVPXVEHUHFKQHWXQGELQGDKLQWHUJHNRPPHQGDPLU GHU&RQVHUYDWLVPXVLFKZLOOQLFKWVDJHQPHKUDEZLUIWGDVZlUH IUHLOLFKIDOVFKDEHUEHVVHU]XPLUSDWPLUEHVVHUNOHLGHW %HVRQGHUVVHLWGHPLFK&RPPHU]LHQUDWELQHLQ7LWHOYRQ IUDJPHQWLVFKHP&KDUDNWHUGHUGRFKQDWUOLFKVHLQHU 9HUYROOVWlQGLJXQJHQWJHJHQVLHKW© ª$KLFKYHUVWHKH

ª1XQVHKHQ6LHO DSSHWLWYLHQWHQPDQJHDQWXQGZHUDVDJW ZLOODXFKEVDJHQ$XHUGHPDEHULFKHUNHQQHGLH /HEHQVDXIJDEHGHV:HLVHQYRUDOOHQ'LQJHQLQ+HUVWHOOXQJGHV VRJHQDQQWHQ+DUPRQLVFKHQXQGGLHV +DUPRQLVFKHZLHGLH'LQJH QXQ PDOOLHJHQRGHUYLHOOHLFKWNDQQLFKDXFKVDJHQZLHGLH =HLFKHQQXQ PDOVSUHFKHQVFKOLHWLQPHLQHP6SHFLDOIDOOHGLH IRUWVFKULWWOLFKH%UJHUNURQHVRJXWZLHDXV© ª6DJHQ6LHGDVLP(UQVWH"©

ª-DPHLQH*QlGLJVWH)DEULNHQLP$OOJHPHLQHQQHLJHQGHU %UJHUNURQH]X)DEULNHQLP%HVRQGHUHQDEHU XQGGDKLQJHK|UW DXVJHVSURFKHQHUPDHQGLHPHLQH FRQVWDWLHUHQGHQ $XVQDKPHIDOOLKU%OLFNIRUGHUW%HZHLVH1XQGHQQLFKZLOOHV YHUVXFKHQ,FKIUDJH6LHN|QQHQ6LHVLFKHLQHQ+DQGHOVJlUWQHU GHQNHQGHUVDJHQZLUDXIGHU/LFKWHQEHUJHURGHU 5XPPHOVEXUJHU*HPDUNXQJ.RUQEOXPHQLP*URHQ]LHKW .RUQEOXPHQGLHV6\PERON|QLJOLFKSUHXLVFKHU*HVLQQXQJXQG GHU]XJOHLFK3HWUROHXUXQG'\QDPLWDUGHLVW"6LHVFKWWHOQGHQ .RSIXQGEHVWlWLJHQGDGXUFKPHLQªQHLQ©8QGQXQIUDJHLFK6LH ZHLWHUZDVVLQGDOOH.RUQEOXPHQGHU:HOWJHJHQHLQH%HUOLQHU %ODXIDEULN",P%HUOLQHU%ODXKDEHQ6LHGDVV\PEROLVFK3UHXLVFKH VR]XVDJHQLQK|FKVWHU3RWHQ]XQGMHVLFKHUHUXQG XQDQIHFKWEDUHUGDVLVWGHVWRXQHUOlOLFKHULVWDXFKPHLQ 9HUEOHLEHQDXIGHP%RGHQGHV&RQVHUYDWLVPXV'HU$XVEDXGHV &RPPHU]LHQUlWOLFKHQEHGHXWHWLQPHLQHP6SHFLDOIDOOHGDV QDWUOLFK*HJHEHQHMHGHQIDOOVPHKUDOVGLH%UJHUNURQH© 'LH=LHJHQKDOVVFKLHQEHUZXQGHQXQGODFKWHZlKUHQG .UROD GHUPLWKDOEHP2KU]XJHK|UWKDWWHEHLVWLPPHQGQLFNWH

6RJLQJGDV*HVSUlFKLQGHU0LWWHGHU7DIHODEHUQRFKKHLWHUHU YHUOLHIHVDPXQWHUQ(QGHGHUVHOEHQZRVLFKGLHMXQJH)UDX 7UHLEHOXQG&RULQQDJHJHQEHUVDHQGLHMXQJH)UDX]ZLVFKHQ 0DUFHOO:HGGHUNRSSXQGGHP5HIHUHQGDU(QJKDXV&RULQQD ]ZLVFKHQ0U 1HOVRQXQG/HRSROG7UHLEHOGHPMQJHUHQ6RKQH GHV+DXVHV$QGHU6FKPDOVHLWHGHV7LVFKHVPLWGHP5FNHQ JHJHQGDVEUHLWH*DUWHQIHQVWHUZDUGDV*HVHOOVFKDIWVIUlXOHLQ )UlXOHLQ+RQLJSODFLHUWZRUGHQGHUHQKHUEH=JHVLFKZLHHLQ 3URWHVWJHJHQLKUHQ1DPHQDXVQDKPHQ-HPHKUVLH]XOlFKHOQ VXFKWHMHVLFKWEDUHUZXUGHGHUVLHYHU]HKUHQGH1HLGGHUVLFK QDFKUHFKWVKLQJHJHQGLHKEVFKH+DPEXUJHULQQDFKOLQNVKLQLQ IDVWQRFKDXVJHVSURFKHQHUHU:HLVHJHJHQ&RULQQDULFKWHWHGLHVH KDOEH&ROOHJLQGLHVLFKWURW]GHPPLWHLQHU6LFKHUKHLWEHQDKPDOV REVLHGLH0DMRULQYRQ=LHJHQKDOVRGHUGRFKPLQGHVWHQVGDV )UlXOHLQYRQ%RPVWJHZHVHQZlUH 'LHMXQJH)UDX7UHLEHOVDKVHKUJXWDXVEORQGNODUUXKLJ%HLGH 1DFKEDUQPDFKWHQLKUGHQ+RI0DUFHOOIUHLOLFKQXUPLW HUNQVWHOWHP(LIHUZHLOHUHLJHQWOLFK&RULQQDEHREDFKWHWHGLH VLFKDXVGHPHLQHQRGHUDQGHUQ*UXQGHGLH(UREHUXQJGHV MXQJHQ(QJOlQGHUVYRUJHVHW]W]XKDEHQVFKLHQ%HLGLHVHP 9RUJHKHQYROO .RNHWWHULHVSUDFKVLHEULJHQVVROHEKDIWVRODXW DOVRELKUGDUDQOlJHGDMHGHV:RUWDXFKYRQLKUHU8PJHEXQJ XQGJDQ]EHVRQGHUVYRQLKUHP9HWWHU0DUFHOOJHK|UWZHUGH

ª6LHIKUHQHLQHQVRVFK|QHQ1DPHQ©ZDQGWHVLHVLFKDQ 0U 1HOVRQªVRVFK|QXQGEHUKPWGDLFKZRKOIUDJHQP|FKWH RE,KQHQQLHGDV9HUODQJHQJHNRPPHQLVW "© ª2\HV\HV ©

ª6LFKGHU)HUQDPEXN XQG&DPSHFKHKRO]EUDQFKHGDULQ6LH VRYLHOLFKZHLDXFKWKlWLJVLQGIULPPHU]XHQWVFKODJHQ",FK IKOHGHXWOLFKGDLFKZHQQLFK1HOVRQKLHHNHLQHUXKLJH 6WXQGHPHKUKDEHQZUGHELVLFKPHLQH%DWWOHDWWKH1LOH HEHQIDOOVJHVFKODJHQKlWWH6LHNHQQHQQDWUOLFKGLH(LQ]HOKHLWHQ GHU6FKODFKW © ª2WREHVXUH©

ª1XQGDZlU LFKGHQQHQGOLFK GHQQKLHUODQGHVZHL1LHPDQG HWZDV5HFKWHVGDYRQ DQGHUULFKWLJHQ4XHOOH6DJHQ6LH 0U 1HOVRQZLHZDUGDVHLJHQWOLFKPLWGHU,GHHGHU$QRUGQXQJ ]XU6FKODFKW",FKKDEHGLH%HVFKUHLEXQJYRUHLQLJHU=HLWLP :DOWHU6FRWWJHOHVHQXQGZDUVHLWGHPLPPHULP=ZHLIHOGDUEHU ZDVHLJHQWOLFKGHQ$XVVFKODJJHJHEHQKDEHREPHKUHLQHJHQLDOH 'LVSRVLWLRQRGHUHLQKHURLVFKHU0XW © ª,VKRXOGUDWKHUWKLQNDKHURLFDOFRXUDJH%ULWLVK RDNVDQGEULWLVKKHDUWV ©

ª,FKIUHXHPLFKGLHVH)UDJHGXUFK6LHEHJOLFKHQ]XVHKHQXQGLQ HLQHU:HLVH GLHPHLQHQ6\PSDWKLHQHQWVSULFKW'HQQLFKELQIU GDV+HURLVFKHZHLOHVVRVHOWHQLVW$EHULFKP|FKWHGRFKDXFK DQQHKPHQGDGDVJHQLDOH&RPPDQGR © ª&HUWDLQO\0LVV&RULQQD1RGRXEW(QJODQGH[SHFWV WKDWHYHU\PDQZLOOGRKLVGXW\ ©

ª-DGDVZDUHQKHUUOLFKH:RUWHYRQGHQHQLFKEULJHQVELVKHXWH JHJODXEWKDWWHGDVLHEHL7UDIDOJDUJHVSURFKHQVHLHQ$EHU ZDUXPQLFKWDXFKEHL$EXNLU"(WZDV*XWHVNDQQLPPHU]ZHLPDO JHVDJWZHUGHQ8QGGDQQHLJHQWOLFKLVWHLQH6FKODFKWZLHGLH DQGHUHEHVRQGHUV6HHVFKODFKWHQ HLQ.QDOOHLQH)HXHUVlXOH XQGDOOHVJHKWLQGLH/XIW(VPXEULJHQVJURDUWLJVHLQXQG HQW]FNHQGIUDOOHGLHGLH]XVHKHQN|QQHQHLQZXQGHUYROOHU $QEOLFN© ª2VSOHQGLG ©

ª-D/HRSROG©IXKU&RULQQDIRUWLQGHPVLHVLFKSO|W]OLFKDQLKUHQ DQGHUQ7LVFKQDFKEDUZDQGWHªGDVLW]HQ6LHQXQXQGOlFKHOQ8QG ZDUXPOlFKHOQ6LH":HLO6LHKLQWHUGLHVHP/lFKHOQ,KUH 9HUOHJHQKHLWYHUEHUJHQZROOHQ6LHKDEHQHEHQQLFKWMHQH ªKHURLFDOFRXUDJH©]XGHUVLFKGHDU 0U 1HOVRQVR EHGLQJXQJVORVEHNDQQWKDW*DQ]LP*HJHQWHLO6LHKDEHQVLFK DXV,KUHV9DWHUV)DEULNGLHQRFKLQJHZLVVHP6LQQHZHQQDXFK IUHLOLFKQXUJHVFKlIWOLFKGLH%OXW XQG(LVHQWKHRULHYHUWULWW MDHV NODQJPLUYRUKLQIDVWDOVRE,KU3DSDGHU)UDX0DMRULQYRQ =LHJHQKDOVHWZDVYRQGLHVHQ'LQJHQHU]lKOWKlWWH 6LHKDEHQ VLFKVDJ LFKDXVGHP%OXWODXJHQKRILQGHP6LHYHUEOHLEHQ PXWHQLQGHQ+RO]KRI,KUHV%UXGHUV2WWR]XUFNJH]RJHQ'DV

ZDUQLFKWJXWDXFKZHQQHV)HUQDPEXNKRO]LVW'DVHKHQ6LH PHLQHQ9HWWHU0DUFHOOGUEHQGHUVFKZ|UWMHGHQ7DJZHQQHU PLWVHLQHQ+DQWHOQXPKHUILFKWGDHVDXIGDV5HFNXQGGDV 7XUQHQDQNRPPHZDVLKPHLQ IUDOOHPDOGLH+HOGHQVFKDIW EHGHXWHWXQGGD9DWHU-DKQGRFKVFKOLHOLFKQRFKEHU1HOVRQ JHKW©

0DUFHOOGURKWHKDOEHUQVWKDOE VFKHU]KDIWPLWGHP)LQJHU]X &RULQQDKLQEHUXQGVDJWHª&RXVLQHYHUJLQLFKWGDGHU 5HSUlVHQWDQWHLQHUDQGHUQ1DWLRQ'LU]XU6HLWHVLW]WXQGGD'X GLH3IOLFKWKDVWHLQLJHUPDHQIUGHXWVFKH:HLEOLFKNHLW HLQ]XWUHWHQ© ª2QRQR©VDJWH1HOVRQ©1LFKWV:HLEOLFKNHLWDOZD\VTXLFN DQGFOHYHUGDVLVZDVZLUOLHEHQDQGHXWVFKH)UDXHQ 1LFKWV:HLEOLFKNHLW)UlXOHLQ&RULQQDLVTXLWHLQWKHULJKW ZD\©

ª'DKDVW'X V0DUFHOO0U 1HOVRQIUGHQ'XVRVRUJOLFK HLQWULWWVWGDPLWHUQLFKWIDOVFKH%LOGHU PLWLQVHLQ PHHUXPJUWHWHV$OELRQKLQEHUQLPPW0U 1HOVRQOlW'LFKLP 6WLFKXQG)UDX7UHLEHOGHQN LFKOlW'LFKDXFKLP6WLFKXQG +HUU(QJKDXVDXFKXQGPHLQ)UHXQG/HRSROGDXFK8QGVRELQLFK JXWHV0XWVXQGEOHLEWQXUQRFK)UlXOHLQ+RQLJ © 'LHVHYHUQHLJWHVLFKXQGVDJWHª,FKELQJHZRKQWPLWGHU 0DMRULWlW]XJHKHQ©XQGLKUH9HUELWWHUWKHLWODJLQGLHVHP7RQH GHU=XVWLPPXQJ

ª,FKZLOOPLUPHLQHV9HWWHUV0DKQXQJDEHUGRFKJHVDJWVHLQ ODVVHQ©IXKU&RULQQDIRUWª,FKELQHWZDVEHUPWLJ0U 1HOVRQ XQGDXHUGHPDXVHLQHUSODXGHUQGHQ)DPLOLH © ª-XVWZKDW,OLNH0L&RULQQD¾3ODXGHUKDIWH/HXWHJXWH /HXWH½VRVDJHQZLULQ(QJODQG©

ª8QGGDVVDJ LFKDXFK0U 1HOVRQ.|QQHQ6LHVLFKHLQHQLPPHU SODXGHUQGHQ9HUEUHFKHUGHQNHQ"© ª2KQRFHUWDLQO\QRW ©

ª8QG]XP=HLFKHQGDLFKWURW]HZLJHQ6FKZDW]HQVGRFKHLQH ZHLEOLFKH1DWXUXQGHLQHULFKWLJH'HXWVFKHELQVROO0U 1HOVRQ

YRQPLUK|UHQGDLFKDXFKQRFKQHEHQKHUNRFKHQQlKHQXQG SOlWWHQNDQQXQGGDLFKLP/HWWH9HUHLQGLH.XQVWVWRSIHUHL JHOHUQWKDEH-D0U 1HOVRQVRVWHKWHVPLWPLU,FKELQJDQ] GHXWVFKXQGJDQ]ZHLEOLFKXQGEOHLEWHLJHQWOLFKQXUQRFKGLH )UDJHNHQQHQ6LHGHQ/HWWH9HUHLQXQGNHQQHQ6LHGLH .XQVWVWRSIHUHL"© ª1R)UlXOHLQ&RULQQDQHLWKHUWKHRQHQRUWKHRWKHU©

ª1XQVHKHQ6LHGHDU 0U 1HOVRQGHU/HWWH9HUHLQLVWHLQ9HUHLQ RGHUHLQ,QVWLWXWRGHUHLQH6FKXOHIUZHLEOLFKH+DQGDUEHLW,FK JODXEHVRJDUQDFKHQJOLVFKHP0XVWHUZDVQRFKHLQEHVRQGHUHU 9RU]XJZlUH© ª1RWDWDOO*HUPDQVFKRROVDUHDOZD\VWREH SUHIHUUHG©

ª:HUZHLLFKP|FKWHGDVQLFKWVRVFKURIIKLQVWHOOHQ$EHUODVVHQ ZLUGDVXPXQVPLWGHPZHLW:LFKWLJHUHQ]XEHVFKlIWLJHQPLW GHU.XQVWVWRSIHUHLIUDJH'DVLVWZLUNOLFK ZDV%LWWHZROOHQ6LH ]XQlFKVWGDV:RUWQDFKVSUHFKHQ © 0U 1HOVRQ OlFKHOWHJXWPWLJYRUVLFKKLQ

ª1XQLFKVHKHGDHVLKQHQ6FKZLHULJNHLWHQPDFKW$EHUGLHVH 6FKZLHULJNHLWHQVLQGQLFKWVJHJHQGLHGHU.XQVWVWRSIHUHLVHOEVW 6HKHQ6LHKLHULVWPHLQ)UHXQG/HRSROG7UHLEHOXQGWUlJWZLH6LH VHKHQHLQHQXQWDGHOLJHQ5RFNPLWHLQHUGRSSHOWHQ.QRSIUHLKH XQGDXFKZLUNOLFK]XJHNQ|SIWJDQ]ZLHHVVLFKIUHLQHQ *HQWOHPDQXQGHLQHQ%HUOLQHU&RPPHU]LHQUDWVVRKQJH]LHPW8QG LFKWD[LHUHGHQ5RFNDXIZHQLJVWHQVKXQGHUW0DUN© ª8HEHUVFKlW]XQJ©

ª:HUZHL'XYHUJLW0DUFHOOGDHVYHUVFKLHGHQH6FDOHQDXFK DXIGLHVHP*HELHWHJLHEWHLQHIU2EHUOHKUHUXQGHLQHIU &RPPHU]LHQUlWH'RFKODVVHQZLUGLH3UHLVIUDJH-HGHQIDOOVHLQ IHLQHU5RFNSULPD8QGQXQZHQQZLUDXIVWHKHQ0U 1HOVRQ XQGGLH&LJDUUHQKHUXPJHUHLFKWZHUGHQ LFKGHQNH6LHUDXFKHQ GRFK ZHUGHLFK6LHXP,KUH&LJDUUHELWWHQXQGPHLQHP)UHXQGH /HRSROG7UHLEHOHLQ/RFKLQGHQ5RFNEUHQQHQKLHUJHUDGHZR VHLQ+HU]VLW]WXQGGDQQZHUG LFKGHQ5RFNLQHLQHU'URVFKNH PLWQDFK+DXVHQHKPHQXQGPRUJHQXPGLHVHOEH=HLWZROOHQZLU

XQVKLHULP*DUWHQZLHGHUYHUVDPPHOQXQGXPGDV%DVVLQKHUXP 6WKOHVWHOOHQZLHEHLHLQHU$XIIKUXQJ8QGGHU.DNDGXNDQQ DXFKGDEHLVHLQ8QGGDQQZHUG LFKDXIWUHWHQZLHHLQH .QVWOHULQGLHLFKLQGHU7KDWDXFKELQXQGZHUGHGHQ5RFN KHUXPJHKHQODVVHQXQGZHQQ6LHGHDU 0U 1HOVRQGDQQQRFK LP6WDQGHVLQGGLH6WHOOH]XILQGHQZRGDV/RFKZDUVRZLOOLFK ,KQHQHLQHQ.XJHEHQXQG,KQHQDOV6NODYLQQDFK/LYHUSRROKLQ IROJHQ$EHUHVZLUGQLFKWGD]XNRPPHQ6ROOLFKVDJHQOHLGHU" ,FKKDEH]ZHL0HGDLOOHQDOV.XQVWVWRSIHULQJHZRQQHQXQG6LH ZHUGHQGLH6WHOOHVLFKHUOLFKQLFKW ILQGHQ ©

ª2KLFKZHUGHILQGHQQRGRXEW,ZLOOILQGLW©HQWJHJQHWH 0U 1HOVRQOHXFKWHQGHQ$XJHVXQGZHLOHUVHLQHULPPHU ZDFKVHQGHQ%HZXQGHUXQJSDVVHQGRGHUQLFKWHLQHQ$XVGUXFN JHEHQZROOWHVFKORHUPLWHLQHPLQNXU]HQ$XVUXIXQJHQ JHKDOWHQHQ+\PQXVDXIGLH%HUOLQHULQQHQXQGGHUVLFKGDUDQ DQVFKOLHHQGHQXQGPHKUIDFKZLHGHUKROWHQ9HUVLFKHUXQJGDVLH GHFLGHGO\FOHYHU VHLHQ

/HRSROGXQGGHU5HIHUHQGDUYHUHLQLJWHQVLFKPLWLKPLQGLHVHP /REXQGVHOEVW)UlXOHLQ+RQLJOlFKHOWHZHLOVLHVLFKDOV /DQGVPlQQLQPLWJHVFKPHLFKHOWIKOHQPRFKWH1XULP$XJHGHU MXQJHQ)UDX7UHLEHOVSUDFKVLFKHLQHOHLVH9HUVWLPPXQJGDUEHU DXVHLQH%HUOLQHULQXQGNOHLQH3URIHVVRUVWRFKWHULQGLHVHU:HLVH JHIHLHUW]XVHKHQ$XFK9HWWHU0DUFHOOVRVHKUHU]XVWLPPWHZDU QLFKWUHFKW]XIULHGHQZHLOHUGDYRQDXVJLQJGDVHLQH&RXVLQH HLQVROFKHV+DVWHQXQG6LFKLQ6FHQHVHW]HQQLFKWQ|WLJKDEHVLH ZDULKP]XVFKDGHIUGLH5ROOHGLH VLHVSLHOWH&RULQQDLKUHUVHLWV VDKDXFKJDQ]GHXWOLFKZDVLQLKPYRUJLQJXQGZUGHVLFKHLQ 9HUJQJHQGDUDXVJHPDFKWKDEHQLKQ]XQHFNHQZHQQQLFKWLQ HEHQGLHVHP0RPHQWH GDV(LVZXUGHVFKRQKHUXPJHUHLFKW GHU &RPPHU]LHQUDWDQGDV*ODVJHNORSIWXQGVLFKXPHLQHQ7RDVW DXV]XEULQJHQYRQVHLQHP3ODW]HUKREHQKlWWHª0HLQH+HUUHQ XQG'DPHQ/DGLHVDQG*HQWOHPHQ © ª$KGDV JLOW,KQHQ©IOVWHUWH&RULQQD0U 1HOVRQ]X

ª,FKELQ©IXKU7UHLEHOIRUWªDQGHP+DPPHOUFNHQ YRUEHUJHJDQJHQXQGKDEH GLHVHYHUKlOWQLVPlLJVSlWH6WXQGH IUHLQHQPHLQHUVHLWVDXV]XEULQJHQGHQ7RDVWKHUDQNRPPHQ ODVVHQ HLQH1HXHUXQJGLHPLFKLQGLHVHP$XJHQEOLFNHIUHLOLFK YRUGLH)UDJHVWHOOWREGHU6FKPHO]H]XVWDQGHLQHVURW XQG

ZHLHQ3DQDFKpQLFKWQRFKHWZDV9HUPHLGHQVZHUWHUHVLVWDOVGHU +DPPHOUFNHQLP=XVWDQGHGHU(UVWDUUXQJ © ª2KZRQGHUIXOO\JRRG ©

ª:LHGHPDEHUDXFKVHLQP|JHMHGHQIDOOVJLHEWHV]XU=HLW QXUHLQ0LWWHOHLQYLHOOHLFKWVFKRQDQJHULFKWHWHV8HEHODXIHLQ 0LQGHVWPDKHUDE]XGUFNHQ.U]H*HQHKPLJHQ6LHGHQQ PHLQH+HUUVFKDIWHQLQ,KUHU*HVDPWKHLWPHLQHQ'DQNIU,KU (UVFKHLQHQXQGJHVWDWWHQ6LHPLUGHV)HUQHUHQXQGLP EHVRQGHUHQ+LQEOLFNDXI]ZHLOLHEH*lVWHGLHKLHU]XVHKHQLFK KHXWH]XPHUVWHQ0DOHGLH(KUHKDEHPHLQHQ7RDVWLQGLH EULWLVFKHUVHLWVQDKH]XJHKHLOLJWH)RUPHONOHLGHQ]XGUIHQ¾RQ RXUDUP\DQGQDY\½DXI+HHUXQG)ORWWHDOVRGLHZLUGDV*OFN KDEHQKLHUDQGLHVHU7DIHOHLQHUVHLWVHUYHUEHXJWHVLFKJHJHQ 9RJHOVDQJ GXUFK%HUXIXQG/HEHQVVWHOOXQJDQGHUHUVHLWV 9HUEHXJXQJJHJHQ1HOVRQ GXUFKHLQHQZHOWEHUKPWHQ +HOGHQQDPHQYHUWUHWHQ]XVHKHQ1RFKHLQPDODOVR¾RXUDUP\ DQGQDY\½(VOHEH/LHXWHQDQW9RJHOVDQJHVOHEH0U 1HOVRQ© 'HU7RDVWIDQGDOOVHLWLJH=XVWLPPXQJXQGGHULQHLQHQHUY|VH 8QUXKHJHUDWHQH0U 1HOVRQZROOWHVRIRUWGDV:RUWQHKPHQXP ]XGDQNHQ$EHU&RULQQDKLHOWLKQDE9RJHOVDQJVHLGHUlOWHUH XQGZUGHYLHOOHLFKWGHQ'DQNIULKQPLWDXVVSUHFKHQ©

ª2KQRQR)UlXOHLQ&RULQQDQRWKHQRWVXFKDQXJO\ ROGIHOORZSOHDVHORRNDWKLP©XQGGHU]DSSOLJH +HOGHQQDPHQVYHWWHUPDFKWHZLHGHUKROWH9HUVXFKHVLFKYRQ VHLQHP3ODW]H]XHUKHEHQXQG]XVSUHFKHQ$EHU9RJHOVDQJNDP LKPZLUNOLFK]XYRUXQGQDFKGHPHUGHQ%DUWPLWGHU6HUYLHWWH JHSXW]WXQGLQQHUY|VHU8QUXKHVHLQHQ:DIIHQURFNHUVWDXI XQG GDQQZLHGHU]XJHNQ|SIWKDWWHEHJDQQHUPLWHLQHUDQ.RPLN VWUHLIHQGHQ:UGHª0HLQH+HUUHQ8QVHUOLHEHQVZUGLJHU:LUW KDWGLH$UPHHOHEHQODVVHQXQGPLWGHU$UPHHPHLQHQ1DPHQ YHUNQSIW-DPHLQH+HUUHQLFKELQ6ROGDW ©

ª2KIRUVKDPH©EUXPPWHGHUEHUGDVZLHGHUKROWHªPHLQH +HUUHQ©XQGGDVJOHLFK]HLWLJH8QWHUVFKODJHQDOOHUDQZHVHQGHQ 'DPHQDXIULFKWLJHPS|UWH0U 1HOVRQªRKIRUVKDPH©XQGHLQ .LFKHUQOLHVLFKDOOHUVHLWVK|UHQGDVDXFKDQKLHOWELVGHV 5HGQHUVLPPHUILQVWHUHUZHUGHQGHV$XJHQUROOHQHLQHZDKUH .LUFKHQVWLOOHZLHGHUKHUJHVWHOOWKDWWH'DQQHUVWIXKUGLHVHUIRUW

ª-DPHLQH+HUUHQLFKELQ6ROGDW$EHUPHKUDOVGDVLFKELQ DXFK6WUHLWHULP'LHQVWHLQHU,GHH=ZHLJURH0lFKWHVLQGHV GHQHQLFKGLHQH9RONVWXPXQG.|QLJWXP$OOHVDQGHUHVW|UW VFKlGLJWYHUZLUUW(QJODQGV$ULVWRNUDWLHGLHPLUYRQPHLQHP 3ULQFLSJDQ]DEJHVHKHQDXFKSHUV|QOLFKZLGHUVWUHLWHW YHUDQVFKDXOLFKWHLQHVROFKH6FKlGLJXQJHLQHVROFKH9HUZLUUXQJ LFKYHUDEVFKHXH=ZLVFKHQVWXIHQXQGEHUKDXSWGLHIHXGDOH 3\UDPLGH'DVVLQG0LWWHODOWHUOLFKNHLWHQ,FKHUNHQQHPHLQ,GHDO LQHLQHP3ODWHDXPLWHLQHPHLQ]LJHQDEHUDOOHVEHUUDJHQGHQ 3LF© 'LH=LHJHQKDOVZHFKVHOWHKLHU%OLFNHPLW7UHLEHO

ª$OOHVVHLYRQ9RONHVJQDGHQELV]XGHU6WHOOHKLQDXIZRGLH *RWWHVJQDGHQVFKDIWEHJLQQW'DEHLVWUHQJJHVFKLHGHQH 0DFKWEHIXJQLVVH'DV*HZ|KQOLFKHGDV0DVVHQKDIWHZHUGH EHVWLPPWGXUFKGLH0DVVHGDV8QJHZ|KQOLFKHGDV*URHZHUGH EHVWLPPWGXUFKGDV*URH'DVLVW7KURQXQG.URQH0HLQHU SROLWLVFKHQ(UNHQQWQLVQDFKUXKWDOOHV+HLODOOH %HVVHUXQJVP|JOLFKNHLWLQGHU$XIULFKWXQJHLQHU5R\DOGHPRNUDWLH ]XGHUVLFKVRYLHOLFKZHLDXFKXQVHU&RPPHU]LHQUDWEHNHQQW 8QGLQGLHVHP*HIKOHGDULQZLUXQVHLQVZLVVHQHUKHEHLFKGDV *ODVXQGELWWH6LHPLWPLUDXIGDV:RKOXQVHUHVKRFKYHUHKUWHQ :LUWHV]XWULQNHQ]XJOHLFKXQVHUHV*RQIDORQLHUHGHUXQVGLH )DKQHWUlJW8QVHU&RPPHU]LHQUDW7UHLEHOHUOHEHKRFK©

$OOHVHUKREVLFKXPPLW9RJHOVDQJDQ]XVWRHQXQGLKQDOV (UILQGHUGHU5R\DOGHPRNUDWLH]XEHJOFNZQVFKHQ(LQLJH NRQQWHQDOVDXIULFKWLJHQW]FNWJHOWHQEHVRQGHUVGDV:RUW ª*RQIDORQLHUH©VFKLHQJHZLUNW]XKDEHQDQGHUHODFKWHQVWLOOLQ VLFKKLQHLQXQGQXUGUHLZDUHQGLUHFWXQ]XIULHGHQ7UHLEHOZHLOHU VLFKYRQGHQ9RJHOVDQJ VFKHQ3ULQFLSLHQSUDNWLVFKQLFKWYLHO YHUVSUDFKGLH&RPPHU]LHQUlWLQZHLOLKUGDV*DQ]HQLFKWIHLQ JHQXJYRUNDPXQGGULWWHQV0U 1HOVRQZHLOHUVLFKDXVGHP JHJHQGLHHQJOLVFKH$ULVWRNUDWLHJHULFKWHWHQ6DW]H9RJHOVDQJ V HLQHQQHXHQ+DJHJHQHEHQGLHVHQJHVRJHQKDWWHª6WXIIDQG QRQVHQVH:KDWGRHVKHNQRZRIRXUDULVWRFUDF\"7REH VXUHKHGRHV QWEHORQJWRLW WKDW VDOO© ª,FKZHLGRFKQLFKW©ODFKWH&RULQQDª+DWHUQLFKWZDVYRQ HLQHP3HHURIWKH5HDOP"©

1HOVRQYHUJDEHUGLHVHU9RUVWHOOXQJEHLQDKHDOO VHLQHQ*UROO XQGERW&RULQQDZlKUHQGHUHLQH.QDFNPDQGHOYRQHLQHPGHU 7DIHODXIVlW]HQDKPHEHQHLQ9LHOOLHEFKHQDQDOVGLH &RPPHU]LHQUlWLQGHQ6WXKOVFKREXQGGDGXUFKGDV=HLFKHQ]XU $XIKHEXQJGHU7DIHOJDE'LH)OJHOWKUHQ|IIQHWHQVLFKXQGLQ GHUVHOEHQ5HLKHQIROJHZLHPDQ]X7LVFK JHJDQJHQZDUVFKULWW PDQZLHGHUDXIGHQPLWWOHUZHLOHJHOIWHWHQ)URQWVDDO]XZRGLH +HUUHQ7UHLEHODQGHU6SLW]HGHQlOWHUHQXQGDXFKHLQLJHQ MQJHUHQ'DPHQUHVSHFWYROOGLH+DQGNWHQ

1XU0U 1HOVRQYHU]LFKWHWHGDUDXIZHLOHUGLH&RPPHU]LHQUlWLQ ªDOLWWOHSRPSRXV©XQGGLHEHLGHQ+RIGDPHQªDOLWWOH ULGLFXORXV©IDQGXQGEHJQJWHVLFKDQ&RULQQDKHUDQWUHWHQG PLWHLQHPNUlIWLJHQªVKDNLQJKDQGV©

9LHUWHV.DSLWHO

'LHJURH*ODVWKUGLH]XU)UHLWUHSSHIKUWHVWDQGDXIGHQQRFK ZDUHVVFKZOXQGVR]RJPDQHVYRUGHQ.DIIHHGUDXHQ]X QHKPHQGLHHLQHQDXIGHU9HUDQGDGLHDQGHUQLP9RUJDUWHQ VHOEVWZREHLVLFKGLH7LVFKQDFKEDUQLQNOHLQHQ*UXSSHQZLHGHU ]XVDPPHQIDQGHQXQGZHLWHUSODXGHUWHQ1XUDOVVLFKGLHEHLGHQ DGOLJHQ'DPHQYRQGHU*HVHOOVFKDIWYHUDEVFKLHGHWHQXQWHUEUDFK PDQVLFKLQGLHVHPPLW0HGLVDQFHUHLFKOLFKJHZU]WHQ*HVSUlFK XQGVDKHLQHNOHLQH:HLOHGHP/DQGDXHUQDFKGHUGLH .|SQLFNHUVWUDHKLQDXIHUVWDXIGLH)UDXYRQ=LHJHQKDOV VFKH :RKQXQJLQXQPLWWHOEDUHU1lKHGHU0DUVFKDOOVEUFNHGDQQDEHU DXI&KDUORWWHQEXUJ]XIXKUZRGLHVHLWIQIXQGGUHLLJ-DKUHQLQ HLQHP6HLWHQIOJHOGHV6FKORVVHVHLQTXDUWLHUWH%RPVWLKU /HEHQVJOFNXQG]XJOHLFKLKUHQEHVWHQ6WRO]DXVGHU%HWUDFKWXQJ ]RJLQHUVWHU=HLWPLWGHVKRFKVHOLJHQ.|QLJV0DMHVWlWGDQQPLW GHU.|QLJLQ:LWZHXQG]XOHW]WPLWGHQ0HLQLQJHQVFKHQ +HUUVFKDIWHQGLHVHOEH/XIWJHDWPHW]XKDEHQ(VJDELKUDOO GDV HWZDV9HUNOlUWHVZDVDXFK]XLKUHU)LJXUSDWH

7UHLEHOGHUGLH'DPHQELVDQGHQ:DJHQVFKODJEHJOHLWHWHKDWWH PLWWOHUZHLOHYRP6WUDHQGDPPKHUGLH9HUDQGDZLHGHUHUUHLFKW ZR9RJHOVDQJHWZDVYHUODVVHQDEHUPLWXQHLQJHEWHU:UGH VHLQHQ3ODW]EHKDXSWHWHª1XQHLQ:RUWXQWHUXQV/LHXWHQDQW DEHUQLFKWKLHULFKGHQNHZLUDEVHQWLHUHQXQVHLQHQ$XJHQEOLFN XQGUDXFKHQHLQ%ODWWGDVQLFKWDOOH7DJHZlFKVWXQGQDPHQWOLFK QLFKWEHUDOO©'DEHLQDKPHU9RJHOVDQJXQWHUGHQ$UPXQG IKUWHGHQ*HUQJHKRUFKHQGHQLQVHLQQHEHQGHP6DDOHJHOHJHQHV $UEHLWV]LPPHUZRGHUJHVFKXOWHGLHVHQ/LHEOLQJVPRPHQWLP 'LQHUOHEHQVHLQHV+HUUQYRQODQJKHUNHQQHQGH'LHQHUEHUHLWV DOOHV]XUHFKWJHVWHOOWKDWWHGDV&LJDUUHQNLVWFKHQGHQ /LTXHXUNDVWHQXQGGLH.DUDIIHPLW(LVZDVVHU'LHJXWH6FKXOXQJ GHV'LHQHUVEHVFKUlQNWHVLFKDEHUQLFKWDXIGLHVH 9RUDUUDQJHPHQWVYLHOPHKUVWDQGHULPVHOEHQ$XJHQEOLFNZR EHLGH+HUUHQLKUH3OlW]HJHQRPPHQKDWWHQDXFKVFKRQPLWGHP 7DEOHWWYRULKQHQXQGSUlVHQWLHUWHGHQ.DIIHH ª'DVLVWUHFKW)ULHGULFKDXFKGHU$XIEDXKLHUDOOHV]XPHLQHU =XIULHGHQKHLWDEHUJLHEGRFKOLHEHUGLHDQGHUH.LVWHKHUGLH IODFKH8QGGDQQVDJHPHLQHP6RKQ2WWRLFKOLHHLKQELWWHQ ,KQHQGRFKUHFKW9RJHOVDQJ"2GHUZHQQ'X2WWRQLFKWWULIIVWVR

ELWWHGHQ3ROL]HLDVVHVVRUMDOLHEHUGHQHUZHLGRFKEHVVHU %HVFKHLG6RQGHUEDUDOOHVZDVLQGHU0RONHQPDUNWOXIWJUR JHZRUGHQLVWGHP5HVWGHU0HQVFKKHLWXPHLQ%HWUlFKWOLFKHV EHUOHJHQ8QGGLHVHU*ROGDPPHUKDWQXQJDUQRFKGHQ9RUWHLO HLQULFKWLJHU3DVWRUVVRKQ]XVHLQZDVDOO VHLQHQ*HVFKLFKWHQ HLQHQHLJHQWPOLFKSLNDQWHQ%HLJHVFKPDFNJLEW©8QGGDEHL NODSSWH7UHLEHOGHQ.DVWHQDXIXQGVDJWHª&RJQDFRGHU$OODVFK" 2GHUGDVHLQHWKXQXQGGDVDQGHUHQLFKWODVVHQ"©

9RJHOVDQJOlFKHOWHVFKREGHQ&LJDUUHQNQLSVHU]LHPOLFK GHPRQVWUDWLYEHL6HLWHXQGELGLH6SLW]HPLWVHLQHQ5DII]lKQHQ DE'DQQJULIIHUQDFKHLQHP6WUHLFKK|O]FKHQ,P8HEULJHQVFKLHQ HUDEZDUWHQ]XZROOHQZRPLW7UHLEHOEHJLQQHQZUGH'HUOLH GHQQDXFKQLFKWODQJHZDUWHQ

ª(KELHQ9RJHOVDQJZLHJHILHOHQ,KQHQGLHEHLGHQDOWHQ 'DPHQ"(WZDV)HLQHVQLFKWZDKU"%HVRQGHUVGLH%RPVW0HLQH )UDXZUGHVDJHQlWKHULVFK1XQGXUFKVLFKWLJJHQXJLVWVLH $EHURIIHQJHVWDQGHQGLH=LHJHQKDOVLVWPLUOLHEHUGUDOOXQG SUDOOFDSLWDOHV:HLEXQGPXLKUHU=HLWHLQJHUDGH]XIRUPLGDEOHV )HVWXQJVYLHUHFNJHZHVHQVHLQ1DVVHV7HPSHUDPHQWXQGZHQQ LFKUHFKWJHK|UWKDEHVRSHQGHOWLKUH9HUJDQJHQKHLW]ZLVFKHQ YHUVFKLHGHQHQNOHLQHQ+|IHQKLQXQGKHU/DG\0LOIRUGDEHU ZHQLJHUVHQWLPHQWDO$OOHVQDWUOLFKDOWH*HVFKLFKWHQDOOHV EHJOLFKHQPDQN|QQWHEHLQDKHVDJHQVFKDGH'HQ6RPPHUEHU LVWVLHMHW]WUHJHOPlLJEHLGHQ.UDF]LQVNL VLQGHU=RVVHQHU *HJHQGZHLGHU7HXIHOZRVHLW.XU]HPDOOGLHSROQLVFKHQ 1DPHQKHUNRPPHQ$EHUVFKOLHOLFKLVWHVJOHLFKJOWLJ:DV PHLQHQ6LHZHQQLFKGLH=LHJHQKDOVLQ$QEHWUDFKWGLHVHU .UDF]LQVNL VFKHQ%HNDQQWVFKDIWXQVHUQ=ZHFNHQGLHQVWEDU]X PDFKHQVXFKWH"© ª.DQQ]XQLFKWVIKUHQ©

ª:DUXPQLFKW"6LHYHUWULWWHLQHQULFKWLJHQ6WDQGSXQNW

ª,FKZUGHPLQGHVWHQVVDJHQPVVHQHLQHQQLFKWULFKWLJHQ© ª:LHVR"©

ª6LHYHUWULWWHLQHQGXUFKDXVEHVFKUlQNWHQ6WDQGSXQNWXQGZHQQ LFKGDV:RUWZlKOHVRELQLFKQRFKULWWHUOLFK8HEULJHQVZLUGPLW GLHVHP¾ULWWHUOLFK½HLQZDFKVHQGHUXQGJHUDGH]XKRUUHQGHU

0LEUDXFKJHWULHEHQLFKJODXEHQlPOLFKQLFKWGDXQVHUH5LWWHU VHKUULWWHUOLFKG KULWWHUOLFKLP6LQQHYRQDUWLJXQGYHUELQGOLFK JHZHVHQVLQG$OOHVEORKLVWRULVFKH)lOVFKXQJHQ8QGZDVGLHVH =LHJHQKDOVDQJHKWGLHZLUXQVZLH6LHVDJHQGLHQVWEDUPDFKHQ VROOHQVRYHUWULWWVLHQDWUOLFKGHQ6WDQGSXQNWGHV)HXGDOLVPXV GHQGHU3\UDPLGH'DVLH]XP+RIHVWHKWLVWJXWXQGLVWGDV ZDVVLHPLWXQVYHUELQGHWDEHUGDVLVWQLFKWJHQXJ3HUVRQHQZLH GLHVH0DMRULQXQGVHOEVWYHUVWlQGOLFKDXFKLKUDGOLJHU$QKDQJ JOHLFKYLHOREHUSROQLVFKHQRGHUGHXWVFKHQ8UVSUXQJVLVW DOOH OHEHQPHKURGHUZHQLJHULQHLQHP:XVWYRQ(LQELOGXQJHQZLOO VDJHQYRQPLWWHODOWHUOLFKHQ6WDQGHVYRUXUWHLOHQXQGGDVVFKOLHW HLQ=XVDPPHQJHKHQDXVWURW]GHPZLUGLH.|QLJVIDKQHPLWLKQHQ JHPHLQVDPKDEHQ$EHUGLHVH*HPHLQVDPNHLWIURPPWQLFKW VFKDGHWXQVQXU:HQQZLUUXIHQ¾(VOHEHGHU.|QLJ½VR JHVFKLHKWHVYROONRPPHQVHOEVWVXFKWVORVXPHLQHPJURHQ 3ULQ]LSGLH+HUUVFKDIW]XVLFKHUQIUPLFKEUJHLFKXQGLFK KRIIHGDLFKHVDXFKIU6LHNDQQ© ª*HZL9RJHOVDQJJHZL©

ª$EHUGLHVH=LHJHQKDOV YRQGHULFKEHLOlXILJIUFKWHGD6LH QXU]XVHKU5HFKWKDEHQPLWGHUYRQ,KQHQDQJHGHXWHWHQZHQQ DXFK*RWWVHL'DQNZHLW]XUFNOLHJHQGHQ$XIOHKQXQJJHJHQ 0RUDOXQGJXWH6LWWH GLHVH=LHJHQKDOVXQGLKUHVJOHLFKHQZHQQ GLHUXIHQ¾(VOHEHGHU.|QLJ½VRKHLWGDVLPPHUQXUHVOHEH GHUGHUIUXQVVRUJWXQVHU1lKUYDWHUVLHNHQQHQQLFKWVDOV LKUHQ9RUWHLO(VLVWLKQHQYHUVDJWLQHLQHU,GHHDXI]XJHKHQXQG VLFKDXI3HUVRQHQVWW]HQGLHQXUVLFK NHQQHQGDVKHLWXQVUH 6DFKHYHUORUHQJHEHQ8QVUH6DFKHEHVWHKWQLFKWEORGDULQGHQ IRUWVFKULWWOLFKHQ'UDFKHQ]XEHNlPSIHQVLHEHVWHKWDXFKLQGHU %HNlPSIXQJGHV9DPS\U$GHOVGHULPPHUEORVDXJWXQGVDXJW :HJPLWGHUJDQ]HQ,QWHUHVVHQSROLWLN,QGHP=HLFKHQDEVROXWHU 6HOEVWORVLJNHLWPVVHQZLUVLHJHQXQGGD]XEUDXFKHQZLUGDV 9RONQLFKWGDV4XLW]RZWXPGDVVHLWGHPJOHLFKQDPLJHQ6WFNH ZLHGHUREHQDXILVWXQGGDV+HIWLQGLH+lQGHQHKPHQP|FKWH 1HLQ&RPPHU]LHQUDWQLFKWVYRQ3VHXGR&RQVHUYDWLVPXVNHLQ .|QLJWXPDXIIDOVFKHU*UXQGODJHGDV.|QLJWXPZHQQZLUHV FRQVHUYLHUHQZROOHQPXDXIHWZDV6ROLGHUHPUXKHQDOVDXI HLQHU=LHJHQKDOVRGHUHLQHU%RPVW© ª1XQK|UHQ6LH9RJHOVDQJGLH=LHJHQKDOVZHQLJVWHQV ©

8QG7UHLEHOVFKLHQHUQVWOLFKJHZLOOWGLHVHQ)DGHQGHULKPSDWH ZHLWHU]XVSLQQHQ$EHUHKHHUGD]XNRPPHQNRQQWHWUDWGHU 3ROL]HLDVVHVVRUYRP6DORQKHUHLQGLHNOHLQH 0HLQHU7DVVHQRFK LQGHU+DQGXQGQDKP]ZLVFKHQ7UHLEHOXQG9RJHOVDQJ3ODW] *OHLFKQDFKLKPHUVFKLHQDXFK2WWRYLHOOHLFKWYRQ)ULHGULFK EHQDFKULFKWLJWYLHOOHLFKWDXFKDXVHLJQHP$QWULHEHZHLOHUYRQ ODQJHU=HLWKHUGLHGHU(URWLN]XJHZHQGHWHQ:HJHNDQQWHGLH *ROGDPPHUEHL/LTXHXUXQG&LJDUUHQUHJHOPlLJXQGPHLVWVHKU UDVFKVRGDMHGH9HUVlXPQLVVLFKVWUDIWH]XZDQGHOQSIOHJWH

'HUDOWH7UHLEHOZXWHGLHVVHOEVWYHUVWlQGOLFKQRFKYLHOEHVVHU KLHOWDEHUHLQDXFKVHLQHUVHLWVEHVFKOHXQLJWHV9HUIDKUHQGRFKIU DQJH]HLJWXQGKREGHVKDOERKQH:HLWHUHVDQª8QGQXQVDJHQ 6LH*ROGDPPHUZDVJLEWHV":LHVWHKWHVPLWGHP/W]RZSODW]" :LUGGLH3DXNH]XJHVFKWWHWRGHUZDVVR]LHPOLFKGDVVHOEH VDJHQZLOOZLUGGLH)ULHGULFKVWUDHVLWWOLFKJHUHLQLJW"2IIHQ JHVWDQGHQLFKIUFKWHGDXQVUHSLNDQWHVWH9HUNHKUVDGHUQLFKW DOO]XYLHOGDEHLJHZLQQHQZLUGVLHZLUGXPHLQJHULQJHV PRUDOLVFKHUXQGXPHLQEHWUlFKWOLFKHVODQJZHLOLJHUZHUGHQ'D GDV2KUPHLQHU)UDXELVKLHUKHUQLFKWWUlJWVROlWVLFK GHUJOHLFKHQDOOHQIDOOVDXIV7DSHWEULQJHQLP8HEULJHQVROO,KQHQ PHLQHJHVDPWH)UDJHUHLNHLQH*UHQ]HQ]LHKHQ-HIUHLHUMH EHVVHU,FKKDEHODQJHJHQXJJHOHEWXP]XZLVVHQGDDOOHV ZDVDXVHLQHP3ROL]HLPXQGHNRPPWLPPHU6WRIILVWLPPHU IULVFKH%ULVHIUHLOLFKPLWXQWHUDXFK6FLURFFRMDJHUDGH]X6DPXP 6DJHQZLU6DPXP$OVRZDVVFKZLPPWREHQDXI"© ª(LQHQHXH6RXEUHWWH©

ª&DSLWDO6HKHQ6LH*ROGDPPHUMHGH.XQVWULFKWXQJLVWJXWZHLO MHGHGDV,GHDOLP$XJHKDW8QGGDV,GHDOLVWGLH+DXSWVDFKHVR YLHOZHLLFKQDFKJHUDGHYRQPHLQHU)UDX$EHUGDV,GHDOVWH EOHLEWGRFKLPPHUHLQH6RXEUHWWH1DPH"© ª*UDELOORQ=LHUOLFKH)LJXUHWZDVJURHU0XQG/HEHUIOHFN©

ª8P*RWWHVZLOOHQ*ROGDPPHUGDVNOLQJWMDZLHHLQ6WHFNEULHI 8HEULJHQV/HEHUIOHFNLVWUHL]HQGJURHU 0XQG*HVFKPDFNVVDFKH 8QG3URWHJpYRQZHP"© *ROGDPPHUVFKZLHJ

ª$KLFKYHUVWHKH2EHUVSKlUH-HK|KHUKLQDXIMHQlKHUGHP ,GHDO8HEULJHQVGDZLU PDOEHL2EHUVSKlUHVLQGZLHVWHKWHV GHQQPLWGHU*UXJHVFKLFKWH+DWHUZLUNOLFKQLFKWJHJUW"8QG LVWHVZDKUGDHUQDWUOLFKGHU1LFKWJUHUHLQHQ8UODXEKDW DQWUHWHQPVVHQ"(VZlUHHLJHQWOLFKGDVEHVWHZHLOHVVR QHEHQKHUHLQHU$EVDJHJHJHQGHQJDQ]HQ.DWKROLFLVPXV JOHLFKNlPHVR]XVDJHQ]ZHL)OLHJHQPLWHLQHU.ODSSH©

*ROGDPPHUKHLPOLFKHU)RUWVFKULWWOHUDEHURIIHQHU$QWLNDWKROLN ]XFNWHGLH$FKVHOQXQGVDJWHª6RJXWVWHKWHVOHLGHUQLFKWXQG NDQQDXFKQLFKW'LH0DFKWGHU*HJHQVWU|PXQJLVW]XVWDUN'HU GHUGHQ*UXYHUZHLJHUWHZHQQ6LHZROOHQGHU:LOKHOP7HOOGHU 6LWXDWLRQKDW]XJXWH5FNHQGHFNXQJ:R"1XQGDVEOHLEWLQGHU 6FKZHEHJHZLVVH'LQJHGDUIPDQQLFKWEHL1DPHQQHQQHQXQG HKHZLUQLFKWGHUEHNDQQWHQ+\GUDGHQ.RSI]HUWUHWHQRGHUZDV GDVVHOEHVDJHQZLOOGHPDOWHQIULW]LVFKHQªeFUDVH]O LQIkPH© ]XP6LHJHYHUKROIHQKDEHQ © ,QGLHVHP$XJHQEOLFNHK|UWHPDQQHEHQDQVLQJHQHLQHEHNDQQWH &RPSRVLWLRQXQG7UHLEHOGHUHEHQHLQHQHXH&LJDUUHQHKPHQ ZROOWHZDUIVLHZLHGHULQGDV.LVWFKHQ]XUFNXQGVDJWHª0HLQH 5XK LVWKLQ8QGPLWGHU,KULJHQPHLQH+HUUHQVWHKWHVQLFKW YLHOEHVVHU,FKJODXEHZLUPVVHQZLHGHUEHLGHQ'DPHQ HUVFKHLQHQXPDQGHU$HUD$GRODU.URODWHLO]XQHKPHQ'HQQGLH EHJLQQWMHW]W©

'DPLWHUKREHQVLFKDOOHYLHUXQGNHKUWHQXQWHU9RUWULWW7UHLEHO VLQ GHQ6DDO]XUFNZRZLUNOLFK.URODDP)OJHOVDXQG VHLQHGUHL +DXSWVWFNHPLWGHQHQHUUDVFKKLQWHUHLQDQGHUDXI]XUlXPHQ SIOHJWHYROONRPPHQYLUWXRVDEHUPLWHLQHUJHZLVVHQ DEVLFKWOLFKHQ.ODSSULJNHLW]XPEHVWHQJDE(VZDUHQª'HU (UON|QLJ©ª+HUU+HLQULFKVDDP9RJHOKHUG©XQGª'LH*ORFNHQ YRQ6SHLHU© 'LHVHOHW]WHUH1XPPHUPLWGHPJHKHLPQLVYROO HLQIDOOHQGHQ*ORFNHQELPEDPPDFKWHMHGHVPDOGHQJU|WHQ (LQGUXFNXQGEHVWLPPWHVHOEVW7UHLEHO]XPRPHQWDQUXKLJHP =XK|UHQ(UVDJWHGDQQDXFKZRKOPLWHLQHUJHZLVVHQK|KHUHQ 0LHQHª9RQ/|ZHH[XQJXH /HRQHPGDVKHLWYRQ.DUO/|ZH /XGZLJFRPSRQLHUWQLFKW© 9LHOHYRQGHQHQGLHGHQ.DIIHHLP*DUWHQRGHUDXIGHU9HUDQGD JHQRPPHQKDWWHQZDUHQJOHLFKDOV.URODEHJDQQHEHQIDOOVLQ GHQ6DDOJHWUHWHQXP]X]XK|UHQDQGHUHGDJHJHQGLHGLHGUHL

%DOODGHQVFKRQYRQ]ZDQ]LJ7UHLEHO VFKHQ'LQHUVKHUNDQQWHQ KDWWHQHVGRFKYRUJH]RJHQLP)UHLHQ]XEOHLEHQXQGLKUH *DUWHQSURPHQDGHIRUW]XVHW]HQXQWHULKQHQDXFK0U 1HOVRQGHU DOVHLQULFKWLJHU9ROOEOXW(QJOlQGHUPXVLNDOLVFKDXIVFKZlFKVWHQ )HQVWDQGXQGUXQGKHUDXVHUNOlUWHGDVOLHEVWHVHLLKPHLQ 1LJJHUPLWHLQHU3DXNH]ZLVFKHQGHQ%HLQHQª,FDQ WVHH ZKDWLWPHDQVPXVLFLVQRQVHQVH©6RJLQJHUGHQQPLW &RULQQDDXIXQGDE/HRSROGDQGHUDQGHUHQ6HLWHZlKUHQG 0DUFHOOPLWGHUMXQJHQ)UDX7UHLEHOLQHLQLJHU (QWIHUQXQJIROJWH EHLGHVLFKEHU1HOVRQXQG/HRSROGKDOElUJHUQGKDOEHUKHLWHUQG GLHZLHVFKRQEHL7LVFKHYRQ&RULQQDQLFKWORVNRQQWHQ (VZDUHLQSUlFKWLJHU$EHQGGUDXHQYRQGHU6FKZOHGLH GULQQHQKHUUVFKWHNHLQH6SXUXQGVFKUlJEHUGHQKRKHQ 3DSSHOQGLHGHQ+LQWHUJDUWHQYRQGHQ)DEULNJHElXGHQ DEVFKQLWWHQVWDQGGLH0RQGVLFKHOGHU.DNDGXVDHUQVWXQG YHUVWLPPWDXIVHLQHU6WDQJHZHLOHVYHUVlXPWZRUGHQZDULKQ ]XUHFKWHU=HLWLQVHLQHQ.lILJ]XUFN]XQHKPHQXQGQXUGHU :DVVHUVWUDKOVWLHJVROXVWLJLQGLH+|KHZLH]XYRU

ª6HW]HQZLUXQV©VDJWH&RULQQDªZLUSURPHQLHUHQVFKRQLFK ZHLQLFKWZLHODQJH©XQGGDEHLOLHVLHVLFKRKQHZHLWHUHVDXI GHQ5DQGGHU)RQWDLQHQLHGHUª7DNHDVHDW0U 1HOVRQ 6HKHQ6LHQXUGHQ.DNDGXZLHE|VHUDXVVLHKW(ULVWlUJHUOLFK GDVLFKNHLQHUXPLKQNPPHUW©

ª7REHVXUHXQGVLHKWDXVZLH/LHXWHQDQW6DQJHYRJHO'RHV QW KH"© ª:LUQHQQHQLKQIUJHZ|KQOLFK9RJHOVDQJ$EHULFKKDEHQLFKWV GDJHJHQLKQXP]XWDXIHQ+HOIHQZLUGHVIUHLOLFKQLFKWYLHO© ª1RQRWKHUH VQRKHOSIRUKLP9RJHOVDQJDKHLQ KlOLFKHU9RJHONHLQ6LQJHYRJHOQRILQFKQRWUXVVHO© ª1HLQHULVWEORHLQ.DNDGXJDQ]ZLH6LHVDJHQ©

$EHUNDXPGDGLHV:RUWJHVSURFKHQZDUVRIROJWHQLFKWQXUHLQ ODXWHV.UHLVFKHQYRQGHU6WDQJHKHUZLHZHQQGHU.DNDGXJHJHQ GHQ9HUJOHLFKSURWHVWLHUHQZROOHVRQGHUQDXFK&RULQQDVFKULH ODXWDXIIUHLOLFKQXUXPLPVHOEHQ$XJHQEOLFNHZLHGHULQHLQ KHOOHV/DFKHQDXV]XEUHFKHQLQGDVJOHLFKGDQDFKDXFK/HRSROG

XQG0U 1HOVRQHLQVWLPPWHQ(LQSO|W]OLFKVLFKDXIPDFKHQGHU :LQGVWRKDWWHQlPOLFKGHP:DVVHUVWUDKOHLQH5LFKWXQJJHQDX QDFKGHU6WHOOHKLQJHJHEHQZRVLHVDHQXQGEHLGHU *HOHJHQKHLWDOOHVDPWGHQ9RJHODXIVHLQHU6WDQJHPLW HLQJHVFKORVVHQPLWHLQHU)OXWYRQ6SULW]ZDVVHUEHUVFKWWHW 'DV JDEQXQHLQ.ORSIHQXQG$EVFKWWHOQDQGHPDXFKGHU.DNDGX WHLOQDKPIUHLOLFKRKQHVHLQHUVHLWVVHLQH/DXQHGDEHL]X YHUEHVVHUQ 'ULQQHQKDWWH.URODPLWWOHUZHLOHVHLQ3URJUDPPEHHQGHWXQG VWDQGDXIXPDQGHUQ.UlIWHQGHQ3ODW]HLQ]XUlXPHQ(VVHL QLFKWVPLOLFKHUDOVHLQVROFKHV.XQVWPRQRSRODXHUGHPGUIH PDQQLFKWYHUJHVVHQGHU-XJHQGJHK|UHGLH:HOW'DEHL YHUEHXJWHHUVLFKKXOGLJHQGJHJHQHLQLJHMXQJH'DPHQLQGHUHQ )DPLOLHQHUHEHQVRYHUNHKUWHZLHEHLGHQ7UHLEHO V'LH &RPPHU]LHQUlWLQLKUHUVHLWVDEHUEHUWUXJGLHVHJDQ]DOOJHPHLQ JHKDOWHQH+XOGLJXQJJHJHQGLH-XJHQGLQHLQEHVWLPPWHUHV 'HXWVFKXQGIRUGHUWHGLHEHLGHQ)UlXOHLQ)HOJHQWUHX VDXIGRFK HLQLJHGHUUHL]HQGHQ6DFKHQ]XVLQJHQGLHVLHQHXOLFKDOV 0LQLVWHULDOGLUHFWRU6WRHFNHQLXVLQ LKUHP+DXVHJHZHVHQVRVFK|Q YRUJHWUDJHQKlWWHQ)UHXQG.URODZHUGHJHZLGLH*WHKDEHQ GLH'DPHQDP&ODYLHU]XEHJOHLWHQ.URODVHKUHUIUHXWHLQHU JHVDQJOLFKHQ0HKUIRUGHUXQJGLHVRQVWGLH5HJHOZDUHQWJDQJHQ ]XVHLQGUFNWHVRIRUWVHLQH=XVWLPPXQJDXVXQGVHW]WHVLFKDQ VHLQHQHEHQHUVWDXIJHJHEHQHQ3ODW]RKQHHLQ-DRGHU1HLQGHU EHLGHQ)HOJHQWUHX VDE]XZDUWHQ$XVVHLQHPJDQ]HQ:HVHQ VSUDFKHLQH0LVFKXQJYRQ:RKOZROOHQXQG,URQLH'LH7DJHVHLQHU HLJQHQ%HUKPWKHLWODJHQZHLW]XUFNDEHUMHZHLWHUVLH ]XUFNODJHQGHVWRK|KHUZDUHQVHLQH.XQVWDQVSUFKHJHZRUGHQ VRGDHVLKPEHLGHPWRWDOHQ8QHUIOOWEOHLEHQGHUVHOEHQ YROONRPPHQJOHLFKJOWLJHUVFKLHQZDV ]XP9RUWUDJHNDPXQG ZHU GDV:DJQLVZDJWH9RQ*HQXNRQQWHNHLQH5HGHIULKQ VHLQQXU YRQ$PVHPHQWXQGZHLOHUHLQHQDQJHERUHQHQ6LQQ IUGDV+HLWHUHKDWWHGXUIWHPDQVDJHQVHLQ9HUJQJHQVWDQG MHGHVPDOGDQQDXIGHU+|KHZHQQVHLQH)UHXQGLQ-HQQ\7UHLEHO ZLHVLHGDVOLHEWHGXUFK9RUWUDJHLQLJHU/LHGHUGHQ6FKOXGHU PXVLNDOLVFKHQ6RLUpHPDFKWH'DVZDUDEHUQRFKZHLWLP)HOGH YRUOlXILJZDUHQQRFKGLHEHLGHQ)HOJHQWUHX VGDYRQGHQHQGHQQ DXFKGLHlOWHUH6FKZHVWHURGHUZLHHV]X.UROD VMHGHVPDOLJHP *DXGLXPKLHªGLHZHLWDXVWDOHQWYROOHUH©PLWª%lFKOHLQODGHLQ 5DXVFKHQVHLQ©RKQHZHLWHUHVHLQVHW]WH'DUDQUHLKWHVLFKª,FK VFKQLWWHVJHUQLQDOOH5LQGHQHLQ©ZDVDOVDOOJHPHLQHV

/LHEOLQJVVWFN]XGHU&RPPHU]LHQUlWLQJURHPZHQQDXFKQLFKW JHlXHUWHQ9HUGUXYRQHLQLJHQLQGLVNUHWHQ6WLPPHQLP*DUWHQ EHJOHLWHWZXUGH'DQQIROJWHGLH6FKOXQXPPHUHLQ'XHWWDXV ª)LJDUR V+RFK]HLW©$OOHVZDUKLQJHULVVHQXQG7UHLEHOVDJWH]X 9RJHOVDQJªHUN|QQHVLFKQLFKWHULQQHUQVHLWGHQ7DJHQGHU 0LODQROOR VHWZDVVR/LHEOLFKHVYRQ6FKZHVWHUQJHVHKHQXQG JHK|UW]XKDEHQ©ZRUDQHUGLHZHLWHUHDOOHUGLQJVXQEHUOHJWH )UDJHNQSIWHRE9RJHOVDQJVHLQHUVHLWVVLFKQRFKGHU0LODQROOR V HULQQHUQN|QQH"ª1HLQ©VDJWHGLHVHUEDUVFKXQGSHUHPSWRULVFK ª1XQGDQQELWW LFKXP(QWVFKXOGLJXQJ© (LQH3DXVHWUDWHLQXQGHLQLJH:DJHQGDUXQWHUDXFKGHU )HOJHQWUHX VFKHZDUHQVFKRQDQJHIDKUHQWURW]GHP]|JHUWHPDQ QRFKPLWGHP$XIEUXFKZHLOGDV)HVWLPPHUQRFKVHLQHV $EVFKOXVVHVHQWEHKUWH'LH&RPPHU]LHQUlWLQQlPOLFKKDWWHQRFK QLFKWJHVXQJHQMDZDUXQHUK|UWHU:HLVHQRFKQLFKWHLQPDO]XP 9RUWUDJHLQHVLKUHU/LHGHUDXIJHIRUGHUWZRUGHQ HLQ=XVWDQGGHU 'LQJHGHUVRUDVFKZLHP|JOLFKJHlQGHUWZHUGHQPXWH'LHV HUNDQQWHQLHPDQGNODUHUDOV$GRODU.URODGHUGHQ 3ROL]HLDVVHVVRUEHL6HLWHQHKPHQGLKPHLQGULQJOLFKVWYRUVWHOOWH GDGXUFKDXVHWZDVJHVFKHKHQXQGGDVKLQVLFKWOLFK-HQQ\ V 9HUVlXPWHVRIRUWQDFKJHKROWZHUGHQPVVHª:LUG-HQQ\QLFKW DXIJHIRUGHUWVRVHK LFKGLH7UHLEHO VFKHQ'LQHUVRGHU ZHQLJVWHQVXQVHUH7HLOQDKPHGDUDQIUDOOH=XNXQIWLQ)UDJH JHVWHOOWZDVGRFKVFKOLHOLFKHLQHQ9HUOXVW EHGHXWHQZUGH © ª'HPZLUXQWHUDOOHQ8PVWlQGHQYRU]XEHXJHQKDEHQYHUODVVHQ 6LHVLFKDXIPLFK©8QGGLHEHLGHQ)HOJHQWUHX VDQGHU+DQG QHKPHQGVFKULWW*ROGDPPHUUDVFKHQWVFKORVVHQDXIGLH &RPPHU]LHQUlWLQ]XXPZLHHUVLFKDXVGUFNWHDOVHUZlKOWHU 6SUHFKHUGHV+DXVHVXPHLQ/LHG]XELWWHQ'LH &RPPHU]LHQUlWLQGHUGDV$EJHNDUWHWHGHUJDQ]HQ6DFKHQLFKW HQWJHKHQNRQQWHNDPLQHLQ6FKZDQNHQ]ZLVFKHQ$HUJHUXQG :XQVFKDEHUGLH%HUHGWVDPNHLWGHV$QWUDJVWHOOHUVVLHJWHGRFK VFKOLHOLFK.URODQDKPZLHGHUVHLQHQ3ODW]HLQXQGHLQLJH $XJHQEOLFNHVSlWHUHUNODQJ-HQQ\ VGQQHGXUFKDXVLP *HJHQVDW]]XLKUHUVRQVWLJHQ)OOHVWHKHQGH6WLPPHGXUFKGHQ 6DDOKLQXQGPDQYHUQDKPGLHLQGLHVHP.UHLVHZRKOEHNDQQWHQ /LHGHVZRUWH

*OFNYRQ'HLQHQWDXVHQG/RVHQ (LQHVQXUHUZlKO LFKPLU

:DVVROO*ROG",FKOLHEH5RVHQ 8QGGHU%OXPHQVFKOLFKWH=LHU

8QGLFKK|UH:DOGHVUDXVFKHQ 8QGLFKVHK HLQIODWWHUQG%DQG $XJ LQ$XJH%OLFNHWDXVFKHQ 8QGHLQ.XDXI'HLQH+DQG

*HEHQQHKPHQQHKPHQJHEHQ 8QG'HLQ+DDUXPVSLHOWGHU:LQG $FKQXUGDVQXUGDVLVW/HEHQ :RVLFK+HU]]XP+HU]HQILQG W (VEUDXFKWQLFKWJHVDJW]XZHUGHQGDHLQUDXVFKHQGHU%HLIDOO IROJWHZRUDQVLFKYRQGHVDOWHQ)HOJHQWUHX6HLWHGLH%HPHUNXQJ VFKORªGLHGDPDOLJHQ/LHGHUHUYHUPLHG HLQHEHVWLPPWH =HLWDQJDEH ZlUHQGRFKVFK|QHUJHZHVHQQDPHQWOLFKLQQLJHU© HLQH%HPHUNXQJGLHYRQGHPGLUHFW]XU0HLQXQJVlXHUXQJ DXIJHIRUGHUWHQ.URODVFKPXQ]HOQGEHVWlWLJWZXUGH 0U 1HOVRQVHLQHUVHLWVKDWWHYRQGHU9HUDQGDGHP9RUWUDJH ]XJHK|UWXQGVDJWHMHW]W]X&RULQQDª:RQGHUIXOO\JRRG2K WKHVH*HUPDQVWKH\NQRZHYHU\WKLQJHYHQVXFKDQ ROGODG\© &RULQQDOHJWHLKPGHQ)LQJHUDXIGHQ0XQG

.XU]H=HLWGDQDFKZDUDOOHVIRUW+DXVXQG3DUNOHHUXQGPDQ K|UWHQXUQRFKZLHGULQQHQLP6SHLVHVDDOJHVFKlIWLJH+lQGHGHQ $XV]LHKWLVFK]XVDPPHQVFKREHQXQGZLHGUDXHQLP*DUWHQGHU 6WUDKOGHV6SULQJEUXQQHQVSOlWVFKHUQGLQV%DVVLQILHO

)QIWHV.DSLWHO

8QWHUGHQ/HW]WHQGLHGHQ9RUJDUWHQSDVVLHUHQGGDV FRPPHU]LHQUlWOLFKH+DXVYHUOLHHQZDUHQ0DUFHOOXQG&RULQQD 'LHVHSODXGHUWHQDFKZLHYRULQEHUPWLJHU/DXQHZDVGHV 9HWWHUVPKVDP]XUFNJHKDOWHQH9HUVWLPPXQJQXUQRFK VWHLJHUWH=XOHW]WVFKZLHJHQEHLGH

6RJLQJHQVLHVFKRQIQI0LQXWHQQHEHQHLQDQGHUKHUELV&RULQQD GLHVHKUJXWZXWHZDVLQ0DUFHOO V6HHOHYRUJLQJGDV*HVSUlFK ZLHGHUDXIQDKPª1XQ)UHXQGZDVJLEWHV"© ª1LFKWV©

ª1LFKWV"©

ª2GHUZR]XVROOLFKHVOHXJQHQLFKELQYHUVWLPPW© ª:RUEHU"©

ª8HEHU'LFK8HEHU'LFKZHLO'XNHLQ+HU]KDVW© ª,FK"(UVWUHFKWKDE LFK ©

ª:HLO'XNHLQ+HU]KDVWVDJ LFKNHLQHQ6LQQIU)DPLOLHQLFKW HLQPDOIU'HLQHQ9DWHU © ª8QGQLFKWHLQPDOIUPHLQHQ9HWWHU0DUFHOO ©

ª1HLQGHQODDXVGHP6SLHOYRQGHPLVWQLFKWGLH5HGH0LU JHJHQEHUNDQQVW'XWKXQZDV'XZLOOVW$EHU'HLQ9DWHU'D OlW'XQXQKHXWHGHQDOWHQ0DQQHLQVDPXQGDOOHLQXQG NPPHUVW'LFKVR]XVDJHQXPJDUQLFKWV,FKJODXEH'XZHLW QLFKWHLQPDOREHU]X+DXVLVWRGHUQLFKW©

ª)UHLOLFKLVWHU]X+DXV(UKDWMDKHXW VHLQHQ¾$EHQG½XQGZHQQ DXFKQLFKWDOOHNRPPHQHWOLFKHYRPKRKHQ2O\PSZHUGHQZRKO GDVHLQ© ª8QG'XJHKVWDXVXQGEHUOlVVHVWDOOHVGHUDOWHQJXWHQ 6FKPRONH"©

ª:HLOLFKHVLKUEHUODVVHQNDQQ'XZHLWGDVMDVRJXWZLHLFK HVJHKWDOOHVZLHDP6FKQUFKHQXQGLQGLHVHP$XJHQEOLFNHVVHQ VLH ZDKUVFKHLQOLFK2GHUNUHEVHXQGWULQNHQ0RVHO1LFKW 7UHLEHO VFKHQDEHUGRFK3URIHVVRU6FKPLGW VFKHQHLQHQHGOHQ 7UDUEDFKHUYRQGHP3DSDEHKDXSWHWHUVHLGHUHLQ]LJHUHLQH :HLQLQ%HUOLQ%LVW'XQXQ]XIULHGHQ"© ª1HLQ©

ª'DQQIDKUHIRUW©

ª$FK&RULQQD'XQLPPVWDOOHVVROHLFKWXQGGHQNVWZHQQ'X V OHLFKWQLPPVWVRKDVW'X VDXVGHU:HOWJHVFKDIIW$EHUHVJOFNW 'LUQLFKW'LH'LQJHEOHLEHQGRFKVFKOLHOLFKZDVXQGZLHVLH VLQG,FKKDEH'LFKQXQEHL7LVFKEHREDFKWHW © ª8QP|JOLFK'XKDVWMDGHUMXQJHQ)UDX7UHLEHOJDQ]LQWHQVLYGHQ +RIJHPDFKWXQGHLQSDDU0DOZXUGHVLHVRJDUURW © ª,FKKDEH'LFKEHREDFKWHWVDJ LFKXQGPLWHLQHPZDKUHQ 6FKUHFNHQGDVhEHUPDYRQ.RNHWWHULHJHVHKHQPLWGHP'X QLFKWPGHZLUVWGHPDUPHQ-XQJHQGHP/HRSROGGHQ.RSI]X YHUGUHKHQ ©

6LHKDWWHQDOV0DUFHOOGLHVVDJWHJHUDGHGLHSODW]DUWLJH 9HUEUHLWHUXQJHUUHLFKWPLWGHUGLH.|SQLFNHUVWUDHQDFKGHU ,QVHOEUFNHKLQDEVFKOLHWHLQHYHUNHKUVORVHXQGEHLQDKH PHQVFKHQOHHUH6WHOOH&RULQQD]RJLKUHQ$UPDXVGHPGHV 9HWWHUVXQGVDJWHZlKUHQGVLHQDFKGHUDQGHUHQ6HLWHGHU 6WUDH]HLJWHª6LHK 0DUFHOOZHQQGDGUEHQQLFKWGHUHLQVDPH 6FKXW]PDQQVWlQGHVRVWHOOW LFKPLFKMHW]WPLWYHUVFKUlQNWHQ $UPHQYRU'LFKKLQXQGODFKWH'LFKIQI0LQXWHQODQJDXV:DV VROOGDVKHLHQLFKVHLQLFKWPGHJHZRUGHQGHPDUPHQ-XQJHQ GHP/HRSROGGHQ.RSI]XYHUGUHKHQ":HQQ'XQLFKWJDQ]LQ +XOGLJXQJJHJHQ+HOHQHQDXIJHJDQJHQZlUVWVRKlWWHVW'X VHKHQPVVHQGDLFKNDXP]ZHL:RUWHPLWLKPJHVSURFKHQ,FK KDEHPLFK QXUPLW0U 1HOVRQXQWHUKDOWHQXQGHLQSDDU0DOKDE LFKPLFKJDQ]DXVIKUOLFKDQ'LFKJHZDQGW© ª$FKGDVVDJVW'XVR&RULQQDXQGZHLWGRFKZLHIDOVFKHVLVW 6LHK 'XELVWVHKUJHVFKHLWXQGZHLWHVDXFKDEHU'XKDVWGRFK GHQ)HKOHUGHQYLHOHJHVFKHLWH/HXWHKDEHQGDVLHGLHDQGHUHQ IUXQJHVFKHLWHUKDOWHQDOVVLHVLQG8QGVRGHQNVW'X'XNDQQVW

PLUHLQ;IUHLQ8PDFKHQXQGDOOHVVRGUHKHQXQGEHZHLVHQZLH 'X VGUHKHQXQGEHZHLVHQZLOOVW$EHUPDQKDWGRFKDXFKVR VHLQH$XJHQXQG2KUHQXQGLVWDOVRPLW'HLQHP9HUODXE KLQUHLFKHQGDXVJHUVWHWXP]XK|UHQXQG]XVHKHQ© ª8QGZDVLVWHVGHQQQXQZDVGHU+HUU'RFWRUJHK|UWXQG JHVHKHQKDEHQ"© ª'HU+HUU'RFWRUKDEHQJHK|UWXQGJHVHKHQGD)UlXOHLQ &RULQQDPLWLKUHP5HGHNDWDUDNWEHUGHQXQJOFNOLFKHQ 0U 1HOVRQKHUJHIDOOHQLVW © ª6HKUVFKPHLFKHOKDIW ©

ª8QGGDVLH ZHQQLFKGDVPLWGHP5HGHNDWDUDNWDXIJHEHQXQG HLQDQGHUHV%LOGGDIUHLQVWHOOHQZLOO GDVLHVDJ LFK]ZHL 6WXQGHQODQJGLH3IDXHQIHGHULKUHU(LWHONHLWDXIGHP.LQQRGHU DXIGHU/LSSHEDODQFLHUWXQGEHUKDXSWLQGHQIHLQHUHQ DNUREDWLVFKHQ.QVWHQHLQbXHUVWHVJHOHLVWHWKDW8QGGDVDOOHV YRUZHP"(WZDYRU0U 1HOVRQ"0LWQLFKWHQ'HUJXWH1HOVRQGHU ZDUQXUGDV7UDSH]GDUDQPHLQH&RXVLQHKHUXPWXUQWHGHUXP GHVVHQWZLOOHQGDVDOOHVJHVFKDKGHU]XVHKHQXQGEHZXQGHUQ VROOWHGHUKLH/HRSROG7UHLEHOXQGLFKKDEHZRKOEHPHUNWZLH PHLQ&RXVLQFKHQDXFKJDQ]ULFKWLJJHUHFKQHWKDWWHGHQQLFK NDQQPLFKQLFKWHQWVLQQHQHLQHQ0HQVFKHQJHVHKHQ]XKDEHQ GHUYHU]HLK GHQ$XVGUXFNGXUFKHLQHQJDQ]HQ$EHQGKLQVR ¾WRWDOZHJ½JHZHVHQZlUHZLHGLHVHU/HRSROG© ª0HLQVW'X"©

ª-DGDVPHLQ LFK©

ª1XQGDUEHUOLHHVLFKUHGHQ$EHUVLHK QXU ©

8QGGDEHLEOLHEVLHVWHKHQXQGZLHVDXIGDVHQW]FNHQGH%LOG GDVVLFK VLHSDVVLHUWHQHEHQGLH)LVFKHUEUFNH GUEHQYRU LKQHQDXVEUHLWHWH'QQH1HEHOODJHQEHUGHQ6WURPKLQVRJHQ DEHUGHQ/LFKWHUJODQ]QLFKWJDQ]DXIGHUYRQUHFKWVXQGOLQNVKHU DXIGLHEUHLWH:DVVHUIOlFKHILHOZlKUHQGGLH0RQGVLFKHOREHQLP %ODXHQVWDQGNHLQH]ZHL+DQGEUHLWYRQGHPHWZDV VFKZHUIlOOLJHQ3DURFKLDONLUFKWXUPHQWIHUQWGHVVHQ6FKDWWHQUL DPDQGHUHQ8IHULQDOOHU.ODUKHLWDXIUDJWHª6LHK QXU© ZLHGHUKROWH&RULQQDªQLHKDE LFKGHQ6LQJXKUWXUPLQVROFKHU

6FKlUIHJHVHKHQ$EHULKQVFK|QILQGHQZLHVHLWNXU]HP0RGH JHZRUGHQGDVNDQQLFKGRFKQLFKWHUKDWVRHWZDV+DOEHV 8QIHUWLJHVDOVRELKPDXIGHP:HJHQDFKREHQGLH.UDIW DXVJHJDQJHQZlUH'DELQLFKGRFKPHKUIUGLH]XJHVSLW]WHQ ODQJZHLOLJHQ6FKLQGHOWUPHGLHQLFKWVZROOHQDOVKRFKVHLQXQG LQGHQ+LPPHO]HLJHQ©

8QGLQGHPVHOEHQ$XJHQEOLFNHZR&RULQQDGLHVVDJWHEHJDQQHQ GLH*O|FNFKHQGUEHQLKU6SLHO

ª$FK©VDJWH0DUFHOOªVSULFKGRFKQLFKWVRYRQGHP7XUPXQGRE HUVFK|QLVWRGHUQLFKW0LULVWHVJOHLFKXQG'LUDXFKGDV P|JHQ GLH)DFKOHXWHPLWHLQDQGHUDXVPDFKHQ8QG'XVDJVWGDVDOOHV QXUZHLO'XYRQGHPHLJHQWOLFKHQ*HVSUlFKORVZLOOVW$EHUK|UH OLHEHU]XZDVGLH*O|FNFKHQGUEHQVSLHOHQ,FKJODXEHVLH VSLHOHQ¾hE LPPHU7UHX XQG5HGOLFKNHLW½© ª.DQQVHLQXQGLVWQXUVFKDGHGDVLHQLFKWDXFKGLHEHUKPWH 6WHOOHYRQGHP&DQDGLHUVSLHOHQN|QQHQGHUQRFK(XURSHQV EHUWQFKWH+|IOLFKNHLWQLFKWNDQQWH6RZDV*XWHVEOHLEWOHLGHU LPPHUXQNRPSRQLHUWRGHUYLHOOHLFKWJHKWHVDXFKQLFKW$EHUQXQ VDJHPLU)UHXQGZDV VROOGDVDOOHVKHLHQ"7UHX XQG 5HGOLFKNHLW0HLQVW'XZLUNOLFKGDPLUGLHIHKOHQ"*HJHQZHQ YHUVQG JHLFKPLFKGHQQGXUFK8QWUHXH"*HJHQ'LFK+DE LFK *HO|EQLVVHJHPDFKW"+DE LFK'LUHWZDVYHUVSURFKHQXQGGDV 9HUVSUHFKHQQLFKWJHKDOWHQ"© 0DUFHOOVFKZLHJ

ª'XVFKZHLJVWZHLO'XQLFKWV]XVDJHQKDVW,FKZLOO'LUDEHU QRFKDOOHUOHLPHKUVDJHQXQGGDQQPDJVW'XVHOEHUHQWVFKHLGHQ RELFKWUHXXQGUHGOLFKRGHUGRFKZHQLJVWHQVDXIULFKWLJELQZDV VR]LHPOLFKGDVVHOEHEHGHXWHW© ª&RULQQD©

ª1HLQMHW]WZLOOLFKVSUHFKHQLQDOOHU)UHXQGVFKDIWDEHUDXFKLQ DOOHP(UQVW7UHXXQGUHGOLFK1XQLFKZHLZRKOGD'XWUHX XQGUHGOLFKELVWZDVEHLOlXILJQLFKWYLHOVDJHQZLOOLFKIUPHLQH 3HUVRQNDQQ'LUQXUZLHGHUKROHQLFKELQHVDXFK© ª8QGVSLHOVWGRFKEHVWlQGLJHLQH.RP|GLH©

ª1HLQGDVWKX LFKQLFKW8QGZHQQLFKHVWKXHVRGRFKVRGD MHGHUHVPHUNHQNDQQ,FKKDEHPLUQDFKUHLIOLFKHUhEHUOHJXQJ HLQEHVWLPPWHV=LHOJHVWHFNWXQGZHQQLFKQLFKWPLWGUUHQ :RUWHQVDJH¾GLHVLVW PHLQ=LHO½VRXQWHUEOHLEWGDVQXUZHLOHV HLQHP0lGFKHQQLFKWNOHLGHWPLWVROFKHQ3OlQHQDXVVLFK KHUDXV]XWUHWHQ,FKHUIUHXHPLFK'DQNPHLQHU(U]LHKXQJHLQHV JXWHQ7HLOVYRQ)UHLKHLWHLQLJHZHUGHQYLHOOHLFKWVDJHQYRQ (PDQ]LSDWLRQDEHUWURW]GHPELQLFKGXUFKDXVNHLQHPDQ]LSLHUWHV )UDXHQ]LPPHU,P*HJHQWHLOLFKKDEHJDUNHLQH/XVWGDVDOWH +HUNRPPHQXP]XVWRHQDOWHJXWH6lW]H]XGHQHQDXFKGHU JHK|UWHLQ0lGFKHQZLUEWQLFKWXPHLQ0lGFKHQZLUG JHZRUEHQ© ª*XWJXWDOOHVVHOEVWYHUVWlQGOLFK ©

ª$EHUIUHLOLFKGDVLVWXQVHUDOWHV(YD5HFKWGLHJURHQ :DVVHUVSLHOHQ]XODVVHQXQGXQVHUH.UlIWH]XJHEUDXFKHQELV GDV JHVFKLHKWXPGHVVHQWZLOOHQZLUGDVLQGPLWDQGHUHQ:RUWHQ ELVPDQXPXQVZLUEW$OOHVJLOWGLHVHP=ZHFN'XQHQQVWGDVMH QDFKGHP'LUGHU6LQQVWHKW5DNHWHQVWHLJHQODVVHQRGHU.RP|GLH PLWXQWHUDXFK,QWULJXHXQGLPPHU.RNHWWHULH© 0DUFHOOVFKWWHOWHGHQ.RSIª$FK&RULQQD'XGDUIVWPLUGDUEHU NHLQH9RUOHVXQJKDOWHQZROOHQXQG]XPLUVSUHFKHQDOVRELFK HUVWJHVWHUQDXIGLH:HOWJHNRPPHQZlUH1DWUOLFKKDE LFKRIW YRQ.RP|GLHJHVSURFKHQXQGQRFK|IWHUYRQ.RNHWWHULH:RYRQ VSULFKWPDQQLFKWDOOHV8QGZHQQPDQGHUJOHLFKHQKLQVSULFKWVR ZLGHUVSULFKWPDQVLFKDXFKZRKOXQGZDVPDQHEHQQRFK JHWDGHOWKDWGDVOREWPDQLPQlFKVWHQ$XJHQEOLFN8P VUXQG KHUDXV]XVDJHQVSLHOHVRYLHO.RP|GLHZLH'XZLOOVWVHLVR NRNHWWZLH'XZLOOVWLFKZHUGHGRFKQLFKWVRGXPPVHLQGLH :HLEHUZHOWXQGGLH:HOWEHUKDXSWlQGHUQ]XZROOHQLFKZLOOVLH ZLUNOLFKQLFKWlQGHUQDXFKGDQQQLFKWZHQQ LFK VN|QQWHQXU XPHLQHVPXLFK'LFKDQJHKHQ'XPXWZLH'X'LFKYRUKLQ DXVGUFNWHVWGLHJURHQ:DVVHUDQGHUUHFKWHQ6WHOOHGDVKHLW DOVRYRUGHQUHFKWHQ/HXWHQVSULQJHQODVVHQYRUVROFKHQZR V SDWZR VKLQJHK|UWZRVLFK VORKQW'XJHKVWDEHUPLW'HLQHQ .QVWHQQLFKWDQGLHULFKWLJH$GUHVVHGHQQ'XNDQQVWGRFKQLFKW HUQVWKDIWGDUDQGHQNHQGLHVHQ/HRSROG7UHLEHOKHLUDWHQ]X ZROOHQ"©

ª:DUXPQLFKW",VWHU]XMXQJIUPLFK"1HLQ(UVWDPPWDXVGHP -DQXDUXQGLFKDXVGHP6HSWHPEHUHUKDWDOVR QRFKHLQHQ 9RUVSUXQJYRQDFKW0RQDWHQ©

ª&RULQQD'XZHLWMDUHFKWJXWZLH VOLHJWXQGGDHUHLQIDFKIU 'LFKQLFKWSDWZHLOHU]XXQEHGHXWHQGIU'LFKLVW'XELVWHLQH DSDUWH3HUVRQYLHOOHLFKWHLQELFKHQ]XVHKUXQGHULVWNDXP 'XUFKVFKQLWW(LQVHKUJXWHU0HQVFKGDVPXLFK]XJHEHQKDW HLQJXWHVZHLFKHV+HU]QLFKWVYRQGHP.LHVHOGHQGLH*HOGOHXWH VRQVWKLHUOLQNVKDEHQKDWDXFKOHLGOLFKZHOWPlQQLVFKH0DQLHUHQ XQGNDQQYLHOOHLFKWHLQHQ'UHU VFKHQ6WLFKYRQHLQHP5XSSLQHU %LOGHUERJHQXQWHUVFKHLGHQDEHU'XZUGHVW'LFKWRWODQJZHLOHQ DQVHLQHU6HLWH'X'HLQHV9DWHUV7RFKWHUXQGHLJHQWOLFKQRFK NOJHUDOVGHU$OWH'XZLUVWGRFKQLFKW'HLQHLJHQWOLFKHV /HEHQVJOFNZHJZHUIHQZROOHQEORXPLQHLQHU9LOOD]XZRKQHQ XQGHLQHQ/DQGDXHU]XKDEHQGHUGDQQXQGZDQQHLQSDDUDOWH +RIGDPHQDEKROWRGHUXP$GRODU.UROD VUDPSRQLHUWHQ7HQRUDOOH YLHU]HKQ7DJHGHQ¾(UON|QLJ½VLQJHQ]XK|UHQ(VLVWQLFKW P|JOLFK&RULQQD'XZLUVW'LFKGRFKZHJHQVROFKHQ%HWWHOVYRQ 0DPPRQQLFKWHLQHPXQEHGHXWHQGHQ0HQVFKHQDQGHQ+DOV ZHUIHQZROOHQ© ª1HLQ0DUFHOOGDVOHW]WHUHJHZLQLFKWLFKELQQLFKWIU =XGULQJOLFKNHLWHQ$EHUZHQQ/HRSROGPRUJHQEHLPHLQHP9DWHU DQWULWW GHQQLFKIUFKWHEHLQDK GDHUQRFK]XGHQHQJHK|UW GLHVLFKVWDWWGHU+DXSWSHUVRQHUVWGHU1HEHQSHUVRQHQ YHUVLFKHUQ ZHQQHUDOVRPRUJHQDQWULWWXQGXPGLHVHUHFKWH +DQG'HLQHU&RXVLQH&RULQQDDQKlOWVRQLPPWLKQ&RULQQDXQG IKOWVLFKDOV&RULQQHDX&DSLWROH© ª'DVLVWQLFKWP|JOLFK'XWlXVFKHVW'LFK'XVSLHOVWPLWGHU 6DFKH(VLVWHLQH3KDQWDVWHUHLGHU'XQDFK'HLQHU$UW QDFKKlQJVW©

ª1HLQ0DUFHOO'X WlXVFKHVW'LFKQLFKWLFKHVLVWPHLQ YROONRPPHQHU(UQVWVRVHKUGDLFKHLQJDQ]NOHLQZHQLJGDYRU HUVFKUHFNH© ª'DVLVW'HLQ*HZLVVHQ©

ª9LHOOHLFKW9LHOOHLFKWDXFKQLFKW$EHUVRYLHOZLOOLFK'LURKQH ZHLWHUHV]XJHEHQGDVZR]XGHUOLHEH*RWWPLFKVRUHFKW

HLJHQWOLFKVFKXIGDVKDWQLFKWV]XWKXQPLWHLQHP7UHLEHO VFKHQ )DEULNJHVFKlIWRGHUPLWHLQHP+RO]KRIXQGYLHOOHLFKWDP ZHQLJVWHQPLWHLQHU+DPEXUJHU6FKZlJHULQ $EHUHLQ+DQJQDFK :RKOOHEHQGHUMHW]WDOOH:HOWEHKHUUVFKWKDWPLFKDXFKLQGHU *HZDOWJDQ]VRZLHDOOHDQGHUHQXQGVROlFKHUOLFKXQG YHUlFKWOLFKHVLQ'HLQHP2EHUOHKUHUV2KUHNOLQJHQPDJLFKKDOW HVPHKUPLW%RQZLWWXQG/LWWDXHUDOVPLWHLQHUNOHLQHQ 6FKQHLGHULQGLHVFKRQXPDFKW8KUIUKNRPPWXQGHLQH PHUNZUGLJH+RI XQG+LQWHUVWXEHQDWPRVSKlUHPLWLQV+DXV EULQJWXQG]XP]ZHLWHQ)UKVWFNHLQ%U|WFKHQPLW6FKODFNZXUVW XQGYLHOOHLFKWDXFKHLQHQ*LONDNULHJW'DVDOOHVZLGHUVWHKWPLULP K|FKVWHQ 0DHMHZHQLJHULFKGDYRQVHKHGHVWREHVVHU,FKILQG HVXQJHPHLQUHL]HQGZHQQVRGLHNOHLQHQ%ULOODQWHQLP2KUH EOLW]HQHWZDZLHEHLPHLQHU6FKZLHJHUPDPDLQVSH ¾6LFK HLQVFKUlQNHQ½DFKLFKNHQQHGDV/LHGGDVLPPHUJHVXQJHQXQG LPPHUJHSUHGLJW ZLUGDEHUZHQQLFKEHL3DSDGLHGLFNHQ%FKHU DEVWlXEHGULQQLHPDQGKLQHLQVLHKWDXFKHUVHOEHUQLFKWXQG ZHQQGDQQGLH6FKPRONHVLFKDEHQGVDXIPHLQ%HWWVHW]WXQGPLU YRQLKUHPYHUVWRUEHQHQ0DQQHGHP6FKXW]PDQQHU]lKOWXQG GDHUZHQQHUQRFKOHEWHMHW]WHLQ5HYLHUKlWWHGHQQ0DGDL KlWWHJURH6WFNHDXILKQJHKDOWHQXQGZHQQVLHGDQQ]XOHW]W VDJW¾$EHU&RULQQFKHQLFKKDEHMDQRFKJDUQLFKW PDOJHIUDJW ZDVZLUPRUJHQHVVHQZROOHQ"'LH7HOWRZHUVLQGMHW]WVR VFKOHFKWXQGHLJHQWOLFKDOOHVFKRQPDGLJXQGLFKP|FKWH'LU YRUVFKODJHQ:HOOIOHLVFKXQG:UXNHQGDVD6FKPRONHDXFK LPPHUVRJHUQ½ MD0DUFHOOLQVROFKHP$XJHQEOLFNHZLUGPLU LPPHUJDQ]VRQGHUEDU]X0XWXQG/HRSROG7UHLEHOHUVFKHLQWPLU GDQQPLWHLQHP0DODOVGHU5HWWXQJVDQNHUPHLQHV/HEHQVRGHU ZHQQ'XZLOOVWZLHGDVDXI]XVHW]HQGHJURH0DUVVHJHOGDV EHVWLPPWLVWPLFKEHLJXWHP:LQGDQIHUQHJOFNOLFKH.VWHQ]X IKUHQ© ª2GHUZHQQHVVWUPW'HLQ/HEHQVJOFN]XP6FKHLWHUQ]X EULQJHQ© ª:DUWHQZLU VDE0DUFHOO©

8QGEHLGLHVHQ:RUWHQERJHQVLHYRQGHU$OWHQ/HLS]LJHUVWUDH KHULQ5DXOH V+RIHLQYRQGHPDXVHLQNOHLQHU'XUFKJDQJLQGLH $GOHUVWUDHIKUWH

6HFKVWHV.DSLWHO

8PGLHVHOEH6WXQGHZRPDQVLFKEHL7UHLEHO VYRP'LQHUHUKRE EHJDQQ3URIHVVRU6FKPLGW Vª$EHQG©'LHVHUª$EHQG©DXFKZRKO .UlQ]FKHQJHQDQQWYHUVDPPHOWHZHQQPDQYROO]lKOLJZDUXP HLQHQUXQGHQ7LVFKXQGHLQHPLWHLQHPURWHQ6FKOHLHUYHUVHKHQH 0RGHUDWHXUODPSHVLHEHQ*\PQDVLDOOHKUHUYRQGHQHQGLHPHLVWHQ GHQ3URIHVVRUWLWHOIKUWHQ$XHUXQVHUHP)UHXQGH6FKPLGW ZDUHQHVQRFKIROJHQGH)ULHGULFK'LVWHONDPSHPHULWLHUWHU *\PQDVLDOGLUHNWRU6HQLRUGHV.UHLVHVQDFKLKPGLH3URIHVVRUHQ 5LQGIOHLVFKXQG+DQQLEDO.XK]XZHOFKHQEHLGHQVLFKQRFK 2EHUOHKUHU,PPDQXHO6FKXOW]HJHVHOOWHVlPWOLFKYRP*URHQ .XUIUVWHQ*\PQDVLXP'HQ6FKOXPDFKWH'U &KDUOHV(WLHQQH )UHXQGXQG6WXGLHQJHQRVVH0DUFHOO V]XU=HLWIUDQ]|VLVFKHU /HKUHUDQHLQHPYRUQHKPHQ0lGFKHQSHQVLRQDWXQGHQGOLFK =HLFKHQOHKUHU)ULHGHEHUJGHPYRUHLQSDDU-DKUHQHUVW QLHPDQG ZXWHUHFKWZDUXPXQGZRKHU GHUGLH0HKUKHLWGHV.UHLVHV DXV]HLFKQHQGH3URIHVVRUWLWHODQJHIORJHQZDUEULJHQVRKQHVHLQ $QVHKHQ]XKHEHQ(UZXUGHYLHOPHKUQDFKZLHYRUIUQLFKW JDQ]YROODQJHVHKHQXQGHLQH]HLWODQJZDUDXIVHUQVWKDIWHVWHGLH 5HGHGDYRQJHZHVHQLKQZLHVHLQ+DXSWJHJQHU,PPDQXHO 6FKXOW]HYRUJHVFKODJHQDXVLKUHP.UHLVHªKHUDXV]XJUDXOHQ© ZDVXQVHU:LOLEDOG6FKPLGWLQGHVVHQPLWGHU%HPHUNXQJ EHNlPSIWKDWWHGD)ULHGHEHUJWURW]VHLQHUZLVVHQVFKDIWOLFKHQ 1LFKW]XJHK|ULJNHLWHLQHQLFKW]XXQWHUVFKlW]HQGH%HGHXWXQJIU LKUHQª$EHQG©KDEHª6HKWOLHEHQ)UHXQGH©VRHWZDZDUHQ VHLQH:RUWHJHZHVHQªZHQQZLUXQWHUXQVVLQGVRIROJHQZLU XQVHUHQ$XVHLQDQGHUVHW]XQJHQHLJHQWOLFKLPPHUQXUDXV 5FNVLFKWXQG$UWLJNHLWXQGOHEHQGDEHLPHKURGHUZHQLJHUGHU hEHU]HXJXQJDOOHVZDVVHLWHQVGHVDQGHUHQJHVDJWZXUGHYLHO EHVVHURGHU ZHQQZLUEHVFKHLGHQVLQG ZHQLJVWHQVHEHQVRJXW VDJHQ]XN|QQHQ8QGGDVOlKPWLPPHU,FKIUPHLQ7HLO ZHQLJVWHQVEHNHQQHRIIHQGDLFKZHQQLFKPLWPHLQHP 9RUWUDJHJHUDGH DQGHU5HLKHZDUGDV*HIKOHLQHVJHZLVVHQ 8QEHKDJHQVMD]X=HLWHQHLQHUJHUDGH]XKRFKJUDGLJHQ %HNOHPPXQJQLHJDQ]ORVJHZRUGHQELQ8QGLQHLQHPVR EHGUlQJWHQ$XJHQEOLFNHVHKLFKGDQQXQVHUHQLPPHU]XVSlW NRPPHQGHQ)ULHGHEHUJHLQWUHWHQYHUOHJHQOlFKHOQGQDWUOLFK XQGHPSILQGHVRIRUWZLHPHLQHU6HHOHGLH)OJHOZLHGHU ZDFKVHQLFKVSUHFKHIUHLHULQWXLWLYHUNODUHUGHQQLFKKDEH ZLHGHUHLQ3XEOLNXPZHQQDXFKQXUHLQJDQ]NOHLQHV(LQ

DQGlFKWLJHU=XK|UHUDQVFKHLQHQGVRZHQLJLVWGRFKVFKRQ LPPHUZDVXQGPLWXQWHUVRJDUVHKUYLHO©$XIGLHVHZDUPH 9HUWHLGLJXQJ:LOLEDOG6FKPLGW VKLQZDU)ULHGHEHUJGHP.UHLVH YHUEOLHEHQ6FKPLGWGXUIWHVLFKEHUKDXSWDOVGLH6HHOHGHV .UlQ]FKHQVEHWUDFKWHQGHVVHQ1DPHQVJHEXQJª'LHVLHEHQ :DLVHQ*ULHFKHQODQGV©HEHQIDOOVDXILKQ]XUFN]XIKUHQZDU ,PPDQXHO6FKXOW]HPHLVWLQGHU2SSRVLWLRQXQGDXHUGHPHLQ *RWWIULHG.HOOHU6FKZlUPHUKDWWHVHLQHUVHLWVª'DV)lKQOHLQGHU VLHEHQ$XIUHFKWHQ©YRUJHVFKODJHQZDUDEHUGDPLWQLFKW GXUFKJHGUXQJHQZHLOZLH6FKPLGWEHWRQWHGLHVH%H]HLFKQXQJ HLQHU(QWOHKQXQJJOHLFKJHNRPPHQZlUHª'LHVLHEHQ:DLVHQ© NOlQJHQIUHLOLFKHEHQIDOOVHQWOHKQWDEHUGDVVHLEOR2KU XQG 6LQQHVWlXVFKXQJGDVªD©ZRUDXIHVUHFKWHLJHQWOLFKDQNRPPH YHUlQGHUHQLFKWQXUPLWHLQHP6FKODJHGLHJDQ]H6LWXDWLRQ VRQGHUQHU]LHOHVRJDUGHQGHQNEDUK|FKVWHQ6WDQGSXQNWGHQGHU 6HOEVWLURQLH

:LHVLFKYRQVHOEVWYHUVWHKW]HUILHOGLH*HVHOOVFKDIWZLHMHGH 9HUHLQLJXQJGHUDUWLQIDVWHEHQVRYLHOH3DUWHLHQZLHVLH 0LWJOLHGHU]lKOWHXQGQXUGHP8PVWDQGHGDGLHGUHLYRP *URHQ.XUIUVWHQ*\PQDVLXPDXHUGHU=XVDPPHQJHK|ULJNHLW GLHGLHVHJHPHLQVFKDIWOLFKH6WHOOXQJJDEDXFKQRFKYHUZDQGW XQGYHUVFKZlJHUWZDUHQ.XKZDU6FKZDJHU,PPDQXHO6FKXOW]H 6FKZLHJHUVRKQYRQ5LQGIOHLVFK QXUGLHVHP8PVWDQGHZDUHV ]X]XVFKUHLEHQGDGLHYLHUDQGHUHQXQG]ZDUDXVHLQHU$UW 6HOEVWHUKDOWXQJVWULHEHEHQIDOOVHLQH*UXSSHELOGHWHQXQGEHL %HVFKOXIDVVXQJHQPHLVW]XVDPPHQJLQJHQ+LQVLFKWOLFK 6FKPLGW VXQG'LVWHONDPS VNRQQWHGLHVQLFKWZHLWHUEHUUDVFKHQ GDVLHYRQDOWHU=HLWKHU )UHXQGHZDUHQ]ZLVFKHQ(WLHQQHXQG )ULHGHEHUJDEHUNODIIWHIUJHZ|KQOLFKHLQWLHIHU$EJUXQGGHUVLFK HEHQVRVHKULQLKUHUYRQHLQDQGHUDEZHLFKHQGHQ(UVFKHLQXQJZLH LQLKUHQYHUVFKLHGHQHQ/HEHQVJHZRKQKHLWHQDXVVSUDFK(WLHQQH VHKUHOHJDQWYHUVlXPWHQLHZlKUHQGGHUJURHQ)HULHQPLW 1DFKXUODXEQDFK3DULV]XJHKHQZlKUHQGVLFK)ULHGHEHUJ DQJHEOLFKXPVHLQHU0DOVWXGLHQZLOOHQDXIGLH:ROWHUVGRUIHU 6FKOHXVHGLHODQGVFKDIWOLFKXQHUUHLFKWGDVWlQGH ]XUFN]RJ 1DWUOLFKZDUGLHVDOOHVQXU9RUJDEH'HUZLUNOLFKH*UXQGZDU GHUGD)ULHGHEHUJEHL]LHPOLFKEHVFKUlQNWHU)LQDQ]ODJHQDFK GHPHUUHLFKEDUQlFKVWOLHJHQGHQJULIIXQGEHUKDXSW%HUOLQQXU YHUOLHXPYRQVHLQHU)UDX PLWGHUHUVHLW-DKUHQLPPHUGLFKW YRUGHU6FKHLGXQJVWDQG DXIHLQLJH:RFKHQORV]XNRPPHQ,Q HLQHPVRZRKOGLH+DQGOXQJHQZLHGLH:RUWHVHLQHU0LWJOLHGHU

NULWLVFKHUSUIHQGHQ.UHLVHKlWWHGLHVH)LQWHQRWZHQGLJ YHUGULHHQPVVHQLQGHVVHQ2IIHQKHLWXQG(KUOLFKNHLWLP9HUNHKU PLW XQGXQWHUHLQDQGHUZDUNHLQHVZHJVHLQKHUYRUVWHFKHQGHU=XJ GHUªVLHEHQ:DLVHQ©HKHUGDV*HJHQWHLO6RYHUVLFKHUWH EHLVSLHOVZHLVHMHGHUªRKQHGHQ$EHQG HLJHQWOLFKQLFKWOHEHQ]X N|QQHQ©ZDVLQ:DKUKHLWQLFKWDXVVFKORGDLPPHUQXUGLH NDPHQGLHQLFKWVEHVVHUHVYRUKDWWHQ7KHDWHUXQG6NDWJLQJHQ ZHLWYRUXQGVRUJWHQGDIUGD8QYROOVWlQGLJNHLWGHU 9HUVDPPOXQJGLH5HJHOZDUXQGQLFKWPHKUDXIILHO +HXWHDEHUVFKLHQHVVLFKVFKOLPPHUDOVJHZ|KQOLFKJHVWDOWHQ]X ZROOHQ'LH6FKPLGW VFKH:DQGXKUQRFKHLQ(UEVWFNYRP *URYDWHUKHUVFKOXJEHUHLWVKDOEKDOEQHXQXQGQRFKZDU QLHPDQGGDDXHU(WLHQQHGHUZLH0DUFHOO]XGHQLQWLPHQGHV +DXVHV]lKOHQGNDXPDOV*DVWXQG%HVXFKJHUHFKQHWZXUGH

ª:DVVDJVW'X(WLHQQH©ZDQGWHVLFKMHW]W6FKPLGWDQGLHVHQ ªZDVVDJVW'X]XGLHVHU6DXPVHOLJNHLW":REOHLEW'LVWHONDPS" :HQQDXFKDXIGHQNHLQ9HUODPHKULVW¾GLH'RXJODVZDUHQ LPPHUWUHX½ VRJHKWGHU¾$EHQG½DXVGHQ)XJHQXQGLFKZHUGH 3HVVLPLVWXQGQHKPHIUGHQ5HVWPHLQHU7DJH6FKRSHQKDXHU XQG(GXDUGYRQ+DUWPDQQXQWHUQ$UP© :lKUHQGHUQRFKVRVSUDFKJLQJGUDXHQGLH.OLQJHOXQGHLQHQ $XJHQEOLFNVSlWHUWUDW'LVWHONDPSHLQ

ª(QWVFKXOGLJH6FKPLGWLFKKDEHPLFKYHUVSlWHW'LH'HWDLOV HUVSDU LFK'LUXQGXQVHUHP)UHXQGH(WLHQQH $XVHLQDQGHUVHW]XQJHQZHVKDOEPDQ]XVSlWNRPPWVHOEVWZHQQ VLHZDKUVLQGQLFKWYLHOEHVVHUDOV.UDQNHQJHVFKLFKWHQ$OVR ODVVHQZLU V,Q]ZLVFKHQELQLFKEHUUDVFKWWURW]PHLQHU 9HUVSlWXQJLPPHUQRFKGHUHLJHQWOLFKHUVWH]XVHLQ'HQQ (WLHQQHJHK|UWMDVRJXWZLH]XU)DPLOLH'LH*URHQ .XUIUVWOLFKHQDEHU:RVLQGVLH"1DFK.XK XQGXQVHUHP)UHXQGH ,PPDQXHOIUDJ LFKQLFKWHUVWGLHVLQGEORLKUHV6FKZDJHUVXQG 6FKZLHJHUYDWHUV.OLHQWHO5LQGIOHLVFKVHOEVWDEHU ZRVWHFNWHU"© ª5LQGIOHLVFKKDWDEJHVFKULHEHQHUVHLKHXW LQGHU ¾*ULHFKLVFKHQ½©

ª$FKGDVLVW7KRUKHLW:DVZLOO HULQGHU*ULHFKLVFKHQ"'LHVLHEHQ :DLVHQJHKHQYRU(UILQGHWKLHUZLUNOLFKPHKU©

ª-DGDVVDJVW'XVR'LVWHONDPS$EHUHVOLHJWGRFKZRKODQGHUV 5LQGIOHLVFKKDWQlPOLFKHLQVFKOHFKWHV*HZLVVHQLFKN|QQWH YLHOOHLFKWVDJHQ PDOZLHGHUHLQVFKOHFKWHV *HZLVVHQ© ª'DQQJHK|UWHUHUVWUHFKWKLHUKHUKLHUNDQQHUEHLFKWHQ$EHU XPZDVKDQGHOWHVVLFKGHQQHLJHQWOLFK"ZDVLVWHV"©

ª(UKDWGD PDOZLHGHUHLQHQ6FKZXSSHUJHPDFKWLUJHQG ZDV YHUZHFKVHOWLFKJODXEH3KU\QLFKRVGHQ7UDJLNHUPLW3KU\QLFKRV GHP/XVWVSLHOGLFKWHU:DUHVQLFKWVR(WLHQQH"GLHVHUQLFNWH XQGGLH6HNXQGDQHUKDEHQQXQPLWOLUXPODUXPHLQHQ9HUVDXI LKQJHPDFKW © ª8QG"©

ª8QGGDJLOWHVGHQQGLH6FKDUWHVRJXWHVJHKWZLHGHU DXV]XZHW]HQZR]XGLH¾*ULHFKLVFKH½PLWGHP/XVWUH GDVVLH JLHEWGDVLPPHUKLQEHVWH0LWWHOLVW©

'LVWHONDPSGHUVLFKPLWWOHUZHLOHVHLQHQ0HHUVFKDXPDQJH]QGHW XQGLQGLH6RSKDHFNHJHVHW]WKDWWHOlFKHOWHEHLGHUJDQ]HQ *HVFKLFKWHEHKDJOLFKYRUVLFKKLQXQGVDJWHGDQQª$OOHV 6FKQDFN*ODXEVW'X V",FKQLFKW8QGZHQQHV]XWUlIHVR EHGHXWHWHVQLFKWYLHOHLJHQWOLFKJDUQLFKWV6ROFKH6FKQLW]HU NRPPHQLPPHUYRUSDVVLHUHQMHGHP,FKZLOO'LU PDOZDV HU]lKOHQ6FKPLGWZDVDOVLFKQRFKMXQJZDUXQGLQ4XDUWD EUDQGHQEXUJLVFKH*HVFKLFKWHYRUWUDJHQPXWH ZDVGDPDOVVDJ LFKHLQHQJURHQ(LQGUXFNDXIPLFKPDFKWH© ª1XQODK|UHQ:DVZDU V"©

ª-DZDVZDU V2IIHQJHVWDQGHQPHLQH:LVVHQVFKDIW]XP ZHQLJVWHQZDVXQVHUJXWHV.XUEUDQGHQEXUJDQJLQJZDUQLFKW ZHLWKHULVWHVDXFKMHW]WQRFKQLFKWXQGDOVLFKVR]X+DXVHVD XQGPLFKQRWGUIWLJYRUEHUHLWHWHGDODVLFK GHQQZLUZDUHQ JHUDGHEHLPHUVWHQ.|QLJ DOOHUKDQG%LRJUDSKLVFKHVXQG GDUXQWHUDXFK ZDVYRPDOWHQ*HQHUDO%DUIXVGHUZLHGLH PHLVWHQGDPDOLJHQGDV3XOYHUQLFKWHUIXQGHQKDWWHVRQVWDEHU HLQNUHX]EUDYHU0DQQZDU8QGGLHVHU%DUIXVSUlVLGLHUWH ZlKUHQGGHU%HODJHUXQJYRQ%RQQHLQHP.ULHJVJHULFKWGULQ EHUHLQHQMXQJHQ2IIL]LHUDEJHXUWHLOWZHUGHQVROOWH© ª6RVR1XQZDVZDUHVGHQQ"©

ª'HU$E]XXUWHLOHQGHKDWWHVLFKGDVPLQGHVWH ]XVDJHQHWZDV XQKHOGLVFKEHQRPPHQXQGDOOHZDUHQIUVFKXOGLJXQG WRWVFKLHHQ1XUGHUDOWH%DUIXVZROOWHQLFKWVGDYRQZLVVHQXQG VDJWHª'UFNHQZLUHLQ$XJH]XPHLQH+HUUHQ,FKKDEHGUHLLJ 5HQNRQWUHVPLWJHPDFKWXQGLFKPX,KQHQVDJHQHLQ7DJLVW QLFKWZLHGHUDQGHUHXQGGHU0HQVFKLVWXQJOHLFKXQGGDV+HU] DXFKXQGGHU0XWHUVWUHFKW,FKKDEHPLFKPDQFKHV0DODXFK IHLJHJHIKOW6RODQJHHVJHKWPXPDQ0LOGHZDOWHQODVVHQ GHQQMHGHUNDQQVLHEUDXFKHQ©

ª+|UH'LVWHONDPS©VDJWH6FKPLGWªGDVLVWHLQHJXWH *HVFKLFKWHGDIUGDQN LFK'LUXQGVRDOWLFKELQGLH ZLOOLFKPLU GRFKKLQWHUGLH2KUHQVFKUHLEHQ'HQQZHLHV*RWWLFKKDEH PLFKDXFKVFKRQEODPLHUWXQGZLHZRKOHVGLH-XQJHQVQLFKW EHPHUNWKDEHQZHQLJVWHQVLVWPLUQLFKWVDXIJHIDOOHQVRKDE LFK HVGRFKVHOEHUEHPHUNWXQGPLFKKLQWHUKHUULHVLJJHlUJHUWXQG JHVFKlPW1LFKWZDKU(WLHQQHVR ZDVLVWLPPHUIDWDORGHU NRPPWHVLP)UDQ]|VLVFKHQQLFKWYRUZHQLJVWHQVGDQQQLFKW ZHQQPDQDOOH-XOLQDFK3DULVUHLVWXQGHLQHQQHXHQ%DQG 0DXSDVVDQWPLWKHLPEULQJW"'DVLVWMDZRKOMHW]WGDVIHLQVWH" 9HU]HLKCGLHNOHLQH0DOLFH5LQGIOHLVFKLVWEHUGLHVHLQ NUHX]EUDYHU.HUOQRPHQHWRPHQXQGHLJHQWOLFKGHUEHVWH EHVVHUDOV.XKXQGQDPHQWOLFKEHVVHUDOVXQVHU)UHXQG,PPDQQHO 6FKXOW]H'HU KDW VKLQWHUGHQ2KUHQXQGLVWHLQ6FKOLHNHU(U JULHQWLPPHUXQGJLHEWVLFKGDV$QVHKHQDOVREHUGHP%LOGH]X 6DLVLUJHQGZLHXQGZRXQWHUGHQ6FKOHLHUJHJXFNWKlWWHZRYRQ HUZHLWDELVW'HQQHUO|VWQLFKW PDOGDV5lWVHOYRQVHLQHU HLJHQHQ)UDXDQGHUPDQFKHVYHUVFKOHLHUWHURGHUDXFKQLFKW YHUVFKOHLHUWHUVHLQVROODOVLKPGHP(KHVSRQVHQOLHEVHLQ NDQQ© ª6FKPLGW'XKDVWKHXWH PDOZLHGHU'HLQHQPHGLVDQWHQ7DJ (EHQKDE LFKGHQDUPHQ5LQGIOHLVFKDXV'HLQHQ)lQJHQJHUHWWHW MD'XKDVWVRJDU%HVVHUXQJYHUVSURFKHQXQGVFKRQVWU]HVW'X 'LFKZLHGHUDXIGHQXQJOFNOLFKHQ6FKZLHJHUVRKQ,PhEULJHQ ZHQQLFKDQ,PPDQXHOHWZDVWDGHOQVROOWHVROlJHHVQDFKHLQHU JDQ]DQGHUHQ6HLWHKLQ© ª8QGGDVZlUH"©

ª'DHUNHLQH$XWRULWlWKDW:HQQHUVLH]X+DXVHQLFKWKDWQXQ WUDXULJJHQXJ,QGHVVHQGDVJHKWXQVQLFKWVDQ$EHUGDHUVLH

QDFKDOOHPZDVLFKK|UHDXFKLQGHU.ODVVHQLFKWKDWGDVLVW VFKOLPP6LHK 6FKPLGWGDVLVWGLH.UlQNXQJXQGGHU6FKPHU] PHLQHUOHW]WHQ/HEHQVMDKUHGDLFKGHQNDWHJRULVFKHQ,PSHUDWLY LPPHUPHKUKLQVFKZLQGHQVHKH:HQQLFKGDDQGHQDOWHQ:HEHU GHQNH9RQGHPKHLWHVZHQQHULQGLH.ODVVHWUDWVRK|UWH PDQGHQ6DQGGXUFKGDV6WXQGHQJODVIDOOHQXQGNHLQ3ULPDQHU ZXWHPHKUGDHVEHUKDXSWP|JOLFKVHL]XIOVWHUQ RGHUJDU YRU]XVDJHQ8QGDXHUVHLQHPHLJHQHQ6SUHFKHQLFKPHLQH :HEHU VZDUQLFKWVK|UEDUDOVGDV.QLVWHUQZHQQGLH+RUD] 6HLWHQXPJHEOlWWHUWZXUGHQ-D6FKPLGWGDVZDUHQ=HLWHQGD YHUORKQWHVLFK VHLQ/HKUHUXQGHLQ'LUHNWRU]XVHLQ-HW]WWUHWHQ GLH-XQJHQVLQGHU&RQGLWRUHLDQHLQHQKHUDQXQGVDJHQª:HQQ 6LHJHOHVHQKDEHQ+HUU'LUHNWRUGDQQELWW LFK ©

6FKPLGWODFKWHª-D'LVWHONDPSVRVLQGVLHMHW]WGDVLVWGLH QHXH=HLWGDVLVWZDKU$EHULFKNDQQPLFKQLFKWGDUEHU lJULHUHQ:LHZDUHQGHQQEHL/LFKWHEHVHKHQGLHJURHQ :UGHQWUlJHUPLWLKUHP'RSSHONLQQXQGLKUHQ3RQWDFQDVHQ" 6FKOHPPHUZDUHQHVGLHGHQ%XUJXQGHUYLHOEHVVHUNDQQWHQDOV GHQ+RPHU'DZLUGLPPHUYRQDOWHQHLQIDFKHQ=HLWHQJHUHGHW GXPPHV=HXJVLHPVVHQJDQ]JHK|ULJJHSLFKHOWKDEHQGDV VLHKWPDQQRFKDQLKUHQ%LOGHUQLQGHU$XOD1XMD 6HOEVWEHZXWVHLQXQGHLQHVWHLIOHLQHQH*UDQGH]]DGDVDOOHV KDWWHQVLHGDVVROOLKQHQ]XJHVWDQGHQVHLQ$EHUZLHVDKHVVRQVW DXV"© ª%HVVHUDOVKHXWH©

ª.DQQLFKQLFKWILQGHQ'LVWHONDPS$OVLFKQRFKXQVHUH 6FKXOELEOLRWKHNXQWHU$XIVLFKWKDWWH*RWWVHL'DQNGDLFKQLFKWV PHKUGDPLW]XWKXQKDEHGDKDE LFK|IWHULQGLH 6FKXOSURJUDPPHKLQHLQJHJXFNWXQGLQGLH'LVVHUWDWLRQHQXQG ª$NWXVVH©ZLHVLHYRUGHPLP6FKZDQJZDUHQ1XQ LFKZHL ZRKOMHGH=HLWGHQNWVLHVHL ZDVEHVRQGHUHVXQGGLHGLH NRPPHQP|JHQPHLQHWZHJHQDXFKEHUXQVODFKHQDEHUVLHK 'LVWHONDPSYRPJHJHQZlUWLJHQ6WDQGSXQNWXQVHUHV:LVVHQV RGHUVDJ LFKDXFKEORXQVHUHV*HVFKPDFNVDXVGDUIGRFKDP (QGHJHVDJWZHUGHQHVZDUHWZDVIXUFKWEDUHVPLWGLHVHU 3HUUFNHQJHOHKUVDPNHLWXQGGLHVWXSHQGH:LFKWLJNHLWPLWGHU VLHVLFKJDENDQQXQVQXUQRFKHUKHLWHUQ,FKZHLQLFKWXQWHU ZHPHVZDULFKJODXEHXQWHU5RGHJDVWGDNDPHVLQ0RGH YLHOOHLFKWZHLOHUSHUV|QOLFKHLQHQ*DUWHQYRUP5RVHQWKDOHUKDWWH

GLH6WRIIHIUGLH|IIHQWOLFKHQ5HGHQXQGlKQOLFKHVDXVGHU *DUWHQNXQGH]XQHKPHQXQGVLHK GDKDE LFK'LVVHUWDWLRQHQ JHOHVHQEHUGDV+RUWLNXOWXUOLFKHGHV3DUDGLHVHVEHUGLH %HVFKDIIHQKHLWGHV*DUWHQV]X*HWKVHPDQHKXQGEHUGLH PXWPDOLFKHQ$QODJHQLP*DUWHQGHV-RVHSKYRQ$ULPDWKLD *DUWHQXQGLPPHUZLHGHU*DUWHQ1XQZDVVDJVW'XGD]X"©

ª-D6FKPLGWPLW'LULVWVFKOHFKWIHFKWHQ'XKDVWLPPHUGDV $XJHIUGDV.RPLVFKHJHKDEW'DVJUHLIVW'XQXQKHUDXV VSLHHVWHVDXI'HLQH1DGHOXQG]HLJVWHVGHU:HOW$EHUZDV GDQHEHQODJXQGYLHOULFKWLJHUZDUGDVOlVVHVW'XOLHJHQ'XKDVW VFKRQVHKUULFKWLJKHUYRUJHKREHQGDPDQEHUXQVHUH /l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lW8QGGDVLVWHVZDVLFKEHNODJH'HQQZLHNHLQ +HHUZHVHQRKQH'LV]LSOLQVRNHLQ6FKXOZHVHQRKQH$XWRULWlW(V LVWGDPLWZLHPLWGHP*ODXEHQ(VLVWQLFKWQ|WLJGDGDVULFKWLJH JHJODXEWZLUGDEHUGDEHUKDXSWJHJODXEWZLUGGDUDXINRPPW HVDQ,QMHGHP*ODXEHQVWHFNHQJHKHLPQLVYROOH.UlIWHXQG HEHQVRLQGHU$XWRULWlW© 6FKPLGWOlFKHOWHª'LVWHONDPSLFKNDQQGDQLFKWPLW,FKNDQQ V LQGHU7KHRULHJHOWHQODVVHQDEHULQGHU3UD[LVLVWHV EHGHXWXQJVORVJHZRUGHQ*HZLNRPPWHVDXIGDV$QVHKHQYRU GHQ6FKOHUQDQ:LUJHKHQQXUGDULQDXVHLQDQGHUDXVZHOFKHU :XU]HOGDV$QVHKHQNRPPHQVROO'XZLOOVWDOOHVDXIGHQ &KDUDNWHU]XUFNIKUHQXQGGHQNVWZHQQ'XHVDXFKQLFKW DXVVSULFKVW¾8QGZHQQ,KU(XFKQXUVHOEVWYHUWUDXWYHUWUDXHQ (XFKDXFKGLHDQGHUHQ6HHOHQ½$EHUWHXUHU)UHXQGGDVLVWMXVW GDVZDVLFKEHVWUHLWH0LWGHPEORHQ*ODXEHQDQVLFKRGHUJDU ZHQQ'XGHQ$XVGUXFNJHVWDWWHVWPLWGHUJHVFKZROOHQHQ :LFKWLJWKXHUHLPLWGHU3RPSRVLWlWLVWHVKHXW]XWDJHQLFKWPHKU JHWKDQ$QGLH6WHOOHGLHVHUYHUDOWHWHQ0DFKWLVWGLHUHHOOH0DFKW GHVZLUNOLFKHQ:LVVHQVXQG.|QQHQVJHWUHWHQXQG'XEUDXFKVW

QXU8PVFKDX]XKDOWHQVRZLUVW'XMHGHQ7DJVHKHQGD 3URIHVVRU+DPPHUVWHLQGHUEHL6SLFKHUQPLWJHVWUPWXQGHLQH JHZLVVH3UHPLHUOLHXWHQDQWVKDOWXQJYRQGDKHUEHLEHKDOWHQKDW GD+DPPHUVWHLQVDJ LFKVHLQH.ODVVHQLFKWUHJLHUWZlKUHQG XQVHU$JDWKRQ.QXU]HOGHUDXVVLHKWZLH0U 3XQFKXQGHLQHQ 'RSSHOSXFNHODEHUIUHLOLFKDXFKHLQHQ'RSSHOJULSV KDWGLH.ODVVH PLWVHLQHPNOHLQHQ5DXEYRJHOJHVLFKWLQGHU)XUFKWGHV+HUUQKlOW 8QGQXQEHVRQGHUVXQVHUH%HUOLQHU-XQJHQVGLHJOHLFKZHJ KDEHQZLHVFKZHUHLQHUZLHJW:HQQHLQHUYRQGHQ$OWHQDXV GHP*UDEHNlPHPLW6WRO]XQG+RKHLWDQJHWKDQXQGHLQH KRUWLNXOWXUHOOH%HVFKUHLEXQJGHV3DUDGLHVHVIRUGHUWHZLHZUGH GHUIDKUHQPLWDOO VHLQHU:UGH"'UHL7DJHVSlWHUZlU HULP .ODGGHUDGDWVFKXQGGLH-XQJHQVVHOEHUKlWWHQGDV*HGLFKW JHPDFKW© ª8QGGRFKEOHLEWHVGDEHL6FKPLGWPLWGHQ7UDGLWLRQHQGHUDOWHQ 6FKXOHVWHKWXQGIlOOWGLHK|KHUH:LVVHQVFKDIW©

ª,FKJODXE HVQLFKW$EHUZHQQHVZlUHZHQQGLHK|KHUH :HOWDQVFKDXXQJG KGDVZDVZLUVRQHQQHQZHQQGDVDOOHV IDOOHQPWHQXQVRODHVIDOOHQ6FKRQ$WWLQJKDXVHQGHUGRFK VHOEHUDOWZDUVDJWH¾'DV$OWHVWU]WHVlQGHUWVLFKGLH=HLW½ 8QGZLUVWHKHQVHKUVWDUNYRUVROFKHP8PZDQGOXQJVSUR]HRGHU ULFKWLJHUZLUVLQGVFKRQGULQ0XLFK'LFKGDUDQHULQQHUQHVJDE HLQH=HLWZRGDV.LUFKOLFKH6DFKHGHU.LUFKHQOHXWHZDU,VWHV QRFKVR"1HLQ+DWGLH:HOWYHUORUHQ"1HLQ(VLVWYRUEHLPLWGHQ DOWHQ)RUPHQXQGDXFKXQVHUH:LVVHQVFKDIWOLFKNHLWZLUGGDYRQ NHLQH$XVQDKPHPDFKHQ6LHK KLHU©XQGHUVFKOHSSWHYRQ HLQHPNOHLQHQ1HEHQWLVFKHLQJURHV3UDFKWZHUNKHUEHLªVLHK KLHUGDV+HXWH PLU]XJHVFKLFNWXQGLFKZHUG HVEHKDOWHQVR WHXHUHVLVW+HLQULFK6FKOLHPDQQ V$XVJUDEXQJHQ]X0\NHQl-D 'LVWHONDPSZLHVWHKVW'XGD]X"© ª=ZHLIHOKDIWJHQXJ©

ª.DQQLFKPLUGHQNHQ:HLO'XYRQGHQDOWHQ$QVFKDXXQJHQQLFKW ORVZLOOVW'XNDQQVW'LU QLFKWYRUVWHOOHQGDMHPDQGGHU7WHQ JHNOHEWXQG5RVLQHQYHUNDXIWKDWGHQDOWHQ3ULDPXVDXVEXGGHOW XQGNRPPWHUQXQJDULQV$JDPHPQRQ VFKHKLQHLQXQGVXFKW QDFKGHP6FKlGHOULDHJLVWK VFKHQ$QJHGHQNHQVVRJHUlWVW'X LQKHOOH(PS|UXQJ$EHULFKNDQQ PLUQLFKWKHOIHQ'XKDVW 8QUHFKW)UHLOLFKPDQPXZDVOHLVWHQKLF5KRGXVKLFVDOWD

DEHUZHUVSULQJHQNDQQGHUVSULQJWJOHLFKYLHOREHU VDXVGHU *HRUJLD$XJXVWD RGHUDXVGHU.OLSS6FKXOHKDW,PhEULJHQZLOO LFKDEEUHFKHQDPZHQLJVWHQKDE LFK/XVW'LFKPLW6FKOLHPDQQ ]XlUJHUQGHUYRQ$QIDQJDQ'HLQH5HQRQFHZDU'LH%FKHU OLHJHQKLHUEORVZHJHQ)ULHGHEHUJGHQLFKGHUEHLJHJHEHQHQ =HLFKQXQJHQKDOEHUIUDJHQZLOO,FKEHJUHLIHQLFKWGDHUQLFKW NRPPWRGHUULFKWLJHUQLFKWVFKRQGDLVW'HQQGDHUNRPPWLVW XQ]ZHLIHOKDIWHUKlWWHVRQVWDEJHVFKULHEHQDUWLJHU0DQQGHUHU LVW© ª-DGDVLVWHU©VDJWH(WLHQQHªGDVKDWHUQRFKDXVGHP 6HPLWLVPXVPLW UEHUJHQRPPHQ©

ª6HKUZDKU©IXKU6FKPLGWIRUWªDEHUZRHU VKHUKDWLVWDP (QGHJOHLFKJOWLJ,FKEHGDXHUHPLWXQWHU8UJHUPDQHGHULFKELQ GDZLUQLFKWDXFKLUJHQGZHOFKH%H]XJVTXHOOHIUHLQELFKHQ 6FKOLIIXQG3ROLWHVVHKDEHQHVEUDXFKWMDQLFKWJHUDGHGLHVHOEH ]XVHLQ'LHVHVFKUHFNOLFKH9HUZDQGWVFKDIW]ZLVFKHQ7HXWREXUJHU :DOGXQG*UREKHLWLVWGRFKPLWXQWHUVW|UHQG)ULHGHEHUJLVWHLQ 0DQQGHUZLH0D[3LFFRORPLQL VRQVWQLFKWJHUDGHVHLQ9RUELOG DXFKQLFKW PDOLQGHU/LHEH GHUª6LWWHQ)UHXQGOLFKNHLW©DOOHU]HLW NXOWLYLHUWKDWXQGHVEOHLEWHLJHQWOLFKQXU]XEHNODJHQGDVHLQH 6FKOHUQLFKWLPPHUGDVULFKWLJH9HUVWlQGQLVGDIUKDEHQ0LW DQGHUHQ:RUWHQVLHVSLHOHQLKPDXIGHU1DVH © ª'DVXUDOWH6FKLFNVDOGHU6FKUHLE XQG=HLFKHQOHKUHU

ª)UHLOLFK8QGDP(QGHPXHVDXFKVRJHKHQXQGJHKWDXFK $EHUODVVHQZLUGLHKHLNOH)UDJH/DPLFKOLHEHUDXI0\NHQl ]XUFNNRPPHQXQGVDJHPLU'HLQH0HLQXQJEHUGLH *ROGPDVNHQ,FKELQVLFKHUZLUKDEHQGDJDQ] ZDVEHVRQGHUHV VRGDVUHFKWHLJHQWOLFKVWH-HGHU%HOLHELJHNDQQGRFKQLFKWEHL VHLQHU%HVWDWWXQJHLQH*ROGPDVNHJHWUDJHQKDEHQGRFKLPPHU QXUGLH)UVWHQDOVRPLWK|FKVWHU:DKUVFKHLQOLFKNHLW2UHVW VXQG ,SKLJHQLHQ VXQPLWWHOEDUH9RUIDKUHQ8QGZHQQLFKPLUGDQQ YRUVWHOOHGDGLHVH*ROGPDVNHQJHQDXQDFKGHP*HVLFKW JHIRUPWZXUGHQJHUDGHZLHZLUMHW]WHLQH*LSV RGHU :DFKVPDVNHIRUPHQVRKSIWPLUGDV+HU]EHLGHUGRFK PLQGHVWHQV]XOlVVLJHQ,GHHGDGLHV KLHU© XQGHUZLHVDXIHLQH DXIJHVFKODJHQH%LOGVHLWH ªGDGLHVKLHUGDV*HVLFKWGHV$WUHXV LVWRGHUVHLQHV9DWHUVRGHUVHLQHV2QNHOV ©

ª6DJHQZLUVHLQHV2QNHOV©

ª-D'XVSRWWHVWZLHGHU'LVWHONDPSWURW]GHP'XPLUGRFKVHOEHU GHQ6SRWWYHUERWHQKDVW8QGGDVDOOHVEORVZHLO'XGHUJDQ]HQ 6DFKHPLWUDXVWXQGQLFKWYHUJHVVHQNDQQVWGDHULFKPHLQH QDWUOLFK6FKOLHPDQQLQVHLQHQ6FKXOMDKUHQEHU6WUHOLW]XQG )UVWHQEHUJQLFKW UDXVJHNRPPHQLVW$EHUOLHVQXUZDV9LUFKRZ YRQLKPVDJW8QG9LUFKRZZLUVW'XGRFKJHOWHQODVVHQ©

,QGLHVHP$XJHQEOLFNHK|UWHPDQGUDXHQGLH.OLQJHOJHKHQ ª$KOXSXVLQIDEXOD'DVLVWHU,FKZXWHGDHUXQVQLFKWLP 6WLFKHODVVHQZUGH © 8QGNDXPGD6FKPLGWGLHVH:RUWHJHVSURFKHQWUDW)ULHGHEHUJ DXFKVFKRQKHUHLQXQGHLQUHL]HQGHUVFKZDU]HU3XGHOGHVVHQ URWH=XQJHZDKUVFKHLQOLFKYRQDQJHVWUHQJWHP/DXIHZHLW KHUDXVKLQJVSUDQJDXIGLHEHLGHQDOWHQ+HUUHQ]XXQG XPVFKPHLFKHOWHDEZHFKVHOQG6FKPLGWXQG'LVWHONDPS$Q (WLHQQHGHULKP]XHOHJDQWZDUZDJWHHUVLFKQLFKWKHUDQ ª$EHUDOOH:HWWHU)ULHGHEHUJZRNRPPHQ6LHVRVSlWKHU"©

ª)UHLOLFKIUHLOLFKXQGVHKU]XPHLQHP%HGDXHUQ$EHUGHU)LSV KLHUWUHLEWHV]XDUJRGHUJHKWLQVHLQHU/LHEH]XPLU]XZHLW ZHQQHLQ=XZHLWJHKHQLQGHU/LHEHEHUKDXSWP|JOLFKLVW,FK ELOGHWHPLUHLQLKQHLQJHVFKORVVHQ]XKDEHQXQGPDFKHPLFK]X UHFKWHU=HLWDXIGHQ:HJ*XW8QGQXQGHQNHQ6LHZDV JHVFKLHKW"$OVLFKKLHUDQNRPPHZHULVW GDZHUZDUWHWDXI PLFK"1DWUOLFK)LSV,FKEULQJ LKQZLHGHU]XUFNELVLQPHLQH :RKQXQJXQGEHUJHE LKQGHP3RUWLHUPHLQHPJXWHQ)UHXQGH PDQPXLQ%HUOLQHLJHQWOLFKVDJHQPHLQHP*|QQHU$EHUDEHU ZDVLVWGDV5HVXOWDWDOO PHLQHU$QVWUHQJXQJHQXQGJXWHQ:RUWH" .DXPELQLFKZLHGHUKLHUVRLVWDXFK)LSVZLHGHUGD:DVVROOW LFKDP(QGHPDFKHQ",FKKDE LKQZRKORGHUEHOPLW KHUHLQJHEUDFKWXQGELWW XP(QWVFKXOGLJXQJIULKQXQGIU PLFK© ª+DWQLFKWVDXIVLFK©VDJWH6FKPLGWZlKUHQGHUVLFK]XJOHLFK IUHXQGOLFKPLWGHP+XQGHEHVFKlIWLJWHª5HL]HQGHV7KLHUXQGVR ]XWKXQOLFKXQGILGHO6DJHQ6LH)ULHGHEHUJZLHVFKUHLEWHUVLFK HLJHQWOLFK"IRGHUSK"3KLSVPLWSKLVWHQJOLVFKDOVRYRUQHKPHU ,PhEULJHQLVWHUZLHVHLQH5HFKWVFKUHLEXQJDXFKVHLQ P|JHIU

KHXWH$EHQGPLWHLQJHODGHQXQGHLQGXUFKDXVZLOONRPPHQHU *DVWYRUDXVJHVHW]WGDHUQLFKWVGDJHJHQKDWLQGHU.FKHVR ]XVDJHQDP7URPSHWHUWLVFK3ODW]]XQHKPHQ)UPHLQHJXWH 6FKPRONHEUJHLFK'LHKDWHLQH9RUOLHEHIU3XGHOXQGZHQQVLH QXQJDUYRQVHLQHU7UHXHK|UW © ª6RZLUGVLH©ZDUI'LVWHONDPSHLQªLKPHLQHQ([WUD]LSIHO VFKZHUOLFKYHUVDJHQ©

ª*HZLQLFKW8QGGDULQVWLPPHLFKPHLQHUJXWHQ6FKPRONHYRQ +HU]HQEHL'HQQGLH7UHXHYRQGHUKHXW]XWDJHMHGHUUHG WZLUG LQ:DKUKHLW LPPHUUDUHUXQG)LSVSUHGLJWLQVHLQHU6WDGWJHJHQG VRYLHOLFKZHLXPVRQVW© 'LHVHYRQ6FKPLGWDQVFKHLQHQGOHLFKWXQGZLHLP6FKHU]H KLQJHVSURFKHQHQ:RUWHULFKWHWHQVLFKGRFK]LHPOLFKHUQVWKDIWDQ GHQVRQVWJHUDGHYRQLKPSURWHJLHUWHQ)ULHGHEHUJGHVVHQ VWDGWNXQGLJXQJOFNOLFKH(KHQHEHQDQGHUHPDXFKPLWHLQHP HQWVFKLHGHQHP0DQJHODQ7UHXHEHVRQGHUVZlKUHQGVHLQHU0DO XQG/DQGVFKDIWVVWXGLHQDXIGHU:ROWHUVGRUIHU6FKOHXVH ]XVDPPHQKLQJ)ULHGHEHUJIKOWHGHQ6WLFKDXFKVHKUZRKO KHUDXVXQGZROOWHVLFKGXUFKHLQH9HUELQGOLFKNHLWJHJHQ6FKPLGW DXVGHU$IIDLUH]LHKHQNDPDEHUQLFKWGD]XZHLOLQHEHQGLHVHP $XJHQEOLFNHGLH6FKPRONHHLQWUDWXQGXQWHUHLQHU9HUEHXJXQJ JHJHQGLHDQGHUHQ+HUUHQLKUHP3URIHVVRULQV2KUIOVWHUWH ªGDDQJHULFKWHWVHL©

ª1XQOLHEHQ)UHXQGHGDQQELWW LFK ©8QG'LVWHONDPSDQGHU +DQGQHKPHQGVFKULWWHUXQWHU3DVVLHUXQJGHV(QWUpHVDXIGDV *HVHOOVFKDIWV]LPPHU]XGULQGLH$EHQGWDIHOJHGHFNWZDU(LQ HLJHQWOLFKHV(]LPPHUKDWWHGLH:RKQXQJQLFKW)ULHGHEHUJXQG (WLHQQHIROJWHQ

6LHEHQWHV.DSLWHO

'DV=LPPHUZDUGDVVHOEHLQZHOFKHP&RULQQDDP7DJH]XYRU GHQ%HVXFKGHU&RPPHU]LHQUlWLQHPSIDQJHQKDWWH'HUPLW /LFKWHUQXQG:HLQIODVFKHQJXWEHVHW]WH7LVFKVWDQG]XYLHUHQ JHGHFNWLQGHU0LWWHGDUEHUKLQJHLQH+lQJHODPSH6FKPLGW VHW]WHVLFKPLWGHP5FNHQJHJHQGHQ)HQVWHUSIHLOHUVHLQHP )UHXQGH)ULHGHEHUJJHJHQEHUGHUVHLQHUVHLWVYRQVHLQHP3ODW] DXV]XJOHLFKGHQ%OLFNLQGHQ6SLHJHOKDWWH=ZLVFKHQGHQEODQNHQ 0HVVLQJOHXFKWHUQVWDQGHQHLQSDDUDXIHLQHP%D]DUJHZRQQHQH 3RU]HOODQYDVHQDXVGHUHQKDOEJH]DKQWHUKDOEZHOOHQI|UPLJHU gIIQXQJ GHQWDWXVHWXQGXODWXVVDJWH6FKPLGW NOHLQH 0DUNWVWUlXHYRQ*ROGODFNXQG9HUJLPHLQQLFKWKHUYRUZXFKVHQ 4XHUYRUGHQ:HLQJOlVHUQODJHQODQJH.PPHOEURWHGHQHQGHU *DVWJHEHUZLHDOOHP.PPOLFKHQHLQHJDQ]EHVRQGHUH)OOH JHVXQGKHLWOLFKHU*DEHQ]XVFKULHE 'DVHLJHQWOLFKH*HULFKWIHKOWHQRFKXQG6FKPLGWQDFKGHPHU VLFKYRQGHPVWDWXWDULVFKIHVWJHVHW]WHQ7UDUEDFKHUEHUHLWV ]ZHLPDOHLQJHVFKHQNWDXFKEHLGH.QXVSHUVSLW]HQYRQVHLQHP .PPHOEU|WFKHQDEJHEURFKHQKDWWHZDUHUVLFKWOLFKDXIGHP 3XQNWHVWDUNH6SXUHQYRQ0LVWLPPXQJXQG8QJHGXOG]X]HLJHQ DOVVLFKHQGOLFKGLH]XP(QWUpHIKUHQGH7KUDXIWKDWXQGGLH 6FKPRONHURWYRQ(UUHJXQJXQG+HUGIHXHUHLQWUDWHLQH PlFKWLJH6FKVVHOPLW2GHUNUHEVHQYRUVLFKKHUWUDJHQGª*RWW VHL'DQN©VDJWH6FKPLGWªLFKGDFKWHVFKRQDOOHVZlUHGHQ .UHEVJDQJJHJDQJHQ©HLQHXQYRUVLFKWLJH%HPHUNXQJGLHGLH .RQJHVWLRQHQGHU6FKPRONHQXUQRFKVWHLJHUWHGDV0DLKUHU JXWHQ/DXQHDEHUHEHQVRVHKUVLQNHQOLH6FKPLGWVHLQHQ)HKOHU UDVFKHUNHQQHQGZDUNOXJHU)HOGKHUUJHQXJGXUFKHLQLJH 9HUELQGOLFKNHLWHQGLH6DFKHZLHGHUDXV]XJOHLFKHQ)UHLOLFKQXUPLW KDOEHP(UIROJ $OVPDQZLHGHUDOOHLQZDUXQWHUOLHHV6FKPLGWQLFKWVRIRUWGHQ YHUELQGOLFKHQ:LUW]XPDFKHQ1DWUOLFKDXIVHLQH:HLVHª6LHK 'LVWHONDPSGLHVHUKLHULVWIU'LFK(UKDWHLQHJURHXQGHLQH NOHLQH6FKHUHXQGGDVVLQGLPPHUGLHEHVWHQ(VJLHEW6SLHOHGHU 1DWXUGLHPHKUVLQGDOVEORHV6SLHOXQGGHP:HLVHQDOV :HJZHLVHUGLHQHQGDKLQJHK|UHQEHLVSLHOVZHLVHGLH3RQWDF $SIHOVLQHQXQGGLH%RUVWRUIHUPLWHLQHU3RFNH'HQQHVVWHKWIHVW MHSRFNHQUHLFKHUGHVWRVFK|QHU:DVZLUKLHUYRUXQVKDEHQ

VLQG2GHUEUXFKNUHEVHZHQQLFKUHFKWEHULFKWHWELQDXVGHU .VWULQHU*HJHQG(VVFKHLQWGDGXUFKGLH9HUPlKOXQJYRQ 2GHUXQG:DUWKHEHVRQGHUVJXWH5HVXOWDWHYHUPLWWHOWZHUGHQ hEULJHQV)ULHGHEHUJVLQG6LHQLFKWHLJHQWOLFKGD]X+DXV"(LQ KDOEHU1HXPlUNHURGHU2GHUEUFKHU©)ULHGHEHUJEHVWlWLJWH ª:XW HVPHLQ*HGlFKWQLVWlXVFKWPLFKVHOWHQ8QGQXQVDJHQ 6LH)UHXQGLVWGLHVQDFK,KUHQSHUV|QOLFKHQ(UIDKUXQJHQ PXWPDOLFKDOVVWUHQJORNDOH3URGXNWLRQDQ]XVHKHQRGHULVWHV PLWGHQ2GHUEUXFKNUHEVHQZLHPLWGHQ:HUGHUVFKHQ.LUVFKHQ GHUHQ*HZLQQXQJVJHELHWVLFKQlFKVWHQVEHUGLHJDQ]H3URYLQ] %UDQGHQEXUJHUVWUHFNHQZLUG© ª,FKJODXEHGRFK©VDJWH)ULHGHEHUJZlKUHQGHUGXUFKHLQH JHVFKLFNWHGXUFKDXVGHQ9LUWXRVHQYHUUDWHQGH*DEHOZHQGXQJ HLQHQZHLXQGURVDVFKLPPHUQGHQ.UHEVVFKZDQ]DXVVHLQHU 6WDFKHOVFKDOHKREªLFKJODXEHGRFKGDKLHUHLQ6HJHOQXQWHU ]XVWlQGLJHU)ODJJHVWDWWILQGHWXQGGDZLUDXIGLHVHU6FKVVHO ZLUNOLFKH2GHUNUHEVHYRUXQVKDEHQHFKWHVWH:DUHQLFKWEORV GHP1DPHQQDFKVRQGHUQDXFKGHIDFWR©

ª'HIDFWR©ZLHGHUKROWHGHULQ)ULHGHEHUJ V/DWLQLWlWHLQJHZHLKWH 6FKPLGWXQWHUEHKDJOLFKHP6FKPXQ]HOQ

)ULHGHEHUJDEHUIXKUIRUWª(VZHUGHQQlPOLFKXP.VWULQ KHUXPLPPHUQRFK0DVVHQJHZRQQHQWURW]GHPHVQLFKWPHKU GDVLVWZDVHVZDU,FKKDEHVHOEVWQRFK:XQGHUGLQJHGDYRQ JHVHKHQDEHUIUHLOLFKQLFKWVLQ9HUJOHLFK]XGHPZDVGLH/HXWH YRQDOWHQ=HLWHQKHUHU]lKOWHQ'DPDOVYRUKXQGHUW-DKUHQRGHU YLHOOHLFKWDXFKQRFKOlQJHUJDEHVVRYLHOH.UHEVHGDVLHGXUFKV JDQ]H%UXFKKLQZHQQVLFKLP0DLGDVhEHUVFKZHPPXQJVZDVVHU ZLHGHUYHUOLHIYRQGHQ%lXPHQJHVFKWWHOWZXUGHQ]XYLHOHQ +XQGHUWWDXVHQGHQ© ª'DEHLNDQQHLQHPMDRUGHQWOLFKGDV+HU]ODFKHQ©VDJWH(WLHQQH GHUHLQ)HLQVFKPHFNHUZDU ª-DKLHUDQGLHVHP7LVFKDEHUGRUWLQGHU*HJHQGODFKWHPDQ QLFKWGDUEHU'LH.UHEVHZDUHQZLHHLQH3ODJHQDWUOLFKJDQ] HQWZHUWHWXQGEHLGHUGLHQHQGHQ%HY|ONHUXQJGLHGDPLWJHDW]W ZHUGHQVROOWHVRYHUKDWXQGGHP0DJHQGHU/HXWHVR ZLGHUZlUWLJGDHVYHUERWHQZDUGHP*HVLQGHPHKUDOVGUHLPDO

Z|FKHQWOLFK.UHEVHYRU]XVHW]HQ(LQ6FKRFN.UHEVHNRVWHWHHLQHQ 3IHQQLJ© ª(LQ*OFNGDGDVGLH6FKPRONHQLFKWK|UW©ZDUI6FKPLGWHLQ ªVRQVWZUG LKULKUH/DXQH]XP]ZHLWHQPDOHYHUGRUEHQ$OV ULFKWLJH%HUOLQHULQLVWVLHQlPOLFKIUHZLJHVVSDUHQXQGLFK JODXEHQLFKWGDVLHGLH7KDWVDFKHUXKLJYHUZLQGHQZUGHGLH (SRFKHYRQ¾HLQ3IHQQLJSUR6FKRFN½VRWRWDOYHUVlXPW]X KDEHQ© ª'DUEHUGDUIVW'XQLFKWVSRWWHQ6FKPLGW©VDJWH'LVWHONDPS ª'DVLVWHLQH7XJHQGGLHGHUPRGHUQHQ:HOWQHEHQYLHOHP DQGHUHQLPPHUPHKUYHUORUHQJHKW© ª-DGDVROOVW'XUHFKWKDEHQ$EHUPHLQHJXWH6FKPRONHKDW GRFKDXFKLQGLHVHP3XQNWHOHVGpIDXWVGHVHVYHUWXV6R KHLWHVMDZRKO(WLHQQH"©

ª*HZL©VDJWHGLHVHUª9RQGHU*HRUJH6DQG8QGIDVWOLHHVLFK VDJHQ¾OHVGpIDXWVGHVHVYHUWXV½XQG¾FRPSUHQGUHF HVW SDUGRQQHU½ GDVVLQGVRUHFKWHLJHQWOLFKGLH6lW]HZHJHQGHUHQ VLHJHOHEWKDW© ª8QGGDQQYLHOOHLFKWDXFKYRQZHJHQGHP$OIUHGGH 0XVVHW© HUJlQ]WH6FKPLGWGHUQLFKWJHUQHLQH*HOHJHQKHLWYRUEHUJHKHQ OLHVLFKDOOHU.ODVVL]LWlWXQEHVFKDGHWDXFKHLQPRGHUQ OLWWHUDULVFKHV$QVHKHQ]XJHEHQ

ª-DZHQQPDQZLOODXFKYRQZHJHQGHP$OIUHGGH 0XVVHW$EHU GDVVLQG'LQJHGDUDQGLH/LWWHUDWXUJHVFKLFKWHJOFNOLFKHUZHLVH YRUEHUJHKW© ª6DJHGDVQLFKW(WLHQQHQLFKWJOFNOLFKHUZHLVHVDJHOHLGHU'LH *HVFKLFKWHJHKWIDVWLPPHU DQGHPYRUEHUZDVVLHYRUDOOHP IHVWKDOWHQVROOWH'DGHUDOWH)ULW]DP(QGHVHLQHU7DJHGHP GDPDOLJHQ.DPPHUJHULFKWVSUlVLGHQWHQ1DPHQKDE LFK YHUJHVVHQGHQ.UFNVWRFNDQGHQ.RSIZDUIXQGZDVPLUQRFK ZLFKWLJHULVWGDHUGXUFKDXVEHLVHLQHQ+XQGHQEHJUDEHQVHLQ ZROOWHZHLOHUGLH0HQVFKHQGLHVH¾PHFKDQWH5DVVH½VR JUQGOLFKYHUDFKWHWH VLHK )UHXQGGDVLVWPLUPLQGHVWHQV HEHQVRYLHOZHUWZLH+RKHQIULHGEHUJRGHU/HXWKHQ8QGGLH EHUKPWH7RUJDXHU$QVSUDFKH¾5DFNHUVZROOWLKUGHQQHZLJ OHEHQ½JHKWPLUHLJHQWOLFKQRFKEHU7RUJDXVHOEVW©

'LVWHONDPSOlFKHOWHª'DVVLQGVR6FKPLGWLDQD'XZDUVWLPPHU IUV$QHNGRWLVFKHIUV*HQUHKDIWH0LUJLOWLQGHU*HVFKLFKWHQXU GDV*URHQLFKWGDV.OHLQHGDV1HEHQVlFKOLFKH©

ª-DXQGQHLQ'LVWHONDPS'DV1HEHQVlFKOLFKHVRYLHOLVWULFKWLJ JLOWQLFKWVZHQQHVEORVQHEHQVlFKOLFKLVWZHQQQLFKWVGULQ VWHFNW6WHFNWDEHUZDVGULQGDQQLVWHVGLH+DXSWVDFKHGHQQHV JLHEWHLQHPGDQQLPPHUGDVHLJHQWOLFK0HQVFKOLFKH© ª3RHWLVFKPDJVW'XUHFKWKDEHQ©

ª'DV3RHWLVFKH YRUDXVJHVHW]WGDPDQHWZDVDQGHUHVGDUXQWHU YHUVWHKWDOVPHLQH)UHXQGLQ-HQQ\7UHLEHO GDV3RHWLVFKHKDW LPPHUUHFKWHVZlFKVWZHLWEHUGDV+LVWRULVFKHKLQDXV ©

(VZDUGLHVHLQ6FKPLGW VFKHV/LHEOLQJVWKHPDGULQGHUDOWH 5RPDQWLNHUGHUHUHLJHQWOLFKPHKUDOVDOOHVDQGHUHZDUMHGHVPDO VRUHFKW]XU*HOWXQJNDPDEHUKHXWHVHLQ6WHFNHQSIHUG]X UHLWHQYHUERWVLFKLKPGRFKGHQQHKHHUQRFK]XZXFKWLJHU $XVHLQDQGHUVHW]XQJDXVKROHQNRQQWHK|UWHPDQ6WLPPHQYRP (QWUpHKHUXQGLPQlFKVWHQ$XJHQEOLFNHWUDWHQ0DUFHOOXQG &RULQQDHLQ0DUFHOOEHIDQJHQXQGIDVWYHUVWLPPW&RULQQDQDFK ZLHYRULQEHVWHU/DXQH6LHJLQJ]XU%HJUXQJDXI'LVWHONDPS ]XGHULKU3DWHZDUXQGLKULPPHUNOHLQH9HUELQGOLFKNHLWHQVDJWH 'DQQJDEVLH)ULHGHEHUJXQG (WLHQQHGLH+DQGXQGPDFKWHGHQ 6FKOXEHLLKUHP9DWHUGHPVLHQDFKGHPHUVLFKDXILKUH2UGUH PLWGHUEUHLWYRUJHEXQGHQHQ6HUYLHWWHGHQ0XQGDEJHSXW]WKDWWH HLQHQKHU]KDIWHQ.XJDE

ª1XQ.LQGHUZDVEULQJWLKU"5FNWKLHUHLQ3ODW]GLH+OOHXQG )OOH5LQGIOHLVFKKDWDEJHVFKULHEHQJQLHFKLVFKH*HVHOOVFKDIW XQGGLHEHLGHQDQGHUHQIHKOHQDOV$QKlQJVHOQDWUOLFKYRQ VHOEVW$EHUNHLQDQ]JOLFKHV:RUWPHKULFKKDEHMD%HVVHUXQJ JHVFKZRUHQXQGZLOO VKDOWHQ$OVR&RULQQD'XGUEHQQHEHQ 'LVWHONDPS0DUFHOOKLHU]ZLVFKHQ(WLHQQHXQGPLU(LQ%HVWHFN ZLUGGLH6FKPRONHZRKOJOHLFKEULQJHQ6RVRLVW VUHFKW8QG ZLHVLFKGDVJOHLFKDQGHUVDXVQLPPW:HQQVR/FNHQNODIIHQ GHQN LFKLPPHU%DQTXRVWHLJWDXI1XQ*RWWVHL'DQN0DUFHOO YRQ%DQTXRKDVW'XQLFKWYLHORGHUZHQQGRFKYLHOOHLFKWVR YHUVWHKVW'X V'HLQH:XQGHQ]XYHUEHUJHQ8QGQXQHU]lKOW .LQGHU:DVPDFKW7UHLEHO":DVPDFKWPHLQH)UHXQGLQ-HQQ\" +DWVLHJHVXQJHQ",FKZHWWHGDVHZLJH/LHGPHLQ/LHGGLH

EHUKPWH6WHOOHª:RVLFK+HU]HQILQGHQ©XQG$GRODU.URODKDW EHJOHLWHW:HQQLFKGDEHLQXU PDOLQ.UROD V6HHOHOHVHQN|QQWH 9LHOOHLFKWDEHUVWHKWHUGRFKPLOGHUXQGPHQVFKOLFKHUGD]X:HU MHGHQ7DJ]X]ZHL'LQHUVJHODGHQLVWXQGPLQGHVWHQVDQGHUWKDOE PLWPDFKW$EHUELWWH&RULQQDNOLQJOH©

ª1HLQLFKJHKHOLHEHUVHOEVW3DSD'LH6FKPRONHOlWVLFKQLFKW JHUQHNOLQJHOQVLHKDWVRLKUH9RUVWHOOXQJHQYRQGHPZDVVLH VLFKXQGLKUHP9HUVWRUEHQHQVFKXOGLJLVW8QGRELFKZLHGHU NRPPHGLH+HUUHQZROOHQYHU]HLKHQZHLLFK DXFKQLFKWLFK JODXEHNDXP:HQQPDQVROFKHQ7UHLEHO VFKHQ7DJKLQWHUVLFK KDWLVWHVGDVVFK|QVWHGDUEHUQDFK]XGHQNHQZLHGDVDOOHVVR NDPXQGZDVHLQHPDOOHVJHVDJWZXUGH0DUFHOONDQQMDVWDWW PHLQHUEHULFKWHQ8QGQXUQRFKVRYLHOHLQK|FKVWLQWHUHVVDQWHU (QJOlQGHUZDUPHLQ7LVFKQDFKEDUXQGZHUHVYRQ,KQHQ YLHOOHLFKWQLFKWJODXEHQZLOOGDHUVRVHKULQWHUHVVDQWJHZHVHQ GHPEUDXFKHLFKEORGHQ1DPHQ]XQHQQHQHUKLHQlPOLFK 1HOVRQ8QGQXQ*RWWEHIRKOHQ© 8QGGDPLWYHUDEVFKLHGHWHVLFK&RULQQD

'DV%HVWHFNIU0DUFHOONDPXQGDOVGLHVHUQXUXPGHV2QNHOV JXWH/DXQHQLFKW]XVW|UHQXPHLQHQ.RVW XQG3UREHNUHEV JHEHWHQKDWWHVDJWH6FKPLGWª)DQJHQXUHUVWDQ$UWLVFKRFNHQ XQG.UHEVHNDQQPDQLPPHUHVVHQDXFKZHQQPDQYRQHLQHP 7UHLEHO VFKHQ'LQHUNRPPW2EVLFKYRP+XPPHUGDVVHOEHVDJHQ OlWPDJGDKLQJHVWHOOWEOHLEHQ0LUSHUV|QOLFKLVWDOOHUGLQJVDXFK GHU+XPPHULPPHUJXWEHNRPPHQ(LQHLJHQ'LQJGDPDQDXV )UDJHQGHUDUWQLHKHUDXVZlFKVWVLHZHFKVHOQEORVDELP/HEHQ ,VWPDQMXQJVRKHLWHVªKEVFKRGHUKlOLFK©ªEUQHWWRGHU EORQG©XQGOLHJWGHUJOHLFKHQKLQWHUHLQHPVRVWHKWPDQYRUGHU YLHOOHLFKWZLFKWLJHUHQ)UDJHª+XPPHURGHU.UHEVH©:LUN|QQWHQ EULJHQVGDUEHUDEVWLPPHQ$QGHUHUVHLWVVRYLHOPXLFK ]XJHEHQKDW$EVWLPPXQJLPPHU ZDV7RWHV6FKDEORQHQKDIWHV XQGSDWPLUDXHUGHPQLFKWUHFKWLFKP|FKWHQlPOLFK0DUFHOO JHUQLQV*HVSUlFK]LHKHQGHUHLJHQWOLFKGDVLW]WDOVVHLLKPGLH *HUVWHYHUKDJHOW$OVROLHEHU(U|UWHUXQJGHU)UDJH'HEDWWH 6DJH0DUFHOOZDV]LHKVW'XYRU"© ª9HUVWHKWVLFK+XPPHU©

ª6FKQHOOIHUWLJLVWGLH-XJHQGPLWGHP:RUW$XIGHQHUVWHQ $QODXIPLWJDQ]ZHQLJ$XVQDKPHQLVWMHGHUIU+XPPHUVFKRQ ZHLOHUVLFKDXI.DLVHU:LOKHOPEHUXIHQNDQQ$EHUVRVFKQHOO HUOHGLJWVLFKGDVQLFKW1DWUOLFKZHQQVROFKHLQ+XPPHU DXIJHVFKQLWWHQYRUHLQHPOLHJWXQGGHUZXQGHUYROOHURWH5RJHQ HLQ%LOGGHV6HJHQVXQGGHU)UXFKWEDUNHLWHLQHP]XDOOHP DQGHUHQDXFKQRFKGLH*HZLKHLWJLHEW¾HVZLUGLPPHU+XPPHU JHEHQ½DXFKQDFKbRQHQQRFKJHUDGHVRZLHKHXWH © 'LVWHONDPSVDKVHLQHQ)UHXQG6FKPLGWYRQGHU6HLWHKHUDQ

ª$OVRHLQHPGLH*HZLKHLWJLHEWDXFKQDFKbRQHQQRFK ZHUGHQ0HQVFKHQNLQGHUVLFKGLHVHU+LPPHOVJDEHIUHXHQ MD )UHXQGHZHQQPDQVLFKPLWGLHVHP*HIKOGHV8QHQGOLFKHQ GXUFKGULQJWVRNRPPWGDVGDULQOLHJHQGH+XPDQLWlUHGHP +XPPHUXQGXQVHUHU6WHOOXQJ]XLKPXQ]ZHLIHOKDIW]XJXWH 'HQQMHGHSKLODQWKURSLVFKH5HJXQJZHVKDOEPDQGLH 3KLODQWKURSLHVFKRQDXV6HOEVWVXFKWNXOWLYLHUHQVROOWHEHGHXWHW GLH0HKUXQJHLQHVJHVXQGHQXQG]XJOHLFKYHUIHLQHUWHQ$SSHWLWV $OOHV*XWHKDWVHLQHQ/RKQLQVLFKVRYLHOLVWXQEHVWUHLWEDU© ª$EHU©

ª$EHUHVLVWWURW]GHPGDIUJHVRUJWDXFKKLHUGDGLH%lXPH QLFKWLQGHQ+LPPHOZDFKVHQXQGQHEHQGHP*URHQKDWGDV .OHLQHQLFKWEORVHLQH%HUHFKWLJXQJVRQGHUQDXFKVHLQH 9RU]JH*HZLGHP.UHEVHIHKOWGLHVXQGGDVHUKDWVR]X VDJHQQLFKWGDV¾0D½ZDVLQHLQHP0LOLWlUVWDDWHZLH3UHXHQ LPPHUKLQHWZDVEHGHXWHWDEHUGHPRKQHUDFKWHWDXFKHUGDUI VDJHQLFKKDEHQLFKWXPVRQVWJHOHEW8QGZHQQHUGDQQHUGHU .UHEVLQ3HWHUVLOLHQEXWWHUJHVFKZHQNWLPDOOHUDSSHWLWOLFKVWHQ 5HL]HYRUXQVKLQWULWWVRKDWHU0RPHQWHZLUNOLFKHU hEHUOHJHQKHLWYRUDOOHPDXFKGDULQGDVHLQ%HVWHVQLFKW HLJHQWOLFKJHJHVVHQVRQGHUQJHVFKOUIWJHVRJHQZLUG8QGGD JHUDGHGDVLQGHU:HOWGHV*HQXVVHVVHLQHEHVRQGHUHQ0HULWHQ KDWZHUZROOWHGDVEHVWUHLWHQ(VLVWVR]XVDJHQGDVQDWUOLFK *HJHEHQH:LUKDEHQGDLQHUVWHU5HLKHGHQ6lXJOLQJIUGHQ VDXJHQ]XJOHLFKOHEHQKHLW$EHUDXFKLQGHQK|KHUHQ 6HPHVWHUQ © ª/D HVJXWVHLQ6FKPLGW©XQWHUEUDFK'LVWHONDPSª0LULVWQXU LPPHUPHUNZUGLJGD'XQHEHQ+RPHUXQGVRJDUQHEHQ

6FKOLHPDQQPLWVROFKHU9RUOLHEH.RFKEXFKOLFKHVEHKDQGHOVW UHLQH0HQXIUDJHQDOVRE'X]XGHQ%DQNLHUVXQG*HOGIUVWHQ JHK|UWHVWYRQGHQHQLFKELVDXIZHLWHUHVDQQHKPHGDVLHJXW HVVHQ © ª0LUJDQ]XQ]ZHLIHOKDIW©

ª1XQVLHK 6FKPLGWGLHVH+HUUHQYRQGHUKRKHQ)LQDQ]GDUDXI P|FKW LFKPLFKYHUZHWWHQVSUHFKHQQLFKWPLWKDOEVRYLHO/XVW XQG(LIHUYRQHLQHU6FKLOGNU|WHQVXSSHZLH'X©

ª'DVLVWULFKWLJ'LVWHONDPSXQGVHKUQDWUOLFK6LHK LFKKDEH GLH)ULVFKHGLHPDFKW VDXIGLH)ULVFKHNRPPWHVDQLQDOOHP 'LH)ULVFKHJLHEWHLQHPGLH/XVWGHQ(LIHUGDV,QWHUHVVHXQGZR GLH)ULVFKHQLFKWLVWGDLVWJDUQLFKWV'DVlUPVWH/HEHQGDVHLQ 0HQVFKHQNLQGIKUHQNDQQLVWGDVGHVSHWLWFUHYp/DXWHU =DSSHOHLHQQLFKWVGDKLQWHU+DE LFKUHFKW(WLHQQH"©

'LHVHUGHULQDOOHP3DULVLVFKHQUHJHOPlLJDOV$XWRULWlW DQJHUXIHQZXUGHQLFNWH]XVWLPPHQGXQG'LVWHONDPSOLHGLH 6WUHLWIUDJHIDOOHQRGHUZDUJHVFKLFNWJHQXJLKUHLQHQHXH 5LFKWXQJ]XJHEHQLQGHPHUDXVGHPDOOJHPHLQ.XOLQDULVFKHQDXI HLQ]HOQHEHUKPWHNXOLQDULVFKH3HUV|QOLFKNHLWHQEHUOHQNWH ]XQlFKVWDXIGHQ)UHLKHUUQYRQ5XPRKUXQGLPUDVFKHQ$QVFKOX DQGLHVHQDXIGHQLKPSHUV|QOLFKEHIUHXQGHWJHZHVHQHQ)UVWHQ 3FNOHU0XVNDX%HVRQGHUVGLHVHUOHW]WHUHZDU'LVWHONDPS V 6FKZlUPHUHL:HQQPDQGHUPDOHLQVWGDV:HVHQGHVPRGHUQHQ $ULVWRNUDWLVPXVDQHLQHUKLVWRULVFKHQ)LJXUZHUGHQDFKZHLVHQ ZROOHQVRZHUGHPDQLPPHUGHQ)UVWHQ3FNOHUDOV 0XVWHUEHLVSLHOQHKPHQPVVHQ'DEHLVHLHUGXUFKDXV OLHEHQVZUGLJJHZHVHQDOOHUGLQJVHWZDVODXQHQKDIWHLWHOXQG EHUPWLJDEHULPPHUJUXQGJXW(VVHLVFKDGHGDVROFKH )LJXUHQDXVVWUEHQ8QGQDFKGLHVHQHLQOHLWHQGHQ6lW]HQEHJDQQ HUVSH]LHOOYRQ0XVNDXXQG%UDQLW]]XHU]lKOHQZRHUYRUGHPRIW WDJHODQJ]X%HVXFKJHZHVHQZDUXQGVLFKPLWGHU PlUFKHQKDIWHQYRQª6HPLODVVR V:HOWIDKUWHQ©PLW KHLPJHEUDFKWHQ$EHVVLQLHULQEHU1DKHVXQG)HUQHVXQWHUKDOWHQ KDWWH 6FKPLGWK|UWHQLFKWV/LHEHUHVDOV(UOHEQLVVHGHUDUWXQGQXQJDU YRQ'LVWHONDPSYRUGHVVHQ:LVVHQXQG&KDUDNWHUHUEHUKDXSW HLQHQXQJHKHXFKHOWHQ5HVSHNWKDWWH

0DUFHOOWHLOWHJDQ]XQGJDUGLHVH9RUOLHEHIUGHQDOWHQ'LUHNWRU XQGYHUVWDQGDXHUGHP REZRKOJHERUHQHU%HUOLQHU JXWXQG PLW,QWHUHVVH]X]XK|UHQWURW]GHPWKDWHUKHXWH)UDJHQEHU )UDJHQGLHVHLQHYROOH=HUVWUHXWKHLWEHZLHVHQ(UZDUHEHQPLW DQGHUHPEHVFKlIWLJW

6RNDPHOIKHUDQXQGPLWGHP*ORFNHQVFKODJH HLQ6DW]YRQ 6FKPLGWZXUGHPLWWHQGXUFKJHVFKQLWWHQ HUKREPDQVLFK XQG WUDWDXVGHP(]LPPHULQGDV(QWUpHGDULQVHLWHQVGHU6FKPRONH GLH6RPPHUEHU]LHKHUVDPW+XWXQG6WRFNVFKRQLQ%HUHLWVFKDIW JHOHJWZDUHQ-HGHUJULIIQDFKGHPVHLQHQXQGQXU0DUFHOOQDKP GHQ2KHLPHLQHQ$XJHQEOLFNEHLVHLWHXQGVDJWHª2QNHOLFK VSUlFKHJHUQHQRFKHLQ:RUWPLW'LU©HLQ$QVLQQHQ]XGHP GLHVHUMRYLDOXQGKHU]OLFKZLHLPPHUVHLQHYROOH=XVWLPPXQJ DXVGUFNWH'DULQXQWHU9RUDQWULWWGHU6FKPRONHGLHPLWGHU /LQNHQGHQPHVVLQJHQHQ/HXFKWHUEHUGHQ.RSIKLHOWVWLHJHQ 'LVWHONDPS)ULHGHEHUJXQG(WLHQQH]XQlFKVWWUHSSDEXQGWUDWHQ JOHLFKGDQDFKLQGLHPXIILJVFKZOH$GOHUVWUDHKLQDXV2EHQ DEHUQDKP6FKPLGWVHLQHV1HIIHQ$UPXQGVFKULWWPLWLKPDXI VHLQH6WXGLHUVWXEH]X

ª1XQ0DUFHOOZDVJLHEWHV"5DXFKHQZLUVW'XQLFKW'XVLHKVW PLUYLHO]XEHZ|ONWDXVDEHUYHU]HLK LFKPXPLUHUVWHLQH 3IHLIHVWRSIHQ©8QGGDEHLOLHHUVLFKGHQ7DEDNVNDVWHQYRUVLFK KHUVFKLHEHQGLQHLQH6RSKDHFNHQLHGHUª6R0DUFHOO8QGQXQ QLPPHLQHQ6WXKOXQGVHW] 'LFKXQGVFKLHHORV:DVJLHEWHV"© ª'DVDOWH/LHG© ª&RULQQD"© ª-D©

ª-D0DUFHOOQLPPPLU VQLFKWEHODEHUGDVLVWHLQVFKOHFKWHU /LHEKDEHUGHULPPHUYlWHUOLFKHQ9RUVSDQQEUDXFKWXPYRQGHU 6WHOOH]XNRPPHQ'XZHLWLFKELQGDIU,KUVHLGZLH JHVFKDIIHQIUHLQDQGHU6LHEHUVLHKW'LFKXQGXQVDOOHGDV 6FKPLGW VFKHVWUHEWLQLKUQLFKWEORVGHU9ROOHQGXQJ]XVRQGHUQ LFKPXGDVVDJHQWURW]GHPLFKLKU9DWHUELQNRPPWDXFKJDQ] QDK DQV=LHO1LFKWMHGH)DPLOLHNDQQGDVHUWUDJHQ$EHUGDV 6FKPLGW VFKHVHW]WVLFKDXVVROFKHQ,QJUHGLHQ]LHQ]XVDPPHQ

GDGLH9ROOHQGXQJYRQGHULFKVSUHFKHQLHEHGUFNOLFKZLUG 8QGZDUXPQLFKW":HLOGLH6HOEVWLURQLHLQGHUZLUJODXEHLFK JURVLQGLPPHUZLHGHUHLQ)UDJH]HLFKHQKLQWHUGHU9ROOHQGXQJ PDFKW'DVLVWUHFKWHLJHQWOLFKGDV ZDVLFKGDV6FKPLGW VFKH QHQQH)ROJVW'X"© ª*HZL2QNHO6SULFKQXUZHLWHU©

ª1XQVLHK0DUFHOO,KUSDWJDQ]YRU]JOLFK]XVDPPHQ6LHKDW GLHJHQLDOHUH1DWXUKDWVRGHQOHW]WHQ.QLSVYRQGHU6DFKHZHJ DEHUGDVJLHEWNHLQHVZHJVGDVhEHUJHZLFKWLP/HEHQ)DVWLP *HJHQWHLO'LH*HQLDOHQEOHLEHQLPPHUKDOEH.LQGHULQ(LWHONHLW EHIDQJHQXQGYHUODVVHQVLFKLPPHUDXI,QWXLWLRQXQGERQVHQV XQG6HQWLPHQWXQGZLHDOOGLHIUDQ]|VLVFKHQ:RUWHKHLHQP|JHQ 2GHUZLUN|QQHQDXFKDXIJXW'HXWVFKVDJHQVLHYHUODVVHQVLFK DXILKUHJXWHQ(LQIlOOH'DPLWLVWHVQXQDEHUVRVRPDQFKPDO ZHWWHUOHXFKWHWHVIUHLOLFKHLQHKDOEH6WXQGHODQJRGHUDXFKQRFK OlQJHUJHZLGDVNRPPWYRUDEHUPLWHLQHP0DOLVWGDV (OHNWULVFKHZLHYHUEOLW]WXQGQXQEOHLEWQLFKWEORVGHU(VSULWDXV ZLH5|KUZDVVHUVRQGHUQDXFKGHUJHVXQGH0HQVFKHQYHUVWDQG -DGHUHUVWUHFKW8QGVRLVWHVDXFKPLW&RULQQD6LHEHGDUI HLQHUYHUVWlQGLJHQ/HLWXQJG KVLHEHGDUIHLQHV0DQQHVYRQ %LOGXQJXQG&KDUDNWHU'DVELVW'XGDVKDVW'X'XKDVWDOVR PHLQHQ6HJHQDOOHVDQGHUHPXW'X'LUVHOEHUEHVRUJHQ© ª-D2QNHOGDVVDJVW'XLPPHU$EHUZLHVROOLFKGDVDQIDQJHQ" (LQHOLFKWHUORKH/HLGHQVFKDIWNDQQLFKLQLKUQLFKWHQW]QGHQ 9LHOOHLFKWLVWVLHVROFKHU/HLGHQVFKDIWQLFKWHLQPDOIlKLJDEHU ZHQQDXFKZLHVROOHLQ9HWWHUVHLQH&RXVLQH]XU/HLGHQVFKDIW DQVWDFKHOQ"'DVNRPPWJDUQLFKWYRU'LH/HLGHQVFKDIWLVWHWZDV SO|W]OLFKHVXQGZHQQPDQYRQVHLQHPIQIWHQ-DKUDQLPPHU ]XVDPPHQJHVSLHOWXQGVLFKVDJHQZLUKLQWHUGHQ 6DXHUNUDXWWRQQHQHLQHV%XGLNHUVRGHULQHLQHP7RUI XQG +RO]NHOOHUXQ]lKOLJH0DOHVWXQGHQODQJYHUVWHFNWKDWLPPHU JHPHLQVFKDIWOLFKXQGLPPHUJOFNVHOLJGD5LFKDUGRGHU$UWKXU WURW]GHPVLHGLFKWXPHLQHQKHUXPZDUHQHLQHQGRFKQLFKW ILQGHQNRQQWHQMD2QNHOGDLVWYRQ3O|W]OLFKNHLWGLHVHU 9RUEHGLQJXQJGHU/HLGHQVFKDIWNHLQH5HGHPHKU©

6FKPLGWODFKWHª'DVKDVW'XJXWJHVDJW0DUFHOOHLJHQWOLFKEHU 'HLQH0LWWHO$EHUHVVWHLJHUWQXUPHLQH/LHEH]X'LU'DV 6FKPLGW VFKHVWHFNWGRFKDXFKLQ'LUXQGLVWQXUXQWHUGHP

VWHLIHQ:HGGHUNRSS VFKHQHWZDVYHUJUDEHQ8QGGDV NDQQLFK'LU VDJHQZHQQ'XGLHVHQ7RQ&RULQQDJHJHQEHUIHVWKlOWVWGDQQ ELVW'XGXUFKGDQQKDVW'XVLHVLFKHU©

ª$FK2QNHOJODXEHGRFKGDVQLFKW'XYHUNHQQVW&RULQQD1DFK GHUHLQHQ6HLWHKLQNHQQVW'XVLHJDQ]JHQDXDEHUQDFKGHU DQGHUHQ6HLWHKLQNHQQVW'XVLHJDUQLFKW$OOHVZDVNOXJXQG WFKWLJXQGYRUDOOHPZDVHVSULWYROODQLKULVWGDVVLHKVW'XPLW EHLGHQ$XJHQDEHUZDVlXHUOLFKXQGPRGHUQDQLKULVWGDV VLHKVW'XQLFKWLFKNDQQQLFKWVDJHQGDVLHMHQH QLHGULJVWHKHQGH*HIDOOVXFKWKDWGLHMHGHQHUREHUQZLOOHUVHLZHU HUVHLYRQGLHVHU.RNHWWHULHKDWVLHQLFKWV$EHUVLHQLPPWVLFK HUEDUPXQJVORVHLQHQ DXIV.RUQHLQHQDQGHVVHQ 6SH]LDOHUREHUXQJLKUJHOHJHQLVWXQG'XJODXEVWJDUQLFKWPLW ZHOFKHUJUDXVDPHQ.RQVHTXHQ]PLWZHOFKHULQIHUQDOHQ 9LUWXRVLWlWVLHGLHVYRQLKUHUZlKOWH2SIHULQLKUH)lGHQ HLQ]XVSLQQHQZHL© ª0HLQVW'X"©

ª-D2QNHO+HXWHEHL7UHLEHO VKDWWHQZLUZLHGHUHLQ 0XVWHUEHLVSLHOGDYRQ6LHVD]ZLVFKHQ/HRSROG7UHLEHO XQG HLQHP(QJOlQGHUGHVVHQ1DPHQVLH'LUMDVFKRQJHQDQQWKDW HLQHQ0U 1HOVRQGHUZLHGLHPHLVWHQ(QJOlQGHUDXVJXWHQ +lXVHUQHLQHQJHZLVVHQ1DLYLWlWV&KDUPHKDWWHVRQVWDEHU KHU]OLFKZHQLJEHGHXWHWH1XQKlWWHVW'X&RULQQDVHKHQVROOHQ 6LHEHVFKlIWLJWHVLFKDQVFKHLQHQGPLWQLHPDQGDQGHUHPDOV GLHVHP6RKQ$OELRQ VXQGHVJHODQJLKUDXFKLKQLQ6WDXQHQ]X VHW]HQ$EHUJODXEHQXUMDQLFKWGDLKUDQGHPIODFKVEORQGHQ 0U 1HOVRQLPJHULQJVWHQJHOHJHQJHZHVHQZlUHJHOHJHQZDULKU EORVDQ/HRSROG7UHLEHODQGHQVLHNHLQHLQ]LJHV:RUWRGHU ZHQLJVWHQVQLFKWYLHOHGLUHNWULFKWHWHXQGGHP]X(KUHQVLHGRFK HLQH$UWYRQIUDQ]|VLVFKHP3URYHUEHDXIIKUWHNOHLQH.RP|GLH GUDPDWLVFKH6FHQH8QGZLHLFK'LUYHUVLFKHUQNDQQ2QNHOPLW YROOVWlQGLJVWHP(UIROJ'LHVHUXQJOFNOLFKH/HRSROGKlQJWVFKRQ ODQJHDQLKUHQ/LSSHQXQGVDXJWGDVVH*LIWHLQDEHUVRZLH KHXWHKDEHLFKLKQGRFKQRFKQLFKWJHVHKHQ(UZDUYRQ.RSIELV ]X)XGLHKHOOH%HZXQGHUXQJXQGMHGH0LHQHVFKLHQDXVGUFNHQ ]XZROOHQª$FKZLHODQJZHLOLJLVW+HOHQH©GDVLVWZLH'X'LFK YLHOOHLFKWHULQQHUVWGLH)UDXVHLQHV%UXGHUV ªXQGZLHZXQGHUYROO LVWGLHVH&RULQQD©

ª1XQJXW0DUFHOODEHUGDVDOOHVNDQQLFKVRVFKOLPPQLFKW ILQGHQ:DUXPVROOVLHQLFKWLKUHQ1DFKEDU]XU5HFKWHQ XQWHUKDOWHQXPDXILKUHQ1DFKEDU]XU/LQNHQHLQHQ(LQGUXFN]X PDFKHQ"'DVNRPPWDOOH7DJHYRUGDVVLQGVRNOHLQH&DSULFHQ DQGHQHQGLH)UDXHQQDWXUUHLFKLVW© ª'XQHQQVWHV&DSULFHQ2QNHO-DZHQQGLH'LQJHVROlJHQ(V OLHJWDEHUDQGHUV$OOHVLVW%HUHFKQXQJVLHZLOOGHQ/HRSROG KHLUDWHQ© ª8QVLQQ/HRSROGLVWHLQ-XQJH©

ª1HLQHULVWIQIXQG]ZDQ]LJJHUDGHVRDOWZLH&RULQQDVHOEVW $EHUZHQQHUDXFKQRFKHLQEORHU-XQJHZlUH&RULQQDKDWVLFK V LQGHQ.RSIJHVHW]WXQGZLUGHVGXUFKIKUHQ© ª1LFKWP|JOLFK©

ª'RFKGRFK8QGQLFKWEORVP|JOLFKVRQGHUQJDQ]JHZL6LHKDW HVPLUDOVLFKVLH]XU5HGHVWHOOWHVHOEHUJHVDJW6LHZLOO/HRSROG 7UHLEHO V)UDXZHUGHQXQGZHQQGHU$OWHGDV=HLWOLFKHVHJQHW ZDVGRFKZLHVLHPLUYHUVLFKHUWHK|FKVWHQVQRFK]HKQ-DKUH GDXHUQN|QQHXQGZHQQHULQVHLQHP=RVVHQHU:DKONUHLVH JHZlKOWZUGHNHLQHIQIHPHKUVRZLOOVLHGLH9LOODEH]LHKHQ XQGZHQQLFKVLHUHFKWWD[LHUHVRZLUGVLH]XGHPJUDXHQ.DNDGX QRFKHLQHQ3IDXKDKQDQVFKDIIHQ© ª$FK0DUFHOOGDVVLQG 9LVLRQHQ©

ª9LHOOHLFKWYRQLKUZHUZLOO VVDJHQ"DEHUVLFKHUOLFKQLFKWYRQPLU 'HQQDOOGDVZDUHQLKUHHLJHQVWHQ:RUWH'XKlWWHVWVLHK|UHQ VROOHQ2QNHOPLWZHOFKHU6XIILVDQFHVLHYRQªNOHLQHQ 9HUKlOWQLVVHQ©VSUDFKXQGZLHVLHGDVGUIWLJH.OHLQOHEHQ DXVPDOWHIUGDVVLHQXQ PDOQLFKWJHVFKDIIHQVHLVLHVHLQLFKW IU6SHFNXQG:UXNHQXQGDOOGHUJOHLFKHQXQG'XKlWWHVWQXU K|UHQVROOHQZLH VLHGDVVDJWHQLFKWEORVVRGUEHUKLQQHLQHV NODQJJHUDGH]XZDVYRQ%LWWHUNHLWPLWGXUFKXQGLFKVDK]X PHLQHP6FKPHU]ZLHYHUlXHUOLFKWVLHLVWXQGZLHGLH YHUGDPPWHQHXH=HLWVLHJDQ]LQ%DQGHQKlOW© ª+P©VDJWH6FKPLGWªGDVJHIlOOWPLUQLFKWQDPHQWOLFKGDVPLW GHQ:UXNHQ'DVLVWEORVHLQGXPPHV9RUQHKPWKXQXQGLVWDXFK NXOLQDULVFKHLQH7KRUKHLW GHQQDOOH*HULFKWHGLH)ULHGULFK

:LOKHOP ,OLHEWHVR]XP%HLVSLHO:HLNRKOPLW+DPPHOIOHLVFK RGHU6FKOHLPLW'LOO MDOLHEHU0DUFHOOZDVZLOOGDJHJHQ DXINRPPHQ"8QGGDJHJHQ)URQW]XPDFKHQLVWHLQIDFK 8QYHUVWDQG$EHUJODXEHPLU&RULQQDPDFKWDXFK QLFKW)URQW GDJHJHQGD]XLVWVLHYLHO]XVHKULKUHV9DWHUV7RFKWHUXQGZHQQ VLHVLFKGDULQJHIDOOHQKDW'LUYRQ0RGHUQLWlW]XVSUHFKHQXQG 'LUYLHOOHLFKWHLQH3DULVHU+XWQDGHORGHUHLQH6RPPHUMDFNHGUDQ DOOHVFKLF XQGZLHGHUFKLF LVW]XEHVFKUHLEHQXQGVR]XWKXQ DOVREHVLQGHUJDQ]HQ:HOWQLFKWVJlEHZDVDQ:HUWXQG 6FK|QKHLWGDPLWYHUJOLFKHQZHUGHQN|QQWHVRLVWGDVDOOHVEORV )HXHUZHUN3KDQWDVLHWKlWLJNHLWMHXG (VSULWXQGZHQQHVLKU PRUJHQSDW'LUHLQHQ3IDUUDPWVNDQGLGDWHQLQGHU-DVPLQODXEH ]XEHVFKUHLEHQGHUVHOLJLQ/RWWFKHQV$UPHQUXKWVROHLVWHWVLH GDVPLWGHPVHOEHQ$SORPEXQGPLWGHUVHOEHQ9LUWXRVLWlW'DVLVW ZDVLFKGDV6FKPLGW VFKHQHQQH1HLQ0DUFHOOGDUEHUGDUIVW'X 'LUNHLQHJUDXHQ+DDUHZDFKVHQODVVHQGDVLVWDOOHVQLFKW HUQVWOLFKJHPHLQW © ª(VLVWHUQVWOLFKJHPHLQW ©

ª8QGZHQQHVHUQVWOLFKJHPHLQWLVW ZDVLFKYRUOlXILJQRFKQLFKW JODXEHGHQQ&RULQQDLVWHLQHVRQGHUEDUH3HUVRQ VRQXW]WLKU GLHVHU(UQVWQLFKWVJDUQLFKWVXQGHVZLUGGRFKQLFKWVGUDXV 'DUDXIYHUOD'LFK0DUFHOO'HQQ]XPKHLUDWHQJHK|UHQ]ZHL© ª*HZL2QNHO$EHU/HRSROGZLOOZRP|JOLFKQRFKPHKUDOV &RULQQD ©

ª:DVJDUNHLQH%HGHXWXQJKDW'HQQOD'LUVDJHQXQGGDPLW VSUHFK LFKHLQJURHV:RUWJHODVVHQDXVGLH&RPPHU]LHQUlWLQ ZLOOQLFKW© ª%LVW'XGHVVHQVRVLFKHU"© ª*DQ]VLFKHU©

ª8QGKDVWDXFK=HLFKHQGDIU"©

ª=HLFKHQXQG%HZHLVH0DUFHOO8QG]ZDU=HLFKHQXQG%HZHLVH GLH'XLQ'HLQHPDOWHQ2QNHO:LOLEDOG6FKPLGWKLHUOHLEKDIWLJYRU 'LUVLHKVW © ª'DVZlUH©

ª-D)UHXQGOHLEKDIWLJYRU'LUVLHKVW'HQQLFKKDEHGDV*OFN JHKDEWDQPLUVHOEVWXQG]ZDUDOV2EMHNWXQG2SIHUGDV:HVHQ PHLQHU)UHXQGLQ-HQQ\VWXGLHUHQ]XN|QQHQ-HQQ\ %UVWHQELQGHUGDVLVWLKU9DWHUVQDPHZLH'XYLHOOHLFKWVFKRQ ZHLWLVWGHU7\SXVHLQHU%RXUJHRLVH6LHZDUWDOHQWLHUWGDIU YRQ.LQGHVEHLQHQDQXQGLQMHQHQ=HLWHQZRVLHQRFKGUEHQLQ LKUHV9DWHUV/DGHQZHQQGHU$OWHJHUDGHQLFKWKLQVDKYRQGHQ 7UDXEHQURVLQHQQDVFKWHGDZDUVLHVFKRQJHUDGHVRZLHKHXW XQGGHNODPLHUWHGHQª7DXFKHU©XQGGHQª*DQJQDFKGHP (LVHQKDPPHU©XQGDXFKDOOHUOHLNOHLQH/LHGHUXQGZHQQHVUHFKW ZDV5KUHQGHVZDUVRZDULKU$XJHVFKRQGDPDOVLPPHULQ 7KUlQHQXQGDOVLFKHLQHV7DJHVPHLQEHUKPWHV*HGLFKW JHGLFKWHWKDWWH'XZHLWVFKRQGDV8QJOFNVGLQJGDVVLH VHLWGHPLPPHUVLQJWXQGYLHOOHLFKWDXFKKHXWHZLHGHUJHVXQJHQ KDWGDZDUIVLHVLFKPLUDQGLH%UXVWXQGVDJWHª:LOLEDOG (LQ]LJHUGDVNRPPWYRQ*RWW©,FKVDJWHKDOEYHUOHJHQHWZDV YRQPHLQHP*HIKOXQGPHLQHU/LHEHVLHEOLHEDEHUGDEHLHVVHL YRQ*RWWXQGGDEHLVFKOXFK]WHVLHGHUPDHQGDLFKVR JOFNOLFKLFKHLQHUVHLWVLQPHLQHU(LWHONHLWZDUGRFKDXFKZLHGHU HLQHQ6FKUHFNNULHJWHYRUGHU0DFKWGLHVHU*HIKOH-D0DUFHOO GDVZDUVRXQVHUHVWLOOH9HUOREXQJJDQ]VWLOODEHUGRFKLPPHUKLQ HLQH 9HUOREXQJZHQLJVWHQVQDKPLFK VGDIUXQGVWUHQJWHPLFK ULHVLJDQXPVRUDVFKZLHP|JOLFKPLWPHLQHP6WXGLXPDP(QGH ]XVHLQXQGPHLQ([DPHQ]XPDFKHQ8QGJLQJDXFKDOOHV YRUWUHIIOLFK$OVLFKQXQDEHUNDPXPGLH9HUOREXQJSHUIHNW]X PDFKHQGDKLHOWVLHPLFKKLQZDUDEZHFKVHOQGYHUWUDXOLFKXQG GDQQZLHGHUIUHPGXQGZlKUHQGVLHQDFKZLHYRUGDV/LHGVDQJ PHLQ/LHGOLHElXJHOWHVLHPLWMHGHPGHULQV+DXVNDPELV HQGOLFK7UHLEHOHUVFKLHQXQGGHP=DXEHULKUHUNDVWDQLHQEUDXQHQ /RFNHQXQGPHKUQRFKLKUHU6HQWLPHQWDOLWlWHQHUODJ'HQQGHU 7UHLEHOYRQGDPDOVZDUQRFKQLFKWGHU7UHLEHOYRQKHXWXQGDP DQGHUQ7DJNULHJWHLFKGLH9HUOREXQJVNDUWHQ$OOHVLQDOOHPHLQH VRQGHUEDUH*HVFKLFKWHGDUDQGDVJODXE LFKVDJHQ]XGUIHQ DQGHUH)UHXQGVFKDIWHQJHVFKHLWHUWZlUHQDEHULFKELQNHLQ hEHOQHKPHUXQG6SLHOYHUGHUEHUXQGLQGHP/LHGHGULQVLFKZLH 'XZHLWªGLH+HU]HQILQGHQ© EHLOlXILJHLQHKLPPOLVFKH 7ULYLDOLWlWXQGJDQ]ZLHJHVFKDIIHQIU-HQQ\7UHLEHO LQGHP /LHGHOHEWXQVUH)UHXQGVFKDIWIRUWELVGLHVHQ7DJJDQ]VRDOVVHL QLFKWVYRUJHIDOOHQ8QGDP(QGHZDUXPDXFKQLFKW",FK SHUV|QOLFKELQGUEHUZHJXQG-HQQ\7UHLEHOKDWHLQ7DOHQWDOOHV ]XYHUJHVVHQZDVVLHYHUJHVVHQZLOO(VLVWHLQHJHIlKUOLFKH

3HUVRQXQGXPVRJHIlKUOLFKHUDOVVLH VVHOEVWQLFKWUHFKWZHL XQGVLFKDXIULFKWLJHLQELOGHWHLQJHIKOYROOHV+HU]XQGYRUDOOHP HLQ+HU]ªIUGDV+|KHUH©]XKDEHQ$EHUVLHKDWQXUHLQ+HU]IU GDV3RQGHUDEOHIUDOOHVZDVLQV*HZLFKWIlOOWXQG=LQVWUlJW XQGIUYLHOZHQLJHUDOVHLQHKDOEH0LOOLRQJLHEWVLHGHQ/HRSROG QLFKWIRUWGLHKDOEH0LOOLRQPDJKHUNRPPHQZRKHUVLHZLOO8QG GLHVHUDUPH/HRSROGVHOEVW6RYLHOZHLW'XGRFKGHULVWQLFKW GHU0HQVFKGHV$XIElXPHQVRGHUGHU(VFDSDGHQDFK*UHWQD *UHHQ,FKVDJH'LU0DUFHOOXQWHU%UFNQHUWKXQHV7UHLEHOV QLFKWXQG.RHJHOLVWLKQHQQRFKOLHEHU'HQQMHPHKUHVQDFK+RI VFKPHFNWGHVWREHVVHU6LHOLEHUDOLVLHUHQXQGVHQWLPHQWDOLVLHUHQ EHVWlQGLJDEHUGDVDOOHVLVW)DUFHZHQQHVJLOW)DUEH]X EHNHQQHQGDQQKHLWHV*ROGLVW7UXPSIXQG ZHLWHUQLFKWV© ª,FKJODXEHGD'X/HRSROGXQWHUVFKlW]HVW©

ª,FKIUFKWHGDLFKLKQQRFKEHUVFKlW]HLFKNHQQ LKQQRFK DXVGHU8QWHUVHNXQGDKHU:HLWHUNDPHUQLFKWZR]XDXFK" *XWHU0HQVFK0LWWHOJXWXQGDOV&KDUDNWHUQRFKXQWHU0LWWHO© ª:HQQ'XPLW&RULQQDVSUHFKHQN|QQWHVW©

ª1LFKWQ|WLJ0DUFHOO'XUFK'UHLQUHGHQVW|UWPDQQXUGHQ QDWUOLFKHQ*DQJGHU'LQJH0DJEULJHQVDOOHVVFKZDQNHQXQG XQVLFKHUVHLQHLQHVVWHKWIHVWGHU&KDUDNWHUPHLQHU)UHXQGLQ -HQQ\'DUXKHQGLH:XU]HOQ'HLQHU.UDIW8QGZHQQ&RULQQDVLFK LQ7ROOKHLWHQEHUVFKOlJWODVLHGHQ$XVJDQJGHU6DFKHNHQQ LFK'XVROOVWVLHKDEHQXQG'XZLUVWVLHKDEHQXQGYLHOOHLFKW HKHUDOV'XGHQNVW©

$FKWHV.DSLWHO

7UHLEHOZDUHLQ)UKDXIZHQLJVWHQVIUHLQHQ&RPPHU]LHQUDW XQGWUDWQLHVSlWHUDOVDFKW8KULQVHLQ$UEHLWV]LPPHULPPHU JHVWLHIHOWXQGJHVSRUQWLPPHULQVDXEHUVWHU7RLOHWWH(UVDKGDQQ GLH3ULYDWEULHIHGXUFKWKDWHLQHQ%OLFNLQGLH=HLWXQJHQXQG ZDUWHWHELVVHLQH)UDXNDPXPPLWGLHVHUJHPHLQVFKDIWOLFKGDV HUVWH)UKVWFN]XQHKPHQ,QGHU5HJHOHUVFKLHQGLH5lWLQVHKU EDOGQDFKLKPKHXWDEHUYHUVSlWHWHVLHVLFKXQGZHLOGHU HLQJHJDQJHQHQ%ULHIHQXUHLQSDDUZDUHQGLH=HLWXQJHQDEHULQ GHQHQVFKRQGHU6RPPHUYRUVSXNWHZHQLJ,QKDOWKDWWHQVR JHULHW7UHLEHO LQHLQHQOHLVHQ=XVWDQGYRQ8QJHGXOGXQG GXUFKPDQDFKGHPHUVLFKUDVFKYRQVHLQHPNOHLQHQ/HGHUVRID HUKREHQKDWWHQGLHEHLGHQJURHQQHEHQDQJHOHJHQHQ5lXPH GDULQVLFKGLH*HVHOOVFKDIWYRP7DJHYRUKHUDEJHVSLHOWKDWWH'DV REHUH6FKLHEHIHQVWHUGHV*DUWHQ XQG(VDDOHVZDUJDQ] KHUXQWHUJHODVVHQVRGDHUPLWGHQ$UPHQVLFKDXIOHKQHQGLQ EHTXHPHU6WHOOXQJLQGHQXQWHULKPJHOHJHQHQ*DUWHQ KLQDEVHKHQNRQQWH'LH6FHQHULHZDUZLHJHVWHUQQXUVWDWWGHV .DNDGXGHUQRFKIHKOWHVDKPDQGUDXHQGLH+RQLJGLHGHQ %RORJQHVHUGHU&RPPHU]LHQUlWLQDQHLQHU6WULSSHIKUHQGXP GDV%DVVLQKHUXPVFKULWW'LHVJHVFKDKMHGHQ0RUJHQXQGGDXHUWH 0DOIUPDOELVGHU.DNDGXVHLQHQ6WDQJHQSODW]HLQQDKPRGHULQ VHLQHPEODQNHQ.lILJLQV)UHLHJHVWHOOWZXUGHZRUDXIVLFKGDQQ GLH+RQLJPLWGHP%RORJQHVHU]XUFN]RJXPHLQHQ$XVEUXFKYRQ )HLQGVHOLJNHLWHQ]ZLVFKHQGHQEHLGHQJOHLFKPlLJYHUZ|KQWHQ /LHEOLQJHQGHV+DXVHV]XYHUPHLGHQ'DVDOOHVLQGHVVHQVWDQG KHXWHQRFKDXV7UHLEHOLPPHUDUWLJHUNXQGLJWHVLFKYRQVHLQHU )HQVWHUVWHOOXQJDXVHUVWQDFKGHP%HILQGHQGHV)UlXOHLQV ZDV GLH&RPPHU]LHQUlWLQZHQQVLH VK|UWHMHGHVPDOVHKUEHUIOVVLJ IDQG XQGIUDJWHGDQQDOVHUEHUXKLJHQGH9HUVLFKHUXQJHQ GDUEHUHQWJHJHQJHQRPPHQKDWWHZLHVLH0U 1HOVRQ VHQJOLVFKH $XVVSUDFKHJHIXQGHQKDEHGDEHLYRQGHUPHKURGHUZHQLJHU EHU]HXJWHQ$QVLFKWDXVJHKHQGGDHVMHGHUYRQHLQHP%HUOLQHU 6FKXOUDWH[DPLQLHUWHQ(U]LHKHULQHLQNOHLQHVVHLQPVVH GHUJOHLFKHQIHVW]XVWHOOHQ'LH+RQLJGLHGLHVHQ*ODXEHQQLFKW JHUQ]HUVW|UHQZROOWHEHVFKUlQNWHVLFKGDUDXIGLH.RUUHNWKHLW YRQ0U 1HOVRQ VDDQ]X]ZHLIHOQXQGGLHVHPVHLQHPDHLQHQLFKW JDQ]VWDWWKDIWH0LWWHOVWHOOXQJ]ZLVFKHQGHUHQJOLVFKHQXQG VFKRWWLVFKHQ$XVVSUDFKHGLHVHV9RNDOV]X]XHUNHQQHQHLQH %HPHUNXQJGLH7UHLEHOJDQ]HUQVWKDIW KLQQDKPXQGZHLWHU

DXVJHVSRQQHQKDEHQZUGHZHQQHUQLFKWLPVHOEHQ0RPHQWHLQ OHLVHVLQV6FKORIDOOHQHLQHUGHU9RUGHUWKUHQDOVRPXWPDOLFK GDV(LQWUHWHQGHU&RPPHU]LHQUlWLQHUODXVFKWKlWWH7UHLEHOKLHOW HVDXIGLHVH:DKUQHKPXQJKLQIUDQJH]HLJWVLFKYRQGHU+RQLJ ]XYHUDEVFKLHGHQXQGVFKULWWZLHGHUDXIVHLQ$UEHLWV]LPPHU]X LQGDVLQGHU7KDWGLH5lWLQHEHQHLQJHWUHWHQZDU'DVDXIHLQHP 7DEOHWWZRKODUUDQJLHUWH)UKVWFNVWDQGVFKRQGD ª*XWHQ0RUJHQ-HQQ\:LHJHUXKW"©

ª'RFKQXUSDVVDEHO'LHVHUIXUFKWEDUH9RJHOVDQJKDWZLHHLQ$OS DXIPLUJHOHJHQ© ª,FKZUGHJHUDGHGLHVHELOGHUVSUDFKOLFKH:HQGXQJGRFK]X YHUPHLGHQVXFKHQ$EHUZLH'XGDUEHUGHQNVW,PhEULJHQ ZROOHQZLUGDV)UKVWFNQLFKWOLHEHUGUDXHQQHKPHQ"©

8QGGHU'LHQHU QDFKGHP-HQQ\]XJHVWLPPWXQGLKUHUVHLWVDXI GHQ.QRSIGHU.OLQJHOJHGUFNWKDWWHHUVFKLHQZLHGHUXPGDV 7DEOHWWDXIHLQHQGHUNOHLQHQLQGHU9HUDQGDVWHKHQGHQ7LVFKH KLQDXV]XWUDJHQª(VLVWJXW)ULHGULFK©VDJWH7UHLEHOXQGVFKRE MHW]WK|FKVWHLJHQKlQGLJHLQH)XEDQNKHUDQXPHVGDGXUFK ]XQlFKVWVHLQHU)UDX]XJOHLFKDEHUDXFKVLFKVHOEHUQDFK 0|JOLFKNHLWEHTXHP]XPDFKHQ'HQQ-HQQ\EHGXUIWHVROFKHU +XOGLJXQJHQXPEHLJXWHU/DXQH]XEOHLEHQ

'LHVH:LUNXQJEOLHEGHQQDXFKKHXWHQLFKWDXV6LHOlFKHOWH UFNWHGLH=XFNHUVFKDOHQlKHU]XVLFKKHUDQXQGVDJWHZlKUHQG VLHGLHJHSIOHJWHZHLH+DQGEHUGHQJURHQ%ORFNVWFNHQKLHOW ªHLQVRGHU]ZHL"©

ª=ZHL-HQQ\ZHQQLFKELWWHQGDUI,FKVHKHQLFKWHLQZDUXPLFK GHULFK]XU5XQNHOUEH*RWWVHL'DQN NHLQH%H]LHKXQJHQ XQWHUKDOWHGLHELOOLJHQ=XFNHU]HLWHQQLFKWIU|KOLFKPLWPDFKHQ VROO©

-HQQ\ZDUHLQYHUVWDQGHQWKDWGHQ=XFNHUHLQXQGVFKREJOHLFK GDQDFKGLHNOHLQHJHQDXELVDQGHQ*ROGVWUHLIHQJHIOOWH7DVVH GHP*HPDKOPLWGHP%HPHUNHQ]X©'XKDVWGLH=HLWXQJHQVFKRQ GXUFKJHVHKHQ":LHVWHKWHVPLW*ODGVWRQH"© 7UHLEHOODFKWHPLWJDQ]XQJHZ|KQOLFKHU+HU]OLFKNHLWª:HQQHV 'LUUHFKWLVW-HQQ\EOHLEHQZLUYRUOlXILJQRFKGLHVVHLWVGHV

.DQDOVVDJHQZLULQ+DPEXUJRGHUGRFKLQGHU:HOWGHV +DPEXUJLVFKHQXQGWUDQVSRQLHUHQXQVGLH)UDJHQDFK*ODGVWRQH V %HILQGHQLQHLQH)UDJHQDFKXQVHUHU6FKZLHJHUWRFKWHU+HOHQH6LH ZDURIIHQEDUYHUVWLPPWXQGLFKVFKZDQNHQXUQRFKZDVLQLKUHQ $XJHQGLH6FKXOGWUXJ:DUHVGDVLHVHOEHUQLFKWJXWJHQXJ SODFLHUWZDURGHUZDUHVGDZLU0U 1HOVRQLKUHQXQVJWLJVW EHUODVVHQHQRGHUXPHVEHUOLQLVFK]XVDJHQLKUHQXQV DXIJHSXFNHOWHQ(KUHQJDVWVRJDQ]HLQIDFK]ZLVFKHQGLH+RQLJ XQG&RULQQDJHVHW]WKDWWHQ"© ª'XKDVWHEHQJHODFKW7UHLEHOZHLOLFKQDFK*ODGVWRQHIUDJWH ZDV'XQLFKWKlWWHVWWKXQVROOHQGHQQZLU)UDXHQGUIHQVR ZDV IUDJHQZHQQZLUDXFK ZDVJDQ]DQGHUHVPHLQHQDEHULKU 0lQQHUGUIWXQVGDVQLFKWQDFKPDFKHQZROOHQ6FKRQGHVKDOE QLFKWZHLOHV(XFKQLFKWJOFNWRGHUGRFKMHGHQIDOOVQRFKZHQLJHU DOVXQV'HQQVRYLHOLVWGRFKJHZLXQGNDQQ'LUQLFKWHQWJDQJHQ VHLQLFKKDEHQLHPDOVHLQHQHQW]FNWHUHQ0HQVFKHQJHVHKHQDOV GHQJXWHQ1HOVRQDOVRZLUG+HOHQHZRKOQLFKWVGDJHJHQJHKDEW KDEHQGDZLULKUHQ3URWHJpJUDGHVRSODFLHUWHQZLHJHVFKHKHQ 8QGZHQQGDVDXFKHLQHHZLJH(LIHUVXFKWLVW]ZLVFKHQLKUXQG &RULQQDGLHVLFKLKUHU0HLQXQJQDFK]XYLHOKHUDXVQLPPW XQG © ª8QGXQZHLEOLFKLVWXQGXQKDPEXUJLVFKZDVQDFKLKUHU 0HLQXQJVR]LHPOLFK]XVDPPHQIlOOW ©

ª6RZLUGVLH VLKUJHVWHUQ©IXKU-HQQ\GHU8QWHUEUHFKXQJ QLFKWDFKWHQGIRUWªZRKO]XPHUVWHQPDOHYHU]LHKHQKDEHQZHLO HVLKUVHOEHU]XJXWHNDPRGHULKUHU*DVWOLFKNHLWYRQGHUVLH SHUV|QOLFKIUHLOLFKVRPDQJHOKDIWH3UREHQJHJHEHQKDW1HLQ 7UHLEHOQLFKWVYRQ9HUVWLPPXQJEHU0U 1HOVRQ V3ODW]+HOHQH VFKPROOWPLWXQVEHLGHQZHLOZLUDOOH$QVSLHOXQJHQQLFKW YHUVWHKHQZROOHQXQGLKUH6FKZHVWHU+LOGHJDUGQRFKLPPHUQLFKW HLQJHODGHQKDEHQhEULJHQVLVW+LOGHJDUGHLQOlFKHUOLFKHU1DPH IUHLQH+DPEXUJHULQ+LOGHJDUGKHLWPDQ LQHLQHP6FKORVVHPLW $KQHQELOGHUQRGHUZRHLQHZHLH)UDXVSXNW+HOHQHVFKPROOWPLW XQVZHLOZLUKLQVLFKWOLFK+LOGHJDUG VVRVHKUVFKZHUK|ULJVLQG© ª:RULQVLHUHFKWKDW©

ª8QGLFKILQGHGDVLHGDQQXQUHFKWKDW(VLVWHLQH$QPDXQJ GLHDQ,QVROHQ]JUHQ]W:DVVROOGDVKHLHQ"6LQGZLULQHLQHP

IRUWGD]XGDGHP+RO]KRIXQGVHLQHQ$QJHK|ULJHQ+RQQHXUV]X PDFKHQ"6LQGZLUGD]XGD+HOHQHQVXQGLKUHU(OWHUQ3OlQH]X EHJQVWLJHQ":HQQXQVUH)UDX6FKZLHJHUWRFKWHUGXUFKDXVGLH JDVWOLFKH6FKZHVWHUVSLHOHQZLOOVRNDQQVLH+LOGHJDUGMDMHGHQ 7DJYRQ+DPEXUJKHUYHUVFKUHLEHQXQGGDVYHUZ|KQWH3SSFKHQ HQWVFKHLGHQODVVHQREGLH$OVWHUEHLGHU8KOHQKRUVWRGHUGLH 6SUHHEHL7UHSWRZVFK|QHULVW$EHUZDVJHKWXQV GDVDOOHVDQ 2WWRKDWVHLQHQ+RO]KRIVRJXWZLH'X'HLQHQ)DEULNKRIXQG VHLQH9LOODILQGHQYLHOH/HXWHKEVFKHUDOVGLHXQVUHZDVDXFK ]XWULIIW8QVUHLVWEHLQDKDOWPRGLVFKXQGMHGHQIDOOVYLHO]XNOHLQ VRGDLFKRIWQLFKWDXVQRFKHLQZHL(VEOHLEWGDEHLPLUIHKOHQ ZHQLJVWHQV]ZHL=LPPHU,FK PDJGDYRQQLFKWYLHO:RUWH PDFKHQDEHUZLHNRPPHQZLUGD]X+LOGHJDUGHLQ]XODGHQDOVRE XQVGDUDQOlJHGLH%H]LHKXQJHQGHUEHLGHQ+lXVHUDXIVHLIULJVWH ]XSIOHJHQXQGZLHZHQQZLUQLFKWVVHKQOLFKHUZQVFKWHQDOV QRFKPHKU+DPEXUJHU%OXWLQGLH)DPLOLH]XEULQJHQ © ª$EHU-HQQ\

ª1LFKWVYRQ¾DEHU½7UHLEHO9RQVROFKHQ6DFKHQYHUVWHKWLKU QLFKWVZHLOLKUNHLQ$XJHGDIUKDEW,FKVDJH'LUDXIVROFKH 3OlQHOlXIWHVKLQDXVXQGGHVKDOEVROOHQZLUGLH(LQODGHQGHQVHLQ :HQQ+HOHQH+LOGHJDUGHQHLQOlGWVREHGHXWHWGDVVRZHQLJGD HVQLFKWHLQPDOGLH7ULQNJHOGHUZHUWLVWXQGGLHQHXHQ7RLOHWWHQ QXQVFKRQJHZLQLFKW:DVKDWHVIUHLQH%HGHXWXQJZHQQVLFK ]ZHL6FKZHVWHUQZLHGHUVHKHQ"*DUNHLQHVLHSDVVHQQLFKW PDO ]XVDPPHQXQGVFKUDXEHQVLFKEHVWlQGLJDEHUZHQQZLU +LOGHJDUGHLQODGHQVRKHLWGDVGLH7UHLEHO VVLQGXQHQGOLFK HQW]FNWEHULKUHHUVWH+DPEXUJHU6FKZLHJHUWRFKWHUXQG ZUGHQHVIUHLQ*OFNXQGHLQH(KUHDQVHKHQZHQQVLFKGDV *OFNHUQHXHUQXQGYHUGRSSHOQXQG)UlXOHLQ+LOGHJDUG0XQN)UDX /HRSROG7UHLEHOZHUGHQZROOWH-D)UHXQGGDUDXIOlXIWHVKLQDXV (VLVWHLQHDEJHNDUWHWH6DFKH/HRSROGVROO+LOGHJDUGRGHU HLJHQWOLFK+LOGHJDUGVROO/HRSROGKHLUDWHQGHQQ/HRSROGLVWEORV SDVVLYXQGKDW]XJHKRUFKHQ'DVLVWGDVZDVGLH0XQN VZROOHQ ZDV+HOHQHZLOOXQGZDVXQVHUDUPHU2WWRGHU*RWWZHLHV QLFKWYLHOVDJHQGDUIVFKOLHOLFKDXFKZLUGZROOHQPVVHQ8QG ZHLOZLU]|JHUQXQGPLWGHU(LQODGXQJQLFKWUHFKWKHUDXVZROOHQ GHVKDOEVFKPROOWXQGJUROOW+HOHQHPLWXQVXQGVSLHOWGLH =XUFNKDOWHQGHXQG*HNUlQNWHXQGJLHEWGLH5ROOHQLFKWHLQPDO DXIDQHLQHP7DJHZRLFKLKUHLQHQJURHQ*HIDOOHQJHWKDQXQG

LKUGHQ0U 1HOVRQKLHUKHUHLQJHODGHQKDEHEORGDPLWLKUGLH 3OlWWERO]HQQLFKWNDOWZHUGHQ©

7UHLEHOOHKQWHVLFKZHLWHU]XUFNLQGHQ6WXKOXQGEOLHVNXQVWYROO HLQHQNOHLQHQ5LQJLQGLH/XIWª,FKJODXEHQLFKWGD'XUHFKW KDVW$EHUZHQQ'XUHFKWKlWWHVWZDVWKlWHHV"2WWROHEWVHLW DFKW-DKUHQLQHLQHUJOFNOLFKHQ(KHPLW+HOHQHQZDVDXFKQXU QDWUOLFKLVWLFKNDQQPLFK QLFKWHQWVLQQHQGDLUJHQGZHUDXV PHLQHU%HNDQQWVFKDIWPLWHLQHU+DPEXUJHULQLQHLQHU XQJOFNOLFKHQ(KHJHOHEWKlWWH6LHVLQGDOOHVR]ZHLIHOVRKQH KDEHQLQQHUOLFKXQGlXHUOLFKVR ZDVXQJHZ|KQOLFK*HZDVFKHQHV XQGEH]HXJHQLQDOOHPZDVVLHWKXQXQGQLFKWWKXQGLH 5LFKWLJNHLWGHU/HKUHYRP(LQIOXGHUJXWHQ.LQGHUVWXEH0DQKDW VLFKLKUHUQLH]XVFKlPHQXQGLKUHP]ZDUEHVWULWWHQHQDEHULP 6WLOOHQLPPHUJHKHJWHQ+HU]HQVZXQVFKHªIUHLQH(QJOlQGHULQ JHKDOWHQ]XZHUGHQ©GLHVHP,GHDOHNRPPHQVLHPHLVWHQVVHKU QDK,QGHVVHQGDVPDJDXIVLFKEHUXKHQ6RYLHOVWHKWMHGHQIDOOV IHVWXQGLFKPXHVZLHGHUKROHQ+HOHQH0XQNKDWXQVHUQ2WWR JOFNOLFKJHPDFKWXQGHVLVWPLUK|FKVWZDKUVFKHLQOLFKGD +LOGHJDUG0XQNXQVHUQ/HRSROGDXFKJOFNOLFKPDFKHQZUGHMD QRFKJOFNOLFKHU8QGZlU DXFKNHLQH+H[HUHLGHQQHLQHQ EHVVHUHQ0HQVFKHQDOVXQVHUQ/HRSROGJLHEWHVHLJHQWOLFK EHUKDXSWQLFKWHULVWVFKRQEHLQDKHLQH6XVH © ª%HLQDK"©VDJWH-HQQ\ª'XNDQQVWLKQGUHLVWIUYROOQHKPHQ ,FKZHLQLFKWZREHLGH -XQJHQGLHVH0LOFKVXSSHQVFKDIW KHUKDEHQ=ZHLJHERUHQH%HUOLQHUXQGVLQGHLJHQWOLFKZLHZHQQ VLHYRQ+HUUQKXWRGHU*QDGHQIUHLNlPHQ6LHKDEHQGRFKEHLGH

ZDVVFKOlIULJHVXQGLFKZHLZLUNOLFKQLFKW7UHLEHODXIZHQLFK HVVFKLHEHQVROO © ª$XIPLFK-HQQ\QDWUOLFKDXIPLFK ©

ª8QGZHQQLFKDXFKVHKUZRKOZHL©IXKU-HQQ\IRUWªZLH QXW]ORVHVLVWVLFKEHUGLHVH'LQJHGHQ.RSI]X]HUEUHFKHQXQG OHLGHUDXFKZHLGDVLFKVROFKH&KDUDNWHUHQLFKWlQGHUQODVVHQ VRZHLLFKGRFKDXFKGDPDQGLH3IOLFKWKDWGD]XKHOIHQZR QRFKJHKROIHQZHUGHQNDQQ%HL2WWRKDEHQZLU VYHUVlXPWXQG KDEHQ]XVHLQHUHLJQHQ7HPSHUDPHQWORVLJNHLWGLHVH WHPSHUDPHQWORVH+HOHQHKLQ]XJHWKDQXQGZDVGDEHL KHUDXVNRPPWGDVVLHKVW'XQXQDQ/L]]LGLHGRFKGLHJU|WH 3XSSHLVWGLHPDQQXUVHKHQNDQQ,FKJODXEH+HOHQHZLUGVLH

QRFKDXI9RUGHU]lKQH]HLJHQKLQHQJOLVFKDEULFKWHQ1XQ PHLQHWZHJHQ$EHULFKEHNHQQH'LU7UHLEHOGDLFKDQHLQHU VROFKHQ6FKZLHJHUWRFKWHUXQGHLQHU VROFKHQ(QNHOLQJHUDGHJHQXJ KDEHXQG GDLFKGHQDUPHQ-XQJHQGHQ/HRSROGHWZDV SDVVHQGHUDOVLQGHU)DPLOLH0XQNXQWHUEULQJHQP|FKWH© ª'XP|FKWHVWHLQHQIRUVFKHQ0HQVFKHQDXVLKPPDFKHQHLQHQ &DYDOLHUHLQHQ6SRUWVPDQ ©

ª1HLQHLQHQIRUVFKHQ0HQVFKHQQLFKWDEHUHLQHQ0HQVFKHQ EHUKDXSW=XP0HQVFKHQJHK|UW/HLGHQVFKDIWXQGZHQQHUHLQH /HLGHQVFKDIWIDVVHQN|QQWHVLHKGDVZlUH ZDVGDVZUG LKQ

UDXVUHLHQXQGVRVHKULFKDOOHQ6NDQGDOKDVVHLFKN|QQWHPLFK EHLQDKIUHXHQZHQQ VLUJHQGVR ZDVJlEHQDWUOLFKQLFKWV 6FKOLPPHVDEHUGRFKZHQLJVWHQV ZDV$SDUWHV©

ª0DOHGHQ7HXIHOQLFKWDQGLH:DQG-HQQ\'DHUVLFKDXIV (QWIKUHQHLQOlWLVWPLULFKZHLQLFKWVROOLFKVDJHQOHLGHU RGHUJOFNOLFKHUZHLVHQLFKWVHKUZDKUVFKHLQOLFKDEHUPDQKDW ([HPSHOYRQ%HLVSLHOHQGD3HUVRQHQGLH]XP(QWIKUHQ GXUFKDXVQLFKWGDV=HXJKDWWHQJOHLFKVDPZLH]XU6WUDIHGDIU HQWIKUWZXUGHQ(VJLHEWJDQ]YHUIOL[WH:HLEHUXQG/HRSROGLVW JHUDGHVFKZDFKJHQXJXPYLHOOHLFKWHLQPDOLQGHQ6DWWHOHLQHU DUPHQXQGHWZDVHPDQ]LSLHUWHQ(GHOGDPHGLHQDWUOLFKDXFK 6FKPLGWKHLHQNDQQKLQHLQJHKREHQXQGEHUGLH*UHQ]HJHIKUW ]XZHUGHQ© ª,FKJODXE HVQLFKW©VDJWHGLH&RPPHU]LHQUlWLQªHULVWOHLGHU DXFKGDIU]XVWXPSI©8QGVLHZDUYRQGHU8QJHIlKUOLFKNHLWGHU *HVDPWODJHVRIHVWEHU]HXJWGDVLHQLFKWHLQPDOGHUYLHOOHLFKW EORV]XIlOOLJDEHUYLHOOHLFKWDXFKDEVLFKWOLFKJHVSURFKHQH1DPH ª6FKPLGW©VWXW]LJJHPDFKWKDWWHª6FKPLGW©GDVZDUQXUVR KHUN|PPOLFKKLQJHZRUIHQZHLWHUQLFKWVXQGLQHLQHPKDOE EHUPWLJHQ-XJHQGDQIOXJHJHILHOVLFKGLH5lWLQVRJDULQVWLOOHU $XVPDOXQJHLQHU(VFDSDGH/HRSROGPLWDXIJHVHW]WHP 6FKQXUUEDUWDXIGHP:HJHQDFK,WDOLHQXQGPLWLKPHLQH)UHLLQ DXVHLQHUSRPPHUVFKHQRGHUVFKOHVLVFKHQ9HUZRJHQKHLWVIDPLOLH GLH5HLKHUIHGHUDP+XWXQGGHQVFKRWWLVFKNDULHUWHQ0DQWHOEHU GHQHWZDVIU|VWHOQGHQ/LHEKDEHUDXVJHEUHLWHW$OO GDVVWDQGYRU LKUXQGEHLQDKWUDXULJVDJWHVLH]XVLFKVHOEVWª'HUDUPH-XQJH -DZHQQHUGD]X GDV=HXJKlWWH©

(VZDUXPGLHQHXQWH6WXQGHGDGLHDOWHQ7UHLEHO VGLHV *HVSUlFKIKUWHQRKQHMHGH9RUVWHOOXQJGDYRQGDXPHEHQ GLHVH=HLWDXFKGLHDXILKUHU9HUDQGDGDV)UKVWFNQHKPHQGHQ MXQJHQ7UHLEHO VGHU*HVHOOVFKDIWYRP7DJHYRUKHUJHGDFKWHQ +HOHQHVDKVHKUKEVFKDXVZR]XQLFKWQXUGLHNOHLGVDPH 0RUJHQWRLOHWWHVRQGHUQDXFKHLQHJHZLVVH%HOHEWKHLWLQLKUHQ VRQVWPDWWHQXQGEHLQDKYHUJLPHLQQLFKWEODXHQ$XJHQHLQ (UKHEOLFKHVEHLWUXJ(VZDUJDQ]HUVLFKWOLFKGDVLHELVGLHVH 0LQXWHPLWJDQ]EHVRQGHUHP(LIHUDXIGHQKDOEYHUOHJHQYRUVLFK KLQVHKHQGHQ2WWRHLQJHSUHGLJWKDEHQPXWHMDZHQQQLFKWDOOHV WlXVFKWHZROOWHVLHPLWGLHVHP$QVWXUPHEHQIRUWIDKUHQDOVGDV (UVFKHLQHQ/L]]L VXQGLKUHU(U]LHKHULQ)UlXOHLQ:XOVWHQGLHV 9RUKDEHQXQWHUEUDFK

/L]]LWURW]IUKHU6WXQGHZDUVFKRQLQYROOHP6WDDWH'DVHWZDV JHZHOOWHEORQGH+DDUGHV.LQGHVKLQJELVDXIGLH+IWHQKHUDE LPhEULJHQDEHUZDUDOOHVZHLGDV.OHLGGLHKRKHQ6WUPSIH GHUhEHUIDOONUDJHQXQGQXUXPGLH7DLOOHKHUXPZHQQVLFKYRQ HLQHUVROFKHQVSUHFKHQOLH]RJVLFKHLQHEUHLWHURWH6FKlUSHGLH YRQ+HOHQHQQLHªURWH6FKlUSH©VRQGHUQLPPHUQXU ªSLQNFRORXUHGVFDUI©JHQDQQWZXUGH'LH.OHLQHZLHVLHVLFK GDSUlVHQWLHUWHKlWWHVRIRUWDOVV\PEROLVFKH)LJXUDXIGHQ :lVFKHVFKUDQNLKUHU0XWWHUJHVWHOOWZHUGHQN|QQHQVRVHKUZDU VLHGHU$XVGUXFNYRQ:HL]HXJPLWHLQHPURWHQ%lQGFKHQGUXP /L]]LJDOWLPJDQ]HQ.UHLVHGHU%HNDQQWHQDOV0XVWHUNLQGZDV GDV+HU]+HOHQHQVHLQHUVHLWVPLW'DQNJHJHQ*RWWDQGUHUVHLWV DEHUDXFKPLW'DQNJHJHQ+DPEXUJHUIOOWHGHQQ]XGHQ*DEHQ GHU1DWXUGLHGHU+LPPHOKLHUVRVLFKWOLFKYHUOLHKHQZDUDXFK QRFKHLQH0XVWHUHU]LHKXQJKLQ]XJHNRPPHQZLHVLHHEHQQXUGLH +DPEXUJHU7UDGLWLRQJHEHQNRQQWH'LHVH0XVWHUHU]LHKXQJKDWWH JOHLFKPLWGHPHUVWHQ/HEHQVWDJHGHV.LQGHVEHJRQQHQ+HOHQH ªZHLOHVXQVFK|QVHL© ZDVEULJHQVYRQ6HLWHQGHVGDPDOVQRFK XPVLHEHQ-DKUHMQJHUHQ.URODEHVWULWWHQZXUGH ZDUQLFKW]XP 6HOEVWQlKUHQ]XEHZHJHQJHZHVHQXQGGDEHLGHQQXQ IROJHQGHQ9HUKDQGOXQJHQHLQHVHLWHQVGHVDOWHQ&RPPHU]LHQUDWV LQ9RUVFKODJJHEUDFKWH6SUHHZlOGHUDPPHPLWGHP%HPHUNHQªHV JHKHEHNDQQWOLFKVRYLHOGDYRQDXIGDVXQVFKXOGLJH.LQGEHU© DEJHOHKQWZRUGHQZDUZDUPDQ]XGHPHLQ]LJYHUEOHLEHQGHQ $XVNXQIWVPLWWHOEHUJHJDQJHQ(LQHYHUKHLUDWHWHYRQGHP *HLVWOLFKHQGHU7KRPDVJHPHLQGHZDUPHPSIRKOHQH)UDXKDWWH

GDV$XISlSSHOQPLWJURHU*HZLVVHQKDIWLJNHLWXQGPLWGHU8KULQ GHU+DQGEHUQRPPHQZREHL/L]]LVRJXWJHGLHKHQZDUGDVLFK HLQH=HLWODQJVRJDUNOHLQH*UEFKHQDXIGHU6FKXOWHUJH]HLJW KDWWHQ$OOHVQRUPDOXQGEHLQDK EHUGDV1RUPDOHKLQDXV8QVHU DOWHU&RPPHU]LHQUDWKDWWH GHQQDXFKGHU6DFKHQLHVRUHFKW JHWUDXWXQGHUVWXPHLQ(UKHEOLFKHVVSlWHUDOVVLFK/L]]LPLW HLQHP7UHQQPHVVHULQGHQ)LQJHUJHVFKQLWWHQKDWWHGDV .LQGHUPlGFKHQZDUGDIUHQWODVVHQZRUGHQ KDWWH7UHLEHO EHUXKLJWDXVJHUXIHQª*RWWVHL'DQNVRYLHOLFKVHKHQNDQQHV LVWZLUNOLFKHV%OXW© 2UGQXQJVPlLJKDWWH/L]]L V/HEHQEHJRQQHQXQG RUGQXQJVPlLJZDUHVIRUWJHVHW]WZRUGHQ'LH:lVFKHGLHVLH WUXJIKUWHGXUFKGHQ0RQDWKLQGLHJHQDXNRUUHVSRQGLHUHQGH 7DJHV]DKOVRGDPDQLKUZLHGHU*URYDWHUVDJWHGDV MHGHVPDOLJH'DWXPYRP6WUXPSIOHVHQNRQQWHª+HXWLVWGHU ]HKQWH©'HU3XSSHQNOHLGHUVFKUDQNZDUDQGHQ5LHJHOQ QXPHULHUWXQGDOVHVJHVFKDKXQGGLHVHUVFKUHFNOLFKH7DJODJ QRFKQLFKWODQJH]XUFN GD/L]]LGLHVRQVWGLH6RUJOLFKNHLW VHOEVWZDULQLKUHUPLWDOOHUOHL.lVWHQDXVVWDIILHUWHQ 3XSSHQNFKH*ULHVLQGHQ.DVWHQJHWKDQKDWWHGHUGRFKJDQ] GHXWOLFKGLH$XIVFKULIWª/LQVHQ©WUXJKDWWH+HOHQH9HUDQODVVXQJ JHQRPPHQLKUHP/LHEOLQJGLH7UDJZHLWHVROFKHQ)HKOJULIIV DXVHLQDQGHU]XVHW]HQª'DVLVWQLFKWV*OHLFKJOWLJHVOLHEH/L]]L :HU*URHVKWHQZLOOPXDXFKGDV.OHLQH]XKWHQYHUVWHKHQ %HGHQNHZHQQ'XHLQ%UGHUFKHQKlWWHVWXQGGDV%UGHUFKHQ ZlUHYLHOOHLFKWVFKZDFKXQG'XZLOOVWHVPLW(DXGH&RORJQH EHVSULW]HQXQG'XEHVSULW]HVWHVPLW(DXGH-DYHOOHMDPHLQH /L]]LVRNDQQ'HLQ%UGHUFKHQEOLQGZHUGHQRGHUZHQQHVLQV %OXWJHKWNDQQHVVWHUEHQ8QGGRFKZlUHHVQRFKHKHU]X HQWVFKXOGLJHQGHQQEHLGHVLVWZHLXQGVLHKWDXVZLH:DVVHU DEHU*ULHVXQG/LQVHQPHLQHOLHEH/L]]LGDVLVWGRFKHLQVWDUNHV 6WFNYRQ8QDXIPHUNVDPNHLWRGHUZDVQRFKVFKOLPPHUZlUH YRQ*OHLFKJOWLJNHLW©

6RZDU/L]]LGLHEULJHQV]XZHLWHUHU*HQXJWKXXQJGHU0XWWHU HLQHQ+HU]PXQGKDWWH)UHLOLFKGLH]ZHLEODQNHQ9RUGHU]lKQH ZDUHQLPPHUQRFKQLFKWVLFKWEDUJHQXJXP+HOHQHQHLQHUHFKW YROOH+HU]HQVIUHXGHJHZlKUHQ]XN|QQHQXQGVRZDQGWHQVLFK LKUHPWWHUOLFKHQ6RUJHQDXFKLQGLHVHP$XJHQEOLFNHZLHGHUGHU LKUVRZLFKWLJHQ=DKQIUDJH]XZHLOVLHGDYRQDXVJLQJGDHVKLHU GHPYRQGHU1DWXUVRJOFNOLFKJHJHEHQHQ0DWHULDOELVGDKLQQXU

DQGHUUHFKWHQHU]LHKOLFKHQ$XIPHUNVDPNHLWJHIHKOWKDEHª'X NQHLIVWZLHGHUGLH/LSSHQVR]XVDPPHQ/L]]LGDVGDUIQLFKWVHLQ (VVLHKWEHVVHUDXVZHQQGHU0XQGVLFKKDOE|IIQHWIDVWVRZLH ]XP6SUHFKHQ)UlXOHLQ:XOVWHQLFKP|FKWH6LHGRFKELWWHQDXI GLHVH.OHLQLJNHLWGLHNHLQH.OHLQLJNHLWLVWPHKUDFKWHQ]XZROOHQ :LHVWHKWHVGHQQPLWGHP*HEXUWVWDJVJHGLFKW"© ª/L]]LJLHEWVLFKGLHJU|WH0KH©

ª1XQGDQQZLOOLFK'LU'HLQHQ:XQVFKDXFKHUIOOHQ/L]]L/DGH 'LUGLHNOHLQH)HOJHQWUHX]XKHXWH1DFKPLWWDJHLQ$EHUQDWUOLFK HUVWGLH6FKXODUEHLWHQ8QGMHW]WNDQQVW'XZHQQ)UlXOHLQ :XOVWHQHVHUODXEWGLHVHYHUEHXJWHVLFK LP*DUWHQVSD]LHUHQ JHKHQEHUDOOZR'XZLOOVWQXUQLFKWQDFKGHP+RI]XZRGLH %UHWWHUEHUGHU.DONJUXEHOLHJHQ2WWR'XVROOWHVWGDVlQGHUQ GLH%UHWWHUVLQGRKQHKLQVRPRUVFK© /L]]LZDUJOFNOLFKHLQH6WXQGHIUHL]XKDEHQXQGQDFKGHPVLH GHU0DPDGLH+DQGJHNWXQGQRFKGLH:DUQXQJVLFKYRUGHU :DVVHUWRQQH]XKWHQPLWDXIGHQ:HJJHNULHJWKDWWHEUDFKHQ GDV)UlXOHLQXQG/L]]LDXIXQGGDV(OWHUQSDDUEOLFNWHGHP.LQGH QDFKGDVVLFKQRFKHLQSDDUPDOXPVDKXQGGDQNEDUGHU0XWWHU ]XQLFNWH

ª(LJHQWOLFK©VDJWHGLHVHªKlWWHLFK/L]]LJHUQKLHUEHKDOWHQXQG HLQH6HLWH(QJOLVFKPLWLKUJHOHVHQGLH:XOVWHQYHUVWHKWHVQLFKW XQGKDWHLQHHUElUPOLFKH$XVVSUDFKHVRORZVRYXOJDU$EHULFK ELQJH]ZXQJHQHVELVPRUJHQ]XODVVHQGHQQZLUPVVHQGDV *HVSUlFK]X(QGHEULQJHQ,FKVDJHQLFKWJHUQHWZDVJHJHQ 'HLQH(OWHUQGHQQLFKZHLGDHVVLFKQLFKWVFKLFNWXQGZHL DXFKGDHV'LFKEHL'HLQHPHLJHQWPOLFKVWDUUHQ&KDUDNWHU 2WWROlFKHOWH QXUQRFKLQGLHVHU'HLQHU6WDUUKHLWEHVWlUNHQ ZLUGDEHUPDQGDUIGLH6FKLFNOLFKNHLWVIUDJHQHEHQVRZLHGLH .OXJKHLWVIUDJHQQLFKWEHUDOOHVVWHOOHQ8QGGDVWKlWHLFKZHQQ LFKOlQJHUVFKZLHJH'LH+DOWXQJ'HLQHU(OWHUQLVWLQGLHVHU)UDJH JHUDGH]XNUlQNHQGIUPLFKXQGIDVWPHKUQRFKIUPHLQH )DPLOLH'HQQVHLPLUQLFKWE|VH2WWRDEHUZHUVLQGDP(QGHGLH 7UHLEHO V"(VLVWPLOLFKVROFKH'LQJH]XEHUKUHQXQGLFKZUGH PLFKKWHQHV]XWKXQZHQQ'XPLFKQLFKWJHUDGH]X]ZlQJHVW ]ZLVFKHQXQVUHQ)DPLOLHQDE]XZlJHQ©

2WWRVFKZLHJXQGOLHGHQ7KHHO|IIHODXIVHLQHP=HLJHILQJHU EDODQFLHUHQ+HOHQHDEHUIXKUIRUWª'LH0XQN VVLQGXUVSUQJOLFK GlQLVFKXQGHLQ=ZHLJZLH'XUHFKWJXWZHLWLVWXQWHU.|QLJ &KULVWLDQJHJUDIWZRUGHQ$OV+DPEXUJHULQXQG7RFKWHUHLQHU )UHLHQ6WDGWZLOOLFKQLFKWYLHOGDYRQPDFKHQDEHUHVLVWGRFK LPPHUKLQZDV8QGQXQJDUYRQPHLQHU0XWWHU6HLWH'LH 7KRPSVRQ VVLQGHLQH6\QGLNDWVIDPLOLH'XWKXVWDOVREGDV QLFKWVVHL*XWHVPDJDXIVLFKEHUXKHQXQGQXUVRYLHOP|FKW LFK'LUQRFKVDJHQGUIHQXQVUH6FKLIIHJLQJHQVFKRQQDFK 0HVVLQDDOV'HLQH0XWWHUQRFKLQGHP$SIHOVLQHQODGHQVSLHOWH GUDXV'HLQ9DWHU VLHKHUYRUJHKROWKDW0DWHULDO XQG &RORQLDOZDUHQ,KUQHQQWGDVKLHUDXFK.DXIPDQQLFKVDJH QLFKW'XDEHU.DXIPDQQXQG.DXIPDQQLVWHLQ8QWHUVFKLHG©

2WWROLHDOOHVEHUVLFKHUJHKHQXQGVDKGHQ*DUWHQKLQXQWHUZR /L]]L)DQJEDOOVSLHOWH ª+DVW'XQRFKEHUKDXSWYRU2WWRDXIGDVZDVLFKVDJWHPLU ]XDQWZRUWHQ"©

ª$POLHEVWHQQHLQOLHEH+HOHQH:R]XDXFK"'XNDQQVWGRFK QLFKWYRQPLUYHUODQJHQGDLFKLQGLHVHU6DFKH'HLQHU0HLQXQJ ELQXQGZHQQLFKHVQLFKWELQXQGGDVDXVVSUHFKHVRUHL]HLFK 'LFKQXUQRFKPHKU,FKILQGHGD'XGRFKPHKUIRUGHUVWDOV'X IRUGHUQVROOWHVW0HLQH0XWWHULVWYRQJURHU$XIPHUNVDPNHLW JHJHQ'LFKXQGKDW'LUQRFKJHVWHUQHLQHQ%HZHLVGDYRQ JHJHEHQGHQQLFKEH]ZHLIOHVHKUGDLKUGDVXQVUHP *DVW]X (KUHQJHJHEHQH'LQHUEHVRQGHUV]XSDNDP'XZHLW DXHUGHPGDVLHVSDUVDPLVWZHQQHVQLFKWLKUH3HUVRQJLOW© ª6SDUVDP©ODFKWH+HOHQH

ª1HQQ HV*HL]PLUJOHLFK6LHOlWHVDEHUWURW]GHPQLHDQ $XIPHUNVDPNHLWIHKOHQXQGZHQQGLH*HEXUWVWDJHGDVLQGVR VLQGDXFKLKUH*HVFKHQNHGD'DVVWLPPW'LFKDEHUDOOHVQLFKW XPLP*HJHQWHLO'XZlFKVWLQ'HLQHUEHVWlQGLJHQ$XIOHKQXQJ JHJHQGLH0DPDXQGGDVDOOHVQXUZHLOVLH'LUGXUFKLKUH+DOWXQJ ]XYHUVWHKHQJLHEWGDGDVZDV3DSDGLHª+DPEXUJHUHL©QHQQW QLFKWGDVK|FKVWHLQGHU:HOWLVWXQGGDGHUOLHEH*RWWVHLQH :HOWQLFKWXPGHU0XQN VZLOOHQJHVFKDIIHQKDW ©

ª6SULFKVW'XGDV'HLQHU0XWWHUQDFKRGHUWKXVW'XYRQ'HLQHP (LJQHQQRFK ZDVKLQ]X")DVWNOLQJWHVVR'HLQH6WLPPH]LWWHUWMD EHLQDK© ª+HOHQHZHQQ'XZLOOVWGDZLUGLH6DFKHUXKLJGXUFKVSUHFKHQ XQGDOOHVLQ%LOOLJNHLWXQGPLW5FNVLFKWIUKEHQXQGGUEHQ DEZlJHQVRGDUIVW'XQLFKWEHVWlQGLJgOLQV)HXHUJLHHQ'X ELVWVRJHUHL]WJHJHQGLH0DPDZHLOVLH'HLQH$QVSLHOXQJHQQLFKW YHUVWHKHQZLOOXQGNHLQH0LHQHPDFKW+LOGHJDUGHLQ]XODGHQ 'DULQKDVW'XDEHUXQUHFKW6ROOGDV*DQ]HEORVHWZDV *HVFKZLVWHUOLFKHVVHLQVRPXGLH6FKZHVWHUGLH6FKZHVWHU HLQODGHQGDVLVWGDQQHLQH6DFKHPLWGHUPHLQH0DPDKHU]OLFK ZHQLJ]XWKXQKDW © ª6HKUVFKPHLFKHOKDIWIU+LOGHJDUGXQGDXFKIUPLFK ©

ª6ROODEHUHLQDQGUHU3ODQGDPLWYHUIROJWZHUGHQXQG'XKDVW PLU]XJHVWDQGHQGDGLHVGHU)DOOLVWVRPXGDVVR ZQVFKHQVZHUWVROFKH]ZHLWH)DPLOLHQYHUELQGXQJJDQ] XQ]ZHLIHOKDIWDXFKIUGLH 7UHLEHO VVHLQZUGHVRPXGDVXQWHU 9HUKlOWQLVVHQJHVFKHKHQGLHGHQ&KDUDNWHUGHV1DWUOLFKHQXQG 8QJH]ZXQJHQHQKDEHQ/lGVW'X +LOGHJDUGHLQXQGIKUWGDV VDJHQZLUHLQHQ0RQDWVSlWHURGHU]ZHL]XU9HUOREXQJPLW /HRSROGVRKDEHQZLUJHQDXGDVZDVLFKGHQQDWUOLFKHQXQG XQJH]ZXQJHQHQ:HJQHQQHVFKUHLEWDEHUPHLQH0DPD GHQ (LQODGXQJVEULHIDQ+LOGHJDUGXQGVSULFKWVLHGDULQDXVZLH JOFNOLFKVLHVHLQZUGHGLH6FKZHVWHULKUHUOLHEHQ+HOHQHUHFKW UHFKWODQJHEHLVLFK]XVHKHQXQGVLFKGHV*OFNVGHU*HVFKZLVWHU PLWIUHXHQ]XN|QQHQVRGUFNWVLFKGDULQ]LHPOLFKXQYHUEOPW HLQH+XOGLJXQJXQGHLQDXIULFKWLJHVVLFK%HPKHQXP'HLQH 6FKZHVWHU+LOGHJDUGDXVXQGGDVZLOOGLH)LUPD7UHLEHO YHUPHLGHQ© ª8QGGDVELOOLJVW'X"© ª-D©

ª1XQGDVLVWZHQLJVWHQVGHXWOLFK$EHUZHLOHVGHXWOLFKLVW GDUXPLVWHVQRFKQLFKWULFKWLJ$OOHVZHQQLFK'LFKUHFKW YHUVWHKHGUHKWVLFKDOVRXPGLH)UDJHZHUGHQHUVWHQ6FKULWW]X WKXQKDEH© 2WWRQLFNWH

ª1XQZHQQGHPVRLVWZDUXPZROOHQGLH7UHLEHO VVLFKVWUlXEHQ GLHVHQHUVWHQ6FKULWW]XWKXQ":DUXPIUDJHLFK6RODQJHGLH :HOWVWHKWLVWGHU%UlXWLJDPRGHUGHU/LHEKDEHUGHUGHU ZLUEW © ª*HZLOLHEH+HOHQH$EHUELV]XP:HUEHQVLQGZLUQRFKQLFKW 9RUOlXILJKDQGHOWHVVLFKQRFKXP(LQOHLWXQJHQXPHLQ %UFNHQEDXHQXQGGLHV%UFNHQEDXHQLVWDQGHQHQGLHGDV JU|HUH,QWHUHVVHGDUDQKDEHQ©

ª$K©ODFKWH+HOHQHª:LUGLH0XQNV XQGGDVJU|HUH ,QWHUHVVH2WWRGDVKlWWHVW'XQLFKWVDJHQVROOHQQLFKWZHLOHV PLFKXQGPHLQH)DPLOLHKHUDEVHW]WVRQGHUQZHLOHVGLHJDQ]H 7UHLEHOHLXQG'LFKDQGHU6SLW]HPLWHLQHP5LGLFODXVVWDWWHWGDV GHP5HVSHNWGHQGLH0lQQHUGRFKEHVWlQGLJEHDQVSUXFKHQ QLFKWDOO]XYRUWHLOKDIWLVW-D)UHXQG'XIRUGHUVWPLFKKHUDXV XQGVRZLOOLFK'LUGHQQRIIHQVDJHQDXI(XUHU6HLWHOLHJW ,QWHUHVVH*HZLQQ(KUH8QGGDLKUGDVHPSILQGHWGDVPWLKU HEHQEH]HXJHQGHPPWLKUHLQHQQLFKWPL]XYHUVWHKHQGHQ $XVGUXFNJHEHQ'DVLVWGHUHUVWH6FKULWWYRQGHPLFK JHVSURFKHQ8QGGDLFK PDOEHL%HNHQQWQLVVHQELQVRODPLFK 'LUVDJHQ2WWRGDGLHVH'LQJHQHEHQLKUHUHUQVWHQXQG JHVFKlIWOLFKHQ6HLWHGRFKDXFKQRFKHLQHSHUV|QOLFKH6HLWH KDEHQXQGGDHV'LUVRQHKP LFKYRUOlXILJDQQLFKWLQGHQ 6LQQNRPPHQNDQQXQVUH*HVFKZLVWHULQLKUHUlXHUHQ (UVFKHLQXQJPLWHLQDQGHUYHUJOHLFKHQ]XZROOHQ+LOGHJDUGLVWHLQH 6FK|QKHLWXQGJOHLFKWJDQ]LKUHU*URPXWWHU(OLVDEHWK7KRPSVRQ QDFKGHUZLUMDDXFKXQVHUH/L]]LJHWDXIWKDEHQ XQGKDWGHQ FKLF HLQHU/DG\'XKDVWPLUGDVVHOEHUIUKHU]XJHVWDQGHQ8QG QXQVLHK'HLQHQ%UXGHU/HRSROG(ULVWHLQJXWHU0HQVFKGHUVLFK HLQ5HLWSIHUGDQJHVFKDIIWKDWZHLOHU VGXUFKDXV]ZLQJHQZLOOXQG VFKQDOOWVLFKQXQMHGHQ0RUJHQGLH6WHLJEJHOVRKRFKZLHHLQ (QJOlQGHU$EHUHVQXW]WLKPQLFKWV(ULVWXQGEOHLEWGRFKXQWHU 'XUFKVFKQLWWMHGHQIDOOVZHLWDEYRP&DYDOLHUXQGZHQQ+LOGHJDUG LKQQlKPHLFKIUFKWHVLHQLPPWLKQQLFKW VRZlUHGDVZRKO GHUHLQ]LJH:HJQRFKHWZDVZLHHLQHQSHUIHNWHQ*HQWOHPDQDXV LKP]XPDFKHQ8QGGDVNDQQVW'X'HLQHU0DPDVDJHQ© ª,FKZUGHYRU]LHKHQ'X WKlWHVWHV©

ª:HQQPDQDXVHLQHPJXWHQ+DXVHVWDPPWYHUPHLGHWPDQ $XVVSUDFKHQXQG6FHQHQ ©

ª8QGPDFKWVLHGDIUGHP0DQQH© ª'DVLVWHWZDVDQGHUHV©

ª-D©ODFKWH2WWR$EHULQVHLQHP/DFKHQZDUHWZDV 0HODQFKROLVFKHV

/HRSROG7UHLEHOGHULP*HVFKlIW VHLQHVlOWHUHQ%UXGHUVWKlWLJ ZDUZlKUHQGHULPHOWHUOLFKHQ+DXVHZRKQWHKDWWHVHLQ-DKUEHL GHQ*DUGHGUDJRQHUQDEGLHQHQZROOHQZDUDEHUZHJHQ]XIODFKHU %UXVWQLFKWDQJHQRPPHQZRUGHQZDVGLHJDQ]H)DPLOLHVFKZHU JHNUlQNWKDWWH7UHLEHOVHOEVWNDPVFKOLHOLFKGUEHUZHJ ZHQLJHUGLH&RPPHU]LHQUlWLQDPZHQLJVWHQ/HRSROGVHOEVWGHU ZLH+HOHQHEHLMHGHU*HOHJHQKHLWXQGDXFKDQGLHVHP0RUJHQ ZLHGHU]XEHWRQHQOLHEWH ]XU$XVZHW]XQJGHU6FKDUWH ZHQLJVWHQV5HLWVWXQGHJHQRPPHQKDWWH-HGHQ7DJZDUHU]ZHL 6WXQGHQLP6DWWHOXQGPDFKWHGDEHLZHLOHUVLFKZLUNOLFK0KH JDEHLQHJDQ]OHLGOLFKH)LJXU $XFKKHXWHZLHGHUDQGHPVHOEHQ0RUJHQDQGHPGLHDOWHQXQG MXQJHQ7UHLEHO VLKUHQ6WUHLWEHUGDVVHOEHJHIlKUOLFKH7KHPD IKUWHQKDWWH/HRSROGRKQHGLHJHULQJVWH$KQXQJGDYRQVRZRKO 9HUDQODVVXQJZLH0LWWHOSXQNWGHUDUWLJHUKHLNOHU*HVSUlFKH]X VHLQVHLQHQZLHJHZ|KQOLFKDXI7UHSWRZ]XJHULFKWHWHQ 0RUJHQDXVIOXJDQJHWUHWHQXQGULWWYRQGHUHOWHUOLFKHQ:RKQXQJ DXVGLH]XVRIUKHU6WXQGHQRFKZHQLJEHOHEWH.|SQLFNHUVWUDH KLQXQWHUHUVWDQVHLQHV%UXGHUV9LOODGDQQDQGHUDOWHQ 3LRQLHUNDVHUQHYRUEHU'LH.DVHUQHQXKUVFKOXJHEHQVLHEHQDOV HUGDV6FKOHVLVFKH7KRUSDVVLHUWH:HQQLKQGLHVLP6DWWHOVHLQ RKQHKLQVFKRQDQMHGHP0RUJHQHUIUHXWHVREHVRQGHUVKHXWZR GLH9RUJlQJHGHVYRUDXIJHJDQJHQHQ$EHQGVDPPHLVWHQDEHU GLH]ZLVFKHQ0U 1HOVRQXQG&RULQQDJHIKUWHQ*HVSUlFKHQRFK VWDUNLQLKPQDFKZLUNWHQVRVWDUNGDHUPLWGHPLKPVRQVW ZHQLJYHUZDQGWHQ5LWWHU.DUOYRQ(LFKHQKRUVWZRKOGHQ JHPHLQVFKDIWOLFKHQ:XQVFKGHVª6LFK5XKH5HLWHQV©LQVHLQHP %XVHQKHJHQGXUIWH:DVLKPHTXHVWULVFKGDEHL]XU9HUIJXQJ VWDQGZDUIUHLOLFKQLFKWVZHQLJHUDOVHLQ'lQHQURYROO.UDIWXQG )HXHUVRQGHUQQXUHLQVFKRQODQJH=HLWLQGHU0DQHJHJHKHQGHU *UDGLW]HUGHPHWZDV([WUDYDJDQWHVQLFKWPHKU]XJHPXWHW ZHUGHQNRQQWH/HRSROGULWWGHQQDXFK6FKULWWVRVHKUHUVLFK

ZQVFKWHGDYRQVWUPHQ]XN|QQHQ(UVWJDQ]DOOPlKOLFKILHOHU LQHLQHQOHLFKWHQ7UDEXQGEOLHEGDULQELVHUGHQ6FKDIJUDEHQXQG JOHLFKGDQDFKGHQLQJHULQJHU(QWIHUQXQJJHOHJHQHQ ª6FKOHVLVFKHQ%XVFK©HUUHLFKWKDWWHGULQDP$EHQGYRUKHUZLH LKP-RKDQQQRFKLP0RPHQWHGHV$EUHLWHQVHU]lKOWKDWWHZLHGHU ]ZHL)UDXHQ]LPPHUXQGHLQ8KUPDFKHUEHUDXEWZRUGHQZDUHQ ª'DGLHVHU8QIXJDXFKJDUNHLQ(QGHQHKPHQZLOO6FKZlFKH 3ROL]HLYHUVlXPQLV©,QGHVVHQEHLKHOOHP7DJHVOLFKWHEHGHXWHWH GDVDOOHVQLFKWDOO]XYLHOZHVKDOE/HRSROGLQGHUDQJHQHKPHQ /DJHZDUVLFKGHUULQJVXPKHUVFKODJHQGHQ$PVHOQXQG)LQNHQ XQEHKLQGHUWIUHXHQ]XN|QQHQ8QGNDXPPLQGHUJHQRHUDOVHU DXVGHPª6FKOHVLVFKHQ%XVFKH©ZLHGHUKHUDXVZDUGHUIUHLHQ 6WUDH]XGHUHQ5HFKWHQVLFK6DDWXQG.RUQIHOGHUGHKQWHQ ZlKUHQG]XU/LQNHQGLH6SUHHPLWLKUHQQHEHQKHUODXIHQGHQ 3DUNDQODJHQGHQ:HJEHJUHQ]WH'DVDOOHVZDUVRVFK|QVR PRUJHQIULVFKGDHUGDV3IHUGZLHGHULQ6FKULWWIDOOHQOLH$EHU IUHLOLFKVRODQJVDPHUULWWEDOGZDUHUWURW]GHPDQGHU6WHOOH ZRYRPDQGHUQ8IHUKHUGDVNOHLQH)lKUERRWKHUEHUNDPXQG DOVHUDQKLHOWXPGHP6FKDXVSLHOHEHVVHU]XVHKHQ]XN|QQHQ WUDEWHQYRQGHU6WDGWKHUDXFKVFKRQHLQLJH5HLWHUDXIGHU &KDXVVHHKHUDQXQGHLQ3IHUGHEDKQZDJHQJOLWWYRUEHUGULQVR YLHOHUVHKHQNRQQWHNHLQH0RUJHQJlVWHIU7UHSWRZVDHQ'DV ZDUVRUHFKWZDVLKPSDWHGHQQVHLQ)UKVWFNLP)UHLHQZDV LKQGRUWUHJHOPlLJHUTXLFNWHZDUQXUQRFKGLHKDOEH)UHXGH ZHQQHLQKDOE'XW]HQGHFKWH%HUOLQHUXPLKQKHUXPVDHQXQG LKUHQPLWJHEUDFKWHQ$IIHQSLQVFKHUEHUGLH6WKOHVSULQJHQRGHU YRP6WHJDXVDSSRUWLHUHQOLHHQ'DVDOOHVZHQQGLHVHUOHHUH :DJHQQLFKWVFKRQHLQHQYROOEHVHW]WHQ9RUOlXIHUJHKDEWKDWWH ZDUIUKHXWHQLFKW]XEHIUFKWHQ

*HJHQKDOEDFKWZDUHUGUDXHQXQGHLQHQKDOEZDFKVHQHQ -XQJHQPLWQXUHLQHP$UPXQGGHPHQWVSUHFKHQGHQORVHQbUPHO GHQHUEHVWlQGLJLQGHU/XIWVFKZHQNWH KHUDQZLQNHQGVWLHJHU MHW]WDE XQGVDJWHZlKUHQGHUGHP(LQDUPLJHQGLH=JHOJDE ª)KUHVXQWHUGLH/LQGH)ULW]'LH0RUJHQVRQQHVWLFKWKLHUVR© 'HU-XQJHWKDWDXFKZLHLKPJHKHLHQXQG/HRSROGVHLQHUVHLWV JLQJQXQDQHLQHPYRQ/LJXVWHUEHUZDFKVHQHQ6WDNHWHQ]DXQDXI GHQ(LQJDQJGHV7UHSWRZHU(WDEOLVVHPHQWV]X*RWWVHL'DQNKLHU ZDUDOOHVZLHJHZQVFKWVlPWOLFKH7LVFKHOHHUGLH6WKOH XPJHNLSSWXQGDXFKYRQ.HOOQHUQQLHPDQGGDDOVVHLQ)UHXQG 0W]HOOHLQDXIVLFKKDOWHQGHU0DQQYRQ0LWWHGHU9LHU]LJGHU VFKRQLQGHQ9RUPLWWDJVVWXQGHQHLQHQEHLQDKHIOHFNHQORVHQ)UDFN

WUXJXQGGLH7ULQNJHOGHUIUDJHPLWHLQHUHUVWDXQOLFKHQEULJHQV YRQ/HRSROGGHULPPHUVHKUVSOHQGLGZDU QLHKHUDXVJHIRUGHUWHQ *HQWLOH]]DEHKDQGHOWHª6HKHQ6LH+HUU7UHLEHO©VRZDUHQDOV GDV*HVSUlFKHLQPDOLQGLHVHU5LFKWXQJOLHIVHLQH:RUWH JHZHVHQªGLHPHLVWHQZROOHQQLFKWUHFKWXQGVWUHLWHQHLQHPDXFK QRFKZDVDEEHVRQGHUVGLH'DPHQVDEHUYLHOHVLQGDXFKZLHGHU JXWXQGPDQFKHVRJDUVHKUJXWXQGZLVVHQGDPDQYRQHLQHU &LJDUUHQLFKWOHEHQNDQQXQGGLH)UDX]X+DXVHPLWLKUHQGUHL .LQGHUQHUVWUHFKWQLFKW8QGVHKHQ6LH+HUU7UHLEHOGLHJHEHQ XQGEHVRQGHUVGLHNOHLQHQ/HXWH'DZDUHUVWJHVWHUQZLHGHU HLQHUKLHUGHUVFKREPLUDXV9HUVHKHQHLQ)QI]LJ3IHQQLJVWFN ]XZHLOHU VIUHLQHQ=HKQHUKLHOWXQGDOVLFK VLKPVDJWHQDKP HU VQLFKWZLHGHUXQGVDJWHEORVª'DVKDWVRVHLQVROOHQ)UHXQG XQG.XSIHUVWHFKHUPLWXQWHUIlOOW2VWHUQXQG3ILQJVWHQDXIHLQHQ 'DJ©

'DVZDUYRU:RFKHQJHZHVHQGD0W]HOOVR]X/HRSROG7UHLEHO JHVSURFKHQKDWWH%HLGHVWDQGHQEHUKDXSWDXIHLQHP 3ODXGHUIXZDVDEHUIU/HRSROGQRFKDQJHQHKPHUDOVGLHVH 3ODXGHUHLZDUZDUGDHUEHU'LQJHGLHVLFKYRQVHOEVW YHUVWDQGHQJDUQLFKWHUVW]XVSUHFKHQEUDXFKWH0W]HOOZHQQHU GHQMXQJHQ7UHLEHOLQGDV/RNDOHLQWUHWHQXQGEHUGHQ IULVFKJHKDUNWHQ.LHVKLQDXIVHLQHQ3ODW]LQXQPLWWHOEDUHU1lKH GHV:DVVHUV]XVFKUHLWHQVDKVDOXWLHUWHEORVYRQIHUQXQG]RJ VLFKGDQQRKQHZHLWHUHVLQGLH.FKH]XUFNYRQGHUDXVHUQDFK GUHL0LQXWHQPLWHLQHP7DEOHWWDXIGHPHLQH7DVVH.DIIHHPLWHLQ SDDUHQJOLVFKHQ%LVFXLWVXQGHLQJURHV*ODV0LOFKVWDQGZLHGHU XQWHUGHQ)URQWElXPHQHUVFKLHQ'DVJURH*ODV0LOFKZDU +DXSWVDFKHGHQQ6DQLWlWVUDW/RKPH\HUKDWWHQRFKQDFKGHU OHW]WHQ$XVFXOWDWLRQ]XU&RPPHU]LHQUlWLQJHVDJWª0HLQH JQlGLJVWH)UDXQRFKKDWHVQLFKWV]XEHGHXWHQDEHUPDQPX YRUEHXJHQGD]XVLQGZLUGDLPhEULJHQLVWXQVHU:LVVHQ 6WFNZHUN$OVRZHQQLFKELWWHQGDUIVRZHQLJ.DIIHHZLH P|JOLFKXQGMHGHQ0RUJHQHLQ/LWHU0LOFK© $XFKKHXWHKDWWHEHL/HRSROG V(UVFKHLQHQGLHVLFKWlJOLFK ZLHGHUKROHQGH%HJHJQXQJVVFHQHJHVSLHOW0W]HOOZDUDXIGLH .FKH]XYHUVFKZXQGHQXQGWDXFKWHMHW]WLQ)URQWGHV+DXVHV ZLHGHUDXIGDV7DEOHWWDXIGHQIQI)LQJHUVSLW]HQVHLQHUOLQNHQ +DQGPLWEHLQDKH]LUNXVKDIWHU9LUWXRVLWlWEDODQFLHUHQG ª*XWHQ0RUJHQ+HUU7UHLEHO6FK|QHU0RUJHQKHXWH0RUJHQ©

-DOLHEHU0W]HOO6HKUVFK|Q$EHUHLQELFKHQIULVFK%HVRQGHUV KLHUDP:DVVHU0LFKVFKXGGHUWRUGHQWOLFKXQGLFKELQVFKRQDXI XQGDEJHJDQJHQ/DVVHQ6LHVHKHQ0W]HOOREGHU.DIIHHZDUP LVW© 8QGHKHGHUVRIUHXQGOLFK$QJHVSURFKHQHGDV7DEOHWWDXIGHQ 7LVFKVHW]HQNRQQWHKDWWH/HRSROGGLHNOHLQH7DVVHVFKRQ KHUDEJHQRPPHQXQGVLHPLWHLQHP=XJHJHOHHUW

ª$KEULOODQW'DVWKXWHLQHPDOWHQ0HQVFKHQZRKO8QGQXQZLOO LFKGLH0LOFKWULQNHQ0W]HOODEHUPLW$QGDFKW8QGZHQQLFK GDPLWIHUWLJELQ GLH0LOFKLVWLPPHUHLQELFKHQODEEULJZDV DEHUNHLQ7DGHOVHLQVROOJXWH0LOFKPXHLJHQWOLFKLPPHUHLQ ELFKHQODEEULJVHLQ ZHQQLFKGDPLWIHUWLJELQELWW LFKQRFKXP HLQH © ª.DIIHH"©

ª)UHLOLFK0W]HOO©

-D+HUU7UHLEHO©

ª1XQZDVLVW"6LHPDFKHQMDHLQJDQ]YHUOHJHQHV*HVLFKW 0W]HOODOVRELFKZDVJDQ]EHVRQGHUHVJHVDJWKlWWH ª-D+HUU7UHLEHO©

ª1XQ]XP'RQQHUZHWWHUZDVLVWGHQQORV"©

ª-D+HUU7UHLEHODOVGLH)UDX0DPDYRUJHVWHUQKLHUZDUHQXQG GHU+HUU&RPPHU]LHQUDWDXFKXQGDXFKGDV *HVHOOVFKDIWVIUlXOHLQXQG6LH+HUU/HRSROGHEHQQDFKGHP6SHUO XQGGHP&DURXVVHOJHJDQJHQZDUHQGDKDWPLUGLH)UDX0DPD JHVDJWª+|UHQ6LH0W]HOOLFKZHLHUNRPPWEHLQDKHMHGHQ 0RUJHQXQGLFKPDFKH6LHYHUDQWZRUWOLFKHLQH7DVVHQLH PHKU6DQLWlWVUDW/RKPH\HUGHUMDDXFK PDO,KUH)UDX EHKDQGHOWKDWKDWHVPLULP9HUWUDXHQDEHUGRFKPLWDOOHP (UQVWHJHVDJW]ZHLVLQG*LIW © ª6R8QGKDWPHLQH0DPDYLHOOHLFKWQRFKPHKUJHVDJW"©

ª'LH)UDX&RPPHU]LHQUlWLQVDJWHQDXFKQRFK¾,KU6FKDGHVROOHV QLFKWVHLQ0W]HOO,FKNDQQQLFKWVDJHQGDPHLQ6RKQHLQ

SDVVLRQLHUWHU0HQVFKLVWHULVWHLQJXWHU0HQVFKHLQOLHEHU 0HQVFK½6LHYHU]HLKHQ+HUU7UHLEHO GDLFKLKQHQGDVDOOHV ZDV,KUH)UDX0DPDJHVDJWKDWKLHUVRJDQ]VLPSOHPHQW ZLHGHUKROH¾DEHUHUKDWGLH.DIIHHSDVVLRQ8QGGDVLVWLPPHU GDV6FKOLPPHGDGLH0HQVFKHQJUDGHGLH3DVVLRQKDEHQGLHVLH QLFKWKDEHQVROOHQ$OVR0W]HOOHLQH7DVVHPDJJHKHQDEHU QLFKW]ZHL½©

/HRSROGKDWWHPLWVHKUJHWHLOWHQ(PSILQGXQJHQ]XJHK|UWXQG QLFKWJHZXWREHUODFKHQRGHUYHUGULHOLFKZHUGHQVROOHª1XQ 0W]HOOGDQQDOVRODVVHQZLU VNHLQH]ZHLWH©8QGGDPLWQDKPHU VHLQHQ3ODW]ZLHGHUHLQZlKUHQGVLFK0W]HOOLQVHLQH :DUWHVWHOOXQJDQGHU+DXVHFNH]XUFN]RJ ª'DKDE LFKQXQPHLQ/HEHQDXIHLQHQ6FKODJ©VDJWH/HRSROG DOVHUZLHGHUDOOHLQZDUªLFKKDEH PDOYRQHLQHPJHK|UWGHUEHL -RVW\ZHLOHUVRJHZHWWHWKDWWH]Z|OI7DVVHQ.DIIHH KLQWHUHLQDQGHUWUDQNXQGGDQQWRWXPILHO$EHUZDVEHZHLVWGDV" :HQQLFK]Z|OI.lVHVWXOOHQHVVHIDOO LFKDXFKWRWXPDOOHV 9HU]Z|OIIDFKWHW|WHWHLQHQ0HQVFKHQ$EHUZHOFKHUYHUQQIWLJH 0HQVFKYHU]Z|OIIDFKWDXFKVHLQ6SHLVXQG7UDQN9RQMHGHP YHUQQIWLJHQ0HQVFKHQPXPDQDQQHKPHQGDHU 8QVLQQLJNHLWHQXQWHUODVVHQXQGVHLQH*HVXQGKHLWEHIUDJHQXQG VHLQHQ.|USHUQLFKW]HUVW|UHQZLUG:HQLJVWHQVIUPLFKNDQQLFK HLQVWHKHQ8QGGLHJXWH0DPDVROOWHZLVVHQGDLFKGLHVHU .RQWUROOHQLFKWEHGDUIXQGVROOWHPLUGLHVHQPHLQHQ)UHXQG 0W]HOOQLFKWVRQDLY]XP+WHUEHVWHOOHQ$EHUVLHPXLPPHU GLH)lGHQLQGHU+DQGKDEHQVLHPXDOOHVEHVWLPPHQDOOHV DQRUGQHQXQGZHQQLFKHLQHEDXPZROOHQH-DFNHZLOOVRPXHV HLQHZROOHQHVHLQ©

(UPDFKWHVLFKQXQDQGLH0LOFKXQGPXWHOlFKHOQDOVHUGLH ODQJH6WDQJHPLWGHPVFKRQQLHGHUJHVXQNHQHQ0LOFKVFKDXPLQ GLH+DQGQDKPª0HLQHLJHQWOLFKHV*HWUlQN¾0LOFKGHUIURPPHQ 'HQNXQJVDUW½ZUGH3DSDVDJHQ$FKHVLVW]XPlUJHUQDOOHV ]XPlUJHUQ%HYRUPXQGXQJZRKLQLFKVHKHVFKOLPPHUDOVRELFK JHVWHUQPHLQHQ(LQVHJQXQJVWDJJHKDEWKlWWH+HOHQHZHLDOOHV EHVVHU2WWRZHLDOOHVEHVVHUXQGQXQJDUHUVWGLH0DPD6LH P|FKWHPLUDPOLHEVWHQYRUVFKUHLEHQRELFKHLQHQEODXHQRGHU JUQHQ6FKOLSVXQGHLQHQJUDGHQRGHUVFKUlJHQ6FKHLWHOWUDJHQ VROO$EHULFKZLOOPLFKQLFKWlUJHUQ'LH+ROOlQGHUKDEHQHLQ

6SULFKZRUW¾bUJHUH'LFKQLFKWZXQGHUH'LFKEORV½8QGDXFKGDV ZHUG LFKPLUVFKOLHOLFKQRFKDEJHZ|KQHQ© (UVSUDFKQRFKVRZHLWHULQVLFKKLQHLQDEZHFKVHOQGGLH 0HQVFKHQXQGGLH9HUKlOWQLVVHYHUNODJHQGELVHUPLWHLQHPPDO DOO VHLQHQ8QPXWJHJHQVLFKVHOEHUULFKWHWHª7KRUKHLW'LH 0HQVFKHQGLH9HUKlOWQLVVHGDVDOOHVLVWHVQLFKWQHLQQHLQ $QGUHKDEHQDXFKHLQHDXILKU+DXVUHJLPHQWHLIHUVFKWLJH0DPD XQGWKXQGRFKZDVVLHZROOHQHVOLHJWDQPLUª3OXFNGHDU /HRSROGWKDW VLW©GDVKDWPLUGHUJXWH1HOVRQQRFKJHVWHUQ $EHQG]XP$EVFKLHGJHVDJWXQGHUKDWJDQ]UHFKW'DOLHJWHV QLUJHQGDQGHUV0LUIHKOWHVDQ(QHUJLHXQG0XWXQGGDV $XIElXPHQKDE LFKQXQVFKRQJHZLQLFKWJHOHUQW© (UEOLFNWHZlKUHQGHUVRVSUDFKYRUVLFKKLQNQLSVWHPLWVHLQHU 5HLWJHUWHNOHLQH.LHVVWFNHIRUWXQGPDOWH%XFKVWDEHQLQGHQ IULVFKJHVWUHXWHQ6DQG8QGDOVHUQDFKHLQHU:HLOHZLHGHU DXIEOLFNWHVDKHU]DKOUHLFKH%RRWHGLHYRP6WUDODXHU8IHU KHU KHUEHUNDPHQXQGGD]ZLVFKHQHLQHQPLWJURHP6HJHO IOXDEZlUWVIDKUHQGHQ6SUHHNDKQ:LHVHKQVFKWLJULFKWHWHVLFK VHLQ%OLFNGDUDXI

ª$FKLFKPXDXVGLHVHPHOHQGHQ=XVWDQGHKHUDXVXQGZHQQHV ZDKULVWGDHLQHPGLH/LHEH0XWXQG(QWVFKORVVHQKHLW JLHEWVR PXQRFKDOOHVJXWZHUGHQ8QGQLFKWEORVJXWHVPXPLUDXFK OHLFKWZHUGHQXQGPLFKJHUDGH]X]ZLQJHQXQGGUlQJHQGHQ .DPSIDXI]XQHKPHQXQGLKQHQDOOHQ]X]HLJHQXQGGHU0DPD YRUDQGDVLHPLFKGHQQGRFKYHUNDQQWXQGXQWHUVFKlW]WKDEHQ 8QGZHQQLFKLQ8QHQWVFKORVVHQKHLW]XUFNIDOOHZDV*RWW YHUKWHVRZLUGVLHPLUGLHQ|WLJH.UDIWJHEHQ'HQQVLHKDWDOO GDVZDVPLUIHKOWXQGZHLDOOHVXQGNDQQDOOHV$EHUELQLFK LKUHUVLFKHU"'DVWHK LFKZLHGHUYRUGHU+DXSWIUDJH0LWXQWHULVW HVPLUIUHLOLFKDOVNPPHUHVLHVLFKXPPLFKXQGDOVVSUlFKHVLH HLJHQWOLFKQXU]XPLUZHQQVLH]XDQGHUHQVSULFKW6RZDUHV QRFKJHVWHUQ$EHQGZLHGHUXQGLFKVDKDXFKZLH0DUFHOOVLFK YHUIlUEWHZHLOHUHLIHUVFKWLJZDU(WZDVDQGHUHVNRQQWHHVQLFKW VHLQ8QGGDVDOOHV © (UXQWHUEUDFKVLFKZHLOHEHQMHW]WGLHVLFKXPLKQKHU VDPPHOQGHQ6SHUOLQJHPLWMHGHP$XJHQEOLFNH]XGULQJOLFKHU ZXUGHQ(LQLJHNDPHQELVDXIGHQ7LVFKXQGPDKQWHQLKQGXUFK 3LFNHQXQGGUHLVWHV$QVHKHQGDHULKQHQQRFKLPPHULKU

)UKVWFNVFKXOGH/lFKHOQG]HUEUDFKHUHLQ%LVFXLWXQGZDUI LKQHQGLH6WFNHKLQPLWGHQHQ]XQlFKVWGLH6LHJHUXQGDOVEDOG DXFKLKQHQIROJHQGGLHDQGHUHQLQGLH/LQGHQElXPH ]XUFNIORJHQ$EHUNDXPGDGLH6W|UHQIULHGHIRUWZDUHQVR ZDUHQIULKQDXFKGLHDOWHQ%HWUDFKWXQJHQZLHGHUGDª-DGDV PLW0DUFHOOGDVGDUILFKPLU]XP*XWHQGHXWHQXQGPDQFKHV DQGHUHQRFK$EHUHVNDQQDXFKDOOHVEORV6SLHOXQG/DXQH JHZHVHQVHLQ&RULQQDQLPPWQLFKWVHUQVWKDIWXQGZLOOHLJHQWOLFK LPPHUQXUJOlQ]HQXQGGLH%HZXQGHUXQJRGHUGDV 9HUZXQGHUWVHLQLKUHU=XK|UHUDXIVLFK]LHKHQ8QGZHQQLFKPLU GLHVHQLKUHQ&KDUDNWHUEHUOHJHVRPXLFKDQGLH0|JOLFKNHLW GHQNHQGDLFKVFKOLHOLFKDXFKQRFKKHLPJHVFKLFNWXQG DXVJHODFKWZHUGH'DVLVWKDUW8QGGRFKPXLFKHVZDJHQ :HQQLFKQXUZHQKlWWHGHPLFKPLFKDQYHUWUDXHQN|QQWHGHU PLUULHWH/HLGHUKDE LFKQLHPDQGHQNHLQHQ)UHXQGGDIUKDW 0DPDDXFKJHVRUJWXQGVRPXLFKPLURKQH5DWXQG%HLVWDQG DOOHUSHUV|QOLFKVWHLQGRSSHOWHVª-D©KROHQ(UVWEHL&RULQQD8QG ZHQQLFKGLHVHUVWHª-D©KDEHVRKDE LFKQRFKODQJHQLFKWGDV ]ZHLWH'DVVHK LFKQXU]XNODU$EHUGDV]ZHLWHNDQQLFKPLU ZHQLJVWHQVHUNlPSIHQXQGZLOOHVDXFK(VJLHEWLKUHUJHQXJ IUGLHGDVDOOHVHLQH.OHLQLJNHLWZlUHIUPLFKDEHULVWHV VFKZHULFKZHLLFKELQNHLQ+HOGXQGGDV+HOGLVFKHOlWVLFK QLFKWOHUQHQ¾-HGHUQDFKVHLQHQ.UlIWHQ½VDJWH'LUHNWRU +LOJHQKDKQLPPHU$FKLFKILQGHGRFKEHLQDKHGDPLUPHKU DXIJHOHJWZLUGDOVPHLQH6FKXOWHUQWUDJHQN|QQHQ©

(LQPLW3HUVRQHQEHVHW]WHU'DPSIHUNDPLQGLHVHP$XJHQEOLFNH GHQ)OXKHUDXIXQGIXKURKQHDQGHP:DVVHUVWHJDQ]XOHJHQ DXIGHQª1HXHQ.UXJ©XQGª6DGRZD©]X0XVLNZDUDQ%RUGXQG GD]ZLVFKHQZXUGHQDOOHUOHL/LHGHUJHVXQJHQ$OVGDV6FKLIIHUVW GHQ6WHJXQGEDOGDXFKGLHª/LHEHVLQVHO©SDVVLHUWKDWWHIXKU DXFK/HRSROGDXVVHLQHQ7UlXPHUHLHQDXIXQGVDKQDFKGHU8KU EOLFNHQGGDHVK|FKVWH=HLWVHLZHQQHUQRFKSQNWOLFKDXIGHP .RQWRUHLQWUHIIHQXQGVLFKHLQH5HSULPDQGHRGHUZDVVFKOLPPHU HLQHVS|WWLVFKH%HPHUNXQJYRQ6HLWHQ VHLQHV%UXGHUV2WWR HUVSDUHQZROOWH6RVFKULWWHUGHQQXQWHUIUHXQGOLFKHP*UXDQ GHPLPPHUQRFKDQVHLQHU(FNHVWHKHQGHQ0W]HOOYRUEHUXQG DXIGLH6WHOOH]XZRGHU(LQDUPLJHVHLQ3IHUGKLHOWª'D)ULW]© 8QGQXQKREHUVLFKLQGHQ6DWWHOPDFKWHGHQ 5FNZHJLQHLQHP JXWHQ7UDEXQGERJDOVHUGDV7KRUXQGJOHLFKGDQDFKGLH 3LRQLHUNDVHUQHZLHGHUSDVVLHUWKDWWHQDFKUHFKWVKLQLQHLQHQ QHEHQGHP2WWR7UHLEHO VFKHQ+RO]KRIHVLFKKLQ]LHKHQGHQ

VFKPDOHQ*DQJHLQEHUGHVVHQ+HFNHQ]DXQIRUWPDQDXIGHQ 9RUJDUWHQXQGGLH]ZLVFKHQGHQ%lXPHQJHOHJHQH9LOODVDK %UXGHUXQG6FKZlJHULQVDHQQRFKEHLP)UKVWFN/HRSROG JUWHKLQEHUª*XWHQ0RUJHQ2WWRJXWHQ0RUJHQ+HOHQH© %HLGHHUZLGHUWHQGHQ*UXOlFKHOWHQDEHUZHLOVLHGLHVHWlJOLFKH 5HLWHUHL]LHPOLFKOlFKHUOLFKIDQGHQ8QGJHUDGH/HRSROG:DVHU VLFKHLJHQWOLFKGDEHLGHQNHQPRFKWH /HRSROGVHOEVWZDULQ]ZLVFKHQDEJHVWLHJHQXQGJDEGDV3IHUG HLQHPDQGHU+LQWHUWUHSSHGHU9LOODVFKRQZDUWHQGHQ'LHQHUGHU HVGLH.|SQLFNHUVWUDHKLQDXIQDFKGHPHOWHUOLFKHQ)DEULNKRI XQGGHPGD]XJHK|ULJHQ6WDOOJHElQGHIKUWH VWDEOH\DUG VDJWH+HOHQH

1HXQWHV.DSLWHO

(LQH:RFKHZDUYHUJDQJHQXQGEHUGHP6FKPLGW VFKHQ+DXVH ODJHLQHVWDUNH9HUVWLPPXQJ&RULQQDJUROOWHPLW0DUFHOOZHLOHU PLWLKUJUROOWHVRZHQLJVWHQVPXWHVLHVHLQ$XVEOHLEHQGHXWHQ XQGGLHJXWH6FKPRONHZLHGHUXPJUROOWHPLW&RULQQDZHJHQLKUHV *UROOHQVDXI0DUFHOOª'DVWKXWQLFKWJXW&RULQQDVRVHLQ*OFN YRQVLFK]XVWRHQ*ODXEHPLUGDV*OFNZLUGlUJHUOLFKZHQQ PDQHVZHJMDJWXQGNRPPW GDQQQLFKWZLHGHU0DUFHOOLVWZDV PDQHLQHQ6FKDW]QHQQWRGHUDXFKHLQ-XZHO0DUFHOOLVWJDQ]VR ZLH6FKPRONHZDU©6RKLHHVMHGHQ$EHQG1XU6FKPLGWVHOEVW PHUNWHQLFKWVYRQGHUEHUVHLQHP+DXVHODJHUQGHQ:RONH VWXGLHUWHVLFKYLHOPHKULPPHUWLHIHU LQGLH*ROGPDVNHQKLQHLQXQG HQWVFKLHGVLFKLQHLQHPPLW'LVWHONDPSLPPHUKHIWLJHUJHIKUWHQ 6WUHLWHDXIGDV%HVWLPPWHVWHKLQVLFKWOLFKGHUHLQHQIU$HJLVWK $HJLVWKVHLGRFKLPPHUKLQVLHEHQ-DKUHODQJ.O\WlPQHVWUD V *HPDKOJHZHVHQDXHUGHPQDKHU$QYHUZDQGWHUGHV+DXVHV XQGZHQQHU6FKPLGWDXFKVHLQHUVHLWV]XJHEHQPVVHGDGHU 0RUG$JDPHPQRQ VHLQLJHUPDHQJHJHQVHLQH$HJLVWK+\SRWKHVH VSUHFKHVRVHLGRFKDQGHUHUVHLWVQLFKW]XYHUJHVVHQGDGLH JDQ]H0RUGDIIDLUHPHKURGHUZHQLJHUHWZDV,QWHUQHVVR]X VDJHQHLQHUHLQH)DPLOLHQDQJHOHJHQKHLWJHZHVHQVHLZRGXUFKGLH QDFKDXHQKLQDXI9RONXQG6WDDWEHUHFKQHWH%HLVHW]XQJV XQG &HUHPRQLDOIUDJHQLFKWHLJHQWOLFKEHUKUWZHUGHQN|QQH 'LVWHONDPSVFKZLHJXQG]RJVLFKXQWHU/lFKHOQDXVGHU'HEDWWH ]XUFN $XFKEHLGHQDOWHQXQGMXQJHQ7UHLEHO VKHUUVFKWHHLQHJHZLVVH VFKOHFKWH/DXQHYRU+HOHQHZDUXQ]XIULHGHQPLW2WWR2WWRPLW +HOHQHQXQGGLH0DPDZLHGHUXPPLWEHLGHQ$P XQ]XIULHGHQVWHQZHQQDXFKQXUPLWVLFKVHOEHUZDU/HRSROGXQG QXUGHUDOWH7UHLEHOPHUNWHYRQGHULKQXPJHEHQGHQ 9HUVWLPPXQJKHU]OLFKZHQLJRGHUZROOWHQLFKWVGDYRQPHUNHQ HUIUHXWHVLFKYLHOPHKUHLQHUXQJHZ|KQOLFKJXWHQ/DXQH'DGHP VRZDUKDWWHZLHEHL:LOLEDOG6FKPLGWGDULQVHLQHQ*UXQGGD HUDOO GLH=HLWEHUVHLQ6WHFNHQSIHUGWXPPHOQXQGVLFKHLQLJHU VFKRQHU]LHOWHU7ULXPSKHUKPHQGXUIWH9RJHOVDQJZDUQlPOLFK XQPLWWHOEDUQDFKGHP]XVHLQHQXQG0U 1HOVRQ V(KUHQ VWDWWJHKDEWHQ'LQHULQGHQIU7UHLEHO]XHUREHUQGHQ:DKONUHLV DEJHJDQJHQXQG]ZDUXPKLHULQHLQHU$UW9RUFDPSDJQHGLH +HU]HQXQG1LHUHQGHU7HXSLW]=RVVHQHUXQGLKUHPXWPDOLFKH

+DOWXQJLQGHUHQWVFKHLGHQGHQ6WXQGH]XSUIHQ(VPXJHVDJW ZHUGHQGDHUEHL'XUFKIKUXQJGLHVHUVHLQHU$XIJDEHQLFKW EORVHLQHEHPHUNHQVZHUWH7KlWLJNHLWHQWIDOWHWVRQGHUQDXFK EHLQDKHWlJOLFKHWOLFKH7HOHJUDPPHJHVFKLFNWKDWWHGDULQHUEHU GLH5HVXOWDWHVHLQHV:DKOIHOG]XJHVMHQDFKGHU%HGHXWXQJGHU $NWLRQOlQJHURGHUNU]HUEHULFKWHWH'DGLHVH7HOHJUDPPHPLW GHQHQGHVHKHPDOLJHQ%HUQDXHU.ULHJVNRUUHVSRQGHQWHQHLQH YHU]ZHLIHOWHbKQOLFKNHLWKDWWHQZDU7UHLEHOQLFKWHQWJDQJHQDEHU YRQGLHVHPZHLOHUVFKOLHOLFKQXUDXIGDVDFKWHWHZDVLKP SHUV|QOLFKJHILHORKQHVRQGHUOLFKH%HDQVWDQGXQJKLQJHQRPPHQ ZRUGHQ,QHLQHPGLHVHU7HOHJUDPPHKLHHVª$OOHVJHKWJXW %LWWH*HOGDQZHLVXQJQDFK7HXSLW]KLQ,KU 9©8QGGDQQª'LH '|UIHUDP6FKHUPW]HOVHHVLQGXQVHU*RWWVHL'DQNhEHUDOO GLHVHOEH*HVLQQXQJZLHDP7HXSLW]VHH$QZHLVXQJQRFKQLFKW HLQJHWURIIHQ%LWWHGULQJHQG,KU 9©ª0RUJHQQDFK6WRUNRZ 'RUWPXHVVLFKHQWVFKHLGHQ$QZHLVXQJLQ]ZLVFKHQHPSIDQJHQ $EHUGHFNWQXUJHUDGHGDVVFKRQ9HUDXVJDEWH0RQWHFXFXOL V :RUWEHU.ULHJIKUXQJJLOWDXFKIU:DKOIHOG]JH%LWWHZHLWHUHV QDFK*UR5LHW]KLQ,KU 9©7UHLEHOLQJHVFKPHLFKHOWHU(LWHONHLW EHWUDFKWHWHKLHUQDFKGHQ :DKONUHLVDOVIULKQJHVLFKHUWXQGLQ GHQ%HFKHUVHLQHU)UHXGHILHOHLJHQWOLFKQXUHLQ:HUPXWVWURSIHQ HUZXWHZLHNULWLVFKDEOHKQHQG-HQQ\]XGLHVHU6DFKHVWDQG XQGVDKVLFKGDGXUFKJH]ZXQJHQVHLQ*OFNDOOHLQ]XJHQLHHQ )ULHGULFKEHUKDXSWVHLQ 9HUWUDXWHUZDULKPDXFKMHW]WZLHGHU ªXQWHU/DUYHQGLHHLQ]LJIKOHQGH%UXVW©HLQ&LWDWGDVHUQLFKW PGHZXUGHVLFK]XZLHGHUKROHQ$EHUHLQHJHZLVVH/HHUHEOLHE GRFK$XIIDOOHQGZDULKPDXHUGHPGDGLH%HUOLQHU=HLWXQJHQ JDUQLFKWVEUDFKWHQXQG]ZDUZDULKPGLHVXPVRDXIIDOOHQGHU DOVYRQVFKDUIHU*HJQHUVFKDIWDOOHQ9RJHOVDQJ VFKHQ%HULFKWHQ QDFKHLJHQWOLFKNHLQH5HGHVHLQNRQQWH'LH.RQVHUYDWLYHQXQG 1DWLRQDOOLEHUDOHQXQGYLHOOHLFKWDXFKHLQSDDU3DUODPHQWDULHUYRQ )DFKPRFKWHQJHJHQLKQVHLQDEHUZDVEHGHXWHWHGDV"1DFK HLQHUXQJHIlKUHQ6FKlW]XQJGLH9RJHOVDQJDQJHVWHOOWXQGLQ HLQHPHLQJHVFKULHEHQHQ%ULHIHQDFK9LOOD7UHLEHOKLQDGUHVVLHUW KDWWHEHVDGHUJDQ]H.UHLVQXUVLHEHQ1DWLRQDOOLEHUDOHGUHL 2EHUOHKUHUHLQHQ.UHLVULFKWHUHLQHQUDWLRQDOLVWLVFKHQ 6XSHULQWHQGHQWHQXQG]ZHLVWXGLHUWH%DXHUJXWVEHVLW]HUZlKUHQG GLH=DKOGHU2UWKRGR[.RQVHUYDWLYHQQRFKKLQWHUGLHVHP EHVFKHLGHQHQ+lXIOHLQ]XUFNEOLHEª(UQVW]XQHKPHQGH *HJQHUVFKDIWYDFDW©6RVFKOR9RJHOVDQJ V%ULHIXQGªYDFDW© ZDUXQWHUVWULFKHQ©'DVNODQJKRIIQXQJVUHLFKJHQXJOLHDEHU

LQPLWWHQDXIULFKWLJHU)UHXGHGRFKHLQHQ5HVWYRQ8QUXKH IRUWEHVWHKHQXQGDOVHLQHUXQGH:RFKHVHLW9RJHOVDQJ V$EUHLVH YHUJDQJHQZDUEUDFKGHQQDXFKZLUNOLFKGHUJURH7DJDQGHU GLH%HUHFKWLJXQJGHULQVWLQNWLYLPPHUZLHGHUVLFKHLQVWHOOHQGHQ bQJVWOLFKNHLWXQG6RUJHGDUWKXQVROOWH1LFKWXQPLWWHOEDUQLFKW JOHLFKLPHUVWHQ0RPHQWDEHUGLH)ULVWZDUQXUHLQHQDFK 0LQXWHQJDQ]NXU]EHPHVVHQH 7UHLEHOVDLQVHLQHP=LPPHUXQGIUKVWFNWH-HQQ\KDWWHVLFK PLW.RSIZHKXQGHLQHPVFKZHUHQ7UDXPHQWVFKXOGLJHQODVVHQ ª6ROOWHVLHZLHGHUYRQ9RJHOVDQJJHWUlXPWKDEHQ"©(UDKQWH QLFKWGDGLHVHU6SRWWVLFKLQGHUVHOEHQ6WXQGHQRFKDQLKP UlFKHQZUGH)ULHGULFKEUDFKWHGLH3RVWVDFKHQXQWHUGHQHQ GLHVPDOZHQLJ.DUWHQXQG%ULHIHGDIUDEHUGHVWRPHKU =HLWXQJHQXQWHU.UHX]EDQGZDUHQHLQLJHVRYLHOVLFKlXHUOLFK HUNHQQHQOLHPLWPHUNZUGLJHQ(PEOHPHQXQG6WDGWZDSSHQ DXVJHUVWHW

$OO GLHV]XQlFKVWQXU9HUPXWXQJ VROOWHVLFKEHLVFKlUIHUHP =XVHKHQUDVFKEHVWlWLJHQXQGDOV7UHLEHOGLH.UHX]ElQGHU HQWIHUQWXQGGDVZHLFKH/|VFKSDSLHUEHUGHQ7LVFKKLQ DXVJHEUHLWHWKDWWHODVHUPLWHLQHUJHZLVVHQKHLWHUHQ$QGDFKW ª'HU:lFKWHUDQGHUZHQGLVFKHQ6SUHH©ª:HKUORVHKUORV© ª$OOWLHG9RUXSS©XQGª'HU6WRUNRZHU%RWH© ]ZHLGDYRQZDUHQ FLV]ZHLWUDQVVSUHHDQLVFKHQ8UVSUXQJHV7UHLEHOVRQVWHLQ)HLQG DOOHVEHUVWU]WHQ/HVHQVZHLOHUYRQMHGHPEOLQGHQ(LIHUQXU 8QKHLOHUZDUWHWHPDFKWHVLFKGLHVPDOPLWEHPHUNHQVZHUWHU 5DVFKKHLWEHUGLH%OlWWHUXQGEHUIORJGLHEODXDQJHVWULFKHQHQ 6WHOOHQ/LHXWHQDQW9RJHOVDQJVRKLHHVLQMHGHPLQZ|UWOLFKHU :LHGHUKROXQJ HLQ0DQQGHUVFKRQ$QQR JHJHQGLH 5HYROXWLRQJHVWDQGHQXQGGHU+\GUDGDV+DXSW]HUWUHWHQKlWWH VLFKDQGUHLKLQWHUHLQDQGHUIROJHQGHQ7DJHQGHP.UHLVH YRUJHVWHOOWQLFKWXPVHLQHUVHOEVWVRQGHUQXPVHLQHVSROLWLVFKHQ )UHXQGHVGHV&RPPHU]LHQUDWV7UHLEHOZLOOHQGHUVSlWHUGHQ .UHLVEHVXFKHQXQGEHLGHU*HOHJHQKHLWGLHYRQ/LHXWHQDQW 9RJHOVDQJDXVJHVSURFKHQHQ*UXQGVlW]HZLHGHUKROHQZHUGHZDV VRYLHOODVVHVLFKVFKRQKHXWHVDJHQDOVGLHZlUPVWH(PSIHKOXQJ GHVHLJHQWOLFKHQ.DQGLGDWHQDQ]XVHKHQVHL'HQQGDV 9RJHOVDQJ VFKH3URJUDPPODXIHGDUDXIKLQDXVGD]XYLHOXQG QDPHQWOLFKXQWHU]XVWDUNHU:DKUQHKPXQJSHUV|QOLFKHU ,QWHUHVVHQUHJLHUWZHUGH GDDOVRGHPJHPlDOOHNRVWVSLHOLJHQ ª=ZLVFKHQVWXIHQ©IDOOHQPWHQZDVZLHGHUXPJOHLFKEHGHXWHQG

VHLPLW+HUDEVHW]XQJGHU6WHXHUQ XQGGDYRQGHQ JHJHQZlUWLJHQ]XP7HLOXQYHUVWlQGOLFKHQ.RPSOL]LHUWKHLWHQ QLFKWVEULJEOHLEHQGUIHDOVHLQIUHLHU)UVWXQGHLQIUHLHV9RON 'DPLWVHLHQIUHLOLFK]ZHL 'UHK RGHU0LWWHOSXQNWHJHJHEHQDEHU QLFKW]XP6FKDGHQGHU6DFKH'HQQZHUGLH7LHIHGHV/HEHQV HUJUQGHWRGHULKUDXFKQXUQDFKJHVSUWKDEHGHUZLVVHGDGLH 6DFKHPLWGHPHLQIDFKHQ0LWWHOSXQNW HUYHUPHLGHPLW 9RUEHGDFKWGDV:RUW=HQWUXP IDOVFKVHLXQGGDVLFKGDV /HEHQQLFKWLP.UHLVHZRKODEHULQGHU(OOLSVHEHZHJH:HVKDOE ]ZHL'UHKSXQNWHGDVQDWUOLFK*HJHEHQHVHLHQ

ª1LFKWEHO©VDJWH7UHLEHODOVHUJHOHVHQªQLFKWEHO(VKDWVR ZDV/RJLVFKHVHLQELFKHQYHUUFNWDEHUGRFKORJLVFK'DV HLQ]LJHZDVPLFKVWXW]LJPDFKWLVWGDHVDOOHVNOLQJWDOVREHV 9RJHOVDQJVHOEHUJHVFKULHEHQKlWWH'LH]HUWUHWHQH+\GUDGLH KHUDEJHVHW]WHQ6WHXHUQGDVJUlOLFKH:RUWVSLHOPLWGHP =HQWUXPXQG]XOHW]WGHU8QVLQQPLWGHP.UHLVXQGGHU(OOLSVH GDVDOOHVLVW9RJHOVDQJ8QGGHU(LQVHQGHUDQGLHYLHU 6SUHHEOlWWHULVWQDWUOLFKZLHGHUXP9RJHOVDQJ,FKNHQQHPHLQHQ 3DSSHQKHLPHU©8QGGDEHLVFKRE7UHLEHOGHQª:lFKWHUDQGHU ZHQGLVFKHQ6SUHH©VDPWGHPJDQ]HQ5HVWYRP7LVFKDXIGDV 6RSKDKLQXQWHUXQGQDKPHLQHKDOEHª1DWLRQDO]HLWXQJ©]XU+DQG GLHJOHLFKIDOOVPLWGHQDQGHUHQ%OlWWHUQXQWHU.UHX]EDQG HLQJHJDQJHQZDUDEHUGHU+DQGVFKULIWXQGJDQ]HQ$GUHVVHQDFK YRQMHPDQGDQGHUHPDOV9RJHOVDQJDXIJHJHEHQVHLQPXWH )UKHUZDUGHU&RPPHU]LHQUDW$ERQQHQWXQGHLIULJHU/HVHUGHU ª1DWLRQDO]HLWXQJ©JHZHVHQXQGHVNDPHQLKPDXFKMHW]WQRFK WDJWlJOLFK9LHUWHOVWXQGHQLQGHQHQHUGHQ:HFKVHOLQVHLQHU /HNWUHEHGDXHUWH ª1XQODVHK Q©VDJWHHUVFKOLHOLFKXQGJLQJGDV%ODWW DXIVFKODJHQGPLWOHVHJHZDQGWHP$XJHGLHGUHL6SDOWHQKLQXQWHU XQGULFKWLJGDZDUHVª3DUODPHQWDULVFKH1DFKULFKWHQ$XVGHP .UHLVH7HXSLW]=RVVHQ©$OVHUGHQ.RSIWLWHOJHOHVHQXQWHUEUDFK HUVLFKª,FKZHLQLFKWHVNOLQJWVRVRQGHUEDU8QGGRFKDXFK ZLHGHUZLHVROOHVDP(QGHDQGHUVNOLQJHQ"(VLVWGHU QDWUOLFKVWH$QIDQJYRQGHU:HOWDOVRQXUYRUZlUWV© 8QGVRODVHUGHQQZHLWHUª6HLWGUHL7DJHQKDEHQLQXQVHUHP VWLOOHQXQGGXUFKSROLWLVFKH.lPSIHVRQVWZHQLJJHVW|UWHQ.UHLVH GLH:DKOYRUEHUHLWXQJHQEHJRQQHQXQG]ZDUVHLWHQVHLQHU3DUWHL GLHVLFKDXJHQVFKHLQOLFKYRUJHVHW]WKDWGDVZDVLKUDQ

KLVWRULVFKHU.HQQWQLVXQGSROLWLVFKHU(UIDKUXQJMDPDQGDUI IJOLFKVDJHQDQJHVXQGHP0HQVFKHQYHUVWDQGHIHKOWGXUFK ¾)L[LJNHLW½]XHUVHW]HQ(EHQGLHVH3DUWHLGLHVRQVWQLFKWVZHL XQGNHQQWNHQQWDXJHQVFKHLQOLFKGDV0lUFKHQYRP¾6ZLQHJHO XQGVLQHU)UX½XQGVFKHLQWJHZLOOWDQGHP7DJHZRGHU :HWWEHZHUEPLWGHQZLUNOLFKHQ3DUWHLHQ]XEHJLQQHQKDWHLQH MHGHGHUVHOEHQPLWGHPDXVMHQHP0lUFKHQZRKOEHNDQQWHQ 6ZLQHJHO]XUXIH¾,FNLQDOOKLHU½HPSIDQJHQ]XZROOHQ1XUVR YHUP|JHQZLUXQVGLHVEHUIUKH=XUVWHOOHVHLQ]XHUNOlUHQ$OOH 3OlW]HVFKHLQHQZLHEHL7KHDWHUSUHPLqUHQYRQ/LHXWHQDQW 9RJHOVDQJXQGGHQ6HLQHQLP9RUDXVEHOHJWZHUGHQ]XVROOHQ $EHUPDQZLUGVLFKWlXVFKHQ(VIHKOWGLHVHU3DUWHLQLFKWDQ6WLUQ ZRKODEHUDQGHPZDVQRFKPLWGD]XJHK|UWGHU.DVWHQLVWGD QLFKWGHU,QKDOW © ª$OOH:HWWHU©VDJWH7UHLEHOªGHUVHW]WVFKDUIHLQ:DVGDYRQ DXIPHLQ7HLONRPPWLVWPLUQLFKWHEHQDQJHQHKPDEHUGHP 9RJHOVDQJJ|QQ LFKHV(WZDVLVWLQVHLQHP3URJUDPPGDV EOHQGHWXQGGDPLWKDWHUPLFKHLQJHIDQJHQ,QGHVVHQMHPHKU LFKPLU VDQVHKHGHVWRIUDJOLFKHUHUVFKHLQWHVPLU8QWHUGLHVHQ .QLFNVWLHEHOQGLHVLFKHLQELOGHQVFKRQYRUYLHU]LJ-DKUHQGLH +\GUD]HUWUHWHQ]XKDEHQVLQGLPPHUHWOLFKH=LUNHOTXDGUDWXU XQG3HUSHWXXPPRELOH6XFKHULPPHUVROFKHGLHGDV 8QP|JOLFKHGDVVLFKLQVLFK:LGHUVSUHFKHQGH]XVWDQGHEULQJHQ ZROOHQ9RJHOVDQJJHK|UWGD]X9LHOOHLFKWLVWHVDXFKEORV *HVFKlIWZHQQLFKPLU]XVDPPHQUHFKQHZDVLFKLQGLHVHQDFKW 7DJHQ$EHULFKELQHUVWELVDQGHQHUVWHQ$EVDW]GHU .RUUHVSRQGHQ]JHNRPPHQGLH]ZHLWH+lOIWHZLUGLKPZRKOQRFK VFKlUIHU]X/HLEHJHKHQRGHUYLHOOHLFKWDXFKPLU©8QG7UHLEHOODV ZHLWHU

ª(VLVWNDXPP|JOLFKGHQ+HUUQGHUXQVJHVWHUQXQGYRUJHVWHUQ VHLQHULQXQVHUHP.UHLVHYRUDXIJHJDQJHQHQ7KDWHQ]X JHVFKZHLJHQ ]XQlFKVWLQ0DUNJUDI3LHVNHGDQQDEHULQ6WRUNRZ XQG*UR5LHW]EHJOFNWKDWHUQVWKDIW]XQHKPHQXQG]ZDUXP VRZHQLJHUMHHUQVWKDIWHUGDV*HVLFKWLVWGDVHUPDFKW(UJHK|UW LQGLH.ODVVHGHU0DOYRJOLRVGHUIHLHUOLFKHQ1DUUHQGHUHQ=DKO OHLGHUJU|HULVWDOVPDQJHZ|KQOLFKDQQLPPW:HQQVHLQ *DOLPDWKLDVQRFKNHLQHQ1DPHQKDWVRN|QQWHPDQLKQGDV/LHG YRPGUHLJHVWULFKHQHQ &QHQQHQGHQQ&DELQHW&KXUEUDQGHQEXUJ XQG&DQWRQDOH)UHLKHLWGDVVLQGGLHGUHLJURHQ &ZRPLWGLHVHU .XUSIXVFKHUGLH:HOWRGHUGRFKZHQLJVWHQVGHQSUHXLVFKHQ

6WDDWUHWWHQZLOO(LQHJHZLVVH0HWKRGHOlWVLFKGDULQQLFKW YHUNHQQHQLQGHVVHQ0HWKRGHKDWDXFKGHU:DKQVLQQ/LHXWHQDQW 9RJHOVDQJ V6DQJKDWXQVDXIVbXHUVWHPLIDOOHQ$OOHVLQ VHLQHP3URJUDPPLVWJHPHLQJHIlKUOLFK$EHUZDVZLUDPPHLVWHQ EHNODJHQLVWGDVGDHUQLFKWIUVLFKXQGLQVHLQHP1DPHQ VSUDFKVRQGHUQLP1DPHQHLQHVXQVHUHUJHDFKWHWVWHQ%HUOLQHU ,QGXVWULHOOHQGHV&RPPHU]LHQUDWV7UHLEHO%HUOLQHU%ODXIDEULN .|SQLFNHUVWUDH YRQGHPZLUXQVHLQHV%HVVHUHQYHUVHKHQ KlWWHQ(LQQHXHU%HZHLVGDIUGDPDQHLQJXWHU0HQVFKXQG GRFKHLQVFKOHFKWHU0XVLNDQWVHLQNDQQXQGGHVJOHLFKHQHLQ %HZHLVZRKLQGHUSROLWLVFKH'LOHWWDQWLVPXVIKUW©

7UHLEHONODSSWHGDV%ODWWZLHGHU]XVDPPHQVFKOXJPLWGHU+DQG GDUDXIXQGVDJWHª1XQVRYLHOLVWJHZLLQ7HXSLW]=RVVHQLVW GDVQLFKWJHVFKULHEHQ'DVLVW7HOO V*HVFKR'DVNRPPWDXV QlFKVWHU 1lKH'DVLVWYRQGHPQDWLRQDOOLEHUDOHQ2EHUOHKUHUGHU XQVQHXOLFKEHL%XJJHQKDJHQQLFKWEORV2SSRVLWLRQPDFKWH VRQGHUQXQV]XYHUK|KQHQVXFKWH'UDQJDEHUQLFKWGXUFK$OOHV LQDOOHPLFKPDJLKPQLFKW8QUHFKWJHEHQXQGMHGHQIDOOVJHIlOOW HUPLUEHVVHUDOV9RJHOVDQJ$XHUGHPVLQGVLHMHW]WEHLGHU ª1DWLRQDO]HLWXQJ©KDOEH+RISDUWHLJHKHQPLWGHQ)UHL .RQVHUYDWLYHQ]XVDPPHQ(VZDUHLQH'XPPKHLWYRQPLU PLQGHVWHQVHLQHhEHUHLOXQJGDLFKDEVFKZHQNWH:HQQLFK JHZDUWHWKlWWHN|QQW LFKMHW]WLQYLHO EHVVHUHU*HVHOOVFKDIWDXI 6HLWHQGHU5HJLHUXQJVWHKHQ6WDWWGHVVHQELQLFKDXIGHQ GXPPHQ.HUOXQG3ULQ]LSLHQUHLWHUHLQJHVFKZRUHQ,FKZHUGHPLFK DEHUDXVGHUJDQ]HQ*HVFKLFKWHKHUDXV]LHKHQXQG]ZDUIU LPPHUGHU*HEUDQQWHVFKHXWGDV)HXHU(LJHQWOLFKN|QQW LFK PLFKQRFKEHJOFNZQVFKHQVRPLWWDXVHQG0DUNRGHUGRFK QLFKWYLHOPHKUGDYRQJHNRPPHQ]XVHLQZHQQQXUQLFKWPHLQ 1DPHJHQDQQWZlUH0HLQ1DPH'DVLVWIDWDO ©8QGGDEHL VFKOXJHUGDV%ODWWZLHGHUDXIª,FKZLOOGLH6WHOOHQRFKHLQPDO OHVHQ¾HLQHUXQVHUHUJHDFKWHWVWHQ%HUOLQHU,QGXVWULHOOHQGHV &RPPHU]LHQUDW7UHLEHO½ MDGDVOD LFKPLUJHIDOOHQGDVNOLQJW JXW8QGQXQOlFKHUOLFKH)LJXUYRQ9RJHOVDQJ V*QDGHQ© 8QGXQWHUGLHVHQ:RUWHQVWDQGHUDXIXPVLFKGUDXHQLP *DUWHQ]XHUJHKHQXQGLQGHUIULVFKHQ/XIWVHLQHQbUJHUQDFK 0|JOLFKNHLWORV]XZHUGHQ (VVFKLHQDEHUQLFKWUHFKWJOFNHQ]XVROOHQGHQQLPVHOEHQ $XJHQEOLFNZRHUXPGHQ*LHEHOGHV+DXVHVKHUXPLQGHQ

+LQWHUJDUWHQHLQERJVDKHUGLH+RQLJGLHZLHMHGHQ0RUJHQ VR DXFKKHXWHZLHGHUGDV%RORJQHVHU+QGFKHQXPGDV%DVVLQ IKUWH7UHLEHOSUDOOWH]XUFNGHQQQDFKHLQHU8QWHUKDOWXQJPLW GHPDXIJHVWHLIWHQ)UlXOHLQVWDQGLKPGXUFKDXVQLFKWGHU6LQQ(U ZDUDEHUVFKRQJHVHKHQXQGEHJUWZRUGHQXQGGDJURH +|IOLFKNHLWXQGPHKUQRFKJURH+HU]HQVJWH]XVHLQHQ 7XJHQGHQ]lKOWHVRJDEHUVLFKHLQHQ5XFNXQGJLQJJXWHQ0XWV DXIGLH+RQLJ]X]XGHUHQ.HQQWQLVVHQXQG8UWHLOHQHUEULJHQV HLQDXIULFKWLJHV9HUWUDXHQKHJWH

ª6HKUHUIUHXWPHLQOLHEHV)UlXOHLQ6LHPDODOOHLQ XQG]XVRJXWHU 6WXQGH]XWUHIIHQ,FKKDEHVHLWODQJHVRGLHVXQGGDVDXIGHP +HU]HQPLWGHPLFKJHUQKHUXQWHUP|FKWH © 'LH+RQLJHUU|WHWHZHLOVLHWURW]GHVJXWHQ5XIHVGHVVHQVLFK 7UHLEHOHUIUHXWHGRFKYRQHLQHPlQJVWOLFKVHQ*HIKO EHUULHVHOWZXUGHGHVVHQlXHUVWH1LFKWEHUHFKWLJXQJLKUIUHLOLFK LPQlFKVWHQ0RPHQWHVFKRQLQEHLQDKJUDXVDPHU:HLVHNODU ZHUGHQVROOWH ª0LFKEHVFKlIWLJWQlPOLFKPHLQHUOLHEHQNOHLQHQ(QNHOLQ (U]LHKXQJDQGHULFKGHQQGRFKGDV+DPEXUJLVFKHVLFKLQHLQHP *UDGHYROOVWUHFNHQVHKH LFKZlKOHGLHVHQ6FKDIIRW$XVGUXFN DEVLFKWOLFK GHUPLFKYRQPHLQHPHLQIDFKHUHQ%HUOLQHU 6WDQGSXQNWDXVPLWHLQLJHU6RUJHHUIOOW©

'DV%RORJQHVHU+QGFKHQGDV&]LFNDKLH]RJLQGLHVHP $XJHQEOLFNDQGHU6FKQXUXQGVFKLHQHLQHP3HUOKXKQQDFKODXIHQ ]XZROOHQGDVVLFKYRP+RIKHULQGHQ*DUWHQYHULUUWKDWWHGLH +RQLJYHUVWDQGDEHUNHLQHQ6SDXQGJDEGHP+QGFKHQHLQHQ .ODSV&]LFNDVHLQHUVHLWVWKDWHLQHQ%ODIIXQGZDUIGHQ.RSIKLQ XQGKHUVRGDGLHVHLQHP5|FNFKHQHLJHQWOLFKEORVHLQH /HLEELQGH GLFKWDXIJHQlKWHQ*O|FNFKHQLQHLQ.OLQJHQNDPHQ 'DQQDEHUEHUXKLJWHVLFKGDV7LHUFKHQZLHGHUXQGGLH3URPHQDGH XPGDV%DVVLQKHUXPEHJDQQDXIV1HXH ª6HKHQ6LH)UlXOHLQ+RQLJVRZLUGDXFKGDV/L]]LFKHQHU]RJHQ ,PPHUDQHLQHU6WULSSHGLHGLH0XWWHULQ+lQGHQKlOWXQGZHQQ

PDOHLQ3HUOKXKQNRPPWXQGGDV/L]]LFKHQIRUWZLOOGDQQJLHEW HVDXFKHLQHQ.ODSVDEHUHLQHQJDQ]JDQ]NOHLQHQXQGGHU 8QWHUVFKLHGLVWEORVGD/L]]LNHLQHQ%ODIIWKXWXQGQLFKWGHQ

.RSIZLUIWXQGQDWUOLFKDXFKNHLQ6FKHOOHQJHOlXWKDWGDVLQV .OLQJHQNRPPHQNDQQ©

ª/L]]LFKHQLVWHLQ(QJHO©VDJWHGLH+RQLJGLHZlKUHQGHLQHU VHFK]HKQMlKULJHQ(U]LHKHULQQHQODXIEDKQ9RUVLFKWLP$XVGUXFN JHOHUQWKDWWH ª*ODXEHQ6LHGDVZLUNOLFK"©

ª,FKJODXE HVZLUNOLFK+HUU&RPPHU]LHQUDWYRUDXVJHVHW]WGD ZLUXQVEHU¾(QJHO½HLQLJHQ©

ª6HKUJXW)UlXOHLQ+RQLJGDVNRPPWPLU]XSDLFKZROOWHQXU EHU/L]]LPLW,KQHQVSUHFKHQXQGK|UHQXQDXFKQRFK ZDVEHU (QJHO,P*DQ]HQJHQRPPHQLVWGLH*HOHJHQKHLWVLFKEHU(QJHO HLQIHVWHV8UWHLO]XELOGHQQLFKWJUR1XQVDJHQ6LHZDV YHUVWHKHQ6LHXQWHU(QJHO"$EHUNRPPHQ6LHPLUQLFKWPLW )OJHO©

'LH+RQLJOlFKHOWHª1HLQ+HUU&RPPHU]LHQUDWQLFKWVYRQ)OJHO DEHULFKP|FKWHGRFKVDJHQGUIHQ¾8QEHUKUWKHLWYRP ,UGLVFKHQ½GDVLVWHLQ(QJHO©

ª'DVOlWVLFKK|UHQ8QEHUKUWKHLWYRP,UGLVFKHQ QLFKWEHO -DQRFKPHKULFKZLOOHVRKQHZHLWHUHVJHOWHQODVVHQXQGZLOOHV VFK|QILQGHQXQGZHQQ2WWRXQGPHLQH6FKZLHJHUWRFKWHU+HOHQH VLFKNODUXQG]LHOEHZXWYRUVHW]HQZUGHQHLQHULFKWLJHNOHLQH *HQRYHYDDXV]XELOGHQRGHUHLQHNOHLQHNHXVFKH6XVDQQD3DUGRQ LFKNDQQLP$XJHQEOLFNHNHLQEHVVHUHV%HLVSLHOILQGHQRGHUZHQQ DOOHVJDQ]HUQVWKDIWGDUDXIKLQDXVOLHIHVDJHQZLUIULUJHQGHLQHQ 7KULQJHU/DQGJUDIHQRGHU PHLQHWZHJHQDXFKIUHLQJHULQJHUHV *HVFK|SI*RWWHVHLQHQ$ENODWVFKGHUKHLOLJHQ(OLVDEHWK KHU]XVWHOOHQVRKlWWHLFKQLFKWVGDJHJHQ,FKKDOWHGLH/|VXQJ VROFKHU$XIJDEHIUVHKUVFKZLHULJDEHUQLFKWIUXQP|JOLFKXQG ZLHVRVFK|QJHVDJWZRUGHQLVWXQG LPPHUQRFKJHVDJWZLUG VROFKH'LQJHDXFKEORVJHZROOW]XKDEHQLVWVFKRQHWZDV *URHV© 'LH+RQLJQLFNWHZHLOVLHGHUHLJHQHQQDFKGLHVHU6HLWHKLQ OLHJHQGHQ$QVWUHQJXQJHQJHGHQNHQPRFKWH

ª6LHVWLPPHQPLU]X©IXKU7UHLEHOIRUWª1XQGDVIUHXWPLFK 8QGLFKGHQNHZLUVROOHQDXFKLQGHP=ZHLWHQHLQLJEOHLEHQ

6HKHQ6LHOLHEHV)UlXOHLQLFKEHJUHLIHYROONRPPHQWURW]GHPHV PHLQHPSHUV|QOLFKHQ*HVFKPDFNZLGHUVSULFKWGDHLQH0XWWHU LKU.LQGDXIHLQHQULFKWLJHQ(QJHOKLQHU]LHKWPDQNDQQQLHJDQ] JHQDXZLVVHQZLHGLHVH'LQJHOLHJHQXQGZHQQHV]XP/HW]WHQ NRPPWVRJDQ]]ZHLIHOVRKQHYRUVHLQHP5LFKWHU]XVWHKHQZHU VROOWHVLFKGDVQLFKWZQVFKHQ",FKP|FKWHEHLQDK VDJHQLFK ZQVFK HVPLUVHOEHU$EHUPHLQOLHEHV)UlXOHLQ(QJHOXQG (QJHOLVWHLQ8QWHUVFKLHGXQGZHQQGHU(QJHOZHLWHUQLFKWVLVWDOV HLQ:DVFK(QJHOXQGGLH)OHFNHQORVLJNHLWGHU6HHOHQDFKGHP 6HLIHQNRQVXPEHUHFKQHWXQGGLHJDQ]H5HLQKHLWGHVZHUGHQGHQ 0HQVFKHQDXIGLH:HLKHLWVHLQHU6WUPSIHJHVWHOOWZLUGVR HUIOOWPLFKGLHVPLWHLQHPOHLVHQ*UDXHQ8QGZHQQHVQXQJDU GDVHLJHQH(QNHONLQGLVWGHVVHQIODFKVHQH+DDUH6LHZHUGHQHV DXFKEHPHUNWKDEHQYRUODXWHU3IOHJHVFKRQKDOELQV.DNHUODNLJH IDOOHQVRZLUGHLQHPDOWHQ*URYDWHUKLPPHODQJVWGDEHL .|QQWHQ6LHVLFKQLFKWKLQWHUGLH:XOVWHQVWHFNHQ"'LH:XOVWHQLVW HLQHYHUVWlQGLJH3HUVRQXQGElXPWJODXE LFKLQQHUOLFKJHJHQ GLHVH+DPEXUJHUHLHQDXI,FKZUGHPLFKIUHXHQZHQQ6LH *HOHJHQKHLWQlKPHQ © ,QGLHVHP$XJHQEOLFNHZXUGH&]LFNDZLHGHUXQUXKLJXQGEODIIWH ODXWHUDOV]XYRU7UHLEHOGHUVLFKLQ$XVHLQDQGHUVHW]XQJHQGHUDUW QLFKWJHUQXQWHUEURFKHQVDKZROOWHYHUGULHOLFKZHUGHQDEHUHKH HUQRFKUHFKWGD]XNRPPHQNRQQWHZXUGHQGUHLMXQJH'DPHQ YRQGHU9LOODKHUVLFKWEDU]ZHLYRQLKQHQJDQ]JOHLFKDUWLJLQ EDVWIDUEHQH6RPPHUVWRIIHJHNOHLGHW(VZDUHQGLHEHLGHQ )HOJHQWUHX VGHQHQ+HOHQHIROJWH ª*RWWVHL'DQN+HOHQH©VDJWH7UHLEHOGHUVLFK YLHOOHLFKWZHLO HUHLQVFKOHFKWHV*HZLVVHQKDWWH ]XQlFKVWDQGLH 6FKZLHJHUWRFKWHUZDQGWHª*RWWVHL'DQNGDLFK'LFKHLQPDO ZLHGHUVHKH'XZDUVWHEHQGHU*HJHQVWDQGXQVHUHV*HVSUlFKV RGHUPHKUQRFK'HLQOLHEHV/L]]LFKHQXQG)UlXOHLQ+RQLJVWHOOWH IHVWGD/L]]LFKHQHLQ(QJHOVHL'XNDQQVW'LUGHQNHQGDLFK QLFKWZLGHUVSURFKHQKDEH:HULVWQLFKWJHUQGHU*URYDWHUHLQHV (QJHOV"$EHUPHLQH'DPHQZDVYHUVFKDIIWPLUVRIUKGLHVH (KUH"2GHUJLOWHVPHLQHU)UDX"6LHKDWLKUH0LJUlQH6ROOLFKVLH UXIHQODVVHQ "© ª2 QHLQ3DSD©VDJWH+HOHQHPLWHLQHU)UHXQGOLFKNHLWGLHQLFKW LPPHULKUH6DFKHZDUª:LUNRPPHQ]X'LU)HOJHQWUHX VKDEHQ QlPOLFKYRUKHXWH1DFKPLWWDJHLQH3DUWLHQDFK+DOHQVHH]X

PDFKHQDEHUQXUZHQQDOOH7UHLEHO VYRQ2WWRXQGPLUJDQ] DEJHVHKHQGDUDQWHLOQHKPHQ©'LH)HOJHQWUHX VFKHQ6FKZHVWHUQ EHVWlWLJWHQGLHVDOOHVGXUFK6FKZHQNHQLKUHU6RQQHQVFKLUPH ZlKUHQG+HOHQHIRUWIXKUª8QGQLFKWVSlWHUDOVGUHL:LUPVVHQ DOVRYHUVXFKHQXQVHUHPOXQFK HLQHQNOHLQHQGLQQHU&KDUDNWHU ]XJHEHQRGHUDEHUXQVHUGLQQHU ELVDXIDFKW8KU$EHQGV KLQDXVVFKLHEHQ(OIULHGHXQG%ODQFDZROOHQQRFKLQGLH $GOHUVWUDH XPDXFK6FKPLGW VDXI]XIRUGHUQ]XPPLQGHVWHQ &RULQQDGHU3URIHVVRUNRPPWGDQQYLHOOHLFKWQDFK.URODKDW VFKRQ]XJHVDJWXQGZLOOHLQ4XDUWHWWPLWEULQJHQGDUXQWHU]ZHL 5HIHUHQGDUHYRQGHU3RWVGDPHU5HJLHUXQJ © ª8QG5HVHUYHRIIL]LHUH©HUJlQ]WH%ODQFDGLHMQJHUH )HOJHQWUHX

ª5HVHUYHRIIL]LHUH©ZLHGHUKROWH7UHLEHOHUQVWKDIWª-DPHLQH 'DPHQGDVJLHEWGHQ$XVVFKODJ,FKJODXEHQLFKWGDHLQ KLHUODQGHVOHEHQGHU)DPLOLHQYDWHUDXFKZHQQLKPHLQJUDXVDPHV 6FKLFNVDOHLJHQH7|FKWHUYHUVDJWHGHQ0XWKDEHQZLUGHLQH /DQGSDUWLHPLW]ZHL5HVHUYHOLHXWHQDQWVDXV]XVFKODJHQ$OVR EHVWHQVDFFHSWLHUW8QGGUHL8KU0HLQH)UDXZLUG]ZDUYHUVWLPPW VHLQGDEHULKU+DXSWKLQZHJHQGJOWLJH%HVFKOVVHJHIDW ZRUGHQVLQGXQGLFKIUFKWHEHLQDK HLQPRPHQWDQHV:DFKVHQ GHVWLFGRXORXUHX[7URW]GHPELQLFKLKUHUVLFKHU/DQGSDUWLH PLW4XDUWHWWXQGYRQVROFKHUJHVHOOVFKDIWOLFKHQ =XVDPPHQVHW]XQJ GLH)UHXGHGDUEHUEOHLEWSUlGRPLQLHUHQGHV *HIKO'HPLVWNHLQH0LJUlQHJHZDFKVHQ'DUILFKLKQHQ EULJHQVPHLQH0HORQHQEHHWH]HLJHQ"2GHUQHKPHQZLUOLHEHU HLQHQOHLFKWHQ,PELJDQ]OHLFKWRKQHMHGHHUQVWH*HIlKUGXQJ GHVOXQFK"© $OOHGUHLGDQNWHQGLH)HOJHQWUHX VZHLOVLHVLFKGLUHNW]X&RULQQD EHJHEHQZROOWHQ+HOHQHZHLOVLH/L]]L VKDOEHUZLHGHUQDFK +DXVHPVVH'LH:XOVWHQVHLQLFKWDFKWVDPJHQXJXQGODVVH 'LQJHGXUFKJHKHQYRQGHQHQVLHQXUVDJHQN|QQHGDVLH ªVKRFNLQJ©VHLHQ=XP*OFNVHL/L]]LFKHQHLQVRJXWHV.LQG VRQVWZUGHVLHVLFKHUQVWOLFKHU6RUJHGDUEHUKLQJHEHQPVVHQ

ª/L]]LFKHQLVWHLQ(QJHO GLHJDQ]H0XWWHU©VDJWH7UHLEHOXQG ZHFKVHOWHZlKUHQGHUGDVVDJWH%OLFNHPLWGHU+RQLJZHOFKHGLH JDQ]H=HLWEHULQHLQHUJHZLVVHQUHVHUYLHUWHQ+DOWXQJVHLWDE JHVWDQGHQKDWWH

=HKQWHV.DSLWHO

$XFK6FKPLGW VKDWWHQ]XJHVDJW&RULQQDPLWEHVRQGHUHU )UHXGLJNHLWZHLOVLHVLFKVHLWGHP'LQHUWDJHEHL7UHLEHO VLQLKUHU KlXVOLFKHQ(LQVDPNHLWKHU]OLFKJHODQJZHLOWKDWWHGLHJURHQ 6lW]HGHV$OWHQNDQQWHVLHOlQJVWDXVZHQGLJXQGYRQGHQ (U]lKOXQJHQGHUJXWHQ6FKPRONHJDOWGDVVHOEH6RNODQJGHQQ ªHLQ1DFKPLWWDJLQ+DOHQVHH©IDVWVRSRHWLVFKZLHªYLHU:RFKHQ DXI&DSUL©XQG&RULQQDEHVFKORGDUDXIKLQLKU%HVWHV]XWKXQ XPVLFKEHLGLHVHU*HOHJHQKHLWDXFKlXHUOLFKQHEHQGHQ )HOJHQWUHX VEHKDXSWHQ]XN|QQHQ'HQQLQLKUHU6HHOHGlPPHUWH HLQHXQNODUH9RUVWHOOXQJGDYRQGDGLHVH/DQGSDUWLHQLFKW JHZ|KQOLFKYHUODXIHQVRQGHUQHWZDV*URHVEULQJHQZHUGH 0DUFHOOZDU]XU7HLOQDKPHQLFKWDXIJHIRUGHUWZRUGHQZRPLWVHLQH &RXVLQHQDFKGHUHLQHJDQ]H:RFKHODQJYRQLKPEHREDFKWHWHQ +DOWXQJGXUFKDXVHLQYHUVWDQGHQZDU$OOHVYHUVSUDFKHLQHQ IURKHQ7DJEHVRQGHUVDXFKPLW5FNVLFKWDXIGLH =XVDPPHQVHW]XQJGHU*HVHOOVFKDIW8QWHUGHPZDVPDQLP YRUDXVYHUHLQEDUWKDWWHZDUQDFK9HUZHUIXQJHLQHVYRQ7UHLEHO LQ9RUVFKODJJHEUDFKWHQ.UHPVHUVªGHULPPHUGDV(LJHQWOLFKH VHL©GDVGLH+DXSWVDFKHJHZHVHQGDPDQDXI JHPHLQVFKDIWOLFKH)DKUWYHU]LFKWHQGDIUDEHUPlQQLJOLFKVLFK YHUSIOLFKWHQZROOH3XQNWYLHU8KUXQGMHGHQIDOOVQLFKWPLW hEHUVFKUHLWXQJGHVDNDGHPLVFKHQ9LHUWHOVLQ+DOHQVHH]XVHLQ 8QGZLUNOLFKXPYLHU8KUZDUDOOHVYHUVDPPHOWRGHUGRFKIDVW DOOHV$OWHXQGMXQJH7UHLEHO VGHVJOHLFKHQGLH)HOJHQWUHX V KDWWHQVLFKLQHLJHQHQ(TXLSDJHQHLQJHIXQGHQZlKUHQG.UROD YRQVHLQHP4XDUWHWWEHJOHLWHWDXVQLFKWDXIJHNOlUWHQ*UQGHQ GLHQHXH'DPSIEDKQ&RULQQDDEHU PXWWHUZLQGDOOHLQ GHU$OWH ZROOWHQDFKNRPPHQ GLH6WDGWEDKQEHQXW]WKDWWH9RQGHQ 7UHLEHO VIHKOWHQXU/HRSROGGHUVLFKZHLOHUGXUFKDXVDQ 0U 1HOVRQ]XVFKUHLEHQKDEHZHJHQHLQHUKDOEHQ6WXQGH 9HUVSlWXQJLPYRUDXVHQWVFKXOGLJHQOLH&RULQQDZDUPRPHQWDQ YHUVWLPPWGDUEHUELVLKUGHU*HGDQNHNDPHVVHLZRKO HLJHQWOLFKEHVVHUVRNXU]H%HJHJQXQJHQVHLHQLQKDOWUHLFKHUDOV ODQJH ª1XQOLHEHQ)UHXQGH©QDKP7UHLEHOGDV:RUWªDOOHVQDFKGHU 2UGQXQJ(UVWH)UDJHZREULQJHQZLUXQVXQWHU":LUKDEHQ YHUVFKLHGHQHV]XU:DKO%OHLEHQZLUKLHU3DUWHUUH]ZLVFKHQ GLHVHQIRUPLGDEOHQ7LVFKUHLKHQRGHUUFNHQZLUDXIGLH

EHQDFKEDUWH9HUDQGDKLQDXIGLH6LHZHQQ6LH*HZLFKWGDUDXI OHJHQDXFKDOV$OWDQRGHUDOV6|OOHUEH]HLFKQHQN|QQHQ"2GHU EHYRU]XJHQ6LHYLHOOHLFKWGLH9HUVFKZLHJHQKHLWGHULQQHUHQ *HPlFKHULUJHQGHLQHU.HPHQDWHYRQ+DOHQVHH"2GHUHQGOLFK YLHUWHQVXQGOHW]WHQVVLQG6LHIU7XUPEHVWHLJXQJXQGWUHLEWHV 6LHGLHVH:XQGHUZHOWLQGHUNHLQHV0HQVFKHQ$XJHELVKHUHLQHQ IULVFKHQ*UDVKDOPHQWGHFNHQNRQQWHWUHLEWHV6LHVDJ LFK GLHVHVYRQ6SDUJHOEHHWHQXQG(LVHQEDKQGlPPHQGXUFKVHW]WH :VWHQSDQRUDPD]X,KUHQ)HQDXVJHEUHLWHW]XVHKHQ"©

ª,FKGHQNH©VDJWH)UDX)HOJHQWUHXGLHWURW]GHPVLHNDXP DXVJDQJVYLHU]LJZDUVFKRQGDV(PERQSRLQWXQGGDV$VWKPD HLQHU6HFK]LJHULQKDWWHªLFKGHQNHOLHEHU7UHLEHOZLUEOHLEHQZR ZLUVLQG,FKELQQLFKWIU6WHLJHQXQGGDQQPHLQ LFKDXFK LPPHUPDQPXPLWGHP]XIULHGHQVHLQZDVPDQJHUDGHKDW©

ª(LQHPHUNZUGLJEHVFKHLGHQH)UDX©VDJWH&RULQQD]X.URODGHU VHLQHUVHLWVPLWHLQIDFKHU=DKOHQQHQQXQJDQWZRUWHWHOHLVH KLQ]XVHW]HQGªDEHU7KDOHU©

ª*XWGHQQ©IXKU7UHLEHOIRUWª:LUEOHLEHQDOVRLQGHU7LHIH :R]XGHP+|KHUHQ]XVWUHEHQ"0DQPX]XIULHGHQVHLQPLWGHP GXUFK6FKLFNVDOVEHVFKOX*HJHEHQHQZLHPHLQH)UHXQGLQ )HOJHQWUHXVRHEHQYHUVLFKHUWKDW0LWDQGHUHQ:RUWHQ¾*HQLHH IU|KOLFKZDV'XKDVW½$EHUOLHEH)HVWJHQRVVHQZDVWKXQZLU XPXQVHUH)U|KOLFKNHLW]XEHOHEHQRGHUULFKWLJHUXQGDUWLJHUXP LKU'DXHU]XJHEHQ"'HQQYRQ%HOHEXQJXQVHUHU )U|KOLFKNHLW VSUHFKHQKLHHGDVDXJHQEOLFNOLFKH9RUKDQGHQVHLQGHUVHOEHQLQ =ZHLIHO]LHKHQ HLQH%ODVSKHPLHGHUHQLFKPLFKQLFKWVFKXOGLJ PDFKHQZHUGH/DQGSDUWLHQVLQGLPPHUIU|KOLFK1LFKWZDKU .UROD"© .URODEHVWlWLJWHPLWHLQHPYHUVFKPLW]WHQ/lFKHOQGDVIUGHQ (LQJHZHLKWHQHLQHVWLOOH6HKQVXFKWQDFK6LHFKHQRGHUGHP VFKZHUHQ:DJQHUDXVGUFNHQVROOWH

7UHLEHOYHUVWDQGHVDXFKVRª/DQGSDUWLHQDOVRVLQGLPPHU IU|KOLFKXQGGDQQKDEHQZLUGDV4XDUWHWWLQ%HUHLWVFKDIWXQG KDEHQ3URIHVVRU6FKPLGWLQ6LFKWXQG/HRSROGDXFK,FKILQGH GDGLHVDOOHLQVFKRQHLQ3URJUDPPDXVGUFNW©8QGQDFKGLHVHQ (LQOHLWXQJVZRUWHQHLQHQLQGHU1lKHVWHKHQGHQPLWWHODOWHUOLFKHQ .HOOQHUKHUDQZLQNHQGIXKUHULQHLQHUDQVFKHLQHQGDQGLHVHQLQ

:DKUKHLWDEHUDQVHLQH)UHXQGHJHULFKWHWHQ5HGHIRUWª,FK GHQNH.HOOQHUZLUUFNHQ]XQlFKVWHLQLJH7LVFKH]XVDPPHQKLHU ]ZLVFKHQ%UXQQHQXQG)OLHGHUERVTXHWGDKDEHQZLUIULVFKH/XIW XQGHWZDV6FKDWWHQ8QGGDQQ)UHXQGVREDOGGLH/RNDOIUDJH JHUHJHOWXQGGDV$NWLRQVIHOGDEJHVWHFNWLVWGDQQHWZHOFKH 3RUWLRQHQ.DIIHHVDJHQZLUYRUOlXILJIQI=XFNHUGRSSHOWXQG HWZDV.XFKLJHVJOHLFKYLHOZDVPLW$XVQDKPHYRQDOWGHXWVFKHP 1DSINXFKHQGHUPLULPPHUHLQH0DKQXQJLVWHVPLWGHPQHXHQ 'HXWVFKODQGHUQVWXQGHKUOLFK]XYHUVXFKHQ'LH %LHUIUDJHN|QQHQ ZLUVSlWHUUHJHOQZHQQXQVHU=X]XJHLQJHWURIIHQLVW© 'LHVHU=X]XJZDUQXQLQGHU7KDWQlKHUDOVGLHJDQ]H *HVHOOVFKDIW]XKRIIHQJHZDJWKDWWH6FKPLGWLQHLQHULKQ EHJOHLWHQGHQ:RONHKHUDQNRPPHQGZDUPOOHUJUDXYRQ &KDXVVHHVWDXEXQG PXWHHVVLFKJHIDOOHQODVVHQYRQGHQ MXQJHQGDEHLQLFKWZHQLJNRNHWWLHUHQGHQ'DPHQDEJHNORSIW]X ZHUGHQXQGNDXPGDHULQ6WDQGJHVHW]WXQGLQGHQ.UHLVGHU hEULJHQHLQJHUHLKWZDUVRZDUGDXFKVFKRQ/HRSROGLQHLQHU ODQJVDPKHUDQWURWWHQGHQ'URVFKNHVLFKWEDUXQGEHLGH )HOJHQWUHX V&RULQQDKLHOWVLFK]XUFN OLHIHQDXFKLKPELVDXIGLH &KDXVVHHKLQDXVHQWJHJHQXQGVFKZHQNWHQGLHVHOEHQNOHLQHQ %DWWLVWWFKHU]XVHLQHU%HJUXQJPLWGHQHQVLHHEHQGHQDOWHQ 6FKPLGWUHVWLWXLHUWXQGZLHGHUOHLGOLFKJHVHOOVFKDIWVIlKLJJHPDFKW KDWWHQ $XFK7UHLEHOKDWWHVLFKHUKREHQXQGVDKGHU$QIDKUWVHLQHV -QJVWHQ]Xª6RQGHUEDU©VDJWHHU]X6FKPLGWXQG)HOJHQWUHX ]ZLVFKHQGHQHQHUVDªVRQGHUEDUHVKHLWLPPHUGHU$SIHO IlOOWQLFKWZHLWYRP6WDPP$EHUPLWXQWHUWKXWHU VGRFK$OOH 1DWXUJHVHW]HVFKZDQNHQKHXW ]X7DJH'LH:LVVHQVFKDIWVHW]W LKQHQ]XDUJ]X6HKHQ6LH6FKPLGWZHQQLFK /HRSROG7UHLEHO ZlUHPLWPHLQHP9DWHUZDUGDVHWZDVDQGHUHVGHUZDUQRFK DXVGHUDOWHQ=HLW VRKlWWHPLFKGRFKNHLQ'HXEHOGDYRQ DEJHKDOWHQKLHUKHXWHKRFK]X5RYRU]XUHLWHQXQGKlWWHPLFK JUD]L|V GHQQ6FKPLGWZLUKDEHQGRFKDXFKXQVHUH=HLWJHKDEW KlWWHPLFKJUD]L|VVDJ LFKDXVGHP6DWWHOJHVFKZXQJHQXQG PLUPLWGHU%DGLQHGLH6WLHIHOXQGGLH8QDXVVSUHFKOLFKHQ DEJHNORSIWXQGZlUHKLHUVFKOHFKWJHUHFKQHWZLHHLQMXQJHU*RWW HUVFKLHQHQPLWHLQHUURWHQ1HONHLP.QRSIORFKJDQ]ZLH (KUHQOHJLRQRGHUHLQlKQOLFKHU8QVLQQ8QGQXQVHKHQ6LHVLFK GHQ-XQJHQDQ.RPPWHUQLFKWDQDOVREHUKLQJHULFKWHWZHUGHQ VROOWH"'HQQ GDVLVWMDJDUNHLQH'URVFKNHGDVLVWHLQ.DUUHQ

HLQH6FKOHLIH:HLGHU+LPPHOZR VQLFKWGULQVWHFNWGDNRPPW HVDXFKQLFKW© 8QWHUGLHVHQ:RUWHQZDU/HRSROGKHUDQJHNRPPHQXQWHUJHIDW YRQGHQEHLGHQ)HOJHQWUHX VGLHVLFKYRUJHVHW]W]XKDEHQ VFKLHQHQjWRXWSUL[ IUGDVª/DQGSDUWLHOLFKH©]XVRUJHQ &RULQQDZLHVLFKGHQNHQOlWJHILHOVLFKLQ0LELOOLJXQJGLHVHU 9HUWUDXOLFKNHLWXQGVDJWHYRUVLFKKLQª'XPPH'LQJHU©'DQQ DEHUHUKREDXFKVLHVLFKXP/HRSROGJHPHLQVFKDIWOLFKPLWGHQ DQGHUQ]XEHJUHQ

'LH'URVFKNHGUDXHQKLHOWQRFKLPPHUZDVGHPDOWHQ7UHLEHO VFKOLHOLFKDXIILHOª6DJH/HRSROGZDUXPKlOWHUQRFK"5HFKQHW HUDXI5FNIDKUW"© ª,FKJODXEH3DSDGDHUIXWWHUQZLOO©

ª:RKOXQGZHLVH)UHLOLFKPLWVHLQHP+lFNVHOVDFNZLUGHUQLFKW ZHLWNRPPHQ+LHUPVVHQHQHUJLVFKHUH%HOHEXQJVPLWWHO DQJHZDQGWZHUGHQVRQVWSDVVLHUW ZDV%LWWH.HOOQHUJHEHQ6LH GHP6FKLPPHOHLQ6HLGHO$EHU/|ZHQEUlX'HVVHQLVWHUDP EHGUIWLJVWHQ© ª,FKZHWWH©VDJWH.URODªGHU.UDQNHZLUGYRQ,KUHU$U]QHL QLFKWVZLVVHQZROOHQ©

ª,FKYHUEUJHPLFKIUGDV*HJHQWHLO,QGHP6FKLPPHOVWHFNW

ZDVEORVKHUXQWHUJHNRPPHQ© 8QGZlKUHQGGDV*HVSUlFKQRFKDQGDXHUWHIROJWHPDQGHP 9RUJDQJHGUDXHQXQGVDKZLHGDVDUPHYHUVFKPDFKWHWH7LHU PLW*LHUGDV6HLGHODXVWUDQNXQGLQHLQVFKZDFKHV )UHXGHQJHZLHKHUDXVEUDFK

ª'DKDEHQZLU V©WULXPSKLHUWH7UHLEHOª,FKELQHLQ 0HQVFKHQNHQQHUGHUKDWEHVVHUH7DJHJHVHKHQXQGPLWGLHVHP 6HLGHO]RJHQDOWH=HLWHQLQLKPKHUDXI8QG(ULQQHUXQJHQVLQG LPPHUGDV%HVWH1LFKWZDKU-HQQ\"© 'LH&RPPHU]LHQUlWLQDQWZRUWHWHPLWHLQHPODQJJHGHKQWHQªMD 7UHLEHO©XQGGHXWHWHGXUFKGHQ7RQDQGDHUEHVVHUWKlWHVLH PLWVROFKHQ%HWUDFKWXQJHQ]XYHUVFKRQHQ

(LQH6WXQGHYHUJLQJXQWHUDOOHUKDQG3ODXGHUHLHQXQGZHUJHUDGH VFKZLHJGHUYHUVlXPWHQLFKWGDV%LOGDXIVLFKZLUNHQ]XODVVHQ GDVVLFKXPLKQKHUDXVEUHLWHWH'DVWLHJ]XQlFKVWHLQH7HUUDVVH QDFKGHP6HHKLQXQWHUYRQGHVVHQDQGHUP8IHUKHUPDQGHQ VFKZDFKHQ.QDOOHLQLJHU7HVFKLQJVK|UWHPLWGHQHQLQHLQHUGRUW HWDEOLHUWHQ6FKLHEXGHQDFKGHU6FKHLEHJHVFKRVVHQZXUGH ZlKUHQGPDQDXVYHUKlOWQLVPlLJHU1lKHGDV.XJHOUROOHQHLQHU DPGLHVVHLWLJHQ8IHUVLFKKLQ]LHKHQGHQ'RSSHONHJHOEDKQXQG GD]ZLVFKHQGLH5XIHGHV.HJHOMXQJHQYHUQDKP'HQ6HHVHOEVW DEHUVDKPDQQLFKWUHFKWZDVGLH)HOJHQWUHX VFKHQ0lGFKHQ ]XOHW]WXQJHGXOGLJPDFKWHª:LUPVVHQGRFKGHQ6HHVHKHQ :LUN|QQHQGRFKQLFKWLQ+DOHQVHHJHZHVHQVHLQRKQHGHQ +DOHQVHHJHVHKHQ]XKDEHQ©8QGGDEHLVFKREHQVLH]ZHL6WKOH PLWGHQ/HKQHQ]XVDPPHQXQGNOHWWHUWHQKLQDXI XPVRGHQ :DVVHUVSLHJHOYLHOOHLFKWHQWGHFNHQ]XN|QQHQª$FKGDLVWHU (WZDVNOHLQ© ª'DV¾$XJHGHU/DQGVFKDIW½PXNOHLQVHLQ©VDJWH7UHLEHOª(LQ 2]HDQLVWNHLQ$XJHPHKU© ª8QGZRQXUGLH6FKZlQHVLQG"©IUDJWHGLHlOWHUH)HOJHQWUHX QHXJLHULJª,FK VHKHGRFK]ZHL6FKZDQHQKlXVHU©

ª-DOLHEH(OIULHGH©VDJWH7UHLEHOª6LHYHUODQJHQ]XYLHO'DVLVW LPPHUVRZR6FKZlQHVLQGVLQGNHLQH6FKZDQHQKlXVHUXQGZR 6FKZDQHQKlXVHUVLQGVLQGNHLQH6FKZlQH'HU(LQHKDWGHQ %HXWHOGHU$QGUHKDWGDV*HOG'LHVH:DKUQHKPXQJPHLQH MXQJH)UHXQGLQZHUGHQ6LHQRFKYHUVFKLHGHQWOLFKLP/HEHQ PDFKHQ/DVVHQ6LHPLFKDQQHKPHQQLFKW]XVHKU]X,KUHP 6FKDGHQ© (OIULHGHVDKLKQJURDQª:RUDXIEH]RJVLFKGDVXQGDXIZHQ" $XI/HRSROG"RGHUDXIGHQIUKHUHQ+DXVOHKUHUPLWGHPVLHVLFK QRFKVFKULHEDEHUGRFKQXUVRGDHVQLFKWY|OOLJHLQVFKOLHI 2GHUDXIGHQ3LRQLHUOLHXWHQDQW"(VNRQQWHVLFKDXIDOOH'UHL EH]LHKHQ/HRSROGKDWWHGDV*HOG+P©

ª,PhEULJHQ©IXKU7UHLEHODQGLH*HVDPWKHLWJHZHQGHWIRUWªLFK KDEH PDOZRJHOHVHQGDHVLPPHUGDV*HUDWHQVWHVHLGDV 6FK|QVWHQLFKWDXV]XNRVWHQVRQGHUQPLWWHQLP*HQXVVHGHP *HQX9DOHW]XVDJHQ8QGGLHVHU*HGDQNHNRPPWPLUDXFKMHW]W

ZLHGHU(VLVWNHLQ=ZHLIHOGDGLHVHU)OHFN(UGHPLW]XGHP 6FK|QVWHQ]lKOWZDVGLHQRUGGHXWVFKH7LHIHEHQHEHVLW]W GXUFKDXVDQJHWKDQGXUFK6DQJXQG%LOGYHUKHUUOLFKW]XZHUGHQ ZHQQHVQLFKWVFKRQJHVFKHKHQLVW GHQQZLUKDEHQMHW]WHLQH PlUNLVFKH6FKXOHYRUGHUQLFKWVVLFKHULVW%HOHXFKWXQJVNQVWOHU HUVWHQ5DQJHVZREHL:RUWRGHU)DUEHNHLQHQ8QWHUVFKLHGPDFKW $EHUHEHQZHLO HVVRVFK|QLVWJHGHQNHQZLUMHQHVYRU]LWLHUWHQ 6DW]HVGHUYRQHLQHPOHW]WHQ$XVNRVWHQQLFKWVZLVVHQZLOOPLW DQGHUQ:RUWHQEHVFKlIWLJHQZLUXQVPLWGHP*HGDQNHQDQ $XIEUXFK,FKVDJHZRKOEHUOHJWª$XIEUXFK©QLFKW5FNIDKUW QLFKWYRU]HLWLJH5FNNHKULQGLHDOWHQ*HOHLVHGDVVHLIHUQHYRQ PLUGLHVHU7DJKDWVHLQOHW]WHV:RUWQRFKQLFKWJHVSURFKHQ1XU HLQ6FKHLGHQVSH]LHOODXVGLHVHP,G\OOHK HVXQVJDQ]XPVWULFNW ,FKSURSRQLHUH:DOGSURPHQDGHELV3DXOVERUQRGHUZHQQGLHV]X NKQHUVFKHLQHQVROOWHELV+XQGHNHKOH'LH3URVDGHV1DPHQV ZLUGDXVJHJOLFKHQGXUFKGLH3RHVLHGHUJU|HUHQ1lKH9LHOOHLFKW GDLFKPLUGHQEHVRQGHUHQ'DQNPHLQHU)UHXQGLQ)HOJHQWUHX GXUFKGLHVH0RGLILNDWLRQYHUGLHQH© )UDX )HOJHQWUHXGHUQLFKWVlUJHUOLFKHUZDUDOV$QVSLHOXQJHQDXI LKUH:RKOEHOHLEWKHLWXQG.XU]DWPLJNHLWEHJQJWHVLFKLKUHP )UHXQGH7UHLEHOGHQ5FNHQ]XNHKUHQ

ª'DQNYRP+DXVHgVWHUUHLFK$EHUHVLVWLPPHUVRGHU*HUHFKWH PXYLHOOHLGHQ,FKZHUGHPLFK DXIHLQHPYHUVFKZLHJHQHQ :DOGZHJHEHPKHQ,KUHPVFK|QHQ8QPXWGLH6SLW]H DE]XEUHFKHQ'DUILFKXP,KUHQ$UPELWWHQOLHEH)UHXQGLQ"© 8QGDOOHVHUKREVLFKXPLQ*UXSSHQ]X=ZHLHQXQG'UHLHQGLH 7HUUDVVHKLQDE]XVWHLJHQXQG]XEHLGHQ6HLWHQGHV6HHVDXIGHQ VFKRQLPKDOEHQ'lPPHUOLHJHQGHQ*UXQHZDOG]X]XVFKUHLWHQ

'LH+DXSWNRORQQHKLHOWVLFKOLQNV6LHEHVWDQGXQWHU9RUDQWULWW GHV)HOJHQWUHX VFKHQ(KHSDDUHV7UHLEHOKDWWHVLFKYRQVHLQHU )UHXQGLQZLHGHUIUHLJHPDFKW DXVGHP.UROD VFKHQ4XDUWHWWLQ GDVVLFK(OIULHGHXQG%ODQFD)HOJHQWUHXGHUDUWHLQJHUHLKWKDWWHQ GDVLH]ZLVFKHQGHQEHLGHQ5HIHUHQGDULHQXQG]ZHLMXQJHQ .DXIOHXWHQJLQJHQ(LQHUGHUMXQJHQ.DXIOHXWHZDUHLQEHUKPWHU -RGOHUXQGWUXJDXFKGHQHQWVSUHFKHQGHQ+XW'DQQNDPHQ2WWR XQG+HOHQHZlKUHQG7UHLEHOXQG.URODDEVFKORVVHQ

ª(VJHKWGRFKQLFKWVEHUHLQHULFKWLJH(KH©VDJWH.UROD]X 7UHLEHOXQGZLHVDXIGDVMXQJH3DDUYRULKQHQª6LHPVVHQVLFK GRFKDXIULFKWLJIUHXHQ&RPPHU]LHQUDWZHQQ6LH,KUHQbOWHVWHQ VRJOFNOLFKXQGVR]lUWOLFKQHEHQGLHVHUKEVFKHQXQGLPPHU EOLQNXQGEODQNHQ)UDXHLQKHUVFKUHLWHQVHKHQ6FKRQREHQVDHQ VLHGLFKWEHLVDPPHQXQGQXQJHKHQVLH$UPLQ$UP,FKJODXEH EHLQDKVLHGUFNHQVLFKOHLVH© ª0LUHLQVLFKUHU%HZHLVGDVLHVLFKYRUPLWWDJVJH]DQNWKDEHQ 2WWRGHUDUPH.HUOPXQXQ5HXJHOG]DKOHQ©

ª$FK7UHLEHO6LHVLQGHZLJHLQ6S|WWHU,KQHQNDQQHVNHLQHU UHFKWPDFKHQXQGDPZHQLJVWHQGLH.LQGHU*OFNOLFKHUZHLVH VDJHQ6LHGDVVRKLQRKQHUHFKWGUDQ]XJODXEHQ0LWHLQHU 'DPHGLHVRJXWHU]RJHQZXUGHNDQQPDQVLFKEHUKDXSWQLFKW ]DQNHQ©

,QGLHVHP$XJHQEOLFNHK|UWHPDQGHQ-RGOHUHLQLJH-XFK]HU DXVVWRHQVRWLUROHUKDIWHFKWGDVLFKGDV(FKRGHU3LFKHOVEHUJH QLFKWYHUDQODWVDKGDUDXI]XDQWZRUWHQ .URODODFKWHª'DVLVWGHUMXQJH0HW]QHU(UKDWHLQHPHUNZUGLJ JXWH6WLPPHZHQLJVWHQVIUHLQHQ'LOHWWDQWHQXQGKlOW HLJHQWOLFKGDV4XDUWHWW]XVDPPHQ$EHUVRZLHHUHLQH3ULVH IULVFKH/XIWZLWWHUWLVWHVPLWLKPYRUEHL'DQQIDWLKQGDV 6FKLFNVDOPLWUDVHQGHU*HZDOWXQGHUPXMRGHOQ$EHUZLU ZROOHQYRQGHQ.LQGHUQQLFKWDENRPPHQ6LHZHUGHQPLUGRFK QLFKWZHLPDFKHQZROOHQ© .URODZDUQHXJLHULJXQGK|UWHJHUQ ,QWLPLWlWHQ ª6LHZHUGHQPLUGRFKQLFKWZHLPDFKHQZROOHQ GDGLHEHLGHQGDYRUXQVLQHLQHUXQJOFNOLFKHQ(KHOHEHQ8QG ZDVGDV=DQNHQDQJHKWVRNDQQLFKQXUZLHGHUKROHQ +DPEXUJHULQQHQVWHKHQDXIHLQHU%LOGXQJVVWXIHGLHGHQ=DQN DXVVFKOLHW©

7UHLEHOZLHJWHGHQ.RSIª-DVHKHQ6LH.UROD6LHVLQGQXQHLQ VRJHVFKHLGWHU.HUOXQGNHQQHQGLH:HLEHUMDZLHVROOLFKVDJHQ 6LHNHQQHQVLHZLHVLHQXUHLQ7HQRUNHQQHQNDQQ'HQQHLQ 7HQRUJHKWQRFKZHLWEHUQ/LHXWHQDQW8QGGRFKRIIHQEDUHQ6LH KLHULQGHPVSH]LHOO(KHOLFKHQZDVQRFKZLHGHUHLQ*HELHWIU VLFKLVWHLQIXUFKWEDUHV0DQTXHPHQW8QGZDUXP":HLO6LH V LQ ,KUHUHLJHQHQ(KHJOHLFKYLHOQXQREGXUFK,KURGHU,KUHU)UDX 9HUGLHQVWDXVQDKPVZHLVHJXWJHWURIIHQKDEHQ1DWUOLFKZLH,KU

)DOOEHZHLVWNRPPWDXFKGDV YRU$EHUGLH)ROJHGDYRQLVW HLQIDFKGLHGD6LH DXFKGDV%HVWHKDWVHLQH.HKUVHLWH GD 6LHVDJ LFKNHLQULFKWLJHU(KHPDQQVLQGGD6LHNHLQHYROOH .HQQWQLVYRQGHU6DFKHKDEHQ6LHNHQQHQGHQ$XVQDKPHIDOO DEHUQLFKWGLH5HJHOhEHU(KHNDQQQXUVSUHFKHQZHUVLH GXUFKJHIRFKWHQKDWQXUGHU9HWHUDQGHUDXI:XQGHQPDOH]HLJW :LHKHLW HVGRFK"¾1DFK)UDQNUHLFK]RJHQ]ZHL*UHQDGLHU GLHOLHHQGLH.|SIHKlQJHQ½'DKDEHQ6LH V© ª$FKGDVVLQG5HGHQVDUWHQ7UHLEHO ©

ª8QGGLHVFKOLPPVWHQ(KHQVLQGGLHOLHEHU.URODZRIXUFKWEDU ªJHELOGHW©JHVWULWWHQZLUGZRZHQQ6LHPLUGHQ$XVGUXFN JHVWDWWHQZROOHQHLQH.ULHJVIKUXQJPLW6DPPHWKDQGVFKXKHQ VWDWWILQGHWRGHUULFKWLJHUQRFKZRPDQVLFKZLHEHLPU|PLVFKHQ &DUQHYDO&RQIHWWLLQV*HVLFKWZLUIW(VVLHKWKEVFKDXVDEHU YHUZXQGHWGRFK8QGLQGLHVHU.XQVWDQVFKHLQHQGJHIlOOLJHQ &RQIHWWLZHUIHQVLVWPHLQH6FKZLHJHUWRFKWHUHLQH0HLVWHULQ,FK ZHWWHGDPHLQDUPHU2WWRVFKRQRIWEHLVLFKJHGDFKWKDWZHQQ VLHGLFKGRFKNUDW]WHZHQQVLHGRFK PDODXHUVLFKZlUHZHQQ VLHGRFK PDOVDJWH6FKHXVDORGHU/JQHURGHUHOHQGHU 9HUIKUHU © ª$EHU7UHLEHOGDVNDQQVLHGRFKQLFKWVDJHQ'DVZlUHMD 8QVLQQ2WWRLVWMDGRFKNHLQ9HUIKUHUDOVRDXFKNHLQ 6FKHXVDO ©

ª$FK.URODGDUDXINRPPWHVMDJDUQLFKWDQ:RUDXIHV DQNRPPWLVWVLHPXVLFKGHUJOHLFKHQZHQLJVWHQVGHQNHQ N|QQHQVLHPXHLQHHLIHUVFKWLJH5HJXQJKDEHQXQGLQVROFKHP 0RPHQWHPXHVDIULNDQLVFKDXVLKUORVEUHFKHQ$EHUDOOHVZDV +HOHQHKDWKDWK|FKVWHQVGLH7HPSHUDWXUGHU8KOHQKRUVW6LHKDW QLFKWVDOVHLQHQXQHUVFKWWHUOLFKHQ*ODXEHQDQ7XJHQGXQG :LQGVRUVRDS© ª1XQPHLQHWZHJHQ$EHUZHQQHVVRLVWZRNRPPWGDQQGHU =DQNKHU"©

ª'HUNRPPWGRFK(UWULWWQXUDQGHUVDXIDQGHUVDEHUQLFKW EHVVHU.HLQ'RQQHUZHWWHUQXUNOHLQH:RUWHPLWGHP*LIWJHKDOW HLQHVKDOEHQ0FNHQVWLFKVRGHUDEHU6FKZHLJHQ6WXPPKHLW 0XIIHOQGDVLQQHUH'SSHOGHU(KHZlKUHQGQDFKDXHQKLQGDV

*HVLFKWNHLQH)DOWHVFKOlJW'DVVLQGVRGLH)RUPHQ8QGLFK IUFKWHGLHJDQ]H=lUWOLFKNHLWGLHZLUGDYRUXQVZDQGHOQVHKHQ XQGGLHVLFKDXJHQVFKHLQOLFKVHKUHLQVHLWLJJLHEWLVWQLFKWVDOVHLQ %XHWKXQ 2WWR7UHLEHOLP6FKORKRI]X&DQRVVDXQGPLW6FKQHH XQWHUGHQ)HQ6HKHQ6LHQXQGHQDUPHQ.HUOHUELHJWGHQ .RSILQHLQHPIRUWQDFKUHFKWVXQG+HOHQHUKUWVLFKQLFKWXQG NRPPWDXVGHUJUDGHQ+DPEXUJHU/LQLHQLFKWKHUDXV$EHU MHW]WPVVHQZLUVFKZHLJHQ,KU4XDUWHWWKHEWHEHQDQ:DVLVW HVGHQQ"© ª(VLVWGDVEHNDQQWH¾,FKZHLQLFKWZDVVROOHVEHGHXWHQ"½© ª$KGDVLVWUHFKW(LQHMHGHU=HLWZRKODXI]XZHUIHQGH)UDJH EHVRQGHUVDXI/DQGSDUWLHHQ©

5HFKWVXPGHQ6HHKLQJLQJHQQXU]ZHL3DDUHYRUDXIGHUDOWH 6FKPLGWXQGVHLQH-XJHQGIUHXQGLQ-HQQ\XQGLQHLQLJHU (QWIHUQXQJKLQWHULKQHQ/HRSROGXQG&RULQQD

6FKPLGWKDWWHVHLQHU'DPHGHQ$UPJHUHLFKWXQG]XJOHLFK JHEHWHQLKUGLH0DQWLOOHWUDJHQ]XGUIHQGHQQHVZDUHWZDV VFKZOXQWHUGHQ%lXPHQ-HQQ\KDWWHGDV$QHUELHWHQDXFK GDQNEDUDQJHQRPPHQDOVVLHDEHUZDKUQDKPGDGHUJXWH 3URIHVVRUGHQ6SLW]HQEHVDW]LPPHUQDFKVFKOHSSHQXQGVLFK DEZHFKVHOQGLQ:DFKKROGHUXQG+DLGHNUDXWYHUIDQJHQOLHEDW VLHVLFKGLH0DQWLOOHZLHGHUDXVª6LHVLQGQRFKJHUDGHVRZLHYRU YLHU]LJ-DKUHQOLHEHU6FKPLGW*DODQWDEHUPLWNHLQHPUHFKWHQ (UIROJH©

ª-DJQlGLJVWH)UDXGLHVH6FKXOGNDQQLFKQLFKWYRQPLU DEZlO]HQXQGVLHZDU]XJOHLFKPHLQ6FKLFNVDO:HQQLFKPLW PHLQHQ+XOGLJXQJHQHUIROJUHLFKHUJHZHVHQZlUHGHQNHQ6LHZLH JDQ]DQGHUVVLFKPHLQ/HEHQXQGDXFKGDV,KULJHJHVWDOWHW KlWWH © -HQQ\VHXI]WHOHLVH

ª-DJQlGLJVWH)UDXGDQQKlWWHQ6LHGDV0lUFKHQ,KUHV/HEHQV QLHEHJRQQHQ'HQQDOOHVJURH*OFNLVWHLQ0lUFKHQ©

ª$OOHV JURH*OFNLVWHLQ0lUFKHQ©ZLHGHUKROWH-HQQ\ODQJVDP XQGJHIKOYROOª:LHZDKUZLHVFK|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lOWQLVVHQ XQGDOV*DWWLQHLQHVLQGHU:HOWGHU,GHHQXQGYRUDOOHPDXFKGHV ,GHDOHQVWHKHQGHQ0DQQHVZDKUVFKHLQOLFKJOFNOLFKHUJHZRUGHQ ZlUH6LHZLVVHQZLHJXW7UHLEHOLVWXQGGDLFKHLQGDQNEDUHV *HIKOIUVHLQH*WHKDEH 7URW]GHPPXLFKHVOHLGHU DXVVSUHFKHQHVIHKOWPLUPHLQHP0DQQHJHJHQEHUMHQHKRKH )UHXGHGHU8QWHURUGQXQJGLHGRFKXQVHUVFK|QVWHV*OFN DXVPDFKWXQGVRUHFKWJOHLFKEHGHXWHQGLVWPLWHFKWHU/LHEH 1LHPDQGHPGDUILFKGHUJOHLFKHQVDJHQDEHUYRU,KQHQ:LOLEDOG PHLQ+HU]DXV]XVFKWWHQLVWJODXE LFKPHLQVFK|Q PHQVFKOLFKHV5HFKWXQGYLHOOHLFKWVRJDUPHLQH3IOLFKW © 6FKPLGWQLFNWH]XVWLPPHQGXQGVSUDFKGDQQHLQHLQIDFKHVª$FK -HQQ\ ©PLWHLQHP7RQHGULQHUGHQJDQ]HQ6FKPHU]HLQHV YHUIHKOWHQ/HEHQV]XP$XVGUXFN]XEULQJHQWUDFKWHWH:DVLKP DXFKJHODQJ(UODXVFKWHVHOEHUGHP.ODQJXQGEHJOFNZQVFKWH VLFKLP6WLOOHQGDHUVHLQ6SLHOVRJXWJHVSLHOWKDEH-HQQ\WURW] DOOHU.OXJKHLWZDUGRFKHLWHOJHQXJDQGDVª$FK©LKUHV HKHPDOLJHQ$QEHWHUV]XJODXEHQ 6RJLQJHQVLHVFKZHLJHQGXQGDQVFKHLQHQGLKUHQ*HIKOHQ KLQJHJHEHQQHEHQHLQDQGHUKHUELV6FKPLGWGLH1RWZHQGLJNHLW IKOWHPLWLUJHQGHLQHU)UDJHGDV6FKZHLJHQ]XEUHFKHQ(U HQWVFKLHGVLFKGDEHLIUGDVDOWH5HWWXQJVPLWWHOXQGOHQNWHGDV *HVSUlFKDXIGLH.LQGHUª-D-HQQ\©KREHUPLWLPPHUQRFK YHUVFKOHLHUWHU6WLPPHDQªZDVYHUVlXPWLVWLVWYHUVlXPW8QG ZHUIKOWHGDVWLHIHUDOVLFKVHOEVW$EHUHLQH)UDXZLH6LHGLH GDV/HEHQEHJUHLIWILQGHWDXFKLP/HEHQVHOEVWLKUHQ7URVW YRU DOOHPLQGHU)UHXGHWlJOLFKHU3IOLFKWHUIOOXQJ'DVLQGLQHUVWHU 5HLKHGLH.LQGHUMDVFKRQHLQ(QNHONLQGLVWGDZLH0LOFKXQG

%OXWGDVOLHEH/L]]LFKHQXQGGDVVLQGGDQQPHLQ LFKGLH+OIHQ GDUDQ)UDXHQKHU]HQVLFKDXIULFKWHQPVVHQ8QGZHQQLFKDXFK ,KQHQJHJHQEHUWHXUH)UHXQGLQYRQHLQHPHLJHQWOLFKHQ (KHJOFNHQLFKWVSUHFKHQZLOOGHQQZLUVLQGZRKOHLQLJLQGHP ZDV7UHLEHOLVWXQGQLFKWLVWVRGDUILFKGRFKVDJHQ6LHVLQGHLQH JOFNOLFKH0XWWHU=ZHL6|KQHVLQG,KQHQKHUDQJHZDFKVHQ JHVXQGRGHUGRFKZDVPDQVRJHVXQG]XQHQQHQSIOHJWYRQ JXWHU%LOGXQJXQGJXWHQ6LWWHQ8QGEHGHQNHQ6LHZDVDOOHLQGLHV OHW]WHKHXW]X7DJHEHGHXWHQZLOO2WWRKDWVLFKQDFK1HLJXQJ YHUKHLUDWHWXQGVHLQ+HU]HLQHUVFK|QHQXQGUHLFKHQ'DPH JHVFKHQNWGLH VRYLHOLFKZHLGHU*HJHQVWDQGDOOJHPHLQHU 9HUHKUXQJLVWXQGZHQQLFKUHFKWEHULFKWHWELQVREHUHLWHWVLFK LP+DXVH7UHLEHOHLQ]ZHLWHV9HUO|EQLVYRUXQG+HOHQHQ V 6FKZHVWHUVWHKWDXIGHP3XQNWH/HRSROG V%UDXW]XZHUGHQ © ª:HUVDJWGDV"©IXKUMHW]W-HQQ\KHUDXVSO|W]OLFKDXVGHP VHQWLPHQWDO6FKZlUPHULVFKHQLQGHQ7RQDXVJHVSURFKHQVWHU :LUNOLFKNHLWYHUIDOOHQGª:HUVDJWGDV"©

6FKPLGWJHULHWGLHVHPHUUHJWHQ7RQHJHJHQEHULQHLQHNOHLQH 9HUOHJHQKHLW(UKDWWHVLFKGDVVRJHGDFKWRGHUYLHOOHLFKWDXFK

PDOHWZDVbKQOLFKHVJHK|UWXQGVWDQGQXQ]LHPOLFKUDWORVYRUGHU )UDJHªZHUVDJWGDV"©=XP*OFNZDUHVGDPLWQLFKWVRQGHUOLFK HUQVWKDIWJHPHLQWVRZHQLJGD-HQQ\RKQHHLQH$QWZRUW DEJHZDUWHW]XKDEHQPLWJURHU/HEKDIWLJNHLWIRUWIXKUª6LH N|QQHQJDUQLFKWDKQHQ)UHXQGZLHPLFKGDVDOOHVUHL]W'DVLVW VRGLHVHLWHQVGHV+RO]KRIVEHOLHEWH$UWPLUGLH'LQJHEHUGHQ .RSIZHJ]XQHKPHQ6LHOLHEHU6FKPLGWVSUHFKHQQDFKZDV6LH K|UHQDEHUGLHGLHVROFKH'LQJHZLHYRQXQJHIlKUXQWHUGLH /HXWHEULQJHQPLWGHQHQKDE LFKHUQVWOLFKHLQ+KQFKHQ]X SIOFNHQ(VLVWHLQH,QVROHQ]8QG+HOHQHPDJVLFKYRUVHKHQ© ª$EHU-HQQ\OLHEH)UHXQGLQ6LHGUIHQVLFKQLFKWVRHUUHJHQ,FK KDEHGDVVRKLQJHVDJWZHLOLFKHVDOVVHOEVWYHUVWlQGOLFK DQQDKP©

ª$OVVHOEVWYHUVWlQGOLFK©ZLHGHUKROWH-HQQ\VS|WWLVFKGLH ZlKUHQGVLHGDVVDJWHGLH0DQWLOOHZLHGHUDEULXQGGHP 3URIHVVRUEHUGHQ$UPZDUIª$OVVHOEVWYHUVWlQGOLFK6RZHLW DOVRKDWHVGHU+RO]KRIVFKRQJHEUDFKWGDGLHQlFKVWHQ)UHXQGH VROFKH9HUOREXQJDOVHLQH6HOEVWYHUVWlQGOLFKNHLWDQVHKHQ(VLVW DEHUNHLQH6HOEVWYHUVWlQGOLFKNHLWJDQ]LP*HJHQWHLOXQGZHQQ

LFKPLUYHUJHJHQZlUWLJHGD2WWR VDOOHVEHVVHUZLVVHQGH)UDX QHEHQLKUHU6FKZHVWHU+LOGHJDUGHLQEORHU6FKDWWHQVHLQVROO XQGLFKJODXE HVJHUQGHQQVLHZDUVFKRQDOV%DFNILVFKYRQHLQHU JHUDGH]XULGLNOHQhEHUKHEOLFKNHLW VRPXLFKVDJHQLFKKDEH DQHLQHU+DPEXUJHU6FKZLHJHUWRFKWHUDXVGHP+DXVH0XQN JHUDGHJHQXJ© ª$EHUWHXHUVWH)UHXQGLQLFKEHJUHLIH6LHQLFKW6LHVHW]HQPLFK LQGDVDXIULFKWLJVWH(UVWDXQHQ(VLVWGRFKNHLQ=ZHLIHOGD +HOHQHHLQHVFK|QH)UDXLVWXQGYRQHLQHUZHQQLFKPLFKVR DXVGUFNHQGDUIJDQ]DSDUWHQ$SSHWLWOLFKNHLW © -HQQ\ODFKWH

ª=XP$QEHLHQZHQQ6LHPLUGDV:RUWJHVWDWWHQ©IXKU 6FKPLGWIRUWªXQGYRQMHQHPHLJHQWPOLFKHQ&KDUPHGHQ VFKRQYRQ$OWHUVKHUDOOHVEHVLW]WZDVPLWGHPIOVVLJHQ (OHPHQWLQHLQHNRQVWDQWH%HUKUXQJNRPPW9RUDOOHPDEHULVW PLUNHLQ=ZHLIHOGDUEHUGD2WWRVHLQH)UDXOLHEWXPQLFKW]X VDJHQLQVLHYHUOLHEWLVW8QG6LH)UHXQGLQ2WWR VOHLEOLFKH 0XWWHUIHFKWHQJHJHQGLHV*OFNDQXQGVLQGHPS|UWGLHV*OFN LQ,KUHP+DXVHYLHOOHLFKWYHUGRSSHOW]XVHKHQ$OOH0lQQHUVLQG DEKlQJLJYRQZHLEOLFKHU6FK|QKHLWLFKZDUHVDXFKXQGLFK P|FKWHEHLQDKVDJHQGUIHQ LFKELQHVQRFKXQGZHQQQXQ GLHVH+LOGHJDUGZLHPLUGXUFKDXVZDKUVFKHLQOLFK GHQQGLH 1HVWNFNHQVHKHQLPPHUDPEHVWHQDXV ZHQQGLHVH+LOGHJDUG QRFKEHU+HOHQHQKLQDXVZlFKVWVRZHLLFKQLFKWZDV6LH JHJHQVLHKDEHQN|QQHQ/HRSROGLVWHLQJXWHU-XQJHYRQ YLHOOHLFKWQLFKWDOO]XIHXULJHP7HPSHUDPHQWDEHULFKGHQNHPLU GDHUGRFKQLFKWVGDJHJHQKDEHQNDQQHLQHVHKUKEVFKH)UDX ]XKHLUDWHQ6HKUKEVFKXQGUHLFKGD]X©

ª/HRSROGLVWHLQ.LQGXQGGDUIVLFKEHUKDXSWQLFKWQDFKHLJHQHP :LOOHQYHUKHLUDWHQDPZHQLJVWHQDEHUQDFKGHP:LOOHQVHLQHU 6FKZlJHULQ+HOHQH'DVIHKOWHQRFKGDVKLHHGHQQGRFK DEGDQNHQXQGPLFKLQV$OWHQWHLOVHW]HQ8QGZHQQHVVLFKQRFK XPHLQHMXQJH'DPHKDQGHOWHGHUJHJHQEHUHLQHQDOOHQIDOOVGLH /XVWDQZDQGHOQN|QQWHVLFKXQWHU]XRUGQHQDOVRHLQH)UHLLQRGHU HLQHZLUNOLFKHLFKPHLQHHLQHULFKWLJH*HKHLPHUDWVWRFKWHURGHU GLH7RFKWHUHLQHV2EHUKRISUHGLJHUV$EHUHLQXQEHGHXWHQGHV 'LQJGDVQLFKWVNHQQWDOVPLW3RQLHVQDFK%ODQNHQHVHIDKUHQ XQGVLFKHLQELOGHWPLWHLQHP*ROGIDGHQLQGHU3ODWWVWLFKQDGHOHLQH

:LUWVFKDIWIKUHQRGHUZRKOJDU.LQGHUHU]LHKHQ]XN|QQHQXQG JDQ]HUQVWKDIWJODXEWGDZLUKLHU]X/DQGHQLFKWHLQPDOHLQH 6HH]XQJHYRQHLQHP6WHLQEXWWXQWHUVFKHLGHQN|QQHQXQGLPPHU YRQ/REVWHUVSULFKWZRZLU +XPPHUVDJHQXQG&XUU\3RZGHUXQG 6RMDZLHK|KHUH*HKHLPQLVVHEHKDQGHOW HLQVROFKHU HLQJHELOGHWHU4XDFNOLHEHU:LOLEDOGGDVLVWQLFKWVIUPHLQHQ /HRSROG/HRSROGWURW]DOOHPZDVLKPIHKOWVROOK|KHUKLQDXV(U LVWQXUHLQIDFKDEHUHULVWJXWZDVGRFKDXFKHLQHQ$QVSUXFK JLHEW8QGGHVKDOEVROOHUHLQHNOXJH)UDXKDEHQHLQHZLUNOLFK NOXJH:LVVHQXQG.OXJKHLWXQGEHUKDXSWGDV+|KHUH GDUDXI NRPPWHVDQ$OOHVDQGHUHZLHJWNHLQHQ3ILIIHUOLQJ(VLVWHLQ (OHQGPLWGHQbXHUOLFKNHLWHQ*OFN*OFN$FK:LOLEDOGGDLFK HVLQVROFKHU6WXQGHJHUDGHYRULKQHQEHNHQQHQPXGDV*OFN HVUXKWKLHUDOOHLQ© 8QGGDEHLOHJWHVLHGLH+DQGDXIV+HU]

/HRSROGXQG&RULQQDZDUHQLQHLQHU(QWIHUQXQJYRQHWZDIQI]LJ 6FKULWWJHIROJWXQGKDWWHQLKU*HVSUlFKLQKHUN|PPOLFKHU$UW JHIKUWG K&RULQQDKDWWHJHVSURFKHQ/HRSROGZDUDEHUIHVW HQWVFKORVVHQDXFK]X:RUWH]XNRPPHQZRKORGHUEHO'HU TXlOHQGH'UXFNGHUOHW]WHQ7DJHPDFKWHGDHUYRUGHPZDVHU YRUKDWWHQLFKWPHKUVRJHlQJVWLJWVWDQGZLHIUKHU HUPXWH VLFKHEHQ5XKHVFKDIIHQ(LQSDDU0DOVFKRQZDUHUQDKHGDUDQ JHZHVHQHLQHZHQLJVWHQVDXIVHLQ=LHOEHUOHLWHQGH)UDJH]X WKXQZHQQHUGDQQDEHUGHU*HVWDOWVHLQHUVWDWWOLFKYRULKP GDKLQVFKUHLWHQGHQ0XWWHUDQVLFKWLJZXUGHJDEHU VZLHGHUDXIVR GDHUVFKOLHOLFKGHQ9RUVFKODJPDFKWHHLQHJHUDGHYRULKQHQ OLHJHQGH:DOGOLFKWXQJLQVFKUlJHU/LQLH]XSDVVLHUHQGDPLWVLH VWDWWLPPHU]XIROJHQDXFK PDODQGLH7rWHNlPHQ(UZXWH ]ZDUGDHULQIROJHGLHVHV0DQ|YHUVGHQ%OLFNGHU0DPDYRP 5FNHQRGHUYRQGHU6HLWHKHUKDEHQZUGHDEHUHWZDVDXIGHQ 9RJHO6WUDXKLQDQJHOHJWIDQGHUGRFKHLQH%HUXKLJXQJLQGHP *HIKOGLHVHLQHQ0XWEHVWlQGLJOlKPHQGH0DPDQLFKWLPPHU JHUDGHYRU$XJHQKDEHQ]XPVVHQ(UNRQQWHVLFKEHUGLHVHQ HLJHQWPOLFKHQ1HUYHQ]XVWDQGNHLQHUHFKWH5HFKHQVFKDIWJHEHQ XQGHQWVFKLHGVLFKHLQIDFKIUGDVZDVLKPYRQ]ZHLhEHOQDOV GDVNOHLQHUHHUVFKLHQ

'LH%HQXW]XQJGHU6FKUlJOLQLHZDUJHJOFNWVLHZDUHQMHW]WXP HEHQVRYLHOYRUDXVDOVVLHYRUKHU]XUFNJHZHVHQZDUHQXQGHLQ *OHLFKJOWLJNHLWVJHVSUlFKIDOOHQODVVHQGGDVVLFK]LHPOLFK JH]ZXQJHQXPGLH6SDUJHOEHHWHYRQ+DOHQVHHVDPWLKUHU.XOWXU XQGLKUHUVDQLWlUHQ%HGHXWXQJJHGUHKWKDWWHQDKP/HRSROG HLQHQSO|W]OLFKHQ$QODXIXQGVDJWHª:LVVHQ6LH&RULQQDGDLFK *UHIU6LHKDEH"© ª9RQZHP"© ª5DWHQ6LH©

ª1XQVDJHQZLUYRQ0U 1HOVRQ©

ª$EHUGDVJHKWGRFKQLFKWPLWUHFKWHQ'LQJHQ]XGDVLVWMDZLH +HOOVHKHUHLQXQN|QQHQ6LHDXFKQRFK%ULHIHOHVHQYRQGHQHQ 6LHQLFKWHLQPDOZLVVHQGDVLHJHVFKULHEHQZXUGHQ©

ª-D/HRSROGGDEHLN|QQW LFK6LHQXQEHODVVHQXQGPLFKYRU ,KQHQDOV6HKHULQHWDEOLHUHQ$EHULFKZHUGHPLFKKWHQ'HQQ YRUDOOHPZDVVRP\VWLVFKXQGK\SQRWLVFKXQGJHLVWHUVHKHULJLVW KDEHQJHVXQGH0HQVFKHQEORVHLQ*UDXHQ8QGHLQ*UDXHQ HLQ]XIO|HQLVWQLFKWGDVZDVLFKOLHEH0LULVWHVOLHEHUGDPLU GLH+HU]HQJXWHU0HQVFKHQ]XIDOOHQ© ª$FK&RULQQDGDVEUDXFKHQ6LHVLFKGRFKQLFKWHUVW]X ZQVFKHQ,FKNDQQPLUNHLQHQ0HQVFKHQGHQNHQGHVVHQ+HU] ,KQHQQLFKW]XILHOH6LHVROOWHQQXUOHVHQZDV0U 1HOVRQEHU6LH JHVFKULHEHQKDWPLWDPXVLQJ IlQJWHUDQXQGGDQQNRPPW FKDUPLQJ XQGKLJKVSLULWHGXQGPLWIDVFLQDWLQJ VFKOLHWHU DE8QGGDQQHUVWNRPPHQGLH*UHGLHVLFKQDFKDOOHPZDV YRUDXIJHJDQJHQEHLQDKHQFKWHUQXQG DOOWlJOLFKDXVQHKPHQ $EHUZLHZXWHQVLHGDGLH*UHYRQ0U 1HOVRQNlPHQ"© ª(LQOHLFKWHUHV5lWVHOLVWPLUQLFKWEDOGYRUJHNRPPHQ,KU3DSD WHLOWHPLW6LHNlPHQHUVWVSlWHUZHLO6LHQDFK/LYHUSRRO]X VFKUHLEHQKlWWHQ1XQ/LYHUSRROKHLW0U 1HOVRQ8QGKDWPDQ HUVW0U 1HOVRQVRJLHEWVLFKGDVDQGHUHYRQVHOEVW,FKJODXEH GDHVPLWDOOHU+HOOVHKHUHLJDQ]lKQOLFKOLHJW8QGVHKHQ6LH /HRSROGPLWGHUVHOEHQ/HLFKWLJNHLWPLWGHULFKLQ0U 1HOVRQ V %ULHIJHOHVHQKDEHPLWGHUVHOEHQ6LFKHUKHLWOHVHLFK]XP%HLVSLHO ,KUH=XNXQIW©

(LQWLHIHV$XIDWPHQ/HRSROG VZDUGLH$QWZRUWXQGVHLQ+HU] KlWWHMXEHOQP|JHQLQHLQHP*HIKOYRQ*OFNXQG(UO|VXQJ 'HQQZHQQ&RULQQDULFKWLJODVXQGVLHPXWHULFKWLJOHVHQVR ZDUHUDOOHP$QIUDJHQXQGDOOHQGDPLWYHUNQSIWHQbQJVWHQ EHUKREHQXQGVLHVSUDFKGDQQDXVZDVHU ]XVDJHQQRFK LPPHUQLFKWGHQ0XWILQGHQNRQQWH:LHEHVHOLJWQDKPHULKUH +DQGXQGVDJWHª'DVN|QQHQ6LHQLFKW© ª,VWHVVRVFKZHU"©

ª1HLQ(VLVWHLJHQWOLFKOHLFKW$EHUOHLFKWRGHUVFKZHU&RULQQD ODVVHQ6LHPLFK VK|UHQ8QGLFKZLOODXFKHKUOLFKVDJHQRE6LH V JHWURIIHQKDEHQRGHUQLFKW1XUNHLQHIHUQH=XNXQIWEORVGLH QlFKVWHDOOHUQlFKVWH©

ª1XQGHQQ©KRE&RULQQDVFKHOPLVFKXQGKLHUXQGGDPLW EHVRQGHUHU%HWRQXQJDQªZDVLFKVHKHLVWGDV]XQlFKVWHLQ VFK|QHU6HSWHPEHUWDJXQGYRUHLQHPVFK|QHQ+DXVHKDOWHQ YLHOHVFK|QH.XWVFKHQXQGGLHYRUGHUVWHPLWHLQHP 3HUUFNHQNXWVFKHUDXIGHP%RFNXQG]ZHL%HGLHQWHQKLQWHQGDV LVWHLQH%UDXWNXWVFKH'HU6WUDHQGDPPDEHUVWHKWYROOHU 0HQVFKHQGLHGLH%UDXWVHKHQZROOHQXQGQXQNRPPWGLH%UDXW XQGQHEHQLKUVFKUHLWHWLKU%UlXWLJDPXQGGLHVHU%UlXWLJDPLVW PHLQ)UHXQG/HRSROG7UHLEHO8QGQXQIlKUWGLH%UDXWNXWVFKH ZlKUHQGGLHDQGHUHQ:DJHQIROJHQDQHLQHPEUHLWHQEUHLWHQ :DVVHUKLQ © ª$EHU&RULQQD6LHZHUGHQGRFKXQVHUH6SUHH]ZLVFKHQ6FKOHXVH XQG-XQJIHUQEUFNHQLFKWHLQEUHLWHV:DVVHUQHQQHQZROOHQ© ª$QHLQHPEUHLWHQ:DVVHUKLQXQGKlOWHQGOLFKYRUHLQHU JRWKLVFKHQ.LUFKH© ª=Z|OI$SRVWHO©

ª8QGGHU%UlXWLJDPVWHLJWDXVXQGELHWHWGHU%UDXWVHLQHQ$UP XQGVRVFKUHLWHWGDVMXQJH3DDUGHU.LUFKH]XGULQVFKRQGLH 2UJHOVSLHOWXQGGLH/LFKWHUEUHQQHQ© ª8QGQXQ©

ª8QGQXQVWHKHQVLHYRUGHP$OWDUXQGQDFKGHP5LQJHZHFKVHO ZLUGGHU6HJHQJHVSURFKHQXQGHLQ/LHGJHVXQJHQRGHUGRFKGHU

OHW]WH9HUV8QGQXQJHKWHVZLHGHU]XUFNDQGHPVHOEHQEUHLWHQ :DVVHUHQWODQJDEHUQLFKWGHP6WDGWKDXVH]XYRQGHPVLH DXVJHIDKUHQZDUHQVRQGHUQLPPHUZHLWHULQV)UHLHELVVLHYRU HLQHU&RWWDJH9LOODKDOWHQ © ª-D&RULQQDVRVROOHVVHLQ©

ª%LVVLHYRUHLQHU&RWWDJH9LOODKDOWHQXQGYRUHLQHP 7ULXPSKERJHQDQGHVVHQREHUVWHU:|OEXQJHLQ5LHVHQNUDQ] KlQJWXQGLQGHP.UDQ]HOHXFKWHQGLHEHLGHQ $QIDQJVEXFKVWDEHQ/ XQG+© ª/ XQG+"©

ª-D/HRSROG/ XQG+8QGZLHN|QQWHHVDXFKDQGHUVVHLQ"'HQQ GLH%UDXWNXWVFKHNDPMDYRQGHU8KOHQKRUVWKHUXQGIXKUGLH $OVWHUHQWODQJXQGQDFKKHUGLH(OEHKLQXQWHUXQGQXQKDOWHQVLH YRUGHU0XQN VFKHQ9LOODGUDXHQLQ%ODQNHQHVHXQG/ KHLW /HRSROGXQG+ KHLW+LOGHJDUG©

(LQHQ$XJHQEOLFNEHUNDPHV/HRSROGZLHZLUNOLFKH9HUVWLPPXQJ $EHUVLFKUDVFKEHVLQQHQGJDEHUGHUYRUJHEOLFKHQ6HKHULQ HLQHQNOHLQHQ/LHEHVNODSVXQGVDJWHª6LHVLQGLPPHUGLHVHOEH &RULQQD8QGZHQQGHUJXWH1HOVRQGHUGHUEHVWH0HQVFKXQG PHLQHLQ]LJHU9HUWUDXWHULVWZHQQHUGLHVDOOHVJHK|UWKlWWHVR ZUG HUEHJHLVWHUWVHLQXQGYRQ¾FDSLWDOIXQ½VSUHFKHQZHLO 6LHPLUVRJQlGLJGLH6FKZHVWHUPHLQHU6FKZlJHULQ]XZHQGHQ ZROOHQ© ª,FKELQHEHQHLQH3URSKHWLQ©VDJWH&RULQQD

ª3URSKHWLQ©ZLHGHUKROWH/HRSROGª$EHUGLHVPDOHLQHIDOVFKH +LOGHJDUGLVWHLQVFK|QHV0lGFKHQXQG+XQGHUWHZUGHQVLFK JOFNOLFKVFKlW]HQ$EHU6LHZLVVHQZLHPHLQH0DPD]XGLHVHU )UDJHVWHKWVLHOHLGHWXQWHUGHPEHVWlQGLJHQVLFK%HVVHUGQNHQ GHUGRUWLJHQ$QYHUZDQGWHQXQGKDWHVZRKOKXQGHUWPDO JHVFKZRUHQGDLKUHLQH+DPEXUJHU6FKZLHJHUWRFKWHUHLQH 5HSUlVHQWDQWLQDXVGHPJURHQ+DXVH7KRPSVRQ0XQNJHUDGH JHQXJVHL6LHKDWJDQ]HKUOLFKHLQHQKDOEHQ+DJHJHQGLH 0XQN VXQGZHQQLFKPLW+LOGHJDUGVRYRUVLHKLQWUlWHVRZHL LFKQLFKWZDVJHVFKlKHVLHZUGH¾QHLQ½VDJHQXQGZLUKlWWHQ HLQHIXUFKWEDUH6FHQH©

ª:HUZHL©VDJWH&RULQQDGLHMHW]WGDVHQWVFKHLGHQGH:RUW JDQ]QDKHZXWH

ª6LHZUGH¾QHLQ½VDJHQXQGLPPHUZLHGHU¾QHLQ½GDVLVWVR VLFKHUZLH$PHQLQGHU.LUFKH©IXKU/HRSROGPLWJHKREHQHU 6WLPPHIRUWª$EHUGLHVHU)DOONDQQVLFKJDUQLFKWHUHLJQHQ,FK ZHUGHQLFKWPLW+LOGHJDUGYRUVLHKLQWUHWHQXQGZHUGHVWDWW GHVVHQQlKHUXQGEHVVHUZlKOHQ,FKZHLXQG6LHZLVVHQHV DXFKGDV%LOGGDV6LHGDJHPDOWKDEHQHVZDUQXU6FKHU]XQG hEHUPXWXQGYRUDOOHPZLVVHQ6LHZHQQPLU$UPHQEHUKDXSW QRFKHLQH7ULXPSKSIRUWHJHEDXWZHUGHQVROOGDGHU.UDQ]GHU GDQQ]X+lXSWHQKlQJWHLQHQJDQ]DQGHUHQ%XFKVWDEHQDOVGDV +LOGHJDUG+ LQKXQGHUWXQGWDXVHQG%OXPHQWUDJHQPWH %UDXFK LFK]XVDJHQZHOFKHQ"$FK&RULQQDLFKNDQQRKQH6LH QLFKWOHEHQXQGGLHVH6WXQGHPXEHUPLFKHQWVFKHLGHQ8QG QXQVDJHQ6LH-DRGHU1HLQ©8QGXQWHUGLHVHQ:RUWHQQDKPHU LKUH+DQGXQGEHGHFNWHVLHPLW.VVHQ'HQQVLHJLQJHQLP 6FKXW]HLQHU+DVHOQXKHFNH

&RULQQD QDFK&RQIHVVLRQVZLHGLHVHGLH9HUOREXQJPLWJXWHP 5HFKWDOVHLQIDLWDFFRPSOL EHWUDFKWHQG QDKPNOXJHU:HLVH YRQMHGHUZHLWHUHQ$XVHLQDQGHUVHW]XQJ$EVWDQGXQGVDJWHQXU NXU]HU+DQGª$EHUHLQHV/HRSROGGUIHQZLUXQVQLFKW YHUKHKOHQXQVVWHKHQQRFKVFKZHUH.lPSIHEHYRU'HLQH0DPD KDWDQHLQHU0XQNJHQXJGDVOHXFKWHWPLUHLQDEHURELKUHLQH 6FKPLGWUHFKWLVWLVWQRFKVHKUGLH)UDJH6LHKDW]ZDUPLWXQWHU $QGHXWXQJHQJHPDFKWDOVRELFKHLQ,GHDOLQLKUHQ$XJHQZlUH YLHOOHLFKWZHLOLFKGDVKDEHZDV'LUIHKOWXQGYLHOOHLFKWDXFKZDV +LOGHJDUGIHKOW,FKVDJH¾YLHOOHLFKW½XQGNDQQGLHV HLQVFKUlQNHQGH:RUWQLFKWJHQXJEHWRQHQ'HQQGLH/LHEHGDV VHK LFKNODULVWGHPWLJXQGLFKIKOHZLHPHLQH)HKOHUYRQPLU DEIDOOHQ(VVROOGLHVMDHLQ.HQQ]HLFKHQVHLQ-D/HRSROGHLQ /HEHQYROO*OFNXQG/LHEHOLHJWYRUXQVDEHUHVKDW'HLQHQ0XW XQG'HLQH)HVWLJNHLW]XU9RUDXVVHW]XQJXQGKLHUXQWHUGLHVHP :DOGHVGRUQGULQHVJHKHLPQLVYROOUDXVFKWXQGGlPPHUWKLHU /HRSROGPXW'XPLUVFKZ|UHQDXVKDUUHQ]XZROOHQLQ'HLQHU /LHEH©

/HRSROGEHWHXHUWHGDHUQLFKWEORVZROOHGDHUHVDXFKZHUGH 'HQQZHQQGLH/LHEHGHPWLJXQGEHVFKHLGHQPDFKHZDVJHZL ULFKWLJVHLVRPDFKHVLHVLFKHUOLFKDXFKVWDUN:HQQ&RULQQDVLFK JHlQGHUWKDEHHUIKOHVLFKDXFKHLQDQGHUHUª8QG©VRVFKOR

HUªGDVHLQHGDUILFKVDJHQLFKKDEHQLHJURH:RUWHJHPDFKW XQG3UDKOHUHLHQZHUGHQPLUDXFKPHLQH)HLQGHQLFKWQDFKVDJHQ DEHUJODXEHPLUPLUVFKOlJWGDV+HU]VRKRFKVRJOFNOLFKGD LFKPLU6FKZLHULJNHLWHQXQG.lPSIHEHLQDK KHUEHLZQVFKH0LFK GUlQJWHV'LU]X]HLJHQGDLFK'HLQHUZHUWELQ © ,QGLHVHP$XJHQEOLFNHZXUGHGLH0RQGVLFKHO]ZLVFKHQGHQ %DXPNURQHQVLFKWEDUXQGYRQ6FKOR*UXQHZDOGKHUYRUGHP GDV4XDUWHWWHEHQDQJHNRPPHQZDUNODQJHVEHUGHQ6HH KHUEHU

:HQQQDFK'LU LFKRIWYHUJHEHQV ,QGLH1DFKWJHVHK Q 6FKHLQWGHUGXQNOH6WURPGHV/HEHQV 7UDXHUQGVWLOO]XVWHK Q

8QGQXQVFKZLHJHVRGHUGHU$EHQGZLQGGHUVLFKDXIPDFKWH WUXJGLH7|QHQDFKGHUDQGHUHQ6HLWHKLQ

(LQH9LHUWHOVWXQGHVSlWHUKLHOWDOOHVYRU3DXOVERUQXQGQDFKGHP PDQVLFKGDVHOEVWZLHGHUEHJUWXQGEHLKHUXPJHUHLFKWHP &UrPHGH&DFDR7UHLEHOVHOEVWPDFKWHGLH+RQQHXUV HLQHNXU]H 5DVWJHQRPPHQKDWWHEUDFKPDQ GLH:DJHQZDUHQYRQ +DOHQVHHKHUJHIROJW QDFKHLQLJHQ0LQXWHQHQGJOWLJDXIXPGLH 5FNIDKUWDQ]XWUHWHQ'LH)HOJHQWUHX VQDKPHQEHZHJWHQ $EVFKLHGYRQGHP4XDUWHWWMHW]WOHEKDIWEHNODJHQGGHQYRQ 7UHLEHOYRUJHVFKODJHQHQ.UHPVHUDEJHOHKQW]XKDEHQ $XFK/HRSROGXQG&RULQQDWUHQQWHQVLFKDEHUGRFKQLFKWHKHUDOV ELVVLHVLFKLP6FKDWWHQGHVKRFKVWHKHQGHQ6FKLOIHVQRFKHLQPDO IHVWXQGYHUVFKZLHJHQGLH+lQGHJHGUFNWKDWWHQ

(OIWHV.DSLWHO

/HRSROGDOVPDQ]XU$EIDKUWVLFKDQVFKLFNWHPXWHVLFKPLW HLQHP3ODW]YRUQDXIGHP%RFNGHVHOWHUOLFKHQ/DQGDXHUV EHJQJHQZDVLKPDOOHVLQDOOHPLPPHUQRFKOLHEHUZDUDOV LQQHUKDOEGHV:DJHQVVHOEVWHQYXH VHLQHU0XWWHU]XVLW]HQGLH GRFKYLHOOHLFKWVHL VLP:DOGVHL VEHLGHUNXU]HQ5DVWLQ 3DXOVERUQHWZDVEHPHUNWKDEHQPRFKWH6FKPLGWEHQXW]WH ZLHGHUGHQ9RURUWV]XJZlKUHQG&RULQQDEHLGHQ)HOJHQWUHX VPLW HLQVWLHJ0DQSODFLHUWHVLHVRJXWHVJLQJ]ZLVFKHQGDVGHQ)RQG GHV:DJHQVUHGOLFKDXVIOOHQGH(KHSDDUXQGZHLOVLHQDFKDOO GHP9RUDXIJHJDQJHQHQHLQHJHULQJHUH 1HLJXQJ]XP3ODXGHUQDOV VRQVWZRKOKDWWHVRNDPHVLKUDXHURUGHQWOLFK]XSDVRZRKO (OIULHGHZLH%ODQFDGRSSHOWUHGHOXVWLJXQGQRFKJDQ]YROOXQG EHJOFNWYRQGHP4XDUWHWW]XILQGHQ'HU-RGOHUHLQHVHKUJXWH 3DUWLHVFKLHQEHUGLHIUHLOLFKQXULQ=LYLOHUVFKLHQHQHQ 6RPPHUOLHXWHQDQWVHLQHQHQWVFKLHGHQHQ6LHJGDYRQJHWUDJHQ]X KDEHQ,PhEULJHQOLHHQHVVLFKGLH)HOJHQWUHX VQLFKWQHKPHQ LQGHU$GOHUVWUDHYRU]XIDKUHQXQGLKUHQ*DVWGDVHOEVW DE]XVHW]HQ&RULQQDEHGDQNWHVLFKKHU]OLFKXQGVWLHJQRFK HLQPDOJUHQGHUVWGLHGUHL6WHLQVWXIHQXQGJOHLFKGDQDFKYRP )OXUDXVGLHDOWH+RO]WUHSSHKLQDXI 6LHKDWWHGHQ'UFNHU]XP(QWUpHQLFKWPLWJHQRPPHQXQGVR EOLHELKUQLFKWVDQGHUHVEULJDOV]XNOLQJHOQZDVVLHQLFKWJHUQH WKDW$OVEDOGHUVFKLHQGHQQDXFKGLH6FKPRONHGLHGLH $EZHVHQKHLWGHUª+HUUVFKDIW©ZLHVLHPLWXQWHUPLW%HWRQXQJ VDJWHGD]XEHQXW]WKDWWHVLFKHLQELFKHQVRQQWlJOLFK KHUDXV]XSXW]HQ'DV$XIIDOOHQGVWHZDUZLHGHUGLH+DXEHGHUHQ 5VFKHQHEHQDXVGHP7ROOHLVHQ]XNRPPHQVFKLHQHQ ª$EHUOLHEH6FKPRONH©VDJWH&RULQQDZlKUHQGVLHGLH7KU ZLHGHULQV6FKOR]RJªZDVLVWGHQQORV",VW*HEXUWVWDJ"$EHU QHLQGHQNHQQ LFKMD2GHUVHLQHU"©

ª1HLQ©VDJWHGLH6FKPRONHªVHLQHULVDXFKQLFK8QGGDZHUG LFKDXFKQLFKWVROFKHQ6KOLSVXPELQGHQXQGVROFK%DQG© ª$EHUZHQQNHLQ*HEXUWVWDJLVWZDVLVWGDQQ"©

ª1LFKWV&RULQQD0XGHQQLPPHU ZDVVHLQZHQQPDQVLFK PDO RUGHQWOLFKPDFKW"6LHK'XKDVWJXWUHGHQ'XVLW]VWMHGHQ7DJ

GHQ*RWWZHUGHQOlWHLQHKDOEH6WXQGHYRUP6SLHJHOXQG PLWXQWHUDXFKQRFKOlQJHUXQGEUHQQVW'LU'HLQ:XVFKHOKDDU © ª$EHUOLHEH6FKPRONH©

ª-D&RULQQD'XGHQNVWLFKVHK HVQLFKW$EHULFKVHKHDOOHVXQG VHK QRFKYLHOPHKU8QGLFKNDQQ'LUDXFKVDJHQ6FKPRONH VDJWHPDOHUIlQG HVHLJHQWOLFKKEVFKVROFK:XVFKHOKDDU © ª$EHUZDUGHQQ6FKPRONHVR"©

ª1HLQ&RULQQD6FKPRONHZDUQLFK VR6FKPRONHZDUHLQVHKU DQVWlQGLJHU0DQQXQGZHQQPDQVR ZDV6RQGHUEDUHVXQG HLJHQWOLFK8QUHFKWHVVDJHQGDUIHUZDUEHLQDK ]XDQVWlQGLJ $EHUQXQJLHEHUVW'HLQHQ+XWXQG'HLQH0DQWLOOH*RWW.LQGZLH VLHKWGHQQGDVDOOHVDXV",VGHQQVROFK IXUFKWEDUHU6WDXE"8Q QRFKHLQ*OFNGDHVQLFKJHGULSSHOWKDWGHQQLVGHU6DPPW KLQ8QVRYLHOKDWHLQ3URIHVVRUDXFKQLFKXQZHQQHUDXFKQLFK JHUDGH]X NODJW6HLGHVSLQQHQNDQQHUQLFK© ª1HLQQHLQ©ODFKWH&RULQQD

ª1XK|UH&RULQQDGDODFKVW'XLPZLHGHU'DVLVWDEHUJDUQLFKW ]XP/DFKHQ'HU$OWHTXlOWVLFKJHQXJXQGZHQQHUVRGLH %QGHOLQV+DXVNULHJWXQGGLH6WULSSHPLWXQWHUQLFKDXVUHLFKW VR YLHOHVLQGHVGHQQWKXWHVPLUPLWXQWHURUGHQWOLFKZHKKLHU'HQQ 3DSDLVHLQVHKUJXWHU0DQQXQGVHLQH6HFK]LJGUFNHQLKQQX GRFKDXFKVFKRQHLQELFKHQ(UZLOOHVIUHLOLFKQLFKZDKUKDEHQ XQGWKXWLPPHUQRFKVRZLHZHQQHU]ZDQ]LJZlUH-DKDWVLFK

ZDV8QQHXOLFKLVWHUYRQGHU3IHUGHEDKQ UXQWHUJHVSUXQJHQXQ LFKPXDXFKJHUDGHGD]XNRPPHQQDLFKGDFKWHGRFKJOHLFK GHU6FKODJVROOPLFKUKUHQ$EHULPVDJH&RULQQDZDVVROOLFK 'LUEULQJHQ"2GHUKDVW'XVFKRQJHJHVVHQXQGELVWIURKZHQQ 'XQLFKWVVLHKVW ©

ª1HLQLFKKDEHQLFKWVJHJHVVHQ2GHUGRFKVRJXWZLHQLFKWVGLH =ZLHEDFNHGLHPDQNULHJWVLQGLPPHUVRDOW8QGGDQQLQ 3DXOVERUQHLQHQNOHLQHQVHQ/LN|U'DVNDQQPDQGRFKQLFKW UHFKQHQ$EHULFKKDEHDXFKNHLQHQUHFKWHQ$SSHWLWXQGGHU.RSI LVWPLUVREHQRPPHQLFKZHUGHDP(QGHNUDQN © ª$FKGXPPHV=HXJ&RULQQD'DVLVWDXFKHLQHYRQ'HLQHQ 1FNHQZHQQ'X PDO2KUHQVDXVHQKDVWRGHUHLQELFKHQKHLH

6WLUQGDQQUHGHVW'XLPPHUJOHLFKYRQ1HUYHQILHEHU8QGDVLV HLJHQWOLFKJRWWORVGHQQPDQPXGHQ7HXIHOQLFKDQGLH:DQG PDOHQ(VZLUGZRKOHLQELFKHQIHXFKWJHZHVHQIHLQHLQELFKHQ QHEOLJXQG$EHQGGXQVW©

ª-DQHEOLJZDUHVJHUDGHZLHZLUQHEHQGHP6FKLOIVWDQGHQXQG GHU6HHZDUHLJHQWOLFKJDUQLFKWPHKU]XVHKHQ'DYRQZLUGHV ZRKOVHLQ$EHUGHU.RSILVWPLUZLUNOLFKEHQRPPHQXQGLFK P|FKWH]X%HWWJHKHQXQGPLFKHLQPXPPHOQ8QGGDQQPDJLFK DXFKQLFKWPHKUVSUHFKHQZHQQ3DSDQDFK+DXVHNRPPW8QG ZHUZHLZDQQXQGREHVQLFKW]XVSlWZLUG© ª:DUXPLVWHU GHQQQLFKJOHLFKPLWJHNRPPHQ"©

ª(UZROOWHQLFKWXQGKDWMDDXFKVHLQHQ¾$EHQG½KHXW,FKJODXEH EHL.XK V8QGGDVLW]HQVLHPHLVWODQJHZHLOVLFKGLH.lOEHUPLW HLQPLVFKHQ$EHUPLWLKQHQOLHEHJXWH6FKPRONHP|FKWHLFK ZRKOQRFKHLQHKDOEH6WXQGHSODXGHUQ6LHKDEHQMDLPPHUVR

ZDV+HU]OLFKHV © ª$FKUHGHGRFKQLFK&RULQQD:RYRQVROOLFKGHQQ ZDV +HU]OLFKHVKDEHQ"2GHUHLJHQWOLFKZRYRQVROOLFKGHQQ ZDV +HU]OLFKHVQLFKKDEHQ'XZDUVWMDQRFKVRDOVLFKLQV+DXV NDP©

ª1XQDOVR ZDV+HU]OLFKHVRGHUQLFKW ZDV+HU]OLFKHV©VDJWH &RULQQDªJHIDOOHQZLUGHVPLUVFKRQ8QGZHQQLFKOLHJHOLHEH 6FKPRONHGDQQEULQJHQ6LHPLUPHLQHQ7KHHDQV%HWWGLHNOHLQH 0HLQHU.DQQHXQGGLHDQGHUHNOHLQH.DQQHGLHQHKPHQ6LH VLFKXQGEORHLQSDDU7KHHEU|WFKHQUHFKWGQQJHVFKQLWWHQXQG QLFKW]XYLHO%XWWHU'HQQLFKPXPLFKPLWPHLQHP0DJHQLQ DFKWQHKPHQVRQVWZLUGHVJDVWULVFKXQGPDQOLHJWVHFKV :RFKHQ©

ª,VVFKRQJXW©ODFKWHGLH6FKPRONHXQGJLQJLQGLH.FKHXP GHQ.HVVHOQRFKZLHGHULQGLH*OXW]XVHW]HQ'HQQKHLHV:DVVHU ZDULPPHUGDXQGHVEXOOHUWHQXUQRFKQLFKW

(LQH9LHUWHOVWXQGHVSlWHUWUDWGLH6FKPRONHZLHGHUHLQXQGIDQG LKUHQ/LHEOLQJVFKRQLP%HWWH&RULQQDVDPHKUDXIDOVVLHODJ XQGHPSILQJGLH6FKPRONHPLWGHUWURVWUHLFKHQ9HUVLFKHUXQJªHV

VHLLKUVFKRQYLHOEHVVHU©ZDVPDQVRLPPHU]XP/REHGHU %HWWZlUPHVDJHGDVVHLGRFKZDKUXQGVLHJODXEHMHW]WEHLQDKH GDVLHQRFK PDOGXUFKNRPPHQXQGDOOHVJOFNOLFKEHUVWHKHQ ZHUGH ª*ODXE LFKDXFK©VDJWHGLH6FKPRONHZlKUHQGVLHGDV7DEOHWW DXIGHQNOHLQHQDP.RSIHQGHVWHKHQGHQ7LVFKVHW]WHª1XQ &RULQQDYRQZHOFKHPVROOLFK'LUHLQVFKHQNHQ"'HUKLHUPLWGHU DEJHEURFKHQHQ7OOHKDWOlQJHUJH]RJHQXQGLFKZHL'XKDVW LKQJHUQVWDUNXQGELWWHUOLFKVRGDHUVFKRQHLQELFKHQQDFK 7LQWHVFKPHFNW © ª9HUVWHKWVLFKLFKZLOOYRQGHPVWDUNHQ8QGGDQQRUGHQWOLFK =XFNHUDEHUJDQ]ZHQLJ0LOFK0LOFKPDFKWLPPHUJDVWULVFK©

ª*RWW&RULQQDODGRFKGDV*DVWULVFKH'XOLHJVWGDZLHHLQ %RUVGRUIHU$SIHOXQGUHGVWLPPHUDOVRE'LUGHU7RGVFKRQXP GLH1DVHVlH1HLQ&RULQQFKHQVRVFKQHOOJHKWHVQLFK8QQX QLPP'LUHLQ7KHHEU|WFKHQLFKKDEHVLHVRGQQJHVFKQLWWHQ ZLH VQXUJHKHQZROOWH © ª'DVLVWUHFKW$EHUGDKDEHQ6LHMDHLQH6FKLQNHQVWXOOHPLW

UHLQJHEUDFKW© ª)UPLFK&RULQQFKHQ,FKZLOOGRFKDXFKZDVHVVHQ©

ª$FKOLHEH6FKPRONHGDP|FKW LFKPLFKDEHUGRFK]X*DVWH ODGHQ'LH7KHHEU|WFKHQVHKHQMDQDFKJDUQLFKWVDXVXQGGLH 6FKLQNHQVWXOOHODFKWHLQHQRUGHQWOLFKDQ8QGDOOHVVFKRQVR DSSHWLWOLFKGXUFKJHVFKQLWWHQ1XQPHUN LFKHUVWGDLFK HLJHQWOLFKKXQJULJELQ*HEHQ6LHPLUHLQ6FKQLWWFKHQDEZHQQHV LKQHQQLFKWVDXHUZLUG© ª:LH'XQXUUHGHVW&RULQQD:LHNDQQHVPLUGHQQVDXHU ZHUGHQ,FKIKUHMDEORGLH:LUWVFKDIWXQGELQEORHLQH 'LHQHULQ©

ª(LQ*OFNGD3DSDGDVQLFKWK|UW6LHZLVVHQGRFKGDVNDQQHU QLFKWOHLGHQGD6LHVRYRQ'LHQHULQUHGHQXQGHUQHQQWHVHLQH IDOVFKH%HVFKHLGHQKHLW © ª-DMDVRVDJWHU$EHU6FKPRONHGHUDXFKHLQJDQ]NOXJHU 0DQQZDUZHQQHUDXFKQLFKWVWXGLHUWKDWWHGHUVDJWHLPPHU

¾K|UH5RVDOLH%HVFKHLGHQKHLWLVWJXWXQGHLQHIDOVFKH %HVFKHLGHQKHLWGHQQGLH%HVFKHLGHQKHLWLVWHLJHQWOLFKLPPHU IDOVFK LVWLPPHUQRFKEHVVHUDOVJDUNHLQH½©

ª+P©VDJWH&RULQQDGLHVLFKHWZDVJHWURIIHQIKOWHªGDVOlW VLFKK|UHQhEHUKDXSWOLHEH6FKPRONH,KU6FKPRONHPX HLJHQWOLFKHLQDXVJH]HLFKQHWHU0DQQJHZHVHQVHLQ8QG6LH VDJWHQMDDXFKYRUKLQVFKRQHUKDEHVRHWZDV$QVWlQGLJHV JHKDEWXQGEHLQDK ]X DQVWlQGLJ6HKHQ6LHVR ZDVK|UHLFK JHUQXQGLFKP|FKWHPLUZRKOHWZDVGDEHLGHQNHQN|QQHQ :RULQZDUHUGHQQQXQHLJHQWOLFKVRVHKUDQVWlQGLJ8QGGDQQ HUZDUMDGRFKEHLGHU3ROL]HL1XQRIIHQJHVWDQGHQLFKELQ]ZDU IURKGDZLUHLQH3ROL]HLKDEHQXQGIUHXHPLFKLPPHUEHU MHGHQ6FKXW]PDQQ DQGHQLFKKHUDQWUHWHQXQGGHQLFKQDFKGHP :HJIUDJHQXQGXP$XVNXQIWELWWHQNDQQXQGGDVPXZDKU VHLQDOOHVLQGDUWLJXQGPDQLHUOLFKZHQLJVWHQVKDE LFKHVLPPHU VRJHIXQGHQ$EHUGDVYRQGHU$QVWlQGLJNHLWXQGYRQ]X DQVWlQGLJ © ª-DOLHEH&RULQQDGDVLVVFKRQULFKWLJ$EHUGDVLQGMD 8QWHUVFKLHGOLFKNHLWHQXQGZDVVLH$EWHLOXQJHQQHQQHQ8QG 6FKPRONHZDUEHLVROFKHU$EWHLOXQJ© ª1DWUOLFK(UNDQQGRFKQLFKWEHUDOOJHZHVHQVHLQ©

ª1HLQQLFKWEHUDOO8QGHUZDUJHUDGHEHLGHUDOOHUVFKZHUVWHQ GLHIUGHQ$QVWDQGXQGGLHJXWH6LWWH]XVRUJHQKDW© ª8QGVR ZDVJLHEWHV"©

ª-D&RULQQDVR ZDVJLHEWHVXQGPXHVDXFKJHEHQ8QGZHQQ LP ZDVMDGRFKYRUNRPPWXQGDXFKEHL)UDXHQXQG0lGFKHQ YRUNRPPWZLH'XMDZRKOJHVHKHQXQGJHK|UWKDEHQZLUVWGHQQ %HUOLQHU.LQGHUVHKHQXQGK|UHQDOOHV ZHQQQXVROFK DUPHVXQG XQJOFNOLFKHV*HVFK|SIGHQQPDQFKHVLQGZLUNOLFKEORDUPXQG XQJOFNOLFK HWZDVJHJHQGHQ$QVWDQGXQGGLHJXWH6LWWHWKXW GDQQZLUGVLHYHUQRPPHQXQGEHVWUDIW8QGGDZRGLH 9HUQHKPXQJLVGDJHUDGHVD6FKPRONH © ª0HUNZUGLJ$EHUGDYRQKDEHQ6LHPLUMDQRFKQLH ZDVHU]lKOW 8QG6FKPRONHVDJHQ6LHZDUPLWGDEHL":LUNOLFKVHKU VRQGHUEDU8QG6LHPHLQHQGDHUJHUDGHGHVKDOEVRVHKU DQVWlQGLJXQGVRVROLGHZDU"©

ª-D&RULQQDGDVPHLQ LFK©

ª1XQZHQQ6LH VVDJHQOLHEH6FKPRONHVRZLOOLFKHVJODXEHQ $EHULVWHVQLFKWHLJHQWOLFK]XP9HUZXQGHUQ"'HQQ,KU6FKPRONH ZDUMDGDPDOVQRFKMXQJRGHUVRHLQ0DQQLQVHLQHQEHVWHQ -DKUHQ8QGYLHOHYRQXQVHUHP*HVFKOHFKWXQGJHUDGHVROFKH VLQGMDGRFKRIWELOGKEVFK8QGGDVLW]WQXQHLQHUZLH6FKPRONH GDJHVHVVHQXQGPXLPPHUVWUHQJXQGHKUEDUDXVVHKHQEOR ZHLOHUGD]XIlOOLJVLW]W,FKNDQQPLUQLFKWKHOIHQLFKILQGHGDV VFKZHU'HQQGDVLVWMDJHUDGHVRZLHGHU9HUVXFKHULQGHU :VWHª'LHVDOOHVVFKHQNHLFK'LU©

'LH6FKPRONHVHXI]WHª-D&RULQQDGDLFKHV'LURIIHQJHVWHKH LFKKDEHDXFKPDQFKPDOJHZHLQWXQGPHLQIXUFKWEDUHV5HLHQ KLHUJHUDG LP1DFNHQGDVLVQRFKYRQGHU=HLWKHU8QG ]ZLVFKHQGDV]ZHLWHXQGGULWWH-DKUGDZLUYHUKHLUDWHWZDUHQ GDKDE LFKEHLQDK HOI3IXQGDEJHQRPPHQXQGZHQQZLUGDPDOV VFKRQGLHYLHOHQ:LHJHZDJHQJHKDEWKlWWHQGDZlU HVZRKO HLJHQWOLFKQRFKPHKUJHZHVHQGHQQDOVLFK]X V:LHJHQNDPGD VHW]WHLFKVFKRQZLHGHUDQ© ª$UPH)UDX©VDJWH&RULQQDª-DGDVPVVHQVFKZHUH7DJH JHZHVHQVHLQ$EHUZLHNDPHQ6LHGHQQGDUEHUKLQ"8QGZHQQ 6LHZLHGHUDQVHW]WHQVRPXGRFKVR ZDVYRQ7URVWXQG %HUXKLJXQJJHZHVHQVHLQ©

ª:DUDXFK&RULQQFKHQ8QGZHLO'XMDQXDOOHVZHLWZLOOLFK'LU DXFKHU]lKOHQZLH VNDPXQZLHLFKPHLQH5XKHZLHGHUNULHJWH 'HQQLFKNDQQ'LUVDJHQHVZDUVFKOLPPXQGLFKKDEHPLWXQWHU YLHOH:RFKHQODQJNHLQ$XJH]XJHWKDQ1D]XOHW]WVFKOlIWPDQ GRFKHLQELFKHQGLH1DWXUZLOOHVXQLVDXFK]XOHW]WQRFKVWlUNHU DOVGLH(LIHUVXFKW$EHU(LIHUVXFKWLVWVHKUVWDUNYLHOVWlUNHUDOV /LHEH0LW/LHEHLVHVQLFKVRVFKOLPP$EHUZDVLFKVDJHQZROOWH ZLHLFKQXVRJDQ] UXQWHUZDUXQGPDQEORQRFKVRKLQJXQG EORQRFKVRYLHO.UDIWKDWWHGDLFKLKPGRFK VHLQ +DPPHOIOHLVFKXQVHLQH%RKQHQYRUVHW]HQNRQQWHGDKHLW JHVFKQLW]HOWHPRFKW HUQLFKXQVDJWHLPPHUVLHVFKPHFNWHQ QDFK0HVVHUGDVDKHUGRFKZRKOGDHU PDOPLWPLUUHGHQ PVVH'HQQLFK UHG WHQLFKGD]XZDULFKYLHO]XVWRO]$OVRHU ZROOWHUHGHQPLWPLUXQGDOVHVQXVRZHLWZDUXQGHUGLH *HOHJHQKHLWDXFKJDQ]JXWDEJHSDWKDWWHQDKPHUHLQHQNOHLQHQ YLHUEHLQLJHQ6FKHPHOGHUVRQVWLPPHULQGHU.FKHVWDQGXQLV

PLUDOVREHVJHVWHUQJHZHVHQZlUHXQUFNWHGHQ6FKHPHO]X PLU UDQXQGVDJWH¾5RVDOLHQXVDJH PDOZDVKDVW'XGHQQ HLJHQWOLFK½©

8P&RULQQDV0XQGYHUORUVLFKMHGHU$XVGUXFNYRQ6SRWWVLH VFKREGDV7DEOHWWHWZDVEHL6HLWHVWW]WHVLFKZlKUHQGVLHVLFK DXIULFKWHWHPLWGHPUHFKWHQ$UPDXIGHQ7LVFKXQGVDJWHª1XQ ZHLWHUOLHEH6FKPRONH©

ª$OVRZDVKDVW'XHLJHQWOLFK"VDJWHHU]XPLU1DGDVWU]WHQ PLUGHQQGLH7KUlQHQPDQVRSLPSHUOLQJVUDXVXQGLFKVDJWH 6FKPRONH6FKPRONHXQGGDEHLVDKLFKLKQDQDOVRELFKLKQ HUJUQGHQZROOWH8QLFKNDQQZRKOVDJHQHVZDUHLQVFKDUIHU %OLFNDEHUGRFKLPPHUQRFKIUHXQGOLFK'HQQLFKOLHEWHLKQ8QG GDVDKLFKGDHUJDQ]UXKLJEOLHEXQVLFKJDUQLFKWYHUIlUEWH8Q GDQQQDKPHUPHLQH+DQGVWUHLFKHOWHVLHJDQ]]lUWOLFKXQVDJWH ¾5RVDOLHGDVLVDOOHV8QVLQQ'DYRQYHUVWHKVW 'XQLFKWVZHLO'X QLFKWLQGHU¾6LWWH½ELVW'HQQLFKVDJH'LUZHUGDVRWDJDXV WDJHLQLQGHU6LWWHVLW]HQPXGHPYHUJHKWHVGHPVWHKHQGLH +DDUH]X%HUJHEHUDOO GDV(OHQGXQGDOO GHQ-DPPHUXQG ZHQQGDQQZHOFKHNRPPHQGLHQHEHQKHUDXFKQRFKJDQ] YHUKXQJHUWVLQGZDVDXFKYRUNRPPWXQGZRZLUJDQ]JHQDX ZLVVHQGDVLW]HQQXGLH(OWHUQ]X+DXVHXQJUlPHQVLFK7DJXQG 1DFKWEHUGLH6FKDQGHZHLOVLHGDVDUPH:XUPGDVPLWXQWHU VHKUPHUNZUGLJGD]XJHNRPPHQLVWLPPHUQRFKOLHEKDEHQXQG KHOIHQXQGUHWWHQP|FKWHQZHQQ]XKHOIHQXQG]XUHWWHQQRFK PHQVFKHQP|JOLFKZlUH LFKVDJH'LU5RVDOLHZHQQPDQGDV MHGHQ7DJVHKHQPXXQPDQKDWHLQ+HU]LP/HLEHXQKDWEHL V HUVWH*DUGHUHJLPHQWJHGLHQWXQLVIU3URSSHUWlWXQG6WUDPPKHLW XQG*HVXQGKHLWQDLFKVDJH'LUGHQQLVHVPLW9HUIKUXQJXQDOO VRZDVYRUEHLXQPDQP|FKWH UDXVJHKQXQGZHLQHQXQHLQ SDDU0DOKDE LFK VDXFKDOWHU.HUOGHULFKELQXQGYRQ &DUHVVLUHQXQG¾)UlXOHLQFKHQ½VWHKWQLFKWVPHKUGULQXQPDQ JHKWQDFK+DXVHXQGLVIURKZHQQPDQVHLQ+DPPHOIOHLVFK NULHJWXQHLQHRUGHQWOLFKH)UDXKDWGLH5RVDOLHKHLW%LVW'XQX ]XIULHGHQ5RVDOLH"½8QGGDEHLJDEHUPLUHLQHQ.X © 'LH6FKPRONHGHUEHLGHU(U]lKOXQJZLHGHUJDQ]ZHKXPV+HU] JHZRUGHQZDUJLQJDQ&RULQQD V6FKUDQNXPVLFKHLQ 7DVFKHQWXFK]XKROHQ8QGDOVVLHVLFKQXQZLHGHU]XUHFKW JHPDFKWKDWWHVRGDLKUGLH:RUWHQLFKWPHKULQGHU.HKOH

EOLHEHQQDKPVLH&RULQQD V+DQGXQGVDJWHª6LHK VRZDU 6FKPRONH:DVVDJVW'XGD]X"© ª(LQVHKUDQVWlQGLJHU0DQQ© ª1DRE©

,QGLHVHP$XJHQEOLFNHK|UWHPDQGLH.OLQJHOª'HU3DSD©VDJWH &RULQQDXQGGLH6FKPRONHVWDQGDXIXPGHP+HUUQ3URIHVVRU]X |IIQHQ6LHZDUDXFKEDOGZLHGHU]XUFNXQGHU]lKOWHGDVLFK GHU3DSDQXUJHZXQGHUWKDEH&RULQQFKHQQLFKWPHKU]XILQGHQ ZDVGHQQSDVVLHUWVHL":HJHQHLQELFKHQ.RSIZHKJHKHPDQ GRFKQLFKWJOHLFK]X%HWW8QGGDQQKDEHHUVLFKVHLQH3IHLIH DQJHVWHFNWXQGGLH=HLWXQJLQGLH+DQGJHQRPPHQXQGKDEH GDEHLJHVDJWª*RWWVHL'DQNOLHEH6FKPRONHGDLFKZLHGHUGD ELQDOOH*HVHOOVFKDIWHQVLQG8QVLQQGLHVHQ6DW]YHUPDFKHLFK ,KQHQDXI/HEHQV]HLW©(UKDEHDEHUJDQ]ILGHOGDEHLDXVJHVHKHQ XQGVLHVHLEHU]HXJWGDHUVLFKHLJHQWOLFKVHKUJXWDPVLHUW KDEH'HQQHUKDEHGHQ)HKOHUGHQVRYLHOHKlWWHQXQGGLH 6FKPLGW VYRUDQVLHUHGWHQEHUDOOHVXQGZWHQDOOHVEHVVHU -D&RULQQFKHQLQGLHVHP%HODQJHELVW'XDXFKJDQ] 6FKPLGWVFK©

&RULQQDJDEGHUJXWHQ$OWHQGLH+DQGXQGVDJWHª6LHZHUGHQ ZRKOUHFKWKDEHQOLHEH6FKPRONHXQGHVLVWJDQ]JXWGD6LH PLU VVDJHQ:HQQ6LHQLFKWJHZHVHQZlUHQZHUKlWWHPLUGHQQ EHUKDXSW ZDVJHVDJW".HLQHULFKELQMDZLHZLOGDXIJHZDFKVHQ XQGLVWHLJHQWOLFK]XYHUZXQGHUQGDLFKQLFKWQRFKVFKOLPPHU JHZRUGHQELQDOVLFKELQ3DSDLVWHLQJXWHU3URIHVVRUDEHUNHLQ JXWHU(U]LHKHUXQGGDQQZDUHULPPHU]XVHKUYRQPLU HLQJHQRPPHQXQGVDJWH¾GDV6FKPLGW VFKHKLOIWVLFKVHOEVW½RGHU ¾HVZLUGVFKRQ]XP'XUFKEUXFKNRPPHQ½© ª-DVR ZDVVDJWHULPPHU$EHUPLWXQWHULVWHLQH0DXOVFKHOOH EHVVHU©

ª8P*RWWHVZLOOHQOLHEH6FKPRONHVDJHQ6LHGRFKVR ZDVQLFKW 'DVlQJVWLJWPLFK© ª$FK'XELVWQlUULVFK&RULQQD:DVVROO'LFKGHQQlQJVWLJHQ" 'XELVWMDQXQHLQHJURHIRUVFKH3HUVRQXQGKDVWGLH

.LQGHUVFKXKHOlQJVWDXVJHWUHWHQXQGN|QQWHVWVFKRQVHFKV-DKUH YHUKHLUDWHWVHLQ© ª-D©VDJWH &RULQQDªGDVN|QQW LFKZHQQPLFKZHUJHZROOW KlWWH$EHUGXPPHUZHLVHKDWPLFKQRFKNHLQHUJHZROOW8QGGD KDEHLFKGHQQIUPLFKVHOEHUVRUJHQPVVHQ ©

'LH6FKPRONHJODXEWHQLFKWUHFKWJHK|UW]XKDEHQXQGVDJWH ª'XKDVWIU'LFKVHOEHUVRUJHQPVVHQ":DVPHLQVW'XGDPLW ZDVVROOGDVKHLHQ"©

ª(VVROOKHLHQOLHEH6FKPRONHGDLFKPLFKKHXW $EHQGYHUOREW KDEH© ª+LPPOLVFKHU9DWHULVHVP|JOLFK$EHUVHLQLFKE|VHGDLFK PLFKVRYHUILHUH'HQQHVLVMDGRFKHLJHQWOLFKZDV*XWHV1D PLWZHPGHQQ"© ª5DWH©

ª0LW0DUFHOO©

ª1HLQPLW0DUFHOOQLFKW©

ª0LW0DUFHOOQLFK"-D&RULQQDGDQQZHLLFKHVQLFKXQGZLOOHV DXFKQLFKZLVVHQ%ORZLVVHQPXLFKHVDP(QGHGRFK:HULV HVGHQQ"© ª/HRSROG7UHLEHO©

ª+HUU'XPHLQH*WH©

ª)LQGHVW'X VVRVFKOLPP"+DVW'X ZDVGDJHJHQ"©

ª,EHZDKUHZLHZHUG LFKGHQQ8QGZUGHVLFKDXFKJDUQLFKYRU PLUSDVVHQ8QGHQQGLH7UHLEHO VGLHVLQGDOOHJXWXQVHKU SURSSUH/HXWHGHUDOWH&RPPHU]LHQUDWYRUDQGHULPPHUVR VSDLJLVXQGLPPHUVDJW¾-HVSlWHUGHU$EHQGMHVFK|QHUGLH /HXWH½XQ¾QRFKIXI]LJ-DKUHVRZLHKHXW ½XQGVR ZDV8QGGHU lOWHVWH6RKQLVDXFKVHKUJXWXQG/HRSROGDXFK(LQELFKHQ VSLW]HUGDVLVZDKUDEHUKHLUDWHQLVMDQLFKEHL5HQ]LQ Q&LUNXV 8QG6FKPRONHVDJWHRIW¾+|UH5RVDOLHGDVODJXWVHLQVR ZDV WlXVFKWGDNDQQPDQVLFKLUUHQGLH'QQHQXQGLHVRVFKZDFK DXVVHK QGLHVLQGRIWJDUQLFKVRVFKZDFK½-D&RULQQDGLH

7UHLEHO VVLQGJXWXQEORGLH0DPDGLH&RPPHU]LHQUlWLQMD K|UHGLHNDQQLFKPLUQLFKKHOIHQGLH5lWLQGLHKDWVR ZDVZDV PLUQLFKUHFKWSDWXQ]LHUWVLFKLPPHUXQWKXWVRXQZHQQ ZDV :HLQHUOLFKHVHU]lKOWZLUGYRQHLQHP3XGHOGHUHLQ.LQGDXVGHP .DQDOJH]RJHQRGHUZHQQGHU3URIHVVRU ZDVYRUSUHGLJWXQPLW VHLQHU%DVWLPPHVRYRUVLFK KLQEUXPPHOW¾ZLHGHU8QVWHUEOLFKH VDJW½XQGDQQNRPPWLPPHUHLQ1DPHGHQNHLQ &KULVWHQPHQVFKNHQQWXQGGLH&RPPHU]LHQUlWLQZROODXFKQLFK GDQQKDWVLHJOHLFKLPPHULKUH7KUlQHXQVLQGLPPHUZLH 6WHKWKUlQHQGLHJDUQLFK UXQWHUZROO Q© ª'DVLHVRZHLQHQNDQQLVWDEHUGRFKHLJHQWOLFK ZDV*XWHV OLHEH6FKPRONH©

ª-DEHLPDQFKHPLVHVZDV*XWHVXQG]HLJWHLQZHLFKHV+HU]8Q LFKZLOODXFKZHLWHUQLFKWVVDJHQXQOLHEHUDQPHLQHHLJ QH%UXVW VFKODJHQXQPXDXFKGHQQPLUVLW]HQVLHDXFKPDQORVH *RWWZHQQLFKGDUDQGHQNHZLH6FKPRONHQRFKOHEWHQDGDZDU YLHOHVDQGHUVXQ%LOOHWWHUIUGHQGULWWHQ5DQJKDWWH6FKPRONH MHGHQ7DJXQPLWXQWHUDXFKIUGHQ]ZHLWHQ8QGDPDFKWHLFK PLFKGHQQIHLQ&RULQQDGHQQLFKZDUGDPDOVQRFKNHLQHGUHLLJ XQQRFKJDQ]JXWLP6WDQGH*RWW.LQGZHQQLFKGDUDQGHQNH 'DZDUGDPDOVHLQHGLHKLHGLH(UKDUWHQGLHQDFKKHUHLQHQ *UDIHQJHKHLUDWHW$FK&RULQQFKHQGDKDE LFKDXFKPDQFKH VFK|QH7KUlQHYHUJRVVHQ,FKVDJHVFK|QH7KUlQHGHQQHV HUOHLFKWHUWHLQHQ8QLQ0DULD6WXDUWZDUHVDPPHLVWHQ'DZDU GHQQGRFKHLQH6FKQDXEHUHLGDPDQJDUQLFKWVPHKUYHUVWHK Q NRQQWHGDVKHLWDEHUEORJDQ]]XOHW]WZLHVLHYRQDOO LKUH 'LHQHULQQHQXQGYRQLKUHUDOWHQ$PPH$EVFKLHGQLPPW$OOHJDQ] VFKZDU]XQVLHVHOEHULPPHUPLW V.UHX]JDQ]ZLH QH .DWKROVFKH$EHUGLH(UKDUWHQZDUNHLQH8QGZHQQLFKPLUGDV $OOHVZLHGHUVRGHQNHXQZLHLFKGDDXVGHU7KUlQHJDUQLFK UDXV JHNRPPHQELQGDNDQQLFKDXFKJHJHQGLH&RPPHU]LHQUlWLQ HLJHQWOLFKQLFKWVVDJHQ© &RULQQDVHXI]WHKDOELP6FKHU]XQGKDOELP(UQVW ª:DUXPVHXI]VW'X&RULQQD"©

ª-DZDUXPVHXI]HLFKOLHEH6FKPRONH",FKVHXI]HZHLOLFK JODXEHGD6LH5HFKWKDEHQXQGGDVLFKJHJHQGLH5lWLQ HLJHQWOLFKQLFKWVVDJHQOlWEORZHLOVLHVROHLFKWZHLQWRGHU

LPPHUHLQHQ)OLPPHULP$XJHKDW*RWWGHQKDWPDQFKHU$EHU GLH5lWLQLVWIUHLOLFKHLQHJDQ]HLJHQH)UDXXQGLFKWUDX LKUQLFKW XQGGHUDUPH/HRSROGKDWHLJHQWOLFKHLQHJURH)XUFKWYRULKUXQG ZHLDXFKQRFKQLFKWZLHHUGDKHUDXVZLOO(VZLUGHEHQQRFK DOOHUOHLKDUWH.lPSIHJHEHQ$EHULFKODHVGDUDXIDQNRPPHQ XQGKDOW LKQIHVWXQGZHQQPHLQH6FKZLHJHUPXWWHUJHJHQPLFK LVWVRVFKDG WHVDP(QGHQLFKWDOO]XYLHO'LH6FKZLHJHUPWWHU VLQGHLJHQWOLFKLPPHUGDJHJHQXQGMHGHGHQNWLKU3SSFKHQLVW ]XVFKDGH1DZLUZHUGHQMDVHK QLFKKDEHVHLQ:RUWXQGGDV DQGHUHPXVLFKILQGHQ© ª'DVLVWUHFKW&RULQQDKDOW LKQIHVW(LJHQWOLFKKDE LFKMDHLQHQ 6FKUHFNJHNULHJWXQGJODXEHPLU0DUFHOOZlUHEHVVHUJHZHVHQ GHQQ,KUSDW]XVDPPHQ$EHUGDVVDJ LFKVREOR]X'LU8QGD 'XQX PDOGHQ7UHLEHO VFKHQKDVWQDVRKDVW'X QXQGDKLOIW NHLQ3UlW]HOEDFNHQXQHUPXVWLOOKDOWHQXQGGLH$OWHDXFK-D GLH$OWHHUVWUHFKW'HUJ|QQ LFK V© &RULQQDQLFNWH

ª8QQXVFKODIH.LQG$XVVFKODIHQ LVLPPHUJXWGHQQPDQNDQQ QLHZLVVHQZLH VNRPPWXQZLHPDQGHQDQGHUQ7DJVHLQH .UlIWHEUDXFKW©

=Z|OIWHV.DSLWHO

=LHPOLFKXPGLHVHOEH=HLWZRGHU)HOJHQWUHXVFKH:DJHQLQGHU $GOHUVWUDHKLHOWXPGDVHOEVWDE]XVHW]HQKLHOWDXFKGHU 7UHLEHOVFKH:DJHQYRUGHUNRPPHU]LHQUlWOLFKHQ:RKQXQJXQG GLH5lWLQVDPWLKUHP6RKQH/HRSROGVWLHJHQDXVZlKUHQGGHU DOWH7UHLEHODXIVHLQHP3ODW]HEOLHEXQGGDVMXQJH3DDU GDV ZLHGHUGLH3IHUGHJHVFKRQWKDWWH GLH.|SQLFNHUVWUDHKLQXQWHU ELVDQGHQª+RO]KRI©EHJOHLWHWH9RQGRUWDXVQDFKHLQHP KHU]KDIWHQ6FKPDW]GHQQHUVSLHOWHJHUQGHQ]lUWOLFKHQ 6FKZLHJHUYDWHU OLHHUVLFK]X%XJJHQKDJHQ VIDKUHQZR 3DUWHLYHUVDPPOXQJZDU(UZROOWHGRFK PDOZLHGHUVHKHQZLH V VWQGHXQGZHQQQ|WLJDXFK]HLJHQGDLKQGLH.RUUHVSRQGHQ] LQGHUª1DWLRQDO]HLWXQJ©QLFKWQLHGHUJHVFKPHWWHUWKDEH

'LH&RPPHU]LHQUlWLQGLHIUJHZ|KQOLFKGLHSROLWLVFKHQ*lQJH 7UHLEHOVEHOlFKHOWHZHQQQLFKWEHDUJZRKQWH ZDVDXFKYRUNDP KHXWHVHJQHWHVLH%XJJHQKDJHQXQGZDUIURKHLQSDDU6WXQGHQ DOOHLQVHLQ]XN|QQHQ'HU*DQJPLW:LOLEDOGKDWWHVRYLHOHV ZLHGHULQLKUDQJHUHJW'LH*HZLKHLWVLFKYHUVWDQGHQ]XVHKHQ HVZDUGRFKHLJHQWOLFKGDV+|KHUHª9LHOHEHQHLGHQPLFKDEHU ZDVKDE LFKDP(QGH"6WXFNXQG*ROGOHLVWHQXQGGLH+RQLJPLW LKUHPVDXHUVHQ*HVLFKW7UHLEHOLVWJXWEHVRQGHUVDXFKJHJHQ PLFKDEHUGLH3URVDODVWHWEOHLVFKZHUDXILKPXQGZHQQHU HV QLFKWHPSILQGHWLFK HPSILQGHHV8QGGDEHL&RPPHU]LHQUlWLQ XQGLPPHUZLHGHU&RPPHU]LHQUlWLQ(VJHKWQXQVFKRQLQGDV ]HKQWH-DKUXQGHUUFNWQLFKWK|KHUKLQDXIWURW]DOOHU $QVWUHQJXQJHQ8QGZHQQHVVREOHLEWXQGHVZLUGVREOHLEHQVR ZHLLFKZLUNOLFKQLFKWREQLFKWGDVDQGHUHGDVDXI.XQVWXQG :LVVHQVFKDIWGHXWHWGRFKHLQHQIHLQHUHQ.ODQJKDW-DGHQKDW HV8QGPLWGHQHZLJHQJXWHQ9HUKlOWQLVVHQ,FKNDQQGRFK DXFKQXUHLQH7DVVH.DIIHHWULQNHQXQGZHQQLFKPLFK]X%HWW OHJHVRNRPPWHVGDUDXIDQGDLFKVFKODIH%LUNHQPDVHURGHU 1XEDXPPDFKWNHLQHQ8QWHUVFKLHGDEHU6FKODIRGHU1LFKWVFKODI GDVPDFKWHLQHQXQGPLWXQWHUIOLHKWPLFKGHU6FKODIGHUGHV /HEHQV%HVWHVLVWZHLOHUXQVGDV/HEHQYHUJHVVHQOlW8QG DXFKGLH.LQGHUZlUHQDQGHUV:HQQLFKGLH&RULQQDDQVHKHGDV VSUKWDOOHVYRQ/XVWXQG/HEHQXQGZHQQVLHEORVR PDFKWVR VWHFNWVLHPHLQHEHLGHQ-XQJHQLQGLH7DVFKH0LW2WWRLVWQLFKW YLHOXQGPLW/HRSROGLVWJDUQLFKWV©

-HQQ\ZlKUHQGVLHVLFKLQVH6HOEVWWlXVFKXQJHQZLHGLHVH YHUVHQNWHWUDWDQV)HQVWHUXQGVDKDEZHFKVHOQGDXIGHQ 9RUJDUWHQXQGGLH6WUDH'UEHQLP+DXVHJHJHQEHUKRFK REHQLQGHURIIHQHQ0DQVDUGHVWDQGZLHHLQ6FKDWWHQULLQ KHOOHP/LFKWHLQH3OlWWHULQGLHPLWVLFKHUHU+DQGEHUGDV 3OlWWEUHWWKLQIXKU MDHVZDULKUDOVK|UHVLH0lGFKHQVLQJHQ 'HU&RPPHU]LHQUlWLQ$XJHPRFKWHYRQGHPDQPXWLJHQ%LOGH QLFKWODVVHQXQGHWZDVZLHZLUNOLFKHU1HLGEHUNDPVLH

6LHVDKHUVWIRUWDOVVLHEHPHUNWHGDKLQWHULKUGLH7KUJLQJ (VZDU)ULHGULFKGHUGHQ7KHHEUDFKWHª6HW]HQ6LHKLQ )ULHGULFKXQGVDJHQ6LH)UlXOHLQ+RQLJHVZlUHQLFKWQ|WLJ© ª6HKUZRKO)UDX&RPPHU]LHQUlWLQ$EHUKLHULVWHLQ%ULHI© ª(LQ%ULHI"©IXKUGLH5lWLQKHUDXVª9RQZHP"© ª9RPMXQJHQ+HUUQ© ª9RQ/HRSROG"©

ª-D)UDX&RPPHU]LHQUlWLQ8QGHVZlUH$QWZRUW ©

ª%ULHI$QWZRUW(ULVWQLFKWUHFKWJHVFKHLGW©XQGGLH &RPPHU]LHQUlWLQ ULGDV.RXYHUWDXIXQGEHUIORJGHQ,QKDOW ª/LHEH0DPD:HQQHV'LULUJHQGSDWLFKP|FKWHKHXWHQRFK HLQHNXU]H8QWHUUHGXQJPLW'LUKDEHQ/DPLFKGXUFK)ULHGULFK ZLVVHQMDRGHUQHLQ'HLQ/HRSROG©

-HQQ\ZDUGHUDUWEHWURIIHQGDLKUHVHQWLPHQWDOHQ $QZDQGOXQJHQDXIGHU6WHOOHKLQVFKZDQGHQ6RYLHOVWDQGIHVW GDGDVDOOHVQXUHWZDVVHKU)DWDOHVEHGHXWHQNRQQWH6LHUDIIWH VLFKDEHU]XVDPPHQXQGVDJWHª6DJHQ6LH/HRSROGGDLFKLKQ HUZDUWH©

'DV=LPPHU/HRSROG VODJEHUGHPLKULJHQVLHK|UWHGHXWOLFK GDHUUDVFKKLQXQGKHUJLQJXQGHLQSDDU6FKXENlVWHQPLW HLQHULKPVRQVWQLFKWHLJHQHQ/DXWKHLW]XVFKRE8QGJOHLFK GDQDFKZHQQQLFKWDOOHVWlXVFKWHYHUQDKPVLHVHLQHQ6FKULWWDXI GHU7UHSSH 6LHKDWWHUHFKWJHK|UWXQGQXQWUDWHUHLQXQG ZROOWHVLHVWDQG QRFKLQGHU1lKHGHV)HQVWHUV GXUFKGLHJDQ]H/lQJHGHV

=LPPHUVDXIVLH]XVFKUHLWHQXPLKUGLH+DQG]XNVVHQGHU %OLFNDEHUPLWGHPVLHLKPEHJHJQHWHKDWWHHWZDVVR $EZHKUHQGHVGDHUVWHKHQEOLHEXQGVLFKYHUEHXJWH

ª:DVEHGHXWHWGDV/HRSROG"(VLVWMHW]W=HKQDOVR QDFKWVFKODIHQGH=HLWXQGGDVFKUHLEVW'XPLUHLQ%LOOHWXQGZLOOVW PLFKVSUHFKHQ(VLVWPLUQHXGD'X ZDVDXIGHU6HHOHKDVW ZDVNHLQHQ$XIVFKXEELVPRUJHQIUKGXOGHW:DVKDVW'XYRU" :DVZLOOVW'X"© ª0LFKYHUKHLUDWHQ0XWWHULFKKDEHPLFKYHUOREW©

'LH&RPPHU]LHQUlWLQIXKU]XUFNXQGHLQ*OFNZDUHVGDGDV )HQVWHUDQGHPVLHVWDQGLKUHLQH/HKQHJDE$XIYLHO*XWHV KDWWHVLHQLFKWJHUHFKQHWDEHUHLQH9HUOREXQJEHULKUHQ.RSI ZHJGDVZDUGRFKPHKU DOVVLHJHIUFKWHW:DUHVHLQHGHU )HOJHQWUHX V"6LHKLHOWEHLGHIUGXPPH'LQJHUXQGGLHJDQ]H )HOJHQWUHXHUHLIUHUKHEOLFKXQWHUP6WDQGHUGHU$OWHZDU /DJHUDXIVHKHULQHLQHPJURHQ/HGHUJHVFKlIWJHZHVHQXQGKDWWH VFKOLHOLFKGLHKEVFKH:LUWVFKDIWVPDPVHOOGHV3ULQ]LSDOVHLQHV PLWVHLQHUZHLEOLFKHQ8PJHEXQJRIWZHFKVHOQGHQ:LWWZHUV JHKHLUDWHW6RKDWWHGLH6DFKHEHJRQQHQXQGOLHLQLKUHQ$XJHQ YLHO]XZQVFKHQEULJ$EHUYHUJOLFKHQPLWGHQ0XQNVZDUHV QRFKODQJHGDV6FKOLPPVWHQLFKWXQGVRVDJWHVLHGHQQ ª(OIULHGHRGHU%ODQFD"© ª.HLQHYRQEHLGHQ© ª$OVR©

ª&RULQQD©

'DVZDU]XYLHO-HQQ\NDPLQHLQKDOERKQPlFKWLJHV6FKZDQNHQ XQGVLHZlUHDQJHVLFKWVLKUHV6RKQHV]X%RGHQJHIDOOHQZHQQ VLHGHUVFKQHOO+HU]XVSULQJHQGHQLFKWDXIJHIDQJHQ KlWWH6LHZDU QLFKWOHLFKW]XKDOWHQXQGQRFKZHQLJHUOHLFKW]XWUDJHQDEHUGHU DUPH/HRSROGGHQGLHJDQ]H6LWXDWLRQEHUVLFKVHOEVWKLQDXV KREEHZlKUWHVLFKDXFKSK\VLVFKXQGWUXJGLH0DPDELVDQV 6RSKD'DQDFKZROOWHHUDXIGHQ.QRSIGHUHOHNWULVFKHQ.OLQJHO GUFNHQ-HQQ\ZDUDEHUZLHGLHPHLVWHQRKQPlFKWLJHQ)UDXHQ GRFKQLFKWRKQPlFKWLJJHQXJXPQLFKWJHQDX]XZLVVHQZDVXP VLHKHUYRUJLQJXQGVRIDWHVLHGHQQVHLQH+DQG]XP=HLFKHQ GDGDV.OLQJHOQ]XXQWHUEOHLEHQKDEH

6LHHUKROWHVLFKDXFKUDVFKZLHGHUJULIIQDFKGHPYRULKU VWHKHQGHQ)ODoRQPLW.|OQLVFKHP:DVVHUXQGVDJWHQDFKGHPVLH VLFKGLH6WLUQGDPLWEHWXSIWKDWWHª$OVRPLW&RULQQD© ª-D0XWWHU©

ª8QGDOOHVQLFKWEOR]XP6SD6RQGHUQXPHXFKZLUNOLFK]X KHLUDWHQ© ª-D0XWWHU©

ª8QGKLHULQ%HUOLQXQGLQGHU/XLVHQVWlGWVFKHQ.LUFKHGDULQ'HLQ JXWHUEUDYHU9DWHUXQGLFKJHWUDXWZXUGHQ"© ª-D0XWWHU©

ª-D0XWWHUXQGLPPHUZLHGHUMD0XWWHU(VNOLQJWDOVRE'X QDFK.RPPDQGRVSUlFKVWXQGDOVRE'LU&RULQQDJHVDJWKlWWH VDJHQXULPPHU-D0XWWHU1XQ/HRSROGZHQQHVVRLVWVR N|QQHQZLUEHLGHXQVHUH5ROOHQUDVFKDXVZHQGLJOHUQHQ'XVDJVW LQHLQHPIRUW¾MD0XWWHU½XQGLFKVDJHLQHLQHPIRUW¾QHLQ /HRSROG½8QGGDQQZROOHQZLUVHKHQZDVOlQJHUYRUKlOW'HLQ ¾-D½ RGHUPHLQ¾1HLQ½ ª,FKILQGHGD'XHV'LUHWZDVOHLFKWPDFKVW0DPD©

ª1LFKWGDLFKZWH:HQQHVDEHUVRVHLQVROOWHVRELQLFK EOR'HLQHJHOHKULJH6FKOHULQ-HGHQIDOOVLVWHVHLQ2SHULHUHQ RKQH8PVFKZHLIHZHQQHLQ6RKQYRUVHLQH0XWWHUKLQWULWWXQGLKU NXU]ZHJHUNOlUW¾,FKKDEHPLFKYHUOREW½6RJHKWGDVQLFKWLQ XQVHUQ+lXVHUQ'DVPDJEHLP7KHDWHUVRVHLQRGHUYLHOOHLFKW DXFKEHL.XQVWXQG:LVVHQVFKDIWZRULQGLHNOXJH&RULQQDMDJUR JH]RJHQLVWXQGHLQLJHVDJHQVRJDUGDVLHGHP$OWHQGLH+HIWH NRUULJLHUW$EHUZLHGHPDXFKVHLQP|JHEHL.XQVWXQG :LVVHQVFKDIWPDJGDVJHKHQPHLQHWZHJHQXQGZHQQVLHGHQ DOWHQ3URIHVVRULKUHQ9DWHUEULJHQVHLQ(KUHQPDQQ DXFK LKUHUVHLWVPLWHLQHP¾LFKKDEHPLFKYHUOREW½EHUUDVFKWKDEHQ VROOWHQXQVRPDJGHUVLFKIUHXHQHUKDWDXFK*UXQGGD]X GHQQGLH7UHLEHO VZDFKVHQQLFKWDXIGHQ%lXPHQXQGN|QQHQ QLFKWYRQMHGHPGHUYRUEHLJHKWKHUXQWHUJHVFKWWHOWZHUGHQ $EHULFKLFKIUHXHPLFKQLFKWXQGYHUELHWH'LUGLHVH9HUOREXQJ 'XKDVWZLHGHUJH]HLJW ZLHJDQ]XQUHLI'XELVWMDGDLFKHV DXVVSUHFKH/HRSROGZLHNQDEHQKDIW©

ª/LHEH0DPDZHQQ'XPLFKHWZDVPHKUVFKRQHQN|QQWHVW ©

ª6FKRQHQ"+DVW'XPLFKJHVFKRQWDOV'X'LFKDXIGLHVHQ8QVLQQ HLQOLHHVW"'XKDVW'LFKYHUOREWVDJVW'X:HPZLOOVW'XGDV ZHLPDFKHQ"6LHKDWVLFKYHUOREWXQG'X ELVWEORYHUOREW ZRUGHQ6LHVSLHOWPLW'LUXQGDQVWDWW'LUGDV]XYHUELWWHQ NHVW'XLKUGLH+DQGXQGOlVVHVW'LFKHLQIDQJHQZLHGLH *LPSHO1XQLFKKDE HVQLFKWKLQGHUQN|QQHQDEHUGDV:HLWHUH GDVNDQQLFKKLQGHUQXQGZHUGHHVKLQGHUQ9HUOREWHXFKVRYLHO LKUZROOWDEHUZHQQLFKELWWHQGDUILP9HUVFKZLHJHQHQXQG 9HUERUJHQHQDQHLQ+HUDXVWUHWHQGDPLWLVWQLFKW]XGHQNHQ $Q]HLJHQHUIROJHQQLFKWXQGZHQQ'X'HLQHUVHLWV$Q]HLJHQ PDFKHQZLOOVWVRPDJVW'XGLH*UDWXODWLRQHQLQHLQHP+{WHO JDUQLLQ(PSIDQJQHKPHQ,QPHLQHP+DXVHQLFKW,QPHLQHP +DXVHH[LVWLHUWNHLQH9HUOREXQJXQGNHLQH&RULQQD'DPLWLVWHV YRUEHL'DVDOWH/LHGYRP8QGDQNHUIDKU LFKQXQDQPLUVHOEVW XQGPXHUNHQQHQGDPDQXQNOXJGDUDQWKXW3HUVRQHQ]X YHUZ|KQHQXQGJHVHOOVFKDIWOLFK]XVLFKKHUDXI]X]LHKHQ8QGPLW 'LUVWHKWHVQLFKWEHVVHU$XFK'XKlWWHVWPLUGLHVHQ*UDP HUVSDUHQN|QQHQXQGGLHVHQ6NDQGDO'D'XYHUIKUWELVW HQWVFKXOGLJW'LFKQXUKDOE8QGQXQNHQQVW'XPHLQHQ:LOOHQ XQGLFKGDUIZRKOVDJHQDXFK'HLQHV9DWHUV:LOOHQGHQQVRYLHO 7KRUKHLWHQHUEHJHKWLQGHQ)UDJHQZRGLH(KUHVHLQHV+DXVHV DXIGHP6SLHOHVWHKWLVW9HUODDXILKQ8QGQXQJHK /HRSROG XQGVFKODIHZHQQ'XVFKODIHQNDQQVW(LQJXW*HZLVVHQLVWHLQ JXWHV5XKHNLVVHQ © /HRSROGELVLFKDXIGLH/LSSHQXQGOlFKHOWHYHUELWWHUWYRUVLFK KLQ

ª8QGEHLGHPZDV'XYLHOOHLFKWYRUKDVW GHQQ'XOlFKHOVW XQGVWHKVWVRWURW]LJGDZLHLFK'LFKQRFKJDUQLFKWJHVHKHQ KDEHZDVDXFKEORGHUIUHPGH*HLVWXQG(LQIOXLVW EHLGHP ZDV'XYLHOOHLFKWYRUKDVW/HRSROGYHUJLQLFKWGDGHU6HJHQ GHU(OWHUQGHQ.LQGHUQ+lXVHUEDXW:HQQLFK'LUUDWHQNDQQVHL NOXJXQGEULQJH'LFKQLFKWXPHLQHUJHIlKUOLFKHQ3HUVRQXQGHLQHU IOFKWLJHQ/DXQHZLOOHQXPGLH)XQGDPHQWHGLHGDV/HEHQ WUDJHQXQGRKQHGLHHVNHLQUHFKWHV*OFNJLEW©

/HRSROGGHUVLFK]XVHLQHPHLJHQHQ(UVWDXQHQDOO GLH=HLWEHU GXUFKDXVQLFKWQLHGHUJHVFKPHWWHUWJHIKOWKDWWHVFKLHQHLQHQ $XJHQEOLFNDQWZRUWHQ]XZROOHQHLQ%OLFNDXIGLH0XWWHUDEHU GHUHQ(UUHJXQJZlKUHQGVLHVSUDFKQXULPPHUQRFKJHZDFKVHQ ZDUOLHLKQHUNHQQHQGDMHGHV:RUWGLH6FKZLHULJNHLWGHU/DJH EORVWHLJHUQZUGHVRYHUEHXJWHHUVLFKGHQQUXKLJXQGYHUOLH GDV=LPPHU (UZDUNDXPKLQDXVDOVVLFKGLH&RPPHU]LHQUlWLQYRQLKUHP 6RSKDSODW]HUKREXQGEHUGHQ7HSSLFKKLQDXI XQGDE]XJHKHQ EHJDQQ-HGHVPDOZHQQVLHZLHGHULQGLH1lKHGHV)HQVWHUV NDPEOLHEVLHVWHKHQXQGVDKQDFKGHU0DQVDUGHXQGGHULPPHU QRFKLPYROOHP/LFKWHGDVWHKHQGHQ3OlWWHULQKLQEHUELVLKU%OLFN VLFKZLHGHUVHQNWHXQGGHPEXQWHQ7UHLEHQGHUYRULKUOLHJHQGHQ 6WUDH]XZDQGWH+LHULQLKUHP9RUJDUWHQGHQOLQNHQ$UPYRQ LQQHQKHUDXIGLH*LWWHUVWlEHJHVWW]WVWDQGLKU+DXVPlGFKHQ HLQHKEVFKH%ORQGLQHGLHPLW5FNVLFKWDXI/HRSROG VªPRUHV© EHLQDKHQLFKWHQJDJLHUWZRUGHQZlUHXQGVSUDFKOHEKDIWXQG XQWHU/DFKHQPLWHLQHPGUDXHQDXIGHP7URWWRLUVWHKHQGHQ ª&RXVLQ©]RJVLFKDEHU]XUFNDOVGHUHEHQYRQ%XJJHQKDJHQ NRPPHQGH&RPPHU]LHQUDWLQHLQHU'URVFKNHYRUIXKUXQGDXI VHLQH9LOOD]XVFKULWW7UHLEHOHLQHQ%OLFNDXIGLH)HQVWHUUHLKH ZHUIHQGVDKVRIRUWGDQXUQRFKLQVHLQHU)UDX=LPPHU/LFKW ZDUZDVLKQPLWEHVWLPPWHJOHLFKEHLLKUHLQ]XWUHWHQXPQRFK EHUGHQ$EHQGXQGVHLQHPDQQLJIDFKHQ(UOHEQLVVHEHULFKWHQ]X N|QQHQ'LHIODXH6WLPPXQJGHUHUDQIlQJOLFKLQIROJHGHU 1DWLRQDO]HLWXQJVNRUUHVSRQGHQ]EHL%XJJHQKDJHQ VEHJHJQHWZDU ZDUXQWHUGHP(LQIOXVHLQHU/LHEHQVZUGLJNHLWUDVFKJHZLFKHQ XQGGDVXPVRPHKUDOVHUGHQDXFKKLHUZHQLJJHOLWWHQHQ 9RJHOVDQJVFKPXQ]HOQGSUHLVJHJHEHQKDWWH

9RQGLHVHP6LHJH]XHU]lKOHQWULHEHVLKQWURW]GHPHUZXWH ZLH-HQQ\]XGLHVHQ'LQJHQVWDQGDOVHUDEHUHLQWUDWXQGGLH $XIUHJXQJJHZDKUZXUGHGDULQVLFKVHLQH)UDXJDQ]HUVLFKWOLFK EHIDQGHUVWDUELKPGDVMRYLDOHªJXWHQ$EHQG-HQQ\©DXIGHU =XQJHXQGLKUGLH+DQGUHLFKHQGVDJWHHUQXUª:DVLVW YRUJHIDOOHQ-HQQ\"'XVLHKVWMDDXVZLHGDV/HLGHQQHLQNHLQH %ODVSKHPLH'XVLHKVWMDDXVDOVZlUH'LUGLH*HUVWH YHUKDJHOW© ª,FKJODXEH7UHLEHO©VDJWHVLH ZlKUHQGVLHLKU$XIXQG$ELP =LPPHUIRUWVHW]WHª'XN|QQWHVW'LFKPLW'HLQHQ9HUJOHLFKHQ

HWZDVK|KHUKLQDXIVFKUDXEHQªYHUKDJHOWH*HUVWH©KDWHLQHQ EHUDXVOlQGOLFKHQXPQLFKW]XVDJHQElXHUOLFKHQ%HLJHVFKPDFN ,FKVHKHGDV7HXSLW]=RVVHQ VFKHWUlJWEHUHLWVVHLQH)UFKWH © ª/LHEH-HQQ\GLH6FKXOGOLHJWJODXEHLFKZHQLJHUDQPLUDOVDQ GHP6SUDFK XQG%LOGHUVFKDW]HGHXWVFKHU1DWLRQ$OOH :HQGXQJHQGLHZLUDOV$XVGUXFNIU9HUVWLPPXQJHQXQG %HWUEQLVVHKDEHQKDEHQHLQHQDXVJHVSURFKHQHQ 8QWHUVFKLFKWVFKDUDNWHUXQGLFKILQGHGD]XQlFKVWQXUQRFKGHQ /RKJHUEHUGHPGLH)HOOHZHJJHVFKZRPPHQ©

(UVWRFNWHGHQQHVWUDILKQHLQVRE|VHU%OLFNGDHUHVGRFKIU DQJH]HLJWKLHOWDXIGDV6XFKHQQDFKZHLWHUHQ9HUJOHLFKHQ]X YHU]LFKWHQ$XFKQDKP-HQQ\VHOEVWGDV:RUWXQGVDJWHª'HLQH 5FNVLFKWHQJHJHQPLFKKDOWHQVLFKLPPHUDXIGHUVHOEHQ+|KH 'XVLHKVWGDLFKHLQH$OWHUDWLRQJHKDEWKDEHXQGGLH)RUPLQ GLH'X'HLQH7HLOQDKPHNOHLGHVWLVWGLHJHVFKPDFNORVHU 9HUJOHLFKH:DVPHLQHU(UUHJXQJ]XJUXQGHOLHJWVFKHLQW'HLQH 1HXJLHUQLFKWVRQGHUOLFK]XZHFNHQ©

ª'RFKGRFK-HQQ\'XGDUIVWGDVQLFKWEHOQHKPHQ'X NHQQVWPLFKXQGZHLWZLHGDVDOOHVJHPHLQWLVW$OWHUDWLRQ'DV LVWHLQ:RUWGDVLFKQLFKWJHUQK|UH*HZLZLHGHUZDVPLW$QQD .QGLJXQJRGHU/LHEHVJHVFKLFKWH:HQQLFKQLFKWLUUHVWDQG VLH © ª1HLQ7UHLEHOGDVLVWHVQLFKW$QQDPDJWKXQZDVVLHZLOOXQG PHLQHWZHJHQLKU/HEHQDOV6SUHHZlOGHULQEHVFKOLHHQ,KU9DWHU GHUDOWH6FKXOPHLVWHUNDQQGDQQDQVHLQHP(QNHOHU]LHKHQZDV HUDQVHLQHU7RFKWHUYHUVlXPWKDW:HQQPLFK/LHEHVJHVFKLFKWHQ DOWHULHUHQVROOHQPVVHQVLHYRQDQGHUHU6HLWHNRPPHQ © ª$OVRGRFK/LHEHVJHVFKLFKWHQ1XQVDJHZHU"© ª/HRSROG©

ª$OOH:HWWHU©8QGPDQNRQQWHQLFKWKHUDXVK|UHQRE7UHLEHO EHLGLHVHU1DPHQVQHQQXQJPHKULQ6FKUHFNRGHU)UHXGHJHUDWHQ ZDUª/HRSROG",VWHVP|JOLFK"© ª(VLVWPHKUDOVP|JOLFKHVLVWJHZLGHQQYRUHLQHU 9LHUWHOVWXQGHZDUHUVHOEHUKLHUXPPLFKGLHVH/LHEHVJHVFKLFKWH ZLVVHQ]XODVVHQ

ª0HUNZUGLJHU-XQJH©

ª(UKDWVLFKPLW&RULQQDYHUOREW©

(VZDUJDQ]XQYHUNHQQEDUGDGLH&RPPHU]LHQUlWLQHLQHJURH :LUNXQJYRQGLHVHU0LWWHLOXQJHUZDUWHWHZHOFKH:LUNXQJDEHU GXUFKDXVDXVEOLHE7UHLEHO VHUVWHV*HIKOZDUGDVHLQHUKHLWHU DQJHIORJHQHQ(QWWlXVFKXQJ(UKDWWH ZDVYRQ NOHLQHU6RXEUHWWH YLHOOHLFKWDXFKYRQª-XQJIUDXDXVGHP9RON©HUZDUWHWXQGVWDQG QXQYRUHLQHU$QNQGLJXQJGLHQDFKVHLQHQXQEHIDQJHQHUHQ $QVFKDXXQJHQDOOHVDQGHUHDOV6FKUHFNXQG(QWVHW]HQ KHUYRUUXIHQNRQQWHª&RULQQD©VDJWHHUª8QGVFKODQNZHJ YHUOREWXQGRKQH0DPD]XIUDJHQ7HXIHOVMXQJH0DQ XQWHUVFKlW]WGRFKLPPHUGLH0HQVFKHQXQGDPPHLVWHQVHLQH HLJHQHQ.LQGHU©

ª7UHLEHOZDVVROOGDV"'LHVLVWNHLQH6WXQGHZRVLFK VIU'LFK VFKLFNWLQHLQHUQRFKQDFK%XJJHQKDJHQVFKPHFNHQGHQ 6WLPPXQJHUQVWH)UDJHQ]XEHKDQGHOQ'XNRPPVWQDFK+DXV XQGILQGHVWPLFKLQHLQHUJURHQ(UUHJXQJXQGLP$XJHQEOLFNH ZRLFK'LUGHQ*UXQGGLHVHU(UUHJXQJPLWWHLOHILQGHVW'X V DQJHPHVVHQDOOHUOHLVRQGHUEDUH6FKHU]H]XPDFKHQ'XPXW GRFKIKOHQGDGDVHLQHU/lFKHUOLFKPDFKXQJPHLQHU3HUVRQXQG PHLQHU*HIKOH]LHPOLFKJOHLFKNRPPWXQGZHQQLFK'HLQHJDQ]H +DOWXQJUHFKWYHUVWHKHVRELVW'XZHLWDEGDYRQLQGLHVHU VRJHQDQQWHQ9HUOREXQJHLQHQ6NDQGDO]XVHKHQ8QGGDUEHU P|FKWHLFK*HZLKHLWKDEHQHKZLUZHLWHUVSUHFKHQ,VWHVHLQ 6NDQGDORGHUQLFKW"© ª1HLQ©

ª8QG'XZLUVW/HRSROGQLFKWGDUEHU]XU5HGHVWHOOHQ"© ª1HLQ

ª8QGELVWQLFKWHPS|UWEHUGLHVH3HUVRQ"© ª1LFKWLPJHULQJVWHQ©

ªhEHUGLHVH3HUVRQGLH'HLQHUXQGPHLQHU)UHXQGOLFKNHLWVLFK DEVROXWXQZHUWPDFKWXQGQXQLKUH%HWWODGH GHQQXPYLHO ZDV DQGHUHVZLUGHVVLFKQLFKWKDQGHOQ LQGDV7UHLEHO VFKH+DXV WUDJHQZLOO©

7UHLEHOODFKWHª6LHK -HQQ\GLHVH5HGHZHQGXQJLVW'LU JHOXQJHQXQGZHQQLFKPLUPLWPHLQHU3KDQWDVLHGLHPHLQ 8QJOFNLVWGLHKEVFKH&RULQQDYRUVWHOOHZLHVLHVR]XVDJHQ ]ZLVFKHQGLH/lQJVEUHWWHUHLQJHVFKLUUWLKUH%HWWODGHKLHUKHULQV 7UHLEHO VFKH+DXVWUlJWVRN|QQWHLFKHLQH9LHUWHOVWXQGHODQJ ODFKHQ$EHULFKZLOOGRFKOLHEHUQLFKWODFKHQXQG'LUGD'XVR VHKUIUV(UQVWHELVWQXQDXFKHLQHUQVWKDIWHV:RUWVDJHQ$OOHV ZDV'XGDVRKLQVFKPHWWHUVWLVWHUVWHQVXQVLQQLJXQG]ZHLWHQV HPS|UHQG8QGZDVHVDXHUGHPQRFKDOOHVLVWEOLQGYHUJHOLFK EHUKHEOLFKGDYRQZLOOLFKJDUQLFKWUHGHQ © -HQQ\ZDUJDQ]EOD JHZRUGHQXQG]LWWHUWHZHLOVLHZRKOZXWH ZRUDXIGDVªEOLQGXQGYHUJHOLFK©DE]LHOWH7UHLEHODEHUGHUHLQ JXWHUXQGDXFKJDQ]NOXJHU.HUOZDUXQGVLFKDXIULFKWLJJHJHQ DOO GHQ+RFKPXWDXIULFKWHWHIXKUMHW]WIRUWª'XVSULFKVWGDYRQ 8QGDQNXQG6NDQGDOXQG%ODPDJHXQGIHKOWHLJHQWOLFKEORVQRFK GDV:RUWª8QHKUH©GDQQKDVW'XGHQ*LSIHOGHU+HUUOLFKNHLW HUNORPPHQ8QGDQN:LOOVW'XGHUNOXJHQLPPHUKHLWUHQLPPHU XQWHUKDOWOLFKHQ3HUVRQGLHZHQLJVWHQVVLHEHQ)HOJHQWUHX VLQGLH 7DVFKHVWHFNW QlFKVWVWHKHQGHU$QYHUZDQGWHQJDQ]]X JHVFKZHLJHQ ZLOOVW'XGHUGLH'DWWHOQXQG$SIHOVLQHQ QDFKUHFKQHQGLHVLHYRQXQVHUHU0DMROLNDVFKVVHOPLWHLQHU 9HQXVXQGHLQHP&XSLGRGDUDXIEHLOlXILJHLQHOlFKHUOLFKH 3LQVHOHLPLWLKUHU]LHUOLFKHQ+DQGKHUXQWHUJHQRPPHQKDW"8QG ZDUHQZLUQLFKWEHLGHPJXWHQDOWHQ3URIHVVRUXQVHUHUVHLWVDXFK ]X*DVWEHL:LOLEDOGGHUGRFKVRQVW'HLQ+HU]EODWWLVWXQG KDEHQZLUXQVVHLQHQ%UDXQHEHUJHUGHUHEHQVRJXWZDUZLH PHLQHURGHUGRFKQLFKWYLHOVFKOHFKWHUQLFKWVFKPHFNHQODVVHQ" 8QGZDUVW'XQLFKWJDQ]DXVJHODVVHQXQGKDVW'XQLFKWDQGHP .OLPSHUNDVWHQGHUGDLQGHU3XW]VWXEHVWHKW'HLQHDOWHQ/LHGHU

UXQWHUJHVXQJHQ"1HLQ-HQQ\NRPPHPLUQLFKWPLWVROFKHQ *HVFKLFKWHQ'DNDQQLFKDXFK PDOlUJHUOLFKZHUGHQ © -HQQ\QDKPVHLQH+DQGXQGZROOWHLKQKLQGHUQZHLWHU]X VSUHFKHQ

ª1HLQ-HQQ\QRFKQLFKWQRFKELQLFKQLFKWIHUWLJ,FKELQQXQ

PDOLP=XJH6NDQGDOVDJVW'XXQG%ODPDJH1XQLFK VDJH'LU QLPP'LFKLQDFKWGDDXVGHUEORHLQJHELOGHWHQ%ODPDJHQLFKW HLQHZLUNOLFKHZLUGXQGGD LFKVDJHGDVZHLO'XVROFKH%LOGHU OLHEVW GHU3IHLOQLFKWDXIGHQ6FKW]HQ]XUFNIOLHJW'XELVWDXI GHPEHVWHQ:HJHPLFKXQG'LFKLQHLQHXQVWHUEOLFKH

/lFKHUOLFKNHLWKLQHLQ]XEXJVLHUHQ:HUVLQGZLUGHQQ":LUVLQG ZHGHUGLH0RQWPRUHQF\ VQRFKGLH/XVLJQDQ V YRQGHQHQ QHEHQKHUEHPHUNWGLHVFK|QH0HOXVLQHKHUVWDPPHQVROOZDV 'LFKYLHOOHLFKWLQWHUHVVLHUW ZLUVLQGDXFKQLFKWGLH%LVPDUFN V RGHUGLH$UQLP VRGHUVRQVWZDV0lUNLVFKHVYRQ$GHOZLUVLQGGLH 7UHLEHO V%OXWODXJHQVDO]XQG(LVHQYLWULROXQG'XELVWHLQH JHERUHQH%UVWHQELQGHUDXVGHU$GOHUVWUDH%UVWHQELQGHULVW JDQ]JXWDEHUGHUHUVWH%UVWHQELQGHUNDQQXQP|JOLFKK|KHU JHVWDQGHQKDEHQDOVGHUHUVWH6FKPLGW8QGVRELWW LFK'LFK GHQQ-HQQ\NHLQHhEHUWUHLEXQJHQ 8QGZHQQHVVHLQNDQQOD GHQJDQ]HQ.ULHJVSODQIDOOHQXQGQLPP&RULQQDPLWVRYLHO )DVVXQJKLQZLH'X+HOHQHKLQJHQRPPHQKDVW(VLVWMDQLFKW Q|WLJGDVLFK6FKZLHJHUPXWWHUXQG6FKZLHJHUWRFKWHUIXUFKWEDU OLHEHQVLHKHLUDWHQVLFKMDQLFKWHVNRPPWDXI'LHDQGLHGHQ 0XWKDEHQVLFKGLHVHUHUQVWHQXQGVFKZLHULJHQ$XIJDEH DOOHUSHUV|QOLFKVWXQWHU]LHKHQ]XZROOHQ ©

-HQQ\ZDUZlKUHQGGLHVHU]ZHLWHQ+l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|OOLJEHU]HXJWGDYRQGDHUEHU1DFKWGDKLQJHODQJHQ ZUGHGLHJDQ]H/HRSROG VFKH9HUOREXQJDXFK PDOYRQGHU .HKUVHLWHKHUDQ]XVHKHQ6LHQDKPGHVKDOEVHLQH +DQGXQG VDJWHª7UHLEHOODXQVGDV*HVSUlFKPRUJHQIUKIRUWVHW]HQ,FK JODXEHGD'XEHLUXKLJHUHP%OXWHGLH%HUHFKWLJXQJPHLQHU $QVFKDXXQJHQQLFKWYHUNHQQHQZLUVW-HGHQIDOOVUHFKQHQLFKW GDUDXIPLFKDQGHUHQ6LQQHV]XPDFKHQ,FKZROOWH'LUDOVGHP 0DQQHGHU]XKDQGHOQKDWVHOEVWYHUVWlQGOLFKDXFKLQGLHVHU $QJHOHJHQKHLWQLFKWYRUJUHLIHQOHKQVW'XMHGRFKMHGHV+DQGHOQ DEVRKDQGOHLFK6HOEVWDXIGLH*HIDKU'HLQHU 1LFKW]XVWLPPXQJ© ª7KX ZDV'XZLOOVW©

8QGGDPLWZDUI7UHLEHOGLH7KULQV6FKORXQGJLQJLQVHLQ =LPPHUKLQEHU$OVHUVLFKLQGHQ)DXWHXLOZDUIEUXPPWHHUYRU VLFKKLQª:HQQVLHDP(QGHGRFKUHFKWKlWWH©

8QGNRQQWHHVDQGHUVVHLQ"'HUJXWH7UHLEHOHUZDUGRFKDXFK VHLQHUVHLWVGDV3URGXNWGUHLHULP)DEULNEHWULHELPPHUUHLFKHU JHZRUGHQHQ*HQHUDWLRQHQXQGDOOHUJXWHQ*HLVWHV XQG +HU]HQVDQODJHQXQHUDFKWHWXQGWURW]VHLQHVSROLWLVFKHQ*DVWVSLHOV DXIGHU%KQH7HXSLW]=RVVHQ GHU%RXUJHRLVVWHFNWHLKPZLH VHLQHUVHQWLPHQWDOHQ)UDXWLHILP*HEOW

'UHL]HKQWHV.DSLWHO

$PDQGHUHQ0RUJHQZDUGLH&RPPHU]LHQUlWLQIUKHUDXIDOV JHZ|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|HHLQHU+DQGIOlFKH*RWWVHL'DQNDEHU GLHKHUN|PPOLFKHQYLHU6HLWHQKDWWH%ULHIHZHQQLKUGLH 6WLPPXQJQLFKWIHKOWHJLQJHQLKULPPHUOHLFKWYRQGHU+DQG DEHUQLHVRZLHKHXWHXQGHKHQRFKGLHNOHLQH.RQVROXKUGLH QHXQWH6WXQGHVFKOXJVFKREVLHVFKRQGLH%RJHQ]XVDPPHQ NORSIWHVLHDXIGHU7LVFKSODWWHZLHHLQ6SLHO.DUWHQ]XUHFKWXQG EHUODVQRFKHLQPDOPLWKDOEODXWHU6WLPPHGDV*HVFKULHEHQH ª/LHEH+LOGHJDUG6HLW:RFKHQWUDJHQZLUXQVGDPLWXQVUHQVHLW ODQJHJHKHJWHQ:XQVFKHUIOOWXQG'LFK PDOZLHGHUXQWHU XQVUHP'DFKH]XVHKHQ%LVLQGHQ0DLKLQHLQKDWWHQZLU VFKOHFKWHV:HWWHUXQGYRQHLQHP/HQ]GHUPLUGLHVFK|QVWH -DKUHV]HLWEHGHXWHWNRQQWHNDXPGLH5HGHVHLQ$EHUVHLWEHLQDK YLHU]HKQ7DJHQLVWHVDQGHUVLQXQVUHP*DUWHQVFKODJHQGLH 1DFKWLJDOOHQZDV'XZLHLFKPLFK VHKUZRKOHULQQHUHVRVHKU OLHEVWXQGVRELWWHQZLU'LFKKHU]OLFK'HLQVFK|QHV+DPEXUJDXI HLQSDDU:RFKHQYHUODVVHQXQGXQV'HLQH*HJHQZDUWVFKHQNHQ ]XZROOHQ7UHLEHOYHUHLQLJWVHLQH:QVFKHPLWGHQPHLQLJHQXQG /HRSROGVFKOLHWVLFKDQ9RQ'HLQHU6FKZHVWHU+HOHQHEHLGLHVHU *HOHJHQKHLWXQGLQGLHVHP6LQQH]XVSUHFKHQLVWEHUIOVVLJ GHQQLKUHKHU]OLFKHQ*HIKOHIU'LFKNHQQVW'XVRJXWZLHZLU VLHNHQQHQ*HIKOHGLHZHQQLFKUHFKWEHREDFKWHWKDEHJHUDGH QHXHUGLQJVZLHGHULQHLQHPEHVWlQGLJHQ:DFKVHQEHJULIIHQVLQG (VOLHJWVRGDLFKVRZHLWGDVLQHLQHP%ULHIHP|JOLFK DXVIKUOLFKHUGDUEHU]X'LUVSUHFKHQP|FKWH0LWXQWHUZHQQLFK

VLHVREODVHKHVRJXWLKUJHUDGHGLHVH%OlVVHNOHLGHWWKXWPLU GRFKGDVLQQHUVWH+HU]ZHKXQGLFKKDEHQLFKWGHQ0XWQDFK GHU8UVDFKH]XIUDJHQ2WWRLVWHVQLFKWGHVVHQELQLFKVLFKHU GHQQHULVWQLFKWQXUJXWVRQGHUQDXFKUFNVLFKWVYROOXQGLFK HPSILQGHGDQQDOOHQ0|JOLFKNHLWHQJHJHQEHUJDQ]GHXWOLFKGD HVQLFKWVDQGHUHVVHLQNDQQDOV+HLPZHK$FKPLUQXU]X EHJUHLIOLFKXQGLFKP|FKWHGDULQLPPHUVDJHQªUHLVH+HOHQH UHLVHKHXWHUHLVHPRUJHQXQGVHLYHUVLFKHUWGDLFKPLFKZLH GHV:LUWVFKDIWOLFKHQEHUKDXSWVRDXFKQDPHQWOLFKGHU :HL]HXJSOlWWHUHLQDFKEHVWHQ.UlIWHQDQQHKPHQZHUGHJHUDGH VRMDPHKUQRFKDOVZHQQHVIU7UHLEHOZlUHGHULQGLHVHQ 6WFNHQDXFKVRGLIILFLOLVWGLIILFLOHUDOVYLHOHDQGHUH%HUOLQHU©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|QQHQPHLQHVH+LOGHJDUG":HQLJHLJHQWOLFKQLFKWV'LH %HVFKUlQNWKHLWXQVUHU5lXPHNHQQVW'X7UHLEHOKDWDXHUGHP HLQHQHXH3DVVLRQDXVJHELOGHWXQGZLOOVLFKZlKOHQODVVHQXQG ]ZDULQHLQHP/DQGNUHLVHGHVVHQVRQGHUEDUHQHWZDVZHQGLVFK NOLQJHQGHQ1DPHQLFK'HLQHU*HRJUDSKLHNHQQWQLVQLFKW]XPXWH WURW]GHPLFKZRKOZHLGDDXFK(XUH6FKXOHQ ZLHPLU )HOJHQWUHXIUHLOLFKNHLQH$XWRULWlWDXIGLHVHP*HELHWH HUVWJDQ] YRUNXU]HPZLHGHUYHUVLFKHUWH GHQXQVULJHQEHUOHJHQVLQG:LU KDEHQ]XU=HLWHLJHQWOLFKQLFKWVDOVGLH-XELOlXPVDXVVWHOOXQJLQ GHUGLH)LUPD'UHKHUDXV:LHQGLH%HZLUWXQJEHUQRPPHQKDW XQGKDUWDQJHJULIIHQZLUG$EHUZDVJULIIHGHU%HUOLQHUQLFKWDQ GDGLH6HLGHO]XNOHLQVLQGNDQQHLQHU'DPHZHQLJEHGHXWHQ XQGLFKZWHZLUNOLFKNDXPHWZDVZDVYRUGHU(LQJHELOGHWKHLW XQVHUHU%HY|ONHUXQJVLFKHUZlUH1LFKWHLQPDO(XHU+DPEXUJDQ GDVLFKQLFKWGHQNHQNDQQRKQHGDPLUGDV+HU]ODFKW$FK

(XUHKHUUOLFKH%XWHQ$OVWHU8QGZHQQGDQQDEHQGVGLH/LFKWHU XQGGLH6WHUQHGDQQIOLPPHUQ HLQ$QEOLFNGHU GHQGHUVLFK VHLQHUIUHXHQGDUIMHGHVPDOGHP,UGLVFKHQZLHHQWUFNW$EHU YHUJLHVOLHEH+LOGHJDUGVRQVWKDEHQZLUZHQLJ$XVVLFKW'LFK KLHU]XVHKHQZDVGRFKHLQDXIULFKWLJHV%HGDXHUQEHLDOOHQ 7UHLEHO VKHUYRUUXIHQZUGHDPPHLVWHQEHL'HLQHU'LFKLQQLJ OLHEHQGHQ)UHXQGLQXQG7DQWH

-HQQ\7UHLEHO

ª1DFKVFKULIW/HRSROGUHLWHWMHW]WYLHOMHGHQ0RUJHQQDFK7UHSWRZ XQGDXFKQDFKGHP(LHUKlXVFKHQ(UNODJWGDHUNHLQH %HJOHLWXQJGDEHLKDEH+DVW'XQRFK'HLQHDOWH3DVVLRQ",FKVHKH 'LFKQRFKVRKLQIOLHJHQ'X:LOGIDQJ:HQQLFKHLQ0DQQZlUH 'LFKHLQ]XIDQJHQZUGHPLUGDV/HEHQEHGHXWHQhEULJHQVELQ LFKVLFKHUGDDQGHUHHEHQVRGHQNHQXQGZLUZUGHQOlQJVWGHQ %HZHLVGDYRQLQ+lQGHQKDEHQZHQQ'XZHQLJHUZlKOHULVFK ZlUVW6HLHVQLFKWIUGHUXQGYHUJLGLH$QVSUFKHGLH'X PDFKHQGDUIVW 'HLQH-7©

-HQQ\IDOWHWHMHW]WGLHNOHLQHQ%RJHQXQGWKDWVLHLQHLQ&RXYHUW GDVYLHOOHLFKWXPDXFKVFKRQlXHUOLFKLKUHQ)ULHGHQVZXQVFK DQ]XGHXWHQHLQHZHLH7DXEHPLWHLQHPgO]ZHLJ]HLJWH'LHV ZDUXPVRDQJHEUDFKWHUDOV+LOGHJDUGPLW+HOHQHQLQOHEKDIWHU .RUUHVSRQGHQ]VWDQGXQGUHFKWJXWZXWHZLHELVKHU ZHQLJVWHQVGLHZDKUHQ*HIKOHGHU7UHLEHO VXQGEHVRQGHUVGLH GHU)UDX-HQQ\JHZHVHQZDUHQ

'LH5lWLQKDWWHVLFKHEHQHUKREHQXPQDFKGHUDP$EHQGYRUKHU HWZDVDQJH]ZHLIHOWHQ$QQD]XNOLQJHOQDOVVLHZLHYRQXQJHIlKU LKUHQ%OLFNDXIGHQ9RUJDUWHQULFKWHQGLKUHU6FKZLHJHUWRFKWHU DQVLFKWLJZXUGHGLHUDVFKYRP*LWWHUKHUDXIGDV+DXV]XVFKULWW 'UDXHQKLHOWHLQH'URVFKNH]ZHLWHU.ODVVHJHVFKORVVHQXQGGDV )HQVWHULQGLH+|KHJH]RJHQWURW]GHPHVVHKUZDUPZDU (LQHQ$XJHQEOLFNGDQDFKWUDW+HOHQHEHLGHU6FKZLHJHUPXWWHUHLQ XQGXPDUPWHVLHVWUPLVFK'DQQZDUIVLHGHQ6RPPHUPDQWHO XQG*DUWHQKXWEHLVHLWHXQGVDJWHZlKUHQGVLHLKUH8PDUPXQJ ZLHGHUKROWHª,VWHVGHQQZDKU",VWHVP|JOLFK"©

-HQQ\QLFNWHVWXPPXQGVDKQXQHUVWGD+HOHQHQRFKLP 0RUJHQNOHLGHXQGLKU6FKHLWHOQRFKHLQJHIORFKWHQZDU6LHKDWWH VLFKDOVRZLHVLHGDJLQJXQGVWDQGLPVHOEHQ0RPHQWZRGLH JURH1DFKULFKWDXIGHP+RO]KRIHEHNDQQWJHZRUGHQZDUVRIRUW DXIGHQ:HJJHPDFKWXQG]ZDULQGHUHUVWHQEHVWHQ'URVFKNH 'DVZDUHWZDVXQGDQJHVLFKWVGLHVHU7KDWVDFKHIKOWH-HQQ\GDV (LVKLQVFKPHO]HQGDVDFKW-DKUHODQJLKU6FKZLHJHUPXWWHUKHU] XPJUWHWKDWWH=XJOHLFKWUDWHQLKU7KUlQHQLQGLH$XJHQ ª+HOHQH©VDJWHVLHªZDV]ZLVFKHQXQVJHVWDQGHQKDWLVWIRUW 'XELVWHLQJXWHV.LQG'XIKOVWPLWXQV,FKZDUPLWXQWHUJHJHQ GLHVXQGGDVXQWHUVXFKHQZLUQLFKWREPLW5HFKWRGHU8QUHFKW DEHULQVROFKHQ6WFNHQLVW9HUODDXI(XFKXQG,KUZLW6LQQYRQ 8QVLQQ]XXQWHUVFKHLGHQ9RQ'HLQHP6FKZLHJHUYDWHUNDQQLFK GLHVOHLGHUQLFKWVDJHQ,QGHVVHQLFKGHQNHGDVLVWQXUhEHUJDQJ XQGHUZLUGVLFKJHEHQ8QWHUDOOHQ8PVWlQGHQODXQV ]XVDPPHQKDOWHQ0LW/HRSROGSHUV|QOLFKGDVKDWQLFKWV]X EHGHXWHQ$EHUGLHVHJHIlKUOLFKH3HUVRQGLHYRUQLFKWVHUVFKULFNW XQGGDEHLHLQ6HOEVWEHZXWVHLQKDWGDPDQGUHL3ULQ]HVVLQQHQ GDPLWDXVVWDIILHUHQN|QQWHJHJHQGLHPVVHQZLUXQVUVWHQ *ODXEHQLFKWGDVLH VXQVOHLFKWPDFKHQZLUG6LHKDWJDQ]GHQ 3URIHVVRUHQWRFKWHUGQNHOXQGLVWLP6WDQGHVLFKHLQ]XELOGHQGD VLHGHP+DXVH7UHLEHOQRFKHLQH(KUHDQWKXW© ª(LQHVFKUHFNOLFKH3HUVRQ©VDJWH+HOHQHª:HQQLFKDQGHQ7DJ GHQNHPLWGHDU0U 1HOVRQ:LUKDWWHQHLQH7RGHVDQJVWGD 1HOVRQ VHLQH5HLVHYHUVFKLHEHQXQGXPVLHDQKDOWHQZUGH:DV GDUDXVJHZRUGHQZlUHZHLLFKQLFKWEHLGHQ%H]LHKXQJHQ 2WWR V]XGHU/LYHUSRROHU)LUPDYLHOOHLFKWYHUKlQJQLVYROOIUXQV©

ª1XQ*RWWVHL'DQNGDHVYRUEHUJHJDQJHQ9LHOOHLFKWLPPHU QRFKEHVVHUVRVRN|QQHQZLU VHQIDPLOOH DXVWUDJHQ8QGGHQ DOWHQ3URIHVVRUIUFKW LFKQLFKWGHQKDEHLFKYRQDOWHU=HLWKHU DP%lQGHO(UPXPLWLQXQVHU/DJHUKLQEHU8QGQXQPXLFK IRUW.LQGXP7RLOHWWH]XPDFKHQ$EHUQRFKHLQ+DXSWSXQNW (EHQKDEHLFKDQ'HLQH6FKZHVWHU+LOGHJDUGJHVFKULHEHQXQGVLH KHU]OLFKJHEHWHQXQVPLW1lFKVWHPLKUHQ%HVXFK]XVFKHQNHQ %LWWH+HOHQHIJHHLQSDDU:RUWHDQ'HLQH0DPDKLQ]XXQGWKXH EHLGHVLQGDV&RXYHUWXQGDGUHVVLHUH© 'DPLWJLQJGLH5lWLQXQG+HOHQHVHW]WH VLFKDQGHQ6FKUHLEWLVFK 6LHZDUVREHLGHU6DFKHGDQLFKWHLQPDOHLQWULXPSKLHUHQGHV *HIKOGDUEHUPLWLKUHQ:QVFKHQIU+LOGHJDUGQXQHQGOLFKDP

=LHOH]XVHLQLQLKUDXIGlPPHUWHQHLQVLHKDWWHDQJHVLFKWVGHU JHPHLQVDPHQ*HIDKUQXU7HLOQDKPHIU LKUH6FKZLHJHUPXWWHUDOV GHUª7UlJHULQGHV+DXVHV©XQGQXU+DIU&RULQQD:DVVLH]X VFKUHLEHQKDWWHZDUUDVFKJHVFKULHEHQ8QGQXQDGUHVVLHUWHVLH PLWVFK|QHUHQJOLVFKHU+DQGVFKULIWLQQRUPDOHQ6FKZXQJ XQG 5XQGOLQLHQª)UDX.RQVXO7KRUD0XQNJHE 7KRPSVRQ+DPEXUJ 8KOHQKRUVW© $OVGLH$XIVFKULIWJHWURFNQHWXQGGHU]LHPOLFKDQVHKQOLFKH%ULHI PLW]ZHL0DUNHQIUDQNLHUWZDUEUDFK+HOHQHDXINORSIWHQXUQRFK OHLVHDQ)UDX-HQQ\ V7RLOHWWHQ]LPPHUXQGULHIKLQHLQª,FKJHKH MHW]WOLHEH0DPD'HQ%ULHIQHKPHLFKPLW©8QGJOHLFKGDQDFK SDVVLHUWHVLHZLHGHUGHQ9RUJDUWHQZHFNWHGHQ 'URVFKNHQNXWVFKHUXQGVWLHJHLQ

=ZLVFKHQQHXQXQG]HKQZDUHQ]ZHL5RKUSRVWEULHIHEHL6FKPLGW V HLQJHWURIIHQHLQ)DOOGHULQGLHVHUVHLQHU*HGRSSHOWKHLWQRFK QLFKWGDJHZHVHQZDU'HUHLQHGLHVHU%ULHIHULFKWHWHVLFKDQGHQ 3URIHVVRUXQGKDWWHIROJHQGHQNXU]HQ,QKDOWª/LHEHU)UHXQG 'DUILFKGDUDXIUHFKQHQ6LHKHXWH]ZLVFKHQ]Z|OIXQGHLQVLQ ,KUHU:RKQXQJ]XWUHIIHQ".HLQH$QWZRUWJXWH$QWZRUW,KUH JDQ]HUJHEHQH-HQQ\7UHLEHO©'HUDQGHUHQLFKWYLHOOlQJHUH %ULHIZDUDQ&RULQQDDGUHVVLHUWXQGODXWHWHª/LHEH&RULQQD *HVWHUQ$EHQGQRFKKDWWHLFKHLQ*HVSUlFKPLWGHU0DPD'D LFKDXI:LGHUVWDQGVWLHEUDXFKHLFK'LUQLFKWHUVW]XVDJHQXQG HVLVWPLUJHZLVVHUGHQQMHGDZLUVFKZHUHQ.lPSIHQ HQWJHJHQJHKHQ$EHUQLFKWVVROOXQVWUHQQHQ,QPHLQHU6HHOH OHEWHLQHKRKH)UHXGLJNHLWXQGJLHEWPLU0XW]XDOOHP'DVLVWGDV *HKHLPQLVXQG]XJOHLFKGLH0DFKWGHU/LHEH'LHVH0DFKWVROO PLFKDXFKZHLWHUIKUHQXQGIHVWLJHQ7URW]DOOHU6RUJH'HLQ EHUJOFNOLFKHU/HRSROG©&RULQQDOHJWHGHQ%ULHIDXVGHU+DQG ª$UPHU-XQJH:DVHUGDVFKUHLEWLVWHKUOLFKJHPHLQWVHOEVWGDV PLWGHP0XW$EHUHLQ+DVHQRKUJXFNWGRFKGXUFK1XQZLU PVVHQVHKHQ+DOWHZDV'XKDVW,FK JHEHQLFKWQDFK©

&RULQQDYHUEUDFKWHGHQ9RUPLWWDJXQWHUIRUWJHVHW]WHQ 6HOEVWJHVSUlFKHQ0LWXQWHUNDPGLH6FKPRONHVDJWHDEHUQLFKWV XQGEHVFKUlQNWHVLFKDXINOHLQHZLUWVFKDIWOLFKH)UDJHQ'HU

3URIHVVRUVHLQHUVHLWVKDWWH]ZHL6WXQGHQ]XJHEHQHLQH JULHFKLVFKH3LQGDUXQGHLQHGHXWVFKHURPDQWLVFKH6FKXOH 1RYDOLV XQGZDUEDOGQDFK]Z|OIZLHGHU]XUFN(UVFKULWWLQ VHLQHP=LPPHUDXIXQGDEDEZHFKVHOQGPLWHLQHPLKPLQVHLQHU 6FKOXZHQGXQJDEVROXWXQYHUVWlQGOLFKJHEOLHEHQHQ1RYDOLV *HGLFKWXQGGDQQZLHGHUPLWGHPVRIHLHUOLFKDQJHNQGLJWHQ %HVXFKHVHLQHU)UHXQGLQ-HQQ\EHVFKlIWLJW(VZDUNXU]YRUHLQV DOVHLQ:DJHQJHUXPSHODXIGHPVFKOHFKWHQ6WHLQSIODVWHUXQWHQ LKQDQQHKPHQOLHVLHZHUGHHVVHLQ8QGVLHZDUHVGLHVPDO DOOHLQRKQH)UlXOHLQ+RQLJXQGRKQHGHQ%RORJQHVHU6LH|IIQHWH VHOEVWGHQ6FKODJXQGVWLHJGDQQODQJVDPXQGEHGlFKWLJDOVRE VLHVLFKLKUH5ROOHQRFKHLQPDOEHUK|UHGLH6WHLQVWXIHQGHU $XHQWUHSSHKLQDXI(LQH0LQXWHVSlWHUK|UWH6FKPLGWGLH.OLQJHO JHKHQXQGJOHLFKGDQDFKPHOGHWHGLH6FKPRONHª)UDX &RPPHU]LHQUlWLQ7UHLEHO© 6FKPLGWJLQJLKUHQWJHJHQHWZDVZHQLJHU XQEHIDQJHQDOVVRQVW NWHLKUGLH+DQGXQGEDWVLHDXIVHLQHP6RSKDGHVVHQWLHIVWH .HVVHOVWHOOHGXUFKHLQJURHV/HGHUNLVVHQHLQLJHUPDHQ DSSODQLHUWZDU3ODW]]XQHKPHQ(UVHOEHUQDKPHLQHQ6WXKO VHW]WHVLFKLKUJHJHQEHUXQGVDJWHª:DVYHUVFKDIIW PLUGLH (KUHOLHEH)UHXQGLQ",FKQHKPHDQGDHWZDVEHVRQGHUHV YRUJHIDOOHQLVW©

ª'DVLVWHVOLHEHU)UHXQG8QG,KUH:RUWHODVVHQPLUNHLQHQ =ZHLIHOGDUEHUGD)UlXOHLQ&RULQQDQRFKQLFKWIUJXWEHIXQGHQ KDW6LHPLWGHP9RUJHIDOOHQHQEHNDQQW]XPDFKHQ)UlXOHLQ &RULQQDKDWVLFKQlPOLFKJHVWHUQ$EHQGPLWPHLQHP6RKQH /HRSROGYHUOREW© ª$K©VDJWH6FKPLGWLQHLQHP7RQHGHUHEHQVRJXW)UHXGHZLH 6FKUHFNDXVGUFNHQNRQQWH

ª)UlXOHLQ&RULQQDKDWVLFKJHVWHUQDXIXQVUHU*UXQHZDOG3DUWLH GLHYLHOOHLFKWEHVVHUXQWHUEOLHEHQZlUHPLWPHLQHP6RKQH /HRSROGYHUOREWQLFKWXPJHNHKUW/HRSROGWKXWNHLQHQ6FKULWW RKQHPHLQ:LVVHQXQG:LOOHQDPZHQLJVWHQHLQHQVRZLFKWLJHQ 6FKULWWZLHHLQH9HUOREXQJXQGVRPXLFKGHQQ]XPHLQHP OHEKDIWHQ%HGDXHUQYRQHWZDV $EJHNDUWHWHPRGHUHLQHU JHVWHOOWHQ)DOOHMD9HU]HLKXQJOLHEHU)UHXQGYRQHLQHP ZRKOEHUOHJWHQhEHUIDOOVSUHFKHQ©

'LHVVWDUNH:RUWJDEGHPDOWHQ6FKPLGWQLFKWQXUVHLQH 6HHOHQUXKHVRQGHUQDXFKVHLQHJHZ|KQOLFKH+HLWHUNHLWZLHGHU(U VDKGDHUVLFK LQVHLQHUDOWHQ)UHXQGLQQLFKWJHWlXVFKWKDWWH GDVLHY|OOLJXQYHUlQGHUWGLHWURW]/\ULNXQG+RFKJHIKOHJDQ] DXVVFKOLHOLFKDXIbXHUOLFKNHLWHQJHVWHOOWH-HQQ\%UVWHQELQGHU YRQHKHGHPZDUXQGGDVHLQHUVHLWVXQWHUVHOEVWYHUVWlQGOLFKHU :DKUXQJDUWLJVWHU)RUPHQXQGDQVFKHLQHQGYROOHQ (QWJHJHQNRPPHQVHLQ7RQVXSHULRUHQhEHUPXWHVDQJHVFKODJHQ XQGLQGLHVLFKQXQK|FKVWZDKUVFKHLQOLFKHQWVSLQQHQGH'HEDWWH KLQHLQJHWUDJHQZHUGHQPVVH'DVZDUHUVLFKGDVZDUHU &RULQQDVFKXOGLJ ª(LQhEHUIDOOPHLQH JQlGLJVWH)UDX6LHKDEHQYLHOOHLFKWQLFKW JDQ]XQUHFKWHVVR]XQHQQHQ8QGGDHVJHUDGHDXIGLHVHP 7HUUDLQVHLQPXWH6RQGHUEDUJHQXJGD'LQJHGHUDUWJDQ] EHVWLPPWHQ/RNDOLWlWHQXQYHUlXHUOLFKDQ]XKDIWHQVFKHLQHQ$OOH %HPKXQJHQGXUFK6FKZDQHQKlXVHUXQG.HJHOEDKQHQLP6WLOOHQ ]XUHIRUPLHUHQGHU6DFKHIULHGOLFKEHL]XNRPPHQHUZHLVHQVLFK DOVQXW]ORVXQGGHUIUKHUH&KDUDNWHUGLHVHU*HJHQGHQ LQVRQGHUKHLWXQVHUHVDOWHQEHOEHOHXPGHWHQ*UXQHZDOGVEULFKW LPPHUZLHGHUGXUFK,PPHUZLHGHUDXVGHP6WHJUHLI(UODXEHQ 6LHPLUJQlGLJVWH)UDXGDLFKGHQGHU]HLWLJHQ-XQNHUJHQHULV IHPLQLQL KHUEHLUXIHGDPLWHUVHLQHU6FKXOGJHVWlQGLJZHUGH©

-HQQ\ELVLFKDXIGLH/LSSHQXQGEHGDXHUWHGDVXQYRUVLFKWLJH :RUWGDVVLHQXQGHP6SRWWHSUHLVJDE(VZDUDEHU]XVSlW]XU 8PNHKUXQGVRVDJWHVLHQXUª-DOLHEHU3URIHVVRUHVZLUGGDV EHVWHVHLQ&RULQQDVHOEVW]XK|UHQ8QGLFKGHQNHVLHZLUGVLFK PLWHLQHPJHZLVVHQ6WRO]GD]XEHNHQQHQGHPDUPHQ-XQJHQGDV 6SLHOEHUGHQ.RSIZHJJHQRPPHQ]XKDEHQ© ª:RKOP|JOLFK©VDJWH6FKPLGWXQGVWDQGDXIXQGULHILQGDV (QWUpHKLQHLQª&RULQQD©

.DXPGDHUVHLQHQ3ODW]ZLHGHUHLQJHQRPPHQKDWWHVRVWDQG GLHYRQLKP*HUXIHQHDXFKVFKRQLQGHU7KUYHUEHXJWHVLFK DUWLJJHJHQGLH&RPPHU]LHQUlWLQXQGVDJWHª'XKDVWJHUXIHQ 3DSD"©

ª-D&RULQQDGDVKDE LFK(K ZLUDEHUZHLWHUJHKHQQLPPHLQHQ 6WXKOXQGVHW]H'LFKLQHLQLJHU(QWIHUQXQJYRQXQV'HQQLFK P|FKWHHVDXFKlXHUOLFKPDUNLHUHQGD'XYRUOlXILJHLQH

$QJHNODJWHELVW5FNHLQGLH)HQVWHUQLVFKHGDVHKHQZLU'LFK DPEHVWHQ8QGQXQVDJHPLUKDWHVVHLQH5LFKWLJNHLWGDPLWGD 'XJHVWHUQ$EHQGLP*UXQHZDOGLQGHPJDQ]HQ-XQNHUEHUPXW HLQHUJHERUHQHQ6FKPLGWHLQHQIULHGOLFKXQGXQEHZDIIQHWVHLQHV :HJHV]LHKHQGHQ%UJHUVRKQ1DPHQV/HRSROG7UHLEHOVHLQHU EHVWHQ%DUVFKDIWEHUDXEWKDVW"©

&RULQQDOlFKHOWH'DQQWUDWVLHYRP)HQVWHUKHUDQGHQ7LVFK KHUDQXQGVDJWHª1HLQ3DSDGDVLVWJUXQGIDOVFK(VKDWDOOHV GHQODQGHVEOLFKHQ9HUODXIJHQRPPHQXQGZLUVLQGVRUHJHOUHFKW YHUOREWZLHPDQQXUYHUOREWVHLQNDQQ© ª,FKEH]ZHLIOHGDVQLFKW)UlXOHLQ&RULQQD©VDJWH-HQQ\ ª/HRSROGVHOEVWEHWUDFKWHWVLFKDOV,KUHQ9HUOREWHQ,FKVDJHQXU GDVHLQHGD6LHGDVhEHUOHJHQKHLWVJHIKOGDV,KQHQ,KUH -DKUH © ª1LFKWPHLQH-DKUH,FKELQMQJHU ©

ª'DV,KQHQ,KUH.OXJKHLWXQG,KU&KDUDNWHUJHJHEHQGD6LH GLHVHhEHUOHJHQKHLWGD]XEHQXW]WKDEHQGHQDUPHQ-XQJHQ ZLOOHQORV]XPDFKHQXQGLKQIUVLFK]XJHZLQQHQ©

ª1HLQPHLQHJQlGLJVWH)UDXGDVLVWHEHQIDOOVQLFKWJDQ]ULFKWLJ ZHQLJVWHQV]XQlFKVWQLFKW'DHV VFKOLHOLFKGRFKYLHOOHLFKW ULFKWLJVHLQZLUGGDUDXIPVVHQ6LHPLUHUODXEHQZHLWHUKLQ ]XUFN]XNRPPHQ© ª*XW&RULQQDJXW©VDJWHGHU$OWH)DKUHQXUIRUW$OVR ]XQlFKVW ©

ª$OVR]XQlFKVWXQULFKWLJPHLQHJQlGLJVWH)UDX'HQQZLHNDP HV",FKVSUDFK PLW/HRSROGYRQVHLQHUQlFKVWHQ=XNXQIWXQG EHVFKULHELKPHLQHQ+RFK]HLWV]XJDEVLFKWOLFKLQXQEHVWLPPWHQ 8PULVVHQXQGRKQH1DPHQ]XQHQQHQ8QGDOVLFK]XOHW]W1DPHQ QHQQHQPXWHGDZDUHV%ODQNHQHVHZRGLH*lVWH]XP +RFK]HLWVPDKOHVLFKVDPPHOWHQXQGZDUHVGLHVFK|QH+LOGHJDUG 0XQNGLHZLHHLQH.|QLJLQJHNOHLGHWDOV%UDXWQHEHQLKUHP %UlXWLJDPVD8QGGLHVHU%UlXWLJDPZDU,KU/HRSROGPHLQH JQlGLJVWH)UDX6HOELJHU/HRSROGDEHUZROOWHYRQGHPDOOHQQLFKWV ZLVVHQXQGHUJULIIPHLQH+DQGXQGPDFKWHPLUHLQHQ$QWUDJLQ DOOHU)RUP8QGQDFKGHPLFKLKQDQVHLQH0XWWHUHULQQHUWXQGPLW

GLHVHU(ULQQHUXQJNHLQ*OFNJHKDEWKDWWHGDKDEHQZLUXQV YHUOREW ©

ª,FKJODXEHGDV)UlXOHLQ&RULQQD©VDJWHGLH5lWLQª,FKJODXEH GDVJDQ]DXIULFKWLJ$EHUVFKOLHOLFKLVWGDVDOOHVGRFKQXUHLQH .RP|GLH6LHZXWHQJDQ]JXWGDHU,KQHQYRU+LOGHJDUGGHQ 9RU]XJJDEXQG6LHZXWHQQXU]XJXWGD6LHMHPHKU6LHGDV DUPH.LQGGLH+LOGHJDUGLQGHQ9RUGHUJUXQGVWHOOWHQGHVWR JHZLVVHU XPQLFKW]XVDJHQGHVWROHLGHQVFKDIWOLFKHUGHQQHULVW QLFKWHLJHQWOLFKGHU0DQQGHU/HLGHQVFKDIWHQ GHVWRJHZLVVHU VDJ LFKZUG HUVLFKDXI,KUH6HLWHVWHOOHQXQGVLFK]X,KQHQ EHNHQQHQ© ª-DJQlGLJH)UDXGDVZXW LFKRGHUZXW HVGRFKEHLQDK(V ZDUQRFKNHLQ:RUWLQGLHVHP6LQQH]ZLVFKHQXQVJHVSURFKHQ ZRUGHQDEHULFKJODXEWHWURW]GHPXQGVHLWOlQJHUHU=HLWVFKRQ GDHUJOFNOLFKVHLQZUGHPLFKVHLQH%UDXW]XQHQQHQ©

ª8QGGXUFKGLHNOXJXQGEHUHFKQHQGDXVJHVXFKWH*HVFKLFKWHPLW GHP+DPEXUJHU+RFK]HLWV]XJHKDEHQ6LHHLQH(UNOlUXQJ KHUEHL]XIKUHQJHZXW ©

ª-DPHLQHJQlGLJVWH)UDXGDVKDE LFKXQGLFKPHLQHGDVDOOHV ZDUPHLQJXWHV5HFKW8QGZHQQ6LHQXQGDJHJHQXQGZLHPLU V VFKHLQWJDQ]HUQVWKDIW,KUHQ3URWHVWHUKHEHQZROOHQHUVFKUHFNHQ 6LHGDQLFKWYRU,KUHUHLJHQHQ)RUGHUXQJYRUGHU=XPXWXQJLFK KlWWHPLFKMHGHV(LQIOXVVHVDXI,KUHQ6RKQHQWKDOWHQVROOHQ,FK ELQNHLQH6FK|QKHLWKDEHQXUHEHQGDV'XUFKVFKQLWWVPD$EHU QHKPHQ6LHVRVFKZHUHV,KQHQZHUGHQPDJIUHLQHQ $XJHQEOLFNHLQPDODQLFKZlUHZLUNOLFKVRZDVZLHHLQH 6FK|QKHLWHLQH%HDXWpGHU,KU+HUU6RKQQLFKWKlWWH ZLGHUVWHKHQN|QQHQZUGHQ6LHYRQPLUYHUODQJWKDEHQPLUGDV *HVLFKWPLWbW]ODXJH]X]HUVW|UHQEORGDPLW,KU6RKQPHLQ 9HUOREWHUQLFKWLQHLQHGXUFKPLFKJHVWHOOWH6FK|QKHLWVIDOOH ILHOH"© ª&RULQQD©OlFKHOWHGHU$OWHªQLFKW]XVFKDUI'LH5lWLQLVWXQWHU XQVHUP'DFKH©

ª6LHZUGHQGDVQLFKW YRQPLUYHUODQJWKDEHQVRZHQLJVWHQV QHKPHLFKYRUOlXILJDQYLHOOHLFKWLQhEHUVFKlW]XQJ,KUHU IUHXQGOLFKHQ*HIKOHIUPLFKXQGGRFKYHUODQJHQ6LHYRQPLU GDLFKPLFKGHVVHQEHJHEHZDVGLH1DWXUPLU JHJHEHQKDW,FK

KDEHPHLQHQJXWHQ9HUVWDQGXQGELQRIIHQXQGIUHLXQGEH GDPLWHLQHJHZLVVH:LUNXQJDXIGLH0lQQHUDXVPLWXQWHUDXFK JHUDGHDXIVROFKHGHQHQGDVIHKOWZDVLFKKDEH VROOLFKPLFK GHVVHQHQWNOHLGHQ"VROOLFKPHLQ3IXQGYHUJUDEHQ"VROOLFKGDV ELFKHQ/LFKWGDVPLU JHZRUGHQXQWHUGHQ6FKHIIHOVWHOOHQ" 9HUODQJHQ6LHGDLFKEHL%HJHJQXQJHQPLW,KUHP6RKQHZLH HLQH1RQQHGDVLW]HEORGDPLWGDV+DXV7UHLEHOYRUHLQHU 9HUOREXQJPLWPLUEHZDKUWEOHLEH"(UODXEHQ6LHPLUJQlGLJVWH )UDXXQG6LHPVVHQPHLQH:RUWHPHLQHPHUUHJWHQ*HIKOH GDV6LHKHUDXVJHIRUGHUW]XJXWHKDOWHQHUODXEHQ6LHPLU,KQHQ ]XVDJHQGDLFKGDVQLFKWEORKRFKPWLJXQGK|FKVW YHUZHUIOLFKGDLFKHVYRUDOOHPDXFKULGLFOILQGH'HQQZHUVLQG GLH7UHLEHOV"%HUOLQHUEODXIDEULNDQWHQPLWHLQHP5DWVWLWHOXQGLFK LFKELQHLQH6FKPLGW© ª(LQH6FKPLGW©ZLHGHUKROWHGHUDOWH:LOLEDOGIUHXGLJJOHLFK GDQDFKKLQ]XIJHQGª8QGQXQVDJHQ6LHOLHEH)UHXQGLQZROOHQ ZLUQLFKWOLHEHUDEEUHFKHQXQGDOOHVGHQ.LQGHUQXQGHLQHU JHZLVVHQUXKLJHQKLVWRULVFKHQ(QWZLFNOXQJEHUODVVHQ"©

ª1HLQPHLQOLHEHU)UHXQGGDVZROOHQZLUQLFKW:LUZROOHQQLFKWV GHUKLVWRULVFKHQ(QWZLFNOXQJXQGQRFKZHQLJHUGHU(QWVFKHLGXQJ GHU.LQGHUEHUODVVHQZDVJOHLFKEHGHXWHQGZlUHPLW (QWVFKHLGXQJGXUFK)UlXOHLQ&RULQQD'LHV]XKLQGHUQGHVKDOE HEHQELQLFKKLHU,FKKRIIWHEHLGHQ(ULQQHUXQJHQGLH]ZLVFKHQ XQVOHEHQ,KUHU=XVWLPPXQJXQG8QWHUVWW]XQJVLFKHU]XVHLQ VHKHPLFKDEHUJHWlXVFKWXQGZHUGHPHLQHQ(LQIOXGHUKLHU JHVFKHLWHUWDXIPHLQHQ6RKQ/HRSROGEHVFKUlQNHQPVVHQ© ª,FKIUFKWH©VDJWH&RULQQDªGDHUDXFKGDYHUVDJW ©

ª:DVOHGLJOLFKGDYRQDEKlQJHQZLUGREHU6LHVLHKWRGHUQLFKW© ª(UZLUGPLFKVHKHQ©

ª9LHOOHLFKW9LHOOHLFKWDXFKQLFKW©

8QGGDUDXIHUKREVLFKGLH&RPPHU]LHQUlWLQXQGJLQJRKQHGHP 3URIHVVRUGLH+DQGJHUHLFKW]XKDEHQDXIGLH7KU]X+LHU ZDQGWHVLHVLFKQRFKHLQPDOXQGVDJWH]X&RULQQDª&RULQQD ODVVHQ6LHXQVYHUQQIWLJUHGHQ,FKZLOODOOHVYHUJHVVHQ/DVVHQ 6LHGHQ-XQJHQORV(USDWQLFKWHLQPDOIU6LH8QGZDVGDV +DXV7UHLEHODQJHKWVRKDEHQ6LH VHEHQLQHLQHU:HLVH

FKDUDNWHULVLHUWGDHV,KQHQNHLQ2SIHUNRVWHQNDQQGDUDXI]X YHU]LFKWHQ © ª$EHUPHLQH*HIKOHJQlGLJVWH)UDX©

ª%DK©ODFKWH-HQQ\ªGD6LHVRVSUHFKHQN|QQHQ]HLJWPLU GHXWOLFKGD6LHNHLQHKDEHQXQGGDDOOHVEORHUhEHUPXWRGHU YLHOOHLFKWDXFK(LJHQVLQQLVW'D6LHVLFKGLHVHV(LJHQVLQQV EHJHEHQP|JHQZQVFKHLFK,KQHQXQGXQV'HQQHV NDQQ]X QLFKWVIKUHQ(LQH0XWWHUKDWDXFK(LQIOXDXIHLQHQVFKZDFKHQ 0HQVFKHQXQGRE/HRSROG/XVWKDWVHLQH)OLWWHUZRFKHQLQHLQHP $KOEHFNHU)LVFKHUKDXVH]XYHUEULQJHQLVWPLUGRFK]ZHLIHOKDIW 8QGGDGDV+DXV7UHLEHO,KQHQNHLQH9LOODLQ&DSULEHZLOOLJHQ ZLUGGHVVHQGUIHQ6LHJHZLVHLQ©

8QGGDEHLYHUQHLJWHVLHVLFKXQGWUDWLQGDV(QWUpHKLQDXV &RULQQDEOLHE]XUFN6FKPLGWDEHUJDEVHLQHU)UHXQGLQGDV*HOHLW ELVDQGLH7UHSSH ª$GLHX©VDJWHKLHUGLH5lWLQª,FKEHGDXUHOLHEHU)UHXQGGD GLHV]ZLVFKHQXQVWUHWHQXQGGLHKHU]OLFKHQ%H]LHKXQJHQVR YLHOHUYLHOHU-DKUHVW|UHQPXWH0HLQH6FKXOGLVWHVQLFKW6LH KDEHQ&RULQQDYHUZ|KQWXQGGDV7|FKWHUFKHQVFKOlJWQXQHLQHQ VS|WWLVFKHQXQGEHUKHEOLFKHQ7RQDQXQGLJQRULHUWZHQQQLFKWV DQGUHVVRGRFKGLH-DKUHGLHPLFKYRQLKUWUHQQHQ,PSLHWlWLVW GHU&KDUDNWHUXQVHUHU=HLW©

6FKPLGWHLQ6FKHOPJHILHOVLFKGDULQEHLGHP:RUWª,PSLHWlW© HLQEHWUEWHV*HVLFKWDXI]XVHW]HQª$FKOLHEH)UHXQGLQ©VDJWH HUª6LHP|JHQZRKOUHFKWKDEHQDEHU QXQLVWHV]XVSlW,FK EHGDXUHGDHVXQVHUP+DXVHYRUEHKDOWHQZDU,KQHQHLQHQ .XPPHUZLHGLHVHQXPQLFKW]XVDJHQHLQH.UlQNXQJDQ]XWKXQ )UHLOLFKZLH6LHVFKRQVHKUULFKWLJEHPHUNWKDEHQGLH=HLW DOOHVZLOOEHUVLFKKLQDXVXQGVWUHEWK|KHUHQ 6WDIIHOQ]XGLHGLH 9RUVHKXQJVLFKWEDUOLFKQLFKWZROOWH© -HQQ\QLFNWHª*RWWEHVVUHHV© ª/DVVHQ6LHXQVGDVKRIIHQ© 8QGGDPLWWUHQQWHQVLHVLFK

,QGDV=LPPHU]XUFNJHNHKUWXPDUPWH6FKPLGWVHLQH7RFKWHU JDELKUHLQHQ.XDXIGLH6WLUQXQGVDJWH ª&RULQQDZHQQLFK QLFKW3URIHVVRUZlUHVRZUG LFKDP(QGH6R]LDOGHPRNUDW©

,PVHOEHQ$XJHQEOLFNNDPDXFKGLH6FKPRONH6LHKDWWHQXUGDV OHW]WH:RUWJHK|UWXQGHUUDWHQGXPZDVHVVLFKKDQGOHVDJWH VLHª-DGDVKDW6FKPRONHDXFKLPPHUJHVDJW©

9LHU]HKQWHV.DSLWHO

'HUQlFKVWH7DJZDUHLQ6RQQWDJXQGGLH6WLPPXQJLQGHUVLFK GDV7UHLEHO VFKH+DXVEHIDQGNRQQWHQXUQRFKGD]XEHLWUDJHQ GHP7DJH]XVHLQHUKHUN|PPOLFKHQgGKHLWHLQ%HWUlFKWOLFKHV ]X]XOHJHQ-HGHUPLHGGHQ$QGHUQ'LH&RPPHU]LHQUlWLQ EHVFKlIWLJWHVLFKGDPLW%ULHIH.DUWHQXQG3KRWRJUDSKLHQ]X RUGQHQ/HRSROGVDDXIVHLQHP=LPPHUXQGODV*RHWKHZDV LVW QLFKWQ|WLJ]XYHUUDWHQ XQG7UHLEHOVHOEVWJLQJLP*DUWHQXP GDV%DVVLQKHUXPXQGXQWHUKLHOWVLFKZLHPHLVWLQVROFKHQ)lOOHQ PLWGHU+RQLJ(UJLQJGDEHLVRZHLWVLHJDQ]HUQVWKDIWQDFK .ULHJXQG)ULHGHQ]XIUDJHQDOOHUGLQJVPLWGHU9RUVLFKWVLFKHLQH $UW3UlOLPLQDU$QWZRUWJOHLFKVHOEVW]XJHEHQ,QHUVWHU5HLKH VWHKHIHVWGDHVQLHPDQGZLVVHªVHOEVWGHUOHLWHQGH 6WDDWVPDQQQLFKW©HUKDWWHVLFKGLHVH3KUDVHEHLVHLQHQ |IIHQWOLFKHQ5HGHQDQJHZ|KQW DEHUHEHQZHLOHVQLHPDQGZLVVH VHLPDQDXI6HQWLPHQWVDQJHZLHVHQXQGGDULQVHLQLHPDQG JU|HUXQG]XYHUOlVVLJHUDOVGLH)UDXHQ(VVHLQLFKW]XOHXJQHQ GDVZHLEOLFKH*HVFKOHFKWKDEHZDV3\WKLVFKHVJDQ]DEJHVHKHQ YRQMHQHP2UDNHOKDIWHQQLHGHUHU2EVHUYDQ]GDVQRFKVR QHEHQKHUODXIH'LH+RQLJDOVVLHVFKOLHOLFK]X:RUWHNDPIDWH LKUHSROLWLVFKH'LDJQRVHGDKLQ]XVDPPHQVLHVlKHQDFK:HVWHQ KLQHLQHQNODUHQ+LPPHOZlKUHQGHVLP2VWHQILQVWHUEUDXH JDQ]HQWVFKLHGHQXQG]ZDUREHQVRZRKOZLHXQWHQª2EHQZLH XQWHQ©ZLHGHUKROWH7UHLEHOª2ZLHZDKU8QGGDV2EHQ EHVWLPPWGDV8QWHQXQGGDV8QWHQGDV2EHQ-D)UlXOHLQ+RQLJ GDPLWKDEHQZLU VJHWURIIHQ©8QG&]LFNDGDV+QGFKHQGDV QDWUOLFKDXFKQLFKWIHKOWHEODIIWHGD]X6RJLQJGDV*HVSUlFK]X JHJHQVHLWLJHU=XIULHGHQKHLW7UHLEHODEHUVFKLHQGRFKDEJHQHLJW DXVGLHVHP:HLVKHLWVTXHOODQGDXHUQG]XVFK|SIHQXQG]RJVLFK QDFKHLQLJHU=HLWDXIVHLQ=LPPHUXQGVHLQH&LJDUUH]XUFNJDQ] +DOHQVHHYHUZQVFKHQGGDVPLWVHLQHU.DIIHHNODSSHGLHVH KlXVOLFKH0LVWLPPXQJXQGGLHVH6RQQWDJV([WUDODQJHZHLOH KHUDXIEHVFKZRUHQKDEH*HJHQ0LWWDJWUDIHLQDQLKQDGUHVVLHUWHV 7HOHJUDPPHLQª'DQNIU%ULHI,FKNRPPHPRUJHQPLWGHP 1DFKPLWWDJV]XJ(XUH+LOGHJDUG©(UVFKLFNWHGDV7HOHJUDPP DXVGHPHUEHUKDXSWHUVWYRQGHUHUIROJWHQ(LQODGXQJHUIXKUDQ VHLQH)UDXKLQEHUXQGZDUWURW]GHPHUGDVVHOEVWlQGLJH 9RUJHKHQGHUVHOEHQHWZDVVRQGHUEDUIDQGGRFKDXFKZLHGHU DXIULFKWLJIURK QXQPHKUHLQHQ*HJHQVWDQG]XKDEHQPLWGHPHU VLFKLQVHLQHU3KDQWDVLHEHVFKlIWLJHQNRQQWH+LOGHJDUGZDUVHKU

KEVFKXQGGLH9RUVWHOOXQJLQQHUKDOEGHUQlFKVWHQ:RFKHQHLQ DQGHUHV*HVLFKWDOVGDVGHU+RQLJDXIVHLQHQ *DUWHQVSD]LHUJlQJHQXPVLFK]XKDEHQWKDWLKPZRKO(UKDWWH QXQDXFKHLQHQ*HVSUlFKVVWRIIXQGZlKUHQGRKQHGLHVH 'HSHVFKHGLH0LWWDJVXQWHUKDOWXQJZDKUVFKHLQOLFKVHKU NPPHUOLFKYHUODXIHQRGHUYLHOOHLFKWJDQ]DXVJHIDOOHQZlUHZDU HVMHW]WZHQLJVWHQVP|JOLFKHLQSDDU)UDJHQ]XVWHOOHQ(U VWHOOWH GLHVH)UDJHQDXFKZLUNOLFKXQGDOOHVPDFKWHVLFKJDQ]OHLGOLFK QXU/HRSROGVSUDFKNHLQ:RUWXQGZDUIURKDOVHUVLFKYRP7LVFK HUKHEHQXQG]XVHLQHU/HNWUH]XUFNNHKUHQNRQQWH

/HRSROGVJDQ]H+DOWXQJJDEEHUKDXSW]XYHUVWHKHQGDHUEHU VLFKEHVWLPPHQ]XODVVHQIUGHUQLFKWPHKU:LOOHQVVHLWURW]GHP ZDULKPNODUGDHUVLFKGHQ5HSUlVHQWDWLRQVSIOLFKWHQGHV +DXVHVQLFKWHQW]LHKHQXQGDOVRQLFKWXQWHUODVVHQGUIH +LOGHJDUGDPDQGHUQ1DFKPLWWDJDXIGHP%DKQKRIH]X HPSIDQJHQ(UZDUSQNWOLFKGDEHJUWHGLHVFK|QH6FKZlJHULQ XQGDEVROYLHUWHGLHODQGHVEOLFKH)UDJHQUHLKHQDFKGHP%HILQGHQ XQGGHQ6RPPHUSOlQHQGHU)DPLOLHZlKUHQGHLQHUGHUYRQLKP HQJDJLHUWHQ*HSlFNWUlJHUHUVWGLH'URVFKNHGDQQGDV*HSlFN EHVRUJWH'DVVHOEHEHVWDQGQXUDXVHLQHPHLQ]LJHQ.RIIHUPLW 0HVVLQJEHVFKODJGLHVHUDEHUZDUYRQVROFKHU*U|HGDHUDOV HUKLQDXIJHZXFKWHWZDUGHUGDKLQUROOHQGHQ'URVFKNHGHQ &KDUDNWHUHLQHV%DXVYRQ]ZHL(WDJHQJDE 8QWHUZHJVZXUGHGDV*HVSUlFKYRQ6HLWHQ/HRSROG VZLHGHU DXIJHQRPPHQHUUHLFKWHVHLQHQ=ZHFNDEHUQXUXQYROONRPPHQ ZHLOVHLQHVWDUNKHUYRUWUHWHQGH%HIDQJHQKHLWVHLQHU6FKZlJHULQ QXU*UXQG]XU+HLWHUNHLWJDE8QGQXQKLHOWHQVLHYRUGHU9LOOD 'LHJDQ]H7UHLEHOHLVWDQGDP*LWWHUXQGDOVGLHKHU]OLFKVWHQ %HJUXQJHQDXVJHWDXVFKWXQGGLHQ|WLJVWHQ7RLOHWWHQ $UUDQJHPHQWVLQIOLHJHQGHU(LOHG K]LHPOLFKPXHYROOJHPDFKW ZRUGHQZDUHQHUVFKLHQ+LOGHJDUGDXIGHU9HUDQGDZRPDQ LQ]ZLVFKHQGHQ.DIIHHVHUYLHUWKDWWH6LHIDQGDOOHVªKLPPOLVFK© ZDVDXI(PSIDQJVWUHQJHU,QVWUXNWLRQHQYRQ6HLWHQGHU)UDX .RQVXO7KRUD0XQNKLQGHXWHWHGLHVHKUZDKUVFKHLQOLFK 8QWHUGUFNXQJDOOHV+DPEXUJLVFKHQXQG$FKWXQJYRU%HUOLQHU (PSILQGOLFKNHLWHQDOVHUVWH5HJHOHPSIRKOHQKDWWH.HLQH 3DUDOOHOHQZXUGHQJH]RJHQXQGEHLVSLHOVZHLVHJOHLFKGDV .DIIHHVHUYLFHUXQGZHJEHZXQGHUWª(XUH%HUOLQHU0XVWHU VFKODJHQMHW]WDOOHVDXVGHP)HOGHVHOEVW6qYUHV:LHUHL]HQG GLHVH*UHFERUWH©/HRSROGVWDQGLQHLQHU(QWIHUQXQJXQGK|UWH

]XELV+LOGHJDUGSO|W]OLFKDEEUDFKXQGDOOHPZDVVLHJHVDJWQXU QRFKKLQ]XVHW]WHª6FKHOWHWPLFKEULJHQVQLFKWGDLFKLQHLQHP IRUWYRQ'LQJHQVSUHFKHIUGLHVLFKMDPRUJHQDXFKQRFKGLH=HLW ILQGHQZUGH*UHFERUWHXQG6qYUHVXQG0HLHQXQG =ZLHEHOPXVWHU$EHU/HRSROGLVW6FKXOGHUKDWXQVHUH .RQYHUVDWLRQLQGHU'URVFKNHVRVWUHQJZLVVHQVFKDIWOLFKJHIKUW GDLFKEHLQDKHLQ9HUOHJHQKHLWNDPLFKZROOWHJHUQYRQ/L]]L K|UHQXQGGHQNW(XFKHUVSUDFKQXUYRQ$QVFKOXXQG 5DGLDOV\VWHPXQGLFKJHQLHUWHPLFK]XIUDJHQZDVHVVHL© 'HUDOWH7UHLEHOODFKWHGLH&RPPHU]LHQUlWLQDEHUYHU]RJNHLQH 0LHQHZlKUHQGEHU/HRSROG VEODVVHV*HVLFKWHLQHOHLFKWH5|WH IORJ

6RYHUJLQJGHUHUVWH7DJXQG+LOGHJDUG V8QEHIDQJHQKHLWGLH PDQVLFK]XVW|UHQZRKOKWHWHVFKLHQDXFKQRFKZHLWHUOHLGOLFKH 7DJHEULQJHQ]XVROOHQDOOHVXPVRPHKUDOVHVGLH &RPPHU]LHQUlWLQDQ$XIPHUNVDPNHLWHQMHGHU$UWQLFKWIHKOHQ OLH-DVLHYHUVWLHJVLFK]XK|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|QOLFKHQ$QJULIIHJHJHQ 7UHLEHO$QIDQJVKDWWHPDQGLHVHQZHJHQVHLQHUJURHQ %HOLHEWKHLWUFNVLFKWVYROODXHU6SLHOJHODVVHQELVGLH 7DNWORVLJNHLWHQVHLQHV$JHQWHQHLQZHLWHUHV6FKRQHQXQP|JOLFK PDFKWHQª(VLVW]ZHLIHOORVHLQ8QJOFN© VRKLHHVLQGHQ 2UJDQHQGHU*HJHQSDUWHLªVREHVFKUlQNW]XVHLQZLH/LHXWHQDQW 9RJHOVDQJDEHUHLQHVROFKH%HVFKUlQNWKHLWLQVHLQHQ'LHQVW]X QHKPHQLVWHLQH0LDFKWXQJJHJHQGHQJHVXQGHQ 0HQVFKHQYHUVWDQGXQVHUHV.UHLVHV'LH.DQGLGDWXU7UHLEHO VFKHLWHUWHLQIDFKDQGLHVHP$IIURQW©

(VVDKQLFKWDOO]XKHLWHUDXVEHLGHQDOWHQ7UHLEHO VZDV+LOGHJDUG DOOPlKOLFKVRVHKU]XIKOHQEHJDQQGDVLHKDOEH7DJHEHLGHQ *HVFKZLVWHUQ]XEUDFKWH'HU+RO]KRIZDUEHUKDXSWKEVFKHUDOV GLH)DEULNXQG/L]]LJHUDGH]XUHL]HQGPLWLKUHQODQJHQZHLHQ 6WUPSIHQ(LQPDOZDUHQVLHDXFKURW:HQQVLHVRKHUDQNDP XQGGLH7DQWH+LOGHJDUGPLWHLQHP.QL[EHJUWHIOVWHUWHGLHVH GHU6FKZHVWHU]XªTXLWHHQJOLVK+HOHQ©XQGPDQOlFKHOWH VLFKGDQQJOFNOLFKDQ-DHVZDUHQ/LFKWEOLFNH:HQQ/L]]LGDQQ DEHUZLHGHUIRUWZDUZDUDXFK]ZLVFKHQGHQ6FKZHVWHUQYRQ XQEHIDQJHQHU8QWHUKDOWXQJNHLQH5HGHPHKUZHLOGDV*HVSUlFK GLH]ZHLZLFKWLJVWHQ3XQNWHQLFKWEHUKUHQGXUIWHGLH9HUOREXQJ /HRSROG VXQGGHQ:XQVFKDXVGLHVHU9HUOREXQJPLWJXWHU0DQLHU KHUDXV]XNRPPHQ -DHVVDKQLFKWKHLWHUDXVEHLGHQ7UHLEHO VDEHUEHLGHQ 6FKPLGW VDXFKQLFKW'HUDOWH3URIHVVRUZDUHLJHQWOLFKZHGHULQ 6RUJHQRFKLQ9HUVWLPPXQJOHEWHYLHOPHKUXPJHNHKUWGHU hEHU]HXJXQJGDVLFKQXQDOOHV EDOG]XP%HVVHUHQZHQGHQ ZHUGHGLHVHQ3UR]HDEHUVLFKVWLOOYROO]LHKHQ]XODVVHQVFKLHQ LKPJDQ]XQHUOlOLFKXQGVRYHUXUWHLOWHHUVLFKZDVLKPQLFKW OHLFKWZXUGH]XEHGLQJWHP6FKZHLJHQ'LH6FKPRONHZDU QDWUOLFKJDQ]HQWJHJHQJHVHW]WHU$QVLFKWXQGKLHOWZLHGLH PHLVWHQDOWHQ%HUOLQHULQQHQDXHURUGHQWOLFKYLHOYRQªVLFK DXVVSUHFKHQ©MHPHKUXQGMH|IWHUGHVWREHVVHU,KUHQDFK GLHVHU6HLWHKLQDE]LHOHQGHQ9HUVXFKHYHUOLHIHQDEHUUHVXOWDWORV XQG&RULQQDZDUQLFKW]XP6SUHFKHQ]XEHZHJHQZHQQGLH 6FKPRONHEHJDQQª-D&RULQQDZDVVROOGHQQQXQHLJHQWOLFK ZHUGHQ":DVGHQNVW'X'LUGHQQHLJHQWOLFK"©

$XIDOO GDVJDEHVNHLQHUHFKWH$QWZRUWYLHOPHKUVWDQG&RULQQD ZLHDP5RXOHWWXQGZDUWHWHPLWYHUVFKUlQNWHQ$UPHQZRKLQGLH .XJHOIDOOHQZUGH6LHZDUQLFKWXQJOFNOLFKDEHUlXHUVW XQUXKLJXQGXQPXWLJYRUDOOHPZHQQVLHGHUKHIWLJHQ 6WUHLWVFHQHJHGDFKWHEHLGHUVLHGRFKYLHOOHLFKW]XYLHOJHVDJW KDWWH6LHIKOWHJDQ]GHXWOLFKGDDOOHVDQGHUVJHNRPPHQZlUH ZHQQGLH5lWLQHWZDVZHQLJHU+HUEKHLWVLHVHOEHUDEHUHWZDV PHKU(QWJHJHQNRPPHQJH]HLJWKlWWH-DGDKlWWHVLFKGDQQ RKQHVRQGHUOLFKH0KH)ULHGHQVFKOLHHQXQGGDV%HNHQQWQLV HLQHUJHZLVVHQ6FKXOGZHLODOOHVEOR%HUHFKQXQJJHZHVHQ DOOHQIDOOVDEOHJHQODVVHQ$EHUIUHLOLFKLPVHOEHQ$XJHQEOLFNHZR VLHQHEHQGHP%HGDXHUQEHUGLHKRFKPWLJH+DOWXQJGHU5lWLQ YRUDOOHPXQGLQHUVWHU5HLKHVLFKVHOEHUGHU6FKXOG]LHKLQHEHQ

GLHVHP$XJHQEOLFNHPXWHVLHVLFKGRFKDXFKZLHGHUVDJHQGD HLQ:HJIDOODOOHVGHVVHQZDVLKUYRULKUHPHLJHQHQ*HZLVVHQLQ GLHVHU$QJHOHJHQKHLWDOVIUDJZUGLJHUVFKLHQLQGHQ$XJHQGHU 5lWLQQLFKWVJHEHVVHUWKDEHQZUGH'LHVHVFKUHFNOLFKH)UDX WURW]GHPVLHEHVWlQGLJVRWKDWXQGVSUDFKZDUMDZHLWDEGDYRQ LKUZHJHQLKUHV6SLHOVPLW*HIKOHQHLQHQHUQVWKDIWHQ9RUZXUI]X PDFKHQ'DVZDUMD1HEHQVDFKHGDODJHVQLFKW8QGZHQQVLH GLHVHQOLHEHQXQGJXWHQ0HQVFKHQZLH VMDGRFKP|JOLFKZDU DXIULFKWLJXQGYRQ+HU]HQJHOLHEWKlWWHVRZlUHGDV9HUEUHFKHQ JHQDXGDVVHOEHJHZHVHQª'LHVH5lWLQPLWLKUHPEHUKHEOLFKHQ ª1HLQ©KDWPLFKQLFKWGDJHWURIIHQZRVLHPLFKWUHIIHQNRQQWH VLHZHLVWGLHVH9HUOREXQJQLFKW]XUFNZHLOPLU VDQ+HU]XQG /LHEHJHEULFKWQHLQVLHZHLVWVLHQXU]XUFNZHLOLFKDUPRGHU ZHQLJVWHQVQLFKWGD]XDQJHWKDQELQGDV7UHLEHO VFKH9HUP|JHQ ]XYHUGRSSHOQXPQLFKWVQLFKWVZHLWHUXQGZHQQVLHYRU DQGHUHQYHUVLFKHUWRGHUYLHOOHLFKWDXFKVLFKVHOEHUHLQUHGHWLFK VHLLKU]XVHOEVWEHZXWXQG]XSURIHVVRUOLFKVRVDJWVLHGDVQXU ZHLO VLKUJHUDGHSDW8QWHUDQGHUQ9HUKlOWQLVVHQZUGHPHLQH 3URIHVVRUOLFKNHLWPLUQLFKWQXUQLFKWVFKDGHQVRQGHUQLKU XPJHNHKUWGLH+|KHGHU%HZXQGHUXQJEHGHXWHQ©

6RJLQJHQ&RULQQD V5HGHQXQG*HGDQNHQXQGXPVLFKLKQHQ QDFK0|JOLFKNHLW]XHQW]LHKHQWKDWVLHZDVVLHVHLWODQJHQLFKW PHKUJHWKDQXQGPDFKWH%HVXFKHEHLGHQDOWHQXQGMXQJHQ 3URIHVVRUHQIUDXHQ$PEHVWHQJHILHOLKUZLHGHUGLHJXWHJDQ]YRQ :LUWVFKDIWOLFKNHLWLQ$QVSUXFKJHQRPPHQH)UDX5LQGIOHLVFKGLH MHGHQ7DJLKUHUYLHOHQ3HQVLRQlUHKDOEHULQGLHJURH0DUNWKDOOH JLQJXQGLPPHUGLHEHVWHQ4XHOOHQXQGELOOLJVWHQ3UHLVHZXWH 3UHLVHGLHGDQQVSlWHUGHU6FKPRONHPLWJHWHLOWLQHUVWHU5HLKH GHQbUJHUGHUVHOEHQ]XOHW]WDEHULKUH%HZXQGHUXQJYRUHLQHU K|KHUHQZLUWVFKDIWOLFKHQ3RWHQ]ZHFNWHQ$XFKEHL)UDX ,PPDQXHO6FKXOW]HVSUDFK&RULQQDYRUXQGIDQGGLHVHOEH YLHOOHLFKWZHLO)ULHGHEHUJ VQDKHEHYRUVWHKHQGH(KHVFKHLGXQJHLQ VHKUGDQNEDUHV7KHPDELOGHWHDXIIDOOHQGQHWWXQGJHVSUlFKLJ ,PPDQXHOVHOEVWDEHUZDUZLHGHUVRJURVSUHFKHULVFKXQG F\QLVFKGDVLHGRFKIKOWHGHQ%HVXFKQLFKWZLHGHUKROHQ]X N|QQHQ8QGZHLOGLH:RFKHVRYLHOH7DJHKDWWHVRPXWHVLH VLFK]XOHW]W]X0XVHXPXQG1DWLRQDO*DOHULHEHTXHPHQ$EHUVLH KDWWHNHLQHUHFKWH6WLPPXQJGDIU,P&RUQHOLXV6DDO LQWHUHVVLHUWHVLHYRUGHPHLQHQJURHQ:DQGELOGHQXUGLHJDQ] NOHLQH3UHGHOOHZR0DQQXQG)UDXGHQ.RSIDXVGHU%HWWGHFNH

VWUHFNHQXQGLPlJ\SWLVFKHQ0XVHXPIDQGVLHHLQHPHUNZUGLJH bKQOLFKNHLW]ZLVFKHQ5DPVHVXQG9RJHOVDQJ

:HQQVLHGDQQQDFK+DXVHNDPIUDJWHVLHMHGHVPDOREZHU GDJHZHVHQVHLZDVKHLHQVROOWHª:LU/HRSROGGD"©ZRUDXIGLH 6FKPRONHUHJHOPlLJDQWZRUWHWHª1HLQ&RULQQDNHLQH 0HQVFKHQVHHOH©:LUNOLFK/HRSROGKDWWHQLFKWGHQ0XW]X NRPPHQXQGEHVFKUlQNWHVLFKGDUDXIMHGHQ$EHQGHLQHQNOHLQHQ %ULHI]XVFKUHLEHQGHUGDQQDPDQGHUQ0RUJHQDXILKUHP )UKVWFNVWLVFKHODJ6FKPLGWVDKOlFKHOQGGUEHUKLQXQG &RULQQDVWDQGGDQQZLHYRQXQJHIlKUDXIXPGDV%ULHIFKHQLQ LKUHP=LPPHU]XOHVHQª/LHEH&RULQQD'HUKHXWLJH7DJYHUOLHI ZLHDOOH'LH0DPDVFKHLQWLQLKUHU*HJQHUVFKDIWYHUKDUUHQ]X ZROOHQ1XQZLUZROOHQVHKHQZHUVLHJW+LOGHJDUGLVWYLHOEHL +HOHQHZHLOQLHPDQGKLHULVWGHUVLFKUHFKWXPVLHNPPHUW6LH NDQQPLUOHLGWKXQHLQVRMXQJHVXQGKEVFKHV0lGFKHQ$OOHV GDV5HVXOWDWVROFKHU$Q]HWWHOXQJHQ0HLQH6HHOHYHUODQJW'LFK]X VHKHQXQGLQGHUQlFKVWHQ:RFKHZHUGHQ(QWVFKOVVHYRQPLU JHIDWZHUGHQGLHYROOH.ODUKHLWVFKDIIHQ0DPDZLUGVLFK ZXQGHUQ1XUVRYLHOLFKHUVFKUHFNHYRUQLFKWVDXFKYRUGHP bXHUVWHQQLFKW'DVPLWGHPYLHUWHQ*HERWLVWUHFKWJXWDEHUHV KDWVHLQH*UHQ]HQ:LUKDEHQDXFK3IOLFKWHQJHJHQXQVVHOEVWXQG JHJHQGLHGLHZLUEHUDOOHVOLHEHQGLH/HEHQXQG7RGLQXQVHUHQ $XJHQEHGHXWHQ,FKVFKZDQNHQRFKZRKLQGHQNHDEHU(QJODQG GDKDEHQZLU/LYHUSRROXQG0U 1HOVRQXQGLQ]ZHL6WXQGHQVLQG ZLUDQGHUVFKRWWLVFKHQ *UHQ]H6FKOLHOLFKLVWHVJOHLFKZHUXQV lXHUOLFKYHUHLQLJWVLQGZLUHVGRFKOlQJVWLQXQV:LHPLUGDV +HU]GDEHLVFKOlJW(ZLJGHU'HLQH/HRSROG© &RULQQD]HUULGHQ%ULHILQNOHLQH6WUHLIHQXQGZDUIVLHGUDXHQ LQV.RFKORFKª(VLVWDPEHVWHQVR GDQQYHUJH LFKZLHGHUZDV HUKHXWHJHVFKULHEHQXQGNDQQPRUJHQQLFKWPHKUYHUJOHLFKHQ 'HQQPLULVWDOVVFKULHEHHUMHGHQ7DJGDVVHOEH6RQGHUEDUH 9HUOREXQJ$EHUVROOLFKLKPHLQHQ9RUZXUIPDFKHQGDHUNHLQ +HOGLVW"8QGPLWPHLQHU(LQELOGXQJLKQ ]XP+HOGHQXPVFKDIIHQ ]XN|QQHQLVWHVDXFKYRUEHL'LH1LHGHUODJHQXQG 'HPWLJXQJHQZHUGHQQXQZRKOLKUHQ$QIDQJQHKPHQ9HUGLHQW" ,FKIUFKWH©

$QGHUWKDOE:RFKHQZDUHQXPXQGQRFKKDWWHVLFKLP 6FKPLGW VFKHQ+DXVHQLFKWVYHUlQGHUWGHU$OWHVFKZLHJQDFKZLH YRU0DUFHOONDPQLFKWXQG/HRSROGQRFKZHQLJHUXQGQXUVHLQH 0RUJHQEULHIHVWHOOWHQVLFKPLWJURHU3QNWOLFKNHLWHLQ&RULQQD ODVVLHVFKRQOlQJVWQLFKWPHKUEHUIORJVLHQXUXQGVFKREVLH GDQQOlFKHOQGLQLKUH0RUJHQURFNWDVFKHZRVLH]HUVHVVHQXQG ]HUNQLWWHUWZXUGHQ6LHKDWWH]XP7URVWHQLFKWVDOVGLH6FKPRONH GHUHQJHVXQGH*HJHQZDUWLKUZLUNOLFKZRKOWKDWZHQQVLH V DXFK LPPHUQRFKYHUPLHGPLWLKU]XVSUHFKHQ $EHUDXFKGDVKDWWHVHLQH=HLW

'HU3URIHVVRUZDUHEHQQDFK+DXVHJHNRPPHQVFKRQXPHOI GHQQHVZDU0LWWZRFKZRGLH.ODVVHIULKQZHQLJVWHQVXPHLQH 6WXQGHIUKHUVFKOR&RULQQDVRZRKOZLHGLH6FKPRONHKDWWHQ LKQNRPPHQXQGGLH'UFNHUWKUJHUlXVFKYROOLQV6FKORIDOOHQ K|UHQQDKPHQDEHUEHLGHNHLQH9HUDQODVVXQJVLFKZHLWHUXPLKQ ]XNPPHUQVRQGHUQEOLHEHQLQGHU.FKHG ULQGHUKHOOH -XOLVRQQHQVFKHLQODJXQGDOOH)HQVWHUIOJHOJH|IIQHWZDUHQ$Q HLQHPGHU)HQVWHUVWDQGDXFKGHU.FKHQWLVFK'UDXHQDQ]ZHL +DNHQKLQJHLQNDVWHQDUWLJHV%OXPHQEUHWWHLQHMHQHU PHUNZUGLJHQ6FK|SIXQJHQGHU+RO]VFKQHLGHNXQVWZLHVLH%HUOLQ HLJHQWPOLFKVLQGNOHLQH/|FKHU]X6WHUQEOXPHQ ]XVDPPHQJHVWHOOW$QVWULFKGXQNHOJUQ,QGLHVHP.DVWHQ VWDQGHQPHKUHUH*HUDQLXP XQG*ROGODFNW|SIH]ZLVFKHQGHQHQ KLQGXUFKGLH6SHUOLQJHKXVFKWHQXQGVLFKLQJURVWlGWLVFKHU 'UHLVWLJNHLWDXIGHQDP)HQVWHUVWHKHQGHQ.FKHQWLVFKVHW]WHQ +LHUSLFNWHQVLHYHUJQJWDQDOOHPKHUXPXQG QLHPDQGGDFKWH GDUDQVLH]XVW|UHQ&RULQQDGHQ0|UVHU]ZLVFKHQGHQ.QLHQ ZDUPLW=LPPHWVWRHQEHVFKlIWLJWZlKUHQGGLH6FKPRONHJUQH .RFKELUQHQGHU/lQJHQDFKGXUFKVFKQLWWXQGEHLGHJOHLFKH+lOIWHQ LQHLQHJURHEUDXQH6FKVVHOHLQHVRJHQDQQWH5HLEHVDWWHIDOOHQ OLH)UHLOLFK]ZHLJDQ]JOHLFKH+lOIWHQZDUHQHVQLFKWNRQQWHQHV QLFKWVHLQZHLOQDWUOLFKQXUHLQH+lOIWHGHQ6WHQJHOKDWWH ZHOFKHU6WHQJHOGHQQDXFK9HUDQODVVXQJ]X%HJLQQHLQHU 8QWHUKDOWXQJZXUGHZRQDFKVLFKGLH6FKPRONHVFKRQVHLWODQJH VHKQWH

ª6LHK &RULQQD©VDJWHGLH6FKPRONHªGLHVHUKLHUGLHVHUODQJH GDVLVWVRUHFKWHLQ6WHQJHOQDFKGHP+HU]HQ'HLQHV9DWHUV © &RULQQDQLFNWH

ª'HQNDQQHUDQIDVVHQZLH QH0DFFDURQLXQGKRFKKDOWHQXQG DOOHVYRQXQWHQKHUDXIHVVHQ(V LVWGRFKHLQPHUNZUGLJHU 0DQQ © ª-DGDVLVWHU©

ª(LQPHUNZUGLJHU0DQQXQGYROOHU6FKUXOOHQXQGPDQPXLKQ HUVWDXVVWXGLHUHQ$EHUGDVPHUNZUGLJVWHGDVLVWGRFKGDVPLW GHQODQJHQ6WHQJHOQXQGDZLUVLHZHQQHV6HPPHOSXGGLQJXQ %LUQHQJLHEWQLFKWVFKlOHQGUIHQXQGDGHUJDQ]H.ULHSVFKPLW .HUQHXQGDOOHVGULQEOHLEHQPX(ULVGRFKHLQ3URIHVVRUXQHLQ VHKUNOXJHU0DQQDEHUGDVPXLFK'LUVDJHQ&RULQQDZHQQLFK PHLQHPJXWHQ6FKPRONHGHUGRFKQXUHLQHLQIDFKHU0DQQZDU PLWVRODQJH6WHQJHOXQXQJHVFKlOWXQGHQJDQ]HQ.ULHSVFKGULQ JHNRPPHQZlU MDGDKlWW HV ZDVJHJHEHQ'HQQVRJXWHU ZDUZHQQHUGDFKWH¾VLHGHQNWZROOGDVLVJXWJHQXJ½GDQQ ZXUGHUIDOVFKXQPDFKWHVHLQ'LHQVWJHVLFKWXQVDKDXVDOVREHU PLFKDUUHWLHUHQZROOWH ©

ª-DOLHEH6FKPRONH©VDJWH&RULQQDªGDVLVWHEHQHLQIDFKGLH DOWH*HVFKLFKWHYRP*HVFKPDFNXQGGDVLFKEHU*HVFKPlFNHU QLFKWVWUHLWHQOlW8QGGDQQLVWHVDXFKZRKOGLH*HZRKQKHLWXQG YLHOOHLFKWDXFKYRQ*HVXQGKHLWVZHJHQ© ª9RQ*HVXQGKHLWVZHJHQ©ODFKWHGLH6FKPRONHª1DK|UH.LQG ZHQQHLQHPVRGLH+DFKHOQLQGLH.HKOHNRPPHQXQPDQVLFK YHUVFKOXFNHUWXQPDQPLWXQWHU]X QHPJDQ]IUHPGHQ0HQVFKHQ VDJHQPX¾%LWWHNORSSHQ6LHPLU PDOHQELFKHQDEHUKLHU RUGHQWOLFKLQV.UHX]½ QHLQ &RULQQDGDELQLFKGRFKPHKUIU HLQHDXVJHNHUQWH0DOYDVLHUGLH UXQWHUJHKWZLH%XWWHU *HVXQGKHLW6WHQJHOXQ6FKDOHZDVGDYRQ*HVXQGKHLWLVGDV ZHLLFKQLFK ©

ª'RFKOLHEH6FKPRONH0DQFKHN|QQHQ2EVWQLFKWYHUWUDJHQXQG IKOHQVLFKJHQLHUWQDPHQWOLFKZHQQVLHZLH3DSDKLQWHUKHU DXFKQRFKGLH6DXFHO|IIHOQ8QGGDJLHEWHVQXUHLQ0LWWHO GDJHJHQ$OOHVPXG UDQEOHLEHQGHU6WHQJHOXQGGLHJUQH 6FKDOH'LHEHLGHQGLHKDEHQGDV$GVWULQJHQV ©

ª:DV"©

ª'DV$GVWULQJHQVGKGDVZDV]XVDPPHQ]LHKWHUVWEORGLH /LSSHQXQGGHQ0XQGDEHUGLHVHU3UR]HGHV=XVDPPHQ]LHKHQV VHW]WVLFKGDQQGXUFKGHQJDQ]HQLQQHUHQ0HQVFKHQKLQIRUWXQG GDVLVWGDQQGDVZDVDOOHVZLHGHULQ2UGQXQJEULQJWXQGYRU 6FKDGHQEHZDKUW© (LQ6SHUOLQJKDWWH]XJHK|UWXQGZLHGXUFKGUXQJHQYRQGHU 5LFKWLJNHLWYRQ&RULQQD V$XVHLQDQGHUVHW]XQJHQQDKPHUHLQHQ 6WHQJHOGHU]XIlOOLJDEJHEURFKHQZDULQGHQ6FKQDEHOXQGIORJ GDPLWDXIGDVDQGHUH'DFKKLQEHU'LHEHLGHQ)UDXHQDEHU YHUILHOHQLQ6FKZHLJHQXQGQDKPHQHUVWQDFKHLQHU9LHUWHOVWXQGH GDV*HVSUlFKZLHGHUDXI 'DV*HVDPWELOGZDUQLFKWPHKUJDQ]GDVVHOEHGHQQ&RULQQD KDWWHPLWWOHUZHLOHGHQ7LVFKDEJHUlXPWXQGHLQHQEODXHQ =XFNHUERJHQGDUEHUDXVJHEUHLWHWDXIZHOFKHP]DKOUHLFKHDOWH 6HPPHOQODJHQXQGGDQHEHQHLQJURHV5HLEHLVHQ'LHVOHW]WHUH QDKPVLHMHW]WLQGLH+DQGVWHPPWHVLFKPLWGHUOLQNHQ6FKXOWHU GDJHJHQXQGEHJDQQQXQLKUH5HLEHWKlWLJNHLWPLWVROFKHU 9HKHPHQ]GDGLHJHULHEHQH6HPPHOEHUGHQJDQ]HQEODXHQ %RJHQKLQVWlXEWH'DQQXQGZDQQXQWHUEUDFKVLHVLFKXQG VFKWWHWHGLH%U|FNFKHQQDFKGHU0LWWHKLQ]XHLQHP%HUJ ]XVDPPHQDEHUJOHLFKGDQDFKEHJDQQVLHYRQQHXHPXQGHV K|UWHVLFKZLUNOLFKDQDOVREVLHEHLGLHVHU$UEHLWDOOHUOHL P|UGHULVFKH*HGDQNHQKDEH 'LH6FKPRONHVDKLKUYRQGHU6HLWHKHU]X'DQQVDJWHVLH ª&RULQQDZHQ]HUUHLEVW'XGHQQHLJHQWOLFK"© ª'LHJDQ]H:HOW©

ª'DVLVYLHOXQ'LFKPLW"© ª0LFK]XHUVW©

ª'DVLVUHFKW'HQQZHQQ'XQXUHUVWUHFKW]HUULHEHQXQUHFKW PUEHELVWGDQQZLUVW'XZRKOZLHGHU]X9HUVWDQGHNRPPHQ© ª1LH©

ª0DQPXQLH¾QLH½VDJHQ&RULQQD'DVZDUHLQ+DXSWVDW]YRQ 6FKPRONH8QGDVPXZDKUVHLQLFKKDEHQRFKMHGHVPDO JHIXQGHQZHQQHLQHU¾QLH½VDJWHGDQQLVHVLPPHUGLFKWYRUP 8PNLSSHQ8QLFKZROOWHGDHVPLW'LUDXFKVRZlUH© &RULQQDVHXI]WH

ª6LHK &RULQQD'XZHLWGDLFKLPPHUGDJHJHQZDU'HQQHV LVMDGRFKJDQ]NODUGD'X'HLQHQ9HWWHU0DUFHOOKHLUDWHQ PXW© ª/LHEH6FKPRONHQXUNHLQ:RUWYRQGHP©

ª-DGDVNHQQWPDQGDVLVGDV8QUHFKWVJHIKO $EHULFKZLOO QLFKWVZHLWHUVDJHQXQZLOOQXUVDJHQZDVLFKVFKRQJHVDJWKDEH GDLFKLPPHUGDJHJHQZDULFKPHLQHJHJHQ/HRSROGXQGDLFK HLQHQ6FKUHFNNULHJWHDOV'XPLU VVDJWHVW$EHUDOV'XPLUGDQQ VDJWHVWGDGLH&RPPHU]LHQUlWLQVLFKlUJHUQZUGHGDJ|QQW LFK VLKUXQGDFKWH¾ZDUXPQLFK"ZDUXPVROOHVQLFKJHKQ"8Q ZHQQGHU/HRSROGDXFKEORVHLQ:LFNHONLQGLV&RULQQFKHQZLUG LKQVFKRQDXISlSSHOQXQGLKQ]X.UlIWHQEULQJHQ½-D&RULQQDVR GDFKW LFKXQKDE HV'LUDXFKJHVDJW$EHUHVZDU HLQVFKOHFKWHU *HGDQNHGHQQPDQVROOVHLQHQ0LWPHQVFKHQQLFKlUJHUQDXFK ZHQQPDQLKQQLFKOHLGHQNDQQXQZDVPLU]XHUVWNDPGHU 6FKUHFNEHU'HLQH9HUOREXQJGDVZDUGRFKGDVULFKWLJH'X PXWHLQHQNOXJHQ0DQQKDEHQHLQHQGHUHLJHQWOLFKNOJHULVW DOV'X 'XELVWEULJHQVJDUQLFK PDOVRNOXJ XQGHU ZDV 0lQQOLFKHVKDWVRZLH6FKPRONHXQYRUGHP'X5HVSHNWKDVW 8QYRU/HRSROGNDQQVW'XNHLQHQ5HVSHNWKDEHQ/LHEVW'X Q GHQQQRFKLPPHU"© ª$FKLFKGHQNHMDJDUQLFKWGUDQOLHEH6FKPRONH©

ª1D&RULQQDGHQQLVHV=HLWXQGHQQPXW'XQX6FKLFKWGDPLW PDFKHQ'XNDQQVWGRFKQLFKGLHJDQ]H:HOWDXIGHQ.RSSVWHOOHQ XQ'HLQXQDQGUHU/HXWH*OFNZRUXQWHUDXFK'HLQ9DWHUXQ 'HLQHDOWH6FKPRONHLVYHUVFKWWHQXQYHUGHUEHQZROOHQEORVXP GHUDOWHQ&RPPHU]LHQUlWLQPLWLKUHP3XIIVFKHLWHOXQGLKUHQ %ULOODQWERPPHOQHLQHQ7RUWDQ]XWKXQ(VLVHLQHJHOGVWRO]H)UDX GLHGHQ$SIHOVLQHQODGHQYHUJHVVHQKDWXQLPPHUEORV|WHSRW|WH WKXWXQGHQDOWHQ3URIHVVRUDQVFKPDFKWHWXQLKQDXFKª:LOLEDOG© QHQQWDOV REVLHQRFKDXI Q+DXVERGHQ9HUVWHFNPLWHLQDQGHU VSLHOWHQXQKLQWHUP7RUIVWQGHQGHQQGDPDOVKDWWHPDQQRFK

7RUIDXI P%RGHQXQZHQQPDQ UXQWHUNDPVDKPDQLPPHUDXV ZLH Q6FKRUQVWHLQIHJHU MDVLHK &RULQQDGDVKDWDOOHVVHLQH 5LFKWLJNHLWXQLFKKlWW LKUVR ZDVJHJ|QQWXQbUJHUJHQXJZLUG VLHZROODXFKJHKDEWKDEHQ$EHUZLHGHUDOWH3DVWRU7KRPDV]X 6FKPRONHXQPLULQXQVUHU7UDXUHGHJHVDJWKDW¾/LHEHW(XFK XQWHUHLQDQGHUGHQQGHU0HQVFKVROOVHLQ/HEHQQLFKDXIGHQ+D VRQGHUQDXIGLH/LHEHVWHOOHQ½GHVVHQ6FKPRONHXQLFKDXFK LPPHUHLQJHGHQNJHZHVHQVLQG VRPHLQHOLHEH&RULQQDVDJ LFKHVDXFK]X'LUPDQVROOVHLQ/HEHQQLFKDXIGHQ+DVWHOOHQ +DVW'XGHQQZLUNOLFKHLQHQVROFKHQ+DDXIGLH5lWLQGDVKHLW HLQHQULFKWLJHQ"© ª$FKLFKGHQNHMDJDUQLFKWGDUDQOLHEH6FKPRONH©

ª-D&RULQQDGDNDQQLFK'LUEORQRFK PDOVDJHQGDQQLVHV ZLUNOLFKGLHK|FKVWH=HLWGD ZDVJHVFKLHKW'HQQZHQQ'XLKQ QLFKWOLHEVWXQGLKUQLFKWKDWGHQQZHLLFKQLFKZDVGLHJDQ]H *HVFKLFKWH EHUKDXSWQRFKVROO© ª,FKDXFKQLFKW©

8QGGDPLWXPDUPWH&RULQQDGLHJXWH6FKPRONHXQGGLHVHVDK GHQQDXFKJOHLFKDQHLQHP)OLPPHULQ&RULQQD V$XJHQGDQXQ DOOHVYRUEHUXQGGDGHU6WXUPJHEURFKHQVHL

ª1D&RULQQDGHQQZROOHQZLU VVFKRQNULHJHQXQHVNDQQQRFK DOOHVJXWZHUGHQ$EHUQXJLHEGLH)RUPKHUGDZLULKQHLQWKXQ GHQQHLQH6WXQGHPXHUGRFKZHQLJVWHQVNRFKHQ8QYRU7LVFK VDJ LFK'HLQHP9DWHUNHLQ:RUWZHLOHUVRQVWYRU)UHXGHQLFK HVVHQNDQQ © ª$FKGHUlHGRFK©

ª$EHUQDFK7LVFKVDJLFK VLKPZHQQHUDXFKXPVHLQHQ6FKODI NRPPW8QGJHWUlXPWKDE LFK VDXFKVFKRQXQKDEH'LUQXU QLFKWVGDYRQVDJHQZROOHQ$EHUQXQNDQQLFKHVMD6LHEHQ .XWVFKHQXQGGLHEHLGHQ.lOEHUYRQ3URIHVVRU.XKZDUHQ %UDXWMXQJIHUQ1DWUOLFK%UDXWMXQJIHUQP|FKWHQVLHLPPHUDOOH VHLQGHQQDXIGLHNXFNWDOOHVEHLQDK PHKUQRFKDOVDXIGLH %UDXWZHLOGLHMDVFKRQZHJLVWXQPHLVWHQVNRPPHQVLHDXFK EDOG UDQ8QEORGHQ3DVWRUNRQQW LFKQLFKUHFKWHUNHQQHQ 7KRPDVZDUHVQLFK$EHUYLHOOHLFKWZDUHV6RXFKRQEORGDHU HLQELFKHQ]XGLFNOLFKZDU©

)QI]HKQWHV.DSLWHO

'HU3XGGLQJHUVFKLHQ3XQNW]ZHLXQG6FKPLGWKDWWHVLFK GHQVHOEHQPXQGHQODVVHQ,QVHLQHUEHKDJOLFKHQ6WLPPXQJ HQWJLQJHVLKPGXUFKDXVGD&RULQQDIUDOOHVZDVHUVDJWHQXU HLQVWXPPHV/lFKHOQKDWWHGHQQHUZDUHLQOLHEHQVZUGLJHU (JRLVWZLHGLH0HLVWHQVHLQHV=HLFKHQVXQGNPPHUWHVLFKQLFKW VRQGHUOLFKXPGLH6WLPPXQJVHLQHU8PJHEXQJVRODQJHQLFKWV SDVVLHUWHZDVGD]XDQJHWKDQZDULKP GLH/DXQHGLUHNW]X VW|UHQ

ª8QGQXQODDEGHFNHQ&RULQQDLFKZLOOHK LFKPLFKHLQ ELFKHQDXVVWUHFNHQRFKHLQHQ%ULHIDQ0DUFHOOVFKUHLEHQRGHU GRFKZHQLJVWHQVHLQSDDU=HLOHQ(UKDWQlPOLFKGLH6WHOOH 'LVWHONDPSGHULPPHUQRFKDOWH%H]LHKXQJHQXQWHUKlOWKDW PLFK VKHXWH9RUPLWWDJZLVVHQODVVHQ©8QGZlKUHQGGHU$OWHGDV VDJWHVDKHU]X&RULQQDKLQEHUZHLOHUZDKUQHKPHQZROOWHZLH GLHVHZLFKWLJH1DFKULFKWDXIVHLQHU7RFKWHU*HPWZLUNH(UVDK DEHUQLFKWVYLHOOHLFKWZHLOQLFKWV]XVHKHQZDUYLHOOHLFKWDXFK ZHLOHUNHLQVFKDUIHU%HREDFKWHUZDUVHOEVWGDQQQLFKWZHQQHU V DXVQDKPVZHLVH PDOVHLQZROOWH &RULQQDZlKUHQGGHU$OWHVLFKHUKREVWDQGHEHQIDOOVDXIXQG JLQJKLQDXVXPGUDXHQGLHQ|WLJHQ2UGUHV]XP$EUlXPHQDQ GLH6FKPRONH]XJHEHQ$OVGLHVHEDOGGDQDFKHLQWUDWVHW]WHVLH PLWMHQHPDEVLFKWOLFKHQXQGJDQ]XQQ|WLJHQ/lUPHQGXUFKGHQ DOWH'LHQHULQQHQLKUHGRPLQLHUHQGH+DXVVWHOOXQJDXV]XGUFNHQ OLHEHQGLHKHUXPVWHKHQGHQ7HOOHUXQG%HVWHFNH]XVDPPHQ GHUDUWGDGLH0HVVHU XQG*DEHOVSLW]HQQDFKDOOHQ6HLWHQKLQ KHUDXVVWDUUWHQXQGGUFNWHGLHVHQ6WDFKHOWXUPLPVHOEHQ $XJHQEOLFNHZRVLHVLFK]XP+LQDXVJHKHQDQVFKLFNWHIHVWDQ VLFK

ª3LHNHQ6LHVLFKQLFKWOLHEH6FKPRONH©VDJWH6FKPLGWGHUVLFK JHUQHLQPDOHLQHNOHLQH9HUWUDXOLFKNHLWHUODXEWH

ª1HLQ+HUU3URIHVVRUYRQSLHNHQLVNHLQH5HGHQLFKPHKUVFKRQ ODQJHQLFK8QPLWGHU9HUOREXQJLVHVDXFKYRUEHL© ª9RUEHL:LUNOLFK"+DWVLH ZDVJHVDJW"©

ª-DZLHVLHGLH6HPPHO]XGHQ3XGGLQJULHELVWHVPLWHLQV

UDXVJHNRPPHQ(VVWLHLKUVFKRQODQJHGDV+HU]DEXQGVLH ZROOWHEORQLFKWVVDJHQ$EHUQX LVHVLKU]XODQJZHLOLJ JHZRUGHQGDVPLW/HRSROGWHQ,PPHUEORVNOHLQH%LOOHWWHUPLW Q 9HUJLPHLQQLFKWGUDXHQXQ Q9HLOFKHQGULQGDVLHKWVLHQXGRFK ZRKOGDHUNHLQHUHFKWH.RXUDJHKDWXQGDVHLQH)XUFKWYRU GHU0DPDQRFKJU|HULVDOVVHLQH/LHEH]XLKU©

ª1XQGDVIUHXWPLFK8QGLFKKDE HVDXFKQLFKWDQGHUVHUZDUWHW 8QG6LHZRKODXFKQLFKWOLHEH6FKPRONH'HU0DUFHOOLVWGRFKHLQ DQGUHV.UDXW8QGZDVKHLWJXWH3DUWLH"0DUFHOOLVW$UFKlRORJH© ª9HUVWHKWVLFK©VDJWHGLH6FKPRONHGLHVLFK GHP3URIHVVRU JHJHQEHUJUXQGVlW]OLFKQLH]XU8QYHUWUDXWKHLWPLW)UHPGZ|UWHUQ EHNDQQWH ª0DUFHOOVDJ LFKLVW$UFKlRORJH9RUOlXILJUFNWHUDQ+HGULFK V 6WHOOH*XWDQJHVFKULHEHQLVWHUVFKRQODQJHVHLW-DKUXQG7DJ 8QGGDQQJHKWHUPLW8UODXEXQG6WLSHQGLXPQDFK0\NHQl ©

'LH6FKPRONHGUFNWHDXFKMHW]WZLHGHULKUYROOHV9HUVWlQGQLVXQG ]XJOHLFKLKUH=XVWLPPXQJDXV ª8QGYLHOOHLFKW©IXKU6FKPLGWIRUWªDXFKQDFK7LU\QVRGHUZR 6FKOLHPDQQJHUDGHVWHFNW8QGZHQQHUYRQGD]XUFNLVWXQGPLU HLQHQ=HXVIUGLHVHPHLQH6WXEHPLWJHEUDFKWKDW©XQGHU ZLHVGDEHLXQZLOONUOLFKQDFKGHP2IHQREHQDOVGHPHLQ]LJHQ IU=HXVQRFKOHHUHQ)OHFNªZHQQHUYRQGD]XUFNLVWVDJ LFKVRLVWLKPHLQH3URIHVVXUJHZL'LH$OWHQN|QQHQQLFKWHZLJ OHEHQ8QGVHKHQ6LHOLHEH6FKPRONHGDVLVWGDVZDVLFKHLQH JXWH3DUWLHQHQQH© ª9HUVWHKWVLFK+HUU3URIHVVRU:RYRUVLQGGHQQDXFKGLH ([DPHQVXQDOOGDV"8Q6FKPRONHZHQQHUDXFKNHLQ6WXGLHUWHU ZDUVDJWHDXFKLPPHU © ª8QGQXQZLOOLFKDQ0DUFHOOVFKUHLEHQXQGPLFKGDQQHLQ 9LHUWHOVWQGFKHQKLQOHJHQ8QGXPKDOEYLHUGHQ.DIIHH$EHU QLFKWVSlWHU©

8PKDOEYLHUNDPGHU.DIIHH'HU%ULHIDQ0DUFHOOHLQ 5RKUSRVWEULHI]XGHPVLFK6FKPLGWQDFKHLQLJHP=|JHUQ HQWVFKORVVHQKDWWHZDUVHLWZHQLJVWHQVHLQHUKDOEHQ6WXQGHIRUW XQGZHQQDOOHVJXWJLQJXQG0DUFHOO]X+DXVHZDUVRODVHU YLHOOHLFKWLQGLHVHP$XJHQEOLFNHVFKRQGLHGUHLODSLGDUHQ=HLOHQ DXVGHQHQHUVHLQHQ6LHJHQWQHKPHQNRQQWH*\PQDVLDO 2EHUOHKUHU%LVKHXWHZDUHUQXUGHXWVFKHU/LWWHUDWXUOHKUHUDQ HLQHUK|KHUHQ0lGFKHQVFKXOHJHZHVHQXQGKDWWHPDQFKPDO JULPPLJLQVLFKKLQHLQJHODFKWZHQQHUEHUGHQ&RGH[ DUJHQWHXVEHLZHOFKHP:RUWHGLHMXQJHQ'LQJHULPPHU NLFKHUWHQRGHUEHUGHQ+HOLDQGXQG%HRZXOIKDWWHVSUHFKHQ PVVHQ$XFKKLQVLFKWOLFK&RULQQD VZDUHQHLQSDDUGXQNOH :HQGXQJHQLQGHQ%ULHIHLQJHIORFKWHQZRUGHQXQGDOOHVLQDOOHP OLHVLFKDQQHKPHQGD0DUFHOOELQQHQNU]HVWHU)ULVWHUVFKHLQHQ ZUGHVHLQHQ'DQNDXV]XVSUHFKHQ 8QGZLUNOLFKIQI8KUZDUQRFKQLFKWKHUDQDOVGLH.OLQJHOJLQJ XQG0DUFHOOHLQWUDW(UGDQNWHGHP2QNHOKHU]OLFKIUVHLQH 3URWHNWLRQXQGDOVGLHVHUGDVDOOHVPLWGHU%HPHUNXQJDEOHKQWH GDZHQQYRQVROFKHQ'LQJHQEHUKDXSWGLH5HGHVHLQN|QQH MHGHU'DQNHVDQVSUXFKDXI'LVWHONDPSIDOOHVDJWH0DUFHOOª1XQ GDQQDOVR'LVWHONDPS$EHUGD'XPLU VJOHLFKJHVFKULHEHQ GDIUZHUG LFKPLFKGRFKDXFKEHL'LUEHGDQNHQGUIHQ8QG QRFKGD]XPLW5RKUSRVW©

ª-D0DUFHOOGDVPLW5RKUSRVWGDVKDWYLHOOHLFKW$QVSUXFKGHQQ HK ZLU$OWHQXQV]X ZDV1HXHPEHTXHPHQGDVGUHLLJ3IHQQLJ NRVWHWGDNDQQPLWXQWHUYLHO:DVVHUGLH6SUHH UXQWHUIOLHHQ $EHUZDVVDJVW'X]X&RULQQD"©

ª/LHEHU2QNHO'XKDVWGDVRHLQHGXQNOH:HQGXQJJHEUDXFKW LFKKDEHVLHQLFKWUHFKWYHUVWDQGHQ'XVFKULHEVW¾.HQQHWKYRQ /HRSDUGHQVHLDXIGHP5FN]XJ½,VW/HRSROGJHPHLQW"8QGPX HV&RULQQDMHW]WDOV6WUDIHKLQQHKPHQGDVLFK/HRSROGGHQVLH VRVLFKHU]XKDEHQJODXEWHYRQLKUDEZHQGHW"©

ª(VZlUHVRVFKOLPPQLFKWZHQQHVVROlJH'HQQLQGLHVHP)DOOH ZlUHGLH'HPWLJXQJYRQGHUPDQGRFKZRKOVSUHFKHQPX QRFKXPHLQHQ*UDGJU|HU8QGVRVHKULFK&RULQQDOLHEHVR PXLFKGRFK]XJHEHQGDLKUHLQ'HQN]HWWHOZRKOQRWWKlWH© 0DUFHOOZROOWH]XP*XWHQUHGHQ

ª1HLQYHUWHLGLJHVLHQLFKWVLHKlWWHVR ZDVYHUGLHQW$EHUGLH *|WWHUKDEHQHVGRFKPLOGHUPLWLKUYRUXQGGLNWLHUHQLKUVWDWWGHU JDQ]HQ1LHGHUODJHGLHVLFKLQ/HRSROG VVHOEVWJHZROOWHP 5FN]XJHDXVVSUHFKHQZUGHQXUGLHKDOEH1LHGHUODJH]XQXU GLHGDGLH0XWWHUQLFKWZLOOXQGGDPHLQHJXWH-HQQ\WURW] /\ULNXQGREOLJDWHU7KUlQHVLFKLKUHP-XQJHQJHJHQEHUGRFK PlFKWLJHUHUZHLVWDOV&RULQQD© ª9LHOOHLFKWQXUZHLO&RULQQDVLFKQRFKUHFKW]HLWLJEHVDQQXQG QLFKWDOOH0LQHQVSULQJHQODVVHQZROOWH©

ª9LHOOHLFKWLVWHVVR$EHUZLHHVDXFKOLHJHQPDJ0DUFHOOZLU PVVHQXQVQXQGDUEHUVFKOVVLJPDFKHQZLH'X]XGLHVHU JDQ]HQ7UDJLNRP|GLH'LFKVWHOOHQZLOOVWVRRGHUVR,VW'LU &RULQQDGLH'XYRUKLQVRJURPWLJYHUWHLGLJHQZROOWHVW YHUOHLGHWRGHUQLFKW")LQGHVW'XGDVLHZLUNOLFKHLQHJHIlKUOLFKH 3HUVRQLVWYROO2EHUIOlFKOLFKNHLWXQG(LWHONHLWRGHUPHLQVW'X GDDOOHVQLFKWVRVFKOLPPXQGHUQVWKDIWZDUHLJHQWOLFKQXUEORH 0DURWWHGLHYHU]LHKHQZHUGHQNDQQ"'DUDXINRPPWHVDQ© ª-DOLHEHU2QNHOLFKZHLZRKOZLHLFKGD]XVWHKH$EHULFK EHNHQQH'LURIIHQLFKK|UWHJHUQHUVW'HLQH0HLQXQJ'XKDVWHV LPPHUJXWPLWPLUJHPHLQWXQGZLUVW&RULQQDQLFKWPHKUOREHQ DOVVLHYHUGLHQW$XFKVFKRQDXV6HOEVWVXFKWQLFKWZHLO'XVLH JHUQLP+DXVHEHKLHOWHVW8QGHLQELFKHQ(JRLVWELVW'XMDZRKO 9HU]HLK LFKPHLQHQXUVRGDQQXQGZDQQXQGLQHLQ]HOQHQ 6WFNHQ ©

ª6DJHGUHLVWLQDOOHQ,FKZHLGDVDXFKXQGJHWU|VWHPLFKGDPLW GDHVLQGHU:HOW|IWHUVYRUNRPPW$EHUGDVVLQG $EVFKZHLIXQJHQ9RQ&RULQQDVROOLFKVSUHFKHQXQGZLOODXFK -D 0DUFHOOZDVLVWGD]XVDJHQ",FKJODXEHVLHZDUJDQ]HUQVWKDIW GDEHLKDW'LU VMDDXFKGDPDOVJDQ]IUDQNXQGIUHLHUNOlUWXQG 'XKDVWHVDXFKJHJODXEWPHKUQRFKDOVLFK'DVZDUGLH 6DFKODJHVRVWDQGHVYRUHLQSDDU:RFKHQ$EHUMHW]WGDUDXI P|FKW LFKPLFKYHUZHWWHQMHW]WLVWVLHJlQ]OLFKXPJHZDQGHOW XQGZHQQGLH7UHLEHOVLKUHQ/HRSROG]ZLVFKHQODXWHU-XZHOHQXQG *ROGEDUUHQVHW]HQZROOWHQLFKJODXEHVLHQlKP LKQQLFKWPHKU 6LHKDWHLJHQWOLFKHLQJHVXQGHVXQGHKUOLFKHVXQGDXIULFKWLJHV +HU]DXFKHLQHQIHLQHQ(KUHQSXQNWXQGQDFKHLQHUNXU]HQ $ELUUXQJLVWLKUPLWHLQHP0DOHNODUJHZRUGHQZDVHVHLJHQWOLFK KHLWZHQQPDQPLW]ZHL)DPLOLHQSRUWUlWVXQGHLQHUYlWHUOLFKHQ

%LEOLRWKHNLQHLQHUHLFKH)DPLOLHKLQHLQKHLUDWHQZLOO6LHKDWGHQ )HKOHUJHPDFKWVLFKHLQ]XELOGHQªGDVJLQJHVR©ZHLOPDQLKUHU (LWHONHLWEHVWlQGLJ=XFNHUEURWJDEXQGVRWKDWDOVEHZHUEHPDQ VLFKXPVLH$EHUEHZHUEHQXQGEHZHUEHQLVWHLQ8QWHUVFKLHG *HVHOOVFKDIWOLFKGDVJHKWHLQH:HLOHQXUQLFKWIUV/HEHQ,Q HLQH+HU]RJVIDPLOLHNDQQPDQDOOHQIDOOVKLQHLQNRPPHQLQHLQH %RXUJHRLVIDPLOLHQLFKW8QGZHQQHUGHU%RXUJHRLVHVDXFK ZLUNOLFKEHUV+HU]EUlFKWHVHLQH%RXUJHRLVHJHZLQLFKWDP ZHQLJVWHQZHQQVLH-HQQ\7UHLEHOQpH %UVWHQELQGHUKHLW5XQG KHUDXV&RULQQD V6WRO]LVWHQGOLFKZDFKJHUXIHQODPLFK KLQ]XVHW]HQ*RWWVHL'DQNXQGJOHLFKYLHOQXQREVLH VQRFK KlWWHGXUFKVHW]HQN|QQHQRGHUQLFKWVLHPDJHVXQGZLOOHVQLFKW PHKUVLHKDWHVVDWW:DVYRUGHPKDOE%HUHFKQXQJKDOE hEHUPXWZDUGDVVLHKWVLHMHW]WLQHLQHPDQGHUQ/LFKWXQGLVWLKU *HVLQQXQJVVDFKHJHZRUGHQ'DKDVW'XPHLQH:HLVKHLW8QGQXQ ODPLFKQRFKHLQPDOIUDJHQZLHJHGHQNVW'X'LFK]XVWHOOHQ" +DVW'X/XVWXQG.UDIWLKUGLH7KRUKHLW]XYHU]HLKHQ"© ª-DOLHEHU2QNHOGDVKDE LFK1DWUOLFKVRYLHOLVWULFKWLJHV ZlUHPLUHLQJXW7HLOOLHEHUGLH*HVFKLFKWHKlWWHQLFKWJHVSLHOW DEHUGDVLHQXQHLQPDOJHVSLHOWKDWQHKP LFKPLUGDV*XWH GDUDXV&RULQQDKDWQXQZRKOIULPPHUPLWGHU0RGHUQLWlWXQG GHPNUDQNKDIWHQ*HZLFKWOHJHQDXIVbXHUOLFKHJHEURFKHQXQG KDWVWDWWGHVVHQGLHYRQLKUYHUVSRWWHWHQ/HEHQVIRUPHQZLHGHU DQHUNHQQHQJHOHUQWLQGHQHQVLHJURJHZRUGHQLVW© 'HU$OWHQLFNWH

ª0DQFKHU©IXKU0DUFHOOIRUWªZUGHVLFKDQGHUVGD]XVWHOOHQ GDVLVWPLUY|OOLJNODUGLH0HQVFKHQVLQGHEHQYHUVFKLHGHQGDV VLHKWPDQDOOH7DJH'DKDE LFKEHLVSLHOVZHLVHJDQ]YRU.XU]HP HUVWHLQHNOHLQHUHL]HQGH*HVFKLFKWHYRQ+H\VHJHOHVHQLQGHU HLQMXQJHU*HOHKUWHUMDZHQQPLUUHFKWLVWVRJDUHLQ DUFKlRORJLVFK$QJHNUlQNHOWHUDOVRHLQH$UW6SH]LDONROOHJHYRQ PLUHLQHMXQJH%DURQHVVHOLHEWXQGDXFKKHU]OLFKXQGDXIULFKWLJ ZLHGHUJHOLHEWZLUGHUZHLHVQXUQRFKQLFKWUHFKWLVWLKUHUQRFK QLFKWJDQ]VLFKHU8QGLQGLHVHP8QVLFKHUKHLWV]XVWDQGHK|UWHULQ GHU]XIlOOLJHQ9HUERUJHQKHLWHLQHU 7D[XVKHFNHZLHGLHPLWHLQHU )UHXQGLQLP3DUNOXVWZDQGHOQGH%DURQHVVHHEHQGLHVHULKUHU )UHXQGLQDOOHUKDQG&RQIHVVLRQVPDFKWYRQLKUHP*OFNXQGLKUHU /LHEHSODXGHUWXQGVLFK VQXUOHLGHUQLFKWYHUVDJWHLQSDDU VFKHU]KDIWEHUPWLJH%HPHUNXQJHQEHULKUH/LHEHPLW

HLQ]XIOHFKWHQ8QGGLHVK|UHQXQGVHLQ5lQ]HOVFKQUHQXQG VRIRUWGDV:HLWHVXFKHQLVWIUGHQ/LHEKDEHUXQG$UFKlRORJHQ HLQV0LUJDQ]XQYHUVWlQGOLFK,FKOLHEHU2QNHOKlWW HVDQGHUV JHPDFKWLFKKlWWHQXUGLH/LHEHKHUDXVJHK|UWXQGQLFKW GHQ 6FKHU]XQGQLFKWGHQ6SRWWXQGZlUHVWDWWDE]XUHLVHQPHLQHU JHOLHEWHQ%DURQHVVHZDKQVLQQLJJOFNOLFK]X)HQJHVWU]WYRQ QLFKWVVSUHFKHQGDOVYRQPHLQHPXQHQGOLFKHQ*OFN'DKDVW'X PHLQH6LWXDWLRQOLHEHU2QNHO1DWUOLFKNDQQPDQ VDXFKDQGHUV PDFKHQLFKELQIUPHLQ7HLOLQGHVVHQKHU]OLFKIURKGDLFKQLFKW ]XGHQ)HLHUOLFKHQJHK|UH5HVSHNWYRUGHP(KUHQSXQNWJHZL DEHU]XYLHOGDYRQLVWYLHOOHLFKWEHUDOOYRPhEHOXQGLQGHU/LHEH QXQVFKRQJDQ]JHZL© ª%UDYR0DUFHOO+DE HVEULJHQV QLFKWDQGHUVHUZDUWHWXQGVHK DXFKGDULQZLHGHUGD'XPHLQHUOHLEOLFKHQ6FKZHVWHU6RKQELVW 6LHKGDVLVWGDV6FKPLGW VFKHLQ'LUGD'XVRVSUHFKHQNDQQVW NHLQH.OHLQOLFKNHLWNHLQH(LWHONHLWLPPHUDXIV5HFKWHXQGLPPHU DXIV*DQ]H.RPPKHU-XQJHJLHEPLUHLQHQ.X(LQHULVW HLJHQWOLFK]XZHQLJGHQQZHQQLFKEHGHQNHGD'XPHLQ1HIIH XQG.ROOHJHXQGQXQEDOGDXFKPHLQ6FKZLHJHUVRKQELVWGHQQ &RULQQDZLUGGRFKZRKOQLFKW1HLQVDJHQGDQQVLQGDXFK]ZHL %DFNHQNVVHNDXPQRFKJHQXJ8QGGLH*HQXJWKXXQJVROOVW'X KDEHQ0DUFHOO&RULQQDPXDQ'LFKVFKUHLEHQXQGVR]XVDJHQ EHLFKWHQXQG9HUJHEXQJGHU6QGHQEHL'LUDQUXIHQ©

ª8P*RWWHVZLOOHQ2QNHOPDFKHQXUQLFKWVR ZDV=XQlFKVWZLUG VLH VQLFKWWKXQXQGZHQQVLH VWKXQZROOWHVRZUG LFKGRFKGDV QLFKWPLWDQVHKQN|QQHQ'LH-XGHQVRKDWPLU)ULHGHEHUJHUVW JDQ]YRU.XU]HPHU]lKOWKDEHQHLQHQ*HVHW]RGHUHLQHQ6SUXFK ZRQDFKHVDOVJDQ]EHVRQGHUVVWUDIZUGLJJLOW¾HLQHQ 0LWPHQVFKHQ]XEHVFKlPHQ½XQGLFKILQGHGDVLVWHLQNRORVVDO IHLQHV*HVHW]XQGEHLQDK VFKRQFKULVWOLFK8QGZHQQPDQ QLHPDQGHQEHVFKlPHQVROOQLFKWHLQPDOVHLQH)HLQGHMDOLHEHU 2QNHOZLHNlP LFKGDQQGD]XPHLQHOLHEH&RXVLQH&RULQQD EHVFKlPHQ]XZROOHQGLHYLHOOHLFKWVFKRQQLFKWZHLZRVLHYRU 9HUOHJHQKHLW KLQVHKHQVROO'HQQZHQQGLH1LFKW9HUOHJHQHQ PDO YHUOHJHQZHUGHQGDULQZHUGHQVLH VDXFKRUGHQWOLFKXQGLVWHLQHU LQVROFK SHLQOLFKHU/DJHZLH&RULQQDGDKDWPDQGLH3IOLFKWLKP JROGQH%UFNHQ]XEDX Q,FK ZHUGHVFKUHLEHQOLHEHU2QNHO©

ª%LVWHLQ JXWHU.HUO0DUFHOONRPP KHUQRFKHLQHQ$EHUVHL QLFKW]X JXWGDVN|QQHQGLH:HLEHUQLFKWYHUWUDJHQQLFKWHLQPDO GLH6FKPRONH©

6HFK]HKQWHV.DSLWHO

8QG0DUFHOOVFKULHEZLUNOLFKXQGDPDQGHUQ0RUJHQODJHQ]ZHL DQ&RULQQDDGUHVVLHUWH%ULHIHDXIGHP)UKVWFNVWLVFKHLQHULQ NOHLQHP)RUPDWPLWHLQHP/DQGVFKDIWVELOGFKHQLQGHUOLQNHQ(FNH 7HLFKXQG7UDXHUZHLGHZRULQ/HRSROG]XPDFKZLHYLHOVWHQ 0DOHYRQVHLQHPªXQHUVFKWWHUOLFKHQ(QWVFKOXVVH©VSUDFKGHU DQGHUHRKQHPDOHULVFKH=XWKDWYRQ0DUFHOO'LHVHUODXWHWH ª/LHEH&RULQQD'HU3DSDKDWJHVWHUQPLWPLUJHVSURFKHQXQG PLFK]XPHLQHULQQLJVWHQ)UHXGHZLVVHQODVVHQGDYHU]HLK HV VLQGVHLQHHLJQHQ:RUWH¾9HUQXQIWZLHGHUDQ]XVSUHFKHQIDQJH½ ¾8QG½VRVHW]HHUKLQ]X¾GLHUHFKWH9HUQXQIWNlPHDXVGHP +HU]HQ½'DUILFKHVJODXEHQ"LVWHLQ:DQGHOHLQJHWUHWHQGLH %HNHKUXQJDXIGLHLFKJHKRIIW"'HU3DSDZHQLJVWHQVKDWPLFK GHVVHQYHUVLFKHUW(UZDUDXFKGHU0HLQXQJGD'XEHUHLWVHLQ ZUGHVWGLHVJHJHQPLFKDXV]XVSUHFKHQDEHULFKKDEH IHLHUOLFKVWGDJHJHQSURWHVWLHUWGHQQPLUOLHJWJDUQLFKWGDUDQ 8QUHFKWV RGHU6FKXOGJHVWlQGQLVVH]XK|UHQ GDVZDVLFKMHW]W ZHLZHQQDXFKQRFKQLFKWDXV'HLQHP0XQGHJHQJWPLU Y|OOLJPDFKWPLFKXQHQGOLFKJOFNOLFKXQGO|VFKWDOOH%LWWHUNHLW DXVPHLQHU6HHOH0DQFK HLQHUZUGHPLULQGLHVHP*HIKOQLFKW IROJHQN|QQHQDEHULFKKDEHGDZRPHLQ+HU]VSULFKWQLFKWGDV %HGUIQLV]XHLQHP(QJHO]XVSUHFKHQLP*HJHQWHLOPLFK EHGUFNHQ9ROONRPPHQKHLWHQYLHOOHLFKWZHLOLFKQLFKWDQVLH JODXEH0lQJHOGLHLFKPHQVFKOLFKEHJUHLIHVLQGPLU V\PSDWKLVFKDXFKGDQQQRFKZHQQLFKXQWHULKQHQOHLGH:DV 'XPLUGDPDOVVDJWHVWDOVLFK'LFKDQGHP0U 1HOVRQ$EHQG YRQ7UHLEHO VQDFK+DXVHEHJOHLWHWHGDVZHLLFKIUHLOLFKQRFK DOOHVDEHUHVOHEWQXULQPHLQHP2KUQLFKWLQPHLQHP+HU]HQ,Q PHLQHP+HU]HQVWHKWQXUGDVHLQHGDVLPPHUGDULQVWDQGYRQ $QIDQJDQYRQ-XJHQGDXI ,FKKRIIH'LFKKHXWHQRFK]XVHKHQ:LHLPPHU'HLQ0DUFHOO©

&RULQQDUHLFKWHGHQ%ULHILKUHP9DWHU'HUODVQXQDXFKXQGEOLHV GDEHLGRSSHOWH'DPSIZRONHQDOVHUDEHUIHUWLJZDUVWDQG HUDXI XQGJDEVHLQHP/LHEOLQJHLQHQ.XDXIGLH6WLUQª'XELVWHLQ *OFNVNLQG6LHK GDVLVWGDVZDVPDQGDV+|KHUHQHQQWGDV ZLUNOLFK,GHDOHQLFKWGDVYRQPHLQHU)UHXQGLQ-HQQ\*ODXEHPLU GDV.ODVVLVFKHZDVVLHMHW]WYHUVSRWWHQGDVLVWGDVZDV GLH

6HHOHIUHLPDFKWGDV.OHLQOLFKHQLFKWNHQQWXQGGDV&KULVWOLFKH YRUDKQWXQGYHUJHEHQXQGYHUJHVVHQOHKUWZHLOZLUDOOHGHV 5XKPHVPDQJHOQ-D&RULQQDGDV.ODVVLVFKHGDVKDW6SUFKH ZLH%LEHOVSUFKH0LWXQWHUEHLQDK QRFKHWZDVG UEHU'DKDEHQ ZLU]XP%HLVSLHOGHQ6SUXFK¾:HUGHGHU'XELVW½HLQ:RUWGDV QXUHLQ*ULHFKHVSUHFKHQNRQQWH)UHLOLFKGLHVHU:HUGHSUR]H GHUKLHUJHIRUGHUWZLUGPXVLFKYHUORKQHQDEHUZHQQPLFK PHLQHYlWHUOLFKH%HIDQJHQKHLWQLFKWWlXVFKWEHL'LU YHUORKQWHV VLFK'LHVH7UHLEHOHLZDUHLQ,UUWXPHLQ¾6FKULWWYRP:HJH½ZLH MHW]WZLH'XZLVVHQZLUVWDXFKHLQ/XVWVSLHOKHLWQRFKGD]X YRQHLQHP.DPPHUJHULFKWVUDW'DV.DPPHUJHULFKW*RWWVHL 'DQNZDULPPHUOLWWHUDULVFK'DV/LWWHUDULVFKHPDFKWIUHL -HW]WKDVW'XGDV5LFKWLJHZLHGHUJHIXQGHQXQG'LFKVHOEVWGD]X ¾:HUGHGHU'XELVW½VDJWGHUJURH3LQGDUXQGGHVKDOEPX DXFK0DUFHOOXPGHU]XZHUGHQGHUHULVWLQGLH:HOWKLQDXVDQ GLHJURHQ6WlWWHQXQGEHVRQGHUVDQGLHJDQ]DOWHQ'LHJDQ] DOWHQGDVLVWLPPHUZLHGDVKHLOLJH*UDEGDKLQJHKHQGLH .UHX]]JHGHU:LVVHQVFKDIWXQGVHLG,KUHUVWYRQ0\NHQlZLHGHU ]XUFN LFKVDJH¾,KU½GHQQ'XZLUVWLKQEHJOHLWHQGLH 6FKOLHPDQQLVWDXFKLPPHUGDEHL VRPWHNHLQH*HUHFKWLJNHLW VHLQZHQQ,KUQLFKW EHUV-DKU3ULYDWGRFHQWZlU WRGHU ([WUDRUGLQDULXV©

&RULQQDGDQNWHLKPGDHUVLHJOHLFKPLWHUQHQQHYRUOlXILJLQGHV VHLVLHPHKUIU+DXV XQG.LQGHUVWXEH'DQQYHUDEVFKLHGHWHVLH VLFKXQGJLQJLQGLH.FKHVHW]WHVLFKDXIHLQHQ6FKHPHOXQGOLH GLH 6FKPRONHGHQ%ULHIOHVHQª1XQZDVVDJHQ6LHOLHEH 6FKPRONH"© ª-D&RULQQDZDVVROOLFKVDJHQ",FKVDJHEORZDV6FKPRONH LPPHUVDJWH0DQFKHQJLHEWHVGHUOLHEH*RWWLP6FKODI'XKDVW JDQ]XQYHUDQWZRUWOLFKXQEHLQDKHVFKDXGHU|VHJHKDQGHOWXQ NULHJVWLKQQXGRFK'XELVWHLQ*OFNVNLQG© ª'DVKDWPLU3DSDDXFKJHVDJW©

ª1DGHQQPXHVZDKUVHLQ&RULQQD'HQQZDVHLQ3URIHVVRU VDJWLVLPPHUZDKU$EHUQXNHLQH)ODXVHQPHKUXQGNHLQH :LW]FKHQGDYRQKDEHQZLUQXJHQXJJHKDEWPLWGHPDUPHQ /HRSROG GHUPLUGRFKHLJHQWOLFKOHLGWKXQNDQQGHQQHUKDWVLFK MDQLFKVHOEHUJHPDFKWXQGHU0HQVFKLVDP(QGHZLHHULV1HLQ

&RULQQDQXZROOHQZLUHUQVWKDIWZHUGHQ8QGZHQQPHLQVW'X GHQQGDHVORVJHKWRGHULQGLH=HLWXQJNRPPW"0RUJHQ"©

ª1HLQOLHEH6FKPRONHVRVFKQHOOJHKWHVQLFKW,FKPXLKQGRFK HUVWVHKQ XQGLKPHLQHQ.XJHEHQ © ª9HUVWHKWVLFKYHUVWHKWVLFK(KHUJHKWHVQLFK ©

ª8QGGDQQPXLFKGRFKDXFKGHPDUPHQ/HRSROGHUVW DEVFKUHLEHQ(UKDWPLUMDHUVWKHXWHZLHGHUYHUVLFKHUWGDHUIU PLFKOHEHQXQGVWHUEHQZLOO © ª$FKMRWWGHUDUPH0HQVFK©

ª$P(QGHLVWHUDXFKJDQ]IURK© ª0|JOLFKLVHV©

1RFKDPVHOEHQ$EHQGZLHVHLQ%ULHIHVDQJH]HLJWNDP0DUFHOO XQGEHJUWH]XQlFKVWGHQLQVHLQH=HLWXQJVOHNWUHYHUWLHIWHQ 2QNHOGHULKPGHQQDXFK YLHOOHLFKWZHLOHUGLH9HUOREXQJVIUDJH IUHUOHGLJWKLHOW HWZDV]HUVWUHXWXQGGDV=HLWXQJVEODWWLQGHU +DQGPLWGHQ:RUWHQHQWJHJHQWUDWª8QGQXQVDJH0DUFHOOZDV VDJVW'XGD]X"6XPPXV(SLVFRSXV 'HU.DLVHUXQVHUDOWHU :LOKHOPHQWNOHLGHWVLFKGDYRQXQGZLOOHVQLFKWPHKUXQG.|JHO ZLUGHV2GHUYLHOOHLFKW6W|FNHU © ª$FKOLHEHU2QNHOHUVWOLFKJODXE LFKHVQLFKW8QGGDQQLFK ZHUGHMDGRFKVFKZHUOLFKLP'RPJHWUDXWZHUGHQ ©

ª+DVWUHFKW,FKKDEHGHQ)HKOHUDOOHU1LFKW3ROLWLNHUEHUHLQHU 6HQVDWLRQVQDFKULFKWGLHQDWUOLFKKLQWHUKHULPPHUIDOVFKLVWDOOHV ZLFKWLJHUH]XYHUJHVVHQ&RULQQDVLW]WG UEHQLQLKUHP=LPPHU XQGZDUWHWDXI'LFKXQGLFKGHQNHPLUHVZLUGZRKOGDVEHVWH VHLQ,KUPDFKWHVXQWHUHLQDQGHUDELFKELQDXFKPLWGHU=HLWXQJ QRFKQLFKWJDQ]IHUWLJXQGHLQ'ULWWHUJHQLHUWEORVDXFKZHQQHV GHU9DWHULVW© &RULQQDDOV0DUFHOOHLQWUDWNDPLKPKHU]OLFKXQGIUHXQGOLFK HQWJHJHQHWZDVYHUOHJHQDEHUGRFK]XJOHLFKVLFKWOLFKJHZLOOWGLH 6DFKHQDFKLKUHU$UW]XEHKDQGHOQDOVRVRZHQLJWUDJLVFKZLH

P|JOLFK9RQGUEHQKHUILHOGHU$EHQGVFKHLQLQV)HQVWHUXQGDOV VLHVLFKJHVHW]WKDWWHQQDKPVLHVHLQH+DQGXQGVDJWHª'XELVW VRJXWXQGLFKKRIIHGDLFKGHVVHQLPPHUHLQJHGHQNVHLQ ZHUGH:DVLFKZROOWHZDUQXU7KRUKHLW© ª:ROOWHVW'X VGHQQZLUNOLFK"© 6LHQLFNWH

ª8QGOLHEWHVWLKQJDQ]HUQVWKDIW"©

ª1HLQ$EHULFKZROOWHLKQJDQ]HUQVWKDIWKHLUDWHQ8QGPHKU QRFK0DUFHOOLFKJODXEHDXFKQLFKWGDLFKVHKUXQJOFNOLFK JHZRUGHQZlUHGDVOLHJWQLFKWLQPLUIUHLOLFKDXFKZRKOQLFKW VHKUJOFNOLFK$EHUZHULVWJOFNOLFK".HQQVW'XZHQ",FKQLFKW ,FKKlWWH0DOVWXQGHQJHQRPPHQXQGYLHOOHLFKWDXFK 5HLWXQWHUULFKWXQGKlWWHPLFKDQGHU5LYLHUDPLWHLQSDDU HQJOLVFKHQ)DPLOLHQDQJHIUHXQGHWQDWUOLFKVROFKHPLWHLQHU 3OHDVXUH
ª.DXPDEHUIUHLOLFKDXFKQLFKWEHVVHU8QGGHVKDOEJODXEVW'X PLUZRKODXFKZHQQLFK'LUMHW]WYHUVLFK UHGDLFKIURKELQDXV GHPDOOHQKHUDXV]XVHLQ,FKKDEHYRQIUKDQGHQ6LQQIU bXHUOLFKNHLWHQJHKDEWXQGKDE LKQYLHOOHLFKWQRFKDEHUVHLQH %HIULHGLJXQJNDQQGRFK]XWHXHUHUNDXIWZHUGHQGDVKDE LFK MHW]WHLQVHKHQJHOHUQW© 0DUFHOOZROOWHQRFKHLQPDOXQWHUEUHFKHQDEHUVLHOLWWHVQLFKW

ª1HLQ0DUFHOOLFKPXQRFKHLQSDDU:RUWHVDJHQ6LHK GDVPLW GHP/HRSROGGDVZlUHYLHOOHLFKWJHJDQJHQZDUXPDP(QGH QLFKW"(LQHQVFKZDFKHQJXWHQXQEHGHXWHQGHQ0HQVFKHQ]XU 6HLWH]XKDEHQNDQQVRJDUDQJHQHKPVHLQNDQQHLQHQ9RU]XJ EHGHXWHQ $EHUGLHVH0DPDGLHVHIXUFKWEDUH)UDX*HZL%HVLW] XQG*HOGKDEHQHLQHQ=DXEHUZlU HVQLFKWVRVRZlUHPLU PHLQH9HULUUXQJHUVSDUWJHEOLHEHQDEHUZHQQ*HOGDOOHVLVWXQG +HU]XQG6LQQYHUHQJWXQG]XPhEHUIOX+DQGLQ+DQGJHKWPLW

6HQWLPHQWDOLWlWXQG7KUlQHQ GDQQHPS|UWVLFK VKLHUXQGGDV KLQ]XQHKPHQZlUHPLUKDUWDQJHNRPPHQZHQQLFK VDXFK YLHOOHLFKWHUWUDJHQKlWWH'HQQLFKJHKHGDYRQDXVGHU0HQVFKLQ HLQHPJXWHQ%HWWXQGLQJXWHU3IOHJHNDQQHLJHQWOLFKYLHO HUWUDJHQ©

'HQ]ZHLWHQ 7DJGDQDFKVWDQGHVLQGHQ=HLWXQJHQXQG]XJOHLFK PLWGHQ|IIHQWOLFKHQ$Q]HLJHQWUDIHQ.DUWHQHLQ$XFKEHL &RPPHU]LHQUDWV7UHLEHOGHUQDFKYRUJlQJLJHP(LQEOLFNLQGDV &RXYHUWHLQVWDUNHV*HIKOYRQGHU:LFKWLJNHLWGLHVHU1DFKULFKW XQGLKUHP(LQIOXDXIGLH:LHGHUKHUVWHOOXQJKlXVOLFKHQ)ULHGHQV XQGSDVVDEOHU/DXQHKDWWHVlXPWHQLFKWLQGDV'DPHQ]LPPHU KLQEHU]XJHKHQZR-HQQ\PLW+LOGHJDUGIUKVWFNWH6FKRQEHLP (LQWUHWHQKLHOWHUGHQ%ULHILQGLH+|KHXQGVDJWHª:DVNULHJH LFKZHQQLFK(XFKGHQ,QKDOWGLHVHV%ULHIHVPLWWHLOH"© ª)RUGHUH©VDJWH-HQQ\LQGHUYLHOOHLFKWHLQH+RIIQXQJ GlPPHUWH ª(LQHQ.X©

ª.HLQH$OEHUQKHLWHQ7UHLEHO©

ª1XQZHQQHVYRQ'LUQLFKWVHLQNDQQGDQQZHQLJVWHQVYRQ +LOGHJDUG© ª=XJHVWDQGHQ©VDJWHGLHVHª$EHUQXQ OLHV©

8QG7UHLEHOODVª'LHDPKHXWLJHQ7DJHVWDWWJHKDEWH9HUOREXQJ PHLQHU7RFKWHU ©MDPHLQH'DPHQZHOFKHU 7RFKWHU"(VJLHEW YLHOH7|FKWHU1RFKHLQPDODOVRUDWHW,FKYHUGRSSHOHGHQYRQ PLUJHVWHOOWHQ3UHLVDOVRªPHLQHU7RFKWHU&RULQQDPLWGHP 'U 0DUFHOO:HGGHUNRSS2EHUOHKUHUXQG/LHXWHQDQWGHU5HVHUYH LPEUDQGHQEXUJLVFKHQ)VLOLHU5HJLPHQW1U KDEHLFKGLH (KUHKLHUPLWJDQ]HUJHEHQVWDQ]X]HLJHQ'U :LOLEDOG6FKPLGW 3URIHVVRUXQG2EHUOHKUHUDP*\PQDVLXP]XP+HLOLJHQ*HLVW©

-HQQ\GXUFK+LOGHJDUG V*HJHQZDUWEHKLQGHUWEHJQJWHVLFK LKUHP*DWWHQHLQHQWULXPSKLHUHQGHQ%OLFN]X]XZHUIHQ+LOGHJDUG VHOEVWDEHUGLHVRIRUWZLHGHUDXI6XFKHQDFKHLQHP)RUPIHKOHU ZDUVDJWHQXUª,VWGDVDOOHV"6RYLHOLFKZHLSIOHJWHV6DFKH

GHU9HUOREWHQ]XVHLQDXFKLKUHUVHLWVQRFKHLQ:RUW]XVDJHQ $EHUGLH6FKPLGW:HGGHUNRSSVKDEHQDP(QGHGDUDXI YHU]LFKWHW©

ª'RFKQLFKWWHXUH+LOGHJDUG$XIGHP]ZHLWHQ%ODWWGDVLFK XQWHUVFKODJHQKDEHKDEHQDXFKGLH%UDXWOHXWHJHVSURFKHQ,FK EHUODVVH'LUGDV 6FKULIWVWFNDOV$QGHQNHQDQ'HLQHQ%HUOLQHU $XIHQWKDOWXQGDOV%HZHLVIUGHQDOOPlKOLFKHQ)RUWVFKULWWKLHVLJHU .XOWXUIRUPHQ1DWUOLFKVWHKHQZLUQRFKHLQHJXWH6WUHFNH ]XUFNDEHUHVPDFKWVLFKDOOPlKOLFK8QGQXQELWW LFKXP PHLQHQ.X© +LOGHJDUGJDELKP]ZHLXQGVRVWUPLVFKGDLKUH%HGHXWXQJ NODUZDU'LHVHU7DJEHGHXWHWH]ZHL9HUOREXQJHQ

'HUOHW]WH6RQQDEHQGLP-XOLZDUDOV0DUFHOO VXQG&RULQQD V +RFK]HLWVWDJDQJHVHW]WZRUGHQªQXUNHLQHODQJHQ9HUOREXQJHQ© EHWRQWH:LOLEDOG6FKPLGWXQGGLH%UDXWOHXWHKDWWHQ EHJUHLIOLFKHUZHLVHJHJHQHLQEHVFKOHXQLJWHV9HUIDKUHQQLFKWV HLQ]XZHQGHQ(LQ]LJXQGDOOHLQGLH6FKPRONHGLH VPLWGHU 9HUOREXQJVRHLOLJJHKDEWKDWWHZROOWHYRQVROFKHU %HVFKOHXQLJXQJQLFKWYLHOZLVVHQXQGPHLQWHELVGDKLQVHLMDEOR QRFKGUHL:RFKHQDOVRQXUJHUDGHQRFK=HLWJHQXJªXPGUHLPDO YRQGHU.DQ]HO]XIDOOHQ©XQGGDVJLQJHQLFKWGDVVHL]XNXU] GDUEHUUHGHWHQGLH/HXWHVFKOLHOLFKDEHU JDEVLHVLFK]XIULHGHQ RGHUWU|VWHWHVLFKZHQLJVWHQVPLWGHP6DW]HJHUHGHWZLUGGRFK $PVLHEHQXQG]ZDQ]LJVWHQZDUNOHLQHU3ROWHUDEHQGLQGHU 6FKPLGW VFKHQ:RKQXQJGHQ7DJGDUDXI+RFK]HLWLP(QJOLVFKHQ +DXVH3UHGLJHU7KRPDVWUDXWH'UHL8KUIXKUHQGLH:DJHQYRU GHU1LNRODLNLUFKHYRUVHFKV%UDXWMXQJIHUQXQWHUGHQHQGLH EHLGHQ.XK VFKHQ.lOEHUXQGGLH]ZHL)HOJHQWUHX VZDUHQ /HW]WHUHZLHVFKRQKLHUYHUUDWHQZHUGHQPDJYHUOREWHQVLFKLQ HLQHU7DQ]SDXVHPLWGHQ]ZHL5HIHUHQGDULHQYRP4XDUWHWW GHQVHOEHQMXQJHQ+HUUHQGLHGLH+DOHQVHH3DUWLHPLWJHPDFKW KDWWHQ'HUQDWUOLFKDXFKJHODGHQH-RGOHUZXUGHYRQGHQ.XK V KHIWLJLQ$QJULIIJHQRPPHQZLGHUVWDQGDEHUZHLOHUDOV (FNKDXVVRKQDQVROFKH6WXUPDQJULIIHJHZ|KQWZDU'LH .XK VFKHQ7|FKWHUVHOEVWIDQGHQVLFK]LHPOLFKOHLFKWLQGLHVHQ (FKHF ªHUZDUGHUHUVWHQLFKWHUZLUGGHUOHW]WHQLFKWVHLQ©

VDJWH6FKPLGW XQGQXUGLH0XWWHU]HLJWHELV]XOHW]WHLQHVWDUNH 9HUVWLPPXQJ

6RQVWZDUHVHLQHGXUFKDXVKHLWHUH+RFK]HLWZDV]XP7HLOGDPLW ]XVDPPHQKLQJ GDPDQYRQ$QIDQJDQDOOHVDXIGLHOHLFKWH 6FKXOWHUJHQRPPHQKDWWH0DQZROOWHYHUJHEHQXQGYHUJHVVHQ KEHQXQGGUEHQXQGVRNDPHVGHQQDXFKGDXPGLH +DXSWVDFKHYRUZHJ]XQHKPHQDOOH7UHLEHO VQLFKWQXUJHODGHQ VRQGHUQPLWDOOHLQLJHU$XVQDKPHYRQ/HRSROGGHUDQGHPVHOEHQ 1DFKPLWWDJHQDFKGHP(LHUKlXVFKHQULWWDXFKYROOVWlQGLJ HUVFKLHQHQZDUHQ$OOHUGLQJVKDWWHGLH&RPPHU]LHQUlWLQ DQIlQJOLFKVWDUNJHVFKZDQNWMDVRJDUYRQ7DNWORVLJNHLWXQG $IIURQWJHVSURFKHQDEHULKU]ZHLWHU*HGDQNHZDUGRFKGHU JHZHVHQGHQJDQ]HQ9RUIDOODOVHLQH.LQGHUHL]XQHKPHQXQG GDGXUFKGDVVFKRQKLHUXQGGDODXWJHZRUGHQH*HUHGHGHU 0HQVFKHQDXIGLHOHLFKWHVWH:HLVHWRW]XPDFKHQ%HLGLHVHP ]ZHLWHQ*HGDQNHQEOLHEHVGHQQDXFKGLH5lWLQIUHXQGOLFK OlFKHOQGZLHLPPHUWUDWLQSRQWLILFDOLEXV DXIXQGELOGHWH JDQ]XQEHVWULWWHQGDV*ODQ] XQG5HSUlVHQWDWLRQVVWFNGHU +RFK]HLWVWDIHO6HOEVWGLH+RQLJXQGGLH:XOVWHQZDUHQDXI &RULQQD VGULQJHQGHQ:XQVFKHLQJHODGHQZRUGHQHUVWHUHNDP DXFKGLH:XOVWHQGDJHJHQHQWVFKXOGLJWHVLFKEULHIOLFKªZHLOVLH /L]]LGDVVH.LQGGRFKQLFKWDOOHLQODVVHQN|QQH©'LFKWXQWHU GHU6WHOOHªGDVVH.LQG©ZDUHLQ)OHFNXQG0DUFHOOVDJWH]X &RULQQDª(LQH7KUlQHXQGLFKJODXEHHLQHHFKWH©9RQGHQ 3URIHVVRUHQZDUHQDXHUGHQVFKRQJHQDQQWHQ.XK VQXU 'LVWHONDPSXQG5LQGIOHLVFK]XJHJHQGDVLFKGLHPLWMQJHUHP 1DFKZXFKV*HVHJQHWHQVlPWOLFKLQ.|VHQ$KOEHFNXQG 6WROSHPQGHEHIDQGHQ7URW]GLHVHU3HUVRQDO(LQEXHZDUDQ 7RDVWHQNHLQ0DQJHOGHU'LVWHONDPS VFKHZDUGHUEHVWHGHU )HOJHQWUHX VFKHGHUORJLVFKXQJHKHXHUOLFKVWHZHVKDOELKPHLQ KHUYRUUDJHQGHUYRP$XVEULQJHUDOOHUGLQJVXQEHDEVLFKWLJWHU /DFKHUIROJ]XWHLOZXUGH

0LWGHP+HUXPUHLFKHQGHV.RQIHNWVZDUEHJRQQHQXQG6FKPLGW JLQJHEHQYRQ3ODW]]X3ODW]XPGHQlOWHUHQXQGDXFKHLQLJHQ MQJHUHQ'DPHQDOOHUOHL/LHEHQVZUGLJHV]XVDJHQDOVGHUVFKRQ YLHOIDFKHUVFKLHQHQH7HOHJUDSKHQERWHQRFKHLQPDOLQGHQ6DDO XQGJOHLFKGDQDFKDQGHQDOWHQ6FKPLGWKHUDQWUDW'LHVHUYRQ GHP9HUODQJHQHUIOOWGHQhEHUEULQJHUVRYLHOHU+HU]HQVZQVFKH VFKOLHOLFKZLHGHQ*RHWKH VFKHQ6lQJHUN|QLJOLFK]XEHORKQHQ IOOWHHLQQHEHQLKPVWHKHQGHV%HFKHUJODVPLW&KDPSDJQHUXQG

NUHGHQ]WHHVGHP%RWHQGHUHVXQWHUYRUJlQJLJHU9HUEHXJXQJ JHJHQGDV%UDXWSDDUPLWHLQHPJHZLVVHQDYHF OHHUWH*URHU %HLIDOO'DQQ|IIQHWH6FKPLGWGDV7HOHJUDPPEHUIORJHVXQG VDJWHª9RPVWDPPYHUZDQGWHQ9RONGHU%ULWHQ© ª/HVHQOHVHQ©

ª7R'U0DUFHOO:HGGHUNRSS© ª/DXWHU©

ª(QJODQGH[SHFWVWKDWHYHU\PDQZLOOGRKLVGXW\ 8QWHU]HLFKQHW-RKQ1HOVRQ©

,P.UHLVHGHU VDFKOLFKXQGVSUDFKOLFK(LQJHZHLKWHQEUDFKHLQ -XEHODXVXQG7UHLEHOVDJWH]X6FKPLGWª,FKGHQNHPLU0DUFHOO LVW%UJHGDIU©

&RULQQDVHOEVWZDUXQJHPHLQHUIUHXWXQGHUKHLWHUWEHUGDV 7HOHJUDPPDEHUHVJHEUDFKLKUEHUHLWVDQ=HLWLKUHUJOFNOLFKHQ 6WLPPXQJ$XVGUXFN]XJHEHQGHQQHVZDUDFKW8KUXQGXP QHXQHLQKDOE8KUJLQJGHU=XJGHUVLH]XQlFKVWELV0QFKHQXQG YRQGDQDFK9HURQDRGHUZLH6FKPLGWPLW9RUOLHEHVLFK DXVGUFNWHªELVDQGDV*UDEGHU-XOLD©IKUHQVROOWH6FKPLGW QDQQWHGDVEULJHQVDOOHVQXU.OHLQNUDPXQGª9RUVFKPDFN© VSUDFKEHUKDXSW]LHPOLFKKRFKPWLJXQGRUDNHOWH]XPbUJHU .XK VYRQ0HVVHQLHQXQGGHP7D\JHWRVGDULQVLFKJHZLQRFK HLQSDDU*UDENDPPHUQILQGHQZUGHQZHQQQLFKWYRQ $ULVWRPHQHVVHOEVWVRGRFKYRQVHLQHP9DWHU8QGDOVHUHQGOLFK VFKZLHJXQG'LVWHONDPSHLQYHUJQJWHV/lFKHOQEHUVHLQHQPDO ZLHGHUVHLQ6WHFNHQSIHUGWXPPHOQGHQ)UHXQG6FKPLGW]HLJWH QDKPPDQZDKUGD0DUFHOOXQG&RULQQDGHQ6DDOLQ]ZLVFKHQ YHUODVVHQKDWWHQ

'LH*lVWHEOLHEHQQRFK$EHU JHJHQ]HKQ8KUKDWWHQVLFKGLH 5HLKHQGRFKVWDUNJHOLFKWHW-HQQ\GLH+RQLJ+HOHQHZDUHQ DXIJHEURFKHQXQGPLW+HOHQHQDWUOLFKDXFK2WWRWURW]GHPHU JHUQQRFKHLQH6WXQGH]XJHJHEHQKlWWH1XUGHUDOWH &RPPHU]LHQUDWKDWWHVLFKHPDQ]LSLHUWXQGVDQHEHQ VHLQHP %UXGHU6FKPLGWHLQH$QHNGRWHQDFKGHUDQGHUQDXVGHP ª6FKDW]NlVWOHLQGHXWVFKHU1DWLRQ©KHUYRUKROHQGODXWHUEOXWURWH

.DUIXQNHOVWHLQHYRQGHUHQªUHLQHP*ODQ]H©]XVSUHFKHQ 9HUPHVVHQKHLWJHZHVHQZlUH7UHLEHOWURW]GHP*ROGDPPHU IHKOWHVDKVLFKGDEHLYRQYHUVFKLHGHQHQ6HLWHQKHUXQWHUVWW]W DPDXVJLHELJVWHQYRQ$GRODU.URODGHPGHQQDXFK)DFKPlQQHU ZDKUVFKHLQOLFKGHQ3UHLV]XHUNDQQWKDEHQZUGHQ

/lQJVWEUDQQWHQGLH/LFKWHU&LJDUUHQZ|ONFKHQNUlXVHOWHQVLFKLQ JURHQXQGNOHLQHQ5LQJHQXQGMXQJH3DDUH]RJHQVLFKPHKUXQG PHKULQHLQSDDU6DDOHFNHQ]XUFNLQGHQHQ]LHPOLFK XQPRWLYLHUWYLHUIQI/RUEHHUElXPH]XVDPPHQVWDQGHQXQGHLQH JHJHQ3URIDQEOLFNHVFKW]HQGH+HFNHELOGHWHQ+LHUZXUGHQDXFK GLH.XK VFKHQJHVHKHQGLHQRFKHLQPDOYLHOOHLFKWDXI5DWGHU 0XWWHUHLQHQHQHUJLVFKHQ9RUVWRDXIGHQ-RGOHUXQWHUQDKPHQ DEHUDXFKGLHVPDOXPVRQVW=XJOHLFKHU=HLWNOLPSHUWHPDQ EHUHLWVDXIGHP)OJHOXQGHVZDUVLFKWOLFKGHU=HLWSXQNWQDKH ZRGLH-XJHQGLKUJXWHV5HFKWEHLP7DQ]HEHKDXSWHQZUGH

'LHVHQJHIDKUGURKHQGHQ0RPHQWHUJULIIGHUVFKRQYLHOIDFKPLW ª'X©XQG©%UXGHU©RSHULHUHQGH6FKPLGWPLWHLQHUJHZLVVHQ )HOGKHUUQJHVFKLFNOLFKNHLWXQGVDJWHZlKUHQGHU.URODHLQHQHXH &LJDUUHQNLVWH]XVFKREª+|UHQ6LH6lQJHUXQG%UXGHUFDUSH GLHP:LU/DWHLQHUOHJHQGHQ$FFHQWDXIGLHOHW]WH6LOEH1XW]H GHQ7DJhEHUHLQ.OHLQHVXQGLUJHQGHLQ.ODYLHUSDXNHUZLUGGLH *HVDPWVLWXDWLRQEHKHUUVFKHQXQGXQVXQVHUHhEHUIOVVLJNHLW IKOHQODVVHQ$OVRQRFKHLQPDOZDV'XWKXQZLOOVWWKXHEDOG 'HU$XJHQEOLFNLVW GD.UROD'XPXWPLUHLQHQ*HIDOOHQWKXQ XQG-HQQ\ V/LHGVLQJHQ'XKDVWHVKXQGHUWPDOEHJOHLWHWXQG ZLUVWHVZRKODXFKVLQJHQN|QQHQ,FKJODXEH:DJQHU VFKH 6FKZLHULJNHLWHQVLQGQLFKWGULQ8QGXQVHU7UHLEHOZLUGHVQLFKW EHOQHKPHQGDZLUGDV+HU]HQVOLHGVHLQHU(KHOLHEVWHQLQ JHZLVVHP6LQQHSURIDQLHUHQ'HQQMHGHV6FKDXVWHOOHQHLQHV +HLOLJVWHQLVWGDVZDVLFK3URIDQLHUXQJQHQQH+DE LFKUHFKW 7UHLEHORGHUWlXVFK LFKPLFKLQ'LU",FKNDQQ PLFKLQ'LUQLFKW WlXVFKHQ,QHLQHP0DQQHZLH'XNDQQPDQVLFKQLFKWWlXVFKHQ 'XKDVWHLQNODUHVXQGRIIQHV*HVLFKW8QGQXQNRPP.UROD ª0HKU/LFKW© GDVZDUGDPDOVHLQJURHV:RUWXQVHUHV 2O\PSLHUVDEHUZLUEHGUIHQVHLQHUQLFKWPHKUZHQLJVWHQVKLHU QLFKWKLHUVLQG/LFKWHUGLH+OOHXQG)OOH.RPP,FKP|FKWH GLHVHQ7DJDOVHLQ(KUHQPDQQEHVFKOLHHQXQGLQ)UHXQGVFKDIW PLWDOOHU:HOWXQGQLFKW]XPZHQLJVWHQPLW'LUPLW$GRODU.UROD©

'LHVHUGHUDQKXQGHUW7DIHOQZHWWHUIHVWJHZRUGHQXQGLP 9HUJOHLFK]X6FKPLGWQRFKJDQ]OHLGOLFKLPVWDQGHZDUVFKULWW RKQHODQJHV6WUlXEHQDXIGHQ)OJHO]XZlKUHQGLKP6FKPLGW XQG7UHLEHO$UPLQ$UPIROJWHQXQGHKHGHU5HVWGHU*HVHOOVFKDIW QRFKHLQH$KQXQJKDEHQNRQQWHGDGHU9RUWUDJHLQHV/LHGHV JHSODQWZDUOHJWH.URODGLH&LJDUUHEHLVHLWHXQGKREDQ

*OFNYRQDOOHQ'HLQHQ/RVHQ (LQHVQXUHUZlKO LFKPLU :DVVROO*ROG",FKOLHEH5RVHQ 8QGGHU%OXPHQVFKOLFKWH=LHU

8QGLFKK|UH:DOGHVUDXVFKHQ 8QGLFKVHK HLQIODWWHUQG%DQG $XJ LQ$XJH%OLFNHWDXVFKHQ 8QGHLQ.XDXI'HLQH+DQG

*HEHQQHKPHQQHKPHQJHEHQ 8QG'HLQ+DDUXPVSLHOWGHU:LQG $FKQXUGDVQXUGDVLVW/HEHQ :RVLFK+HU]]XP+HU]HQILQGW $OOHVZDUKHOOHU-XEHOGHQQ.UROD V6WLPPHZDULPPHUQRFKYROO .UDIWXQG.ODQJZHQLJVWHQVYHUJOLFKHQPLWGHPZDVPDQVRQVW LQGLHVHP.UHLVHK|UWH6FKPLGWZHLQWHYRUVLFKKLQ$EHUPLW HLQHP0DOHZDUHUZLHGHUGDª%UXGHU©VDJWHHUªGDVKDWPLU ZRKOJHWKDQ%UDYLVVLPR7UHLEHOXQVHUH-HQQ\KDWGRFKUHFKW(V LVW ZDVGDPLWHVLVWZDVGULQLFKZHLQLFKWJHQDXZDVDEHUGDV LVWHVHEHQ HVLVWHLQZLUNOLFKHV/LHG$OOHHFKWH/\ULNKDW ZDV JHKHLPQLVYROOHV,FKKlWWHGRFKDP(QGHGDEHLEOHLEHQVROOHQ © 7UHLEHOXQG.URODVDKHQVLFKDQXQGQLFNWHQGDQQ]XVWLPPHQG

ª8QGGLHDUPH&RULQQD-HW]WLVWVLHEHL7UHEELQHUVWH (WDSSH ]X-XOLD V*UDE-XOLD&DSXOHWZLHGDVNOLQJW(VVROOEULJHQV HLQHlJ\SWLVFKH6DUJNLVWHVHLQZDVHLJHQWOLFKQRFKLQWHUHVVDQWHU LVW8QGGDQQDOOHVLQDOOHPLFKZHLQLFKWREHVUHFKWLVWGLH 1DFKWVRGXUFK]XIDKUHQIUKHUZDUGDVQLFKW %UDXFKIUKHUZDU PDQQDWUOLFKHULFKP|FKWHVDJHQVLWWOLFKHU6FKDGHGDPHLQH )UHXQGLQ-HQQ\IRUWLVWGLHVROOWHGDUEHUHQWVFKHLGHQ)UPLFK SHUV|QOLFKVWHKWHVIHVW1DWXULVW6LWWOLFKNHLWXQGEHUKDXSWGLH

+DXSWVDFKH*HOGLVW8QVLQQ:LVVHQVFKDIWLVW8QVLQQDOOHVLVW 8QVLQQ3URIHVVRUDXFK:HUHVEHVWUHLWHWLVWHLQSHFXV1LFKW ZDKU.XK.RPPHQ6LHPHLQH+HUUHQNRPP .UROD:LU ZROOHQQDFK+DXVHJHKHQ©

Lektureschlussel: Theodor Fontane - Frau Jenny Treibel

Jenny Treibel

Jenny

Jenny

Jenny

Dark Jenny

Dark Jenny

Jenny Pox

Protecting Jenny

Stealing Jenny

Watching Jenny

Darling Jenny

Loving Jenny

Jenny Pox

Dark Jenny

Dark Jenny

Dark Jenny

Darling Jenny

Dark Jenny

Jenny Pox

Jenny Saville

Deutsch-Frau Frau-Deutsch

Miss Gaylord and Jenny

A Prince for Jenny

A Prince for Jenny

Coroner (Jenny Cooper 1)

Jenny Cussler's Last Stand

Jenny Cussler's Last Stand

Tochter Frau

Eine Frau

Frau jenny treibel

Lektureschlussel: Theodor Fontane - Frau Jenny Treibel

Jenny Treibel

Jenny

Jenny

Jenny

Dark Jenny

Dark Jenny

Jenny Pox

Protecting Jenny

Stealing Jenny

Watching Jenny

Darling Jenny

Loving Jenny

Jenny Pox

Dark Jenny

Dark Jenny

Dark Jenny

Darling Jenny

Dark Jenny

Jenny Pox

Jenny Saville

Deutsch-Frau Frau-Deutsch

Miss Gaylord and Jenny

A Prince for Jenny

A Prince for Jenny

Coroner (Jenny Cooper 1)

Jenny Cussler's Last Stand

Jenny Cussler's Last Stand

Tochter Frau

Eine Frau

Recommend Documents