Maringo, der Höllenreiter

0$5,1*2'(5+g//(15(,7(5 'LH1DFKWNDPRKQHhEHUJDQJO|VWHGLH*OXWKLW]HHLQHV KHLHQ7DJHVDEXQGEUDFKWHGHQ.lOWH...

Author: Dark Jason

8 downloads 155 Views 269KB 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

0$5,1*2'(5+g//(15(,7(5 'LH1DFKWNDPRKQHhEHUJDQJO|VWHGLH*OXWKLW]HHLQHV KHLHQ7DJHVDEXQGEUDFKWHGHQ.lOWHVFKRFNPLWLQGLHZHLWH $UL]RQDZVWH'LH7HPSHUDWXUHQILHOHQ9LHOH6WHLQHXQG )HOVHQGLHWDJVEHUDXIJHKHL]WZRUGHQZDUHQSODW]WHQZHJHQ GHUHQRUPHQSK\VLNDOLVFKHQ.UlIWHDXVHLQDQGHU 6RQVWUHJWHVLFKNDXPHWZDVLQGHPHLQVDPHQ/DQGVWULFK 6DPWEODXVFKLPPHUWHGHU+LPPHO6WHUQKDXIHQIXQNHOWHQLQ NDOWHU3UDFKW'HUDXIJHKHQGH0RQGVFKLFNWHVLOEULJHV/LFKW DXIGDV%DQGGHU6FKQHOOVWUDHGLHZLHPLWGHP/LQHDOJH ]RJHQGHQJURHQ:VWHQDEVFKQLWW]HUWHLOWH 1LFKWVGHXWHWHDXI/HEHQKLQ .HLQ$XWRIXKUEHUGLH6WUDH1XUGHUOHLFKWH1DFKWZLQG VlXVHOWHLQGHQ)HOVVSDOWHQXQGILQJVLFKDQKDUWHQVFKURIIHQ )HOVHFNHQ6WDXEZXUGHDXIJHZLUEHOWXQG]XODQJHQIRQWlQHQ DUWLJHQ6FKOHLHUQJHIRUPW 'LHVH1DFKWVROOWH]XHLQHP0HLOHQVWHLQGHV6FKLFNVDOV ZHUGHQGHQQGHU:LQGGHUYRQGHQ%HUJHQNDPKDWWHHLQHQ XQVLFKWEDUHQ%HJOHLWHU 'DV*UDXHQ (VODXHUWHLPYHUERUJHQHQXQGZDUWHWHGDUDXIDQGLH 2EHUIOlFKHJHWUDJHQ]XZHUGHQ(LQEHVWLPPWHV(UHLJQLVQXU PXWHHLQWUHWHQGDPLWGDVZDKUZHUGHQNRQQWHZDVYRU +XQGHUWHQYRQ-DKUHQVFKRQLQGHU$OWHQ:HOWJHVFKHKHQXQG DXFKDXIJH]HLFKQHWZRUGHQZDU 'LH=HLWKDWWHGHQ0DQWHOEHUYLHOHVJHGHFNWGDVJURH 9HUJHVVHQEHUILHOGLH0HQVFKHQ)RUWVFKULWWXQG7HFKQLNYHU GUlQJWHQGLHDOWHQbQJVWH0\WKHQXQG6DJHQ 'RFKHVJDEMHPDQGHQGHUQLFKWYHUJHVVHQNRQQWHXQGHV DXFKQLFKWZROOWH'LHVHU-HPDQGKDWWHODQJHJHZDUWHWGRFK QXQKLHOWHUGLH=HLWIUUHLIXP]X]XVFKODJHQ (VZDUGHU6FKZDU]H7RG

=XHUVWZDUHUQXUHLQVFKLOOHUQGHU3XQNWLQGHUXQHQGOLFKHQ :HLWHGHU:VWH 'RFKODQJVDPZXUGHHUJU|HUKREVLFKDEYRQGHUNDUJHQ (UGHXQGZXFKVDXI]XHLQHUHUVFKUHFNHQGHQ*HVWDOW 'HU6FKZDU]H7RGNDP (UZDUGDV%|VHVFKOHFKWKLQXQGNDQQWHQXUGDV&KDRVXQG GLH9HUQLFKWXQJ6HLQ$OWHUZDUXQEHVWLPPW(UNRQQWH]HKQ WDXVHQGDEHUDXFK]ZDQ]LJWDXVHQG-DKUHDOWVHLQ /HJHQGHQEHULFKWHWHQGDHUVFKRQEHLGHQbJ\SWHUQ)XUFKW XQG6FKUHFNHQYHUEUHLWHWKDWWHXQGVHOEVWLQ$WODQWLVKDWWHHU VHLQH)LQJHUPLWLP6SLHOJHKDEW (UEUDFKWHGLH3HVWKHW]WHGLH0HQVFKHQGHV0LWWHODOWHUVDXI ]X+H[HQYHUEUHQQXQJHQOHQNWH.ULHJHXQGIUHXWHVLFKGLDER OLVFKZHQQGDV%|VHWULXPSKLHUWH 'RFKLPPHUKDWWHHV0HQVFKHQJHJHEHQGLHVHLQYHUUXFKWHV 6SLHOGXUFKVFKDXWHQLKQLPOHW]WHQ$XJHQEOLFNKLQGHUWHQGLH +HUUVFKDIWY|OOLJDQVLFK]XUHLHQ 8QGGLHVH0HQVFKHQYHUIROJWHGHU6FKZDU]H7RGPLWVHLQHP JOKHQGHQ+D -DHUKDWHVLH 9RUDOOHP-RKQ6LQFODLU'LHVHU0DQQKDWWHLKP1LHGHUODJHQ EHLJHEUDFKW6FKPHU]OLFKHVRJDUGHQQHUKDWWH0\[LQVHLQHQ DOWHQ:LGHUVDFKHUDXVGHQ7DJHQYRQ$WODQWLV]XP/HEHQ HUZHFNW'DVZUGHLKPGHU6FKZDU]H7RGQLHYHUJHVVHQ ,QOHW]WHU=HLWKDWWHHUVLFK]XUFNJH]RJHQZLHHLQUlXGLJHU 6WUDHQN|WHUGHUVLFKQDFKHLQHPKDUWHQ.DPSIGLH:XQGHQ OHFNW$EHUHVZDUQXUGLH5XKHYRUGHP6WXUP(UKDWWH QXUQDFKHLQHUJQVWLJHQ*HOHJHQKHLWJHVXFKWXPHUQHXW]X VFKODJHQ]XN|QQHQ -HW]WKDWWHHUVLHJHIXQGHQ ,QGHU:VWHYRQ$UL]RQDODXHUWHGDV%|VH9HUERUJHQXQWHU WLHIVWHP*HVWHLQODJGDV6FKUHFNJHVSHQVWEHJUDEHQGDVVFKRQ YRU+XQGHUWHQYRQ-DKUHQDOOH,QGLDQHUJHIUFKWHWKDWWHQ 'HU+|OOHQUHLWHU ,KQZROOWHGHU6FKZDU]H7RGHUZHFNHQ

6FKULWWIU6FKULWWQlKHUWHHUVLFKVHLQHP=LHO(UWUXJHLQ ODQJHVVFKZDU]HV*HZDQGGDVEHLP*HKHQXPVHLQHEOHLFKH 6NHOHWWJHVWDOWIODWWHUWH3HFKVFKZDU]ZDUVHLQ6FKlGHOQXUGLH $XJHQVWUDKOWHQLQHLQHPIDKOHQ:HL (LQPDNDEUHU.RQWUDVW )UGHQ6FKZDU]HQ7RGJDEHVNHLQ+LQGHUQLV(UVFKZHEWH EHU)HOVHQXQG'RUQEVFKHJOLWWDQYHUNUSSHOWHQ%lXPHQ YRUEHLXQGJLQJWUDXPKDIWVLFKHUGXUFKHLQ.DNWHHQIHOG(U ]RJHLQH6WDXEIDKQHKLQWHUVLFKKHUGHUHQ3DUWLNHOLP 0RQGOLFKWZLHNOHLQH'LDPDQWHQJOLW]HUWHQ 'HU0RQGKLQJDOVIDVWUXQGH6FKHLEHEHUGHQ%HUJHQLP 1RUGZHVWHQ(VZDUHQGLH*UDQG:DVK&OLIIVQDKHGHU +XDOSDL,QGLDQHU5HVHUYDWLRQ6LHJLQJHQGLUHNWEHULQGLH 6FKZDU]HQ%HUJHGLHGLHEHLGHQ6WDDWHQ$UL]RQDXQG1HYDGD YRQHLQDQGHUWUHQQWHQ 'LH$XVOlXIHUGHU%HUJHZDUHQGDV=LHOGHV8QKHLPOLFKHQ +LHUODJGDV*UDEGHV+|OOHQUHLWHUV 1LHPDQGVDKGHQ6FKZDU]HQ7RGDOVHUEHUGLH)HOVHQVWLHJ XQGGDVNOHLQHYRQ:LQGXQG5HJHQEODQNJHZDVFKHQH 3ODWHDXHUUHLFKWHZRGDV*UDEODJ 'LH6WlWWHZDUQXUZHQLJHQEHNDQQW(LQLJHDOWH,QGLDQHU NDQQWHQQRFKGLHVHQ)OHFNHQ(UGHGRFKVLHEHKLHOWHQLKU *HKHLPQLVIUVLFK 6LHZROOWHQGDV%|VHQLFKWKHUDXVIRUGHUQ (LQVFKZDU]JOlQ]HQGHUHLQJHNHUEWHU6WHLQELOGHWHGLH *UHQ]HGHV3ODWHDXV'HU6WHLQVDKDXVZLH]ZHLKRFKHUKREHQH PDKQHQGH)LQJHU:HQQGLH6RQQHGDUDXIVFKLHQZHFKVHOWHHU VHLQH)DUEH0HLVWVFKLPPHUWHHUGDQQEOlXOLFKJUQ 9RUGHP6WHLQEOLHEGHU6FKZDU]H7RGVWHKHQ 'HU0RQGEHIDQGVLFKVFKUlJEHUGHP3ODWHDX(UZDUIVHLQ IDKOHV/LFKWDXIGHQ+|OOHQERWHQXQGVSLHJHOWHVLFKLQGHQ $XJHQGHV8QKHLPOLFKHQ $XJHQGLHSO|W]OLFKJURZXUGHQXQGVLFKUDVHQGVFKQHOO GUHKWHQ6LHZHFKVHOWHQGLH)DUEHZXUGHQURWXQGJOLFKHQ URWLHUHQGHQ)HXHUUlGHUQ

'HUURWH6FKHLQEUHLWHWHVLFKDXVEOLHEQLFKWDOOHLQDXIGLH $XJHQNRQ]HQWULHUWVRQGHUQEHUJRGHQVHOWVDPJHIRUPWHQ 6WHLQPLWVHLQHPEOXWLJHQ/LFKW .HKOLJHNUlFK]HQGH/DXWHGUDQJHQDXVGHU0XQG|IIQXQJ GHV6FKZDU]HQ7RGV(UEHGLHQWHVLFKHLQHUXUDOWHQ*HKHLP VSUDFKHGLHQXUQRFKUDQJKRKHQ'lPRQHQEHNDQQWZDU 8QGGHU6WHLQUHDJLHUWH (UYHUlQGHUWHVLFK 6HLQH)RUPIORLQGLH%UHLWH'LHEHLGHQ!)LQJHUVDQNHQ ]XUFNZXUGHQODQJJH]RJHQ]XHLQHP5HFKWHFNPLWUXQGHQ .DQWHQ 1RFKLPPHUXPIORGLHPDJLVFKH.UDIWGHU$XJHQGHQ VFKZDU]HQ6WHLQGUDQJWLHIKLQHLQLQGLH3RUHQXQGKROWHGHQ DXVGHU(UGHGHQHV]XHUZHFNHQJDOW 8USO|W]OLFKSODW]WHGHU6WHLQDXVHLQDQGHU(LQH'DPSIZRONH ]LVFKWHDXVGHUgIIQXQJYHUVSUKWHIHLQHQ1HEHOGHUJHJHQ GHQ+LPPHO:HJXQGGLH)RUPHLQHVQDFKWGXQNOHQ3IHUGHV PLWJOKHQGHQURWHQ$XJHQDQQDKP 'DQQIROJWHGHU5HLWHU (UVWLHJDXVGHUgIIQXQJ 6HLQ.|USHUZDUKRFKJHZDFKVHQEUHLWGLH6FKXOWHUQ 0XVNHOQXQG6HKQHQVSLHOWHQXQWHUGHUEURQ]HIDUEHQHQ+DXW ,QGHUUHFKWHQ+DQGKLHOWGHU5HLWHUHLQHJOKHQGH/DQ]H6LH HUVWUDKOWHLQHLQHPJHOEOLFKNDOWHQ/LFKWXQGEHUJRGDPLW GDV*HVLFKWGHV5HLWHUV (V]HLJWHDVNHWLVFKH=JH=ZHLVFKDUIH)DOWHQ]RJHQVLFK YRQGHU1DVHQZXU]HOELV]XGHQ.LQQZLQNHOQKLQ'LH1DVH VHOEVWVSUDQJYRUZLHHLQ(UNHU'LHVHU5HLWHUZDUGDV 0XVWHUELOGHLQHV,QGLDQHUVZHQQQLFKWGLHWRWHQ$XJHQLQVHL QHP*HVLFKWJHZHVHQZlUHQXQGGDV9I|UPLJHEOXWURWH =HLFKHQDXIVHLQHU6WLUQGDVYRQGHPEODXVFKZDU]HQODQJHQ +DDUQLFKWYHUGHFNWZXUGH 0DULQJRZDUHUZDFKW 'LHE|VH0DJLHHLQHVPlFKWLJHQ'lPRQVKDWWHDXVGHP 7RWHQHLQHQOHEHQGHQ7RWHQJHPDFKW

0DULQJRHLQVW+HUUGHU:VWHVROOWHZLHIUKHU$QJVWXQG 6FKUHFNHQYHUEUHLWHQ (UYHUQHLJWHVLFKYRUGHP6FKZDU]HQ7RG'DEHLIDOWHWHHU GLH+lQGHYRUGHU%UXVW]XVDPPHQ 'DQQVWDNVWHHUGDYRQ8QGHUZXUGHYRQ6HNXQGH]X 6HNXQGHJU|HU,PJOHLFKHQ5K\WKPXVZXFKVDXFKVHLQ 3IHUG$OVEHLGHGLHGUHLIDFKH*U|HHUUHLFKWKDWWHQK|UWHGHU :XFKVDXI 0DULQJRVFKZDQJVLFKDXIVHLQ3IHUG(UVWLHHLQHQZLOGHQ XUZFKVLJHQ6FKUHLDXVXQGJDORSSLHUWHGDYRQ'LH%HLQHGHV 3IHUGHVZLUEHOWHQHLQHODQJH6WDXEIDKQHKRFKGLHVLFKQXU ODQJVDPGHP%RGHQHQWJHJHQVHQNWH 'HU6FKZDU]H7RGDEHUZDU]XIULHGHQ(UVWLHHLQWHXI OLVFKHV*HOlFKWHUDXVGDVVLFKLQGHUWLHIVFKZDU]HQ:VWHQ QDFKWYHUORU (VZDUHLQ%LOGIUGLH*|WWHU 'LHVHU6SUXFKILHOPLUHLQDOVLFK%LOO&RQROO\VHLQHQ6WDPP KDOWHUDXIGHQ$UPHQKDOWHQVDK &RQROO\MXQLRUVWUDPSHOWHPLWVHLQHQNOHLQHQ%HLQHQVFKOXJ PLWGHQ+lQGHQQDFK%LOOV*HVLFKWXQGVHLQ9DWHUVFKQLWW *ULPDVVHQGDHLQ3DQWRPLPHKlWWHQHLGLVFKZHUGHQN|QQHQ ,FKZDUDXFKVWRO]DXIGHQ.OHLQHQ6FKOLHOLFKWUXJPHLQ 3DWHQNLQGPHLQHQ9RUQDPHQ-RKQ 6KHLODVWDQGLQGHURIIHQHQ7UXQGEHREDFKWHWHOlFKHOQGGDV %LOG6LHZDUHLQH7UDXPIUDX$XFKQDFKGHU*HEXUWLKUHV 6RKQHVKDWWHLKUH)LJXUQLFKWVYRQLKUHU6FK|QKHLWYHUORUHQ %LOOVFKQLWWZHLWHUKLQ)UDW]HQZlKUHQG6KHLODPHLQHQ6HVVHO DQVWHXHUWH,FKKDWWHGLH%HLQHDXVJHVWUHFNWXQGDXIHLQHQ NOHLQHQ/HGHUKRFNHUJHOHJW(LQH)ODVFKH%LHUVWDQGEHUHLW HWZDV6DO]JHElFNNXU]XPLFKIKOWHPLFKZRKOEHLPHLQHQ )UHXQGHQ ,FKKDWWHYRQPHLQHQOHW]WHQ$EHQWHXHUQEHULFKWHWXQG%LOO EHNDPZLHLPPHUJOlQ]HQGH$XJHQ

,FKK|UWHLKQQRFKVDJHQª'DZlUHLFKJHUQGDEHLJHZHVHQ© 'DQQIROJWH6KHLODV%OLFNXQG%LOOVFKZlFKWHDEª,FKZHL 'DUOLQJLFKELQMHW]W9DWHUXQGWUDJH9HUDQWZRUWXQJ$EHU WUlXPHQGDUIPDQGRFK© ª:HQQHVGDEHLEOHLEWMD© ,FKNRQQWHVRZRKO6KHLODDOVDXFK%LOOYHUVWHKHQ6LHZROOWH QLFKWGDVLKUHP0DQQHWZDV]XVWLHGD-RKQ&RQROO\JHERUHQ ZDU0LW6FKUHFNHQGDFKWHLFKQRFKDQGLHOHW]WHQ6WXQGHQYRU GHU*HEXUW]XUFN8QVHUH*HJQHUKDWWHQDOOHVYHUVXFKWXP 6KHLODXQGGDV.LQGLQLKUH+lQGH]XEHNRPPHQ)DVWZlUHHV LKQHQJHOXQJHQ 8QGLQ%LOOEUDQQWHZHLWHUKLQGLH$EHQWHXHUOXVW$XFKYHU VWlQGOLFKGHQQ%LOO]lKOWH]XGHQ5HSRUWHUQXPGLHVLFKGLH HLQVFKOlJLJHQ=HLWXQJHQXQG0DJD]LQHULVVHQ6HLQH%HULFKWH XQG5HSRUWDJHQZXUGHQLKPPLW.XKDQGDEJHQRPPHQ $XFKMHW]WVFKULHEHUKLQXQGZLHGHUEUDQGKHLH$UWLNHO 6KHLODOLHVLFKDXIGHU6HVVHOOHKQHQLHGHUXQGOHKQWHLKUH +DQGJHJHQPHLQH6FKXOWHU'LHMXQJH)UDXWUXJHLQHQODQJHQ .DPLQURFNXQGHLQHEXQWEHGUXFNWH%OXVHLP)RONORUH/RRN 6LHGHXWHWHDXI%LOOXQGGHQNOHLQHQ-RKQª5HL]WHVGLFK QLFKWDXFK9DWHUHLQHV6WDPPKDOWHUV]XVHLQ"© ,FKOlFKHOWHª5HL]HQVFKRQ© ª8QGHLQH)UDXZlUHDXFKYRUKDQGHQ© ª0HKUHUH© ª$XKLHUVWDXEW V©ULHI%LOO 6KHLODNRQQWHHVQLFKWODVVHQ6LHZROOWHPLFKZLHHLQ /RWVHLQGHQ+DIHQGHU(KHIKUHQ$EHUGDVZDUQLFKWGULQ ,FKVWHFNWH]XWLHILQPHLQHP-RE$XFKZHQQLFKLKQDXIJDE ZUGHQPLUGLH0lFKWHGHU)LQVWHUQLVNHLQH5XKHODVVHQ,FK KDWWHLKQHQEHUHLWV]XYLHOH1LHGHUODJHQEHLJHEUDFKW'DV YHUJDHQVLHQLH 'LH)UDXGLH6KHLODPHLQWHKLH-DQH&ROOLQVXQGZDU 3ULYDWGHWHNWLYLQ ª,FKZHLVFKRQ-RKQ©VDJWHVLHªGHLQ-RE© 6LHUXWVFKWHYRQGHU6HVVHOOHKQHXQGVFKDXWHDXILKUH8KU

ª(VZLUG=HLW%LOOGHU.OHLQHPXLQV%HWW© ª6FKDGH©%LOOUHLFKWHVHLQHQ6RKQZHLWHUQLFKWRKQHLKP YRUKHUQRFKHLQHQ*XWH1DFKW.XJHJHEHQ]XKDEHQª8QG ZLUVHW]HQXQVDXIGLH7HUUDVVH©VDJWHHUXQGVWDQGDXI ª.RPP-RKQ© ,FKZLQNWHGHPNOHLQHQ-RKQ]XVWDQGDXIQDKPPHLQ*ODV PLWXQGIROJWH%LOO (VZDUHLQKHUUOLFKHU-XOLDEHQG,P:HVWHQIlUEWHQGLHOHW] WHQ6WUDKOHQGHU6RQQHGHQ+LPPHOJOXWURW)DVWZDDJHUHFKW ILHOHQVLHEHUGDV/DQGEHWXSIWHQDXFKGLH:DVVHUREHUIOlFKH GHV6FKZLPPEDGHVKLQWHUGHP+DXVXQGPDOWHQGRUWHLQHQ ]LWWHUQGHQ6WUHLIHQYRQHLQHP%HFNHQUDQG]XPDQGHUHQ ,FKOLHPLFKLQHLQHPEHTXHPHQ6WXKOQLHGHU,QGHU(LVER[ VWDQGHQNKOH*HWUlQNHEHUHLW,FKHQWVFKLHGPLFKIU%LWWHU /HPRQ ª0|FKWHVWGX0XVLNK|UHQ"©IUDJWH%LOO ,FKKDWWHGLH$XJHQKDOEJHVFKORVVHQXQGVFKWWHOWHGHQ .RSIª1HLQGLH6WLOOHJHIlOOWPLUEHVVHU© %LOOODFKWHª$OWHU*HQLHHU© =ZLVFKHQGHQ7DQQHQIKUWHQ0FNHQLKUHQEL]DUUHQ $EHQGWDQ]DXI(LQOHLFKWHU:LQGZDUDXIJHNRPPHQNKOWH XQVHUH*HVLFKWHUXQGEHZHJWHGLH=ZHLJHGHU=LHUVWUlXFKHU ª'XKDVWHVJXW©VDJWHLFKª:HQQLFKGDDQPHLQ$SDUWPHQW GHQNH© ª%DXGLUGRFKDXFKHLQ+DXV© ª1HLQVRZHLWZHJYRQGHU&LW\P|FKWHLFKQLFKWZRKQHQ ,VWQLFKWGULQ© %LOOGUHKWHVHLQ*ODVLQGHQ+lQGHQ'LH(LVZUIHOLP 2UDQJHQVDIWNOLQJHOWHQJHJHQHLQDQGHUª+DVWGXEHUHLWVHLQHQ QHXHQ)DOOLQ6LFKW"©IUDJWHHU ª=XP*OFNQLFKW© ª8QGGHU6FKZDU]H7RG"© ª+DWODQJHQLFKWVPHKUYRQVLFKK|UHQODVVHQ© ª9LHOOHLFKWKDWHUDXIJHJHEHQ© ,FKVFKWWHOWHGHQ.RSIª*ODXEHLFKNDXP'HUJLEWQLFKW

DXI'DVNDQQHUVLFKJDUQLFKWOHLVWHQ(ULVWLPPHUKLQGLH UHFKWH+DQGGHV7HXIHOV8QG$VPRGLVKDWQRFKQLHDXI JHVWHFNW© ª0HLQVWGXGHQQGDGXLKQVFKDIIVW"© ª:HQ"$VPRGLV"© ª1HLQ'HQ6FKZDU]HQ7RG© ,FKYHU]RJGDV*HVLFKWª6FKZHU]XVDJHQ%LOO%LVMHW]WKDWWH LFK*OFN8QGZHQQLFKHKUOLFKVHLQVROOHULVWPLUZHLWEHU OHJHQ(UKDW0DFKWPLWWHO]XU9HUIJXQJPLWGHQHQHUPLFK OHLFKWEHVLHJHQNDQQ$EHULFKKDEHMDQLFKWQXULKQDOV *HJQHU© ª,FKZHLZRUDXIGXDQVSLHOVW©%LOOQDKPHLQHQ6FKOXFN ª0\[LQGHU0DJLHU© ª(EHQ© ª6HLIURKGDDXFKHUGHP6FKZDU]HQ7RGIHLQGOLFKJH VRQQHQLVW© ª8QGGDQQLVWGDQRFKGHU6SXN©VDJWHLFKª+HUULP5HLFK GHU6FKDWWHQXQG+HUUVFKHUEHUGLH6HHOHQYHUVWRUEHQHU 'lPRQHQ,Q1HZ
,FKKDWWHPLFK]XUFNJHOHKQW0HLQH%OLFNHJOLWWHQEHUGLH SUlFKWLJHNXU]JHVFKQLWWHQH5DVHQIOlFKHYHUZHLOWHQEHLGHQ GLFKWQHEHQHLQDQGHUVWHKHQGHQ7DQQHQXQGSO|W]OLFKJODXEWH LFK]XWUlXPHQ 'LH/XIW]ZLVFKHQ]ZHL7DQQHQEHJDQQ]XIOLPPHUQ6LH EHZHJWHVLFKHLQJUQOLFKHV/HXFKWHQNDPDXIXQGSO|W]OLFK PDWHULDOLVLHUWHVLFKHLQH*HVWDOW (LQH*HVWDOWGLHLFKNDQQWHYRQGHUZLUYRUZHQLJHQ 0LQXWHQQRFKJHVSURFKHQKDWWHQ (VZDU0\[LQGHU0DJLHU (UNDPXPPLFK]XEHVXFKHQ $XFK%LOOKDWWHLKQJHVHKHQ ª'DVJLEW VGRFKQLFKW©IOVWHUWHHUª:HUZHULVWGDV"© ª0\[LQ©DQWZRUWHWHLFK (UZDUHVWDWVlFKOLFK8QGHUQlKHUWHVLFK/DQJVDPJLQJHU EHUGHQ5DVHQ(UZDUQLFKWVHKUJURUHLFKWHPLUNDXPELV DQGLH6FKXOWHUQ6HLQH+DXWVFKLOOHUWHJUQ'DV*HVLFKWZDU VFKPDOXQGHWZDVLQGLH/lQJHJH]RJHQ'D]XSDWHQDXFKGLH EHUJURHQ2KUHQXQGGHUVFKPDOH0XQG(UWUXJGXQNOH .OHLGXQJHLQJUDXHV*HZDQGGDVPLWPDJLVFKHQJUQHQ 6\PEROHQEHVWLFNWZDU ,FKVHW]WHPLFK -HW]WEHWUDW0\[LQGLH7HUUDVVH 1HEHQPLUVW|KQWH%LOODXI ª'DVJLEWHVGRFKQLFKW©IOVWHUWHHUZLHGHUXQGVFKWWHOWH GHQ.RSI ª6HLUXKLJ©]LVFKWHLFK 9RUGHPUXQGHQ7LVFKEOLHE0\[LQVWHKHQ1XUGLHVHV0|EHO WUHQQWHXQVQRFKYRQHLQDQGHU 'LH/LSSHQGHV0DJLHUVYHU]RJHQVLFK]XHLQHPVS|WWLVFKHQ /lFKHOQ'DQQEHJDQQHU]XVSUHFKHQ(UUHGHWHOHLVHDEHUPLW HLQHPLURQLVFKHQ8QWHUWRQLQGHU6WLPPH ª:LHLFKVHKHJHKWHVGLUDXVJH]HLFKQHW-RKQ6LQFODLU© ª,FKNDQQQLFKWNODJHQ$EHUZLUKDEHQODQJHQLFKWVYRQHLQ DQGHUJHK|UW0\[LQ©

ª'DVOLHJWLQGHU1DWXUGHU6DFKH,FKKDEHHLQLJH'LQJH]X RUGQHQGLHYLHO=HLWLQ$QVSUXFKQHKPHQ$EHUGXVROOWHVW GLFKQLFKWDXIGLHIDXOH+DXWOHJHQ-RKQ6LQFODLU© ª*LEWHVHWZDV%HVRQGHUHV"©IUDJWHLFK ª'DVNDQQPDQZRKOVDJHQ©(UOHJWHHLQHNOHLQH3DXVHHLQ EHYRUHUZHLWHUVSUDFKª'HU6FKZDU]H7RGLVWZLHGHUDNWLY© =DFN'HU6DW]KDWWHJHVHVVHQ,FKHUVFKUDN9RUZHQLJHQ 0LQXWHQQRFKKDWWHQ%LOOXQGLFKYRQPHLQHP6XSHUJHJQHU JHVSURFKHQ8QGMHW]WHUKLHOWLFKGLH1DFKULFKWGDHUZLHGHU DXIJHWDXFKWZDU,FKZXWHGDGDV9HUKlOWQLV]ZLVFKHQGHP 6FKZDU]HQ7RGXQG0\[LQVHKUJHVSDQQWZDUREZRKOEHLGH GHP%|VHQGLHQWHQ 8QGZHQQ]ZHLVLFKVWUHLWHQIUHXWVLFKGHU'ULWWH ª:RLVWHUDXIJHWUHWHQ"©IUDJWHLFK0HLQH6WLPPHNODQJ KHLVHU ª,Q$PHULND© ª'XOLHEH*WH© ª(UKDW0DULQJRHUZHFNW©HU]lKOWH0\[LQZHLWHUª0DULQJR LVWGHU+|OOHQUHLWHUHLQ'lPRQGHUVFKRQYRU-DKUKXQGHUWHQ GHP6FKZDU]HQ7RG]XU6HLWHJHVWDQGHQKDWXQGVHLQ/HLE ZlFKWHUZDU9RUVLFKW0DULQJRLVWJHIlKUOLFK© ª8QGZDUXPZDUQVWGXPLFK"©ZROOWHLFKZLVVHQ ª,FKZLOOQLFKWGDGHU6FKZDU]H7RG]XPlFKWLJZLUG© ª'DQQVFKDOWHGLHVHQ+|OOHQUHLWHUDXV©VDJWHLFK (UODFKWHQXUª1HLQGDVLVWGHLQH$XIJDEH,FKKDEHDQGHUH 6DFKHQ]XHUOHGLJHQ,FKPXHUVWLQPHLQHU:HOW2UGQXQJ VFKDIIHQ$EHUGDQQZHUGHLFKPHLQHQ*HJQHUQHLQKHL]HQ© ª$XFKPLU"© (UOlFKHOWHZLVVHQG'DQQGUHKWHHUVLFKXPXQGJLQJHEHQ VRUDVFKZLHHUJHNRPPHQZDU %LOOVFKDXWHPLFKHUVWDXQWDQ ª'DVZDUDOVR0\[LQ©NUlFK]WHHU ,FKVDKGHP0DJLHUQDFK8USO|W]OLFKYHUVFKZDQGHU ]ZLVFKHQGHQ%lXPHQ ª-DGDVZDUHU©

%LOO&RQROO\WUDQNKDVWLJVHLQ*ODVOHHU(UVWDQGQRFKLPPHU XQWHUGHP(LQGUXFNGHVHEHQ(UOHEWHQª*ODXEVWGXVHLQHQ :RUWHQ-RKQ"© ª1DWUOLFK:HOFKHQ*UXQGVROOWHHUKDEHQPLFK]XEH OJHQ"© ª.HQQVWGXGLFKEHL'lPRQHQDXV"© ª(LQZHQLJVFKRQPHLQOLHEHU%LOO8QGLFKZHLDXFKGD 0\[LQPLUGDQNEDULVWZHLO6XNRXQGLFKLKQDXVHLQHP]HKQ WDXVHQGMlKULJHQ6FKODIHUZHFNWKDEHQ'DVGDUIVWGXQLFKW YHUJHVVHQ%LOO© ª2ND\GXZLOOVWDOVRLQGLH6WDDWHQ$EHU$PHULNDLVWJUR 'XZHLWMDQLFKWHLQPDOZRGLHVHUNRPLVFKH+|OOHQUHLWHUDXI JHWUHWHQLVW© ª,FKZHUGHHVKHUDXVILQGHQ©'DQQVWDQGLFKDXIª7XWPLU OHLG%LOODEHUGLH3IOLFKWUXIW© 0HLQ)UHXQGQLFNWH7UDXULJZLHPLUVFKLHQ%HVWLPPWZlUH HUJHUQPLWJHIORJHQDEHUGDVZDUQLFKWP|JOLFK :LUK|UWHQGHQNOHLQHQ-RKQZHLQHQ%LOOGHXWHWHQDFKREHQ ª(UZLOOQLFKWHLQVFKODIHQ© ª*XW'DQQEHVWHOO6KHLODGLHEHVWHQ*UH©:LUJDEHQXQV GLH+DQG %LOOVDJWHª3DDXIGLFKDXI-RKQ© 'HU5HSRUWHUJLQJQRFKPLW]XU*DUDJH'RUWKDWWHLFK PHLQHQ%HQWOH\DEJHVWHOOW %HLGHVDKHQZLUDXI$QKLHEGDV3DSLHUGDVXQWHUGHP UHFKWHQ:LVFKHUNOHPPWH(VZDUHLQ=HLWXQJVDUWLNHOGHU EHUHLQHQ5HLWHUEHULFKWHWH(LQDOWHU)DUPHUDXV+LFNRU\ KDWWH3IHUGXQG5HLWHUJHVHKHQ,FKVWHFNWHGHQ$UWLNHOHLQ ª'DQQZHLLFKMDZRLFKKLQIDKUHQPX©VDJWHLFKRSWL PLVWLVFKª0\[LQKDWZLUNOLFKDQDOOHVJHGDFKW© 1RFKHLQPDOUHLFKWHQZLUXQVGLH+lQGH'DQQIXKULFKORV %LOOVDKPLUVRODQJHQDFKELVGHU:DJHQGXUFKGDV7RUYHU VFKZXQGHQZDU ,FKIXKUZLHGHUHLQHPQHXHQEUDQGKHLHQ)DOOHQWJHJHQ

'DV5HNODPHVFKLOGHLQHU%HQ]LQILUPDOHXFKWHWHZHLWLQGLH 'lPPHUXQJKLQHLQ8QWHUGHP6FKLOGVWDQGª0RWHO©'LH /HXFKWUHNODPHIOLPPHUWHLQWHUYDOOZHLVHDXI ª'DPDFKHQZLU5DVW©VDJWH*OHQQ5HPPLFN 6XVDQVHLQH)UDXJlKQWH6LHUlNHOWHVLFKDXIGHP %HLIDKUHUVLW]GHV)RUG0XVWDQJXQGPHLQWHª6FKODIHQZlUH PLUOLHEHU© *OHQQVFKWWHOWHGHQ.RSIª.RPPWQLFKWLQ)UDJH:LU PVVHQPRUJHQLQ/DV9HJDVVHLQXQGELVGRUWKLQVLQGHV QRFKKXQGHUWIQI]LJ0HLOHQ*ODXEVWGXLFKODVVHPLUGDV *HVFKlIWHQWJHKHQ"© ª2ND\PHLQHWZHJHQ© 5HPPLFNZDU9HUWUHWHUIU$XWRPDWHQ(UKDWWHYRUZHQLJHQ :RFKHQGXUFK=XIDOOGHP6SU|OLQJHLQHV0DILRVRGDV/HEHQ JHUHWWHW'HU)QIMlKULJHZDULQHLQHQUHLHQGHQ*HELUJVEDFK JHIDOOHQ5HPPLFNZDUKLQWHUKHUJHVSUXQJHQXQGKDWWHLKQDQ /DQGJH]RJHQ 'HU9DWHU]HLJWHVLFKGDQNEDU$OVHUK|UWHZHOFKHP-RE 5HPPLFNQDFKJLQJOlFKHOWHHUQXU ª2ND\LFKNDQQHWZDVIU6LHWXQ*OHQQ6LHEHNRPPHQGLH 9HUWUHWXQJGHV&DVLQR5R\DOLQ/DV9HJDV© 5HPPLFNKDWWHQXUJHVFKOXFNW8QGGDQQZDUHQVHLQH $XJHQIHXFKWJHZRUGHQ9RQVROFKHLQHU9HUWUHWXQJNRQQWHQ /HXWHZLHHUQXUWUlXPHQ'HU-REZDUILP-DKUEHVWLPPW KXQGHUWWDXVHQG'ROODUDE 'HU0DILRVRKDWWHJHODFKWª)DKUHQ6LHQDFK/DV9HJDVXQG VHW]HQ6LHVLFKPLWPHLQHP)UHXQG$OWDILQLLQ9HUELQGXQJ,FK ZHUGHLKQDQUXIHQXQGLQIRUPLHUHQ© 5HPPLFNKDWWHVHLQH)UDXJHEHWHQLQGHQ:DJHQHLQ]X VWHLJHQ(LQIDFKVR(UVWDOVVLHKLQWHU3KRHQL[ZDUHQKDWWHHU LKUYRQVHLQHUQHXHQ9HUWUHWXQJEHULFKWHW 1DWUOLFKZDU6XVDQEHJHLVWHUW*HOGNRQQWHVLHQLHJHQXJ KDEHQ6XVDQ5HPPLFNZDU]ZHLXQGGUHLLJ-DKUHDOWKDWWH EORQGJHIlUEWHV+DDUXQGZDUOHLFKWK\VWHULVFK,KUIHKOWHHVDQ QLFKWVQXUKDWWHVLHNHLQH$XIJDEH

6XVDQV)LJXUZDUHWZDVSSLJ'DVNQDSSVLW]HQGH.OHLG EHWRQWHLKUHPROOLJH)LJXU'DV+DDUWUXJVLHNXU]JHVFKQLWWHQ DEHUWRXSLHUW6LHOLHEWHNQDOOURWH/LSSHQVWLIWHXQG6FKXKHPLW 6W|FNHODEVlW]HQ(LQhEHUEOHLEVHODXVGHU=HLWDOVVLHQRFK 6HUYLHUHULQLQHLQHP6FKQHOOLPELZDU,KU0DQQKDWWHVLHYRU IQI-DKUHQYRQGHU7KHNHZHJJHKHLUDWHW 'LH6FKHLQZHUIHUGHV0XVWDQJHUKHOOWHQGLH'lPPHUXQJ,P :HVWHQOHXFKWHWHQRFKJOXWURWGLH6RQQHKLQWHUGHQ%HUJHQ %DOGZUGHVLHYHUVFKZXQGHQVHLQ 'LH(LQIDKUW]XU7DQNVWHOOHWDXFKWHDXI *OHQQEHWlWLJWHGHQ%OLQNHUXQGULGHQ0XVWDQJLQGLH 5HFKWVNXUYH'LHKLQWHUHQ5HLIHQSURWHVWLHUWHQNUHLVFKHQG -HQVHLWVGHU7DQNVWHOOHODJGLH5DVWVWlWWH(LQJURHUYHU JODVWHU%DXKLQWHUGHVVHQ6FKHLEHQHVKHOOVFKLPPHUWH ª:LUWDQNHQHUVWXQGJHKHQGDQQZDVHVVHQ©VDJWH*OHQQ 1HEHQHLQHU=DSIVlXOHOLHHUGHQ:DJHQDXVUROOHQ (VGDXHUWHHLQHKDOEH0LQXWHELVVLFKGHU7DQNZDUWVHKHQ OLH(UZDUHLQMXQJHU%XUVFKHPLWHLQHU6FKLUPPW]HDXIGHP .RSI6LHNRQQWHGDVIHWWLJHVFKZDU]H+DDUNDXPElQGLJHQ *OHQQ5HPPLFNVWDQGQHEHQGHP:DJHQ(UKDWWHGLHOLQNH +DQGDXIGDV'DFKJHVWW]W 5HPPLFNZDUHLQKRFKJHZDFKVHQHU0DQQPLWGXQNOHP 2EHUOLSSHQEDUWXQGVFKZDU]HQ+DDUHQGDVDQHLQLJHQ 6WHOOHQVFKRQHLQHQJUDXHQ6FKLPPHU]HLJWH(UWUXJHLQ HQJHVEODXHV+HPGXQG-HDQV'DV+HPGKDWWHHUELV]XP %DXFKQDEHOKLQJH|IIQHW$XIVHLQHU%UXVWZXFKVHLQGXQNOHU +DDUSHO] 'HU7DQNZDUWVFKDXWH*OHQQIUDJHQGDQ ª9ROOWDQNHQ© ª2ND\© :lKUHQGGHU6XSHUNUDIWVWRIILQGHQ7DQNOLHISXW]WHGHU 7DQNZDUWGLH6FKHLEHQ(UVSLW]WHGLH/LSSHQDOVHUGLH)UDX DXIGHP%HLIDKUHUVLW]VDKVDJWHMHGRFKQLFKWV 5HPPLFN]DKOWHXQGOHJWHQRFKHLQHQKDOEHQ'ROODU7ULQN JHOGKLQ]X'HU7DQNZDUWEHGDQNWHVLFKQLFKWHLQPDO

)QI]HKQ6HNXQGHQVSlWHUUROOWHGHU0XVWDQJGHQJHZXQ GHQHQ:HJHQWODQJGHU]XP5DVWKDXVIKUWH'DV0RWHOODJ HWZDVYHUVHW]WGDQHEHQ(LQH%XVFKJUXSSHVFKLUPWHHV]XU 6WUDHKLQDE 1RFKLPPHUODVWHWHGLHGUFNHQGH+LW]HEHUGHP/DQG(V URFKQDFK%HQ]LQXQG6FKPLHU|O 6XVDQYHU]RJGDV*HVLFKW6LHKDWHGLHVHQ*HUXFK 'LH5DVWVWlWWHZDUPLWHLQHU.OLPDDQODJHDXVJHVWDWWHW(V JDEHLQHJURHKDOENUHLVI|UPLJH7KHNHHLQLJH6WHKSOlW]HXQG DXFKHLQSDDU6LW]JHOHJHQKHLWHQ ª:RKLQ"©IUDJWH*OHQQ 6XVDQGHXWHWHDXIGLH7KHNH 6LHQDKPHQ3ODW]'LH/HGHUVLW]HGHU+RFNHUZDUHQDQ JHQHKPNKO(VKHUUVFKWHNDXP%HWULHE$XHULKQHQVD QRFKHLQJODW]N|SILJHU0DQQDPDQGHUHQ(QGHYRUHLQHP 6DODWWHOOHU (LQGXQNHOKlXWLJHU-XQJHIUDJWHQDFKLKUHQ:QVFKHQ'HU .QDEHWUXJHLQHZHLH0W]HDXIVHLQHP.UDXVNRSI *OHQQEHVWHOOWHHUVWHLQPDO)UXFKWVDIW ª)UPLFKHLQHQ:KLVN\©VDJWH6XVDQVFKQHOO ª0XGDVVHLQ"© ª-D©HUZLGHUWHVLHª6RQVWVFKODIHLFKHLQ© ª9RQGHP$ONRKROZLUVWGXQRFKPGHU© ª)lQJVWGXVFKRQZLHGHUDQ"© ª2ND\GXKDVWUHFKWXQGLFKKDEHPHLQH5XKH© 'LH*HWUlQNHZXUGHQJHEUDFKW*OHQQEHVWHOOWHHLQ7%RQH 6WHDNPLW0DLVXQG6DODW 6XVDQQDKPQXU6DODW6LHDDEHU]XYRUQRFKHLQHQ%HFKHU -RJKXUW *OHQQVFKOXJPLWGHUIODFKHQ+DQGDXIGDVEUDXQH 7UHVHQKRO]ª:HQQGDV*HVFKlIWNODSSWVLQGZLUDXVGHP 6FKQHLGHU'DQQPDFKHQZLUHUVWHLQPDOHLQH:HOWUHLVH© 6XVDQV/lFKHOQZDUPLWOHLGLJª9HUVSULFKGLUQXUQLFKW ]XYLHOGDYRQ'HQ0DILRVLNDQQPDQQLFKWWUDXHQ© ª$FKZDV6FKOLHOLFKKDEHLFKGHP%HQJHOGDV/HEHQJH

UHWWHW8QGGLH6SDJKHWWLVLQGVHKUIDPLOLlUHLQJHVWHOOW'LH YHUJHVVHQVRHWZDVEHVWLPPWQLFKW© ª6LHVLQG*DQJVWHU© ª1DXQG"© 6XVDQDWPHWHWLHIHLQª,FKKDEHHUOHEWZLHVLFKGLH0DILD GDPDOVXQVHUHQ6FKQHOOLPELXQWHUGHQ1DJHOUHLHQZROOWH =ZHLPDOKDEHQVLHGLH(LQULFKWXQJ]HUWUPPHUW© ª'DVLVWGRFKHWZDVJDQ]DQGHUHV© ª'XPXWHVMDZLVVHQ© 'DV6WHDNZXUGHJHEUDFKW(VODJDXIHLQHPH[WUDJURHQ 7HOOHU'LH.UlXWHUEXWWHUYHUOLHIDXIGHP)OHLVFK *OHQQJULII]XP%HVWHFNª'DVLVWGDV5LFKWLJH©VDJWHHUXQG VFKQDO]WHPLWGHU=XQJH 6XVDQEHVFKlIWLJWHVLFKPLWLKUHP6DODW,KU0DQQDPLW JHVXQGHP$SSHWLW(UKDWWHVHLWGHP0LWWDJQLFKWVPHKU]X VLFKJHQRPPHQHVVFKPHFNWHLKPGHPHQWVSUHFKHQG(UEH VWHOOWHVLFKDXFKQRFKHLQH)ODVFKH%LHUXQGOHHUWHGDVHUVWH *ODVLQHLQHP=XJ ª$K©VDJWHHUªGDVWDWJXW©'DEHLZLVFKWHHUVLFKGHQ 6FKDXPDXVGHP2EHUOLSSHQEDUW $OVHUGDV*ODVZLHGHU]XUFNVWHOOWHVDKHUGHQDOWHQ0DQQ GHUDXIGHP+RFNHUQHEHQLKP3ODW]QDKP*OHQQGUHKWH VLFKJDQ]XPXQGEOLFNWHLQHLQOXVWLJHVNOHLQHV$XJHQSDDU 'DUXQWHUEHIDQGVLFKHLQH.QROOHQQDVH6RQVWZDUYRQGHP *HVLFKWQLFKWV]XVHKHQ 'HU2OGWLPHUWUXJ:HLGHUHLWHU.OHLGXQJ-HDQVHLQNDULHUWHV +HPGXQGHLQHEUDXQHlUPHOORVH:HVWHGDUEHU ª*RRGHYHQLQJ0LVWHU©JUWHHU *OHQQQLFNWH]XUFN 'HU.HHSHUZLHVHOWHKHUEHL6HLQUHFKWHU$UPVFKQHOOWHYRU ZLHHLQH/DQ]H'DEHLZLHVGHU=HLJHILQJHUDXIGLH%UXVWGHV $OWHQª'XEHNRPPVWKLHUQLFKWVPHKU+HUE\(VVHLGHQQGX ]DKOVWGHLQ%LHUVRIRUW.HLQHQ.UHGLWKDWGHU&KHIJHVDJW© +HUE\EHZHJWHHLQSDDUPDOGHQ0XQGVRGDGHU%DUWDXI XQGDEWDQ]WH'DQQVDJWHHUª$OVLFKVRMXQJZDUZLHGXKlWWH

HVQLHPDQGJHZDJWHLQHQbOWHUHQDXFKQXUGXPPDQ]XVHKHQ 0HLQ9DWHUZDUQRFKPLW:\DWW(DUSEHIUHXQGHW8QGLFKKlWWH GLUYRUIQI]LJ-DKUHQEHLGH2KUHQDEJHVFKRVVHQZHQQGX PLFKVREHKDQGHOWKlWWHVW© ª'LHDOWHQ=HLWHQVLQGYRUEHL+HUE\6RUU\.HLQ*HOGNHLQ %LHU6RLVWGDV© ª2ND\GDQQ©+HUE\UXWVFKWHZLHGHUYRQVHLQHP+RFNHU *OHQQKDWWHGDV*HVSUlFKPLWJHK|UW,KPWDWGHUDOWH0DQQ OHLG(UKDWWHHWZDVIUVROFKH/HXWHEULJ$XHUGHPNDPHV LKPDXIHLQ%LHUZLUNOLFKQLFKWDQ ª0RPHQWQRFK+HUE\©ULHIHUXQGVFKOXFNWHGDV6WFN )OHLVFKKLQXQWHUª,FKEH]DKOHGDV%LHU© ª*OHQQ©]LVFKWH6XVDQ ª+DOWGXGLFKUDXV© 'HU.HHSHU]DSIWHVFKRQ(UOLHHLQHQJOlVHUQHQ.UXJYROO ODXIHQ+HUE\V$XJHQZXUGHQJUR+DVWLJNOHWWHUWHHU]XUFN DXIGHQ+RFNHUª6LHVLQGHLQ(QJHO0LVWHU© ª,FKKHLH*OHQQ© 'DV%LHUZXUGHJHEUDFKW+HUE\QDKPGHQ.UXJHQWJHJHQ VHW]WHLKQDQWUDQNWUDQNXQGWUDQN $XIHLQPDOZDUGHU.UXJOHHU1XUQRFKHLQLJH6FKDXP VWUHLIHQOLHIHQDQGHU,QQHQVHLWHGHV*ODVHVHQWODQJXQG VDPPHOWHQVLFKDXIGHP%RGHQ]XHLQHUKHOOHQ3IW]H ª1RFKHLQHQ©EHVWHOOWH*OHQQ ª:ROOWHVWGXQLFKWIDKUHQ"©IUDJWHLKQVHLQH)UDX ª(LQSDDU0LQXWHQKDEHQZLUQRFK=HLW© 'HU2OGWLPHUHUKLHOWVHLQHQ]ZHLWHQ.UXJ'LHVPDOWUDQNHU ODQJVDPHU$OVHULKQKDOEOHHUDEVHW]WHIUDJWHHUª6LHZROOHQ KHXWHQRFKZLHGHUZHJ"© ª-D©*OHQQ5HPPLFNQLFNWHª,FKPXQDFK/DV9HJDV ªhEHUQDFKWHQ6LHOLHEHUKLHU©PHLQWH+HUE\ *OHQQ]RJGLH6WLUQNUDXVª:LHVR"© +HUE\VHQNWHGLH6WLPPH]XHLQHP)OVWHUQª(VLVWJHIlKU OLFKLQGHU:VWHGHQQHUJHKWXP© ª6LHVSUHFKHQLQ5lWVHOQ:HULVWHU"©

ª'HU+|OOHQUHLWHU© *OHQQODFKWHª8ONLJHU1DPH:HUKDWVLFKGHQQGHQDXV JHGDFKW"© 'HU$OWHKREZDUQHQGGHQ=HLJHILQJHUª,FKVDJHHV,KQHQ QXUZHLO6LH0LWOHLGPLWHLQHUGXUVWLJHQ.HKOHKDWWHQ'LHVHU +|OOHQUHLWHULVWHLQJHIlKUOLFKHU'lPRQ,FKKDEHLKQJHVHKHQ DEHUQXUYRQIHUQH6RQVWZUGHLFKMHW]WQLFKWPHKUOHEHQ(U VFKZLQJWHLQHJOKHQGH/DQ]HXQGZHQHUGDPLWWULIIWGHU ]HUIlOOW]X6WDXE(LQH5HWWXQJJLEWHVIUGHQQLFKWPHKU© ª0DQPHUNWGDZLUKLHULPWLHIVWHQ$UL]RQDVLQG©VDJWH *OHQQ5HPPLFNª,FKKDEHJHK|UWGDHVYLHOH6DJHQLQ GLHVHP/DQGVWULFKJLEW9RUDOOHQ'LQJHQZHUGHQGLHDOWHQ ,QGLDQHUPlUFKHQGHQ7RXULVWHQLPPHUZLHGHUHU]lKOW$Q EHVRQGHUVKHOOHQ9ROOPRQGQlFKWHQVROOVRJDU&RFKLVHGHU JURH$SDFKHQKlXSWOLQJDXVVHLQHP*UDEZLHGHUDXIHUVWHKHQ 8QGMHW]WQRFKGHU+|OOHQUHLWHU7XWPLUOHLG$OWHUDEHUGDUDQ JODXEHLFKQLFKW© ª6FKDGH©HUZLGHUWH+HUE\XQGVFKDXWHEHWUEWLQVHLQ*ODV ª,FKKDEHHVQXUJXWPLW,KQHQJHPHLQW'LH6DFKHPLW&RFKLVH QXQ©HUKREGLH6FKXOWHUQªGDVZLUGZRKOHLQ0lUFKHQVHLQ DEHUGHQ+|OOHQUHLWHUJLEWHVZLUNOLFK© ª/DXQVHQGOLFKIDKUHQ©VDJWH6XVDQ,KUH6WLPPHNODQJ VFKULOOª'DV*HUHGHIlOOWPLUDXIGLH1HUYHQ© ª0DGDP6LHVROOWHQYRUVLFKWLJVHLQ©PDKQWHGHU2OGWLPHU ª(VJLEWPHKU'LQJH]ZLVFKHQ+LPPHOXQG(UGHDOVLQ XQVHUHQ6FKXOEFKHUQ]XOHVHQVWHKW© ª8QGEHL,KQHQLVWHVGHU6FKQDSVGHUGLH'LQJHYHUGUHKW 'DVLVWGRFK*HZlVFK© *OHQQ]DKOWHLQ]ZLVFKHQ(UYHUDEVFKLHGHWHVLFKYRQ+HUE\ PLWHLQHP+lQGHGUXFNª0DFKHQ6LH VJXW$OWHU© +HUE\VFKOXFNWH'DQQPXUPHOWHHUª%HWHQ6LH0LVWHU %HWHQ6LHGDQLFKWVSDVVLHUW,FKZQVFKHHV,KQHQ© ª*OHQQQXQNRPPHQGOLFK©6XVDQVWDQGVFKRQDQGHU7U 5HPPLFNZLQNWHGHP2OGWLPHUQRFKHLQPDO]XXQGOLHI VHLQHU)UDXUDVFKQDFK

+HUE\JLQJDXFK ª$EHUGXKDVWGRFKGHQ.UXJQRFKQLFKWOHHUJHWUXQNHQ©ULHI GHU.HHSHU 'HU2OGWLPHUZLQNWHDEª,FKKDEHNHLQHQ'XUVWPHKU© HUZLGHUWHHUOHLVH 6RHWZDVKDWWHGHUGXQNHOKlXWLJH.HHSHUQRFKQLHEHL+HUE\ HUOHEW(UNRQQWHQXUQRFKGHQ.RSIVFKWWHOQ ,P:DJHQVDJWH*OHQQª0XWHVWGXVRXQIUHXQGOLFK]XGHP DOWHQ0DQQVHLQ"(UKDWGLUGRFKQLFKWVJHWDQ© ª(UILHOPLUDXIGHQ:HFNHU©IDXFKWH6XVDQ6LHJULIIQDFK HLQHU=LJDUHWWHXQGVWHFNWHVLHDQ *OHQQ5HPPLFNGUHKWHGHQ=QGVFKOVVHOª0LWGHLQHU$UW JHZLQQVWGXNHLQH)UHXQGH© ª'DIUKDEHLFKMDGLFKXQGGHLQHLQQHKPHQGHV:HVHQ© ª:HUGHELWWHQLFKW]\QLVFK©*OHQQ5HPPLFNVHW]WHGHQ IODVFKHQJUQHQ)RUG0XVWDQJDXVGHU3DUNWDVFKHGUHKWHXQG IXKUDXIGLH$XVIDKUW]X 6FKZHLJHQGKRFNWH6XVDQQHEHQLKP'LH%HOIWXQJZDUHLQ JHVFKDOWHWXQGTXLUOWHGHQ5DXFKGXUFKHLQDQGHU *OHQQGUFNWHDXIGHQ.QRSIGHV$XWRUDGLRV&RXQWU\ 0XVLFVFKDOOWHDXVGHQ6WHUHRER[HQDP+HFNIHQVWHU(VVDQJ -RKQQ\&DVK'LH6WLPPHK|UWHPDQYRQ&KLFDJRELV6DQ )UDQFLVFR 1DFKWGXQNHOODJGDVVFKQXUJHUDGH%DQGGHV+LJKZD\VYRU LKQHQ6LHZDUHQZHLWDEGHU)HUQIDKUHUURXWHQGLHGHQGLUHN WHQ:HJYRQ:HVWHQQDFK2VWHQRGHUXPJHNHKUWQDKPHQ 'HVKDOEKHUUVFKWHDXIGLHVHU6WUDHQLFKWYLHO%HWULHE 6HFK]LJ0HLOHQZDUGDV*HVFKZLQGLJNHLWVOLPLW*OHQQKLHOW VLFKGDUDQ'LH+LJKZD\3ROL]LVWHQNRQQWHQKLQWHUMHGHU +HFNHODXHUQ 9RQGHU*HJHQGZDUZHJHQGHU'XQNHOKHLWQLFKWV]XVHKHQ $EHU*OHQQXQG6XVDQZXWHQGDVLHGXUFKHLQHJHVFKLFKW VWUlFKWLJH/DQGVFKDIWIXKUHQ+LHUKDWWHQGLH+RSLVXQG

$SDFKHQVLFKYHU]ZHLIHOWJHJHQGLHhEHUPDFKWGHVZHLHQ 0DQQHVJHZHKUW +LQXQGZLHGHUWDXFKWHQKRKH5HNODPHWDIHOQDP:HJUDQG DXI$XIMHGHU7DIHOVWDQGGDV:RUW/DV9HJDV]XOHVHQ'DV 6SLHOHUSDUDGLHVZDU]ZDUQRFKEHUKXQGHUW0HLOHQHQWIHUQW DEHUMHGHU$XWRIDKUHUVROOWHGDUDQHULQQHUWZHUGHQ 'HU0XVWDQJZLUEHOWHHLQHODQJH6WDXEIDKQHDXIGLHVLFK QXUODQJVDPGHP%RGHQ]XVHQNWH ª:HQQLFKGLFNLP*HVFKlIWELQNDXIHQZLUXQVDXFKHLQHQ QHXHQ:DJHQ©VDJWH*OHQQª9LHOOHLFKWHLQHQ(XURSlHU© ª(UVWHLQPDOPXWGXGHQ9HUWUDJXQWHUVFKUHLEHQ©6XVDQ GlPSIWHVHLQHQ2SWLPLVPXV6LHNLSSWHGLH5FNHQOHKQH]X UFNXQGOHJWHVLFKODQJª6RXQGMHW]WODPLFKVFKODIHQ© ª2ND\©*OHQQGUHKWHGDV5DGLROHLVHU6FKRQEDOGYHUULHWHQ WLHIH$WHP]JHGDGLH)UDXQHEHQLKPHLQJHVFKODIHQZDU *OHQQ5HPPLFNKLQJVHLQHQ*HGDQNHQQDFK:HQQHUHKU OLFKJHJHQVLFKVHOEVWZDUGDQQJLQJLKPGLH*HVFKLFKWHGHV DOWHQ+HUE\QLFKWDXVGHP.RSI :DUGHU+|OOHQUHLWHUZLUNOLFKQXUHLQH(UILQGXQJ" %HVWLPPWGRFKGHU$OWHKDWWHVLHPLWVROFKHLQHP (QJDJHPHQWHU]lKOWGD*OHQQ5HPPLFNDQILQJ]X]ZHLIHOQ (LQ'lPRQVROOWHGHU5HLWHUVHLQ$EHUJDEHVEHUKDXSW 'lPRQHQ"(LJHQWOLFKQXULQGHUHLQVFKOlJLJHQ/LWHUDWXURGHU LQ+RUURU)LOPHQ$EHULQ:LUNOLFKNHLW"1HLQGDVZDUHQ 0lUFKHQ(UZDUVLFKJDQ]VLFKHU 'RFKGDQQEHJDQQHQGLH=ZHLIHODQLKP]XQDJHQ0DQ NRQQWHVFKRQ$QJVWEHNRPPHQDXIGLHVHPHLQVDPHQ +LJKZD\*OHQQKDWWHGDV*HIKODOVZlUHQHUXQGVHLQH)UDX GLHHLQ]LJHQ0HQVFKHQLQGHPULHVLJHQJRWWYHUODVVHQHQ/DQG :HQQVLHMHW]WHLQH$XWRSDQQHKDWWHQVDKHVE|VHDXV *OHQQZROOWHGDUDQQLFKWGHQNHQ (UVDKGDV/LFKW ,PHUVWHQ$XJHQEOLFNHUVFKUDNHU(VZDUQXUHLQZLQ]LJHU KHOOHU3XQNWGHQHULP$XHQVSLHJHOVDK*OHQQGDFKWHDQ HLQ)OXJ]HXJ

$EHU)OXJ]HXJHIOLHJHQQLFKWVRWLHI :DVZDUHVGDQQ" (LQ0RWRUUDG*OHQQODFKWHEHUXKLJWDXI-DGDVPXWHHV VHLQ(LQ0RWRUUDGGHU+LJKZD\3ROLFH6LFKHUKHLWVKDOEHUJLQJ *OHQQ5HPPLFNPLWGHU*HVFKZLQGLJNHLWHWZDVKHUDE(U ZROOWHXPNHLQHQ3UHLVGHU:HOWDXIIDOOHQ 'DV/LFKWZXUGHJU|HUQlKHUWHVLFK]LHPOLFKUDVFK $XHUGHPEHIDQGHVVLFKDXIGHU*HJHQIDKUEDKQ*OHQQ HUWDSSWHVLFKGDEHLGDHUQXUQRFKLQGHQ$XHQVSLHJHO VFKDXWHXQGGLHVHOWVDPH(UVFKHLQXQJEHREDFKWHWH 6ROOWHGDVGHU+|OOHQUHLWHUVHLQYRQGHPGHU$OWHJHVSUR FKHQKDWWH"*OHQQVFKDOWVLFKVHOEVWHLQHQ1DUUHQDQVRHWZDV ]XGHQNHQDEHUHUVSUWHGRFKHLQXQDQJHQHKPHV*HIKOLQ GHU0DJHQJHJHQG(UEHUOHJWHREHUVHLQH)UDXZHFNHQVROOWH $EHUZLHHU6XVDQNDQQWHZUGHVLHLKQQXUDXVODFKHQ (UIXKUVFKQHOOHU'LH1DGHO]LWWHUWHEDOGDQGHU$FKW]LJ 0HLOHQ*UHQ]H *OHQQ5HPPLFNEOLFNWHZLHGHULQGHQ5FNVSLHJHO'DV /LFKWZDUQLFKW]XUFNJHIDOOHQ,P*HJHQWHLOHVKDWWHVLFK JHQlKHUW 'LH+LJKZD\3ROLFHNRQQWHHVQLFKWVHLQ'LHKlWWHVLFKPLW IODFNHUQGHP5RWOLFKWEHPHUNEDUJHPDFKW -HW]WZXUGHHV*OHQQGRFKPXOPLJ1HEHQLKPHUZDFKWH VHLQH)UDXDXVLKUHP6FKODI *OHLHQGH+HOOLJNHLWXPKOOWHSO|W]OLFKGHQ0XVWDQJ'DV /LFKWGUDQJGXUFKGLH6FKHLEHQLQV,QQHUH6XVDQULHEVLFKGLH $XJHQª*OHQQ©ULHIVLHª:DVZDVLVWGDV"© ª,FKZHLHVDXFKQLFKW©ULHI*OHQQ(UIXKUQRFKVFKQHOOHU 9RUJHEHXJWKRFNWHHUKLQWHUGHP/HQNUDG6HLQH+lQGH XPNODPPHUWHQGDV6WHXHU(UPXWHVLFKDXIGLH6WUDHNRQ ]HQWULHUHQ 6XVDQGUHKWHVLFKXP 6LHVFKULH ª,FKNDQQQLFKWVVHKHQ0HLQ*RWWLVWGDVKHOO*OHQQVRWX GRFKZDV]XP+HQNHU©

ª5XKH5HLGLFK]XVDPPHQ© 'HU0XVWDQJMDJWHEHUGHQ+LJKZD\)DKUWZLQGSILIIXP GLH.DURVVHULH(UZDUMHGRFKQLFKWVRVWDUNGDHUHLQDQGHUHV *HUlXVFKKlWWHEHUW|QHQN|QQHQ 'DV*HUlXVFKMDJHQGHU3IHUGHKXIH $XFK*OHQQK|UWHHV8QGDXWRPDWLVFKGDFKWHHUDQGHQ +|OOHQUHLWHU(VJDELKQDOVRGRFK 'DV/LFKWZDUMHW]WPLWGHP:DJHQDXIJOHLFKHU+|KH*OHQQ ULVNLHUWHHLQHQ%OLFNQDFKOLQNV 7URW]GHU+HOOLJNHLWJODXEWHHUHLQHQODQJJHVEHFNWHQ 6FKDWWHQ]XHUNHQQHQ'DQQDEHUULFKWHWHHUVHLQH%OLFNH ZLHGHUJHUDGHDXV 1HEHQLKPKRFNWH6XVDQXQGVFKULH,KUH+\VWHULHNLSSWH EHU'LH%ORQGLQHKDWWHGLH$UPHDQJHZLQNHOWXQGEHLGH +lQGHJHJHQGLH2KUHQJHSUHW,KU*HVLFKWZDUHLQH *ULPDVVH 'LHQDFNWH$QJVWSHLWVFKWHZLHHLQH:HOOHLQLKUKRFK *OHQQ5HPPLFNVDKGLH6WUDHQLFKWPHKU(UZDUJHEOHQGHW ZRUGHQ:HQQHUQLFKWYRP:HJDENRPPHQZROOWHPXWHHU PLWGHU*HVFKZLQGLJNHLWKHUXQWHU (UVFKDOWHWH]XUFN5DVFKKLQWHUHLQDQGHU 'HUXQKHLPOLFKH5HLWHUKDWWHLKQEHUKROW5LWWMHW]WDXIGHU )DKUEDKQPLWWH(WZD]HKQ
6XVDQXQG*OHQQGXUFKGLHEUHLWH)URQWVFKHLEH 5HLWHUXQG3IHUGVDKHQDXVZLHHLQ6WDQGELOG'DV3IHUGZDU SHFKVFKZDU]VHLQH$XJHQJOKWHQGXQNHOURW 3O|W]OLFKZDUIHVGHQ.RSIKRFK)HXHU]XQJHQOHFNWHQDXV GHQ1VWHUQVWULFKHQEHUGLH.KOHUKDXEHXQGEUDFKWHQGHQ /DFN]XP.RFKHQ ª5DXV©EUOOWH*OHQQª:LUPVVHQKLHUUDXV©(UZROOWHGLH 7UDXI]LHKHQGRFKHVZDUEHUHLWV]XVSlW 0LWHLQHUZLOGHQ%HZHJXQJKREGHU+|OOHQUHLWHUVHLQHQ UHFKWHQ$UP'DQQVFKOHXGHUWHHUGLHPDJLVFKH/DQ]H 6XVDQXQG*OHQQVDKHQGHQKHOOHQODQJHQ3IHLODXIVLFK ]XUDVHQK|UWHQQRFKGHQ.UDFKPLWGHPGLH)URQWVFKHLEH]HU VSOLWWHUWHXQGLPQlFKVWHQ$XJHQEOLFNH[SORGLHUWHGLH:HOW XPVLHKHUXPLQHLQHUJUHOOHQ/LFKWNDVNDGH 6XVDQXQG*OHQQ5HPPLFNIKOWHQQLFKWVPHKU.HLQHQ 6FKPHU]XQGDXFKNHLQH$QJVW 'LHPDJLVFKH/DQ]H]HUVW|UWHGHQ:DJHQXQGW|WHWHGLH ,QVDVVHQLQQHUKDOEYRQ6HNXQGHQ =XUFNEOLHEHLQ5HVWYHUERJHQHV0HWDOOXQG$VFKH 'HU+|OOHQUHLWHUKDWWHZLHGHUHLQPDOJHVLHJW 'DHVPLUJXWJLQJNRQQWHLFKQLFKWJHUDGHEHKDXSWHQ'DUDQ ZDUHQHUVWHQVGLH+LW]HVFKXOGXQG]ZHLWHQVGLH=HLWXP VWHOOXQJ6XNRXQGLFKZDUHQYRQ/RQGRQQDFK1HZ
(LQH2IIHQEDUXQJZDUGHU/HLKZDJHQQLFKW(LQ6WR Gl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lXVFKWVLFKJH ZDOWLJ6LFKHUHVJLEWVLHGLH%HUJHPLWGHQWLHIHQ&DQ\RQV XQGVFKURIIHQ*UDWHQDEHUGLH6RQQHOlWGLH)HOVHQLQYLHOHQ )DUEHQJOLW]HUQ -HQDFKGHPZLHVLHDXIGDV*HVWHLQIlOOWVRZHFKVHOWHVGLH )DUEH0DOVFKLPPHUWHVEODXGDQQZLHGHUURWXQGEHLP QlFKVWHQPDOEUlXQOLFK'D]ZLVFKHQJLEWHV]DKOUHLFKH)DUE QXDQFHQGLH]XEHVFKUHLEHQLFKNDXPLQGHU/DJHELQ +LFNRU\LVWHLQ1HVWLQGHPVLFK.ODSSHUVFKODQJHQXQG (LGHFKVHQJXWH1DFKWVDJHQ(VOLHJWDP%LJ6DQG\5LYHUGHU LQGHQ6RPPHUPRQDWHQEHLQDKHDXVJHWURFNQHWLVW'LH 0HQVFKHQLQ+LFNRU\OHEHQYRQGHQ7RXULVWHQGLHHVVLFK QLFKWQHKPHQODVVHQWURW]*OXWKLW]HXQG6WUDSD]HQHLQHQ $EVWHFKHULQGHQ:LOGHQ:HVWHQ]XPDFKHQXPHWZDVYRQ $PHULNDV9HUJDQJHQKHLW]XVFKQXSSHUQ )UXQVZUGHGDV*DQ]HVLFKHUOLFKNHLQ6SDZHUGHQ :HQQGLHVHU+|OOHQUHLWHUWDWVlFKOLFKH[LVWLHUWHXQGGDYRQ ZDULFKEHU]HXJWVWDQGHQXQVKDUWH7DJHEHYRU =XP*OFNKDWWHLFK6XNRDQPHLQHU6HLWH,FKNRQQWHPLU NDXPYRUVWHOOHQGDHUQLFKWPHKUQHEHQPLUNlPSIWH)UKHU

KDWWHLFKYLHODOOHLQPDFKHQPVVHQDEHUGLH*HJQHUZDUHQLP /DXIHGHU=HLWGRFKPlFKWLJHUXQGVWlUNHUJHZRUGHQ'D JHJHQNRQQWHLFKDOVHLQ]HOQHUQLFKWVPHKUDXVULFKWHQ 'RFKHWZDVEHUHLWHWHPLUJURH6RUJHQ,FKEHVDNHLQHZLUN VDPH:DIIHPLWGHULFKJHJHQGHQ6FKZDU]HQ7RGKlWWH]X )HOGH]LHKHQN|QQHQhEHUPHLQHPLW6LOEHUNXJHOQJHODGHQH %HUHWWDODFKWHHUQXUXQGDXFKPLWPHLQHP.UHX]NRQQWHLFK LKQQLFKWVFKRFNHQ(LQHJQRVWLVFKH*HPPHZDUIULKQQLFKW PHKUDOVHLQ6SLHO]HXJ (VZDUHQWUEH*HGDQNHQGLHZlKUHQGGHU)DKUWGXUFK PHLQ*HKLUQNUHLVWHQ$QJVWKDWWHLFKQLFKWGRFKHLQ EHGUFNHQGHV*HIKOEOLHE6FKOLHOLFKELQLFKNHLQ6XSHU PDQQ 'LH6RQQHZDQGHUWHK|KHU(VJLQJDXIGHQ0LWWDJ]XXQG EDOGZUGHGHU+LPPHOVN|USHUVHLQHQK|FKVWHQ6WDQGHU UHLFKWKDEHQ,FKKDWWHPLUYRUGHU)DKUWGLH.DUWHDQJHVHKHQ XQGDXVJHUHFKQHWZDQQZLUXQJHIl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|OOHQUHLWHUDXIWDXFKWHZUGHHU$QJVWXQG3DQLN EULQJHQ ,FKKRIIWHQXUGDLFKPLFKLUUWH 'DQQVDKLFKGHQ3ROL]HLZDJHQ(UVWDQGUHFKWVDP 6WUDHQUDQG(LQ]ZHLWHUVWDQGTXHUDXIGHU)DKUVSXU(LQ

:DUQVFKLOGZDUDXIJHEDXWZRUGHQXQGGLH:DJHQVFKHUWHQ QDFKOLQNV ,FKKDWWHGDVDXFKYRUGRFKGHU7UXFNIDKUHUKLQWHUPLUZDU VFKQHOOHU(UKXSWHXQGEHIDQGVLFKSO|W]OLFKDXIJOHLFKHU+|KH PLWPHLQHP/HLK&KHY\ (VGDXHUWHELVGHU/DVWZDJHQGHQhEHUKROYRUJDQJEHHQGHW KDWWH,FKPXWHYRP*DVXQGEUHPVWHNXU]YRUGHP6FKLOG DE'XUFKGDVQDKH+HUDQIDKUHQHUNDQQWHLFKZDVGLH%HDPWHQ LQWHUHVVLHUWH6LHVWDQGHQYRUHLQHPYHUJOKWHQ%OHFKKDXIHQ GHUHKHPDOVHLQ:DJHQJHZHVHQZDU8QGLQGHQ*HVLFKWHUQ GHU0lQQHUODVLFK5DWORVLJNHLW ,FKKLHOWDQ$OVLFKGLH7U|IIQHWHZXUGH6XNRZDFK ª:DVLVW"©IUDJWHHU ,FKZLQNWHDE 'HU$VSKDOWVFKLHQXQWHUPHLQHQ)HQ]XNRFKHQVRKHL ZDUHU0DQKlWWH6SLHJHOHLHUGDUDXIEUDWHQN|QQHQ ª8QGNHLQH6SXUYRQGHQ,QVDVVHQ©K|UWHLFKHLQHQGHU 3ROL]LVWHQVDJHQ ª6HOWVDP© ª,FKVDJH,KQHQGRFKHVZDUGHU+|OOHQUHLWHU©'LH6WLPPH NODQJ]LWWULJ (UVWMHW]WVDKLFKGHQ6SUHFKHU(UKDWWHVLFK]XYRUKLQWHUGHP EUHLWHQ5FNHQHLQHV&RSVYHUVWHFNW(VZDUHLQlOWHUHU0DQQ PLWHLQHPJURHQ%DUW'HU2OGWLPHUVSUDFKZHLWHUª,QGHU 5DVWVWlWWHKDEHLFKQRFKPLWGHQEHLGHQJHVSURFKHQ6LH IXKUHQHLQHQ0XVWDQJ,FKKDEHVLHYRUGHP5HLWHUJHZDUQW DEHUVLHZROOWHQQLFKWDXIPLFKK|UHQ© 'HU3ROL]LVWIDWHGHQ$OWHQDQGHU6FKXOWHUª6FKRQJXW +HUE\GXELVWGHU*U|WH$EHUMHW]WYHUVFKZLQGH:HQQZLU GLFKEUDXFKHQVROOWHQVDJHQZLUVFKRQ%HVFKHLG©3O|W]OLFK YHUHQJWHQVLFKGLH$XJHQGHV+LJKZD\0DQQHV(UKDWWHPLFK HQWGHFNWª:DVPDFKHQ6LHGHQQKLHU"©IXKUHUPLFKDQª/RV IDKUHQ6LHZHLWHU6LHKDOWHQGHQ9HUNHKUDXI© ,FKKREEHVFKZLFKWLJHQGGLHUHFKWH+DQGª2ND\6LUHLQ 9HUVHKHQ(QWVFKXOGLJHQ6LH©

ª6FKRQJXW)DKUHQ6LHZHLWHU© 8QGIDKUHQZROOWH+HUE\DXFK(UOLHIJHGXFNWXPGLH3DWURO &DUVKHUXPXQGUDQQWHDXIXQVHUHQ/HLKZDJHQ]X ª+HZDUWHQ6LH©ULHIHUXQGVFKZHQNWHEHLGH$UPH ,FKKDWWHVRZLHVRYRUJHKDEWPLFKPLWGLHVHP0DQQ]X XQWHUKDOWHQ'HVKDOENDPPLUVHLQH%HUHLWZLOOLJNHLWVHKU JHOHJHQ ,FKHQWULHJHOWHGLHKLQWHUH7Uª6WHLJHQ6LHHLQ+HUE\© VDJWHLFK ª)DKUHQ6LHQDFK+LFNRU\"©IUDJWHHU ª-D© 'DOLHVLFKGHU$OWHLQGLH3ROVWHUIDOOHQ9RU6XNRV$QEOLFN ]XFNWHHUHWZDV]XUFN9HUVWlQGOLFKGHQQZHU6XNRQLFKW NDQQWHKLHOWLKQIUHLQHQ.LQGHUVFKUHFN0LWVHLQHPEUHLWHQ *HVLFKWGHUNRPSDNWHQ)LJXUXQGGHQ+lQGHQGLHIDVWVR JURZLH.RKOHQVFKDXIHOQZDUHQ ,Q:LUNOLFKNHLWZDU6XNRHLQEHUDXVIULHGIHUWLJHU0HQVFK (VVHLGHQQPDQUHL]WHLKQ]XVHKU'DQQZXUGHHU]XHLQHU .DPSIPDVFKLQHXQGOLHNHLQ$XJHWURFNHQ ª6XNRLVWHLQJXWHU)UHXQGYRQPLU©HUNOlUWHLFKGHP$OWHQ ª,FKKHLHEULJHQV-RKQ© ª0HLQHQ1DPHQNHQQHQ6LHMD© 'HU$OWHUHGHWHLQHLQHPVHKUEUHLWHQ6ODQJ,FKPXWHDFKW JHEHQGDLFKLKQYHUVWDQG 'HU3ROL]LVWDQGHU$EVSHUUXQJZLQNWHQHUY|V ,FKOLHGHQ:DJHQDQUROOHQ$OVLFKDQGHP8QLIRUPLHUWHQ YRUEHLIXKUKRELFKGLH+DQG]XP*UX ª9RQKLHUVLQG6LHQLFKW©PHLQWHGHU$OWH ª1HLQ©VDJWHLFKª:LUVWDPPHQDXFKQLFKWDXVGHQ 6WDDWHQ© ª(XURSD"© ª*HQDX©HUZLGHUWHLFK +HUE\ODFKWHª0HLQ*URYDWHULVWDXV2OG0HUU\(QJODQG HLQJHZDQGHUWXQGKLQWHUKHULQ$UL]RQDKlQJHQJHEOLHEHQ© ª:LUVLQGHEHQIDOOV(QJOlQGHU©

ª'DQQVLQGZLUMDKDOEH/DQGVOHXWH©'HU$OWHJULQVWH,FK HUNDQQWHHVGDUDQGDVLFKGHU%DUWEHZHJWH,FKQDKP PHLQHQ%OLFNYRP,QQHQVSLHJHOZHJXQGNRQ]HQWULHUWH PLFKZLHGHUDXIGHQ6WUDHQYHUNHKU ª'DV5RGHRZROOWHQZLUXQVDXFKDQVHKHQ©VDJWHLFK ª+DEHLFKPLUIDVWJHGDFKW,VWDXFK QHJURH6FKDX'D NRPPHQVLHDXVGHUJDQ]HQ8PJHEXQJ]XVDPPHQ$XFKGLH ,QGLDQHU'LHKDXHQGLH7RXULVWHQYLHOOHLFKWPLWLKUHPDQ JHEOLFKHFKWHQ3OXQGHUEHUGLH2KUHQ©(UNLFKHUWHª$EHU LFKZHUGHHXFKZDUQHQZHLOLKUHLQHQDOWHQ0DQQPLWJH QRPPHQKDEW© ,FKODFKWHª'DVLVWQHWW© 'DQQVWHXHUWHLFKEHKXWVDPDXIPHLQHLJHQWOLFKHV=LHOGHU 8QWHUKDOWXQJ]Xª:DVKDWWHQ6LHGHQQGHQ&RSV]XHU]lKOHQ" ,VWGDHLQ8QIDOOSDVVLHUW"© +HUE\ZDUSO|W]OLFKHLQVLOELJª-DVRNDQQPDQHVDXFK QHQQHQ© ª'LH3ROL]LVWHQVFKLHQHQ]LHPOLFKUDWORV]XVHLQ© +HUE\ODFKWHª8QGZLH© ª$EHUZDUXP"©,FKOLHQLFKWORFNHUª,FKK|UWHHWZDVYRQ HLQHP+|OOHQUHLWHU© ,P,QQHQVSLHJHOVDKLFKZLH+HUE\]XVDPPHQ]XFNWH ª(UZlKQHQ6LHGHQ1DPHQQLFKW©VDJWHHUPLWOHLVHU6WLPPH ª$EHU6LHKDEHQLKQGRFKDXFKJHQDQQW© ª,FKZROOWHLFKKlWWHGHQ0XQGJHKDOWHQ© 6XNRZDUIPLUHLQHQEH]HLFKQHQGHQ%OLFN]Xª%OHLEGUDQ© IOVWHUWHHUPLU]XDEHUVROHLVHGDGHU$OWHGLH:RUWHQLFKW K|UHQNRQQWH ,FKKDWWHPLUVFKRQHLQHQ3ODQ]XUHFKWJHOHJWZLHLFKGHQ $OWHQDXVGHU5HVHUYHORFNHQNRQQWH'DEHLPXWHLFKEHKXW VDPYRUJHKHQGHQQLFKKDWWHOlQJVWEHPHUNWGDDXFK+HUE\ $QJVWKDWWH ª6LHVWDPPHQKLHUDXVGHU*HJHQG"©IUDJWHLFK ª-D*HERUHQELQLFKLQ3UHVFRWWDEHUPHLQH(OWHUQVLQGVFKRQ VHKUEDOGDXVGHU*URVWDGWZHJJH]RJHQ6LHKDEHQGDQQHLQH

)DUPDXIJHEDXW'LHIULVFKH/DQGOXIWWDWDXFKPLUZRKO,FK ZLOODXVGLHVHP/DQGVWULFKQLFKWPHKUZHJ© 'DVJODXEWHLFKLKPJHUQ,FKKDWWHLQHLQLJHQ=HLWVFKULIWHQ VFKRQYRQGHQDOWHQ2ULJLQDOHQJHOHVHQGLHDXFKMHW]WQRFKLP HKHPDOV:LOGHQ:HVWHQOHEWHQ ª:RPLWYHUGLHQHQ6LHVLFKGHQQ,KUHQ8QWHUKDOW"©KDNWH LFKQDFK ª,FKIKUH7RXULVWHQ©HUZLGHUWHHUª'DIDOOHQLPPHUHLQ SDDU'ROODUVDE© ª5HLFKWGDV]XP/HEHQ"© ª0HKUVFKOHFKWDOVUHFKW© +LQWHUPLUEOHQGHWHMHPDQGDXIZHLOHUEHUKROHQZROOWH ,FKIXKUDXIGLHUHFKWH6HLWH =ZHL6HNXQGHQVSlWHUZLVFKWHHLQSURW]LJHU/LQFROQ &RQWLQHQWDODQXQVHUHP/HLK&KHY\YRUEHL'LH.DURVVHULH ZDUPLW6WLHUN|SIHQXQG3IHUGHQEHPDOW$QGHQ.RWIOJHOQ ZDUHQVLOEHUQJOlQ]HQGH5HYROYHUDQJHEUDFKW,P:DJHQ KRFNWHHLQIHWWHU.HUOPLWHLQHPULHVLJHQVFKQHHZHLHQ7H[DV 6WHWVRQDXIGHP.RSI ª'DVLVW%LJ-RVK&DQQLJKDQGHUPlFKWLJVWH5DQFKHULP 8PNUHLVYRQ]ZHLKXQGHUW0HLOHQ$XIVHLQ.RQWRJHKWDXFK GDV5RGHR©HUNOlUWH+HUE\ ,FKNDPZLHGHUDXIGHQ+|OOHQUHLWHU]XVSUHFKHQª,VWGLH *HVFKLFKWHGHV5HLWHUVHLQHDOWH6DJH"©IUDJWHLFK +HUE\UXWVFKWHXQUXKLJDXIVHLQHP6LW]KLQXQGKHUª-DXQG QHLQ©PHLQWHHU ª$EHU6LHJODXEHQIHVWGDUDQGDHVLKQJLEW"© +HUE\DWPHWHVFKZHUª6LHVLQGHLQ4XlOJHLVW©EUXPPWH HUª-DGLHVHQ5HLWHUJLEWHVXQGHUKDWDXFKZLHGHU]XJH VFKODJHQ'HU9RUIDOODXIGHP+LJKZD\JHKWDXIVHLQH.DSSH 6FKRQZLHGHUKDWHUJHW|WHW'LH=HLWXQJHQKDEHQGDUEHU EHULFKWHW$EHUGDVN|QQHQ6LHQLFKWZLVVHQ© ª1DWUOLFKQLFKW©VDJWHLFK ,QQHUOLFKPXWHLFKJULQVHQ6FKOLHOLFKKDWWHPLU0\[LQGHQ =HWWHOXQWHUGHQ:LVFKHUJHNOHPPW

+HUE\UHGHWHZHLWHUª'HULVWDXVVHLQHP)HOVHQJUDEDXIHU VWDQGHQZRKLQPDQLKQYRU+XQGHUWHQYRQ-DKUHQJHVFKDIIW KDWWH© ª:LVVHQ6LHGHQQZRGLHVHV*UDEOLHJW"© (U]|JHUWHPLWGHU$QWZRUW ª6LHZLVVHQHVDOVRQLFKW"© ª'RFKLFKNHQQHGHQ2UW© ª'DQQN|QQHQZLUMDKLQIDKUHQ© ª1HLQ©ULHIHUª8P+LPPHOVZLOOHQQHLQ'DVJHKWDXI NHLQHQ)DOO'HU)OXFKWULIIWXQVZHQQZLUGDV*UDEEHVXFKHQ 0LFKNULHJHQNHLQH]HKQ3IHUGHGRUWKLQ:HOFKHV,QWHUHVVH KDEHQ6LHGHQQDQGHPYHUIOXFKWHQ*UDE"© ª:LUVLQG5HSRUWHUXQGLPPHUDXIGHU6XFKHQDFKHLQHU KHLHQ*HVFKLFKWH© ª$EHUGLHVHLVW]XKHL© ª1LFKWIUXQV:HQQ6LHZWHQZDVZLUVFKRQDOOHVDXI JHGHFNWKDEHQGDLVWGHU+|OOHQUHLWHUHLQ.LQGHUVSLHO$XHU GHPVLQG6LHGRFK7RXULVWHQIKUHU+HUE\© ª$EHULFKIKUHNHLQH/HXWH]XGLHVHP*UDE© ªhEHUGHQ3UHLVOLHHLFKPLWPLUUHGHQ© +HUE\EUXPPWHLUJHQGHWZDVXQGNUDW]WHVLFKGDQQDP .RSI(UVFKLHQPLWVLFK]XNlPSIHQ ,FKIXKUQRFKODQJVDPHUª+DEHQ6LHVLFKHQWVFKLHGHQ +HUE\"© ª1HLQLFKNDQQHVQLFKWULVNLHUHQ© ª)QI]LJ'ROODU© +HUE\SILIIGXUFKGLH=lKQHª7HXIHOGDVOlWVLFKK|UHQ $EHUPHLQ/HEHQULVNLHUHLFKGDIUQLFKW©(UVFKWWHOWHGHQ .RSIª(VEOHLEWEHLP1HLQ© ª'DQQIKUHQ6LHXQVZHQLJVWHQVLQGLH1lKHGHV)HOVHQ JUDEV©VFKOXJLFKYRU +HUE\NUDW]WHVLFKDP.RSI ª1D"©,FKJULQVWHLKQLP,QQHQVSLHJHODQ ª%OHLEWHVEHLGHQIQI]LJ0lXVHQ"© ª-D©

ª2ND\-XQJH6LHKDEHQPLFKEHUUHGHW$EHUEHLHXFK NDVVLHUHLFKLPYRUDXV0DQZHLQLHRELKUQRFKOHEHQG ]XUFNNRPPW© ,FKPXWHODFKHQ6XNRJULQVWHHEHQIDOOV (UJDELKPGDV*HOG +HUE\KLHOWVLFKGHQ6FKHLQXQWHUGLH1DVHXQGURFKGDUDQ ª'LHVHU*HUXFKLVWGHUVFK|QVWHGHQLFKDXIGHU:HOWNHQQH© VDJWHHUDQGlFKWLJ+DVWLJVWHFNWHHUGHQ6FKHLQHLQ 'DQQGHXWHWHHUQDFKUHFKWVª'DKLQWHQOLHJW+LFNRU\© ,FKVFKDXWHKLQ'LH/XIWIOLPPHUWHXQWHUGHQKHLHQ6RQQHQ VWUDKOHQXQGGLH.RQWXUHQYHUZLVFKWHQ$XFKLQXQVHUHP :DJHQZDUHVYHUGDPPWKHL'LH)HQVWHUNRQQWHQZLUQLFKW |IIQHQ'HUYRP:LQGDXIJHZLUEHOWH6WDXEZUGHXQVEDOG PLWHLQHU3XGHUVFKLFKWEHGHFNHQ ª.|QQHQZLUDXIGHU6WUDHEOHLEHQ"©IUDJWHLFK ª-D1RFKXQJHIlKU]HKQ0HLOHQGDQQPVVHQZLUUXQWHU© ª*LEWHVHLQHQ:HJGHU]XGHP*UDEPDOIKUW"© ª1HLQLFKKRIIHQXUGLH.DUUHKLHUKDWJXWH6WRGlPSIHU GDQQN|QQWHQZLUHVWURW]GHPVFKDIIHQ© ,FKIXKUZLHGHUVFKQHOOHU'LHPHLVWHQ:DJHQERJHQQDFK +LFNRU\DE1XU]ZHL5DQJH5RYHUIXKUHQYRUXQVZHLWHU 'LH=HLWYHUJLQJUDVFK+HUE\NOHEWHPLWGHU1DVHDQGHU 6FKHLEHXQGVXFKWHGLH*HJHQGDEª)DKUHQ6LHPDOODQJ VDPHU0LVWHU© ª2ND\© 9HUEUDQQWVDKGLH(UGHUHFKWVXQGOLQNVGHU)DKUEDKQDXV 'LH6RQQHKDWWHGHQ%RGHQY|OOLJDXVJHG|UUW,P1RUGHQVDK LFKGLH%HUJH0DQFKHZDUHQEHUVHFKVWDXVHQG)XKRFK$XI GHQ*LSIHOQVFKLPPHUWHQOHW]WH6FKQHHUHVWH ª-HW]WPVVHQZLUUXQWHU©VDJWH+HUE\ ,FKIXKUODQJVDPXQG]RJGHQ:DJHQGDQQQDFKUHFKWV'LH 5lGHUPDKOWHQEHUORFNHUHV*HVWHLQ.OHLQHUH6WHLQHZXUGHQ JHJHQGLH%RGHQZDQQHJHVFKOHXGHUW 'HU&KHY\EHJDQQ]XVFKDXNHOQZLHHLQDOWHU.DKQEHL :LQGVWlUNHIQI

/LQNHU+DQGVDKHQZLUGLHEHUKPWHQ7DIHOEHUJHDXIUDJHQ 6LHZLUNWHQZLHJURH7HUUDVVHQ ª1RFKLVWJXW]XIDKUHQ©PHOGHWHVLFK+HUE\YRP5FNVLW] ªDEHUEDOGNRPPHQGLH6FKOXFKWHQXQG&DQ\RQVGDJHKW VIU GLH.DUUHQLFKWPHKUZHLWHU© ª/LHJWGDV*UDEGHQQLQVROFKHLQHU6FKOXFKW"©IUDJWH6XNR ª1HLQDXIHLQHP3ODWHDX© ª:DUHQ6LHLQ]ZLVFKHQVFKRQHLQPDOGDVHLWGHPGHU+|OOHQ UHLWHUZLHGHUVHLQ8QZHVHQWUHLEW"©HUNXQGLJWHLFKPLFK +HUE\VFKWWHOWHGHQ.RSI 'LH:HJVWUHFNHZXUGHQRFKVFKOHFKWHU'LH6WHLQHZDUHQ JU|HUDOV0lQQHUIlXVWH=XEHLGHQ6HLWHQGHU5HLIHQVSULW]WHQ VLHZHJZLH.DQRQHQNXJHOQ (LQHWLHIH5LQQH]ZDQJXQVDQ]XKDOWHQ ª'DVLVWHLQ1HEHQIOXGHV%LJ6DQG\5LYHU©VDJWH+HUE\ ª$EHUGHULVWHEHQVRWURFNHQZLHGHUYHUGDPPWH)OXVHOEVW© ,FKVWHOOWHGHQ0RWRUDEª$OVRDXVVWHLJHQ© ª*HQDX© :LUTXlOWHQXQVDXVGHP:DJHQ'HUDXIJHZLUEHOWH6WDXE KDWWHVLFKQRFKOlQJVWQLFKWJHVHQNW(UOHJWHVLFKDXIXQVHUH 6FKOHLPKlXWH,FKPXWHKXVWHQ ª,FKEOHLEHKLHU©VDJWH+HUE\(UGHXWHWH]XHLQHPVDQIW DQVWHLJHQGHQ+JHOKLQEHUª'DPWLKUKRFK'DQQVHKW LKUVFKRQGDV3ODWHDX© ª2ND\© 6XNRXQGLFKPDFKWHQXQVDXIGHQ:HJ:LUK|UWHQ+HUE\ QRFKPXUPHOQª8QGQLFKWHLQPDOHLQHQ6FKOXFNKDEHLFK© 'HU:HJZDUVHKUEHVFKZHUOLFK*QDGHQORVEUDQQWHGLH 6RQQHYRP+LPPHO6FKDWWHQJDEHVQLFKWXQGEHUHLWVQDFK IQI]LJ
ZLUJHDKQWKlWWHQZDVXQVZHQLJVSlWHUHUZDUWHWHZlUHXQV GDV/DFKHQEHVWLPPWYHUJDQJHQ =ZDQ]LJ0LQXWHQYHUVWULFKHQ:LUKDWWHQ]ZDUEHLGHHLQH JXWH.RQGLWLRQDEHUMHW]WDWPHWHQZLUVFKZHU1LHPDQG VSUDFKPHKUHLQ:RUW6XNRV9RUVSUXQJEHWUXJHWZDGUHL 6FKULWWH8QGHUVWDQGDXFKDOVHUVWHUDXIGHP3ODWHDX ,FKIROJWHLKP 6XNRGHXWHWHQDFKYRUQª'DVPXHVVHLQ© ,FKEOLFNWHLQGLHVHOEH5LFKWXQJVDKGHQULHVLJHQDXIJH EURFKHQHQ6WHLQ(UVDKDXVDOVKlWWHHLQHJHZDOWLJH+DQGYRQ XQWHQKHUGLH(UGHDXISODW]HQODVVHQ ª'DVLVWVHLQ*UDE©IOVWHUWHLFK :LUJLQJHQQlKHUKHUDQ 3O|W]OLFKEHJDQQLFK]XIU|VWHOQ(LQH*lQVHKDXWOLHIPLU EHUGHQ5FNHQ,FKVSUWHI|UPOLFKGLH$XUDGHV%|VHQGLH GLHVHV3ODWHDXDXVVWUDKOWH ,FKZDUI6XNRHLQHQ%OLFN]XXQGHUNDQQWHGDHVLKPQLFKW DQGHUVHUJLQJ ª2EHULQGHU1lKHODXHUW"©IOVWHUWH6XNR ,FKKREGLH6FKXOWHUQ :LUHUUHLFKWHQGDVHKHPDOLJH*UDE:LHHLQ9XONDQNUDWHU VFKLPPHUWHXQVGLHgIIQXQJHQWJHJHQ:LUKDWWHQGDV(QGH GHV3ODWHDXVHUUHLFKW9RUXQVJLQJHVVWHLOLQGLH7LHIH(LQ &DQ\RQKDWWHVLFKVHLQHQ:HJLQGDV*HVWHLQJHIUHVVHQ /DQJHVFKDXWHQZLULQGDV*UDEKLQHLQ ª,FKZHLZDVGXGHQNVW©VDJWH6XNRª'XZLOOVWUXQWHU© ª-D© ª'DVLVW]XJHIlKUOLFK© ª$EHUZHQQHUZLOOGDQQODLKQGRFK©K|UWHQZLUKLQWHU XQVHLQHHLVNDOWNOLQJHQGH6WLPPH 6\QFKURQZLUEHOWHQZLUKHUXP%OLW]VFKQHOO]RJLFKPHLQH PLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQH%HUHWWD 9RUXQVVWDQGPHLQ(U]IHLQGGHU6FKZDU]H7RG

-DHUZDUHV (UWUXJZLHVFKRQIUKHUVHLQHQZHLWHQ8PKDQJDXVGHPGHU VNHOHWWLHUWH+DOVPLWGHPVFKZDU]HQ6FKlGHOKHUYRUVFKDXWH 1XULQGHQ$XJHQK|KOHQOHXFKWHWHHVZHL (VZDUHLQLJH=HLWKHUVHLWGHPZLUXQVVRGLFKWJHJHQEHU JHVWDQGHQKDWWHQ'DPDOVKDWWHHUGLH5ROOHGHV3URIHVVRUV =DUFDGLDQJHQRPPHQGHP7HXIHOVJHLJHUGHUPLWVHLQHU 0XVLNGLH0HQVFKHQXQWHUVHLQH.QXWH]ZDQJ 8QGMHW]WVDKHQZLUXQVZLHGHU ,FKOLHGLH:DIIHVLQNHQ0LW6LOEHUNXJHOQULFKWHWHLFKJHJHQ LKQQLFKWVDXV,FKPXWHPLFKDXIHLQH/LVWYHUOHJHQ ª,FKKDEHJHDKQWGDGXPLFKEHVXFKHQZUGHVW-RKQ 6LQFODLU©VDJWHHUª-DLFKKDEHHVVRJDUHUKRIIW©(UVSUDFKQXU PLFKDQ6XNREHDFKWHWHHUJDUQLFKWª+DWGLUPHLQ)UHXQG 0\[LQGHQ:HJJHZLHVHQ"© ,FKQLFNWH ª*XWGDQQKDWHUHXFKDXFKLQGHQ7RGJHVFKLFNW'HQQLQ GLHVHP/DQGZLUGHXHU:HJ]X(QGHVHLQ© ª:LOOVWGXXQVW|WHQ"©IUDJWHLFK ª-DXQGQHLQ©HUZLGHUWHHUª,KUVHLGGRFKVRVFKDUIGDUDXI GDV*UDEGHV+|OOHQUHLWHUV]XVHKHQ,KUZHUGHWEDOG=HLW JHQXJKDEHQHVIULPPHU]XEHWUDFKWHQ'LHVHV*UDEZLUG -RKQ6LQFODLUVOHW]WH5XKHVWlWWHVHLQ© ,FKJULQVWHLKQDQREZRKOPLUQLFKWGDQDFK]XPXWHZDU ª'XKDVWPLFKVFKRQHLQPDOLQHLQHQ6DUJJHOHJW©HULQQHUWH LFKLKQª,FKELQGDPDOVZLHGHUHQWNRPPHQ© ª$EHUQXUZHLOLFKHVZROOWH'LHVPDOZLOOLFKHVQLFKW-RKQ 6LQFODLU© 'DJULII6XNRDQ $XVGHP6WDQGKHUDXVVSUDQJHUYRUZDUPLW]ZHLODQJHQ 6lW]HQEHLGHP6FKZDU]HQ7RGXQGKlPPHUWHPLWDOOHU:XFKW EHLGH)lXVWHJHJHQGHQNQRFKLJHQ6FKlGHO $EHUGRUWZRVLFKGHU.RSIQRFKHEHQEHIXQGHQKDWWHZDU HUQLFKWPHKU'HU6FKZDU]H7RGO|VWHVLFKHLQIDFKDXI8QGHU OLH6XNRVHLQHK|OOLVFKH.UDIWVSUHQ

=ZHLVNHOHWWLHUWH+lQGHSDFNWHQ]XXQGZLHHLQH6FKDX IHQVWHUSXSSHZXUGHGHUZDKUOLFKQLFKWOHLFKWH&KLQHVHKRFK JHKREHQXQGGHQ%UXFKWHLOHLQHU6HNXQGHVSlWHUGXUFKGLH /XIWJHZLUEHOW ,FKUHDJLHUWHVRIRUW5LGHQUHFKWHQ$UPPLWGHU:DIIHKRFK XQGVFKR 'LH.XJHOQVWDQ]WHQ/|FKHULQGHQVFKZDU]HQ8PKDQJ OLHHQLKQIODWWHUQDEHUPHKUJHVFKDKQLFKW 'DIUIORJ6XNRDXIGDV*UDE]XSUDOOWHGLFKWGDYRU]X %RGHQNRQQWHVLFKQLFKWPHKUIDQJHQXQGUROOWHEHUGLH .DQWHLQGLHGXQNOH7LHIH 6HLQ6FKUHLGUDQJPLUGXUFK0DUNXQG%HLQ ,FKYHUORUGLH1HUYHQJULIIGHQ6FKZDU]HQ7RGPLWEHLGHQ )lXVWHQDQXQGVFKULHª1LHGHUPLWGLUGX+|OOHQVRKQ© (UODFKWHQXU 'DQQZXUGHLFKJHSDFNW(VZDUHLQ/XIWZLUEHOGHUPLFK YRP%RGHQKRFKULPHKUHUH0DOHXPGLHHLJHQH$FKVH VFKOHXGHUWHXQGDXIGLHGXQNOH*UDE|IIQXQJ]XZDUI 'DV/DFKHQGHV6FKZDU]HQ7RGVZDUHLQHWHXIOLVFKH %HJOHLWPXVLNGHU$NWLRQ 1RFKLPPHUWUXGHOWHLFKGXUFKGLH/XIW,QPHLQHU9HU ]ZHLIOXQJULLFKPLUGDV+HPGDXIXPNODPPHUWHPHLQ .UHX]XQGVSUWHGLH:lUPHGLHZLHHLQ.UDIWVWUDKOYRQ GLHVHPFKULVWOLFKHQ6\PERODXVJLQJ 'DVILQVWHUH*UDEQDKPPLFKDXI ,FKILHOLQHLQHQ7XQQHOVFKZHEWHLQGLH7LHIHVDKGLHEH PDOWHQ:DQGVFKlFKWHXQGHLQ:LUUZDUUYRQ(LQGUFNHQ EHUVFKZHPPWHPLFK 'LH0DOHUHLHQDQGHQ:lQGHQHUZDFKWHQ]XP/HEHQ6LH ]RJHQPLFKLQGHQ6WUXGHOKLQHLQXQGLFKKDWWHGDV*HIKO GHU0LWWHOSXQNW]XVHLQ :LHODQJHLFKVFKZHEWHZXWHLFKQLFKW=HLWKDWWHIUPLFK MHJOLFKHQ6LQQYHUORUHQ

,FKIDQGDXFKNHLQHQ%H]XJVSXQNWPHKU$XHUGHPZDUHV PLUHJDO 7URW]GHPDUEHLWHWHQPHLQH*HGDQNHQDQDO\VLHUWHQGDVHEHQ (UOHEWH 'XUFKGLH.UDIWVHLQHU0DJLHKDWWHPLFKGHU6FKZDU]H7RG DXIGDV*UDE]XJHVFKOHXGHUW:ROOWHHUPLFKXPEULQJHQ" 6ROOWHLFKLQGHQ7LHIHQGHV*UDEVHOHQGLJVWHUEHQ" 'DQDFKVDKHVQLFKWDXV,FKJHZDQQHLQHQQHXHQDQGHUHQ (LQGUXFN 'DV*UDEZDUHLQ=HLWWRU(LQWUDQV]HQGHQWDOHU'XUFK VFKOXSILQHLQHDQGHUH:HOW ,QGLH:HOWGHV6FKZDU]HQ7RGV" ,FKZXWHGDHV]DKOUHLFKH:HOWHQJDEGLHMHQVHLWVGHUXQV ULJHQODJHQ3DUDOOHOZHOWHQLQGHQHQGDV%|VHGHUDEVROXWH 7UXPSIZDU,QGLHVHQ:HOWHQZXUGHQGLH'lPRQHQJHERUHQ XQGKLHUJLQJHQLKUHVFKZDU]HQ6HHOHQHLQZHQQLKUH.|USHU YHUQLFKWHWZRUGHQZDUHQ 0HLQH*HGDQNHQZDQGHUWHQZLHGHU]XUFN6XNRNDPPLULQ GHQ6LQQ0HLQ*RWWZDVZDUPLWLKPJHVFKHKHQ",FKKDWWHLKQ YHUVFKZLQGHQVHKHQGDQQVHLQHQ6FKUHLJHK|UWXQGMHW]W ,FKDWPHWHVFKZHU 1RFKLPPHUILHOLFKVFKZHEWHZHLWHUKDWWHGHQOLQNHQ$UP XQGGLHEHLGHQ%HLQHJHVSUHL]W 3O|W]OLFKVSUWHLFKIHVWHQ%RGHQXQWHUPHLQHQ)HQ 8QYHUOHW]WXQGZRKOEHKDOWHQZDULFKDXIJHNRPPHQ ,FKVFKDXWHPLFKXP ,PHUVWHQ$XJHQEOLFNGDFKWHLFKPHLQ+HU]VFKODJZUGH VWRFNHQ'HQQZDVLFKVDKZDUXQJHKHXHUOLFK +HUE\IDQGGDHUIUIQI]LJ'ROODUVFKRQHWZDVWXQ NRQQWH,QVHLQHP)DOOKLHGDVZDUWHQ(UOHKQWHVLFKDQ PHLQHQ0LHW&KHY\ +HUE\KDWWHDP*UXQGGHV7DIHOEHUJVHLQHQHWZDVEHU KlQJHQGHQ)HOVHQHQWGHFNW'DUXQWHUZDUHVHLQLJHUPDHQ

VFKDWWLJ'RUWNRQQWHHUHVIUHLQH:HLOHDXVKDOWHQ +HUE\OLHIKLQ(UJLQJLQHLQHP=RFNHOWUDE0DQVDKLKPDQ GDHUGDV/DXIHQJHZRKQWZDU :lKUHQGHUJLQJVSUDFKHUPLWVLFKVHOEVW0DOWHVLFKDXV ZDVHUPLWGHP*HOGDOOHVDQVWHOOHQZUGH )QI]LJ'ROODUZDUHQIULKQHLQNOHLQHV9HUP|JHQ ª(UVWHLQPDOHLQNDOWHV%LHUGDQQHLQSDDU6FKQlSVHDP QlFKVWHQ7DJZLHGHUHLQ%LHUQRFKHLQSDDU6FKQlSVH© +HUE\NLFKHUWH'DV5RGHRZUGHLQGLHVHP-DKU]XHLQHP )HVWIULKQZHUGHQ (UHUUHLFKWHGDVEHUKlQJHQGH)HOVVWFNOLHVLFKGDUXQWHU QLHGHU+HUE\OHKQWHVLFKPLWGHP5FNHQJHJHQGDV*HVWHLQ 6FKRQEHLGHUHUVWHQ%HUKUXQJYHU]RJHUGDV*HVLFKW'HU)HOV KDWWHVLFKLP/DXIHGHV7DJHVDXIJHKHL]W(UVWUDKOWHGLH :lUPHMHW]W]XUFN +HUE\VW|KQWHª:DVPDFKWPDQQLFKWDOOHVIUIQI]LJ *UHHQEDFNV©(UKROWHGLH'ROODUQRWHZLHGHUKHUYRUXQGOLH VLH]ZLVFKHQVHLQHQ)LQJHUQZDQGHUQ (LQH6WXQGHZROOWHHUZDUWHQ+HUE\WUXJNHLQH8KUHUULFK WHWHVLFKQDFKGHU6RQQH 0GLJNHLWEHUPDQQWHLKQ6HLQ.LQQVDQNGHU%UXVWHQW JHJHQXQGVFKRQEDOGILHOHQLKPGLH$XJHQ]X 6HOLJEHJDQQ+HUE\]XVFKQDUFKHQ (LQH(LGHFKVHOXJWHDXVHLQHPVFKPDOHQ)HOVVSDOWKHUYRU VDKGHQ6FKOlIHUDQXQGYHUVFKZDQG ,UJHQGZDQQVFKUHFNWH+HUE\KRFK :DVLKQJHZHFNWKDWWHZXWHHUQLFKW$XIMHGHQ)DOOZDU QLFKWPHKUDOOHVVRZLH]XYRU (UEOLQ]HOWHHLQSDDUPDOXQGVFKDXWHGHU6RQQHHQWJHJHQ6LH ZDUZHLWHUJHZDQGHUWGLH6WXQGHZDUIDVWYRUEHL 'DVWDQGGHU&KHY\HLQVDPXQGYHUORUHQLQGHUSUDOOHQ 6RQQH'LH6WHLQHULQJVXPVFKLHQHQ]XJOKHQ6LHVFKLOOHUWHQ LQDOOHQ)DUEHQGHV6SHNWUXPV 8QGSO|W]OLFKYHUQDKP+HUE\6FKULWWH 6FKOHLFKHQGXQGGRFK]LHOVWUHELJ

(UEHNDPHVPLWGHU$QJVW]XWXQDEHUGLH1HXJLHUGHVLHJWH (UNQLHWHVLFKKLQXQGEHXJWHGHQ.RSIHWZDVYRU 'DVDKHUGLH*HVWDOW (VZDUHLQ6NHOHWW *URZLHHLQ0HQVFK(LQODQJHUVFKZDU]HU8PKDQJEH GHFNWHGLH.QRFKHQILJXU'HU6FKlGHOZDUHEHQIDOOVVFKZDU] 'LH$XJHQK|KOHQVDK+HUE\QLFKW'HU8QKHLPOLFKHGUHKWH LKPGLH6HLWH]X +HUE\ZXWHQLFKWVYRP6FKZDU]HQ7RGHUNDQQWHQLFKW GHVVHQ*HIlKUOLFKNHLWDEHUHUYHUKLHOWVLFKLQVWLQNWLYVWLOOJDE NHLQHQ/DXWYRQVLFKREZRKOHUYRU$QJVW]LWWHUWH +DUWSUHWHVLFKGHU$OWHPLWGHP5FNHQJHJHQGDV*HVWHLQ 6HLQH8QWHUOLSSH]LWWHUWH+DVWLJVFKOXJHUHLQLJH.UHX]]HLFKHQ KLQWHUHLQDQGHU 'HU6FKZDU]H7RGQlKHUWHVLFKPHLQHP:DJHQ 9RUGHU.KOHUVFKQDX]HEOLHEHUVWHKHQ (UKREGHQUHFKWHQ$UPXQGGHQ%UXFKWHLOHLQHU6HNXQGH VSlWHU]XFNWHHLQ%OLW]VWUDKODXVVHLQHU+DQG 7LHIVlJWHHULQGLH.DURVVHULHGHV:DJHQV(LQHEOHQGHQGH $XUDXPJDEGDV*HIlKUW6LHZDUVRJUHOOGD+HUE\GLH $XJHQVFKOLHHQPXWH $OVHUVLHZLHGHU|IIQHWHZDUHQGHU6FKZDU]H7RGXQGGDV $XWRYHUVFKZXQGHQ +HUE\VFKOXFK]WHDXIª'DVGDVJLEWHVGRFKQLFKW© VW|KQWHHUXQGEDUJVHLQ*HVLFKWLQEHLGH+lQGH 6XNRLVW&KLQHVH (UNRPPWDXVHLQHPDQGHUHQ(UGWHLOEHVLW]WHLQHDQGHUH 0HQWDOLWlWDOVGLH(XURSlHUXQGKDWHVJHOHUQWVRZRKOVHLQHQ *HLVWDOVDXFKVHLQHQ.|USHUGXUFKHLVHUQHV7UDLQLQJ]XEH KHUUVFKHQ (UZXUGHGXUFKGLH/XIWJHZLUEHOWYHUORULQGHQHUVWHQ $XJHQEOLFNHQGLHhEHUVLFKWGRFKGDQQILQJHUVLFKZLHGHU EHNDPVHLQHQ*HLVWXQGVHLQHQ.|USHUXQWHU.RQWUROOH

(UVWUHFNWHVLFK 6DKQDFKXQWHQVFKDXWHLQGHQ6FKOXQGXQGZXWHGDHU YHUORUHQZDUZHQQHUGRUWKLQHLQILHO (UZUGHPLWJHEURFKHQHQ.QRFKHQXQWHQOLHJHQEOHLEHQ,P %UXFKWHLOHLQHU6HNXQGHVDPPHOWH6XNRDOOH.UlIWH]RJGLH %HLQHDQXQGVWLHVLFKEOLW]VFKQHOODE (USUDOOWHQDKHGHP*UDE]X%RGHQDEHUHUNRQQWHVLFKQRFK VRYLHO6FKZXQJJHEHQGDHUEHUGLHgIIQXQJKLQZHJIHJWH 'RFKGDZDUGHU5DQGGHV3ODWHDXV 8QGGDUDQKDWWH6XNRQLFKWPHKUJHGDFKW (UUROOWHEHUGLH.DQWHYHUVXFKWHVHLQH)LQJHUXPGDVKDUWH *HVWHLQ]XNUDOOHQ 9HUJHEOLFK (UUXWVFKWHDEJDEDEHUQLFKWDXILP.DPSIXPVhEHUOHEHQ 0LWGHP2EHUVFKHQNHOSUDOOWH6XNRJHJHQHLQH)HOVOHLVWH (WZDVZXUGHVHLQ)DOOJHEUHPVWGRFK6XNRWUXGHOWHZHLWHU 6HLQH+lQGHJOLWWHQEHUGHQ)HOVYHUVXFKWHQ+DOW]XILQGHQ LUJHQGHWZDV]XSDFNHQ (UULVLFKGLH+DQGIOlFKHQEOXWLJ6SOLWWHUERKUWHQVLFKLQ GLH+DXWZlKUHQGGLH:DQGUDVHQGVFKQHOODQLKPYRUEHL ZLVFKWH 8QGGDQQVDKHUGHQ6WUDXFK 'LH5HWWXQJ" 6XNRSUDOOWHDXIGLH=ZHLJH'LHERJHQVLFKGXUFKNRQQWHQ GDV*HZLFKWQLFKWKDOWHQ 'HU&KLQHVHILHOZHLWHU $XVVFKRHVLKPGXUFKGHQ.RSI ,PQlFKVWHQ$XJHQEOLFNNQDOOWHHUDXIHWZDV+DUWHV%OLHE OLHJHQ6RIRUWYHUODJHUWHHUVHLQ*HZLFKW]XU:DQGKLQGDPLW HUQLFKWDEUXWVFKWH.HXFKHQGXQGHUVFK|SIWODJHUDXIGHP VFKPDOHQ)HOVYRUVSUXQJ 6XNRKREGHQ.RSI.OHLQHUH6WHLQHXQG6WDXEULHVHOWHQ QDFKEHUKUWHQVHLQ*HVLFKWGRFKGHU&KLQHVHNPPHUWHVLFK QLFKWGDUXP(VZDUEH]HLFKQHQGIULKQGDHU]XHUVWQDFK PLUULHIXQGDQVLFK]XOHW]WGDFKWH

ª-RKQ©(VVROOWHHLQ6FKUHLZHUGHQGRFKQXUHLQ.UlFK]HQ GUDQJDXVVHLQHU.HKOH 7LHIKROWH6XNR/XIW(UNQLHWHVLFKKLQEDODQFLHUWHGDV *OHLFKJHZLFKWDXVXQGULHIQRFKHLQPDO ª-RRRKKQQQ© 'HU6FKUHLKDOOWHQDFKXQGYHUNODQJLQGHU:HLWHGHV/DQGHV (LQH5HDNWLRQUHJLVWULHUWH6XNRQLFKW (UZLVFKWHVLFKEHUGLH6WLUQ8USO|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|USHU(UKDWWHVLFKHLQLJH 3UHOOXQJHQ]XJH]RJHQ$EHUKRFKPXWHHU'DUDQJLQJNHLQ :HJYRUEHL 5LVVHXQG9RUVSUQJHJDEHVLQGHU:DQGJHQJHQG'LH )UDJHZDUQXUZLH6XNRGDKRFKNRPPHQVROOWH'HQGLUHNWHQ :HJVFKDIIWHHUDXINHLQHQ)DOO ,QVJHVDPWJHVHKHQNHLQHJURDUWLJHQ$XVVLFKWHQIUGHQ &KLQHVHQWURW]GHPEHJDQQ6XNRXQYHU]JOLFKPLWGHP $XIVWLHJhEHULKPEHIDQGVLFKHLQYHUGRUUWHU%XVFKGRUW IDQGHQVHLQH+lQGH+DOW6XNR]RJVLFKKLQDXI(UKDWWH GHQVWlUNVWHQ$VWXPIDW'LHVHUERJVLFK]ZDUDEHUHU KLHOWGLH/DVW 'LHOLQNH+DQGVWUHFNWH6XNRWDVWHQGYRUNOHPPWHGLH

)LQJHULQHLQHQ)HOVVSDOWXQGJHODQJWHVRZHLWHU :HQLJVSlWHUVWW]WHHUVLFKVFKRQPLWGHP)XXQWHUGHP KHUDEKlQJHQGHQ%XVFKDE 'DQQPXWHHUQDFKUHFKWV9RULKPEHIDQGVLFKHLQ6WFN JODWWH)HOVZDQG'HU6WHLQZDUNRFKHQGKHL'LH6RQQHQ VWUDKOHQEUDQQWHQGLUHNWGDUDXI$XFK6XNRV5FNHQWUDIGLH VHQJHQGH+LW]H $XIHLQHPVFKPDOHQ9RUVSUXQJEDODQFLHUWHGHU&KLQHVH QDFKUHFKWV'UHLYLHUWHOGHV)XHVKLQJHQEHUGHP$EJUXQG :LHGHUKRE6XNRGHQ.RSIXPGHQEHVWHQ:HJ]XILQGHQ :LHHLQHIDOWHQORVH'HFNHVSDQQWHVLFKEHULKPGHUSRVW NDUWHQEODXH$UL]RQDKLPPHOQXUKLQXQGZLHGHUYRQHLQHU NOHLQHQ)HGHUZRONHYHU]LHUW 6XNRV)H]LWWHUWHQ5DVFKKREHUGDVUHFKWH%HLQXQGIDQG LQGHUQlFKVWHQ6SDOWH+DOW)UZHQLJH$XJHQEOLFNHNOHEWHHU LQVHLQHU6FKUlJKDOWXQJDQGHU:DQG (UNOHWWHUWHZHLWHUVDKKDOEOLQNVDEHUPDOVHLQHQNOHLQHQYHU NUSSHOWHQ%XVFKGHULKPHLQODGHQGGLH=ZHLJHHQWJHJHQ VWUHFNWH6LHZDUHQQLFKWVRVWDUNZLHGLHGHVHUVWHQ%XVFKHV GRFK6XNRNRQQWHVLHDOV+LOIHJXWJHEUDXFKHQ 'DQQKDWWHHU*OFNXQGNRQQWHVHLQHOLQNH+DQGXPHLQH KHUYRUVSULQJHQGH)HOVQDVHNODPPHUQ'DQDFKJLQJHVQLFKW PHKUVRVWHLOEHUJDXI 6XNRODJDQGHU)HOVZDQG(UOHJWHPHKUPDOV3DXVHQHLQ GHQQGLH.OHWWHUHLLQGHUJOKHQGHQ+LW]HVFKDIIWHLKQ 6HLQ=LHOVFKLHQQLFKWQlKHU]XUFNHQ6XNRKDWWHQLFKWPLW JH]lKOWDEHUHUJODXEWHVFKRQGUHLLJ0LQXWHQJHNOHWWHUW]X VHLQ(UDWPHWHGXUFKGHQRIIHQHQ0XQG3IHLIHQGVDXJWHHU GLH/XIWHLQ6HLQH0XVNHOQYHUNUDPSIWHQVLFKZHJHQGHUXQ JHZRKQWHQXQGDQVWUHQJHQGHQ%HZHJXQJHQ (QGOLFKUFNWHGHU5DQGQlKHU 6XNRNlPSIWHVLFKK|KHUKROWHQRFKHLQPDODOOHVDXVVHLQHP .|USHUKHUDXV 'DV:RUWDXIJHEHQNDQQWHHUQLFKW6XNRZDUHLQ7\SGHU QRWIDOOVELV]XPOHW]WHQ$WHP]XJNlPSIWH

9HUELVVHQXQGKDUWJHJHQVLFKVHOEVW 'LHOHW]WHQ
(VZDUHLQHWURVWORVHDOSWUDXPKDIWH/DQGVFKDIWhEHUPLUHLQ JUQHUJORVHQGHU+LPPHO2KQH6WHUQHRKQH6RQQHQRGHU 0RQGH(LQHJODWWHELVDQGHQ+RUL]RQWUHLFKHQGH)OlFKH ,FKULFKWHWHGHQ%OLFNQDFKXQWHQ*UDXHV*HVWHLQ(VVDKDXV ZLHHLQHSROLHUWH)OlFKH(VJDENHLQH(UKHEXQJHQNHLQH )HOVHQNHLQH+JHOQLFKWV ,QGHU)HUQHZXFKVHQ%RGHQXQG+LPPHO]XVDPPHQ ,FKVFKDXWHPLFKXPXQGVXFKWHQDFKGHP$XVJDQJ,FK ZROOWHZLVVHQZRLFKKHUJHNRPPHQZDUGRFKGDZDUNHLQ 7RUNHLQH'LPHQVLRQVWU,FKVFKLHQ0LWWHOSXQNWHLQHU:HOW]X VHLQGLHHVQRUPDOHUZHLVHJDUQLFKWJHEHQGXUIWH 'RFKLFKZXWHYRQ3DUDOOHOZHOWHQGLHDOV+RUWHGHU 'lPRQHQJDOWHQ+LHUKDWWHQVLHLKUHHLJHQWOLFKHQ5HLFKHKLHU IKUWHQVLHLKUH.ULHJHJHJHQHLQDQGHU6LHZDUHQ6SUXQJ EUHWWHULQGLH:HOWGHV6LFKWEDUHQ:RODJHQGLHVH:HOWHQ" 6FKRQRIWKDWWHLFKPLUGDUEHU*HGDQNHQJHPDFKWGRFK]X HLQHP(UJHEQLVZDULFKQLFKWJHODQJW,FKNDQQQXUVDJHQGD VLHMHQVHLWVGHUXQVULJHQ:HOWOLHJHQ,QDQGHUHQ'LPHQVLRQHQ XQG5lXPHQ :LUNHQQHQQXUGUHL'LPHQVLRQHQ/lQJH%UHLWHXQG+|KH $EHUGDV'lPRQHQUHLFKEHVWHKWDXV]DKOUHLFKHQ'LPHQVLRQV UlXPHQGLHEHUHLQDQGHUXQGXQWHUHLQDQGHUOLHJHQGLH YHUVFKDFKWHOWVLQGGLHUHJHOUHFKWH:HOWHQELOGHQXQGGRFK YRQXQVHUHPLUGLVFKHQ6WDQGSXQNWDXVQLFKWJHVHKHQ ZHUGHQN|QQHQ :LHPDQGRUWKLQJHODQJW" (VJLEWEHUDOODXIGHUVLFKWEDUHQ:HOW7RUHGLHLQV 'lPRQHQUHLFKIKUHQPDQPXVLHQXU]XILQGHQZLVVHQ2IW VLQGVLHVHKUYHUVWHFNWXQGNDXPHLQHUDKQWHWZDVYRQLKUHU ([LVWHQ]'RFKZHUGLH0lUFKHQXQG/HJHQGHQGHUDOWHQ 9|ONHUJHQDXVWXGLHUWZLUGRIW+LQZHLVHDXIGLHMHQVHLWLJH :HOWILQGHQ =HLWVSUQJHWUDQV]HQGHQWDOH7RUHQLFKWGLHVH:RUWHKDEHQ GLH9HUIDVVHUJHZlKOWQHLQVLHXPVFKULHEHQVLHZROOWHQQLFKW DXIGLHDQGHUHQ5HLFKHDXIPHUNVDPPDFKHQGHQQVLHZXWHQ

YRQGHQ*HIDKUHQZHOFKHGLH0HQVFKHQGRUWHUZDUWHQ ,FKEHIDQGPLFKQLFKW]XPHUVWHQPDOLQGHU:HOWGHV -HQVHLWLJHQ,FKKDWWHEHUHLWV!$XVIOJHGRUWKLQXQWHUQRPPHQ DEHUQLHIUHLZLOOLJ8QJOFNOLFKH8PVWlQGHKDWWHQPLFKGD]X JH]ZXQJHQGRFKPLWYLHO*OFNKDWWHLFKELVKHUGLHQRUPDOH :HOWZLHGHUHUUHLFKHQN|QQHQ :UGHHVDXFKGLHVPDOGHU)DOOVHLQ" ,P$QIDQJZDUHVLPPHUVFKZHU]XJODXEHQMHGRFKLP /DXIHGHU-DKUHKDWWHVLFKEHLPLUHLQ*HIKOHLQJHVWHOOWGDV PDQ2SWLPLVPXVQHQQW-DLFKZDU2SWLPLVWGHQQVRQVW KlWWHLFKVFKRQOlQJVWGHQ*ODXEHQDQGLH:HOWLQGHULFK OHEWHYHUORUHQ 'DV*UDEGHV+|OOHQUHLWHUVZDUDOVRHLQ7RU]XU 'lPRQHQZHOW+DWWHQHVGLH8UHLQZRKQHUGHV/DQGHV JHNDQQW"%HVWLPPWGHQQLQGLDQLVFKH0\WKHQXQG6DJHQEH LQKDOWHQRIWVHKUYLHO:DKUKHLW $XFKGLHVPDOVWHOOWHVLFKGDVHLQZDVPLFKLPPHUZLHGHU ZXQGHUWH,FKNRQQWHDWPHQ7URW]GHUDQGHUHQ/XIWGHVDQGH UHQ+LPPHOV:DKUVFKHLQOLFKZDUGLHVEHZXWVRHLQJHULFKWHW ZRUGHQGDPLWGLH0HQVFKHQGLHKLHUKHUYHUVFKOHSSWZXUGHQ QLFKWVRIRUWVWDUEHQ,FKZDUIDVWVLFKHUGDLFKLUJHQGZDQQ DXI0HQVFKHQVWRHQZUGH0DQODVRIWYRQSO|W]OLFK 9HUVFKZXQGHQHQGLHHQWZHGHUQLHRGHUYLHOVSlWHUDXI WDXFKWHQ 'RFKGDQQKDWWHQVLFKGLHVH0HQVFKHQYHUlQGHUW6LHIDQGHQ VLFKLQGHUQRUPDOHQ:HOWQLFKWPHKU]XUHFKWUHGHWHQZLUU XQGZXUGHQLQHQWVSUHFKHQGH$QVWDOWHQJHVWHFNW 'RUWVLHFKWHQVLHELVDQLKU/HEHQVHQGHGDKLQ1LHPDQG VSUDFKPLWLKQHQQLHPDQGJODXEWHLKQHQ ,FKJLQJZHLWHU .HLQ:LQGKDXFKUHJWHVLFK.HLQ9RJHO]ZLWVFKHUWHNHLQ /HEHZHVHQDXHUPLUEHIDQGVLFKLQGHUVFKUHFNOLFKHQ:HLWH GHV/DQGHV 'RFKDPVFKOLPPVWHQZDUGLH6WLOOH 6LHZDUDEVROXW

,FKYHUQDKPPHLQHQHLJHQHQ+HU]VFKODJZHQQLFKVWHKHQ EOLHE(UK|UWHVLFKEHUODXWDQ $XWRPDWLVFKVHW]WHLFK6FKULWWYRU6FKULWW,FKWUDWHLQLQGLH :HLWHGHVPLUIUHPGHQ/DQGHVKDWWHVFKRQQDFKZHQLJHQ 0LQXWHQGDV*HIKO6WXQGHQXQWHUZHJV]XVHLQ =HLWVSLHOWHKLHUNHLQH5ROOH,QHLQHU:HOWLQGHUVLFKGLH 'LPHQVLRQHQYHUVFKREHQZDUGHU%HJULII=HLWHWZDVY|OOLJ )UHPGHV(VJDEKLHUNHLQH5HODWLRQPHKUNHLQHQ%H]XJV SXQNWDQGHPGLH=HLWJHPHVVHQZHUGHQNRQQWH 7DJXQG1DFKW6RPPHUXQG:LQWHUHVZDUDOOHVJOHLFKLQ GLHVHP/DQGRKQH6RQQHXQG*HVWLUQH ,PPHUZLHGHUVXFKWHQPHLQH%OLFNHGHQ+RUL]RQWDE8QG SO|W]OLFKJODXEWHLFKHWZDV]XHUNHQQHQ ,FKEOLHEVWHKHQ 9RUPLUZHLWLQGHU)HPHVDKLFKHLQHQ3XQNW(VNRQQWH HLQ0HQVFKVHLQDEHUDXFKHLQ6WHLQGHUGRUWLQGLH+|KHUDJWH 0HLQH%OLFNHZDQGHUWHQQDFKOLQNV,FKWDWGLHVQLFKW EHZXWGRFKGDVDKLFKGHQ]ZHLWHQ3XQNW$XVGHU (QWIHUQXQJJHVHKHQJOLFKHUGHPHUVWHQDXIV+DDU (LQHUSO|W]OLFKHQ,GHHIROJHQGZDQGWHLFKPLFKXP $XFKZHLWKLQWHUPLUVWDQGHQ]ZHL)LJXUHQ ,FKZDUHLQJHNUHLVWXQGIKOWHPLFKDOV0LWWHOSXQNWHLQHV XQVLFKWEDUHQ4XDGUDWV .DPHQGLH)LJXUHQQlKHU" ,FKZROOWHHVKHUDXVILQGHQXQGEOLHEHUVWHLQPDOVWHKHQ(LQH ILHEHUQGH6SDQQXQJHUIDWHPLFK1DFKGHU=HLWGHUgGHXQG /HHUHZUGHHQGOLFKHWZDVJHVFKHKHQ 9RUEHUHLWHWZDULFKDXIDOOHV 8QGVLHQlKHUWHQVLFK1LFKWVHKUVFKQHOOQHLQVLHOLHHQVLFK =HLWVLHZXWHQLKU2SIHULQGHU)DOOH -HQlKHUVLHNDPHQXPVREHVVHUXQGNODUHUNRQQWHLFKVLH VHKHQ6LHO|VWHQVLFKDXVGHP6FKDWWHQGHV+RUL]RQWVXQGLFK HUNDQQWHGDHV5HLWHUZDUHQGLHVLFKQlKHUWHQ 9LHU5HLWHU$EHUNHLQ+XIVFKODJZDU]XK|UHQ 'LH3IHUGHVFKLHQHQGHQ%RGHQJDUQLFKW]XEHUKUHQVLH

VFKZHEWHQEHUGLHJODWWH)OlFKHKLQZHJ$OOHVJLQJLQJHVSHQ VWLVFKHU/DXWORVLJNHLWYRUVLFK ,FKKDWWHGLH/LSSHQ]XVDPPHQJHSUHWXQGDWPHWHIODFK :RKLQLFKPLFKDXFKZDQGWHLPPHUKDWWHLFK]ZHL5HLWHULP 5FNHQ(LQXQDQJHQHKPHVEHGURKHQGHV*HIKO $QJVWEHVFKOLFKPLFK ,QPHLQHP1DFNHQVDPPHOWHQVLFKGLH6FKZHLWURSIHQ,Q NDOWHQ%DKQHQOLHIHQVLHPLUGHQ5FNHQKLQDE :LHVROOWHLFKPLFKJHJHQYLHU5HLWHU]XU:HKUVHW]HQ" 8QGVLHNDPHQQlKHU /DXWORVJHVSHQVWLVFK :HUYRQLKQHQZDUGHU+|OOHQUHLWHU"%HIDQGHUVLFKYRUPLU" 2GHULQPHLQHP5FNHQ"9LHOOHLFKWZDUHUDXFKJDUQLFKW GDEHL 1XUPLWlXHUVWHU.RQ]HQWUDWLRQEHZDKUWHLFKGLH1HUYHQ 0HLQ+DOVZDUWURFNHQXQGLFKVWDQGZLHHLQ'HQNPDO ZDUWHWHGLH$QNXQIWGHUYLHU5HLWHUDE ,FKPDGLH(QWIHUQXQJPLWLUGLVFKHQ(LQKHLWHQ =ZDQ]LJGUHLLJ
HLQ6FKZHUWLQGHUUHFKWHQ+DQGXQWHUVHLQHP.RSIVFKXW] YHUPHLQWHLFKHLQHQ7RWHQVFKlGHOVFKLPPHUQ]XVHKHQ NRQQWHPLFKDEHUDXFKWlXVFKHQ 'HUDQGHUHWUXJHLQH3HLWVFKH6LHKDWWHOHGHUDUWLJH6FKQUH DQGHUHQ(QGHQ6WDKONXJHOQHLQJHGUHKWZRUGHQZDUHQ 1LHPDQGGHU5HLWHUWUDI$QVWDOWHQPLFKDQ]XJUHLIHQ 6WXPPVWDQGHQVLHYRUPLU $XFKLFKVSUDFKNHLQ:RUWDWPHWHIODFKDEHULQPHLQHP *HKLUQZLUEHOWHQGLH*HGDQNHQ%HLQDKHVFKPHU]KDIWIUDJWH LFKPLFKZRLFKGLHVH5HLWHUVFKRQJHVHKHQKDWWH ,FKOLHIDVWDOOPHLQH)lOOHYRUPHLQHPJHLVWLJHQ$XJH 5HYXHSDVVLHUHQ]XHLQHP(UJHEQLVJHODQJWHLFKQLFKW 8QGGRFKKDWWHLFKVLHEHUHLWVJHVHKHQ 8QGGDWUDIPLFKGLH(UNHQQWQLV:LHHLQ%OLW]DXVKHLWHUHP +LPPHO3O|W]OLFKZXWHLFK%HVFKHLG 0HLQH*HGDQNHQZDQGHUWHQ]XUFNLQGLHQRUPDOH:HOW,FK VDKPLFKYRUHLQHP*HVFKLFKWVEXFKVLW]HQGDVEHUHLQHQ $EULGHV0LWWHODOWHUVEHULFKWHWH (LQSDDU6HLWHQZDUHQGHP0DOHU$OEUHFKW'UHUJHZLGPHW (UKDWWHLQVHLQHU*ODQ]]HLWHLQHQ+RO]VFKQLWWDQJHIHUWLJW 'LHYLHUDSRNDO\SWLVFKHQ5HLWHU 'LH$SRNDO\SVHGHU:HOWXQWHUJDQJ'UHUKDWWHGDV *UDXHQHLQJHIDQJHQLQVHLQHP+RO]VFKQLWW 'LH5HLWHUZDUHQGLH9RUERWHQGHU$SRNDO\SVH6LHOHLWHWHQ GHQ:HOWXQWHUJDQJHLQ 8QGLFK-RKQ6LQFODLUVWDQGYRULKQHQ 3O|W]OLFKZXUGHQPLUGLH.QLHZHLFK'DV:LVVHQXPGLHVH YLHUDSRNDO\SWLVFKHQ5HLWHUEHUZlOWLJWHPLFK6LHJHLVWHUWHQ GXUFKGLH*HVFKLFKWHTXlOWHQGLH0HQVFKHQLQLKUHQ7UlXPHQ XQGKDWWHQGHQ0DOHU$OEUHFKW'UHU]XVHLQHP+RO]VFKQLWW LQVSLULHUW :DUHULKQHQEHJHJQHW"+DWWHHUVLHHEHQVRJHVHKHQZLHLFK" 0HLQH.QLH]LWWHUWHQ*HJHQEHUGLHVHQ5HLWHUQIKOWHLFK PLFKZLHHLQ:XUP$EHULFKZDUGHU/|VXQJGHV5lWVHOV HLQHQ6FKULWWQlKHUJHNRPPHQ

$OOGDV*UDXHQGDVGLH0HQVFKKHLWVJHVFKLFKWHLQVLFK EDUJKLQJLUJHQGZR]XVDPPHQKDWWHLQGHQ-HQVHLWVUHLFKHQ VHLQHQ8UVSUXQJ'LHVH(UNHQQWQLVEHUZlOWLJWHPLFK0LU ZXUGHVFKZLQGOLJ1XUPLWlXHUVWHU.UDIWKLHOWLFKPLFK DXIGHQ%HLQHQZREHLLFKQLFKWYHUKLQGHUQNRQQWHGDLFK VFKZDQNWH 'HU:HOWXQWHUJDQJ 6WDQGHUGLFKWEHYRU":DUHVVFKRQVRZHLW" 1HLQQHLQQHLQ,FKNRQQWHXQGZROOWHHVHLQIDFKQLFKW JODXEHQ'LH0HQVFKKHLWGXUIWHQLFKWXQWHUJHKHQ6LHKDWWH ELVKHUDOOH6FKUHFNHQ.ULHJH6HXFKHQXQG+XQJHUVQ|WH EHUVWDQGHQXQGVLHGXUIWHDXFKMHW]WQLFKWGHP*UDXHQDXV GHQDQGHUHQ'LPHQVLRQHQDQKHLPIDOOHQ .HLQHUGHU5HLWHUEHZHJWHVLFK6WXPPVWDQGHQVLHYRUPLU ,FKKDWWHPLFKZLHGHUJHIDQJHQXQGGDFKWHDQGHQIQIWHQ 5HLWHU :LHKDWWH+HUE\LKQJHQDQQW" 0DULQJRGHU+|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|QQHQ ,FKZDJWHGHQHUVWHQ6FKULWW 'LH5HLWHUUKUWHQVLFKQLFKW 'HU]ZHLWH6FKULWWGHUGULWWH 6LHOLHHQPLFKSDVVLHUHQ1LHPDQGJULIIPLFKDQQLHPDQG ZROOWHPHLQ/HEHQ)UHLNRQQWHLFKPLFKEHZHJHQ

'RFKGLH)UHLKHLWGDXHUWHQLFKWODQJH3O|W]OLFKZDULFKHLQ JHNUHLVW,FKK|UWH6WLPPHQ )OVWHUQXQG:LVSHUQXPPLFKKHUXP/HLVHV/DFKHQ 8QVLFKWEDUH+lQGHJULIIHQQDFKPLU]HUUWHQDQPHLQHU .OHLGXQJ,FKHUKLHOWOHLFKWH6FKOlJHLQV*HVLFKWMHPDQG NODPPHUWHVLFKDQPHLQ%HLQ,FKYHUVXFKWHPLFKDXVGHU 8PNODPPHUXQJ]XO|VHQVFKDIIWHHVDEHUQLFKW 0DQFKPDOJODXEWHLFKIU%UXFKWHLOHYRQ6HNXQGHQ 6FKDWWHQEHUGHQ%RGHQKXVFKHQ]XVHKHQ ,PQlFKVWHQ$XJHQEOLFNZDUHQVLHZLHGHUYHUVFKZXQGHQ 3O|W]OLFKVWRSSWHPLFKHLQHXQVLFKWEDUH%DUULHUH,FKZDUWHWH GDUDXIZDVJHVFKHKHQZUGH 9RUPLUEHJDQQGLH/XIWSO|W]OLFK]XIOLPPHUQ$OOHVZDULQ GDXHUQGHU%HZHJXQJ(WZDV*UDXHQKDIWHVJLQJKLHUYRU HWZDVZDVLFKQLFKWIDVVHQRGHUEHJUHLIHQNRQQWH 'DQQVDKLFKGDV$XJHQSDDU *HOEOLFKOHXFKWHQGXQGDXIPLFKIL[LHUW $XIHLQPDOZXWHLFKZHUYRUPLUVWDQG(VZDUHLQDOWHU %HNDQQWHU (VZDUGHU6SXN 6XNRXQG+HUE\ZDUHQDXIGHP:HJQDFK+LFNRU\ 'HU&KLQHVHKDWWHVLFKQDFKUHLIOLFKHUhEHUOHJXQJ]XGLHVHP 0DUVFKHQWVFKORVVHQ(UKDWWHLP/DXIHGHU=HLWHLQ*HVSUIU EHYRUVWHKHQGH*HIDKUHQVLWXDWLRQHQHQWZLFNHOWXQGHUZXWH DXFKZDQQGLH0lFKWHGHU)LQVWHUQLV]XVFKOXJHQ6XNR NRQQWHVLFKVHKUZRKOLQGHQ+|OOHQUHLWHUKLQHLQYHUVHW]HQ(U DKQWHGDHULQGHQQlFKVWHQ6WXQGHQDQJUHLIHQZUGH ,Q+LFNRU\ZDU5RGHR=DKOUHLFKH0HQVFKHQNDPHQ]X VDPPHQ(VZXUGHJHIHLHUWJHODFKWJHWDQ]WXQGJHWUXQNHQ 1LHPDQGUHFKQHWHPLWHLQHU*HIDKU 6ROFKH6LWXDWLRQHQQXW]WHQGLH'lPRQHQDXV'DQQVFKOXJHQ VLHHUEDUPXQJVORV]X 6XNRZROOWHGLHVYHUKLQGHUQ

'DEHLKDWWHHUMHGRFKHLQVFKOHFKWHV*HZLVVHQ9LHOOLHEHU KlWWHHUVLFKDXIGLH6XFKHQDFKPLUEHJHEHQGRFKHUNDQQWH PHLQH(LQVWHOOXQJ:HQQ0HQVFKHQLQ*HIDKUZDUHQ]lKOWH PHLQ/HEHQQLFKWPHKU'DQQJDOWHV]XHUVWGLHDQGHUHQ]X UHWWHQ=XGHPJODXEWH6XNRQLFKWDQPHLQHQ7RG8QGZHQQ HUGHQ+|OOHQUHLWHUVFKQDSSWHKDWWHHUYLHOOHLFKWHLQH&KDQFH KHUDXV]XILQGHQZRLFKPLFKDXIKLHOW 6RVDKHQVHLQH=LHOYRUVWHOOXQJHQDXVDOVHUYRQGHU.XSSH HLQHV+JHOVDXIGLH6WDGWKLQXQWHUEOLFNWH +HUE\VWDQGQHEHQLKPª'DLVWMDZLUNOLFKDOOHUKDQGORV© VDJWHGHU$OWHXQGULHEVLFKGLH+lQGHª'LHIQI]LJ'ROODU KDXHLFKDXIGHQ.RSI,FKULHFKHVFKRQGHQ:KLVN\XQG GDV%LHU© 6XNRVDJWHQLFKWV(UVDKVLFKQDFKGHP)HVWSODW]XP 'HU)HVWSODW]EHIDQGVLFKDXHUKDOEGHV2UWHV'XUFK &RUUDOVWDQJHQZDUGDV*HOlQGHHLQJH]lXQWZRUGHQ$QGHU 6FKPDOVHLWHEHIDQGHQVLFKSURYLVRULVFKDXIJHEDXWH%R[HQZR GLH6WLHUHDXILKUHQ$XIWULWWZDUWHWHQ:HLWHUKLQWHQVDK6XNR GLH3IHUGHNRSSHOQLQGHQHQVLFKGLHZLOGHQ0XVWDQJVWXP PHOWHQGLHHLQJHULWWHQZHUGHQVROOWHQ(VZDUHLQ%LOGGHU *HJHQVlW]H'LH5RPDQWLNGHV:LOGHQ:HVWHQVSDDUWHVLFKPLW WHFKQLVFKHQ(UUXQJHQVFKDIWHQGHU*HJHQZDUW&KURP JOLW]HUQGH:DJHQVWDQGHQQHEHQGHQ3IHUGHNRSSHOQ$XV ULHVLJHQ/DXWVSUHFKHUQW|QWH+LOOELOO\0XVLN6TXDUH'DQFH *UXSSHQKDWWHQ$XIVWHOOXQJJHQRPPHQXQGKSIWHQQDFK GHQIORWWHQ5K\WKPHQGHU&RXQWU\0XVLF =XP2UWKLQIKUWHHLQH%XGHQVWUDH'RUWJDEHVDOOGDV]X NDXIHQZDVGDV+HU]EHJHKUWH$QGHQNHQIU7RXULVWHQ 6WHDNVIUKXQJULJH0lJHQXQG%LHUXQG:KLVN\LQUDXKHQ 0HQJHQ'LH%HVXFKHUVWLHJHQLQ:HVWHUQWUDFKWDXVLKUHQ 6WUDHQNUHX]HUQ'DV5RGHREUDFKWHMXQJXQGDOW]XVDPPHQ ª'DQQZROOHQZLUPDO©VDJWH+HUE\ 6XNRKLHOWLKQDP$UPIHVW%HLGH0lQQHUZDUHQPLW6WDXE EHUGHFNW$XHUGHPKDWWHGHU.DPSI6SXUHQDQ6XNRV .OHLGXQJKLQWHUODVVHQ

ª:DVLVWGHQQQRFK"©NQXUUWH+HUE\XQZLOOLJ ª:HUDXHUGLUZHL EHUGHQ+|OOHQUHLWHU%HVFKHLG"© ª$OOH© ª'DVNDQQLFKPLUGHQNHQ'LH=HLWXQJHQKDEHQMDGDUEHU EHULFKWHW,FKZLOOZLVVHQZHUHWZDV*HQDXHUHVZHL© +HUE\YHU]RJGDV*HVLFKW'DEHLZDQGHUWHVHLQ%DUWQDFK UHFKWVª(VJLEWGDZRKOHLQHQ©PHLQWHHUªDEHUGHULVWZDKU VFKHLQOLFKEHWUXQNHQ© ª:LHKHLWGHU0DQQ"© +HUE\NUDW]WHVLFKDP$UPª(ULVW$SDFKH(LQDOWHU 0HGL]LQPDQQ6HLQHQULFKWLJHQ1DPHQZHLLFKQLFKW$EHU GLH:HLHQQHQQHQLKQ7DQ]HQGHU%lU:HQQHUWRWDOEH WUXQNHQLVWIKUWHULPPHUVHLQHDOWHQ6WDPPHVWlQ]HDXI6R WDSVLJXQGXQJHOHQNZLHHLQ%lU'HVKDOEGHU1DPH© ª8QGZRILQGHLFKLKQ"© +HUE\GHXWHWHLQGLH5XQGHªhEHUDOOXQGQLUJHQGV(U ZRKQWLP,QGLDQHUYLHUWHOYRQ+LFNRU\DEHUMHW]WZLUGHUZRKO GXUFKGLH.QHLSHQ]LHKHQ:HQQGX*OFNKDVWLVWHUQRFK HLQLJHUPDHQQFKWHUQ$EHUGXPXWGLFKEHHLOHQ© ª2ND\© ª1RFK QH)UDJH"© ª:HQQLFKGLFKEUDXFKHZRELVWGX]XILQGHQ"©IUDJWH6XNR ª'LHIQI]LJ'ROODUYHUVDXIHLFKLP)UHLHQ$QLUJHQGHLQHP 6WDQG&KHHULR&KLQDPDQQ© +HUE\ZDUGXUFKQLFKWVPHKUDXI]XKDOWHQ(UUDQQWHVHLQHP 9HUJQJHQHQWJHJHQ 6XNRJLQJODQJVDPHU 6RHEHQKLHOW%LJ-RVK&DQQLJKDQ(LQ]XJ'HUJU|WH5DQFKHU LP8PNUHLVKDWWHIUVLFKXQGVHLQHQ7URHLQH7ULEQHDXI EDXHQODVVHQ(UJLQJDQGHU6SLW]HVWHXHUWHGLH(KUHQSOlW]H DXIGHU7ULEQHDQXQGVFKZHQNWHVHLQHQ+XW1HEHQLKP VFKULWWHLQEORQGHV0lGFKHQ(VZDUHEHQIDOOVLQGHU /DQGHVWUDFKWJHNOHLGHW8QWHUGHP%HLIDOOGHU=XVFKDXHUQDK PHQGLH&DQQLJKDQV3ODW] $OVGLH&RZER\VHLQULWWHQXQGGHU+DXSWWHLOGHV5RGHRV

EHJDQQVFKULWW6XNRDQGHQODQJHQ.RORQQHQGHUDEJHVWHOOWHQ :RKQZDJHQYRUEHL.DXPMHPDQGKLHOWVLFKLQGHQ:DJHQDXI 'DV0HWDOONRFKWHLQGHU6RQQH=ZHL%DVWDUGKXQGHKRFNWHQ LP6FKDWWHQHLQHV9RUEDX]HOWHVEOLQ]HOWHQ6XNRVFKOlIULJDQ XQGJlKQWHQ 9RQGHQ.DPSISOlW]HQKHUNODQJ%HLIDOODXI(UZDUGQQ XQGJHGlPSIW 6XNRYHUOLHGHQDEJHWHLOWHQ:RKQZDJHQEH]LUNXQGEHIDQG VLFKGLUHNWLQHLQHUDQGHUHQ:HOW 'LH%XGHQXQG%LHUVWUDHQDKPLKQDXI6LHZDUGLH 9HUOlQJHUXQJGHU0DLQ6WUHHWXQGKLHUZDUEHUHLWVDOOHUKDQG ORV0HQVFKHQXPODJHUWHQGLH6WlQGHGLH$QGHQNHQEXGHQ KDWWHQ+RFKEHWULHEGHU'XIWYRQJHEUDWHQHQ6WHDNVVFKZlQ JHUWHGLH/XIWXQGYHUPLVFKWHVLFKPLWGHP6WDXEGHQGLH 6WUDHQWlQ]HUDXIZLUEHOWHQ 0XVLNZRKLQPDQK|UWH'LH0HQVFKHQWUXJHQ:HVWHUQ WUDFKWXQG6XNRNDPVLFK]LHPOLFKGHSOD]LHUWYRU (UKLHOWQDFKGHP0HGL]LQPDQQ$XVVFKDX(LQVFKZLHULJHV 8QWHUIDQJHQGDHUZHGHUZXWHZLHGHU7DQ]HQGH%lUDXVVDK QRFKZRHUZRKQWH 'HU&KLQHVHKLHOWHLQHQKDOEZFKVLJHQ,QGLDQHUMXQJHQDQ 'HU.QDEHKDWWHHLQHVFKZDU]HIHWWLJJOlQ]HQGH3HUFNHDXI XQGWUXJHLQHQ7RSIKXW,QGHUUHFKWHQ+DQGKLHOWHUHLQH )ODVFKH%LHU6HLQ2EHUN|USHUZDUEOR,QGHQZHLHQKRFK KDFNLJHQ&RZER\VWLHIHOQNRQQWHHUNDXPODXIHQ %HYRUHULQHLQHP=HOWYHUVFKZLQGHQNRQQWHIDWH6XNRLKQ DP2EHUDUP9HUlUJHUWGUHKWHVLFKGHU.QDEHXP ª:DVLVW"© 6XNREOLHEIUHXQGOLFK ª,FKKlWWHJHUQHLQH$XVNXQIW© 'HU,QGLDQHUVFKDXWH6XNRDQ'DQQJULQVWHHUXQGHQWEO|WH HLQJHOEHV*HELª'XELVW Q&KLQNZLH"9HUVFKZLQGH)UHXQG GHQQ&KLQNVN|QQHQVLHKLHUQLFKWOHLGHQ:LUZHUGHQQXU JHGXOGHWZHLOZLU]XP%LOGJHK|UHQ$EHU&KLQNV© ª:LOOVWGXGLUIQI'ROODUYHUGLHQHQ"©

ª'LHQHKPHLFKVRJDUYRQHLQHP&KLQNDQ© ª'DQQVDJPLUZRLFK7DQ]HQGHU%lUILQGHQNDQQ©6XNR JDELKPGLH1RWH 'HU%XUVFKHVWHFNWHVLHLQGLH7DVFKHVHLQHUVFKPXGGHOLJHQ -HDQVª9RUHLQSDDU0LQXWHQKDEHLFKLKQQRFKJHVHKHQ(U ZDULQVHLQHUDOWHQ%UHWWHUEXGH6SLHOWQHXHUGLQJVGHQ :DKUVDJHU*HKGLH6WUDHZHLWHUHQWODQJ'DV+DXVLVWURW DQJHVWULFKHQ© ª2ND\GDQNH© 'HUMXQJH,QGLDQHU]XFNWHPLWGHQ$FKVHOQXQGWUDQNGLH )ODVFKHPLWHLQHP=XJOHHU'DQQZDUIHUVLHHLQIDFKZHJ 6XNRJLQJLQ]ZLVFKHQGLH%XGHQVWUDHKLQDE(UILHODXI 6S|WWLVFKH%OLFNHWUDIHQLKQPDQFKPDOZXUGHQLKPDXFK GLVNULPLQLHUHQGH%HPHUNXQJHQDQGHQ.RSIJHZRUIHQGRFK JHZDOWWlWLJZXUGHQLHPDQG 8QEHKHOOLJWHUUHLFKWH6XNRGDV+DXV 'LH%UXFKEXGHZDULQGHU7DWURVWURWDQJHVWULFKHQ(LQH7U JDEHVQLFKW(LQDOWHUPRWWHQ]HUIUHVVHQHU9RUKDQJHUVHW]WHVLH 6XNRVFKREGHQ9RUKDQJNXU]HUKDQG]XU6HLWH ª.RPPKHUHLQ)UHPGHU©K|UWHHUHLQHNUlFK]HQGH6WLPPH ªGDPLWLFKGHLQH=XNXQIWLQPHLQHP7RWHPOHVHQNDQQ)U ]ZHL'ROODUZHUGHLFKGLUVDJHQZDVGLFKLP/HEHQQRFKDOOHV HUZDUWHWIUIQI'ROODUWHLOHLFKGLUPLWZDVQDFKGHLQHP7RG JHVFKLHKW© 6XNROLHGHQ9RUKDQJZLHGHU]XIDOOHQ =ZHLVFKPDOH)HQVWHUEHIDQGHQVLFKDQGHU5FNVHLWHGHV *HElXGHV)DKOHV/LFKWILHOGXUFKGLHVFKPXW]LJHQ6FKHLEHQ 6XNRV$XJHQPXWHQVLFKHUVWDQGDV'lPPHUOLFKW JHZ|KQHQ8QGDXFKDQGHQ*HVWDQN(UHULQQHUWHLKQDQ UDQ]LJHV)HWW $QGHQ:lQGHQKLQJHQ)HOOH7URPPHOQ7RWHPVXQGDOWH LQGLDQLVFKH:DIIHQ'LH8QRUGQXQJZDUVDJHQKDIW,QPLWWHQ GLHVHV&KDRV VDGHU7DQ]HQGH%lU ,P6FKQHLGHUVLW]KRFNWHHUDXIHLQHP%IIHOIHOO,QVHLQHU +DQGKLHOWHUHLQHQEXQWEHPDOWHQ*HJHQVWDQG(LQHQ7RWHP

SIDKOLQ0LQLDWXUDXVJDEH9RULKPVWDQGHLQH6FKVVHODXVGHU HLQHVFKZDFKHILQJHUGLFNH5DXFKIDKQHKRFKVWLHJ 'HU0HGL]LQPDQQZLUNWHZLHHLQ5HOLNWDXVHLQHUOlQJVW YHUJDQJHQHQ=HLW(UZDUXQJHKHXHUPDJHUXQGWUXJHLQHQ /HQGHQVFKXU]$XIVHLQHP6FKlGHOVDHLQSUlSDULHUWHU %IIHONRSI'LH+|UQHUZDUHQEXQWEHPDOW 9RQGHP0HGL]LQPDQQJLQJDXFKGHU*HVWDQNDXV(UKDWWH VLFKVHLQHQ2EHUN|USHUPLWGLHVHPEHOULHFKHQGHQ=HXJHLQ JHULHEHQ 7DQ]HQGHU%lUVWUHFNWHGLH+DQGDXVXQGULHE'DXPHQXQG =HLJHILQJHUJHJHQHLQDQGHU 6XNRYHUVWDQGGDV=HLFKHQ(UOHJWHGHP,QGLDQHUHLQHQ =HKQ'ROODU6FKHLQLQGLH+DQG 'LH$XJHQGHV0HGL]LQPDQQHVZXUGHQJURª:DVVROOLFK GDIUWXQ"©NUlFK]WHHUPLWUDXLVFK 6XNROLHVLFKLKPJHJHQEHUDXIGHQ%RGHQVLQNHQª0LU HWZDVHU]lKOHQJURHU0HLVWHU© ª8QGZRUEHU"© ªhEHU0DULQJR© 6XNRKDWWHGHQ1DPHQNDXPDXVJHVSURFKHQGDVSUDQJGHU 0HGL]LQPDQQDXIª5DXV©ULHIHUª:HJPLWGLUGDPLWWUHLEW PDQNHLQHQ6FKHU]©(UVFKOXJVLFKDXIGLH6FKHQNHOXQGEUDFK LQJURHV:HKNODJHQDXV 6DQIWGUFNWHGHU&KLQHVHGHQ0HGL]LQPDQQZLHGHUDXIGLH (UGH/DQJHVWDUUWHQVLHVLFKDQ'DQQVDJWH6XNRª'XHU]lKOVW PLUMHW]WHWZDVEHU0DULQJRRGHUHLQ8QJOFNEULFKWEHU DOOHKHUHLQGLHKLHUVLQG© ª:HUZHUELVWGX"©IUDJWH7DQ]HQGHU%lU ª'DVVDJHLFKGLUVSlWHU$EHUMHW]WUHGH© 'HU0HGL]LQPDQQQLFNWHXQGEHJDQQ]XVSUHFKHQ

'HU6SXNVWDQGYRUPLU6RIRUWZXUGHQ(ULQQHUXQJHQLQPLU ZDFK,FKGDFKWHDQ1HZ
PVVHQVLHLP5HLFKGHU6FKDWWHQGDUEHQ© ,FKEHWHWHLQQHUOLFKGDHVQLHPDOVGD]XNRPPHQZUGH $EHUGLHYLHUDSRNDO\SWLVFKHQ5HLWHUKLHOWHQVLFKEHUHLW :DQQJULIIHQVLHDQ" ,FKZROOWHPHKUEHUGLH5HLWHUZLVVHQª6LQGVLHHVGLHLQ GHU$SRNDO\SVHEHVFKULHEHQZHUGHQ"© ª-D-RKQ6LQFODLU'LHDOWHQ6FKULIWHQKDEHQQLFKWJHORJHQ $XFKGLH6HKHUXQG0DJLHUZXWHQZDVDXIGLH:HOW]X NRPPHQZUGH6LHKDEHQJHZDUQW'RFKQLHPDQGZROOWHGLH :RUWHZDKUKDEHQ-HW]WLVWHV]XVSlW© 7LHIDWPHWHLFKHLQ1XQKDWWHLFKGLH%HVWlWLJXQJ'LHYLHU DSRNDO\SWLVFKHQ5HLWHUZUGHQWDWVlFKOLFKGLH:HOWKHLP VXFKHQXQGGDV&KDRVYHUEUHLWHQ $EHUZDVKDWWHGHUIQIWH5HLWHU0DULQJRGDPLW]XWXQ" ,FKVWHOOWHGLHVH)UDJH 'DVFKDOOWHPLUHLQ/DFKHQHQWJHJHQª0DULQJRZDUGHU %HJOHLWHUGHV6FKZDU]HQ7RGV(UZDUHLQ/HLEZlFKWHUHLQ 6HQGERWHGHU+|OOH(UNQGLJWHMHGHVPDOGLHJURHQ 6FKUHFNHQXQG.DWDVWURSKHQDQ:HQQHUDXIWDXFKWHZDUHV ]XVSlW'DQQVFKOXJGHU6FKZDU]H7RGZHQLJVSlWHUHUEDU PXQJVORV]X© ª6RZLHMHW]W"© ª)DVW-RKQ6LQFODLUIDVW'LHVPDOEHUHLWHWHHUGHQDSRNDO\S WLVFKHQ5HLWHUQGHQ:HJ(UEDKQWLKQHQHLQH*DVVH,FKOHLKH VLHGHP6FKZDU]HQ7RGDXV:DVLQHXUHU$SRNDO\SVHJH VFKULHEHQVWHKWZLUGVLFKEHZDKUKHLWHQ© ª$XFKZHQQ0DULQJRVWLUEW"©IUDJWHLFK0HLQH6WLPPH NODQJODXHUQGGHQQLFKVXFKWHQDFKGHUOHW]WHQ&KDQFH ª1HLQGDQQJHVFKLHKWQLFKWVGHQQGLH5HJHOQGHU 6FKZDU]HQ0DJLHPVVHQHLQJHKDOWHQZHUGHQ© ª,FKZLOOPLW0DULQJRNlPSIHQ©IRUGHUWHLFK,FKKDWWHGHQ (QWVFKOXVSRQWDQJHIDWVREOLHEPLUYLHOOHLFKWQRFKHLQH 0|JOLFKNHLWGDV6FKLFNVDO]XZHQGHQ :LHGHUODFKWHGHU6SXNª'X1DUU'HQNVWGXZLUODVVHQXQV VRGLFKWYRUGHP=LHOQRFKDXI.RPSURPLVVHHLQ"1HLQ-RKQ

6LQFODLUZLUZLVVHQXPGHLQH*HIlKUOLFKNHLW'XN|QQWHVW 0DULQJRXQWHU8PVWlQGHQEHVLHJHQ:LUZUGHQGLFKGDQQ ]ZDUDXFKW|WHQDEHUGLH,QYDVLRQGHU+|OOHQKHHUHZlUHIU HLQH:HLOHJHVWRSSW'DVN|QQHQZLUQLFKWULVNLHUHQ$EHUGX VROOVW]XVHKHQZDV0DULQJRPDFKWXQGZLHHUGHQ:HJYRU EHUHLWHW6FKDXKHU© ,FKVDKHLQZLUEHOQGHV6FKDWWHQVSLHOXQGSO|W]OLFKNULVWDO OLVLHUWHVLFKDXVGHP1LFKWVHLQHJUDXH:DQG 6LHJOLFKLQGHU*U|HHLQHU.LQROHLQZDQGGRFKVLHZDUGDX HUQGLQ%HZHJXQJ(VHUVFKLHQPLUDOVZUGHQ0LOOLRQHQYRQ ZLQ]LJHQ,QVHNWHQDXIGHU/HLQZDQGKHUXPNULHFKHQ 'DQQDEHUVDKLFKHLQ%LOG (LQHNOHLQH6WDGWLP:HVWHQLQ$UL]RQD +LFNRU\ 'DV5RGHRVWDQGGLFKWEHYRU'LH6RQQHVHQNWHVLFKVFKRQ GHPZHVWOLFKHQ+RUL]RQWHQWJHJHQ'LHHUVWHQ5HLWHUULWWHQLQ GHQ5RGHR&RUUDO+XQGHUWHYRQDKQXQJVORVHQ0HQVFKHQ VDKHQ]X0HLQ%OLFNZDQGHUWHZHLWHUKLQEHU]XGHQ%HUJHQ LP:HVWHQGLHEHUHLWVLP6FKDWWHQODJHQ 'RUWVWDQGHUZLHHLQ'HQNPDOXQGVWLHVHLQHIHXULJH/DQ]H LQGLHNODUH/XIW 0DULQJRGHU+|OOHQUHLWHU 'HU0HGL]LQPDQQEOLHVLQGLH6FKDOHYRUVHLQHQ%HLQHQXQG DXVGHPILQJHUGLFNHQ5DXFKVWUDKOZXUGHHLQH:RONH6LHTXROO GHU'HFNHHQWJHJHQXQG]HUIDVHUWHGRUW ª0DULQJRLVWXUDOW©VDJWH7DQ]HQGHU%lUª0DQFKHEHKDXS WHQHUZlUHVRDOWZLHGLH:HOWVHOEVW,FKZHLHVQLFKWDEHU PHLQH$KQHQXQG8UDKQHQKDEHQYRQLKPEHULFKWHW1RFK EHYRULKU:HLHQLQGLHVHV/DQGJHNRPPHQVHLGLVWHUEHU GLH3UlULHQXQG:VWHQJHULWWHQDXIVHLQHPVFKZDU]HQ 0XVWDQJGHVVHQ1VWHUQ)HXHUVSHLHQ(UZDUGHU9RUERWH HLQHVQRFKVFKUHFNOLFKHUHQ*HVFK|SIHVGHV6FKZDU]HQ 'lPRQVZLHZLULKQJHQDQQWKDEHQ©

6XNRZXWHGDPLWGHP6FKZDU]HQ'lPRQQXUGHU 6FKZDU]H7RGJHPHLQWVHLQNRQQWH ª,PPHUZHQQ0DULQJRLQGHQ'|UIHUQDXIWDXFKWHXQGGLH 7LSLVYHUZVWHWHJDEHV.ULHJ'DQQZXUGHQEOXWLJH 6WDPPHVIHKGHQDXVJHWUDJHQ0lQQHUVWDUEHQ)UDXHQXQG .LQGHUZHLQWHQ1LHPDQGNRQQWHGHP+|OOHQUHLWHU(LQKDOW JHELHWHQ(VNDPGLH6WXQGHGHU:HLHQ6LHGUDQJHQLQXQVHU /DQGHLQW|WHWHQGLH%IIHOKHUGHQXQGEUDFKWHQHEHQVRZLH 0DULQJR1RWXQG3HLQEHUXQV'DULHIHQZLUGHQ +|OOHQUHLWHUXP+LOIHDQXQGHUNlPSIWHYRQQXQDQDXIXQ VHUHU6HLWH'DIUYHUODQJWHHUGLH6HHOHQXQVHUHUVFK|QVWHQ 6TXDZV:LUJDEHQVLHLKP9LHOH:HLHKDWHUJHW|WHWGRFK GDQQNDPHLQ0DQQGHQLKU3ULHVWHUQHQQWLQXQVHU/DQGXQG KDWGHQ+|OOHQUHLWHUYHUQLFKWHW(UEHVLHJWHLKQPLWGHU0DFKW GHV.UHX]HVXQGGUFNWHLKPPLWHLQHPJHZHLKWHQJOKHQGHQ %UDQGHLVHQHLQ=HLFKHQDXIGLH6WLUQ'DQDFKZXUGH0DULQJR PLWVDPWVHLQHP3IHUGEHJUDEHQGRFKGHU3ULHVWHUJODXEWH QLFKWDQGLH/HJHQGHGLHEHVDJWGDQXUGLH.UDIWHLQHVQRFK VWlUNHUHQ(OHPHQWVLKQEHVLHJHQNDQQ'HU3ULHVWHUJUXE 0DULQJRWLHILQGHU(UGHHLQXQGVWHOOWHHLQHQ)HOVHQDXIGDV *UDE(UJODXEWHIUDOOH=HLWHQ5XKH]XKDEHQ'RFKHULUUWH VLFK0DULQJRLVW]XUFNJHNHKUW:LHVFKRQGDPDOVZLUGHUPLW VHLQHUJOKHQGHQ/DQ]HDOOHVYHUQLFKWHQZDVVLFKLKPLQGHQ :HJVWHOOW6HLQH)HLQGHZHUGHQQLHGHUJHPDFKWXQGZLHHVGLH 3URSKH]HLXQJGHU$OWHQVFKRQVDJWLVWPLWVHLQHP$XIWDXFKHQ GDV(QGHGHU:HOWHLQJHOHLWHWZRUGHQ© 'HU0HGL]LQPDQQKDWWHJHVSURFKHQRKQH/XIW]XKROHQ(U ZLUNWHHUVFK|SIWDOVHU6XNRDQVDKª1XQZHLWGXDOOHV )UHPGHU)OLHKVRODQJHQRFK=HLWLVW© 6XNRZLQNWHDEª6RHLQIDFKZLOOLFKHVGHP+|OOHQUHLWHU QLFKWPDFKHQ(VPXGRFKHLQH:DIIHJHEHQPLWGHUPDQLKQ EHVLHJHQNDQQ© 7DQ]HQGHU%lUVFKDXWH6XNRHUQVWDQª'LHJLEWHVDXFK© VDJWHHUGDQQ ª1HQQVLHPLU©

ª,QGHU/HJHQGHVWHKWJHVFKULHEHQGDGHU*URH*HLVW 0DQLWRXGHPMHQLJHQKLOIWGHUHVZDJWVLFKGHP+|OOHQUHLWHU ]XP.DPSI]XVWHOOHQ© ª'DQQZHUGHLFKHVVHLQGHULKQKHUDXVIRUGHUW© ª:HLWGXDXIZDVGXGLFKHLQOlW"©IUDJWH7DQ]HQGHU%lU ª-D© 'HU0HGL]LQPDQQVFKWWHOWHGHQ.RSIª'XZLUVWGLHVHQ .DPSIQLFKWJHZLQQHQN|QQHQGHQQ0DULQJRKDWGLH.UDIW GHU+|OOH6LHOHLWHWLKQXQGVLHPDFKWLKQVWlUNHUDOVDOOH DQGHUHQ1HLQGX1DUUHLQH&KDQFHKDVWGXQLFKW© 6XNRPHUNWHGDGHU0HGL]LQPDQQQLFKWEHUHLWZDUQRFK ZHLWHU]XUHGHQ'HVKDOEVWDQGHUDXIXQGYHUDEVFKLHGHWHVLFK 7DQ]HQGHU%lUK|UWHLKQQLFKW(UKDWWHGHQ.RSIJHVHQNWXQG VWDUUWH]X%RGHQ 6XNRWHLOWHGHQ9RUKDQJ(UWUDWKLQDXVLQGLH+HOOLJNHLWXQG PXWHGLH$XJHQVFKOLHHQXPVLFKDQGDVJUHOOH/LFKW]X JHZ|KQHQ 'DV5RGHRKDWWHEHUHLWVEHJRQQHQ=DKOUHLFKH0HQVFKHQ VWU|PWHQQRFKGHP7XUQLHUSODW]]X $XIGHU%XGHQVWUDHKHUUVFKWHNDXP9HUNHKU(LQSDDU %HWUXQNHQHWDXPHOWHQXPKHU(LQHUVSLH6XNRYRUGLH)H 'HU&KLQHVHNPPHUWHVLFKQLFKWGDUXP (UEOLHEVWHKHQXQGZLWWHUWHZLHHLQ5DXEWLHU6HLQVHFKVWHU 6LQQVDJWHLKPGD*HIDKULQGHU/XIWODJ /DQJVDPGUHKWHVLFK6XNRXP (UVFKDXWHQDFK:HVWHQGHUXQWHUJHKHQGHQ6RQQHHQWJHJHQ 8QGGDVDKHULKQ (UNDPGLUHNWDXVGHU6RQQHVDDXIVHLQHPVFKZDU]HQ5R XQGMDJWHPLWGRQQHUQGHQ+XIHQDXIGHQ2UW]X 0DULQJRGHU+|OOHQUHLWHUZDUGD

6XNRJLQJQLFKWLQ'HFNXQJVRQGHUQWDWJHQDXGDV*HJHQWHLO (UVSUDQJPLWWHQDXIGLH)DKUEDKQ 8QGGRUWEOLHEHUEUHLWEHLQLJVWHKHQ 6FKRQKDWWHGHU5HLWHUGHQ2UWHUUHLFKW1RFKLPPHUKDWWHHU VHLQ7HPSRQLFKWYHUPLQGHUW'LH+XIHWURPPHOWHQEHUGHQ %RGHQ6WDXEZDOOWHKRFKXQGQDKP6XNRIUZHQLJH$XJHQ EOLFNHGLH6LFKW (U]RJVHLQHPLW6LOEHUNXJHOQJHODGHQH%HUHWWD 6XNRKRIIWHGHQ+|OOHQUHLWHUGDPLWDXIKDOWHQ]XN|QQHQ 'LHHUVWHQ6FKUHLHJHOOWHQDXI'HU5HLWHUZDUHQWGHFNW ZRUGHQ0HLVWZDUHQHV)UDXHQXQG.LQGHUGLHLKUH$QJVW KLQDXVVFKULHQ 'HU+|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|UGHULVFKHQ7HPSR *HQDXDXI6XNR]X )UGHQ&KLQHVHQZXUGHHVNULWLVFK:HQQHUQRFKGUHL 6HNXQGHQOlQJHUDXIGHU6WHOOHVWDQGZUGHQLKQGLH+XIHGHV VFKZDU]HQ3IHUGHV]HUPDOPHQ 6XNRHQWVFKLHGVLFKLQQHUKDOEHLQHV6HNXQGHQEUXFKWHLOV .XU]EHYRULKQGLHP|UGHULVFKHQ+XIHHUUHLFKWHQKHFKWHWH HUQDFKOLQNVZHJ

(VZDUHLQJHZDOWLJHU6SUXQJZLHLKQQXUHLQGXUFKWUDL QLHUWHU$WKOHWIHUWLJEULQJHQNRQQWH 'HU&KLQHVHVSUWHGHQ/XIW]XJDOVGLH+XIHGLFKWDQ VHLQHP.RSIYRUEHLZLUEHOWHQ(USUDOOWHDXIGLH6WUDHZLU EHOWHHLQHEUDXQH6WDXEZRONHDXIUROOWHHLQLJH0DOHXPGLH HLJHQH$FKVHXQGEOLHEOLHJHQ 'HU+XIVFKODJYHUNODQJ 6XNRULFKWHWHVLFKKDVWLJDXI(UVDKGDGHU+|OOHQUHLWHU .XUVDXIGHQ5RGHRSODW]QDKP 8QGGRUWZUGHHVHLQ8QJOFNJHEHQ 3O|W]OLFKZDUHQGLH0HQVFKHQGD6LHXPULQJWHQ6XNRVWHOO WHQ)UDJHQ'HU&KLQHVHZXQGHUWHVLFKZRKHUGLH]DKOUHLFKHQ /HXWHNDPHQ(UKDWWHDQJHQRPPHQVLHZlUHQEHLP5RGHR )UDJHQVWUPWHQDXILKQHLQ(UEOLFNWHLQ*HVLFKWHULQGHQHQ VLFKGLHEODQNH$QJVWZLGHUVSLHJHOWH 8QGSO|W]OLFKVWDQGDXFK+HUE\QHEHQLKP'HUDOWH0DQQ ]RJ6XNR]XU6HLWH ª.HLQH&KDQFH)UHXQG©IOVWHUWHHUªNHLQH&KDQFH-HW]W KLOIWXQVQXUQRFKGLH)OXFKW© 0HLQ3DUWQHUVFKWWHOWHGHQ.RSIª1HLQ©HUZLGHUWHHUPLW IHVWHU6WLPPHª*HIORKHQELQLFKQRFKQLH,UJHQGZLHZHUGH LFKGLHVHQYHUGDPPWHQ5HLWHU]XSDFNHQNULHJHQ© ,FKHUOHEWHGHQ9RUJDQJDXIGHU'LPHQVLRQVOHLQZDQGPLW .RQQWHGHQ:HJGHV5HLWHUVYRP+JHOLQGHQNOHLQHQ2UW JHQDXYHUIROJHQ0HLQH$QJVWEHUHLWHWHGHP6SXNHLQHZDKU KDIWWHXIOLVFKH)UHXGH,PPHUZLHGHUJDEHUVHLQH.RP PHQWDUH ª1LHPDQGZLUG0DULQJRDXIKDOWHQGHQQHULVWHLQ*HVFK|SI GHUILQVWHUVWHQ+|OOH© $EHUGDZDU6XNR ,FKVDKLKQDXIGHU6WUDHVWHKHQEUHLWEHLQLJGLHPLW 6LOEHUNXJHOQJHODGHQH%HUHWWDLP$QVFKODJ 'HU5HLWHUSUHVFKWHDXIGHQ&KLQHVHQ]X

0HLQH+lQGHKDWWHLFK]X)lXVWHQJHEDOOW'LH)LQJHUQlJHO GUDQJHQWLHILQGDV)OHLVFKHLQ6XNRKDWWHNHLQH)XUFKWHU IHXHUWHGRFKGLH.XJHOQWDWHQGHP5HLWHUQLFKWV 'DQQZDUHVYRUEHL 'HU6WDXEQDKPPLUGLH6LFKW)UHLQHQVFKUHFNOLFKHQ 0RPHQWJODXEWHLFK6XNRZlUHYRQGHQ+XIHQGHV3IHUGHV JHW|WHWZRUGHQGRFKGDQQVDKLFKLKQDXVGHU6WDXEZRONH NULHFKHQXQGDXIGLH%HLQHJHODQJHQ 8QYHUOHW]W 'HU6SXNIUHXWHVLFK ª-HW]WZLUGHUDP5RGHRWHLOQHKPHQ©VDJWHHUPLWGU|KQHQ GHU6WLPPHª*LEJHQDXDFKW-RKQ6LQFODLU6RHWZDVEH NRPPVWGXQLFKWDOOH7DJH]XVHKHQ© 1HEHQ%LJ-RVK&DQQLJKDQVDHQDXIGHU(KUHQWULEQHQXU VHLQHK|KHUHQ$QJHVWHOOWHQHLQLJH:UGHQWUlJHUXQGVHLQH QlFKVWHQ9HUZDQGWHQ 8QGGDVWDFKGLH7RFKWHU-LOOEHVRQGHUVKHUYRU 6LHZDUZLHLKU9DWHU6WXUKDWWHHLQHQ'LFNNRSIXQGOLHGLH 0lQQHUUHLKHQZHLVHDEEOLW]HQ,KUZDUNHLQHUJXWJHQXJ =XP5RGHRWUXJVLHHLQHNDULHUWH%OXVHGLHVLFKXPGLH EHDFKWOLFKH2EHUZHLWHVSDQQWH,KUH-HDQVVDHQHQJZLHHLQ 7DXFKHUDQ]XJ-LOOKDWWHGLH5XQGXQJHQJHQDXGRUWZRVLH KLQJHK|UWHQ.ODUGDVLHGLH0lQQHUYHUUFNWPDFKWH9LHOH LKUHU9HUHKUHUULWWHQQXUIUVLH'HQQGHU6LHJHUGHV5RGHRV GXUIWHPLWLKUGHQ$EHQGYHUEULQJHQ 'DVKDWWH%LJ-RVK&DQQLJKDQVRYHUIJWXQGVHLQH7RFKWHU JHKRUFKWH 6HLWGLH0XWWHUYRU]ZHL-DKUHQJHVWRUEHQZDUKLQJHQ9DWHU XQG7RFKWHUQRFKPHKU]XVDPPHQ'HUDOWH&DQQLJKDQHU IOOWHVHLQHU7RFKWHUMHGHQ:XQVFK6LHEUDXFKWHLKQHUVWJDU QLFKWDXV]XVSUHFKHQVFKRQEHNDPVLHZDVVLHZROOWH 'DVZDUQDWUOLFKJHQDXGLHIDOVFKH0HWKRGHDEHU%LJ-RVK OLH VLFKLQGLH(U]LHKXQJQLFKWKLQHLQUHGHQ

5HFKWVQHEHQLKPVDVHLQH7RFKWHU$XIGHUOLQNHQ6HLWH KDWWHGHU%UJHUPHLVWHU3ODW]JHQRPPHQXQGGDQHEHQ KRFNWHGHU6KHULII(UZDUPLWGHP5DQFKHULQHLQH.ODVVH JHJDQJHQKLH:LQVWRQ(UVNLQHXQGVFKOHSSWHYLHU]LJ3IXQG hEHUJHZLFKWPLWVLFKKHUXP6HLQ*HVLFKWJOLFKHLQHUYROO UHLIHQ7RPDWHXQGHVYHUJLQJNHLQH0LQXWHZRHUHVQLFKWPLW HLQHPJURHQ7DVFKHQWXFKDEZLVFKWH :LHHLQ3DVFKDKRFNWHGHU5DQFKHUDXIVHLQHP3ODW](UKDWWH VLFK]XUFNJHOHKQWXQGGLH+lQGHEHUGHP%DXFK]XVDP PHQJHIDOWHW6HLQ'RSSHONLQQODJIDVWDXIGHU%UXVW,QVHLQHQ $XJHQEOLW]WHGHU6SRWW /lVVLJGHXWHWHHUQDFKXQWHQLQGLH$UHQDª6LQGGDV 6WPSHU©VFKLPSIWHHU ª,VWMDDXFKQXUGLH]ZHLWH*DUQLWXU©ZDJWHGHU6KHULII]X ZLGHUVSUHFKHQ ª1DXQG"©(UEHXJWHVLFKQDFKUHFKWVVHLQHP9RUPDQQ]X XQGVSUDFKDQVHLQHU7RFKWHUYRUEHLª0DFKGXXQVQXUNHLQH 6FKDQGH%UDG© &OLIWRQQLFNWHKDVWLJPLWGHP.RSIª'DUDXIN|QQHQ6LHVLFK YHUODVVHQ%R© ª$XHUGHPLVWHUKHLDXIGHQHUVWHQ3UHLV©VDJWH-LOO %UDGV.RSIOLHIURWDQXQG%LJ-RVK&DQQLJKDQODFKWH(U NDQQWHVHLQH7RFKWHU6LHZUGHGHQ%XUVFKHQHUVWVFKDUI PDFKHQXQGGDQQDXI'LVWDQ]KDOWHQ(UNRQQWHVLFKGDQQMD ZRDQGHUVDEUHDJLHUHQ:LHPDQHU]lKOWHZDUHQDXFKOHLFKWH 0lGFKHQDXV3UHVFRWWQDFK+LFNRU\JHNRPPHQ'LHPDFKWHQ KHXWHLKUJURHV*HVFKlIW 1RFKHLQ5HLWHUSUHVFKWHLQGLHXP]lXQWH$UHQD(UKRFNWH DXIHLQHP-XQJVWLHUZROOWHHVEHVRQGHUVJXWPDFKHQXQG VFKZDQJGDEHLVHLQHQ+XW 'HU6WLHUERFNWHZDUIGHQ5HLWHUDEGUHKWHVLFKXQGUDVWH PLWJHVHQNWHP6FKlGHODXIGHQDP%RGHQ/LHJHQGHQ]X 0HQVFKHQVFKULHQDXI 1LFKWVR-LOO&DQQLJKDQ6LHKDWWHGLH+lQGHJHEDOOWXQG VFKDXWHPLWIXQNHOQGHQ$XJHQGHP.DPSI]X

'HU5HLWHUKDWWHHWZDVDEEHNRPPHQ9HUOHW]WODJHUDXIGHP %RGHQXQGKLHOWVLFKVHLQOLQNHV%HLQ 'HU6WLHUZUGHLKQSDFNHQ 9RQGHU6HLWHKHUULWWHQ]ZHLPXWLJH0lQQHUDXIGHQ6WLHU ]XGUlQJWHQLKQLPOHW]WHQ$XJHQEOLFNDE (LQGULWWHU0DQQVSUDQJYRQGHU&RUUDOXP]lXQXQJXQGKDOI GHP5HLWHUDXIGLH%HLQH'HU9HUOHW]WHKXPSHOWHDXIGDV *DWWHU]X ª,FKKRIIHGXELVWEHVVHU©VDJWH-LOO]XGHP9RUPDQQLKUHV 9DWHUV %UDG&OLIWRQQLFNWHª'DVZLUVWGXEHLPLUQLFKWHUOHEHQ,FK ELQHLQVDPH6SLW]H© -LOOYHU]RJGLHURWJHVFKPLQNWHQ/LSSHQª$EZDUWHQ© (LQ9HUNlXIHUNDPPLWHLVJHNKOWHQ*HWUlQNHQ-LOOQDKP HLQHQ2UDQJHQVDIWLKU9DWHUXQGGHU6KHULIIWUDQNHQ%LHU 0XVLNHUW|QWH%LVGHU+DXSWNDPSIEHJDQQZUGHQQRFK HLQLJH0LQXWHQYHUJHKHQ $XFK&OLIWRQVWDQGDXIª'DQQZROOHQZLUPDO©VDJWHHU RSWLPLVWLVFK -LOOODFKWHª'HQNDQGHQHUVWHQ3UHLV© ª,PPHU© 'DQQJLQJHU0DQVDKHVVHLQHP*DQJDQGDHUHLQHQ7HLO VHLQHV/HEHQVLP6DWWHOYHUEUDFKWKDWWH %LJ-RVK&DQQLJKDQVFKDXWHLKPQDFK(LQVSU|GHV/lFKHOQ NUlXVHOWHVHLQHZXOVWLJHQ/LSSHQ(UVWLHVHLQH7RFKWHUDQ ª'HQNVWGXGDHUGHU5LFKWLJHIUGLFKLVW"© ª.DXP© ª$EHUGXPDFKVWLKP+RIIQXQJHQ© -LOOODFKWHHWZDVVFKULOOª(LQ6SLHOQLFKWVZHLWHU:DVVROOLFK PLWGLHVHPGXPPHQ,UHQDQIDQJHQ"9LHOOHLFKWKHLUDWHQ"© %LJ-RVK&DQQLJKDQWUDQNHLQHQ6FKOXFN%LHU1HEHQLKP XQWHUKLHOWHQVLFKGHU%UJHUPHLVWHUXQGGHU6KHULIIEHUHLQ QHXHV-DLO $QGHU5RGHR$UHQDZXUGHQGLHIULVFKHQ6WLHUHLQGLH%R[HQ JHIKUW:LOGH0XVWDQJVVWDQGHQEHUHLW6LHVFKDUUWHQXQJH

GXOGLJPLWGHQ+XIHQSHLWVFKWHQGLH6FKZHLIHXQGVWLHHQ VFKULOOHV:LHKHUQDXV ª:LUG=HLWGDGXGHLQH(U|IIQXQJVUHGHKlOWVW©-LOOZLHV LKUHQ9DWHUDXIVHLQH3IOLFKWHQKLQ ª2ND\©'HUDOWH&DQQLJKDQHUKREVLFKlFK]HQGWUDQNVHLQH 'RVH%LHUOHHUTXlOWHVLFKGXUFKGLH5HLKHQXQGJLQJDXIGDV DXIJHEDXWH0LNURSKRQ]X %HLIDOONODQJDXI 'DQQYHUVWXPPWHGLH0XVLN :HQLJVSlWHUEHJDQQGHU5DQFKHUPLWVHLQHU(U|IIQXQJVUHGH (UVSUDFKGDYRQZLHVHKUHUVLFKIUHXHZLHGHUHLQ5RGHR DE]XKDOWHQXQGEHJUWHGLH*lVWHYRQDXHUKDOE (UHUKLHOWYLHO%HLIDOO %LJ-RVKZDUHVHLJHQWOLFKHJDODEHUHVJHK|UWH]XVHLQHP ,PDJHHLQ5RGHRDXV]XULFKWHQ =ZDQ]LJWDXVHQG'ROODUKDWWHHUDOV6LHJHVSUHLVDXVJHVHW]W 'DVHLQH7RFKWHUPLWGHP6LHJHUGHQZHLWHUHQ$EHQGYHU EUDFKWHZDUHLQ]XVlW]OLFKHU$QUHL] %LJ-RVKJLQJZLHGHUDQVHLQHQ3ODW]]XUFNHLQH.DSHOOH VSLHOWHHLQHQ7XVFKGHUMHGRFKLPDOOJHPHLQHQ7UXEHOXQWHU JLQJXQGGDQQYHUOLHGHUHUVWH5HLWHUVHLQH%R[ (UKRFNWHDXIHLQHP6FKLPPHO'HU0DQQZDUJXWGDV3IHUG DEHUQRFKEHVVHU 1DFKDFKW6HNXQGHQODJGHU5HLWHULP6WDXEUROOWHVLFKHLQ SDDUPDOXPGLH$FKVHVWDQGDXIXQGUDQQWHDXIGDV*DWWHU]X 'HU0XVWDQJZXUGHYRQGUHL/DVVRZHUIHUQHLQJHIDQJHQ :LOOLJOLHVLFKGDV7LHUDEIKUHQ 'LHQlFKVWHQGUHL5HLWHUZDUHQQLFKWYLHOEHVVHU 'HUYLHUWH5HLWHUUXWVFKWHEHUHLWVEHLPHUVWHQ%RFNVSUXQJ YRP3IHUGHUFNHQXQGHUQWHWH*HOlFKWHU ª6FKODSSVFKZlQ]H©]LVFKWH-LOO6LHKDWWHVLFKYRUJHEHXJW XQGVFKDXWHJHEDQQWLQGLH$UHQD%LJ-RVKEHREDFKWHWHVLH PLWUDXLVFK0DQFKPDOGDFKWHHUGDVHLQH7RFKWHUQRFK VFKOLPPHUZDUDOVHUVHOEVW 6FKOLHOLFKZDU%UDG&OLIWRQDQGHU5HLKH

hEHU/DXWVSUHFKHUZXUGHVHLQ1DPHEHNDQQWJHJHEHQ(U HUQWHWHYLHO%HLIDOO'HQPHLVWHQ0HQVFKHQKLHUZDU&OLIWRQHLQ %HJULII6LHZXWHQDXFKZLHJXWHUULWW =ZHLPDOZROOWH&OLIWRQDQWUHWHQ(UVWDXIGHP5FNHQHLQHV 3IHUGHVGDQQDXIGHP%XFNHOHLQHV6WLHUHV 'DV*DWWHUGHUHQJHQ%R[ZXUGHJH|IIQHW 'HU6FKHFNHVWUPWHLQGHQDEJHWUHQQWHQ&RUUDO'HQ.RSI KDWWHHUJHVHQNWGHQ5FNHQDXIJHEXFNHOW%UDGNODPPHUWH VLFKPLWGHUOLQNHQ+DQGDP=JHOIHVWGHQUHFKWHQ$UP VFKZDQJHUDXIXQGQLHGHUYHUVXFKWHVRVHLQ*OHLFKJHZLFKW ]XKDOWHQ 6HLQH6FKHQNHOZDUHQZLH6WDKONODPPHUQ'LH=XVFKDXHU KDWWHQGDV*HIKODOVZlUH%UDGPLWGHP7LHUYHUZDFKVHQ 'DV3IHUGERFNWHGUHKWHVLFKZLOGLP.UHLVGRFK%UDG &OLIWRQJDEQLFKWQDFK 'HUHUVWH%HLIDOOVVWXUPEUDFKEHULKQKHUHLQ6FKRQMHW]W VWDQGIHVWGDVLFK&OLIWRQDPOlQJVWHQDXIGHP3IHUGHUFNHQ JHKDOWHQKDWWH$EHUHUZROOWHGHQZLOGHQ0XVWDQJLQGLH.QLH ]ZLQJHQKLHOWVLFKGHVKDOEZHLWHULP6DWWHO .HLQ=XVFKDXHUQDKPZDKUGDLP2UWGHU+|OOHQUHLWHUDXI JHWDXFKWZDU$QJVWXQG3DQLNYHUEUHLWHWHXQGQXQDXIGHQ 5RGHRSODW]]XSUHVFKWH %UDGKRFNWHQRFKLPPHUDXIGHP3IHUGHUFNHQ(UXQGGDV 7LHUZDUHQLQ6FKZHLJHEDGHWGRFKNHLQHUZROOWHQDFKJHEHQ -LOOZDUDXIJHVSUXQJHQ,KUH$XJHQOHXFKWHWHQ-DGLHVHU %UDG&OLIWRQNRQQWHJXWUHLWHQ6RHWZDVOLHEWHVLH ª-DJLE VLKP%UDG©ULHIVLHª/RVEULFKLKQHLQ'DQQIULW HUGLUDXVGHU+DQG$QVFKOLHHQG©,KUH6WLPPHYHUVLHJWH -LOOV%OLFNZDUEHUGLH$UHQDKLQZHJJHVFKZHLIW]XU6WDGW KLQEHU6LHEHUVFKDXWHHLQHQ7HLOGHU0DLQ6WUHHWXQGVDK GHQ+|OOHQUHLWHUGHUHLQJHKOOWLQHLQH6WDXEZRONHDXIGHQ 5RGHRSODW]]XULWW ,QQHUKDOEYRQ6HNXQGHQEUXFKWHLOHQVFKRVVHQ-LOOGLH*H GDQNHQGXUFKGHQ.RSI6LHKDWWHYRQGHP5HLWHUJHK|UWXQG JHOHVHQGRFKQLHGDUDQJHJODXEWGDHUWDWVlFKOLFKH[LVWLHUWH

$EHUMHW]WMHW]WULWWHUGXUFKGLH6WDGWWULHEVFKUHLHQGH 0HQVFKHQYRUVLFKKHUXQGVDKDXVZLHGHUUHLWHQGH7HXIHO SHUV|QOLFK 1RFKZHQLJH6HNXQGHQGDQQKDWWHHUGLH5RGHR$UHQD HUUHLFKW %UDG&OLIWRQPHUNWHQLFKWV(UKRFNWHQRFKLPPHUDXIGHP ZLOGHQ0XVWDQJOLHVLFKGXUFKVFKWWHOQXQGSUHWHVHLQH %HLQHXPGHQ/HLEGHV7LHUHV 'DHQWGHFNWHQDXFKGLH=XVFKDXHUGHQ+|OOHQUHLWHU(LQ ]ZHL+HU]VFKOlJHODQJKRFNWHQVLHZLHHUVWDUUWDXIGHQ&RUUDO VWDQJHQGDQQMHGRFKZXUGHQVLHYRQ3DQLNHUIDW 6FKUHLHQGYHUOLHHQVLHLKUH3OlW]H6HOEVWKDUWHDEJHEUKWH &RZER\VZXUGHQYRP*UDXHQJHSDFNW6LHDOOHKDWWHQYRP +|OOHQUHLWHUJHK|UWXQGGLHPHLVWHQYRQLKQHQZDUHQDEHU JOlXELVFKJODXEWHQDQ6SXNXQG*HLVWHU 6LHVDKHQVLFKMHW]WEHVWlWLJW (LQHSDQLVFKH)OXFKWVHW]WHHLQ,P1XZDUGHU7HXIHOORV 1LHPDQGNPPHUWHVLFKPHKUXPGHQDQGHUHQ0DULQJRYHU EUHLWHWHGHQ6FKUHFNHQGHQHUZROOWH 1XU%UDG&OLIWRQZDUDKQXQJVORVXQG]XVHKUPLWVHLQHP 3IHUGEHVFKlIWLJW$XHUGHPQDKPLKPGHUDXIJHZLUEHOWH 6WDXEHLQHQ*URWHLOGHU6LFKW 'RFKGDQQWUDILKQGDV8QKHLOZLHHLQ%OLW]VFKODJ 0DULQJREUDFKDXIVHLQHP5DSSHQLQGLH$UHQDHLQ%UHWWHU XQG/DWWHQNQLFNWHQZHJDOVZlUHQVLHDXV6SHUUKRO]$XV GHP0XQGGHV+|OOHQUHLWHUVGUDQJHLQXULJHU6FKUHL 'LH7LHUHLQLKUHQ%R[HQVSLHOWHQYHUUFNW7URPPHOWHQPLW GHQ+XIHQJHJHQGLH9HUNOHLGXQJ,KUH$QJVWZHFNWHDOOH .UlIWH6LHGXUFKEUDFKHQLKUH*HIlQJQLVVH]HUVW|UWHQVLHLQ LKUHU:XWXQGUDVWHQLQGLHVWDXEJHVFKZlQJHUWH$UHQD 'RUWVSLHOWHVLFKEHUHLWVHLQ'UDPDDE %UDG&OLIWRQNRQQWHVLFKQLFKWPHKUDXIGHPERFNHQGHQ 0XVWDQJKDOWHQ(UZDU]XVHKUDEJHOHQNWZRUGHQGDV3IHUG VWLHJYRUQVWHLOKRFK&OLIWRQYHUORUGLH%DODQFHXQGSUDOOWH]X %RGHQ6FKULOOZLHKHUQGJDORSSLHUWHGHU0XVWDQJGDYRQ

'HU+|OOHQUHLWHUQDKP.XUVDXI&OLIWRQ $XIHLQPDOVWDQGHUYRULKPULVHLQ3IHUGDXIGLH+LQWHU KDQGVFKZDQJGLHIODPPHQGH/DQ]HXQGOLHVLHGDQQQLHGHU ]LVFKHQ 6LHWUDIJHQDX %UDG&OLIWRQNRQQWHQLFKWHLQPDOPHKUHLQHQ6FKUHLDXV VWRHQ8USO|W]OLFKZDUHULQHLQHEOHQGHQGH$XUDJHWDXFKW GLHLKQZLHHLQHQ0DQWHOXPJDEGDQQZDUHVYRUEHL %UDG&OLIWRQZDUYHUJDQJHQ =XUFNEOLHE$VFKH 6FKDXULJODFKWHGHU+|OOHQUHLWHUDXI+DUWGUFNWHHUVHLQHP 7LHUGLH)HUVHQLQGLH)ODQNHQXQGLPQlFKVWHQ0RPHQW VFKRVVHQ)ODPPHQ]XQJHQDXVGHQ1VWHUQ )U0DULQJRZDUGLHVHUVWGHU%HJLQQ(UGUHKWHVHLQ3IHUG XPGLH+DQGXQGULWWDXIGLH7ULEQH]X 'RUWZDUWHWHQZHLWHUH2SIHU )U6XNRXQG+HUE\ZDUHVXQP|JOLFKGHQ5RGHRSODW]]X HUUHLFKHQ'LHYRQ$QJVWXQG3DQLNHUIDWHQ0HQVFKHQ YHUVSHUUWHQLKQHQGHQ:HJ:LHHLQH/DZLQHGUlQJWHQVLH VLFKLKQHQHQWJHJHQ5LVVHQDOOHVXPZDVVLFKLKQHQLQGLH 4XHUHNDP 8QGDXFKGLH7LHUHZDUHQLQ3DQLNJHUDWHQ6LHUDVWHQHEHQ IDOOVEHUGLH+DXSWVWUDHGHV2UWHVIROJWHQLKUHP,QVWLQNW GHUVLHZHJWULHEYRQGHUXQPLWWHOEDUHQ$XUDGHV%|VHQ :HQQGLH3DQLNHLQPDOXPVLFKJULIIGDQQNDQQWHQDXFKGLH 0HQVFKHQQLFKWVPHKU'D]lKOWHGHUDQGHUHQLFKWIUVLH'LH 6WlUNVWHQXQWHULKQHQEDKQWHQVLFK]XHUVWHLQHQ:HJ +HUE\ZXUGHYRQ6XNRV6HLWHJHULVVHQ(KHGHU&KLQHVH]X SDFNHQNRQQWHIORJGHUDOWH0DQQJHJHQHLQH%UHWWHUZDQG6LH JHK|UWH]XHLQHP%LHUVWDQG(UZXUGHZHQLJVSlWHUYRQGHP 0REY|OOLJXPJHULVVHQ 'LFKWYRUVLFKVDK6XNRGDVYHU]HUUWH*HVLFKWHLQHVKQHQ KDIWHQ0DQQHV

'HU.HUOZROOWHDXFK6XNR]XU6HLWHIHJHQVRZLHHUHVPLW )UDXHQXQG.LQGHUQWDW 6XNRZLFKGHU'DPSIKDPPHUIDXVWDXVGXFNWHVLFKXQG KHEHOWHGHQ:LOGHQPLWHLQHP6FKXOWHUZXUI]X%RGHQ *OHLFK]HLWLJVDKHUGLHEHLGHQNOHLQHQ.LQGHUGLHDP5DQGGHU DQGHUHQ6WUDHQVHLWHZHLQHQGHQWODQJOLHIHQXQGYRQHLQHP UDVHQGHQ6WLHUYHUIROJWZXUGHQ -HW]WJLQJHVXP6HNXQGHQZROOWH6XNRGDV/HEHQGHU EHLGHQUHWWHQ (UEDKQWHVLFKVHLQHQ:HJEHUGLH)DKUEDKQ :LHHUHVVFKDIIWHZXWHHUVSlWHUVHOEVWQLFKWPHKU]X VDJHQ$XIMHGHQ)DOOHUUHLFKWHHUGLH.LQGHUQRFKYRUGHP ZWHQGHQ%XOOHQ 6XNRSDFNWHGHQ-XQJHQOLQNVXQGGDV0lGFKHQUHFKWVDP $UP6RIRUWZDUIHUVLFKPLWGHQ.LQGHUQ]X%RGHQGHFNWHVLH PLWVHLQHPHLJHQHQ.|USHUDE 'DZDUGHU6WLHUKHUDQ (UUDVWHDQ6XNRYRUEHLXQGEHULKQKLQZHJ'HU&KLQHVH VSUWHGLHKDUWHQ7ULWWHDQ2EHUVFKHQNHO+IWHXQG6FKXOWHU 'LH.LQGHUXQWHULKPVFKULHQLKUH$QJVWKLQDXVVLHZROOWHQ VLFKIUHLVWUDPSHOQGRFK6XNRKLHOWVLHIHVW :HQQHUGLHEHLGHQUHWWHQZROOWHGDQQPXWHHUGLHVWXQ 0HLQ)UHXQGEOLHEVRODQJHOLHJHQELVGLHJU|WH3DQLN YRUEHLZDU'DQQHUKREHUVLFKlFK]HQG6HLQHOLQNH6HLWH VFKPHU]WH$EHU6XNRKDWWH]ZHL/HEHQJHUHWWHWGLH)UHXGH GDUEHUOLHLKQGHQ6FKPHU]YHUJHVVHQ 6XNRJHODQJHVQLFKWGLH.OHLQHQ]XEHUXKLJHQ(UIDQGDEHU KHUDXVGDVLHJDQ]LQGHU1lKHZRKQWHQ (UOLHGLHEHLGHQODXIHQ 'DQQEOLFNWHHUVLFKXP (LQ:LUEHOVWXUPVFKLHQGXUFKGHQNOHLQHQ2UWJHIHJW]XVHLQ )DVWDOOHSURYLVRULVFKDXIJHEDXWHQ6WlQGHZDUHQ]XVDPPHQ JHEURFKHQ8QWHUGHQ7UPPHUQODJHQ0HQVFKHQ(LQLJHZDUHQ YHUOHW]W$EHUDXFKDXIGHU)DKUEDKQODJHQGLH9HUOHW]WHQ 6XNROLHIDXIHLQHGXQNHOKDDULJH)UDX]XGLHVLFKQLFKWPHKU

UKUWH(UKRELKUHQ.RSIXQGDWPHWHEHUXKLJWDXIDOVHUIHVW VWHOOWHGDVLHQRFKOHEWH 'DQQVDKHUVLFKZHLWHUXP $P3DUNSODW]ZDUGLH+|OOHORV-HGHUZROOWHVRUDVFKZLH P|JOLFKZHJQLHPDQGQDKP5FNVLFKW %OHFKNUHLVFKWHDXI%OHFK5HLIHQTXLHWVFKWHQ0lQQHU VFKULHQRGHUIOXFKWHQ.HLQHUQDKPPHKUDXIGHQDQGHUHQ 5FNVLFKW$XFKGLH:DJHQPLWGHQVFKZHUHQ:RKQ DQKlQJHUQZXUGHQLQ%HZHJXQJJHVHW]W(VJDEKLHUHEHQIDOOV ]DKOUHLFKH8QIlOOH 8QGGDQQK|UWH6XNRGLH6FKVVH 6LHZDUHQGUEHQDP5RGHRSODW]DEJHJHEHQZRUGHQ 'HU&KLQHVH]|JHUWHNHLQH6HNXQGHVRQGHUQUDQQWHORV $XIGHU7ULEQHZDUHQGLH=XVFKDXHULQ]ZLVFKHQYRQLKUHQ 6LW]HQKRFKJHVSUXQJHQ1RFKNRQQWHQLHPDQGVRUHFKWVHKHQ ZDVJHVFKHKHQZDU=XGLFKWTXLUOWHQGLH6WDXEZRONHQGXUFK HLQDQGHU %LJ-RVK&DQQLJKDQVDKVFKRQGDV(QGHGHV)HVWHVNRPPHQ (UZROOWHUHWWHQZDVQRFK]XUHWWHQZDU ª:DVLVWGHQQGDORV"©EUOOWHHUª6KHULIIVLHKPDOQDFK© :LQVWRQ(UVNLQHVWDQGDXI(UGUlQJWHVLFKGXUFKGLH5HLKHQ YRUEHLDQGHQYHUEOIIWHQ=XVFKDXHUQ 'DQQJHOOWHQGLHHUVWHQ6FKUHLHDXI%OLW]VFKQHOOEUHLWHWHVLFK GLH3DQLNDXV$XFKDXIGHU7ULEQHOHHUWHQVLFKGLHKLQWHUHQ 5HLKHQ'LH0HQVFKHQYHUOLHHQSDQLNDUWLJLKUH6LW]H -LOOVDKGHQ+|OOHQUHLWHUKLQXQGZLHGHUDXVGHQ6WDXE VFKOHLHUQDXIWDXFKHQXQGEHNDPPLWZLHHUVHLQHIHXULJH /DQ]HQDFKXQWHQZDUI $XIHLQHQ0HQVFKHQ ª%UDG©-LOOVFKULHGHQ1DPHQLKUH6WLPPHNLSSWHEHU 'HUDOWH&DQQLJKDQZXUGHGXUFKGHQ6FKUHLVHLQHU7RFKWHU DODUPLHUW(UGUHKWHVLFKXPXQGSDFNWH-LOOEHLGHQ6FKXOWHUQ ª:DVLVWJHVFKHKHQ"©KHUUVFKWHHUVLHDQ

ª%UDGHULVWPHLQ*RWWVLHKGRFKGHU5HLWHU© %LJ-RVK&DQQLJKDQSUHWHGLH=lKQH]XVDPPHQGDHV NQLUVFKWH$XFKHUVDKMHW]W0DULQJRPLWVHLQHUIHXULJHQ/DQ]H 'HU5DQFKHUXQGVHLQH7RFKWHUPXWHQPLWDQVHKHQZLHLKU 9RUPDQQYHUJOKWHXQGGDV*UDXHQZHLOWHSO|W]OLFKDOVXQ VLFKWEDUHU*DVW]ZLVFKHQLKQHQ 'HU%UJHUPHLVWHUZXUGHRKQPlFKWLJ(UU|FKHOWHQRFK HLQPDOXQGILHOGDQQ]XVDPPHQ6FKUlJEOLHEHUDXIVHLQHP 6LW]KlQJHQ 6FKDUIVWLH%LJ-RVKGLH/XIWDXV(UXQGVHLQH7RFKWHU ZROOWHQZLHGLHDQGHUHQ7ULEQHQJlVWHZHJUHQQHQGRFK GDVZHLWHUH*HVFKHKHQQDJHOWHVLHDXILKUHQ3OlW]HQIHVW ª'DGHU6KHULII©VFKULH-LOO6LHGHXWHWHPLWGHPUHFKWHQ $UPQDFKXQWHQXQGLKU9DWHUIROJWHGHU5LFKWXQJPLWVHLQHQ %OLFNHQ :LQVWRQ(UVNLQHVWROSHUWHEHUGLHSURYLVRULVFKH7UHSSH (UKDWWHVHLQHQ5HYROYHUJH]RJHQHLQHQVHFKVVFKVVLJHQ 5HPLQJWRQ(LQ6RQQHQVWUDKOEHWXSIWHGHQ/DXIXQGOLHGDV 0HWDOODXIEOLW]HQ ,QGHUOLQNHQ+DQGKLHOWGHU6KHULIIVHLQ)XQNVSUHFKJHUlW +DVWLJVSUDFKHULQGHQ$SSDUDWKLQHLQ 'HU5HLWHUKDWWHJHZHQGHW0DULQJRVWLHHLQHQJHOOHQGHQ 6LHJHVVFKUHLDXVVWLHVHLQHPVFKZDU]HQ3IHUGGLH)HUVHQLQ GLH)ODQNHQXQGULWWLQ5LFKWXQJGHU7ULEQH 'HU6KHULIIULGLH%DONHQWUDXIOLHILQGHQ,QQHQUDXPGHU 5RGHR$UHQDXQGEUOOWHGHP5HLWHUHWZDV]X ª0HLQ*RWW©IOVWHUWH-LOOREHQDXIGHU7ULEQHª(UVNLQHLVW ZDKQVLQQLJ© %LJ-RVKQLFNWHQXU 'HU6KHULIIXQGGHU+|OOHQUHLWHUVWDUUWHQVLFKDQ'HU'lPRQ VDDXIGHPEODQNHQ3IHUGHUFNHQ(UVNLQHVWDQGYRULKP 'HQ&ROWVFKXEHUHLW 1DWUOLFKZXWHGHU6KHULIIZHQHUKLHUYRUVHLQHP/DXI KDWWH0DULQJRGHU+|OOHQUHLWHUZDUDXFKLKPHLQ%HJULII $XHUGHPODVHU=HLWXQJHQXQGZXWHDXFKYRQGHQDOWHQ

+RUURUJHVFKLFKWHQGLHVLFKGLH0HQVFKHQEHU0DULQJR HU]lKOWHQ ª'X:XUP©NUHLVFKWHGHUZLOGH5HLWHUª:LOOVWGXPLFK VWRSSHQ"0LFKGHQJURHQ0DULQJR"©(UODFKWHVFKDUIXQG lFK]HQG6HLQ3IHUGVFKQDXEWH)ODPPHQ]XQJHQOHFNWHQDXV GHQ1VWHUQXQGDQGHP6KHULIIYRUEHL 1DWUOLFKKDWWH(UVNLQH$QJVW6HKUJURHVRJDU$POLHEVWHQ ZlUHHULQGHQ(UGERGHQYHUVXQNHQDEHUMHW]WNRQQWHHUQLFKW PHKU]XUFN(UPXWHZHQLJVWHQVHWZDVWXQ ª=XUFNGX%DVWDUG©VFKULHHU*OHLFK]HLWLJGUFNWHHUDE 'HUHUVWH6FKXJLQJIHKO(UVNLQHVFKULHEGDVVHLQHUXQJH KHXUHQ1HUYRVLWlW]X 0LWGHU]ZHLWHQ.XJHOWUDIHUDXFKGLHGULWWH.XJHOVFKOXJLQ GHQ.|USHUGHV+|OOHQUHLWHUV 'RFKGLH*HVFKRVVHNRQQWHQLKPQLFKWVDQKDEHQ0DULQJR ODFKWHQXU'LH.XJHOQEOLHEHQLQVHLQHP.|USHUVWHFNHQ'LH /|FKHUGLHVLHJHULVVHQKDWWHQVFKORVVHQVLFKVRIRUW 0DULQJRZDUXQYHUZXQGEDU 'LHVH(UNHQQWQLVWUDIGHQ6KHULIIZLHHLQ+DPPHUVFKODJ 3IHLIHQGVDXJWHHUGLH/XIWHLQVFKPHFNWHGHQ6WDXELQVHLQHP 0XQGXQGHLQWLHIHV6W|KQHQGUDQJDXVVHLQHP0XQG (UWDXPHOWH]XUFN'LHUHFKWH+DQGPLWGHU:DIIHVDQN QDFKXQWHQ 8QJOlXELJVWDUUWHGHU6KHULIIGHQ+|OOHQUHLWHUDQGHUMHW]W VHLQHQ5DSSHQDXIGLH+LQWHUKDQGULXQGDXIGHQ6KHULII QLHGHUVFKDXWH ª$XV©JHOOWHVHLQH6WLPPH 'LH/DQ]HEOLW]WH6WUDKOHQGKHOOZXUGHHV 'DQQIXKUGHU$UPQDFKXQWHQ 6KHULII(UVNLQHULEHLGH+lQGHKRFK'HUJUHOOH/LFKWVFKHLQ HUIDWHLKQYROO (VJDENHLQH5HWWXQJPHKUIUGHQWDSIHUHQ0DQQ -LOOKDWWHGHQVFKUHFNOLFKHQ9RUJDQJPLWDQVHKHQPVVHQ6LH VFKOXFK]WHDXISUHWHEHLGH+lQGHJHJHQLKU*HVLFKWXQG ZDUIVLFKDQGLH%UXVWLKUHV9DWHUV

$XFK%LJ-RVK&DQQLJKDQKDWWHGDV(QGHGHV6KHULIIVHUOHEW 'RFKGLH6FKUHFNHQVROOWHQQRFKOlQJVWNHLQ(QGHKDEHQGHU +|OOHQUHLWHUZWHWHZHLWHU 8QGZLH :lKUHQGGLH*lVWHLQLKUH:DJHQIOFKWHWHQXQGYHUVXFKWHQ GHQ2UWGHV8QKHLOV]XYHUODVVHQMDJWHQ]ZHL3DWURO&DUV KHUDQhEHU6SUHFKIXQNKDWWHGHU6KHULIIVLHLQIRUPLHUW'LH :DJHQUDVWHQPLWMDXOHQGHQ6LUHQHQ]XP2UWGHV*HVFKHKHQV QDKPHQ.XUVDXIGDV5RGHRJHOlQGH 6LHVWRSSWHQ 5HLIHQVFKOLWWHUWHQEHUGHQDXVJHWURFNQHWHQ%RGHQ :RONHQDUWLJZXUGHGHU6WDXEKRFKJHZLUEHOW7UHQNODSSWHQ DXIGLH%HDPWHQVSUDQJHQDXVLKUHQ:DJHQ ,QLKUHQ)lXVWHQEOLQNWHQ5HYROYHU 'DEUOOWHGHU+|OOHQUHLWHUORV(UGUHKWHVHLQ3IHUGVWLH LKPGLH)HUVHQLQGLH6HLWHQGDHVDXIZLHKHUWHXQGPLWHLQHP 6DW]EHUGLH&RUUDOVWDQJHQKLQZHJVHW]WH 'LH%HDPWHQVWDQGHQZLHIHVWJHOHLPW%LVHLQHUVFKULH ª6FKLHHQ/RVVFKLHWGRFK© 'DNUDFKWHQGLH5HYROYHU)HXHU]XQJHQSODW]WHQDXVGHQ 0QGXQJHQ%OHLVLUUWHGXUFKGLH/XIWKLHELQGHQ.|USHUGHV +|OOHQUHLWHUVGRFKGHUODFKWHQXU 'DQQJLQJHU]XP*HJHQDQJULIIEHU (UULWWDXIGLH3ROL]LVWHQ]X6FKUHLHQGOLHHQGLHVHGLH :DIIHQIDOOHQXQGZDQGWHQVLFK]XU)OXFKW 0DULQJRYHUIROJWHVLHQLFKW(UYHUQLFKWHWHQXUGLHEHLGHQ 3ROL]HLDXWRV%OLW]H]XFNWHQDXVGHU/DQ]H =ZHLPDOKLQWHUHLQDQGHU 'DQQVWDQGHQEHLGH3DWURO&DUVLQKHOOHQ)ODPPHQ6LH H[SORGLHUWHQSODW]WHQDXVHLQDQGHUZLHUHLIH)UFKWH*OK HQGH0HWDOOWHLOH]LVFKWHQGXUFKGLH/XIW 0DULQJRDEHUGUHKWHVHLQ3IHUG(UKDWWHEHUHLWVHLQQHXHV 2SIHUDQYLVLHUW(LQHEORQGHMXQJH)UDX -LOO&DQQLJKDQ

,FKVSUWHGLH%HZHJXQJQHEHQPLUQDKPPHLQHQ%OLFNYRQ GHU/HLQZDQGXQGZDQGWHGHQ.RSI 'HU6SXNKDWWHVLFK]XU6HLWHJHVWHOOWXQGGLHVPDOVHLQZDK UHV$XVVHKHQDQJHQRPPHQ 8QWHUHLQHP8PKDQJVWHFNWHHLQJUQVFKXSSLJHV0RQVWHU PLWKlOLFKHQJHOEHQ$XJHQ'DV0DXOZDUHWZDVYRUJHVFKR EHQZLHEHLHLQHP)LVFK,FKVWDUUWHGHQ'lPRQDQGHUMHGRFK ODFKWHQXUXQGLPQlFKVWHQ$XJHQEOLFNYHUZLVFKWHQVHLQH .RQWXUHQ 'HU6SXNVRZLHLFKLKQNDQQWHVWDQGZLHGHUYRUPLU ª,QGLHVHP)DOOELVWGXQXU6WDWLVW-RKQ6LQFODLU©VSUDFKHU PLFKDQ :LHUHFKWHUKDWWH1RFKQLHKDWWHLFKVRZHQLJGD]XEHL WUDJHQN|QQHQGDPLWHLQ)DOOJHO|VWZXUGH,FKVSLHOWHQXUDP 5DQGHPLW'LH+DXSWSHUVRQHQZDUHQJDQ]DQGHUH 0DULQJRXQG6XNR $XIGHQ&KLQHVHQVHW]WHLFKJURH+RIIQXQJHQ6XNRZXUGH RIWXQWHUVFKlW]WDEHUHUKDWWHVFKRQPDQFKHV0DOEHZLHVHQ GDHUPHKUNRQQWHDOVHVGHQ$QVFKHLQKDWWH6XNREHVD DXHUGHPHLQHY|OOLJDQGHUH0HQWDOLWlW$OVLFKLKQNHQQHQ OHUQWHZDUHU/HLEZlFKWHUHLQHVUHLFKHQ&KLQHVHQJHZHVHQ 'LHVHU0DQQZXUGHYRQHLQHP*HKHLPEXQGGHUVLFK 6FKZDU]HU'UDFKHQDQQWHHUPRUGHW6XNRZDUIRUWDQDUEHLWV ORV:LUKDWWHQXQVVFKRQZlKUHQGGHU$XVHLQDQGHUVHW]XQJ PLWGHU'UDFKHQEDQGHDQJHIUHXQGHW8QGDOVGHU)DOOJHO|VW ZDUIUDJWHLFK6XNRREHUQLFKWDQPHLQHU6HLWHZHLWHUJHJHQ GDV%|VHNlPSIHQZROOWH 'HU&KLQHVHZDUHLQYHUVWDQGHQ 1XUEH]DKOHQNRQQWHLFKLKQQLFKW'DVKHLWPHLQ %HDPWHQVDOlUUHLFKWHQLFKWDXVXPLKQDOVPHLQHQ0LWDUEHLWHU ]XEHWUDFKWHQ8QG6FRWODQG
:DVDOVRWXQ" 'DVSUDQJPHLQ]ZHLWHUODQJMlKULJHU)UHXQGLQGLH%UHVFKH %LOO&RQROO\GHUHKHPDOLJH5HSRUWHUXQG+DXGHJHQYRP 'LHQVW(UKDWWHHLQHZRKOKDEHQGH)UDXJHKHLUDWHWXQGEHIDQG VLFKLQGHUJOFNOLFKHQ/DJHGD*HOGIULKQNDXPHLQH5ROOH VSLHOWH(UEHUZLHV6XNRMHGHQ0RQDWHLQHQ6FKHFNGHUDXV UHLFKWHXPEHTXHPVHLQHQ/HEHQVXQWHUKDOWEHVWUHLWHQ]X N|QQHQ ª'DVLVWHEHQPHLQH$UWGHU'lPRQHQEHNlPSIXQJ©KDWWH %LOOHLQPDOJHVDJW 6HLWVHLQHU+HLUDWDFKWHWH6KHLODVHLQH)UDXQlPOLFKGDUDXI GDVLFK%LOOQLFKWLQMHGHV$EHQWHXHUVWU]WH(UVWUHFKWMHW]W QLFKWZR%LOO9DWHUJHZRUGHQZDU $XI6XNRNRQQWHLFKPLFKYHUODVVHQ+RIIHQWOLFKJHODQJHV LKPGLHVHQ+|OOHQUHLWHU]XEHVLHJHQ,FKIUDJWHPLFKDOOHU GLQJVZRPLWHUGDVEHZHUNVWHOOLJHQZROOWHGHQQGLHPLW 6LOEHUNXJHOQJHODGHQH%HUHWWDUHLFKWHQLFKWDXV ,FKZDQGWHPLFKZLHGHUGHUJHKHLPQLVYROOHQ/HLQZDQG]X GRFKGDV%LOGZDUYHUVFKZXQGHQ=XOHW]WKDWWHLFKGLH3DQLN PLWHUOHEWGLHVLFKLQGHPNOHLQHQ2UW+LFNRU\DXVEUHLWHWHMHW]W ]HLJWHGDV%LOGQXUQRFKGLHJUDXHSXOVLHUHQGH)OlFKH 'HU6SXNODFKWHª:LOOVWGXVHKHQZLHHVZHLWHUJHKW-RKQ 6LQFODLU"©K|KQWHHU ª-D© ª'XPXWGLFKQRFKJHGXOGHQ*HLVWHUMlJHU:LUZHUGHQ XQVHUVWZLHGHUHLQEOHQGHQZHQQGHLQFKLQHVLVFKHU)UHXQG DP%RGHQOLHJW8QGGDQQKDWDXFKIUGLFKGLH6WXQGH JHVFKODJHQ© ª:DVKDVWGXYRU"© (UGHXWHWHDXIGLHYLHUDSRNDO\SWLVFKHQ5HLWHUª6LHZHUGHQ GLFKW|WHQ8QG]ZDUDXILKUHVSH]LHOOH$UWXQG:HLVH6LH ZHUGHQGLFKMDJHQZLHHLQHQ+DVHQXQGGXZLUVWODQJVDP XQGTXDOYROOHLQJHKHQLQGDVDEVROXWH1LFKWV*ODXEHQXU QLFKWGDQDFKGHLQHP7RGHLQQHXHV/HEHQIUGLFKEHJLQQW 1HLQGDVLVWQLFKWGHU)DOO'XZLUVWHLQJHKHQLQGDV

'lPRQHQUHLFKLQPHLQ5HLFKXQGELVLQDOOH(ZLJNHLWHQDOV 6FKDWWHQGDKLQYHJHWLHUHQ'DVLVWGLH6WUDIHGHU+|OOHIUGHQ EHUKPWHQ*HLVWHUMlJHU© (UODFKWH 8QGZlKUHQGGHU6SXNVLFKGLDEROLVFKIUHXWHGDFKWHLFK YHU]ZHLIHOWEHUHLQHQ$XVZHJQDFK,FK]HUPDUWHUWHPLUGDV *HKLUQGRFKLFKVDKHLQIDFKNHLQH&KDQFH /DQJVDPVFKZDQGPHLQH+RIIQXQJGDKLQ ª'DG©-LOOVFKULHXQGNODPPHUWHVLFKDQLKUHP9DWHUIHVWª(U NRPPWHUZLOO]XXQV©6LHVFKOXFK]WHODXWDXIª2PHLQ *RWW© %LJ-RVK&DQQLJKDQELGLH=lKQH]XVDPPHQ6HLQH/LSSHQ ELOGHWHQQXUQRFKHLQHQ6WULFK(UVFKOXFNWH.DONZHLZDU VHLQ*HVLFKW$XFKLKQKDWWHGDV*UDXHQJHSDFNW ª+DVWGXJHVHKHQZDVPLWGHP6KHULIISDVVLHUWLVW"©VFKULH -LOO6LHIDWHLKUHQ9DWHUDQGHQ6FKXOWHUQXQGVFKWWHOWHLKQ ª+DVWGXHVJHVHKHQ'DG"© %LJ-RVKVFKDXWHLQGLHWUlQHQQDVVHQ$XJHQVHLQHU7RFKWHU ª-D]XP7HXIHOLFKKDEHHVJHVHKHQ© ª0LWXQVZLUGGDVJOHLFKHJHVFKHKHQ'DG©-LOODWPHWH NHXFKHQGª:LUPVVHQIOLHKHQ'DG:HJYRQKLHU© ª=XVSlW-LOO© 'DV0lGFKHQZDQGWHGHQ.RSI6LHKDWWHLQGHQOHW]WHQ VFKUHFNOLFKHQ6HNXQGHQGLH$UHQDDXVGHQ$XJHQJHODVVHQ -HW]WVDKVLHZLHGHUKLQXQWHU ,KU9DWHUKDWWHUHFKW (VJDENHLQH&KDQFHPHKUIUVLH'HU+|OOHQUHLWHUZDU VFKRQ]XQDK6WRO]XQGKRFKDXIJHULFKWHWVDHUDXIGHP 5FNHQVHLQHV5DSSHQ+LQWHULKPYHUEUDQQWHQGLHEHLGHQ 'LHQVWZDJHQGHU3ROL]LVWHQ'HUIHWWLJHGXQNOH5DXFK]RJLQ GLFNHQ6FKZDGHQDQ0DULQJRYRUEHLXQGZXUGHYRP:LQG ]HUIDVHUW +LQWHUGHQZHVWOLFKHQ%HUJHQYHUVFKZDQGGLH6RQQH'HU

:LGHUVFKHLQLKUHUOHW]WHQ6WUDKOHQODJQRFKEHUGHP/DQG EHUJRGLH7DIHOEHUJHXQGNDQWLJHQ)HOVHQPLWHLQHPSUDFKW YROOHQ)DUEHQVSLHO(VVFKLHQDOVNlPSIHGHU7DJYHU]ZHLIHOW JHJHQGLHHLQEUHFKHQGH'XQNHOKHLWDQXQGGRFKPXWHHU YHUOLHUHQ 0DULQJRULWWODQJVDP(UZXWHGDLKPVHLQH2SIHUQLFKW PHKUHQWNRPPHQNRQQWHQ -LOOVDKLKQMHW]WGHXWOLFKXQGGHU$QEOLFNYHUVFKOXJLKUGLH 6SUDFKHVWRSSWHGLH7UlQHQ 'DV*HVLFKWGHV+|OOHQUHLWHUV]HLJWHVWUHQJHDVNHWLVFKH =JH6FKDUIVSUDQJGLH1DVHKHUYRUGHU0XQGELOGHWH HLQHQ6WULFK 'RFK]ZHLHUOHL'LQJHSDWHQQLFKW]XGHP*HVDPWELOG GHVVWRO]HQ5HLWHUV'LHOHEORVHQ$XJHQLQGHQHQGDV:HLH VFKLPPHUWHXQGGDVEOXWURWH9DXIVHLQHU6WLUQ(VZDUGDV PDJLVFKH6\PEROGDVLKPHLQVWGHU3ULHVWHULQGLH+DXW JHULW]WKDWWHXQGGDVMHW]WZLHHLQ)DQDOOHXFKWHWH 8QUXKLJZDUIGHU5DSSHVHLQHQ.RSIKLQXQGKHU$XFKHU ZDUHLQ*HVFK|SIGHU+|OOHXQGGD]XDXVHUVHKHQQXUGLHVHQ HLQHQ5HLWHU]XWUDJHQ 6FKRQKDWWH0DULQJRGLHXQWHUH%HJUHQ]XQJGHU7ULEQH HUUHLFKW-LOOXQGLKU9DWHUDKQWHQZDVGHU+|OOHQUHLWHUYRU KDWWH(UZUGHDXIGLH7ULEQHUHLWHQXPGDV]XYROOHQGHQ ZDVHUVLFKYRUJHQRPPHQKDWWH 8QGQLHPDQGKLHOWLKQDXI :LUNOLFKQLHPDQG" 'DZDUHLQ0DQQGHULQGLHVHP/DQGZLHHLQ)UHPGN|USHU ZLUNWH(UKDWWHGHP+|OOHQUHLWHUGHQ.DPSIDQJHVDJW6XNR 6XNRZDUJHUDQQWVRVFKQHOOHUNRQQWH8QGGRFKPXWHHU HLQVHKHQGDHU]XVSlWJHNRPPHQZDU (LQHXQKHLPOLFKH6WLOOHKDWWHVLFKEHUGHQ5RGHRSODW]JH OHJW'LH0HQVFKHQZDUHQJHIOFKWHWKDWWHQZHQQHVQLFKW DQGHUVJLQJDOOHVLP6WLFKJHODVVHQ1XUGUHL0HQVFKHQZDUHQ ]XUFNJHEOLHEHQ6XNRVDKGLHOHEORVH*HVWDOWDXIGHU7ULEQH VLW]HQ(UZXWHQLFKWGDHVGHU%UJHUPHLVWHUZDU

6XNRZXWHDEHUGDHUQLFKWPHKUUHFKW]HLWLJHLQJUHLIHQ NRQQWH6RHEHQVHW]WHGDVVFKZDU]H3IHUGVHLQH9RUGHUKXIHDXI GLHSURYLVRULVFKH7ULEQH 6XNREOLHEVWHKHQ ,QVHLQHP.RSIZLUEHOWHQGLH*HGDQNHQ:ROOWHGHU5HLWHU GLH)UDXXQGGHQ0DQQW|WHQ"(VVDKQLFKWGDQDFKDXVGHQQ GDQQKlWWHHUVLFKZDKUVFKHLQOLFKLQHLQHPDQGHUHQ7HPSR JHQlKHUW9LHOOHLFKWKDWWHHUPLWLKQHQHWZDVYRU" 'HU&KLQHVHHUNDQQWHMHW]WDXFKGLH0HQVFKHQDXIGHU 7ULEQH'HU0DQQZDU%LJ-RVK&DQQLJKDQGDVEORQGH 0lGFKHQVHLQH7RFKWHU%HLGHKLHOWHQVLFKDQJVWYROOXPNODP PHUW9RQGHUVRQVW]XU6FKDXJHWUDJHQHQ$UURJDQ]ZDUQLFKWV PHKU]XPHUNHQ 6XNR]|JHUWH1RFKKDWWHLKQGHU5HLWHUQLFKWHQWGHFNWXQG VRQDKPHUKLQWHUHLQHPXPJHVWU]WHQ:RKQZDJHQ'HFNXQJ 9RQGLHVHU6WHOOHDXVNRQQWHHUGLH7ULEQHLP$XJHEHKDOWHQ XQGQRWIDOOVHLQJUHLIHQ 'HU+|OOHQUHLWHUULWWGHQ0LWWHOJDQJKRFKGDQQVFKZHQNWH HUQDFKOLQNVXQGOLHVHLQHQ5DSSHQEHUGLH%HVWXKOXQJ VWHLJHQELVHUGLUHNWYRUGHQ&DQQLJKDQVVWHKHQEOLHE 1DFKZLHYRUKLHOWHULQVHLQHUUHFKWHQ)DXVWGLHJOKHQGH /DQ]HGRFKGLH6SLW]HZLHVQDFKREHQXQGQLFKWDXIGLH 0HQVFKHQ 6XNRQDKPDQGD0DULQJRPLW9DWHUXQG7RFKWHUUHGHQ ZROOWH 3O|W]OLFKK|UWHHUKLQWHUVLFKHLQ*HUlXVFK %OLW]VFKQHOOZLUEHOWH6XNRKHUXP 7DQ]HQGHU%lUVWDQGYRULKP(UQVWEOLFNWHGHUDOWH0HGL]LQ PDQQGHQ&KLQHVHQDQ ª:DVZLOOVWGX"©]LVFKWH6XNR ª'LUKHOIHQ©IOVWHUWHGHU,QGLDQHU'DQQHQWZLFNHOWHHU VHLQHQIDV]LQLHUHQGHQ3ODQ

0DULQJROlFKHOWHJUDXVDPDOVHUYRUGHQEHLGHQHQWVHW]WHQ 0HQVFKHQKLHOW -LOOXQGLKU9DWHUZLFKHQGHP%OLFNGHV+|OOHQUHLWHUVDXVVLH NRQQWHQHLQIDFKQLFKWLQGLHWRWHQVWDUUHQ$XJHQVHKHQ=XYLHO KDWWHQVLHGXUFKJHPDFKW %LJ-RVKILQJVLFKDOVHUVWHUª:LUVWGXXQVW|WHQ"©IUDJWHHU PLWUDXKHU6WLPPH 0DULQJRVFKWWHOWHGHQ.RSIª1RFKQLFKW©HUZLGHUWHHU GXPSIª0LWHXFKKDEHLFKHWZDV%HVRQGHUHVYRU©(UNUDOOWH VHLQHOLQNH+DQGLQGLH0lKQHGHV3IHUGHVXQGEHXJWHVLFK HWZDVYRU(KHHUMHGRFK]XHLQHU(UNOlUXQJDQVHW]HQNRQQWH ZXUGHHUDEJHOHQNW 'HU%UJHUPHLVWHUHUZDFKWHDXVVHLQHU2KQPDFKW)DVWUXFN DUWLJVHW]WHHUVLFKDXIVFKDXWHXPKHUXQGHLQ6W|KQHQGUDQJ DXVVHLQHPKDOERIIHQHQ0XQG 'DQQVDKHUGHQ+|OOHQUHLWHU 'LH$XJHQVFKLHQHQLKPDXVGHQ+|KOHQ]XTXHOOHQª1HLQ© JXUJHOWHHUªQHLQGDVGDUIQLFKWZDKUVHLQ© 0DULQJRVHQNWHGHQ$UP'LHOHXFKWHQGH/DQ]HZLHVDXI GHQZLHHUVWDUUWGDVLW]HQGHQ0DQQ 1RFK6HNXQGHQGDQQ 'RFK0DULQJREHUOHJWHHVVLFKDQGHUVª:HJ©]LVFKWHHU ª/DXIZHJVRQVWZLUGGLFKPHLQH0DJLHWUHIIHQXQG]X6WDXE ]HUEU|VHOQODVVHQ© 'HU%UJHUPHLVWHUYHUVWDQG(UVWDQGDXIVWDUUWHGHQ5HLWHU QRFKHLQPDODQPDFKWHGDQQDXIGHP$EVDW]NHKUWXQG UDQQWHVRVFKQHOOLKQVHLQH)HWUDJHQNRQQWHQ (UQDKPGHQKLQWHUHQ$XVJDQJGHU7ULEQHXQGVWROSHUWH GRUWGLHVWHLOH+RO]VWLHJHKLQXQWHU :LHGLHEULJHQ(LQZRKQHUZUGHDXFKGHU%UJHUPHLVWHU VRVFKQHOOUHQQHQZLHLKQVHLQH%HLQHWUXJHQ 1XQKDWWH0DULQJRIUHLH%DKQª(XFKQXUHXFKZROOWHLFK PLWPHLQHU5DFKHWUHIIHQ©VFKULHHU9DWHUXQG7RFKWHULQV *HVLFKWª'HQQLKUVHLGDQYLHOHPVFKXOG© %LJ-RVKV%OLFNZXUGHVWDXQHQGXQGXQJOlXELJª$EHU

ZDUXP":DVKDEHQZLUGLUJHWDQ"©IUDJWHHUYHU]ZHLIHOW ª,KUEHLGHVHLGXQVFKXOGLJ$EHUZHQQZLUGDV5DGGHU=HLW ]XUFNGUHKHQVLQGJHUDGHHXUH9RUIDKUHQDQPHLQHPPDJL VFKHQ7RGVFKXOGJHZHVHQ,FKZLOOHVHXFKEHULFKWHQ$OV GDPDOVGLH:HLHQLQGLHVHV/DQGHLQILHOHQZlKQWHQVLHVLFK DOVGLH+HUUHQXQG+HUUVFKHU6LHYHUQLFKWHWHQDOWH.XOWXUHQ W|WHWHQXQGEUDQGVFKDW]WHQ'RFKVLHLJQRULHUWHQGLH0DJLH GHU,QGLDQHU8QGGDVZDULKU)HKOHU:DVZXWHQHXUH9RU IDKUHQVFKRQYRQGHQ.HQQWQLVVHQGHUJURHQ0HGL]LQ PlQQHU":DVZXWHQVLHYRQGHQ0\WKHQXQG5LWXDOHQ")U VLHZDUMHGHU7DQ]QXUHLQXQVLQQLJHV+SIHQ'LHZDKUH %HGHXWXQJHUNDQQWHQLHPDQG'HQQGHU0HGL]LQPDQQ EHVFKZRUGLH*HLVWHUXQG'lPRQHQ6HLQH.HQQWQLVVHZDUHQ YRQ*HQHUDWLRQ]X*HQHUDWLRQEHUOLHIHUWZRUGHQ(UZXWH XPGLH5HJHOQGHU6FKZDU]HQ0DJLHNDQQWHVLFKDXVLP5HLFK GHU6FKDWWHQXQGGXUFKVHLQH%HVFKZ|UXQJHQJHODQJHVLKP .RQWDNWPLWDQGHUHQ:HVHQDXI]XQHKPHQ$XFKPLWPLU,FK ZXWHZHOFKHV(OHQGGLHZHLHQ(UREHUHUEUDFKWHQXQGLFK ZROOWHPHLQHQ%UGHUQKHOIHQ0LWLKQHQ]XVDPPHQNlPSIWH LFKJHJHQGLHHUGUFNHQGHZHLHhEHUPDFKW,FKVHW]WHPHLQH .HQQWQLVVHHLQXQGHVJHODQJPLUPDQFKHQ:HLHQLQGLH +|OOH]XVFKLFNHQ'DYHJHWLHUHQVLHQRFKKHXWH9LHOHVLQGLQV 5HLFKGHU6FKDWWHQJHJDQJHQGRUWZRGHU6SXNXQXP VFKUlQNWHU+HUUVFKHULVW(UXQGLFKGLHQWHQMHGRFKHLQHP +|KHUHQGHP6FKZDU]HQ7RG$EHUGDVN|QQWLKUQLFKW EHJUHLIHQXQGLVWDXFKXQLQWHUHVVDQWIUHXFK,FKZLOODXI HWZDVDQGHUHVKLQDXV© ª$EHUZLUVLQGGRFKGDUDQQLFKWVFKXOG©VFKULH-LOOª0HLQ *RWWZDUXP© 'HU+|OOHQUHLWHUYHUVWHLIWHVLFKª1LPPGDV:RUW*RWWQLH PHKULQGHQ0XQGZHQQLFKGDEHLELQ©IXKUHU-LOODQª+DVW GXYHUVWDQGHQ"© 6LHQLFNWH 'DQQIXKU0DULQJRIRUWª$EHUGLH:HLHQPHUNWHQGD HWZDVQLFKWVWLPPWH6LHNDPHQGDKLQWHUGDPHLQH%UGHUVLH

PLW6FKZDU]HU0DJLHEHNl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lFKWHULFKYRU8U]HLWHQZDUQDKPPHLQH6HHOHDXIXQGYHU VSUDFKPLUGDGLH6WXQGHGHU5DFKHLUJHQGZDQQNRPPHQ ZUGH(UKDWVHLQ9HUVSUHFKHQJHKDOWHQPLFKDXVGHP*UDE JHKROWGDPLWLFKGHQ1DFKNRPPHQGDVKHLP]DKOHQNDQQ ZDVGLH9RUIDKUHQPLUDQJHWDQKDEHQ'XXQGGHLQH7RFKWHU LKUVWDPPWLQGHUGLUHNWHQ/LQLHYRQGHQ&DQQLJKDQVDE8QG LKUZHUGHWEHQ© -LOONODPPHUWHVLFKQRFKIHVWHUDQLKUHQ9DWHUª1HLQLFKZLOO QLFKWLFKKDEHPLWPHLQHQ9RUIDKUHQQLFKWV]XWXQ,FKEHUHXH VRJDUZDVVLHJHWDQKDEHQDEHUELWWHODXQVLQ5XKH©6LH VFKOXFK]WHDXIO|VWHVLFKYRQLKUHP9DWHUXQGILHOYRUGHP +|OOHQUHLWHUDXIGLH.QLH 'RFK0DULQJREOLHEKDUWª1LHPDOVJHEHLFKQDFK©HUZLGHU WHHUª-DKUKXQGHUWHKDEHLFKDXIPHLQH5DFKHZDUWHQPVVHQ -HW]WIKUHLFKVLHDXFKGXUFK© ª8QGXQGZDVKDVWGXPLWPHLQHU7RFKWHUYRU"©IUDJWH%LJ -RVKPLWNDXP]XYHUVWHKHQGHU6WLPPH ª,FKZHUGHVLHGRUWKLQEULQJHQZRDXFKLFKZDU© 'LH$XJHQGHV5DQFKHUVZXUGHQJURª:RLVWGDV"© ª'HLQH7RFKWHUZLUGLQGDV)HOVHQJUDEJHZRUIHQ©

'HUDOWH0HGL]LQPDQQWDWVHKUJHKHLPQLVYROO(UZLQNWH6XNR HLQSDDU6FKULWWH]XU6HLWHVRGDHUGLH7ULEQHQLFKWPHKU EHREDFKWHQNRQQWH8QGGDVlUJHUWH6XNR ª:DVLVWGHQQ"©IUDJWHHUXQZLOOLJ 'DVIDOWHQUHLFKH*HVLFKWGHV0HGL]LQPDQQVEHNDPQRFKHLQ SDDU5XQ]HOQKLQ]Xª1XUNHLQH+DVWPHLQ)UHXQGGHQQPLW ]XJURHU+DVWHUUHLFKHQZLUQLFKWV© ª$EHULFKPXGLH0HQVFKHQUHWWHQ© ª'DVZLUVWGXDXFK,FKNHQQHGHQ+|OOHQUHLWHU(UZLUG VHLQH5DFKHHUVWGXUFK:RUWHDXVNRVWHQZROOHQXQVEOHLEW QRFKJHQJHQG6SLHOUDXP.HLQH$QJVW© 6XNRXQG7DQ]HQGHU%lUKDWWHQVLFKDXIGHQ%RGHQJHKRFNW 8QWHUVHLQHP+HPG]RJGHU$OWHGHQ7RWHPSIDKOKHUYRU GHQ6XNREHUHLWVLQGHU%HKDXVXQJGHV0HGL]LQPDQQV JHVHKHQKDWWH ª'DVLVWLP$XJHQEOLFNXQVHUZLFKWLJVWHV6WFN©IOVWHUWHHU ª(UZLUGXQVGHQ:HJZHLVHQDXIGHPZLUGHQ+|OOHQUHLWHU EHVLHJHQN|QQHQ©(UNLFKHUWHZLHHLQDOWHV:HLE ª8QGZLHZLOOVWGXGDVDQVWHOOHQ"©HUNXQGLJWHVLFK6XNR ª'HU*URH*HLVWZLUGPLUKHOIHQGHQQDXFK0DQLWRXLVWHLQ )HLQGGHV+|OOHQUHLWHUV© 6XNRVFKDXWHGHQ0HGL]LQPDQQDQ(UVDJWHQLFKWVlXHUWH NHLQH=ZHLIHODQGHQ:RUWHQGHV$OWHQ6XNRKDWWHHVJHOHUQW DOOH5HOLJLRQHQXQG:HOWDQVFKDXXQJHQ]XUHVSHNWLHUHQ ª(VLVWPLUJHOXQJHQPLFKPLWLKPLQ9HUELQGXQJ]XVHW]HQ 8QGDXFKLKPGHULQGHQ(ZLJHQ-DJGJUQGHQDXVKDUUWLVW QLFKWHQWJDQJHQGD0DULQJRDXVVHLQHP*UDE]XUFNJHNHKUW LVW0DQLWRXLVWHLQ*HJQHUGLHVHV'lPRQV© ª:DUXPJUHLIWHUGDQQQLFKWHLQ"© (LQYHUORUHQHV/lFKHOQXPVSLHOWHGLH/LSSHQGHV$OWHQ ª6FKZDU]H0DJLHVFKLUPW0DULQJRDEZLHHLQHQ8PKDQJ'X GDUIVWQLFKWYHUJHVVHQGDHUVWDUNH)UHXQGHKDWGDLVWHVDXFK IUHLQHQ*HLVWZLH0DQLWRXVFKZHUGHQ6FKLUP]XGXUFK EUHFKHQ© ª$EHUGXKDVWHVJHVFKDIIW©VDJWH6XNR

7DQ]HQGHU%lUQLFNWHª-DHVJLEWHLQHQ:HJ0DQPX 0DQLWRXEHVFKZ|UHQGDQQHUVWNDQQHUGHQ5LQJGXUFK EUHFKHQ6RKDEHLFKHVLQGHQDOWHQ%FKHUQJHOHVHQ© ª+DVWGXLKQEHVFKZRUHQ"© 'HU0HGL]LQPDQQQLFNWH ª8QG"© 7DQ]HQGHU%lUZRJGDVNOHLQH7RWHPLQVHLQHUUHFKWHQ RIIHQHQ+DQGIOlFKHª'XZLUVWGDUEHUODFKHQ©VDJWHHUªDEHU LQGLHVHP7RWHPVWHFNWPHKU.UDIWDOVGXDKQVW0DQLWRXV *HLVWLVWGRUWKLQHLQJHIDKUHQ(UKDWVHLQHVWDUNH0DJLHLQ GLHVHV7RWHPJHOHLWHW'XEUDXFKVWQXUGLH6FKOVVHOZRUWH]X VSUHFKHQGDQQZLUG0DQLWRXDQGHLQHU6HLWHVWHKHQ© ª:LHODXWHQGLH:RUWH"© 7DQ]HQGHU%lUVDJWHVLHLKP 6XNRUXQ]HOWHGLH6WLUQ(VZDUHQ%HVFKZ|UXQJVIRUPHOQGLH DOVNHKOLJH/DXWHDXVJHVWRHQZHUGHQPXWHQ ª(LQPDOQXUGDUIVWGXGLHVH:RUWHDXVVSUHFKHQ©HUNOlUWH GHU0HGL]LQPDQQEHVFKZ|UHQGªGDQQLVWHVYRUEHL(LQPDO QXUPHUNHVLHGLUGHVKDOEJXW© ª-D© 6XNRKDWWHVLFKGLHNHKOLJHQ/DXWHJHQDXHLQJHSUlJW(U VWDQGDXIXQGVWUHFNWHGLH+DQGDXV 7DQ]HQGHU%lUEHUUHLFKWHLKPGDV7RWHP(VIKOWHVLFK ZDUPLQ6XNRV+DQGDQVFKLHQYRQHLQHPLQQHUHQ/HEHQ HUIOOW]XVHLQ$OVVLFK6XNRGDVEHPDOWH7RWHPEHWUDFKWHWH PHUNWHHUGDGLH0RWLYHLQHLQDQGHUJHVFKOXQJHQH6\PEROH XQG=HLFKHQGDUVWHOOWHQ ª'DQNH©VDJWHGHU&KLQHVH $XFK7DQ]HQGHU%lUHUKREVLFK(UGUHKWHEHLGH+lQGHVR GDGLH,QQHQIOlFKHQQDFKDXHQZLHVHQ ª8QGQXQJHK©VDJWHGHU0HGL]LQPDQQª'HU*URH 0DQLWRXP|JHGLUEHLVWHKHQ©

$XFK-LOO&DQQLJKDQKDWWHGLH:RUWHYHUVWDQGHQ6LHVROOWHLQ GDV*UDEJHZRUIHQZHUGHQVRZLHLKUH9RUIDKUHQHVPLW 0DULQJRJHWDQKDWWHQ ª1HLQ©VFKULHVLHª%LWWHQLFKW© )OHKHQGKREVLHGLH+lQGHZlKUHQGLKU9DWHUZLHHUVWDUUW DXIGHP+HFNVWDQG %LJ-RVKDWPHWHVFKZHU'VWHUH*HGDQNHQZLUEHOWHQKLQWHU VHLQHU6WLUQ 3O|W]OLFKGUHKWHHUGXUFK (UZDUIVLFKYRUSDFNWHGHQ.RSIGHV5DSSHQXQGZROOWHLKQ KHUXQWHU]LHKHQ 'DVSLHGDV3IHUG)HXHU 1RFKLPVHOEHQ$XJHQEOLFNUDVWHGLHIHXULJH/DQ]HDXIGHQ 5DQFKHU]X *OHLHQGH+HOOLJNHLW)U6HNXQGHQEUXFKWHLOH]HLFKQHWHVLFK GLH*HVWDOWGHV0DQQHVPLWGHQKRFKJHULVVHQHQ$UPHQLQGHU /LFKWDXUDDE'DQQZDUQLFKWVPHKU ª'DG©ZHLQWH-LOOª'DGXP+LPPHOVZLOOHQ© 0DULQJREHXJWHVLFKKRKQODFKHQGQDFKXQWHQSDFNWH-LOODQ GHQ+IWHQXQG]RJVLH]XVLFKDXIV3IHUG 'LH5DQFKHUVWRFKWHUZHKUWHVLFKQLFKW(VKDWWHNHLQHQ6LQQ 6LHNRQQWHJHJHQGLH.UlIWHGHV7HXIOLVFKHQGRFKQLFKWV DXVULFKWHQ 0DULQJRGUHKWHVHLQ3IHUG'DQQULWWHUGHQ7ULEQHQJDQJ KLQXQWHU6HLQH%HXWHKDWWHHUYRUVLFKJHVHW]W(UKLHOW-LOOPLW GHPOLQNHQ$UPXPNODPPHUW 'LH6FKDWWHQGHU'lPPHUXQJODJHQEHUHLWVEHUGHP/DQG 9RQGHQ6SLW]HQGHUIHUQHQ%HUJHZDUVFKRQQLFKWVPHKU ]XVHKHQ %LQQHQNXU]HU=HLWZUGHGLH1DFKWKHUHLQEUHFKHQ 0DULQJRDEHUKDWWHHUUHLFKWZDVHUZROOWH1XQEHUHLWHWHHU GHQOHW]WHQ7HLOVHLQHV5DFKHSODQVYRU

6XNRYHUOLHGLHVFKW]HQGH'HFNXQJGHV:RKQZDJHQV'LH *DWWHUGLHGHQ5RGHRSODW]XP]lXQWKDWWHQZDUHQ]HU EURFKHQ:LHJURHDEJHNQLFNWH6WUHLFKK|O]HUODJHQVLHDXI GHP%RGHQ 6XNRZXWHJHQDXGDHVMHW]WQXUDXILKQDQNDPREGHU )DOOHLQJXWHV(QGHQDKP6LFKHUGLH%HZRKQHUXQG*lVWHGLH JHIORKHQZDUHQZUGHQEHVWLPPWGLH3ROL]HLHLQHUDQGHUHQ 6WDGWDODUPLHUHQGRFKELVGLH%HDPWHQHLQWUDIHQKDWWHGHU +|OOHQUHLWHUVHLQH7UPSIHOlQJVWDXVJHVSLHOW $XHUGHPZDUHVIUDJOLFKRE3ROL]LVWHQEHUKDXSWHLQH &KDQFHJHJHQLKQKDWWHQ'LH:DIIHQGHU+LJKZD\3ROLFH KDWWHQVLFKDOVZLUNXQJVORVHUZLHVHQ 'DV7RWHPKLHOWPHLQ)UHXQGLQGHUUHFKWHQ+DQG6HLQH 6FKXKHZLUEHOWHQNOHLQH6WDXEZ|ONFKHQDXIDOVHUGXUFKGLH $UHQDVFKULWW'LH'lPPHUXQJKDWWHGDVZHLWH/DQGEHUHLWV XPKOOW 6XNRPXWHPLWDQVHKHQZLHVLFKGHU+|OOHQUHLWHUGDV 0lGFKHQVFKQDSSWHXQGHVYRUVLFKDXIGDV3IHUG]RJ'HQ 5DQFKHUVDKGHU&KLQHVHQLUJHQGZRXQGHLQVFKUHFNOLFKHU 9HUGDFKWNHLPWHLQLKPKRFK %HVWLPPWKDWWHVLFK0DULQJRGHV0DQQHVHQWOHGLJW8PVR VFKQHOOHUPXWH6XNRGLHVHQ7HXIHOVWRSSHQEHYRUHUQRFK PHKU8QKHLODQULFKWHQNRQQWH (UGDFKWHZLHGHUDQPLFK*LQJHLFKMHW]WDQVHLQHU6HLWH ZlUHLKPZRKOHU$EHUPHLQ6FKLFNVDOEHVFKlIWLJWH6XNRQRFK ]XVlW]OLFK(UZROOWHYRQ0DULQJR*HZLKHLWKDEHQZDVPLW PLUJHVFKHKHQZDU 'HU+|OOHQUHLWHUGRUWREHQDXIGHU7ULEQHGUHKWHVHLQ3IHUG XPGLH+DQG0LWVHLQHU%HXWHULWWHUDXIGHQEUHLWHUHQ 0LWWHOJDQJ]XHUUHLFKWHLKQXQGOLHGDV3IHUGQDFKXQWHQ VFKUHLWHQ 'HU&KLQHVHEOLHEVWHKHQ (UKLHOWVLFKGRUWDXIZRGHU6KHULIIJHVWRUEHQZDUXPYRQ 0DULQJRJHVHKHQ]XZHUGHQ 'DVZDULQGHU7DWGHU)DOO

(WZDDXIGHU+lOIWHGHV*DQJHVYHUKLHOWGHU+|OOHQUHLWHUVHLQ VFKZDU]HV3IHUG (UKDWWHQLFKWGDPLWJHUHFKQHWDXIHLQHQ*HJQHU]XWUHIIHQ XQGVDJWHQLFKWV 'DIUDEHU6XNRª0DULQJR©ULHIHUª'LH6WXQGHGHU $EUHFKQXQJLVWQDK.RPPKHUXQWHUYRQGHU7ULEQHXQG VWHOOGLFKHQGOLFK]XP.DPSIGDPLWLFKGLFKGRUWKLQVFKLFNHQ NDQQZRKHUGXJHNRPPHQELVW© -HW]WODFKWHGHU+|OOHQUHLWHU)U6XNRK|UWHHVVLFKDQZLH GDV*UROOHQHLQHV*HZLWWHUVª'XZLOOVWPLFKDXIKDOWHQ"© K|KQWHHU ª:DUXPQLFKW"© 0DULQJRVFKZHQNWHGLH/LFKWODQ]Hª'DPLWZHUGHLFKGLFK DXIO|VHQGX:XUP'HLQ6FKLHHLVHQQW]WGLUEHUKDXSW QLFKWV© ª$EHUYLHOOHLFKWGDV©6XNRKREVHLQHQUHFKWHQ$UP ª:DVLVWGDV"©ULHIGHU+|OOHQUHLWHU ª.RPPQlKHUGDQQNDQQVWGXHVVHKHQ©'HU&KLQHVH ORFNWH0DULQJR]XVLFKKHUDQ -LOO&DQQLJKDQKLQJNUDIWORVLP*ULIIGHV+|OOHQUHLWHUV6XNR QDKPDQGDVLHRKQPlFKWLJJHZRUGHQZDU 6FKULWWIU6FKULWWEHUZDQGGHU5DSSHGLH6WXIHQ'HU +|OOHQUHLWHUEHUVWU]WHQLFKWV(UZDUVLFKVHLQHV2SIHUV VLFKHU'DQQKLHOWHUGDV3IHUGDQ'HU=DXQGHUGLH7ULEQH YRPHLJHQWOLFKHQ.DPSISODW]WUHQQWHZDU]HUEURFKHQXQG VWHOOWHNHLQ+LQGHUQLVPHKUGDU)UHLVWDQGHQVLFK6XNRXQG 0DULQJRJHJHQEHU =ZHL)HLQGHGLHVLFKELVDXIV%OXWEHNlPSIHQZUGHQ6LH VWDQGHQVLFKJHJHQEHUZLHEHLHLQHP5HYROYHUGXHOO 'LH(QWIHUQXQJEHWUXJHWZD]HKQ6FKULWWH ª'XZLOOVWDOVRPLWPLUNlPSIHQ"©ODFKWH0DULQJR ª1DWUOLFK©HUZLGHUWH6XNRPLWIHVWHU6WLPPHª'RFKLFK VWHOOHHLQH%HGLQJXQJ/DGDV0lGFKHQIUHL© 'HU+|OOHQUHLWHUEHUOHJWHª8QGZDUXP"© ª:HLOVLHQLFKWPLWGLUVWHUEHQVROO©

0DULQJRO|VWHGHQ*ULIIXQG-LOOUXWVFKWHYRP3IHUGHUFNHQ 'HU+|OOHQUHLWHUIDWHQRFKHLQPDO]XGDPLWVLHVLFKQLFKWYHU OHW]WH6FKOLHOLFKEUDXFKWHHUVLHQRFK8QGGDHUGHQ.DPSI JHZLQQHQZUGHGDUDQJDEHVIULKQNHLQHQ=ZHLIHO ª6RQVWQRFKHWZDV"© ª-D©VDJWH6XNRª:DVLVWPLWPHLQHP)UHXQG-RKQ6LQFODLU JHVFKHKHQ"© ª(ULVWGDZRHUKLQJHK|UW,P5HLFKGHU6FKDWWHQ© ª/HEWHU"©6XNRV6WLPPHYLEULHUWHOHLFKW ª9LHOOHLFKWYLHOOHLFKWDXFKQLFKW'XZLUVWHVDXINHLQHQ)DOO KHUDXVILQGHQ0HLQH:DIIHLVWVWlUNHUDOVGHLQH8QGMHW]WLVW JHQXJJHUHGHWZRUGHQ.lPSIHHQGOLFKXQGVWLUE© 'HU+|OOHQUHLWHUKDWWHGLH:RUWHNDXPDXVJHVSURFKHQDOVHU GHQUHFKWHQ$UPKRFKULXQGGLHPDJLVFKH/DQ]HVFKZDQJ ,PVHOEHQ0RPHQWKDQGHOWHDXFK6XNR 0HLQH+lQGHJOLWWHQXQWHUGDV+HPG'LH)LQJHUWDVWHWHQQDFK GHP.UHX]YRUPHLQHU%UXVW8QGGRFKKDWWHLFK$QJVWHV KHUYRU]X]LHKHQ(VZDUP|JOLFKGDLFKGDPLWGLHKLHUKHUU VFKHQGH0DJLH]HUVW|UWHXQGDXIGHP%LOGVFKLUPQLFKWVPHKU VHKHQNRQQWH ª*HVSDQQW"©IUDJWHGHU6SXN ª-D© ª'DQQP|FKWHVWGXGHQ7RGGHLQHV)UHXQGHVDOVRPLWHU OHEHQ"© ª'DHUVWLUEWGDUDQJODXEHLFKQLFKW©HUZLGHUWHLFKPLW P|JOLFKVWIHVWHU6WLPPHª:LUZROOHQDEZDUWHQ© ª'HLQHhEHUKHEOLFKNHLWNHQQWNHLQH*UHQ]HQ©]LVFKWHGHU 'lPRQª:LHWLHIPXPDQGLFKQRFKGHPWLJHQGDPLWGX HQGOLFKJODXEVWGDGLH6FKZDU]H0DJLHVWlUNHULVW"© ª6LHLVWQLFKWVWlUNHU1RFKQLHKDWGDV%|VHIULPPHUGLH 2EHUKDQGEHKDOWHQ+|FKVWHQVIUHLQHNXU]H=HLWVSDQQH GDVODGLUJHVDJWVHLQ$XFKMHW]WZHUGHQZLUHLQHQ$XV ZHJILQGHQ©

'HU6SXNIOXFKWHOlVWHUOLFK'DQQVFKULHHUª'DVLHKVHOEVW© 'LHJUDXH7|QXQJYHUVFKZDQG%LOGHUNULVWDOOLVLHUWHQVLFK KHUYRU9HUVFKZRPPHQVDKLFKGLH%HUJJLSIHOLPOHW]WHQ 6RQQHQOLFKWGDQQZDQGHUWHQPHLQH%OLFNHZHLWHUHUIDWHQGLH $UHQDXQGLFKVDKHLQHQ0DQQHLQVDPXQGYHUORUHQLQGHP *HYLHUWVWHKHQ 6XNR 0HLQ3DUWQHUZDUXQYHUOHW]W(UZDUWHWHDXIGHQ+|OOHQ UHLWHU 0DULQJRULWWPLWVHLQHU%HXWHGHQ*DQJHQWODQJXQGLFK HUNDQQWHHLQHMXQJH)UDX $EHUZDUXPKDWWH0DULQJRVLHDP/HEHQJHODVVHQ":DV KDWWHHUPLWLKUYRU" ,FKPXWHDEZDUWHQ,FKNRQQWHQLFKWVWXQZDUHLQ*H IDQJHQHUPHLQHU)HLQGHGLHLKUHQ6SDDQPHLQHU4XDOKDWWHQ 6HOWHQKDWWHLFKPLFKVRKLOIORVJHIKOW -HW]WEOLHEHQGLHEHLGHQYRUHLQDQGHUVWHKHQ-HGHQ0RPHQW UHFKQHWHLFKGDPLWGDHLQ%OLW]DXVGHUPDJLVFKHQ/DQ]H IDKUHQXQG6XNRW|WHQZUGH 'DVJHVFKDKQLFKW 'LHEHLGHQXQWHUKLHOWHQVLFK:DVVLHVDJWHQYHUVWDQGLFK QLFKWDEHUGHU6SXNNRPPHQWLHUWHHV ª0DULQJRZLUGLKPPLWWHLOHQZHOFKHLQ7RGLKQHUZDUWHW© VDJWHGHU'lPRQª(VNDQQQLFKWPHKUODQJHGDXHUQGDQQ VLHKVWGXZLHGHLQ)HLQGYHUJOKW© ª8QGZDVKDWHUPLWGHP0lGFKHQYRU"©ZROOWHLFKZLVVHQ ª,KUH8UDKQHQZDUHQHVGLH0DULQJR]XU6WUHFNHJHEUDFKW KDEHQ6LHZLUGGDVJOHLFKH6FKLFNVDOHUOHLGHQZLHHUGDPDOV ,KU3ODW]ZLUGGDV)HOVHQJUDEVHLQ© ,QPLUVWLHJGHUKHLH=RUQKRFKª,KU%HVWLHQ©VFKULHLFK ª,KUVDWDQLVFKHQ*HVFK|SIH©,FKVDKGDEHLLQGLHVFKZHKHQ GHQ$XJHQGHV6SXNVª(LQHV7DJHVNRPPWGHU=HLWSXQNWLQ GHPDOOHXUH:HOWHQ]X6WDXE]HUIDOOHQZLHHLQDOWHU9DPSLU ZHQQLKQGDV6RQQHQOLFKWWULIIW'DVVFKZ|UHLFKHXFK© ª$EHUGXZLUVWHVQLFKWPHKUHUOHEHQ-RKQ6LQFODLU©

ª1DFKPLUNRPPHQDQGHUH8QGYLHOOHLFKWDXFKVWlUNHUH 9HUODWHXFKGUDXI© ,FKVSUDFKQLFKWPHKUZHLWHUGHQQ]ZLVFKHQ6XNRXQGGHP +|OOHQUHLWHUEDKQWHVLFKGLH(QWVFKHLGXQJDQ,FKVDKZLH 0DULQJRGHQUHFKWHQ$UPKRE -HW]WLQGLHVHQ$XJHQEOLFNHQPXWHHVJHVFKHKHQZUGH GLHPDJLVFKH/DQ]HPHLQHQ)UHXQGGXUFKERKUHQ ,FKZROOWHGLH$XJHQVFKOLHHQGRFKLFKVFKDIIWHHVQLFKW *HEDQQWVFKDXWHLFKGHQ(UHLJQLVVHQLQGHUDQGHUHQ'LPHQ VLRQ]X 'HU+|OOHQUHLWHUJULIIDQ 6XNRULGHQUHFKWHQ$UPKRFK,QGHU+DQGKLHOWHUGDV 7RWHP0HLQ)UHXQGVSUDFKGLHPDJLVFKHQ:RUWH 'D]DFNWHGHU%OLW]DXVGHU/DQ]H 6XNRHUZDUWHWHMHGHQ$XJHQEOLFNGHQW|GOLFKHQ6WRGLH DOOHV]HUIUHVVHQGH+HOOLJNHLWGRFKQLFKWVJHVFKDK(UVSUWH QXUZLHVLFKGDV7RWHPHUZlUPWH :HLWUL6XNRGLH$XJHQDXI 9RUVLFKVDKHUGHQ+|OOHQUHLWHU0DULQJRZROOWHQLFKWEH JUHLIHQGDVHLQH0DJLHQLFKWJHZLUNWKDWWH(UKDWWHVHLQ 3IHUGDXIGLH+LQWHUKDQGJHULVVHQXQGOLHHVDXI]ZHL%HLQHQ WlQ]HOQª:HUELVWGX"©EUOOWHHUª:DUXPHQWJHKVWGXPHLQHQ $QJULIIHQ"© 6XNRDQWZRUWHWHª'LH0DJLHGHV*URHQ0DQLWRXKDWPLFK LPPXQJHJHQGLFKJHPDFKW© 0DULQJRIOXFKWHª0DQLWRXZHULVWGDVVFKRQ",FKELQ JU|HU+LQWHUPLUVWHKWGLH0DFKWGHU+|OOH© 6XNRODFKWHLKQDXVª'DV*XWHEHUWUXPSIWLPPHUGDV%|VH 0HUNHHVGLU0DULQJR© ª$FKIDKU]XP7HXIHO© :LHGHUVWLH0DULQJRPLWGHUPDJLVFKHQ/DQ]H]X(UKDWWH JHJODXEW6XNREHUUDVFKHQ]XN|QQHQGRFKGHU%OLW]ZXUGH YRQGHP7RWHPDEVRUELHUW

$EHUZDUGDVDOOHVZDVGLHVHV7RWHPNRQQWH"%HVDHVQLFKW GLH.UDIW]XHLQHP*HJHQDQJULII"6XNRZDUHQWWlXVFKW 6FKOLHOLFKKDWWHHUGLHPDJLVFKHQ:RUWHJHVSURFKHQ 'HU+|OOHQUHLWHUZROOWHLKQMHW]WQLHGHU]ZLQJHQ(UXPULWW LKQLQHLQHPZDKQVLQQLJHQ7HPSR6WDXEZDOOWHDXIDOVGLFNH :RONHQ,PPHUHQJHU]RJGHU+|OOHQUHLWHUVHLQH.UHLVH 'DJHVFKDKHV 'DV7RWHPLQ6XNRV+DQGEHJDQQSO|W]OLFK]XJOKHQ(V VWUDKOWHDQGHU6SLW]HURWDXIZLUNWHZLHHLQEHUJURHV 5FNOLFKW1RFKEHYRUHVVHLQHYROOH,QWHQVLWlWHQWIDOWHQ NRQQWHEHJDQQHV]XURWLHUHQ(VGUHKWHVLFKLPPHUVFKQHOOHU ELOGHWHHLQHQUHJHOUHFKWHQ)ODPPHQNUDQ]XQGGHU+|OOHQ UHLWHUULVHLQ3IHUG]XUFN +RFKVWHLOWHGHU5DSSHDXI 0DULQJRVFKULH*HJHQEHVFKZ|UXQJHQ(UDKQWHZDVDXILKQ ]XNDPVWLHYHU]ZHLIHOWPLWVHLQHUPDJLVFKHQ/DQ]H]XGRFK GHU=DXEHUGHV7RWHPZDUVWlUNHU (UVFKW]WHGHQ&KLQHVHQ 8USO|W]OLFKO|VWHVLFKGHU)ODPPHQNUDQ]DXI(UILHOQLFKW ]XVDPPHQQHLQHU]HUIDVHUWHQDFKDOOHQ6HLWHQ :LH.RPHWHQUDVWHQNOHLQH)ODPPHQ]XQJHQLQGHQJUDXHQ +LPPHOGUHKWHQVLFKDOVVLHLKUHQK|FKVWHQ3XQNWHUUHLFKW KDWWHQXQGELOGHWHQGUHL6FKOLQJHQ 'UHL/DVVRV 6XNRZXWHPLWHLQHPPDOZLHGLH0DJLHGHV*URHQ 0DQLWRXZLUNWH,QUDVHQGHU*HVFKZLQGLJNHLWZLUEHOWHQGLH /DVVRVGHP(UGERGHQ]XVXFKWHQLKU=LHOXQGIDQGHQHV 0DULQJR 'HU+|OOHQUHLWHUZROOWHIOLHKHQ9HU]ZHLIHOWKlPPHUWHHU VHLQHP3IHUGGLH+DFNHQLQGLH:HLFKHQ 'HU5DSSHElXPWHVLFKQRFKK|KHUDXI7URPSHWHQKDIWHV :LHKHUQMDJWHLQGLH1DFKW)HXHUOHFNWHDXVGHQ1VWHUQZLH )ODPPHQDXVHLQHP6FKQHLGEUHQQHUGRFKGDVDOOHVQW]WH GHP'lPRQQLFKWVPHKU 'LH/DVVRVZDUHQDXILKQSURJUDPPLHUW

6LHILHOHQ:XUGHQLPPHUVFKQHOOHUXQGVFKDOOWHQHV 'DVHUVWHIHXULJH/DVVROHJWHVLFKXPGHQ2EHUN|USHUGHV +|OOHQUHLWHUVZXUGHZLHYRQXQVLFKWEDUHQ)lXVWHQ]XVDP PHQJH]RJHQXQGXPVSDQQWHGHQ'lPRQ$XFKGLH$UPH ZDUHQJHIDQJHQVRGD0DULQJRNHLQH&KDQFHPHKUKDWWH VLFK]XEHIUHLHQ (LQ5XFNXQGHUILHOYRP3IHUGHUFNHQ +DUWSUDOOWHHULQGHQ6WDXE(UZlO]WHVLFKKHUXPZROOWH GHQ'UXFNVSUHQJHQ(UVFKDIIWHHVQLFKW 'DV]ZHLWH/DVVRZLUEHOWHDXIGDV3IHUG]X'HU5DSSH IORKGRFKGLFKWYRUGHP]HUVW|UWHQ=DXQZXUGHHUYRQGHU 6FKOLQJHHUIDW :LHDXFKVHLQ5HLWHUVRNUDFKWHGDV3IHUGVFKZHU]X%RGHQ (VVFKOHJHOWHPLWGHQ+XIHQZROOWHVLFKDXIULFKWHQGRFKGLH PDJLVFKH.UDIWGHU6FKOLQJHZDUVWlUNHU %UHLWEHLQLJVWDQG6XNRDXIGHU6WHOOHXQGKLHOWGDV7RWHPIHVW XPNODPPHUW 1RFKVFKZHEWHHLQGULWWHVIHXULJHV/DVVRLQGHU/XIW 8QGDXFKGLHVH6FKOLQJHQlKHUWHVLFKUDVHQGVFKQHOOGHP %RGHQ 'DV=LHOZDU0DULQJR ,Q:LQGHVHLOHUROOWHHVVLFKXPGLH%HLQHGHV+|OOHQUHLWHUV GLH6FKOLQJH]RJVLFK]XVDPPHQXQGSUHWHGLH%HLQHDQ HLQDQGHU -HW]WZDU0DULQJREHZHJXQJVXQIlKLJ 6XNRV)HLQGODJYRULKPLP6WDXE*HIHVVHOWPLW]ZHL PDJLVFKHQ6FKOLQJHQ 'HU&KLQHVHJLQJDXIVHLQHQ)HLQG]X.HLQ0XVNHOUHJWH VLFKLQVHLQHP*HVLFKW0DULQJRZDU]ZDUJHIHVVHOWDEHUQRFK OHEWHHUXQGQRFKZXWH6XNRQLFKWZRLFKPLFKEHIDQG 'HQ7UXPSIKDWWH0DULQJR 9RULKPEOLHEGHU&KLQHVHVWHKHQ6XNRVHQNWHGHQ.RSI XQGLKUH%OLFNHWUDIHQVLFK 1LFKWHLQ)QNFKHQ7ULXPSKRGHU)UHXGHZDULQ6XNRV $XJHQ]XOHVHQ(UQVWVFKDXWHHUGHQ+|OOHQUHLWHUDQ

0DULQJRODJDXIGHP5FNHQ'LHEHLGHQOHXFKWHQGHQ /DVVRVVFKQUWHQLKQHLQ6HLQ*HVLFKWZDUYHU]RJHQELOGHWH HLQH*ULPDVVH9LHOOHLFKWDXV:XWRGHU6FKPHU]6XNRZXWH HVQLFKW(VZDULKPDXFKHJDO(UZROOWHQXUHLQV 0LFKEHIUHLHQ ª'XKDVWYHUORUHQ0DULQJR©VWHOOWH6XNRIHVW6HLQH6WLPPH NODQJVDFKOLFKRKQH(PRWLRQHQª'XEHILQGHVWGLFKLQPHLQHU +DQG,FKNDQQPLWGLUPDFKHQZDVLFKZLOO© 0DULQJRVFKULHGHP&KLQHVHQHWZDVHQWJHJHQZDVGHUQLFKW YHUVWDQG(VNODQJZLHHLQ)OXFK 6XNROLHVLFKQLFKWEHLUUHQª'XKDVWGHQ=DXEHUGHV *URHQ0DQLWRXXQWHUVFKlW]W0DULQJRELVWZHKUXQGKLOIORV ,FKN|QQWHGLFKW|WHQ,UJHQGZLHZUGHLFKHVDXFKVFKDIIHQ© -HW]WEOLW]WHHV]XPHUVWHQPDOLQGHQ$XJHQGHV+|OOHQUHLWHUV DXI6XNRVWHOOWHIHVWGDGHU'lPRQ$QJVWKDWWH (UVSUDFKZHLWHUª:LHJHVDJWLFKN|QQWHGLFKW|WHQDEHULFK ZLOOGLUHLQH&KDQFHJHEHQ© 0DULQJRDQWZRUWHWHGRFKGDVVFKULOOH:LHKHUQGHV5DSSHQ EHUW|QWHGLH:RUWH ª:DVKDVWGXJHVDJW"© ª:DUXPZLOOVWGXPLUGDV/HEHQVFKHQNHQ"© lFK]WHGHU 'lPRQ ª:HLOLFKDXIHLQ7DXVFKJHVFKlIWDXVELQ'HLQH)UHXQGH ODVVHQ-RKQ6LQFODLUIUHL:HQQHUQHEHQPLUVWHKWZLUVWDXFK GXZLHGHUGRUWKLQ]XUFNNHKUHQZRKHUGXJHNRPPHQELVW hEHUOHJHGLUGHQ9RUVFKODJJXW/DQJHZDUWHLFKQLFKW© ª1LHPDOV©NUHLVFKWHGHU+|OOHQUHLWHUª1LHPDOVZHUGHLFK GDUDXIHLQJHKHQ© ª'DQQZLOOVWGXIUDOOH=HLWHQVWHUEHQ"© 0DULQJRVFKZLHJ(UNHXFKWHQXUQRFK 6XNRV%OLFNJOLWWEHULKQKLQZHJ(VZDUIDVWY|OOLJGXQNHO JHZRUGHQ'HU:LGHUVFKHLQGHUPDJLVFKHQ6FKOLQJHQVFKLP PHUWHDXIGHQ*HVLFKWHUQGHUEHLGHQ)HLQGH)HUQLP:HVWHQ EHUGHQ6FKZDU]HQ%HUJHQEOLW]WHHV (LQ:lUPHJHZLWWHUNQGLJWHVLFKDQ

ª1XQ"©IUDJWH6XNRª:LHKDVWGXGLFKHQWVFKLHGHQ"© ª,FKEUDXFKH%HGHQN]HLW©0DULQJRYHUVXFKWHGHQ&KLQHVHQ KLQ]XKDOWHQ 6XNRVFKWWHOWHGHQ.RSIª1HLQGDUDXIODVVHLFKPLFKQLFKW HLQ,FKVLW]HDPOlQJHUHQ+HEHO'XZLUVWGLFKVLFKHUOLFK GXUFKJHLVWLJHQ.RQWDNWPLWGHLQHQ)UHXQGHQLQ9HUELQGXQJ VHW]HQN|QQHQVRIHUQVLHQLFKWVFKRQZLVVHQZDVKLHUJH VFKHKHQLVW-RKQ6LQFODLUV/HEHQJHJHQGDVGHLQH(LQHDQGHUH :DKOJLEWHVQLFKW© 'HU+|OOHQUHLWHUNQXUUWHXQGIDXFKWH(UIRFKWLQQHUOLFK HLQHQKDUWHQ.DPSIPLWVLFKDXV1DFKJHEHQZROOWHHUQLFKW GHQQHUZXWHZDVLKQGDQQHUZDUWHWH6LHZUGHQLKQYHU DFKWHQ(UZUGHHLQ1LFKWVZHUGHQLP5HLFKGHU'lPRQHQ 'DYRUIUFKWHWHHUVLFK$EHUHUEOLHEGDQQ]XPLQGHVWDP /HEHQ$QGHUHUVHLWVWUDXWHHUGHP&KLQHVHQXQGGHVVHQ0DJLH ]XLKQLQGHQ7RG]XVFKLFNHQ :LHVROOWHHUVLFKHQWVFKHLGHQ" (VZXUGHLKPDEJHQRPPHQ 3O|W]OLFKYHUQDKP6XNRKLQWHUVLFKHLQOHLVHV/DFKHQ(U ZLUEHOWHKHUXP (LQH*HVWDOWVFKlOWHVLFKDXVGHU'XQNHOKHLW(LQJHKOOWLQ HLQHQODQJHQVFKZDU]HQ8PKDQJ(UZDUNDXP]XVHKHQXQG QXUGLHKHOOHQ$XJHQLQGHPGXQNOHQ6FKlGHOHULQQHUWHQ6XNR GDUDQGDGRUWMHPDQGVWDQG 'HU6FKZDU]H7RG 1RFKQLHKDWWHLFKVRXPGDV/HEHQPHLQHV)UHXQGHV6XNR JHEDQJWZLHLQGLHVHQVFKUHFNOLFKHQ$XJHQEOLFNHQ,FKJDE LKPNHLQH&KDQFHPHKUGLHPDJLVFKH/DQ]HZUGHLKQYHU QLFKWHQZLHYLHOHDQGHUHYRUKHU 'RFKGDQQVDKLFKGHQ*HJHQ]DXEHU(QWGHFNWHGLHGUHL /DVVRVGLHVLFKKRFKLQGLH/XIWVFKZDQJHQXQGPLWQDKH]X W|GOLFKHU6LFKHUKHLWLKUH=LHOHIDQGHQ 5DVHQGVFKOXJPHLQ+HU]'LH)LQJHUQlJHOJUXEHQVLFKWLHI

LQGDV)OHLVFKGHU+DQGEDOOHQ'HU6FKZHLOLHIPLULQ6WU|PHQ EHUGDV*HVLFKW,FKZDUJHEDQQW 8QGGHU.DPSIJLQJZHLWHU 'HU+|OOHQUHLWHUYHUVXFKWHDOOHVHLQ]XVHW]HQGRFKGLH :HLH0DJLHZDUVWlUNHU(UNDPQLFKWGDJHJHQDQ 'RFKLFKZDUGHUHLQ]LJHGHUVLFKIUHXWH1HEHQPLUHU VWLFNWHGHU6SXNIDVWDQVHLQHU:XW (UVWLHVFKOLPPH)OFKHDXVLQHLQHU6SUDFKHGLHLFKQLFKW YHUVWDQG'DQQVDJWHHU]XPLUª(UKDWLKQEHVLHJW(UKDW GHQ+|OOHQUHLWHUEHVLHJW©'HU6SXNVW|KQWHª:HUKDWLKP JHKROIHQ"© +LQWHUPLUVWDQGHQQRFKLPPHUGLHYLHUDSRNDO\SWLVFKHQ 5HLWHU'LH3IHUGHVFKDUUWHQPLWGHQ+XIHQ6LHZDUHQXQUXKLJ JHZRUGHQ$XFKVLHKDWWHQGLH1LHGHUODJHHUOHEW:UGHQGLH 5HLWHUVLFKUlFKHQ",KUH5DFKHDQPLUDXVODVVHQ" :HQQMDPXWHLFKPLUVFKQHOOVWHQVHWZDVHLQIDOOHQODVVHQ $EHUHUVWHLQPDOUHGHWH6XNR(UVFKOXJGHPJHIDQJHQHQ +|OOHQUHLWHUHLQ7DXVFKJHVFKlIWYRU 0HLQ/HEHQJHJHQGDVGHV'lPRQV ,FKKLHOWGHQ$WHPDQ:UGHQGLH0lFKWHGHU)LQVWHUQLVDXI GLHVHQ+DQGHOHLQJHKHQ" ª1LHPDOV©NUHLVFKWHGHU6SXNª1LHPDOVJHEHLFK6LQFODLU KHU,FKODVVHLKQ]HUUHLHQ©(UVWLHQRFKZHLWHUH'URKXQ JHQDXVLFKEHDFKWHWHVLHQLFKW 'DV*HVFKHKHQDXIGHU'LPHQVLRQVOHLQZDQGZDULP$XJHQ EOLFNZLFKWLJHU 8QGGRUWVDKLFKSO|W]OLFKPHLQHQ(U]IHLQGDXIWDXFKHQ'HU 6FKZDU]H7RGHUVFKLHQ (UEHIDQGVLFKLQ6XNRV5FNHQGHU&KLQHVHEHPHUNWHLKQ QLFKWELVGHU6FKZDU]H7RGLKQDQVSUDFK'DZLUEHOWH6XNR KHUXP (WZDVZDUDXFKPLUNODU:HQQVLFKMHPDQGQLFKWDXIGHQ +DQGHOHLQOLHGDQQZDUHVGHU6FKZDU]H7RG(UJLQJNHLQH .RPSURPLVVHHLQRSIHUWHOLHEHUDEHUVHLQJUDXVDPHV=LHOJDE HUQLFKWDXI

'RFKZLHHQWUDQQLFKGDQQGLHVHU-HQVHLWVZHOW" (VJDEQXUHLQH0|JOLFKNHLW ,FKPXWHPLFKDXIGHQ'LPHQVLRQVVFKLUPVWU]HQKLQHLQ WDXFKHQLQGLH8QHQGOLFKNHLWGHU=HLWHQXQGGDUDXIKRIIHQ GDLFKGRUWKHUDXVNDPZRDXFK6XNRZDU (LQHDQGHUH$OWHUQDWLYHJDEHVQLFKW )QI6FKULWWHK|FKVWHQVWUHQQWHQPLFKYRQGHPWUDQV]HQ GHQWDOHQ7RU(LQH'LVWDQ]GLHVLFKEHUEUFNHQOLHZHQQ PDQVFKQHOOZDU ,FKZDUHV (LQHQ%OLFNEHUGLH6FKXOWHUULVNLHUWHLFK=ZHLGHU5HLWHU NRQQWHLFKVHKHQ$XFKVLHKDWWHQQXU$XJHQIUGHQPDJL VFKHQ%LOGVFKLUP,FKKRIIWHGDGLHDQGHUHQEHLGHQHEHQVR DEJHOHQNWZDUHQ 7LHIKROWHLFK/XIW=lKOWHELVGUHL 'DQQVWDUWHWHLFK ,FKOHJWHDOOHVZDVLFKKDWWHLQGHQ6SXUWKLQHLQQXW]WHGLH hEHUUDVFKXQJDXVZDUVFKRQGUHL6FKULWWHYRUHKHVLFKKLQWHU PLUPHLQH*HJQHUUKUWHQ 'LFKWYRUPHLQHQ$XJHQWDXFKWHGLH/HLQZDQGDXI,FKVWLH PLFKDE(VZDUHLQJHZDOWLJHU6SUXQJ,FKKHFKWHWHGXUFKGLH /XIWKDWWHGLH$UPHZHLWYRUJHVWUHFNW'LH)LQJHUVSLW]HQEH UKUWHQGLHPDJLVFKH/HLQZDQG*DEVLHQDFK" -D ,QPHLQHP5FNHQK|UWHLFKQRFKGLHZWHQGHQ6FKUHLH GDQQWDXFKWHLFKHLQZDUYHUVFKZXQGHQXQGZXUGHJHIDQJHQ YRP:LUEHOGHU'LPHQVLRQHQ *ODVNODUJDEGHU6FKZDU]H7RG6XNRVHLQH0HLQXQJ]XYHU VWHKHQª(VZLUGQLFKWVDXVGHP7DXVFKJHVFKlIW©VDJWHHU EHVWLPPWª6LQFODLUEOHLEWJHIDQJHQ© ª'DQQZLUG0DULQJRVWHUEHQ©DQWZRUWHWH6XNR 'HU6FKZDU]H7RGODFKWHKDUWª,FKNDQQHVQLFKWlQGHUQ DEHU6LQFODLULVWPLUZLFKWLJHU©

'HU+|OOHQUHLWHUKDWWHGDV*HVSUlFKPLWDQJHK|UW$OVHU PHUNWHGDHUJHRSIHUWZHUGHQVROOWHEUOOWHHUDXIª1HLQLFK ZLOOQLFKW©6HLQH6WLPPHNLSSWHEHU(UZDQGVLFKLQGHQ PDJLVFKHQ)HVVHOQª,FKZLOOIUHLVHLQ*LE6LQFODLUIUHL© 'HU6FKZDU]H7RGEOLHEKDUWª1LHPDOV6FKRQODQJHELQLFK KLQWHULKPKHUJHZHVHQ(LQSDDUPDOKDWHUPLUHLQ6FKQLSS FKHQVFKODJHQN|QQHQMHW]WLVWHUJHIDQJHQ8QGGX0DULQJR KDVWHEHQIDOOVQDFKJHODVVHQ'HLQH.UDIWZDUIUKHUVWlUNHU ,FKEUDXFKHGLFKQLFKWPHKU+|OOHQUHLWHU,FKKDEH6LQFODLU(U ZLHJWYLHOHVDXI© 6XNRVDKVHLQH)HOOHGDYRQVFKZLPPHQ6HLQ%OLFNLUUWH]ZL VFKHQGHPDP%RGHQOLHJHQGHQ0DULQJRXQGGHP6FKZDU]HQ 7RGKLQXQGKHU/HW]WHUHUKDWWHLKPGLH5HJLHDXVGHQ+lQGHQ JHQRPPHQ-HW]WZXUGHQDFKVHLQHU3IHLIHJHWDQ]W 8QGGDVZDUVFKOLPP 'HU6FKZDU]H7RGNPPHUWHVLFKQLFKWPHKUXPVHLQHQHKH PDOLJHQ/HLEZlFKWHU(UZDUIULKQEHUHLWVJHVWRUEHQ ª'HLQ6SLHOLVW]XHLQHP6HOEVWVFKXJHZRUGHQ&KLQHVH© VSUDFKHU]X6XNRª'XKDVWYHUJHVVHQGDGXHVKLHUQLFKWPLW GHLQHVJOHLFKHQ]XWXQKDVW'lPRQHQUHDJLHUHQLPPHUDQGHUV DOVLKUHVHXFKYRUVWHOOW.RPSURPLVVHJLEWHVQLFKW$XFK GHLQH&KDQFHQVLQGGDKLQ&KLQHVH,FKZHUGHGLFKW|WHQ© ª8QGPLFKEHIUHLHQ©VFKULH0DULQJR ª9LHOOHLFKW©'HU6FKZDU]H7RGVFKULWWMHW]WDXI6XNR]X 0HLQ)UHXQGPXWH]XUFN(UKLHOWZHLWHUKLQGDV7RWHP XPNODPPHUWKREMHW]WGHQUHFKWHQ$UPXQGYHUVXFKWHGLH 0DJLHGHV7RWHPV]XDNWLYLHUHQ (UKDWWHNHLQH&KDQFH ,QGHU)HUQHZHWWHUOHXFKWHWHHVQRFKLPPHU(LQGXPSIHV *UROOHQZDU]XK|UHQGHVVHQ6FKDOOEHUGHQVDPWEODXHQ +LPPHOJHWUDJHQZXUGHXQGLQGHU)HUQHYHUNODQJ 'DV*HZLWWHUQlKHUWHVLFK ,P=LFN]DFNIXKUHLQ%OLW]GHP(UGERGHQHQWJHJHQZHQLJ VSlWHUUROOWHGHU'RQQHU ª%HJOHLWPXVLNIUGHLQHQ7RG&KLQHVH©VDJWHGHU'lPRQ

ª'XVWHKVWDOOHLQYRQ-RKQ6LQFODLUGDUIVWGXNHLQH+LOIHHU ZDUWHQ© ª:LUNOLFKQLFKW"©HUW|QWHKLQWHUGHP6FKZDU]HQ7RGHLQH 6WLPPH 6LHJHK|UWHPLU ª-RRKKKQQQ© 1RFKQLHKDWWHLFKGLHVHQEHIUHLHQGHQ$XIVFKUHLDXV6XNRV 0XQGJHK|UW,QGLHVHP6FKUHLODJDOOGDVZDVHULQGHQ OHW]WHQ6WXQGHQGXUFKJHPDFKWKDWWH $QJVW9HU]ZHLIOXQJ+RIIQXQJ ,FKKDWWHGLH5HLVHGXUFKGLH'LPHQVLRQHQJXWEHUVWDQGHQ XQGZDUJHQDXGRUWKHUDXVJHNRPPHQZRLFKZROOWH $PXQPLWWHOEDUHQ2UWGHV*HVFKHKHQV 'HU6FKZDU]H7RGVWLHHLQXQGHILQLHUEDUHV*HUlXVFKDXV $XFKHUZDUJHVFKRFNW(UKDWWHPLFKVFKOLHOLFKLQVHLQHP 5HLFKJHZlKQW(LQJHIDQJHQZLHHLQH)OLHJHLP6SLQQHQQHW] -HW]W]HUEUDFKGLHVH9RUVWHOOXQJ $EHUQLFKWQXUHUZDUJHVFKRFNWVRQGHUQDXFK0DULQJRGHU +|OOHQUHLWHU'RFKHUEHUZDQGVHLQHQ6FKUHFNHQVFKQHOO ª/|VHPLUGLH)HVVHOQ©VFKULHHUGHP6FKZDU]HQ7RG]X ª1RFKKDEHLFKJHQJHQG.UDIW6LQFODLU]XEHVLHJHQ© 'HU6FKZDU]H7RGZDUQRFK]XSHUSOH[XPVRIRUWKDQGHOQ ]XN|QQHQ(UPXWHVLFKHUVWDXIGLHQHXH6LWXDWLRQHLQVWHOOHQ ,PGLUHNWHQ.DPSIZDUHUVWlUNHUDOVZLUGDUDQJDEHVQLFKWV ]XUWWHOQHUNRQQWHXQVPLWHLQHP)LQJHUVFKQLSSHQEHVLHJHQ 'DVZXWHQ6XNRXQGLFK $EHUZLUHUKLHOWHQ+LOIH 9RQHLQHU6HLWHPLWGHUZLUQLHJHUHFKQHWKDWWHQ(VZDUVR XQZDKUVFKHLQOLFKXQGXQJODXEKDIWGDLFKHVMHW]WQRFKQLFKW IDVVHQNDQQ $P+LPPHOHUVFKLHQHLQULHVLJHV*HVLFKW :LUVDKHQHVGXUFKGDV1HW]YRQ%OLW]HQVFKLPPHUQXQGLFK KDWWHGDV*HIKODOVZUGHHVGDVJHVDPWH)LUPDPHQWHLQ

QHKPHQ(LQH*lQVHKDXWUDQQPLUEHUGHQ5FNHQDOVLFK QDFKREHQVWDUUWH 8QGGRFKZDUGDV*HVLFKWNHLQH)UDW]H(VHUVFKLHQPLU HEHQPlLJ]HLJWH*WHXQG6WUHQJHLQHLQHP8Q]lKOLJH )DOWHQ]RJHQVLFKZLHOHXFKWHQGH6WULFKHGXUFKGDV$QWOLW] 1DVHXQG.LQQZDUHQDXVJHSUlJWHEHQVRGLHKRFKVWHKHQGHQ :DQJHQNQRFKHQ $P+LPPHOVFKZHEWHGDV*HVLFKWHLQHVZHLVHQXUDOWHQ ,QGLDQHUV8QGIUPLFKNDPQXUHLQHULQ)UDJHGHVVHQ*HLVW LFKVRSURML]LHUWVDK 0DQLWRX ,FKIOVWHUWHGHQ1DPHQVSUDFKLKQHKUIXUFKWVYROODXV'D LFKGDPLWUHFKWKDWWHEHZLHVHQGLHQlFKVWHQ6HNXQGHQ'HU 6FKZDU]H7RGVFKULHDXI ª0DQLWRX©EUOOWHHUVWUHFNWHGHQ$UPGHP+LPPHOHQW JHJHQXQGEDOOWHGLHUHFKWHVNHOHWWLHUWH+DQG ª-D©HUVFKROOHLQHODXWH6WLPPHª,FKELQHVLQGHU7DW,FK KDEHGLH8QHQGOLFKNHLWGHU'LPHQVLRQHQYHUODVVHQXPLQGLH *HVFKLFNHGHU(UGHHLQ]XJUHLIHQ0DULQJRKDWJHQXJDQJH ULFKWHWHUVROOGXUFKGHLQH+LOIHQLFKWQRFKVWlUNHUZHUGHQ© 6XNRXQGLFKEHREDFKWHWHQJHVSDQQWGHQ'LDORJ ª:LOOVWGXPLUGURKHQ"©VFKULHGHU6FKZDU]H7RG ª$XFKGDV$EHULQHUVWHU/LQLHZLOOLFKGLFKZDUQHQ=LHK GLFK]XUFNXQGEHUODVVHGHQ+|OOHQUHLWHUPLU© ª1LHPDOV©VFKULHGHU6FKZDU]H7RG(UNUHLVHOWHKHUXPGD VHLQ8PKDQJZLHHLQH)DKQHZHKWH3O|W]OLFKVSUHL]WHHUGLH VNHOHWWLHUWHQ)LQJHU ,PQlFKVWHQ0RPHQWILHOHQGLH)HVVHOQ'LHOHXFKWHQGHQ /DVVRVYHUVFKZDQGHQ 0DULQJRNRQQWHVLFKZLHGHUIUHLXQGXQJHKLQGHUWEHZHJHQ ª.lPSIH©EUOOWHGHU6FKZDU]H7RGLKQDQª'HU6LHJJH K|UWXQVGHU6FKZDU]HQ0DJLH© (LQHQ$WHP]XJVSlWHUZDUGLH+|OOHORV ,FKVWDQGGHP+|OOHQUHLWHUDPQlFKVWHQ:LHYRP.DWDSXOW JHVFKOHXGHUWVSUDQJHUDXIGLH)H

$XFKGDV3IHUGMDJWHKRFKXQGZDUIVLFKZLHKHUQGKHUXP 0DULQJRVXFKWHVHLQHQ5DSSHQGDV3IHUGOHQNWHLKQIUHLQ SDDU6HNXQGHQDEXQGVRHUKLHOWLFKPHLQH&KDQFH ,FKVSUDQJLKQDQ ,POHW]WHQ$XJHQEOLFNVFKOHXGHUWHHUVHLQHQ.|USHUKHUXP ,FKVDKLQGDV*HVLFKWPLWGHPEOXWURWHQ9DXIGHU6WLUQGDQQ SUDOOWHLFKJHJHQLKQ*HPHLQVDPILHOHQZLU]X%RGHQ1XULP 8QWHUEHZXWVHLQK|UWHLFKGHQ6FKUHLXQGGDVKHOOH:LHKHUQ GHV3IHUGHV-HW]WPXWHLFKNlPSIHQDOOHVGDUDQVHW]HQXP]X JHZLQQHQ 0LWEHLGHQ)lXVWHQXPNODPPHUWHLFK0DULQJRVUHFKWHV +DQGJHOHQNULGHQ$UPKRFKXQG]RJGHQ+|OOHQUHLWHU VFKZXQJYROODXIGLH)H(UYHUVXFKWHVLFKDXVPHLQHP*ULII ]XGUHKHQGRFKLFKKLHOWHLVHUQIHVW:HQQHVLKPJHODQJ PLFKPLWGHUPDJLVFKHQ/DQ]H]XWUHIIHQZDUHVXPPLFK JHVFKHKHQ (UDNWLYLHUWHVLH (LQH+DQGEUHLWYRQPHLQHU%UXVWHQWIHUQWZLVFKWHGHU%OLW] YRUEHLXQGERKUWHVLFKLQGHQ%RGHQ ,FKJDEQLFKWQDFKSUHWHLKPPHLQ.QLHLQGHQ5FNHQXQG GUFNWHLKQVR]XUFN :LOGVFKOXJHUPLWGHUOLQNHQ+DQGXPVLFKWUDIPLFKHLQ SDDUPDOKDUWGRFKLFKELGLH=lKQH]XVDPPHQXQGNlPSIWH ZHLWHU=ROOIU=ROOGUHKWHLFKVHLQHQ$UP0LUZDUSO|W]OLFK GLH,GHHJHNRPPHQZLHLFKLKQEHVLHJHQNRQQWH $XFK0DULQJRDKQWHZDVLFKYRUKDWWH (UNHXFKWHZLOGXQGGUFNWHJHJHQPHLQHQ*ULII 1LFKWQDFKJHEHQKlPPHUWHLFKPLUHLQ1XUQLFKWQDFK JHEHQ 8QGLFKVFKDIIWHHV:LQNHOWHGHQ$UPVRZHLWQDFKLQQHQ GDGLH6SLW]HGHU/DQ]HJHQDXDXIVHLQH6WLUQ]HLJWH0DULQJR KDWWHQLFKWVPHKUHQWJHJHQ]XVHW]HQ:DKUVFKHLQOLFKZDUHU GXUFKGLH/LFKWODVVRVVRJHVFKZlFKWZRUGHQGDHUVHLQH .UlIWHQLFKWPHKUHQWIDOWHQNRQQWH (LQ5XFNXQG

'HU6FKUHLZDUJHOOHQG ,FKOLHGHQ+|OOHQUHLWHUORVXQGZDUIPLFKQDFKKLQWHQ1XU ZHJDXVGHUXQPLWWHOEDUHQ*HIDKUHQ]RQH +RFKDXIJHULFKWHWVWDQGGHU+|OOHQUHLWHUGD6HLQH+DXW VFKLPPHUWHSO|W]OLFKGXUFKVLFKWLJ'LH/DQ]HZDULKPLQGHQ XQWRWHQ.|USHUJHGUXQJHQ,FKVDKZLHVLHELVLQGLH)X VSLW]HQUDVWH'DQQHUIROJWHHLQHJUHOOH/LFKWH[SORVLRQHLQ OHW]WHUPDUNHUVFKWWHUQGHU6FKUHLXQG0DULQJRZDUQLFKW PHKU .HXFKHQGZDUILFKPLFKKHUXP 6XNRODJDXIGHP%RGHQ9RULKPKDWWHVLFKGHU5DSSHDXI GLH+LQWHUEHLQHJHULFKWHW0LWGHQ9RUGHUKXIHQ]LHOWHHUDXI PHLQHQ)UHXQG'LH1VWHUQEOlKWHQVLFK-HGHQ$XJHQEOLFN NRQQWHGHU)HXHUVWXUPGDUDXVKHUYRUEUHFKHQ ª6XNR©VFKULHLFK 0HLQ)UHXQGUROOWHVLFKEHUGHQ%RGHQXQGVFKQHOOWHGDQQ ZHJYRQGHQW|GOLFKHQ+XIHQ (VZlUHQLFKWPHKUQ|WLJJHZHVHQ 8USO|W]OLFKEUDFKGDV3IHUG]XVDPPHQ(VVFKOXJQRFKPLW GHQ%HLQHQKREGHQ.RSIZLHKHUWHHLQOHW]WHV0DOXQGZXUGH ]X6WDXE *HVFKDIIW 2GHU" $EHUGDZDUHQQRFKGHU6FKZDU]H7RGXQG0DQLWRXVHLQ *HJQHU ª6LHKGRFK-RKQ©ULHI6XNR$QJHVSDQQWEOLFNWHHUDQPLU YRUEHL,FKGUHKWHPLFK =XPHUVWHQPDOLQXQVHUHP/HEHQHUOHEWHQ6XNRXQGLFKGHQ .DPSI]ZHLHUGlPRQLVFKHU7RGIHLQGH

(VZDUHLQHLQPDOLJHV6FKDXVSLHO)DV]LQLHUHQGJHZDOWLJXQG PDNDEHU]XJOHLFK=ZHL*HLVWHUGHUREHUHQ5DQJVWXIHEH NlPSIWHQVLFK'HUHLQHJXWGHUDQGHUHVFKOHFKW :HUZUGHJHZLQQHQ" 6XNRXQGLFKZDUHQ]X6WDWLVWHQGHJUDGLHUWVFKDXWHQDXV VLFKHUHU(QWIHUQXQJ]XXQGGUFNWHQGHP*HLVWGHVDOWHQ ,QGLDQHUVGLH'DXPHQ 'HU6FKZDU]H7RGJULIIDQ(UVSLHOWHVHLQH0DJLHDXVGLHHU ELVLQVNOHLQVWH'HWDLOEHKHUUVFKWH$XVVHLQHU)DXVWVFKR SO|W]OLFKHLQH/HXFKWVSXULQGHQGXQNOHQ+LPPHOQDKP.XUV DXIGDV*HVLFKW]HUIDVHUWHNXU]]XYRUXQGEUHLWHWHVLFKZLHHLQ %OXWUHJHQDXV 'HU'lPRQODFKWHª'DVZDUGLHHUVWH.RVWSUREH©ULHIHU ª8QGGLHQlFKVWHIROJWVRJOHLFK© (LQJHZDOWLJHV5DXVFKHQZDU]XK|UHQ:HLWEHUXQVPXWH HLQK|OOLVFKHU6WXUPWREHQGHUDOOHVKLQZHJIHJWHZDVVLFKLKP LQGHQ:HJVWHOOWH 'LHURWHQ7URSIHQXQGGDV*HVLFKWZDUHQSO|W]OLFKYHU VFKZXQGHQ 1HEHQPLUDWPHWH6XNRVFKZHU,FKPXUPHOWHHLQHQ)OXFK 'HU6FKZDU]H7RGDEHUZDQGWHVLFKXQV]X ª-HW]WJHEWDFKW©VFKULHHUEUHLWHWHVHLQH$UPHDXVXQG 3O|W]OLFKZDUGDV*HVLFKWZLHGHUGD8QGGLH'RQQHU VWLPPHª1LPPGDV9HUIOXFKWHU© (WZDV+HOOHVUDVWHDXVGHP+LPPHO8QKHLPOLFKVFKQHOO 'HU6FKZDU]H7RGUHDJLHUWH]XVSlW,FKVDKQRFKGHQULHVLJHQ 7RPDKDZNGHUPLWGHU6FKQHLGH]XHUVWDXIVHLQHQ6FKlGHO ]XIORJ ,FKVFKORGLH$XJHQ 'HU%RGHQHUEHEWH:LUVSUWHQGLH'UXFNZHOOHQXQG NRQQWHQXQVQLFKWPHKUKDOWHQ 'DQQVSUDFKZLHGHUGHUJURH*HLVWª6WHKWDXI©ULHIHU ªGHU6FKZDU]H7RGLVWYHUVFKZXQGHQKHLPJHNHKUWLQVHLQH 'LPHQVLRQ0HLQH:DIIHKDWLKQDQJHNUDW]W(VZLUGHWZDV GDXHUQELVHUVHLQH:XQGHQJHOHFNWKDW©

ª'DQNH©ULHILFK]XUFNKREGHQ%OLFNXQGYHUPHLQWHHLQ /lFKHOQDXIGHP*HVLFKW]XVHKHQ 'DQQZDUHVYHUVFKZXQGHQ =HKQ6HNXQGHQVSlWHUEUDFKGDV*HZLWWHUORV$OVGHU5HJHQ QLHGHUUDXVFKWHKDWWHLFKGDV*HIKOHUZUGHDOOGDV*UDXHQ KLQZHJVSOHQGDVZLULQGHQOHW]WHQ6WXQGHQGXUFKJHPDFKW KDWWHQ 6XNRWUXJGLHLPPHUQRFKRKQPlFKWLJH-LOO&DQQLJKDQDXI VHLQHQVWDUNHQ$UPHQ 1HEHQHLQDQGHUJLQJHQZLULQGHQ2UWKLQHLQ 'UHL7DJHZXUGHQ6XNRXQGLFKLQ+LFNRU\IHVWJHKDOWHQ'DV )%,LQWHUHVVLHUWHVLFKIUXQV'HU*HKHLPGLHQVWHEHQIDOOV,Q HLQHPDEK|UVLFKHUHQ5DXPZXUGHQZLUYHUK|UW 'RUWOHJWHLFKGLH.DUWHQDXIGHQ7LVFK :DVKLQJWRQZXUGHHLQJHVFKDOWHW,FKVSUDFKPLWGHPVWHOO YHUWUHWHQGHQ&,$'LUHNWRU(VZXUGHHLQODQJHV*HVSUlFK 'DQQKLHOWHQDQGHUH5FNVSUDFKHPLW6FRWODQG
(LQ6WDPPHVEUXGHUEHULFKWHWHPLUHUZlUHLQGLH:VWH JHJDQJHQ$OOHLQ $XIGHU6WUDHWUDILFKPLW6XNR]XVDPPHQ(VKHUUVFKWH ZLHGHUPlFKWLJ%HWULHE'LH0XVLNDXWRPDWHQGU|KQWHQXQG VSLHQGLH:HVWHUQNOlQJHLQGLH1DFKW 0HQVFKHQYHUJDHQVFKQHOO 8QVJLQJHVMHGRFKDQGHUV:LUNRQQWHQVROHLFKWQLFKWYHU JHVVHQ'HU6FKZDU]H7RGKDWWH]ZDUGLHVPDOZLHGHUHLQH 1LHGHUODJHHLQVWHFNHQPVVHQDEHUQLFKWGXUFKPHLQH+DQG VRQGHUQGXUFKGLHHLQHV0lFKWLJHUHQ ,FKIUDJWHPLFKRELFKZLUNOLFKLQGHU/DJHZDULKQXQGGLH DQGHUHQ'lPRQHQ]XEHVLHJHQ 0LW6XNREHVSUDFKLFKGDV3UREOHP (UZDUGDRSWLPLVWLVFKHUª(VZLUGEHVWLPPWLUJHQGHLQH :DIIHJHEHQPLWGHUGXGHQ6FKZDU]HQ7RGEHVLHJHQNDQQVW© ª$EHUZHOFKH"© 6XNRKREGLH6FKXOWHUQª.HLQH$KQXQJ© ,FK]RJDQPHLQHU=LJDUHWWHXQGVFKDXWHGHP5DXFKQDFK ª,UJHQGZDQQZHUGHQZLUVLHILQGHQ©VDJWHLFKXQGIJWHOHLVH KLQ]Xª'DELQLFKPLUIDVWVLFKHU© (1'(