Mathilde Möhring

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

Author: Fontane Theodor

47 downloads 687 Views 658KB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

3')HGLQ E\=RREHVXFKHU

7KHRGRU)RQWDQH

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

,QKDOW (UVWHV.DSLWHO

=ZHLWHV.DSLWHO

'ULWWHV.DSLWHO

9LHUWHV.DSLWHO

)QIWHV.DSLWHO

6HFKVWHV.DSLWHO

6LHEHQWHV.DSLWHO

$FKWHV.DSLWHO

1HXQWHV.DSLWHO

=HKQWHV.DSLWHO

(OIWHV.DSLWHO

=Z|OIWHV.DSLWHO

'UHL]HKQWHV.DSLWHO

9LHU]HKQWHV.DSLWHO

)QI]HKQWHV.DSLWHO

6HFK]HKQWHV.DSLWHO

6LHE]HKQWHV.DSLWHO

(567(6.$3,7(/ 0|KULQJVZRKQWHQ*HRUJHQVWUDHGLFKWDQGHU )ULHGULFKVVWUDH:LUWZDU5HFKQXQJVUDW6FKXOW]HGHULQGHU *UQGHU]HLWPLWGUHLKXQGHUW7DOHUQVSHNXOLHUWXQGLQ]ZHL-DKUHQ HLQ9HUP|JHQHUZRUEHQKDWWH:HQQHUMHW]WDQVHLQHP 0LQLVWHULXPYRUEHUJLQJVDKHULPPHUOlFKHOQGKLQDXIXQG VDJWHª*X Q0RUJHQ([]HOOHQ]*RWW([]HOOHQ]©:HQQ([]HOOHQ] ILHOXQGDOOH:HOWZXQGHUWHVLFKGDHUQRFKQLFKWJHIDOOHQVHL VRVWDQGHUZLH6FKXOW]HJHUQVDJWHYLVjYLVGHULHQ>@ K|FKVWHQV2EHUSUlVLGHQWLQ'DQ]LJ'DZDUHUEHVVHUGUDQHU KDWWHIQI+lXVHUXQGGDVLQGHU*HRUJHQVWUDHZDUEHLQDK VFKRQHLQ3DODLVYRUQNOHLQH%DONRQHYRQ(LVHQPLW9HUJROGXQJ :DVDQVFKHLQHQGIHKOWHZDUHQ.HOOHUXQGQDWUOLFKDXFK .HOOHUZRKQXQJHQVWDWWGHVVHQODJHQNOHLQH/lGHQHLQ 9RUNRVWODGHQHLQ%DUELHUHLQ2SWLNXV XQGHLQ 6FKLUPODGHQLQ JOHLFKHU+|KHPLWGHP6WUDHQ]XJZRGXUFKGLHGDUEHU JHOHJHQH:LUWVZRKQXQJMHQHQjGHX[PDLQV&KDUDNWHU>@VR YLHOHUQHXHU%HUOLQHU+lXVHUHUKLHOW:DUHV+RFKSDUWHUUHRGHU ZDUHVHLQH7UHSSHKRFK$XI6FKXOW]HV.DUWHVWDQG *HRUJHQVWUDH,ZDVMHGHUJHOWHQOLHPLW$XVQDKPH 0|KULQJVGLHMHQDFKGHPGLHVH)UDJHHQWVFKLHGHQZXUGHGUHL RGHUYLHU7UHSSHQKRFKZRKQWHQZDVQHEHQGHU JHVHOOVFKDIWOLFKHQDXFKHLQHJHZLVVHSUDNWLVFKH%HGHXWXQJIUVLH KDWWH 0|KULQJVZDUHQQXU]ZHL3HUVRQHQ 0XWWHUXQG7RFKWHUGHU 9DWHU%XFKKDOWHULQHLQHP.OHLGHU([SRUWJHVFKlIWZDUVFKRQ VLHEHQ-DKUHWRWXQGZDUDP3DOPVRQQDEHQGJHVWRUEHQHLQHQ 7DJYRU0DWKLOGHQV(LQVHJQXQJ'HU*HLVWOLFKHKDWWHGDUDXIKLQ HLQH%HPHUNXQJJHPDFKWGLHEHL0XWWHUXQG7RFKWHUQRFK IRUWOHEWH(EHQVRGDVOHW]WH:RUWGDV0|KULQJ9DWHUDQVHLQH >@YLVjYLVGHULHQGHP1LFKWVJHJHQEHU >@MHQHQjGHX[PDLQV&KDUDNWHU MHQHQ'RSSHOFKDUDNWHUMHQHV XQJHZLVVH$XVVHKHQEHLGHPPDQ]ZHLIHOWREHVVLFKXP3DUWHUUHRGHU HUVWHQ6WRFNKDQGHOW

7RFKWHUJHULFKWHWKDWWHª0DWKLOGHKDOWHGLFKSURSSHU©3DVWRU 1HXVFKPLGWGHPHVJHVDJWZXUGHZDUGHU0HLQXQJGHU 6WHUEHQGHKDEHHVPRUDOLVFKJHPHLQW6FKXOW]HVGLHDXFKGDYRQ JHK|UWKDWWHQXQGQHEHQGHP*HOG XQG5HFKQXQJVUDW+RFKPXW QDWUOLFKDXFKQRFKGHQ:LUWVKRFKPXWKDWWHQEHVWULWWHQGLHV DEHUXQGEUDFKWHQGDV:RUWHLQIDFKLQ=XVDPPHQKDQJPLWGHP .OHLGHU([SRUWJHVFKlIWLQGHPVLFKGHU*HGDQNHQJDQJGHV$OWHQ EHZHJWKDEHHVVROOHVRYLHOKHLHQZLHª.OHLGHUPDFKHQ/HXWH© 'DPDOVZDUHQ0|KULQJVHEHQHUVWHLQJH]RJHQXQG6FKXOW]HVDK GHQ7RGGHVDOWHQ0|KULQJGHUEULJHQVHUVW0LWWHYLHU]LJZDU XQJHUQ$OVPDQGHQ6DUJDXIGHQ:DJHQVHW]WHVWDQGHUDP )HQVWHUXQGVDJWH]XVHLQHUKLQWHULKPVWHKHQGHQ)UDXª)DWDOH *HVFKLFKWH'LH/HXWHKDEHQQDWUOLFKQLFKWVXQGQXZDU YRUJHVWHUQDXFKQRFKGLH(LQVHJQXQJ,FKZLOOGLUVDJHQ(PPD ZLH VNRPPWVLHZHUGHQYHUPLHWHQXQGZHLOHVHLQH 6WXGHQWHQJHJHQGLVWVRZHUGHQVLH VDQHLQHQ6WXGHQWHQ YHUPLHWHQXQGZHQQZLUGDQQPDOVSlWQDFK+DXVHNRPPHQ OLHJWHUDXIGHP)OXUZHLOHUGLH7UHSSHQLFKWKDWILQGHQN|QQHQ ,FKELWWHGLFKVFKRQKHXWHHUVFKULFNQLFKWZHQQHVYRUNRPPW XQGNULHJHQLFKWGHLQHQ$XIVFKUHL©$OV6FKXOW]HGLHVHQ6DW] JHHQGHWIXKUGUDXHQGHU:DJHQIRUW 'LH%HIUFKWXQJHQ6FKXOW]HQVHUIOOWHQVLFKXQGDXFKZLHGHU QLFKW$OOHUGLQJVZXUGH:LWZH0|KULQJHLQH=LPPHUYHUPLHWHULQ LKUH7RFKWHUDEHUKDWWHVFKDUIH$XJHQXQGYLHO 0HQVFKHQNHQQWQLVXQGVRQDKPHQ>VLH@QXU/HXWHLQV+DXVGLH HLQHQVROLGHQ(LQGUXFNPDFKWHQ6HOEVW6FKXOW]HGHU .QGLJXQJVJHGDQNHQJHKDEWKDWWHPXWHGDVQDFK-DKUXQG7DJ ]XJHEHQEHLZHOFKHU*HOHJHQKHLWHUQLFKWXQWHUOLHGHQ 0|KULQJVEHUKDXSWHLQJOlQ]HQGHV=HXJQLVDXV]XVWHOOHQª:HQQ LFKEHGHQNH%XFKKDOWHULQHLQHU6FKQHLGHUHLXQGGLH)UDXNDQQ GRFKDXFKK|FKVWHQVHLQH0OOHUWRFKWHUVHLQVRLVWHVHUVWDXQOLFK 0DQLHUOLFKEHVFKHLGHQJHELOGHW8QGGDV0DWKLOGFKHQVLHPX QXZRKOVLHE]HKQVHLQLPPHUIOHLLJXQGJUWVHKUDUWLJ(LQ VHKUJHELOGHWHV0lGFKHQ© 'DVZDUQXQVFKRQZLHGHUVHFKV-DKUKHUXQG0DWKLOGFKHQZDU QXQHLQHULFKWLJH0DWKLOGHYRQGUHLXQG]ZDQ]LJ'DVKHLWHLQHVR JDQ]ULFKWLJH0DWKLOGHZDUVLHGRFKQLFKWGD]XZDUVLH]XKDJHU

XQGKDWWHHLQHQJULVHQ>@7HLQW8QGDXFKGDVDVFKEORQGH+DDU GDVVLHKDWWHSDWHQLFKWUHFKW]XHLQHU0DWKLOGH1XUGDV 8PVLFKWLJHGDV)OHLLJHGDV3UDNWLVFKHGDVSDWH]XGHP 1DPHQGHQVLHIKUWH6FKXOW]HKDWWHVLHDXFKPDOHLQ DSSHWLWOLFKHV0lGFKHQJHQDQQW'LHVZDUULFKWLJZHQQHUVLHPLW GHPYHUJOLFKZDVLKPDQ:HLEOLFKNHLWDPQlFKVWHQVWDQG HQWKLHOWDEHUGRFKHLQEHVWLPPWHV0DYRQhEHUWUHLEXQJ 0DWKLOGHKLHOWDXIVLFKGDVPLWGHPªSURSSHU©KDWWHVLFKLKU HLQJHSUlJWDEHUVLHZDUWURW]GHPQLFKWUHFKW]XP$QEHLHQZDV GRFKGDVHLJHQWOLFK$SSHWLWOLFKHLVWVLHZDUVDXEHUJXWJHNOHLGHW XQGYRQHQHUJLVFKHP$XVGUXFNDEHUJDQ]RKQH5HL]0LWXQWHU ZDUHVDOVREVLHGDVVHOEHUZLVVHXQGGDQQNDPLKUHLQ JHZLVVHV0LWUDXHQQLFKWLQLKUH.OXJKHLWXQG9RUWUHIIOLFKNHLW DEHULQLKUHQ&KDUPHXQGVLHKlWWHGLHV*HIKOYLHOOHLFKW JURJH]RJHQZHQQVLHVLFKQLFKWLQVROFKHQNULWLVFKHQ0RPHQWHQ HLQHVXQYHUJHOLFKHQ9RUJDQJVHQWVRQQHQKlWWH'DVZDULQ +DOHQVHHJHZHVHQDQLKUHPVLHE]HKQWHQ*HEXUWVWDJGHQPDQ PLWHLQHUXQYHUKHLUDWHWHQ7DQWHLQ+DOHQVHHJHIHLHUWKDWWH6LH KDWWHVLFKLQHLQLJHU (QWIHUQXQJYRQGHU.HJHOEDKQDXIJHVWHOOW XQGVDKLPPHUGDV%DKQEUHWWKLQXQWHUXP]XVHKQZLHYLHO.HJHO GLH.XJHOQHKPHQZUGHGDK|UWHVLHJDQ]GHXWOLFKGDHLQHU GHU.HJHOVSLHOHUVDJWHª6LHKDWHLQ*HPPHQJHVLFKW©9RQ GLHVHP:RUWHOHEWHVLHVHLWGHP :HQQVLHVLFKYRUGHQDOWHQ 6WHKVSLHJHOVWHOOWHGHVVHQ0LWWHOOLQLHLKUJUDGEHUGLH%UXVWOLHI VWHOOWHVLHVLFK]XOHW]WLPPHUHQSURILOXQGIDQGGDQQGDV:RUW GHV+DOHQVHHU.HJHOVFKW]HQEHVWlWLJW8QGGXUIWHHVDXFKVLH KDWWHZLUNOLFKHLQ*HPPHQJHVLFKWXQGDXILKUH3KRWRJUDSKLHKLQ KlWWHVLFKMHGHULQVLHYHUOLHEHQN|QQHQDEHUPLWGHPHGOHQ3URILO VFKOR>HV@DXFKDEGLHGQQHQ/LSSHQGDVVSlUOLFKDQJHNOHEWH DVFKJUDXH+DDUGDV]XNOHLQJHEOLHEQH2KUGDUDQDOOHUKDQG]X IHKOHQVFKLHQDOOHVQDKPGHP*DQ]HQMHGHQVLQQOLFKHQ=DXEHU XQGDPQFKWHUQVWHQZLUNWHQGLHZDVVHUEODXHQ$XJHQ6LHKDWWHQ HLQHQ*ODQ]DEHUHLQHQJDQ]SURVDLVFKHQXQGZHQQPDQIUKHU YRQHLQHP6LOEHUEOLFNVSUDFKVRNRQQWHPDQKLHUYRQHLQHP %OHFKEOLFNVSUHFKHQ,KUH&KDQFHQDXI/LHEHZDUHQQLFKWJUR ZHQQVLFKQLFKWMHPDQGIDQGGHPGDV3URILOEHUDOOHVJLQJ6LH KDWWHGHVKDOEDXFKGHQJHELOGHWHQ6DW]DN]HSWLHUWXQGRSHULHUWH

>@JULV IDKOJUDX

JHUQGDPLWª,QGHU.XQVWHQWVFKHLGHWGLH5HLQKHLWGHU/LQLH© 5HFKQXQJVUDW6FKXOW]HKDWWHVLFKDQIDQJVGXUFKGLHVHQ6DW]EOHQGHQ ODVVHQ$OVHULKQDEHUQRFKPDOVJHK|UWKDWWHPHUNWHHUGLH$EVLFKWXQG ZXUGHYHUVWLPPWXQGVDJWH]XVHLQHU)UDXª,FKELQPHKUIUV5XQGH© 'DVWDWGHU5HFKQXQJVUlWLQZRKOGHQQHVZDUGDVHLQ]LJHZDVVLHKDWWH

=:(,7(6.$3,7(/ 'LH6RQQHVFKLHQXQGHLQHPLOGH/XIWJLQJXQGMHGHUGHULQGLH *HRUJHQVWUDHHLQERJXQGGLH%lXPHVDKGLHKLHUXQGGDQRFK LKUHYROOEHODXEWHQ=ZHLJHEHUHLQHQ%UHWWHU]DXQVWUHFNWHQKlWWH DXI$QIDQJ6HSWHPEHUUDWHQPVVHQZHQQQLFKWYRUPHKUHUHQ +lXVHUQXQGDXFKYRUGHP5HFKQXQJVUDW6FKXOW]HVFKHQ+DXVH HLQJURHU5LHVHQZDJHQJHVWDQGHQKlWWHPLWHLQHP /HLQZDQGEHKDQJXQGGHU,QVFKULIW0|EHO7UDQVSRUWYRQ )LGGLFKHQ0DXHUVWUDH'LH6HLWHQZlQGHPHKUHUHU DXVHLQDQGHUJHQRPPHQHU%HWWVWHOOHQZDUHQVFKUlJDQGHQ:DJHQ JHOHJWXQGDXIGHP6WUDHQGDPPVWDQGHLQ.RUEPLW .FKHQJHVFKLUUXQGDQGHQ.RUEJHOHKQWHLQ%LOGLQ %DURFNUDKPHQKRKHVJHSXGHUWHV7RXSHWXQGJHEOPWHV0LHGHU VRZHLWVLFKGDYRQVSUHFKHQOLHGHQQGDVZLFKWLJVWH6WFN VRZHLWGLH'H]HQ]LQ%HWUDFKWNDPKDWWHGHU0DOHU]XPDOHQ XQWHUODVVHQXQGGHUVLFKGDULQEHUJHQGHQ1DWXUIUHLHQ/DXI JHODVVHQ$OOHVLQDOOHPHVZDU=LHK]HLWDOVRQLFKW$QIDQJ 6HSWHPEHUVRQGHUQ$QIDQJ2NWREHU=LHK]HLWZRGXUFKGLH *HRUJHQVWUDHVHKUJHZDQQVROFKHQ:DJHQXQGVROFK3RUWUlW VDKPDQLQGHU*HRUJHQVWUDHQLFKWDOOH7DJHZHVKDOEHWOLFKH 0HQVFKHQXQGHLQHJDQ]H$Q]DKO.LQGHUGHQ:DJHQXQGGDV%LOG XPVWDQGHQ 8QWHUGHQHQGLHGDV%LOGPLW,QWHUHVVHPXVWHUWHQZDUDXFKHLQ MXQJHU0DQQYRQHWZDVHFKVXQG]ZDQ]LJ6HLQ$OWHU]XEHVWLPPHQ ZDUQLFKWOHLFKWZHLO]ZLVFKHQGHP$XVGUXFNVHLQHV*HVLFKWVXQG VHLQHPVFKZDU]HQ9ROOEDUWHLQ0LYHUKlOWQLVZDUGHU$XVGUXFN ZDUMXJHQGOLFKGHU%DUWSOlGLHUWHIU0DQQLQEHVWHQ-DKUHQ $EHUGHU%DUW KDWWHXQUHFKWHUZDUHUVWVHFKVXQG]ZDQ]LJHWZDV EHUPLWWHOJUREUHLWVFKXOWULJ)LJXUXQG%DUWQDFKHLQ0DQQXQG EHUKDXSWVRUHFKWGDVZDVJHZ|KQOLFKH0HQVFKHQHLQHQ VFK|QHQ0DQQQHQQHQ(UKlWWHVLFKVHKHQODVVHQN|QQHQ $OVHUPLWVHLQHU0XVWHUXQJ GHV%LOGHVIHUWLJZDUQDKPHUVHLQH HLJHQWOLFKH$XIJDEHZLHGHUDXIXQGEHJDQQEHUGHQ 6WUDHQGDPPZHJGLHDQGHUDQGHUQ6WUDHQVHLWHVWHKHQGHQ +lXVHU]XPXVWHUQ(UZDUQlPOLFKDXIGHU:RKQXQJVVXFKH'LH *|WWHUZDUHQPLWLKPXQGNDXPGDVLFKVHLQ%OLFN DXIGDV+DXV JHJHQEHUJHULFKWHWKDWWHVRODVHUDXFKVFKRQDQHLQHPEHU

GHU+DXVWUDQJHEUDFKWHQ=HWWHOª'UHL7UHSSHQKRFKOLQNVHLQ HOHJDQWP|EOLHUWHV=LPPHU]XYHUPLHWHQ©(UQLFNWHZLHZHQQHU ]XVLFKVHOEVWVDJWHª6FKHLQWPLUKLHUZLOOLFK+WWHQEDXQ>@© 8QGJOHLFKGDQDFKJLQJHUEHUGHQ'DPPXQGVWLHJGLHGUHL 7UHSSHQKLQDXIREHQDQJHNRPPHQZDUHUHLQZHQLJXQZLUVFK GDHVHLJHQWOLFKYLHUZDUHQ(UNOLQJHOWHXQGKDWWHQLFKWODQJH]X ZDUWHQ)UDX0|KULQJ|IIQHWH ª,VWHVEHL,KQHQ"© ª:HJHQGHV=LPPHUV"-DGDVLVWKLHU:HQQ6LHVLFK VDQVHKHQ ZROOHQ© ª,FKELWWHGDUXP© 8QGQXQWUDW)UDX0|KULQJLQHLQHLQIHQVWULJHV0LWWHO]LPPHU ]XUFNGDVDOV(QWUHHIUUHFKWVXQGOLQNVGLHQWHXQGGULQQLFKWV VWDQGDOVHLQHLQUHLKLJEHVHW]WHU%FKHUVFKUDQNPLWHLQHP 9RJHOEDXHUGDUDXI'HULP6RPPHUJHVWRUEQH=HLVLJZDUQRFK QLFKWZLHGHUHUVHW]WZRUGHQ6RQVWQXUQRFK]ZHL6WKOHXQGHLQ ZHLHU/HLQZDQGVWUHLIHQDOV/lXIHUXQGDP)HQVWHUHLQH$UDOLDPLW HLQHUNOHLQHQ*LHNDQQHGDQHEHQ$OOHVGUIWLJDEHUVHKUVDXEHU 8QGQXQ|IIQHWH)UDX0|KULQJGLH7UGLHUHFKWVQDFKGHP]X YHUPLHWHQGHQ=LPPHUIKUWH+LHUKHUKDWWHQVLFKDOOH $QVWUHQJXQJHQNRQ]HQWULHUWHLQHWZDVHLQJHVHVVHQHV6RIDPLW URWHP3OVFKEHU]XJXQGRKQH$QWLPDNDVVDU>@ 9LVLWHQNDUWHQVFKDOHGHU*URH.XUIUVWEHL)HKUEHOOLQXQGGDV %HWWYRQVFKZDU]JHEHL]WHP+RO]PLWHLQHUDXV6HLGHQVWFNFKHQ ]XVDPPHQJHQlKWHQ6WHSSGHFNH'LH:DVVHUNDUDIIHDXIHLQHP JURHQ*ODVWHOOHUVRGDHVLPPHUNODSSHUWH 'HUVFK|QH0DQQPLWGHP9ROOEDUWVDKVLFKXPXQG ZDKUQHKPHQGGDGLHEHLGHQ'LQJHIHKOWHQJHJHQGLHHUHLQH WLHIH$YHUVLRQKDWWHgOGUXFNELOGHUXQG$QWLPDNDVVDUVZDUHU

>@ KLHUZLOOLFK+WWHQEDXQ5HGHQVDUWQDFK0DWWKlXV >@ $QWLPDNDVVDUJHKlNHOWH6FKXW]GHFNH

VRIRUWJHQHLJW]XPLHWHQYRUDXVJHVHW]WGDHU$XVVLFKWKDWWH IUVHLQHNOHLQHQ%HTXHPOLFKNHLWHQVHLWHQVGHU:LUWLQJHVRUJW]X VHKQ*HJHQGHQEHVFKHLGHQEHPHVVHQHQ3UHLVKDWWHHUNHLQH (LQZHQGXQJHQ]XHUKHEHQ3RUWLHUIUDJH+DXVVFKOVVHODOOHVZDU JHUHJHOWXQGHUIUXJHEHQQDFKGHP+DXVVFKOVVHODOV0DWKLOGH 0|KULQJYRP(QWUHHKHUHLQWUDWª0HLQH7RFKWHU©VDJWH)UDX 0|KULQJXQG0DWKLOGHXQGGHUVFK|QH0DQQEHJUWHQVLFKXQG PXVWHUWHQHLQDQGHUVLHHLQGULQJOLFKHUREHUIOlFKOLFK ª,FKQHKPHDQGDLFKGLH.OHLQLJNHLWHQGLHPDQVREUDXFKW RKQHYLHO8PVWlQGH]XPDFKHQKDEHQNDQQ)UKVWFN.DIIHH XQGPDOHLQ(L7HH6RGDZDVVHULFKEUDXFKHYLHO6RGDZDVVHU XQGGHPlKQOLFKHV© 0DWKLOGHGLHZLHVHOEVWYHUVWlQGOLFKGDV:RUWQDKPYHUVLFKHUWH GDPDQGDVDOOHVLP +DXVHKDEHXQGGDYRQ8PVWlQGHNHLQH 5HGHVHLQN|QQH6RZDVJHK|UHMDZLHPLWGD]XGDV+DXVVHL UXKLJXQGDQVWlQGLJRKQH0XVLNGHU:LUWHLQVHKU OLHEHQVZUGLJHU+HUUQlKPHNHLQHQLQV+DXVGHU.ODYLHUVSLHOH ª'DVWULIIWVLFKJXW©OlFKHOWHGHUPLWGHP9ROOEDUWª1XQLP /DXIHGHV7DJHVNRPPHLFKQRFKPLWKHUDQXQGEULQJH,KQHQ EHVWLPPWHQ%HVFKHLG© 8QGEHLGLHVHQ:RUWHQQDKPHUZLHGHUVHLQHQEUHLWNUHPSLJHQ+XW DXVZHLFKHP)LO]XQGHPSIDKOVLFKYRQ0XWWHUXQG7RFKWHU 0DWKLOGHEHJOHLWHWHLKQELVDQGLH)OXUWU$OVVLHZLHGHU ]XUFNNDPKDWWHVLFKGLH0XWWHUDXIGDV3OVFKVRIDJHVHW]WZDV VLHIUJHZ|KQOLFKXQJHUQWDWXQGVWULFKEHUHLQNOHLQHVVHLGQHV 5ROONLVVHQKLQGUDXIJHOEH6WHUQHDXIJHQlKWZDUHQ ª1XQ7KLOGHZDVPHLQVWGX'LH6WXEHVWHKWQXVFKRQVHLWGHQ )HULHQOHHU(VZLUG=HLWGDZLUHLQHQ0LHWHUILQGHQ(UZLOOVLFK QRFKEHVLQQHQXQGXQVGDQQHLQHQEHVWLPPWHQ%HVFKHLGEULQJHQ 'DVLVWVR5FN]XJGDVVDJHQDOOHGLHGLHQLFKWZLHGHUNRPPHQ ZROOHQ©

ª'HUNRPPWZLHGHU© ª-D7KLOGHZRKHUZHLWGXGDV"'DQQKlWWHHUGRFKJOHLFK PLHWHQN|QQHQ© ª)UHLOLFK'DVKlWWHUJHNRQQWDEHUVRHLQHUVDJWQLHJOHLFKMD GHUEHVLQQWVLFKLPPHU'DVKHLWHLJHQWOLFKEHVLQQWHUVLFKQLFKW HUVFKLHEWQXUVREORHLQELFKHQUDXVJOHLFKMDRGHUQHLQVDJHQ GDVN|QQHQQLFKWYLHOHXQGGHUVFKRQJHZLQLFKW© ª*RWW7KLOGHGXVDJVWGDVDOOHVVRKLQZLH V(YDQJHOLXPXQG ZHLWGRFKHLJHQWOLFKJDUQLFKWV© ª1HLQDOOHVZHLLFKQLFKWDEHUPDQFKHVZHLLFK8QGZHQQLFK VDJH¾0XWWHUVRXQGVR½ GDQQLVWHVDXFKVR'HUNRPPW ZLHGHU© ª-D.LQGZDUXPVROOHUZLHGHUNRPPHQ"© ª:HLOHUEHTXHPLVWZHLOHUNHLQHQ0XFNKDWZHLOHUHLQ 6FKODSSLHULVW© ª$FK7KLOGHVDJHGRFKQXUQLFKWLPPHUVRZDV'XKDVWVRYLHOH :|UWHUGLHGXQLFKWLQGHQ0XQG QHKPHQVROOWHVW© ª-D0XWWHUZDUXPQLFKW"© ª:HLOHVGLUGHQ5XIYHUGLUEW© ª$FKZDV5XI0HLQ5XILVWJDQ]JXWXQGPXDXFKLFKZHLZR %DUWHO0RVWKROWXQGZHLOLFK VZHLSDLFKDXI,FKSDVVHJDQ] VFKPlKOLFKDXI0LUVROONHLQHUNRPPHQ8QGZDVGLHSDDU 5HGHQVDUWHQVLQGQD0XWWHUGLHODPDQUXKLJ'DKDOWLFKPLFK GUDQIHVWGLHWXHQPLUZRKOXQGZHQQLFKVRK|UHGDHLQHU LPPHUVRIURPPXQGIDXOGUXPUXPJHKWGDZLUGPLUJDQ] VFKOLPP©

ª*DQ]VFKOLPP'DVLVWQXQDXFKZLHGHUVR1DUHGHZLHGX ZLOOVWlQGHUQNDQQLFKGLFKGRFKQLFKWGXKDVWLPPHUGHLQHQ :LOOHQJHKDEWYRQNOHLQDQXQG9DWHUKDWLPPHUJHVDJW¾OD PDQGLHZLUGJXWGLHIULWVLFKGXUFK½-DGDVKDWHUJHVDJW DEHUZHQQHVPDQZDKULVW8QGZDUXPKDWHUGHQQNHLQHQ 0XFN",FKPHLQHGHQ+HUUQYRQGHPGXVDJVWHUZLUGVFKRQ ZLHGHUNRPPHQ8QGZDUXPZLUGHUGHQQZLHGHUNRPPHQ"© ª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p%DXHUXQGZHQQLKPGDVVFKRQ]X XQEHTXHPLVWGHQQHUJHQLHUWVLFKQLFKW JHUQXQGVLW]WQLFKW JHUQHJUDGHZDVPDQGDGRFKPXGDQQJHKWHUQDFKGHQ

>@HLQH-DXHUVFKH'LHEHUKPWHQ-DXHUVFKHQ:UVWFKHQNDPHQDXV -DXHUKHXWH-DZRU DQGHU:WHQGHQ1HLH

=HOWHQ>@XQGWULQNWVHLQHQ.DIIHHXQGVLHKW]XZLHVLH6NDW VSLHOHQRGHU6FKDFKXQGODFKWVRJDQ]VWLOOYRUVLFKKLQZHQQHLQ UHLFKHU%XGLNHUPLWVHLQHP:DJHQYRUIlKUWXQGVHLQHP3IHUGHLQ 6HLGHOJHEHQOlW8QGZHQQHUGDPLWIHUWLJLVWGDQQVFKOHQGHUW HUVRGXUFKGHQ7LHUJDUWHQKLQELVDQGHQ6FKLIIEDXHUGDPPUDQ XQGGDQQNRPPWHUEHUGLH%UFNHXQGVWHLJWGLHGUHL7UHSSHQ UDXIXQGPLHWHW,FKZLOONHLQHQ=HLVLJPHKULP%DXHUKDEHQ ZHQQHVQLFKWVRNRPPWZLHLFKVDJH© 0DWKLOGHEHKLHOWUHFKW2EGHU0DQQPLWGHP9ROOEDUWLQGHQ =HOWHQJHZHVHQZDUHQW]LHKWVLFKGHU)HVWVWHOOXQJDEHUVRYLHO VWHKWIHVWGDHU]ZLVFKHQIQIXQGVHFKVZLHGHUREHQEHL 0|KULQJVZDUXQGPLHWHWH ª0HLQH6DFKHQVWHKHQQRFKDXIGHP%DKQKRIKLHUGUEHQ+LHU LVWPHLQH.DUWH6LHN|QQHQYLHOOHLFKWMHPDQGUEHUVFKLFNHQXQG VDJHQODVVHQGDHLQ.RIIHUWUlJHURGHUHLQ'LHQVWPDQQVLH UEHUEULQJW,FKZLOOQRFKHLQHQ)UHXQGEHVXFKHQXQGZHQQLFK ZLHGHUNRPPHKRIILFKDOOHVYRU]XILQGHQ© )UDX0|KULQJYHUVSUDFKDOOHV$OVHUIRUW>ZDU@VDJWH0DWKLOGH ª6LHKVWGX0XWWHU:HUKDWUHFKW"'XZLUVWDXFKQRFKK|UHQGD HULQGHQ=HOWHQZDU© >@QDFKGHQ=HOWHQ6FKRQLP-DKUKXQGHUWJDEHVLP7LHUJDUWHQGLH =HOWHHLQH*UXSSHYRQGUHL6SHLVH XQG%LHUZLUWVFKDIWHQDQGHU6SUHH GLHLQ]HOWI|UPLJHQ*HElXGHQXQWHUJHEUDFKWZDUHQ'LH* DUWHQORNDOH JHK|UWHQODQJH=HLW]XGHQEHOLHEWHVWHQ$XVIOXJV]LHOHQGHU%HUOLQHUXQG ZXUGHQDXFKVSlWHUDOVGHU7LHUJDUWHQOlQJVW7HLOGHU6WDGWJHZRUGHQ ZDUJHUQEHVXFKW

'5,77(6.$3,7(/ 'LH6DFKHQNDPHQHLQ.RIIHUXQGHLQHJURH.LVWHXQGDOV 0XWWHUXQG7RFKWHUGLH.LVWHELVGLFKWDQV)HQVWHUJHVFKREHQGHQ .RIIHUDEHUDXIHLQHQ.RIIHUVWlQGHUJHVWHOOWKDWWHQ]RJHQVLHVLFK LQLKUDQGHUOLQNHQ6HLWHGHV(QWUHHVJHOHJHQHV:RKQ]LPPHU ]XUFN(VVDKVHKURUGHQWOLFKGDULQDXVXQGDXFKQLFKWlUPOLFK 9RUGHPKRFKOHKQLJHQ.LVVHQVRIDODJHLQ7HSSLFK5RVHQPXVWHU XQGQHEHQGHP6WHKVSLHJHOPLWGHP5LLQGHU0LWWHVWDQGHQ ]ZHL6WlQGHULQGLH%OXPHQW|SIHHLQURWHUXQGHLQZHLHU *HUDQLXPJHVHW]WZDUHQ$XIHLQHP0DKDJRQLVFKUDQNVWDQGHLQ 0DNDUW%RXTXHW>@QHEHQGHP6FKUDQNHLQH+lQJH(WDJHUHPLW HLQHUJHVFKZHLIWHQ3HUOHQVWLFNHUHL'HUZHLH2IHQZDUEODQNGLH 0HVVLQJWUQRFKEODQNHUXQG]ZLVFKHQ2IHQXQG7UDQHLQHU /lQJVZDQGGHPLQYDOLGHQ6RIDJHJHQEHUVWDQGHLQH &KDLVHORQJXHGLHYRUNXU]HPHUVWDXI GHU$XNWLRQHLQHVNOHLQHQ *HVDQGWHQHUVWDQGHQZDUXQGQXQGDV6FKPXFNVWFNGHU :RKQXQJELOGHWH'DQHEHQHLQJDQ]NOHLQHU7LVFKPLWHLQHU 3HQGHOXKUGDUDXIGLHHLQHQPHUNZUGLJODXWHQ6FKODJKDWWH 0DWKLOGHVWHOOWHVLFKYRUGHQ6SLHJHOXPVLFKGHQ6FKHLWHOHWZDV JODWW]XVWUHLFKHQGHQQLKU+DDUZDUVHKUGQQXQGKDWWHHLQH 1HLJXQJVLFKLQ6WUHLIHQ]XWHLOHQ0XWWHU0|KULQJDEHUVHW]WH VLFKDXIGDV6RIDJUDGDXIUHFKWXQGVDKQDFKGHU:DQG JHJHQEHUZRHLQ3LIIHUDUR>@DXIHLQHP)HOVHQVDXQGVHLQHQ 'XGHOVDFNEODVHQGHLQIlOWLJXQGJOFNOLFKLQGLH:HOWVDK 0DWKLOGHVDKLP6SLHJHOZLHGLH0XWWHUVRVWHLIXQGDXIUHFKW GDVDXQGVDJWHRKQHVLFKXP]XGUHKQª:DUXPVLW]WGXQX ZLHGHUDXIGHPKDUWHQ6RIDXQGNDQQVWGLFKQLFKWDQOHKQHQ :R]XKDEHQZLUGHQQ GLH&KDLVHORQJXH"© >@0DNDUW%RXTXHWHLQ6WUDXYRQJHWURFNQHWHQ%OXPHQ*UlVHUQ 6FKLOIXQG3DOPHQ]ZHLJHQGHUHLQEHOLHEWHU=LHUJHJHQVWDQGLQGHU¾JXWHQ 6WXEH½GHU*UQGHU]HLWZDU%HQDQQWQDFKGHP|VWHUUHLFKLVFKHQ0DOHU +DQV0DNDUW GHVVHQVFKZOVWLJSDWKHWLVFKH%LOGHUGHP *HVFKPDFNGHU*UQGHUMDKUHHQWVSUDFKHQ >@3LIIHUDUR'LH3LIIHUDULLWDOLHQLVFKH+LUWHQDXVGHQ$EUX]]HQ]RJHQ ]XU:HLKQDFKWV]HLWLQPDOHULVFKHP$XI]XJQDFK5RPXQGPXVL]LHUWHQPLW 'XGHOVDFNXQG6FKDOPHL3LIIHUD YRUGHQ0DGRQQHQELOGHUQ$XFK %H]HLFKQXQJIUHLQHQ6WUDHQVlQJHU

ª1DGRFKQLFKWGD]X© ª)UHLOLFKGD]X)UHLOLFKXQGZDUQRFKGD]XJDUNHLQ*HOG8QGQX GHQNVWGXJOHLFKGXUXLQLHUVWHVXQGVLW]WHLQ/RFKKLQHLQ,FKKDE HVPLUJHVSDUWXQGKDEHPLFK JHIUHXWDOVLFKGLU VDXIEDXQ NRQQWH© ª-DMD7KLOGHGXPHLQVWHVJXW© ª8QG5FNHQVFKPHU]HQKDVWGXLPPHUXQGNODJVWLQHLQHPIRUW 8QGGRFKZLOOVWGXQLFKWGUDXIOLHJHQ8QGZHQQGXQRFKUHFKW KlWWHVW$EHUHVUXLQLHUWQLFKWXQGZRYRQVROOWHVDXFKGXZLHJVW MDNHLQHKXQGHUW3IXQG© ª'RFK7KLOGHGRFK© ª8QGZHQQDXFKMHHKHUGDV'LQJHLQHNOHLQH6LW]NXWHKDWGHVWR EHVVHUVRVWHKWHVEORGDZLHJHOLHKQXQGDOVJUDXOWHQZLUXQV XQVGUDXI]XVHW]HQ8QGVRVFKOLPPLVWHVGRFKQLFKWZLUKDEHQ MD GRFKXQVHU$XVNRPPHQXQGEH]DKOHQXQVUH0LHWHPLW P *ORFNHQVFKODJ$OVRZDUXPPDFKVWGXGLU VQLFKWEHTXHP8QG GDQQVLHKWHVDXFKEHVVHUDXVZHQQPDQVRVLHKWHVLVWLQ 'LHQVW'HU6SLHJHOLVWDOWXQGGDV6RIDLVWDOWXQGGDGDUIGLH &KDLVHORQJXHQLFKWVRQHXVHLQ'DVSDWQLFKWGDVVW|UWGDVLVW JHJHQ V(QVHPEOH© ª*RWW7KLOGHVDJHQXUQLFKWVRZDV)UDQ]| VFKHVLFKZHLGDQQ LPPHUQLFKWUHFKW=XPHLQHU=HLWGDZDUGDVDOOHVQRFKQLFKWVR XQGPHLQ9DWHUZROOWHYRQ6FKXOHQLFKWVZLVVHQ1DGXZHLWMD :RKLQPDQNXFNWLPPHUKDSHUWHV6LHKPDOKLHUVHLQH.DUWH +XJR*URPDQQ1DGDVYHUVWHKLFKDEHUQXNRPPWVHLQ7LWHO RGHUZDVHULVWXQGGDZHLLFKQLFKWZDVVROOGDVKHLHQ&DQG MXU"© ª'DVKHLWGDHU.DQGLGDWLVW© ª6RVRQD GDVLVWJXWGDQQLVWHVHLQ3UHGLJHURGHUZLUGHLQHU© ª1HLQGLHVHUQLFKW'LHVHULVEORHLQ5HFKWVNDQGLGDW'DVKHLW VRYLHODOVZLHHUKDWDXVVWXGLHUWXQGPXQXQVHLQ([DPHQ PDFKHQXQGZHQQHUGDVJHPDFKWKDWGDQQLVWHUHLQ

5HIHUHQGDULXV(UWLFNWDFNWMHW]WVRKLQXQGKHU]ZLVFKHQ6WXGHQW XQG5HIHUHQGDULXV© ª1DZHQQHUQXUEOHLEW*ODXEVWGXGDHUEOHLEW"© ª1DWUOLFKEOHLEWHU© ª-DGXELVWLPPHUVRVLFKHU7KLOGH:RUDXVZLOOVWGXZLVVHQGD HUEOHLEW"© ª$FK0XWWHUGXVLHKVWDXFKJDUQLFKWV:RGHUPDOVLW]WGDVLW]W HU'HULVWEHTXHP8QGHKGHUZLHGHUDXV]LHKWGDPXHVVFKRQ VFKOLPPNRPPHQ8QGVFKOLPPNRPPWHVEHLXQVQLFKW:LUVLQG DUWLJXQGPDQLHUOLFKXQGLPPHUJHIlOOLJXQGODXIHQDOOH*lQJH XQGVHKHQEORZDVZLUVHKHQZROOHQ© ª*ODXEVWGXGDHU© ª,*RWWEHZDKUH'HULVZLH*ROG0LWGHPNDQQPDQGUHL7DJH XQGGUHL1lFKWHIDKUHQ(LQHQVR$QVWlQGLJHQKDEHQZLUQRFKJDU QLFKWJHKDEW8QGGDQQPXWGXEHGHQNHQHULVYRUP([DPHQ XQGZLUKDEHQNHLQ.ODYLHUVSLHO$XIGHP+RIGDVELFKHQ /HLHUNDVWHQGDVK|UWHUQLFKW8QGLFKZLOOGLUQRFKPHKUVDJHQ 0XWWHUGHUEOHLEWQLFKWEORGHUEOHLEWDXFKODQJH'HQQVHKU DQVWUHQJHQZLUGHUVLFKQLFKW(UVLHKWVRUHFKWDXVZLH¾.RPPVW GXKHXWHQLFKWVRNRPPVWGXPRUJHQ½8QG YLHOOHLFKWPRUJHQ DXFKQRFKQLFKW©

+XJR*URPDQQGHUQRFKNHLQH6FKOVVHOKDWWHZDUGUHL 0LQXWHQYRU]HKQQDFK+DXVHJHNRPPHQXQG>KDWWH@IUDOOHV ZDVLKPQRFKDQJHERWHQZXUGHJHGDQNWHUVHLVHKUPGH YRULJH1DFKWXQWHUZHJVXQGVHLDXFKQRFKVRYLHODQGUHV0XWWHU 0|KULQJGLHVLFKQRFKHLQHQ$XJHQEOLFNLP(QWUHH]XVFKDIIHQ PDFKWHK|UWHQRFKGDHUGDV6WUHLFKK|O]FKHQVWULFKXQGVDK GHQ/LFKWVFKLPPHUGHUJOHLFKGDQDFKXQWHUGHU7UZHJELVLQ GDV(QWUHHILHO'DQQK|UWHVLHGDHUVLFKGLH6WLHIHOPLWHLQHP UDVFKHQ5XFNDXV]RJZLHHLQHUGHUVFKQHOOLQV%HWWZLOOXQG NHLQH0LQXWHPHKUVRZDUHVZLHGHUGXQNHO

'HUQlFKVWH7DJZDUVRVFK|QZLHGHUYRULJH0|KULQJVZDUHQ )UKDXIVXQGKHXWHZDUHQVLHVFKRQXPVHFKVDXIZHLOVLHGRFK QLFKWZLVVHQNRQQWHQRELKU0LHWHUQLFKWHLQ)UKDXIVHL ª,FKJODXEHQLFKWGDHUHLQ)UKDXILVW©VDJWH0DWKLOGHªDEHU PDQNDQQGRFKQLFKWZLVVHQ8QGLQGHUHUVWHQ1DFKWVFKODIHQ YLHOHVRXQUXKLJ© (VZDUZRKOVFKRQDFKWDOV0DWKLOGHGDVDXVVSUDFKXQG KLQ]XVHW]WHª'XVROOVWVHKQ0XWWHUGHUKDWHLQHQ%lUHQVFKODI 8PGHQEUDXFKVWGXGLUGLH1DFKWQLFKWXPGLH2KUHQ]X VFKODJHQXQGYRQ:HFNHUDXI]LHKQLVQXVFKRQJDUNHLQH5HGH PHKU1DPLUUHFKW:HQQHUVW:LQWHULVWVFKODILFKDXFKJHUQ DXVXQGZDUWHOLHEHUPLWPHLQHP.DIIHH%ORGDPDQXPDFKW GLHDXVJHVXFKWHQ6HPPHOQNULHJW© 8QWHUGLHVHQ:RUWHQVWDQGVLHDXIXQGVDKQDFKGHUNOHLQHQ 3HQGHOXKU(VZDUVFKRQHLQSDDU0LQXWHQEHUKDOEQHXQ ª0XWWHULFKZHUGHGRFKZRKONORSIHQPVVHQ,FKKDWWHLKQVR DXIQHXQ6WXQGHQWD[LHUWDEHUQXQLVWHVVFKRQ]HKQXQGHLQH KDOEH:DVPHLQVWGX"© ª9HUVWHKWVLFKHVNDQQLKPMDDXFKZDVSDVVLHUWVHLQ© ª*HZLNDQQ$EHUHVZLUGZRKOQLFKW© 8PHLQ8KUWUDWGHUQHXH0LHWHUEHL0|KULQJVHLQXQGVDJWHGD HUQXQ]X7LVFKZROOHVLHEUDXFKWHQVLFKLQVHLQHP=LPPHUQLFKW ]XEHUHLOHQHUZHUGHYRUVLHEHQQLFKWZLHGHUGDVHLQ8QGZHQQ ZHUNlPHP|FKWHQVLHVDJHQªXPDFKW© 'DPLWHPSIDKOHUVLFKVHKUDUWLJXQGDOVHUDXVGHP+DXVHWUDW VDKHQLKP0XWWHUXQG7RFKWHUYRP(QWUHHIHQVWHUDXVQDFK $OVVLHGDV)HQVWHUZLHGHUJHVFKORVVHQKDWWHQVDJWHGLH0XWWHU ª(VLVWHLJHQWOLFKHLQVHKUKEVFKHU0HQVFK,FKZXQGUHPLFK QXUGDHUQRFKVRHLQKDOEHU6WXGHQWLVW$P(QGHLUUVWGXGLFK GRFK7KLOGH(UPXGRFK QDKDQGUHLLJVHLQ© ª-DGXKDVWUHFKW0XWWHUHUVLHKWVRDXV'DVPDFKWGHU VFKZDU]H9ROOEDUWXQGZHLOHUVREUHLWLVW$EHUJODXEHPLUHULVW

QLFKWlOWHUDOVVHFKVXQG]ZDQ]LJ8QGGHU9ROOEDUWLVWHVDXFKQLFKW PDO(ULVWEORIDXOXQGKDWNHLQ)HXHULP/HLEH'DVVLHKWGHQQ VRDXVDOVREHLQHUDOWZlUHEORZHLOHUVFKOlIULJLVW8QG VHQWLPHQWDOLVWHUDXFK© ª-DGDVZLUGHUZRKO©VDJWHGLHDOWH0|KULQJDEHUGRFKVRGD PDQK|UHQNRQQWHVLHGDFKWHVLFKQLFKWVEHLªVHQWLPHQWDO©XQG ZROOWHEORQLFKWZLGHUVSUHFKHQ (LQH6WXQGHVSlWHUKDWWH0DWKLOGHGDV=LPPHU]XUHFKWJHPDFKW ZlKUHQGGLH0XWWHUVLFKLQGHU.FKHEHVFKlIWLJWH0DQZDU EHUHLQJHNRPPHQVLFKMHGHUHLQ6HW]HL]XVSHQGLHUHQGD]X %UDWNDUWRIIHOQ$OVGHU7LVFKJHGHFNWXQG]XGHQ%UDWNDUWRIIHOQHLQ ([WUDYRQ]ZHL6HW]HLHUQDXIJHWUDJHQZDUZDUDXFKGLH7RFKWHU PLWGHP=XUHFKWPDFKHQGHV=LPPHUVIHUWLJXQG0XWWHUXQG 7RFKWHUVHW]WHQVLFK ª%LVWGX]XIULHGHQ7KLOGH"©VDJWHGLH$OWHXQGZLHVDXI]ZHL 6HW]HLHUGLHVLH]X(KUHQGHV7DJHVVSHQGLHUWKDWWH ª-D©VDJWH7KLOGHªLFKELQ]XIULHGHQZHQQGXVLHEHLGHLWXQG ZHQQLFKVHKHGDVLHGLUVFKPHFNHQ'HQQGXJ|QQVWGLUQLH ZDVXQGGDYRQPDJHUVWGXDXFKVRDE.DUWRIIHOQLVWZDVJDQ] *XWHVDEHUYLHO.UDIWJLEWHVQLFKW6RlQJVWOLFKLVHVMDDXFKJDU QLFKWPLWXQVZLUKDEHQMDGDV6SDUNDVVHQEXFK,FKZHUGHGLFK QXQZLHGHUEHVVHUYHUSIOHJHQXQGZHQQZLUJHJHVVHQKDEHQ JLHHLFKGLUHLQH7DVVH7HHDXI(UKDWQLFKWPDOVHLQHQ=XFNHU YHUEUDXFKWXQGDXFKQLFKWZHJJHSDFNW0DQVLHKWDQDOOHPGD HUHLQDQVWlQGLJHU0HQVFKLVW$EHUQXQQLPP0XWWHU©8QGVLH OHJWHGHU$OWHQYRUXQGSDWVFKHOWHLKUGLH+DQG ª-DGXELVWJXW7KLOGH:HQQGXQXUHLQHQJXWHQ0DQQ NULHJWHVW© ª$FKODGRFK© ª,FKGHQNHLPPHUGDUDQ8QGZDUXPDXFKQLFKW":LHGXGD YRUKLQYRUGHP6SLHJHOVWDQGVWYRQGHU6HLWHELVWGXJDQ] KEVFK©

ª$FKODGRFK0XWWHU'DVPLWGHP*HPPHQJHVLFKWPDJMDZDKU VHLQXQGLFKJODXEHVHOEVWGDHVZDKULVW$EHULFKNDQQGRFK QLFKWLPPHUYRQGHU6HLWHVWHKQ© ª%UDXFKVWGX DXFKQLFKW8QGGDQQDP(QGHGXKDVWGLHJXWH 6FKXOHJHKDEWXQGGLHJXWHQ=HXJQLVVHXQZHQQGHLQ9DWHU OlQJHUJHOHEWKlWWHZlUVWGXMHW]W/HKUHULQZLHGX VZROOWHVW 0DQFKHVLQGVRVHKUIUV*HELOGHWH:LHKDVWGX VGHQQGUEHQ EHLLKPJHIXQGHQ"$OOHV LQ2UGQXQJ"DOOHVDQVWlQGLJ"(LQJDQ] $UPHUNDQQHVQLFKWVHLQ(LQJDQ]OHGHUQHU.RIIHUEHLQDKRKQH +RO]XQG3DSSHGDVKDEHQLPPHUEORVROFKHGLHJXWHU/HXWH .LQGVLQG© ª*DQ]UHFKW0XWWHUGDVVWLPPW'DVLQGZLUPDOHLQLJ8QGVR LVWHVDXFKPLWLKP*XWHU/HXWH.LQG$XIGHU.RPPRGHODJHQ QRFKGLH6FKQXSIWFKHUXQGGLHZROOHQHQ6WUPSIH1XQGXPXW HVGLUQDFKKHUDQVHKQDOOHJDQ]JOHLFKJH]HLFKQHWXQGDXFKGLH 6WUPSIHXQGQLFKWPLW:ROOHJH]HLFKQHWDOOHPLWURWHP =HLFKHQJDUQ(UPXHLQHVHKURUGHQWOLFKH0XWWHUKDEHQRGHU 6FKZHVWHUGHQQHLQDQGUHUPDFKWHVQLFKWVRJHQDX8QGGLH 6WLHIHODXFKLQ2UGQXQJ(UPXDXVHLQHUJXWHQ/HGHUJHJHQG VHLQGDVVLHKWPDQDQDOOHPXQGKDWDXFKHLQH -XFKWHQEULHIPDSSHVFK|QJHSUHWLFKULHFKH-XFKWHQVRJHUQ 8QGGLH%FKHUDOOHVHKUJXWHLQJHEXQGHQIDVW]XJXWXQGVHKHQ DXFKDOOHVRVRQQWlJOLFKDXVDOVREVLHQLFKWYLHOJHEUDXFKW ZlUHQQXUVHLQ6FKLOOHUVWHFNWYROOHU/HVHHLFKHQXQG(VHOVRKUHQ 'XJODXEVWJDUQLFKWZDVHUGDDOOHVKLQHLQJHOHJWKDW %ULHIPDUNHQUlQGHUXQG=ZLUQVIDGHQXQGDEJHULVVHQH .DOHQGHUEOlWWHU8QGGDQQKDWHUHQJOLVFKH%FKHUGDVWHKQGDV KHLWEHUVHW]WHGLHPXHUQRFKPHKUJHOHVHQKDEHQGDVLQG VRYLHOH$XVUXIXQJV]HLFKHQXQG.DIIHHIOHFNHXQGDQPDQFKHU 6WHOOHVWHKWªIDPRV©RGHUªJURDUWLJ©RGHULUJHQGVRZDV$EHU QXZHUGHLFKGLUGHQ7HHDXIEUKHQ'XKDVWGRFKQRFKNRFKHQG :DVVHU"© ª9HUVWHKWVLFKNRFKHQG:DVVHULVLPPHU© 8QGGDPLWJLQJ7KLOGHXQGNDPQDFKHLQHU0LQXWHPLWHLQHP 7DEOHWW]XUFN(VZDUGDVVHOEH7DEOHWWXQGGLHVHOEH7HHNDQQH GDUDXVGHU0LHWHUVHLQHQ0RUJHQWHHJHQRVVHQKDWWH

ª'DVLVWHLQUHFKWHV*OFNGDHU7HHWULQNW©VDJWH7KLOGHXQG JRGHU0XWWHUXQGGDQQVLFKVHOEVWHLQH7DVVHYRQGHP 1HXDXIJXHLQª.DIIHHGDVVFKPHFNWGDQQLPPHUQDFK7ULFKWHU $EHUYRQ7HHVFKPHFNWGDV]ZHLWHHLJHQWOLFKDPEHVWHQ©8QG ZlKUHQGVLHGDVVDJWH]HUEUDFKVLH]ZHL=XFNHUVWFNFKHQLQYLHOH NOHLQH7HLOHXQGVFKREGDV6FKlOFKHQGHU0XWWHUKLQ ª1LPPGRFKDXFK7KLOGH© ª1HLQ0XWWHU,FKPDJQLFKW=XFNHU$EHUGXELVW IUV8QG QLPPQXULPPHUHLQELFKHQLQGHQ0XQG,FKIUHXHPLFKZHQQ HVGLUVFKPHFNWXQGZHQQGXZLHGHUGLFNXQGIHWWZLUVW© ª-D©ODFKWHGLH$OWHª'XPHLQVWHVJXW$EHUGLFNXQGIHWW*RWW 7KLOGHZRVROOGDVKHUNRPPHQ"©

9,(57(6.$3,7(/ 8PVLHEHQZDU+XJR*URPDQQ]XUFN(U WUDI7KLOGHLP(QWUHH ª:DUZHUGD)UlXOHLQ"© ª-DHLQ+HUU(UNDPXPGLHIQIWH6WXQGH8QGLFKVDJWHLKP GD6LHXPDFKWZLHGHUGDVHLQZROOWHQ'DZROOWHU ZLHGHUNRPPHQ© ª*XW8QGKDWHUQLFKWVHLQHQ1DPHQJHVDJW"© ª-DGRFK9RQ5\ELQVNLJODXELFK© ª$K5\ELQVNL1XQGDVLVWJXW© 8QGDFKWZDUNDXPYRUEHUVRNOLQJHOWHHVDXFKXQG5\ELQVNL ZDUZLHGHUGDXQGZXUGHKLQHLQJHIKUW ª*XWHQ7DJ*URPDQQ© ª7DJ5\ELQVNL%HGDXUHGDGXPLFKYHUIHKOWHVW$EHUQLPP 3ODW]1DFKPLWWDJVELQLFKLPPHUXQWHUZHJV© ª:HL©VDJWH5\ELQVNLXQGVFKREHLQHQ6WXKODQGDV6RID ª.lSHUQLFN>@:LUGGHQQGLHVH'DXHUOlXIHUHLQLFKWPDOHLQ(QGH QHKPHQ"3DWGRFKHLJHQWOLFKQLFKW]XGLU'XKDVWHQWVFKLHGHQ PHKUYRP6LHEHQVFKOlIHUDOVYRP/DQGEULHIWUlJHU$OVRZDUXP SHQGHOVWGX]ZLVFKHQ*UXQHZDOGXQG:LOPHUVGRUILPPHUKLQXQG KHU"2GHUKDVWGXMHW]WHLQHDQGUH3HQGHOEHZHJXQJ"© ª0XVLFKHUVWKHUDXVVWHOOHQ)UHXQG,FKELQMDHUVWJXWH YLHUXQG]ZDQ]LJ6WXQGHQKLHUJHVWHUQIUKDQJHNRPPHQKLHU GUEHQ)ULHGULFKVVWUDH*RWWVHL'DQNGDLFKZLHGHUGDELQ XQGDXFKZLHGHUQLFKW2ZLQVNLVWHLQ1HVWQDWUOLFKXQGZHQQ PDQDXIJHVWDQGHQLVWNDQQPDQDXFKVFKRQZLHGHU]X%HWWH JHKQXQGGD]XGLHHZLJH.ODJHUHLYRQ0XWWHUXQG6FKZHVWHUXQG NHLQH6SXU9HUVWlQGQLVIUHLQ%XFKRGHUHLQ%LOGXQGZHQQHLQ >@)ULW].lSHUQLFNJHVWKDWWHGXUFKVHLQH:HWW XQG'DXHUOlXIH LQGHQDFKW]LJHU-DKUHQ$XIVHKHQHUUHJW

7DQ]ElUDXIGHQ0DUNWNRPPWGDQQLVWHVDOVREGLH:ROWHU>@ JDVWLHUWH1DGDVDOOHVLVQLFKWJUDGHPHLQ*HVFKPDFN$EHUHLQ *XWHVKDWVROFK1HVWGRFKPDQKDW0XHPDQNDQQVHLQHQSDDU *HGDQNHQQDFKKlQJHQZHQQPDQZHOFKHKDWXQGGLH%IIHOHL KDWHLQ(QGH$FK5\ELQVNLGDVJHKWQXQZLHGHUORV:LHVWHKW HVGHQQPLWGLU":HQQLFKGLFKVRDQVHKHPLWGHLQHU3ROHQPW]H QLPPPLUQLFKWEHOHVVLHKWVR QELFKHQWKHDWHUKDIWDXVXQG GHLQHQ6WLHIHOQEHUGHU+RVH GXVLHKVWPLUDXFKQLFKWDXVDOV NRPPVWGXUHFWHYRP5HSHWLWRULXP© ª:HOFKHIHLQH)KOXQJGXKDVW*URPDQQ5HFWHYRP 5HSHWLWRULXPQHLQ$EHUZDVYRQUHFWHLVWDXFKGDEHLUHFWHYRP *DOJHQ© ª:LH5ROOHU"© 5\ELQVNLQLFNWH ª$FKPDFKHNHLQHQ8QVLQQ5\ELQVNL:DVPHLQVWGX"© ª:DVLFKPHLQHGDYRQVSlWHU(U]lKOHPLUHUVWHLQ:RUWYRQGLU XQGYRQGHQ 2ZLQVNHUQ+DVWGX]XIlOOLJPHLQHQ2QNHOJHVHKQ" (UNRPPWMDGDQQXQGZDQQLQGLH6WDGWEHL3IHUGHPDUNWRGHU ZHQQHU*HOGEUDXFKW$XIPHLQHQOHW]WHQ%ULHIKDWHUQLFKW JHDQWZRUWHWHVZLUGZRKOJUDGH(EEHEHLLKPJHZHVHQVHLQ8QG GHLQ9DWHU":RUDQVWDUEHUGHQQHLJHQWOLFK"(UNDQQMDQRFK NHLQH6HFK]LJJHZHVHQVHLQ8QGZLHVWHKWHVPLWGHP 9HUP|JHQ"(VKLHLPPHUHUKlWWHZDV© ª-DVRKHLWHVLPPHUXQGZHQQ*RWWGHQ6FKDGHQEHVLHKWLVW QLFKWVGD'DZDUHLQH.LVWHVRHLQH$UW$UQKHLP>@LQVHLQHP %XUHDXGLHZLULPPHUPLW5HVSHNWEHWUDFKWHWHQZHLOZLUXQVDOOH VDJWHQGDOLHJWHVGULQ8QGQXQGHQNHGLUZDVZLUQDFKKHU JHIXQGHQKDEHQ© ª1XQGLH+lOIWH© >@&KDUORWWH:ROWHU ZLUNWHVHLWDOVWUDJLVFKH+HOGLQ DP:LHQHU%XUJWKHDWHU6LHZXUGHDOVHLQHGHUEHGHXWHQGVWHQ 6FKDXVSLHOHULQQHQLKUHU=HLWYHUHKUW >@$UQKHLP *HOGVFKUDQNQDFKGHUGDPDOVEHUKPWHQ%HUOLQHU 7UHVRUILUPD6-$UQKHLPVHLW

ª-DSURVWH0DKO]HLWHLQH=HUHYLVNDSSH>@HLQ.RPPHUVEXFK XQGHLQ3DDUKRKH-DJGVWLHIHOQJHOEHV/HGHUJHQDXZLHZHQQHU VLHYRQ:DOOHQVWHLQKlWWH© ª:DUHUGHQQHLQ1LPURG"hEULJHQVN|QQWHVWGXPLUHUVWHLQH =LJDUUHJHEHQ,FKVDKGDHLQHNOHLQH.LVWHVLHHQWWlXVFKWPLFK KRIIHQWOLFKQLFKWVRZLHGLFKGLHJURH(UENLVWH-DZDUHUGHQQ VROFK-lJHUYRUGHP+HUUQ"© ª,*RWWEHZDKUH'D]XZDUHUYLHO]XEHTXHPXQGIURULPPHU(U ZLUGZRKODOVHUHEHQ%XUJHPHLVWHUJHZRUGHQZDUPDOHLQH-DJG PLWJHPDFKWKDEHQDEHUDOVLFKVR QKDOEZDFKVHQHU-XQJHZDUVR NXU]YRUKHUHKZLUQDFK,QRZURFODZDXIV*\PQDVLXPNDPHQ IXKUHULPPHUEORUDXVZHQQGDV*HWDIOHEHLP2EHUI|UVWHURGHU EHLP$PWVUDWORVJLQJ8QGHLQPDOZDUHVEHLP7RUI,QVSHNWRU GDVZHLLFKQRFKJHQDX© ª8QGGDEHLZDUGHLQ9DWHUGRFKHLJHQWOLFKHLQIDPRVHU.QRSS© ª-DGDVZDUHU© ª(LJHQWOLFKIRUVFKHUDOVGX© ª1DZLHPDQ VQHKPHQZLOO6RLPPHLVWHQVLQGZLUXQVJOHLFK )UV5HSHWLHUHQZDUHUDXFKQLH'DULQP|JHQZLUXQVZRKOJOHLFK VHLQXQGDOVHUGHQ5HIHUHQGDULXVKLQWHUVLFKKDWWHVFKQDSSWHHU DEXQGVDJWH¾=ZHLPDOIDOOLFKGXUFKXQGGHQQ$VVHVVRUPLW$FK XQG.UDFKXQG7DOHU1HLQGDOLHEHU%XUJHPHLVWHULQ 2ZLQVN½8QGYHUOREWZDUHUMDDXFKVFKRQODQJH© ª-DVLHK+XJRGDVLVWHEHQZDVLFKGDV)RUVFKHQHQQH(VZDU GRFKHLQ(QWVFKOXXQGVHLQH)DPLOLHZDUGRFKJHZLGDJHJHQ XQGZROOWHHLQHQ0LQLVWHUDXVLKPEDFNHQ8QWHUP0LQLVWHUWXQ V GLHJXWHQ.OHLQVWlGWHUQLFKWGLHEHLGHUEHNDQQWHQ*OFNVMDJG]X GHUZLUXQVDOOHJHODGHQJODXEHQEORGHQ.LUFKWXUPPLWGHP JROGQHQ+DKQVHKQXQGQLFKWZLVVHQ ZLHZHLWHVLVWXQGZLHYLHO *UlEHQXQWHUZHJVXPUHLQ]XIDOOHQ,FKELQIUGLHGLH DEVSULQJHQ© >@=HUHYLVNDSSH6WXGHQWHQPW]HGLH]XU.OHLGXQJGHUMHZHLOLJHQ 9HUELQGXQJJHK|UWH

ª'XPHLQVWVRLPDOOJHPHLQHQVRWKHRUHWLVFK© ª1HLQJDQ]SUDNWLVFK'XPXWPLUHLQH3KRWRJUDSKLHYRQ GHLQHP9DWHUVFKHQNHQGHQVHKLFKPLUGDQQDQVRYRUELOGOLFK© ª$EHU+DQVGXZLOOVWGRFKQLFKWDXFK%XUJHPHLVWHUZHUGHQ8QG ELVWMDDXFKQRFKYRUP5HIHUHQGDUPHLQ9DWHUKDWWHGRFKGLH KDOEH4XlOHUHLKLQWHUVLFK6LHQHKPHQMHW]WQLFKWDOOXQGMHGHQ XQG5HIHUHQGDULVWGDVZHQLJVWH8QGGXVLHKVWPLUQLFKWDXVDOV REGXLQPHLQHU$EZHVHQKHLWXQGVR]XVDJHQKLQWHUPHLQHP 5FNHQGHQ5HIHUHQGDUJHPDFKWKlWWHVWXQGQXQEORNDPVWXP GLFKPLULQGHLQHUQHXHQ:UGHYRU]XVWHOOHQ$EHUYHU]HLKLFK ZHUGXQVGUEHQHUVWHLQELFKHQ$EHQGEURWEHVWHOOHQZDVPDQ LQHLQHU&KDPEUHJDUQLH>@VR$EHQGEURWQHQQW(LQ*OFNGD GLH0HQVFKHQGHQ6FKZHL]HUNlVHHUIXQGHQKDEHQ8QGVROOLFK 7HHEHVWHOOHQRGHU*URJ"© ª,PDOOJHPHLQHQELQLFKIUGDVhEHUJHKQDXVGHPHLQHQLQGHQ DQGHUQPDQKDWGDV6SLHOMDGDEHLVRKEVFKLQGHU+DQG YRUDXVJHVHW]WGDHLQHQGLH)ODVFKHQLFKWLP6WLFKOlW$EHU KHXWHODHVJXWVHLQ+XJR6SDUHQZLUXQVGDV*HODJHIUHLQH JURH*HOHJHQKHLW© ª([DPHQ"© ª'DVLVW]XXQVLFKHUHUVWDQVLFKGDVKHLWREZLUELVGDKLQ NRPPHQXQGGDQQLQVHLQHP5HVXOWDW1HLQZHQQLFKYRQ $XIVSDUHQXQGJURHU*HOHJHQKHLWVSUHFKHVRKDELFKZDVDQGUHV LP6LQQXQGPHLQHPHLQHQHUVWHQ$EHQG© ª,FKNDQQGLUQLFKWIROJHQ+DQV(VLVWOlFKHUOLFK]XVDJHQDEHU GXELVWVRP\VWLVFKHUVWUHFWHYRP*DOJHQXQGGLH=XVDJH VSlWUHU5lWVHO/|VXQJXQGQXQHUVWHU$EHQG©

>@&KDPEUHJDUQLHP|EOLHUWHV=LPPHU

ª,FKKDEHGRFKGHLQH)DVVXQJVNUDIWEHUVFKlW]WZDVEULJHQV QDFK$QVLFKWHLQLJHUHLQHJDQ]XQWHUJHRUGQHWH*DEHVHLQVROO YLHOOHLFKWLQ=XVDPPHQKDQJPLW/RJLNXQG0DWKHPDWLN$OOH /RJLNHUYHUVWHKHQJDUQLFKWV$EHUZXQGHUQPXLFKPLFKGRFK =XZDVVLQGZLUGHQQXPGHQ.|QLJVSODW]XQJH]lKOWH0DOH KHUXPJHODXIHQOLQNVGHQ0RQGXQGUHFKWV.UROOXQGGLHNOHLQH) XQGKDEHQXQWHU9HUZHUIXQJDOOHUELVKHULJHQ+DPOHW $XIIDVVXQJHQHLQHUQHXHQWLHIHUHQQDFKJHIRUVFKW"XPZDVKDEH LFKPHLQH3DUDOOHOHQJH]RJHQ]ZLVFKHQ$PDOLHXQG$GHOKHLGYRQ 5XQHFN]ZLVFKHQGHU0LOIRUGXQGGHU(EROL ZHQQGXVFKOLHOLFK QLFKWHLQPDOYHUVWHKHQZLOOVWZHQQLFKYRQPHLQHPHUVWHQ$EHQG VSUHFKH$OVRUXQGKHUDXVLFKVSUHFKHYRQPHLQHPHUVWHQ ¾5lXEHU½$EHQG.RVLQVN\'LH*HVFKLFKWHPLWGHP5HSHWLWRULXP ZXUGHPLU]XODQJZHLOLJ8QGZHQQPDQGHQJXWHQ$XVJDQJQRFK VLFKHUKlWWH.XU]XPLFKELQ]X'HLFKPDQQ>@JHJDQJHQ+HXWH ZDUGLHGULWWH3UREHPLWPLU.UDXQHFN>@EULOODQWDOV5ROOHULFK GHQNHGDLFKEHUNXU]RGHUODQJDXFKLQV&KDUDNWHUIDFK EHUVSULQJH/LHEKDEHULVWEOR'XUFKJDQJ© ª'XUFKJDQJ8QGGLH¾5lXEHU½,VWHVP|JOLFK"'DQQZLUGDOVRLQ DFKW7DJHQDXIGHP=HWWHOVWHKQ.RVLQVN\ +HUU5\ELQVNL2GHU ZLOOVWGXGHLQ¾YRQ½EHLEHKDOWHQ"© ª1HLQPDQPXDXFKHWZDVIUVHLQH)DPLOLHWXQ0HLQ¾YRQ½ ZLUGJHVWULFKHQZHQLJVWHQVVRODQJHLFKXQEHUKPWELQQDFKKHU NDQQLFKHVZLHGHUDXIQHKPHQ© ª5HFKQHVWGXGDUDXI"© ª1DWUOLFKUHFKQHLFKGDUDXI-HGHUUHFKQHWGDUDXI*DUULFNZDU XUVSUQJOLFKDXFKYRQ$GHO'HQNVWGXGDHUPLWGHUJDQ]HQ *HVFKLFKWHDQJHIDQJHQKlWWHZHQQHUVLFKQLFKWJHVDJWKlWWH ¾5XKPJHKWEHU$GHO½© >@)ULHGULFK:LOKHOP'HLFKPDQQELVKDWWHYRQELV GDVJHJUQGHWH )ULHGULFK:LOKHOP6WlGWLVFKH7KHDWHULQGHU 6FKXPDQQVWUDHJHOHLWHWGDVZHJHQVHLQHU2SHUHWWHQLQV]HQLHUXQJHQ DXHURUGHQWOLFKEHOLHEWZDU >@$UWKXU.UDXQHFN6FKDXVSLHOHUZLUNWHVHLWLQ %HUOLQ(UVSLHOWH]XQlFKVWLP'HXWVFKHQ7KHDWHUVSlWHULP%HUOLQHU 7KHDWHUXQGVHLWLP.|QLJOLFKHQ6FKDXVSLHOKDXV

ª8QGGDVDOOHVVDJVWGXLP(UQVW"© ª,QYROOHP(UQVW8QGLFKZLOOGLUDXFKQRFKPHKUVDJHQXQGDXFK LP(UQVW,QJDQ]NXU]HU=HLWNRPPVWGX]XPLUXQGVDJVWPLU ¾5\ELQVNLGXKDVWUHFKWJHKDEWGHQJDQ]HQ.UDPDQGHQ1DJHO ]XKlQJHQ:DVPHLQVWGX]XZHOFKHU5ROOHSDWHLFKZRKO" 'XQRLVRGHU.DUO0RRU½,FKVDJHGLUGXELVWGHUJHERUQH.DUO 0RRUXQGZHQQGXGHLQHQ$UPDQGLH(LFKHELQGHVWRGHU YLHOOHLFKWDXFKZHQQGXGHQ$OWHQDXVGHP7XUPKROVWGXPXW JURDUWLJVHLQ© ª6RPHLQVWGX"© ª'XKDVWJDQ]GDVVFKZlUPHULVFK6FKZDEEOLJHZDVGD]XJHK|UW XQGKDVWDXFKGHQ%UXVWWRQGHUhEHU]HXJXQJZHQQHUVDJW ¾'LHVH8KUQDKPLFKGHP0LQLVWHU½(VLVWQDWUOLFKGHU -XVWL]PLQLVWHUJHZHVHQXQGDXIGHQZLUVWGXEDOGHEHQVR VFKOHFKW]XVSUHFKHQVHLQZLHLFK,FKKDEHGLH6FKLIIHKLQWHUPLU YHUEUDQQW$OOHV LP/HEHQLVWEOR)UDJHGHU&RXUDJH© ª1DK|UH+DQVHVVSLHOWGRFKQRFKPDQFKHVDQGUHPLW© ª'XPHLQVW/LHEH'DPLWNRPPPLUQLFKW/DULIDUL0DQFKHVLQGVR YHUUFNWXQGGLUWUDXLFKVFKRQZDV]XZHUVRYLHOVSD]LHUHQOlXIW XQGGLHVHOEH6FKZlUPHUHLIU/HQDXZLHIU=RODKDWZDVGLU EHLOlXILJHUVWHLQHUQDFKPDFKHQVROO GHULVW]XMHGHP /LHEHVXQVLQQIlKLJ(VVLHKWGDQQDXFKDXVZLH&RXUDJHLVWDEHU GDV*HJHQWHLOGDYRQEOD6FKODSSHUHL%HTXHPOLFKNHLW +DXVVFKOVVHOIUDJH+XJRVLHKGLFKYRU$EHUVRYLHOZLOOLFKGLU VFKRQKHXWHVDJHQZHQQGXGLFKQRUPDOHQWZLFNHOVWXQGQLFKW HLQHQNRORVVDOHQ)DX[SDVPDFKVWXQGGLFKVR]XVDJHQQRUPDOXQG IROJHULFKWLJZHLWHUHQWZLFNHOVWVRNRPPVWGXPRUJHQGDDQZR LFKKHXWHVFKRQELQ8QGZHQQGX5HIHUHQGDUZHUGHQVROOWHVW ZDVYLHOOHLFKWP|JOLFK$VVHVVRUZLUVWGXQLH/DGRFKGLH (LQSDXNHUHL$OOHVXPVRQVW,FKNHQQHPHLQH3DSSHQKHLPHU© ,QGHPNORSIWHHV*URPDQQHUKREVLFKXQGJLQJDXIGLH7U]X XQG|IIQHWH'UDXHQVWDQG0DWKLOGH0|KULQJ6LHPVVHQRFKLQ GLH6WDGWXQGZHLONHLQHUGDVHLDXHULKUHU0XWWHUZROOHVLHQXU IUDJHQRE+HUU*URPDQQQRFKLUJHQGZDV]X$EHQGEHI|KOH

ª'DQNH)UlXOHLQ0DWKLOGH+HUUYRQ5\ELQVNLKDWDOOHVDEJHOHKQW ,FKJHKHQRFKLQGHQ¾)UDQ]LVNDQHU½KLQEHU:HQQ6LHPLU YLHOOHLFKWHLQH)ODVFKH6RGDZDVVHUKLQVWHOOHQZROOHQ©$OVHU VHLQHQ3ODW]ZLHGHUHLQJHQRPPHQKDWWHVDJWH5\ELQVNL ª'DGXUFKZLUVWGXGLFKDXFKQLFKWLQVLQXLHUHQ6RGDZDVVHU'DV WULQNWGRFKEORHLQ3KLOLVWHU© ª'DVLVWHUVWOLFKQRFKVHKUGLH)UDJHGHQQHVKlQJWYLHOGDYRQ DEZDVPDQYRUKHUJHWUXQNHQKDWXQGGDQQZLOOLFKPLFKDXFK JDUQLFKWLQVLQXLHUHQ)UDX0|KULQJLVWHLQH3KLO|VH>@XQGGDV )UlXOHLQLVWLKUH7RFKWHU8QGGDLQVLQXLHUHQ6RZHLWVLQGZLU GRFKQRFKQLFKWUXQWHU8QGPDQKDWVHLQHQ/HQDXGRFKQLFKW XPVRQVWLQWXV© ª*UDGHGDVJUDGHGDV/\ULNVFKW]WYRU'XPPKHLWQLFKW¾$XI GHP7HLFKGHPUHJXQJVORVHQZHLOWGHV0RQGHVKROGHU*ODQ]½ HVEUDXFKWEORHLQELFKHQ0RQGVFKHLQVRYHUNOlUWVLFKDOOHV XQGGHU7HLFKNDQQDXFK QH6WXEHQGLHOHVHLQ© ª,FKEHJUHLIHGLFKQLFKW+DQV8QGVRJDQ]RKQH9HUDQODVVXQJ© ª'HV0HQVFKHQ%HVWHVVLQG$KQXQJHQ8QGVLHKDWVROFK3URILO *HPPHVWUHQJXQGHGHOXQGHLQHQNOHLQHQ)HKOHUDP$XJHXQG DVFKEORQG¾6RVFKUHLWHQNHLQHLUG VFKHQ:HLEHUGLH]HXJHWHNHLQ VWHUEOLFK+DXV½© ª8QVLQQ:DVVROOGDV(LJHQWOLFKLVWVLHGRFKHLQIDFKHLQH NRPLVFKH)LJXU© ª6DJHGDVQLFKW6RZDVUlFKWVLFK© ª$FKZDV$OOHV8QVLQQXQGhEHUPXW8QGQXQODXQVJHKQ :DQQLVWGHQQHLJHQWOLFKGHLQ'HEW"© ª1lFKVWHQ'LHQVWDJ+DOWHGHQ'DXPHQ2GHUQRFKEHVVHU NRPPXQGNODWVFKH© >@3KLO|VHLQGHU6WXGHQWHQVSUDFKHGLHZHQLJUHL]YROOH 7RFKWHUGHU =LPPHUZLUWLQ

)h1)7(6.$3,7(/ 'LHQlFKVWHQ7DJHYHUJLQJHQUXKLJ$P9RUPLWWDJKDWWH+XJR VHLQ5HSHWLWRULXPGDQQJLQJHU]X7LVFKGDQQQDFK:LOPHUVGRUI DP$EHQGZDUHU]X+DXVZHQLJVWHQVPHLVWXQGZDUDOOHVLQ DOOHPHLQ0XVWHUYRQ6ROLGLWlW:DV0DWKLOGHQDXIILHOZDUVHLQ 6WXGLXP$XVDOOHPZDVVLHVDKXQGDXFKDXV$QGHXWXQJHQYRQ LKPVHOEHUK|UWHJLQJKHUYRUGDHUVLFK]XHLQHP([DPHQ YRUEHUHLWHWHHUVWHFNWHDXFKMHGHQ0RUJHQZHQQHUDXVJLQJ LPPHUHLQ%XFKRGHUHLQ+HIW]XVLFKWURW]GHPZDULKUNODUGD ZHQQHUZLHGHU]X+DXVHZDUYRQ6WXGLHQNHLQH5HGHZDU$XI HLQHPDP)HQVWHUVWHKHQGHQ6WHKSXOWGDVHUVLFK DQJHVFKDIIW KDWWHODJHQ]ZDUHLQSDDUGLFNH%FKHUXPKHUDEHUVLHKDWWHQ MHGHQ0RUJHQHLQHGQQH6WDXEGHFNH%HZHLVJHQXJGDHUVLFK GHQ$EHQGEHUQLFKWGDPLWEHVFKlIWLJWKDWWH:DVHUODVZDUHQ 5RPDQHEHVRQGHUVDXFK6WFNHYRQGHQHQHUMHGHQ]ZHLWHQ GULWWHQ7DJPHKUHUHQDFK+DXVHEUDFKWHHVZDUHQGLHNOHLQHQ 5HFODP%lQGFKHQYRQGHQHQLPPHUPHKUHUHDXIGHP6RIDWLVFK ODJHQHLQJHNQLIIWXQGPLW=HLFKHQRGHUDXFKPLW%OHLVWLIWVWULFKHQ YHUVHKHQ0DWKLOGHNRQQWHJHQDXNRQWUROOLHUHQZDVLKPJHIDOOHQ RGHUVHLQH=ZHLIHOJHZHFNWKDWWHGHQQHVNDPHQDXFK6WHOOHQ PLW$XVUXIXQJV XQGVHOEVWPLWGUHL)UDJH]HLFKHQYRU$EHUGDV ZDUHQGRFKQXUZHQLJHª'DV/HEHQHLQ7UDXP©KDWWHGLH PHLVWHQ=HLFKHQXQG5DQGJORVVHQXQGVFKLHQLKQDPPHLVWHQ LQWHUHVVLHUW]XKDEHQ ª0XWWHU©VDJWH7KLOGHªZHQQGDQLFKWHLQ:XQGHUJHVFKLHKWGHU PDFKWHVQLH© ª:DVGHQQ7KLOGH"© ª1DGDV([DPHQ8QVNDQQHVUHFKWVHLQ-HOlQJHUHVGDXHUWMH OlQJHUEOHLEWHU8QGZHQQHUHVPDFKWXQGGXUFKIlOOWVREOHLEWHU DXFK:RKLQVROO HUDP(QGH"6HKUYLHO$QKDQJVFKHLQWHUQLFKW ]XKDEHQ6HOEVWGHU+HUUPLWGHU3ROQLVFKHQ0W]HZDUQRFK QLFKWZLHGHUGD© 'DVKDWWHIUHLOLFKVHLQH5LFKWLJNHLW5\ELQVNLZDUVHLWVHLQHP HUVWHQ%HVXFKHQRFKQLFKWZLHGHUGDJHZHVHQDEHUDP$EHQG GHVVHOEHQ 7DJHVZR7KLOGH0|KULQJGLHVH%HWUDFKWXQJHQ

JHPDFKWKDWWHNDPHUXQGWUDIDXFKVHLQHQ)UHXQG+XJR]X +DXV ª(QGOLFK+XJR'XZLUVWJHGDFKWKDEHQLFKKlWWHJHVFKZLQGHOW XQGGDVPLWGHP.RVLQVN\VHLQXUHLQ8ONJHZHVHQ$EHULFKVDJH GLUJURHU(UQVW (LJHQWOLFKKHLWHVELWWUHU(UQVWDEHUGLHV:RUW P|FKWHLFKEHJUHLIOLFKHUZHLVHYHUPHLGHQ0DQLVWEULJHQVGHU 0HLQXQJLFKPVVHJHIDOOHQXQGHLQHUVDJWHPLUKHXWIUK¾LFK VHLGHUJHERUQH.RVLQVN\½/HLGHUZDUHV6SLHJHOEHUJDEHUZLH GDVLPPHULVWJHUDGHGLHVHULVWHLQHWUHXH6HHOH1XQPRUJHQ PXVLFKDOOHVHQWVFKHLGHQ,FKEULQJHGLUKLHU%LOOHWVHLQ3DUTXHW IUGLFKXQG]ZHL]ZHLWHQ5DQJIUGHLQH'DPHQGUEHQZHQQ VLHDXIGLHVHQ1DPHQK|UHQZDVPLUDOOHUGLQJV]ZHLIHOKDIWLVW ,FKKlWWHGLUGUHL3DUTXHWVEULQJHQN|QQHQDEHULFKGDFKWHPLU EHLGHVRGLFKWEHLGLUN|QQWHGLFKYLHOOHLFKWJHQLHUHQQDPHQWOLFK GLH$OWHVLHLVWGRFKQRFKVHKU0XWWHUDXVGHP9RON8QGGDQQ RIIHQJHVWDQGHQOLHJWPLUXQGGHP'LUHNWRUDXFKPHKUDP ]ZHLWHQ5DQJLP3DUTXHWVLW]WLPPHU.ULWLNXQGZHQQVLFKGD ]ZHLVROFKH'DPHQDXI(QWKXVLDVPXVDXVVSLHOHQZLUGHV OlFKHUOLFKDEHULP]ZHLWHQ5DQJGDJHKWDOOHVDXIGHQ]ZHLWHQ 5DQJZHQQPDQHLQELFKHQDXISDWNDQQPDQVLFKYHUODVVHQ 'HLQ3ODW]XQWHQLVW(FNSODW]DOOHVYRUJHVHKQDEHULFKILQGH +XJRGXELVWHWZDVQFKWHUQ© ª1HLQ+DQVLFKELQQXUHWZDVEHQRPPHQLFKGDFKWHQLFKWGD GXPLU:LQGYRUJHPDFKWKlWWHVWLFKGDFKWHQXUHVZlUHZDV GD]ZLVFKHQJHNRPPHQZHLOHVVLFKVRKLQ]RJ© ª$KLFKYHUVWHKPDQKDWWHVFKOLHOLFKJHPHUNWHVJLQJHGRFK QLFKWHVVHLQLFKWV>PLW@PLU© ª'XPXWQLFKWHPSILQGOLFKVHLQELVWQRFKQLFKWDXIJHWUHWHQXQG IlQJVWVFKRQGDPLWDQ$EHUGDVLVWQXUGLH+lOIWHYRQGHPZDV LFKHEHQGDFKWH'DVDQGUHLVWGDVPLWGHQ]ZHL0|KULQJV© ª$EHU+HU]GDVLVWMDOHLFKW]XlQGHUQGXNDQQVWDXFK]ZHL 3DUTXHWVKDEHQ© ª1HLQGDVLVWHVQLFKWLP*HJHQWHLOGDVPLWGHP]ZHLWHQ5DQJ KDVWGXGLUJXWDXVJHGDFKWXQGUFNVLFKWVYROOJHJHQPLFK(VLVW PLWGHP0LWQHKPHQEHUKDXSWVROFKH6DFKHZHQQZLUDXFK

YHUVFKLHGQH3OlW]HKDEHQGDVLVWGRFKZLHJHVHOOVFKDIWOLFKH *OHLFKVWHOOXQJXQGZHQQLFKPLWGHU$OWHQEHUGHQDOWHQ0RRU VSUHFKHRGHUVLHPLWPLUGHQQLFKZHUGHQLFKWDQIDQJHQVRVLQG ZLULQWLP8QGGDVJHKWGRFKQLFKWJXW8QGGDQQZDVNDQQGHQQ VROFKH)UDXVDJHQ"$OOHVEULQJWQXULQ9HUOHJHQKHLW© ª$FK+XJRGDVLVWMDOlFKHUOLFK6RYLHOPXWGXGRFKZLVVHQ GDEHUKDXSWEOR8QVLQQJHVSURFKHQZLUG© ª8QGGDQQPXLFKVLHGRFKKLQEULQJHQXQGZHQQHVDXVLVW PXLFKVLHZLHGHUQDFK+DXVHEHJOHLWHQ© ª'DVVHKLFKQLFKWHLQ'XPDFKVWLKQHQHLQ*HVFKHQNXQGOlW VLHLKUHU:HJHJHKQ© ª*XWGXVROOVWUHFKWKDEHQLFKZLOOHVVRPDFKHQ'XVLHKVWQXQ ZDUXPLFKVREHQRPPHQZDUZDVGXQFKWHUQQDQQWHVW9RQ QFKWHUQNHLQH5HGH HLJHQWOLFKELQLFKDXIJHUHJWZLHZHQQLFK VHOEHUGHQ.RVLQVN\VSLHOHQVROOWH© ª:HUZHLZDVNRPPW© 8QGGDPLWEUDFKGHU)UHXQGZLHGHUDXIZHLOHUQRFKKXQGHUWHUOHL ]XWXQXQG]XEHGHQNHQKDEHª%HL3KLOLSSLVHKQZLUXQVZLHGHU 8QGILFKWWDSIHU8QWHUOLHJLFKVRPXLFKPLFKLQV6FKZHUW VWU]HQ© ª9HUODQJHQXUQLFKWGDLFKHVKDOWH©

5\ELQVNLZDUNDXPIRUWVRJLQJ+XJR]XGHQEHLGHQ)UDXHQ KLQEHUXPLKQHQGLH]ZHL%LOOHWV]XEULQJHQ3DUTXHWVHL DXVYHUNDXIWGDVVHLGHU*UXQGGDVLHVLFK WUHQQHQPWHQ DEHUHUZHUGHLPPHUKLQDXIVHKQ 0XWWHU0|KULQJVDJWHJDUQLFKWV7KLOGHDEHUIDQGVLFKOHLFKW ]XUHFKWXQGVDJWHPLWYLHOHP$QVWDQGXQGLQLKUHUJDQ]HQ +DOWXQJZLHYHUlQGHUWª(VVHLVHKUOLHEHQVZUGLJDQVLH]X GHQNHQXQGVLHHPSIlQGHQHVDOVHLQHJURH(KUH© ª-D©VDJWHGLH$OWHGDVKDEHVLHDXFKVDJHQZROOHQ

8QGQDFKGHPQRFKHLQSDDU)UDJHQJHVWHOOWXQGKLQXQGKHU NRPSOLPHQWLHUWZRUGHQZDUJLQJ+XJRZLHGHULQVHLQ=LPPHU KLQEHUZlKUHQGGLH$OWHHLQH)XEDQNDQGHQ2IHQVFKREXQG VLFKKLQVHW]WH7KLOGHVHW]WHVLFKDXIV6RIDXQGVFKREGLHNOHLQH 3HWUROHXPODPSHVRGDVLHGDUDQYRUEHL]XU$OWHQKLQEHUVHKHQ NRQQWH ª:DVLFKQXUDQ]LHKH7KLOGH"'DV6FKZDU]VHLGQHJHKWGRFKQLFK PHKUXQGZDUMDGRFKHLJHQWOLFKDXI7UDXHUJHPDFKW8QGZHQQ LFKGDVURWH7XFKGUEHUQHKPHGD]XELQLFKZLHGHU]XDOW© ª$FK0XWWHUGDVODQXUJXWVHLQ,FKZHUGHGLFKVFKRQ ]XUHFKWPDFKHQPLWHLQSDDU6FKOHLIHQ]ZLQJHQZLU VVFKRQ(V VLHKWHLQHQMDGRFKNHLQHUDQ8QGZHQQDXFK'LH+DXEHLVWIU

QH DOWH)UDXLPPHUGLH+DXSWVDFKHXQGGHLQH+DXEHLVWQRFK JDQ]JXWHLQELFKHQWROOHQXQGDXISOlWWHQXQGGXVLHKVWDXVZLH

QH*UlILQ© ª$FK.LQGUHGHGRFKQLFKWVROFK=HXJ© ª1DLFKVDJHGLU0XWWHUGDVZROOHQZLUVFKRQNULHJHQ0LWGDV ELFKHQ$Q]LHKQXQG=XUHFKWPDFKHQGDVLVHVQLFKWLFKKDEH 3XW]PDFKHQJHOHUQWXQG%OXPHQPDFKHQDXFKXQG.O|SSHOQDXFK XQGGDVPWHGRFKQLFKWPLWUHFKWHQ'LQJHQ]XJHKQZHQQLFK XQVQLFKWUDXVVWDIILHUHQVROOWH:XQGHUQVROOHUVLFKZLHGX DXVVLHKVWXQGZHQQHU XQVQDFKGHP7KHDWHULQHLQ/RNDO IKUW© ª$FK7KLOGHZLHNDQQVWGXQXUVRZDVGHQNHQ© ª1DZHQQQLFKGHQQQLFK,FKKlQJHQLFKWGUDQHVPDFKWQXUVR HLQHQ(LQGUXFNXQGVLHKWHLQELFKHQQDFKZDVDXVXQGGDPDQ GRFKDXFKPLW]XJHK|UW© ª-DMDGDVLVVFKRQUHFKW© ª8QGZHLWGX0XWWHUZDVLFKGLUVFKRQYRUHLQSDDU7DJHQ VDJHQZROOWHZLUZROOHQGRFKGLHDOWH5XQWVFKHQZLHGHULQV+DXV QHKPHQGDVKHLWLPPHUEORHLQH6WXQGHGDVLHGUEHQUHLQ PDFKHQNDQQXQGDOOHVHLQKROHQ,FKELQMDQLFK GDJHJHQXQGPLU NRPPWHVQLFKWGUDXIDQ$EHUQHXOLFKKDWWHHUZDVYHUJHVVHQ XQGNDPJHUDGHGD]XZLHLFKGDEHLDOOGHP3ODQVFKHQXQG

*LHHQZDUXQGGHU%OHFKHLPHUPLWWHQLQGHU6WXEH GDZDUHV PLUGRFKJHQLHUOLFK8QGLFKGHQNHZLUNOLFKZLUQHKPHQGLH 5XQWVFKHQ6LHNDQQGDQQDXFKHLQKROHQZDVZLUEUDXFKHQ© 'LH0XWWHUKDWWHNOHLQH%HGHQNHQXQGVDJWHª7KLOGHGDVOlXIWVR LQV*HOG8QGPDQZHLGRFKQLFKWZHQQHUGDQQNQGLJW© ª'DQQNQGLJHQZLUDXFKZLHGHU'LH5XQWVFKHQLVMD QH YHUQQIWLJH)UDX8QGGDQQZDVKHLWNQGLJHQ*ODXEHPLUGHU NQGLJWQLFKW©

'HUDQGHUH7DJZDUHLQJURHU7DJ'HU,QKDOWHLQHUJURHQ 3DSSVFKDFKWHOGDULQVLFK%lQGHUXQGDOWH%OXPHQEHIDQGHQZDU DXIGLH&KDLVHORQJXHDXVJHVFKWWHWGDPLWPDQHLQHQEHVVHUHQ hEHUEOLFNKDWWH'HU$OWHQZDUHVQLFKWUHFKW ª7KLOGHGDVIXVVHOWDOOHVVR8QGHVLVWGRFKXQVHU3UDFKWVWFN .LQG.LQGZRVROOHVGHQQDOOHVKHUNRPPHQ©$EHU7KLOGHOLH VLFKQLFKWHLQVFKFKWHUQXQGDOVVLHJHIXQGHQKDWWHZDVVLHIU VLFKXQGGLH $OWHEUDXFKWHZDUVLHIOHLLJEHLGHU$UEHLW'DQQ ZXVFKVLH]ZHL3DDUKHOOEUDXQH+DQGVFKXK(VURFKELVLQ+XJRV =LPPHUKLQEHUQDFK%U|QQHU>@'DQQ ZXUGHJHSOlWWHW7KLOGH ZDULQHLQHUDSDUWJXWHQ/DXQHª6LHKQXUZLHHUJOKW©8QG GDQQVFKOXJVLHGHQ6FKLHEHUPLWHLQHP)HXHUKDNHQ]X ª+DVWGXDXFKGLH%LOOHWWHU7KLOGH©GDVZDUHQGLHOHW]WHQ:RUWH GLHYRU9HUODVVXQJGHU:RKQXQJJHVSURFKHQZXUGHQ,KU0LHWHU +XJR*URPDQQKDWWHVLFKGHQJDQ]HQ7DJQLFKWVHKQODVVHQ ZRGXUFKHUGHU%HJOHLWXQJVIUDJH NOXJHQWJDQJHQZDU

.RVLQVN\ZDUGUHLPDOJHUXIHQZRUGHQXQGGLH$OWHGLHQLFKW NODWVFKHQZROOWHKDWWHVLFKEHJQJWGHP'DUVWHOOHUGHU5ROOH ]X]XQLFNHQDOVHUVLFKJUDGHQDFKGHUDQGUHQ6HLWHKLQEHGDQNWH 'DQQVDJWHVLH]X7KLOGHZlKUHQGGHU/lUPQRFKIRUWGDXHUWH ª(UPDFKWHVUHFKWJXWHUKDWVRYLHO$QVWDQG(VPXGRFKVHKU VFKZHUVHLQ© >@%U|QQHUGDPDOVYLHOEHQXW]WHV5HLQLJXQJVPLWWHO

ª,*RWWEHZDKUH©VDJWH7KLOGHGLHVLFKDEOHKQHQGJHJHQDOOHV YHUKLHOWZHLOVLHEHPHUNWHGD+XJRYHUPLHGQDFKGHP]ZHLWHQ 5DQJHKLQDXI]XVHKQ(LQPDOJHVFKDKHVXQGQXQJUWHHUDXFK DEHUVHKUVWHLIXQGI|UPOLFK6LHOHJWHVLFK VDEHUVFKOLHOLFKGRFK ]XP*XWHQ]XUHFKWXQGDOVGHUJURH7UDXPNDPXQGHEHQGDV ZHLH+DDULQGLH:DDJVFKDOHGHV*HULFKWVILHOVDJWHVLHVLFK(V LVWHLQJXWHV=HLFKHQGDHUQLFKUDXIVLHKWZHLOHUNHLQ/HLFKWIX LVWXQGHVHUQVWQLPPW(UVDJWVLFKDOOVRZDVKDWHLQH7UDJZHLWH MDYRQ7UDJZHLWHKDWHUVFKRQHLQSDDUPDO]XPLUJHVSURFKHQ 8QGVRJDQ]DEJHVFKORVVHQKDWHUQRFKQLFKWHUQLPPWHV QLFKWDOV6SD6LHNDPLQLKUHQ%HWUDFKWXQJHQQLFKWZHLWHUZHLO GLH$OWHVDJWHª6LHKGRFKPDOQDFK7KLOGHZHUGHUDOWH'LHQHU LVWHU]LWWHUWMDVRIXUFKWEDU© ª$FKODGRFK©VDJWH7KLOGHXQGUHLFKWHGHU$OWHQGLH7WHPLW 'URSV]XUFNGLHVLHPLWJHQRPPHQHQKDWWH

6HLWHQVGHU0|KULQJVZDUHQ0DQWHOXQG+XWGUDXHQDEJHJHEHQ ZRUGHQ7KLOGHKDWWHGUDXIEHVWDQGHQª0XWWHU©KDWWHVLHJHVDJW ªGXZHLWGRFKGDLFK V]XVDPPHQKDOWH$EHUPLWXQWHUPX PDQXQGPLWXQWHULVW$QVWlQGLJNHLWDXFKGDVNOJVWH© ª1DZHQQGXPHLQVW7KLOGH:LUZROOHQHVDEHUDXIHLQH 1XPPHUJHEHQ© -HW]WKDWWHQVLHVLFKHLQJHPXPPHOWXQGVWLHJHQGLH7UHSSH KLQXQWHU8QWHQLQGHU9RUKDOOHYHUZHLOWHVLFK7KLOGHZHLOVLH VIU P|JOLFKKLHOWGDLKU0LHWHUDQHLQHUGHU%DUUHQVWHKQXQGDXIVLH ZDUWHQZUGH$EHUHUZDUQLFKWGD'DVJDEHLQHQHXH 9HUVWLPPXQJXQGHLQHQ$XJHQEOLFNEHUNDPGLHVRQVW XQHUVFKWWHUOLFKH7KLOGHGLH)UDJHª2ELFKPLFKGRFKYLHOOHLFKW LUUH"©6LHZDUDEHUZHLOVLHGHQ&KDUDNWHULKUHV0LHWHUVJDQ] JHQDX]XNHQQHQJODXEWHYRQHLQHPXQYHUWLOJEDUHQ2SWLPLVPXV RGHU+RIIQXQJVVHOLJNHLWXQGVDJWHVLFKHUPXQDWUOLFKVHLQHQ )UHXQGEHJOFNZQVFKHQXQGHUNDQQQLFKWDQ]ZHL6WHOOHQ ]XJOHLFKVHLQ

(UVWQDFK]HKQZDUHQVLH]X+DXVHZDVQLFKWVVFKDGHWHGDVLH GHQ+DXVVFKOVVHOPLWKDWWHQª6LHKVWGX7KLOGHZLHJXW©VDJWH GLH$OWHDOVVLHGHQ+DXVVFKOVVHODXVLKUHU7DVFKHKHUYRUKROWH ª$FK0XWWHUDOVRELFKQLFKWJHZROOWKlWWH1DWUOLFK,FKGDFKWH MDVRJDUZLUN|QQWHQHUVWXPHOIHNRPPHQ© $XIGHU7UHSSHWUDIHQVLHGHQ3RUWLHUGHUHEHQGDV*DV DXVPDFKWHª6ROOMDVHKUVFK|QJHZHVHQVHLQ©VDJWHGLHVHU ª*RWW.ULHJKRIIZLVVHQ6LHGHQQVFKRQ"© ª-DPHLQH,GDZDUDXFKGD,GDLVWLPPHUGD6LHNHQQWZHOFKH YRQ V7KHDWHU© ª1DGDVLVWUHFKW©VDJWH7KLOGHª7KHDWHUELOGHW©8QGGDPLW VWLHJHQ0XWWHUXQG7RFKWHUK|KHUGLH7UHSSHKLQDXIZlKUHQGGHU 3RUWLHULQHLQHP$QIDOOYRQ:RKOZROOHQLKQHQQRFKHLQHKDOEH 7UHSSHKLQDXIOHXFKWHWH 2EHQVDJWH7KLOGHª1X0XWWHUZROOHQZLUXQVHLQHQ7HH DXIJLHHQXQGZDUWHQELVHUNRPPW(UZLUGXQVZRKODXFKQRFK VHKQZROOHQXQGK|UHQREZLUXQVDPVLHUWKDEHQ© ª$FK7KLOGHHVZDUMDGRFKVRJUDXOLFK'HUDOWH0DQQ8QGZLH HUDXVVDKZLHHUGDUDXVNDPXQGGHUDQGUHJOHLFKULQ1DGDILHO PLU Q6WHLQYRP+HU]HQ:HQQLFKPLUGHQNHGDVRHLQHUQRFK IUHLUXPOLHIH© ª'DVNDQQHUMDJDUQLFK0XWWHUHVLVWMDVFKRQVRODQJHKHU 8QGGDQQLVHVMDGRFKDXFKEORVRZDV$XVJHGDFKWHV'X GHQNVWLPPHUHVLVWZLUNOLFKVR© ª-D.LQGZDUXPVROOLFKVRZDVQLFKGHQNHQ(VJLEWVRYLHOH VFKOHFKWH0HQVFKHQ© ª-DMDHU]lKOHQXUQLFKGLH*HVFKLFKWHYRQGHP .UVFKQHUPHLVWHULQ7UHSWRZLFKZHLMDGDHUVHLQH)UDX PLW P0DUGHUSHO]HUVWLFNWKDW$EHUHVJLEWDXFKJXWH0HQVFKHQ© ª-DGLHJLEWHVDXFK8QGLFKJODXEHXQVHU-HW]LJHUKLHUGUEHQ LVWHLQJXWHU0HQVFK©

ª-DGDVLVWHLQVHKUJXWHU'DVKHLWZHQQHUVRLVWZLHLFKLKQ PLUGHQNH© ª'XVDJVWMDLPPHUGXELVWVRVLFKHU© ª%LQLFKDXFK%ORPLWXQWHUZLUGHLQHPGRFKVREDQJH$EHUHV JHKWJOHLFKZLHGHUYRUEHU©

6(&+67(6.$3,7(/ 'LH0|KULQJVKDWWHQELV0LWWHUQDFKWJHZDUWHWXQGGHQ7HHVFKRQ ]ZHLPDOZLHGHUDXIJHJRVVHQ$OVDEHUGHU0LHWHUQRFKLPPHU QLFKWGDZDUVDJWHGLH$OWHª7KLOGHZDVVROOHQZLUVRYLHO 3HWUROHXPYHUEUHQQHQQXNRPPWHUQLFKWPHKU8QGZHQQHU NRPPWZLUGHUZRKODXFKQLFKWZROOHQGDZLULKQVRLQVHLQHP =XVWDQGVHKQ(UZLUGZRKOLQ7|SIHUV+RWHO>@VLW]HQLP.HOOHU XQWHQGDVLW]HQVLHLPPHU© 'DQDFKZDUHQVLH]X%HWWJHJDQJHQXQGODJHQDXFKVWLOOXQG VSUDFKHQQLFKW$EHUYRQ6FKODIHQZDUNHLQH5HGH7KLOGH EHVFKlIWLJWHVLFKPLWVHLQHU+DOWXQJZlKUHQGGHVJDQ]HQ$EHQGV XQGGLHVHUQlFKWOLFKHQ.QHLSHUHLGLHJDQ]MHQVHLWVLKUHU %HUHFKQXQJHQODJXQGGLH$OWHZDULPPHUQRFKEHLGHP6WFN (VVFKOXJVFKRQHLQVDOVVLHVLFKDXIULFKWHWHXQGOHLVHVDJWH ª7KLOGHVFKOlIVWGXVFKRQ"© ª1HLQ0XWWHU© ª'DVLVWJXW.LQG0LULVWVRDQJVW2EHVYRQGHP7HHLV"$EHU LFKKDEHVROFK+HU]VFKODJHQXQGVHKHLPPHUGHQDOWHQ0DQQ© ª$FKODGRFKGHQDOWHQ0DQQ0XWWHU'HUVFKOlIWQXQVFKRQ]ZHL 6WXQGHQXQGGXPXWDXFKVFKODIHQ© ª8QGGDVHLQ]LJHLVGDGHU5RWNRSI© ª-DGHUKDWQXVHLQHQ'HQN]HWWHO© ª8QGZDVZRKODXVGHPDUPHQ:XUPGHP)UlXOHLQJHZRUGHQ LVW":LHKLHVLHGRFK"© ª$PDOLH© ª5LFKWLJ$PDOLH-DGLHLVGRFKQXVRJXWZLHHLQH:DLVH'HQQ ZHQQVLHGHQ$OWHQDXFKZLHGHUUDXVJHKROWKDEHQ/DQJHNDQQ HU VGRFKQLFKWPHKUPDFKHQ© >@7|SIHUV+RWHOLQGHU.DUOVWUDH'DV+RWHOYHUIJWHEHUHLQHQ )UKVWFNVNHOOHUGHUYRUDOOHPYRQ.QVWOHUQEHVXFKWZXUGH

ª1HLQGDVNDQQHUQLFKW0XWWHU$EHUMHW]WZHUGHLFKGLUHLQ*ODV :DVVHUKROHQXQGGDQQOHJVWGXGLFKDXIGLHDQGUH6HLWH© ª1DMDLFKZHUGHELVKXQGHUW]lKOHQ© (VZDUGDUDXIJHUHFKQHWGD+XJRVSlWDXIVWHKHQZUGHDEHU GDV*HJHQWHLOJHVFKDKHUNOLQJHOWHIUKHUDOVJHZ|KQOLFKXQG PXWHZRKO]HKQ0LQXWHQDXIVHLQ)UKVWFNZDUWHQ7KLOGH ZROOWHGLHVH9HUVSlWXQJHQWVFKXOGLJHQHUVDJWHDEHUHVKlWWH QLFKWV]XVDJHQHUPVVHVLFKHQWVFKXOGLJHQXPYLHUQDFK +DXVHNRPPHQXQGXPVLHEHQ)UKVWFNGDVVHLEHLQDK XQQDWUOLFK2EHVGHQQKEVFKJHZHVHQVHLGDVKHLWREVLH VLFKDPVLHUWKlWWHQXQGRELKQHQ5\ELQVNLJHIDOOHQKlWWH(U ZROOHDXVJHKQXQGJOHLFKQDFKVHKQREHUJHOREWVHL'DVLH QLFKWJHNODWVFKW KlWWHQVHLVHKUJXWJHZHVHQHVIDOOHDXIXQG VFKDGHEORXQGKHLHGDQQLQGHQ=HLWXQJHQHVVHLDOOHV&ODTXH JHZHVHQhEULJHQVKlWWH5\ELQVNLLKPJHVDJWHUZUGHZLHGHU %LOOHWVVFKLFNHQZHQQHULQHLQHUQHXHQ5ROOHDXIWUlWH'DVVHLLQ GHUQlFKVWHQ:RFKHGDVSLHOHHUGHQ'XQRLV%DVWDUGYRQ )UDQNUHLFKª6LHNHQQHQGLH5ROOH)UlXOHLQ7KLOGH© ª-DGHQ'XQRLVNHQQLFK©VDJWHVLHPLW%HWRQXQJGHV1DPHQV RKQHZHLWUH=XWDWXPLKQDXIGLHVH:HLVHGDV8QSDVVHQGHGHV ª%DVWDUG©IKOHQ]XODVVHQ=XGHP3ODQGHQVLHVLFKDXVJHGDFKW KDWWHJHK|UWHGXUFKDXV7XJHQG6LHKLHOWHVGHVKDOEXPLKUHU 5HSULPDQGH>@QRFKPHKU1DFKGUXFN]XJHEHQDXFKIU DQJH]HLJWGDV*HVSUlFKDE]XEUHFKHQVRVFKZHUHVLKUZXUGH $OVVLHZLHGHUGUEHQLQLKUHP=LPPHUZDUIDQGVLHGLH 5XQWVFKHQYRUGLHQLFKWGXUFKGDV(QWUHHVRQGHUQGXUFKGLH .FKHJHNRPPHQZDU6LHVDKDXVZLHJHZ|KQOLFK.LHSHQKXW XQGHLQHVFKZDU]H.ODSSHEHUGHPOLQNHQ$XJH ª$KJXWHQ7DJ)UDX5XQWVFKHQ1DGDVLVWJXWGD6LHGDVLQG +DW,KQHQ0XWWHU VFKRQJHVDJW"©

>@5HSULPDQGH7DGHO=XUHFKWZHLVXQJ

ª-D7KLOGHFKHQ0XWWHUKDWPLUVFKRQJHVDJWGDZLHGHUHLQ+HUU GDLVWXQGGDLFKUHLQPDFKHQXQGHLQKROHQVROO$EHUZDQQPX HVGHQQVHLQ"9RQVLHEHQELVDFKWELQLFKGUEHQEHL+DXSWPDQQ 3HWHUPDQQXQGYRQDFKWELVQHXQEHL.XOLFNHVXQWHQ© ª'DVSDWVHKUJXW1HXQELV]HKQLVWGLHEHVWH=HLWRGHUQRFK HLQELFKHQVSlWHU8PGLH=HLWLVWHULPPHUZHJ8QG6LHN|QQHQ VLFK VGDQQHLQULFKWHQZLH6LHZROOHQXQG6LHZLVVHQMDDXFK %HVFKHLGZRDOOHVVWHKW$EHUPLWXQWHULVWHUDXFKQRFKGDXQG VLHKWVRDXV P)HQVWHUMD)UDX5XQWVFKHQGDQQPVVHQ6LHVLFK VR QELFKHQ]XUHFKWPDFKHQ© ª=XUHFKWPDFKHQ"© ª-D)UDX5XQWVFKHQ,FKPHLQHQDWUOLFKQXUHLQELFKHQ6LH N|QQHQQLFKWNRPPHQZLH QH3ULQ]HVVLQ6RYLHOZLUIWHVQLFKW DE© ª1HQHVRYLHOZLUIWHVQLFKWDE© ª$EHUGRFKVRGDV1|WLJVWH(LQHZHLH6FKU]H8QGGDQQGD 6LHGHQ.LHSHQKXWDEQHKPHQ:HQQHUQLFKWGDLVWGDQQLVWGHU .LHSHQKXWJDQ]JXWXQGPDQVLHKWQLFKWDOOHV$EHUZHQQHUGD LVWLVGRFK QH+DXEHEHVVHU© ª-D)UlXOHLQFKHQZDVKHLW+DXEH"© ª1DWUOLFKVROOHQ6LHVLFKNHLQHPLWEULQJHQ$EHUDQXQVHUP 6WlQGHUGDILQGHQ6LHDOOHPDOHLQH© ª1DZHQQ VHUODXEWLVWGHQQQHKPLFKVLHPLUVRODQJH© ª-D)UDX5XQWVFKHQXQGGDQQQRFKHLQVGLHVFKZDU]H.ODSSHGD GUIHQ6LHQLFKOlQJHUDOVDFKW7DJHWUDJHQLFKZHUGHMHGHQ 6RQQDEHQGHLQHQHXHDQVFKDIIHQ,KU6FKDGHQVROOHVQLFKWVHLQ©

6,(%(17(6.$3,7(/ 'LHª-XQJIUDX©NDP]XU$XIIKUXQJPLW5\ELQVNLDOV'XQRLV DEHUZHGHUGLH0|KULQJVQRFKLKU0LHWHU+XJR*URPDQQ ZRKQWHQGHU$XIIKUXQJEHLGDGLHVHUOHW]WUHNUDQNJHZRUGHQ ZDU(UILHEHUWH]LHPOLFKVWDUNXQGEDWQDFKHLQHP$U]W]X VFKLFNHQGLHVHUNDPXQGZDUPHKUHUH7DJHODQJLPXQVLFKHUQ ELVHVVLFKHLQHV0RUJHQVKHUDXVVWHOOWHZDVHVZDU(UJLQJPLW ]X0|KULQJVKLQEHUXQGVDJWHª(VVLQGGLH0DVHUQQLFKWV %HVRQGUHVXQGQLFKWV*HIlKUOLFKHV$EHU9RUVLFKWOLHEH)UDX 0|KULQJVRQVWKDEHQZLUHLQHQ7RWHQZLUZLVVHQQLFKWZLH© ª*RWW+HUU'RNWRUHULVMDHUVWVHFKV:RFKHQEHLXQVXQGGHQQ VRZDV8QGZHQQGLH/HXWHGDVK|UHQGDZLOOMDGHQQNHLQHU HLQ]LHKQXQGYHUWXVFKHOQJHKWDXFKQLFKHVVLQGLPPHUVRYLHOH VFKOHFKWH0HQVFKHQXQG6FKXOW]HQVZLUGHVDXFKQLFKWUHFKW VHLQ© ª:RKOP|JOLFK$EHUGDVKLOIWQLFKWYRUDOOHPQLFKWJOHLFKVR lQJVWOLFKQRFKOHEWHUXQGZLUGDXFKZRKOZHLWHUOHEHQ,FKKDEH 6LHQXUZDUQHQZROOHQGD6LHDXISDVVHQXQGLPPHUQDVVH /DSSHQEHUGHQ%HWWVFKLUPKlQJHQ0LWGHP%D]LOOXVLVQLFKW]X VSDHQ8QGYRUDOOHPNHLQ=XJ=XJLVWGDVVFKOLPPVWHGDWULWW DOOHV]XUFNXQGZLUIWVLFKDXIGLHHGOHUHQ7HLOH© ª*RWWLVHVP|JOLFK© ª8QGGDQQKDEHQZLUFDVXVPRUWLV>@© 0DWKLOGHZDUGDEHLQLFKW]XJHJHQ$OVVLHYRQHLQHP*DQJLQGLH 6WDGWQDFK+DXVHNDPXQGK|UWHZDVGHU$U]W JHVDJWVDJWHVLH ª0XWWHUGXNDQQVWGRFKDXFKJDUQLFKWVYHUWUDJHQ0DVHUQ*DU QLFKWV0DVHUQVLQG0DVHUQ-HGHVNOHLQH:XUPKDWVLHVLHVROOHQ VRJDUJHVXQGVHLQHVNRPPWDOOHVUDXVXQGGDVLVLPPHUGLH +DXSWVDFKH1DWUOLFKPVVHQZLUDXISDVVHQXQG DXFKVRUJHQ GDHUGLH5XQWVFKHQQLFK]XVHKQNULHJWHULVWVRHPSILQGOLFKLQ PDQFKHPXQGKDWPLUPDOJHVDJWHUJUDXOHVLFKYRUGHU 5XQWVFKHQ© >@FDVXVPRUWLV7RGHVIDOO

ª$FKGDVKDWHUEORVRJHVDJW© ª1HLQJDQ]LP(UQVW0XWWHU6ROFKH GLHLPPHU6WFNHOHVHQXQG LQV7KHDWHUJHKQGLHVLQGVR8QGGDVVFKZDU]H3IODVWHUHVLVW DXFK]XP*UDXOHQ© ª$FK7KLOGHZDVXQVHUHLQHUDXFKDOOHVHUOHEHQPX8QGGDV QHQQHQVLHGDQQ)JXQJHQXQGPDQVROOVLFKDXFKQRFK EHGDQNHQ© ª5HGHQLFKWVR0XWWHUGDVEULQJW8QJOFNGHQNHDQ+LREEHQ>@ 8QG)JXQJHQ1DWUOLFKVLQGHV)JXQJHQXQGGLH/HXWHKDEHQ DXFKJDQ]UHFKWZHQQVLHYRQ%HGDQNHQUHGHQ:HQLJVWHQVZLU 'HQQGDVNDQQLFKGLUVDJHQIUXQVLVHVHLQHVHKUJXWH)JXQJ XQGZHQQLFKPLUZDVKlWWHGHQNHQVROOHQDXIVRZDV*XWHVZLH GLHVH0DVHUQZlUHLFKJDUQLFKJHNRPPHQ© ª0HLQVWGX"© ª)UHLOLFKPHLQLFK© ª$EHUZLHGHQQ7KLOGH"© ª'DVHU]lKOLFKGLUHLQDQGHUPDOZHQQ VGDLVW:HQQPDQGUEHU UHGWGDQQEHUXIWPDQ V© ª$FK7KLOGHGXUHFKQHVWLPPHUDOOHVDXVDEHUGXNDQQVWDXFK IDOVFKUHFKQHQ© ª.DQQLFK$EHUGXVROOVWVHKQLFKUHFKQHULFKWLJ©

+XJR*URPDQQEHUVWDQGVHLQH0DVHUQXQGZDULP $EVFKOEHUXQJV]XVWDQGDOVGHU'RNWRUVDJWHª-DOLHEH)UDX 0|KULQJGHQKDEHQZLUQXPDOZLHGHUUDXV'DVKHLWDXV P *U|EVWHQ$Q*HVXQGKHLWLVWQRFKQLFK]XGHQNHQXQGGLH 9RUVLFKWPXYHUGRSSHOWZHUGHQGHUNOHLQVWH)HKOHUXQGHVZLUIW >@GHQNHDQ+LREEHQVRYLHOZLH.ODJHQLFKWKDE*HGXOGZLHGLH DOWWHVWDPHQWDULVFKH*HVWDOW+LREGLH*RWWPLWVFKZHUHP/HLGKHLPVXFKW XPLKU9HUWUDXHQDXIGLHJ|WWOLFKH*HUHFKWLJNHLW]XSUIHQ

VLFKDXIGLH2KUHQRGHUZHQQHU]XIUK/LFKWNULHJWDXIGLH $XJHQXQGGDQQLVHUEOLQG$QGUHUVHLWVKlWWLFK VJHUQHUN|QQWH KLHUUDXVGLHQDVVHQ/DSSHQVLQGJXWDEHULPPHUQDVVH/DSSHQ JHKWDXFKQLFKW.|QQWHQ6LHLKQQLFKWXPEHWWHQLFKPHLQH XPORJLHUHQYLHOOHLFKWQHEHQ>DQ@LQGDV(QWUHH6LHPVVHQGDQQ IUHLOLFK]XVFKOLHHQXQGDOOHQ9HUNHKUPLWGHU:HOWDEVFKOLHHQ XQGZHU]X,KQHQZLOOPXGXUFKGLH.FKH.UDQNKHLW HQWVFKXOGLJWDOOHVhEHUOHJHQ6LH VPLW)UlXOHLQ0DWKLOGHGLHLVW ILQGLJGLHZLUGVFKRQ5DWVFKDIIHQ© 8QGGDPLWJLQJHU 0DWKLOGHUHFKWIHUWLJWHQDWUOLFKGDVJXWH9HUWUDXQGDVGHU'RNWRU ]XLKUKDWWHXQGVDJWHª'RNWRU%LUQEDXPKDWJDQ]UHFKW(U PXUDXV,FKNDQQGLH/DSSHQVFKRQJDUQLFKPHKUULHFKHQ$EHU GDVPLWGHP(QWUHHGDVJHKWQLFK(QWUHH'DVVLHKWVR ZHJJHVHW]WDXVVRQLFKKXQGQLFKKRWWHULVWGRFKHLQ VWXGLHUWHU0DQQXQGHLQ%XUJHPHLVWHUVVRKQXQGGLH0DVHUQKDW HUEHLXQVJHNULHJW(UPXLQXQVUH6WXEH© ª-D7KLOGHGDVJHKWGRFKQLFK:LUKDEHQMDGRFKEORGLHHLQH 8QGGDQQHLQ%HWWXQGHLQIUHPGHU0DQQGULQHVJHKWGRFK QLFK© ª(VJHKWDOOHV$EHUGDVPLWGHP%HWWLVJDUQLFKQ|WLJ'DV%HWW EOHLEWVWHKQZR VVWHKWXQGDEHQGVEULQJHQZLULKQUEHUXQG SDFNHQLKQHLQXQGVHLQH5HLVHGHFNHGUEHUGDHUVLFKQLFK EORZLUIW© ª8QGEHL7DJH© ª%HL7DJHLVHUEHLXQVGUEHQ(UZLUGQLFKWVWXQZDVXQV JHQLHUHQNDQQXQGLFKNDQQLPPHUUDXVJHKQ'XIUHLOLFKGXELVW HLQHDOWH)UDXXQGHUN|QQWHGHLQ6RKQVHLQXQGDQGLFKPXHU VLFKZHQGHQ$EHUHUZLUGQLFKHULVYLHO]XDQVWlQGLJHUVFKDGHW VLFKOLHEHU8QGGDKDEHQZLULKQGHQQVRODQJHGLH 5HNRQYDOHV]HQ]GDXHUWLPPHUGUEHQXQGPVVHQGLH5RXOHDX[ KDOEUXQWHUODVVHQGDHUNHLQ/LFKWNULHJWXQGPVVHQLKPZDV YRUOHVHQXQGPVVHQLKPZDVHU]lKOHQ$EHUHU]lKOHQLFK]XYLHO YRQ9DWHUQGXJHKVWLPPHUVRLQVHLQ]HOQHXQGVRZDV ,QWHUHVVDQWHVZDU9DWHUQLFK©

ª$EHUHUZDUHLQVHKUJXWHU 0DQQ© ª-DGDVZDUHU© ª(LQVHKUJXWHU0DQQ8QGGDQQ7KLOGHZDVLFKVDJHQZROOWH ZLHGHQNVWGXGLUGDVHLJHQWOLFKPLWLKP6HLQ%HWWEOHLEWGUEHQ XQGDXIHLQHQ6WXKON|QQHQZLULKQGRFKQLFKVHW]HQVRODQJH NDQQHUVLFKGRFKQLFKWJHUDGHKDOWHQHULVMDQRFKNUDQNXQG VFKZDFK© ª1HLQGDVNDQQHUQLFK8QGGDVLHKVWGXQXZLHGHUZLHJXWHV LVWGDZLUGLH&KDLVHORQJXHKDEHQ,FKZXWHGDVLFKGDV YHUORKQHQZUGH© ª-DILQGVWGXGDGDVJHKW"(VLVWGRFKVR]XVDJHQXQVHU 3UDFKWVWFNGHU6WHKVSLHJHOKDWGHQ5LXQGVLHKWQLFKUHFKW QDFKZDVDXV$EHUGLH&KDLVHORQJXH'XPXWGRFKQLFK YHUJHVVHQYLHU]HKQ7DJHRGHUYLHU:RFKHQGDXHUWHVXQGGDQQ LVHVKLQ(UZLUG.XWHQHLQOLHJHQXQGDOOHVHLQGUFNHQGHQQ .UDQNHVLQGVRXQUXKLJXQG OLHJHQPDOKLHUXQGPDOGD© ª'DVLVWMDJUDGHGDV*XWH'DYHUWHLOWHVVLFKDXIV*DQ]HXQG YRQ.XWHQ(LQOLHJHQLVNHLQH5HGH8QGZHQQDXFK0XWWHU:HU ZDVZLOOGHUPXDXFKZDVHLQVHW]HQ(UVLHKWGDQQGDZLULKP XQVHU%HVWHVJHEHQXQGZLHLFKLKQNHQQHZLUGLKQGDVUKUHQ GHQQHUKDWZDV(GOHVGDVKHLWVRDXIVHLQH$UW=XYLHOGDUIPDQ YRQLKPQLFKYHUODQJHQ©

*OHLFKDP7DJHZRGLHV*HVSUlFKJHIKUWZXUGHZXUGH+XJR *URPDQQLQGLH0|KULQJVFKHJXWH6WXEHKHUEHUJHQRPPHQXQG DXIGHU&KDLVHORQJXHLQVWDOOLHUW(UQDKPVLFKGDJDQ]JXWDXV (LQNOHLQHV7LVFKFKHQVWDQGQHEHQLKPPLWHLQHP+HOLRWURS GDUDXI(UURFKDEHU]XVWDUNXQGZXUGHGXUFKZHLH$VWHUQ HUVHW]W$XIHLQHPJUQHQ:HLQEODWWHOOHUODJHQ]ZHL$SIHOVLQHQ 'DQHEHQHLQH.OLQJHOEORDOV3XW]VWFNGHQQ0XWWHUXQG 7RFKWHUZDUHQLPPHUGDXQGEUDXFKWHQQLFKWHUVW]LWLHUW]X ZHUGHQ

'HU$U]WZDUPLWGLHVHU8PORJLHUXQJVHKU]XIULHGHQXQGVDJWH DOVHUPLW+XJRDOOHLQZDUDOOHUOHL9HUELQGOLFKHVEHUVRªJXWH 0HQVFKHQ©LQGHUHQJDQ]HP9HUKDOWHQVLFKGLHHLQ]LJZDKUH %LOGXQJDXVVSUlFKHGLH+HU]HQVELOGXQJ)UlXOHLQ0DWKLOGHVHL EULJHQVEHUKDXSWJHELOGHWXQGZHQQPDQLKUHQ.RSI|IWHU JHVHKQXQGVLFKVRPHKUKLQHLQJHOHEWKDEHIDVWHLQH6FK|QKHLW 'UDXHQLP(QWUHHVWDQGHQ0XWWHUXQG7RFKWHUXQGVWHOOWHQ DOOHUOHL)UDJHQZDVZRKOIUGHQ.UDQNHQHUODXEWVHLXQGZDV QLFKWª,PPHULQ'lPPHU©VDJWHGHU'RNWRUªDPEHVWHQLVWHV ZHQQHUDXFKLQHLQHPJHLVWLJHQ'lPPHUEOHLEW© ª$EHUZLUGUIHQGRFKPLWLKPUHGHQ"© ª*HZLOLHEH)UDX 0|KULQJDOOHVZDV6LHZROOHQ%ORQLFKWV $XIUHJHQGHV© ª2KGXPHLQ*RWWZLHZHUGLFKGHQQZDV$XIUHJHQGHV© ª8QG9RUOHVHQLVWYLHOOHLFKWDXFKHUODXEW"©XQWHUEUDFK7KLOGHGLH VDKGDVLFKGLH$OWHQRFKZHLWHUEHUGDVª$XIUHJHQGH© YHUEUHLWHQZROOWH ª-D9RUOHVHQJHKWDEHUQLFKWYLHOXQGQLFKWV6FKZHUHV© $OVVLHZLHGHUEHL+XJRHLQWUDWHQHU]lKOWHLKP7KLOGHZDVGHU 'RNWRUDOOHVHUODXEWKDEHQXULPPHUDEHQGVHLQJUQHU /LFKWVFKLUPHLQHJUQH/DPSHQJORFNHVHLQLFKWJHQXJXQGZHQQ HU/XVWKlWWHVRGUIWHLKPDXFKZDVYRUJHOHVHQZHUGHQGUHL YLHUPDOGHV7DJHVDEHUQLHOlQJHUDOVHLQHKDOEH6WXQGH +XJRQLFNWHVHKUHUIUHXWGHQQVHLQ.UDQNVHLQILQJLKPDQ ODQJZHLOLJ]XZHUGHQXQGDOV7KLOGHIUDJWHªZDVHUGHQQZRKO ZQVFKH"%FKHUVHLHQ MDGDGLH+OOHXQG)OOH©GDVDJWHHU -DGLH*HVFKLFKWHYRQ=RODZRGDV3DUDGLHVGULQYRUNlPHGLH P|FKWHHUZRKOK|UHQHUVHLJUDGHELVGDKLQJHNRPPHQZRGDV 3DUDGLHVEHVFKULHEHQZUGH)UHLOLFKHVNlPHVRPDQFKHVGDULQ YRUXQGHUZLVVHQLFKWREHUDQ)UlXOHLQ7KLOGHGDV$QVLQQHQ VWHOOHQGUIH 7KLOGHPHUNWHJOHLFKGDHUGLHVLQ(ULQQHUXQJDQGDVNXU]H -XQJIUDXYRQ2UOHDQV XQG'XQRLV*HVSUlFKVDJWHGDULQVLHGHQ

ª%DVWDUG©EULJHQVVHKUWDNWYROODEJHOHKQWKDWWHXQGZHQQVLH GDPDOVJHJODXEWKDWWHVLFKGHQVLWWOLFKHQ6WDQGSXQNWVLFKHUQ]X PVVHQVRKDWWHVLHMHW]WGDV*HIKOGDPDQGHQ%RJHQGHU 6LWWOLFKNHLWXQGGHQ(LQGUXFNGHV(QJHQXQG.OHLQOLFKHQZDV LPPHUHQJXQGNOHLQOLFKXQGVSLHEUJHUOLFKZLUNWHQLFKW EHUVSDQQHQGUIH6LHVDJWHGHQQDOVRZlKUHQGVLHVLFKDQGDV )XHQGHGHU&KDLVHORQJXHVWHOOWHXQGPLWHLQHPJHZLVVHQ VLWWOLFKHQ(UQVW]XLKPKLQEHUVDKLQGHU6FKLOGHUXQJGHV 3DUDGLHVHVZHQQDXFKHLQ6QGHQIDOOGDULQYRUNlPHGHUMDIDVW GD]XJHK|UHVlKHVLHNHLQ+LQGHUQLV$XIHLQHPVRQLHGULJHQ 6WDQGSXQNWHVWQGHVLHQLFKW(LQ0lGFKHQPVVHIUHLOLFKDXIVLFK KDOWHQLP/HEHQXQGLP*HVSUlFKXQGLQ7KHDWHUVWFNHQXQG GUIHQLFKWDOOHVVHKQXQGK|UHQZROOHQGHQQJUDGHGLH1HXJLHU VHLMDGHU9HUVXFKHUJHZHVHQDEHUHLQ0lGFKHQPVVHVLFKDXFK YRU3UGHULH]XEHZDKUHQZLVVHQZHQQLKULKU*HIKOVDJHVHOEVW GDV6WlUNVWHVWHKHKLHUXPHLQHUJURHQ6DFKHZLOOHQ8QGGDV VHLQLFKWEORLQ7KHDWHUVWFNHQXQG5RPDQHQVRGDVVHLDXFK VFKRQVREHLP/HUQHQXQGLP.RQILUPDQGHQXQWHUULFKW6LHKDEH IUKHUEHL3DVWRU0HVVHUVFKPLGWDXVGHU%LEHOYRUOHVHQPVVHQ 'DZlUHQPLWXQWHUIXUFKWEDUH:RUWHJHNRPPHQXQGVLHGHQNH QRFKPLWXQWHUPLW6FKUHFNHQGDUDQ]XUFN$EHULPPHUZHQQVLH JHPHUNWKlWWHªMHW]WNRPPWHV©GDQQKDEHVLHVLFK ]XVDPPHQJHQRPPHQXQGGLH:RUWHJDQ]NODUXQGGHXWOLFKPLW DOOHU%HWRQXQJDXVJHVSURFKHQ:LH/XWKHU +XJRQLFNWHQXUXQGIDQGEHVWlWLJWZDV'RNWRU%ROOHHEHQEHU 7KLOGHJHVDJWKDWWH:LHULFKWLJZLHJHELOGHWZDUGDVDOOHVXQGHU IUHXWHVLFKEHULKUHWDSIHUHQXQGDXIJHNOlUWHQ$QVLFKWHQª(VLVW HLQPHUNZUGLJHV0lGFKHQ©VRJLQJHQVHLQH%HWUDFKWXQJHQ ªQLFKWHLJHQWOLFKVFK|QZHQQPDQVLHQLFKW]XIlOOLJLP3URILO VLHKWDEHUNOXJXQGWDSIHULFKP|FKWHVDJHQHLQHFKWHV GHXWVFKHV0lGFKHQFKDUDNWHUYROOHLQ:HVHQGDVMHGHQJOFNOLFK PDFKHQPXXQGYRQHLQHUJURHQ,QQHUOLFKNHLWJHLVWLJXQG PRUDOLVFK(LQ-XZHO©

$&+7(6.$3,7(/ ,QGLHVHU5LFKWXQJJLQJHQYRQ6WXQGDQ+XJRV*HGDQNHQXQGDOV HUHLQH:RFKHYRU:HLKQDFKWHQZLHGHULQVHLQHLJQHV=LPPHU KLQEHUTXDUWLHUWZXUGHZDVGHUDOWHQ0|KULQJGLHQLFKWEHUGHQ 7DJKLQDXV]XUHFKQHQYHUVWDQGHLQHJHZLVVH*HQXJWXXQJ YHUXUVDFKWHVWDQGHVEHL+XJRIHVWGD7KLOGHGLH)UDXVHLGLH IULKQSDVVH6RJHZLHUVLFKIUHLQHQlVWKHWLVFKIKOHQGHQXQG PLWHLQHUODWHQWHQ'LFKWHUNUDIWDXVJHUVWHWHQ0HQVFKHQKLHOWVR ZDUHULP/HEHQVHOEVWGRFKYRQJURHU%HVFKHLGHQKHLWEHLQDK GHPWLJXQGKDWWHNHLQUHFKWHV9HUWUDXHQ]XVHLQHP:LVVHQXQG .|QQHQª,FKELQHLQXQQW]HU%URWHVVHU©KDWWHHU]X5\ELQVNL JHVDJWGHULKQODFKHQGPLWGHU9HUVLFKHUXQJJHWU|VWHWKDIWH ªGDQQJHUDGHVFKPHFNWHVDPEHVWHQ©ZDV+XJRPLWHLQHU JHZLVVHQ:HKPXWDN]HSWLHUWKDWWH6HLQH%HXUWHLOXQJVHLQHU VHOEVWZDUULFKWLJXQGZHLOVLHULFKWLJZDUZDUDXFKGDVULFKWLJ GD7KLOGHIULKQSDVVH6LHKDWWHJUDGHGDVZDVLKPIHKOWHZDU TXLFNILQGLJSUDNWLVFK(UZROOWHVLFKQRFKYRU:HLKQDFKWHQLKUHV -DZRUWVYHUVLFKHUQ'DLKPGLHV-DQLFKWYHUVDJWZHUGHQZUGH GDYRQKLHOWHUVLFKEHU]HXJWGHQQVFKOLHOLFKZDUHUGRFKLPPHU HLQ%XUJHPHLVWHUVVRKQPLW9ROOEDUWZlKUHQG7KLOGHVRYLHOVDKHU ZRKODXI*HEXUWVVWRO]YHU]LFKWHQPXWH ª)UlXOHLQ7KLOGH©VDJWHHUDOVVLHJOHLFKDPHUVWHQ$EHQGVHLQHU :LHGHUXPTXDUWLHUXQJLKPGHQ7HHEUDFKWHPLWJHVFKQLWWHQHP 6FKLQNHQª)UlXOHLQ7KLOGH6LHVLQGVLFKLPPHUJOHLFKLQ,KUHU *WHJHJHQPLFKXQGZHLO6LHJODXEHQHVZUGHPLUDOOHVQRFK VFKZHUVRKDEHQ6LHDXFKGHQ6FKLQNHQVFKRQJHVFKQLWWHQ6LH KDEHQPLFKJHSIOHJWXQGYHUZ|KQWXQGKDEHQPLUDOOGLH:RFKHQ EHUHUVWJH]HLJWZLHJOFNOLFKPDQLP/HEHQVHLQNDQQ(LQH OLHEHYROOH+DQGLVWGDVZDVPDQLP/HEHQDPPHLVWHQEUDXFKW $EHUVHW]HQ6LHGDV7HH]HXJHUVWKLQ8QGQXQJHEHQ6LHPLU ,KUHOLHEHNOHLQH+DQGGHQQHVLVWHLQHNOHLQH+DQGXQGWUHWHQ 6LHPLWPLUDQV)HQVWHUXQGVHKHQ6LHPLWPLUDXIGDV%LOGGD GDV*HZ|ONGDVDP0RQGHYRUEHU]LHKWXQGVLFKZLHGHUDXIKHOOW LP9RUEHU]LHKQ(VOLHHVLFKYLHOOHLFKWDXVGHXWHQDEHUDXFK RKQHGDVLFKIUDJH6LHRELFK,KUHNOHLQH+DQGGHQQHVLVWHLQH NOHLQH+DQGDXFKQRFKZHLWHUKDOWHQGDUIODQJHQRFKHLQ/HEHQ ODQJ©

6LHJDEQLFKWXQPLWWHOEDU$QWZRUWXQGEHVFKlIWLJWHVLFKYLHOPHKU GDPLWGDV5RXOHDXKHUXQWHU]XODVVHQ'DQQQDKPVLHVHLQHQ$UP IKUWHLKQYRP)HQVWHUKHUELVDQGDVKRFKOHKQLJH6RID]XUFN XQGVDJWHZlKUHQGVLHVLFKPLWDXIJHVWHPPWHQ+lQGHQXQGGDV 7HH]HXJ]ZLVFKHQLKQHQDXIGLHDQGUH6HLWHGHV7LVFKHVVWHOOWH ª6LHVLQGQRFKVRDQJHJULIIHQ,FKK|UHHVDQ,KUHU6WLPPHGDULQ QRFKGLH.UDQNKHLW]LWWHUWXQGGD6LHJHUDGHGHQ0RQGLQXQVHU *HVSUlFKJH]RJHQKDEHQ$FK+HUU*URPDQQGHU0RQGLVW QLFKWVIU6LH6LHEUDXFKHQ6RQQH'DVJLEWPHKU.UDIW© ª'DVPDJVFKRQVHLQ$EHUGDVLVWNHLQH$QWZRUW)UlXOHLQ7KLOGH 6LHVROOHQPLUMDRGHUQHLQVDJHQ© ª1XQGHQQMDWURW]GHPHVQRFKODQJHGDXHUQZLUGHLQHODQJH 9HUOREXQJ© ª$XIGHPDOWHQ:HJHMD$EHUHVJLEWDXFKQHXH:HJH© ª5\ELQVNL:HJH"© +XJRVFKZLHJZHLOVLHVHLQH*HGDQNHQHUUDWHQKDWWHª1HLQ +XJRQLFKWVGDYRQ'DQQQHKPHLFKPHLQ-D]XUFN,FKZLOO QLFKWLQGHU:HOWKHUXP]LHKQXQGGLUGLH.|QLJVPlQWHODQ]LHKQ ,FKELQIUV(UQVWHIUKHUJHEUDFKWH)RUPHQXQGDXFKIU 5HOLJLRQ8QGZHQQHVQRFKGD]XNRPPWVRNRPPPLUQLFKWPLW 6WDQGHVDPW$OOHVPHLQLFKPXVHLQHQ6FKLFNKDEHQ,FK UHFKQHGDUDXIGDGXPLUGXUFK$UEHLWGHQ%HZHLVGHLQHU/LHEH JLEVW(UVWGDV([DPHQ'DVDQGUHILQGHWVLFK'DZLOOLFKVFKRQ VRUJHQ$EHUQXNRPPGDZLU V0XWWHUQVDJHQ2GHUQHLQ KHXWHOLHEHUQLFKWGXELVWQRFKQLFKWIHVWDXIGHQ)HQ,FKZHUG HVLKUVHOEHUVDJHQKHXWDEHQGLP%HWW8QGPRUJHQIUK NRPPVWGXGDQQ2E VLHVLFKIUHXWZHLLFKQLFKW$EHUMDZLUG VLHVFKRQVDJHQ© 6LHVWHOOWHGLHNOHLQH7HHNDQQHYRULKQKLQXQGZDVVRQVWQRFKDXI GHP7HHEUHWWVWDQG$OVVLHDOOHVJHRUGQHWXQGGLH'HFNH JUDGHJH]XSIWKDWWHQDKPVLHGDV7DEOHWWXQWHUGHQOLQNHQ$UP XQGJDELKPHLQHQ.XDXIGLH6WLUQ (UZROOWHVLHYLHOOHLFKWLQXQNODUHU9RUVWHOOXQJYRQ %UlXWLJDPVUHFKWXQGSIOLFKWIHVWKDOWHQXQGHLQHQ6WXUPDXILKUH VFKPDOHQ/LSSHQYHUVXFKHQ

$EHUVLHHQWZDQGVLFKLKP$QGHU7UOHJWHVLHGHQ=HLJHILQJHU DQGLH/LSSHQXQGJUWH]XUFN ª$OOHVDQLKULVWVRPlGFKHQKDIW©VDJWH+XJR

'DVJHSODQWH%HWWJHVSUlFKKDWWHVWDWWJHIXQGHQXQGZDUXQWHU 9HUPHLGXQJDOOHU8PVFKZHLIHPLWGHP6DW]HEHJRQQHQZRUGHQ ª0XWWHUZHLWGXZDV"© ª1XZDVGHQQ7KLOGH"© ª,FKKDEHPLFK PLWLKPYHUOREW© 'LH$OWHULFKWHWHVLFKDXIZLHHLQ*HVSHQVWVDK7KLOGHQDQXQG VDJWHGDQQª2*RWWZDVVROOQXDXVPLUZHUGHQ"© ª*DUQLFKWV0XWWHU'XEOHLEVWZDVGXELVWXQGHLQ(VVHULVW ZHQLJHU8QGZHQQGXZDVEUDXFKVWGDQQVFKLFNLFKHVGLU© ª-DNDQQHUGHQQ"+DWHUGHQQZDV"© ª1RFKQLFK0XWWHU$EHUZHQQLFKLKQEORHUVWKDEHGDVKHLW ULFKWLJYHUOREWYRU*RWWXQG0HQVFKHQGDZLUGHVVFKRQZHUGHQ (UVLHKWMDGRFKDXVZLHDXIGHU.DQ]HOXQGVRHLQHUNRPPW LPPHUDQ,FKZHUGLKQVFKRQDQEULQJHQ© ª8QGZLUNOLFKYHUOREW"8QGQLFKEORVRJHVDJW"XQGQDFKKHUVLW]W GXGDZLHVRJDQ]JDQ]DUPHXQGXQJOFNOLFKH0lGFKHQ GDVLW]HQ© ª,FKZHLQLFKWZDVGDVLPPHUVROO0XWWHU9DWHUKDWJHVDJW ª7KLOGHKDOWHGLFKSURSSHU©8QGKDELFKQLFK"8QGQXNRPPVW GXLPPHUPLWVROFKHQ*HVFKLFKWHQVRKLQWHQUXPGDPDQQLFKW UHFKWVDJHQNDQQZDVGXPHLQVW$EHULFKZHLHVVFKRQ8QGLFK VDJHGLULFKELQQLFKVRGXPP(UZROOWHPLUHLQHQ.XJHEHQ XQGZDUVRVWUPLVFKZHLOHUQRFKNUDQNLVW$EHULFKKDEHLKQLQ VHLQH6FKUDQNHQ]XUFNJHZLHVHQ© ª'DVLVWUHFKW7KLOGHFKHQ8QGZDQQGHQNVWGXGHQQGDHVLQV %ODWWNRPPW"2GHUVROOHVJDQ]VWLOOXQGYHUERUJHQVHLQ"(VLVW

GRFKLPPHUEHVVHUDQGUHZLVVHQHVDXFKGDQQJHQLHUWHUVLFK PHKUZHQQHUVLFKYLHOOHLFKWDQGHUVEHVLQQW© ª$FKDQGHUVEHVLQQW(UGDUIVLFKQLFKWDQGHUVEHVLQQHQXQGHU ZLUGDXFKQLFKWXQGHUZLOODXFKQLFKW(UZLUGQXPRUJHQIUK EHLGLUDQIUDJHQXQGGDPXWGXZDV*XWHVVDJHQXQGQLFKVR NOHLQXQGlQJVWOLFK8QGHUPXVHKQGDZLUQLFKWDXILKQ JHZDUWHWKDEHQ© ª-DGDKDVWGXUHFKWDEHUZDVVROOLFKVDJHQ"'XPXWPLUZDV ]XUHFKWPDFKHQZDVSDW© ª'DVJHKWQLFKW0XWWHU'DQQYHUVFKQDSSVWGXGLFKXQGVDJVWHV DQGHUXQUHFKWHQ6WHOOH© ª-DGDVLVP|JOLFK1DGHQQZHUGLFKEORVDJHQ¾*RWWVHLPLW HXFK½© ª'DVLVWJXW$EHUGXGDUIVWLKQQLFKJOHLFK¾GX½QHQQHQ¾'X½ NRPPWHUVWZHQQHVGULQJHVWDQGHQKDWXQGZLUULFKWLJH 9HUOREXQJJHIHLHUWKDEHQ,FKGHQNHVR+HLOLJDEHQG8QWHUP &KULVWEDXPGDVKDELFKPLULPPHUJHZQVFKW'DVKDWGDQQVR VHLQHQ6FKLFNXQGDXFKVR QELFKHQZLHNLUFKOLFKH+DQGOXQJ 8QGLVVFKRQVR Q9RUVFKPDFN'DVKHLWLFKPHLQHYRQGHU 7UDXXQJ'HQQEHLGLUPXPDQVLFKLPPHUYRUVLFKWLJ DXVGUFNHQ'XGHQNVWJOHLFK©

$PQl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

:HWWHUWUXJLQHLQHPEHOHLGLJHQGHQ*HJHQVDW]H]XGHUZHLHQ 6FKU]HVWDQGHQ $OOGDVHQWJLQJ7KLOGHQQLFKWDEHUVLHKDWWHQLFKW=HLWVLFKPLW GLHVHQYHUKlOWQLVPlLJJHULQJIJLJHQ'LQJHQ]XEHVFKlIWLJHQGD GLHKHUDQUFNHQGH9HUOREXQJXQWHUP&KULVWEDXPHVZDUHQQXU QRFKYLHU7DJHVLHJDQ]LQ$QVSUXFKQDKP(LQHNOHLQH *HVHOOVFKDIWVROOWHJHJHEHQZHUGHQDEHUZLHVLHNRPSRQLHUHQ" (LQHQ$XJHQEOLFNZDUDQ6FKXOW]HQVXQGDXFKDQ)UDX/HXWQDQW 3HWHUPDQQJHGDFKWZRUGHQGHUHQ0DQQVFKRQLP EDGLVFKHQ$XIVWDQG>@JHIDOOHQZDUDEHU7KLOGH OLHEHLGH3OlQH ZLHGHUIDOOHQ6FKXOW]HQVZDUHQ]XUHLFKXQGNRQQWHQGHQNHQ PDQZROOHZDVYRQLKQHQRGHUZROOHVLFKPLWLKQHQZLFKWLJWXQ 8QGVRVWDQGHVGRFKQRFKODQJHQLFKW6LHGLH5lWLQKDWWHNHLQH $KQXQJYRP([SRUWJHVFKlIWVLHJLQJ]X0DQQKHLPHU>@GDVZDU DOOHV8QGGLH3HWHUPDQQZDUZRKODUPJHQXJDEHUVLHKDWWHVR ZDV6FKQLSSLVFKHVXQGVSUDFKVRJHELOGHWZHLOVLHIUKHU 6FKQHLGHULQJHZHVHQZDUZDVQXQNHLQHUPHUNHQVROOWH.XU]XP 7KLOGHVDKHLQGDDXVGHP.UHLVHHLJQHU%HNDQQWVFKDIWQLHPDQG VRUHFKW]XZlKOHQVHLXQGHLQLJWHVLFKLQHLQHP*HVSUlFKHPLW +XJRGDKLQGDQXUHLQ9HWWHU+XJRVHLQVRQGHUEDUHVDOWHV *HQLHGDV]ZLVFKHQ0DXUHUSROLHUXQG$UFKLWHNWVWDQGXQGVHLW ]ZDQ]LJ-DKUHQGHU)UHXQGHLQHU:LWZHZDUHLQ8PVWDQGGHU EHUVHLQ/HEHQHQWVFKLHGHQKDWWH JHODGHQZHUGHQVROOH'LHVHU DXIJHLVWLJH*HWUlQNHJHVWHOOWH9HWWHUYRQGHP+XJR]XVDJHQ SIOHJWHGDVHLQH9HUZDQGWVFKDIW]X.DUROLQH3LFKOHU>@QlKHUVHL DOV]XGHQ*URPDQQVSDWHJXWZHLOHUNHLQ6SLHOYHUGHUEHU ZDU DXHUGHPQDWUOLFKPXWH5\ELQVNLJHODGHQZHUGHQ8P ]HKQZROOWHGDQQ7KLOGHGLHVZDUHLQYRQLKUJHVWHOOWHVIUKUH %HVFKOVVHKDOEDXIKHEHQGHV$PHQGHPHQW>@]X6FKXOW]HQV UXQWHUJHKHQXQGVLFKDOV%UDXWYRUVWHOOHQXQGGDUDQGLH >@LPEDGLVFKHQ$XIVWDQG%DGHQHLQH+RFKEXUJGHUGHXWVFKHQ /LEHUDOHQZDULQGHQ-DKUHQHLQHVGHUUHYROXWLRQlUHQ=HQWUHQ >@ 0DQQKHLPHU.DXIKDXVLQ%HUOLQ >@9HUZDQGWVFKDIW]X.DUROLQH3LFKOHU:RUWVSLHOGDVVLFKDXIªSLFKHOQ© JHUQWULQNHQ XQGDXIGHQ1DPHQGHU|VWHUUHLFKLVFKHQ6FKULIWVWHOOHULQ .DUROLQH3LFKOHU EH]LHKW >@$PHQGHPHQW$ElQGHUXQJVDQWUDJ=XVDW]

EHVFKHLGQH)UDJHNQSIHQRE5DWXQG5lWLQYLHOOHLFKWHLQH 9LHUWHOVWXQGHLKQHQVFKHQNHQXQGVLFKYRQLKUHP*OFN EHU]HXJHQZROOWHQ$QGHU$XVIKUXQJGLHVHVOHW]WUHQ3ODQHVZDU GHU$OWHQEHLQDKPHKUJHOHJHQDOVDQGHU9HUOREXQJVHOEVW(LQ :LUWEOLHEGRFKLPPHUGLH+DXSWVDFKH'DVPLWGHP%UlXWLJDP NRQQWHGRFKDP(QGHQLFKWVVHLQDEHUGDVPLW6FKXOW]HQVGDV ZDULPPHUZDV'DV%LOOHWDQ5\ELQVNLVFKULHEQDWUOLFK+XJR 5\ELQVNLNDPXQGVDJWH]XYRUDXVJHVHW]WGDHUVHLQH%UDXW PLWEULQJHQGUIH ª'HLQH%UDXW"©VWDXQWH*URPDQQª%LVWGXGHQQYHUOREW"© ª2MD6FKRQVHLWPHLQHP'HEWXQGZLUVLQGVHKUG DFFRUG$EHU QDWUOLFKNDQQ VRZDVDXFKZLHGHU]XUFNJHKQXQGZHQQGXPDO VRZDVK|UHQVROOWHVW© ª*XW,FKYHUVWHKHVFKRQ,FKGDUIVLHGRFKDOVGHLQH%UDXW YRUVWHOOHQ"© ª,FKPXVRJDUVHKUGDUXPELWWHQ©

1(817(6.$3,7(/ 'HU9LHUXQG]ZDQ]LJVWHNDPXQGJLQJGLH9HUOREXQJZDU SURNODPLHUWZRUGHQXQGGLHVHFKV0HQVFKHQDXVGHQHQGLH JDQ]H*HVHOOVFKDIWEHVWDQGZDUHQDXVQDKPVORVVHKUYHUJQJW JHZHVHQ(LQHKDOEH6WXQGHODQJVRJDU6FKXOW]HGHUDXI7KLOGHQV $XIIRUGHUXQJLQHLQHUJHZLVVHQ3DVFKDODXQHVHLQ9RON EHJOFNHQGLQGHUNOHLQHQ0|KULQJVFKHQ:RKQXQJHUVFKLHQHQ ZDU]XUFNKDOWHQGLQEH]XJDXIDOOHVZDVDQ6SHLVXQG7UDQN DXIJHWUDJHQZDUDEHUGHVWRLQWLPHUPLW5\ELQVNLV%UDXW5\ELQVNL VHOEVWODFKWHYHUVLFKHUWHGDQQXQGZDQQGDHUVLFKPLWGHP 5HFKQXQJVUDWEHUGDV6FKQXSIWXFKVFKLHHQPVVHZHLOLKPHLQ VROFKHU(LQJULIILQJHKHLOLJWH5HFKWHQRFKJDUQLFKWYRUJHNRPPHQ VHLXQGYHUVSUDFKVFKOLHOLFKEHLP5DWXQGGHU5lWLQHLQH9LVLWH ]XPDFKHQVSlWHVWHQV]X1HXMDKUDEHURKQH%UDXWª0DQNDQQ GRFKQLFKWZLVVHQZLHVLFKGLH5lWLQVWHOOW©IOVWHUWHHUVHLQHP QHXHQ)UHXQG6FKXOW]H]X8QG6FKXOW]H]ZLQNHUWH 'HQ7RDVWDXIGDV%UDXWSDDUEUDFKWHGHU9HWWHU$UFKLWHNWDXV 0DQZHUGHQLFKWEHUUDVFKWVHLQZHQQHUVHLQHUVHLWVDOVHLQ 0DQQGHV%DXVDXFKGLH(KHDOVGHUHQ9RUNDPPHUGLH 9HUOREXQJDQ]XVHKHQVHLZHQQHUDXFKGLH(KHDOVHLQHQ%DX DQVHKHª'DV)XQGDPHQWPHLQH+HUUVFKDIWHQLVWGLH/LHEHGD ZLUGLHVHKLHUKDEHQLVWHUZLHVHQXQGGHU0|UWHOGHUELVLQDOOH (ZLJNHLWGHQ%DX]XVDPPHQKlOWGDVLVWGLH7UHXH© 6FKXOW]HQLFNWH5\ELQVNLULHIª%UDYR©XQGGURKWHVHLQHUQHEHQ 6FKXOW]HVWHKHQGHQ%UDXWPLWGHP)LQJHULQGHPHUPLWGHP =HLJHILQJHUHLQH6WHFKEHZHJXQJPDFKWHDOVPVVH6FKXOW]HDXI GHP3ODW]HEOHLEHQ'HU9HWWHU$UFKLWHNWDEHUIXKUIRUW ª'HU0|UWHOVDJHLFK$EHUDXFKGHUEHVWJHIJWHVWH%DXEHLGHQ (UVFKWWHUXQJHQGLHGDV/HEHQPLWVLFKIKUWEHGDUIQRFKGHU .ODPPHUQXQG6WW]HQXQGGLHVH.ODPPHUQXQG6WW]HQGDV VLQGGLH)UHXQGHGDVVLQGZLU$XFK6FKPXFNKDWHLQJXWHV+DXV XQGLQVHLQH1LVFKHQ VHKHQZLUJHUQDOOHUKDQGOLHEHNOHLQH *HVWDOWHQJHVWHOOWSXWWLVDJHQGLH,WDOLHQHU3XWWHQVDJHQZLU VHOEVW,FKZHLLFKJUHLIHYRUDEHULQGLHVHUKHLWUHQ6WXQGHZLUG DXFKHLQKHLWUHU%OLFNLQGLH=XNXQIWJHVWDWWHWVHLQ(VOHEHGDV %UDXWSDDUHVOHEH GLH=XNXQIWHVOHEHQGLH3XWWHQ©

5\ELQVNLXPDUPWHGHQ5HGQHUXQGVSUDFKHWZDVYRQGHP JHKHLPQLVYROOHQ5HL]GHUJHIlOOLJHQRUDWRULVFKHQ%HJDEXQJGLH VHLZLHHLQ4XLFNERUQHLQ6FKODJPLWGHP3HJDVXVKXIXQGGLH 4XHOOHVSULQJHª*HVHJQHWGLHGLHGLHVHQ +XIKDEHQ© (UVWJHJHQ0LWWHUQDFKWJLQJPDQDXVHLQDQGHUXQGGLH7RFKWHU GHUDOWHQ5XQWVFKHQHLQHVFKPXFNH3HUVRQGLHDQHLQHQ %DKQKRIVJHSlFNWUlJHUYHUKHLUDWHWZDU>XQG@GLHVFKRQEHLP 0DQWHODEQHKPHQXQGGDQQEHLP0RKQSLHOHQ>@SUlVHQWLHUHQ GLH %HGLHQXQJJHPDFKWKDWWHEHJOHLWHWHGLH+HUUVFKDIWHQUXQWHU 6HOEVW6FKXOW]HQXW]WHVHLQH6RQGHUVWHOOXQJQLFKWDXVXQGJDE LKUDOVHUDXIGHPHUVWHQ7UHSSHQDEVDW]LQVHLQH:RKQXQJ DEVFKZHQNWHHLQ7ULQNJHOG$OOHVEHQDKPVLFKLQGLHVHU %H]LHKXQJVHKUDQVWlQGLJXQGREHQDQJHNRPPHQWHLOWHGLHDOWH XQGGLHMXQJH5XQWVFKHQGLH%HXWHZDVYRQGHUMXQJHQ 5XQWVFKHQVHKUDQVWlQGLJZDU'LH$OWHZDUDEHUEHUGLHJDQ]H $XVKOIHYHUVWLPPWXQGNRQQWHPLWHLQHU+lOIWHQLFKW]XIULHGHQ VHLQGLHHEHQGLH+lOIWHXQGQLFKWGDV*DQ]HZDUª'XKDVWHV GRFKQLFKWVRQ|WLJ8OULNH©VDJWHGLH$OWH ª*RWW0XWWHUGXNDQQVWGRFKQLFKUXQWHUOHXFKWHQPLWGHLQHP HLQHQ$XJHHUVWIlOOVWGXXQGGDV/LFKWXQGGDQQIDOOHQGLH DQGUHQDXFK'XYHUJLWLPPHUGDVPLWGDVHLQH$XJH8QG PDQFKH JUDXOHQVLFKDXFK8QGZDVGHQNVWGXGHQQ*ODXEVWGX GHQQGDGHUDOWH6FKXOW]HVLFKVRKRQRULJJHPDFKWKlWWHZHQQ GXUXQWHUJHOHXFKWHWKlWWHVW",FKVDJHGLUGHUVLHKWVLFKVHLQH /HXWHRUGHQWOLFKDQ©

0XWWHUXQG7RFKWHUVDHQQRFKODQJLQLKUHP%HWWHDXI(VJDE YLHO]X VSUHFKHQ)UGLH$OWHZDU6FKXOW]HGLH+DXSWSHUVRQHU KDEHGRFKIHLQHUJHZLUNWDOVGLHDQGHUQXQGPDQKlWWHGRFK PHUNHQN|QQHQGHUKDW Vª(VJLEWHLQHPGRFKVR Q*HIKOXQG GDVKDWHU©

>@ 0RKQVSLHOHQ*HULFKWDXV:HLEURW0LOFKXQG0RKQ

ª$FK0XWWHUGXYHUVWHKVWMDVRZDVQLFK6FKXOW]HZDUGHU HLQ]LJHGHULQGLH*HVHOOVFKDIWQLFKWSDWH9RQXQVZLOOLFKQLFK UHGHQ$EHUGLHDQGHUQ-DGDVZDUHQMDODXWHUIHLQH+HUUHQDOOH VWXGLHUWXQG.XQVWGD]XGHU9HWWHUDXFKZHUVRZDVEDXWGDV LVWDXFK QH.XQVW8QGQXUYRQ9RUNDPPHUKlWWHUQLFKVSUHFKHQ VROOHQXQGYRQ3XWWHQHUVWUHFKWQLFKW$EHUGDUDQVLHKVWGX V JHUDGHIHLQH/HXWHGLHVLQGVRXQGGLHEHKDQGHOQDOOVRZDV VSLHOULJXQGODVVHQLPPHUZLH'RNWRU6WXEEHVDJWHGHQUHFKWHQ (UQVWYHUPLVVHQ$EHUHVNRPPWGRFKLPPHUVRZDVUDXVZDV QLFKMHGHUVDJHQNDQQ8QGQX6FKXOW]H-DGXPHLQ*RWWZHQQ HUQLFKWGDVVRQGHUEDUH=HXJ]X5\ELQVNLV%UDXWJHVDJWKlWWHVR KlWWHUVRJXWZLHJDUQLFKWVJHVDJW8QGGDQQLVHVDXFKQLFKW IHLQGDHUJDUQLFKWVQDKPXQGLVEOR7XHUHLVHKUYLHO*XWHV NULHJWHUXQWHQDXFKQLFK$EHUGXKDVWVHLQHJURHQ 0DQVFKHWWHQNQ|SIHLPPHUDQJHVHKQ>XQG@ZHLOHUGLH]ZHL 6WHLQHYRUQLP&KHPLVHWWHKDWWHXQGZHLOHU:LUWLVWVRGHQNVW GXHVZDUZDV)HLQHV,FKKDELKQDXFKQXUUDXIJHKROWZHLOGX GRFKQXPLWLKPGXUFKNRPPHQPXWZHQQLFKPDOZHJJHKH© ª1DZDQQGHQNVWGXGHQQ"© ª,FKGHQNHPLUVR]X-RKDQQL>@© ª+DVWGXGHQQVFKRQZDV"© ª1HLQQRFKQLFK0XWWHU$EHULFKZHUGHV QXLQGLH+DQG QHKPHQ0RUJHQXQGEHUPRUJHQVLQG)HLHUWDJHGDNRPPW NHLQH=HLWXQJDEHUGHQGULWWHQ)HLHUWDJDEHQGVGDVWHKWHVGULQ 8QG9HUOREXQJKDEHQZLUQXJHKDEWXQGQXLVHVDQPLUQXZHUG LFKHVLQGLH+DQGQHKPHQ©

'LHDOWH5XQWVFKHQKDWWHVLFKVFKOLHOLFKEHUXKLJWXQGJDE]XGD 8OULNHVHKUDQVWlQGLJJHKDQGHOWKDEH6LHKlWWHMDJDUQLFKWV]X WHLOHQEUDXFKHQRGHUZHQLJVWHQVPRJHOQN|QQHQDEHUGDUDQZDU JDUQLFKW]XGHQNHQGD]XZDUHVYLHO]XYLHOªhEHUKDXSWHVLV

>@ ]X-RKDQQL'HU-RKDQQLVWDJ-XQL JLOWDOV*HEXUWVWDJYRQ -RKDQQHVGHP7lXIHU

HLJHQWOLFKHLQJXWHV.LQGXQGEORGDVLHQXULPPHUGUDQGHQNW GDVLHGLHGLFNHQEORQGHQ=|SSHKDW5XQWVFKZDUVFKZDU]XQG LFKHUVWUHFKWVLHVDJWHQLPPHUGLH¾6FKZDU]H½HVPXDEHU GRFKVR%HVWLPPXQJJHZHVHQVHLQ©,QGLHVHU5LFKWXQJJLQJHQ GLH*HGDQNHQGHU$OWHQGDV9HUV|KQOLFKHKHUUVFKWHYRUDEHU DXFKZHQQVLHYHUELWWHUWJHZHVHQZlUHVRKlWWHGLHVH 9HUELWWHUXQJQLFKWDQKDOWHQN|QQHQZHLOVLHYRPIUKHQ0RUJHQ GHVDQGHUQ7DJHVDQHLQ*HJHQVWDQGEHVRQGUHU$XIPHUNVDPNHLW LPJDQ]HQ6FKXOW]HVFKHQ+DXVHXQGLQGHU1DFKEDUVFKDIWZDU -HGHUZROOWHZDVZLVVHQXQGZRKLQVLHNDPZROOWHPDQK|UHQ ZLHGLH9HUOREXQJJHZHVHQZlUH=XEHJUHLIHQZDUHVQLFKWGDULQ ZDUHQDOOHHLQLJ6ROFKIHLQHU+HUUXQGHLQ6WXGLHUWHUXQGQXGLHVH 7KLOGHPLWLKUHPJHHOHQ7HLQWXQGIUKHUKDWWHVLHDXFKQRFK 3LFNHODOOH0RUJHQPXWHVLHEHLGLH+HUUHQVUHLQPDFKHQXQG DXVJLHHQXQGQXGRFK%UDXWXQGHK*RWWGHQ6FKDGHQEHVLHKW VWHKWVLHGDPLW$WODV XQG0\UWH6RKLHHVEHLGHQ3RUWLHUVOHXWHQ XQGQDPHQWOLFKLQGHP.HOOHUJHJHQEHUZRVLH6HOOHULH 3HWUROHXPXQG6HPPHOIUKVWFNKROWH =XOHW]WNDPVLH]XU/HXWQDQW3HWHUPDQQXQGKLHUHUVWZHLOGLHVH ZHJHQHLQHV8QIDOOVDP$EHQGYRUKHUQRFKLP%HWWH ODJEOKWH LKU:HL]HQ ª*RWW)UDX/HXWQDQW6LHOLHJHQQRFKZDVLVGHQQORV"© ª$FK5XQWVFKHQMHW]WJHKWHVMDZLHGHU$EHUELVYLHUHKDEHLFK NHLQ$XJH]XJHWDQ6ROFKHIXUFKWEDUHQ6FKPHU]HQ© ª+LHU"© ª1HLQKLHUQLFK'LHVPDOQLFK'DVKlWWHEOR QRFKJHIHKOWGD LFKDXFKDXIJHPXWKlWWHEHLGHPNDOWHQ)XERGHQXQGGHP=XJ GUDXHQ1HLQKLHU=DKQVFKPHU]HQ'HUKDOEH%DFN]DKQLV ZHJ© ª1DDEHUZLHGHQQ"© ª-DZLHGDVVRJHKW'DKDWWLFKPLUQXGDV%lXPFKHQ DQJHVWHFNWXQGVHLQ%LOGGUXQWHUJHVWHOOWXQGZROOWHVHLQH%ULHIH QRFKPDOOHVHQGDVKHLWEORGLHHUVWHQZRHUQRFKZLHUDSSOLJ ZDU(UZDUVR8QGDOVLFKGDQXVRVLW]HXQGOHVHXQGGHQ7HOOHU

UDQUXFNHXQG]XNQDEEHUQDQIDQJHHUVWHLQNOHLQHV0DU]LSDQKHU] XQGGDQQHLQH3IHIIHUQXXQGGDQQHLQ6WFN6WHLQSIODVWHUGD EHLLFKLQGDV6WHLQSIODVWHUUHLQJUDGDQHLQH0DQGHOVWHOOHXQG GDVLW]WQXJUDGHHLQ6WFN0DQGHOVFKDOHZDVPDQMDQLFKVHKQ NDQQZHLODOOHVGLHVHOEH)DUEHKDWXQGZHLOLFKVFKDUI]XELZDU GHUKDOEH=DKQZHJ© ª8QPLWUXQWHUJHVFKOXFNW"© ª1HLQVRZHLWNDPHVJDUQLFKW(VWDWJOHLFKVRZHKXQGLFK NULHJWHJOHLFKVROFKHQ6FKUHFNGDLFKGDUDXIYHU]LFKWHWH8QG ZDULPPHUDOVVlHQRFKZDVGULQXQGLFKKROWHPLUHLQH 6WRSIQDGHO$EHUGDZXUGHVLPPHUWROOHUXQGLFKILQJEHLQDKDQ ]XVFKUHLQ(LQ*OFNGDLFKZDUP:DVVHULP2IHQKDWWH'D KDELFKGDQQJHVSOWXQGJHVSOWXQGQXKDWHVVLFKEHUXKLJW 8QGQXVDJHQ6LH5XQWVFKHQZLHZDUHVHLJHQWOLFK"6HW]HQ6LH VLFKDXIGHQ5RKUVWXKODEHUQLFKW]XQDKGDQHEHQGHQ2IHQHLQ ELFKHQ:lUPHZLUGHUZRKOQRFKKDEHQ© ª-D)UDX/HXWQDQWZLHVROOHVJHZHVHQVHLQ"6HKUIHLQZDUHV 5HFKQXQJVUDW6FKXOW]HZDUDXFKGD© ª0LWLKU"© ª1HLQ© ª1DGDVNRQQWLFKPLUGHQNHQ(UQLPPWHVQLFKWVRJHQDXGLH 5lWLQDEHUKlOWDXIVLFKZLHDOOH)UDXHQ8QGZHUZDUGHQQRFK GD"© ª-DGLH1DPHQVZHLLFKQLFK)UDX/HXWQDQWEORHLQH%UDXW ZDUQRFKGDGLHVLH)UlXOHLQ%HOODQDQQWHQXQGDOOHVHKUGUXP UXPZHOOVLHVHKUKEVFK>ZDU@6FKXOW]HIDQGHVDXFKXQGZDV GHQNHQ6LHZRKOZDVVLH8OULNHJHJHEHQKDW"'LHZDUQlPOLFK DXFKPLWGDXQGPXWHUXQWHUOHXFKWHQ© ª-DZHUZLOOGDVVDJHQ© ª(LQHQULFKWLJHQ7DOHUKDWLKUGDV)UlXOHLQJHJHEHQ© ª$FKGDVLVWMD8QVLQQ©

ª1HLQ)UDX/HXWQDQWHVLVWVR8OULNHKDWHVPLU DOOHVHU]lKOWXQG ZLUGGRFKQLFKPHKUJHVDJWKDEHQZHLOVLHPLWPLUWHLOHQPXWH 'DVKHLWPVVHQZDUHVHLJHQWOLFKQLFK8QGZLH8OULNHGLH /DPSHKLQJHVHW]WKDWWHXQGDXIVFKOLHHQZROOWH>VDJWHGDV )UlXOHLQ@ª+DQVJLEPLUPDOGHLQ3RUWHPRQQDLH©XQGGDQQ QDKPVLH VKHUDXVXQGVDJWHª:LUEHUHFKQHQXQVPRUJHQ©8QG HVLVWQXUVFKDGHGDHV6FKXOW]HQLFKWPHKUK|UWHRGHU YLHOOHLFKWZDUHVDXFKQLFKWJXW'HUZDUVFKRQYRUKHUJDQ]ZHJ XQGHVZDUZRKOJXWIULKQGDHUDOOHLQJHNRPPHQZDU© ª8QGZLHZDUGHQQGLH%UDXW":DVKDWWHVLHDQ"© ª,KUOLOD6HLGQHVPLW P(LQVDW]© ª8QGZDUZRKOHLQHJURH=lUWOLFKNHLW"6ROFKHZLH)UlXOHLQ 7KLOGHZHQQ VGDPDONRPPWGLHVLQGLPPHUVHKU]lUWOLFK© ª1LFKGDLFKVDJHQN|QQWH)UDX/HXWQDQW,FKKDEHQLFKWV JHVHKQXQGGLH:RKQXQJLVWVRGDPDQHLJHQWOLFKDOOHVVHKQ PX$OOHVZLHDXIV7HPSHOKRIHU)HOGXQGNHLQ9RUKDQJXQGNHLQH 6FKLUPH8QG/LFKWHUZDUHQEHUDOO)UlXOHLQ7KLOGHZDUDXFK LPPHUEORXPGLH6FKVVHOQUXPXQGSUlVHQWLHUWHZHQQ8OULNH QLFK GDZDUXQGGHU+HUU+XJRZDVGHU%UlXWLJDPLVGHUVWDQG LPPHUVRGDXQGVDKVRJHQLHUOLFKYRUVLFKKLQXQGDOVHLQ bOWOLFKHUDEHUQRFKQLFKVRlOWOLFKZLH6FKXOW]HGDV%UDXWSDDU OHEHQOLHGDVDKHUVRYHUIOL[WDXVDOVZHQQHUQLFKVRUHFKW ]XIULHGHQZlUH© ª.DQQLFKPLUGHQNHQ© ª2GHUHLJHQWOLFKEORDOVREHUJDUQLFKVRUHFKWGDZlUH 9LHOOHLFKWLVGDVQRFKVRYRQVHLQHU.UDQNKHLWGHQQHLQELFKHQ VSDFNVLHKWHUQRFKDXVRGHUYLHOOHLFKWLVHVDXFKQLFKJDQ] ULFKWLJPLWLKP© ª'DVLVHV5XQWVFKHQHVLVWQLFKJDQ]ULFKWLJPLWLKP8QG ZHQQ6LHJHKQQHKPHQ6LHVLFKGDV6WHLQSIODVWHUPLWGDVQRFK QHEHQGHP%DXPOLHJWDEHUVHKQ6LHVLFKYRUGDPLW© ª$FK)UDX/HXWQDQWEHLPLULVHVQLFKPHKUlQJVWOLFK©

7KLOGHZDUDPDQGHUQ0RUJHQLQ HLQHUJHKREHQHQ6WLPPXQJ6LH ZDUQXQ%UDXWXQGGDVDQGUHPXWHVLFKYRQVHOEHUJHEHQ 6RODQJHVLHEOR)UlXOHLQ7KLOGHZDUGLHGHQ7HH]XEULQJHQXQG HLQH%HVWHOOXQJDXV]XULFKWHQKDWWHGDODJGLH6DFKHQRFK VFKZLHULJJHQXJMHW]WDEHUKDWWHVLHGDV5HFKW]XVSUHFKHQXQG ]XKDQGHOQ'DVPLWGHQ7KHDWHUVWFNHQZDUHLQ8QVLQQXQGPLW GHPHZLJHQ/HVHQDXFKXQG5\ELQVNLXQGVHLQH%UDXW GLHLKU EULJHQVWURW]GHPVLHNODUVDKLQDOOHPVHKUJXWJHIDOOHQKDWWH PXWHQEHUNXU]RGHUODQJEHVHLWLJWZHUGHQ 5\ELQVNLZDUHLQH *HIDKUQRFKGD]XHLQHNRPSOL]LHUWH=XQlFKVWDEHUNRQQWHYRQ HLQHP9RUJHKQNHLQH5HGHVHLQZHLOVLHGHXWOLFKHLQVDKGDVLH ]XU(UUHLFKXQJLKUHU=ZHFNHGHU)RUWGDXHUJXWHU%H]LHKXQJHQ]X 5\ELQVNLGXUFKDXVEHGXUIWH:HQQLKUIHVWVWDQG ZLHVLH+XJR]X WUDLQLHUHQKDEHVRVWDQGLKUDXFKHEHQVRIHVWGDVLHVRZDVZLH =XFNHUEURWEHVWlQGLJLQ5HVHUYHKDEHQPVVHXP+XJREHL/XVW XQG/LHEH]XHUKDOWHQXQGGD]XZDU5\ELQVNLZLHJHVFKDIIHQ hEHUKDXSWQXUQLFKWV*HZDOWVDPHVQXUQLFKWVEHUHLOHQ$OOHVPLW (UKROXQJVSDXVHQ ,KUHPQDWUOLFKHQ*HIKOHQDFKKlWWHVLHGHQHUVWHQ)HLHUWDJ QLFKWYRUEHUJHKQODVVHQRKQHPLWLKUHP%Ul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|QQH

=(+17(6.$3,7(/ -DGLHVH)HULHQZRFKH7KLOGHZDUZLHQLFKW]XP:LHGHUHUNHQQHQ XQGVFKLHQHLQH9HUVFKZHQGHULQJHZRUGHQ ª+XJRGDVLVWQXQXQVUH)OLWWHUZRFKHZHQQLFKPLUVROFK:RUW GDVXQVHLJHQWOLFKQLFKW]XNRPPWHUODXEHQGDUI$EHULFKZLOOHV PLUHUODXEHQ(VLVWVRVFK|QVROFKH(ULQQHUXQJ]XKDEHQXQG LFKGHQNHVPLUKEVFKZHQQZLUPDODOWJHZRUGHQVLQGYRQ VROFKHU=HLWVSUHFKHQ]XN|QQHQ8QGGUXPPXDOOHVZLH 6RQQHQVFKHLQVHLQXQGZLUZROOHQHVVRUHFKWJHQLHHQ© +XJRKLHOW7KLOGHQV+DQGXQGVDJWHª'DVLVWUHFKW7KLOGHGDV IUHXWPLFKGDGXVRVSULFKVW,FKGDFKWHGXKlWWHVWVRQLFKWGHQ UHFKWHQ6LQQGDIUIUGLH)UHXGHIUGDVVH1LFKWVWXQZDV GRFKHLJHQWOLFKGDV%HVWHEOHLEW© 7KLOGHKLHOWHVQLFKWIUNOXJLKQHLQHVDQGHUQ>]X@EHOHKUHQVLH VFKZLHJXQWHUIUHXQGOLFKHP/lFKHOQXQG+XJRIXKUIRUWª8QG GDFKWHGXZlUHVWLPPHUQXUIU3IOLFKWXQG2UGQXQJXQG 6WXQGHKDOWHQZDVPLUVRVHKUHVPLUJHILHOGRFKDXFKZLHGHU lQJVWOLFKZDUZHLOPDQDXFKLP*XWHQ]XYLHOWXQNDQQ8QGQXQ VHKHLFKGDLFKHLQHKHLWUHOHEHQVOXVWLJH%UDXWKDEH-DGDVLVW EHLQDKPLUGLH+DXSWVDFKH1XQVDJHZDVQHKPHQZLUKHXWH YRU"$EHUZlKOHQLFKWlQJVWOLFKXQGVSULFKQLFKWYRQ*HOGXQG EHVFKHLGQHQ9HUKlOWQLVVHQ:HQQPDQVLFKYHUOREWKDWGDGDUI PDQLQQLFKWVlQJVWOLFKVHLQXQGPXHLQHP]XPXWHVHLQZLH ZHQQPDQGDV7LVFKOHLQGHFNHGLFKKlWWH© ª1XQ©VDJWHVLHªGDQQZROOHQZLULQV2SHUQKDXV 3URV]HQLXPVORJH9LHOOHLFKWKDEHQZLUGHQ.DLVHUYLVjYLV© ª$FK7KLOGHVRGDUIVWGXQLFKWVSUHFKHQ(LQELFKHQ6SRWWLV JXWGDVNOHLGHW$EHUQLFKWVR'DZHUGLFKZLHGHULUUDQGLU© ª1XQGDQQZROOHQZLU]X.UROOXQGXQVGLH :HLKQDFKWVSDQWRPLPHDQVHKQ© (UVWLPPWHIUHXGLJ]XIUDJWHGDQQDEHUª8QGGLH0XWWHU" :HUGHQZLUVLHPLWQHKPHQPVVHQ"©

ª:LUZHUGHQHVLKUZHQLJVWHQVDQELHWHQPVVHQ9LHOOHLFKWGD VLHQHLQVDJW,FKEHNHQQHGDLFKJHUQHPLWGLUDOOHLQZlUH 6ROFKH)UHXGHJHQLHWVLFKDPVFK|QVWHQ]X]ZHLHQ© +XJRZDUJOFNOLFK(UHQWGHFNWH6HLWHQLQVHLQHU%UDXWGLHLKP 3HUVSHNWLYHQDXIHLQK|KHUHVXQGIHLQHUHV*OFNHU|IIQHWHQDOVHU DQMHQHP$EHQGGHVHUVWHQ*HVWlQGQLVVHVHUZDUWHWKDWWH:DV GDPDOVLQLKPOHEWHZDUHLQH'DQNEDUNHLWZDUHLQZHLFKHV VHQWLPHQWDOHV*HIKOLQGHPGLHYRUDXIJHJDQJQH.UDQNKHLWQRFK QDFKVSXNWH-HW]WVFKLHQHVLKPGD7KLOGHZDUPHU*HIKOHIlKLJ VHLYLHOOHLFKWVRJDUHLQHU/HLGHQVFKDIW8QGVHLQH%UXVWKREVLFK 6REHJDQQGLH)HVWZRFKH0DQJLQJ]X.UROOXQGYHUJQJWHVLFK JDQ]OHLGOLFKWURW]*HJHQZDUWGHU0XWWHUGLHQDFKDQIlQJOLFKHU $EOHKQXQJLKUHQ(QWVFKOXJHlQGHUWKDWWHDOVVLHK|UWHGD ª6FKQHHZLWWFKHQXQGGLHVLHEHQ=ZHUJH© JHJHEHQZUGH7KLOGH ZDUHLJHQWOLFKIURKGDUEHUGHU$OWHQHLQH)UHXGH]XPDFKHQZDU LKUHLJHQWOLFKZLFKWLJHUDOVDOOHVDQGUH:DVVLHGDYRQª*HQLHHQ ]X]ZHLHQ©JHVSURFKHQKDWWHZDUQXUVRKLQJHVDJWZHLOVLH ZXWHGD+XJRJHUQHVRZDVK|UWH $P]ZHLWHQ)HLHUWDJHIXKUPDQLQHLQHURIIQHQ'URVFKNHGHUHQ 9RUEDXGHQ:LQGDEKDOWHQPXWHQDFK&KDUORWWHQEXUJKLQDXV DEHUQLFKWGLHJURH&KDXVVHH>@KLQXQWHUVRQGHUQDXIHLQHP ZHLWHQ8PZHJHHUVWDQGHU5RXVVHDX,QVHOXQGGDQQDP1HXHQ 6HH>@YRUEHU$XFKKLHUZDU0XWWHU0|KULQJ]XJHJHQ(VZDU UKUHQGGLHDOWH)UDX]XVHKQ$P1HXHQ6HHVWLHJPDQHLQHQ $XJHQEOLFNDXVXPGLH6FKOLWWVFKXKOlXIHUEHVVHU]XVHKQ$P PHLVWHQIUHXWHVLHVLFKEHUGLHYLHOHQ)ODJJHQXQG)DKQHQDEHU EOREHUGLHJURHQ9RQGHQYLHOHQNOHLQHQPHLQWHVLHVLH VlKHQDXVZLH7DVFKHQWFKHUDXIGHU/HLQH0|KULQJKDEHDXFK VROFKHEXQWHQJHKDEWZHLOHULPPHUDP6FKQXSIHQJHOLWWHQKDEH

>@GLHJURH&KDXVVHH&KDUORWWHQEXUJHU&KDXVVHH >@5RXVVHDX,QVHO1HXHU6HHLP7LHUJDUWHQ

6REUDFKWHMHGHU7DJZDV1HXHV'DV*ODQ]VWFNZDUDEHUHLQ 'LQHUDSDUW>@EHL+LOOHU>@]XGHP DXFK5\ELQVNLJHODGHQZDU QDWUOLFKPLW%UDXW%HLGLHVHP'LQHUIHKOWHGLH$OWHZHLOVLH ZRKOLQ)ROJHGHU)DKUWGXUFKGHQ7LHUJDUWHQXQG]X ODQJHQ 6WHKHQVLP6FKQHHXPGLH6FKOLWWVFKXKOlXIHUEHVVHUVHKQ]X N|QQHQLKUHQ+H[HQVFKXJHNULHJWKDWWH+XJRZDUGDPLW ]XIULHGHQXQGGLHVPDODXFK7KLOGHGLHEDOGHLQVHKQPXWHGD +LOOHUNHLQ/RNDOIUGLH0XWWHUZDU 5\ELQVNLVSUDFKYRQVHLQHQQHXVWHQ%KQHQWULXPSKHQXQG PDFKWHGDPLWHLQHQJURHQ(LQGUXFNDXIVHLQHQ)UHXQGXQG /DQGVPDQQZDV7KLOGHPLW6RUJHVDK(VNDPLKUDEHU+OIH %HOODGLHGLHJDQ]H.XQVWIUDJHJURDUWLJVXSHULRUEHKDQGHOWH ODFKWHEHVWlQGLJZHQQGDV:RUW7DOHQWILHOXQGVDJWHGDV JlQ]OLFKH)HKOHQGDYRQVHLHVMDJHUDGHZDVLKULKUHQ+DQVVR XQDXVVSUHFKOLFKWHXHUPDFKH7DOHQW7DOHQWHJlEHHVVRYLHOH VLHHUVFKUlNHVFKRQLPPHUZHQQVLHYRQHLQHPQHXHQK|UHDEHU HVJlEHQXUHLQHQ+DQVYRQ5\ELQVNL'HUZ|JHLKU]HKQ7DOHQWH DXIVLHVHLIUGDVVFK|Q0HQVFKOLFKHXQGLQGHU/LHEHIUGDV hEHUPHQVFKOLFKH ª*ODXEWLKUQLFKW©VDJWH5\ELQVNLJXWPWLJªPHLQ.RVLQVN\KDW LKU+HU]HUREHUW(LQPLUXQYHUJHOLFKHU0RPHQW$QGHPVHOEHQ $EHQGHEHJDQQXQVHU*OFN© ª'DVDJWHUGLH:DKUKHLW$EHUZDUXPZDUHVVR"$OV.RVLQVN\ ZDUHUHUVHOEVW6FKDGHGDGLH5ROOHQLFKWEHGHXWHQGHULVWXQG GDPDQVLHGUEHQQLFKWUHFKWNHQQW,FKJLQJHVRQVWPLWLKP QDFK$PHULNDUEHULPPHUTXHUGXUFKXQGZHQQZLUEHL6DQ )UDQFLVFRZLHGHUKHUDXVNlPHQZlUHQZLU0LOOLRQlUH-HGHQ7DJ EOR.RVLQVN\PLW3ROHQPW]HXQG6LOEHUVSRUHQ© 5\ELQVNLWUDQNDXIGDV%UDXWSDDUXQG+XJRKlWWHGLHVHQ7RDVWLQ JOHLFKHU)RUPHLJHQWOLFKHUZLGHUQXQGDXFKYRQHLQHP ª%UDXWSDDU©VSUHFKHQPVVHQ'DVNRQQWHUDEHUGRFKQLFKW EHUV+HU]EULQJHQXQGEHJQJWHVLFKGLH.XQVWOHEHQ]XODVVHQ >@'LQHUDSDUW0LWWDJHVVHQLP(LQ]HO]LPPHU >@+LOOHU9RUQHKPHV:HLQUHVWDXUDQW8QWHUGHQ/LQGHQ

XQG]ZHLOLHEHQVZUGLJHXQGEHIUHXQGHWH+HU]HQXQGGHUJOHLFKHQ PHKU8QGQXQJLQJGLH:HLKQDFKWVZRFKH]X5VWHGHU 'H]HPEHUZDUGDXQGGLH)UDJHZDUREPDQLQHLQH 6LOYHVWHUYRUVWHOOXQJPLW6FKOXDNWLP&DIp%DXHUJHKQRGHUDEHU ]X+DXVHEOHLEHQXQGHLQHQJXWHQ3XQVFKPDFKHQXQGJLHHQ ZROOH0DQHQWVFKLHGVLFKIUGDVOHW]WUH ZHLOGLHDOWH0|KULQJ ]ZDUVFKRQZLHGHUDXHU%HWWZDUDEHUGRFKLPPHUQRFK 6FKPHU]HQKDWWH*HODGHQZXUGHQXUGHU9HWWHU$UFKLWHNWXQG 8OULNHVROOWHJDQ]ZLHDP:HLKQDFKWVDEHQGDXIZDUWHQª'LH$OWH NDQQLFKQLFKWVHKQ©KDWWH+XJRHUNOlUW'DVPXWH EHUFNVLFKWLJWZHUGHQDEHUPDQZROOWHVLHGRFKDXFKQLFKWJDQ] ZHJODVVHQXQGVRVDVLHGUDXHQLQGHU.FKHXQGKLHOWGHQ JURHQ%OHFKO|IIHOLQGHP7KLOGHGDV%OHLVFKPRO]$OVGLHVH JHJRVVHQKDWWHNRQQWHQXUQRFKGLH)UDJHVHLQZDVHVVHL'LH 5XQWVFKHQKLHOWHVIUHLQHª.URQH©8OULNHDEHUJLQJZHLWHUXQG VSUDFKYRQª:LHJH©0DWKLOGHGLH9HUOHJHQZHUGHQDOEHUQIDQG EHVWULWW8OULNHQV$XVOHJXQJXQGEHKDXSWHWHQXUªGDVJLQJH QLFKW©ZRUDXI8OULNHPHLQWHª*RWW)UlXOHLQHVJHKWDOOHV© 'HQQ8OULNHZDUHLQHVHKUVFKODXH3HUVRQGLHLKU*HVFKOHFKW NDQQWH1XUIUHLOLFKEHL7KLOGHYHUILQJHVQLFKW 'LHVHJLQJPLWGHUª.URQH©RGHUZDVHVVRQVWZDULQGDV 9RUGHU]LPPHU]XUFNZRPDQHLQH:HLOHZHLWHURUDNHOWHELV +XJRGLH*OlVHUPLWHLQHPJXWHQQDFKHLJQHP5H]HSW JHPDFKWHQ3XQVFKIOOWH6HLQHV9DWHUV+DXVZDUEHUKPWLQ 3XQVFKJHZHVHQ'HU$OWHKDWWHVROFKH6SH]LDOLWlWHQ8QGQXQ QDKPGHU9HWWHU$UFKLWHNWZLHVFKRQDP:HLKQDFKWVDEHQGZLHGHU GDV:RUWXQGWUDQNDXIHLQJOFNOLFKHVQHXHV>-DKU@

(VZDU QRFKQLFKWYLHOQDFK0LWWHUQDFKWDOV0XWWHUXQG7RFKWHU ZLHGHUDOOHLQLQLKUHP=LPPHUZDUHQ(VZDUHWZDVVWLFNLJHLQH PHUNZUGLJH/XIWPLVFKXQJYRQ3XQVFK:DFKVVWRFNXQG WUN VFKHP7DEDNVRGD7KLOGHVDJWHª0XWWHUZHQQHVGLU QLFKWVFKDGHWLFKP|FKWHZRKOGDV)HQVWHUQRFKHLQELFKHQ DXIPDFKHQ© ª-DPDFKDXI7KLOGH:DVVROOHVPLUDP(QGHVFKDGHQ8QG GDQQLVWPLUDXFKVRVRQGHUEDU]XPXWXQGVRIHLHUOLFKXQGZHLO

JUDGH1HXMDKUVQDFKWLVWLFKP|FKWHZRKOGLH6LQJXKUVSLHOHQ K|UHQ'LHVSLHOWLPPHUVRZDV6FK|QHVXQG)URPPHV© 7KLOGHUFNWHGHU$OWHQHLQHQ/HKQVWXKODQV)HQVWHUDEHUVRGD VLHGHU=XJQLFKWWUDI'DQQVDJWHVLHª-D0XWWHUGLH6LQJXKU 'XGHQNVWLPPHUQRFKGXZRKQVW6WUDODXHU6WUDHGDZRKQHQ ZLUGRFKDEHUQLFKPHKU8QGGDQQ0LWWHUQDFKWLVMDQXVFKRQ ODQJHYRUEHLXQGGLH6LQJXKUPXVLFKGRFKDXFKHLQELFKHQ DXVUXKQ© ª-DGXKDVWUHFKW7KLOGH,FKYHUJHHVLPPHU,FKZHLQLFKW LFKELQGRFKQRFKQLFKWVRDOWDEHULFKELQVFKRQVRWDSULJ PLWXQWHUGHQNLFKHVLVJDUNHLQ8QWHUVFKLHGPHKU]ZLVFKHQGHU 5XQWVFKHQXQGPLU© ª'DVPXWGXQLFKVDJHQ0XWWHU'XKDVWEHUKDXSWVRZDV .OHLQHVXQGbQJVWOLFKHV8QGPDQPXVLFKQLFKW]XNOHLQ PDFKHQGDQQPDFKHQHLQHQGLH/HXWHLPPHUQRFKNOHLQHU© ª-DGDVLVVFKRQULFKWLJDEHUPDQPXVLFKDXFKQLFK]XJUR PDFKHQXQGGDZLUGLH8OULNHZLHGHUKLHUKDWWHQGLHEOR LPPHUGLH$XJHQVRVFKPHLWXQGLPPHUGHQNWVLHLVHVXQGGLH DOWH5XQWVFKHQPXWHGUDXHQVLW]HQXQGGHQ*LHH/|IIHO KDOWHQXQGLFKVDKZROOZLHLKUGLH+DQG]LWWHUWHZHLOVLHUHFKW JXWJHPHUNWKDWGDZLUVLHKLHUYRUQHQLFKPHKUVHKQZROOHQ MD7KLOGHGDVLVZRLFKVRVDJHPDQVROOVLFKDXFKQLFK]XJUR PDFKHQ8QGZHQQGXVDJHQZLOOVWGDZLUHVQLFKVLQGXQGGD EORXQVHU+HUU+XJRHVQLFK ZLOOMDZDUXPZLOOHUHVQLFK"'D VLHGDV3IODVWHUKDWQDGDVLVHLQ8QJOFNXQGGLHPHLVWHQ KDEHQHLQV8QGLFKVDJHGLU+RFKPXWNRPPWYRUP)DOO8QGVR KRFKLVWHUGRFKDXFKQLFK© ª$FK0XWWHUZDVGXGDZLHGHUDOOHVUHGVW1DQDFKKHUGDYRQ $EHUQXNRPPHUVWLQGLH6FKODIVWXEHKLHU]LHKWHVGRFKHLQ ELFKHQ8QGZHQQGXQLFKWZLOOVWQDGDQQEOHLEHQRFKDEHUGDV )HQVWHUZLOOLFKZLHGHU]XPDFKHQ© ª-D7KLOGHGDVWXLFKNULHJHVRQVWPHLQ5HLHQZLHGHU© ª8QGGDVPLWGHU5XQWVFKHQXQGPLW+XJRGDKDVWGXJDQ] XQUHFKWXQGLFKIUHXHPLFKGDHUVRLVZLHHULV©

ª-DHVLVDEHUGRFKZLHHLQKDUWHV+HU]XQGHLQH*UDXVDPNHLW© ª$FK8QVLQQ0XWWHU:HQQGHUHLQKDUWHV+HU]KDWKDWMHGHV .DQLQFKHQDXFKHLQV(LQ]XZHLFKHV+HU]KDWHUGDVLVHVXQG GDVPXLFKLKPDEJHZ|KQHQ'HQQGLHGLHHLQ]XZHLFKHV KDEHQVLQGLPPHUIDXOXQGEHTXHPXQGN|QQHQDXFKQLFK DQGHUVZHLODOOHVZDVKLHUVLW]WNHLQHQUHFKWHQ6FKODJKDW© ª0HLQVWGX7KLOGH"© ª-D0XWWHUZHQQPDQYHUOREWLVWK|UWPDQ MDPLWXQWHUGHQ 6FKODJZHLOPDQVLFKVRQDKHNRPPWXQGJHKWDXFKQLFKW DQGHUVXQGZHQQPDQDQGHUVZROOWHVRZlUHVZLH=LHUHUHL-D ZDVGHQNVWGXZDVHUIU Q+HU]VFKODJKDW":LH QH 7DVFKHQXKU© ª$P(QGHZDUHVDXFKVR© ª1HLQHVZDUVHLQ+HU]8QGGDVHLQ]LJH*XWHLVWXQGGHVKDOELV GDVVRZLFKWLJPLWGHU5XQWVFKHQZHQQHUZDV+lOLFKHVVLHKW GDQQVFKOlJWHVEHVVHUXQGGDQQKDWHUHLQVWDUNHVPHQVFKOLFKHV *HIKOXQGEHLQDKPlQQOLFKXQGHLQVRJXWHU0HQVFKHULVWGDV /LHEVWHDQLKPLVPLUGRFKGDHULPPHUHLQHQVRIXUFKWEDUHQ 6FKUHFNNULHJWZHQQHUGHQ5XQWVFKHQ>VFKHQ@.LHSHQKXWVLHKW XQGDOOGDVDQGUH(VLVWPLUMDOHLG$EHUHUVWHKWPLUGRFKQlKHU XQGGXJODXEVWJDUQLFKZLHZLFKWLJGDVLV6LHK0XWWHUPLW HLQHPVFKZDFKHQ0HQVFKHQ LVWHLJHQWOLFKQLFKUHFKWZDV]X PDFKHQ$EHUPDQPXDXFKQLFK]XYLHOYHUODQJHQXQGZHQQ HLQHUEORVRYLHOKDWGDHUVDJHQNDQQª7KLOGHGLH5XQWVFKHQ PXGUDXHQEOHLEHQ©VRLVGDVVFKRQJDQ]JXW'HQQZHUVR IXUFKWEDUJHJHQGDV+lOLFKHLVWGHUNRPPWDXFK]X.UlIWHQ ZHQQHUZDVVHKU+EVFKHVVLHKW© ª$FK7KLOGHGDVLVMDGDVDOOHUVFKOLPPVWHGDVNHQQLFKDXFK GDPLWNRPPHPLUQLFK© ª-D0XWWHUJHUDGHGDPLWNRPPLFK'XGHQNVWLPPHUEORDQ 8OULNHQXQGDQ6FKXOW]HQXQWHQ$EHUGDVLVQLFKGLHULFKWLJH +EVFKLJNHLWGDVLVZDVPDQGDV8QWUHQHQQW ª-DMD©

ª'DV8QWUHGDV1LHGUH'DQHEHQJLEWHVDEHUDXFKZDVGDVLVW GDV+|KHUH8QGVLHKZHUGDVKDWGHUNDQQDXFKGDV6FKZDFKH VWDUNPDFKHQ/DQJHYRUKlOWHVZRKOQLFKDEHUHVNRPPWGRFK HVLVWGRFKGD8QGZLHHUJHJHQGDV+lOLFKHLVVRLVHUDXFK JHJHQGDV6FKOHFKWHXQGZLHHUIUGDV+EVFKHLVIUGDV ULFKWLJH+EVFKHVRLVHUDXFKIUGDV*XWH8QGLVWVRJDUIU 7XJHQGLFKKDEHGLH%HZHLVHGDYRQ8QGGLHVKDEHLFKGLUDOOHV VDJHQPVVHQGDPLWGXPLUQLFKZLHGHUPLWGHU$OWHQGUDXHQ NRPPVW'DHUVRJHJHQGLH5XQWVFKHQLVGDVLVWPHLQ +RIIQXQJVDQNHU8QGQXNRPP0XWWHUHVLVWMDVFKRQEHUHLQV XQGPRUJHQLVHLQVFKZHUHU7DJIUPLFK'HQQPRUJHQLVGLH )HULHQZRFKHYRUEHLXQGPRUJHQPXLFKLKQLQV*HEHWQHKPHQ© ª$FK*RWW7KLOGHZDVVROOQXQZLHGHULQV*HEHWQHKPHQ 0LWXQWHULVPLUGRFKUHFKWEDQJH8QGVRJHKWHVQXQLQVQHXH -DKUUHLQXQGXQVHUELFKHQ(UVSDUWHVZLUGLPPHUZHQLJHU(ULV MDQLFKHLQ6WXGLHUWHUHU LVMDGRFKEORHLQDOWHU6WXGHQWH© ª-DGDVLVHU$EHUODQXUJXWVHLQ:HQQLFKDXFKQLFKYLHODXV LKPPDFKHVRYLHOGRFKGDLFKLKQKHLUDWHQNDQQXQGGDLFKGLU DOOH0RQDWHZDVVFKLFNHQNDQQXQGGDLFKHLQHQ7LWHOKDEH©

'HUHUVWH-DQXDUZDUHLQZXQGHUYROOHU:LQWHUWDJDOOHVEHUUHLIW XQGEHUHLVWDEHUQLFKWVHKUNDOWXQGHLQHKHOOH6RQQHDPEODXHQ +LPPHO+XJRZDUIUKDXIVRIUKGD0|KULQJVQRFKVFKOLHIHQ HUJLQJKLQEHUNORSIWHDQGDV6FKODI]LPPHUXQGDOVHU7KLOGHQV HWZDVHUVFKUHFNWH6WLPPHJHK|UWKDWWHULHIHUGXUFKGLH 7UVSDOWHGDHUVHLQ)UKVWFNLQGHQ=HOWHQQHKPHQZROOH ª'DVWX©VDJWH7KLOGHZlKUHQGGLH$OWHYRUVLFKKLQEUXPPHOWH ª-RWWVRIlQJWHUQXDQVRLVQX1HXMDKU©+XJRK|UWHDEHU QLFKWVGDYRQHUGUFNWHVFKRQGLH(QWUHHWULQV6FKORXQG EHUOLHHV7KLOGHQGLH$OWHHLQELFKHQ]XUHFKW]XVHW]HQ ª0XWWHUPLWGLULVDXFKJDUQLFKWVGXGHQNVWLPPHUJOHLFKDQ )HXHUPHOGHUXQG+LQULFKWXQJ,FKELQGRFKQXYHUOREWXQGVHLQH %UDXWXQGLFKPXGLUVDJHQGXPXWQXZLUNOLFKHLQELFKHQ DQGHUVZHUGHQ© ª-DMD7KLOGHLFKZLOOMD©

ª6LHKGXVFKDGHVWXQV,FKKDEHGLUQHXOLFKJHVDJWZLUVHLHQ NHLQH¾NOHLQHQ/HXWH½GLH5XQWVFKHQVHLNOHLQH/HXWXQGGDVLVW DXFKULFKWLJDEHUZHQQGXLPPHUJOHLFKVRZHLPHUVW GDQQVLQG ZLUDXFK¾NOHLQH/HXWH½:LUPVVHQQXGRFKHLQELFKHQIRUVFKHU VHLQXQGVRZDVPDQVDJWHLQHQJXWHQ(LQGUXFNPDFKHQ© ª$FK7KLOGHHVNRVW MDDOOHVVRYLHO:RVROOHVGHQQ KHUNRPPHQ© ª'DIUZLOOLFKVFKRQVRUJHQ8QGZHQQQLFKWHLQHQIRUVFKHQ (LQGUXFNVRGRFKHLQHQDQVWlQGLJHQXQGJHELOGHWHQ$EHU ZHLPHUQLVXQJHELOGHW© ª8QVRIlQJWQXGDVQHXH-DKUDQ©ZLHGHUKROWHGLH$OWHªVRPLW =DQNXQG6WUHLWXQGPLW,QGLH=HOWHQ8QGLFKJODXEHVRIUK NULHJWHUQRFKJDUNHLQHQ.DIIHH'LH =HOWHQVLQGMDEORIU 1DFKPLWWDJ© ª$FKHUZLUGVLFKVFKRQGXUFKVFKODJHQLQVRZDVLVHUILQGLJ©

+XJRJHQRGHQVFK|QHQ0RUJHQ(UZDUJOFNOLFKPDOZLHGHU HLQHQZHLWHQ6SD]LHUJDQJPDFKHQ]XN|QQHQGHQQVHLWGHP 7DJHGDHUNUDQNZXUGHZDUHUQLFKWKLQDXVJHNRPPHQ(U IUHXWHVLFKEHUDOOHVXQGZXWHQXUQLFKWUHFKWREHVGDV %UlXWLJDPVJHIKORGHUEORGDV5HNRQYDOHV]HQWHQJHIKOVHLª(V ZLUGZRKOGDV5HNRQYDOHV]HQWHQJHIKOVHLQDEHUHVLVWDP(QGH JOHLFK©(UJLQJELVEHU%HOOHYXH>@KLQDXVXQGHUVWDXIGHP 5FNZHJHPDFKWHHUVLFK VLQGHPPLWWOHUHQ=HOWHZRGHU$OWH )ULW]HPLWGHP.UFNVWRFNDQGHU%DUUH>@VWHKWEHTXHP'DEHL KLQJHUVHLQHQ*HGDQNHQQDFKXQGEHUOHJWHª+HXWHIUK NULHJHQVLHQXQPHLQHQ%ULHI0XWWHUXQG6FKZHVWHUXQG GDQQ ZLUGHVHLQJURHV*HUHGHJHEHQ$XUHOLHLVWHLQVHKUJXWHV 0lGFKHQXQGDXFKQLFKWHQJXQGQLFKWNOHLQOLFKDEHUVLHKDWGRFK >@%HOOHYXHGDVDQGHU1RUGVHLWHGHV7LHUJDUWHQVHUULFKWHWH 6FKOR >@%DUUH6SHUUH6FKUDQNH

VR QVRQGHUEDUHV+RQRUDWLRUHQJHIKORGHUHLJHQWOLFKQLFKW VRQGHUEDU8QGZHQQVLHQXOLHVWGDLFKPLFKPLWHLQHU &KDPEUHJDUQLH7RFKWHUYHUOREWKDEHVRZLUGVLHGLH1DVH UPSIHQXQGYRQ3KLO|VHVSUHFKHQ8QGYLHOOHLFKWVFKUHLEWVLHPLU DXFKVRZDV1DLFKPXHVKLQQHKPHQ0|KULQJVVLQGVHKUJXW DXFKGLH$OWHVRDXILKUH$UWDEHUZHQQVLFKHLQHUPRNLHUHQZLOO GDQQNDQQHU V6FKOLHOLFKVFKDGHWHVQLFKWV0DQNDQQVLFKEHU DOOHVPRNLHUHQ8QGZHQQ$XUHOLH7KLOGHQVLHKWZLUGVLHVLFK YLHOOHLFKWDXFKZXQGHUQ7KLOGHKDWQLFKWV9HUIKUHULVFKHVDEHU GDVLVWGRFKDXFKHLQ*OFNZHQQVLHVRZDVKlWWHZRKLQVROOWH GDVVRQVWIKUHQEHLVRZHLWHQ$XVVLFKWHQXQGVRWlJOLFKHP 9HUNHKU8QGDXFKVFKRQMHW]WLFKPXPLFKYRU,QWLPLWlWHQ KWHQ6LHKDWZDV+HUEHVDEHUGDVNDQQDQJHOHJWH5VWXQJ VHLQ,PEULJHQZHLLFKZDVLFKPLUXQGDQGHUQVFKXOGLJELQ© (VZDUVFKRQ]Z|OIDOVHUZLHGHUQDFK+DXVHNDP(UKDWWHQRFK DQGHU(FNHGHU)ULHGULFKVVWUDHHLQH/LWIDVlXOHGXUFKVWXGLHUW XQGZDU]XGHP5HVXOWDWJHNRPPHQGD VLHGHQ$EHQGEHULQ GHQ5HLFKVKDOOHQYHUEULQJHQZROOWHQZRHLQH/XIWNQVWOHULQ PHUNZUGLJH6DFKHQDXIIKUHQZROOWH6LHZDUDXFKDEJHELOGHW DXIGHP=HWWHOHLQOHLFKWHV.RVWPHLJHQWOLFKQXUHLQH $QGHXWXQJXQGIORJGXUFKGLH/XIWª,FKVHKHJHUQVRZDV© VDJWHHUDOVHUYRQGHU6lXOHKHULQGLH)ULHGULFKVVWUDHHLQERJ ª(VLVWVRQGHUEDUGDPLUDOOHV3UDNWLVFKHVRVHKUZLGHUVWUHLWHW 0DQNDQQHVHLQH6FKZlFKHQHQQHQDEHUYLHOOHLFKWLVWHVDXFK HLQH6WlUNH:HQQLFKVROFKHVFK|QH3HUVRQGXUFKGLH/XIWIOLHJHQ VHKHELQLFKZLHEHQRPPHQXQGHLJHQWOLFKEHLQDKJOFNOLFK,FK KlWWHGRFKZRKOVRZDVZHUGHQPVVHQDXVEHQGHU.QVWOHU RGHU/XIWVFKLIIHURGHULUJHQGZDVUHFKWSKDQWDVWLVFKHV2GHU 7LHUElQGLJHUGDVKDWYRQNOHLQDQHLQHQEHVRQGUHQ5HL]IUPLFK JHKDEW(VVROODXFKDOOHVQLFKWVRJHIlKUOLFKVHLQZLH VDXVVLHKW VLHPDFKHQVLFKHWZDV0RVFKXVRGHU=LEHWLQV+DDUGDQQ VFKQDSSWHUQLFKW]X*RWWZHQQ7KLOGHZWHGDLFKVR YHUZHJQH*HGDQNHQKDEH1XQ*HGDQNHQVLQG]ROOIUHLXQGHV ]LHKWQXUVREHUPLFKKLQ:HQQLFKHUQVWKDIW]XVHKHVHKLFK GDDOOHVOlFKHUOLFKLVW7LHUElQGLJHU8QGGDEHLKDWPLFK7KLOGHLQ +lQGHQVLHGHQNWLFKPHUNHHVQLFKWDEHULFKPHUNHHVUHFKW JXWLFKODHVJHKQZHLOLFKHVVRDPEHVWHQILQGH6FKOLHOLFKLV PDQZLHPDQLV8QGZHQQLFKQXUVROHLGOLFKEHTXHP GXUFKNRPPH©

%HLGLHVHU6WHOOHVHLQHU%HWUDFKWXQJZDUHUELVYRU6FKXOW]HV 3DOD]]RDQJHODQJWXQGVDKKLQDXI6FKXOW]HVWDQGLQ 6DPWVFKODIURFNXQGWUNLVFKHP)H]DP)HQVWHUXQGJUWH JQlGLJKLQXQWHUZREHLHUVHLQHQ)H]]RJ+XJRHUZLGHUWHGHQ *UXZDUDEHUQLFKWVHKUHUEDXWGDYRQZHLOVLFKLQGHP*DQ]HQ ZDVYRQhEHUKHEXQJDXVVSUDFKMHGHQIDOOVQLFKWYLHO5HVSHNW 8QGQXQVWLHJHUKLQDXI'DV0HVVLQJVFKLOGHLQH7UHSSHKRFKZDU JOlQ]HQGJHSXW]WXQGHLQ+DXVPlGFKHQPLWNRNHWWHP+lXEFKHQ XQG7lQGHOVFKU]HGDV6FKXOW]HVHOEVWDXVJHZlKOWKDWWHVWDQG DXIGHP9RUIOXUDP7UHSSHQJHOlQGHUXQGVDKLQGHQ+DXVIOXU KLQXQWHU$OV+XJRYRUEHUJLQJZDQGWHVLHVLFKXQGJUWHVHKU DUWLJDEHUPLWHLQHP*HIKOYRQhEHUOHJHQKHLWEHULKQRGHU HLJHQWOLFKEHU7KLOGH+XJRIKOWHHVKHUDXVXQGNDP]LHPOLFK NOHLQODXWREHQDQ(LQ*OFNZDUGDHUVROFKHQ6WLPPXQJHQ HEHQVRUDVFKHQWULVVHQZHUGHQNRQQWHZLHVLHLKPNDPHQ$OVHU REHQZDUGDFKWHHUZLHGHUDQGLH5HLFKVKDOOHQXQGGDV%LOGDXI GHP=HWWHOXQGZLHGHUJHKREHQLQVHLQHU6WLPPXQJWUDWHULQ GDV(QWUHHOHJWHGHQhEHU]LHKHUDEXQGJLQJ]X0|KULQJV KLQEHU (UIDQGQXU7KLOGHGLHPHUNZUGLJJXWDXVVDKXQGVLFKLKPLQ HLQHPQHXHQ.OHLGHSUlVHQWLHUWH'LH$OWHZDUQLFKWGDª*XWHQ 7DJ7KLOGHXQGYLHO*OFN]XP1HXMDKU$EHUZRLVWGHQQGLH 0XWWHU"© ª'LHZROOWH]ZHL1HXMDKUVEHVXFKHPDFKHQEHL6FKPlGLFNHVXQG EHL'RQQHUV'DVVLQGQRFKDOWH+DXVEHNDQQWHDOVZLUQRFKLQ GHU6WUDODXHU6WUDHZRKQWHQ© ª'DYRQKDELFKMDQLHJHK|UW© ª.DQQDXFKQLFK6LHPDFKHQVLFKQLFKWVDXVXQVXQGZLU PDFKHQXQVQLFKWVDXVLKQHQVHKUODQJZHLOLJXQGVHKU XQJHELOGHWDEHU0XWWHUKDWVRDOWH6lW]H¾0DQVROODOWHJXWH )UHXQGHQLFKWDXIJHEHQ½DOVREHVDOWH)UHXQGHZlUHQ$EHU HV VLQGNHLQHEORDOWVLQGVLHGDVLVULFKWLJDEHUDOOH1HXMDKUJHKW 0XWWHUKLQ,FKGHQNHPLUHVLVHLQELFKHQ1HXJLHU8QGQX VDJHZRZDUVWGX"© +XJREHULFKWHWHJHWUHXOLFKXQGZlKUHQGVLFK7KLOGHDXIGDV6RID XQG+XJRGLFKWQHEHQVLHVHW]WHVSUDFKHUDXFKYRQGHU

/LWIDVlXOHXQGGDVLHKHXWDEHQGLQGLH5HLFKVEDOOHQZROOWHQGD ZlUHGLHª7RFKWHUGHU/XIW©HLQHSRPS|VH3HUVRQXQGGRFKJDQ] lWKHULVFK'LH0XWWHUN|QQHMDJXWPLWNRPPHQ 7KLOGHVDKLKQDQXQGOlFKHOWH'DQQQDKPVLHVHLQH+DQGXQG VDJWHª5HLFKVKDOOHQ1HLQ+XJRGDVLVWQXQYRUEHL:LUZDUHQ QXYRQ+HLOLJDEHQGELV6LOYHVWHUMHGHQ7DJDXVRGHUKDWWHQ XQVHUQ3XQVFKXQGHLQPDOZDUHQZLULQHLQHPJDQ]IHLQHQ/RNDO LFKP|FKWHEHLQDKVDJHQEHUXQVUHQ6WDQGXQGXQVUH 9HUKlOWQLVVHDEHUQXQLVWHVJHQXJXQGQXPVVHQZLU DQIDQJHQ© ª-DZRPLWGHQQ7KLOGH"© ª1LPPHVPLUQLFKWEHODEHUVRZDVNDQQVWQXUGXIUDJHQ :LOOVWGXPLUHUODXEHQGLURIIHQPHLQH0HLQXQJ]XVDJHQXQG ZLOOVWGXPLUYHUVSUHFKHQPLUQLFKWVEHO]XQHKPHQXQGYRQ YRUQKHUHLQGDYRQDXV]XJHKQGDLFK VJXWPHLQHPLWGLUXQG DOOHUGLQJVDXFKPLWPLU© ª*HZL7KLOGH6SULFKQXULFKZHLMDGDHVLPPHUZDV 9HUQQIWLJHVLVWZDVGXVDJVW0LWXQWHUHLQELFKHQ]XVHKU$EHU LQGLHVHU:RFKHKDEHLFKGLFKDXFKYRQGHUOHEHOXVWLJHQ6HLWH NHQQHQJHOHUQW© ª8QGGDVVROOVWGXDXFKZHLWHU+XJR,FKELQJDUQLFKWVR VFKOLPPXQGVRVFKUHFNOLFKYHUQQIWLJZLHPDQFKHJODXEHQ,FK ELQDXFKIU6LFKSXW]HQXQGIU9HUJQJHQ$EHUPLW$UEHLWPX HVDQIDQJHQ'DZLUDUPH/HXWHVLQGZXWGXXQGGDGXQLFKW UHLFKELVWZHLWGXDXFK=ZHLPDOQXOOPDFKWQXOO8QGPLW1XOO NDQQPDQQLFKWLQWHXUH/RNDOHJHKQXQGQLFKWHLQPDOGLH7RFKWHU GHU/XIWVHKQ:LUVLQGQXQYHUOREWXQGLFKELQJOFNOLFKHLQHQ VRJXWHQXQGHLQHQVRKEVFKHQ0DQQ]XKDEHQXQGELQVLFKHU GDLKQPLUYLHOHQLFKWJ|QQHQGLH5lWLQXQWHQJHZLQLFKWXQG GLH)UDX/HXWQDQW3HWHUPDQQDXFKQLFKW'DVVLQGQHLGLVFKHDOWH :HLEHU8QGGDVVFK|QHEORQGH)UDXHQ]LPPHUXQWHQPLWGHU 6SLW]KDXEHVLHKWPLFKDXFKLPPHUVRDQ1X1HLGPDFKW JOFNOLFKXQGLFKELQHV$EHU6WLOOVWDQGLVW5FNVFKULWWVDJWH PHLQ9DWHUGDV-DKUYRUVHLQHP7RGHDOVHUNHLQH :HLKQDFKWV]XODJHJHNULHJWKDWWH©

ª'XKDVWJDQ]UHFKW©XQWHUEUDFK+XJR ª)UHLOLFKKDELFKUHFKW$EHUGXVDJVWGDVQXUZHLOGXQLFKW ZHLWHU]XK|UHQZLOOVW,FKZHLGDV$OOVRZDVZDVGRFK VFKOLHOLFKZLFKWLJHULVWDOV.RVLQVN\ZRPLWLFKDEHUQLFKWVJHJHQ XQVUHQ6FKLOOHUJHVDJWKDEHQZLOODOOVRZDVK|UVWGXQLFKWJHUQ HVVROODOOHVEORKEVFKDXVVHKQXQGJODWWJHKQXQGEHTXHPVHLQ 1XJHZL%HTXHPOLFKNHLWLVWLPPHUGDVEHTXHPVWHYHUVWHKW VLFKXQGLFKNDQQGLUVDJHQZHQQIUKHUGLH+HUUHQXPVLHEHQ LKUHQ.DIIHHZROOWHQXQGHLQHQKDWWHQZLUGHUZDUVFKRQLPPHU XP.ORFNVHFKVHDXIXQGLFKPXWHGDQQUDXVXQG.LHQVSDOWHQ XQGPLWHLQHP7XFKEHUQ.RSI]X%lFNHU3IDQQVFKPLGWXPGLH 6HPPHOQ]XKROHQLFKNDQQGLUVDJHQGDKlWWLFKPLFKDXFK OLHEHUQRFKPDOUXPJHGUHKWXQGGDV.LVVHQEHUV.LQQJH]RJHQ GHQQHVZDUHLQELWWHUNDOWHU:LQWHUXQGLFKELEEHUWHPDQVR© ª1D7KLOGHGDVLVQXYRUEHL© ª-DGDVVDJVWGXVRKLQYRUEHL:DVKHLWYRUEHL9HUOREWVLQG ZLUGDVKHLWDOVRZLUZROOHQGRFKPDOKHLUDWHQXQGLQHLQH FKULVWOLFKH(KHHLQWUHWHQ'DUXPPXLFKELWWHQ.RPPHPLUQLFKW VRPLWVREORGUEHUKLQ'DIUELQLFKQLFKW$OOHVPXVHLQ 9HUJQJHQKDEHQDEHUDXFKVHLQHQ(UQVW8QGGHU(UQVWNRPPW HUVW8QGGDZLUGRFKQLFKWDOV+HUUXQG)UDX6WXGHQWRGHU .DQGLGDWZDVHLJHQWOLFKGDVVHOEHLVWGXUFKGLH:HOWJHKHQ N|QQHQVFKRQGHVKDOEQLFKWZHLOZHUNHLQ$PWXQGNHLQHQ 'LHQVWKDWDXFKNHLQGLHQVWOLFKHV(LQNRPPHQKDWZDVZLUGRFK KDEHQPVVHQZHQQZLUOHEHQZROOHQXQGHLQH)DPLOLHELOGHQ ZROOHQ© ª$FK7KLOGHGDVLVWMDQRFKZHLWKLQ© ª$OVROHEHQZROOHQVRPXWGXIUGDVVRUJHQZDV]XP/HEHQ Q|WLJLVWGDVKHLWGXPXWQXQHQGOLFKGHLQ([DPHQPDFKHQ XQGQLFKWLPPHUGLH%FKHUEHLVHLWHVFKLHEHQXQGGLH ¾*HVSHQVWHU½OHVHQZDVEULJHQVZLHHVVHLQ7LWHOVFKRQ DXVUFNWHLQJUHXOLFKHV6WFNLVW'HLQ([DPHQPDFKHQVDJLFK MHHKHUMHOLHEHU8QGYRQPRUJHQDEZLUGDQJHIDQJHQ© ª$EHUZLHGHQQ"©

ª*DQ]HLQIDFK6WDWWDQGLH5HLFKVKDOOHQXQGGLH7RFKWHUGHU/XIW ]XGHQNHQGHQNVWGXDQGHLQ5HSHWLWRULXPZDVGXZlKUHQG GHLQHU.UDQNKHLWJDQ]YHUJHVVHQKDVWXQGVFKRQYRUKHUZDUHV DXFKQLFKWYLHOXQGGXEH]DKOWHVWEORXQGJLQJVWVSD]LHUHQ$EHU QXQPXWGXZLUNOLFKKLQJHKQ8QGDEHQGVLKUKDEWGDMDVROFKH )UDJHKHIWHPLWEHLJHVFKULHEQHU$QWZRUWZDVLFKDOOHVDXIGHLQHP 6WHKSXOWKDEHOLHJHQVHKQDEHQGVNRPPVWGX]X0XWWHUXQGPLU KHUEHUXQGNDQQVWGLFKDXFKDXIGLH&KDLVHORQJXHOHJHQZHQQ HVGLUSDWXQGGLFKPLWGHLQHUDOWHQ5HLVHGHFNHPLWGHP/|ZHQ GUDXI]XGHFNHQ8QGZHQQGXVRGDOLHJVWZHUGLFKGLUGLH.QVWH DEIUDJHQXQGQLFKWHKHUUXKHQDOVELVGXPLU5HGXQG$QWZRUW VWHKHQNDQQVWXQGDOOHVJDQ]JHQDXZHLWZLHDP6FKQUFKHQ© ª$EHU7KLOGH© ª9HUODGLFKGUDXI:HQQHVZDVZHUGHQVROOVRNRPPVWGXXQG OHJVWGLFKKLQRGHUNDQQVWDXFKVLW]HQEOHLEHQXQGLFKIUDJHGLFK 8QGKHXWHDEHQGZHQQGLUVRVHKUGDUDQOLHJWNDQQVWGXQRFK PDOGLH¾7RFKWHUGHU/XIW½VHKQ$EHULFKJHKHQLFKWPLWLFKKDEH YRUOlXILJNHLQHQ6LQQIUGHUJOHLFKHQXQGPRUJHQDEHQGIDQJHQ ZLUDQ©

(/)7(6.$3,7(/ +XJRZXWHQLFKWUHFKWREHUIURKRGHUYHUVWLPPWVHLQVROOWH6R VFKZDFKZDUHUQLFKWXPQLFKW HLQ]XVHKQGD7KLOGHPLWLKP PDFKWHZDVVLHOXVWLJZDUXQGVRXQHLQVLFKWLJZDUHUQLFKWGD HUGDVVHKU8QKHOGLVFKHVHLQHU6LWXDWLRQQLFKWKHUDXVJHIKOW KlWWH-DGDVKlWWHQLFKWVHLQVROOHQ$EHUGDVZDUHQQXUNXU]H $QZDQGOXQJHQHLJHQWOLFKZDUHUIURKGDMHPDQGGDZDUGHU LKQQDFKOLQNVRGHUUHFKWVGLULJLHUWHZLH VJUDGHSDWH'DHV JXWJHPHLQWZDUXQGGDHUGDEHLYRUZlUWVNDPHPSIDQGHU MHGHQ$XJHQEOLFNXQGZDVLKPEHUJHOHJHQWOLFKH 0LVWLPPXQJHQDPEHVWHQIRUWKDOIZDUGLH%HREDFKWXQJGHU 0HWKRGHQDFKGHU7KLOGHPLWLKPYHUIXKU,QVHLQHPlVWKHWLVFKHQ 6LQQGHUVLFKDQ)LQHVVHQHUIUHXHQNRQQWHVDKHUPLWHLQHP JHZLVVHQNQVWOHULVFKHQ%HKDJHQDXIGLH0HWKRGHQDFKGHU 7KLOGHYHUIXKUXQGIUHXWHVLFKGHU(UOHLFKWHUXQJHQGLHGDV SlGDJRJLVFKH9HUIDKUHQLKPXQPLWWHOEDUJHZlKUWH(VVWDQG QlPOLFKIU7KLOGHIHVWGDVLHVLFKKWHQPVVHVHLQHU 7UDJHNUDIWPHKU]X]XPXWHQDOVGLHVHGRFKQXUVFKZDFKH.UDIW EHLPEHVWHQ:LOOHQOHLVWHQNRQQWHZHVKDOEVLHPLW.OXJKHLWXQG *HVFKLFNIU8QWHUEUHFKXQJHQ6RUJHWUXJRGHUZLHVLHVLFK VFKHU]KDIWDXVGUFNWHIUª(QWUHILOHWV©HLQ:RUWGDVVLHVLFK DXV+XJRVHWZDVIHXLOOHWRQLVWLVFKHP6SUDFKVFKDW]DQJHHLJQHW KDWWH:HQQGDV([DPLQLHUHQGDVVLHQDFK0|JOLFKNHLWLQHLQ TXLFNHV)UDJHXQG$QWZRUW6SLHOYHUZDQGHOWHEHGUFNOLFK]X ZHUGHQDQILQJXQGVLFKLQ+XJR>V@=JHQHWZDVYRQ(UPGXQJ ]HLJWHVREUDFKWHVLHHLQ*ODV7HHRGHU5RWZHLQRGHUHLQH ,QJZHUWWHXQGZlKUHQGVLHLKPGDUDXVSUlVHQWLHUWHXQGDXFK ZRKOVHOEHUHLQ6WFNFKHQQDKPXQGYRQGHQ0ROXNNHQVSUDFK ZRGHU,QJZHUDPEHVWHQHLQJHPDFKWZUGHXQGZRVLHYRQ &KLQDKHURGHUYLHOOHLFKWZUGHQVLHDXFKQDFKJHPDFKW DXFKGLH JURHQEODXJHEOPWHQ3RU]HOODQNUJHKlWWHQJOLWWVLH]X 7DJHVIUDJHQEHUXQGODVLKPYRQ&KULVWHQYHUIROJXQJHQLQ&KLQD YRURGHU YRQGHQ)UDQ]RVHQLQ$QQDPXQG7RQNLQRGHUYRQGHP .ULHJHGHQGLH+ROOlQGHUPLWGHQ(LQJHERUQHQIKUHQPWHQ 'LH-DSDQHUVHLHQGHQ&KLQHVHQGRFKZHLWYRUDXVXQGHLQ9RON GDVVROFKH1DWXUEHREDFKWXQJKDEHXQGVROFKH%OXPHQXQGVROFKH 9|JHOPDFKHQN|QQHGDVUHSUlVHQWLHUHGRFKHLQHDOOHUK|FKVWH .XOWXUZDVPDQMHGHP7HHEUHWWDEVHKHQN|QQH'DEHLZROOHVLH QRFKQLFKWHLQPDOYRQGHP/DFNVSUHFKHQGHUGRFKDXFK

XQHUUHLFKWGDVWHKH'DEHLZDU7KLOGHJURLQhEHUJlQJHQXQG ZHQQVLHVRPLW+OIHGHU,QJZHUWWHEHLGHQ0ROXNNHQXQG-DSDQ XQG&KLQDEHJRQQHQKDWWHZDUHVLKUHLQOHLFKWHVVLFKELV]X .UROOXQGGHU6HPEULFKXQGVRJDUELV]X5\ELQVNL]XUFN]XILQGHQ XQGZHQQVLHGDQQQRFKZDV3LNDQWHVGDVVLHHLJHQVIU+XJR VDPPHOWH]XPEHVWHQJHJHEHQXQGLKQHUIULVFKWKDWWHVDJWHVLH ª1XQDEHUEULFKW9HUNDXI0LHWHRGHUQLFKW"© 8QG+XJRJLQJGDQQPLWZLHGHUJHZRQQHQHU.UDIWLQV)HXHUXQG DQWZRUWHWHPLWXQWHUVRJXWGD7KLOGHLKUHKHOOH)UHXGHKDWWH

'LHDOWH0|KULQJZDULPPHUGDEHLVFKRQZHLOVLHQLFKWZXWHZR VLHKLQVROOWH6RNDP(QGH-DQXDUKHUDQXQGDOVHLQHV$EHQGV XPGLH]HKQWH6WXQGH+XJRGDV=LPPHUYHUODVVHQXQG7KLOGHGLH *OlVHUXQG7DVVHQEHLVHLWHJHUlXPWKDWWHVDJWHGLH$OWH ZlKUHQGVLHVLFKDXIHLQH)XEDQNXQGPLWGHP5FNHQDQGHQ 2IHQ VHW]WHª6DJHPDO7KLOGHOHUQWHUGHQQJXW"© 7KLOGH ª2JDQ]JXW0XWWHUHLJHQWOLFKEHVVHUDOVLFKGDFKWH© 'LH$OWHª-DMDHVNRPPWPLUDXFKVRYRUXQGHULVDXFKHLQ ELFKHQYLYLJHU>@DOV HUHLJHQWOLFKLV$EHUGXNRPPVWLPPHU PLWVRYLHOGD]ZLVFKHQ© ª:LHGHQQ"© ª0LWVRYLHOYRQ7KHDWHUXQG%HOOD0LULVZDVVR]ZLVFKHQNRPPW LPPHUGDVOLHEVWHXQGZHQQJDUQLFKWV]ZLVFKHQNlPHVRJLQJ LFK]X%HWW$EHUHVLVGRFKZROOQLFKULFKWLJGDLPPHUVRYLHO ]ZLVFKHQNRPPW© 7KLOGHODFKWHª1HLQ0XWWHUHVLVWJDQ]ULFKWLJVR6LHKPDOHV LVWVR:HQQLFKKHXWHQRFKQDFK6SDQGDXJHKHQVROOQDGDQQ ]LHKLFKPLUPHLQHQ *XPPLPDQWHOEHUXQGQHKPHGHQ 5HJHQVFKLUPXQGVWDSOHORVXQGLQ&KDUORWWHQEXUJOHKQHLFKPLFK

>@YLYLJHUOHEKDIWHUXPJDQJVVSUDFKOLFKHLQGHXWVFKHQGH6WHLJHUXQJGHV IUDQ]|VLVFKHQ$GMHNWLYVªYLI©

PDODQXQGVHKHQDFK V6FKORUEHUXQGZDVGLH8KULVWXQG XP]Z|OIELQLFKLQ6SDQGDXXQGXPYLHUELQLFKZLHGHUKLHUXQG EULQJHGLUGHLQHQ.DIIHH© ª-D7KLOGHGDVJODXELFKVFKRQ$EHUZDVPHLQVWGXQX HLJHQWOLFK"© ª8QGQXQLPPPDO>DQ@GDGXJHKHQVROOVWDXFKQDFK 6SDQGDX1DELVYRUV%UDQGHQEXUJHU7RUNRPPVWGXPLWHLQHP =XJXQGGDQQVHW]WGXGLFKDXIGLHHUVWH%DQNJOHLFKGDZRGLH NOHLQHQ6SULQJEUXQQHQVLQG8QGZHQQGXGLFKDXVJHUXKWKDVW GDQQJHKWHVZHLWHU>GDQQ@NRPPVWGXELVDQGHQ.OHLQHQ6WHUQ XQGGDQQELVDQGHQ*URHQ6WHUQXQGGDQQELVDQGLH &KDXVVHHKlXVHU8QGEHUDOOLVW QH%DQNXQGNDQQVWGLFK DXVUXKQXQGVRNRPPVWGXQDFK6SDQGDX6DJHQZLUJHJHQ $EHQG$EHUGXNRPPVWGRFKDQ8QGRKQH5XKHEDQNZlUVWGX OLHJHQJHEOLHEHQXQGJDUQLFKWDQJHNRPPHQ© ª-DVRQXYHUVWHKLFK2KQHGLH%DQNHNRPPWHUQLFKDQ1D ZHQQHUEORDQNRPPW© 7KLOGH ª(UZLUGVFKRQ©

8QGULFKWLJHUNDP+XJREHVWDQG(UKDWWH]ZDUQXUGDV 1RWGUIWLJHJHZXWHVWURW]GHPDEHUHU]ZXQJHQ'DVLW]HQGZLH +XVDXIGHP.RQ]LO]X.RVWQLW]HUQVWVFKZlUPHULVFKXQG EHVFKHLGHQKDOEWDSIHUXQGKDOEDQJVWYROOZDUHVGLHVH+DOWXQJ JHZHVHQGLHVFKOLHOLFKDOOHV]XP*XWHQJHIKUWKDWWH6HLQH 3HUV|QOLFKNHLWKDWWHJHVLHJW(LQHUGHU+HUUHQ([DPLQDWRUHQ QDKPLKQEHLVHLWHXQGVDJWHª/LHEHU*URPDQQHVZDUDOOHVJXW LFKJUDWXOLHUH,KQHQ© ,QHLQHPPHUNZUGLJHQ6HHOHQ]XVWDQGHJHKREHQXQGGRFKDXFK JHGUFNWJHGUFNWZHLOHUDQGLH=XNXQIWGDFKWH NDPHUQDFK +DXVXQGVDKVLFKGLHVHU6WLPPXQJHUVWHQWULVVHQDOVHUKLHU 0XWWHUXQG7RFKWHUEHJHJQHWH7KLOGHGHUHQ$XJHOHXFKWHWH EOLHEYHUKlOWQLVPlLJUXKLJGHU*HIDKUDEHUYRQGHU$OWHQ JHNW]XZHUGHQHQWJLQJHUQXUPLWJHQDXHU1RWLPOHW]WHQ $XJHQEOLFNHGXUFK5FN]XJLQVHLQ=LPPHU0XWWHU0|KULQJZDU GDVQLFKWUHFKWXQGZHLOVLHZLHGLHPHLVWHQDOWHQ%HUOLQHULQQHQ

GDV%HGUIQLVGHU$XVVSUDFKHKDWWHPXWHQXQ7KLOGHDOOHVPLW DQK|UHQZDVGHU$OWHQDXIGHU6HHOHEUDQQWHª*RWWVHL'DQN 7KLOGHQXNDQQPDQGRFKZLHGHUUXKLJVFKODIHQXQGZHLDXFK ZDVDXVHLQHPZLUG'HQQJXWLVHUGRFKHLJHQWOLFKXQGZLUGHLQH DOWH)UDXQLFKXPNRPPHQODVVHQ©

+XJRVFKULHE%ULHIHQDFK+DXVXQGDXFKHLQSDDU=HLOHQDQ 5\ELQVNLXPLKQZLVVHQ]XODVVHQGDDOOHVJXWDEJHODXIHQ $OVHUJHJHQVLHEHQZLHGHUKLQEHUJLQJIDQGHUHLQNOHLQHV 6RXSHUYRUGDV7KLOGHVDPWHLQHU)ODVFKH5GHVKHLPHUPLWHLQHU DXIJHNOHEWHQ5KHLQJDXODQGVFKDIWDOV%HZHLVLKUHU(FKWKHLWDXV HLQHPEHQDFKEDUWHQJURHQ5HVWDXUDQWKHUEHLJHVFKDIIWKDWWH 'DV$XIPHUNVDPHGDVGDULQODJXQGEHLQDKPHKUQRFKGHUJXWH *HVFKPDFNPLWGHPDOOHVDUUDQJLHUWZRUGHQZDUEOLHEHQQLFKW RKQH:LUNXQJDXI+XJRGHUVLFKSO|W]OLFKYRQGHP*HIKO HUJULIIHQVDKGRFKYLHOOHLFKWLQVHLQHPGXQNOHQ'UDQJHGDV 5HFKWHJHWURIIHQ]XKDEHQJHZLHVZDUHQHLQIDFKH0HQVFKHQ HWZDVXQWHU6WDQGGRFKJXWXQGRUGHQWOLFKXQG]XYHUOlVVLJXQG DOOHVDQGUHZDUMDQXU6FKHLQ3ODWWLHUWKHLW>@XQG HUUHLFKWHEHU GHQ7LVFKKLQ7KLOGHQGLH+DQGZLHZHQQHUVDJHQZROOWHª:LU YHUVWHKHQXQV©'DQQOLHHUVLFK VVFKPHFNHQXQGDOVHUGHQ VLFKZLHGHUKROHQGHQ:LGHUVWDQGGHUDOWHQ0|KULQJGLHMHGHVPDO GLH+DQGEHUGDV*ODVKLHOWHQGOLFKVLHJUHLFKDXVGHP)HOGH JHVFKODJHQXQGDXFKLKUYRQGHPJROGJHOEHQ:HLQHLQJHVFKHQNW KDWWHYHUVWLHJHUVLFKELV]XHLQHPODXQLJHQ7RDVWGDULQHUGLH JXWH0|KULQJPLWGHPJXWHQ([DPLQDWRUJHVFKLFNWYHUJOLFKXQG YHUEDQGXQGEHLGHOHEHQOLH1DFK7LVFKEUDFKWH7KLOGHGHQ .DIIHHGHU]X(KUHQGHV7DJHVYRQHLQHU([WUDVWlUNHZDUª+|UH 7KLOGHGHUJHKWDEHULQV%OXW,FKNULHJHGDQQLPPHUVROFK -XFNHQ© ª$FKODQXU0XWWHUZHQQHUQXUVFKPHFNW©

>@3ODWWLHUWKHLWVRYLHOZLHQXU)DVVDGH

ª-DVFKPHFNHQWXWHUXQGVWDUNLVHURGHUZLH0|KULQJLPPHU VDJWH¾0XWWHUGDLV NHLQH%RKQHYRUEHLJHVSUXQJHQ½-RWWZHQQ LFKVRDQ9DWHUQGHQNHZDVZUGHGHUZROOJHVDJWKDEHQ©8QG QXQPXWHVLFK+XJRLQHLQHQ*URYDWHUVWXKOVHW]HQXQGJHQDX EHULFKWHQZLH VHLJHQWOLFKJHZHVHQZlUHMD7KLOGHIUDJWHVRJDU REHUDXFKQLFKW]XVLFKHUJHDQWZRUWHWKlWWHVLHKDEHPDO JHK|UWGDVN|QQWHQGLH+HUUHQQLFKWOHLGHQ+XJREHUXKLJWHVLH KLHUEHUXQGDOVDOOHVHU]lKOWXQGLPYRUEHLJHKQDXFKHUZlKQW ZDUGDHUJOHLFKDQVHLQH0XWWHUXQG6FKZHVWHUQDFK2ZLQVN KLQJHVFKULHEHQKDEHNDPHUEHUKDXSWDXI2ZLQVNXQGVHLQH -XJHQGXQGVHLQHOWHUOLFKHV+DXV]XVSUHFKHQXQGZHOFKIRUVFKHV /HEHQVLHGDJHIKUWKlWWHQ%XUJHPHLVWHUXQG$SRWKHNHUXQG 5HFKWVDQZlOWHGLHOHEWHQLPPHUDPIRUVFKHVWHQZHLOVLHGDV PHLVWH*HOGKlWWHQXQGHLJHQWOLFKVHLVROFKNOHLQVWlGWLVFKHV /HEHQYLHOYHUJQJOLFKHUDOVHLQ/HEHQLQGHUJURHQ6WDGWGHQQ LPPHUVHLZDVORVXQGZHQQVLHQLFKW6NDWVSLHOWHQVRVSLHOWHQ VLH7KHDWHUXQGZHQQQLFKW%DOOZlUHVRZlUH6FKOLWWHQEDKQ XQGGDQQELPPHOWHGDV6FKHOOHQJHOlXWGHQJDQ]HQ1DFKPLWWDJ XQGGLH6FKQHHGHFNHQIO|JHQXQGGLHKEVFKHQ)UDXHQGHQQLQ GHQNOHLQHQ6WlGWHQJlEHHVLPPHUKEVFKH)UDXHQKlWWHQGLH +DQGLP0XIIXQGZHQQHVVHKUNDOWZlUHDXFKGLH+DQGYRQ LKUHP3DUWQHUGD]X ª-RWW©VDJWHGLHDOWH0|KULQJªZDVKHLW3DUWQHU"ZRVLQGGHQQ GLHULFKWLJHQ0lQQHUGLHGD]XJHK|UHQ"© ª'LHVLQGLQHLQHPDQGHUQ6FKOLWWHQ© +XJRSODXGHUWHQRFKVRZHLWHUXQGHVJHODQJLKPDXFK7KLOGHQ HLQNOHLQHV/lFKHOQDE]XJHZLQQHQ'LH0RUDOLDYRQ2ZLQVNZDUHQ LKUXPVRZHQLJHUlQJVWOLFKDOVVLHVLFKEHU]HXJWKLHOWGDLKUHV %UlXWLJDPV+DQGQLHLQVROFKHP0XIIJHVWHFNWKDWWH+XJRPDOWH QXUJHUQVRZDVDXVZHLOHUHVKEVFKIDQGDEHUHVODJQLFKWLQ LKPVROFKH%LOGHULQ7DWHQXP]XVHW]HQ$OOGDVZXWH7KLOGH UHFKWJXWGLHGHQQDXFKVWDWWVLFKPLW(LIHUVXFKW]XTXlOHQDXV +XJRV6FKLOGHUXQJHQGHV2ZLQVNHU/HEHQVQXUGDVKHUDXVK|UWH ZDVVLHIULKUHHLJQHQ3OlQHEUDXFKHQNRQQWH:DVLPPHULQLKU IHVWJHVWDQGHQKDWWHGD+XJRLQHLQHNOHLQH6WDGWXQGQLFKWLQ HLQHJURHJHK|UH GDVVWDQGLKUMHW]WIHVWHUGHQQMH

+XJRVHOEVW]RJVLFKIUK]XUFNHVNRQQWHNDXPQHXQVHLQ GHQQZHQQDXFKVLHJUHLFKHVZDUGRFKHLQKHLHU7DJJHZHVHQ $EHUHUPRFKWHQRFKQLFKWVFKODIHQXQGJLQJDXIXQGDELQ VHLQHP=LPPHU$OOHVLQDOOHPZDULKPQLFKWVHKUVLHJHUKDIW ]XPXW(UZDUQXQ5HIHUHQGDUDOOHVJDQ]JXWDEHUQXQEOLHE QRFKGHU$VVHVVRUXQGZHQQHUGDUDQGDFKWHGDGLHVH]ZHLWH :HJKlOIWHQRWRULVFKYLHOYLHOVWHLQLJHUVHLVREHUNDPLKQ GDVVHOEH$QJVWJHIKOZLHGHUGDVHUVFKRQDXIGHP+HLPZHJH YRQGHU([DPLQDWLRQVVWlWWHELV]XU*HRUJHQVWUDHJHKDEWKDWWH 0LW7KLOGHZDUQLFKW]XVSDHQXQGHUUHFKQHWHPLWKDOEHU *HZLKHLWGDUDXIGD7KLOGHYLHOOHLFKWPRUJHQVFKRQGDVDP 1HXMDKUVWDJHPLWLKPJHIKUWH*HVSUlFKZLHGHUKROHQXQGLKP ]XP]ZHLWHQ0DOGLH(SLVWHOOHVHQZUGHYLHOOHLFKWXQWHU :LHGHUEHZLOOLJXQJHLQHU)HULHQZRFKH'DQQQDKPGDV5HSHWLHUHQ EHL7DJXQGGDV)UDJXQG$QWZRUW6SLHOEHL$EHQGZLHGHUVHLQHQ $QIDQJXQGHUHUVFKUDNGDYRUXQG]ZHLIHOWHGDHU VEHUZLQGHQ ZHUGH9LHOOHLFKWZlUHVEHVVHUJHZHVHQHUZlUHGXUFKJHIDOOHQ GDQQZDUGLHJDQ]H4XlOHUHLYRUEHL9HUOREWZDUHUIUHLOLFKDEHU GRFKHUVWHLQ9LHUWHOMDKUGDVZROOWHQLFKWYLHOVDJHQXQGDP (QGH PXWHVGHQQJUDGHGLH-XULVWHUHLVHLQGLHVRJDUQLFKW]X LKPSDWH ZHLODOOHVVRVWHLIXQGK|O]HUQZDU5\ELQVNLOHEWHGRFK DXFK8QGZHQQHUDXIGHU3RVHQHU%DKQIXKUGHVVHQHQWVDQQHU VLFKMHW]WPLW9RUOLHEH XQGDQGHQNOHLQHQ6WDWLRQHQYRUEHUNDP ZRGDV%DKQKRIVJHElXGHKDOELQZLOGHP:HLQODJXQGGHU %DKQKRIVLQVSHNWRULQVHLQHUURWHQ0W]HGHQ=XJDEVFKULWW ZlKUHQGHLQHMXQJH)UDXPLWHLQHP%ORQGNRSIQHEHQVLFKKDOE QHXJLHULJXQGKDOEJHODQJZHLOWDXVGHP)HQVWHUGHUNOHLQHQ %HOHWDJH>@VDK*RWWGDZDULKPVFKRQPDQFKOLHEHV0DOGHU *HGDQNHJHNRPPHQMDZDUXPQLFKW%DKQKRIVLQVSHNWRU"8QG GLHVHU*HGDQNHNDPLKPZLHGHU8QGZHQQQLFKW %DKQKRIVLQVSHNWRUZDUXPQLFKW6FKXSSHQLQVSL]LHQWRGHU 7HOHJUDSKLVWGDVELFKHQ7LSSHQPXVLFKGRFKDP(QGHOHUQHQ ODVVHQXQGPLWXQWHUNRPPWDXFKPDOHLQLQWHUHVVDQWHV 7HOHJUDPPXQGPDQJHZLQQW(LQVLFKWLQDOOHUOHL

>@%HOHWDJHGDVHUVWHªVFK|QH©6WRFNZHUNHLQHV+DXVHVGDVDOV+DXSW XQG 3UDFKWJHVFKRJDOW

'LHVHQ%HWUDFKWXQJHQKLQJHJHEHQZXUGHHUUXKLJHUXQGVFKOLHI HLQ$EHUDPDQGHUQ0RUJHQZDUGLHDOWH6RUJHZLHGHU GDXQGHU ZDUYHUOHJHQDOVLKP7KLOGHVHLQHQ.DIIHHGHQHUQRFKLPPHU DOOHLQQDKPLQVHLQ=LPPHUEUDFKWH ª*XWHQ0RUJHQ+XJR6LHKZLHSUlFKWLJGLH6RQQHVFKHLQWGDV LVWGLU]X(KUHQ8QGHVLVWDXFKZDUPGUDXHQGXVROOWHVW VSD]LHUHQJHKQXQGGLFKQDFKDOOGHQ6WUDSD]HQHUKROHQ'HQQ ZHQQHLQHUDXFKQRFKVRWDSIHULVW©XQGVLHOlFKHOWHGDEHL ªYRU HLQHP([DPHQKDWGRFKMHGHU)XUFKW*HKHQPDFKWZLHGHUIULVFK XQGEULQJXQVHLQSDDU1HXLJNHLWHQPLW,FKJODXEHGHLQH ¾7RFKWHUGHU/XIW½LVWQLFKWPHKUGDVRQVWOLHHVLFKGDUEHU UHGHQXQGZLUN|QQWHQKHXWDEHQGYLHOOHLFKWKLQJHKQ+HXWH YRUPLWWDJPXLFKLQGLH6WDGW6ROOLFKGLUHWZDVPLWEULQJHQ" 2GHUKDVWGXDXIZDV$SSHWLW"0HLQOLHEHUDOWHU0HQVFKGXELVW GRFKUHFKWEODJHZRUGHQ©8QGGDEHLJDEVLHLKPHLQHQ.XPLW LKUHQVFKPDOHQ/LSSHQXQGJLQJGDQQXQGQLFNWHLKPYRQGHU7U KHUQRFKPDOIUHXQGOLFK]X

ª0HUNZUGLJHV0lGFKHQ©VDJWH+XJRªVRJXWXQGVRWFKWLJ DEHU.VVHQLVQLFKWLKUH)RUFH1XPDQNDQQQLFKWDOOHV YHUODQJHQXQGMHGHQIDOOVELQLFKIURKGDVLHQLFKJOHLFKZLHGHU GDYRQDQJHIDQJHQKDW(VZLUGZRKOQXUHLQH*DOJHQIULVWVHLQ $EHUZLHYLHO7DJHKDWGHQQGDV/HEHQ"8QGHLQ7DJLVWVFKRQ LPPHUZDV©

+XJRV%HIUFKWXQJHQVFKLHQHQVLFKQLFKWHUIOOHQ]XVROOHQ'DV ([DPHQZDU(QGH0lU]JHZHVHQXQGVFKRQZDU0LWWH$SULORKQH GD7KLOGHYRQ$VVHVVRU([DPHQXQG9RUEHUHLWXQJGD]X JHVSURFKHQKlWWH6LHOLHHVJHKQZDUYROONOHLQHU $XIPHUNVDPNHLWHQXQWHUGHQHQ6WFNHYRUOHVHQDXV NOHLQJHGUXFNWHQ5HFODPVFKHQ=ZHLJURVFKHQ$XVJDEHQREHQDQ VWDQGXQGKDWWHVLFKQXUGDULQJHlQGHUWGDVLHPLQGHUKlXVOLFK VFKLHQDOVIUKHUXQGMHGHQ9RUPLWWDJHLQSDDU6WXQGHQLQGHU 6WDGWZDU+XJRVHOEVWNPPHUWHVLFKQLFKWGDUXPXQGDXFK NDXPGLH$OWHELVGLHVHHLQHV7DJHVIUDJWHª7KLOGHGXELVWMHW]W LPPHUJHUDGHZHJZHQQGLH5XQWVFKHQNRPPWXQGUHLQHPDFKW

,FKZLOOQLFKWVVDJHQDEHUVLHUHQQWLPPHUJHJHQZHLOVLHQLFK VHKHQNDQQXQGVFKOlJWDOOHVHQW]ZHLKHXWHZLHGHUGLHJUQH /DPSHQJORFNH© ª-DGDVLVVFKOLPP0XWWHU© ª:RJHKVWGXGHQQHLJHQWOLFKLPPHUKLQ7KLOGH"© ª/HVHKDOOHIU)UDXHQ© ª8QGGD"© ª'DOHVLFK=HLWXQJHQ© ª$EHU+XJRNULHJWMDGRFKMHGHQ7DJHLQH© ª)UHLOLFK$EHUHLQHLVQLFKWJHQXJLFKEUDXFKHYLHOH© ª1DZHQQGXPHLQVWIUPLFKZlUHVQLFKWV© 8QGGDEHLEOLHEHV'LH$OWHNDPQLFKWZLHGHUGDUDXI]XUFNELV HLQH:RFKHVSlWHUGLHVHKDOEJHKHLPQLVYROOH=HLWXQJVOHVHLDXFK RKQHZHLWUH)UDJHLKUH(UNOlUXQJIDQG (VZDUHLQ6RQQWDJDQZHOFKHP7DJHGLH/HVHKDOOHQXUYRQHOI ELVHLQVDXIZDUXQGXPHLQHLQKDOEZDU7KLOGHZLHGHU]X+DXV ª*XWHQ7DJ0XWWHU(VULHFKWHLQELFKHQQDFKYHUEUDQQW'X KDVWZRKOQLFKUHFKWQDFKJHVHKQ1D+XJRPHUNWHVQLFKW8QG ZHQQDXFKHULWMDGLHYHUEUDQQWHQ6WHOOHQDPOLHEVWHQXQGVDJW GDQQEORLPPHUª'DLVQXDOOHV$QLPDOLVFKHUDXV© ª-DMDVRZDVVDJWHUXQGLFKKDELKQVFKRQLPPHUGDQDFK IUDJHQZROOHQ$EHUGDQQGDFKWLFKDXFKZLHGHU¾OLHEHUQLFK½© ª8QGGDVZDUDXFKDPEHVWHQVR1LFKWIUDJHQLVWLPPHUEHVVHU $EHUELVWGXGHQQJDUQLFKLQGLH.FKHJHNRPPHQ"© ª-D7KLOGHMHW]WHEHQ8QGGDKDELFKHVDXFKJOHLFKJHPHUNW XQGKDEHLQSDDU.RKOHQUDXVJHQRPPHQXQGKDEDXFK DXIJHJRVVHQ8QGJHlUJHUWKDELFKPLFKDXFKGHQQHVNRVW MD VRYLHODEHULFKNRQQWHQLFKWHKHUUDXVJHKQZHLOGLH6FKPlGLFNH KLHUZDU©

ª1DGLHKlWWDXFKZHJEOHLEHQN|QQHQ'LH6FKPlGLFNHEHGHXWHW QLHZDV*XWHVXQGNRPPWLPPHUEORDXV1HXJLHURGHUDXV %RVKDIWLJNHLWXQGXPHLQHPDUPHQ0HQVFKHQHLQHQ)ORKLQV2KU ]XVHW]HQ© ª$FK7KLOGHGDWXVWGXLKUDEHUXQUHFKWZHQLJVWHQVKHXWH6LH NDPEORXPXQV]XJUDWXOLHUHQYRQZHJHQ+XJRV([DPHQXQG ZDQQGHQQQX+RFK]HLWVHL© ª8QGGDKDVWGXJHVDJWQRFKODQJHQLFK1LFKZDKU".DQQLFK PLUGHQNHQ'HQQGXELVWHZLJLQHLQHU7RGHVDQJVWXQGJODXEVW LPPHUQRFKHVZLUGQLFKWVZHUGHQXQGDOOHVLVWXPVRQVW JHZHVHQXQGDOOHVDXVJHJHEHQ'DVLVLPPHUGHLQH+DXSWDQJVW 8QGZHQQGXGLHVH$QJVWNULHJVWGDQQPDFKVWGXGLFKNOHLQXQG MlPPHUOLFKXQGDXFKYRUVROFKHU3HUVRQZLHGLHVH6FKPlGLFNH GLHVHVSLW]QDVLJH3RVDPHQWLHUVZLWZH>@© ª1HLQ7KLOGHGDVKDELFKQLFKJHVDJWLFKKDEHQLFKWJHVDJW ¾QRFKODQJHQLFK½LFKKDEHEORJHVDJWLFKZWHHVQLFKDEHU GXWlWVWPLWXQWHUVRDOVREHVZROOEDOGORVJHKHQZUGH© ª8QGGD":DVVDJWHVLHGD"© ª1XGDVDJWHVLH¾-DOLHEH)UDX0|KULQJPDQFKHKDEHQ &RXUDJH5HIHUHQGDULVQLFKYLHOXQGHLJHQWOLFKEORHLQ$QIDQJ DEHUDOOHU$QIDQJLVVFKZHUXQGVRNDQQPDQVDJHQHVLVLPPHU ZDVXQG0LQLVWHUZLUGHUMDZROOQLFKZHUGHQZROOHQ2GHU YLHOOHLFKWGRFK8QG-RWWZHQQLFKPLUGHQQ7KLOGHQGHQNH½© ª'DVVDJWHVLH"© ª-D7KLOGHVRZDVZDUHV© ª8QYHUVFKlPWH3HUVRQ8QGGXPPGD]X'LHVHYHUIORVVHQH *LPSHQ0DGDP>@$EHU VLHZLUGVLFKZXQGHUQZHQQZLULKUGLH +RFK]HLWVDQ]HLJHVFKLFNHQ©

>@3RVDPHQWLHUVZLWZH:LWZHHLQHV+lQGOHUVRGHU)DEULNDQWHQYRQ.OHLGHUEHVDW] DXV6FKQUHQ%RUWHQXl >@*LPSHQ%RUWHQ%HVlW]H

ª$FK7KLOGHUHGHGRFKQLFKVRZDV:HQQPDQVRZDVUHGWGDQQ EHUHGWPDQ VXQGHVZLUGQLHZDV8QGHVKDWGRFKVFKRQVRYLHO JHNRVWHWXQGLFKZHLPLWXQWHUJDUQLFKZR VLPPHUQRFK KHUNRPPW© ª-D0XWWHULFKNDQQKH[HQ© ª-RWW.LQGQXUHGVWGXDXFKQRFKVR:HQQPDQGHQ'HLEHOUXIW LVHUGD8QG]XP6SDGDUIVWGXGRFKVRZDVQLFKVDJHQLQHLQHU VRHUQVWKDIWLJHQ6DFKH9DWHUVDJWHDXFKLPPHU¾-DGLH/HXWH JODXEHQHVLVHLQ9HUJQJHQDEHUHVLVNHLQ9HUJQJHQXQGGHU +RFK]HLWVWDJLVWGHUHUQVWKDIWHVWH7DJXQGPDQFKHGLHVLFKQLFK UHFKWWUDXHQVHKHQDXFKVFKRQVRDXV½8QGQXVSULFKVWGXYRQ +H[HQXQGWXVWDOVREDOOHVVFKRQGDZlUHXQGDOVREHV]X -RKDQQLORVJLQJH© ª*HKWHVDXFK0XWWHU© ª-RWW7KLOGHGDVIlKUWPLUMDLQDOOH*OLHGHU'HQQGXVWHKVWMDVR GDZLHZHQQGX VDOOHVVFKRQLQGHU7DVFKHKlWWHVW© ª+DELFKDXFK© 8QGGDEHLKROWH7KLOGHHLQHQKDOEHQ]ZHLPDO ]XVDPPHQJHIDOWHWHQ.RQ]HSWERJHQDXVGHU.OHLGHUWDVFKHVFKOXJ LKQDXVHLQDQGHUXQGVDJWHª1XOLHVPDO0XWWHU© ª$FKZLHNDQQLFKGHQQOHVHQXQGDOOHVPLW%OHLVWLIWJHVFKULHEHQ XQGRKQH%ULOOH© ª1XQGDQQK|UH]XGDQQZLOOLFKOHVHQ© 8QG7KLOGHODV4XDOLIL]LHUWH3HUVRQHQYHUVWHKVWGX0XWWHU"© ª2JDQ]JXWOLHVQXUZHLWHU© ª4XDOLIL]LHUWH3HUVRQHQGDVKHLW3HUVRQHQGLHPLQGHVWHQVGDV HUVWH6WDDWVH[DPHQEHVWDQGHQKDEHQXQGGDUEHUYROOJOWLJH =HXJQLVVHYRUOHJHQN|QQHQZHUGHQEHL*HQHLJWKHLWKLHUGXUFK DXIJHIRUGHUWVLFKXPGLH%XUJHPHLVWHUVWHOOHXQVUHU6WDGW]X

EHZHUEHQ*HKDOW0DUNEHLIUHLHU:RKQXQJXQGHLQLJHQ DQGHUQ(PROXPHQWHQ>@$VSLUDQWHQ ZHUGHQHUVXFKWLKUH =HXJQLVVHHLQ]XVHQGHQZHQQVLHQLFKWYRU]LHKHQVLFKGHQ 8QWHU]HLFKQHWHQJOHLFKSHUV|QOLFKYRU]XVWHOOHQ 0DJLVWUDWXQG6WDGWYHURUGQHWH]X:ROGHQVWHLQLQ:HVWSUHXHQ©

'LH$OWHZDUDQGLH&KDLVHORQJXHJHJDQJHQXQGOLHVLFKGDUDXI QLHGHUZDVVLHVRQVWLPPHUYHUPLHGQDPHQWOLFKVHLWGDV :HUWVWFNGXUFK+XJRVIQIZ|FKHQWOLFKH.UDQNKHLWHWZDVJHOLWWHQ KDWWHª-RWW7KLOGHLVHVGHQQP|JOLFK"'XELVWGRFKHLQXQGDXV 9RQ+H[HQUHGLFKQLFKGHQQIOLHJWHVZLHGHUZHJ$EHUKDWHU GHQQGLH6WHOOHVFKRQ"(VJLEWMDGRFKZROOVRYLHOH8QGZHQQHU DXFKHLQVHKUVFK|QHU0DQQLVXQGGHQ$XJHQDXIVFKODJKDWGD PDQJOHLFKGHQNW¾QXOLHVWHUGLH6RQQWDJV(SLVWHO½ MDLFK GHQNHPLUHVJLEWVRYLHOHVR8QGPDQFKHVLQGIOLQNHUZLHHUXQG VFKQDSSHQ VLKPZHJ© ª'DVODQXUJXWVHLQ0XWWHU,Q)OLQNLJNHLWVROOLKPGLHVPDO NHLQHUEHUVHLQ(UPXQRFKKHXWHZHJPLW P1DFKW]XJ :ROGHQVWHLQOLHJWHLQH6WXQGHYRQGHU%DKQXQGHLQ2PQLEXV ZLUGGRFKZRKOGDVHLQ8PIQILVWHUDXIGHU6WDWLRQXQGXP VHFKVLQ:ROGHQVWHLQLQ:HVWSUHXHQ(LQ*DVWKRI¾=XPEUDXQHQ 5R½RGHULUJHQGVRZDVZLUGGRFKZRKOGDVHLQLFKGHQNHPLU GHP5DWKDXVJUDGHJHJHQEHUXQGGDNDQQHUELV]HKQQRFK VFKODIHQ'HQQDXVVFKODIHQPXHUHUVWVRQVWLVHUQLFK]X EUDXFKHQ8QGGDQQIUKVWFNWHUXQGPDFKWVLFKIHLQXQGXP 6FKODJ]Z|OIWULWWHUDQXQGPDFKWVHLQH9HUEHXJXQJ8QGLFKZLOO QLFKW7KLOGHKHLHQZHQQVLHQLFKJOHLFKDOOHVDJHQ¾1DWUOLFK GHUPXHVZHUGHQ½8QGGHU1HLGYRQGHUDOWHQ6FKPlGLFNHKLOIW DXFKQRFKXQGGHQ7DJQDFK-RKDQQLKDWVLHGLH.DUWH© >@(PROXPHQWH9RUWHLOH1HEHQYHUJQVWLJXQJHQHLQHV$PWHV

=:g/)7(6.$3,7(/ )UDX6FKPl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ªDOWH/LHEHURVWHWQLFKW©ZDVDOOHVYRQ 7KLOGHPLWJURHU6HHOHQUXKHKLQJHQRPPHQZXUGH+XJRV 9HUJDQJHQKHLWEHXQUXKLJWHVLHZHQLJYLHONRQQWHHVQLFKW JHZHVHQVHLQXQGQRFKZHQLJHUEHXQUXKLJWHVLHGLH=XNXQIW $XHUGHPZDUHQHVIQI]HKQ0HLOHQYRQ2ZLQVNELV:ROGHQVWHLQ %HLP.DIIHHVHW]WHQVLFKEHLGHQHEHQ3DVWRU+DUWOHEHQGHUVLFK YRQGHPNDWKROLVFKHQ/HEHQLQ2ZLQVNHU]lKOHQOLH VFKPXQ]HOQG]XK|UWHDOVGLHNDWKROLVFKH*HLVWOLFKNHLWXQG]XP 6FKOXDXFKGHUHYDQJHOLVFKH*HLVWOLFKHGXUFKGLH+HFKHOPKOH GHUEHLGHQKEVFKHQ0lGFKHQKLQGXUFKPXWHQXQGDOVHU DXIEUDFKVLFKLQVHLQHPDOWHQ'RJPDYRQGHUhEHUOHJHQKHLWGHU :HOWNLQGHUQHXJHVWlUNWIKOWH(VZDUQLHPDQGGDJHJHQGHQHU VHLQ+HU]DXVVFKWWHQNRQQWHDOVHUDEHUGLH7UHSSHKLQDEVWLHJ XQGGHQ3RUWLHUGHQHUYRQYLHOHQ+RFK]HLWHQKHUNDQQWH IUHXQGOLFKOlFKHOQGJHJUWKDWWHVDQQHUVHLQHPDOWHQ /LHEOLQJVVlW]HYRQGHUhEHUOHJHQKHLWGHU:HOWNLQGHUQDFKª(VLVW HLQHLJHQ'LQJPLWGHU)U|PPLJNHLWHVVLQGGRFKQXUZHQLJHGLH VLHYHUWUDJHQN|QQHQXQGLQGLHVHP1LFKWVVHLQ XQG1LFKWV EHGHXWHQ:ROOHQOHLFKWVLQQLJHQ*RWWYHUWUDXQVVWHFNWHLJHQWOLFK %HVVHUHVDOVLQGHU6LFKHUKHLWXQGGHP$QVSUXFKGHUHUGLHVLFKHU VLQGIULKUHQ*RWWZDVJHWDQ]XKDEHQ'LHVH0lGFKHQZLH JUD]L|VXQGHLJHQWOLFKZLHEHVFKHLGHQXQGGHUHQW]FNHQGH.HUO GHU5\ELQVNL©

-D5\ELQVNLZDUDXFKGDJHZHVHQPLWHLQHUQHXHQ%UDXWYRQGHU HUEHKDXSWHWH ªGLHVPDOVHLHVHUQVWKDIW© ª:LUNOLFK"©KDWWH+XJRJHIUDJW ª-D6LHLVW7UDJ|GLQ© 'LH6FKPlGLFNHVDQHEHQGHUDOWHQ0|KULQJXQGVSUDFKYLHOYRQ GHP+RFK]HLWVJHVFKHQNGDVVLH]XP3ROWHUDEHQGGHUDEHU DXVILHO JHVFKLFNWKDWWH(VZDUHLQHURVDIDUEHQH$PSHODQGUHL .HWWHQ'LH6FKPlGLFNHZDUVHKUJHL]LJª,FKKDEHVPLUODQJH EHUOHJWZDVZRKOGDVEHVWHZlUH'DPXWLFKGUDQGHQNHQZLH GXVWHUHVZDUDOV6FKPlGLFNHNDP,FKNDQQZRKOVDJHQHVZDU HLQIXUFKWEDUHU$XJHQEOLFNXQGKDWWVRZDVZLHZHQQHLQ 9HUEUHFKHUVFKOHLFKW8QG6FKPlGLFNHZDUGRFKVRXQEHVFKROWHQ ZLHHLQHUQXUVHLQNDP8QGVHLWGHPZHQQHLQH+RFK]HLWLV VFKHQNHLFKVRZDV=XYLHO/LFKWLVDXFKQLFKJXWDEHUVR JHGlPSIWGDJHKWHV©'LHDOWH0|KULQJQLFNWHPLWGHP.RSI VFKZLHJDEHUGHQQVLHKDWWHVLFKEHUGLH$PSHOJHlUJHUW

1RFKGHQVHOEHQ$EHQGUHLVWHGDVMXQJH3DDUDEXQG]ZDUJOHLFK QDFK:ROGHQVWHLQ:HLOVLHDEHUYRUKDWWHQGLHHUVWH1DFKWLQ .VWULQXQGGLH]ZHLWH1DFKWLQ%URPEHUJ]X]XEULQJHQVR QDQQWHQVLHGLHVH )DKUWGRFKLKUH+RFK]HLWVUHLVHMD+XJRWDWVLFK HWZDVGDUDXI]XJXWH ª,FKILQGHHVQLFKWLQGHU2UGQXQJGDHVLPPHU'UHVGHQXQG GLH%UKOVFKH7HUUDVVHVHLQPXRGHUJDUGHU=ZLQJHU,Q.VWULQ ZROOHQZLUXQVDPDQGHUQ0RUJHQGDV*HIlQJQLVGHV.URQSULQ]HQ )ULHGULFKDQVHKQXQGGLH6WHOOHZR.DWWHKLQJHULFKWHWZXUGH'DV VFKHLQWPLUSDVVHQGHUDOVGHU=ZLQJHU©7KLOGHZDUPLWDOOHP HLQYHUVWDQGHQJHZHVHQ.VWULQZDU(WDSSHQDFK:ROGHQVWHLQ XQGGD:ROGHQVWHLQEDOGP|JOLFKVWHUUHLFKWZXUGHQXUGDUDXI NDP HVDQ $PPLWWDJVZDUHQVLHGD6LHEH]RJHQGLH:RKQXQJGLH VFKRQGHUYRULJH%XUJHPHLVWHULQQHJHKDEWXQGGLH+XJRV0XWWHU XQG6FKZHVWHUYRQ2ZLQVNDXVHLQJHULFKWHWKDWWHQWHLOVPLW HLQLJHQDOWHQ6DFKHQDXVGHP2ZLQVNHU+DXVWHLOVPLWQHX JHNDXIWHQ 0|EHOQXQG6WRIIHQGLHVlPWOLFKLQ:ROGHQVWHLQ

JHNDXIWZDUHQª(VZLUGZRKOWHXUHUVHLQXQGQLFKWYLHOWDXJHQ© KDWWH7KLOGHJHVDJWªDEHUHVEULQJWVLFKZLHGHUHLQ:LUPVVHQ XQVOLHE.LQGPDFKHQ:ROGHQVWHLQLVWMHW]WGLH.DUWHGUDXIZLU VHW]HQPVVHQ© $P-XOLZXUGH+XJRHLQJHIKUWXQGHUREHUWHVLFKJOHLFKGLH +HU]HQGXUFKHLQH$QVSUDFKHGLHHUKLHOWª(UVHLHLQKDOEHU /DQGVPDQQXQGKDEHYRQ-XJHQGDQDQGHUhEHU]HXJXQJ IHVWJHKDOWHQGDGLH.UDIWGHVSUHXLVFKHQ6WDDWHVLQGHQ |VWOLFKHQ3URYLQ]HQOLHJH9RQGDKHUKDEHGLH0RQDUFKLHGHQ 1DPHQDXV.|QLJVEHUJVWDPPHGDVSUHXLVFKH.|QLJWXPXQG ZHQQ:ROGHQVWHLQDXFKYLHOOHLFKWQLFKWEHVWLPPWVHLGHUDUWLQGLH *HVFKLFNHGHV/DQGHVHLQ]XJUHLIHQVRVHLDXFKGDV.OHLQVWHJUR JHQXJGXUFK3IOLFKWHUIOOXQJXQGGXUFK)HVWKDOWHQDQGHQDOWHQ SUHXLVFKHQ7XJHQGHQYRUELOGOLFK]XZLUNHQXQGGHP/DQGHHLQH (KUHXQG6HLQHU0DMHVWlWGHP.|QLJHHLQH)UHXGH]XVHLQ©$Q GLHVHU6WHOOHZXUGH%HLIDOOODXWGHQQ:ROGHQVWHLQZlKOWH NRQVHUYDWLY$EHU+XJRGHUJXW VDKKDWWHGRFKDXFKGDV VS|WWLVFKH/lFKHOQJHVHKQPLWGHPHLQHNOHLQH*UXSSHGLHVH SDWULRWLVFKH:HQGXQJEHJOHLWHWHZHVKDOEHUKLQ]XIJWHª6HLQHU 0DMHVWlWHLQH)UHXGHVHLQGHP.|QLJHGHUHLQ+RUWGHU 9HUIDVVXQJLVW]XGHUZLUDOOHVWHKQPLW/HLEXQG /HEHQ©

'HU6FKOXGHU5HGHKDWWHVRJHZLUNWGDGLH)LUPD6LOEHUVWHLQ XQG,VHQWKDOHLQ6WlQGFKHQDQUHJWHGDVDXFKDPVHOEHQ$EHQGH QRFKJHEUDFKWZXUGH'LH.RQVHUYDWLYHQVFKORVVHQVLFKDXVDEHU QLFKWDXV'HPRQVWUDWLRQJHJHQ+XJRVRQGHUQQXUDXV 'HPRQVWUDWLRQJHJHQGLHIRUWVFKULWWOLFKH)LUPD 'LHQlFKVWHQ7DJHZDUHQHWZDVXQUXKLJ+XJRKDWWH%HVXFKHLQ >GHU@6WDGWXQGDXFKLQGHU8PJHJHQG]XPDFKHQQDPHQWOLFK EHLP/DQGUDWGHUSHUVRQDJUDWLVVLPDZDUXQGPLWGHPHUJOHLFK HQWVFKORVVHQZDUVLFKJXW ]XVWHOOHQ(VZDUQLFKWJDQ]OHLFKWGD GDV6WlQGFKHQGRFKK|KUHQ2UWV$QVWRJHJHEHQKDWWH7KLOGH VDJWHª'DVWXWQLFKWV5RPLVWQLFKWDQHLQHP7DJHJHEDXWJXW 'LQJZLOO:HLOH©6LHULFKWHWH]XQlFKVWLKUH$XIPHUNVDPNHLWDXI GLH(LQULFKWXQJHQGHV+DXVHVXQGYHUYROOVWlQGLJWHGLH(LQULFKWXQJ GXUFKDOOHUKDQGNOHLQH(LQNlXIH'HQGULWWHQ7DJQDFKLKUHU $QNXQIWWUDIHQDXFKQRFKHLQLJH6DFKHQDXV%HUOLQHLQGDUXQWHU

GLH$PSHO+XJRZDUQLFKWDEJHQHLJWLKUGHQ(KUHQSODW]]X JHEHQGHUGHU6FKPlGLFNHYRUJHVFKZHEWKDWWH7KLOGHVDJWH DEHUª'DVLHKWVLHMDNHLQHU©XQGKLQJVLHLQGHQ+DXVIOXUZR VLHIUHLOLFKEHLGHQKHOOHQ6RPPHUWDJHQ]XQlFKVWQRFK]XNHLQHU :LUNXQJNRPPHQNRQQWH 'DV%HVWHGHU:RKQXQJZDUGHUKEVFKH]LHPOLFKJURH*DUWHQ GHUQDFK3DVVLHUXQJHLQHVVFKPDOHQ+RIHVPLWHLQHP7UXWKDKQ XQG3HUOKKQHUQDOOHVYRPYRULJHQ%XUJHPHLVWHUEHUQRPPHQ XQPLWWHOEDUKLQWHUGHP+DXVHODJ'XUFKGLH0LWWH]RJHQVLFK %XFKVEDXPUDEDWWHQKDOEHQ:HJVZDUHLQH6RQQHQXKUXQGLQ GHQ%HHWHQGLHOLQNVXQGUHFKWVOLHIHQEOKWHQ%DOVDPLQHQXQG 5LWWHUVSRUQEHUDOOEHUZDFKVHQYRQULHVLJHQ6RQQHQEOXPHQIU GLHGHU9RUEHVLW]HUHLQH9RUOLHEHJHKDEWKDEHQPXWH +LHUZDU7KLOGHEHVRQGHUVWlWLJWUXJHLQHQJURHQZHLHQ 6FKQXUUHQKXW>@ HLJQHU(UILQGXQJXQGOHJWHZHQQ+XJRYRP 5DWKDXVNDPLKUHQ$UPLQGHQVHLQHQXQGOLHVLFKZlKUHQGVLH PLWLKPDXIXQGDEVFKULWWYRQGHQ6LW]XQJHQHU]lKOHQ ª,FKELQPLWXQWHULQ9HUOHJHQKHLW©VDJWHHUª6LHKDEHQHLQ 9HUWUDXHQ]XPHLQHU5HFKWVNXQGHXQGLFKVROOLPPHUDP 6FKQUFKHQZLVVHQZDVGD]XWXQVHLXQGZDVUHFKWHQVVHL 1DWUOLFKVDJLFKLPPHUHVOlJHVHKUVFKZHUHVVHLHLQ NRPSOL]LHUWHU)DOOGHUMHQDFKGHPK|FKVWZDKUVFKHLQOLFKVRRGHU VRHQWVFKLHGHQZHUGHQPVVHGDEHLVFKOlJWPLUDEHUGDV+HU] GHQQDOOHVZDVLFKGDVDJHNDQQDXFK8QVLQQVHLQ© ª'XIlQJVWHVQLFKWULFKWLJDQ+XJR:DVKHLW5HFKWVIUDJHQ" 5HFKWVIUDJHQGDVLVWIU:LQNHONRQVXOHQWHQ>@8QGZHQQ HVZDV 2UGHQWOLFKHVLVWGDQQPXWGXVDJHQGDZROOHQZLU-XVWL]UDW 1RDFNIUDJHQLFKKDOWHGHQIUHLQHQVFKDUIHQ.RSI© ª-D7KLOGH©

>@6FKQXUUHQKXWNLHSHQI|UPLJHU)UDXHQKXWDXV6WURKRGHU%DVW >@:LQNHONRQVXOHQW:LQNHODGYRNDW

ª)UHLQHQVFKDUIHQ.RSI8QGZHQQGXGDVVDJVWVROHJWGLUGDV NHLQHU]XP6FKOLPPHQDXVXQGGHQ-XVWL]UDWKDVWGXQXVFKRQ VLFKHUDXIGHLQHU6HLWH'HUVDJWGDQQ¾,KU+HUUHQGDKDEWLKU HQGOLFKPDOHLQHQULFKWLJHQ%XUJHPHLVWHUHLQHQNOXJHQ YHUVWlQGLJHQ0DQQ,QGHU5HJHOZROOHQVLHDOOHVVHOEHU ZLVVHQ 'DVLVW3IXVFKHUHLGDVLVWZLHZHQQGLH$SRWKHNHUGLH.UDQNHQ NXULHUHQZROOHQ'D]XJHK|UWQRFKPHKU(LQ%XUJHPHLVWHULVWHLQ 9HUZDOWXQJVEHDPWHUHLQNOHLQHU5HJHQWHNHLQ5HFKWVSUHFKHU XQGGDVNDQQLFKHXFKVDJHQGHUYHUVWHKW]XUHJLHUHQHU LVWHLQ $GLQLQLVWUDWLRQVWDOHQWHUKlOWDXI2UGQXQJXQGHUKDW,GHHQ½© ª-D7KLOGH© ª8QGKDW,GHHQVDJLFK© ª-DGDVVDJVWGXRGHUOlWHVGHLQHQ-XVWL]UDWVDJHQ$EHUZHU KDW,GHHQ",GHHQGDVLVWQLFKWVROHLFKW© ª*DQ]OHLFKW© ª$FK7KLOGH GDVLVWMD7RUKHLW,GHHQ© ª,GHHQKDWMHGHUGHUVLHKDEHQZLOO'XELVWEOR]XlQJVWOLFKGX KDVWNHLQ=XWUDXQ]XGLUGXGHQNVWLPPHUGLHDQGHUQVLQG ZXQGHUZLHNOXJXQGYHUVWHKHQDOOHVEHVVHU:HQQPDQ %XUJHPHLVWHULVWGDQQPXPDQVRZDVDXIJHEHQ© ª-DGDVVDJVWGXZRKO$EHULFKPXGRFKPLWZDVNRPPHQ© ª1DWUOLFK© ª,FKPXGRFKPLWZDVNRPPHQXQG9RUVFKOlJHPDFKHQ8QG ZDVVROOLFKYRUVFKODJHQ"© ª$OOHV© ª$FK7KLOGHGDVLVWGRFK7RUKHLW'XVDJVW¾DOOHV½XQGLFKZHL JDUQLFKWV© ª:HLOGXGLH$XJHQQLFKWDXIPDFKVWXQGGLH2KUHQHUVWUHFKW QLFKW'XELVWLPPHUZLHLP7UDXP+XJR©

(UOlFKHOWH ª6LHKGDLVKLHUGHU:HJ]ZLVFKHQGHU6WDGWXQGGHPJURHQ 7RUIPRRU$ONLWWHQKDWPLUJHVDJWLP+HUEVWZHQQHVUHJQHWLVW JDUQLFKGXUFK]XNRPPHQXQGZHUVHLQHQ7RUIELVGDKLQQLFKW HLQJHIDKUHQKDWGHUPDJVHKQZRHUEOHLEW© ª+DELFKDXFKJHK|UW© ª-D$EHUGXGHQNVWGLUQLFKWVGDEHL'XPXWPRUJHQGHQ 6WDGWYHURUGQHWHQYRUVFKODJHQGDHLQ6WHLQGDPPJHEDXWZLUG HVLVWMDQXUHLQHKDOEH0HLOH RGHUHLQH.OLQNHUFKDXVVHHRGHU GRFKPLQGHVWHQVHLQ.QSSHOGDPPGDGLH:DJHQLP0RGGHU QLFKWVWHFNHQEOHLEHQ8QGGDQQODHLQ&KDXVVHHKDXVEDXQHVLVW MDDOOHVQRFKDXIVWlGWLVFKHP*UXQGXQG%RGHQXQGGHU/DQGUDW KDWQLFKWPLWGUHLQ]XUHGHQ8QGIUGHQHLQHQ*URVFKHQKDEHQ GLH/HXWHGDQQHLQHQIHLQHQ:HJXQGN|QQHQQRFKVWRO]VHLQGD VLHVRZDVDXVHLJQHU.UDIWXQGHLJQHQ0LWWHOQJHEDXWKDEHQ© ª6HKLFKHLQLVWHLQJXWHU9RUVFKODJª ª8QGGDQQPXWGXZHJHQGHU*DUQLVRQDQSXUUHQ$ONLWWHQVDJW PLUGDVFKRQODQJHGDYRQGLH5HGHZDUGDDEHUGHLQ 9RUJlQJHUQLFKWZROOWHYLHOOHLFKWZHLOHUVLFKZHJHQVHLQHU)UDX IUFKWHWH'LHVROOQlPOLFKHWZDVIRUVFKJHZHVHQVHLQ© ª-DGDVLVULFKWLJ© ª1XQGDVLHKVWGX V8QGGLH.QDXVHUHLPLWGHP6WDOOJHElXGH GDVLVWMDGHUSXUH8QVLQQ$ONLWWHQKDWPLUHU]lKOWGLH 6WDGWYHURUGQHWHQKlWWHQQLFKWJHZROOW-DZDUXPQLFKW"ZHLOGHU $QVWRIHKOWH1XQEHLPLUOLHJWHVDQGHUV8QGZHQQGHU VFK|QVWH5LWWPHLVWHUKHUNRPPWGXNHQQVWGRFKGHLQH7KLOGH© +XJRYHUVLFKHUWHGDHUVLFKJDQ]EHU]HXJWKDOWH ª9RQJDQ]HP5HJLPHQWNDQQQDWUOLFKNHLQH5HGHVHLQ'D]XLVW :ROGHQVWHLQ]XVHKU1HVWXQG6LOEHUVWHLQXQG,VHQWKDON|QQHQHV QLFKWUDXVUHLHQXQG5HEHFFD6LOEHUVWHLQDXFKQLFKWhEULJHQVLVW HVHLQHKEVFKH3HUVRQ$EHUGRFKQLFKW]XP+HLUDWHQ8QGIU VRQVWLVWVLH]XVWUHQJ$OVRQLFKWGDVJDQ]H5HJLPHQWIUHLQHQ

DGOLJHQ2EHUVWHQLVWDXFKHLJHQWOLFKJDUNHLQH:RKQXQJKLHU K|FKVWHQVLQXQVUHUHUVWHQ(WDJH© ª7KLOGH© ª$EHU]ZHL(VNDGURQVGDVJHKW8QGQXQEHUHFKQHGLUPDOZLH GDVZLUNW9RQ%URWZLOOLFKQLFKUHGHQGDVEDFNHQVLHVHOEHU $EHUGUHLKXQGHUW3IHUGHXQGGUHLKXQGHUW0HQVFKHQ8QGHLQ .DVLQRPVVHQVLHGRFKDXFKKDEHQ8QGGDQQGLHMXQJHQ)UDXHQ XQG%DOOXQG7KHDWHU6LOEHUVWHLQLVWJHJHQGDV0LOLWlUDEHUGDV JLEWVLFK'LHJDQ]H%lFNHUHLXQG6FKOlFKWHUHLNRPPWDXIHLQHQ DQGHUQ)XXQG:ROGHQVWHLQK|UWDXIHLQ1HVW]XVHLQXQGZLUG HLQH6WDGWXQGYLHOOHLFKW]LHKHQVLHKLHUPDOHLQH'LYLVLRQ ]XVDPPHQXQGPDFKHQHLQ.DYDOOHULHPDQ|YHUXQGZHQQGHU *HQHUDOEHLXQVZRKQWVRKDVWGXGHQ.URQHQRUGHQZHJGX ZHLWQLFKWZLH© +XJREFNWHVLFKXPHLQHQ5LWWHUVSRUQ]XSIOFNHQXQG7KLOGHQ LQGHQ*UWHO]XVWHFNHQ ª8QGVLHK+XJRVRPXWGX VDQIDQJHQ$OOGLHVNOHLQH=HXJ ZDVLKUGDLPPHUGXUFKVSUHFKWGDPLW]ZLQJVWGX VQLFKWGDV NDQQMHGHU$EHULPPHUDXIGHP$XVNLHNLPPHUVHKHQZDVVR GHP*DQ]HQ]XJXWHNRPPWGDPLW]ZLQJVWGX VXQGGDVLVZDV LFKGLH¾,GHHQ½JHQDQQWKDEH'LH:HOWNDQQQLFKWMHGHUDXIHLQHQ K|KUHQ)OHFNEULQJHQDEHU:ROGHQVWHLQVRZHLW]XEULQJHQGD HVDOOH:RFKHPDOLQGHU=HLWXQJVWHKWXQGGDGLH0HQVFKHQ HUIDKUHQ¾HVJLEWHLQHQ2UWGHUKHLW:ROGHQVWHLQ½ MD+XJR GDVLVWP|JOLFKXQGGDVLVWLQGHLQH+DQGJHJHEHQ© ª2GHULQGHLQH©OlFKHOWH+XJRª$EHUGXKDVWUHFKWZLUZROOHQ V YHUVXFKHQ©

'5(,=(+17(6.$3,7(/ ,QGLHVHU:HLVHJLQJHQGLH8QWHUKDOWXQJHQGLH7KLOGHPLW+XJR IKUWHZHQQGLHVHUYRP5DWKDXVLQVHLQH:RKQXQJ]XUFNNHKUWH *HJHQGHQ+HUEVWKLQZDUGDXFKGLH$PSHOMHGHQ$EHQG KHUDEJHODVVHQXQGHLQ8QVFKOLWW/LFKWKLQHLQJHVHW]WZDVVR ZXQGHUEDUOHXFKWHWHGDQLHPDQGYRUEHUJLQJGHUQLFKWHLQHQ %OLFNKLQHLQJHWDQKlWWHª'LH%HUOLQHUKDEHQGRFKHLQHQ6FKLFN IUVRZDV©5HEHFFD6LOEHUVWHLQGUDQJLQGHQ9DWHUDXFK GHUJOHLFKHQDQ]XVFKDIIHQ(UZDUDEHUGDJHJHQª5HEHFFDZHQQ HUNRPPWLFKVDJHQLFKWZHU GDQQVROOVWGXKDEHQGLH$PSHO XQGQLFKW5RVDVROOVWGXKDEHQGXVROOVWVLHKDEHQLQ5XELQXQG VROOVWKDEHQZHQQGXVFKOlIVWHLQHQKLPPOLVFKHQ*ODQ]© 5HEHFFDZDUXQ]XIULHGHQEHUGLHV+LQDXVVFKLHEHQDEHUVLHZDU EHLQDK GLHHLQ]LJ8Q]XIULHGQHLQGHU6WDGWDOOHDQGUHQIUHXWHQ VLFKEHULKUQHXHV6WDGWREHUKDXSWXQG6LOEHUVWHLQGHUYLHOODV XQGLPPHUVHKUJHELOGHWVSUDFKVDJWHª(UKDWGLH,QLDWLYH'DV ,QLWDWLYHKDWMHGHUDEHUGLH,QLDWLYHGDVLVWHVZDVGHQK|KUHQ 0HQVFKHQYRQGHPQLHGUHQXQWHUVFKHLGHW© ,VHQWKDOGHULPPHUZLGHUVSUDFKZLGHUVSUDFKDXFKLQGLHVHP )DOO$EHU6LOEHUVWHLQHUHLIHUWHVLFKKHIWLJXQGVDJWHª6DJH QLFKWV,VHQWKDORGHUGXWXVWHLQ8QUHFKWXQGEULQJVWHVDXI GHLQHQ.RSI,VWHUQLFKWZLH1DWKDQ",VWHUQLFKWGHU0DQQGHU GLHGUHL5LQJHKDW",VWHUQLFKWJHUHFKWXQGVLHKWGRFKDXVZLHHLQ $SRVWHO"8QGVHLQH)UDX*HPDKOLQHLQHVHKUJHELOGHWH)UDXKDW JHVSURFKHQYRQGHU'UHLHLQLJNHLWXQGGHU3DSVWLQ5RPXQG /XWKHUXQG0RVHVGLHPWHQDXIJHKQLQHLQHP8QGGLHVVHL 3UHXHQ8QGVLHVHLJHVHJQHWZHJHQGHU(LQKHLW'DVKDWVLH JHVDJWXQGLFKVDJHGLU0RVHVEOHLEW0RVHVKDWGLH3ULRULWlW© $OOHVJLQJJXW1XUGHU/DQGUDWYHUKLHOWVLFKNKOXQGHVZDU JDQ]HUVLFKWOLFKGDHUZHGHUYRQGHUª,QLDWLYH©GLHVHLQHLJQHV /LFKWLQGHQ6FKDWWHQVWHOOWHVRQGHUOLFKHUEDXWZDUQRFKYRQ +XJRV1DWKDQVFKDIWXQGVHLQHU*OHLFKEHUHFKWLJXQJGHUGUHL .RQIHVVLRQHQ(VNDPHQ%HJHJQXQJHQYRULQGHQHQ+XJR ªJHVFKQLWWHQ©ZXUGHEHVRQGHUVDXFKYRQGHU)UDX/DQGUlWLQGLH 7lQ]HULQHUVWLQ$JUDPXQGGDQQLQ:LHQJHZHVHQZDUXQGVLFK

GLH)HVWLJXQJGHVFKULVWOLFK*HUPDQLVFKHQ]XU/HEHQVDXIJDEH JHVWHOOWKDWWH +XJRZDUPHKUDOVHLQPDOLQELWWUH9HUOHJHQKHLWJHUDWHQXQG KDWWHVLFKDXIVHLQHQ6SD]LHUJlQJHQLP*DUWHQ GLHELVLQGHQ 6SlWKHUEVWKLQHLQIRUWJHVHW]WZXUGHQPHKUDOVHLQPDOJHJHQ 7KLOGHGDUEHUDXVJHVSURFKHQ ª'XYHUVWHKVWHVQLFKW©VDJWH7KLOGHXQGQDKPHLQH%HXUUpJULVH YRP%DXPª6LHK+XJRGLH%HXUUpJULVHLVWQRFKKDUWXQGGX PXWVLHYLHU:RFKHQDXI6WURKOHJHQHKVLHVFKPHFNW$EHU QRFKHKGLHYLHU:RFKHQXPVLQGKDELFKGLUGHQ/DQGUDWZHLFK JHPDFKW(ULVWHLQVHKUJXWHU+HUUXQGHLJHQWOLFKOLHEHQVZUGLJ YRQ1DWXUXQGGDVPWHQLFKWPLWUHFKWHQ'LQJHQ]XJHKQ ZHQQGHUQLFKW]XEHNHKUHQZlUH:HUHLQH7lQ]HULQKHLUDWHWKDW LPPHUHLQZHLFKHV+HU]© +XJRVHXI]WHGHQQHUOLWWXQWHUGHU*HJQHUVFKDIWXQGVDKNHLQ (QGHGDYRQ$EHUHUKDWWH7KLOGHQXQWHUVFKlW]WXQGGLHYLHU :RFKHQZDUHQQRFKQLFKWXPXQGGLH%LUQHQRFKQLFKW SUlVHQWLHUWDOV+XJR(QGH1RYHPEHUYRQHLQHU.UHLVWDJVVLW]XQJ KHLPNDPXQGYRQGHU/LHEHQVZUGLJNHLWGHV/DQGUDWVQLFKW JHQXJHU]lKOHQNRQQWH 7KLOGHVDJWHNHLQ:RUWXQG+XJRVDKHUVWHLQLJHUPDHQNODULQ GHU6DFKHDOVHUDPVHOEHQ$EHQG6LOEHUVWHLQLQGHU 5HVVRXUFH>@ WUDI ª+DEHQ6LHVFKRQJHOHVHQ+HUU*URPDQQ"©VDJWHHU]ZLQNHUQG XQGDOV+XJRYHUQHLQWHJDEHU LKPGLHYRUOHW]WH1XPPHUGHU .|QLJVEHUJHU+DUWXQJVFKHQ=HLWXQJ>@ GLHLQ:ROGHQVWHLQDP PHLVWHQJHOHVHQZXUGHXQGVDJWHª6HKUJXWJHVFKULHEHQLFK P|FKWHVDJHQIHLQ$EHUHVLVWGLH:DKUKHLW(ULVWHLQIHLQHU+HUU GHU+HUU/DQGUDW©8QGGDEHLOLHHU+XJRPLWGHP=HLWXQJVEODWWH DOOHLQ

>@5HVVRXUFHKLHUVRYLHOZLH.OXE >@.|QLJVEHUJHU+DUWXQJVFKH=HLWXQJHLQHGHUlOWHVWHQGHXWVFKHQ =HLWXQJHQNDPGDV%ODWWLQGHQ%HVLW]GHV.|QLJVEHUJHU9HUOHJHUV XQG'UXFNHUV-RKDQQ+HLQULFK+DUWXQJ

+XJRVFKWWHOWHGHQ.RSIXQGVHW]WHVLFKLQHLQHQ6WXKOQHEHQ GHP6FKHQNWLVFKDXIGHPVHFKVDFKW:HLQJOlVHUPLW $SIHOVLQHQFUpPH%DXPWRUWHXQGNOHLQH.RULDQGHUNXFKHQVWDQGHQ (UVHOEVWKDWWHVLFKVFKRQYRUKHUHLQHQ&XUDFDRJHEHQODVVHQ XQGZlKUHQGHUGDUDQQLSSWHODVHUGLHEODXDQJHVWULFKQH6WHOOH ª:ROGHQVWHLQ6HSWHPEHU,QXQVUHP.UHLVHUKUWPDQVLFK EHUHLWVIUGLH:DKOHQRKQHGDHLQHEHVRQGHUVSUHVVDQWH %HQ|WLJXQJGDIUYRUOlJH'HQQGLH:DKOXQVUHV/DQGUDWVY 6FKPXFNHUQGDUIZRKODOVJHVLFKHUWDQJHVHKQZHUGHQGDVRYLHO ZLUELVKHUHUIDKUHQNRQQWHQVHLQHSROLWLVFKHQ*HJQHUDXI $XIVWHOOXQJHLQHV*HJQNDQGLGDWHQYHU]LFKWHWKDEHQ6RZRKOGLH SROQLVFKNDWKROLVFKHZLHGLHIRUWVFKULWWOLFKH3DUWHLYHUHLQLJHQVLFK LQ:UGLJXQJGHUKHUYRUUDJHQGHQ&KDUDNWHU XQG 9HUZDOWXQJVHLJHQVFKDIWHQGHV/DQGUDWVY6>XQGKDOWHQHVIU LKUH3IOLFKW@VHOEVWDXI.RVWHQLKUHUVRQVWLJHQSROLWLVFKHQ hEHU]HXJXQJHQLKUHP9HUWUDXHQJHJHQLKQ$XVGUXFN]XJHEHQ (VOlWVLFKKLHUYRQHLQHP6LHJHGHU3HUV|QOLFKNHLWVSUHFKHQGHU XPVRJOlQ]HQGHUDXVIlOOWDOVGDVODQGUlWOLFKH+DXVZHVHQHLQH $Q]LHKXQJDXIGDV3ROHQWXPlXHUW'LHIHLQH6LWWHGLHGHP 3ROHQWXPVRYLHOEHGHXWHWKDWLQGLHVHP+DXVZHVHQLKUH6WlWWH 'LHVH9RU]JHVLHKWVLFKDXFKGHU)RUWVFKULWWWURW] JHVHOOVFKDIWOLFKHQ'UDXHQVWHKQVLQGHUDQJHQHKPHQ/DJH YROODXIZUGLJHQ]XN|QQHQZHLOGHUYRUKHUUVFKHQGH7RQQLFKW QXUHLQ7RQGHU9RUQHKPKHLWVRQGHUQEHLQDKPHKUQRFK VFK|QVWH+XPDQLWlWLVW)UDXY6FKPKDWHLQHQ.ULSSHQYHUHLQ >JH@JUQGHW]XGHPDXFKGLHGULWWH.RQIHVVLRQ>@ EHLJHVWHXHUW KDWXQGGLH7lWLJNHLWGLHVHV9HUHLQVZLUGDP:HLKQDFKWVDEHQG )UHXGHLQGLH+WWHQGHU$UPXWWUDJHQhEHUDOOHJURHQ)UDJHQ KLQDXVEHGDUIXQVHU.UHLVYRUDOOHQ'LQJHQHLQHU6HNXQGlUEDKQ XPHQGOLFKEHTXHPH9HUELQGXQJPLWGHU:HLFKVHO]XKDEHQHLQH 6DFKHGDULQDOOH3DUWHLHQHLQLJVLQG8QGGLHVH%DKQXQV]X VLFKHUQLVW/DQGUDWY6FKPJHHLJQHWHUDOVMHGHUDQGUHGDVHLQH %H]LHKXQJHQ]XP+RIHEHNDQQWVLQG$GHOZHQQHUGLH=HLW EHJUHLIWXQGDXI([NOXVLYLWlWYHU]LFKWHWLVWLPPHUGLHEHVWH /RNDOYHUWUHWXQJ©

>@GULWWH.RQIHVVLRQGLH-XGHQ

+XJROHJWHGDV%ODWWDXVGHU+DQGXQGQDKPHLQHQ .RULDQGHUNXFKHQª$OVRGDKHU(UKlOWPLFKIUGHQ9HUIDVVHU 1DWUOLFK>GD@LQ:ROGHQVWHLQQXUGUHL0HQVFKHQLQ%HWUDFKW NRPPHQN|QQHQ6LOEHUVWHLQGHUNDWKROLVFKH/HKUHUXQGLFKXQG GD V6LOEHUVWHLQXQGGHU/HKUHUDXVLQQHUQ*UQGHQQLFKWJXWVHLQ N|QQHQVRELQLFKHV©(UHUKREVLFKXQGVDKLQGHQ6DDOKLQHLQ XPQRFKDQ6LOEHUVWHLQHLQH)UDJH]XULFKWHQ$EHUGHUZDUIRUW XQGVREUDFKHUDXFKDXIXPDXIVHLQH:RKQXQJ]X]XJHKQ 8QWHUZHJVILHOLKPHLQ6ROOWHYLHOOHLFKW"$EHUQHLQGDVZDU QLFKWP|JOLFKGD]XZDUHVDOOHV]XJHZDQGW]XURXWLQLHUW8QG QRFKGDPLWEHVFKlIWLJWWUDWHULQVHLQ=LPPHUZR7KLOGHJHUDGH GHQURWHQ3DSLHUVFKOHLHUEHUGLH/DPSHQJORFNHZDUI$XI GHPVHOEHQ6RIDWLVFKODJDXFKHLQ=HLWXQJVEODWW ª*XWHQ$EHQG7KLOGH1XQZDVJLEWHV"© ª'DVPXWGXZLVVHQGXZDUVWMDDXV© ª-DLFKZDULQGHU5HVVRXUFHQXUHLQH9LHUWHOVWXQGH'HU/DQGUDW ZLHHLQ2KUZXUP8QGGDQQNDP6LOEHUVWHLQXQGJDEPLUGLH +DUWXQJVFKH=HLWXQJ(LQ$UWLNHOGULQDXV:ROGHQVWHLQ© ª$KGDVLVJXWLFKGDFKWHVFKRQHUZlUXQWHUGHQ7LVFK JHIDOOHQ© ª$EHU7KLOGHGDQQLVWHVDP(QGHGRFKVRGDQQKDVWGXGHQ $UWLNHOHLQJHVFKLFNW"© 7KLOGHODFKWHª-DGDVPLWGHP/DQGUDWGDVPXWHDQGHUV ZHUGHQGDVJLQJQLFKVRZHLWHU© ª$OVRZLUNOLFK GXKDVWLKQJHVFKULHEHQ"© ª1HLQJHVFKULHEHQQLFKWHLJHQWOLFK© ª$EHUZHUGHQQ"©

ª(LQ8QEHNDQQWHUGHPLFKQXQ]X'DQNHYHUSIOLFKWHWELQ$OVZLU GDPDOVGDV*HVSUlFKKDWWHQGDVDKLFKMHGHQ7DJZHQQGLH 9RVVLVFKH>@ NDPLQ GLH:DKODQJHOHJHQKHLWHQKLQHLQXQGHVVLQG QXZRKOVFKRQDFKW7DJHGDIDQGLFKGDVDOOHVLQHLQHUNO>HLQHQ@ .RUUHVSRQGHQ]DXV0\VORZLW]8QGGDQDFKKDELFKHV ]XUHFKWJHPDFKW:HQQPDQHUVWGDV*HVWHOOKDWLVWHVJDQ] OHLFKWHLQH3XSSH]XPDFKHQ© (UOlFKHOWHJXWPWLJYRUVLFKKLQZDUDEHUHWZDVYHUOHJHQ ª7KLOGHGXVROOWHVWGRFKOLHEHUVRZDVQLFKWXQ© ª,FKGDFKWHGXZUGHVWPLUGDQNHQGDLFKGDVEHJOLFKHQ XQG GHLQH6WHOOXQJDQJHQHKPHUJHPDFKWKDEH© ª-DGXNDQQVWDEHUPDOGDPLWVFKHLWHUQHVNDQQDXFKPDO VFKLHIJHKQ© ª*HZL$OOHVNDQQPDOVFKLHIJHKQXQGGLHVLFKGDGXUFK HLQVFKFKWHUQODVVHQGLHVLW]HQVWLOOXQGWXQJDUQLFKWV 6FKLHIJHKQLFKZUGHZDUWHQELVHVVRZHLWLVW%LVGDKLQDEHU ZUGHLFKPLFKIUHXQZHQQHLQHUIUPLFKVRUJW6LOEHUVWHLQGHU VRVFKUHFNOLFKJHELOGHWLVWVSULFKWLPPHUYRQGHLQHU,QLDWLYH© ª-D8QGHVLVWPLUPLWXQWHUVHKUIDWDOZHQLJVWHQVZHQQGXGDEHL ELVW$EHULFKELWWHGLFKKDEHQLFKW]XYLHO© >@GLH9RVVLVFKH GLH9RVVLVFKH=HLWXQJYRP9HUOHJHU&KULVWLDQ )ULHGULFK9R HUZRUEHQ

9,(5=(+17(6.$3,7(/ 6HLWGHP$UWLNHOLQGHU+DUWXQJVFKHQKDWWHVLFK+XJRV6WHOOXQJLQ :ROGHQVWHLQXQG8PJHJHQGQRFKHUKHEOLFKYHUEHVVHUW$XFKGHU NDWKROLVFKH/HKUHUZDUJHZRQQHQQDFKGHPDXI7KLOGHQV $QUHJXQJHLQH*HKDOWV]XODJHEHDQWUDJWXQGEHZLOOLJWZDU7KLOGH IUHXWHVLFKLKUHU(UUXQJHQVFKDIWHQXQGJDELKUHU)UHXGHDXFK GDGXUFK$XVGUXFNGDVLHVLFKPRGLVFKNOHLGHWHZREHL 6LOEHUVWHLQGHURIWQDFK3RVHQXQG%UHVODXIXKUPLW5DWXQG7DW KHOIHQPXWH'LH5HVVRXUFHOHLWHWH%H]LHKXQJHQHLQ XQGHLQ (UVFKHLQHQLPODQGUlWOLFKHQ+DXVHZDULQKRKHP0DH ZDKUVFKHLQOLFK(VVHW]WHVLFKPHKUXQGPHKUGLH0HLQXQJIHVW GDVLHVHKUNOXJVHLXQGLPPHUZLVVHZDVLQGHU:HOWORVVHL 6HOEVW,VHQWKDOJDE]XªVLHK|UHGDV*UDVZDFKVHQ©XQGVDJWH KXOGLJHQGª6LHKDWZDVYRQXQVUH/HXW© ,PJDQ]HQOLHVLHVLFKDOOGDVDEHUQLFKWDQIHFKWHQXQGEOLHE QFKWHUQXQGEHUOHJHQGXQGQXUGDULQ]HLJWHVLFKHLQNOHLQHU 8QWHUVFKLHGGDVLHVLFK]XHLQHUJHZLVVHQ.RNHWWHULHEHTXHPWH XQGDXI+XJRHLQHQJHZLVVHQ)UDXHQUHL]DXVEHQZROOWH6LHJLQJ GDULQVRZHLWGDVLHGLH$PSHOYRP)OXUKHULQGDV6FKODI]LPPHU QDKPXQG]X+XJREHPHUNWHª'UDXHQLP)OXUKDWVLHQXQLKUH 6FKXOGLJNHLWJHWDQ6FKDGHGDGDV5RVDZLHJDUQLFKWV DXVVLHKWHVPWH5XELQJODVVHLQ0DQ NULHJWGDQQVRURWH %DFNHQ'LHJXWH6FKPlGLFNH:DVZRKO0XWWHUVDJHQZUGH© ª-D©VDJWH+XJRªGLHZUGHVLFKIUHXQEHUGLFK8QGLFKKDEH PLU VDXFKEHUOHJWREZLUVLHQLFKW]XP)HVWHLQODGHQVROOHQ© ª1HLQ+XJRGD]XKDEHQZLU VGHQQGRFKQRFKQLFKW8QGVLH PWHGRFK=ZHLWHUIDKUHQRGHUZHQLJVWHQVYRQ%URPEHUJDXV 8QGGDQQHVJHKWDXFKEHUKDXSWQLFKW:LUPVVHQIUVLH VRUJHQQDWUOLFKPVVHQZLUGDVGHQQVLHLVGRFK>HLQH@JXWH DOWH)UDXXQGLPPHUDOOHLQXQGEORGLH5XQWVFKHQXPVLFK KHU ZDVNHLQ9HUJQJHQLVW© ª1HLQ©EHVWlWLJWH+XJRGHPEHLGHPEORHQ1DPHQGHUDOWH 6FKUHFNHQZLHGHUNDP ª'LH5XQWVFKHQXQGGLH6FKPlGLFNHGLHQLFKWYLHOEHVVHULVW $EHUHLQODGHQKLHUKHUJHKWQLFKW:LUSDFNHQLKUHLQH.LVWH

6FKLQNHQ(LHU%XWWHUXQGOHJHQLKUYLHURGHUVHFKV3DNHWH 7KRUQHU.DNDVFKLQFKHQ>@ EHLXQG HLQHQVFKZDU]HQ0XIIGHQVLH VLFKVFKRQODQJHJHZQVFKWKDWXQG*XPPLVWLHIHOPLW3HO]XQG ZHQQVLHGDVDXVSDFNWGDQQIUHXWVLHVLFKYLHOPHKUDOVZHQQZLU VLHKLHUPLWLQGLH5HVVRXUFHQHKPHQ8QGEHUKDXSWHVJHKW QLFKW'HU/DQGUDWNDQQGDVHLQRGHUGLHJQlG JH)UDX8QGQX GHQNHGLUHLQHQ%RVWRQWLVFKXQG0XWWHUPLWGHU/DQGUlWLQ ]XVDPPHQ,FK JODXEH0XWWHUNDQQJDUQLFKW%RVWRQVLHKDW VHLW9DWHUQV7RGLPPHUQXU3DWLHQFHJHOHJW1HLQGD]XLVWPLU 0XWWHU]XVFKDGHGDVLHVLHKLHUDXVODFKHQ8QGGDQQ+XJR DXFKXQVUHWZHJHQ:LUVLQGGRFKQXZDVPDQLQ%FKHUQXQG =HLWXQJHQVRGLH¾REUHQ =HKQWDXVHQG½QHQQWREVFKRQ :ROGHQVWHLQEORGUHLWDXVHQGIQIKXQGHUWKDWXQGZDVGHU$GHO DXIGHP/DQGHLVWGDVVLQGGLH+RQRUDWLRUHQLQGHU6WDGW8QG GDVVLQGZLU$OVRHVJHKWQLFKW,FKGHQNHZLUZDUWHQELVHLQ -DKUXPLVWXQGGDQQQLPPVWGX8UODXEXQGGDQQEHVXFKHQZLU 0XWWHUQXQGN|QQHQGDQQDXFKVHKQZDVDXV5\ELQVNLJHZRUGHQ LVW© +XJRZDUPLWDOOHPHLQYHUVWDQGHQ(UKDWWHGDVPLWGHU$OWHQ DXFKQXUVRJHVDJWZHLOHU7KLOGHQHLQH)UHXGHPDFKHQZROOWH =XJOHLFKGDFKWHHUDQHLQ:HLKQDFKWVJHVFKHQNHUIDQG5XELQJODV DXFKKEVFKHU

'LH:RFKH]ZLVFKHQ:HLKQDFKWXQG1HXMDKUYHUJLQJLQ6DXVXQG %UDXV'HU/DQGUDWGHUZlKUHQGGHUOHW]WHQYLHU:RFKHQLP 5HLFKVWDJJHZHVHQZDUNDP]XUFNXQGHLQH)HVWOLFKNHLW GUlQJWHGLHDQGUH$P:HLKQDFKWVDEHQGZDUHUVW$XIEDXIUGLH DUPHQ.LQGHUDOOHU.RQIHVVLRQHQZREHL7KLOGHGLH/DQGUlWLQXQG 5HEHFFD6LOEHUVWHLQGLH/HLWXQJEHUQDKPHQDP6LOYHVWHUDEHQG ZDU7KHDWHUDXIIKUXQJLQGHU5HVVRXUFHZRHUVWª0RQVLHXU +HUNXOHV©XQGGDQQª'DV6FKZHUWGHV'DPRNOHV©JHVSLHOW ZXUGH+XJRKlWWHJHUQPLWJHVSLHOWPXWHDEHUYHU]LFKWHQZHLO HVVLFKQLFKWSDVVH6LOEHUVWHLQJDEGHQ%XFKELQGHUPHLVWHU

>@7KRUQHU.DNDVFKLQFKHQ7KRUQHU.DWKULQFKHQEHUKPWH3HIIHUNXFKHQ DXV7KRUQ

.OHLVWHUXQGHUIXKUGDVHLQ6SLHODQ'|ULQJHULQQHUWKDEH+XJR GDFKWHGHQJDQ]HQ$EHQGEHUDQ5\ELQVNLXQGEHQHLGHWHGDV 6WHKHQLQGHUIUHLHQ.XQVW'HU%DOOGHUIROJWHOLHDEHUWUEH *HGDQNHQQLFKWDXINRPPHQHUHU|IIQHWHPLWGHU/DQGUlWLQGLH 3RORQDLVHGHU/DQGUDWIROJWHPLW7KLOGHGLHGLH 5HLFKVWDJVEHULFKWHMHGHQ0RUJHQODVXQGHLQHQPDUNDQWHQ6DW] DXVHLQHUNXU]HQ5HGH]LWLHUWHGLHGHU/DQGUDWEHUGLH 6LPXOWDQVFKXOIUDJHJHKDOWHQKDWWHª6LHLQWHUHVVLHUHQVLFKIU 3ROLWLNPHLQHJQlGLJVWH)UDX©ª-D+HUU/DQGUDW-HPHKULFKGLH NOHLQHQ9HUKlOWQLVVHIKOWHGLHPLFKXPJDEHQMHPHKUHPSIDQG LFKHLQH6HKQVXFKWGHU$XIIULVFKXQJGLHQXULFKZLOOQLFKWVDJHQ GDV,GHDODEHUGRFKGDV+|KHUHJHEHQNDQQ,FKGDUIVDJHQGD GLH5HGHQGHV)UVWHQHUVWGDVDXVPLUJHPDFKWKDEHQZDVLFK ELQ(VLVWVRRIWYRQ%OXWXQG(LVHQJHVSURFKHQZRUGHQ$EHUYRQ VHLQHQ5HGHQP|FKWHLFKIUPLFKSHUV|QOLFKVDJHQGUIHQ (LVHQTXHOOH6WDKOEDG,FKIKOWHPLFKLPPHUZLHHUIULVFKW©%HLP 6RXSHUGDVGHQ7DQ]DXIHLQH6WXQGHXQWHUEUDFKVDHQVLFK /DQGUDWXQG%XUJHPHLVWHUJHJHQEHU$OVXP]ZHL8KUGHU7DQ] ZLHGHUEHJDQQUFNWHQVLHQHEHQHLQDQGHUXQGGHU/DQGUDW VDJWHª%XUJHPHLVWHU)UHXQGVLHKDEHQHLQHIDPRVH)UDX .RORVVDOEHVFKODJHQ:HLMD%HVFKHLGZLH Q5HSRUWHURGHU HLJHQWOLFKEHVVHUGLH5HSRUWHUVLQG0DVFKLQHQXQGIROJHQEOR PLW2KUXQG+DQG$EHU,KUH)UDX'RQQHUZHWWHU GDPHUNWPDQ ZDV0XFN5DVVH6FKLFN6DJHQ6LHZDVLVHVIUHLQH*HERUQH" YLHOOHLFKW.RORQLHRGHU)DPLOLHGLHGHQ$GHOKDWIDOOHQODVVHQ© +XJRQDQQWHGHQ1DPHQXQGGHUVFKRQVWDUNDQJHILVVHOWH /DQGUDWIXKUIRUWª+|UHQ6LH%XUJHPHLVWHUHVVWHFKWGDZDV GULQ2GHUREYLHOOHLFKWGLH0XWWHU© +XJRVDJWHªVRYLHOHUZLVVH© ª1XQJDQ]HJDO©VFKORGHU/DQGUDWªJDQ]HJDOZR V KHUNRPPWZHQQ VQXUGDLVW8QGPXHLQ%RPEHQJHGlFKWQLV KDEHQ© +XJRJHJHQGHQ6FKOXKLQWDQ]WHQRFKHLQH5DGRZD>@ PLW GHU /DQGUlWLQXQGJHOHLWHWHGDQQEHLGHELVDQGHQGUDXHQZDUWHQGHQ

>@5DGRZDVFKQHOOHUE|KPLVFKHU7DQ]LQGHU$UWHLQHV:DO]HUV

6FKOLWWHQ(UZDULP)UDFNPLWZHLWDXVJHVFKQLWWQHU:HVWHXQG GUDXHQEOLHVHLQ6GRVWHUYRQGHQ.DUSDWHQKHU$OVHUPLW 7KLOGHHLQH6WXQGHVSlWHULQVHLQHU:RKQXQJDQNDPZDUHULP )LHEHUXQGKVWHOWH ª7KLOGHPLULVQLFKWUHFKWLFKP|FKWHHLQ*ODV=XFNHUZDVVHU© ª,PPHUGDVVHOEH=XFNHUZDVVHU:HUWULQNW=XFNHUZDVVHUZHQQ HUYRQHLQHP%DOOQDFK+DXVHNRPPW,FKZHUGHGLUHLQH7DVVH .DIIHHPDFKHQ©8QGVLHKROWHGLH6SLULWXVODPSHVHW]WHGDV .HVVHOFKHQDXIXQGPDFKWHLKPHLQH7DVVH.DIIHHYRQGUHL/RW (UILHEHUWHIXUFKWEDU

:lUHGDV:HWWHUEHU1DFKWDQGHUVJHZRUGHQVRKlWWHGDV )LHEHUYLHOOHLFKWQLFKWYLHOEHGHXWHW$EHUGHU:LQGJLQJQRFK PHKUQDFK2VWHQUXPXQGDQ6FKRQXQJZDUQLFKW]XGHQNHQ ZHLODOOHUKDQG9LVLWHQ]XPDFKHQXQGDOOHUKDQG3LN XQG 6WXKOVFKOLWWHQ>@ IUGHQ 1DFKPLWWDJ]XEHVRUJHQZDUHQ6LFK GDYRQDXV]XVFKOLHHQZDUXPVRXQP|JOLFKHUDOV+XJREHLP $EVFKLHGXPGLH(KUHJHEHWHQKDWWH GLH/DQGUlWLQDXIGHP(LVH IDKUHQ]XGUIHQ(LQHNOHLQH(LWHONHLWNDPKLQ]XHUZDUHLQVHKU JXWHU6FKOLWWVFKXKOlXIHUXQGZROOWHVLFKLQGHQ3DXVHQDOVVROFKHU ]HLJHQ7KLOGHVFKOXJLKP]XP)UKVWFNHLQ*ODV3RUWZHLQYRU DEHUVHLQ=XVWDQGZDUGRFKVFKRQVRGDHUDXI+DIHUVFKOHLP GUDQJ(UJHQRDXFKEHL7LVFKQLFKWVDQGUHVXQGQDKPHLQ 6FKlFKWHOFKHQLVOlQGLVFKH0RRVSDVWLOOHQPLWVLFKDOVHUXPGUHL ]XGHP5HQGH]YRXVDXIGHP(LVHDXIEUDFK(UVDKVHKUYHUlQGHUW DXVZDVDXFK7KLOGHQQLFKWHQWJLQJXQGZHLOVLHWURW]DOOHV $EKlUWXQJVSULQ]LSVQDFKGHPVLHVHOEHUOHEWHQLFKWRKQHHLQH JHZLVVH7HLOQDKPHIULKQZDUVRZUGHVLHLKQYLHOOHLFKWYRP (LVH]XUFNJHVFKLFNWXQGEHLGHU/DQGUlWLQGLHQRFKQLFKWGD ZDUEHLLKUHP(LQWUHIIHQHQWVFKXOGLJWKDEHQZHQQ>QLFKW@HLQ DOWHUSROQLVFKHU*UDIGHVVHQ%HNDQQWVFKDIWVLHVFKRQDP$EHQG YRUKHUJHPDFKWVLFKLKUHUEHPlFKWLJWXQGLKUDXIVHLQHPNOHLQHQ 0XVFKHOVFKOLWWHQPLW]ZHL6FKHFNHQSRQLHVGDYRUHLQHQ3ODW] >@3LN XQG6WXKOVFKOLWWHQ3HHNVFKOLWWHQGHUYRP)DKUHUPLWHLQHU 6WDQJH3HHNH YRUZlUWVEHZHJWH6FKOLWWHQ

DQJHERWHQKlWWH6LHPXWHGDVDQQHKPHQGHQQHUZDUGHU UHLFKVWHXQGDQJHVHKQVWH0DQQGHUJDQ]HQ*HJHQG2ULJLQDOXQG VFKRQEHUVLHE]LJ7KLOGHVIUDQNHJDQ]XQHLQJHVFKFKWHUWH 0DQLHUKDWWHLKPVFKRQDXIGHP6LOYHVWHUEDOOJHIDOOHQXQGHUZDU HQFKDQWLHUW>@DOVVLHVHLQH$XIIRUGHUXQJGHQ3ODW]LP6FKOLWWHQ HLQ]XQHKPHQRKQHZHLWUHVDQQDKP(UIXKUVHOEVWXQGOHJWH VHLQHPlFKWLJH:ROIVVFKXU>@ XPGHQNOHLQHQ6FKOLWWHQVLW]KHUXP XQGIRUGHUWH7KLOGHQDXIGLH6FKXUYRQUHFKWVKHU]XKDOWHQVR GDVLHZLHLQHLQHU3HO]ODXEHVD8QGQXQIORJGHU6FKOLWWHQ EHUGDV(LVKLQXQGGLH*O|FNFKHQOlXWHWHQXQGGLHZHLHQ 'HFNHQEOlKWHQVLFKLP:LQGHZlKUHQGGHU$OWHYRQ>GHU@ 3ULWVFKHKHUVHLQH.RQYHUVDWLRQPDFKWHª)UHXWPLFKPHLQH JQlGLJVWH)UDX6DFUHEOHX>@PDQVLHKWGRFKJURH6WDGW DQGUH0HQVFKHQ$K%HUOLQQLFKWSUHXLVFKLFKQLFKWVHKU $EHU%HUOLQ2%HUOLQHLQHPHUNZUGLJHQ6WDGWHLQHWROOHQ 6WDGW© 7KLOGHYHUVLFKHUWHODFKHQGGDVLHGDYRQHLJHQWOLFKZHQLJ JHPHUNWKDEHGDV%HUOLQGDVVLHNHQQHVHLVHKUZHQLJWROOIDVW ]XZHQLJHVSDVVLHUHMDHLJHQWOLFKJDUQLFKWV© ª-DPHLQH*QlGLJVWHGDVPDFKWGLH6WHOOHZRPDQVWHKWYRQ GHUDXVPDQVLHKWLFKKDEHJHVWDQGHQLPPHUVHKULQ)URQW LPPHUVHKUDYDQFp© ª*ODXELFK+HUU*UDI,KUHJHVHOOVFKDIWOLFKH6WHOOXQJ© ª2QLFKWGDV*HVHOOVFKDIWOLFKHGDVYRUGHPJURHQ7RU>@2 YLHOH/LFKWHUGDYLHOH6FKDWWHQ'DKDWWHQZLU0DVNHQEDOO.UROO .HQQHQ6LH.UROO"© ª*HZL+HUU*UDI-HGH%HUOLQHULQZLUGGRFK.UROONHQQHQ©

>@HQFKDQWLHUWHQW]FNW >@:ROIVVFKXU:ROIVSHO]PLWGHP)HOOQDFKDXHQJHWUDJHQ >@6DFUHEOHX3RW]WDXVHQGDOOH:HWWHU >@YRUGHPJURHQ7RUYRUGHP%UDQGHQEXUJHU7RU

ª8QGGDKDWWHQZLU0DVNHQEDOO,FK)OHGHUPDXV8QGGDKDWWHQ ZLU2USKHXP© ª$XFKGDYRQKDEHLFKJHK|UW© ª$EHULFKKDEHJHVHKQ(LQHPHUNZUGLJH6WDGWHLQHWROOHQ 6WDGWDEHUHLQH6WDGWRKQH*ULPDVVH© ª-DGDVLVWZDKU© ª(LQH6WDGWYRQVHKUIUHLHU%HZHJXQJ© ª,FKJODXEHGRFKQLFKWEHUDOO© ª1HLQQLFKWEHUDOO'DVLVWZLHGHUZRPDQVWHKWPHLQH JQlGLJVWH)UDX:RLFKJHVWDQGHQVHKUIUHLH%HZHJXQJ8QG NHLQHIDOVFKH9HUVFKlPXQJ© ª$EHUGRFKYLHOOHLFKWHLQHULFKWLJH"© ª9HUVFKlPXQJLPPHUIDOVFKLPPHU *ULPDVVH8QGLFKOLHEHGLH IUHLH%HZHJXQJ© (LQ+HU]lKOHQVlPWOLFKHU%HUOLQHU/RNDOHPLWIUHLHU%HZHJXQJ VWDQGLQ6LFKWXQGZHUZLOOVDJHQZR*UDI*RVFKLQVFKOLHOLFK JHODQGHWZlUHZHQQQLFKWHLQHSO|W]OLFKTXHUGXUFKGDV)OXHLV JH]RJHQH5LQQHGDV:HLWHUIDKUHQJHKLQGHUWXQG]XU8PNHKU JH]ZXQJHQKlWWH:HQLJH0LQXWHQXQGGHU6FKZDQHQWHLFKZDU ZLHGHUHUUHLFKWZRVLFKGLH:ROGHQVWHLQHU+RQRUDWLRUHQLQ HQJHUHP.UHLVHEHZHJWHQGLHMQJHUQLQ1lKHHLQHV /HLQZDQG]HOWHVPLWHLQHPDXIJHPDXHUWHQ+HUGHGUDXIHLQH 3XQVFK XQG:DIIHOEXGHGUDXVGHUDQJHVlXHUWH)HWWTXDOPLQV )UHLH]RJ,Q)URQWGLHVHU%XGHKLHOWHQGLH6FKOLWWHQXQGDXIHLQHU %DQNGHUGLHHLQH:DQGGHU%XGHDOV5FNHQOHKQHGLHQWHVDHQ +XJRXQGGLH/DQGUlWLQGLHHEHQGHQ3LNVFKOLWWHQYHUODVVHQ KDWWHVLFKKLHU]XHUKROHQ>+LHUKLHOWMHW]W@GHUNOHLQH 0XVFKHOVFKOLWWHQGHV*UDIHQXQGGHU*UDIVFKOXJGLH6FKXU ]XUFNXP7KLOGHQDXVLKUHP*HIlQJQLV]XHQWODVVHQ

ª-DPHLQHJQlGLJVWH)UDX(VKDWQLFKWVROOHQVHLQ© ª:DVOLHEHU*UDI"© ª(VFDSDGH>@:ROOWH ZLH*RWWGHU8QWHUZHOWRGHU3OXWR© ª:DUXPQLFKWK|KHUKLQDXIZDUXPQLFKW-XSLWHU"© ©$FKLFKYHUVWHKH:HJHQGHU$WWUDSSH*QlGLJVWH)UDXKDEHQ HLQHVSLW]H=XQJH© (UZLQNWHYRQGHQ/HXWHQGLHXPKHUVWDQGHQHLQHQKHUDQXQG JDELKPGLH=JHOXQGKLHLKQGHQ6FKOLWWHQVHLWZlUWVIKUHQDQ HLQH6WHOOHZRURWHV:HLGHQJHVWUlXFKYRP8IHUKHUDXIGDV(LV KLQDEKLQJ'DQQQDKPHU+XJRXQWHUP$UPXQGJLQJXPHLQ *ODV3XQVFK]XWULQNHQDXIGLH%XGH]XZRZHQLJH6FKULWWQHEHQ GHP+HUGHLQ]HUVFKOLQHV6RIDVWDQG ª6HKUHUIUHXW%XUJHPHLVWHU(LQHFKDUPDQWH)UDXNOXJH)UDX JDUQLFKWlQJVWOLFK+DEHQDOOHVJHVHKQXQGGHQNHQLPPHUDOOHV JHKWYRUEHUXQG GHQ.RSIZLUGHVMDZRKOQLFKWNRVWHQ© +XJRKDOEJHVFKPHLFKHOWEHVWlWLJWH'DVVHLVRGLH6FKXOHGHU JURHQ6WDGW ª-DPHUNZUGLJH6WDGWWROOH6WDGW© 'LHVH:RUWHKDWWHQHWZDV%HXQUXKLJHQGHVVHOEVWIU+XJRGHU VHLQHU7KLOGHVLFKHU]XVHLQJODXEWH(UNDPDEHUQLFKWGD]XGHP ODQJHQDFK]XKlQJHQGHQQHLQKHIWLJHU+XVWHQDQIDOO]ZDQJLKQ VLFKDQGHU6RIDOHKQHIHVW]XKDOWHQ$OVGHU$QIDOOYRUEHUZDU NDPGHU*UDIPLWHLQHP*ODVH3XQVFKªGDVO|VH© +XJRNDPLQGLH9HUOHJHQKHLWDEOHKQHQ]XPVVHQ HVZUGH VHLQHQ=XVWDQGYHUVFKOLPPHUQ ª.DQQQLFKWYHUVFKOLPPHUQ3XQVFKQLH© >@(VFDSDGHKLHUVRYLHOZLH(QWIKUXQJ6HLWHQVSUXQJ

$OVHU+XJRPLWVHLQHQOLVWLJHQHWZDVEOXWXQWHUODXIQHQ$XJHQ DEHUDQVDKNDPLKPGRFKHLQ=ZHLIHORE3XQVFKKLHU $OOKHLOPLWWHOVHLXQGHUJLQJVRJDUKLQDXVXQGULHIGLHQRFKLP *HVSUlFKPLWGHU/DQGUlWLQDXIGHU%DQNVLW]HQGH7KLOGH ª*QlGLJVWH)UDXGHU+HUU*HPDKO3DFNHQZLULKQLQGLH6FKXU XQGGHU.QHFKWNDQQLKQQDFK+DXVHIDKUHQ© ª(VLVWEHVVHUZLUJHKQ+HUU*UDI©VDJWH7KLOGHXQG+XJR IKUHQGGHUWUDXPKDIWKLQXQGKHUVFKZDQNWHJLQJHQVLHDXIGLH 6WDGW]X $OVVLHIRUWZDUHQVHW]WHVLFKGHU*UDIQHEHQGLH/DQGUlWLQXQG VDJWHª:ROGHQVWHLQNDQQVLFKQDFKHLQHPQHXHQ%XUJHPHLVWHU XPVHKQ© 'LH/DQGUlWLQODFKWHª%HL,KQHQGUDXHQJHGHLKWGDV=ZHLWH *HVLFKW© ª1HLQ$EHULFKVHKHJXW©

)h1)=(+17(6.$3,7(/ 'HU$U]WZDUEHU/DQGHUVWJHJHQ0RUJHQNDP>HU@XQGKDWWH JHJHQ7KLOGHV%HKDQGOXQJGHV.UDQNHQ%URWULQGHPLW (VVLJZDVVHUDXIJXHLQ0LWWHOGDVQRFKYRQGHUDOWHQ0|KULQJ KHUUKUWHQLFKWV(UKHEOLFKHVHLQ]XZHQGHQª(VKDWQLFKWV JHVFKDGHW©VDJWHHUªXQGGDVLVWLPPHUVFKRQYLHO©(U YHURUGQHWHGDQQHLQH$OWKHH$ENRFKXQJ>@XQGDOV7KLOGHIUDJWH ªREHVZDV]XEHGHXWHQKDEH©OlFKHOWHHUXQGVDJWH ª(LQLJHUPDHQHVLVWHLQH/XQJHQHQW]QGXQJ9RUDOOHP5XKH© 7KLOGHZDUHLQHJXWH.UDQNHQSIOHJHULQXQGJDELKPGLH0HGL]LQ PLWHLQHU*HQDXLJNHLWDOVREGDV/HEHQDQGHU0LQXWHKLQJH6LH JODXEWHQLFKWGDUDQDEHUVLHZROOWHQLFKWVYHUVlXPWKDEHQ'LH 9RUPLWWDJVVWXQGHQYHUJLQJHQXQWHU8PZDQGOXQJGHV 6FKODI]LPPHUVLQHLQ.UDQNHQ]LPPHUGLHQDFKGHP+RI KLQDXVJHKQGHQ)HQVWHUZXUGHQYHUKDQJHQZlKUHQGGLH7UQDFK GHU9RUGHUVWXEHRIIHQEOLHEQXUGXUFKHLQHKDOEH3RUWLqUH JHVFKW]W7KLOGHVDKRIWKLQHLQRKQHGDGHU.UDQNHLUJHQGZDV YHUODQJWKlWWHGDQQJLQJVLHZLHGHUDQGDV9RUGHUIHQVWHUGDV YRQGHUYRULJHQ)UDX%XUJHPHLVWHUKHUQRFKHLQHQDOWPRGLVFKHQ 7ULWWXQGHLQHQ)HQVWHUVSLHJHOKDWWH'LHVHUZDUHLJHQWOLFK EHUIOVVLJGHQQHVJDEVRZHQLJ]XVHKQGDHVDXFKQLFKWV]X VSLHJHOQJDE0LWWHQDXIGHP0DUNWSODW]HVWDQGGDV5DWKDXVPLW HLQHUVFKUlJODXIHQGHQK|O]HUQHQ6WLHJHGLHELV]XPHUVWHQ6WRFN DXIVWLHJXQGVLFKKLHULQHLQHPVFKPDOHQ/DXEHQJDQJIRUWVHW]WH DEHUDOOHVYRQ+RO]'LFKWQHEHQGHP5DWKDXVVWDQGHQHLQSDDU DOWH6FKDUUHQ>@YHUVFKORVVHQXQGYHUVFKQHLW$QGHUDQGHUQ 0DUNWSODW]VHLWHZDUGLH/|ZHQDSRWKHNHGHUHQ3URYLVRUJlKQWH GHQQVHLWGHU0L[WXUIUGHQ+HUUQ%XUJHPHLVWHUZDUVHLQH 7lWLJNHLWQRFKQLFKWLQ$QVSUXFKJHQRPPHQZRUGHQ'DQHEHQHLQ %lFNHUODGHQPLWHLQHPVFKUlJJHVWHOOWHQ%OHFKNXFKHQLP

>@$OWKHH$ENRFKXQJ7HHYRQ(LELVFK$OWKDHDRIILFLQDOLV GHUDOV UHL]PLOGHUQGHV0LWWHOEHL+XVWHQXQG.DWDUUKHQGHU$WHPZHJHYHUZHQGHW ZXUGH >@6FKDUUHQ)OHLVFK XQG%URWYHUNDXIVVWlQGH

6FKDXIHQVWHUXQGHLQLJHQEHZXQGHUQGGDYRUVWHKHQGHQ.LQGHUQ GLH6RQQHILHOVRJUHOOGDUDXIGD7KLOGHGLHJURHQ=XFNHUVWHOOHQ HUNHQQHQNRQQWH=ZLVFKHQGHPDOOHPJOLWWLKU$XJHKLQXQGKHU XQGQDKPHUVWHLQHDQGUH5LFKWXQJDOVVLHGLHVPDODOOHUGLQJVPLW +OIHGHV6SLHJHOVGHQ %ULHIWUlJHUGLH+HU]RJ.DVLPLU6WUDH KHUDXINRPPHQVDK(UWUDWDXFKJOHLFKGDQDFKLQV+DXVXQG 7KLOGHJLQJLKPHQWJHJHQXPHLQSDDU%ULHIHLQ(PSIDQJ]X QHKPHQ(LQHUZDUDXV%UHVODXDOVRZDKUVFKHLQOLFKHLQH 5HFKQXQJRGHUHLQ9HU]HLFKQLVGHUDQGUHHLQH 9HUPlKOXQJVDQ]HLJH5\ELQVNL>V@DEHUPLWHLQHUDQGHUQ'DPH XQGGHUGULWWHYRQGHUDOWHQ)UDX0|KULQJª)UDX%XUJHPHLVWHU *URPDQQJHE0|KULQJ:ROGHQVWHLQLQ:HVWSUHXHQ©'LH %XFKVWDEHQZDUHQVRVWHLIJHNULW]HOWZLHDXIHLQHP:DVFK]HWWHO ª*RWW©VDJWH7KLOGHªZHQQ0XWWHUEORQLFKWLPPHUJHERUQH 0|KULQJVFKUHLEHQZROOWH0|KULQJLVWGRFK]XZHQLJ©'DQQJLQJ VLHELVDQGLH3RUWLqUHXQGKRUFKWHKLQHLQXQGDOVVLFKQLFKWVLQ GHU6FKODIVWXEHUHJWHJLQJVLHZLHGHUELVDQV)HQVWHUXQGVHW]WH VLFKLQGHQNOHLQHQVFKZDU]HQ6WXKOPLWGUHL*ROGVWlEFKHQGHU KLHUVWDQG8QGQXQODVVLH ª0HLQHOLHEH7KLOGH'LH.LVWHNDPJHUDGH+HLOLJDEHQGDQDEHU VFKRQIUKXQGGDJHUDGHGLH5XQWVFKHQGDZDUVDJWHLFKQX 5XQWVFKHQQXZROOHQZLUVLHDEHUDXFKJOHLFKDXIPDFKHQ8QGGD KlWWHVW'XVHKQVROOHQZLHJHVFKLFNWVLHZDUXQGZLHVLHMHGHQ HLQ]HOQHQ1DJHOUDXVKROWHRKQH.QHLI]DQJHEORDOOHVPLW V .FKHQPHVVHU8QGDOVZLUDOOHVUDXVKDWWHQJDELFKLKUHLQVYRQ GLH3DNHWHZHLOLFKGUDQGHQNHQPXWHGDLKU GLH3HWHUPDQQ]X YRULJHQ:HLKQDFKWHQDXFKHLQJURHV6WFN6WHLQSIODVWHU JHJHEHQKDWWH6LHZDUDEHUQRFKQLFKJDQ]]XIULHGHQELVLFKLKU VDJWH¾1D5XQWVFKHQZHQQHVVRZHLWLVGHQ6FKLQNHQNQRFKHQ GHQNULHJHQ6LHDXFK½'DEHGDQNWHVLHVLFKLFKZHL GDVVFKRQ YRQ8OULNHVLHVLQGLPPHUVRVHKUQDFK)OHLVFK1DWUOLFKZHU VROOHVGHQQEH]DKOHQ8QGPXLFK'LUGRFKVDJHQGDLFKPLFK VHKUEHUDOOHVJHIUHXWKDEHZHLOPDQGRFKGLH/LHEHVLHKWXQG GDULQDXFKZHLOLFKVHKHGD'X VNDQQVWXQG,KU V KDEHQPW 8QGVLHK7KLOGHGDVLVGRFKGLH+DXSWVDFKH'HQQPLWGHU 6SDUNDVVHGDVLVMDQXYRUEHLZHLOHVDOOHVVRYLHOJHNRVWHWKDW XQGZHQQLFKPLUGHQNHGDHVDXFKNQDSSJLQJHZDVVROOWHGD

ZHUGHQ,Q Q6SLWWHOPDJLFKQLFK8QGQXVDJHPLU7KLOGHZLH VWHKWHVHLJHQWOLFKPLW'LU"$FKHVPDFKWMDEOR$QJVWXQG 6RUJHXQGZLHVLHQDFKKHUHLQVFKODJHQZHLPDQDXFKQLFK %HVVHULVWEHVVHU8QG'XKDVWPLUQRFKLPPHUQLFKWJHVFKULHEHQ YRQZHJHQGHU:LWZHQNDVVH'LH6FKPlGLFNHPHLQWH]ZDU QHXOLFK¾VLHPWHQHLQNDXIHQREVLHZROOHQRGHUQLFK½DEHUHV ZlUHPLUGRFKOLHE]XK|UHQGD'XJDQ]VLFKHUELVW,FKELQ LPPHUVRVHKUIUV6LFKUH'HQQGHU0HQVFKGHQNWXQG*RWW OHQNWXQGKHXWHURWXQGPRUJHQWRW8QGHUZDUPLWXQWHUVRURW ZDVPLUQLFKJHIDOOHQKDWXQGDXFKGLH5XQWVFKHQVDJWH ¾*ODXEHQ6LHPLU)UDX0|KULQJHVVLW]WLKPKLHU½8QGQXJUH 'HLQHQOLHEHQ0DQQXQGVDJLKPLFKOLH LKPHLQJOFNOLFKHV QHXHV-DKUZQVFKHQ(UYHUGLHQWHVXQGHVZLUGVLFKVFKRQ EHORKQHQ(VLVMDYLHOGUDXIJHJDQJHQDEHUHVVFKDGHWQLFKWXQG LFKKDEHVDOOHVJHUQHJHJHEHQXQGGLH6FKPlGLFNHVDJWH QHXOLFK¾$XIV.DSLWDONRPPWHVQLFKDQZHQQPDQEORJXWH =LQVHQKDW½ 'HLQH'LFKOLHEHQGH0XWWHU $GHOH0|KULQJJHE3ULQW]©

ª*RWWQXQDXFKQRFK ¾3ULQW]½©VDJWH7KLOGHª:DVVLFK0XWWHU QXUHLJHQWOLFKGHQNW8QGZDVVLHGDVFKUHLEW$OVREVLHVLFK JHRSIHUWXQGPLUPLWLKUHP6SDUNDVVHQEXFKZDVGRFKPHLQZDU PHLQ*OFNEHUHLWHWKDWWH1XQVLHZDULPPHUVRXQGQDFKLKUHU $UWPHLQWVLH VJXWHUVWPLWVLFKXQGGDQQPLWPLU8QGGDULQZDU GDV*XWHGDVLHPLULPPHUIUHLH+DQGJHODVVHQKDW(LQH ZHLPULJHDOWH)UDXDEHULFKKDEHGRFKPLWLKUOHEHQN|QQHQ8QG YLHOOHLFKWPXLFKZLHGHUPLWLKUOHEHQ¾+HXWHURWXQGPRUJHQ WRW½'DVLHDXFKJUDGHVRZDVVFKHLEHQPXWH+XJRJHIlOOW PLUQLFKWXQGGHU'RNWRUPLWVHLQHP¾(LQLJHUPDHQ½KDWPLU DXFKQLFKWJHIDOOHQ,FKP|FKWHLKQQLFKWJHUQYHUOLHUHQ(ULVWVR JXWXQGKDWPLUHLQH6WHOOXQJJHJHEHQ'HQQZHQQLFKHVDXFK JHPDFKWKDEHZHQQHUQLFKWGD ZDUVRJLQJ HVQLFKW,FKP|FKW LKQQLFKWJHUQYHUOLHUHQ$EHUVRQGHUEDUDOOHVKDWGRFKVRVHLQH ]ZHL6HLWHQXQGZHQQLFKVRGHQ3ODW]XQGGLHGUHL6FKDUUHQ VHKHMHW]WNXFNWVLFKGHU3URYLVRULP6SLHJHO>DQ@XQGILQGWVLFK KEVFKGDZHLLFKGRFKQLFKREHVQLFKWKEVFKHUZDUZHQQ

LFKQDFKGHU6WDGWEDKQUEHUVDKXQGZHQQ%ROOH>@ GXUFKGLH 6WUDHQNOLQJHOWH1XQ0XWWHUKDWMDDXFKJHVFKULHEHQ¾'HU 0HQVFKGHQNW XQG*RWWOHQNW½VLHKDWLPPHUVROFKHQHXHQ 6lW]H$EHUULFKWLJLVHVXQGLFKPXHVDEZDUWHQZLH*RWW OHQNW©

+XJRJHQDVXQG(QGH)HEUXDUVDHULP*DUWHQLQ)URQWYRQ HLQHP:HLQVSDOLHUDXIGDVHLQHZDUPH)HEUXDUVRQQHILHO7KLOGH VDQHEHQLKPXQGODVLKPGLH=HLWXQJYRUGHQQHVZDUHQGLH 7DJHZR%LVPDUFNLQV6FKZDQNHQNDP>@+XJRVRJMHGHV:RUW HLQXQG]HLJWHJURHV,QWHUHVVHHUJULIIDEHUQLFKW3DUWHLªVLH ZHUGHQZRKOEHLGHUHFKWKDEHQ©7KLOGHOlFKHOWHª-D+XJRGDV ELVWJDQ]GX%HLGHUHFKW,FKELQIUHLQHQ©hEHUGHQ=DXQIRUW JUWHQGLH1DFKEDUQGLHVLFKVFKRQLQLKUHQ*lUWHQ]XVFKDIIHQ PDFKWHQXQGVWHOOWHQDXFK)UDJHQQDFKVHLQHP%HILQGHQGHQQ VRNXU]H=HLWHULQGHU6WDGWZDUVRZDUHUGRFKVHKUEHOLHEWXQG MHGHUIUHXWHVLFKVHLQHU:LHGHUJHQHVXQJ'LH/DQGUlWLQNDP SHUV|QOLFKXQGNODJWHVLFKDQªHLJHQWOLFKVHLVLHVFKXOGHUKDEH VLFK VEHL2VWZLQGDXIGHP(LVHJHKROW©XQGGHUDOWH*UDI VFKLFNWHHLQHJURH0HORQHDXVVHLQHQ7UHLEKlXVHUQPLWHLQHP %LOOHWYROOSKDQWDVWLVFKHU9HUELQGOLFKNHLWHQXQG5DWVFKOlJH1DFK %HUOLQKLQZDUDOOGLH:RFKHQEHUNHLQ:RUWEHUGLH.UDQNKHLW YHUPHOGHWZRUGHQZHLO7KLOGHGHP*HMDPPHUGHU$OWHQHQWJHKHQ ZROOWHXQGDXFKMHW]WZRGLH*HQHVXQJGDZDUVFKULHEVLHQLFKWV YRQGHU]XUFNOLHJHQGHQVFKZHUHQ6RUJH9LHOOHLFKWXQWHUOLHVLH V DXFKZHLOVLHGHU*HQHVXQJPLWUDXWHZR]XZLHVLFKEDOG ]HLJHQVROOWHQXU]XYLHO9HUDQODVVXQJGDZDU (LQHV7DJHVDOV+XJR ZLHGHULQGHU6RQQHQVWHOOHVDVFKOXJGDV :HWWHUSO|W]OLFKDEHLQ6FKWWHOIURVWVWHOOWHVLFKHLQXQGHKH QRFKGHU$U]WHVIHVWVWHOOHQNRQQWHZDUHVNODUGDHLQ5FNIDOO >@%ROOHXUVSUQJOLFK%HUOLQHU0RONHUHLGLHIUKHUPLW3IHUGHZDJHQ 0LOFKXQG0RONHUHLSURGXNWHDXVIXKU%HJUQGHUZDU.DUO%ROOH >@7DJHZR%LVPDUFNLQV6FKZDQNHQNDP,P)HEUXDU0lU] YHUVFKlUIWHVLFKGHU.RQIOLNW]ZLVFKHQ%LVPDUFNXQG:LOKHOP,,XQGDP 0lU]ZXUGH%LVPDUFNHQWODVVHQ

GDZDU(UQDKPLQUDSLGHP9HUODXIGLH)RUPHLQHUUDSLGH IRUWVFKUHLWHQGHQ6FKZLQGVXFKWDQXQGDP]ZHLWHQ2VWHUWDJ DEHQGVVWDUEHUQDFKGHPHU7KLOGHQDQV%HWWJHUXIHQXQGLKUIU LKUH7FKWLJNHLWLKUH/LHEHXQG3IOHJHJHGDQNWKDWWH'LHVH:RUWH ZDUHQHKUOLFKJHPHLQWGHQQGLH%HGHQNHQHLQHUIUKHQ=HLW ZDUHQJDQ]JHVFKZXQGHQXQGHU VDKLQ7KLOGHQLFKWVDOVGLH UKULJHNUlIWLJH1DWXUGLHVHLQ/HEHQEHVWLPPWXQGGDVELFKHQ ZDVHUZDUGXUFKLKUH.UDIWXQG8PVLFKWDXVLKPJHPDFKWKDWWH 'HQGULWWHQ2VWHUIHLHUWDJEHLQLHGHUJHKQGHU6RQQHZXUGHUDXI GHP:ROGHQVWHLQHU.LUFKKRIEHJUDEHQDOOHVZDUGDGHUDOWH *UDIGHUDOOHVDXIGHQ$U]WVFKREXQGGDQQZLHGHUYHUVLFKHUWHHU KDEHVVFKRQDP1HXMDKUVWDJHJHZXWGHU/DQGUDWGHUZHLO 2VWHUIHULHQZDUHQJHUDGHLQVHLQHP.UHLVHVHLQNRQQWHYLHO$GHO DXVGHU1lKHXQGGLHJDQ]H%UJHUVFKDIWHLQVFKOLHOLFKGHU GULWWHQ.RQIHVVLRQ$XFKGHU3URYLVRUGHUVLFK]XIlOOLJHLQHQ QHXHQ)UKMDKUVEHU]LHKHUKDWWHPDFKHQODVVHQZROOWHQLFKW IHKOHQ$OOH%OlVHUEOLHVHQGHUDOWH*UDIXQWHUKLHOWVLFK]LHPOLFK ODXWXQGZDV:ROGHQVWHLQDQ%OXPHQKDWWH ZXUGHDXIGDV*UDE JHOHJW'HU*HLVWOLFKHJHOHLWHWH7KLOGHQLQLKUH:RKQXQJXQG ZlKUHQGGHUDOWH*UDILPª+HU]RJ.DVLPLU©HLQH)ODVFKHKHUEHQ 8QJDUDXVVWDFKVD7KLOGHDXIGHP7ULWWEUHWWXQGVDKDXIGHQ LPPHUGXQNOHUZHUGHQGHQ0DUNWSODW]EHUGHQHLQ:HVWZLQG HLQLJHEUDXQH:LQWHUEOlWWHUWULHE'DQQZXUGHQHLQSDDUDQ .HWWHQKlQJHQGH/DWHUQHQDQJHVWHFNWXQGLP6FKDWWHQGHV 5DWKDXVHVGDZRGLH6WLHJHKLQDXIIKUWHVWDQGHLQ/LHEHVSDDU 6LHOLHHQVLFKGXUFKGHQLPPHUKHIWLJHUZHUGHQGHQ:LQGQLFKW VW|UHQDEHUGLH/DWHUQHQEHZHJWHQ>VLFK@XQGTXLHWVFKWHQDQGHQ .HWWHQKLQXQGKHU$OV7KLOGHZRKOHLQHKDOEH6WXQGHODQJDXI GDVDOOHVKLQDXVJHVWDUUWKDWWH]QGHWHVLHGLH/DPSHDQXQG VHW]WHVLFKDQLKUHQ6FKUHLEWLVFKXPHLQSDDU=HLOHQDQGLH 0XWWHU]XVFKUHLEHQ

ª/LHEH0XWWHU+HXWHJHJHQ$EHQGKDEHQZLU+XJREHJUDEHQ(V ZDUVHKUVFK|QXQGIHLHUOLFKDOOH:HOWHUVFKLHQHQDXFKGHU$GHO DXVGHU8PJHJHQG3UHGLJHU/lPPHOKLHOWGLH5HGH6LHZLUG JHGUXFNWXQGZLUGXQVGDQQGHQQELVGDKLQGHQNHLFKZLHGHULQ %HUOLQ]XVHLQ YRQKLHUDXV]XJHVWHOOWZHUGHQ:LHLFK'LUJOHLFK

EHPHUNHQZLOONRVWHQIUHLDXFKGHU'UXFN'HQQ'XZLUVWZRKO VHKULQ$QJVWVHLQ,FKPX'LFKDEHUHUQVWOLFKELWWHQPLFKPLW GLHVHU$QJVWQLFKWTXlOHQ]XZROOHQ,FKKDEHYRQKLHUDXVIU 'LFKJHVRUJWXQGLFKZHUGHZHLWHUIU'LFKVRUJHQ'XGHQNVW LPPHUDQMlPPHUOLFK]XJUXQGHJHKQDEHUVRODQJH'HLQH7KLOGH OHEWVRODQJHZLUVW'X]XOHEHQKDEHQ'HVVHQVHLYHUVLFKHUW,FK HPSIDQJHQRFKGDV*HKDOWELV-DKUHVVFKOXXQGGLH :LWZHQSHQVLRQYRP$SULODQ'LHVZLUG'LUHLQHQ6WHLQYRQGHU %UXVWQHKPHQXQGZHQQ'XHUVWZHLWXQGGHVKDOEKDEHLFK GLHVDOOHVYRUDXVJHVFKLFNW GD'XQLFKWLQV6SLWDONRPPHQXQG QLFKWZLHGLHDOWH5XQWVFKHQUHLQPDFKHQXQGHLQKROHQZLUVW ZLUVW'XYLHOOHLFKWDXFK]XK|UHQZHQQLFK'LUVDJHGD+XJRJXW JHVWRUEHQLVWJDQ]ZLHHLQIHLQHU0HQVFKGHUHULPPHUZDU 'HQQHUZDUDXVHLQHPVHKUJXWHQ+DXVHZDVLPPHUGLH +DXSWVDFKHEOHLEW(UKDWPLUDXFKQRFKJHGDQNWDOVRELFK ZXQGHUZDVZlUH'DVPDFKWHU KDWWHVRZDV(GOHV8QG'LFK KDWHUJUHQODVVHQ'DHUEORVFKZlFKOLFKZDUGDIUNRQQWH HUQLFK:HQQHVQDFKLKPJHJDQJHQZlUHZlUHUVWlUNHU JHZHVHQ$OOH/HXWHKLHUKDEHQLKQVHKUJHDFKWHWZHLODOOHVDKHQ GDHUVHKUJXWZDUXQGVHOEVW6LOEHUVWHLQYRQGHPLFK'LUVFKRQ JHVFKULHEHQKDWDQVHLQHP*UDEHJHVSURFKHQ6RGDVHOEVW 3DVWRU/lPPHO]XIULHGHQZDUXQGLKPGLH+DQGJDE6LOEHUVWHLQ )LUPD6LOEHUVWHLQXQG,VHQWKDOZLUGDXFKDOOHVEHVRUJHQHVVLQG VHKUUHHOOH/HXWHIRUWVFKULWWOLFKDEHU VHKUUHHOO8QGZDVDXVGHP 0RELOLDUKHUDXVNRPPWGDVZHUGHQZLUNULHJHQDXI+HOOHUXQG 3IHQQLJ,FKKDEHQRFKHLQSDDU7DJHKLHU]XWXQXQG%ULHIH]X VFKUHLEHQDXFKDQGHQDOWHQ*UDIHQGHUPLUHLQH6WHOOXQJDOV +DXVGDPHLQVHLQHP+DXVHDQJHERWHQKDWQDWUOLFKPLW*HKDOW DEHUDOOGDVZLUGLQGUHLRGHUYLHU7DJHQEHHQGHWVHLQXQG VSlWHVWHQV6RQQDEHQGIUKJHGHQNHLFKLQ%HUOLQHLQ]XWUHIIHQ,FK VFKUHLEHDEHUQRFKHLQH.DUWHYRUKHUGDPLW'XJDQ]VLFKHUELVW XQGGLH5XQWVFKHQ]XUHFKWHU=HLWEHVWHOOHQNDQQVW,FKEULQJH'LU DXFKHLQ$QGHQNHQYRQLKPPLWHLQNOHLQHV.UHX]YRUQPLWHLQHU 3HUOH'LH3HUOHKDWHLQLJHQ:HUW,FKIUHXHPLFK'LFK ZLHGHU]XVHKQVRVFKPHU]OLFKDXFKGLH9HUDQODVVXQJLVWGHQQGLH 3HQVLRQUHLFKWQLFKWDQGDV*HKDOW,FKPX'LUGDVVDJHQ0LULVW HVJOHLFKJOWLJ,FKEULQJHPLFKVFKRQGXUFKXQG'LFKPLW 'HLQHWUHXH7RFKWHU7KLOGH©

6(&+=(+17(6.$3,7(/ 6RQQDEHQGIUKPLWGHP$FKW8KU=XJHNDP7KLOGHDXIGHP )ULHGULFKVVWUDHQEDKQKRIDQ'HQNOHLQHQ+DQGNRIIHUGHQVLHPLW VLFKIKUWHJDEVLHHLQHP*HSlFNWUlJHU]XJOHLFKPLWLKUHP *HSlFNVFKHLQXQGZLHVLKQDQLKUDOOHVLQLKUH:RKQXQJ]X VFKDIIHQGUEHQ]X6FKXOW]HVGUHL7UHSSHQª-D)UlXOHLQ©(U YHUEHVVHUWHVLFKDEHUUDVFKGHQQHUNDQQWHVLHYRQDOWHU 1DFKEDUVFKDIWKHUJDQ]JXWXQGYHUVSUDFKLQHLQHUKDOEHQ 6WXQGHGD]XVHLQ$OVVLHJLQJVDKHULKUHLQHQ$XJHQEOLFNQDFK ª:DVGRFKQLFKGDVOLHEH*HOGDOOHVWXWKDWVLFKVFKPlKOLFK UDXVJHPDXVHUW2U QWOLFKHLQELFKHQIRUVFKXQGHLQHQ .ULPVWHFKHU>@©:lKUHQG LKUGLHVH%HWUDFKWXQJHQIROJWHQ VFKULWWVLHEHUGHQ'DPPKLQXQGVDKDXIGDV+DXVXQGQDFK GHUGULWWHQ(WDJHKLQDXI(VKDWWHVLFKQLFKWVYHUlQGHUWXQGGRFK NDPLKUDOOHVJDQ]DQGHUVYRU(LQHLJHQWPOLFKHV*HIKO EHVFKOLFKVLHELVVLHVLFKVDJWHª6HLIURKGDHVLVWZLHHVLVW HVN|QQWHYLHOVFKOLPPHUVHLQ:LHZDUHVYRU]ZHL-DKUHQ'D PXWLFKQRFKDOOHVVHOEHUWXQ©6LHJLQJDXIGHUUHFKWHQ6HLWH GHU6WUDHXQGVDKQDFKGHUGULWWHQ(WDJHKLQDXIREVLHGLH$OWH YLHOOHLFKWDP)HQVWHUVlKH$EHUVLHVDKQLFKWVDXFKQLFKWLQGHQ DQGHUQ(WDJHQEHUDOOZDUHQQRFKGLH5RXOHDX[KHUXQWHU(VZDU LKUOLHEJDQ]XQEHREDFKWHW]XVHLQDEHUVLHZDUHVQLFKWXQG ZlKUHQGVLHEHUGHQ'DPPJLQJVDJWHGLH5lWLQGLHYRP )UKVWFNVWLVFKDXIJHVWDQGHQZDUXQGVLFKHLQ.XFNORFK ]XUHFKWJHPDFKWKDWWHª:DVVLW]WGXZLHGHUEHUGHU=HLWXQJ6R ZDVVLHKWPDQQLFKWDOOH7DJHVLHKDWEORVFKZDU]H+DQGVFKXK DQXQGVLHKWDXVDOVUHLVWHVLHQDFK'UHVGHQXQG6lFKVLVFKH 6FKZHL]5HJHQPDQWHOXQG2SHUQJODVIHKOWEORQRFKGHU $OSHQVWRFN© ª$FKGXKDVWLPPHUZDV]XUHGHQ/XLVH:HQQ VLHPLWHLQHUODQJHQ7UDXHUIDKQHDQNlPHGDQQZlUHVDXFKQLFKW UHFKW© 7KLOGHVWLHJODQJVDPGLH7UHSSHQKLQDXIMHK|KHUVLHNDPGHVWR ODQJVDPHUZHLOVLHYRUGHU%HJHJQXQJPLWGHU$OWHQHUVFKUDN

>@.ULPVWHFKHU)UKHUEOLFKH%H]HLFKQXQJIUGHQ)HOGVWHFKHU

$XIGHPOHW]WHQ7UHSSHQDEVDW]VWDQGGLH5XQWVFKHQXQGQDKP LKUZHLOVLHQLFKWVDQGUHVPLWVLFKIKUWHZHQLJVWHQVGHQ 5HJHQVFKLUPDEª7DJ5XQWVFKHQZLHJHKWHV"© ª*RWW)UDX %XUJHPHLVWHUQZLHVROOHVHLQHPJHKQ©XQGHKHGDV*HVSUlFK VLFKIRUWVHW]HQNRQQWHZDUPDQREHQXQG7KLOGHOLHIDXIGLH 0XWWHU]XGLHKDOEVRQQWlJOLFK]XUHFKWJHPDFKWLQGHURIIQHQ 7UVWDQGXQGJOHLFK]XZHLQHQDQILQJ ª0XWWHUZHLQHQXUQLFKJOHLFK-HGHUNRPPWUDQ© ª-DEORGHUHLQH]XIUKXQGGHUDQGUH]XVSlW:HQQLFKGRFK UDQJHNRPPHQZlUH© 8QGGDEHLWUDWHQVLHYRP)OXUKHULQGDV(QWUHHXQGYRP(QWUHH LQGLH:RKQVWXEHZRYRUGHP6RIDVFKRQGHU.DIIHHVWDQGXQG 6HPPHOQXQG%XWWHU ª8QGQXNRPP7KLOGHQXZROOHQZLUHLQHZDUPH7DVVHWULQNHQ XQGHU]lKOHPLUDOOHVZLH HVZDU© ª-D0XWWHUJOHLFKLFKP|FKWHPLUDEHUHUVWGLH+lQGHZDVFKHQ XQGGDV+DDULVDXFKLQ8QRUGQXQJLFKKDWWHGHQ:LQGLQV *HVLFKWXQGZROOWHQLFKW]XPDFKHQ©8QGGDEHLHUKREVLFK7KLOGH ZLHGHUOHJWHGHQ+XWXQGGHQ.ULPVWHFKHUEHLVHLWXQGKLQJ GHQ 0DQWHODQHLQHQ6WlQGHULP(QWUHH'DQQNDPVLHZLHGHUXQG VDJWHª6R0XWWHUQXVFKHQNXQVHLQ.DOWZDUHV8QGGHU 0DQWHOKDWDXFKQLFKWYLHOJHKROIHQ© ª,FKGDFKWHGXZUGHVWHLQ8PVFKODJHWXFKGUEHUQHKPHQ8QG EHUKDXSW+DVWGXGHQQJDUNHLQH 7UDXHUJHKDEW",FKZHLMD GDHVKLHUVLW]WDEHUZHJHQGHU/HXWH8QGVLHKDEHQVLFKGRFK VHKUDQVWlQGLJJHJHQGLFKEHQRPPHQ© ª-D0XWWHUQDWUOLFKKDEHLFK7UDXHUJHKDEW6LOEHUVWHLQKDWPLU DOOHVEHVRUJWXQGKDWWHVHOEVWDOOHVDXI/DJHU,FKZDUJDQ] VFKZDU]XQG6FKOHLHUXQG6FKQHEEH>@DOOHV ZLHVLFK VJHK|UW DEHUDOVLFKPLFKIUGLH5HLVH]XUHFKWPDFKWHKDELFKDOOHV HLQJHSDFNWXQGGXNDQQVWHVVHKQZHQQHV NRPPW© >@6FKQHEEH:LWZHQKDXEH

ª8QGXQWHUZHJVZROOWHVWGXQLFKW© ª1HLQ0XWWHU8QWHUZHJVQLFKXQGLFKZROOWHDXFKQLFKKLHUVR DQNRPPHQ'DVVLHKWVRJHIlKUOLFKDXV© ª$EHUZLOOVWGX VGHQQVROLHJHQODVVHQ(VNULHJWMD)OHFNH 6LOEHUVWHLQKDWHVGRFKDXFKQLFKXPVRQVW© ª$XIWUDJHQZLOOLFKHVQLFKW'LHPHLVWHQJODXEHQQLFKGUDQXQG LFKKDEHZHOFKHJHVHKQGLH]XGULQJOLFKZXUGHQEORZHJHQGHU 7UDXHU0DQFKHPDFKHQHVDXFK]XWROO$EHUZHQQLFKHVDXFK QLFKWDXIWUDJHQZLOOVRZHUGHLFKHVGRFKWUDJHQZRVLFK V KLQJHK|UWZHQQLFKHUQVWH%HVXFKHPDFKH'HQQZHQQLFKDXFK GLH3HQVLRQKDEHVRPXGRFKZDVJHVFKHKQ© ª$FK7KLOGHGDGXQXGDYRQVSULFKVW,FKKDEHVMDQLFKW JHZROOWXQGKDEHPLUGLHVHJDQ]H1DFKWJHVDJW¾6SULFKQLFK GDYRQ7KLOGHPDJHVQLFK7KLOGHZDULPPHUJURDUWLJXQGQXLV VLH VHUVWUHFKW½$EHUGDGXQXVHOEHUGDYRQDQIlQJVWVDJH .LQGZDVVROOQXZHUGHQ'HQQHVZDUMDGRFKHLQHIXUFKWEDUH .UDQNKHLW© ª-D0XWWHUGDVZDUHV,PPHUGLH%HNOHPPXQJXQGGLH $WHPQRW© ª$FKMD7KLOGHGLH%HNOHPPXQJ$EHULFKPHLQQLFKGLH %HNOHPPXQJLFKPHLQGDHVVRODQJHJHGDXHUWKDW© ª-DJUDGHLQ9LHUWHOMDKU© ª8QGZHQQLQHLQHUNOHLQHQ6WDGWGHU'RNWRUDXFKXPGLH(FNH ZRKQWGLH/lQJHKDWGLH/DVWXQG]XOHW]WPDFKWHVGRFKZDV 8QGGDQQGLH0HGL]LQ8QGJUDGHZHLOHVPDOEHVVHUZDUGD PVVHQVLHGDQQLPPHUJHVWlUNWZHUGHQ$EHUHVKLOIWPHLVWHQV QLFKXQGDOOHVLVEORKLQ© 7KLOGHQDKPHLQ6WFN=XFNHUXQGEUDFKHV]ZHLPDOGXUFKXQG VDKQXQDXIGLHYLHU.UPHOGLHGDYRULKUODJHQ,QGHQYLHU .UPHOQKDWWHVLHQXQZLHGHULKU/HEHQXQGGLH0XWWHUGLHQRFK NHLQ:RUWYRQGHPDUPHQJXWHQ0DQQJHVSURFKHQKDWWH UHFKQHWHVFKRQZLHGHUZDVHVJHNRVWHWKDEH6RQFKWHUQVLH VHOEHUZDUGDVZDULKUGRFK]XYLHO6LHQDKPGHU$OWHQ+DQGXQG

VDJWHª0XWWHUEULQJHGHU5XQWVFKHQGHQ.DIIHHUDXVVLHZLUG ZRKOQRFKQLFKWV:DUPHVJHQRVVHQKDEHQ'LH5XQWVFKHQLV ZLUNOLFKDUP,FKZLOOLQGLHDQGUH6WXEHJHKQXQGPLFKHLQHQ $XJHQEOLFNKLQOHJHQYLHOOHLFKWVFKODIHLFKHLQPLULVGRFKVR EHUQlFKWLJ© 6LHGDFKWHQLFKWDQ(LQVFKODIHQVLHZROOWHQXUDOOHLQVHLQXQG HLQHQ$XJHQEOLFNDQGUH*HGDQNHQKDEHQ6LHVFKULWWDXIXQGDE 'DZDUGDV6WHKSXOWGUDXIGLHMXULVWLVFKHQ%FKHULPPHUVR YHUVWDXEWXPKHUODJHQXQGGDZDUGHU6RIDWLVFKDXIGHP KRFKDXIJHVFKLFKWHWGLHNOHLQHQ%FKHUODJHQXQGHLQSDDU %OHLVWLIWHGDQHEHQXPLPPHUJOHLFK1RWL]HQDQGHQ5DQG VFKUHLEHQ]XN|QQHQ8QGGDZDUGDV)HQVWHUEUHWWDQGDV JHOHKQWVLHVRVRQGHUEDUVHQWLPHQWDOLKUH9HUOREXQJJHIHLHUW KDWWHQHUQRFKKDOENUDQNXQGYHUOHJHQXQGVHQWLPHQWDOVLH QFKWHUQXQGEHUHFKQHQGª,FKKDEHPLFKLKPLPPHUEHUOHJHQ JHJODXEW(VZDUQLFKWVR:HQQGDVHZLJH1DFKUHFKQHQNOXJLVW GDQQLVW0XWWHUGLHNOJVWH)UDX9RQGHQDQGUHQ]XGHQHQ+XJR JHK|UWHKDWPDQGRFKPHKUXQGLFKZLOOYHUVXFKHQGDLFKHLQ ELFKHQGDYRQZHJNULHJH$EHUHVZLUGPLUZRKOQLFKWYLHOKHOIHQ YRQ1DWXUELQLFKJUDGHVRZLH0XWWHUVLHEHUHFKQHWLPPHUZDV HVNRVWHWXQGLFKUHFKQHPLUGHQ9RUWHLODXV'LHYLHU.UPHO =XFNHUZLOOLFKPLULQHLQH6FKDFKWHOOHJHQXQGKLHULQGDVRIIQH 6HNUHWlUIDFKVWHOOHQ'DKDELFKHVLPPHUYRU$XJHQXQGZLOO GUDQOHUQHQGDGDVJDQ].OHLQHQXZLHGHUDQIlQJWXQGZHQQ 0XWWHUZHLPHUWZLOOLFKQLFKWXQJHGXOGLJZHUGHQ,FKGDFKWH ZXQGHUZDVLFKDXVLKPJHPDFKWKlWWHXQGQXILQGHLFKGDHU PHKU(LQIOXDXIPLFKJHKDEWKDWDOVLFKDXILKQ5HFKQHQZHUG LFKZRKOLPPHUGDVVWHFNWPDOGULQDEHUQLFKW]XVFKDUIXQGZLOO KOIUHLFKVHLQXQGIUGLH5XQWVFKHQVRUJHQ6FKRQGHVKDOEZHLO GLH5XQWVFKHQVHLQHHLQ]LJH5HQRQFH>@ ZDU8QG ZHQQHUGDV VLHKWZLUGHUPLU VGDQNHQ$EHUHUZLUGHVZRKOQLFKWVHKQ© 8QGGDQQJLQJVLHZLHGHUDXIXQGDEXQGWUDWDQV)HQVWHUXQG GDZRGDPDOVGHU0RQGJHVWDQGHQKDWWHODQJHLQJUDX*HZ|ON

>@5HQRQFHHLJHQWOLFK)HKOIDUEHLP.DUWHQVSLHOKLHUXQDQJHQHKPH ZLGHUOLFKH3HUVRQ

$EHUDOVLKU$XJHQRFKGUDXIUXKWHU|WHWHVLFK VXQGGLH6RQQH JDEHLQHQJROGQHQ6DXPª9LHOOHLFKWLVWGDVPHLQH=XNXQIW© 8QGVLHKROWHVLFKGHQ5HJHQPDQWHODXVGHP(QWUHHGHFNWHVLFK ]XYHUIROJWHGDV6FKDWWHQVSLHODQ:DQGXQG'HFNHXQGVFKOLHI HLQ

6,(%=(+17(6.$3,7(/ =X7KLOGHQVEHVRQGUHQ(LJHQVFKDIWHQJHK|UWHYRQ-XJHQGDXIGLH *DEHGHV6LFKDQSDVVHQVGHV6LFKKLQHLQILQGHQVLQGLHMHGHVPDO JHJHEHQH/DJH:lUH+XJRDP/HEHQXQGLP$PWJHEOLHEHQXQG QDFK$EODXIZDVQLFKWDQ]XQHKPHQDEHUGRFKDXFKQLFKW XQP|JOLFK VHLQHU:ROGHQVWHLQHU$PWV]HLWZHJHQEHZLHVHQHU 7FKWLJNHLW]XP2EHUEXUJHPHLVWHUHLQHU3URYLQ]LDOKDXSWVWDGW JHZlKOWZRUGHQVRZUGHVHLQH)UDXEHL%HVXFKHQGHV 2EHUSUlVLGHQWHQMDVHOEVWEHL.DLVHUSDUDGHQGLH+RQQHXUVGHV +DXVHVPLWDXVUHLFKHQGHU*HVFKLFNOLFKNHLWXQGMHGHQIDOOVPLW YROONRPPHQHU8QEHIDQJHQKHLWJHPDFKWKDEHQMHW]WZRVLHVLFK QDFKHLQHPNXU]HQ(UIROJDXIGLH6WXIH]XUFNYHUVHW]WVDKYRQ GHUVLHDXVJHJDQJHQZDUIDQGVLHVLFKDXFKGDULQ]XUHFKWXQG QDKPLKUDOWHV/HEHQRKQHMHGHOlQJUH%HWUDFKWXQJXQGMHGHQIDOOV RKQH.ODJHGDUEHUZLHGHUDXI'LH6DFKHODJVRXQGVRIROJOLFK PXWHVRXQGVRJHKDQGHOWZHUGHQ1XUQLFKWQXW]ORVH %HWUDFKWXQJHQ(VKDQGHOWHVLFKIUVLHNHLQHQ$XJHQEOLFNGDUXP LKUH6LWXDWLRQLQLUJHQGHLQ*HJHQWHLO]XYHUNHKUHQVRQGHUQQXU GDUXPDXVGHU6LWXDWLRQZLHVLHQXQPDOZDUGDV%HVWH]X PDFKHQXQGGLHVWDWVLHYROOhEHUOHJXQJXQGDXILKUH:HLVH UFNVLFKWVYROOXQGGRFKDXFKZLHGHUHQWVFKLHGHQ6RZHLWHV P|JOLFKZDUVLHXQHUVFK|SIOLFKLQNOHLQHQ*XWWDWHQXQG $XIPHUNVDPNHLWHQXQGGHU$OWHQLQVRZHLW]X:LOOHQGDVLHZLH YRUGHPGDVEORDONRYHQKDIWH6FKODI]LPPHUPLWLKUWHLOWHGHQ JDQ]HQ7DJDEHU>GLH@VLFKEHVWlQGLJEHU6SLWWHOXQGlKQOLFKH 'LQJHYHUEUHLWHQGH8QWHUKDOWXQJPLWDQ]XK|UHQRGHU)UDJHQ]X EHDQWZRUWHQGLHVLFKIDVWLPPHUDXILKULQWLPHV:ROGHQVWHLQHU /HEHQEH]RJHQGD]XZDUVLHQLFKWPHKUJHZLOOWXQGKDWWH GHPHQWVSUHFKHQGNDWHJRULVFKHUNOlUWGDVLHGHQ7DJEHUDOOHLQ VHLQPVVHª'DVPLWGHP9HUPLHWHQPVVHHLQ(QGHKDEHQ© 8QGVRKDWWHVLHVLFKªGUEHQ©HLQJHULFKWHWXQGDOVGLH$OWHVDK GD7KLOGHYLHOVFKULHEXQGVLFKXQWHU%FKHUQXQG.DUWHQ YHUJUXEXQGZHQQVLH]X7LVFKNDPGLH5XQWVFKHQPXWHGDV (VVHQKROHQ RIWURWH%DFNHQYRP/HUQHQKDWWHNRQQWHVLHVLFK >GHQNHQ@ZDV7KLOGHYRUKDWWH 6LHNRQQWHVLFK VGHQNHQXQGZDUDXFKQLFKWHLJHQWOLFKGDJHJHQ $EHUZHQQGLH$OWHDXFKQLFKWHLJHQWOLFKGDJHJHQZDUXQGVLFK UHFKWJXWHQWVDQQGDGHU6HPLQDUGLUHNWRUVFKRQGDPDOVHK

0|KULQJVWDUELPPHUYRQLKUHQVFK|QHQ*DEHQJHVSURFKHQ KDWWHVRJLQJVLHGRFKGDYRQDXVGDª/HKUHULQ©QLFKWUHFKWZDV VHLMDGDMHGHVDQGUH8QWHUNRPPHQDXFKZHQQYRQHWZDV IUDJOLFKHU%HVFKDIIHQKHLWLPPHUQRFKYRU]X]LHKHQVHL%HL7DJH ZDJWHVLHPLWVROFKHQ%HWUDFKWXQJHQQLFKWUHFKWKHUYRU]XWUHWHQ DEHUZHQQVLH]X%HWWJHJDQJHQZDUHQXQGVFKRQHLQH:HLOHJDQ] UXKLJJHOHJHQKDWWHQHUKREVLFKGLH$OWHYRQLKUHP.LVVHQXQG VDJWHZlKUHQGDQGHU6WUDHKHUGXUFKGLHQDFKYRUQKLQ RIIHQVWHKHQGH7UHLQVFKZDFKHU/LFKWVFKLPPHUVLHWUDIª7KLOGH VFKOlIVWGXVFKRQ"© ª1HLQ0XWWHU$EHUEHLQDK:LOOVWGXQRFKZDV"© ª1HLQ7KLOGHZROOHQZLOOLFKQLFKWV0LULVEORVRIXUFKWEDUDQJVW ZHJHQGHLQHU/HUQHUHL'XVLHKVWVRVSDFNDXVXQGKDVWVROFKHQ *ODQ](UKDWMDGRFKGLH6FKZLQGVXFKWJHKDEW8QGDP(QGH© ª1X"© ª$P(QGHZlUHVGRFKP|JOLFK8QGZHQQHVVRLVLVGRFK IULVFKH/XIWLPPHUGDVEHVWH© ª*HZLIULVFKH/XIWLVLPPHUJXW$EHUZRVROOLFKVLH KHUQHKPHQ"+LHULVVLHQLFKJXWXQGZHQQHVQLFKZHJHQGHLQHV 5KHXPDWLVPXVZlUH© ª1HLQ7KLOGHVRGDV)HQVWHURIIHQGDVJHKWQLFKW$EHUGX N|QQWHVWGRFKGLHIULVFKH/XIWKDEHQ© ª,FK"ZRKHUGHQQ"© ª-D7KLOGHGXKDVWPLUGRFKJOHLFKLQGHLQHPHUVWHQ%ULHI JHVFKULHEHQLFKPHLQHLQGHLQHPHUVWHQDOVHUWRWZDUGDKDVW GXPLUJHVFKULHEHQYRQZHJHQ¾+DXVGDPH½PLW*HKDOW8QG ZHQLJNDQQHVGRFKQLFKJHZHVHQVHLQZHLOHUMDVRUHLFKLVZLH GXPLUJHVFKULHEHQKDVW8QGDOWLVHUDXFK-DGDKlWWHVWGXGLH VFK|QHIULVFKH/XIWJHKDEWXQGGLHJXWH9HUSIOHJXQJLFKZLOO QLFKWVVDJHQDEHUZDVZLUKHXWHKDWWHQKDWWHGRFKNHLQH.UDIW QLFKXQGDOWLVHUXQGZHQQGXLKQRUGHQWOLFKJHSIOHJWKlWWHVW XQGGDVKlWWHVWGXJHZLGHQQGXKDVWMD0LWOHLGPLWMHGHPXQG PLWPLUDXFKGHQQGXELVWJXW7KLOGHMD7KLOGHGDQQKlWWHQZLU YLHOOHLFKWZDV(LQHUGHUVRUHLFKLVNDQQGRFKQLFKVRPLUQLFKWV

GLUQLFKWVVWHUEHQRKQHZDV]XKLQWHUODVVHQ8QGYLHOOHLFKWGDHU QRFKJDQ]]XOHW]W:DUHUGHQQNDWKROVFK"© ª1DWUOLFKZDU HUNDWKROVFK© ª1DGHQQJLQJHVQLFKW© ª$FKGHVKDOEZlUHVVFKRQJHJDQJHQ.DWKROVFKLVQLFKVFKOLPP $EHUZDVGHQNVWGXGHQQHLJHQWOLFK",FKZLOOYRQ:ROGHQVWHLQ QLFKWUHGHQ$EHUKLHU":DVZUGHQKLHUGLH/HXWHJHVDJWKDEHQ ¾'LHKDWHVHLOLJ½8QGGLH3HWHUPDQQGHUDOWH*LIW]DKQGLHKlWWH JHVDJW¾(VZLUGZRKOHLQHVFK|QH*HVFKLFKWHJHZHVHQVHLQ½© ª$FK7KLOGHGHVVHQWZHJHQPXPDQVHLQ*OFNQLFKIRUWVWRHQ 'LH/HXWHVDJHQLPPHUVRZDV$EHUZHQQPDQZDVKDWGDQQLV HVJOHLFK8QGEORZHQQPDQQLFKWVKDW© ª-D0XWWHU1XZROOHQZLUDEHUVFKODIHQ©

'HU:XQVFKGHU$OWHQJLQJJDQ]HQWVFKLHGHQGDKLQGDVLFK 7KLOGHZLHGHUYHUKHLUDWHQVROOWH+XJRZDUHLQVHKUKEVFKHU 0DQQJHZHVHQXQGDXVHLQHPVHKUJXWHQ+DXVH8QGZHQQVLH GDPDOVZRVLHEORHLQDUPHV0lGFKHQZDUGHQ+XJRJHNULHJW KDWWHVRNRQQWHVLHMHW]WMHGHQKHLUDWHQGHQQVLHKDWWHMDQXQ HLQHQ7LWHOXQGZHQQVLHPLWXQWHUDXVJLQJXQGZDUHLQHMXQJH :LWZHXQGGLH7UDXHU VWDQGLKUJXWXQGZHQQVLH]XP6FKXOUDW JLQJPLWGHPJHWHLOWHQODQJHQ6FKOHLHUVDKHQLKUGLH/HXWHQDFK 8QGGLH$OWHZDUQXUXQJOFNOLFKGDVLHJHVDJWKDWWHªGLH +DXEHQVFKQHEEHGDVLV]XYLHO6RIXUFKWEDUWUDXHUQGDUILFK QLFKWGDVLVDQVW|LJ© -DZLHGHUKHLUDWHQVROOWH7KLOGH$OVGLH$OWHDEHUPHUNWHGD 7KLOGHGLHVJDQ]HQWVFKLHGHQDEOHKQWHXQGZLUNOLFKQXU/HKUHULQ ZHUGHQZROOWHNDPVLHDXIHLQHQDQGUHQ3ODQGHUJHUDXPH=HLW QDFKMHQHU8QWHUKDOWXQJEHUGHQDOWHQ*UDIHQXQGGDV PXWPDOLFK YHUVFKHU]WH*OFNDXFKZLHGHUQlFKWOLFKHUZHLVH JHIKUWZXUGH'LHVPDOQLFKWLQGHPVDXHUVWRIIDUPHQ$ONRYHQ VRQGHUQQRFKLQGHU9RUGHUVWXEHGLH$OWHVWHLIDXIUHFKWDXIGHP 6RID7KLOGH]XUFNJHOHKQWDXIGHU&KDLVHORQJXH

ª1D7KLOGHGXZDUVWMDKHXWH ZLHGHUGD:DQQJODXEVWGXGHQQ GDHVVRZHLWLV"© ª'XPHLQVWPLWGHP([DPHQXQGPLWGHU6WHOOH8QGPHLQVW ZDQQLFKGDVHUVWH*HKDOWNULHJH"© ª-D.LQGGDVPHLQLFK'XZLOOVWLPPHUGDYRQQLFKK|UHQ$EHU HVLVGRFKZDV6LFKUHV© ª$FKVLFKHULVGDVDQGUHDXFK© ª0HLQVWGX"1DLFKZLOOHVGLUZQVFKHQ$EHUZHQQHVDXFKQRFK VRVLFKHULVWGDVPLWGHU6FKXOHGDVLVGRFKQXGLH+DXSWVDFKH 'DVKDVWGXVHOEHULPPHUJHVDJW8QGGDKDELFKGLFKQXVFKRQ ODQJHIUDJHQZROOHQREGXQLFKGDVPLWGHU:LWZHIDOOHQODVVHQ XQGGHLQHQ0lGFKHQQDPHQZLHGHUDXIQHKPHQZLOOVW(VZHUGHQ MDVRYLHOHPLWDQGUH1DPHQJHWDXIWXQGEHLGLULVHVQLFKPDOVR GDNRPPWGDV$OWHEORZLHGHUREHQDXI© 7KLOGHVFKWWHOWHGHQ.RSIHUVLFKWOLFKLQHLQLJHU9HUVWLPPXQJ $EHUGLH $OWHGLHVLFKVRODQJHVLHGHQ:LHGHUYHUKHLUDWXQJVSODQ KDWWHYRQª:LWZH©YLHOYHUVSURFKHQKDWWHZROOWHEHLYHUlQGHUWHU 6DFKODJHPLWLKUHPQHXHQ3ODQHQLFKWQDFKODVVHQXQGIXKUIRUW ª,FKGHQNHPLU7KLOGHGXPXWHVQXOLHEHUVRQHKPHQDOVRE HVMDZLHKHLWHVGRFKZHQQZDVJDQ]NXU]H=HLWGDXHUWXQG GDQQZLHGHUYRUEHLLVW© ª,FKZHLVFKRQZDVGXPHLQVW© ª$OVRVRQHKPHQ7KLOGHZLHZHQQHVJDUQLFKWJHZHVHQZlUH 'DGLUDOV:LWZHZDV]XJXWHJHWDQZLUGNDQQLFKPLUQLFK GHQNHQXQG)UlXOHLQLVGRFKGDV*HZ|KQOLFKH© 7KLOGHULFKWHWHVLFKDXIQDKPHLQQRFKYRQ:ROGHQVWHLQ PLWJHEUDFKWHV/XIWNLVVHQLQGHQ5FNHQXQGVDJWHª-D0XWWHU ZDVGHQNVWGXGLUHLJHQWOLFKGDEHL'DVLVGRFKZLHHLQH 'HIUDXGDWLRQZLHHLQH8QWHUVFKODJXQJZLH/XJXQG7UXJ© ª*RWW.LQGUHGHGRFKQLFKWVRZDV© ª-D0XWWHUGDVLVW$EOHXJQXQJGHV7DWVlFKOLFKHQXQG VWUDIIlOOLJ©

ª*RWW*RWW© ª,FKKDEHGLUZRKO|IWHUVJHVDJWZHQQGXVREHVWlQGLJ DQSXUUWHVWXQGDOOHVZLVVHQZROOWHVWZDVDXFKQLFKWULFKWLJZDU XQGLPPHUQXUGDYRQNDPGDGXJHJHQGHQDUPHQ+XJRZDV KDWWHVW QXQGDKDELFKGLUZRKOPDOJHVDJWGDHVQLFKWVRZDV %HVRQGUHVJHZHVHQVHLZDVLFKYLHOOHLFKWQLFKWKlWWHVDJHQ >VROOHQ@GHQQDOOHVZDVPDQVRVDJWZLUGGRFKEOR PLYHUVWDQGHQ8QGQXQELVWGXJHUDGHVRZLHGLHDQGHUQ 0HQVFKHQ$EHUHVLVDOOHVIDOVFKZDVGXGDGHQNVWXQGLFKPX GLUVDJHQLFKJODXEHEHLQDKGDHUOLHEHUQLFKWKlWWHKHLUDWHQ VROOHQ(UVDKVRVWDUNDXVPLWVHLQHP9ROOEDUWDEHUHUZDUQXU VFKZDFKDXIGHU%UXVWXQGLFKELQJDQ]VLFKHUHVKDWLKP JHVFKDGHW8QGQXQVROOHVJDUQLFKWVJHZHVHQVHLQ,GDVZlUH MDGRFKVFKlQGOLFKXQGXQGDQNEDUZHQQLFKLKPVRZDVLQ VHLQHP*UDEHQDFKVDJHQZROOWH)UlXOHLQ0|KULQJ:DVGHQNVWGX GLUQXU",FKELQNHLQ)UlXOHLQXQG KDEHPHLQHQ6WRO]DOV)UDXXQG :LWZHZHQQLFKDXFKNHLQ3IDQGVHLQHU/LHEHXQWHUP+HU]HQ WUDJH© ª*RWW7KLOGHVDJHGRFKQLFKVRZDV© ª-DVRVDJWPDQ0XWWHUGDVLVWJHUDGHGDVULFKWLJH:RUW8QG HVLVWEORHLQ=XIDOOGDHVVRLVWZLHHVLVW© ª0HLQVWGX"© ª)UHLOLFKPHLQHLFK8QGPLWXQWHUGHQNHLFKHVZlUHGRFKKEVFK XQGDXFKEHVRQGHUVIUGLFKZHQQGXLKQHLQEXVFKHQN|QQWHVW )UHLOLFK5HFKQXQJVUDWVVFKODIHQJUDGHXQWHUXQVXQGGLHZUGHQ ZRKOUDXIVFKLFNHQXQGVDJHQZLUVROOWHQQLFKWVRYLHOKLQXQGKHU ZLHJHQGHQQGLHGHQNHQGUHL7UHSSHQKRFKLVWVRJXWZLHJDU QLFKWV© ª6RLVHV7KLOGH$UPH/HXWH© ªPVVHQVLFKDOOHVYHUVDJHQ© ª8QVROOHQQLFKPDOEXVFKHQ$FKGLH0HQVFKKHLWLV]X VFKOHFKWXQGLFKHUOHEHVDXFKQLFKPHKU©

'DVZDUNXU]YRUGHP([DPHQGDV7KLOGHJOlQ]HQGEHVWDQGYLHO JOlQ]HQGHUDOV+XJRGDPDOVGDVVHLQH1RFKDQGHPVHOEHQ7DJH VDJWHPDQLKUGDHLQH6WHOOHIUVLHIUHLVHLPDQIUHXHVLFKLKU GLHVHOEHJHEHQ]XN|QQHQ$P2NWREHUWUDWVLHHLQ%HUOLQ1 ]ZLVFKHQ0RDELWXQG7HJHO6LHJLQJPXWLJDQV:HUNKDWWH IULVFKHUH)DUEHQDOVIUKHUXQGZDUJHNOHLGHWZLHDQGHP7DJH ZRVLHYRQ:ROGHQVWHLQZLHGHULQ%HUOLQHLQWUDI1XURKQH .ULPVWHFKHU'DVVHLWHQVGHU6FKXOGHSXWDWLRQ>@ LQVLHJHVHW]WH 9HUWUDXQKDWVLHJHUHFKWIHUWLJW +LQDXVIlKUWVLHMHGHQ0RUJHQPLWGHU3IHUGHEDKQGHQ:HJ ]XUFNPDFKWVLH]X)XXQGNDXIWLPPHUZDVHLQIUGLH0XWWHU HLQHQ.UDQ]NXFKHQRGHUHLQHQ*HUDQLXPWRSIRGHUHLQH7WHPLW 3UQHOOHQ>@2IWDXFKDP2UDQLHQEXUJHU7RUHLQH+DVHQOHEHU ZHLOVLHZHLGD+DVHQOHEHUGDV/LHEOLQJVJHULFKWGHU$OWHQ>LVW@ 8QGGLH$OWHVDJWGDQQª*RWW7KLOGHZHQQLFKGLFKQLFKWKlWWH© ª/DGRFK0XWWHUZLUKDEHQHVMD© ª-D7KLOGHHVLVVFKRQZDKU$EHUZHQQHVPDQEOHLEW© ª(VZLUGVFKRQ© 9RQ+XJR*URPDQQZLUGVHOWHQJHVSURFKHQVHLQH3KRWRJUDSKLH KlQJWDEHUPLWHLQHUVFKZDU]HQ6FKOHLIHEHUGHU&KDLVHORQJXH XQG]ZHLPDOLP-DKUHNULHJWHUQDFK:ROGHQVWHLQKLQHLQHQ.UDQ] 6LOEHUVWHLQOHJWLKQQLHGHUXQGVFKUHLEWMHGHVPDOHLQSDDU IUHXQGOLFKH=HLOHQ]XUFN5HEHFFDKDWVLFKYHUKHLUDWHW >@6FKXOGHSXWDWLRQ6FKXODXVVFKX6FKXOEHK|UGH >@3UQHOOHQHQWVWHLQWH'|UUSIODXPHQ