Schreie In Der Horror-Gruft

6&+5(,(,1'(5+25525*58)7 ª'DVLQGVLH/RVVFKODJWVLHWRWGLH+XQGHV|KQH6LHKDEHQ XQVYHUUDWHQ© 'LH6WLPPHGH...

Author: Dark Jason

6 downloads 138 Views 588KB 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

DOWNLOAD .DOCX DOWNLOAD .PPTX

6&+5(,(,1'(5+25525*58)7

ª'DVLQGVLH/RVVFKODJWVLHWRWGLH+XQGHV|KQH6LHKDEHQ XQVYHUUDWHQ© 'LH6WLPPHGHV0DQQHVEHUVFKOXJVLFK(UZDUGHU $QIKUHUHLQHUVHFKVN|SILJHQ+RUGHGLHXQVXQEHGLQJWW|WHQ ZROOWH 8QVGDVZDUHQ]ZHL3HUVRQHQ .DUHO0DUHNXQGLFK ,FKSDFNWHGHQMXQJHQ0DUHNDQGHQ6FKXOWHUQZXFKWHWHLKQ KHUXP2KQH+LOIHNRQQWHHUVLFKQLFKWYRQGHU6WHOOHUKUHQ 'HU$QEOLFNVHLQHVWRWHQ9DWHUVKDWWHLKQELVLQV0DUN JHWURIIHQ ª:HJ© 'DVHLQH:RUWUHLFKWH.DUHOHUZDFKWHSO|W]OLFKDXVVHLQHU (UVWDUUXQJXQGEHJDQQ]XUHQQHQ:LUOLHIHQHLQNXU]HV6WFN DQGHU6WDOOZDQGYRUEHLZRGLH3IHUGHXQWHUJHEUDFKWZDUHQ XQGIDQGHQHLQHRIIHQVWHKHQGH7U(LQHQ$XJHQEOLFNVSlWHU WDXFKWHQZLULP6WDOOXQWHU :RKLQMHW]W" +DVWLJVFKDXWHLFKPLFKXP(LQODQJHU*DQJ/LQNVGDYRQ GLH3IHUGHER[HQUHFKWVGLH0DXHUPLWGHQNOHLQHQ)HQVWHUQ GXUFKGLHNDXPQRFK/LFKWILHO :LUPXWHQJHUDGHDXVZHLWHUUHQQHQ .DUHOOLHIVFKRQLFKIROJWHLKPXQGK|UWHQLFKWQXUGDV 6FKUHLHQXQVHUHU9HUIROJHUVRQGHUQDXFKGDV6WDPSIHQGHU 3IHUGHKXIH'LH7LHUHLQGHQ%R[HQZDUHQXQUXKLJJHZRUGHQ ª6FKQHOOHU©ULHILFK.DUHO]XGHQQGLH.HUOHZDUHQLQ]ZL VFKHQLQGHQ6WDOOHLQJHGUXQJHQ8QGVLHZDUHQEHZDIIQHW,FK WUXJ]ZDUPHLQH%HUHWWDEHLPLUZROOWHPLUDEHUGLHJHZHLKWHQ 6LOEHUJHVFKRVVHIUGLH9DPSLUHDXIKHEHQ :LUHUUHLFKWHQGDV(QGHGHV6WDOOHVXQGKDWWHQXQZDKU VFKHLQOLFKHV*OFN ª'DLVWHLQH/HLWHU©VFKULH.DUHO ,PQlFKVWHQ0RPHQWVDKLFKVLHDXFK6LHOHKQWHDQGHU 5FNZDQGXQGIKUWH]XHLQHU/XNHLQGHU'HFNHKRFK ª1LFKWVZLHUDXI©VFKULHLFK

.DUHONOHWWHUWHGLH6SURVVHQKRFK,FKPXWHZDUWHQXQG GUHKWHPLFKXP 0HLQH*HJQHUVDKHQPLFK 'HUHUVWHGHU%DUWWUlJHUPLWGHUGLFNHQURWHQ.QROOHQQDVH ODFKWHVLHJHVVLFKHUDXI,QGHUUHFKWHQ+DQGWUXJHUHLQH VFKZHUH/DQ]H,P/DXIHQKROWHHUDXVXPPLUGLH/DQ]HLQ GHQ.|USHU]XVFKOHXGHUQ :XFKWLJIHJWHGLH:DIIHDXIPLFK]X %OLW]VFKQHOOJLQJLFKLQGLH.QLH'LH/DQ]H]LVFKWHEHUPHL QHQ.RSIKLQZHJXQGWUDIGLH5FNZDQG6RIRUWEFNWHLFK PLFKKREVLHDXIXQGNUHLVHOWHKHUXP 'HU%lUWLJHZDUVFKRQYHUGDPPWQDK,FKZDUIGLH/DQ]H 0LW*HJHQZHKUVFKLHQGHU.HUOQLFKWJHUHFKQHW]XKDEHQ $XIMHGHQ)DOOOLHIHUYROOLQGHQ:XUIKLQHLQ6HLQ*OFNGD HUGLH%UXVWGXUFKHLQHQ3DQ]HUJHVFKW]WKDWWH6RZXUGHHU YRQGHP7UHIIHU]ZDUQLFKWYHUOHW]WDEHUGLH$XISUDOOZXFKW VFKOHXGHUWHLKQ]XUFN6RZHLWGDHUVHLQHQQDFKIROJHQGHQ .XPSDQHQLQGLH4XHUHJHULHWGLHLQGHPHQJHQ*DQJQLFKW DXVZHLFKHQNRQQWHQVRGDGUHLYRQLKQHQPLW]X%RGHQ JHULVVHQZXUGHQ ,FKULGHQ5LHJHOGHUQlFKVWJHOHJHQHQ7U]XUFNXQG VFKOHXGHUWHGLH7UDXI 'DV3IHUGLQGHUHQJHQ%R[QHUY|VJHZRUGHQZLHKHUWH VFKULOO'LH+XIHVFKOXJHQEHUGHQ6WHLQ)XQNHQVSUKWHQ XQGGDQQUDVWHGHU*DXOLQGHQ*DQJ 3O|W]OLFKZXUGHHVIUGLH0lQQHUJHIlKUOLFK'DV3IHUG GDFKWHJDUQLFKWGDUDQVWHKHQ]XEOHLEHQYROOJLQJHVLQXQVHUH 9HUIROJHUKLQHLQ6FKUHLH)OFKH:LHKHUQ ,FKK|UWHHVDOVLFKEHUHLWVGLH/HLWHUKRFKNOHWWHUWHZR.DUHO DP5DQGGHU/XNHZDUWHWH ª0HLQ*RWW©IOVWHUWHHUª,FKGDFKWHVFKRQGXZUGHVWHV QLFKWVFKDIIHQ© ª6ROHLFKWELQLFKQLFKWXP]XEULQJHQ©HUZLGHUWHLFK ª:HLWHUPHLQ-XQJH©,FKNLSSWHGLH/HLWHUXPXQGVFKORGLH )DOOWU6ROOWHQGLH.HUOHVHKHQZLHVLHXQVIROJWHQ

:LUEHIDQGHQXQVDXIGHP'DFKGHV6WDOOHV:LUNRQQWHQ GDUDXIZHLWHUODXIHQELV]XHLQHU6WHLQWUHSSHGLH]XP :HKUJDQJDQGHU$XHQPDXHUKRFKIKUWH 'LH7UHSSHZDUXQVHU=LHO $OVXQWHUXQVGLH9HUIROJHUQRFKWREWHQKDWWHQZLUGLH 7UHSSHEHUHLWVHUUHLFKWXQGKDVWHWHQGLH6WXIHQKRFK 'LHVPDOEHUKROWHLFK.DUHOXQGGHVKDOEWUDWPLUDXFK SO|W]OLFKGHU:lFKWHUHQWJHJHQ 'LH)DFNHOKLHOWHULQGHUOLQNHQ+DQGGDV6FKZHUWLQGHU UHFKWHQ8QGPLWGHU:DIIHVFKOXJHU]X(VZDUHLQZLOGHU +LHEGHUPLFK]HUWHLOWKlWWHGRFKLFKVSUDQJJHLVWHVJHJHQ ZlUWLJ]XU6HLWHVRGDGLH.OLQJHQXUGLH6WXIHQWUDI%HYRU GHU.QDEHHLQ]ZHLWHVPDO]XVFKODJHQNRQQWHJLQJLFKLQGHQ 0DQQ 0HLQ5DPPVWRZDUILKQXP (UVFKULHDOVHUDXIGHQ:HKUJDQJSUDOOWHXQGYHUORU)DFNHO DOVDXFK+HOP 0HLQH)DXVWWUDIVHLQ*HVLFKW%OXWVFKRLKPDXVGHU1DVH XQGVHLQH%HZHJXQJHQZXUGHQVFKZlFKHU,FKHQWULLKPGDV 6FKZHUWXQGZDUIHV.DUHO]XGHUHVJHVFKLFNWDXIILQJ ª.DQQVWGXGDPLWXPJHKHQ"©IUDJWHLFK ª-D© 'HU:lFKWHUZDUHLQ]lKHU%XUVFKH(UKDWWHVLFKEHUHLWVKDOE HUKREHQXQGJULIIQDFKGHU)DFNHO 'DWUDW.DUHO]X 'HU0DQQVFKULHDXIYHUORUGDV*OHLFKJHZLFKWXQGUROOWHGLH 7UHSSHKLQDE1DFKHLQSDDU6WXIHQVFKRQUXWVFKWHHUVHLWOLFK DEXQGNODWVFKWHDXIGDV'DFK 8QVHU:HJZDUKHL 1LFKWPHKUVRVFKQHOOOLHIHQZLUGHQ:HKUJDQJHQWODQJ GHQQZLUVXFKWHQQDFKHLQHP9HUVWHFN,UJHQGZLHPXWHQZLU LQGDV,QQHUHGHU%XUJJHODQJHQGHQQQRFKKDWWHQZLUYRQ ,ORQDNHLQHQ5RFN]LSIHOHQWGHFNW8QGDXFKQLFKWYRQ)DULDF GHP9DPSLUGHQGHUMXQJH0DUHNW|WHQVROOWH 'HU:HKUJDQJZDU]LHPOLFKEUHLW/LQNVYRQXQVZXFKVGLH

0DXHUHWZDELVLQ%UXVWK|KHKRFK=ZLVFKHQGXUFKZXUGHVLH LPPHUZLHGHUYRQVFKPDOHQ6FKLHVFKDUWHQXQWHUEURFKHQ :HLWHUYRUXQVVWLHHLQYLHUHFNLJHU7XUPZLHHLQ$UP VWXPSILQGLH+|KH ª'DKLQ"©IUDJWH.DUHONHXFKHQG ,FKQLFNWH:LUPXWHQXQVZLHGHUEHHLOHQGHQQGLH 9HUIROJHUKDWWHQOlQJVWQLFKWDXIJHJHEHQ8QWHQLP%XUJKRI VDKLFKMHW]WPHKUHUH)DFNHOQDXIIODPPHQXQGYRQGHUDQ GHUHQ6HLWHGHV:HKUJDQJVOLHIHQXQVHEHQIDOOV+lVFKHUHQW JHJHQ 0DQNUHLVWHXQVHLQ .DUHOGUHKWHSO|W]OLFKGXUFK ª,FKZLOOQLFKWPHKU©NHXFKWHHUXQGVFKWWHOWHGHQ.RSI ª/DPLFKKLHU,FKNlPSIHLFKWUDJHHVDXVLFKZLOOGHQ9DWHU UlFKHQ© (UIXKUKHUXPXQGKREGDEHLGURKHQGVHLQ6FKZHUW ª5HLGLFK]XVDPPHQ©IXKULFKLKQDQXQGSDFNWHLKQDQ GHU6FKXOWHU+DUWVFKWWHOWHLFKGHQMXQJHQ0DQQGXUFK,FK PXWHLKQZLHGHU]XU9HUQXQIWEULQJHQ ª:DVZLOOVWGX":DVZLOOVWGX"© 'DVFKOXJLFK]X0HLQHIODFKH+DQGNODWVFKWHJHJHQVHLQH :DQJH(UWRUNHOWHHLQHQ6FKULWW]XUFNXQGVFKDXWHPLFK XQJOlXELJDQ ª'XGXKDVWPLFKJHVFKODJHQ"© ª-DXQGZHUGHGLFKDXFKZHLWHUKLQVFKODJHQZHQQGXQLFKW 9HUQXQIWDQQLPPVW© (UQLFNWH ª:HLWHU©GUlQJWHLFK(VZXUGH=HLWGHQQXQVHUH+lVFKHU ZDUHQXQVVFKRQEHGURKOLFKQDKH ª.ODU© :LUOLHIHQDXIGHQ7XUP]X(UZDU]LHPOLFKEUHLWXQGZXFK WLJREZRKOHUDXVGHU)HUQHVRVFKPDODXVJHVHKHQKDWWH 0LW:DFKHQZDUGHU7XUPQLFKWEHVHW]W:LUVDKHQDXIVHLQHU 6SLW]HNHLQHQ)DFNHOVFKHLQ 9RQDXHQIKUWHVRJDUHLQH/HLWHUKRFK:LUHQWGHFNWHQ

DEHUDXFKHLQHQ(LQJDQJHLQHVFKZHUH7U:LUKDWWHQ0KH VLHDXI]XVWHPPHQ *HPHLQVDPGUFNWHQZLU .DOWH/XIWZHKWHXQVHQWJHJHQ.DOWXQGPXIILJ(WZDV VFKZLUUWHDQXQVHUHQ*HVLFKWHUQYRUEHL (LQHNOHLQH)OHGHUPDXV $QJHQHKPZDUHVQLFKWJHUDGHVLFKLQGLHVHP7XUP]XYHU VWHFNHQGRFKZLUKDWWHQNHLQHDQGHUH:DKO .DUHO]RJGLH7UZLHGHU]XZlKUHQGLFKPHLQHNOHLQH /DPSHKHUYRUKROWHXQGVLHHLQVFKDOWHWH1XUJXWGDLFKGLH /HXFKWHLPPHUEHLPLUWUXJ :LHLFKHVHUZDUWHWKDWWHVDKHQZLULPVFKPDOHQ/LFKWGHV 6FKHLQZHUIHUVHLQH:HQGHOWUHSSHDXVGLFNHP6WHLQ6LHIKUWH QDFKREHQDOVDXFKQDFKXQWHQ ª:RKLQ"©ZLVSHUWH.DUHO ª8QWHQ© (UQLFNWH 'HU6WDXEODJILQJHUGLFNDXIGHQ6WXIHQ$XVGHU7LHIHGUDQJ HLQPRGULJHU*HUXFK]XXQVKRFKDOVZUGHQGRUWXQWHQ]DKO UHLFKH/HLFKHQOLHJHQ :LUPXWHQLQGHQVDXUHQ$SIHOEHLHQXQGVWLHJHQGLH :HQGHOWUHSSHKLQDE ,FKIKOWHHVLFKVSUWHHV,UJHQGHWZDVNDPDXIXQV]X0LW MHGHU)DVHUPHLQHV.|USHUVPHUNWHLFKGLHV8QGDXIPHLQHQ VHFKVWHQ6LQQNRQQWHLFKPLFKYHUODVVHQ1LFKW]XPHUVWHQPDO KDWWHHUPLUHLQHGURKHQGH*HIDKUDQJHNQGLJW ,FKEOLHEVWHKHQVRGD.DUHO0DUHNIDVWJHJHQPLFKJH ODXIHQZlUH ª:DVLVWGHQQ"©KDXFKWHHU ª,UJHQGHWZDVHUZDUWHWXQVGRUWXQWHQ©HUZLGHUWHLFKOHLVH ª0DFKGLFKGDUDXIJHIDW© ª8QGZDV"© ª.DQQLFKGLUDXFKQLFKWVDJHQ(VLVWHEHQVRHLQNRPLVFKHV ZDUQHQGHV*HIKO© :LUJLQJHQZHLWHU

,FKKDWWHGLH)KUXQJEHUQRPPHQ:RKLQXQVGHU:HJ IKUWHZXWHQZLUQLFKW,FKKRIIWHQXUGDZLUGLHVHQ YHUGDPPWHQ7XUPOHEHQGZLHGHUYHUODVVHQNRQQWHQGHQQ XQVHUH+lVFKHUKDWWHQEHVWLPPWJHVHKHQZRKLQZLUYHU VFKZXQGHQZDUHQ ,FKVFKZHQNWHGLHNOHLQH/DPSHXQGVDKXQWHUPLUHLQH 6WHLQSODWWIRUPZRHVVLFKHUOLFKHLQHZHLWHUH7UQDFKGUDXHQ JDE ,FKHQWGHFNWHDXFKHWZDVDQGHUHVhEHUXQVZDUHQ +RO]SIO|FNHLQGLH:DQGJHKDXHQZRUGHQ*HLVWHUKDIW]XFNWH GHU6WUDKOEHUGLH3IlKOHXQGEHUGLH0HQVFKHQGLHDQGHQ 3IO|FNHQKLQJHQ +LQWHUPLUVFKULH.DUHOXQWHUGUFNWDXI(VZDUHLQVFKOLP PHV%LOGXQGDXFKLFKPXWHVFKOXFNHQ ,FKVFKZHQNWHPHLQHNOHLQH%OHLVWLIWODPSHKDVWLJKLQXQGKHU XQGVDKGDQRFKPHKU0HQVFKHQDXIJHKlQJWZDUHQ 0LQGHVWHQVIQI 6LHDOOHKLQJHQPLWGHQ.|SIHQLQGHQJHNQSIWHQ6FKOLQJHQ XQGLKUH%HLQHSHQGHOWHQGLFKWEHUGHP%RGHQ $XIGHPOHW]WHQ*HVLFKWEOLHEGHUVFKPDOH6WUDKOKlQJHQ,FK JLQJQRFKHLQH6WXIHYRUXQGVWDQGMHW]WGLFKWYRUGHU 3ODWWIRUPNRQQWHDOVREHVVHUVHKHQ 3O|W]OLFKVWUlXEWHQVLFKPLUGLH1DFNHQKDDUH'HU0DQQGHU PLWGHP.RSILQGHU6FKOLQJHKLQJZDUQLFKWWRW,FKVDKZLH VHLQ*HVLFKW]XFNWHHUEHZHJWHDXFKGLH$XJHQ|IIQHWHVLH XQGJOHLFK]HLWLJGHQ0XQG =ZHLQDGHOVSLW]H9DPSLU]lKQHZXUGHQVLFKWEDU %OLW]VFKQHOOO|VFKWHLFKGLH/DPSH:LUZDUHQZLUNOLFKYRP 5HJHQLQGLH7UDXIHJHUDWHQ $XFKGHUMXQJH0DUHNKDWWHJHVHKHQZDVPLWGHQ(UKlQJWHQ ORVZDUª0HLQ*RWW©KDXFKWHHUªGLHOHEHQMD© (UKDWWHUHFKW:HQQDXFKQXU]XP7HLO'LH*HVFK|SIH OHEWHQXQGVLHOHEWHQGRFKQLFKW

6LHZDUHQ9DPSLUH8QWRWH 3O|W]OLFKZXUGHPLUNODUZDUXPVLFKNHLQHUGHU9HUIROJHU EOLFNHQOLH:LUZDUHQYRQVHOEVWLQGLH)DOOHJHUDQQWGHQQ GLH9DPSLUHZUGHQVLFKDXIXQVVWU]HQGDVVWDQGIHVW )QIKDWWHLFKJH]lKOW (LQH+DQGYROOJHIlKUOLFKHU%OXWVDXJHUGLHXQVPLW:RQQH DQJUHLIHQZUGHQ 0HLQ$UPIXKUQDFKKLQWHQ,FKJULIIQDFK.DUHOV+DQGª:LU JHKHQMHW]WELVDXIGLH3ODWWIRUPYRU©IOVWHUWHLFKª8QG QLPPGHLQHQ(LFKHQSIORFN© ª-D© ,FKPHUNWHZLHHUVLFKEHZHJWH(UKROWHGHQ3IORFNXQWHU VHLQHU-DFNHKHUYRU 6LFKHUKHLWVKDOEHUIUDJWHLFKLKQª+DVWGXGHQ3IORFN"© ª$OOHVNODU© *HPHLQVDPPDFKWHQZLUGHQOHW]WHQ6FKULWW,FKKROWHPHLQH %HUHWWDDXVGHP+ROVWHUXQGKlQJWHPLUGDV.UHX]RIIHQYRU GLH%UXVW6FKZDFKVDKLFKGLH8PULVVH'XUFK/XNHQREHUKDOE YRQXQVILHOHLQZHQLJGVWHUHV/LFKW$XHUGHPZHKWHGHU :LQGGXUFKGHQ7XUPXQGVWULFKEHUXQVHUH*HVLFKWHU 'DQQK|UWHQZLUGDV5DVFKHOQ(VHQWVWDQGYRUXQVZRGLH 0lQQHUKLQJHQ 'LH9DPSLUHEHZHJWHQVLFK:UGHQVLHVLFKMHW]WYRQLKUHQ 6FKOLQJHQEHIUHLHQ" ,FKNQLSVWHQRFKHLQPDOGLH/DPSHDQXQGKDWWH*OFN'HU 6WUDKOWUDIGLUHNWHLQHQLQGHU6FKOLQJHKlQJHQGHQ9DPSLU (UZDUEHUHLWVNHLQ0HQVFKPHKUVRQGHUQKDWWHVLFK YHUZDQGHOW6HLQ.|USHUKDWWHVLFK]XVDPPHQJH]RJHQ ZDUEUHLWHUJHZRUGHQXQGDXVGHQ6FKXOWHUQZXFKVHQ)OJHO ,FKVDKHLQH)HOGHUPDXVYRUPLU ,PQlFKVWHQ$XJHQEOLFNKXVFKWHVLHDXVGHU6FKOLQJHXQG EUHLWHWHGLH6FKZLQJHQDXV ª5XQWHU©ULHILFK.DUHO]X 'DQQJLQJHVUXQG

*HJHQZDUW 'LH&KHIVHNUHWlULQQLFNWH-DQH&ROOLQVXQG%LOO&RQROO\ OlFKHOQG]XEHYRUVLHVDJWHª0U)DULDFHUZDUWHW6LH© ª'DQNH©-DQHXQG%LOOHUKREHQVLFK 'LH7UZXUGHLKQHQDXIJHKDOWHQXQGVLHGXUIWHQGDV $OOHUKHLOLJVWHGHV.RQ]HUQFKHIVEHWUHWHQ 0LWHLQHPVFKQHOOHQ%OLFNQDKPHQ-DQHXQG%LOOGLH (LQULFKWXQJ]XU.HQQWQLV 'HU6FKUHLEWLVFKKDWWHGLH)RUPHLQHUJURHQ1LHUHXQG EHVWDQGDXVGXQNOHP+RO]:HUWYROOH7HSSLFKHODJHQGHP HUVWHQ$QVFKHLQQDFKZDKOORVYHUVWUHXWKHUXP/LQNVEHIDQG VLFKHLQH:DQGDXV*ODVKLQWHUGHUGLH3URGXNWHGHU)LUPD]X VHKHQZDUHQ5HFKWVYRP6FKUHLEWLVFKVWDQGGLH6LW]JUXSSH DXV/HGHUXQGDQGHQOHLFKWJHW|QWHQ:lQGHQKLQJHQZHUW YROOH*UDSKLNHQ 'DV%UREHVWDFKGXUFKVHLQH6FKOLFKWKHLWZDUQLFKWSURW]LJ HLQJHULFKWHWGDUDXIOHJWHGHU%HVLW]HUZRKONHLQHQ:HUW *RUGRQ)DULDFHUKREVLFKKLQWHUVHLQHP6FKUHLEWLVFK *HVSDQQWVFKDXWHHUVHLQHQ%HVXFKHUQHQWJHJHQXQG-DQH PXWH]XJHEHQGDGLHVHU0DQQHLQHlXHUVWDWWUDNWLYH (UVFKHLQXQJZDU 6HLQIHLQHU1DGHOVWUHLIHQDQ]XJVWDPPWHYRPEHVWHQ 6FKQHLGHUGDVZHLH+HPGZDUPDJHVFKQHLGHUWXQGGLH VFKPDOH.UDZDWWHDXV6HLGH)DULDFKDWWHSHFKVFKZDU]HV+DDU GDVJODWWQDFKKLQWHQJHNlPPWZDU'LHGXQNOHQ$XJHQ PXVWHUWHQGLHEHLGHQ%HVXFKHUIRUVFKHQGXQGXPVHLQHGQ QHQ/LSSHQZHKWHHLQ/lFKHOQ ª%LWWHWUHWHQVLHQlKHU©VDJWHHUXQGNDPXPVHLQHQ 6FKUHLEWLVFKKHUXP (UVWUHFNWHGLHUHFKWH+DQGDXVXQGEHJUWH-DQH&ROOLQV ZREHLHUNHLQHQ%OLFNYRQLKUHP*HVLFKWOLH 'LH'HWHNWLYLQPRFKWHGLHVHSUIHQGHQ0XVWHUXQJHQQLFKW KLHOWGHP%OLFNMHGRFKVWDQGXQGZXQGHUWHVLFKZLHNKOGLH +DQGGHV0DQQHVZDU ª,FKGDUI6LHKHU]OLFKZLOONRPPHQKHLHQ©VDJWHGHU0DQQ

XQGGHXWHWHDXIGLH6LW]JUXSSHª1HKPHQ6LHGRFK3ODW]© (UOLH-DQHV+DQGORVXQGEHJUWH%LOOHEHQIDOOVGXUFK HLQHQ+lQGHGUXFN 'DV/HGHUZDUZHLFKXQGSDWHVLFKGHU.|USHUIRUPGHV 6LW]HQGHQDQ)DULDFOHJWHGLH+lQGHDXIGLH2EHUVFKHQNHO ª'DUILFK,KQHQHWZDV]XWULQNHQDQELHWHQ"©HUNXQGLJWHHUVLFK K|IOLFK -DQHXQG%LOOOHKQWHQDE ª*XW©'HU)LUPHQFKHIQLFNWH6HLQ%OLFNZDQGHUWH]X%LOO GDQQZHLWHU]X-DQHXQGEOLHEDQLKUKlQJHQª,FKKDEH,KQHQ HLQ,QWHUYLHZJHZlKUWZHLOLFKJHVSDQQWELQZDV6LHYRQPLU ZROOHQGHQQELVKHUKDWHVQRFKNHLQ5HSRUWHUIUZLFKWLJ EHIXQGHQDQPLFK)UDJHQ]XVWHOOHQ6LHVHKHQGDLFKKLHU 1HXODQGEHWUHWHXQGELWWH6LHHWZDVQDFKVLFKWLJPLWPLU XP]XJHKHQ©(UOlFKHOWH -DQH&ROOLQVZDUQDWUOLFKQLFKWDOV3ULYDWGHWHNWLYLQDXIJH WUHWHQVRQGHUQDOV5HSRUWHULQGLH]XVDPPHQPLW%LOO&RQROO\ IUHLQHEHNDQQWH,OOXVWULHUWHVFKULHE:LHHVDXVVDKQDKP )DULDFGHQ%OXIIDEXQG-DQHZDUIURKGDUEHU %LOOEHJDQQª,FKKDWWH,KQHQEHUHLWVLQHLQHP9RUJHVSUlFK PLWJHWHLOWGDZLUDQHLQHU5HSRUWDJHEHUGLH.RVPHWLN ,QGXVWULHDUEHLWHQ'HVKDOEODJHVDXIGHU+DQG6LHDOVHLQHQ GHU%UDQFKHQIKUHU]XHUVW]XEHVXFKHQ© )DULDFQLFNWH 1DWUOLFKKWHWHVLFK%LOO&RQROO\GHQZDKUHQ*UXQGLKUHV %HVXFKHV]XQHQQHQ'HUODJJDQ]DQGHUV(VJLQJXP-RKQ 6LQFODLU6HLWVHLQHPSO|W]OLFKHQ9HUVFKZLQGHQKDWWHQ%LOO 6XNRXQGDXFK-DQHNHLQHUXKLJH0LQXWHPHKU6LU-DPHV 6XSHULQWHQGHQWEHL6FRWODQG
DXFKYRQGHU)DULDF.RVPHWLN)LUPDJHVSURFKHQ'LHVHV KDWWHQGLHDQGHUHQLQ]ZLVFKHQLQ(UIDKUXQJJHEUDFKW 'HVKDOEVHW]WHQVLHGHQ+HEHOEHL)DULDFSHUV|QOLFKDQ 6LHJDEHQVLFKKDUPORVDXVGLHVHP*UXQGHOLHHQVLHDXFK GLH)LUPHQJHVFKLFKWHEHUVLFKHUJHKHQGLH)DULDFLKQHQGDU OHJWH (UVFKLOGHUWHVHLQH3URGXNWHVSUDFKEHU([SDQVLRQXQG 9HUNDXIVHQWZLFNOXQJJLQJDEHUQLFKWLQ'HWDLOV 'DQQZDU-DQHDQGHU5HLKHª:LHLFKK|UWHKDEHQ6LHPHK UHUH:HUNH"© ª'DVVWLPPW© ª'UIWHQZLUGLH$Q]DKOZLVVHQ"© ª'DVLVWHLQIDFK+LHULQ/RQGRQVLQGXQVHUH+DXSWZHUNH :LUKDEHQDOOHUGLQJVDXFK)LOLDOHQ(LQHLQ'HXWVFKODQGDP 5KHLQGRUWZRHUDPVFK|QVWHQLVW.HQQHQ6LHGHQ/RUHOH\ )HOVHQ"© ª:LUKDEHQGDYRQJHK|UW©HUZLGHUWH-DQH ª'RUWJHJHQEHUEHILQGHWVLFKPHLQH)LOLDOH© ª8QGGLHLQ/RQGRQ"©IUDJWHGLH'HWHNWLYLQ ª:LHPHLQHQ6LH"© ª,FKP|FKWHJHUQZLVVHQZLHYLHOH)LOLDOHQVLFKLQXQVHUHP 5DXPEHILQGHQ© ª'UHL© ª+DEHQ6LHGLHDP+DIHQDXFKPLWJH]lKOW"© )DULDFEHUOHJWHHLQHQ$XJHQEOLFN6HLQH6WLUQZDUIOHLFKWH )DOWHQª:LHNRPPHQ6LHGDUDXI"© ª,FKKDEHGDYRQJHK|UW© ª$FKVR'LHVH)LOLDOHLVWNHLQHLQGHP6LQQH:LUXQWHUKDOWHQ GRUWHLQ)RUVFKXQJVODERU8QVHUH0LWDUEHLWHUEHVFKlIWLJHQVLFK GRUWPLWGHU1HXHQWZLFNOXQJLQWHUHVVDQWHU3URGXNWH© ª'DUIPDQGDV/DERUEHVLFKWLJHQ"©KDNWH-DQHQDFK *RUGRQ)DULDFZLHJWHGHQ.RSIª8QJHUQ'DVKDWQLFKWVPLW 0LWUDXHQLPHLJHQWOLFKHQ6LQQH]XWXQDEHUJHUDGHLQGHU .RVPHWLN%UDQFKHJLEWHVHLQHQXQHUK|UWKDUWHQPDQFKPDO DXFKVFKPXW]LJHQ.RQNXUUHQ]NDPSIVRGDZLUJH]ZXQJHQ

VLQGXQVHUH)RUVFKXQJVVWlWWHQYRUGHQ%OLFNHQ'ULWWHU]X VFKW]HQ© ª'DVYHUVWHKHLFK©VDJWH-DQHª7URW]GHPKlWWHHVXQVQDWU OLFKLQWHUHVVLHUW© ª9LHOOHLFKWVSlWHUPDO© -HW]WZDU%LOOZLHGHUDQGHU5HLKHª,FKK|UWHGDLQGLHVHV /DERUHLQJHEURFKHQZXUGH© 1DFKGHU)UDJHHQWVWDQGHLQH3DXVHª:HUKDW,KQHQGDV GHQQJHVDJW"©HUNXQGLJWHVLFK)DULDF %LOOOlFKHOWHPRNDQWª$XFKLFKKDEHPHLQH%H]LHKXQJHQ 'HQ1DPHQP|FKWHLFKQLFKWYHUUDWHQ© ª(VVWLPPWQLFKW0U&RQROO\,KU,QIRUPDQWKDW,KQHQHLQHQ %lUHQDXIJHEXQGHQXQGVLHVFKOLFKWZHJEHORJHQ© ª.DQQGDVQLFKWDXFKHLQH=ZHFNEHKDXSWXQJ,KUHUVHLWVVHLQ 0U)DULDF"1LFKWMHGHUJLEWJHUQ]XGDVHLQH)LUPDGXUFK %HWULHEVVSLRQDJHXQWHUZDQGHUWLVW© ª6LHEHILQGHQVLFKDXIHLQHUIDOVFKHQ)lKUWH©HUZLGHUWHGHU )DEULNDQWVFKDUI ª'DQQHQWVFKXOGLJHQ6LH© )DULDFOlFKHOWHZLHGHUª6LHN|QQHQGHQ5HSRUWHUHEHQQLFKW YHUOHXJQHQ0U&RQROO\8QGLFKYHUVLFKHUH,KQHQLQPHLQH )DEULNLVWQLFKWHLQJHEURFKHQZRUGHQ© -DQHZHFKVHOWHGDV7KHPDª:LHVWHKHQ,KUH0LWDUEHLWHU]X ,KQHQXQGGHU)LUPD"© ª$XVJH]HLFKQHW© ª.|QQHQ6LHGDVSUl]LVLHUHQ"© ª8QVHUH)OXNWXDWLRQLVWJHULQJ:LUKDEHQ$QJHVWHOOWHGLH VHLWGHQ$QIlQJHQEHLXQVVLQGXQGGDV%HWULHEVNOLPDJLOWDOV DQHUNDQQWJXW%HVRQGHUVJHIUDJWVLQGXQVHUHEXQWHQ$EHQGH XQGGLH$XVIOJH© ª%HWULHEVDXVIOJH"©KDNWH-DQHQDFK ª-DXQGQHLQ'LHVH$XVIOJHKDEHQGHQ6LQQGHQ =XVDPPHQKDOWGHUHLQ]HOQHQ%HVFKlIWLJWHQ]XI|UGHUQ-HGHU VROOMHGHQNHQQHQOHUQHQ(VPDFKWZLUNOLFK6SD© ª'DVJODXEHLFK,KQHQ©JDE-DQH]X

)DULDFOHKQWHVLFK]XUFNª,FKPDFKH,KQHQHLQHQ9RUVFKODJ 0LVV&ROOLQV)DKUHQ6LHGRFKPLW© ª$XIGHQ%HWULHEVDXVIOXJ"© ª:DUXPQLFKW"© -DQHZDUI%LOOHLQHQVFKQHOOHQ%OLFN]X'HUKREQXUGLH 6FKXOWHUQ ª,KU.ROOHJHLVWVHOEVWYHUVWlQGOLFKPLWHLQJHODGHQ©HUNOlUWH GHU)DEULNDQW ª8QGZDQQVROOGLH5HLVHORVJHKHQ"©IUDJWH-DQH ª+HXWH© ª:DV"© )DULDFVFKDXWHDXIVHLQH8KUª,Q]ZHL6WXQGHQWUHIIHLFK PLFKPLW]HKQYHUGLHQWHQ0LWDUEHLWHUQDP)OXJKDIHQ:LU ZHUGHQDQGHQ5KHLQIOLHJHQGRUWGHU)LOLDOHHLQHQ%HVXFK DEVWDWWHQXQGDQVFKOLHHQGLQHLQHUDOWHQ%XUJEHUQDFKWHQ© ª'DVLVWDOOHUGLQJVXQJHZ|KQOLFK©PXUPHOWHGLH'HWHNWLYLQ ª6DJHQ6LHMD© %LOOQDKP-DQH&ROOLQVGLH(QWVFKHLGXQJDEª,FKELQHLQYHU VWDQGHQ©HUNOlUWHHU ª%UDYR0U&RQROO\8QG6LH"©)DULDFVFKDXWHGLH'HWHNWLYLQ DQ ª:HQQPHLQ.ROOHJHVFKRQ]XJHVWLPPWKDWNDQQLFKPLFK QLFKWGDJHJHQVWHOOHQ© *RUGRQ)DULDFODFKWHª)DQWDVWLVFKGDQQGDUILFK6LHMHW]W VFKRQIU]ZHL7DJHLQGHU)DULDF)DPLOLHZLOONRPPHQKHLHQ 6LHZHUGHQVHKUYLHO6SDKDEHQ'DIUJDUDQWLHUHLFK©(U VFKDXWHDXIVHLQH8KUª/HLGHUPVVHQ6LHPLFKMHW]WHQWVFKXO GLJHQLFKKDEHHLQHQZLUNOLFKHQ*UXQG8QG6LHZHUGHQQRFK SDFNHQZROOHQ:HQQHVJHKWQHKPHQ6LHELWWHHLQ$EHQGNOHLG PLW© ª:LUGJHPDFKW©HUZLGHUWH-DQH 6LHXQG%LOOHUKREHQVLFK )DULDFUHLFKWHLKQHQGLH+DQGª:LUVHKHQXQVGDQQDP )OXJSODW]$XIGHU5HLVHN|QQHQ6LHIUDJHQZDV6LHZROOHQ,FK VWHKH,KQHQJHUQ]XU9HUIJXQJ8QGGHU$EHQGZLUG,KQHQ

LPPHULP*HGlFKWQLVEOHLEHQGDVZHLLFKYRQPHLQHQ 0LWDUEHLWHUQ© ª,FKIUHXHPLFK©VDJWH-DQH 6LHGXUFKTXHUWHQGDV9RU]LPPHUXQGZXUGHQYRQGHU 6HNUHWlULQQDFKXQWHQEHJOHLWHW ª)DKUHQ6LHDXFKPLW"©IUDJWH%LOO ª1DWUOLFK© ª6LQGGLH$XVIOJHZLUNOLFKVRIDQWDVWLVFK"© 9RUGHUJURHQ*ODVWUEOLHEHQVLHVWHKHQª1RFKEHVVHU 0U&RQROO\*RUGRQ)DULDFJLEWVLFKZLUNOLFK0KH© ª,VWVHLQH)UDXDXFKGDEHL"©ZROOWH-DQHZLVVHQ ª1HLQ0U)DULDFLVW-XQJJHVHOOH©'LHVFKZDU]KDDULJH'DPH PLWGHQKHOOHQ6WUlKQHQLP+DDUGURKWHVFKHU]KDIWPLWGHP )LQJHUª6HKHQ6LHVLFKYRU0LVV&ROOLQV*RUGRQ)DULDFLVWVHKU FKDUPDQW© ª'DVKDEHLFKEHPHUNW© ª'XZLOOVW-RKQGRFKQLFKWXQWUHXZHUGHQ©VDJWH%LOO &RQROO\DOVVLHGUDXHQZDUHQXQGDXIGHQ3RUVFKHGHV 5HSRUWHUV]XVFKULWWHQ ª:HUZHL© -DQHOlFKHOWHVSLW]EELVFKZXUGHDEHUVFKQHOOZLHGHUHUQVW GHQQHLQ6SDZDUGLHVHU)DOOQLFKW (LQHEUHLWVFKXOWULJH*HVWDOWO|VWHVLFKDXVGHU'HFNXQJHLQHU 3DUNSODW]OHXFKWH 6XNR (UVFKOHQGHUWHEHUGHQJODWWHQ%HWRQPLWGHQDEJHWHLOWHQ 3DUNWDVFKHQKHUDQ6XNRZDUDOV:DFKHYRUGHP:HUN]XUFN JHODVVHQZRUGHQ 1HEHQ%LOOEOLHEHUVWHKHQXQGOHJWHVHLQH+DQGDXIGDVNDOWH 'DFKGHV:DJHQV ª8QG"1HXLJNHLWHQ"© ª6WHLJHLQ©VDJWH%LOOQXU 6XNRNOHPPWHVLFKDXIGHQVFKPDOHQ1RWVLW]ZlKUHQG-DQH QHEHQGHP5HSRUWHU3ODW]QDKP $XIGHU)DKUW]XP
&KLQHVH]HLJWHVLFKEHUUDVFKWDOVHUK|UWHGDEHLGH]X HLQHP%HWULHEVDXVIOXJHLQJHODGHQZDUHQ ª8QGLKUKDEWZLUNOLFK]XJHVDJW"© ª-DZDUXPQLFKW"© ª$EHUGDVLVWHLQH6WUHFNH+LPPHO'HXWVFKODQGGHU)OXJ XQG© ª'XYHUJLWGHQ2UWZRGDV)HVWVWDWWILQGHW'DVLVWHLQDOWHV 6FKOR© ª1DXQG"© ª,FKZHLQLFKW©VDJWH-DQHªDEHULUJHQGZLHKDEHLFKGDV *HIKOGDPLWGLHVHP)DULDFHWZDVQLFKWVWLPPW(ULVW]X JODWW]XNDOW0DQNRPPWDQLKQQLFKWKHUDQ$XHUGHPLVW PLUVHLQHXQJHVXQGH*HVLFKWVIDUEHDXIJHIDOOHQ0DQDJHU VHLQHV6FKODJHVVHKHQLPPHUVRODULXPEUDXQDXV(UQLFKW© ª'XKlOWVWLKQIUHLQHQ9DPSLU"©IUDJWH%LOO&RQROO\GLUHNW ª,FKZHLQLFKW© ª'DVZHUGHQZLUMDIHVWVWHOOHQ©OlFKHOWHGHU5HSRUWHU ª%HVWLPPWZLOOHUPLWGLUWDQ]HQGDQQZLUVWGXVHLQHQ.X HPSIDQJHQ© ª+|UDXI© ª'LH)UDJHLVWQXU©VDJWH6XNRªZHOFKHLQH9HUELQGXQJ ]ZLVFKHQ)DULDFXQG-RKQ6LQFODLUEHVWHKW© ª-RKQLVWLPPHUKLQLQGLH)DEULNHLQJHGUXQJHQ©HUZLGHUWH %LOO ª'DPLWVWHKWDEHUQRFKQLFKWGDV%LQGHJOLHG]ZLVFKHQGHQ EHLGHQ0lQQHUQSHUV|QOLFKIHVW0LWGHP(LQEUXFKKDWWHHU QXUGLH)LUPDJHPHLQW© ª6WLPPWDXFKZLHGHU©JDEGHU5HSRUWHU]X ª,FKEHUOHJHHWZDVDQGHUHV©PHLQWH-DQHXQG]QGHWHVLFK JHGDQNHQYHUORUHQHLQH=LJDUHWWHDQª8QGZDV"©IUDJWH%LOO ª'LH6DFKHYHUODJHUWVLFKQDFK'HXWVFKODQG6ROOWHQZLU QLFKW.RPPLVVDU0DOOPDQQ%HVFKHLGVDJHQ"© 6XNRQLFNWHGRFKGHU5HSRUWHUVFKWWHOWHGHQ.RSIª$XI NHLQHQ)DOO©VSUDFKHUGDJHJHQ ª8QGZDUXPQLFKW"©

%LOOKLHOWYRUHLQHU$PSHOXQGVFKDXWH-DQHDQª:HLOZLU 0DOOPDQQQLFKWQHUY|VPDFKHQN|QQHQ(VVWHKWMDQRFKQLFKWV IHVW:LUWDSSHQQDFKZLHYRULPGXQNHOQIDOOHQJHZLVVHU PDHQLQV/HHUH2GHUKDVWGXHWZDV*UHLIEDUHV"© -DQHVFKDXWHDXIGLHEHUGLH6WUDHODXIHQGHQ0HQVFKHQ ª1HLQ©PXUPHOWHVLH ª1DELWWH© ª$EHU-RKQV9HUVFKZLQGHQLVWVFKOLPPJHQXJ© ª'HVKDOEN|QQHQZLUDEHU0DOOPDQQQLFKWPRELOPDFKHQ =XGHPKDEHQZLUNHLQHUOHL%HZHLVHGDVLFKGHU)DOOQDFK 'HXWVFKODQGYHUODJHUW©%LOOVWDUWHWHZLHGHU ª$EHUGHU%HWULHEVDXVIOXJ© ª,VWHLQHY|OOLJQRUPDOH6DFKH'DVNDQQVLFKDOOHVDOVJDQ] KDUPORVKHUDXVVWHOOHQ(LQH%XUJ*HLVWHUVWLPPXQJ.HU]HQ VFKHLQWROO$EHU9DPSLUHHFKWHPHLQHLFKGD]XEUDXFKHQ ZLU%HZHLVH© ª,FKKDEHVRHLQ*HIKO=XGHPVROOWHVWGXGLFKPDO ]XUFNHULQQHUQ'DPDOVLQ5XPlQLHQDOVGX(KUHQJDVWDXI GHU9DPSLUKRFK]HLWJHZHVHQELVWOLHIGHU)DOOGRFKlKQOLFK 'DVWDQGDXFKHLQH5HLVHJUXSSHLP0LWWHOSXQNW© ª6WLPPW©JDE%LOO]Xª(VPXDEHUKLHUQLFKWJHQDXVR VHLQ© ª,FKMHGHQIDOOVKDEHHLQNRPLVFKHV*HIKO©VDJWHGLH 'HWHNWLYLQª8QGGDEHLEOHLEHLFK© ª:LHGXZLOOVW© ª$XIMHGHQ)DOOZUGHLFKHXFKUDWHQHLQLJH:DIIHQPLW]X QHKPHQ©VFKOXJ6XNRYRU ª'DVVRZLHVR©%LOOQLFNWH =HKQ0LQXWHQVSlWHUKDWWHQVLHGDV
ª8QG6LHEOHLEHQKLHU6XNR"©IUDJWHGHU6XSHULQWHQGHQW ª-D6LU© ª%H]ZHFNHQ6LHHWZDV%HVRQGHUHVGDPLW"© 'HU&KLQHVHQLFNWHª0LUJHKWGLHVHV/DERUQLFKWDXVGHP .RSI'RUWP|FKWHLFKPLFKQlPOLFKHLQZHQLJXPVHKHQ© 6LU-DPHVQLFNWHª,FKKDEHQLFKWVGDJHJHQ©HUZLGHUWH HU(UVFKDXWH%LOOXQG-DQHDQª,KQHQZQVFKHLFKYLHO *OFN©VDJWHHUª,FKJODXEHGDVN|QQHQZLUDOOHJHEUDX FKHQ© 0LWGLHVHU0HLQXQJVWDQG6LU-DPHVQLFKWDOOHLQ 9HUJDQJHQKHLW $OVVLFK.DUHOQLFKWVRIRUWGXFNWH]RJLFKLKQ]X%RGHQ ª%OHLEKLHUKRFNHQ©]LVFKWHLFK ª-D©KDXFKWHHU $XFKLFKJLQJDXI7DXFKVWDWLRQVSLW]WHDEHUGLH2KUHQXQG DFKWHWHDXIMHGHV*HUlXVFK 'DV5DVFKHOQYHUVWlUNWHVLFK:DKUVFKHLQOLFKZUGHQVLFK LPPHUPHKU9DPSLUHLQ)OHGHUPlXVHYHUZDQGHOQXQG VLFKGDQQDOOHDXIXQVVWU]HQ ,FKEOLHEDXIGHQ.QLHQKRFNHQXQGZDUWHWHDXIGHQHUVWHQ $QJULII6HNXQGHQYHUJLQJHQ +LQWHUPLUK|UWHLFKGDVVFKZHUH$WPHQGHVMXQJHQ0DUHN .ODUHUZDUQHUY|V]LWWHUWHZDKUVFKHLQOLFKKDWWHHUQRFKQLH JHJHQHLQHQ9DPSLUJHNlPSIW /HLGHUNRQQWHLFKQLFKWVVHKHQXQGGHVKDOEJLQJLFKEHZXW GDVYROOH5LVLNRHLQ ,FKNQLSVWHGLH/DPSHDQ 'HUGQQH6WUDKO]HUVFKQLWWGLH'XQNHOKHLWXQGWUDIGDV *HVLFKWHLQHV9DPSLUVGHUVLFKXQVHQWJHJHQVWU]HQZROOWH ,FKIHXHUWH 'HUSHLWVFKHQGH.QDOO]HUULPLUIDVWGDV7URPPHOIHOOXQG MDJWHDOV(FKRGXUFKGHQ7XUP,FKKDWWHJHWURIIHQ 6HKUJXWVRJDU

'LHJHZHLKWH6LOEHUNXJHOZDULQGHQ.|USHUGHV9DPSLUV JHGUXQJHQGLFKWXQWHUKDOEGHV+DOVHVXQGDXJHQEOLFNOLFK EHJDQQGDV6LOEHUVHLQ]HUVW|UHULVFKHV:HUN 'LH)OHGHUPDXVO|VWHVLFKDXI 6LHIODWWHUWHHLQSDDUPDOGRFKLKUH)OJHOZXUGHQEHUHLWV]X 6WDXEGHUODQJVDPQDFKXQWHQVDQN 'DQQVFKRLFKQRFKHLQPDO 'LHQlFKVWH.XJHOWUDIGHQ%OXWVDXJHUGHUGLH7UHSSHPLW VHLQHP.|USHUDEGHFNWH 'DV*HVFKRIHJWHPLWWHQLQVHLQYHU]HUUWHV*HVLFKWXQGKLHE LKQGLH6WXIHQKLQXQWHU ª.RPP©VFKULHLFK.DUHO]X :LUKDWWHQSO|W]OLFKIUHLH%DKQXQGLFKZROOWHVRUDVFKZLH P|JOLFKYRQGHU3ODWWIRUPZHJ 'UHL9DPSLUHZDUHQQRFKEULJJHEOLHEHQ$XFKGLHNRQQWHQ XQVJHIlKUOLFKZHUGHQDEHUHUVWHLQPDOZDUHQZLUZHJ ,FKVWROSHUWHGLH6WXIHQKLQXQWHUNQDOOWHPLWGHU6FKXOWHU JHJHQGLH:DQGILQJPLFKZLHGHUXQGOLHIZHLWHU'LH/DPSH KDWWHLFKQLFKWPHKUHLQJHVFKDOWHW,P'XQNHOQEHZHJWHLFK PLFKYRUDQXQGK|UWHKLQWHUPLUHLQHQ6FKUHL ,QGHQ6FKUHLPLVFKWHVLFKGDV6FKODJHQGHUJURHQ 6FKZLQJHQ0LUVWRFNWHGHU$WHP .DUHOZXUGHYRQHLQHU)OHGHUPDXVDQJHJULIIHQ,FKGXFNWH PLFKNUHLVHOWHKHUXPXQGOLHGLH%OHLVWLIWODPSHEUHQQHQ 0DQNRQQWHQLFKWYLHOVHKHQDEHULFKEHNDPPLWGDGHU MXQJH0DUHNUFNOLQJVDXIGHQ6WXIHQODJXQGHLQ 5LHVHQYDPSLUEHULKPKRFNWHXQGLKQDWWDFNLHUWH ª1LPPGHQ3IDKO©EUOOWHLFK ,FKZHLQLFKWREHUPLFKJHK|UWKDWWH$XIMHGHQ)DOOUHD JLHUWHHUULGHQOLQNHQ$UPKRFKXQGLFKVDKGHQ3IDKOGXUFK GHQVFKPDOHQ/LFKWVWUHLIHQKXVFKHQ 'DQQVWLHHU]X 8QGWUDI 'HU3IORFNDXVGHP+RO]HLQHU(LFKHJHVFKQLW]WGUDQJGHP 5LHVHQYDPSLULQGLH%UXVW%LV]XU+lOIWHEOLHEHUVWHFNHQXQG

LFKPXWHZLHGHUDQGLH6]HQHQGHQNHQDOVPLUGHU3IDKO EHUODVVHQZRUGHQZDU'DHVLKQLQPHLQHU=HLWDXFKQRFK JDEZDUIUPLFKIDVWXQEHJUHLIOLFK 'HU9DPSLU]XFNWH(UKLQJDQGHP3IDKO]XFNWHXQGVFKOXJ ZLOGXPVLFK (UWUDIDXFKGHQDP%RGHQOLHJHQGHQ.DUHODEHUGLH6FKOlJH KDWWHQOlQJVWQLFKWPHKUGLH:XFKW'HU9DPSLUYHUORUYLHO .UDIWVHLQH)OJHOO|VWHQVLFKODQJVDPDXI 1RFK]ZHL9DPSLUH (LQHUGDYRQJULIIPLFKDQ,FKKDWWHHLQHQ)HKOHUJHPDFKW XQGPLFKDEOHQNHQODVVHQGDVPXWHLFKQXQELWWHUEHUHXHQ 3O|W]OLFKSUDOOWHGLH%HVWLHJHJHQPLFK(VZDUHLQZXFKWLJHU 6WRGHPLFKQLFKWVHQWJHJHQ]XVHW]HQKDWWHXQGGHUPLFK DXFKDXVGHP*OHLFKJHZLFKWEUDFKWH ,FKNLSSWHGLH7UHSSHKLQXQWHUZROOWHPLFKQRFKDQGHU :DQGDEVWW]HQGRFKPHLQH+DQGIXKUQXUEHUGLHUDXKH )OlFKHXQGUXWVFKWHGDUDQDE ,QVWLQNWLYNUPPWHLFKPHLQHQ.|USHUPDFKWHPLFKVRNOHLQ ZLHP|JOLFKXQGKLHOW/DPSHDOVDXFK%HUHWWDIHVW )DVWZLHHLQH.XJHOUROOWHLFKGLHVWHLOH7UHSSHKLQXQWHU,FK K|UWH.DUHOVFKUHLHQEHUPLUIODWWHUWHGHUYHUGDPPWH9DPSLU XQGLFKZXWHQLFKWZLHLFKGLHVH6LWXDWLRQEHUVWHKHQVROOWH :LHHLQ%HUVHUNHUNlPSIWHLFKVSUWHGLHVFKDUIHQ.UDOOHQ XQGHVJHODQJPLU]XP*OFNPHLQHQ+DOV]XVFKW]HQ 3O|W]OLFKVFKULHXQGIDXFKWHGHU9DPSLUZWHQGDXI'DQDFK IODWWHUWHHUQRFKXQGLFKEOLHEQDFKHLQSDDUZHLWHUHQ6WXIHQ HQGJOWLJOLHJHQ .HXFKHQGUROOWHLFKDXIGLH6HLWHXQGOHXFKWHWHGLH6WXIHQ KRFK 'RUWKRFNWHGLH%HVWLH $EHUVLHHUKREVLFKQLFKWPHKU(LQ)OJHO]HUILHOEHUHLWV]X 6WDXE2EZRKOLFKQLFKWJHVFKRVVHQKDWWHYHUJLQJGHU9DPSLU 'HU*UXQGZXUGHPLUVFKQHOONODU 0HLQ.UHX] 'DVKDWWHLKPGHQ5HVWJHJHEHQGHQQGLHVH:DIIHZDUXQJH

KHXHUPlFKWLJ6LHKDWWHVFKRQVWlUNHUH'lPRQHQJHW|WHW'HU 9DPSLUZDUHLQ1LFKWVGDJHJHQ 'LH9HUZHVXQJVFKULWWUDVHQGVFKQHOOYRUDQXQGPDFKWH DXFKYRUGHP.RSIQLFKWKDOW'DV*HVLFKWZHQQPDQGLH )UDW]HDOVVROFKHVEH]HLFKQHQNRQQWH]HUEU|FNHOW6WDXEXQG .QRFKHQILHOHQ]X%RGHQ -HW]WZDUQXUQRFKHLQHUGD ,FKULFKWHWHPLFKDXIXQGVSUWHGHQVWHFKHQGHQ6FKPHU]LQ GHU%UXVW ,FKSUHWHGLH+lQGHDXIPHLQHQ%UXVWNDVWHQDWPHWHHUVW IODFKGDQQWLHIHUGXUFK (VNODSSWHJHEURFKHQRGHUDQJHNQDFNVWZDUQLFKWV$EHUZR VWHFNWH.DUHO0DUHN" ,FKVDKLKQQLFKWK|UWHLKQQXU .DPSIJHUlXVFKHGUDQJHQDQPHLQH2KUHQ6LHNODQJHQREHU KDOEYRQPLUDXI,FKPXWHZLHGHUKRFK 1XUVFKZDFKHUNDQQWHLFKGLH6FKDWWHQ2EZRKOHV]ZHL ZDUHQ]HUVFKPRO]HQVLH]XHLQHP ª.DUHO©ULHILFK (UDQWZRUWHWH:LOGHQWVFKORVVHQKDVVHUIOOWª,FKSDFNH LKQ©NHXFKWHHUª,FKNULHJHGLHYHUGDPPWH%HVWLH'DGD GD©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

.DUHOVWLHJGLH6WXIHQKHUDE(UJLQJGLFKWDQGHU:DQGZHLO HUGRUWHLQH6WW]HIDQG6HLQ*HVLFKWZDUYHU]HUUWGHQ3IORFN KLHOWHULQGHUOLQNHQ+DQG =ZHL6WXIHQYRUPLUEOLHEHUVWHKHQ ª1XQ"©IUDJWHLFK 7ULXPSKLHUHQGKLHOWHUGHQ3IORFNKRFKª,FKKDEHVLHJH W|WHW©NHXFKWHHUª,FKKDEHVLHJHW|WHW(QGOLFK,FKKDEHHV JHVFKDIIW-HW]WELQLFKHLQZUGLJHU(UEH© ª-DGDVELVWGX© ª6LQGDOOHYHUQLFKWHW"©HUNXQGLJWHHUVLFK ª,FKJODXEH© ª'DQQN|QQHQZLUXQVMDGLHVHQ)DULDFYRUQHKPHQ$XILKQ ZDUWHWHEHQIDOOVPHLQ3IDKO© ª/DQJVDPODQJVDP©EHVFKZLFKWLJWHLFKª'LHVHU9DPSLU *UDILVWQLFKWVRKDUPORVZLHGLHVH5LHVHQIOHGHUPlXVH'HU ZLUGVLFKZHKUHQNHQQWDOOH7ULFNVXQG.QLIIH'XGDUIVW GXUFKGLHHUVWHQ(UIROJHQLFKWEHUPWLJZHUGHQ.DUHO:LU KDEHQ*OFNJHKDEWXQYHUVFKlPWHV*OFN8QGGXKDWWHVW HLQH:DIIHGHQNGDUDQ:lUHQXULFKEHZDIIQHWJHZHVHQ KlWWHHVDQGHUVDXVVHKHQN|QQHQ© (UQLFNWH ,FKOHJWHLKPGLH+DQGDXIGLH6FKXOWHUXQGVSUWHZLHHU ]LWWHUWHª7URW]GHPKDVWGXGLFKWDSIHUJHKDOWHQ©OREWHLFKLKQ .DUHOVFKOXFNWH'DQQUlXVSHUWHHUVLFK ª*HKHQZLUZHLWHU"©IUDJWHHU ª1DWUOLFKVLFKHUOLFKNRPPHQXQVHUH9HUIROJHUJOHLFKXQG VFKDXHQQDFKZDVPLWGHQ9DPSLUHQJHVFKHKHQLVW'LHUHFK QHQGRFKGDPLWGDPDQXQVJHNLOOWKDW© :LUVFKULWWHQGLH7UHSSHQHEHQHLQDQGHUKHULQGLH7LHIH'LH HUVWH*HIDKUZDUJHEDQQW:DVZUGHXQVDOVQlFKVWHVHU ZDUWHQ"8QGZRIDQGHQZLU,ORQD0DUHN" .DUHOGDFKWHHEHQIDOOVDQVHLQH6FKZHVWHUGHQQHUIUDJWH ª2EVLHZRKOQRFKOHEW"© ª,FKKRIIHHV© ª:HQQQLFKWGDQQ©(UYHUVWXPPWHDEHULFKNRQQWHLKQ

YHUVWHKHQ,QLKPPXWHHLQH+|OOHWREHQ$EHUDXFKPLUZDU GDV0lGFKHQQLFKWJOHLFKJOWLJ1LFKWGDLFKPLFKLQGLH .OHLQHYHUOLHEWKlWWHDEHUGDV%DQGGHU6\PSDWKLHZDUOlQJVW ]ZLVFKHQXQVEHLGHQJHNQSIW6ROOWH,ORQDZLUNOLFK]XHLQHP 9DPSLUJHZRUGHQVHLQGDQQJDEHVNHLQHDQGHUH0|JOLFKNHLW GDQQPXWHQZLUVLHSIlKOHQ 'DYRUIUFKWHWHLFKPLFK :LUEHNDPHQIDVWHLQHQ'UHKZXUPVRWLHIJLQJHVKLQXQWHU /lQJVWPXWHQZLUGDV(UGERGHQQLYHDXKLQWHUXQVJHODVVHQ KDEHQ6LFKHUOLFKEHIDQGHQZLUXQVVFKRQLQGHQ*HZ|OEHQ GLHVHU%XUJ ,FKVSUDFKGLH9HUPXWXQJDXVXQG.DUHOJDEPLUUHFKW (QGOLFKVDKHQZLUGDV(QGHGHU7UHSSH6LHHQGHWHLQHLQHP *HZ|OEHGDVEUHLWHUZDUDOVGHU7XUPVHOEVW ,FKNQLSVWHZLHGHUGLH/DPSHDQXQGVFKDXWHPLFKXP 1DFNWHNDKOH:lQGH'LFNH4XDGHUGLHHLQH(ZLJNHLWKDOWHQ ZUGHQ(VURFKPXIILJZDUIHXFKWXQG6SLQQZHEHQKLQJHQ ZLH1HW]HDQGHQ:lQGHQ:HQQGHUVFKPDOH/DPSHQVWUDKO VLHWUDIGDQQJOLW]HUWHQVLHDXI +LHUPXWHHVGRFKLUJHQGHLQH7UJHEHQHLQHQ$XVJDQJ ZDVZHLLFK,FKOLHGHQ6WUDKOZHLWHUZDQGHUQ7DWVlFKOLFK ZLUVDKHQYRUXQVHLQHGLFNH%RKOHQWU 0LWHLQHP5LHJHOZDUVLHJHVLFKHUW $EHUDXIXQVHUHU6HLWH .DUHOSDFNWHLKQPLWEHLGHQ+lQGHQ'HQ9DPSLUSIORFN KDWWHHUZHJJHVWHFNW ª,FKVFKDIIHHVQLFKW©NHXFKWHHU 'DVYHUGDPPWH'LQJKDWWH5RVWDQJHVHW]W*HPHLQVDP PDFKWHQZLUXQVDQGLH$UEHLWXQGHVJHODQJXQVGHQ+HEHO WDWVlFKOLFK]XU6HLWH]XVFKLHEHQ 5RVWULHVHOWHDEGHU5LHJHONQLUVFKWHXQGlFK]WHDEHUHU UXWVFKWHZHLWHU *HVFKDIIW ª%OHLE]XUFN©IOVWHUWHLFK.DUHO]XGHUVLFKZLGHU VSUXFKVORVPHLQHQ$QRUGQXQJHQIJWH

,FKQDKPGLH%HUHWWDLQGLHUHFKWHXQG]RJPLWGHUOLQNHQ +DQGGLH7UDXI 6LHTXLHWVFKWHHUElUPOLFKLQGHQ$QJHOQ8QZLOONUOLFKYHU ]RJLFKGDV*HVLFKW0DQFKH/HXWHEHNRPPHQYRQVRHWZDV HLQH*lQVHKDXWLFKKDWWHPLFKDQGLHVH'LQJHJHZ|KQW +LQWHUGHU7UODJHLQEUHLWHU*DQJ$OOHUGLQJVZDUHUQLFKW VHKUKRFKPHLQ.RSIJOLWWVRHEHQHLQH+DQGEUHLWXQWHUGHU 'HFNHKHUDQGHUHVIHXFKWVFKLPPHUWH :LUNRQQWHQQXULQGLHHLQH5LFKWXQJJHKHQXQGLFKQDKP DQGDZLUSDUDOOHO]XU%XUJPDXHUVFKULWWHQ 6WRFNILQVWHUZDUHV8QGHLQHVFKOHFKWH/XIWXPJDEXQVGLH NDXP]XDWPHQZDU ,FKOLHGLH/DPSHQXUKLQXQGZLHGHUDXIEOLW]HQZHLOLFK GLH%DWWHULHVFKRQHQZROOWH $OVLFKVLHZLHGHUHLQPDODQNQLSVWHZDUHQZLUQXUQRFK ]ZHL6FKULWWHYRQHLQHU0DXHUHQWIHUQW 6RIRUWEOLHELFKVWHKHQ .DUHOVWLHJHJHQPLFKª:DVLVW"© ,FKJDENHLQH$QWZRUWVRQGHUQGUHKWHPLFKQDFKOLQNVGHQQ GRUWIKUWHGHU*DQJZHLWHU$OOHUGLQJVMHW]WYRQGHU0DXHU ZHJ:LUQlKHUWHQXQVGHP%XUJKRI 'HU*DQJZXUGHVFKPDOHU$XFKZDUGLH'HFNHQLFKWPHKU VRKRFKXQGZLUPXWHQJHEFNWODXIHQ 1XUXQVHU$WPHQXQGGDV.QLUVFKHQGHUHLJHQHQ6FKULWWH ZDUHQ]XK|UHQ$QVRQVWHQ6WLOOH 8QGGDQQIDQGHQZLUZLHGHUHLQH7U6HKUVFKPDOGLHVPDO DEHUOHLFKW]X|IIQHQ 9RUVLFKWLJ]RJLFKVLHDXIVFKRE]XHUVWPHLQHUHFKWH+DQG PLWGHU%HUHWWDGXUFKGHQ6SDOWXQGDOVQLFKWVJHVFKDKIROJWH LFKVHOEVW 'DV/LFKW]ZHLHU.HU]HQEOHQGHWHXQVGDZLUDXVGHUDE VROXWHQ'XQNHOKHLWNDPHQ 'LH.HU]HQVWDQGHQQLFKWDOOHLQLP5DXP6LHJDEHQGHP SUXQNYROOHQ6DUJGHQQ|WLJHQ5DKPHQ (LQHPOHHUHQ6DUJ

7URW]GHPZDUHQZLUVLFKHUDXI$QKLHEGLH5XKHVWlWWHGHV *UDIHQJHIXQGHQ]XKDEHQ ª+LHUVFKOlIWHUWDJVEHU©IOVWHUWH.DUHOª9HUGDPPWKLHU LVWVHLQH5XKHVWDWW© ,FKK|UWHJDUQLFKWKLQVRQGHUQJLQJZHLWHULQGLH ª6FKODINDPPHU©GHV9DPSLUVKLQHLQ 1LHPDQGHUZDUWHWHXQVRGHUODXHUWHXQVDXI'LHVHVXQWHU LUGLVFKH9HUOLHVZDUOHHU1DFNWXQGNDKOSUlVHQWLHUWHQVLFKGLH :lQGH*DQ]KLQWHQHQWGHFNWHLFKHLQHVFKPDOH7U 'HU]ZHLWH$XVJDQJ ,FKOlFKHOWHDOVLFKLQGHQ6DUJVFKDXWH(UZDUPLWURWHP 6DPWDXVJHOHJWXQGDP.RSIHQGHODJHLQVFKPDOHV.LVVHQDXI GDVVLFKGHU9DPSLUEHWWHQNRQQWH 'HU%RGHQEHVWDQGDXVJURHQ6WHLQSODWWHQGRFK]ZLVFKHQ GHQHLQ]HOQHQ)XJHQZDUHQRIWPHKUHUH)LQJHUEUHLWHQ3ODW] $OVKlWWHGHU+DQGZHUNHUQLFKWULFKWLJJHDUEHLWHW ª+H-RKQ© ,FKGUHKWHPLFKXPDOVLFKGLH6WLPPHGHVMXQJH0DUHN K|UWH .DUHOGHXWHWH]XU'HFNH ,FKKREHEHQIDOOVGHQ%OLFNXQGVDKGLUHNWEHUGHP6DUJ HLQHQ*ODVHLQVDW]$OOHUGLQJVNRQQWHLFKQLFKWVHKHQZDVVLFK GDUEHUEHIDQGGHQQGDV*ODVZDUPLWHLQHPGXQNOHQ *HJHQVWDQGZDKUVFKHLQOLFKHLQHP7XFKDEJHGHFNWZRUGHQ 6HOWVDP $EHUZLUVROOWHQQRFKPHKUVHOWVDPH'LQJHHQWGHFNHQ :LHGHUZDUHV.DUHOGHUTXHUGXUFKGDV9HUOLHVDXIGLH7U ]XVFKOLFKXQGVLH|IIQHWHZREHLHUVHLQH:DIIHVWREHUHLWLQ GHUUHFKWHQ+DQGKLHOW ,FKEOLHE]XUFNXQGIROJWHLKPHUVWDOVLFKGHQHUVWDXQWHQ 5XIYHUQDKP 'DQQZDULFKEHLLKP :LUZDUHQLQHLQHUZHLWHUHQ.DPPHUJHODQGHW$OOHUGLQJV NOHLQHUDOVGDV9HUOLHVLQGHPGHU9DPSLU*UDIODJ 6LHZDUDXFKQLFKWOHHU

0HKUHUH+RO]EDONHQODJHQGRUWZLUUEHUHLQDQGHU ,FKOHXFKWHWHVLHDE8QGGDEHLNDPPLUHLQH,GHH6LHZDUVR JXWGDLFKODFKHQPXWH ª:DVLVWORV"©IUDJWH.DUHO ª0LULVWJHUDGHHWZDVHLQJHIDOOHQ3DPDODXI©,FKHUNOlUWH LKPPHLQHQ3ODQXQGHUZDUEHJHLVWHUW ª:HQQGDVNODSSW-RKQGDQQ© ª(VPXNODSSHQ.RPPIDPLWDQ:LUZHUGHQGHPEOXW VDXJHQGHQ%XUVFKHQVFKRQHLQLJHVYHUVDO]HQ©,FKODFKWHZLH GHUODXWDXI'LHVH5HDNWLRQZDUDXFKHLQH(QWODGXQJGHU 6SDQQXQJ *HPHLQVDPWUXJHQZLUGLH+RO]SODWWHQLQGDV9DPSLU YHUOLHV'RUWUDPPWHQZLUGLHOlQJHUHQLQGLHVLFK]ZLVFKHQ GHQ6WHLQHQEHILQGOLFKHQ6SDOWHQ 6HFKV/DWWHQVFKDIIWHQZLUVRKHUDQ =XIULHGHQEHWUDFKWHWHQZLUXQVHUH$UEHLWLP6FKHLQGHU EUHQQHQGHQ.HU]HQ ª'LH+lOIWHIHKOWQRFK©VDJWGHUMXQJH0DUHN (UPHLQWHGLH4XHUK|O]HUGHQQZLUKDWWHQQLFKWVDQGHUHV YRUDOVVHFKV.UHX]H]XEDXHQGLHZLUYRUGHP6DUJDXI VWHOOWHQVRGDGHU%OXWVDXJHUVLHDQVHKHQPXWHZROOWHHULQ VHLQH7RWHQNLVWHVWHLJHQ+LQ]XNDPGDGDV+RO]YRP 0DWHULDOKHUEHVWHGHXWVFKH(LFKHZDU8QGGDYRUKDWWHGHU 9DPSLUHLQH+HLGHQDQJVW 'LH4XHUK|O]HUZDUHQOHLFKWHU:LUWUXJHQMHZHLOVGUHL ]XVDPPHQLQGDV9HUOLHV 1XUKDWWHQZLUNHLQH1lJHOPLWGHQHQZLUGLHSURYLVR ULVFKHQ.UHX]H]XVDPPHQKlPPHUQNRQQWHQ$EHUDXFKGD JDEHVHLQH/|VXQJ%HYRULFKPLFKYHUVDKKDWWH.DUHOVFKRQ -DFNHXQG+HPGDXVJH]RJHQ'DUXQWHUWUXJHUHLQ8QWHUKHPG PLWODQJHQbUPHOQ ,FKQDKPPHLQNOHLQHV7DVFKHQPHVVHUXQGVFKQLWW6WUHLIHQ DXVGHP+HPG .DUHOVFKDXWHVWDXQHQGDXIGDV0HVVHU1DFKGHPLFKIHUWLJ ZDUVFKHQNWHLFKHVLKP

%HJHLVWHUWOLHHUGLH.OLQJHDXVGHP6SDOWVFKQHOOHQª:DVHV EHLHXFKQLFKWDOOHVJLEW©PXUPHOWHHU ,FKKREGLH6FKXOWHUQª7MDPHLQ/LHEHULFKVWDPPHHEHQ DXVHLQHUDQGHUHQ=HLW© 'DQQPDFKWHQZLUXQVZLHGHUDQGLH$UEHLW:LUEDQGHQPLW GHQ+HPGVWUHLIHQGLH4XHUK|O]HUIHVWXQGKRIIWHQGDVLH KDOWHQZUGHQ(LQSDDUPDOVFKODQJHQZLUGLH.QRWHQIHVW,FK GUFNWHSUREHKDOEHUDXIGLHEHLGHQ6HLWHQGHU+|O]HUXQGZDU ]XIULHGHQ 6LHKLHOWHQ *URHV$XIDWPHQ ª8QGMHW]WVXFKHQZLUGHQYHUGDPPWHQ9DPSLU*UDIHQ© NQLUVFKWH.DUHO0DUHN ,FKVWLHLKQDQª6HLPDOVWLOO© (UYHUVWXPPWHXQGULFKWHWHZLHDXFKLFKGHQ.RSILQ 5LFKWXQJGHU'HFNH 'DV.HU]HQOLFKWZDUIGDEHLWDQ]HQGH6FKDWWHQEHUXQVHUH *HVLFKWHUXQGJDEHQLKQHQHLQHQGlPRQLVFKHQ$QVWULFK ª+|UVWGXQLFKWV"©IOVWHUWHLFK ª'RFK© :LHDXFKLFKYHUQDKP.DUHO0DUHNGHQVFKDXHUOLFKHQ *HVDQJGHULQGHP5DXPEHUXQVDXINODQJ ª,FKPX]XUFN©VDJWHGLH=LJHXQHULQ,ORQDEOLHEDEUXSW VWHKHQVRGD.DWKDULQDV+DQGYRQLKUHP$UPUXWVFKWH ,ORQDVDKGLHVXQGQXW]WHGLH&KDQFH/HLFKWILJOLHIVLHDXI LKU=LPPHU]XZRVLHGDVZLFKWLJH.OHLQRGYHUJHVVHQKDWWH ,KUNOHLQHVJROGHQHV.UHX]GDV(UEVWFNLKUHU0XWWHU'LHVHV .UX]LIL[VROOWHVLHJHJHQ*HIDKUHQVFKW]HQKDWWHGLH0XWWHU LKULPPHUZLHGHUHUNOlUWXQGLKUQDKHJHOHJWGDVNOHLQH.UHX] KRFKLQ(KUHQ]XKDOWHQXQGQLFKWDXVGHU+DQG]XJHEHQ'DV KDWWH,ORQDELVKHUDXFKQLFKWJHWDQ $QGHU7UKROWHGLH*UlILQVLHHLQª:LUKDEHQNHLQH=HLW PHKU©]LVFKWHVLHE|VHª'HU*UDIZDUWHWQLFKWJHUQ:HQQGX

LKQGXUFK]XODQJHV)RUWEOHLEHQEHOHLGLJVWNDQQGLUQLHPDQG PHKUKHOIHQDXFKLFKQLFKW© ,ORQDV+DQG]XFNWH]XUFN6LHKDWWHGLH7UDXIVWRHQ ZROOHQGRFKGLH*UlILQ]RJVLHNXU]HUKDQGZLHGHUZHJXQG GLH+DQGGHV=LJHXQHUPlGFKHQVUXWVFKWHDE .DWKDULQDVFKDXWH,ORQDDQª'XZLUVWGLFKGDUDQJHZ|KQHQ PVVHQ]XJHKRUFKHQ©VDJWHVLHNHKOLJ ,ORQDQLFNWH ,KUHOHW]WH&KDQFHZDUYHUWDQGDVZXWHVLHJHQDX'DV .UHX]ZUGHLKUQLFKWPHKUKHOIHQ $XVYRUEHL 'LH*UlILQKLHOWMHW]WLKUHQ$UPIHVWDOVVLHGHQ*DQJKLQ XQWHUVFKULWWHQ.DWKDULQDVFKLHQHWZDVJHVSUW]XKDEHQXQG VLHZROOWHNHLQXQQ|WLJHV5LVLNRHLQJHKHQ 9RUGHU7UHSSHEOLHEVLHVWHKHQXQGVFKDXWH,ORQDDQª,FK P|FKWHGLUHWZDVVDJHQNOHLQH,ORQD© ª-D"© ª'LHVHV6FKORLVWVHKUJUR©HUNOlUWH.DWKDULQDª8QGGDULQ NHQQWVLFKQXUGHUDXVGHUVFKRQMDKUHODQJKLHUJHOHEWKDW,FK K|UWHGD0lQQHUHLQJHGUXQJHQVLQGXPGLFKNOHLQH,ORQD ZLHGHU]XUFN]XKROHQ© ª2KGDVVLQGEHVWLPPWPHLQ9DWHUXQGPHLQ%UXGHU© ª-DGXKDVWUHFKW$EHUHVLVWQRFKMHPDQGGDEHL© 3O|W]OLFKOHXFKWHWHQGLH$XJHQGHV0lGFKHQVª-RKQ 6LQFODLU"© 'LH*UlILQUlXVSHUWHVLFKª,FKZHLQLFKWZLHHUKHLWDEHU GXZLUVWZRKOUHFKWKDEHQ© ª-RKQLVWHLQEHUKPWHU0DQQ:HQQMHPDQGHVVFKDIIWGDQQ QXUHUGDVNDQQVWGXPLUJODXEHQ© ª:DVVROOWHHUVFKDIIHQ"© ª0LFKKHUDXV]XKROHQ© ª-D.LQGFKHQ©'LH*UlILQKREGLH+DQGXQGVWUHLFKHOWHPLW LKUHQNDOWHQ7RWHQILQJHUQ,ORQDVHUKLW]WH:DQJHª'DVGDUI GRFKQLFKWZDKUVHLQZDVGXGDJHVDJWKDVW© ,ORQDQLFNWHKHIWLJ

ª:LOOVWGXZLUNOLFKKLHUZHJ"© ª-D© ª'D]XLVWHVOHLGHU]XVSlW©PDFKWHLKUGLH*UlILQNODUª'X ELVWDXIGLHVHP6FKOR:LUKDEHQXQVGDIUHQWVFKLHGHQGD GXEOHLEVW'XNDQQVWQLFKWPHKUZHJ$XHUGHPZDUWHWGHU *UDIDXIGLFK(ULVWVFKRQVHKUJHVSDQQWGHQQGXNOHLQH ,ORQDZLUVWDPKHXWLJHQ7DJGLH9DPSLUWDXIHGHQ9DPSLUNX HPSIDQJHQ8QGDXFKGLHVHUGLHVHU-RKQ6LQFODLUNDQQGLU QLFKWKHOIHQ© ª(ULVWDEHUHLQJURHU0DJLHUXQGHLQEHNDQQWHU0DJLVWHU (UKDW:DIIHQJHJHQGLHGHLQH9DPSLUHQLFKWDQNRPPHQ'DV KDWHUPLUVHOEVWJHVDJWXQGLFKKDEHHVDXFKJHVHKHQ(UKDW HLQH3LVWROHGLHKLQWHUHLQDQGHUVFKLHHQNDQQ'LHVLOEHUQHQ .XJHOQIOLHJHQKHUDXVXQGW|WHQGLH9DPSLUH© 'LH*UlILQKDWWHPLWHLQHPXQJOlXELJHQ$XVGUXFNLP *HVLFKW]XJHK|UWª1HLQ©VDJWHVLHª6RHWZDVJLEWHVQLFKW $XINHLQHQ)DOO'DVKDEHLFKQRFKQLHJHK|UW© ª-RKQ6LQFODLUNRPPWQLFKWDXVGLHVHU=HLW(VLVWHLQ 6HQGERWHGHV+LPPHOVHUNRPPWDXVGHU=XNXQIW© ,ORQDYHUVXFKWHPLWHLQIDFKHQ:RUWHQPHLQH+HUNXQIW]X HUNOlUHQGRFKVLHVWLHEHLGHU*UlILQQXUDXIVFKDOOHQGHV *HOlFKWHU:HLWUL.DWKDULQDGHQ0XQGDXIXQG]XPHUVWHQ PDOVDK,ORQDGLHEHLGHQVSLW]HQ(FN]lKQH 'LH*UlILQZDUHEHQIDOOVHLQ9DPSLU %LVKHUKDWWHGDV0lGFKHQHVQXUDQJHQRPPHQQLHKDWWHVLH GLH=lKQHJHVHKHQGRFKQXQKDWWHVLHGHQ%HZHLV ,ORQDZXUGHQRFKEODVVHU6LHVFKOXFNWHXQGSUHWHVLFKDQ GDV*HOlQGHU $QJVWIODFNHUWHLQLKUHP%OLFN 'LH*UlILQODFKWHVFKDOOHQG+lPHXQG7ULXPSKNODQJHQ KLQGXUFKª'DPLWKDVWGXQLFKWJHUHFKQHWNOHLQH,ORQD"©6LH JLQJYRUXQGIDWHQDFK,ORQDV6FKXOWHUQ:HLWOLHVLHGHQ 0XQGRIIHQEHXJWHGHQ.RSIYRUVRGDVLFKLKU*HVLFKWGLFKW YRUGHPGHV0lGFKHQVEHIDQG ,ORQDPHUNWHGHQ0RGHUJHUXFKGHUDXVLKUHP5DFKHQ

VFKOXJ(VURFKQDFK*UDE)lXOQLVXQG9HUZHVXQJ'HP 0lGFKHQZXUGHNODUGDGLHlXHUOLFKH6FK|QKHLWQXUHLQH +OOHZDUGHQQLQ:LUNOLFKNHLWZDUGLHVH)UDXYHUIDXOWWRW HLQHOHHUH+OOH 'DV0lGFKHQERJGHQ.RSI]XUFN0LWGHUREHUHQ+lOIWH GHV2EHUN|USHUVKDWWHGLH*UlILQVLHEHUHLWVEHUGDV*HOlQGHU JHGUFNWXQGVLHZDULKUDXFKPLWGHP*HVLFKWJHIROJWGRFK VLHELQLFKW]XREZRKOVLHGHQ0XQGJH|IIQHWKLHOW ª1HLQNOHLQH,ORQDGDVEHUODVVHLFKGHP*UDIHQ'XELVW IULKQEHVWLPPWIULKQDOOHLQ8QGHUZLUGGLFKLQVHLQHP 6LQQHWDXIHQ6HLQVFKZDU]HV%OXWZLUGDXFKLQGHLQHQ.|USHU EHUJHKHQXQGGLFK]XHLQHU8QWRWHQPDFKHQ© -HGHV:RUWWUDIGDV0lGFKHQKDUW-HW]WHUVWPHUNWH,ORQD ULFKWLJLQZHOFKHLQHUVFKOLPPHQ/DJHVLHVLFKEHIDQG6LH KDWWHNHLQH&KDQFHPHKUVLHZDUYRQ)HLQGHQXP]LQJHOW(LQH *HOHJHQKHLWDXV]XEUHFKHQJDEHVQLFKW ,ORQD0DUHNZDUMHGRFKLQHLQHU=HLWJURJHZRUGHQLQGHU PDQQXUGDQQEHUOHEWHZHQQPDQNlPSIWH'DVKDWWHVLH JHOHUQWLKU9DWHUXQGLKU%UXGHUKDWWHQHVVLHJHOHKUW'XPXW GLFKZHKUHQ0lGFKHQVRQVWZLUVWGXJHIUHVVHQ $QGLHVH:RUWHGDFKWHVLH 8QGVLHKDQGHOWH 1LHKDWWHGLH*UlILQPLW:LGHUVWDQGJHUHFKQHWGHVKDOEWUDI VLHGLH5HDNWLRQXPVREHUUDVFKHQGHU ,ORQDV)XIXKUKRFK'LH*UlILQVSUWH]ZDUNHLQHQ 6FKPHU]DEHUGLH:XFKWGHV7UHIIHUVVFKOHXGHUWHVLHVRZHLW ]XUFNELVVLHPLWGHP5FNHQJHJHQGLH:DQGNUDFKWH'HU +LQWHUNRSIVFKOXJGDEHLJHJHQHLQHQ%LOGHUUDKPHQXQGGDV VFKZHUH*HPlOGHZDFNHOWH(VILHODEHUQLFKW ,ORQDUHDJLHUWHEHYRUGLH*UlILQVLHHUUHLFKHQNRQQWH6LH GDFKWHQLFKWDQGLH)OXFKWQDFKYRUQUDQQWHQLFKWGLH7UHSSH LQXQEHNDQQWH*HILOGHKLQDEVRQGHUQZROOWHQXULKU.UHX] 'DVZDUZLFKWLJGDVVROOWHQLFKWYHUORUHQVHLQ 'DV=LJHXQHUPlGFKHQKHW]WH]XUFN .QXUUHQGULFKWHWHVLFKGLH*UlILQDXIª,FKNULHJHGLFK©

NHXFKWHVLHª,FKNULHJHGLFKZDUWHGX%LHVW©$XJHQEOLFNOLFK QDKPVLHGLH9HUIROJXQJDXI ,ORQDKDWWHEHUHLWVHLQHQ9RUVSUXQJKHUDXVJHDUEHLWHW /HLFKWILJUDQQWHVLHEHUGHQ*DQJ,KU8PKDQJIODWWHUWH ]XU6HLWHXQGJDEHLQHQ7HLOGHVQDFNWHQ.|USHUVIUHL$Q 6FKDPGDFKWHGDV0lGFKHQQLFKW,ORQDZROOWHVLFKQXUUHWWHQ 'DZDUGLH7U 8QGGLH*UlILQKDWWHVLHQLFKWDEJHVFKORVVHQGDVZXWH ,ORQDJHQDX :XFKWLJULVLHGLH7UDXI )DVWZlUHVLHLKUVRJDUQRFKJHJHQGHQ.RSIJHSUDOOW,ORQD NRQQWHLPOHW]WHQ0RPHQWDXVZHLFKHQXQGWDXFKWHLQGDV GDKLQWHUOLHJHQGH=LPPHU 'DVDKVLH%UXQKLOGH $QGLH6WXPPHKDWWHVLHJDUQLFKWPHKUJHGDFKW(VZDUHQ DOVR]ZHL*HJQHULQQHQGHQQGD%UXQKLOGHLKUKHOIHQZUGH GDUDQJODXEWHVLHQLFKW 'LH6WXPPHZDUJHUDGHGDEHL,ORQDV.OHLGXQJ]XVRUWLHUHQ $OVGDV0lGFKHQLQV=LPPHUVWU]WHIXKUVLHKHUXP ª*LEKHU©VFKULH,ORQDXQGZDUPLWHLQHPJHZDOWLJHQ 6SUXQJEHL%UXQKLOGHXPLKUGLH.OHLGXQJ]XHQWUHLHQGRFK GLHGUHKWHVLFKXQG,ORQDIDWHLQV/HHUH 'DHUVFKLHQGLH*UlILQ 'DV=LJHXQHUPlGFKHQK|UWHLKU/DFKHQXQGUHDJLHUWHVRIRUW (VIDWHHLQHQ6WXKODQGHU/HKQHKREGDV6LW]P|EHOKRFK NUHLVHOWHKHUXPXQGVFKOHXGHUWHGHU8QWRWHQGHQ6WXKOHQW JHJHQ 'HUNUDFKWHJHJHQLKUH%UXVW $XIKDOWHQNRQQWH,ORQDGLH*UlILQPLWGLHVHU:DIIHQLFKW ZRKODEHUDEOHQNHQXQG=HLWKHUDXVVFKLQGHQGHQQGLH EUDXFKWHVLHXPDQGDV.UHX]]XJHODQJHQ 6LHZDUIVLFKGHU6WXPPHQHQWJHJHQXQGULLKUGLH.OHLGHU DXVGHQ+lQGHQ %UXQKLOGHVWLHHLQLJHXQDUWLNXOLHUWH/DXWHDXVXQGZROOWH QDFKJUHLIHQ,ORQDDEHUZDUVFKQHOOHUXQGZLFK]XU6HLWHDXV

/HLGHUKLQJGHU5RFNQLFKWVRGDVLHGLUHNWLQGLH7DVFKH JUHLIHQNRQQWHHUZDU]LHPOLFKYHUNQDXWVFKWXQG,ORQDPXWH HUVWVXFKHQELVVLHGLHgIIQXQJJHIXQGHQKDWWH 'DVNRVWHWH=HLW ª3DFNVLH©VFKULHGLH9DPSLU*UlILQYRQGHU7UKHUª/RV %UXQKLOGHSDFNVLHGLU© 'LH6WXPPHJHKRUFKWHXQGPDFKWHJHJHQ,ORQD)URQW,Q LKUHQ$XJHQZDUNHLQ/HEHQVLHIROJWHGHQ%HIHKOHQGHU *UlILQZLHHLQH0DULRQHWWH ,ORQDZLFK]XUFNZlKUHQGVLHYHU]ZHLIHOWYHUVXFKWHLKU NOHLQHV.UHX]]XILQGHQ5FNZlUWVODXIHQGGXUFKTXHUWHVLH GDV=LPPHUJHODQJWHDQGLH7UGLHLQGHQ1HEHQUDXP IKUWHZRGHU:DVFK]XEHUVWDQG 'DQQKDWWHVLHGDV.UHX] 6HKUGHXWOLFKVSUWHVLHGDVZHUWYROOH0HWDOO]ZLVFKHQLKUHQ )LQJHUQXQGHLQ+RIIQXQJVVWUDKOGXUFK]XFNWHVLH -HW]WNRQQWHLKUGLH*UlILQQLFKWVPHKUDQKDEHQ9RUGHP .UHX]IUFKWHWHVLHVLFKGDVKDWWH,ORQDJHPHUNW 8QGGLH6WXPPH" 6LHVWDQGDQGHU7UXQGVFKDXWH,ORQDHQWJHJHQGLH ]ZLVFKHQVLFKXQG%UXQKLOGHGHQ:DVFKERWWLFKJHEUDFKWKDWWH LQGHPQRFKLPPHUGDV:DVVHUVFKZDSSWH 6LHKDWWHGDV.UHX]=ZLVFKHQ]ZHL)LQJHUQQXUVFKDXWHHV KHUYRUGHQQHVZDUOHLGHUVHKUNOHLQ 'DHUVFKLHQDXFKGLH*UlILQ +LQWHU%UXQKLOGHEOLHEVLHVWHKHQXQGVFKDXWHEHUGHUHQ 6FKXOWHUQLQGDV*HVLFKWGHV=LJHXQHUPlGFKHQV1LFKWVPHKU ZDUYRQGHUNDOWHQhEHUKHEOLFKNHLWGHU*UlILQ]XUFNJH EOLHEHQVLHZDUQXUQRFKHLQH)XULHNHXFKWHODXWXQGIDXFKWH ZLHHLQH.DW]H ª1LPPHVLKUZHJ©JLIWHWHVLHª1LPPLKUGDVYHUGDPPWH .UHX]ZHJ© 'LH6WXPPHQLFNWHVLHKDWWHGHQ%HIHKOZRKOYHUVWDQGHQ $XFK,ORQDYHUQDKPGLH:RUWHXQGSO|W]OLFKKDWWHVLH ZLHGHU$QJVW'LHVH%UXQKLOGHZDUNHLQ9DPSLUVLHNRQQWH

GDV.UHX]UXKLJDQIDVVHQXQGVLHZDUNUlIWLJKDWWH$UPHGLH DQ7HLJUROOHQHULQQHUWHQOHLFKWJHERJHQXQGVSHFNLJ 6LHZDO]WHYRU ª%OHLEPLUYRP+DOV©VFKULH,ORQDª/RVJHKZHJYHU VFKZLQGHHQGOLFK© %UXQKLOGHVFKWWHOWHGHQ.RSI 6LHJLQJZHLWHU ª-DKROHVGLU©NUHLVFKWH.DWKDULQDª+ROGLUGDV.UHX]XQG YHUQLFKWHHV© %UXQKLOGHNDPXPGHQ=XEHUKHUXP:lKUHQG,ORQDZHLWHU ]XUFNZLFKGHQ:DVVHUERWWLFKDEHUVWHWV]ZLVFKHQVLFKXQG GHU6WXPPHQOLH %LV%UXQKLOGH]XSDFNWH 'LHVHVFKQHOOH%HZHJXQJZDULKUNDXP]X]XWUDXHQ,KUH EUHLWHQ+lQGHXPIDWHQGHQ%RWWLFKUDQGXQGKLHYWHQGDV *HIlKDVWLJKRFK1RFKLQGHU%HZHJXQJNLSSWHVLHHVXP XQGGHU6FKZDOO:DVVHUHUJRVLFKGHP0lGFKHQHQWJHJHQ ,ORQDNDPQLFKWVRUDVFKZHJ'HUJU|WH7HLOWUDIVLHJHJHQ %DXFKXQG%HLQH.ODWVFKQDEOLHEGDV*HZDQGDQLKUHP .|USHUNOHEHQXQGGLH*UlILQODFKWHZLOGDXIDOV,ORQDPLW HLQHP6FKUHLDXIGHQ/LSSHQ]XUFNZLFK %UXQKLOGHKHFKWHWHKLQWHUKHU 'LHVPDOVFKDIIWHHV,ORQDQLFKWLKUDXV]XZHLFKHQ'LH VFKZHUH)UDXILHOJHJHQVLHZDUIVLHHLQIDFKXPXQGQDJHOWH VLHPLWLKUHP*HZLFKWDP%RGHQIHVW 6HNXQGHQODQJZDU,ORQDQLFKWIlKLJVLFK]XUKUHQ'DUDXI KDWWHGLH6WXPPHJHZDUWHW 9RQGHQ:RUWHQGHU*UlILQDQJHIHXHUW%UXQKLOGHWDWVRZLH VRDOOHVIUGLHVH)UDXZROOWHVLH,ORQDEHVLHJHQ 0LWGHUIODFKHQ+DQGVFKOXJVLHLQGDV*HVLFKWGHV =LJHXQHUPlGFKHQV ,ORQDVSUWHGHQ+LHEGHUZXFKWLJJHIKUWZRUGHQZDUXQG 6WHUQHYRULKUHQ$XJHQ]HUSODW]HQOLH $EHUVLHJDEQLFKWDXI 6LHYHUVXFKWHGLH%HLQHDQ]X]LHKHQXQGVLHLQGHQ/HLEGHU

6WXPPHQ]XVWRHQ(VZDUHLQYHU]ZHLIHOWHV%HPKHQGHQQ GDV*HZLFKWGHU)UDXZDUHLQIDFK]XJUR ,ORQDVFKDIIWHHVQLFKW 9HU]ZHLIHOWVWUHQJWHVLHVLFKDQXQGPXWHVLFKJHIDOOHQ ODVVHQGDGLHGLFNHQ)LQJHUGHU6WXPPHQQDFKLKUHUUHFKWHQ +DQGJULIIHQGDV*HOHQNKHUXPERJHQXQGGDEHLYHUVXFKWHQ GLH)LQJHU]X|IIQHQ ,ORQDVWHPPWHVLFKGDJHJHQDQGDQQMHGRFK]XFNWHHLQ JOKHQGHU6FKPHU]GXUFKLKUHQ8QWHUDUP 6FKUHLHQG|IIQHWHVLHGLH)DXVW 'LH6WXPPHVWLHJOXFNVHQGH*HUlXVFKHDXVGLHZRKOHLQ WULXPSKLHUHQGHV/DFKHQVHLQVROOWHQ6LHZlO]WHVLFKYRQ,ORQD KHUXQWHUXQGVFKOHXGHUWHGDV.UHX]YRP+DQGWHOOHUZHJ,Q HLQHU:DVVHUODFKHEOLHEHVOLHJHQ 'HU.DPSIZDUQRFKQLFKWEHHQGHW ,ORQDYHUVXFKWHHVPLWDOOHQLKU]XU9HUIJXQJVWHKHQGHQ 0LWWHOQ6LHNUDW]WHXQGELVWLHPLWGHP.RSIVSLHLKUHU :LGHUVDFKHULQLQV*HVLFKWXQGIOXFKWHZLOG (VKDWWHNHLQHQ=ZHFNGLHVH%UXQKLOGHZDU]XVWDUN(VVDK PKHORVDXVZLHVLHVHOEVWDXIVWDQGXQG,ORQDGDEHLKRFK]RJ 0LWGHUUHFKWHQ+DQGKROWHGLH6WXPPHDXV ,PQlFKVWHQ$XJHQEOLFNKDWWH,ORQDGDV*HIKODQLKUHP .RSIZlUHHWZDVH[SORGLHUW6LHZXUGHTXHUGXUFKGDV =LPPHUJHVFKOHXGHUWYHUORUMHJOLFKH2ULHQWLHUXQJILHOEHU GLHEHLGHQ6FKHPHODXIGHQHQGHU%DGH]XEHUJHVWDQGHQKDWWH XQGSUDOOWHGDQQ]X%RGHQ6FKOXFK]HQGEOLHEVLHOLHJHQ 6RIRUWZDUGLH6WXPPHZLHGHUGD %UXQKLOGHULGDV=LJHXQHUPlGFKHQKRFKXQGVFKOHXGHUWH HVLKUHU+HUULQHQWJHJHQ 'LH*UlILQILQJLKU2SIHUDXI 8QGVLHODFKWHE|VHZlKUHQGVLH,ORQDGXUFKVFKWWHOWHª'DV KDWWHVWGXGLUJHGDFKWNOHLQH+H[H©IOVWHUWHVLHª'XZROOWHVW PLFKUHLQOHJHQZDV"$EHUQHLQLFKZHUGHGLFKIHUWLJPDFKHQ XQGGHU*UDIZLUGGHLQ%OXWVFKOUIHQELVHUJHVlWWLJWLVWGX NOHLQHPLHVH=LJHXQHULQ©

,ORQDPHUNWHNDXPZDVPLWLKUJHVFKDK=XVHKUKDWWHVLH QRFKPLWGHQ1DFKZLUNXQJHQGHU6FKOlJH]XNlPSIHQ,KU .RSIVFKLHQDXIGDV'RSSHOWHDQJHVFKZROOHQ]XVHLQGDV UHFKWH+DQGJHOHQNVFKPHU]WHXQGGDV%OXWUDXVFKWHLQ LKUHP.RSI 'LH*UlKQZDQGWHVLFKDEXQGVFKOHXGHUWHGDV0lGFKHQ KHUXP,ORQDILHOGXUFKGLHRIIHQH7UXQGEOLHEDXIGHP*DQJ OLHJHQ'RUWNDVVLHUWHVLHHLQHQZWHQGHQ7ULWWGHULKUHLQHQ 6FKPHU]HQVVFKUHLHQWORFNWH 1HEHQLKUEOLHEGLH*UlILQVWHKHQª+RFKPLWGLUGXNOHLQH =LJHXQHUKXUH© ,ORQDTXlOWHVLFKKRFK(VZDUIXUFKWEDU6LHNRQQWHVLFK NDXPDXIGHQ%HLQHQKDOWHQDEHUGLH*UlILQNDQQWHNHLQ (UEDUPHQ,KU*ULIIPLWGHPVLHGDV*HOHQNGHV0lGFKHQV IHVWKLHOWZDUZLHHLQHHLVHUQH.ODPPHU 6LHQLFNWHGHUVWXPPHQ%UXQKLOGH]Xª*XWKDVWGXGDV JHPDFKW%UXQKLOGH,FKZHUGHHVGLUQLHYHUJHVVHQ© 'LH6WXPPHIUHXWHVLFK,KU/lFKHOQZLUNWHZLHGDV*ULQVHQ HLQHV5DXEWLHUHV 'LH*UlILQDEHUVFKOHLIWHLKUZLOOHQORVHV2SIHUEHUGHQ *DQJ8QGGLHVPDOZDU,ORQD]XVFKZDFKXP:LGHUVWDQG]X OHLVWHQ$SDWKLVFKOLHVLHDOOHVEHUVLFKHUJHKHQ6LHKDWWHVLFK LQLKU6FKLFNVDOJHIJW :LUVWDQGHQHLQHKDOEH0LQXWHVWLOOXQGODXVFKWHQJHEDQQW GHP*HVDQJEHUXQV 6lW]HRGHU:RUWHNRQQWHQZLUQLFKWYHUVWHKHQGD]XZDU DOOHV]XXQGHXWOLFKDXFKWUHQQWHXQVGLHGLFNH'HFNHYRQGHQ DQGHUHQ8QGGXUFKGLH*ODVSODWWHNRQQWHZLUDXFKQLFKWV VHKHQ6LHEOLHEYHUGHFNW ª:RUDXIZDUWHQZLUQRFK"©IUDJWHGHUMXQJH0DUHNª/D XQVKRFKJHKHQXQGGLH7HXIHOEHVLHJHQ©(UVFKDXWHPLFKZLOG DQXQGKLHOWZLHGHUGHQ3IORFNLQGHU+DQG 'HU0HLQXQJZDULFKDXFK1XUZROOWHLFKQLFKWVEHU

VWU]HQGHQQGRUWEHUXQVHUZDUWHWHQXQVVLFKHUOLFK]DKO UHLFKH*HJQHU(VKDWWHNHLQHQ=ZHFNZLHKLQHLQ]XVWU]HQ XQGYHUVXFKHQ]XZROOHQGLHJDQ]H*HVHOOVFKDIW]XP7HXIHO ]XVFKLFNHQ,FKEHUSUIWHQRFKHLQPDOGLH.UHX]HEHYRUZLU XQVHQGJOWLJGHP$XVJDQJ]XZDQGWHQ8QG]ZDUJLQJHQ ZLUGRUWKLQZRZLUGDV+RO]JHIXQGHQKDWWHQ'LHVHU5DXP KDWWHHEHQIDOOVHLQHQ$XVJDQJDEHUNHLQHQQRUPDOHQNHLQH 7UVRQGHUQHLQH.ODSSHHLQH)DOOWUZHQQ6LHVRZROOHQ 'XUFKVLHPXWHDXFKGHU9DPSLUVHLQH*UXIWYHUODVVHQ 'DVLH|IWHUEHQXW]WZXUGHZDUGDUDQ]XPHUNHQZLH OHLFKWVLHVLFKQDFKREHQ]LHKHQOLH3UDNWLVFKHLQ.LQGHUVSLHO .DUHOPDFKWHHVPLUYRU ª:LUN|QQHQ©VDJWHHU :LUKDWWHQGLH7URIIHQJHODVVHQ6HKUVFKZDFKQXUGUDQJ GHU:LGHUVFKHLQGHUEHLGHQ.HU]HQLQGLHVHV9HUOLHVVRGDLFK JH]ZXQJHQZDUGLH/DPSHHLQ]XVFKDOWHQ (LQHVFKPDOH6WHLQWUHSSHRKQH*HOlQGHUIKUWHLQGLH7LHIH HLQHVXQVXQEHNDQQWHQ7HLOVGHV6FKORVVHV'RUWZDUHVQRFK IHXFKWHUXQGPRGULJHU (LQHXQKHLPOLFKH$WPRVSKlUHHUZDUWHWXQV.DUHODWPHWH KHIWLJ'HU:HJLQGLH7LHIHJOLFKHLQHP$OSWUDXP $EHUHUPXWHJHJDQJHQZHUGHQZHQQZLUGHQ9DPSLU VFKQDSSHQZROOWHQ'HQDQGHUHQ:HJNRQQWH)DULDFPHLQHU $QVLFKWQDFKQLFKWJHQRPPHQKDEHQGDQQZlUHHUXQVVLFKHU OLFKHQWJHJHQJHNRPPHQ$XHUGHPZXWHLFKDXV(UIDKUXQJ GDVLFKJHUDGHGLH*HVFK|SIHGHU1DFKWLPPHU6FKOHLFKSIDGH RIIHQKLHOWHQ +LHUKDWWHQZLUHLQHQVROFKHQYRUXQV (VZDUHLQJURHV5LVLNRGLHVFKPDOH7UHSSHKLQXQWHU]X VWHLJHQ'LH6WXIHQZDUHQJODWW,P/DXIHGHU=HLWKDWWHVLFK HLQHVFKPLHULJH6FKLFKWGRUWJHELOGHW'XQNHOJUQHLQH 0LVFKXQJDXV0RRV)HXFKWLJNHLWXQG$OJHQ ,FKJLQJ]XHUVW 'LHNOHLQH/DPSHOLHLFKHLQJHVFKDOWHW'HUGQQH6WUDKO JDEOHLGHUQXUVHKUZHQLJ/LFKWXQG.DUHOVFKOXJYRUHLQHGHU

.HU]HQPLW]XQHKPHQZDVLFKDOOHUGLQJVDEOHKQWHGHQQGLH .HU]HQVROOWHQZHLWHUKLQGLH5XKHVWlWWHGHV%OXWVDXJHUV EHOHXFKWHQ ,FK]lKOWHGLH6WXIHQQLFKWGHQQLFKNRQ]HQWULHUWHPLFKGDU DXIQLFKWDXV]XUXWVFKHQ 8QEHVFKDGHWHUUHLFKWHQ.DUHOXQGLFKGDV(QGHGHU7UHSSH 'HUMXQJH0DUHNODFKWHOHLVH ª:DVLVW"©IUDJWHLFK ª:HQQLFKGDUDQGHQNHZLHGLHVHUYHUIOXFKWH%OXWVDXJHU VHLQ9HUVWHFNYRUILQGHWNDQQLFKPLFKQXUIUHXHQ© ,FKVFKZlFKWHVHLQHQ2SWLPLVPXVDEª1RFKVLQGZLUQLFKW VRZHLWPHLQ/LHEHU© ª:DVVROOWHXQVKLQGHUQ"© 1RFKHLQPDOUHGHWHLFKLKPLQV*HZLVVHQª'XGDUIVWGLH IQIHUOHGLJWHQ)OHGHUPlXVHQLFKWPLW)DULDFDXIHLQH6WXIH VWHOOHQ.DUHO'DVZDUHQ]ZDUDXFK9DPSLUHDEHUVLHKDWWHQ OlQJVWQLFKWGLH.UDIWGHV*UDIHQ(ULVWHLQ7HXIHOHLQPLWDOOHQ :DVVHUQJHZDVFKHQHU6FKZDU]EOWHUGHUMHGHQ7ULFNNHQQW (UZLUGHUVWVHLQH'LHQHUYRUVFKLFNHQXQGVHOEVWYHUVXFKHQ VLFKLQ6LFKHUKHLW]XEULQJHQ,FKNHQQHPLFKGDDXV.DUHO *ODXEHPLU© 'HUMXQJH0DUHNQLFNWH ,FKYHUVWDQGLKQJXW(UKDWWHQRFKGLH%HJHLVWHUXQJV IlKLJNHLWGHU-XJHQGXQGGDVZDUIUKHUHEHQVRZLHKHXWH,FK ZROOWHPLFKQLFKWDOVDOWEH]HLFKQHQDEHULFKKDWWHLP/DXIH GHU-DKUHPHLQH(UIDKUXQJHQLP.DPSIJHJHQGLH:HVHQ GHU)LQVWHUQLVJHVDPPHOWXQGNDQQWHVLHVHKUJXWGDLKUH *HJHQDNWLRQHQIUPLFKQLFKWPHKUVREHUUDVFKHQG NDPHQ =XP*OFNZDU.DUHOHLQVLFKWLJJHQXJGDHUPLUZHLWHUKLQ GLH)KUXQJEHUOLH :LUPXWHQZLUNOLFKDQGHUWLHIVWHQ6WHOOHGHVXQWHULUGLVFKHQ 7HLOVGLHVHV6FKORVVHVDQJHODQJWVHLQGHQQGHU*DQJKLHUZDU VFKPDOXQGHQJ )HXFKWLJNHLWKDWWHVLFKZLHHLQ)LOPDXIGLHURKHQXQEH

DUEHLWHWHQ6WHLQZlQGHJHOHJWZDUGRUWNRQGHQVLHUWXQGDOV :DVVHU]X%RGHQJHIORVVHQZRVLFKJURH/DFKHQJHELOGHW KDWWHQ 8QVHUH)HSDWVFKWHQGXUFKGDV:DVVHU'RFKGLHVH :LGULJNHLWHQQDKPHQZLUJHUQLQ.DXIZHQQZLUQXUGLHVHQ YHUGDPPWHQ9DPSLUW|WHQXQGGDV0lGFKHQXQEHVFKDGHW EHIUHLHQNRQQWHQ =XP*OFNEHIDQGVLFKHLQHQHXH%DWWHULHLQPHLQHUNOHLQHQ /DPSH6LHZUGHQRFKHLQLJH=HLWUHLFKHQ %LVKHUKDWWHQZLUNHLQH7UHQWGHFNW'HU*DQJIKUWH VFKQXUJHUDGHLQGLH7LHIHGHU%XUJ$XFKGLH:lQGHEOLHEHQ IHXFKWVLHZXFKVHQDXFKQLFKW]XVDPPHQEHKLHOWHQGHQ JOHLFKHQ$EVWDQG 'DQQPDFKWHGHU*DQJHLQHQ.QLFN (QGOLFK 5HFKWVKHUXPJLQJHVLQGLH.XUYH,FKOHXFKWHWHKLQHLQXQG VDKLPVFKPDOHQ6FKHLQGHV/LFKWVSHHUHVDEHUPDOVHLQH 7UHSSH$XFKVLHZDUDXVURKHQ6WHLQHQ]XVDPPHQJHIJWXQG KDWWHNHLQ*HOlQGHU'LH7UHSSHIKUWHLQGLH+|KH :HUVDJWHHVGHQQ ,FKEHUQDKPZLHGHUGLH)KUXQJ'LHVPDOZUGHQZLU VLFKHUOLFKXQVHUHP=LHOQlKHUNRPPHQ 'LH7UHSSHPQGHWHYRUHLQHUDOWHQVFKLHILQGHQ$QJHOQ KlQJHQGHQ7UGHUHQ+RO]VFKRQOlQJVWYHUIDXOWZDUXQG HLQHQPXIILJHQ*HUXFKDXVVWU|PWH 8QVHU=LHOZUGHQZLUKLQWHUGHU7UQLFKWILQGHQGHQQZLU YHUQDKPHQNHLQH6WLPPHQXQGNHLQHQ*HVDQJ(VVHLGHQQ GLH6lQJHUZDUHQYHUVWXPPW ,FK]RJGLHVFKLHIH7UDXI 'DVLHPLUGDEHLQLFKWDXVGHU+DQGILHOJUHQ]WHIDVWDQHLQ :XQGHU (LQHQKDOEHQ6FKULWWKLQWHUGHU7UEOLHELFKVWHKHQXQG VFKQDXIWHGXUFKGLH1DVH ª:DVLVW"©ZLVSHUWH.DUHO ª5LHFKVWGXQLFKWV"©

$XFKHUVFKQIIHOWHª:LGHUOLFK©PXUPHOWHHUª:DVLVWGDV QXU"(LQH0LVFKXQJDXV)ULHGKRIXQG'DPHQVDORQ© 'LH%H]HLFKQXQJZDUJDUQLFKWVRXQWUHIIHQG(VURFK WDWVlFKOLFKSHQHWUDQW0RGHUIUGHQ)ULHGKRIXQG3DUIP JHUXFKIUGHQ'DPHQVDORQ *HUDGHGLHVH0LVFKXQJZDULUJHQGZLHYHUUFNW6LHPXWH MHGRFKHLQH%HGHXWXQJKDEHQ ª%OHLEGXPDOKLHUDQGHU7U©ZDUQWHLFKGHQMXQJHQ 0DUHNª,FKVFKDXHPLFKHLQZHQLJXP© 2KQHVHLQH$QWZRUWDE]XZDUWHQJLQJLFKYRU'HU%RGHQ XQWHUPHLQHQ6FKXKHQZDUJODWW,P*HJHQVDW]]XGHPGHV XQWHULUGLVFKHQ*DQJHV,FKKDWWHGLH/DPSHDQJHNQLSVWXQG OHXFKWHWHODQJVDPLQGLH5XQGH 'HU5DXPZDUQLFKWOHHU=XHUVWVDKLFKGLH:lQGH8QG GRUWLPPHUGDVJOHLFKH%LOG )QIPDOZDUHVYRUKDQGHQ $OOHIQI%LOGHU]HLJWHQGDVKlOLFKH9DPSLUJHVLFKWGHV *UDIHQ)DULDF ,FKOHXFKWHWHGDVPLUDPQlFKVWHQKlQJHQGHDEXQGOLHGHQ IHLQHQ6WUDKOGDQQWLHIHUZDQGHUQ 'LUHNWXQWHUGHP%LOGVWDQGGDVZDVPDQPLW9DPSLUHQ LPPHULQ9HUELQGXQJEUDFKWH(LQRIIHQHU6DUJ ,FKSILIIGXUFKGLH=lKQH'LH7RWHQNLVWHZDUOlQJVWQLFKWVR SUXQNYROOZLHGLHLQGHU)DULDFODJ$EHUDXFKVLHZDUSHFK VFKZDU]DQJHVWULFKHQ .DUHO0DUHNKDWWHGHQ6DUJQDWUOLFKDXFKJHVHKHQ-HW]WZDU HUQLFKWPHKU]XKDOWHQVRQGHUQJLQJDQPLUYRUEHL ª'DVLQGQRFKPHKU6lUJH©K|UWHLFKVHLQH6WLPPHDXVGHP 'XQNHOQXQGGDQQHLQHQlUJHUOLFKHQ)OXFK ª:DVLVW"©IUDJWHLFK ª,FKELQJHJHQHLQHQGLHVHU6lUJHJHVWRHQ6LHVWHKHQKLHU EHUDOO© ª:DUWHLFKNRPPH©

'LHNOHLQH/DPSHJDEVRYLHO/LFKWGDLFKDOVLFKLQGLH 5XQGHOHXFKWHWHZHLWHUH6lUJHHUNDQQWH ,FK]lKOWHVLHQDFK (VZDUHQIQI )QIOHHUH6lUJH6FKZDU]JHVWULFKHQ8QGVLHZDUHQHVDXFK GLHGHQZLGHUOLFKHQ0RGHU3DUIPJHUXFKYHUVWU|PWHQGHU XQVHUHQ1DVHQVRJDUQLFKWJHILHO ª'DVWHKHQVRJDU1DPHQ©VDJWH.DUHO0DUHN6HLQH6WLPPH NODQJDXIJHUHJW ,FKOHXFKWHWJHQDXHUKLQXQGOLHGHQ/LFKWVSHHUDQGDV )XHQGHGHUHUVWHQ7RWHQNLVWHZDQGHUQ .DUHOKDWWHQLFKWJHORJHQ +DOEODXWODVLFKYRUª0DULND© 'DQQOHXFKWHWHLFKGLHDQGHUHQ)XHQGHQGHU6lUJHDEXQG IDQGQRFKYLHUZHLWHUH0lGFKHQQDPHQ0DUWKD&RQVWDQ]H -RKDQQDXQG)UHGHULNH )QI0lGFKHQQDPHQIQI6FKLFNVDOH ª:DVKDWGDV]XEHGHXWHQ"©IUDJWH.DUHO0DUHN 'LH$QWZRUWZDUHLQIDFKª-HGHU9DPSLUIUVWEUDXFKWVHLQH 'LHQHU:HLEOLFKHIUVHLQHSHUV|QOLFKH8PJHEXQJPlQQOLFKH DOV.lPSIHUXPLKQDE]XVFKLUPHQ'LH)UDXHQNDQQHUIU VLFKEHDQVSUXFKHQ=XPHLVWVLQGHVVFK|QH0lGFKHQGLHHU VLFKDXVVXFKW© ª:LH,ORQD© ,FKQLFNWHª-DZLHVLH© .DUHOVFKOXFNWHWUDWDQGHQHUVWHQ6DUJKHUDQXQGVFKDXWH KLQHLQª'HULVWDXFKPLW6WRIIDXVJHOHJW©PHOGHWHHUª8QG GLHVHUVHOWVDPH*HUXFKHQWVWU|PWGHQ.LVVHQ© $XFKGDIUKDWWHLFKHLQH(UNOlUXQJª9LHOH'LHQHULQQHQ VLQGVFKRQXUDOW6LHOHEHQEHUHLWVHLQLJH-DKUKXQGHUWH,KUH .|USHUZlUHQOlQJVWYHUPRGHUWZHQQVLHQLFKWLPPHUZLHGHU 0HQVFKHQEOXWWULQNHQZUGHQ8PGLHVHQ%OXWXQG0RGHU JHUXFK]XEHUGHFNHQEHVSULW]HQVLHVLFKXQGLKUHXQPLWWHO EDUH8PJHEXQJPLW3DUIP© ª-D-RKQGDVNDQQVWLPPHQ©.DUHOVFKWWHOWHVLFK

ª:LGHUOLFK8QGZHQQLFKGDUDQGHQNHGDIU,ORQDDXFK VROFKHLQ6DUJUHVHUYLHUWVHLQVROO© ª1RFKLVWHVQLFKWVRZHLW©EHUXKLJWHLFKLKQ ª'DVVDJVWGXVR© ,FKOHXFKWHWHLQ]ZLVFKHQGLH)HOVHQNDPPHUDEVFKDXWHPLU GLH%LOGHUJHQDXHUDQ(UZDUHLQ9DPSLUDXVGHP%LOGHUEXFK %UDP6WRNHUKlWWHLKQQLFKWEHVVHUEHVFKUHLEHQN|QQHQ'DV *HVLFKWGlPRQLVFKXQGEOHLFKGHUODQJH0DQWHOYRQLQQHQ PLWURWHU6HLGHJHIWWHUWGLHGXQNOHQ$XJHQGHUJUDXVDPH =XJXPGLH0XQGZLQNHODOOGLHVPDFKWHLKQ]XHLQHPZLUN OLFKHQ.|QLJGHU9DPSLUH ,FKGUHKWHPLFKZLHGHUXP .DUHOVWDQGVFKRQDQGHU]ZHLWHQ7UGLHHUHQWGHFNWKDWWH (UZLQNWHPLU]X ª+LHUPXHUUHLQJHJDQJHQVHLQ©HUNOlUWHHUPLUDOVLFK QHEHQLKPVWDQG ,FK]RJGLH7UDXI (LQHHQJH7UHSSHZDQGVLFKVWHLOLQGLH+|KH,FKOHXFKWHWH GLH6WXIHQKRFKXQGGHU6WUDKOPHLQHUNOHLQHQ/DPSHYHUORU VLFKLQGHU'XQNHOKHLW (UKSIWHEHUGLH6WXIHQZLHGHU]XUFNXQGGDEHLVDKLFK GD)DULDFGLHVHQ:HJEHQXW]WKDW,FKHUNDQQWHGLH$EGUFNH VHLQHU)HLP6WDXE ª'HQ:HJKDWHUJHQRPPHQGLHVHUYHUGDPPWH%OXWVDXJHU© ]LVFKWH.DUHOQHEHQPLUª.RPPZRUDXIZDUWHQZLUQRFK"© -DGDKDWWHPHLQMXQJHU%HJOHLWHUUHFKW:HQQZLUQRFK HWZDVHUUHLFKHQZROOWHQPXWHQZLUXQVEHHLOHQ 'LHVPDOZDULKU:LGHUVWDQGJHEURFKHQ,ORQDOLHVLFKDE IKUHQZLHHLQH*HIDQJHQH8QGGDVZDUVLHOHW]WHQ(QGHVMD DXFK*HIDQJHQLQHLQHPJHZDOWLJHQ6FKORXPJHEHQYRQ 9DPSLUHQXQG)HLQGHQ 6LHVFKULWWHQGLH7UHSSHKLQDE,QHLQHP+DOEERJHQIKUWHVLH QDFKXQWHQ'LH6WXIHQZDUHQEUHLWXQGYHUMQJWHQVLFKQXULQ

1lKHGHVZHUWYROOHQ*HOlQGHUVGDVHLQH%ODWWJROGDXIODJH KDWWH0DWWJOlQ]WHVLHLP:LGHUVFKHLQGHV/LFKWV ,QGLHVHP6FKORJDEHVNHLQHJURH+HOOLJNHLW0DQDFKWHWH GDUDXIGDQLFKW]XYLHOH.HU]HQDQJH]QGHWZXUGHQ$OOHV VROOWHLP'lPPHULP+DOEGXQNHOEOHLEHQ*HKHLPQLVYROOH 6FKDWWHQILQVWHUH(FNHQGXQNOH:LQNHO 8QGGD]ZLVFKHQGHU9DPSLUPLWVHLQHQ'LHQHULQQHQ (LQHVFKDXULJH6]HQHULH 'LH*UlILQZDUILKUHU*HIDQJHQHQKLQXQGZLHGHUHLQHQ %OLFN]X,ORQDKLHOWGHQ.RSIJHVHQNWXQGVFKDXWHDXILKUH 6FKXKVSLW]HQ6LHKDWWHQLFKWPHKUGLH.UDIWHLQHQ )OXFKWYHUVXFK]XXQWHUQHKPHQZLGHUVWDQGVORVHUJDEVLHVLFK LQLKU6FKLFNVDO 'DV(QGHGHU7UHSSHZDUHUUHLFKW ª1D"©IUDJWHGLH*UlILQ ª'HQNVWGXLPPHUQRFKDQ)OXFKW"© .RSIVFKWWHOQ ª'DVZUGHLFKGLUDXFKQLFKWUDWHQNOHLQH,ORQDGHQQGDQQ ZlUHVWGXYHUORUHQ© ª'DVELQLFKVRZLHVR© ª:LHNDQQVWGXQXUVRVSUHFKHQ"© ,ORQDVFKDXWHGLH*UlILQDQª6WLPPWHVGHQQQLFKW",FKVROO GRFKGLH9DPSLUWDXIHHPSIDQJHQGDVKHLWLFKZHUGHYRQ HLQHP9DPSLUJHELVVHQXQGVRPLW]XHLQHU8QWRWHQHLQHU %OXWVDXJHULQ+DEHLFKGDXQUHFKW"© ª1HLQ© ª'DQQELQLFKDOVRYHUORUHQ© ª6RNDQQVWGXGDVQLFKWVHKHQPHLQH/LHEH'XZLUVW)UHXGH HPSILQGHQZHQQHUGLFKNW:LUNOLFKH)UHXGH:HQQGX VHLQH'LHQHULQELVWGDQQLVWDOOHVDQGHUV'XIKUVWHLQ/HEHQ GHU1DFKW'XZLUVWGLH6RQQHKDVVHQXQGGHQ0RQGOLHEHQ 0DQFKPDOGDOlWHUGLFKIUHLGDQQGDUIVWGXQDFKWVEHUGLH )HOGHUXQGGXUFKGLH:lOGHUVWUHLIHQXQGGLUHLQ2SIHU VXFKHQ-XQJHNUlIWLJH0lQQHUGLHQXUDXIGLFKDOOHLQZDUWHQ PHLQH/LHEH8QGGDQQGLH'|UIHU6LQGVLHQLFKWPLW 0HQVFKHQJHIOOW":DUWHQVLHQLFKWDXIGLFK"'XJHKVWKLQXQG

KROVWVLHLQGHU1DFKWDXVGHQ%HWWHQ'XZLUVWVRYLHO%OXW WULQNHQZLHGXZLOOVW(VZLUGQXQGHLQH1DKUXQJVHLQPHLQH /LHEH© ª+|UWDXI*UlILQ©IOVWHUWH,ORQDª%LWWHK|UWDXI,FKNDQQ QLFKWPHKULFKZLOOHVQLFKWPHKUZLVVHQ© 'DV=LJHXQHUPlGFKHQKREGHQ.RSIXQGVFKDXWHGHU*UlILQ LQV*HVLFKWZRVLFKHLQIDOVFKHV/lFKHOQEHULKUH/LSSHQ JHOHJWKDWWH'HXWOLFKVDK,ORQDGLHEHLGHQJHIlKUOLFKHQ=lKQH XQGGDQQGDV=XFNHQXPLKUH0XQGZLQNHO ,ORQDDKQWHZDVGLH9DPSLULQGDFKWH,QVWLQNWLYKREVLH EHLGH+lQGHXQGVFKW]WHLKUHQ+DOV .DWKDULQDODFKWHª.HLQH$QJVWPHLQ.LQG,FKQHKPHGLFK VFKRQQLFKW'XJHK|UVWGHP*UDIHQ©6LHVFKDXWHVLFKXPXQG GHXWHWHDXIHLQHSUXQNYROOH7ULQGHUHQ2EHUIOlFKHHLQ 9DPSLUNRSIJHVFKQLW]WZDUª'DJHKWHVGXUFK© 'LH*UlILQIDWHGDV0lGFKHQDP$UPXQG]RJHVHLQIDFK PLW'LH7UKDWWHHLQHJURH.OLQNH ªgIIQHQ©EHIDKO.DWKDULQD 'DV=LJHXQHUPlGFKHQ]RJGLH7UDXI .KOH.HOOHUOXIWZHKWHLKUHQWJHJHQGLHHLQHQPRGULJHQ *HUXFKPLWVLFKEUDFKWHXQG,ORQDVFKRQMHW]WGDUDXIKLQZLHV ZDVVLHLP.HOOHUHUZDUWHWH 6LHVFKDXGHUWH 'DQQIKOWHVLHGLHNDOWH+DQGGHU*UlILQLQLKUHP5FNHQ ª*HKVFKRQYRU.LQGFKHQ1XUNHLQH6FKHX:LUKDEHQXQV EHUHLWVYHUVSlWHW'HU*UDIZLUGXQJHGXOGLJVHLQ© 'DV0lGFKHQVWLHJGLH7UHSSHKLQDE(VZDUHQNHLQHURKHQ 6WHLQVWXIHQVRQGHUQDXVEHVWHP0DUPRUJHIHUWLJWHGLHJOlQ] WHQDOVKlWWHPDQVLHSROLHUW 'DV0lGFKHQZXQGHUWHVLFKZLHKHOOGLH6WXIHQZDUHQLP *HJHQVDW]]XGHQ:lQGHQGLHDXVVFKZDU]HP0DUPRU EHVWDQGHQ)XJHQORVJLQJHQGLHJURHQ6WHLQHLQHLQDQGHUEHU VRGDPDQGDV*HIKOKDEHQNRQQWHHLQHJODWWH)OlFKHYRU VLFK]XKDEHQ (VJDEDXFKHLQ*HOlQGHUDQGHUUHFKWHQ:DQGVHLWH

'HUHLVHUQH+DQGODXIZDUPLW6DPWEHU]RJHQ .HU]HQVSHQGHWHQ/LFKW'DVURWH*ODVEHUGHQ)ODPPHQ WDXFKWHGLH8PJHEXQJLQHLQHQEOXWLJHQ6FKHLQ(VZDUDOOHV VWLOHFKWKHUJHULFKWHW 'LH*UlILQEOLHELPPHUHLQH6WXIHKLQWHUGHP0lGFKHQ .DWKDULQDOlFKHOWHQRFKLPPHUXQGGLHEHLGHQ9DPSLU]lKQH EOLHEHQIUHL6LHVFKLPPHUWHQZHLJHOEXQGKREHQVLFKYRQ GHQ/LSSHQGHXWOLFKDE 0LWMHGHU6WXIHGLH,ORQDLQGLH7LHIHVFKULWWVDQNHQLKUH &KDQFHQ6LHVDKVHOEVWHLQGDVLHDXVGLHVHP6FKORQLFKW PHKUIOFKWHQNRQQWH6LHZDUYRQ)HLQGHQXPJHEHQGLH LKUHQ7RGZROOWHQREZRKOVLHKLQWHUKHUZHLWHUOHEWHMHGRFK QXUDOVHLQHVHHOHQORVH+OOH2KQH%OXWRKQH/HEHQ :HQQVLHGDUDQGDFKWHWULHELKUGLHQDFNWH7RGHVDQJVW 7UlQHQLQGLH$XJHQXQGLKUH.QLH]LWWHUWHQ6LHVFKULWWLKUHP 7RGHQWJHJHQXQGHVJDENHLQH+LOIH =ZDUKDWWHVLHDXI-RKQ6LQFODLUXQGLKUHQ%UXGHUJHKRIIW GRFKGLHEHLGHQVFKLHQHQHEHQIDOOVNHLQH&KDQFHPHKU]X KDEHQ6LHZDUHQ]ZDULQGHQ6FKORKRIHLQJHGUXQJHQGRFK ,ORQDKDWWHGLH%UXWDOLWlWGHU:lFKWHUDPHLJHQHQ/HLEH NHQQHQJHOHUQW*HJHQGLHVH0lQQHUNRQQWHQDXFK-RKQ XQG.DUHOQLFKWVDXVULFKWHQ 'LH7UHSSHVFKOXJHLQHQ%RJHQXQGHQGHWHLQHLQHPNOHLQHQ )OXUGHUHEHQIDOOVGXUFK.HU]HQOLFKWHUKHOOWZXUGH'DV 0lGFKHQPXWHGLH7U|IIQHQXQGIDQGVLFKLQGHPVHOEHQ 5DXPZLHGHUGHQHVVFKRQHLQPDOEHWUHWHQKDWWH'LHVPDO KDWWHQVLHQXUHLQHDQGHUH7UEHQW]W 8QGGHU5DXPZDUEHOHEW )QI0lGFKHQ]lKOWH,ORQD 8QZLOONUOLFKEOLHEVLHVWHKHQGHQQGLH0lGFKHQZDUHQ HEHQVRJHNOHLGHWZLHVLH /DQJHVFKZDU]H8PKlQJHPLWURWHU6HLGHJHIWWHUWXQG GDUXQWHUWUXJHQVLHQLFKWV 6LHVFKDXWHQ,ORQDDQ 8QGZLHDXI.RPPDQGR|IIQHWHQVLFKLKUH/LSSHQ

)QI0lGFKHQIQI9DPSLUH 1LFKWHLQHZDUQRUPDO$OOHWUXJHQGDV=HLFKHQGHU %OXWVDXJHUGLHEHLGHQVSLW]HQ(FN]lKQH 'LH'LHQHULQQHQVWDQGHQKLQWHUGHP7KURQGHV*UDIHQ KDWWHQGRUWHLQHQ+DOENUHLVJHELOGHWDOVZROOWHQVLHGHQ 8QKHLPOLFKHQVFKW]HQ (UKRFNWHGRUWZLHHLQ.|QLJ =XPHUVWHQPDOLQLKUHP/HEHQVWDQG,ORQDYRUGHP9DPSLU *UDIHQ)DULDF'LHVPDOVSUWHVLHHWZDVYRQGHU$XVVWUDKOXQJ GLHGLHVHU*UDIKDWWH(VZDUZLHHLQNDOWHUW|GOLFKHU+DXFK GHULKUHQWJHJHQZHKWHXQGVLFKZLHHLQH*lQVHKDXWDXILKUHQ .|USHUOHJWH 6LHEHJDQQ]X]LWWHUQ'DQQVSUWHVLHZLHGHUGLH+DQGGHU *UlILQDQLKUHP5FNHQª*HKYRUNOHLQH,ORQD© 'DV0lGFKHQJHKRUFKWHGRFKQDFK]ZHL6FKULWWHQEOLHEHV VWHKHQ,ORQDNRQQWHHLQIDFKQLFKWPHKU$OOHVGUHKWHVLFKYRU LKUHQ$XJHQ'LHVHVFKDXULJHYRQ.HU]HQVFKHLQXPKOOWH $WPRVSKlUHOLHVLHIU|VWHOQ'LHIQI0lGFKHQGHU7KURQPLW GHP9DPSLUDOOHVGUHKWHVLFKYRULKUHQ$XJHQ6LHVWUHFNWHGLH $UPHDXVXPVLFKLUJHQGZRIHVW]XKDOWHQGRFKGDZDUQLFKWV 6LHJULIILQV/HHUHXQGILHOKLQ 6FKZHUVFKOXJVLH]X%RGHQ'LHOHW]WHQ6WXQGHQKDWWHQ LKUHQ7ULEXWJHIRUGHUW 'LH*UlILQEDOOWHGLH+lQGH6LHVWDQGQHEHQ,ORQDª6WHK DXI©KHUUVFKWHVLH,ORQDDQ 'DV0lGFKHQEOLHEOLHJHQ 'LH*UlILQKREGHQ)X,KU*HVLFKWYHU]HUUWHVLFK6LH ZROOWHHVPLW*HZDOWYHUVXFKHQ )DULDFJULIIHLQ(UVWUHFNWHVHLQH+DQGDXVª1HLQ©VDJWHHU PLWGXPSIHU6WLPPHª1LFKW© .DWKDULQD]|JHUWH $XIHLQHQ:LQNKLQWUDWHQ]ZHL0lGFKHQYRU6LHJHKRUFKWHQ GHP*UDIHQEOLQG (VZDUHQ)UHGHULNHXQG0DUWKDEHLGHKEVFKXQGEHLGH EORQGZlKUHQGGLHDQGHUHQGUHLVFKZDU]HXQGEUDXQH+DDUH

KDWWHQ'LHEHLGHQZXWHQ%HVFKHLG6LHEFNWHQVLFKXQG SDFNWHGLHDP%RGHQOLHJHQGH,ORQDDQGHQ$UPHQ 'DQQVFKOHLIWHQVLHVLHDXIGHQ7KURQGHV*UDIHQ]XZR )DULDFVFKRQDXIGDVQHXH2SIHUZDUWHWH :LHHLQH3XSSHKLQJ,ORQDLQGHQ*ULIIHQGHUEHLGHQ 0lGFKHQ ,KU.RSIILHO]XU6HLWH6LHZDUVFKRQVREODDOVKlWWHPDQ LKUEHUHLWVMHW]WGDV%OXWDXVJHVDXJW ª6FKDXPLFKDQ©VDJWHGHU*UDI :LHGXUFK:DWWHGUDQJGLH6WLPPHLQ,ORQDV+LUQ 6LH|IIQHWHGLH$XJHQ1RFKYHUVFKZDPPGLH8PJHEXQJ QRFKZROOWHQGLH.QLHQDFKJHEHQGRFKVLHPHUNWHGDHVLKU ODQJVDPEHVVHUJLQJGDVLHZLHGHU7ULWWIDWHXQGYRQDOOHLQ VWHKHQEOLHE 'HU*UDIVFKDXWHDXIVLHKHUDE ,ORQDVDKKRFK =ZDQJVOlXILJWUDIHQVLFKLKUH%OLFNHXQGGDV=LJHXQHU PlGFKHQVDKGDV*HVLFKWGHV*UDIHQDXVNU]HVWHU(QW IHUQXQJ 'LH$XJHQILHOHQLKUDXI,QLKQHQGLHVLHDQVFKZDU]H .RKOHVWFNHPLWJOKHQGHP5DQGHULQQHUWHQIODFNHUWHGLH *LHU 'LH*LHUQDFKIULVFKHP%OXW (UPXWHODQJHNHLQHVPHKUEHNRPPHQKDEHQGHQQVHLQH VSLQQHQDUWLJHQ+lQGHVFKDEWHQXQUXKLJEHUGLHEHLGHQ 6HVVHOOHKQHQ'HUVFKPDOH0XQG]XFNWH'HU:LGHUVFKHLQ GHU.HU]HQZDUIIODFNHUQGH6FKDWWHQEHUVHLQEOHLFKHVKRKO ZDQJLJHV*HVLFKWELVKLQ]XGHQGXQNOHQ+DDUHQGLHHUJODWW QDFKKLQWHQJHNlPPWKDWWH (UWUXJGXQNOH.OHLGXQJHEHQIDOOVHLQHQVFKZDU]HQPLW URWHU6HLGHJHIWWHUWHQ8PKDQJHLQHODQJHGXQNOH+RVHXQG HLQHHQJH-DFNHGHUJOHLFKHQ)DUEH 'LH0HQVFKHQVSUDFKHQQXUIOVWHUQGXQGlQJVWOLFKYRQ LKP6RZDUHULKUEHVFKULHEHQZRUGHQXQGVRVDKHUDXFKLQ :LUNOLFKNHLWDXV

$EHUPDOVVWUHFNWHHUVHLQHQ$UPDXV'LH+DQGEHVFKULHE HLQHQNOHLQHQ%RJHQXQGEHUKUWHGLH:DQJHGHV0lGFKHQV ,ORQD]XFNWH]XVDPPHQ 'LHVHNDOWHQ7RWHQILQJHULUULWLHUWHQVLHVLHVWU|PWHQGLH .KOHHLQHU*UXIWDXVXQGGHU9DPSLUODFKWHOHLVHª'XZLUVW GLFKDQPLFKJHZ|KQHQPVVHQNOHLQH,ORQD6RKHLWGX GRFKQLFKWZDKU"© ª-D©KDXFKWHVLH ª6RZLHGXMHW]WOHEVWJHKWHVQLFKWPHKU©IOVWHUWHGHU 9DPSLUª'XZLUVWEDOGPHLQH'LHQHULQVHLQ,FKZHUGHGLFK VSUHQZHUGHGLFKWULQNHQXQGGHLQH6HHOHZLUGHLQ7HLO PHLQHUHLJHQHQZHUGHQXQGXPJHNHKUW:LUEHLGHHUJlQ]HQ XQV:LUDOOHLQELOGHQHLQH%OXWJHPHLQVFKDIW© ,ORQDYHUQDKPGLH:RUWHYHUVWDQGDXFKLKUHQPDNDEUHQ 6LQQXQG$QJVWVWLHJLQLKUKRFK 8QKHLPOLFKVWDUNZXUGHVLHLKUH.QLH]LWWHUWHQVLHKlWWHDP OLHEVWHQJHVFKULHQDEHUQLFKWHLQ/DXWGUDQJEHULKUH/LSSHQ 'HU9DPSLUZDU]XEHHLQGUXFNHQGHUVWDUUWHVLHDQXQGVHLQ %OLFNKDWWHHWZDV+\SQRWLVFKHVDQVLFK ,ORQDQLFNWH -HW]WODFKWH)DULDFª6LHKVWGXNOHLQH,ORQD'XNDQQVWHV NDXPHUZDUWHQGDLFKGLFK]XPHLQHU*HIlKUWLQPDFKH .HLQH$QJVWHVGDXHUWQLFKWPHKUODQJH© (UOHKQWHVLFKZLHGHU]XUFN 'DQQKREHUGLH$UPHXQGNODWVFKWHHLQPDOLQGLH+lQGH $XIGLHVHV=HLFKHQKDWWHQGLHIQI'LHQHULQQHQJHZDUWHW6LH WUDWHQYRUGHQ7KURQGHV9DPSLUVXQGEHJDQQHQPLWLKUHP *HVDQJ ,ORQDNRQQWHQXUVFKZHUHWZDVYHUVWHKHQZHLOHVHLQHVHKU DOWH6SUDFKHZDU:RUWIHW]HQMHGRFKNDQQWHVLH 'DZXUGHYRP6WHUEHQXQGYRQGHU%OXWVHXFKHJHVSURFKHQ 9RQGHUGXQNOHQ6HHOHXQGYRP7HXIHOYRQ+H[HQ9DPSLUHQ XQG:HUZ|OIHQ,PPHUZLHGHUWDXFKWHGDV:RUW%OXWDXI 'HU%OXWJHVDQJ 'LH6WLPPHQGHU0lGFKHQZDUHQHLQW|QLJZDUHQRKQH

0RGXODWLRQ(VZDUHLQ/HLHUJHVDQJNHLQH6WLPPHNODQJKHU DXVDOOHVJLQJXQWHULQHLQHU0RQRWRQLH ,ORQDK|UWH]XXQGK|UWHHVZLHGHUXPQLFKW'HU*HVDQJJOLWW DQLKUHQ2KUHQYRUEHL %LVHUDXIK|UWHGD]XFNWHVLH]XVDPPHQ -HW]WZDUHVVRZHLW )DULDFZLQNWHLKU]Xª.RPPQRFKQlKHU©IOVWHUWHHUPLW KHLVHUHU6WLPPH ,ORQDJLQJ,QGHU%HZHJXQJ|IIQHWHGHU*UDIVHLQHQ0XQG XQGVLHVDKGLHEHLGHQ=lKQH =XPHUVWHQ0DOZXUGHVLHPLWGHQEOXWVDXJHQGHQ 9DPSLU]lKQHQNRQIURQWLHUWXQGVLHHUVFKUDNELVLQV0DUN (VZDUHQJUDXVDPH+DXHUODQJXQGVSLW]GD]XHLQZHQLJ QDFKLQQHQJHERJHQ,ORQDNRQQWHVLFKJXWYRUVWHOOHQGD GLHVH=lKQHOHLFKWLQLKU)OHLVFKDP+DOVVFKOXJHQ +lQGHZKOWHQLQLKUHPODQJHQ+DDUEDXVFKWHQHVDXIXQG OLHHQHVGXUFKGLH)LQJHUJOHLWHQZREHLGHU+DOVGHV 0lGFKHQVSO|W]OLFKIUHLODJ )UHLIUGHQ%L )DULDF]RJ,ORQDQRFKZHLWHU]XVLFKKHUDQ(UZROOWHGDV KHOOH)OHLVFKVHKHQGLHZHLH+DXWDP+DOVGLHEDOG]ZHL %LVWHOOHQDXIZHLVHQZUGH 'DV=LJHXQHUPlGFKHQVSUWHGHQ0RGHUJHUXFKGHQ)DULDF DXVVWU|PWH(UURFKDOVZlUHHUIULVFKDXVHLQHPDOWHQ*UDE JHVWLHJHQ$XFKGDV3DUIPPLWGHPVLFKGLH0lGFKHQ EHVSULW]WKDWWHQNRQQWHGHQIDXOLJHQ*HVWDQNQLFKWEHU GHFNHQ ,ORQDHNHOWHVLFK 8QGGRFKZXWHVLHGDVLHGLHVHU(NHOQLFKWGDYRQDEKLHOW JHELVVHQ]XZHUGHQ 6LHZDUIUGLH9DPSLUWDXIHYRUJHVHKHQ 6LHZUGHGDV2SIHUVHLQ 'LHDQGHUHQIQI0lGFKHQKDWWHQGHQ.UHLVHQJHUJH]RJHQ 6LHZROOWHQJHQDXEHREDFKWHQZDVPLWGHU1HXHQJHVFKDK (LQH9DPSLUWDXIH]XHUOHEHQZDULPPHUHWZDV%HVRQGHUHV

,ORQDYHUVWHLIWHVLFK6LHZHKUWHVLFKVRJXWVLHNRQQWH,KUH $UPHEUDFKWHVLHQLFKWPHKULQGLH+|KHGD]XZDUVLH]X VFKODSS$EHUVLHZROOWHHVGHP9DPSLUQLFKWVROHLFKWPDFKHQ 'LH*UlILQVDKHVWUDWUDVFKHLQHQ6FKULWWYRUXQGGUFNWH ZLHGHUJHJHQGHQ5FNHQGHV0lGFKHQV ,ORQDILHOGHP%OXWVDXJHULQGLH$UPH 'HUODFKWH 6FKDXULJNODQJGDV/DFKHQGLFKWDQ,ORQDV2KU)HXULJH 5lGHUGUHKWHVLFKYRULKUHQ$XJHQ%LOGHUHQWVWDQGHQ6LHVDK VLFKPLW-RKQ6LQFODLUXQGLKUHP%UXGHU]XVDPPHQ6LHZROOWH VFKUHLHQXP+LOIHUXIHQZDUXPNDPHQGLHEHLGHQGHQQ QLFKW"6LHZROOWHQLKUGRFKKHOIHQ 'DQQVSUWHVLHGLH/LSSHQDQLKUHP+DOV .DOWH/LSSHQ 'LH=lKQHZDUHQZDUP(VVFKLHQDOVZUGHQVLHOHEHQ (UJHEHQVFKORVLHGLH$XJHQ 'DHUIROJWHGHU%L (LQNXU]HUVFKDUIHU6FKPHU]$XVGHP0XQGGHV0lGFKHQV GUDQJHLQ6W|KQODXWZLHDXVZHLWHU)HUQHK|UWHVLHGDV 6FKUHLHQGHU9DPSLULQQHQ,PQlFKVWHQ$XJHQEOLFN VFKZHPPWHVLHHLQHJHZDOWLJH:RJHIRUWOLHVLHZLHDXI )OJHOQGDKLQJOHLWHQKLQHLQLQGDV'XQNHOGHVVHHOHQORVHQ 7RGHV :LUKXVFKWHQGLH7UHSSHKRFK 6LHZDU]LHPOLFKODQJ'LHVHUYHUGDPPWH,UUJDUWHQKDWWHXQV VFKRQJHQJHQG6RUJHQXQG6FKZLHULJNHLWHQEHUHLWHWXQGLFK ZDUIURKDOVLFKGLH7UVDK 'DV/LFKWPHLQHUNOHLQHQ/DPSHWUDIGDVPDWWJOlQ]HQGH +RO].DUHO0DUHNZROOWHDQPLUYRUEHLXQGGLH7UDXIUHLHQ GRFKLFKKLHOWLKQ]XUFN ª1LFKWVRVWUPLVFK© ,FKOHJWHGHQ)LQJHUDXIGLH/LSSHQSUHWHPHLQ2KUJHJHQ GDV+RO]XQGODXVFKWH

,FKK|UWHQLFKWV ª.|QQHQZLU"©IUDJWH.DUHO ,FKQLFNWHOHJWHGLHOLQNH+DQGDXIGLH.OLQNHLQGHUUHFKWHQ KLHOWLFKGLH%HUHWWDXQGULGLH7UDXI 0LWHLQHP6SUXQJVWDQGLFKLQGHPGDKLQWHUOLHJHQGHQ *HZ|OEH:DVLFKVDKOLHGDV%OXWLQPHLQHQ$GHUQ]X(LV JHIULHUHQ *HJHQZDUW 'LHNOHLQH&KDUWHUPDVFKLQHZDUVLFKHUDXIGHP.|OQ%RQQHU )OXJKDIHQJHODQGHW'LH]HKQYHUGLHQWHQ0LWDUEHLWHU)DULDF VHOEVW-DQH&ROOLQVXQG%LOO&RQROO\KDWWHQGHQILUPHQHLJHQHQ -HWJHQRPPHQGLH3DNRQWUROOHSDVVLHUWXQGJLQJHQTXHU GXUFKGDVPRGHUQH)OXJKDIHQJHElXGHDXIHLQHQGHU $XVJlQJH]XZREHUHLWVGHU%XVZDUWHQVROOWHGHUVLHDP 5KHLQHQWODQJ]XLKUHP=LHOEUDFKWH :lKUHQGGHV)OXJHVKDWWHQ-DQHXQG%LOO=HLWJHKDEWVLFK GLH0LWSDVVDJLHUHDQ]XVFKDXHQ $OOHPDFKWHQHLQHQY|OOLJQRUPDOHQ(LQGUXFN-DQHKDWWH QLFKWGDV*HIKOXQWHU6FKZDU]EOWHUQ]XVLW]HQ'LH 0LWDUEHLWHUJDEHQVLFKY|OOLJQRUPDO *RUGRQ)DULDFHUZLHVVLFKDOVSHUIHNWHU*DVWJHEHU(UXQG HLQH+RVWHUHLFKWHQ*HWUlQNH'LHPHLVWHQ3DVVDJLHUHWUDQNHQ 6HNW-DQHKDWWHDXFKHLQ*ODVJHOHHUW%LOO]ZHL 'LH*UXSSHZDUJHPLVFKW=XU+lOIWH)UDXHQ]XUDQGHUHQ +lOIWH0lQQHU$OOHZHLEOLFKHQ3HUVRQHQZDUHQlOWHUDOV-DQH GDIUMHGRFKKHUDXVJHSXW]WDOVJLQJHHV]XHLQHP6WDDWV HPSIDQJ'DVZDUZRKOLPPHUVREHL%HWULHEVDXVIOJHQ 'LHPHLVWHQ0lQQHUKDWWHQYHUVXFKW-DQH&ROOLQVLQHLQ LQWHQVLYHV*HVSUlFK]XYHUZLFNHOQ -DQHKDWWHVWHWVK|IOLFKJHDQWZRUWHWOLHMHGRFKNHLQHQ =ZHLIHOGDUDQGDVLHDQHLQHP)OLUWQLFKWLQWHUHVVLHUWZDU 'DQQWUDIGHU%XVHLQ 3QNWOLFKDXIGLH0LQXWH(VZDUHLQNOHLQHU5HLVHEXV

MHGRFKPLWDOOHP.RPIRUWDXVJHVWDWWHW(LQH7RLOHWWHZDUHEHQ VRYRUKDQGHQZLHHLQHNOHLQH%DU ª3HUIHNWH2UJDQLVDWLRQ©OREWH*RUGRQ)DULDFªGDVKDEHQ 6LHDXVJH]HLFKQHWJHPDFKW0U0RUWRQ© 0RUWRQZDUGHU3URNXULVWHLQNOHLQHVJUDXKDDULJHV 0lQQFKHQPLWGQQHQ+DDUHQXQGHLQHUGLFNHQ+RUQEULOOH(U ZXUGHURWXQGKREYHUOHJHQGLH6FKXOWHUQDOVHUGDV/RE K|UWH 2*RWWGDFKWH-DQHQXUJOHLFKIlOOWHUDXIGLH.QLH%LOO &RQROO\QHEHQLKUJULQVWH(UVFKLHQGLHJOHLFKHQ*HGDQNHQ]X KDEHQZLHGLH'HWHNWLYLQ 'LH*UXSSHVWLHJHLQ -DQHXQG%LOOZDUWHWHQ'HU5HSRUWHUKDWWHHLQH.DPHUD XPKlQJHQXQGVFKRQIOHLLJ)RWRVJHVFKRVVHQ *RUGRQ)DULDFZROOWHDOVOHW]WHUHLQVWHLJHQ(UJHVHOOWHVLFK QRFK]X-DQH ª:LHILQGHQ6LHGHQ$XVIOXJELVMHW]W"© ª*XW© ª:DUWHQ6LHDE0LVV&ROOLQV(UZLUGQRFKEHVVHU:HQQZLU HUVWHLQPDOXQVHU)HVWVWDUWHQZHUGHQ,KQHQGLH$XJHQEHU JHKHQ6RHWZDVKDEHQ6LHQRFKQLFKWHUOHEW/LHEHQ6LHDOWH 6FKO|VVHU"© ª'DVVFKRQ© ª'DQQNRPPHQ6LHYROODXI,KUH.RVWHQ'DV6FKORJHK|UW QlPOLFKPLU,FKKDEHHVYRQHLQHP9RUIDKUHQJHHUEW'DVZDU NXU]QDFKGHP'UHLLJMlKULJHQ.ULHJ© ª'DKDEHQ6LHVFKRQJHOHEW"©IUDJWH%LOOVNHSWLVFK )DULDFODFKWHKDVWLJª1HLQQHLQGDVQLFKWDEHULFKPHLQH QXUbKPMDODVVHQ6LHVLFKEHUUDVFKHQ$XIMHGHQ)DOOJHK|UW PLUGDV6FKOR© ª:DVVHKUYLHO8QWHUKDOWNRVWHW©PHLQWH%LOO ª2KGDVDJHQ6LHZDVDEHUZDVWXWPDQQLFKWDOOHVIUGLH .XQVWXQGGLH(UKDOWXQJYRQ$OWHUWPHUQ© %LOOQLFNWH 'HU)DKUHUEHXJWHVLFKDXVGHP)HQVWHU(UWUXJHLQH

6FKLUPPW]HXQGHLQH/HGHUMDFNHEHUGHPNDULHUWHQ+HPG ª:ROOHQGLH+HUUVFKDIWHQDXFKQRFKPLWIDKUHQ"© ª6LFKHUVLFKHU©ULHI)DULDFª.RPPHQ6LHHLQVWHLJHQ© %LOOXQG-DQHHQWHUWHQGHQ%XV6LHKlWWHQVLFKJHUQQDFK KLQWHQJHVHW]WGRFKGLH%DQNZDUEHOHJW$OVRQDKPHQVLH ZHLWHUYRUQ3ODW]6LHVHW]WHQVLFKQHEHQHLQDQGHU 'LH7UHQVFKORVVHQDXWRPDWLVFKXQGGHU)DKUHUIXKUDQ 9RP)OXJKDIHQ]XEULQJHUJLQJHVGLUHNWDXIGLH$XWREDKQLQ 5LFKWXQJ)UDQNIXUW 'LH6WUDHQZDUHQDXVJH]HLFKQHWDXVJHEDXWVHKUJQVWLJH 9HUNHKUVEHGLQJXQJHQKHUUVFKWHQVLHNDPHQJXWYRUDQGHQQ GLH$XWREDKQZDU]LHPOLFKIUHL %LOOXQG-DQHVFKDXWHQLQWHUHVVLHUWDXVGHP)HQVWHU 6LHJEXUJ6LHEHQJHELUJHVRKLHHQGLH$EIDKUWHQ'LH $XWREDKQVFKOlQJHOWHVLFKGXUFKHLQHVHKUVFK|QH/DQGVFKDIW +JHOUHFKWVXQGOLQNVYLHO1DWXUXQGZHQLJ%DXVWHOOHQ %LOOVSUDFKZlKUHQGGHU)DKUWNDXP-DQHHEHQIDOOVQLFKW6LH KLHOWGLH$XJHQKDOEJHVFKORVVHQXQGODXVFKWHGHQ*HVSUlFKHQ GHUDQGHUHQ7HLOQHKPHU 'DULQGUHKWHVLFKYLHOXPGLHDP$EHQGEHYRUVWHKHQGH )HLHU$OOHZDUHQJHVSDQQW6LHKDWWHQYRQGHP6FKORJHK|UW QRFKQLHPDQGKDWWHHVMHJHVHKHQ(VPXWHZLUNOLFKHLQH $WWUDNWLRQVHLQ 'LH)UDXGLH-DQHJHJHQEHUVDNRQQWHHVNDXPHUZDUWHQ 6LHGDFKWHYRUDOOHQ'LQJHQDQGDVNDOWH%IHWWYRQGHPPDQ ZDKUH:XQGHUGLQJHHU]lKOWH'DEHLKDWWHGLH)UDXHLQH)LJXU GLHHVZLUNOLFKQLFKW]XOLHGDVLHQRFKPHKUVFKOHPPWH -DQHNRQQWHQXUGHQ.RSIVFKWWHOQ ª(LQ6FKORLVWMDEH]HLFKQHQG©PHLQWH%LOO&RQROO\QDFK HLQHU:HLOHXQG]QGHWHVLFKHLQH=LJDUHWWHDQ ª'XUHFKQHVWPLWbUJHUQLFKW"©IUDJWH-DQH %LOOQLFNWH ª+DVWGXHLQHQ3ODQ"© 'HU5HSRUWHUVWlXEWHGLH$VFKHVHLQHU=LJDUHWWHDEª(UKDW VLFKGRFKYHUUDWHQ©

-DQHVFKDOWHWHVFKQHOOª'XPHLQVWPLWGLHVHUNRPLVFKHQ (UEIRUPXOLHUXQJ© ª*HQDX© 'LH'HWHNWLYLQOlFKHOWHª,FKNHQQHGLFK]LHPOLFKODQJ%LOO %DOGVRODQJZLHGHLQH)UDX,FKNDQQPLUYRUVWHOOHQGDGX GLHVHQ*RUGRQ)DULDFIUHLQHQ9DPSLUKlOWVW© ª5LFKWLJ© ª$EHUGLHFKDUDNWHULVWLVFKHQ0HUNPDOHHLQHV%OXWVDXJHUV KDEHLFKEHLLKPQLFKWJHVHKHQ©KLHOWLKP-DQHHQWJHJHQ %LOOKREGLH6FKXOWHUQª0DQFKHYHUVWHOOHQVLFKDXFKQXU 1HLQQHLQGHULVWVFKRQJHIlKUOLFKXQGZLUGVHLQZDKUHV *HVLFKWEHVWLPPWDPKHXWLJHQ$EHQG]HLJHQ© ª:RPLWVHLQH0LWDUEHLWHUHEHQIDOOVLQ*HIDKUVFKZHEHQ© ª.ODU© ª:HQQLFKQXUZWHZR-RKQVWHFNW©PXUPHOWH-DQH &ROOLQV ª'HUZUGHXQVMHW]WDXFKQLFKWKHOIHQ© ª9LHOOHLFKWILQGHW6XNRHLQH6SXU©KRIIWH-DQHª(UZROOWH VLFKMDLQGHU)DEULNHLQZHQLJXPVHKHQ© %LOOKREGLH6FKXOWHUQXQG]XFNWHUHJHOUHFKW]XVDPPHQDOV VLFKHLQ0DQQDXIGHP6LW]YRULKPXPGUHKWHXQGEHUGLH 5FNHQOHKQHGHQ5HSRUWHUDQVFKDXWH ª:DVJLEW V"©IUDJWH%LOO 'HU0DQQHLQVFKZLW]HQGHU7\SIUDJWHª6LHKDEHQGRFK +XPRUXQGVLQGVFKODXQLFKWZDKU"© ª.DXP© 'HU.QDEHOLHVLFKQLFKWEHLUUHQ(UVWULFKEHUVHLQH*ODW]H XQGIUDJWHª:DVVDJHQ]ZHL-lJHUZHQQVLHVLFKEHJHJQHQ"© 8PGHVOLHEHQ)ULHGHQVZLOOHQEHDQWZRUWHWH%LOOGLH)UDJH ª:HLGPDQQVKHLO© ª5LFKWLJ0LVWHU8QGZDVVDJHQ]ZHL)LVFKHUGLHVLFK WUHIIHQ"© ª3HWUL+HLO© ª$XFKULFKWLJ8QGZDVVDJHQ]ZHL3lSVWH"© ª+DOOHOXMD©

ª1HLQKDKDHVJLEWQXUHLQHQ3DSVW© 'HU*ODW]NRSIYHUVFKZDQGZLHGHUXQGKDWWHVHLQ6SlFKHQ (UKSIWHDXIVHLQHP6LW]%LOOPXWHDXFKODFKHQ-DQHYHU]RJ HEHQIDOOVGLH0XQGZLQNHO 0DQILHOLPPHUZLHGHUDXIGLHDOWHQ6DFKHQUHLQ 6LHKDWWHQHLQHQVWUDKOHQGVFK|QHQ:LQWHUWDJ(LQHEODVVH 1RYHPEHUVRQQHVWDQGDP+LPPHOXQGVFKLFNWHLKUHQLFKW PHKUZlUPHQGHQ6WUDKOHQEHUGLH+JHOGHV:HVWHUZDOGHV $OOHVZDUNDKO/lQJVWKDWWHQGLH%lXPHNHLQH%OlWWHUPHKU 6LHZDUHQDEJHIDOOHQXQGODJHQEHUHLWVXQWHUGHUHUVWHQ 6FKQHHVFKLFKWYHUJUDEHQ$XIGHQ.XSSHQZDUQRFKQLFKW DOOHVZHJJHWDXW%LOOXQG-DQHVDKHQKLQXQGZLHGHU VFKPXW]LJZHLH)OHFNHQ :HQLJVSlWHUZHFKVHOWHQZLUGLH$XWREDKQ-HW]WIXKUHQZLU LQ5LFKWXQJ.REOHQ]YRQGRUWVROOWHHVGDQQDP5KHLQZHLWHU JHKHQHLQHLQWHUHVVDQWH)DKUWGLHYRUDOOHQ'LQJHQLPPHU ZLHGHUYRQDPHULNDQLVFKHQ7RXULVWHQJHEXFKWZXUGHZHLOVLH VLFKVR2OG*HUPDQ\YRUVWHOOWHQ %LOOVFKORHLQZHQLJGLH$XJHQ6FKUlJILHOHQGLH 6RQQHQVWUDKOHQGXUFKGLH6FKHLEHXQGOLHHQGHQJUDXHQ %HODJGDUDXIQRFKGHXWOLFKHUKHUYRUWUHWHQ 'LHEHLGHQVFKOLHIHQWDWVlFKOLFKHLQ6RZXUGHQVLHZHQLJ VWHQVYRQGHQDQGHUHQ0LWUHLVHQGHQLQ5XKHJHODVVHQ'HU )DKUHUIXKUUXKLJXQGVLFKHU2IWEHUKROWHHU/DVWZDJHQ XQGODQJVDPVDQNGLH6RQQHGHP+RUL]RQWHQWJHJHQ'RUW IODPPWHVLHQRFKHLQPDONQDOOURWDXIPLWHLQHU,QWHQVLWlWZLH VLHQXUDQNODUHQ:LQWHUQDFKPLWWDJHQ]XVHKHQZDU(VVDK DXVDOVZlUHGHU+LPPHOPLW%OXWEHUJRVVHQZRUGHQXQG -DQHGLHVRHEHQHUZDFKWHXQGGDV%LOGVDKGDFKWHVRIRUWDQ HLQ=HLFKHQ 6LHZHFNWH%LOO'HU5HSRUWHUULHEVLFKYHUVFKODIHQGLH$XJHQ XQGEHPHUNWHGDVLHJDUQLFKWPHKUDXIGHU$XWREDKQ IXKUHQ (UVDKGHQ5KHLQGLHVHQEUHLWHQJUDXHQ6WURPGHVVHQ )OXWHQVLFKWUlJHGXUFKGDV)OXEHWWZlO]WHQ6FKLIIHGXUFK

SIOJWHQGDV:DVVHU0RWRUERRWHXQGODQJH6FKOHSSHUPLW FRQWDLQHUlKQOLFKHQ$XIEDXWHQ,QGHQ1LHGHUXQJHQDP8IHU ZDEHUWHGHUHUVWH1HEHO/HW]WHV6RQQHQOLFKWILHODXIGLH PDOHULVFKHQ2UWHDP5KHLQXQGOLHGLH'lFKHUGHU+lXVHU JROGHQDXIOHXFKWHQ %LOOVDKGLH+JHOVDQIWJHVFKZXQJHQUHLKWHQVLHVLFKDQHLQ DQGHU:HLQZXUGHKLHUDQJHEDXW7HUUDVVHQI|UPLJIKUWHQGLH 5HEJlUWHQDQGHQ+lQJHQKRFK 'D]ZLVFKHQJDEHVLPPHUZLHGHU:DOGVWFNHXQG%LOOVDK VWRO]H%XUJHQ $OOHUGLQJVVWDQGHQYRQYLHOHQQXUQRFK5XLQHQ'LHJURH =HLWGHU5LWWHUZDUYRUEHL ª8QGQXQP|FKWHLFKGLH+HUUVFKDIWHQELWWHQHLQPDOKHU ]XK|UHQ©8USO|W]OLFKVFKDOOWH)DULDFV6WLPPHPLNURSKRQ YHUVWlUNWGXUFKGHQ%XV 9LHOHZDUHQHLQJHVFKODIHQ-HW]WVFKUHFNWHQVLHKRFKDOVVLH GLH6WLPPHLKUHV+HUUQXQG0HLVWHUVK|UWHQ(UGHXWHWH]XU DQGHUHQ5KHLQVHLWHKLQEHUXQGOHJWHGHQ$UPGDEHL]LHPOLFK VFKUlJª'LH%XUJGLH6LHGRUWREHQVHKHQPHLQHOLHEHQ )UHXQGHGLHZLUGXQVHU=LHOVHLQ© 'HU%XVIXKUODQJVDPHUXQGDOOH%OLFNHZDQGWHQVLFKLQGLH DQJHJHEHQH5LFKWXQJ 'RUWVWDQGGLH%XUJ 7UXW]LJDOVZlUHVLHHEHQHUVWHUEDXWZRUGHQXQGQLFKW HLQLJHKXQGHUW-DKUHDOW 9RQKLHUXQWHQVDKVLHZLUNOLFKJXWDXVDOVKlWWHVLHNHLQH %HVFKlGLJXQJHQGDYRQJHWUDJHQª6LHZLUGXQVHU=LHOVHLQ© MXEHOWH*RUGRQ)DULDFª=XYRUMHGRFKZHUGHQZLUGLH)LOLDOH EHVLFKWLJHQXQGHLQHNOHLQH7RXUPDFKHQ0LWGHP6FKLII QDWUOLFK© $OOHZDUHQHLQYHUVWDQGHQ 'HU)DKUHUERJLQHLQHVFKPDOH6WUDHHLQGLHGLUHNW]XP 5KHLQIKUWH 'LH6WUDHZXUGH]XU*DVVHHUUHLFKWHQHLQHQ0DUNWSODW] XQGIKUWHYRQGRUWDOVEUHLWHUH6WUDHZHLWHU6LHHQGHWHGLUHNW

DQGHU8IHUSURPHQDGHZRVLFK3DUNSOlW]HIU%XVVHXQG3NZ EHIDQGHQ -HGHUZDUIURKGDHUDXVVWHLJHQXQGVLFKGLH%HLQHYHU WUHWHQNRQQWH =XU)DEULNZDUHVQXUHLQ.DW]HQVSUXQJ0DQZUGH]X)X GRUWKLQJHKHQ*RUGRQ)DULDFJHVHOOWHVLFK]X-DQHXQG%LOO ª:ROOHQ6LHDQGHU%HVLFKWLJXQJWHLOQHKPHQ"© ª1HLQ©DQWZRUWHWH-DQHIUGHQ5HSRUWHUPLW %LOOQLFNWH )DULDFVFKDXWHDXIGLH8KUª'DQQWUHIIHQZLUXQVLQ]ZHL 6WXQGHQZLHGHUKLHU$EJHPDFKW"© 'LHEHLGHQZDUHQHLQYHUVWDQGHQ6LHVFKDXWHQ)DULDFQDFK ZLHHUVHLQHQ/HXWHQGHQ:HJHUNOlUWH'DQQYHUVFKZDQGGLH *UXSSHLQHLQHUNOHLQHQ6WUDH -DQHXQG%LOOZDQGWHQVLFKDE'LH'HWHNWLYLQVWHOOWHGHQ .UDJHQLKUHV:LQWHUNRVWPVKRFK(LQNKOHU:LQGZHKWHYRQ GHQ+JHOQEHUGHQ5KHLQXQGKLQDELQV7DO ª,FKPXPLFKLUJHQGZRZlUPHQ©VDJWHGLH'HWHNWLYLQ %LOOVFKDXWHVLFKXP8PGLHVH=HLWEHIDQGHQVLFKNDXPQRFK 7RXULVWHQLQGHPNOHLQHQ:HLQRUW6LHKDWWHQUHLFKOLFK $XVZDKODQ/RNDOLWlWHQXQGQLFKWQXU:HLQORNDOHOXGHQ]XP 9HUZHLOHQHLQVRQGHUQDXFK&DIHV*HPHLQVDPVFKULWWHQ VLHKRFK]XU+DXSWVWUDHERJHQDEHUYRUKHUDEGHQQVLH KDWWHQHLQNOHLQHV&DIHJHVHKHQDQGDVHLQ:LQWHUJDUWHQ DQJHEDXWZDU ª'DVZlUHGRFKZDV©VFKOXJ-DQHYRU %LOO&RQROO\QLFNWH (VEHIDQGHQVLFKNDXP*lVWHLP&DIH-DQHVXFKWHDP%IHWW .XFKHQDXVXQG%LOOJLQJVFKRQGXUFK(UIDQGHLQHQ3ODW] YRQGHPHUGXUFKGLHJURH6FKHLEHDXIGLH6WUDHGHQ5KHLQ XQGGLHDPDQGHUHQ8IHUOLHJHQGHQ+JHOVRZLH)DULDFV%XUJ VFKDXHQNRQQWH %HLHLQHU.HOOQHULQEHVWHOOWHGHU5HSRUWHU]ZHL.lQQFKHQ .DIIHH-DQHNDPPLWGHQ.XFKHQERQVXQGGLH.HOOQHULQ EUDFKWHVFKRQGLHJHPLVFKWH2EVWWRUWH

%LOO]DKOWH(UJULQVWHGDEHLXQGGHXWHWHDXIGLH7RUWHª0LW 6DKQH"© ª.DQQLFKPLUGRFKOHLVWHQ©PHLQWH-DQH ª1DWUOLFK© ª:DUXPVDJVWGXGDQQZDV"© ª9RQ6LJNHLWHQVROOPDQ3LFNHOEHNRPPHQ©JULQVWH%LOO -DQHKROWHWLHI/XIW%HYRUVLHMHGRFKGLHSDVVHQGH$QWZRUW JHEHQNRQQWHJHVFKDKGUDXHQHWZDVGDVLKUHYROOH$XI PHUNVDPNHLWHUUHJWH 6FKVVHSHLWVFKWHQDXI 8QGLPVHOEHQ0RPHQWMDJWHQPLWLUUZLW]LJHP7HPSR]ZHL :DJHQLQGLHVFKPDOH6WUDH (LQ0HUFHGHVXQGHLQVLOEHUJUDXHU2SHO0DQWD 'LH)DKQGXQJKDWWHQ.RPPLVVDU0DOOPDQQXQGVHLQ.ROOHJH %HUQG+ROOHULQJEHU)XQNJHK|UW =ZHL%DQNUlXEHUKDWWHQHLQH6SDUNDVVHEHUIDOOHQXQG KXQGHUW]ZDQ]LJWDXVHQG0DUNJHUDXEW'LH.HUOHZDUHQPLW HLQHPKHOOHQ0HUFHGHVJHIOFKWHW -HW]WVXFKWHPDQGHQ:DJHQ :LOO0DOOPDQQGHUZHJHQHLQHUGLHQVWOLFKHQ$QJHOHJHQKHLW LQ.|OQJHZHVHQZDUKDWWHYRQGRUWVHLQHQ.ROOHJHQ+ROOHULQJ PLWJHQRPPHQ6LHZROOWHQQDFK+DXVHKDWWHQDEHU=HLWXQG JRQGHOWHQDP5KHLQHQWODQJ6LHHU]lKOWHQVLFKGLHQHXVWHQ %HDPWHQZLW]HREZRKOVLHVHOEVWGHP%HUXIVVWDQGDQJHK|UWHQ XQGEHVFKORVVHQGDEHLGH-XQJJHVHOOHQZDUHQGHQ$EHQG QRFKEHLHLQHPDQVWlQGLJHQ*ODV]XYHUEULQJHQ 'RFKHUVWHQVNRPPWHVDQGHUVXQG]ZHLWHQVDOVPDQ GHQNW6FKXOGZDUGLH)DKQGXQJVPHOGXQJ 6RIRUWZDUHQGLHEHLGHQZLHGHULP'LHQVW ª'XKlOWVW$XVVFKDX"©IUDJWHGHUVFKODNVLJH+ROOHULQJGHU PLWVHLQHP.RSILPPHUJHJHQGHQ$XWRKLPPHOVWLHZHQQ GHU0DQWDPDOEHUHLQH6SXUULOOHKSIWH ª.ODUGRFK©

'HU.RPPLVVDUJHK|UWH]XGHQ7\SHQGLHLPPHULP'LHQVW ZDUHQ(UNRQQWHEOLW]VFKQHOOXPVFKDOWHQ8QGHUKDWWHVFKRQ HLQLJHE|VH(UIDKUXQJHQKLQWHUVLFK1LFKWQXUPLW*HVHW]HV EUHFKHUQGLHHUDOV.RPPLVVDUYRP%.$MDJWHVRQGHUQDXFK PLW*HLVWHUQXQG'lPRQHQ(UKDWWHGHV|IWHUHQPLW-RKQ 6LQFODLU]XVDPPHQJHDUEHLWHWXQGHUOHEWGDHV'lPRQHQXQG ILQVWHUH0lFKWHJDE (LQ'lPRQGHU6FKZDU]H7RGKDWWHVRJDUVHLQHIULVFKDQJH WUDXWH)UDXDP+RFK]HLWVWDJXPJHEUDFKW 6HLWGLHVHU=HLWYHUIROJWH0DOOPDQQGLH0lFKWHGHU )LQVWHUQLVPLWHLQHPXQJHKHXUHQ=RUQXQGHUJDEVLFKDXFK QLFKWGDPLW]XIULHGHQGDGHU6FKZDU]H7RGQLFKWPHKUH[L VWLHUWH1HLQHUZROOWHVHOEVWPLWKHOIHQGDVhEHOVDPW:XU]HO DXV]XURWWHQ ,QGHUOHW]WHQ=HLWDOOHUGLQJVZDUHUHWZDVUXKLJHUJHZRUGHQ 'HQ=\NORSDXVGHU+|OOHHLQZLGHUOLFKHV6XPSIPRQVWHU KDWWHQVLHLQGHU1lKHYRQ%UHPHQEHVLHJWXQGVHLWGHU=HLW KDWWH0DOOPDQQQXUWHOHIRQLVFKPLWGHQ/RQGRQHU)UHXQGHQLQ .RQWDNWJHVWDQGHQ(UZXWHMHGRFKEHUGLH*UQGXQJGHU 0RUGOLJD%HVFKHLGXQGEHVRQGHUVEHUGLH5ROOHYRQ6ROR 0RUDVVRDOLDV'U7RG 'LHVHU0HQVFK'lPRQZROOWHGLH+HUUVFKDIWGHU:HOW8QG GDV6LQFODLU7HDPNlPSIWHGDJHJHQDQ,UJHQGZLHIKOWHVLFK GHU.RPPLVVDUDXFKGD]XJHK|ULJHUKLHOW$XJHQXQG2KUHQ RIIHQXPVRIRUWHWZDVEHUGDV:LUNHQGHU6FKZDU]EOWHU]X HUIDKUHQ:DVDOVY|OOLJQRUPDOHU)DOOEHJDQQHQGHWHRIWLQ HLQHP6WUXGHOGHV6FKUHFNHQV 0DOOPDQQKDWWHVLFKGDUDXIHLQJHVWHOOWXQGVHLQH .RQVHTXHQ]HQJH]RJHQ0LWVHLQHP9RUJHVHW]WHQKDWWHHUEHU GLHHUOHEWHQ)lOOHJHVSURFKHQ'HU0DQQZDUHUVWVNHSWLVFK JHZHVHQKDWWHVLFKDEHUGRFKEHU]HXJHQODVVHQXQGOLHGHP .RPPLVVDUMHW]WIUHLH+DQGZHQQHVXPGLHQLFKWHUNOlUEDUHQ )lOOHJLQJ 6HLQH.ROOHJHQDKQWHQGLHV6LHVDJWHQDEHUNDXPHWZDV REZRKOHLQLJHYRQLKQHQEHLGHU+RFK]HLWJHZHVHQZDUHQXQG

GDV*UDXHQPLWHUOHEWKDWWHQ9LHOHYHUGUlQJWHQGLH(UHLJQLVVH MHGRFKVFKQHOODXVLKUHP%HZXWVHLQ $QGHUVGHU.RPPLVVDU(UQDKPGHQ.DPSIDXI=XVHLQHQ HUVWHQEHLGHQ+REE\VZDUQRFKHLQGULWWHVKLQ]XJHNRPPHQ GLH'lPRQHQMDJG /RFNHUVDGHU.RPPLVVDUPLWGHU5|PHUQDVHXQGGHP OHLFKWOLFKWHQGXQNOHQ+DDUKLQWHUGHP/HQNUDG1LHPDQG VDKLKPDQZLHNRQ]HQWULHUWHUZDU'HU0DQWDZDUVHLQHUVWHV +REE\GLH6WHUHRDQODJHVHLQ]ZHLWHV$OOHUGLQJVKDWWHHULQ GHUOHW]WHQ=HLWQXUVHOWHQ0XVLNJHK|UW$OOHLQPDFKWHQLKP GLH$EHQGHNHLQHQ6SDPHKU 8QGQRFKHLQH.RQVHTXHQ]KDWWHGHU.RPPLVVDUJH]RJHQ (UWUXJLPPHUHLQHPLW6LOEHUNXJHOQJHODGHQH3LVWROHEHLVLFK 1HEHQVHLQHUHLJHQHQ'LHQVWZDIIH'HUJXWH:LOO0DOOPDQQ ZDUDOVRJHUVWHWDXIGLH'LHQHUGHU)LQVWHUQLV]XWUHIIHQ ª'DLVWGHU0HUFHGHV©VDJWH+ROOHULQJSO|W]OLFKª$XIGHU UHFKWHQ6HLWH-HW]WVFKHUWHUQDFKOLQNV© 1XQVDK:LOOLKQDXFK (LQKHOOHU:DJHQPLWGHP1XPPHUQVFKLOGDXV.REOHQ]'HU %HQ]ZXUGHEHVFKOHXQLJW $XFK0DOOPDQQJDE*DV(LQNXU]HU%OLFNLQGHQ 5FNVSLHJHO+LQWHULKPZDUIUHL 'HU0DQWDVFKRYRUDQZDULP1XDXIGHUOLQNHQ6HLWHXQG ]LVFKWHDQ]ZHL/DVWZDJHQYRUEHL'DQQMHGRFKPXWHQVLH ZLHGHUDXIGLHQRUPDOH6SXUZHFKVHOQ*HJHQYHUNHKU ª,VWGHUGHQQZDKQVLQQLJ"©IOVWHUWH+ROOHULQJ $XFK:LOO0DOOPDQQZXUGHEOD(UVWLPOHW]WHQ$XJHQEOLFN ]RJGHU0HUFHGHVQDFKUHFKWV 'LH5HLIHQMDXOWHQXQGMDPPHUWHQ ª3XKGDVZDUNQDSS©VW|KQWH+ROOHULQJ :LOOQLFNWHQXU =ZLVFKHQGHP0DQWDXQGGHPEHLJHQ%HQ]EHIDQGVLFKQXU QRFKHLQ7R\RWD'RFKGHUOLHGHQ.RPPLVVDUQLFKWYRUEHL :HQQ0DOOPDQQPDOGLH&KDQFHKDWWH]XEHUKROHQGDQQ GUHKWHGHU7R\RWD)DKUHUDXFKDXI

'LHQlFKVWH2UWVFKDIW6W*RDUVKDXVHQ 'HU0HUFHGHVIXKUKLQHLQ=XP*OFNKHUUVFKWHZHQLJ 9HUNHKULQGLHVHUVRQVWZHLQVHOLJHQ6WDGW0LWIDVW 6WXQGHQNLORPHWHUQUDVWHQGLH:DJHQKLQWHUHLQDQGHUKHU8QG VLHKDWWHQVRJDUQRFK*OFNGDGLH$PSHOQDXI*UQ VWDQGHQ 'DQQERJGHU%HQ]DE /LQNVUXPGDV6WHXHU 'LH5HLIHQGHV0DQWDVSURWHVWLHUWHQNUHLVFKHQGDOV:LOOLKQ HEHQIDOOVLQGLH.XUYH]RJ+ROOHULQJZXUGHLQGHQ6FKDOHQVLW] JHSUHW'HU7R\RWDZDUYHUVFKZXQGHQ:LOOJULQVWHVFKLHIDOV HUGHP0HUFHGHVDXIGHQ)HUVHQEOLHE ª*OHLFKKDEHQZLULKQ©VDJWHHU 'LHQlFKVWH.XUYH 5HFKWVKHUXP3DUDOOHO]XP5KHLQVFKRGHU0HUFHGHV GDKLQ(LQUDVHQGHV8QJHKHXHUGDVVLFKHLQIDFK3ODW]VFKDIIWH XQGNHLQHUOHL5FNVLFKWDXIDQGHUH9HUNHKUVWHLOQHKPHUQDKP 0HQVFKHQIOLW]WHQ]XU6HLWH=ZHL5DGIDKUHUVSUDQJHQYRQ LKUHQ5lGHUQXQGIOFKWHWHQLQHLQHQ+DXVHLQJDQJ ª'DVLVWOHEHQVJHIlKUOLFK©VDJWH+ROOHULQJ ª:LUPVVHQLKQVWRSSHQ© 1RFK]ZHL0LQXWHQZHLWHUJLQJGLH-DJG'DQQWDXFKWHYRU GHP0HUFHGHVHLQ3DUNSODW]DXI'RUWVWDQGHQYLHU%XVVHXQG HLQLJH3NZ )UHLQHQ0RPHQWEUHPVWHGHU:DKQVLQQVIDKUHUDEJDE DEHUGDQQZLHGHU*DVXQGUDVWHZHLWHU5HFKWVKRFKLQHLQH VFKPDOH6WUDHKLQHLQ 'HU.RPPLVVDUKLQWHUKHU ,PVHOEHQ$XJHQEOLFNZXUGHGDV%HLIDKUHUIHQVWHUGHV%HQ] QDFKXQWHQJHNXUEHOW 'HU/DXIHLQHU03LHUVFKLHQXQGGHU2EHUN|USHUHLQHV 0DQQHVGHUVLFKZHLWDXVGHP)HQVWHUEHXJWH ª9RUVLFKW©VFKULH+ROOHULQJ 'DWDQ]WHQVFKRQGLHNOHLQHQ)OlPPFKHQYRUGHU0QGXQJ (LQHQ6HNXQGHQEUXFKWHLOVSlWHUMDJWHGLH6DOYHEHUGHQ

$VSKDOWZRVLHODQJH6WUHLIHQXQG/|FKHUKLQWHUOLH=XP *OFNWUDIGHU.HUOQLFKWXQGGHU)DKUHUULGHQ%HQ]LQHLQH /LQNVNXUYH(UZROOWHZRKOLQGHPHQJHQ6WUDHQZLUUZDUU YHUVFKZLQGHQ 0DOOPDQQEOLHELKPDXIGHQ)HUVHQMDJWHHEHQIDOOVLQGLH .XUYHK|UWHGDV-DPPHUQGHU5HLIHQXQGHLQHQK|OOLVFKHQ .UDFK ,QVWLQNWLYQDJHOWHHUGLH%UHPVHIHVW 'HU0DQWDVFKOHXGHUWHDXIGHQ0HUFHGHV]XGHUHLQH0DXHU ªJHNW©KDWWH :LOOVFKDIIWHHV(UUDPPWHGHQ%HQ]QLFKW.XU]GDYRU EUDFKWHHUGHQ0DQWD]XP6WHKHQ 'LH7UHQGHV0HUFHGHVIORJHQDXI 'LH%DQNUlXEHUVWUPWHQLQV)UHLH(LQHUKLHOWGLHEHLGHQ *HOGVlFNHGHUDQGHUHKDWWHGLH0DVFKLQHQSLVWROH %OXWOLHIEHUVHLQ*HVLFKW(UVDKZLOGDXVDEHUHUJDEQLFKW DXIVRQGHUQVFKR ª'HFNXQJ©VFKULH0DOOPDQQXQGWDXFKWHXQWHU $XFK+ROOHULQJGXFNWHVLFK1XUZDUHUQLFKWVFKQHOOJHQXJ 'LH6FKHLEHGHV0DQWDV]HUNUPHOWH.XJHOQKLHEHQLQGHQ :DJHQ]HUO|FKHUWHQGLH3ROVWHUXQG+ROOHULQJEUOOWHSO|W] OLFKDXI :LOOKDWWHVLFKDXVGHP:DJHQJHNXJHOW$OVHUGHQ6FKUHL K|UWHZDQGWHHUGHQ.RSI %HUQG+ROOHULQJVUHFKWH6HLWHZDUYROOHU%OXW(LQLJH.XJHOQ KDWWHQLKQDQ$UPXQG+IWHHUZLVFKW (LQHXQJHKHXUH:XWVWLHJLQGHP.RPPLVVDUKRFK(UUL VHLQH:DIIHKHUYRUXQGZROOWH]XUFNIHXHUQZlKUHQGVLFKGHU ]ZHLWH*DQJVWHUVFKRQPLWGHQEHLGHQ*HOGVlFNHQYHU]RJ :LHGHUIDXFKWHHLQH6DOYHKHUDQ.RPPLVVDU0DOOPDQQ KDWWH*OFNGDHUVLFK]XU6HLWHUROOHQNRQQWHVRKDFNWHQGLH .XJHOQDQLKPYRUEHLXQGVWDQ]WHQ/|FKHULQGHQUHFKWHQ 9RUGHUUHLIHQ'HU6FKLHHUDEHUODFKWH'DV*HVLFKWZDUYHU ]HUUWGLH+DDUHKLQJHQLKPZLUULQGLH6WLUQLQVHLQHQ$XJHQ OHXFKWHWHGHU+D

'HU0DQQVWDQGVRGDHU0DOOPDQQJDUQLFKWYHUIHKOHQ NRQQWH%HYRU:LOOVHLQHHLJHQH:DIIHKHUXPJHVFKZHQNW KDWWHZUGHHUOlQJVWWRWVHLQ 'DILHOHLQ6FKX 3O|W]OLFK]XFNWHGHU%DQNUlXEHU]XVDPPHQ(UNQLFNWHHLQ XQGGLH03LNOLUUWH]X%RGHQ(USUHWHEHLGH+lQGHGLFKW EHUGHU*UWHOVFKQDOOHJHJHQGHQ/HLEPDFKWHQRFKHLQSDDU WRUNHOQGH6FKULWWHXQGILHODXIV*HVLFKW ,PQlFKVWHQ$XJHQEOLFNYHUQDKP:LOOHLQHQZLOGHQ6FKUHL GDQQYHUVWXPPWHDXFKGHU /DQJVDPVWDQGGHU.RPPLVVDUDXI 9RUGHUJURHQ6FKHLEHDQGHU5FNVHLWHHLQHV&DIHVVWDQG HLQ0DQQXQGKLHOWGLH3LVWROHQRFKLQGHU+DQG %LOO&RQROO\ 0DOOPDQQV$XJHQZXUGHQVRJURGDVLHIDVWDXVGHQ +|KOHQ]XTXHOOHQGURKWHQ ª%LOO© lFK]WHHUª7UlXPHLFKRGHU© 'HU5HSRUWHUNDP]XLKP(UKDWWHGHQ]ZHLWHQ%DQNUlXEHU QLHGHUJHVFKODJHQª1HLQGXWUlXPVWQLFKW,FKELQHVZLUNOLFK DOWHU-XQJH© ª'DQQKDVWGXPLUGDV/HEHQJHUHWWHW© ª6LHKWVRDXV© 0DOOPDQQOLHIDXI%LOO]XXQGEHJUWHLKQª(QWVFKXOGLJH %LOODEHULFKPXPLFKXPPHLQHQ.ROOHJHQNPPHUQ© ª.ODU© 'HU.RPPLVVDUOLHI]XVHLQHP:DJHQXQGEHXJWHVLFKGXUFK GLHRIIHQH7ULQV,QQHUH(UHUVFKUDNKHIWLJDOVHUVHLQHQ .ROOHJHQVDKGHQQHUKlWWHQLFKWJHGDFKWGDHVLKQVRHU ZLVFKWKDWWH %HUQG+ROOHULQJOHEWHQRFK$EHUHVVDKYHUGDPPWPLHVDXV $QGHUUHFKWHQ6HLWHZDUHUYRQPHKUHUHQ.XJHOQJHWURIIHQ ZRUGHQ%HUQGODJDXIGHP6LW]XQGDXVGHQ:XQGHQUDQQ GDV%OXW 'LHVH%OXWXQJHQPXWHQXQEHGLQJWJHVWRSSWZHUGHQ 0DOOPDQQV.ROOHJHZDUEHL%HZXWVHLQ0LWLUUHP%OLFN

VFKDXWHHU:LOODQRKQHLKQJOHLFK]XHUNHQQHQ 'HU.RPPLVVDUVFKOXFNWHª2ND\%HUQGHVZLUGVFKRQ ZLHGHU,FKKROHHLQHQ$U]WXQGGDQQVFKDIIHQZLUGLFKZHJ 'LHbU]WHIOLFNHQGLFKVFKRQZLHGHU]XVDPPHQ© 'HU.RPPLVVDUULFKWHWHVLFKDXI(UZROOWHWDWVlFKOLFKHLQHQ $U]WKROHQGRFKGDVKDWWH%LOO&RQROO\EHUHLWVHUOHGLJWª$OOHV NODU:LOO© =XGHPHUW|QWHQDXFKVFKRQGLHZLPPHUQGHQ6LUHQHQGHU DQNRPPHQGHQ3ROL]HLZDJHQ %LOOIUDJWHª:DUHUHLQ)UHXQGYRQGLU"© ª-D$EHUHUOHEWQRFK:LUPVVHQLKPGLH'DXPHQ GUFNHQ©0DOOPDQQVWULFKEHUVHLQ*HVLFKWª'LHYHUGDPP WHQ*DQJVWHUZHUGHQLPPHUEUXWDOHU'LHVFKHXHQYRUNHLQHU *HPHLQKHLW]XUFNXQGVLQGHLVNDOW6DJPDO%LOOELVWGX DOOHLQJHNRPPHQRGHUVWHFNW-RKQ6LQFODLUKLHUDXFKLUJHQG ZR"© ª1HLQLFKELQQLFKWDOOHLQJHNRPPHQ© ª'DQQLVW-RKQKLHU"© %LOOVFKWWHOWHGHQ.RSIª6FKDXPDOGDKLQWHQQHEHQGHU 7HOHIRQ]HOOH'DKDWMHPDQGDQJHUXIHQ© 0DOOPDQQIROJWHGHU%OLFNULFKWXQJ6HLQH$XJHQZXUGHQ JURª+LPPHOGDVLVW-DQH© ª*HQDX© ª-HW]WZHLLFKJDUQLFKWVPHKU(KUOLFK© ª(UNOlUXQJVSlWHU.PPHUHGLFKXPGHLQH$QJHOHJHQ KHLWHQ©%LOOVDKGLHHUVWHQ6WUHLIHQZDJHQDXIGHQ3ODW]IHJHQ 'LH3ROL]LVWHQVSUDQJHQPLWJH]RJHQHQ:DIIHQDXVLKUHQ )DKU]HXJHQ0DOOPDQQJLQJLKQHQHQWJHJHQXQG]HLJWHVHLQH 9ROOPDFKW 'LH%HDPWHQODXVFKWHQVHLQHQ:RUWHQXQGWDWHQZDVHU DQRUGQHWH=XP*OFNNDPDXFKGHU.UDQNHQZDJHQ6HLQH 6LUHQHZLPPHUWHHEHQIDOOV'LHKLQWHUHQ/DGHQWUKlOIWHQ NODSSWHQDXIXQGHLQ$U]WVSUDQJDXVGHP:DJHQ0DOOPDQQ GHXWHWHKDVWLJDXIVHLQHQ0DQWDZRGHU9HUOHW]WHQRFKLPPHU EOXWHQGODJ

'HU$U]WVFKULHQDFKVHLQHQ+HOIHUQ$XVGHP)KUHUKDXV MXPSWHQ]ZHLZHLWHUH:HLNLWWHO6DQLV $OOHGUHLHQWZLFNHOWHQHLQHILHEHUKDIWH7lWLJNHLW0DQ NRQQWHVHKHQGDHVZLUNOLFKXP6HNXQGHQJLQJZHQQVLH GDV/HEHQGHV0DQQHVQRFKUHWWHQZROOWHQ :LOO0DOOPDQQNRQQWHQLFKWVWXQ(UIDOWHWHGLH+lQGHXQG SUHWHKDUWGLH/LSSHQ]XVDPPHQDOVPDQVHLQHQ.ROOHJHQLQ GHQ1RWDU]WZDJHQVFKRE%HUQG+ROOHULQJKLQJEHUHLWVDP 7URSI'HU$U]WKLHOWLKQLQGHU+DQGXQGUDQQWHQHEHQGHP 6FKZHUYHUOHW]WHQKHU 'DQQNODSSWHQGLH7UHQ]XXQGGHU:DJHQIXKUPLWGXUFK GUHKHQGHQ5HLIHQXQGKHXOHQGHQ6LUHQHQORV (LQGXQNOHU%0:IXKUQXUKDDUVFKDUIDQLKPYRUEHL'HU :DJHQVWRSSWHXQGYLHU.ULPLQDOEHDPWHYHUOLHHQGDV *HIlKUW .RPPLVVDU0DOOPDQQUHGHWHPLWLKQHQZlKUHQGGLH 8QLIRUPLHUWHQYHUVXFKWHQGLH1HXJLHULJHQZHJ]XGUlQJHQ %LOOXQG-DQHVWDQGHQ]XVDPPHQ%HLGHUDXFKWHQHLQH =LJDUHWWH ª:DVLVWHLJHQWOLFKJHVFKHKHQ"©IUDJWHGLH'HWHNWLYLQ 'HU5HSRUWHUKREGLH6FKXOWHUQª(LQLUUHUYHUUFNWHU =XIDOO© ª'DQQKDW:LOOV$XIWDXFKHQQLFKWVPLWXQVHUHP)DOO]X WXQ"© ª1HLQJDUQLFKWV© -DQH&ROOLQVVFKWWHOWHGHQ.RSIª0DQVROOWHHVNDXPIU P|JOLFKKDOWHQ:LUNOLFKQLFKW© ª9LHOOHLFKWNDQQ:LOOXQVEHKLOIOLFKVHLQ© -DQHVFKDXWHGHQ5HSRUWHUDQª'HUZLUGZDVDQGHUHV]XWXQ KDEHQ© %LOOVWlXEWHGLH$VFKHDEª=XPLQGHVWN|QQHQZLULKQ IUDJHQ'LHEHLGHQ7\SHQVLQGMDHUOHGLJW© ª:DVKDEHQVLHHLJHQWOLFKYHUEURFKHQ"© ª%DQNUDXEJODXEHLFK© ª0HLQ*RWW©IOVWHUWHGLH'HWHNWLYLQªZHQQGXQLFKWJH

ZHVHQZlUVWGDQQKlWWHQGLH.HUOHGHQ.RPPLVVDUHLVNDOW HUVFKRVVHQ© ª-D© 1DFKHWZDIQI0LQXWHQNHKUWHGHU.RPPLVVDU]XLKQHQ ]XUFN(UZDUQRFKLPPHUEODLP*HVLFKWª'LH.ROOHJHQ NPPHUQVLFKXPGHQ)DOO:LUVLQGVRZLHVRQXU]XIlOOLJGRUW KLQHLQJHUXWVFKW© ª1RFKHLQ=XIDOO©EHPHUNWH%LOO ª:LUNOLFK.DXP]XIDVVHQ©:LOO0DOOPDQQZROOWHVLFKQRFK HLQPDOIUGLH5HWWXQJEHGDQNHQGRFKGHU5HSRUWHUZHKUWH DEª+|UDXIGDPLWMHGHUDQGHUHKlWWHHEHQVRJHKDQGHOW© ª9RUDXVJHVHW]WHUWUlJWHLQH:DIIHEHLVLFK© ª'DVMD© 0DOOPDQQGHXWHWHDXIVHLQHQVFKQLWWLJHQ)OLW]HUª'HUZLUG EDOGDEJHKROW,FKKDEHHLQH]XVWlQGLJH)LUPDVFKRQDQJH UXIHQ,QGHU=ZLVFKHQ]HLWKDEHLFKIUHL© ª+HLWGDVGDGXXQVXQWHUVWW]HQZLOOVW"©HUNXQGLJWHVLFK %LOO&RQROO\ ª9LHOOHLFKW© ª:ROOHQZLUGDVQLFKWOLHEHULP&DIHEHUHGHQ"©VFKOXJ-DQH YRUª+LHUGUDXHQLVWHVPLU]XXQJHPWOLFK© 'DJHJHQKDWWHQLHPDQGHWZDV(LQKHLHV*HWUlQNNRQQWH MHW]WMHGHUYHUWUDJHQ 6LHEDKQWHQVLFKHLQHQ:HJGXUFKGHQ5LQJGHU1HXJLHULJHQ 'LH0HQVFKHQVWDQGHQQRFKLPPHUKHUXPXQGGLVNXWLHUWHQ 1LHPDQGZDJWHGLHGUHLDQ]XVSUHFKHQ ,P&DIHVHW]WHQVLHVLFKLQHLQHUXKLJH(FNHXQGEHVWHOOWHQ DOOHGUHL7HH ª1XQHU]lKOHPDO©ZDQGWHVLFKGHU.RPPLVVDUDQ%LOO &RQROO\ª:DVWUHLEWHXFKKLHUKHU"© ª'LH6RUJHXP-RKQ© ª,VWHU© ª1HLQQHLQHULVWQLFKWWRW©VDJWHGHU5HSRUWHUVFKQHOOª'DV ZROOHQZLUZHQLJVWHQVQLFKWKRIIHQ©'DQQEHULFKWHWH%LOOZDV HUZXWH+LQXQGZLHGHUZXUGHHUYRQ-DQH&ROOLQVHUJlQ]W

0DOOPDQQWUDQNVHLQHQ7HHXQGK|UWH]X(UVWHOOWHDXFK NHLQH=ZLVFKHQIUDJHQELV%LOOJHHQGHWKDWWH ª(UVWHLQPDOLVWHV(KUHQVDFKHGDLFKPLFKDXFKXPGHQ )DOONPPHUH©VDJWHGHU.RPPLVVDUXQGVWHOOWHVHLQH7HHWDVVH ]XU6HLWHª'DVELQLFK-RKQVFKXOGLJ© ª'DQNH:LOO©%LOOUXQ]HOWHGLH6WLUQª'LH)UDJHLVWZLHZLU YRUJHKHQ6ROOWHQZLUXQVHUH7DUQXQJSODW]HQODVVHQ"© ª1HLQDXINHLQHQ)DOO©ZHKUWHGHU.RPPLVVDUDEª,KU JHVHOOWHXFKZHLWHUKLQ]XGLHVHQ/HXWHQYRP%HWULHEVDXVIOXJ GDVLVWGRFKNODU$EHULFKVHKHPLUGLH%XUJLQ]ZLVFKHQDXV GHU1lKHDQ,FKODVVHPLFKEHUVHW]HQXQGZHUGHDOVXQJH EHWHQHU*DVWGDVHLQ0DFKHQZLUHVVR"© %LOOJULQVWHª8QGZLH© ª0HLQWLKUGHQQGD-RKQDXIGLHVHU%XUJJHIDQJHQJHKDOWHQ ZLUG"© -DQHKREGLH6FKXOWHUQª:LUKRIIHQHV:HQQZLULKQGRUW QLFKWILQGHQZLUG)DULDFUHGHQPVVHQ'DHUHWZDVPLW -RKQV9HUVFKZLQGHQ]XWXQKDWLVWNODU© ª'XKDVWDEHUNHLQH%HZHLVH© ª1HLQ© ª'DQQVHLYRUVLFKWLJ-DQH©ZDUQWHGHU.RPPLVVDU ª'LH%HZHLVHKROHQZLUXQV©%LOO&RQROO\ZDUIHVWGDYRQ EHU]HXJW© -DQHVFKDXWHDXIGLH8KUª+LPPHO%LOOHVZLUG=HLW:LU PVVHQ]XP7UHIISXQNW© 'HU5HSRUWHUVWDQGDXI(UZROOWH]DKOHQGRFK0DOOPDQQ EHUQDKPGLH=HFKHª+DXWLKUPDODE©VDJWHHUª,FKKDOWH KLHUGLH6WHOOXQJXQGZLUVHKHQXQVVLFKHULP6FKOR© ª+DOVXQG%HLQEUXFK©ZQVFKWH-DQH 6LHXQG%LOOYHUOLHHQGDV&DIH1RFKLPPHUVWDQGHQ*DIIHU KHUXP'LHEHLGHQJLQJHQUDVFK]XGHQ3DUNSOlW]HQZRGHU %XVZDUWHWH'HU)DKUHUZDUPLWJHJDQJHQYRQGHU*UXSSH VDKHQVLHQRFKQLFKWV(LQSDDU0LQXWHQVSlWHUWDXFKWHQGLH 0LWDUEHLWHUGHU)LUPD)DULDF&RVPHWLFVDXI 6LHDOOHZDUHQUHFKWPXQWHUODFKWHQXQGUHGHWHQ*RUGRQ

)DULDFJLQJ]ZLVFKHQVHLQHQ/HXWHQ ª$KGDVLQG6LHMD©ULHIHUDOVHU-DQHXQG%LOOHQWGHFNWH ª6LHKDEHQZLUNOLFKHWZDVYHUSDW© ª9LHOOHLFKW©OlFKHOWH-DQH ª$EHUMHW]WPVVHQZLUXQVEHHLOHQ(VLVWVFKRQIDVWGXQNHO 'DV6FKLIIZDUWHWOlQJVW© *HPHLQVDPJLQJHQVLH]XP$QOHJHVWHJ)DULDFKDWWHHLQNOHL QHV%RRWJHPLHWHW8PGLHVH=HLWIXKUHQQXUQRFKZHQLJH 6FKLIIHHLQLJH*HVHOOVFKDIWHQKDWWHQGHQ%HWULHEVRJDUY|OOLJ HLQJHVWHOOW-HGHUZXUGHYRP.DSLWlQPLW+DQGVFKODJEHJUW ZDVGHQPHLVWHQXQKHLPOLFKJHILHO $XIGHP6FKLIIZDUEHUHLWVHLQH.DIIHHWDIHOJHGHFNW)DULDF VHW]WHVLFK]ZLVFKHQVHLQH0LWDUEHLWHUZlKUHQG-DQHXQG%LOO HLQZHQLJDEVHLWV3ODW]QDKPHQ'DQQOHJWHGDV6FKLIIDE hEHU/DXWVSUHFKHUZXUGHQLQHQJOLVFKHU6SUDFKHGLH 6HKHQVZUGLJNHLWHQDQGHQ8IHUQHUNOlUWZREHLGLHPHLVWHQ NDXPQRFK]XHUNHQQHQZDUHQ -DQHXQG%LOOK|UWHQJDUQLFKWKLQ6LHGDFKWHQDQGHQ$EHQG 'HUZUGHYLHOLQWHUHVVDQWHUZHUGHQ .RPPLVVDU0DOOPDQQIXKUPLWGHUVHOEHQ)lKUHEHUGHQ 5KHLQGLHDXFKGHU%XVIDKUHUQDKP'HU=XIDOOZROOWHHVGD GLHEHLGHQDQGHU5HOLQJVWHKHQGHQ0lQQHULQV*HVSUlFK NDPHQ ª,FKKDEHJHK|UWGD6LHHLQHHQJOLVFKH5HLVHJUXSSH IDKUHQ©VDJWH0DOOPDQQ ª-DXQGGDVXPGLHVH=HLW© ª:LHVR"© 'HU)DKUHUGHXWHWH]XPDQGHUHQ8IHUª6FKDXHQ6LHVLFK GRFKPDOXP%HLGHP:HWWHUIlKUWGRFKQLHPDQGPHKUEHU GHQ5KHLQ6RHWZDVPXPDQGUHL0RQDWHIUKHUPDFKHQ© ª'DVVWLPPW©JDE:LOO]Xª+DEHQGLHGHQQQRFKHLQZHL WHUHV=LHO"© ª.ODU(LQH%XUJ©

ª:R"© ª'LHN|QQHQ6LHMHW]WQLFKWVHKHQ,VWVFKRQ]XGXQNHO$EHU GRUWZLUGEHUQDFKWHW© ª8QG6LHIDKUHQZLHGHU]XUFN"© ª1HLQLFKEOHLEHDXFKGD,FKPXGLH/HXWHVRZLHVRKRFK EULQJHQ0RUJHQVROOHVZLHGHU]XP)OXJKDIHQJHKHQ0LU HJDOLFKPDFKHDOOHVPLW$XHUGHPVROOHVKHXWHDEHQGHLQ WROOHV*HODJHJHEHQ© :LOOJULQVWHª'DVLVWLPPHUZLFKWLJ©(UVFKDXWHDXIV :DVVHU'LH6FKLIIVVFKUDXEHTXLUOWHHV]XZHLHQ6FKDXP VWUHLIHQKRFK9RQUHFKWVQlKHUWHVLFKHLQ6FKLII0DQVDKQXU GLH/LFKWHUGLHLP*UDXGHU$EHQGGlPPHUXQJZLH6WHUQH VFKLPPHUWHQ 'HU)DKUHUWLSSWHDQVHLQH0W]HXQGEHJDEVLFKZLHGHU ]XP%XV0DOOPDQQEOLHEDQGHU5HOLQJVWHKHQ(UKDWWHEHUHLWV HLQHQ3ODQJHIDW'HU.RPPLVVDUVDKQLFKWHLQGDHUGLH 6WUHFNH]XP6FKOR]X)XKRFKJLQJ(UZROOWHVLFKLP2UWHLQ 7D[LQHKPHQ =ZHL0LQXWHQVSlWHUYHUOLHHUGLH)lKUH 'HU%XVUROOWHDQ:LOOYRUEHLGHU)DKUHUKXSWHXQG:LOO ZLQNWH 'HU.RPPLVVDUVXFKWHHLQHQ7D[LVWDQGXQGKDWWHLKQEDOG JHIXQGHQ0HKUHUH:DJHQZDUWHWHQGRUW :LOOQDKPGHQHUVWHQ $OVHUGHP)DKUHUVHLQ=LHOQDQQWHEHNDPGLHVHUJURH $XJHQª=XGLHVHU%XUJZROOHQ6LH"© ª-DLVWGDVVFKOLPP"© ª(LJHQWOLFKQLFKW$EHUGLH*HJHQGLVWYHUGDPPWHLQVDP ZLVVHQ6LH8QGJHUQ© 0DOOPDQQOLHGHQ.QDEHQQLFKWDXVUHGHQ(UKROWHVHLQHQ $XVZHLVKHUYRU ª%HUXKLJW6LHGDV"© ª.ODU+HUU.RPPLVVDU© ª'DQQIDKUHQ6LH© 3O|W]OLFKZXUGHGHU0DQQJHVFKZlW]LJ(UZROOWHZLVVHQRE

0DOOPDQQGRUW9HUEUHFKHUMDJWHXQGREGLH.RPPLVVDUHDXV GHP)HUQVHKHQGHU:LUNOLFKNHLWHQWVSUHFKHQ :LOOJDEQXUHLQVLOELJH$QWZRUWHQ0HLVWVFKDXWHHUDXVGHP )HQVWHU6LHIXKUHQGXUFKGHQ2UWXQGERJHQGDQQLQHLQHQ VFKPDOHQ:HJHLQGHU]XU%XUJKRFKIKUWH,PHUVWHQ'ULWWHO ZDUGHU:HJXQJHSIODVWHUWGDQQIROJWHHLQHNXU]H$VSKDOW VWUHFNHYRQGHULPPHUZLHGHUNOHLQH6HLWHQVWUDHQ DE]ZHLJWHQ :LOO0DOOPDQQVDKGXUFKGLHHQWODXEWHQ%lXPHGDV 6FKLPPHUQ]DKOUHLFKHU/LFKWHU $P(QGHGHU6WUDHQVWDQGHQVLFKHUOLFK+lXVHUXQG9LOOHQ 9HUVWHFNWYRUGHQQHXJLHULJHQ$XJHQGHU7RXULVWHQ %DOGZXUGHGLH6WUHFNHZLHGHUVFKOHFKW6LHZDUQXUQRFKHLQ :HJ=LHPOLFKIHXFKWNXUYHQUHLFK]XGHPIKUWHVLHGXUFKHLQ :DOGJHELHWXQGGLH'XQNHOKHLWQDKPPHKUXQGPHKU]X ª:HQQ6LHNHLQ3ROL]LVWJHZHVHQZlUHQKlWWHLFK6LHQLFKW JHIDKUHQ©HUNOlUWHGHU)DKUHUZLHGHUª1HHGDVNDQQNHLQHU YRQPLUYHUODQJHQLFKKDEHVFKOLHOLFK)DPLOLH© ª.HQQHQ6LHGDV6FKOR"©IUDJWHGHU.RPPLVVDU 'HU)DKUHUVFKDOWHWH]XUFNZHLODEHUPDOVHLQH.XUYHLP /LFKWGHUEHLGHQ6FKHLQZHUIHUDXIWDXFKWHª,FKZDUQRFKQLHLQ GHP6FKOR:R]XDXFK"© ª,VWHVGHQQEHZRKQW"© ª.DQQLFKDXFKQLFKWVDJHQ$EHUDOV9HUVWHFNIU*DQJVWHU HLJQHWHVVLFKEHVWLPPW© :LOO0DOOPDQQKROWHWLHI/XIWª,FKKDEHQLFKWGDYRQJH VSURFKHQGDVLFKGRUW*DQJVWHUDXIKDOWHQ© ª:DUMDDXFKQXU QH9HUPXWXQJ© ª,VWHVQRFKZHLW"© 'HU7D[LIDKUHUVFKWWHOWHGHQ.RSIª1XU]ZHL.XUYHQGDQQ KDEHQZLUHVJHVFKDIIW© ª'DQQKDOWHQ6LHKLHU© ª(KUOLFK"© ª:HQQLFKHV,KQHQVDJH©:LOOVFKWWHOWHGHQ.RSI'HU %XUVFKHZDUZLUNOLFKXQHLQVLFKWLJ

ª0DFKWYLHU]HKQ0DUNXQG]ZDQ]LJ3IHQQLJ©VDJWHGHU )DKUHUDOVGHU:DJHQVWDQG 0DOOPDQQJDEIQI]HKQ0DUN ª%UDXFKHQ6LHHLQH4XLWWXQJ"© ª/DVVHQ6LHPDO© 0DOOPDQQVWLHJDXV(UZDUWHWHVRODQJHELVGHU:DJHQ JHZHQGHWKDWWHXQGGLH5FNOLFKWHUYHUVFKZXQGHQZDUHQ 'DQQVWLHIHOWHHUORV 'DVKlWWHHUVLFKYRU]ZHL6WXQGHQDXFKQLFKWWUlXPHQ ODVVHQPXWWHUVHHOHQDOOHLQDXIHLQ6FKOR]X]XJHKHQ$EHU PDQFKPDOVSLHOWGDV/HEHQUHFKWVHOWVDP(VJLEWZLUNOLFK PHKU=XIlOOHDOVPDQEHUKDXSWZDKUKDEHQZLOO 'HU:DOG]XEHLGHQ6HLWHQGHV:HJVODJLQY|OOLJHU 'XQNHOKHLW(UVFKZLHJGHQ.RPPLVVDUUHJHOUHFKWDQ1DFK GHUQlFKVWHQ.XUYHZXUGHGHU:HJHWZDVEUHLWHUXQGGDQQ VDK0DOOPDQQVFKRQGDV/LFKW (LQVDPXQGYHUORUHQVFKLHQHVLQGHU/XIW]XVWHKHQ:LOO ZXUGHYRUVLFKWLJ(UNOHWWHUWHGLHNOHLQH%|VFKXQJKRFKXQG JOLWW]ZLVFKHQGLH%lXPH ,PPHUZLHGHU'HFNXQJVXFKHQGQlKHUWHVLFKGHU .RPPLVVDUGHP6FKOR:LOOKXVFKWHYRQ%DXP]X%DXP /DXEUDVFKHOWHXQWHUVHLQHQ6FKXKHQGHU$WHPELOGHWHYRU VHLQHQ/LSSHQHLQHZHLH:RONH 9RUGHP6FKOREHIDQGVLFKHLQJURHU3ODW]0DOOPDQQ NRQQWHLKQEHUVHKHQDOVHU]ZLVFKHQ]ZHL%lXPHQVWHKHQ EOLHE :XFKWLJXQGGVWHUUDJWHQGLHGLFNHQ0DXHPLQGHQ +LPPHO'DV/LFKWEUDQQWHEHUGHP+DXSWSRUWDO]XGHP HLQH7UHSSHKRFKIKUWH1LFKWZHLWHQWIHUQWVDKGHU .RPPLVVDU5HVWHGHUDOWHQ%XUJPDXHU'LH7UPPHUODJHQLP :DOGYHUVWUHXW 'LH0DXHUPXWHEHLLUJHQGHLQHPhEHUIDOO]HUVW|UWZRUGHQ VHLQ $EHUQLFKWQXUGDV/LFKWEHUGHP(LQJDQJEUDQQWHVRQGHUQ DXFKZHLWHUREHQVFKLPPHUWHHVKLQWHU]ZHL)HQVWHUQKHOO

=ZDUQLFKWVRZLHDP(LQJDQJGRFK0DOOPDQQQDKPDQGD GLH)HQVWHUYRQLQQHQYHUGHFNWZRUGHQZDUHQ (VEHIDQGVLFKMHPDQGLQGHQ5lXPHQ 'HU.RPPLVVDUEHUOHJWHZLHHUGDV6FKOREHWUHWHQVROOWH 2IIL]LHOOQLFKWHLQEUHFKHQZROOWHHUDXFKQLFKWGHQQGDQQ EHUWUDWHUGLH*HVHW]H (UNRQQWHQXUDXIVHLQ*OFNKRIIHQ9LHOOHLFKWIDQGHU LUJHQGZRHLQHQQLFKWYHUVFKORVVHQHQ(LQVWLHJ :LOO0DOOPDQQYHUOLHGHQ:DOGXQGKXVFKWHPLWODQJHQ 6FKULWWHQDXIGLH0DXHU]X (USUHWHVLFKGDJHJHQXQGEOLHEHUVWHLQPDOVWHKHQXP QDFK]XIRUVFKHQREPDQVHLQ.RPPHQEHPHUNWKDWWH 'DVZDUQLFKWGHU)DOO'HU.RPPLVVDUK|UWHQXUVHLQHQ HLJHQHQ$WHP(LQLJH0LQXWHQZDUWHWHHUDEGDQQVFKOLFK HUZHLWHU :LOO0DOOPDQQZROOWHGDV6FKORXPUXQGHQ6FKRQQDFK ZHQLJHQ6FKULWWHQEHUHXWHHUVHLQHQ(QWVFKOXGHQQGHU %RGHQZDU]LHPOLFKWLHIXQGPDWVFKLJ %LV]XGHQ.Q|FKHOQGUDQJGHU6FKODPPXQG:LOOKDWWH 0KHHLQHQ)OXFK]XXQWHUGUFNHQ(UlUJHUWHVLFKMHW]WNHLQH /DPSHPLWJHQRPPHQ]XKDEHQGHQQLP'XQNHOQZDU VFKOHFKWHWZDV]XHUNHQQHQ(UVDKQXUGLHZXFKWLJHQ0DXHUQ XQGEHUVLFKGLHJHVFKORVVHQHQ)HQVWHU'DQQILHOGDV *HOlQGHVWHLODE(VJDENHLQHQ:HJPHKU]ZLVFKHQ0DXHU XQG:DOGGLH%lXPHZXFKVHQVFKUlJYRP$EKDQJKRFKXQG GHU.RPPLVVDUEOLHEVWHKHQ (UVFKDXWHKRFK 0DXHUZHUNDOWXQGGLFN5LVVH9RUVSUQJHXQG6SLW]HQ =XU1RWNRQQWHPDQGDUDQKRFKNOHWWHUQDEHUZHUVDJWHLKP GDHVGRUWREHQHLQRIIHQHV)HQVWHUJDE" :LOOZDUVDXHU 'DQQKDWWHHU*OFN $OVHUVLFKXPVFKDXWHVDKHUGLH6FKHLQZHUIHUHLQHV:DJHQV DXIEOLW]HQ,PPHUZHQQGDV)DKU]HXJHLQH.XUYHQDKPWDVWH WHQGLHODQJHQKHOOHQ)LQJHUGXUFKGHQ:DOGXQGVWUHLIWHQGDV

0DXHUZHUNGHU%XUJVRQDKZDUGDV$XWRVFKRQ0DOOPDQQ OLHIHLQSDDU6FKULWWH]XUFNXQGGXFNWHVLFKXQZLOONUOLFK(U ZROOWHQLFKWXQEHGLQJWJHVHKHQZHUGHQ 'HU:DJHQIXKUYRUGDV6FKOR'RUWZXUGHHUDEJHEUHPVW XQG0DOOPDQQGHULKPLQVLFKHUHU'HFNXQJHQWJHJHQJHHLOW ZDUVDKGDHLQ0DQQDXVVWLHJXQGNORSIWH 'LH7UZXUGHJH|IIQHW :LOOVFKOLFKQRFKQlKHUDQGHQ6FKDXSODW]KHUDQXQG HUNDQQWHMHW]WGDHVVLFKEHLGHP)DKU]HXJXPHLQHQ /HLFKHQZDJHQKDQGHOWH(UZDUSHFKVFKZDU]JHVWULFKHQXQG GHU.RPPLVVDUHUNDQQWHGHXWOLFKGLH3DOPHQXQGGDV.UHX] DXIGHQDEJHGXQNHOWHQ)HQVWHUQGHU/DGHIOlFKH =ZHL0lQQHUVSUDFKHQ ª,FKEULQJHGLHOHW]WHQEHLGHQ©VDJWHGHU)DKUHUGHV /HLFKHQZDJHQVª)DPLWDQ© -HPDQGYHUOLHGDV6FKOR:LOOVDKHLQHJURHJHEFNW JHKHQGH*HVWDOWGHUHQ*HVLFKWHUQLFKWHUNHQQHQNRQQWH 'HU)DKUHU|IIQHWHGLH/DGHWUHQGHV/HLFKHQZDJHQVXQG ]RJHWZDVKHUYRU 'HU0DQQYRP6FKORSDFNWHPLWDQ7URW]GHUVFKOHFKWHQ %HOHXFKWXQJHUNDQQWHGHU.RPPLVVDUXPZDVHVVLFKEHLGHP *HJHQVWDQGKDQGHOWH 8PHLQHQ6DUJ :LOOHUVFKUDNHLQZHQLJ(UVFKDXWHGHQEHLGHQQDFKZLHVLH GHQ6DUJLQV6FKORWUXJHQ'HU.RPPLVVDUZDUWHWHELVVLH YHUVFKZXQGHQZDUHQXQGKXVFKWHGDQQDXIOHLVHQ6RKOHQ GHP(LQJDQJ]X9RUGHU6FKZHOOHEOLHEHUVWHKHQ(UK|UWH ]ZDU6WLPPHQVDKGLH0lQQHUMHGRFKQLFKW 6LHPXWHQVLFKLUJHQGZRLP.HOOHUEHILQGHQ 0DOOPDQQQDKPGLH*HOHJHQKHLWZDKUXQGKXVFKWHLQV 6FKOR'LH+DOOHZDUQRFKQLFKWHUOHXFKWHWQXUIHVWOLFK JHVFKPFNW8QWHUGHU'HFNHKLQJHLQ7UDQVSDUHQWPLWGHU $XIVFKULIW*/h&.:816&+816(5(1-8%,/$5(1 'DVNDOWH%IHWWVWDQGHEHQIDOOVVFKRQEHUHLWQXUZDUHV DEJHGHFNWZRUGHQ

:LOOVDKHLQHRIIHQH7U'DKLQWHUEHJDQQHLQH7UHSSH]XP .HOOHU'HU.RPPLVVDUK|UWHGLH6WLPPHQGHUEHLGHQ0lQQHU MHW]WGHXWOLFKHU'LH.HUOHNHKUWHQ]XUFN 4XHUGXUFKGHQ5DXPKXVFKWHGHU.RPPLVVDUXQGYHU VWHFNWHVLFKKLQWHUGHQODQJHQ7LVFKHQPLWGHPDXIJHEDXWHQ %IHWW'RUWEOLHEHUKRFNHQ 'LHEHLGHQ0lQQHUGXUFKTXHUWHQGLH+DOOHXQGJLQJHQZLH GHUQDFKGUDXHQ]XLKUHP:DJHQ ª1RFKHLQHU©K|UWH:LOOGHQ)DKUHUVDJHQ 0DOOPDQQULWWGHU7HXIHO(UVDKGLHRIIHQH7UKXVFKWHGDU DXI]XXQGOLHIKDVWLJGLH7UHSSH]XP.HOOHUKLQDE (UJHODQJWHLQHLQ*HZ|OEHGHVVHQ'HFNHYRQVFKZHUHQ 6lXOHQJHVWW]WZXUGH +LQWHUHLQHU6lXOHIDQGHU3ODW]XQGZDUWHWH 'LH0lQQHUNHKUWHQ]XUFN'HU)DKUHUVDJWHª'LH 5HFKQXQJVFKLFNHLFKHXFKGDQQ]X© $OV$QWZRUWK|UWH:LOOQXUHLQ%UXPPHQ (UVDKGLH8PULVVHGHUEHLGHQXQGYHUlQGHUWHVHLQHQ 6WDQGRUWHLQZHQLJ'LH7UlJHUNDPHQQLFKWELV]XVHLQHU 6lXOHVRQGHUQERJHQYRUKHUVFKDUIDE 6LHYHUVFKZDQGHQLP+LQWHUJUXQGXQGLKUH.RQWXUHQYHU ZLVFKWHQODQJVDP :LOO0DOOPDQQZDUWHWHPLWNORSIHQGHP+HU]HQ6FKQHOO NHKUWHQGLH0lQQHU]XUFNXQGJLQJHQZLHGHUQDFKREHQ 'LH7UZXUGH]XJHUDPPW'XQNHOKHLWILHOLQGHQ.HOOHUGHU %XUJ :LOO0DOOPDQQVWDQGLP)LQVWHUQ6HLQH*HGDQNHQEHU VFKOXJHQVLFK:DVVROOWHHUPDFKHQ"+RFKJHKHQVLFKGHQ.HUO YRUNQ|SIHQRGHUDXIHLJHQH)DXVWHWZDVXQWHUQHKPHQ" 0DOOPDQQHQWVFKLHGVLFKIUGLH]ZHLWH0|JOLFKNHLW 6RDOWGDV6FKORDXFKZDUPDQKDWWHHVMHGRFKPLWGHQ (UUXQJHQVFKDIWHQGHU7HFKQLNYHUVHKHQ6RJDEHV]XP %HLVSLHO/LFKW:LOOKDWWHVLFKJHPHUNWZRHLQ6FKDOWHUDQGHU :DQGKLQJ(UVFKOLFKGRUWKLQIDQGLKQXQGGUHKWHLKQKHUXP ,P.HOOHUZXUGHHVKHOO

=ZDUYHUEUHLWHWHQGLH/DPSHQQXUHLQHQJHULQJHQ6FKHLQ GRFKHUUHLFKWHDXVXPVLFKRULHQWLHUHQ]XN|QQHQ:LOO 0DOOPDQQJLQJGRUWKLQZRHUGLH6lUJHYHUPXWHWH (UKDWWHGDPLWJHUHFKQHWDXIHLQH7U]XVWRHQXQGZDU EHUUDVFKWZLHJURVLFKGDV*HZ|OEHXQWHUKDOEGHU(UGHDXV EUHLWHWH,PPHUZLHGHUVWW]WHQ6lXOHQGLH'HFNHGLHVHU .HOOHUQDKPVLFKHUOLFKGHQJHVDPWHQ*UXQGULGHV6FKORVVHV HLQ8QGHUZDUQDFKWUlJOLFKJHEDXWZRUGHQ:HQLJVWHQV XPJHEDXW :LOOSDVVLHUWHHLQ:HLQODJHU(VZDUJXWJHIOOWXQGEHIDQG VLFKQHEHQGHP9RUUDWVODJHU$OOHVQXULQGLHVHP*HZ|OEHXQG RKQH7UDEJHVLFKHUW 'RFKZRVWDQGHQGLH6lUJH" :LOOZDQGWHVLFKQDFKUHFKWVPHKUHLQHP*HIKOIROJHQG XQGKDWWHGLHULFKWLJH6SXUHUZLVFKW $EHUHUVDKQLFKWQXU]ZHL6lUJHVRQGHUQ]HKQ .RPPLVVDU0DOOPDQQ]HLJWHVLFKNHLQHVZHJVEHUUDVFKW(U ZXWHDXV%LOO&RQROO\V(U]lKOXQJHQZHUGDV6FKOREH VXFKHQZROOWH$XHUGHPKDWWHHUGDV7UDQVSDUHQWLQGHU (LQJDQJVKDOOHJHVHKHQ )U:LOO0DOOPDQQZDUGLH6DFKHNODU'LH6lUJHZDUHQ IUGLH0LWDUEHLWHUGHV)DULDF.RQ]HUQVEHVWLPPW'RFKZLH VROOWHQVLHLQGLHOHW]WHQ5XKHVWlWWHQJHEHWWHWZHUGHQ" $OV7RWHDOV/HEHQGLJHRGHUDOV9DPSLUH" 'UHL0|JOLFKNHLWHQJDEHV0DOOPDQQJODXEWHDQGLHOHW]WH (UJLQJGDYRQDXVGDDXVGHQ0HQVFKHQ9DPSLUHZHUGHQ VROOWHQ8QGGDVFKORHU-DQHXQG%LOOQLFKWDXV (LQHQ9RUWHLOKDWWHGLH6DFKH(UZXWHMHW]WJHQDXZRUDQHU ZDUhEHUUDVFKHQNRQQWHQGLHDQGHUHQLKQQLFKWPHKU 'LH6lUJHDOOHSHFKVFKZDU]VWDQGHQZRKOJHRUGQHW QHEHQHLQDQGHUVRGDVLHHLQH/LQLHELOGHWHQ 1RFKEHIDQGHQVLFKGLH'HFNHOGDUDXIVLHZDUHQDOOHUGLQJV QLFKWIHVWJHVFKUDXEW

:LOOWUDWDQGHQHUVWHQ6DUJKHUDQEFNWHVLFKXQGKREHLQHQ 'HFNHOKRFK (UVWDXQWH 'DV,QQHUHGHV6DUJVZDUDXVJHSROVWHUW%OlXOLFKVFKLP PHUQGHU6DPWPDFKWHGLHVHQ6DUJ]XHLQHUNRVWEDUHQOHW]WHQ 5XKHVWlWWH$OV9DPSLUNRQQWHPDQVLFKGDULQVFKRQZRKO IKOHQ :LOO0DOOPDQQZROOWHQLFKWQRFKLQGHQDQGHUHQ6lUJHQ QDFKVFKDXHQLKPZUGHVLFKEHVWLPPWGDVJOHLFKH%LOG ELHWHQ (UZROOWHVFKRQJHKHQDOVHUKLQWHUVLFKGDVVFKDEHQGH *HUlXVFKK|UWH 0DOOPDQQV1DFNHQKDDUHVWUlXEWHQVLFK'DNDPMHPDQGHU VSUWHHVIKOWHGDHUQLFKWPHKUDOOHLQZDU $EHUHUULVLFK]XVDPPHQXQGGUHKWHVLFKQXUODQJVDPXP +LQWHULKPZDUGDV*HZ|OEHOHHU +DWWHHUVLFKJHWlXVFKW" 1HLQSO|W]OLFKVDKHU6FKDWWHQKLQWHUHLQHUGHU6lXOHQKHU YRUKXVFKHQ(VZDUGHU.HUOGHUDXFKJHKROIHQKDWWHGLH6lUJH ]XWUDJHQ8QGHUKLHOWHLQODQJHV6FKODFKWHUPHVVHULQGHU UHFKWHQ+DQG,QGHUOLQNHQWUXJHUHLQH6lJH 0DOOPDQQYHUVWHLIWH 6HLQ*HIKOKDWWHLKQDOVRQLFKWJHWURJHQ'HU.HUOKDWWHVLFK XQK|UEDUDQJHVFKOLFKHQGDQQDEHUHLQHQ)HKOHUJHPDFKWXQG VLFKYHUUDWHQ'RFKHUZDUEHZDIIQHW0HVVHUXQG6lJHQVDKHQ QLFKWQXUJHIlKUOLFKDXVVLHZDUHQDXFKIUFKWHUOLFKH:DIIHQ :LOOEHNDP$QJVW 'HU0DQQYRULKPJULQVWH (UZDUHLQ.UHWLQ*HJHQLKQZDUGHU*O|FNQHUYRQ1RWUH 'DPHHLQH6FK|QKHLW6HLQ*HVLFKWZDUVFKLHIDOVZlUHHU PDOJHJHQHLQH:DQGJHUDQQW:LHGLH)RQWlQHQHLQHV 6SULQJEUXQQHQVLQGLH+|KHVFKRVVHQVRZXFKVHQVHLQH +DDUHZLUUQDFKDOOHQ6HLWHQ'DEHLOHXFKWHWHQVLHPRKUUEHQ

URW'HU0DQQWUXJHLQHDOWHIOHFNLJH-DFNHHLQHJHIOLFNWH+RVH XQGJLQJHLQZHQLJJHEHXJW :LOOJULQVWH:HQQHVHEHQJLQJZROOWHHUGLH6DFKHIULHGOLFK UHJHOQGHQQGLH:DIIHQLQGHQ+lQGHQGLHVHV0DQQHVVDKHQ GRFKYHUGDPPWVFKOLPPDXV ª:DVZLOOVWGXKLHU"©'LH6WLPPHGHV.HUOVZDUQXUHLQ KHLVHUHV)OVWHUQ ª'DVJOHLFKHN|QQWHLFKGLFKIUDJHQ©NRQWHUWH0DOOPDQQ ª,FKZLOOHVYRQGLUZLVVHQ© ª,FKVDPPOH6lUJH©HUZLGHUWHGHU.RPPLVVDUVS|WWLVFK 'HU.UHWLQVFKWWHOWHGHQ.RSIª+LHUGDUIQLHPDQGUHLQ© IOVWHUWHHUZLHGHUª'HU+HUUKDWHVYHUERWHQ8QGZHUUHLQ NRPPWGHUPXVWHUEHQ:LHGX© 'HU.QDEHVFKLHQQLFKWPHKUJDQ]ULFKWLJLP.RSI]XVHLQ QDKP:LOODQ7URW]DOOHPNHLQ*UXQGVLFKYRQGHP%XUVFKHQ XPEULQJHQ]XODVVHQ ª=XP7RWPDFKHQJHK|UHQMD]ZHL©VDJWHGHU.RPPLVVDU ª(LQHUGHUVLFKGDVJHIDOOHQOlW,FKMHGHQIDOOVQLFKW© 'HU%XUVFKHWUDWHLQHQ6FKULWWYRUXQG0DOOPDQQJLQJ ]XUFN6RZDUGLH'LVWDQ]ZLHGHUJHZDKUW ª'XZLUVWVWHUEHQXQGGDQQ]HUVlJHLFKGLFK© :lUHGLH6LWXDWLRQQLFKWHUQVWJHZHVHQKlWWHGHU.RPPLVVDU JHODFKW$EHUGD]XZDUZLUNOLFKNHLQH=HLW6WDWWGHVVHQ]RJ 0DOOPDQQVHLQH3LVWROH ª%LVMHW]WZDUHV6SDPHLQ)UHXQG©VDJWHGHU.RPPLVVDU ªGRFKQXQZLUGHVHUQVW'UHKGLFKXP© 'HU.UHWLQVWDUUWHDXIGLH:DIIHXQGNQLIIHLQ$XJH]X(U UKUWHVLFKQLFKW ª%LVWGXVFKZHUK|ULJ"©IUDJWH:LOO 'DVSUDQJGHU%XUVFKHYRU'LHVH*HZDQGWKHLWKlWWH:LOO LKPJDUQLFKW]XJHWUDXW%HLGH:DIIHQVFKZDQJHUKRFKZREHL GDVODQJH0HVVHUQRFKHLQZHQLJVFKQHOOHUZDU 0DOOPDQQVFKR (VZDUHLQ5HIOH[XQGHUZROOWHGHQ.UHWLQDXFKQLFKWW|WHQ *OHLFK]HLWLJZDUIVLFKGHU.RPPLVVDU]XU6HLWH$OVHUDXIGHP

%RGHQODQGHWHVDKHUGDGLH.XJHOLQGLH6FKXOWHUGHV .UHWLQVHLQJHVFKODJHQZDU'HU0DQQ]XFNWH]XVDPPHQHU ILHODEHUQLFKWVRQGHUQNUHLVHOWHKHUXP 7URW]VHLQHVYHUOHW]WHQ$UPVJHODQJHVLKPGLH6lJH]X VFKOHXGHUQ(VZDUHLQUDIILQLHUWHU:XUIXQGGDV:HUN]HXJ VHJHOWHHWZDLQ+DOVK|KHGXUFKGLH/XIW 0DOOPDQQVFKRQKDOEREHQOLHVLFKZLHGHUIDOOHQ 'DVVFKDUIH6lJHEODWWUDVLHUWHEHUVHLQHQ.RSIKLQZHJXQG SUDOOWHPLWHLQHPVLQJHQGHQ*HUlXVFKJHJHQHLQHQ3IHLOHU $EHUQRFKKDWGHU7\SVHLQHDQGHUH:DIIHGDVJHIlKUOLFKH )OHLVFKHUPHVVHU 'DPLWVWU]WHHUVLFKDXIGHQ.RPPLVVDU 0DOOPDQQNDPQLFKWGD]XVHLQH3LVWROHKRFK]XUHLHQDOOHV JLQJYLHO]XVFKQHOO%HYRUGHU.UHWLQDXILKQIDOOHQNRQQWH VFKOHXGHUWHHUVHLQH%HLQHYRUXQGWUDIGHQ*HJQHUYROOLQ GHQ/HLE 'HU.UHWLQIORJ]XUFNXQGNUDFKWH]ZLVFKHQGLH6l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|FKHOZHLKHUYRUWUDWHQ'LHVHU0DQQZDU GDUDXISURJUDPPLHUW]XW|WHQ

8QGHUKLHE]X :LOO0DOOPDQQNDPQLFKWVFKQHOOJHQXJZHJ'RFKHUKDWWH QRFKVHLQH3LVWROH 'HU.RPPLVVDUGUFNWH]ZHLPDODE %HLGH.XJHOQWUDIHQ'HU.UHWLQVWROSHUWHGLUHNWLQGLH 6FKVVHKLQHLQ6HLQH%HLQHVFKLHQHQYRQXQVLFKWEDUHQ +lQGHQZHJJHULVVHQ]XZHUGHQHUNUDFKWH]X%RGHQXQG EHUVFKOXJVLFKGDEHL6HLQ.|USHUZXUGHYRQGHU:XFKWQRFK YRUJHVFKOHXGHUWVRGDHUHUVWGLFKWYRU:LOO0DOOPDQQOLHJHQ EOLHE'LH0HVVHUVSLW]HEHUKUWHIDVWGDV%HLQGHV.RP PLVVDUV 0DOOPDQQEOLHEHUVWPDOKRFNHQ(UPXWHVLFKHUKROHQ 'LHVHQ.DPSIKDWWHHUQXUJDQ]NQDSS]XVHLQHQ*XQVWHQHQW VFKHLGHQN|QQHQ8QGHUKDWWHGDEHLW|WHQPVVHQZDVLKP JDUQLFKWJHILHO :LOODWPHWHWLHIGXUFK(UVFKZLW]WHZDUDPJDQ]HQ.|USHU NODWVFKQD1DFKWUlJOLFKQRFK]LWWHUWHQLKPGLH.QLH 1HEHQGHP0DQQJLQJHULQGLH+RFNH1HLQGDZDUQLFKWV ]XPDFKHQ'LH.XJHOQKDWWHQW|GOLFKJHWURIIHQ'HU.UHWLQ OHEWHQLFKWPHKU0DOOPDQQEHUOHJWHREHUGLH/HLFKHLQHLQHQ 6DUJVFKDIIHQVROOWHGDQQMHGRFKHQWVFKLHGHUVLFKHUVWHLQPDO QDFK]XIRUVFKHQREGLH6FKVVHQLFKWJHK|UWZRUGHQZDUHQ(U RULHQWLHUWHVLFKLQ5LFKWXQJ7UHSSH(VNRQQWHJXWP|JOLFK VHLQGDVLFKQRFKPHKU0HQVFKHQLQQHUKDOEGHV6FKORVVHV DXIKLHOWHQ :LOOEHIDQGVLFKEHUHLWVDXIGHUGULWWHQ6WXIHDOVHUGDV VFKOXUIHQGH*HUlXVFKK|UWH*OHLFK]HLWLJYHUQDKPHUHLQODQJ JH]RJHQHV6HXI]HQ 0DOOPDQQIOLUUWHKHUXP (UJODXEWHVHLQHQ$XJHQQLFKWWUDXHQ]XN|QQHQ'HUHEHQ HUVFKRVVHQH.UHWLQVWDQGZLHGHUDXI

9HUJDQJHQKHLW .DUHO0DUHNVWDQGKLQWHUPLU8QGGDVZDUJXWGHQQVR NRQQWHHUQLFKWVHKHQZDVVLFKLQGHP*HZ|OEHDEVSLHOWH )QI0lGFKHQVDKLFK$OOHWUXJHQVFKZDU]H*HZlQGHUGLH ELV]XP%RGHQUHLFKWHQXQGYRUGHU%UXVWYRQHLQHU6SDQJH JHKDOWHQZXUGHQ(LQVHFKVWHV0lGFKHQDEHUODJDP%RGHQ (VZDU,ORQD 6LHODJGLUHNWYRUGHP7KURQDXIGHPHUKRFNWH(UGHU *UDI)DULDFGHU9DPSLU (UKDWWHGHQ0XQGQRFKQLFKWJHVFKORVVHQ'HXWOLFKVDKLFK GLHEHLGHQVSLW]HQ=lKQHDQGHQHQQRFKOHW]WH%OXWVWURSIHQ KLQJHQGLHZLHURWH3HUOHQDXVVDKHQ (UVDKPLFKXQGVHLQIODPPHQGHU%OLFNVFKLHQVLFKLQ PHLQHQ.RSIERKUHQ]XZROOHQ'DQQIXKUVHLQ$UPKRFKXQG HLQVFKDUIHU%HIHKOO|VWHVLFKYRQVHLQHQ/LSSHQ ª$XILKQ© 'LHIQI0lGFKHQJHKRUFKWHQ,ORQDEOLHEOLHJHQXQGDXFK HLQHZHLWHUH)UDXKLHOWVLFK]XUFN (VZDUGLH*UlILQGLHSO|W]OLFKDQILQJ]XNUHLVFKHQXQGPLW LKUHP*HVFKUHLGLHDQGHUHQQRFKPHKUDQVWDFKHOWH .DUHOKLHOWHVQLFKWOlQJHUDXV(UGUlQJWHPLFK]XU6HLWH VWU]WHLQGHQ5DXPXQGEUOOWHª,KU%HVWLHQ,KUYHUGDPPWHQ %HVWLHQ,KUKDEWPHLQH6FKZHVWHUXPJHEUDFKW,FKZHUGHHXFK SIlKOHQ© :LHHLQZLOGJHZRUGHQHU%IIHOZDUIHUVLFKGHP9DPSLU HQWJHJHQXPLKPGHQ3IORFNLQGLH%UXVW]XUDPPHQ =ZHL'LHQHULQQHQVFKW]WHQGHQ%OXWVDXJHU6LHVFKQLWWHQ .DUHOGHQ:HJDEXQGHLQHILQJVHLQHQ]XP6WREHUHLWHQ$UP PLWLKUHU+DQGDXI .DUHOVFKULH ,FKZROOWHLKP]X+LOIHHLOHQNRQQWHDEHUQLFKWZHLOPLFK JOHLFKGUHLDWWDFNLHUWHQ ,FKVFKR'LHHUVWH9DPSLULQHLQ0lGFKHQPLWODQJHQ EUDXQHQ+DDUHQVSUDQJGLUHNWYRUPLULQGLH+|KH6LHZXUGH YRQGHP6LOEHUJHVFKRJHQDXLQGLH6WLUQJHWURIIHQ

3O|W]OLFKZDUVLHYHUVFKZXQGHQ6LHILHO]X%RGHQKHXOWH MlPPHUOLFK $QGLH]ZHLWHNDPLFKQLFKWKHUDQZHLOGLH*UlILQLQGLUHNW LQGHQ.DPSIHLQJULII 6LHO|VFKWHGLH)ODPPHQ 6FKODJDUWLJZXUGHHVILQVWHU ,FKVDKQLFKWVPHKUVRQGHUQVSUWHQXUQRFKPHLQH *HJQHULQQHQ9RQGHU6HLWHVSUDQJPLFKMHPDQGDQXQGLFK JHULHWLQV7DXPHOQ=X%RGHQJHZRUIHQZXUGHLFKQLFKWGDHV PLUJHODQJPLFKZLHGHU]XIDQJHQ'DIUK|UWHLFKGLH 6FKUHLH ª,ORQD,ORQD© 'DVZDU.DUHOV6WLPPH 5HFKWVYRQPLUZDUVLHDXIJHNOXQJHQ,FKWUDIPLWHLQHP 5XQGVFKODJ]ZHL.|USHUUlXPWHPLUGHQ:HJQDFKUHFKWVIUHL XQGVWU]WHJHQDXLQHLQH)DOOH ,FKDKQWHGHQ6FKDWWHQPHUNWHQRFKGHQ/XIW]XJGDQQ NUDFKWHHWZDVJHJHQPHLQHQ6FKlGHO 'LHVPDOVSUKWHQ%OLW]HYRUPHLQHQ$XJHQDXI$EHUQXUIU GHQ%UXFKWHLOHLQHU6HNXQGH'DQQKDWWHLFKGHQ]ZHLWHQ %ODFNRXWDQGLHVHPYHUIOXFKWHQ7DJ /DQJHZDULFKQLFKWEHZXWORVGHQQDOVLFKZLHGHU]XPLU NDPZDUIDVWDOOHVªQRUPDO© 'RFKHWZDVKDWWHVLFKYHUlQGHUW(VEUDQQWHQYLHU.HU]HQ GLHGDV*HZ|OEHPLW/LFKWYHUVRUJWHQXQGLFKVDKGDVYRQPLU JHW|WHWH:HLEDP%RGHQOLHJHQ (VKDWWHVLFKIDVWDXIJHO|VWQXUQRFKGDV*HULSSHZDUYRU KDQGHQDEHUDXFKGDV]HUILHOODQJVDP]X6WDXE 7LHIDWPHWHLFKGXUFKUROOWHPLFKDXIGLH6HLWHXQGWDVWHWH PHLQHQ+DOVDE 1HLQJHELVVHQKDWWHQVLHPLFKQLFKW:DVDEHUZDUGHU *UXQGGDIU"*DQ]HLQIDFKPHLQ.UHX].HLQ%OXWVDXJHU WUDXWHVLFKDQPLFKKHUDQVRODQJHGDVJHZHLKWH.UX]LIL[YRU

PHLQHU%UXVWKLQJ8QZLOONUOLFKPXWHLFKOlFKHOQ(LQIDFK ZUGHLFKHVGHQ9DPSLUHQQLFKWPDFKHQ $XFKVRZDUHQPHLQHRGHUXQVHUH&KDQFHQJHVXQNHQ %HVRQGHUV.DUHOKDWWHHVHUZLVFKW (UODJDP%RGHQ'LUHNWYRUGHP7KURQGHV*UDIHQXQGGHU KDWWHVHLQHQUHFKWHQ)XDXIGLH%UXVWGHVMXQJHQ0DQQHV JHVHW]WZlKUHQG]ZHLVHLQHU'LHQHULQQHQXQWHUDQGHUHP DXFK,ORQDGLHHLJHQH6FKZHVWHULKQIHVWKLHOWHQ 'LHVHZHLEOLFKHQ9DPSLUHKDWWHQ.UDIW.DUHOUROOWHYRU:XW PLWGHQ$XJHQGRFKHUNRQQWHVLFKQLFKWEHIUHLHQ'LH 9DPSLULQQHQOLHHQLKQQLFKWORV 'LHEHLGHQDQGHUHQ0lGFKHQXQGGLH*UlILQEHREDFKWHWHQ PLFK/HW]WHUHKLHOWHLQHQ.HU]HQOHXFKWHULQGHU+DQG-HW]W ZXWHLFKDXFKZRPLWPDQPLFKQLHGHUJHVFKODJHQKDWWH $PVFKOLPPVWHQWUDIHVPLFKGD,ORQDDXFK]XHLQHP 9DPSLUJHZRUGHQZDUDEHUGDNRQQWHPDQQLFKWVPDFKHQ ZLUZDUHQHEHQ]XVSlWJHNRPPHQ 8QGPHLQ6FKlGHOVFKPHU]WH=ZHLGLHVHU+LHEHDQHLQHP 7DJGDVKLHOWNDXPMHPDQGDXV8QWHUPHLQHQ+DDUHQ VFKLHQHQUHJHOUHFKWH([SORVLRQHQVWDWW]XILQGHQ :DUHQZLUGLH9HUOLHUHU" 1LFKWJDQ]GRFKGLH9DPSLUHKLHOWHQ]XPLQGHVWHLQHQ *URWHLOGHU7UPSIHLQLKUHQ+lQGHQ8QGGDVLPZDKUVWHQ 6LQQHGHV:RUWHV'HQQ)DULDFKDWWHVLFKGHV3IDKOVEHPlFK WLJW(LFKHQKRO]WDWLKPQLFKWVHUNRQQWHHVDQIDVVHQZLHVLFK DXFKGLH5LHVHQIOHGHUPlXVHDXIGLHbVWHYRQ(LFKHQElXPHQ QLHGHUOLHHQ0DQPXWHLKQHQGHQ3IDKOVFKRQLQV+HU] VWRHQZHQQHUW|GOLFKVHLQVROOWH 8QGLFKKDWWH6FKPHU]HQ0HLQ6FKlGHOVFKLHQ]HUVSULQJHQ ]XZROOHQ6FKRQRIWZDULFKQLHGHUJHVFKODJHQZRUGHQGRFK GDKDWWHLFKLPPHUGLH&KDQFHJHKDEWPLFK]XHUKROHQKLHU QLFKW+LHUPXWHLFKPLWWHQLQV*HVFKLUU 'LH*HVLFKWHUGHU'LHQHULQQHQPRFKWHQPDOKEVFKJH ZHVHQVHLQ-HW]WMHGRFKZDUHQVLHQXUQRFK)UDW]HQ6LH VFKHXWHQVLFKQLFKWXQGSUlVHQWLHUWHQLKUHVSLW]HQ=lKQH

$XFK,ORQDZDU]XHLQHP%OXWVDXJHUJHZRUGHQ6LHKLHOWGHQ 0XQGHEHQIDOOVRIIHQVFKDXWHPLFKDQXQGLFKVDKGHQ+D XQGGLH9HUDFKWXQJLQLKUHQ$XJHQOHXFKWHQ 1HLQ(UEDUPHQRGHU*QDGHGXUIWHLFKDXFKIUVLHQLFKW NHQQHQ,FKPXWHVLHVRUDVFKW|WHQZLHHVQXUJLQJGDPLWVLH QLFKWQDFKWVXPKHUJHLVWHUQXQGLKUHPILQVWHUHQ7ULHEQDFK JHKHQNRQQWH 0KVDPKROWHLFK/XIW(VIHKOWHKLHU6DXHUVWRIIXQGHVILHO PLUZDKUVFKHLQOLFKQLFKWOHLFKWPLFK]XHUKROHQ .DUHOKDWWH$QJVW'DVZDULKPGHXWOLFKDQ]XVHKHQ(UODJ DXIGHP%RGHQXQG]LWWHUWH)DULDFV)XVWDQGQRFKLPPHUDXI VHLQHU%UXVW.DUHOV.RSIZDUURWDQJHODXIHQDXFKHUOLWWXQWHU 6DXHUVWRIIPDQJHO ,FKZROOWHDXIVWHKHQGRFKGDVOLH)DULDFQLFKW]X ª%OHLEVRKRFNHQ©EHIDKOHU ,FKJHKRUFKWH'LHVHU%OXWVDXJHUKDWWHLP$XJHQEOLFNGLH EHVVHUHQ.DUWHQ .DOWJULQVWHHUPLFKDQª%HYRUZLUHXFKW|WHQP|FKWHLFK YRQGLUZLVVHQZHUGXELVW© ,FKOlFKHOWHª0HLQ1DPHLVW-RKQ6LQFODLU© ª'DVZHLLFKLQ]ZLVFKHQ8QGZRKHUNRPPVWGX"© ª$XVGHU=XNXQIW© 6HLQHP*HVLFKWVDKLFKDQGDHUGDPLWQLFKWVDQIDQJHQ NRQQWHª:DVLVWGDV"© ,FKYHUVXFKWHHVLKP]XHUNOlUHQª,FKOHEHGUHLKXQGHUW -DKUHVSlWHUDOVLKUELQDEHUGXUFKHLQH=HLWUHLVHKLHUKHU JHODQJW'DVLVWGLH(UNOlUXQJ© ª:LHNRQQWHVWGXGDV"© ª:HLOLFKHLQHQ9DPSLUMDJWHGHUGHQJOHLFKHQ1DPHQWUXJ ZLHGX)DULDF© 3O|W]OLFK]XFNWHGHU%OXWVDXJHU]XVDPPHQ6HLQH$XJHQ ZXUGHQ]X6FKOLW]HQ.DXPVDKLFKGLH%OXWlGHUFKHQLQGHQ 3XSLOOHQª'XKDVWHLQHQ%UXGHUYRQPLUJHMDJW"© ª2EHVHLQ%UXGHULVWZHLLFKQLFKW© ª'RFK)DULDF'DQQOHEWHUDOVR©SO|W]OLFKODFKWHHUDXI

ª'DVLVWJXWHUOHEW8QGLFKZHUGHDXFKOHEHQ:LUWUHIIHQXQV ZLHGHU%HVWLPPWLQGHU=XNXQIW© 1XQYHUVWDQGLFKQLFKWVª'DUILFKMHW]WHLQH(UNOlUXQJ K|UHQ)DULDF"© (UVHW]WHVLFKNHU]HQJHUDGHKLQQDFKGHPHU]XVDPPHQ JH]XFNWZDUª:LHUHGHVWGXPLWPLU.QHFKW"© ,FKODFKWHª(LQ.QHFKWELQLFKVLFKHUOLFKQLFKW+|FKVWHQVHLQ .QHFKWGHV*XWHQXQGGDUDXIELQLFKVWRO]© ª'DVZLUGGLUYHUJHKHQDEHULFKP|FKWHGLFKDXINOlUHQ,FK KDEHQRFKHLQHQ%UXGHU(UOHEWQLFKWKLHUVRQGHUQLPIHUQHQ /DQGGHU6NLSHWDUHQ'RUWLVWVHLQ5HLFKXQGGRUWLVWHUDXFK GHUDEVROXWH.|QLJ:LUKDEHQXQVJHWUHQQWZHLOZLUEHLGH .|QLJVHLQZROOWHQ*XWGDLFK%HVFKHLGZHL:DVKDVWGX QRFKDOOHVEHULKQHUIDKUHQ"© (VZDUJDUQLFKWVRVFKOHFKWGDHUPLU)UDJHQVWHOOWH6R NRQQWHLFKPLFKHUKROHQXQGLFKKRIIWHGDGHUMXQJH.DUHO 0DUHNDXFKQRFKVHLQH&KDQFHHUKLHOWZHQQGLH$XIPHUN VDPNHLWGHV*UDIHQQDFKOLH ,FKHU]lKOHLKPDXVPHLQHU=HLWXQGGDYRQGDHLQ)DULDF HLQH.RVPHWLN)DEULNIKUWH'DPLWNRQQWHHUQXQZLHGHU QLFKWVDQIDQJHQ.RVPHWLNGDVKDWWHHVGDPDOVQRFKQLFKW JHJHEHQ)ULKQZDUQXUZLFKWLJGDVHLQ%UXGHUOHEWH (LJHQWOLFKZDUHVDXFKY|OOLJNODUGD]ZHL)DULDFVH[LVWLHU WHQ,FKKDWWHVFKOLHOLFKEHLGHDXIGHP0RVDLNJHVHKHQ =ZHL9DPSLUH (LQHUVDYRUPLULQGHU9HUJDQJHQKHLW'HUDQGHUHOHEWH QRFKLQGHU*HJHQZDUW8QGLFKKRFNWHLQGLHVHP6FKORXQG ZXWHQLFKWRELFKMHPDOVZLHGHU]XUFNNHKUHQZUGH 9HUGDPPWDXFK 6HLQ:LVVHQVGXUVWVFKLHQJHVWLOOW]XVHLQGHQQMHW]WVFKQLWWHU HLQDQGHUHV7KHPDDQ 0HLQ.UHX]LQWHUHVVLHUWHLKQ ª:RKHUKDVWGXHV"©IUDJWHHU ª'DVEHNDPLFKJHVFKHQNW© ª9RQZHP"©

ª(LQH)UDXJDEHVPLU© ª8QGZDVEHGHXWHQGLH=HLFKHQ"© ª(VVLQG%DQQHUGHU:HLHQ0DJLH'LH(U]HQJHOSHUV|QOLFK KDEHQDXIGLHVHP.UHX]LKUH=HLFKHQKLQWHUODVVHQGDPLWLFK GHP%|VHQWURW]HQNDQQ©,FKQDKPGDV.UHX]LQEHLGH+lQGH ª6ROOLFKHVGLUHLQPDOJHEHQ"© ª1HLQ©(UNUHLVFKWHGDV:RUWXQGLFKPXWHOlFKHOQ)DULDF KDWWHYRUGHP.UHX]HLQHQ+HLGHQUHVSHNW1LFKWYHUZXQGHU OLFKGHQQHVLVWGDV8UKHLOPLWWHOJHJHQGLH9DPSLUH 'DIUVDJWHHUª1LPPHVDE© 'DVKDWWHLFKPLUJHGDFKW$OOHUGLQJVGDFKWHLFKQLFKWLP 7UDXPGDUDQHV]XWXQ ,FKVFKWWHOWHGHQ.RSIª1HLQGDV.UHX]ODVVHLFKYRU PHLQHU%UXVWKlQJHQ(VZLUGPLFKVFKW]HQ© ª'LFKYLHOOHLFKWDEHUQLFKWLKQ©(UGHXWHWHPLWGHP 'DXPHQGHUOLQNHQ+DQGQDFKXQWHQZR.DUHO0DUHNODJ -DGDVZDUGHUVFKZDFKH3XQNW,FKKDWWHEHIUFKWHWGDHV VRNRPPHQZUGH0LW.DUHO0DUHNNRQQWHXQGZROOWHPLFK GHU%OXWVDXJHUHUSUHVVHQ 'RFK.DUHOVHOEVWJULIIHLQª/DGLFKQLFKWLUUHPDFKHQ-RKQ 1LPPDXIPLFKNHLQH5FNVLFKW'DVEUDXFKVWGXQLFKW*HK GHLQHQ:HJ0DFKLKQIHUWLJ,FKVWHUEHIUHLQHJXWH6DFKH© ª$XFKIUHLQHJXWH6DFKH]XVWHUEHQLVWVFKOHFKW©HU ZLGHUWHLFKKDUW )DULDFODFKWH(UEHXJWHVLFKZHLWHUYRUXQGKLHOWGHQ3IORFN GLFKWEHUGHP.|USHUGHVMXQJHQ0DUHN ª:LOOVWGXQLFKW"©IOVWHUWHHU 'LH6SDQQXQJYHUGLFKWHWHVLFK1LHPDQGVDJWHMHW]WHWZDV 'LHIQI9DPSLU0lGFKHQXQGGLH*UlILQVWDUUWHQPLFK KDHUIOOWXQGDXFKHUZDUWXQJVYROODQ :LHVROOWHLFKPLFKHQWVFKHLGHQ" ,FKOlFKHOWHREZRKOPLUGDQDFKZLUNOLFKQLFKW]XPXWHZDU 7URW]GHPEUDFKWHLFKGDV.XQVWVWFNIHUWLJª*XW*UDI)DULDF JHZRQQHQ,FKQHKPHGDV.UHX]DE© (UODFKWHKlOLFKXQGDXFKWULXPSKLHUHQG

ª$EHULFKGDUIDXIVWHKHQ"©NDPPHLQHQlFKVWH)UDJH 'DV/DFKHQEUDFKDEª:DUXP"© ª,FKNDQQQLFKWPHKUVLW]HQ© (UEHUOHJWHKLQXQGKHUREGDVZRKOHLQH)DOOHVHLQN|QQWH GHQQGHU9DPSLUWUDXWHNHLQHPXQGYHUWUDXWHQXUDXIVHLQH HLJHQH0DFKWXQG6WlUNH ª1XQ"©KDNWHLFKQDFK0LWPHLQHQ$NWLRQHQZROOWHLFKQRFK PHKU=HLWJHZLQQHQ=XGHPZDULFKLP6LW]HQVHKUJHKDQGL FDSW8PVFKQHOO]XUHDJLHUHQPXWHLFKDXVGHP6WDQG VWDUWHQXQGKDQGHOQN|QQHQ ª,FKHUODXEHHVGLU©VDJWH)DULDFJUR]JLJª'XNDQQVWGLFK HUKHEHQ© ,FKJDEPLFKVFKZlFKHUDOVLFKWDWVlFKOLFKZDU=ZHLPDO VDFNWHLFKZLHGHU]XUFNXQGGHU9DPSLUEHJDQQ]XODFKHQ (UZHLGHWHVLFKDQPHLQHU6FKZlFKH 6ROOWHHUQXU :LHGHUQDKPLFKHLQHQ$QODXI'LHVPDOEOLHELFKVWHKHQ VFKZDQNWHMHGRFKXQGPXWHPLFKDQGHU:DQGDEVWW]HQ 'DEHLWRUNHOWHLFKHLQSDDU6FKULWWH]XU6HLWH ª'XVFKHLQVWVFKZDFKJHZRUGHQ]XVHLQ©VWHOOWHGHU9DPSLU K|KQLVFKJULQVHQGIHVW ,FKVFKDXWHLKQDQª(VZDUEHUHLWVGHU]ZHLWH6FKODJGHQ PDQPLUKHXWHYHUSDWKDW© ª'DQQJLEMHW]WGDV.UHX]©YHUODQJWH)DULDF 3O|W]OLFKZXUGHHVZLHGHUVWLOO6HOEVW.DUHOVKHIWLJHV$WPHQ ZDUQLFKWPHKU]XK|UHQ$OOHVKDWWHQXU$XJHQIUPLFKXQG PHLQZHUWYROOHV.UX]LIL[ ª1HLQ-RKQQLFKW©NUHLVFKWHGHUMXQJH0DUHNSO|W]OLFKORV ª*LEHVQLFKWDXVGHU+DQG1LH© ª6HLUXKLJ© ª-RKQELWWHGXPDFKVWGLFKXQJOFNOLFK'XGDUIVWGDV .UHX]QLFKWDEJHEHQ© 'HU9DPSLUVFKOXJ]X=XHUVWKDWWHLFKJHGDFKWHUZUGH WDWVlFKOLFKGHQ3IDKOQHKPHQGRFKQXUVHLQHNDOWH7RWHQNODXH NODWVFKWHLQGDV*HVLFKWGHV-XQJHQ

.DUHOVFKZLHJ1RFKHLQHQ6FKULWWWUDWLFKYRU 2ND\GDVZDUJHQDXGLHULFKWLJH'LVWDQ] 'DQQKRELFKODQJVDPGLH+lQGHXQGVWUHLIWHGDV.UHX] EHUPHLQHQ.RSI$QGHU.HWWHKLHOWLFKHVIHVW'LH 'LHQHULQQHQXQGDXFK)DULDFVWDQGHQVRJQVWLJGDLFKVLH PLWHLQHP%OLFNHUIDVVHQNRQQWH 'HU9DPSLUKDWWHVHLQHQKDJHUHQ6FKlGHOJHGUHKWVRGDHU QXUPLFKDQVFKDXWH'LHVH'UHKEHZHJXQJKDWWHDXFKVHLQ .|USHUPLWJHPDFKWXQGGHU3IDKOVFKZHEWHQLFKWPHKUGLUHNW EHU.DUHOV+HU] ª+HUGDPLW©ULHIHU 'LHZHLEOLFKHQ9DPSLUHIDXFKWHQ$XFKVLHZDUHQXQJH GXOGLJJHZRUGHQZROOWHQPHLQH1LHGHUODJHVHKHQ ,FKIDWHGLH6LOEHUNHWWHHLQZHQLJIHVWHUDQXQGGDQQH[SOR GLHUWHLFKI|UPOLFKDXVGHP6WDQG (LQPDOGUHKWHLFKPLFKXPGLHHLJHQH$FKVHVFKZDQJGHQ UHFKWHQ$UPQDFKYRUQXQGGXUFKGLH)OLHKNUDIWZXUGHGDV .UHX]KRFKJHZLUEHOW 'LH9DPSLUHZXUGHQYRQPHLQHU$NWLRQEHUUDVFKW(LQH 6HNXQGHODQJUHDJLHUWHQVLHQLFKW'DMHGRFKEHIDQGVLFKPHLQ .|USHUEHUHLWVLQGHU]ZHLWHQ'UHKXQJ8QGLQHLQHUVHKU JQVWLJHQ3RVLWLRQ ,FKOLHGLH.HWWHORV :LHHLQ3IHLO]LVFKWHGDV.UHX]GDYRQ%HZXWKDWWHLFKPLFK YRQLKPJHWUHQQWXQGHVIORJJHQDXDXI)DULDF]X 'HUVDKGDVEUOOWHXQGZDUIVLFKEHUGLHOLQNH/HKQH VHLQHV7KURQVKLQZHJ'HU9DPSLUKDWWH*OFN'DV.UHX] EHUKUWHLKQQLFKWHVVHJHOWHKDDUVFKDUIDQLKPYRUEHLXQG SUDOOWHJHJHQGLH5FNHQOHKQH 'DUDXIKDWWHDXFK.DUHO0DUHNJHZDUWHW %OLW]VFKQHOOKDQGHOWHHU 3O|W]OLFKVWDQGHUDXIGHQ%HLQHQXQGZDUIVLFKDXIGHQ 9DPSLU]XGHUQRFKDP%RGHQODJ

,FKVDKGLHEHLGHQ.|USHUKLQWHUGHP6HVVHOYHUVFKZLQGHQ XQGNRQQWHPLFKQLFKWXPVLHNPPHUQGHQQGLH9DP SLULQQHQJULIIHQPLFKDQ (LQHKDWWHLFKQXUJHW|WHW $EHUQRFKVWDQGHQGLH*UlILQ,ORQDXQGYLHUZHLWHUHJHJHQ PLFK,FKKXVFKWH]X6HLWHZHJXQG]RJPHLQH%HUHWWD =ZHLPDOVFKRLFK =ZHL8QWRWHEUDFKHQ]XVDPPHQ'LH.XJHOQKDWWHQVLHLQ GLH%UXVWJHWURIIHQXQG]ZDUDQGHUOLQNHQ6HLWHZRGDV+HU] VLW]W 6LHILHOHQ]X%RGHQXQGEOLHEHQGRUWOLHJHQ 1RFKYLHU 6LHIDXFKWHQXQGNUHLVFKWHQVFKULHQXQGWREWHQZROOWHQ PLFKSDFNHQXQGIlFKHUWHQDXVHLQDQGHUXPPLUVRZHQLJ =LHOHZLHP|JOLFK]XELHWHQ 6LHZDUHQVFKQHOOXQGJHZDQGWXQGVLHZXUGHQYRQGHU *UlILQLPPHUZLHGHUDQJHIHXHUW (LQHZDUIVLFKJHJHQPLFK6LHKHFKWHWHIODFKEHUGHQ %RGHQXQGPLWHLQHQ7ULWWYHUVFKDIIWHLFKPLU/XIW'LH8QWRWH EHUVFKOXJVLFK]ZHLPDO ,FKKDWWHIUHLH%DKQ $EHUPDOV]RJLFKGHQ6WHFKHUGXUFK (LQHZHLWHUH8QWRWHEOLHEPLWWHQLP6SUXQJVWHKHQDOVGLH .XJHOVLHWUDI,KU*HVLFKW]HUILHOHLQHGXQNOH)OVVLJNHLW TXROODXVGHU:XQGHKLQWHUGHP2KUGDQQNODWVFKWHVLH]X %RGHQ 1RFKGUHL $XVGHQ$XJHQZLQNHOQEHPHUNWHLFKGDVLFK,ORQDXQGGLH *UlILQGHP]ZHLWHQ$XVJDQJ]XZDQGWHQ%HLGHZROOWHQ IOLHKHQ'RFKGDJHJHQKDWWHLFKHWZDV ,FKZROOWHDXIVLH]XUHQQHQXQGDFKWHWHQLFKWDXIGLHGULWWH 'LHQHULQGHV9DPSLUV'LHKDWWHVLFKEHZDIIQHW0LWHLQHP .HU]HQOHXFKWHUVFKOXJVLH]X 'LHVPDOWUDIPLFKGHU+LHEQLFKWDP.RSIVRQGHUQLQGHU .|USHUPLWWH(UVFKOHXGHUWHPLFK]XUFNGLH8QWRWHVHW]WH

VRIRUWQDFK6LHZDU]XHLQHU)XULHJHZRUGHQ6LHJHVZLOOHXQG +DEOLW]WHQLQLKUHQ$XJHQ6LHZROOWHPLUGHQ*DUDXV PDFKHQ (LQHPQlFKVWHQ7UHIIHUNRQQWHLFKGXUFKHLQHVFKQHOOH 'UHKXQJHQWJHKHQ'RFKGLH:LHGHUJlQJHULQJDEQLFKWDXI 6LHEOLHEPLUDXIGHQ)HUVHQWULHEPLFKGXUFKGHQ5DXPELV LFKLQGLH1lKHGHV7KURQVJHODQJWHZRPHLQ.UHX]ODJ (LQHVFKQHOOH%HZHJXQJXQGLFKKDWWHHVLQGHU+DQG 3O|W]OLFKHUVWDUUWHGLH9DPSLULQ,KUH$UPHEOLHEHQHUKREHQ 6LHVDKGDV.UHX]XQGLFKQXW]WHGLH*XQVWGHU6HNXQGH %OLW]VFKQHOOZDULFKEHLLKULPQlFKVWHQ$XJHQEOLFNEHUKUWH GDV.UHX]GLH%UXVWGHVZHLEOLFKHQ9DPSLUV (LQ6FKUHL *HOOHQGXQGPDUNHUVFKWWHUQGVWDFKHULQPHLQH2KUHQ'LH :LHGHUJlQJHULQVFKWWHOWHGHQ.RSISUHWHLKUH+DQGDXIGLH :XQGHXQGNQLFNWHSO|W]OLFK]XVDPPHQ,KU.|USHUZXUGH EXFKVWlEOLFKLQ]ZHL+lOIWHQJHWHLOW6LHYHUJLQJ ,FKKDWWHQXUQRFK]ZHL*HJQHULQQHQ +DVWLJGUHKWHLFKPLFK ,ORQDXQGGLH*UlILQZDUHQYHUVFKZXQGHQ6LHKDWWHQZRKO JHPHUNWGDVLHGHQ.DPSINDXPQRFKJHZLQQHQNRQQWHQ XQGVLFKDXVGHP6WDXEJHPDFKW 'RFKZRVWHFNWH)DULDF" ,FKVFKDXWHPLFKXPUHFKQHWHGDPLWGDHUQRFKPLWGHP MXQJHQ0DUHNNlPSIWHGRFKLFKWlXVFKWHPLFK $XFKGLHEHLGHQKDWWHQGDV:HLWHJHVXFKW $EHULFKVDKGLH7URIIHQGLHKLQXQWHU]XVHLQHU6FKODIVWlWWH IKUWHGLHZLUVRJXWSUlSDULHUWKDWWHQ ,FKNDPMHGRFKQLFKWGD]XGHQ:HJLQGLH7LHIH]XQHKPHQ GHQQDXIGHUQDFKREHQIKUHQGHQ7UHSSHHUVFKLHQGLH*UlILQ 6LHKDWWHVLFKEHZDIIQHWXQGKLHOWHLQH0XVNHWHLQLKUHQ +lQGHQ *HQDX]LHOWHVLHXQGGUFNWHDE

'HUMXQJH0DUHNNDQQWHQXUQRFKHLQHQ*HGDQNHQXQGHLQHQ HLQ]LJHQ7ULHE 5DFKH (UZROOWHGHQW|WHQGHQHUIUGHQ7RGVHLQHV9DWHUVYHUDQW ZRUWOLFKPDFKWH )DULDF 8QGHQGOLFKKDWWHHUGLH&KDQFHLKQ]XSDFNHQ:LOGZDUI HUVLFKDXIGHQ9DPSLUXQGHVJHODQJLKP)DULDFGLH)DXVWLQV *HVLFKW]XVWRHQ (VZDUHLQKDUWHU6FKODJGHUPDQFKHQ0HQVFKHQLQGLH %HZXWORVLJNHLWJHVFKLFNWKlWWHGRFK)DULDFVFKWWHOWHQXU GHQ.RSIZREHLHU.DUHOZLOGDQIDXFKWH ª,FKSDFNHGLFK©NHXFKWH0DUHNª,FKSDFNHGLFK©%HYRU GHU9DPSLUVLFKYHUVDKKDWWHGHUMXQJH0DUHNLKPGHQ (LFKHQSIORFNHQWULVVHQ $OV.DUHOGHQ3IDKO]ZLVFKHQVHLQHQ)LQJHUQVSUWHOHXFK WHWHQVHLQH$XJHQDXI'DV(LFKHQKRO]JDELKPGDV*HIKOGHU 6LFKHUKHLW]XUFNQHXH.UDIWGXUFKVWU|PWHLKQ'LH (QWVFKHLGXQJVWDQGGLFKWEHYRU(UDOOHLQNRQQWHGLHVHQ 9DPSLUHUOHGLJHQ ª6WLUE©NHXFKWHHUXQGUDPPWHVHLQHQ$UPQDFKXQWHQ 'RFK)DULDFZDUHLQ*HJQHUGHU([WUDNODVVH6ROHLFKWOLHHU VLFKQLFKWEHVLHJHQ 3O|W]OLFKZDUVHLQ$UPGD(UVWLHLKQKRFKXQGVHLQH+DQG XPVFKORZLHHLQH.ODPPHUGDV*HOHQNGHVMXQJHQ0DUHN (LQH+DQGEUHLWEHUGHU%UXVWGHV9DPSLUVNDPGHU3IDKO]XU 5XKH 0DUHNNHXFKWH (UZROOWHGHQ6LHJHUZROOWHGLHVHQYHUKDWHQ%OXWVDXJHU YHUQLFKWHQVHLQHP9DWHUKDWWHHUHVJHVFKZRUHQXQGGLHVHQ 6FKZXUPXWHHUKDOWHQ (LQZLOGHU.DPSIHQWEUDQQWH]ZLVFKHQGHQEHLGHQ .DUHOK|UWH]ZDUGLH6FKVVHGLHLFKDEJDEGRFKHUNP PHUWHVLFKQLFKWGDUXP(UKDWWHQXUGDVHLQH=LHOYRU$XJHQ 'LH:XWXQGGHU+DJDEHQ.DUHO0DUHNXQJHDKQWH.UlIWH

'RFKDXFKGHU9DPSLUZDUVWDUN$OV.DUHOYHUVXFKWHLKQ]XU 6HLWH]XGUlQJHQVWHPPWHHUVLFKKDUWJHJHQGHQ*ULIIVRGD HVGHPMXQJHQ0DQQQLFKWP|JOLFKZDUGHQ%OXWVDXJHULQHLQH DQGHUH/DJH]XEULQJHQ'DIUNDVVLHUWH.DUHOHLQHQ.QLHVWR GHUVHLQHQ/HLEWUDIXQGLKPGHQ0DJHQKRFKMDJWH .DUHOZUJWHVHLQ*ULIIORFNHUWHVLFK )DULDFODFKWH8USO|W]OLFKZDUIHUVLFKKRFKGUlQJWH.DUHO HQWJHJHQXQGKLHELKQ]XUFN 'HUMXQJH0DUHNILHO]XU6HLWH 'RFKVHLQHQ3IDKOKLHOWHUQDFKZLHYRUIHVW(VZDU)DULDF QLFKWJHOXQJHQGHPMXQJHQ0DQQGLH:DIIH]XHQWUHLHQ 'HU9DPSLUVSUDQJDXI6HLQ0DQWHOEOlKWHVLFKXPZHKWH LKQZLHHLQJHZDOWLJHU6FKDWWHQ .DUHOUHFKQHWHPLWHLQHP$QJULIIVDKVLFKDEHUJHWlXVFKW )DULDFGDFKWHQXUDQ)OXFKW (UYROOIKUWHHLQHKDVWLJH'UHKXQJQDFKOLQNVXQGVWUPWH GRUWKLQZRVLFKGLH7UHSSHEHIDQGGLHLQGLH7LHIHIKUWHXQG LQVHLQHPXUHLJHQHQ%HUHLFKHQGHWH .DUHO0DUHNVDKLKQYHUVFKZLQGHQ =ZHL+HU]VFKOlJH]|JHUWHHUGLH9HUIROJXQJDXI]XQHKPHQ (UZROOWHVHLQHQ3DUWQHUQLFKWLP6WLFKODVVHQGDQQGDFKWHHU DEHUGDUDQGDGHPXQVHOLJHQ/HEHQGHV9DPSLUVHLQ(QGH EHUHLWHWZHUGHQPXWH(UKDWWHHVVHLQHP9DWHUJHVFKZRUHQ .DUHOQDKPGLH9HUIROJXQJDXI )DULDFKDWWHGLH7UHSSHVFKRQIDVWKLQWHUVLFKJHODVVHQ(U PXWHVLFKEHUHLWVLQVHLQHU+RUURU.DPPHUEHILQGHQXQGGHU 9HUIROJHUZDUQRFKLPPHUDXIGHQHUVWHQ6WXIHQ 'LH7UHSSHZDUHQJGLH6WXIHQVWHLO 'HU9DPSLUNDQQWHLKUH7FNHQ0LWZHKHQGHP8PKDQJ IORKHUVHLQHP5HLFKHQWJHJHQXQGYHUVFKZDQG .DUHODEHUYHUIHKOWHLQGHU'VWHUQLVGLHHUVWHQGUHL6WXIHQ XQGILHO(VJHODQJLKPQLFKWPHKUVLFKDE]XVWW]HQHUNXJHO WHGLH6WHLQWUHSSHKLQXQWHUXQGVFKULHODXWDXI(UVWLPOHW]WHQ 'ULWWHOGHU7UHSSHNRQQWHHUVLFKIDQJHQ 6HLQHOLQNH6HLWHVFKPHU]WHDXFKGHUOLQNH$UPWDWLKPZHK

(UNRQQWHLKQQLFKWPHKUJHUDGHDXVVWUHFNHQDEHUHUZDUQDFK ZLHYRUYRQGHPHLVHUQHQ:LOOHQEHVHHOWGHQ9DPSLU*UDIHQ ]XW|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ª6WLUEGXYHUGDPPWHU%OXWVDXJHU©EUOOWHHUXQGVHLQH 6WLPPHKDOOWHDOVVFKDXULJHV(FKRYRQGHQVWHLQHUQHQ:lQGHQ ZLGHU *HJHQZDUW 6XNRKDWWHVLFKQRFKHLQPDOUFNYHUVLFKHUWEHYRUHUVHLQH $XIJDEHLQ$QJULIIQDKP,QHLQHPODQJHQ*HVSUlFKPLW6LU -DPHV3RZHOOZXUGHLKPJHVDJWGD6FRWODQG
VFKOLHOLFK]XVWLPPWH(UQDKPVLHPLW -HW]WKRFNWHVLHDXIGHP6R]LXVGHU+DUOH\'DYLGVRQ%HLGH WUXJHQZlUPHQGHXQGZHWWHUIHVWH/HGHUNOHLGXQJGHQQGHU $EHQGZDUGRFK]LHPOLFKNDOW=XGHPURFKHVQDFK6FKQHH %HVWLPPWZUGHQQRFKLQGLHVHU1DFKWGLHHUVWHQ)ORFNHQ IDOOHQ 6XNROHQNWHGLH0DVFKLQH]ZLVFKHQGHQYHUODVVHQHQ *HElXGHQGHU'RFNXQG.DLDQODJHQ0HQVFKHQZDUHQQLFKW PHKUXQWHUZHJVGLHPHLVWHQKLHOWGDV:HWWHUDEXQGGLH 3HQQHUKDWWHQVLFKVFKRQOlQJVWLQZlUPHUH*HElXGHYHU NURFKHQ ,QGLHVHP7HLOGHU$QODJHQZXUGHDXFKQLFKWPHKUJH DUEHLWHWQXUZHLWHUHQWIHUQWOHXFKWHWHGHU:LGHUVFKHLQVWDUNHU +DORJHQODPSHQGLHLKUHJOHLHQGH/LFKWIOOHDXIGLH3LHUV ZDUIHQ 'LH+DUOH\VSUDQJEHU*OHLVHXQGNQDWWHUWHLQGLHNOHLQVWHQ *DVVHQ,PVWDUNHQ6WUDKOGHV6FKHLQZHUIHUVVDK6XNRKLQXQG ZLHGHUIHWWH5DWWHQGDYRQKXVFKHQ 'DQQERJHUVFKDUIOLQNVDE9RULKQHQWDXFKWHHLQJURHU YLHUHFNLJHU.DVWHQDXI 'DV/DERU 8QG6XNRV=LHO (UIXKUHLQHQ%RJHQXQGHUUHLFKWHGLH:HVWVHLWHGHV/DERUV +LHUZROOWHHUGLH0DVFKLQHDEVWHOOHQ 'LH+DUOH\UROOWHDXV6XNRIXKUQRFKGXUFKHLQH3IW]H GDQQVWLHJHUDEXQGERFNWHGLH0DVFKLQHDXI 6WLOOHXPJDELKQXQG6KDR'LH*HUlXVFKHGHUIHUQHQ3LHUV DXIGHQHQJHDUEHLWHWZXUGHZDUHQQXUJHGlPSIW]XYHU QHKPHQ'HU&KLQHVHQDKPGHQ+HOPDE6KDRPDFKWHHVLKP QDFK,KU+DDUKDWWHVLHKRFKJHEXQGHQ-HW]WOlFKHOWHVLH ª'DKDVWGXMDGHLQHQ'LFNVFKlGHOZLHGHUGXUFKJHVHW]W© VDJWH6XNRXQGJULQVWHVLHDQ ª3DVVLHUWLVWQLFKWV© ª1RFKQLFKW©6XNRVFKDXWHVLFKXPª:LHJHVDJWGXEOHLEVW KLHU,FKVFKDXHPLFKPDOLQGHP/DERUXP©

ª6ROOLFKQLFKWGRFKOLHEHU© 6XNRVFKWWHOWHGHQ.RSIª.HLQH:LGHUUHGH+LHUKDEHLFK ]XEHVWLPPHQ© 6KDROlFKHOWH 6XNR|IIQHWHHLQHGHUEHLGHQ3DFNWDVFKHQXQGKROWHHLQH OLFKWVWDUNH7DVFKHQODPSHKHUYRU'DQQ]RJHUGHQ 5HLYHUVFKOXVHLQHU/HGHUMDFNHHLQ6WFNQDFKXQWHQGDPLW HLQJHQJHQGJURHU6SDOWHQWVWDQGXPVFKQHOODQGLH%HUHWWD ]XNRPPHQ$XFKGLH'lPRQHQSHLWVFKHKDWWH6XNRPLWJH QRPPHQ'HQVLOEHUQHQ'ROFKWUXJ6KDR6ROOWHGRFKLUJHQG HWZDVSDVVLHUHQNRQQWHVLHVLFKZHKUHQ 'DQQHQWVFKLHGVLFK6XNRDQGHUV(UJDE6KDRGLH%HUHWWD XQGQDKPGDIUGHQ'ROFK ª(VLVWEHVVHU©VDJWHHUªGDPLWKDVWGXPHKUhEXQJ© ª,FKZROOWHGLFKDXFKVFKRQIUDJHQ©JDE6KDR]X 'HU&KLQHVHKDXFKWHVHLQHU)UHXQGLQQRFKHLQHQ.XDXIGLH :DQJHXQGPDFKWHVLFKDXIGHQ:HJ (UEHVDQLFKWQXU:DIIHQVRQGHUQDXFK(LQEUHFKHUZHUN ]HXJPLWGHPHU6FKO|VVHUNQDFNHQNRQQWH6RYLHOHUZXWH JDEHVNHLQHQRIIL]LHOOHQ1DFKWZlFKWHUZDV6XNRHLJHQWOLFK PLWUDXLVFKPDFKWHGHQQQRUPDOHUZHLVHOLHPDQHLQ/DERU QLFKWRKQH%HZDFKXQJ (UEHZHJWHVLFKDQGHU)URQWGHV*HElXGHVYRUEHLDXIGHQ (LQJDQJ]X1DWUOLFKZDUGLH7UYHUVFKORVVHQ 6XNROHXFKWHWHVLHVRUJIlOWLJDEZHLOHUQDFKHLQHU$ODUP DQODJHVXFKWHIDQGDEHUNHLQHXQGZDU]XIULHGHQ 'DQQEHVDKHUVLFKGDV6FKOR (VJDE]ZHLGDYRQ7URW]GHVJXWHQ:HUN]HXJVEUDXFKWHGHU &KLQHVHEHUIQI0LQXWHQELVHUGLH7URIIHQKDWWH 'DQQEHWUDWHUGDV/DERU (UGHFNWHGHQ/DPSHQVWUDKOPLWGHQ)LQJHUQHLQZHQLJDE VDKGLHOHHUH3I|UWQHUORJHXQGHUNDQQWHDQKDQGHLQHUDXIJH KlQJWHQ7DIHOZRHV]XGHQ/DERUVJLQJ 'HQ:HJVFKOXJ6XNRHLQ 2EZRKOHUJODXEWHVLFKDOOHLQLP+DXV]XEHILQGHQVFKOLFK

HUDXI=HKHQVSLW]HQ6HOEVWVHLQHQ$WHPKLHOWHUXQWHU .RQWUROOH.DXPHLQ*HUlXVFKYHUULHWLKQDOVHUGLH7U]XP HUVWHQ/DERUDXIVWLHXQGLQGHP5DXPGDKLQWHUYHUVFKZDQG 6XNRNDPVLFKYRUZLHLQHLQHUPRGHUQHQ+H[HQNFKH(U VDKGLHJURHQ/DERUWLVFKHGLHHLQ$XIVDW]LQGHU0LWWHWHLOWH 'DUDXIVWDQGHQ]DKOUHLFKH)ODVFKHQ6LHZDUHQPLW&KHPL NDOLHQJHIOOW0LW6lXUHQ/DXJHQRGHULUJHQGZHOFKHQ 3XOYHUQYRQGHQHQ6XNRQRFKQLFKWVJHK|UWKDWWH (UVDKDXFKNOHLQH6FKUHLEWLVFKHXQGPRGHUQH0HJHUlWH,Q GHU(FNHEHIDQGVLFKHLQHLQJHPDXHUWHU$E]XJ,P5DXPURFK HVZLGHUOLFK(LQXQGHILQLHUEDUHU*HUXFKPDQFKPDOVFKDUI ZLH6lXUH 6XNRJLQJZHLWHU (UOLHGHQ/LFKWVWUDKOZDQGHUQXQGOHXFKWHWHLQMHGH(FNH KLQHLQ(UVDK]ZDU6WDXEXQGHLQLJH3DSLHUUHVWHDEHUHLQHQ 0HQVFKHQHQWGHFNWHHUQLFKW 8QGHUVDKDXFKQLFKWVZDVLKQPLWUDXLVFKJHPDFKWKlWWH .HLQH+LQZHLVHDXIHLQHQ9DPSLU 6FKRQEDOGHQWGHFNWH6XNRGLH7U]XHLQHP]ZHLWHQ5DXP (USURELHUWHGLH.OLQNHXQGVWHOOWHIHVWGDGHU5DXPYHU VFKORVVHQZDU $XFKGLHVHV6FKORVFKDXWHVLFKGHU&KLQHVHVHKUVRUJIlOWLJ DQ(VZDUZHVHQWOLFKNRPSOL]LHUWHUDOVGDVHUVWH6XNRPXWH DQGHUH:HUN]HXJHHLQVHW]HQ 'LHKDWWHHU]XP*OFNEHLVLFK6LHZDUHQDXV.XQVWVWRII VHKUELHJVDPXQGSDWHQVLFKMHGHP6FKORDQ 6XNRPDFKWHVLFKDQGLH$UEHLW'LH/DPSHKDWWHHUDQVHLQHQ *UWHOJHKlQJWXQG]ZDUVRGDGHU6FKHLQJHQDXDXIGDV NRPSOL]LHUWH6FKORILHO 'HU&KLQHVHKDWWHJXWH1HUYHQ$QGHUHKlWWHQVLFKHUOLFK VFKRQYHU]ZHLIHOWQLFKW6XNR6HLQH)LQJHUEOLHEHQUXKLJVLH ]LWWHUWHQQLFKWXQGDOVHWZD]HKQ0LQXWHQYHUJDQJHQZDUHQ VFKQDFNWHGDV6FKORHQGOLFKDXI *HVFKDIIW 'HU&KLQHVHJHVWDWWHWHVLFKHLQNOHLQHV6LHJHUOlFKHOQ7HLO

]ZHLVHLQHV3ODQVKDWWHYRU]JOLFKJHNODSSW-HW]WEHJDQQGLH GULWWH3KDVH'LHZLFKWLJVWHYRQDOOHQ9LHOOHLFKWNRQQWHHUHLQH 6SXUILQGHQGLHLKQ]XGHQ9DPSLUHQIKUWH 6XNR]RJGLH7UYRUVLFKWLJDXIXQGEHWUDWOHLVHGHQGDKLQ WHUOLHJHQGHQ5DXP 6RIRUWILHOLKPGHUDQGHUH*HUXFKDXI +LHUURFKHVQLFKWZLHLQHLQHP/DERUVRQGHUQY|OOLJIUHPG 6OLFKHU*HVWDQNVFKZlQJHUWHGHQ5DXP :LH%OXW *HQDXGDVPXWHHVVHLQ6XNRQDKPGLH/DPSHYRP*UWHO XQGVFKZHQNWHVLHQDFKUHFKWV 8QGGDVDKHUGLHJURHQ*HIlHDXIGHP5HJDOLQGHQHQ GLHURWH)OVVLJNHLWVWDQG .HLQ=ZHLIHOGDVZDU%OXW 7LHIDWPHWH6XNRGXUFK-RKQ6LQFODLUKDWWHGRFKUHFKW JHKDEW'LHVHV/DERUEDUJHLQVFKUHFNOLFKHV*HKHLPQLV 'HU&KLQHVHVFKULWWWLHIHULQGHQ5DXPKLQHLQ'HU /LFKWVWUDKOZLHVLKPGDEHLGHQ:HJXQGHUILHOVFKRQEDOGDXI GLH:DQGPLWGHPPDNDEUHQ0RVDLN 'DVZDUHV 6XNRJLQJVFKQHOOHUEOLHEYRUGHU:DQGVWHKHQXQGOLHGHQ /LFKWNHJHONUHLVHQ 'HXWOLFKVDKHUGLHEHLGHQGDUDXIDEJHELOGHWHQ%OXWVDXJHU (UVDKGLHGlPRQLVFKHQ*HVLFKWHUGLH)UDW]HQGLHODQJHQ VSLW]HQ=lKQHXQGVWHOOWHIHVWGDVLFKEHLGH9DPSLUHJOLFKHQ ZLHHLQ(LGHPDQGHUHQ .HLQ=ZHLIHOHVZDUHQ=ZLOOLQJH=XPLQGHVWDEHU%UGHU 6XNRVFKDXWHVLFKGLH9DPSLUHJHQDXDQ 8QGSO|W]OLFKVWXW]WHHU 'HUUHFKWHGHUEHLGHQVRGHXWOLFKHUYRUKLQQRFK]XVHKHQ ZDUYHUZLVFKWHSO|W]OLFK -DHUO|VWHVLFKDXI ,PQlFKVWHQ$XJHQEOLFNZDUHUY|OOLJYHUVFKZXQGHQDOV KlWWHHVLKQ]XYRUQLHJHJHEHQ

'HU0|UGHUZDUZLHGHUXQWHUZHJV $EHUPDOVWUXJHUVHLQHURWH.OHLGXQJXQGDEHUPDOVKDWWHHU VHLQODQJHV0HVVHUEHLVLFK ,KPZDUGLH$XIJDEH]XJHWHLOWZRUGHQGDV/DERU]XEHU ZDFKHQ'DEHLOLHIHUQLFKWGXUFKGDV*HElXGHVRQGHUQDXHQ KHUXPHUVDKMHGHQGHUNDP 8QGHUKDWWHDXFK6KDRXQG6XNRHQWGHFNW 'HU0DQQEHWUDWGDV*HElXGHGLH)UDXEOLHEPLWGHP 0RWRUUDGDOOHLQ]XUFN 'HU0|UGHUOlFKHOWHWHXIOLVFK(UEHIDQGVLFKQXUZHQLJH 6FKULWWHYRQ6KDRHQWIHUQWXQGKDWWHKLQWHUHLQHU$EIDOOWRQQH 'HFNXQJJHQRPPHQ -HW]W]RJHUVHLQ0HVVHUXQGHLQE|VHV*ULQVHQKXVFKWHEHU VHLQIODFKHV*HVLFKW 6KDRPHUNWHQLFKWV 6LHZDUWHWHDXI6XNRXQGVWHOOWHIHVWGDGLH.lOWHODQJVDP LQLKUHQ.|USHUNURFK$XFKDXIGHP.RSIIURUVLH6LHZROOWH VFKRQLKUH+DDUHDXVVFKWWHOQOLHHVMHGRFKEOHLEHQZHLOGHU +HOPGDQQQLFKWULFKWLJSDWH 'HU0|UGHUKDWWHODQJHJHQXJJHZDUWHW-HW]WULFKWHWHHUVLFK DXI6HLQH.DSX]HKDWWHHUEHUGHQ.RSIJH]RJHQQXUGDV *HVLFKWZDUQRFK]XVHKHQ 8QGGLH+DQGPLWGHP0HVVHU .DW]HQJOHLFKQlKHUWHVLFKGHUJHIlKUOLFKH.LOOHUGHU DKQXQJVORVHQ6KDR(UJLQJOHLFKWJHEFNWGDGXUFKZLUNWHHU QRFKNOHLQHU'HUODQJHURWH0DQWHOZDUIHLQHQVFKPDOHQ 6FKDWWHQDXIGHQIHXFKWHQULVVLJHQ$VSKDOW 1RFKIQI6FKULWWH 'HU.LOOHUOHFNWHVLFKGLH/LSSHQ6HLQH$XJHQJOKWHQ,Q LKQHQKRFNWHGHU)DQDWLVPXVGHU:DKQVLQQ 6KDRDEHUPHUNWHQLFKWV,KUZDUQXUNDOW$XIGHU6WHOOHYHU WUDWVLHVLFKGLH%HLQHHLQH$WHPIDKQHZHKWHYRULKUHQ/LSSHQ 6LHZROOWHGHQ+HOPGRFKZLHGHUDXIVHW]HQGDVZDUEHVVHU IDQGVLH 'HU.LOOHUNDPQlKHU

6KDRKREGHQ+HOPKRFKXPLKQVLFKEHUGDV+DDU]X VWOSHQ'LHVH%HZHJXQJZDULKULQ)OHLVFKXQG%OXWEHU JHJDQJHQXQGYHUOLHIDXFK]LHPOLFKUDVFK 8QGVLHUHWWHWHLKUGDV/HEHQ 6KDRVHW]WHVLFKJHQDXLQGHP$XJHQEOLFNGHQZLGHUVWDQGV IlKLJHQ+HOPDXIDOVVLFKGHU.LOOHUKLQWHULKUDXIULFKWHWHXQG ZLHEHLGHP'HWHNWLY-DQ=LHJOHUVFKUlJ]XKLHE 'DV0HVVHUKlWWH6KDRV1DFNHQJHWURIIHQVRDEHUKlPPHUWH GLH.OLQJHJHJHQGHQ+HOPXQGUXWVFKWHDE 6KDRIOLUUWHKHUXP 6LHVDKYRUVLFKGHQNOHLQHQIDVW]ZHUJHQKDIWHQ0|UGHUPLW GHPODQJHQ0HVVHUXQGEHJDQQJHOOHQG]XVFKUHLHQ 'HU.LOOHUUHDJLHUWHVRIRUW:LHHLQ7HXIHOVSUDQJHU6KDRDQ XQGKLHEZLHGHU]X (VZDUHLQH5HIOH[EHZHJXQJGLH6KDRUHWWHWH6LHWDXFKWH ]XU6HLWHVDKGLH.OLQJHDQLKUHP.|USHUYRUEHL]XFNHQ SUDOOWHJHJHQGLH0DVFKLQHXQGZDUIVLHXP 6KDRILHOPLW 'DQQNQDOOWHLKU+LQWHUNRSIJHJHQGLH+DXVZDQG(LQYRU VSULQJHQGHU6WHLQYHUXUVDFKWHGHQUDVHQGHQ6FKPHU]LQLKUHP 5FNHQXQGHLQHQ+HU]VFKODJVSlWHUVDFNWH6KDR]XVDPPHQ 'HU0|UGHUEHUOHJWH]ZHL6HNXQGHQ6ROOWHHUVLHMHW]WW|WHQ RGHUVSlWHU" (UHQWVFKLHGVLFKIUGLH]ZHLWH0|JOLFKNHLW'LH)UDXZXUGH QLFKWPHKUJHIlKUOLFK(UVWZROOWHHUGHQ0DQQDXVGHP:HJ VFKDIIHQ 0LWJURWHVNDQPXWHQGHQ6SUQJHQKXVFKWHGHUXQKHLPOLFKH 0|UGHUDXIGHQ/DERUHLQJDQJ]X 9HUJDQJHQKHLW ,FKVDKLQGLH0QGXQJGHU0XVNHWHGLH*UlILQGUFNWHDE XQGPLUEOLHEQXUQRFKHLQH&KDQFH 0LWHLQHPJHZDOWLJHQ6SUXQJEUDFKWHLFKPLFKVHLWOLFKLQ 6LFKHUKHLW.UDFKHQGHQWOXGVLFKGDV*HZHKU'LHVFKZHUH

0XVNHWHQNXJHOIDXFKWHDQPLUYRUEHLXQGKLHELQGLH:DQG =XHLQHP]ZHLWHQ6FKXNDPGLH*UlILQQLFKW6LHPXWH HUVWQDFKODGHQXQGGDVZXWHVLH'HVKDOEZDUIVLHVLFKDXI GHP$EVDW]KHUXPXQGYHUVFKZDQG ,FKKDWWHGHQ$UPVFKRQREHQOLHLKQDEHUVLQNHQXQG IHXHUWHNHLQH.XJHOKLQWHULKUKHU'LH*DQJHFNHJDEGHU *UlILQEHUHLWVGLHQ|WLJH'HFNXQJ ,FKMDJWHKLQWHUKHU 0LWJHZDOWLJHQ6SUQJHQKHW]WHLFKGLH7UHSSHKRFKQDKP GDEHLGUHL6WXIHQDXIHLQPDOXQGJHODQJWHLQHLQHQ*DQJGHU VLFKPHLQHQ$XJHQOHHUSUlVHQWLHUWH 'LH9DPSLU*UlILQKDWWHVLFKYHUNURFKHQ:LHDXFK,ORQD GDV=LJHXQHUPlGFKHQ (VJDEPHKUHUH0|JOLFKNHLWHQGHQQLFKVDKOLQNVXQGUHFKWV GHV*DQJHV]DKOUHLFKH7UHQ $EHUZRYHUEDUJHQVLFKPHLQH*HJQHU" 9RUGHUHUVWHQ7UEOLHELFKVWHKHQ6LHZDUQXUDQJHOHKQW 0LWGHP)XWUDWLFKVLHDXI (LQNOHLQHU6DORQPHKUQLFKW 8QGHUZDUOHHU 'LH]ZHLWH7UGLHGULWWHGLHYLHUWHEHUDOOGDVJOHLFKH,FK KDWWHDXFKDXIGHUUHFKWHQ6HLWHJHVXFKWXQGVRPLWGLH+lOIWH GHU=LPPHUKLQWHUPLFKJHEUDFKW ,FKVSUWHGDVLHODXHUWHQXQGPLUHLQH)DOOHVWHOOHQ ZROOWHQ 8QGGDQQVFKZDQJYRUPLUHLQH7UDXI6RIRUWULFKWHWHLFK GLH:DIIHDXIGLH)OlFKHGRFKLFK]|JHUWHDE]XGUFNHQ (LQH)UDXZDUHUVFKLHQHQDEHUHLQHGLHLFKQRFKQLH]XYRU JHVHKHQKDWWH6LHSDWDXFKQLFKW]XGHQ'LHQHULQQHQGHV *UDIHQHUVWHQVZDUVLH]LHPOLFKGLFNIDVWHLQZDQGHOQGHU )OHLVFKEHUJXQGGDQQOlFKHOWHVLHPLFKVRQHWWDQGDLFKLKUH =lKQHHUNHQQHQNRQQWH 8QGGLHZDUHQQRUPDO .HLQH9DPSLUKDXHU ,FKVHQNWHGLH:DIIH'LH)UDXWUXJGLH.OHLGXQJHLQHV

'LHQVWPlGFKHQVRGHUHLQHU0DJGhEHUGHPJUREZROOHQHQ .OHLGHLQHHLQIDFKHEODXH6FKU]H'DV+DDUKDWWHVLHXQWHU HLQHP.RSIWXFKYHUERUJHQ,KU*HVLFKWZDUEUHLWIOlFKLJGLH 6FKXOWHUQUXQG 6LHVWDQGGRUWZLHHLQ%HUJXQGZROOWHPLFKDXINHLQHQ)DOO YRUEHLODVVHQ ª:HUELVWGX"©IUDJWHLFK .HLQH$QWZRUW ,FKZLHGHUKROWHGLH)UDJH 'D|IIQHWHVLHGHQ0XQGXQGLFKVDKGDPDQLKUGLH =XQJHDEJHVFKQLWWHQKDWWH0LUZXUGHDOOHVNODUª,VWGLH *UlILQGHQQLP=LPPHU"©ZROOWHLFKZLVVHQ 6LHVHQNWHGHQ%OLFNXQGWDWDOVZWHVLHQLFKWV 6LHORJGDVVDKLFKLKUDQ,FKZDUVLFKHUGDVLHGLH*UlILQ LQGHP5DXPYHUVWHFNWKLHOWDXVGHPVLHJHNRPPHQZDU ª'DUILFKQDFKVFKDXHQ"© 'LH6WXPPHVFKWWHOWHGHQ.RSI ª,FKP|FKWHPLFKWURW]GHPEHU]HXJHQ©VDJWHLFKXQGWUDW HLQHQ6FKULWWYRUZRUDXIGLH0DJGVRIRUWHLQHGURKHQGH +DOWXQJDQQDKP 6ROLHIGHU+DVHDOVR ª/DPLFKYRUEHL©0HLQH6WLPPHNODQJGURKHQG 6LHEUHLWHWHEHLGH$UPHDXVXQGZROOWHPLFKVWRSSHQ ,FKGUlQJWHVLHZHJ(LQHQ6FKULWWZHLWEHNDPLFKVLHGDQQ VFKOXJVLHSO|W]OLFK]X 6LH]LHOWHDXIPHLQH:DIIHQKDQGXQGLKUHIOHLVFKLJHQ)LQJHU WUDIHQDXFK ,FKVFKULHXQZLOONUOLFKDXI)DVWZXUGHPLUGLH%HUHWWDDXV GHQ)LQJHUQJHSUHOOWGRFKLP1DFKIDVVHQEHNDPLFKVLHQRFK ]XSDFNHQ=ZHL)LQJHUVWDFKHQQDFKPHLQHQ$XJHQ'LH 'LFNHKDWWHVLFKJHGDQNHQVFKQHOOJHGUHKW ,FKNRQQWHJHUDGHQRFKGHQ.RSIZHJQHKPHQVRGDPLFK GHUKLQWHUOLVWLJH6WRYHUIHKOWH6LHDEHUEUHPVWHLKUHQ 6FKZXQJQLFKWPHKU'LHDXVJHVWUHFNWHQ)LQJHUWLFNWHQJHJHQ GLH:DQG

(LQJHOOHQGHU6FKUHLEUDFKDXVGHP0XQGGHU)UDX :DKUVFKHLQOLFKKDWWHVLHVLFKGLH)LQJHUYHUVWDXFKW ª7XWPLUOHLG©VDJWHLFKZXFKWHWHGLH)UDXDXVGHP:HJ XQGVSUDQJLQGDV=LPPHUDXVGHPVLHJHNRPPHQZDU ,FKKDWWHPHLQH(UIDKUXQJHQJHVDPPHOWXQGUHFKQHWHPLW GHUJURHQ+HLPWFNHGLHVHU+|OOHQJUlILQ'HVKDOEKHFKWHWH LFKIODFKEHUGHQ%RGHQLQGDV=LPPHU 'DVZDUPHLQ*OFN 'LFKWYRUPLUVFKLHQGLH0XVNHWHDXVHLQDQGHU]XIOLHJHQVR ODXWNUDFKWHVLHDOVGLH*UlILQDEGUFNWH:LHGHUYHUIHKOWH PLFKGLH.XJHO6LHIORJGXUFKGLHRIIHQH7UXQG]HUKLHEGHQ 5DKPHQHLQHVDQGHU:DQGKlQJHQGHQ%LOGHV 'LH*UlILQVFKOXJPLWGHPODQJHQ0XVNHWHQODXIQDFKPLU ,FK]RJGHQ.RSIHLQ'DV'LQJNUDFKWHJHJHQHLQHQ6WXKOXQG ZDUILKQXP,PQlFKVWHQ$XJHQEOLFNVFKOHXGHUWHPLUGLH 9DPSLULQLKUH:DIIHHQWJHJHQ6LHZDUYHUGDPPWVFKZHU RKQH6FKDGHQKlWWHLFKHLQHQ7UHIIHUVLFKHUQLFKWEHUVWDQGHQ GRFKLFKUROOWHPLFK]XU6HLWHXQGGLH0XVNHWHSUDOOWHQHEHQ PLUDXIGHQ7HSSLFK ,FKNDPZLHGHUKRFK *UlILQ.DWKDULQD)DULDFZDQGWHVLFK]XU)OXFKW6LHKHW]WH DXIHLQ)HQVWHUDQGHUJHJHQEHUOLHJHQGHQ6HLWH]XXQGUL EHUHLWVGHQ)OJHODXIDOVLFKORVVSXUWHWH +DVWLJZROOWHVLHQDFKGUDXHQNOHWWHUQ 'DVFKRLFK ,FK]LHOWHJHQDXXQGGDV6LOEHUJHVFKRUDVWHLQGLHXQWRWH +OOHGLHVHV+|OOHQJHVFK|SIHV ,FKYHUQDKPHLQHQJXUJHOQGHQ/DXW'LH*UlILQULEHLGH $UPHKRFKZROOWHVLFKDP)HQVWHUNUHX]IHVWKDOWHQGRFKVLH KDWWHHLQIDFKNHLQH.UDIWPHKU,KU.|USHUEHNDPGDVhEHUJH ZLFKWXQGNLSSWHQDFKGUDXHQ'LH*UlILQYHUVFKZDQG -HW]WKDWWHLFKQXUQRFKHLQH*HJQHULQ ,ORQD 9RP*DQJKHUK|UWHLFKGDV6W|KQHQGHU6WXPPHQDOVLFK ZLHGHULQGHQHUVWHQ5DXP]XUFNJLQJ

'DILHOPLUGHUJURH6FKUDQNLQV$XJH8QGLFKVDKGDGLH 7UQLFKWY|OOLJJHVFKORVVHQZDU ,FKVWHFNWHGLH3LVWROHZHJXQGQDKPQXUGDV.UHX]'DPLW ZROOWHLFK,ORQDEHVLHJHQ 9RUGHP6FKUDQNEOLHELFKHLQHQ$XJHQEOLFNVWHKHQ,QPHL QHP,QQHUQKDWWHVLFKHLQHXQJHKHXUH/HHUHDXVJHEUHLWHW ,ORQDZDUHLQ0lGFKHQ]XGHPLFKPLFKKLQJH]RJHQIKOWH 'RFKQXQKDWWHHLQHLQ]LJHU%LGDVDWWUDNWLYH*LUOLQHLQ VFKOLPPHV0RQVWHUYHUZDQGHOW 'DVLFKW|WHQPXWH 0HLQH+DQG]LWWHUWHDOVVLHGHQ7UJULIIXPIDWH ,FKZLVFKWHPLUEHUGLH$XJHQIKOWHPLFKKXQGHHOHQG DEHUHVJDENHLQHDQGHUH0|JOLFKNHLW +HIWLJULLFKGLH6FKUDQNWUDXI 9RUPLUVWDQG,ORQD6LHKDWWHGLH.OHLGHU]XU6HLWHJHVFKR EHQXQGVLHVWDUUWHPLFKDQZREHLVLHLKUH=lKQHJHEOHFNW KDWWH $EHUGDVZDUQLFKWDOOHV ,QGHUHUKREHQHQUHFKWHQ+DQGKLHOWVLHHLQHJURHHLVHUQH 6FKHUHPLWGHUVLH]XVWRHQZROOWH :LUVWDUUWHQXQVDQ 1LHPDQGVSUDFK ,FKKLHOWPHLQ.UHX]KRFK 8QGGDK|UWHLFKGHQ6FKUHL,QGHQ7LHIHQGHV.HOOHUVZXUGH HUJHERUHQXQGKDOOWHDOVVFKDXULJHV(FKR]XPLUKRFK(UZDU VRJHOOHQGXQGPDUNHUVFKWWHUQGGDPLUHLQH*lQVHKDXW EHUGHQ5FNHQULHVHOWHXQGLFKIUDJWHPLFKZHULKQ DXVJHVWRHQKDWWH .DUHO0DUHNRGHUGHU9DPSLU"