Volk in Fesseln

1U 9RONLQ)HVVHOQ YRQ3HWHU7HUULG 'LH9HUZLUNOLFKXQJYRQ$WODQV=LHOLQGHQ6HNWRU9DUQKDJKHU*K\Q...

Author: Terrid Peter

17 downloads 604 Views 255KB 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

1U

9RONLQ)HVVHOQ

YRQ3HWHU7HUULG 'LH9HUZLUNOLFKXQJYRQ$WODQV=LHOLQGHQ6HNWRU9DUQKDJKHU*K\QQVW]X JHODQJHQXPGRUWGHQ$XIWUDJGHU.RVPRNUDWHQ]XHUIOOHQVFKHLQWQXQ DXHUKDOEGHU0|JOLFKNHLWHQGHV$UNRQLGHQ]XOLHJHQ'HQQEHLP HQWVFKHLGHQGHQ.DPSIJHJHQ+LGGHQ;ZXUGH$WODQGLH*UXQGODJH]XU (UIOOXQJVHLQHV$XIWUDJVHQW]RJHQGDV:LVVHQXPGLH.RRUGLQDWHQYRQ 9DUQKDJKHU*K\QQVW 'RFK$WODQJLEWQLFKWDXIO,P%HZXWVHLQVLFKGLHYHUORUHQHQ.RRUGLQDWHQ ZLHGHUEHVRUJHQ]XPVVHQIROJWGHU$UNRQLGHHLQHUYDJHQ6SXUGLHLQGLH *DOD[LV;LLQ[0DUNDQWIKUWZRGLH62/LQHUELWWHUWH.lPSIHYHUZLFNHOWZLUG 6FKOLHOLFKJHJHQ(QGHGHV-DKUHV7HUUD]HLWHVNDOLHUWGLH $XVHLQDQGHUVHW]XQJ]ZLVFKHQ$QWL(6XQG$QWL+RPXQNDXIGHUHLQHQXQG $WODQXQGGHQ6RODQHUQDXIGHUDQGHUHQ6HLWHLQHLQHPVROFKHQ0DGDIU GLH.RQWUDKHQWHQGLHDOOHVHQWVFKHLGHQGHQ6WXQGHQGHV.DPSIHVQDKHQ ,QK|FKVWHU1RWYROO]LHKWGLH62/GHQ6WXU]LQV1LFKWVGHUGDV *HQHUDWLRQHQVFKLIIVFKOLHOLFKQDFK%DUV%DUVIKUWGLHDXV]ZHL LQHLQDQGHUYHUVFKPRO]HQHQ*DOD[LHQEHVWHKHQGH6WHUQHQLQVHO 'LHSROLWLVFKHQ9HUKlOWQLVVHGRUWVLQGlXHUVWSUHNlU'DV]HLJWVLFK EHVRQGHUVGHXWOLFKDP%HLVSLHOGHU$QWHUIHUUDQWHUVLHVLQGHLQ92/.,1 )(66(/1 'LH+DXSWSHUVRQHQGHV5RPDQV *U\QSK(LQXQIUHLZLOOLJHU+HOG $VKGD(LQHMXQJH$QWHUIHUUDQWHULQ 'HU'XQNOH(LQSROLWLVFKHU9HUIKUHU 1DUUP&KHIGHU5DXPIDKUWYRQ$QWHUI 1\NK(LQVHOWVDPHU5DXPNDSLWlQ *U\QSKIU|VWHOWH'HU6SUKUHJHQQlWHLKPGDV)HOOXQGOLHGLH+DDUH ]XVDPPHQNOHEHQ'LH.lOWHVLFNHUWHODQJVDPGXUFKDXIGLH+DXWXQGOHJWH VLFKZLHHLQODQJVDPIHVWHUZHUGHQGHU3DQ]HUXPGHQJDQ]HQ/HLE (VZDUVSlWHU1DFKPLWWDJXQG*U\QSKZXWHPLWVLFKQLFKWV5HFKWHV DQ]XIDQJHQ9RU]ZHL:RFKHQZDUVHLQH6FKXOH]HUVW|UWZRUGHQGLHOHW]WH GLHHVLQGLHVHU5HJLRQYRQ$QWHUIQRFKJDE:LUUN|SILJH6FKOHUKDWWHQGDV

*HElXGHLQ)ODPPHQDXIJHKHQODVVHQVDPWDOOHQ8QWHUODJHQXQG +LOIVPLWWHOQ'LH0HKU]DKOGHU/HKUHUKDWWHVLFKVFKRQYRU0RQDWHQ DEJHVHW]WGLH*HZDOWWlWLJNHLWGHU6FKOHULQGHQ.ODVVHQZDULKQHQ]XYLHO JHZRUGHQQDFKGHPHLQHUGHU/HKUHULQHLQHUPRQGGXQNOHQ1DFKWYRQ PHKUHUHQ8QEHNDQQWHQGHUDUW]XVDPPHQJHVFKODJHQZRUGHQZDUGDHU VHLQHQ9HUOHW]XQJHQHUOHJHQZDU *U\QSKVFKOHQGHUWHODQJVDPGXUFKGLHUHJHQIHXFKWHQ6WUDHQ(LQSDDU /DWHUQHQJDEHQQRFKVSlUOLFKHV/LFKWGDVLQGHQ3IW]HQIXQNHOWHXQG VSUKWHDEXQGDQ]LVFKWHHLQ5HLWHUYRUEHLRKQHYRQGHPHLQVDPHQ 6SD]LHUJlQJHU1RWL]]XQHKPHQ *U\QSKEHWUDFKWHWHGLHDOWH6FKXOH+RKH0DXHUQDXVKHOOHQXQGGXQNOHUHQ =LHJHOQJHPDXHUWHLQSDDUDOWPRGLVFKH)HQVWHU]XGHQ6WUDHQKLQDXVGLH DQGHP*HElXGHYRUEHLIKUWHQ,P,QQHUQJDEHVHLQHQEHWRQLHUWHQ+RIDXI GHPGLH6FKOHULQGHQZHQLJHQ3DXVHQKDWWHQ6SD]LHUHQJHKHQGUIHQ1XQ ODJGHU3ODW]YROO6FKXWWGDVXQDSSHWLWOLFKH*HOEGHV0DXHUZHUNVZDU VFKZDU]EHUUXWGLH)HQVWHULQGHU+LW]HJHERUVWHQGDV'DFKHLQJHVWU]W :DVKDVWGXKLHU]XVXFKHQ"HUNODQJHLQHUDXKH6WLPPH*U\QSKZDQGWH GHQ%OLFN.LUUDQIUKHU/HKUHUIUSODQHWDULVFKH*HVFKLFKWHVDK*U\QSK PLWUDXLVFKDQ'HUMXQJH$QWHUIHUUDQWHUEHJHJQHWHGHPIRUVFKHQGHQ%OLFN PLWRIIHQHU5XKH ,FKKDEHGHQ.DVWHQQLFKWLQ%UDQGJHVWHFNWVDJWH*U\QSKPUULVFK ,FKKDEHHVDXFKQLFKWYHUPXWHWJDE.LUUDQ]XUFN$XFKHUPDFKWHHLQHQ YHUGULHOLFKHQ(LQGUXFNXQGGDVODJVLFKHUOLFKQLFKWDOOHLQDQGHP PLVHUDEOHQ:HWWHU'LHSODQHWDULVFKH:HWWHUVWHXHUXQJZDUHEHQIDOOV ]XVDPPHQJHEURFKHQ *U\QSKZDULQ.LUUDQV6HNWLRQHLQUHFKWJXWHU6FKOHUJHZHVHQ(UKDWWH VLFKDXIULFKWLJIU*HVFKLFKWHLQWHUHVVLHUWGDPLWVWHOOWHHUXQWHUGHQ6FKOHUQ IDVWVFKRQHLQ8QLNXPGDUXQGHVZDU*U\QSKDXFKVFKOHFKWEHNRPPHQ GDHUPLWGHP9HUJDQJHQHQJHOLHElXJHOWKDWWH ,QGLHVHQ7DJHQEHVFKlIWLJWHVLFKQLHPDQGDXI$QWHUIJHUQPLWGHQ (UHLJQLVVHQGLH]XP7HLOHUVWZHQLJH-DKUH]XUFNODJHQMHGHQIDOOVQLFKWDXI ZLVVHQVFKDIWOLFKH[DNWH$UWXQG:HLVH(VJDEYLHOHGLHGHU9HUJDQJHQKHLW QDFKWUlXPWHQXQGDSDWKLVFK GDUDXIZDUWHWHQGDGLHJROGHQHQ=HLWHQDXVHLJHQHU.UDIW]XUFNNHKUWHQ =XGLHVHU*UXSSHYRQ$QWHUIHUUDQWHUQNRQQWHQ.LUUDQXQG*U\QSKQLFKW JHUHFKQHWZHUGHQ'HU/HKUHUXQGGHU6FKOHUZDUHQNODUEOLFNHQGJHQXJGLH YHUKHHUHQGHQ=XVWlQGHDXI$QWHUI]XVHKHQXQGULFKWLJ]XGHXWHQ 'LH=LYLOLVDWLRQGHU$QWHUIHUUDQWHUYHUILHOXQGGLHVHU3UR]HYROO]RJVLFKPLW LPPHUJU|HUZHUGHQGHU*HVFKZLQGLJNHLW ,QGHQOHW]WHQ]ZHL-DKUHQZDUDXVGHPVFKOHLFKHQGHQ9HUIDOOHLQRIIHQHU =XVDPPHQEUXFKJHZRUGHQYRQGHPYRUQHKPOLFKGLHVWDDWOLFKH2UGQXQJ EHWURIIHQZDU (QHUJLHZDUNQDSSJHZRUGHQGDV:DVVHUZXUGH]XVHKHQGVVFKOHFKWHU'LH 9HUVRUJXQJPLW/HEHQVZLFKWLJHPEUDFKLPPHUZLHGHU]XVDPPHQ)UKHU

HLQPDOKlWWHPDQGDVVWDDWOLFKH/HEHQGHU$QWHUIHUUDQWHUPLWHLQHP KRFKNRPSOL]LHUWHQ0HFKDQLVPXVYHUJOHLFKHQN|QQHQLQGHP7DXVHQGHYRQ +HEHOQXQG5lGHUQ]XVDPPHQZLUNWHQIDVWVRNRPSOH[XQGYLHOJHVWDOWLJZLH GLHELRFKHPLVFKHQ$EOlXIHLQHLQHPOHEHQGHQ.|USHU,QHLQHP3XQNWZDU GLH$QDORJLHYRQVFKPHU]OLFKHU(LQGHXWLJNHLWVRZLHHLQOHEHQGHU.|USHU DXI'DXHUDOOHLQGXUFKHLQHQNDXPPHEDUHQ0DQJHORGHUhEHUIOXDQ 0LQHUDOVWRIIHQRGHU9LWDPLQHQ]XJUXQGHJHKHQNRQQWHHEHQVROHLFKWNRQQWH GDVPXOWLIXQNWLRQDOH:HFKVHOZLUNXQJVJHIOHFKWHLQHU=LYLOLVDWLRQGXUFKDXIGHQ HUVWHQ%OLFNKDUPORVH(LQJULIIHJHOlKPWYLHOOHLFKWVRJDUY|OOLJ]HUVW|UW ZHUGHQ $OOH$Q]HLFKHQGHXWHWHQGDUDXIKLQGDGLHHLQVWHQVKRFKVWHKHQGH.XOWXU GHU$QWHUIHUUDQWHUYRULKUHP(QGHVWDQG /lUPHQG]RJHLQH*UXSSHUHOLJL|VHU)DQDWLNHUGXUFKGLH6WUDHQ'LH=DKO GHUHUGLHVLFKHVRWHULVFKHQ=LUNHOQUHOLJL|VHQ6FKDUODWDQHQXQG P\VWL]LVWLVFKHQ+HLOVOHKUHQHUJDEHQZXUGHLPPHUJU|HUJOHLFK]HLWLJ VSURVVHQNULPLQHOOH%DQGHQZLH6RPPHUVDDWHQJOHLFKVDPDXVGHP%RGHQ GHULPPHUXQZLUWOLFKHUZHUGHQGHQ6WlGWH 9HUJDQJHQKHLWPXUPHOWH.LUUDQ(UGHXWHWHDXIGDVKHUDEJHEUDQQWH *HPlXHU (UKHEWHXFK]XU/RESUHLVXQJGHV8QEHUZLQGOLFKHQODV*U\QSKDXIHLQHP GHU7UDQVSDUHQWH'LHMXQJH)UDXGLHDP5DQGGHV=XJHVPDUVFKLHUWHVDK *U\QSKGXUFKGULQJHQGDQ6LHKDWWHLKU)HOOYROOVWlQGLJVFKZDU]HLQJHIlUEW XQGVLFKHLQEL]]DUHV=LFN]DFNPXVWHUGDUDXIJHPDOW =XNXQIWHUZLGHUWH*U\QSKXQGZLHVDXIGLH'HPRQVWUDQWHQ$XVGHP +LQWHUJUXQGVFKREVLFKHLQHDQGHUH*UXSSHKHUDQGLH3HO]HJHOEJHIlUEWPLW EODXHQ5LQJHQXPGHQ/HLEXQG7UDQVSDUHQWHQGLH)ULHGIHUWLJNHLWXQG 5HFKWVFKDIIHQKHLWIRUGHUWHQ(VOLHVLFKDEVHKHQGDGLHEHLGHQ*UXSSHQ EHLLKUHP$XIHLQDQGHUWUHIIHQLP+DQGXPGUHKHQLQHLQH.HLOHUHLYHUZLFNHOW VHLQZUGHQXQGHVJDENHLQH2UGQXQJVPDFKWPHKUGLHGLHVHP7UHLEHQ KlWWH(LQKDOWJHELHWHQN|QQHQ :DVKDVWGXYRU"IUDJWH.LUUDQ *U\QSK]XFNWHGLHPDJHUHQ6FKXOWHUQ (UZROOWHDP/HEHQEOHLEHQPHKUQLFKW6HLQH(OWHUQZDUHQYRU-DKUHQ JHVWRUEHQXQGVHLWKHUZDU*U\QSKDXIVLFKDOOHLQJHVWHOOWJHZHVHQ'DV +HLPLQGHPHUHLQH=HLWODQJJHOHEWKDWWHZDUUDQGDOLHUHQGHQ-XJHQGOLFKHQ ]XP2SIHUJHIDOOHQ'LH6FKXOHZDU*U\QSKVOHW]WHU.RQWDNWPLWHLQHP RUGHQWOLFKHQ/HEHQJHZHVHQXQGGLHVHU.RQWDNWODJQXQEXFKVWlEOLFKLQ 6FKXWWXQG$VFKH *U\QSKVWLHHLQHQVFKZDU]JHEUDQQWHQ=LHJHOYRQVLFK ,FKZHUGHPLFKLUJHQGHLQHU*UXSSHDQVFKOLHHQVDJWHHUKDOEODXW :HOFKHU"(VJLEWYLHOH ,UJHQGHLQHUDQWZRUWHWH*U\QSK,FKZLOOHWZDV]XHVVHQKDEHQHLQ'DFK EHUGHP.RSIXQGLFKZLOOQLFKWYHUSUJHOWZHUGHQ +DVWGXNHLQHUOHL(KUJHL]PHKU"

'LH%OLFNHGHUEHLGHQWUDIHQVLFK6LHKDWWHQVLFKHLQPDOVHKUJXWYHUVWDQGHQ MHW]WJDEHVSUDNWLVFKNHLQHQ.RQWDNWPHKU'DV/HEHQDQGHP.LUUDQ JHKDQJHQKDWWHXQGIUGDVHU*U\QSKKDWWHYRUEHUHLWHQZROOHQJDEHVQLFKW PHKU 8QG*U\QSKVSUWHLQVLFKGDUEHUHLQHOHLVH7UDXHUDXIVWHLJHQGDGLH=HLW GHVDOWHQ/HKUHUVDEJHODXIHQZDU(QWZHGHUZUGHHUYHUKXQJHUQRGHUDEHU ZHQQHVLKPJHODQJJHQJHQG1DKUXQJVPLWWHOIUVLFKXQGVHLQ:HLE]X EHVFKDIIHQZUGHPDQLKPHLQHV7DJHVGHVZHJHQK|FKVWZDKUVFKHLQOLFK HLQHQKDUWHQ*HJHQVWDQGEHUGHQ6FKlGHOVFKODJHQ 1HLQVDJWH*U\QSK(VJLEWQLFKWVPHKUZDVPDQDQVWUHEHQN|QQWH (LQ0DQQGHVVHQ9HUJDQJHQKHLWMlK]X6FKURWWJHZRUGHQZDUHLQ-XQJH GHUVLFKLQ*HGDQNHQDXIHLQ/HEHQLP0HQVFKHQGVFKXQJHOYRUEHUHLWHWHXQG ZXWHGDHUGDIUQLFKWJHVFKDIIHQZDU]ZHL9HUORUHQHHLQHUYHUORUHQHQ =LYLOLVDWLRQ .LUUDQJLQJODQJVDPGXUFKGHQIHLQVLFNHUQGHQ5HJHQGDYRQ*U\QSKVDKLKP QRFKHLQH=HLWODQJQDFKGDQQZDQGWHHUVLFK]XP*HKHQ'LH+lQGHZDUHQ NDOWXQGNODPPJHZRUGHQ*U\QSKVWHFNWHVLHLQGLH7DVFKHQIDQGHLQ6WFN DOWEDFNHQHQ%URWHVGDVYRUKHUQLFKWGRUWJHZHVHQZDUXQG]RJHVKHUYRU .LUUDQPXWHHVLKPXQEHPHUNWLQGLH7DVFKHJHVFKPXJJHOWKDEHQ 1DUUVDJWH*U\QSKZlKUHQGHUODQJVDPDXQG7UlQHQEHUVHLQ*HVLFKW OLHIHQ$OWHUYHUGDPPWHU1DUU 8QWHUHLQHP'DFKKlWWH*U\QSKGDV7URP PHOQGHV5HJHQVDQJHQHKP JHIXQGHQ6RDEHUK|UWHHUGHQ$XISUDOOHLQHVMHGHQ7URSIHQVPLW 9HUGURVVHQKHLW'LH3DSSHZDUEHLLKUHU+HUVWHOOXQJHLQPDOZDVVHUIHVW JHZHVHQDEHUQDWUOLFKKDWWHGHU+HUVWHOOHUQLFKWGDUDQJHGDFKWGDPDQ VHLQ9HUSDFNXQJVPDWHULDOHLQPDODOV'DFKHLQHU(UGK|KOHEHQXW]HQZUGH (VURFKPXIILJXQGPRGULJLQGHP(UGORFK'DV+DXV]XGHPGHUKDOE HLQJHVWU]WH.HOOHUHLQPDOJHK|UW KDWWHZDUQDFKVHLQHP(LQVWXU]WHLOZHLVH DEJHUlXPWZRUGHQ*U\QSKKDWWHGDV/RFKYRUGUHL7DJHQHQWGHFNWXQGVLFK GHV1DFKWV]XP6FKODIHQGRUWKLQYHU]RJHQ/LFKWJDEHVQLFKWHLQH+HL]XQJ IHKOWHHEHQVRXQGGDV:HLFKVWHZDV*U\QSKDOV8QWHUODJH]XP6FKODIHQ KDWWHILQGHQN|QQHQZDUHQHLQSDDUDOWH6RFNHQJHZHVHQGHUHQ6WRIIDXI GHU+DXWNUDW]WHXQGVFKHXHUWHZHQQPDQVLFKLP6FKODIEHZHJWH +DVWGXQRFK3ODW]" *U\QSKVFKUDN]XVDPPHQ(UVDKDXI9RP(LQJDQJKHUDEVDKLKQHLQ IHXFKWHV0lGFKHQJHVLFKWDQ+|FKVWHQV]ZDQ]LJVFKlW]WH*U\QSKKEVFK XQGVHKUPDJHUGD]XYHUlQJVWLJW .RPPKHUHLQVDJWHHUXQGUXWVFKWHHLQZHQLJ]XU6HLWH:HQQGHU5HJHQ DXIJHK|UWKDWZHUGHLFKGLFKGDYRQVFKLFNHQGHU3ODW]UHLFKWDXIGLH'DXHU QLFKWIU]ZHL ,FKZLOOQXUWURFNHQZHUGHQVDJWHGDV0lGFKHQ,KU3HO]ZDUY|OOLJYHUNOHEW 6LHN|QQWHVLFKVHLW7DJHQQLFKWPHKUJHZDVFKHQKDEHQ,KUH=lKQHZDUHQ QDKHGHP=DKQIOHLVFKVFKZDU]YHUPXWOLFKVHLWHWOLFKHQ:RFKHQQLFKWPHKU JHSXW]WZRUGHQ

9HUZDKUORVWVWHOOWH*U\QSKLQ*HGDQNHQIHVW $EXQG]XEOLW]WHGHU0RQGGXUFKGDVUHJHQSUDOOH*HZ|ON,QGLHVHP/LFKW EHWUDFKWHWH*U\QSKVHLQHQXQYHUKRIIWHQ*DVWJHQDXHU 'LH.OHLQHZlUHXQWHUQRUPDOHQ8PVWlQGHQZLUNOLFKKEVFKJHZHVHQ JURlXJLJXQGVDQIWVFKODQNELV]XU0DJHUNHLWDEHURKQHGHVZHJHQGUU DXV]XVHKHQ(LQVFKHXHV:HVHQXQGYHUPXWOLFK]lKHUXQGKlUWHUDOVPDQ YHUPXWHQVROOWH :LHKHLWGX" $VKGDVWHOOWHVLFKGDV0lGFKHQYRU,FKELQPHLQHQ(OWHUQZHJJHODXIHQ 0XVFKRQHLQLJH=HLWKHUVHLQVWHOOWH*U\QSKIHVW 3DKVHOEHUVFKPXGGHOLJVDJWH$VKGDSDW]LJ+DVWGXHWZDV]XHVVHQ GD" *U\QSK]|JHUWHHLQHQ$XJHQEOLFNODQJ(LQ5HVWYRQGHPKDUWHQ%URWZDU EULJJHEOLHEHQ9RUUDWIUPRUJHQ :HQQHVGLUQLFKW]XKDUWLVWVDJWH*U\QSKXQGGUFNWHLKUGHQ5HVWLQGLH +lQGH6LHKDWWHGLH1lJHOHLQJHIlUEWXQGMHW]WILHO*U\QSKHLQ$UPEDQGDXI GDVUHFKWNRVWEDUDXVVDKDOOHUGLQJVYHUVWDQG*U\QSKQLFKWVGDYRQ (UGHXWHWHDXIGDV6FKPXFNVWFN 9RQGHLQHQ(OWHUQ"IUDJWHHU$VKGDVFKWWHOWHGHQ.RSI *HNODXWVDJWHVLHPLWYROOHP0XQG'HU.HUOGDFKWHHUN|QQWH]XGULQJOLFK ZHUGHQQXUZHLOHUPLU]XHVVHQJHJHEHQKDW8QGHLQ%DGDEHUGDVLVW ODQJHKHU ,FKNDQQHVULHFKHQZROOWH*U\QSKVDJHQDEHUHUXQWHUGUFNWHGHQ(LQIDOO (UVHOEHUURFKDXFKQLFKWJHUDGHQDFKWlJOLFKHP*HEUDXFKYRQ:DVVHUXQG 6HLIH(VZDUMHW]WDQJHQHKPZDUPJHZRUGHQ$VKGDNDQQWHNHLQH =LPSHUOLFKNHLWHQNXVFKHOWHVLFKDQ*U\QSKXQGKROWHVLFKDQ:lUPHZDV]X EHNRPPHQZDU ,VWGDVKLHUGHLQ=XKDXVH" 9RUEHUJHKHQGDQWZRUWHWH*U\QSK(UVFKlPWHVLFKSO|W]OLFKVHKU 'HU=XVDPPHQEUXFKODJHUVWHLQSDDU-DKUH]XUFNGDVZDUGDV6FKOLPPH :lUHHULQGLHVHV(OHQGKLQHLQJHERUHQZRUGHQKlWWHHUQLFKWVDQGHUHV JHNDQQWDOV+XQJHU1lVVHXQG.lOWHHVZlUHOHLFKWHU]XHUWUDJHQ JHZHVHQ6RDEHUNRQQWHVLFK*U\QSKDQGHUHU=HLWHQVHKUZRKOHULQQHUQ XQGLQGHQ%FKHUQXQG/HKUILOPHQKDWWHHUVHKUDXIPHUNVDPYHUIROJWZLH IUKHUH*HQHUDWLRQHQYRQ$QWHUIHUUDQWHUQJHOHEWKDWWHQ 1LFKWVGDYRQVRVDKHVDXVNRQQWHJHUHWWHWZHUGHQ'LH=LYLOLVDWLRQGHU $QWHUIHUUDQWHUEU|FNHOWHHLQIDFKDXVHLQDQGHU:LHlW]HQGH6lXUHIUDVLFK HLQJDQ]EHVWLPPWHU*HGDQNHLQGLH.|SIHGHU$QWHUIHUUDQWHUVLHK]XZR GXEOHLEVWNPPHUHGLFKQLFKWXPDQGHUH $FKEULJHQVGDQNH +D" )UGDV%URWVDJWH$VKGD,FKKDEHVHLW]ZHL7DJHQQLFKWVPHKU JHJHVVHQ 0HKUKDEHLFKQLFKWVDJWH*U\QSK

$VKGDUFNWHYRQLKPDE]RJGLH%HLQHGLFKWDQGHQ/HLEXQGVDKLKQDQ,P 6FKHLQGHV0RQGHVVDK*U\QSKGDVLHVHKUVFK|QH$XJHQKDWWHGHUHQ $XVGUXFN7UDXULJNHLWZDU :DVZLOOVWGXPDFKHQ"IUDJWH$VKGD 0LFKLUJHQGHLQHU*UXSSHDQVFKOLHHQHUNOlUWH*U\QSK:HQQPLFKHLQH KDEHQZLOO +DVWGXVFKRQHLQHEHVWLPPWH*UXSSHLP$XJH" *U\QSKQLFNWH ,FKNHQQHMHPDQGHQGHUJHK|UW]XGHQ(UNHQQHUQGHV:DKUHQ'DZLOOLFK KLQJHKHQ .HQQHLFKQLFKW:DVVLQGGDVIU/HXWH" *DQ]WROOH6DFKHEHULFKWHWH*U\QSK6LHDUEHLWHQLP8QWHUJUXQGZHLW GXDOOHVXQKHLPOLFKJHKHLPPLW(LGHQXQG%OXWVEUGHUVFKDIWHQ $KDPXUPHOWH$VKGD'LH=ZHLIHOGLHVLHPLWGLHVHPNQDSSHQ/DXW DXVGUFNWHlUJHUWHQ*U\QSK 9LHOHJHK|UHQVFKRQ]XGHQ(UNHQQHUQGHU:DKUKHLWEHULFKWHWHHUZHLWHU $EHUVLHJHEHQVLFKQLFKW]XHUNHQQHQREZRKOVLHVHKUVWDUNVLQG,FK ZHLGDYLHOHYRULKQHQ$QJVWKDEHQ ,VWHVGDVZDVGLFKGRUWKLQ]LHKW" 'DPDQ$QJVWYRULKQHQKDW",FKJODXEHVFKRQDEHUZDVLVWGDJHJHQ HLQ]XZHQGHQ%HLGLHVHQ=HLWHQZRPDQDXIGHQ6WUDHQQLFKWPHKUVLFKHU LVWLVWHVGRFKJXWZHQQPDQ)UHXQGHKDWGLHHLQHQEHVFKW]HQN|QQHQ $VKGDKDWWHGHQ.RSIDXIGLH.QLHJHOHJW 6SULFKZHLWHULFKK|UHGLU]X *U\QSKEHULFKWHWHDOOHVZDVHUEHUGLH*UXSSHGHU(UNHQQHUGHV:DKUHQ ZXWH'DQRFKODQJHQLFKWMHGHUDXIJHQRPPHQZXUGHGHUVLFKGDUXP EHZDUEGDPDQ3UREHQ]XEHVWHKHQKDWWHXPDXIJHQRPPHQ]XZHUGHQ GDPDQ'ZLQXQEHGLQJWHQ*HKRUVDP]XVFKZ|UHQKDWWHDXI/HEHQXQG 7RG :HULVWGLHVHU'ZLQ" 1LHPDQGNHQQWLKQDEHUHVPXHLQJDQ]EHVRQGHUHU$QWHUIHUUDQWHUVHLQ 1LHPDQGKDWLKQMHPDOVJHVHKHQDEHUDOOHPVVHQLKPJHKRUFKHQ(UZLUG DXFK%RWHGHV:DKUHQJHQDQQW $EHUHULVWQLFKWGDV:DKUHVHOEVW" 'LH)UDJHZDU]XJURIU*U\QSKHUEHDQWZRUWHWHVLHGDKHUJDUQLFKWHUVW 'ZLQKDWVFKRQKDOE7HUIXPVLFKJHVFKDUWVDJWHHUZHLWHU8QGLFK JODXEHHVLVWZLUNOLFKDQGHU=HLWVLFKLKPDQ]XVFKOLHHQ:HUHVQLFKWWXW ZLUGP|JOLFKHUZHLVHLUJHQGZDQQDXWRPDWLVFKGDPLWVHLQ)HLQGXQGGDVLVW VHKUJHIlKUOLFK'ZLQV/HXWHVLQGXQKHLPOLFKKDUW 8QKHLPOLFKVFKHLQWPLUJHQDXGHUULFKWLJH$XVGUXFN]XVHLQIUGLHVHJDQ] %DQGHVDJWH$VKGD(VK|UWQLFKWDXI]XUHJQHQXQGLFKKDEHNHLQH/XVW QRFKHLQPDOQD]XZHUGHQ-HW]WELQLFKPGH *DQ]RIIHQNXQGLJKDWWHVLHYRU]XVDPPHQPLW*U\QSKLQGLHVHU+|KOH]X EHUQDFKWHQXQGGDVOLH*U\QSKVLFKVHKUXQZRKOLQVHLQHU+DXWIKOHQ

(UKDWWHMXQJZLHHUZDULPPHUHLQHQZHLWHQ%RJHQXP)UDXHQXQG 0lGFKHQJHPDFKW,UJHQGZLHHUVFKLHQLKPGDVDOOHV $VKGDO|VWHGDV3UREOHPDXILKUH:HLVHVLHUROOWHVLFK]XVDPPHQXQG VFKOLHIHLQIDFKHLQ,UJHQGZDQQJHODQJHVDXFK*U\QSKHLQ]XVFKODIHQ .RPPHLQHLQHU6WXQGHZLHGHUVDJWHGHU'XQNOH +LHUDQGLHVHQ3ODW]" *HQDXKLHU8QGVHLDOOHLQ$QGHUQIDOOVZLUGQLFKWVDXVGHU6DFKH *U\QSKQLFNWHHLIULJ (UKDWWH.RQWDNWDXIJHQRPPHQXQGGHU'XQNOHHUKLHOWVLFKVWHWVLP 6FKDWWHQXQGVRUJWHGDIUGDPDQLKQQLFKWULFKWLJHUNHQQHQNRQQWHKDWWH *U\QSKHUNOlUWGDHVYLHOOHLFKWIULKQHLQH&KDQFHJlEHEHLGHQ(UNHQQHUQ GHV:DKUHQPLW]XPDFKHQYRUDXVJHVHW]W*U\QSKZDUEHUHLWEHLHLQHUVHKU JHIlKUOLFKHQ6DFKHPLW]XPDFKHQ6ROOWHHUVLFKZHLJHUQPLW]XPDFKHQGDQQ NRQQWHLKPDOOHUGLQJVVFKRQGDVEORH:LVVHQXPGLHVH9RUJlQJH]XP 9HUKlQJQLVZHUGHQGHU'XQNOHKDWWHVLFKVHKUHLQGHXWLJDXVJHGUFNW(V JDEIU*U\QSKNHLQHDQGHUH:DKOPHKUHUVWHFNWHEHUHLWVELV]XP+DOVLQ GHU6DFKHYRQGHUHUQLFKWZXWHZLHVLHDXVVDK ,PPHUKLQKDWWHGHU.RQWDNWPDQQ*U\QSKHWZDV]XHVVHQPLWJHEUDFKW NHLQKDUWHV%URWPLWYLHOHLQJHEDNNHQHU.OHLHGDULQVRQGHUQULFKWLJZHLHV %URW *U\QSKKDWWHNHLQH/XVWVLFKPLWGLHVHU.|VWOLFKNHLWDXIGHU6WUDHVHKHQ]X ODVVHQ(UVXFKWHVHLQ9HUVWHFNDXI 6LHZDUVFKRQZLHGHUGD $VKGDZDUEHUHLWVIRUWJHZHVHQDOV*U\QSKHUZDFKWZDUXQGMHW]WVDVLHLQ GHU+|KOHXQGODFKWHLKPHQWJHJHQ 'XZLOOVWGLFKZRKOEHLPLUHLQTXDUWLHUHQVDJWH*U\QSK=XPHLQHQIDQGHU HVXQKHLPOLFKWROOGDHLQH)UDXPLWLKP]XVDPPHQOHEHQZROOWHDXIGHU DQGHUHQ6HLWHZDULKPGLH6DFKHGRFKUHFKWXQKHLPOLFK'HPHQWVSUHFKHQG YHUZLUUWVHW]WHHUVLFKDXIHLQ0DXHUEUXFKVWFNLQGHU1lKHXQGVDK$VKGD ]XGLHGDPLWEHVFKlIWLJWZDUGLH:RKQXQJYRQDOOGHP*HUXPSHO]X EHIUHLHQGDV*U\QSKGDULQYRUJHIXQGHQKDWWH9RUDOOHPKDWWHVLHYRQ LUJHQGZRKHUHLQ6WFNIULVFKH3DSSHEHVRUJWXQGGDPLWGDV/RFKDEJHGHFNW GXUFKGDVHVLQGLH+|KOHKLQHLQJHWURSIWKDWWH (VLVWJHQJHQG3ODW]IUXQVEHLGHGDVDJWH$VKGD,KUH$XJHQ]HLJWHQ HLQXQWHUQHKPXQJVOXVWLJHV)XQNHOQGDV*U\QSKJDUQLFKWJHIDOOHQZROOWH $VKGDVFKLHQEHUDXHURUGHQWOLFKHV'XUFKVHW]XQJVYHUP|JHQ]XYHUIJHQ $OVN|QQHHUVLFKVHLQH%HKDXVXQJGDPLWIUHLNDXIHQKLHOW*U\QSKLKUYRQ GHPNRVWEDUHQ%URWKLQ 0LWUDXHQVSLHJHOWHVLFKLQ$VKGDV*HVLFKW 'DVHVVHLFKHUVWZHQQLFKZHLZRKHUHVVWDPPW

,FKKDEHGLUGRFKJHVDJWGDLFKLQ.RQWDNWPLWGHQ(UNHQQHUQGHV:DKUHQ VWHKH'DKHUKDEHLFKGDV%URW (LQPDOGDYRQDEJHVHKHQGDHVQLFKWVWDXJWHUNOlUWH$VKGD'LHVH$UW %URWJLEWHVKHXW]XWDJHQXUQRFKLQ.UDQNHQKlXVHUQ/HXWHPLW/|FKHUQLP 0DJHQHVVHQVRHWZDV.UDQNH*HQHVHQGHZHQQGXGDVYRQGHLQHP VRJHQDQQWHQ)UHXQGKDVWGDQQKDWHUHVLQHLQHP9HUVRUJXQJVGHSRWRGHU VRQVWZRJHVWRKOHQ8QGGX" *U\QSKGHXWHWHDXIGDV$UPEDQG $VKGD]XFNWHPLWGHQ6FKXOWHUQ6LHZDUI*U\QSKGDV%URW]XUFN ,FKZLOOQLFKWVGDYRQVDJWHVLHXQGZDQGWHVLFKZLHGHULKUHU$UEHLW]X *U\QSKVSUWH:XWLQVLFKDXIVWHLJHQ(UKDWWHVLFKULHVLJJHIUHXWXQGEHNDP QXQIUVHLQH*URKHU]LJNHLWGLHVH$EIXKU$POLHEVWHQKlWWHHUVLH NXU]HUKDQGGDYRQJHMDJWDXIGHUDQGHUHQ6HLWHZDUHVDEHUVHKUDQJHQHKP JHZHVHQLP6FKODIGLH:lUPHLKUHV.|USHUV]XVSUHQ $VKGDVDKDXI 'XVLHKVWDXVDOVZlUVWGXE|VHDXIPLFK 6LHVDJWHHVVRUXKLJXQGIUHXQGOLHKGD*U\QSKQLFKWDQGHUVNRQQWH %LQLFKQLFKWORJHUXQGIKOWHVLFKVFKOHFKWGDEHL $VKGDVDKLKQHLQSDDU$XJHQEOLNNHQDFKGHQNOLFKDQ 6FKDGHVDJWHVLHKDOEODXW'XKDVW0XWDEHUOHLGHUDQGHUIDOVFKHQ 6WHOOH 'LHVH$QDO\VHlUJHUWH*U\QSKQRFKPHKU(UYHU]RJVLFKHLQSDDU6FKULWWH XQGDXV7URW]DHUGDVJDQ]H%URWDOOHLQXQG]ZDUVRVFKQHOOGD$VKGD JDUNHLQH&KDQFHPHKUKDWWHQRFKHWZDVDE]XEHNRPPHQ +LQWHUKHUWDWLKPQDWUOLFKGHU0DJHQZHKZDVLKQZLHGHUlUJHUWH0LW VWHLJHQGHU9HUELWWHUXQJVDKHU]XZLH$VKGDGHQKDOEHLQJHVWU]WHQ.HOOHU IUHLUlXPWH=X*U\QSKV9HUGUXWDWVLHGDVVRJHVFKLFNWGDQLHPDQGHWZDV YRQGHQ9HUlQGHUXQJHQPHUNHQNRQQWHVRVRUJIlOWLJYHUWHLOWHVLHGHQ DQIDOOHQGHQ6FKXWWLQGHU8PJHEXQJ8QGGHQ3DSSGHFNHOLP'DFKKDWWHVLH VRJHVFKLFNWPLW6DQGEHVWUHXWGDPDQLKQYRQGHU8PJHEXQJNDXP XQWHUVFKHLGHQNRQQWH *U\QSKVDKHLQGD$VKGDDXVVHLQHU:RKQK|KOHHLQH$UW=XKDXVH JHPDFKWKDEHQZUGHZHQQHUYRQVHLQHPJHIlKUOLFKHQ8QWHUIDQJHQ ]XUFNNHKUWH(LQ%OLFNLQGLH+|KHHVZXUGH=HLWDQGHQYHUHLQEDUWHQ 7UHIISXQNW]XUFN]XNHKUHQ 6HLQH/DXQHZDUPLVHUDEHODOVHUODQJVDPGXUFKGLHYHUODVVHQHQ6WUDHQ YRQ7HUIVFKULWW,QGLHVHU5HJLRQGHUJURHQ6WDGWZDJWHVLFKGHV0LWWDJV QLHPDQGLQV)UHLHXQGZHQQGDQQQXUVFKZHUEHZDIIQHW:DIIHQDEHUJDE HVDXIGHPJUDXHQXQGGHPVFKZDU]HQ0DUNWQLFKWDOO]XYLHOH0RFKWHGLH 5HJLHUXQJVPDFKWDXFKGDUQLHGHUOLHJHQWURW]GHV=XVDPPHQEUXFKVGHU ,QIUDVWUXNWXUZDUHVQLFKWGD]XJHNRPPHQGDGLH:DI IHQGHSRWVGHUIUKHUHQ2UGQXQJVNUlIWHJHSOQGHUWZRUGHQZDUHQ'LH PHLVWHQZDUHQPLWSRVLWURQLVFKHQXQGDQGHUHQ6SHUUHQJHJHQXQEHIXJWHV (LQGULQJHQPHKUIDFKJHVLFKHUW

$EHUIUHLQHQKDQGIHVWHQ.QSSHOUHLFKWHHVDOOHPDOXQGQLHPDQGKDWWH /XVWGDPLW%HNDQQWVFKDIW]XPDFKHQ 'HU'XQNOHNDPDXIGLH0LQXWHSQNWOLFKMHGHQIDOOVVDJWHHUGDV'HU $EJHVDQGWHGHV%RWHQGHV:DKUHQWUXJDQVHLQHPUHFKWHQ+DQGJHOHQNHLQH 8KUPRGHUQHU)HUWLJXQJGHU+LPPHOPRFKWHZLVVHQZRKHUGHU0DQQLQ GLHVHQ8QUXKH]HLWHQGLHQ|WLJHQ0LNUREDWWHULHQIUGHQ%HWULHEGHU8KUIDQG 'DELVWGXMDVWHOOWHGHU'XQNOHIHVW(VVFKHLQWGLUWDWVlFKOLFKHUQVW]X VHLQPLWGHLQHP:XQVFK ,FKP|FKWHHLQ(UNHQQHUGHV:DKUHQZHUGHQVWLH*U\QSKKHUYRU 'HU'XQNOHWUXJHLQH0DVNHEHUGHP*HVLFKW(UVDKGUDPDWLVFKDXVXQG EHUDXVJHIlKUOLFK6HLQH$XJHQVFKLHQHQ*U\QSK]XGXUFKERKUHQ 8QGZDVYHUVSULFKVWGXGLUGDYRQ" $XIGLHVH)UDJHKlWWH*U\QSKJHUQVHOEVWHLQH$QWZRUWJHZXW,KPILHOHLQ ZDV$VKGDEHUGLH(UNHQQHUGHV:DKUHQJHVDJWKDWWH ,FKZLOOEHKHUUVFKHQVDJWHHUXQGHUVDJWHHVKHIWLJ0DFKWDXVEHQ,FK ZLOOGDDOOHGLHPLFKVFKLHIDQVHKHQYRUPLUNXVFKHQ $XVXQGYRUEHLVFKRHVGXUFKVHLQH*HGDQNHQ(UZDUHPSILQGVDPXQG JHZLVVHQVIKOHQGJHQXJVLFKHLQ]XJHVWHKHQGDGLHVH0RWLYH QLHGHUWUlFKWLJXQGVFKlQGOLFKZDUHQ 'HU'XQNOHODFKWH 6ROFKH/HXWHN|QQHQZLUEUDXFKHQVDJWHHU'XPDFKVWGLUZHQLJVWHQV NHLQH,OOXVLRQHQ hEHUGLHVHVHUVFKUHFNHQGH/REZDU*U\QSKVHKUYHUZXQGHUW(UEHJDQQ]X DKQHQGDGLH(UNHQQHUGHV:DKUHQHLQ+DXIHQZDUHQGHUNHLQHVZHJVVR HGOH=LHOHYHUIROJWHZLHGLH$QKlQJHULQGHU5HJHOYRUJDEHQ'HU$XIWUDJ NDQQJHIlKUOLFKZHUGHQVDJWHGHU'XQNOH%LVWGXEHUHLWIUGLH6DFKH]X VWHUEHQ" *U\QSKEHVFKORDXIGHP:HJGHVOHEHQVYHUDFKWHQGHQ=\QLVPXV ZHLWHU]XPDFKHQ (KUOLFKJHVDJWVWHUEHQVROOHQOLHEHUDQGHUH,FKZLOOJHZLQQHQHJDOZLH :LHGHUVDKLKQGHU'XQNOHDXIPHUNVDPDQZLHGHUVFKLHQHU]XOlFKHOQ :LUZHUGHQVHKHQVDJWHHU.RPPPLW (UIKUWH*U\QSKGXUFK6WUDHQ]JHGLHHUQLH]XYRUJHVHKHQKDWWH)UKHUH 1REHOYLHUWHOLQGHQHQGLH3URPLQHQ]JHZRKQWKDWWHRGHUZHQLJVWHQV VROFKHGLHVLFKGDIUJHKDOWHQKDWWHQ'LH9LOOHIFZDUHQJHSOQGHUW]XP7HLO KHUXQWHUJHEUDQQWZRUGHQ ,QHLQSDDU-DKUHQZHUGHQZLUGRUWZRKQHQVDJWHGHU'XQNOH:HQQ XQVHUH6DFKHVLHJWXQGVLHPXVLHJHQGDQQZLUGHLQHKHUUOLFKH=HLWIU XQVDQEUHFKHQ-HGHUZLUGHLQHLJHQHVSUDFKWYROOHV+DXVKDEHQXQGYLHOH 'LHQVWERWHQXQG.QHFKWH-HGHUYRQXQV" -HGHUGHUVLFKXQVDQVFKOLHWXQGXQVKLOIW :HQQZLUPHKUDOVGLH+lOIWHGHU%HY|ONHUXQJKLQWHUXQVKDEHQZLUGGDV VFKRQUHLQPDWKHPDWLVFKQLFKWJDQ]DXIJHKHQ'HU'XQNOHODFKWHODXW)U GLH 'XPPN|SIHQLFKWDEHUIUXQV'XZLUVWHVHUOHEHQ

=ZHLHUOHLZXUGH*U\QSKLQGLHVHQ$XJHQEOLFNHQEHZXW=XPHLQHQ GLHJHIlKUOLFKORFNHQGH*OlWWHGLHVHV3ODQHV]XPDQGHUHQHLQHLPPHU VWlUNHUZHUGHQGH6LFKHUKHLWGD'ZLQXQGVHLQH*HIROJVOHXWH K|FKVWZDKUVFKHLQOLFKVLHJHQZUGHQXQGZHUVLFKGLHVHP+DXIHQQLFKW IUK]HLWLJDQVFKORGHPZDUVSlWHUGLH5ROOHHLQHV6NODYHQVLFKHU,QGHU 3UD[LVNDPHVGHU$XIIRUGHUXQJJOHLFKDQHLQHP9HUEUHFKHQWHLO]XQHKPHQ ZDKOZHLVHDOV2SIHURGHUDOV7lWHU(LQHQHXWUDOH+DOWXQJGD]XZDU DXVJHVFKORVVHQXQG*U\QSKVSUWHPLW(QWVHW]HQVHLQH6FKZlFKHXQG )HLJKHLWGLHLKQGD]XYHUIKUWHVLFKYRUVLFKWVKDOEHUDXIGLH6HLWHGHU7lWHU ]XVFKODJHQ 'HU'XQNOHKDWWHHLQHHKHPDOLJH6FKXOHHUUHLFKW=XPHUVWHQ0DOILHO*U\QSK DXIZLHVlXEHUOLFKKLHUGLH%HY|ONHUXQJEHUHLWVDUFKLWHNWRQLVFKYRQHLQDQGHU JHVFKLHGHQZRUGHQZDU$XIGHUUHFKWHQ6HLWHGHU6WUDHZDUHQ+lXVHUIU )DPLOLHQ]XVHKHQPLW*lUWHQGDKLQWHUXQG$EVWHOOSOlW]HQIUGLH*OHLWHU 'DQQNDPGDV6FKXOJHElXGHXQGUHFKWVGDYRQNORW]WHQGLH8QWHUNQIWHIU GLHbUPHUHQLQGLH+|KHPLWHLQELFKHQ*UQGD]ZLVFKHQXQGHLQLJHQ ZHQLJHQ$QVFKOVVHQIUGLHVWHWVEHUIOOWHQ|IIHQWOLFKHQ9HUNHKUVPLWWHOGLH HVMHW]WQLFKWPHKUJDE 'HU'XQNOHVFKLHQVLFKLQGLHVHP%H]LUNDXV]XNHQQHQ=LHOVWUHELJVXFKWHHU GLH6SRUWKDOOHGHU6FKXOHDXI *U\QSKVSUWHZLHHLQ)U|VWHOQEHUVHLQHQ.|USHUOLHI:DUXP DXVJHUHFKQHWLUIHLQHUHKHPDOLJHQ6FKXOH"*DEHVQLFKWDQGHUH 9HUVDPPOXQJVRUWH",QGHU+DOOHURVWHWHQGLH*HUlWHLQGHU'HFNHNODIIWHHLQ /RFKGXUFKGDVGHU5HJHQHLQJHGUXQJHQZDU/lQJVWZDUGLH :HWWHUNRQWUROOHDXHU)XQNWLRQXQGDXIGHPKRO]JHWlIHOWHQ%RGHQVWDQGHQ JURH3IW]HQ 'HU'XQNOHVFKULWWZHLWHU(UPDUVFKLHUWHDQGHQ+\JLHQH]HOOHQYRUEHLLQGHQ *HUlWHUDXP(UZDUJHOHHUWZRUGHQ0HKUDOV]ZHL'XW]HQG$Q WHUIHUUDQWHU ZDUWHWHQGRUWDXIGDV(UVFKHLQHQGHV'XQNOHQ 5DVFKVRUWLHUWH*U\QSKGLH*HVLFKWHUGLHHU]XVHKHQEHNDP(U]lKOWH ]ZHLXQG]ZDQ]LJ/HXWHDOOHV0lQQHU9RQLKQHQJHK|UWHQVLHEHQ]XGHQ (UNHQQHUQGHV:DKUHQHUNHQQEDUDQGHUVWUDIIHQ'LV]LSOLQGHQKDUWHQ *HVLFKWHUQYRQ]ZHL-QJOLQJHQDEJHVHKHQGHUHQZHLFKIODXPLJH .QDEHQJHVLFKWHUPLWJU|WHU0KHDXIKHURLVFKH+lUWHYHU]RJHQZDUHQ 'UHLGHU$QZHVHQGHQYHUPRFKWH*U\QSKQLFKWHLQ]XRUGQHQ'LHNDOWH 8QGXUFKGULQJOLFKNHLWGHU0LHQHQEUDFKWHLKQGD]XVLHIUHUSUREWH.lPSIHU GHU(UNHQQHUGHV:DKUHQ]XKDOWHQ:lKUHQGGLH.QDEHQXQGLKUHHLQZHQLJ lOWHUHQ*HIlKUWHQZLHHLQVWZHLOHQQRFKKDUPORVH,GHDOLVWHQDXVVDKHQ PDFKWHQGLHVHGUHLGHQ(LQGUXFNVHKUJHQDX]XZLVVHQZDVJHVSLHOWZXUGH 'HU5HVWGHU9HUVDPPOXQJEHVWDQGDXV1HXOLQJHQZLH*U\QSK(LQZHQLJ YHUOHJHQDOOHVHKUDXIJHUHJWGDUDXIEHGDFKWGHP'XQNOHQ]XJHIDOOHQXQG YRUDOOHPGHQ.QDEHQ(VZDUHLQHUVFKUHFNHQGHU$QEOLFNHUZDFKVHQH $QWHUIHUUDQWHUYRUGLHVHQDXIJHSOXVWHUWHQ0LOFKElUWHQ]XFNHQ]XVHKHQ

*U\QSKZXWHLQGLHVHP$XJHQEOLFNGDHUQLHPDOV]XGLHVHP+DXIHQ JHK|UHQZUGHXQGGDHU]XIHLJHZDUVLFKGDYRQ]XPDFKHQ(VZDU]X VSlW]XU)OXFKW $POLHEVWHQZlUHHUMHW]WEHL$VKGDJHZHVHQKlWWHVLFKDQVLHJHVFKPLHJW XQGHUVWHLQPDOVHLQ(QWVHW]HQXQGVHLQHQ6FKPHU]KHUDXVJHKHXOW,Q GLHVHP$XJHQEOLFNZXWHHUGDHUVLFKEHLGLHVHP0lGFKHQ QLFKWVYHUJDEZHQQHUVHLQH6FKZlFKHRIIHQ]HLJWH .DPSIJHIlKUWHQ 'DV:RUWDOOHLQOLH*U\QSK]XVDPPHQVFKUHFNHQ'HU'XQNOHKLHOWHLQH NXU]H$QVSUDFKHLQGHUHVYRQ%HJULIIHQZLH(KUH$QVWDQG7DSIHUNHLW +HOGHQWXP%HZlKUXQJXQGhEHUOHEHQVZLOOHZLPPHOWH:HQQ*U\QSKGHQ PHORGUDPDWLVFKHQ6FKZXOVWULFKWLJYHUVWDQGZXUGHDQGLHVHP7DJYRQ GLHVHU*UXSSHHLQH6FKODFKWJHVFKODJHQGLHLQLKUHU)HUQZLUNXQJGDIU VRUJHQZUGHGDGDV8USUREOHPGHU$QWHUIHUUDQWHUHQGOLFKJHO|VWGD DOVR)DU\QWGDYRQJHWULHEHQZUGHVDPWVHLQHQZLGHUZlUWLJHQ%HZRKQHUQ 'DV.UHEVJHVFKZU%DUV%DUVPVVHHQGOLFKGXUFKHLQH]ZDU VFKPHU]KDIWHDEHUVHKUQRWZHQGLJH2SHUDWLRQHQWIHUQWZHUGHQ'DHV GDEHL]X%OXWYHUJLHHQNRPPHQZUGHVHLOHLGHUXQYHUPHLGOLFKDEHUHLQ JHVXQGHV9RON *U\QSKK|UWHJDUQLFKWKLQ6WLPPODJHXQG7RQIDOOGHV'XQNOHQYHUULHWHQ EHUGHXWOLFKGDGHU'XQNOHYRQGHP8QIXJGHQHUGDHU]lKOWHNHLQ:RUW VHOEVWJODXEWH'HQ0LHQHQGHUMXQJHQ.lPSIHUIUGDV:DKUHDEHUZDU]X HQWQHKPHQGDVLHYRQGLHVHPJHPHLQJHIlKUOLFKHQ6FKZDFKVLQQQLFKW JHQXJK|UHQNRQQWHQ (VVFKPHU]WHDEHUHVOLHVLFKQLFKWlQGHUQRIIHQEDUJDEHV$QWHUIHUUDQWHU GLHDOOHQ(UQVWHVJODXEWHQGDPDQGLHYLHOIlOWLJHQ :LUNXQJV]XVDPPHQKlQJHHLQHUJDOD[LVZHLWHQ=LYLOLVDWLRQPLWDOOLKUHQ :HFKVHOZLUNXQJHQXQG9HUELQGXQJHQLQHLQSDDUOlSSLVFKHQ)DXVWIRUPHOQ ]XVDPPHQIDVVHQNRQQWHGLHMHGHUEHVVHUH6SUHFKYRJAOLQHLQHU:RFKH DXVZHQGLJOHUQHQNRQQWH8QGGRFKZDUHVVRGHU'XQNOHWDWLQVHLQHU $QVSUDFKHVRDOVJHEHHVIULKQNHLQH)UDJHDXIGLHHUQLFKWELQQHQ ZHQLJHU$XJHQEOLFNHHLQH$QWZRUWZLVVHXQGVHLQH=XK|UHUJODXEWHQLKP *U\QSKMHGHQIDOOVVSUWHLPPHUGHXWOLFKHUGDHUKLHUVHKUIHKODP3ODW]H ZDUHUEUDFKWHDEHUQLFKWGHQ0XWDXIVLFK]XHQWIHUQHQHUIUFKWHWHYRQ GHQNDOWKHU]LJHQ)DQDWLNHUQJHW|WHW]XZHUGHQ +HXWHQDFKWLQZHQLJHQ0LQXWHQYHUNQGHWHGHU'XQNOHZHU GHQZLU HLQHQ6FKODJIKUHQGHUXQVHQGJOWLJGLH0DFKWLQGLHVHU6WDGWYHUVFKDIIHQ ZLUG8QGVREDOGZLUPLWXQVHUHQ*HJQHUQLQ7HUIDEJHUHFKQHWKDEHQ %HLIlOOLJHV*HPXUPHOEHJOHLWHWHGLHVHQ+DOEVDW]RIIHQEDUKDWWHQHWOLFKHLQ GHU5XQGHHLQSDDU6WUHLFKHLP.RSIGLHVLHDXV]XIKUHQWUDFKWHWHQ*U\QSK DKQWHGDHVVLFKGDEHLXPSULYDWH5DFKHDNWHKDQGHOQZUGH ZHUGHQZLUXQVPLWXQVHUHP+DXSWIHLQGEHVFKlIWLJHQ:LUZHUGHQLKQ YHUQLFKWHQ

'LH/HLFKWLJNHLWPLWGHUGHP'XQNOHQVROFKH:RUWHEHUGLH/LSSHQJLQJHQ GLH*HODVVHQKHLWPLWGHUGLH=XK|UHUVLHDQK|UWHQEHLGHVPDFKWH*U\QSK HUVFKUHFNHQ 8QGMHW]W]XXQVHUHP(LQVDW])UHXQGHYRQXQVDQGHUH.DPSIJUXSSHQVLQG LQGLHVHQ0LQXWHQGDEHLHLQHQHQWVFKHLGHQGHQ6FKODJ]XIKUHQ:LU ZHUGHQGLHVH$NWLRQEHHQGHQ)ROJWPLU 'LH*UXSSHYHUOLHGHQ8QWHUVFKOXSI 8QWHUGHU)KUXQJGHV'XQNOHQWUDEWHGLH*UXSSHGXUFKGDVQlFKWOLFKH7HUI (VUHJQHWHOHLFKWGHU:LQGZDUNKO:lUHGLHVDOOHVQLFKWEXFKVWlEOLFKYRQ W|GOLFKHU(UQVWKDIWLJNHLWJHZHVHQKlWWH*U\QSKURPDQWLVFKH $EHQWHXHUDQZDQGOXQJHQJHKDEW6RDEHUODJ*HZDOWLQGHU/XIW /DQJVDPHUZLUVLQGEDOGDP=LHO -HW]WZXWH*U\QSKZHOFKHQ6FKODJGLH(UNHQQHUGHV:DKUHQ]XIKUHQ JHGDFKWHQ1XUHLQSDDU+lXVHUEORFNVZHLWHUJDEHVHLQRIIL]LHOOHV :DIIHQODJHUGHUIUKHUHQ3ROL]HLVWUHLWNUlIWH7DXVHQGHYRQ +RFKHQHUJLHZDIIHQPXWHQGRUWODJHUQ+DQGZXUIJHVFKRVVH 6SUHQJPDWHULDOXQGYLHOHVPHKUZDVVLFKLP.DPSIYHUZHQGHQOLH $EHUJDQ]VHOEVWYHUVWlQGOLFKZDUGLHVHV:DIIHQGHSRWYHUVLHJHOWXQGRKQH EHVRQGHUH/HJLWLPDWLRQQLFKW]X|IIQHQ(LQEUHFKHQZDUHEHQIDOOVQLFKW P|JOLFKPHWHUGLFNH3DQ]HUSODVWZlQGHVWHOOWHQMHGHPQRFKVRJXW JHUVWHWHQ$QJULIIHLQHQQDKH]XXQEHUZLQGOLFKHQ:LGHUVWDQGHQWJHJHQ 'LH*UXSSHEHZHJWHVLFKVFKOHLFKHQGZHLWHUELVVLHGDV7RU]XP'HSRW HUUHLFKWKDWWH *U\QSKYHUVWDQGQLFKWZDVGHU'XQNOHLP6LQQKDWWH ,QGDV'HSRWKLQHLQ]XNRPPHQZDUXQP|JOLFK1XUZHUHVPLWJHZDOWLJHP 0DWHULDOXQG=HLWDXIZDQGYHUVXFKWHKDWWH$XVVLFKWDXI(UIROJDEHUGDQQ EHNDPPDQHVPLWGHQSRVLWURQLVFKJHVWHXHUWHQ:DFKURERWV]XWXQGLH DXWRPDWLVFKDODUPLHUWZXUGHQXQGHLQHQ]XVlW]OLFKHQ6FKXW]GDUVWHOOWHQ 'LHVH1RWVWDQGVPDQDKPHQZDUHQNXU]YRUGHP=XVDPPHQEUXFKGHU OHW]WHQRUJDQLVLHUWHQ5HJLHUXQJVPDFKWJHWURIIHQZRUGHQXPUDQGDOLHUHQGH 3|EHOKDXIHQGDUDQ]XKLQGHUQVLFKLQGHQ%HVLW]PRGHUQVWHU:DIIHQ]X VHW]HQ 8QGVHOEVWZHQQHVHLQHPJHODQJVLFKLQGDV*HElXGHKLQHLQ]XVFKOHLFKHQ KDWWHHUHVQRFKODQJHQLFKWJHVFKDIIW(VJDELP,QQHUQ:DFKDXWRPDWHQGLH PLW(QHUJLHZDIIHQEHVWFNWZDUHQXQGDOOHVXQWHU)HXHUQDKPHQZDVVLFK UHJWH 1RFKGUHL0LQXWHQVDJWHGHU'XQNOH *U\QSKVSUWHVHLQ+HU]VFKQHOONORSIHQXQGLQVHLQHU0DJHQJUXEHVHW]WH VLFKHLQNDOWHU.OXPSHQJHYURQQHQHU$QJVWIHVWGHULPPHUJU|HUZXUGH %HUHLW/HXWH" 'LH5FNPHOGXQJNDPUDVFK'LH*UXSSHEUDQQWHDXILKUHQ(LQVDW] ,KUJHKWKLQHLQXQGVFKQDSSWHXFKVRIRUW:DIIHQDPEHVWHQ=ZHL0DQQ 0DVFKLQHQZDIIHQPLWSRVLWURQLVFKHU=LHOHUIDVVXQJIUGLH:DFKURERWV ZHQQVLHNRPPHQ

*U\QSKVFKOXFNWH 'DQQZDUHVVRZHLW*U\QSKZDUIDVVXQJVORVWUDXWHVHLQHQ$XJHQNDXP DEHULP/LFKWHLQHU*UXSSHYRQUDVFKHLQJHVFKDOWHWHQ+DQGVFKHLQZHUIHUQ VDKHUZLHVLFKGLH)OJHOGHU(LQJDQJVWUEHZHJWHQ$XVGHP,QQHUQVWLH HLQHGLFNH4XDOPZRONHKHUDXVGDQQWDXPHOWHHLQH*HVWDOWQDFKYRUQ 6FKDIIWLKQ]XU6HLWHVWLHGHU'XQNOHKHUYRU8QGGDQQKLQHLQ *U\QSKUDQQWHPLWGHQDQGHUHQORV=ZHLVHLQHU*HIlKUWHQVFKDIIWHQGHQ 9HUOHW]WHQLQ6LFKHUKHLWGHU5HVWVWLHLQGLHTXDOPXPZ|ONWHgIIQXQJYRU $XVGHP,QQHUQZDUHQ6FKUHLH]XK|UHQ9HUZXQGHWHULHIHQQDFK0H GRURERWVXQG6DQLWlWHUQ *U\QSKEUDXFKWHQLFKWODQJHXPGDVHQWVHW]OLFKH$XVPD]XHUNHQQHQGDV GLHVHU+DQGVWUHLFKDQJHQRPPHQKDWWH,UJHQGZLHZDUHV]ZHLRGHUGUHLRGHU JDUQRFKPHKU*UXSSHQYRQ(UNHQQHUQGHV:DKUHQJHOXQJHQVLFKLQV 'HSRW]XVFKOHLFKHQ'LH9LHO]DKOGHUJOHLFK]HLWLJ DXIWDXFKHQGHQ=LHOHKDWWH GLHDXWRPDWLVFKVFKLHHQGHQ:DFKHLQULFKWXQJHQVRYHUZLUUWGDGLH hEHUOHEHQGHQLKUHUVHLWVGLH5RERWDXWRPDWHQKDWWHQXQWHU)HXHUQHKPHQ N|QQHQ +XQGHUWHYRQ$QWHUIHUUDQWHUQPXWHQGLHVHQ:DKQVLQQPLWGHP7RGJHEW KDEHQGDVZDU*U\QSKQDFKZHQLJHQ6FKULWWHQNODUhEHUDOOODJHQ2SIHU KHUXP %HHLOWHXFKGLH5RERWHUNRPPHQEDOG 2KQHVLFKXPGLH7RWHQXQG9HUZXQGHWHQ]XNPPHUQPDFKWHQVLFKGLH hEHUOHEHQGHQGDUDQGDV:DIIHQGHSRW]XSOQGHUQ,QILHEHUQGHU(LOH VFKOHSSWHQVLHKHUDXVZDVVLHIULKUH3OlQHEUDXFKWHQXQG*U\QSKNRQQWH HUNHQQHQGDGLHVHJDQ]H$NWLRQJHQDXJHSODQWZRUGHQZDU'LH$QIKUHU GHUHLQ]HOQHQ*UXSSHQKDWWHQJHQDXH$QZHLVXQJHQZHOFKH5HJDOHXQG 1LVFKHQ]XHUVWJHSOQGHUWZHUGHQPXWHQ 'UDXHQYRUGHP7RUZDUHQ/DVWHQJOHLWHUDXIJHIDKUHQGLHUDVFKEHODGHQ ZXUGHQ$QGHUH$QWHUIHUUDQWHUZDUHQJOHLFK]HLWLJGDPLWEHVFKlIWLJWGLH KDOEDXWRPDWLVFKHQ(QHUJLHNDQRQHQDXI]XVWHOOHQPLWGHQHQGLH5RERWHU QLHGHUJHNlPSIWZHUGHQVROOWHQ 'LHHUVWHQ*OHLWHUUDVWHQGDYRQZHLWEHUGDVHUODXEWH/LPLWEHODGHQXQG EHSDFNWXQGLPPHUQRFKZXUGHQ.LVWHQXQG:DIIHQEQGHODXVGHP'HSRW JHVFKOHSSW+DQGZDIIHQ:XUIJUDQDWHQ6SH]LDOVSUHQJVWRIIH)DUEPDUNLHUHU /HXFKWJHVFKRVVHIHUQJHVWHXHUWH/DQGPLQHQ(UGERGHQWRUSHGRVGLHVLFK VHOEVWWlWLJGXUFKGHQ%RGHQIUDHQ.XU]XPGDVJHVDPWH$UVHQDODQ WHFKQLVFKHQ6FKHXOLFKNHLWHQZXUGHDXVJHUlXPW:DVLP'HSRWYHUEOLHE ZDUGDV,QVWUXPHQWDULXPIU6WUDHQVSHUUXQJHQ1RWIDOOHLQVlW]H]XU /HEHQVUHWWXQJXQG]XP.DWDVWURSKHQVFKXW]'HXWOLFKHUNRQQWHQGLH (UNHQQHUGHV:DKUHQNDXPNODUVWHOOHQZDVLKUHZLUNOLFKHQ=LHOHZDUHQ 'LH(QHUJLHNDQRQHQHU|IIQHWHQGDV)HXHU,QJUHOOHQ'HWRQDWLRQHQIORJHQGLH YRUGHUVWHQ:DFKURERWVLQGLH/XIW 5FN]XJRUGQHWHHLQHEHIHKOVJHZRKQWH6WLPPHDQ

:LUGVRIRUWJHPDFKWVDJWHGHU'XQNOHKDVWLJXQGGDPLWZXWH*U\QSK GDHUHLQHQ9RUJHVHW]WHQGHV'XQNOHQNHQQHQJHOHUQWKDWWHHLQHQ JUDXSHO]LJHQ$QWHUIHUUDQWHUGHUVLFKDXIIDOOHQGJHUDGHKLHOWVLFKPLWVWHLIHQ %HZHJXQJHQDXVGHU0DVVHGHXWOLFKDEKREXQGHLQHQHUKHEOLFK JHSIOHJWHUHQ(LQGUXFNPDFKWHDOVGLHUHFKWQDFKOlVVLJHQ(UNHQQHUGHV :DKUHQ 'LH(UNHQQHUGHV:DKUHQVHW]WHQVLFKDE6LH]HUVW|UWHQEHLLKUHP5FN]XJ QRFKHLQH5HLKHYRQ5RERWSDWURXLOOHQZlKUHQGGDV'HSRWLQ)ODPPHQ DXIJLQJ 'HUJDQ]HhEHUIDOOKDWWHQLFKWOlQJHUDOVHLQHKDOEH6WXQGHLQ$QVSUXFK JHQRPPHQ$P(QGHGHU$NWLRQIDQGVLFK*U\QSKLP9HUVWHFNVHLQHU *UXSSHZLHGHU]LWWHUQGYRU$XIUHJXQJXQG.lOWH ,QVHLQHQ+lQGHQODJHLQH+RFKHQHUJLHZDIIHXQGLQ*U\QSKV DQJVWJHSODJWHP+LUQZXUGHGLH*HZLKHLWLPPHUVWlUNHUGDHUGLHVH:DIIH HLQHV7DJHVDXFKHLQVHW]HQZUGH 6LHEHUHLWHQHWZDVYRUVDJWH1DUUPUXKLJ:LUKDEHQGUHL7DJHODQJ NHLQHUOHL$NWLYLWlWHQIHVWVWHOOHQN|QQHQDOVRKROHQVLH]XP6FKODJDXV 0LWPRGHUQHQ(QHUJLHZDIIHQVWHOOWH6KRUUQIHVWHUZDU6LFKHUKHLWVFKHIYRQ .DUQ$QW =W\UUKIUKHUHLQPDO/HLWHUGHUSODQHWDUHQ9HUWHLGLJXQJVWLHHLQHQODXWHQ 6HXI]HUDXV :lUHHVQLFKWP|JOLFKJHZHVHQVLHGDUDQ]XKLQGHUQVLFKPRGHUQ]X EHZDIIQHQ"IUDJWHHU(VZDUHLQH%LWWHXP,QIRUPDWLRQNHLQ9RUZXUIXQG GLH)UDJHZXUGHYRQ6KRUUQDXFKVRYHUVWDQGHQ +DWPDQGLUEHULFKWHWZLHHVGLH(UNHQQHUGHV:DKUHQJHVFKDIIWKDEHQHLQ 'HSRWLQLKUH*HZDOW]XEULQJHQ" ,FKK|UWHGDYRQPXQNHOQ$JPHKQGMX 6KRUUQQLFNWH 6LHKDEHQLQQHUKDOEZHQLJHU0LQXWHQIDVWHLQKXQGHUW$QWHUIHUUDQWHULQGDV 'HSRWEHI|UGHUWXQGGLHVHUhEHUPDFKWLVWHVJHOXQJHQGLHLQWHUQHQ 6LFKHUKHLWVHLQULFKWXQJHQDXV]XVFKDOWHQ9RQGLHVHQHLQKXQGHUW/HXWHQLVW QXUHLQH+DQGYROOOHEHQGGDYRQJHNRPPHQ 1DUUPVWLHHLQHQKHLVHUHQ/DXWGHU9HUELWWHUXQJDXV 9RUGHP =XVDPPHQEUXFKGHUVWDDWOLFKHQ2UGQXQJ&KHIGHU5DXPIDKUWKlWWHHVGHU QRFKUHFKWMXQJH$QWHUIHUUDQWHUMHW]WQLFKWOHLFKW'DQNVHLQHU,QWHOOLJHQ]XQG 2UJDQLVDWLRQVJDEHZDUHUGHUKHLPOLFKH5HJLHUXQJVFKHIYRQ.DUQ$QWDEHU HLQ&KHIGHUQXUZHQLJ+DQGOXQJVPSJOLFKNHLWHQKDWWH 1DWUOLFKZXWHHUVHKUJHQDXZDVVLFKKLQWHU6KRUUQVNQDSSHQ:RUWHQ YHUEDUJ'DV$JPHKQGMXHLQH$UW3VL)lKLJNHLWPDFKWHHVP|JOLFK /HEHZHVHQXQG0DWHULDOLHQWHOHSRUWDWLRQVJOHLFK]XEHI|UGHUQ]HLWYHUOXVWIUHL XQGEHUHLQH(QWIHUQXQJYRQELV]X.LORPHWHUQKLQZHJ

9RUDXVVHW]XQJZDUDOOHUGLQJVGDVLFKPLQGHVWHQV]ZHLXQG]ZDQ]LJ $QWHUIHUUDQWHU]XHLQHPSVLRQLVFKHQ:LOOHQVEORFN]XVDPPHQIDQGHQ'HU JOHLFK]HLWLJH(LQVDW]YRQHLQKXQGHUW.lPSIHUQGLHSHU$JPHKQGMXLQGDV 'HSRWWHOHSRUWLHUWZRUGHQZDUHQOLHGHQ5FNVFKOX]XGDGLH(UNHQQHU GHV:DKUHQEHUPLQGHVWHQV0LWJOLHGHUYHUIJWHQZDKUVFKHLQOLFK VRJDUHUKHEOLFKPHKU 'DV$JPHKQGMXZDUUHFKWIUKLQGHU(QWZLFNOXQJVJHVFKLFKWHGHU $QWHUIHUUDQWHUHQWGHFNWZRUGHQXQGHEHQIDOOVVHKUIUKKDWWHQVLFKGLH %HZRKQHUGHU3ODQHWHQGDYRQEHU]HXJWGDHLQHIUHL]JLJH$QZHQGXQJ GLHVHU3DUD7HFKQLNGHQ8QWHUJDQJGHV3ULYDWOHEHQVEHGHXWHWHNHLQ2UWZR PDQYRU6FKQIIOHUQ'LHEHQXQGDQGHUHQ(LQGULQJOLQJHQVLFKHUJHZHVHQ ZlUH,QIROJHGHVVHQZDUGDV7KHPDVFKRQYRU-DKUWDXVHQGHQJUXQGVlW]OLFK WDEXLVLHUWZRUGHQGLHVRJHQDQQWH,QGLUHNW7HOHSRUWDWLRQJDOWDOVH[WUHP XQDQVWlQGLJYHUZRUIHQXQGKLQWHUKlOWLJ1XULQlXHUVWHQ1RWIlOOHQZXUGH GDYRQ*HEUDXFKJHPDFKWDEHUGLHVH9RUVFKULIWHQDQGLHVLFKLQIUKHUHQ =HLWHQVHOEVW'LNWDWRUHQXQG9HUEUHFKHUJHKDOWHQKDWWHQZDUHQHEHQVR ]XVDPPHQJHEURFKHQZLHGLH,QIUDVWUXNWXUMHGHQIDOOVEHLGHQ(UNHQQHUQGHV :DKUHQXQGHLQLJHQPDURGLHUHQGHQ%DQGHQJHULQJHUHU%HGHXWXQJ(V YHUVWDQGVLFKYRQVHOEVWGDGLH$NWLYHQVRQDQQWHVLFKGLH*UXSSHXP 1DUUP6KRUUQXQG0\UUKQGDV$JPHKQGMXQLHPDOVHLQVHW]WHQ 8PVRKHPPXQJVORVHUWULHEHQHVGLH(UNHQQHUGHV:DKUHQ'D6KRUUQ GDYRQDXVJLQJGDOlQJVWQLFKWMHGHV0LWJOLHGGLHVHU2UJDQLVDWLRQVR YHUGRUEHQZDUVLFKIUHLQ$JPHKQGMX]XU9HUIJXQJ]XVWHOOHQOLHVLFK HLQH.RSIVWlUNHGHU(UNHQQHUYRQPLQGHVWHQV]HKQWDXVHQG$QWHUIHUUDQWHUQ DXVUHFKQHQ 8QGZLUZLVVHQDXFKZLHVLHKLHUDXIWDXFKHQZHUGHQDXIGHPJOHLFKHQ :HJVHW]WH6KRUUQVHLQH(UNOlUXQJIRUW :HQQVLFKWDWVlFKOLFKHLQKXQGHUW)UHLZLOOLJHRGHU$KQXQJVORVHJHIXQGHQ KDWWHQGLHVLFKSHU$JPHKQGMXKDWWHQLQV'HSRWYHUVHW]HQODVVHQXPVR GHU4XDOLWlWGHU,QWHUQEHZDIIQXQJGHV'HSRWVPLWGHU4XDQWLWlWGHU WROONKQHQ.lPSIHU]XEHJHJQHQOLHVLFKYRUKHUVDJHQGDVROFKH 6HOEVWPRUGNRPPDQGRVLQ.DUQ$QWQRFKOHLFKWHUHLQ]XVHW]HQZDUHQ :DVVROOHQZLUJHJHQGLHVH/HXWHXQWHUQHKPHQ"IUDJWH0\UUKQ &KHIZLVVHQVFKDIWOHULQ.DUQ$QW :LUN|QQWHQGLHVHVHOHQGH1HVWYRP:HOWUDXPDXVDQJUHLIHQVDJWH=W\UUK :LUKDEHQGLH5DXPVFKLIIHGD]XXQGGLH:DIIHQ $EHUQLFKWGDV5HFKWZHKUWH1DUUPDE:LUZHUGHQXQVQLFKWDXIGDV JOHLFKH1LYHDXZLHGLHVH9HUEUHFKHUEDQGHQEHJHEHQ'HUJU|WH7HLOGHU (UNHQQHUGHV:DKUHQEHVWHKWDXV8QJOFNOLFKHQ=XNXU]*HNRPPHQHQ YHUEOHQGHWHQ1DUUHQXQGZLUUHQ6HNWLHUHUQ'LHHLJHQWOLFKHQ'UDKW]LHKHUXP 'ZLQGDJHJHQVLQGHLVNDOWHKDUWJHVRWWHQH%DQGLWHQ6LHZLVVHQJHQDXZDV VLHWXQXQGZLHVLHLKUH*HIlKUWHQDXVEHXWHQXQGEHQXW]HQN|QQHQ*lOWH HVQXUGLHVH$QIKUHUDXV]XVFKDOWHQZUGHLFKQLFKW]|JHUQDEHUIUMHGHQ ZLUNOLFKHQ(UNHQQHUGHQZLUWUHIIHQW|WHQZLUGDQQDXFKKXQGHUWPHKURGHU

PLQGHU8QVFKXOGLJH1HLQGLHVHV9HUIDKUHQYHUELHWHWVLFKDXV*UQGHQGHU *HUHFKWLJNHLWYRQVHOEVW (VZlUHZLFKWLJ]XZLVVHQZHUGLHVHQ/HXWHQGLH7LSVJLEWZDUI0\UUKQ HLQ 1DUUPVHXI]WH 'HU:LVVHQVFKDIWOHUVSUDFKHLQ3UREOHPDQGDV1DUUPXQGGHUUHVWOLFKHQ /HLWXQJYRQ.DUQ$QWVFKZHUDXIGHU6HHOHODJ,UJHQGHLQ6SLRQKDWWHHV RIIHQEDUIHUWLJJHEUDFKWVLFKLQGLH5HLKHQGHU$NWLYHQHLQ]XVFKOHLFKHQXQG JDEQXQVRHUVWNODVVLJH,QIRUPDWLRQHQDQ'ZLQZHLWHUGDIDVWDOOH *HJHQRSHUDWLRQHQGHU$NWLYHQLP6DQGYHUODXIHQZDUHQ1DUUPXQGVHLQH 0lQQHUNDPHQHLQIDFKQLFKWDQ'ZLQKHUDQVLHYHUORUHQQXUHLQHQWDSIHUHQ .DPHUDGHQQDFKGHPDQGHUHQ 1LHPDQGZXWHRGHUDKQWHZHUGLHVHU9HUUlWHUZDU(UNRQQWHVLFKLQ *HVWDOWHLQHVZLQ]LJHQ5RERWVHLQJHVFKOLFKHQKDEHQGHUDOOHQQRFKVR JUQGOLFKHQ8QWHUVXFKXQJHQHQWJDQJHQZDU(VZDUGHQNEDUGDHLQ OHEHQGHU6SLRQSHU$JPHKQGMXHLQJHVHW]WZRUGHQZDU'DPLWWHOVGLHVHU 7HFKQLNDXFK]XU3VL*UXSSH]XUFNWHOHSRUWLHUWZHUGHQNRQQWHZDUHVVHKU ZRKOP|JOLFKGDGHU6SLRQVLFKVROFKHUDUWDXFKZLHGHUDEJHVHW]WKDWWH$XI GHUDQGHUHQ6HLWHHUIRUGHUWHHLQ$JPHKQGMX9HUEXQGHLQHJHZLVVH .RQ]HQWUDWLRQXQGGLHOLHVLFKVFKZHUOLFKLQ6HNXQGHQVFKQHOOHKHUVWHOOHQ 'LHVHU)OXFKWZHJZDUIUHLQHQ6SLRQGDKHUPLWHLQLJHP5LVLNRYHUEXQGHQ (VJDEGHVZHLWHUHQQRFKGLHDOOHUGLQJVXQZDKUVFKHLQOLFKH0|JOLFKNHLW GDHVLQGHQ5HLKHQGHU)KUXQJVJUXSSHGHU$NWLYHQHLQHQ9HUUlWHUJDE 'HQPHLVWHQHUVFKLHQGLHVHU*HGDQNHDEVXUGGDKHUZXUGHKDXSWVlFKOLFK QDFK0LQL6SLRQHQJHIDKQGHWELVODQJOHLGHURKQH(UJHEQLV 9LHOOHLFKWEHNRPPHQZLUHVKHUDXVVDJWH1DUUPEHWUEW9LHOOHLFKWDXFK QLFKW,QMHGHP)DOOPVVHQZLUDXISDVVHQGLHVH1DUUHQN|QQHQDOOHUKDQG 6FKDGHQDQULFKWHQ 'LH*UXSSHXP1DUUPKDWWHGLH6WDGW.DUQ$QWXQWHU.RQWUROOHGHVJOHLFKHQ GHQ5DXPKDIHQXQGGLHGRUWHLQVDW]NODUHQ5DXPVFKLIIH=XP(LQIOXEHUHLFK GHU$NWLYHQJHK|UWHDXFKGHU0RQGGHU$QWHUIXPNUHLVWH'RFKGLH$QODJHQ DXI6HOHWHUIZDUHQZHLWJHKHQGYRQGHUSRVLWURQLVFKHQ6WHXHUXQJGHV 0DPPXWJHKLUQVLP,QQHUQGHV0RQGHVDEKlQJLJ'LHVH5LHVHQSRVLWURQLN DEHUKDWWHVLFKOlQJVWGHVDNWLYLHUWP|JOLFKHUZHLVHDXIJUXQGYHUZRUUHQHU %HIHKOHGHUOHW]WHQUHJHOUHFKWHQ5HJLHUXQJGLHGHP=XVDPPHQEUXFK YRUDQJHJDQJHQZDU%LVMHW]WZDUHVQLFKWJHOXQJHQGLH3RVLWURQLNZLHGHULQ *DQJ]XEULQJHQQLFKWHLQPDOHLQH.RPPXQLNDWLRQZDUP|JOLFK 'HPHQWVSUHFKHQGJHULQJZDUHQGLH0|JOLFKNHLWHQGLHWHFKQLVFK LQGXVWULHOOHQ.RPSOH[HGHV0RQGHV6HOHWHUIIUGLH=ZHFNHGHU$NWLYHQ]X QXW]HQ 'LH*UXSSHXP0\UUKQGLHDXIGHP0RQGOHEWHEUDXFKWHQDKH]XGLH JHVDPWHYHUEOLHEHQH.DSD]LWlWXPGDV3URMHNW7(8&(5ZHLWHU]XWUHLEHQ XQGQXQZDUDXFKGLHVHV3URMHNWJHIlKUGHW7(8&(5ZDUZLHGHU1DPH VFKRQVDJWHGLHOHW]WH+RIIQXQJGHU$NWLYHQGHQY|OOLJHQ9HUIDOOXQG

1LHGHUJDQJGHU$QWHUIHUUDQWHU]XYHUKLQGHUQ$XIGHQGUHL:HOWHQGHV %DUVDQWHU6\VWHPV$QWHUI*DWXUIXQG=XPSWRUIGLHEHZRKQEDUZDUHQ RGHUGD]XJHPDFKWZRUGHQZDUHQOHEWHQLQVJHVDPWIDVW]ZHL0LOOLDUGHQ ,QGLYLGXHQ,KUHQLPPHUQRFKUHFKWKRKHQ/HEHQVVWDQGDUGYHUGDQNWHQVLH HLQHUKRFKHQWZLFNHOWHQ7HFKQRORJLHXQGGHU7DWVDFKHGDGLHVH 7HFKQRORJLHQRFKIXQNWLRQLHUWH 'LHHLQ]HOQHQ%HUHLFKHGHUWHFKQLVFKLQGXVWULHOOHQ=LYLOLVDWLRQZDUHQ ZHFKVHOVHLWLJYRQHLQDQGHUDEKlQJLJXQGGLHVLQHLQHPHUKHEOLFKK|KHUHQ 0DDOVHVVLFKGHUQRUPDOH$QWHUIHUUDQWHUWUlXPHQOLH,QGHU3UD[LV EHGHXWHWHGLHVH$EKlQJLJNHLWGDDEHLQHPJHZLVVHQ3XQNWGHV 5FNVFKULWWVGLH.XOWXUDXIGHQGUHL3ODQHWHQELQQHQZHQLJHU0RQDWHY|OOLJ ]XVDPPHQEUHFKHQZUGH%LOGOLFKJHVSURFKHQOLHIGDV3UREOHPDXIGLH 6RUJHQHLQHVKXQJULJHQ$QWHUIHUUDQWHUVKLQDXVGHUXQEHGLQJWHLQHQ HOHNWULVFKEHWULHEHQHQ'RVHQ|IIQHUEUDXFKWHXPGLH%HQ]LQGRVH|IIQHQ]X N|QQHQPLWGHUHQ+LOIHGDQQGHU*HQHUDWRUEHWULHEHQZXUGHGHUGHQ6WURP IUGHQ'RVHQ|IIQHUOLHIHUWH 1DWUOLFKNDQQWHQGLH9HUDQWZRUWOLFKHQDXI$QWHUIHLQ0LWWHOJHJHQGLHVHOHLVH KHUDQGUlQJHQGHIUFKWHUOLFKH*HIDKU 'LH:LVVHQGHPXWHKHUEHLJHVFKDIIWZHUGHQ 'HU3UREOHPNUHLVGHU:LVVHQGHQEHWUDIVRZRKOUHOLJL|VHZLH ZLVVHQVFKDIWOLFKH%HUHLFKH,QZHLWHQ.UHLVHQGHUDNWLYHQ%HY|ONHUXQJYRQ .DUQ$QWJDOWGLH:LVVHQGHDOVHLQH$UW*RWWKHLWGLHDOOHV]XP*XWHQ ZHQGHQZUGHZHQQVLHQXUHUVWHUVFKLHQ :LVVHQVFKDIWOHUUHGX]LHUWHQGDV3UREOHPDXIGDV$XIILQGHQJHZLVVHU HQHUJHWLVFKHU3DUWLNHOJOHLFKVDPGHUSDUDSK\VLDNOLVFKHQRGHUJHLVWLJHQ %DXVWHLQHGHU:LVVHQGHQ'DV*HVFK|SIHVZXUGHVWHWVXQGJUXQGVlW]OLFK DOVZHLEOLFKGDUJHVWHOOWZUGHVLFKJDQ]YRQVHOEVWN|USHUOLFKDXVSUlJHQ ZHQQHVJHODQJGLHYHUVWUHXWHQ3DUWLNHO]XILQGHQXQGHQHUJHWLVFK]X YHUGLFKWHQ 'LHVHU$QVDW]ZDUYLHOHQ]XNDOWXQGZLVVHQVFKDIWOLFKZlKUHQGGLH :LVVHQVFKDIWOHUGHQUHOLJL|VHQ$VSHNWDOVURPDQWLVFKH9HUVWLHJHQKHLW DEWDWHQ (LQLJZDUHQVLFKEHLGH*UXSSHQLQLKUHP%HVWUHEHQVRUDVFKZLHP|JOLFK GLH:LVVHQGHKHUEHL]XVFKDIIHQ,KUH3HUVRQKDWWHHWZDVPLWGHU 9HUJDQJHQKHLWGHU$QWHUIHUUDQWHU]XWXQHEHQVRJDEHVYLHOIlOWLJH 9HUELQGXQJHQ]XP3UREOHPGHV*HELOGHV%DUV%DUV9RQGHU:LVVHQGHQ YHUVSUDFKPDQVLFKDXFKGDHVPLWLKUHU+LOIHP|JOLFKVHLQZUGHGLH YDJDEXQGLHUHQGH*DOD[LV)DU\QWVDPWLKUHQQLFKWPLQGHUXQHUIUHXOLFKHQ %HZRKQHUQGDKLQ]XUFN]XMDJHQZRKHUVLHJHNRPPHQZDUHQLQGLH:HLWHQ GHV:HOWUDXPV 'HU6FKOVVHO]XU/|VXQJDOOGLHVHU3UREOHPHKLH7(8&(5$Q%RUGGHV )RUVFKXQJVVFKLIIVZDUGDV%HVWHYHUZHQGHWZRUGHQZDVGLH7HFKQRORJLH GHU$QWHUIHUUDQWHUQRFKDXI]XELHWHQYHUPRFKWH :HKHXQVZHQQVLH7(8&(5ILQGHQPXUPHOWH0\UUKQJHGDQNHQYHUORUHQ

(UVDW]IUGDV)RUVFKXQJVVFKLIINRQQWHQLFKWPHKUEHVFKDIIWZHUGHQZHGHU WHFKQLVFKQRFKSHUVRQHOO7(8&(5ZDUHLQ0HWHUKRKHUWHFKQRORJLVFKHU .UDIWDNWGHUOHW]WH]XGHPGLH$QWHUIHUUDQWHUQRFKIlKLJZDUHQ 9RP+HUXPVLW]HQDOOHLQZLUGGLH/DJHQLFKWEHVVHUVDJWH1DUUP VFKOLHOLFK:LUPVVHQHWZDVXQWHUQHKPHQ 'DVVDJWVLFKHLQIDFKEHPHUNWH6KRUUQ6HLQ.RPPHQWDUZXUGH XQWHUEURFKHQYRP$XIKHXOHQGHU$ODUPVLUHQHQ'LH$NWLYHQVSUDQJHQDXI 1DUUPVWLHHLQH9HUZQVFKXQJKHUYRU -HW]WLVWHVVRZHLWVLHJUHLIHQDQVWLHHUKHUYRU 'DV)HXHUZLHVLKQHQGHQ:HJ(VEUDQQWHOLFKWHUORK2IIHQEDUZDUHV HLQHP6WRWUXSSGHV*HJQHUVJHOXQJHQHLQHQGHUJURHQ7DQNV]X VSUHQJHQ(LQLJHKXQGHUWWDXVHQG/LWHU7UHLEVWRIIKDWWHQVLFKEHUGLH)OlFKH GHV5DXPKDIHQVHUJRVVHQXQGIDFNHOWHQQXQPLWKLPPHOKRKHU/RKHDE 'LH)ODPPHQGUIHQGLH5DXPVFKLIIHQLFKWHUUHLFKHQVFKULH1DUUPGHU VRIRUWHUNDQQWHZHOFKH*HIDKUVLFKGDEODNHQGKHUDQZlO]WH 'LH6FKLIIHVWHOOWHQGLHHLQ]LJH9HUELQGXQJ]XP0RQG6HOHWHUIGDUXQGGRUW ZXUGH7(8&(5JHEDXW 1DUUPUDQQWHORV 1DFKZHQLJHQ6lW]HQKDWWHHUGLHQlFKVWH*OHLWHUVWDWLRQHUUHLFKW(UVSUDQJ LQGLHRIIHQH6FKDOHHLQHQ$XJHQEOLFNVSlWHUODQGHWH6KRUUQDXIGHP6LW] GHV%HLIDKUHUVGDQQMDJWHGDV*HIlKUWORV (LQHQHXHUOLFKH([SORVLRQHUVFKWWHUWHGLH/XIW:LHGHUVWLHHLQH)HXHUVlXOH LQGHQQlFKWOLFKHQ+LPPHO 6LHPDFKHQJUQGOLFKH$UEHLWGDVPXPDQLKQHQODVVHQVWLH6KRUUQ KHUYRU 'HU*OHLWHUUDVWHGXUFKGLH6WUDHQLQGHU1lKHGHV5DXPKDIHQV /|VFKIDKU]HXJHKDWWHQEHUHLWVGLH=XIDKUW]XP+DIHQHUUHLFKWGLH7RUH VWDQGHQRIIHQ2KQH.RQWUROOHQNRQQWHGHU*OHLWHUPLWGHQEHLGHQ0lQQHUQ DXIGDV5DXPKDIHQIHOGYRUGULQJHQ6KRUUQUHJLVWULHUWHGDLQ=XNXQIWDXFK VROFKH)DKU]HXJH]XNRQWUROOLHUHQZDUHQPLWGHP$JPHKQGMXZDUHV VFKOLHOLFKDXFKP|JOLFKHLQHQVRVFKZHUHQ.|USHUZLHHLQHQ*OHLWHUPLW ]ZHL3HUVRQHQGDULQ]XWUDQVSRUWLHUHQ (LQHXQJHKHXUH+LW]HZHOOHVFKOXJGHQEHLGHQ7ROONKQHQHQWJHJHQ'HU %UDQGVWUDKOWHXQJHKHXUH+LW]HPHQJHQDXVJOHLFK]HLWLJVRJHUDOOHQ YHUIJEDUHQ6DXHUVWRIIKHUDQ(VEHVWDQGGLH*HIDKUGDDXVGHP%UDQG HLQUHJHOUHFKWHU)HXHUVWXUPZXUGHHLQULHVLJHUJOXWHQGHU)HXHUZLUEHOGHU ZLHHLQH:LQGKRVHDOOHV0DWHULDOLP8PNUHLVDXIVRJXQGYHUVFKODQJ 1DUUPGHXWHWHPLWGHU+DQGQDFKYRUQ $XIGHP5DXPKDIHQVWDQGHQLQVJHVDPWVLHE]HKQ6FKLIIHYRQGHQHQYLHU QRFKHLQVDW]EHUHLWZDUHQ%HLGHQDQGHUHQZDUHQ:DUWXQJVXQG 5HSDUDWXUDUEHLWHQQLFKWDXVJHIKUWZRUGHQVLHZDUHQQLFKW]XEHQXW]HQ 'HU%UDQGKDWWHEHUHLWVGUHLGLHVHU6FKLIIHHUUHLFKWXQGHUGUlQJWHDXFKDQ GLHHLQVDW]NODUHQ(LQKHLWHQKHUDQ(UUHLFKWHHUVLHZDUDOOHVYHUORUHQGLH

6FKLIIHZXUGHQIUGHQ3HQGHOYHUNHKU]ZLVFKHQ$QWHUIXQG6HOHWHUI XQEHGLQJWJHEUDXFKW ,FKQHKPHGDVUHFKWHGXGDVOLQNHVFKULH1DUUP :HQLJVWHQV]ZHLGHUXQHUVHW]OLFKHQ6FKLIIHZROOWHHUUHWWHQLQGHPHUGLH 6FKLUPIHOGHUDNWLYLHUWHGLHGHQ5XPSIYRUGHP)HXHUVLFKHUDEVFKLUPWHQ 'DV)HXHUKDWWHHLQHVGHUNOHLQHUHQ6FKLIIHHUUHLFKWXQGYHUVFKODQJHV'HU .|USHUZDUGUXFNIHVWDEHUGLHVH)HVWLJNHLWZDUEHUHFKQHWZRUGHQQDFKGHQ %HGLQJXQJHQGHVIUHLHQ5DXPHV'HU8QWHUVFKLHG]ZLVFKHQGULQQHQXQG GUDXHQEHWUXJLP9DNXXPHLQH$WPRVSKlUH-HW]WZXUGHGLHVHUGLFKWH %HKlOWHUYRQDXHQHUKLW]WGLH*DVHLP,QQHUQGHKQWHQVLFKDXVXQGVHW]WHQ GDEHLGLH:lQGHXQWHULPPHUVWlUNHUZHUGHQGHQ'UXFN 'LH:LUNXQJOLHQLFKWODQJHDXIVLFKZDUWHQ0LWHLQHPGHXWOLFKK|UEDUHQ .UDFKHQSODW]WHGLH+OOHHLQHVGHU6FKLIIHDXIGLHORGHUQGHQ)ODPPHQ ]QJHOWHQKLQHLQXQGIDQGHQLP1XEUHQQEDUH6XEVWDQ]HQ(VJDENOHLQHUH ([SORVLRQHQLP,QQHUQGHV6FKLIIHVGHQHQHLQHJHZDOWLJH'HWRQDWLRQIROJWH 1DUUPEHNDPGDYRQQXUGLH+lOIWHPLW(UOLHGHQ*OHLWHUODQJVDPHUZHUGHQ VHW]WH6KRUUQDEXQGIHJWHGDQQZHLWHU]XPQlFKVWHQ6FKLII $XIGHP/DQGHIHOGKHUUVFKWHHLQXQEHVFKUHLEOLFKHV'XUFKHLQDQGHU,P )ODFNHUVFKHLQGHU)ODPPHQVDK 1DUUP]DKOUHLFKH/|VFKIDKU]HXJH]LHPOLFKKLOIORVGXUFKHLQDQGHUNXUYHQGD]X NDPHQGLH*OHLWHUYRQ=XVFKDXHUQXQGDQGHUHQGLHVLFKQXUJHJHQVHLWLJ EHKLQGHUWHQ$QXQGDE]XFNWHGXUFKGDV*HOEURWGHV)ODPPHQPHHUVGLH (QWODGXQJHLQHU:DIIHDXJHQVFKHLQOLFKZXUGHDXFKJHNlPSIW 1DUUPKLHOWGHQ*OHLWHUIUHLQHQ$XJHQEOLFNDQGDQQOLHHULKQIKUHUORV GDYRQUDVHQHU:ROOWHYHUPHLGHQGDGDV)DKU]HXJLQXQPLWWHOEDUHU1lKH GHV6FKLIIHVYRQGHQ)ODPPHQHUIDWXQG]XU([SORVLRQJHEUDFKWZHUGHQ NRQQWH/LHEHUGHQ*OHLWHUYHUOLHUHQDOVHLQHVGHUXQHUVHW]OLFKHQ 5DXPVFKLIIH 'LHNOHLQH3HUVRQHQOXNH]XGHU1DUUPGHQ6FKOVVHOEHVDVFKZDQJDXI 1DUUPVWLHJLQGDV,QQHUHGHV6FKLIIHV 6RIRUWHUZDFKWHVHLQ0LWUDXHQ 2EZRKOHUNHLQHQ6FKDOWHUEHWlWLJWKDWWHEUDQQWHGLH%HOHXFKWXQJ 'DIUJDEHVQXUHLQH(UNOlUXQJMHPDQGKDWWHVLFKDQ%RUGJHVFKOLFKHQ 5DIILQLHUWIOVWHUWH1DUUP (UKDWWHGHQ*HJQHUXQWHUVFKlW]W'LH(UNHQQHUGHV:DKUHQXPLKUHQ $QIKUHU'ZLQKDWWHQQLFKWQXUGLH7UHLEVWRIIGHSRWVLQGLH/XIWJHVSUHQJW6LH KDWWHQDXFKGLH9HUZLUUXQJGLHVHVhEHUIDOOVGD]XEHQXW]WSHU$JPHKQGMX HLQHQ6WRWUXSSDQ%RUGHLQHVGHUIOXJWDXJOLFKHQ5DXPVFKLIIH]XVFKOHXVHQ 'LH0DFKWGLH'ZLQXQGVHLQJHKHLPQLVYROOHU$QIKUHUGDPLWEHNDPHQOLH VLFKNDXPHUPHVVHQYRUDOOHPKDWWHGLHP|UGHULVFKH%DQGHGDQQHLQH 0|JOLFKNHLWVHOEVWGHQ0RQG6HOHWHUI]XP6FKDXSODW]LKUHUhEHUIlOOHXQG 9HUEUHFKHQ]XPDFKHQ 7(8&(5VFKRHV1DUUPGXUFKGHQ.RSI8PNHLQHQ3UHLVGXUIWH GDVXQHUVHW]OLFKH6FKLIIJHIlKUGHWZHUGHQ

1DUUPJULII]XU:DIIHGLHHUDP*UWHOWUXJ'DQQGUDQJHUYRUVLFKWLJLQV ,QQHUHGHV6FKLIIHVYRU *UlOLFKZDUGDVHLQ]LJSDVVHQGH:RUWGDV*U\QSKHLQILHOXPVHLQH *HPWVYHUIDVVXQJ]XEHVFKUHLEHQ(UKDWWH$QJVW6LHVDDOVNDOWHU.ORW] LP0DJHQ]RJLKPGLH(LQJHZHLGH]XVDPPHQ'UHL7DJHZDUHQVHLWGHP hEHUIDOODXIGDV:DIIHQGHSRWYHUJDQJHQXQGHUZDUQLFKWHLQH0LQXWHODQJ IUHLYRQ$QJVWJHZHVHQ0DQFKPDOIUDJWHHUVLFKREHUQLFKWVFKRQGDEHL ZDUUHJHOUHFKWYHUUFNW]XZHUGHQ 'LH$QWHUIHUUDQWHUPLWGHQHQHU]XVDPPHQOHEWHZDUHQLQGLHVHU/DJHQLFKW GLHULFKWLJHQ*HVSUlFKVSDUWQHUGDVKDWWH*U\QSKVHKUVFKQHOOEHPHUNW6LH HUJLQJHQVLFKLQZHFKVHOVHLWLJHP%HZHLKUlXFKHUQXQGVSLHOWHQVLFKJURDXI GLHVHQ5DEDXNHQHWZDVYRQbQJVWHQ]XHU]lKOHQZlUHEHU*U\QSKV .UlIWHJHJDQJHQ,P*HJHQWHLOGLH]XPLQGHVWVSUDFKOLFK]XU6FKDXJHVWHOOWH +lUWHXQG5RKKHLWKHL]WHVHLQH)XUFKWQXUQRFKDQ ,QHLQHU6WXQGHOLHIGHUQlFKVWH(LQVDW]DQ *U\QSKKDWWHHLQHQ:LQNHOLQGHU8QWHUNXQIWJHIXQGHQLQGHPHUDOOHLQZDU (UVDDXIGHP%RGHQKDWWHGLH$UPHXPGHQ/HLEJHVFKOXQJHQXQGZlUH GLH$QJVWQLFKWJHZHVHQKlWWHHUJHVFKOXFK]W6RGDFKWHHUDQ$VKGD SUHWHGLH.QLHIHVWDQGHQ2EHUN|USHUXQGYHUVXFKWHVRGLHDXIVWHLJHQGH 7UDXULJNHLWLP.|USHUHLQ]XVSHUUHQ 9LHOOHLFKWZDULQHLQHU6WXQGHVFKRQDOOHVYRUEHLHVJLQJLQGHQ.DPSIXQG QLHPDQGNRQQWHZLVVHQRE*U\QSKQLFKWVFKRQLQGHQHUVWHQ$XJHQEOLFNHQ GHV*HIHFKWVGDV/HEHQYHUORU'LH$UWXQG:HLVHLQGHUGHU'XQNOHPLWGHP /HEHQVHLQHU*HIROJVOHXWHXPJLQJKDWWH*U\QSKLP'HSRWVWXGLHUHQN|QQHQ (UVDKDXIGLH8KU 6HOWVDPGHU*HGDQNHYLHOOHLFKWZUGHHUGHQ6WXQGHQZHFKVHOGHU 'LJLWDODQ]HLJHQLHPDOVVHKHQN|QQHQ*U\QSKIUFKWHWHVLFKZLHHULQ GLHVHP$XJHQEOLFNEHJULIIQLFKWYRUGHP7RGQXUYRUGHP6WHUEHQXQGPLW GHU%HWUDFKWXQJGHU)UDJHZRGDGHU8QWHUVFKLHGZDUYHUEUDFKWHHUGLH QlFKVWHQ]ZDQ]LJ0LQXWHQ'DQQKDOIHQGLHVH*HGDQNHQVSLHOHUHLHQQLFKWV PHKUJHJHQGLH(PSILQGXQJHQXQGHUPXWHEXFKVWlEOLFKDOOH.UDIW DXIZHQGHQXPVHLQHU7UDXHUXQG)XUFKW+HUU]XZHUGHQ (UVFKDIIWHHVGLHVH6WXQGHKLQWHUVLFK]XEULQJHQ$OVHUGUDXHQDXIGHP *DQJGLH7ULWWHGHU.DPHUDGHQK|UWHVWDQGHUDXI,KPZDUVREHOGDHU VLFKIDVWEHUJHEHQKlWWHDEHUHUULVLFK]XVDPPHQ 'HU'XQNOHKLHOW/DJHEHVSUHFKXQJDE(UWUXJHLQH:DIIHDP*UWHOXQG PDFKWHHLQHQVHKUHQHUJLVFKHQ(LQGUXFN ,FKZHUGHGLH]ZHLWH*UXSSHIKUHQYHUNQGHWHGHU'XQNOH6LHXPIDWH GUHLLJ0DQQXQG*U\QSKJHK|UWHGD]X'DHUGHQ'XQNOHQIUYRUVLFKWLJ KLHOWIROJHUWHHUDXVGLHVHU:DKOGDHUHLQH&KDQFHKDWWHGHQ(LQVDW]]X EHUOHEHQ

'LHHUVWH*UXSSHDXFKVLHXPIDWHPHKUDOV]ZDQ]LJ0DQQKDWWHGHQNODU GHILQLHUWHQ$XIWUDJGLH9RUUlWHGHU$NWLYHQDQ%UHQQXQG+HL]PDWHULDO]X YHUQLFKWHQ'D]XVROOWHVLFKGHU7UXSSPLW*OHLWHUQGLFKWDQGHQ5DXPKDIHQ YRQ.DUQ$QWKHUDQVFKOHLFKHQGDQQSHU$JPHKQGMXGLH7DQNVVSUHQJHQ XQGQDFKGHU([SORVLRQGHU7UHLEVWRIIHGDV:HLWHVXFKHQ 'HU'XQNOHXQGVHLQH0lQQHUKDWWHQHLQHQDQGHUHQ$XIWUDJGHUQLFKWJHQDX HUOlXWHUWZXUGH )U*U\QSKEHJDQQGDPLWZLHGHUGDV:DUWHQ ,QHLQHPUHFKWNOHLQHQ5DXPVDHQGLH.lPSIHUGHU]ZHLWHQ*UXSSHHQJ EHLVDPPHQXQGZDUWHWHQhEHUHLQNOHLQHV)XQNJHUlWVWDQGGHU'XQNOHPLW GHQ0lQQHUQGHUHUVWHQ*UXSSHLQ.RQWDNW 'HU$QJULIIIDQGLP'XQNHOQVWDWWXQGZDUHUIROJUHLFK*U\QSKN|QQWH]ZDU QLFKWK|UHQZDVGHU$QIKUHUGHUHUVWHQ*UXSSH]XPHOGHQKDWWHDEHUGDV ERVKDIW]XIULHGHQH*HVLFKWGHV'XQNOHQYHUULHWGDGHU$QVFKODJJHJOFNW ZDU 0DFKWHXFKIHUWLJ$XIUHFKWKLQVWHOOHQXQGVRGLFKWZLHP|JOLFK DQHLQDQGHUUFNHQ -HW]WEHJULII*U\QSK 'LHJHVDPWH*UXSSHVROOWHGHULQGLUHNWHQ7HOHSRUWDWLRQXQWHU]RJHQZHUGHQ ,UJHQGZRZDKUVFKHLQOLFKLQGHU1lKHVDHQHLQSDDU+XQGHUWVFKDIWHQ EHLVDPPHQXQGULFKWHWHQLKUH$XIPHUNVDPNHLWDXIGHQ5DXPXQGGLH $QWHUIHUUDQWHUGDULQ'XUFKGHQJHPHLQVDPHQSVLRQLVFKHQ:LOOHQVEORFN NRQQWHGHUJHVDPWH7UXSSDXIHLQHQ6FKODJDQV=LHOEHI|UGHUWZHUGHQ *U\QSKV$QJVWVWHLJHUWHVLFK]XU3DQLN(UKDWWHVHOEVWQLHGDV$JPHKQGMX SUDNWL]LHUWQXUGDYRQPXQNHOQK|UHQ8QGHVKLHHVKDEHLPPHUZLHGHU 8QIlOOHJHJHEHQYRUDOOHPEHLP7UDQVSRUWYRQ/HEHZHVHQ6LHVHLHQY|OOLJ GHIRUPLHUWDP=LHODQJHNRPPHQZHLOLPHQWVFKHLGHQGHQ$XJHQEOLFNGHU HLQHRGHUDQGHUH7UDQVSRUWHXUPLWGHQ*HGDQNHQDEJHVFKZHLIWZDU,Q DQGHUHQ)lOOHQVHLGHU7UDQVSRUWLHUWHDOVVHLQHLJHQHV6SLHJHOELOGZLHGHU DXIJHWDXFKWXQGMlPPHUOLFK]XJUXQGHJHJDQJHQZHLOHUPLWVHLQHPELRSK\ VLNDOLVFKJHVSLHJHOWHQ0HWDEROLVPXVGLHLKPDQJHERWHQH1DKUXQJQLFKW YHUZHUWHQNRQQWH (UVSUWHGDHUYRU6FKUHFNHQGDV%HZXWVHLQYHUORUXQGLPQlFKVWHQ $XJHQEOLFNVSUWHHUNDOWHQ6WDKOXQWHUGHQ)HQGHU'UXFNDXIVHLQHQ/HLE OLHQDFKXQGLP1DFNHQVSUWHHUHLQXQDQJHQHKPHV6WHFKHQ $P=LHOYHUWHLOWHXFKVDJWHGHU'XQNOH(UGHXWHWHDXI*U\QSK'XEOHLEVW LQPHLQHU1lKH]XVDPPHQPLWGHQDQGHUHQ 7HFKQLVFKH*HUlWHZDUHQ]XVHKHQ,QVWUXPHQWH6NDOHQ0RQLWRUHQ+HEHO XQG6FKDOWHU$OOHVZDUVHKUYHUZLUUHQGIU*U\QSKGHUQHUY|VDQVHLQHU :DIIHVSLHOWH +DOWHWHXFKJHQDXDQGHQ3ODQVDJWHGHU'XQNOH ,FKZHLYRQNHLQHP3ODQVDJWH*U\QSKKDOEODXW =XPHUVWHQ0DOVDKGHU'XQNOH*U\QSKPLWYROOHU$XIPHUNVDPNHLWDQ

'XEUDXFKVWQLFKWV]XZLVVHQVDJWHHUXQGZDQGWHVLFKDE6LHKGXQXU ]XGDGXLQPHLQHU1lKHEOHLEVW -HW]WYHUVWDQG*U\QSK]XZHOFKHP=ZHFNPDQHLQHQVRYHUVFKUHFNWHQXQG XQHUIDKUHQHQ.lPSIHUZLHLKQPLWJHQRPPHQKDWWHHUVROOWHQXUGD]X GLHQHQLP1RWIDOOHLQHQ%ORFNPLWDQGHUHQ$QWHUIHUUDQWHUQ]XELOGHQ6LH VROOWHQIUGHQ'XQNOHQHLQH)OXFKWP|JOLFKNHLWVFKDIIHQZDVGDQQDXVLKQHQ ZXUGHZDUGHP'XQNOHQRIIHQEDUY|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|W]OLFKHLQHNOHLQH/DPSHDXI 0DQQVFKOHXVHPHOGHWHMHPDQG(VVWHLJWHLQHUHLQ 5XKLJYHUKDOWHQJHERWGHU'XQNOHVFKDUI(UGDUIXQVHUVWVHKHQZHQQHV IU*HJHQZHKU]XVSlWLVW$XINHLQHQ)DOOGUIWLKUDXILKQVFKLHHQ 'LH(UNHQQHUYHUWHLOWHQVLFKLQGHQ:LQNHOQGHU=HQWUDOH0LWDQJHKDOWHQHP $WHPVSlKWH*U\QSKXPKHU =XVHKHQEHNDPHUQLFKWYLHO(VZDUGXQNHOLP5DXPQXUHLQSDDUNOHLQH 1RWODPSHQEUDQQWHQ$XIHLQLJHQ,QVWUXPHQWHQIODFNHUWHQ/DPSHQXQG HUORVFKHQZLHGHU:DVGDVDOOHV]XEHGHXWHQKDWWHEOLHEIU*U\QSKHLQ XQO|VEDUHV*HKHLPQLV (UNRPPW *U\QSKPHUNWHGDVHLQH+lQGHIHXFKWZDUHQ(UULHEVLHWURFNHQXQGJULII GDQQZLHGHUQDFKGHU:DIIH2EHV]XP.DPSINRPPHQZUGH" ,P(LQJDQJ]XU=HQWUDOHHUVFKLHQHLQH*HVWDOWZHQLJVSlWHUIODPPWHGLH +DXSWEHOHXFKWXQJDXI'DVZDUGDVYHUHLQEDUWH=HLFKHQ 'LH(UNHQQHUVSUDQJHQDXIXQGVLHULFKWHWHQLKUH:DIIHQDXIGHQ $QN|PPOLQJEHYRUHUDXFKQXUGD]XNDP]XEOLQ]HOQ .HLQH%HZHJXQJVDJWHGHU'XQNOH'XZHLWZLU]|JHUQQLFKW]XW|WHQ ,FKKDEHHVJHPHUNWVDJWHGHU$NWLYH 1DUUPVWLHHLQHUGHU(UNHQQHUKHUYRU'HU&KHIGHU5DXPIDKUW (LQNRVWEDUHU)DQJVDJWHGHU'XQNOH(LQHQEHVVHUHQNRQQWHQZLU QLFKWPDFKHQ'XELVWVLFKHULQGHU/DJHGLHVHV6FKLII]XIOLHJHQ ,FKELQLQGHU/DJHDEHUJDQ]JHZLQLFKWZLOOHQVHUNOlUWH1DUUP(U NUHX]WHGLH$UPHYRUGHU%UXVW *U\QSKVFKOXFNWH:DU1DUUPYHUUFNW"'HU'XQNOHZUGHNHLQHQ$XJHQEOLFN ]|JHUQXQGLKQW|WHQODVVHQZHQQHUQLFKWJHKRUFKWH :LUN|QQHQGLFK]ZLQJHQVDJWHGHU'XQNOHGULQJHQG

1DUUPPDFKWHHLQH*HVWHGHU9HUQHLQXQJ 0LFK]ZLQJWQLHPDQGHUNOlUWHHUHQWVFKLHGHQ,KUKDEWVFKRQVRYLHO8QKHLO DQJHULFKWHWGDHVDXIHLQHQ7RWHQPHKUQLFKWDQNRPPWDXFKZHQQLFK GLHVHU7RWHVHLQVROOWH,QNHLQHP)DOOZHUGHLFKHXFKKHOIHQZHLWHUH 9HUEUHFKHQ]XEHJHKHQ 'HU'XQNOHVWLHHLQHQ)OXFKDXV *U\QSKZDUDXIJHZHFNWJHQXJGLH=ZLFNPKOH]XEHJUHLIHQLQGHUGHU 'XQNOHVWHFNWHVHLQ$XIWUDJODXWHWHJDQ]RIIHQVLFKWOLFKHLQHVGHU 5DXPVFKLIIH]XHUEHXWHQ:HQQHUEHLGLHVHU*HOHJHQKHLWDXFKQRFKHLQ SDDUIKUHQGH0lQQHUGHU$NWLYHQHUZLVFKWHXPVREHVVHU 'DDXVJHUHFKQHW1DUUPGHP'XQNOHQLQGLH)DOOHJHJDQJHQZDUSDWH GHPQLFKWLQV.RQ]HSW7|WHWHHU1DUUPEHNDPHUGDV6FKLIIQLFKWGHQQHV ZDUNHLQDQGHUHU3LORW]XU6WHOOH/LHHUKLQJHJHQ1DUUPDP/HEHQEHNDP HUGDV6FKLIIDXFKQLFKWGHQQ1DUUP]HLJWHVLFKIHVWHQWVFKORVVHQVLFK NHLQHPQRFKVRJHZDOWLJHQ'UXFN]XEHXJHQ 6RRGHUVRGHU'XQNOHVDIHVW(UNRQQWH'ZLQVHLQHPJHKHLPQLVYROOHQ $XIWUDJJHEHUQXUHLQHQ0LHUIROJPHOGHQIDOOVHU]XUFNNDPYRQGLHVHP $XVIOXJLQV8QJHZLVVH 8PQLFKWQXUVLFKVHOEVWVRQGHUQDXFKVHLQH0DQQVFKDIW]XUFN]XEULQJHQ EUDXFKWHGHU'XQNOHGDV6FKLIIXQG1DUUPDQGHUHQIDOOVZDU)OXFKWQXUIU HLQHQDXVGHU*UXSSHP|JOLFK'HU5HVWPXWH]XUFNEOHLEHQHLQHVLFKHUH %HXWHIUGLH.lPSIHUGHU$NWLYHQGLHLQGLHVHQ0LQXWHQVLFKHUVFKRQ DODUPLHUWZDUHQXQGKHUDQUFNWHQ *U\QSKKDWWHHLQHQDEHUZLW]LJHQ(LQIDOO(UULFKWHWHVLFKDXI 9RUVLFKWEUOOWHHUPLWK|FKVWHU6WLPPNUDIW(UULGLH:DIIHLQGLH+|KH XQGQDKPLUJHQGHLQH6WHOOHDQGHU:DQGXQWHU)HXHUZRZHQLJ6FKDGHQ DQJHULFKWHWZHUGHQNRQQWH 6HLQYHUUFNWHU(LQIDOOJLQJDXI 'HU'XQNOHGHUGHQ:HUWVHLQHVHLJHQHQ/HEHQVVHKUZRKO]XVFKlW]HQ ZXWHEHNDPQXUPLWGDJHVFKRVVHQZXUGHXQGZRKO*HIDKUGURKWH(U QDKPVLFKQLFKWGLH=HLW$UWXQG$XVPDGLHVHU*HIDKU]XHUPLWWHOQ %ORFNELOGHQVFKULHHUKHIWLJ 6HLQH*HIlKUWHQUHDJLHUWHQVRZLHHVLKQHQPLWDOOHQ0LWWHOQHLQJHEOHXWZDU ,Q%UXFKWHLOHQYRQ6HNXQGHQELOGHWHQVLHHLQH$JPHKQGMX(LQKHLWXQG HLQHQ+HU]VFKODJGDQDFKZDUGHU'XQNOHYHUVFKZXQGHQ /DWGLH:DIIHQIDOOHQULHI*U\QSK $XFK1DUUPKDWWHGLH6HNXQGHQGHU9HUZLUUXQJJHQXW]WXQGVHLQH:DIIH]XU +DQGJHQRPPHQ 'LH(UNHQQHUZROOWHQVLFKLQHLQHUHUVWHQ5HJXQJ]XU:HKUVHW]HQDEHU]ZHL VRUJIlOWLJJH]LHOWH6FKVVHYRQ1DUUPEUDFKWHQVLH]XU%HVLQQXQJ'LH :DIIHQSROWHUWHQDXIGHQ%RGHQ'LHVFKPlKOLFKH)OXFKWLKUHV$QIKUHUV KDWWHGLH*UXSSHY|OOLJYHUZLUUW

1HKPWGLHEHLGHQ9HUZXQGHWHQDXIXQGVFKDIIWVLHIRUWEHVWLPPWH1DUUP (UKLHOWVHLQH:DIIHDXIGLH*HIDQJHQHQJHULFKWHWDOVHUVLFKODQJVDPDXI *U\QSK]XEHZHJWH 'XKDVWPLUVHKUJHKROIHQVDJWH1DUUPDQHUNHQQHQG(UOlFKHOWH*U\QSK DQ 'HPZXUGHDOOHUGLQJVLQGWHVHP$XJHQEOLFNNODUDXIZDVHUVLFKGDLQGHQ OHW]WHQ0LQXWHQHLQJHODVVHQKDWWHP|JOLFKGDHUVLFKHLQHNOHLQH +HOGHQWDWKDWWH]XVFKXOGHQNRPPHQODVVHQEHDEVLFKWLJWKDWWHHUGDVQLFKW XQGZLHZHQLJHU]XU7DSIHUNHLWWDXJWHEHZLHVHUHLQH6HNXQGHGDQDFKDOV HURKQPlFKWLJ]XVDPPHQVDQN :LUKDEHQVHKUYLHO*OFNJHKDEWVWHOOWH6KRUUQIHVW :LHVHKHQGLH6FKDGHQVPHOGXQJHQDXV"ZROOWH1DUUPZLVVHQ 'HU6DFKVFKDGHQLVWEHWUlFKWOLFKJDE0\UUKQEHNDQQW:LUKDEHQJURH 0HQJHQDQIOVVLJHP%UHQQVWRIIHLQJHEW=ZHLGHUHLQVDW]IlKLJHQ 5DXPVFKLIIHVLQGOHLFKWEHVFKlGLJWVLHN|QQHQLQGHQQlFKVWHQ:RFKHQ LQVWDQGJHVHW]WZHUGHQYRUDXVJHVHW]WGHU*HJQHUOlWXQVGLH=HLWXQGGLH 0XHGD]X 'DVZLUGHUVFKZHUOLFKWXQZDUI=W\UUKHLQ1LFKWMHW]WGDGLH(UNHQQHUVR PRGHUQH:DIIHQKDEHQ )UVLHZDUGLH$NWLRQHLQJODWWHU)HKOVFKODJJDE1DUUP]XEHGHQNHQ6LH ZROOWHQHLQHVXQVHUHU5DXPVFKLIIHNDSHUQXQGGDVLVWLKQHQQLFKWJHOXQJHQ 'HU'XQNOHRIIHQEDUHLQHUGHU+DXSWJHIROJVOHXWHYRQ'ZLQPXWHGLH)OXFKW DQWUHWHQ'DVKDEHQZLUXQVHUHPMXQJHQ)UHXQGKLHU]XYHUGDQNHQ *U\QSKZlUHDPOLHEVWHQLQGHP6HVVHOYHUVFKZXQGHQ,QGHU5ROOH HLQHV+HOGHQIKOWHHUVLFKEHUKDXSWQLFKWZRKO9RQGHQ0lQQHUQGLHLKQ PLWEHLIlOOLJHP/lFKHOQEHGDFKWHQVFKLHQNHLQHU]XDKQHQZLHYLHO$QJVW *U\QSKLQGLHVHQ6HNXQGHQDXVJHVWDQGHQKDWWH ,PVWLOOHQZXQGHUWHVLFK*U\QSKGDUEHUGDHUEHLGLHVHU%HVSUHFKXQJ EHUKDXSWDQZHVHQGVHLQGXUIWHLP*UXQGHZDUHUMDQLFKWPHKUDOVHLQ MXJHQGOLFKHU6WUHXQHUDXVGHQ5XLQHQYRQ7HUIRKQH$XVELOGXQJRKQH =XNXQIWRKQH+RIIQXQJ)UHLQSDDU+HU]VFKOlJHWDXFKWHLQ*U\QSKV *HGDQNHQGDV%LOGYRQ$VKGDDXIGDQQYHUVFKZDQGHVZLHGHUXQG KLQWHUOLHHLQ*HIKOGHU7UDXULJNHLW 'HUQlFKVWH6FKODJYRQ'ZLQV/HXWHQZLUGQLFKWODQJHDXIVLFKZDUWHQ ODVVHQVDJWH6KRUUQPLPXWLJ8QGVHLQH/HXWHVLQGQLFKWGXPPVLH OHUQHQDXVMHGHP)HKOHUGHQVLHPDFKHQLKUQlFKVWHU$QJULIINDQQXQV ]ZDUQLFKWYHUQLFKWHQGWUHIIHQZRKODEHUVR]XUFNZHUIHQGDZLUXQVHUH ZHLWJHVSDQQWHQ3OlQHHLQIUDOOHPDOYHUJHVVHQN|QQHQ 'HU.HUQGHVJDQ]HQ3UREOHPVLVWGHQ,QIRUPDQWHQ]XILQGHQGHP'ZLQ VHLQH.HQQWQLVVHYHUGDQNWVDJWH=W\UUKJULPPLJ 'DVYHUVXFKHQZLUVHLW:RFKHQY|OOLJRKQH(UJHEQLVVDJWH1DUUP QLHGHUJHVFKODJHQ,FKZHLQLFKWZDVZLUVRQVWQRFKXQWHUQHKPHQ N|QQWHQ 6HOEVWHLQHQ6SLRQDQVHW]HQPXUPHOWH*U\QSK

(VZXUGHSO|W]OLFKVWLOOLQGHU5XQGH'DQQHUJULII1DUUPDOVHUVWHUGDV:RUW 'XPHLQVWZLUVROOWHQHLQHQ6SLRQORVVFKLFNHQ" :HQQHUMHPDQGHQKDWGHUDOOHVEHUHXFKZHLGDQQN|QQWHWLKU MHPDQGHQORVVFKLFNHQGHULQ'ZLQV2UJDQLVDWLRQDXIJHQRPPHQZLUGWXQG HXFKYLHOOHLFKWVDJHQNDQQZR KHU'ZLQVHLQH,QIRUPDWLRQHQEH]LHKW 1DUUPQLFNWHJHGDQNHQYHUORUHQ .RVWHW]XYLHO=HLWYHUVHW]WH6KRUUQ/DQJIULVWLJVLFKHUOLFKHLQJXWHU3ODQ DEHUNXU]IULVWLJQLFKWUHDOLVLHUEDU8QVHU6SLRQPWH]LHPOLFKEDOGDQGHQ LQQHUHQ)KUXQJVNUHLVGHU(UNHQQHUKHUDQNRPPHQ,FKZWHQLFKWZLHPDQ GDVPDFKHQN|QQWHMHGHQIDOOVQLFKWLQQHUKDOEYRQHLQSDDU7DJHQ'ZLQXQG VHLQH8QWHUIKUHUVLQGVHKUPLWUDXLVFK 'DVKDEHLFKJHPHUNWVWLPPWH1DUUP]X8QGVHKUlQJVWOLFKGHU'XQNOH KDWVLFKDEJHVHW]WRKQHDXFKQXUQDFK]XVHKHQZDVGLH$NWLRQYRQ*U\QSK ]XEHGHXWHQKDWWH %LVWGXDEVROXWVLFKHUGDGHU'XQNOHQLFKWZHLZDUXPGHU-XQJHJHUXIHQ XQGVHLQH:DIIHEHWlWLJWKDW" 'D]XKDWWHHUNHLQH=HLWPHKUHUNOlUWH1DUUPDXIGLH)UDJHGHV 6LFKHUKHLWVFKHIV(UK|UWH5XIHQVDK6FKLHHQXQGYHUVFKZXQGHQZDUHU 'LHDQGHUHQKDEHQQDWUOLFKOlQJVWEHJULIIHQGDVLHKHUHLQJHOHJWZRUGHQ VLQG,QLKUHQ$XJHQLVW*U\QSKHLQ9HUUlWHU 8QGGHU'XQNOHKlOWLKQYHUPXWOLFKIUVHLQHQ5HWWHUHUJlQ]WHGHU :LVVHQVFKDIWOHU0\UUKQ6HL VGUXPHVKLOIWXQVQLFKWZHLWHU ,P*HJHQWHLOULHI1DUUP*U\QSKLVWGLHHLQ]LJH3HUVRQGLHLQNXU]HU=HLW GLFKWDQGHQ'XQNOHQKHUDQNRPPHQN|QQWHXQGGDPLWIUKHURGHUVSlWHU DXFKDQ'ZLQ 'DUDQLVWHWZDV:DKUHVEHUOHJWH=W\UUKODXW(UZlUHJHUDGH]XLGHDODOV 6SLRQIUXQV'HU'XQNOHZLUGVLFKHULQQHUQGD*U\QSKLKP/HEHQXQG )UHLKHLWJHUHWWHWKDWXQGZHQQHUVRQVWDXFKPLWUDXLVFKLVWVRZLUGHU VHLQHP/HEHQVUHWWHUGRFKZRKOHLQZHQLJ9HUWUDXHQHQWJHJHQEULQJHQ PVVHQ *U\QSKVSUWHZLHVLFKVHLQH1DNNHQKDDUHDXIULFKWHWHQ(UHUNDQQWHGD GLHVH'LVNXVVLRQEHUVHLQHQ.RSIKLQZHJJHIKUWZXUGH0HKUQRFK,Q GLHVHP)DOOJLQJHVEXFKVWlEOLFKXP+DOVXQG+DXWGLH6DFKHZDUH[WUHP OHEHQVJHIlKUOLFK 6LHNRQQWHLKQYHUPXWOLFKGHQ.RSINRVWHQZDVGLH5XQGHGHU$NWLYHQQLFKW VRQGHUOLFK]XLQWHUHVVLHUHQVFKLHQ$XILKUH$UWVSUDQJHQVLHlKQOLFK NDOWEOWLJPLWGHP/HEHQLKUHU*HIROJVOHXWHXPZLHGLH(UNHQQHUDOOHUGLQJV XQWHUDQGHUHQ9RUDXVVHW]XQJHQ*U\QSKZDUVLFKVLFKHUGD1DUUPNHLQHQ $XJHQEOLFNJH]|JHUWKlWWHGLH5ROOHGHV6SLRQVXQG6FKQIIOHUV]X EHUQHKPHQZHQQDXFKQXUGLHJHULQJVWH$XVVLFKWDXI(UIROJEHVWDQGHQ KlWWH'HU5DXPIDKUWFKHINDONXOLHUWHPLW*U\QSKVP|JOLFKHP7RGHEHQVR JHODVVHQZLHPLWGHPHLJHQHQ(QGH (UNRQQWHQLFKWZLVVHQGDHUNHLQHQ+HOGHQYRUVLFKKDWWHGHUVHLQ/HEHQ IUHLQHJXWH6DFKHJHUQXQGZLOOLJZDJWH*U\QSKKDWWH$QJVWHUZROOWH

OHEHQXQGHVZDULKPLQGLHVHP$XJHQEOLFN]LHPOLFKJOHLFKJOWLJXQWHU ZHOFKHQ%HGLQJXQJHQHUOHEWH :DVKDVWGXGLUHLJHQWOLFKEHLGHLQHU$NWLRQJHGDFKW"ZROOWH1DUUPZLVVHQ *U\QSKGDFKWHDQVHLQH$QJVWXQG]HLJWHHLQYHUZDVFKHQHV/lFKHOQ 1LFKWVHKUYLHOORJHU(UKDWWH$QJVWVHLQH$QJVWKLHU]X]XJHEHQLQ *HJHQZDUWYRQVRYLHO7DSIHUNHLW 7UDXVWGXGLU]XGLH$XIJDEHEHUQHKPHQ]XN|QQHQGLHZLUJHUDGH EHVSUHFKHQ" *U\QSKVFKWWHOWHGHQ.RSI1DUUPVDKLKQHLQLJHVHKUODQJH6HNXQGHQDQ GDQQOlFKHOWHHUYHUVWHKHQG :LUZHUGHQHLQHDQGHUH/|VXQJILQGHQHUNOlUWHGHU5DXPIDKUWFKHI,FK NDQQGLFKVHKUJXWYHUVWHKHQ*U\QSK'XEUDXFKVWGLUNHLQH9RUZUIH]X PDFKHQ *U\QSKHUZLGHUWHGDV/lFKHOQHVILHOHLQLJHUPDHQNOlJOLFKDXV(UVWDQG DXIXQGYHUOLHPLWHLQHU$XVUHGHGHQ5DXP'UDXHQVXFKWHHUVRIRUWHLQHQ $XWRPDWHQIU(UIULVFKXQJVJHWUlQNHDXI(UQDKPVLFKHLQHQ)UXFKWVDIWXQG VWHXHUWHGDPLWQDFKGUDXHQ 'LH6RQQHVFKLHQHVZDUDQJHQHKPZDUPLQLKUHQ6WUDKOHQ(VJDENHLQH :DFKHQNHLQH%HZDIIQHWHQ1DUUPXQGVHLQH*HIlKUWHQEUDXFKWHQVLFKYRU GHU%HY|ONHUXQJYRQ.DUQ$QWQLFKW]XIUFKWHQ )UNXU]H=HLWIKOWHVLFK*U\QSKLQGLH=HLWYHUVHW]WGLHJDUQLFKWHLQPDOVR ODQJH]XUFNODJGLHbUDYRUGHP=XVDPPHQEUXFK*U\QSKNRQQWHVLFK QLFKWPHKUJHQDXGDUDQHULQQHUQHUZDUGDPDOV]XMXQJJHZHVHQXPGHQ 'LQJHQXPLKQKHUXPGLHJHEKUHQGH$XIPHUNVDPNHLW]XVFKHQNHQ$EHUHU HQWVDQQVLFKQRFKGHVDOOJHPHLQHQ/HEHQVJHIKOVGDVHVGDPDOVJHJHEHQ KDWWHXQGHLQZHQLJYRQGLHVHP2SWLPLVPXVZDUEHLGHQ%HZRKQHUQYRQ .DUQ$QW]XVSUHQ ,Q7HUIKLQJHJHQKHUUVFKWHQ.lOWHXQG9HU]DJWKHLWGRUWOlFKHOWHNDXPQRFK MHPDQGHVJDENHLQH*UQGHGDIU (VZDUGXUFKDXVP|JOLFKGDELQQHQNXU]HU)ULVWDXFKGLH%HZRKQHUYRQ .DUQ$QWPLWJHVHQNWHQ.|SIHQXQGPUULVFKHQ*HVLFKWHUQKHUXPOLHIHQ 'ZLQV0DFKW]XZDFKVVFKLHQXQDXIKDOWVDP (VJDEHLQHNOHLQH0|JOLFKNHLWLKQ]XVWRSSHQZHQQPDQKHUDXVEHNDP ZRKHU'ZLQVHLQHHQWVHW]OLFK]XYHUOlVVLJHQ,QIRUPDWLRQHQEH]RJ 'LH/DVWGLHVHUXQJHKHXUHQ9HUDQWZRUWXQJODJDXI*U\QSKVPDJHUHQ 6FKXOWHUQ(UZXWHGDPDQLKPGHVZHJHQNHLQHQ9RUZXUIPDFKWHGDV 8QWHUQHKPHQZDUHLQUHLQHV6HOEVWPRUGNRPPDQGRXQGNHLQYHUQQIWLJHU $QWHUIHUUDQWHUNRQQWHYRQHLQHPDQGHUHQHUZDUWHQYRUVlW]OLFKLQGHQ7RG]X JHKHQ (VJDEDEHU$QWHUIHUUDQWHUGLHLP=ZHLIHOVIDOOVLFKVHOEVWGD]XEHVWLPPW KlWWHQ1DUUPZDUVLFKHUOLFKHLQVROFKHU$QWHUIHUUDQWHU *U\QSKZDUHVDXJHQVFKHLQOLFKQLFKWXQGGDVVFKPHU]WHLKQVHKU

6LHKDWWHGHQ(LQJDQJVRSHUIHNWJHWDUQWGD*U\QSKLKQEHLPHUVWHQ 9HUVXFKJDUQLFKWZLHGHUIDQG $VKGDKDWWHVLFKLQ*U\QSKVHKHPDOLJHU%HKDXVXQJHLQJHQLVWHWXQG DOOHUKDQGJHWDQXPVLHEHKDJOLFK]XPDFKHQ$XV5XLQHQXQG 7UPPHUKDOGHQKDWWHVLH(LQULFKWXQJVJHJHQVWlQGHKHUEHLJHVFKDIIW 6WDXQHQGVDKVLFK*U\QSKLQVHLQHU8QWHUNXQIWXP $QJHVLFKWVGHU$UEHLWGLHVLFK$VKGDJHPDFKWKDWWHZDUHVQXQZRKOPHKU LKU=XKDXVHDOVVHLQHV*U\QSKVDKGHQ'UHFNDXIVHLQHP.|USHUGLH 6SXUHQHLQHV0DUVFKHVYRQIDVWYLHUKXQGHUW.LORPHWHUQ(UZDUXQJHKHXHU PGHGHU+XQJHUZKOWHLQVHLQHQ(LQJHZHLGHQXQGVHLQH0XVNHOQ VFKPHU]WHQGDHUDPOLHEVWHQ]XVDPPHQJHEURFKHQZlUH (UZDJWHHVQLFKWVLFKLQGLHIULVFKDXIJHVFKWWHWH%HWWVWDWW]XOHJHQXQGGLH 1DKUXQJVPLWWHOGLHHUIDQGUKUWHHUHEHQIDOOVQLFKWDQ(UKRFNWHVLFKLQGHU 1lKHDXIGHQ%RGHQ (UKDWWHVLHEHQ7DJHJHEUDXFKWXPGLH6WUHFNH]ZLVFKHQ.DUQ$QWXQG7HUI ]XUFN]XOHJHQ 'HU/DQGVWULFK]ZLVFKHQGHQEHLGHQJU|WHQ6WlGWHQGHV.RQWLQHQWV3DOODQG ZDUUHFKWIUXFKWEDU'DDXFKGLH/DQGZLUWVFKDIWWHLOZHLVHGDUQLHGHUODJKDWWH HVDQGHQ%lXPHQXQGDXIGHQ)HOGHUQJHQXJ1DKUXQJVPLWWHOIU*U\QSK JHJHEHQ7URW]GHPZDUGHU0DUVFK]XHLQHUNUDIW]HKUHQGHQ6WUDSD]H JHZRUGHQ9RUDOOHPGHULQQHUH.DPSIJHJHQGLHPLWXQWHUIDVWEHUPlFKWLJH 9HUVXFKXQJDXI]XJHEHQKDWWH*U\QSKYLHO.UDIWJHNRVWHW 6HOEVWMHW]WDP=LHOVHLQHUHUPGHQGHQ5HLVHZDUHUVLFKQRFKQLFKWGDUEHU NODUZDVHUZLUNOLFKXQWHUQHKPHQZROOWH(UKDWWHVLFKDXFKNHLQH*HVFKLFKWH ]XVDPPHQJHUHLPWGLHHUGHP'XQNOHQLP)DOOHLQHU%HJHJQXQJKlWWH HU]lKOHQN|QQHQ (VGlPPHUWHEHUHLWVDOV$VKGDHUVFKLHQ/HLVHKXVFKWHVLHDXILKUH %HKDXVXQJ]XXQGVLH]XFNWHQLFKW]XVDPPHQDOV*U\QSKVLHEHLP1DPHQ ULHI $FKGXODXWHWHLKUH%HJUXQJ*U\QSKVWDQGDXIXQGNDPODQJVDP QlKHU 'XKDVWYLHODXVPHLQHU+|KOHJHPDFKWVDJWHHUXQGOlFKHOWH $VKGDPXVWHUWHLKQPLWVNHSWLVFKHQ%OLFNHQ 'XELVWXQWHUZHJVJHZHVHQVWHOOWHVLHIHVW+DWHV6SDJHPDFKWPLWGHQ (UNHQQHUQGHV:DKUHQ]XVDPPHQ]XDUEHLWHQ"+DWHVVLFKJHORKQW" 1HLQVDJWH*U\QSKKDOEODXW'XEUDXFKVWPLUNHLQH9RUZUIH]XPDFKHQ 'LHPDFKHLFKPLUVFKRQVHOEVWJHQXJ(VVLQG9HUEUHFKHUHLQHUZLHGHU DQGHUH]XPLQGHVWGLHGLHGDV6DJHQKDEHQ$QVRQVWHQILQGHWPDQGRUWQXU 1DUUHQ .RPPKHUHLQLHUVWHLQPDOVDJWH$VKGD'RUWGUEHQJLEWHV:DVVHUGX NDQQVWGLFKZDVFKHQ .RPPHQWDUORVJHKRUFKWH*U\QSK

(VZDUHUVWDXQOLFKZDV$VKGDLQGHQZHQLJHQ7DJHQYRQ*U\QSKV $EZHVHQKHLWKDWWHRUJDQLVLHUHQN|QQHQ6RJDUHLQHZLUNOLFKVFKPDFNKDIWH 0DKO]HLWEUDFKWHVLH]XVWDQGH'DVLHVLFKLQGHUOHW]WHQ=HLWDXFKGHV |IWHUHQJHZDVFKHQKDWWHZLUNWHVLHQXQDXFKHUKHEOLFKJHSIOHJWHUDOVEHLP HUVWHQ=XVDPPHQWUHIIHQGHUEHLGHQ 1DFKGHP(VVHQEHULFKWHWH*U\QSKYRQGHQ(UIDKUXQJHQGLHHUJHPDFKW KDWWH$VKGDK|UWHLKPDXIPHUNVDP]X$EXQG]XVWUlXEWHVLFKLKU3HO]HLQ GHXWOLFKHV=HLFKHQGDIUGDVLHOHEKDIW$QWHLOQDKPZDV*U\QSKVHKU VHOWVDPEHUKUWH(UKDWWHQLFKWGLHOHLVHVWH$KQXQJZLHHVQXQPLWLKP ZHLWHUJHKHQVROOWHXQGPLW$VKGD(LQZHQLJYHUEOIIWVWHOOWH*U\QSKIHVW GDHUGDV0lGFKHQLQVJHKHLPVFKRQLQVHLQH=XNXQIWVSODQXQJHLQEH]RJ RKQHVLHJHIUDJW]XKDEHQ :HQLJVSlWHUNDPGLH)UDJHDXIGLH*U\QSKJHZDUWHWKDWWHGLHHUVHLW 7DJHQIUFKWHWHZHLOHULPPHUQRFKNHLQH$QWZRUWGDUDXIZXWH :DVKDVWGXMHW]WYRU" +LOIORV]XFNWHHUPLWGHQ6FKXOWHUQ $VKGDIDWHGLH6DFKHDXILKUH$UWDQNODUGHQNHQGXQGHQHUJLVFK :HQQGXKLHUEOHLEVWXQGGLFKQLFKWEHLGHP'XQNOHQRGHUHLQHPDQGHUHQ (UNHQQHUGHV:DKUHQPHOGHVWZLUVWGXJURHQbUJHUEHNRPPHQZHQQVLH GLFKHUZLVFKHQXQGGDVZHUGHQVLHIUKHURGHUVSlWHUWXQ *U\QSKVWLHHLQHQ6HXI]HUDXV%LVGDKLQZDUHUPLWVHLQHQhEHUOHJXQJHQ DXFKJHNRPPHQ ,Q7HUINDQQVWGXIROJOLFKQLFKWEOHLEHQHVVHLGHQQGXZLOOVWGLFKZLHGHU EHGLQJXQJVORVGHP'XQNOHQXQGVHLQHQ)UHXQGHQDQVFKOLHHQ 'DVZHUGHLFKNHLQHVIDOOVWXQEHJHKUWH*U\QSKDXI 1DFK.DUQ$QWZLUVWGXQLFKW]XUFNNHKUHQZROOHQZHLOPDQGLFKGRUWIU HLQHQ)HLJOLQJKDOWHQZLUG]XPLQGHVWZLUVWGXGLUGDVHLQUHGHQ6RRGHUVR GXNDQQVWHVQXUIDOVFKPDFKHQ:DVGXDXFKWXVWHVZLUGDXVGHUHLQHQ RGHUDQGHUHQ%HWUDFKWXQJKHUDXVHLQ)HKOHUVHLQ *U\QSKQLFNWH.ODUXQGXQPLYHUVWlQGOLFKKDWWH$VKGDGDV'LOHPPD XPVFKULHEHQLQGHP*U\QSKVWHFNWH(LQ*HIKOY|OOLJHU+LOIORVLJNHLW EHVFKOLFKLKQXQGHUPXWHVLFKDQVWUHQJHQGLHVH5DWORVLJNHLWQLFKWRIIHQ]X ]HLJHQ +DVWGXHLQHQ9RUVFKODJ"IUDJWHHUHLQZHQLJ]DJKDIW $VKGDVDKLKQYRQGHU6HLWHKHUDQ 6ROOLFKGLH9HUDQWZRUWXQJIUGLFKEHUQHKPHQ"IUDJWHVLH]XUFN 'DUDXIOLHIHVZRKOKLQDXVXQG*U\QSKVSUWHGDVDXFKGHXWOLFK $XJHQVFKHLQOLFKZDU$VKGDQLFKWJHZLOOWVLFKGLH9HUDQWZRUWXQJIU*U\QSKV =XNXQIWDXI]XEUGHQ ,FKZHUGHHVPLUEHUOHJHQVDJWH*U\QSK,FKZHUGHHLQHQ6SD]LHUJDQJ PDFKHQYLHOOHLFKWIlOOWPLUGDEHLHLQ$XVZHJHLQ (UZDUDXIJHVWDQGHQ0LWVLFKWOLFKHP=ZHLIHOVDKLKQ$VKGDYRQXQWHQDQ 6XFKVWGXHLQHQ:HJRGHUHLQHQ$XVZHJ"

*U\QSKPXWHVLFKHLQJHVWHKHQGDHUWDWVlFKOLFKQDFKHLQHP$XVZHJ VXFKWHQDFKHLQHP6FKOXSIORFKGDVLKQYRQDOOHQ8QDQQHKPOLFKNHLWHQ EHIUHLWH$XIGHUDQGHUHQ6HLWHZXWHHUVHKUJHQDXGDHULQGLHVHP)DOO $VKGDQLFKWZLHGHUVHKHQZUGHXQGZLHVWDUNLKPGDUDQJHOHJHQZDU PHUNWHHUDOVHUGLHVHP*HGDQNHQQDFKKLQJ $XFKQRFKYHUOLHEW]XDOOHPhEHUIOXPXUPHOWHHUJULPPLJ 6HOHWHUIVWDQGDP+LPPHOXQGVFKLHQDXI7HUIKHUDE,UJHQGZRLQGHU)HUQH ZDUZLHGHUHLQ*HElXGHLQ%UDQGJHUDWHQXQGIlUEWHGHQ1DFKWKLPPHOPLW VHLQHQORKHQGHQ*OXWHQ 8QUXKLJPDUVFKLHUWH*U\QSKZHLWHU(UPXWHHLQH(QWVFKHLGXQJWUHIIHQXQG QLFKWVSDWHLKPZHQLJHULQGHQ.UDPDOVGLHVHU=ZDQJ(UIKOWHVLFKZLH HLQJHVSRQQHQLQHLQXQVLFKWEDUHV1HW]YRQ)RUGHUXQJHQ%HIHKOHQ :QVFKHQXQG+RIIQXQJHQHLQ1HW]GDVLKPSUDNWLVFKNHLQHUOHL %HZHJXQJVP|JOLFKNHLWHQPHKUOLH $OVHULQGLH+|KOH]XUFNNHKUWHPDFKWHHUHLQHQWVFKORVVHQHV*HVLFKW :LHKDVWGXGLFKHQWVFKLHGHQ" ,FKP|FKWHYHUVXFKHQGHQ3ODQYRQ1DUUPGXUFK]XIKUHQPLFKLQGLH 2UJDQLVDWLRQGHU(UNHQQHUHLQVFKOHLFKHQXQGYHUVXFKHQKHUDXV]XILQGHQ ZRKHUGLH(UNHQQHULKUHSUl]LVHQ,QIRUPDWLRQHQEHUGLH$NWLYHQ EHNRPPHQ $VKGDQLFNWHQXU*U\QSKKDWWHDXIHLQ/RERGHUJDUHLQHQ EHUVFKZHQJOLFKHQ)UHXGHQDXVEUXFKJHKRIIWMHW]WZXUGHHUVFKRQZLHGHU HQWWlXVFKW,KPZXUGHNODUGDHUGHQKHURLVFKHQ(QWVFKOXZHQLJHUXP VHLQHWZLOOHQJHIDWKDWWHVRQGHUQYLHOPHKUDXVGHP:XQVFKKHUDXV$VKGDV =XVWLPPXQJXQG=XQHLJXQJ]XEHNRPPHQ 6FKRQZLHGHUJHVFKHLWHUWGDFKWHHU:DVHUDXFKDQ]XIDVVHQVFKLHQHV EUDFKWHLKP]XPLQGHVWQLFKWGDVZDVHUKDEHQZROOWH .DQQVWGX9HUELQGXQJPLW.DUQ$QWDXIQHKPHQ" ,FKVROOGHQ9HUELQGXQJVPDQQVSLHOHQ" 6RKDEHLFKHVPLUYRUJHVWHOOW'XPXWQLFKWGXZHLWMDZLHJHIlKUOLFKGLH 6DFKHLVW :DVZLOOVWGX"0LFKZDUQHQRGHUGLFKOREHQ" *LIW]LHJHVDJWH*U\QSKVSRQWDQ]XPHUVWHQ0DOHUQWHWHHUHLQ/DFKHQEHL $VKGD ,FKELQHLQYHUVWDQGHQ:DQQZLOOVWGXJHKHQ" *U\QSKVDK$VKGDDQ(UVHOEVWIDQGVHLQHQPXWPDOLFKHQ *HVLFKWVDXVGUXFNUHLFKOLFKEO|GHDEHU$VKGDVFKLHQLKQRIIHQEDUJXW YHUVWHKHQ]XN|QQHQ (VJHQJWZHQQGXPRUJHQIUKJHKVWVDJWHVLHOlFKHOQG :LHKDVWGXHVJHVFKDIIWGHQ$NWLYHQ]XHQWNRPPHQ" 6FKZHLOLHIEHU*U\QSKV*HVLFKW6HLWGUHL6WXQGHQZXUGHHUYRQGHQ (UNHQQHUQGHV:DKUHQLPPHUZLHGHUYHUQRPPHQXQGLPPHUZLHGHUVWHOOWHQ VLHGLHJOHLFKHQ)UDJHQGLH*U\QSKVFKRQHLQGXW]HQGPDOEHDQWZRUWHWKDWWH

,FKELQLKQHQQLFKWHQWNRPPHQVDJWHHUXQGEOLFNWHHUQHXWDXIGHQ%RGHQ 6LHKDEHQPLFKHLQIDFKQLFKWIUYROOJHQRPPHQXQGPLFKZHJJHVFKLFNW 'LH%HVFKlPXQJGLHHU]HLJWHHQWVSUDFKVHLQHPDXJHQEOLFNOLFKHQ=XVWDQG :DVHUQLFKW]HLJWHZDUGLH:XWGLHLQLKPEURGHOWH'HU:HFKVHOYRQGHU 1DFKWLQGHQ7DJZDUVRNUDDXVJHIDOOHQZLHGDVQXULUJHQGP|JOLFKZDU 9RUZHQLJHQ6WXQGHQQRFKKDWWHHULQ$VKGDVVDQIWHQ$UPHQJHOHJHQ JHWUlXPWXQGMHW]WKRFNWHHUDXIHLQHPKDUWHQ%HWRQNORW]HLQHJURH/DPSH VWUDKOWHLKPJUHOOLQV*HVLFKWXQGGLH/XIWZDUHUIOOWYRQGHQ*HUFKHQGHU =HOOH0XIIXQG0RGHUGDUEHUHLQ*HUXFKGHQ*U\QSKDOVGLH$XVGQVWXQJ YRQ$QJVWVFKZHLLQWHUSUHWLHUWH:LHYLHOHPRFKWHQYRULKPKLHUYHUQRPPHQ ZRUGHQVHLQGDFKWHHUZLHYLHOHGDYRQOHEWHQMHW]WQRFK 'LH)HLQGVHOLJNHLWGHU$QWHUIHUUDQWHULQVHLQHU1lKHHUIOOWHLKQPLW$QJVW XQG:XW]XJOHLFK +|UWVLFKJODXEKDIWDQVDJWHGHU'XQNOH(UODFKWHERVKDIW*U\QSKV %HVFKlPXQJZXUGHQRFKGHXWOLFKHUVLFKWEDUXQGGLH8PVWHKHQGHQODFKWHQ 'DV9HUK|UZDUHLQHJUDXVDPH7RUWXUREZRKOPDQLKQQLFKWHLQHLQ]LJHV 0DOJHVFKODJHQKDWWH :DVLVWPLWGHQDQGHUHQ" 'LHZXUGHQIHVWJHVHW]WLFKZHLQLFKWZRZLHGHUKROWH*U\QSK 8QGZDUXPKDVWGXLQGHP5DXPVFKLIIJHVFKRVVHQ" ,FKKDEHHWZDVJHVHKHQZLHGHUKROWH*U\QSK,QGHU:DQGLVWHLQH.ODSSH DXIJHJDQJHQXQGLUJHQGHWZDVKDWVLFKQDFKYRUQJHVFKREHQ'DKDEHLFK GLH1HUYHQYHUORUHQ,FKELQ]XP.lPSIHQQLFKWJHERUHQ 'DVPHUNHQZLUVDJWHGHU'XQNOHVS|WWLVFK8QGZDVLVWGDVGHLQHU 0HLQXQJQDFKJHZHVHQ" (LQH:DIIHVRKDEHLFKHVPLQJHGDFKW,FKZROOWHZLUNOLFKQLHPDQGHQ YHUZLUUHQRGHUXQVLFKHUPDFKHQ (LQHUGHU8PVWHKHQGHQZDUINDOWHLQ ,FKNHQQHGLHVHQ7\S5DXPVFKLII'DJLEWHVLQGHU=HQWUDOHNHLQH HLQJHEDXWHQ:DIIHQV\VWHPHGLHDXWRPDWLVFKDNWLYLHUWZHUGHQ 1RFKJDEHVVLHQLFKW*U\QSKZXWHGDV)UGHQ)DOOGDHUVLFKPLW 1DUUPV3ODQHLQYHUVWDQGHQHUNOlUHQVROOWHZDUGHU(LQEDXVROFKHU :DIIHQV\VWHPHJHSODQWVFKRQXP*U\QSKV*HVFKLFKWHJODXEKDIW]X PDFKHQ'D*U\QSKDOOHUGLQJVRKQHZHLWHUHQ.RPPHQWDUDXV.DUQ$QW YHUVFKZXQGHQZDUNRQQWHHUQLFKWZLVVHQREGLHVH0DQDKPHWDWVlFKOLFK GXUFKJHIKUWZHUGHQZUGH ,FKZHLQLFKWZDVHVJHZHVHQLVWVDJWH*U\QSKKHIWLJ,FKKDEHGDV 'LQJ]HUVFKRVVHQXQGGLH$NWLYHQKDEHQPLUQLFKWJHVDJWZDVVLHGD HLQJHEDXWKDWWHQ 6LHN|QQHQQDWUOLFKVROFKH6LFKHUXQJVPDQDKPHQJHJHQXQVHUJULIIHQ KDEHQVDJWHHLQHUGHU9HUK|UHQGHQ(UVWDQGXQPLWWHOEDUKLQWHU*U\QSKXQG KDWWHGHPMXQJHQ$QWHUIHUUDQWHUHLQH+DQGDXIGLH6FKXOWHUJHOHJW 0LWVRYDJHQ$XVVDJHQN|QQHQZLUQLFKWVDQIDQJHQVDJWHGHU'XQNOH

0HKUZHLLFKQLFKWVDJWH*U\QSKXQGOLHGHQ.RSIVLQNHQ.DQQLFKMHW]W JHKHQ" :RKLQ"IUDJWHGHU'XQNOHVRIRUW *U\QSKVDKDXI]XFNWHPLWGHQ6FKXOWHUQ ,FKZHLHVQLFKWJDEHU]X(XFKNDQQLFKQLFKWPHKUQXW]HQLFKELQQXQ HLQPDONHLQH.lPSIHUQDWXUXQGLFKKDEHLQ.DUQ$QWQLFKWVLQ(UIDKUXQJ EULQJHQN|QQHQZDVHXFKQW]HQN|QQWH 'XNDQQVWEHLXQVEOHLEHQVDJWHGHU'XQNOH'HU%OLFNPLWGHPHU*U\QSK IL[LHUWHKDWWHHWZDV'URKHQGHV'XKDVWJXWH5HIOH[H 1RFKHLQPDOHLQH:DIIHMDPPHUWH*U\QSK1LHPDOVZLHGHUGDVLVWPLU]X JHIlKUOLFK,FKELQHLQ)HLJOLQJXQGZHUGHHLQHUEOHLEHQ 'DVZHLLFKVDJWHGHU'XQNOH$XVHEHQGLHVHP*UXQGHZHUGHLFKGLFK EHLPLUEHKDOWHQDOV$ODUPJHEHUIDOOVHWZDVSDVVLHUW *U\QSKVDQNLQVLFK]XVDPPHQ'DVEHGHXWHWHZRKOGDHUEHLGHQ QlFKVWHQ.RPPDQGRXQWHUQHKPXQJHQGHU(UNHQQHUZLHGHUZUGH WHLOQHKPHQPVVHQ .DQQGDVQLFKWMHPDQGDQGHUVPDFKHQ" *U\QSKV=DXGHUQXQG-DPPHUQYHUIHKOWHVHLQH:LUNXQJQLFKWVFKOLHOLFK ZDUHVLQGLHVHP$XJHQEOLFNVRJDUHFKW'HU'XQNOHOlFKHOWHERVKDIW 1HLQVDJWHHU'XEOHLEVWDQPHLQHU6HLWHXQGZHKHGLUGXYHUVXFKVW ZHJ]XODXIHQ,PEULJHQZLUGHVGLUQLFKWJHOLQJHQGHUQlFKVWH(LQVDW] EHJLQQWLQZHQLJHQ0LQXWHQ *U\QSKVSUWHZLHVLFKEOLW]DUWLJLQVHLQHU0DJHQJUXEHGLH)XUFKW DXVEUHLWHWH(UKDWWHJHKRIIWVLFKHLQSDDU7DJHODQJDXVUXKHQ]XN|QQHQ 8QGZRKLQJHKWHV":LHGHUQDFK.DUQ$QW" 'HU'XQNOHGHXWHWHDXI*U\QSK 'XKDVWNHLQH)UDJHQ]XVWHOOHQQXU]XJHKRUFKHQ:HQQLFKVDJH6SULQJ GDQQVSULQJVWGXLQGHU/XIWNDQQVWGXLPPHUQRFKIUDJHQ:LHKRFK" *U\QSKQLFNWHXQGIJWHVLFKLQVHLQ6FKLFNVDO (QGOLFKHUORVFKGDVJUHOOH/LFKWYRUVHLQHP*HVLFKW*U\QSKVWDQGDXIXQGHU NQLFNWHVRIRUWZLHGHUHLQ .QLHZHLFKK|KQWHHLQHUGHU8PVWHKHQGHQ /DWQXULFKZHLZR]XLFKLKQEUDXFKHQNDQQVDJWHGHU'XQNOH0DFKW HXFKDXIGHQ:HJ ,FKZHUGHHVHXFK]HLJHQGDFKWH*U\QSKLQLPPHUVWlUNHUZHUGHQGHU:XW XQG(UELWWHUXQJ,KUZHUGHWPLFKQLFKWNOHLQNULHJHQ0DJNRPPHQZDVZLOO LFKZHUGHHVGXUFKVWHKHQ,FKZHUGHDOOGLHVEHUOHEHQLUJHQGZLHZHUGHLFK HVVFKDIIHQ,FKZHUGHHXFKGLHVHQ7ULXPSKEHUPLFKQLFKWJ|QQHQ (UVSUWHDXFK$QJVWDOVHUGDVGDFKWHXQGDOVHUZHQLJH$XJHQEOLNNH VSlWHUEHUHLQHQIUHLHQ3ODW]JHIKUWZXUGHHVZDUOlQJVWZLHGHUGXQNHO JHZRUGHQK|UWHHUKLQWHUHLQHU0DXHUHLQHQ-XQJHQHLQDOWHV.LQGHUOLHG VLQJHQ'LH6WLPPHNODQJVRZLHVLFK*U\QSKV6WLPPHLQGLHVHP$OWHU DQJHK|UWKDWWHXQG*U\QSKVSUWHZLHVHKULKQGLHXQDXVZHLFKOLFKH (UNHQQWQLVVFKPHU]WHGDGLHVH3KDVHVHLQHV/HEHQVHLQIUDOOHPDO

DEJHVFKORVVHQZDU0RFKWHHUDXFKQRFKVHKUMXQJVHLQVHLQH-XJHQGZDU PLWGLHVHQ7DJHQXQGLKUHQ(UHLJQLVVHQXQZLGHUUXIOLFKEHHQGHW6LHZUGH QLFKWPHKU]XUFNNRPPHQ 'LH(UNHQQHUKDWWHQVLFKDXIGHPIUHLHQ3ODW]YHUVDPPHOW*U\QSKVFKlW]WH GLH6WUHLWPDFKWDXIDFKW]LJELVHLQKXQGHUW0lQQHUGD]XNDPHLQ'XW]HQG EHZDIIQHWHU5RERWHU ,Q0HWDOOVFKDOHQLQGHU1lKHSUDVVHOWHHLQJURHV)HXHU'HU'XQNOHKDWWH ZLHHVVFKLHQHLQH$GHUIUPHORGUDPDWLVFKH(IIHNWH(UKLHOWHLQH IODPPHQGH$QVSUDFKHIRUGHUWHVHLQH0lQQHU]XOHEHQVYHUDFKWHQGHU 7DSIHUNHLWDXIXQGZDVVHLQH5HGHQLFKWEHZLUNWHGDVHUUHLFKWHGLH %HOHXFKWXQJ'DV)ODFNHUOLFKWGHU)ODPPHQOLHVHOEVW-QJOLQJVJHVLFKWHU]X KDUWHQPlQQOLFKHQ=JHQHUVWDUUHQ9RUDOOHPGHU'XQNOHVDKVHKU HLQGUXFNVYROODXV *U\QSKKLHOWVLFKXQDXIIlOOLJDQGHU6HLWHGHV'XQNOHQ(UNDPVLFKYRUZLH HLQH$UW+DXVWLHU]XUMHGHU]HLWLJHQ9HUIJXQJ(VZDUHLQHGHPWLJHQGH 5ROOHGDVOLHVLFKGHQYHUlFKWOLFKHQ%OLFNHQGHU.lPSIHUHQWQHKPHQ *U\QSKGDFKWHDQ$VKGDXQGYHUVXFKWHPLWGLHVHU(ULQQHUXQJGLH *HJHQZDUW]XYHUGUlQJHQ(VJHODQJLKPQLFKW 'HU$EPDUVFKGHUVFKZHUEHZDIIQHWHQ7UXSSHOLHQLFKWODQJHDXIVLFK ZDUWHQ'HUVWUDIIHQ'LV]LSOLQGLHGHXWOLFK]XVHKHQZDUHQWQDKP*U\QSK GDGLHVH$QWHUIHUUDQWHUHQWZHGHU]XIUKHUHQ3ROL]HLRGHU0LOLWlUHLQKHLWHQ JHK|UWKDWWHQRGHUDEHUYRQGHQ(UNHQQHUQGHV:DKUHQVFKRQVHLWJHUDXPHU =HLWPLOLWlULVFKJHGULOOWZRUGHQZDUHQ )ROJVDPWURWWHWH*U\QSKKLQWHU GHP'XQNOHQKHU'LH7UXSSHZXUGHDXIHLQHEHUHLWVWHKHQGH6FKDUYRQ *OHLWHUQYHUODGHQGDQQVHW]WHVLFKGHU.RQYRLLQ%HZHJXQJ 'LHRIIHQH'UHLVWLJNHLWPLWGHUGLH%DQGHGXUFKGDVQlFKWOLFKH7HUIIXKU EHHLQGUXFNWH*U\QSKVLH]HLJWHLKPGHXWOLFKGDHVZHQLJVWHQVLP%HUHLFK 7HUIQLHPDQGHQPHKUJDEGHUHVZDJWHGHQ(UNHQQHUQXQGLKUHQ 6WUDHQEDQGHQ]XZLGHUVSUHFKHQ 6RZDUHVQLFKWYHUZXQGHUOLFKGDVLFKDXIGHQ6WUDHQ7HUIVQLHPDQG ]HLJWH/HHUYHUODVVHQXQGUHJHQJOlQ]HQGODJHQGLH%RXOHYDUGVYRUGHQ 6FKHLQZHUIHUQYRUZHQLJHQ-DKUHQQRFKZDUHQVLHVHOEVWDQUHJQHULVFKHQ $EHQGHQYRQ$QWHUIHUUDQWHUQDQJHIOOWJHZHVHQ(VZDUEOLFKJHZHVHQ DEHQGV]XIODQLHUHQVLFK*HVFKlIWHDQ]XVHKHQ.RQ]HUWHXQG$XVVWHOOXQJHQ ]XEHVXFKHQ$XFK6SRUWZHWWNlPSIHKDWWHQ]DKOUHLFKH=XVFKDXHUDQJHORFNW 1LFKWVGDYRQZDUJHEOLHEHQ(LQJURHU7HLOGHUIUKHUHQ3UDFKWKlXVHUZDU HLQJHVWU]WKHUXQWHUJHEUDQQW$QGHUHZDUHQYHUUDPPHOWZRUGHQZDVDEHU JHJHQGLH3OQGHUHULQGHQ5HLKHQGHU(UNHQQHUGHV:DKUHQZHQLJKHOIHQ ZUGH *U\QSKYHUVXFKWHVLFKQRWGUIWLJ]XRULHQWLHUHQ(UNDQQWHVLFKLQGLHVHU 5HJLRQGHU6WDGWUHFKWJXWDXVXQGHUEHPHUNWHEDOGGDGHU.RQYRL RIIHQEDUGDVIODFKH/DQGJHZLQQHQZROOWH

6HLQH9HUPXWXQJEHVWlWLJWHVLFKDOVGHU.RQYRLZHQLJVSlWHUYRQGHU +DXSWVWUDHDEERJXQGVLFKVHLQHQ:HJTXHUIHOGHLQVXFKWH *U\QSKVSUWHVHLQ+HU]VFKQHOOXQGNUlIWLJVFKODJHQ(VURFKQDFK.DPSI XQGGLHVPDOKDWWHHUNHLQH:DIIH]XU9HUIJXQJXPVLFKVHLQHU+DXW]X ZHKUHQ 8QGGDQQWDXFKWHSO|W]OLFKGDV=LHOGHUQlFKWOLFKHQ)DKUWLP 6FKHLQZHUIHUOLFKWDXI *U\QSKV8QWHUNLHIHUNODSSWHKHUXQWHU :DVGRUWDXIGHP6DQGERGHQVWDQGZDUXQ]ZHLIHOKDIWHLQ5DXPVFKLIIXQG HVVFKLHQVWDUWNODU]XVHLQ *U\QSKNDQQWHGHQ7\SHLQNOHLQHU7UDQVSRUWHUGHU]ZLVFKHQ$QWHUIXQG 6HOHWHUIKLQXQGKHUSHQGHOWHGLFNOHLELJQXUGD]XJHGDFKWVFKZHUH/DVWHQ JHULQJHQ8PIDQJV]XWUDQVSRUWLHUHQ'LH.RQVWUXNWLRQYHUULHWUHLQH =ZHFNPlLJNHLWNHLQHUOHL=XJHVWlQGQLVVHDQJXWHV$XVVHKHQZDUHQ JHPDFKWZRUGHQ $EVLW]HQ 8QZLOONUOLFKEOLFNWH*U\QSKLQGLH+|KHZRVLFK6HOHWHUIDOVEUHLWH6LFKHO DE]HLFKQHWH2EGHU0RQGGDV=LHOGLHVHV)OXJHVVHLQZUGH" $Q%RUGODXWHWHGDVQlFKVWH.RPPDQGR'LH0DVFKLQHQGHV6FKLIIHV OLHIHQEHUHLWV 1LHPDQGDPZHQLJVWHQV*U\QSKNRQQWHVLFKYRUVWHOOHQZLHGLH(UNHQQHU GHV:DKUHQLQGHQ%HVLW]GHV6FKLIIHVJHNRPPHQZDUHQ:DKUVFKHLQOLFK KDWWHQVLHHVLQHLQHPKDQGVWUHLFKDUWLJHQhEHUIDOOJHVWRKOHQ *HUQKlWWH*U\QSKJHZXWZHOFKHV=LHOVLFKGHU'XQNOHIUVHLQHQQHXHQ $QJULIIDXVJHVXFKWKDWWHHVPXWHHQWZHGHUHLQ2UWDXI$QWHUIVHLQGHUDXV GHP5DXPDQJHJULIIHQZHUGHQVROOWHRGHUDEHUGLH6LHGOXQJHQDXIGHP 0RQG6HOHWHUI,QEHLGHQ)lOOHQNRQQWHGLHVHU$QJULIIGLH$NWLYHQIUFKWHUOLFK WUHIIHQ'ZLQV,QIRUPDQWHQVFKLHQHQZLHGHUHLQPDOKHUYRUUDJHQGH$UEHLW JHOHLVWHW]XKDEHQ 'DV,QQHUHGHV6FKLIIHVYHUULHW GDGHU5DXPHUEHUHLWVHLQLJHGHUWWDXVHQG/LFKWVWXQGHQDXIGHP%XFNHO KDWWH'LH.DEHOODJHQWHLOZHLVHRIIHQKHUXPZDUHQYHUGUHFNWXQGDQYLHOHQ 6WHOOHQJHIOLFNW'HU%RGHQVWDUUWHYRU'UHFN]XGHPKHUUVFKWHLP,QQHUQHLQ *HUXFKDOVVHL*URYLHKLQGLHVHQ5lXPHQWUDQVSRUWLHUWZRUGHQ 9HUWHLOWHXFKJOHLFKPlLJEHVWLPPWHGHU'XQNOH 'HU7UDQVSRUWHUZDUQLFKWIUGLH%HI|UGHUXQJVRYLHOHU$QWHUIHUUDQWHU JHGDFKWXQGJHEDXWZRUGHQGLH/DJHUKDOOHZDU]ZDUKRFKDEHUGHU 'XUFKPHVVHUZDUQLFKWVHKUJUR'LH.lPSIHUGHV(LQVDW]NRPPDQGRV VWDQGHQGLFKWJHGUlQJW'LHPHLVWHQ0lQQHULQ*U\QSKV1lKHPDFKWHQ JULPPLJHKDUWH*HVLFKWHUGLHNHLQHUOHL*HIKO]XP$XVGUXFNEUDFKWHQ

*U\QSKZDUKHLOIURKGDHUGHP'XQNOHQ]XJHWHLOWZRUGHQZDUVRHQWNDP HUGHUHLQJHNHLOWHQ(QJHGHV/DJHUUDXPVXQGGXUIWHGLH=HQWUDOHGHV 7UDQVSRUWHUVDXIVXFKHQ 'HU'XQNOHVDKVLFKNXU]XP :RVROOGLHVHJHKHLPQLVYROOH$SSDUDWXUVLW]HQGLHGXHQWGHFNWKDVW" *U\QSKGHXWHWHZDKOORVDXIHLQHGHU]DKOUHLFKHQ)OlFKHQGHU=HQWUDOH'HU 'XQNOHJLQJHLOLJKLQEHUXQG*U\QSKWUDXWHVHLQHQ$XJHQNDXPDOVHUVDK ZLHGHU'XQNOHHLQH.ODSSHEHVHLWLJWHXQGVLFKGDV/RFKLQGHU:DQGEHVDK (LQH)HXHUO|VFKHLQULFKWXQJVWHOOWHGHU'XQNOHIHVWXQGVHW]WHGLH $EGHFNSODWWH]XUFN'XKDVWRIIHQEDUVHKUVFKDUIH$XJHQ 'DV*HW|VHGHU0DVFKLQHQZXUGHODXWHU*U\QSKGHUGLH(LQ]HOKHLWHQGHU WHFKQLVFKHQ(LQULFKWXQJHQQLFKWYHUVWDQGEHJULIILPPHUKLQGDMHW]WGLH $XHQKOOHGHV6FKLIIHVOXIWGLFKWYHUVFKORVVHQZDU'HU6WDUWVWDQG XQPLWWHOEDUEHYRU $OV.LQGVFKRQKDWWHVLFK*U\QSKJHZQVFKW5DXPIDKUHU]XZHUGHQ$EHU HUKDWWHYRQFKURPEOLW]HQGHQ$UPDWXUHQJHWUlXPWYRPOHLVHQ6XPPHQGHU $QWULHEVPDVFKLQHQHOHJDQWHQ8QLIRUPHQ9RQ6FKPXW]XQG*HVWDQNYRQ 3UDVVHOQXQG.UDFKHQZDULQGLHVHQ7UlXPHQVRZHQLJGLH5HGHJHZHVHQ ZLHYRP$ONRKROJHVWDQNGHU3LORWHQXQGGHQZVWHQ)OFKHQGHU2IIL]LHUH ,PPHUKLQGHUVHOWVDPH+DXIHQEUDFKWHGDV6FKLIILQGLH+|KH'LH $QGUXFNDEVRUEHUDUEHLWHWHQXQUHJHOPlLJPDOVFKLHQGHU0DJHQ*U\QSKLQ GLH)HVDFNHQ]XZROOHQPDOVWLHJHULKPYRQXQWHQDQGHQ+DOV1XUPLW 0KHZXUGH*U\QSKGHUhEHONHLW+HUU 6WHLJWDXIVRVFKQHOOLKUN|QQWEHIDKOGHU'XQNOH:LUPVVHQGHQ )HXHUEHUHLFKGHU*HVFKW]HYRQ.DUQ$QWUDVFKGXUFKIOLHJHQ %HLGHP*HGDQNHQDQGLH(QHUJLHNDQRQHQLQ.DUQ$QWZXUGH*U\QSKV hEHONHLWQRFKVWlUNHU:LHGHUKDWWHLKQGLH$QJVWLQLKUHPIHVWHQ*ULII'HU 7UDQVSRUWHUKDWWHZHQQEHUKDXSWQXUHLQVHKUVFKZDFKHV6FKLUPIHOG DXI]XZHLVHQJHUDGHVWDUNJHQXJXPNOHLQHUH0HWHRULWHQDE]XZHLVHQJHZL DEHUQLFKWGLH7UHIIHUYRQ(QHUJLHNDQRQHQ'HUJHULQJVWH7UHIIHUPXWHIU GHQ6HHOHQYHUNlXIHUGDV(QGHEHGHXWHQ 5HFKW]JLJJHZDQQGDV6FKLIIDQ+|KH 9RQ$QWHUIZDUQLFKWYLHO]XVHKHQHLQHKHOOHUOHXFKWHWH6LFKHODP5DQGGHV *HVLFKWVNUHLVHV]HLJWHMHQHV*HELHWGDV]XU=HLWYRQGHU6RQQHEHVFKLHQHQ ZXUGH'HU5HVWGHU)OlFKHODJLQ'XQNHOKHLWHLQ$QEOLFNGHUMHGHQ HUVFKUHFNHQPXWHGHUGDV/LFKWJHIXQNHOIUKHUHU7DJHLP*HGlFKWQLV KDWWHGLH0LOOLRQHQNOHLQHUXQGJURHU/HXFKWN|USHULQGHQ6WlGWHQGLH JUHOOHQ*HVSLQVWHYRQVFKLOOHUQGHQ5HNODPHVFKULIWHQGLH*ODQ]NDVNDGHQGHU )HXHUZHUNHPLWGHQHQVLFKGLH5HLFKHQ$QWHUIVGLH$EHQGVWXQGHQ YHUVFK|QHUWHQ-HW]WZDUQXUHLQHWURVWORVHVFKZDU]H)OlFKH]XHUNHQQHQDE XQG]XZDUHQHLQSDDUNPPHUOLFKH/LFKWHUVLFKWEDU (LQ3LHSVHQZXUGHK|UEDULPPHUODXWHUXQGEOLHEVFKOLHOLFKNRQVWDQWLQ HLQHUQHUYW|WHQGHQ7RQK|KHXQG/DXWVWlUNH

:LUVLW]HQLQLKUHP3HLOVWUDKOYHUULHWGHU.RPPDQGDQW6HLQH+DDUHZDUHQ HQWZHGHUDOWHUVJUDXRGHUJHIlUEW,QHLQHPPRGHUQHQ6FKLIIKlWWHHU ZLOGYHUZHJHQJHZLUNWVRPDFKWHHUHLQHQKHUXQWHUJHNRPPHQHQ DEJHZLUWVFKDIWHWHQ(LQGUXFN6HLQ(UVWHU2IIL]LHUVDKHLQHP*HVSHQVW lKQOLFKVRKDJHUXQGNQRFKLJZDUGHU$QWHIHUUDQWHUDXVJHIDOOHQ*OHLFK ZHUGHQVLHXQVDQJUHLIHQ +DOWHWHXFKEHUHLWVDJWHGHU'XQNOH 'HU%HIHKOJDOWGHQ%HJOHLWHUQGLHVHLQH$JPHKQGMX6LFKHUXQJELOGHWHQ 'LH0lQQHUNRQ]HQWULHUWHQVLFKDXIHLQHQ:LOOHQVEORFNGHULQMHGHP JHZQVFKWHQ$XJHQEOLFNHLQVDW]EHUHLWVHLQNRQQWH 'LHQlFKVWHQ(UHLJQLVVHIROJWHQVRUDVFKDXIHLQDQGHUGD*U\QSKGLH ULFKWLJH$EIROJHQLFKWPHKUHUNHQQHQNRQQWH (VJDEHLQHQKHIWLJHQ6FKODJGLH+DXSWEHOHXFKWXQJHUORVFKVRIRUWXQG PDFKWHHLQHUIDKOURWHQ1RWEHOHXFKWXQJ3ODW]0lQQHUVFKULHQDXIYRQ LUJHQGZRKHUHUNODQJHLQPDUNHUVFKWWHUQGHV%HUVWHQXQG.UDFKHQ %ORFNJHOOWHGLH6WLPPHGHV'XQNOHQ )HVWKDOWHQVFKULOOWHGHU.RPPDQGDQWGD]ZLVFKHQ*U\QSKYHUVXFKWHVLFK DPQlFKVWEHVWHQIHVWHQ*HJHQVWDQGDQ]XNODPPHUQ(UEHNDPHLQH6WUHEH ]XIDVVHQXPNODPPHUWHVLHXQGVFKZRUVLFKVHOEVWGLHVHQ+DOWQLHZLHGHU ORV]XODVVHQ 9DNXXPHLQEUXFKLQ6HNWLRQGUHLODXWHWHHLQH0HOGXQJGLHLQGHP DOOJHPHLQHQ&KDRVEHPHUNHQVZHUWUXKLJXQGVDFKOLFKNODQJ 5XKHLP5DXPVFKLIIVFKULHGHU3LORW,FKNDQQGLH0HOGXQJHQVRQVWQLFKW YHUVWHKHQ (LQ6WDELOLVDWRULVWDXVJHIDOOHQ=ZHL6DXHUVWRIIWDQNVGHIHNWHOHNWULVFKH 9HUVRUJXQJGHU:DVVHUXPZlO]XQJ]XVDPPHQJHEURFKHQ 7UHIIHULQGHU/DQGHVHNWLRQ 5XKHEHZDKUHQEHVWLPPWHGHU.RPPDQGDQW,PIDKOHQ5RWOLFKWVDK *U\QSKZLHGHU'XQNOHDXIGHQ.RPPDQGDQWHQ]XWDXPHOWH %ORFNJHOOWHGLH6WLPPHGHV'XQNOHQ6FKOLHWHXFK]XVDPPHQ 6HLVWLOOJDEGHU3LORW]XUFNXQGDOVGHU'XQNOHZHLWHUQDFKGHPUHWWHQGHQ $JPHKQGMX%ORFNVFKULHVFKOXJLKQGHU3LORWPLWHLQHP.DPSIKLHEQLHGHU :LUYHUOLHUHQXQVHUHQ.XUV $OOH(QHUJLHDXIGHQ$QWULHEEHIDKOGHU.RPPDQGDQW 'DVKDOWHQGLH0DVFKLQHQQLFKWGXUFKTXlNWHHVDXVGHP/DXWVSUHFKHU 'DVDQGHUHKDOWHQZLUQLFKWGXUFK$OOHQ6DIWGHUYHUIJEDULVWVRIRUW 'DVDOWHUVVFKZDFKH7UDQVSRUWVFKLIIPDFKWHHLQHQI|UPOLFKHQ6DW]:LHGHU YHUVDJWHQGLH$QGUXFNDEVRUEHU*U\QSKJLQJLQGLH.QLH'LHVFKDUIH.DQWH GHU6WUHEHGLHHUQLFKWKDWWHIHVWKDOWHQN|QQHQVFKUDPPWHLKPGLH ,QQHQKDQGIOlFKHQDXIHVZDUHLQHMHQHU9HUOHW]XQJHQGLHHLJHQWOLFK EHUDXVJHULQJIJLJZDUHQDEHUHLQHXQJHKHXUH%HKLQGHUXQJGDUVWHOOWHQ XQG]XGHPY|OOLJXQDQJHPHVVHQVFKPHU]WHQ0LW0KHXQWHUGUFNWH*U\QSK HLQHQ$XIVFKUHL 'XUFKGLH=HQWUDOHIHJWHHLQHNQLVWHUQGH(QWODGXQJ

5DXFKZDOOWHDXIDXVHLQHP6FKDOWNDVWHQVSUKWHQNOHLQH%OLW]H 6WUHLIVFKXVWHOOWHGHU3LORWIHVW1RFKHLQSDDU$XJHQEOLFNHXQGZLUVLQG DXHU*HIDKU *U\QSKGHUIODFKDXIGHP%RGHQODJVSUWHGHQQlFKVWHQ7UHIIHUZLHHLQHQ 7ULWWLQGHQ0DJHQ'HU%RGHQZ|OE?HVLFKXQWHUVHLQHP.|USHUKRFK *U\QSKV.RSIIORJLQGLH+|KHXQGSUDOOWHHLQHQ$XJHQEOLFNVSlWHU VFKPHU]OLFKKDUWDXIGDVDQJHURVWHWH0HWDOOGHV%RGHQV]XUFN:LHGHU JHOOWHQ6FKUHLHGXUFKGHQ7UDQVSRUWUDXPHU'LHHQJ]XVDPPHQJHSIHUFKWHQ .lPSIHULP/DGHUDXPPXWHQGLH'XQNHOKHLWXQGGLHKHIWLJHQ (UVFKWWHUXQJHQGHV6FKLIIVUXPSIVQRFKGHXWOLFKHUVSUHQDOVGLH$QWHUI HUUDQWHULQGHU=HQUDOH $QWULHEYROOVWlQGLJDXVJHIDOOHQODXWHWHGLHQlFKVWH0HOGXQJ 9DNXXPHLQEUXFKLQGLH+DXSWVHNWLRQ 9LHU0DQQLQ5DXPDQ]JHVRIRUWDEGLFKWHQEHVWLPPWHGHU3LORW'HU5HVW YHUKlOWVLFKUXKLJ.UDNHHOHQNRVWHW/XIWDOVRKDOWHWGLH0lXOHU (LQDXWRPDWLVFKHU)HXHUO|VFKHUVFKLFNWHHLQH/DGXQJ/|VFKVFKDXPLQHLQ ,QVWUXPHQWHQSXOWDXVGHPHVKHIWLJKHUYRUTXDOPWH(LQ7HLOGHVlW]HQGHQ 6FKDXPVEOLHEDQ*U\QSKV.|USHUKlQJHQDEHUHUDFKWHWHQLFKWGDUDXI1XQ EHJDQQVRJDUGDV5RWOLFKW]XIODFNHUQ*U\QSKDKQWHZDVGDVEHGHXWHWH GHUY|OOLJH=XVDPPHQEUXFKGHUJHVDPWHQ6WURPYHUVRUJXQJGHV6FKLIIV VWDQGEHYRU:HQLJVSlWHUZDUHVVRZHLW 0LWHLQHP6FKODJZXUGHHVVWLOODQ%RUG.HLQHHLQ]LJH$Q]HLJHIXQNWLRQLHUWH PHKU6HOEVWGDVNDXPK|UEDUH6XPPHQGHU/XIWXPZlO]XQJZDUYHUVWXPPW XQGYRU*U\QSKVJHLVWLJH$XJHQVFKREHQVLFKGLH6FKUHFNHQVELOGHUGHV (UVWLFNXQJVWRGV $XHU5HLFKZHLWHNODQJGLH6WLPPHGHV3LORWHQGXUFKGLH)LQVWHUQLV6LH NODQJVHOWVDP]XIULHGHQ6HKHQZLUXQVGLH%HVFKHUXQJDQ +DQGVFKHLQZHUIHUIODPPWHQDXIXQGVFK|VVHQLKUHHQJJHEQGHOWHQ6WUDKOHQ GXUFKGLH'XQNHOKHLW4XDOPXQGDXIJHZLUEHOWHA6WDXEVWLHJHQDXIXQGOLHHQ ZLUUH6FKHPHQLQGHQ/LFKWVWUDKOHQWDQ]HQ 'HU3LORWOHXFKWHWHNXU]GHQ0lQQHUQLQGHU=HQWUDOHLQGLH*HVLFKWHU%HL GHP'XQNOHQEOLHEHUHLQZHQLJOlQJHUDOVEHLGHQEULJHQ1RFKLPPHUZDU GHU/HLWHUGHV6WRWUXSSXQWHUQHKPHQVEHZXWORV 0HPPHPXUPHOWHGHU3LORW :LHEHVFKZ|UHQGVWDUUWH*U\QSKDXIGHP%RGHQOLHJHQGXQGDXVHLQHU6WLUQ ZXQGHEOXWHQGDXIGDV*HVLFKWGDVVLFKEHULKQEHXJWH:HQQLUJHQG MHPDQGHVVFKDIIWHGLHXQDXVZHLFKOLFKVFKHLQHQGH.DWDVWURSKH]X YHUKLQGHUQGDQQGLHVHUJUDXIHOOLJH0DQQGHUGHQ(LQGUXFNPDFKWHDOV KDEHHULQVHLQHP/HEHQDOV3LORWPHKU$ONRKRODOV7UHLEVWRIIYHUEUDXFKW /DGHLQH9HUOHW]XQJYHUVRUJHQEHVWLPPWHGHU3LORWYRQGHP*U\QSK QLFKWHLQPDOGHQ1DPHQZXWH(UVDKZLHVLFKGHU/LFKWVWUDKOGHV +DQGVFKHLQZHUIHUVHQWIHUQWH'LH%HJOHLWHUGHV'XQNOHQEHJDQQHQVLFK GHUZHLOXPLKUHQ$QIKUHU]XNPPHUQ

*U\QSKUDSSHOWHVLFKDXIXQGYHUVXFKWHGHP3LORWHQ]XIROJHQ(UKDWWHNHLQH /XVWGHQHUVWHQ=RUQHVDXVEUXFKGHV'XQNOHQDE]XZDUWHQ ,PJURHQ/DGHUDXPZXUGHJHPXUPHOWXQGOHLVHJHIOXFKW(LQ7HLOGHU 0lQQHUZDUOHLFKWYHUOHW]WZRUGHQDQGHUHQVHW]WHGLH'XQNHOKHLW]X$XV GHQ7LHIHQGHV6FKLIIVUXPSIVGUDQJ=LVFKHQXQG%OXEEHUQGD]XHLQIHLQHV .QLVWHUQ$OOHV]XVDPPHQK|UWHVLFKlXHUVWEHGURKOLFKDQ 'HU/LFKWVFKHLQYRUDXVZLHV*U\QSKGHQ:HJ(UVFKOLFKKLQWHUGHP3LORWHQ XQGVHLQHQEHLGHQ%HJOHLWHUQKHU9HUPXWOLFKZDUHQHVGLHWHFKQLVFKHQ 2IIL]LHUHGHVEUFKLJHQDOWHQ6FKLIIHV :LUKDEHQQXUHLQSDDU6WXQGHQ=HLWNRQQWH*U\QSKGHQ3LORWHQVDJHQ K|UHQ$OVHUVWHVPXGLH/XIWXPZlO]XQJZLHGHULQ*DQJJHEUDFKWZHUGHQ VRQVWJHKHQZLUDQXQVHUHUHLJHQHQ$EOXIW]XJUXQGH:LHVLHKWHVVRQVW DXV" 7URVWORVDEHUQLFKWYHU]ZHLIHOWDQWZRUWHWHHLQHPUULVFKH6WLPPH*U\QSK VFKOLFKQlKHUKHUDQ:LUKDEHQJHQJHQG6DXHUVWRIIIUGLHQlFKVWHQ7DJH DXHUGHPJHQXJ:DVVHU2EZLUMHPDOVZLHGHUGHQ$QWULHEHLQVHW]HQ N|QQHQLVWHLQHDQGHUH)UDJHGHUOHW]WH7UHIIHUKDWDOOHUKDQG]HUVW|UW,FK IUFKWHXQVHU6FKLIILVWDP(QGH :lKUHQGGHVVHQKDWWHQGHU(UVWH2IIL]LHUDXIHLQHUEDWWHULHJHWULHEHQHQ 3RVLWURQLNKHUXPJHUHFKQHW6HLQH0LHQHYHUGVWHUWHVLFK :LUKDEHQJHQDXGUHL7DJH=HLWJDEHUEHNDQQW:LUVLQGQlPOLFKWURW]GHU 7UHIIHUDXI.XUVJHEOLHEHQ %HNRPPHQZLUELVGDKLQGHQ$QWULHEZLHGHUNODU",FKKDEHNHLQH/XVWDXI GHU2EHUIOlFKHYRQ6HOHWHUI]X]HUVFKHOOHQ 'LH$QWZRUWOLHODQJHDXIVLFKZDUWHQ +|FKVWZDKUVFKHLQOLFKQLFKW 'DV6FKZHLJHQGDVGLHVHQ:RUWHQIROJWHKLQWHUOLHLQ*U\QSKHLQH VHOWVDPH.lOWHGHV*HIKOV.HLQH$QJVWNHLQH$XIUHJXQJQXUVWXPSIH *OHLFKJOWLJNHLW'DVDOVRZDUHVZRYRUHUVLFKJHIUFKWHWKDWWHGDV(QGH VWDQGIHVWXQGZUGHVLFKQLFKWlQGHUQODVVHQ :LHYLHOH5DXPDQ]JHKDEHQZLUDQ%RUG" )UHLQ'XW]HQG/HXWHK|FKVWHQV1LHPDOVJHQXJXPDOOHYRQGHQ/HXWHQ GHV'XQNOHQLQ6LFKHUKHLW]XEULQJHQ *U\QSKVFKOXFNWH9RUVHLQHPJHLVWLJHQ$XJHVSLHOWHQVLFK6FKUHN NHQVV]HQHQDE0lQQHUGLHZLHEHVHVVHQXPGLHZHQLJHQUHWWHQGHQ $Q]JHNlPSIWHQ6HOWVDPHUZHLVHEHUKUWHQLKQGLHVH%LOGHUQLFKWPHKU ZDKUVFKHLQOLFKZHLOHUVLFKHLQHVROFKH6LWXDWLRQQLFKWZLUNOLFKHFKW YRU]XVWHOOHQYHUPRFKWH 0DFKWHXFKDQGLH$UEHLW/HXWHVDJWHGHU.RPPDQGDQW(VZLUGYLHO]X WXQJHEHQ :R]XVROOHQZLUXQVGHQQQRFKDESODJHQHVLVWDXVPLWXQV 'HU.RPPDQGDQWVWLHHLQKDUWHV/DFKHQDXV ,FKJHEHHUVWDXIZHQQGLHVHV6FKLIIGLH2EHUIOlFKHYRQ6HOHWHUIEHUKUW NHLQHQ$XJHQEOLFNHKHU(VJLEWLPPHUXQGEHUDOOHLQHQ$XVZHJ

+RIIHQWOLFKKDWHUUHFKWGDFKWH*U\QSK (UKDWWHJHQXJJHK|UWXQGVFKOLFKVLFKLQGLH=HQWUDOH]XUFN(UZDUNDXP GRUWDQJHNRPPHQDOVGLH1RWEHOHXFKWXQJZLHGHUDQVSUDQJ'DVJOHLFKH U|WOLFKH/LFKWGDVLKPYRUNXU]HU=HLWQRFKDOVEHGURKOLFKHUVFKLHQHQZDU VWUDKOWHMHW]WOHEHQYHUKHLHQGH:lUPHXQG%HKDJOLFKNHLWDXVOHLGHUQXUIU HLQSDDU$XJHQEOLFNHGDQQHULQQHUWHVLFK*U\QSKZLHGHUDQGDV*HVSUlFK GHU5DXPVFKLIIVEHVDW]XQJ 'HU'XQNOHZDUZLHGHU]XVLFKJHNRPPHQHUZDUDXHURUGHQWOLFKVWLOO(U YHU]LFKWHWHGDUDXIVHLQH8QWHUJHEHQHQ]XVFKHOWHQ :HQLJVSlWHUNHKUWHGHU.RPPDQGDQWLQGLH=HQWUDOH]XUFN6RIRUWVSUDFK LKQGHU'XQNOHDQ +DEHQZLUQRFKHLQH&KDQFH"IUDJWHHURKQH8PVFKZHLIH 'HU*HVLFKWVDXVGUXFNGHV.RPPDQGDQWHQYHUULHWYLHO9HUDFKWXQJ7URW]GHP NODQJVHLQH6WLPPHIUHXQGOLFK (VJLEWLPPHU0|JOLFKNHLWHQ:LUZHUGHQVHKHQXQGHQWVFKHLGHQZDV]X WXQLVW:RKLQIOLHJHQZLU"1DFK6HOHWHUI'HU.XUVVWLPPWhEHUGDV *HVLFKWGHV'XQNOHQIORJHLQ]XIULHGHQHV*ULQVHQ*U\QSKDKQWHZDVLQGHP (UNHQQHUYRUJLQJHUUHFKQHWHGDPLWPLWVDPWHLQHP5DXPDQ]XJSHU$J PHKQGMXQDFK6HOHWHUIJHODQJHQ]XN|QQHQ:DVDXVVHLQHQ/HXWHQZXUGH ZDULKPDXJHQVFKHLQOLFKJOHLFKJOWLJ 'HU.RPPDQGDQWVFKLHQGLH*HGDQNHQJlQJHGHV'XQNOHQJHQDX]X EHJUHLIHQ :DVLPPHUZLU]XXQVHUHU5HWWXQJWXQVDJWHHUEHLOlXILJGLH2IIL]LHUH ZHUGHQDOVOHW]WHGDYRQ*HEUDXFKPDFKHQ ,FKODVVHPLUNHLQH9RUVFKULIWHQPDFKHQEHJHKUWHGHU'XQNOHDXI.DOW HUZLGHUWHGHU3LORW$Q%RUGZlKUHQGHLQHV)OXJHVJLEWHVQXUHLQHQGHU %HIHKOVJHZDOWKDW'DVLVWGHU.RPPDQGDQW,FKHQWVFKHLGHXQGGXZLUVW GLFKIJHQ 'HU'XQNOHNQLIIGLH$XJHQ]XVDPPHQ 'DVZLUVWGXEHUHXHQ]LVFKWHHU'HU3LORWPDFKWHHLQHZHJZHUIHQGH *HVWH +|FKVWZDKUVFKHLQOLFKQLFKWVDJWHHUUXKLJ(UZDQGWHVLFKDEXQGEHUOLH HVGHP'XQNOHQGHQ6LQQ GLHVHUNU\SWLVFKHQ$QWZRUW]XHQWUlWVHOQ*U\QSK VSUWHZLHOHLVH6FKDXHUEHUVHLQHQ5FNHQNURFKHQ(UVXFKWHVLFKHLQHQ :LQNHOLQGHU=HQWUDOHXQGVHW]WHVLFKKLQ+HOIHQNRQQWHHUQLFKWK|FKVWHQV GLH$UEHLWHQEHKLQGHUQ 'DV:DUWHQZDUGDV6FKOLPPVWH'LH8QWlWLJNHLWJDE=HLWIU*HGDQNHQXQG QLFKWVZDUOHLFKWHUDOVVLFKVHOEVWPLW*HGDQNHQGLH5XKHXQGGHQ*OHLFKPXW ]XQHKPHQ 6WXQGHQYHUJLQJHQLQGHQHQQLFKWVJHVFKDK$EXQG]XNDPHLQHUYRQGHU %HVDW]XQJLQGLH=HQWUDOHJHNOHWWHUWXQGHUEDWQHXH$QZHLVXQJHQ YHUVFKZDQGZLHGHUXQGOLHGLH:DUWHQGHQDOOHLQPLWLKUHQ6RUJHQ

1DFKVHFKV6WXQGHQVFKDOWHWHQVLFKGLH/XIWXPZlO]SXPSHQZLHGHUHLQ'HU VWLFNLJH0RGHUGXPSIGHQGLH(LQJHVFKORVVHQHQ]XGLHVHP=HLWSXQNWKDWWHQ DWPHQPVVHQPDFKWHHLQHUHWZDVEHVVHUHQ/XIWYHUVRUJXQJ3ODW] (VJDEJHQJHQG(QHUJLHIUGLHNQVWOLFKH6FKZHUNUDIWIUGLH /XIWXPZlO]XQJXQGIUHLQH1RWEHOHXFKWXQJPHKUQLFKW (VODJDXIGHU+DQGGDGLH3URMHNWRUHQGHVNQVWOLFKHQ6FKZHUHIHOGVHLQH XQJODXEOLFKH0HQJH(QHUJLHEHQ|WLJWHQVFKOLHOLFKPXWHIUGLHVHQ=ZHFN LQIQIGLPHQVLRQDOH%HODQJHKLQHLQJHDUEHLWHWZHUGHQ6HKUODQJHNRQQWHQ GLH9RUUlWHGHU6SHLFKHU]HOOHQQLFKWUHLFKHQ 6ROOWHGLHNQVWOLFKH6FKZHUNUDIWDXVIDOOHQZUGHQGLH%HVDW]XQJVPLWJOLHGHU JH]ZXQJHQVHLQGLH5HSDUDWXUDUEHLWHQLQGHU6FKZHUHORVLJNHLWGHVIUHLHQ )OXJHVGXUFK]XIKUHQ2EGDVEHUKDXSWP|JOLFKZDUZDUQLFKWJHZLHV ZUGHLQMHGHP)DOO]XHLQHPZDJKDOVLJHQ8QWHUIDQJHQZHUGHQ,QGHU DFKWHQ6WXQGHQDFKGHPOHW]WHQ7UHIIHUZDUHVGDQQVRZHLW*U\QSKVSUWH ZLHHUDOOPlKOLFKOHLFKWHUXQGOHLFKWHUZXUGHGDQQZDUGLHNQVWOLFKH 6FKZHUNUDIWJlQ]OLFKYHUVFKZXQGHQ 'LH(LQJHVFKORVVHQHQLP/DGHUDXPIDQGHQGDVKHUUOLFKQXQNRQQWHQVLH ZHQLJVWHQVGLHJDQ]H:HLWHGLHVHV5DXPHVQXW]HQXQGZDUHQQLFKWPHKU JH]ZXQJHQHQJEHLHLQDQGHU]XVLW]HQ (LQHKDOEH6WXQGHGDQDFKVHW]WHGLH/XIWXPZlO]XQJZLHGHUDXV (QHUJLHPDQJHO *U\QSKVSUWHZLHLKPGHU0XQGWURFNHQZXUGH 1XUGDVGVWHUURWH/LFKWGHU1RWEHOHXFKWXQJEUDQQWHQRFKXQGHVVFKLHQ PLWMHGHU0LQXWHGXQNOHU]XZHUGHQ ,UJHQGZRWLHIXQWHQLP/HLEGHV6FKLIIHVNDPDOOHVGDUDXIDQGLH (QHUJLHYHUVRUJXQJ]XVWDELOLVLHUHQ(UVWZHQQHVJHQJHQG(QHUJLHJDEOLH VLFKGDV/HEHQDQ%RUGZLHGHUQRUPDOLVLHUHQ (VNRQQWHHLQH6DFKHZHUGHQEHLGHUZHQLJH0LQXWHQHQWVFKLHGHQ *HEW6FKODISUlSDUDWHDXVEHVWLPPWHQXQGHU.RPPDQGDQW6FKOlIHU EUDXFKHQZHQLJHU6DXHUVWRII -HGHUDQ%RUGZXWHZDVGDVKLHVFKOXJGHU5HSDUDWXUYHUVXFKIHKO ZUGHQGLH0lQQHULP6FKODIHUVWLNNHQ.HLQVFK|QHU7RGDEHUOHLFKWHUDOV GHUMHQLJHGHU7HFKQLNHUGLHELV]XPOHW]WHQ$XJHQEOLFNGDUDQDUEHLWHWHQGLH hEHUOHEHQVV\VWHPHGHV6FKLIIHVZLHGHULQ*DQJ]XEULQJHQ 'LH'RVLVGLHMHGHPHLQ]HOQHQYHUDEUHLFKWZXUGHUHLFKWHDXVXPHLQH JDQ]H*UXSSH]XQDUNRWLVLHUHQGHU3LORWUHFKQHWHZRKOPLWHLQGDGLH :LUNXQJ]XP7HLOYRQGHUILHEULJHQ$QJVWGHU(LQJHVFKORVVHQHQDXIJHKREHQ ZXUGH$XFK*U\QSKNRQQWHVSUHQGDHUVLFKJHJHQGHQ KHUDXIGUlQJHQGHQ6FKODI]XVWHPPHQYHUVXFKWH (UKDWWHIXUFKWEDUH$QJVWYRUGLHVHP6FKODIDXVGHPHVYLHOOHLFKWNHLQ (UZDFKHQPHKUJDEXQGLUJHQGZDQQZDUGDQQGDV0HGLNDPHQWVWlUNHUDOV HU

'DVHUVWHZDVHUEHLP(UZDFKHQVSUWHZDUUHLQH/XIW7LHIVRJ*U\QSKGHQ 6DXHUVWRIIHLQ(UEUDXFKWHHLQLJH0LQXWHQELVHUVLFKDQGDV/LFKWJHZ|KQW KDWWHGLH5RWEHOHXFKWXQJEUDQQWHQRFKDEXQG]XVFKDOWHWHVLFKGDV 1RUPDOOLFKWGD]XXQGHUORVFKZLHGHU ,QGHU=HQWUDOHGHV7UDQVSRUWVFKLIIVVDGHU'XQNOHDXIGHP6HVVHOGHV 3LORWHQ(UVFKOLHIQRFK'LHHUVFKODIIWHQ*HVLFKWV]JH]HLJWHQMHW]WQLFKWV PHKUYRQGHUXQHUELWWOLFKHQ+lUWHGLHHUVRQVWDXVVWUDKOWH 'LH%HJOHLWHUGHV'XQNOHQODJHQDXIGHP%RGHQXQG*U\QSKEHPHUNWH YHUZXQGHUWGDVLHQLFKWPHKUEHZDIIQHWZDUHQ9HUPXWOLFKKDWWHGLH %HVDW]XQJLKQHQGLH.ULHJVZHUN]HXJHZHJJHQRPPHQ %HLGHP9HUVXFKVLFKDXI]XULFKWHQNRQQWH*U\QSKGLH6FKZHUHVHLQHU *OLHGHUVSUHQ'DV%HWlXEXQJVPLWWHOZDUQRFKQLFKWY|OOLJYRP.|USHU DEJHEDXWZRUGHQ 'HQQRFKVFKDIIWHHV*U\QSKVLFKKLQ]XVWHOOHQDXFKZHQQHUVLFKEHUDOO IHVWKDOWHQPXWH$XVGHP/DGHUDXPGUDQJHQ6FKQDUFKJHUlXVFKH$XFK GLH7UXSSHODJQRFKLP%HWlXEXQJVVFKODI 0LWZDFNOLJHQ%HLQHQVFKOHSSWHVLFK*U\QSKZHLWHU(UIDQGHLQHQ :DVVHUKDKQWUDQNXQGZXVFKVLFKVFKQHOOXQGJULQVWHGD]XZHLOHUNXU]DQ $VKGDGHQNHQPXWH 'LHNQVWOLFKH6FKZHUNUDIWDQ%RUGKDWWHQLFKWGHQEOLFKHQ:HUW*U\QSK EHVDNHLQHUOHL(UIDKUXQJDXIGLHVHP*HELHW(UVFKlW]WHGDHUXPHWZD HLQ'ULWWHOOHLFKWHUZDUDOVEOLFK'DVKDOILKPGDEHLQLFKWXP]XIDOOHQDOVHU GDV6FKLIIODQJVDP]XGXUFKVW|EHUQEHJDQQ :LHHUQLFKWDQGHUVHUZDUWHWKDWWHIDQGHUGLH%HVDW]XQJLQGHQKLQWHUHQ 5lXPHQQDKHGHQ7ULHEZHUNHQ5HDNWRUHQXQG9HUVRUJXQJVV\VWHPHQ(LQ 7HLOGHU/HXWHVFKOLHIWLHIXQGIHVWXQGLKUH*HVLFKWHU]HXJWHQYRQGHQ 6WUDSD]HQGLHVLHEHUVWDQGHQKDWWHQ 'HQ3LORWHQIDQG*U\QSKLQGHU0DVFKLQHQ]HQWUDOHGDPLWEHVFKlIWLJWHLQH KDOEJHOHHUWH)ODVFKH]XOHHUHQ'HU*HUXFKYHUULHWGDHVVLFKXPUHFKW KRFKSUR]HQWLJHQ$ONRKROKDQGHOWH'LHDQGHUHQ0lQQHULP5DXPPDFKWHQ HEHQIDOOVHLQHQDQJHWUXQNHQHQ(LQGUXFN0RFKWHQVLH*U\QSKJ|QQWHLKQHQ GDV9HUJQJHQJHUQVFKOLHOLFKKDWWHQVLHGLH$QWHUIHUUDQWHUDQ%RUGGXUFK LKUHQPXWLJHQ(LQVDW]JHUHWWHW 'HU3LORWZDQGWHVLFKXPVDK*U\QSKXQGUOSVWHODXW*U\QSKPXWH ODFKHQ 6LHKWHVVRJXWDXV"IUDJWH*U\QSK3UlFKWLJDQWZRUWHWHGHU3LORWXQG QDKPHLQHQQHXHQ6FKOXFN'DV=HXJKlWWH*U\QSKYHUPXWOLFKGLH.HKOH YHUlW]WGDKHUOHKQWHHUGDQNHQGDEDOVGHU3LORWLKPYRQGHP6FKQDSV DQERW'DV)HKOHQHLQHV0DUNHQHWLNHWWVOLHYHUPXWHQGDHVVLFKXP 6HOEVWJHEUDQQWHVKDQGHOWH .|QQHQZLUDXI6HOHWHUIODQGHQ"IUDJWH*U\QSK(UKRFNWHVLFKQHEHQGHP 3LORWHQDXIHLQHIOHFNLJH.LVWHPLW:HUN]HXJ

.RPPWGDUDXIDQVDJWHGHU.RPPDQGDQW6HLQ$WHPYHUVFKOXJ*U\QSK IDVWGLH6SUDFKH:LUZHUGHQLQZHQLJHQ6WXQGHQGDVJUDYLWLRQHOOH 1LHPDQGVODQG]ZLVFKHQ$QWHUIXQG6HOHWHUIGXUFKIOLHJHQ 'DVZDV" 'LH=RQHLQGHUGLH0DVVHQDQ]LHKXQJGHV0RQGHVXQGGLHGHV3ODQHWHQ XQJHIlKUJOHLFKVWDUNVLQG'DQDFKZHUGHQZLUODQJVDPDXI6HOHWHUI KLQDEVWU]HQXQGZHLOGLH7ULHEZHNHY|OOLJVFKURWWUHLIVLQGZHUGHQZLU GDJHJHQQLFKWYLHOXQWHUQHKPHQN|QQHQ 'HU3LORWHUOHLFKWHUWHVLFKGXUFKHLQHQ5OSVHUGHULQGHP5DXPVRJDUHLQ (FKRIDQG=XGHPQDKPHUHLQHQNUlIWLJHQ%LVVHQHLQHU*HZU]]ZLHEHO .|QQHQZLUGLH:LUNXQJQLFKWQHXWUDOLVLHUHQ"IUDJWH*U\QSKGHUPKVDP DOOHV]XVDPPHQNODXEWHZDVHUDQ5DXPIDKUWZLVVHQEHVD:LUN|QQWHQ GRFKGLH(LQZLUNXQJGHU0DVVHQDQ]LHKXQJYRQ6HOHWHUIGXUFKXQVHUH NQVWOLFKH*UDYLWDWLRQDXVJOHLFKHQ .|QQHQZLU-XQJHN|QQHQZLU$EHUGDQQEUDXFKHQZLU]ZHL:RFKHQELV ZLUGLH2EHUIOlFKHHUUHLFKHQXQGVRODQJHUHLFKWXQVHUH/XIWQLFKWDXV -lKZXUGH*U\QSKZLHGHUKLQDEJHVWU]WLQGLH6FKZlU]HGHU9HU]ZHLIOXQJ :DUGLHJDQ]H0KHQXUGD]XQW]HJHZHVHQGHQ7RGHVNDPSI]X YHUOlQJHUQ" 8QGPDQNDQQJDUQLFKWVPDFKHQ" ,P$XJHQEOLFNQLFKW$EHUZLUZHUGHQVHKHQ(VZLUGXQVHWZDVHLQIDOOHQ VFKOLHOLFKVLQGZLUJHULVVHQH%XUVFKHQQLFKWZDKU-XQJV" 'LHVHOWVDPH0DQQVFKDIWGLHVHVQLFKWPLQGHUDEVRQGHUOLFKHQ5DXPVFKLIIV ODFKWHODXWXQGOLHGLH)ODVFKHQNUHLVHQ'LHVHU+DXIHQ$QWHUIHUUDQWHU EHVDGLHEHQHLGHQVZHUWH)lKLJNHLWVLFKDXIGDV]XNRQ]HQWULHUHQZDVLQ GHU*HJHQZDUWVWDWWIDQGXQGVLFKQLFKWGLH.|SIHEHUP|JOLFKH .DWDVWURSKHQGHU=XNXQIW]X]HUEUHFKHQ .RPPQLPPHLQHQ6FKOXFNVDJWHGHU3LORW ,FKKDEHQRFKQLFKWVJHJHVVHQZHKUWH*U\QSKDE:RUWORVKLHOWLKPHLQHU GHU0lQQHUHLQH*HZU]]ZLHEHOXQWHUGLH1DVH*U\QSKKDWWHGLH$KQXQJ GDHUGLH)UHXQGVFKDIWGLHVHU0lQQHUZUGHEUDXFKHQN|QQHQDOVRJULIIHU ]X=XVHLQHUhEHUUDVFKXQJVFKPHFNWHLKPGLHVHHLJHQWPOLFKH.RPELQDWLRQ YRQ6SHLVHXQG7UDQNVRJDU$XHUGHPKDOILKPGHU$ONRKROHLQHQ7HLO VHLQHU8QUXKH]XYHUOLHUHQ ,Q*HGDQNHQJLQJHUGLH3UREOHPDWLNGLHVHV)DOOHVGXUFKYHUVXFKWHHUHLQHQ :HJGHU5HWWXQJ]XILQGHQ6FKOLHOLFKKDWWHHUHLQH,GHH :LHYLHO=HLWKDEHQZLUQRFK[ZHQQZLUHLQKXQGHUWWDXVHQG.LORPHWHUYRQ 6HOHWHUIHQWIHUQWVLQG":LHODQJHZLUGHVELV]XP$XISUDOOQRFKGDXHUQ" 'HU.RPPDQGDQWUHFKQHWHGLH6DFKHLP.RSIGXUFK %HLK|FKVWHU*HVFKZLQGLJNHLW"(WZDVPHKUDOV]ZHL6WXQGHQ:DUXPIUDJVW GX" :HQQZLUQDKHJHQXJKHUDQVLQGN|QQHQZLUHLQHQ7HLOGHU/HXWHDQ%RUG QDFK6HOHWHUIEHI|UGHUQ$JPHKQGMX'LH0lQQHUVDKHQVLFKDQ'DVLVW

HLQH0|JOLFKNHLWVDJWHGHU3LORWJHGHKQW(LQVROFKHU1RWIDOOUHFKWIHUWLJW ZRKOVROFKHLQH0DQDKPH :HQQZLUGLH0HKU]DKOGHU0lQQHUQDFK6HOHWHUIJHEUDFKWKDEHQGDQQ N|QQHQVLHYRQGRUWDXVGHQ5HVWGHU/HXWHQDFKKROHQDXIGHPJOHLFKHQ :HJ6RN|QQHQZLUDOOHVLFKHUGHQ0RQGHUUHLFKHQ :LUPWHQGD]XDOOHUGLQJVHLQHQ3ODW]ILQGHQDQGHPHV/XIWIUXQVJLEW ZDQGWHHLQHUGHU2IIL]LHUHHLQ'LHZLFKWLJVWHQ/HXWHGLHVHU%HVDW]XQJZDUHQ VFKZHU]XHUNHQQHQGDLKUH5DQJDE]HLFKHQY|OOLJYHUGUHFNWZDUHQ 'HU'XQNOHPWHHLQHQVROFKHQ2UWNHQQHQVDJWH*U\QSKVFKQHOO,Q PDQFKHQ%HUHLFKHQGHU0RQGDQODJHQPWHGLH%HOIWXQJQRFK IXQNWLRQLHUHQGRUWZlUHQZLUVLFKHU 'HU3LORWVFKOXJ*U\QSKDXIGLH6FKXOWHU 3UlFKWLJ-XQJHGLHVHU(LQIDOOLVWSUlFKWLJ'DPLWN|QQHQZLUHVVFKDIIHQ .RPPWZLUZROOHQXQVHLQPDOPLWGHP$QIKUHUGLHVHU%DQGHXQWHUKDOWHQ 'LH(UNHQQHUGHV:DKUHQHLQH%DQGH]XQHQQHQHQWVSUDFK]ZDUGHQ 7DWVDFKHQHUIRUGHUWHDEHUHLQHJHK|ULJH3RUWLRQ0XWDQJHVLFKWVGHU 7DWVDFKHGDPHKUDOVHLQKXQGHUWGLHVHU%DQGLWHQVLFKDQ%RUGEHIDQGHQ 'HU.RPPDQGDQWGHV7UDQVSRUWHUVVFKLHQHLQ0DQQ]XVHLQGHP)XUFKW IUHPGZDU 'LH*UXSSHEDKQWHVLFKGXUFKGLH0HQVFKHQNQlXHOLP/DGHUDXPGHQ:HJ ]XUFNLQGLH=HQWUDOH'RUWZDUGHU'XQNOHLQ]ZLVFKHQHUZDFKW(UZDU lUJHUOLFK :RVLQGXQVHUH:DIIHQ"IUDJWHHUVRIRUW,FKYHUODQJHGDPDQXQVVRIRUW XQVHUH:DIIHQ]XUFNJLEW 6SlWHUHQWJHJQHWHGHU.RPPDQGDQW(VNDQQKLHUMHGHU]HLW]XNULWLVFKHQ 6LWXDWLRQHQNRPPHQXQGLFKKDEHNHLQH/XVW]XHUOHEHQGDMHPDQGLQ 3DQLNPLWVHLQHU:DIIHKDQWLHUW ,FKYHUODQJH $Q%RUGKDEHLFK]XEHIHKOHQJDEGHU3LORWJHODVVHQ]XUFN ,FKZHUGHGLFKHUVFKLHHQODVVHQGURKWHGHU'XQNOH'DLKPLQ *HJHQZDUWVHLQHU*HIROJVOHXWHRIIHQJHWURW]WZXUGHHUUHJWHLKQVHKU 6SlWHUJHUQMHW]WQLFKW $XFKGLHVHNQDSSH$QWZRUWZDUZHQLJGD]XDQJHWDQGLH/DXQHGHV'XQNOHQ ]XKHEHQ :RJHQDXVROOWHQZLUHXFKDEVHW]HQ"IUDJWHGHU.RPPDQGDQW=LHOVLFKHU EOLHVHUGHP'XQNOHQVHLQHQJHUXFKVVWDUNHQ$WHPLQV*HVLFKW =lKQHNQLUVFKHQGHUWUXJGHU(UNHQQHUGLHVH+HUDXVIRUGHUXQJ $XIGHU5FNVHLWHGHV0RQGHVDQWZRUWHWHHUXQGHXWOLFKYRU:XW .|QQHQZLUQLFKWPHKUDQIOLHJHQ.HQQVWGXHLQHQ/DQGHSODW]DXIGHUXQV ]XJHZDQGWHQ6HLWH" 1HLQVWLHGHU'XQNOHKHUYRU 'DQQEHUOHJQRFKHLQPDOHVJLEWHLQH0|JOLFKNHLWGLHJHVDPWH %HVDW]XQJ]XUHWWHQ'DV6FKLIIZHUGHQZLUQDWUOLFKYHUOLHUHQDEHUGDIU ZHUGHLFKYRQHXFK(UNHQQHUQ(UVDW]EHNRPPHQ

'XZDJVWHVGDV:DKUHPLW)RUGHUXQJHQ]XEHKHOOLJHQ" ,FKZDJHDOOHVZHQQHVQ|WLJLVWODXWHWHGLHNKOH$QWZRUW'HU3LORWWUXJ GHQ3ODQYRUGHQ*U\QSKDXVJHEUWHWKDWWH$QVWlQGLJHUZHLVHHUZlKQWHHU JDQ]EHVRQGHUV*U\QSKV5ROOH 'HU'XQNOHVDK*U\QSKJLIWLJDQ'HUKDWWHJURH0KHGHP%OLFN VWDQG]XKDOWHQDEHUHUVFKDIIWHHV ,P)LQGHQYRQ$XVIOFKWHQXQG7ULFNVVFKHLQVWGXVHKUJXW]XVHLQ EHPHUNWHGHU'XQNOHDOVGHU3LORWJHHQGHWKDWWH ,FKZUGHJHUQZHLWHUOHEHQVDJWH*U\QSK0LUIHKOWMHGH%HIlKLJXQJ]XP +HOGHQWRG 'HU'XQNOHOlFKHOWHE|VH /DWPLU=HLW]XP1DFKGHQNHQVDJWHHUXQGZDQGWHVLFKDE,FKZHUGH HLQHQ:HJILQGHQ $XIGHP7LVFKODJGLH0HWDOONDSVHOGLHGLH%RWVFKDIWGHV'XQNOHQHQWKLHOW 8QZLOONUOLFKVDK*U\QSKDOOHSDDU$XJHQEOLFNHQDFKGHP%HKlOWHU:LHGLH %RWVFKDIWODXWHWHZXWHHUQLFKWDEHUHWZDVDQGHUHVZDUGDEHL KHUDXVJHNRPPHQ 'HU,QIRUPDQWGHP'ZLQXQGVHLQH(UNHQQHULKUHSUl]LVHQ,QIRUPDWLRQHQ YHUGDQNWHQVDDXIGHP0RQG6HOHWHUI'LH%RWVFKDIWZDUIUGHQ6SLRQ EHVWLPPW *U\QSKZILWHZLHZDJKDOVLJGDV8QWHUQHKPHQZDUGDVLQGLHVHQ $XJHQEOLFNHQHLQJHOHLWHWZXUGH 3HU$JPHKQGMXVROOWHGLH.DSVHOGHP9HUUlWHULQGHQ5HLKHQGHU$NWLYHQ ]XJHVSLHOWZHUGHQ'DVZDUQDWUOLFKHUVWP|JOLFKZHQQVLFKGDV 7UDQVSRUWVFKLIILQLPPHUVFKQHOOHUZHUGHQGHP)DOODXI6HOHWHUIGHP0RQG DXI.LORPHWHUJHQlKHUWKDWWH 'DQDFKEOLHEHQQDFKGHQ%HUHFKQXQJHQGHUWUDJEDUHQ3RVLWURQLNJHQDX ]ZHL6WXQGHQXQGQHXQXQG]ZDQ]LJ0LQXWHQ,QGLHVHU=HLWPXWHGHU 9HUUlWHUHLQHQJHHLJQHWHQ5DXPILQGHQLKQPLW6DXHUVWRIIIOXWHQXQG HEHQIDOOVSHU$JPHKQGMXGHP'XQNOHQGLH.RRUGLQDWHQGLHVHU 5lXPOLFKNHLWHQ]XNRPPHQODVVHQ :DVHVEHGHXWHWHHLQHQVRYHUJOHLFKVZHLVHZLQ]LJHQ0HWDOOEHKlOWHUEHU PHKUHUH]HKQWDXVHQG.LORPHWHUDQ]XSHLOHQXQGKHU]XVFKDIIHQYHUPRFKWH VLFK*U\QSKQXUDQGHXWXQJVZHLVHYRU]XVWHOOHQ :DUGLH1DFKULFKWDQJHNRPPHQNRQQWHGDV)OXFKWPDQ|YHUHLQJHOHLWHW ZHUGHQ'HU'XQNOHKDWWHVHLQH/HXWHLQ*UXSSHQHLQJHWHLOW'LH5HLKHQIROJH LQGHUMHGHUHLQ]HOQHLQ6LFKHUKHLWJHEUDFKWZHUGHQVROOWHZDUJHQDX DXVJHNOJHOWZRUGHQ 1RFKGUHL6HNXQGHQ 'HU'XQNOHKDWWHGDUDXIEHVWDQGHQGDVHLQH.lPSIHULKUH:DIIHQ PLWQDKPHQ'DVHUVFKZHUWHGLH$XIJDEHVFKOLHOLFKPXWHDXFKGDVQLFKW JHUDGHJHULQJH*HZLFKWGLHVHU:DIIHQGXUFKJHLVWLJH.UlIWHEHUHLQH JHZDOWLJH'LVWDQ]EHZHJWZHUGHQ(VZUGHDXIHLQHQSDUDPHQWDOHQ.UDIWDNW

KLQDXVODXIHQGHUMHGHU]HLWLQHLQH.DWDVWURSKHPLWW|GOLFKHP$XVJDQJ XPVFKODJHQNRQQWH =ZHL6HNXQGHQ *U\QSKVFKOXFNWH'HU3LORWXQGGLHDQGHUHQ%HVDW]XQJVPLWJOLHGHUKDWWHQ HUNOlUWGDVLHGDV6FKLIIDOVOHW]WHYHUODVVHQZUGHQ*U\QSKKDWWHVLFK LKQHQDQJHVFKORVVHQZHQQDXFK]LWWHUQG'HU%OLFNPLWGHPGHU'XQNOH VHLQH(QWVFKHLGXQJEHJOHLWHWKDWWHZDULQVHLQHP*HGlFKWQLVIHVWJHEUDQQW HVZDUGLH9HUNQGLJXQJHLQHV7RGHVXUWHLOV 1RFKHLQH6HNXQGH 6LHVFKLHQVLFKVRHQGORV]XGHKQHQZLHGHU:HOWUDXP(LQH(ZLJNHLWVFKLHQ YHUVWULFKHQ]XVHLQDOV*U\QSKGDV.RPPDQGRK|UWH -HW]W ,PQlFKVWHQ$XJHQEOLFNZDUGLH0HWDOONDSVHOYHUVFKZXQGHQ-HW]WEHJDQQ GLH=HLWGHV:DUWHQV (LQHVZDUMHGHPGHU0lQQHUDQ%RUGNODU (UUHLFKWHGLHVH%RWVFKDIWGHQ(PSIlQJHUQLFKWGDQQZDUGLH0HKU]DKOGHU $QWHUIHUUDQWHUDQ%RUGYHUORUHQ1XUIUHLQLJHZHQLJHJDEHVGLH 0|JOLFKNHLWVLFKPLWVDPWHLQHPUDXPWFKWLJHQ$Q]XJQDFK6HOHWHUI YHUVHW]HQ]XODVVHQ'HU5HVWKDWWHNHLQH+RIIQXQJPHKU *U\QSKKLHOWVLFKLP+LQWHUJUXQG(UEHREDFKWHWHGLHDQGHUHQ'HU'XQNOH ]HLJWHHLQHJH]ZXQJHQH*HODVVHQKHLWVHLQHXQPLWWHOEDUHQ%HJOHLWHUZDUHQ VLFKWOLFKDXIJHUHJW'HUJU|WH7HLOGHU.lPSIHUKLQJHJHQZDUUXKLJ(LQLJH GHU0lQQHUVSLHOWHQDQGHUHVFKOLHIHQVRJDU 8QHUVFKWWHUOLFK]HLJWHVLFKGHU.RPPDQGDQWGHV6FKLIIHVGDVLPPHU VFKQHOOHUDXIGHQ0RQGKLQDEVWU]WH(UVFKLHQQXUPLWVHLQHU 6FKQDSVIODVFKHEHVFKlIWLJW]XVHLQXQGVLFKDQVRQVWHQXPQLFKWV]X NPPHUQ1XU*U\PSKEHPHUNWHGDGHU5DXPIDKUHULPPHUZLHGHUPLW VFKQHOOHQ$XJHQEHZHJXQJHQKHOOZDFKXQGNRQ]HQWULHUWGLHDQGHUHQDQ %RUGPXVWHUWH 0LQXWHQYHUJLQJHQLQTXlOHQGHU/DQJVDPNHLW %LOGHWHLQHQ%ORFNIRUGHUWHGHU'XQNOHVHLQH0lQQHUDXI+ROWGHQ %HKlOWHU]XUFN *U\QSKNRQQWHVHKHQZLHVLFKGLH0lQQHUDQVWUHQJWHQXPGLHVHQ:XQVFK HUIOOHQ]XN|QQHQ *HGlPSIWHU-XEHOEUDFKDXVDOVZHQLJH0LQXWHQQDFKGLHVHP%HIHKOGHU %HKlOWHUDXVGHP1LFKWVZLHGHUDXIWDXFKWH6FKHLQEDUXQYHUVHKUWXQG XQJH|IIQHWODJHUDXIGHP7LVFKDQGHUJOHLFKHQ6WHOOHDQGHUHU]XYRU JHOHJHQKDWWH 'HU'XQNOHVWU]WHQDFKYRUQXQG|IIQHWHGLH1DFKULFKWHQNDSVHOVLHZDU OHHUGLH1DFKULFKWKDWWHHLQHQ(PSIlQJHUHUUHLFKW 'LH6HXI]HUGHU(UOHLFKWHUXQJZDUHQODXW'HUHUVWH7HLOGHVZDKQZLW]LJHQ 8QWHUIDQJHQVZDUJHJOFNW *U\QSKZDUIHLQHQ%OLFNDXIGLH8KU6HLWGHP%HJLQQGHU$NWLRQZDUHQ ]ZHLXQGGUHLLJ0LQXWHQYHUJDQJHQ(VEOLHEHQQRFKIDVW]ZHL6WXQGHQ

*U\QSKYHUVXFKWHVLFKYRU]XVWHOOHQZDVVLFKMHW]WDXIEH]LHKXQJVZHLVHXQWHU GHP0RQGDEVSLHOWH'HU9HUUlWHUPXWHVLFKHQWIHUQHQXQGHLQHQELVKHU QLFKWEHQXW]WHQ5DXPPLW6DXHUVWRIIIOXWHQ'DQQPXWHHUGLHJHQDXHQ .RRUGLQDWHQGHV5DXPHVIHVWVWHOOHQXQGLQHLQH]ZHLWH1DFKULFKWHQGRVH VWHFNHQ6LHVROOWHDXIGHPJOHLFKHQ:HJZLHGLHHUVWH.DSVHOGHQ'XQNOHQ HUUHLFKHQ(UVWZHQQGLHVHU7HLODEJHVFKORVVHQZDUNRQQWHGLH)OXFKW EHJLQQHQ :LHGHUYHUJLQJHLQH9LHUWHOVWXQGH 'HU'XQNOHEHIDKOGLH.RQWDNWDXIQDKPHDEHUHVJDENHLQH 1DFKULFKWHQNDSVHOGLHPDQKlWWHKHUDXIKROHQN|QQHQ*U\QSKVSUWHZLH VLFKXQWHUGHQ(UNHQQHUQGHV:DKUHQZLHGHU1HUYRVLWlW]XYHUEUHLWHQ EHJDQQ(UVHOEVWZDUHUVWDXQOLFKUXKLJ 1DFKZHLWHUHQIQI]HKQ0LQXWHQOLHGHU'XQNOHHLQHQQHXHQ%ORFNELOGHQ 'DV5DXPVFKLIIZDULQGLHVHU=HLWLPPHUVFKQHOOHUJHZRUGHQXQGGLHVHU (IIHNWPDFKWHVLFKEHLP$JPHKQGMXEHPHUNEDU'LH0lQQHUPXWHQVLFK PHKUNRQ]HQWULHUHQ]XPDOLKU=LHOJHELHWQLFKWJU|HUDOVHLQH+DQGVSDQQH ZDU 6FKUHLHNODQJHQGXUFKGLH=HQWUDOH(LQH%ULHIER[ZDUDXIJHWDXFKW+DVWLJ HQWIHUQWHGHU'XQNOHGHQ'HFNHOhEHUVHLQ*HVLFKWIORJHLQ/lFKHOQGHV 7ULXPSKV +LHUGDVVLQGGLH.RRUGLQDWHQVDJWHHU(U]HLJWHGHQ=HWWHOKHUXP *U\QSKHUOHEWHHLQHQ$XJHQEOLFNVHOWVDPHUJHLVWLJHU.ODUKHLWHU LQWHUHVVLHUWHVLFKEHUKDXSWQLFKWIUGLH.RRUGLQDWHQ(UYHUVXFKWHYLHOPHKU DXIGHUGQQHQ]HUNQLWWHUWHQ)ROLHGHQ1DPHQGHV6FKUHLEHUV KHUDXV]XILQGHQ(LQH8QWHUVFKULIWIHKOWHVWDWWGHVVHQZDUHLQ=HLFKHQ]X VHKHQHLQVHOWVDPJHIRUPWHV$PXOHWWYRQGHPVLFK*U\QSKGLH.RQWXUHQ HLQSUlJHQNRQQWHGDQQKDWWHHUGHQRSWLVFKHQ.RQWDNW]XGHU1DFKULFKW YHUORUHQ $QGLH$UEHLWEHVWLPPWHGHU'XQNOH:HULVWGHUHUVWH" 'HUEHWUHIIHQGH$QWHUIHUUDQWHUVFKZLW]WHYRU$QJVWREZRKOHUHLQHQ 5DXPDQ]XJWUXJ'LH6FKHLEHGHV+HOPHVZDUYRQLQQHQEHVFKODJHQ 6FKDIIWLKQYRQ%RUG *U\QSKK|UWHQRFKGHQJHGlPSIWHQ6FKUHFNHQVVFKUHLGHQGHU0DQQ DXVVWLHGDQQZDUHUYHUVFKZXQGHQ /DWLKP=HLWVLFKXP]XVHKHQEHVWLPPWHGHU'XQNOH :HQQZLULKQVRIRUW]XUFNKROHQ 'HU'XQNOHZLVFKWHGHQ(LQZDQGPLWHLQHUKHUULVFKHQ*HVWHZHJ(UOLHIQI HQGORVODQJH0LQXWHQYHUVWUHLFKHQELVHUGHQ%HIHKOJDEGHQ0DQQDQ%RUG GHV5DXPVFKLIIHV]XUFN]XKROHQ 'HU0DQQZDUXQYHUVHKUWXQGHUKDWWHGHQ5DXPDQ]XJJH|IIQHW(VJDE /XIWDP=LHORUW 'DQQDQGLH$UEHLWEHVWLPPWHGHU'XQNOH(LQHUQDFKGHPDQGHUHQ *U\QSKDQHLQH6WUHEHJHOHKQWVDK]XZLHGLH,QYDVLRQ6HOHWHUIVYROO]RJHQ ZXUGH(LQHUGHU.lPSIHUQDFKGHPDQGHUHQYHUVFKZDQGYRQ%RUGGHV

5DXPVFKLIIHVXQGNDPLUJHQGZRXQWHUGHU2EHUIOlFKHYRQ6HOHWHUIKHUDXV 6REDOGGLH.RSIVWlUNHGHV/DQGXQJVWUXSSVDXVUHLFKWHJULIIHQVLHYRQXQWHQ KHULQGDV*HVFKHKHQHLQXQGKROWHQ%HVDW]XQJVPLWJOLHGHU]XVLFK ,PPHUKLQQDKPGHU9RUJDQJ=HLWLQ$QVSUXFK.HLQHUGHU0lQQHUZDUHLQ 6SH]LDOLVWLQGHU.XQVWGHULQGLUHNWHQ7HOHSRUWDWLRQ,PPHUZLHGHUPXWHQGLH *UXSSHQNOHLQH3DXVHQHLQOHJHQXP.Ul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lQQHUQQXU]XEHIHKOHQGLH 7UDQVSRUWDNWLRQDE]XEUHFKHQ'DQQPXWHQGLH2SIHU]XVDPPHQPLWGHP 6FKLIIDXIGHU2EHUIOlFKHYRQ6HOHWHUI]HUVFKHOOHQ 8QGZDVZLUGQXQDXVXQV" 'HU3LORWJULQVWHZlKUHQGHUPLWUDVFKHQJHVFKPHLGLJHQ%HZHJXQJHQGHQ $Q]XJEHUVWUHLIWH7URW]GHU(LOHQDKPHUGLH.RQWUROOHULPLWJURHU6RUJIDOW YRU ,FKUHFKQHPLWGHU%RVKHLWGLHVHV9HUEUHFKHUVXQGPLWVHLQHU9RUVLFKW 1DWUOLFKZLOOHUXQVW|WHQ8QGHUZHLDXFKGDLFKVHLQH$EVLFKW GXUFKVFKDXWKDEH:HQQLFKPLFKWURW]GHPGDUDXIHLQJHODVVHQKDEHGD ZLUDOVOHW]WHYRQ%RUGJHKHQGDQQZLUGHUDQQHKPHQPVVHQLFKKlWWH QRFKHLQHQJHKHLPHQ7UXPSILQGHU+LQWHUKDQG)ROJOLFKPXHUHWZDV XQWHUQHKPHQGDPLWZLUGDV6FKLIIQLFKWODQGHQN|QQHQ 8QGZDVZLUGHUWXQ" ,FKQHKPHDQHUZLUGXQVZLHYHUVSURFKHQYRQVHLQHQ/HXWHQUDXVGHP 6FKLIIKROHQODVVHQ,FKQHKPHDOOHUGLQJVDXFKDQGDGHU5DXPLQGHPZLU KHUDXVNRPPHQZHUGHQNDOWXQGOHHUVHLQZLUGZLHGHU:HOWUDXPVHOEVW 'LH9HUVFKOVVHUDVWHWHQHLQ-HW]WNDPGLH6WLPPHGHV.RPPDQGDQWHQDXV GHQZLQ]LJHQ+HOPODXWVSUHFKHUQ (LQJHIlKUOLFKHV6SLHOGDVGXGDVSLHOVW ,FKZHUGHHVJHZLQQHQYHUVSUDFKGHU3LORW(LQHQ+HU]VFKODJVSlWHUZDU HUYHUVFKZXQGHQ

'LH+DQGVFKHLQZHUIHUIODPPWHQDXI,QLKUHPNUlIWLJHQ/LFKWVDK*U\QSKDOV HUVWHVDXIGDV.RPELLQVWUXPHQWDP+DQGJHOHQNVHLQHV5DXPDQ]XJV(V ZDUVRZLHGHU3LORWHVYRUKHUJHVDJWKDWWHGLH8PJHEXQJZDUOXIWOHHUGD]X ZHOWUDXPNDOW *U\QSKOLHGHQ6WUDKOGHV6FKHLQZHUIHUVZDQGHUQ'HU/LFKWIOHFNDXIGHP %RGHQZDQGHUWHEHUHLQHYRQNOHLQHQ.UDWHUQGXUFKVHW]WH6WDXEIOlFKH WDVWHWHVLFKDQHLQHPNQDSSIQI]LJ6FKULWWHKRKHQ5LQJZDOOLQGLH+|KHXQG YHUORUVLFKGDQQLQGHU'XQNHOKHLW (VZDUNODUZRGLH*UXSSHKHUDXVJHNRPPHQZDULUJHQGZRDXIGHU 2EHUIOlFKHGHV0RQGHV *U\QSKVDKZLHVLFKGLH$UPHGHV.RPPDQGDQWHQEHZHJWHQ1LFKWUHGHQ EHVDJWHGLH*HVWH*U\QSKYHUPXWHWHGDGLH+HOPIUHTXHQ]HQDEJHK|UW ZXUGHQP|JOLFKHUZHLVHYRQGHPJHKHLPQLVYROOHQ,QIRUPDQWHQDXI6HOHWHUI (LQHUDVFKHhEHUSUIXQJHUJDEGDGLH0lQQHUGHV'XQNOHQLKUH2SIHUHQJ EHLHLQDQGHULQGLHVHP5LQJZDOODEJHVHW]WKDWWHQ1LHPDQGIHKOWH 'HU.RPPDQGDQWIRUGHUWHVHLQH/HXWHDXIVLFKGLFKWDQHLQDQGHU]XGUlQJHQ $OV6FKDOONRQWDNWPXWHQGLH+RKON|USHUGHU+HOPHGLHQHQ'LH 9HUVWlQGLJXQJZDUVFKOHFKWDEHUYHUVWlQGOLFK %HQXW]WGLH)XQNJHUlWHQXULPlXHUVWHQ1RWIDOOK|UWH*U\QSKGHQ .RPPDQGDQWHQVDJHQ ,QGLHVHU1RWODJHWDWHVJXW]XZLVVHQHLQHQVRHUSUREWHQ:HOWUDXPNlPSIHU ZLHGLHVHQDOWJHGLHQWHQ5DXPIDKUHUEHLVLFK]XKDEHQGHUQLHGLH1HUYHQ YHUORU :RP|JHQZLUVHLQ"IUDJWHHLQHU$XIGLHVH)UDJHKlWWHDXFK*U\QSKJHUQ HLQH$QWZRUWJHKDEW $QGHP3XQNWGHU2EHUIOlFKHGHUP|JOLFKVWZHLWYRQDOOHQ6WDWLRQHQ HQWIHUQWLVW'HU'XQNOHZLOOYHUKLQGHUQGDPDQXQVHUH/HLFKHQILQGHW8QG GDIUJLEWHVQLFKWYLHOH)OHFNHQDXIGHU2EHUIOlFKH)ROJWPLU0lQQHU 'HUDOWH5DXPIDKUHUJLQJYRUDQ'LHQLHGULJH0DVVHQDQ]LHKXQJGHV0RQGHV PDFKWHZHLWH6lW]HP|JOLFKZLHVLHDXI$QWHUIVHOEVWYRQ +RFKOHLVWXQJVDWKOHWHQQLFKWIHUWLJJHEUDFKWZRUGHQZlUHQ*U\QSKKDWWH HLQLJH6FKZLHULJNHLWHQVLFKPLWGLHVHQ9HUKlOWQLVVHQDQ]XIUHXQGHQDEHU VFKOLHOLFKVFKDIIWHHUHV 8QWHUZHJVVDKHU]XPHUVWHQPDOVHLQHQ+HLPDWSODQHWHQDXVGHP:HOWUDXP XQGLPJOHLFKHQ$XJHQEOLFNZXUGHHUVLFKGDUEHUNODUZDVDVWURQRPLVFKH $QJDEHQZLUNOLFKEHGHXWHWHQ :DVHUVDKZDUHLQHKDOEHUOHXFKWHWH6FKHLEHHLQH)OlFKHDXV%UDXQXQG *UQXQG%ODXYRQJUHOOZHLHQ6FKOLHUHQEHU]RJHQ(UNRQQWHVLHPLWGHU )OlFKHHLQHUDXVJHVWUHFNWHQ+DQGEHGHFNHQ +LQWHUGHP+DQGVFKXKYHUVFKZDQGHQHLQLJH.RQWLQHQWHYRQGHQHQMHGHU PHKUHUH/DQGVWULFKHDXIZLHVPLWJURHQZHLWYRQHLQDQGHUHQWIHUQWHQ 6WlGWHQ-HGHGLHVHU6WlGWHKDWWH%H]LUNH:RKQEORFNVXQG+lXVHUXQG

LUJHQGZRVDMHW]WP|JOLFKHUZHLVH$VKGDLQHLQHU(UGK|KOHXQGEDQJWHXP *U\QSK 6HOWVDPHU*HGDQNHEHUILHOHV*U\QSK(WZDVVRZHQLJ*UHLIEDUHVZLHHLQ *HIKOHLQH(ULQQHUXQJLVWLQGHU/DJHVROFKJHZDOWLJH'LVWDQ]HQ]X EHUEUFNHQ ,QGHUN|USHUOLFKHQ:HOWZDU*U\QSKZHLWZHQLJHUEHKHQGH'HU*HGDQNHDQ $VKGDVW|UWHVHLQH.RQ]HQWUDWLRQXQGSURPSWYHUIHKOWHHUGHQ$XIVSUXQJ VFKOXJGHU/lQJHQDFKDXIGHQ%RGHQXQGEHUVFKOXJVLFKPHKUPDOV'DEHL NROOHUWHHUEHUGHQ5DQGHLQHVWLHIHQ*UDEHQVXQGVWU]WHLQGLH7LHIH *U\QSKVWLHHLQHQ6FKUHLDXV(UVSDQQWHGLH0XVNHOQDQXQGYHUVXFKWHPLW EHLGHQ)HQQDFKXQWHQ]XWUHWHQ,UJHQGHWZDVEHNDPHUWDWVlFKOLFKXQWHU GLH)HXQGPLW$XIELHWXQJDOOHU.UDIWVFKQHOOWHHUVLFKQDFKREHQXQG EHNDPLP$XIVFKZXQJGLH.DQWHGHV*UDEHQV]XIDVVHQ'DQDFKGDXHUWHHV QLFKWPHKUODQJHELVHUZLHGHUHLQLJHUPDHQVLFKHUDXIGHP%RGHQYRQ 6HOHWHUIVWDQGHWZDVDXHU$WHPPLWDOOHQ=HLFKHQGHVDXVJHVWDQGHQHQ 6FKUHNNHQVLP*HVLFKW 'HU.RPPDQGDQWYHU]LFKWHWHGDUDXI*U\QSK]XVFKHOWHQZDKUVFKHLQOLFK KDWWHHUGHP*HVLFKWGHVMXQJHQ$QWHUIHUUDQWHUVDQJHVHKHQGDGHU 6FKUHFN7DGHOJHQXJJHZHVHQZDU :HLWHUJLQJGHU0DUVFKGHUHKHUHLQHU0LVFKXQJDXV6SRUWYHUDQVWDOWXQJXQG )OXJJOLFK (VZDU*U\QSKHLQ5lWVHOZRKHUVLFKGHU5DXPIDKUHUVRJXWDXVNDQQWHHU VFKLHQMHGHQIDOOVVHKUJHQDX]XZLVVHQZRKLQHUVLFK]XZHQGHQKDWWHXQG GDVLQHLQHU/DQGVFKDIWLQGHUHVHLQHHUVFKUHNNHQGH0LVFKXQJDXV YHUZLUUHQGHU9LHOIDOWXQGOlKPHQGHU(LQ|GHJDE,QGHUVWHWLJHQ XQDXIK|UOLFKHQ$EIROJHYRQNOHLQHQXQGJURHQ.UDWHUQWLHIHQ5LVVHQ VWDXEJHIOOWHQ*UlEHQ%UXFKNDQWHQXQG$XIZHUIXQJHQYHUORUPDQVHKUEDOG GLHhEHUVLFKWDOOHU*HVWDOWYLHOIDOW]XP7URW] *U\QSKNRQQWHQXUKRIIHQGDGHUDOWH5DXPIDKUHUQLFKWHLQIDFKDXIV *HUDWHZRKOVHLQHQ:HJQDKP=XYLHOHQhEHUOHJXQJHQGLHVHU$UWIDQG *U\QSKDOOHUGLQJVZHQLJ=HLW(UPXWHDXISDVVHQGDHUPLWGHQDQGHUHQ 6FKULWWKLHOWGHUHQ(UIDKUXQJLP8PJDQJPLWIHKOHQGHURGHUJHULQJHU 0DVVHQDQ]LHKXQJUHFKWJUR]XVHLQVFKLHQ (QGOLFKJDEGHU3LORWGDV=HLFKHQ]XP+DOWXQG*U\QSKZDUVHKUHUOHLFKWHUW GDUEHU(UVFKZLW]WHVWDUNXQGVHLQ$WHPJLQJVFKQHOOXQGVWRZHLVH(LQ %OLFNDXIGDV.RPELLQVWUXPHQW]HLJWHGDGLH$WHPOXIWQRFKIUJHUDXPH =HLWDXVUHLFKHQPXWH 'HU3LORWGHXWHWHDXIGHQ%RGHQZRQLFKWV]XHUNHQQHQZDUZDVHLQHQ $XIHQWKDOWJHUHFKWIHUWLJWKlWWH(LQHQNXU]HQ$XJHQEOLFNDPVLHUWHVLFK *U\QSKEHUGLH7DWVDFKHGDHUYRQGLHVHP0DQQGHUGLH9HUDQWZRUWXQJ IUGDV/HEHQGHUJDQ]HQ*UXSSHEHUQRPPHQKDWWHQRFKQLFKWHLQPDOGHQ 1DPHQNDQQWH 'LH5DXPIDKUHUNQLHWHQQLHGHU0LWGHQEHKDQGVFKXKWHQ+lQGHQZLVFKWHQ VLHEHUGHQ%RGHQGHUDQGLHVHU6WHOOHHUVWDXQOLFKHEHQZLUNWH'HU*UXQG

GDIUZDUHLQVWlKOHUQHV6FKRWWGDVRIIHQEDUVHLWJHUDXPHU=HLWQLFKWPHKU EHQXW]WZRUGHQZDUZLHGLHGLFNH6FKLFKWYRQ*HVWHLQVVWDXEXQG*HU|OO EHZLHVGLHVLFKDXIGHU(LQVWLHJVIOlFKHDQJHVDPPHOWKDWWH9LHOOHLFKWZDU GDVDOOHUGLQJVDXFKQXU]XU7DUQXQJVRDQJHOHJWZRUGHQ 0LWWHQDXIGHP2YDOGHV6FKRWWVZDUHLQH=HKQHUWDVWDWXU]XHUNHQQHQ2KQH ]X]|JHUQWLSSWHGHU3LORWHLQH=DKOHQNRPELQDWLRQHLQXQG]X*U\QSKV (UVWDXQHQVWLHJGLHVFKZHUH0HWDOOSODWWHHLQHQKDOEHQ6FKULWWLQGLH+|KH XQGVFKZDQJGDQQ]XU6HLWH(LQHGXQNOHgIIQXQJZXUGHVLFKWEDULP/LFKW GHU6FKHLQZHUIHUWDXFKWHQGDQQ6WXIHQDXI 1DFKHLQDQGHUVWLHJHQGLH0lQQHULQGHQ6FKDFKWKLQDE*U\QSKVDK]XGD HULQGHU1lKHGHV$QIKUHUVEOLHEGHUVLFKEHZHJWHDOVVHLHULQGLHVHU JHKHLPQLVYROOHQ$QODJHJURJHZRUGHQ 1DFKNQDSSHLQKXQGHUW6WXIHQHQGHWHGLH:HQGHOWUHSSHLQHLQHPY|OOLJ OHHUHQ5DXP$QGHU:DQGZDUHLQ6FKDOWNDVWHQ]XVHKHQDXFKHUPLW HLQHP=HKQHUWDVWIHOGYHUVFKORVVHQ$XFKKLHU]|JHUWHGHU3LORWQLFKWODQJH 'HU9HUVFKOX|IIQHWHVLFKEDOGXQGOLHHLQH5HLKHYRQ6FKDOWHUQVHKHQ0LW HLQHPGHU.LSSKHEHOOLHGHU.RPPDQGDQWGDV6FKRWWZLHGHU]XIDKUHQPLW HLQHPDQGHUHQVRUJWHHUGDIUGD$WHPOXIWLQGHQ5DXPJHEODVHQZXUGH $OVGLH.RPELLQVWUXPHQWHYRPURWHQLQGHQJUQHQ%HUHLFKZHFKVHOWHQJDE HUGDV=HLFKHQGDGLH+HOPHJH|IIQHWZHUGHQNRQQWHQ'LH/XIWGLH *U\QSKHQWJHJHQVFKOXJZDUNKOHUDOVGLHDXVGHQ7DQNVDXHUGHP PDFKWHVLHHLQHQPXIILJHQ(LQGUXFN'LHVHgUWOLFKNHLWHQVFKLHQHQODQJH=HLW NHLQHQ%HVXFKHUPHKUJHKDEW]XKDEHQ :RVLQGZLUEHUKDXSW"IUDJWH*U\QSKGHUVHLQH1HXJLHUGHQLFKW]X EH]lKPHQYHUPRFKWH *HKHLPVWDWLRQ*RUUQVDJWHGHU3LORWUXKLJ,KUN|QQWGLH$Q]JHDEOHJHQ ZLUZHUGHQVLHQLFKWPHKUEUDXFKHQ (UDFKWHWHDEHUGDUDXIGDGLH0RQWXUHQLQ+DOWHUXQJHQDXIJHKlQJWZXUGHQ 5RERWDXWRPDWHQEHUQDKPHQGLH$XIJDEHLQGHQQlFKVWHQ6WXQGHQGLH 7DQNVPLW/XIW]XIOOHQXQGGLH(QHUJLH]HOOHQELV]XU+|FKVWOHLVWXQJ DXI]XODGHQ:HUDOVQlFKVWHUGLHVHQ5DXPDXIVXFKWHNRQQWHDXI HLQVDW]NODUH5DXPDQ]JH]XUFNJUHLIHQ$OOHVVSUDFKGDIUGDGLHVH $QODJHVFKRQYRUODQJHU=HLWVRUJVDPJHSODQWXQGHLQJHULFKWHWZRUGHQZDU ,Q]ZLVFKHQKDWWHVLFKDXFKGLH%HOHXFKWXQJHLQJHVFKDOWHW(LQHGHU5|KUHQ ZDUGHIHNW*U\QSKGHUGLH/HEHQVGDXHUGLHVHU/HXFKWN|USHUNDQQWH EHUVFKOXJGDGLH6WDWLRQIDVWHLQ-DKUKXQGHUWDOWVHLQPXWH 'HU5DXPHUZLHVVLFKQDFKXQGQDFKDOVHLQHZDKUH6FKDW]NDPPHU0LW +DQGJULIIHQXQG6FKDOWXQJHQGLHODQJMlKULJHhEXQJYHUULHWHQ|IIQHWHGHU 3LORW1HEHQNDPPHUQHLQHQ5DXPLQGHP1DKUXQJVPLWWHO XQG )ULVFKZDVVHU]XILQGHQZDUHQHLQHJUR]JLJHLQJHULFKWHWH+\JLHQH]HOOH GLHZHJHQ=HLWPDQJHOVQLFKWEHQXW]WZHUGHQNRQQWHXQG]XOHW]WHLQH JXWJHIOOWH:DIIHQNDPPHU *U\QSKZDJWHHLQH9RUKHUVDJH 'XELVWNHLQQRUPDOHU5DXPIDKUHUVDJWHHUGHP3LORWHQLQV*HVLFKW

0|JOLFKHUZHLVHODXWHWHGLH$QWZRUWGLH*U\QSKNHLQHQ6FKULWW ZHLWHUEUDFKWH(UHUNDQQWHDOOHUGLQJVGDHUDXVGHPHQHUJLVFKHQ0DQQ NHLQHZHLWHUHQ(UNHQQWQLVVHKHUDXVKROHQZUGHGDKHUYHUOHJWHHUVLFKDXIV %HREDFKWHQ ,QHLQHPZHLWHUHQ1HEHQUDXPEHIDQGVLFKGHU(LQJDQJ]XHLQHPVFKPDOHQ $QWLJUDYVFKDFKWGHUDOOHUGLQJVDXHU%HWULHEZDU6WDWWGHVVHQJDEHVHLQH DXVGHU:DQGXQJKHUDXVJHNODSSWH6HULHYRQGLFNHQ6SURVVHQ*U\QSKZDU GDQNEDUGDGHU6FKDFKWQLFKWDXVJHOHXFKWHWZDUHUKlWWHVFKZHUOLFKGHQ 0XWDXIJHEUDFKWH+XQGHUWHYRQ6SURVVHQLQHLQHJHIlKUOLFKJlKQHQGH7LHIH ]XNOHWWHUQ 'HU6FKDFKWZDUVRHQJGDMHZHLOVQXUHLQ0DQQLKQEHQXW]HQNRQQWH 1DFKHLQDQGHUVWLHJHQGLH5DXPIDKUHUKLQDEHLQ6FKDOWHUVRUJWHGDIUGD GLH(LQVWLHJVNDPPHUZLHGHUYHUVFKORVVHQZXUGH 'LH+DQGVFKHLQZHUIHUGLHDQGHQ*UWHOQEDXPHOWHQOHXFKWHWHQGHQ $EVWLHJDXV,QGHQKLQXQGKHUVFKZLQJHQGHQ/LFKWVWUDKOHQZDUHVQLFKW HLQIDFKGLH6SURVVHQ]XVHKHQ*U\QSKYHUOLHVLFKGDKHUQDFKNXU]HU=HLW DXIVHLQ*HIKOXQGYHUVXFKWHHLQHQJOHLFKPlLJHQ5K\WKPXVLQVHLQH %HZHJXQJHQ]XEULQJHQ 6FKZHLJVDPNOHWWHUWHGLH*UXSSHLQGLH7LHIH:LHYLHO0RQGJHVWHLQVLHGDEHL VHQNUHFKWGXUFKTXHUWHQNRQQWH*U\QSKQLFKWHLQPDODEVFKlW]HQHUVSUWH QXUGDGLH.OHWWHUHLHLQH(ZLJNHLW]XGDXHUQVFKLHQ $P(QGHGHV6FKDFKWHVZDUWHWHGLHQlFKVWHhEHUUDVFKXQJHLQH 5|KUHQEDKQ *HQDXHUJHVDJWZDUHVHLQH7UDQVSRUWHLQULFKWXQJGLHZRKOHKHUIU*WHU DOVIU0HQVFKHQJHGDFKWZDU5DNHWHQlKQOLFKH%HKlOWHUGLHJHUDGHJUR JHQXJZDUHQHLQHQ0DQQDXI]XQHKPHQZXUGHQGXUFK0DJQHWIHOGHU EHVFKOHXQLJWXQGEHZHJW *U\QSKILHODXIGDVlPWOLFKH(LQULFKWXQJHQGLHVHU6WDWLRQDXIVHKU YHUDOWHWHQWHFKQLVFKHQ*UXQGODJHQEHUXKWHQ1LUJHQGZRJDEHV *HUlWVFKDIWHQGHUHQ)XQNWLRQVSULQ]LSLQLUJHQGHLQHU)RUPK|KHU GLPHQVLRQDOH0DWKHPDWLNLQ$QVSUXFKQDKP(VVDKGDQDFKDXVDOVVROOWHQ GLHVH(LQULFKWXQJHQQLFKWRUWEDUIULUJHQGZHOFKH)HLQGHVHLQ *HUQKlWWH*U\QSKJHIUDJWDEHUHUDKQWHGDHUNHLQH$QWZRUWEHNRPPHQ ZUGH (LQHUQDFKGHPDQGHUHQEHVWLPPWHGHU5DXPIDKUHUGHQ*U\QSK LQ]ZLVFKHQLQ9HUGDFKWKDWWHHLQH$UW*HKHLPSROL]LVW]XVHLQ,FKQHKPHGLH HUVWH5HLVHLKUDQGHUHQIROJWPLUQDFK *U\QSKVSUWHZLHVLFKVHLQ0DJHQYHUNQRWHWHDQJHVLFKWVGHU9RU VWHOOXQJIODFKDXIGHP5FNHQOLHJHQGGXUFKHLQHHQGORVODQJH5|KUH NDWDSXOWLHUW]XZHUGHQ:HQQGLH7HFKQLNGLHVHV7UDQVSRUWV\VWHPVYHUVDJWH KLQJHULUJHQGZRLQHLQHP6FKDFKWIHVWGHUVRHQJZDUGDHVNHLQHUOHL )OXFKWP|JOLFKNHLWJDE 'LHDQGHUHQVFKLHQHQVROFKH$QJVWQLFKW]XNHQQHQ'HU3LORWVWLHJHLQOHJWH VLFKDXIGHQ5FNHQXQGNODSSWHGHQ'HFNHOGHV7UDQVSRUWEHKlOWHUVEHU

VLFK]X(LQHQ$XJHQEOLFNVSlWHUKDWWHLKQGDVPDJQHWLVFKH %HVFKOHXQLJXQJVIHOGHUIDWXQGLQGHQGXQNOHQ6FKDFKWJHVWRHQGHU VHLWOLFKDXVGHP5DXPKHUDXVIKUWH -HW]WGX *U\QSKZROOWHSURWHVWLHUHQDEHUEHYRUHUGD]XNDPODJHUVFKRQDXIGHP 5FNHQGHU'HFNHONODSSWH]XXQGHVZXUGHGXQNHOXP*U\QSK(UVSUWH GHQNXU]HQ6FKXEGHU%HVFKOHXQLJXQJGDQDFKZDUHVHQWVHW]OLFKVWLOOXP LKQ1XUVHLQH$WHPJHUlXVFKHNRQQWHHUK|UHQ (UK|UWHGDHULPPHUVFKQHOOHUDWPHWHEHNDP$QJVW]XHUVWLFNHQXQG VFKQDSSWHJLHULJQDFK/XIW*HUDGHQRFKUHFKW]HLWLJNDPLKP]XP %HZXWVHLQGDHUVLFKVRLQHLQHUHJHOUHFKWH3DQLNKLQHLQVWHLJHUWH(U QDKPDOOHQ0XW]XVDPPHQNRQ]HQWULHUWHVLFKXQGNlPSIWHVHLQH)XUFKW QLHGHU 'HU%HKlOWHUZDUVRHQJGD*U\QSKQLFKWGLH+DQGYRU$XJHQIKUHQXQG DXIGLH8KUVHKHQNRQQWH(UNRQQWHSUDNWLVFKNHLQ*OLHGUKUHQXQGHU EHJDQQVWDUN]XVFKZLW]HQ ,UJHQGZRDXIHLQHUIUHLHQ)OlFKHKlWWHHUHLQH6WXQGHLQH[DNWGHUJOHLFKHQ /DJHUXKLJYHUEULQJHQN|QQHQDEHUKLHUZRHUJH]ZXQJHQZDUPLWDQGHQ /HLEJHSUHWHQ$UPHQ]XOLHJHQEHUILHOLKQHLQXQJHKHXUHU %HZHJXQJVGUDQJ(VZDUHLQH7RUWXULQGLHVHU'XQNHOKHLWXQG6WLOOH EHZHJXQJVORVGD]XOLHJHQ$PVFKOLPPVWHQZDUGDV*HIKODXVJHOLHIHUW]X VHLQQLFKWGDVJHULQJVWH]XUHLJHQHQ5HWWXQJWXQ]XN|QQHQIDOOVHVHLQHQ 8QIDOOJDE $OVGHU'HFNHOHQGOLFKDXINODSSWH/LFKWXQG/XIWLQV,QQHUHVWU|PWHQGDZDU *U\QSKV3HO]Y|OOLJGXUFKQlW(UVWLHHLQHQODXWHQ6HXI]HUDXVXQGVR VFKQHOOZLHQRFKQLHLQVHLQHP/HEHQNDPHUDXIGLH%HLQH'HU .RPPDQGDQWGHUGLHJOHLFKH5HLVHYRULKPJHPDFKWKDWWHZDUY|OOLJ WURFNHQXQG*U\QSKVFKlPWHVLFKHLQZHQLJIUVHLQH$QJVW *XWJHPDFKW-XQJHOREWHGHU3LORWXQGVDK*U\QSKOlFKHOQGDQ1LFKW MHGHUEHUVWHKWGLHHUVWH)DKUWVRJXWZLHGX,FKKDEH0lQQHUJHVHKHQGLH XQWHUZHJVRKQPlFKWLJJHZRUGHQVLQGXQGHLQHULVWVRJDUYRU$QJVW JHVWRUEHQ 'DVNDQQLFKPLUYRUVWHOOHQPXUPHOWH*U\QSKNDXPK|UEDU $OVGLHJDQ]H*UXSSHYHUVDPPHOWZDUIKUWHGHU.RPPDQGDQWVLH]XHLQHU 6FKDXWDIHO'RUWZDUHQJURH*HELHWHGHV0RQGHV6HOHWHUIVFKHPDWLVFK GDUJHVWHOOWKDXSWVlFKOLFKMHQH5HJLRQHQGLHYRQGHQ$QWHUIHUUDQWHUQ WHFKQLVFKJHQXW]WZXUGHQ:HLWHUH%HUHLFKHZDUHQGXQNHOQXUHLQLJHZHQLJH 6WHOOHQZDUHQHUOHXFKWHW 'LHVVLQGGLH5HJLRQHQGLHXQVLP$XJHQEOLFN]XU9HUIJXQJVWHKHQ HUNOlUWHGHU.RPPDQGDQW*U\QSKIDQGGLH:DQGOXQJGLHVHV$QWHUIHUUDQWHUV HUVWDXQOLFKYRQGHP*HKDEHHLQHVWUXQNVFKWLJHQ.RPPDQGDQWHQHLQHV 6HHOHQYHUNlXIHUVYRQ5DXPVFKLIIZDUQLFKWVPHKU]XHUNHQQHQVRZLHHU VLFKMHW]WEHWUXJHULQQHUWHHU*U\QSKXQZLOONUOLFKDQ1DUUP

'LHGXQNOHQ)HOGHUZHUGHQYRQGHU3RVLWURQLNEHHLQIOXWXQGVWHKHQXQV QLFKW]XU9HUIJXQJ'LHVHKHOOHQ)OlFKHQN|QQHQZLUEHZLUWVFKDIWHQ,Q GLHVHU6HNWLRQHUGHXWHWHPLWGHU+DQGDXIHLQHJU|HUH)OlFKHZLUG 7(8&(5JHEDXW+LHUVWHKHQZLUXQGGRUWKDWVLFKGHU'XQNOHVDPWVHLQHQ .lPSIHUQDEVHW]HQODVVHQ,KUN|QQWVHKHQGDZLULKQHQVHKUQDKHDXIGHQ 3HO]JHUFNWVLQG .|QQHQZLUGLHDQGHUHQQLFKWZDUQHQ"IUDJWH*U\QSK 'HU,QIRUPDQWLVWGDUXQWHUVDJWHGHU$QIKUHU'DZLUQLFKWZLVVHQZHU GLHVH3HUVRQLVWGUIHQZLUNHLQHVIDOOVGDV5LVLNRHLQJHKHQXQVHUH)UHXQGH LQGHU7(8&(56HNWLRQ]XZDUQHQGLHVH:DUQXQJNDQQDXFKGHQ9HUUlWHU HUUHLFKHQGHUGDQQZLHGHUGHQ'XQNOHQLQIRUPLHUW8QVHUH$XIJDEHEHVWHKW GDULQDXI6FKOHLFKZHJHQGLH*UXSSHGHV'XQNOHQ]XHUUHLFKHQVLH]X VWRSSHQHLQ]XNUHLVHQXQGJHIDQJHQ]XQHKPHQ *U\QSKVWLHKHIWLJGLH/XIWDXV'LH7UXSSHGHV'XQNOHQZDUGHQKLHU YHUVDPPHOWHQ.lPSIHUQPHKUDOVIQIPDOEHUOHJHQDEHUGDVVFKLHQGHQ .RPPDQGDQWHQQLFKW]XNPPHUQ :LUZHUGHQGLHVHQ:HJQHKPHQ,FKYHUPXWHGDGHU'XQNOHODQJVDPHU DOVZLUYRUJHKHQZLUG6HLQ=LHOLVWQLFKWQXU7(8&(5]XHUREHUQVRQGHUQ DXFKGLH7HFKQLNHUXQG:LVVHQVFKDIWOHUJHIDQJHQ]XQHKPHQ(UZLUG YHUVXFKHQNHLQHQHQWNRPPHQ]XODVVHQ'DVNRVWHW=HLWGLHZLUQXW]HQ ZHUGHQ6HLGLKUNODU" (LQNXU]HV0XUPHOQGHU0lQQHUEHZLHVGDVLHEHUHLWZDUHQ 'XEOHLEVWEHVVHUKLHU]XUFN:LUKROHQGLFKVSlWHUDEVDJWHGHU .RPPDQGDQWXQGVDK*U\QSKIUHXQGOLFKDQ ,FKZLOOPLWNRPPHQK|UWHVLFK*U\QSKVDJHQ(VZLUG]X.lPSIHQ NRPPHQ JDEGHU.RPPDQGDQW]XEHGHQNHQ :LHGHUJODXEWH*U\QSKVHLQHHLJHQH6WLPPHDOVHLQ)UHPGHU]XK|UHQ ,FKP|FKWHWURW]GHPPLWNRPPHQ 'XELVWDOWJHQXJ]XZLVVHQZDVGXWXVW'DQQORV0lQQHU+DOWHWGLH :DIIHQNODU 'LHQlFKVWHQ0LQXWHQYHUEUDFKWH*U\QSKZLHLQHLQHP7UDXP(UKDVWHWHPLW GHQDQGHUHQGXUFK5lXPHXQG)OXUHGXUFKTXHUWHXQEHOHXFKWHWH+DOOHQ K|UWHZLH6FKRWWHKLQWHULKPOHLVHVFKO|VVHQ$EXQG]XZDUHLQ.RPPDQGR ]XK|UHQVRQVWQXUGDVOHLVH*HUlXVFKGHU6FKULWWH *U\QSKZDUZLHEHUDXVFKWYRQVHLQHPHLJHQHQ0XW 'DHUVLFKJHJHQ VHLQHXQJHKHXUH$QJVWGDIUHQWVFKLHGHQKDWWHGLHVHOHEHQVJHIlKUOLFKH 7RXUPLW]XPDFKHQYHUVHW]WHLKQLQHLQEHUVFKZHQJOLFKHV6WLPPXQJVKRFK LQGHPHUQXUZHQLJYRQGHPPLWEHNDPZDVLQVHLQHU1lKHYRQVWDWWHQJLQJ 6WDWWGHVVHQVSUWHHUHWZDVYRQGHU0DFKWGLHLKPGLH:DIIHLQVHLQHU +DQGYHUOLHKEHU/HEHQXQG7RG]XHQWVFKHLGHQ 9LHOOHLFKWZDU HUHVGHUGHQ'XQNOHQ]XU6WUHFNHEUDFKWHHU*U\QSK 9RUKHUYHUlQJVWLJWXQGYHUVFKFKWHUWYRQDOOHQKHUXPJHVFKXEVWXQG JHVWRHQHUZROOWHGHQ(U]VFKXUNHQ]XU6WUHFNHEULQJHQ

(LQ5LSSHQVWREUDFKWH*U\QSKLQGLH:LUNOLFKNHLW]XUFN(USUDOOWHKHIWLJ JHJHQVHLQHQ9RUGHUPDQQ 3DEHVVHUDXIVDJWHGHU.RPPDQGDQWXQGGLHVHUUXKLJH7DGHOEUDFKWH *U\QSKHLQZHQLJDXIGHQ%RGHQGHU7DWVDFKHQ]XUFN 9HUWHLOWHXFK'XEOHLEVWLQPHLQHU1lKH 'LH0lQQHUVFKZlUPWHQDXV-HGHUHLQ]HOQHVFKLHQJHQDX]XZLVVHQ ZHOFKH$XIJDEHHU]XHUIOOHQKDWWH *HVFKRVVHQZLUGHUVWZHQQLFK GHQ%HIHKOGD]XJHEH8QGVHOEVWYHUVWlQGOLFKQXULPlXHUVWHQ1RWIDOOPLW W|GOLFKHU:LUNXQJHVVLQGWDSIHUH0lQQHUGLHZLUYRUXQVKDEHQ 9HUEUHFKHUVLQGLKUH$QIKUHUGLHVLHEHOJHQXQGEHWUJHQ (LQNXU]HU5XQGEOLFN*U\QSKVSUWHVHLQ+HU]NORSIHQ $QJULII 'LH6FKXOWHUEUDQQWHZLH)HXHU'HU6FKPHU]SXOVLHUWHKHIWLJMDJWHGHQ 5FNHQKLQXQWHUXQGERKUWHVLFKLQGHQ/HLE*U\QSKZDUQXUOHLFKWJHWURIIHQ ZRUGHQDEHUGDVQDKPGHP6FKPHU]QLFKWVYRQVHLQHU+HIWLJNHLW hEHULKP]XFNWHGDV*HVSLQVWGHU:DIIHQVWUDKOHQ 'DV*HIHFKWZDUDQGHUVYHUODXIHQDOVHVVLFKGHU.RPPDQGDQWZRKO YRUJHVWHOOWKDWWH'LHhEHUUDVFKXQJEHLP(LQGULQJHQLQGHQ5DXPZDUQXU YRQNXU]HU'DXHUJHZHVHQGDQQKDWWHQVLFKGLHKHUYRUUDJHQGHQ.lPSIHU GHV'XQNOHQJHIDWXQGGDV)HXHUHUZLGHUW$QGHUVDOVGLH0lQQHUGHU 5DXPVFKLIIVEHVDW]XQJYHUZHQGHWHQVLH6FKXZDIIHQPLWW|GOLFKHU:LUNXQJ 0LWIOLHJHQGHQ+lQGHQZHFKVHOWH*U\QSKGDV0DJD]LQDXV (UODJLQ'HFNXQJKLQWHUHLQHP6WFNKHUDEJHEURFKHQHU'HFNH(LQH :XUIJUDQDWHKDWWHHLQHQ7HLOGHV5DXPHV]XVDPPHQVWU]HQODVVHQ *U\QSKV3HO]ZDUYHUGUHFNW'HUKHUXQWHUULHVHOQGH6WDXEZXUGHYRP 6FKZHLLQGLHIHLQHQ+DDUHJHNOHEW (VNODFNWHOHLVHDOVGDV0DJD]LQHLQUDVWHWH'HU.DPSINRQQWHZHLWHUJHKHQ /lQJVWKDWWH*U\QSKGLHhEHUVLFKW YHUORUHQ(UZXWHQXUQRFKGDQHEHQLKPVHLQH.DPHUDGHQNlPSIWHQ GDYRUDXVVLFKGLH0lQQHUGHV'XQNOHQYHUVFKDQ]WKDWWHQXQGGDQNLKUHU hEHUPDFKWZHQLJ]XEHIUFKWHQKDWWHQ :LHGHUNDPHLQH:XUIJUDQDWHKHUDQJHIORJHQ*U\QSKULGLH:DIIHKRFKXQG IHXHUWH(UWUDIGDV*HVFKRPLWWHQLP)OXJ:LHDOOHVHLQH*HIlKUWHQKDWWH DXFK*U\QSKVHLQH:DIIHVRHLQJHVWHOOWGDVLH6FKRFNZLUNXQJHU]LHOWH ]XPHLQHQHLQHUHLQSK\VLVFKH*HZDOWGLHGHQ*HWURIIHQHQHLQIDFKXPZDUI ]XPDQGHUHQHLQHEOLW]DUWLJH/lKPXQJGHVEHWURIIHQHQ1HUYHQV\VWHPV]XU )ROJHKDWWH1HUYHQEHVDGLH*UDQDWHQLFKWZRKODEHUHLQHQ.|USHUGHU XQWHUGHU:XFKWGHV7UHIIHUVQLFKWQXUVHLQHQ)OXJVWRSSWHVRQGHUQVRJDU HLQEHWUlFKWOLFKHV6WFN]XUFNJHWULHEHQZXUGH1RFKLQGHU/XIWGHWRQLHUWH GHU6SUHQJN|USHU6FKUHLHZXUGHQODXW:LHGHUEUDFKHLQ6WFNDXVGHU

'HFNH*U\QSKZDUIVLFKRKQHQDFK]XGHQNHQ]XU6HLWHXQGZLHGHUHLQPDO KDWWHHU*OFN1DFKGHPOHW]WHQ7UHIIHUQRFK]XU+lOIWHLP*HVWHLQ YHUDQNHUWO|VWHVLFKQXQGDV'HNNHQVWFNYROOVWlQGLJXQGNUDFKWHPLW JURHP*HW|VHDXIGHQ%RGHQJHQDXGRUWZR*U\QSKJHUDGHQRFK JHOHJHQKDWWH6WDXEZLUEHOWHDXI)UHLQLJH6HNXQGHQZDUDOOHQ%HWHLOLJWHQ GLH6LFKWJHQRPPHQ'LH(UNHQQHUKLQGHUWHGDVQLFKWGDUDQ]LHOORVPLWLKUHQ DXWRPDWLVFKHQ:DIIHQ)HXHUVW|HLQGLH5LFKWXQJGHUYHUPXWHWHQ*HJQHU DE]XJHEHQ *U\QSKUREEWHYRUZlUWV(UZROOWHVLFKHLQHQHXH'HFNXQJVXFKHQ'DQQ VWLHHUDXIHLQHQVHLQHU.DPHUDGHQGHUVFKZHUJHWURIIHQUHJORVDXIGHP %RGHQODJ*U\QSKQDKPHLQH+DQGYRQGHU:DIIHIKOWHQDFKGHP3XOV XQGVWHOOWHIHVWGDGHU0DQQQRFKOHEWH 0LWDOOHQ.UlIWHQVFKRE*U\QSKGHQ.|USHUYRUVLFKKHU$XI]XULFKWHQZDJWH HUVLFKQLFKWNQDSSHLQH+DQGEUHLWEHUVHLQHP.RSIXQGGHPGHV 9HUOHW]WHQ]XFNWHQGLH%OLW]HGHUJHJQHULVFKHQ:DIIHQ=XP*OFN YHUZHQGHWHQGLHPHLVWHQ/DVHUZDIIHQGLHLQGLHVHQ6WDXEVFKZDGHQ QDWXUJHPlNHLQHVHKUJURH:LUNXQJHU]LHOHQNRQQWHQGDGHUZHLWDXV JU|WH7HLOGHUHLQJHVHW]WHQGLFKWJHEQGHOWHQ:lUPHHQHUJLHGD]X YHUZHQGHWZHUGHQPXWHGLHLP:HJOLHJHQGHQ6WDXESDUWLNHO]X YHUGDPSIHQ6HLQHQL7UHIIHUKDWWH*U\QSKLQHLQHPlKQOLFKHQ$XJHQEOLFN DEEHNRPPHQXQGHUZXWHGDKHUDXVHLJHQHU(UIDKUXQJGDPLWGHQ /DVHUQDXFKGDQQQLFKW]XVSDHQZDU =XDOOHPhEHUIOXVHW]WHMHW]WDXFKQRFKGLHDXWRPDWLVFKH %HULHVHOXQJVDQODJHHLQ'LH)HXHUPHOGHUKDWWHQGDV*HIHFKWQXQDOV%UDQG HLQJHVWXIWXQGHUJULIIHQ*HJHQPDQDKPHQ *UlOLFKNDOWHV:DVVHUEHUVSUKWH*U\QSKXQGYRU6FKPHU]LQGHU 6FKXOWHUKlWWHHUIDVWGLH%HKHUUVFKXQJYHUORUHQXQGZlUHDXIJHVSUXQJHQ XQGZHJJHUDQQW0LWDOOHU.UDIWGLHHUEHVD]ZDQJHUVLFKVHOEVWDP %RGHQOLHJHQ]XEOHLEHQXQGVWLOO]XKDOWHQ 'DV6SUKZDVVHUKDWWHGHQXQDQJHQHKPHQ(IIHNWGHQIHLQHQ6WDXEDXVGHU /XIW]XZDVFKHQ'LH/XIWZXUGHZLHGHUNODUHUXQGZDUHLQLGHDOHV0HGLXP IUGLH/DVHUVWUDKOHQGLHLKUHURWHQ%DKQHQGXUFKGHQ5DXPVSDQQHQ$E XQG]XZDUHLQ6FKUHL]XK|UHQPDQFKPDOHLQGXPSIHV6W|KQHQIU *U\QSKUHGX]LHUWHVLFKGHU.DPSIDXIDNXVWLVFKH(IIHNWHXQGGLH6FKPHU]HQ LQGHU6FKXOWHU 'HUNDOWH*XKDWWHGHQ9HUOHW]WHQDXVVHLQHU2KQPDFKWJHZHFNW)ODN NHUQGHQ$XJHVVDKHU*U\QSKDQ %ULQJGLFKLQ6LFKHUKHLW.OHLQHUlFK]WHGHU0DQQ 6FKZHLJVFKQDX]WH*U\QSKLKQDQ(UVFKREGHQ.|USHUZLHGHUYRUVLFK KHU,KQPRFKWHGLHVHU.UDIWDNWLQGHQ0XVNHOQVFKPHU]HQGHU9HUOHW]WH VWDQGZDKUVFKHLQOLFKIXUFKWEDUH4XDOHQDXV (QGOLFKZDUGHU7UPPHUKDXIHQHUUHLFKWGHUHLQPDOHLQH7UJHZHVHQZDU (LQH6SUHQJODGXQJKDWWHGDVVWlKOHUQH6FKRWW]HUEHXOWXQGDXVGHQ$QJHOQ

JHULVVHQHLQJURHU7HLOGHVXPJHEHQGHQ0DXHUZHUNVODJLQ6WFNH JHKDXHQGDQHEHQ :LUPVVHQEHUGLH7UKLQZHJVDJWH*U\QSK(UEUDXFKWHGLH6WLPPH QLFKWVRQGHUOLFK]XKHEHQGDVHUELWWHUWH*HIHFKWZDUDXIVHOWVDPH HUVFKUHFNHQGH$UWJHUlXVFKDUP *LEHVDXIGXVFKDIIVWHVQLFKW :HQQ*U\QSKHWZDVKDWWHK|UHQZROOHQGDQQVROFKHLQHQ6DW]GHUVHLQHQ (KUJHL]QXUDQVWDFKHOQNRQQWH$OOHUGLQJVZDULKPVHKUEDOGNODUGDHUVLFK DXIHLQHJHIlKUOLFKH6DFKHHLQJHODVVHQKDWWH ,KPVWDQGHQ]ZHL:HJHRIIHQHLQPDOEHUGHQ6FKXWWKDXIHQGHQGLH 6SUHQJXQJKLQWHUODVVHQKDWWH(LQNXU]HU%OLFNLQGLH5XQGHDQGLH:lQGH GDEHLZlUHQGLHEHLGHQYROOLQGHQ6FKXEHUHLFKGHU/DVHUJHUDWHQPLW GHQHQGLH(UNHQQHUIHXHUWHQ8QG*U\QSKNDQQWHGLHVH0lQQHULQ]ZLVFKHQ JXWJHQXJXP]XZLVVHQGDVLHLKQXQGGHQ9HUOHW]WHQNXU]HUKDQGW|WHQ ZUGHQZHQQVLHLKQHQYRUGLH/DVHUOlXIHJHULHWHQ 'HUDQGHUH:HJIKUWHEHUHLQHIODFKHUH6WHOOHGHV6FKXWWKDXIHQVQLHGULJHU JHOHJHQDOVGHU5HVWDEHUGD]XKlWWH*U\QSKEHUGLHVWlKOHUQH7U KLQZHJVHW]HQPVVHQ(LQH(FNHGHV6FKRWWHVKRFKJHERJHQXQGLP 6FKXIHOGOLHJHQGKDWWHHLQLJH7UHIIHUDEEHNRPPHQ6LHJOKWHGXQNHOURW %HNDQQWOLFKOHLWHWH0HWDOO+LW]HDXHURUGHQWOLFKJXWHVVWDQGDOVR]X EHIUFKWHQGDVLFK*U\QSKXQGGHU9HUOHW]WH9HUEUHQQXQJHQDQDOOHQ EOROLHJHQGHQ.|USHUWHLOHQHLQKDQGHOWHQZHQQVLHGDV:DJQLVHLQJLQJHQ ,FKZLOOHVYHUVXFKHQVDJWH*U\QSK(UOHJWHGLH:DIIHZHJVLHKDOILKP MHW]WQLFKWPHKU%LVWGXEHUHLW" (VLVW:DKQVLQQlFK]WHGHU9HUZXQGHWH(UEOXWHWHVWDUN(VZXUGH K|FKVWH=HLWLKQ]XYHUELQGHQ *U\QSKSDFNWH]X(UVFKREXQGGUFNWHGHQVFKODIIHQ.|USHUGHV 9HUZXQGHWHQYRUVLFKKHUELVHUGHQ5DQGGHU0HWDOOSODWWHHUUHLFKWKDWWH(LQ YRUVLFKWLJHU*ULIIQDFKGHP0HWDOOHVZDUKHLDEHUPDQNRQQWHHV DXVKDOWHQ(VZDUZLH6DQGDP0HHUHVVWUDQGEHLVHKUJURHU+LW]H (VNDQQXQDQJHQHKPZHUGHQLQIRUPLHUWH*U\QSKGHQ9HUZXQGHWHQGDQQ EHI|UGHUWHHUGHQ.|USHUPLWHLQHPNUlIWLJHQ6WRDXIGLH3ODWWH'HU 9HUOHW]WHVW|KQWHDXI (VZDUPKVHOLJXQGHVGDXHUWHODQJH*U\QSKPHUNWHGDVHLQH.UlIWH QDFKOLHHQ6HLQHHLJHQH9HUOHW]XQJPDFKWHLKP]XVFKDIIHQ 'DQQVFKLHQGHU*HJQHUGLHEHLGHQEHPHUNW]XKDEHQHLQ/DVHUVFKXJLQJ HLQH+DQGEUHLWEHU*U\QSKV.RSIKLQZHJVFKOXJLQGHU:DQGHLQXQG EUDQQWHHLQIDXVWJURHV/RFKKLQHLQ *DQ]IODFKEOHLEHQVWLH*U\QSKKHUYRU(UVHOEVWPDFKWHVLFKVRQLHGULJ ZLHP|JOLFKZlKUHQGHUGHQ9HUZXQGHWHQZLHGHUHLQ6WFNZHLWHUEHZHJWH ,Q]ZLVFKHQKDWWHGHU*HJQHUHLQHQ:HJJHIXQGHQVHLQH2SIHU]XVWHOOHQ 0LW(QWVHW]HQVDK*U\QSKGDRIIHQEDUGUHL6FKW]HQJOHLFK]HLWLJHLQ=LHO XQWHU)HXHUQDKPHQMHQH(FNHGHUYHUERJHQHQ7USODWWHGLHLQGLH+|KH

UDJWHXQGYRQGHQOHW]WHQ7UHIIHUQQRFKGXQNHOURWJOKWH'LHHUVWHQ6FKVVH HUUHLFKWHQLKU=LHOYHUIOVVLJWHV0HWDOOVSULW]WHKRFK *U\QSKZXWHGDHUMHW]WQRFKHLQSDDU6HNXQGHQ=HLWKDWWH'LH+LW]HGLH DQGLHVHU(FNHHQWVWDQGPXWHVLFKLQGHP0HWDOODXVEUHLWHQXQGZHQQGLH 7HPSHUDWXUXQWHULKP]XJURZXUGHGDQQPXWHHUVLFKHLQIDFKDXIULFKWHQ PLWWHQKLQHLQLQGDVJQDGHQORVH)HXHUGHV*HJQHUV 0LWDOOHU.UDIWVWHPPWHVLFK*U\QSKJHJHQGHQ/HLEVHLQHV%HJOHLWHUV'HU 0DQQVW|KQWHQRFKHLQPDODXIXQGILHOGDQQ]XUFNEHVLQQXQJVORV'HU .|USHUUROOWHHLQHQKDOEHQ0HWHUZHLWEOLHEGDQQOLHJHQ*U\QSKUREEWHDXI LKQ]XVWHPPWHVLFKJHJHQGHQ5LHJHOGHQHUDQGHQ)HQVSUWHXQG VWLHVLFKQDFKYRUQ (LQDEHUZLW]LJHU6FKPHU]MDJWHYRQVHLQHU6FKXOWHUGXUFKGHQJDQ]HQ .|USHU,QGHU$XIUHJXQJKDWWH*U\QSKQLFKWPHKUDQVHLQH:XQGHJHGDFKW XQGVLFKPLWGHUYHUOHW]WHQ6FKXOWHUJHJHQGHQUHJORVHQ.|USHUGHV 6FKZHUYHUOHW]WHQJHZRUIHQ-HW]WZXUGH*U\QSKVHOEVWIDVWEHVLQQXQJVORV YRU6FKPHU] 'HU%RGHQXQWHUVHLQHQ)HQZXUGHUDVHQGVFKQHOOKHLHU9RQGHU(FNH XQWHU%HVFKUDQQJOXWIOVVLJHV0HWDOOKHUDEHLQVWZHLOHQQRFKVHKU ODQJVDP 1RFKHLQPDOVWHPPWHVLFK*U\QSKJHJHQGHQ/HLEVHLQHV%HJOHLWHUVGDQQ NROOHUWHGHU.|USHUYRQGHU3ODWWHKHUDEXQGODQGHWHLQGHU6LFKHUKHLWGHV EHQDFKEDUWHQ*DQJHV *U\QSK]|JHUWHNHLQHQ$XJHQEOLFNPHKUXQGVFKQHOOWHVLFKQDFKYRUQ(U EHUVFKOXJVLFKEHLP$XISUDOOVFKUDPPWHZLHGHUEHUGLHYHUOHW]WH6FKXOWHU XQGDOVHUHQGOLFK]XU5XKHNDPZHLQWH*U\QSKYRU6FKPHU]0LW WUlQHQEOLQGHQ$XJHQZDQGWHHUVLFK]XUFNXQGVDK5DXFKYRQGHU7USODWWH DXINUlXVHOQ'LH+LW]HZDUVRJURJHZRUGHQGDGHU/DFN]XYHUEUHQQHQ EHJDQQ,QEXFKVWlEOLFKOHW]WHU6HNXQGHKDWWHVLFK*U\QSKJHUHWWHW (UKDQGHOWHZLHLP7UDXP0LWHLQHP6FKODJVFKLHQDOOH0GLJNHLWYRQLKP DE]XIDOOHQDOOHUGLQJVKDWWHHUGDV*HIKOVLFKGXUFKHLQHQXQVLFKWEDUHQ /HLP]XEHZHJHQGHUMHGH5HJXQJGHV.|USHUVXQJODXEOLFKODQJVDP DXVIDOOHQOLH(USDFNWHGHQ9HUOHW]WHQXQGVFKOHSSWHLKQIRUW(UIDQGHLQHQ 0HGRNDVWHQ|IIQHWHLKQXQGYHUEDQGGLH:XQGHGHV9HUOHW]WHQ1HEHQGHP UHJORVHQ.|USHUOLHHUHLQHDXWRPDWLVFKH6RQGH]XUFNGLHVHOEVWWlWLJGLH 0HGRURERWVGHU6WDWLRQDODUPLHUWHXQGDQGHQ(LQVDW]RUWIKUWH 'DQQNDPHUZLHGHUDXIGLH)H (UZXWHGDHVQXUQRFKHLQ*HGDQNHZDUGHULKQDXIGHQ%HLQHQKLHOW(V ZDU5DFKHGHU]ZLQJHQGH:XQVFKGHQ'XQNOHQIUGLH6FKPHU]HQXQGGLH $QJVW]XEHVWUDIHQGLHHU*U\QSK]XJHIJWKDWWHQRFKPHKUDEHUIUGLH $XJHQEOLFNHGHU+LOIORVLJNHLWXQG'HPWLJXQJ :RHUGLH:DIIHJHIXQGHQKDWWHHUZXWHHVQLFKWPHKU(UVFKULWW]LHOORV XQGGRFKVLFKHUGXUFKGLH*lQJH0LWDXWRPDWHQKDIWHQ%HZHJXQJHQ VFKDOWHWHHUGLH%HOHXFKWXQJHLQGXUFKZDQGHUWH5lXPHGLHHUQLH]XYRU

JHVHKHQKDWWHXQGGLHHULQGHP$XJHQEOLFNZLHGHUYHUJDLQGHPHUVLH YHUOLH9RQIHUQHK|UWHHUGLH*HUlXVFKHGHV.DPSIHV (LQQHXHV6FKRWWVWHOOWHVLFKLQGHQ:HJ(LQ6FKDOWHUOLHGLH3DQ]HUSODWWH ]XU6HLWHJOHLWHQDXWRPDWLVFKJLQJGLH%HOHXFKWXQJDQ(LQHZHLWUlXPLJH +DOOHZXUGHVLFKWEDU=XUUHFKWHQ+DQGZDUHLQHgIIQXQJ]XVHKHQKHOO HUOHXFKWHW *U\QSKNDPHWZDV]XU5XKH(UKDQGHOWHLPPHUQRFKZLHDXIJH]RJHQXQG VHLQH*HGDQNHQVFKZHLIWHQLPPHUZLHGHULQV/HHUHDEZlKUHQGVLFKVHLQH *OLHGHUEHZHJWHQ(VZDUDOVKDEHHLQHIUHPGH0DFKWLKQEHUQRPPHQXQG OHQNHVHLQH%HZHJXQJHQ *U\QSKVFKREVLFKDQGLH7UKHUDQ$XIGHUDQGHUHQ6HLWHZDUHVODXW$OV *U\QSKXPGLH(FNHOXJWHVDKHUHLQLJHGHU(UNHQQHUGHV:DKUHQHLQH *UXSSHYRQIDVWYLHU]LJ.lPSIHUQ 8QGHUVDKDXFKZDVGLH0lQQHULQGLHVHQ5DXPJHIKUWKDWWH6LHKDWWHQ HLQHQ*HIDQJHQHQJHPDFKWGHQ3LORWHQGHV7UDQVSRUWUDXPVFKLIIV $Q+lQGHQXQG)HQJHIHVVHOWODJHUDXIGHP%RGHQ1HEHQLKPUHFNWH VLFKGHU'XQNOHLQGLH+|KH -HW]WZLUVWGXXQVGLH:DKUKHLWVDJHQHUNOlUWHGHU'XQNOHJHUDGH(U VWDUUWHK|KQLVFKDXIGHQ:HKUORVHQKHUDE*ODXEHQLFKWGDGXXQVGHLQH *HVFKLFKWHQQRFKHLQPDOHU]lKOHQNDQQVW'XELVWZHGHUWUXQNVFKWLJQRFK ZHUGHLFKGLUJODXEHQGDGXLPPHU.RPPDQGDQWGLHVHV6FKURWWKDXIHQV JHZHVHQELVW ,FKZHUGHVFKZHLJHQVWLHGHU3LORWKHUYRU*U\QSKVDKZLHHUSUREHZHLVH GLH0XVNHOQVSDQQWH(VKDOIQLFKWVGLH)HVVHOQEHVWDQGHQDXV ZLGHUVWDQGVIlKLJHP0DWHULDO 'HU'XQNOHVWLHHLQK|KQLVFKHV/DFKHQDXV (UKLHOWHLQHQVHKUNOHLQHQ*HJHQVWDQGLQGLH+|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

%ORFN *U\QSKEHZHJWHODQJVDPGHQ/DXIVHLQHU:DIIHLQGLH+|KH'LH6HNXQGHQ VFKLHQHQXQHQGOLFKODQJVDP]XIOLHHQ (UVDKZLHGHU'XQNOHKHUXPIXKUGHQ0XQG]XHLQHP6FKUHL|IIQHWHGHU 1HLQEHGHXWHQPRFKWH(UVDKZLHGLH%HJOHLWHUGHV'XQNOHQ ]XVDPPHQIXKUHQ6LHUHDJLHUWHQZLHVLHHVWDXVHQGPDOJHEWKDWWHQRKQH QDFK]XGHQNHQ6LHELOGHWHQGHQ3DUDEORFNGHV$JPHKQGMXXQGVLH ULFKWHWHQLKQDXIGHQ'XQNOHQ 'HUEHGLQJXQJVORVH*HKRUVDPGHUDXVGHQNHQGHQIKOHQGHQ:HVHQ OHEHQGH0DVFKLQHQPDFKWHGHUHUEDUPXQJVORVH'ULOOGHUMHGHQ*HGDQNHQ DQVLFKVHOEVWDXVJHPHU]WKDWWHXQGGLH.lPSIHU]X$XWRPDWHQ]X ZLOOHQORVHQ:HUN]HXJHQGHV'XQNOHQJHPDFKWKDWWHGLHVHV9HUEUHFKHQDQ GHU)UHLKHLWGHV*HLVWHVUlFKWHVLFKQXQDQVHLQHP8UKHEHU 'HU'XQNOHKDWWHGHQ0XQGQRFKQLFKWJDQ]JH|IIQHWDOVVHLQ.|USHUVLFK DXIO|VWHXQGYHUVFKZDQGGLH:DKUVFKHLQOLFKNHLWGDHUDQHLQHP2UWPLW $WHPOXIWKHUDXVNDPZDUJOHLFK1XOO *U\QSKVSUWHZLHVLFKVHLQ)LQJHUNUPPWH :LOGHU=RUQHUIOOWHLKQDOVHUGLH:DIIHORVKlPPHUQOLHLQGLH5HLKHQGHU (UNHQQHUELVDXFKGLHOHW]WHGHU*HVWDOWHQUHJORVDXIGHP%RGHQODJ 'DQQEUDFK*U\QSK]XVDPPHQ 'LHOHW]WH(PSILQGXQJGHUHQHUQRFKIlKLJZDUXPIDWHHLQXQJHKHXUHV (QWVHW]HQDQJHVLFKWVVHLQHU7DWGHUOHW]WHQ$XJHQEOLFNH .DOWH:lQGH6WLOOHGHU*HUXFKYRQLUJHQGZHOFKHQ&KHPLNDOLHQ 9HUVFKZRPPHQHV/LFKWGDQQHLQ*HVLFKWGDVDXIWDXFKWHKHUDEOl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lQQHUDXIGLHHUJHVFKRVVHQKDWWHGLH]XVDPPHQEUHFKHQGHQ.|USHUGLH 6WLOOHGDQDFK 'XKDVWQLHPDQGHQJHW|WHWVDJWHGHU3LORW'HLQH:DIIHKDWEHWlXEW (VZDU=XIDOOVDJWH*U\QSK(UYHUPLHGHVVHLQ*HJHQEHUDQ]XVHKHQ :HQQVLHDQGHUVJHODGHQJHZHVHQZlUHKlWWHLFKJHW|WHWXQGHVZlUH 0RUGJHZHVHQ

'XEUDXFKVWNHLQH:DIIHPHKUDQ]XIDVVHQVDJWHGHU3LORW8QGGX EUDXFKVWGLFKGDIUQLFKW]XVFKlPHQ'XKDVWVHKUYLHO0XWXQGGXELVWVHKU HKUOLFK8QVHU9RONNDQQ$QWHUIHUUDQWHUZLHGLFKEUDXFKHQ *U\QSKPXWHODFKHQ ,FKZLOOGLUQLFKWVFKPHLFKHOQLFKPHLQHHVHKUOLFK(VLVWYRQXQJHKHXUHU %HGHXWXQJIUXQVHU9RONGDHV0lQQHUXQG)UDXHQKDWGLHHUIDKUHQ KDEHQZLHHVLVW]XNlPSIHQZDVHVKHLW]XW|WHQXQGJHW|WHW]XZHUGHQ )UHLQHQ$XJHQEOLFNO|VWHVLFKGHU$XJHQNRQWDNW'HU3LORWEOLFNWHDQ *U\QSKYRUEHLLQV/HHUH ,FKKDEHJHNlPSIWVHLWLFKGHQNHQNDQQ,QXQWHUVFKLHGOLFKHQ5ROOHQDQ YLHOHQ2UWHQ]XMHGHU=HLW,FKELQDEJHVWXPSIWLQGLHVHQODQJHQ-DKUHQGHV .lPSIHQVPHLQ*HZLVVHQLVWDEJHVFKOLIIHQ (UVDK*U\QSKLQGLH$XJHQ ,FKJODXEHGDGXHLQHV7DJHV]XGHQHQJHK|UHQZLUVWGLHGLH*HVFKLFNH XQVHUHV9RONHVOHLWHQ6ROOWHLFKGDQQQRFKOHEHQXQGLP'LHQVWVHLQZHUGH LFKJHUQHGHLQH%HIHKOHEHIROJHQLFKZHLGDQQGDGXGDV*HZLVVHQKDVW XQGGLH7LHIHGHV*HIKOVGLHLFKQLFKWPHKUKDEH *U\QSKZDUVHKUYHUOHJHQDOVHUGDVK|UWH(UPXWHDQ$VKGDGHQNHQ $XFKLKUKDWWHHUDPEHVWHQJHIDOOHQDOVHUDXIJHK|UWKDWWH6WlUNH]HLJHQ]X ZROOHQZRHULQ:LUNOLFKNHLWVFKZDFKZDU :LHKHLWGX" *HERUHQZXUGHLFKPLWHLQHP1DPHQGHQLFKYHUJHVVHQKDEH1HQQHPLFK ZLHDOOHDQGHUHQ1\NK8QGZHLOGXMXQJELVWXQGLFKDOWNDQQVWGXPLFKDXFK $OWHUQHQQHQZHQQGXZLOOVW 'LH7U]XP.UDQNHQ]LPPHUJLQJDXI(VZDU*U\QSKVWHOOWHHVPLW 9HUZXQGHUXQJIHVW1DUUPGHUKHUHLQWUDW ,FKVWHOOHIHVWGDLFKPLFKLQGLUQLFKWJHWlXVFKWKDEHVDJWHGHU 5DXPIDKUWFKHIOlFKHOQG(VIUHXWPLFKGDGXGLHVHV$EHQWHXHUOHEHQG EHUVWDQGHQKDVW8QGLFKP|FKWHPLFKHQWVFKXOGLJHQGDGLHVHV 8QWHUQHKPHQZHVHQWOLFKJHIlKUOLFKHUJHZRUGHQLVWDOVLFKJHGDFKWKDEH ,FKKDEHHVEHUOHEWHUZLGHUWH*U\QSK(UZXWHSO|W]OLFKGDHULPPHU VFKRQHLWHOJHZHVHQZDUXQGGDHUHLQH6]HQHZLHGLHVHQLHPDOVIU P|JOLFKJHKDOWHQKlWWH .|QQHQZLULUJHQGHWZDVIUGLFKWXQ" *U\QSKEHUSUIWHYRUVLFKWLJGLH%HZHJOLFKNHLWVHLQHU$UPH2IIHQEDUZDUHU HWOLFKH6WXQGHQEHVLQQXQJVORVJHZHVHQGLH+HLOXQJVHLQHU 6FKXOWHUYHUOHW]XQJKDWWHLQ]ZLVFKHQJURH)RUWVFKULWWHJHPDFKWVRGDHU GHQ$UPIDVWRKQH6FKPHU]HQEHZHJHQNRQQWH -DVDJWH*U\QSK,KUN|QQWHWZDVWXQODWPLFKKLHUKHUDXV

(VZDUGDVVFK|QVWHWHFKQLVFKH*HELOGHGDV*U\QSKMHPDOVJHVHKHQKDWWH (LQH0HLVWHUOHLVWXQJGHU:HUIWHLQ5DXPVFKLIIGDVEHLDOOHUWHFKQLVFKHQ 3HUIHNWLRQDXFKZLUNOLFKVFK|QZDU 7(8&(5HULQQHUWHLQGHUlXHUHQ*HVWDOWDQHLQHQ'UHLNDQWGROFKHLQH VFKODQNH.RQVWUXNWLRQDXV+HIWXQG*ULIIPLWHLQHUGHXWOLFKHQ(LQNHUEXQJ GD]ZLVFKHQ $XIZHLWJHVSUHL]WHQ/DQGHVWW]HQVWHKHQGPDGDV)RUVFKXQJVUDXPVFKLII 'DUQGDYRQHQWILHOHQDXIGHQXQWHUHQ7HLONQDSS]ZHLKXQGHUW'DUQ'HU JU|WH'XUFKPHVVHUEHOLHIVLFKDXI'DUQ*U\QSKKDWWHVLFKGLH WHFKQLVFKHQ$QJDEHQUHFKWJHQDXJHPHUNWGLH%HVFKOHXQLJXQJODJEHL PHKUDOV.LORGDUQSUR4XDGUDWVHNXQGHGLH5HLFKZHLWHZXUGHDXIIDVW IQIHLQKDOE0LOOLRQHQ/LFKWMDKUHJHVFKlW]W(VJDEDQ%RUGGUHL 5HWWXQJVUDXPVFKLIIHGUHL'LVNXVVFKLIIHIUEHVRQGHUH9HUZHQGXQJGUHL $XINOlUHUXQGVHFKVNOHLQH5DXP-lJHU,QVJHVDPWVWHOOWHGLH7(8&(5GDV %HVWHXQG/HLVWXQJVIlKLJVWHGDUZDVGLHGDUQLHGHUOLHJHQGH7HFKQLNGHU $QWHUIHUUDQWHUDXIELHWHQNRQQWH :HQQXQVGDPLWQLFKWGHU'XUFKEUXFKJHOLQJWKDEHQZLUNHLQH&KDQFH PHKUVDJWH1DUUPQDFKGHQNOLFK 'LHJHVDPWH)KUXQJVPDQQVFKDIWGHU$NWLYHQKDWWHVLFKDXIGHP0RQG 6HOHWHUIHLQJHIXQGHQ:HQQ*U\QSKGDV0LHQHQVSLHOULFKWLJGHXWHWH VFKZDQNWHGLH6WLPPXQJ]ZLVFKHQ+RIIQXQJXQG9HU]ZHLIOXQJ]ZHLVHKU JHJHQVlW]OLFKHQ3ROHQ +DEWLKUGHQ9HUUlWHUDXVILQGLJPDFKHQN|QQHQ"ZROOWH*U\QSKZLVVHQ'HU 6LFKHUKHLWVFKHIVFKWWHOWHXQZLOOLJGHQ.RSI (VVLHKWVRDXVDOVZWHQQXU]ZHL3HUVRQHQEHUGLH,GHQWLWlWGLHVHV ,QIRUPDQWHQ%HVFKHLGGHU'XQNOHXQGXQVHU+DXSWIHLQG'ZLQVHOEVW'HU 'XQNOHLVWWRWXQG'ZLQEUWHWLUJHQGZRDXI$QWHUI3OlQHJHJHQXQVDXV $EHUZLUZHUGHQLKQ]XIDVVHQEHNRPPHQLUJHQGZDQQ +RIIHQWOLFKLVWHVGDQQQLFKWVFKRQ]XVSlWEHUOHJWH0\UUKQ(UPDFKWHLQ GHU5XQGHQRFKGHQIU|KOLFKVWHQ(LQGUXFN9HUPXWOLFKODJHVGDUDQGD VHLQH/HEHQVJHIlKUWLQ&\QQWK]XU6WDPPEHVDW]XQJGHU0RQGVWDWLRQJHK|UWH XQGHUIURKZDUVLHZLHGHU]XVHKHQ'LHMXQJH)UDXKLHOWVLFKLP+LQWHUJUXQG :DQQVROO7(8&(5VWDUWHQ"IUDJWH*U\QSK(UKRIIWHVHKUGDPDQLKQ HLQODGHQZUGHGHQ)OXJPLW]XPDFKHQ7(8&(5EUDXFKWHHLQH%HVDW]XQJ YRQ0DQQXQG)DFKOHXWHZDUHQNQDSS,UJHQGHLQH9HUZHQGXQJIU *U\QSKZUGHHVGRFKZRKOJHEHQ 1DFKXQVHUHQ3OlQHQLQHLQLJHQ0RQDWHQHUNOlUWH1DUUP$EHUGDVZLUG VLFKZRKOQLFKWGXUFKIKUHQODVVHQ *U\QSKVDKVHLQH+RIIQXQJHQ]HUEU|VHOQ*HZLZUGHPDQLKQQLFKW PRQDWHODQJGXUFKIWWHUQQXUGDPLWHUGHQ(UVWIOXJYRQ7(8&(5PLWHUOHEHQ GXUIWH(UKDWWHDXIHLQHQ6WDUWLQGHQQlFKVWHQ7DJHQJHUHFKQHW (VVLHKWVRDXVDOVPWHQZLUEHUHLWVVHKUEDOGVWDUWHQ.RPPWLFKZHUGH HXFKGLH6DFKH]HLJHQ

0\UUKQIKUWHGLH*UXSSHLQHLQHQEHQDFKEDUWHQ5DXP*U\QSKIKOWHVLFK DXFKHLQJHODGHQXQGJLQJPLW$QHLQHU:DQGJDEHVHLQHEULOODQWHRSWLVFKH 'DUVWHOOXQJYRQ%DUV%DUV*U\QSKJLQJHVZLHMHGHPDQGHUHQLP5DXP HUHPSIDQGGLHVH.RQVWHOODWLRQ]ZHLHU*DOD[LHQNUDQNKDIWXQGHUZXWH DXFKGDGLHVH.UDQNKHLWYRQGHUJHJQHULVFKHQ*DOD[LVDXVJLQJ +LHUGDVKDEHQZLUJHVWHUQDQJHSHLOW(LQ(QHUJLHHFKR 0\UUKQGHXWHWHDXIHLQHQIODNNHUQGHQ3XQNWGHUDVWURQRPLVFKHQ 'DUVWHOOXQJ :LHZHLWHQWIHUQW"IUDJWH1DUUPNQDSS )QIXQGYLHU]LJ/LFKWMDKUHXQJHIlKU 'DVLVWVHKUQDKHHUNOlUWH 6KRUUQ=XQDKHDOVGDZLUGLH6DFKHYHUQDFKOlVVLJHQGUIWHQ 7(8&(5LVWQRFKQLFKWY|OOLJVWDUWNODUPDFKWHVLFK&\QQWKEHPHUNEDU :LFKWLJH7HVWXQG0HYHUIDKUHQVLQGQLFKWDEJHVFKORVVHQ /DXIHQGLH$QODJHQ"IUDJWH1DUUP 1DWUOLFKIXQNWLRQLHUHQGLH$JJUHJDWHDEHUVLHVLQGQRFKQLFKWELV]XU OHW]WHQ0HVWHOOHGXUFKJHSUIW8QGYRUKHUVROOWHQZLUNHLQHVIDOOVHLQHQ HFKWHQ6WDUWZDJHQ9HUJHWQLFKWZDVGHU1DPHGHV6FKLIIHVEHGHXWHWHV LVWEXFKVWlEOLFKXQVHUHOHW]WH+RIIQXQJ 1DUUPKDWWHHLQH)UDJH ,VWGLHVHV(QHUJLHHFKRDXVJHPHVVHQZRUGHQ" 0\UUKQVFKRELKPHLQ%QGHO'DWHQNDUWHQKLQEHU +LHUILQGHVWGXDOOHVZDVGXEUDXFKVW'LH6DFKHLVWEHUDXVJHKHLPQLVYROO :LUKDEHQQLFKWGLHJHULQJVWH9RUVWHOOXQJGDYRQZRUXPHVVLFKEHLGLHVHP (FKRKDQGHOW(VN|QQWHHLQHHQHUJHWLVFKH7XUEXOHQ]VHLQDEHUGD]XVLQG GLH:HUWH]XQLHGULJ0|JOLFKZlUHDXFKHLQ5DXPVFKLIIDEHUGDIUZLHGHU VLQGGLH0HZHUWH]XKRFK:LUKDEHQHLQHJDQ]DQGHUH%HIUFKWXQJ /DK|UHQ 0\UUKQVFKZLHJHLQLJH$XJHQEOLNNHODQJEHYRUHUODQJVDPVDJWH (VLVWGHQNEDUGDVLFKGRUWHLQ(QHUJLHOHEHZHVHQJHELOGHWKDW:LHGDV GLPHQVLRQVPDWKHPDWLVFKXQGHQHUJHWLVFKIXQNWLRQLHUHQVROOLVWXQV UlWVHOKDIWDEHUHVJLEWHQWVSUHFKHQGH$QKDOWVSXQNWH*LEWHVGRUWHLQ (QHUJLHZHVHQGDQQZLUGHVZLHMHGHQXUGHQNEDUH/HEHQVIRUP K|FKVWZDKUVFKHLQOLFKGDV%HGUIQLVKDEHQ]XZDFKVHQXQGVLFK]X EHZHJHQ,VWGHPVRGDQQVWHOOWHVLQGLHVHU1lKH]X$QWHUIHLQHIXUFKWEDUH %HGURKXQJGDUGHUZLUXQVVRIRUWDQQHKPHQPVVHQ (LQ/HEHZHVHQDXV(QHUJLH" 1DUUPV=ZHLIHOZDUHQGHU)UDJHOHLFKWDQ]XK|UHQ0\UUKQPDFKWHHLQH*HVWH GHU5DWORVLJNHLW :LUKDEHQQXU%HZHLVHGDIUGDHVGLHVHV(QHUJLHHFKRJLEWXPZDVHV VLFKKDQGHOWZHUGHQZLUQXUDQ2UWXQG6WHOOHHUIDKUHQN|QQHQ(VJLEWGUHL 0|JOLFKNHLWHQ:DVHVDXFKLVWHVNDQQXQVVFKDGHQQW]HQRGHU JOHLFKJOWLJVHLQ:HOFKHGLHVHU9DULDQWHQ]XWULIIWN|QQHQZLUYRQKLHUDXV QLFKWEHXUWHLOHQ8QGDQJHVLFKWVGHUYHU]ZHLIHOWHQ/DJHXQVHUHV9RONHV

GUIHQZLUGLHHLQV]X]ZHL:DKUVFKHLQOLFKNHLWGDXQVGLHVH6DFKHQLFKWV DQJHKWQLFKWLJQRULHUHQ'DVLVWPHLQ6WDQGSXQNW ,FKYHUVWHKHGLFK0\UUKQHUNOlUWH&\QQWK6LHNDPHLQZHQLJQlKHUDQGLH DQGHUHQKHUDQ'DV(QHUJLHHFKRZLUGXQVQLFKWZHJODXIHQ:LUKDEHQDOVR =HLW7(8&(5VROOWHHUVWHLQJHVHW]WZHUGHQZHQQDOOH=ZHLIHODQVHLQHU )XQNWLRQVWFKWLJNHLWVRZHLWJHKHQGEHVHLWLJWVLQGZLHGLHVPRGHUQH7HFKQLN QXUEHZHUNVWHOOLJHQNDQQ,FKMHGHQIDOOVZHUGHGLH9HUDQWZRUWXQJIUHLQVR YRUHLOLJHVOHLFKWIHUWLJHV8QWHUQHKPHQQLFKWDXIPLFKQHKPHQ,FKUDWHDE 'LH(QWVFKHLGXQJZLUGEHLGLUOLHJHQ1DUUPOLHVLFK6KRUUQYHUQHKPHQ 'HU5DXPIDKUWFKHI]|JHUWHODQJH*U\QSKNRQQWHLKPDQVHKHQGDHUVLFK GLH(QWVFKHLGXQJQLFKWOHLFKWPDFKWH :LUVWDUWHQVDJWHHUVFKOLHOLHKPLWIHVWHU6WLPPH8QG]ZDUVRVFKQHOO ZLHP|JOLFK (LQYHUVWDQGHQVDJWH0\UUKQ,FKZHUGHGDV8QWHUQHKPHQOHLWHQ&\QQWK ZLOOVWGXPLFKEHJOHLWHQ" 'LHMXQJH:LVVHQVFKDIWOHULQQLFNWH*U\QSKKDWWHGHQ(LQGUXFNDOVVHLLKU GLHVH(QWVFKHLGXQJJDQ]XQGJDUQLFKWUHFKW(UYHUJDGLH6DFKHDOV 0\UUKQDXFKLKQIUDJWHVHOEVWYHUVWlQGOLFKVWLPPWH*U\QSKVRIRUW]X 1DUUPXQGGLHDQGHUHQZROOWHQ]XUFNNHKUHQQDFK$QWHUIXPGRUWGHQ .DPSIJHJHQGLH(UNHQQHUGHV:DKUHQGLH$NWLYHQEH]HLFKQHWHQVLH VS|WWLVFKDOVGLH(UVFKODIIWHQZHLWHU]XWUHLEHQ .RPPDQGDQWGHU([SHGLWLRQZDUHLQVFKZHLJVDPHU$QWHUIHUUDQWHUGHUDXI GHQ1DPHQ7UDSSH]DD]K|UWHXQGHLQHQEHVRQQHQHQ]XYHUOlVVLJHQ (LQGUXFNPDFKWH 'LH(QWVFKHLGXQJZDUJHIDOOHQGLH6WDUWYRUEHUHLWXQJHQQDKPHQLKUHQ/DXI *U\QSKSDFNWHHLQSDDU$XVUVWXQJVJHJHQVWlQGH]XVDPPHQXQGVXFKWH VLFKHLQ4XDUWLHUDQ%RUGGHU7(8&(5'LH:RKQUlXPHGHV6FKLIIHVODJHQ GLFKWXQWHUGHU6SLW]HREHUKDOEGHU.RPPDQGR]HQWUDOH$XFKKLHUZDUDQ QLFKWVJHVSDUWZRUGHQ*U\QSKKDWWHQLHPDOV]XYRUVRZRKQOLFKH5lXPH JHVHKHQ:LHHVDXI$QWHUIEOLFKZDUKDWWHQGLH:RKQUlXPHHLQHQ K|KOHQKDIWHQ&KDUDNWHU$Q%RUGGHU7(8&(5ZDUHQVLHPLWNRVWEDUHQ GXQNOHQ6WRIIHQDXVJHVFKODJHQGLHVLFKKHUUOLFKZHLFKXQGEHTXHP DQIKOWHQ 6REDOGHUVLFKHLQJHULFKWHWKDWWHPDFKWHVLFK*U\QSKGDUDQGDV6FKLII]X GXUFKVW|EHUQ ,QGHU.RPPDQGR]HQWUDOHVWLHHUQDFK6WXQGHQHLIULJHU8PVFKDXZLHGHU DXI0\UUKQXQGGLHDQGHUHQ&\QQWKV*HVLFKWYHUULHW0LPXWZlKUHQG 0\UUKQHLQHQVHKUNRQ]HQWULHUWHQ(LQGUXFNPDFKWH :HQLJHUDOVGUHL6WXQGHQQDFKGHU(QWVFKHLGXQJZDUGLH7(8&(5VWDUWNODU 0\UUKQVWHXHUWHGDV6FKLIIVHOEVWHUZDUPDJHEOLFKDP(QWZXUIXQGDP %DXGHV6FKLIIHVEHWHLOLJWJHZHVHQNDQQWHHVZDKUVFKHLQOLFKEHVVHUDOV MHGHUDQGHUHDQ%RUG

/DQJVDPJOLWWGDV6FKLIIDXVGHPJURHQ6FKDFKWLQGHPHVHUEDXWZRUGHQ ZDU'LH$QGUXFNDEVRUEHUDUEHLWHWHQSHUIHNWQLFKWVZDUYRQGLHVHP6WDUW]X VSUHQ 'DQQOLH0\UUKQGDV6FKLIIEHVFKOHXQLJHQ]XQlFKVWODQJVDPGDQQPLW LPPHUK|KHUHQ:HUWHQ .HLQHGHU]DKOUHLFKHQ$Q]HLJHQDXIGHQ,QVWUXPHQWHQSDQHHOHQIODNNHUWHHV ZDUHQNHLQH$UEHLWVJHUlXVFKHK|UEDUGDVJDQ]H6FKLIIIXQNWLRQLHUWHPLW HLQHU3HUIHNWLRQZLHVLHIU*U\QSKIDVWXQYRUVWHOOEDUZDU 8PGLH0DVFKLQHQZDUPODXIHQ]XODVVHQOHLWHWH0\UUKQQXUHLQHQVHKU NXU]HQ)OXJGXUFKGHQ+\SHUUDXPHLQ)UHLQSDDU$XJHQEOLFNH YHUVFKZDQGHQGLH6WHUQHYRQGHQ%LOGVFKLUPHQXQGDOVVLHZLHGHU DXIWDXFKWHQKDWWHQVLFKGLH.RQVWHOODWLRQHQLQGHU1lKHEHDFKWOLFK YHUlQGHUW *U\QSKZXUGHIDVWVFKZLQGOLJGDEHL(UKDWWHJXWDXIJHSDWLP8QWHUULFKWHU NDQQWHVLFKLQ*U|HQYHUKlOWQLVVHQDXV8QGLKPVWHFNWHQRFKHLQZHQLJGHU 0DUVFKYRQ.DUQ$QWQDFK7HUILQGHQ.QRFKHQ:DVZDUGLHVH(QWIHUQXQJ LP9HUJOHLFK]XGHQ/LFKWMDKUHQGLHJHUDGHLQZHQLJHQ6HNXQGHQ EHUVSUXQJHQZRUGHQZDUHQ 6HLQH)UHXGHZlKUWHQLFKWODQJH'XUFKVlPWOLFKH5lXPHGHU7(8&(5 JHOOWHGDV.UHLVFKHQGHU$ODUPDQODJHQ $Q]HLJHQEHJDQQHQKHIWLJ]X IODFNHUQ6LFKHUKHLWVV\VWHPHVSUDQJHQDQ*U\QSKZXUGHYRP 5HWWXQJVVHUYLFHVHLQHV6HVVHOVDQGHQ6WXKOJHEXQGHQGDV/LFKWVWHOOWHVLFK DXI1RWEHOHXFKWXQJXP 0\UUKQVWLHHLQHQ)OXFKDXV*U\QSKGHVVHQ%OLFN]LHOORVGXUFKGLH =HQWUDOHZDQGHUWHILQJHLQHQIOFKWLJHQ*HVLFKWVDXVGUXFNYRQ&\QQWKDXI HVKDWWHGHQ$QVFKHLQDOVIUHXHVLHVLFKEHUGLHVH.DWDVWURSKH 'HIHNWLP+DXSWDQWULHEVV\VWHPODXWHWHGLH'LDJQRVHGHU%RUGSRVLWURQLN .HLQH*HIDKUIU6FKLIIXQG0DQQVFKDIW *U\QSKO|VWHZLHGLHDQGHUHQGLH*XUWH 'DVZHUGHLFKPLUDQVHKHQVWLH0\UUKQKHUYRU(UHLOWHGXUFKGLH =HQWUDOH *U\QSKQHXJLHULJZLHVWHWVVFKORVLFKLKPDQ&\QQWKXQGHLQLJHDQGHUH IROJWHQ7UDSSH]DDUEHUQDKPGLH6WHXHUXQJGHV6FKLIIHV 0\UUKQVFKLPSIWHODXWZlKUHQGHUGXUFKGHQ$QWLJUDYVFKDFKWLQGLH 7ULHEZHUNVVHNWLRQKLQDEVFKZHEWH $XVJHVFKORVVHQVWLHHULPPHUZLHGHUKHUYRU(VLVWDOOHVGXUFKJHSUIW LPPHUZLHGHU(VNDQQNOHLQHUH$XVIlOOHJHEHQDEHUPLW6LFKHUKHLWNHLQHQ HUQVWKDIWHQ6FKDGHQDP+DXSWDQWULHE$XVJHVFKORVVHQY|OOLJ DXVJHVFKORVVHQ 6HLQH3URJQRVHZDUIDOVFK4XDOPVFKOXJGHQ$QWHUIHUUDQWHUQHQWJHJHQDOV VLHVLFKGHQIUDJOLFKHQ5lXPHQQlKHUWHQ5RERWVZDUHQGDPLWEHVFKlIWLJW HLQHQ%UDQGQLHGHU]XNlPSIHQ

9RUVLFKWLJQlKHUWHVLFKGLH*UXSSHGHU6FKDGHQVVWHOOH6LHPXWHQ DXISDVVHQGDVLHQLFKWDXIGHP/|VFKVFKDXPDXVJOLWWHQGHUGHQ%RGHQ EHGHFNWH )DVVXQJVORVVWDQG0\UUKQVFKOLHOLFKYRUGHP7UPPHUKDXIHQGHUHLQPDO ]XP$QWULHEJHK|UWKDWWH ,FKYHUVWHKHGDVQLFKWPXUPHOWHHUQLHGHUJHVFKODJHQ$XVJHUHFKQHW KLHU" *U\QSKYHUVWDQGYRQ$QWULHEVWHFKQLNQLFKWV(UVDKQXUHLQHQ+DXIHQ DXVJHJOKWHQ0HWDOOVGLFNEHU]RJHQPLWYHUNRKOWHQ5HVWHQYRQ /|VFKVFKDXP8QGHUVDKGLH9HU]ZHLIOXQJLQ0\UUKQV0LHQH +DEHQZLU(UVDW]GDIUDQ%RUG"IUDJWHHUGHQ:LVVHQVFKDIWOHU :DV"$FKMDQDWUOLFKKDEHQZLU(UVDW]'LHVHV$JJUHJDWLVWLQYLHUIDFKHU $XVIHUWLJXQJYRUKDQGHQHEHQZHLOHVVRZLFKWLJLVW$EHUHVKlWWHQLFKW DXVIDOOHQGUIHQ 6DERWDJH" 'LH)UDJHNDP*U\QSKXQZLOONUOLFKEHUGLH/LSSHQ +LHUDQ%RUG"$XVJHVFKORVVHQGDVNDQQLFKHLQIDFKQLFKWJODXEHQ:HU VROOWHVRHWZDVWXQ" (LQHUGHU5RERWVNDPKHUDQJHJOLWWHQXQGKLHOW0\UUKQHWZDVYRUV*HVLFKW :DVLVWGDV"IUDJWHGHU:LVVHQVFKDIWOHU (LQ%DXWHLOGHU$QODJHGDVPLWGHQLQXQVJHVSHLFKHUWHQ$QJDEHQQLFKW EHUHLQVWLPPW'HU*HJHQVWDQGLVWLQNHLQHP3ODQHQWKDOWHQ 0\UUKQOLHGHQ.|USHULQGHU+DQGGHV5RERWV(UTXDOPWHQRFKZDUDOVR VHKUKHL 0\UUKQ]|JHUWHHLQHQ$XJHQEOLFN ,FKJODXEHHVQLFKWPXUPHOWHHU(UPDFKWHGHQ(LQGUXFNHLQHV0DQQHV GHPPDQGHQ%RGHQXQWHUGHQ)HQZHJJH]RJHQKDWWH 0\UUKQGUHKWHVLFKXP (LQ%UDQGVDW]VDJWHHUWRQORV,FKNHQQHGHQ*HUXFKHVLVWHLQ FKHPLVFKHU%UDQGVDW]K|FKVWHU,QWHQVLWlW:LUGQXUDOV:DIIHYHUZHQGHW $OVRGRFK6DERWDJHVWHOOWH*U\QSKIHVW6LQGGLH(UVDW]DJJUHJDWH XQWHUVXFKWZRUGHQ" 'DVZHUGHLFKMHW]WWXQYHUVSUDFK0\UUKQ6HLQH%HZHJXQJHQZDUHQ ODQJVDPXQGVFKOHSSHQGJHZRUGHQ $XVVLFKHUKHLWVWHFKQLVFKHQ*UQGHQZDUHQGLH(UVDW]PDVFKLQHQLQDQGHUHQ 5lXPHQXQWHUJHEUDFKW(LQHNXU]H8QWHUVXFKXQJJHQJWHMHGHGHU 0DVFKLQHQZDUPLWHLQHPVROFKHQ%UDQGVDW]YHUVHKHQ'LH3URJUDPPLHUXQJ GHV=QGHUVVRUJWHGDIUGDGLH6DERWDJHQDFK$EVFKOXHLQHV +\SHUUDXPPDQ|YHUVZLUNVDPZXUGH6SlWHVWHQVQDFKGHPGULWWHQ$XVIDOO KlWWHGLH7(8&(5GHQ+HLPIOXJDQWUHWHQPVVHQXQGDXFKN|QQHQ -HPDQGZLOOGLH7(8&(5VDERWLHUHQPXUPHOWH0\UUKQGHSULPLHUW'LH OHW]WH+RIIQXQJXQVHUHV9RONHV:HUEULQJWVRHWZDVIHUWLJ" 9RUDOOHPZDQQXQGZR"IUDJWH1\NK6LQGGLHVH%UDQGVlW]HQRFKLQGHU :HUIWDQJHEUDFKWZRUGHQRGHUHUVWQDFK%HJLQQGHV8QWHUQHKPHQV"

1DFK%HJLQQGHV)OXJHVVDJWH*U\QSK(UVSUWHZLHHUJDQ]NODUZXUGH :XWHUIOOWHLKQ :RKHUZLOOVWGXGDVZLVVHQ"IUDJWH1\NK ,FKZHLZHUGHU6DERWHXULVWXQGZHU'ZLQGLHYRU]JOLFKHQ,QIRUPDWLRQHQ EHUDOOH8QWHUQHKPXQJHQGHU$NWLYHQ]XJHOHLWHWKDW 0DFKHVQLFKWVRVSDQQHQG-XQJH (ULQQHUVWGXGLFKDQGLH%RWVFKDIWGLHGHU,QIRUPDQWGHP'XQNOHQ ]XNRPPHQOLH"6LHZDUQLFKWXQWHUVFKULHEHQDEHUGHU9HUUlWHUKDWWHHLQ =HLFKHQGDUDXIJHPDOW,FKKDEHGLHVHV=HLFKHQDQ%RUGJHVHKHQ :R" 'LHQlFKVWHQ(UHLJQLVVHYROO]RJHQVLFKLQHLQHU*HVFKZLQGLJNHLWGLHMHGHV 1DFKGHQNHQXQP|JOLFKPDFKWH *U\QSKVDKZLH&\QQWKDQGHQ*UWHOJULII'RUWVWHFNWHLKUH:DIIH(UVDK GHQKDHUIOOWHQ$XVGUXFNLP*HVLFKWGHUMXQJHQ)UDX'DQQVSUWHHUHLQHQ KDUWHQ6FKODJJHJHQVHLQHQ%UXVWNRUEGHULKQ]XU6HLWHZDUI,P)DOOHQ GUHKWHVLFKVHLQ.|USHUHUVFKOXJPLWGHP*HVLFKWDXIGHP%RGHQDXI,Q GHQMlKDXI]XFNHQGHQ6FKPHU]HUW|QWHGHU6FKUHLHLQHU)UDX $OV*U\QSKVLFKZLHGHUDXIULFKWHWHZDUGHU.DPSIHQWVFKLHGHQ0\UUKQ OHKQWHDQGHU:DQG,QGHUVFKODIIKHUXQWHUKlQJHQGHQ+DQGVFKZDQJGLH :DIIHPLWGHUHU&\QQWKJHW|WHWKDWWH :RKHUZXWHVWGX"³IUDJWH1\NK *U\QSKNDPDXIGLH%HLQHXQGJLQJ]XGHPUHJORVHQ.|USHUGHU9HUUlWHULQ KLQEHU(UKREGHQOLQNHQ$UPHLQZHQLJLQGLH+|KH$QHLQHPIHLQHQ .HWWFKHQEDXPHOWHHLQNOHLQHU$QKlQJHU(VZDUGDV=HLFKHQGDV*U\QSK DXIGHU%RWVFKDIWDQGHQ'XQNOHQJHVHKHQKDWWH .HLQ:XQGHUGD'ZLQLPPHUVRJXWLQIRUPLHUWZDUPXUPHOWH1\NK &\QQWKVDWDWVlFKOLFKDQGHU4XHOOH:LHNRQQWHVLHGDVQXUWXQ" 9HUEOHQGXQJPXUPHOWH0\UUKQ,FKZHLHVQLFKWVRJXWKDEHLFKVLH QLFKWJHNDQQW 'LH:DIIHJOLWWLKPDXVGHU+DQGSROWHUWHDXIGHQ%RGHQ0HGRURERWV HUVFKLHQHQXQGVFKDIIWHQGHQ/HLFKQDPDXVGHP5DXP 1\NKXQG*U\QSKYHUVXFKWHQJDUQLFKWHUVW0\UUKQ]XWU|VWHQ(VZDU]X VHKHQGD0\UUKQGHQ6FKPHU]LQVHLQHU%UXVWEHJUXE9LHOOHLFKWIDQGHU VSlWHU=HLWLKQDXV]XOHEHQLP$XJHQEOLFNVWHOOWHHULKQKLQWHUGLH3IOLFKW VHLQHU$XIJDEH]XUFN %HVHLWLJWGLH%UDQGVlW]HEHVWLPPWH0\UUKQ6REDOGLKUIHUWLJGDPLWVHLG JHEWLKUPLU%HVFKHLG 1RFKHLQSDDU$XJHQEOLFNHGDQQZDUGDV+\SHUUDXPPDQ|YHUEHHQGHW'LH 7(8&(5IXQNWLRQLHUWHZLHGHUHLQZDQGIUHL:HU0\UUKQDQVDKEHPHUNWH QLFKWVYRQ(UVFKWWHUXQJ0LWUXKLJHP*OHLFKPXWIKUWHHUGDV6FKLII 'LHVH.DOWEOWLJNHLWZDUELWWHUQ|WLJJHZHVHQ8QWHUZHJVZDUHQGLH $QWHUIHUUDQWHUHLQLJHQ6FKLIIVJUXSSHQLKUHU)HLQGHEHJHJQHWhEHUDOOLQ%DUV %DUVWULHEHQVLHVLFKKHUXPGLHYHUKDWHQ5DXPIDKUHUGHU*DOD[LV)DU\QW

&\QQWKV.|USHUZDUGHP:HOWUDXPEHUJHEHQZRUGHQ0\UUKQKDWWHVLFK VHFKV6WXQGHQODQJLQVHLQHU.DELQHHLQJHVFKORVVHQDOVHUZLHGHU]XP 9RUVFKHLQJHNRPPHQZDUKDWWHQVHLQH*HVLFKWV]JHYHUVWHLQHUWJHZLUNW 1RFKVLHEHQ6HNXQGHQ *U\QSKVSUWHZLHGHUZLHVLFKVHLQ+HU]VFKODJEHVFKOHXQLJWH(VVWDQG]X EHIUWKWHQGDDXFKGHU)HLQG1RWL]YRQGHP(QHUJLHHFKRJHQRPPHQKDWWH GDQQODXHUWHGRUWP|JOLFKHUZHLVHHLQHIHLQGOLFKH)ORWWH$EHUGLH7(8&(5 YHUIJWHEHUGLHEHVWH'HIHQVLYXQG2IIHQVLYEHZDIIQXQJGLH$QWHUI]X ELHWHQKDWWH6LHEUDXFKWHHLQHQ.DPSIQLFKW]XIUFKWHQ )QI6HNXQGHQ 'LH6SDQQXQJVWLHJXQWHUDQGHUHPDXFKGLHOHLVH)XUFKWYRUHLQHU (QWWlXVFKXQJGHUQlPOLFKGDVLFKGHUJDQ]H$XIZDQGDOV6FKODJLQV /HHUHHQWSXSSWH(VZlUHVFKDGHJHZHVHQGLHJDQ]H6RUJHQXUIUHLQSDDU (QHUJLHZLUEHODXVJHVWDQGHQ]XKDEHQ 'UHL6HNXQGHQ *U\QSKOHFNWHVLFKGLH/LSSHQ(LQHQIOFKWLJHQ$XJHQEOLFNODQJGDFKWHHUDQ $VKGD .RQWDNW 'LH7(8&(5WDXFKWHLQGHQ1RUPDOUDXP]XUFN6RIRUWULFKWHWHQVLFKDOOH $XJHQDXIGLH%LOGVFKLUPH =XVHKHQZDUQXUHLQHQHUJHWLVFKHV:DEHUQDEHUGDQQEHJDQQVLFKDXV GLHVHQ(QHUJLHIOXWHQHLQ.|USHUKHUDXV]XVFKlOHQ (LQ6FKLII (VZDUHLQ5DXPVFKLIIGDUDQNRQQWHNHLQ=ZHLIHOEHVWHKHQ$EHUZDVIUHLQ 6FKLIIHLQ.RORGHUPLWXQJODXEOLFKHU)DKUWGXUFKGHQ:HOWUDXPUDVWH 'LHVHU5LHVHKlWWHGLH7(8&(5DOV%HLERRWDQ%RUG QHKPHQN|QQHQVRJLJDQWLVFKZDUHU8QJODXEOLFKPXUPHOWH0\UUKQ (UZDUIDV]LQLHUWYRQGHP5DXPVFKLIIGDVVLFKVHLWOLFKYRQGHU7(8&(5 HQWIHUQWH 'DQQNODQJGLH6WLPPHYRQ7UDSSH]DD]GXUFKGLH=HQWUDOH :LUJUHLIHQDQ (1'( 'HU6WXU]LQV1LFKWVKDWGLH62/QDFK%DUV%DUVJHIKUWLQGLH 'RSSHOJDOD[LVGHUHLQDQGHUEHIHKGHQGHQ9|ONHU'HU7ULHEZHUNVVFKDGHQ YHUXUVDFKWGXUFKGLHEHVRQGHUHQNRVPLVFKHQ9HUKlOWQLVVHPDFKWHLQH /DQGXQJDXIGHP3ODQHWHQ$QWHUIHUIRUGHUOLFK8QGKLHUDXI$QWHUIEHWlWLJW VLFK7\DULDOV',(5(77(5,1 ',(5(77(5,1GDVLVWDXFKGHU7LWHOGHVQlFKVWHQ$WODQ%DQGHV'HU 5RPDQZXUGHHEHQIDOOVYRQ3HWHU7HUULGJHVFKULHEHQ

Volk in Fesseln

Volk in Fesseln

Volk in Fesseln

Volk in Fesseln

Volk in Fesseln

Volk in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Volk

Volk

Volk

Raumschiff in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Zweikampf in Fesseln

Zweikampf in Fesseln

Raumschiff In Fesseln

Raumschiff In Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Volk

Volk

Volk

Volk

Gehirn in Fesseln

Gehirn in Fesseln

Zweikampf in Fesseln

Zweikampf in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Gehirn in Fesseln

Raumschiff in Fesseln

Raumschiff in Fesseln

In den Fesseln der Ewigkeit

In den Fesseln der Ewigkeit

Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close