Sieben Siegel der Magie

-2+16,1&/$,56LHEHQ6LHJHOGHU0DJLH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE...

169 downloads 1018 Views 604KB 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

-2+16,1&/$,56LHEHQ6LHJHOGHU0DJLH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP

/LHEH/HVHULQOLHEHU/HVHU 0LWGLHVHP%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+1 6,1&/$,5KDOWHQ6LHHLQHGHUZLFKWLJVWHQ7ULORJLHQPHLQHU Z|FKHQWOLFKLP%DVWHL9HUODJHUVFKHLQHQGHQ-2+16,1&/$,5 6HULHLQGHQ+lQGHQGLHLQ]ZLVFKHQDXIIDVW5RPDQH DQJHZDFKVHQLVWXQGGD]XGDVZLVVHQPHLQHWUHXHQ/HVHU OlQJVWVFKUHLEHLFKMHGHQ0RQDWHLQ-RKQ6LQFODLU7DVFKHQ EXFKYRQGHQHQHVLQ]ZLVFKHQDXFKVFKRQ%lQGHJLEW 'LHVHLQ]ZLVFKHQJHZDOWLJH6HULHLVWQLFKWEHU1DFKWHQWVWDQ GHQ$OVLFKGHQHUVWHQ5RPDQVFKULHEZDUPLUEHUKDXSW QLFKWNODUZDVHLQPDOGDUDXVZHUGHQZUGH$OOH7KHPHQGLH GLH6HULHLPPHUZLHGHUYRUDQJHEUDFKWKDEHQVLQGZlKUHQG GHV6FKUHLEHQVLQPHLQHP.RSIHQWVWDQGHQhEHUPDQFKH (QWZLFNOXQJHQELQLFKKHXWHVHOEVWHUVWDXQW,FKNDQQPLFK HULQQHUQGDHVPHLVWVSRQWDQH(LQIlOOHZDUHQGLHGHU 6LQFODLU6HULHLPPHUZLHGHUHQWVFKHLGHQGH:HQGXQJHQJDEHQ 6FKRQ]X%HJLQQGHU6HULHWUXJ-RKQ6LQFODLUHLQJHZHLKWHV 6LOEHUNUHX]GDVLP.DPSIJHJHQGLH0lFKWHGHU+|OOH HUVWDXQOLFKH.UlIWHHQWZLFNHOWH(UVWVSlWHULQGHP5RPDQ ª'HU3IlKOHU©HU]lKOWHLFKZRKHU-RKQGDV.UHX]KDWQlP OLFKYRQHLQHUJHZLVVHQ9HUD0RQRVV\HLQHU=LJHXQHULQGLH LQ5XPlQLHQDOV+H[HYHUIROJWZRUGHQZDUXQGQDFK (QJODQGIOFKWHWH9RQGHP3IlKOHU)UDQWLVHN0DUHNHUIlKUW -RKQZHQLJVSlWHUGDGLHYLHU%XFKVWDEHQDXIVHLQHP.UHX] GLH,QLWLDOHQGHUYLHU(U]HQJHOVLQG(UOHUQWGLH(U]HQJHOLQ K|FKVWHU*HIDKUDQ]XUXIHQGLHLKPGXUFKGDV.UHX]KHOIHQ JHJHQGDV%|VH]XEHVWHKHQ 'RFKLPPHUZLHGHUUHDJLHUWGDV.UHX]DXIHLJHQHIU-RKQ XQHUNOlUOLFKH:HLVH(VJLEWQRFKHLQHJURH$Q]DKOYRQ DQGHUHQ=HLFKHQDXIVHLQHP.UHX]GLHHUQLFKWHUNOlUHQ NDQQ*HUQKlWWHHUJHZXWZDVVLHEHGHXWHQXQGZHUGHU 6FK|SIHUGLHVHVXQJODXEOLFKHQ7DOLVPDQVZDU ,QGHQ]XVDPPHQKlQJHQGHQGUHL5RPDQHQLQGLHVHP%DQG HUIlKUW-RKQ6LQFODLUGLHJU|WHQ*HKHLPQLVVHVHLQHV.UHX]HV DOVHULQGLH9HUJDQJHQKHLWJHVFKOHXGHUWZLUGXQGDXIHLQHQ

DOWHQ0DNNDElHUWULIIWGHPGDV.UHX]EHNDQQWLVW/DG\ 6DUDK*ROGZ\QLVWDXIHLQ%XFKJHVWRHQGDVGHQ7LWHO ª6LHEHQ6LHJHOGHU0DJLH©WUlJW,PYLHUWHQ.DSLWHOGLHVHV %XFKHVVROOHQGLH*HKHLPQLVVHGHV.UHX]HVHUNOlUWVHLQ$XFK GHU6SXNLVWKLQWHUGLHVHP%XFKKHUGHQQGLH+|OOHZLOOYHU KLQGHUQGD-RKQ6LQFODLUHVOLHVWXQGGDV.UHX]VHLQH VWlUNVWH:DIIHJHJHQGLH0lFKWHGHU)LQVWHUQLVQRFKHIIHN WLYHUJHJHQ'lPRQHQHLQVHW]HQNDQQ 'RFK-RKQ6LQFODLUKDWGLH8QWHUVWW]XQJVHLQHUDWODQWLVFKHQ )UHXQGH0\[LQXQG.DUD0LW+LOIHGHUDWODQWLVFKHQ 3\UDPLGHGHV:LVVHQVNDQQHUGDV%XFKª6LHEHQ6LHJHOGHU 0DJLH©DQVLFKQHKPHQXQGOHUQWGLH)RUPHONHQQHQGLHVHLQ .UHX]LQXQYRUVWHOOEDUHU:HLVHDNWLYLHUW ª7HUUDSHVWXPWHQHWR6DOXVKLHPDQHWR©'LH(UGHVROOGDV 8QKHLODXIKDOWHQGDV+HLOVROOKLHUEOHLEHQ 'LHVH)RUPHOZLUGLQ=XNXQIWGHQ.DPSI-RKQ6LQFODLUV JHJHQGLH0lFKWHGHU)LQVWHUQLVEHVWLPPHQ8QGGHQQRFKLVW VLHQXUHLQ7HLOGHVVHQZDVGHU3URSKHW+HVHNLHOLQEDE\OR QLVFKHU*HIDQJHQVFKDIWLQGLHVHV:HUN]HXJJHJHQGDV%|VH KLQHLQJHOHJWKDW /LHEH6LQFODLU)UHXQGH,FKKRIIHVHKUGD6LHPLUPHLQHQ +HOGHQ-RKQ6LQFODLU6XNR%LOO&RQROO\XQGGHQYLHOHQDQGH UHQWUHXEOHLEHQXQGDXFKZHLWHUKLQ]XPHLQHUJURHQ /HVHUVFKDIWJHK|UHQZHUGHQ,FKELQVWRO]GDUDXIPLWHLQHU $XIODJHYRQIDVW0LOOLRQHQ5RPDQHQ]XGHQPHLVWJH OHVHQHQ6FKULIWVWHOOHUQ'HXWVFKODQGV]XJHK|UHQXQGZHUGH PLFKPLWDOOHU.UDIWEHPKHQ6LHQLFKW]XHQWWlXVFKHQXQG 6LHZHLWHUKLQPLWPHLQHQ5RPDQHQJUXVHOLJ]XXQWHUKDOWHQ

6,(%(16,(*(/'(50$*,( (VJDEHLQ%XFKYRQGHPQLHPDQGJHQDXZXWHZHUHV JHVFKULHEHQKDWWH8QKHLPOLFKHVUDQNWHVLFKXPGLHVHXUDOWH 6FKULIWGLHVRYLHOH-DKUKXQGHUWHEHUGDXHUWKDWWH'DV%XFK ZDUJHIlKUOLFK6LHEHQ6LHJHOEDUJHV6HFKVGDYRQHU]lKOWHQ YRQGHU0DFKWGHV7HXIHOVYRQGHU+|OOHQNUDIW'RFKHLQ 6LHJHOEHULFKWHWHYRP*HJHQWHLO9RQGHU.UDIWGHV/LFKWVGHU KHOOHQVWUDKOHQGHQ(UOHXFKWXQJYRQXUDOWHQ*HKHLPQLVVHQ GLHLQHLQHP*HJHQVWDQGNRQ]HQWULHUWXQGJHEDQQWZDUHQ,Q -RKQ6LQFODLU V.UHX] 6XNRVWDQGYRUPLUVWUHFNWHGHQ$UPDXVXQGVSUHL]WHGLH )LQJHUª(VLVW:DKQVLQQZDVGXGDYRUKDVW-RKQ9HUUFNW LUUHOHEHQVJHIlKUOLFK'XIlKUVWLQGHLQ9HUGHUEHQ© ,FKUXWVFKWHYRQGHU6FKUHLEWLVFKNDQWHª8QG"© 'LHVHVHLQH:RUWLUULWLHUWHPHLQHQ)UHXQGª:LHVRXQG"© ª1RFKPHKU"© ª5HLFKWGLUGDVQLFKW"© ª1HLQ© ª9HUGDPPWQRFKPDO/XSLQDLVWWRW6LHNDQQGLFKQLFKW DQJHUXIHQKDEHQGDVJLEWHVQLFKW:LUVHOEVWKDEHQJHVHKHQ ZLH/DG\;LKUHLQH*DUEHDXVJHZHLKWHQ6LOEHUNXJHOQLQ GHQ5FNHQJHVFKRVVHQKDW9ROOUHLQPHLQ/LHEHUGDPDFKVW GXJDUQLFKWV© ,FKQLFNWHª-DJHVHKHQKDEHQZLUGDV8QGVRJDUHLQHQ /HLFKQDPDEHUWURW]GHPELQLFKVNHSWLVFK© ª'DQQNDQQLFKGLUDXFKQLFKWKHOIHQ© ,FKVWUHLIWHPHLQH-DFNHEHUª'XELVWQXUVDXHUZHLOLFK DOOHLQIDKUH$EHUHVZXUGHDXVGUFNOLFKQXUQDFKPLUYHU ODQJW=XGHPELQLFKQDFKGHP(QGHXQVHUHV6SH]LV'U7RG YHUGDPPWPLWUDXLVFKJHZRUGHQ'DKDWPDQXQVDXFKVHLQH /HLFKHXQWHUJHMXEHOWXQGZDVZDUKLQWHUKHU"'DKDWWHQZLU 6ROR0RUDVVRLQYLHUIDFKHU$XVIHUWLJXQJ© ª'DVLVWGRFKQLFKWPLW/XSLQD]XYHUJOHLFKHQ© ,FK]HLJWH]XP)HQVWHUª'HU0RUGOLJDXQGDOOHPZDV GDPLW]XVDPPHQKlQJWWUDXHLFKQLFKWELV]XU6FKHLEH© ª'XPXWHVZLVVHQ,FKELQMDQLFKWOHEHQVPGH©HU

ZLGHUWHPHLQH)UHXQGHUJHEHQ ª6XNRLFKVDJHGLUGDLVWHWZDVLP%XVFK2EGXHVJODXEVW RGHUQLFKWDEHULFKKDEHGDVLP*HIKO© ª'DUDXISIHLIHLFK© ª,VWMDDXFKQLFKWGHLQV©JULQVWHLFK 6XNRZDUVDXHUª$FKKDXGRFKDE6DJPLUQXUZRKLQLFK GHQ.UDQ]VFKLFNHQVROO© ª'LH0KHNDQQVWGXGLUVSDUHQ,FKNRPPHQlPOLFK ]XUFN© ª$OV=RPELHZLH"© ª:HQQDOOH6WULFNHUHLHQDXFKGDV© $QGLHVH8QWHUKDOWXQJPXWHLFKGHQNHQDOVLFKPLFKDXI GHU)DKUW]XGHPYHUHLQEDUWHQ7UHIISXQNWEHIDQG(UODJ DXHUKDOE/RQGRQVLQHLQHU]LHPOLFKHLQVDPHQ*HJHQG'D]X QRFKDQHLQHP.UHX]ZHJXQGGHU.UHX]ZHJKDWWHMDVFKRQ LPPHULQGHU*HVFKLFKWHGHV+RUURUVHLQHJURH5ROOH JHVSLHOW ,FKVROOWHWDWVlFKOLFK/XSLQDWUHIIHQ(LJHQWOLFKHLQ8QGLQJ GHQQVLHZDUMDWRW$OOHVURFKQDFKHLQHU)DOOHGLHPDQPLU VWHOOHQZROOWHXQGGRFKIXKULFKKLQ /HEHQVPGHZDULFKQLFKWDXFKQLFKWGDYRQEHVHVVHQ]X VWHUEHQDEHULFKZROOWH.ODUKHLW0HLQ-REYHUODQJWHHV(V ZDUHLQHXQJHZ|KQOLFKH$UEHLWVLHILHODXVGHP5DKPHQ XQGYLHOOHLFKWGHVKDOEJLQJLFKDXIVROFKH'LQJHHLQZLHPDQ VLHPLUWHOHIRQLVFKDQJHWUDJHQKDWWH +LQ]XNDPQRFKHWZDV,FKNRQQWHPLFKZHKUHQGHQQ PHLQH:DIIHQZDUHQYRQGHQ6FKZDU]EOWHUQJHIUFKWHW'DV ILQJEHLGHUPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQHQ%HUHWWDDQ IKUWHEHUGHQ'ROFKVRZLHGHQ%XPHUDQJXQGHQGHWHEHL PHLQHUVWlUNVWHQ:DIIHGHPJHKHLPQLVYROOHQ.UHX]GHVVHQ 5lWVHOLFKQRFKLPPHUQLFKWJHO|VWKDWWH(VJDEGD]ZDUHLQL JH6SXUHQXQG+LQZHLVHVLHDOOHIKUWHQDEHULQHLQHGLIIXVH 9HUJDQJHQKHLWXQGHQGHWHQEHLHLQHUIUKFKULVWOLFKHQ *ODXEHQVJHPHLQVFKDIWGHQ0DNNDElHUQGLHVLFKDXFK 6|KQHGHV/LFKWVJHQDQQWKDWWHQ

,FKYHUVFKHXFKWHGLH*HGDQNHQZLHGHUXQGDFKWHWHPHKU DXIGHQ:HJ0LWWOHUZHLOHKDWWHQZLU6HSWHPEHUGHUHUVWH KHUEVWOLFKH0RQDWXQGPDQPHUNWHDEHQGVEHUHLWVGLH.KOH (UVWH1HEHOVFKZDGHQGUHKWHQLKUH.UHLVHEHVRQGHUVGLFKW ZXUGHQVLHLQ1lKHGHU)OVVHRGHUNOHLQHQ%lFKH :LHJHOEH*ORW]DXJHQZLUNWHQGLH6FKHLQZHUIHUGHV %HQWOH\'LHODQJHQ/LFKWODQ]HQOHJWHQHLQHQKHOOHQ7HSSLFK DXIGLHVFKPDOH6WUDHGLHLFKZHLWHUELV]XGHUJURHQ.XUYH IDKUHQPXWH'DQDFKGXUFKTXHUWHLFKHLQHNOHLQH2UWVFKDIW XQGPXWHVFKOLHOLFKYRUGHUDOWHQ6WHLQEUFNHQDFKOLQNV DEELHJHQ 'LHVHQ:HJKDWWHLFKPLUQLFKWDXIGHU.DUWHKHUDXVJHVXFKW GHUXQEHNDQQWH$QUXIHUKDWWHLKQPLUEHVFKULHEHQ :DUHVZLUNOLFK/XSLQDJHZHVHQ"'LH6WLPPHKDWWHZHLE OLFKJHNOXQJHQDEHUPDQNRQQWHVRHWZDVDXFKLPLWLHUHQ gIWHUDOVJHZ|KQOLFKJOLWWPHLQ%OLFNLQGHQ5FNVSLHJHO,FK WUDXWHGHP)ULHGHQQLFKW6XNRKDWWHVLFK]XVHKUDXIJHUHJW DOVLFKJHIDKUHQZDUXQGZDKUVFKHLQOLFKKDWWHHUVLFKDXI VHLQH+DUOH\JHVFKZXQJHQXQGZDUPLUJHIROJW 1LFKWVGHXWHWHGDUDXIKLQGDLFKYHUIROJWZXUGH(VKHUU VFKWHNDXP9HUNHKUGHQQZHULQ/RQGRQDUEHLWHWHXQG DXHUKDOEZRKQWHZDUOlQJVWLQGHQ+lXVHUQXQG :RKQXQJHQ ,FK]QGHWHPLUHLQH=LJDUHWWHDQ0HLQHU6FKlW]XQJQDFK KDWWHLFKQRFKJXWYLHU0HLOHQ]XIDKUHQXPDQV=LHO]X JHODQJHQ'LH*HJHQGZDU]LHPOLFKHLQVDPELVUHFKWVGHU 6WUDHSO|W]OLFKKHOOH3XQNWHDXIWDXFKWHQGLHHLQHJHRPHWUL VFKH.XOLVVHELOGHWHQXQGGLH)URQWPHKUHUHU+RFKKlXVHU QDFK]HLFKQHWHQ'LH/LFKWHUEUDQQWHQLQGHQ:RKQXQJHQ XQGGLH+lXVHUJHK|UWHQ]XGHQDXHUKDOEGHU5LHVHQVWlGWH OLHJHQGHQ7UDEDQWHQZRKQRUWHQ :HQLJVSlWHUKDWWHLFKGLH)URQWSDVVLHUW:LHHLQHJHZDO WLJH5DXENDW]HPLWKHOOHQ$XJHQWDXFKWHGHU%HQWOH\LQ GHQ:DOGHLQ6HLQ/LFKWHUKHOOWHGLHVFKPDOHUJH ZRUGHQH)DKUEDKQGLHVLFKLQGUHL.XUYHQGXUFKGDV6WFN 1DWXUZDQG

+LQWHUGHP:DOGEHJDQQGHU2UW6RIRUWZXUGHHVKHOOHU 'LH6WUDHWHLOWHGDV'RUIDQGHVVHQ5DQGLFKHEHQIDOOVGLH PRGHUQHQKRKHQ+lXVHUVDK $XIGHU6WUDHKLHOWHQVLFKQXUZHQLJH0HQVFKHQDXI'LH lOWHUHQEHIDQGHQVLFKLQGHQ:RKQXQJHQXQG+lXVHUQQXU HLQLJHMXQJH/HXWHOHKQWHQDQGHQ)HQVWHUIURQWHQGHU .QHLSHQXQGGHUEHLGHQ'LVFRVGHUHQIDUELJH/HXFKWUHNODPH LQGLHVHU*HJHQGIXWXULVWLVFKDQPXWHWH $P2UWVHQGHXPILQJPLFKZLHGHUGLH6WLOOH,FKKDWWHGLH =LJDUHWWHOlQJVWDXVJHGUFNWXQGVXFKWHGLH%UFNH 'DV)HUQOLFKWKDOIPLUGDEHL*OHLHQGKHOOZXUGHHV'LH DOWH6WHLQEUFNHEHIDQGVLFKQLFKWZHLWHQWIHUQW9RULKUYHU HQJWHVLFKGLH6WUDH1XUMHZHLOVHLQ)DKU]HXJSDWHDXIGLH %UFNH 9RUGHPhEHUJDQJ]ZHLJWHHLQ:HJVFKDUIOLQNVDEJHQDX ZLHPDQHVPLUEHVFKULHEHQKDWWH ,FKNXUEHOWHKDUWDP/HQNUDG'LH6FKHLQZHUIHUVWUDKOHQ PDFKWHQGHQ6FKZHQNPLWXQGJOLWWHQEHUHLQH)DKUVWUHFNH GLHPDQPLWGHP:RUWPLVHUDEHOEH]HLFKQHQNRQQWH $VSKDOWJDEHVQLFKWGDIU6FKRWWHU'HUK|UWHDOOHUGLQJV VFKQHOOZLHGHUDXIXQGGLH6WUHFNHIKUWHDOVDXVJHIDKUHQHU )HOGZHJZHLWHU 9RUPHLQHP:DJHQSURGX]LHUWHQGLH/LFKWODQ]HQHLQHQJHL VWHUKDIWHQ7DQ]0DOKSIWHQVLHKRFKGDQQILHOHQVLHZLHGHU QDFKXQWHQXQGZLHJLHULJH+lQGHWDVWHWHQVLHEHUGDVDP :HJUDQGZDFKVHQGH*HVWUSSJOLWWHQLQGLH%VFKHKLQHLQ VXFKWHQLKUHQ:HJ]ZLVFKHQGHQVSHUULJHQ=ZHLJHQXQG HUVFKUHFNWHQGLH.OHLQWLHUHGHU1DFKW'LHKHOOHQ6WUDKOHQ JDEHQGHQ%XVFKJUXSSHQHLQVHOWVDPYHU]HUUWHV$XVVHKHQ PDQFKPDOVRJDUJHVSHQVWLVFKXQGOHLFKWH1HEHOVFKZDGHQ WDWHQLKUEULJHVXPGLHHWZDVXQKHLPOLFKH6WLPPXQJQRFK ]XHUK|KHQ ,FKDFKWHWHQLFKWDXIGLH5DQGHUVFKHLQXQJHQVRQGHUQVDK ]XGDLFKPHLQ=LHOHUUHLFKWH(LQHLQVDPHU.UHX]ZHJVROO WHHVVHLQQLFKWZHLWYRQGHU$E]ZHLJXQJHQWIHUQW 2ND\LFKVDKLKQDOVGDV)HUQOLFKWGHQVFKPDOHQ:HJYRU

PLUYROODXVOHXFKWHWH9RQUHFKWVXQGOLQNVWUDIHQVLFKGLH EHLGHQDQGHUHQ)DKUVSXUHQDXIGHQHQLFKPLWGHP%HQWOH\ ZHLWHUIXKU 8QGDP:HJVWDQGHLQJHZDOWLJHU%DXP (LQHXUDOWH(LFKHPLWVWDUNHQZHLWDXVODGHQGHQbVWHQYRQ GHQHQZLHGHUXPNUlIWLJHVWDELOH=ZHLJHDEVWDQGHQGLHDOOH VDPWQRFKLKU/DXEKDWWHQ'HU+HUEVWZDUQRFKQLFKWVRZHLW IRUWJHVFKULWWHQDOVGDHUGLH%OlWWHUJHIlUEWKlWWH6LHELOGH WHQHLQIDVWXQGXUFKGULQJOLFKHV*UQEHUGHPQDFNWHQ 6WDPP ,FKUROOWHDQGHP%DXPYRUEHLIXKUHLQ6WFNZHLWHUXQG ZHQGHWHGHQ:DJHQPLW0KH 'DQDFKVFKDOWHWHLFKGHQ0RWRUDXVO|VFKWHGDV/LFKWXQG VWLHJDXV'LHNKOH$EHQGOXIWHLQHVDXVNOLQJHQGHQ 6HSWHPEHUWDJHVXPILQJPLFK'HUVFKRQOHLFKWDEQHKPHQGH 0RQGVDKDXVZLHHLQHDQJHELVVHQH=LWURQH(WZDV:LQGZDU DXIJHNRPPHQ(UVSLHOWHPLWGHQ%OlWWHUQGHV%DXPHVVR GDVLHJHJHQHLQDQGHUUDVFKHOWHQ %HYRULFKDXIGHQ%DXP]XVFKULWWVFKDXWHLFKPLFKQDFK HWZDLJHQ%HREDFKWHUQXP ,FKHQWGHFNWHQLFKWV9HUGlFKWLJHV:HQQVLFKMHPDQGYHU VWHFNWKLHOWNRQQWHHUVLFKDXFKLQGDV*HEVFKYHUNULHFKHQ GDVQLFKWZHLWHQWIHUQWDOVHLQHODQJHGXQNOH5HLKHZXFKV (UVWMHW]WVDKLFKGLH%DQN 6LHVWDQGDQGHUDQGHUHQ6HLWHGHV%DXPVWDPPVZDUDXV HLQIDFKHQ%RKOHQJHIHUWLJWXQGOXGHLQDXILKU3ODW]]XQHK PHQ(LQH5FNHQOHKQHKDWWHVLHQLFKW0GH:DQGHUHU NRQQWHQVLFKDQGHQ6WDPPOHKQHQ ,FKQDKP3ODW]0HLQ%HQWOH\ZDUQXUQRFKDOVNRPSDNWHU 6FKDWWHQ]XVHKHQ$QGLH*HUlXVFKHGHU1DFKWKDWWHLFK PLFKUDVFKJHZ|KQWVRGDLFKMHW]WGDV*HIKOKDWWHYRQ HLQHUVHOWVDPHQ6WLOOHXPJHEHQ]XVHLQ $OVLFKGLH%HLQHEHUHLQDQGHUVFKOXJUDVFKHOWHGHU +RVHQVWRII (LQH=HLWKDWWH/XSLQDLFKJLQJHUVWHLQPDOGDYRQDXVGD HVGLH7RWJHJODXEWHZDUQLFKWDQJHJHEHQ6LHNRQQWHVFKQHOO

HUVFKHLQHQDEHUDXFKHUVWLQHLQHU6WXQGH8QWHU8PVWlQGHQ PXWHLFKPLFKDXIHLQHOlQJHUH:DUWH]HLWJHIDWPDFKHQ 'LH0LQXWHQYHUJLQJHQ6FKOlIULJZXUGHLFKQLFKWPHLQ %HZXWVHLQZDUJHZHFNWZDUYROOGDXQGPDQFKPDOGUHKWH LFKPLFKKDVWLJXPRKQHDOOHUGLQJVHWZDV9HUGlFKWLJHV]X EHPHUNHQZHQQLFKDQGHPGLFNHQ%DXPVWDPPYRUEHL JHVFKDXWKDWWH :UGHVLHEHUKDXSWNRPPHQ" 0LWWOHUZHLOH]ZHLIHOWHLFKGDUDQGRFKMHPHKU=HLWYHUJLQJ XPVRJU|HUZXUGHEHLPLUGDV*HIKOYRQLUJHQGMHPDQ GHPEHREDFKWHW]XZHUGHQ(VZDUZLUNOLFKQXUHLQ*HIKO LFKKDWWHNHLQHUOHL%HZHLVHDEHULFKNRQQWHPLFKHLQIDFK QLFKWGDYRQO|VHQ (LQ)U|VWHOQOLHIEHUPHLQHQ5FNHQ'LH'XQNHOKHLWZDU VHOWVDPGLIIXVGHQQGXUFKGDVDXIGLH(UGHIDOOHQGH 0RQGOLFKWVDKLFKVFKDWWHQKDIWH.RQWXUHQXQG8PULVVHGLH VRZRKO0HQVFKHQDOVDXFK0RQVWHUVHLQNRQQWHQ ,Q:LUNOLFKNHLWZDUHQHVQXU%VFKHRGHUKRFKZXFKHUQGHV *HVWUSSVRZLH*UlVHU ,FKJDEPLUVHOEVWHLQHQ5LSSHQVWRXQGGDFKWHGDUDQPLFK QLFKWYHUUFNWPDFKHQ]XODVVHQ (VJLQJQLFKW,P*HJHQWHLOPHLQ*HIKOZXUGHVWlUNHU 'DK|UWHLFKGLH6WLPPH*HQDXLQGHP$XJHQEOLFNDOVLFK PLFKZLHGHUHLQPDOYRQGHU%DQNHUKREHQKDWWH (VZDUPHKUHLQ=LVFKHQGRFKPHLQHQ1DPHQYHUVWDQG LFKª-RKQ6LQFODLU© %OLW]VFKQHOOGUHKWHLFKPLFKXPVFKDXWHLQV/HHUHXQG KDWWHYHUJHVVHQDXIGLH5LFKWXQJ]XDFKWHQDXVGHUGLH 6WLPPHDXIJHNOXQJHQZDU 1LFKWKLQWHUPLUQHLQGDV9HUKlQJQLVNDPYRQREHQDXV GHPVWDUNHQ*HlVWGHU(LFKH

(VZDUHQJLHULJH$XJHQGLHEHREDFKWHWHQ+DHUIOOWH%OLFNH ULFKWHWHQVLFKDXIGHQ0DQQGHUXQWHUGHQbVWHQXQG =ZHLJHQDXIGHU%DQNVD0DQFKPDOYHUZLVFKWHGDV%LOG GHU*HVWDOWLPPHUGDQQZHQQHLQH:RJHYRQ:XWGHQ %HREDFKWHUEHUVFKZHPPWH 6HLQ,QQHUHVNRFKWH'DV7LHUNDPLQLKPGXUFKGHU'UDQJ QDFK%OXWZXUGHXQHUWUlJOLFKGHU0XQG|IIQHWHXQGVFKOR VLFK (VZDUHLQPHQVFKOLFKHU0XQGHLQPHQVFKOLFKHV*HVLFKW QRUPDOH+DDUHDEHUGHU.|USHUJHK|UWHHLQHU%HVWLH (LQHPJHIlKUOLFKHQ:ROI %LVKHUZDUHUQRFKQLFKWHQWGHFNWZRUGHQ(UKDWWHVHLQ 9HUVWHFNLQGHPGLFKWHQ/DXEJHIXQGHQXQGGDFKWHQLFKW GDUDQHVDXI]XJHEHQGHQQHUWUDXWHGHP0HQVFKHQQLFKW 'LHVHU0DQQGRUW-RKQ6LQFODLUKLHHUZDUJHIlKUOLFK 6RJDUEUDQGJHIlKUOLFK$XIVHLQ.RQWRJLQJGHU7RG]DKOUHL FKHU'lPRQHQHUKDWWHHVYHUVWDQGHQGLH0lFKWHGHU )LQVWHUQLV]XUHGX]LHUHQRGHUVLHJHJHQVHLWLJDXV]XVSLHOHQ 'DEHLKDWWHQLKPGDV*OFNXQGGLH7DWVDFKHHLQHU =ZLHWUDFKW]ZLVFKHQ6FKZDU]EOWHUQ]XU6HLWHJHVWDQGHQGD GLH*HVFK|SIHGHU)LQVWHUQLVVLFKRIWVHOEVWQLFKWJUQZDUHQ 6RHUOHEWEHL/DG\;GLHMHW]WGLH0RUGOLJDDQIKUWHXQG /XSLQDJHW|WHWKDWWH 0LW6LOEHUNXJHOQ (LQH9DPSLULQW|WHWHLQH*HJQHULQPLWJHZHLKWHQ 6LOEHUNXJHOQ6RHWZDVKDWWHHV]XYRUQRFKQLFKWJHJHEHQ /DG\;MHGRFKEHZLHVGDGLHVP|JOLFKZDU 'RFKVLHKDWWHVLFKYHUUHFKQHWVHKUVRJDUXQGMHPDQGZDU EHUHLWLKUGLH5HFKQXQJ]XSUlVHQWLHUHQ ,P$XJHQEOLFNKRFNWHHU]ZLVFKHQGHQ%OlWWHUQXQGVWDUUWH GXUFKGLH/FNHQDFKXQWHQZRHUGHQ6FKDWWHQGHV0DQQHV VDKGHUGHUJU|WH)HLQGGHUILQVWHUHQ0lFKWHZDU -RKQ6LQFODLU )DVW]XP*UHLIHQQDKH(LQ6SUXQJGHUSO|W]OLFKH$QJULII DXVGHP+LQWHUKDOWGDV=XSDFNHQVFKDUIHU5HL]lKQHXQG HVKlWWHGHQ*HLVWHUMlJHUJHJHEHQ

:HQQHVVRHLQIDFKZlUH -RKQ6LQFODLUMHGRFKZDUUDIILQLHUW(UEHVD]ZDUNHLQHUOHL EHUVLQQOLFKH)lKLJNHLWHQKDWWHMHGRFKLP/DXIHGHU=HLW HLQHQJHZLVVHQ6LQQIU*HIDKUHQHQWZLFNHOWXQGGHUVFKLHQ LKQMHW]WDXFKQLFKWLP6WLFK]XODVVHQ (UZXUGHXQUXKLJ 'LHNDOWHQ5DXEWLHUDXJHQGLHGXUFKGDV%OlWWHUZHUN VFKLPPHUWHQVWHOOWHQGLHVVHKUJHQDXIHVW 'LH+DDUHGHVKHLPOLFKHQ%HREDFKWHUVEHZHJWHQVLFKDOV ZUGHHLQ:LQGVWREHUGDVVFKZDU]EUDXQH)HOOIDKUHQ'LH 3UDQNHQZDUHQVRKDUWLQHLQHQ$VWJHVFKODJHQZRUGHQXP GHQ.|USHU]XKDOWHQGDVRJDU5LQGHDEJHIDOOHQZDUXQG GDVKHOOH:HLGHV+RO]HVGXUFKVFKLPPHUWH 'LH%HVWLHPXWHDXISDVVHQGD6LQFODLUVLHQLFKW]XIUK VDKGHQQLKUIDKOJHOEHV+DDUZDUYHUUlWHULVFKJHQXJ(V NRQQWHDXFKEHL'XQNHOKHLWGXUFKGLH%OlWWHUVFKLPPHUQXQG OHLFKWVLFKWEDUZHUGHQ 6LQFODLUZXUGHXQUXKLJHU(UUXWVFKWHDXIGHU%DQNYRQ HLQHU6HLWH]XUDQGHUHQXQGKLHOWHVQLFKWPHKUDXV (UVWDQGDXI ª-RKQ6LQFODLU© -HW]WKDWWHHVDXFKGLH%HVWLHQLFKWPHKUDXVKDOWHQN|QQHQ (VZDUHLQIDFKEHUVLHJHNRPPHQVLHNRQQWHQLFKWDQGHUV XQGPDFKWHVLFKVRIRUW9RUZUIH 'RFK6LQFODLU]HLJWHVLFKLUULWLHUW(UZXWHLPHUVWHQ $XJHQEOLFNQLFKWDXVZHOFKHU5LFKWXQJGLH6WLPPHDXIJH NOXQJHQZDU 'DVQXW]WHGLH%HVWLHDXV .XU]HQWVFKORVVHQOLHVLHVLFKIDOOHQ (VZDUQLFKWJHQDXIHVW]XVWHOOHQZDVQXQPHKUNOLQJHOWHGLH .HWWHQGHU/DG\6DUDK*ROGZ\QRGHUGLHDOWH%LPPHOEHU GHUQRFKlOWHUHQ7UGLHGHQ(LQJDQJ]XHLQHP.HOOHUGDU VWHOOWH 9LHOOHLFKWZDUHVGRFKGLH.OLQJHOGHQQ/DG\6DUDK

*ROGZ\QGLH+RUURU2PDZLHVLHDXFKJHQDQQWZXUGHOLHE WH]ZDU.HWWHQDOOHUGLQJVELPPHOWHQGLHVHQLFKWPHORGLVFK XQGVSLHOWHQDXFKNHLQª*RGVDYHWKH4XHHQ©ZHQQVLH JHJHQHLQDQGHUUDVVHOWHQ +LQWHUGHU7UEOLHE/DG\6DUDKVWHKHQXQGZDUWHWHELVGLH HQJOLVFKH1DWLRQDOK\PQHDXVJHNOXQJHQZDU:HUGDVWDW GHPEHJHJQHWH0U3HWHUVRQGHU,QKDEHUGHV/DGHQVPLW EHVRQGHUHU+RFKDFKWXQJGHQQ0U3HWHUVRQZDUQLFKWQXU $QWLTXLWlWHQKlQGOHUVRQGHUQDXFK3DWULRWGXUFKXQGGXUFK 0DQFKPDOSIOHJWHHU]XVDJHQª,FKELQYRQ%HUXI%ULWH©6R HWZDVJDEYLHOEHUVHLQH3HUVRQSUHLV 0U3HWHUVRQZDU]ZDUQLFKW]XVHKHQ/DG\6DUDKZXWH DEHUGDHUGXUFKHLQHQUDIILQLHUWDXIJHVWHOOWHQ6SLHJHOGHQ (LQJDQJJHQDXLP$XJHEHKDOWHQNRQQWH8QGVLFKHUOLFKVDK HUDXFKGLHVWUDPPH+DOWXQJGHU/DG\6DUDK 1DFKGHPGHUOHW]WH7RQYHUNOXQJHQZDUEHZHJWHVLFK /DG\6DUDKZHLWHU2EZRKOVLHZDKUVFKHLQOLFKNHLQ5LHVH ZDU]RJVLHGRFKGHQ.RSIHLQGHQQLQGLHVHP.HOOHUODGHQ ZDUGLH'HFNHQLFKWVHKUKRFK]XGHPKLQJHQQRFKHLQLJH DOWH/DPSHQVFKLUPHGDYRQKHUXQWHUVRZLH3IDQQHQXQG 7|SIHDXVPLW*UQVSDQEHUGHFNWHP.XSIHU (VZDUHLQ.UDPODGHQ:DVGDV*HVFKlIWMHGRFKYRQYLHOHQ DQGHUHQXQWHUVFKLHGZDUGLH7DWVDFKHGD0U3HWHUVRQQXU HFKWHDOWH6DFKHQYHUNDXIWHXQGNHLQHQ7U|GHOGHQPDQDXI DOWJHWULPPWKDWWH /DG\6DUDKGLHMDEHLDOOHQJURHQXQGNOHLQHQ $QWLTXLWlWHQKlQGOHUQ/RQGRQVHLQHEHNDQQWH3HUVRQZDU VDKVRIRUWGDVLFKXQWHUGLHVHQ6DFKHQGLHQDKHGHU (LQJDQJVWUODJHQQLFKWVEHIDQGZDVVLHKlWWHLQWHUHVVLHUHQ N|QQHQ ª6LHHQWWlXVFKHQPLFKPHLQOLHEHU+XEHUW©ULHIVLHGHVKDOE LQGHQ/DGHQKLQHLQª+DEHQ6LHPLFKRKQH*UXQGDQJH UXIHQ"© ª$EHUJDQ]XQGJDUQLFKW/DG\6DUDKDEHUJDQ]XQGJDU QLFKW©'LH6WLPPHHUNODQJDXVGHP+LQWHUJUXQGGHV 5DXPHVª(VLVW]ZDUXQK|IOLFKXQGVRQVWQLFKWPHLQH$UW

GDLFK6LHQLFKWEHJUHDEHULP$XJHQEOLFNJHKWHVZLUN OLFKQLFKW:HQQ6LHVLFKELWWH]XPLUEHPKHQP|FKWHQLFK ELQGRUWZRVLFKPHLQH.DVVHEHILQGHW© +XEHUW3HWHUVRQVSUDFKLPPHUHLQZHQLJQDVDOXQG EHPKWHVLFKVHKUXPHLQHJXWH)RUPXOLHUXQJGLHLKP RIWGDQHEHQJLQJZDVVHLQHQ*HVSUlFKVSDUWQHU]XPHLVW HUKHLWHUWH 'LHVHU+XEHUW3HWHUVRQZDUVHOEVWLQ/RQGRQHLQ2ULJLQDO 'DVVROOWHVFKRQHWZDVKHLHQ/DG\6DUDKZXWHEHLLKPQLH JHQDXREHV0DFKHRGHUREHUZLUNOLFKVRZDU'DVZUGHVLH DXFKNDXPKHUDXVILQGHQ (VEOLHEGHU+RUURU2PDQLFKWVDQGHUHVEULJDOVVLFK GXUFKGLHVFKPDOHQ*lQJH]XZLQGHQXP+XEHUW3HWHUVRQ HQGOLFK]XEHJUHQ'HU/DGHQZDUWDWVlFKOLFKYROOELVXQWHU GLH'HFNH$XI5HJDOHKDWWHGHU%HVLW]HU]XPJU|WHQ7HLO YHU]LFKWHWGLHDOWHQ0|EHO]XPHLVW6WFNHDXVGHU -XJHQGVWLO]HLWVWDQGHQEHUHLQDQGHU 'LH+RUURU2PDVDKHLQHQ6HVVHOGHUVHLQHQ3ODW]DXIGHQ YHUVFKOLVVHQHQ3ROVWHUQHLQHV6RIDVJHIXQGHQKDWWH$XIGHP 6HVVHOVWDQGHLQDOWHU9RJHONlILJLQGHPHLQDXVJHVWRSIWHU 3DSDJHLKRFNWHGHVVHQEXQWHV*HILHGHUPLWHLQHU 6WDXEVFKLFKWEHU]RJHQZDU 6HHVlFNH7UXKHQ/DPSHQVWlQGHUOHHUH8KUJHKlXVH .HU]HQVWlQGHUZLHGHU6RIDV6WKOHXQG6HVVHO6LHELOGHWHQ HLQ'XUFKHLQDQGHULQGHPVLFKZDKUVFKHLQOLFKVHOEVWGHU %HVLW]HUQLFKWVRULFKWLJ]XUHFKWIDQG/DG\6DUDKKlWWHHLQ JU|HUHV7HLODXFKQLHEHL3HWHUVRQJHNDXIWZHQQGLHVHU 0DQQQLFKWHLQHPEHVRQGHUHQ+REE\IU|QHQZUGH (UVDPPHOWHXQGYHUNDXIWHDXFKDOWH%FKHU 8QGGDZDUHUEHL6DUDK*ROGZ\QJHQDXDQGHUULFKWLJHQ $GUHVVH'HQQGDV6DPPHOQYRQ%FKHUQZDUDXFKHLQ +REE\YRQLKU6LHKDWWHVLFKLQLKUHP+DXVHLQ$UFKLYDQJH OHJWDXIGDVVRPDQFKH%LEOLRWKHNQHLGLVFKJHZHVHQZlUH XQGVLHHUZDUELPPHUZLHGHUHWZDVKLQ]XZREHLVLHPDQFK KRKHQ3UHLVLQ.DXIQDKPDEHUGLHDOWH'DPHEUDXFKWHDXI GHQ&HQWQLFKW]XDFKWHQ,KUHGUHLYHUVWRUEHQHQ0lQQHU

KDWWHQLKUHLQNOHLQHV9HUP|JHQKLQWHUODVVHQYRQGHVVHQ =LQVHQVLHJXWOHEHQXQGDXFKIUNDULWDWLYH2UJDQLVDWLRQHQ VSHQGHQNRQQWH 8PHLQ%XFKJLQJHV0HKUKDWWH+XEHUW3HWHUVRQQLFKWDP 7HOHIRQJHVDJW (VUHLFKWHGHU+RUURU2PDDXFKGDPLWVLHLKUHDOWHQ .QRFKHQLQ%HZHJXQJVHW]WHXPGHQ+lQGOHUDXI]XVXFKHQ :HQQLKUGDV%XFK]XVDJWHPXWHHVLKUQXUJHOLQJHQGHQ 0DQQ]XEHUUHGHQGHQQ3HWHUVRQ]HLJWHVLFKRIWPDOVVHKU VW|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lIWVEHWUDW ZDUYRQ+XEHUW3HWHUVRQQRFKLPPHUQLFKWV]XVHKHQXQG GLH.XQGLQEOLHEEHUUDVFKWVWHKHQGHQQVLHHUNDQQWHVFKRQ GLHDOWH9HUNDXIVWKHNHPLWGHUYRUVLQWIOXWOLFKHQ.DVVHGDUDXI XQGGDKLQWHUGLH5HJDOHPLWGHQ%FKHUQ ª0U3HWHUVRQZRVLQG6LHGHQQ"©ULHIVLH ª+LHU0UV*ROGZ\Q(VLVWHLQH8QYHUVFKlPWKHLWHLQH ERGHQORVH6FKZHLQHUHL© /DG\6DUDKVFKWWHOWHGHQ.RSIª:DVGHQQ"© ª.RPPHQ6LHELWWHQlKHU© ª8QGZRKLQ"©

ª:HQGHQ6LHVLFKQDFKOLQNVZRVLFKGLH*DUGHUREHEHILQ GHWZHQQ6LHVRIUHXQGOLFK© ª1DWUOLFK©(UJHEHQKREGLH+RUURU2PDGLH6FKXOWHUQ 6RHWZDVKDWWHVLHQRFKQLHHUOHEWDEHUVLHZDUQHXJLHULJ JHZRUGHQXQGZROOWHZLVVHQZDVPLW3HWHUVRQJHVFKHKHQ ZDU $QGHU7KHNHPXWHVLHYRUEHL5HFKWZLQNOLJGD]XVWDQG HLQDOWHUPLW%FKHUQJHIOOWHU6FKUDQN8QGKLQWHULKPKDWWH +XEHUW3HWHUVRQGLH*DUGHUREHHLQJHULFKWHW (VZDUHQQXUHLQLJH+DNHQLQGLH:DQGJHVFKODJHQZRU GHQ8QGDXVJHUHFKQHWDQHLQHPGLHVHU+DNHQKLQJGHU +lQGOHU hEHUUDVFKWEOLHE0UV*ROGZ\QVWHKHQ=XHUVWZROOWHVLH ODFKHQGHQQHVUHL]WHLQGHU7DW]XHLQHP*HOlFKWHUVRZLH 3HWHUVRQGDKLQJ:LHHLQ+lXIFKHQ(OHQGNDPHU/DG\6DUDK YRU-HPDQGPXWHLKQKRFKJHVWHPPWXQGDQGHQ *DUGHUREHQKDNHQJHKlQJWKDEHQ'HUQDFKREHQZHLVHQGH (LVHQKDNHQKDWWHVLFKLPhEHUZXUIVHLQHV.UDJHQVYHUIDQ JHQXQGDXVHLJHQHU.UDIWZDUHV3HWHUVRQQLFKWP|JOLFK VLFK]XEHIUHLHQ ª6LHHQWVFKXOGLJHQZHQQLFKOlFKOH©VDJWHGLH+RUURU 2PDªDEHUVRHWZDVKDEHLFKQRFKQLHJHVHKHQ© ª'DVNDQQLFKPLUYRUVWHOOHQ©JUHLQWH3HWHUVRQª'LHVH ZLGHUOLFKHQ7\SHQKDEHQNHLQHQ5HVSHNWPHKUYRUGHP $OWHU6LHZROOWHQPLFK©(UYHUVWXPPWHVFKDXWH/DG\ 6DUDKPLWHLQHPELWWHQGHQ%OLFNDQXQGVDJWHª:HQQ6LHPLU KLQXQWHUKHOIHQZROOHQ"© ª*HUQIDOOVLFKHVNDQQ©/DG\6DUDKWUDWHLQZHQLJ]XU 6HLWHXQGOHKQWHLKUHQ6WRFNJHJHQGLH:DQG6LHZDU]ZDU NQDSSEHUGLH6LHE]LJDEHUVLHWUDXWHVLFK]X3HWHUVRQDXV GLHVHU/DJH]XEHIUHLHQ ª$EHUELWWHVHLHQ6LHYRUVLFKWLJ0UV*ROGZ\QZHQQ6LH PLFKDQIDVVHQ,FKELQQlPOLFKVHKUNLW]HOLJ© 6FKRQILQJHUDQ]XODFKHQNDXPGD/DG\6DUDKLKUH +lQGHDXIVHLQH+IWHQJHOHJWKDWWH ª5XKLJUXKLJ0U3HWHUVRQLFKELQMDEHL,KQHQ:LUVFKDI

IHQHVVFKRQ©'LH+RUURU2PDVHW]WHLKUHQRFKYRUKDQGHQHQ .UlIWHHLQXQGYHUVXFKWHGHQ0DQQKRFK]XVWHPPHQ 'DVDOOHUGLQJVJHODQJLKUQLFKWª1HLQ©VDJWHVLHXQGVFKW WHOWHGHQ.RSIª:LUPVVHQHVDQGHUVPDFKHQ© +XEHUW3HWHUVRQNDPQLFKWGD]X]XIUDJHQZLHVLHHV DQVWHOOHQZROOWH/DG\6DUDKHUJULIIGLH,QLWLDWLYHVRIRUWXQG ULNXU]HUKDQGDP-DFNHWWGHV0DQQHV 'HU6WRIIDP.UDJHQZXUGH]HUIHW]WGHUIUHLH)DOOZLUNWH VLFKDXVXQG3HWHUVRQSROWHUWH]X%RGHQ/DG\6DUDKPXWH KDVWLJ]XU6HLWHVSULQJHQVRQVWKlWWHGHU0DQQVLHQRFK XPJHULVVHQ 'DVDHUQXQDXIVHLQHPPDJHUHQ+LQWHUWHLOXQGVFKDXWH /DG\6DUDKZLHHLQ+lXIFKHQ(OHQGDQ 'LH+RUURU2PDVWUHFNWHHLQH+DQGDXVª.RPPHQ6LHLFK KHOIH,KQHQDXIGLH)H© ª'DQNHVHKUYLHOHQYLHOHQ'DQN© =ZHL6HNXQGHQVSlWHUVWDQGGHU0DQQ-HW]WILQJHUDQ]X MDPPHUQ6HLQVFK|QHV-DFNHWWVHLYHUGRUEHQXQGHUZROOWH VLFKEHUKDXSWQLFKWEHUXKLJHQ ª:LHDOWZDUGHQQGLH-RSSH"©IUDJWH/DG\6DUDK ª$FKW]HKQ-DKUH© %LVMHW]WKDWWHGLH+RUURU2PDHLQ/DFKHQ]XUFNKDOWHQ N|QQHQ'DVVFKDIIWHVLHQLFKWPHKU6LHSUXVWHWHORVXQG NPPHUWHVLFKDXFKQLFKWXP3HWHUVRQV*UHLQHQGHUVHLQ *HVLFKWYHU]RJHQKDWWHGLH-DFNHDXV]RJXQGVLHYRQDOOHQ 6HLWHQEHWUDFKWHWH(UVSUDFKHWZDVYRQ]XVDPPHQQlKHQXQG ZXUGHHUVWUXKLJHUDOV/DG\6DUDKVLFKHUNXQGLJWHZLHDOOHV SDVVLHUWZDU +XEHUW3HWHUVRQVFKULWW]XU9HUNDXIVWKHNHXQGOHJWHVHLQ -DFNHWWGRUWQLHGHUª:LHDOOHVSDVVLHUWLVW"(LQH 8QYHUVFKlPWKHLWZDUGDV©(UVWW]WHGLH+lQGHDXIXQG VFKDXWH/DG\6DUDKPLWGHPWUDXULJHQ%OLFNHLQHVOHLGJH SUIWHQ'DFNHOVDQ6HLQZHLHU6FKQlX]HU]LWWHUWHGDEHLGLH )OJHOGHUODQJHQ1DVHEHZHJWHQVLFKXQUXKLJXQGGLH NOHLQHQJUDXHQ$XJHQEOLW]WHQª,FKZLOOHV,KQHQVDJHQ .DXPKDWWHLFKPLW,KQHQWHOHIRQLHUWDOVLFK%HVXFKYRQ]ZHL

MXQJHQ%XUVFKHQHUKLHOW6LHZLVVHQMDZLHGLHVH7\SHQDXV VHKHQ8QJHSIOHJW-DFNHQDXV/HGHUNHLQHQ5HVSHNWPHKU ODQJH+DDUH© ª1DQDQXQPDFKHQ6LHPDOHLQHQ3XQNW1LFKWDOOHVLQG VR2IWILQGHWPDQXQWHUGHQODQJHQ+DDUHQHLQHQNODUHQ 9HUVWDQG© ª'D6LHVRHWZDVVDJHQ© 'LH+RUURU2PDOlFKHOWHª,FKELQRIWPLWMXQJHQ/HXWHQ ]XVDPPHQXQGILQGHVLHSULPD© ª$EHULFK© ª:HLWHU0U3HWHUVRQ© ª$FKVRMD©(UVFKOXJVLFKJHJHQGLH6WLUQª6LHNDPHQDOVR 0LUZDUHQVLHMDVXVSHNW'LH.HUOHVFKDXWHQVLFKXPQDK PHQGLHVXQGMHQHVLQGLH+DQGXQGDOVLFKVLHIUDJWHREVLH HWZDVNDXIHQZROOWHQGDVFKWWHOWHQVLHGHQ.RSI.DXIHQ ZROOWHQVLHQLFKWVDEHUHWZDVPLWQHKPHQ'DVPDFKWHQVLH PLUNODUGHQQSO|W]OLFK]RJHLQHUYRQLKQHQHLQ0HVVHU(U KLHOWPLFKGDPLWLQ6FKDFKZlKUHQGGHUDQGHUH.HUODXI PHLQH.DVVH]XVFKULWWVLH|IIQHWHXQGGDV*HOGHQWQDKP© ª:LHYLHOZDUHVGHQQ"© ª1LFKWJDQ]]ZHL3IXQG© /DG\6DUDKPXWHODFKHQª8QGGDPDFKHQ6LHVRHLQHQ :LUEHO0U3HWHUVRQ"© ª1DMD]ZHL3IXQG©3O|W]OLFKILQJHUDQ]XJULQVHQª6LH DKQWHQMDQLFKWGDLFKDXIVRHWZDVLPPHUJHIDWELQXQG 9RUVRUJHJHWURIIHQKDEH© ª$K6LHKDEHQGDV*HOGZRDQGHUV© ª6LFKHU© ª8QGZLHJLQJHVZHLWHU"© ª'LH.HUOHZDUHQQDWUOLFKVDXHU6LHZROOWHQZLVVHQZR LFKPHLQ*HOGKDEH,FKNRQQWHLKQHQMHGRFKZHLVPDFKHQ GDLFKQLFKWPHKUEHVLW]HMDXQGGDQDFKNDPGDV 6FKOLPPVWH©(UVHQNWHMHW]WGHQ.RSIXQGVFKDXWH]X%RGHQ ª0DQKlQJWH6LHDXI© ª*HQDX/DG\6DUDK(VLVWHLQH6FKDQGH0LFKHLQHQDOWHQ 2IIL]LHUGHUQRFKIUGLH.|QLJLQ0XWWHULQ,QGLHQJHNlPSIW

XQGIUGDV9DWHUODQGVRPDQFKHV2SIHUJHEUDFKWKDW,FK ZXUGHEHKDQGHOWZLHHLQHELOOLJH:LW]ILJXU1HLQGDVKDEH LFKQLFKWYHUGLHQW:DVPHLQHQ6LH0UV*ROGZ\Q"© ª'DVKDEHQ6LHLQGHU7DWQLFKW6LU© ª(QGOLFKMHPDQGGHUPLFKYHUVWHKW©(UQLFNWHVHOEVWJH IlOOLJXQGJULQVWHGDQQª:HUDQPHLQ*HOGZLOOPXIUKHU DXIVWHKHQ'LHMXQJHQ/HXWHN|QQHQVHLQZLHVLHZROOHQDEHU DQXQVNRPPHQVLHQLFKWKHUDQ:LUKDEHQXQVHUH (UIDKUXQJHQ© ª'DPLWKDEHQ6LHHLQZDKUHV:RUWJHVSURFKHQ0U 3HWHUVRQ©VDJWH/DG\6DUDK*ROGZ\Qª'LH(UIDKUXQJHQ EHVLW]HQZLU©,KU%OLFNILHODXIGLH%FKHUZDQGª6LHKDEHQ PLFKGRFKZHJHQHLQHVQHXHQDOWHQ%XFKHVDQJHUXIHQRGHU QLFKW"© ª-DQDWUOLFK©ULHIGHU+lQGOHUª,FKKDEHHWZDV %HVRQGHUHVIU6LH© ª,VWHVVHKUWHXHU"© ª1HLQ©+XEHUW3HWHUVRQEHXJWHVLFKYRUª(VLVWQXUXQYHU NlXIOLFK/DG\6DUDK© ª:DV"©'LH+RUURU2PDVFKOXFNWHª'DVPHLQHQ6LHGRFK QLFKWLP(UQVW0U3HWHUVRQ© ª'RFKMDHVLVWXQYHUNlXIOLFK© ª:HVKDOEKDEHQ6LHPLFKGDQQDQJHUXIHQ"© 'HU+lQGOHUVHQNWHVHLQH6WLPPHª8P,KQHQGDV%XFK]X ]HLJHQPHLQH/LHEHGHVKDOE© ª,VWHVGHQQHWZDVVR:HUWYROOHV"© ª1RFKYLHOZHUWYROOHU0UV*ROGZ\Q1RFKYLHOZHUWYROOHU GDVNDQQLFK,KQHQVDJHQ© ª'DQQ]HLJHQ6LHHVPLU© ª-D0RPHQW©3HWHUVRQEFNWHVLFKXQGJULIIXQWHUGLH 7KHNH'RUWEHZDKUWHHUVHLQHEHVRQGHUHQ6FKlW]HDXI(LQ *ULIIQXUXQGHUKLHOWGDV%XFKLQGHU+DQG9RUVLFKWLJOHJWH HUHVDXIGLH3ODWWH (VZDUHLQVHOWVDPHV%XFK(UVWHLQPDOVWDFK/DG\6DUDK GHUDOWH/HGHUHLQEDQGLQV$XJHGHUKDWWHVFKRQ)DOWHQ JHZRUIHQ6WDXENOHEWHGDULQGRFKDXIGHP'HFNHOEHIDQG

VLFKVLHEHQPDOGDV=HLFKHQGHV7HXIHOV'LHVWLOLVLHUWH =LHJHQERFNRGHU'UHLHFNVIUDW]HGHV+|OOHQKHUUVFKHUV6R ZDUGHU6DWDQGLH-DKUKXQGHUWHEHUYRQGHQ0HQVFKHQ JH]HLFKQHWXQGDEJHELOGHWZRUGHQ ª1D/DG\6DUDKZDVVDJHQ6LHQXQ"© ª:LUNOLFKDXHUJHZ|KQOLFK0U3HWHUVRQ© 'DPLWEHUWULHEGLH+RUURU2PDNHLQHVZHJVGHQQVLH KDWWHHQWGHFNWGDVLFKGLH7HXIHOVIUDW]HQGHXWOLFKYRQGHP VFKZDU]HQ8QWHUJUXQGGHV'HFNHOVDEKREHQ6LH]HLJWHQHLQ VHKUEODVVHV5RWGDVVFKRQLQHLQHQYLROHWWHQ)DUEWRQKLQHLQ VFKLPPHUWH ª+DEHQ6LHGDVJHPDFKW"©IUDJWHVLHXQGGHXWHWHDXIGLH =HLFKHQ ª1HLQDXINHLQHQ)DOO©(UWDWHQWUVWHWª'DVZDUHVGRFK ZHVKDOELFKGDV%XFKJHNDXIWKDEH© /DG\6DUDKUXQ]HOWHGLH6WLUQª+DEHQ6LHEHUHLWVLQGHP %XFKJHOHVHQ"© 3HWHUVRQQLFNWHª'DVKDEHLFKVHKUZRKO/DG\6DUDK8QG LFKNDQQ,KQHQVDJHQGLHVH6HLWHQKDEHQHVZLUNOLFKLQVLFK 'DVLVWHLQHXQJHKHXUH%ULVDQ]ZREHLLFKQLFKWHLQPDOZHL ZHUGDV%XFKJHVFKULHEHQKDW© ª9RQZHPKDEHQ6LHHVGHQQ"© 3HWHUVRQODFKWHª0HLQNOHLQHV*HKHLPQLV/DG\6DUDKGDV LFK,KQHQQLFKWYHUUDWHQNDQQ© ª$XFKQLFKWHLQHU6WDPPNXQGLQ"© ª1HLQ© ª6LHZROOHQHVPLUQLFKWYHUNDXIHQ"© (UVFKWWHOWHGHQ.RSI ª8QGZHQQLFK,KQHQHLQHQJXWHQ3UHLVGDIU]DKOH"6LH ZLVVHQGRFK0U3HWHUVRQLFKVDPPOHPLWJURHU /HLGHQVFKDIWGLHVHDOWHQ)ROLDQWHQXQGLFKP|FKWHZLUNOLFK QLFKWGD6LHGDV%XFKDQHLQHQDQGHUHQ.XQGHQYHU NDXIHQ© ª,FKYHUNDXIHHVQLFKW/DG\6DUDKLFKEHKDOWHHV© ª$EHUZHVKDOE"6LHVLQG+lQGOHU© 'DYHUNOlUWHVLFKGHU%OLFNGHV0DQQHVª0DQFKPDO

EHNRPPWPDQ'LQJHLQGLH+DQGGLHVLQGVRDXHUJHZ|KQ OLFKGDPDQVLFKQLFKWPHKUYRQLKQHQWUHQQHQNDQQ© ª'DVNDQQLFKYHUVWHKHQ©VDJWHGLH+RUURU2PDª'DUILFK GDV%XFKHLQPDODXIVFKODJHQ"© ª%LWWH© /DG\6DUDKGUHKWHGHQGLFNHQ:lO]HUXPXQGKREGHQ 'HFNHODE6RIRUWVWDFKLKUGHU7LWHOLQV$XJH 6,(%(16,(*(/'(50$*,( 6LHUlXVSHUWHVLFKª'DYRQKDEHLFKQRFKQLHHWZDVJHK|UW 0U3HWHUVRQZLUNOLFKQLFKW© ª6LHPHLQHQGHQ7LWHO"© ª-D© ª.DQQLFKPLUJXWYRUVWHOOHQ(ULVWLQJHZLVVHU:HLVHMD DXFKHLQPDOLJZHQQ6LHYHUVWHKHQ© ª,QGHU7DWGDVPHUNHLFKJHQDX©6LHEOlWWHUWHZHLWHUXQG VDKGLH(LQWHLOXQJGHU.DSLWHO (VZDUQLFKWGLHHQJOLVFKH6SUDFKHLQGHUGDV%XFKYHUIDW ZRUGHQZDU8QGDXFKGLH6FKULIWZDUPLWGHUKHXWLJHQQLFKW ]XYHUJOHLFKHQ 'LH6HLWHQZDUHQQRFKPLWGHU+DQGEHVFKULHEHQZRUGHQ MHGHU%XFKVWDEHZLUNWHZLHJHPDOWDOVKlWWHVLFKGHU 9HUIDVVHUEHVRQGHUH0KHJHJHEHQ'DV3DSLHUPXWHVHKU YRUVLFKWLJEHKDQGHOWZHUGHQPDQGXUIWHQLFKWVFKQHOO XPEOlWWHUQVRHWZDVNRQQWHOHLFKWUHLHQ ª1DZDVVDJHQ6LH"©IUDJWHGHU+lQGOHU(UKDWWHHLQHDOWH 1LFNHOEULOOHDXIJHVHW]WhEHUGHQ5DQGGHU*OlVHUKLQZHJ VFKLHOWHHUGLH+RUURU2PDDQ ª,FKELQHLQLJHUPDHQYHUEOIIW©HUZLGHUWHGLH+RUURU2PD ª:LHVR"© ª/HLGHUNDQQLFKGLH6FKULIWRGHUGLH:RUWHQLFKWDXI $QKLHEOHVHQ,FKPWHPLFKZLUNOLFKQlKHUPLWGHP%XFK EHVFKlIWLJHQGDV6LHMDOHLGHUQLFKWYHUNDXIHQ© ª6RLVWHV© 'LH+RUURU2PDJDEDEHUQLFKWDXI:DVVLHVLFKHLQPDOLQ GHQ.RSIJHVHW]WKDWWHGDVZROOWHVLHDXFKGXUFKIKUHQVR ZDUHVVFKRQLPPHUJHZHVHQª8QGZLHVWHKWHVGDPLWZHQQ

6LHPLUGDV%XFKHLQIDFKIUHLQLJH7DJHOHLKHQ"© 'DULGHU0DQQGLH$XJHQDXIª:DVVDJHQ6LHGD",FKVROO GLHVHVZHUWYROOH6WFNYHUOHLKHQ"© ª*HJHQHLQHHQWVSUHFKHQGH*HEKUQDWUOLFK©0UV *ROGZ\QNDQQWHGLH*HOGJLHUGHV0DQQHV ª2K6LHEULQJHQPLFKLQHLQH=ZLFNPKOH$QHLQ $XVOHLKHQKDWWHLFKQLFKWJHGDFKW© /DG\6DUDKQLFNWHª'DVNDQQLFKGXUFKDXVYHUVWHKHQ0U 3HWHUVRQ,FKZUGHGDV%XFKDXFKQLFKWLUJHQGMHPDQGHP JHEHQ$EHUELQLFKLUJHQGMHPDQG"©6LHVFKDXWHGHQ0DQQVR WUHXKHU]LJDQGDGLHVHUDXIHLQPDOYHUOHJHQZXUGH ª,FKZHLQLFKWVRUHFKW© ª6SULQJHQ6LHEHU,KUHQHLJHQHQ6FKDWWHQ6LHEUDXFKHQHV DXFKQLFKWXPVRQVW]XWXQ:LHYLHOVROOHVNRVWHQ"© ª'DUEHUKDEHLFKPLUQRFKNHLQHUOHL*HGDQNHQJHPDFKW 0UV*ROGZ\Q© ª)UHLQH:RFKHIQI3IXQG"© 'HU+lQGOHUUROOWHPLWGHQ$XJHQ(UUHFKQHWHEOLW]VFKQHOO QDFK'LH=HLWHQZDUHQVFKOHFKWVHOEVWIUDOWHQ.UDPKDWWHQ GLH/HXWHNHLQ*HOGPHKUXQGGHU7RXULVWHQVWURPDXV *HUPDQ\OLHDXFKQDFK)DVW]ZHL3IXQGKDWWHPDQLKP JHVWRKOHQXQGZHQQHUMHW]WIQI3IXQGNDVVLHUHQNRQQWH JOLFKVLFKGDVZLHGHUDXV=XGHPHUKLHOWHUGDV%XFKMD ZLHGHU'DNRQQWHHU/DG\6DUDKYHUWUDXHQ ª1XQ"©IUDJWHGLH+RUURU2PDª+DEHQ6LHVLFKHQWVFKLH GHQ0U3HWHUVRQ"© ª-DGDVKDEHLFK© ª=XPHLQHQ*XQVWHQZLHLFKKRIIH© ª)QI3IXQGVLQGHLQH0HQJH*HOG0UV*ROGZ\Q $QGHUHUVHLWVLVWGDV%XFKDXFK]LHPOLFKZHUWYROO,FKKDEH JURH0KHJHKDEWHVEHUKDXSWLQPHLQHQ%HVLW]]X EULQJHQXQGGD© ª6LHVLQGHLQ+DOVDEVFKQHLGHU©VWHOOWHGLH+RUURU2PDIHVW ª:ROOHQ6LHQRFKPHKU"© ª6LHEHQ3IXQG)UMHGHQ7DJHLQHQ© ª6HFKV©

ª1HLQ6HFKVHLQKDOE© ª,FKEOHLEHEHLVHFKV© ª,KUOHW]WHV:RUW/DG\6DUDK"© ª6RJDUPHLQDOOHUOHW]WHV© 'DZDQGVLFKGHU+lQGOHUZLHHLQ:XUPª(VIlOOWPLUVR VFKZHUZLVVHQ6LH,FKNDQQHLJHQWOLFKQLFKW©(UDWPHWH WLHIHLQXQG/DG\6DUDKVDJWHª,FKKlWWH6LHMDDXFKDQGHP +DNHQKlQJHQODVVHQN|QQHQ'DQNEDUNHLWYHUODQJHLFKQLFKW HLQZHQLJ(QWJHJHQNRPPHQVFKRQ0U+XEHUW3HWHUVRQ© 'DKDWWHGLH+RUURU2PDLQGHU7DWHLQHQVFKZDFKHQ3XQNW EHLGHP+lQGOHUDQJHVSURFKHQ (UVFKWWHOWHVLFKDOVHUDQGLH=HLWGDFKWHGLHHUªEHUGHP %RGHQ©YHUEUDFKWKDWWH ª*XWLFKZLOOPDOQLFKWVRVHLQ)UVHFKV3IXQGN|QQHQ6LH GDV%XFKHLQH:RFKHEHKDOWHQ$EHU9RUNDVVH/DG\6DUDK© 'LH+RUURU2PDVFKPXQ]HOWHª'DPLWKDEHLFKJHUHFKQHW 0U3HWHUVRQ6LHYHUVFKHQNHQQLFKWV=XP*OFNKDEHLFK JHQJHQG*HOGHLQJHVWHFNW©$XVLKUHU0DQWHOWDVFKHKROWHVLH HLQDEJHJULIIHQHV3RUWHPRQQDLHNODSSWHGLHEHLGHQ+lOIWHQ DXIXQGKROWHGDV*HOGDEJH]lKOWKHUYRUª'DVLQGVHFKV 3IXQG© 'HU+lQGOHUZXQGHUWHVLFKJUDSVFKWHDEHUGDQDFK6HOWHQ KDWWH/DG\6DUDKVRVFKQHOO6FKHLQHLQGHU+DQGHLQHV 0HQVFKHQYHUVFKZLQGHQVHKHQ6LHYHUQDKPQRFKGDV .QLVWHUQXQGHLQHQ$XJHQEOLFNVSlWHUZDUHQGLH%DQNQRWHQ YHUVFKZXQGHQ ª6ROOLFKHV,KQHQHLQSDFNHQ/DG\6DUDK"© ª-DGDVZlUHQLFKWVFKOHFKW,FKP|FKWHGHQ8PVFKODJ QLFKWEHVFKlGLJHQ© ª$EHUEHL,KQHQGRFKQLFKW© ª:HUNDQQVFKRQYRUKHUVDJHQZDVHLQHPXQWHUZHJV ZLGHUIlKUW© ª'DKDEHQ6LHUHFKW/DG\6DUDK'DKDEHQ6LHZLUNOLFK UHFKW©3HWHUVRQQDKPGDV%XFKXQGYHUVFKZDQGGDPLW QDFKKLQWHQ (UPXWHDQGHU.DVVHYRUEHL/DG\6DUDKZXWHGDVLFK

GRUWLQGHU1lKHGLH7UHLQHUDOWHQ$EVWHOONDPPHUEHIDQG 'RUWODJHUWHQ.DUWRQV(LQSDFNSDSLHUXQGDXFK7WHQ 'LH+RUURU2PDEOLHE]XUFN6LHVFKDXWHDXIGLH8KU'LH *HVFKlIWV]HLWZDUHLJHQWOLFKYRUEHLDEHU+XEHUW3HWHUVRQ QDKPGDVQLHVRJHQDX(UKDWWHVHLQHQ/DGHQPDQFKPDO VRJDUELV8KUJH|IIQHW 6LHK|UWHGDV.QLVWHUQGHV3DSLHUV'HU0DQQKDWWHGLH7U RIIHQJHODVVHQXQGGLH*HGDQNHQGHU+RUURU2PDEHVFKlI WLJWHQVLFKEHUHLWVPLWGHUQDKHQ=XNXQIW ,QGLHVHP%XFKVWHFNWHHLQHJHZLVVHPDJLVFKH%ULVDQ] 'DYRQZDUVLHIHVWEHU]HXJW8QGVLHZROOWHGLH6HLWHQDXFK QLFKWDOOHLQGXUFKVFKP|NHUQVRQGHUQ]XVDPPHQPLWLKUHP MXQJHQ)UHXQGXQG%HNDQQWHQGHP*HLVWHUMlJHU-RKQ 6LQFODLU 6LFKHUOLFKZUGH-RKQHLQUHJHV,QWHUHVVHDQGLHVHUDOWHQ ª6FKZDUWH©]HLJHQZREHL6DUDK*ROGZ\QXQZLOONUOLFKDQ GDV%XFKGHUJUDXVDPHQ7UlXPHHULQQHUWZXUGHLQGHPGLH *HKHLPQLVVHGHU+|OOHRIIHQEDUWZRUGHQZDUHQ+LQWHUGLH VHP%XFKZDUGHU*HLVWHUMlJHUDXVYHUVWlQGOLFKHQ*UQGHQ EHVRQGHUVKHUDOOHUGLQJVZDULKPELVKHUNHLQ(UIROJYHU J|QQWJHZHVHQ'DV%XFKEOLHEYHUVFKZXQGHQ ª6LQG6LHIHUWLJ0U3HWHUVRQ"©ULHI/DG\6DUDKª,FKN|QQ WHPLUQlPOLFKVFKRQHLQ7D[LUXIHQ© 6LHHUKLHOWNHLQH$QWZRUW 'DVYHUZXQGHUWH/DG\6DUDKGRFKHLQZHQLJ6RZHLWVLH VLFKHULQQHUQNRQQWHKDWWH0U3HWHUVRQGLH7UQLFKW JHVFKORVVHQ6LHPXWHRIIHQVWHKHQ]XGHPKDWWHVLHYRUKLQ GDV.QLVWHUQGHV3DSLHUVJHK|UW 6WLPPWHGDHWZDVQLFKW" 6LHZROOWHMDQLFKWGHQ7HXIHODQGLH:DQGPDOHQDEHUVHOW VDPZDUHVVFK|QGHVKDOEULHIVLHQRFKHLQPDOGHQ1DPHQ GHV0DQQHV (LQHQRUPDOH$QWZRUWYHUQDKPVLHQLFKW'DIUK|UWHVLH HLQDQGHUHV*HUlXVFKHLQHWZDVGXPSINOLQJHQGHVXQGVLH JLQJPLWZHQLJHQ6FKULWWHQXPGLH9HUNDXIVWKHNHKHUXP $OVVLHVLFKLQ+|KHGHU.DVVHEHIDQGXQGVFKRQHLQHQEHV

VHUHQhEHUEOLFNKDWWHVDKVLHGDV3KlQRPHQ $XVGHP7UVSDOWGUDQJHLQJUDXJUQHUZLGHUOLFKHU %URGHP(UGUFNWHVLFKKHUYRUXQGZXUGH]XNXJHOLJHQ :HOOHQEHUJHQDOVHUGHQ5DXPYHUODVVHQKDWWH 6LHGDPSIWHQGHU+RUURU2PDHQWJHJHQ :DVZDUKLQWHUGHU7UJHVFKHKHQ"0DQFKDQGHUH)UDXLQ LKUHP$OWHUKlWWHGHQ/DGHQYLHOOHLFKWIOXFKWDUWLJYHUODVVHQ 1LFKWVR6DUDK*ROGZ\Q6LHZROOWHQDFKVHKHQREZRKOVLH LQVWLQNWLYPHUNWHGDVLHVLFKGDPLWLQ*HIDKUEHJDE (VZDUQLFKWPHKUQ|WLJGHQQGLH7UZXUGHYRQLQQHQ DXIJHVWRHQ-HW]WKDWWHGHU1HEHOIUHLH%DKQ(UTXROOKHUYRU XQGPLWGHQJUDXJUQHQ:RONHQHUVFKLHQGLH*HVWDOWGHV +lQGOHUV 'DV%XFKWUXJHUQLFKWHLQJHSDFNWDXIVHLQHQYRUJHVWUHFNWHQ $UPHQ(UWRUNHOWHDXI/DG\6DUDK]XGLHDOOGDV%OXWDXIVHL QHU%UXVWVDKXQGEHPHUNWHZLHSO|W]OLFKHLQ6WURPYRQ /HEHQVVDIWDXVVHLQHPZHLWJH|IIQHWHQ0XQGVFKR ,PQlFKVWHQ$XJHQEOLFNVDKVLHGLH6SLW]HHLQHU/DQ]HGLH YRQKLQWHQLQVHLQHQ5FNHQJHVWRHQZRUGHQZDUXQGGHQ .|USHUGXUFKERKUWKDWWH 'LH+RUURU2PDVWDQGZLHIHVWJHQDJHOW (LQHQ/LGVFKODJVSlWHUNLSSWHLKUGHU0DQQHQWJHJHQ ,FKKDWWHGHQ.RSIJHGUHKWVDKZHUGDDXIPLFK]XVSUDQJ XQGZROOWHQRFK]XU6HLWHZHJWDXFKHQ (VJLQJHLQIDFK]XVFKQHOO9LHOOHLFKWKDWWHLFKDXFK]XVSlW UHDJLHUWXQGZDUYRQGHP$QEOLFN]XEHUUDVFKWJHZHVHQ DXIMHGHQ)DOOEHHLQWUlFKWLJWHGLHVPHLQH5HDNWLRQXQGGHU IDOOHQGH.|USHUSUDOOWHJHJHQPLFK (UZDUVRVFKZHUGDHUPLFKYRQGHQ%HLQHQUL'LH $UPHKDWWHLFKQRFKKRFKJHULVVHQVLHVFKW]WHQPLFKYRU GHQ3UDQNHQKLHEHQGDQQNUDFKWHLFKKDUWDXIGHQ%RGHQ 'DV*UDVGlPSIWHPHLQHQ)DOOHLQZHQLJHLQHQ.DPSI MHGRFKNRQQWHLFKQLFKWYHUPHLGHQ ,FK]RJVRIRUWGLH.QLHDQXQGGUFNWHVLHLQHLQHQZHLFKHQ

.|USHU (LQZWHQGHV)DXFKHQXQGJHIlKUOLFKHV.QXUUHQZDUHQGLH $QWZRUW'DV:HVHQYRUPLUVFKWWHOWHVLFKHVEUHLWHWHVHLQH 3UDQNHQDXVXQGNDPHUVWDP%DXPVWDPP]XU5XKH ,FKVWW]WHPLFKKDOEDXIXQGVWDUUWHPHLQHQ*HJQHUDQ *HJQHU"'LHVHU$XVGUXFNZDUHLQZHQLJIDOVFKGHQQYRU PLUVWDQGHLQH*HJQHULQ/XSLQD 0HLQ*RWWGDVGXUIWHQLFKWZDKUVHLQ/XSLQDZDUWRW,FK KDWWHVHOEVWHUOHEWZLHVLHXQWHUGHQ.XJHOQGHU/DG\; ]XVDPPHQJHEURFKHQZDU9RUHLQLJHQ:RFKHQLQGHPDOWHQ 6WHLQEUXFKZDUHV]XHLQHUK|OOLVFKHQ$XVHLQDQGHUVHW]XQJ JHNRPPHQZREHL/XSLQDV6RKQ2UDSXOQRFKHLQHZLFKWLJH 5ROOHJHVSLHOWKDWWH8QGMHW]WVWDQGVLHYRUPLU (LQH7lXVFKXQJHLQH+DOOX]LQDWLRQ"(LQELOGXQJ"$QDOO GDVZROOWHLFKQLFKWJODXEHQQHLQGDVNRQQWHGRFKQLFKWVHLQ VLHKDWWHVLFKDXIPLFKJHZRUIHQPLFK]X%RGHQJHVFKOHX GHUWXQGVLHVDKVRDXVZLHLFKVLHNDQQWH 'DVODQJHEORQGH+DDUGDVPHQVFKOLFKH*HVLFKWPLWGHQ NDOWHQ5DXEWLHUDXJHQXQGGDQQGHU.|USHUGHUHLQGLFKWHV EUDXQHV)HOODXIZLHV'DVZDU/XSLQD]ZHLIHOVIUHL .HLQH7lXVFKXQJ :LUKDWWHQEHLGHXQVHUHQ.DPSIXQWHUEURFKHQXQGLFK NQLUVFKWHª/XSLQDYHUGDPPW© ª-DLFKELQHV© +LPPHOVLHVSUDFKPLWGHU6WLPPHGLHLFKNDQQWH:DUGDV GHQQGLH0|JOLFKNHLW",QGHUOHW]WHQ=HLWKDWWHLFKYHUGDPPW YLHOHhEHUUDVFKXQJHQHUOHEWLFKEUDXFKWHQXUDQ6ROR 0RUDVVRV(QGH]XGHQNHQGDVVRVHOWVDPJHZHVHQZDUXQG QXQVWDQGSO|W]OLFKHLQH7RWJHJODXEWHYRUPLU:LUZDUHQ LPPHU*HJQHUJHZHVHQREZRKOLFKPLFKHLQPDODOV:HUZROI LQVLHYHUOLHEWKDWWH 'DVZDUODQJHKHUXQG6FKQHHYRQYRUJHVWHUQKHXWH]lKO WHQXUGLH*HJHQZDUWLQGHUZLUXQVDOV7RGIHLQGHJHJHQ EHUVWDQGHQGHQQ/XSLQDKDWWHLPPHUGDV%|VHJHZROOW ,QGLHVHQ6HNXQGHQLQGHQHQZLUXQVDQVWDUUWHQGDFKWHLFK GDUDQXQGPHLQHUHFKWH+DQG]XFNWH]XU%HUHWWD,FKKDWWH

GLH:DIIHQRFKQLFKWEHUKUWDOV/XSLQDV6WLPPHDXINODQJ ª/DVLHVWHFNHQ© 8QZLOONUOLFK]|JHUWHLFKREZRKOLFKHVHLJHQWOLFKQLFKW ZROOWHDEHUGHU.ODQJLKUHU6WLPPHKDWWHPLFKDXIKRUFKHQ ODVVHQ6LHVFKLHQHWZDVLQSHWWR]XKDEHQ ª.DQQPDQGLFKPLWHLQHU6LOEHUNXJHOQLFKWYHUQLFKWHQ"© IUDJWHLFKXQGVSLHOWHGDEHLDXI/DG\;DQGLH/XSLQD VFKOLHOLFKHLQH03L*DUEHLQGHQ5FNHQJHVFKRVVHQKDWWH ª9LHOOHLFKWYLHOOHLFKWDXFKQLFKW© ,FKVWDQGDXI'DEHLYHUVXFKWHLFKLQGLH5XQGH]XVFKLHOHQ XQGVWHOOWHIHVWGDGLH:HUZ|OILQQLFKWDOOHLQJHNRPPHQ ZDU,FKVDKLKUH+HOIHU]ZDUQLFKWJHQDXDEHULQGHQQDKH ZDFKVHQGHQ%VFKHQZDUHQJHOEHJHIlKUOLFKH$XJHQSDDUH ]XVHKHQGLHPLFKDQVWDUUWHQ 9LHU]lKOWHLFK (VZDUNHLQJXWHV*HIKOHLQJHNUHLVW]XVHLQXQGLFK VSUWHGLHXQVLFKWEDUHNDOWH+DQGGLHPHLQHQ5FNHQKLQDE NURFKXQGHLQH*lQVHKDXWKLQWHUOLH /XSLQDV+HOIHUKDWWHQPLFKHLQJHNUHLVW'LH.|QLJLQGHU :|OIHJLQJDXI1XPPHU6LFKHU ª.DQQPDQMHW]WPLWGLUUHGHQ"©YHUQDKPLFKLKUH6WLPPH )DVWKlWWHLFKPLUVHOEVWJHJHQGLH6WLUQJHVFKODJHQ'DV KDXWHGRFKGHP)DGHQ%RGHQDXV'DORFNWHPLFKGLH :HUZ|OILQ/XSLQDLQHLQH)DOOHXQGZROOWHPLWPLUUHGHQ6R HWZDVJDEHVHLQIDFKQLFKW$EHULFKJLQJDXILKUHQªQHWWHQ© 3ODXGHUWRQHLQXQGHUZLGHUWHª6HOEVWYHUVWlQGOLFKNDQQPDQ PLWPLUUHGHQ1XUZWHLFKQLFKWZDVZLUEHLGH]XEH VSUHFKHQKlWWHQ© ª'DNRPPWVFKRQHLQLJHV]XVDPPHQ9RUDOOHQ'LQJHQ VROOWHVWGXGLFKDQGLH9HUJDQJHQKHLWHULQQHUQ© ª$QZHOFKH"© ª6LHOLHJWQLFKWODQJH]XUFN(VZDULQHLQHP6WHLQEUXFK ,FKKDWWHGDPDOVYHUVXFKWGLH0DFKWGHV'U7RG]XEUHFKHQ (VLVWPLUOHLGHUQLFKWJHOXQJHQHUZDUVWlUNHUDOVLFKXQGHU KDWWHHLQHQVWDUNHQ+HOIHUDQVHLQHU6HLWH/DG\;© ª-DGDVZHLLFK8QGLFKHULQQHUHPLFKDXFKGDUDQZLH

GLFKGLH*DUEH]X%RGHQJHVFKPHWWHUWKDWXQGGHLQ6RKQLQ GHU1lKHZDUGHUGHQ7RGGHU0XWWHUPLWHUOHEHQPXWH© ª*HQDX© ª%LVWGXZLUNOLFKWRW"© ª$XIGLHVH)UDJHZHUGHLFKGLUNHLQH$QWZRUWJHEHQ1LPP PLFKZLHLFKELQXQGK|UHPLUJHQDX]X/DG\;YHUIROJWH VHLWODQJHPGHQ3ODQGLH)KUXQJGHU0RUGOLJDDQVLFK]X UHLHQ8QGVLHKDWHVWDWVlFKOLFKJHVFKDIIWGHQQDXFK6ROR 0RUDVVROHEWQLFKWPHKU-HW]WNDQQVLHEHU9DPSLURGHOPDU XQG;RUURQEHIHKOLJHQGHQQPHKU+HOIHUVWHKHQLKUQLFKW PHKU]XU6HLWH=XGHPEHVLW]WVLHGHQ:UIHOGHV8QKHLOV XQGVLHEHUHLWHW*URHVYRUGDVKDEHLFKLQ]ZLVFKHQLQ (UIDKUXQJEULQJHQN|QQHQ© ª:DVLVWGDVJHQDX"© /XSLQDVFKWWHOWHLKUHQ.RSIVRGDGLHIDKOEORQGHQOHLFKW JHOEOLFKVFKLPPHUQGHQ+DDUHIORJHQª,FKZHLHVQLFKW JHQDXDEHUHVKlQJWPLWGHLQHP.UHX]]XVDPPHQ© 'DKDWWHQZLUHV'DV.UHX]8USO|W]OLFKZDUHVLQ GHQ0LWWHOSXQNWGHV,QWHUHVVHVJHUFNWª:LOOPDQHVPLU VWHKOHQ"©IUDJWHLFK ª1HLQ© ª6RQGHUQ"© ª0DQZLOOYHUKLQGHUQGDGXGLH*HKHLPQLVVHGHV.UHX]HV HQWUlWVHOVW'DVLVWHV© -HW]WZDULFKQRFKHUVWDXQWHUª$EHUZLHVR"%LVKHUKDEHLFK DOOHVYHUVXFKWDEHUQLFKWVKDWJHQXW]W:LHVROOLFKSO|W]OLFK =XVDPPHQKlQJHHUNHQQHQ"© ª:HLOHVHWZDVJLEWGDVGLUXQWHU8PVWlQGHQ$XVNXQIWGDU EHUJHEHQN|QQWH© ª8QGZDVLVWGDV"© 'DYHU]RJ/XSLQDLKUH/LSSHQ]XHLQHPEUHLWHQHWZDV VS|WWLVFKZLUNHQGHQ/lFKHOQª'DV-RKQ6LQFODLUVROOVWGX VHOEVWKHUDXVILQGHQ© ª,FKZHUGHPLFKEHPKHQ1XUIUDJHLFKPLFKZDVGX GDPLW]XWXQKDVW:HVKDOEWDXFKVWGXKLHUDXIXQGZDUQVW PLFKRGHUJLEVWPLUHLQHQ7LSZREHLGXPLFKWURW]GHPLP

GXQNHOQOlW"© ª(LJHQWOLFK-RKQ6LQFODLUPWHLFKGLFKMDW|WHQRGHUW|WHQ ODVVHQ'LHVHU5DWVFKODJRGHU7LSKDWPLWHLQHU6DFKH]XWXQ GLHQXUPLFKHWZDVDQJHKW© ª,FKNDQQHVPLUGHQNHQ'XKDVWQLFKWYHUJHVVHQZDV /DG\;GLUDQWDW6WHFNWVLHKLQWHUGHU6DFKH"© ª$XFK© 'DVZXUGHMDLPPHUVFK|QHU/HLGHUHUIXKULFKQXUKDOEH :DKUKHLWHQVRDEHUZXUGHLFKVDXHUª,FKZLOOGLUPDOZDV VDJHQ/XSLQD5FNPLWGHU6SUDFKHUDXVXQGYHUVXFKH QLFKWPLFKLUJHQGZLHUHLQ]XOHJHQ:DVKDW/DG\;RGHUZHU DXFKLPPHUPLWPHLQHP.UHX]]XWXQ"=XP7HXIHOQRFKPDO UHGHHQGOLFK© ª(VVROOWHHLQH:DUQXQJVHLQPHKUQLFKW$XINOlUHQPXW GXGHQ)DOOVHOEVW© ª'DQQJLEPLUHLQHQ+LQZHLVXQGEULQJHPLFKHQGOLFKDXI GLH6SXUGHU6FRWW© ª6LHKlOWVLFKQLFKWZHLWYRQGLUDXIJODXEHLFK© ª'DVJODXEVWGX©K|KQWHLFK ª6RYLHOLFKJHK|UWKDEHEHILQGHWVLHVLFKLQ/RQGRQ0DFKH GLUGHLQHQHLJHQHQ5HLPGDUDXI© /DG\;LQ/RQGRQ'DVZDUQLFKWV8QJHZ|KQOLFKHVGHQQ LQPHLQHU+HLPDWVWDGWKDWWHVLHHLQHQVWDUNHQ9HUEQGHWHQ VLW]HQ/RJDQ&RVWHOORGHQ0DILD&DSR(UKDWWHIUKHUIU 'U7RGJHDUEHLWHW1DFKGHP/DG\;GLH/HLWXQJGHU 0RUGOLJDEHUQRPPHQKDWWHZUGHHUVLFKHUOLFKIUVLHGLH $XJHQXQG2KUHQRIIHQKDOWHQ,FKVFKlW]WHGLH9DPSLULQDOV KDUWJHQXJHLQGDVLHDXFK&RVWHOORNOHLQNULHJWH ª7XWPLUOHLG/XSLQD©HUZLGHUWHLFKª(LQ'LFKWHUELQLFK QLHJHZHVHQ'XPXWVFKRQGHXWOLFKHUZHUGHQ© 0LWLKUHQJHOEHQ5DXEWLHUDXJHQIXQNHOWHVLHPLFKDQ ª0HKUNDQQXQGPHKUZLOOLFKGLUQLFKWVDJHQ6HLIURKGD LFKGLUHLQHQ+LQZHLVJHJHEHQKDEH(VZLUGVLFKHWZDVWXQ XQGZDKUVFKHLQOLFKVWHFNVWGXEHUHLWVPLWWHQGULQ-RKQ 6LQFODLU© ,FKEHJDQQQRFKHLQPDOYRQYRUQZROOWHZLVVHQZDV

KLQWHUGHQ$QGHXWXQJHQVWHFNWHª(VJHKWDOVRXPGDV .UHX]ZLHGXVFKRQVDJWHVW© ª/DHV©]LVFKWHVLH ,FKEHUOHJWH1XUZHQLJH6FKULWWHWUHQQWHQXQV,FKNRQQWH VLHPLW]ZHLEOLW]VFKQHOOHQ6lW]HQHUUHLFKHQPHLQ.UHX] QHKPHQXQG /XSLQDVFKLHQPHLQH*HGDQNHQHUUDWHQ]XKDEHQGHQQVLH ZLFK]XUFNXQGVWLHGDEHLKHIWLJH.QXUUODXWHDXV(VZDU HLQ=HLFKHQIULKUH$UWJHQRVVHQ +LQWHUXQGQHEHQPLUUDVFKHOWHHVLQGHQ%VFKHQ:LH JHIlKUOLFKH6FKDWWHQNDPHQVLHKHUYRUEHUJRVVHQYRQHLQHP IDKOHQ0RQGOLFKWGDVGLH6LOKRXHWWHQLKUHU.|USHUVFKDUI NRQWXULHUWQDFK]HLFKQHWH6LHQlKHUWHQVLFKVHKUVFKQHOOXQG ]RJHQGHQ.UHLVVRIRUWHQJHU 0LUZXUGHHLQZHQLJPXOPLJ]XPXWH,FKVFKDXWHLQGLH )UDW]HQGLHVHU%HVWLHQVDKGLH]XP7HLODXIJHULVVHQHQ0lXOHU XQGGDV/HXFKWHQGHUJHIlKUOLFKHQ)DQJ]lKQH]ZLVFKHQ GHQHQVLFKGHU*HLIHUVSDQQWH 'LHZUGHQPLUNHLQH&KDQFHJHEHQ9LHOOHLFKWNRQQWHLFK ]ZHLDXFKGUHLYRQLKQHQYHUQLFKWHQEULJEOLHEGDQQQRFK LPPHUHLQHUXQGZHQQLFK/XSLQDKLQ]X]lKOWHZDUHQHV ]ZHL ,KU.QXUUHQVFKZDQJPLUHQWJHJHQ*HIlKUOLFKK|UWHHVVLFK DQZLHHLQH'URKXQJPLFK]XUFN]XKDOWHQ$XFKGHU 5DXEWLHUJHUXFKVWUHLIWHPLFK(VZDUHLQVFKDUIHUZLGHUOLFKHU *HVWDQNIUPHQVFKOLFKH1DVHQHLQH=XPXWXQJ ª(VZDUDOOHVZDVLFKGLU]XVDJHQKDWWH©HUNOlUWHPLUGLH .|QLJLQGHU:|OIHNDOW ,FKQLFNWHª$OOULJKWLFKKDEHYHUVWDQGHQ© ª'DQQJHK© 0HLQ0XQGYHU]RJVLFK]XHLQHP/lFKHOQ,FKGDFKWHEHU GDV$EVXUGHGLHVHU6LWXDWLRQQDFK'DVWDQGHQVLFK]ZHL )HLQGHJHJHQEHUGRFKNHLQHUGHUEHLGHQYHUVXFKWHGHQ DQGHUHQ]XYHUQLFKWHQREZRKOHVEHLGHDXILKUH)DKQHQ JHVFKULHEHQKDWWHQ:HQQLFK-DKUH]XUFNGDFKWH+LPPHO GDKlWWHLFKPHLQH%HUHWWDJHQRPPHQXQGJHVFKRVVHQGRFK

QXQKDWWHQVLFKDQGHUH9RU]HLFKHQHUJHEHQGLH'LQJHZDUHQ YLHONRPSOH[HUJHZRUGHQXQGDXFKXQGXUFKVLFKWLJHUVRGD LFKHUVWHLQPDOGLH6FKOHLHUOIWHQPXWHGLHEHUGHQ *HVFKHKQLVVHQODJHQ ª6HKHQZLUXQVQRFK"©IUDJWHLFK/XSLQD]XP$EVFKLHG 6LHWUDWZLHGHUHWZDVYRUª6LFKHU-RKQ6LQFODLUVLFKHU *ODXEHQXUQLFKWGDQDFKGLHVHP*HVSUlFKVRHWZDVZLH )ULHGHQ]ZLVFKHQXQVKHUUVFKW$EHUHVJLEW'LQJHGLHZLFK WLJHUVLQG,UJHQGZDQQWUHIIHQZLUQRFKDXIHLQDQGHUGDQQ ZHUGHQZLUVHKHQZHUYRQXQVEHLGHQGHU6WlUNHUHLVW© (VZDUHQ:RUWHGLHLFKPLUJXWHLQSUlJWHDOVLFKPLFK XPGUHKWHXP]XPHLQHP:DJHQ]XUFN]XJHKHQ)DVWVWLH LFKPLWHLQHP:HUZROI]XVDPPHQVRGLFKWKDWWHHUKLQWHU PLUJHVWDQGHQ ,FKVDKGDV)XQNHOQLQVHLQHQ$XJHQXQGODVGDULQGLH*LHU QDFKPHLQHP%OXW$XVGHPKDOERIIHQHQ0DXOUDQQVFKlX PHQGHU*HLIHUGHULQ7URSIHQ]X%RGHQILHO'DV)HOO]LWWHUWH ª:DJHVQXUQLFKW©]LVFKWHLFKª9HUGDPPWZDJHVQLFKW VRQVWJHKWHVGLUVFKOHFKW© 'HU:HUZROIGDFKWHQLFKWGDUDQ]XUFN]XZHLFKHQ,P *HJHQWHLOHUKREGLH$UPH0HLQH+DQGZDUVFKRQDXIGHQ 'ROFKJULIIJHIDOOHQDOVLFKQLFKWQXU/XSLQDV6FKUHLYHUQDKP VRQGHUQVLHDXFKVDK3O|W]OLFKVWDQGVLHQHEHQXQVXQG VFKOXJLKUH3UDQNHQLQGDV)HOOGHV:HUZROI V6LHKDNWHVLFK IHVWXQGVFKOHXGHUWHLKQ]XUFNª,FKKDEHEHIRKOHQLKQ JHKHQ]XODVVHQ© 'HU:HUZROIODJDP%RGHQ(UKDWWH$UPHXQG%HLQHDQJH ]RJHQ(LQH$EZHKUKDOWXQJGRFK/XSLQDNPPHUWHVLFK QLFKWXPLKQ6LHQLFNWHPLU]Xª*HKYRUEHL-RKQ6LQFODLU© 'LHVPDOYHUVXFKWHQLHPDQGPLFKDXI]XKDOWHQDOVLFKPHL QHP%HQWOH\HQWJHJHQVFKULWW$EJHVFKORVVHQKDWWHLFKGHQ :DJHQQLFKW,FK]RJGLHUHFKWH7UDXIXQGZDUIEHYRULFK LQGHQ:DJHQVWLHJQRFKHLQHQ%OLFNQDFKYRUQ 'LHIQI:HUZ|OIHVWDQGHQ]ZLVFKHQGHUGLFKWEHODXEWHQ (LFKHXQGPHLQHP6LOEHUJUDXHQ6LHIXQNHOWHQPLFKDQGLH +HOIHUKDWWHQ/XSLQDHLQJHUDKPWGHUHQIUHPGDUWLJHV

$XVVHKHQ]ZLVFKHQGHQPl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lFKHOWHKDUW 1DWUOLFKKlWWHLFKDXVGHP)HQVWHUVFKLHHQN|QQHQDEHU PLWVRHWZDVUHFKQHWHQPHLQH*HJQHUVLFKHUOLFK'HVKDOE IXKULFKYRUEHLXQGOLHGLH%HVWLHQ]XUFN $OOHUGLQJVVFKDXWHLFKLQGHQ6SLHJHO 1DFKGHPLFKVLHSDVVLHUWKDWWHYHUOLHHQVLHLKUH 'HFNXQJHQ6LHEOLHEHQDXIGHP:HJVWHKHQXQGVFKDXWHQ GHQDOOPlKOLFKYHUJOKHQGHQ5FNOLFKWHUQPHLQHV:DJHQV QDFK )UPLFKKDWWHVLFKGDVVHOWVDPH7UHIIHQJHORKQW=ZDU KDWWHLFK/XSLQDNHLQHNRQNUHWHQ(UJHEQLVVHHQWORFNHQN|Q QHQGHQQRFKZDUHLQVVLFKHU+LQWHUPHLQHP5FNHQEDKQWH VLFKHWZDVDQ8QGHVPXWHLQGHU7DWHWZDVXQJHPHLQ *URHVVHLQZHQQVLFK/XSLQDVFKRQªKHUDEOLH©XPPLFK ]XZDUQHQ'LH*HIKOHGLHPLFKTXlOWHQZDUHQNDXP]X EHVFKUHLEHQ,FKGDFKWHDQDOOHV0|JOLFKH0LUILHOGHU6HKHU ZLHGHUHLQGD]X1RVWUDGDPXVGHUYLHOOHLFKWDXFKHWZDV EHUGDV.UHX]ZXWHXQGGDQQVFKREVLFKGHU5HVWGHU 0RUGOLJDZLHGHULQGHQ9RUGHUJUXQG :XWHQGLHVH+|OOHQZHVHQYLHOOHLFKWPHKUDOVVLH]XJHEHQ ZROOWHQ"8QGDXFK/XSLQDKDWWHPLUOlQJVWQLFKWDOOHVJHVDJW ,P*HJHQWHLOVLHULGDV3UREOHPQXUDQZREHLLFKGDV *HIKOQLFKWORVZXUGHGDVLHLKUHLJHQHV6SSFKHQNRFKWH

XQGVLHPLFKXQWHU8PVWlQGHQQXUYRULKUHQ.DUUHQVSDQQHQ ZROOWH 'XUFKGHQ2UWIXKULFKODQJVDPHU$QVFKOLHHQGDEHU GUHKWHLFKHLQZHQLJDXIGHQQLFKKDWWHHVSO|W]OLFKPHKUDOV HLOLJQDFK/RQGRQ]XUFN]XNHKUHQ hEHUGLHVH6DFKHPXWHLFKXQEHGLQJWPLW6XNRUHGHQ GHQQDXFKHUZUGHQLFKWYHUVFKRQWEOHLEHQ 6LHNRQQWHHVQLFKWIDVVHQ 'DV%LOGZDUVRXQJODXEOLFKVRJUDXHQKDIWGD/DG\6DUDK DXIVW|KQWHXQGLKUH+lQGHKRE :LHGXUFKHLQ:XQGHUKLHOWVLFKGHU+lQGOHUQRFKDXIGHQ %HLQHQREZRKOHUPLWMHGHPU|FKHOQGHQ$WHP]XJPHKU%OXW YHUORU (UVWDUUWHGLH+RUURU2PDDQ6HLQ*HVLFKWZDUHLQ%LOGQLV GHU3HLQXQG4XDOHUZROOWHHWZDVVDJHQGRFKGHUXQVLFKW EDUH7RWHQYRJHOKDWWHVHLQH6FKZLQJHQOlQJVWEHULKQDXV JHEUHLWHWXPLKQLQGDV5HLFKGHU6FKDWWHQ]X]LHKHQ (LQHQ6FKULWWQRFKVFKDIIWHHUGDQQZXUGHQLKPGLH.QLH ZHLFKHUNQLFNWH]XVDPPHQXQGILHO/DG\6DUDKHQWJHJHQ 6LHILQJLKQQLFKWDXIHUZDUHLQIDFK]XVFKZHUXQGKlWWH VLHYRQGHQ%HLQHQJHULVVHQDEHUVLHVFKDIIWHHVLKPGDVDOWH %XFKDXVGHQ+lQGHQ]XUHLHQ 6LHEHQ6LHJHOGHU0DJLH 'HU7LWHOVSUDQJLKUI|UPOLFKLQV$XJHDOVVLHGDV'HFNEODWW XPNODSSWH0XWH3HWHUVRQGHVKDOEVWHUEHQ"1XUZHLOHUGDV %XFKEHVD":HQQGDVVWLPPWHZDUDXFKVLHLQ*HIDKU 0LWHLQHPGXPSIHQ6FKODJILHOGHU7RWH]X%RGHQ8QGGLH VHV*HUlXVFKUL/DG\6DUDKDXVLKUHQ*HGDQNHQ0HLQ*RWW VLHPXWHZHJVRQVWZDUDXFKVLHYHUORUHQ 6LHZXWHQLFKWZHUGLH0|UGHUGHV$QWLTXLWlWHQKlQGOHUV ZDUHQDEHUVLHNRQQWHVLFKNDXPYRUVWHOOHQGDVRHWZDV YRQ0HQVFKHQEHJDQJHQZRUGHQZDU 1HLQDQGHUHPXWHQGDKLQWHUVWHFNHQ6LHXPNODPPHUWH GDV%XFKZLHHLQHQZHUWYROOHQ6FKDW]%HYRUVLHNHKUW

PDFKWHILHOLKU%OLFNQRFKDXIGLHRIIHQH7U 1DFKZLHYRUTXROOGHUJUQOLFKH%URGHPDXVGHP6SDOW XQGYHUEUHLWHWHVLFKDXFKLP,QQHUQGHV*HVFKlIWV(UYHUQH EHOWH]XP7HLOGLH6LFKWWURW]GHPHQWGHFNWH/DG\6DUDKHLQH VFKUHFNOLFKH*HVWDOW(LQIXUFKWEDUHV:HVHQHLQHFKVHQN|S ILJHV0RQVWHUPLWUHODWLYNOHLQHQ$UPHQDEHU.UDOOHQGLH GHQ6FKDIWHLQHU/DQ]HXPNODPPHUWKLHOWHQ (LQH/DQ]HVWHFNWHLP.|USHUGHV7RWHQ/DG\6DUDKNRP ELQLHUWH)DOOVGLHVHHLQH(FKVHQLFKWPLW]ZHL/DQ]HQEH ZDIIQHWJHZHVHQZDUGDQQPXWHVLHQRFKHLQHQ+HOIHU JHKDEWKDEHQ 3O|W]OLFKWURPPHOWHGDV+HU]GHUDOWHQ)UDXKRFKREHQLP +DOV*HJHQGLHVHPRUGJLHULJHQ%HVWLHQNRQQWHVLHQLFKWV DXVULFKWHQXQGVLHZLFKEOLW]VFKQHOO]XUFNVWLHGDEHL JHJHQGHQ5DQGGHU9HUNDXIVWKHNHILHOIDVWEHULKUHQ6WRFN XQGVFKDIIWHHVGHQ7UHVHQKLQWHUVLFK]XODVVHQ'DVZHUW YROOH%XFKQDKPVLHPLW7URW]GHU3DQLNOLHVLHHVQLFKWORV XQGNOHPPWHHVVLFKXQWHUGHQ$UP )OXFKW$QHWZDVDQGHUHVGDFKWHVLHQLFKW$EHUHVZDUYHU GDPPWVFKZHUDXVGLHVHP/DGHQ]XNRPPHQGHUYROOJH VWRSIWPLWDOWHP7U|GHOZDU(VJDENHLQHQULFKWLJHQ:HJGLH .XQGHQPXWHQKHUJHKHQZRVLH3ODW]IDQGHQXQGDXFK PDQFKPDOEHU*HJHQVWlQGHKLQZHJVWHLJHQ 9LHOOHLFKWKlWWH/DG\6DUDKGDVDOOHVQLFKWDOVVRVFKOLPP HPSIXQGHQZlUHQLFKWSO|W]OLFKGLH*HVWDOWLPRIIHQHQ 5HFKWHFNGHU7UDXIJHWDXFKW (LQXQKHLPOLFKHV(FKVHQZHVHQYRPJLIWJUQHQ1HEHO XPZDOOWXQGPLWHLQHU/DQ]HLQGHU3UDQNH *HQDXLQGHP$XJHQEOLFNZDQGWH/DG\6DUDKQRFKHLQPDO GHQ.RSI'LH%OLFNHGHV8QWLHUVXQGGHV0HQVFKHQWUDIHQ VLFK'LH+RUURU2PDVDKGLHKHUYRUTXHOOHQGHQ$XJHQGLH LQLKUHU.lOWHDQ:DVVHUHULQQHUWHQXQGVLHEHPHUNWHZLHGLH (FKVHLKU0DXODXIULXQGJOHLFK]HLWLJGLH3UDQNHDQKRE ,KUH$EVLFKWZDUNODUVLHZROOWHGLH/DQ]HVFKOHXGHUQXQG /DG\6DUDKV5FNHQGDPLWWUHIIHQ )UHLQHQ0RPHQWVFKLHQGLHlOWHUH)UDX]X(LVHUVWDUUW]X

VHLQ,KU*HVLFKWVSLHJHOWHGHQ6FKUHFNHQZLGHUDOOHVDQLKU HUVWDUUWHXQGGDZDUIGDV(FKVHQZHVHQVHLQW|GOLFKHV ,QVWUXPHQW /DG\6DUDKDEHUEHUZDQGGLH(UVWDUUXQJVLHZLFKDXV XQGKlWWHHVYLHOOHLFKWQLFKWJHVFKDIIWZHQQVLHQLFKWEHU HLQHDP%RGHQVWHKHQGH.LVWHJHVWROSHUWZlUH 'LHVHUZLUNOLFKH=XIDOOUHWWHWHLKUGDV/HEHQ'LH+RUURU 2PDJODXEWHHLQVDXVHQGHV*HUlXVFK]XYHUQHKPHQVRQDKH ]LVFKWHGLH/DQ]HDQLKUYRUEHLGDQQZXFKWHWHVLHLQGDV *HKlXVHHLQHU8KUGXUFKVFKOXJGLHVXQGODQGHWH]ZLVFKHQ DOWHP=LQQJHVFKLUUGDVVFKHSSHUQGXPILHO 'LHVHV*HUlXVFKPRELOLVLHUWH0UV*ROGZ\Q6RHLQIDFK ZROOWHVLHVLFKQLFKWXQWHUNULHJHQODVVHQ=XGHPKDWWHVLH *OFNLP8QJOFNGHQQVLHZDUQLFKW]X%RGHQJHIDOOHQ VRQGHUQDXIGLH7UXKHXQGVLHKLHOWGDV%XFKVRZLHLKUHQ 6WRFNIHVW /DG\6DUDKNOHWWHUWHEHUGLH.LVWHOLHI]ZHL6FKULWWHXQG YHUVFKZDQGLPHUVWHQ9HUNDXIVUDXP-HW]WGHFNWHVLHGLH 7UHQQPDXHUGHUEHLGHQ5lXPHJXWDE (VZDU]XK|UHQZRKLQVLHIOFKWHWHGHQQ]XUHQQHQRKQH LUJHQGZRDQ]XVWRHQJHODQJZRKOQLHPDQGHPLQGLHVHP /DGHQ0UV*ROGZ\QV)OXFKWZHJZDUEHJOHLWHWYRQ *HUlXVFKHQDEHUVLHJHODQJWHXQDQJHIRFKWHQDQGLH7U QDKPGLH.OLQNHLQGLH+DQGXQGGUHKWHVLFKQRFKHLQPDO XPEHYRUVLHGLH7UDXIUL 9RQLKUHQ9HUIROJHUQVDKVLHNHLQH6SXUPHKU6LHPXWHQ DXIJHJHEHQKDEHQRGHUKDWWHQVLFKJDQ]HLQIDFK]XUFNJH ]RJHQXPYLHOOHLFKWHLQHEHVVHUH*HOHJHQKHLWDE]XZDUWHQ 'D6DUDK*ROGZ\QHWZDV%ULVDQWHVXQWHULKUHQ$UP JHNOHPPWKDWWHZDULKUEHZXW'LHVHV%XFKPXWHHVLQ VLFKKDEHQ 6LHVWROSHUWHDXVGHPWLHIOLHJHQGHQ/DGHQLQV)UHLHXQG KlWWHIDVWGLHHUVWH7UHSSHQVWXIHEHUVHKHQ6RHEHQQRFK NRQQWHVLHGDVUHFKWH%HLQKHEHQHUUHLFKWHGLH6WXIHXQGOLHI VFKZDQNHQGGLHVFKPDOHQDEHUKRKHQ6WHLQVWXIHQKLQDXI 'HU/DGHQODJLQHLQHUNOHLQHQ6WUDH]ZLVFKHQ%URPSWRQ

OLQG&KHOVHDQLFKWZHLWYRQGHU.LQJ V5RDGHQWIHUQW9RQ GHP%HWULHEGHUDXIGLHVHUEHNDQQWHQ6WUDHVRQVWKHUUVFKWH KDWWHKLHUQLFKWVDEJHIlUEW=ZDUZDUHQGLH*HKVWHLJHQLFKW PHQVFKHQOHHUDEHUGLHNOHLQHQ*HVFKlIWHKDWWHQVFKRQ JHVFKORVVHQXQGQXUHLQ6WFNZHLWHUKLHOWHLQH,PELEXGH LKUH3IRUWHQJH|IIQHW(LQ9HQWLODWRUTXLUOWHGHQ4XDOPQDFK GUDXHQ'HU*HUXFKYRQJHJULOOWHP+DPPHOIOHLVFK]RJLQ /DG\6DUDKV1DVH 6LHJ|QQWHVLFKHUVWHLQPDOHLQH3DXVHXQGDWPHWHHLQLJH 0DOHWLHIGXUFK'LHOHW]WHQ*HVFKHKQLVVHZDUHQLKUVWDUNDQ GLH1HUYHQJHJDQJHQXQGGLHVHQ'DXHUVWUHNRQQWHNDXP MHPDQGYHUNUDIWHQ,KUZDUNODUGDVLHXQEHGLQJWGLH3ROL]HL EHQDFKULFKWLJHQPXWH$OOHUGLQJVQLFKWGDVQlFKVWH5HYLHU VRQGHUQGLUHNW-RKQ6LQFODLUGHUVHLQHUVHLWVHLQLJHVLQGLH :HJHOHLWHQNRQQWH $EHUZRWHOHIRQLHUHQ" (LQH=HOOHVDKVLHQLFKW,QGHU,PELEXGHZUGHZRKOHLQ $SSDUDWVWHKHQ %HYRUVLHVLFKDXIGHQ:HJPDFKWHZDUIVLHQRFKHLQHQ %OLFNGLH7UHSSHKLQXQWHUXQGGDPLWDXIGLH7UGHV/DGHQV 6LHZDUZLHGHU]XJHVFKZXQJHQ,QGHUREHUHQ+lOIWHEHIDQG VLFKHLQH6FKHLEHDXV0LOFKJODVGLHNDXPHLQHQ%OLFNGXUFK OLH /DG\6DUDKNRQQWHNHLQHQ6FKDWWHQHUNHQQHQ+LQWHUGHU 7UEHZHJWHVLFKQLFKWV6LHNRQQWHVLFKIHUQHUQLFKWYRUVWHO OHQGDGLH0RQVWHUDXIVLHZDUWHWHQGLHZUGHQHLQHDQGH UH*HOHJHQKHLWVXFKHQXPGDV%XFKDQVLFK]XEULQJHQ -DGDV%XFK/DG\6DUDKVFKDXWHHVDQ6LHZROOWHHVQLFKW VRXQWHUGHQ$UPJHNOHPPWODVVHQ$EHUHVZDU]XJURXP HVZRDQGHUV]XYHUVWDXHQ'LH+DQGWDVFKHKDWWHVLHVRZLHVR LP*HVFKlIWJHODVVHQ(VEOLHELKUQLFKWVDQGHUHVEULJDOVHV ZHLWHUKLQVR]XKDOWHQ 0LWGHP%XFKQlKHUWHVLHVLFKGHU,PELEXGHYRUGHUHLQL JH0RSHGVVWDQGHQ1LFKWQXUGHU*HUXFKQDFKDOWHP)HWW GUDQJGXUFKGDVREHUH'ULWWHOGHUHKHPDOVJUQODFNLHUWHQ 7UVRQGHUQDXFK0XVLNIHW]HQ'DRUJHOWHHLQH0XVLNER[

XQGDOV/DG\6DUDKHLQWUDWVDKVLHGLH5FNHQHLQLJHUMXQJHU /HXWHGHQHQZRKOGLH)DKU]HXJHGUDXHQJHK|UWHQ 'LH%XUVFKHQGUHKWHQVLFKXPDOV0UV*ROGZ\QGHQ /DGHQEHWUDW$XFKGHU9HUNlXIHUHLQVGOlQGLVFKHU7\SPLW 6FKQDX]EDUWXQG.RFKPW]HDXIGHP.RSI 6HLQH$XJHQZHLWHWHQVLFKHUVWDXQW /DG\6DUDKZXQGHUWHVLFKZLHJODWWLKUHLQ*UXEHUGLH /LSSHQIOR 'LH-XJHQGOLFKHQJULQVWHQª+DVWGX+XQJHU2PD"©IUDJWH HLQHUXQGVFKRE/DG\6DUDKHLQHQ7HOOHUPLWJHEUDWHQHQ )OHLVFKVWFNHQ]X ª1HLQGDQNHLFKP|FKWHWHOHIRQLHUHQ© 'HU*ULOOHUZLVFKWHVLFKGLH+lQGHDQHLQHUVFKPXGGHOLJHQ 6FKU]HDEª.RVWHWDEHU© ª,FKEH]DKOHVRIRUW©6LHJDEGHP0DQQHLQH0Q]HXQG HUKLHOWGDIUGDV7HOHIRQHLQHQDOWHQVFKZDU]HQ$SSDUDWDXI GHVVHQ.XQVWVWRIIHEHQIDOOVHLQHJOlQ]HQGH)HWWVFKLFKWODJ 'LH1XPPHUGHV2EHULQVSHNWRUVNDQQWH0UV*ROGZ\Q DXVZHQGLJ -HW]WKRIIWHVLHQXUGD-RKQ6LQFODLU]X+DXVHZDU 6LHKDWWH3HFK ª.HLQH9HUELQGXQJ"©IUDJWHGHU.RFKXQGVFKQLWWHLQ6WFN )OHLVFKLQODQJH6WUHLIHQ ª/HLGHUQLFKWDEHULFKYHUVXFKHHVZRDQGHUV© /DG\6DUDKZlKOWHGLH1XPPHUGHV&KLQHVHQ6XNR 'LHVPDOKDWWHVLH*OFN6XNRKREDE ª6DUDK*ROGZ\Q© ª+DOORZDVLVWJHVFKHKHQ"© ª(LQ0RUG©HUZLGHUWH/DG\6DUDKWURFNHQ'LHDQGHUHQ KDWWHQPLWJHK|UW'LH%XUVFKHQDQGHU9HUNDXIVWKHNHK|UWHQ DXI]XNDXHQXQGGHU.RFKEHNDP.XJHODXJHQ /DG\6DUDKVDJWHQLFKWYLHO 'DVEUDXFKWHVLHDXFKQLFKW6XNRUHDJLHUWHVHKUVFKQHOO(U OLHVLFKQXUGLH$GUHVVHGXUFKJHEHQXQGEDWGLH+RUURU 2PDXP+LPPHOVZLOOHQ]XZDUWHQ ª%ULQJHQ6LH-RKQPLW"©IUDJWHVLH]XP6FKOX

ª1HLQGHULVWXQWHUZHJV© ª6HLQ3HFK$EHULFKPWHLKQGULQJHQGVSUHFKHQ© ª$OOULJKWLFKVDJH6KDR%HVFKHLGGDVLHLKQYRUZDUQW© ª*XW© 'DPLWZDUGDV*HVSUlFKEHHQGHW/DG\6DUDKOHJWHGHQ +|UHUDXIXQGQLFNWHGHQ$QZHVHQGHQ]X'DQQYHUOLHVLH GLH,PELEXGH'LH*lVWHDEHUVWDUUWHQLKUPLWRIIHQHQ 0QGHUQQDFK6RHWZDVKDWWHQVLHQRFKQLHHUOHEW ª:ROOWLKUPLFKHLJHQWOLFKlUJHUQ"©'HU0DQQGHUGLHVH )UDJHVWHOOWHZDU&KLHILQVSHNWRU7DQQHUXQGHUVDKVRDXV DOVZROOWHHUYRU:XWVHLQHQDOWHQ+XWDXIHVVHQEHKLHOWLKQ DEHUDXIGHP.RSIXQGOHJWHVHLQ]HUNQLWWHUWHV*HVLFKWLQ QRFKJU|HUH)DOWHQ 6XNRVWDQGQHEHQLKPXQGJULQVWHª:DVZROOHQ6LH &KLHILQVSHNWRU"6LHKDEHQQXQPDO'LHQVW© ª$FKK|UHQ6LHDXI,FKZlUHXP8KUQDFK+DXVHJH JDQJHQXQGKlWWHQRFKGHQ*HEXUWVWDJPHLQHV6FKZDJHUV PLWIHLHUQN|QQHQDEHUZLHLFKVHKHNDQQLFKGHQLQGHQ 0RQGVFKUHLEHQ© ª6LHN|QQHQMDPRUJHQ]XP)UKVFKRSSHQJHKHQ©HU ZLGHUWHGHU&KLQHVHWURFNHQ ª'DPXLFKZLHGHULQGHQ'LHQVW©7DQQHUVFKDXWHVLFK ELWWHUE|VHXPª:ROLHJWGHU7RWH"© ª,FK]HLJH,KQHQGLH/HLFKH©PHOGHWHVLFKGLH+RUURU2PD ª6LHKDEHQVLHJHIXQGHQ"© ª1HLQ© ª:LHVR"© ª,FKZDUSUDNWLVFKGDEHLDOVGHU0DQQHUPRUGHWZXUGH© 7DQQHUJLQJHLQHQ6FKULWWYRUGDPLWHU0UV*ROGZ\Q EHVVHUVHKHQNRQQWH(UNDQQWHVLHXQGVFKWWHOWHGHQ .RSIª6DJHQ6LHPDO0UV*ROGZ\QJHK|UHQ6LHMHW]WDXFK ]XGHP&OXEXP-RKQ6LQFODLU"© ª(LJHQWOLFKQLFKW© ª'DODVVHQ6LHDXFKOLHEHUGLH)LQJHUGDYRQ©HUNOlUWH

7DQQHUª,FKELQVRZLHVRIURKGDLKUQLFKWQRFK-RKQ6LQFODLU PLWJHEUDFKWKDEW:RWUHLEWGHUVLFKEHUKDXSWKHUXP"© ª9LHOOHLFKWNRPPWHUQRFK©PHLQWH6XNR ª1HLQQXUGDVQLFKW©7DQQHUKREEHLGH+lQGHª/DVVHQ6LH XQVUHLQJHKHQLFKELQIURKZHQQLFKHVKLQWHUPLFKJHEUDFKW KDEH'LHVH6W|UXQJHQLVWMDVFKUHFNOLFK©(UVFKWWHOWHKHIWLJ VHLQHQ.RSIGDGHU+XWIDVWQRFKKHUXQWHUJHIDOOHQZlUH -HW]WZXUGHHVHQJ'DPLWVLFKGLH0lQQHUGHU 0RUGNRPPLVVLRQHLQHQ:HJEDKQHQNRQQWHQPXWHQVLH HUVWHLQHQ7HLOGHVDOWHQ7U|GHOV]XU6HLWHUlXPHQ'DVJLQJ QDWUOLFKQLFKWRKQH/lUP9LHOHVILHOXPXQGELOGHWHQHXH *HELUJHDXVDOWHQ6DFKHQ7DQQHUVFKLPSIWHEHUGHQ.UDP GHUVLFKKLHUDQJHVDPPHOWKDWWH /DG\6DUDKXQG6XNRKLHOWHQVLFK]XUFN'LHDOWH'DPH KDWWHGHQ,QVSHNWRUPLWNXU]HQ:RUWHQLQIRUPLHUWXPZDVHV HLJHQWOLFKJLQJ-HW]WVDJWHVLHª,FKZHUGH7DQQHUGDV%XFK DXINHLQHQ)DOO]HLJHQVRQGHUQHVPLW]XPLUQHKPHQ© 6XNRQLFNWHª8QG6LHN|QQHQVLFKNHLQHQDQGHUHQ*UXQG IUGHQKHLPWFNLVFKHQ0RUGYRUVWHOOHQDOVGLHVHV%XFK"© ª6RLVWHV©0UV*ROGZ\QEOLHEVWHKHQª+|UHQ6LH6XNR 'LHZROOWHQGDV%XFKKDEHQXQGQXUGDV%XFK+lWWHQVLH VRQVWYHUVXFKWPLFKDXFKXP]XEULQJHQ"© ª,P3ULQ]LSLVWGDVULFKWLJ(VNDQQVLFKDOOHUGLQJVDXFKXP GLH%HVHLWLJXQJXQEHTXHPHU=HXJHQJHKDQGHOWKDEHQ© ª2KZLHYRUQHKPDXVJHGUFNW1HLQQHLQ6XNRHVLVW VFKRQVRZLHLFKHVJHVDJWKDEH© ª1DGHQQ© ª+H0UV*ROGZ\QN|QQHQ6LHPDONRPPHQ"©'DVZDU &KLHILQVSHNWRU7DQQHUGHUGDJHUXIHQKDWWH ª0RPHQW© 6XNRJLQJJOHLFKPLW'LHEHLGHQEDKQWHQVLFKHLQHQ:HJ GXUFKGHQ/DGHQ:HUVLHQLFKWVDKGHUNRQQWHVLHK|UHQ GHQQVLHPXWHQHLQLJHV]XU6HLWHVFKDIIHQ 'HUWRWH0U3HWHUVRQODJQRFKJHQDXGDZRHUJHVWRUEHQ ZDU1LHPDQGKDWWHHWZDVDQGHU/HLFKHYHUlQGHUWDOOHVZDU JOHLFKJHEOLHEHQ(UVDKVFKUHFNOLFKDXV'LH/DQ]HKDWWHVHLQH

%UXVW]HUVW|UWGLH:DIIHVHOEVWZDUDOOHUGLQJVYRQGHP 0|UGHUZLHGHUPLWJHQRPPHQZRUGHQ6XNRJLQJDQGHP 7RWHQYRUEHL0LWGHP)XWUDWHUGLH7U]XP+LQWHU]LPPHU DXIZRGLH0|UGHUJHODXHUWKDWWHQ $XIGHU6FKZHOOHEOLHEHUVWHKHQ'HU5DXPZDUDXFKQXU HLQH5XPSHONDPPHU.LVWHQ.DUWRQV3DSLHUELOGHWHQHLQHQ :LUUZDUU8QWHUGHU'HFNHKLQJHLQHQDFNWH*OKELUQH6LH HUKHOOWHGHQ$EVWHOOUDXPQXUQRWGUIWLJ 6XNRVDKVLHQLFKWHUNRQQWHVLHULHFKHQ8QGDOVHUGLHVHQ QDFK3HFKXQG6FKZHIHOVWLQNHQGHQ*HUXFKDXIJHQRPPHQ KDWWHGDZXWHHU%HVFKHLG -DGDVZDUHQGLHHFKVHQN|SILJHQ0RQVWHUGHV6SXNVJH ZHVHQGLHKLHUDXIJHUlXPWKDWWHQ5HVWHGHV1HEHOVGHUVLH XPZDOOWHKLQJHQQRFKLPPHULQGHU/XIW 7DQQHUWUDWQHEHQLKQª+LHUVWLQNWHVQDFK+|OOH©VWHOOWHHU IHVW 'HU&KLQHVHODFKWHDXIª'DKDEHQ6LHUHFKWPHLQ/LHEHU +|OOHLVWGHUWUHIIHQGH$XVGUXFN© ª8QGGHU7HXIHOKDWGHQ0RUGEHJDQJHQZLH"© 6XNRVFKWWHOWHGHQ.RSIª1HLQ&KLHILQVSHNWRUQLFKWGHU 7HXIHODEHUHLQHUGHULKPLQQLFKWVQDFKVWHKWKDWGLH8QWDW ZRKOEHIRKOHQ© ª'DQQNHQQHQ6LHGHQ0|UGHU"© ª'HQ$QVWLIWHU© ª8QGZHULVWGDV"© 6XNROlFKHOWHK|O]HUQª,FKVDJH,KQHQJOHLFKGD6LHLKQ NDXPIDVVHQN|QQHQ© ª:HLLFK©NQXUUWH7DQQHUª6LHXQG6LQFODLULKUEHLGHVHLG MDQLFKWQRUPDO© ª'HU6SXN© ª:RVSXNW V"© ª,FKPHLQHGDPLWGDGHU6SXNGLHVHQVFKUHFNOLFKHQ0RUG ZRKOEHIRKOHQKDEHQPX©HUNOlUWH6XNR 7DQQHUOHJWH]ZHL)LQJHUJHJHQVHLQ.LQQª$OOULJKW© PHLQWHHUQDFKHLQHU:HLOHGHV1DFKGHQNHQVª6LHKDEHQHV PLWGlPRQLVFKHQ:HVHQXQG0|UGHUQ]XWXQLFKPXPLFK

HEHQIDOOVPLW.LOOHUQKHUXPVFKODJHQ1XUVLQGGDVQRUPDOH 0HQVFKHQ(LQHVLVWDOOHUGLQJVJOHLFK%HLGHPVVHQHLQ 0RWLYKDEHQXPMHPDQGHQXP]XEULQJHQ:HOFKHV0RWLY N|QQWHGLHVHU.LOOHUKLHUJHKDEWKDEHQ"© ª'DVZHLLFKQLFKW©6XNRORJJXWDEHU7DQQHUJODXEWH LKPQLFKW ª1HLQPHLQ/LHEHU6LHZLVVHQVLFKHUOLFK%HVFKHLGXQG ZROOHQHVPLUQLFKWVDJHQ© ª:HQQHVZLUNOLFKVRZlUH&KLHILQVSHNWRUZlUH,KQHQ GRFKGDPLWDXFKQLFKWJHKROIHQRGHU"© ª-DGDVVWLPPWLUJHQGZLH© ª6LHJHEHQGHQ)DOOMDGRFKDE(LQVNDQQLFK,KQHQDOOHU GLQJVVDJHQ,FKKDEHGDV*HIKOGDGLHVHU0RUGHUVWGHU $QIDQJHLQHU6FKUHFNHQVVHULHLVW© ª0DFKHQ6LHPLFKQLFKWVDXHU© ª,FKQLFKWGLHDQGHUHQ© ª6LHPHLQHQGDQRFKPHKU0RUGHSDVVLHUHQ"© ª+RIIHQWOLFKQLFKW©'HU&KLQHVHVFKDXWHDXIGLH8KU ª%UDXFKHQ6LHPLFKHLJHQWOLFKQRFK"© ª1HLQ6LHQLFKWDEHU0UV*ROGZ\Q© 6XNRZLQNWHDEª6LHZLUGLKUH$XVVDJHVLFKHUOLFKEHUHLWV JHPDFKWKDEHQ©(UYHUOLHGHQ5DXPXQGKDWWHPLWVHLQHU 9HUPXWXQJUHFKWJHKDEW6DUDK*ROGZ\QZDUYHUK|UWXQG LKUH$XVVDJHQSURWRNROOLHUWZRUGHQ(LQHP$EPDUVFKVWDQG HLJHQWOLFKQLFKWVLP:HJHGLH+RUURU2PDPXWHQXUQRFK LKUH+DQGWDVFKHPLWQHKPHQ ª8QGGHQ'UHFNOlWHUXQV]XUFN©EHVFKZHUWHVLFK 7DQQHUEHLP$EVFKLHGª:LHGHUHLQ*UXQGPHKUPHLQHP 1HIIHQDE]XUDWHQ© ª:RYRQ"© 7DQQHUVHW]WHHLQH/HLGHQVPLHQHDXIª'HU-XQJHZLOOXQEH GLQJW]XU3ROL]HLXQGKDWVLFKVFKRQDQJHPHOGHW$OVREHV NHLQHDQVWlQGLJHQ%HUXIHJHEHQZUGH© ª'DVDJHQ6LHZDV©JULQVWH6XNRª,FKEUDXFKH6LHPLUQXU DQ]XVFKDXHQGDQQZHUGHLFKGLUHNWXQDQVWlQGLJ© ª-HW]WKDXWDEHUDE©

'UDXHQYRUGHU7UIUDJWH/DG\6DUDKª,VWGHUHLJHQWOLFK LPPHUVRJUDQWLJ"© ª.ODUPDQFKPDOQRFKJUDQWLJHUDEHUHULVWHLQHUGHU EHVWHQGLHGLH3ROL]HLKDW© ª'DVJODXEHLFK© ª:DVVROOHQZLUMHW]WWXQ"©IUDJWH6XNRª+DEHQ6LHVLFK VFKRQHWZDVDXVJHGDFKW"© ª-D6XNR,FKZlUHGDIUGDZLUXQVWUHQQHQ'DVKHLW LFKIDKUHQDFK+DXVHXQGEHUHLWHVFKRQHLQLJHVYRU6LHXQG -RKQN|QQHQGDQQQDFKNRPPHQ© 6XNRUXQ]HOWHGLH6WLUQª,VWGDVQLFKWHLQZHQLJJHIlKU OLFK"© ª:LHVR"© ª:HJHQGHU0RQVWHU'LHN|QQWHQYHUVXFKHQVLFKGDV%XFK GRFKQRFK]XKROHQ© ª1HLQGLHZHUGHQVLFKHUVWHLQPDOHWZDV1HXHVHLQIDOOHQ ODVVHQPVVHQ6RVFKQHOOJHKWGDVQLFKW© ª*XWGDQQEHHLOHQZLUXQV(VNDQQQLFKWODQJHGDXHUQELV -RKQZLHGHU]XUFNLVW© ª:RVWHFNWHUHLJHQWOLFK"©IUDJWHGLH+RUURU2PD ª7XWPLUOHLGGDUEHUNDQQLFKQLFKWVVDJHQ6ROOWHHUQLFKW IUK]HLWLJJHQXJHUVFKHLQHQLFKNRPPHDXIMHGHQ)DOO© ª-DGDVLVWJXW© 6XNR]HLJWHDXIVHLQH0DVFKLQHª:ROOHQ6LHPLWIDKUHQ"© /DG\6DUDKOHJWHGHQ.RSIVFKLHIª+DEHQ6LHHLQHQ]ZHLWHQ +HOP"© 6XNRZDUYHUGDWWHUWª-DDEHUQLFKWPLW© ª'DQQQHKPHLFKPLUHLQ7D[L©'LH+RUURU2PDOlFKHOWH ª2GHUJODXEHQ6LHGDGLHVH)DKUWPHLQHHUVWHJHZHVHQ ZlUH":HQQ6LHGHU0HLQXQJZDUHQKDEHQ6LHVLFK JHWlXVFKW©6LHQLFNWH6XNR]XXQGPHLQWHª%HLPQlFKVWHQ PDOGHQNHQ6LHDQGHQ]ZHLWHQ+HOP©'DQQJLQJVLHGDYRQ XQGGHU,QVSHNWRUVFKDXWHLKUNRSIVFKWWHOQGQDFK =ZHLJHIlKUOLFKH'lPRQHQVWDQGHQVLFKJHJHQEHU=ZHL

:HVHQDXVGHP6FKDWWHQUHLFKXQGGHQQRFKXQWHUVFKLHGOLFK ZLH)HXHUXQG:DVVHUREZRKOEHLGHLP3ULQ]LSGLHJOHLFKHQ =LHOHYHUIROJWHQ 'DZDUDXIGHUHLQHQ6HLWHGLH)UDX$XIGHQHUVWHQ%OLFN QLFKWDOV6FKZDU]EOWHU]XHUNHQQHQLP*HJHQWHLOVLHPDFK WHGHQ(LQGUXFNHLQHU)LJXUZLHPDQVLHLQGHQ%RQG)LOPHQ ]XVHKHQEHNRPPW 6H[JHSDDUWPLW+lUWH5DIILQHVVHXQGHLQHUXQEHXJVDPHQ *HZDOW$OV6WDQGDUGNOHLGXQJEHYRU]XJWHVLHVFKZDU]HVZHL FKHV/HGHUGHVVHQ2EHUVHLWHHLQHQPDWWHQ*ODQ]DXIZLHV(V XPVFKPHLFKHOWHLKUH)LJXUODJHQJDXIXQGVLHEHZHJWHVLFK GDULQZLHLQHLQHP7ULNRW6FKZDU]ZDUDXFKGLH+DDUIOXW GLHLKUELVDXIGLH6FKXOWHUQILHOXQGHLQ*HVLFKWXPUDKPWH GDVHLQHXQQDWUOLFKH%OlVVHDXIZLHVZLHEHLHLQHP7RWHQ GHUODQJHVFKRQLP6DUJJHOHJHQKDWWHXQGQRFKQLFKWLQGDV 6WDGLXPGHU9HUZHVXQJEHUJHJDQJHQZDU1RFKHLQ .HQQ]HLFKHQEHVDGLHVHV:HVHQ(VZDUGLH 0DVFKLQHQSLVWROHGLHVLHLPPHUDOVLKUHQ%UlXWLJDPEH]HLFK QHWHXQGGLHVLHQLHDXVGHQ$XJHQOLHVRQGHUQOlVVLJXP LKUH6FKXOWHUJHKlQJWKDWWH(UVDW]PDJD]LQHWUXJVLHEHL VLFKVRJDUHLQVPLW6LOEHUNXJHOQXQGGDVZDUGDV $XHUJHZ|KQOLFKHDQLKU'HQQ9DPSLUHNlPSIHQQRUPDOHU ZHLVHQLFKWPLW6LOEHUNXJHOQ6LHKDWWHQGDYRUHLQHK|OOLVFKH $QJVWGHQQGDVJHZHLKWH6LOEHUZDUIUVLHW|GOLFK 'HUMHQLJHGHUVLHQLFKWNDQQWHKlWWHVLHQLHLP/HEHQIU HLQH%OXWVDXJHULQJHKDOWHQDEHU3DPHOD6FRWWGLHDXFK/DG\ ;JHQDQQWZXUGHZDUQXQPDOHLQ9DPSLU*HZRUGHQGXUFK HLQHQGXPPHQ=XIDOODEHUHVOLHVLFKQLFKWPHKUlQGHUQ :HQQVLHGLH/LSSHQ]XUFNVFKREGDQQNDPHQGLHEHLGHQ VSLW]HQ9DPSLUKDXHU]XP9RUVFKHLQ6LHZXFKVHQDXVGHP 2EHUNLHIHU/DG\;ZDULPPHUDXIGHU/DXHUQDFKHLQHP VFKQHOOHQ%L 'LHVH8QWRWHKDWWHHVWDWVlFKOLFKJHVFKDIIWGLH)KUXQJGHU 0RUGOLJDDQVLFK]XUHLHQ1LHPDQGKlWWHHVZRKOUDIILQLHU WHUDQVWHOOHQN|QQHQDOVVLHGHQQGXUFKKHUYRUUDJHQGHV 7DNWLHUHQZDUHVLKUJHOXQJHQ.RQNXUUHQWHQDXV]XVFKDOWHQ

ZLH/XSLQDGLH.|QLJLQGHU:|OIH8QGDOV'U7RGVHLQ(QGH HUOHEWHGDKDWWHVLHEOLW]VFKQHOOJHVFKDOWHWXQGVRIRUWGLH )KUXQJGHU0RUGOLJDDQVLFKJHULVVHQ,KUJHKRUFKWHQ ;RUURQ+HUUGHU=RPELHVXQG8QWRWHQDEHUDXFK9DPSLUR GHOPDUGHU.DLVHUGHU9DPSLUHZLHHUVLFKLPPHUVHOEVW QDQQWH/HW]WHUHUKDWWHVLFKQXUZLGHUZLOOLJGHQ%HIHKOHQGHU /DG\;JHEHXJWPXWHMHGRFKHLQVHKHQGDVLHGLHEHVVHUHQ .DUWHQKDWWHGHQQVLHNRQQWHVLFKDXFKXQWHU0HQVFKHQ EHZHJHQRKQHDXI]XIDOOHQZDV9DPSLURGHOPDURGHU ;RUURQDXINHLQHQ)DOOJHOXQJHQZlUH /DG\;ZDUJLHULJGRFKVLHZDUQLFKWVRYHUPHVVHQQXQ DOOHVDQVLFKUHLHQ]XZROOHQ6LHNDQQWHLKUH*UHQ]HQXQG VLHNDQQWHYRUDOOHQ'LQJHQDXFKGLH6WlUNHQGHUPlFKWLJHQ 'lPRQHQEHUGLHVLHNHLQHUOHL%HIHKOVJHZDOWKDWWHXQGGLH LKU7UHLEHQVHKUDXIPHUNVDPEHREDFKWHWHQ 'D]XJHK|UWHDXFKGHU6SXN (UZDU+HUUVFKHULP5HLFKGHU6FKDWWHQ,QVHLQHU 'LPHQVLRQHUOHEWHQGLHVFKZDU]HQ6HHOHQJHW|WHWHU'lPRQHQ HLQHHZLJH4XDOXQGYRUGHP6SXNKDWWHVHOEVW$VPRGLV 5HVSHNWGHUVLFKLQOHW]WHU=HLWVHKU]XUFNJHKDOWHQKDWWH QHXH3OlQHVFKPLHGHWHXPGLH9HUQLFKWXQJVHLQHU7RFKWHU $VPRGLQDYHUJHVVHQ]XPDFKHQ6ROR0RUDVVRGHUGLH 7HXIHOVWRFKWHUXPJHEUDFKWKDWWHNRQQWHHUQLFKWPHKUW|WHQ 'HUZDUEHUHLWVHUOHGLJWDEHUHVJDEDQGHUHXPGLHHUVLFK NPPHUQNRQQWH ,QGLH:HOWGHV6SXNVZDU/DG\;GXUFKGHQ:UIHOGHV 8QKHLOVJHODQJW:HULKQEHVDGHUKDWWHDXFKGLH0DFKW GHQQGHU:UIHOOLHVLFKQDFKGHQ:QVFKHQVHLQHV %HVLW]HUVPDQLSXOLHUHQ(USURGX]LHUWHGDVZDVVHLQ%HVLW]HU ZROOWH(LQHXQIDEDUHXQHUNOlUOLFKHXQGXQKHLPOLFKH0DJLH VWHFNWHLQLKPXQGZLHVLHLQGHQHWZDVPLOFKLJDXVVHKHQGHQ :UIHOJHODQJWZDUZXWHNHLQHU]XVDJHQ'LH+HUNXQIWGHV :UIHOVODJLPGXQNHOQGRFKHUPXWHXUDOWVHLQYLHOOHLFKW VRJDUlOWHUDOVGLHQRUPDOH:HOW 8QGlOWHUDOVGLHQRUPDOH:HOWZDUDXFKGHU6SXN(LQ XQJHZ|KQOLFKHU'lPRQHLQ:HVHQGDVLQGLH6FKDWWHQZHOW

SDWHGHQQHVZDUVHOEVWQXUHLQ6FKDWWHQ :HQQPDQHVEHVFKUHLEHQZROOWHILHOHVVFKZHUGHQQGHU 6SXNZDULUJHQGZLHJHVWDOWORV6HLQH8PULVVHOLHHQVLFK QLHJHQDXIHVWKDOWHQVLHZDUHQLQVWlQGLJHU%HZHJXQJVLH ZDOOWHQVLHYLEULHUWHQDEHUHLQH*UXQGIRUPEOLHEWURW]GHP YRUKDQGHQ 'HQ6SXNNRQQWHPDQPLWHLQHU*HVWDOWYHUJOHLFKHQGLH HLQHODQJH.XWWHWUXJXQGHLQH.DSX]HEHUGHQ.RSI JHVWOSWKDWWH6RLQHWZDZLUNWHHU (UVDDXIVHLQHP7KURQDXV.QRFKHQ6LHVFKLPPHUWHQ EOHLFKXQGJHOEOLFKLQGLHVHUDQVRQVWHQYRQXQKHLPOLFKHQ 6FKZDGHQGXUFK]RJHQHQ:HOWLQGHUHVQXUGDV*UDXHQJDE XQGGLHQRFKVFKUHFNOLFKH*HKHLPQLVVHEHUHLWKLHOWGLHDXHU GHP6SXNNHLQ0HQVFKNDQQWH /DG\;KDWWHVLFKPLW+LOIHGHV:UIHOVVHOEVWLQGLH:HOW GHV*UDXHQVJHVFKDIIWZHLOVLHGHQ6SXNEUDXFKWH6LHZROOWH PLWLKPHLQHQ]HLWOLFKEHJUHQ]WHQ3DNWVFKOLHHQGHQQHV ZDUHWZDVJHVFKHKHQGDVGLH'lPRQHQZHOWDXINHLQHQ)DOO UHDNWLRQVORVKLQQHKPHQNRQQWH 1LFKWGDV%XFKGHUJUDXVDPHQ7UlXPHZDUSO|W]OLFKDXI JHWDXFKWVRQGHUQHLQDQGHUHVGDVIDVWHEHQVRJHIlKUOLFKZDU *HIlKUOLFKIUGLH'lPRQHQZHOWZHQQHVLQGLHIDOVFKHQ +lQGHJHULHW 6,(%(16,(*(/'(50$*,(6RODXWHWHGHU7LWHOGHV %XFKHV'DKLQWHUYHUEDUJVLFKHWZDVVHKU*HIlKUOLFKHVXQG ZHUGLHVHV:LVVHQEHVDGHUNRQQWH]XPLQGHVWHLQHQ7HLOGHU GlPRQLVFKHQ:HOWYHUQLFKWHQGHQQLQGLHVHPJHKHLPQLV YROOHQ%XFKVWDQGHQ(UNOlUXQJHQGLHDXINHLQHQ)DOOLQGLH IDOVFKHQ+lQGHJHODQJHQGXUIWHQ 8QGPLWGHP%HJULIIªIDOVFKHQ+lQGH©ZDUHLJHQWOLFKQXU HLQ0DQQJHPHLQW -RKQ6LQFODLU 1RFKKDWWHHUGDV%XFKQLFKWQRFKZXWHHUQLFKWVGDYRQ GRFKDOOH$Q]HLFKHQGHXWHWHQGDUDXIKLQGDHUHVEDOG EHNRPPHQZUGH 'DVZlUHIDWDOJHZHVHQGHQQGHU,QKDOWGHV%XFKHVZDU

YRQHLQHUXQJHKHXUHQ%ULVDQ]6FKOLHOLFKJLQJHVXPHLQ JURHV*HKHLPQLV'DVGHV.UHX]HV $XIGLHVHQDOWHQ6HLWHQVWDQGJHQDX]XOHVHQZHUGDV .UHX]HUVFKDIIHQKDWWHXQGZHOFKHLQH%HZDQGWQLVHVGDPLW KDWWH:HQQHV-RKQ6LQFODLUJHODQJGLH*HKHLPQLVVH]XHQW UlWVHOQEHNDPHQHLQLJH6FKZDU]EOWHUGDVJURH)ODWWHUQ $XFKGHU6SXNZDUVLFKVHLQHU6WHOOXQJQLFKWVLFKHUXQGHU KDWWHLQGHQ]HLWOLFKEHIULVWHWHQ3DNWPLW/DG\;HLQJHZLOOLJW 6LHJHVVLFKHUZDUHUJHZHVHQHLQH.OHLQLJNHLWZlUHHVIULKQ VLFKGDV%XFK]XEHVFKDIIHQGRFKVHLQH'LHQHUYHUVDJWHQ =XGHPZDU/DG\;QRFKJHNRPPHQXPLKPGDV9HUVDJHQ YRU]XKDOWHQXQGGDVlUJHUWHGHQ6SXNQRFKPHKU ª(VLVWGRFKVHOWVDPGDVLFKGHLQH'LHQHUQLFKWLQGHU /DJHEHIDQGHQGDV%XFKDQVLFK]XEULQJHQZR6LQFODLU LKQHQDOV*HJQHUQLFKWJHJHQEHUVWDQG© 'HU6SXNEHZHJWHVLFKXQUXKLJDXIVHLQHP.QRFKHQWKURQ 6HLQH*HVWDOW]XFNWHHLQSDDUPDOHUVDKGLH6WXIHQXQGGDFK WHGDUDQGD6LQFODLUHVIDVWJHVFKDIIWKDWWH6ROR0RUDVVRDQ GLHVHU6WHOOH]XHUOHGLJHQ,Q]ZLVFKHQKDWWHVLFKHLQLJHVJHlQ GHUW'LH9RU]HLFKHQZDUHQDQGHUHJHZRUGHQXQG/DG\; UHJLHUWHGLH0RUGOLJD.ODUGDVLHDXFKGDUDXIHUSLFKWZDU -RKQ6LQFODLUGDVJHKHLPQLVYROOH%XFKQLFKWLQGLH+lQGH IDOOHQ]XODVVHQXQGGHU6SXNPXWHHLQVHKHQGDPDQ VHLQHQ'LHQHUQHLQH6FKODSSHEHLJHEUDFKWKDWWH 'LHZROOWHHUDXVZHW]HQ ª'XVDJVWMDQLFKWV©K|KQWH/DG\; ª,FKKDEHGLH/DJHHEHQIDOVFKHLQJHVFKlW]W©HUZLGHUWHGHU 6SXNª7XWPLUOHLGHVZLUGPLUQLFKWQRFKHLQPDOSDVVLHUHQ© /DG\;ODFKWHKHLVHUª'DVIlOOWGLUHLQZHQLJVSlWHLQ ,Q]ZLVFKHQNDQQHV-RKQ6LQFODLUJHOLQJHQVLFKGHV%XFKHV ]XEHPlFKWLJHQ(ULVWZLHHLQ%OXWKXQG+DWHUHLQPDOHLQH 6SXUDXIJHQRPPHQZLUGHUVLHDXFKZHLWHUYHUIROJHQ© ª'DQQZHUGHQZLUHWZDVGDJHJHQWXQ© /DG\;YHU]RJGLH0XQGZLQNHOª'LH:RUWHKDEHLFK VFKRQHLQPDOYRQGLUJHK|UW'DV5HVXOWDWNHQQHQZLUEHLGH© ª'LHVPDOSDFNHQZLUHV©

ª,FKKRIIHHVLQXQVHUHP,QWHUHVVHGHQQGDV%XFKGDUI 6LQFODLUQLFKWLQGLH+lQGHIDOOHQ© ª-HW]WKDWHVHLQHDQGHUH© 'LH9DPSLULQQLFNWHª-DGDVZHLLFK'HU:UIHO]HLJWHHV PLUDQ'LHVH6SXULVWZLHHLQ)DGHQGHQPDQ]XP*OFN QLFKWDXVGHQ$XJHQYHUOLHUHQNDQQ(VEHILQGHWVLFKLQGHQ +lQGHQHLQHU)UDX6DUDK*ROGZ\QKHLWVLH8QGGLHVH)UDX LVWVHKUDOWDEHUGHQQRFKVFKODXGHQQVLHZHLJHQDXZLH GLH:HOWHQ]XVDPPHQJHVHW]WVLQG6LHNHQQWVLFKLQ 'lPRQRORJLHDXVLKU:LVVHQLVWJUDQGLRVGDVKDWVLHVFKRQ GHV|IWHUHQXQWHU%HZHLVJHVWHOOW© ª:LOOVWGXHVLKUDEQHKPHQ"©IUDJWHGHU6SXN ª-D© ª$OOHLQ"© :LHGHUODFKWH/DG\;ª'XPDFKVWHVGLUHLQIDFK1HLQ 6SXNGXVROOVWDXFKGHLQHQ7HLOGD]XEHLWUDJHQXQGQLFKWQXU KLQWHUKHUGLH)UFKWHHUQWHQ,FKZLOOGDGXRGHUGHLQH 6FKDWWHQGLHQHUGDEHLVLQGZHQQZLUGDV+DXVGLHVHU)UDX VWUPHQVLHXPEULQJHQXQGGDV%XFKDQXQVQHKPHQ© ª,FKELQHLQYHUVWDQGHQ©GU|KQWHDXVGHU6FKZlU]HGLH GXPSIH6WLPPHGHV'lPRQV 'LH6FRWWQLFNWH]XIULHGHQXQGVFKOXJGDEHLJHJHQLKUH03L ZREHLVLHQRFKGLH/LSSHQ]XUFN]RJXQGLKUHVSLW]HQ=lKQH ]HLJWHª'LHVPDOZLVVHQZLUZDVXQVHUZDUWHWXQGZLUZHU GHQNHLQH)HKOHUPDFKHQGDVLVWVLFKHU© ª9LHOOHLFKWJHOLQJWXQVQRFKHLQZHLWHUHU)LVFK]XJ© EHPHUNWHGHU6SXNPLWGXPSIHU6WLPPH ª8QGGHUZlUH"© ª-RKQ6LQFODLU6HLQHQ7RG© /DG\6DUDK*ROGZ\QZRKQWHLQGHP/RQGRQHU6WDGWWHLO 0D\IDLUHLQHPDOWHKUZUGLJHQ9RURUWLQGHPHVVFKPXFNH +lXVHUJDE]DKOUHLFKH3DUNVNOHLQHUXKLJH6WUDHQXQGGHU :RKQZHUWVLFKLQGHQ0LHWHQQLHGHUVFKOXJ 0LHWHMHGRFKEUDXFKWH/DG\6DUDKQLFKW]X]DKOHQ6LH

EHZRKQWHHLQDOWHV+DXVDOOHLQ(LQHULKUHUYHUVWRUEHQHQ 0lQQHUKDWWHHVLKUKLQWHUODVVHQXQGVLHIKOWHVLFKGRUW lXHUVWZRKOGHQQVLHKDWWHGDV+DXVQDFKLKUHQ 9RUVWHOOXQJHQXPEDXHQXQGDXFKDXVEDXHQODVVHQ 'DV7D[LEUDFKWHGLH+RUURU2PDELVGLFKWYRUGLH+DXVWU 6LH]DKOWHVWLHJDXVKDWWHQRFKHLQIUHXQGOLFKHV:RUWIUGHQ )DKUHUXQGVWLHGDVNOHLQH7RUGHV9RUJDUWHQVDXIhEHUGHQ VFKPDOHQSODWWLHUWHQ:HJVFKULWWVLHDXIGLH+DXVWU]X ZREHLVLHVLFKHLQSDDUPDOXPVFKDXWHXQGGDVZHUWYROOH %XFKQDFKZLHYRUIHVWXQWHUGHQ$UPJHNOHPPWKLHOW(VZDU QLHPDQGGDGHUVLHYHUIROJWHVLHKDWWHVLFKXPVRQVW6RUJHQ JHPDFKWGRFKGDVVFKOHFKWH*HIKOOLHVLFKHLQIDFKQLFKW DEVFKWWHOQ/DG\6DUDKKDWWHVFKRQ]XYLHOHUOHEWVLHZXWH JHQDXGDGLH'l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lQJWHLKQDQGLH*DUGHUREH 'DQQVWULFKVLHGXUFKLKUHJUDXJHZRUGHQHQ+DDUHXQGRUG QHWHLKUH.HWWHQGLHVRHWZDVZLHHLQ0DUNHQ]HLFKHQIUVLH ZDUHQGHQQ.HWWHQJHNOLUUNQGLJWHLPPHUGDV.RPPHQ GHU+RUURU2PDDQ 5HFKWVODJGDV:RKQ]LPPHU(LQJHULFKWHWPLWDOWHQ0|EHOQ

XQGXQJHPHLQJHPWOLFK-RKQ6LQFODLUIKOWHVLFKGRUW LPPHUVHKUZRKOHUNDPJHUQ]X%HVXFKXPHLQZHQLJ]X SODXGHUQ6LHEHUOHJWHREVLHQRFKGDV+RO]DP.DPLQ DQ]QGHQVROOWHHQWVFKLHGVLFKGDQQDQGHUVGHQQGDV%XFK ZDUZLFKWLJHU 6LHZROOWHHVOHVHQDEHU]XYRUPXWHVLH7HH]XEHUHLWHQ 'DVJHK|UWHQXQHLQPDOGD]X ,KUH.FKHZDUPRGHUQHLQJHULFKWHW'DIHKOWHHVDQQLFKWV ZDVGLH$UEHLWVREHTXHPZLHP|JOLFKPDFKWH/DG\6DUDK OLH:DVVHULQGHQ.HVVHOODXIHQXQGVWHOOWHLKQGDQQDXIGHQ +HUG$XVHLQHP5HJDOQDKPVLHGLH7HHGRVH1LHKlWWHVLH VLFKGD]XEHUHLWHUNOlUWHLQHQ7HHEHXWHODXI]XJLHHQVR HWZDVZDUXQWHULKUHU:UGH$OV(QJOlQGHULQPXWHPDQ GHQ7HHHLQIDFK]XEHUHLWHQZLHHVVFKRQGLH9RUIDKUHQJHWDQ KDWWHQ 'DV%XFKKDWWHVLHLP:RKQUDXPJHODVVHQ:lKUHQGGDV :DVVHUNRFKWHZROOWHVLHLQGHP:lO]HUEOlWWHUQ .DXPVWDQGGHU7HHNHVVHODXIGHU3ODWWHDOVVLFKGDV 7HOHIRQPHOGHWH'HU$SSDUDWEHIDQGVLFKLP:RKQUDXP XQG/DG\6DUDKZDUEHLPHUVWHQ.OLQJHOQ]XVDPPHQJH ]XFNWGDQQVDJWHVLHVLFKGDHVEHVWLPPWMHPDQGYRP 6LQFODLU7HDPZDUGHUDQULHIXQGVLHEHHLOWHVLFKLQGDV DQGHUH=LPPHU]XJHODQJHQZRVLHGHQ+|UHUDEQDKP ª-D©PHOGHWHVLHVLFK 0UV*ROGZ\QHUKLHOWNHLQH$QWZRUW6LHZXWHEHUKDXSW QLFKWREVLFKMHPDQGDPDQGHUHQ(QGHGHU/HLWXQJEHIDQG GHQQVLHYHUQDKPQLFKWHLQPDOHLQ$WPHQ .DOWIORHVGHU+RUURU2PDEHUGHQ5FNHQ1LFKWGD VLHVWDUNH$QJVWEHNRPPHQKlWWHDEHUGLHVHU$QUXIZDULKU QLFKWJHKHXHU(UNODQJVRQDFK.RQWUROOH 1RFKHLQPDOKDNWHVLHQDFK$OVVLHZLHGHUXPNHLQH $QWZRUWHUKLHOWOHJWHVLHDXI )UHLQLJH6HNXQGHQEOLHEVLHLQGHU+DOWXQJVWHKHQ'HQ $UPYRUJHVWUHFNWGLH+DQGDXIGHP+|UHU6LHKDWWHGLH /LSSHQ]XVDPPHQJHSUHWXQGDWPHWHGXUFKGLH1DVH6ROOWH VLH-RKQ6LQFODLURGHU6XNRYRQGHP$QUXILQ.HQQWQLV

VHW]HQ"9LHOOHLFKWZDUHVEHVVHUDQGHUHUVHLWVZROOWHVLHQLFKW GLH3IHUGHVFKHXPDFKHQ9LHOOHLFKWKDWWHVLFKZLUNOLFK MHPDQGYHUZlKOWHLQXQK|IOLFKHU0HQVFKXQWHU8PVWlQGHQ GHUVHLQHQ)HKOHUQLFKW]XJHEHQZROOWH 6LHVFKWWHOWHGHQ.RSIXQGOLHGHQ+|UHUORV=XGHP ZDUWHWHGDV7HHZDVVHU 6DUDK*ROGZ\QPDFKWHNHKUWXQGYHUOLHGDV=LPPHU6LH ZROOWHGHQ7HHIHUWLJKDEHQZHQQ-RKQ6LQFODLUXQG6XNR HLQWUDIHQXQGVLHOHJWHDXFKHLQZHQLJ*HElFNKHUDXV ,PPHUZLHGHUGUHKWHQVLFKLKUH*HGDQNHQXPGDV%XFK 6LHNRQQWHHVNDXPHUZDUWHQGDULQ]XOHVHQXQGHVILHOLKU VFKZHUGHQDOOJHPHLQHQ$XIJDEHQQDFK]XJHKHQ 'DV:DVVHUZDUMHW]WKHL(VKDWWHJHQDXGLHULFKWLJH 7HPSHUDWXUXQGVWDQGGLFKWYRUGHP6SUXGHOQ/DG\6DUDK QDKPGHQ7HHNHVVHOXQGJRGDV:DVVHUDXVGHPVFKPDOHQ +DOVLQGLH.DQQH6LHVFKDXWHGXUFKGLHgIIQXQJVDKGLH 'DPSIVFKZDGHQQDKPEHUHLWVGDV$URPDZDKUXQG OlFKHOWH (LQLJH0LQXWHQPXWHGHU7HHQRFK]LHKHQ'LH=HLWZROOWH 0UV*ROGZ\QQXW]HQ6LHQDKPGDV%XFKXQGOLHVLFKLQ GHQ6HVVHOIDOOHQ 'LH+RUURU2PDVFKDXWHDXIGDV'HFNEODWW'HXWOLFKVDKVLH GLHVWLOLVLHUWHQ7HXIHOVN|SIH)UDW]HQGLHDEVWRHQGZLUNWHQ XQGVLHIUDJWHVLFKREGDV%XFKGHP7HXIHOJHZLGPHWZDU ª6LHEHQ6LHJHOGHU0DJLH©PXUPHOWHGLHDOWH'DPHª(LQ VHOWVDPHU7LWHODEHULQWHUHVVDQW©6LHVFKWWHOWHGHQ.RSIXQG GDFKWHDQGHQDUPHQ0U3HWHUVRQ(UKDWWHZHJHQGLHVHV %XFKHVVWHUEHQPVVHQ1DFK/DG\6DUDKV$QVLFKWHQWKLHOWHQ GLH6HLWHQPDJLVFKHQ=QGVWRII6LH]|JHUWHVRJDUGDV%XFK DXI]XVFKODJHQ%HYRUVLHVLFKHQWVFKORHVGHQQRFK]XWXQ ZDUIVLHHLQHQVFKHXHQ%OLFNQDFKUHFKWVZRGLHEHLGHQ )HQVWHUODJHQ 6LHKDWWHGLH9RUKlQJHQLFKWYRUJH]RJHQXQGNRQQWHHLQHQ %OLFNGXUFKGLH6FKHLEHQZHUIHQ 'DKLQWHUODJGLH'XQNHOKHLW0DQFKPDOEOLW]WHHLQKHOOHU 6WUHLIHQDXIZHQQ$XWRVPLWHLQJHVFKDOWHWHQ6FKHLQZHUIHUQ

YRUEHLKXVFKWHQ'RFKVHKUVFKQHOOZDUDOOHVYRUEHL 2EZRKOGLH+HL]XQJQLFKWHLQJHVFKDOWHWZDUHPSIDQGHV /DG\6DUDKDOVVHKUZDUP6LHPHUNWHGDVLHLQQHUOLFK HUZlUPWZXUGHGDV%OXWVFKLHQVFKQHOOHUGXUFKLKUH$GHUQ ]XIOLHHQXQGVLFKGDEHLDXI]XKHL]HQ /DG\6DUDKEHREDFKWHWHLKUHQ.|USHUJHQDX'LHVH 5HDNWLRQJHILHOLKUEHUKDXSWQLFKW6LHKREGLH+DQGZLVFK WHEHUGLH6WLUQXQGIKOWHGLH6FKZHLSHUOHQGLHVLFKGRUW DQJHVDPPHOWKDWWHQ=XGHPZDUGLH+DXWZDUPJHZRUGHQ +DWWHVLHHWZD)LHEHU" :HQQGLHVVWLPPWHZlUHHVXQQDWUOLFKJHZHVHQGHQQVLH IKOWHVLFKQLFKWNUDQNVRQGHUQY|OOLJLQ2UGQXQJ'HQQRFK UDXVFKWHGDV%OXWLQLKUHP.RSI ª'DV%XFK©IOVWHUWH/DG\6DUDKª(VPXGDVYHUIOXFKWH %XFKVHLQ©=ZHLPDO]XFNWHLKUH+DQG6LHZDUGUDXIXQG GUDQGDV%XFKZLHGHUIRUW]XZHUIHQGDQQJHZDQQGLHNODUH hEHUOHJXQJGLH2EHUKDQG6LHKDWWHVRYLHOH%FKHUJHNDXIW RGHULUJHQGZLHDQGHUVHUZRUEHQXQGHVZDUHQ)ROLDQWHQ GDUXQWHUGLHVLFKPLWGHQILQVWHUHQ.DSLWHOQ6FKZDU]HU 0DJLHEHVFKlIWLJWHQDEHUQLHKDWWHVLHVRHLQVHOWVDPHV *HIKOGDEHLJHVSUW 'DVZDUQXUEHLGLHVHP%XFKGHU)DOO (LQHQ5FN]LHKHU]XPDFKHQKDWWHNHLQHQ6LQQ/DG\6DUDK VFKDOWVLFKHLQHDOWH1lUULQ.XU]HQWVFKORVVHQVFKOXJVLHGHQ %XFKGHFNHO]XUFNXQGEHJDQQDXIJXW*OFN]XEOlWWHUQ 0UV*ROGZ\QQDKPPHKUHUH6HLWHQ]ZLVFKHQGLH)LQJHU VFKOXJHLQSDDUPDOXPVDKGLH7H[WHDEHUDXFKGLH $EELOGXQJHQ(VZDUNHLQEHZXWHV/HVHQVLHODVQLFKW HLQPDO6WLFKZRUWHXQGQDKPGLH$EELOGXQJHQHLJHQWOLFKQXU DP5DQGHZDKU 'DQQDEHU]XFNWHVLH]XVDPPHQDOVKlWWHLKUMHPDQGHLQHQ 3HLWVFKHQKLHEJHJHEHQ ,KUZDUHWZDVLQV$XJHJHIDOOHQVLHKDWWHHV]ZDUQXUIU GHQ%UXFKWHLOHLQHU6HNXQGHJHVHKHQDEHUGLHVHU(LQGUXFN ZDUKlQJHQJHEOLHEHQ+DVWLJQDKP/DG\6DUDKGLH%ULOOH KRFKGLHVLHDQHLQHU.HWWHXPGHQ+DOVKlQJHQKDWWHXQG

VHW]WHVLHDXI0LWGHU%ULOOHVDKVLHEHVVHUPXWHHLQLJH6HLWHQ ]XUFNEOlWWHUQXPGLH=HLFKQXQJZLHGHU]XILQGHQ $XIGHUUHFKWHQ6HLWHGHV%XFKHVZDUVLHDEJHGUXFNW/DG\ 6DUDKVFKOXFNWHDXIJHUHJW3O|W]OLFKYLEULHUWHQLKUH1HUYHQ GLH/LSSHQ]XFNWHQXQGDXVLKUHQ3RUHQGUDQJGHU6FKZHL 1HLQHVJDENHLQHQ=ZHLIHO'DVZDVGRUWDEJHELOGHWZDU NDQQWHVLHKDWWHVLHVFKRQGHV|IWHUHQJHVHKHQ -RKQ6LQFODLUV.UHX] ,FKKDWWHGDV5DGLRHLQJHVFKDOWHWXQGK|UWHGLH0XVLNWURW] GHPQLFKWZHLOPHLQH*HGDQNHQ]XZHLWZHJZDUHQ6LH EHVFKlIWLJWHQVLFKQRFKLPPHUPLWGHPZDVNU]OLFKKLQWHU PLUODJ 'HUJURH3XQNWKLH/XSLQD 0HLQ*RWWVLHOHEWH6LHKDWWHYRUPLUJHVWDQGHQXQGVLH ZDUNHLQH1DFKELOGXQJJHZHVHQVRVLFKHUZDULFKPLU ,FKKDWWHGLH.|QLJLQGHU:|OIHLQGHU9HUJDQJHQKHLWJHQDX NHQQHQJHOHUQWPLUZDUDOOHVDQLKUEHNDQQWXQGPDQ NRQQWHPLFKHLQIDFKQLFKWWlXVFKHQ 8QGHVZDU]XPHUVWHQPDOHLQ7UHIIHQJHZHVHQZRZLUXQV QLFKWEHNlPSIWHQGDVNDPQRFKKLQ]X/XSLQDVWDQGQLFKW DXIPHLQHU6HLWHVLHZUGHDXFKQLHDXIPHLQHU6HLWHVWHKHQ XQGGRFKKDWWHVLHPLFKJHZDUQW,UJHQGHWZDVEUDXWHVLFK EHUPHLQHP.RSI]XVDPPHQZLHHLQ*HZLWWHU8QGGLHVHV *HZLWWHUGLHVHGURKHQGHQ:RONHQPXWHQLUJHQGZLHPLW PHLQHP.UHX]]XVDPPHQKlQJHQ (LQ8QEHNDQQWHUKDWWHHLQ6SLHODQJHIDQJHQGDVLFKQLFKW GXUFKVFKDXHQNRQQWH $EHUZDVKDWWHGLHVHU8QEHNDQQWHYRUGDVHOEVW/XSLQD GLHMD]XGHQ6FKZDU]EOWHUQJHK|UWHIUHLQHJHZLVVH=HLW DXIPHLQHU6HLWHVWDQG".RQQWHHVDXFKLKUJHIlKUOLFK ZHUGHQ")UFKWHWHVLHVLFKHEHQIDOOVYRUGHP3ODQGHV 8QEHNDQQWHQ" $OOHVZLHVGDUDXIKLQ(VNRQQWHDXFKVHLQGDPDQVLHDXV GHP6SLHOJHQRPPHQKDWWHHLQIDFKGHVKDOEZHLOGLH

DQGHUHQYLHOOHLFKWQLFKWDKQWHQGDVLHQRFKH[LVWLHUWH (LQHZLUNOLFKVHOWVDPH6DFKHGDV*DQ]HXQGGLH)UDJHQ ZXUGHQQLFKWZHQLJHUMHOlQJHULFKEHUGLHVHV3KlQRPHQ QDFKGDFKWH8QZLOONUOLFKOHQNWHLFKQXUPLWHLQHU+DQGXQG WDVWHWHPLWGHUDQGHUHQQDFKPHLQHP.UHX] :LHLPPHUKLQJHVYRUPHLQHU%UXVW8QGQRFKOlQJVWQLFKW ZDUHVPLUJHOXQJHQVHLQH*HKHLPQLVVH]XHQWUlWVHOQ,FK ZXWHQXUYRQVHLQHUXQJHPHLQVWDUNHQPDJLVFKHQ.UDIW DEHUGLH+HUNXQIWGHV.UHX]HVODJLPGXQNHOQ (LQH6SXUIKUWH]XGHQ0DNNDElHUQGLHVHUDOWHQFKULVWOL FKHQ6HNWHGLHLQ.OHLQDVLHQH[LVWLHUWKDWWH'LH0DNNDElHU QDQQWHQVLFK6|KQHGHV/LFKWVDXFKPLFKKDWWHPDQPLWGLH VHP%HJULIIJHWDXIWGDPDOVDOVLFKGHQHUVWHQ.RQWDNWPLW GHP6HKHUKDWWHXQGGDV%XFKGHUJUDXVDPHQ7UlXPHQlKHU NHQQHQOHUQWH:DULFKYLHOOHLFKWHLQª6RKQ©GHU0DNNDElHU" (LQHVHKUJHZDJWH6FKOXIROJHUXQJEHUGLHLFKOlFKHOQ PXWHDEHUVLHZDUQLFKWYRQGHU+DQG]XZHLVHQXQGGDV *HJHQWHLOKDWWHPLUELVKHXWHQLHPDQGEHZLHVHQ /lQJVWKDWWHPLFKGLH0LOOLRQHQVWDGW/RQGRQZLHGHU JHVFKOXFNW$EHQGOLFKHU9HUNHKUUROOWHGXUFKGLH6WUDHQ'HU HLJHQWOLFKVFKZDU]H+LPPHOZXUGHYRP:LGHUVFKHLQ]DKO UHLFKHU/LFKWHUHUKHOOW'LHVHQPLOGHQ6HSWHPEHUDEHQGQXW] WHQ]DKOUHLFKH1DFKWVFKZlUPHUDXVXPVLFK]XYHUJQJHQ 0DQNRQQWHQRFKLP)UHLHQVLW]HQXQGGRUWVHLQ%LHUWULQNHQ =ZHLPDOJHULHWLFKLQHLQHQ6WDXXQGlUJHUWHPLFKGDLFK JHUQVRUDVFKZLHP|JOLFK]X+DXVHVHLQZROOWHGHQQ6XNR ZUGHVLFKZXQGHUQZHQQHUHUIXKUZLHPHLQ7UHIIHQPLW /XSLQDDXVJHJDQJHQZDU:LHLFKLKQNDQQWHZDUDXFKHU VLFKHUOLFKLQWHUHVVLHUWGDUDQ]XHUIDKUHQZDVHVPLWGHP .UHX]QXQJHQDXDXIVLFKKDWWHXQGZHOFKHV*HKHLPQLV LQQHUKDOEGHV.UX]LIL[ VWHFNWH -HQlKHULFKGHUHLJHQWOLFKHQ&LW\NDPXPVRPDVVLYHU ZXUGHGHU9HUNHKU=XGHPGHPRQVWULHUWHQRFKHLQH*UXSSH MXQJHU0HQVFKHQQDKHGHV+\GH3DUNVZRHLQH6WUDH JHVSHUUWZRUGHQZDUXQGLFKHLQHQ8PZHJIDKUHQPXWH =ZDQ]LJ0LQXWHQVSlWHUVFKOLHOLFKUROOWHLFKLQGLHJURH

7LHIJDUDJHHLQGLH]XGHP+DXVJHK|UWHLQGHPLFKPHLQHQ :RKQVLW]KDWWH6XNRV0DVFKLQHVDKLFKQLFKWZDVPLFK ZXQGHUWH0HLQ)UHXQGXQG.ROOHJHZDUXQWHUZHJV ,FKVWLHJDXVXQGVFKOHQGHUWHDXIGHQ)DKUVWXKO]XGHU PLFKLQGLH+|KHNDWDSXOWLHUHQVROOWH :HQLJVSlWHUVWDQGLFKYRUPHLQHU:RKQXQJVWUVFKOR DXIPDFKWH/LFKWXQGKROWHPLUHUVWHLQPDOHLQHQ6FKOXFN]X WULQNHQ:lKUHQGGHU)UXFKWVDIWLQPHLQH.HKOHUDQQGDFKWH LFKZLHGHUDQ6XNR0LFKLQWHUHVVLHUWHHVVHKUZRHUKLQ JHIDKUHQZDUGHVKDOEYHUOLHLFKPHLQH:RKQXQJZLHGHU XQGJLQJHLQH7UZHLWHUKLQWHUGHU6KDRXQG6XNRJHPHLQ VDPOHEWHQ $OVLFKNOLQJHOWHZXUGHVRIRUWJH|IIQHW6KDRVWDQGYRUPLU ,KUH$XJHQZDUHQJURXQGVLHKDWWHHLQH+DQGJHJHQLKUH %UXVWJHSUHWª(LQ*OFNGDGXJHNRPPHQELVW-RKQ© 0HLQ/lFKHOQJHIURUPLUDXIGHQ/LSSHQª:LHVR":DVLVW JHVFKHKHQ",FKKDEHIHVWJHVWHOOWGD6XNRV+DUOH\QLFKW XQWHQLQGHU7LHIJDUDJHVWHKWXQGGDZROOWHLFKGLFKIUDJHQ ZRKLQHUJHIDKUHQLVW© ª'DVROOWHVWGXDXFKKLQ© ª6DJVFKRQ© ª6XNRLVW]X6DUDK*ROGZ\QJHIDKUHQ© ,FKUXQ]HOWHGLH6WLUQXQGEOLHVJOHLFK]HLWLJGLH:DQJHQDXI 0LWDOOHPKDWWHLFKJHUHFKQHWGDPLWDOOHUGLQJVQLFKW'DVZDU PHKUDOVEHUUDVFKHQGIUPLFK=X6DUDK*ROGZ\QGHU +RUURU2PDZDUPHLQ)UHXQGDOVRKLQDEHUZDVZROOWHHU GHQQGDXQGGDVIUDJWHLFKGLH&KLQHVLQDXFK 6KDRVFKWWHOWHGHQ.RSIª,FKZHLHVQLFKW-RKQ :HQLJVWHQVQLFKWJHQDX*ODXEHDOOHUGLQJVGDHVEHLGHP %HVXFKXPHLQ%XFKJHJDQJHQLVW© ª:HOFKHV%XFK"© ª.HLQH$KQXQJ© ª%HVWHKWGHQQ*UXQG]XU*HIDKU"© 6KDRQLFNWHKHIWLJª6RYLHOLFKZHLKDWHVVRJDUHLQHQ 0RUGJHJHEHQ© 'DVZXUGHLPPHUVFKOLPPHUª(LQHQ0RUG"+DVWGXGLFK

GDQLFKWYHUK|UW"© ª1HLQ© ª:HULVWXPJHEUDFKWZRUGHQ"© ª(LQ$QWLTXLWlWHQKlQGOHUEHLGHP0UV*ROGZ\QGDV%XFK HUZRUEHQKDW© ª,VWLKUHWZDVSDVVLHUW"© ª*ODXEHLFKQLFKW© ,FKGDFKWHQDFK%LVKHUKDWWHVLFKXQVHU*HVSUlFK]ZLVFKHQ 7UXQG$QJHODEJHVSLHOWXQGGRUWJLEWHVEHNDQQWOLFKNHLQ 7HOHIRQ'HVKDOEIUDJWHLFK6KDRª'DUILFKPDO"© ª(QWVFKXOGLJH©6LHJDEGHQ:HJIUHL ,FKJLQJLQV:RKQ]LPPHUZRGDV7HOHIRQVWDQG(LQHQ 0RPHQWPXWHLFKQDFKGHQNHQGHQQPLUILHOGLH1XPPHU GHU+RUURU2PDQLFKWHLQ'DQQZXWHLFKVLHZLHGHUZlKO WHVLHXQGZDUEHUUDVFKWGDLFKNHLQH9HUELQGXQJEHNDP JOHLFK]HLWLJDXFKEHXQUXKLJW6KDRZDUQHEHQPLFKJHWUHWHQ ª:DVLVWGHQQ"©IUDJWHVLHDOVLFKGHQ+|UHUZLHGHUDXI OHJWH ª'LH/HLWXQJLVWWRW©PXUPHOWHLFK ª2*RWW©6LHSUHWHLKUH+DQGDXIGHQ0XQG ª6DJPDO6KDRZDQQLVW6XNRHLJHQWOLFKJHIDKUHQ"© ª(LQHJHQDXH8KU]HLWNDQQLFKGLUQLFKWJHEHQDEHUGX NHQQVWLKQMD(UIlKUWLPPHU]LHPOLFK]JLJXQGPWH HLJHQWOLFKVFKRQEDOGGDVHLQ© ª'DQQKDWHVZRKONHLQHQ6LQQZHQQLFKGLHXQLIRUPLHUWHQ .ROOHJHQDODUPLHUH© ª'D]XNDQQLFKQLFKWVVDJHQ© ,FKGDFKWHHLQHQ0RPHQWQDFKª2ND\LFKIDKUHDXFKKLQ +DOWHGXKLHUGLH6WHOOXQJ© ª-RKQ©$QGHU7UHUUHLFKWHPLFKGLH6WLPPHGHU&KLQHVLQ XQGLFKGUHKWHPLFKXP ª:DVLVWGHQQ"© ª%LWWH-RKQVHLYRUVLFKWLJ8QGJLE%HVFKHLGZHQQLUJHQG HWZDVLVW© ,FKOlFKHOWHª1DWUOLFK©'DQQIXKULFKZLHGHUPLWGHP /LIWQDFKXQWHQ6HOWHQZDUHUPLUVRODQJVDPYRUJHNRPPHQ

ZLHLQGLHVHQ0LQXWHQ .DXPKDWWHLFKGLH*DUDJHYHUODVVHQDOVLFKGHQ 0DJQHWKDOWHUPLWGHP%ODXOLFKWDXIGDV'DFKGHV:DJHQV VHW]WH -HW]WZXUGHHVK|FKVWH(LVHQEDKQ ª'DV.UHX]©IOVWHUWH6DUDK*ROGZ\Qª0HLQ*RWWHVLVW WDWVlFKOLFKGDV.UHX]©'LH+RUURU2PDVFKWWHOWHGHQ.RSI XQGVWDUUWHGLH=HLFKQXQJDQ 'DVWLPPWHMHGHV'HWDLOVRJDUGLHEHLGHQ%XFKVWDEHQ-XQG 6'LH$ENU]XQJIU-RKQ6LQFODLU$EHUZLHNRQQWHQGLHMH QLJHQGLHGDV.UHX]HUVFKDIIHQKDWWHQEHUHLWVZLVVHQZDVHV PLW-RKQ6LQFODLUHLQPDOIUHLQH%HGHXWXQJKDEHQZUGH" (LQHXQZDKUVFKHLQOLFKHXQGUlWVHOKDIWH%HJHEHQKHLWWDW VLFKGDYRUGHQ$XJHQGHUDOWHQ'DPHDXI8QGVLHDOOHLQ KLHOWGHQ6FKOVVHO]XHLQHPGHUEHVWJHKWHWVWHQ *HKHLPQLVVHLQGHQ+lQGHQ6LHEHVDGDV%XFKXQGZHQQ HVLKUJHODQJGHQ7H[WWHLOGHUVLFKPLWGHP.UHX]EHVFKlI WLJWH]XHQWUlWVHOQGDQQNRQQWHVLHYLHOOHLFKWGDV*HKHLPQLV OIWHQ 'HU*HGDQNHGDUDQOLHVLHVFKZLQGHOQ:RQDFK-RKQ 6LQFODLUXQGVHLQH)UHXQGHMDKUHODQJJHVXFKWKDWWHQGDVODJ QXQYRULKU6LHNRQQWHHVVFKDIIHQ 9RU$XIUHJXQJ]LWWHUWHQLKUGLH+lQGH6RJDUGHU7HHZDU YHUJHVVHQ$XHUGHPKlWWHVLHHVMHW]WGRFKQLFKWJHVFKDIIW LKQHLQ]XVFKHQNHQVLHZDUYLHO]XDXIJHUHJW :LHGHUILHOLKU%OLFNDXIGDV.UHX] 6FKZDU]ZDUHQGLH8PULVVHJH]HLFKQHW2EZRKOGDV%XFK ZLUNOLFKVHKUDOWZDUKDWWHGLHVH=HLFKQXQJGLH=HLWQRFKJXW EHUVWDQGHQ'DPXWHHLQ.QVWOHUDP:HUNJHZHVHQVHLQ YLHOOHLFKWKDWWHHUDXFKVHLQH(LQJHEXQJYRQHLQHUDQGHUHQ 6HLWHEHNRPPHQYRQK|KHUHQ0lFKWHQGLHPDQPLWGHP 6DPPHOEHJULII*HLVWHUXPVFKUHLEHQNRQQWH /DG\6DUDKDWPHWHVFKZHU0LWGHP(UZHUEGLHVHV%XFKHV KDWWHVLHHLQHJHZDOWLJH9HUDQWZRUWXQJEHUQRPPHQ6LH

GUFNWHZLHHLQHVFKZHUH/DVWXQGGDQQVSUWHVLHHWZDV GDVVLHDQVRQVWHQNDXPEHPHUNWKDWWH (VZDUGDV$OOHLQVHLQ hEHUGHXWOLFKNDPHVLKULQGLHVHPVRHQWVFKHLGHQGHQ $XJHQEOLFN]X%HZXWVHLQ6LHZDUVHKUDOOHLQXQGVLHKLHOW GHQ6FKOVVHOHLQHV*HKHLPQLVVHVLQGHU+DQG /DG\6DUDKOHJWHGDV%XFKDXIJHVFKODJHQ]XU6HLWHXQG VFKDXWHDXIGLH8KU :DUXPZDU6XNRGHQQQRFKQLFKWHUVFKLHQHQ":HQQHUKLHU JHZHVHQZlUHVlKHDOOHVVFKRQDQGHUVDXV'DV%XFKEHGDFK WHVLHPLWHLQHPVNHSWLVFKHQ%OLFNVLHVFKLHOWHDXIGDVDEJH ELOGHWH.UHX]MHW]WKlWWHVLHHLJHQWOLFK=HLWJHKDEWGHQ7H[W ]XVWXGLHUHQDEHUVLHWUDXWHVLFKHLQIDFKQLFKWGHQQ VLHZXWHQLFKWREVLHGLH%ULVDQ]GLHVHU=HLOHQYHUNUDIWHQ NRQQWH 9RQGLHVHP%XFKJLQJHWZDVVR*HKHLPQLVYROOHVYLHOOHLFKW DXFK*HIlKUOLFKHVDXVGDVVLHHUVFKUHFNWH8QGDXFKGLH :RKQXQJNDPLKUSO|W]OLFKDQGHUVYRU1LFKWPHKU DQKHLPHOQGRGHUJHPWOLFKQHLQVLHYHUVSUWHHLQ*HIKO GHU%HNOHPPXQJXQGJODXEWHYRQ]DKOUHLFKHQ$XJHQEHRE DFKWHW]XZHUGHQ 9LHOOHLFKWVDHQVLHDXFKLQGHQ1LVFKHQXQG:LQNHOQZR VLHDXILKUH&KDQFHZDUWHWHQGDV%XFKLQLKUHQ%HVLW]]XEULQ JHQ/DG\6DUDKGDFKWHZLHGHUDQGLHHFKVHQN|SILJHQ 0RQVWHU6LHZXWHGDVLH'LHQHUHLQHVJHIlKUOLFKHQ 'lPRQVZDUHQGHUVLFK6SXNQDQQWHXQGLQHLQHP5HLFKGHV 6FKUHFNHQVUHJLHUWH9RQGRUWVWHXHUWHXQGOHQNWHHUDOOHV (LQPDOKDWWHHUYHUORUHQDXIJHEHQZUGHHUGHVKDOEQLFKW6R JXWNDQQWH/DG\6DUDKGLH'lPRQHQ 6LHHUKREVLFK 'DV*HIKOGHU%HGURKXQJKDWWH]XJHQRPPHQ'DODXHUWH HWZDVGHU6FKUHFNHQZDUQLFKWIDEDUDEHUGHU.|USHUGHU DOWHQ'DPHUHDJLHUWHZLHHLQ6HLVPRJUDSKHUJDEGLH (LQGUFNHQDFKDXHQZHLWHUXQGDXILKUHU+DXWELOGHWH VLFKHLQ6FKDXHU /DG\6DUDKVWDQGDXI'DV/LFKWVRQVWLPPHUVRJHPWOLFK

ZLUNWHSO|W]OLFKGVWHUXQGJHIlKUOLFK(VOLHHLQHQ7HLOGHV 5DXPHVLP6FKDWWHQXQGGLHDOWH'DPHVSUWHZLHLKUH.QLH DQILQJHQ]X]LWWHUQ(VZDUGRFKEHVVHUZHQQVLHVLFKZLHGHU KLQVHW]WHXQGVLHOLHVLFKVFKZHULQGHQ6HVVHOIDOOHQ(U ZLSSWHQRFKQDFK /DG\6DUDK*ROGZ\QDWPHWHQXUGXUFKGHQRIIHQHQ0XQG -HW]WPHUNWHVLHGDVLHQLFKWPHKUGLH-QJVWHZDUDXFKGDV +HU]VFKOXJVFKQHOOHUVLHYHUQDKPGLH6FKOlJHLP.RSIDOV HLQHQ:LGHUKDOO 'DV%XFKZXUGHLKULPPHUXQKHLPOLFKHU*LQJGLH %HGURKXQJGLHVLHVSUWHXQGGLHXQVLFKWEDULQGLHVHP =LPPHUODJWDWVlFKOLFKYRQLKPDXV"+DWWHVLHVLFKPLWGHP /HLKHQGHV%XFKHVHLQVFKZDU]PDJLVFKHV.XFNXFNVHLLQV 1HVWJHOHJW" $OOHVZDUP|JOLFKPDQNRQQWHQLFKWVDXHUDFKWODVVHQ XQGGLH%HGURKXQJHPSIDQGVLHYRQ6HNXQGH]X6HNXQGH VWlUNHU6LHGUHKWHGHQ.RSI:HQQGLH*HIDKUVFKRQODXHUWH GDQQZROOWHVLHZLVVHQZR ,KU%OLFNWUDIHLQHVGHUEHLGHQ)HQVWHU+LQWHUGHQ6FKHLEHQ ZDUQLFKWV]XHUNHQQHQ,P0RPHQWIXKUNHLQ:DJHQYRUEHL DEHUZDUGDQLFKWHLQ6FKDWWHQ"%HZHJWHVLFKHWZDVKLQWHUGHU 6FKHLEH"'DV*HVLFKWGHU0UV*ROGZ\QVSDQQWHVLFK'LH /LSSHQELOGHWHQHLQHQ6WULFK6LHNRQ]HQWULHUWHVLFKGHQQVLH ZROOWHZLVVHQZDVGRUWJHVFKDK3O|W]OLFKJODXEWHVLHQLFKW PHKUDQHLQH(LQELOGXQJGHQQGLH6FKDWWHQGRUWZDUHQH[L VWHQW :HUYHUEDUJVLFKGD" /DG\6DUDK|IIQHWHXQGVFKORLKUH+lQGH6FKZHLKDWWH VLFKDXIGHQ)OlFKHQJHVDPPHOW6LHGUHKWHGHQ.RSIVDKGDV 7HOHIRQDEHUVLHIDQGHLQIDFKQLFKWGLH.UDIWDXI]XVWHKHQ XQGKLQ]XJHKHQ 0LQXWHQZDUHQIUVLH]XNOHLQHQ(ZLJNHLWHQJHZRUGHQ GLHYRQGHU$QJVWGLNWLHUWZXUGHQ 8QGGDJHVFKDKHV 0UV6DUDK*ROGZ\QVDKHVQLFKW6LHK|UWHHVQXU,QLKUHP 5FNHQYHUQDKPVLHGDVEHUVWHQGH6SOLWWHUQZLUEHOWHVLW]HQG

KHUXPXQGVDKZLHGLH*ODVVSOLWWHUGHU)HQVWHUVFKHLEHLQV =LPPHUJHVFKOHXGHUWZXUGHQ $EHUQLFKWQXUVLH =XVDPPHQPLWGHQ5HVWHQGHU6FKHLEHKHFKWHWHHLQH XQKHLPOLFKH*HVWDOWGXUFKGDV9LHUHFN(LQH0LVFKXQJ]ZL VFKHQ0HQVFKXQG%HVWLH /XSLQD 6LHKDWWHVLFKQLFKWY|OOLJYHUZDQGHOW1RFKLPPHUWUXJVLH GHQPHQVFKOLFKHQ.RSIDEHUGLHYRUJHVWUHFNWHQ3UDQNHQ ZDUHQGLHHLQHVJHIlKUOLFKHQ:HUZROIV 8QGVLHKHFKWHWHGXUFKGLH6FKHLEHIORJZLHHLQDEJHVFKRV VHQHU3IHLOLQGDV=LPPHULQGHP/DG\6DUDKVDGLH$XJHQ DXIJHULVVHQKDWWHXQGLQLKUHP6FKUHFNHQHUVWDUUWZDU -DGDVZDUGHUULFKWLJH$XVGUXFN(UVWDUUWLP6FKUHFNHQ GHQQVLHZDUXQIlKLJVLFK]XUKUHQ0LWHLQHU*HIDKUKDWWH VLHJHUHFKQHWMDGLUHNWGDUDXIJHZDUWHWDEHUGDGLHVHV 0RQVWHUDXIWDXFKHQZUGHGDVEHUUDVFKWHVLHGRFK ,KU%OLFN]XFNWHZHLWHUHUIDWHGDV)HQVWHUXQGVWHOOWHIHVW GDGLH:HUZ|OILQQLFKWDOOHLQJHNRPPHQZDU 6LHKDWWH9HUVWlUNXQJPLWJHEUDFKW 9LHOZDUQLFKW]XVHKHQDEHUGLHNDOWHQJQDGHQORVHQ JHOEHQ$XJHQSDDUHUHLFKWHQGHU+RUURU2PDY|OOLJ6LH PXWHIHVWVWHOOHQGDVLHLQGHU.OHPPHVD ,QHLQHUW|GOLFKHQ.OHPPH 'HU:HJ]XP)HQVWHUZDULKUHEHQVRYHUVSHUUWZLHGHU]XU =LPPHUWUGHQQGRUWODXHUWH/XSLQD ,KUZDUHVJHOXQJHQVLFKQDFKGHPJHZDOWLJHQ6SUXQJ NDW]HQJHZDQGWDE]XUROOHQGDEHLULVLHDOOHUGLQJVGLH 7HOHIRQVFKQXUDXVGHU:DQG6LHEHZLHVZDVVLHNRQQWHXQG VLHVWDQGEOLW]VFKQHOOZLHGHUDXIGHQ%HLQHQZREHLVLHLKU 2SIHUIL[LHUWH :ROOWHVLHW|WHQ" /XSLQDZDUQLFKWGLHHUVWH:|OILQLP+DXVGHU6DUDK *ROGZ\Q'DPLWKDWWHGLH+RUURU2PDLKUH(UIDKUXQJHQ

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lIWLJHUVlPWOLFKHV%OXWZDUDXVLKUHP*HVLFKWJHZLFKHQ XQGVLHVWDUUWHGLHVHOWVDPH:HUZ|OILQDQGLHVLHDXVJLHUL JHQNDOWHQHUEDUPXQJVORVHQ$XJHQWD[LHUWHXQGVLFKMHW]W EHZHJWH 'LHVJHVFKDKJOHLWHQGHVHQWVWDQGNHLQ*HUlXVFKJLQJLQ DOOHU/DXWORVLJNHLWYRUVLFKXQG/DG\6DUDKHPSIDQGJHUDGH GLH6WLOOHDOVEHNOHPPHQG 'LH+RUURU2PDZDUZLUNOLFKQLFKWDXIGHQ0XQGJHIDOOHQ 6LHNDPPLWDOOHQ/HXWHQ]XUHFKWVLHNRQQWHDEHUDXFKVHKU GUDVWLVFKZHUGHQZDVVLHEHUHLWVHLQSDDUPDOYRUH[HU]LHUW KDWWH,QGLHVHP)DOODEHUVFKQUWHLKUGLH$QJVWGLH.HKOH]X 8QEHZXW]RJVLHGLH6FKXOWHUQKRFKDPOLHEVWHQKlWWHVLH VLFKYHUNURFKHQGRFKVLHNRQQWHVLFKQLFKWLQGHU 5FNHQOHKQHYHUVWHFNHQGDVZDUXQP|JOLFK /XSLQDVHEHQPlLJHV*HVLFKWYHU]RJVLFK(VVROOWHZRKO HLQ/lFKHOQGDUVWHOOHQGRFKHVZXUGHQXUHLQH*ULPDVVHGLH /DG\6DUDKHLQHQRFKJU|HUH$QJVWHLQMDJWH6LHKROWHHLQ SDDUPDOWLHI/XIWHUVWGDQQNRQQWHVLHVSUHFKHQDOOHUGLQJVVR OHLVHGDVLHLKUHHLJHQHQ:RUWHNDXPYHUVWDQG ª:DVZROOHQ6LH"© ª.DQQVWGXGLUGDVQLFKWGHQNHQ"©IUDJWH/XSLQD 'RFK/DG\6DUDKNRQQWHHVDEHUVLHZDJWHHLQIDFKQLFKW

GDV:RUWDXV]XVSUHFKHQ ª'DV%XFK"© ª-DLFKZLOOHV© 'D]XFNWH0UV*ROGZ\Q]XVDPPHQª:RKHUZHLWGXGD LFKGDV%XFKKDEH"© /XSLQDODFKWHNDOWª:RKHULFKGDVZHL",FKVHKHXQGZHL DOOHV0HLQH:|OIHVLQGEHUDOOQXULKU0HQVFKHQVHKWVLH QLFKW,KUVHLG]XDUURJDQWDEHULQGHQ1lFKWHQGDNRPPHQ VLHDXVGHQ6OXPVODXIHQGXUFKGLH6WUDHQXQGGDQQLVWGLH *URVWDGWGLHVHUPHQVFKOLFKH0OOLKU5HLFK8QGLFKELQ LKUH+HUULQLFK/XSLQDGLH.|QLJLQGHU:|OIH:LUKDEHQ EHUOHEWZLUZHUGHQEHUOHEHQGHQQZLUVLQGlOWHUDOVGLH 0HQVFKHQ'LH=HLWGHU:|OIHNRPPWYHUODWHXFKGDUDXI© :lKUHQGGLHVHU:RUWHVFKLHQHQLQLKUHQ$XJHQ%OLW]H]X IXQNHOQXQGGDQQVSUDQJVLHPLWHLQHP6DW]YRUVWUHFNWH LKUH3UDQNHQDXVGLHDXJHQEOLFNOLFKGDV=LHOIDQGHQ (VZDUGDV%XFK ª6LHEHQ6LHJHOGHU0DJLH©IOVWHUWH/XSLQDª6LHEHQ VFKZDU]PDJLVFKH6LHJHOLFKZHUGHVLHLQPHLQHQ%HVLW] EULQJHQ©6LHODFKWHJUHOOXQGXQPHQVFKOLFKEHYRUVLHGDV %XFK]XVDPPHQNODSSWHª$OOHZROOHQHVKDEHQDEHUPLU ZLUGHVJHK|UHQXQGQLHPDQGNDQQPLFKKHXWHQRFK GDUDQKLQGHUQ© ª8QGGDQQ"©/DG\6DUDKZXQGHUWHVLFKVHOEVWZRKHUVLH GLH.UDIWQDKPEHUKDXSWGLH)UDJH]XVWHOOHQGRFK/XSLQD NDPQLFKWPHKUGD]XHLQH$QWZRUW]XJHEHQ (WZDVDQGHUHVVW|UWH (LQ*HUlXVFKNODQJYRQGUDXHQGXUFKGDV]HUVW|UWH )HQVWHU(VZDUGHUVDWWH6RXQGHLQHVIDKUHQGHQ0RWRUUDGV GDVDEJHEUHPVWZXUGH 'LH+RUURU2PDZXWHZDVGDV]XEHGHXWHQKDWWHXQG GHU6FKUHFNHQIUDVLFKZLHHLQ(LV]DSIHQLQLKU+HU] 6XNRZDUJHNRPPHQ 6RVHKUHVVLFK6XNRDXFKJHZQVFKWKlWWHDEHUHUKDWWHDXI

-RKQ6LQFODLUQLFKWPHKUZDUWHQN|QQHQ'LH=HLWGUlQJWH XQGGDGLHDQGHUH6HLWHDOOH0LWWHOHLQVHW]WHKDWWH6XNR HUOHEW(UEUDXFKWHQXUDQ0U3HWHUVRQ]XGHQNHQGHQ QLHPDQGPHKULQV/HEHQ]XUFNUXIHQNRQQWH (VNDP6XNRJHOHJHQGDHUGLH+DUOH\IXKU(LQHVFKQHOOH 0DVFKLQHIUGLHNHLQH/FNH]XNOHLQZDU 6FKRQRIWJHQXJKDWWHHU/DG\6DUDKEHVXFKW(UNDQQWH DXFK6FKOHLFKZHJHXQGXPJLQJGLH6WU|PH9HUJQJXQJV VFKWLJHUGLHVLFKDQGLHVHPPLOGHQ)UKKHUEVWDEHQGGXUFK /RQGRQZlO]WHQ ,Q0D\IDLUKHUUVFKWH]ZDUDXFKQRFK%HWULHEQXUKLHOWGHU VLFKLQ*UHQ]HQ6XNRHPSIDQGGDV*HUlXVFKVHLQHU 0DVFKLQHVFKRQIDVWDOVVW|UHQG 'LH+RUURU2PDZRKQWHLQHLQHUUXKLJHQ6WUDH-HGHV +DXVKDWWHKLHUVHLQHQ9RUJDUWHQXQGDXIGHQ*HKVWHLJHQ ZXFKVHQQRFK%lXPHGLHRIWlOWHUZDUHQDOVGLH+lXVHU (LQHNOHLQH,G\OOHDXIGLHMHGHU%HZRKQHUVWRO]ZDUXQGGLH HUDXINHLQHQ)DOO]HUVW|UHQZROOWH $OV6XNRLQGLH6WUDHHLQERJYHUULQJHUWHHUDXJHQEOLFNOLFK VHLQH*HVFKZLQGLJNHLW(UZLFKHLQHPHQWJHJHQNRPPHQGHQ )DKU]HXJDXVXQGIXKUQRFKODQJVDPHU 1LFKWDOOH+lXVHUODJHQLP'XQNHOQ9RURGHUEHUGHQ 7UHQEUDQQWHQ/LFKWHU0DQFKHKDWWHQGLH)RUPYRQ /DWHUQHQDQGHUHZLHGHUXPYRQ.XJHOQRGHU9LHUHFNHQ %HL/DG\6DUDKEUDQQWHNHLQH (LQZHQLJZXQGHUWH6XNRGDVVFKRQGHQQVRQVWOLHVLHGDV /LFKWLPPHUEUHQQHQZHQQVLH%HVXFKHUZDUWHWH2EZRKO 6XNRHLQHQ3DUNSODW]YRUGHP+DXVKlWWHEHNRPPHQN|Q QHQIXKUHUHLQ6WFNZHLWHUIXKUGLH+DUOH\DXIGHQ %UJHUVWHLJXQGERFNWHVLH]ZLVFKHQ]ZHL%lXPHQDXI'HQ +HOPQDKPHUDEVFKQDOOWHLKQIHVWXQGEHUSUIWHVHLQH :DIIHQ'lPRQHQSHLWVFKH%HUHWWD6WDEHVZDUDOOHVGD $XIGHU6WUDHZDUHVUXKLJ:HGHU9HUNHKUQRFK 0HQVFKHQVW|UWHQGHQ&KLQHVHQ ,Q0D\IDLUJLQJPDQIUK]X%HWW 8QGGRFKVSUWH6XNRGDLUJHQGHWZDVLQGHU/XIWODJ

'HU+DXFKHLQHU*HIDKUHLQHUW|GOLFKHQ*HIDKUVRJDU(U NRQQWHGDEHLQLFKWVDJHQZDVHVJHQDXZDUGRFK6XNR JODXEWHQLFKWDQHLQH7lXVFKXQJ (UEOLHEVWHKHQ 1RFKEHIDQGVLFKGHU&KLQHVHDXIGHU6WUDHDEHUHUKLHOW VLFKEHUHLWVQDKHGHV9RUJDUWHQVDXIXQGYHUVFKPRO]PLWGHP 6FKODJVFKDWWHQGHV(LVHQ]DXQV(UODXHUWH 6FKUlJVFKDXWHHUGDEHL]XP+DXVKLQ,P=LPPHUEUDQQWH /LFKW6XNRNDQQWHGHQ]XU6WUDHKLQOLHJHQGHQ5DXPLQ GHPVLFK/DG\6DUDKVRJHUQDXIKLHOWXQGDXFKLKUH*lVWH HPSILQJ'HULPPHUHWZDVDQKHLPHOQGZLUNHQGH6FKHLQ VFKLPPHUWHGXUFKGLH%VFKHXQGYHUORUVLFKLQQHUKDOEGHV *DUWHQVGHQ/DG\6DUDKGLFKWEHSIODQ]WKDWWHVRGDHVIU 6XNRVFKZHUZDUHWZDV]XHUNHQQHQ 'DNRQQWHVLFKMHPDQGYHUVWHFNHQRKQHGDHUYRQGHU 6WUDHDXVEHPHUNWZXUGH 6XNRO|VWHVLFKYRQVHLQHP3ODW]|IIQHWHGDV7RUXQG EHZHJWHVLFKODQJVDPEHUGHQVFKPDOHQ3ODWWHQZHJLQ 5LFKWXQJ+DXVWU6HLQH6LQQHZDUHQJHVSDQQWGHQ 5HLYHUVFKOXGHU/HGHUMDFNHKDWWHHUQDFKXQWHQJH]RJHQ (VNRVWHWHLKQHLQHQEOLW]VFKQHOOHQ*ULIIGDQQKLHOWHUGLH :DIIHLQGHU+DQG /LFKWHU *HLVWHUKDIWKXVFKWHQVLHGXUFKGHQ*DUWHQ6WULFKHQEHU GLH%VFKHOLHHQVLHIUHLQHQZLQ]LJHQ0RPHQWNODUXQG GHXWOLFKHUVFKHLQHQEHYRUVLHZLHGHUYHUVFKZDQGHQ 6XNRKDWWHJHQDXKLQJHVFKDXWXQGVHLQH6FKULWWHGDEHL JHVWRSSW(LQHYHUGlFKWLJH*HVWDOWRGHUPHKUHUHGDYRQKDWWH HUQLFKWHQWGHFNWGDIUMHGRFKKDWWHHUHWZDVEOLW]HQVHKHQ 6XNRKDWWHVRIRUWDQ6SOLWWHURGHU6FKHUEHQJHGDFKW=XGHP ODJHQVLHQLFKWDOO]XZHLWYRP)HQVWHUHQWIHUQW 6HLQ9HUGDFKWGDHWZDVQLFKWVWLPPWHHUKlUWHWHVLFKPLWW OHUZHLOH,UJHQGMHPDQGPXWH/DG\6DUDKHLQHQ%HVXFK DEJHVWDWWHWKDEHQ6RIRUWIUDJWH6XNRVLFKREGLH'LHQHUGHV 6SXNVQRFKHLQPDO]XJHVFKODJHQKDWWHQ $OV6XNRGDQQGLH]HUEURFKHQH)HQVWHUVFKHLEHHQWGHFNWH

ZXWHHU%HVFKHLG (UULHIGHQ1DPHQGHU)UDX (LQHQ+HU]VFKODJVSlWHUJHOOWHGHUHQ6WLPPHDXI ª$FKWXQJ6XNRVLHODXHUQGUDXHQ© 'HU&KLQHVH]XFNWHKHUXPVHLQH+DQGZROOWHDQGLH:DIIH GRFKGLH:HUZ|OIHKDWWHQDOOH9RUWHLOHIUVLFK(VZDULKQHQ JHOXQJHQ6XNRDXI]XODXHUQ$XVLKUHQ9HUVWHFNHQVFKRVVHQ VLHUDNHWHQJOHLFKKRFKXQGGHU,QVSHNWRUVDKVLFKJOHLFKYLHU *HJQHUQJHJHQEHU =HLWVHLQH:DIIH]X]LHKHQKDWWHHUQLFKWPHKU(UPXWH VLFKVFKRQHWZDVHLQIDOOHQODVVHQ 8QGGDVWDWHU 'LH:HUZ|OIHJODXEWHQPLW6XNROHLFKWHV6SLHO]XKDEHQ 6LHZDUIHQVLFKHLQIDFKDXILKQRKQHLUJHQGHLQH.DPSIWDNWLN HLQ]XVHW]HQZDVGHP,QVSHNWRUQDWUOLFKJHOHJHQNDP(U JULIILQGLH7ULFNNLVWHXQGEHYRUGLH:HUZ|OIHLKQEHUKUWHQ GDKDWWHHUVLFKGHQHUVWHQEHUHLWVJHSDFNWKHUXPJHKHEHOW XQGIRUWJHVFKOHXGHUWDEHUVRGDGLH*HVWDOWJHJHQ]ZHL DQGHUH%HVWLHQILHOXQGGLHVHPLW]X%RGHQUL 6XNRZLFKPLWHLQHPJHZDOWLJHQ6SUXQJ]XUFN(UZROOWH 'LVWDQ]]ZLVFKHQVLFKXQGVHLQHQ*HJQHUQVFKDIIHQGLHVLFK DOOPlKOLFKHUKROWHQXQGZWHQGHNQXUUHQGH/DXWHDXV VWLHHQ %HVRQGHUVGHXWOLFKVDK6XNRLQGHU'XQNHOKHLWLKUH $XJHQSDDUH6LHOHXFKWHWHQZLHNDOWHJHOEH)OHFNHQZDUHQ VWlQGLJLQ%HZHJXQJXQGDXIHLQPDOYHUVFKZXQGHQHLQ =HLFKHQGDGLH%HVWLHQ'HFNXQJDXIVXFKWHQXPVLFKXQJH VHKHQDQ]XVFKOHLFKHQ 'HU&KLQHVHOlFKHOWHNDOW'LH6XSSHZROOWHHULKQHQYHU VDO]HQ/lQJVWKLHOWHUVHLQH%HUHWWDEHUHLW(UZROOWHGLH YHUIOXFKWHQ:|OIHLQHLQHQ5HJHQDXVJHZHLKWHQ6LOEHU NXJHOQODXIHQODVVHQXQGVLHVRPLWYHUQLFKWHQ $OOHUGLQJVZDUILKU(UVFKHLQHQEHL6XNRDXFK)UDJHQDXI *HUHFKQHWKDWWHHUK|FKVWHQVPLWGHQ6FKDWWHQZHVHQGHV 6SXNVQLFKWPLW:HUZ|OIHQ:RNDPHQGLHVHSO|W]OLFKKHU" (LQH)UDJHGLHLKP6DUDK*ROGZ\QEHDQWZRUWHQNRQQWH

YRQLKUDOOHUGLQJVZDUQLFKWV]XK|UHQ6LHPXWHVLFKLP +DXVEHILQGHQXQG6XNRGDFKWHGDUEHUQDFKREGLHYLHU :|OIHVLHYLHOOHLFKWVFKRQXPJHEUDFKWKDWWHQRGHUVLFKQRFK ZHOFKHLP+DXVEHIDQGHQ (UVFKLHOWHNXU]]XP)HQVWHU 'DZDUQLFKWYLHO]XVHKHQ(LQYLHUHFNLJHUHUOHXFKWHWHU )OHFNPHKUQLFKW 'LHJDQ]H6DFKHJHILHOLKPEHUKDXSWQLFKW0DQKDWWHLKQ LQGLH'HIHQVLYHJHGUlQJWXQGEHLHLQHP]ZHLWHQ$QJULII ZUGHQGLH:|OIHVLFKHUOLFKQLFKWPHKUVRHLQIDFK]XEHU UDVFKHQVHLQ hEHUKDXSWHLQ:DKQVLQQVLFKPLWWHQLQ0D\IDLUXQGHLQHU EHZRKQWHQ*HJHQGPLW:|OIHQKHUXP]XVFKODJHQ'DV JODXEWHNHLQ0HQVFK 6XNRV%OLFNHZDUHQQDFKYRUQJHULFKWHWZRVHLQH*HJQHU ]ZLVFKHQGHQDQJHSIODQ]WHQ*HEVFKHQODXHUQPXWHQ'HU ,QVSHNWRUZXWHGDQLFKWZHLWHQWIHUQWYRQLKPHLQ 5RVHQVWUDXFKVWHKHQPXWH(UZDUKRFKJHZDFKVHQXQG KDWWHVHLQH=ZHLJHNHOFKI|UPLJDXVJHEUHLWHW/HLGHUWUXJ HUQRFKVHLQH%OlWWHUVRGDVLFKKLQWHULKPMHPDQGDXVJH ]HLFKQHWYHUEHUJHQNRQQWH (VZDUJXWGD6XNRHEHQGLHVHQ6WUDXFKEHVRQGHUVLP $XJHEHKLHOW6RQVWKlWWHHUGLH%HZHJXQJHQGHU%OlWWHUYLHO OHLFKWQLFKWEHPHUNWXQGDXFKQLFKWGDVJHOEH$XJHQSDDUGDV SO|W]OLFKZLH]ZHLKHOOH6FKOLW]H]ZLVFKHQLKQHQOHXFKWHWH 'LH$XJHQEHZHJWHQVLFKQLFKW 6XNRKREVHLQHQUHFKWHQ$UP(U]LHOWHJHQDXEHU.LPPH XQG.RUQ6HLQH/LSSHQELOGHWHQHLQHQ6WULFKHUZROOWHPLW GHPHUVWHQ6FKXWUHIIHQ,PQlFKVWHQ$XJHQEOLFNEHUZDQG HUGHQ'UXFNSXQNW (LQIDKOHV/HXFKWHQYRUGHU0QGXQJ'DQQGHUHWZDV KHOOHSHLWVFKHQGH.ODQJGHU:DIIH(LQHW|GOLFKH0XVLNIU GHQ:HUZROIGHVVHQ$XJHQSDDULQ%HZHJXQJJHULHWKLQ XQGKHU]XFNWHXQGGDQQQLFKWPHKU]XVHKHQZDU 'DIUSHLWVFKWHQGLH=ZHLJHGHV5RVHQVWUDXFKVVLHZXUGHQ JHERJHQNQLFNWHQDEHLQKHXOHQGHU6FKUHLKDOOWHGXUFKGLH

6WLOOHGHULQHLQKRKHV:LPPHUQEHUJLQJ 6XNRKDWWHJHWURIIHQ 7LHIKROWHHU/XIW -HW]WPXWHQVLFKDXFKGLHDQGHUHQ%HVWLHQ]HLJHQ6LHZU GHQVLFKHUOLFKQLFKWDXILKUHQ3OlW]HQEOHLEHQVRQGHUQGLH 6WHOOXQJHQZHFKVHOQXQG6XNRZDUGDUDXIJHIDWVRIRUW]X IHXHUQ 'DJHVFKDKHWZDVDQGHUHV (LQHNDOWH)UDXHQVWLPPHNODQJDXI+LQWHU6XNRZRVLFK GDVEHOHXFKWHWH)HQVWHUEHIDQG8QGMHGHVHLQ]HOQH:RUWZDU IUGHQ,QVSHNWRUZLHHLQ6WLFKLQV+HU] ª:HQQGXQRFKHLQPDOVFKLHWLVWVLHWRW&KLQHVH'UHK GLFKXPGDPLWGXVLHKVWGDLFKQLFKWEOXIIH© 6XNRULHVHOWHHVNDOWEHUGHQ5FNHQ6HLQ9HUGDFKWGHQHU HLJHQWOLFKQLFKWKDWWHZDKUKDEHQZROOHQEHVWlWLJWHVLFKQXQ ,P+DXVODXHUWHQRFKHLQH%HVWLH 8QGGDVZDUDXVJHUHFKQHW/XSLQD 'LH.|QLJLQGHU:|OIHKDWWHVLFKGLHEHVWH3RVLWLRQDXVJH VXFKW6LHZDUWHWHGRUWZRVLHQLHPDQGYHUPXWHWHXQG ZlKUHQGVLFK6XNRYRUVLFKWLJLQGLH+|KHVFKUDXEWHVLFK GDEHLQRFKXPGUHKWHVSUHL]WHHUVLFKHUKHLWVKDOEHUGLH$UPH YRP.|USHUDE (UVDKVLHDP)HQVWHU /XSLQDXQG/DG\6DUDK 6LHVWDQGHQGLFKWQHEHQHLQDQGHU/XSLQDKLHOWNHLQHVLFKW EDUH:DIIHDEHULKUHJHIlKUOLFKHQ3UDQNHQZDUHQ:DIIHQ JHQXJ'DPLWNRQQWHVLHHLQHP0HQVFKHQPLWHLQHP6FKODJ GLH.HKOHDXIIHW]HQXQGLKUHEHLGHQ3UDQNHQEHIDQGHQVLFK VHKUGLFKWDP+DOVGHU+RUURU2PD 6LHVHOEVWZLUNWHZLHYHUVWHLQHUW.HLQ0XVNHO]XFNWHLQ LKUHP*HVLFKW6LHVWDQGQXUGDXQGVWDUUWHDXIGHQ&KLQHVHQ ZREHL6XNRQLFKWHLQPDOZXWHREVLHLKQEHUKDXSWZDKU QDKP)UVLHVFKLHQGDV*HVFKHKHQHLQ$OSWUDXP]XVHLQ 6XNRQLFNWHª2ND\©VDJWHHUªGXKDVWJHZRQQHQ /XSLQD© ª'DVZLOOLFKPHLQHQ©

,Q6XNRV.RSIEHUVFKOXJHQVLFKGLH*HGDQNHQ(UKDWWH ]XHUVWDQHLQH7lXVFKXQJRGHU)DOOHJHJODXEWXQGQLHGDPLW JHUHFKQHWGD/XSLQDWDWVlFKOLFKQRFKOHEWH,KU$QEOLFN EHZLHVLKPGDV*HJHQWHLO'LH.|QLJLQGHU:|OIHH[LVWLHUWH QDFKZLHYRU6LHZDUNHLQH7lXVFKXQJVRQGHUQHLQH YHUGDPPWH5HDOLWlW ,KU/DFKHQNODQJ]LVFKHQGDOVVLHVDJWHª8QGMHW]WZLUIGLH :DIIHZHJ'DQDFKNRPPVWGXLQV+DXV© ª2ND\©'HU,QVSHNWRUVDKHLQGDHUGLHZHVHQWOLFK VFKOHFKWHUHQ.DUWHQLQGHQ+lQGHQKLHOWHUPXWHVLFKGHQ %HIHKOHQGHU:HUZ|OILQIJHQVRQVWZDUGLH+RUURU2PD YHUORUHQ 'LH%HUHWWDZDUIHULQ5LFKWXQJ)HQVWHU8QG]ZDUVRGD /XSLQDHVVHKHQNRQQWH ª*XW©OREWHVLHLKQªVHKUJXW1XUKDVWGXQRFKHWZDV YHUJHVVHQPHLQ/LHEHU'LH'lPRQHQSHLWVFKH© 'DVLHGDUDQJHGDFKWKDWWHEHZLHVGHP&KLQHVHQLKUH 6FKOlXH(UDWPHWHWLHIHLQOLHVLFKVHLQHKHUEH(QWWlXVFKXQJ QLFKWDQPHUNHQKROWHGLH'lPRQHQSHLWVFKHKHUYRUXQG VFKOHXGHUWHVLHGRUWKLQZREHUHLWVGLH%HUHWWDODJ /XSLQDZDU]XIULHGHQ(VZDUGDUDQ]XPHUNHQGDVLHHLQ GXPSIHVXQGKHLVHUNOLQJHQGHV.QXUUHQDXVVWLH'DQQJDE VLHGHQQlFKVWHQ%HIHKOª.RPPODQJVDP]XPLU© $XFKGDVWDW6XNR(UVFKULWWDXIGLH+DXVZDQG]XXQG VWRSSWHHUVWDOVHUGLFKWXQWHUGHP)HQVWHUVWDQG -HW]WNRQQWHHUGLH+RUURU2PDEHVVHUVHKHQ6LHKLHOWVLFK HUVWDXQOLFKWDSIHUREZRKOLQLKUHQ$XJHQGLH$QJVWXPLKU /HEHQVFKLPPHUWH$EHUVLHVFKULHXQGZHLQWHQLFKWLKU%OLFN ZDUHLQ]LJXQGDOOHLQDXI6XNRJHULFKWHW :HQQHULKQUHFKWGHXWHWHGDQQJDE0UV*ROGZ\QLKP ]XYHUVWHKHQGDHUDXIVLHNHLQHUOHL5FNVLFKWQHKPHQVROO WH'DUDQGDFKWH6XNRQLFKW6DUDK*ROGZ\QV/HEHQZDU ZLFKWLJHU 1HEHQLKUHP.RSIVDKHUGDV*HVLFKWGHU/XSLQD(VZDU K|KQLVFKYHU]RJHQHLQ=HLFKHQGHV7ULXPSKVXQGGHU ,QVSHNWRUNRQQWHQLFKWPHKUDQVLFKKDOWHQHUPXWHGLH

)UDJHVWHOOHQ ª:LHNRPPWHVGDGXQRFKOHEVW/XSLQD"© 'LH.|QLJLQGHU:|OIHODFKWHVFKDUIXQG]LVFKHQGª:LHHV NRPPW",FKZHLHVDEHULFKZHUGHHVGLUDXINHLQHQ)DOO XQWHUGLH1DVHUHLEHQ'LH6FKZDU]H0DJLHNHQQW0LWWHO XQG:HJHGLHHXFK0HQVFKHQYHUVFKORVVHQEOHLEHQ+WHW HXFKYRUGHQ:|OIHQVLHKDOWHQQRFKVRPDQFKHhEHU UDVFKXQJEHUHLW© 'DVIUFKWHLFKDXFKGDFKWH6XNR:HLWHUKLQIUDJWHHUVLFK ZDV/XSLQDMHW]WYRUKDWWH (UEUDXFKWHQLFKWODQJH]XZDUWHQGHQQGLH:HUZ|OILQ EHIDKOLKPLQV+DXV]XNRPPHQª$EHUKEVFKYRUVLFKWLJ XQGODGLUQXUNHLQH7ULFNVHLQIDOOHQ© ª1HLQQHLQLFKGHQNHQLFKWGDUDQ© ª%OHLELPPHUDQGHU+DXVZDQG© 6XNRKDWWHQLFKWYRUVLFKGHQ$QRUGQXQJHQ]XZLGHU VHW]HQ(UGDFKWHQXUDQ6DUDK*ROGZ\QGHQQLKU/HEHQ ZROOWHHUXQEHGLQJWUHWWHQ'HU,QVSHNWRUVFKULWWEHUGLH ZHLFKH*DUWHQHUGHJLQJEHUHUVWHVEHUHLWVDEJHIDOOHQHV /DXEXQGHUUHLFKWHGHQ(LQJDQJVFKOLHOLFKYRQGHU6HLWH 'DEHLVFKDXWHHUQDFKOLQNVXQGHUVFKUDN /XSLQDPXWHLKUHQ+HOIHUQLUJHQGHLQ=HLFKHQJHJHEHQ KDEHQGHQQGLHGUHLEULJJHEOLHEHQHQ%HVWLHQWUDXWHQVLFK DXVLKUHQ9HUVWHFNHQKHUYRUXQGQlKHUWHQVLFKHEHQIDOOVGHU +DXVWUGLHDOOHUGLQJVYHUVFKORVVHQZDUZLH6XNRIHVWVWHOOWH 6RPXWHHUZDUWHQ 'LH:|OIHNDPHQQlKHU*HIlKUOLFKH%HVWLHQIL[LHUWDXIV 7|WHQ*HOEXQGJUDXVDPOHXFKWHWHQLKUH$XJHQGLH 6FKQDX]HQZDUHQKDOEJH|IIQHWKHOOVFKLPPHUWHQGLH=lKQH XQGGD]ZLVFKHQDXFKGHUVFKDXPLJH*HLIHU%HLPHUVWHQ :ROIUDQQHUVRJDUEHUGLHXQWHUH+lOIWHGHU6FKQDX]H (LQ%LOGGHV6FKUHFNHQVZLHVLFKGLHGUHL%HVWLHQDXV GHP'XQNHOO|VWHQXQGVLFKGHP,QVSHNWRULP+DOENUHLV QlKHUWHQGHUQLFKW]XUFNNRQQWHZHLOVLFKKLQWHULKP GLH7UEHIDQGXQGGHQ:HJYHUVSHUUWH 6XNRZDUHKUOLFKJHQXJXPVLFKGLHHLJHQHQ)HKOHUHLQ]X

JHVWHKHQGLHHUJHPDFKWKDWWH(UKlWWH6DUDK*ROGZ\QQLFKW DOOHLQODVVHQVRQGHUQVLHPLWQHKPHQVROOHQ1XQZDUHV]X VSlW(UPXWHVHKHQGDHUPLWGLHVHU6LWXDWLRQIHUWLJ ZXUGH 8QG+LOIHZDUZHLW-RKQ6LQFODLUKDWWHVLFKPLW/XSLQD WUHIIHQZROOHQ$XHUKDOE/RQGRQV%LVHU%HVFKHLGZXWH GDXHUWHHVQRFKHWZDVZLH6XNRVLFKDXVUHFKQHWH (LQ6FKULWWWUHQQWHLKQQRFKYRQGHQ%HVWLHQ6LHZDUHQ HUUHJWKDWWHQGLH9HUQLFKWXQJLKUHV$UWJHQRVVHQPLWDQVHKHQ PVVHQXQGQXQVWDQGGHUMHQLJHYRULKQHQGHUGLH6FKXOG GDUDQWUXJ(VZDUXQZDKUVFKHLQOLFKGDVLH6XNRLQ5XKH ODVVHQZUGHQXQGGHU,QVSHNWRUUHFKQHWHDXFKPLWHLQHP $QJULII 'URKHQGNODQJGDV.QXUUHQXQG)DXFKHQGDVLKPHQW JHJHQVFKZDQJ(LQ9RUVSLHOHLQHJHIlKUOLFKH:DUQXQJDQ LKQJHULFKWHWXQG6XNRJODXEWHQLFKWGDUDQGDVLFKGLH GUHL%HVWLHQDQGLH%HIHKOHGHU/XSLQDKDOWHQZUGHQ (UKDWWHUHFKW 3O|W]OLFKZDUIHQVLHVLFKYRU 'UHL:HUZ|OIHJHJHQHLQHQ8QEHZDIIQHWHQGDVZDUVHOEVW IUHLQHQ.lPSIHUZLH6XNR]XYLHO(UULQRFKGLH$UPH DOV'HFNXQJYRUVHLQ*HVLFKWGDQQSUDOOWHGHUHUVWHJHJHQ LKQ 6XNRVSUWHGHQ$QVWXUP(UVDKGLHJHIlKUOLFKH6FKQDX]H GLFKWYRUVHLQHP*HVLFKWUDPPWHGHQDQJHZLQNHOWHQ$UP YRUXQGWUDIPLWGHP(OOERJHQGLH)UDW]HGHU%HVWLH $XVVFKDOWHQNRQQWHHUVLHPLWGLHVHU$NWLRQQLFKW'HU :HUZROIZXUGHQLFKWHLQPDO]XUFNJHVFKOHXGHUWGHQQLQ VHLQHP5FNHQGUlQJWHQGLHEHLGHQDQGHUHQQDFKXQGQDJHO WHQGHQ&KLQHVHQI|UPOLFKDQGHU+DXVWUIHVW 6XNRHPSIDQGLQGLHVHQ$XJHQEOLFNHQHLQHVFKUHFNOLFKH $QJVW'LHNRQQWHQLKQIHUWLJPDFKHQW|WHQ]HUUHLHQGRFK HVJHVFKDKHWZDVZRPLWHUQLFKWJHUHFKQHWKDWWH 'LH7UIORJDXI

6LHZXUGHYRQLQQHQDXIJHULVVHQXQG6XNRZDUHEHQVR EHUUDVFKWZLHGLHGUHL%HVWLHQ 'HU0HQVFKXQGGLH:HUZ|OIHYHUORUHQGHQ+DOW 5FNOLQJVZXUGHQDOOHYLHULQGHQ+DXVIOXUJHVFKOHXGHUWZR VLHNHLQHUOHL+DOWIDQGHQXQG]X%RGHQJLQJHQ 6XNRILHODOVHUVWHUGLH%HVWLHQSUDOOWHQGDEHLDXILKQXQG GUFNWHQLKQQRFKKlUWHUJHJHQGLH)OLHVHQ6RPLWZDUGHU &KLQHVH]XU%HZHJXQJVXQIlKLJNHLWYHUXUWHLOW]XGHPODJHQ ]ZHL:|OIHVRDXIVHLQHQ$UPHQGDHUVLHQLFKWPHKUKRFK GUFNHQNRQQWH -HW]WKDWWHQGLH%HVWLHQGLHHLQPDOLJH&KDQFH6XNRPLW LKUHQ=lKQHQ]X]HUUHLHQ ª/DWLKQ©+DUWZLHHLQ3LVWROHQVFKXSHLWVFKWHGHU%HIHKO GXUFKGHQODQJHQ)OXU/XSLQDKDWWHLKQDXVJHVWRHQXQG DXILKUH.|QLJLQK|UWHQGLH%HVWLHQ 3O|W]OLFKIKOWHVLFK6XNRYRQHLQHP'UXFNEHIUHLWGLH %HVWLHQHUKREHQVLFKEOLHEHQDEHULQJHVSDQQWHU+DOWXQJ XP6XNRKHUXPVWHKHQXQGEHREDFKWHWHQLKQDXVNDOWHQ JQDGHQORVHQ5DXEWLHUDXJHQ $XVGHQ0lXOHUQWURSIWHQRFKLPPHUGHU*HLIHU(UILHO QDFKXQWHQXQGQlWH6XNRV.OHLGXQJ /XSLQDWUDWLQGHQ.UHLV6LHKDWWH6DUDK*ROGZ\QORVJHODV VHQXQGJHJHQHLQH:DQGJHVWRHQZRVLHVWHKHQEOLHEXQG QLFKWZDJWHVLFK]XUKUHQ/XSLQDDEHUEDXWHVLFKVRDXI GD6XNRLKUDXVVHLQHU/DJHLQV*HVLFKWVFKDXHQNRQQWH ,KU*HVLFKWYHU]RJVLFK]XHLQHPNDOWHQ/lFKHOQª'HQNQXU QLFKW&KLQHVHGDLFKGLFKDXVUHLQHU)UHXQGOLFKNHLW JHVFKRQWKDEH'HLQ7RGLVWEHVFKORVVHQH6DFKHDEHULFKZLOO GLUHWZDV]HLJHQXQGLFKYHUODQJHHLQH$QWZRUWYRQGLU© ª:DVZLOOVWGXPLU]HLJHQ"© ª6WHKDXI© 6XNRVFKDXWHQRFKGLHGUHL%HVWLHQDQXQGOHJWHVLFKGDQDFK DXIGLH6HLWH(UVWHPPWHVLFKKRFKXQGVWDQG ª*HKLQV=LPPHU© 6XNRZXWHZHOFKHU5DXPJHPHLQWZDUGHQQGLH7U GD]XVWDQGRIIHQ(UNRQQWHDXFKGDV]HUEURFKHQH)HQVWHU

VHKHQXQGHUNDQQWHGD]ZHL0|EHOVWFNHXPJHNLSSW ZDUHQ %HYRUHUVLFKLQ%HZHJXQJVHW]WHZXUGH/DG\6DUDKYRQ ]ZHL%HVWLHQJHSDFNWXQGYRQGHU:DQGZHJJH]RJHQ'DEHL GUDQJNHLQ/DXWEHULKUH/LSSHQGLHDOWH'DPHKLHOWVLFK HUVWDXQOLFKWDSIHU 'LH:HUZ|OIHJLQJHQUDXKPLWLKUXP$PUHFKWHQ$UP ZXUGHGDVGXQNHOEODXH.OHLG]HUULVVHQDXFKHLQH.HWWHKLHOW QLFKWPHKUXQGGLHHLQ]HOQHQ3HUOHQILHOHQNODFNHQG]X %RGHQ 6LHVFKREHQGLH+RUURU2PD]XHUVWLQGHQ5DXP6XNR IROJWH(LQJHUDKPWYRQ/XSLQDXQGHLQHP:HUZROI ª'DDXIGHPUXQGHQ7LVFKOLHJWHV©VDJWHGLH.|QLJLQGHU :|OIHª6LHKHVGLUDQ© 'HU&KLQHVHJLQJYRU0LWGHP*HJHQVWDQGZDUGDV%XFK JHPHLQWGDVHUEHUHLWVJHVHKHQKDWWH,UJHQGMHPDQGKDWWHHV DXIJHVFKODJHQ%HLP1lKHUNRPPHQHUNDQQWH6XNRHLQH =HLFKQXQJXQGHUVDKVLHGHXWOLFKHUDOVHUYRUGHP7LVFK VWDQG$XFKHUZDUEHUUDVFKWGHQQGLH=HLFKQXQJVWHOOWH KDDUJHQDX-RKQ6LQFODLUV.UHX]GDU ª1DZDVVDJVWGX"©K|KQWH/XSLQD ª,FKLFKZHLHVQLFKW© ª:LOOVWGXPLFKKLHUUHLQOHJHQ"1DWUOLFKZHLWGXHVGDV LVW-RKQ6LQFODLUV.UHX]© ª'DVVHKHLFK© ª8QGZHLWGXDXFKZHOFKHLQH%HGHXWXQJGLHVHV%XFKIU XQV6FKZDU]EOWHUKDW"© ª1HLQ© ª'DULQVLQGGLH*HKHLPQLVVHGHV.UHX]HVQLHGHUJHVFKULH EHQZRUGHQ(VNOlUWGDV5lWVHOXPGDV.UHX]'HUMHQLJHGHU HVLQGLH+lQGHEHNRPPWNDQQGHU'lPRQHQZHOWGDPLW HLQHQXQJHKHXUHQ6FKDGHQ]XIJHQ'HVKDOEGDUIGLHVHV %XFKDXINHLQHQ)DOOLQGLH+lQGHGHV*HLVWHUMlJHUVJHODQJHQ 8QGGDVLVWQLFKWQXUPLUEHNDQQWVRQGHUQDXFKGHQDQGHUHQ 6FKZDU]EOWHUQ'HU6SXNZHLHV/DG\;ZDKUVFKHLQOLFK HEHQIDOOV6LHZROOHQGDV%XFKEHVLW]HQDEHUHVJLEWQXUHLQH

GLHHVZLUNOLFKEHNRPPW'DVELQLFK'LH.|QLJLQGHU:|OIH ZLUGHVDQVLFKQHKPHQXQGHVYLHOOHLFKWYHUQLFKWHQ© 6XNRZlUHDPOLHEVWHQLP%RGHQYHUVXQNHQ-HW]WZXWHHU %HVFKHLG1XQZDULKPNODUZHVKDOEGLH'lPRQHQZHOWVR KLQWHUGHP%XFKKHUZDU:HQQHVWDWVlFKOLFKVWLPPWHZDV /XSLQDJHVDJWKDWWHGDQQZDUGLHVHV%XFKPHKUDOVEULVDQW 'HU,QVSHNWRUGDFKWHDQVHLQHQ)UHXQG-RKQ6LQFODLU:LH ODQJHKDWWHHUVFKRQEHUVHLQ.UHX]QDFKJHGDFKWXQGKHU XPJHUlWVHOW9RU6XNRODJGLH(UNOlUXQJHUEUDXFKWHQXUGLH +DQGDXV]XVWUHFNHQGRFKWURW]GLHVHUOlFKHUOLFKJHULQJHQ (QWIHUQXQJZDUGDV%XFKIULKQPHLOHQZHLWHQWIHUQW6REDOG HUQXUGHQ9HUVXFKXQWHUQDKPZUGHGLH*HJHQVHLWHKDUW XQGHUEDUPXQJVORV]XVFKODJHQ ª1DZDVJHKWMHW]WLQGHLQHP6FKlGHOYRU"©K|KQWHGLH .|QLJLQGHU:|OIH ª.DQQVWGXGLUGDVQLFKWGHQNHQ"© ª6LFKHUDEHULFKZROOWHGLUGLHNOHLQH)UHXGHQRFKJ|QQHQ EHYRUGLFKPHLQH)UHXQGH]HUUHLHQ'XKDVWHVJHVHKHQGDV UHLFKW©6LHGUHKWHVLFKª/RVLKU:|OIHSDFNWLKQHXFK(U JHK|UWHXFK=HUUHLWLKQLFKZLOOLKQQLFKWPHKUVHKHQ© ª1HLQ© =XPHUVWHQPDOPHOGHWHVLFK6DUDK*ROGZ\Q6LHVFKULH GDV:RUWXQGZROOWHVLFK]ZLVFKHQ6XNRXQGGLH:HUZ|OIH VFKLHEHQGRFKHLQ3UDQNHQKLHEVFKOHXGHUWHVLH]XUFN 'LH+RUURU2PDKDWWHGDV*HIKOLQHLQHU6FKPHU]ZHOOH ]XHUVWLFNHQ6LHYHUORUGLH8PJHEXQJDXVGHQ$XJHQZXWH QLFKWPHKUZRVLHVLFKEHIDQGXQGNUDFKWHPLWGHP5FNHQ JHJHQGLH:DQGZRVLHVFKZHUDWPHQGKHUDEUXWVFKWH (VZDUHLQZLQ]LJHU0RPHQWGHU8QDFKWVDPNHLWGHQGHU &KLQHVHVRIRUWDXVQXW]WH(UZLUEHOWHKHUXPVWLHVHLQH )lXVWHYRUWUDIHLQHQ:HUZROIXQGGHU7UHIIHUULGHQ.RSI GHU%HVWLHLQGHQ1DFNHQ $OVGHU]ZHLWHDXI6XNR]XVSUDQJEHIDQGGHUVLFKVFKRQLQ GHU/XIW(LQ.DUDWHWULWWVFKWWHOWHGLH%HVWLHGXUFK=XPHKU $NWLYLWlWHQZDU6XNRDOOHUGLQJVQLFKWIlKLJ /XSLQDJULIIHLQ

'HU.HU]HQOHXFKWHUGHQVLHLQGHU+DQGKLHOWEHVWDQGDXV 0HWDOO8QGGLHVHQ*HJHQVWDQGKlPPHUWH/XSLQD6XNRLQ GHQ1DFNHQ (UKDWWHGDV*HIKOMHPDQGZUGHLKPGHQ%RGHQXQWHU GHQ)HQZHJUHLHQ(WZDVH[SORGLHUWHLQVHLQHP.RSI GDQQJDEHVQXUQRFKGDVEHUKPWH6FKZHEHQVRGDHU QLFKWHLQPDOPHUNWHZLHHUGXPSI]X%RGHQVFKOXJ ª9LHOOHLFKWLVWHVEHVVHUVR©VWHOOWH/XSLQDIHVWª'DQQNDQQ HUVLFKZHQLJVWHQVQLFKWPHKUZHKUHQ:HJPLWLKP© :LHHLQOHEORVHV%QGHOODJGHU&KLQHVHDXIGHP%RGHQ /DG\6DUDKPXWHPLW6FKUHFNHQDQVHKHQZLHGLHGUHL:|OIH GHQVRQVWVRJHIUFKWHWHQ.lPSIHUSDFNWHQXQGLQ5LFKWXQJ 7UVFKOHLIWHQ6FKRQEDOGZDUHQVLHLP)OXUYHUVFKZXQGHQ ZRVLHGHQ,QVSHNWRU]X%RGHQIDOOHQOLHHQEHYRUVLHGLH7U VFKORVVHQ (UJHEHQVFKOR6DUDK*ROGZ\QGLH$XJHQ,KUHLJHQHU 6FKPHU]NDPLKUQLFKWPHKU]X%HZXWVHLQ9LHOVFKOLPPHU IUVLHZDUGLH7DWVDFKHGDVLHYHUVDJWKDWWHXQGHVVRJXW ZLHNHLQH&KDQFHPHKUJDE'DV7HDPXP-RKQ6LQFODLUKDWWH YHUORUHQGDUDQZDUQLFKWVPHKU]XUWWHOQ /XSLQDZDUWHWHELVLKUH+HOIHUQLFKWPHKU]XVHKHQZDUHQ 'DQDFKGUHKWHVLHVLFK]X/DG\6DUDKXP,KUH/LSSHQ]XFN WHQDOVVLHIOVWHUWHª0HLQ3ODQLVWDXIJHJDQJHQ(UKDWYROO JHNODSSW/DQJHJHQXJKDEHLFKGDUDQJHDUEHLWHW,FKKDEH -RKQ6LQFODLUZHJJHORFNWLKQPLWHLQLJHQ$QGHXWXQJHQ DXIVHLQ.UHX]KHLJHPDFKWXPDQVFKOLHHQGDEHUQWHQ]X N|QQHQ,FKZDUVFKQHOOHUDOVGHU6SXNXQGZHUGHDXFK VFKQHOOHUDOV/DG\;VHLQPLWGHULFKQRFKHLQH5HFKQXQJ ]XEHJOHLFKHQKDEH© 6DUDK*ROGZ\QKROWHWLHI$WHPª:DUXPXPDOOHVLQGHU :HOWZLOOVWGXQRFKW|WHQZHQQGXGDV%XFKKDVW"'DQQ ELVWGXGRFKGHU6LHJHU1LHPDQGNDQQGLUPHKUHWZDV 'LH0HQVFKHQDEHUKDEHQHLQ5HFKWDXILKU/HEHQ/DHV LKQHQELWWH© ª5HGHQLFKWVRGXPPGDKHU,FKPXW|WHQLFKZLOOW|WHQ GDPLWDOOHVDXVGHP:HJJHUlXPWLVW,FKJHKHGHQVLFKHUHQ

:HJ© 6LHVWUHFNWHEHLGLHVHQ:RUWHQLKUH3UDQNHDXVXQGVFKOXJ GDV%XFK]X-HW]WZDUGDV.UHX]QLFKWPHKU]XVHKHQQXU QRFKGHUVFKZDU]H(LQEDQG ª'LHVHQ&KLQHVHQHUOHGLJHQPHLQH)UHXQGHGLFKDEHUKDEH LFKPLUDXIJHKREHQ-HGHUGHUPLWGLHVHP)DOO]XWXQKDW GDUIQLFKWEHUOHEHQ$XFKGXQLFKW6DUDK*ROGZ\Q©8QG ]\QLVFKIJWHVLHKLQ]Xª'XELVWHLQHDOWH)UDXKDVWGHLQ /HEHQJHOHEW2EHVGLFKJLEWRGHUQLFKWZDVVSLHOWGDVQRFK IUHLQH5ROOH"© /DG\6DUDKNRQQWHQLFKWDQWZRUWHQ'HU=\QLVPXVXQGGLH *UDXVDPNHLWGLHVHU:RUWHYHUVFKOXJHQLKUGLH6SUDFKH'DEHL KDWWHHVVRJXWDQJHIDQJHQGRFKQXQZDUDOOHVYRUEHL (LQ5XFNJLQJGXUFKGLH*HVWDOWGHU:|OILQ'DEHLEHZHJWH VLHLKUH3UDQNHQXQGZROOWHGDV%XFKDQKHEHQ ª/DHVOLHJHQ/XSLQD© (LVNDOWNODQJGLH6WLPPH6LHEHZLHVGDGHU0DQQGHUGLH :RUWHJHVSURFKHQKDWWHHVYHUGDPPWHUQVWPHLQWH8QGGDV VSUWHDXFKGLH.|QLJLQGHU:|OIH 6LH]XFNWH]XUFNXQGGUHKWHVLFKGHP)HQVWHU]XGHQQ GRUWVWDQGGHU6SUHFKHU 6LHVDKHLQEOHLFKHV*HVLFKWYRUGHPVLHQRUPDOHUZHLVH NHLQH$QJVWJHKDEWKlWWHDEHUQHEHQGHP*HVLFKWJORW]WHVLH GLH0QGXQJHLQHU3LVWROHDQXQGVLHZXWHJHQDXGDHLQ 0DQQZLH-RKQ6LQFODLUVHLQH:DIIHPLWJHZHLKWHQIUVLH W|GOLFKHQ6LOEHUNXJHOQJHODGHQKDWWH'HQQNHLQDQGHUHUDOV GHU*HLVWHUMlJHUVWDQGDPRIIHQHQ)HQVWHU ,FKZDUZLUNOLFKQRFKUHFKW]HLWLJHLQJHWURIIHQXPGLH 8QWHUKDOWXQJ]ZLVFKHQ/XSLQDXQG6DUDK*ROGZ\Q]X EHODXVFKHQ,FKZDUXPHLQLJHVVFKODXHUJHZRUGHQXQG ZXWHQXQZHVKDOEGLH.|QLJLQGHU:|OIHGDV7UHIIHQ PLWPLUDUUDQJLHUWKDWWH $EHUVLHVROOWHVLFKYHUUHFKQHWKDEHQGDVVFKZRULFKPLU ª*HKHQ6LHLQ5LFKWXQJ7U/DG\6DUDK©VDJWHLFKª$EHU

YRUVLFKWLJQLFKWLQGLH6FKXOLQLHODXIHQ© 'LH+RUURU2PDQLFNWHKDVWLJ6SUHFKHQNRQQWHVLHQLFKW ,KU%OLFN]XFNWHKLQXQGKHU(LQPDOVFKDXWHVLHPLFKDQ GDQQZLHGHU/XSLQD$XILKUHP*HVLFKWODVLFKHLQHVHOWHQ HUOHEWH)DVVXQJVORVLJNHLW0LWPHLQHPQRFKUHFKW]HLWLJHQ (LQWUHIIHQVFKLHQVLHZRKOQLFKWPHKUJHUHFKQHW]XKDEHQ :LHHLQH0DULRQHWWHEHZHJWHVLHVLFK(LQHQ$UPKDWWH VLHYRUJHVWUHFNWXPHWZDLJH+LQGHUQLVVHDXVGHP:HJ]X VFKLHEHQ+DOERIIHQVWDQGLKU0XQG'HU$WHPJLQJNXU] XQGKHIWLJ ª1LFKWUDXVJHKHQ©ZDUQWHLFKDOVLFKVDKGDVLHGLH7U IDVWHUUHLFKWKDWWHª6FKODJHQ6LHHLQHQ%RJHQXQGWUHWHQ6LH YRUVLFKWLJDQV)HQVWHU© ,FKPXWH0UV*ROGZ\QVRGLULJLHUHQDQVRQVWHQKlWWH /XSLQDHLQH&KDQFHJHKDEWVLH]XSDFNHQ 'LH+RUURU2PDQLFNWH6LHKLHOWVLFKSUlFKWLJDQPHLQH $QZHLVXQJHQVFKOXJGHQ%RJHQXQGKDWWHGLH+lOIWHGHU 6WUHFNHVFKRQKLQWHUVLFKJHEUDFKWDOVVLFK/XSLQD]XP HUVWHQPDOPHOGHWHXQGPLFKGDEHLDQVSUDFK ª*ODXEVWGXZLUNOLFKGDGXJHZRQQHQKDVW*HL VWHUMlJHU"© ª-DGDVJODXEHLFK'LUZLUGHVQLFKWPHKUJHOLQJHQGDV %XFKLQGLH+lQGH]XEHNRPPHQ© ª'DZlUHLFKQLFKWVRVLFKHU© ª:DVVROOWHPLFKDEKDOWHQHVDQPLFK]XQHKPHQ"'XHWZD /XSLQD"1HLQDXINHLQHQ)DOO'HLQ6SLHOLVWEHHQGHW(VZDU JXWHLQJHIlGHOWGDVJHEHLFK]XDEHUHEHQQLFKWJXWJHQXJ© ª8QGGHLQ)UHXQG"© ª'XPHLQVW6XNR"© ª-D©6LHOlFKHOWHSO|W]OLFKXQGLQPLUVWLHJVRHWZDVZLH $QJVWKRFK ª:DVLVWPLWLKP"©IUDJWHLFKVFKDUI ª9LHOOHLFKWOHEWHUQRFKYLHOOHLFKWDXFKQLFKW,FKKDEHPHL QHQGUHL)UHXQGHQGHQ&KLQHVHQ]XP*HVFKHQNJHPDFKW6LH ZHUGHQLKQ]HUIHW]HQ6LQFODLU© 'DVKDWWHLFKQLFKWPLWEHNRPPHQZXWHDOOHUGLQJVGD

6XNRKLHUJHZHVHQZDUGHQQLFKKDWWHVHLQH0DVFKLQHQLFKW ZHLWYRQPHLQHP%HQWOH\SDUNHQVHKHQ ª6WLPPWGDV/DG\6DUDK"© ª-DMD©IOVWHUWHVLHª'LHVH%HVWLHQKDEHQ6XNREHZXW ORVJHVFKODJHQXQGLKQGDQQZHJJHVFKDIIW-RKQPHLQ-XQJH HVLVWVRJUDXHQKDIW:LUVLW]HQLQGHU.OHPPH© 'DVVDHQZLUWDWVlFKOLFKXQGLFKIUDJWHPLFKZDVLFKQXQ PDFKHQVROOWH ,FKPXWHPLFK]ZLVFKHQ6XNRXQGGHP%XFKHQWVFKHLGHQ :DVZDUZLFKWLJHU" (VZDUHLJHQWOLFKNHLQH)UDJH6XNRGHQQHUZDUHLQ 0HQVFK6RZHUWYROOGDV%XFKDXFKIUPLFKVHLQPRFKWH PHLQ)UHXQGXQG.ROOHJHJLQJLPPHUYRU ª:RLVWHU"© 'DODFKWH/XSLQDª,FKKDEHLKQPLWPHLQHQ)UHXQGHQKLQ DXVJHKHQODVVHQ:HQQGXJHQDXKLQK|UVWZLUVWGXYLHOOHLFKW VHLQH6WLPPHYHUQHKPHQIDOOVHUQRFKUHGHQNDQQ© 0LFKEHUVFKZHPPWHHLQH:RJHGHU:XW)U6HNXQGHQ VDKLFKZLUNOLFKURWXQG/XSLQDVFKLHQ]XPHUNHQZDVLQ PLUYRUJLQJGHQQVLHNQXUUWHUDXKXQGDEJHKDFNW :LHVROOWHLFKPLFKHQWVFKHLGHQ" ª1D*HLVWHUMlJHU"©K|KQWHVLHª'DV%XFKRGHUGHLQ )UHXQG6XNR"© 'DJULII6DUDK*ROGZ\QDQ6LHVSUDQJZLUNOLFKEHULKUHQ HLJHQHQ6FKDWWHQª,FKQHKPHGDV%XFKDQPLFK©ULHIVLHXQG EHZHJWHVLFKEHUHLWVDXIGHQ7LVFK]X ª9RUVLFKW©ZDUQWHLFKGHQQLFKKDWWHJHVHKHQGD/XSLQD ]XVDPPHQ]XFNWH 'LH+RUURU2PDVWRSSWHWDWVlFKOLFK,FKKDWWHEHJULIIHQ GDVLHPLUGLHHLQ]LJH0|JOLFKNHLWHU|IIQHWKDWWHXQGPXWH GLH*HOHJHQKHLWEHLP6FKRSISDFNHQ ª=XUFN/XSLQD*HK]XUFNYHUGDPPW© ,KU)HOOVWUlXEWHVLFK'DV*HVLFKWZXUGH]XHLQHU*ULPDVVH 6LHEHZHJWHGHQ0XQGNQXUUWHXQGIRFKWHLQHQLQQHUHQ .DPSIDXV6LHZXWHJHQDXGDVLH%RGHQYHUORUZHQQVLH MHW]W]XU6HLWHZLFKXQGVLFKGDPLWZHLWHUYRQGHP%XFKHQW

IHUQWDXIVWHOOWH ª,FKVFKLHHGLUHLQH.XJHOGXUFKGHQ6FKlGHO©]LVFKWHLFK LQLKUSO|W]OLFKHV/DFKHQKLQHLQ ª-DLFKJHKH©VFKULHVLHª'XVROOVWGHLQHQ:LOOHQKDEHQ *HLVWHUMlJHU© 9HUIOL[WLFKKlWWHOlQJVWVFKLHHQVROOHQ$EHULFKGDFKWHLP 8QWHUEHZXWVHLQDQGLH6]HQHDOV/DG\;LKUHLQH*DUEHLQ GHQ5FNHQJHVFKRVVHQKDWWH /XSLQDKDWWHEHUOHEW 1XUGHVKDOE]|JHUWHLFK /DG\6DUDKEHZHJWHVLFKHEHQIDOOV6WDUUVFKDXWHVLHGLH .|QLJLQGHU:|OIHDQ'LH6LWXDWLRQVWDQGDXIGHV0HVVHUV 6FKQHLGH:HUKDWWHGLHEHVVHUHQ1HUYHQ" ,FKYLEULHUWHLQQHUOLFK'HU6FKZHLZDUPLUDXVVlPWOLFKHQ 3RUHQJHEURFKHQNHLQH6HNXQGHGXUIWHLFKXQDXIPHUNVDP VHLQXQGGHQQRFKKDWWHLFKHWZDVXQJHPHLQ6FKZHUHVYRU PLU,FKPXWHGXUFKGDV)HQVWHULQGDV=LPPHUNOHWWHUQ ZREHLLFKGLH:|OILQNHLQH6HNXQGHODQJDXVGHQ$XJHQ ODVVHQGXUIWH /DG\6DUDKEHIDQGVLFKLPUHFKWHQ:LQNHO]XP)HQVWHU 1RFKKDWWHVLHGHQNOHLQHQ7LVFKQLFKWHUUHLFKW1XU]ZHL 6FKULWWHGDQQVWDQGVLHQHEHQLKP6LHVFKDIIWHHV ª8QGMHW]WGDV%XFK©IOVWHUWHLFKVFKDUI 'LH+RUURU2PDQDKPHVDQVLFK$OVVLHHVLQGHQ+lQGHQ KLHOWGXUFKOLHIHLQ=LWWHUQLKUH*HVWDOW'LH1HU YHQDQVSDQQXQJO|VWHVLFKHVNRQQWHDXFKVHLQGDVLHVR HWZDVZLH6FKPHU]HQYHUVSUWHGDVZXWHLFKQLFKW]X VDJHQ ª*XW©OREWHLFKVLHª$XVJH]HLFKQHW8QGMHW]WJHKHQ6LH ]XU6HLWH$EHUYRUVLFKWLJ© ª%HKDOWHGLH1HUYHQPHLQ-XQJH©VDJWHVLH /DG\6DUDKZDUXQEH]DKOEDU(LQ%HLQKDWWHLFKVFKRQDQJH ZLQNHOWXQGVXFKWHXQWHUGHP)HQVWHUDQGHU0DXHUHLQHQ NOHLQHQ9RUVSUXQJZRLFKPLFKHYHQWXHOODEVWW]HQNRQQWH 'LHVPDOVWDQGGDV*OFNDXIPHLQHU6HLWH,FKIDQGGHQ 9RUVSUXQJGLH0DXHUZDUQLFKWVRJODWW$OOHUGLQJVIDQGHQ

QXUPHLQH=HKHQHLQZHQLJ+DOW (VPXWHUHLFKHQ 0LWGHUOLQNHQ+DQGXPNODPPHUWHLFKGHQXQWHQODXIHQ GHQ5DKPHQ(UVWDQGHUK|KWDXIGHU)HQVWHUEDQN6RKDUWHV JLQJJULIIHQPHLQH+lQGH]XXQGGDQQVFKDIIWHLFKHV WDWVlFKOLFKKRFK]XVWHLJHQZREHLPHLQH:DIIHQDFKZLHYRU LQGHQ5DXPKLQHLQZLHVXQGZHQLJVWHQVLQHWZDDXI/XSLQD ]HLJWH 'HU:HUZ|OILQZDUDQ]XVHKHQGDVLHQDFKHLQHP$XVZHJ VXFKWH,KU%OLFNEOLHEQLHVWDUUGLH3XSLOOHQEHZHJWHQVLFK DEHUQRFKWUDXWHVLHVLFKQLFKW 'DQQKRFNWHLFKDXIGHU%DQN (VZDUHLQHXQJHPHLQVWDUNH6WUHVLWXDWLRQGLHLFKGXUFK PDFKWH0HLQH1HUYHQZDUHQ]XP=HUUHLHQJHVSDQQWXQG /DG\6DUDKZUGHHVVLFKHUOLFKQLFKWDQGHUVHUJHKHQ :LHHLQ5DXEWLHUGDVDXIVHLQH%HXWHODXHUWVWDQG/XSLQD GD6LHKDWWHQRFKNHLQHVZHJVDXIJHJHEHQGHVVHQZDULFK PLUVLFKHU1HLQHLQ:HVHQZLHGLH.|QLJLQGHU:|OIH NlPSIWHELV]XP6FKOX ,FKVSUDQJ ,QGHP$XJHQEOLFNDOVLFKPLFKLQGHU/XIWEHIDQGXQG ]ZDQJVOlXILJQLFKWPHKUVRYROONRQ]HQWULHUWVHLQNRQQWHGD UHDJLHUWHDXFK/XSLQD =XUVHOEHQ=HLWJHVFKDKQRFKHWZDVDQGHUHV :LUK|UWHQ6FKVVH 8QGGLHZDUHQLP+DXVDXIJHNOXQJHQ 'HU7UHIIHUKDWWHGHQ,QVSHNWRULPZDKUVWHQ6LQQHGHV:RUWHV QLHGHUJHPlKW2EZRKO6XNRVHKUYLHOHLQVWHFNHQNRQQWHZDU HUQLFKWLQGHU/DJHGLHVHQ+LHE]XYHUNUDIWHQ(UZDUDXI GHQ%RGHQJHVFKODJHQLKPVFKLHQHVDOVZlUHHULQHLQH ERGHQORVH7LHIHJHIDOOHQGLHLKQZLHHLQJLHULJHV0DXOYHU VFKODQJ 8QGGRFKZXUGH6XNRQLFKWY|OOLJEHZXWORV9LHOOHLFKW ZDUHVVHLQPHQWDOHV7UDLQLQJGDVHULPPHUGXUFKIKUWHXP

VHLQHJHLVWLJHQ.UlIWH]XVWlUNHQDXIMHGHQ)DOOVFKDIIWHHUHV GHQGURKHQGHQ:RJHQGHU%HZXWORVLJNHLW]XWURW]HQ 6XNRYHUILHOQXULQHLQH$UWYRQ'lPPHU]XVWDQGHLQ+LQ XQG+HUGHU3V\FKHHLQSHUPDQHQWHV$XIXQG$EZDOOHQGHU 1HEHOVFKOHLHU 'DZXUGHJHVSURFKHQDEHU6XNRYHUVWDQGNHLQ:RUW REZRKOHUGLH6WLPPHQK|UWH(UZXWHQLFKWHLQPDOREHV )UDXHQRGHU0lQQHUZDUHQGLHGDUHGHWHQDOOHVUFNWHLQ HLQHXQDXVORWEDUH)HUQHXQG7LHIH'HU,QVSHNWRUZDUDXFK QLFKWPHKULQGHU/DJH*HIKOH]XHPSILQGHQXQGVLHHLQ ]XRUGQHQHUJOLWWKLQHLQLQHLQH/HWKDUJLHZRLKPDOOHV HJDOZDU 'LHGUHL:|OIHKDWWHQLKQXPNUHLVW6XNRPHUNWHQLFKW GDVLHDXILKQQLHGHUVFKDXWHQHUVWDOVVLFKHLQHGHU%HVWLHQ EFNWHXQGGHQ&KLQHVHQDQGHU6FKXOWHUIDWHVSUWHHU ZLHGHUHWZDV 6LHZlO]WHQLKQDXIGHQ5FNHQ'DQDFKZXUGHHUDXIGLH 7U]XJH]RJHQGLHVFKRQJH|IIQHWZDU 'HU.|USHUGHV&KLQHVHQVFKOHLIWHYRP7HSSLFKDXVDXIGLH 6WHLQIOLHVHQGHV)OXUVXQGGRUWOLHPDQLKQHUVWHLQPDOOLH JHQ =XPHUVWHQPDOHPSIDQG6XNRGLH.KOHGHU6WHLQH $OOHUGLQJVQXUREHUKDOEGHV+DOVHVGHQQVHLQH+DFNHQXQG DXFKGLH3DUWLHGDUXQWHUZDUHQZLHJHOlKPW /XSLQDV6FKODJPLWGHPPHWDOOHQHQ.HU]HQVWlQGHUKDWWH LKPMHJOLFKHV(PSILQGHQJHUDXEW 'RFKGLH1HEHOOLFKWHWHQVLFK6WDWWGHVVHQVSUWHHUGDV %UXPPHQXQG+lPPHUQLP.RSIHLQSRVLWLYHV=HLFKHQ GHQQHUEHNDPZLHGHUVRHWZDVZLH*HIKO 6XNRJHODQJHVVHLQH8PJHEXQJZDKU]XQHKPHQ 'DZDUHLQPDOGLHKRKH'HFNHEHULKP 1LFKWZHLWHQWIHUQWEUDQQWHHLQH/DPSH.XJHOI|UPLJZLH HLQEODVVHU0RQGHUVFKHLQHQGGHUWURW]VHLQHVQLFKWHEHQ VWDUNHQ/LFKWV6XNRPLWGHU+HOOLJNHLWPDOWUlWLHUWHGHQQVLH VFKPHU]WHLQVHLQHQ$XJHQ (UQDKPDXFKGHQ*HUXFKZDKUGHQGLH%HVWLHQDEVRQGHU

WHQ(VZDUHLQVWDUNHU5DXEWLHUJHVWDQNlW]HQGXQGEHLHQG GHU6XNRLP1RUPDOIDOOQLFKWYLHODXVJHPDFKWKlWWHLKQMHW]W DEHUVW|UWH8QGHUHULQQHUWHVLFKZLHGHU /XSLQDKDWWHGHQ%HIHKOJHJHEHQ6XNR]XW|WHQ(LQHQIDVW ZDIIHQORVHQ0HQVFKHQGHQQELVDXIVHLQHQ6WDEEHVD6XNR QLFKWVPHKUZRPLWHUVLFKKlWWHZHKUHQN|QQHQ$QGHQ6WDE NDPHUQLFKWKHUDQGHQQVHLQH$UPHJHKRUFKWHQLKPQLFKW PHKU hEHUVLFKK|UWHHUGDV+HFKHOQXQG.QXUUHQGHUJHIlKUOL FKHQ:|OIH6LHKDWWHQHLQ2SIHUVDKHQHVYRUVLFKOLHJHQXQG VLHZUGHQDOOHVGDUDQVHW]HQXPLKUH%OXWJLHU]XVWLOOHQ :LHODQJHJDEHQVLHGHP&KLQHVHQQRFKHLQH*QDGHQIULVW" .DXPNRQQWHHUGDPLWUHFKQHQ(UKDWWHHLQHQYRQLKQHQ JHW|WHWGDVZUGHQGLHDQGHUHQQLHYHUJHVVHQXQG6XNR PXWHGDIUPLWVHLQHP/HEHQ]DKOHQ 9RQ6HNXQGH]X6HNXQGHJLQJHV6XNREHVVHU6HLQPHQWD OHV7UDLQLQJPDFKWHVLFKEH]DKOWHUVDKGLH:HOWZLHGHUVR ZLHVLHZDUDEHUHUKlWWHOLHEHQGJHUQGLH$XJHQJHVFKORVVHQ YRUGHPZDVDXILKQ]XNDP =ZHL%HVWLHQEHXJWHQLKUHJHZDOWLJHQ.|USHU3UDQNHQ VWUHFNWHQVLFKQDFK6XNRDXVGHPVHLQH$UPHQXUVFKZHUOLFK JHKRUFKWHQXQGGHUNDXPLQGHU/DJHZDUHLQH$E ZHKUEHZHJXQJ]XPDFKHQ (LQHKDOEHUKREHQH+DQGZXUGHUFNVLFKWVORV]XU6HLWH JHVFKODJHQXQG6XNRUHFKQHWHVFKRQPLWGHPDOOHVHQWVFKHL GHQGHQ%LLQVHLQH.HKOHDOVGLHEHLGHQ:|OIHLKQKDOE KRFK]HUUWHQ 6ROOWHHULP6WHKHQVWHUEHQ" 1HLQVLHKDWWHQHWZDVDQGHUHVPLWLKPYRUXQGVFKOHSSWHQ LKQLQGHQ+LQWHUJUXQGGHV)OXUHVZRHVQLFKWPHKUVRKHOO ZDUXQGGLHVFKPDOH7UHSSHQDFKREHQEHJDQQ 'LFKWYRUGHQ6WXIHQOLHHQVLHGHQ,QVSHNWRUZLHGHUIDOOHQ XQG6XNRVFKOXJPLWGHP5FNHQJHJHQHLQH.DQWH'DVKHI WLJH=LHKHQVSLHOWHDXFKNHLQH5ROOHPHKULQQHUKDOEGHU DOOJHPHLQHQ6FKPHU]HQGLHGHQ,QVSHNWRUPDOWUlWLHUWHQ 6XNRZDUVLFKVHLQHUKLOIORVHQ/DJHGXUFKDXVEHZXW(U

ODJMHW]WQLFKWPHKUIODFKDXIGHP%RGHQVRQGHUQKLQJLQ HLQHU6FKUlJODJHZREHLHUGLH.DQWHZHLWHUKLQLP5FNHQ VSUWH6HLQH$XJHQZDUHQZHLWDXIJHULVVHQHUNRQ]HQWULHUWH VLFKDWPHWHWLHIHLQXQGDXVXQGYHUVXFKWHPLWDOOHQ0LWWHOQ VHLQH6FKZlFKH]XEHUZLQGHQ (VILHOLKPVFKZHUVRYHUIOXFKWVFKZHU-HPHKU=HLWYHU JLQJXPVRNODUHUZXUGHLKPGDHUHVQLFKWVFKDIIHQNRQQ WH'LH*HJHQVHLWHZDU]XVWDUN6LHKDWWH]XJHVFKODJHQXQG JHZRQQHQ ,QHLQHUGVWHUHQ(FNHGLHVHV+DXVHVVROOWH6XNRDXI VFKUHFNOLFKH$UWXQG:HLVHVHLQ/HEHQDXVKDXFKHQ8QGHU VSUWHGLH(UUHJXQJGHU%HVWLHQ6LHKDWWHQODQJHZDUWHQ PVVHQ(QGOLFKZDUHQVLHDP=LHO 'HUHUVWH:HUZROIJULII]X(VJHVFKDKEOLW]VFKQHOO(UUL 6XNRLQGLH+|KH|IIQHWHVHLQ0DXOGHU&KLQHVHVDKGLH 5HL]lKQHGLFKWYRUVLFKXQGVFKORPLWVHLQHP/HEHQDE 'DILHOHQGLH6FKVVH /XSLQDKDWWHJHJHQXQVHWZDVXQWHUQHKPHQZROOHQGDVZDU LKUDQ]XPHUNHQLFKZROOWHDXFKIHXHUQGRFKPHLQ)LQJHU ]XFNWHLPOHW]WHQ$XJHQEOLFN]XUFNDOVLFKGDV5DWWHUQGHU 6FKXJDUEHQK|UWH ,FKKDWWHHVJHOHUQW]ZLVFKHQGHQHLQ]HOQHQ:DIIHQW\SHQ ]XXQWHUVFKHLGHQ:RPLWGUDXHQLP)OXUJHVFKRVVHQZXUGH GDVZDUNHLQ5HYROYHURGHUHLQH3LVWROHVRQGHUQHLQH03L 'DVKDUWHQDKH]XEUXWDOH6WDNNDWRZDUIEUOOHQGH(FKRV GXUFKGHQHQJHQ+DXVIOXUXQGKDOOWHDQGHU'HFNHQDFK $XFK/XSLQDZDUVWHKHQJHEOLHEHQ3O|W]OLFKZDULFKQLFKW PHKULQWHUHVVDQWIUVLH,KU%OLFNNUDOOWHVLFKI|UPOLFKDQGHU 7UIHVWXQGDXILKUHP*HVLFKW]HLJWHVLFKHLQHUVWDXQWHU $XVGUXFN :DUDXFKVLHEHUUDVFKWZRUGHQ" ,FKIUDJWHVLHGDQDFKª:HULVWHV/XSLQD":HQKDVWGX QRFKPLWJHEUDFKW"© 6LHIXKUZLHGHU]XPLUKHUXPª,FKZHLHVQLFKW

*HLVWHUMlJHU©NQLUVFKWHVLHª9HUGDPPWLFKKDEHNHLQH $KQXQJ© ª/JHQ© ª1HLQ©EUOOWHVLH $XVGHQ$XJHQZLQNHOQVDKLFKGLH+RUURU2PD:LHVLH VLFKLQGLHVHQ0RPHQWHQYHUKLHOWZDUVFKRQEHZXQGHUQV ZHUW6LHKDWWHPHLQH$QZHLVXQJQLFKWYHUJHVVHQXQGQlKHU WHVLFKGHP)HQVWHU'DDXFK/XSLQDDEJHOHQNWZDUJHODQJHV 6DUDK*ROGZ\QDXIGLH)HQVWHUEDQN]XNOHWWHUQXQGHUVWDOV VLHGDUDXIKRFNWHGDVDK/XSLQDGLH)UDX ª6LHIOLHKW©JHLIHUWHVLH ª1DXQG"© 'DVSUDQJ0UV*ROGZ\Q6LHZDUSO|W]OLFKYHUVFKZXQGHQ XQGGDV%XFKKDWWHVLHPLWJHQRPPHQ (LQ6WHLQILHOPLUYRP+HU]HQDEHUGLH.|QLJLQGHU:|OIH WREWH,KUH+DDUHVWHOOWHQVLFKIDVWYRU:XWXQG+DDXIUHFKW DOVVLHNQLUVFKWHª1RFKKDVWGXQLFKWJHZRQQHQ-RKQ 6LQFODLU1RFKEHILQGHWVLFKGDV%XFKQLFKWLQ6LFKHUKHLW :DUWHDE© 6LHKDWWHUHFKWGHQQGLH-DJGQDFKGHPJHKHLPQLVYROOHQ %XFKKDWWHHUVWEHJRQQHQXQGLFKZXWHQLFKWZDVVLFK GUDXHQLP)OXUHUHLJQHWKDWWH'LH6FKVVHNRQQWHQDOOHV EHGHXWHQDEHULQPLUNHLPWHSO|W]OLFKHLQ9HUGDFKWKRFKGHQ LFKJHUQEHVWlWLJWKDEHQZROOWHGHVKDOEEHIDKOLFK/XSLQD GLH7U]X|IIQHQ ª1HLQ© ,FKJLQJHLQHQ6FKULWWYRUXQG]LHOWHJHQDXHUªgIIQHGLH 7UVRQVWMDJHLFKGLUHLQH.XJHOLQGHQ%DOJ© ª9HUVXFKHV© ª/lWGXHVGDUDXIDQNRPPHQ"© /XSLQDGLH.|QLJLQGHU:|OIHEUHLWHWHVRJDUGLH$UPHDXV XQGSUlVHQWLHUWHPLULKUHQGHFNXQJVORVHQ.|USHUª6FKLH -RKQ6LQFODLU'XNDQQVWVFKLHHQ,FKZDUWH© 6ROOWHLFKHVWXQ" ,FKHULQQHUWHPLFKZLHGHUDQGLH6]HQHLP6WHLQEUXFK 'DZDUSO|W]OLFK/DG\;HUVFKLHQHQXQGVLHKDWWHDOV

9DPSLULQHLQHPLW6LOEHUNXJHOQJHODGHQH03LJHWUDJHQXQG VRIRUWJHVFKRVVHQ ,Q/XSLQDV5FNHQKDWWHVLHGLH*DUEHJHMDJW :LUKDWWHQ/XSLQDOLHJHQVHKHQ7RWHUOHGLJWDXVJHO|VFKW 1XQVWDQGVLHYRUPLU ª:DUXP]|JHUVWGX"© ,FKODXVFKWHLKUHU6WLPPHQDFKXQGDXFKGHQ(FKRV GHU6FKVVHGLHDOOHUGLQJVYHUVWXPPWZDUHQELVQRFKHLQH NXU]H6DOYHDXIGRQQHUWH8QGLQGLHVH'HWRQDWLRQHQKLQHLQ SHLWVFKWHPHLQ6FKX 'LHVHVSO|W]OLFKH$EGUFNHQZDUZLHHLQH5HIOH[EHZHJXQJ JHZHVHQQLFKWYRP+LUQJHVWHXHUWDEHUGLH.XJHOOLHVLFK QLFKWDXIKDOWHQ6LHIDQGWRGVLFKHULKU=LHO :LUNOLFKWRGVLFKHU" ,PHUVWHQ$XJHQEOLFNVDKHVVRDXVGHQQGDVJHZHLKWH 6LOEHUJHVFKRKLHELQGLH.|USHUPLWWHGHU'lPRQLQ /XSLQDVWDQGZLHHLQH(LQV ,FKKDWWHGDPLWJHUHFKQHWGDVLH]X%RGHQIDOOHQZUGH GLHVJHVFKDKMHGRFKQLFKW0HLQ*HVFKRKDWWHVLHZRKOHLQ 6WFNZHLWHU]XUFNJHWULHEHQELVJHJHQGLH:DQGDEHUGRUW KDWWHVLHVLFKQRFKIDQJHQN|QQHQ,KU.|USHUHU]LWWHUWH,FK VWDQGPLWVFKXEHUHLWHU:DIIHGDPHLQH/LSSHQZDUHQ YHU]RJHQPHLQ*HVLFKWPXWHHLQHQYHU]HUUWHQ$XVGUXFN ]HLJHQGHQQDOOGLH6SDQQXQJVSLHJHOWHVLFKDXILKPZLGHU GLHLQPHLQHP,QQHUQVWHFNWH 'DEHZHJWH/XSLQDLKUHPLW)HOOEHVHW]WHQ$UPH9RQ]ZHL 6HLWHQIXKUHQVLHDXIGDV/RFKGHU(LQVFKXVWHOOH]XXQGLFK KDWWHGDV*HIKODOVZROOWHVLHGDV*HVFKRZLHGHUDXVLKUHP .|USHU]HUUHQ 'DVNRQQWHVLHQLFKWVLHSUHWHQXUGLH+lQGHJHJHQGLH (LQVFKXVWHOOHXQGVFKWWHOWHSO|W]OLFKGHQ.RSIZREHLVLH HEHQIDOOVGLH/LSSHQLQGLH%UHLWH]RJXQGPLUGLHQlFKVWHQ :RUWH]LVFKHQGHQWJHJHQVFKOHXGHUWHª1HLQ-RKQ6LQFODLUVR QLFKW$XINHLQHQ)DOO6RELQLFKQLFKW]XW|WHQ1LHPDOV© :DVZDUHQGDVIU:RUWH"(LQ:HUZROIZLGHUVWDQGJH

ZHLKWHQ6LOEHUNXJHOQ" 0HLQ:HOWELOGJHULHWLQV:DQNHQ9HUGDPPWGDVGXUIWHHV QLFKWJHEHQ/XSLQDGXUIWHQLFKWPHKUOHEHQVLHPXWHWRW VHLQVLFKDXIO|VHQ]HUVW|UWZHUGHQ ,FKVFKWWHOWHGHQ.RSIKREQRFKHLQPDOGLH%HUHWWDHLQ ZHQLJDQXQGVFKRZLHGHU 'LFKWEHULKUHQDXIGHQ/HLEJHSUHWHQ+lQGHQWUDIGLH .XJHO6LHKLHEGXUFKGDVLP/LFKWGHUHLQ]LJHQ/DPSHHWZDV U|WOLFKVFKLPPHUQGH)HOOXQG/XSLQDVDFNWHLQGLH.QLH $EHUVLHILHOQLFKW (VZDUXQZDKUVFKHLQOLFKXQGDXFKXQJODXEOLFKGDVLH VLFKQRFKDXIGHQ%HLQHQKDOWHQNRQQWHQXULKU*HVLFKWYHU ]HUUWHVLFKZHLWHUDOVZUGHQGLH6FKPHU]HQLPPHUVWlUNHU 8QGGDQQODFKWHVLH(VZDUHLQH0LVFKXQJDXVUDXKHP .QXUUHQXQG+|OOHQJHOlFKWHU 0LUWULHEGLHVHV/DFKHQHLQH*lQVHKDXWEHUGHQ5FNHQ ,FKVFKWWHOWHPLFKDOVKlWWHPDQPLFKPLW:DVVHUEHJRVVHQ XQGNRQQWHQLFKWEHJUHLIHQGDVRHWZDVYRUPHLQHQHLJHQHQ $XJHQJHVFKDK ª6RQLFKW-RKQ6LQFODLU6RQLFKW©6LHlFK]WHVLHVW|KQWH DEHUVLHEOLHEDP/HEHQXQGEHZHJWHVLFKGLFKWDQGHU:DQG HQWODQJQDFKOLQNVYRQPLUZHJª,FKKDEHHVGLUJHVDJW© VWLHVLHVWRFNHQGKHUYRUª:LUVLQGVWlUNHUYLHOVWlUNHU *HPHLQVDPZHUGHQZLUHXFKYHUQLFKWHQ:LUGLH:|OIH 2UDSXOXQG© 'DZDUGHU1DPHLKUHV6RKQHVJHIDOOHQ2UDSXO +LPPHOQRFKPDOZDVKDWWHHUPLWGHU6DFKH]XWXQ",FK HULQQHUWHPLFKZLHGHU2UDSXOZDUHQWNRPPHQ:LUKDWWHQ DOOHDQJHQRPPHQGDHUGHQ7RGVHLQHU0XWWHU/XSLQD UlFKHQZUGH1XQKDWWHQGLHEHLGHQZLHGHU.RQWDNWDXI JHQRPPHQXQGJHPHLQVDPZDUHQVLHVWDUNQRFKVWlUNHUDOV /XSLQDDOOHLQ ª:DVLVWPLW2UDSXO"© ª'XDKQVWHVQLFKW-RKQ6LQFODLU'XZHLWQLFKWVJDU QLFKWVXQGGXZLUVWZHLWHUKLQQLFKWVZLVVHQGDVNDQQLFKGLU YHUVSUHFKHQ'LHhEHUUDVFKXQJHQQHKPHQIUGLFKNHLQ

(QGHXQGIUGLHDQGHUHQDXFKQLFKW6LHZHUGHQVFKUHFNOLFK VHLQEOXWLJXQGGXZLUVWGDVYHUGDPPWH%XFKGHUVLHEHQ 6LHJHODXFKQLFKWEHNRPPHQ:HQQLFKHVQLFKWNULHJH VROOHVNHLQHUKDEHQ6LHEHQ6LHJHOGHU0DJLH(LQVDEHUQXU GDVYLHUWHEHVFKlIWLJWVLFKPLWGHP.UHX]GDVYLHUWH -RKQ6LQFODLU© 'LHhEHUUDVFKXQJHQQDKPHQLQGHU7DWNHLQ(QGH'HQQ KHIWLJZXUGHGLH7UDXIJHVWRHQXQGPHLQQDFKGHQ 6FKVVHQDXIJHNHLPWHU9HUGDFKWEHVWlWLJWHVLFKYROO /DG\;ZDUGD 'RFKQLFKWDOOHLQ6LHKDWWH+HOIHUPLWJHEUDFKW$XV GHP5HLFKGHU6FKDWWHQZDUHQGLH'LHQHUGHV6SXNVHU VFKLHQHQ 1RFKQLHLQLKUHP/HEHQZDU0UV6DUDK*ROGZ\QDXVGHP )HQVWHULKUHVHLJHQHQ+DXVHVJHVSUXQJHQ'RFKZDVVHLQ PXWHGDVPXWHHEHQVHLQXQGVRQDKP/DG\6DUDKDXFK GLHVHVLQ.DXI 6LHVWLHVLFKYRQGHU)HQVWHUEDQNDEILHOXQGODQGHWHLP *Hl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|UWHGLH6WLPPHQDXVGHP]HUVW|UWHQ

)HQVWHUVFKDOOHQ /XSLQDXQG-RKQ6LQFODLUVWULWWHQVLFK *HVSDQQWZDUWHWHVLHDEZDVZRKOJHVFKHKHQZUGH REZRKOHVGDVEHVWHIUVLHJHZHVHQZlUHGLH)OXFKW]X HUJUHLIHQ 'RFKGLH1HXJLHUGHEHVLHJWHGLH$QJVW6LHZDUWHWHJHQDX VRODQJHDEELVGHUHUVWH6FKXILHO )U/DG\6DUDKZDUHUZLHHLQ6WDUWVLJQDO6LH]XFNWHLQGLH +|KHIUHLQHQ0RPHQWVFKWWHOWHVLHGLH$QJVWXQGXQEH ZXWOLHIVLHHLQLJH6FKULWWHYRU =XU+lOIWHKDWWHVLHGHQ*DUWHQGXUFKTXHUWDOVVLHGHQ ]ZHLWHQ6FKXYHUQDKP 'HU.ODQJKDWWHVLFKDQJHK|UWZLHEHLPHUVWHQHLQ%HZHLV IU0UV*ROGZ\QGDDEHUPDOV-RKQ6LQFODLUJHIHXHUWKDWWH :DU/XSLQDMHW]WHUOHGLJW"+DWWHHUHVJHVFKDIIWGLH.|QLJLQ GHU:|OIHHQGJOWLJ]XYHUQLFKWHQ" 0UV*ROGZ\QKRIIWHHVPLWNORSIHQGHP+HU]HQhEHU LKUHQ.|USHUUDQQHLQH*lQVHKDXWXQGVLHEHEWHLQQHUOLFK GDHVNODSSHQZUGH1RFKHLQPDOZROOWHVLH]XUFNGHU 9HUVWDQGDOOHUGLQJVVDJWHLKUGDGLHVHLQ)HKOHUJHZHVHQ ZlUH6LHGXUIWHMHW]WQLFKWDQ-RKQ6LQFODLUGHQ*HLVWHUMlJHU GHQNHQVRQGHUQDQGDV%XFK'LHVLHEHQ6LHJHOGHU0DJLH ZDUHQPRPHQWDQDPZLFKWLJVWHQ :lKUHQG/DG\6DUDKVLFKGXUFKGLH%VFKHZDQGXPGHQ VFKPDOHQPLW3ODWWHQEHOHJWHQ:HJ]XHUUHLFKHQKRIIWHVLH GDGHU*HLVWHUMlJHUHVWURW]DOOHU:LGULJNHLWHQVFKDIIHQ ZUGHGHQ)HLQG]XYHUQLFKWHQ8QGVLHGUFNWHDXFKGLH 'DXPHQIU6XNRGHQ&KLQHVHQGHQQQRFKVWDQGQLFKWIHVW GDHUWRWZDU 0UV*ROGZ\QHUUHLFKWHZHQLJVSlWHUGDV*DUWHQWRUXQG VWLHHVVRKHIWLJDXIGDHVKHUXPVFKZDQJXQGDQGHUDQGH UHQ6HLWHJHJHQGHQVFKPLHGHHLVHUQHQ=DXQVWLH 'LH+RUURU2PDEHWUDWGHQ*HKVWHLJ'RUWEOLHEVLHHUVW HLQPDOVWHKHQ:RKLQMHW]W" /DG\6DUDKZXWHGDGLH'lPRQHQEHU0LWWHOXQG:HJH YHUIJWHQMHGHQDXI]XVSUHQ,KUH0LWWHOUHLFKWHQVHKUZHLW

GDYRUIUFKWHWHGLHDOWH'DPHVLFKXQGZHQQVLHMHW]WIORK XQGVLFKLUJHQGZRYHUVWHFNWHGDQQZXWHDXFK-RKQ6LQFODLU QLFKWZRVLHVLFKEHIDQG 0UV*ROGZ\QVWDQGXQVFKOVVLJDXIGHP*HKVWHLJ6HOWHQ KDWWHVLHVLFKVRVFKOHFKWJHIKOWXQGVLHVFKLHOWHLPPHU ZLHGHU]XLKUHP+DXV6LHGDFKWHDXFKGDUDQ]X-RKQ 6LQFODLUV:RKQXQJ]XIDKUHQRGHUEHL6KDR8QWHUVFKOXSI ]XVXFKHQDEHUEUDFKWHVLHGLH&KLQHVLQGXUFKHLQHVROFKH 0DQDKPHQLFKWDXFKLQ*HIDKU" 1HLQGDVNRQQWHVLHDXINHLQHQ)DOOYHUDQWZRUWHQ(V PXWHQRFKHLQHDQGHUH0|JOLFKNHLWJHEHQ /DG\6DUDKNDQQWHVLFKLQGHU*HJHQGDXV6LHZXWHZHU LQGHQ+lXVHUQZRKQWHZHUPLWZHPYHUNUDFKWZDUXQG QLFKW)DVWMHGHQ7DJK|UWHVLHGHQ.ODWVFKGD]RJHLQHEHU GLHDQGHUHKHUXQGVRQQWDJVWDWHQVLHLPPHUVRDOVZlUH QLFKWVJHVFKHKHQ'DJLQJHQVLHLQGLH.LUFKHXQGZDUHQ 0RPHQWPDOGDFKWH/DG\6DUDK,QLKUHP*HKLUQPDFKWH HVSO|W]OLFKª.OLFN©$OVKlWWHMHPDQGLUJHQGHLQHQ6FKDOWHU EHWlWLJW(LQNXU]HV/lFKHOQJOLWWEHULKU*HVLFKWGHQQQXQ KDWWHVLHGDVULFKWLJH9HUVWHFNJHIXQGHQ (VZDUGLH.LUFKH :HQQ'lPRQHQYRULUJHQGHWZDV$QJVWKDWWHQGDQQ ZDUHQHVFKULVWOLFKH3OlW]HXQG2UWH,QGHU.LUFKHNRQQWHVLH 6FKXW]ILQGHQ8PGLHVH=HLWZDUVRZLHVRQLHPDQGGDXQG ZHQQGHU3IDUUHUNDPZDUHVDXFKQLFKWVFKOLPPGHQQPLW LKPVWDQGVLHDXIJXWHP)X6FKOLHOLFKZDUVRPDQFKH 6SHQGHYRQLKULQGLH.LUFKHQNDVVHJHIORVVHQ 'LH+RUURU2PDKDWWHGHQ*HGDQNHQNDXP]X(QGH JHGDFKWDOVVLHDXFKVFKRQGLH6WUDHEHUTXHUWH(VlUJHUWH VLHGDVLHZHGHULKUHQ6WRFNQRFKGLH+DQGWDVFKHEHLVLFK WUXJDEHULQGLHVHP)DOOPXWHHVDXFKPDORKQHJHKHQ $XIGHUDQGHUHQ6HLWHVWDQGHQHEHQIDOOVGLHDOWHQJXWUHQR YLHUWHQ+lXVHU /DG\6DUDKNDQQWHHLQHQ6FKOHLFKZHJ(LQVFKPDOHU3IDG ZDQGVLFK]ZLVFKHQ]ZHL+lXVHUQKLQGXUFK:HQQVRQQWDJV GLH*ORFNHQOlXWHWHQZXUGHHUYRQGHQPHLVWHQ.LUFK

JlQJHUQEHQXW]WGHQQHUIKUWHDQNOHLQHQ*lUWHQYRUEHLELV HUVFKOLHOLFKDXIGHP3ODW]PQGHWHZRGLH.LUFKH VWDQG 8PGLHVH=HLWZDUGHU:HJOHHU /DG\6DUDKKDVWHWHLKQHQWODQJGDVEULVDQWH%XFKKDWWHVLH XQWHUGHQ$UPJHNOHPPW6LHZROOWHHVXQWHUNHLQHQ 8PVWlQGHQYHUOLHUHQXQGKLHOWHVHLVHUQIHVW 'LHVHV%XFKZDU-RKQ6LQFODLUV/HEHQVYHUVLFKHUXQJ:HQQ HUVFKRQQLFKWGD]XNDPHV]XOHVHQGDQQZROOWHVLHHV ZHQLJVWHQVYHUVXFKHQDXFKZHQQHVLKUJURH0KHEHUHLWHQ ZUGH 'LH*lUWHQQDFKGHQ+lXVHUQNDPHQLKUSO|W]OLFKXQKHLP OLFKYRULQGHUKHUUVFKHQGHQ'XQNHOKHLW6RQVWKDWWHHVLKUQLH HWZDVDXVJHPDFKWGHQ:HJ]XEHQXW]HQDEHUXPGLHVH=HLW XQGPLWGHP:LVVHQHLQHUJHIlKUOLFKHQ0DJLHLQLKUHP 5FNHQZDUHVGRFKHWZDVDQGHUHV-HGHQ6FKULWWEHUOHJWH VLHVLFK 'LHDQGHQ6HLWHQZDFKVHQGHQ%lXPHPLWLKUHQDXVODGHQ GHQbVWHQXQG=ZHLJHQZDUHQZLH*HVSHQVWHUGHU1DFKW VFKLHQHQHLQHLJHQHV/HEHQ]XKDEHQXQGLQGHQXQWHUGHQ %DXPNURQHQZDFKVHQGHQ%VFKHQODXHUWHQGLH*HLVWHU GHU1DFKW /DG\6DUDKELOGHWHVLFKHLQH6LQIRQLHGHV6FKUHFNHQVHLQ ,UJHQGZDQQVFKWWHOWHVLHEHUVLFKVHOEVWGHQ.RSIXQG IOVWHUWHª/DGLFKQLFKWYHUUFNWPDFKHQDOWHV0lGFKHQ 'LHVHSDDU

Sieben Siegel der Magie

Sieben Siegel der Magie

Sieben Siegel der Magie

Sieben Siegel der Magie

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das Erste Der Sieben Siegel

Das Erste Der Sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Die sieben Siegel der Macht

Die sieben Siegel der Macht

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Laura und das Siegel der Sieben Monde

Laura und das Siegel der Sieben Monde

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bund der Sieben

Der Bund der Sieben

Der Thron der Sieben

Der Thron der Sieben

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Aimee, das Siegel der Liebe

Aimee, das Siegel der Liebe

Aimée, das Siegel der Liebe

Aimée, das Siegel der Liebe

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