$XVV HLQHUU %DODQFHH YRQQ ÁlPLVFKHUU $QDO\VHH XQGG LWDOLHQLVFKHUU 0RQXPHQWDOLWlWW VFKDIIWW$QWRQHOORRGDD0HVVLQDDVRZRKOOEHOHEWHH/DQGVFKDIWHQQXQGG,QQHQUlXPHDOVV DXFKKVWUHQJHHPlQQOLFKHH%LOGQLVVH´

$QWRQHOORRGDD0HVVLQDDZXUGHHLQQ0HVVLQDDDXII6L]LOLHQQJHERUHQQXQGGVWDUEEDPP VHOEHQQ2UWWHUUJHQRVVVHLQHHPDOHULVFKHH$XVELOGXQJJLQQ1HDSHO=XX%HJLQQQGHUU HUU -DKUHH OHUQWHH HUU EHLL 3LHWURR 6XPPRQWH GHVVHQQ 0DODXIIDVVXQJJ ÁlPLVFKHH (LQÁVVHHKDWWHGDKHUUPX‰‰GHUUQRUGDOSLQHH(LQÁXVVVLPP2XHYUHH$QWRQHOORVVQLFKWW XQEHGLQJWWDXII5HLVHQQEHUXKHQ

(UUZDUUHLQHUUGHUUZLFKWLJVWHQQ.QVWOHUUGHUU)UKUHQDLVVDQFHLQQGHUU]ZHLWHQQ+lOIWHH GHVV4XDWWURFHQWRRZDUUHUUYRUUDOOHPPDXII6L]LOLHQQWlWLJMHGRFKKVLQGGHLQLJHH5HLVHQQ ]% QDFKK 9HQHGLJ 1RUGLWDOLHQQ XQGG 1HDSHOO GRNXPHQWDULVFKK EHOHJW ,PP :LQWHUU NDPP$QWRQHOORRQDFKK9HQHGLJJXQGGEOLHEEGRUWWPLQGHVWHQVVELVV]XPP+HUEVWW (UU VROOO HLQHH EHVRQGHUHH %H]LHKXQJJ ]XX GHPP 3DWUL]LHUU 3LHWURR %XRQQ JHKDEWW KDEHQGLHVHUUZDUUHLQQ$XIWUDJJHEHUUHLQLJHUU%LOGHU:DKUVFKHLQOLFKKKDWWGHUUZDFK VHQGHH 5XKPP GHVV .QVWOHUVV DOVV %LOGQLV XQGG 3HUVSHNWLYPDOHUU VHLQHQQ 9HQHGLJ $XIHQWKDOWW ]XVlW]OLFKK EHJQVWLJW$QWRQHOORR EHVD‰‰ GLHH EHVRQGHUHH )lKLJNHLWW DXII VHLQHQQ 5HLVHQQ DOOHH NQVWOHULVFKHQQ 1HXHUXQJHQQ DXI]XQHKPHQQ XQGG VLHH ]XJOHLFKK LQQHLJHQVWlQGLJHH/|VXQJHQQXP]XVHW]HQGLHHIUUGLHH|UWOLFKHQQ0DOHUVFKXOHQQZLHH LQQRYDWLYHH6FKEHHZLUNWHQ

,QQGHQQHUVWHQQ0RQDWHQQVHLQHVV%HVXFKHVVLQQGHUU/DJXQHQVWDGWWN|QQWHHGLHHª(QJHO VSLHWD©©HQWVWDQGHQQVHLQ$QWRQHOORVV6FKDIIHQQZDUUIUUHLQHH5HLKHHYRQQ.QVWOHUQQ GHUU OHW]WHQQ *HQHUDWLRQQ LPP 4XDWWURFHQWRR ULFKWXQJVZHLVHQG YRUU DOOHPP IUU$OYLVHH 9LYDULQLGHUUGHQQ6WLOOGHVV0HVVLQHVHQQDXIIHLQHHLQGLYLGXHOOHH$UWWXPVHW]WH %HUKPWWJHZRUGHQQLVWW$QWRQHOORRGXUFKK]DKOUHLFKHH3RUWUlWVVHLQHHSUl]LVHH0DODXI IDVVXQJGLHHGHWDLORULHQWLHUWHH0DOZHLVHGLHH9HUNQSIXQJJGHUUVRXYHUlQHQQ1DFK DKPXQJJPLWWGHPP*HVSUUIUU/LFKWVXJJHVWLRQQ]HLFKQHQQLKQQDXV(VVH[LVWLHUWWGLHH OHJHQGlUHH%HKDXSWXQJJHUUKDEHHGLHHgOPDOHUHLLHLQJHIKUW1DFKK9DVDULKDWW$QWR QHOORRHLQQLQQgOOJHPDOWHVV%LOGGYRQQ5RJLHUUYDQQGHUU:H\GHQQJHVHKHQQXQGGZDUUVRIRUWW IDV]LQLHUW$XIJUXQGGGLHVHUU)DV]LQDWLRQQVROOOHUUHLQQ6WXGLXPPEHLL-DQQYDQQ(\FNNLQQ %UJJHHDXIJHQRPPHQQXQGGGDUDXIIGLHH0DOWHFKQLNNLQQ,WDOLHQQYHUEUHLWHWWKDEHQMH GRFKKJLEWWHVVNHLQHHHLQGHXWLJHQQ%HZHLVHHIUUGLHVHH%HKDXSWXQJ ,PPIROJHQGHQQZLUGGGDVV]HQWUDOHH6SlWZHUNN$QWRQHOORVVª'HUU+HLOLJHH6HEDVWLDQ©©*H JHQVWDQGGGHUU$UEHLWWVHLQZREHLLGDVV$XJHQPHUNNEHVRQGHUVVDXIIGHUU)UDJHHOLHJHQQ VROOREEGDVV6HEDVWLDQVELOGQLVVHKHUUHLQHH9HUELOGOLFKXQJJGHUUª/HJHQGDDDXUHD©©RGHUU GHUUª,PLWDWLRR&KULVWL©©VHLQQN|QQWH%HLLGLHVHPP:HUNNEHZHLVWWHUUVHLQQEHVRQGHUHVV *HIKOOIUU)DUEHHXQGG/LFKWWXQGGEHUHLWHWHHGDPLWWGHQQ:HJJIUU*LRYDQQLL%HOOLQL

6WHIDQRR=XIÀ-DKUKXQGHUWHHGHUU.XQVWGDVV-DKUKXQGHUW0DLODQGGG 6

'DVV0HLVWHUZHUNN'(55+(,/,*((6(%$67,$11YRQQ$QWRQHOORRGDD0HVVLQDDKDWWGLHH 0D‰HH[[FPHLQQUHODWLYYHQJHVVXQGGXQW\SLVFKHVV0D‰‰IUUGLHVHH=HLWhEHUU GLHHJHQDXHH(QWVWHKXQJV]HLWWLVWWPDQQVLFKKQLFKWWVLFKHU(LQLJHH4XHOOHQQVSUHFKHQQ YRQQDOVRRZlKUHQGGVHLQHVV$XIHQWKDOWHVVLQQ9HQHGLJDQGHUHH4XHOOHQQ]HX JHQQYRQQHLQHPP(QWVWHKXQJV]HLWSXQNWWLPP6RPPHUUDOVRRQDFKKGHUU9HQHGL JUHLVH

'HPP%HWUDFKWHUUHUVFKHLQWWGDVVVSlWHH0HLVWHUZHUNN$QWRQHOORVVKHXWHHLQQgOODXII/HLQ ZDQGMHGRFKKNRQQWHHPDQQQDFKKGHUU5HVWDXUDWLRQQIHVWVWHOOHQGDVVVGDVV:HUNNXPP ZDKUVFKHLQOLFKKLQQ:LHQYRQQ]ZHLL+RO]WDIHOQQDXIIHLQHH/HLQZDQGGEHUWUDJHQQ ZXUGH,PP=XJHHGHUU5HVWDXUDWLRQQ*QWHUU2KOKRIIZXUGHQQDXFKK7HPSHUD5HVWHH DPP%LOGUDQGGJHIXQGHQZREHLLPDQQDEHUUGDYRQQDXVJHKWGDVV0HVVLQDDgOODOVV%LQ GHPLWWHOOEHQXW]WWKDEHQQPDJDQVRQVWHQQZlUHHZDKUVFKHLQOLFKKHLQHHVRRGLIÀ]LOHHXQGG OHEHQVHFKWHH'DUVWHOOXQJJGHVV,QNDUQDWVVJDUUQLFKWWP|JOLFKKJHZHVHQ'DVV%LOGGLVWW VHLWWLPP%HVLW]]GHUU6lFKVLVFKHQQ.XQVWVDPPOXQJJ'UHVGHQQXQGGKlQJWWKHXWHH LQQGHUU*HPlOGHJDOHULHH$OWHH0HLVWHU

$QWRQHOORRVWHOOWWEHLLGHPP:HUNNGHQQ0lUW\UHUU6HEDVWLDQQGDU'DVV%LOGGZXUGHHYRQQ LKPPIUUGHQQ$OWDUUGHUU%UXGHUVFKDIWW6DQQ5RFFRRLQQGHUU.LUFKHH6DQQ*LXOLDQRRLQQ9H QHGLJJJHIHUWLJWHVVLVWWHLQHVVGHUUZHQLJHQQ:HUNHH$QWRQHOORVVPLWWHLQHUU)LJXUUJUR‰HQQ $XVPD‰HV

(VV ZLUGG HLQGHXWLJJ GDVV 0DUW\ULXPP GHVV +HLOLJHQQ 6HEDVWLDQQ JH]HLJW 5LFKWHWW PDQQ GDVV$XJHQPHUNNQLFKWWSULPlUUDXIIGHQQ3URWDJRQLVWHQVRRNRPPWWPDQQVFKQHOOO]XX GHUU$QQDKPHHVVVSLHOHHVLFKKKLHUUHLQHHEDQDOHDOOWlJOLFKHH6]HQHHDEMHGRFKKKDWW VLHHHLQHHJHZLVVHHO\ULVFKHH*UXQGVWLPPXQJJLQQH

(UUVWHKWWKDOEQDFNWWDQQHLQHQQ%DXPPJHIHVVHOWWXQGGYRQQ3IHLOHQQGXUFKERKUWWDXIIHLQHUU 3LD]]DGLHHPLWWURWHQQXQGGPDUPRUIDUEHQHQQ3ODWWHQQDXVJHOHJWWLVW(UUWUlJWWHLQHHHQJJ DQOLHJHQGHH8QWHUKRVHDPP%XQGG]XJHVFKQUWWXQGGHLQHHZRKOOP|JOLFKK]HLWJHQ|V VLVFKHH3DJHQNRSI)ULVXU'HUU0lUW\UHUUZXUGHHYRQQIQII3IHLOHQQJHWURIIHQ%OXWWWURSIWW ODQJVDPPDXVVGHQQ:XQGHQQXQGGSHUOWWGHQQ.|USHUUKHUDE-HGRFKK]HLJWWHUUNHLQHUOHLL $Q]HLFKHQQYRQQ6FKPHU]HQQLQQ0LPLNNXQGG*HVWLN,PP*HJHQWHLOHUUVWHKWWDXIUHFKWW XQGGVFKHLQWWJHODVVHQQMHGRFKKDQGlFKWLJJ5LFKWXQJJ+LPPHOO]XXVFKDXHQ(UUZLUGGDOVV YHUNOlUWHUU0lUW\UHUUPLWWHLQHPPVRROHEHQGLJJZLUNHQGHQQ,QNDUQDWWGDUJHVWHOOW$XFKK GXUFKKGLHHORFNHUHH)X‰VWHOOXQJJZLUGGVHLQHH*HODVVHQKHLWWZLGHUJHVSLHJHOW(VVZLUGG GHXWOLFKK]ZLVFKHQQ6WDQGXQGG6SLHOEHLQQXQWHUVFKLHGHQGLHH6WHOOXQJJVFKHLQWWGHQ QRFKKHWZDVVXQQDWUOLFK-HGRFKKKlOWWVLFKK$QWRQHOORRKLHUEHLLDQQGDVV0DOHUHLWUDN WDWW$OEHUWLV'HUU$EVWDQGG]ZLVFKHQQGHQQEHLGHQQ)‰HQQEHWUlJWWIDVWWQLHHPHKUUDOVV HLQHQQ)X‰´ =LHOOGLHVHUU7KHRULHHLVWWGLHH$QJHPHVVHQKHLWWLQQGHUU'DUVWHOOXQJJYRQQ .|USHUU XQGG %HZHJXQJ RKQHH =ZHLIHOO LVWW GDVV YRQQ$QWRQHOORR LQQ GHUU 6HEDVWLDQV 'DUVWHOOXQJJHUUHLFKWWZRUGHQ'HUUJHVDPWHH.|USHUULVWWLQQHLQHPPOHLFKWHQQ6FKZXQJJ GDUJHVWHOOWlKQOLFKKHLQHPPJHVSLHJHOWHQQ&'XUFKKGLHVHHOHLFKWHH(LQGUHKXQJJGHVV .|USHUVVQDFKKOLQNVVN|QQHQQGLHH/LFKWHIIHNWHHEHVRQGHUVVKHUYRUJHKREHQQZHUGHQ 'HUU3ODW]]ZLUGGXPULQJWWYRQQLWDOLHQLVFKHUU5HQDLVVDQFH$UFKLWHNWXU,PP+LQWHUJUXQGG ]HLFKQHQQVLFKK:DVVHUZHJHHDEOHLFKWWNRPPWWPDQQ]XXGHPP6FKOXVVGLHVHH6]HQHH VSLHOHHVLFKKLQQ9HQHGLJJDE(YLGHQWWGDIUUVLQGGDXFKKGLHHVRRW\SLVFKKYHQH]LDQLVFKHQQ 6FKRUQVWHLQHHXQGGGLHH$QQDKPHGDVVV$QWRQHOORRZlKUHQGGVHLQHVV$XIHQWKDOWHVVLQQ 9HQHGLJJRGHUUNXU]]GDQDFKKGDVV:HUNNDQJHIHUWLJWWKDEHQQVROO'LHH$UFKLWHNWXUUGHUU 6WDGWW RGHUU GHUU 3LD]]DD LVWW VWUHQJJ SHUVSHNWLYLVFKK GDUJHVWHOOWW XQGG VRPLWW HLQQ WUHI

$PP OLQNHQQ %LOGUDQGG VLHKWW PDQQ HLQHQQ 6ROGDWHQQ VFKODIHQG ]XX VHLQHUU /LQNHQQ HLQQ

$OEHUWL.DS6=XPP.RQ]HSWWGHVV.RQWUDSRVW]LWLHUWW QDFK$QGUHDVV+HQQLQJ*QWHUU2KOKRII$QWRQHOORRGDD0HVVLQDD'HUUKHLOLJHH 6HEDVWLDQ'UHVGHQQ6

6WHIDQRR=XIÀ-DKUKXQGHUWHHGHUU.XQVWGDVV-DKUKXQGHUW0DLODQGGG

6

6SHHUHUULVWWY|OOLJJWHLOQDKPVORVVDPP*HVFKHKHQQDXIIGHUU3LD]]D$QWRQHOORRYHUZHQ GHWWKLHUUU(LQHH0XVWHUÀJXUUDXVVGHPP5HSHUWRLUHHGHUU.XQVWJHVFKLFKWH´

+LQWHUULKPHEHQVRRLQQGHUUOLQNHQQ%LOGKlOIWHLVWWHLQHH)UDXLPP$UPHHLKUU.LQGGWUD JHQG GDUJHVWHOOW 6LHH VFKHLQWW GHQQ +HLOLJHQQ 6HEDVWLDQQ DQ]XVFKDXHQQ XQGG ZRKOO P|JOLFKK XPP LKQQ ]XX WUDXHUQ ,KUU JHJHQEHUU JHVWHOOW DOVRR DPP UHFKWHQQ %LOGUDQG VLHKWWPDQQ]ZHLL6ROGDWHQHGHOOLQQLKUHUU(UVFKHLQXQJZREHLLGHUUHLQHHDXII6HEDVWLDQQ GHXWHW+LQWHUULKQHQQVLHKWWPDQQ]ZHLL(GHOPlQQHULQQRULHQWDOLVFKHHKHOOEODXHHXQGG JOGHQH YLHOOHLFKWW E\]DQWLQLVFKHH .OHLGHUU JHKOOW PDQQ YHUPDJJ ]XX JODXEHQ VLHH XQWHUKDOWHQQVLFKKEHUUGLHH+LQULFKWXQJJ6HEDVWLDQV,PP+LQWHUJUXQGGVLHKWWPDQQQRFKK ZHLWHUHH3HUVRQHQVLHHVFKHLQHQQVSD]LHUHQQ]XXJHKHQhEHUUGHUU3LD]]DDXIIHLQHPP PLWW7HSSLFKHQQJHVFKPFNWHQQ%DONRQQVLHKWWPDQQGUHLL)UDXHQQXQGGHLQHQQ.QDEHQ GLHH HWZDVV EHWUEWW DXII GDVV 6FKDXVSLHOO DXII GHPP 3ODW]] VFKDXHQ$XIIlOOLJJ LVWW GDVV VWUDKOHQGHH.RORULWWGHUUEHUUGHUU%UVWXQJJKlQJHQGHQQ7HSSLFKH$XVVHLQHPP)HQ VWHUPLWWHLQHPPZHL‰HQQ7XFKKYHUKDQJHQVFKDXWWHLQHH3HUVRQQDXIIGHQQ3ODW]]KLQDE 'DVV/LFKWWGHUU6RQQHHGULQJWWYRQQOLQNVVREHQQLQQGHQQ6FKDXSODW]]HLQHLQGHXWLJJ]XXHU NHQQHQQDQQGHUU5LFKWXQJJGHUU6FKDWWHQELOGXQJ1DFKKREHQQZLUGGGDVV%LOGGEHJUHQ]WW GXUFKKGDVVVDWWHH%ODXXGHVV+LPPHOV6WHKWWPDQQYRUUGHPP:HUNNXQGGIRNXVVLHUWWGHQQ 3URWDJRQLVWHQ GHQNWW PDQQ VRIRUWW DQQ HLQHH 0RQXPHQWDOSODVWLN REZRKOO PDQQ VLFKK EHZXVVWWLVWGDVVVHVVVLFKKKLHUEHLLXPP0DOHUHLLKDQGHOW

0DQQVFKDXWWDOVV%HWUDFKWHUUDXVVHLQHUUVWDUNHQQ8QWHUVLFKWWRGHUU)URVFKSHUVSHNWLYHH DXII GDVV %LOG VRR HUVFKHLQWW GHUU +HLOLJHH 6HEDVWLDQQ PLWW HLQHPP EHUJUR‰HQQ$QWOLW]] XQGGYHUPLWWHOWWVRPLWWHLQHQQDQGlFKWLJHQQ&KDUDNWHU'HUU)OXFKWSXQNWWOLHJWWHWZDDKLQ WHUUGHPP6FKLHQEHLQQXQGGGHUU:DGHHVHLQHVVOLQNHQQ%HLQHV=XUU/LQNHQQGHVV+HLOL JHQHWZDDDXII+|KHHVHLQHUU)‰HVLHKWWPDQQHLQHHDQJHVFKQLWWHQHH6lXOHQWURPPHO =XPPHLQHQQGLHQWWVLHHGHUU'HPRQVWUDWLRQQ$QWRQHOORVVNQVWOHULVFKHQQ*HVFKLFNVVPLWW GHPP$VSHNWWGHUU.HQQWQLVVEHUUGLHH3HUVSHNWLYHGDDHUUVLHHOHLFKWWDXVVGHUU)OXFKW SXQNW$FKVHH KHUDXVGUHKW =XPP DQGHUHQQ LVWW GLHH 6lXOHH MDD EHNDQQWOLFKK HLQQ 5HOLNWW GHUUDQWLNHQQ.XOWXUUXQGGZLUGGVRPLWWDOVV%HOLHEWHVV6\PEROOIUUGLHHhEHUZLQGXQJJGHUU KHLGQLVFKHQQ$QWLNHH GXUFKK GDVV &KULVWHQWXP´ YHUZHQGHW ,PP *HJHQVDW]] ]XX GHUU 6lXOHQWURPPHOOGLHQHQQGHUU.|USHUUXQGGGHUU6SHHUUGHVVVFKODIHQGHQQ6ROGDWHQQ]XUU 5HFKWHQQ GHVV 0lUW\UHUV GHUU SHUVSHNWLYLVFKHQQ 8QWHUVWW]XQJ VLHH ]HLJHQQ JHQDXX LQQGLHH5LFKWXQJJGHVV)OXFKWSXQNWHV,PP=XJHHGHUU5HVWDXUDWLRQQGXUFKK*QWHUU2KO KRIIIZXUGHQQDXFKK5|QWJHQDXIQDKPHQQGXUFKJHIKUWGDEHLLZXUGHHHUNDQQWGDVVV $QWRQHOORRGDD0HVVLQDD.RQVWUXNWLRQVOLQLHQQGXUFKK5LW]XQJHQQYRUJHJHEHQQKDW$OOHH GLHVHH.RQVWUXNWLRQVOLQLHQQGHUU$UFKLWHNWXUUXQGGGHUU'LDJRQDOOLQQGLHH7LHIHHÁXFKWHQ GHQQ)OLHVHQNDQWHQ´ VLQGGHLQQZHLWHUHVV,QGL]]IUUGLHHGHPRQVWUDWLYHH=XUVFKDXVWHO OXQJJVHLQHUU.HQQWQLVVEHUUGLHHH[WUHPPNXQVWYROOHH*HVWDOWXQJJYRQQ5lXPOLFKNHLWHQ 'DD GHUU )OXFKWSXQNWW YRQQ$QWRQHOORR VHKUU WLHII DQJHOHJWW ZXUGH NRPPWW HVV IROJOLFKK ]XX HLQHUU H[WUHPP YHUNU]WHQQ$UFKLWHNWXUHUVFKHLQXQJ WURW]] GHVVHQQ KDWW HUU GLHH$U FKLWHNWXUU VHKUU GHWDLOUHLFKK DXVJHDUEHLWHWW XQGG GDGXUFKK XPP HLQQ :HLWHUHVV VHLQQ DX ‰HUJHZ|KQOLFKHVV.|QQHQQEHZLHVHQ(VVVFKHLQWDOVVKDEHHHUUPLWWGHQQ.QVWOHUQQ GHUU6HUHQLVVLPD EHZXVVWWHLQHH3DUDJRQHHJHVXFKW$OOHH(UUXQJHQVFKDIWHQQVHLQHUU (SRFKHH ZHUGHQQ RIIHQVLFKWOLFKK GDUJHVWHOOW GLHH %ULOODQ]] GHVV /LFKWHV GDVV lX‰HUVWW IHLQHH0RGHOOLHUHQQGHVV,QNDUQDWVVXQGGGHUUPRQXPHQWDOHH&KDUDNWHUUVHLQHUU+HLOLJHQ 'DUVWHOOXQJ

hEHUUGLHH0DUW\ULXPVJHVFKLFKWHHGHVV+HLOLJHQQ6HEDVWLDQQZLUGGLQQGHUUª/HJHQGDDDX

0DXURR/XFFR$QWRQHOORRGDD0HVVLQDDGDVV*HVDPWZHUN0DXURR/XFFR 0DLODQGG6

0DXURR/XFFR$QWRQHOORRGDD0HVVLQDDGDVV*HVDPWZHUN0DXURR/XFFR 0DLODQGG6

0DXURR/XFFR$QWRQHOORRGDD0HVVLQDDGDVV*HVDPWZHUN0DXURR/XFFR 0DLODQGG6 9HQH]LDQHU