,, ,QKDOWVYHU]HLFKQLVV

,QKDOWVYHU]HLFKQLV ,,

$EELOGXQJVYHU]HLFKQLV ,,

$ENU]XQJVYHU]HLFKQLVV,,,

(LQIKUXQJJ

'LHH7KHRULHHHIIL]LHQWHUU.DSLWDOPlUNWH

'LHHVFKZDFKHH)RUPPGHUU.DSLWDOPDUNWHIIL]LHQ]]

'LHHKDOEVWDUNHH)RUPPGHUU.DSLWDOPDUNWHIIL]LHQ]]

'LHHVWDUNHH)RUPPGHUU.DSLWDOPDUNWHIIL]LHQ]]

hEHUUHQGLWHQQXQGGLKUHH0HVVEDUNHLW

'LHHWHFKQLVFKHH$NWLHQDQDO\VH

*OHLWHQGHH'XUFKVFKQLWWVOLQLHQ

*OHLWHQGHH'XUFKVFKQLWWVOLQLHQQPLWYDULDEOHUU/lQJH

*OHLWHQGHH'XUFKVFKQLWWVOLQLHQQPLWIHVWJHOHJWHUU/lQJH

8QWHUVWW]XQJVXQGG:LGHUVWDQGVOLQLHQQ

'LHHIXQGDPHQWDOHH$NWLHQDQDO\VH

'HUU(LQIOXVVVYRQQ5HFKQXQJVOHJXQJVJU|‰HQQDXI]XNQIWLJHH.XUVHQWZLFNOXQJHQ

%HZHUWXQJVNHQQ]DKOHQQ

'DVV.XUV*HZLQQ9HUKlOWQLV

'DVV%XFKZHUW0DUNWZHUW9HUKlOWQLVV

'LHH.RPELQDWLRQQYRQQIXQGDPHQWDOHUUXQGGWHFKQLVFKHU$NWLHQDQDO\VH

)D]LWWXQGG$XVEOLFNN

/LWHUDWXUYHU]HLFKQLV

,,,

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ&KDUWWGHUU'DLPOHUU$**PLWWJOHLWHQGHQQ'XUFKVFKQLWWVOLQLHQQ

$EELOGXQJ'DUVWHOOXQJJYRQQ:LGHUVWDQGVXQGG8QWHUVWW]XQJVOLQLHQQ

,,,, $ENU]XQJVYHU]HLFKQLVV

$0(;; $PHULFDQQ6WRFNN([FKDQJHH

%09 %XFKZHUW0DUNWZHUW9HUKlOWQLVV

&$30 &DSLWDOO$VVHWW3ULFLQJ0RGHOO

&IRR RSHUDWLYHUU&DVK)ORZ

&RPEL .RPELQDWLRQVSRUWIROLRR

'-,$ 'RZZ-RQHVV,QGXVWULDOO$YHUDJH

+0/ KLJKKPLQXVVORZZ

.*9 .XUV*HZLQQ9HUKlOWQLVV

0RPP 0RPHQWXPP

1DVGDT 1DWLRQDOO$VVRFLDWLRQQRI6HFXULWLHVV'HDOHUVV$XWRPDWHGG4XRWDWLRQVV

1<6(( 1HZZ

6633 6WDQGDUGGG3RRU¶VV,QGH[[

60% VPDOOOPLQXVVELJ

(LQIKUXQJ

3ULYDWHH XQGG LQVWLWXWLRQHOOHH ,QYHVWRUHQQ YHUVXFKHQ PLW YHUVFKLHGHQHQ +DQGHOVVWUDWHJLHQQ LKUH*HZLQQHDQQGHQQ$NWLHQPlUNWHQ]XXPD[LPLHUHQ'DEHLLVWHOOWWVLFKGLH)UDJHREEHV P|JOLFKK LVWW ODQJIULVWLJ hEHUUHQGLWHQQ ]XX HU]LHOHQ RGHU REE GLHVV LPP :LGHUVSUXFK ]XU 7KHRULHH HIIL]LHQWHUU .DSLWDOPlUNWHH .DSLWHO VWHKW 'LHVHH EHVDJW GDVVV VLFKK DOOHH YHUIJEDUHQQ ,QIRUPDWLRQHQQ LQQ GHPP DNWXHOOHQQ 3UHLVV HLQHUU $NWLHH ZLGHUVSLHJHOQQ XQGG VLFK VRPLWW ODQJIULVWLJ NHLQQ ,QIRUPDWLRQVYRUVSUXQJ GXUFKK+DQGHOVVWUDWHJLHQQ JHQHULHUHQQ OlVVW GHUU ]X hEHUUHQGLWHQ IKUHQQ ZUGH (LQH hEHUUHQGLWH .DSLWHOO LVWW HLQH WDWVlFKOLFK HU]LHOWH5HQGLWHGLHHJU|‰HUULVWDOVHLQHQWVSUHFKHQGHUU9HUJOHLFKVZHUWZLHH]XP%HLVSLHO GHUU ULVLNRORVHH =LQVVDW] GLHH :HUWHQWZLFNOXQJ HLQHVV ,QGH[ RGHUU GLHH QDFKK HLQHPP 0RGHOOO ]XUU 3URJQRVHH YRQQ 5HQGLWHQQ ]X HUZDUWHQGHH 5HQGLWH (V JLEWW ]ZHLL $UWHQQ GHU $NWLHQDQDO\VH DXII GHQHQQ GLHH +DQGHOVVWUDWHJLHQ DXIEDXHQ =XQlFKVWW LVWW GLHH WHFKQLVFKH $NWLHQDQDO\VHH .DSLWHO ]XX QHQQHQ GLHH DPP %HLVSLHO YRQQ GUHLL HLQIDFKHQQ XQGG ZHLWYHUEUHLWHWHQQ+DQGHOVWHFKQLNHQQGDUJHVWHOOWWXQGDXILKUH3URJQRVHIlKLJNHLWWXQWHUVXFKW ZLUG *OHLWHQGH 'XUFKVFKQLWWVOLQLHQQ PLWW YDULDEOHU XQGG IHVWJHOHJWHU /lQJH VRZLH 8QWHUVWW]XQJVXQG:LGHUVWDQGVOLQLHQ 'HQQ]ZHLWHQQJUR‰HQ%HUHLFKKGHUU$NWLHQDQDO\VH VWHOOWW GLHH )XQGDPHQWDODQDO\VHH .DSLWHOO GDU =XQlFKVWW ZHUGHQQ GHUU JHQHUHOOHH (LQIOXVVV YRQQ 5HFKQXQJVOHJXQJVJU|‰HQQ DXII ]XNQIWLJH .XUVHQWZLFNOXQJHQQ XQWHUVXFKWW XQGG LPP )ROJHQGHQQ ]ZHLL LQQ GHU 3UD[LVV ZLFKWLJHH %HZHUWXQJVNHQQ]DKOHQ GDVV .XUV*HZLQQ 9HUKlOWQLVV XQGG GDVV %XFKZHUW0DUNWZHUW9HUKlOWQLV DXII LKUHH 3URJQRVHIlKLJNHLWW EHUSUIW'HUUIXQGDPHQWDOHHXQGGGHUUWHFKQLVFKHH$QDO\VHDQVDW]ZHUGHQQLQGHUU/LWHUDWXUU IDVWW DXVVFKOLH‰OLFKK IU VLFK DOOHLQQ EHWUDFKWHW 6HOWHQQ ZLUG KLQJHJHQQ HLQH .RPELQDWLRQ YRQQWHFKQLVFKHUUXQGGIXQGDPHQWDOHUU$NWLHQDQDO\VH.DSLWHOODXIILKUU3URJQRVHIlKLJNHLWW XQWHUVXFKW+LHUEHLVROOJHNOlUWZHUGHQREEHLQH.RPELQDWLRQQGHUUEHLGHQQ$QDO\VHDQVlW]HH ]XVlW]OLFKHQQ 1XW]HQQ LQQ )RUPP YRQQ hEHUUHQGLWHQQ OLHIHUW XQGG GLHH EHLGHQQ .RQ]HSWHH VRPLW DOVV .RPSOHPHQWHH IXQJLHUHQQ N|QQHQQ RGHUU REE VLHH HKHUU DOVV 6XEVWLWXWHH ]XX VHKHQQ VLQG

]XVDPPHQJHIDVVW

9JO)DPDD6

^{9JO%URFN/DNRQLVKRN/H%DURQ6XQG%HVVHPELQGHU&KDQ6} 9JO%HWWPDQ6DXOW6FKXOW]6

'LHH7KHRULHHHIIL]LHQWHUU.DSLWDOPlUNWH

(LQQ.DSLWDOPDUNWWJLOWWDOVHIIL]LHQWZHQQGHUUDNWXHOOH3UHLVVHLQHU$NWLHHDOOHYHUIJEDUHQQ ,QIRUPDWLRQHQQ ZLGHUVSLHJHOW 'LIIHUHQ]LHUWHU IRUPXOLHUWW JLOWW HU DOVV HIIL]LHQW ZHQQQ DOOH ,QIRUPDWLRQHQQ ELVV ]X GHPP 3XQNWW HLQJHSUHLVW VLQG DQ GHPP GHUU PDUJLQDOHH 1XW]HQQ GHUU ,QIRUPDWLRQQGHUHQQPDUJLQDOHQQ.RVWHQQHQWVSULFKW

(XJHQH ) )DPD GHU %HJUQGHU GHU 7KHRULHH HIIL]LHQWHUU .DSLWDOPlUNWH JOLHGHUW HIIL]LHQWH.DSLWDOPlUNWHLQQGUHLL*UXSSHQGLHHVLFKKQDFKKGHPP$XVPD‰‰GHUUKHUUVFKHQGHQQ (IIL]LHQ] XQWHUVFKHLGHQ (U XQWHUWHLOWW LQQ VFKZDFKH )RUP KDOEVWDUNH )RUPP XQGG VWDUNH

'LHVFKZDFKHH)RUPGHUU.DSLWDOPDUNWHIIL]LHQ]]

'LHH VFKZDFKHH )RUPP GHUU .DSLWDOPDUNWHIIL]LHQ] OLHJW YRU ZHQQQ VLFKK DOOHH ,QIRUPDWLRQHQQ DXVV YHUJDQJHQHQQ .XUVYHUOlXIHQQ LQQ GHQQ DNWXHOOHQQ $NWLHQSUHLVHQQ ZLGHUVSLHJHOQ 'LH WHFKQLVFKHH $NWLHQDQDO\VH VHW]W JHQDXX DQ GLHVHPP 3XQNWW DQ =XNQIWLJH .XUVHQWZLFNOXQJHQQ VROOHQQ GXUFK $XVZHUWXQJJ XQGG ,QWHUSUHWDWLRQQ YRQ YHUJDQJHQHQQ .XUVYHUOlXIHQQ SURJQRVWL]LHUWW ZHUGHQ 'LHH VFKZDFKHH )RUPP GHUU .DSLWDOPDUNWHIIL]LHQ]] ZLUGG GDUDQQ EHUSUIW LQZLHIHUQQ VLFK DXVV YHUJDQJHQHQ .XUVYHUOlXIHQ ]XNQIWLJHH .XUVYHUlQGHUXQJHQQ DEOHLWHQQ ODVVHQ 'LHVV HUIROJWW PLWKLOIH GHU $XWRNRUUHODWLRQ GLH GLH .RUUHODWLRQQ YRQQ DXIHLQDQGHUU IROJHQGHQQ 'DWHQ LQQHUKDOEE HLQHUU =HLWUHLKHH PLVVW 9HUVFKLHGHQH 6WXGLHQ KDEHQ JH]HLJW GDVVV IU WlJOLFKH Z|FKHQWOLFKH XQGG PRQDWOLFKH .XUVYHUlQGHUXQJHQQ NXU]H )ULVW HLQHH SRVLWLYHH $XWRNRUUHODWLRQQ YRQQ .XUVYHUOlXIHQQ YRUOLHJW 'LHH JHPHVVHQH $XWRNRUUHODWLRQQ VWHLJW EHLL GLYHUVLIL]LHUWHQQ 3RUWIROLRVV LP 9HUJOHLFKK]X(LQ]HODNWLHQQXQGGZLUGGXPVRRVWlUNHUMH JHULQJHUGLHH0DUNWNDSLWDOLVLHUXQJ

JU|‰WHQQ DPP 1HZZ

9JO)DPDD6

^{9JO6WHLQHU%UXQV]LWLHUWDXV)DPDD6 9JO)DPDD6 9JO6WHLQHU%UXQV6 9JO%URFN/DNRQLVKRN/H%DURQ6 9JO)DPDD6} 9JO)DPDD6

9JO)DPDD6]LWLHUWWDXV)DPD)LVKHU/R0DF.LQOD\ &RQUDGG.DXO

$XWRNRUUHODWLRQQGHUUQDFK0DUNWNDSLWDOLVLHUXQJNOHLQVWHQQ1<6(($NWLHQQ 'LH JHPHVVHQHQQ$XWRNRUUHODWLRQHQQIUUGLHHNXU]H)ULVWWVLQGG]ZDUULQQDOOHQQ6WXGLHQSRVLWLYYXQG ZHLFKHQQYHUOlVVOLFKKYRQ1XOOODEDOOHUGLQJVVLQGGVLHHVWHWVVQDKHH1XOOOXQGGEHVLW]HQQVRPLW NHLQHVLJQLILNDQWH$XVVDJHNUDIW 'LHHJHPHVVHQHQQ$XWRNRUUHODWLRQHQQIUUELVVMlKULJH .XUVYHUlQGHUXQJHQODQJHH)ULVWVLQGGGDUEHUUKLQDXVGHXWOLFKKQHJDWLYYELVV $XFKK LQQ HLQHPP 8QWHUVXFKXQJV]HLWUDXPP YRQQ -DKUHQQ ODVVHQQ VLFKK QXU VFKZDFKHH $Q]HLFKHQQ IUU HLQHH ODQJIULVWLJHH $XWRNRUUHODWLRQQ YRQQ .XUVHQWZLFNOXQJHQQ ILQGHQ 'LHH DQJHVSURFKHQHQQ 6WXGLHQQ VWlUNHQ GLHH +\SRWKHVH GDVVV HV NHLQH VWDWLVWLVFK VLJQLILNDQWHH $XWRNRUUHODWLRQQ JLEWW XQGG VLFK .XUVHH QDFKK GHUU 5DQGRP:DON7KHRULHH ELOGHQ 'LHVHH EHVDJW GDVVV $NWLHQNXUVHH DXIJUXQG YRQQ =XIDOOVEHZHJXQJHQQ HQWVWHKHQ

,Q HLQHUU 6WXGLHH YRQQ %URFN /DNRQLVKRNN XQGG /H%DURQQ ZLUGG JH]HLJW GDVVV VLFKK PLWKLOIHH HLQIDFKHUU WHFKQLVFKHUU +DQGHOVUHJHOQ ZLHH JOHLWHQGHQQ 'XUFKVFKQLWWVOLQLHQQ XQGG 8QWHUVWW]XQJV XQGG :LGHUVWDQGVOLQLHQ ODQJIULVWLJHH .XUVHQWZLFNOXQJHQ YRUKHUVDJHQ ODVVHQ 'DQDFKK HQWKDOWHQQ YHUJDQJHQHH .XUVYHUOlXIHH ,QIRUPDWLRQHQ PLWW GHQHQQ LP

$XFKK %HVVHPELQGHUU XQG &KDQQ NRPPHQQ ]X GHPP 6FKOXVV GDVVV VLFKK DXI %DVLVV GLHVHUUWHFKQLVFKHQ+DQGHOVUHJHOQQ]XNQIWLJHH.XUVHQWZLFNOXQJHQQSURJQRVWL]LHUHQQODVVHQ 'LHH YRQQ LKQHQQ YHUZHQGHWHQQ +DQGHOVWHFKQLNHQQ HU]LHOHQ LPP 9HUJOHLFKK ]XU GXUFKVFKQLWWOLFKHQQ :HUWHQWZLFNOXQJ GHV 'RZZ -RQHVV ,QGXVWULDOO $YHUDJHH '-,$ YRUU 7UDQVDNWLRQVNRVWHQQ hEHUUHQGLWHQ 'LH PLWWHOVV GHU hEHUUHQGLWHQQ HUUHFKQHWHQQ %UHDN (YHQ7UDQVDNWLRQVNRVWHQQ IDOOHQQ LPP 9HUJOHLFK ]XX GHQQ WDWVlFKOLFKHQQ 7UDQVDNWLRQVNRVWHQQ LQQ GHU 5HDOLWlWW UHODWLYY JHULQJ DXV ZDV ]HLJW GDVV VLFKK PLW GLHVHQ WHFKQLVFKHQQ +DQGHOVUHJHOQQ QXUU EHGLQJW hEHUUHQGLWHQQ HU]LHOHQ ODVVHQ 'D GHU ]XVlW]OLFKH 1XW]HQ hEHUUHQGLWHQYRQQGHQQ ]XVlW]OLFKHQQ.RVWHQQ7UDQVDNWLRQVNRVWHQHJDOLVLHUWWZLUGVWHKW GDVV (UJHEQLV GLHVHUU 6WXGLHH VRPLW QLFKW LP :LGHUVSUXFKK ]XUU VFKZDFKHQQ )RUP GHUU .DSLWDOPDUNWHIIL]LHQ]

9JO)DPDD6]LWLHUWDXV/R0DF.LQOD\

^{9JO)DPDD6 9JO)DPDD6 9JO6WHLQHU%UXQV6 9JO%URFN/DNRQLVKRN/H%DURQ6} 9JO%HVVHPELQGHU&KDQ6