$$XVVGHQQ*UXQGODJHQQGHUU%HWULHEVZLUWVFKDIWOHKUHH

,*UXQGODJHQQGHUU:LUWVFKDIWW

:DQQQVSULFKWWPDQQYRQQ%HGDUIIIXQGGZDQQQYRQQ%HGGUIQLVV""

D%HGGUIQLVVZLUGGGHILQLHUWWDOVVGDVV9HUODQJHQHLQHPPWDWVVFKOLFKHQQRGHUUHPSIXQGHQHQQ 0DQJHOO$EKLOIHH]XXVFKDIIHQ%HGGUIQLVVHHNNQQHQQVRZRKOOPDWHULHOOHUDOVVDXFKKLPPD WHULHOOHUU1DWXUUVHLQ

E %HGDUII KLQJHJHQQ LVWW GLHH 00JOLFKNHLW GHQQ 0DQJHOO PLWW ]XUU 9HUIIJXQJJ VWHKHQGHQQ )LQDQ]PLWWHOQQ EHIULHGLJHQQ ]XX ZROOHQQ RGHUU ]XX NNQQHQ %HGGUIQLVVHH ZHUGHQQ DOVRR DPP 0DUNWWLQQ)RUPPGHUU1DFKIUDJHHQXUUGDQQQZLUNVDPZHQQQDXFKKHLQHHHQWVSUHFKHQGHH.DXI NUDIWW]XXLKUHUUU%HIULHGLJXQJJEHUHLWJHVWHOOWWLVW

:DUXPPEHVWHKWWHLQHH1RWZHQGLJNHLWWGHVVZLUWVFKDIWOLFKHQQ8PJDQJVVPLWW*WHUQQ""

D:HLOO:LUWVFKDIWJJWHUUXQGGGLHVVVLQGGGLHHKLHUUDOOHLQQLQWHUHVVLHUHQGHQQ*WHUULPP*HJHQ VDW]]]XXGHQQVRJIUHLHQQ*WHUQQ/XIW:DVVHUUQLFKWW]XXMHGHUU=HLWWXQGGDQQMHGHPPJH ZQVFKWHQQ2UWWLQQGHUUJHZQVFKWHQQ4XDOLWWWWXQGG0HQJHH]XUU9HUIIJXQJJVWHKHQ6LHHVLQGG NQDSS

E$XIIGHPP0DUNWWWUHIIHQQ$QJHERWWXQGG1DFKIUDJHH]XVDPPHQ'DVVVRJNRQRPLVFKHH 3ULQ]LSSJHKWWGDYRQQDXVGDVVV:LUWVFKDIWVVXEMHNWHHHDXIJUXQGGGHUU.QDSSKHLWWWGHUU*WHUUU

EHLLLKUHPPZLUWVFKDIWOLFKHQQ+DQGHOQQHLQQUDWLRQDOHVV9HUKKOWQLVVGHUHLQJHVHW]WHQQ0LWWHOO ]XPP]XXHU]LHOHQGHQQ(UJHEQLVVVLFKHUVWHOOHQ

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

.DXIPDQQQLPP6LQQHHGHVV+*%LVWWHLQHHQDWWUOLFKHHRGHUUMXULVWLVFKHH3HUVRQLQQGHUHQQ1D PHQQHLQQ*HZHUEHPLWKLQQHLQHHQDFKKDXXHQQHUNHQQEDUHHUODXEWHHXQGGSODQPPPLJJDXII HLQHHJHZLVVHH'DXHUUXQGG]XPP=ZHFNHHGHUU*HZLQQHU]LHOXQJVDEVLFKWWDQJHOHJWHH7WLJNHLWW DXVJHHEWWZLUGGLHHQLFKWW]XXGHQQIUHLHQQ%HUXIHQQJHKKUW(UODXEWHH7WLJNHLWWPHLQWGDVVV *HVFKKIWHH]LYLOUHFKWOLFKKKHLQNODJEDUUXQGGJJOWLJJDEJHVFKORVVHQQZHUGHQQNNQQHQHVVGDUII VLFKKQLFKWWXPPYHUERWHQHHæææ%*%%*HVFKKIWHHKDQGHOQ.HLQQ%HWUHLEHUULVW ZHUU*HVFKKIWHHHLQQIUHPGHQQ1DPHQQRGHUUDOVV9HUZDOWHUUIUHPGHQQ9HUPPJHQVVDEVFKOLHHW ZLHHGHUU9RUVWDQGGHLQHUU$*GHUU*HVFKKIWVIIKUHUUHLQHUU*PE++HWF 6RIHUQQGLHHH9RUDXVVHW]XQJHQQ]XXEHMDKHQQVLQGJLOWWGDVV%*%%LPP9HUKKOWQLVV]XPP+*% QXUUQRFKKVXEVLGLLU

'DVV+DQGHOVJHZHUEHHZLUGGJUXQGVVW]OLFKKXQWHUWHLOWWLQQGHQQ%HUHLFKKGHUU*UXQGKDQGHOV JHZHUEHHXQGG*HZHUEHGLHHQDFKK$UWWXQGG8PIDQJJGHVV*HZHUEHVVHLQQLQQNDXIPPQ QLVFKHUU:HLVHHHLQJHULFKWHWHQQ*HVFKKIWVEHWULHEEHUIRUGHUOLFKKPDFKHQ

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

(LQQ+DQGHOVJHZHUEHHEHWUHLEHQQDXFKK8QWHUQHKPHQQGHUU/RKQLQGXVWULHGHUHQQ*HVFKKIWW LQQGHUUUEHUQDKPHHGHUU%HRGHUU9HUDUEHLWXQJJJYRQQ:DUHQQIIUUDQGHUHHEHVWHKW

.DXIOHXWHHLPP6LQQHHGHVV+*%%VLQGGZHLWHUKLQGHUU6ROONDXIPDQQGHVVHQQJHZHUEOLFKHVV 8QWHUQHKPHQQHLQHQQQDFKK$UWWXQGG8PIDQJJGHVV*HVFKKIWHVVLQQNDXIPPQQLVFKHUU:HLVHH HLQJHULFKWHWHQQ*HZHUEHEHWULHEEHUIRUGHUOLFKKPDFKW'LHH(LQWUDJXQJJEHJUUQGHWWGLHH .DXIPDQQVHLJHQVFKDIW

$XXHUGHPPVLQGGDOVV.DXIOHXWHHGHUUVRJ.DQQNDXIPDQQQXQGG)RUPNDXIOHXWHH]XXQHQQHQ =XUUHUVWHQQ*UXSSHH]]KOHQQODQGXQGGIRUVWZLUWVFKDIWOLFKHH%HWULHEHHRGHUUGLHH1HEHQ JHZHUEHHHLQHVVODQGXQGGIRUVWZLUWVFKDIWOLFKHQQ8QWHUQHKPHQV=XUU]ZHLWHQQ*UXSSHH JHKKUHQQGLHH*PE+GLHH$*GLHH.*D$XQGGGLHHHLQJHWUDJHQHQQ*HQRVVHQVFKDIWHQ $XFKKKLHUUZLUNWWDOOHUGLQJVVGLHH(LQWUDJXQJJLQVV+DQGHOVUHJLVWHUUNRQVWLWXLHUHQG

'LHH(LQRUGQXQJJDOVV.DXIPDQQQKDWW.RQVHTXHQ]HQ%HLVSLHOVZHLVHHEHVWHKWWHLQQ6FKXW]] GHUU)LUPDPLWKLQQDOVRRGHVV1DPHQVXQWHUUGHPPGHUU9ROONDXIPDQQQLPP+DQGHOVYHUNHKUU VHLQHH*HVFKKIWHHEHWUHLEWJHJHQQ0LVVEUDXFKKGHUJHVWDOWGDVVVHUUEHLL9HUOHW]XQJJ6FKD GHQVHUVDW]DQVSUUFKHHRGHUU8QWHUODVVXQJVDQVSUUFKHHJHOWHQGGPDFKHQQNDQQ $QGHUHUVHLWVVEHVWHKHQQEHVRQGHUHH5HJHOQQEHLL+DQGHOVJHVFKKIWHQ+DQGHOVJHVFKKIWHH E]Z9HUWUUJHHNNQQHQQ]%DXFKK]XVWDQGHHNRPPHQQGXUFKK6FKZHLJHQQDXIIHLQQNDXIPPQ QLVFKHVV%HVWWWLJXQJVVFKUHLEHQQRGHUU*HZRKQKHLWVUHFKWWDXIIGHUU*UXQGODJHHHLQHVV +DQGHOVEUDXFKHVVRGHUUGXUFKK6FKZHLJHQQDXIIHLQQ$QJHERWW]XUU*HVFKKIWVEHVRUJXQJ *OHLFK]HLWLJJEHHLQIOXVVHQQVLHHGLHH4XDOLWWWWGHUUJHVFKXOGHWHQQ/HLVWXQJ'HUU.DXIPDQQQ VFKXOGHWWQXUUGLHH/HLVWXQJJPLWWOHUHUU$UWWXQGG**WHHXVZ E'LHH*HVHOOVFKDIWHQQ DD*HVHOOVFKDIWVIRUPHQQ

8QDEOOVVLJJLVWWGLHH.HQQWQLVVGHUU8QWHUQHKPHQVIRUPHQQE]ZGHUU$XVJHVWDOWXQJJGHUU *HVHOOVFKDIWVIRUPHQ

'LHH8QWHUQHKPHQQE]ZGDVVXQWHUQHKPHULVFKHVV77WLJZHUGHQQZLUGGGXUFKKGLHH5HFKWV IRUPPXQWHUWHLOW

EE'LHH*HVHOOVFKDIWHQQODVVHQQVLFKKLQQ]ZHLL*UXSSHQQHLQWHLOHQ 3HUVRQHQJHVHOOVFKDIWHQQ .USHUVFKDIWHQQ