,QKDOWVYHU]HLFKQLV

$EVWUDFW,9 'HU:HUW1DFKKDOWLJNHLW (LQOHLWXQJ

'HUUDNWXHOOH6WHOOHQZHUWYRQQ1DFKKDOWLJNHLW 'DVV/HLWELOGG1DFKKDOWLJNHLW 'HUU.OLPDZDQGHO 1DFKKDOWLJNHLWVEHZXVVWVHLQQLQQGHUU.ULVH 'DVVULFKWLJH+DQGHOQ 'LH%HGHXWXQJJYRQQ:HUWHQ ,QWULQVLVFKHXQGGILQDOH:HUWH 1DFKKDOWLJNHLWWDOVVH[WULQVLVFKHU:HUW 'LHhEHU]HXJXQJYRP:HUW1DFKKDOWLJNHLWW 'LHH%HGHXWXQJJYRQQ*UQGHQ $QJHPHVVHQKHLWWGXUFKREMHNWIXQGLHUWHH*UQGH :DKUHhEHU]HXJXQJJGXUFK:LVVHQ ([NXUV8PZHOWEHZXVVWVHLQQYHUVXV8PZHOWKDQGHOQ 'LHPRWLYLHUHQGHH5ROOHYRQQ:QVFKHQ 'LHHLQWHUQDOLVWLVFKHH$XIIDVVXQJ $QJHPHVVHQKHLWWGXUFK*UQGH :QVFKHHQXUJHPl‰*UQGHQ 'LHPRWLYLHUHQGHH5ROOHYRQQ(PRWLRQHQ $QJHPHVVHQKHLWWGXUFK)RUPDOHH2EMHNWH (PRWLRQHQQDOV:DKUQHKPXQJHQ 3UREOHPPGHUhEHULQWHOOHNWXDOLVLHUXQJ *HUHFKWIHUWLJWHH(PRWLRQHQ

=ZLVFKHQID]LW(PRWLRQHQQPDFKHQhEHU]HXJXQJHQKDQGOXQJVIlKLJ 'LHH.RPPXQLNDWLRQYRQQ1DFKKDOWLJNHLW 1DFKKDOWLJNHLWVNRPPXQLNDWLRQQGHUDNWXHOOH6WDQG 'DVVULFKWLJH0HGLXP (PRWLRQDOH,QIRUPDWLRQ(LQHHXQEHTXHPH:DKUKHLW 3URGXNWZHUEXQJJDOV9RUELOG

,,

.URPEDFKHU$XIGHQ5HJHQZDOG" :HUEXQJJPXVV*UQGHNRPPXQL]LHUHQ $XGLL49RUVSUXQJJGXUFKZHQLJHU6WLFNR[LGH" %3%H\RQGG3HWUROHXP" 7R\RWD3ULXV:HJZHLVHQG )D]LW0LWW9RUVLFKWW]XXJHQLH‰HQ 1DFKKDOWLJNHLWWLPP3URJUDPPWHLO:HOWWGHU:XQGHUU 'DVV0XVWHUEHLVSLHO'LHH5HFKQXQJJ

*HVDPWID]LW'LHYLHU3ULQ]LSLHQHUIROJUHLFKHU1DFKKDOWLJNHLWVNRPPXQLNDWLRQ $XVEOLFN $EELOGXQJVYHU]HLFKQLV9 /LWHUDWXUYHU]HLFKQLV9,

,,,

$EVWUDFW

,QGLHVHUU$UEHLWWJHKWWHVVXPPGLH.RPPXQLNDWLRQQGHVV3ULQ]LSVV1DFKKDOWLJNHLW(VVLVWWQXUHLQHP %UXFKWHLOOGHU%HY|ONHUXQJJEHNDQQWREZRKOOHVVQLFKWW]XOHW]WWGXUFKGHQQ.OLPDZDQGHOOKRFKDNWXHOOOLVW 'DEHLLZLUGJH]HLJWZHUGHQZDUXPGLHHELVKHULJHH1DFKKDOWLJNHLWVNRPPXQLNDWLRQQYHUVDJWKDWWXQG DXIZHOFKH3ULQ]LSLHQVLFKHUIROJUHLFKH1DFKKDOWLJNHLWVNRPPXQLNDWLRQQEH]LHKHQPXVV ,PHUVWHQ7HLOZLUGGGHU:HUWWYRQQ1DFKKDOWLJNHLWHUDUEHLWHW1XUDXIJUXQGGHUU$QQDKPHGDVV 1DFKKDOWWHLQQ:HUWWLVWPDFKWGLH1RWZHQGLJNHLWWGHUU.RPPXQLNDWLRQQYRQQ1DFKKDOWLJNHLWW6LQQ :HUWHHVLQGGhEHU]HXJXQJHQXQGGEH]LHKHQQVLFKKDXIJXWHH*UQGHhEHU]HXJXQJHQDOOHLQQN|QQHQQDEHU QLFKWW]XX+DQGOXQJHQHQQPRWLYLHUHQ0RWLYLHUHQN|QQHQ:QVFKHHXQGG(PRWLRQHQ(PRWLRQHQ HUZHLVHQQVLFKKGDEHLDOVVJHHLJQHWXPPLQQ9HUELQGXQJJPLWWGHUUhEHU]HXJXQJJYRPP:HUWW1DFKKDOWLJNHLW ]XQDFKKDOWLJHP+DQGHOQQ]XXPRWLYLHUHQ

$XIJUXQGGGLHVHU(UNHQQWQLVVHHZLUGGLPP]ZHLWHQ7HLOOJH]HLJWGDVVVGLHHNRQYHQWLRQHOOH 1DFKKDOWLJNHLWVNRPPXQLNDWLRQQJHVFKHLWHUWLVWZHLOOVLHHQWZHGHUGLHHPRWLRQDOHH.RPPXQLNDWLRQ YRQQ1DFKKDOWLJNHLWYHUQDFKOlVVLJWRGHUQHJDWLYHH(PRWLRQHQHU]HXJWKDW6FKOLH‰OLFKZHUGHQQDQKDQG GHU3URGXNWZHUEXQJHQQYRQQ.URPEDFKHU$XGL%3%H\RQG3HWUROHXPXQGG7R\RWDGHU 'RNXPHQWDWLRQQQ(LQHXQEHTXHPH:DKUKHLWW%HLWUlJHQQLPP5DKPHQQGHU6HQGXQJ:HOWWGHU :XQGHUXQGGGHPP.XU]ILOPPP'LH5HFKQXQJJJYLHUU3ULQ]LSLHQHUDUEHLWHWDQKDQGGHUHUUGHU:HUW 1DFKKDOWLJNHLWHUIROJUHLFKNRPPXQL]LHUWWZHUGHQNDQQ (VPXVVVPLWWGHP0HGLXPP)LOP)HUQVHKHQNRPPXQL]LHUWWZHUGHQ (VPVVHQQSRVLWLYH(PRWLRQHQHU]HXJWWZHUGHQ (VPVVHQQJXWH*UQGHYHUPLWWHOWWZHUGHQ (VPVVHQQULFKWLJH+DQGOXQJVRSWLRQHQQDXIJH]HLJWZHUGHQ

,9

'HU:HUWW1DFKKDOWLJNHLW

(LQOHLWXQJ

)LQDQ]NULVH0LJUDWLRQ5HVVRXUFHQYHUNQDSSXQJ$UPXWNULHJHULVFKHH$XVHLQDQGHUVHW]XQJHQ .OLPDZDQGHOOGLHH0HQVFKKHLWVWHKWWYRUJUR‰HQQ+HUDXVIRUGHUXQJHQQLPP-DKUKXQGHUW9LHOHHGHU JHQDQQWHQ3UREOHPHJHKHQDXIGDVV3ULQ]LSS1DFKKDOWLJNHLWW]XUFNGLH)UVRUJHHIUU:HOWWXQG 1DFKZHOW1LFKWWQXUUGLHDNWXHOOHQVRQGHUQQDXFKKGLHQlFKVWHQQ*HQHUDWLRQHQQVROOHQHLQHH:HOW YRUILQGHQLQQGHUUVLHHLKUU/HEHQQHQWIDOWHQQN|QQHQ'LH%HGLQJXQJHQGDIUZHUGHQLPPHUVFKOHFKWHU %RGHQVFKlW]HZHUGHQQZHQLJHU7LHUDUWHQQVWHUEHQQDXV(UG|OOXQGG7ULQNZDVVHUVLQGGLPPHU VFKZLHULJHUUDXI]XILQGHQ'HU&2 $QWHLOOGHU$WPRVSKlUHVWHLJWNRQWLQXLUOLFKGLHH6FKHUHH]ZLVFKHQ $UPPXQGG5HLFKKZLUGLPPHUJU|‰HUQLFKWWQXUULQQ'HXWVFKODQGVRQGHUQQDXFKJOREDO0LWGHP )RUWVFKUHLWHQQGLHVHU(QWZLFNOXQJHQQZHUGHQLPPHUPHKUU0HQVFKHQQLQQ%HGLQJXQJHQQDXIZDFKVHQ XQGGOHEHQQPVVHQGLHHHVVIUUVLHHXQP|JOLFKKPDFKWVLFKKQDFKKLKUHQ%HGUIQLVVHQQ]XHQWIDOWHQ

(LQH7DWVDFKHGLHDOOH0HQVFKHQJOHLFKHUPD‰HQEHGURKWLVWWGHU.OLPDZDQGHO6HLWWGHU ,QGXVWULDOLVLHUXQJJLVWWGLH7HPSHUDWXUUDXIGHU(UGHHEHUSURSRUWLRQDOOVFKQHOOOJHVWLHJHQ*UXQGGGDIU LVWWGHU$XVVWR‰‰GHV7UHLEKDXVJDVHVV&2 GDVVKDXSWVlFKOLFKKEHLPP9HUEUHQQHQQIRVVLOHU%UHQQVWRIIH HQWVWHKW'LHH)ROJHQQGLHVHU(UGHUZlUPXQJVLQGGVFKRQQKHXWH]XVSUHQZHUGHQQDEHUUEHLP DQKDOWHQGHQ$XVVWR‰‰YRQQ&2 LPPHUUJUDYLHUHQGHU9RQQGHQQYHUPHKUWDXIWUHWHQGHQQhEHUIOXWXQJHQ 'UUHQQXQGG6WUPHQVLQGGKHXWHHVFKRQQLQQHUVWHUU/LQLHGLHH(QWZLFNOXQJVOlQGHUUEHWURIIHQLQQGHQHQGHU *UR‰WHLOOGHU%HY|ONHUXQJJLQQ$UPXWWOHEW:DVVHUNQDSSKHLWWZLUG]XQHKPHQGG]XNULHJHULVFKHQ .RQIOLNWHQQIKUHQGDVV$QVWHLJHQQGHV0HHUHVVSLHJHOVVZLUGGGD]XIKUHQGDVVV0LOOLRQHQQYRQ 0HQVFKHQXPJHVLHGHOWWZHUGHQPVVHQKDEHQGLHH9HUHLQWHQQ1DWLRQHQDXIIGLHVH (QWZLFNOXQJHQQUHDJLHUWXQGGPLWWGHPP.\RWR3URWRNROOOYHUELQGOLFKHH=LHOZHUWHIUUGHQ$XVVWR‰‰YRQ 7UHLEKDXVJDVHQGHILQLHUW$XIGHPP.OLPDJLSIHOOGHU9HUHLQWHQ1DWLRQHQQ(QGHLQQ.RSHQKDJHQ VROOWHQQQHXH=LHOHHGHILQLHUWZHUGHQXPPVRZRKOOGLH,QGXVWULHQDWLRQHQDOVVDXFKGLH (QWZLFNOXQJVOlQGHU]XXHLQHU5HGXNWLRQQGHUU&2 (PLVVLRQHQQ]XYHUSIOLFKWHQ'LHVHU.OLPDJLSIHOLVW JHVFKHLWHUW'DVV=LHOOHLQHUU6HOEVWYHUSIOLFKWXQJGHUU6WDDWHQQ]XUU+DOELHUXQJGHVV&2 $XVVWR‰HVELV ZXUGHQLFKWHUUHLFKW(VVZXUGHOHGLJOLFK]XUU.HQQWQLVVJHQRPPHQQGDVVELVV(QGHGHV -DKUKXQGHUWVGLHH(UGHUZlUPXQJJQLFKWWPHKUUDOVV]ZHLL*UDGEHWUDJHQQVROO$XINRQNUHWHH0D‰QDKPHQ ZLHHGLHVHVV=LHOO]XHUUHLFKHQLVWNRQQWHQQVLFKKGLH1DWLRQHQQQLFKWWHLQLJHQ

%HVRQGHUVVGLHH(QWZLFNOXQJVOlQGHUUZROOHQVLFKKQLFKWWGDUDXIYHUSIOLFKWHQLKUU:DFKVWXPPGXUFKKGLH (LQKDOWXQJYRQQ(PLVVLRQVJUHQ]HQQ]XEUHPVHQ6LHHEHWRQHQQGDEHLLLKUU5HFKWWDXIGHQQZHVWOLFKHQ

(QWZLFNOXQJVXQGG/HEHQVVWDQGDUG(LQQ6WDQGDUGGHUUDXIGHUU$XVEHXWXQJJYRQQ%RGHQVFKlW]HQ (UG|OOXQGGGHQQ(QWZLFNOXQJVOlQGHUEHUXKWXQGGELVODQJQLFKWYLHOOPLWGHP/HLWELOGG1DFKKDOWLJNHLW JHPHLQVDPPKDWWH'LHH,QGXVWULHQDWLRQHQQVLQGGVLFKKLKUHU9HUDQWZRUWXQJDEHUEHZXVVWWJHZRUGHQQXQG QHKPHQQGDV/HLWELOGG1DFKKDOWLJNHLWW]XQHKPHQGGLQLKUH3ROLWLNNDXI'HXWVFKODQGGKDWWHLQH QDWLRQDOHH1DFKKDOWLJNHLWVVWUDWHJLHHYHUDEVFKLHGHW0LW+LOIHVWDDWOLFKHUXQGGZLUWVFKDIWOLFKHU 5HJOHPHQWLHUXQJHQNDQQQGLHH%XQGHVUHJLHUXQJJGDV3ULQ]LSS1DFKKDOWLJNHLWWDXFKLQQGHUU%HY|ONHUXQJ YHUEUHLWHQ6FKRQQPLW(LQIKUXQJGHUgNRVWHXHUZXUGHGLHH.UDIWIDKU]HXJVWHXHUUPD‰JHEOLFKKQDFK GHU)LOWHUXQJJYRQQ$EJDVHQQEHUHFKQHWWXQGGHLQHH0LQHUDO|OVWHXHUYRUUGHPP+LQWHUJUXQGGHUKREHQGDVV IRVVLOHH(QHUJLHWUlJHUEHJUHQ]WWVLQG*OHLFK]HLWLJJI|UGHUWWGLHH%XQGHVUHJLHUXQJJGHQQ%DXYRQ 6RODUDQODJHQXQGGGLHH(UULFKWXQJJHQHUJLHHIIL]LHQWHUU+lXVHU'XUFKGLHH6XEYHQWLRQLHUXQJ QDFKKDOWLJHQ9HUKDOWHQVXQGGGHPP6DQNWLRQLHUHQQQLFKWQDFKKDOWLJHQ9HUKDOWHQVNDQQQGLH %HY|ONHUXQJJ]XQDFKKDOWLJHPP9HUKDOWHQHU]RJHQZHUGHQ3ROLWLVFKHH0D‰QDKPHQQHUIOOHQQGDPLW GHQQ=ZHFNGLH%HY|ONHUXQJPHKUURGHUZHQLJHU]XPPQDFKKDOWLJHQQ+DQGHOQQ]XXEULQJHQ(LQ QDFKKDOWLJHVV%HZXVVWVHLQQZLUGGDGXUFKDEHUQLFKWWHWDEOLHUWgNRORJLVFKHV+DQGHOQQJHVFKLHKWWQLFKW DXVVhEHU]HXJXQJVRQGHUQQDXIJUXQGGPDWHULHOOHUU*HVLFKWVSXQNWH9LHOH0HQVFKHQQYHU]LFKWHQDXI NXU]HQQ6WUHFNHQDXIIGDV$XWRRRGHUIDKUHQQPLWGHP)DKUUDG]XU$UEHLWZHLOOLKQHQHLQIDFKKGDV %HQ]LQQ]XWHXHULVW$XIIGHUDQGHUHQQ6HLWHGHQNHQVLHDQQGHQQ%DXHLQHU6RODUDQODJHZHLOOHVVLFK DXFKKGXUFKKGLHHVWDDWOLFKHQQ=XVFKVVHEHUUNXU]RGHUODQJJILQDQ]LHOOOORKQW3ROLWLVFKHH0D‰QDKPHQ YHUIHKOHQQGDPLWWGDVV=LHOLQQGHUU%HY|ONHUXQJHLQ%HZXVVWVHLQYRPP3ULQ]LSS1DFKKDOWLJNHLWXQG QDFKKDOWLJHPP+DQGHOQQ]XHWDEOLHUHQ

'LHVHV%HZXVVWVHLQQPXVVVDEHUHWDEOLHUWZHUGHQGHQQ1DFKKDOWLJNHLWLVWWQLFKWWQXUHLQSUDNWLVFKHV =LHO1DFKKDOWLJNHLWWEHGHXWHWWLQQHUVWHU/LQLHHLQQQ8PGHQNHQ(LQQ%HZXVVWVHLQGDVVGHQ LQGLYLGXHOOHQQ/HEHQVVWLOQLFKWWQXUDQQPDWHULHOOHQ*HVLFKWVSXQNWHQVRQGHUQDXFKDQQGHU8PZHOWWXQG GHQQQDFKIROJHQGHQ*HQHUDWLRQHQQDXVULFKWHW'DV3ULQ]LS1DFKKDOWLJNHLWWNDQQQGHVKDOEEQLFKWWDXIHLQH /LVWHHYRQQQ'RVXQGGG'RQWVUHGX]LHUWWZHUGHQ6WDWWWHLQHUUHLQHQ9HUKDOWHQVlQGHUXQJJJHKWWHVVEHLP 3ULQ]LSS1DFKKDOWLJNHLWWXPPHLQHH%HZXVVWVHLQVlQGHUXQJJXQGGGDPLWWQLFKWWZHQLJHUUDOVVXPPHLQHQ :HUWHZDQGHO8PGDVV]XHUUHLFKHQPXVVVGDVV3ULQ]LS1DFKKDOWLJNHLWWNRPPXQL]LHUWZHUGHQ'LH NRQYHQWLRQHOOHH1DFKKDOWLJNHLWVNRPPXQLNDWLRQQKDWWGDEHLLYHUVDJW(LQQ*UR‰WHLOOGHUU%HY|ONHUXQJ NHQQWWGDVV/HLWSULQ]LSS1DFKKDOWLJNHLWWQLFKW:DUXPGLHHNRQYHQWLRQHOOHH.RPPXQLNDWLRQQYHUVDJWKDW XQGGZLHHHLQQ1DFKKDOWLJNHLWVEHZXVVWVHLQQLQQGHU%HY|ONHUXQJHWDEOLHUWZHUGHQQNDQQLVWW,QKDOWWGLHVHU $UEHLW

8PPGLHVH)UDJH]XEHDQWZRUWHQPXVVV]XQlFKVWGDV3ULQ]LSS1DFKKDOWLJNHLWDOVV:HUWWXQWHUVXFKW ZHUGHQ:DUXPPVROOWH1DFKKDOWLJNHLWWNRPPXQL]LHUWWZHUGHQXQGGGLH%HY|ONHUXQJGDQDFKKKDQGHOQ

ZHQQQ1DFKKDOWLJNHLWWNHLQQ:HUWWLVW"$XIIGHU$QQDKPHHGHVV:HUWHV1DFKKDOWLJNHLWWVROOOXQWHUVXFKW ZHUGHQDXIZHOFKH:HLVHHVLFKK0HQVFKHQ:HUWH]XXHLJHQQPDFKHQ6LHN|QQHQQGHUUhEHU]HXJXQJ VHLQGDVVV1DFKKDOWLJNHLWHLQ:HUWWLVWZHLOHV*UQGHHGDIUJLEW6LHHN|QQHQQJHZLVVHH:QVFKH KDEHQGLHGXUFKKGDV3ULQ]LSS1DFKKDOWLJNHLWWEHIULHGLJWZHUGHQ8QGGVLHN|QQHQQJHZLVVHQQ7DWVDFKHQ JHJHQEHUSRVLWLYHHRGHUUQHJDWLYH(PRWLRQHQQKDEHQGLHGHP:HUWW1DFKKDOWLJNHLWHQWVSUHFKHQ%HL GHU8QWHUVXFKXQJGLHVHUYHUVFKLHGHQHQ0|JOLFKNHLWHQQGHU:HUWELOGXQJJPXVVVDXFKEHWUDFKWHW ZHUGHQREEGDVVMHZHLOLJH%HZXVVWVHLQYRQQ1DFKKDOWLJNHLWWDXFK]XPQDFKKDOWLJHQ+DQGHOQ PRWLYLHUHQQNDQQ'HQQHLQQ%HZXVVWVHLQQYRPP:HUWW1DFKKDOWLJNHLWWLVWQXW]ORVZHQQQGDUDXVVNHLQH QDFKKDOWLJH+DQGOXQJJUHVXOWLHUW

'LHHHUDUEHLWHWHQQ)RUPHQQYRQQ:HUWELOGXQJJVROOHQQLPP]ZHLWHQ7HLOODXIGLHHNRQNUHWH .RPPXQLNDWLRQVSUD[LVDQJHZDQGWZHUGHQ:LHVLFKJH]HLJWWKDWLVWWGLHHNRQYHQWLRQHOOH 1DFKKDOWLJNHLWVNRPPXQLNDWLRQQJHVFKHLWHUW1XUUHLQQJHULQJHUU7HLOOGHUU%HY|ONHUXQJJLVWWVLFKKGHV /HLWSULQ]LSVV1DFKKDOWLJNHLWEHZXVVW'LH(WDEOLHUXQJJHLQHVV1DFKKDOWLJNHLWVEHZXVVWVHLQVVKlQJW GDKHUDXFKVWDUNNYRQQGHU.RPPXQLNDWLRQVSUD[LVDE'D]XXLVWW]XQlFKVWWGLHH:DKOOGHVV0HGLXPV HQWVFKHLGHQG$QVFKOLH‰HQGGVROODQNRQNUHWHQ%HLVSLHOHQDXVV)LOP)HUQVHKHQXQGG:HUEXQJ XQWHUVXFKWWZHUGHQDXIIZHOFKHH)RUPHQYRQQ:HUWELOGXQJJVLFKK1DFKKDOWLJNHLWVNRPPXQLNDWLRQ ELVODQJNRQ]HQWULHUWKDWDXIIZHOFKH)RUPHQVLHVLFKKGHU]HLWWNRQ]HQWULHUHQXQGGZHOFKH:HJHLP 6LQQQGHUU(UNHQQWQLVVHHGHVHUVWHQQ7HLOVDPVLQQYROOVWHQQZlUHQ$EVFKOLH‰HQGVROOHQQGLHHUDUEHLWHWHQ 3ULQ]LSLHQQHLQHUHUIROJUHLFKHQ1DFKKDOWLJNHLWVNRPPXQLNDWLRQQ]XVDPPHQJHIDVVWWZHUGHQ

'HUDNWXHOOHH6WHOOHQZHUWWYRQQ1DFKKDOWLJNHLW

1DFKKDOWLJNHLWLVWWGXUFKGHQ.OLPDJLSIHOOGHU9HUHLQWHQQ1DWLRQHQQLPP'H]HPEHUZLHGHU YHUVWlUNW]XPP*HVSUlFKVWKHPDJHZRUGHQ1LFKWWQXUGLHH3ROLWLNNVFKHLQWWVLFKGHUJOREDOHQ$XIJDEH EHZXVVWW]XXVHLQVRQGHUQDXFKGLHH%HY|ONHUXQJ,Q.RSHQKDJHQQKDEHQ0HQVFKHQLQQEODXHQ 5HJHQSRQFKRVVV\PEROLVFKGLHH6WDGWEHUIOXWHWGDVV,QWHUQHWZXUGHPLWDXIUWWHOQGHQQ9LGHRVVXQG $XIUXIHQQ]XP0LWPDFKHQEHUIOXWHWXQGGHLQLJH3URWHVWDQWHQQKDEHQQVRJDUUYHUVXFKWGLH 7DJXQJVJHElXGHHGHVV.OLPDJLSIHOV]XXEHUIOXWHQ'DVV7KHPDD1DFKKDOWLJNHLWWKDWWHLQH:HOOHHGHU (PRWLRQHQQYHUXUVDFKWWXQGGHVVVFKHLQWWVLFKHWZDVV]XEHZHJHQ$EHUUZLHVWHOOYHUWUHWHQGLVWWGLHVHU .OLPDJLSIHOGHU3ROLWLNNXQGG%HY|ONHUXQJLP.DPSIXP1DFKKDOWLJNHLWJH]HLJWKDW"

'DV/HLWELOGG1DFKKDOWLJNHLW

'DVV3ULQ]LSS1DFKKDOWLJNHLWLVWW]XQlFKVWWQLFKWWVRRQHXZLHHPDQYLHOOHLFKWWJODXEHQPDJ'HU%HJULII LVWWNHLQH(UILQGXQJJGHVV-DKUKXQGHUWVRQGHUQQZXUGHHUVWPDOV]X%HJLQQGHVV-DKUKXQGHUWV YHUZHQGHWWXQGGVWDPPWWXUVSUQJOLFKKDXVVGHU)RUVWZLUWVFKDIW'HUVlFKVLVFKHH2EHUEHUJKDXSWPDQQ +DQVV&DUOOYRQQ&DUORZLW]YHUZHQGHWWLKQQ]XPPHUVWHQ0DOLQQVHLQHUHUVFKLHQHQHQQQ$QZHLVXQJ ]XUUZLOGHQ%DXP=XFKWW1DFKKDOWLJNHLWEHGHXWHWIULKQLPPHUQXUVRRYLHO+RO]]]XVFKODJHQ ZLHHDXFKQDFKZDFKVHQQNDQQ(LQ3ULQ]LSZDVVDXFKKKHXWHQRFKK]XGHQ*UXQGSULQ]LSLHQGHU )RUVWZLUWVFKDIWW]lKOW

:LUGGGHUKDOEHQQGLHHJU|‰WHH.XQVW:LVVHQVFKDIW)OHL‰XQGG(LQULFKWXQJJKLHVLJHU/DQGHHGDULQQHQQEHUXKHQQ ZLHHHLQHHVRWKDQHH&RQVHUYDWLRQXQGG$QEDXXGHV+ROW]HVVDQ]XVWHOOHQQGD‰‰HVVHLQHHFRQWLQXLHUOLFKHHEHVWlQGLJH XQGGQDFKKDOWHQGHH1XW]XQJJHEHHZHLOQHVVHLQHHXQHQWEHUOLFKH6DFKHLVWRKQHHZHOFKHGDV/DQGGLQVHLQHP (VVHH>LP6LQQYRQQ'DVHLQ@@QLFKWEOHLEHQQPDJ

=XPP/HLWELOGGGHU*HJHQZDUWKDWWGHQQ%HJULIIGHUHUVFKLHQHQH%UXQGWODQG%HULFKWWWGHU .RPPLVVLRQQIU8PZHOWWXQGG(QWZLFNOXQJJGHUU9HUHLQWHQ1DWLRQHQQJHPDFKW$OVV=LHOOQDFKKDOWLJHU (QWZLFNOXQJJPVVHHVVGLHHMHW]LJH*HQHUDWLRQQVFKDIIHQLKUH%HGUIQLVVHEHIULHGLJHQQN|QQHQRKQH GLHH0|JOLFKNHLWHQQIUNRPPHQGH*HQHUDWLRQHQ]XJHIlKUGHQGHUHQ%HGUIQLVVHH]XXEHIULHGLJHQ 0LWWDQGHUHQ:RUWHQMHGHH*HQHUDWLRQQPXVVVGLHH:HJHHXQGG0|JOLFKNHLWHQQILQGHQLKUHH3UREOHPH VHOEVWWXQGGQLFKWWDXII.RVWHQQGHUQlFKVWHQQ*HQHUDWLRQQ]XO|VHQ

6XVWDLQDEOHHGHYHORSPHQWLVGHYHORSPHQWWKDWPHHWVVWKHHQHHGVRIWKHSUHVHQWZLWKRXWFRPSURPLVLQJJWKHH DELOLW\RIIXWXUHHJHQHUDWLRQVWRPHHWWWKHLUURZQQHHGV

1DFKKDOWLJH(QWZLFNOXQJJXPIDVVWWGDEHLLGUHLLJUR‰H6FKZHUSXQNWHGLHgNRORJLHXPHLQHQ VFKRQHQGHQ8PJDQJJPLWW1DWXUXQGG5HVVRXUFHQQ]XJHZlKUOHLVWHQGLHHgNRQRPLHGDPLWGLH *HVHOOVFKDIWWQLFKWWEHUULKUHH9HUKlOWQLVVHHOHEWWXQGGGLHH*HVHOOVFKDIWWVHOEHUXPP*HUHFKWLJNHLW ]ZLVFKHQVR]LDOHQQ*UXSSHQ*HVFKOHFKWHUQXQGG*HQHUDWLRQHQ]XXVLFKHUQ$XIIGHU.RQIHUHQ]GHU 9HUHLQWHQQ1DWLRQHQQIU8PZHOWWXQGG(QWZLFNOXQJLPP-DKUULQQ5LRGHH-DQHLURKDWWVLFKKGLH LQWHUQDWLRQDOHH6WDDWHQJHPHLQVFKDIW]XPP/HLWELOGGHLQHUQDFKKDOWLJHQ(QWZLFNOXQJEHNDQQWWXQGGPLW GHU$JHQGDHLQQJOREDOHVV$NWLRQVSURJUDPPPIUGDVV-DKUKXQGHUWWYHUDEVFKLHGHW'LH

+DQV&DUOOYRQ&DUORZLW]6\OYLFXOWXUD2HFRQRPLFD$QZHLVXQJ]XUUZLOGHQ%DXP=XFKW/HLS]LJJ1' )UHLEHUJ6I

8QLWHG1DWLRQV5HSRUWRIIWKHH:RUOGG&RPLVVLRQQRQ(QYLURQPHQWDQGG'HYHORSPHQW2XU&RPPRQ)XWXUH6 85/ZZZEQHSRUWDOGH%UXQGWODQGEHULFKWSGI6WDQG

%XQGHVUHJLHUXQJJKDWWLKUH1DFKKDOWLJNHLWVVWUDWHJLHDXIIGHPP:HOWJLSIHOOIU1DFKKDOWLJH(QWZLFNOXQJ LQQ-RKDQQHVEXUJJYRUJHOHJWWXQGGGDPLWW1DFKKDOWLJNHLWW]XPP/HLWELOGGLKUHU3ROLWLNNJHPDFKW'D]X KDWWVLHHGHQQ5DWWIU1DFKKDOWLJH(QWZLFNOXQJJEHUXIHQGHUGLHH%XQGHVUHJLHUXQJJLQQGHU8PVHW]XQJ GHUUQDWLRQDOHQ1DFKKDOWLJNHLWVVWUDWHJLHEHUDWHQQVROO,QUHJHOPl‰LJHQQ$EVWlQGHQQOHJWGLH %XQGHVUHJLHUXQJJVHLWGHPPGHQQQ)RUWVFKULWWVEHULFKWW]XUUQDWLRQDOHQQ1DFKKDOWLJNHLWVVWUDWHJLHYRULQ GHPPDQKDQGYRQQ6FKOVVHOLQGLNDWRUHQGLH)RUWVFKULWWHHLQQGHUQDFKKDOWLJHQQ(QWZLFNOXQJ 'HXWVFKODQGVVGRNXPHQWLHUWZHUGHQ(LQHUGLHVHUU,QGLNDWRUHQQLVWWGHUU.OLPDVFKXW]$OVV)RUP |NRORJLVFKHU1DFKKDOWLJNHLWWVROOODQVHLQHP%HLVSLHOGHUU:HUWW1DFKKDOWLJNHLWWXQGGGLH .RPPXQLNDWLRQQYRQQ1DFKKDOWLJNHLWWXQWHUVXFKWZHUGHQ

'HU.OLPDZDQGHO

,QLKUHU1DFKKDOWLJNHLWVVWUDWHJLHVHW]WWVLFKKGLH%XQGHVUHJLHUXQJGDVV=LHOELV]XPP=HLWUDXPP GHQQ$XVVWR‰‰YRQQ7UHLEKDXVJDVHQQJHPl‰‰GHPP.\RWR3URWRNROOOJHJHQEHUUXPPXQG GHQQ$XVVWR‰‰GHVVZLFKWLJVWHQ7UHLEKDXVJDVHV&2 XPP]XUHGX]LHUHQ %LVZXUGHEHUHLWV HLQHH6HQNXQJGHUU7UHLEKDXVJDVHHXPPXQGGGHV&2 $XVVWR‰HVVXPPHUUHLFKW :DUXPLVW GLHVHH5HGXNWLRQQDEHUEHUKDXSWWVRRZLFKWLJ"

7UHLEKDXVJDVHVLQGGSULQ]LSLHOOONHLQHHVFKOHFKWH6DFKHVRQGHUQQHLQH*UXQGYRUDXVVHW]XQJIU/HEHQ DXIGHU(UGH6LHELOGHQLQQGHUU$WPRVSKlUHHLQHH6FKLFKWGLHHGDIUVRUJWGDVVGLHYRQQGHUU(UGHLQ )RUPYRQQ,QIUDURWVWUDKOXQJJDEJHVWUDKOWHH6RQQHQHQHUJLHQLFKWZLHGHULQGHQ:HOWUDXPPHQWZHLFKW VRQGHUQQLQQHUKDOEEGHU$WPRVSKlUHYHUEOHLEW7UHLEKDXVJDVHVRUJHQQGDPLWWGDIUGDVVVHVDXIIGHU(UGH NRQVWDQWWZDUPPEOHLEW'XUFKGDVV]XQHKPHQGH9HUEUHQQHQQYRQQIRVVLOHQ(QHUJLHWUlJHUQQZHUGHQ DOOHUGLQJVVLPPHUPHKU7UHLEKDXVJDVHSURGX]LHUW'DGXUFKKZLUGGGHU$QWHLOGHUU7UHLEKDXVJDVHHLQQGHU $WPRVSKlUHHLPPHUJU|‰HU'DVKDW]XU)ROJHGDVVLPPHUUPHKU,QIUDURWVWUDKOXQJGLHHYRQQGHUU(UGH DEJHVWUDKOWZLUGLQQHUKDOEEGHU$WPRVSKlUHYHUEOHLEWWXQGGQLFKWWLQGHQQ:HOWUDXPPHQWZHLFKHQNDQQ 'XUFKGLHVHQQVRJHQDQQWH7UHLEKDXVHIIHNWKHL]WWVLFKKGLHH(UGHHLPPHUUPHKUUDXI'LH)ROJHLVWGHU .OLPDZDQGHO

,QZHOFKHPP8PIDQJJGHUU.OLPDZDQGHOOVWDWWILQGHWKDWWGHU:HOWNOLPDUDW,3&&DXVIKUOLFK GDUJHOHJW6HLWWGKGHPP%HJLQQGHUU,QGXVWULDOLVLHUXQJLVWWGLHHZHOWZHLWHH7HPSHUDWXUXPPƒ& JHVWLHJHQ'HU*UR‰WHLOOGHU(UZlUPXQJJKDWGDEHLLYRQQELVKHXWHHVWDWWJHIXQGHQQƒ&6HLW

9JO'LH%XQGHVUHJLHUXQJ3HUVSHNWLYHQIU'HXWVFKODQG8QVHUH6WUDWHJLHIUHLQHHQDFKKDOWLJHH(QWZLFNOXQJ%HUOLQ 6

9JO'LH%XQGHVUHJLHUXQJ)RUWVFKULWWVEHULFKW]XUQDWLRQDOHQ1DFKKDOWLJNHLWVVWUDWHJLH)UHLQQDFKKDOWLJHV 'HXWVFKODQG%HUOLQ6

KDWWGLHH$Q]DKOOYRQQ+LW]HZHOOHQXQGG'UUHQQ]XJHQRPPHQVHLWWZHUGHQPHKU 7URSHQVWUPHHXQGG+XUULNDQVVJH]lKOWVHLWWLVWWGDVV$EVFKPHO]HQQGHUU*OHWVFKHUXQGG3ROH GRNXPHQWLHUWGHUZlUPVWHQ-DKUHVHLW%HJLQQQGHUU:HWWHUDXI]HLFKQXQJJVLQGGGLHH-DKUHELV XQGGMHGHVV-DKULVWWGHU0HHUHVVSLHJHOOYRQQXPPPPPDQJHVWLHJHQ 'DVVVGHU .OLPDZDQGHOOVWDWWILQGHWLVWWEHOHJWH7DWVDFKH7DWVDFKHLVWWDEHUDXFKGDVVVHV.OLPDZDQGHOOVFKRQ LPPHUUJHJHEHQKDW:lKUHQGGHUU(LV]HLWGHU=HLWWGHU'LQRVDXULHUXQGGDXFKLQQGHQQOHW]WHQQ -DKUHQ(UGJHVFKLFKWOLFKZHFKVHOQVLFK.lOWHSHULRGHQLQQGHQHQQGDVV:DVVHUULQQ)RUPPYRQQ(LV JHEXQGHQQZLUGXQGG:lUPHSHULRGHQLQQGHQHQGLH:HOWPHHUHHDQVWHLJHQDE'HUUDNWXHOOH .OLPDZDQGHOOXQWHUOLHJWDOOHUGLQJVVQLFKWWQXUUGLHVHQQDWUOLFKHQQ6FKZDQNXQJHQVRQGHUQLVWWLQ HUKHEOLFKHPP8PIDQJDXIIGHQ0HQVFKHQ]XUFN]XIKUHQ

&OLPDWHKDVVFKDQJHGGRQQDOOWLPHVFDOHVVWKURXJKRXW(DUWK¶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

GHVV&2 *HKDOWHVGHU$WPRVSKlUHHLVWWYRPP0HQVFKHQQYHUXUVDFKWGDYRQGXUFKKGLH 9HUEUHQQXQJJIRVVLOHU%UHQQVWRIIH'LHH.RQ]HQWUDWLRQQYRQQ&2 LQQGHUU$WPRVSKlUHHOLHJWGHU]HLWWEHL SSPPSDUWVVSHUPLOOLRQZlKUHQGGGLH.RQ]HQWUDWLRQQLQQGHQOHW]WHQQ-DKUHQLPPHU ]ZLVFKHQXQGGSSPPJHOHJHQKDW'HU&2 *HKDOWLVWLQGHQQOHW]WHQQ-DKUWDXVHQGHQDXFKKQLH PHKUUDOVVSSPPSURR-DKUWDXVHQGGJHVWLHJHQ$NWXHOOLVWWHUUDOOHLQQVHLWWXPPEHUUSSP JHVWLHJHQ'LH=XVDPPHQVHW]XQJGHUU$WPRVSKlUHHlQGHUWVLFKKGDGXUFKLQQHLQHP8PIDQJJXQGGHLQHU *HVFKZLQGLJNHLWGLHEHLVSLHOORVVLVW'DVVKDW)ROJHQIUGDVVJOREDOH.OLPD'HU:HOWNOLPDUDW SURJQRVWL]LHUWWIUGDVV-DKUKXQGHUWWEHLLYHUVFKLHGHQHQQ6]HQDULHQGHV$XVVWR‰HVVYRQQ&2 HLQHQ ]XVlW]OLFKHQ7HPSHUDWXUDQVWLHJJYRQQƒ&&LP9HUJOHLFK]XPP-DKUKXQGHUWWXQGGHLQHQ$QVWLHJ GHVV0HHUHVVSLHJHOVVYRQQFP

'HUU.OLPDZDQGHOOOlVVWWVLFKQLFKWWPHKUUUFNJlQJLJPDFKHQ$EHUVHLQHGUDVWLVFKVWHQ)ROJHQQODVVHQ VLFKKYHUKLQGHUQ8PPGLHH(UGHUZlUPXQJJPLWWWQXUUUƒ&&LQQ*UHQ]HQ]XXKDOWHQZXUGHDXIGHPP7UHIIHQ

9JO6XVDQ6RORPRQ'DKH4LQXD+UVJ&OLPDWH&KDQJH7KH3K\VLFDO6FLHQFHH%DVLV&RQWULEXWLRQQRI :RUNLQJJ*URXS,WRWKH)RXUWK$VVHVVPHQW5HSRUWRIWKH,QWHUJRYHUQPHQWDO3DQHORQQ&OLPDWH&KDQJH &DPEULGJH1HZ

GHU*6WDDWHQQLQQ-DSDQQLP-XOLLHLQHZHOWZHLWH5HGXNWLRQQYRQQ7UHLEKDXVJDVHQXPPPLQGHVWHQV ELVVEHVFKORVVHQ'LHVEHGHXWHWWLQQGHQQ,QGXVWULHOlQGHUQHLQHH5HGXNWLRQQYRQQELV %LVVGUIHQQGHPQDFKKPD[LPDO0LOOLDUGHQ7RQQHQQ&2 LQQGLH$WPRVSKlUHJHODQJHQ GDVVHQWVSULFKWWHLQHUU3URR.RSI(PLVVLRQQYRQQQXUQRFKKUXQGG7RQQHQQ&2 SURR-DKUXQG (UGEHZRKQHU,Q'HXWVFKODQGGOLHJWWGLHH(PLVVLRQQGHU]HLWWQRFKEHLNQDSSS7RQQHQ&2 LQQGHQ 86$VRJDUEHLLNQDSS7RQQHQQ&2 SUR3HUVRQ

2KQHHGLHHPDVVLYH5HGXNWLRQQYRQQ&2 ZLUGGHVDOVRR]XXHLQVFKQHLGHQGHQQ8PZHOWYHUlQGHUXQJHQLP -DKUKXQGHUWNRPPHQ,QGHQQ,QGXVWULHQDWLRQHQQPXVVVGDKHUHLQQ8PGHQNHQLQQ%H]XJJDXIIGHQ (QHUJLHYHUEUDXFKXQGGGLH(PLVVLRQQYRQQ&2 VWDWWILQGHQ(VVPXVVVVLFKHLQQ%HZXVVWVHLQQHWDEOLHUHQ GDVVV1DFKKDOWLJNHLWHLQ:HUWWLVWWXQGGQDFKKDOWLJHV+DQGHOQQZHUWYROO:LHHVWHKWHVVGHU]HLWWPLWWGLHVHP QHXHQQ%HZXVVWVHLQGDVGLH)ROJHQQGHVVHLJHQHQ+DQGHOQVVIUU0HQVFKKXQGG1DWXUUEHUFNVLFKWLJW"

1DFKKDOWLJNHLWVEHZXVVWVHLQLQGHU.ULVH

)UDJWPDQQGLHGHXWVFKH%HY|ONHUXQJQDFKKGHPP%HJULII1DFKKDOWLJNHLWWVRNHQQHQQLKQQGLH ZHQLJVWHQ:DUHQHVVLPP-DKUUQXUGHUEHIUDJWHQQ%UJHUGLHHYRQQGHP%HJULII 1DFKKDOWLJNHLWDOVV/HLWELOGGGHU8PZHOWSROLWLNNJHK|UWKDEHQVRRKDWVLFKKGHUU:HUW]ZDUUDQOlVVOLFK GHVV(UVFKHLQHQVVGHUU1DFKKDOWLJNHLWVVWUDWHJLHGHU%XQGHVUHJLHUXQJJLP-DKUUDXI YHUGRSSHOWLVWWDEHUUZLHGHUDXI]XUFNJHJDQJHQ ,QGHUUDNWXHOOHQQ8PIUDJH]XP 8PZHOWEHZXVVWVHLQQGHU'HXWVFKHQLVWWGLH6WDWLVWLNNJDUUQLFKWWPHKU]XXILQGHQGLH5HVXOWDWHVFKHLQHQ HUQFKWHUQGG]XVHLQ6HOEVWWGLHH5HFKWVFKUHLEEHUSUIXQJJGHVV2IILFH3URJUDPPVPLWGHPGLHVH $UEHLWWHQWVWDQGHQLVWNHQQWWGHQ%HJULII1DFKKDOWLJNHLWQLFKW:RUDQQOLHJWWGDV" 8PPGDV/HLWELOGG1DFKKDOWLJNHLWWLQQGHUgIIHQWOLFKNHLWEHNDQQWW]XXPDFKHQEHGDUIHV.RPPXQLNDWLRQ 1XUZDVJHVHOOVFKDIOWLFKKNRPPXQL]LHUWZLUGH[LVWLHUWWDXFKJHVHOOVFKDIWOLFK'HUU6R]LRORJHH1LNODV /XKPDQQQVFKUHLEWW.RPPXQLNDWLRQQGHVKDOEHLQHQQ]HQWUDOHQQ6WHOOHQZHUWLQQGHU*HVHOOVFKDIW]X

(VVJHKWQLFKWXPGLHHYHUPHLQWOLFKREMHNWLYHQ7DWVDFKHQGD‰GLHHgOYRUUlWHDEQHKPHQGLH)OVVHH]X ZDUPPZHUGHQGLH:lOGHUUDEVWHUEHQGHU+LPPHOVLFKKYHUGXQNHOWXQGGGLHH0HHUHYHUVFKPXW]HQ'DVVDOOHVV PDJGHUU)DOOVHLQQRGHUQLFKWWGHUU)DOOVHLQHU]HXJWDOVVQXUSK\VLNDOLVFKHUFKHPLVFKHUURGHUELRORJLVFKHUU 7DWEHVWDQGGMHGRFKNHLQHHJHVHOOVFKDIWOLFKHH5HVRQDQ]VRODQJHHQLFKWGDUEHUNRPPXQL]LHUWZLUG(VP|JHQQ )LVFKHVWHUEHQRGHU0HQVFKHQGDVV%DGHQQLQ6HHQQRGHUU)OVVHQQPDJJ.UDQNKHLWHQQHU]HXJHQHVVPDJJNHLQ gOPHKUUDXVVGHQ3XPSHQNRPPHQXQGGLHH'XUFKVFKQLWWVWHPSHUDWXUHQP|JHQVLQNHQRGHUUVWHLJHQ VRODQJHHGDUEHUUQLFKWWNRPPXQL]LHUWWZLUGKDWWGLHVVNHLQHHJHVHOOVFKDIWOLFKHQ$XVZLUNXQJHQ'LHH

9JO%XQGHVPLQLVWHULXPIU8PZHOW1DWXUVFKXW]XQGG5HDNWRUVLFKHUKHLW8PZHOWEHZXVVWVHLQLQ'HXWVFKODQG %HUOLQ685/KWWSZZZXPZHOWGDWHQGHSXEOLNDWLRQHQISGIOSGII6WDQG

*HVHOOVFKDIW>@@NDQQQQLFKWVVDQGHUHVVDOVVVLQQYROOONRPPXQL]LHUHQQXQGGGLHH.RPPXQLNDWLRQGXUFKK

'HUVWHLJHQGHH&2 $QWHLOLQQGHU$WPRVSKlUHGDV$EVFKPHO]HQQGHVV(LVHVRGHUUGLHH(UK|KXQJJGHV 0HHUHVVSLHJHOOVLQGG]XQlFKVW8PZHOWSKlQRPHQH6LHHZHUGHQYRQQ:LVVHQVFKDIWOHUEHREDFKWHWXQG GRNXPHQWLHUW$QVFKOLH‰HQGGZHUGHQQGLHEHREDFKWHWHQQ3KlQRPHQHGHU%HY|ONHUXQJDOVEHGHQNOLFK NRPPXQL]LHUWZHLOOVLHHGDVV|NRORJLVFKH*OHLFKJHZLFKWWGHUU(UGHJHIlKUGHQ(UVWWGXUFKKGLHVH .RPPXQLNDWLRQQLQQGLHgIIHQWOLFKNHLWWZHUGHQGLHHEHREDFKWHWHQQ3KlQRPHQH]X8PZHOWSUREOHPHQ ,Q'HXWVFKODQGGZLUGGHVKDOEHLQH'HEDWWHEHUUGHQQ&2 $XVVWR‰‰YRQQ1HXIDKU]HXJHQJHIKUW ZlKUHQGLQQ/lQGHUQZLHH,QGLHQRGHU&KLQDDGLHVH'HEDWWHLQQGHU%HY|ONHUXQJQLFKWWJHIKUWWZLUG :lKUHQGGLQQ'HXWVFKODQGGLH$XVZLUNXQJHQQGHV.OLPDZDQGHOVVGHUEUHLWHQ%HY|ONHUXQJ NRPPXQL]LHUWWZHUGHQJHVFKLHKWGDVVLQQ,QGLHQQRGHUU&KLQDDQLFKW'DV3UREOHPGHV.OLPDZDQGHOV H[LVWLHUWGDGXUFKIUGLHEUHLWH%HY|ONHUXQJ,QGLHQVXQGG&KLQDVVEHUKDXSWWQLFKW'LHH*HVHOOVFKDIW NDQQQVLFKKVRRQXUUVHOEVWWJHIlKUGHQLQGHPPVLHHGXUFKK.RPPXQLNDWLRQQ3UREOHPHHLQVV%HZXVVWVHLQGHU %HY|ONHUXQJJEULQJWGLHHHLQHUXQLQIRUPLHUWHQQ%HY|ONHUXQJYHUERUJHQEOHLEHQ 'LHH.RPPXQLNDWLRQQGHVV3ULQ]LSV1DFKKDOWLJNHLWWVFKHLQWWLQGHU9HUJDQJHQKHLWWMHGRFKKPDQJHOKDIW JHZHVHQ]XXVHLQ,PPHUKLQ'UHLYLHUWHOOGHU%HY|ONHUXQJJNHQQHQGHQQ%HJULII1DFKKDOWLJNHLWWQLFKW 'LHH5HVPHHVVGHUU([SHUWHQQVLQGGHLQGHXWLJ6FKRQQDOVVGLHH%XQGHVUHJLHUXQJJLKUH6WUDWHJLH]X HLQHUQDFKKDOWLJHQ(QWZLFNOXQJYRUJHOHJWKDWYHUPHUNWGHUU%HULFKW]XPP8PZHOWEHZXVVWVHLQQGHU %HY|ONHUXQJ

'LH6WXGLHHEHOHJWGDVVHVLQ'HXWVFKODQGGZHLWHUKLQHLQKRKHV8PZHOWEHZXVVWVHLQJLEW$EHU%HLGHUU 8PZHOWNRPPXQLNDWLRQQJLEWHVVQRFKKYLHO]XWXQ>@'LH9HUEHVVHUXQJGHUU8PZHOWNRPPXQLNDWLRQQLVW HLQHEHVRQGHUVZLFKWLJHDNWXHOOHH$XIJDEHIUGLH8PZHOWSROLWLN=XU$NWLYLHUXQJGHVV ]LYLOJHVHOOVFKDIWOLFKHQQ(QJDJHPHQWVLVWGLHVHHHEHQVRQRWZHQGLJZLHHIUUGLHH8PRULHQWLHUXQJ]XX QDFKKDOWLJHQQ.RQVXPPXVWHUQQXQG/HEHQVVWLOHQ'LH$QNQSIXQJVSXQNWHHGDIUVLQG>@@YRUKDQGHQ

=ZHLL-DKUHVSlWHUUKDWWVLFKKGLHH6LWXDWLRQQQLFKWWZHVHQWOLFKKJHlQGHUW'HU)RUWVFKULWWVEHULFKWW]XU QDFKKDOWLJHQ(QWZLFNOXQJLQQ'HXWVFKODQGGNRQVWDWLHUW

'LH0HGLHQQVLQGGHLQIDVWXQEHVFKULHEHQHVV%ODWWZHQQQHVVXPP1DFKKDOWLJNHLWJHKW:HJHQQLKUHV /DQJIULVWFKDUDNWHUVKDEHQQHVVGLHH7KHPHQQGHUU1DFKKDOWLJNHLWRIWWVFKZHUPLWGHUUKHNWLVFKHQQ

1LNODV/XKPDQQgNRORJLVFKH.RPPXQLNDWLRQ.DQQQGLHHPRGHUQHH*HVHOOVFKDIWVLFKKDXII|NRORJLVFKHH*HIlKUGXQJHQ HLQVWHOOHQ"2SODGHQ6I

%XQGHVPLQLVWHULXPPIU8PZHOW1DWXUVFKXW]XQG5HDNWRUVLFKHUKHLW8PZHOWEHZXVVWVHLQLQQ'HXWVFKODQG (UJHEQLVVHHLQHUUUHSUlVHQWDWLYHQ%HY|ONHUXQJVXPIUDJH%HUOLQQ6I85/ ZZZXPZHOWEHZXVVWVHLQGHXPZHOWEHZXVVWVHLQSGII6WDQG

7DJHVDNWXDOLWlWXQGGHUU3HUVRQDOLVLHUXQJJYRQQ1DFKULFKWHQQ]XXNRQNXUULHUHQ'LH%UDQFKHHKDW 1DFKKDOWLJNHLWW>@@ELVKHUUQLFKWWDXIJHJULIIHQ

8QGGDXFKGHUU5DWIUU1DFKKDOWLJHH(QWZLFNOXQJJVWHOOWEHLHLQHUU6WXGLHH]X)RUPHQ+LQGHUQLVVHQQXQG 3RWHQ]LDOHQQYRQQ1DFKKDOWLJNHLWVWKHPHQQLPGHXWVFKHQQ)HUQVHKHQQIHVW

.HQQWQLVVHHEHUUGDV/HLWELOGGHUU1DFKKDOWLJNHLWVLQGZHGHUUEHLGHQQ3URJUDPP0DFKHUQGHV)HUQVHKHQV >@@QRFKKEHLL0HGLHQ([SHUWHQQDXVV-RXUQDOLVPXVXQG:LVVHQVFKDIWWHLQHH6HOEVWYHUVWlQGOLFKNHLW>@@'LH KRKHJHVHOOVFKDIWOLFKH%HGHXWXQJGHV1DFKKDOWLJNHLWV.RQ]HSWVKDWNHLQMRXUQDOLVWLVFKHVV3HQGDQWHVVJLEWW >@@NHLQQ$JHQGD6HWWLQJIUGDV7KHPD1DFKKDOWLJNHLWWLP)HUQVHKHQ'DVV)HUQVHKHQQVSLHJHOWWLQVRZHLW GHQQ|IIHQWOLFKHQQ%HZXVVWVHLQVVWDQGGEHUUGDVV7KHPHQIHOGG1DFKKDOWLJH(QWZLFNOXQJJZLGHU

(VVYHUZXQGHUWWGDKHUUZHQLJGDVVVDXFKLQQGHUUDNWXHOOHQQ8PIUDJH]XPP8PZHOWEHZXVVWVHLQQGHU 'HXWVFKHQGHUU6DW]]XXILQGHQQLVW

:HLWHUH)RUWVFKULWWHHLQGHUU8PZHOWNRPPXQLNDWLRQQVLQGGGULQJHQGQRWZHQGLJ

'LHH1DFKKDOWLJNHLWVXQGG8PZHOWNRPPXQLNDWLRQQVWHFNWLQQGHUU.ULVH'DUDQQVFKHLQWWVLFKKLQQGHQ OHW]WHQQ-DKUHQQLFKWWYLHOOJHlQGHUWW]XXKDEHQGLHH=DKOHQQ]XPP%HNDQQWKHLWVJUDGGGHVV%HJULIIV 1DFKKDOWLJNHLW]HLJHQHV6FKZDU]]DXI:HL‰'RFKHVJLEWW*UXQG]XU+RIIQXQJGXUFKKGLHHLPPHU |IWHU]XX7DJHHWUHWHQGHQQ3KlQRPHQHHGHV.OLPDZDQGHOOXQGGGLHHZDFKVHQGHgNR/HEHQVPLWWHOEUDQFKH LVWWDXFKKGDVV7KHPD1DFKKDOWLJNHLWW]XQHKPHQGGLQGHQ0HGLHQQXQGGGHUgIIHQWOLFKNHLWWSUlVHQW(V JLEWWgNR)DFKEOlWWHU3XEOLNXPVPHVVHQZLHGLH*UQH:RFKHRGHU7DJXQJHQZLHGLH ,QWHUQDWLRQDOO&RQIHUHQFHIRU5HQHZDEOHH(QHUJLHVV'XUFKGHQQ.OLPDJLSIHOGHU9HUHLQWHQQ1DWLRQHQ LQQ.RSHQKDJHQQLP'H]HPEHUUZXUGHHGLHH%HULFKWHUVWDWWXQJ]XVlW]OLFKDQJHUHJWEHUGDV /HLWELOGG1DFKKDOWLJNHLWWXQGGGLHH1RWZHQGLJNHLWWGHUU5HGXNWLRQQYRQQ&2 ]XEHULFKWHQ'DPLWWGLH ,PSXOVHQLFKWWHUQHXWYHUSXIIHQVRQGHUQQ]XUU(WDEOLHUXQJHLQHV1DFKKDOWLJNHLWVEHZXVVWVHLQVLQQGHU %HY|ONHUXQJJJHQXW]WZHUGHQN|QQHQPXVVVGLHH$UWWXQGG:HLVHGHU.RPPXQLNDWLRQQYRQ 1DFKKDOWLJNHLWKLQWHUIUDJWZHUGHQ

'D]XLVWWHVV]XQlFKVWWQRWZHQGLJJ]XXXQWHUVXFKHQLQZLHZHLWW1DFKKDOWLJNHLWWEHUKDXSWWHLQQ:HUW

'LHH%XQGHVUHJLHUXQJ)RUWVFKULWWVEHULFKWW3HUVSHNWLYHQIUU'HXWVFKODQG8QVHUHH6WUDWHJLHHIUUHLQHQDFKKDOWLJH (QWZLFNOXQJ%HUOLQ6I

5DWIU1DFKKDOWLJH(QWZLFNOXQJ790HGLHQXQG1DFKKDOWLJNHLW.XU]6WXGLH]XU(UPLWWOXQJYRQ)RUPHQ +LQGHUQLVVHQXQG3RWHQ]LDOHQGHU'DUVWHOOXQJYRQ1DFKKDOWLJNHLWVWKHPHQLQDXVJHZlKOWHQGHXWVFKHQ )HUQVHKSURJUDPPHQ685/ZZZQDFKKDOWLJNHLWVUDWGH6WXGLHB79 0HGLHQBXQGB1DFKKDOWLJNHLWB-XOLBBSGI6WDQG

%XQGHVPLQLVWHULXPPIU8PZHOW1DWXUVFKXW]XQG5HDNWRUVLFKHUKHLW8PZHOWEHZXVVWVHLQLQQ'HXWVFKODQG (UJHEQLVVHHLQHUUUHSUlVHQWDWLYHQ%HY|ONHUXQJVXPIUDJH685/KWWSZZZXPZHOWGDWHQGHSXEOLNDWLRQHQISGI OSGII6WDQG

GDUVWHOOWDQQGHPVLFKGDVPHQVFKOLFKH/HEHQDXVULFKWHQQVROOWH1XUXQWHUGLHVHUU9RUDXVVHW]XQJ PDFKWWHVV6LQQVLFKPLWWGHU1RWZHQGLJNHLWWXQGGGHQQ0LWWHOQQGHUUEUHLWHQQ.RPPXQLNDWLRQQGHV /HLWELOGHVLQQGLHH%HY|ONHUXQJJ]XEHVFKlIWLJHQ'LHH$UWWXQGG:HLVHZLHHVLFKK:HUWHLP0HQVFKHQ NRQVWLWXLHUHQXQGG0HQVFKHQ]XXZHUWEDVLHUWHQ+DQGOXQJHQQPRWLYLHUHQZLUGGGDEHL$XIVFKOXVV JHEHQZHOFKH.RPPXQLNDWLRQVZHJHXQGGPLWWHOIUUGHQ:HUW1DFKKDOWLJNHLW]XXHPSIHKOHQVLQG 'LHVH8QWHUVXFKXQJZLUGGLPP]ZHLWHQQ7HLOGHU$UEHLWWHUIROJHQ

'DVVULFKWLJH+DQGHOQ

'DVV3ULQ]LSS1DFKKDOWLJNHLWLVWWDEVWUDNW(VVEHGHXWHWGHQQDFKIROJHQGHQ*HQHUDWLRQHQHLQHH:HOWW]X KLQWHUODVVHQLQQGHQHQVLHHZLHHGLHHMHW]LJHQ*HQHUDWLRQHQQJHHLJQHWH%HGLQJXQJHQYRUILQGHQXPPVLFK ]XXHQWIDOWHQ)UGLHVHVV=LHOOLVWWDEHUNRQNUHWHV+DQGHOQQQRWZHQGLJGDVKDEHQQGLHH)ROJHQQGHV PDVVLYHQQ$XVVWR‰HVYRQQ&2 GHXWOLFKJH]HLJW1LFKW*HVSUlFKVUXQGHQ7DJXQJHQXQGG.OLPDJLSIHO ZHUGHQGHQQ]XNQIWLJHQQ*HQHUDWLRQHQHLQHHOHEHQVZHUWH:HOWWKLQWHUODVVHQVRQGHUQQQXUNRQNUHWHV +DQGHOQ.RQNUHWHVV+DQGHOQQEHGHXWHWLPP6LQQQYRQQ1DFKKDOWLJNHLWWQDFKKDOWLJHVV+DQGHOQ:DUXP VROOWHHLQH3HURVQQQDFKKDOWLJKDQGHOQ"

:DVVHLQH3HUVRQQWXQQVROOWHXQGGZDVVVLHHXQWHUODVVHQVROOWHLVWWHLQHH)UDJHHGHVVULFKWLJHQQ+DQGHOQV :DVVULFKWLJHVV+DQGHOQNRQNUHWWLVWKDWGLH0HQVFKKHLWWVHLWWMHKHUXQGGLPPHUUZLHGHUUQHXXGHILQLHUHQ YHUVXFKW'LHJUR‰HQ(FNSIHLOHUGHVVULFKWLJHQ+DQGHOQVVLQQGHUZHVWOLFKHQQ.XOWXUUVLQGGGLH=HKQ *HERWH'XXVROOVWWQLFKWWW|WHQGXXVROOVWQLFKWVWHKOHQGXXVROOVWQLFKW(KHHEUHFKHQXVZ:HUVLFKQDFK GHQQ=HKQ*HERWHQQULFKWHWKDQGHOWWULFKWLJ,QGHUU3KLORVRSKLHHKDWGLH(WKLNGLH$XIJDEH EHUQRPPHQQ]XGHILQLHUHQZDVULFKWLJHV+DQGHOQQLVWWXQGGZDVQLFKW(LQHQ(UWULQNHQGHQQ]XUHWWHQ LVWWULFKWLJ$QOHJHUDQQGHU%|UVHEHZXVVWW]XXWlXVFKHQQLVWWIDOVFK(EHQVRRVROOWHHPDQQDXI .XU]VWUHFNHQIOJHHYHU]LFKWHQ:REHLZLUEHLP6]HQDULRGHVHUVWHQQ7HLOVGLHVHUU$UEHLWZlUHQ 1HKPHQQZLUUDQ3HWHUUUHLVWWJHUQHHPLWWGHPP)OXJ]HXJYRQQ0QFKHQQQDFKK%HUOLQ'DPLWWYHUXUVDFKWWHU HLQHH0HQJH&2 0LWGHU%DKQQ]XIDKUHQZlUHHHLQGHXWLJEHVVHUIUUGDVV.OLPD:LHHEHNRPPWWPDQ QXQQ3HWHUUDXIJUXQGGGHVEHZLHVHQHQ:HUWHVV1DFKKDOWLJNHLWWGD]XPLWGHU%DKQ]XXIDKUHQ" =XQlFKVWWNDQQQPDQQXUUIHVWKDOWHQGDVVVHVV+DQGOXQJHQJLEWGLHHULFKWLJJVLQGGXQGG+DQGOXQJHQQJLEW GLHIDOVFKVLQG*lEHHVGLHH%HJULIIHULFKWLJJJXQGIDOVFKIUUPHQVFKOLFKHVV+DQGHOQQQLFKWJlEHHHV DXFKKNHLQHH*HVHW]HNHLQH*HULFKWHHXQGGNHLQH*HIlQJQLVVHJHQDXVRZLHHHVVNHLQHH9RUVWHOOXQJYRQ 5HFKWW6FKXOGGGXQGGG6WUDIHJlEH(LQHH9RUVWHOOXQJJYRPPULFKWLJHQ+DQGHOQQLVWIUGDV PHQVFKOLFKHH=XVDPPHQOHEHQQDOVRRHOHPHQWDU,P)DOOYRQQ3HWHUULVWWGHUU)OXJYRQQ0QFKHQQDFK %HUOLQIDOVFKGLH%DKQIDKUWULFKWLJ

'LH%HGHXWXQJYRQQ:HUWHQ

'LHH)UDJHGLHVLFKKDQQGDVULFKWLJH+DQGHOQDQVFKOLH‰WLVWGLHH)UDJHHQDFKKGHP:DUXP:DUXPVROO 3HWHUUQLHPDQGHQW|WHQQLFKWWVWHKOHQQLFKWW(KHHEUHFKHQ$QOHJHUQLFKWWlXVFKHQQXQGGQLFKWWPLWGHP )OXJ]HXJYRQQ0QFKHQQDFKK%HUOLQQIOLHJHQ":DVVUHFKWIHUWLJWGLHVH)RUGHUXQJHQQQDFKGHPPULFKWLJHQ +DQGHOQ"

,QGHU(WKLNNZHUGHQGLHH)RUGHUXQJHQQQDFKGHPPULFKWLJHQ+DQGHOQQEHUGLHH0RUDOOJHUHFKWIHUWLJW(V LVWWPRUDOLVFK0HQVFKHQQNHLQHQ6FKDGHQ]X]XIJHQXQGGLKQHQQ]XKHOIHQ'DJHJHQLVWHV XQPRUDOLVFKVLHH]XWlXVFKHQQXQGG]XEHWUJHQ'LHZHQLJVWHQQZUGHQQ3HWHUDOOHUGLQJVYRUZHUIHQ XQPRUDOLVFKK]XXKDQGHOQLQGHPPHUYRQQ0QFKHQQQDFK%HUOLQIOLHJW'LHH0RUDOEH]LHKWWVLFKKLQQHUVWHU /LQLHDXIIPHQVFKOLFKHV+DQGHOQQXQWHUHLQDQGHU*HJHQEHU$QOHJHUQN|QQWH3HWHUUXQPRUDOLVFK KDQGHOQJHJHQEHUGHU1DWXUUZHQLJHU

(VVLVWWGDKHUUVLQQYROOVLFKLQGHU)UDJHQDFKKGHPULFKWLJHQ+DQGHOQQDXIQRFKDOOJHPHLQHUH 'HILQLWLRQHQQ]XEH]LHKHQ:LHGLH0RUDOVRREH]LHKWWVLFKDXFKKGDVPHQVFKOLFKHH/HEHQQJDQ] HOHPHQWDUUDXI:HUWH'DVV/HEHQGHU%HVLW]GDV.OLPDVLQGGIUUXQV:HUWH6LHHEHGHXWHQQXQVVHWZDV VLQGGIUUXQVVZHUWYROO$QGHUHUVHLWVVVLQGGDXFKGHUU.ULHJJHJHQGHQQ7HUURULVPXVGLHH0LOOLRQlUVVWHXHU RGHUUGLHH0RWRUOHLVWXQJHLQHV$XWRVVIUUXQVV:HUWHREZRKOOVLHRIIHQVLFKWOLFKKLPP*HJHQVDW]]]XXGHQ :HUWHQQ/HEHQ%HVLW]XQGG.OLPDVWHKHQ,QGHPPGDVVULFKWLJHH+DQGHOQDXI:HUWH]XUFNJHIKUWWXQG GXUFKVLHJHUHFKWIHUWLJWWZLUGVWHOOWWVLFKKGLH)UDJHZDVVHLQHQ:HUWDXVPDFKW.DQQSRWHQWLHOOODOOHV HLQQ:HUWWVHLQ"8QGZHQQQQLFKWZRUDQQNDQQIHVWJHPDFKWWZHUGHQZDVVHLQ:HUWLVWWXQGGZDVQLFKW" 'LH]HQWUDOHH)UDJHLVWWDOVR]XQlFKVWZDUXPP1DFKKDOWLJNHLWWIU3HWHUUHLQQ:HUWVHLQQVROOWH3HWHU N|QQWHHHEHQVR1DFKKDOWLJNHLWWDOVV8QZHUWWDQVHKHQVFKOLH‰OLFKKPXVVVHUIUUGLHH5HLVHHYRQQ0QFKHQ QDFKK%HUOLQQPLWWGHUU%DKQPHKUUEH]DKOHQQDOVPLWWHLQHU%LOOLJ$LUOLQH$XIGHUDQGHUHQQ6HLWHHN|QQWH 3HWHUU.LQGHUDUEHLWXQGGGLH$EKRO]XQJJGHVV5HJHQZDOGHVVDOVV:HUWWVFKlW]HQZHLOHUUGDGXUFKKVHLQQ7 6KLUWWXQGGVHLQHQ.DIIHHHIUUZHQLJHH(XURNDXIHQNDQQ*HKWPDQYRQQHLQHPP:HUWVXEMHNWLYLVPXVDXV GDQQQZlUHQQDXFKK.LQGHUDUEHLWXQGGGLHH$EKRO]XQJGHVV5HJHQZDOGHV:HUWH6LHHVLQGGLQGHP0RPHQW :HUWHVREDOGG3HWHUVLHHZHUWVFKlW]W:HUWHHVLQGGQDFKGLHVHU$QVFKDXXQJJLQGLYLGXHOOOXQGGNRQVWUXLHUW (VVNDQQQSRWHQWLHOOODOOHVVHLQQ:HUWVHLQHVVPVVHQQVLFKQXUUHLQQRGHUPHKUHUH:HUWVFKlW]HUGDIU ILQGHQ(UNOlUWPDQQ:HUWHDXVVGLHVHUUVXEMHNWLYHQ6LFKWHUEULJWVLFKGLH)UDJHQDFKKGHPPULFKWLJHQ +DQGHOQ'HQQQZDVHLQHQQ:HUWWKDWLVWWULFKWLJ8QGGLQGHP:HUWHHYRQQGHUU:HUWVFKlW]XQJJDEKlQJLJ JHPDFKWWZHUGHQJLEWWHVNHLQ5LFKWLJXQGG)DOVFK3HWHUNDQQQNHLQHQQ:HUWLUUWXPPEHJHKHQGKGHQ 8QZHUW.LQGHUDUEHLWVFKlW]HQQRGHUUGHQQ:HUW1DFKKDOWLJNHLWWQLFKWWVFKlW]HQZHLOOLPPHUJHQDXXGDV

(LQHQQhEHUEOLFNGHUUYHUVFKLHGHQHQ0|JOLFKNHLWHQHLQHU:HUWWKHRULHOLHIHUW*HUKDUG6FK|QULFKLQVHLQHP$XIVDW] 2SWLRQHQHLQHUSKLORVRSKLVFKHQ:HUWWKHRULH,Q$OOJHPHLQH=HLWVFKULIWIU3KLORVRSKLH6

ULFKWLJJLVWZDV3HWHULPP0RPHQWWVFKlW]W(VVNDQQGHVKDOEEDXFKQLFKWGLH)UDJHEHDQWZRUWHWZHUGHQ ZDUXP3HWHUU1DFKKDOWLJNHLWDOV:HUWWVFKlW]HQQVROOWHXQGGGLH$EKRO]XQJGHV5HJHQZDOGHVQLFKW'LH JHJHQWHLOLJHH$XIIDVVXQJYHUWULWWWGHUU:HUWREMHNWLYLVPXV(UUJHKWWGDYRQQDXVGDVVV:HUWHLQHLQHU EHVWLPPWHQQ:HLVHHREMHNWLYYEHVWHKHQGKXQDEKlQJLJYRQQLKUHQQ:HUWVFKlW]HUQQH[LVWLHUHQ(JDOORE 3HWHUGHQ:HUW1DFKKDOWLJNHLWWZHUWVFKlW]WRGHUQLFKW1DFKKDOWLJNHLWWLVWWLQQDOOHQQ)lOOHQQHLQQ:HUW 3HWHUUEHJHKWKLQJHJHQQHLQHQ:HUWLUUWXPZHQQQHUGHQ:HUW1DFKKDOWLJNHLWWQLFKWWZHUWVFKlW]WRGHU GHQQ8QZHUWW.LQGHUDUEHLWWVFKlW]W'HU:HUWREMHNWLYLVPXVVOLHIHUWGDPLWWGLH*UXQGODJHXPPGLHH)UDJH QDFKKGHPULFKWLJHQ+DQGHOQQEHUKDXSWVWHOOHQ]XXN|QQHQ'HQQQXPP+DQGOXQJHQDOVULFKWLJJRGHU IDOVFKKFKDUDNWHULVLHUHQ]XXN|QQHQPXVVVYRQQ:HUWHQDXVJHJDQJHQZHUGHQGLHHLQQLUJHQGHLQHU)RUP REMHNWLYYEHVWHKHQ

0LWWGLHVHUDQJHQRPPHQHQQ2EMHNWLYLWlWYRQQ:HUWHQVWHOOHQQVLFKK]ZHLL]HQWUDOHH)UDJH:DVVPDFKW :HUWHH]XREMHNWLYHQQ:HUWHQ"8QGGZLHHNDQQDQKDQGGGLHVHU2EMHNWLYLWlWWGLHH:HUWVFKlW]XQJJHLQHU 3HUVRQQDOVVQRUPDWLYYJHUHFKWIHUWLJWGKDQJHPHVVHQEH]HLFKQHWZHUGHQ"

,QWULQVLVFKHXQGILQDOHH:HUWH

8PPGDVVULFKWLJH+DQGHOQQ]XGHILQLHUHQEHGDUIIHV:HUWH:HUWHGHQHQHWZDV2EMHNWLYHVVLQQHZRKQW 'LHH(WKLNNZDUVWHWVGDUXPPEHPKWW]XXGHILQLHUHQZDVVGLHVHH:HUWHHVLQG'DDGDVULFKWLJH+DQGHOQGDV HUVWUHEHQVZHUWHH+DQGHOQQLVWKDWWPDQQ]XQlFKVWWYHUVXFKWW]XXGHILQLHUHQZDVGDV(UVWUHEHQVZHUWHHLVW 'DVV(UVWUHEHQVZHUWHHZDUULQQGHQ$XJHQYLHOHU$XWRUHQJHQHUHOOOGDV*XWH)UDQ]]%UHQWDQRYHUVXFKW HVVZLHHIROJWW]XXGHILQLHUHQ

:LUQHQQHQQHWZDVVZDKUZHQQQGLHHGDUDXIEH]JOLFKHH$QHUNHQQXQJJULFKWLJLVW:LUQHQQHQQHWZDVVJXW ZHQQQGLHHGDUDXIIEH]JOLFKHH/LHEHULFKWLJLVW'DVPLWULFKWLJHUU/LHEHH]X/LHEHQGHGDVV/LHEZHUWHLVWGDV *XWHHLPZHLWHVWHQQ6LQQHHGHVV:RUWHV>@@'DVLQVLFKK*XWHHLVWWGDV*XWHLPPHQJHUHQ6LQQ(VVDOOHLQQNDQQQ

)UDQ]]%UHQWDQRGHILQLHUWGDV*XWHHDOVHLQHQLQWULQVLVFKHQ:HUWGKHLQHQQ:HUWGHUDXVVVLFKKVHOEVW KHUDXVJHVFKlW]WZLUGJHQDXZLHHGDVV/HEHQGLHH/LHEHRGHUGLHH)UHXGH'HVKDOEEVHLLGDV*XWHGLH 0D‰JDEHIUUGDVULFKWLJHH+DQGHOQ:LHHNDQQQGDVV*XWHJHUHFKWIHUWLJWWZHUGHQ"*HRUJH(0RRUHDXI GHQQGLHHKHXWLJH:HUWHGHEDWWHZHVHQWOLFKK]XUFNJHKWJLEWW]XX%HJLQQQGHV-DKUKXQGHUWVVGLH $QWZRUWWLQQGHUU7UDGLWLRQQ%UHQWDQRV

)UDQ]%UHQWDQR9RP8UVSUXQJVLWWOLFKHUU(UNHQQWQLV/HLS]LJ1'''DUPVWDGWW6

,ILDPDVNHGG:KDWLVJRRG"P\\DQVZHUULVWKDWJRRGGLVJRRGDQGGWKLVLVVWKHHHQGGRIIWKHPDWWHU

'DVV*XWHLVWIU0RRUHHGDGXUFKKFKDUDNWHULVLHUWGDVVVHVJXWWLVW0RRUHIKUWWGHQQ9HUJOHLFKPLWWGHU )DUEH*HOEEDQ(QWZHGHUUPDQQKDEHHGLH.HQQWQLVVGHVV*XWHQQRGHUUGHUU)DUEHH*HOERGHUUPDQQKDEHHVLH QLFKW.HQQWWPDQQGHQ:HUWWJXWGDQQHUNHQQWPDQDXFKZDVVJXWLVW.HQQWWPDQQGLHH)DUEH*HOE GDQQQHUNHQQWWPDQZHOFKHH'LQJHHJHOEEVLQG(LQHQlKHUH'HILQLWLRQQGHVV*XWHQZLHHGHVV*HOEHQKlOW 0RRUHHIUUQLFKWWP|JOLFK'HQQ:HUWWHLQHV6DFKYHUKDOWVVLHKW0RRUHDOVRRLQQGHVVHQQ1DWXUUYHUDQNHUW

7KHSDUWWRIDDYDOXDEOHHZKROHHUHWDLQVVH[DFWO\WKHVDPHHYDOXHZKHQLWWLVDVZKHQLWLVVQRWDDSDUWRIWKDWW ZKROH>@@>,QWULQVLFF9DOXH@@LVDDSURSHUW\ZKLFKKGHSHQGVVRQO\RQWKHHLQWULQVLFQDWXUHHRIIWKHWKLQJVZKLFKK

'DVV*XWHHLVWJXWZHLOOHVGLH(LJHQVFKDIWEHVLW]WJXWW]XXVHLQ,Q$QDORJLH]X:HUWHQNDQQQPDQ VDJHQGDVVVHWZDVVREMHNWLYYHLQQ:HUWWLVWZHLOOLKPPGLH(LJHQVFKDIWZHUWYROOO]XVHLQ]XNRPPW )ROJOLFKLVWWGLH:HUWVFKlW]XQJJ]XXHLQHPP6DFKYHUKDOWWDQJHPHVVHQZHQQGHU6DFKYHUKDOWHLQHQ LQWULQVLVFKHQ:HUWKDW1LPPWWPDQ1DFKKDOWLJNHLWWDOVVLQWULQVLVFKHQQ:HUWDQGDQQQLVWW3HWHUV :HUWVFKlW]XQJYRQQ1DFKKDOWLJNHLWWDQJHPHVVHQZHLOO1DFKKDOWLJNHLWWYRQQ1DWXUUDXVV]XNRPPW ZHUWYROOO]XVHLQ3HWHUV:HUWVFKlW]XQJJLVWWHLQHH5HDNWLRQQDXIIGHQH[LVWLHUHQGHQ:HUWW1DFKKDOWLJNHLW GLHHHQWZHGHUUHUIROJHQQNDQQQRGHUUQLFKW

'DVVXPJHNHKUWHH.RQ]HSWWYHUWUDWHQQLQQGHU)ROJH'DYLGG5RVVVXQGG$OIUHGG&(ZLQJ=XQlFKVWIKUHQ VLHHLQGLH:HUWGHEDWWHHHLQHQ]HQWUDOHQQ%HJULIIHLQ6LHHEH]HLFKQHQGLHH:HUWVFKlW]XQJJHLQHU3HUVRQ DOVV3UR(LQVWHOOXQJJSURDWWLWXGH,VWGLH3HUVRQHLQHPP6DFKYHUKDOWWDEJHQHLJWGKVLHEHWUDFKWHW GHQQ6DFKYHUKDOWWDOVV8QZHUWVSULFKWWPDQQYRQQHLQHUU.RQWUD(LQVWHOOXQJ%H]RJHQDXII0RRUHV $XIIDVVXQJJYRQQLQWULQVLVFKHQQ:HUWHQQYHUWUHWHQVLHGHQQXPJHNHKUWHQQ:HJ)UVLHLVW1DFKKDOWLJNHLW QLFKWWYRQQ1DWXUUDXVHLQQ:HUWDXIGHQQ3HWHUPLWWHLQHUU3UR(LQVWHOOXQJUHDJLHUHQQNDQQRGHUQLFKW VRQGHUQQ1DFKKDOWLJNHLWWLVWWGHVKDOEEHLQQLQWULQVLVFKHUU:HUWZHLO3HWHUUTXDVLLYRQQ1DWXUDXVVHLQH3UR (LQVWHOOXQJ]XX1DFKKDOWLJNHLWWKDW'LHVHQDWUOLFKH3UR(LQVWHOOXQJNDQQ3HWHUQXUU]X LQWULQVLVFKHQ:HUWHQQKDEHQZHLOOVLHHYRQQ1DWXUDXVVZHUWYROOOVLQG(UZHLVWVLFKHLQQ6DFKYHUKDOW GXUFKGLHHQDWUOLFKH3UR(LQVWHOOXQJDOVVLQWULQVLVFKHU:HUWLVWWHUIROJOLFKKDXFKGLH0D‰JDEHGHV +DQGHOQV

>@SURDWWLWXGHLVLQWHQGHGWRFRYHUUDQ\IDYRXUDEOHHDWWLWXGHWRVRPHWKLQJ,WFRYHUVIRULQVWDQFH FKRLFHGHVLUHOLNLQJSXUVXLWDSSURYDODGPLUDWLRQ>@@:KHQQVRPHWKLQJJLVLQWULQVLFDOO\\JRRGLWLV>@@ VRPHWKLQJJWKDWRQQLWVVRZQQDFFRXQWZHHRXJKWWRRZHOFRPHUHMRLFHLQQLILWH[LVWVVHHNNWRSURGXFHHLILWGRHVV *HRUJJ(0RRUH3ULQFLSLD(WKLFD&DPEULGJH1'&DPEULGJH6 (EG6

QRWH[LVW

)UU0RRUHHLVW3HWHUV3UR(LQVWHOOXQJJ]XPP:HUWW1DFKKDOWLJNHLWWDQJHPHVVHQLVWZHLOO1DFKKDOWLJNHLW YRQQ1DWXUDXVGLH(LJHQVFKDIWEHVLW]WZHUWYROOO]XVHLQ)UU5RVVVXQGG(ZLQJJLVW1DFKKDOWLJNHLW KLQJHJHQQHLQQ:HUWZHLOOHVV2EMHNWWYRQQ3HWHUVDQJHPHVVHQHUU3UR(LQVWHOOXQJJLVWGDPLWHLQHQ LQWULQVLVFKHQ:HUWWGDUVWHOOWWXQGGGDVVLVWZDVVJHWDQQZHUGHQVROOWH %HLGH$QVlW]HDXFKKZHQQVLH:HUWWXQGG:HUWVFKlW]XQJYRQQJHJHQVlW]OLFKHQQ6HLWHQQDOVVDEKlQJLJ EHWUDFKWHQJHKHQGDYRQQDXVGDVVV1DFKKDOWLJNHLWWHLQQLQWULQLVFKHU:HUWWLVW,QWULQVLVFKHQ:HUWHQ NRPPWWGDEHLRQWRORJLVFKKGLHHQDWUOLFKH(LJHQVFKDIWW]XZHUWYROOO]XVHLQ'LHHGDUDXVVUHVXOWLHUHQGHQ (QWLWlWHQKDEHQQQLFKWWQXUHLQHQQRQWRORJLVFKHQQ6WDWXVGHUUDX‰HUKDOEDOOHQDQGHUHQQ6HLQVVLVWVRQGHUQ DXFKKQLFKWZHLWHUUKLQWHUIUDJEDUULVW(VVNDQQQQLFKWWUDWLRQDOOHUNOlUWZHUGHQZDVVGLHVH:HUWHHZHUWYROO PDFKWWRKQHHVLFKKDXIIHLQHQK|KHUHQ6WDQGSXQNW]XEH]LHKHQ$X‰HUGHPPIKUWWGLH$QQDKPHHYRQ LQWULQVLVFKHQ:HUWHQQ]XXHLQHPP=LUNHOLQGHPPHLQHDQJHPHVVHQH3UR(LQVWHOOXQJJPLWWGHP:HUW JOHLFKJHVHW]WWZLUG'XUFKGHQQ:HUWWYRQQ1DFKKDOWLJNHLWWLVWWHLQH3UR(LQVWHOOXQJJDQJHPHVVHQXQG GXUFKGLH$QJHPHVVHQKHLWWHLQHU3UR(LQVWHOOXQJJLVWW1DFKKDOWLJNHLWWHLQQ:HUW(VVZLUGGGDPLWWVWHWVVGHU :HUW1DFKKDOWLJNHLWYRUDXVJHVHW]WREZRKOOHUHUVWWEHZLHVHQQZHUGHQVROO

,QGHU/LWHUDWXULVWWGHVKDOEVWDWWWYRQQLQWULQVLVFKHQQ:HUWHQPHKUUYRQQILQDOHQXQGGLQVWUXPHQWHOOHQ :HUWHQGLHH5HGH(LQQURPDQWLVFKHV$EHQGHVVHQQVFKlW]HQZLUQLFKWDXVVVLFKKVHOEVWWKHUDXVVRQGHUQ ZHLOOHVXQVVGLH/LHEHHXQVHUHV3DUWQHUVVEULQJW'DV$EHQGHVVHQQKDWWHLQHQQLQVWUXPHQWHOOHQQ:HUW ZRKLQJHJHQQGLH/LHEHHHLQQILQDOHUU:HUWLVW6LHHYHUZHLVWDXIINHLQHQZHLWHUHQQ:HUWVRQGHUQVWHKWWDP (QGHHHLQHU:HUWNHWWH)UU0RRUHHVLQGGILQDOH:HUWHHXQGGLQWULQVLVFKH:HUWHLGHQWLVFK:DVVPDQQDOV =ZHFNXQGGQLFKWWQXUUDOV0LWWHOZHUWVFKlW]WZLUGDXFKDXVVVLFKKVHOEVWKHUDXVVJHVFKlW]W:ORGHN 5DELQRZLF]XQGG7RQL5¡QQRZ5DVPXVVHQKDEHQQDOOHUGLQJVVJH]HLJWGDVVVHVVILQDOHH:HUWHHJLEWGLH QLFKWWLQWULQVLVFKKVLQG 6LHQHKPHQQDOVV%HLVSLHOOHLQQ.OHLGYRQQ3ULQ]HVVLQQ'LDQD'DVV.OHLGGLVW ZHUWYROOZHLOOHVV3ULQ]HVVLQQ'LDQDDJHK|UWWKDW0DQQNDQQQ]XQlFKVWWHLQZHQGHQGDVVVGDVV.OHLGGNHLQHQ ILQDOHQVRQGHUQQXUUHLQHQLQVWUXPHQWHOOHQ:HUWWKDW(VVN|QQWHHEHLVSLHOVZHLVHHLQHU3HUVRQQXUUDOV 0LWWHOOGLHQHQXP'LDQDQDKHHH]XVHLQ'DVlQGHUWDEHUUQLFKWVVDQQGHU7DWVDFKHGDVVVGHPP.OHLGGHLQ ILQDOHU:HUWW]XJHVSURFKHQZLUG'HQQGDV.OHLGGZLUGGDXFKKLP)DOOOGHU9HUHKUXQJ'LDQDVVQLFKWWLP 6LQQQHLQHVV0LWWHOVVDOVVLQQLUJHQGHLQHU:HLVHHQW]OLFKKJHVFKlW]WVRQGHUQLKPZLUGHLQQXQDEKlQJLJHU :HUWW]XJHVFKULHEHQGHUUDXINHLQHQ:HUWPHKUUYHUZHLVW0DQQNDQQQDOVRRGDYRQQVSUHFKHQGDVV

$OIUHGG&(ZLQJ7KH'HILQLWLRQRI*RRG/RQGRQ6'D]XDXFK:'DYLGG5RVV$GPLUDWLRQLVQRWD PHUHHPRWLRQLWLVDQHPRWLRQDFFRPSDQLHGE\WKHWKRXJKWWKDWWKDWWZKLFKKLVDGPLUHGGLVJRRG$QGLIZHDVNRQ ZKDWJURXQGDWKLQJLVZRUWK\\RIEHLQJWKRXJKWWREHHJRRGRQO\RQHHDQVZHULVSRVVLEOHQDPHO\WKDWLWLVJRRG 7KH)RXQGDWLRQQRII(WKLFV2[IRUGG6

9JO:ORGHNN5DELQRZLF]7RQL5¡QQRZ5DVPXVVHQ$'LVWLQFWLRQLQQ9DOXH,QWULQVLFFDQG)RU,WV2ZQ6DNH,Q7RQL 5¡QQRZ5DVPXVVHQ0LFKDHO-=LPPHUPDQQ+UVJ5HFHQW:RUNRQ,QWULQVLF9DOXH'RUGUHFKW6

'LDQDV.OHLGXPPVHLQHUVHOEVWW:LOOHQQJHVFKlW]WWZLUG7URW]GHPZLUGGHVVQLFKWWDXVVVLFKVHOEVWWKHUDXV GKLPP6LQQQHLQHVVLQWULQVLVFKHQQ:HUWHVVJHVFKlW]W'HQQGLH(LJHQVFKDIW]X'LDQDDJHK|UW]XXKDEHQ ZHVKDOEEGDV.OHLGGHLQQ:HUWWLVWNRPPWWGHPP.OHLGQLFKWWYRQQLQQHQGKYRQQ1DWXUDXVV]XVRQGHUQ ZLUGGLKPYRQQDX‰HQQ]XJHVFKULHEHQ

,QWULQVLVFKH:HUWHHZLHGLH/LHEHHVLQGGDOVR]ZDUULPPHUDXFKILQDOH:HUWHZHLOOVLHVLFKKDXIINHLQH DQGHUHQQ:HUWHDOV0LWWHOEH]LHKHQVRQGHUQQXPPLKUHUUVHOEVWW:LOOHQDOVV=ZHFNZHUWJHVFKlW]WWZHUGHQ )LQDOH:HUWHPVVHQDEHUQLFKWWLQWULQVLVFKVHLQZHLOVLHHQLFKWDXVVVLFKKVHOEVWKHUDXVVZHUWJHVFKlW]W ZHUGHQVRQGHUQDXFKKYRQQlX‰HUHQQ)DNWRUHQDEKlQJHQ-RQDV2OVRQQYHUGHXWOLFKWWGLHVH .RQGLWLRQDOLWlWWILQDOHU:HUWHHXQGG]HLJWWJOHLFK]HLWLJGDVVVGDGXUFKKGLHH$QQDKPHLQWULQVLVFKHU:HUWH LQQ%H]XJJDXIGLHULFKWLJH:HUW]XVFKUHLEXQJJSUREOHPDWLVFKKZLUG(UUDUJXPHQWLHUWJHJHQQ0RRUH

6RUDWKHUUWKDQQVD\LQJJZLWKWKHLQWULQVLFDOLVWWKDWWWKHILQDOYDOXHHRIDZKROHLVVRUJDQLFDOO\GHWHUPLQHGWKHH FRQGLWLRQDOLVWKDVVLWWKDWWKHHILQDOYDOXHRISDUWVDUHHFRQWH[WXDOO\FRQGLWLRQDO

0RRUHHZDUUGHUU$XIIDVVXQJGDVVVLQWULQVLVFKH:HUWHQLFKWW]XXGHILQLHUHQQVLQG:LHHGLHH)DUEH*HOE JHOELVWLVWWGDVV*XWHHJXW'DEHLLJHKWW0RRUHYRQQGHUUKROLVWLVFKHQ$XIIDVVXQJJDXVGDVVVGDVV*DQ]H PHKUUDOVVGLHH6XPPHHVHLQHU7HLOHHLVW'HQ:HUWHLQHVV6DFKYHUKDOWVVVFKUHLEWW0RRUHQLFKWWGHQQ7HLOHQ GHVV6DFKYHUKDOWVVRQGHUQGHP6DFKYHUKDOWWDOVV*DQ]HP]X2OVRQQZHQGHWWHLQGDVVVGLHVH $XIIDVVXQJJHLQQ9HURUWXQJVSUREOHPPKDW (UJLEWWIROJHQGHVV%HLVSLHO-RKQQIUHXWWVLFKKEHUU0DULHV 6FKPHU]HQ'HU,QWULQVLNDOLVWWYHURUWHUWWGHQQ:HUWWLPP*DQ]HQQXQGGNRQWH[WXQDEKlQJLJ-RKQVV)UHXGH EHU0DULHVV6FKPHU]HQQLVWWGLHVHOEHHZLH-RKQV)UHXGHEHUHLQQJXWHV(VVHQRGHUUVHLQHH)UHXGHEHU HLQHQQ/RWWRJHZLQQ)UU2OVRQQLVWWGLHVHHLQWULQVLVFKHH$XIIDVVXQJJZDKOORVVXQGGYHURUWHUWWHLQHQILQDOHQ :HUWGHUUDXVGHU.RPELQDWLRQQYRQQ]ZHLRGHUUPHKU7HLOHQQEHVWHKWIDOVFK$OVV.RQGLWLRQDOLVWWYHUWULWW 2OVRQQGLHH$XIIDVVXQJGDVVGLH)UHXGHH-RKQVEHUUHLQHQQ/RWWRJHZLQQQLFKWVVEHUGLHH)UHXGHH-RKQV JHJHQEHUU0DULHVV6FKPHU]HQQDXVZHLOEHLGHH)lOOHHXQWHUGHQHQWVSUHFKHQGHQ.RQWH[WHQQ]X EHWUDFKWHQVLQG-RKQVV)UHXGHHPXVVVLP.RQWH[WEHWUDFKWHWXQGGLQ5HODWLRQQ]XPP2EMHNWWJHVHW]W ZHUGHQVWDWWWGHPP.RPSOH[DOVV*DQ]HQQHLQHQ:HUWW]X]XVFKUHLEHQ'HU,QWULQVLNDOLVPXVVNRPPW GXUFKGLH%HZHUWXQJJHLQHV6DFKYHUKDOWVVDOVV*DQ]HPPDXFKLQQ6FKZLHULJNHLWHQQEHLLGHUU=XRUGQXQJ HYDOXDWLYHQ$XVGUFNHQQZLHJXWWWRGHUVFKOHFKWW2EZRKOOGLHH)UHXGHH-RKQVVEHU0DULHV 6FKPHU]HQQQLFKWWSRVLWLYY]XXEHZHUWHQLVWRUGQHWHLQ,QWULQVLNDOLVWW-RKQVV)UHXGHHEHQVRGHQ HYDOXDWLYHQ$XVGUXFNJXW]XZLHHZHQQVLFKK-RKQQEHUHLQHQQ/RWWRJHZLQQIUHXHQQZUGH,Q LQWULQVLVFKHUU6LFKWWLVWW)UHXGHHVWHWVSRVLWLY)U0RRUHHKDEHQQDXFKGLHH7HLOHHLQHVLQWULQVLVFKHQ

-RQDVV2OVRQ,QWULQVLFDOLVPPDQG&RQGLWLRQDOLVPPDERXW)LQDO9DOXH,Q(WKLFDO7KHRU\\DQG0RUDO3UDFWLFH 6 9JO(EG6II

:HUWHVVXQDEKlQJLJJYRPP.RQWH[WWILQDOHQ:HUW6LHHKDEHQGHQQJOHLFKHQQ:HUWGHQQVLHHDXFKKLQQY|OOLJHU ,VRODWLRQQKDEHQQZUGHQ$XIIGLHVHQLQWULQVLVFKHQ(LJHQVFKDIWHQVHLQHU7HLOHVXSHUYHQLHUWWVFKOLH‰OLFK GHUILQDOHHLQWULQVLVFKH:HUWWHLQHVV6DFKYHUKDOWV-RKQVV5HDNWLRQQDXII0DULHVV6FKPHU]HQGK 6FKDGHQIUHXGHLVWIUUHLQHQQ,QWULQVLNDOLVWHQQGHVKDOEEHLQHH)RUPPYRQQ)UHXGHLPHLJHQWOLFKHQ6LQQ GKSRVLWLYREZRKOO6FKDGHQIUHXGHVLFKHUOLFKKQLFKWWSRVLWLYYEHVHW]WLVW.RQGLWLRQDOLVWHQQZLHH2OVRQ YHUQHLQHQGHVKDOEGDVVVGHUUEHVFKULHEHQH)DOOYRQQ6FKDGHQIUHXGHDOOHLQQVFKRQQGHVKDOEESRVLWLYYLVW ZHLOOVLFKK-RKQQIUHXW9LHOPHKULVWWLQQGLHVHPP.RQWH[WW-RKQVV)UHXGHHPLWWGHPPHYDOXDWLYHQQ$XVGUXFN VFKOHFKWWW]XXEH]HLFKQHQ2OVRQQVWHOOWGDPLWWGLH5HFKWIHUWLJEDUNHLWLQWULQVLVFKHUU:HUWHHUQHXWWLQ )UDJH

1DFKKDOWLJNHLWWDOVH[WULQVLVFKHU:HUW

,QGHPPLQQGHU/LWHUDWXUOLHEHUYRQQILQDOHQQVWDWWWLQWULQVLVFKHQQ:HUWHQQJHVSURFKHQQZLUGVWHOOWWVLFKHLQ JUR‰HVV3UREOHP)LQDOHH:HUWHKlQJHQZLHJH]HLJWYRPP.RQWH[WWDE1DFKKDOWLJNHLWWN|QQWHHDOVRLQ HLQHPP.RQWH[WWHLQQ:HUWWVHLQLQQHLQHPPDQGHUHQQ.RQWH[WWDEHUUQLFKW%HGHXWHWGLHVVZLHGHUHLQHQ :HUWVXEMHNWLYLVPXVGHUGHQQ:HUWWHLQHVV6DFKYHUKDOWVVYRQQGHQQ:HUWVFKlW]HUQDEKlQJLJJJHPDFKWWKDW" 0XVVVGLHH2EMHNWLYLWlWWYRQQ:HUWHQDXVJHVFKORVVHQQZHUGHQ"

,QWULQVLVFKH:HUWHVLQGGREMHNWLYVLHZRKQHQQHLQHP6DFKYHUKDOWYRQQ1DWXUUDXVVLQQH:DUXPPGDVVVR LVWNDQQQQLFKWWZHLWHUUKLQWHUIUDJWZHUGHQ)LQDOH:HUWHHVLQGGUDWLRQDOOHUNOlUEDUUXQGGSODXVLEHOZHLOOVLH GHQQ:HUWHLQHV6DFKYHUKDOWVDXVGHPP.RQWH[WWKHUDXVVYHUVWHKHQ'LHVVWHOOWWMHGRFKKLKUH2EMHNWLYLWlW LQQ)UDJH1DFKKDOWLJNHLWWN|QQWHHLQQGHPPHLQHQ.RQWH[WWHLQQ:HUWWVHLQQXQGGLQQHLQHPPDQGHUHQQQLFKW(V HPSILHKOWWVLFKKGDKHUHLQHQGULWWHQQ:HUWEHJULIII]XXYHUZHQGHQGHUYRQQ&KULVWLQHH0.RUVJDDUG HLQJHIKUWZLUG6LHHVSULFKWWYRQQH[WULQVLVFKHQQ:HUWHQGHQHQ2EMHNWLYLWlW]XNRPPWGLHHDEHUUDXFK YRQQGHQQlX‰HUHQ8PVWlQGHQQDEKlQJHQ (LQH[WULQLVFKHUU:HUWLVWHLQQILQDOHU:HUWGHUUYRQGHQ :HUWVFKlW]HUQQXPPVHLQHUVHOEVW:LOOHQJHVFKlW]WWZLUGDEHUUQLFKWWLQWULQVLVFKKDXVVVLFKVHOEVWKHUDXV .RUVJDDUGGEHUXIWVLFKKGDEHLDXI.DQWGHULP*HJHQVDW]]XX0RRUHGHUU$XIIDVVXQJZDUGDVVVGDV *XWHHUHODWLRQDO]XXGHQ:QVFKHQXQGG,QWHUHVVHQGHU0HQVFKHQEHVWHKWWXQGGQLFKWWHLQHPP6DFKYHUKDOW DOVVQDWUOLFKH(LJHQVFKDIWLQQHZRKQW6REDOGGGLHVH:QVFKHXQGG,QWHUHVVHQQDEHUDQJHPHVVHQQ]X HLQHPP6DFKYHUKDOWWVLQGGHULQWULQVLVFKHQQ:HUWWEHVLW]WGKGHPUDWLRQDOHQQ:LOOHQHQWVSULQJHQLVW GDVV*XWHHQLFKWWPHKUVXEMHNWLY,QGHPP.DQWWGDEHLLDXFKKGLHHLQWHUQDOHQQ%H]LHKXQJHQGHVV]X ZHUWVFKlW]HQGHQQ*DQ]HQQEHUFNVLFKWLJWHNRQQWHHHUHUNOlUHQZDUXPP)UHXGHHLPP)DOOOGHV

9JO&KULVWLQH0.RUVJDDUG7ZRR'LVWLQFWLRQVLQ*RRGQHVV,Q7KH3KLORVRSKLFDO5HYLHZ6 5DELQRZLF]XQG5¡QQRZ5DVPXVVHQKDEHQGDVVDP%HLVSLHOOYRQ'LDQDV.OHLG]ZDUUHEHQIDOOVJH]HLJWW6LHKH$QP DOOHUGLQJVVZlUH'LDQDV.OHLGGIUU.RUVJDDUGGNHLQH[WULQVLVFKHUU:HUWW

/RWWRJHZLQQVVJXWLVWLPP)DOOOGHU6FKDGHQIUHXGHMHGRFKKVFKOHFKW.RUVJDDUGQLPPWWGHQQUDWLRQDOHQ :LOOHQQZLH.DQWWDOVHLQ]LJHQLQWULQVLVFKHQ:HUWWDQ)UUVLHHHQWVSULQJHQQDXVVGLHVHPUDWLRQDOHQ :LOOHQH[WULQVLVFKH:HUWH.RUVJDDUGGPDFKWLQQGLHVHP=XVDPPHQKDQJDXIGLHH5ROOHYRQQ*UQGHQ DXIPHUNVDP

7KRVHHLQWHUQDOUHODWLRQVV>.DQW@@UHYHDOWKHUHDVRQVIRUURXUUYLHZVDERXWWZKDWWLVVYDOXHDEOHZKLOHH0RRUHV

.RUVJDDUGVV7KHRULHHVLHKWWGLHH2EMHNWLYLWlWWYRQQ:HUWHQQLFKWWZLH0RRUHHLQQHLQHU$UWWLPPHUJHOWHQGHU (LJHQVFKDIWHQ'HU:HUWW1DFKKDOWLJNHLWWLVWWUHODWLRQDOXQGGKlQJWWYRQQGHQQ8PVWlQGHQXQGGGHQ :HUWVFKlW]HUQQDE:LUGHUDEHUQDFKGHPPUDWLRQDOHQQ:LOOHQQJHELOGHWVRRLVWW1DFKKDOWLJNHLWWHLQ H[WULQVLVFKH:HUWGHUXPPVHLQHUVHOEVWW:LOOHQJHVFKlW]WZLUG'DPLWWZLUGG]XPHLQHQGLH 2EMHNWLYLWlWWGHV:HUWHVV1DFKKDOWLJNHLWWJHZDKUWXQGG]XPPDQGHUHQQLQQGLHH+lQGHYRQQ*UQGHQJHOHJW 'DVV*XWHLVWGDPLWWNHLQHHP\VWHUL|VHHRQWRORJLVFKH(LJHQVFKDIWWPHKUZLHHEHL0RRUHVRQGHUQUDWLRQDO HUNOlUEDU

'LHHhEHU]HXJXQJJYRP:HUWW1DFKKDOWLJNHLW

,QGHPP1DFKKDOWLJNHLWWDOVVH[WULQVLVFKHU:HUWDQJHQRPPHQZLUGZLUGGHU:HUWW1DFKKDOWLJNHLW UDWLRQDOOHUNOlUEDUJHPDFKW(VVPXVVIU3HWHU*UQGHJHEHQGXUFKGLHHUU]XGHUUhEHU]HXJXQJ NRPPWGDVVV1DFKKDOWLJNHLWWHLQQ:HUWWLVW3HWHUUKDWWDXIJUXQGGGLHVHU*UQGHXQGGVHLQHUhEHU]HXJXQJ HLQHH3UR(LQVWHOOXQJJ]XX1DFKKDOWLJNHLW:DVVN|QQHQQGLHVH*UQGHDXVVHKHQGLH1DFKKDOWLJNHLWWIU 3HWHU]XXHLQHP:HUWWPDFKHQ"

'LH%HGHXWXQJYRQ*UQGHQ

:HJZHLVHQGGIUGLHH%HGHXWXQJYRQQ*UQGHQQLVWWGLH$UEHLW7KRPDV06FDQORQV 0RRUHHKDWWH :HUWHHLQQGHUUQDWUOLFKHQQ(LJHQVFKDIWWYRQQ'LQJHQZHUWYROOO]XVHLQYHURUWHW5RVVVXQGG(ZLQJJKDWWHQ VLHHYRQQDQJHPHVVHQHQQ3UR(LQVWHOOXQJHQDEKlQJLJPDFKW6FDQORQQVSULFKWVWDWWGHVVHQQH[SOL]LWYRQ *UQGHQGLHHHLQHQQ:HUWNRQVWLWXLHUHQ

.RUVJDDUGG6

9JO7KRPDV06FDQORQ:KDWW:H2ZHWR(DFKK2WKHU&DPEULGJH6

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

1DFK6FDQORQVVV%XFN3DVVLQJJ7KHRULHOLHIHUWWQLFKWWPHKUGHU6DFKYHUKDOWWVHOEHUUGHQ*UXQGGIUGLH 3UR(LQVWHOOXQJVRQGHUQQGLHHQDWUOLFKHQQ(LJHQVFKDIWHQGHVV6DFKYHUKDOWV'DVV:HUWYROOVHLQ VXSHUYHQLHUWWDXIGLHVHQQ(LJHQVFKDIWHQRKQHHVHOEHUHLQHHVHOEVWVWlQGLJH(LJHQVFKDIWW]XXVHLQ'DGXUFK ZHUGHQGLHH*UQGHIUHLQHH3UR(LQVWHOOXQJDQGHUVVYHURUWHUW1LFKWPHKUUGHU6DFKYHUKDOWWDQQVLFKKLVW GHU*UXQGGIUGLHH3UR(LQVWHOOXQJVRQGHUQQGLHH*UQGHHOLHJHQLQQGHQQQDWUOLFKH(LJHQVFKDIWHQGHV 6DFKYHUKDOWV-RQDWKDQQ'DQF\YHUGHXWOLFKWWGLHVH7KHRULHDQKDQGGYRQQ=DKQVFKPHU]HQXQGGGHP :XQVFKK]XPP=DKQDU]WW]XJHKHQ 'LHHQDWUOLFKHQQ(LJHQVFKDIWHQQGHU=DKQVFKPHU]HQ6FKPHU]HQ ]XXYHUXUVDFKHQOLHIHUQQIUXQVVGLH*UQGH]XPP=DKQDU]WW]XXJHKHQ=ZDUEHZHUWHQZLU =DKQVFKPHU]HQGXUFKGLHVHXQDQJHQHKPH(LJHQVFKDIWHDOVVFKOHFKWWGKDOVV8QZHUWDEHUGLHVH %HZHUWXQJGHUU=DKQVFKPHU]HQQDOVV8QZHUWWOLHIHUWQLFKW]XVlW]OLFKK]XXGHQQDWUOLFKHQQ(LJHQVFKDIW GHU=DKQVFKPHU]HQHLQHQQ*UXQGXPP]XPP=DKQDU]WW]XXJHKHQ'HU:HUWWDQQVLFKZLHLKQQ0RRUH NRQVWLWXLHUWWKDWOLHIHUWWNHLQHQ]XVlW]OLFKHQ*UXQG]XUU%HZHUWXQJHLQHVV6DFKYHUKDOWVVRQGHUQ EDVLHUWWZLHGLH%HZHUWXQJVHOEHUDXIGHQQQDWUOLFKHQQ(LJHQVFKDIWHQGHV6DFKYHUKDOWV *UQGHVSLHOHQGDPLWWHLQHH'RSSHOUROOH6LHHPDFKHQHLQHQQ6DFKYHUKDOWWREMHNWLYY]XXHLQHP:HUWXQG UHFKWIHUWLJHQ3UR(LQVWHOOXQJHQLQGHPGXUFKGHQQ%H]XJDXI*UQGH3UR(LQVWHOOXQJHQQDOV DQJHPHVVHQQDFKJHZLHVHQQZHUGHQQN|QQHQ$XII3HWHUV=XJIDKUHQQEH]RJHQQEHGHXWHWWGDV$OOHLQQGHU :HUWW1DFKKDOWLJNHLWWOLHIHUWWIU3HWHUNHLQHQ*UXQGXPPHLQH3UR(LQVWHOOXQJ]XPP%DKQIDKUHQ]X KDEHQ(VVLQGGGLHH(LJHQVFKDIWHQGHVV%DKQIDKUHQVYRUDOOHPPGHUJHULQJHUH&2 $XVVWR‰‰LP 9HUJOHLFKK]XPP)OXJ]HXJGLH*UQGHIUU3HWHUOLHIHUQQDFKKDOWLJHVV%DKQIDKUHQ DOVV:HUWW]X VFKlW]HQ:HLOQDFKKDOWLJHV%DKQIDKUHQZHQLJHUU&2 $XVVWR‰‰YHUXUVDFKWLVWWQDFKKDOWLJHV %DKQIDKUHQQHLQQ:HUW8QGG3HWHUVV3UR(LQVWHOOXQJJ]XPPQDFKKDOWLJHQ%DKQIDKUHQQLVWWGXUFKKGLH (LJHQVFKDIWGHVVJHULQJHUHQ&2 $XVVWR‰HVVDQJHPHVVHQ

(EG6

9JO-RQDWKDQQ'DQF\6KRXOGG:H3DVVWKHH%XFN",Q7RQL5¡QQRZ5DVPXVVHQ0LFKDHOO-=LPPHUPDQQ+UVJ 5HFHQW:RUNRQQ,QWULQVLFF9DOXH'RUGUHFKW6II

1DFKKDOWLJNHLWWLVWHLQHDEVWUDNWH6DFKHGHUHQ:HUWVFKlW]XQJNHLQ2EMHNWDQVLFKLQ5HDOLWlWWHQWVSULFKW 1DFKKDOWLJNHLWNDQQGHVKDOEDXFKKNHLQHQDWUOLFKHQQ(LJHQVFKDIWHQQKDEHQ'LHVHN|QQHQDEHUU2EMHNWHHXQG 'LHQVWOHLVWXQJHQKDEHQGLHHQDFKKDOWLJVLQG'HU%HJULIIQDFKKDOWLJHV%DKQIDKUHQZLUGIU1DFKKDOWLJNHLWWLQ)RUP YRQQ%DKQIDKUHQYHUZHQGHW