$5%(,769(575$* =ZLVFKHQGHU%XQGHVUHSXEOLN'HXWVFKODQGYHUWUHWHQGXUFKGDV %XQGHVPLQLVWHULXPGHU9HUWHLGLJXQJ)RQWDLQHQJUDEHQ %RQQ 'HXWVFKODQG GLHVHVYHUWUHWHQGXUFKGDV 'HXWVFKH(LQVDW]NRQWLQJHQW(870 OHW]WOLFKKDQGHOQGGXUFKGLH/HLWXQJGHU (LQVDW]ZHKUYHUZDOWXQJVVWHOOH(870LQ.RXOLNRUR0DOL QDFKIROJHQGDOV$UEHLWJHEHUEH]HLFKQHW  XQG +HUUQ      JHERUHQDP     XQG ZRKQKDIWLQ                          6WDDWVDQJHK|ULJNHLWHQ       %Z5HJ1U       QDFKIROJHQGDOV$UEHLWQHKPHU$UEHLWQHKPHULQEH]HLFKQHW  ZLUGIROJHQGHU$UEHLWVYHUWUDJJHVFKORVVHQ  † $UWXQG'DXHUGHV$UEHLWVYHUKlOWQLVVHV  'HU$UEHLWQHKPHUGLH$UEHLWQHKPHULQZLUGDEGHP     EHIULVWHWELV]XP      DOV      LP=XVWlQGLJNHLWVEHUHLFKGHV'(8(LQV.WJW(870YHUSIOLFKWHWXQGLQ       HLQJHVHW]W 'LH (LQVWHOOXQJ HUIROJW YRUEHKDOWOLFK GHU SRVLWLYHQ 6LFKHUKHLWVEHUSUIXQJ 6ROOWH GDV (UJHEQLV GHU 6LFKHUKHLWVEHUSUIXQJ QHJDWLY DXVIDOOHQHQGHWGLHVHU9HUWUDJDXWRPDWLVFK   'HP$UEHLWQHKPHUGHU$UEHLWQHKPHULQREOLHJWGLH$XIJDEH      JHPl‰GHULQ $QODJHDXIJHIKUWHQ)XQNWLRQVEHVFKUHLEXQJ   'LH %HVFKlIWLJXQJVGLHQVWVWHOOH ZLUG GHQ $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LQ VHLQLKU$XIJDEHQJHELHWHLQZHLVHQXQGEHUGLH*HIDKUHQGLHLQ=XVDPPHQKDQJ PLWGHU]XJHZLHVHQHQ7lWLJNHLWVWHKHQEHOHKUHQ   1DFK%HGDUIN|QQHQGHP$UEHLWQHKPHUGHU$UEHLWQHKPHULQYRUEHUJHKHQGDXFK DQGHUH7lWLJNHLWHQEHUWUDJHQZHUGHQ   'DV $UEHLWVYHUKlOWQLV ZLUG XQEHIULVWHW JHVFKORVVHQ %HIULVWHWH $UEHLWVYHUWUlJH GUIHQQXU]ZHLPDOYHUOlQJHUWZHUGHQ   'DV$UEHLWVYHUKlOWQLVHQGHWRKQHGDVVHVHLQHUHQWVSUHFKHQGHQ(UNOlUXQJEHGDUI PLW:HJIDOOGHV]XJUXQGHOLHJHQGHQ0DQGDWVGHV'HXWVFKHQ%XQGHVWDJVIUGHQ (LQVDW] 6HLWHYRQ

† 3UREH]HLW 'LH3UREH]HLWEHWUlJWHLQHQ0RQDW † 3IOLFKWHQGHV$UEHLWQHKPHUVGHU$UEHLWQHKPHULQ  'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LVW YHUSIOLFKWHW DOOHQ GLHQVWOLFKHQ $QRUGQXQJHQQDFK]XNRPPHQXQGGLHLKPLKUEHUWUDJHQHQ$UEHLWHQJHZLVVHQKDIW XQGRUGQXQJVJHPl‰DXV]XIKUHQXQGVHLQHLKUHJHVDPWHEHUXIOLFKH7lWLJNHLWGHP $UEHLWJHEHU]XU9HUIJXQJ]XVWHOOHQ   'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LVW YHUSIOLFKWHW VHLQLKU SHUV|QOLFKHV 9HUKDOWHQVRHLQ]XULFKWHQZLHHVIUHLQHJHUHJHOWH(UOHGLJXQJGHUGLHQVWOLFKHQ 2EOLHJHQKHLWHQ QRWZHQGLJ LVW  LQVEHVRQGHUH VR GDVV GHU $UEHLWVIULHGHQ QLFKW JHVW|UWZLUG   'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LVW YHUSIOLFKWHW DXI $QRUGQXQJ GHV 9RUJHVHW]WHQ 0HKUDUEHLW RGHU hEHUVWXQGHQ ]X OHLVWHQ VRZLH 7lWLJNHLWHQ DXV]XIKUHQGLHDX‰HUKDOEGHVYHUHLQEDUWHQ%HVFKlIWLJXQJVRUWHVOLHJHQ   'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LVW YHUSIOLFKWHW ]XU 9HUPHLGXQJ RGHU %HVHLWLJXQJHUNDQQWHU*HIDKUHQIU0HQVFKHQXQGGLH$UEHLWVVWHOOHQDFKEHVWHQ .UlIWHQEHL]XWUDJHQ   'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LVW YHUSIOLFKWHW GLH ,QWHUHVVHQ GHV $UEHLWJHEHUVLQMHGHU+LQVLFKW]XZDKUHQXQGEHU7DWVDFKHQXQG8PVWlQGHGLH LKPLKULP5DKPHQVHLQHULKUHU7lWLJNHLW]XU.HQQWQLVJHODQJHQZlKUHQGGHU'DXHU GHV9HUWUDJHVXQGQDFKGHVVHQ%HHQGLJXQJJHJHQEHUMHGHUPDQQ6WLOOVFKZHLJHQ ]XEHZDKUHQ   'HU$UEHLWQHKPHUGLH$UEHLWQHKPHULQHUNOlUWVLFKEHUHLWVLFKDXI9HUODQJHQGHV $UEHLWJHEHUV ]XU )HVWVWHOOXQJ GHU N|USHUOLFKHQ (LJQXQJ lU]WOLFK XQWHUVXFKHQ ]X ODVVHQ   'LH0LVVDFKWXQJGHUYRUVWHKHQGHQ3IOLFKWHQJLOWDOVZLFKWLJHU*UXQGLP6LQQHGHV †$EVD  DX‰HURUGHQWOLFKH.QGLJXQJ  † $UEHLWV]HLW  'LHUHJHOPl‰LJH$UEHLWV]HLWEHWUlJWDXVVFKOLH‰OLFKGHU3DXVHQEHL$UEHLWVWDJHQ   6WXQGHQZ|FKHQWOLFK   $OV $UEHLWVWDJH JHOWHQ GLH 7DJH YRQ 0RQWDJ ELV 6DPVWDJ 'LH $UEHLWV]HLWHQ EHVWLPPHQ VLFK QDFK HLQHP PRQDWOLFK YRQ GHU %HVFKlIWLJXQJVVWHOOH DXI]XVWHOOHQGHP'LHQVWSODQ(LQ7DJSUR:RFKHLVWLQGHU5HJHODUEHLWVIUHL,VWDQ HLQHPDQVRQVWHQDUEHLWVIUHLHQ:RFKHQWDJGLH$UEHLWVOHLVWXQJ]XHUEULQJHQLVWGHU $UEHLWQHKPHUDQHLQHPDQGHUHQ:RFKHQWDJYRQGHU$UEHLWIUHL]XVWHOOHQ 6HLWHYRQ

 hEHUVWXQGHQ VLQG GLH DXI $QRUGQXQJ JHOHLVWHWHQ $UEHLWVVWXQGHQ GLH EHU GLH UHJHOPl‰LJHZ|FKHQWOLFKH$UEHLWV]HLWYRQ6WXQGHQKLQDXVJHKHQ6LHVLQGGXUFK HQWVSUHFKHQGH$UEHLWVEHIUHLXQJELV]XP(QGHGHVQlFKVWHQ.DOHQGHUPRQDWVQDFK (QWVWHKHQGHV$QVSUXFKVDXV]XJOHLFKHQ   hEHUVWXQGHQGLHELVGDKLQQLFKWDXVJHJOLFKHQZHUGHQN|QQHQVLQG]XHQWORKQHQ   ,P =HLWUDXP YRQ  K ELV  K LVW LQ GHU 5HJHO NHLQH $UEHLWVOHLVWXQJ ]X HUEULQJHQ$XVQDKPHQVLQGYRP$UEHLWJHEHUH[SOL]LWDQ]XRUGQHQXQGJHOWHQDOV 1DFKWDUEHLW † /RKQ  'HUPRQDWOLFKH%UXWWRORKQEHWUlJWGHU]HLW      &)$XQGEHVWLPPWVLFKQDFK GHU/RKQWDEHOOHIU (870 GHU 6WXIH     /RKQNDQQQXUEHDQVSUXFKWZHUGHQ ZHQQGLHJHVFKXOGHWH$UEHLWVOHLVWXQJRUGQXQJVJHPl‰HUEUDFKWZXUGH   'HU$UEHLWQHKPHUGLH$UEHLWQHKPHULQHUKlOWHLQH'LHQVWDOWHUV]XODJHGHUHQ+|KH DQKDQG HLQHV 3UR]HQWVDW]HV GHV %UXWWRPRQDWVORKQV QDFK GHU PD‰JHEOLFKHQ /RKQWDEHOOH EHLP $UEHLWJHEHU EHUHFKQHW ZLUG (WZDLJH =XODJHQ EOHLEHQ EHL GHU %HUHFKQXQJ XQEHUFNVLFKWLJW 'LH 'LHQVWDOWHUV]XODJH EHWUlJW  QDFK GUHL 'LHQVWMDKUHQ QDFKIQI'LHQVWMDKUHQXQGIUMHGHVZHLWHUH'LHQVWMDKUELV]X PD[LPDO   'HU $UEHLWJHEHU IKUW 6R]LDOYHUVLFKHUXQJVDEJDEHQ XD $UEHLWJHEHU XQG $UEHLWQHKPHUDQWHLO IU .UDQNHQ 5HQWHQ XQG $UEHLWVORVHQYHUVLFKHUXQJ  DQ GLH ]XVWlQGLJHQ %HK|UGHQ XQG (LQ]XJVVWHOOHQ DE VRZHLW HLQH JHVHW]OLFKH 9HUSIOLFKWXQJKLHUIUEHVWHKW   'HU/RKQ 1HWWRORKQQDFK(QWULFKWXQJGHU$EJDEHQ ZLUGMHZHLOVDPHUVWHQELV YLHUWHQ :HUNWDJ GHV )ROJHPRQDWV GHU $UEHLWVOHLVWXQJ GHP $UEHLWQHKPHUGHU $UEHLWQHKPHULQLQEDUGXUFKGDV'(8(LQV.WJWJH]DKOW † $UEHLWVXQIlKLJNHLW  'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LVW YHUSIOLFKWHW GHP $UEHLWJHEHU GLH $UEHLWVXQIlKLJNHLWXQGGHUHQYRUDXVVLFKWOLFKH'DXHUXQYHU]JOLFKPLW]XWHLOHQXQG KLHUEHUHLQHlU]WOLFKH%HVFKHLQLJXQJYRU]XOHJHQ   'HP $UEHLWQHKPHUGHU $UEHLWQHKPHULQ ZLUG EHL $EZHVHQKHLW ZHJHQ $UEHLWVXQIlKLJNHLW DXIJUXQG HLQHU .UDQNKHLW RGHU HLQHV 8QIDOOV HLQ /RKQIRUW]DKOXQJVDQVSUXFKELV]XU'DXHUYRQ$UEHLWVWDJHQLP-DKUMHGRFKQLFKW EHUGLH'DXHUGHV$UEHLWVYHUKlOWQLVVHVKLQDXVJHZlKUW   ,P)DOOHHLQHUGXUFKlU]WOLFKHV$WWHVWQDFKJHZLHVHQHQOlQJHUHQ(UNUDQNXQJUXKW GDV$UEHLWVYHUKlOWQLVIUGLH'DXHUYRQELV]XVHFKV0RQDWHQ)UGLHVHQ=HLWUDXP EHVWHKWNHLQ/RKQDQVSUXFK  6HLWHYRQ

 'HU$QVSUXFKDXI)RUW]DKOXQJGHV/RKQHVEHL$UEHLWVXQIlKLJNHLWVWHKWQLFKW]X ZHQQVLFKGHU$UEHLWQHKPHUGLH$UEHLWVXQIlKLJNHLWYRUVlW]OLFKRGHUJUREIDKUOlVVLJ ]XJH]RJHQKDW † 8QIDOOYHUVLFKHUXQJ   6RODQJH HLQH $UEHLWVXQIDOOYHUVLFKHUXQJ LQ 0DOL QLFKW EHVWHKW HUKlOW GHU $UEHLWQHKPHUGLH$UEHLWQHKPHULQEHLHLQHP$UEHLWVXQIDOOODQGHVEOLFKH/HLVWXQJHQ GXUFKGLH8QIDOONDVVHGHV%XQGHV   $UEHLWVXQIlOOH VLQG XQYHU]JOLFK QDFK (LQWULWW GHV (UHLJQLVVHV GHP /HLWHU GHU (LQVDW]ZHKUYHUZDOWXQJVVWHOOHDQ]X]HLJHQ † (UKROXQJVXUODXE  'HU$UEHLWQHKPHUGLH$UEHLWQHKPHULQHUKlOW]ZHLHLQKDOE7DJH(UKROXQJVXUODXESUR DEJHVFKORVVHQHQ$UEHLWVPRQDWXQWHU)RUW]DKOXQJGHV/RKQHV'LHVHQWVSULFKW 7DJHQSUR-DKUDUEHLWVIUHLH7DJHHLQJHVFKORVVHQ   'HU8UODXEVDQVSUXFKHUK|KWVLFKQDFKHLQHUXQXQWHUEURFKHQHQ%HVFKlIWLJXQJV]HLW YRQ  D  -DKUHQXP7DJH E  -DKUHQXPZHLWHUH7DJH F  -DKUHQXPZHLWHUH7DJH   (UKROXQJVXUODXE VWHKW HUVW QDFK HLQHU :DUWH]HLW YRQ HLQHP 0RQDW QDFK GHU (LQVWHOOXQJ]X   %HJLQQWRGHUHQGHWGDV$UEHLWVYHUKlOWQLVLP/DXIHGHV.DOHQGHUMDKUHVVREHWUlJW GHU(UKROXQJVXUODXEVDQVSUXFKHLQ=Z|OIWHOIUMHGHQYROOHQ%HVFKlIWLJXQJVPRQDW   (UKROXQJVXUODXE LVW JUXQGVlW]OLFK LP ODXIHQGHQ .DOHQGHUMDKU DE]XZLFNHOQ $XI $QWUDJ GHV $UEHLWQHKPHUV NDQQ GHU 8UODXEVDQVSUXFK JHPl‰ $EV  LQ HLQHQ VSlWHUHQ=HLWUDXPEHUWUDJHQZHUGHQGHUMHGRFK]ZHL%HVFKlIWLJXQJVMDKUHQLFKW EHUVWHLJHQ GDUI ,Q GLHVHP )DOO PXVV GHU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ LP HUVWHQ -DKU HLQHQ 8UODXE YRQ PLQGHVWHQV DFKW 7DJHQ HLQVFKOLH‰OLFK DUEHLWVIUHLH 7DJHQHKPHQ   'HU$UEHLWQHKPHUGLH$UEHLWQHKPHULQHUKlOWHLQH8UODXEV]XODJHLQ+|KHYRQ GHVOHW]WHQ%UXWWRPRQDWVHQWJHOWV   'HU(UKROXQJVXUODXELVWEHLP/HLWHUGHU%HVFKlIWLJXQJVGLHQVWVWHOOH]XEHDQWUDJHQ XQGGDUIHUVWQDFK*HQHKPLJXQJDQJHWUHWHQZHUGHQ                              6HLWHYRQ

†  0XWWHUVFKXW]  6FKZDQJHUH $UEHLWQHKPHULQQHQ ZHUGHQ IU LQVJHVDPW  :RFKHQ XQWHU )RUW]DKOXQJGHV/RKQHVYRQGHU$UEHLWVOHLVWXQJIUHLJHVWHOOW 0XWWHUVFKXW]XUODXE  'HU 0XWWHUVFKXW]XUODXEEHJLQQW VHFKV:RFKHQ YRU GHP (QWELQGXQJVWHUPLQ XQG HQGHWDFKW:RFKHQQDFKGHU(QWELQGXQJ   ,P)DOOHHLQHU(UNUDQNXQJGLHLP=XVDPPHQKDQJPLWGHU6FKZDQJHUVFKDIWRGHU GHU (QWELQGXQJ VWHKW XQG GXUFK HLQ lU]WOLFKHV $WWHVW EHVWlWLJW ZXUGH EHVWHKW $QVSUXFK DXI 9HUOlQJHUXQJ GHV 0XWWHUVFKXW]XUODXEV XP GUHL :RFKHQ XQWHU )RUW]DKOXQJGHV/RKQHV   :lKUHQGGHV0XWWHUVFKXW]XUODXEVHQWVWHKWNHLQ$QVSUXFKDXI(UKROXQJVXUODXE   'LH )HVWVHW]XQJ GHU )ULVWHQ HUIROJW GXUFK GHQ $UEHLWJHEHU (LQVDW]ZHKUYHUZDOWXQJVVWHOOH  DXIJUXQG HLQHU %HVFKHLQLJXQJ GHV YRUDXVVLFKWOLFKHQ (QWELQGXQJVWHUPLQV GXUFK GHQ EHKDQGHOQGHQ $U]W E]Z GHU *HEXUWVXUNXQGHIUGHQ0XWWHUVFKXW]XUODXEQDFKGHU(QWELQGXQJ   'LH %HIULVWXQJ YRQ $UEHLWVYHUWUlJHQ ZLUG GXUFK GHQ 0XWWHUVFKXW]XUODXE QLFKW EHUKUW (LQH .QGLJXQJ GHV $UEHLWVYHUKlOWQLVVHV ZHJHQ 6FKZDQJHUVFKDIW LVW DXVJHVFKORVVHQ   † LVWVRIHUQQLFKW]XWUHIIHQG]XVWUHLFKHQ † )HLHUWDJVUHJHOXQJ  'HU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ KDW DQ JHVHW]OLFKHQ )HLHUWDJHQ GHV PDOLVFKHQ6WDDWHVJUXQGVlW]OLFKXQWHU)RUW]DKOXQJGHV/RKQHVGLHQVWIUHL   +DW GHU $UEHLWQHKPHUGLH $UEHLWQHKPHULQ DQ HLQHP JHVHW]OLFKHQ )HLHUWDJ DXV GLHQVWOLFKHQ *UQGHQ VHLQHLKUH $UEHLWVOHLVWXQJ ]X HUEULQJHQ ZLUG LKPLKU HLQ $XVJOHLFK DQ HLQHP GHU IROJHQGHQ $UEHLWVWDJH LQQHUKDOE HLQHU:RFKH JHZlKUW (YHQWXHOOH =XODJHQ IU GLH $UEHLW HUJHEHQ VLFK DXV †  1U  GLHVHV $UEHLWVYHUWUDJHV 6HLWHYRQ

† %HHQGLJXQJGHV$UEHLWVYHUKlOWQLVVHV  'DV$UEHLWVYHUKlOWQLVNDQQYRQEHLGHQ6HLWHQXQWHU(LQKDOWXQJHLQHU.QGLJXQJVIULVW QDFKIROJHQGHQ0D‰JDEHQJHNQGLJWZHUGHQ   x 7DJHIUWDJHRGHUZRFKHQZHLVHEH]DKOWHV3HUVRQDO x 0RQDWIUPRQDWVZHLVHEH]DKOWHV3HUVRQDO   ,QQHUKDOEGHU3UREH]HLW † LVWHLQH.QGLJXQJMHGHU]HLWIULVWORVP|JOLFK   'DV$UEHLWVYHUKlOWQLVNDQQ   D  EHLVFKZHUZLHJHQGHU3IOLFKWYHUOHW]XQJGHV$UEHLWQHKPHUVHLQHVROFKHOLHJWXQWHU DQGHUHPYRUZHQQ  x GLH ZHLWHUH %HVFKlIWLJXQJ GLH 6LFKHUKHLW XQG 2UGQXQJ GHV '(8 (LQV.WJW (8700DOLXQGYHUEQGHWHU6WUHLWNUlIWHJHIlKUGHWVRZLHEHL9HUVWR‰JHJHQ GLHPLOLWlULVFKHXQG,76LFKHUKHLW6LFKHUKHLWVYRUNRPPQLVVHQ'LHEVWDKOXQG 9HUVW|‰HQJHJHQGLH6WHXHUXQG$EJDEHQDENRPPHQ x PDVVLYH 'URKXQJHQ JHJHQ 0LWJOLHGHU GHV .RQWLQJHQWV DXVJHVSURFKHQ ZHUGHQ x EHLGHU9HUSIOLFKWXQJIDOVFKH$QJDEHQJHPDFKWZXUGHQ x YHUWUDJOLFKH3IOLFKWHQLQVEHVRQGHUHDOOJHPHLQH9HUKDOWHQVSIOLFKWHQRGHUGLH 9HUVFKZLHJHQKHLWVSIOLFKWJUREYHUOHW]WZXUGHQRGHU  E  EHL9RUOLHJHQHLQHVZLFKWLJHQ*UXQGHV HLQVROFKHUOLHJWXQWHUDQGHUHPYRUZHQQ  x NULHJHULVFKH+DQGOXQJHQDXVEUHFKHQ x GLH$XIJDEHQDXIJUXQGGHU9HUULQJHUXQJGHV'LHQVWEHWULHEHVZHJIDOOHQ x GHU6WDQGRUWDXIJHJHEHQZLUGRGHU x PLW:HJIDOOGHV]XJUXQGHOLHJHQGHQ0DQGDWVGHV'HXWVFKHQ%XQGHVWDJVIU GHQ(LQVDW]  RKQH(LQKDOWXQJHLQHU.QGLJXQJVIULVWJHNQGLJWZHUGHQ   'LH.QGLJXQJEHGDUIGHU6FKULIWIRUP   $X‰HUGXUFK7RGHQGHWGDV$UEHLWVYHUKlOWQLVPLWGHP(LQWULWWLQGHQ5XKHVWDQGPLW 9ROOHQGXQJGHV/HEHQVMDKUHV   ,P)DOOHGHU]HLWOLFKHQ%HIULVWXQJHLQHV$UEHLWVYHUKlOWQLVVHVHQGHWGLHVHVPLW$EODXI GHU%HIULVWXQJ   %HL%HHQGLJXQJGHV$UEHLWVYHUKlOWQLVVHVLVWGHP$UEHLWQHKPHUGHU$UEHLWQHKPHULQ HLQH%HVFKHLQLJXQJEHUGLH$UWXQG'DXHUGHU%HVFKlIWLJXQJDXV]XKlQGLJHQ$XI 9HUODQJHQGHV$UEHLWQHKPHUVGHU$UEHLWQHKPHULQLVWGDULQ]XGHP]XU/HLVWXQJXQG )KUXQJ6WHOOXQJ]XQHKPHQ 6HLWHYRQ

† $EILQGXQJ  (UIROJWHLQH.QGLJXQJDXV*UQGHQGLHGHU$UEHLWQHKPHUQLFKW]XYHUWUHWHQKDWVR HUKlOW HU HLQH (QWVFKlGLJXQJ IU GHQ 9HUOXVW GHV $UEHLWVSODW]HV +LHU]X ]lKOHQ LQVEHVRQGHUHGHU9HUOXVWGHV$UEHLWVSODW]HVEHL7UXSSHQUHGX]LHUXQJHQVRIHUQGLH YDNDQWH6WHOOHQLFKWQDFKEHVHW]WZLUGVRZLHEHL%HHQGLJXQJGHV0DQGDWVIUGHQ (LQVDW]   'LH +|KH GHU (QWODVVXQJVHQWVFKlGLJXQJ ZLUG XQWHU =XJUXQGHOHJXQJ GHV 0RQDWVGXUFKVFKQLWWVGHULQGHQOHW]WHQ]Z|OI0RQDWHQYRUGHU(QWODVVXQJHUKDOWHQHQ 9HUJWXQJ HUPLWWHOW $XI *UXQGODJH GLHVHU GXUFKVFKQLWWOLFKHQ 9HUJWXQJ HUJHEHQ VLFKIROJHQGHSUR]HQWXDOH$QWHLOH  x IUMHGHVGHUHUVWHQIQI$UEHLWVMDKUH  x IUMHGHV-DKUDEGHPELVHLQVFKOLH‰OLFK$UEHLWVMDKU  x IUMHGHVEHUGDV$UEHLWVMDKUKLQDXVJHKHQGH-DKU † $XVVFKOXVVIULVW $QVSUFKH DXV GHP $UEHLWVYHUKlOWQLV YHUIDOOHQ ZHQQ VLH QLFKW LQQHUKDOE HLQHU $XVVFKOXVVIULVW YRQ GUHL -DKUHQ QDFK )lOOLJNHLW VHLWHQV GHV $UEHLWQHKPHUVGHU $UEHLWQHKPHULQ VFKULIWOLFK JHOWHQG JHPDFKW ZHUGHQ XQG VRIHUQ YHUWUDJOLFK QLFKWV $QGHUHVJHUHJHOWZXUGH † 9HUELQGOLFKNHLWGHVGHXWVFKHQ:RUWODXWHV6FKULIWIRUP  'HU GHXWVFKH :RUWODXW GHV $UEHLWVYHUWUDJHV LVW IU EHLGH 3DUWHLHQ DOOHLQ UHFKWVYHUELQGOLFKDXFKGDQQZHQQHLQHhEHUVHW]XQJGHVGHXWVFKHQ9HUWUDJVWH[WHV LQ HLQH DQGHUH 6SUDFKH DQJHIHUWLJW XQG GHP $UEHLWQHKPHUGHU $UEHLWQHKPHULQ DXVJHKlQGLJWZLUG   bQGHUXQJHQXQG(UJlQ]XQJHQGHV$UEHLWVYHUWUDJHVEHGUIHQGHU6FKULIWIRUP † 5HFKWVJUXQGODJHQ*HULFKWVVWDQG  'LH 9HUWUDJVSDUWHLHQ VLQG VLFK GDUEHU HLQLJ GDVV GHXWVFKHV 5HFKW DXI GDV YRUOLHJHQGH$UEHLWVYHUKlOWQLVNHLQH$QZHQGXQJILQGHW   6RZHLWVLFKGLHGHP$UEHLWVYHUKlOWQLV]XJUXQGHOLHJHQGHQ$UEHLWVEHGLQJXQJHQQLFKW XQPLWWHOEDUDXVGLHVHP$UEHLWVYHUWUDJHUJHEHQJLOWHUJlQ]HQGVRZHLWP|JOLFKGDV HQWVSUHFKHQGHHLQVFKOlJLJHPDOLVFKH5HFKW   ,P)DOOHJHULFKWOLFKHU$XVHLQDQGHUVHW]XQJHQVLQGGLH*HULFKWHGHU%XQGHVUHSXEOLN 'HXWVFKODQG ]XVWlQGLJ *HULFKWVVWDQG LVW GHU 6LW] GHV %XQGHVPLQLVWHULXPV GHU 9HUWHLGLJXQJLQ%RQQ 6HLWHYRQ

† $QODJHQ]XP$UEHLWVYHUWUDJ 'LH 3DUWHLHQ VLQG VLFK GDUEHU HLQLJ GDVV GLH $QODJHQ Ä$QODJH  ± )XQNWLRQVEHVFKUHLEXQJ Ä$QODJH  ± 6LFKHUKHLWVDXIODJHQ³ %HVWDQGWHLO GLHVHV $UEHLWVYHUWUDJHVVLQG † 6DOYDWRULVFKH.ODXVHO 'LH8QZLUNVDPNHLWHLQHU.ODXVHOGLHVHV$UEHLWVYHUWUDJHVEHUKUWQLFKWGLH:LUNVDPNHLW GHUYHUEOHLEHQGHQ.ODXVHOQ'LHXQZLUNVDPH.ODXVHOLVWYRQGHQ3DUWHLHQGXUFKHLQH ZLUNVDPH .ODXVHO ]X HUVHW]HQ GLH GHQ ,QWHUHVVHQ GHU 3DUWHLHQ ]XP =HLWSXQNW GHU 8QWHU]HLFKQXQJGHV9HUWUDJHVP|JOLFKVWQDKHNRPPW   .RXOLNRURBBBBBBBBBBBB                                                                                                     )UGHQ$UEHLWJHEHU                              $UEHLWQHKPHU$UEHLWQHKPHULQ  /HLWXQJ(LQV:96W(870  6HLWHYRQ