*XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK†6W9=2
               1U                       5$$
               $QODJH1U                %&
               6HLWH                     
               $XIWUDJJHEHU              (7$%(7$65/
               7HLOHW\S                  3,80$&;%


               7HFKQLVFKH'DWHQ.XU]IDVVXQJ
               5DGGDWHQ

               5DGW\S                                               3,80$&;%
               $UWGHV6RQGHUUDGHV                            HLQWHLOLJHV/HLFKWPHWDOO5DG
               +DQGHOVPDUNH                                           (7$%(7$
               0RQWDJHSRVLWLRQ                                      +LQWHUDFKVH


               5DGDXVIKUXQJ                                              %
               5DGDXVIKUXQJVNHQQ]                                       %
               5DGJU|‰H                                               ò-[+
               5DG(LQSUHVVWLHIH                                         PP
               /RFKNUHLVGXUFKPHVVHU                                      PP
               /RFK]DKO                                                    
               0LWWHQORFKGXUFKPHVVHU                                   PP
§22 55419*00




               =HQWULHUDUW                                         0LWWHQ]HQWULHUXQJ
               =HQWULHUULQJ                                            RKQH5LQJ
               JHSUIWH5DGODVW
                                       NJ
                5HLIHQDEUROOXPIDQJ                                      PP
               
'LH]XOlVVLJH5DGODVWNDQQMHQDFK5HLIHQJU|‰HYRPDQJHJHEHQHQ:HUWDEZHLFKHQ
               

'LH9HUZHQGXQJGHV5DGHV3,80$&;%%LVWQXUDQGHU+LQWHUDFKVH]XOlVVLJ'DVKLHU
               EHVFKULHEHQH6RQGHUUDGLVWQXULQ.RPELQDWLRQPLWGHP5DGW\S3,80$&%%$%(1U
               
DQGHU9RUGHUDFKVH]XOlVVLJ'LH]XOlVVLJHQ5HLIHQJU|‰HQXQG$XIODJHQVLQGGHP
               VHSDUDWHQ*XWDFKWHQIUGHQ5DGW\S3,80$&%%$%(1U
]XHQWQHKPHQ


               $OOJHPHLQH$QIRUGHUXQJHQ
               ,P)DKU]HXJYHUEDXWHVLFKHUKHLWVXQGRGHUXPZHOWUHOHYDQWH)DKU]HXJV\VWHPH]%
               5HLIHQGUXFNNRQWUROOV\VWHPHPVVHQQDFK$QEDXGHU6RQGHUUlGHUIXQNWLRQVIlKLJEOHLEHQE]Z
               HQWVSUHFKHQGHUVHW]WZHUGHQ

               9HUZHQGXQJVEHUHLFK
               )DKU]HXJKHUVWHOOHURGHU0DUNH   %0:

               5DGEHIHVWLJXQJ
               $XIODJHQ $FKVH %HVFKUHLEXQJGHU%HIHVWLJXQJVWHLOH                             =XEHK|U.LW $Q]XJV
               .U]HO                                                                                     PRPHQW
               %)        6HULHQ5DGVFKUDXEH.HJHOƒ.DORWWHEHZHJOLFK                            1P
                               *HZLQGH0[6FKDIWOlQJHPP
               *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK†6W9=2
               1U                       5$$
               $QODJH1U                %&
               6HLWH                     
               $XIWUDJJHEHU              (7$%(7$65/
               7HLOHW\S                  3,80$&;%


               7\SHQ                       $%((**HQHKPLJXQJHQ
               );0                          H



               0RWRUOHLVWXQJ    +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|‰HQJJI$XIODJHQ                 $XIODJHQXQG+LQZHLVH
               N:                                    9RUGHUDFKVH        +LQWHUDFKVH
                                                       ò-[+(7 ò-[+(7
               ELV      %0:;0;0         5          5                        $ELV$
                                &RPSHWLWLRQ                               .                             %)9
               'LH9HUZHQGXQJGHV5DGHV3,80$&;%%LVWQXUDQGHU+LQWHUDFKVHXQGQXUPLWGHQLQGHU6SDOWH
+LQWHUDFKVH

               JHQDQQWHQ5HLIHQJU|‰HQ]XOlVVLJ'LH.RPELQDWLRQLVWQXUPLWGHP5DGW\S3,80$&%%$%(1U
DQGHU
               9RUGHUDFKVH]XOlVVLJVLHKHVHSDUDWH*HQHKPLJXQJ$OV5HLIHQNRPELQDWLRQVLQGKLHUGLHIUGLH9RUGHUXQG+LQWHUDFKVH
               ]HLOHQZHLVHJHQDQQWHQ5HLIHQJU|‰HQ]XOlVVLJ

               7\SHQ                       $%((**HQHKPLJXQJHQ
               );0                          H



               0RWRUOHLVWXQJ    +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|‰HQJJI$XIODJHQ                 $XIODJHQXQG+LQZHLVH
               N:                                    9RUGHUDFKVH        +LQWHUDFKVH
                                                       ò-[+(7 ò-[+(7
               ELV      %0:;0;0         5          5                        $ELV$
                                &RPSHWLWLRQ                               .                             %)9
               'LH9HUZHQGXQJGHV5DGHV3,80$&;%%LVWQXUDQGHU+LQWHUDFKVHXQGQXUPLWGHQLQGHU6SDOWH
+LQWHUDFKVH

§22 55419*00




               JHQDQQWHQ5HLIHQJU|‰HQ]XOlVVLJ'LH.RPELQDWLRQLVWQXUPLWGHP5DGW\S3,80$&%%$%(1U
DQGHU
               9RUGHUDFKVH]XOlVVLJVLHKHVHSDUDWH*HQHKPLJXQJ$OV5HLIHQNRPELQDWLRQVLQGKLHUGLHIUGLH9RUGHUXQG+LQWHUDFKVH
               ]HLOHQZHLVHJHQDQQWHQ5HLIHQJU|‰HQ]XOlVVLJ

               $XIODJHQXQG+LQZHLVH

               $    'HUYRUVFKULIWVPl‰LJH=XVWDQGGHV)DKU]HXJVLVWGXUFKHLQHQDPWOLFKDQHUNDQQWHQ
                       6DFKYHUVWlQGLJHQRGHU3UIHUIUGHQ.UDIWIDKU]HXJYHUNHKURGHUHLQHQ
                       .UDIWIDKU]HXJVDFKYHUVWlQGLJHQRGHUHLQHQ$QJHVWHOOWHQQDFK1XPPHUGHU$QODJH9,,,E]XU
                       6W9=2DXIHLQHP1DFKZHLVHQWVSUHFKHQGGHP%HLVSLHONDWDORJ]X†6W9=2
                       YHU|IIHQWOLFKWHQ0XVWHUEHVFKHLQLJHQ]XODVVHQ

               $    :LUGHLQHLQGLHVHP*XWDFKWHQDXIJHIKUWH5HLIHQJU|‰HYHUZHQGHWGLHQLFKWEHUHLWVLQGHQ
                       )DKU]HXJSDSLHUHQJHQDQQWLVWVRVLQGGLH$QJDEHQEHUGLH5HLIHQJU|‰HLQGHQ
                       )DKU]HXJSDSLHUHQGXUFKGLH=XODVVXQJVVWHOOHEHULFKWLJHQ]XODVVHQ'LHVH%HULFKWLJXQJLVW
                       GDQQQLFKWHUIRUGHUOLFKZHQQGLH$%(GHV6RQGHUUDGHVHLQH)UHLVWHOOXQJYRQGHU3IOLFKW]XU
                       %HULFKWLJXQJGHU)DKU]HXJSDSLHUHHQWKlOW

               $    'LHPLQGHVWHQVHUIRUGHUOLFKHQ*HVFKZLQGLJNHLWVEHUHLFKHXQG7UDJIlKLJNHLWHQGHU]X
                       YHUZHQGHQGHQ5HLIHQVLQGXQWHU=XJUXQGHOHJXQJGHUIDKU]HXJVSH]LILVFKHQ'DWHQDXVGHU
                       LQ$QODJHEHILQGOLFKHQ7DEHOOHÄ7UDJIlKLJNHLWVNHQQ]DKOXQG*HVFKZLQGLJNHLWVV\PERO³]X
                       HQWQHKPHQ*LEWHVGLH5HLIHQJU|‰HQPLWGHQHUPLWWHOWHQ0LQGHVWZHUWHQQLFKWVRVLQGVLH
                       QLFKW]XOlVVLJ

               $    'DV)DKUZHUNVRZLHGLH%UHPVXQG/HQNXQJVDJJUHJDWHPVVHQVRIHUQGLHVHGXUFKNHLQH
                       ZHLWHUHQ$XIODJHQEHUKUWZHUGHQGHP6HULHQVWDQGHQWVSUHFKHQ:LUGJOHLFK]HLWLJPLWGHP
                       $QEDXGHU6RQGHUUlGHUHLQH)DKUZHUNVlQGHUXQJYRUJHQRPPHQVRLVWGLHVHXQGLKUH
                       $XVZLUNXQJDXIGHQ$QEDXGHU6RQGHUUlGHUJHVRQGHUW]XEHXUWHLOHQ

               $    (VVLQGQXUVFKODXFKORVH5HLIHQPLW*XPPLRGHU0HWDOOYHQWLOHQ]XOlVVLJ%HL)DKU]HXJHQPLW
                       +|FKVWJHVFKZLQGLJNHLWJU|‰HUNPKVLQGQXU0HWDOOYHQWLOH]XOlVVLJ'LH9HQWLOHPVVHQGHQ
                       1RUPHQ',1(7572RGHU75$HQWVSUHFKHQVROOHQP|JOLFKVWNXU]VHLQXQGGUIHQQLFKW
                       EHUGLH5DGNRQWXUKLQDXVUDJHQ
               *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK†6W9=2
               1U                       5$$
               $QODJH1U                %&
               6HLWH                     
               $XIWUDJJHEHU              (7$%(7$65/
               7HLOHW\S                  3,80$&;%


               $   %HL9HUZHQGXQJGHVVHULHQPl‰LJHQ(UVDW]E]Z1RWUDGHVVLQGGLHVHULHQPl‰LJHQ
                      %HIHVWLJXQJVWHLOH]XYHUZHQGHQ

               $   'LH%H]LHKHUGHU6RQGHUUlGHUVLQGGDUDXIKLQ]XZHLVHQGDVVGHUYRP5HLIHQKHUVWHOOHU
                      YRUJHVFKULHEHQH5HLIHQIOOGUXFNE]Z0LQGHVWOXIWGUXFN]XEHDFKWHQLVW

               $   :LUGGDVVHULHQPl‰LJH(UVDW]UDGYHUZHQGHWVROOPLWPl‰LJHU*HVFKZLQGLJNHLWXQGQLFKWOlQJHU
                      DOVHUIRUGHUOLFKJHIDKUHQZHUGHQ%HL)DKU]HXJHQPLWSHUPDQHQWHP$OOUDGDQWULHELVWEHL
                      9HUZHQGXQJGHV(UVDW]UHLIHQVGDUDXI]XDFKWHQGDVVQXU5HLIHQPLWJOHLFKJUR‰HP
                      $EUROOXPIDQJ]XOlVVLJVLQG(VPVVHQGLHVHULHQPl‰LJHQ%HIHVWLJXQJVWHLOHYHUZHQGHW
                      ZHUGHQ

               $   'LH%H]LHKHUVLQGGDUDXIKLQ]XZHLVHQGDVV6FKQHHNHWWHQEHWULHEQLFKWJHSUIWZXUGHHVVHL
                      GHQQGDVVGLH9HUZHQGXQJYRQ6FKQHHNHWWHQGXUFKHLQHZHLWHUH$XIODJHLP*XWDFKWHQHUODXEW
                      ZLUG

               $   'LH5lGHUGUIHQDQGHU$X‰HQ'HVLJQVHLWHXQG,QQHQVHLWHQXUPLW.OHEHJHZLFKWHQ
                      DXVJHZXFKWHWZHUGHQ-HQDFK%UHPVDXVVWDWWXQJNDQQGLH$QEULQJXQJYRQ:XFKWJHZLFKWHQ
                      XQWHUKDOEGHV)HOJHQWLHIEHWWVXQGRGHUGHU)HOJHQVFKXOWHUHLQJHVFKUlQNWVHLQ
§22 55419*00




               $D 'LH9HUZHQGXQJYRQIHLQJOLHGULJHQ6FKQHHNHWWHQGLHQLFKWPHKUDOVPPDXIWUDJHQLVWQXU
                     DXIGHQ5lGHUQGHU+LQWHUDFKVH]XOlVVLJVLHKHDXFK%HGLHQXQJVDQOHLWXQJGHV
                     )DKU]HXJKHUVWHOOHUV

               %)   (VVLQGIROJHQGH%HIHVWLJXQJVWHLOH]XYHUZHQGHQ
                      $FKVH
                      6HULHQ5DGVFKUDXEH.HJHOƒ.DORWWHEHZHJOLFK*HZLQGH0[6FKDIWOlQJHPP
                      $Q]XJVPRPHQW1P

               (5 'DV6RQGHUUDGJHSU5DGODVWDQ$FKVHLVWLQ9HUELQGXQJPLWGLHVHU5HLIHQJU|‰HQXU
                    ]XOlVVLJELV]XHLQHU$FKVODVWYRQNJ'DVJLOWDXFKEHLHUK|KWHU$FKVODVWLP
                    $QKlQJHUEHWULHEJHPl‰GHQ)DKU]HXJSDSLHUHQ)HOGE]Z=LIIHU

               .   'LH5DGDEGHFNXQJDQ$FKVHLVWGXUFK$XVVWHOOHQGHU+HFNVFKU]HXQGGHV.RWIOJHOVRGHU
                      GXUFK$QEDXYRQGDXHUKDIWEHIHVWLJWHQ.DURVVHULHWHLOHQLP%HUHLFKƒELVƒKLQWHUGHU
                      5DGPLWWHKHU]XVWHOOHQ
                      'LHJHVDPWH%UHLWHGHU5DG5HLIHQNRPELQDWLRQPXVVXQWHU%HDFKWXQJGHVPD[LPDOP|JOLFKHQ
                      %HWULHEVPD‰HVGHV5HLIHQVIDFKHGHU1HQQEUHLWHGHV5HLIHQVLQGHPREHQ
                      JHQDQQWHQ%HUHLFKDEJHGHFNWVHLQ

               9   'LH9HUZHQGXQJGLHVHU5HLIHQNRPELQDWLRQXQWHUVFKLHGOLFKH5HLIHQJU|‰HQDQGHU9RUGHU
                      XQG+LQWHUDFKVHLVWQXU]XOlVVLJVRIHUQGLH$%9$%6(LJQXQJQDFKJHZLHVHQZXUGH'LHV
                      LVWP|JOLFKGXUFKHLQH%HVWlWLJXQJGHVMHZHLOLJHQ5HLIHQRGHU)DKU]HXJKHUVWHOOHUV)DOOVHV
                      VLFKXPHLQHVHULHQPl‰LJH5HLIHQNRPELQDWLRQKDQGHOWXQGGLHVHRKQH(LQVFKUlQNXQJGHU
                      5HLIHQIDEULNDWHW\SHQYRP)DKU]HXJKHUVWHOOHUIUHLJHJHEHQLVWHQWIlOOWGLH1RWZHQGLJNHLW
                      HLQHVHQWVSUHFKHQGHQ1DFKZHLVHV

               'LH$QODJH%&PLWGHQ6HLWHQKDWQXU*OWLJNHLWLQ9HUELQGXQJPLWGHP*XWDFKWHQIU
               6RQGHUUlGHU7\S3,80$&;%GHV$XIWUDJJHEHUV(7$%(7$65/

               *HVFKlIWVVWHOOH(VVHQ