75$ - ultramedia.de · (,1/(,781* 6hku jhhkuwhu .xqgh ylhohq 'dqn gdvv 6lh vlfk i u hlqhv...

TRA2350

dƌĂŐďĂƌĞƐн&D-Z^-ZĂĚŝŽ ĞĚŝĞŶƵŶŐƐĂŶůĞŝƚƵŶŐ

WŽƌƚĂďůĞн&D-Z^-ZĂĚŝŽ KƉĞƌĂƟŽŶDĂŶƵĂů

%LWWHOHVHQ6LHVLFKGLHJHVDPWH$QOHLWXQJGHV*HUlWHVVRUJIlOWLJGXUFKEHYRU6LHGDV*HUlWEHQXW]HQ

%HZDKUHQ6LHGLH$QOHLWXQJIUGHQZHLWHUHQ*HEUDXFKJXWDXI

E

(,1/(,781*

6HKUJHHKUWHU.XQGHYLHOHQ'DQNGDVV6LHVLFKIUHLQHVXQVHUHU3URGXNWHHQWVFKLHGHQKDEHQXQGZLUYHUWUDXHQGDUDXIGDVVGLHVH(QWVFKHLGXQJ,KUH(UZDUWXQJHQHUIOOW:LUODGHQ6LHYRUGHU9HUZHQGXQJGLHVHV*HUlWVHLQGLHVH%HGLHQXQJVDQOHLWXQJVRUJIlOWLJ]XOHVHQXPGLH)XQNWLRQVHLJHQVFKDIWHQGHV*HUlWV]XRSWLPLHUHQXQG8QDQQHKPOLFKNHLWHQ]XEHVHLWLJHQGLHVLFKDXVHLQHUIDOVFKHQRGHUQLFKWEHVWLPPXQJVJHPlHQ9HUZHQGXQJGHV*HUlWVHUJHEHQN|QQHQ

:$51+,16:(,6(925'(5187=81*

/HVHQ6LHGLH:DUQKLQZHLVHLQGLHVHU$QOHLWXQJVRUJIlOWLJGXUFKGDVLHZLFKWLJH+LQZHLVH]XU6LFKHUKHLWYRQ,QVWDOODWLRQ9HUZHQGXQJXQG:DUWXQJHQWKDOWHQ'LHVH%HGLHQXQJVDQOHLWXQJLVWIHVWHU%HVWDQGWHLOGHV*HUlWV%HZDKUHQ6LHVLHGDKHUIUZHLWHUH)UDJHQVRUJIlOWLJDXI

9HUJHZLVVHUQ6LHVLFKQDFKGHP$XVSDFNHQGHV*HUlWVGDVVGDV*HUlWXQGGHU/LHIHUXPIDQJNRPSOHWWXQGXQEHVFKlGLJWVLQGEHYRU6LHHVYHUZHQGHQ%HLVLFKWEDUHQ6FKlGHQRGHURIIHQVLFKWOLFKHQRGHUHLQHUGHIHNWHQ9HUSDFNXQJGXUFKGHQ7UDQVSRUWQHKPHQ6LHGDV*HUlWQLFKWLQ%HWULHEXQGRGHUOHJHQ6LHGDV*HUlWLQGLH2ULJLQDOYHUSDFNXQJXQGVHW]HQ6LHVLFKPLW,KUHP+lQGOHURGHUGHP+HUVWHOOHUVHUYLFHLQ9HUELQGXQJ

6(+5:,&+7,*9HUZHQGHQ6LHGDV*HUlWQLFKWZHQQHVKHUXQWHUJHIDOOHQLVWXQGRGHURIIHQVLFKWOLFKH%UFKHRGHU$QRPDOLHQDXIZHLVWGLHGXUFKHLQHQ7UDQVSRUWVFKRFNYHUXUVDFKWZXUGHQ

)81.7,216+,1:(,6(

'LH9HUSDFNXQJVNRPSRQHQWHQ3ODVWLNWWHQ.DUWRQVXVZPVVHQYRQ.LQGHUQ%HKLQGHUWHQXVZ IHUQJHKDOWHQZHUGHQ

'LHVHV*HUlWLVWDXVVFKOLHOLFKIUGHQ*HEUDXFKLQ,QQHQUlXPHQEHVWLPPW

9HUZHQGHQ6LHGDV*HUlWQLFKWLQXQPLWWHOEDUHU1lKHHLQHU%DGHZDQQHHLQHV%DGH]LPPHUVHLQHU'XVFKHHLQHV6FKZLPPEHFNHQVRGHUHLQHV6SOEHFNHQVPLW:DVVHUXQGDQ2UWHQDQGHQHQHV]XHLQHP6WURPVFKODJNRPPHQNDQQXP6WURPVFKOlJH]XYHUPHLGHQ

5HSDUDWXUHQGUIHQLQQHUKDOEGHU*DUDQWLHQXUYRP+HUVWHOOHUVHUYLFHXQGDXHUKDOEGHU*DUDQWLHQXUYRQ$XWRULVLHUWHQ)DFKOHXWHQGXUFKJHIKUWZHUGHQ

9HUZHQGHQ6LHGDV*HUlWQLFKWLQJDVJHIOOWHQ8PJHEXQJHQRGHUZR([SORVLRQVJHIDKUKHUUVFKW

7DXFKHQ6LHGDV*HUlWQLFKWLQ:DVVHU

5HLQLJHQ6LHGDV*HUlWQLFKWPLWVFKHXHUQGHQRGHUlW]HQGHQ6XEVWDQ]HQGDGLHVHGLH+RO]WHLOH]HUNUDW]HQXQGGLH(OHNWURQLNEHVFKlGLJHQN|QQHQ

6HW]HQ6LHGDV*HUlWNHLQHQEHUPlLJHQ.UlIWHQ6W|HQ6WDXERGHUEHUPlLJHQ7HPSHUDWXUHQRGHU)HXFKWLJNHLWDXV'LHVNDQQ]X)XQNWLRQVVW|UXQJHQIKUHQGLH/HEHQVGDXHUHOHNWURQLVFKHU6FKDOWNUHLVHYHUULQJHUQRGHUGLH.RPSRQHQWHQYHU]HUUHQ

%HL0DQLSXODWLRQHQDP*HUlWHUOLVFKWGLH*DUDQWLHXQGHVNDQQ]X6FKlGHQNRPPHQ'LH$SSOLDQFHHQWKlOWNHLQH.RPSRQHQWHQGLHYRP%HQXW]HUUHSDULHUWZHUGHQN|QQHQ

'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIUXQVDFKJHPlH9HUZHQGXQJRGHU1LFKWHLQKDOWXQJGHU$QZHLVXQJHQ0DQLSXODWLRQHQXQGXQ]XUHLFKHQGH:DUWXQJGHV*HUlWV

'(876&+

5(63(.7,(5(16,(',(80:(/781'',(1$785 (VZLUGHPSIRKOHQGDVV9HUSDFNXQJVPDWHULDOQDFKGHU,QVWDOODWLRQGHV*HUlWVQLFKWLQGHU8PZHOW]XHQWVRUJHQ(VLVWUDWVDPGLH9HUSDFNXQJIUHLQHVSlWHUH:LHGHUYHUZHQGXQJDXI]XEHZDKUHQ)DOOVHUIRUGHUOLFKRUGQHQ6LHGDV9HUSDFNXQJVPDWHULDOLQGHQHQWVSUHFKHQGHQ%HKlOWHUQGHU6DPPHOVWHOOHDQ

(XURSlLVFKH8QLRQ-.RUUHNWH(QWVRUJXQJVLQIRUPDWLRQHQ(XURSlLVFKH$EIDOOYHURUGQXQJ(*

'LHVHV6\PEROEHGHXWHWGDVVJHEUDXFKWHHOHNWULVFKHXQGHOHNWURQLVFKH*HUlWH:(((QLFKWPLWGHPQRUPDOHQ+DXVPOOJHPLVFKWZHUGHQGUIHQ%ULQJHQ6LHGLHVHV3URGXNW]XURUGQXQJVJHPlHQ(QWVRUJXQJ:LHGHUYHUZHUWXQJXQG]XP5HF\FOLQJ]XGHQGDIUYRUJHVHKHQHQ6DPPHOVWHOOHQZRHVNRVWHQIUHLDQJHQRPPHQZLUG:HQQ6LHGLHVHV3URGXNWRUGQXQJVJHPlHQWVRUJHQN|QQHQ6LHZHUWYROOH5HVVRXUFHQHLQVSDUHQXQGP|JOLFKHQHJDWLYH$XVZLUNXQJHQDXIGLHPHQVFKOLFKH*HVXQGKHLWXQGGLH8PZHOWYHUPHLGHQGLHDQVRQVWHQGXUFKXQVDFKJHPlHQ8PJDQJPLW$EIlOOHQHQWVWHKHQN|QQWHQ%LWWHZHQGHQ6LHVLFKDQ,KUH*HPHLQGHXPZHLWHUH,QIRUPDWLRQHQ]X,KUHUQlFKVWJHOHJHQHQ6DPPHOVWHOOH]XHUKDOWHQ%HLIDOVFKHU(QWVRUJXQJGLHVHU$EIlOOHN|QQHQLQhEHU(LQVWLPPXQJPLWGHQ|UWOLFKHQ*HVHW]HQ6WUDIHQYHUKlQJWZHUGHQ

:,&+7,*(6,&+(5+(,76+,1:(,6( %,77(/(6(1',(6(925'(067$57'(6*(5b76

'DV%OLW]V\PEROLQGHP'UHLHFNZHLVWGHQ%HQXW]HUDXIGDV9RUKDQGHQVHLQHLQHU JHIlKUOLFKHQ6SDQQXQJLP*HUlWKLQ

'DV$XVUXIH]HLFKHQLQHLQHP'UHLHFNZHLVWGHQ%HQXW]HUGDUDXIKLQGDVVGLH %HGLHQXQJVDQOHLWXQJZLFKWLJH$QZHLVXQJHQIUGLH9HUZHQGXQJXQGGLH:DUWXQJHQWKlOW

3URGXNWGHU.ODVVH,,'LHVHV*HUlWLVWGRSSHOWLVROLHUW(VLVWNHLQH6LFKHUKHLWVYHUELQGXQJ ]XUHOHNWULVFKHQ(UGXQJHUIRUGHUOLFK

'LHVHV*HUlWDUEHLWHWQXUPLW$&-9%LWWHVWHOOHQ6LHVLFKHUGDVVGHU1HW]DQVFKOXVV RUGQXQJVJHPlKHUJHVWHOOWLVWEHYRU6LHGDV*HUlWLQ%HWULHEQHKPHQ

6HW]HQ6LHGDV*HUlWZHGHU)HXFKWLJNHLW6SULW]ZDVVHURGHU5HJHQDXV

6HW]HQ6LHGLHVHV*HUlWQLFKWGLUHNWHU6RQQHQHLQVWUDKOXQJRGHU GLUHNWHQ:lUPHTXHOOHQDXV

6WHOOHQ6LHGDV*HUlWDQHLQHPDXVUHLFKHQGEHOIWHWHQ2UWDXI

6HKUJHHKUWHU.XQGHYLHOHQ'DQNGDVV6LHVLFKIUGDV5HIOH[LRQ75$'$%3RUWDEHO5DGLRHQWVFKLHGHQ KDEHQ:LUHPSIHKOHQ,KQHQGLHVH%HGLHQXQJVDQOHLWXQJVRUJIlOWLJ]XOHVHQEHYRU6LHGDV*HUlWLQ%HWULHEQHKPHQ3URGXNW-XQG)XQNWLRQVZLVVHQYRUGHU,QVWDOODWLRQXP6W|UXQJHQXQG%HVFKlGLJXQJHQ]XYHUPHLGHQgIIQHQ6LHGDV*HUlWQLFKWXPGLH*HIDKUHLQHVHOHNWULVFKHQ6FKODJV]XYHUPHLGHQ

%,77(%()2/*(16,(',($1:(,681*(181'%($&+7(16,(',(:$51+,1:(,6($1,+5(0+,-),-*(5b781'',(6(6(5$1/(,781*

6,&+(5+(,76+,1:(,6(

+,1:(,6%LWWHVWHOOHQ6LHVLFKHUGDVV,KUH1HW]VSDQQXQJGLHGHV*HUlWH1HW]WHLOVHQWVSULFKWEHYRU6LHGDV 1HW]WHLODQVFKOLHHQ:HQQ6LHVLFKQLFKWVLFKHUVLQGZHQGHQ6LHVLFKDQ,KUHQ|UWOLFKHQ6WURPDQELHWHU

:$5181*

1,&+7g))1(1675206&+/$**()$+5 8PHLQHQHOHNWULVFKHQ6FKODJ]XYHUPHLGHQ|IIQHQ6LHQLHPDOVGDV*HUlW 5HSDUDWXUXQG:DUWXQJGHV*HUlWHVGUIHQQXUYRQDXWRULVLHUWHP.XQGHQGLHQVWGXUFKJHIKUWZHUGHQ hEHUEUFNHQ6LHQLHPDOVGLH(UGXQJGHV*HUlWV9HUlQGHUQ6LHQLHPDOVGHQ6WHFNHUGDVV.DEHORGHU GDV1HW]NDEHO

$&+781* /$6(5352'8.7'(5./$66( 'LHVHU&'-6SLHOHULVWDOV/DVHUSURGXNWGHU.ODVVHHLQJHVWXIW'LH9HUZHQGXQJYRQ6WHXHUXQJHQ$QSDVVXQJHQRGHUGHU'XUFKIKUXQJYRQDQGHUHQDOVGHQKLHUEHVFKULHEHQHQ)XQNWLRQNDQQ]XJHIlKUOLFKHU6WUDKOHQH[SRVLWLRQIKUHQ

*(5b781'$125'181*'(5%(',(1(/(0(17( ϭͿ /E-h^^,>dZ ϮͿ E^Ed^d ϯͿ hWd^d ϰͿ DD^>d;EdZͿd^d ϱͿ KtEd^d ϲͿ /E&Kd/Dd^d ϳͿ <>K<Ϯd^d ϴͿ DEm>K<ϭd^d ϵͿ sK>hDd^d ϭϬͿ /^W>z ϭϭͿ <KW&,PZZh^'E' ϭϮͿ >hd^WZ,Z ϭϯͿ DDKZzϭ ϭϰͿ DDKZzϮ ϭϱͿ DDKZzϯ ϭϲͿ DDKZzϰ ϭϳͿ 'hZd>K, ϭϴͿ d>^<KWEdEE ϭϵͿ WKtZh,^ ϮϬͿ ddZ/&,

%$77(5,(-%(75,(% gIIQHQ6LHGDV%DWWHULHIDFKDXI GHU5FNVHLWHGHV*HUlWHV)JHQ6LHGUHL%DWWHULHQGHU*U|H/5*U|H'LQGDV%DWWHULHIDFKHLQ%DWWHULHQQLFKWLP/LHIHUXPIDQJHQWKDOWHQ%LWWHDFKWHQ6LHDXIGLHULFKWLJH3RODULWlW-EHLPHLQVHW]HQGHU%DWWHULHQLQGDV%DWWHULHIDFK6FKOLHHQ6LHDQVFKOLHHQGGDV%DWWHULHIDFK'DV*HUlWLVWEHWULHEVEHUHLW

$&1(7=-%(75,(% 6FKOLHHQ6LHGDV6WURPNDEHOPLWGHPHLQHP(QGHDQGDV5DGLR$&3RZHU%XFKVHDQXQGGDVDQGHUHQ(QGHVWHFNHQ6LHLQHLQH9:HFKVHOVWURPVWHFNGRVH%HL9HUZHQGXQJGHU:HFKVHOVWURPYHUVRUJXQJZLUGLH%DWWHULH]XIXKUDXWRPDWLVFKYRP*HUlWJHWUHQQW

+LQZHLV (LQHQLHGULJH6SDQQXQJZLUGGXUFKHLQXQGHXWOLFKHV'LVSOD\RGHUHLQHQOHLVHQXQGYHU]HUUWHQ7RQDQJHJHEHQXQG]HLJW,KQHQGDVVGLH%DWWHULHQVFKZDFKVLQGXQGJHZHFKVHOWZHUGHQPVVHQ 9HUZHQGHQ6LHNHLQHDOWHQXQGQHXHQ%DWWHULHQ]XVDPPHQRGHUYHUVFKLHGHQH$UWHQYRQ%DWWHULHQ /DGHQ6LHNHLQHOHHUHQ%DWWHULHQDXIHUZlUPHQ6LHVLHQLFKWXQG]HUOHJHQ6LHNHLQH%DWWHULHQXPHLQ$XVODXIHQGHU(OHNWURO\WO|VXQJRGHUHLQH([SORVLRQ]XYHUPHLGHQ :HQQGLH%DWWHULHQOlQJHUH=HLWQLFKW]XU6WURPYHUVRUJXQJYHUZHQGHWZHUGHQQHKPHQ6LHGLHVHKHUDXVXPHLQ$XVODXIHQGHU%DWWHULHQ]XYHUPHLGHQGHUGLHLQWHUQHQ.RPSRQHQWHQDQJUHLIHQ *UHLIHQ6LHEHLP+HUDXV]LHKHQGHV1HW]NDEHOVDXVGHU9-:HFKVHOVWURPVWHFNGRVHQDFKGHP1HW]VWHFNHU.XQVWVWRIIWHLO=LHKHQ6LHQLHPDOVDP.DEHOVHOEHUXPHLQ.DEHOEUXFKXQGHLQHQHYHQWXHOOHQ.XU]VFKOXVV]XYHUPHLGHQ 8PHLQHQHOHNWULVFKHQ6FKODJ]XYHUPHLGHQEHUKUHQ6LHGDV1HW]NDEHOQLFKWPLWQDVVHQ+lQGHQ

(LQ-$XVVFKDOWHQ6WDQGE\ 'UFNHQ6LHGLH1HW]WDVWHXPGDV*HUlWHLQ]XVFKDOWHQ'UFNHQ6LHGLH7DVWHZLHGHUKROWXPGDV*HUlWDXV]XVFKDOWHQXQGLQGHQ6WDQGE\0RGXV]XZHFKVHOQ

)002'86 'UFNHQ6LHGLH>%$1'6&$1@7DVWHDP*HUlWXPLQGHQ)00RGXV]XZHFKVHOQ

+DOWHQ6LHGLH7DVWH>83'2:1@DP*HUlWIUFD6HNXQGHQJHGUFNWXPGHQQlFKVWHQRGHUYRUKHULJHQ6HQGHU]XVXFKHQ

:XUGHHLQ6HQGHUJHIXQGHQKlOWGLHVXFKHDQXQGGLH5DGLRZLHGHUJDEHEHJLQQW

'UFNHQ6LHGLH>83'2:1@7DVWHNXU]XPGHQ6HQGHUIHLQHLQ]XVWHOOHQ

+LQZHLV:HQQNHLQ6LJQDOHUNDQQWZLUGPVVHQ6LHP|JOLFKHUZHLVHGDV5DGLRDQHLQHEHVVHUH(PSIDQJV3RVLWLRQVWHOOHQ6FKDOWHQ6LHGDQQGDV5DGLRDXVRGHUGUFNHQ6LHGLH6FDQ-7DVWHXQGZLHGHUKROHQ6LHGHQ6XFKODXI

)035(6(763(,&+(51 +DOWHQ6LHGLH7DVWH>0(06(/(&7@IUFD6HNXQGHQJHGUFNW

(VHUVFKHLQWÄ3URJU6SHLFKHUQ³LP'LVSOD\

:lKOHQ6LHPLWGHQ7DVWHQ>83'2:1@GHQ6SHLFKHUSODW]DXV

6LHN|QQHQELV]X)06HQGHUDOV3UHVHWVSHLFKHUQ

'UFNHQ6LHGLH7DVWH>0(06(/(&7@XPGHQ6HQGHUDXIGHQJHZQVFKWHQ3UHVHWSODW]]XVSHLFKHUQ

'LHHUVWHQ6SHLFKHUSOlW]HN|QQHQ6LHEHUGLH6FKQHOOZDKOWDVWHQ>0-0-@EHOHJHQ

6XFKHQ6LHVLFKGD]XHLQHQ6HQGHUGHUDOV3UHVHWJHVSHLFKHUWZHUGHQVROODXV

'UFNHQ6LHMHW]WGLH7DVWH>0--@IUFD6HNXQGHQXPGHQ)06HQGHUDXIGHQ3UHVHW3ODW]-]XVSHLFKHUQ

)035(6(7:,('(5*$%( 'UFNHQ6LHGLH7DVWH>0(06(/(&7@

:lKOHQ6LHPLWGHQ7DVWHQ>83'2:1@HLQHQ6HQGHUDXV

'UFNHQ6LHGLH7DVWH>0(06(/(&7@XPGLH5DGLRZLHGHUJDEH]XVWDUWHQ

'LH:LHGHUJDEHGHUHUVWHQ3UHVHW6SHLFKHUSOlW]HN|QQHQ6LHDXFKGLUHNWEHUGLH6FKQHOOZDKOWDVWHQ>0-0-@VWDUWHQ

)0,1)2 ,QGHUHUVWHQ=HLOHZLUGGLH8.:)UHTXHQ]DQJH]HLJW:HQQ'DWHQIUHLQHQ.DQDOQDPHQEHUWUDJHQZHUGHQZLUGGRUWGHU6HQGHU1DPHDQJH]HLJW

:HQQ]%Ä3³DP(QGHGHU=HLOHDQJH]HLJWZLUGEH]LHKWVLFKDXIGLH3UHVHW3RVLWLRQGHV6HQGHUV

'UFNHQ6LHGLH7DVWH>,1)@XPGLH,QIRUPDWLRQHQGHV)0-6HQGHUVLQGHUIROJHQGHQ5HLKHQIROJHDQ]X]HLJHQ

5DGLR7H[W =HLJW5DGLRWH[WDQZHQQGLHVHUEHUWUDJHQZLUG

3URJUDP7\S =HLJWGLH0XVLN$UWGHV6HQGHUVDQ

)UHTXHQ] =HLJWGLH)UHTXHQ]GHV5DGLR6HQGHUVDQ

6WHUHR0RQR =HLJWDQREGHUGHU6HQGHULQ6WHUHRRGHU0RQRVHQGHW

8KU]HLW =HLJWGLH8KU]HLWDQZHQQYRP6HQGHUJHVHQGHWZLUG

'DWXP =HLJWGDV'DWXPDQZHQQYRP6HQGHUJHVHQGHWZLUG

)00(1h ,QGLHVHP0HQN|QQHQ6LHIROJHQGH(LQVWHOOXQJVP|JOLFKNHLWHQYRUQHKPHQ

+,1:(,6 0LWGHU7DVWH>83'2:1@1DYLJLHUHQ6LHLQGHP0HQ0LWGHU7DVWH>0(06(/(&7@EHVWlWLJHQ6LHGLH(LQJDEH0LWGHU7DVWH>%$&.@NHKUHQ6LH]XPYRUKHULJHQ0HQ]XUFN

68&+/$8)(,167(//81*(1

$OOH6HQGHU$OOH6HQGHU6XFKHQ

1XUNUlIWLJH6HQGHU1XU6LJQDOVWDUNH6HQGHUVXFKHQ

$8',2(,167(//81*(1

6WHUHR0|JOLFK6WHUHR:LHGHUJDEH

1XU0RQR(U]ZXQJHQH0RQR:LHGHUJDEH

6<67(0

:HFNHU

:HFNHUXQG:HFNHUHLQULFKWHQ

+,1:(,6 0LWGHU7DVWH0(1hGHDNWLYLHUHQ6LHGHQ:HFN-7RQ

0LWGHU7DVWH%$&.GHDNWLYLHUHQ6LHGHQ:HFN-7RQ

8KU]HLW!

=HLW'DWXP6WHOOHQ6LHGLH8KU]HLWXQGGDV'DWXPHLQ

$XWRP8SGDWH6WHOOHQ6LHHLQYRQ:HOFKHU4XHOOH,QIRUPDWLRQHQJHODGHQZHUGHQVROOHQ

6WGHLQVWHOOHQ6WHOOHQ6LHGDV8KU]HLW)RUPDWHLQ

'DWXPVIRUPDW6WHOOHQ6LHGDV'DWXPVIRUPDWHLQ

%HOHXFKWXQJ!

=HLWDEVFKDOWXQJ6WHOOHQ6LHGHQ:HUWHLQQDFKGHPGDV*HUlWEHLQLFKW%HGLHQXQJLQGHP'LPP0RGXVJHKHQVROO

$Q-(LQVWHOOXQJ6WHOOHQ6LHHLQZLH+HOOGDV'LVSOD\LPHLJHVFKDOWHWHQ]XVWDQGOHXFKWHQVROO

6SUDFKH!

'HXWVFK(QJOLVFK6WHOOHQ6LHGLH0HQVSUDFKHHLQ

:HUNVHLQVWHOOXQJ!

1HLQ-$$NWLYLHUHQ6LHGLH:HUNVHLQVWHOOXQJ$OOHJHWURIIHQHQ(LQVWHOOXQJHQZHUGHQDXIGLH:HUNVHLQVWHOOXQJ]XUFNJHVHW]W

6:-YHUVLRQ!

=HLJWGLHDNWXHOOH6RIWZDUHYHUVLRQDQ

'$%02'86 'UFNHQ6LHGLH>%$1'6&$1@7DVWHDP*HUlWXPLQGHQ'$%0RGXV]XZHFKVHOQ

+DOWHQ6LHGLH7DVWH>%$1'6&$1@DP*HUlWIUFD6HNXQGHQJHGUFNWXPGHQ$XWRPDWLVFKHQ6XFKODXI]XVWDUWHQ

'LH6HQGHUZHUGHQLQGHU5HLKHQIROJHZLH6LHJHIXQGHQZHUGHQJHVSHLFKHUW

'UFNHQ6LHGLH>83'2:1@7DVWHXPGHQQlFKVWHQRGHUYRUKHULJHQ'$%6HQGHUDXV]XZlKOHQ

+LQZHLV:HQQNHLQ6LJQDOHUNDQQWZLUGPVVHQ6LHP|JOLFKHUZHLVHGDV5DGLRDQHLQHEHVVHUH(PSIDQJV3RVLWLRQVWHOOHQ6FKDOWHQ6LHGDQQGDV5DGLRDXVRGHUGUFNHQ6LHGLH6FDQ-7DVWHXQGZLHGHUKROHQ6LHGHQ6XFKODXI

'$%35(6(763(,&+(51 +DOWHQ6LHGLH7DVWH>0(06(/(&7@IUFD6HNXQGHQJHGUFNW

(VHUVFKHLQWÄ3URJU6SHLFKHUQ³LP'LVSOD\

:lKOHQ6LHPLWGHQ7DVWHQ>83'2:1@GHQ6SHLFKHUSODW]DXV

6LHN|QQHQELV]X'$%6HQGHUDOV3UHVHWVSHLFKHUQ

'UFNHQ6LHGLH7DVWH>0(06(/(&7@XPGHQ6HQGHUDXIGHQJHZQVFKWHQ3UHVHWSODW]]XVSHLFKHUQ

'LHHUVWHQ6SHLFKHUSOlW]HN|QQHQ6LHEHUGLH6FKQHOOZDKOWDVWHQ>0-0-@EHOHJHQ

6XFKHQ6LHVLFKGD]XHLQHQ6HQGHUGHUDOV3UHVHWJHVSHLFKHUWZHUGHQVROODXV

'UFNHQ6LHMHW]WGLH7DVWH>0--@IUFD6HNXQGHQXPGHQ)06HQGHUDXIGHQ3UHVHW3ODW]-]XVSHLFKHUQ

'$%35(6(7:,('(5*$%( 'UFNHQ6LHGLH7DVWH>0(06(/(&7@

:lKOHQ6LHPLWGHQ7DVWHQ>83'2:1@HLQHQ6HQGHUDXV

'UFNHQ6LHGLH7DVWH>0(06(/(&7@XPGLH5DGLRZLHGHUJDEH]XVWDUWHQ

'LH:LHGHUJDEHGHUHUVWHQ3UHVHW6SHLFKHUSOlW]HN|QQHQ6LHDXFKGLUHNWEHUGLH6FKQHOOZDKOWDVWHQ>0-0-@VWDUWHQ

'$%,1)2 ,QGHUHUVWHQ=HLOHZLUGGHU'$%6HQGHUQDPHDQJH]HLJW

:HQQ]%Ä3³DP(QGHGHU=HLOHDQJH]HLJWZLUGEH]LHKWVLFKDXIGLH3UHVHW3RVLWLRQGHV6HQGHUV

'UFNHQ6LHGLH7DVWH>,1)@@XPGLH,QIRUPDWLRQHQGHV)0-6HQGHUVLQGHUIROJHQGHQ5HLKHQIROJHDQ]X]HLJHQ

'$%3OD\ =HLJW,QIRUPDWLRQHQ]XPODXIHQGHQ'$%6HQGHUDQZHQQYRP6HQGHUEHUWUDJHQZLUG

6LJQDO6WlUNH =HLJWGHQ6LJQDOSHJHOGHVDXVJHZlKOWHQ'$%6HQGHUVDQ

3URJUDPP7\S =HLJWGLH$UWGHV'$%5DGLR6HQGHUVDQ

6HQGHU1DPH =HLJWGHQ1DPHQGHV6HQGHUVDQ

)UHTXHQ]XQG.DQDO =HLJWGLH)UHTXHQ]GHVDXVJHZlKOWHQ6HQGHUVDQ %HLVSLHO$0+]

6LJQDOIHKOH =HLJWGLH)HKOHUUDWHGHVDXVJHZlKOWHQ6HQGHUVDQ %HLVSLHO6LJQDOIHKOHU

%LWUDWHXQG$XGLR6WDWXV =HLJWGLH%LWUDWHGHVDXVJHZlKOWHQ6HQGHUVDQ %HLVSLHONESV'$%

8KU]HLW =HLJWGLH8KU]HLWDQ

'DWXP =HLJWGDV'DWXPDQ

'$%0(1h ,QGLHVHP0HQN|QQHQ6LHIROJHQGH(LQVWHOOXQJVP|JOLFKNHLWHQYRUQHKPHQ

+,1:(,6 0LWGHU7DVWH>83'2:1@1DYLJLHUHQ6LHLQGHP0HQ0LWGHU7DVWH>0(06(/(&7@EHVWlWLJHQ6LHGLH(LQJDEH0LWGHU7DVWH>%$&.@NHKUHQ6LH]XPYRUKHULJHQ0HQ]XUFN

92/67b1',*(568&+/$8)

6WDUWHWGHQ$XWRPDWLVFKHQ6HQGHUVXFKODXI

0$18(//(,167(//(1

:lKOHQ6LHPDQXHOOGLHJHZQVFKWH)UHTXHQ]DXVGLHQDFK6HQGHUGXUFKVXFKWZHUGHQVROO

'5&

0LWGLHVHU(LQVWHOOXQJN|QQHQ6LHGLH$XWRPDWLVFKH/DXWVWlUNH$QSDVVXQJLQGUHLVWXIHQDQSDVVHQYHUVWHOOHQ1XUZHQQYRP6HQGHUEHUWUDJHQZLUG

,1$.7,9(6(1'(53581(

0LWGLHVHU2SWLRQN|QQHQ6LHQLFKWDNWLYH6HQGHUO|VFKHQ

1XU0RQR(U]ZXQJHQH0RQR:LHGHUJDEH

6<67(0

:HFNHU!

:HFNHUXQG:HFNHUHLQULFKWHQ

+,1:(,6 0LWGHU7DVWH0(1hGHDNWLYLHUHQ6LHGHQ:HFN-7RQ

0LWGHU7DVWH%$&.GHDNWLYLHUHQ6LHGHQ:HFN-7RQ

8KU]HLW!

=HLW'DWXP6WHOOHQ6LHGLH8KU]HLWXQGGDV'DWXPHLQ

$XWRP8SGDWH6WHOOHQ6LHHLQYRQ:HOFKHU4XHOOH,QIRUPDWLRQHQJHODGHQZHUGHQVROOHQ

6WGHLQVWHOOHQ6WHOOHQ6LHGDV8KU]HLW)RUPDWHLQ

'DWXPVIRUPDW6WHOOHQ6LHGDV'DWXPVIRUPDWHLQ

%HOHXFKWXQJ!

=HLWDEVFKDOWXQJ6WHOOHQ6LHGHQ:HUWHLQQDFKGHPGDV*HUlWEHLQLFKW%HGLHQXQJLQGHP'LPP0RGXVJHKHQVROO

$Q-(LQVWHOOXQJ6WHOOHQ6LHHLQZLH+HOOGDV'LVSOD\LPHLJHVFKDOWHWHQ]XVWDQGOHXFKWHQVROO

6SUDFKH!

'HXWVFK(QJOLVFK6WHOOHQ6LHGLH0HQVSUDFKHHLQ

:HUNVHLQVWHOOXQJ!

1HLQ-$$NWLYLHUHQ6LHGLH:HUNVHLQVWHOOXQJ$OOHJHWURIIHQHQ(LQVWHOOXQJHQZHUGHQDXIGLH:HUNVHLQVWHOOXQJ]XUFNJHVHW]W

6:-YHUVLRQ!

=HLJWGLHDNWXHOOH6RIWZDUHYHUVLRQDQ

7(&+1,6&+('$7(1

6WURPYHUVRUJXQJ 1HW]NDEHO%HWULHE$&9

%DWWHULH%HWULHE'&9[0RQR–'

)0)UHTXHQ]EHUHLFK )0-0+]

'$%)UHTXHQ]EHUHLFK '$%%DQG-0+]

0D[0XVLNOHLVWXQJ :506

0D[0XVLNOHLVWXQJ :

.RSIK|UHU%XFKVH PP

*HUlWH0DH [[PP

*HZLFKW J

9HUHLQIDFKWH(8-.RQIRUPLWlWVHUNOlUXQJ

+LHUPLWHUNOlUWGLH8OWUD0HGLD*PE+&R+DQGHOV.*GDVVGHU)XQNDQODJHQW\S75$'$%GHU5LFKWOLQLHHQWVSULFKW (85(' (85R+6

'HUYROOVWlQGLJH7H[WGHU(8.RQIRUPLWlWVHUNOlUXQJLVWXQWHUGHUIROJHQGHQ,QWHUQHWDGUHVVH

YHUIJEDU

KWWSZZZXOWUDPHGLDGHLQGH[SKSFH-NRQIRUPLWDHWVHUNODHUXQJKWPO

:LUZQVFKHQ,KQHQYLHO)UHXGHPLWGHP*HUlW

*$5$17,(%(',1*81*(1

'LH)LUPD 8OWUD0HGLD*PE+&R+DQGHOV.* )ULHGULFK-3HQVHOHU-6WU '-/QHEXUJ 7HO-)D[- 0R-'R-)U- ZZZXOWUDPHGLDGH VHUYLFH#XOWUDPHGLDGH

EHUQLPPWIUGLHVHV3URGXNWHLQH*HZlKUOHLVWXQJYRQ0RQDWHQ

$XVJHVFKORVVHQ YRQ GHU *HZlKUOHLVWXQJ VLQG 9HUVFKOHLWHLOH lVWKHWLVFKH 7HLOH 3URGXNWH PLWEHVFKlGLJWHP *HZlKUOHLVWXQJ 6LHJHO RGHU QLFKW OHVEDUHUYRUKDQGHQHU 6HULHQQXPPHU VRZLH6FKlGHQGLHGXUFKXQVDFKJHPlH%HGLHQXQJXQGRGHUXQVDFKJHPlHP*HEUDXFKGXUFKGHQ*HEUDXFKYRQQLFKWRULJLQDOHQ(UVDW]WHLOHQXQJHHLJQHWHU9HUSDFNXQJRGHUDXVLUJHQGHLQHPZHLWHUHQ*UXQGYHUXUVDFKWZHUGHQGLHGHQ³5HIOH[LRQ³3URGXNWHQQLFKW]X]XVFKUHLEHQVLQG

$XI=XEHK|UWHLOHZLH]%GLH)HUQEHGLHQXQJHWFJHZlKUHQZLUHLQH*HZlKUOHLVWXQJYRQ0RQDWHQDE.DXIGDWXP

%HDFKWHQ6LHXQEHGLQJWGLH:DUQKLQZHLVHLQGHU%HGLHQXQJVDQOHLWXQJ

,P *HZlKUOHLVWXQJVIDOO VHQGHQ 6LH GDV *HUlW IDOOV P|JOLFK LQ GHU 2ULJLQDOYHUSDFNXQJ PLWNRPSOHWWHP=XEHK|UHLQHP$QVFKUHLEHQYRQ ,KQHQPLW$GUHVVHXQG7HOHIRQ-)D[QXPPHUXQGRGHU (PDLO-$GUHVVH XQG HLQHU .RSLH ,KUHV .DXIEHOHJHV IUHL +DXV $EVHQGHU EHUQLPPW GHQ7UDQVSRUW DQ REHQ DQJHJHEHQH $GUHVVH HLQ 8QIUHLH 3DNHWH N|QQHQ QLFKW DQJHQRPPHQZHUGHQ)U7UDQVSRUWVFKlGHQYRQ*HUlWHQGLHQLFKWLQGHU2ULJLQDOYHUSDFNXQJYHUVFKLFNWZHUGHQEHUQLPPW8OWUD0HGLDNHLQH+DIWXQJ9RUHLQHPHYHQWXHOOHQ9HUVDQGGHV*HUlWHVVHW]HQ6LHVLFKELWWHVROOWHQQRFK)UDJHQEHVWHKHQPLWXQV LQ9HUELQGXQJ(LQLJH3UREOHPH N|QQHQDXFKGXUFKGHQ6HUYLFHVXSSRUWWHOHIRQLVFKRGHUSHU(PDLOJHNOlUWZHUGHQ

1DFKHUIROJWHU5HSDUDWXUVHQGHQZLU,KQHQGDV*HUlWIUHL+DXV8OWUD0HGLD]DKOWGHQ7UDQVSRUW]XUFN

,1752'8&7,21

'HDU&XVWRPHUWKDQN\RXIRUFKRRVLQJRQHRIRXUSURGXFWVDQGZHWUXVWWKDWWKLVFKRLFHVDWLVILHV\RXUH[SHFWDWLRQV:HLQYLWH\RXEHIRUHXVLQJWKLVGHYLFHWRFDUHIXOO\UHDGWKLVLQVWUXFWLRQPDQXDOLQRUGHUWRRSWLPL]HLWVXVHIXQFWLRQDOFKDUDFWHULVWLFVDQGHOLPLQDWHDQ\LQFRQYHQLHQFHWKDWPD\DULVHIURPDLQFRUUHFWRUQRQ-FRPSOLDQWXVHRIWKHXQLW

:$51,1*6%()25(86(

5HDGWKHZDUQLQJVLQWKHVHLQVWUXFWLRQVFDUHIXOO\DVWKH\SURYLGHLPSRUWDQWLQGLFDWLRQVUHJDUGLQJWKHVDIHW\RILQVWDOODWLRQXVHDQGPDLQWHQDQFH

7KLVLQVWUXFWLRQPDQXDOLVDQLQWHJUDOSDUWRIWKHDSSOLDQFHVRNHHSLWZLWKFDUHIRUDQ\IXUWKHUFRQVXOWDWLRQ

$IWHUUHPRYLQJWKHDSSOLDQFHIURPWKHSDFNDJLQJPDNHVXUHRILWVLQWHJULW\DQGWKDWRIDOOVXSSOLHGFRPSRQHQWVDUHDYDLODEOHEHIRUHXVLQJWKHP,QFDVHWKHUHDUHYLVLEOHGDPDJHVRUHYLGHQWVKRFNVFDXVHGE\WKHWUDQVSRUWSXWWKHDSSOLDQFHLQLWVRULJLQDOSDFNDJLQJDQGUHWXUQLWWRWKHSRLQWVDOHIRUWKHQHFHVVDU\FKHFNV

9(5<,03257$17'RQRWXVHWKHDSSOLDQFHLILWKDVIDOOHQDQGRUVKRZVHYLGHQWEUHDNDJHVRUDQRPDOLHVFDXVHGE\WUDQVSRUWVKRFN

)81&7,21,1*6

7KHSDFNDJLQJFRPSRQHQWVSODVWLFEDJVFDUWRQVHWFPXVWEHNHSWDZD\IURPWKHUHDFKRIFKLOGUHQGLVDEOHGHWF

7KLVDSSOLDQFHLVGHVLJQHGWREHXVHGH[FOXVLYHO\LQGRRUV

7RDYRLGHOHFWULFVKRFNGRQRWXVHWKHDSSOLDQFHLQWKHLPPHGLDWHYLFLQLW\RIDEDWKWXEDEDWKURRPDVKRZHUDVZLPPLQJSRRORUDVLQNIXOORIZDWHUDQGLQSODFHVZKHUHLWFRXOGVXIIHUVKRFN

$Q\UHSDLUVPXVWEHSHUIRUPHGRQO\E\VSHFLDOLVWVZKRKDYHSLHFHVRIRULJLQDOVSDUHSDUWVVXSSOLHGE\WKHPDQXIDFWXUHU

'RQRWXVHWKHDSSOLDQFHLQHQYLURQPHQWVVDWXUDWHGZLWKJDVRUZKHUHWKHUHLVDULVNRIH[SORVLRQ

'RQRWLPPHUVHWKHDSSOLDQFHLQZDWHU

'RQRWFOHDQWKHDSSOLDQFHZLWKDEUDVLYHRUFRUURVLYHVXEVWDQFHVDVWKH\FDQVFUDWFKWKHFRPSRQHQWVRIZRRGDQGFRUURGHWKHHOHFWURQLFFLUFXLW

'RQRWVXEMHFWWKHHTXLSPHQWWRH[FHVVLYHIRUFHLPSDFWGXVWRUH[FHVVLYHWHPSHUDWXUHVRUKXPLGLW\PD\

(XURSHDQ8QLRQ—&RUUHFW'LVSRVDO,QIRUPDWLRQ(XURSHDQZDVWHUHJXODWLRQ(*

7KLVV\PEROPHDQVWKDWXVHGHOHFWULFDODQGHOHFWURQLFHTXLSPHQW:(((VKRXOGQRWEHPL[HGZLWKJHQHUDOKRXVHKROGZDVWH)RUSURSHUWUHDWPHQWUHFRYHU\DQGUHF\FOLQJSOHDVHWDNHWKLVSURGXFWWRGHVLJQDWHGFROOHFWLRQSRLQWVZKHUHLWZLOOEHDFFHSWHGIUHHRIFKDUJH'LVSRVLQJRIWKLVSURGXFWFRUUHFWO\ZLOOKHOSVDYHYDOXDEOHUHVRXUFHVDQGSUHYHQWDQ\SRWHQWLDOQHJDWLYHHIIHFWVRQKXPDQKHDOWKDQGWKHHQYLURQPHQWZKLFKFRXOGRWKHUZLVHDULVHIURPLQDSSURSULDWHZDVWHKDQGOLQJ3OHDVHFRQWDFW\RXUORFDODXWKRULW\IRUIXUWKHUGHWDLOVRI\RXUQHDUHVWGHVLJQDWHGFROOHFWLRQSRLQW3HQDOWLHVPD\EHDSSOLFDEOHIRULQFRUUHFWGLVSRVDORIWKLVZDVWHLQDFFRUGDQFHZLWKORFDOOHJLVODWLRQ

5(63(&77+((19,5210(17$1'1$785(

LWLVUHFRPPHQGHGQRWWRGLVSRVHRIWKHSDFNDJLQJPDWHULDOLQWKHHQYLURQPHQWDIWHULQVWDOODWLRQRIWKHDSSOLDQFH,WLVDGYLVDEOHWRNHHSWKHSDFNDJLQJIRUIXWXUHUH-XVH,IQHFHVVDU\DUUDQJHWKHSDFNLQJPDWHULDOVLQWKHDSSURSULDWHFRQWDLQHUVRIWKHFROOHFWLRQSRLQW

(1*/,6+

ϭϮ

7KHOLJKWQLQJV\PEROLQVLGHDWULDQJOHDOHUWVWKHXVHURIWKHSUHVHQFHRIDGDQJURXVYROWDJHLQVLGHWKHDSSOLDQFH

7KHH[FODPDWLRQSRLQWLQVLGHDWULDQJOHZDUQVWKHXVHUWKDWWKH,QVWUXFWLRQPDQXDOFRQWDLQVLPSRUWDQWLQVWUXFWLRQVIRUXVHDQGWKHPDLQWHQDQFH

7KLVXQLWZRUNVDW$&-9RQO\3OHDVHHQVXUHWKDWDOOFRQQHFWLRQVRIPDLQV3RZHULVSURSHUO\PDGHEHIRUHVWDUWRSHUDWLQJWKHXQLW

$YRLGWRH[SRVHWKHXQLWWRPRLVWXUHRUUDLQ

'RQRWH[SRVHWKLVXQLWWRGLUHFWVXQOLJKWRUGLUHFWKHDWUDGLDWLQJVRXUFHV

3ODFHWKHDSSOLDQFHLQDVXIILFLHQWO\YHQWLODWHGSODFH

ĞĂƌƵƐƚŽŵĞƌdŚĂŶŬǇŽƵĨŽƌƉƵƌĐŚĂƐŝŶŐƚŚĞZĞŇĞǆŝŽŶ,/&ϭϵϯϳ,ŽŵĞ,/-&/ƐǇƐƚĞŵtĞƌĞĐŽŵŵĞŶĚƚŚĂƚǇŽƵƌĞĂĚƚŚĞƐĞŽƉĞƌĂƟŶŐŝŶƐƚƌƵĐƟŽŶƐĐĂƌĞĨƵůůǇďĞĨŽƌĞƐƚĂƌƚƵƐŝŶŐƚŚĞĚĞǀŝĐĞWƌŽĚƵĐƚĂŶĚĨƵŶĐƟŽŶĂůŬŶŽǁůĞĚŐĞďĞĨŽƌĞŝŶƐƚĂůůĂƟŽŶŚĞůƉŝŶŐƚŽĂǀŽŝĚďƌĞĂŬĚŽǁŶƐĂŶĚĚĂŵĂŐĞdŽĂǀŽŝĚƚŚĞƌŝƐŬŽĨĞůĞĐƚƌŝĐƐŚŽĐŬĚŽŶŽƚŽƉĞŶƚŚĞĂƉƉůŝĂŶĐĞ W>^&K>>Ktd,/E^dZhd/KE^EK^Zsd,tZE/E'^KEzKhZ,KD,/-&/^z^dDEd,/^DEh> ^&dz/E^dZhd/KE^EŽƚĞWůĞĂƐĞŵĂŬĞƐƵƌĞƚŚĂƚǇŽƵƌŵĂŝŶƐǀŽůƚĂŐĞŝƐƐƵŝƚĂďůĞĨŽƌƚŚĞƉŽǁĞƌĂĚĂƉƚĞƌďĞĨŽƌĞĐŽŶŶĞĐͲƟŶŐƚŚĞƉŽǁĞƌƐƵƉƉůǇƵŶŝƚ/ĨǇŽƵĂƌĞŶŽƚƐƵƌĞƉůĞĂƐĞĐŽŶƚĂĐƚǇŽƵƌůŽĐĂůĞůĞĐƚƌŝĐŝƚǇƉƌŽǀŝĚĞƌ tZE/E'KEKdKWE^,K<,ZdŽĂǀŽŝĚĞůĞĐƚƌŝĐƐŚŽĐŬŶĞǀĞƌŽƉĞŶƚŚĞƵŶŝƚZĞƉĂŝƌĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ,ŽŵĞ,/-&/ƐǇƐƚĞŵŵƵƐƚŽŶůǇďĞĐĂƌƌŝĞĚŽƵƚďǇĂƵƚŚŽƌŝǌĞĚĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞEĞǀĞƌďǇƉĂƐƐƚŚĞŐƌŽƵŶĚŝŶŐŽĨƚŚĞĚĞǀŝĐĞEĞǀĞƌŵŽĚŝĨǇƚŚĞƉůƵŐĐĂďůĞŽƌƉŽǁĞƌĐŽƌĚ

ddEd/KE >^^ϭ>^ZWZKhddŚŝƐŽŵƉĂĐƚŝƐĐƉůĂǇĞƌŝƐĐůĂƐƐŝĮĞĚĂƐĂ>^^ϭ>^ZƉƌŽĚƵĐƚhƐĞŽĨĐŽŶƚƌŽůƐĂũƵƐƚŵĞŶƚƐŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĐĞĚƵƌĞƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞƐƉĞĐŝĮĞĚŚĞƌĞŝŶŵĂǇƌĞƐƵůƚŝŶŚĂǌĂƌĚŽƵƐƌĂĚŝĂƟŽŶĞǆƉŽƐƵƌĞ

,03257$176$)(7<,1)250$7,2163/($6(5($'%()25(67$5786,1*7+($33/,$1&(

&ODVV,,SURGXFW7K,VDSSOLDQFHKDVGRXEOHLQVXODWLRQGXHWRWKHSUHVHQFHRIDWOHDVWWZROD\HUVRILQVXODWLRQ

ϭ

81,7/2&$7,212)&21752/6 ϭͿ WŽǁĞƌ^ǁŝƚĐŚƵƩŽŶ ϮͿ ĂŶĚ^ĐĂŶƵƩŽŶ ϯͿ hƉƵƩŽŶ ϰͿ ^ĂǀĞ^ĞůĞĐƚŶƚĞƌƵƩŽŶ ϱͿ ŽǁŶƵƩŽŶ ϲͿ /ŶĨŽdŝŵĞ^ĞƚƵƉƵƩŽŶ ϳͿ ĂĐŬůŽĐŬϮ^ĞƚƵƉƵƩŽŶ ϴͿ DĞŶƵůŽĐŬϭ^ĞƚƵƉƵƩŽŶ ϵͿ sŽůƵŵĞĐŽŶƚƌŽůƵŝƩŽŶƐ ϭϬͿ ŝƐƉůĂǇ ϭϭͿ ,ĞĂĚƐĞƚ:ĂĐŬ ϭϮͿ >ŽƵĚƐƉĞĂŬĞƌ ϭϯͿ DĞŵŽƌǇϭ ϭϰͿ DĞŵŽƌǇϮ ϭϱͿ DĞŵŽƌǇϯ ϭϲͿ DĞŵŽƌǇϰ ϭϳͿ ^ƚƌĂƉŚŽůĞ ϭϴͿ tŚŝƉĞŶƚĞŶŶĂ ϭϵͿ WŽǁĞƌĐŽĐŬĞƚ ϮϬͿ ĂƩĞƌǇĐŽŵƉĂƌƚŵĞŶƚ

%$77(5<23(5$7,21

2SHQWKHEDWWHU\FRPSDUWPHQWDW WKHEDFNRIWKHXQLW,QVHUW WKUHH/5'GLPHQVLRQVL]H EDWWHULHVQRWVXSSOLHGZLWKFRU- UHFWSRODULW\-DVLQGLFDWHG WKHQFORVHWKHEDWWHU\FRPSDUW- PHQW7KHXQLWLVUHDG\WRRSH- UDWH

h^ydZE>WKtZ^hWW>z hƐĞƉŽǁĞƌ;ϭϵͿĐŽŶŶĞĐƚƉŽǁĞƌůĞĂĚƚŽŽŶĞĞŶĚŽĨƚŚĞƌĂĚŝŽƚŚĞŶŝŶƐĞƌƚŝƚŝŶƚŽϮϮϬsƉŽǁĞƌƐŽĐŬĞƚ tŚĞŶƉŽǁĞƌƐƵƉƉůǇŝƐƵƐĞĚďĂƩĞƌǇƐƵƉƉůǇĨĞĞĚǁŝůůďĞĚŝƐĐŽŶŶĞĐƚĞĚĂƵƚŽŵĂƟĐĂůůǇŝŶƐŝĚĞƚŚĞŵĂ- ĐŚŝŶĞ WƌŽŵƉƚƐ >ŽǁǀŽůƚĂŐĞŽďƐĐƵƌĞĚŝƐƉůĂǇŽƌƐŵĂůůĂŶĚĚŝƐƚŽƌƚĞĚƐŽƵŶĚŝŶĚŝĐĂƚĞƐůŽǁďĂƩĞƌǇƉůĞĂƐĞƌĞƉůĂĐĞƚŚĞ ďĂƩĞƌǇŝŶƟŵĞ ŽŶŽƚƵƐĞŽůĚĂŶĚŶĞǁďĂƩĞƌŝĞƐŽƌĚŝīĞƌĞŶƚƚǇƉĞƐŽĨďĂƩĞƌŝĞƐƚŽŐĞƚŚĞƌ ŽŶŽƚĐŚĂƌŐĞŚĞĂƚŽƌĚĞĐŽŵƉŽƐĞĚƌǇďĂƩĞƌŝĞƐƚŽĂǀŽŝĚůĞĂŬĂŐĞŽĨĞůĞĐƚƌŽůǇƚĞƐŽůƵƟŽŶŽƌĞǆƉůŽƐŝŽŶ /ĨƚŚĞhD-ďĂƩĞƌǇŝƐŶŽƚƵƐĞĚĨŽƌƉŽǁĞƌƐƵƉƉůǇĨŽƌĂůŽŶŐƟŵĞƌĞŵŽǀĞƚŚĞďĂƩĞƌǇƚŽĂǀŽŝĚďĂƩĞƌǇůĞĂ ĂŐĞǁŚŝĐŚĐŽƌƌŽĚĞƐŝŶƚĞƌŶĂůĐŽŵƉŽŶĞŶƚƐ tŚĞŶƉƵůůŝŶŐŽƵƚƉŽǁĞƌĐĂďůĞĨƌŽŵϮϮϬsƉŽǁĞƌƐŽĐŬĞƚƉůĞĂƐĞŐƌĂďƚŚĞďĂƩĞƌǇƉůƵŐ;ƉůĂƐƟĐƉĂƌƚͿ /ŶƐƚĞĂĚŽĨƉƵůůŝŶŐƚŚĞǁŝƌĞ ŽŶŽƚƚŽƵĐŚƉŽǁĞƌĐĂďůĞǁŝƚŚǁĞƚŚĂŶĚƚŽĂǀŽŝĚĞůĞĐƚƌŝĐƐŚŽĐŬ KŶ^ƚĂŶĚďǇDŽĚĞ

WƌĞƐƐ;ϭͿƉŽǁĞƌďƵƩŽŶƚŽƉŽǁĞƌŽŶWƌĞƐƐƚŚĞďƵƩŽŶƌĞƉĞĂƚĞĚůǇƚŽƐǁŝƚĐŚďĞƚǁĞĞŶƐƚĂŶĚďǇŵŽĚĞĂŶĚ ǁŽƌŬŝŶŐ;KEͿŵŽĚĞ

Ϯ

dƵŶŝŶŐ&D-Z^ZĂĚŝŽ WƵůůŽƵƚǁŚŝƉĂŶƚĞŶŶĂ;ϭϴͿĂŶĚƉƌĞƐƐWŽǁĞƌ;ϭͿďƵƩŽŶƚŽƚƵƌŶŽŶƚŚĞƌĂĚŝŽ WƌĞƐƐĂŶĚ;ϮͿďƵƩŽŶĂŶĚƐǁŝƚĐŚƚŽ&DŵŽĚĞ <ĞĞƉƉƌĞƐƐĞĚƚŚĞĂŶĚ;ϮͿďƵƩŽŶĨŽƌĂďŽƵƚϮƐĞĐŽŶĚƐƚŚĞĨƌĞƋƵĞŶĐǇǁŝůůďĞƐĐĂŶŶĞĚƵƉǁĂƌĚĂƵƚŽ- ŵĂƟĐĂůůǇĂŶĚƐƚŽƌĞϯϬŵĞŵŽƌǇĂĚĚƌĞƐƐĞƐĨƌŽŵůŽǁƚŽŚŝŐŚ hƐĞ;ϱͿ;ϯͿďƵƩŽŶƚŽƐĞĂƌĐŚƚŚĞĐŚĂŶŶĞůƐŚŽƌƚƉƌĞƐƐKtEhWƚŽƚƵŶĞŝŶůŽŶŐƉƌĞƐƐKtEhW ĨŽƌϮƐĞĐŽŶĚƐƚŽƐĞĂƌĐŚƚŚĞĐŚĂŶŶĞůŶĚŝƚǁŝůůƐƚŽƉŽŶĐĞĂŶǇĐŚĂŶŶĞůŝƐĚŝƐĐŽǀĞƌĞĚ EŽƚĞ/ĨŶŽƐŝŐŶĂůŝƐĚĞƚĞĐƚĞĚǇŽƵŵĂǇďĞƌĞƋƵŝƌĞĚƚŽĂĚũƵƐƚƚŚĞƌĂĚŝŽƚŽĂďĞƩĞƌƌĞĐĞŝǀŝŶŐƉŽƐŝƟŽŶdŚĞŶƐǁŝƚĐŚŽīƚŚĞƌĂĚŝŽŽƌƉƌĞƐƐ^ĐĂŶďƵƩŽŶĂŶĚƌĞƉĞĂƚƚŚĞƐĐĂŶ

dƵŶŝŶŐнZĂĚŝŽ WƵůůŽƵƚǁŚŝƉĂŶƚĞŶŶĂ;ϭϴͿ WƌĞƐƐ;ϭͿƉŽǁĞƌďƵƩŽŶƚƵƌŶŽŶƚŚĞƌĂĚŝŽ WƌĞƐƐĂŶĚ;ϮͿďƵƩŽŶĂŶĚƐǁŝƚĐŚƚŽŵŽĚĞƐĐĂŶǁŝůůĂƉƉĞĂƌŽŶƚŚĞĚŝƐƉůĂǇ ƵƌŝŶŐƚŚĞƐĐĂŶŶŝŶŐƉƌŽĐĞƐƐďĂƌŝŶĚŝĐĂƚŽƌǁŝůůďĞĚŝƐƉůĂǇĞĚĂƚƚŚĞůŽǁĞƌůŝŶĞŽĨƚŚĞĚŝƐƉůĂǇƚŽƐŚŽǁŝŶŐ ƐĐĂŶŶŝŶŐƉƌŽŐƌĞƐƐ KŶĐĞƐĐĂŶŶŝŶŐŝƐĐŽŵƉůĞƚĞĚƚŚĞĮƌƐƚ^ƚĂƟŽŶƚƵŶĞĚǁŝůůďĞƐĞůĞĐƚĞĚ /ĨƚŚĞƐƉĂĐĞĐŚĂŶŶĞůůŝƐƚŝƐƐƟůůĞŵƉƚǇĂŌĞƌƐĐĂŶŶŝŶŐǇŽƵƌƌĂĚŝŽǁŝůůĚŝƐƉůĂǇEŽĐŚĂŶŶĞů/ĨŶŽƐŝŐŶĂůĂƌĞĚĞƚĞĐƚĞĚǇŽƵŵĂǇďĞƌĞƋƵŝƌĞĚƚŽĂĚũƵƐƚƚŚĞƌĂĚŝŽƚŽĂďĞƩĞƌƌĞĐĞŝǀŝŶŐƉŽƐŝƟŽŶdŚĞŶƐǁŝƚĐŚŽīƚŚĞƌĂĚŝŽŽƌƉƌĞƐƐDĞŶƵďƵƩŽŶĂŶĚƌĞƉĞĂƚƚŚĞ^ĐĂŶŐĂŝŶ ^ĞůĞĐƚĂƐƚĂƟŽŶ dŚĞƚŽƉůŝŶĞŽĨƚŚĞĚŝƐƉůĂǇƐŚŽǁƚŚĞŶĂŵĞŽĨĐƵƌƌĞŶƚƐĞůĞĐƚĞĚƐƚĂƟŽŶ dŽĐŚĂŶŐĞƚŚĞƐƚĂƟŽŶƉƌĞƐƐ;ϱͿ;ϯͿhW-KtEďƵƩŽŶƚŽďƌŽǁƐĞĂǀĂŝůĂďůĞĐŚĂŶŶĞůůŝƐƚĚŝƐƉůĂǇĞĚŝŶƚŚĞŶĞǆƚůŝŶĞWƌĞƐƐ^ĞůĞĐƚ;ϰͿďƵƩŽŶƚŽƐĞůĞĐƚƚŚĞĚĞƐŝƌĞĚƐƚĂƟŽŶ

DĞŶƵ /ŶŵŽĚĞƉƌĞƐƐƚŚĞDEh;ϴͿďƵƩŽŶƚŽĞŶƚĞƌŝŶDĞŶƵŵŽĚĞ ф&Ƶůů^ĐĂŶх&ƵůůƵƚŽŵĂƟĐ^ĞĂƌĐŚWƌĞƐƐEdZƚŽƐĞĂƌĐŚĂůůĨƌĞƋƵĞŶĐǇƉŽŝŶƚƐĂŶĚƐĂǀĞĂůůƐĞĂƌĐŚĞĚ ƉƌŽŐƌĂŵƐŝŶƉƌŽŐƌĂŵůŝƐƚŝŶƚŚĞŽƌĚĞƌŽĨ^ŚŽƌƚ>ĂďůĞŝĐƟŽŶĂƌǇŝĨƚŚĞƉƌŽŐƌĂŵůŝƐƚŝŶŝƐ ĞŵƉƚǇŵŽĚĞǁŝůůĂůǁĂǇƐďĞĚŝƐƉůĂǇĞĚŝŶŵĞŶƵŵŽĚĞ фDĂŶƵĂůdƵŶĞхDĂŶƵĂů^ĞĂƌĐŚ^ĞĂƌĐŚĐĞƌƚĂŝŶĨƌĞƋƵĞŶĐǇƉŽŝŶƚƐĞůĞĐƚĞĚďǇƉƌĞƐƐEdZƚŽĂĐͲ

ĐĞƐƐĨƌĞƋƵĞŶĐǇƉŽŝŶƚƐĞůĞĐƟŽŶŽĨĂŌĞƌƐĞůĞĐƟŶŐĨƌĞƋƵĞŶĐǇƉŽŝŶƚƉƌĞƐƐEdZĂŐĂŝŶƚŽĂĐĐĞƐƐŵĂŶƵĂůƐĞĂƌĐŚĂƚƚŚŝƐƟŵĞŝƚǁŝůůĚŝƐƉůĂǇƐŝŐŶĂůƐƚƌĞŶŐƚŚŽĨƐƵĐŚĨƌĞƋƵĞŶĐǇƉŽŝŶƚWƌĞƐƐDEhŽƌ<ƚŽĞǆŝƚ

фZхǇŶĂŵŝĐ'ĂŝŶŽŶƚƌŽůĚũƵƐƚĚǇŶĂŵŝĐŐĂŝŶƐĐŽƉĞŽĨǁŝƚŚĂƚŽƚĂůŽĨƚŚƌĞĞůĞǀĞůƐŶĂŵĞůǇK&&>Kt,/',WƌĞƐƐEdZƚŽƐĞůĞĐƚĂŶĚƐĞůĞĐƚĞĚŝƚĞŵǁŝůůďĞŵĂƌŬĞĚǁŝƚŚΎĂƚƚŚĞƵƉƉĞƌƌŝŐŚƚĐŽƌŶĞƌ

фWƌƵŶĞхůĞĂƌƐĂůůŝŶǀĂůŝĚƉƌŽŐƌĂŵƐŝŶůŝƐƚdŚĂƚŝƐƚŽĐůĞĂƌĂůůƵŶƐŝŐŶĂůĞĚƉƌŽŐƌĂŵƐĂŌĞƌĨƵůůƐĐĂŶ ф^ǇƐƚĞŵх^ǇƐƚĞŵ^ĞƚƵƉϱϭф>ĂŶŐƵĂŐĞх^ǇƐƚĞŵ>ĂŶŐƵĂŐĞWƌĞƐƐEdZƚŽƐĞůĞĐƚůĂŶŐƵĂŐĞ

ǁŝƚŚŶŐůŝƐŚŝŶĚĞĨĂƵůƚdŚĞƌĞĂƌĞƚŽƚĂůůǇƚŚƌĞĞƉƌĞƐĞƚůĂŶŐƵĂŐĞƐĐƵƌƌĞŶƚůǇŶĂŵĞůǇĞƵƚƐĐŚ/ƚĂůŝĂŶŽĂŶĚ&ƌĂŶĂŝƐĂŶĚƚŚĞƐĞůĞĐƚĞĚŝƚĞŵǁŝůůďĞŵĂƌŬĞĚǁŝƚŚΎĂƚƚŚĞƵƉƉĞƌƌŝŐŚƚĐŽƌŶĞƌ

ф&ĂĐƚŽƌǇZĞƐĞƚх^ǇƐƚĞŵZĞƐĞƚWƌĞƐƐEdZƚŽƐĞůĞĐƚƌĞƐĞƚĂŌĞƌƌĞƐĞƫŶŐĂůůƐƚĂƚƵƐŽĨŵŽĚͲƵůĞǁŝůůďĞƌĞƐƚŽƌĞĚƚŽĨĂĐƚŽƌǇĚĞĨĂƵůƚ

ф^ŽŌǁĂƌĞhƉŐƌĂĚĞх^ŽŌǁĂƌĞhƉŐƌĂĚĞWƌĞƐƐEdZƚŽƐĞůĞĐƚƵƉŐƌĂĚĞĚŝƌĞĐƚůǇƵƐĞh^ƚŽƵƉͲŐƌĂĚĞƐŽŌǁĂƌĞƐƵĐŚĨƵŶĐƟŽŶƐŚĂůůďĞŝŵƉůĞŵĞŶƚĞĚďǇĐŽŽƌĚŝŶĂƟŶŐǁŝƚŚŵĂƐƚĞƌĐŽŶƚƌŽůŽĨŚŽƐƚ;h^ƌĞĂĚŝŶŐŝƐƌĞƋƵŝƌĞĚͿ

ф^tsĞƌƐŝŽŶх^ŽŌǁĂƌĞsĞƌƐŝŽŶEƵŵďĞƌWƌĞƐƐEdZƚŽǀŝĞǁƚŚĞǀĞƌƐŝŽŶŶƵŵďĞƌŽĨƐŽŌͲǁĂƌĞWƌĞƐƐDEhŽƌ<ƚŽƌĞƚƵƌŶ

/ŶĨŽƌŵĂƟŽŶĚŝƐƉůĂǇ WůĂǇ>ŽŶŐůĂďůĞŽĨƉƌŽŐƌĂŵǁŝůůďĞĚŝƐƉůĂǇŝŶƚŚĞĮƌƐƚůŝŶĞ ^ŝŐŶĂůWƌĞƐƐ/E&ϬƚŽǀŝĞǁŝŶĨŽƌŵĂƟŽŶŽĨƉƌŽŐƌĂŵƐŝŶŽƌĚĞƌ >^dĞǆƚDĞƐƐĂŐĞ/ĨƚŚĞƌĞŝƐŶŽƚĞǆƚŵĞƐƐĂŐĞWůĂǇŝŶŐǁŝůůďĞĚŝƐƉůĂǇĞĚ

ϯ

^ŝŐŶĂů^ƚƌĞŶŐƚŚŝƐƉůĂǇƚŚĞůĞǀĞůŽĨƚŚĞƐŝŐŶĂů WƌŽŐƌĂŵdǇƉĞ/ĨƚŚĞƌĞŝƐŶŽƉƌŽŐƌĂŵƚǇƉĞEŽWdzǁŝůůďĞĚŝƐƉůĂǇĞĚ ŶƐĞŵďůĞEĂŵĞEĂŵĞŽĨĐŚĂŶŶĞů &ƌĞƋƵĞŶĐǇĂŶĚŚĂŶŶĞůƚŚĞĨƌĞƋƵĞŶĐǇŽĨĐŚĂŶŶĞůƐƵĐŚĂƐϱϭϳϰϵϮϴD,ǌ ^ŝŐŶĂůƌƌŽƌϬƌƌŽƌZĂƚĞϬй ŝƚƌĂƚĞĂŶĚƵĚŝŽ^ƚĂƚƵƐƐƵĐŚĂƐϭϵϮŬďƉƐн dŝŵĞŚĂŶŶĞůƟŵĞŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚƟŵĞEŽdŝŵĞǁŝůůďĞĚŝƐƉůĂǇĞĚ ĂƚĞŚĂŶŶĞůĚĂƚĞŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚĚĂƚĞEŽĂƚĞǁŝůůďĞĚŝƐƉůĂǇĞĚ

WƌĞƐĞƚ^ƚŽƌĞ >ŽŶŐƉƌĞƐƐDĞŵŽƌǇŬĞǇ;ϭϯϭϰϭϱϭϲͿƚŽĂĐĐĞƐƐƐƚŽƌĞŝŶƚĞƌĨĂĐĞƵƐĞhWŽƌKtEƚŽǀŝĞǁƚŚĞƉƌŽŐƌĂŵŵĞŵŽƌŝǌĞĚďǇĞĂĐŚŵĞŵŽƌǇƉŽŝŶƚĂŶĚ^ŚŽƌƚůĂďůĞǁŝůůďĞĚŝƐƉůĂǇĞĚŝĨƚŚĞŵĞŵŽƌǇŝƐĞŵƉƚǇŵƉƚǇǁŝůůďĞĚŝƐƉůĂǇĞĚŌĞƌƐĞůĞĐƟŶŐŽŶĞŵĞŵŽƌǇƉƌĞƐƐEdZƚŽƐĂǀĞĐƵƌƌĞŶƚůǇƉůĂǇŝŶŐƉƌŽŐƌĂŵƚŽƚŚŝƐŵĞŵŽƌǇƉŽŝŶƚ

WƌĞƐĞƚŚĂŶŶĞů dŽƐĞƚƵƉƉƌĞƐĞƚĐŚĂŶŶĞůĂĚũƵƐƚƚŽƚŚĞĐŚĂŶŶĞůƚŽďĞƐĂǀĞĚ >ŽŶŐƉƌĞƐƐ;ϰͿďƵƩŽŶƵŶƟůWƌĞƐĞƚ^ĂǀĞŝƐĚŝƐƉůĂǇĞĚŽŶƚŚĞĚŝƐƉůĂǇƵƐĞ;ϯͿ;ϱͿďƵƩŽŶƚŚĞƐĞůĞĐƚ ƚŚĞƉƌĞƐĞƚƉŽƐŝƟŽŶĨƌŽŵϭƚŽϯϬƚŚĞŶƉƌĞƐƐ^ĂǀĞ;ϰͿďƵƩŽŶƚŽĐŽŶĮƌŵ/ƚŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞƌĂĚŝŽĐŚĂŶŶĞů ŚĂƐďĞĞŶŵĂƌŬĞĚĂƐƉƌĞƐĞƚƐĞƌŝĂůŶƵŵďĞƌZĞƉĞĂƚ^ƚĞƉϭĂŶĚϮĂƐƌĞƋƵŝƌĞĚĂƐŽƚŚĞƌƉƌĞƐĞƚĐŚĂŶŶĞůƐ

&DDK &DDĞŶƵ /Ŷ&DŵŽĚĞƉƌĞƐƐƚŚĞDEh;ϴͿďƵƩŽŶƚŽĞŶƚĞƌŝŶ&DDĞŶƵŵŽĚĞ ^ĐĂŶ^ĞƫŶŐ^ƚŽƉƉŝŶŐ^ĞŶƐŝƟǀŝƚǇ^ĞƚƵƉWƌĞƐƐEdZƚŽĂĐĐĞƐƐƐĞŶƐŝƟǀŝƚǇƐĞůĞĐƟŽŶ

ϭϭфůů^ƚĂƟŽŶƐх,ŝŐŚ^ĞŶƐŝƟǀŝƚǇ^ƚŽƉƚŚĞƐƚĂƟŽŶĂƚĂďŽƵƚϭϱĚďƉƌĞƐƐEdZƚŽƐĞůĞĐƚƚŚĞƐĞůĞĐƚͲĞĚŝƚĞŵǁŝůůďĞŵĂƌŬĞĚǁŝƚŚΎĂƚƚŚĞƵƉƉĞƌƌŝŐŚƚĐŽƌŶĞƌ

ϭϮф^ƚƌŽŶŐ^ƚĂƟŽŶƐKŶůǇх>Žǁ^ĞŶƐŝƟǀŝƚǇƐƚŽƉƚŚĞƐƚĂƟŽŶĂƚĂďŽƵƚϭϵĚďƉƌĞƐƐEdZƚŽƐĞůĞĐƚƚŚĞƐĞůĞĐƚĞĚŝƚĞŵǁŝůůďĞŵĂƌŬĞĚǁŝƚŚΎĂƚƚŚĞƵƉƉĞƌƌŝŐŚƚĐŽƌŶĞƌ

ϮфƵĚŝŽ^ĞƫŶŐх^ƚĞƌĞŽDŽŶŽ^ĞƚƵƉWƌĞƐƐEdZƚŽĂĐĐĞƐƐƐƚĞƌĞŽŵŽŶŽƐĞůĞĐƟŽŶ Ϯϭф^ƚĞƌĞŽůůŽǁĞĚх^ƚĞƌĞŽWƌĞƐƐEdZƚŽƐĞůĞĐƚƚŚĞƐĞůĞĐƚĞĚŝƚĞŵǁŝůůďĞŵĂƌŬĞĚǁŝƚŚΎĂƚ

ƚŚĞƵƉƉĞƌƌŝŐŚƚĐŽƌŶĞƌ ϮϮф&ŽƌĐĞĚDŽŶŽхDŽŶŽ&ŽƌĐĞĚŝŶƚŽŵŽŶŽŵŽĚĞƉƌĞƐƐEdZƚŽƐĞůĞĐƚĂŶĚƚŚĞƐĞůĞĐƚĞĚŝƚĞŵ

ǁŝůůďĞŵĂƌŬĞĚǁŝƚŚΎĂƚƚŚĞƵƉƉĞƌƌŝŐŚƚĐŽƌŶĞƌ >ŝƐƚĞŶŝŶŐ&DƐƚĂƟŽŶƐ &D&ƌĞƋƵĞŶĐǇǁŝůůďĞĚŝƐƉůĂǇĞĚŝŶƚŚĞĮƌƐƚůŝŶĞ/ĨƚŚĞĐŚĂŶŶĞůŚĂƐŝƚƐŶĂŵĞŝƚǁŝůůĚŝƐƉůĂǇĞĚWϭϬĚŝƐƉůĂǇĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞůŝŶĞƌĞĨĞƌƐƚŽƚŚĞƉŽƐŝƟŽŶŽĨƐƵĐŚĐŚĂŶŶĞůƚŽƉƌŽŐƌĂŵƚŚĞŵĞŵŽƌǇŝƚĞŵWƌĞƐƐ/E&ϬƚŽǀŝĞǁƚŚĞŝŶĨŽƌŵĂƟŽŶŽĨ&DĐŚĂŶŶĞůŝŶŽƌĚĞƌ ZĂĚŝŽdĞǆƚdĞǆƚŵĞƐƐĂŐĞŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚŵĞƐƐĂŐĞEŽZĂĚŝŽdĞǆƚǁŝůůďĞĚŝƐƉůĂǇĞĚ WƌŽŐƌĂŵdǇƉĞŚĂŶŶĞůƚǇƉĞŝĨƚŚĞƌĞŝƐŶŽƉƌŽŐƌĂŵƚǇƉĞEŽWdzǁŝůůďĞĚŝƐƉůĂǇĞĚ EĂŵĞEĂŵĞŽĨƐƚĂŝŽŶŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚŶĂŵĞEŽEĂŵĞǁŝůůďĞĚŝƐƉůĂǇĞĚ ^ƚĞƌĞŽDŽŶŽ^ƚĞƌĞŽŵŽŶŽǁŝůůďĞĚŝƐƉůĂǇĞĚ dŝŵĞŚĂŶŶĞůdŝŵĞŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚƟŵĞEŽdŝŵĞǁŝůůďĞĚŝƐƉůĂǇĞĚ

ĂƚĞŚĂŶŶĞůĂƚĞŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚĚĂƚĞEŽĂƚĞǁŝůůďĞĚŝƐƉůĂǇĞĚ

&DWƌŽŐƌĂŵŵŝŶŐ

ZĞĐĂůů^ƚŽƌĞĐŚĂŶŶĞůƐ DϭDϮDϯDϰEƵŵĞƌŝĐ<ĞǇƐ WƌĞƐƐƚŽĐĂůůŽƵƚƚŚĞĐŚĂŶŶĞůƐĂǀĞĚďǇƚŚŝƐŶƵŵĞƌŝĐŬĞǇ>ŽŶŐƉƌĞƐƐƚŽĂƵƚŽŵĂƟĐĂůůǇƐĂǀĞƚŚĞĐŚĂŶŶĞů ĐƵƌƌĞŶƚůǇůŝƐƚĞŶĞĚƚŽƚŚĞƉŽƐŝƟŽŶŽĨƚŚŝƐŬĞǇ

ϰ

WƌĞƐĞƚZĞĐĂůů ^ŚŽƌƚƉƌĞƐƐDDKZzƚŽĂĐĐĞƐƐƌĞĐĂůůŝŶƚĞƌĨĂĐĞƵƐĞhWKtEƚŽǀŝĞǁƚŚĞĐŚĂŶŶĞůŵĞŵŽƌŝǌĞĚďǇĞĂĐŚ ŵĞŵŽƌǇƉŽŝŶƚĨƌĞƋƵĞŶĐǇǁŝůůďĞĚŝƐƉůĂǇĞĚĂŌĞƌƐĞůĞĐƟŶŐŽŶĞŵĞŵŽƌǇƉŽŝŶƚƉƌĞƐƐEdZƚŽĐĂůůŽƵƚĂŶĚ ƉůĂǇƚŚĞƉƌŽŐƌĂŵŵĞŵŽƌŝǌĞĚďǇƚŚŝƐŵĞŵŽƌǇƉŽŝŶƚŝĨŝƚŝƐĞŵƉƚǇŵƉƚǇǁŝůůďĞĚŝƐƉůĂǇĞĚ

WƌĞƐĞƚ^ƚŽƌĞ >ŽŶŐƉƌĞƐƐDDKZzƚŽĂĐĐĞƐƐƐƚŽƌĞŝŶƚĞƌĨĂĐĞƵƐĞhWKtEƚŽǀŝĞǁƚŚĞĐŚĂŶŶĞůŵĞŵŽƌŝǌĞĚďǇĞĂĐ ŵĞŵŽƌǇƉŽŝŶƚƚŚĞĨƌĞƋƵĞŶĐǇǁŝůůďĞĚŝƐƉůĂǇĞĚŝĨŝƚŝƐĞŵƉƚǇŵƉƚǇǁŝůůďĞĚŝƐƉůĂǇĞĚŌĞƌƐĞůĞĐƟŶŐŽŶĞ ŵĞŵŽƌǇƉŽŝŶƚƉƌĞƐƐEdZƚŽƐĂǀĞĐƵƌƌĞŶƚůǇƉůĂǇŝŶŐƚŽƐƵĐŚŵĞŵŽƌǇƉŽŝŶƚ hƐĞ,ĞĂĚƐĞƚ tŚĞŶůŝƐƚĞŶŝŶŐŝŶƐĞƌƚƐƚĞƌĞŽŚĞĂĚƐĞƚŝŶƚŽŚĞĂĚƐĞƚũĂĐŬ;ϭϭͿƚŽůŝƐƚĞŶǁŝƚŚŚĞĂĚƐĞƚƉƵůůŝŶŐŽƵƚƚŚĞŚĞĂĚͲƐĞƚĂŶĚǇŽƵůŝƐƚĞŶďǇƵƐŝŶŐďƵŝůƚ-ŝŶůŽƵĚƐƉĞĂŬĞƌ

sŽůƵŵĞĚũƵƐƚŵĞŶƚ

/Ŷ&DŵŽĚĞƵƐĞ;ϵͿŬŶŽďŽŶƚŚĞƌŝŐŚƚƚŽĂĚũƵƐƚƚŚĞǀŽůƵŵĞ

dĞĐŚŶŝĐĂů^ƉĞŝĮĐĂƟŽŶƐ

&ƌĞƋƵĞŶĐǇŽǀĞƌĂŐĞ ĂŶĚϯϭϳϰϵϮϴ-ϮϯϵϮϬϬD,

&Dϴϳϱ-ϭϬϴD,ǌ

DĂǆƵƌƌĞŶƚŽŶƐƵŵƉƟŽŶ≤ϯϱϬŵŚ

DĂǆŝŵƵŵKƵƚƉƵƚWŽǁĞƌ≥ϭt

>ŽƵĚ^ƉĞĂŬĞƌϴΩ ϭtϵϮŵŵĚŝĂ

,ĞĂĚƉŚŽŶĞ^ŽĐŬĞƚϯϱŵŵĚŝĂ

ĞƌŝĂů^ǇƐƚĞŵ&DdĞůĞƐĐŽƉŝĐĞƌŝĂů

WŽǁĞƌ^ƵƉƉůǇϮϮϬϰϱsсϯΎhD-

ŝŵĞŶƐŝŽŶϮϯϳΎϭϮϬΎϱϯŵŵ

tĞŝŐŚƚϰϲϮŐ

:$55$17<&21',7,216

7KH&RPSDQ\ 8OWUD0HGLD*PE+&R+DQGHOV.* )ULHGULFK-3HQVHOHU-6WU

'-/QHEXUJ 7HO-)D[-

0R-'R-)U- ZZZXOWUDPHGLDGH

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

ϱ

75$ - ultramedia.de · (,1/(,781* 6hku jhhkuwhu .xqgh ylhohq 'dqn gdvv 6lh vlfk i u hlqhv...

Documents