Genussschein - Business Angels Saarland...Genussschein - Business Angels Saarland ... de

)&+3*'(c

Genussschein

für

Anton Angel

HiTechInnovatio GmbH

Geschäftsführer

Berlin, am 12. Mai 1999

Dieser Genussschein verbrieftGenussrechte im Nennwert von

Euro 50.000 (i.W. fünfzigtausend Euro)

an Genussrechtskapital der

HiTechInnovatio GmbH

-'&#$$.'/01$?'.1.3*

a_

8NMJKK#NQR%K`N#%#TO

R7%$/0'&

V38'6(['/01$=9.8(#&<(I%1G(<'.(-'$'++$/03=16(?'.1.'1'&(<#./0(AAAAAAA

M%8(=9+*'&<'&(D'&3&&1(3+$(,-'$'++$/03=1,N#&<

V38'(#&<()&$/0.%=16(**=$A(['/01$=9.86(I%1G6(**=$A(?'.1.'1'&(<#./0(AAAAA

M-'&#$$.'/01$234%13+*'D'.6(%8(=9+*'&<'&(3#/0(D'&3&&1(3+$(,"#$%&'$$()&*'+,(M")NN

7%.<(=9+*'&<'.(-'&#$$.'/01$?'.1.3*(*'$/0+9$$'&A

!"#aNWN#SJMOB%'(-'$'++$/03=1(%$1(8%1(-'$'++$/03=1$?'.1.3*(?98(AAAAAAAAAAAAA(*'*.>&<'1(c%&(X9.8('%&'.(-8D^(8%1('%&'8(-'$'++$/03=1$234%13+%&(^Y0'(?9&(H#.9(AAAAAAAA(B%'(-'$'++$/03=1(4+3&1(%0.'(-'$/0P=1$1P1%*2'%1(G#('&17%/2'+&(%8("'.'%/0(M".3&/0'NA(B'.("#$%&'$$4+3&0%'.=>.(%$1(&9/0(G#('&17%/2'+&d(f(%$1(D'%*'=>*1(MI13&<(AAANB%'( -'$'++$/03=1'.?'.$388+#&*( 031( 3#=( <'.( -.#&<+3*'( ?9&( Mu( hNa( <'.( I31G#&*( 38( AAAAAAA( ( <%'( )#$*3D'( ?9&-'&#$$.'/01$234%13+(%8(V'&&7'.1(?9&(AAAAAAA((M8%1('%&'.(I1>/2G30+(?9&(AAAAAAAAANb(D'$/0+9$$'&Ah

B'.("#$%&'$$()&*'+(7%.<(<'8(:&1'.&'08'&(X%&3&G%'.#&*$8%11'+(%&(X9.8(?9&(-'&#$$.'/01$234%13+(G#.(J'.=>*#&*($1'++'&A

h7>777 .NQR%KMT%J#X>.(<'&(H.7'.D(#&<(<%'()#$*'$13+1#&*(<'$(-'&#$$.'/01$234%13+'$(*'+1'&(<%'(-'&#$$.'/01$D'<%&*#&*'&(?98(AAAAAAAB'.( -'&#$$.'/01$234%13+*'D'.( M!"#$%&'$$( )&*'+\6( ")N( ?'.4=+%/01'1( $%/0( *'*'&>D'.( <'.( -'$'++$/03=1( G#( <'&( %&( u( d( %8'%&G'+&'&(D'&3&&1'&(Q'%$1#&*'&A

h7B777 ;XPLQR%NM7^NK75JKLMNKK7)MONPKg

B'.(")(?'.4=+%/01'1($%/0(*'*'&>D'.(<'8(:&1'.&'08'&(=9+*'&<'(Q'%$1#&*'&(G#('.D.%&*'&F;

BY>777 5T#N7-LMPTONB'.(")(=>0.1(<'8(:&1'.&'08'&(-'&#$$.'/01$234%13+(%8(V'&&7'.1(?9&(AAAAA(H#.9((G#(_A(B3$(-'&#$$.'/01$234%13+(%$1(=P++%*(G#.R30+#&*(3#=(<3$(C9&19(<'.(-'$'++$/03=1(V.A(AAAAAAAAAAAAAAAAAAAAAAAA(D'%((AAAAAAAAAAAAAAAAAAAAAAAAAA("QR(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAD%$((G#8((AAAAAAAAAAAA

BYB777 GLNMK%PNLK%JMONM7^NK75)4

B'.( ")( $1'++1( <'.( -'$'++$/03=1( "'.31#&*$S( #&<( 3&<'.'( B%'&$1+'%$1#&*'&( &3/0( E3U*3D'( '%&'$( *'$9&<'.1'&"'.31#&*$?'.1.3*'$(G#.(J'.=>*#&*cjA

)MWN#SJMOF("'%$4%'+'(=>.(B%'&$1+'%$1#&*'&F� 0"TQRLMOF(B'.(")($1'01(<'.(-'$/0P=1$=>0.#&*(3+$("'.31'.(G#.(J'.=>*#&*A(B3$(K93/0%&*(D'G%'01($%/0(%&$D'$9&<'.'(3#=

=9+*'&<'(X'+<'.(<'.(:&1'.&'08'&$=>0.#&*F((((AAAAA(B'.(G'%1+%/0'(:8=3&*(D'8%U1($%/0(&3/0(<'&(#&1'.&'08'.%$/0'&V917'&<%*2'%1'&A(B%'(@3.1'%'&(*'0'&(D'%(J'.1.3*$$/0+#U(<3?9&(3#$6(<3U(<'.(:8=3&*(?9.3#$$%/01+%/0(AAAAAA(4.9(E9&31D'1.3*'&(7%.<A

` :"M%TS%MN%[$N#SF(B'.(")(7%.<($'%&(C9&1321&'1G7'.2(=>.(<%'(-'$'++$/03=1(Y==&'&6(%&$D'$9&<'.'($'%&'(C9&1321'(%&=9+*'&<'&("'.'%/0'&(AAAAAAAAAAAAAAAAAAAAAAAAA

BYC777 !N#KQR$LNONMRNL%KUXPLQR%

B'.(")( %$1(3#/0(&3/0("''&<%*#&*(<%'$'$(J'.1.3*$?'.0P+1&%$$'$(?'.4=+%/01'16(>D'.($P81+%/0'( %08(G#.(C'&&1&%$(*'D.3/01'&9<'.( *'+3&*'&<'&( :&1'.+3*'&6( B31'%'&( 9<'.( $9&$1%*'( L&=9.831%9&'&6( <%'( <%'( -'$'++$/03=1( D'1.'=='&6( I1%++$/07'%*'&( G#D'730.'&(#&<(<%'$'(B.%11'&(%&(2'%&'.(X9.8(G#*P&*+%/0(G#(83/0'&(M?*+A((u(_((<'.(-8DÎ13&<3.<$31G#&*NA

h7C777 !NK%LMO7;N#L"^Q3#=G'%1(#&<(C>&<%*#&*$8Y*+%/02'%1'&(<'$(-'&#$$$/0'%&'$(.%/01'&($%/0(&3/0(<'&(-'&#$$.'/01$D'<%&*#&*'&AH%&'(tD'.1.3*#&*(<%'$'$(-'&#$$$$/0'%&'$(%$1(3#$*'$/0+9$$'&(?9.(<'8(AAAAAAA(cc

h7D777 ,TP`T%"#LKQRN7:PTJKNPI9++1'&('%&G'+&'("'$1%88#&*'&(<%'$'$(J'.1.3*'$(#&7%.2$38(9<'.(#&<#./0=>0.D3.($'%&(9<'.(7'.<'&(9<'.($9++1'($%/0(%&(<'8J'.1.3*('%&'(Q>/2'(0'.3#$$1'++'&6($9(7%.<(0%'.<#./0(<%'(T%.2$382'%1(<'.(>D.%*'&("'$1%88#&*'&(&%/01(D''%&1.P/01%*1AB%'(@3.1'%'&(7'.<'&($%/0(%&('%&'8(<'.3.1%*'&(X3++(>D'.('%&'(7%.2$38'(9<'.(<#./0=>0.D3.'("'$1%88#&*(G#.()#$=>++#&*(<'.Q>/2'($9('%&%*'&6(<3U(S(%8([308'&(<'$(.'/01+%/0(EY*+%/0'&(S(<'.(D'3D$%/01%*1'(7%.1$/03=1+%/0'(R7'/2('..'%/01(7%.<A

].16(B31#8

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA-'$'++$/03=1 "#$%&'$$()&*'+

)&+3*'(c

ae

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((c( B%'("'1'%+%*#&*(?9&("#$%&'$$()&*'+$((23&&(*.#&<$P1G+%/0(3#/0($/09&(?9.(-.>&<#&*('%&'.(C34%13+*'$'++$/03=1

'.=9+*'&A(B%'()#$*3D'(?9&(-'&#$$.'/01'&($'1G1(5'<9/0(?9.3#$6(<3U(<3$(-'&#$$.'/01$234%13+(%&(<'.:&1'.&'08'&$D%+3&G(3#$*'7%'$'&(7'.<'&(23&&

d( B%'(E%17%.2#&*(D'%(<'.(H.$1'++#&*('%&'$("#$%&'$$4+3&'$(%$1(%&(<'.(-.>&<#&*$403$'('%&'(1g4%$/0'6('.$1')#=*3D'&$1'++#&*(=>.('%&'&(3#/0(D'.31'&<'&(")A

a( "'G#*&308'(3#=(<%'(-8D^SI31G#&*6(0%'.F(I13&<3.<$31G#&*

b( L$1(&#.(&Y1%*6(7'&&(-'&#$$$/0'%&'(3#$*'*'D'&(7'.<'&

h( B3(<3$(-'&#$$.'/01(3#/0('%&'&()&$4.#/0(3#=(-'7%&&3&1'%+'('%&.P#816(%$1(<%'(R#$1%88#&*(<'.-'$'++$/03=1'.?'.$388+#&*(DG7A(<'.(^3#41?'.$388+#&*(&917'&<%*A

i( L&()&D'1.3/01(<'.(R%'+$'1G#&*(<'.(:&1'.&'08'&$*.>&<'.6(<%'($%/0(*'.3<'(<%'(#&1'.&'08'.%$/0'(H.=30.#&*#&<(<3$(C9&1321='+<(<'$(")('.$/0+%'U'&(79++'&6(%$1(0%'.('%&'(29&2.'1'(['*'+#&*($%&&?9++A(B#./0$'1GD3.($%&<<%'$'(@=+%/01'&(3++'.<%&*$(&#.6(7'&&($%'(8%1(D'$1%881'&(I3&21%9&'&(D'%(%0.'.(J'.+'1G#&*(?'.2&>4=1($%&<6(GA"AJ'.1.3*$$1.3='&6()#$$/0+#U(<'$(T3&<'+#&*$.'/01'$(9APA

;( B%'(H.D.%&*#&*(<%'$'.(Q'%$1#&*'&($'1G1($%&&?9++'.7'%$'(3#/0('%&'(I4'..=.%$1(?9.3#$6(%&&'.03+D(<'.'.(S(%8(X3++'3&$9&$1'&(=.'%'.(tD'.1.3*D3.2'%1(S(<3$(-'&#$$.'/01$234%13+(&%/01(3&(B.%11'(>D'.1.3*'&(7'.<'&(<3.=AX9.8#+%'.#&*$?9.$/0+3*F(B'.("#$%&'$$()&*'+(<3.=(<%'$'&()&1'%+(38(-'&#U.'/01$234%13+(D%$(G#8(AAAAAA(&%/01?'.P#U'.&(9<'.(3&(B.%11'(3D1.'1'&A

_( :&1'.(<'.(J9.3#$$'1G#&*6(<3U(-'&#$$.'/01$234%13+(3+$(H%*'&234%13+(3#$*'7%'$'&(7'.<'&(23&&6(%$1(<%'R#=>0.#&*(?9&(-'&#$$.'/01$234%13+(($1'#'..'/01+%/0(&%/01(3&<'.$(G#(D'7'.1'&(3+$(5'<'(3&<'.'("'1'%+%*#&*(38I1388S(9<'.(-.#&<234%13+('%&'.(C34%13+*'$'++$/03=1A

e( B%'$'.()D$31G(%$1(&#.(&917'&<%*6(7'&&(<'.(")(&'D'&(<'.((X%&3&G%'.#&*$=#&21%9&(3#/0(29&2.'1'B%'&$1+'%$1#&*'&(=>.(<3$(:&1'.&'08'&('.D.%&*'&($9++6(GA"A("'.31#&*$S(9<'.(J'.8%11+#&*$+'%$1#&*'&A()#$$1'#'.+%/0'&(-.>&<'&(%$1(<%'(29&2.'1'()D*.'&G#&*(?9&(D3.'&(H%&+3*'&(#&<(B%'&$1+'%$1#&*'&($%&&?9++(M?*+AI1'#'.+%/0'(H.+P#1'.#&*'&6()D$/0&%11(aAbAdANA()+$()+1'.&31%?*'$13+1#&*(D%'1'1($%/0(<%'(G#$P1G+%/0'(J'.'%&D3.#&*?9&(B%'&$1+'%$1#&*'&(*'*'&(-'&#$$.'/01$941%9&'&(3&A

cj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

B'.(Q%r#%<%1P1$3D=+#U(D'%(<'.(-'$'++$/03=1((23&&(**=$A(<#./0($9=9.1%*'(H%&G30+#&*(<'$(")(3+$(G#$P1G+%/0'H%&+3*'(3#=(<3$(-'&#$$.'/01$234%13+(3#$*'*+%/0'&(7'.<'&A

)+$()+1'.&31%?'(2Y&&1'($%/0(<%'(J'.'%&D3.#&*(?9&(B%'&$1+'%$1#&*'&((*'*'&(-'&#$$.'/01$941%9&'&(3&D%'1'&AV3/0(<'.(?9&(<'.(X%&3&G?'.73+1#&*(4.321%G%'.1'&(H&<D'$1'#'.#&*(?9&(]41%9&'&(7>.<'(<3$(,^9&9.3.,(=>.(<%'B%'&$1+'%$1#&*(%8(['*'+=3++('.$1(D'%(['3+%$%'.#&*(<'.(]41%9&($1'#'.D3.6($9(<3U('%&'(?9.G'%1%*'Q%r#%<%1P1$D'+3$1#&*(D'%8(")(?'.8%'<'&(7'.<'&A(^%'.('84=%'0+1($%/0(3D'.(%&(5'<'8(X3++'('%&'(J9.3DSC+P.#&*8%1(<'.(G#$1P&<%*'&(X%&3&G?'.73+1#&*(<#./0('%&'()#$2#&=1(9<'.(?'.D%&<+%/0'(R#$3*'A

cc( B%'$'(!?'$1%&*(4'.%9<\($9++($%/0'.$1'++'&6(<3U($%/0(<'.(")(%&(<'.(?9&(<'&(@3.1'%'&(3&*'$1.'D1'&(T'%$'(=>.(<%'-'$'++$/03=1('&*3*%'.1A(tD'.1.P*1('.(<3$(-'&#$$.'/016($9('&1=P++1(=>.(%0&(<'.()&.'%G6(%8([308'&($'%&'.EY*+%/02'%1'&(G#.(T'.1$1'%*'.#&*(<'.(-'$'++$/03=1(D'%G#1.3*'&A(B'$03+D(7%.<(<%'$'(3#/0(%&<%?%<#'++?'.'%&D3.1A(X>.(!"'1.'##&*$%&?'$19.'&\6(<%'(+'<%*+%/0(<%'(-.>&<#&*$403$'(D'*+'%1'&($9++'&(MGA"A(%8([308'&

-'&#$$.'/01$?'.1.3*

bj

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((<'.(1D*(X.>0403$'&=Y.<'.#&*6(23&&(<%'$'(@'.%9<'(2#.G(D'8'$$'&($'%&A("'%('%&'8(:&1'.&'08'.S)&*'+((7%.<$%'(+P&*'.=.%$1%*(='$1*'+'*1(7'.<'&6(GA"A(3&3+9*(<'.(Q3#=G'%1(<'$(-'&#$$.'/01$234%13+'$A

)MPTON7B

bc

8NMJKKKQRNLMaN^LMOJMONM

h7>777 )JKOTaN

B%'( MX%.8'&&38'N(-8D^(M!-'$'++$/03=1\N( ( 031(8%1("'$/0+#U(<'.(-'$'++$/03=1'.?'.$388+#&*(?98

AAAAAA(3#=(<'.(-.#&<+3*'(?9&(Mu(hN(c(<'.(I31G#&*(<%'()#$*3D'(?9&((A(AAAAAAA(3#=(<'&(V38'&(+3#1'&<'&

-'&#$$$/0'%&'&(%&(V'&&7'.1(?9&(5'(H#.9(cjj(D'$/0+9$$'&(dA(B%'()#$*3D'('.=9+*1(G#8(V'&&7'.1A

B%'( )#$*3D'( <'$( -'&#U.'/01$234%13+'$( <%'&1( <'.( -'7%&&#&*( ?9&( X%&3&G%'.#&*$8%11'+&( ?9&

"#$%&'$$()&*'+$(M!")\NA(B%'()#$*3D'('.=9+*1(G#8(V'&&7'.1A

B%'(-'&#$$$/0'%&'(&'08'&(38(-'7%&&(<'.(-'$'++$/03=1(#&<(38(Q%r#%<31%9&$'.+Y$(&3/0(E3U*3D'

=9+*'&<'.("'$1%88#&*'&(1'%+A

B%'(-'&#$$$/0'%&'(7'.<'&(%&(H%&G'+#.2#&<'&(=>.(5'<'&("'.'/01%*1'&(?'.D.%'=1A(B%'(-'&#$$$/0'%&'

7'.<'&(%&('%&(['*%$1'.('%&*'1.3*'& a.

Die Übertragung der Genussscheine bedarf der Zustimmung der Gesellschaft 4.

h7B777 @L%OPLN^KQRTX%KiRMPLQRN7.NQR%N

B'.( -'&#$$$/0'%&234%13+*'D'.( 7%.<( &%/01( -'$'++$/03=1'.( <'$( :&1'.&'08'&$A( H.( %$1( 5'<9/0

D'.'/01%*16(=9+*'&<'(['/01'(%&(*+'%/0'.(DG7A(P0&+%/0'.(T'%$'(7%'('%&(-'$'++$/03=1'.(3#$G#>D'&F

BY>777 +NLPMTRWN7TM78NKNPPKQRTX%N#`N#KTWWPJMO

B'.(")(7%.<( %&(*+'%/0'.(T'%$'(7%'('%&(-'$'++$/03=1'.( G#( <'&(-'$'++$/03=1'.?'.$388+#&*'&( f( G#.

^3#41?'.$388+#&*( *'+3<'&A( H.( 031( <3$( 0Y/0$14'.$Y&+%/0'( ['/01( G#.( Z'%+&308'( 3&( <%'$'&

J'.$388+#&*'&( #&<( %$1( %&( *+'%/0'.( T'%$'( 7%'( <%'( -'$'++$/03=1'.( D'.'/01%*16( )#$2#&=1( >D'.( <%'

(((((((((((((((((((((((((((((((((((((((((((c( "'G#*&308'(3#=(<%'(-8D^SI31G#&*6(0%'.F(I13&<3.<$31G#&*d( B3(<3$(-'&#$$.'/01(3#/0('%&'&()&$4.#/0(3#=(-'7%&&3&1'%+'('%&.P#816(%$1(<%'(R#$1%88#&*(<'.

-'$'++$/03=1'.?'.$388+#&*(DG7A(<'.(^3#41?'.$388+#&*(&917'&<%*Aa( -'&#$$$/0'%&'($%&<(T'.1434%'.'A("'%(<'.()#$*3D'(>D'.(I1>/2'?'.G'%/0&%$$'(8>$$'&(*'$9&<'.1'

J'.'%&D3.#&*'&(8%1(<'8(L&03D'.(<'$(I1>/2'?'.G'%/0&%$$'$(*'1.9=='&(7'.<'&Ab( )#=(<%'$'(T'%$'(D'0P+1((<%'(-'$'++$/03=1(<'&(H%&=+#U(3#=(<%'(R#$388'&$'1G#&*(<'$(-'$'++$/03=1'.2.'%$'$A

)#/0(7%.<($%/0'.*'$1'++16(<3U(<'.(")(<'&(-'&#$$$/0'%&('.$1(&3/0(H.D.%&*#&*('%&'$(?9&(%08(**=$A(%&<%?%<#'++'.73.1'1'&("'%1.3*'$(G#.(:&1'.&'08'&$'&17%/2#&*(>D'.1.P*1A

-'&#$$$/0'%&D'<%&*#&*'&

bd

"'+3&*'(<'.(-'$'++$/03=1(G#(?'.+3&*'&A(J9&(<'.(I1%883D*3D'(%$1('.(3#$*'$/0+9$$'&A(H%&(['/01(G#.

)&='/01#&*(?9&("'$/0+>$$'&(<'.(J'.$388+#&*($1'01(%08(&%/01(G#(hA

2.2 7 &MX"#WT%L"MK#NQR%N7g

B'.(")('.0P+1(L&=9.831%9&'&(>D'.(<%'(Q3*'(<'$(:&1'.&'08'&$(%&(8%&<'$1'&$(*+'%/0'.(T'%$'(7%'(<%'

-'$'++$/03=1'.(;A(H.(031(%&$D'$9&<'.'()&$4.#/0(3#=

3N H%&$%/01&308'(%&(<%'(o30.'$3D$/0+>$$'(#&<(<'&(H.+P#1'.#&*$D'.%/01

DN tD'.8%11+#&*( 3++'.( L&=9.831%9&'&( >D'.( <'&( -'$/0P=1$*3&*6( %&( *+'%/0'.( T'%$'( 7%'( '%&

-'$'++$/03=1'.

BYC777 -M%KNM^JMOK#NQR%7LM7^NM75NL#T%7j

)++'&( -'&#$$$/0'%&234%13+*'D'.( $1'01( ( '%&( *'8'%&$/03=1+%/0'$( ['/01( G#.( H&1$'&<#&*( %0.'$

J'.1.'1'.$f(%0.'.(J'.1.'1'.(%&(<'&("'%.31(<'.(-'$'++$/03=1(G#A

B%'( -'&#$$$/0'%&234%13+*'D'.( '.1'%+'&( <'8( %&( <'&( "'%.31( '&1$3&<1'&( J'.1.'1'.( J9++83/016( <%'

L&1'.'$$'&(<'.(-'&#$$$/0'%&234%13+*'D'.(G#(?'.1.'1'&A

h7C777 -#ONaMLKaN%NLPLOJMO

Die Ergebnisbeteiligung der Genussscheininhaber bemißt sich wie folgt:

CY>777 8N$LMMaN%NLPLOJMO

B3$( -'&#$$$/0'%&234%13+( %$1( %&( *+'%/0'.( T'%$'( 38( -'7%&&( <'$( :&1'.&'08'&$( D'1'%+%*1( 7%'( <3$

I1388234%13+(M?*+A(u(cj(<'.(I13&<3.<$31G#&*N(eA

(((((((((((((((((((((((((((((((((((((((((((h( ?*+A(u(_AcA(<'.(I13&<3.<$31G#&*i( ?*+A(u(_AcA(<'.(I13&<3.<$31G#&*;( %&(<'.(@.3O%$(7%.<('%&'(7'$'&1+%/0(%&1'&$%?'.'(L&=9.831%9&(#&<(H%&D%&<#&*(%&$D'$9&<'.'(<'.(:&1'.&'08'.(S

H&*'+($1311=%&<'&_( ?*+A(u(cbAc(<'.(I13&<3.<$31G#&*e( B%'$'(-'$13+1#&*(*'01(?9&('%&'.(-+'%/0D'03&<+#&*(?9&(-'$'++$/03=1'.&(#&<(")(3#$A()D7'%/0'&<'

['*'+#&*'&($%&<(<'&2D3.6(GA"A(*3.3&1%'.1'(E%&<'$13#$$/0>11#&*A(^%'.=>.(2Y&&1'(<'8(")('%&(T30+.'/01'%&*'.P#81(7'.<'&6(<3$(D'%("'*'D#&*(<'$(-'&#$$$/0'%&234%13+'$(3#$*'>D1(7'.<'&(23&&A(L&(<%'$'8(X3++'(%$13#/0(<'&2D3.6(<3U(<%'(E%&<'$1?'.G%&$#&*(D'%8(H8%11'&1'&(#A:A(3+$("'1.%'D$3#$*3D'(*'7%&&8%&<'.&<D'.>/2$%/01%*1(7'.<'&(23&&(M?*+A(u(_()D$A(a(CI1-N

)MPTON7B

ba

B'.(-'7%&&3&1'%+(4.9(-'&#$$/0'%&(D'1.P*1('%&( MI1>/2G30+(3#$*'*'D'&'.(-'&#$$/0'%&'NS$1'+( ( <'$

3#=(<3$(-'&#$$$/0'%&234%13+('&1=3++'&<'&()&1'%+$(38(83U*'D+%/0'&(o30.'$'.*'D&%$A

B'.()&1'%+(<'$(-'&#$$$/0'%&234%13+'$(38(83U*'D+%/0'&(o30.'$'.*'D&%$(D'.'/0&'1($%/0(&3/0(<'8

J'.0P+1&%$(?9&(-'&#$$$/0'%&234%13+(G#8(I1388234%13+(cj(G#("'*%&&(<'$(-'$/0P=1$530.'$A

E3U*'D+%/0'$(o30.'$'.*'D&%$( %8(I%&&'(<'.(-'&#$$$/0'%&D'<%&*#&*'&( %$1( <'.("%+3&G*'7%&&(&3/0

I1'#'.&(3DG>*+%/0(D'$/0+9$$'&'.(R#=>0.#&*'&(G#(<'&([>/2+3*'&(ccA(B%'(-'7%&&D'1'%+%*#&*('.=9+*1

#&1'.( "'.>/2$%/01%*#&*( <'$( =>.( <%'( T3&<'+#&*( <'$( -'&#$$$/0'%&234%13+'$( %&( I1388234%13+

*'+1'&<'&(T3&<'+#&*$?'.0P+1&%$$'$(Mu(cjNA

)+$( "'8'$$#&*$*.#&<+3*'( =>.( <%'( H.8%11+#&*( <'$( ( 3#=( <3$( -'&#$$$/0'%&234%13+( '&1=3++'&<'&

-'7%&&3&1'%+'$(7%.<('%&(=%21%?'.6(G#$P1G+%/0'.(-'$/0P=1$3&1'%+(*'D%+<'16(<'$$'&(^Y0'($%/0(&3/0(<'8

J'.0P+1&%$( <'$( V'&&7'.1'$( <'$( 3#$*'*'D'&'&( -'&#$$$/0'%&234%13+'$( G#8( I1388234%13+( #&1'.

"'.>/2$%/01%*#&*(<'$(T3&<'+#&*$?'.0P+1&%$$'$(=>.(<3$(-'&#$$$/0'%&234%13+('.*%D1(cdA

(((((((((((((((((((((((((((((((((((((((((((cj( ^%'.(2Y&&'&(5'(&3/0()#$*3&*$$%1#31%9&(3D7'%/0'&<'(C34%13+<'=%&%1%9&'&(*'7P0+1(7'.<'&6(GA"A(I1388234%13+

M*'G'%/0&'1'$(C34%13+6(**=$A(3DG>*+%/0(3#$$1'0'&<'.(H%&+3*'&6(w(C34%13+.>/2+3*'&6(w(-'7%&&.>/2+3*'&6(w"%+3&G*'7%&&f(S("%+3&G?'.+#$16(**=$A(w(-'$'++$/03=1'.<3.+'0'&

cc( B'.("%+3&G*'7%&&(%$1(<%'(.'*'+8PU%*'("'G#*$*.YU'(=>.(<%'(-'7%&&?'.1'%+#&*(%8(:&1'.&'08'&A()D7'%/0'&<'J'.'%&D3.#&*(3&<'.'.("'G#*$*.YU'&(%$1(<'&2D3.6(GA"A('%&()&1'%+(38(/3$0(=+976(7'&&($%/0(D'%8(")3D7'%/0'&<(?9&(<'&(-'$'++$/03=1'.&(<%'()#=7'&<#&*'&(=>.()D$/0.'%D#&*'&(?9&(L&?'$1%1%9&'&(&%/01'&1$4.'/0'&<(*'7%&&8%&<'.&<(3#$7%.2'&($9++'&A(H%&'($9+/0'(-'$13+1#&*(2P8'(%8(H.*'D&%$('%&'.J9.G#*$<%?%<'&<'(*+'%/0A

B'&2D3.($%&<(3#/0(-'$13+1#&*'&6(D'%(<'&'&(<'.(")(&#.(38(H.*'D&%$(D'$1%881'.(:&1'.&'08'&$1'%+'(9<'.D'$1%881'.(:&1'.&'08'&$321%?%1P1'&(D'1'%+%*1($'%&($9++6(GA"A(3#$(<'.(J'.7'.1#&*('%&'$(D'$1%881'&(@31'&1'$A

^%'.(G'%*1($%/0(3#/0(<%'(%8(J'.*+'%/0(G#('%&'.(#&8%11'+D3.'&(-'$'++$/03=1$D'1'%+%*#&*(*.YU'.'(X+'O%D%+%1P1(<'$-'&#$$$/0'%&234%13+'$A

cd( )#=(<%'$'(T'%$'(7%.<(<%'(?9++$1P&<%*'(-+'%/0D'03&<+#&*(8%1(<'&(-'$'++$/03=1'.&(<'$(:&1'.&'08'&$*'7P0.+'%$1'1A

-'&#$$$/0'%&D'<%&*#&*'&

bb

B%'(-'7%&&D'1'%+%*#&*($1'++1($%/0(D'%$4%'+03=1($98%1(<3.(7%'(=9+*1F

;"KL%L"M 5N%#TO

-'$'++$/03=1$234%13+(MI1388234%13+N cjjAjjj6jj

-'&#$$.'/01$234%13+ cjjAjjj6jj

T3&<'+#&*$?'.0P+1&%$ cfcj

-'7%&& hjAjjj6jj

-'7%&&3&1'%+(I1388234%13+ bhAbhb6hh

-'7%&&3&1'%+(-'$'++$/03=1$234%13+ bAhbh6bh

B%'( R30+#&*( <'$( -'7%&&3&1'%+'$( '.=9+*1( 3&( <'&( %8( -'&#$$$/0'%&.'*%$1'.( G#8( R'%14#&21( <'.

XP++%*2'%1('%&*'1.3*'&'&(L&03D'.A

X>.(<%'(-'7%&&D'.'/01%*#&*($%&<(<%'(J'.0P+1&%$$'(G#8(XP++%*2'%1$G'%14#&21(*'8PU(u(b(83U*'D'&<A

X>.(<'&(:8=3&*(<'.(-'7%&&D'.'/01%*#&*(29881('$(&%/01(<3.3#=(3&6(7%'(+3&*'(<%'(J9.3#$$'1G#&*'&

=>.(<%'(-'7%&&D'.'/01%*#&*(38(XP++%*2'%1$13*(D'$13&<'&(03D'&A

CYB777 +NLPMTRWN7TM7PTJXNM^NM7!N#PJK%NM

I97'%1( <%'( -'$'++$/03=1( 2'%&'&( "%+3&G*'7%&&( 3#$7'%$16( =%&<'1( '%&'( )#$$/0>11#&*( 3#=( <3$

-'&#$$$/0'%&234%13+(&%/01($1311A(B'.( %&()&7'&<#&*(<'.(['*'+#&*'&(>D'.(<%'(-'7%&&3#$$/0>11#&*

3&1'%+%*( 3#=( <3$( -'&#$$$/0'%&234%13+( '&1=3++'&<'( J'.+#$1( 7%.<( 3#=( '%&'8( *'$9&<'.1'&

J'.+#$1?9.1.3*$29&19( 3#$*'7%'$'&A( )#$$/0>11#&*'&( 3#=( <3$( -'&#$$$/0'%&234%13+( ( <>.='&( %&( <'&

=9+*'&<'&(-'$/0P=1$530.'&('.$1(7%'<'.('.=9+*'&6(7'&&(<'.(*'$9&<'.1'(J'.+#$1?9.1.3*(3#$(<'&(3#=

<3$(-'&#$$$/0'%&234%13+('&1=3++'&<'&(-'7%&&3&1'%+'&(<'.(X9+*'530.'(*'1%+*1(79.<'&(%$1(caA(H.03+1#&*

<'$(-'&#$$$/0'%&234%13+'$

L$1( %&=9+*'( <'.( Z'%+&308'( 3&( +3#='&<'&( J'.+#$1'&( '%&'( E%&<'.#&*( <'$( -'&#$$$/0'%&234%13+'$

'%&*'1.'1'&6($9(%$1(<%'$'$(3#$(<'&(-'7%&&'&(&3/0=9+*'&<'.(-'$/0P=1$530.'(?9..3&*%*(?9.(3&<'.'&

-'7%&&?'.7'&<#&*'&6( 3#U'.( R#=>0.#&*'&( G#( '173%*'&( *'$'1G+%/0'&( [>/2$1'++#&*$S( 9<'.

[>/2+3*'?'.4=+%/01#&*'&6(7%'<'.(3#=G#=>++'&A

(((((((((((((((((((((((((((((((((((((((((((ca( )#=(<%'$'(T'%$'(7%.<($%/0'.*'$1'++16(<3U(<'.(")(&%/01(D'$$'.(*'$1'++1(7%.<(3+$(<%'(>D.%*'&(-'$'++$/03=1'.A

)+1'.&31%?'F(='$1'(9<'.(E%&<'$1G%&$'&(D'<'#1'1(%&$97'%1()#$$/0+#U(<'.(J'.+#$1D'1'%+%*#&*x()#$$/0>11#&*'&0%'.3#=(8%&<'.&(<'&($1'#'.4=+%/01%*'&(-'7%&&(<'.(-'$'++$/03=1(M?*+A(dAcA(<'.($1'#'.+%/0'&(H.+P#1'.#&*'&N

)MPTON7B

bh

h7D777 /NL%UJMS%7^N#7/TRPJMO

B'.(3#=(<%'(-'&#$$$/0'%&'('&1=3++'&<'(-'7%&&3&1'%+( %$1(*+'%/0G'%1%*(8%1(<'.(-'7%&&3#$$$/0>11#&*

3#=(<3$(I1388234%13+(=P++%*6($4P1'$1'&$(G#8(ajAiA(<'$(3#=(<3$(<'.()#$$/0>11#&*(G#*.#&<'+%'*'&<'

-'$/0P=1$530.(=9+*'&<'&(C3+'&<'.530.'$(cbA

h7H777 .TMO

B%'(-'7%&&3&$4.>/0'(<'$(-'&#$$$/0'%&234%13+'$($%&<(*+'%/0.3&*%*(G#(<'&'&(<'$(I1388234%13+'$(chA

§ 6 7 :TUL%TP`N#iM^N#JMONM

gY>777 :TUL%TPN#R_RJMO

C34%13+'.0Y0#&*'&( <>.='&( &#.( G#( <'&( <'8( 321#'++'&( :&1'.&'08'&$7'.1( 3&*'8'$$'&'&

"'<%&*#&*'&(#&1'.(R#=>0.#&*('%&'$('173%*'&()#=*'+<'$(G#(<'&(=.'%'&([>/2+3*'&('.=9+*'&(ciA

B%'( -'&#$$$/0'%&%&03D'.( 03D'&( ?9.D'03+1+%/0( '%&'$( '173%*'&( *'$'1G+%/0'&( "'G#*$.'/01'$( %&

)&$'0#&*(<'$(&'#(*'$/03=='&'&(I1388234%13+'$(2'%&("'G#*$.'/01c;A

(((((((((((((((((((((((((((((((((((((((((((cb( L$1(D'%('%&'8(?98(C3+'&<'.530.(3D7'%/0'&<'&(-'$/0P=1$530.('&1$4.'/0'&<(G#(89<%=%G%'.'&Ach( H%&(J9..3&*(<'$(-'&#$$$/0'%&234%13+'$(2P8'(%&("'1.3/01(GA"A(D'%(J'.'%&D3.#&*('%&'.(*3.3&1%'.1'&

E%&<'$13#$$/0>11#&*Aci( J*+A(u(hAhA(<'.(I13&<3.<$31G#&*x(3#$("'$1%8810'%1$*.>&<'&(%$1(<%'(E'109<'(<'.(:&1'.&'08'&$D'7'.1#&*(0%'.

?9.G#*'D'&c;( )+1'.&31%?(2Y&&1'(<3$(*+'%/0'6(7%.1$/03=1+%/0'(H.*'D&%$(3#/0(3#=(=9+*'&<'8(T'*('..'%/01(7'.<'&F

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

-'&#$$$/0'%&D'<%&*#&*'&

bi

-+'%/0'$( *%+1( D'%( <'.( )#$*3D'( ?9&( I/0#+<?'.$/0.'%D#&*'&6( <%'( 8%1( '%&'.( T3&<'+#&*$941%9&

3#$*'$1311'1($%&<6($97%'(D'%(<'.()#$*3D'(G#$P1G+%/0'&(-'&#$$$/0'%&234%13+'$A

6.2 7 :TUL%TPRN#TaKN%[JMO

Wird das Stammkapital der Gesellschaft nach völliger Auflösung der freien Rücklagen und der

gesetzlichen Rücklage herabgesetzt, um eingetretene Wertminderungen auszugleichen oder

sonstige, auch drohende Verluste zu decken, so vermindert sich der Nennwert des

Genussscheinkapitales im gleichen Verhältnis.

Treten Verluste, wegen deren befürchtetem Eintritt Rückstellungen in der Bilanz gebildet wurden,

nicht ein, so lebt das Genussscheinkapital im gleichen Verhältnis wieder auf, wie die für die

drohenden Verluste gebildeten Rückstellungen in der Bilanz wieder aufgelöst werden. Maßgeblicher

Zeitpunkt ist der Stichtag der Auflösung der Rückstellungen.

B%'(-'$'++$/03=1( %$1(?'.4=+%/01'16(?'.1.3*$7%<.%*'("''%&1.P/01%*#&*'&(<'$(-'&#$$$/0'%&234%13+'$(G#

#&1'.+3$$'&( DG7A( G#( #&1'.D%&<'&A( J'.+'1G1( $%'( <%'$'( @=+%/01( $/0#+<03=16( $9( %$1( $%'( G#8( H.$31G( <'$

<3.3#$('&1$1'0'&<'&(#&8%11'+D3.'&(I/03<'&$(<'$(-'&#$$$/0'%&%&03D'.$(?'.4=+%/01'1A

§ 7 7 5N%NLPLOJMO7TW7*LbJL^T%L"MKN#P_K7>j

Im Falle der Liquidation des Gesellschaft unter Realisierung eines Liquidationsgewinnes ist der BA

in gleicher Weise am Liquidationserlös der Gesellschaft beteiligt wie ein Gesellschafter. Sein Anteil

am Liquidationserlös bemißt sich in gleicher Weise wie sein Gewinnanteil ce.

h7j777 5N%NLPLOJMO7TW7*LbJL^T%L"MK`N#PJK%=7.TMO#ZQS%#L%%

['%/01(<'.(Q%r#%<31%9&$'.+Y$(&%/01(G#.("'=.%'<%*#&*(3++'.(J'.D%&<+%/02'%1'&(<'.(-'$'++$/03=1(#&<(G#.

[>/2G30+#&*(<'$(-'&#$$$/0'%&234%13+'$(G#8(V'&&7'.1(3#$6($9(1.%11(<'.()&$4.#/0(3#=()#$G30+#&*

<'$( -'&#$$$/0'%&234%13+'$( 0%&1'.( $P81+%/0'( $9&$1%*'&( )&$4.>/0'( *'*'&( <%'( -'$'++$/03=16( 8%1

)#$&308'( <'.( H%*'&234%13+=9.<'.#&*'&( <'.( -'$'++$/03=1'.6( %&2+A( [>/2=9.<'.#&*$3&$4.>/0'( =>.

234%13+'.$'1G'&<'(B3.+'0'&(<'.(-'$'++$/03=1'.6((G#.>/2(djA

(((((((((((((((((((((((((((((((((((((((((((c_( J*+A(u(dj(<'.(I13&<3.<$31G#&*x(B%'("'1'%+%*#&*(3&('%&'8(Q%r#%<31%9&$'.+Y$(#&<(<38%1(<%'("'1'%+%*#&*(3&(<'.

T'.1$1'%*'.#&*(<'$(:&1'.&'08'&$(%$1(%&(<'.(['*'+(@.%8P.G%'+(<'$(")Ace( B%'$(D'<'#1'16(<3U(<'.(-'&#$$$/0'%&%&03D'.(G#&P/0$1($'%&(-'&#$$$/0'%&234%13+(G#.>/2'.0P+1Adj( ^%'.('.=9+*1('%&'("'$$'.$1'++#&*(<'$(-'&#$$$/0'%&234%13+*'D'.$6(<%'(%&('%&'.(=.>0'&(@03$'(<%'(-'7%&&#&*

?9&(C34%13+*'D'.&('.+'%/01'.&(<>.=1'A(B%'(-.>&<'.(1.3*'&(0%'.<#./0('%&($1.#21#.'++(+'%/01(0Y0'.'$([%$%29(<'$C34%13+?'.+#$1'$(3+$(<'.("#$%&'$$()&*'+A

)MPTON7B

b;

h74777 *TJX[NL%=7:ZM^LOJMO

9.1 7 *TJX[NL%

Die Laufzeit dc des Genussscheinanteiles beträgt (z.B. sieben Jahre) dd. Sie endet am .........

C>&<%*1(2'%&'(<'.(D'%<'&(@3.1'%'&(<'&((-'&#$$$/0'%&3&1'%+(G#8(H&<'(<%'$'.(Q3#=G'%16($9(?'.+P&*'.1

$%/0(<%'(Q3#=G'%1(<'$()&1'%+'$(3#19831%$/0(#8(7'%1'.'(AAAAAAA(o30.'(da( ()8(H&<'(<'.(&'#'&(Q3#=G'%1

*%+1(?9.$1'0'&<'(['*'+#&*('&1$4.'/0'&<A

4YB777 :ZM^LOJMOK#NQR%7^NK75JKLMNKK7)MONP

4YBY>7 )JkN#"#^NM%PLQRN7:ZM^LOJMO

Dem Inhaber des Genussrechtes steht während der Laufzeit nur ein außerordentliches

Kündigungsrecht zu, und zwar in folgenden Fällen:

a) Formwandelnde Umwandlung der Gesellschaft in eine Personengesellschaft 24

b) Verschmelzung der Gesellschaft mit einer anderen Gesellschaft

c) Abschluß von Unternehmensverträgen mit einem herrschenden Unternehmen

d)( Übernahme von mehr als 75% der Geschäftsanteile durch einen Gesellschafter 25

e)( Kündigung der Gesellschaft durch den/ die Gesellschafter (Name/n) oder dessen

Ausscheiden in sonstiger Weise 26

(((((((((((((((((((((((((((((((((((((((((((dc( T'*'&(<'.(D%+3&G%'++'&("'.>/2$%/01%*#&*(3+$(H%*'&234%13+($9++1'(<%'(Q3#=G'%1(&3/0(<'.('&1$4.'/0'&<'&

I1'++#&*&308'(<'$(L<T(M^X)(cfceeb6(T4*(ceeb6(bceN(,+P&*'.=.%$1%*,($'%&dd( B%'(Q3#=G'%1($9++1'(3D*'$1%881($'%&(3#=(<'&("#$%&'$$4+3&6(%&$D'$9&<'.'(<'&(X%&3&G%'.#&*$4+3&6(#&<(<'&

R'%1.3#8(D%$(8%&<'$1'&$(&3/0(<'.('.$1'&(*'4+3&1'&()#$$1%'*$8Y*+%/02'%1(=>.(<'&("#$%&'$$()&*'+(#8=3$$'&da( B%'$'(['*'+#&*(%$1($%&&?9++6(7'&&($%/0(<%'(J'.0P+1&%$$'($'%1("'1'%+%*#&*$D'*%&&(&%/01($9('&17%/2'+1(03D'&6(7%'

#.$4.>&*+%/0(?9&(<'&(@3.1'%'&('.73.1'1A(B3&&(03D'&($%'(7'%1'.0%&(<%'(=.'%'(H&1$/0'%<#&*6(9D($%'(<3$H&*3*'8'&1(7%'(D%$0'.(=9.1$'1G'&(9<'.(%&('%&'.(<'.(?9.*'$/0+3*'&'&(T'%$'&(!3D7%/2'+&\((79++'&A

db( R%'+(<'$(")(7%'(3#/0(?9&(JKS-'$'++$/03=1'&(%$1('%&("Y.$'&*3&*A(H%&'(:873&<+#&*(%&('%&'@'.$9&'&*'$'++$/03=1(G'%*16(<3U(<%'(-'$'++$/03=1(<%'$'$(R%'+(&%/01(M8'0.N(?'.=9+*1A

dh( ^%'.<#./0(2Y&&'&($%/0(<%'(E3/01?'.0P+1&%$$'('.0'D+%/0(P&<'.&A

-'&#$$$/0'%&D'<%&*#&*'&

b_

f)( Kündigung der Gesellschaft durch einen Gesellschafter, der mehr als 25% des

Stammkapitales auf sich vereinigt, oder dessen Ausscheiden aus der Gesellschaft in

sonstiger Weise 27

Eine solche Kündigung durch den Genussscheininhaber kann nur innerhalb von einem Monat 28

nach dem Zeitpunkt erklärt werden, in dem die Maßnahme, welche die Kündigung rechtfertigt, im

Bundesanzeiger bekanntgegeben worden (§ 17 des Gesellschaftsvertrages) bzw. ihm in sonstiger

Weise bekannt geworden ist. Sie wird wirksam zum Ende des laufenden Geschäftsjahres.

B%'(['/01$=9+*'&(D'8'$$'&($%/0(%&(<%'$'8(X3++'(&3/0(u(e()D$A(aAdA(<%'$'.("'<%&*#&*'&A

4YBYB7 1#^NM%PLQRN7:ZM^LOJMO

Die ordentliche Kündigung des Genussscheinanteiles kann nur mit einer Frist von sechs Monaten

zum Ende der Laufzeit (§ 9 Abs. 1) erfolgen.

Kündigt der Business Angel den Genussscheinanteil, so ist der Wert des Genussscheinanteiles mit

Wirkung zum nächsten Bilanzstichtag auszubezahlen. B'.( T'.1( D'8%U1( $%/0( 83&*'+$( 321#'++'.

E3.21D'7'.1#&*'&(&3/0(=9+*'&<'.("'7'.1#&*$8'109<'(deF(AAAAAAAAAAAA

B%'( -'$'++$/03=1( 031( <3$( ['/016( $1311( )#$G30+#&*( des Wertes den Genussscheinanteil in einen

Gesellschaftsanteil gemäß § 10 zu wandeln aj.

Der Genussscheininhaber kann die Wandelung ablehnen, und stattdessen Auszahlung des

Genussscheines zum bilanziellen Nennwert, zuzüglich einer Mindestaussschüttung in Höhe von

.....% p.a. seit Beginn des Laufzeit des Genussscheines verlangen. Auf den Genussschein während

der Laufzeit erfolgte Gewinnausschüttungen sind von der Mindestausschüttung in vollem Umfang

abzuziehen 31.

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((di( "'%('%&'.(D'$9&<'.'&()D0P&*%*2'%1(<'$(:&1'.&'08'&$'.=9+*'$(?9&(D'$1%881'&(@'.$9&'&(#A:A($%&&?9++Ad;( L&(<%'$'8(X3++'(1.'1'&(?Y++%*(&'#'(E3/01?'.0P+1&%$$'('%&6(<%'(<%'(!-'$/0P=1$*.#&<+3*'\(=>.(<'&(")(?'.P&<'.&

2Y&&'&Ad_( C#.G'(X.%$1(%$1(%8(L&1'.'$$'(<'.(['/01$$%/0'.0'%1(=>.(<%'(-'$'++$/03=1($%&&?9++Ade( ^%'.($9++1'('%&'(29&2.'1'("'7'.1#&*$8'109<%2(8%1(29&2.'1'&("'7'.1#&*$43.38'1'.&(?9.*'*'D'&(7'.<'&6(<%'

$%/0(GA"A(3&(<'.(=>.(<%'(-'7P0.#&*(<'$(-'&#$$$/0'%&234%13+'$(G#*.#&<'*'+'*1'&(E'109<'(9.%'&1%'.1(M(GA"A(<%'B%$/9#&1'<(K3$0SX+97SE'109<'NA(H%&'($9+/0'("'7'.1#&*(23&&(5'<9/0(G#8()#=<'/2'&($1%++'.(['$'.?'&(D'%(<'.-'$'++$/03=1(#&<(<38%1(G#(&'*31%?'&($1'#'.+%/0'&(X9+*'&(=>.(<%'(-'$'++$/03=1(=>0.'&A

aj( B%'$'(['*'+#&*(<%'&1(<'8(I/0#1G(<'.(-'$'++$/03=1(?9.('%&'8(&%/01(?9.0'.$'0D3.'&(Q%r#%<%1P1$3D=+#U((G#.:&G'%1(D'%(C>&<%*#&*(<#./0(<'&(")A(B%'$('&1$4.%/01(3#/0(<'.(D'%<'.$'%1%*'&(L&1'.'$$'&+3*'(D'%()D$/0+#U(<'$-'&#$$$/0'%&?'.1.3*'$A

ac( B%'$'("'$1%88#&*(<%'&1(<'8(I/0#1G(<'$(-'&#$$$/0'%&%&03D'.$(?9.('%&'8(G73&*$7'%$'&(J'.D+'%D(%&('%&'.*'$'++$/03=1$.'/01+%/0'&("%&<#&*A(B'.(-'&#$$$/0'%&%&03D'.(23&&($1311(<'.(T3&<'+#&*($'%&'$-'&#$$$/0'%&'$(%&('%&'&(-'$/0P=1$3&1'%+(?'.+3&*'&6(&3/01.P*+%/0(7%'('%&(X.'8<234%13+*'D'.(*'$1'++1(G#7'.<'&A

)MPTON7B

be

4YC777 :ZM^LOJMOK#NQR%7^N#78NKNPPKQRTX%

4YCY>7 )JkN#"#^NM%PLQRN7:ZM^LOJMO

B%'(-'$'++$/03=1 ist berechtigt, diesen Vertrag aus wichtigem Grunde mit Wirkung zum nächsten

Bilanzstichtag zu kündigen, wenn der BA seinen Verpflichtungen aus dem Genussrechtsvertrag

nach Fristsetzung und Ablehnungsandrohung nicht nachkommt.

Wichtiger Grund für eine außerordentliche Kündigung sind die Verletzung der Genussschein-

bedingungen oder ein grober Verstoß gegen die Gesellschaftsinteressen.

"'%('%&'.(C>&<%*#&*(<'$(-'&#$$$/0'%&3&1'%+'$(<#./0(<%'(-'$'++$/03=1(3#$(7%/01%*'8(-.#&<('.=9+*1

<%'([>/2G30+#&*(G#8(D%+3&G%'++(3#$*'7%'$'&'&(T'.1(<'$(-.#&<.'/01$234%13+'$(adA

4YCYB7 1#^NM%PLQRN7:ZM^LOJMO

B%'(-'$'++$/03=1(23&&(<3$(-'&#$$.'/01$234%13+(3#U'.(%&(<'&(XP++'&(<'$(u(e()D$A(a(R%==A(c(&#.(G#8

H&<'(<'.(?'.'%&D3.1'&(Q3#=G'%1(2>&<%*'&A

L&( <%'$'8( X3++'( %$1( <'.( <'8( 3&1'%+%*'&( :&1'.&'08'&$7'.1( '&1$4.'/0'&<'( T'.1( <'$

-'&#$$$/0'%&3&1'%+'$( 3&( <'&( "#$%&'$$( )&*'+( 3#$G#D'G30+'&A( B%'( T'.1D'.'/0&#&*( '.=9+*1

'&1$4.'/0'&<(<'.(['*'+#&*(<'$(u(e()D$A(d(R%==A(d(<%'$'$(J'.1.3*'$A

B'.( ("#$%&'$$()&*'+( 031( <3$(['/016( $1311<'$$'&(<%'(T3&<'+#&*( %&( '%&'&(-'$/0P=1$3&1'%+( G#( <'&

*+'%/0'&("'<%&*#&*'&(7%'(D'%()#$>D#&*(<'$(T3&<'+#&*$.'/01'$(&3/0(u(cj(G#(?'.+3&*'&(aaA

(((((((((((((((((((((((((((((((((((((((((((ad( )+$(I3&21%9&(*'*'&>D'.('%&'8(1.'#'7%<.%*'&(-'&#$$$/0'%&*'D'.$('.=9+*1(%&(<%'$'&(XP++'&(2'%&'("'1'%+%*#&*

3&('%&'.(G7%$/0'&G'%1+%/0(8Y*+%/0'.7'%$'('%&*'1.'1'&'&(:&1'.&'08'&$7'.1$1'%*'.#&*Aaa( B'.(")($9++(<#./0(<3$(C>&<%*#&*$.'/01(<'.(-'$'++$/03=1(*.#&<$P1G+%/0(&%/01(90&'('&1$4.'/0'&<'&

7%.1$/03=1+%/0'&(-'*'&7'.1(3#$(<'.(-'$'++$/03=1(,0%&3#$*'<.P&*1,(7'.<'&(2Y&&'&A

-'&#$$$/0'%&D'<%&*#&*'&

hj

h7>?777 2TM^NPJMOK#NQR%7aNL7&;1

B'.(-'&#$$$/0'%&%&03D'.(%$1(D'.'/01%*16($'%&'&(-'&#$$$/0'%&(%&('%&'&()&1'%+(38(I1388234%13+(<'.

-'$'++$/03=1( G#( 13#$/0'&6( 7'&&( <%'( )21%'&( <'.( 3#$( '%&'.( :873&<+#&*( 9<'.( J'.$/08'+G#&*( <'.

-'$'++$/03=1(0'.?9.*'*3&*'&'&()21%'&*'$'++$/03=1(G#8(^3&<'+(3&('%&'.("Y.$'(G#*'+3$$'&(7'.<'&

$9++'&A

>?Y>7775NKQRPJk7^N#78Wa(7ZaN#75_#KNMOTMO

"'$/0+%'U1(<%'(-'$'++$/03=1'.?'.$388+#&*(<'.(-8D^('%&'&("Y.$'&*3&*6(#&<(7%.<(<%'(-'$'++$/03=1

%8(T'*'(<'.( =9.873&<'+&<'&(:873&<+#&*6( <'.(J'.$/08'+G#&*(9<'.( %&( $9&$1%*'.(T'%$'( %&( '%&'

)21%'&*'$'++$/03=1(#8*'73&<'+16($9(7'.<'&(<%'(-'&#$$$/0'%&'(8%1(<'8(R'%14#&21(<'.(:873&<+#&*

%&( I1388321%'&( #8*'73&<'+1A( B3$( T3&<'+#&*$?'.0P+1&%$( D'1.P*1( D'%( '%&'.( #&8%11'+D3.'&

:873&<+#&*( cF( AAAAabA( H.=9+*1( <%'(:873&<+#&*( %8(T'*'( <'.( J'.$/08'+G#&*6( $9( D'8%U1( $%/0( <3$

T3&<'+#&*$?'.0P+1&%$(#&1'.()&7'&<#&*(<'$(?9.*'&3&&1'&(J'.0P+1&%$$'$('&1$4.'/0'&<(<'&(=>.(<%'

J'.$/08'+G#&*(G#*.#&<'*'+'*1'&(T'.1?'.0P+1&%$$'&(<'.(G#(?'.$/08'+G'&<'&(-'$'++$/03=1'&(ahA

B'.("'$/0+#U(<'.(-'$'++$/03=1'.?'.$388+#&*(>D'.(<'&("Y.$'&*3&*(%$1(<'8(-'&#$$$/0'%&%&03D'.

<#./0( '%&*'$/0.%'D'&'&( ".%'=( 8%1G#1'%+'&A( B'.( -'&#$$$/0'%&%&03D'.( 23&&( <'.( T3&<'+#&*( <'.

-'&#$$$/0'%&'( %&( )21%'&( 8%1( '%&'.( X.%$1( ?9&( MG7'%( T9/0'&N( 3D( <'8( R#*3&*( <'.( E%11'%+#&*

7%<'.$4.'/0'&A

>?YB7775NKQRPJk7^N#7)87ZaN#75_#KNMOTMO

T%.<(<'.("Y.$'&*3&*(&3/0(:873&<+#&*(<'.(-'$'++$/03=1( %&('%&'()21%'&*'$'++$/03=1(D'$/0+9$$'&6

$9('.=9+*1(<%'(T3&<'+#&*(<'.(-'&#$$$/0'%&'( %&(I1388321%'&(8%1(T%.2#&*(?9&(?%'.(T9/0'&(&3/0

<'8(R'%14#&21(<'.("'$/0+#$$=3$$#&*A

B'.( "'$/0+#U( <'$( J9.$13&<'$( >D'.( <'&( "Y.$'&*3&*( %$1( <'8( -'&#$$$/0'%&%&03D'.( <#./0

'%&*'$/0.%'D'&'&( ".%'=( 8%1G#1'%+'&A( B'.( -'&#$$$/0'%&%&03D'.( 23&&( <'.( T3&<'+#&*( <'.

(((((((((((((((((((((((((((((((((((((((((((ab( B3$(T3&<'+#&*$?'.0P+1&%$(<.>/21(<%'(D'%(<'.()#$*3D'(<'.(-'&#$$$/0'%&'(G#*.#&<'*'+'*1'

:&1'.&'08'&$D'7'.1#&*(3#$Aah( B%'(-'$'++$/03=1(8#U(%8(X3++'(<'.(J'.$/08'+G#&*(DG7A(:873&<+#&*('&1$4.'/0'&<'$(D'<%&*1'$(C34%13+

$/03=='&A

)MPTON7B

hc

-'&#$$$/0'%&'( %&( )21%'&( 8%1( '%&'.( X.%$1( ?9&( MG7'%( T9/0'&N( 3D( <'8( R#*3&*( <'.( E%11'%+#&*

7%<'.$4.'/0'&A

>?YC7772L#SJMO7^NK72L^N#KU#JQRNK

T%<'.$4.%/01(<'.(-'&#$$$/0'%&%&03D'.(<'.(T3&<'+#&*6($9(%$1(<%'$'(=>.(<%'(*'$381'(B3#'.(D%$(G#8

)D+3#=( <'.( =>.( <'&( "Y.$'&*3&*( G#( ?'.'%&D3.'&<'&( +P&*$1'&( ^3+1'=.%$1( =>.( '%&'&( )21%9&P.

3#$*'$/0+9$$'&A

>?YD7772TM^NPJMOK#NQR%7aNL7ANRPKQRPTONM7NLMNK75_#KNMOTMONK

T%.<( '%&( D'$/0+9$$'&'.( "Y.$'&*3&*( &%/01( <#./0*'=>0.16( $9( %$1( <'.( -'&#$$$/0'%&%&03D'.( G#.

T3&<'+#&*(<'$(-'&#$$$/0'%&'$(%&('%&'&(-'$/0P=1$3&1'%+(DG7A(%&(I1388321%'&(D'.'/01%*1A

X%&<'1(D%&&'&('%&'.(X.%$1(?9&(MGA"A(3/01(o30.'&N(3D("'*'D#&*(<'.(-'&#$$$/0'%&'(2'%&("Y.$'&*3&*

$13116($9($%&<(<%'(-'&#$$$/0'%&%&03D'.('D'&=3++$(#&<(%&(*+'%/0'.(T'%$'(G#.(T3&<'+#&*(D'.'/01%*1A

h7>>777 @N^LT%L"MKSPTJKNP7Cg

I9++1'&( 3#$( <%'$'8( J'.1.3*$?'.0P+1&%$( E'%&#&*$?'.$/0%'<'&0'%1'&( '&1$1'0'&6( $9( 7'.<'&( <%'

@3.1'%'&(<%'$'(8Y*+%/0$1('%&?'.&'08+%/0($'+D$1(D'%+'*'&A

X>.( <'&( X3++( <'$( I/0'%1'.&$( '%&'.( *>1%*'&( H%&%*#&*( ?'.'%&D3.'&( <%'( @3.1'%'&( D'.'%1$( 0'#1'( <%'

B#./0=>0.#&*('%&'$(E'<%31%9&$?'.=30.'&$(?9.("'*%&&('173%*'.(*'.%/01+%/0'.(I1.'%1%*2'%1'&A

B3$(J'.=30.'&(7%.<(<#./0*'=>0.1( &3/0(<'&(['*'+&( <'.(-'$'++$/03=1( =>.(T%.1$/03=1$8'<%31%9&( #&<

C9&=+%2183&3*'8'&1('AJA(M*782N6(E>&/0'&A(H$(D'*%&&1(8%1(<'8()&1.3*('%&'.(@3.1'%(3&(<%'(*782

G#.("'&'&&#&*('%&'$(*''%*&'1'&(E'<%319.$A

B%'(C9$1'&( <'$(J'.=30.'&$( 1.3*'&(<%'(@3.1'%'&( 5'( G#.(^P+=1'6(7'&&(&%/01( ?9.( "'*%&&( '%&'( 3&<'.'

C9$1'&.'*'+#&*(*'1.9=='&(7%.<A

B3$(J'.=30.'&(*%+1(3+$(*'$/0'%1'.16(7'&&(&%/01(%&&'.03+D(?9&(G7'%(E9&31'&(&3/0(<'8()&1.3*(3&(<%'

*782('%&'(E'<%31%9&$?'.03&<+#&*(<#./0*'=>0.1(7#.<'(9<'.(&3/0('%&'.(E'<%31%9&$?'.03&<+#&*('%&'

<'.(@3.1'%'&(<3$(I/0'%1'.&(<'.(J'.03&<+#&*'&('.2+P.1(031A

(((((((((((((((((((((((((((((((((((((((((((ai( T%.1$/03=1$8'<%31%9&(%$1('%&'(.'+31%?(&'#'(E'109<'(G#.(3#U'.*'.%/01+%/0'&(C9&=+%21.'*'+#&*6(<%'(*'.3<'(%&

'%&'8(+3&*<3#'.&<'&6(4'.$Y&+%/0'&(J'.D%&<#&*(7%'('%&'.(-'$'++$/03=1(?9.(<'8(-3&*(?9.(<%'(-'.%/01'*'&#1G1(7'.<'&($9++1'A

-'&#$$$/0'%&D'<%&*#&*'&

hd

V3/0(I/0'%1'.&(%$1('%&()&1.3*(3#=(*'.%/01+%/0'(H&1$/0'%<#&*(G#+P$$%*A

h7>B777 8N#LQR%KK%TM^K`N#NLMaT#JMO

X>.( <'&( X3++( '%&'.( 3&( '%&( *'$/0'%1'.1'$( E'<%31%9&$?'.=30.'&( 3&$/0+%'U'&<'&( *'.%/01+%/0'&

)#$'%&3&<'.$'1G#&*(7%.<(<3$(AAAAAAAAAAAAAA(-'.%/01(%&(AAAAAAAAAAAAAAAA(3+$(G#$1P&<%*(?'.'%&D3.1( a;A

h7>C777 ,TP`T%"#LKQRN7:PTJKNP

I9++1'&('%&G'+&'("'$1%88#&*'&(<%'$'$(J'.1.3*'$(#&7%.2$38(9<'.(#&<#./0=>0.D3.($'%&(9<'.(7'.<'&

9<'.( $9++1'( $%/0( %&( <'8(J'.1.3*( '%&'( Q>/2'( 0'.3#$$1'++'&6( $9(7%.<( 0%'.<#./0( <%'(T%.2$382'%1( <'.

>D.%*'&("'$1%88#&*'&(&%/01(D''%&1.P/01%*1A

B%'( @3.1'%'&( 7'.<'&( $%/0( %&( '%&'8( <'.3.1%*'&( X3++( >D'.( '%&'( 7%.2$38'( 9<'.( <#./0=>0.D3.'

"'$1%88#&*(G#.()#$=>++#&*(<'.(Q>/2'($9('%&%*'&6(<3U(S( %8([308'&(<'$(.'/01+%/0(EY*+%/0'&(S(<'.

D'3D$%/01%*1'(7%.1$/03=1+%/0'(R7'/2('..'%/01(7%.<A

].16(B31#8

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

-'$'++$/03=1

(((((((((((((((((((((((((((((((((((((((((((a;( -'.%/01$$13&<$?'.'%&D3.#&*(%$1(&#.(*>+1%*(*'*'&>D'.(C3#=+'#1'&A

)MPTON7C

ha

GMBH - S A T Z U N G

7h7>7 AL#WT7JM^7,L%[

B%'(X%.83(c(<'.(-'$'++$/03=1(+3#1'1F

(((((((((((((((((((((((((((((((((AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA(-8DÂd

I%1G(a(<'.(-'$'++$/03=1(%$1(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

7h7B7 8NONMK%TM^7^NK76M%N#MNRWNMK7D

dAcA( -'*'&$13&<(<'$(:&1'.&'08'&$($%&<(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

$97%'($P81+%/0'(<38%1(G#$388'&0P&*'&<'&(#&<(<'&(-'$'++$/03=1$G7'/2

=Y.<'.&<'&(-'$/0P=1'A

dAdA( B%'( -'$'++$/03=1( <3.=( 3&<'.'( :&1'.&'08'&( *+'%/0'.( 9<'.( P0&+%/0'.( ).1

>D'.&'08'&6( $%/0( 3&( %0&'&( D'1'%+%*'&( #&<( %0.'( -'$/0P=1'( =>0.'&A( I%'( %$1( G#.

H..%/01#&*(?9&(R7'%*&%'<'.+3$$#&*'&(D'=#*1A

dAaA( B%'( -'$'++$/03=1( %$1( ='.&'.( D'.'/01%*16( :&1'.&'08'&$?'.1.P*'6( %&$D'$9&<'.'

-'7%&&3D=>0.#&*$S(#&<("'0'..$/0#&*$?'.1.P*'(3DG#$/0+%'U'&Ah

(((((((((((((((((((((((((((((((((((((((((((((((((((((c( B%'(*'$'1G+%/0'(-.#&<+3*'( %$1( u(a()D$A( c(V.A(c6( u(b(-8D^-A(J9.(<'.(X%.8'&730+( %$1( '%&'

)&=.3*'(D'%(<'.(L^C(G#('84='0+'&6(#8(J'.7'/0$+#&*$*'=30.(G#(?'.8'%<'&A

d( )+$( 3+1'.&31%?'( ['/01$=9.8( 29881( <%'( $9*'&3&&1'( 2+'%&'( )21%'&*'$'++$/03=1( %&( "'1.3/01AV3/0(<'.(V'#=3$$#&*(?9&(u(d()21-( %$1(&#&('D'&$9(7%'(D'%(<'.(-8D^(<%'(-.>&<#&*(#&<X9.1=>0.#&*( <'.( H%&SE3&&S)-( 8Y*+%/0A( B3$( 83/01( <'&( D'%8( 3&*'$1.'D1'&( "Y.$'&*3&*'.=9.<'.+%/0'&(X9.87'/0$'+(<'.(-8D^(%&('%&'()21%'&*'$'++$/03=1('&1D'0.+%/0A

a( H$(D'$1'01(7'%1*'0'&<'(X.'%0'%1(D'%(<'.(I%1G730+A(B%'("'$/0.P&2#&*(<'$(u(h()D$A(d()21-M.'*'+8PU%*( 38( ].1( <'.( -'$/0P=1$+'%1#&*N( *%+1( &%/01( =>.( <%'( -8DÂ( B%'( J'.+'*#&*( <'$$131#3.%$/0'&(I%1G'$('.=9.<'.1('%&'(I31G#&*$P&<'.#&*A

b( -'$'1G+%/0'(-.#&<+3*'F(uu(c6(a()D$A(c(V.A(d(-8D^-

h( :&1'.&'08'&$?'.1.P*'(%8(I%&&'(?9&(uu(dec6(dec()21-($%&<(%8(-8D^S['/01(&%/01(*'.'*'+163D'.(&3/0(0'#1'(3++*'8'%&'.()&$%/01(G#+P$$%*A

-8D^SI31G#&*

hb

7h7C7 GTJN#7^N#78NKNPPKQRTX%=78NKQRiX%KVTR#

aAcA( B%'(-'$'++$/03=1(%$1(3#=(#&D'$1%881'(R'%1(*'$/0+9$$'&A

aAdA( B3$( -'$/0P=1$530.( %$1( <3$( C3+'&<'.530.Ai( B3$( '.$1'( -'$/0P=1$530.( %$1( '%&

[#84=*'$/0P=1$530.6( <3$( 8%1( <'8( 3#=( <%'( H%&1.3*#&*( <'.( -'$'++$/03=1( %8

^3&<'+$.'*%$1'.(=9+*'&<'&(acA(B'G'8D'.('&<'1A

7h7D7 ,%TWWSTUL%TP=7,%TWWNLMPTONM

bAcA( B3$( I1388234%13+( <'.( -'$'++$/03=1( D'1.P*1( H:[]( dhAjjj6jj( M%&(T9.1'&F( H:[]

=>&=#&<G73&G%*13#$'&<NA;

bAdA( )#=(<%'$'$(I1388234%13+(>D'.&'08'&

bAdAcA ^'..fX.3#(AAAAAAAAAAAAAAAAAAAAAAAAA('%&'(I1388'%&+3*'(?9&( H:[](AAAAAAAAAAAAAAAAA

M%&(T9.1'&F(H:[](AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAANA

bAdAdA ^'..fX.3#(AAAAAAAAAAAAAAAAAAAAAAAAA('%&'(I1388'%&+3*'(?9&( H:[](AAAAAAAAAAAAAAAAA


bAdAaA ^'..fX.3#(AAAAAAAAAAAAAAAAAAAAAAAAA('%&'(I1388'%&+3*'(?9&( H:[](AAAAAAAAAAAAAAAAA


bAdAbA ^'..fX.3#(AAAAAAAAAAAAAAAAAAAAAAAAA('%&'(I1388'%&+3*'(?9&( H:[](AAAAAAAAAAAAAAAAA


bAdAhA ^'..fX.3#(AAAAAAAAAAAAAAAAAAAAAAAAA('%&'(I1388'%&+3*'(?9&( H:[](AAAAAAAAAAAAAAAAA

M%&(T9.1'&F(H:[](AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAN

8NKTW%F -6.17BHY???=??

(((((((((((((((((((((((((((((((((((((((((((((((((((((i B3$( -'$/0P=1$530.( 23&&( 3D7'%/0'&<( ?98( C3+'&<'.530.( ='$1*'$'1G1( 7'.<'&A( B3$( 7P.'

$1'#'.+%/0( %&1'.'$$3&16(7'%+( <%'( X'$1+'*#&*( '%&'$( 3D7'%/0'&<'&(T%.1$/03=1$530.'$( D'%( <'.-.>&<#&*( 90&'( 7'%1'.'$( 8Y*+%/0( %$16( $4P1'.( <3*'*'&( &#.( 8%1( <'.( R#$1%88#&*( <'$X%&3&G381'$(Mu(b(3()D$A(c(V.A(d(I31G(d(HI1-NA

;( I'%1(<'.(V'#=3$$#&*(<'$(u(h()D$A(c(#&<(a(<#./0().1A(a(u(a(H#.9H-(?98(eA(o#&%(cee_(M"-"+AL( I'%1'( cdbdN( 8%1( T%.2#&*( G#8( cA(o3&#3.( ceee( 8#U( <3$( I1388234%13+( 8%&<'$1'&$dhAjjj6jj( H:[]6( <%'( I1388'%&+3*'( 5'<'$( -'$'++$/03=1'.$( 8%&<'$1'&$( cjj6jj( H:[]D'1.3*'&A

)MPTON7C

hh

bAaA B%'( -'$'++$/03=1'.( +'%$1'&( %0.'( I1388'%&+3*'( %&( -'+<A_( B3?9&( $%&<( dh(n( ?9.

)&8'+<#&*( <'.( -'$'++$/03=1( G#8( ^3&<'+$.'*%$1'.( G#( G30+'&A( B'.( ['$1( 7%.<

3#=*.#&<('%&'$('&1$4.'/0'&<'&(-'$'++$/03=1'.D'$/0+#$$'$(=P++%*A

7h7H7 8NMJKK#NQR%KSTUL%TP

hAcA B%'(-'$'++$/03=1(23&&(D%$(G#.(^Y0'(?9&(AAAn((<'$(I1388234%13+$(-'&#$$S

.'/01$234%13+(D%+<'&(#&<(-'&#$$.'/01'(3&("'.'/01%*1'(3#$*'D'&(eA(B%'()#$*3D'

?9&(-'&#U.'/01$234%13+(23&&(%&(8'0.'.'&(Z.3&/0'&('.=9+*'&A(X>.(5'<'(Z.3&/0'

7'.<'&('%&0'%1+%/0'(-'&#$$.'/01$D'<%&*#&*'&(='$1*'+'*1A

B%'( -'$'++$/03=1( %$1( ='.&'.( D'.'/01%*16( ( ]41%9&'&( 3#=( <'&( H.7'.D( ?9&

-'&#$$.'/01'&( &3/0( E3U*3D'( <'.( -'&#$$.'/01$D'<%&*#&*'&( ( '%&G#.P#8'&cj"'.'/01%*1($%&<(&31>.+%/0'(#&<(5#.%$1%$/0'(@'.$9&'&6(<%'(<'&(-'$'++$/03=1$G7'/2

*'8PU( u(d( =Y.<'.&( 79++'&A( B%'( -'$'++$/03=1'.( #&<( <%'( E%1*+%'<'.( <'.

-'$/0P=1$=>0.#&*($%&<(&%/01(D'G#*$D'.'/01%*1A

hAdA B%'(-'&#$$.'/01'(2Y&&'&(?'.D.%'=1(7'.<'&(M-'&#$$$/0'%&'NA(B%'(-'&#$$$/0'%&'

+3#1'&(5'7'%+$(3#=(H:[](c6jj(M%&(T9.1'&F(H:[]('%&N(9<'.('%&(J%'+=3/0'$(<3?9&A

hAaA L8(X3++'(<'.()#=+Y$#&*(<'.(-'$'++$/03=1(#&<(<'.(Q%r#%<31%9&(<'$(J'.8Y*'&$($%&<

<%'([>/2G30+#&*$3&$4.>/0'(<'.(-'&#$$.'/01$%&03D'.( %8([3&*'( ?9.( $P81+%/0'&

X9.<'.#&*'&(<'.(-'$'++$/03=1'.(3#$(<'8(Q%r#%<31%9&$'.+Y$(G#(D'=.%'<%*'&A(['%/01

<'.( Q%r#%<31%9&$'.+Y$( G#.( "'=.%'<%*#&*( $P81+%/0'.( [>/2G30+#&*$3&$4.>/0'( &%/01

3#$6( $9( '.=9+*1( <%'( [>/2G30+#&*( 3&1'%+%*( %8( J'.0P+1&%$( <'.( -'&#$$.'/01'

#&1'.'%&3&<'.A

hAbA tD'.( <%'( )#$*3D'( ?9&( -'&#$$.'/01'&f-'&#$$$/0'%&'&( '&1$/0'%<'1( <%'

-'$'++$/03=1'.?'.$388+#&*(8%1(R#$1%88#&*(<'$("'%.31'$A

(((((((((((((((((((((((((((((((((((((((((((((((((((((_( B%'( ?9.*'$/0+3*'&'( X9.8#+%'.#&*( $9++( <'.( C+3.$1'++#&*( <%'&'&x( $%'( %$1( 3&( $%/0( &%/01

'.=9.<'.+%/06( 7'%+( 83&*'+$( 9.<&#&*$*'8PU'.( X'$1$'1G#&*( <'.( I3/0'%&+3*'( *'8PU( u(h)D$A(b(I31G(c(-8D^-(I1388'%&+3*'&(%&(-'+<(G#(+'%$1'&($%&<A

e( B%'()#$*3D'(?9&(-'&#$$.'/01'&(%$1(3#/0(3#U'.03+D(<'.()21%'&*'$'++$/03=1(G#+P$$%*A)++'.<%&*$(='0+1(%8(-8D^-('%&'(<'8(u(ddc()D$A(a()21-('&1$4.'/0'&<'("'$1%88#&*AB'$03+D('84=%'0+1('$($%/06('%&'(H.8P/01%*#&*$*.#&<+3*'(=>.(<%'()#$*3D'(?9&-'&#$$.'/01'&(%&(<%'(I31G#&*(3#=G#&'08'&A(B3$(-'&#$$.'/01$234%13+(7%.<(3+$H%*'&234%13+(D%$(G#.(^Y0'(?9&(cjjn(<'$(C'.&234%13+'$6(D'$1'0'&<(3#$(-.#&<S(DG7AI1388234%13+6([>/2+3*'&(#&<(D'$/0+9$$'&'&(-'7%&&G#7'%$#&*'&(G#(<'&([>/2+3*'&3&'.23&&1A(B%'(^Y/0$1*.'&G'(7%.<(<#./0(<3$(C.'<%17'$'&*'$'1G(#&<(<%'(H:SH%*'&8%11'+.%/01+%&%'(*'G9*'&A("'%('%&'8(0Y0'.'&(-'&#U.'/01$234%13+(2Y&&'&($%/0$1'#'.+%/0'(C9&$'r#'&G'&('.*'D'&6(<%'(%&(<'&($1'#'.+%/0'&()&8'.2#&*'&(G#.-'&#U.'/01$+Y$#&*(MR%==A(cAc(==AN('.+P#1'.1(7'.<'&A

cj( B%'$'(X9.8#+%'.#&*('.=9+*1(?9.$9.*+%/0(=>.(<'&(X3++6(<3U(<%'(-'$'++$/03=1(3#/0('%&83+]41%9&'&(3#=(-'&#U.'/01'(3#$*'D'&(2Y&&'&(7%++A

GmbH-Satzung

56

5.5. Erhöht die Gesellschaft das Stammkapital, so ist das Genussrechtskapital i

selben Verhältnis zu erhöhen, sofern die Inhaber der Genussrechte in Ansehung

des neu gebildeten Genussrechtskapitals und nach Maßgabe der geltenden

Genussrechtsbedingungen bezugsberechtigt sind11.

5.6. Übt der Inhaber von Genussrechtskapital ein Wandelungsrecht gem. §§ 8, 9 der

Genussrechtsbedingungen aus, ist ein entsprechender Geschäftsanteil im Wege

der Erhöhung des Stammkapitales zu bilden12.

5.7. Wird das Stammkapital der Gesellschaft nach völliger Auflösung der freien

Rücklagen und der gesetzlichen Rücklage herabgesetzt, um Wert minderungen

auszugleichen oder sonstige Verluste zu decken, so ver mindert sich der Nennwert

der ausgegebenen Genussscheine im gleichen Verhältnis. Die Herabsetzung des

Genussrechtskapitals ist gemäß § 21 bekanntzugeben.13

5.8. Einzahlungen auf das Genussrechtskapital sind in Geld zu leisten.14

11 Diese Regelung bedeutet keine Automatik, sondern begründet die Verpflichtung derGesellschafter, das Genussrechtskapital durch einen entsprechenden Beschluß derGesellschafterversammlung zu erhöhen. Nach den den Genussrechts-Bedingungen istjedoch ein Bezugsrecht ausgeschlossen. Die satzungsmäßige Verpflichtung mitgesellschaftsrechtlicher Wirkung dient dem Verwässerungsschutz besser als dieVerpflichtung mit lediglich schuldrechtlicher Wirkung in den Genussrechtsbedingungen

12 Diese Regelung bedeutet ebenfalls keine Automatik, sondern begründet die entsprechendeVerpflichtung der Gesellschafter, das Stammkapital durch einen entsprechenden Beschlußder Gesellschafterversammlung zu erhöhen und einen entsprechenden Geschäftsanteil imWege der Kapitalerhöhung zu bilden. Diese Satzungsbestimmung entspricht denGenussrechtsbedingungen.

13 Die Herabsetzung des Genussrechtskapitals ist zur Eintragung in das Handelsregister nichtanzumelden. Wegen des - hier angestrebten - Eigenkapitalcharakters desGenussrechtskapitals erscheint die Publikation jedoch erforderlich.

14 Dienstleistungen sind als Sacheinlage auf das Stammkapital einer GmbH nicht zulässig(a.M. Lutter, Kölner Kommentar zum Aktiengesetz, 2. Auflage, Rdnr. 237 zu § 221 AktG).

Der Eigenkapitalcharakter des Genussrechtskapitals könnte es daher nahelegen, dieZulässigkeit von Dienstleistungen als Sacheinlage auf das Genussrechtskapital ebenfallszu verneinen. Ob die Frage anders zu beurteilen ist, wenn Genussrechtskapital mitFremdkapitalcharakter ausgegeben wird, kann hier dahinstehen. Das Problem könnteallerdings durch Begründung einer Forderung als Entgelt für die Dienstleistungen in derfolgenden Weise gelöst werden:

Der Business Angel berechnet seine Dienstleistung nach Maßgabe eines gesondertenVertrages (§ 2 Nr. 2 der Genussrechtsvertrages) und stellt eine entsprechende Rechnung.Die Honorarforderung des Business Angel wird bilanziert als Verbindlichkeit desUnternehmens gegenüber Lieferanten. Bei der Umwandlung dieser Verbindlichkeiten ineinen entsprechenden Anteil am Genussrechtskapital findet lediglich ein Passivtausch statt.

)MPTON7C

h;

7h7g7 'TQRKQRZKKN

iAcA B%'(-'$'++$/03=1'.(2Y&&'&(<%'(H%&=9.<'.#&*(?9&(V3/0$/0>$$'&(%8(J'.0P+1&%$(<'.

-'$/0P=1$3&1'%+'(D'$/0+%'U'&chA(J9.3#$$'1G#&*(<3=>.(%$16(<3U(3++'(I1388'%&+3*'&

?9++('%&*'G30+1($%&<A

iAdA( B%'( V3/0$/0>$$'( <>.='&( 5'<9/0( %8( H%&G'+=3++( cj(n( #&<( %&$*'$381( cjj(n( <'.

V'&&D'1.P*'(<'.(-'$/0P=1$3&1'%+'(&%/01(>D'.$/0.'%1'&Aci

7h737 'NaNMPNLK%JMOKUXPLQR%NM=7,"M^N##NQR%N

;AcA( IP81+%/0'&( -'$'++$/03=1'.&( %$1( '$( #&1'.$3*16( $%/0( 90&'( R#$1%88#&*( <'.

-'$'++$/03=1'.?'.$388+#&*( #&<( <'$( "'%.31$( %8(-'$/0P=1$G7'%*( <'.(-'$'++$/03=1

#&8%11'+D3.(9<'.(8%11'+D3.6(*'7'.D$8PU%*(9<'.(*'+'*'&1+%/06(=>.('%*'&'(9<'.(=.'8<'

['/0&#&*(G#(D'1P1%*'&c;A

;AdA( B3$( B%'&$1?'.0P+1&%$( '%&'$( 1P1%*'&( -'$'++$/03=1'.$( 7%.<( %&( '%&'8( D'$9&<'.'&

)&$1'++#&*$?'.1.3*(*'.'*'+1c_A

;AaA( B'8( -'$'++$/03=1'.( AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA( $1'01( D%$( G#8( AAAAAAAAAAAAAAAAAAAAAA( <3$( )81

<'$( -'$/0P=1$=>0.'.$( 3+$( 4'.$Y&+%/0'$( I9&<'..'/01( G#ceA( H.( 23&&( &#.( 3#$

(((((((((((((((((((((((((((((((((((((((((((((((((((((

ch -'$'1G+%/0'(-.#&<+3*'F(uu(di(D%$(d_(-8D^-x(V3/0$/0>$$'(D%+<'&( =+'O%D+'$(H%*'&234%13+6<3($%'(&%/01(<'&($1.'&*'&(['*'+&(<'$(I1388234%13+$(#&1'.+%'*'&(#&<(<%'(X9.83+%1P1'&(D'%<'.( C34%13+'.0Y0#&*( #&<( S0'.3D$'1G#&*( &%/01( G#( D'3/01'&( $%&<A( V3/0$/0>$$'( 2988'&3#/0(3+$(L&$1.#8'&1(G#.(['3+%$%'.#&*(<'$()#$$/0>11#&*$.>/209+?'.=30.'&$(%&("'1.3/01A

B#./0( '%&'( V3/0$/0#U?'.4=+%/01#&*( <'.( -'$'++$/03=1'.( '.=9+*1( 2'%&'( 7%.1$/03=1+%/0'"'$$'.$1'++#&*(<'.(&%/01(&3/0$/0#U4=+%/01%*'&(L&03D'.(?9&(-'&#U.'/01'&f(-'&#U$/0'%&'&6<'.'&( &98%&3+'.( )&1'%+( 38( -'&#U.'/01$234%13+( ?9.( '%&'8( "'$/0+#U( <'.-'$'++$/03=1'.?'.$388+#&*(>D'.(<%'(V3/0$/0#U?'.4=+%/01#&*(%&(<'.(['*'+(D'.'%1$(<#./0(<%'3#=*'+3#='&'&( J'.+#$1'( '&17'.1'1( 79.<'&( %$1A( B3$( -'&#U.'/01( 7%.<( *'8PU( u(aAdA( <'.-'&#U.'/01$D'<%&*#&*'&( 3#=( '%&'8( C34%13+29&19( 3+$( J'.+#$1?9.1.3*( *'$9&<'.13#$*'7%'$'&A()#$$/0>11#&*'&( 3#=( <3$(-'&#U.'/01( '.=9+*'&( '.$16( 7'&&( <'.( ?9.*'1.3*'&'J'.+#$1(<#./0(-#1$/0.%=1'&(3#$(3&1'%+%*'8(-'7%&&(2984'&$%'.1(79.<'&(%$1A

ci( "'$/0.P&2#&*( <'.(V3/0$/0#$$4=+%/01( '&1$4.%/01( u(d_(-8D^-A()+1'.&31%?'F( #&D'$/0.P&21'V3/0$/0#$$4=+%/01(*'8PU(u(d;(-8D^-(DG7A(*'8%$/01'(*'8PU(u(d;()D$A(b(-8DÂ

c;( -'$'1G+%/0'(-.#&<+3*'F(u(a()D$A(d(-8D^-x(<'.3.1%*'(:&1'.+3$$#&*$4=+%/01'&( $%&<(D'%( <'.4'.$9&'&D'G9*'&'&( -8D^( %&( )&+'0&#&*( 3&( uu( ccd6( cca( ^-"( G#+P$$%*A( B%'( G'%1+%/0'&6Y.1+%/0'&( #&<( *'*'&$1P&<+%/0'&( I/0.3&2'&( 3#$( uu( ca_6( dbd( "-"( MC&'D'+#&*6%&$D'$9&<'.'(D'%(T'11D'7'.D$?'.D91(&3/0("''&<%*#&*(<'.(-'$'++$/03=1'.$1'++#&*N($%&<(G#D'3/01'&A

c_( B'.( -'$'++$/03=1$?'.1.3*( 8#U( G#8%&<'$1( '%&'&( ='$1'&( [308'&( =>.( <%'V'D'&+'%$1#&*$4=+%/01( 3D$1'/2'&( #&<( <3.=( &%/01( '%&=3/0( 3#=( 3&<'.7'%1%*( *'1.9=='&'['*'+#&*'&( ?'.7'%$'&A("'%( <'.( $9*'&3&&1'&(@3.1&'.S-8D^( M'%&'( %8( L&&'&?'.0P+1&%$( <'.]^-( '&1$4.'/0'&<'( ).D'%1$*'8'%&$/03=1( <'.( -8D^S-'$'++$/03=1'.N6( <%'( D'%( 5#&*'&1'/0&9+9*%'9.%'&1%'.1'&( :&1'.&'08'&( MoZ:N( 0P#=%*( 3&G#1.'=='&( %$16( 2Y&&1'( 83&( <3.3&<'&2'&6('%&'("'$1%88#&*(%&(<%'(I31G#&*(3#=G#&'08'&6(<%'(<'&(-'$'++$/03=1'.(?'.4=+%/01'16<'.(-'$'++$/03=1($'%&'().D'%1$2.3=1(G#(7%<8'&A

-8D^SI31G#&*

h_

7%/01%*'8(-.#&<'(?9&(<%'$'8()81(3DD'.#='&(7'.<'&(djA()#/0(D'%(J9.03&<'&$'%&

7'%1'.'.(-'$/0P=1$=>0.'.(%$1('.($1'1$(3++'%&?'.1.'1#&*$D'.'/01%*1A

7h7j7 &MX"#WT%L"MK#NQR%=7!N#KQR$LNONMRNL%KUXPLQR%

_AcA o'<'.( -'$'++$/03=1'.( #&<( 5'<'.( L&03D'.( ?9&( -'&#$$.'/01'&f( -'&#$$$/0'%&'&

23&&( ?9&( <'.( -'$/0P=1$=>0.#&*( ?'.+3&*'&6( <3U( %08( %&( 3&*'8'$$'&'.( X.%$1

)#$2#&=1(>D'.(<%'()&*'+'*'&0'%1'&(<'.(-'$'++$/03=1('.1'%+1(#&<(<%'(H%&$%/01(%&(<%'

">/0'.( #&<( I/0.%=1'&( *'$1311'1( 7%.<A( H.( 23&&( G#.( H%&$%/01&308'( '%&'&( G#.

"'.#=$?'.$/07%'*'&0'%1( ?'.4=+%/01'1'&( B.%11'&( 0%&G#G%'0'&( 9<'.( %0&( <38%1

D'3#=1.3*'&Adc

_AdA( )++'( -'$'++$/03=1'.( #&<( L&03D'.( ?9&( -'&#$$.'/01'&f-'&#$$$/0'%&'&( 03D'&( %&

)&*'+'*'&0'%1'&(<'.(-'$'++$/03=1(I1%++$/07'%*'&(G#(D'730.'&Add

7h747 <TR#NKTaKQRPJk=7*TONaN#LQR%

eAcA B'.( o30.'$3D$/0+#U( M"%+3&G6( -'7%&&S( #&<( J'.+#$1.'/0&#&*6( )&03&*N( #&<( <'.

Q3*'D'.%/01($%&<(?9&(<'.(-'$/0P=1$=>0.#&*(%&&'.03+D(<'.(*'$'1G+%/0'&(X.%$1(&3/0

)D$/0+#U('%&'$(-'$/0P=1$530.'$(3#=G#$1'++'&(#&<(G#(#&1'.G'%/0&'&Ada((B3D'%($%&<

<%'( 03&<'+$.'/01+%/0'&( J9.$/0.%=1'&( G#( D'=9+*'&( #&<( $1'#'.+%/0'( J9.$/0.%=1'&

$97%'(R7'/28PU%*2'%1$*'$%/01$4#&21'(G#(D'.>/2$%/01%*'&Adb

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((ce(( I9&<'..'/01'($%&<(%8(-8D^-(&%/01(*'.'*'+16(3D'.(G#+P$$%*A(L0.'("'<'#1#&*(+%'*1(<3.%&6(<3U

$%'( <'8( "'.'/01%*1'&( %8( -.#&<$31G( 90&'( <'$$'&( R#$1%88#&*( &%/01( '&1G9*'&( 7'.<'&2Y&&'&A(I%'('%*&'&($%/0(<'$03+D(*#1(3+$(L&$1.#8'&1(<'$(E%&<'.0'%1'&$/0#1G'$A(L8(oZ:(#&<Z]:( 2Y&&'&( 8%1( <'8( $31G#&*$*'8PU'&( I9&<'..'/01( <'$( -.>&<'.$( <'$$'&( D'$9&<'.'"'<'#1#&*( =>.( <3$( :&1'.&'08'&( #&<( $'%&'( D'$9&<'.'( J'.3&179.1#&*( G#8( )#$<.#/2*'D.3/01(7'.<'&A

dj C+3.$1'++'&<'( "'$1%88#&*A( V3/0( 0'..$/0'&<'.( )#==3$$#&*( %$1( <'.(T%<'..#=( D'%( J9.+%'*'&'%&'$(I9&<'..'/01$(90&'0%&( 3#=(7%/01%*'(-.>&<'( D'$/0.P&21A(B%'$'(T%<'..#=$8Y*+%/02'%13#$(7%/01%*'8(-.#&<( 23&&(7'*'&( <'$( G7%&*'&<'&( u(a_()D$A(d(-8D^-(3#/0( <#./0( <'&-'$'++$/03=1$?'.1.3*(&%/01(3#$*'$/0+9$$'&(7'.<'&A

dc( -'$'1G+%/0'( -.#&<+3*'F( uu(hc(36( hc(D( -8D^-x( <%'$'( ['*'+#&*( 7%.<( ?9&( <'.['/01$4.'/0#&*( 3++*'8'%&( 3+$( G#+P$$%*( 3&'.23&&1A( I1.'%1%*( %$1( +'<%*+%/06( 9D( <%'( I31G#&*?9.$'0'&(<3.=6(<3U(<3$(H%&$%/01$.'/01(3++'%&(<#./0(I3/0?'.$1P&<%*'(3#$*'>D1(7'.<'&(23&&A

dd( B%'(J'.$/07%'*'&0'%1$4=+%/01(D%+<'1('%&'&()#$*+'%/0(=>.(<3$(#8=3$$'&<'(L&=9.831%9&$S(#&<H%&$%/01$.'/01A(I%'(=%&<'1(%0.'(*'$'1G+%/0'(-.#&<+3*'('D'&=3++$(%&(u(hc(3(-8D^-A

da( -'$'1G+%/0'(-.#&<+3*'F(uu(bc(D%$(bd(36(bi(V.A(c(-8D^-x(<'.(o30.'$3D$/0+#U(%$1(?9&(3++'&-'$/0P=1$=>0.'.&( G#( #&1'.G'%/0&'&A( B%'( :&1'.G'%/0&#&*( %$1( '.$1( &3/0( X'$1$1'++#&*'.=9.<'.+%/0A

db( I'%1( <'8( "%+3&G.%/01+%&%'&*'$'1G( ?98( ceA(B'G'8D'.( ce_h( $%&<( %&( <'&( uu(dib( ==( ^-"( =>.C34%13+*'$'++$/03=1'&( <'13%++%'.1'( #&<( 7'%1*'0'&<( G7%&*'&<'( 03&<'+$.'/01+%/0'['/0&#&*$+'*#&*$?9.$/0.%=1'&(?9.*'$'0'&A

)MPTON7C

he

eAdA( B'.(o30.'$3D$/0+#U(%$1(90&'([>/2$%/01(3#=(<%'(*'$'1G+%/0'&(J9.3#$$'1G#&*'&(<'.

@.>=#&*$4=+%/01( <#./0( '%&'&(T%.1$/03=1$4.>='.( G#( 4.>='&A(B'.( )D$/0+#U4.>='.(7%.<

?9&(<'.(-'$'++$/03=1'.?'.$388+#&*(*'7P0+1Adh

eAaA( B%'( X'$1$1'++#&*( <'$( o30.'$3D$/0+#$$'$( 9D+%'*1( <'.( -'$'++$/03=1'.?'.$388+#&*A

B'.(o30.'$3D$/0+#U(<3.=(&#.(&3/0()&0Y.#&*(<'$("'%.31$(='$1*'$1'++1(7'.<'&Adi

7h7>?7 -#ONaMLK`N#$NM^JMO

cjAcA( J98( o30.'$>D'.$/0#U( G#G>*+%/0( '%&'$( -'7%&&?9.1.3*'$( $%&<( AAA(n( %&( <%'

-'7%&&.>/2+3*'('%&G#$1'++'&(#&<( AAA(n(3&(<%'(-'$'++$/03=1'.( #&<( <%'( L&03D'.( ?9&

-'&#$$.'/01'&(3#$G#$/0>11'&A(tD'.(<%'(J'.7'&<#&*(<'$(['$1D'1.3*'$(D'$/0+%'U1

<%'( -'$'++$/03=1'.?'.$388+#&*( &3/0( )&0Y.#&*( <'$( "'%.31$( 8%1( '%&=3/0'.

E'0.0'%1Ad;

cjAdA( L&(<'&('.$1'&( =>&=(-'$/0P=1$530.'&( &3/0()#=&308'(<'.(-'$/0P=1$1P1%*2'%1( <>.='&

[>/2+3*'&(G#8(R7'/2'(<'.(-'7%&&3#$$/0>11#&*(&%/01(3#=*'+Y$1(7'.<'&Ad_

cjAaA( B%'(-'$'++$/03=1'.( #&<( <%'( L&03D'.( ?9&(-'&#$$.'/01'&f-'&#$$$/0'%&'&( &'08'&

38( -'7%&&( '&1$4.'/0'&<( %0.'.( "'1'%+%*#&*( 38( I1388234%13+( DG7A( 38

-'&#$$.'/01$234%13+(1'%+Ade

(((((((((((((((((((((((((((((((((((((((((((((((((((((dh B3$(-'$'1G($%'01(%&(u(aci()D$A(c(I31G(c(^-"('%&'(9D+%*319.%$/0'()D$/0+#U4.>=#&*(&#.(=>.

8%11'+*.9U'( #&<( *.9U'( C34%13+*'$'++$/03=1'&( Mu(di;( )D$A(d( #&<( a( ^-"N( ?9.A( C+'%&'&-'$'++$/03=1'&(Mu(di;()D$A(c(^-"N(%$1('$(3D'.(#&D'&988'&6(=.'%7%++%*'()D$/0+#U4.>=#&*'&?9.G#&'08'&A( B%'( H&1$/0'%<#&*( <3.>D'.( +%'*1( D'%( <'&( -'$'++$/03=1'.&6( &%/01( D'%( <'&-'$/0P=1$=>0.'.&6( 73$( <%'( I31G#&*( 2+3.$1'++'&( $9++1'A( B%'( )D$/0+#U4.>=#&*( '.$/0'%&1( %8^%&D+%/2( 3#=( <%'( )#$*3D'( ?9&( -'&#$$.'/01$234%13+( '%&'.$'%1$( #&<( <%'( "'$/0.P&2#&*( <'.E%1*+%'<$/03=1$.'/01'( <'.( L&03D'.( ?9&( -'&#$$.'/01'&f-'&#$$$/0'%&'&( 3&<'.'.$'%1$'.=9.<'.+%/0A

di( B%'( X'$1$1'++#&*( <'$( o30.'$3D$/0+#$$'$( D'<'#1'1( $'%&'( J'.D%&<+%/0'.2+P.#&*( <#./0( <3$<3G#(D'.#='&'(-'$'++$/03=1$9.*3&A( L8([308'&( <'.( G7%&*'&<'&("%+3&G%'.#&*$?9.$/0.%=1'&23&&( <3$( X'$1$1'++#&*$9.*3&( D%+3&G49+%1%$/0'( H&1$/0'%<#&*'&( 3&<'.$( 1.'=='&( 3+$( <%'3#=$1'++'&<'&(-'$/0P=1$=>0.'.A(L&(<'&(H&1$/0'%<#&*$4.9G'U($9++1'(<'.("'%.31(#&<(<38%1(<%'L&03D'.(?9&(-'&#$$.'/01'&f-'&#$$$/0'%&'&('%&D'G9*'&(7'.<'&A

d; -'$'1G+%/0'( -.#&<+3*'F( uu(de6( bi( V.A(c( -8D^-A( L8( L&1'.'$$'( <'.( L&03D'.( ?9&-'&#$$.'/01'&f-'&#$$$/0'%&'&('84=%'0+1('$($%/06(<%'(H.*'D&%$?'.7'&<#&*(%&(<'.(I31G#&*?9.G#$1.#21#.%'.'&A( T'.( 0%&*'*'&( <'&( -'$'++$/03=1'.&( <'&( *'$'1G+%/0'&( I4%'+.3#8*'7P0.'&(7%++6(23&&(<%'(=9+*'&<'(X9.8#+%'.#&*(7P0+'&F

!"#$ %#&#''&()*+,#-.#-&*//'012$ 3#&()'"#4,$ 1*()$ 51)6-012$ 7#&$ 8#"-*,&$ 93#-$ 7"#:-2#31"&.#-;#17012<$ *'&=$ 7*-93#-<$ "1;"#;#",$ 7#-$ >*)-#&93#-&()04$ ?0?92'"()$ #"1#&%#;"11.=-,-*2&$ 017$ *3?92'"()$ #"1#&$ #,;*"2#1$ @#-'0&,.=-,-*2&$ "1$ %#;"11-9(A'*2#1#"12#&,#'',<$ *'&$ %#;"11$ .=-2#,-*2#1$ =7#-$ *1$ 7"#$ %#&#''&()*+,#-$ 017$ 7"#$ B1)*3#-$ .=1%#10&&-#(),#1C%#10&&&()#"1#1$*0&2#&()9,,#,$;"-7D

d_ B'.(L&03D'.(?9&(-'&#$$.'/01'&f-'&#$$$/0'%&'&('%&'$(oZ:fZ]:fCE:(%$1(%&('.$1'.(Q%&%'(3&'%&'.(T'.1$1'%*'.#&*(<'$(:&1'.&'08'&$(%&1'.'$$%'.1A(B'8('&1$4.%/01(<3$($31G#&*$*'8PU'6D'=.%$1'1'(J'.D916([>/2+3*'&(G#8(R7'/2'(<'.(-'7%&&3#$$/0>11#&*(3#=G#+Y$'&A

de( B'.(-.#&<$31G(<'.(-+'%/0D'03&<+#&*(<'.(-'$'++$/03=1'.(#&<(<'.(L&03D'.(?9&

-8D^SI31G#&*

ij

cjAbA( J9.3D3#$$/0>11#&*'&(3#=(<'&(G#('.73.1'&<'&(-'7%&&('%&'$(-'$/0P=1$530.'$($%&<

&%/01(G#+P$$%*Aaj

cjAhA( B%'( ].*3&'( <'.( -'$'++$/03=1( $%&<( &%/01( D'=#*16( '%&'8( -'$'++$/03=1'.( 3#U'.03+D

$31G#&*$8PU%*'.( -'7%&&3#$$/0>11#&*$D'$/0+>$$'( J9.1'%+'( G#( *'7P0.'&6( <%'

'%&'8(B.%11'&(D'%(9.<&#&*$*'8PU'.(-'$/0P=1$=>0.#&*(&%/01(*'7P0.1(7>.<'&A(T%.<

0%'.*'*'&( ?'.$19U'&6( $9( 031( <'.( D'*>&$1%*1'( -'$'++$/03=1'.( <'&( J9.1'%+( 3&( <%'

-'$'++$/03=1( G#.>/2G#'.$1311'&A( B3$( *%+1( %&$D'$9&<'.'( <3&&6( 7'&&( ?9&( <'.

X%&3&G?'.73+1#&*( .'/01$2.P=1%*('%&'(?'.<'/21'(-'7%&&3#$$/0>11#&*( 3&*'&988'&

7%.<A( B'.( )&$4.#/0( '&1$1'01( D'.'%1$( G#8( R'%14#&21( <'.( J9.1'%+$*'7P0.#&*A

R#.>/2+%'*'&<'("%+3&G'&($%&<('&1$4.'/0'&<(G#(D'.%/01%*'&Aac

7h7>>7 8NKQRiX%KXZR#JMO=7!N#%#N%JMO

ccAcA( B%'( -'$'++$/03=1( 031( '%&'&( 9<'.( 8'0.'.'( -'$/0P=1$=>0.'.Aad( I%&<( 8'0.'.'

-'$/0P=1$=>0.'.(D'$1'++16($9(7%.<(<%'(-'$'++$/03=1(<#./0(5'7'%+$(G7'%(?9&(%0&'&(9<'.

<#./0('%&'&(?9&(%0&'&(%&(-'8'%&$/03=1(8%1('%&'8(@.92#.%$1'&(?'.1.'1'&A(L$1(&#.('%&

-'$/0P=1$=>0.'.( ?9.03&<'&6( $9( ?'.1.%11( <%'$'.( <%'( -'$'++$/03=1( 3++'%&A( B3$

I9&<'..'/01( <'$( -'$'++$/03=1'.$( AAAAAAAAAAAAAAAAAAAAAAAAAAA( *'8PU( u(;( V.A(a( D+'%D1

#&D'.>0.1A

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((-'&#$$.'/01'&f-'&#$$$/0'%&'&(%$1(%&(u(h(V.A(a(G#*#&$1'&(<'.(L&03D'.(?9&-'&#$$.'/01'&f-'&#$$$/0'%&'&(D'.'%1$(<#./0D.9/0'&(79.<'&A(T'&&(<%'$'(3#/0(D'%(<'.-'7%&&3#$$/0>11#&*(D'?9.G#*1(7'.<'&($9++'&6(2Y&&1'(<%'(['*'+#&*(7%'(=9+*1(+3#1'&F

E!#-$%#;"11*0&&()9,,012&*1&F-0()$7#-$B1)*3#-$.=1$%#10&&-#(),#1C%#10&&&()#"1#1$2#),7#/$50&&()9,,012&*1&F-0()$7#-$%#&#''&()*+,#-$.=-DG

9<'.F

!!#-$%#;"11*0&&()9,,012&*1&F-0()$7#-$B1)*3#-$.=1$%#10&&-#(),#1C%#10&&&()#"1#1$2#),"1$H6)#$7#-$.#-#"13*-,#1$I"17#&,.#-?"1&012$7#/$50&&()9,,012&*1&F-0()$7#-%#&#''&()*+,#-$.=-DG

B%'(J9.G#*$<%?%<'&<'(<'.(L&03D'.(?9&(-'&#$$.'/01'&f-'&#$$$/0'%&'&(%$1(%&(<'&-'&#$$.'/01$D'<%&*#&*'&(G#(?'.'%&D3.'&

aj( B%'(R#+P$$%*2'%1(?9&(J9.3D3#$$/0>11#&*'&(%$1(0'#1'(3#U'.(I1.'%1A(B'8'&1$4.'/0'&<(%$1(<%'R#+P$$%*2'%1( *'*'D'&6(7'&&( %&(<'.(I31G#&*(&%/01$(3&<'.'$(*'$3*1(7%.<A( L8( L&1'.'$$'( <'.L&03D'.( ?9&( -'&#$$.'/01'&f-'&#$$$/0'%&'&( '.$/0'%&1( <'.( )#$$/0+#U( ?9&J9.3D3#$$/0>11#&*'&(5'<9/0(*'D91'&A

ac( B%'$'( I31G#&*$D'$1%88#&*( %$1( 3+$( $9*'&3&&1'( p*.9U'p( I1'#'.2+3#$'+( D'23&&1A( I%'( <%'&1<'8(J'.$#/06( '%&'( ?'.<'/21'(-'7%&&3#$$/0>11#&*( %8(^%&D+%/2( 3#=( &'*31%?'( I1'#'.=9+*'&.>/2*P&*%*( G#( 83/0'&A( ]D( '%&'( $9+/0'( [>/2*P&*%*83/0#&*( $1'#'.+%/0( *'+%&*16( %$13++'.<%&*$(%8(H%&G'+=3++(=.3*+%/0A

ad( B%'(-'$/0P=1$=>0.'.(8>$$'&( #&D'$/0.P&21( *'$/0P=1$=P0%*'( &31>.+%/0'(@'.$9&'&( $'%&x( u(i)D$A(d( I31G(c( -8D^-A( L0.'.( "'$1'++#&*( $1'0'&( 29&2#.$.'/01+%/0'( J9.$1.3='&( 9<'.D.3&/0'&'%&$/0+P*%*'("'.#=$?'.D91'(*'8PU(u(i()D$A(d(I31G(d(#&<(a(-8D^-('&1*'*'&A

)MPTON7C

ic

ccAdA( B#./0( -'$'++$/03=1'.D'$/0+#U( 23&&( 3++'&( 9<'.( '%&G'+&'&( -'$/0P=1$=>0.'.&

)++'%&?'.1.'1#&*$D'=#*&%$( #&<( <%'( "'=.'%#&*( ?9&( <'&( "'$/0.P&2#&*'&( <'$( u(c_c

"-"('.1'%+1(7'.<'&6(+'1G1'.'$(3#/0(=>.(<'&(X3++6(<3U(<%'(-'$'++$/03=1(G#.(H%&SE3&&S

-8D^(7%.<Aaa

ccAaA( B%'(['/01'(#&<(@=+%/01'&(<'.(-'$/0P=1$=>0.'.('.*'D'&($%/0(3#$(<'8(-'$'1G6(<'8

)&$1'++#&*$?'.1.3*( #&<( <'&(?9&( <'&( -'$'++$/03=1'.&(*'*'D'&'&()&7'%$#&*'&abA

B%'( -'$'++$/03=1'.( 2Y&&'&( 8%1( afbSE'0.0'%1( '%&'( -'$/0P=1$9.<&#&*( =>.( <%'

-'$/0P=1$=>0.'.(D'$/0+%'U'&(ahA

ccAbA( B%'(&3/0$1'0'&<(3#=*'=>0.1'&(-'$/0P=1'(D'<>.='&(<'.(?9.0'.%*'&(R#$1%88#&*(<'.

-'$'++$/03=1'.?'.$388+#&*aiA

cA J'.P#U'.#&*(<'$(:&1'.&'08'&$(9<'.(?9&(7'$'&1+%/0'&(Z'%+'&(<'$$'+D'&x

dA H.7'.D6(y&<'.#&*6("'+3$1#&*(9<'.()#=*3D'&(?9&("'1'%+%*#&*'&(3&(3&<'.'&

:&1'.&'08'&x

aA H..%/01#&*(9<'.()#=0'D#&*(?9&(R7'%*&%'<'.+3$$#&*'&x

bA H.7'.D6( "'+3$1#&*( #&<( J'.P#U'.#&*( ?9&( -.#&<$1>/2'&( #&<( *.#&<S

$1>/2$*+'%/0'&(['/01'&x

hA <%'( B#./0=>0.#&*( ?9&( L&?'$1%1%9&'&6( $97'%1( <%'( )&$/03==#&*$S( 9<'.

^'.$1'++#&*$29$1'&( %8( H%&G'+=3++( BE( hjAjjj6jj( 9<'.( %&&'.03+D( '%&'$

-'$/0P=1$530.'$(BE(cjjAjjj6jj(>D'.$/0.'%1'&x

iA )D$/0+#U6( y&<'.#&*( 9<'.( "''&<%*#&*( ?9&( E%'1S( 9<'.( @3/01?'.1.P*'&6( <%'

'%&'( Q3#=G'%1( 9<'.( C>&<%*#&*$=.%$1( ?9&( 8'0.( 3+$( '%&'8( o30.( 03D'&( 9<'.

<'.'&( o30.'$8%'1'( 9<'.( o30.'$43/01( <'&( "'1.3*( ?9&( BE( ajAjjj6jj

>D'.$1'%*16( '$( $'%( <'&&6( <%'( -'$'++$/03=1'.?'.$388+#&*( D'$1%881( '%&

3&<'.'$x

;A "'$1'++#&*( ?9&( @.92#.%$1'&( 9<'.( ^3&<+#&*$D'?9++8P/01%*1'&( =>.( <'&

*'$381'&(-'$/0P=1$D'.'%/0x

(((((((((((((((((((((((((((((((((((((((((((((((((((((aa( B%'(*'&'.'++'("'=.'%#&*('%&'$(-'$/0P=1$=>0.'.$(?9&(<'&("'$/0.P&2#&*'&(<'$(u(c_c("-"

MJ'.D91( <'$( L&$%/0*'$/0P=1$N( D'<3.=( '%&'.( $31G#&*$*'8PU'&( -.#&<+3*'6( <3( $%'( <%'*'$'1G+%/0'( J'.1.'1#&*$D'=#*&%$( P&<'.1A( B%'( "'=.'%#&*( $'+D$1( 23&&( <#./0( '%&=3/0'&-'$'++$/03=1'.D'$/0+#U('.=9+*'&A(I%'(%$1(%&(<3$(^3&<'+$.'*%$1'.('%&G#1.3*'&A

ab( L8( -'*'&$31G( G#.( ^3#41?'.$388+#&*( <'.( )21%'&*'$'++$/03=1( D'$%1G1( <%'-'$'++$/03=1'.?'.$388+#&*( <'.( -8D^( '%&( T'%$#&*$.'/01( *'*'&>D'.( <'&-'$/0P=1$=>0.'.&A

ah B%'( -'$/0P=1$9.<&#&*( .'*'+1( %&$D'$9&<'.'( <%'( )#=*3D'&?'.1'%+#&*( #&1'.( <'&-'$/0P=1$=>0.'.&6( <'&( :8=3&*( <'.( G#$1%88#&*$D'<>.=1%*'&( -'$/0P=1'( #&<( <%'"'.%/01'.$1311#&*([email protected]+'8(<'$(7'%$#&*$=.'%'&("'.'%/0'$(<'.(-'$/0P=1$=>0.#&*NA

ai( B'.(C313+9*(<'.(G#$1%88#&*$4=+%/01%*'&(-'$/0P=1'(%$1(0%'.(7'%1(*'=3U1(#&<(23&&(&3/0(<'&%&<%?%<#'++'&("'<>.=&%$$'&(<'.(-'$'++$/03=1(**=$A('%&*'$/0.P&21(*'$13+1'1(7'.<'&A()+1'.&31%?2Y&&1'&(<%'("'=#*&%$$'('%&'$("'%.31'$(3#/0('&1$4.'/0'&<('.7'%1'.1(7'.<'&A

-8D^SI31G#&*

id

_A "'*.>&<#&*6(y&<'.#&*(9<'.("''&<%*#&*(?9&(B%'&$1?'.0P+1&%$$'&6($9='.&(<%'

o30.'$D'G>*'( BE( ajAjjj6jj( >D'.$1'%*'&6( 9<'.( <#./0( '%&'( y&<'.#&*

>D'.$1'%*'&(7>.<'&x

eA tD'.&308'( ?9&( ">.*$/03=1'&6( )D*3D'( ?9&( -3.3&1%'?'.$4.'/0'&6( <'.'&

-'*'&$13&<$7'.1(BE(ajAjjj6jj(>D'.$1'%*1x

cjA H%&*'0#&*(?9&(T'/0$'+?'.D%&<+%/02'%1'&(3+$("'G9*'&'.6

ccA )#=&308'( ?9&( C.'<%1'&6( $97'%1( <3<#./0( <%'( ?9&( <'.( -'$'++$/03=1'.S

?'.$388+#&*(*'D%++%*1'&(C.'<%1+%&%'&(<'.(-'$'++$/03=1(>D'.$/0.%11'&(7'.<'&x

cdA -'7P0.#&*( ?9&( B3.+'0'&6( %&$D'$9&<'.'( 3#/0( 3&( -'$/0P=1$=>0.'.( #&<

@.92#.%$1'&x

caA H%&+'%1#&*(?9&()21%?4.9G'$$'&(8%1('%&'8(T'.1(?9&(8'0.(3+$(BE(ajAjjj6jjx

cbA )D$/0+#U( ?9&( J'.*+'%/0'&( #&<( H.+3U( ?9&( X9.<'.#&*'&6( $97'%1( $%/0( <%'$

3#U'.03+D(<'$(&9.83+'&(-'$/0P=1$?'.2'0.$(D'7'*1x

chA J'.'%&D3.#&*( >D'.( )+1'.$?'.$9.*#&*6( -'7%&&D'1'%+%*#&*( 9<'.( $9&$1%*'

R#7'&<#&*'&(3&("'+'*$/03=1$8%1*+%'<'.x

ciA )#$>D#&*(<'$(I1%88.'/01$(%&("'1'%+%*#&*$*'$'++$/03=1'&x

c;A J9.&308'( ?9&( -'$/0P=1'&6( <%'( >D'.( <'&( [308'&( <'$( >D+%/0'&

-'$/0P=1$?'.2'0.$(0%&3#$*'0'&(9<'.( =>.(<%'(ZP1%*2'%1(<'.(-'$'++$/03=1(?9&

*.#&<+'*'&<'.("'<'#1#&*($%&<A

ccAh B%'( J'.1.'1#&*$D'=#*&%$( <'.( -'$/0P=1$=>0.'.( M%8( )#U'&?'.0P+1&%$N( %$1

#&D'$/0.P&21Aa;( -'$/0P=1$=>0.#&*$83U&308'&6( <%'( >D'.( <'&( *'7Y0&+%/0'&

-'$/0P=1$?'.2'0.( 0%&3#$*'0'&6( #&<( $9+/0'6( 7'+/0'( <%'( -'$/0P=1$9.<&#&*

D'$1%8816( D'<>.='&( 5'<9/0( M%8( L&&'&?'.0P+1&%$N( <'.( ?9.0'.%*'&( R#$1%88#&*( <'.

-'$'++$/03=1'.?'.$388+#&*Aa_

7h7>B7 8NKNPPKQRTX%N#`N#KTWWPJMO

cdAcA( H%&'( 9.<'&1+%/0'( -'$'++$/03=1'.?'.$388+#&*( =%&<'1( 5P0.+%/0( '%&83+( %&&'.03+D( ?9&

G7'%( E9&31'&( &3/0( )#=$1'++#&*( <'$( o30.'$3D$/0+#$$'$( <#./0( <%'

-'$/0P=1$=>0.#&*( $1311A( B3.>D'.( 0%&3#$( $%&<( 3#U'.9.<'&1+%/0'( J'.$388+#&*'&

'%&G#D'.#='&6( 7'&&( <%'$( %8( L&1'.'$$'( <'.( -'$'++$/03=1( '.=9.<'.+%/0( %$1( 9<'.( ?9&

(((((((((((((((((((((((((((((((((((((((((((((((((((((a;( B%'( "'$1%88#&*( %$1( 3&( $%/0( >D'.=+>$$%*6( $9++( 3D'.( <%'( -'$'++$/03=1'.( 3#=( <%'( G7%&*'&<'

"'$1%88#&*( <'$( u(a_( )D$A(d( -8D^-( 0%&7'%$'&A( B3&3/0( 031( <%'( "'$/0.P&2#&*( <'."'=#*&%$(<'.(-'$/0P=1$=>0.'.(*'*'&>D'.(B.%11'&(2'%&'(.'/01+%/0'(T%.2#&*A

a_ B%'(-'$/0P=1$=>0.#&*$D'=#*&%$( %$1( ?9&(<'.(J'.1.'1#&*(<'.(-'$'++$/03=1( G#( #&1'.$/0'%<'&AI%'(D'$1%8816(%&(7'+/0'8(:8=3&*(E3U&308'&(G#.(['3+%$%'.#&*(<'$(:&1'.&'08'&$G7'/2$<'&( -'$'++$/03=1'.&( *'*'&>D'.( G#+P$$%*( $%&<( ML&&'&?'.0P+1&%$NA( )#U'.*'7Y0&+%/0'-'$/0P=1'( <>.=1'&( 3#/0( 90&'( '&1$4.'/0'&<'( I31G#&*$D'$1%88#&*( G#$1%88#&*$4=+%/01%*$'%&A( o'<'&=3++$( %$1( <%'( "'$1%88#&*( <'.( :&1'.&'08'&$49+%1%2( %88'.( I3/0'( <'.-'$'++$/03=1'.A(H%&G'+0'%1'&($9++1'&(%&(<'.(-'$/0P=1$9.<&#&*(*'.'*'+1(7'.<'&A

)MPTON7C

ia

-'$'++$/03=1'.&6( <%'( G#$388'&(8%&<'$1'&$( cj(n( <'$(I1388234%13+$( %&&'03D'&6

9<'.(?9&(<'&(L&03D'.&(<'.(-'&#$$.'/01'f-'&#$$$/0'%&'(?'.+3&*1(7%.<Aae

cdAdA( B%'(H%&D'.#=#&*('.=9+*1(<#./0(<%'(-'$/0P=1$=>0.'.(8%11'+$('%&*'$/0.%'D'&'&(".%'='$

#&1'.( E%11'%+#&*( <'.( Z3*'$9.<&#&*Abj( B'.( H%&+3<#&*( G#.( 9.<'&1+%/0'&

-'$'++$/03=1'.?'.$388+#&*( $%&<( <'.( o30.'$3D$/0+#U6( <'.( Q3*'D'.%/01( #&<( '%&

'173%*'.(@.>=#&*$D'.%/01(<'$()D$/0+#U4.>='.$(D'%G#=>*'&A

cdAaA( B%'( Q3<#&*$=.%$1( D'1.P*1( D'%( 9.<'&1+%/0'&( -'$'++$/03=1'.?'.$388+#&*'&( ?%'.

T9/0'&6( D'%( 3#U'.9.<'&1+%/0'&( -'$'++$/03=1'.?'.$388+#&*'&( G7'%(T9/0'&( #&<

D'*%&&1(8%1(<'.()#=*3D'(<'.(H%&+3<#&*(G#.(@9$16(79D'%(<'.(Z3*(<'.()D$'&<#&*(#&<

<'.(Z3*(<'.(J'.$388+#&*(&%/01(8%1(*'.'/0&'1(7'.<'&Abc

cdAbA( -'$'++$/03=1'.?'.$388+#&*'&( =%&<'&( 38( I%1G( <'.( -'$'++$/03=1( $1311A( B'&( J9.$%1G

=>0.1( <'.( -'$'++$/03=1'.( 8%1( <'8( *.YU1'&( )&1'%+( 38( I1388234%13+A( B%'

J'.$388+#&*(23&&(8%1('%&=3/0'.(E'0.0'%1('%&'&(3&<'.'&(J9.$%1G'&<'&(7P0+'&Abd

cdAhA( B%'( -'$'++$/03=1'.?'.$388+#&*( %$1( D'$/0+#U=P0%*6( 7'&&( 8%&<'$1'&$( afb( <'$

*'$381'&(I1388234%13+$(3&7'$'&<(DG7A(?'.1.'1'&($%&<Aba(L$1(<3$(&%/01(<'.(X3++6($9

%$1(#&?'.G>*+%/0(*'8PU(V.A(d('%&'(&'#'(-'$'++$/03=1'.?'.$388+#&*(G#(D'.#='&6(<%'

<3&&(90&'([>/2$%/01(3#=(<3$(?'.1.'1'&'(I1388234%13+(D'$/0+%'U'&(23&&A(B3.3#=(%$1

%&(<'.(Q3<#&*(D'$9&<'.$(0%&G#7'%$'&(bbA

cdAiA( o'<'.( -'$'++$/03=1'.( 23&&( $%/0( %&( <'.( -'$'++$/03=1'.?'.$388+#&*( <#./0( $'%&'&

H0'*311'&6( '%&'&( E%1*'$'++$/03=1'.( 9<'.( '%&'&( G#.( "'.#=$?'.$/07%'*'&0'%1

?'.4=+%/01'1'&(B.%11'&(?'.1.'1'&(+3$$'&A(B%'(J9++83/01(D'<3.=(<'.(I/0.%=1=9.8Abh

(((((((((((((((((((((((((((((((((((((((((((((((((((((ae( -'$'1G+%/0'( -.#&<+3*'F( uu(b_( D%$( hc( -8D^-x( u(hj( )D$A(c( -8D^-( 7%.<( 0'#1'( ?9&( <'.

0'..$/0'&<'&(E'%&#&*(3+$( G7%&*'&<(3&*'$'0'&A(B'$03+D(<3.=( =>.( <3$(H%&D'.#=#&*$.'/012'%&'(*.YU'.'("'1'%+%*#&*(3+$(cj(n(?'.+3&*1(7'.<'&A

bj( o'<'.('%&G'+&'(-'$/0P=1$=>0.'.( %$1(3#/0(<3&&( =>.(<%'(H%&D'.#=#&*(G#$1P&<%*6(7'&&('.( &#.*'$381?'.1.'1#&*$D'.'/01%*1(%$1A(B%'(I31G#&*(23&&()D7'%/0'&<'$(D'$1%88'&A(B%'(X9.8(%$1*'.3<'(=>.(<%'(E%&<'.0'%1(?9&(*.9U'.("'<'#1#&*A

bc( B%'( *'$'1G+%/0'( Q3<#&*$=.%$1( D'*%&&1( &%/01( D'.'%1$(8%1( <'.( )#=*3D'( G#.( @9$16( $9&<'.&(8%1<'8( R'%14#&216( 3&( <'8( 8%1( '%&'8( R#*3&*( <'$( I/0.'%D'&$( D'%( <'8( +'1G1'&( )<.'$$31'&&9.83+'.7'%$'(G#(.'/0&'&(%$1A

bd( E%1(R#$1%88#&*(3++'.(-'$'++$/03=1'.(23&&(<%'(-'$'++$/03=1'.?'.$388+#&*(3#/0(3&('%&'83&<'.'&(].1(3+$(<'8(I%1G(<'.(-'$'++$/03=1('%&D'.#='&(7'.<'&A

ba( B%'(I1%88.'/01$3#$>D#&*(%$1( %&(<'.(-8D^(S(3&<'.$(3+$(D'%(<'&(@'.$9&'&*'$'++$/03=1'&(S&%/01(0Y/0$14'.$Y&+%/06('%&'( .'/01$*'$/0P=1+%/0'(J'.1.'1#&*( %$1(3+$9(G#+P$$%*A(B3$(l#9.#8%$1(G#.(J'.8'%<#&*(G#=P++%*'.(E'0.0'%1'&('84='0+'&$7'.1A

bb( B%'(['*'+#&*( <%'&1( <'.( D'$/0+'#&%*1'&( "'$/0+#U=3$$#&*A( B'.( ^%&7'%$( %&( <'.( Q3<#&*( %$1&917'&<%*A

bh( B%'(I31G#&*$D'$1%88#&*('&1$4.%/01(u(b;()D$A(a(-8D^-A(B%'(I/0.%=1=9.8(<%'&1(3D'.(&#.(<'.Q'*%1%831%9&( *'*'&>D'.( <'&( E%1*'$'++$/03=1'.&A( I%'( %$1( &%/01( T%.2$382'%1$?9.3#$$'1G#&*<'.(J9++83/01A

-8D^SI31G#&*

ib

cdA;A( E%1(R#$1%88#&*(3++'.(-'$'++$/03=1'.(2Y&&'&("'$/0+>$$'(3#/0(90&'(H%&03+1#&*(?9&

V.A(d(#&<(<3.>D'.(0%&3#$(3#/0($/0.%=1+%/0(9<'.(='.&8>&<+%/0(0'.D'%*'=>0.1(7'.<'&Abi

B%'(V%/01D'3&179.1#&*( <'.( )#==9.<'.#&*( G#.( $/0.%=1+%/0'&(I1%883D*3D'( %&&'.03+D

<'.(*'$'1G1'&(X.%$16(<%'(G7'%(T9/0'&(&%/01(#&1'.$/0.'%1'&(<3.=6(*%+1(3+$()D+'0&#&*Ab;

cdA_A( tD'.( $P81+%/0'( -'$'++$/03=1'.D'$/0+>$$'( %$1( S( $97'%1( &%/01( '%&'( &913.%'++'

"'#.2#&<#&*( $1311G#=%&<'&( 031( S( '%&( $/0.%=1+%/0'$( @.91929++( #&1'.( )&*3D'( <'.

"'$/0+#U#8$1P&<'( G#( ='.1%*'&( #&<( ?9&( <'&( -'$/0P=1$=>0.'.&( G#( #&1'.G'%/0&'&A

B%'(-'$'++$/03=1'.('.03+1'&()D$/0.%=1'&(8%11'+$('%&*'$/0.%'D'&'&(".%'='$Ab_

7h7>C7 8NKNPPKQRTX%N#aNKQRPZKKN

caAcA( -'$'++$/03=1'.D'$/0+>$$'( 7'.<'&( 8%1( '%&=3/0'.( E'0.0'%1( <'.( 3D*'*'D'&'&

I1%88'&( *'=3U16( $97'%1( &%/01( <3$( -'$'1G( 9<'.( <%'$'.( J'.1.3*( '%&'( 3&<'.'

E'0.0'%1(?9.$/0.'%D'&Abe

caAdA( )D*'$1%881(7%.<(&3/0(-'$/0P=1$3&1'%+'&A(o'(H:[](cjj6jj(<'$(-'$/0P=1$3&1'%+$

*'7P0.'&('%&'(I1%88'Ahj

caAaA( B%'( )&='/01#&*( ?9&( -'$'++$/03=1'.D'$/0+>$$'&( <#./0( C+3*'.0'D#&*( %$1( &#.

%&&'.03+D('%&'.(X.%$1( ?9&( '%&'8(E9&31( &3/0()D$'&<#&*(<'$("'$/0+#U4.91929++$

G#+P$$%*Ahc

7h7>D7 5NL#T%

cbAcA B%'(-'$'++$/03=1(031('%&'&("'%.316(<'.(3#$(8%&<'$1'&$(<.'%(E%1*+%'<'.&(D'$1'016(<%'

?9&( <'.( -'$'++$/03=1'.?'.$388+#&*( =>.( <%'( B3#'.( ?9&( ?%'.( o30.'&( *'7P0+1

7'.<'&A( B%'( T%'<'.730+( %$1( G#+P$$%*A( B'&( L&03D'.&( <'.( -'&#U.'/01'f

-'&#U$/0'%&'( $1'01( <3$( )81( '%&'$( "'%.31$( 3+$( *'8'%&$/03=1+%/0'$( I9&<'..'/01

(((((((((((((((((((((((((((((((((((((((((((((((((((((bi( R#8($/0.%=1+%/0'&(J'.=30.'&(?*+A(u(b_()D$A(d(-8D^-A(H$(D'<3.=(3#/0(<'.(R#$1%88#&*(<'.

&%/01($1%88D'.'/01%*1'&(9<'.(?98(I1%88.'/01(3#$*'$/0+9$$'&'&(-'$'++$/03=1'.A

b;( B%'("'$1%88#&*(<%'&1(<'.(J'.8'%<#&*(?9&()#$+'*#&*$$1.'%1%*2'%1'&A

b_( B3$(@.91929++(031(.'%&'("'7'%$=#&21%9&(#&<(%$1(&%/01(T%.2$382'%1$?9.3#$$'1G#&*A

be( -'$'1G+%/0'( -.#&<+3*'F( uu(bi6( b;( -8D^-x( I1%88'&103+1#&*'&( *'+1'&( 3+$( &%/013D*'*'D'&'( I1%88'&A( H%&'( afbSE'0.0'%1( ?'.+3&*1( u(ha( )D$A(d( -8D^-( G7%&*'&<( =>.I31G#&*$P&<'.#&*'&A

hj( B%'()D$1%88#&*(&3/0(-'$/0P=1$3&1'%+'&('&1$4.%/01(<'.(234%13+%$1%$/0'&(I1.#21#.(<'.(-8DÂ"'%(<'.([email protected]&'.pS-8D^(2P8'(3#/0('%&'()D$1%88#&*(&3/0(CY4='&(%&("'1.3/01A

hc( B%'( )&='/01#&*( ?9&( -'$'++$/03=1'.D'$/0+>$$'&( %$1( %8( -8D^S-'$'1G( &%/01( *'.'*'+1A( B%'['/01$4.'/0#&*(7'&<'1( <%'( 321%'&.'/01+%/0'&( "'$1%88#&*'&( '&1$4.'/0'&<( 3&6( +PU1( 3D'.'%&'( p3&*'8'$$'&'p( X.%$1( M?9&( '%&'8( E9&31N( *'&>*'&A( B'$03+D( 7%.<( 0%'.( '%&'( X.%$1D'$1%881A()#U'.<'8(7%.<(3#=(<%'(V917'&<%*2'%1(<'.(C+3*''.0'D#&*(0%&*'7%'$'&A

)MPTON7C

ih

G#Ahd(T'&&(<%'$'(?9&( %0.'8(['/01( 2'%&'&(-'D.3#/0(83/0'&6(7%.<( 3#/0(<%'$'$

"'%.31$381( <#./0( '%&( "'%.31$8%1*+%'<( D'$'1G16( <3$( ?9&( <'.

-'$'++$/03=1'.?'.$388+#&*(*'7P0+1(7%.<A

cbAdA B%'( -'$'++$/03=1'.?'.$388+#&*( 23&&( &#.( *'$'++$/03=1$=.'8<'( "'%.31$8%1*+%'<'.

7P0+'&A(-'7P0+1(7'.<'&(23&&( %8(>D.%*'&(&#.6(7'.( %&(2'%&'8(#&8%11'+D3.'&(9<'.

8%11'+D3.'&(T'11D'7'.D$?'.0P+1&%$(G#.(-'$'++$/03=1($1'01Aha

cbAaA B'.( "'%.31( D'.P1( <%'( -'$/0P=1$=>0.#&*A( H.( 23&&( ?9&( <'.( -'$/0P=1$=>0.#&*

5'<'.G'%1()#$2#&=1(>D'.(3++'()&*'+'*'&0'%1'&(<'.(-'$'++$/03=1(?'.+3&*'&(#&<($%/0

3#/0( $'+D$1( <3.>D'.( %&=9.8%'.'&A( H.( 23&&( %&$D'$9&<'.'( <%'( ">/0'.( <'.

-'$'++$/03=1($97%'(<'.'&(J'.8Y*'&$*'*'&$1P&<'('%&$'0'&(#&<(4.>='&A(H.(23&&

8%1( <%'$'.( @.>=#&*( 3#=( C9$1'&( <'.( -'$'++$/03=1( D'$9&<'.'( I3/0?'.$1P&<%*'

D'3#=1.3*'&A( B%'( E%1*+%'<'.( <'.( -'$/0P=1$=>0.#&*( <'.( -'$'++$/03=1( $%&<

?'.4=+%/01'16( <'8( "'%.31( 5'<'( *'7>&$/01'( )#$2#&=1( >D'.( 3++'( *'$/0P=1+%/0'&

J'.0P+1&%$$'( G#( '.1'%+'&( $97%'( <%'( E%1*+%'<'.( <'$( "'%.31$( G#( 3++'&( I%1G#&*'&

'%&G#+3<'&(#&<(<'8("'%.31(>D'.(3++'(I3/0?'.03+1'6(<%'(=>.($'%&'(H&1$/0'%<#&*(?9&

"'<'#1#&*($'%&(2Y&&'&6(G#(#&1'..%/01'&A

cbAbA B'.("'%.31($9++( %&(<'.(['*'+('%&83+( %8(C3+'&<'.?%'.1'+530.('%&D'.#='&(7'.<'&x('.

8#U('%&83+( 5P0.+%/0(#&<( %88'.(<3&&('%&D'.#='&(7'.<'&6(7'&&(<%'(E'0.0'%1(<'.

"'%.31$8%1*+%'<'.(<%'$(?'.+3&*1A

cbAhA( B'.("'%.31(=3U1($'%&'("'$/0+>$$'(8%1(dfaSE'0.0'%1A(o'<'$("'%.31$8%1*+%'<(031('%&'

I1%88'A(B'.("'%.31(23&&($%/0('%&'(-'$/0P=1$9.<&#&*(*'D'&A

cbAiA( B'.( "'%.31( 031( 5P0.+%/0( %&( <'.( -'$'++$/03=1'.?'.$388+#&*( <'&( -'$'++$/03=1'.&

>D'.($'%&'(ZP1%*2'%1(%8(3D*'+3#='&'&(o30.(G#(D'.%/01'&A

(((((((((((((((((((((((((((((((((((((((((((((((((((((hc( B%'( L&03D'.( ?9&( -'&#U.'/01'&f-'&#U$/0'%&'&( >D'&( %0.'( E%17%.2#&*$D'=#*&%$$'

*'8'%&$/03=1+%/0( 3#$A( T'*'&( <'.( "%&&'&?'.=3$$#&*( ?*+A( u(a( V.A(a( <'.( -'&#U.'/01$S"'<%&*#&*'&A�

hd( B%'( L&03D'.( ?9&( -'&#U.'/01'&f-'&#U$/0'%&'&( >D'&( %0.'( E%17%.2#&*$D'=#*&%$$'*'8'%&$/03=1+%/0( 3#$A( T'*'&( <'.( "%&&'&?'.=3$$#&*( ?*+A( u(d( V.A(a( <'.-'&#U.'/01$D'<%&*#&*'&A�

ha( -'$'1G+%/0'( -.#&<+3*'F( u(hd( -8D^-x( <'.( )#=$%/01$.31( %$1( D'%( <'.( -8D^( *.#&<$P1G+%/0=32#+131%?A( X.'%7%++%*'( )#=$%/01$.P1'6( ?%'+=3/0( 3#/0( 3+$( "'%.P1'( 9<'.( J'.73+1#&*$.P1'D'G'%/0&'16( $%&<( %&( <'.( @.3O%$( 5'<9/0( &%/01( $'+1'&A( B%'( "'$/0.P&2#&*( <'.E%1*+%'<$/03=1$.'/01'( <'.( L&03D'.( ?9&( -'&#U.'/01'&f( -'&#U$/0'%&'&( '%&'.$'%1$( +'*1( '$3&<'.'.$'%1$( &30'6( <%'$'( "'=#*&%$$'( G#( %&$1%1#1%9&3+%$%'.'&( #&<( <'&( L&03D'.( ?9&-'&#U.'/01'&f( -'&#U$/0'%&'&( '%&'&( @+31G( &'D'&( *'$'++$/03=1$=.'8<'&( "'%.P1'&( G#$%/0'.&A( B'.( 8%1( )#=$%/01$S( #&<( "'.31#&*$=#&21%9&'&( 3#$*'$1311'1'( "'%.316( <'8*'$'++$/03=1$=.'8<'( X3/0+'#1'( 9<'.( ^9&9.31%9.'&( 3&*'0Y.'&( $9++1'&6( %$1( <3$"'1P1%*#&*$='+<( =>.( "#$%&'$$( )&*'+$6( <%'( &'D'&( <'.( "'1'%+%*#&*( 38( -'&#U.'/01$234%13+2'%&'( "'.31#&*$S( 9<'.( $9&$1%*'&( C9&13214=+'*'4=+%/01'&( ?'.1.3*+%/0( >D'.&'08'&A( B%'H%&.%/01#&*('%&'$("'%.31$(#&<(<%'("'$1'++#&*(<'.(E%1*+%'<'.(%$1(*'8PU(u(hd()D$A(d(-8D^-4#D+%231%9&$4=+%/01%*A

-8D^SI31G#&*

ii

cbA;A( B%'("'%.31$8%1*+%'<'.('.03+1'&(=>.(<%'(Z'%+&308'(3&(<'&(I%1G#&*'&(<'$("'%.31$(#&<

<'.( -'$'++$/03=1'.?'.$388+#&*( $97%'( =>.( %0.'( $9&$1%*'( ZP1%*2'%1( =>.( <%'

-'$'++$/03=1('%&'(J'.*>1#&*(%&(^Y0'(?9&(BE(AAAAAAAAAAAAAAAA(5P0.+%/0A(B3&'D'&(7'.<'&

%0&'&( <%'( D3.'&( )#$+3*'&( '.$1311'16( <%'( <#./0( %0.'( Z'%+&308'( 3&( <'&

"'%.31$$%1G#&*'&(#&<(%0.'(ZP1%*2'%1(=>.(<%'(-'$'++$/03=1('&1$1'0'&A

7h7>H7 !N#iJkN#JMO7JM^75NPTK%JMO7`"M78NKQRiX%KTM%NLPNM

chAcA( R#.( J'.P#U'.#&*( 9<'.( "'+3$1#&*( M%&$D'$9&<'.'( V%'UD.3#/0D'$1'++#&*( 9<'.

J'.4=P&<#&*N( ?9&( -'$/0P=1$3&1'%+'&( %$1( <%'( $/0.%=1+%/0'( R#$1%88#&*( 3++'.

-'$'++$/03=1'.( '.=9.<'.+%/0A( B3$( *%+1( 3#/0( D'%( H.D3#$'%&3&<'.$'1G#&*'&A( B%'

J9.$/0.%=1(<'$(u(c;(-8D^-(D+'%D1(#&D'.>0.1Ahd

chAdA( B'&( >D.%*'&( -'$'++$/03=1'.&( $1'01( %8( J'.0P+1&%$( %0.'.( "'1'%+%*#&*( '%&

J9.23#=$.'/01(3&(<'8()&1'%+(G#Aha(E3/01('%&(-'$'++$/03=1'.(<3?9&(&%/01(%&&'.03+D

'%&'$( E9&31$( &3/0( E%11'%+#&*( <'.( J'.=>*#&*( *'8PU( V.A(c( <#./0( $/0.%=1+%/0'

H.2+P.#&*( -'D.3#/06( *'01( <3$( ['/01( 7%'<'.#8( 3&1'%+%*( 3#=( <%'( ?'.D+'%D'&<'&

-'$'++$/03=1'.( #&<( $/0+%'U+%/0( 3#=( <%'( -'$'++$/03=1( >D'.A( H173%*'( #&?'.1'%+1'

I4%1G'&D'1.P*'( $1'0'&( <'8( -'$'++$/03=1'.( 8%1( <'.( *.YU1'&( "'1'%+%*#&*( G#A( B'.

'.7'.D+%/0(J9.23#=$D'.'/01%*1'(D'<3.=(&%/01(<'.(R#$1%88#&*(&3/0(V.A(cAhb

chAaA( B%'(R#$1%88#&*$D'<>.=1%*2'%1(*'8PU(V.A(c(*%+1(3#/0(D'%()D1.'1#&*(9<'.("'+3$1#&*

?9&()&$4.>/0'&(3#$(<'8(-'$/0P=1$3&1'%+(9<'.(<'8(-'7%&&.'/016( %&$D'$9&<'.'

3#=(-'7%&&3#$G30+#&*Ahh

chAbA( "'%( Z'%+#&*( ?9&( -'$/0P=1$3&1'%+'&( 8>$$'&( <%'( &'#*'D%+<'1'&( -'$/0P=1$3&1'%+'

<#./0(H:[](cjj6jj(1'%+D3.($'%&Ahi

(((((((((((((((((((((((((((((((((((((((((((((((((((((hd( -'$'1G+%/0'( -.#&<+3*'F( uu(ch( D%$( c;( -8D^-x( <%'( $31G#&*$*'8PU'

J'.=>*#&*$D'$/0.P&2#&*( 7%.<( 3+$( J%&2#+%'.#&*( D'G'%/0&'1A( I%'( %$1( D'%( <'.( G#8%&<'$14'.$9&3+%$1%$/0'&( -8D^( ?9&( "'<'#1#&*( #&<( $/0>1G1( <%'( E%1*'$'++$/03=1'.( ?9.( <'8H%&<.%&*'&(#&+%'D$38'.(B.%11'.A

ha( B%'$'( "'$1%88#&*( '.*P&G1( <'&( 8%1( <'.( J%&2#+%'.#&*( ?'.=9+*1'&( R7'/2A( )+$( )+1'.&31%?'2988'&(29..'$49&<%'.'&<'()&<%'&#&*$4=+%/01'&(<'$(?'.P#U'.#&*$7%++%*'&(-'$'++$/03=1'.$#&<()&23#=$.'/01'(<'.(>D.%*'&(-'$'++$/03=1'.(%&("'1.3/01A

hb( B#./0( <%'$'( "'$1%88#&*( D+9/2%'.1'.( ?'.23#=$7%++%*'.( -'$'++$/03=1'.( 7%.<( 3#=( <3$C>&<%*#&*$.'/01( 3#$( u(ce( <'$( -'$'++$/03=1$?'.1.3*'$( ?'.7%'$'&A( )+1'.&31%?'FR#$1%88#&*$4=+%/01( <'.( E%1*'$'++$/03=1'.( D'%( &%/01( =.%$1*'.'/01'.( )#$>D#&*( <'$J9.23#=$.'/01$6($97'%1(&%/01(7%/01%*'(-.>&<'(%&(<'.(@'.$9&(<'$(H.7'.D'.$('%&'()D+'0&#&*.'/01='.1%*'&A

hh( H$( 03&<'+1( $%/0( %&$97'%1( #8( '%&'( =+3&2%'.'&<'( E3U&308'( G#.( )D7'0.( ?9&( H%&=+>$$'&*'$'++$/03=1$=.'8<'.( @'.$9&'&A( H$( *%D1( =.'%+%/0( 3#/0( *#1'( -.>&<'( =>.( <%'( *'*'&1'%+%*'QY$#&*A

hi( T'&&('%&'('&1$4.'/0'&<'("'$1%88#&*(%&(<'.(I31G#&*(='0+16(%$1('%&'(Z'%+#&*('.$1(3#=*.#&<'%&'.( I31G#&*$P&<'.#&*( 8Y*+%/0A( B#./0( <%'( I31G#&*( 23&&( <%'( Z'%+#&*( 3#$*'$/0+9$$'&9<'.(?9&(<'.(R#$1%88#&*(<'.(-'$'++$/03=1'.(3D0P&*%*(*'83/01(7'.<'&A(B%'(0%'.(*'7P0+1'

)MPTON7C

i;

7h7>g7 -LM[LNRJMO

ciAcA( B%'( H%&G%'0#&*( ?9&( -'$/0P=1$3&1'%+'&( %$1( G#+P$$%*A( I%'( 7%.<( 8%1( R#*3&*( <'$

H%&G%'0#&*$D'$/0+#$$'$(3&(<'&(D'1.'=='&<'&(-'$'++$/03=1'.(7%.2$38Ah;

ciAdA( B%'( R73&*$'%&G%'0#&*( ?9&( -'$/0P=1$3&1'%+'&( %$1( $131103=16( 7'&&( '%&( 7%/01%*'.

-.#&<(?9.+%'*1A()+$('%&(7%/01%*'.(-.#&<($%&<(%&$D'$9&<'.'(*.9D'(J'.+'1G#&*'&(<'.

-'$'++$/03=1'.4=+%/01'&( <#./0( '%&'&( -'$'++$/03=1'.( $97%'( <'.( :8$13&<

3&G#$'0'&6( <3U( '%&( -'$/0P=1$3&1'%+( 3#=*.#&<( '%&'$( &%/01( &#.( ?9.+P#=%*

?9++$1.'/2D3.'&( Z%1'+$( *'4=P&<'1( #&<( <%'( @=P&<#&*( &%/01( %&&'.03+D( ?9&( <.'%

E9&31'&( 7%'<'.( 3#=*'09D'&( 7%.<( 9<'.( <3U( >D'.( <3$( J'.8Y*'&( '%&'$

-'$'++$/03=1'.$( <3$( L&$9+?'&G?'.=30.'&( '.Y==&'1( 9<'.(83&*'+$(E3$$'(3D*'+'0&1

7%.<A( I1'01( <'.( )&1'%+( 8'0.'.'&( "'.'/01%*1'&( G#6( *'&>*1( '$6( 7'&&( <%'$'

J9.3#$$'1G#&*'&(&#.(D'%('%&'8(?9&(%0&'&(?9.+%'*'&Ah_

ciAaA( "'%( "'$/0+>$$'&( >D'.( <%'( R73&*$'%&G%'0#&*( '%&'$( -'$/0P=1$3&1'%+$( 031( <'.

D'1.9=='&'(-'$'++$/03=1'.(2'%&(I1%88.'/01Ahe

ciAbA( I1311(<'.(H%&G%'0#&*(23&&(<%'(-'$'++$/03=1(D'%(J9.+%'*'&('%&'$(7%/01%*'&(-.#&<'$

?'.+3&*'&6(<3U(<'.(-'$/0P=1$3&1'%+( 3#=( <%'( >D.%*'&(-'$'++$/03=1'.( %8(J'.0P+1&%$

%0.'.("'1'%+%*#&*(9<'.(S(&3/0(T30+(<'.(-'$'++$/03=1(S(3#=(<%'$'($'+D$1(>D'.1.3*'&

7%.<A( I97'%1( ?9&( <%'$'8( ['/01( 2'%&( -'D.3#/0( *'83/01( 7%.<6( 23&&( <%'

tD'.1.3*#&*(3&(?9&(<'.(-'$'++$/03=1(G#(D'&'&&'&<'(B.%11'(?'.+3&*1(7'.<'&Aij

ciAhA( )#=(<3$(H&1*'+1(=>.(<'&()&1'%+(=%&<'1(u(c_(M"'7'.1#&*6()#$G30+#&*N()&7'&<#&*A

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((H%&$/0.P&2#&*( 3#=( E%&<'$1&'&&D'1.P*'( <'.( &'#'&( Z'%+'( %$1( G#+P$$%*A( :&G#+P$$%*( %$1( '%&'I31G#&*$D'$1%88#&*6(79&3/0('%&'(Z'%+#&*(3#=(J9..31(8Y*+%/0($'%&($9++A

h;( -'$'1G+%/0'( -.#&<+3*'F( u(ab( -8D^-x( 90&'( '%&'( '&1$4.'/0'&<'( I31G#&*$2+3#$'+( %$1( <%'H%&G%'0#&*(&%/01(8Y*+%/0A(R#$1P&<%*(%$1(<%'(-'$'++$/03=1'.?'.$388+#&*A(B%'(I31G#&*(23&&<%'(C984'1'&G('%&'8(3&<'.'&(-'$'++$/03=1$9.*3&(G#7'%$'&A

h_( B%'(J9.3#$$'1G#&*'&(<'.(R73&*$'%&G%'0#&*(8>$$'&(%&(<'.(I31G#&*(*'.'*'+1(7'.<'&A(B'.%0.( ?'.73&<1'( #&D'$1%881'( ['/01$D'*.%==( p7%/01%*'.( -.#&<p( %$1( 5'<9/0( 3#$.'%/0'&<A( B%'H%&G%'0#&*( 7%.<( 0%'.( 3+$( L&$1.#8'&1( G#8( )#$$/0+#U( <'$( -'$'++$/03=1'.$( D'&#1G16( <'.( %8-'$'1G(&%/01(*'.'*'+1(#&<(3#=*.#&<(<'.(['/01$4.'/0#&*(83&*'+$(I31G#&*$D'$1%88#&*(&#.%8(C+3*'7'*'(8Y*+%/0(%$1A(H%&'(^%&3#$2>&<%*#&*(&3/0(=.'%'8(H.8'$$'&(<'.(-'$'++$/03=1'.%$1(3D'.(&%/01(G#+P$$%*A(H$(%$1(&3/0(<'.(['/01$4.'/0#&*(#&2+3.6(9D($%/0('%&(<'.3.1%*'$(J'.D91*'&'.'++( $/09&( 3#$( <'8( -'$'1G( '.*%D1A( B'$03+D( '84=%'0+1( $%/0( <%'( $31G#&*$*'8PU'['*'+#&*A

he( H$( %$1( &3/0( <'.( ['/01$4.'/0#&*( &%/01( '%&<'#1%*6( 9D( $%/0( '%&( <'.3.1%*'$( J'.D91( 3#$( <'8-'$'1G('.*%D1A(B'$03+D('84=%'0+1($%/0('%&'($9+/0'(['*'+#&*(%&(<'.(I31G#&*A

ij( B'.()#$$/0+#U(<'$(-'$'++$/03=1'.$($9++(&%/01(3++'%&(<#./0(J'.&%/01#&*(<'$()&1'%+$6($9&<'.&3#/0(<3<#./0(8Y*+%/0($'%&6(<3U(<'.()&1'%+(3#=('%&'&(3&<'.'&(>D'.*'01A(B3D'%($9++'&(3D'.<%'(E%1*'$'++$/03=1'.( '%&'&( H.7'.D$?9..3&*( 03D'&6( <38%1( %0.'( "'1'%+%*#&*$r#91'( *'730.1D+'%D1A

-8D^SI31G#&*

i_

7h7>37 -#aX"PON

c;AcA( L8(X3++'(<'$(Z9<'$('%&'$(-'$'++$/03=1'.$(7%.<(<%'(-'$'++$/03=1(8%1($'%&'&(H.D'&

9<'.( <'&( 3&<'.7'%1%*( <#./0( J'.=>*#&*( ?9&( Z9<'$( 7'*'&( "'*>&$1%*1'&

=9.1*'$'1G1Aic

c;AdA( E'0.'.'( ['/01$&3/0=9+*'.( 03D'&( %0.'( ['/01'( #&<( @=+%/01'&( <'.( -'$'++$/03=1

*'*'&>D'.( <#./0( '%&'&( *'8'%&$/03=1+%/0'&( J'.1.'1'.( 9<'.( <#./0( '%&'&

Z'$138'&1$?9++$1.'/2'.( '.=>++'&( G#( +3$$'&A( I9+3&*'( <'.( "'?9++8P/01%*1'( &%/01

D'$1'++1( %$16( .#0'&( <%'( -'$'++$/03=1'..'/01'( 8%1( )#$&308'( <'$

-'7%&&D'G#*$.'/01$Aid

c;AaA( X>.(<'&(X3++6(<3U(3&<'.'(@'.$9&'&(3+$(<'.(>D'.+'D'&<'(H0'*311'(9<'.(C%&<'.(<'&

-'$/0P=1$3&1'%+( ?9&( Z9<'$( 7'*'&( '.7'.D'&6( 23&&( <%'( -'$'++$/03=1( $'%&'

tD'.1.3*#&*( '&1$4.'/0'&<( u(ci(V.A(b( <%'$'$(J'.1.3*'$( ?'.+3&*'&A( C988'&( <%'

H.D'&(<'8(&%/01(%&&'.03+D(?9&($'/0$(E9&31'&(&3/06(23&&(<'.()&1'%+('%&*'G9*'&

7'.<'&A(X>.(<%'("'7'.1#&*(*%+1(u(c_(M"'7'.1#&*6()#$G30+#&*NAia

7h7>j7 5N$N#%JMO=7)JK[TRPJMO

c_AcA( I97'%1(&3/0(<%'$'8(-'$'++$/03=1$?'.1.3*('%&'("'7'.1#&*(?9&(-'$/0P=1$3&1'%+'&

$1311G#=%&<'&( 0316( %$1( <'.( T'.1( 3&G#$'1G'&6( <'.( $%/0( %8( R'%14#&21( <'$

)#$$/0'%<'&$( <'$( D'1.'=='&<'&( -'$'++$/03=1'.$( #&1'.( )&7'&<#&*( <'.

$1'#'..'/01+%/0'&( J9.$/0.%=1'&( G#.( H.8%11+#&*( <'$( *'8'%&'&( T'.1'$( ?9&

-'$/0P=1$3&1'%+'&(83&*'+$()D+'%1D3.2'%1(3#$(J'.2P#='&('.*%D1Aib

(((((((((((((((((((((((((((((((((((((((((((((((((((((ic( -'$'1G+%/0'(-.#&<+3*'F( u(ch()D$A(c(-8D^-x(-8D^S-'$/0P=1$3&1'%+'( $%&<( ?'.'.D+%/0A(]D

'%&'(V%/01?'.'.D+%/02'%1(<#./0(3#19831%$/0'(H%&G%'0#&*(2.3=1(I31G#&*('..'%/01(7'.<'&(23&&6%$1(#8$1.%11'&A

id( B%'( "'$1%88#&*( $9++( <%'( "'$1'++#&*( '%&'$( *'8'%&$38'&( J'.1.'1'.$( D'$/0+'#&%*'&A( "'%'%&'.($9+/0'&(J'.1.'1'.2+3#$'+('.*%D1($%/0( =.'%+%/0(<3$(@.9D+'8(<'.( %&1'.&'&(T%++'&$D%+<#&*#&1'.(<'&(E%1D'.'/01%*1'&A

ia H$(03&<'+1($%/0(0%'.(#8(<%'(*'$'++$/03=1$?'.1.3*+%/0'(I1'#'.#&*(<'.(V3/0=9+*'(?9&(Z9<'$7'*'&A(B%'('.D.'/01+%/0'()#19831%2($9++(?'.8%'<'&(7'.<'&A(H$(D'$1'01(3+$9(%&('.$1'.(Q%&%''%&'(tD'.1.3*#&*$4=+%/01(<'.(H.D'&A(B%'(H%&G%'0#&*$8Y*+%/02'%1(%$1(&#.(0%+=$7'%$'(B.#/2S8%11'+($'%1'&$(<'.(-'$'++$/03=1A(B3$(031("'<'#1#&*(=>.(<%'(XP++%*2'%1(<'$(H&1*'+1'$(#&<(<%'R#*S#8SR#*SQ'%$1#&*(<'$(3#$$/0'%<'&<'&(-'$'++$/03=1'.$A(B'.("#/07'.1(3+$E%&<'$1'&1*'+1(%$1(3#/0(%&('.D.'/01+%/0'.(^%&$%/01(#&4.9D+'831%$/0A

ib( X>.( <%'( "'$1%88#&*( <'$( *'8'%&'&( T'.1'$( ?9&( &%/01( &91%'.1'&( )&1'%+'&( 3&C34%13+*'$'++$/03=1'&( $%&<( <%'( @.'%$'( 83U*'D+%/06( <%'( D'%( *'$/0P=1$*'7Y0&+%/0'&)&1'%+$?'.2P#='&( %&( <'8( ?9.( <'8( "'7'.1#&*$$1%/013*( +%'*'&<'&( o30.( '.G%'+1( 7'.<'&29&&1'&A( QPU1( $%/0( <'.( *'8'%&'( T'.1( &%/01( 3#$( J'.2P#='&( 3D+'%1'&6( 8#U( '.( #&1'."'.>/2$%/01%*#&*(<'$(-'$381?'.8Y*'&$(#&<(<'.(H.1.3*$3#$$%/01'&(<'.(C34%13+*'$'++$/03=1%8(I/0P1G#&*$7'*'('.8%11'+1(7'.<'&A

^%'.( $9++1'( '%&( 29&2.'1'$( "'7'.1#&*$?'.=30.'&( ?'.'%&D3.1( 7'.<'&6( <3$( GA"A( =>.( <%')#=&308'( G#$P1G+%/0'.( -'$'++$/03=1'.( 9<'.( ?9&( -'&#$$.'/01$234%13+( 3&*'7'&<'1( 7#.<'

)MPTON7C

ie

c_AdA( L&(<'&(XP++'&(<'$(u(MciN(%$1(<'.("#/07'.1(<'$()&1'%+$(MV'&&D'1.3*(G#G>*+%/0()&1'%+

3&( 9=='&'&( [>/2+3*'&( #&<( -'7%&&?9.1.3*( 3DG>*+%/0( '%&'$( '?'&1#'++'&

J'.+#$1?9.1.3*$N(83U*'D'&<Aih

c_AaA( T%.<( <'.(-'$/0P=1$3&1'%+( '%&*'G9*'&6( %$1( <'.( &3/0(V.A(c( 9<'.( d( '.8%11'+1'(T'.1

<'8( 3#$$/0'%<'&<'&( -'$'++$/03=1'.( +P&*$1'&$( %&( <.'%( *+'%/0'&( ^3+D530.'$.31'&

3#$G#G30+'&6(<%'('.$1'('%&(03+D'$(o30.(&3/0(<'8(R'%14#&21(<'$()#$$/0'%<'&$A(L$1

<'.( )&1'%+$7'.1( 38( '.$1'&( R30+#&*$$1%/013*( &9/0( &%/01( '.8%11'+16( $%&<( <%'

-'$'++$/03=1'.(%8(X3++'(<'.(V.A(c(G#&P/0$1(ij(n(#&<(%8(X3++'(<'.(V.A(d(bj(n(<'$

)&1'%+$&'&&D'1.3*'$(3#$G#2'0.'&A(B'.(5'7'%+$(3#$$1'0'&<'("'1.3*(%$1(8%1(AAA(n(G#

?'.G%&$'&Aii

7h7>47 :ZM^LOJMO

ceAcA( o'<'.(-'$'++$/03=1'.( 23&&(<3$(-'$'++$/03=1$?'.0P+1&%$(8%1( '%&'.(X.%$1( ?9&($'/0$

E9&31'&( G#8( H&<'( '%&'$( -'$/0P=1$530.'$(8%11'+$( '%&*'$/0.%'D'&'&( ".%'='$( 3&

<%'(-'$'++$/03=1(2>&<%*'&6('.$183+$(G#8(acA(B'G'8D'.(AAAAAi;

ceAdA( B#./0( <%'( C>&<%*#&*( 7%.<( <%'( -'$'++$/03=1( ?9.D'03+1+%/0( V.A(b( &%/01( 3#=*'+Y$16

?%'+8'0.($/0'%<'1(<'.(-'$'++$/03=1'.(38(H&<'(<'$(D'1.'=='&<'&(-'$/0P=1$530.'$

3#$( <'.( -'$'++$/03=1( 3#$A( J9&( <3( 3&( .#0'&( 3++'( -'$'++$/03=1'..'/01'( <'$

3#$$/0'%<'&<'&(-'$'++$/03=1'.$Ai_

ceAaA( B'.( 3#$$/0'%<'&<'( -'$'++$/03=1'.( %$1( G#.( tD'.1.3*#&*( $'%&'$( -'$/0P=1$3&1'%+$

'&1$4.'/0'&<( u(ch( MJ'.P#U'.#&*( #&<( "'+3$1#&*( ?9&( -'$/0P=1$3&1'%+'&N( <%'$'$

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((MGA"A( B%$/9#&1'<( K3$0( X+97( E'109<'N6( 3#/0( %8( I%&&'( <'.( -+'%/0D'03&<+#&*( 8%1( <'&-'&#$$.'/01$%&03D'.&A

^'.2Y88+%/0'.7'%$'('.=9+*1('%&'(I/0P1G#&*(&3/0(<'8($9*'&3&&1'&(I1#11*3.1'.(J'.=30.'&6<3$(?9&(<'&(-'.%/01'&(=>.(<%'(J'.8Y*'&$$1'#'.(#&<(H.D$/03=1$$1'#'.(3++*'8'%&(3&'.23&&1#&<(D'.>/2$%/01%*1(7%.<A(B%'$'$(%$1(5'<9/0('0'.(?'.*3&*'&0'%1$9.%'&1%'.1A

ih( B3$( H%&G%'0#&*$'&1*'+1( %&( ^Y0'( <'$( "#/07'.1'$( %$1( #8$1.%11'&A( E3&( 2Y&&1'( <'$03+D*'*'D'&'&=3++$( '%&'( p)&*$12+3#$'+p( D'%=>*'&F( pI97'%1( *'$'1G+%/0( '%&( 0Y0'.'.( T'.1?9.*'$/0.%'D'&(7%.<6(7%.<(<%'$'.(*'$/0#+<'1pA

ii( B%'(J'.G%&$#&*(<'$()D=%&<#&*$*#103D'&$(%$1(&%/01(G7%&*'&<(*'D91'&A

i;( L8( -8D^S-'$'1G( &%/01( *'.'*'+1x( <'.( -'$'++$/03=1'.( +Y$1( $'%&( H&*3*'8'&1( <#./0tD'.1.3*#&*(<'$()&1'%+$(Mu(ch()D$A(c(-8D^-NA(B%'(I31G#&*(23&&(3++'.<%&*$(<%'(C>&<%*#&*3+$('%&'&(7'%1'.'&()#=+Y$#&*$*.#&<( %8(I%&&'(?9&(u(ij()D$A(d(-8D^-(?9.$'0'&A(B%'(0%'.?9.*'$/0+3*'&'(['*'+#&*($9++('%&'(G'%1+%/0'(E%&<'$1D%&<#&*(0'.D'%=>0.'&6(<%'(<'.(Q3#=G'%1<'.(-'&#$$.'/01'f-'&#$$$/0'%&'('&1$4.'/0'&($9++1'A

i_( B%'(C>&<%*#&*(7%.<(0%'.(3+$()#$1.%11$'.2+P.#&*(<'$(D'1.'=='&<'&(-'$'++$/03=1'.$(*'$13+1'1AB'.(-'$'++$/03=1'.($9++(<%'(EY*+%/02'%1(03D'&6($'%&'(E%1*+%'<$/03=1(G#(D''&<'&6(90&'(<3U<%'( -'$'++$/03=1( 3#=*'+Y$1( 7%.<( #&<( 3D*'7%/2'+1( 7'.<'&( 8#UA( ]0&'( '%&'( $9+/0'I31G#&*$D'$1%88#&*( $1'01( <'8( -'$'++$/03=1'.( '%&( *'$'1G+%/0'$( )#$1.%11$.'/01( &3/00'..$/0'&<'.(E'%&#&*(&#.(D'%(J9.+%'*'&('%&'$(7%/01%*'&()#$1.%11$*.#&<'$(G#A

-8D^SI31G#&*

;j

J'.1.3*'$( ?'.4=+%/01'1A( ^%&$%/01+%/0( <'$( H&1*'+1'$( =>.( <'&( )&1'%+( *%+1( u(c_

M"'7'.1#&*NAie

ceAbA( L$1(<'.()&1'%+(<'$(3#$$/0'%<'&<'&(-'$'++$/03=1'.$( %&&'.03+D(?9&($'/0$(E9&31'&

&3/0( <'8( )#$$/0'%<'&( <'$( -'$'++$/03=1'.$( 1.91G( 9.<&#&*$*'8PU'&( )&*'D91$

&%/01( ?9++$1P&<%*( >D'.&988'&( 79.<'&6( $9( %$1( <%'( -'$'++$/03=1( 3#=*'+Y$1A( B'.

C>&<%*'&<'(&%881(3&(<'.()D7%/2+#&*(1'%+A;j

7h7B?7 )JXP_KJMO=7)a$LQSPJMO

djAcA( B%'( )#=+Y$#&*( <'.( -'$'++$/03=1( 23&&( &#.( 8%1( '%&'.( E'0.0'%1( ?9&( afb( <'.

3D*'*'D'&'&(I1%88'&(D'$/0+9$$'&(7'.<'&A;c

djAdA( E%1( <'.( )#=+Y$#&*( *%+1( <'.( "'%.31( 3+$( 3DD'.#='&A( V3/0( <'.( )#=+Y$#&*( %$1( <3$

J'.8Y*'&(<'.(-'$'++$/03=1(G#(+%r#%<%'.'&A;d

djAaA( Q%r#%<319.'&( $%&<( <%'( -'$/0P=1$=>0.'.6( $97'%1( <%'( -'$'++$/03=1'.?'.$388+#&*

2'%&'(3&<'.'&(D'$1'++1A;a

djAbA( B3$(&3/0("'=.%'<%*#&*(<'.(-+P#D%*'.(?'.D+'%D'&<'(J'.8Y*'&(<'.(-'$'++$/03=1(%$1

&3/0("'=.%'<%*#&*(<'.([>/2G30+#&*$3&$4.>/0'(<'.(-'&#$$.'/01$%&03D'.(*'8PU

u(h( V.A(a( %8( J'.0P+1&%$( <'.( -'$/0P=1$3&1'%+'( #&1'.( <%'( -'$'++$/03=1'.( G#

?'.1'%+'&A;b

7h7B>7 5NSTMM%WTQRJMONM

"'23&&183/0#&*'&(<'.(-'$'++$/03=1('.=9+*'&(&#.(%8("#&<'$3&G'%*'.A;h

(((((((((((((((((((((((((((((((((((((((((((((((((((((ie( B%'$'( "'$1%88#&*( %$1( ?9&( *.9U'.( "'<'#1#&*6( <3( <'.( )&1'%+( <'$( 3#$$/0'%<'&<'&

-'$'++$/03=1'.$( <'&( >D.%*'&( -'$'++$/03=1'.&( &%/01( '173( 7%'( %8( ['/01( <'.@'.$9&'&*'$'++$/03=1(3&1'%+%*(3&7P/0$1A

;j( J9.2'0.#&*(=>.(<'&(X3++6(<3U(<'.(-'$'++$/03=1'.($'%&'&()&1'%+(&3/0()#$$/0'%<'&(&%/01(p+9$p7%.<A()+$(3+1'.&31%?'(['*'+#&*(2P8'('%&'(H.7'.D$4=+%/01(<'.(-'$'++$/03=1'.(%&("'1.3/01A

;c( -'$'1G+%/0'( -.#&<+3*'F( uu(ij( D%$( ;b( -8D^-x( '$( 2Y&&1'( $131#3.%$/0( '%&'( *'.%&*'.'E'0.0'%1( ?9.*'$'0'&( 7'.<'&A( B3$( '.$/0'%&1( 3D'.( <'.( "'<'#1#&*( <'$( "'$/0+#$$'$( &%/013&*'8'$$'&A

;d( H$( D'$1'01( <%'( EY*+%/02'%1( '%&'$( X9.1$'1G#&*$D'$/0+#$$'$A( B%'$'.( 23&&( 3++'.<%&*$( &#.$9+3&*'( *'=3U1( 7'.<'&6( 3+$( 8%1( <'.( J'.1'%+#&*( <'$( J'.8Y*'&$( #&1'.( <%'( -'$'++$/03=1'.&9/0(&%/01(D'*9&&'&(%$1A

;a( '&1$4.%/01(u(ii()D$A(c(-8D^-

;b( '&1$4.%/01( u(;d( )D$A(c( I31G(c( -8D^-x( <%'( [>/2G30+#&*$3&$4.>/0'( <'.( L&03D'.( ?9&-'&#$$.'/01'&f-'&#$$$/0'%&'&( *'0'&( <'&( )&$4.>/0'&( <'.(-'$'++$/03=1$*+P#D%*'.( &3/0#&<(<'&()&$4.>/0'&(<'.(-'$'++$/03=1'.(?9.A

;h( B'.3.1%*'( "'23&&183/0#&*'&( $%&<( G73.( &#.( =>.( 7'&%*'( XP++'( ?9.*'$/0.%'D'&x( <%'$31G#&*$8PU%*'( X'$1+'*#&*( '%&'$( J'.Y=='&1+%/0#&*$D+311'$( %$1( 3D'.( *+'%/0790+G7'/28PU%*6( <3( $9&$1( %&( 3++'&( =>.( <%'( "'23&&183/0#&*'&( 3#$( <'8(^3&<'+$.'*%$1'.( <'$

)MPTON7C

;c

7h7BB7 ,QRPJkaNK%LWWJMONM

ddAcA( I97'%1(<%'$'.(J'.1.3*(2'%&'(3D7'%/0'&<'&(['*'+#&*'&('&10P+16(=%&<'1(<3$(-8D^S

-'$'1G()&7'&<#&*A;i

ddAdA( I9++1'&('%&G'+&'("'$1%88#&*'&(<%'$'$(J'.1.3*'$(#&7%.2$38($'%&(9<'.(7'.<'&6($9

7%.<(<%'(['/01$7%.2$382'%1(<'.(>D.%*'&("'$1%88#&*'&(<3<#./0(&%/01(D'.>0.1A(B%'

D'1.'=='&<'( "'$1%88#&*( %$1( <#./0( '%&'( 7%.2$38'( G#( '.$'1G'&6( <%'( <'&

3&*'$1.'D1'&(7%.1$/03=1+%/0'&(R7'/2'&(8Y*+%/0$1(&30'(29881A;;

ddAaA( B%'( C9$1'&( <%'$'$( J'.1.3*'$( #&<( $'%&'.( B#./0=>0.#&*( $97%'( <%'

-'$'++$/03=1$$1'#'.( 1.P*1( <%'( -'$'++$/03=1( D%$( G#( '%&'8( "'1.3*( ?9&( H:[]

hAjjj6jjA;_

((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((I%1G*'.%/01$(D'$1%881'&("+P11'.&(G#(?'.Y=='&1+%/0'&(%$1(Mu(aj()D$A(d(I31G(d(-8D^-NA

;i( V%/01(#&D'<%&*1('.=9.<'.+%/06(3D'.(G7'/28PU%*F(<%'(-'$'++$/03=1'.(7'.<'&(3#=(<3$(-8D^S-'$'1G(0%&*'7%'$'&A

;;( Zg4%$/0'($3+?319.%$/0'(C+3#$'+( %8(^%&D+%/2(3#=(u(cae("-"(MZ'%+&%/01%*2'%1NA("'<'#1#&*(0313#/0( <'.( G7'%1'( I31GF( H$( 7%.<( ?'.8%'<'&6( <3U( <%'( S( G#8'%$1( *'.3<'( &%/01( *'79++1'( S*'$'1G+%/0'(['*'+#&*(3&(<%'(I1'++'(<'.(#&7%.2$38'&(1.%11A

;_( H%&'(<'8(u(di()21-('&1$4.'/0'&<'(J9.$/0.%=1( %$1( %8(-8D^S-'$'1G(&%/01( '&103+1'&A(V3/00'#1'( 0'..$/0'&<'.( E'%&#&*( $%&<( <%'( -.>&<#&*$29$1'&( 5'<9/0( &#.( <3&&( ?9&( <'.-'$'++$/03=1(#&<(&%/01(?9&(<'&(-.>&<'.&(G#( 1.3*'&6(7'&&(<%'(I31G#&*(<%'$(?9.$%'01A(B'."'$1%88#&*( 29881( 3D'.( &%/01( 3++'%&( G%?%+.'/01+%/0'6( $9&<'.&( 3#/0( $1'#'..'/01+%/0'"'<'#1#&*(G#6(<3($%'(<%'()&&308'('%&'.(?'.<'/21'&(-'7%&&3#$$/0>11#&*(?'.8'%<'1A

-8D^SI31G#&*

;d

)MPTON7D

;a

,+-6-..-0(+*&0(-77)'@-.:6'8-'

7/677G-'

8-'6,,.-0(+,5-G&'86'8-'

,%NJN#PLQRN7)MWN#SJMONM7[J#78NMJKK#NQR%KP_KJMO

;b

>Y7 75LPTM[LN#JMO7aNLW76M%N#MNRWNM

R%'+(<'.(-'7%&&#&*(?9&(-'&#$$.'/01$234%13+(%$1(=>.(<3$(:&1'.&'08'&(<%'(I1P.2#&*

<'.(H%*'&234%13+D3$%$A

B'$03+D(%$1(3&G#$1.'D'&6(<3$(-'&#$$.'/01$234%13+(%&(<'.("%+3&G(<'$(:&1'.&'08'&$

3+$(H%*'&234%13+(3#$G#7'%$'&cA

^%&$%/01+%/0(<'$()#$7'%$'$(%&(<'.("%+3&G(%$1(5'<9/0(G#(<%=='.'&G%'.'&F

>Y>Y7 (TM^NPKaLPTM[

-'&#$$.'/01$234%13+( %$1( %&( <'.(^3&<'+$D%+3&G( 3+$(H%*'&234%13+( 3#$G#7'%$'&6(7'&&

<%'( J'.*>1#&*( '.=9+*$3D0P&*%*( %$16( <3$( C34%13+( D%$( G#.( ?9++'&( ^Y0'( 38( J'.+#$1

1'%+&%8816( <'.( [>/2G30+#&*$3&$4.#/0( &3/0.3&*%*( %$1( #&<( <%'( C34%13+>D'.+3$$#&*

+P&*'.=.%$1%*('.=9+*1A

B%'( "%+3&G%'.#&*( 8#U( <'.( "%&<#&*( <'$( C34%13+$( &3/0( E3U*3D'( <'.

*'$'++$/03=1$.'/01+%/0'&(C34%13+'.03+1#&*$?9.$/0.%=1'&(['/0&#&*( 1.3*'&A(B'&&(<'.

"%+3&G+'$'.( 8#U( G7'%='+$=.'%( '.2'&&'&( 2Y&&'&6( 7'+/0'$( C34%13+( <'.

*'$'++$/03=1$.'/01+%/0'&("%&<#&*(#&1'.+%'*1(#&<(<38%1('/01'$(H%*'&234%13+(<3.$1'++1A

)#$( -.>&<'&( <'.( tD'.$%/01+%/02'%1( %$1( &3/0( 3++*'8'%&'.( E'%&#&*

-'&#$$.'/01$234%13+( 3+$( D'$9&<'.'.( @9$1'&( &3/0( <'8( *'G'%/0&'1'&( C34%13+

3#$G#7'%$'&A(B%'(I/03==#&*('%&'$($9+/0'&(I9&<'.49$1'&$( %$1( &3/0(u(dih()D$A(c

I31G( d(^-"(G#+P$$%*A(-+'%/0'$(8#U( =>.( $9+/0'$(-'&#$$.'/01$234%13+( *'+1'&6( <3$

3#$( Q%r#%<31%9&$>D'.$/0>$$'&( G#.>/2*'G30+1( 7'.<'&( $9++( M?*+A( ;A( <'.

-'&#$$.'/01$D'<%&*#&*'&($97%'(u(h()D$A(a(<'.(E#$1'.$31G#&*NA

)#/0( <%'$'$( C34%13+( $1'++1( =>.( <%'( -'$'++$/03=1( 2'%&'( J'.D%&<+%/02'%1( <3.( #&<

#&1'.+%'*1(<'.(*'$'++$/03=1$.'/01+%/0'&(C34%13+D%&<#&*dA(B%'$(*%+1(3#/0(=>.(D'=.%$1'1'$

-'&#$$.'/01$234%13+6( 79D'%( 3#$( -.>&<'&( <'$( -+P#D%*'.$/0#1G'$( #&<( <'.

"%+3&G2+3.0'%1(<%'("'=.%$1#&*(%&(<'&(H.+P#1'.#&*'&(<'#1+%/0(*'83/01(7'.<'&($9++1'A

(((((((((((((((((((((((((((((((((((((((((((((((((((((c( J*+A(3#/0(u(cj()D$A(h(CT-x(<3&3/0($%&<(-'&#$$.'/01'(<'8(03=1'&<'&(H%*'&234%13+

G#G#.'/0&'&6(7'&&(M#A3AN($%'(D%$(G#.(?9++'&(^Y0'(38(J'.+#$1(1'%+&'08'&6(7'&&($%'('.$1&3/0("'=.%'<%*#&*(<'.(-+P#D%*'.(G#.>/2*'=9.<'.1(7'.<'&(2Y&&'&6(7'&&($%'(<'8C.'<%1%&$1%1#1(8%&<'$1'&$(=>.(<%'(B3#'.(?9&(=>&=(o30.'&(G#.(J'.=>*#&*(*'$1'++1(7'.<'&6$9+3&*'(<'.([>/2G30+#&*$3&$4.#/0(%&(&%/01(7'&%*'.(3+$(G7'%(o30.'&(=P++%*(7%.<A

d( [%'<SV%'D+'.6(-'&#$$.'/01'(3+$(L&$1.#8'&1'(G#.(H%*'&234%13+D'$/03==#&*(>D'.(<'&9.*3&%$%'.1'&(C34%13+83.21(=>.(<%'(-8D^6(CY+&(ce_e6(IA(ac(=A

)MPTON7D

;h

>YBY7 ,%NJN#aLPTM[

X>.( <%'( I1'#'.D%+3&G( *%+1( <'.( $9*'&3&&1'( ,E3U*'D+%/02'%1$*.#&<$31G,6( <A0A( <%'

)&$P1G'(3#$(<'.(^3&<'+$D%+3&G($%&<(*.#&<$P1G+%/0(G#(>D'.&'08'&A

BY7 5NK%NJN#JMO7aNLW76M%N#MNRWNM

"'%8( :&1'.&'08'&( '.*%D1( $%/0( 3#$( <'.( -'$13+1#&*( <'.( I1'#'.D%+3&G( '%&'

<%=='.'&G%'.1'( "'1.3/01#&*$7'%$'( 0%&$%/01+%/0( <'.( =9+*'&<'&( I1'#'.3.1'&A( B3D'%

23&&(<'.(B3.$1'++#&*(D'%(^3446()21%'&.'/016(I'%1'(ajc(==A(*'=9+*1(7'.<'&A

B%'( $1'#'.+%/0'( "'03&<+#&*( ?9&( -'&#$$.'/01$234%13+6( %&$D'$9&<'.'( <%'( '.1.3*$S

$1'#'.+%/0'(l#3+%=%G%'.#&*( ?9&()#$$/0>11#&*'&( #&<(J'.P#U'.#&*$*'7%&&'&6( %$1( %&

'%&%*'&(@#&21'&( &9/0(&%/01( '&<*>+1%*( *'2+P.1A(E3U*'D+%/0( =>.( <%'("'#.1'%+#&*(73.

+3&*'( R'%1( <3$( I/0.'%D'&( <'$( "#&<'$8%&%$1'.$( <'.( X%&3&G'&( ?98( _A(B'G'8D'.

ce_i( S( "( ;SId;bdSdif_i( S( >D'.( <%'( $1'#'.+%/0'( "'03&<+#&*( ?9&( -'&#$$.'/01'&x

<%'$(%$1(3++'.<%&*$(G7%$/0'&G'%1+%/0(<#./0(<%'(H&1$/0'%<#&*(<'$("#&<'$=%&3&G09='$

?98(ceAcAceeb(a(%&(7'$'&1+%/0'&(Z'%+'&(>D'.09+1A

BY>Y7 :_#UN#KQRTX%K%NJN#

H.1.3*$1'#'.+%/0( %$1('$( =>.(<3$(:&1'.&'08'&( .'+'?3&16(9D()#$$/0>11#&*'&(3#=(<3$

-'&#$$.'/01$234%13+( 3+$( )#=73&<( *'7%&&8%&<'.&<( D'.>/2$%/01%*1( 9<'.( 7%'

)#$$/0>11#&*'&(3#=(<3$(-.#&<S(9<'.(I1388234%13+(D'03&<'+1(7'.<'&A

)#$$/0>11#&*'&(5'<'.().1(3#=((-'&#$$.'/01'6(8%1(<'&'&(<3$(['/01(3#=("'1'%+%*#&*

38(-'7%&&(#&<(38(Q%r#%<31%9&$'.+Y$(<'.(-'$'++$/03=1(?'.D#&<'&(%$16(8%&<'.&(&3/0

u(_()D$A(a(I31G(d(CI1-(<'&(2Y.4'.$/03=1$$1'#'.4=+%/01%*'&(-'7%&&(&%/01A

B%'( J9.$/0.%=1( $'1G1( %0.'8(T9.1+3#1( &3/0( '%&<'#1%*( 2#8#+31%?( <%'( "'1'%+%*#&*( 38

-'7%&&(JM^(38(Q%r#%<31%9&$'.+Y$(?9.3#$(bA

(((((((((((((((((((((((((((((((((((((((((((((((((((((a( )GA(L([(i;fedb( "X^(?98(ceAcAceeb6()GA(L([(i;fedx(&3/0(<'.(['/01$4.'/0#&*(%$1('%&("'+3$1#&*$?'.*+'%/0

<#./0G#=>0.'&(#&<(G#(4.>='&6(9D(<%'(-'&#$$.'/01'(<%'(I1'#'.2.3=1(<'$(:&1'.&'08'&$(%&'173(*+'%/0'.(T'%$'(D'+3$1'&(7%'(<3$(I1388234%13+A(B'$03+D(23&&(D'%$4%'+$7'%$'(3#/0'%&'(?98(-'7%&&(#&3D0P&*%*'(='$1'(E%&<'$1?'.G%&$#&*(<3&&($1'#'.+%/0(3+$("'1'%+%*#&*(38-'7%&&(G#(r#3+%=%G%'.'&($'%&6(7'&&(8%1([>/2$%/01(3#=(<%'(^Y0'(<'.(R%&$'&(#&<(<%'('.73.1'1'B%?%<'&<'(<3?9&(3#$*'*3&*'&(7'.<'&(23&&6(<3U(<%'(R%&$'&(3#=(+P&*'.'(I%/01(*'$'0'&(G#


;i

B%'( -'&#$$.'/01$SE#$1'.D'<%&*#&*'&( *'0'&( <3?9&( 3#$6( <3U( <'.

-'&#$$.'/01$%&03D'.(<'8(38(I1388S(9<'.(-.#&<234%13+(D'1'%+%*1'&(-'$'++$/03=1'.

0%&$%/01+%/0(<'.()#$$/0>11#&*'&(*+'%/0*'$1'++1(%$16(<A0A($9790+(38(-'7%&&(7%'(3#/0

38(Q%r#%<31%9&$'.+Y$(D'1'%+%*1(%$1A(B%'()#$$/0>11#&*'&(3#=(<3$(-'&#$$.'/01$234%13+

8%&<'.&($98%1(&%/01(<'&(2Y.4'.$/03=1$1'#'.+%/0'&(-'7%&&(<'$(:&1'.&'08'&$A

B%'$'( C9&$1.#21%9&( 7#.<'( *'7P0+16( 7'%+( S( 5'<'&=3++$( D'%( '%&'8( #&D'$/0.P&21

$1'#'.4=+%/01%*'&6( %&+P&<%$/0'&( -'$'++$/03=1'.( S( <%'( )#$7%.2#&*'&( %8( "'.'%/0( <'.

4'.$Y&+%/0'&( H%&2988'&$1'#'.( <'$( ")( 7'*'&( <'.( )&.'/0'&D3.D'%1( <'.( ?9&( <'.

-'$'++$/03=1( D'.'%1$( 3D*'=>0.1'&( H%&2988'&$1'#'.( $%/0( &#.( 2+'%&'( G'%1+%/0'

J'.$/0%'D#&*'&( %8( C34%13+=+#U( '.*'D'&A( I9++( <'.( I/0#1G( <'.( Q%r#%<%1P1( <'.

-'$'++$/03=1( D'%( R30+#&*'&( %&( -'7%&&4'.%9<'&( J9..3&*( 03D'&6( $9( 7P.'( '%&'

-'$13+1#&*( 8%1( '%&'.( ='$1'&6( *'7%&&#&3D0P&*%*'&( )#$$/0>11#&*( G#( 7P0+'&A

)++'.<%&*$( 7P.'( <%'$'( 3#/0( %&( J'.+#$1530.'&( G#( D'G30+'&6( #&<( 7>.<'( <3&&( <%'

Q%r#%<%1P1('&1$4.'/0'&<(D'+3$1'&(W(8Y*+%/0'.7'%$'(G#.(:&G'%1A

B%'( %&( <'&( "'<%&*#&*'&( '&103+1'&'( "'1'%+%*#&*( 38( Q%r#%<31%9&$'.+Y$( #&<( <38%1

3#/0( 3&( <'.( T'.1$1'%*'.#&*( <'$( :&1'.&'08'&$( %$1( '%&'$( <'.( ^3#41G%'+'( ?9&

"#$%&'$$()&*'+$(#&<(23&&(<'$03+D(790+(&%/01(G#.(B%$49$%1%9&($1'0'&hA

BYBY7 !N#W_ONMK%NJN#

B3$( J'.8Y*'&$1'#'.*'$'1G( %$1( &9/0( %&( C.3=16( 7%.<( 3D'.( <'.G'%1( &%/01( 8'0.

3&*'7'&<'1A(B'$03+D($%&<(<%'(&3/0=9+*'&<'&()&8'.2#&*'&(&#.(?9.$9.*+%/0F

(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((('%&'.( *+'%/08PU%*'&( "'1'%+%*#&*( $9790+( <'.( -'$'++$/03=1'.( 3+$( 3#/0( <'.( -'&#$$.'/01$S%&03D'.(=>0.'&(7%.<A

h( I/07%'.%*( %$1( #&1'.(:8$1P&<'&( <%'( X.3*'( G#( D'3&179.1'&6( 9D( %8( $1'#'.+%/0'&( I%&&'( '%&'"'1'%+%*#&*( <'.( -'&#$$.'/01$%&03D'.( #&1'.( 3&<'.'&( :8$1P&<'&( 3+$( 0%'.( 38Q%r#%<31%9&$'.+Y$(<'.(-'$'++$/03=1(*'*'D'&(%$1A

V3/0( <'.( '%&'&( )#==3$$#&*( 7%.<( %&( )&+'0&#&*( 3&( <%'( ?98( ['%/0$=%&3&G09=( '&17%/2'+1'&-.#&<$P1G'( '%&'( "'1'%+%*#&*( 38( Q%r#%<31%9&$'.+Y$( &#.( D'%( <'.( "'1'%+%*#&*( 3#/0( 3&( <'&$1%++'&(['$'.?'&(3&*'&988'&A(B'8*'*'&>D'.(?'.1.%11(<%'(X%&3&G?'.73+1#&*(%&(<'8(D'.'%1$'.7P0&1'&( I/0.'%D'&( ?98( _A(B'G'8D'.( ce_i( <%'( )#==3$$#&*6( <3U( '%&'( "'1'%+%*#&*( 38Q%r#%<31%9&$'.+Y$( 3#/0( 90&'( "'1'%+%*#&*( 3&( <'&( $1%++'&( ['$'.?'&( <'.( -'$'++$/03=1( <3&&?9.+%'*'6( 7'&&( <'.( )&$4.#/0( 3#=( [>/2G30+#&*( <'$( 0%&*'*'D'&'&( -'&#$$.'/01$234%13+$7%.1$/03=1+%/0(90&'("'<'#1#&*($'%A(B%'$($'%(5'<'&=3++$(<3&&(<'.(X3++6(7'&&(<%'([>/2G30+#&*'.$1( %&( ='.&'.( R#2#&=1( ?'.+3&*1( 7'.<'&( 2Y&&'6( D'%$4%'+$7'%$'( 7'&&( <%'( -'&#$$$/0'%&S"'<%&*#&*'&( '%&'( Q3#=G'%1( ?9&( >D'.( aj( o30.'&( 90&'( <%'( EY*+%/02'%1( <'.( ?9.0'.%*'&9.<'&1+%/0'&( C>&<%*#&*( <#./0( <%'( -'&#$$.'/01$%&03D'.( ?9.$'0'&( 9<'.( 7'&&( <3$-'&#$$.'/01$234%13+( &#.( 3#$( <'8( Q%r#%<31%9&$'.+Y$( G#.>/2G#G30+'&( %$1A( )#/0( D'%-'&#$$.'/01'&6( <%'( 8%1( T3&<+#&*$S( 9<'.( ]41%9&$.'/01'&( ?'.D#&<'&( $%&<6( %$1( &3/0( <'.E'%&#&*( <'$( "#&<'$8%&%$1'.%#8$( <'.( X%&3&G'&( G#( 4.>='&6( 9D( '%&'( "'1'%+%*#&*( 3&( <'&$1%++'&( ['$'.?'&( ?9.+%'*1( 9<'.( 9D( &3/0( <'8( ?9&( <'.( ['/01$4.'/0#&*( '&17%/2'+1'&"'+3$1#&*$?'.*+'%/0(H%*'&234%13+(3&G#&'08'&(%$1A

)MPTON7D

;;

]D( <3$( -'&#$$.'/01$234%13+( D'%( <'.( J'.8Y*'&$$1'#'.( 3+$( H%*'&234%13+( <'.

-'$'++$/03=1(G#(D'03&<'+&( %$1(9<'.(D'%(<'.(H.8%11+#&*(<'$("'1.%'D$?'.8Y*'&$(3+$

"'1.%'D$$/0#+<( 3D*'G9*'&( 7'.<'&( 23&&6( %$1( S( $97'%1( '.$%/01+%/0( S( &9/0( &%/01

0Y/0$1.%/01'.+%/0(*'2+P.1A

B%'( "'03&<+#&*( D'%( <'.( J'.8Y*'&$1'#'.( '&1$4.%/01( 3D'.( <'.5'&%*'&( D'%( <'&

H.1.3*$$1'#'.&A( L$1( <3$(-'&#$$.'/01$234%13+( %&( <'.( I1'#'.D%+3&G( 3+$( X.'8<234%13+

43$$%?%'.1( M?*+A( cAdAN6( $9( 23&&( '$( 3#/0( 3+$( "'1.%'D$$/0#+<( D'%( <'.( H.8%11+#&*( <'.

J'.8Y*'&$1'#'.(%&()DG#*(*'D.3/01(7'.<'&A

T3$( '%&'( "'1.%'D$$/0#+<( %$1( #&<( #&1'.( 7'+/0'&( J9.3#$$'1G#&*'&

-'&#$$.'/01$234%13+( <3G#( *'0Y.16( %$1( *'$'1G+%/0( &%/01( *'.'*'+1A( Z'%+7'%$'( 7%.<( <%'

:&1'.$/0'%<#&*( G7%$/0'&( "'1.%'D$$/0#+<( #&<( H%*'&234%13+( %&( )&+'0&#&*( 3&( u(_

)D$A(a(I31G(d(CI1-(?9.*'&988'&A(T'&&()#$$/0>11#&*'&(3#=('%&(-'&#$$.'/01(3+$

"'1.%'D$3#$*3D'&( ?98(2Y.4'.$/03=1$$1'#'.+%/0'&(H%&2988'&(3D*'G9*'&(7'.<'&

2Y&&'&6( 7P.'( <'.( )DG#*( <'$( -'&#$$.'/01$234%13+$( 3+$( "'1.%'D$$/0#+<

29&$'r#'&1'.7'%$'(G#(*'$1311'&Ai(V3/0(<'&(-'&#$$.'/01$SE#$1'.D'<%&*#&*'&( %$1

<3$( -'&#$$.'/01$234%13+( &%/01( 3+$( "'1.%'D$$/0#+<( 3DG#G%'0'&6( $9&<'.&( #&1'.+%'*1

3+$(Z'%+(<'$(J'.8Y*'&$(<'.(J'.8Y*'&$1'#'.A(B%'$'(['*'+#&*(7#.<'(*'7P0+16(#8

<%'( 3&*'$1.'D1'( D%+3&G%'++'( -+'%/0$1'++#&*( ?9&( I1388234%13+( #&<

-'&#$$.'/01$234%13+( G#('..'%/0'&6(<%'( $%/0( #A3A( 3#/0( D'%( <'.(C.'<%17>.<%*2'%1( <'.

-'$'++$/03=1(49$%1%?(3#$7%.2'&(<>.=1'A

BYCY7 8N$N#aNN#%#TOK%NJN#

B'.( H.8%11+#&*( <'$( -'7'.D''.1.3*$( %$1( *'8PU( u(;( -'7I1-( <'.( &3/0( <'&

J9.$/0.%=1'&(<'$(CY.4'.$/03=1$1'#'.*'$'1G'$(DG7A(<'$(H%&2988'&$1'#'.*'$'1G'$

G#( ?'.$1'#'.&<'( -'7%&&( G#*.#&<'G#+'*'&A( B'8( -'7'.D''.1.3*( $%&<

)#$$/0>11#&*'&( 3#=( -'&#$$.'/01'( *'8PU( u(_( V.A(c( -'7I1-( G#.( ^P+=1'( 0%&G#S

G#.'/0&'&A(B3$(*%+1(&31>.+%/0(&#.(<3&&6(7'&&(<%'()#$$/0>11#&*'&(D'%(<'.(H.8%11+#&*

<'.( CY.4'.$/03=1$1'#'.( 3+$( "'1.%'D$3#$*3D'&( D'.>/2$%/01%*1( 7#.<'&A( L8( [308'&

<'.( ?9.*'+'*1'&( -'&#$$.'/01$D'<%&*#&*'&( #&1'.D+'%D1( $98%1( '%&'( 0P+=1%*'

R#.'/0&#&*A

BYDY7 8N$N#aNSTUL%TPK%NJN#

B%'( -'7'.D'234%13+$1'#'.( %$1( $'%1( <'8( H.0'D#&*$G'%1.3#8( cee_( &%/01( 8'0.( G#

'.0'D'&(M-'$'1G(?98(deAcjAcee;(z"-"+A(L6(I'%1'(dhej{NA

(((((((((((((((((((((((((((((((((((((((((((((((((((((i ?*+A(E3./#$(Q#11'.6(CY+&'.(C988'&13.6(dA()#=+A6([&A(bad(G#(u(ddc()21-


;_

BYHY7 :TUL%TPN#%#TOK%NJN#

I/0#+<&'.( <'.( C34%13+'.1.3*$$1'#'.( 3#=( )#$$/0>11#&*'&( 9<'.( R%&$'&( %$1( <'.

-'&#$$.'/01$%&03D'.(M?*+A(R%==A(aAdANA(-+'%/0790+(7%.<(<%'(C34%13+'.1.3*$$1'#'.(?98

:&1'.&'08'&( <#./0( )DG#*( ?98( C34%13+'.1.3*( '%&*'G9*'&( #&<( <3$( X%&3&G381

3D*'=>0.1( Mu(ba()D$A(c(V.A(c( 9<'.(V.A(d(HI1-6( 5'( &3/0<'8(9D( <'.(-'&#$$.'/01$S

%&03D'.(38(-'7%&&(#&<(Q%r#%<31%9&$'.+Y$(D'1'%+%*1(%$1(9<'.(&#.(38(-'7%&&NA

BYgY7 )JKKQRZ%%JMONM7TM7TJKPiM^LKQRN7)M%NLPKNLOMN#

R#(D'3/01'&(%$1(3#/0(<'.(<#./0(<3$(I13&<9.1$%/0'.#&*$*'$'1G(?98(caA(I'41'8D'.

ceea(&'#(*'$/03=='&'(u(_(3(CI1-(M"-"+A(ceea(L6(I'%1'(chie6(ch;iNA(^%'.&3/0($%&<

J'.*>1#&*'&( 3#=( X.'8<234%13+6( <3$( <%'( -'$'++$/03=1( ?9&( '%&'8( D'$/0.P&21

$1'#'.4=+%/01%*'&()&1'%+$'%*&'.('.03+1'&(0316(#&1'.(D'$1%881'&(J9.3#$$'1G#&*'&(3+$

?'.<'/21'( -'7%&&3#$$/0>11#&*'&( G#( D'03&<'+&A( B%'$( %$1( <'.( X3++6( 7'&&( '%&'

*'7%&&3D0P&*%*'(J'.*>1#&*(?'.'%&D3.1( %$1(#&<($97'%1(<3$(X.'8<234%13+(G#('%&'8

R'%14#&21( <'$( T%.1$/03=1$530.'$( <%'( ^P+=1'( <'$( 3&1'%+%*'&( H%*'&234%13+$( <'$

)&1'%+$'%*&'.$( >D'.$1'%*1( Mu(_( 3( )D$A(c( V.A(c( CI1-NA( B3$( *+'%/0'( *%+16( 7'&&( '%&'

*'7%&&#&3D0P&*%*'( J'.*>1#&*( ?'.'%&D3.1( %$1( #&<( $97'%1( <3$( X.'8<234%13+( <3$

B.'%=3/0'( <'$( 3&1'%+%*'&( H%*'&234%13+$( >D'.$1'%*16( '$( $'%( <'&&6( <%'

B3.+'0'&$0%&*3D'( 0P+1( '%&'8( J'.*+'%/0( 8%1( '%&'8( *'$'++$/03=1$=.'8<'&

B3.+'0'&$*'D'.($13&<(MB.%11?'.*+'%/0(*'8PU(u(_(3()D$A(c(V.A(d(CI1-NA

)MPTON7D

;e

CY7 5NK%NJN#JMO7aNLW78NMJKK#NQR%KLMRTaN#

H%&'(G'&1.3+'(X.3*'(D'%(<'.(-'7%&&#&*(?9&(-'&#$$.'/01$234%13+*'D'.&f("#$%&'$$

)&*'+( %$1( <%'( '.1.3*$$1'#'.+%/0'( "'03&<+#&*( <'.( )#$$/0>11#&*'&( #&<( <'.

J'.P#U'.#&*$*'7%&&'(D'%8(-'&#$$.'/01$%&03D'.A

CY>Y7 8NMJKK#NQR%KNLM#iJWJMO

B%'( H%&.P#8#&*( ?9&( -'&#$$.'/01'&( '.=9+*1( %8( ['*'+=3++'( *'*'&

R#.?'.=>*#&*$1'++#&*('%&'$('&1$4.'/0'&<'&(C34%13+D'1.3*'$A

I%'(%$1(%&(<%'$'8(X3++'('.1.3*$$1'#'.=.'%(MG#.(I9&<'.4.9D+'831%2(D'%(<'.(H%&.P#8#&*

?9&(-'&#$$.'/01$234%13+(*'*'&(B%'&$1+'%$1#&*'&(3&("'.31'.SH&*'+(?*+A(#&1'&(aAdANA

CYBY7 -#%#TOK%NJN#PLQRN75NRTM^PJMO7^N#78NMJKK#NQR%KNLM#iJWJMO7XZ#GLNMK%PNLK%JMONM

I97'%1('%&'8("#$%&'$$()&*'+(=>.($'%&'(B%'&$1+'%$1#&*'&(%8(:&1'.&'08'&(-'&#$$S

.'/01'('%&*'.P#81(7'.<'&6(03&<'+1('$($%/0(S( 5'(&3/0().1(<'.(B%'&$1+'%$1#&*'&(#&<

<'.( 0%'.=>.( 3&G#7'&<'&<'&( H%&2988'&$3.1( S( #8( H%&2>&=1'( 3#$( -'7'.D'D'1.%'D

*'8PU(u(ch(HI1-(9<'.(#8(H%&2>&=1'(3#$($'+D$1P&<%*'.().D'%1(*'8PU(u(c_(HI1-A

B'.("#$%&'$$()&*'+(8#U(<'&(?9++'&(T'.1(<'.(-'&#$$.'/01'(?'.$1'#'.&6(3#/0(7'&&

%08( G#( <%'$'8( R'%14#&21( &9/0( 2'%&'( +%r#%<'&( E%11'+( G#*'=+9$$'&( $%&<A( L&( <%'$'8

R#$388'&03&*( %$1( <3.3#=( G#( 3/01'&6( <3U( <'.( T'.1( ?9&( Q'%$1#&*( #&<

-'*'&+'%$1#&*(2+3.(<'=%&%'.1(7%.<A

)+1'.&31%?(2Y&&1'('%&'(['*'+#&*(*'1.9=='&(7'.<'&6(D'%(<'.(<'.("'.31'.(<3$(['/01

'.0P+16( G#( ?9.<'=%&%'.1'&( "'<%&*#&*'&( -'&#U.'/01$234%13+3&1'%+'( G#( '.7'.D'&

M!-'&#U.'/01$941%9&\NA( L&( <%'$'8( X3++'( 7P.'( &3/0( <'.( <'.G'%1( ?9.0'..$/0'&<'&

)#==3$$#&*(<'.(X%&3&G?'.73+1#&*(<'.(G#*'=+9$$'&'(]41%9&$7'.1('.$1( %8(R'%14#&21

<'.( )#$>D#&*( <'.( ]41%9&( G#( D'$1'#'.&A( B'.( ")( 23&&( <3&&( 7P0.'&<( <'.( G#

?'.'%&D3.'&<'&(Q3#=G'%1(<'.(]41%9&('&1$/0'%<'&6(9D('.(<%'$'(W(D'%(7%.1$/03=1+%/0'8

H.=9+*(#&<(T'.1$1'%*'.#&*(<'$(:&1'.&'08'&$(W(3#$>D16(#&<(3#=(<'&(]41%9&$7'.1

%8()#$>D#&*$G'%1.3#8(I1'#'.&(D'G30+16( 9<'.(<%'(]41%9&(?'.=3++'&( +PU1A( L&(<%'$'8

X3++(7>.<'(3#/0(2'%&'(H%&2988'&$1'#'.(=P++%*A


_j

)#$$/0>11#&*'&(9<'.(R%&$'&(3#=( <%'$'(-'&#$$.'/01'( $%&<(H%&2>&=1'( 3#$(C34%13+S

?'.8Y*'&A( T'%1'.'( -'$13+1#&*$8Y*+%/02'%1'&( $%&<( %&( X#U&91'( cj( <'$

-'&#U.'/01$?'.1.3*$(DG7A(%&(C34%1'+(bAbA(ME9<'++F("3.09&9.3.N(<3.*'$1'++1A

CYCY7 -#%#TOK%NJN#PLQRN75NRTM^PJMO7`"M7)JKKQRZ%%JMONM

)#$$/0>11#&*'&(3#=(-'&#$$.'/01'($1'++'&(H%&2>&=1'(3#$(C34%13+?'.8Y*'&(<3.(Mu(dj

)D$A(c( HI1-NA( X>.( -'&#$$.'/01'6( 8%1( <'&'&( <3$( ['/01( 38( -'7%&&( #&<

Q%r#%<31%9&$'.+Y$(?'.D#&<'&(%$1(S(7%'(%&(<'&(-'&#$$.'/01$D'<%&*#&*'&(?9.*'$'0'&

S( ( .'*'+1( <%'$( 3#$<.>/2+%/0( u(dj( )D$A(c( V.A(c( HI1-A( )#$$/0>11#&*'&( 3#=( 3&<'.'

-'&#$$.'/01'( $%&<( &3/0( u(dj( )D$A(c( V.A(b( HI1-( MH%&2>&=1'( 3#$( 43.1%3.%$/0'&

B3.+'0'&N( 9<'.( &3/0( u(dj( )D$A(c( V.A(;( HI1-( MH.1.P*'( 3#$( $9&$1%*'&

C34%13+=9.<'.#&*'&N( H%&2>&=1'( 3#$( C34%13+?'.8Y*'&A( I%'( #&1'.+%'*'&( <'.( C34%13+S

'.1.3*$1'#'.( &3/0( u(ba( )D$A(c( V.A(c( 9<'.( V.A(d( HI1-A( B'.( -'&#$$.'/01$%&03D'.

23&&( <%'( C34%13+'.1.3*$1'#'.( %&( ^Y0'( <'.( '%&D'03+1'&'&( )#$$/0>11#&*( 3#=( $'%&'

4'.$Y&+%/0'( H%&2988'&$1'#'.$/0#+<( 3&.'/0&'&( +3$$'&A( B%'( 3&.'/0'&D3.'

C34%13+'.1.3*$1'#'.(#&1'.+%'*1('D'&=3++$(<'.(4'.$Y&+%/0'&(I1'#'.4=+%/01A

)+$( $1'#'.4=+%/01%*'.( C34%13+'.1.3*( *%+1( 3#/0( <'.( "'G#*( ?9&(-'&#$$.'/01'&( $'+D$16

<%'( 3&$1'++'( 9<'.( &'D'&( B%?%<'&<'&( 9<'.( 3&<'.'&( C34%13+'.1.P*'&( %8( I%&&'( <'$

u(dj()D$A(d(V.A(c(HI1-(*'7P0.1(7'.<'&(Mu(ba()D$A(c(I31G(d(%AJA8A(u(dj()D$A(d(V.A(c

HI1-NA

)++'(C34%13+'.1.P*'(#&1'.+%'*'&(<'.(#&D'$/0.P&21'&(I1'#'.4=+%/01A(X>.(<%'(H%&2>&=1'

3#$( C34%13+?'.8Y*'&( *'+1'&( 5'<9/0( $1'#'.=.'%'( X.'%D'1.P*'( %&( ^Y0'( ?9&( =>.( <'&

J'.3&+3*#&*$G'%1.3#8( cee_( M&9/0N(BE( iAjjj( =>.( )++'%&$1'0'&<'( #&<( cdAjjj(BE

4A3A(=>.(H0'*311'&(;A

CYCY>Y7 ,"M^N#XTPPF7)JKPiM^LKQRN78NMJKK#NQR%KLMRTaN#

"'%( D'$/0.P&21( $1'#'.4=+%/01%*'&()#$+P&<'.&( GP0+'&()#$$/0>11#&*'&( 3#=( -'&#$$S

.'/01'( G#( <'&( %&+P&<%$/0'&( H%&2>&=1'&( &3/0( u(be( )D$A(c( V.A(h( +%1A( 3( HI1-( #&<

#&1'.+%'*'&( <'.( D'$/0.P&21'&( I1'#'.4=+%/01A( B3( '%&%*'( B944'+D'$1'#'.#&*$S

3D2988'&(3#/0(H.1.P*'(3#$($1%++'&(-'$'++$/03=1'&(#&<(43.1%3.%$/0'&(B3.+'0'&( %&

<%'( B%?%<'&<'&D'$1'#'.#&*( 8%1( '%&D'G%'0'&6( +PU1( $%/0( <%'( <'#1$/0'( B%?%<'&<'&S

D'$1'#'.#&*(&#.(?'.8'%<'&6(7'&&(<%'(-'&#$$.'/01'(<#./0(<%'()#$*'$13+1#&*(<'.

"'<%&*#&*'&( ?9&( <%'$'&( "'1'%+%*#&*$=9.8'&( 3D*'*.'&G1( 7'.<'&A( B%'( 3#=( <%'

)#$$/0>11#&*( '&1=3++'&<'( <'#1$/0'( H%&2988'&$1'#'.( %$1( 8%1( <'.( C34%13+S

'.1.3*$1'#'.(3#=(<%'$'()#$$/0>11#&*(3D*'*9+1'&(Mu(hj()D$A(h(I31G(c(HI1-NA(B'.(%8

L&+3&<( D'$/0.P&21( $1'#'.4=+%/01%*'( )#$+P&<'.( 23&&( 3++'.<%&*$( <%'( '%&D'03+1'&'

(((((((((((((((((((((((((((((((((((((((((((((((((((((;( u(dj()D$A(b(H$1-x(3D(<'8(o30.(djjjF(iAjjj(DG7A(aAjjj(BE

)MPTON7D

_c

C34%13+'.1.3*$1'#'.( 3#=( 3&<'.'( H%&2988'&$1'#'.&( &%/01( 3&.'/0&'&( +3$$'&( M?*+A

u(hj()D$A(h(I31G(d(%AJA8A(u(ai()D$A(d(I31G(d(V.A(a(HI1-NA

CYDY7 -#%#TOK%NJN#PLQRN75NRTM^PJMO7`"M7!N#iJkN#JMOKON$LMMNM

CYDY>Y7 8#JM^KT%[7^N#7,%NJN#X#NLRNL%7`"M7!N#iJkN#JMOKON$LMMNM

L8(-'*'&$31G(G#.(['*'+#&*(%&(<'&(8'%$1'&(3&<'.'&(QP&<'.&($%&<(%&(B'#1$/0+3&<

-'7%&&'(3#$(<'.(J'.P#U'.#&*(?9&(C34%13+3&+3*'&6(<%'(%8(@.%?31?'.8Y*'&(*'03+1'&

7'.<'&6( 3+$( H.*'D&%$( 4.%?31'.( J'.8Y*'&$?'.73+1#&*( D%$0'.( *.#&<$P1G+%/0

'.1.3*$$1'#'.=.'%A

B3$( *%+1( MLQR%( =>.( <%'( J'.P#U'.#&*( ?9&( C34%13+3&+3*'&( LMMN#RTPa( <'.

$'/0$89&31%*'&( MD%$( cee_N( DG7A( '%&5P0.%*'&( M3D( ceeeN(,UNSJPT%L"MKX#LK%( *'8PU

u(d( )D$A(c( R%==A(;( %AJA8A( u(dd( V.A(d( #&<( u(da( )D$A(c( V.A(c( +%1A( DN( HI1-A( L&( <%'$'&

XP++'&( $%&<( J'.P#U'.#&*$*'7%&&'( 3+$( H%&2>&=1'( 3#$( C34%13+?'.8Y*'&( G#

?'.$1'#'.&A

CYDYBY7 ,"M^N#XTPPF72NKNM%PLQRN75N%NLPLOJMO

-LMS"WWNMK%NJN#UXPLQR%LO( $%&<( 3#/0( <%'( -'7%&&'( 3#$( <'.( J'.P#U'.#&*( ?9&

-'&#$$.'/01'&6( 7'&&( $%'( '%&'( $NKNM%PLQRN7 5N%NLPLOJMO( 38( H%*'&234%13+( <'$

:&1'.&'08'&$(<3.$1'++'&A()+$(7'$'&1+%/0(*%+1('%&'("'1'%+%*#&*(?9&(8'0.(3+$('%&'8

J%'.1'+( MD%$( cee_N( DG7A( 3D( ceee( ?9&( cj(n( #&<(8'0.( Mu(c;( )D$A(c( I31G(a( HI1-NA

J9.3#$$'1G#&*( =>.( '%&'( 8Y*+%/0'( I1'#'.=.'%0'%1( %$1( 3+$9( '%&'( "'*.'&G#&*( <'.

"'1'%+%*#&*(D'%('%&'8(%&<%?%<#'++'&(I1'#'.4=+%/01%*'&(3#=(#&1'.(cjn(MDG7A(#&1'.(dhn

D%$( cee_NA( H%&'( J'.1'%+#&*( '%&'$( *.YU'.'&( )&1'%+'$( 3#=( 8'0.'.'( @'.$9&'&6( GA"A

X38%+%'&8%1*+%'<'.6( %$1( #&$/0P<+%/0A( ^%'.( 8>$$'&( 3D'.( **=$A

$/0'&2#&*$1'#'..'/01+%/0'()$4'21'(D'.>/2$%/01%*1(7'.<'&A

CYHY7 !N#iJkN#JMOKON$LMMN7TPK7-LMSZMX%N7TJK78N$N#aNaN%#LNa

-'7%&&'( 3#$( <'.( J'.P#U'.#&*( ?9&( -'&#$$.'/01'&( $%&<( 5'<9/0( %88'.( <3&&

'%&2988'&$1'#'.4=+%/01%*6( 7'&&( <%'( -'&#$$.'/01'( G#8( "'1.%'D$?'.8Y*'&( <'$

J'.P#U'.'.$(*'0Y.'&(Mu(ch(HI1-NA(B%'$(%$1(<3&&(<'.(X3++6(7'&&(<%'(-'&#U.'/01'(%8

[308'&( '%&'.( *'7'.D+%/0'&( ZP1%*2'%1( '.79.D'&(7#.<'&A( H%&( "'%$4%'+( 0%'.=>.( $%&<

4.9='$$%9&'++'("'.31#&*$+'%$1#&*'&(3+$("3$%$('%&'.($9*A(!=''S=9.S'r#%1g\SJ'.*>1#&*A

)D'.(3#/0(D'%(4.%?31'&("#$%&'$$()&*'+$( %$1( 5'7'%+$( %8(H%&G'+=3++( G#(4.>='&6(9D(<%'

ZP1%*2'%1( <'$( )&*'+$( 3+$( *'7'.D+%/0( '%&G#$1#='&( %$1( 9<'.( 9D( '$( $%/0( #8( '%&'

$9*'&3&&1'(M$1'#'.=.'%'N(4.%?31'(J'.8Y*'&$?'.73+1#&*(03&<'+1A


_d

CYHY>Y7 ,"M^N#U#"aPNWT%LSF78N$LMMN7TJK7^N#7!N#iJkN#JMO7`"M7TPK7-M%ONP%7XZ#ON$N#aPLQRN7+i%LOSNL%7N#$"#aNMNM78NMJKK#NQR%NM7cdXNN7X"#7NbJL%]9@"^NPPNde

-'7%&&'(3#$(<'.(J'.P#U'.#&*(?9&(-'&#$$.'/01'&($%&<(*'8PU(u(ch()D$A(d(HI1-

$98%1( <3&&($1'#'.4=+%/01%*6(7'&&(<%'(ZP1%*2'%1( <'$("#$%&'$$()&*'+( 3+$( *'7'.D+%/0

'%&G#$1#='&(7P.'A

B3$( *%+1( GA"A( =>.( -'&#$$.'/01'6( <%'( 3&$1311( '%&'$( +%r#%<'&( ^9&9.3.'$( %&( -'+<( 3+$

H&1*'+1( =>.( *'7'.D+%/0'( B%'&$1+'%$1#&*'&( <'$( "#$%&'$$( )&*'+( *'7P0.1( 7#.<'&6

$9+3&*'( <%'( -'&#$$.'/01'( G#8( "'1.%'D$?'.8Y*'&( GP0+'&( #&<( &%/01( GA"A( <#./0

H&1&308'(%&(<3$(@.%?31?'.8Y*'&(>D'.=>0.1(7#.<'&A

CYHYBY7 ,"M^N#U#"aPNWT%LSF7+i%LOSNL%7^NK75JKLMNKK)MONP7TPK78N$N#aNaN%#LNa

X>.( <%'( ZP1%*2'%1( <'$( "#$%&'$$( )&*'+( %$1( '%&'( )D*.'&G#&*( G7%$/0'&( 4.%?31'.

J'.8Y*'&$?'.73+1#&*(#&<(*'7'.D+%/0'.(ZP1%*2'%1(?9.G#&'08'&A

-.#&<$P1G+%/0( %$1( 5'<'( $'+D$1P&<%*'6( &3/003+1%*'( "'1P1%*#&*( #&1'.( "'1'%+%*#&*( 38

3++*'8'%&'&(7%.1$/03=1+%/0'&(J'.2'0.(8%1(-'7%&&'.G%'+#&*$3D$%/016(<%'(7'<'.(Q3&<S

#&<(X9.$17%.1$/03=1(&9/0('%&'(=.'%D'.#=+%/0'(9<'.(3&<'.'($'+D$1P&<%*'(ZP1%*2'%1( %$16

3+$(-'7'.D'D'1.%'D(3&G#$'0'&A

@.%?31'( J'.8Y*'&$?'.73+1#&*( %$1( *.#&<$P1G+%/0( 2'%&'( *'7'.D+%/0'( ZP1%*2'%1A( B%'

"'$1'#'.#&*( <'.( V#1G#&*$=.>/01'6( 3+$9( <'.( +3#='&<'&( H.1.P*'6( %$1( %&( u( dj( H$1-

3D$/0+%'U'&<( *'.'*'+1A( L8( [308'&( '%&'.( ( 4.%?31'&( J'.8Y*'&$?'.73+1#&*( %$1( <%'

J'.8Y*'&$#8$/0%/01#&*( #&<( <38%1( **=$A( ?'.D#&<'&'( J'.P#U'.#&*$*'7%&&'

$1'#'.&'#1.3+A

H%&'( )#$&308'( '.*%D1( $%/0( <3&&6( 7'&&( <'.( .TRWNM7 ^N#7 U#L`T%NM

!N#W_ONMK`N#$TP%JMO7 ZaN#KQR#L%%NM( 7%.<6( #&<( #&1'.( "'.>/2$%/01%*#&*( <'$

,-'$381D%+<'$(<'.(J'.0P+1&%$$'(#&<(<'.(J'.2'0.$3&$/03##&*,(_(('%&'(*'7'.D+%/0'

ZP1%*2'%1( 8%1( <'8( L&03+1( <'.( H%&2988'&$'.G%'+#&*( 3#$( <'8( C3#=( #&<( <'.

J'.P#U'.#&*( ?9&( J'.8Y*'&$*'*'&$1P&<'&( ?9.+%'*1A( L&( R7'%='+$=P++'&( 29881( '$

<3.3#=(3&6(9D(<%'(ZP1%*2'%1(<'8("%+<('&1$4.%/016(<3$(,&3/0(<'.(J'.2'0.$3&$/03##&*

'%&'&(-'7'.D'D'1.%'D( 3#$83/01( MGA"A( ^P&<+'.6( "3##&1'.&'08'.6( "3#1.P*'.N( #&<

#8*'2'0.1(<'8("%+<('%&'.(J'.8Y*'&$?'.73+1#&*(=.'8<(%$1(eA

@.321%$/0'("'<'#1#&*(031(<%'$'()D*.'&G#&*(D%$0'.(?9.(3++'8( %8("'.'%/0(<'$()&S

#&<(J'.23#=$(?9&(D'D3#1'&(#&<(#&D'D3#1'&(-.#&<$1>/2'&(#&<(D'%(<'.(H..%/01#&*

?9&(-'DP#<'&('&17%/2'+1A

B%'( ['/01$4.'/0#&*( r#3+%=%G%'.1( $9+/0'( ZP1%*2'%1'&( <3&&( 3+$( *'7'.D+%/0'&

-.#&<$1>/2$03&<'+6( 7'&&( <%'( )#$&#1G#&*( ( ?9&( I#D$13&G7'.1$1'%*'.#&*'&

(((((((((((((((((((((((((((((((((((((((((((((((((((((_( -.9U'.(I'&31(<'$("X^6("X^H(cbc6(bjhfd_e( I/08%<16(HI1-6([GA(hj(G#(u(ch

)MPTON7D

_a

*'*'&>D'.(<'.(V#1G#&*(<'$(-.#&<D'$%1G'$(<#./0(X.#/01G%'0#&*(3#$(G#('.03+1'&<'.

I#D$13&G( %&( <'&( J9.<'.*.#&<( 1.%11A( R#.( C9&2.'1%$%'.#&*( <%'$'$( C.%1'.%#8$( 031( <'.

"X^( %8( L&1'.'$$'( <'.( ['/01$$%/0'.0'%1( <%'( $9*A( ,B.'%S]D5'21S-.'&G',( '&17%/2'+1F

?'.P#U'.1( <'.( I1'#'.4=+%/01%*'( 8'0.( 3+$( <.'%( ]D5'21'6( #&<( %$1( G7%$/0'&( H.7'.Df

H..%/01#&*(<'$(]D5'21'$(#&<(<'.(J'.P#U'.#&*('%&('&*'.(G'%1+%/0'.(R#$388'&03&*

?9&( &%/01( 8'0.( 3+$( =>&=( o30.'&6( $9( *'01( <%'( ['/01$4.'/0#&*( ?9&( <'.( W( ?98

I1'#'.4=+%/01%*'&( G#( 7%<'.+'*'&<'&( S( J'.8#1#&*( 3#$6( <3U( '$( $%/0( #8( '%&'

*'7'.D+%/0'( -.#&<$1>/2$03&<'+1P1%*2'%1( 03&<'+16( #&<( <%'( '.G%'+1'&

J'.P#U'.#&*$*'7%&&'(3+$(*'7'.D+%/0'(H%&2>&=1'(G#(?'.$1'#'.&($%&<(cjA

)#/0( <%'( J'.P#U'.#&*( ?9&( D'7'*+%/0'&( I3/0'&( #&<( ['/01'&6( %&$D'$9&<'.'

T'.1434%'.'&6( #&<( <%'( )#$>D#&*( ?9&( ['/01'&( 3#$( )&1'%+'&( 3&

C34%13+*'$'++$/03=1'&( %$1( &#.( <3&&( 3+$( -'7'.D'D'1.%'D( 3&G#$'0'&6( 7'&&( <'.

[308'&( 4.%?31'.( J'.8Y*'&$?'.73+1#&*( >D'.$/0.%11'&( %$1( ccA( )#/0( '%&'( 4.%?31'

J'.8Y*'&$?'.73+1#&*( #8=3U1( 7%'<'.09+1'( )&$/03==#&*( #&<( J'.P#U'.#&*( cdA

E3U*'D+%/0( %$1( <%'( ).1( <'.( -'*'&$1P&<'( #&<( <%'( J'.2'0.$>D+%/02'%1( %0.'.

J'.73+1#&*A( B%'( 7%'<'.09+1'( )&$/03==#&*( #&<( J'.P#U'.#&*( 7%.<( GA"A( D'%

T'.1434%'.'&( '0'.( 3+$( >D+%/0( 3&*'$'0'&( 3+$( D'%( I/08#/2( 9<'.( )&1%r#%1P1'&A

-'7'.D+%/0( %$1( '%&'( ZP1%*2'%16( 7'&&( $%'( <'8( "%+<( P0&+%/0( %$16( <3$( &3/0( <'.

J'.2'0.$3&$/03##&*( '%&'&( -'7'.D'D'1.%'D( 3#$83/01( #&<( '%&'.

J'.8Y*'&$?'.73+1#&*( =.'8<( %$1( caA( ^%&$%/01+%/0( <%'$'.( T'.1#&*( D'$1'01

&31#.*'8PU('%&(7'%1'.'.().*#8'&131%9&$$4%'+.3#8A(^%&$%/01+%/0(<'8(7%'<'.09+1'&

)&S( #&<( J'.23#=( ?9&( C34%13+D'1'%+%*#&*'&( M-8D^S)&1'%+'&N( 7#.<'( ?98( X-

B>$$'+<9.=(cb(%8(H%&G'+=3++($/09&(-'7'.D+%/02'%1(3&*'&988'&A

B%'( 4.%?31'( )&$/03==#&*( ?9&( T'.1434%'.'&6( 3#/0( %&( *.YU'.'8( :8=3&*6( #&<( <%'

)#$>D#&*(<'.(<38%1(?'.D#&<'&'&(['/01'6(GA"A(I1%88.'/01'6(7%.<(%&(<'.(['*'+(3+$

4.%?31'(J'.8Y*'&$?'.73+1#&*(3&*'$'0'&6(7'&&(&%/01( *3&G( D'$9&<'.'(:8$1P&<'

?9.+%'*'&6( <%'( 3#=( '%&'( *'7'.D+%/0'( ZP1%*2'%1( $/0+%'U'&( +3$$'&A( L&<%G%'&( 0%'.=>.

7P.'&( GA"A( <'.( :8=3&*( <'.( )&S( #&<( J'.23#=$*'$/0P=1'6( <%'( "'$/0P=1%*#&*( ?9&

^%+=$2.P=1'&6( '%&'( '.0'D+%/0'( X.'8<=%&3&G%'.#&*6( '%*'&'( ">.9.P#8'( #&<

"#/0=>0.#&*6(<3$()&*'D91(<'.(J'.73+1#&*$<%'&$1'(3&(B.%11'(9<'.(P0&+%/0'$(chA

(((((((((((((((((((((((((((((((((((((((((((((((((((((cj( I/08%<16(HI1-6([GA(hd(G#(u(chcc( "X^H(cid6(daicd( "X^H(cib6(haca( I/08%<16(HI1-6([GA(_e(G#(u(ch(8A7AVAcb( HX-(ei6(cdabch( I/08%<16(HI1-6([GA(_e(G#(u(ch(8A7AVA


_b

"'%( -'&#$$.'/01$234%13+*'D'.&( %$1( G#&P/0$1( <%'( aP"kN7 :TUL%TPONaN#K%NPPJMO( G#

>D'.4.>='&A

H%&( )&7'&<#&*$=3++( =>.( <3$( -'&#$$.'/01$89<'++( %$16( <3U( '%&( "#$%&'$$( )&*'+

5#&*'&( :&1'.&'08'&( %&( '%&'.( =.>0'&( @03$'( <'$( :&1'.&'08'&$( C34%13+( 3+$

-'&#$$.'/01$234%13+( G#.( J'.=>*#&*( $1'++1( MD+9U'.( ,X%&3&G%'.#&*$SH&*'+,N( A( I'%&

L&1'.'$$'( %$1(*'.%/01'1(3#=(<%'(Z'%+&308'(3&(<'&( +3#='&<'&(-'7%&&'&(#&<(3#=(<%'

8%1( <'.( :&1'.&'08'&$'&17%/2+#&*( '%&0'.*'0'&<'( T'.1$1'%*'.#&*( <'$

:&1'.&'08'&$A(tD'.(<%'(R#.?'.=>*#&*$1'++#&*(?9&(C34%13+(0%&3#$(D'1'%+%*1('.( $%/0

&%/01(321%?(3&(<'.(:&1'.&'08'&$'&17%/2+#&*A

B%'$'( X#&21%9&( D'%( '%&'8( 9<'.( '%&%*'&( 7'&%*'&( :&1'.&'08'&( $9++1'6( #&1'.

"'.>/2$%/01%*#&*( <'.( ?9.*'&3&&1'&6( ?9&( <'.( ['/01$4.'/0#&*( '&17%/2'+1'&

C.%1'.%'&6( %&( <'.( ['*'+( 3+$( 4.%?31'( J'.8Y*'&$?'.73+1#&*( G#( r#3+%=%G%'.'&( $'%&( 8%1

<'.( X9+*'6( <3U( '173%*'( J'.P#U'.#&*$*'7%&&'( 3#$( &%/01( 7'$'&1+%/0'&

"'1'%+%*#&*'&(&3/0()D+3#=(<'.(I4'2#+31%9&$=.%$1($1'#'.=.'%(D+'%D'&A

J9.( <'8( ^%&1'.*.#&<( <'.( ['/01$4.'/0#&*( $9++1'( 3++'.<%&*$( <%'( )#$730+( <'.

]D5'21'6( D'%( <'&'&( $%/0( "#$%&'$$( )&*'+$( '&*3*%'.'&6( #&<( <'.'&( R30+( $9.*=P+1%*

*'4.>=1(7'.<'&A

-'$9&<'.1( G#( #&1'.$#/0'&( %$1( <%'( X#&21%9&( '%&'$( "#$%&'$$( )&*'+6( <%'( 3#=( '%&'

321%?'(E%17%.2#&*(D'%(<'.(H&17%/2+#&*(<'$(:&1'.&'08'&$(*'.%/01'1( %$1A(V'D'&(<'.

.'%&'&(X%&3&G%'.#&*$=#&21%9&(79++'&(5#&*'(:&1'.&'08'&(<#./0(<%'("'1'%+%*#&*(?9&

"#$%&'$$)&*'+$( 53( *'.3<'( <'.'&(7%.1$/03=1+%/0'( #&<( *'$/0P=1+%/0'( H.=30.#&*( #&<

<'.'&(C9&1321&'1G7'.2(&#1G'&A

B'.( *'+'*'&1+%/0'( )&.#=( <'.( -'$/0P=1$+'%1#&*( D'%8( "#$%&'$$( )&*'+( G#8

L&=9.831%9&$3#$13#$/0( 9<'.( =>.( ^%&7'%$'( 3#=( 491'&1%'++'( C9&132143.1&'.( =>.( <3$

:&1'.&'08'&(<>.=1'(0%'.(&9/0(#&$/0P<+%/0($'%&A

T%.<('%&'($9+/0'(ZP1%*2'%16(<%'( %$9+%'.1(3+$( =.'%D'.#=+%/0'(9<'.(*'7'.D+%/0'(ZP1%*2'%1

G#( r#3+%=%G%'.'&( 7P.'6( 3#/0( %8( [308'&( <'$( -'&#$$.'/01$?'.1.3*'$( ( G#$P1G+%/0

*'$/0#+<'1( MGA"A( 3+$( ,$3/0+%/0'( H%&+3*',( %8( I%&&'( <'.( -'&#$$.'/01$S

E#$1'.D'<%&*#&*'&N6( $9( 2Y&&1'( <%'$( G#( '%&'.( -'$381r#3+%=%231%9&( '%&'.

*'7'.D+%/0'&f$'+D$1P&<%*'&(ZP1%*2'%1(<'$("#$%&'$$()&*'+$(=>0.'&A(B%'$(2Y&&1'(G#.

X9+*'(03D'&6(<3U(KiW%PLQRN7!N#iJkN#JMOKON$LMMN7aNL7GNKLM`NK%L%L"M7TJK7^N#

8NMJKK#NQR%KaN%NLPLOJMO7[J7`N#K%NJN#M(7P.'&6(7'%+(<3$(-'&#$$.'/01(%&(<%'$'8

X3++("'1.%'D$?'.8Y*'&(7P.'A

-K7NWUXLNRP%7KLQR7^NKRTPa=7K"PQRN7+i%LOSNL%NM7ONMTJ7TaO#NM[aT#7[J7ONK%TP%NM

JM^7 [J7 R"M"#LN#NM7 JM^7 TJQR7 MLQR%7 ^LN7 ALMTM[aN%NLPLOJMO7 `"M7 ^N#

5N#T%JMOK%i%LOSNL%7"YiY7^J#QR7^NM75JKLMNKK7)MONP7TaRiMOLO7[J7WTQRNMY

)MPTON7D

_h

CYHYCY7 8NMJKK#NQR%KLMRTaN#7TPK7K%NJN#PLQRN#7d@L%JM%N#MNRWN#l

L&(R#$388'&03&*(8%1(<'8("'$1.'D'&6(<%'()&=3&*$?'.+#$1'(?9&(:&1'.&'08'&( =>.

<%'( -'$'++$/03=1'.( G#.( E%&<'.#&*( %0.'$( 4'.$Y&+%/0'&( G#( ?'.$1'#'.&<'&

H%&2988'&$(,&#1GD3.,(G#((83/0'&6(7#.<'&(%&(<'.(J'.*3&*'&0'%1( %&(090'8(E3U'

-'$'++$/03=1$89<'++'(*'&#1G16(<%'(G#('%&'.($1'#'.+%/0'&(,E%1#&1'.&'08'.$/03=1,( %8

I%&&'( <'$( u( ch( )D$A( c( R%==A( d( HI1-( =>0.'&A( ^P#=%*( 03&<'+1( '$( $%/0( #8

C9883&<%1*'$'++$/03=1'&(%&(X9.8(<'.(-8D^(k(K9A(C-6(D'%(<'&'&(<%'(L&?'$19.'&

3+$(C9883&<%1%$1'&(D'1'%+%*1($%&<6(9<'.(#8($9*A(31g4%$/0($1%++'(-'$'++$/03=1'&A

E%1(<'&(I1'#'.P&<'.#&*$*'$'1G'&(<'.(&'#'&("#&<'$.'*%'.#&*(7%.<(=>.

J'.3&+3*#&*$G'%1.P#8'(3D(ceee(<%'(EY*+%/02'%16($9+/0'(J'.+#$1'(8%1(H%&2>&=1'&

3#$(3&<'.'&(H%&2988'&$3.1'&(%&(?9++'.(^Y0'(G#(?'..'/0&'&6(3#=(BE(cjjAjjj(4A3A

D'*.'&G1A(B38%1(%$1('%&(7'$'&1+%/0'.()&.'%G(=>.(<%'(T30+('%&'.($9+/0'&

"'1'%+%*#&*$=9.8('&1=3++'&A

X.3*+%/0( %$16(9D('%&(-'&#$$.'/01$%&03D'.(**=$A(3+$(E%1#&1'.&'08'.(G#(r#3+%=%G%'.'&

$'%&(2Y&&1'A(V3/0(u(ch()D$A(c(I31G(c(R%==A(d(H$1-(7'.<'&(<%'(-'7%&&3&1'%+'(<'.

-'$'++$/03=1'.( '%&'.( 9^-6( '%&'.( C-( #&<( '%&'.( 3&<'.'&(-'$'++$/03=16( D'%( <'.( <'.

-'$'++$/03=1'.(3+$(:&1'.&'08'.(ME%1#&1'.&'08'.N(<'$("'1.%'D'$(3&G#$'0'&(%$16(3+$

H%&2>&=1'(3#$(-'7'.D'D'1.%'D(D'03&<'+1A()&<'.'(-'$'++$/03=1'&( %8(I%&&'(<%'$'.

J9.$/0.%=1( $%&<( 5'<9/0( &#.( G%?%+.'/01+%/0'( @'.$9&'&*'$'++$/03=1'&( $97%'

7%.1$/03=1+%/0(?'.*+'%/0D3.'(-'8'%&$/03=1$?'.0P+1&%$$'(ciA(-'$'++$/03=1'.$1'++#&*'&

3&( C34%13+*'$'++$/03=1'&( 2Y&&'&( &%/01( <%'( $1'#'..'/01+%/0'

E%1#&1'.&'08'.'%*'&$/03=1( D'*.>&<'&6( $'+D$1( 7'&&( <%'( C34%13+*'$'++$/03=1( $9

29&$1.#%'.1( %$16( <3U( $%'( 7%.1$/03=1+%/0( '%&'.( @'.$9&'&*'$'++$/03=1( &30'29881( c;A

B38%1( $/0'%<'1( 3#/0( <%'( E%1#&1'.&'08'&'.'%*'&$/03=1( '%&'$

-'&#$$.'/01$234%13+*'D'.$(%&('%&'.(C34%13+*'$'++$/03=1(3#$A

^%&G#(298816(<3U(3D(<'8(J'.3&+3*#&*$G'%1.3#8(ceee(3#/0(<%'("'*>&$1%*#&*(?9&

J'.P#U'.#&*$*'7%&&'&(D'%(E%1#&1'.&'08'.&(<#./0(T'*=3++(<'$(u(ab(H$1-(%AJA8A(u

ci( )D$A( c( R%==A( d( '&1=3++'&( %$1A( H%&( '173%*'.( J'.P#U'.#&*$*'7%&&( '%&'$

E%1#&1'.&'08'&.$(7P.'(<'$03+D(8%1($'%&'8(4'.$Y&+%/0'&(H%&2988'&$1'#'.$31G(G#

D'$1'#'.&A

(((((((((((((((((((((((((((((((((((((((((((((((((((((ci( I/08%<16(HI1-6([GA(cie(G#(u(chx(-.9U'.(I'&31(<'$("X^6("X^H(cbc6(bjhfaec;( I/08%<16(HI1-6([GA(cie(G#(u(chx(-.9U'.(I'&31(<'$("X^6("X^H(cbc6(bjhfc_

Documents

Genussschein - Business Angels Saarland...Genussschein - Business Angels Saarland ... de