Am Rand des Universums

3HWHU*ULHVH $05$1''(681,9(56806 3URORJ ,FK VSUWH GLH ([LVWHQ] HLQHV )UHPGN|USHUV GHU VLFK EHKXWVD...

63 downloads 611 Views 384KB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

3HWHU*ULHVH

$05$1''(681,9(56806

3URORJ ,FK VSUWH GLH ([LVWHQ] HLQHV )UHPGN|USHUV GHU VLFK EHKXWVDP QlKHUWH 'DV XQEHNDQQWH 'LQJ ZLUNWH QLFKW IHLQGOLFK 0HLQH *HIKOH LGHQWLIL]LHUWHQ HV HKHU DOV QHXWUDO $EHU HV ZDU Y|OOLJ IUHPGDUWLJ (V JHK|UWH QLFKW ]X GHU JHZDOWLJHQ 6SRRGLHZRONH GLH PHLQH *HGDQNHQ XQG )lKLJNHLWHQ DOV 2UDNHO YRQ .UDQGKRU EHIOJHOWH(VJHK|UWHJDUQLFKWDQGLHVHQ2UWXQGGRFKWDVWHWHHVVLFKLPPHUQlKHU DQPLFKKHUDQ 'LH 6SRRGLHV UHDJLHUWHQ QLFKW GDUDXI )U VLH VFKLHQ GDV IUHPGH (WZDV QLFKW ]X H[LVWLHUHQ ,FK YHUVXFKWH PLW PHLQHQ EHUVWHLJHUWHQ 6LQQHQ HLQHQ .|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lKLJNHLWHQGHVORJLVFK DEVWUDNWHQ'HQNHQVZHLWEHUWURIIHQ (UHUZDFKWHGHQQDXFKHUYHUQDKPDXVGHQJHLVWLJHQ6FKZLQJXQJHQGHU6SRRGLHV GLH VLFK LQ PHLQHP %HZXWVHLQ YHUGLFKWHWHQ GD HWZDV 8QJHZ|KQOLFKHV JHVFKDK ,FKVSUWHVHLQH*HJHQZDUWDEHUHUVFKZLHJ 'DV JDE PLU GLH 0|JOLFKNHLW PLFK JDQ] DXI GDV )UHPGH ]X NRQ]HQWULHUHQ (V YHUJLQJHQ QRFK PHKUHUH 0LQXWHQ LQ GHQHQ HV VLFK LPPHU ZHLWHU PLW VHLQHQ JHLVWLJHQ )KOHUQ GXUFK GLH 6SRRGLHV WDVWHWH 'DQQ HUUHLFKWH HV PHLQHQ XQEHNOHLGHWHQ.|USHU 6HKHQ LP QRUPDOHQ 6LQQ NRQQWH LFK VRZLHVR QLFKWV ,FK ZDU DOOHLQ DXI JHLVWLJH (LQGUFNHDQJHZLHVHQ$XFKPHLQ7DVWVLQQZDUHLJHQWOLFKDXVJHVFKDOWHWGHQQDXFK HU ZDU IU PHLQ 2UDNHOGDVHLQ EHGHXWXQJVORV 'HQQRFK VSUWH LFK GLH %HUKUXQJ 6LH ZDU VDQIW XQG ZDUP ,FK HUZDUWHWH HLQHQ YHUVWlQGOLFKHQ *HGDQNHQ DEHU LFK ZXUGHHQWWlXVFKW'DVN|USHUORVH(WZDVZDUHLQIDFKGD(VUXKWHQHEHQPLUXQGHV WDWQLFKWVZDVLFKZDKUQHKPHQNRQQWH 'LH6SRRGLHZRONHZXUGHSO|W]OLFKXQUXKLJ$XFKGLH8UVDFKHGDIUEOLHEPHLQHQ EHUUHL]WHQ6LQQHQYHUERUJHQ8QGGDQQVDKLFKHLQHJOHLHQGH+HOOLJNHLWREZRKO LFK GLH $XJHQ JHVFKORVVHQ KDWWH 'DV (PSILQGHQ YRQ :lUPH YHUVWlUNWH VLFK ,FK ZROOWHVFKUHLHQRGHULUJHQGZLHUHDJLHUHQDEHULFKZDUZLHJHOlKPW 'DZDUHLQH%HZHJXQJ6LHEHWUDIPLFKVHOEVW,FK|IIQHWHPHLQH$XJHQXQGVDK PLFKLQHLQHUVLOEHUJUDXHQ.RPELQDWLRQ:HQLJH 0HWHU XQWHU PLU WUPWH VLFK GHU %HUJ 6SRRGLHV GHU PLFK HLJHQWOLFK HLQVFKOLHHQ VROOWH ,FK ZDU DXV PHLQHP 2UDNHOGDVHLQ JHULVVHQ ZRUGHQ 'HU 9HUXUVDFKHU NRQQWH QXU GLHVHV IUHPGH (WZDV JHZHVHQVHLQ 'HU :DVVHUSDODVW YRQ .UDQ ]HLJWH VLFK PHLQHQ QRFK YHUVFKZRPPHQHQ %OLFNHQ

8QG GDQQ ZDU GD SO|W]OLFK DEVROXWH 'XQNHOKHLW 'DV XQVLFKWEDUH XQG N|USHUORVH (WZDVVSUWHLFKQRFKHLQH:HLOHQHEHQPLUDEHUGDQQYHUVFKZDQGHQDXFKGLHVH YDJHQ(LQGUFNH 'D PLFK HWZDV DXV GHP 2UDNHOGDVHLQ JHKROW KDWWH NRQQWH QXU ]ZHL *UQGH KDEHQ 'HU HLQH ZDU GD GLH +lVFKHU YRQ 6HWK$SRSKLV PLU DXI GLH 6FKOLFKH JHNRPPHQZDUHQXQGHLQHY|OOLJQHXH:DIIHJHJHQPLFKHLQJHVHW]WKDWWHQ 'LHVH0|JOLFKNHLWNRQQWHLFKDEHUDXVVFKOLHHQ,FKZDU]XJXWJHVLFKHUWJHZHVHQ 8QGDXHUGHPZlUHLFKGDQQMHW]WQLFKWPHKUDP/HEHQ 'HU DQGHUH *UXQG ZDU EHL GHQ .RVPRNUDWHQ ]X VXFKHQ 6LH KDWWHQ PLFK VFKRQ HLQPDO XQYHUPXWHW DXV GHP 2UDNHOGDVHLQ JHULVVHQ XQG QDFK 3XXUN LQ GHU *DOD[LV $ONRUGRRPYHUVHW]WZRLFKQDFKODQJHQ.lPSIHQXQG:LUUHQGHQ3URGXNWHQGHV (UOHXFKWHWHQGHQ6FKZDU]HQ6WHUQHQEUGHUQDXIGLH6FKOLFKHJHNRPPHQZDU(V ZDUGHQNEDUGDVLFKKLHUHWZDVbKQOLFKHVDEVSLHOWH 1RFK ZDU LFK DXI 9HUPXWXQJHQ DQJHZLHVHQ (V NRQQWH DXFK DQGHUH *UQGH IU GLHVH SO|W]OLFKH 9HUlQGHUXQJ JHEHQ GLH LFK QXU QLFKW LGHQWLIL]LHUHQ NRQQWH ZHLO VLHY|OOLJDQGHUHU1DWXUZDUHQ ,FK ZDUWHWH LQ GHU 'XQNHOKHLW HLQHU XQYHUVWlQGOLFKHQ 'DVHLQVHEHQH ,FK NRQQWH DWPHQXQGPHLQH*OLHGHUEHZHJHQDEHULFKKDWWHNHLQHQ%RGHQXQWHUGHQ)HQ (VEOLHEPLUJDUQLFKWVDQGHUHVEULJDOVPLFKLQGLHVHV6FKLFNVDO]XIJHQXQG]X ZDUWHQ 'LHQlFKVWH9HUlQGHUXQJJHVFKDKJDQ]DEUXSW ,FK VWDQG DXI IHVWHP %RGHQ LQ VWU|PHQGHP 5HJHQ ,P 1X ZDUHQ PHLQH ODQJHQ +DDUH WULHIQD hEHU PLU Z|OEWH VLFK HLQ QlFKWOLFKHV )LUPDPHQW DQ GHP GLH :RONHQLKUH)HXFKWLJNHLWZRONHQEUXFKDUWLJDXIGLH2EHUIOlFKHHLQHUXQEHNDQQWHQ :HOW HQWOLHHQ 9HUHLQ]HOW ULVVHQ GLH :RONHQ DXI XQG LFK HUNDQQWH 6WHUQH ,UJHQGZHOFKHEHNDQQWHQ.RQVWHOODWLRQHQNRQQWHLFKQLFKWDXVPDFKHQ ,FKKLHOWHLQH+DQGYRUGLH6WLUQXQGEOLFNWHPLFKXP0HLQH$XJHQZDUHQDQGLH 'XQNHOKHLW JHZ|KQW /LQNV YRU PLU VWUHFNWHQ HLQ SDDU NQRFKLJH %lXPH LKUH EODWWORVHQ bVWH LQ GHQ 1DFKWKLPPHO 5HFKWV NUPPWHQ VLFK %VFKH XQWHU GHU :XFKW GHV :LQGHV ,FK GUHKWH PLFK ZHLWHU $XI HLQHU $QK|KH HQWGHFNWH LFK HLQH UHJHOPlLJH UHFKWHFNLJH )OlFKH $OV GLH 'XQNHOKHLW IU 6HNXQGHQ QDFKOLH ZHLO GDV IHUQH 6WHUQHQOLFKW HLQHQ JU|HUHQ :HJ GXUFK GLH :RONHQ IDQG HUNDQQWH LFK HLQH+RO]KWWHDXVGLFNHQ%DONHQ 8QGMHW]WIODPPWHKLQWHUGHPHLQ]LJHQNOHLQHQ)HQVWHUHLQVFKZDFKHV/LFKWDXI(V IODFNHUWHXQUXKLJ ,FK VWDSIWH GXUFK GHQ 0RUDVW XQG GLH :DVVHUULQQHQ DXI GLH +WWH ]X 'HU 6WXUP SHLWVFKWH PLU HQWJHJHQ (V ZDU DOVRELFKJHJHQHLQHXQVLFKWEDUH:DQGDQUHQQHQ ZUGH 0HLQH %HZHJXQJHQ ZDUHQ WUlJH XQG XQJHOHQN ZDV VRZRKO DQ GHQ %RGHQYHUKlOWQLVVHQ XQG GHP 8QZHWWHUODJDOVDXFKDQPHLQHUPDQJHOQGHQhEXQJ $P0DLZDULFKQDFKGHQ$EHQWHXHUQLQ$ONRUGRRPXQG0DQDP7XUXLQV 2UDNHO ]XUFNJHNHKUW 'DV ZDU YRU UXQG ]ZHL -DKUHQ JHZHVHQ ,Q GLHVHQ ]ZHL -DKUHQ KDWWH LFK SUDNWLVFK NHLQHQ 0XVNHO EHZHJW 1XU PHLQ =HOOVFKZLQJXQJVDNWLYDWRU KDWWH PLW VHLQHQ ,PSXOVHQ IU GLH $XIUHFKWHUKDOWXQJ HLQHVHLQZDQGIUHLHQ.|USHU]XVWDQGVJHVRUJW 6FKOLHOLFK HUUHLFKWH LFK GLH +WWH XQG GUFNWH PLFK HUVW HLQPDO LQ GHQ 6FKXW] HLQHVNOHLQHQ9RUGDFKV'HU5HJHQSHLWVFKWHPLUDEHUDXFKMHW]WQRFKLQV*HVLFKW

,FK WDVWHWH GLH :DQG DE XQG VSUWH GHQ 5DKPHQ HLQHU 7U 6LH ZDU YHUVFKORVVHQ ,FKNORSIWHGDJHJHQ =XQlFKVW JHVFKDK QLFKWV (UVW DOV LFK PLW EHLGHQ )lXVWHQ WURPPHOWH K|UWH LFK VFKOXUIHQGH6FKULWWH'LH7U|IIQHWHVLFKHLQHQ6SDOW'HU/LFKWVFKHLQHLQHU.HU]H ILHOLQPHLQ*HVLFKW 'HU .RSI HLQHV XUDOWHQ 0DQQHV PLW JHEFNWHP *DQJ WDXFKWH YRU PLU DXI 'LH JHU|WHWHQ$XJHQVWDUUWHQPLFKQHXJLHULJDQ ³%HL GLHVHP :HWWHU VROOWH PDQ QLFKW LP )UHLHQ KHUXPODXIHQ ]HWHUWH GHU $OWH =X PHLQHP(UVWDXQHQVSUDFKHU,QWHUNRVPR³.RPPKHUHLQ)UHPGHU ,FKTXHWVFKWHPLFKGXUFKGHQ7UVSDOWXQGOLHPLFKHUVFK|SIWDXIHLQHP+DXIHQ )HOOHQLHGHU ³:HUELVWGX)UHPGHU"ZROOWHGHU$OWHZLVVHQ ³1HQQHPLFK$WODQDQWZRUWHWHLFK ³$WODQ" HFKRWH GLH PHUNZUGLJH *HVWDOW ³'HU $UNRQLGH" 'DV 2UDNHO YRQ .UDQGKRU"'DQQELVWGXKLHUULFKWLJ )MRGRU 6RPPHWW ]XFNWH ]XVDPPHQ DOV GLH DXWRPDWLVFKHQ hEHUZDFKXQJVDQODJHQ $ODUP VFKOXJHQ 'DV ZDU ZlKUHQG VHLQHU ]Z|OIMlKULJHQ 'LHQVW]HLW LP 2EVHUYDWRULXPDXIGHP%MDYRUVW0RQG+DOORIDDQQRFKQLFKWHLQPDOJHVFKHKHQ(U OHJWH GDV %XFK LQ GHP VLFK PHKUHUH EMDYRUVWLVFKH :LVVHQVFKDIWOHU PLW GHQ WKHRUHWLVFKHQ 0|JOLFKNHLWHQ HLQHV hEHUOLFKW5DXPIOXJV EHVFKlIWLJWHQ DXV GHU +DQG6RPPHWWYHUEDQQWHVROFKH6SHNXODWLRQHQLQGDV5HLFKGHU8WRSLH :DVNRQQWHVFKRQGUDXHQLP$OOJHVFKHKHQGDVHLQHQ$ODUPDXVO|VWH"9LHOOHLFKW HLQH 6XSHUQRYD GLH YRQ GHQ 7HOHVNRSHQ HQWGHFNW ZRUGHQ ZDU" 2GHU KLQJ GHU $ODUP JDU PLW GHU VHOWVDPHQ +LQWHUJUXQGVWUDKOXQJ ]XVDPPHQ GLH YRU HLQ SDDU :RFKHQHQWGHFNWZRUGHQZDU" 2KQHVRQGHUOLFKH(LOHEHJDEVLFKGHUNOHLQH9LHUEHLQHU]XP+DXSWNRQWUROOSXOW'RUW QDKP HU PHKUHUH 6FKDOWXQJHQ YRU 'LH YLHU +lQGH KXVFKWHQ JHVFKLFNW EHU GLH 7DVWDWXU'LHEHLGHQJURHQ3DQRUDPDELOGVFKLUPHXQGPHKUHUHNOHLQH%LOGVFKLUPH HUKHOOWHQVLFK )MRGRU 6RPPHWW ZDU HLQ EHUGXUFKVFKQLWWOLFKHU %MDYRUVWHU (U ZDU -DKUH DOW 6HLW VHLQHU -XJHQG KDWWH HU VLFK GHU DVWURQRPLVFKHQ )RUVFKXQJ JHZLGPHW 6SlWHU KDWWH HU VLFK DXI GHQ EHLGHQ EHVWHQ 6FKXOHQ %MDYRUVWV DXVELOGHQ ODVVHQ 6HLQHU %HZHUEXQJIUHLQHQ3RVWHQDOV$VWURQRPDXIGHU0RQGVWDWLRQYRQ+DOORIDDQZDU ]ZDU HUVW LP GULWWHQ $QODXI HQWVSURFKHQ ZRUGHQ DEHU GDV VW|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

2UDQWDQ 'LH QDWUOLFKH (YROXWLRQ GHU OHW]WHQ -DKUPLOOLRQHQ KDWWH KLHU HLQ YLHUEHLQLJHVXQGYLHUDUPLJHV9RONHQWVWHKHQODVVHQGLH%MDYRUVWHU$EJHVHKHQYRQ GHQGRSSHOWHQ([WUHPLWlWHQSDDUHQZDUHQGLHVH:HVHQGXUFKDXVDOVKRPLQLGHV9RON ]XEH]HLFKQHQ ,KUH GXUFKVFKQLWWOLFKH .|USHUJU|H EHWUXJ HLQHLQKDOE 0HWHU 'DIU ZDUHQ GLH %MDYRUVWHU IU PHQVFKOLFKH 9HUKlOWQLVVH DXFK QRFK XQJHZ|KQOLFK VFKPDO IDVW JUD]LORGHUJD]HOOHQKDIW,KUH+DXWZDUGXQNHOEUDXQXQGYRQHLQHPIHLQHQ)ODXP EHU]RJHQ GHU VLFK QXU DXI GHU REHUHQ .RSIKlOIWH XQG DXI GHQ $XHQVHLWHQ GHU YLHUDFKWILQJULJHQ+lQGH]XHFKWHP+DDUYHUGLFKWHWH )MRGRU 6RPPHWW ODV DXI HLQHP %LOGVFKLUP GLH QHXHVWHQ ,QIRUPDWLRQHQ DE GLH SHU )XQNYRP=HQWUDOREVHUYDWRULXPDXI%MDYRUVWHLQJHWURIIHQZDUHQ(VKDQGHOWHVLFK XP GLH OHW]WHQ $XVZHUWXQJHQ HLQHU %HREDFKWXQJ GLH GLH %MDYRUVWHU YRU VLHEHQ :RFKHQJHPDFKWKDWWHQ ,UJHQGZR GUDXHQ LP $OO HWZD HLQH /LFKWVWXQGH KLQWHU GHP lXHUHQ 5DQG GHV 2UDQWDQ6\VWHPV JHVFKDK HWZDV GDV GLH :LVVHQVFKDIWOHU QLFKW YHUVWDQGHQ $XI HLQHU %UHLWH YRQ HWZD YLHU /LFKWVWXQGHQ ZDU KLHU HLQ ³5LII HQWVWDQGHQ .RQNUHW DXVJHGUFNW EHGHXWHWH GDV GD KLHU QLFKWV PHKU ]X VHKHQ ZDU 'LH 6WHUQH KLQWHU GHPNUHLVUXQGHQ)OHFNHQZDUHQVFKHLQEDUQLFKWPHKUYRUKDQGHQ'LH%H]HLFKQXQJ ³5LII ZDU VLFKHU QLFKW JDQ] ]XWUHIIHQG DEHU GLHVHU 1DPH KDWWH VLFK LQ GHQ )DFKNUHLVHQVFKQHOOHLQJHEUJHUW 'LHVHV3KlQRPHQKDWWH]XNHLQHU%HXQUXKLJXQJJHIKUW'LH*HVFKHKQLVVHZDUHQ ZHLW HQWIHUQW XQG HLQH *HIDKU IU GDV 2UDQWDQ6\VWHP PLW VHLQHQ EHLGHQ EHZRKQWHQ3ODQHWHQ%MDYRUVWXQG

GLHVHU KHUUVFKWHQ MHGRFK GLH /DQGPDVVHQ PLW EHU DFKW]LJ 3UR]HQW GHU 2EHUIOlFKH YRU2]HDQHLPEOLFKHQ6LQQJDEHVJDUQLFKWVRQGHUQQXUHLQHJHULQJH=DKOYRQ JU|HUHQ %LQQHQPHHUHQ 'LH :lUPH GHU 6RQQH 2UDQWDQ VRUJWH GDIU GD YRQ GLHVHQ VWlQGLJ JHQJHQG :DVVHU YHUGDPSIWH XP HLQHQ QDWUOLFKHQ .OLPD XQG :HWWHUZHFKVHO]XEHZLUNHQ 'LH 'XUFKVFKQLWWVWHPSHUDWXUHQ ODJHQ EHL GUHLLJ *UDG 'HU 0HWDEROLVPXV GHU %MDYRUVWHU ZDU GLHVHQ 1DWXUJHJHEHQKHLWHQ DQJHSDW 'LH 9LHUEHLQHU EUDXFKWHQ ZHQLJ:DVVHUXQGOLHEWHQGLH:lUPH )MRGRU 6RPPHWW QDKP ZHLWHUH 6FKDOWXQJHQ YRU XP GHQ *UXQG GHV $ODUPV ]X HUNHQQHQ *OHLFK]HLWLJ VWUDKOWH HU HLQHQ YRUEHUHLWHWHQ )XQNVSUXFK ]X VHLQHU +HLPDWZHOWDEGDPLWPDQGRUWEHUGDV*HVFKHKHQLQIRUPLHUWZHUGHQZUGH(V ZUGH VLFKHU HLQH :HLOH GDXHUQ ELV VLFK MHPDQG YRQ %MDYRUVW PHOGHWH GHQQ GDV GRUWLJH2EVHUYDWRULXPODJMHW]WDXIGHU1DFKWVHLWHGHV3ODQHWHQXQGZDUK|FKVWHQV PLW HLQHU $ODUPEHUHLWVFKDIW EHVHW]W 6RPPHWW EH]ZHLIHOWH GD VLFK EHUKDXSW MHPDQGLQ.U]HPHOGHQZUGH 'DV JDE GHP %MDYRUVWHU =HLW ZHLWHUH 1DFKIRUVFKXQJHQ LQ VHLQHP 2EVHUYDWRULXP DQ]XVWHOOHQ (U EUDXFKWH ZHQLJH 0LQXWHQ XP GLH 8UVDFKH GHV $ODUPV ]X HUIRUVFKHQ 'DV 6LJQDO ZDU YRP +DXSWWHOHVNRS DXVJHO|VW ZRUGHQ 'LH $QJHOHJHQKHLW ZXUGH LQWHUHVVDQW GHQQ )MRGRU ZXWH GD GLHVHV VHLW 7DJHQ DXVVFKOLHOLFK DXI GDV ³5LII LP $OO JHULFKWHW ZDU +DWWH VLFK GLHVHV 3KlQRPHQ DXIJHO|VW":DUHQGLHYHUVFKZXQGHQHQ6WHUQHZLHGHUHUVFKLHQHQ" )MRGRU 6RPPHWW EHJDE VLFK LQ GHQ 1HEHQUDXP YRQ GHP GLH 7UHSSH QDFK REHQ ]XP 7HOHVNRS IKUWH (U GDFKWH GDUDQ GD GLH 6WDWLRQ DXI GHP DWPRVSKlUHORVHQ 0RQG HLJHQWOLFK GLH HUVWH H[WUDEMDYRUVWLVFKH *URDQODJH ZDU GLH VHLQ 9RON HUVFKDIIHQKDWWH'DQHEHQKDWWHHVQXU]XHLQSDDU'XW]HQG]XPHLVWXQEHPDQQWHQ 6DWHOOLWHQJHUHLFKWGLHGLH+HLPDWZHOWXPUXQGHWHQXQGGHU)RUVFKXQJGLHQWHQ'LH

]ZLVFKHQ GHQ =lKQHQ 'LH EUHLLJH )OVVLJNHLW ZDU VFKQHOO YHUVFKOXQJHQ (U ZDUWHWH ELV GLH HUZQVFKWH :LUNXQJ HLQWUDW 'DQQ IHUWLJWH HU PHKUHUH )RWRV GHU VHOWVDPHQ(UVFKHLQXQJDQXQGEHUJDEVLHGHPDXWRPDWLVFKHQ%LOGHQWZLFNOHUGHU HLQLQWHJUDOHU%HVWDQGWHLOGHV7HOHVNRSVZDU =ZHL 0LQXWHQ VSlWHU KLHOW HU GLH 'DUVWHOOXQJHQ DXI 3DSLHU LQ VHLQHQ +lQGHQ (U YHUOLHGHQ7HOHVNRSUDXPXQGKSIWHLQQXU]ZHL6lW]HQGLH7UHSSHKLQXQWHULQGLH =HQWUDOHGHV+DOORIDDQ2EVHUYDWRULXPV %MDYRUVWKDWWHVLFKJHPHOGHWZLHHLQ%LOGVFKLUPDXVZLHV'LH1DFKULFKWZDUNXU] XQGVLHODXWHWH ³%HUHLWVFKDIWVDJHQW =XPR $ONHU YRP =HQWUDO2EVHUYDWRULXP DQ )MRGRU 6RPPHWW YRP+DOORIDDQ2EVHUYDWRULXP,FKKDEHGHLQH1DFKULFKWHPSIDQJHQ'HU%LOGIXQN LVWJHVW|UW:DVOLHJWDQ" 'HU$VWURQRPVFKDOWHWHDXIJHJHQVHLWLJH6SUHFKYHUELQGXQJ ³9RU GHP 5LII LP $OO VSUDFK HU ³KDW VLFK HWZDV JHELOGHW GDV ZLH HLQ ULHVLJHU URWJUQHU .ULVWDOO DXVVLHKW 1DFK PHLQHU 6FKlW]XQJ UDJW GDV 'LQJ PLQGHVWHQV GUHLLJ/LFKWPLQXWHQLQGHQ5DXP(V]HLJWLQ5LFKWXQJGHV2UDQWDQ6\VWHPV,FK KDEH %LOGHU DQJHIHUWLJW GLH LFK EHUWUDJHQ ZHUGH VREDOG GLH 9HUELQGXQJ QDFK %MDYRUVWZLHGHUVW|UXQJVIUHLIXQNWLRQLHUW(QGH (U PXWH IDVW YLHU 6HNXQGHQ ZDUWHQ ELV GDV %HVWlWLJXQJVVLJQDO YRP =HQWUDO 2EVHUYDWRULXP HLQWUDI 'LHVH =HLW EUDXFKWHQ GLH HOHNWURPDJQHWLVFKHQ :HOOHQ QXQ HLQPDOXPGLH6WUHFNHYRQIDVW.LORPHWHUQYRP0RQG]XVHLQHP3ODQHWHQ KLQXQG]XUFN]XEHUZLQGHQ ³9HUVWDQGHQHUNODQJGDQQGLH6WLPPH=XPR$ONHUV³,FKZHUGHGLH0HOGXQJEHL 'LHQVWEHJLQQ YRUOHJHQ 9RUKHU LVW DXFK PLW GHU :LHGHUKHUVWHOOXQJ GHU %LOGEHUWUDJXQJ QLFKW ]X UHFKQHQ %HREDFKWH ZHLWHU :LU PHOGHQ XQV ZLHGHU =HQWUDO2EVHUYDWRULXP(QGH )MRGRU 6RPPHWW ZDU YHUlUJHUW ZHLO GLHVHU $ONHU VHLQHU 0HLQXQJ QDFK ZLH HLQ $QIlQJHU UHDJLHUWH :DKUVFKHLQOLFK KDQGHOWH HV VLFK DXFK XP HLQHQ 1HXOLQJ GHU QRFKJDUQLFKWLQGHU/DJHZDUGLH)XQNDQODJHQULFKWLJ]XEHGLHQHQ$EHUlQGHUQ NRQQWHGDVGHUHUIDKUHQH%MDYRUVWHUDXFKQLFKW (UOHJWHGLH7HOHVNRSELOGHU]XQlFKVWDXIGHU.RQVROHGHU.RPPXQLNDWLRQVV\VWHPH DE 'DQQ EHUHLWHWH HU GLH %LOGEHUWUDJXQJ VRZHLW YRU ZLH HV LKP P|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

'DWHQ VRZLH JHOHJHQWOLFKHQ *HVSUlFKHQ GHU 6WDDWVPlQQHU 'D]X ZXUGHQ GLH )XQNUHODLV HWZD DOOH GUHL :RFKHQ HLQPDO DNWLYLHUW (LQ VROFKHU =HLWSXQNW ODJ MHW]W DEHU QLFKW YRU )MRGRU 6RPPHWW ZXWH GDV JHQDX GHQQ HU KDWWH GLHVH 7HUPLQH LP .RSI 'LH JU|WH 6WUHFNH ]ZLVFKHQ GHQ EHLGHQ 3ODQHWHQ ZXUGH GXUFK GLH 6HQGHU XQG (PSIlQJHUDXIGHP%MDYRUVW0RQG+DOORIDDQXQGGHP

$QODJHQRFKHLQPDOXPDOOHGHQNEDUHQ)HKOHURGHU7UXJELOGHUDXV]XVFKDOWHQ$OV HUGDQQLQGLH2SWLNVWDUUWHVWRFNWHLKPHUQHXWGHU$WHP 'HU JHZDOWLJH .ULVWDOO LQ U|WOLFKHQ XQG JUQOLFKHQ )DUEHQ ZXFKV SO|W]OLFK LQ 6HNXQGHQEUXFKWHLOHQ 'DQQ KDWWH VLFK VHLQH *U|H IDVW YHUGRSSHOW (V IHKOWHQ YLHOOHLFKW QRFK HLQH 0LOOLRQ .LORPHWHU ELV ]XU %DKQ GHV DFKWHQ XQG lXHUVWHQ 3ODQHWHQ=RNDU$EHUGDVZDUQLFKWDOOHV 1HEHQ GHP 5LHVHQJHELOGH UDJWHQ QXQ ]ZHL ZHLWHUH ZHQQ DXFK QRFK VHKU NOHLQH =DFNHQ DXV GHU 6FKZlU]H GHV ³5LIIV LP $OO LQ 5LFKWXQJ GHV 2UDQWDQ6\VWHPV :HJHQ GHU JURHQ 6FKUlJH ]XU +DXSW]DFNH OLH VLFK GHUHQ /lQJH UHODWLY HLQIDFK EHVWLPPHQ )MRGRU 6RPPHWW HUPLWWHOWH :HUWH ]ZLVFKHQ ]Z|OI XQG DFKW]HKQ /LFKWVHNXQGHQ 'HU %MDYRUVWHU IKOWH VLFK SO|W]OLFK VHKU XQEHKDJOLFK ,KQ IU|VWHOWH REZRKO GHU 7HOHVNRSUDXPDQJHQHKPWHPSHULHUWZDU(UIHUWLJWHQHXH%LOGHUGHU%HREDFKWXQJHQ DQXQGNOHWWHUWHGDQQLQGHQ+DXSWUDXP]XUFN =XP HUVWHQPDO IKOWH HU VLFK ZLUNOLFK HLQVDP LP +DOORIDDQ2EVHUYDWRULXP (U KRFNWHVLFKLQVHLQHQ6HVVHOXQGEHWUDFKWHWHGLHHQWZLFNHOWHQ%LOGHU6HLQH0DKO]HLW YHUJDHUJDQ] )DVW ]XIlOOLJ ILHO VHLQ %OLFN DXI GDV %XFK PLW GHQ 6SHNXODWLRQHQ ]X hEHUOLFKWJHVFKZLQGLJNHLWHQ 6FKODJDUWLJ HUNDQQWH HU GD VHLQH ELVKHULJH 0HLQXQJ ]XGLHVHQ8WRSLHQZLGHUOHJWZDU 'LH .ULVWDOOH GRUW GUDXHQ ZDUHQ PLW hEHUOLFKWJHVFKZLQGLJNHLW HQWVWDQGHQ 'DV KDWWHHUVHOEVWEHREDFKWHW 4XRU=RWWRU ZDU LQ ]ZHLIDFKHU +LQVLFKWHLQHDXHUJHZ|KQOLFKH(UVFKHLQXQJ'LH HLQHVDKMHGHUGLHDQGHUHQLFKW'HQQGDV6WDDWVREHUKDXSWZDUIUHLQHQ

.|USHUV\VWHPDXVGUHL6FKOHXVHQPLW9HUGDXXQJVNRPSRQHQWHQXQWHUKDOEGHV*HKLUQV HLQHQJUDXHQ.OXPSHQELOGHWH %HVRQGHUH 6HQVLELOLWlW ODJ LQ GHQ )DVHUQ DQ GHQ (QGHQ GHU ]HKQ 7HQWDNHO 'LH JHVDPWHQ ([WUHPLWlWHQ GHV .|USHUV ZXUGHQ QDKH]X DOOHLQ GXUFK 'UXFNUHJHOXQJHQ JHVWHXHUW GLH GDV *HKLUQ EHU GLH ]DKOUHLFKHQ .|USHUEODVHQ OHQNHQ NRQQWH 'LHVHU 0HFKDQLVPXV UDJWH ELV LQ GLH 6SLW]HQ GHU 7HQWDNHOIDVHUQ XQG EHIlKLJWH GLH =|OHQWHUDWHQ]XHLQHUDXHUJHZ|KQOLFKHQKDQGZHUNOLFKHQ)HUWLJNHLW ,KUH +HLPDWZHOW

³'LH HUVWH (QWGHFNXQJ DXHUJHZ|KQOLFKHU 9RUJlQJH OLHJW ODQJH 7DJH ]XUFN EHJDQQGHU$VWURQRPHWZDVXPVWlQGOLFK³6LHZXUGHGXUFKGLH%HVDW]XQJXQVHUHU 5DXPVWDWLRQ 32/2021'$ HU]LHOW 'HU 5DQG GHV 8QLYHUVXPV ZXUGH HQWGHFNW HLQH =RQH GLH LQ HLQ -HQVHLWV ]X IKUHQ VFKHLQW GDV ZLU QLFKW YHUVWHKHQ N|QQHQ 'LH (QWIHUQXQJ ]XP 5DQG GHV 8QLYHUVXPV LVW IU XQVHUH 9RUVWHOOXQJHQ ULHVLJ JUR6LHEHWUlJWPHKUDOVGDV9LHU]LJWDXVHQGIDFKHGHV'XUFKPHVVHUVGHV2UDQWDQ 6\VWHPVDOVRHWZDHLQH/LFKWVWXQGH8QVHUHVFKQHOOVWHQ5DNHWHQZUGHQEHU]HKQ -DKUH EUDXFKHQ XP DQ GLHVHQ 2UW ]X JHODQJHQ 'DV LVW ZHLW GUDXHQ LP $OO XQG GRFKLVWHV IU NRVPLVFKH 0DVWlEH VHKU QDKH (V LVW PHKU DOV YLHU]LJWDXVHQGPDO QlKHUDQ2UDQWDQDOVGHUQlFKVWH6WHUQXQVHUHU*DOD[LV ³(LQ 3URGXNW GHU ]ZHLJHVFKOHFKWOLFKHQ 9LHUEHLQHU ULHI +HUP&HPLO DXIJHUHJW GD]ZLVFKHQ³'LH6QGHXQGGDV9HUGHUEHQNRPPHQYRQ%MDYRUVW ³'DVLVWSXUHU8QVLQQ+HUU.ROOHJHZLGHUVSUDFK7UHVVDSSRKQH$XIUHJXQJ³(V SDW GLU QLFKW GD GX HLQVHKHQ PXWHVW GD ZLU

VLHKW GRFK MHGHU :LU ZDUHQ HV QLFKW DOVR ZDUHQ HV GLH DQGHUHQ 2GHU NDQQ PLU MHPDQGHLQHDQGHUH0DFKWLP8PNUHLVYRQIQI/LFKWMDKUHQQHQQHQGLHHLQHVROFKH 9HUlQGHUXQJEHZLUNHQN|QQWH" ³(VJLEWNHLQHDQGHUH0DFKWLP8PNUHLVYRQ]LJWDXVHQG/LFKWMDKUHQXQWHUVWW]WH +HUP&HPLO GLH :RUWH GHV 0LQLVWHUV ³(V JLEW QLFKW GHQ JHULQJVWHQ +LQZHLV GDUDXIGDLUJHQGZRDXHUKDOEGHV2UDQWDQ6\VWHPVLQWHOOLJHQWHV/HEHQH[LVWLHUW 'HU 7RGHVNULVWDOO PX YRQ GHQ %MDYRUVWHUQ HU]HXJW ZRUGHQ VHLQ 'DUDQ JLEW HV NHLQHQ=ZHLIHO ³.DQQPLUHLQHUYRQHXFKHUNOlUHQVSRWWHWH4XRU=RWWRU³ZLHGLH9LHUEHLQHUGD]X LQ GHU /DJH VHLQ VROOHQ" 6LFKHU VLH VSHNXOLHUHQ EHU %HZHJXQJHQ LP 5DXP PLW hEHUOLFKWJHVFKZLQGLJNHLW DEHU VLH N|QQHQ GDV QLFKW :LH VROOWHQ VLH DOVR GHQ NQVWOLFKHQ5DQGGHV8QLYHUVXPV HUVFKDIIHQKDEHQZHQQVLHJDUQLFKWDQGLHVHQ 2UWGHV(QWVWHKHQVUHLVHQN|QQHQ" ³6LH YHUIJHQ EHU DQGHUH WHFKQLVFKH 0LWWHO EHKDXSWHWH 'HNRN1D ³6LH VLQG :HVHQ GHV $EJUXQGV 8QG GLH 0lFKWH GHV $EJUXQGV XQWHUVWW]HQ VLH 'HUHQ 0DFKWPLWWHOVLQGMHQVHLWVXQVHUHV9RUVWHOOXQJVYHUP|JHQV ³'DV VLQG QXU 6SHNXODWLRQHQ ZHKUWH GDV 6WDDWVREHUKDXSW DE ³:HQQ GX GHQ *|WWHUJODXEHQ GHLQHU 9RUIDKUHQ KLHU LQV 6SLHO EULQJHQ ZLOOVW VW|W GX DXI WDXEH 2KUHQ)UXQVN|QQHQQXU7DWVDFKHQ]lKOHQ ³'HU 5DQG GHV 8QLYHUVXPV LVW HLQH 7DWVDFKH 'HU $VWURQRP 7UHVVDSS HUJULII ZLHGHU GDV :RUW 'DEHL VFKZDQJ HU ]ZHL 7HQWDNHO ZLOG KLQ XQG KHU ³:DV GLHVHV /RFK EHGHXWHW ZLVVHQ ZLU QLFKW 9LHOOHLFKW N|QQHQ ZLU HV JHPHLQVDP PLW XQVHUHQ )UHXQGHQ YRQ %MDYRUVW HUIRUVFKHQ 8QG GHU ULHVLJH .ULVWDOO" 9LHOOHLFKW KDQGHOW HV VLFKQXUXPHLQ7UXJELOG$XFKGDVZLVVHQZLUQRFKQLFKW8QGLFKVHKHLP0RPHQW NHLQH0|JOLFKNHLWGLHVH)UDJHQ]XEHDQWZRUWHQ ³'LH )UDJHQ VLQG GRFK EHDQWZRUWHW ]UQWH +HUP&HPLO ³(V ZLOO QXU NHLQHU GLH $QWZRUWHQK|UHQ ³'LH %MDYRUVWHU EHVLW]HQ HLQ VHKU OHLVWXQJVIlKLJHV 2EVHUYDWRULXP DXI LKUHP 0RQG +DOORIDDQVDJWH4XRU=RWWRU³(VLVWEHVVHUDOVXQVHUH6WDWLRQDXI32/2021' $ (V NDQQ QXU YHUQQIWLJ VHLQ ZHQQ ZLU DXI GLH ,QIRUPDWLRQHQ GHU %MDYRUVWHU ]XUFNJUHLIHQ (V JDE PDQFKH 6SDQQXQJ ]ZLVFKHQ GHQ EHLGHQ 9|ONHUQ GHV 2UDQWDQ6\VWHPV$EHUDOOHZXUGHQEHUZXQGHQ1XUGDVIULHGOLFKH1HEHQHLQDQGHU NDQQEHLGHQ6HLWHQQW]HQ(VJLEWNHLQH+LQZHLVHGDUDXIGDGLH9LHUEHLQHUIUGHQ 5DQG GHV 8QLYHUVXPV XQG GHQ 5LHVHQNULVWDOO YHUDQWZRUWOLFK VLQG 'DUDQ VROOWHQ ZLUVWHWVGHQNHQ ³'DVLVWNHLQ5LHVHQNULVWDOOGU|KQWH'HNRN1D³'DVLVWHLQ7RGHVNULVWDOO(UEULQJW XQVDOOHQGHQ7RG ³%MDYRUVW LVW LQIRUPLHUW :LU ZDUWHQ DXI $QWZRUW VDJWH 4XRU=RWWRU $XI GLH +HW]HUHLHQVHLQHV0LQLVWHUVIUH[WUDYLWDOH.RQWDNWHJLQJHUPLWNHLQHP:RUWXQG NHLQHU*HVWHHLQ ³,FK VWHOOH HLQHQ $QWUDJ 'HNRN1D UHFNWH VHLQHQ +DOENXJHOOHLE LQ GLH +|KH ³$OOH .RQWDNWH PLW GHQ YLHUEHLQLJHQ ]ZHLJHVFKOHFKWOLFKHQ :DVVHUORVHQ ZHUGHQ DEJHEURFKHQ :LU UVWHQ XQV IU HLQHQ 9HUQLFKWXQJVNDPSI JHJHQ GLHVHQ ELRORJLVFKHQ $EVFKDXP :HQQ ZLU VLHJHQ XQG GDUDQ ]ZHLIOH LFK QLFKW ZLUG GHU 5DQGGHV8QLYHUVXPV HEHQVRYHUVFKZLQGHQZLHGHU7RGHVNULVWDOO *HPl GHQ *HVHW]HQ PXWH GDV 6WDDWVREHUKDXSW GLHVHP $QWUDJ HQWVSUHFKHQ GDV

KHLWGLH$EVWLPPXQJGXUFKIKUHQ %HYRU HV MHGRFK GD]X NDP EHWUDW HLQ ]HKQEHLQLJHU 5RERWHU GLH NOHLQH 9HUVDPPOXQJVKDOOH 'DV 0DVFKLQHQZHVHQ ZDU QDFK GHP 9RUELOG VHLQHU 6FK|SIHU HUEDXW (V OLHI DXI DFKW %HLQHQ XQG VFKZHQNWH LQ HLQHU GHU EHLGHQ IUHLHQ 7HQWDNHO PHKUHUHEHGUXFNWH)ROLHQ'LHVHEHUUHLFKWHHU4XRU=RWWRU ³1HXH %LOGHU YRQ 32/2021'$ WHLOWH GDV 6WDDWVREHUKDXSW PLW DOV HV GLH ,QIRUPDWLRQHQ]XU.HQQWQLVJHQRPPHQKDWWH³'HU5LHVHQNULVWDOOKDWVLFKLQVHLQHU *U|H ZDKUVFKHLQOLFK YHUGRSSHOW $Q VHLQHU 6HLWH VLQG ]ZHL NOHLQHUH .ULVWDOOH DXV GHP 5DQG GHV 8QLYHUVXPV JHZDFKVHQ GLH DXI GLH 5lQGHU GHV 2UDQWDQ6\VWHPV ZHLVHQ (U UHLFKWH GLH %LOGHU KHUXP +HIWLJH 'LVNXVVLRQHQ VFKO|VVHQ VLFK DQ ELV +HUP &HPLOXQG'HNRN1DODXWVWDUNQDFKGHUEHDQWUDJWHQ$EVWLPPXQJYHUODQJWHQ ³(LQJQVWLJHU=HLWSXQNWIUXQVIOVWHUWHGHU%LRORJHGHP0LQLVWHU]X³-HW]WIDOOHQ VLHXP 4XRU=RWWRU EDW XP +DQG]HLFKHQ (U VHOEVW EHVD LP )DOO HLQHV 3DWWV GLH HQWVFKHLGHQGH 6WLPPH DEHU HU YHUNQGHWH VRJOHLFK GD HU VLFK GHU 6WLPPH HQWKDOWHQZROOH'HU$QWUDJ'HNRN1DVZXUGHPLW]HKQJHJHQ]ZHL6WLPPHQDEJHOHKQW 'LH (QWWlXVFKXQJ ZDU +HUP&HPLO XQG 'HNRN1D DQ]XVHKHQ DEHU GLH EHLGHQ

0LWVHLQHUIUHLHQ+DQGWDVWHWHHULQHLQ:DQGUHJDO6FKOLHOLFKEUDFKWHHUHLQHNOHLQH 'RVH]XP9RUVFKHLQ,QVLHJRHUHWZDVYRQGHU)OVVLJNHLWDXVGHU%OHFKNDQQH ³1LFKWVHKUOX[XUL|V(UNLFKHUWHDOVHUPLUGHQ%HFKHUUHLFKWH³$EHUPHKUKDEH LFKGLUQLFKW]XELHWHQ7ULQN(VZLUGGLUJXWWXQ ,FKQDKPHLQHQODQJHQ6FKOXFNXQGVSUWHZLHVLFKGDVEOHLHUQH*HIKOLQPHLQHP 0XQGVFKQHOODXIO|VWH ³:HUELVWGX"IUDJWHLFK³:LHODXWHWGHLQ1DPH$OWHU" ³1HQQH PLFK (UHPLW 0HLQH IUKHUHQ 1DPHQ KDEH LFK DOOHVDPW YHUJHVVHQ 6LH EHGHXWHQPLUQLFKWVPHKU0|FKWHVWGXQRFKHWZDVYRQGHP7HH" ,FK QLFNWH GHQQ GDV XQGHILQLHUEDUH *HWUlQN VFKPHFNWH XQG HUIULVFKWH PHLQH OlGLHUWHQ /HEHQVJHLVWHU 'HU $OWH VWHOOWH GLH .DQQH ZHJ XQG ]RJ HLQHQ 6FKHPHO KHUDQ 'DUDXI OLH HU VLFK QLHGHU 6HLQH NOHLQHQ IOLQNHQ $XJHQ PXVWHUWHQ PLFK DXIPHUNVDP DEHU LFK HUNDQQWH NHLQH $UJOLVW GDULQ =ZHLIHOORV ZDU GLHV HLQ 0HQVFKZHQQJOHLFKHLQLJH*HVLFKWV]JHPLUHWZDVIUHPGHUVFKLHQHQ 'UDXHQWREWHGHU6WXUPPLWXQYHUPLQGHUWHU:XFKW(U]HUUWHDQGHQ%UHWWHUQXQG %DONHQ GHU +WWH DEHU GDV VFKLHQ GHP VHOWVDPHQ $OWHQ NHLQ .RSI]HUEUHFKHQ ]X EHUHLWHQ ³(UHPLWVDJWHLFKVFKOLHOLFK³,FKKDEHYLHOH)UDJHQDQGLFK 'HU$OWHNLFKHUWH³,FKKDEHNHLQHDQGLFK$WODQ ³:RKHU NHQQVW GX PLFK" YHUVXFKWH LFK HV WURW] GHU DEOHKQHQGHQ +DOWXQJ GHV YHUKXW]HOWHQ:HVHQV ³,FKNHQQHGLFKGRFKQLFKWODXWHWHGLH$QWZRUW³:LUVLQGXQVQLH]XYRUEHJHJQHW ³'XQDQQWHVWPHLQHQ1DPHQKLHOWLFKLKPYRU ³1HLQ'XQDQQWHVWGHLQHQ1DPHQ ³8QGGDQQKDVWGXKLQ]XJHIJW'HU$UNRQLGHGDV2UDNHOYRQ.UDQGKRU (VJLEW QLHPDQGHQGHUZHLGDLFKGDV2UDNHOELQ ³1LHPDQGHQ" (UHPLW NLFKHUWH ZLHGHU ³'X LUUVW GLFK (V JLEW JHKHLPQLVYROOH 0lFKWHMHQVHLWVGHLQHU/HEHQVVSKlUHGLHGDVEHVWLPPWZLVVHQ 'DV ZDU HLQH GHXWOLFKH $QVSLHOXQJ DXI GLH .RVPRNUDWHQ 8QG GLHVHP 7KHPD ZROOWHLFKHUVWHLQPDODXVZHLFKHQ 8QNOXJEHPHUNWHGHU([WUDVLQQ'LHVH$QGHXWXQJZHUWHLFKDOVHLQHQ%HZHLVGDIU GD HV GLH .RVPRNUDWHQ VLQG GLH KLQWHU GHU MQJVWHQ 0DQLSXODWLRQ VWHFNHQ GLH ]X PHLQHP:LHGHUHUZDFKHQXQGGHLQHU(QWIHUQXQJDXVGHU6SRRGLHZRONHGHV2UDNHOV JHIKUWKDW ,FKNRQ]HQWULHUWHPLFKJDQ]DXIGLH]HUOXPSWH*HVWDOWPLWGHQZLHVHOIOLQNHQ$XJHQ ³:R EHILQGH LFK PLFK" ERKUWH LFK ZHLWHU ³:LH KHLW GLHVHU3ODQHW"=XZHOFKHP 6RQQHQV\VWHPXQG]XZHOFKHU*DOD[LVJHK|UWHU" ³.DQQ LFK QLFKW EHDQWZRUWHQ 'HU $OWH VHXI]WH ³,FK ZHL HV QlPOLFK QLFKW ,FK NDQQGLUQXUVDJHQGDGXPLWJURHU6LFKHUKHLWQRFKQLHDQGLHVHP2UWJHZHVHQ ELVW8QGGDGXDXFKGLHVH*DOD[LVQLFKWNHQQVW'LHVH1DPHQXQG2UWHVLQGIU GLFKRKQHMHGH%HGHXWXQJ ³'XELVWHLQPHQVFKOLFKHV:HVHQ:LHNDPVWGXKLHUKHU" ³$XFK GDV LVW IU GLFK EHGHXWXQJVORV DEHU LFK NDQQ GLU GLHVH )UDJH EHDQWZRUWHQ 9RUYLHOHQKXQGHUWRGHUWDXVHQG-DKUHQOHUQWHLFKDXIHLQHUXQVHUHU.RORQLDOZHOWHQ GHUHQ 1DPHQ LFK YHUJHVVHQ KDEH HLQ VHOWVDPHV :HVHQ NHQQHQ 6HLQHQ 1DPHQ ZHLLFKDXFKQLFKWPHKU,FKQHQQHGLHVHV:HVHQKHXWHHLQIDFK)UHXQG)UHXQGLVW

HLQPlFKWLJHV*HVFK|SIPLWYLHOHQ*HVLFKWHUQ(UVWDPPWQLFKWDXVGHU:HOWGLH GXNHQQVW ³(LQHUGHU.RVPRNUDWHQ"IUDJWHLFKYROOHU=ZHLIHO ³2GHUHLQHULKUHU*HVDQGWHQYRQMHQVHLWVGHU0DWHULHTXHOOHQ" ³,FKKDEHGLH%HJULIIH.RVPRNUDWHQXQG0DWHULHTXHOOHQQRFKQLHJHK|UWEHKDXSWHWH (UHPLW³)UHXQGJHULHWGDPDOVJHJHQHLQHQPlFKWLJHQ)HLQGLQHLQHVFKZLHULJH/DJH ,FK KDOI LKP XQG GDIU HUNOlUWH HU VLFK EHUHLW PLU HLQHQ EHOLHELJHQ :XQVFK ]X HUIOOHQ ³'DVNOLQJWUHLFKOLFKSKDQWDVWLVFKZDUILFKHLQ ³(VLVWPLUHJDOREGXPLUJODXEVW(UHPLWODFKWHXQGNUDPWHDXVVHLQHP)HOOXPKDQJ HLQ 6WFN 7URFNHQIOHLVFK KHUYRU (U EHJDQQ GDUDXI KHUXP]XNDXHQ ZlKUHQG HU EHGlFKWLJVHLQH(U]lKOXQJIRUWVHW]WH³,FKZHLGDHVGLH:DKUKHLWLVW ³,Q2UGQXQJ8QGZDVKDVWGXGLUJHZQVFKW" ³,FKKDWWHGLH1DVHYROOYRQDOOGHQ$XVHLQDQGHUVHW]XQJHQPLWGHQ(UVWRFNWHXQG IDWHVLFKPLWGHQNQRFKLJHQ)LQJHUQDQGHQ.RSI³:LHKLHHQGLHVH.HUOHQRFK"6LH EHVDHQ.|SIHZLH5LHVHQPHORQHQGUHL$XJHQXQGYLHU$UPH6LHZWHWHQVFKUHFNOLFK XQG ³+DOXWHU"IUDJWHLFK ³*DQ]ULFKWLJEHVWlWLJWH(UHPLW³6RZXUGHQGLHVH%HVWLHQJHQDQQW :HQQGDVVWLPPWHZDVGHU$OWHGDVDJWHGDQQODJHQGLH 9HUKlOWQLVVH GRFKHWZDV DQGHUV DOV LFK YHUPXWHW KDWWH (UHPLW ZDU NHLQ 7HUUDQHU RGHU HLQHU LKUHU 1DFKNRPPHQ 6HLQH $QVSLHOXQJ DXI GLH .lPSIH PLW GHQ +DOXWHUQ GHXWHWH HLQGHXWLJ GDUDXI KLQ GD HV VLFK XP HLQHQ /HPXUHU KDQGHOWH DOVR XP HLQHQ GHU 9RUIDKUHQGHU7HUUDQHUGLHYRUEHU-DKUHQGLH(UGHEHVLHGHOWKDWWHQ $QGHUHUVHLWV NRQQWH GDV QLFKW VWLPPHQ GHQQ GLH /HPXUHU ZDUHQ SUDNWLVFK DXVJHVWRUEHQ0LWLKUHQ1DFKIDKUHQKDWWHQZLUXQVLQ$QGURPHGDKHUXPJHVFKODJHQ ,FKVDJWHQLFKWVXQGEHUOLH(UHPLWZHLWHUGDV:RUW ³,FKKDWWHYRQGHQ.lPSIHQPLWGHQ/XKDWHUQ²RGHUZLHVLHKLHHQJHQXJ8QG DXFK DOO GHU WHFKQLVFKH )LUOHIDQ] GHU GDPDOLJHQ =HLW VW|UWH PLFK 'DKHU EDW LFK )UHXQGPLFKDQHLQHQ2UW]XEULQJHQZRLFKDOOHLQLQGHU:LOGQLVOHEHQNRQQWH'DV WDW HU (U EUDFKWH PLFK KLHUKHU 8QG REHQGUHLQ VLFKHUWH HU PLU ]X GD LFK OlQJHU OHEHQZUGHDOVMHHLQVWHUEOLFKHV:HVHQ ³8QGGXZHLWQLFKWZRGXGLFKKLHUEHILQGHVW"VWDXQWHLFK ³1HLQ$WODQ(VKDWPLFKQLHLQWHUHVVLHUW,FKKlWWH)UHXQGIUDJHQN|QQHQDEHULFK KDEHHVQLHJHWDQ,FKOHEHKLHUPLWGHU1DWXULQ)ULHGHQ6LHHUQlKUWPLFK,FKKDEH DOOHVZDVLFKEUDXFKH/DQJHZHLOHNHQQHLFKQLFKW ³:HQQ GDV VWLPPHQ VROOWH ZDV GX VDJVW (UHPLW GDQQ ELVW GX EHU -DKUH DOW ³,FKKDEHGLH=HLWHQQLHJH]lKOW'HU$OWHNUDPWH]ZHLZHLWHUH6WFNH7URFNHQIOHLVFK KHUYRU (LQHV GDYRQ ERW HU PLU DQ ³(LJHQH 3URGXNWLRQ XQG QDWUOLFK DXFK VHOEVW JHUlXFKHUWJULQVWHHU ³'DQNH ,FK QDKP GDV 6WFN XQG EL KLQHLQ (V VFKPHFNWH ZLUNOLFK JDQ] DXVJH]HLFKQHW ³ -DKUH SODSSHUWH (UHPLW ZHLWHU ³'DV N|QQWH VWLPPHQ $EHU JHQDX ZHL LFKGDVQLFKW ³:LUNOLFKHUVWDXQOLFKUlXPWHLFKHLQ³:DUXPVWLUEVWGXQLFKW"

³'HVKDOE 'HU $OWH VFKOXJ VHLQ 2EHUWHLO ]XUFN 8P VHLQHQ +DOV KLQJ DQ HLQHU GQQHQ/HGHUVFKQXUHLQHLI|UPLJHU.|USHU ³(LQ*HVFKHQNYRQ)UHXQGHUNOlUWHHUPLU³(UEUDFKWHPLUGLHVHV(LDOVLFKHWZD KXQGHUW -DKUH DOW JHZRUGHQ ZDU (U VDJWH PLU LFK VROOH HV LPPHU WUDJHQ 'DQQ ZUGH LFK QLFKW PHKU DOWHUQ 8QG VR NDP HV DXFK ,FK ELQ VHLW GLHVHP 7DJ NHLQH 6WXQGH lOWHU JHZRUGHQ ,FK ZHUGH DXFK QLFKW PHKU NUDQN 8QG ZHQQ LFK HWZDV 8QYHUGDXOLFKHVRGHU*LIWLJHVHVVHSDVVLHUWPLUQLFKWV (VJDENHLQHQ=ZHLIHOIUPLFK (UHPLWEHVDHLQHQ=HOOVFKZLQJXQJVDNWLYDWRU 'DVZDUHLQHIDXVWGLFNHhEHUUDVFKXQJ 'LH 7DWVDFKH GHXWHW DEHU DXFK DXI HLQH 9HUELQGXQJ GHV DOWHQ /HPXUHUV PLW GHQ 0lFKWHQMHQVHLWVGHU0DWHULHTXHOOHQKLQEHPHUNWHGHU([WUDVLQQ'DVJLOWDXFKIU GHQ)DOOGDHUVHOEVWQLFKWZHLZHOFKH%HZDQGWQLVHVPLWGHQ.RVPRNUDWHQKDW )UHXQG PX MHPDQG VHLQ GHU GHQ .RVPRNUDWHQ VHKU QDKHVWHKW 9LHOOHLFKW LVW HU VRJDUHLQHUYRQLKQHQ 'DPLW VWDQG DEHU DXFK PLW ]LHPOLFKHU 6LFKHUKHLW IHVW GD GLHVHU 3ODQHW QLFKW ]XU 0LOFKVWUDH JHK|UWH :HQQ GDV GHU )DOO JHZHVHQ ZlUH ZlUH GHU =HOODNWLYDWRU GXUFK GDV *HQ.RGH'HVWUXNWLRQVIHOG GHU /DUHQ LP -DKU DOVR YRU EHU -DKUHQ]XU([SORVLRQJHEUDFKWZRUGHQ 8QGGDQQKlWWHLFK(UHPLWKLHUQLFKWWUHIIHQN|QQHQ 'LH QHXHVWH 5DXPVFKLIIHQWZLFNOXQJ GHU %MDYRUVWHU WUXJ GHQ 1DPHQ 1202 .$7+25;,P8QWHUVFKLHG]XDOOHQ9RUJlQJHUW\SHQZDUGLHVHV=ZDQ]LJ0HWHU 6FKLIILP2UELWXP%MDYRUVWHUEDXWZRUGHQXQGQLFKWDXIHLQHUSODQHWDUHQ:HUIW 'LH)HUWLJXQJKDWWHGUHL-DKUHJHGDXHUWXQGZDUGHUgIIHQWOLFKNHLWXQGYRUDOOHP GHQ

GHQ+LQXQG5FNIOXJDXV 'DVYRUGHUH'ULWWHOGHV5DXPN|USHUVXQWHUWHLOWHVLFKLQ]ZHLZHLWHUH%HUHLFKH*DQ] YRUQEHIDQGVLFKGLH.RPPDQGRNDSVHOPLWDOOHQWHFKQLVFKHQ(LQULFKWXQJHQ6HFKV %MDYRUVWHU EHWUXJ GLH PD[LPDOH =DKO GHU 0DQQVFKDIW 'DYRQ ZDUHQ IU GLH 6WHXHUXQJPLQGHVWHQVYLHUHUIRUGHUOLFK 'D GLH 1202.$7+25; DXI NHLQHP 3ODQHWHQ RGHU 0RQG ODQGHQ NRQQWH EHQ|WLJWH VLH HLQH =XEULQJHUIlKUH 'LHVH ZDU ]ZLVFKHQ GHU .RPPDQGRNDSVHO XQG GHP 7ULHEZHUNVHNWRU XQWHUJHEUDFKW 'LH )lKUH 1202.$7+25;$ NRQQWH MHZHLOV ]ZHL %MDYRUVWHU EHI|UGHUQ 6LH YHUIJWH EHU HLJHQH (QHUJLHUHVHUYHQ GLH VLHEHQ$XIRGHU$EVWLHJHHUP|JOLFKWHQ +LHU EHIDQG VLFK DXFK HLQH 6FKOHXVH ]XP $QGRFNHQ JU|HUHU 5DXPIlKUHQ DEHU GLHVHV $QGRFNHQ ZDU DQ EMDYRUVWLVFKH 1RUPHQ JHEXQGHQ 'HU WHFKQLVFKH $XVWDXVFK ]ZLVFKHQ

6LH ZHFKVHOWHQ KLQEHU XQG EHJUWHQ GLH YLHU %MDYRUVWHU GLH GHQ )OXJ VWHXHUQ ZUGHQ.DSLWlQ,[ORVZLHVGHQEHLGHQ3ROLWLNHUQLKUH3OlW]H]X $OVGLH5FNNHKUHUQDFK%MDYRUVWVLFKHUXQWHUZHJVZDUHQNDPGHU6WDUWEHIHKOYRQ 1RPRNDDW 'HQ $XIWUDJ ]XU IUHXQGOLFKHQ XQG IULHGIHUWLJHQ 9HUPLWWOXQJ WUXJHQ /R XQG ,QLVWUD LQ LKUHQ +HU]HQ 'LH 1202.$7+25; EHVFKOHXQLJWH 1DFK GHQ HUVWHQ]HKQ0LQXWHQODXWHWHGLH)XQNERWVFKDIWQDFK%MDYRUVW $OOHV NODU DQ %RUG :LU ZHUGHQ

'HUNRPSOHWWH7ULHEZHUNVHNWRUZDUDEJHVSUHQJWZRUGHQ 'DQQ HUIROJWH GHU ]ZHLWH 6FKODJ (U ]HUUL /R XQG VFKOHXGHUWH ,QLVWUD DXV GHP .RQWXUVHVVHO'LH5HWWXQJVV\VWHPHGHV5DXPDQ]XJVVFKDOWHWHQVLFKDXWRPDWLVFKHLQ 'XUFK GLH 6LFKWVFKHLEH VDK VLH GDV %HUVWHQ GHU YRUGHUHQ +lOIWH GHU .RPPDQGRNXSSHO ,[ORV XQG VHLQH GUHL 7HFKQLNHUEOlKWHQVLFKDXIXQG]HUSODW]WHQ LPHQWVWDQGHQHQ9DNXXP]X)HW]HQDXV)OHLVFKXQG%OXW 9RQ/RZDUQLFKWVPHKUEULJ ,QLVWUD VDK HLQ URWJUQHV /LFKW 'D]X UDJWH HLQ VSLW]HU 6WDFKHO LQ GHQ 5XPSI GHU 1202.$7+25;(VZDUDOVREGLHVHU6WDFKHOGHQGULWWHQ6FKODJDXVO|VWH'LH 5HVWHGHU1202.$7+25;]HUEDUVWHQ'HU6WDFKHOYHUVFKZDQG$OOH7UPPHU IORJHQDXVHLQDQGHU'LH%UXFKVWFNHYHUVFKZDQGHQLPDWPRVSKlUHORVHQ5DXP (V EOLHE QLFKWV EULJ DOV GLH %MDYRUVWHULQ LQ LKUHP 5HWWXQJVDQ]XJ ,KU +HOPHPSIlQJHUK|UWHGLH6LJQDOHYRQ%MDYRUVW ³+DOOR1202.$7+25YHUQDKPVLH³.RQWDNWLVWDEJHULVVHQ0HOGHWHXFK 6LHWULHEDOOHLQLP$OO

8QGGDQQVSUDFK1RPRNDDW ³,P 9HUWUDXHQ DXI HLQH JXWH XQG IULHGOLFKH =XNXQIW UXIH LFK GLH 1202 .$7+25; 0HOGHW HXFK 4XRU=RWWRU XQG VHLQH JHWUHXHQ +HOIHU YRQ

VFKRQVFKOLPPHUHhEHUUDVFKXQJHQHUOHEW (UHPLW HQW]QGHWH GLH =LJDUUH DP .HU]HQOLFKW XQG SDIIWH JHQOLFK GHQ EODXHQ 5DXFKLQGLH+|KH ³(LJHQEDX VWHOOWH HU ]XIULHGHQ IHVW ³(LJHQWOLFK ORJLVFK GHQQ HV JLEW KLHU NHLQH DQGHUHQLQWHOOLJHQWHQ/HEHZHVHQ ³.RPP]XU6DFKHGUlQJWHLFK 'HU$OWHQLFNWHXQGNUDPWHHLQHKRFKPRGHUQH/HVHIROLHDXVVHLQHP)HOOXPKDQJ,FK HUNDQQWH LP WUEHQ .HU]HQOLFKW =HLFKHQ XQG 6\PEROH GLH PLU DXVQDKPVORV XQEHNDQQWZDUHQ ³(UKDWPLUDOOHVQRWLHUW(UHPLWGUHKWHGLH)ROLHXP³(VVLQGQXU6WLFKZRUWHDEHU LFKGHQNHLFKEULQJHGDVQRFK]XVDPPHQ ³,FKK|UHDQWZRUWHWHLFK ³(V ZLUG HLQ :HVHQ EHL GLU HUVFKHLQHQGDV GHLQHP HKHPDOLJHQ9RONHQWVWDPPHQ N|QQWH ODV GHU $OWH VWRFNHQG ³6HLQ 1DPH LVW $WODQ XQG HU LVW HLQ $UNRQLGH $UNRQLGHQ VLQG QLFKWV %HVRQGHUHV DEHU GLHVHU $WODQ GHU DXFK DOV 2UDNHO YRQ .UDQGKRUZLUNWLVWEHGHXWXQJVYROO(ULVWZLFKWLJIUPHLQHVJOHLFKHQXQGGLHIUGLH LFKWlWLJELQ )UHXQG LVW DOVR NHLQ .RVPRNUDW IROJHUWH GHU ([WUDVLQQ (U LVW HKHU HLQHU LKUHU +HOIHU ³'XVROOWHVWLKPIUHXQGOLFKEHJHJQHQIXKU(UHPLWIRUW³(ULVWY|OOLJXQJHIlKUOLFK IU GLFK (U ZLUG GHLQH YHUGLHQWH 5XKH LQ GHU (LQVDPNHLW QLFKW ODQJH VW|UHQ (U ZLUG KLHU HUVFKHLQHQ ZHLO HLQ DQGHUHU )UHXQG GHQ GX QLFKW NHQQVW LKQ LQ GHLQH 1lKHEULQJHQZLUG 'DV:HVHQGDVGLFKDXVGHP2UDNHOJHKROWKDWNRPPHQWLHUWHPHLQ/RJLNVHNWRU GLHVH0LWWHLOXQJ ³(V ZLUG GHLQH $XIJDEH VHLQ (UHPLW EOLFNWH PLFK DQ XQG IJWH KLQ]X ³$OVR PHLQH ³:DVLVWGHLQH$XIJDEH"ZROOWHLFKXQJHGXOGLJZLVVHQ 'HU DOWH /HPXUHU VWDUUWH ZLHGHU DXI GLH /HVHIROLH 6HLQ NQRFKLJHU =HLJHILQJHU ZDQGHUWHDQGHQ=HLFKHQXQG6\PEROHQHQWODQJ ³(V ZLUG GHLQH $XIJDEH VHLQ ZLHGHUKROWH HU ³$WODQ ]X LQIRUPLHUHQ XQG IU HLQH $XIJDEH ]X JHZLQQHQ (U VROO GLHVH 0LVVLRQ DXV IUHLHP +HU]HQ GXUFKIKUHQ 'LH GLHPLFKJHVFKLFNWKDEHQZROOHQNHLQHQ=ZDQJDXVEHQGHQQGLH$XIJDEHNDQQ W|GOLFKHQGHQ ³6HKUYHUORFNHQGEHPHUNWHLFKVDUNDVWLVFK ³,FK KDEH DQ GLHVHU 6WHOOH )UHXQG JHIUDJW IU ZHQ GLH 0LVVLRQ W|GOLFK HQGHQ N|QQWH(UHPLWOLHGLH)ROLHVLQNHQXQGVWDUUWHPLULQGLH$XJHQ³(UDQWZRUWHWH µ1LFKW IU GLFK DEHU IU $WODQ IU PLFK XQG IU GLH GLH PLFK ]X GLU JHVFKLFNW KDEHQ 9HUVWHKVWGXGDV" ³,FKYHUVWHKHHVHQWJHJQHWHLFK ³'DQQHUNOlUHHVHLQHPDOWHQ0DQQYHUODQJWHGHU/HPXUHU ³(VLVWXQZLFKWLJIUGLFK$EHULFKZLOOGLUGHQ*HIDOOHQWXQ)UHXQGZROOWHVDJHQ GD GLH .RVPRNUDWHQ +LOIH EHQ|WLJWHQ ZHLO LUJHQGZR LQ GHQ :HLWHQ GHV 8QLYHUVXPVHLQH*HIDKULP(QWVWHKHQEHJULIIHQLVWGLHDXFKGLH.RVPRNUDWHQXQG LKUH*HIROJVOHXWHEHGURKW ³'X PHLQVW )UHXQG LVW HLQ *HIROJVPDQQ GHU PLU XQEHNDQQWHQ.RVPRNUDWHQ":HU

VLQGGLHVH.RVPRNUDWHQ" ³:HVHQKHLWHQGLHEHUXQVZDFKHQGLHDEHUQLFKWLQXQVHUHP8QLYHUVXPOHEHQ YHUVXFKWH LFK ]X HUNOlUHQ ³,FK ZHL QLFKW ZDV VLH ZLUNOLFK VLQG RGHU ZLH VLH DXVVHKHQ:LHVLHKWGHLQ)UHXQGDXV" ³'XVSULFKVWLQ5lWVHOQDQWZRUWHWH(UHPLW³8QGZLH)UHXQGDXVVLHKWVDJHLFKGLU QLFKW'DVKDEHLFKLKPYHUVSURFKHQ,FKVDJHGLUQXUGDHUJDQ]DQGHUVDXVVLHKWDOV GXXQGLFK ³*XWUlXPWHLFKHLQ³,FKZLOOGLFKQLFKWGD]XYHUOHLWHQZRUWEUFKLJ]XZHUGHQ $EHUEHULFKWHPLUZDV)UHXQGGLUQRFKJHVDJWKDW 'HU$OWHYHUWLHIWHVLFKZLHGHULQGLH/HVHIROLH ³*HZLQQH$WODQIUGHLQH$XIJDEHODVHUDXVGHQIUHPGHQ=HLFKHQDE³(UNOlUHLKP GD HV HLQH EHGHXWHQGH $XIJDEH LVW YRQ GHU VHKU YLHO IU VHLQ 8QLYHUVXP DEKlQJW 0DFKHLKPGHXWOLFKGDVLHQLFKWVPLW6HWK$SRSKLVXQG(6]XWXQKDW (UEOLFNWHDXI³:DVVLQG6HWK$SRSKLVXQG(6" ³$XFK GDV LVW IU GLFK Y|OOLJ XQZLFKWLJ DQWZRUWHWH LFK³%LWWHVDJHPLUZHLWHUZDV )UHXQGGLUKLQWHUODVVHQKDW ³%LWWH$WODQODVGHU$OWH³GDHUGLHVH0LVVLRQEHUQLPPW/RFNHLKQGDPLWGDHU QLFKW DOOHLQ LQ HLQHQ DXVVLFKWVORVHQ .DPSI ]LHKHQ PX =ZHL LKP EHNDQQWH +HOIHU ZHUGHQLKQXQWHUVWW]HQ8QGHUZLUGHLQ5DXPVFKLIIEHNRPPHQGDVH[WUDIUGLHVHQ =ZHFNNRSLHUWZXUGHXQGGDVHUEHVWHQVNHQQW (UHPLWVFKZLHJ ³:HLWHUGUlQJWHLFK 'HUDOWH/HPXUHUVFKWWHOWHGHQ.RSI ³,FKKDEHHVVRZLHVRQLFKWULFKWLJJHPDFKWVW|KQWHHU³GHQQLFKKDEHGLUHLQIDFKGLHVH 1RWL]HQYRUJHOHVHQ,FKELQNHLQJXWHU9HUKDQGOXQJVSDUWQHU,FKELQHLQ(LQVDPHUGHQ GLH JHZDOWLJHQ 'LQJH LQ GLHVHP 8QLYHUVXP QLFKW LQWHUHVVLHUHQ )UHXQG P|JH HV PLU YHU]HLKHQGDLFKPLFKVRYHUGDPPWXQJHVFKLFNWDQJHVWHOOWKDEH ³'X KDVW GLFK QLFKW XQJHVFKLFNW DQJHVWHOOW ZLGHUVSUDFK LFK IUHXQGOLFK ³,FK ELQ LQ JHZLVVHU+LQVLFKWDXFKHLQ+HOIHUGHUHUGLHGLHVHQ$XIWUDJDXVJHKHFNWKDEHQ,FKNDQQ DXFKGLH6RUJHQGHU$XIWUDJJHEHUYHUVWHKHQ:RUXPHVVLFKEHLGHU0LVVLRQKDQGHOWKDVW GXDEHUQRFKQLFKWJHVDJW ³'DVNDQQLFKQLFKW)UHXQGKDWDXVGUFNOLFKYHUODQJWGDLFKHUVWGHLQH=XVWLPPXQJ HLQKROHEHYRUGXGLHZHQLJHQ(LQ]HOKHLWHQHUIlKUVW 7\SLVFK .RVPRNUDWHQ PDXOWH GHU ([WUDVLQQ ,FK NRQQWH LKP LQ GLHVHP )DOO QLFKW HLQPDOZLGHUVSUHFKHQ ,FKGDFKWHDQGDVWUlJH2UDNHOGDVHLQ,FKGDFKWHDQGLHKDUWHQXQGGRFKHUIROJUHLFKHQ -DKUHLQ$ONRUGRRPXQG0DQDP7XUXGLHLFKDXHUKDOEGHV2UDNHOVYHUEUDFKWKDWWH $EHQWHXHUKDWWHQPLFKVFKRQLPPHUJHORFNWZHQQVLHHLQHPJXWHQ=ZHFNGLHQWHQ'LH 6SRRGLHZRONHNDPDXFKIU OlQJHUH =HLWRKQH PLFK DXV $EHU ZDUHQ HV ZLUNOLFK GLH .RVPRNUDWHQGLHPLFKKLHUIRUGHUWHQ" (LQHUVHLWV ZDU LFK EHUHLW GLHVH XQEHNDQQWHQ :HVHQ ]X XQWHUVWW]HQ GD VLH JDQ] RIIHQVLFKWOLFKLPUHDOHQ8QLYHUVXPQLFKWVHOEVWDJLHUHQNRQQWHQ6LHKDWWHQPLFKHLQPDO RKQH PLFK ]X IUDJHQ DXV GHP 2UDNHOGDVHLQ JHULVVHQXQGQDFK$ONRUGRRPLQHLQHQ +H[HQNHVVHOEHI|UGHUWGHUPLUPLWGHQDFKW)DFHWWHQGHP(UOHXFKWHWHQ(92/2XQG GHQEHLGHQ6FKZDU]HQ6WHUQHQEUGHUQHLQHZDKUH+|OOHDQ3UREOHPHQEHVFKHUWKDWWH $QGHUHUVHLWVSDWHHVPLUQLFKWPLFKEOLQGOLQJVLQHLQW|GOLFKHV$EHQWHXHU]XVWU]HQ

'X KDVW GHLQH (QWVFKHLGXQJ OlQJVW JHIlOOW VSRWWHWH GHU ([WUDVLQQ 'X ELVW MHW]W VFKRQQHXJLHULJZHUGLHEHLGHQ+HOIHUVHLQVROOHQGLHGLFKXQWHUVWW]HQZHUGHQ 'HU6WXUPGUDXHQKDWWHQDFKJHODVVHQ'LH5HJHQWURSIHQSUDVVHOWHQQRFKLPPHULQ JOHLFKPlLJHP 5K\WKPXV DXI GDV 'DFK GHU VFKlELJHQ +WWH GHV DOWHQ /HPXUHUV +LQWHUGHQEHLGHQNOHLQHQ)HQVWHUQGlPPHUWHHLQQHXHU7DJ ³(QWVFKHLGH GLFK GUlQJWH (UHPLW ³:HQQ GX DEOHKQVW EHILQGHVW GX GLFK ELQQHQ ZHQLJHU*HGDQNHQZLHGHUDQGHP2UWYRQGHPGXJHNRPPHQELVW ³'X NHQQVW PHLQH $QWZRUW OlQJVW ,FK ZROOWH ODFKHQ DEHU HV ZXUGH QXU HLQ JHTXlOWHV.LFKHUQGDUDXV ³)UHXQGKDWJHVDJWPHLQWH(UHPLWSURYR]LHUHQG³GDGXDEOHKQHQZLUVWZHQQGX GLH$XIJDEHNHQQVW ³'DV NOLQJW YHUGDPPW JXW HQWJHJQHWH LFK ³(JDO ZHU GDKLQWHUVWHFNW ,FK QHKPH DQ $XFK EHL GHQ

=RWWRUEOLHEKDUWXQGVFKLFNWHGHQ:LGHUVDFKHUDXVGHP.DELQHWW 'HU(UQHVWRORJH+LVZDUHLQVHKUMXQJHU

%MDYRUVWHUZHUGHQDQJUHLIHQ 'DQQVSUDFK4XRU=RWWRUJHODVVHQXQGVHOEVWEHZXW ³6HW]WHXUHQ)OXJIRUW+HNWLNN|QQHQZLUMHW]WQLFKWEUDXFKHQ 'LH (12 XQG GLH (12 QXU ZHQLJH KXQGHUW 0HWHU YRQHLQDQGHU HQWIHUQW NRRUGLQLHUWHQ LKUH )OXJGDWHQ XQG VWLPPWHQ VLH PLW GHU %RGHQVWDWLRQ XQG 32/2021'$ DE 'LH :HUWH ZLHVHQ NHLQH )HKOHU DXI 'LH 7ULHEZHUNH ZXUGHQ IUGLH]ZHLWHQ)OXJHWDSSHJH]QGHW ³*LEWHVKLHUHLQ5HWWXQJVV\VWHPDQ%RUG"IUDJWHGHU(UQHVWRORJH³:HQQLKUQLFKW DXI PLFK K|UW LVW GDV HXUH 6DFKH ,FK MHGHQIDOOV KDEH QRFK NHLQH /XVW PLW GHP /HEHQDE]XVFKOLHHQ 'HU 3LORW HLQ XUDOWHU

hEHUOHEHQGDQNJOFNOLFKHU8PVWlQGH'LH(12ZDUJHJHQGHQ%XJGHU(12 JHSUDOOW ZlKUHQG VLFK GHU (UQHVWRORJH PLW GHP 5HWWXQJVV\VWHP LP +HFN EHIXQGHQKDWWH'XUFKVHLQ6LFKWIHQVWHUVDKHUGLH*OXWHQXQGGLH7UPPHU8QG GDV URWH XQG JUQH /LFKW GDV YRQ EOLQNHQGHQ .|USHUQ EHJOHLWHW ZXUGH 6HLQ +DOENXJHON|USHUYHUIlUEWHVLFKYRU(UUHJXQJEODJHOE'LH]HKQ7HQWDNHO]XFNWHQ LQ3DQLNZLOGXQGXQUHJHOPlLJ $OV GHU MXQJH

$EJUXQGJHIHJWKDW ³,FKZDUWHDXIGLH(UNOlUXQJGHU$XIJDEHVDJWHLFK ³'XKDVWHVHLOLJ"(UNLFKHUWHXQGHUNDPPLULPPHUVFKUXOOLJHUYRU³=HLWVSLHOW IUPLFKNHLQH5ROOH$EHUK|UH (UHPLWIXPPHOWHDXIGHU/HVHIROLHKHUXP ³:|UWOLFKEHWRQWHHU³:|UWOLFKZDV)UHXQGJHVDJWKDW ³1XU]XIRUGHUWHLFKGHQDOWHQ/HPXUHUDXI ³(LQHXQEHNDQQWH0DFKWYRQGHUQXUGHU1DPHXQGHLQ%UXFKWHLOGHU=LHOHEHNDQQW VLQG VFKLFNW VLFK DQ JURHV 8QKHLO ]X YHUEUHLWHQ 'HU 1DPH GHU 0DFKW ODXWHW 7RK 0LOOLDUGHQYRQ/HEHZHVHQZHUGHQGXUFKGDV7RKGHQ7RGILQGHQ'DV7RKGHQNW:LU OHEHQ$XFKZHQQZLUVFKHLQEDUWRWVLQG$OOHOHEHQGLH/HEHQGLJHQXQGGLH7RWHQ 'DVNODQJVHKUPHUNZUGLJXQGXQNODUDEHULFKKRIIWHDXIZHLWHUH,QIRUPDWLRQHQ ,FK ]JHOWH PHLQH 8QJHGXOG DOV VLFK (UHPLW QRFK HLQPDO DXV GHP .DQLVWHU QDFKJR8PLKQ]XJlQJOLFK]XVWLPPHQOHHUWHDXFKLFKGHQ%HFKHUXQGOLHLKQ PLUZLHGHUDXIIOOHQ ³'DV 7RK IXKU (UHPLW IRUW ³KDW PLW VHLQHU 0DFKW HLQHQ 5DQG GHV 8QLYHUVXPV HU]HXJW HLQH hEHUJDQJVVWHOOH GHV UHDOHQ 'DVHLQV LQ GDV 5HLFK GDKLQWHU :LH GDV 7RKGLHVEHZHUNVWHOOLJHQNRQQWHZLVVHQGLH%HWURIIHQHQDXVGHP'DKLQWHUQLFKW 6LH N|QQHQ GLHVH *HVFKHKQLVVH QXU YRQ LKUHU 6HLWH DXV EHREDFKWHQ DEHU QLFKW HLQJUHLIHQ (LQ ³5DQG GHV 8QLYHUVXPV VLQQLHUWH GHU /RJLNVHNWRU 'DV NOLQJW VLQQJHPl ZLH HLQH0DWHULHTXHOOHDOVRZLHHLQhEHUJDQJLQV5HLFKGHU.RVPRNUDWHQ ³'DV7RK]LHKWPLWVHLQHU0DFKWJHZDOWLJH(QHUJLHQLQV1RUPDOXQLYHUVXP(VZLOO GLHVH (QHUJLHQ IU VHLQH =LHOH HLQVHW]HQ 'HU =HLWSXQNW LVW QDK DQ GHP HV ]X KDQGHOQEHJLQQHQZLUG(VZLUG0LOOLDUGHQYRQ2SIHUQVXFKHQGHQQHVEUDXFKWVLH XP VLFK ZHLWHU ]X VWlUNHQ 'DQQ ZLUG HV GHP 5HLFK DXI GHU DQGHUHQ 6HLWH GHV 5DQGHVGHV8QLYHUVXPV EHUHLWVXQHUPHOLFKHQ6FKDGHQ]XJHIJWKDEHQXQGVHLQH W|GOLFKH:XFKWEHUGHQ8UVSUXQJVRUWKLQDXVLQDOOH*DOD[LHQWUDJHQ'DV7RKNDQQ GLH .UlIWH GHU DQGHUHQ 6HLWH DQ]DSIHQ XQG IRUPLHUHQ 0LW GLHVHQ .UlIWHQ ZLUG HV VLFKVWlUNHQELVNHLQQRUPDOHV/HEHQPHKUH[LVWLHUW'HU2UWGHV8UVSUXQJVOLHJW QDKHHLQHP6RQQHQV\VWHPHLQHUIHUQHQ*DOD[LV (UHPLWQDKPZLHGHUHLQHQ6FKOXFN ³9HUVWHKVWGXGDV"IUDJWHHUPLFK ³(VIHKOHQ1DPHQXQG'DWHQDQWZRUWHWHLFK ³'HUHUZlKQWH2UWLVWGDV2UDQWDQ6\VWHP(VEHILQGHWVLFKLQHLQHU*DOD[LVGLHGLU XQEHNDQQWLVW(VKDQGHOWVLFKQLFKWXPGLH6WHUQHQLQVHOPHLQHU:HOWQLFKWXPGLH GHU GX HQWVWDPPVW XQG QLFKW XP GLH YRQ GHU GX MHW]W JHNRPPHQ ELVW 6R KDW HV )UHXQGJHVDJW ³:HLWHUGUlQJWHLFKGHQQLFKVDKGDGHU)LQJHUGHVDOWHQ/HPXUHUVDXIGHUOHW]WHQ =HLOHGHU/HVHIROLHDQJHODQJWZDU ³'LHJHQDXHQ.RRUGLQDWHQVLQGLQGHQ6SHLFKHUQGHLQHV5DXPVFKLIIVYRUKDQGHQ VDJWHGHU$OWH³'DV6FKLIIKHLW67(516&+1833(,,XQGGDVVROOWHGLUHWZDV VDJHQPHLQWH)UHXQG(LQHUGHLQHUEHLGHQ+HOIHUEHILQGHWVLFKEHUHLWVDQ%RUG'LH 67(516&+1833(,,EHILQGHWVLFKDXIGHP)OXJKLHUKHU'HLQ]ZHLWHU+HOIHUZLUG EDOG]XGLUVWRHQ ³:LHKHLHQGLHVHEHLGHQ+HOIHU"ZROOWHLFKZLVVHQ

³)UHXQGKDWGLH1DPHQQLFKWHUZlKQW(UVSUDFKQXUYRQDOWHQ%HNDQQWHQ:HLWHUH ,QIRUPDWLRQHQEHVLW]HLFKQLFKW (UOLHGLH)ROLHDXVGHU+DQGJOHLWHQ,FKZROOWHVLHDXIIDQJHQDEHUVLHO|VWHVLFK LQPHLQHQ+lQGHQVSXUORVDXI 'LH .HU]H HUORVFK DEHU GDV 7DJHVOLFKW HUKHOOWH GHQ 5DXP ,FK ZDU QDFKGHQNOLFK 'LH +LQZHLVH OLHHQ VLFK YHUVFKLHGHQ LQWHUSUHWLHUHQ GRFK HLQ .HUQ ZDU ]X HUNHQQHQ ,FKVROOWHPDOZLHGHUIUGLH.RVPRNUDWHQGLH.DVWDQLHQDXVGHP)HXHUKROHQ (VN|QQWHVLFKDXFKXPYHUIDXOWHbSIHOKDQGHOQVSRWWHWHGHU([WUDVLQQ 7RKGHU1DPHZDUPLUXQEHNDQQW8QGDXFKYRQHLQHP2UDQWDQ6\VWHPKDWWHLFK QRFKQLHHWZDVJHK|UW ³,FK ELQ PGH IOVWHUWH (UHPLW (U HUKRE VLFK YRQ VHLQHP +RFNHU XQG OLH VLFK QHEHQ PLU DXI GLH DXIJHVWDSHOWHQ )HOOH IDOOHQ 6HNXQGHQ VSlWHU K|UWH LFK JOHLFKPlLJH6FKQDUFKW|QH,FKVWLHGHQDOWHQ/HPXUHUDQDEHUHUUHDJLHUWHQLFKW PHKU'HU$ONRKROVFKLHQWURW]GHV=HOODNWLYDWRUVVHLQH:LUNXQJQLFKWYHUIHKOW]X KDEHQ ³'DQQQLFKWPXUPHOWHLFKXQGHUKREPLFK ,FKVWLHGLH7UDXIXQGWUDWLQGHQIHXFKWHQ0RUJHQHLQHUIUHPGHQ:HOW'LFKWH 1HEHOVFKZDGHQ EHKLQGHUWHQ GLH 6LFKW 'HU GXQNHOEUDXQH +LPPHO NODUWH DEHU DXI :R PRFKWH LFK PLFK EHILQGHQ" (V JDE NHLQH $QWZRUW DXI GLHVH )UDJH XQG DXFK GHU/RJLNVHNWRUVFKZLHJ ,FK VWDSIWH GXUFK GLH VFKODPPLJHQ 5HJHQULQQHQ DXI GLH QlFKVWH $QK|KH ]X (LQ %OLFN]XUFN]XU+WWHYHUULHWPLUGDLFKQLFKWJHWUlXPWKDWWH=XEHLGHQ6HLWHQ HUVWUHFNWHQ VLFK )HOGHU GLH PLW YHUVFKLHGHQHQ 3IODQ]HQ VRUJIlOWLJ EHEDXW ZDUHQ 7DEDNSIODQ]HQ ZHFKVHOWHQ VLFK PLW NUELVlKQOLFKHQ )UFKWHQ DE 8QWHUKDOE YRQ PLU VDK LFK HLQH 5HLKH YRQ NOHLQHQ +lXVFKHQ EHL GHQHQ HV VLFK ZRKO XP %LHQHQVW|FNHKDQGHOWH ³(UHPLWV:HOWVWHOOWHLFKIHVW 'HU :LQG ZHKWH QXU QRFK ODX XQG XQJHZ|KQOLFK ZDUP (U VWULFK GXUFK GLH NQRFKLJHQ %lXPH HLQHU XUZFKVLJHQ :HOW GLH DOOHP $QVFKHLQ QDFK QXU HLQHQ HLQ]LJHQ%HZRKQHUKDWWH ,Q GLH QDWUOLFKHQ *HUlXVFKH PLVFKWH VLFK HLQ VDQIWHU XQG KRKHU 3IHLIWRQ (U ZDU JOHLFKPlLJ XQG HU HULQQHUWH PLFK VRIRUW DQ 9HUJDQJHQHV ,FK EOLFNWH QDFK REHQ XQGVDKHLQHQVLOEHUQHQ'LVNXVKHUDQVFKZHEHQ'LH67(516&+1833( 1HLQ NRUULJLHUWH PLFK GHU ([WUDVLQQ PLW VHLQHU HUEDUPXQJVORVHQ /RJLN 'LH 67(516&+1833(EHILQGHWVLFKEHLGHQ&HOHVWHUQLQGHU*DOD[LV$ONRUGRRP'DV KLHULVWHLQH.RSLHZLHGXJHK|UWKDVW(VLVWGLH67(516&+1833(,, 'DV5DXPVFKLIIODQGHWH]ZLVFKHQPLUXQGGHU+RO]KWWH'DV$XHQVFKRWW|IIQHWH VLFKDQGHUEHNDQQWHQ6WHOOH,FKJLQJODQJVDPGDUDXI]X (LQH*HVWDOWHUVFKLHQLQGHUGXQNOHQgIIQXQJ(LQHPHQVFKOLFKH*HVWDOW" (LQ MXQJHU 0DQQ GHU LQ HLQHQ $Q]XJ DXV )HOOHQ JHNOHLGHW ZDU (U WUXJ PHKUHUH $XVUVWXQJVJHJHQVWlQGH XQG ]ZHL VFKZHUH :DIIHQ DQ VHLQHP *UWHO 6HLQH UHFKWH +DQGUHFNWHVLFK]XHLQHP*UXLQGLH+|KH ,FKVDK&ROHPD\QV-XJHQGJHVLFKW2GHUVROOWHLFKVDJHQ)DUWXORRQV]ZHLWHV,FK" ,GLRWVFKLPSIWHGHU([WUDVLQQ'DVLVW*HVHOOH *HVHOOH"%O|GHO"'RQ4XRWWH"6FKZLHJHUPXWWHU"

8QP|JOLFK'HU0XOWL5RERWHUZDUEHLGHQ(QGNlPSIHQLQ$ONRUGRRPXPJHNRPPHQ 'DVZXWHLFKJHQDX (UNDPDXIPLFK]X ³+DOOR VDJWH HU ³-D $WODQ LFK ELQ HV GHLQ DOWHU *HVHOOH 0HLQH SRVLWURQLVFKHQ %HVWDQGWHLOH JHUDWHQ LQ (NVWDVH ZHQQ VLH GLFK VHKHQ :RKLQ JHKW GLH 5HLVH GLHVPDO" ³1RFKZHLLFKHVQLFKWJHQDXDOWHU+DXGHJHQ,FKPXWHVFKOXFNHQDOVLFKLKQDQ GHQ6FKXOWHUQSDFNWHXQGUWWHOWH³%LVWGXHVZLUNOLFK" ³(LQELFKHQUHVWDXULHUWDQWZRUWHWHHU³DEHUGRFKGHU$OWH8QGLFKKDEHGLUHLQH QHXH67(516&+1833(PLWJHEUDFKW ³:HQQRFK",FKHUZDUWHHLQHQZHLWHUHQDOWHQ%HNDQQWHQ ³.HLQH $KQXQJ ,FK ZHL YRQ QLFKWV GHQQ LFK ELQ JHUDGHYRUZHQLJHQ0LQXWHQLQ GLHVHDOWH*HVWDOWJHVFKOSIWRKQHGDLFKZHLZLHGDVJHVFKDK ³,VWQRFKMHPDQGDQ%RUG",FKGDFKWHXQZLOONUOLFKDQ$QLPD ³1LHPDQGDQWZRUWHWHGHU5RERWHU ³6RQVWKDVWGXPLUQLFKWV]XVDJHQ",FKZDUHLQZHQLJLUULWLHUW ³1XUHLQV,QPHLQHQ6SHLFKHUQEHILQGHWVLFKHLQ6DW]GHVVHQ+HUNXQIWPLUXQEHNDQQW LVW (U ODXWHW :LU OHEHQ $XFK ZHQQ ZLU VFKHLQEDU WRW VLQG $OOH OHEHQ GLH /HEHQGLJHQXQGGLH7RWHQ 'DVKDWWHLFKVFKRQHLQPDOJHK|UW ³:LUVWDUWHQHQWVFKLHGLFK³:DKUVFKHLQOLFKZHLGLH67(516&+1833(,,PHKU .RPP ,FK SDFNWH *HVHOOH DP $UP XQG VFKULWW DXI GDV (LQODVFKRWW GHV 'LVNXVVFKLIIV ]X 0HLQOHW]WHU%OLFNJDOWGHU+WWHGHVDOWHQ/HPXUHUV (UHPLWVWDQGLQGHURIIHQHQ7UXQGSDIIWHHLQHVHLQHU=LJDUUHQ(UZLQNWHXQVPLW HLQHP/lFKHOQ]X ,FKZLQNWH]XUFN ³:LOONRPPHQ DQ %RUG PHOGHWH VLFK GLH 67(516&+1833( ,, PLW GHU YHUWUDXWHQ 6WLPPH ³,FK KDEH =LHONRRUGLQDWHQ JHVSHLFKHUW GLH VSH]LHOO IU GLFK KLQWHUOHJWZXUGHQ ³9RQZHP"IUDJWHLFK³8QGZHUKDWGLFKHUEDXW" ³,FK GDFKWH PHLQWH GDV 6FKLII ³GLHVH )UDJHQ N|QQWHVW GX PLU EHDQWZRUWHQ ,FK H[LVWLHUHMDHUVWVHLWZHQLJHQ6WXQGHQ ,FK VDK HLQ GD )UDJHQ LQ GLHVHU 5LFKWXQJ ZHQLJ 6LQQ KDWWHQ +LHU KDWWHQ K|KHUH 0lFKWHPLW]LHPOLFKHU6LFKHUKHLWGLH.RVPRNUDWHQLKUH)LQJHULP6SLHO8QGGLH SIOHJWHQLKUH*HKHLPQLVVHQLFKWVROHLFKWSUHLV]XJHEHQ ³6WDUWEHIDKOLFK 'LH67(516&+1833(,,DQWZRUWHWH ³:LU VWDUWHQ 'DV =LHO LVW GDV 2UDQWDQ6\VWHP HLQHU IHUQHQ XQG XQEHNDQQWHQ *DOD[LV ,FK HPSIDQJH YRQ GRUW PLW GHP 0HQWDOVHQVRU XQG GHP 7UDQVNRUGHUHPSIlQJHUHLQHPHKUIDFKH1DFKULFKWPLWJOHLFKHP,QKDOW ³:HOFKH" GUlQJWH LFK ZlKUHQG LFK PLFK LQ GHU JHZRKQWHQ 8PJHEXQJ GHU 67(516&+1833( ,, XPVDK 0LW GHQ %HJULIIHQ 0HQWDOVHQVRU XQG 7UDQVNRUGHUHPSIlQJHU NRQQWH LFK QLFKW YLHO DQIDQJHQ DEHU GDV ZDU LP 0RPHQW XQZLFKWLJ 'LH 67(516&+1833( ,, VFKLHQ MHGHQIDOOV LQ LKUHU WHFKQLVFKHQ $XVUVWXQJYRP2ULJLQDODXV0DQDP7XUXLQHLQLJHQ3XQNWHQDE]XZHLFKHQ

'DV 6FKLII GDV QDFK GHU %RWVFKDIW GLH (UHPLW EHUPLWWHOW KDWWH QXU HLQ (EHQELOG PHLQHUDOWHQ67(516&+1833(VHLQNRQQWHDQWZRUWHWH ³'LH1DFKULFKWODXWHW:LUOHEHQ$XFKZHQQZLUVFKHLQEDUWRWVLQG$OOHOHEHQGLH /HEHQGLJHQXQGGLH7RWHQ 'DVDOVRZDUGHUHUVWH+LQZHLVDXIGHQWLHIHUHQ6LQQPHLQHUIUHLZLOOLJHQ0LVVLRQ ³:HU VDJW GDV" IUDJWH LFK ZlKUHQG VLFK GHU 'LVNXV LQ GLH :RONHQIHW]HQ GLHVHU IUHPGHQ:HOWVFKlOWH ³,FK ZHL HV QLFKW JHQDX (LQ 6HQGHU KHLW ;H[HU+LV HLQHU ,QLVWUD XQG HLQHU YHUELUJWVHLQHQ1DPHQ 'LH6DFKHZXUGHLPPHUUlWVHOKDIWHU$EHUPHLQ7DWHQGXUVWZDUHUZDFKW 'DV6FKLIIYHUOLHGHQ1RUPDOUDXPXQGZHFKVHOWHLQGHQhEHUOLFKWIOXJ 'LH /DJH LP 2UDQWDQ6\VWHP VSLW]WH VLFK LQQHUKDOE ZHQLJHU 6WXQGHQ GUDPDWLVFK ]X :HGHU EHL GHQ

GDV 6WDDWVREHUKDXSW QLFKW ZLHGHU ]X YHUlUJHUQ (LQPDO KDWWH LKQ 4XRU=RWWRU MD VFKRQYRQGHQ%HUDWXQJHQDXVJHVFKORVVHQ ³:DV LVW JHVFKHKHQ PHLQH )UHXQGH" ,FK VDJH HV HXFK 'LH =ZHLJHVFKOHFKWLJHQ KDEHQRKQHXQVHUH*HQHKPLJXQJHLQJURHV 5DXPVFKLIIQDFK

³8QGGLHVH'XPPKHLWIKUWXQVLQGHQ8QWHUJDQJ ³'HLQH )RUGHUXQJHQ VLQG DEVXUG 'DV 6WDDWVREHUKDXSW OLH VLFK QLFKW DXV GHU )DVVXQJEULQJHQ³:LUDOOHZLVVHQGDGLH%MDYRUVWHUQLFKWGLH8UKHEHUGHUMQJVWHQ (UHLJQLVVHVHLQN|QQHQGLHXQV.RSI]HUEUHFKHQEHUHLWHQ1HKPHQ ZLU DEHUHLQPDO UHLQ WKHRUHWLVFK DQ VLH ZlUHQ GRFK GLH 9HUXUVDFKHU :LH VROOWHQ ZLU HLQHQ .ULHJ JHJHQ VLH IKUHQ" :LU EHVLW]HQ QLFKW HLQPDO HLQ 'XW]HQG 5DXPVFKLIIH GLH GLH ULHVLJH (QWIHUQXQJ QDFK %MDYRUVW EHUZLQGHQ N|QQWHQ 8QG EHZDIIQHW VLQG GLHVH UHLQ ZLVVHQVFKDIWOLFKHQ )RUVFKXQJVVFKLIIH DXFK QLFKW (LQH .ULHJVHUNOlUXQJ ZlUH DEVROXWHU8QVLQQ ³$OOHVDQGHUHZlUHXQVHU7RGEHKDXSWHWH'HNRN1D ³,FK KDEH YHUDQODW HUNOlUWH 4XRU=RWWRU ³GD GLH )XQNEUFNH QDFK %MDYRUVW GXUFKJHVFKDOWHW ZLUG ,FK ZHUGH PLW 1RPRNDDW VSUHFKHQ ,KU DOOH N|QQW GLHVHP *HVSUlFK EHLZRKQHQ DEHU LFK YHUELWWH PLU =ZLVFKHQUXIH RGHU %HPHUNXQJHQ MHJOLFKHU $UW =XZLGHUKDQGHOQGH ODVVH LFK DXV GHP 6LW]XQJVVDDO HQWIHUQHQ *HJHQEHUGHUgIIHQWOLFKNHLWEOHLEWGLHVHU.RQWDNWYRUHUVWJHKHLP 'DV 6WDDWVREHUKDXSW EHJDE VLFK DXI VHLQHQ 7HQWDNHOQ LQ GDV +DOEUXQG GHU .RPPXQLNDWLRQV]HOOH 'HU %LOGVFKLUP OHXFKWHWH EHUHLWV PDWW 1RFK ZDU NHLQ %LOG YRUKDQGHQ 'LH )DFKOHXWH ZXWHQ GD GLH 9HUELQGXQJ VWHWV NULWLVFK ZDU 'LH (QWIHUQXQJHQZDUHQJURXQGGLHWHFKQLVFKHQ6\VWHPHGHUEHLGHQ9|ONHUZDUHQWURW] YLHOHU .RQWDNWH QLFKW KXQGHUWSUR]HQWLJ DXIHLQDQGHU DEJHVWLPPW 0HKU DOV HLQH PlLJH6FKZDU]ZHL'DUVWHOOXQJZDUQLFKW]XHUZDUWHQ 1RFK ZlKUHQG GLH 7HFKQLNHU DQ GHU +HUVWHOOXQJ GHU %LOGIXQNYHUELQGXQJ DUEHLWHWHQ JDE 'HNRN1D HLQHP 5RERWHU HLQ =HLFKHQ 'HU EOLQNWH NXU] PLW HLQHP 6LJQDOOLFKW ]XUFN (V ZXUGHQ RKQHKLQ DOOH *HVSUlFKH GHV 5HJLHUXQJVJUHPLXPV KHLPOLFK DQ GLH 0HGLHQYHUWUHWHU LQ GHU 9RUKDOOH EHUWUDJHQ -HW]W ZXUGH DXFK GLH )HUQIXQNYHUELQGXQJQDFK%MDYRUVWHLQEH]RJHQ 0LW OHLFKWHQ 9HU]HUUXQJHQ HUVFKLHQ GHU .RSI GHV EMDYRUVWLVFKHQ 6WDDWVREHUKDXSWV 1RPRNDDW DXI GHP %LOGVFKLUP 'LH hEHUVHW]XQJVPDVFKLQHQ XQG 'HNRGHU OLHIHQ DQ 4XRU=RWWRU EHJUWH GHQ 9LHUEHLQHU K|IOLFK XQG EHGDQNWH VLFK IU GDV =XVWDQGHNRPPHQGLHVHV*HVSUlFKV :HJHQGHU/DXI]HLWGHU)XQNZHOOHQYRQIDVWGUHL0LQXWHQIUGLHHLQIDFKH6WUHFNH YRQ

VHOEVWXQGGLH0HKUKHLWVHLQHU0LQLVWHUXQG%HUDWHUQDFKHLQHUIULHGOLFKHQ/|VXQJ XQGQDFKHLQHU(UNOlUXQJIUGLHXQIDEDUHQ9RUIlOOHVXFKWHQ (UVWLHDXIWDXEH2KUHQ 1RPRNDDWVSUDFKYRQ7lXVFKXQJVPDQ|YHUQGHU

5RERWHUVFKLFNVDOLVWHQJHUPLWGHLQHPYHUNQSIWDOVHVIUKHU]XYHUPXWHQJHZHVHQ ZDU,UJHQGHWZDVPXPLFKMDJHUHWWHWXQGNRQVHUYLHUWKDEHQ,FKILQGHDEHUNHLQH +LQZHLVHGDUDXI ³8QGGXZHLWDXFKQLFKWIUDJWHLFK³ZHUGLUGLHVHVHOWVDPH%RWVFKDIWHLQJHJHEHQ KDW" ³:LH JHVDJW $WODQ LFK KDEH NHLQH $KQXQJ $OV LFK HUZDFKWH ZDU GHU 6DW] LQ HLQHP QHX DQJHOHJWHQ 6HSDUDWVSHLFKHU YRUKDQGHQ :LU OHEHQ $XFK ZHQQ ZLU VFKHLQEDU WRW VLQG $OOH OHEHQ GLH /HEHQGLJHQ XQG GLH 7RWHQ ,FK NDQQ GLU DXFK QLFKWVDJHQZDVGDV]XEHGHXWHQKDW ³(V PX VLFK XP HLQH YHUVFKOVVHOWH .HUQDXVVDJH GHV YRUOLHJHQGHQ 3UREOHPV KDQGHOQ HUNOlUWH LFK ³0HLQ ([WUDVLQQ EHVWlWLJW GLHV 8QG XQVHUH 67(516&+1833(,,NHQQWGLHVHQPHUNZUGLJHQ6SUXFKDXFKVFKRQ ³'DVDOWH0RGHOOEHVDNHLQHQ0HQWDOVHQVRUVWHOOWH*HVHOOHIHVW ³5LFKWLJ8QGDXFKNHLQH7UDQVNRUGHUHPSIlQJHU,FKZHLQLFKWJHQDXZDVGDVIU *HUlWH VHLQ VROOHQ 'DV ZHUGH LFK DEHU DXFK QRFK NOlUHQ 'X ZHLW LFK HUZDUWH HLQHQ ZHLWHUHQ %HJOHLWHU (V ZUGH PLFK QLFKW ZXQGHUQ ZHQQ HU GLH JOHLFKH %RWVFKDIWPLWEULQJW ³:HQHUZDUWHVWGX"ZROOWHGDV6FKLIIZLVVHQ³8QGZDQQ" ³.HLQH$KQXQJDQWZRUWHWHLFKZDKUKHLWVJHPl³.DQQVWGXPLUHUNOlUHQZDVGHU 0HQWDOVHQVRUXQGGLH7UDQVNRUGHUHPSIlQJHUGDUVWHOOHQ" ³*HUQ 'LH 67(516&+1833( ,, VSUDFK PLW ZHLFKHU XQG IUHXQGOLFKHU 6WLPPH ³,FK ELQ HLQH .RSLH 6R VWHKW HV LQ PHLQHP .HUQVSHLFKHU $EHU LQ HLQLJHQ 3XQNWHQ ZHLFKH LFK YRP 2ULJLQDO DE 'LH .RPELQDWLRQ DXV 0HQWDOVHQVRU XQG 7UDQVNRUGHUHPSIlQJHU VWHOOW HLQ ]XVlW]OLFKHV 6\VWHP GDU GDV LQ GHU /DJH LVW SVLRQLVFKWHOHSDWKLVFKH %RWVFKDIWHQ DXV JURHU (QWIHUQXQJ DXI]XQHKPHQ XQG LQ :RUWH ]X IRUPHQ :DV GDV 076\VWHP HUPLWWHOW KDW KDEH LFK GLU PLWJHWHLOW (V DUEHLWHW QXU LP 1RUPDOUDXP XQG DXI VHLQH 'DWHQ NDQQ VLFK QLFKW PLW DEVROXWHU 6LFKHUKHLWYHUODVVHQZHUGHQ ³:HUKDWGDV076\VWHPNRQVWUXLHUW":HUKDWHVHLQJHEDXW" ³'DUEHUEHVLW]HLFKNHLQH,QIRUPDWLRQHQ+LHUNODQJHKUOLFKHV%HGDXHUQPLW³,FK ELQ ZLH LFK ELQ 0HLQ .HUQDXIWUDJ ODXWHW GHLQHQ %HIHKOHQ ]X JHKRUFKHQ 8QG QLFKWVDQGHUHVZHUGHLFKWXQ ³.DQQVWGXGLHQlKHUHQ*DOD[LHQGDUVWHOOHQXQGPLULKUH%H]HLFKQXQJHQQHQQHQ" ,FK ZROOWH HLQIDFK ZLVVHQ ZR LFK PLFK EHIDQG XQG ZRKLQ GLHVHU )OXJ LQV 8QEHNDQQWHIKUWH ³'DV LVW P|JOLFK ODXWHWH GLH $QWZRUW GHU 67(516&+1833( ,, ³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lQJHU HLQ 2ULHQWLHUXQJ ZDU LPPHU VHKU ZLFKWLJ 0DQ NRQQWH QLH

ZLVVHQ ZR PDQ EHL HLQHP )OXJ LQ XQEHNDQQWH 5HJLRQHQ ODQGHWH 'D KDWWH LFK VFKRQVRPDQFKHE|VHhEHUUDVFKXQJHUOHEW $P $XWRPDWHQ EHU]HXJWH LFK PLFK GDYRQ GD DXVUHLFKHQG 1DKUXQJVPLWWHO XQG *HWUlQNHDQ%RUGZDUHQ*HVHOOHZDUGDUDXIQLFKWDQJHZLHVHQYLHOOHLFKWDEHUGHU DQJHNQGLJWH]ZHLWH%HJOHLWHUGHUQRFKDXIVLFKZDUWHQOLH ,FKHQWGHFNWHMHGRFKQXUVROFKH6SHLVHQGLHDXIGHQ0HWDEROLVPXVPHLQHV.|USHUV ]XJHVFKQLWWHQ ZDUHQ 'DV EHGHXWHWH GD GHU 8QEHNDQQWH GLH JOHLFKHQ 1DKUXQJVPLWWHO ]X VLFK QDKP ZLH LFK 'LH .RVPRNUDWHQ RGHU LKUH XQEHNDQQWHQ +HOIHUKDWWHQKLHUEHVWLPPWGLH8PVWlQGHEHUFNVLFKWLJW 7UXJVFKOX NRUULJLHUWH PLFK GHU ([WUDVLQQ (V NDQQ DXFK VHLQ GD GHU ]ZHLWH %HJOHLWHULQGLH.DWHJRULH*HVHOOHVIlOOWXQGJDUNHLQHQDWUOLFKHQ1DKUXQJVPLWWHO EHQ|WLJW 'HPNRQQWHLFKQLFKWZLGHUVSUHFKHQ ³$Q ZHQ GHQNVW GX" IUDJWH LFK ODXWORV PHLQ ]ZHLWHV %HZXWVHLQ $EHU GHU /RJLNVHNWRUKOOWHVLFKLQ6FKZHLJHQ(UWDSSWHZRKOJHQDXVRLPGXQNHOQZLHLFK ZDVGHQDQJHNQGLJWHQ]ZHLWHQ%HJOHLWHUEHWUDI ³5FNVWXU]LQGHQ(LQVWHLQUDXPPHOGHWHGDV6FKLII 'LH %LOGVFKLUPH HUKHOOWHQ VLFK $XI GHQ RSWLVFKHQ 'DUVWHOOXQJHQ HQWGHFNWH LFK DXVQDKPVORV XQEHNDQQWH .RQVWHOODWLRQHQ GHU 6WHUQH ,FK ZDU PLU VHKU VFKQHOO VLFKHUGDLFKGLHVH.OHLQJDOD[LVQLFKWNDQQWH ³'XEHVLW]WGLH'DWHQXQG.RRUGLQDWHQGHU0LOFKVWUDHXQGDQGHUHUPLUEHNDQQWHU *DOD[LHQ"ZDQGWHLFKPLFKZLHGHUDQGDV6FKLII ³6RLVWHV,FKVXFKHQDFKGLHVHQ6WHUQHQLQVHOQXQGRUGQHVLHXQVHUHPGHU]HLWLJHQ $XIHQWKDOWVRUW]X'DVEHQ|WLJW=HLW ³.HLQH+\SHUIXQNVLJQDOHEHULFKWHWHGHU0XOWL5RERWHU³'LHVH.OHLQJDOD[LVZLUNW ]LHPOLFKWRW ,FKVDKDQGHQ$Q]HLJHQGDGLH67(516&+1833(,,ZLHGHUEHVFKOHXQLJWH6LH VHW]WH VLFK LQ HLQHU NXU]HQ /LQHDUHWDSSH ]XP QlFKVWHQ 6WHUQ DE XP GRUW GLH (QHUJLHVSHLFKHUDXI]XIOOHQ (UVW DOV GLHVHU 3UR]H DQOLHI NRQQWH VLFK GDV 6FKLII XP GLH 2UWVEHVWLPPXQJ NPPHUQ ,FK KRFNWH PLFK VHOEVW LQ GHQ .RQWXUVHVVHO GHV 2UWHUSODW]HV XQG NRRUGLQLHUWHGLH0DQDKPHQ 1DFKHLQHU9LHUWHOVWXQGHKREGDV6FKLIIYRQVLFKDXVPHKUHUHZLQ]LJH3XQNWHDXI GHU RSWLVFKHQ 'DUVWHOOXQJ KHOO KHUDXV 'LHVH 6LJQDOH GLH LFK ]XQlFKVW IU QDKH 6WHUQH JHKDOWHQ KDWWH XQG GLH GLFKW EHLHLQDQGHU ODJHQ HQWSXSSWHQ VLFK QXQ DOV *DOD[LHQ ³'LHVRJHQDQQWH/RNDOH*UXSSHEHKDXSWHWHGDV6FKLII³'HUEODXPDUNLHUWH3XQNW LVWGHLQHKHLPDWOLFKH0LOFKVWUDH ,FKHUNDQQWHVRIRUWZDVGDVEHGHXWHWH(VPXWHPLFKLQHLQHQVHKUIHUQHQ:LQNHO GHV8QLYHUVXPVYHUVFKODJHQKDEHQ1RFKODJNHLQH(QWIHUQXQJVEHVWLPPXQJYRU 'LH67(516&+1833(,,PDUNLHUWH]ZHLZHLWHUH3XQNWHDPUHFKWHQ%LOGUDQG ³$ONRUGRRP XQG 0DQDP7XUX NRPPHQWLHUWH VLH GLHV ³/D GLFK GXUFK GLH 1lKH GHUEHLGHQ3XQNWHQLFKWWlXVFKHQ'LHEHLGHQ*DOD[LHQOLHJHQDXVXQVHUHU6LFKWIDVW DXI HLQHU RSWLVFKHQ /LQLH DOVR SUDNWLVFK KLQWHUHLQDQGHU ,FK IKUH GLH 'UHLHFNVEHUHFKQXQJ]XU(QWIHUQXQJVEHVWLPPXQJGXUFK ,FKZDUWHWHJHGXOGLJELVGDV6FKLIIVLFKZLHGHUPHOGHWH

³(QWIHUQXQJ]XU0LOFKVWUDHUXQGDFKW0LOOLDUGHQ/LFKWMDKUH ³$XZHLPHLQWH*HVHOOHXQGVWLHHLQHQ3ILIIDXV³'DQQEHILQGHQZLUXQVMDIDVW DP5DQGGHV8QLYHUVXPV ³'DV 8QLYHUVXP KDW NHLQHQ 5DQG EHOHKUWH LFK GHQ 5RERWHU³8QGZHQQGXYRQ HLQHP 5DQG VSULFKVW VR LVW GLHVHU EHUDOO GHQQ GDV 8QLYHUVXP LVW XQHQGOLFK XQG GRFKEHJUHQ]W+DWGLU+DJHGDVQLFKWEHLJHEUDFKW" ³'RFK QDWUOLFK 'DV .XQVWJHVLFKW GHV MXQJHQ ElUWLJHQ 0DQQHV GHU HLQ 5RERWHU ZDUYHU]RJVLFK]XHLQHP*ULQVHQ³,FKKDEHGDVQLFKWHUQVWJHPHLQW$EHUGXPXW EHGHQNHQGDGDV8QLYHUVXPHLQHQILNWLYHQ'XUFKPHVVHUYRQHWZD0LOOLDUGHQ /LFKWMDKUHQ KDEHQ PX ZHLO HV QLFKW lOWHUDOV0LOOLDUGHQ-DKUHVHLQNDQQ,FK ZHL VHKU ZRKO GD HLQ 5DQG GHV 8QLYHUVXPV HEHQVR EHUDOO VHLQ NDQQ ZLH HLQ 0LWWHOSXQNW ,FK JODXEH VRJDU GD PHLQH 3RVLWURQLNHQ HLQ YLHUGLPHQVLRQDOHV 5DXP=HLW*HELOGHZLHHVGDV8QLYHUVXPGDUVWHOOWEHVVHUYHUVWHKHQN|QQHQDOVGX PLWGHLQHQ]ZHL%HZXWVHLQHQ ³'LH$XIWDQNSKDVHLVWLQ.U]HEHHQGHWWHLOWHXQVGLH67(516&+1833(,,PLW ³,FK KDEH HLQH )UDJH DQ *HVHOOH :DUXP KDVW GX GLHVH )RUPXOLHUXQJ YRP 5DQG GHV8QLYHUVXPV EHQXW]W" ³6LH NDP PLU HLQIDFK LQ GHQ 6LQQ PHLQWH GHU 0XOWL5RERWHU ³,VW GD HWZDV %HVRQGHUHVGDUDQ" ³9LHOOHLFKW 'DV 076\VWHP KDW HLQH QHXH 1DFKULFKW DXV GHP 2UDQWDQ6\VWHP DXIJHQRPPHQ 'HU $EVHQGHU NRQQWH QLFKW LGHQWLIL]LHUW ZHUGHQ 'HU GHNRGLHUWH WHOHSDWKLVFKH7H[WODXWHW5DQGGHV8QLYHUVXPV :DUGDVHLQHhEHUUDVFKXQJ"2GHUZDUHV=XIDOO" *HVHOOHNRQQWHGD]XQLFKWVVDJHQ ³:REHILQGHWVLFKGDV2UDQWDQ6\VWHP"ZROOWHLFKZLVVHQ 'LH67(516&+1833(,,HU]HXJWHHLQGUHLGLPHQVLRQDOHV.XQVWELOGDXIGHPGLH HLJHQH 3RVLWLRQ PLW GHU QDPHQORVHQ .OHLQJDOD[LV LP 0LWWHOSXQNW VWDQG 9RQ KLHU DXV ZXUGHQ GLH (QWIHUQXQJHQ ]X GHQ *DOD[LHQ GHU /RNDOHQ *UXSSH QDFK 9D\TXRVW $ONRUGRRP 0DQDP7XUX XQG DQGHUHQ *DOD[LHQ LP ORJDULWKPLVFKHQ 0DVWDEGDUJHVWHOOW,Q5LFKWXQJYRQGHU0LOFKVWUDHZHJODJLQHLQHU(QWIHUQXQJ YRQ NQDSS 0LOOLRQHQ /LFKWMDKUHQ HLQH PLU XQEHNDQQWH 6WHUQHQLQVHO GLH LP 3ULQ]LSGHU0LOFKVWUDHJOLFK ³'DVLVWGLH=LHOJDOD[LVHUOlXWHUWHGDV6FKLII³6LHKDWJHPlGHQPLUEHNDQQWHQ 'DWHQ XQG 1DPHQ NHLQH RIIL]LHOOH %H]HLFKQXQJ ,FK KDEH YROO DXIJHWDQNW :LU N|QQHQZLHGHUVWDUWHQ $XFKLFKNDQQWHGLHVH*DOD[LVQLFKWXQGVRWDXIWHLFKVLHDXIGHQ1DPHQ2UDQWDQ *DOD[LV ³:LUVWDUWHQ 'HUXQZLUNOLFKHhEHUUDXPQDKPXQVZLHGHUDXI $P 5DQG GHU 2UDQWDQ*DOD[LV NHKUWHQ ZLU LQ GHQ 1RUPDOUDXP ]XUFN 'LH 67(516&+1833( ,, IKUWH EHU HLQHQ OlQJHUHQ =HLWUDXP 9HUPHVVXQJHQ GHU 6WHUQH XQG LKUHU .RQVWHOODWLRQHQ GXUFK XP HLQ HLQZDQGIUHLHV 2ULHQWLHUHQ ]X JHZlKUOHLVWHQ*HVHOOHXQWHUVWW]WHGDV6FKLIIPLWGHU)HUQRUWXQJ 'LH 2UDQWDQ*DOD[LV ZDU GHXWOLFK NOHLQHU DOV GLH 0LOFKVWUDH GHU VLH LP 3ULQ]LS

VWDUN lKQHOWH $XIIlOOLJ ZDU QXU GDV Y|OOLJH )HKOHQ YRQ .XJHOVWHUQKDXIHQ 'LH QlFKVWHQ *DOD[LHQ GLH LFK DXFK NHLQHU EHNDQQWHQ 6WHUQHQLQVHO ]XRUGQHQ NRQQWH ZDUHQEHUGUHL0LOOLRQHQ/LFKWMDKUHHQWIHUQW ,FK OLH GLH +\SHUIXQNHPSIlQJHU EHU GLH )UHTXHQ]ElQGHU ODXIHQ DEHU LFK HQWGHFNWHQLUJHQGZRHLQ6LJQDOGDVDXIHLQHQNQVWOLFKHQ8UVSUXQJXQGGDPLWDXI GDV:LUNHQYRQLQWHOOLJHQWHQXQGWHFKQLVFKKRFKHQWZLFNHOWHQ:HVHQVFKOLHHQOLH $OV LFK GLH $QWHQQHQ LQ 5LFKWXQJ GHV 2UDQWDQ6\VWHPV GUHKWH EUDQGHWH HLQ EUHLWEDQGLJHV +\SHUUDXVFKHQ DXI 'DV ZDU XQJHZ|KQOLFK 6ROFKH 3KlQRPHQH OLHHQVLFKDXVGHU)HUQHVFKOHFKWGHXWHQXQGQRFKEHWUXJXQVHUH(QWIHUQXQJ]XP =LHOPHKUDOV/LFKWMDKUH,FK]HLFKQHWHGDV5DXVFKHQDXIXQGOLHHVYRQGHU 67(516&+1833( ,, DXVZHUWHQ $EHU GDUDXV HUJDEHQ VLFK DXFK NHLQH QHXHQ (UNHQQWQLVVH 1RFKZlKUHQGGLHVHU$UEHLWHQVFKDOWHWHVLFKHLQ+\SHUIXQNHPSIlQJHUDXWRPDWLVFK DXV GHP 6XFKODXI DXI HLQH IHVWH )UHTXHQ] (LQ %LOGVFKLUP HUKHOOWH VLFK 'HU (PSIDQJZDUQLFKWJDQ]VW|UXQJVIUHLZDVP|JOLFKHUZHLVHDP+\SHUUDXVFKHQGHV 2UDQWDQ6\VWHPVODJ'DV%LOGIOLPPHUWHXQGNLSSWHPHKUPDOVXPELVVLFKHQGOLFK HLQ6FKULIW]XJVWDELOLVLHUWH $7/$1" ,FKEHVWlWLJWHGDV6LJQDOXQGZDUWHWH 'HU.RSI(UHPLWVHUVFKLHQ ³+DOOR DOWHU )UHXQG HUNODQJ YHU]HUUW GLH 6WLPPH GHV HLQVDPHQ /HPXUHUV ,FK IUDJWH PLFK ZRKHU GLHVHU SO|W]OLFK HLQHQ +\SHUIXQNVHQGHU EHVD ³,FK KDEH HLQH %RWVFKDIW IU GLFK )UHXQG ZDU QRFK HLQPDO KLHU (U KDW HLQH 1DFKULFKW IU GLFK KLQWHUODVVHQ ³,FKK|UHDQWZRUWHWHLFK ³'HLQ ]ZHLWHU %HJOHLWHU EHILQGHWVLFKEHUHLWVDP=LHORUW (U PHOGHW VLFK DEHU QLFKW PHKU(UVROOWHOlQJVW]XGLUJHVWRHQVHLQ)UHXQGPDFKWVLFK6RUJHQXPLKQ(U N|QQWHLQHLQH)DOOHJHUDWHQVHLQVRXQZDKUVFKHLQOLFKGDVNOLQJHQPDJ ³:LHVRXQZDKUVFKHLQOLFK" ³)UHXQGPHLQWHGDPDQGLHVHV:HVHQNDXPHLQIDQJHQXQGIHVWVHW]HQNDQQ0HKU ZHLLFKQLFKWGDUEHU ³+DWHUGHQ1DPHQGLHVHV%HJOHLWHUVJHQDQQW" ³1HLQ$WODQ ³6HLWZDQQEHVLW]WGXHLQH+\SHUIXQNVWDWLRQ"IUDJWHLFKZHLWHU ³)UHXQGKDWPLUGLHVH7HXIHOVPDVFKLQHJHEUDFKW,FKGDUIVLH]HUVW|UHQZHQQGX GHLQH0LVVLRQHUOHGLJWKDVW9LHOOHLFKWPHOGHVWGXGLFKGDQQEHLPLU8QGQXQOHEH ZRKO9LHO*OFN$UNRQLGH %HYRU LFK HWZDV HQWJHJQHQ NRQQWH ZDU GDV %LOG GHV DOWHQ .DX]HV ZLHGHU YHUVFKZXQGHQ ³6HOWVDPPHLQWH*HVHOOH ³(LQ :HVHQ EHUOHJWH LFK ODXW ³GDV PDQ NDXP HLQIDQJHQ XQG IHVWVHW]HQ NDQQ 'DV LVW HLQ GHXWOLFKHU +LQZHLV (LQ :HVHQ GDV VLFK RKQH +LOIVPLWWHO EHUHLWV LQV 2UDQWDQ6\VWHPEHJHEHQKDW$XFKGDVLVWHLQ+LQZHLV'DPLWVWHKWPLW]LHPOLFKHU 6LFKHUKHLWIHVWDXIZHQZLUQRFKZDUWHQ ³&K\EUDLQ"YHUPXWHWHGHU0XOWL5RERWHU ³*HQDX'DVJLEW]XGHQNHQ:HQQHLQH0DFKWLQGHU/DJHLVWGDV.ULVWDOOHLDXV

-HQVHLWVPDWHULH HLQ]XIDQJHQ GDQQ VSULFKW GDV IU GLH *U|H GLHVHU 0DFKW (LQ .LQGHUVSLHOZLUGGLHVH0LVVLRQVLFKHUQLFKW $XFKGHU([WUDVLQQVWLPPWHPHLQHQ)ROJHUXQJHQXQHLQJHVFKUlQNW]X &K\EUDLQ ZDU HLQ VHOWVDPHV :HVHQ ,Q JHZLVVHU +LQVLFKW ZDU LFK VHLQ 9DWHU *HQDXHU JHVDJW HU ZDU DXV HLQHU JHLVWLJHQ 6\QWKHVH PHLQHV ([WUDVLQQV PLW HLQHU SRVLWLYHQ.RPSRQHQWHGHU6XSHULQWHOOLJHQ]$QWL(6KHUYRUJHJDQJHQ $QIDQJV ZDU HU N|USHUORV JHZHVHQ DOV HU DXI GHU %DVLV GHV (UVWHQ =lKOHUV LQ GHU 1DPHQORVHQ =RQH VHLQH *HEXUW HUOHEW KDWWH 'DQQ KDWWH HU VLFK HLQHQ HLI|UPLJHQ .|USHUDXV-HQVHLWVPDWHULH]XJHOHJW :DV-HQVHLWVPDWHULHJHQDXZDUZXWHLFKELVKHXWHQLFKW6LHOHXFKWHWHLQKHOOHQ URWHQXQGJUQHQ7|QHQLQHLQHPVWlQGLJHQ:HFKVHOVSLHO8QGVLHZDULUJHQGZLHPLW GHP (OHPHQW 1LFNHO YHUZDQGW GHQQ ZHQQ VLH LKUH )UHPGDUWLJNHLW YHUORU YHUZDQGHOWH VLH VLFK LQ UHLQHV 1LFNHO 8PJHNHKUW ZDU HV P|JOLFK DXV GHP (OHPHQW1LFNHO-HQVHLWVPDWHULH]XHU]HXJHQ:LHGDVIXQNWLRQLHUWHZXWHLFKDEHU QLFKW 8QVHUH OHW]WH %HUHFKQXQJ KDWWH LQ GHU *DOD[LV $ONRUGRRP VWDWWJHIXQGHQ DOV ZLU GLH 6FKZDU]HQ 6WHUQHQEUGHU EHVLHJW KDWWHQ &K\EUDLQ KDWWH GRUW DOV PHLQ ³JHLVWLJHU $UP IXQJLHUW ZDV SUDNWLVFK EHGHXWHW KDWWH GD HU ]HLWZHLVH LQ PLU DXIJHJDQJHQZDUXQGPLUGDPLWVHLQHSKDQWDVWLVFKHQ0|JOLFKNHLWHQ]XU9HUIJXQJ JHVWHOOW KDWWH (LQH GDYRQ ZDU GD HU QDFK %HOLHEHQ MHGH $UW YRQ 0DWHULH GXUFKTXHUHQNRQQWH (U KDWWH VLFK GRUW YRQ PLU PLW GHU $QGHXWXQJ YHUDEVFKLHGHW GD HU GHQ 5DXP ³MHQVHLWVGHU0DWHULHTXHOOHQDXIVXFKHQZROOH8QGGLHVHQ%HUHLFKVHW]WHLFKJOHLFK PLWGHP/HEHQVUDXPGHU.RVPRNUDWHQ'DEHLZDULFKPLUEHZXWGDGHU%HJULII /HEHQVUDXP QXU VHKU EHGLQJW ULFKWLJ VHLQ NRQQWH GHQQ HWZDV .RQNUHWHV EHU GLH .RVPRNUDWHQZXWHQLHPDQG $XFK ZHQQ GLH OHW]WH %HVWlWLJXQJ IHKOWH LFK ZDU PLU VLFKHU GD &K\EUDLQ PHLQ ]ZHLWHU %HJOHLWHU VHLQ ZUGH 8QG PLW GHU JOHLFKHQ :DKUVFKHLQOLFKNHLW ZDU GDV .ULVWDOOHL DXV -HQVHLWVPDWHULH EHUHLWV LQ GLH *HIDQJHQVFKDIW PHLQHV *HJQHUV JHUDWHQEHUGHQLFKEHUKDXSWQRFKQLFKWVZXWH :HU &K\EUDLQ HLQIDQJHQ NDQQ PDKQWH GHU /RJLNVHNWRU GHU LVW HLQH 1XPPHU ]X JURIUGLFK'XZHLWQLFKWVEHUGLH*HIDKUHQGLHDXIGLFKZDUWHQDEHULFKUDWH GLU]XU8PNHKU ³'XZLOOVWXQVHUHQ6RKQLP6WLFKODVVHQ"VSRWWHWHLFK³'DVNDQQQLFKWGHLQ(UQVW VHLQ9LHOOHLFKWEHVWHKWGLHJDQ]H0LVVLRQQXUGDULQ&K\EUDLQDXVGHU.OHPPH]X KROHQ 9LHOOHLFKW'DVEUHLWEDQGLJH+\SHUUDXVFKHQGHXWHWDEHUDXIHWZDVDQGHUHVKLQ8QG GLH%RWVFKDIWGLHGLU(UHPLWEHUPLWWHOWKDWDXFK'DNUDW]WZLHGHUMHPDQGDQGHQ :lQGHQ GHV 8QLYHUVXPV 8QG GLHVHV .UDW]HQ LVW DXI GHU DQGHUHQ 6HLWH EHL GHQ .RVPRNUDWHQPLW6FKUHFNHQXQG(QWVHW]HQYHUPHUNWZRUGHQ ³6LQG ZLU VWDUWNODU" IUDJWH LFK GLH 67(516&+1833( ,, RKQH ZHLWHU DXI GLH :RUWHGHV([WUDVLQQVHLQ]XJHKHQ 'DV 6FKLII EHMDKWH GLH )UDJH ³0HLQH 9HUPHVVXQJHQ VLQG DEJHVFKORVVHQ 'LH 6WHUQNDUWHQVLQGDXVUHLFKHQGNRPSOHWW ³.XUV2UDQWDQ6\VWHPEHIDKOLFK³:LUOHJHQHLQHQ6WRSSDXHUKDOEGHV6\VWHPV HLQXPGLH/DJH]XVRQGLHUHQ

'LH67(516&+1833(,,EHVFKOHXQLJWHZLHGHUXQGZHFKVHOWHLQGHQ/LQHDUUDXP :LU ZDUHQ JHUDGH LQ GHQ (LQVWHLQUDXP ]XUFNJHNHKUW XQG VFKRQ VSLHOWHQ GLH +\SHUIXQNHPSIlQJHU YHUUFNW 'DV VWDUNH 5DXVFKHQ GDV LFK VFKRQ DP 5DQG GHU 2UDQWDQ*DOD[LV DXIJHQRPPHQ KDWWH VFKOXJ KLHU PLW HLQHU 9HKHPHQ] LQ GLH $QODJHGLHHLQHQ+\SHUIXQNYHUNHKUY|OOLJXQP|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³'HU5DQGGHV8QLYHUVXPVPHLQWH*HVHOOH³:DVLVWGDV" ,FKNRQQWHLKPNHLQH$QWZRUWJHEHQ)DV]LQLHUWXQGGRFKPLWJURHU%HNOHPPXQJ VWDUUWHLFKDXIGLHQRUPDORSWLVFKHQ%LOGHUGLHHWZDVJDQ]XQGJDU8QYRUVWHOOEDUHV GDUVWHOOWHQ $XV GHU OLFKWORVHQ .UHLVIOlFKH UDJWHQ GUHL JHZDOWLJH XQG EL]DUUH =DFNHQ GLH U|WOLFK XQG JUQOLFK IOLPPHUWHQLQV$OO'HUOlQJVWH6SHHUEHVDHLQH $XVGHKQXQJYRQ/LFKWPLQXWHQ$QGHU%DVLVKDWWHGDVXQUHJHOPlLJH6HFKVHFN HLQHQ'XUFKPHVVHUYRQ/LFKWVHNXQGHQ'LH6SLW]HZLHVDXIGDV2UDQWDQ6\VWHP ³:DVEHLDOOHQJXWHQ*HLVWHUQVW|KQWH*HVHOOH³LVWGHQQGDV" ³,FKNDQQHVGLUQLFKWVDJHQDEHULFKGHQNHHVKDWHWZDVPLWXQVHUHP$XIWUDJ]X WXQ$XIIlOOLJLVWGLH)DUEHGLHVHU5LHVHQNULVWDOOH6LHLVWLGHQWLVFKPLWGHQ)DUEHQ YRQ&K\EUDLQV-HQVHLWVPDWHULH ³'X KDVW UHFKW 5LHVHQNULVWDOOH DXV -HQVHLWVPDWHULH 'DV LVW XQIDEDU 0HLQH 3RVLWURQLNHQYHUVWHKHQGDVQLFKW:DVEHGHXWHWGDV" ³$XFKGDVZHLLFKQRFKQLFKW67(516&+1833(ZDVVDJVWGXGD]X" ³(LQ YHUZLUUHQGHV %LOG DQWZRUWHWH GDV 6FKLII ³(V SDW LQ NHLQ PLU EHNDQQWHV 0XVWHU6lPWOLFKH:HUWHDXIK\SHUSK\VLNDOLVFKHU%DVLVVLQGJHVW|UWXQGXQJHQDX $OOHLQ GDV 076\VWHP DUEHLWHW VW|UXQJVIUHL ,FK HPSIDQJH HLQHQ WHOHSDWKLVFKHQ ,PSXOV XQG YHUVXFKH JHUDGH HLQH 3HLOXQJ GXUFK]XIKUHQ 'LH 1DFKULFKW ODXWHW ;H[HU+LVVWLUEWDEHUHUZLUGOHEHQ ³:DVVROOGDVQXQZLHGHUEHGHXWHQ" ³(LQ :HVHQ GDV LQ VHLQHU 1RW ]X HLQHP VFKZDFKHQ *HGDQNHQVHQGHU ZXUGH EHILQGHW VLFK LQ 7RGHVJHIDKU 'HU $XVJDQJVSXQNW GHV ,PSXOVHV OLHJW QDKH GHP IQIWHQ 3ODQHWHQ GHV 2UDQWDQ6\VWHPV DEHU QLFKW DXI GHP 3ODQHWHQ ,FK VFKODJH YRU GLHVHQ ;H[HU+LV HLQPDO ]X EHUJHQ 9LHOOHLFKW HUIDKUHQ ZLU GDQQ PHKU EHU GLHYHUZLUUHQGHQ9HUKlOWQLVVH ³6WDUWEHIDKOLFK³:DVVDJHQGLH1RUPDOIXQNHPSIlQJHU" 'LH67(516&+1833(,,MDJWHORV ³'HU YLHUWH XQG GHU IQIWH 3ODQHW VLQG EHZRKQW EHULFKWHWH GDV 6FKLII ³.HLQH K\SHUSK\VLNDOLVFKHQ .RPSRQHQWHQ DOVR NHLQH KRFKVWHKHQGH 7HFKQLN ,FK NRQQWH

EHUHLWV GLH 1DPHQ XQG GLH XQWHUVFKLHGOLFKHQ 6SUDFKHQ DQDO\VLHUHQ XQG GLH 7UDQVODWRUHQSURJUDPPLHUHQ :lKUHQGZLULQV2UDQWDQ6\VWHPUDVWHQEHULFKWHWHGDV6FKLIIZHLWHU'D]XVWHOOWH HV %LOGHU DXV DXIJHIDQJHQHQ %LOGIXQN XQG 796HQGXQJHQ GDU *HVHOOH XQG LFK HUIXKUHQ GLH ZLFKWLJVWHQ 3XQNWH EHU GLH EHLGHQ XQWHUVFKLHGOLFKHQ 9|ONHU GHU

'DUVWHOOXQJ GLH ZHJHQ GHU EHDFKWOLFKHQ (QWIHUQXQJ QLFKW VHKU YLHO YHUULHW 'HU HLQ]HOQH .|USHU GHU DEVHLWV GHU 7UPPHUVWFNH LP $OO VFKZHEWH ZDU DEHU GHXWOLFK]XHUNHQQHQ(UZLUNWHXQYHUVHKUW ³(LQ%MDYRUVWHUVWHOOWHLFKIHVWZlKUHQGVLFK*HVHOOHXQGGDV0HGRV\VWHPZHLWHU XP;H[HU+LVEHPKWHQ³:LUIOLHJHQKLQ :lKUHQGGLH67(516&+1833(,,EHVFKOHXQLJWHEHULFKWHWHVLHZHLWHU ³$XHUGHPOLHJWHLQ1RUPDOIXQNVSUXFKYRQGHU5DXPVWDWLRQ32/2021'$YRU(U ZXUGHPLWHLQHPJHEQGHOWHQ6WUDKOLQXQVHUH5LFKWXQJJHVHQGHW'HU7H[WODXWHW 9HUVFKZLQGHWLKUIUHYHOKDIWHQ]ZHLJHVFKOHFKWLJHQ:DVVHUORVHQ ³'DPLWVLQGZRKOGLH%MDYRUVWHUJHPHLQWIROJHUWHLFK³$XVGHQDXIJHQRPPHQHQ 1DFKULFKWHQVHQGXQJHQ HUJDE VLFK VFKRQ GD VLFK GLH EHLGHQ 9|ONHU QLFKW PLW 6\PSDWKLHEHJHJQHQ6HW]HHLQH1DFKULFKWLQGHU6SUDFKHGHU

UHJORVHQ;H[HU+LVLQGHU:DQQHHUEOLFNWH 'LH 7UDQVODWRUHQ ZDUHQ OlQJVW YRQ GHU 67(516&+1833( ,, DXI GLH 6SUDFKHQ GHUEHLGHQ2UDQWDQY|ONHUMXVWLHUWZRUGHQ ³0HLQ 1DPH LVW $WODQ VDJWH LFK EHKXWVDP ³'X EUDXFKVW NHLQH )XUFKW ]X KDEHQ 'DV KLHU LVW *HVHOOH :LU NRPPHQ YRQ ZHLWKHU DXV HLQHU DQGHUHQ JDQ] IHUQHQ *DOD[LV:LUVLQG)UHXQGH 'LH %MDYRUVWHULQ EUDFKWH QRFK LPPHU NHLQ :RUW KHUYRU 6LH WLSSHOWH DXI LKUHQ YLHU GQQHQ %HLQHQ GXUFK GHQ =HQWUDOUDXP GHU 67(516&+1833( ,, XQG EHWUDFKWHWH GLHIUVLHVLFKHUOLFKY|OOLJXQYHUVWlQGOLFKHQWHFKQLVFKHQ(LQULFKWXQJHQ ³:RELQLFK"IUDJWHVLHGDQQOHLVH³,VWGDVKLHUGDV/HEHQQDFKGHP7RG" ³1HLQDQWZRUWHWHLFK³'XOHEVW:LUKDEHQGLFKDQ%RUGGLHVHV5DXPVFKLIIVJHKROW EHYRUGHLQH6DXHUVWRIIUHVHUYHQJDQ]DXIJHEUDXFKWZDUHQ:LUZHUGHQGLFKDXFKZLHGHU ]XGHLQHP9RONEULQJHQ ³:LH NRPPW GHU

³,FKKHLH$WODQVDJWHLFKVFKOLHOLFKZREHLGHU7UDQVODWRUDXIGLH6SUDFKHGHU

*HVHOOH VLJQDOLVLHUWH GD GLH )XQNYHUELQGXQJHQ QDFK %MDYRUVW XQG

XQG*HVHOOHXQG,QLVWUDDQ%RUGGHU67(516&+1833(,,]XODVVHQ'DVHQWVSUDFK DXFKHLQHP:XQVFKGHU%MDYRUVWHULQ$XHUGHPZDUHVEHVVHUGLH7UPSIHLQGHU +LQWHUKDQG]XKDOWHQ0DQNRQQWHMDQLHZLVVHQ 0LW*HVHOOHEOLHELFKLPVWlQGLJHQ.RQWDNW'LH

JURH*HIDKUQLFKWQXUIUHXFKXQGGLH%MDYRUVWHU'LHVH0lFKWHKDEHQPLFKJHEHWHQ GLH *HIDKU ]X EHVHLWLJHQ 8P QLFKWV DQGHUHV ZHUGH LFK PLFK EHPKHQ (XUH 1HXJLHU NDQQLFKYHUVWHKHQDEHULKUPWZDUWHQ,FKELQKLHUIUHPGXQGLFKGHQNHLFKNDQQ RKQHHXUH+LOIHXQGGLHGHU%MDYRUVWHUGDV5lWVHOGHU5LHVHQNULVWDOOHQLFKWO|VHQXQG GLH*HIDKUEHVHLWLJHQ ³:LU VHKHQ GDV HLQ EHHLOWH VLFK 4XRU=RWWRU DOV LKP ;H[HU+LV HLQ =HLFKHQ JHJHEHQ KDWWH³:LHVROOHQZLUGLUKHOIHQN|QQHQ" ³6HKWKHU,FKKROWHHLQHQNOHLQHQ3URMHNWRUZUIHOKHUYRUXQGVFKDOWHWHLKQHLQ0LWWHQ LQGHU+DOOHHQWVWDQGHLQGUHLGLPHQVLRQDOHV%LOG&K\EUDLQV 'LH

6HOWVDPHUZHLVHJHULHW;H[HU+LVLQXQUXKLJH.|USHUVFKZDQNXQJHQ ³'DVWLPPWHWZDVQLFKWEHKDXSWHWHHU³,FKKDEHHLQH$KQXQJ 'LH 7U ]XU 9HUVDPPOXQJVKDOOH |IIQHWH VLFK XQG HLQ 'XW]HQG 5RERWHU GLH QDFK GHP 9RUELOG GHU

H[WUDYLWDOH .RQWDNWH ]X GHQ %MDYRUVWHUQ DEHU VHLW HLQ SDDU :RFKHQ KDW HU VLFK LPPHUPHKU]XGHUHQ*HJQHUHQWZLFNHOW *HVHOOHYHUVFKZDQGPLWGHPUHJORVHQ'HNRN1D ³'X EHNRPPVW GHLQHQ 0LQLVWHU LQ .U]H XQYHUVHKUW ]XUFN HUNOlUWH LFK ³,FK ODVVHLKQQXUXQWHUVXFKHQ6HLQHIHLQGOLFKH+DOWXQJNRPPWDXFKPLUVHKUVHOWVDP YRU 1XQZDJWHQVLFKDXFKGLHDQGHUHQ

%HUDWHUGHUPLUPLWGHP1DPHQ+HUP&HPLOYRUJHVWHOOWZRUGHQZDU 'LH *HVFKRVVH ]HUIHW]WHQ GHQ UHJORVHQ .|USHU 'HNRN1DV %HYRU MHPDQG HLQJUHLIHQ NRQQWHULFKWHWH+HUP&HPLOGLH:DIIHQJHJHQVHLQHQ/HLEXQGW|WHWHVLFK *HVHOOHVWLHHLQHQ)OXFKDXVGHQGLH7UDQVODWRUHQ]XP*OFNQLFKWEHUVHW]HQNRQQWHQ :LHGHUJHULHWHQGLH

³.XUV 9HOONXPP RUGQHWH LFK DQ ,FK ZROOWH HUVW GHQ

]XP +HLPDWSODQHWHQ DE XQG NQGLJWH GLH %LOGHU DQ 'DQQ ULHI HU QDFK $WODQV 67(516&+1833(,,DEHUGHU)UHPGHUHDJLHUWHQLFKWDXIGHQ5XI9LHOOHLFKWZDU GHU 6HQGHU ]X VFKZDFK 'LH VWDUNH 6WDWLRQ GLH IU GLH 5HODLVYHUELQGXQJ QDFK

(UOHLWHWHDXFKGLHVH$QJDEHQ]XVHLQHP+HLPDWSODQHWHQZHLWHU 6FKDXHUOLFKH %LOGHU PDOWHQ VLFK LQ VHLQ %HZXWVHLQ 'HU .ULVWDOO ZUGH %MDYRUVW ]HUVW|UHQXQGDOOH$QJHK|ULJHQVHLQHV9RONHVLQGHQ7RGUHLHQ(UZlUHGHUHLQ]LJH GHUDXI+DOORIDDQEHUOHEHQZUGH 6HLQH +lQGH EHJDQQHQ ]X ]LWWHUQ ZlKUHQG HU GLH %HREDFKWXQJHQ IRUWVHW]WH 9RQ %MDYRUVW NDPHQ NHLQH 1DFKULFKWHQ PHKU )MRGRU 6RPPHWW NRQQWH VLFK YRUVWHOOHQ GDGRUW3DQLNDXVJHEURFKHQZDU 'HU 5LHVHQNULVWDOO MDJWH XQDXIKDOWVDP KHUDQ 1LFKWV NRQQWH LKQ DXIKDOWHQ XQG QLFKWVVWHOOWHVLFKLKPLQGHQ:HJ.RQQWHGHU)UHPGHHWZDVGDJHJHQDXVULFKWHQ" 6RPPHWW EH]ZHLIHOWH GDV 'HU XQKHLPOLFKH 6SLH DXV HLQHU IUHPGHQ 0DWHULH LQ URWHQXQGJUQHQ)DUEHQZDU]XULHVLJ (LQ *HUlXVFK OLH LKQ KHUXPIDKUHQ (LQ QHXHU 6FKRFN (LQH QHXH Y|OOLJ XQEHJUHLIOLFKH6DFKH :HQLJH 6FKULWWH HQWIHUQW ZDU DXV GHP 1LFKWV KHUDXV HLQH VLOEHUJUDXH 0DVVH YRQ IDVWHLQHP0HWHU'XUFKPHVVHUDXIGHQ%RGHQGHV7HOHVNRSUDXPVJHIDOOHQ7UDJOLHI GLHEUHLDUWLJH0DVVHDXVHLQDQGHU )MRGRU6RPPHWWKSIWHDXVVHLQHP6HVVHOXQGZLFKHUVFKURFNHQ]XUFN(UEOLFNWH QDFKREHQXQGHUZDUWHWHHLQ/RFKLQGHU'HFNHRGHUHWZDVDQGHUHVGXUFKGDVGLH 0DVVH JHNRPPHQ ZDU DEHU HU HQWGHFNWH QLFKWV 'LH *HVFKLFKWH ZXUGH LPPHU XQKHLPOLFKHU'HU$VWURQRPJODXEWH]XWUlXPHQDEHUGDV'LQJYRULKPDXIGHP %RGHQZDU:LUNOLFKNHLW ³.HLQH 3DQLN K|UWH HU SO|W]OLFK HLQH JDQ] OHLVH 6WLPPH 6LH VFKLHQ DXV GHU VLOEHUJUDXHQ0DVVH]XNRPPHQXQGGLUHNWLQVHLQHQ.RSI]XJHODQJHQ³)OLHKHYRQ +DOORIDDQ)OLHKH 6RPPHWW ODFKWH YROOHU 9HU]ZHLIOXQJ (U ZXUGH YRQ HLQHU $UW *DOJHQKXPRU EHPlFKWLJW:WHQGVWDPSIWHHUPLWGUHL)HQDXI ³'X KDVW JXW TXDNHQ GX %UHL VFKLPSIWH HU ³:DUXP VROOWH LFK +DOORIDDQ YHUODVVHQ"8QGZLH" (UWUDWPLWGHP0XWGHU9HU]ZHLIOXQJDXIGDV'LQJ]XXQGZROOWHLKPHLQHQ7ULWW YHUVHW]HQ 'DV 'LQJ ZHKUWH VLFK QLFKW XQG )MRGRU 6RPPHWW WUDW ]X =X VHLQHU 9HUZXQGHUXQJZDUGHUVLOEHUJUDXH%UHLVWHLQKDUWXQGIHVWZLHVROLGHV0HWDOO ³:HQQ GX KLHUEOHLEVW IOVWHUWH GDV 'LQJ ³ZLUVW GX VWHUEHQ +DVW GX NHLQ 5DXPVFKLIIRGHUHWZDVbKQOLFKHV" 1LPP PLFK PLW 6FKDII XQV YRQ KLHU IRUW (V HLOW PHLQ )UHXQG +DVW GX HLQ 5DXPVFKLII" ³1DWUOLFK QLFKW GX KDUWHU %UHL ,FK VROO LQ HLQ SDDU 0RQDWHQ DEJHKROW ZHUGHQ 9RUKHUNDQQLFKGDV2EVHUYDWRULXPQLFKWYHUODVVHQ ³'DQQELVWGXYHUORUHQ'DV'LQJVW|KQWH³,FKNDQQGLUQLFKWKHOIHQ,FKELQ]X VFKZDFK9LHOOHLFKWNDQQLFKPLFKDOOHLQUHWWHQ9LHOOHLFKW $OOPlKOLFK KDWWH VLFK GHU %MDYRUVWHU DQ GDV VHOWVDPH 'LQJ JHZ|KQW *HIlKUOLFK VFKLHQHVQLFKW]XVHLQHKHUKLOIORV ³:DVELVWGX%UHL"IUDJWHHU ³'XNDQQVWPLFKQLFKWNHQQHQNDPIOVWHUQGGLH$QWZRUW³0HLQ1DPHNDQQGLU QLFKWVVDJHQ(UODXWHW&K\EUDLQ ³&K\EUDLQ")MRGRU6RPPHWWVWDXQWH³'HQ1DPHQNHQQHLFKZRKO$EHUGDV%LOG GDVLFKYRQGLUJHVHKHQKDEHZDUHLQDQGHUHV

³'XNHQQVWPLFK"'LHVLOEHUJUDXH0DVVHGLHDQNDOWHVXQGGRFK]lKIOVVLJHV0HWDOO HULQQHUWHIRUPLHUWHVLFK]XHLQHP(LGDVHWZDHLQ'ULWWHOGHU*U|HGHV%MDYRUVWHUV KDWWH³0HLQVWGXGLHVH)RUP" ³'LH)RUPLVWULFKWLJDQWZRUWHWH)MRGRU6RPPHWWLUULWLHUW³DEHUGLH)DUEHQVLQG IDOVFK ³'DVVSLHOWLP0RPHQWNHLQH5ROOH:RKHUNHQQVWGXPLFK" ³(V LVW HLQ ]ZHLEHLQLJHU )UHPGHU QDPHQV $WODQ HUVFKLHQHQ GHU QDFK GLU VXFKHQ OlW ³$WODQLVWKLHU'DVNODQJVFKRQIDVWZLHHLQ)UHXGHQVFKUHL³:RLVWHU".DQQVWGX LKQEHQDFKULFKWLJHQ" ³(U EHILQGHW VLFK LUJHQGZR DXI

6HNXQGHQEUXFKWHLOH K|UWH HU HLQ XQEHVFKUHLEOLFKHV .UDFKHQ 'DV 3ODW]HQ VHLQHU 7URPPHOIHOOHQDKPHUQLFKWPHKUZDKU 'HQQGDOHEWHHUVFKRQQLFKWPHKU $XI GHP KDOEHQ :HJ DXV GHU $WPRVSKlUH

5LHVHQNULVWDOOV(LQH:LUNXQJOLHVLFKQLFKWIHVWVWHOOHQ ³(LQ)XQNVSUXFKYRQ+DOORIDDQPHOGHWHGDV6FKLII³'HUGRUWLJH$VWURQRP)MRGRU 6RPPHWWDXVGHP9RONGHU%MDYRUVWHUZLOO&K\EUDLQEHJHJQHWVHLQ&K\EUDLQUXIWXP +LOIH(VHLOW ,FK NRQQWH JDU QLFKW GDUDXI UHDJLHUHQ 0HLQH %OLFNH UXKWHQ DXI GHP %LOG GHV 7RGHVNULVWDOOVGHUVLFKGXUFKQLFKWVEHHLQIOXVVHQOLH &K\EUDLQLVWDXI+DOORIDDQHULQQHUWHPLFKGHU([WUDVLQQ ³'HU ]ZHLWH .ULVWDOO KDW +DOORIDDQ HUUHLFKW VDJWH GLH 67(516&+1833( ,, LP JOHLFKHQ 0RPHQW ³(U LVW LQ GHQ 0RQG JHUDVW XQG KDW HLQH JHZDOWLJH ([SORVLRQ DXVJHO|VW ,FKVWLHHLQHQ)OXFKDXVXQGULHI ³6WHOOGDV)HXHUHLQ'DVKDWNHLQHQ6LQQ 'DQQNRQ]HQWULHUWHLFKPLFKDXIGDVXQPLWWHOEDUH*HVFKHKHQGUDXHQLP$OO'DV XQKHLPOLFKH*HVFKRMDJWHXQEHLUUWZHLWHU 'HUURWJUQH.ULVWDOOEHVDHLQH/lQJHYRQNQDSS.LORPHWHUQ(UJHK|UWH GDPLW]XGHQ:LQ]OLQJHQGHVXQIDEDUHQ*HELOGHVGDVVLFKDQVFKLFNWHLQV2UDQWDQ 6\VWHP HLQ]XGULQJHQ *DQ] SO|W]OLFK YHUJU|HUWH VLFK GHU JOlQ]HQGH 6WDFKHO XQG VFKRPLWXQK|UEDUHU:XFKWLQGHQ0RQG9HOONXPP (LQPHQWDOHU6FKUHLEUDQGHWHLQPHLQHP%HZXWVHLQDXI :LUOHEHQ$XFKZHQQZLUVFKHLQEDUWRWVLQG$OOHOHEHQGLH/HEHQGLJHQXQGGLH 7RWHQ 'LH 2EHUIOlFKH GHV 6DWHOOLWHQ ]HUEDUVW XQG UL XQJH]lKOWH

YHUEUDXFKW ³.XUV%MDYRUVWEHIDKOLFKXQGGLH67(516&+1833(,,EHVFKOHXQLJWHZLHGHU ,QLVWUDXQG;H[HU+LVKRFNWHQVWXPPQHEHQHLQDQGHU:DVVLHHUOHEWHQPXWHVLHDQ GHQ5DQGGHV:DKQVLQQVIKUHQ 0HLQH*HGDQNHQEHUVWU]WHQVLFK :DV KDWWH GLHVHU GRSSHOWH $QJULII ]X EHGHXWHQ" (U KDWWH VLFK JHJHQ GUHL 2EMHNWH JHULFKWHW JHJHQ ]ZHL 0RQGH XQG JHJHQ GLH 2UELWDOVWDWLRQ 'DQQ ZDU GD GLHVHU PHUNZUGLJH 6DW] YRQ GHQ /HEHQGHQ XQG GHQ 7RWHQ ]X K|UHQ JHZHVHQ (U VWDQG JDQ] HLQGHXWLJ LP =XVDPPHQKDQJ PLW GHP JDQ]HQ XQEHJUHLIOLFKHQ *HVFKHKHQ IU GDVGLH0DFKWGHVXQEHNDQQWHQ7RKYHUDQWZRUWOLFK]HLFKQHWH 'HU $QJULII JDOW DOOHQ (LQULFKWXQJHQ GHU EHLGHQ 9|ONHU KDOI PLU GHU /RJLNVHNWRU GLH DVWURQRPLVFKH %HREDFKWXQJHQ GXUFKIKUHQ N|QQHQ 'DV 7RK EHZHLVW GDPLW GDHVQLFKWEHREDFKWHWZHUGHQZLOO 'D ZDU HWZDV :DKUHV GUDQ DEHU GDV *HKHLPQLV ZXUGH GDGXUFK QLFKW NOHLQHU ,FK KDWWH GHQ QRFK XQNODUHQ (LQGUXFN GD GLH $QJULIIH GHU EHLGHQ 7RGHVNULVWDOOH QXU 7HVWV JHZHVHQ ZDUHQ 'DV HLJHQWOLFKH =LHO GHV 7RK ZDUHQ GLH EHLGHQ 9|ONHU GHV 2UDQWDQ6\VWHPV 'DV ZDU VFKRQ DXV GHQ :RUWHQ GHV DOWHQ /HPXUHUV KHUDXV]XK|UHQJHZHVHQ $QGHUHUVHLWV HUNDQQWH LFK NHLQHQ DXFK QXU HQWIHUQW YHUQQIWLJHQ *UXQG IU GLH 9HUQLFKWXQJ GHU %MDYRUVWHU XQG GHU

'LH 67(516&+1833( ,, HUUHLFKWH GDV 7UPPHUIHOG GHV HKHPDOLJHQ 0RQGHV +DOORIDDQ ,FK PXWH &K\EUDLQ ILQGHQ GHU LUJHQGZLH LQ 6FKZLHULJNHLWHQ JHUDWHQ VHLQPXWH2KQHGDV.ULVWDOOHLKDWWHLFKJHJHQGDV7RKNHLQH&KDQFH 'LH0DWHULH+DOORIDDQVYHUWHLOWHVLFKDXIGHQ,QKDOWHLQHU5DXPNXJHOYRQEHUHLWV .LORPHWHUQ 8QG VLH VWUHEWH VWlQGLJ ZHLWHU DXVHLQDQGHU :HQQ &K\EUDLQ VLFK QLFKW VHOEVW PHOGHWH ZUGH LFK QHXH 3UREOHPH EHNRPPHQ GHQQ GLHVH 6XFKH lKQHOWHGHUEHUFKWLJWHQ6XFKHQDFKHLQHU6WHFNQDGHOLP+HXKDXIHQ 1DFK GHP OHW]WHQ *HVSUlFK PLW $WODQ KDWWH 1RPRNDDW HLQHQ .ULVHQVWDE JHELOGHW GHP HU VHOEVW YRUVWDQG :HLWHUH ]HKQ K|KHUH 5HJLHUXQJVYHUWUHWHU JHK|UWHQ GLHVHU *UXSSH DQ GLH QDFK /|VXQJHQ VXFKHQ VROOWH $OOH ZDUHQ 6SH]LDOLVWHQ DXI GHQ *HELHWHQ5DXPIDKUWXQG$VWURQRPLH 'LH HOI 0lQQHU XQG )UDXHQ WDJWHQ LQ HLQHP 1HEHQWUDNW GHV 5HJLHUXQJVJHElXGHV GHU IU .DWDVWURSKHQIlOOH YRUJHVHKHQ ZDU %HVRQGHUH'UDKWXQG)XQNYHUELQGXQJHQ]XDOOHQ7HLOHQGHV3ODQHWHQZDUHQKLHUKHU JHVFKDOWHWZRUGHQ 'LH/DJHZDUPHKUDOVIDWDOGHQQPLWGHU=HUVW|UXQJGHV0RQGHV+DOORIDDQKDWWHQ GLH%MDYRUVWHUQLFKWQXULKUHLQ]LJHV2EVHUYDWRULXPDXHUKDOEGHV3ODQHWHQYHUORUHQ XQGGDPLWZHLWJHKHQGGLH%HREDFKWXQJVP|JOLFKNHLWHQGHV ³5LIIHV LP $OO PLW GHQ 5LHVHQNULVWDOOHQ VRQGHUQ DXFK GLH HLQ]LJH 0|JOLFKNHLW PLW GHQ

VLHJHIXQGHQKDEHQ 'DPLW ZDU HLJHQWOLFK DOOHV JHVDJW 'LH 5HSRUWHU YHUODQJWHQ QDFK HLQHU 3UHVVHNRQIHUHQ]DEHU1RPRNDDWYHUZHLJHUWHLKQHQGHQ=XWULWW]XP.ULVHQVWDE'LH 6SH]LDOLVWHQYHUWDJWHQVLFK)DOOVXQYRUKHUVHKEDUH(UHLJQLVVHHLQWUHWHQVROOWHQZUGH GHU6WDEVRIRUWZLHGHU]XVDPPHQWUHWHQ $OV GLH %MDYRUVWHU GHQ 9HUVDPPOXQJVUDXP YHUODVVHQ ZROOWHQ JHVFKDK GDV 8QIDEDUH (LQ KHIWLJHV .QLVWHUQ HUIOOWH GLH /XIW 'LH NQVWOLFKH %HOHXFKWXQJ HUORVFK 6WDWW GHVVHQ ZXUGH GHU 5DXP LQ HLQ EOHLFKHV :HFKVHOOLFKW DXV URWHQ XQG JUQHQ7|QHQJHWDXFKW 6FKUHFNHQVUXIH EUDQGHWHQ DXI =ZHL GHU ZHLEOLFKHQ 0LWJOLHGHU ZROOWHQ GLH 7UHQ DXIVWRHQDEHUGLHVHOLHHQVLFKQLFKWPHKU|IIQHQ 1RPRNDDW KDWWH HLQHQ *HLVWHVEOLW] (U VFKDOWHWH GLH .RPPXQLNDWLRQVV\VWHPH ZLHGHUHLQXQGEUOOWH ³$ODUP:LUZHUGHQDQJHJULIIHQ ,QGHU0LWWHGHV5DXPHVVFKlOWHVLFKHLQHXQZLUNOLFKH*HVWDOWDXVGHP1LFKWV'LH .RQWXUHQ ZDUHQ YHUVFKZRPPHQ DEHU YLHOH $UPH XQG %HLQH ZDUHQ ]X HUNHQQHQ 'LH %LOGEHUWUDJXQJ VFKLFNWH GLH %LOGHU QDFK GUDXHQ DEHU QDFK ZHQLJHQ 6HNXQGHQEUDFKHQDOOH6\VWHPH]XVDPPHQ :DV GLH %MDYRUVWHU GUDXHQ GDQQ QRFK IHVWVWHOOHQ NRQQWHQ ZDU HLQH JHZDOWLJH ([SORVLRQGLHGDVJDQ]H*HElXGHLQ6FKXWWXQG$VFKHOHJWH 'DV 7RK KDWWH ZLHGHU ]XJHVFKODJHQ 8QG GLHVPDO KDWWH HV GLH )KUXQJVVSLW]H GHU %MDYRUVWHUKLQZHJJHIHJW ,FK NUHX]WH QRFK ]LHPOLFK SODQORV GXUFK GDV 7UPPHUIHOG +DOORIDDQV XQG VHW]WH NXU]H )XQNVSUFKH DE GLH &K\EUDLQ GD]X DXIIRUGHUWHQ VLFK ]X PHOGHQ DOV PLFK GLHQHXHQ+LREVERWVFKDIWHQYRQ%MDYRUVWHUUHLFKWHQ,QLVWUDGLHVFKRQVRPDQFKHQ 6FKRFNLQGHQOHW]WHQ6WXQGHQHUOHEWKDWWHZDUZLHYRUGHQ.RSIJHVWRHQ:lUHQ HV QLFKW LKUH HLJHQHQ /HXWH JHZHVHQ GLH KLHU EHULFKWHWHQ VLH KlWWH GLHVHQ XQJODXEOLFKHQ$QJULIIIUXQP|JOLFKJHKDOWHQ ³'HUVLQQORVH.DPSIGHV7RKJHJHQDOOHVZDVPLW5DXPIDKUWXQG$VWURQRPLH]X WXQ KDW VWHOOWH LFK IHVW ³JHKW ZHLWHU 9HUPXWOLFK LVW LUJHQGZLH HWZDV YRQ GHQ 5LHVHQNULVWDOOHQQDFK%MDYRUVWJHODQJW8QGZLUKDEHQHVQLFKWEHPHUNW*HVHOOH QLPP GDV %HLERRW XQG IOLHJH PLW ,QLVWUD ]X GHQ %MDYRUVWHUQ 8QWHUVXFKH GLH 8QJOFNVVWHOOH ³8QGZDVPDFKVWGX"IUDJWHGHU5RERWHU ³,FKZDUQHHUVWHLQPDO4XRU=RWWRU0|JOLFKHUZHLVHGURKWGHU)KUXQJVVSLW]HGHU

.ULVHQVWDEVHUVFKLHQHQZDUOLHVLFKQLFKWGHXWHQ'LH%LOGHUZDUHQ]XGXQNHOXQG XQVFKDUI $XFK PLW +LOIH GHU SRVLWURQLVFKHQ 5HNRQVWUXNWLRQ NDP LFK QLFKW YLHO ZHLWHU (V HQWVWDQG GHU YDJH (LQGUXFN GD HV VLFK XP HLQH DQQlKHUQG PHQVFKOLFKH *HVWDOW PLWDFKW$UPHQXQGDFKW%HLQHQKDQGHOWH,FKIRUVFKWHLQPHLQHPIRWRJUDILVFKHQ *HGlFKWQLVDEHULFKIDQGNHLQHSDVVHQGHQ3DUDOOHOHQ (QGOLFKNDPGLH9HUELQGXQJQDFK

³$WODQ"K|UWHLFKHLQHJDQ]OHLVH6WLPPH ³-DDQWZRUWHWHLFK³,FKELQ$WODQ ³'XHUNHQQVWPLFKQLFKWIOVWHUWHGLHJUDXH0DVVHLQPHLQHP%HZXWVHLQ³$EHU LFKELQ&K\EUDLQ%LWWHEULQJHPLFKVFKQHOOQDFK 'LH6WLPPHHUVWDUE ³:RKLQ"ERKUWHLFKQDFK (U KDW VHLQH JDQ]H (QHUJLH YHUORUHQ KDOI PLU GHU ([WUDVLQQ (U PX VLFK UHJHQHULHUHQ9LHOOHLFKWNDQQGDVLQGHU1lKHGHU6RQQH2UDQWDQJHVFKHKHQ2GHU KDVWGXHLQHEHVVHUH,GHH" ,FKZXWHQLFKWZLH&K\EUDLQDXIWDQNHQPXWH(LQPDOKDWWHLFKGLHVHQ9RUJDQJ HUOHEW DXI GHU %DVLV GHV (UVWHQ =lKOHUV DQ GHU 4XHOOH GHU -HQVHLWVPDWHULH (LQ 6WHUQ HLQH 6RQQH ZDU HLQ UHDOHU %HVWDQGWHLO PHLQHV 8QLYHUVXPV²NHLQH4XHOOH IU-HQVHLWVPDWHULH 'LHVH JHKHLPQLVYROOH 6XEVWDQ] ZDU DXFK QLFKW PLW +\SHUHQHUJLHQ]XYHUJOHLFKHQ 6LH ZDU DQGHUV VLH VWDPPWH QLFKW DXV XQVHUHU 5HDOLWlW 8QG RE VLH ZLUNOLFK HLQHU DQGHUHQ ([LVWHQ]HEHQH DQJHK|UWH NRQQWH LFK QLFKW VDJHQ 0|JOLFKHUZHLVH ZDU -HQVHLWVPDWHULH QXU GDV 3KDQWDVLHSURGXNW YRQ ³MHQVHLWV GHU 0DWHULHTXHOOHQ GDV KLHUUHDOH*HVWDOWDQJHQRPPHQKDWWH 'LH JUDXH 0DVVH EHZHJWH VLFK QLFKW PHKU (V HQWVWDQGHQ DXFK NHLQH WHOHSDWKLVFK JHZLVSHUWHQ:RUWHPHKULQPHLQHP%HZXWVHLQ'LH6LWXDWLRQZDUWRWDOYHUIDKUHQ $XI %MDYRUVW KHUUVFKWHQ 6RUJHQ XQG 8QUXKHQ 9RQ *HVHOOH XQG ,QLVWUD KDWWH LFK QRFKQLFKWVJHK|UWZDVHLQHQ+LQZHLVDXIGDV7RQJHJHEHQKlWWH8QGYRUPHLQHQ )HQODJHLQEUHLWHU.ORGHUEHKDXSWHWKDWWHHUVHL&K\EUDLQ-HW]WJDEHUNHLQ /HEHQV]HLFKHQPHKUYRQVLFK 'LH

GLH (UODXEQLV HUKDOWHQ GHQ 2UW GHU =HUVW|UXQJ QDKH GHP 5HJLHUXQJVJHElXGH ]X XQWHUVXFKHQ 'LH 0LQLVWHULQ IU .ULWLN ZLH ,QLVWUD RIIL]LHOO DXI %MDYRUVW JHQDQQW ZXUGHEHJOHLWHWHLKQ 'DV 'LVNXVVFKLII QlKHUWH VLFK VFKQHOO GHP 6WHUQ /lQJVW KDWWH GLH SRVLWURQLVFKH ,QWHOOLJHQ] GHU 67(516&+1833( ,, GHQ KDOENXJHOLJHQ 3DUDWURQVFKLUP GHVDNWLYLHUW 'LH JUDXH 0DVVH ZDU VWDUU XQG KDUPORV 6LH UKUWH VLFK QLFKW ,FK VWDUUWH VLH HWZDV LUULWLHUW DQ XQG K|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lFKVW 8QEHJUHLIOLFKHV GDV HWZDV WLHHUL DQ GLH 'LQJH GHV /HEHQV UKUW DOV GX HV GLU YRUVWHOOHQNDQQVWVDJWHGHU([WUDVLQQ'DV8QQRUPDOHNDQQOHW]WOLFKJDQ]HLQIDFK XQGGRFKQRUPDOVHLQ ³'XVSLHOVWDXIGLHVHQVHOWVDPHQ6DW]DQDQWZRUWHWHLFKLQPHLQHQ*HGDQNHQGHP ]ZHLWHQ %HZXWVHLQ ³GHU YRQ GHQ /HEHQGHQXQG 7RWHQ VSULFKW,FKKDOWHGDVIU HLQ0DQ|YHUGDVPLFKLUUHIKUHQVROO 9LHOOHLFKWPHLQWHGHU/RJLNVHNWRU9LHOOHLFKWDXFKQLFKW ,FK PHOGHWH *HVHOOH PHLQH (PSIDQJVEHUHLWVFKDIW 'D DXFK GLHVHU .RQWDNW DXI 1RUPDOIXQNEDVLVYHUODXIHQPXWHGDXHUWHGLH$QWZRUWIDVW]ZDQ]LJ0LQXWHQ'LH 67(516&+1833( ,, VWDQG DP 5DQG YRQ 2UDQWDQ XQG %MDYRUVW ZDU IDVW ]HKQ /LFKWPLQXWHQHQWIHUQW +\SHUIXQN ZDU NDXP P|JOLFK 'LH 8UVDFKH ZDU QDFK ZLH YRU GLH XQEHJUHLIOLFKH =RQHGLH³5DQGGHV8QLYHUVXPVRGHU³5LIILP$OOJHQDQQWZXUGH'LHYRQGRUW DXVJHKHQGH +\SHUVWUDKOXQJ OlKPWH IDVW DOOH 2UWXQJVV\VWHPH PHLQHV 5DXPVFKLIIV 'LH6WUHXVWUDKOXQJZDUYHKHPHQWXQGGXUFKJUHLIHQG+\SHUIXQNZDUPLWH[WUHPHU 5LFKWVWUDKO%QGHOXQJ VLFKHU P|JOLFK 'DV 6FKLII DUEHLWHWH DQ GLHVHU HWZDV XQJHZ|KQOLFKHQ0HWKRGHXQGHVOLHPLFKGDVZLVVHQ $XFK (UHPLW PHOGHWH VLFK QLFKW PHKU (U KDWWH NDXP HLQH &KDQFH PLFK LQ GHP ZDFKVHQGHQK\SHUHQHUJHWLVFKHQ&KDRV]XHUUHLFKHQ 9LHOOHLFKWKlWWHLFKEHLGHQ

³'XZLOOVWPLUHWZDVVDJHQVWHOOWHLFKIHVW³6SULFK+LV0LUNDQQMHGHU+LQZHLV QXUKHOIHQGHQQLFKVHKHQRFKNHLQHQ6LOEHUVWUHLIHQDPNRVPLVFKHQ+RUL]RQW ³,FKELQ:DKUKHLWVILQGHUVDJWH;H[HU+LV³'LHVHUSOXPSH.OXPSHQYRUGHLQHQ %HLQHQZLUNWDXIPLFKIUHPGHNOLJXQGDEVWRHQG(UVDJWDEHUGLH:DKUKHLWXQG HU OHEW 'DV HUNHQQH LFK 'HU VHOWVDPH .OXPSHQ EHZHLVW PLU GDPLW GD PHLQH YRUGHUJUQGLJHQ *HIKOH XQG (PSILQGXQJHQ GLH LKQ DEOHKQHQ JDQ] XQG JDU IDOVFKVLQG ³'X PHLQVW IUDJWH LFK ZlKUHQGLFKDXIGLH$QWZRUW*HVHOOHVZDUWHWH³GDGLHV &K\EUDLQLVW" ³,FKNHQQHNHLQHQ&K\EUDLQHQWJHJQHWHGHU(UQHVWRORJHEHGDXHUQG³,FKVDJHGLU QXUGDGLHVHU.OXPSHQQLFKWOJW4XRU=RWWRUKDWJHORJHQDOVHUEHKDXSWHWHGHQ %HJULII 7RK QRFK QLH JHK|UW ]X KDEHQ 'HVVHQ ELQ LFK VLFKHU :DV GDV EHGHXWHW ZHLLFKQLFKW8QG4XRU=RWWRULVWGDV2EHUKDXSWPHLQHV9RONHV'XNDQQVWGLU GHQNHQGDHVPLUQLFKWOHLFKWIlOOWGDVLQGLHVHU$UW]XVDJHQ ³:DUXPWXVWGXHV"KDNWHLFKJDQ]JH]LHOWQDFK (U LVW HLQ +DOEPXWDQW PLVFKWH VLFK GHU /RJLNVHNWRU LQ GLHVHU 3KDVH GRFK XQHUZDUWHWHLQ ³,FK IKOH GD GX :DKUKHLWHQ VDJVW ;H[HU+LV VWUDKOWH HLQH HLJHQWOLFK ZLGHUVLQQLJH =XYHUVLFKW DXV ³'D]X JHK|UW DXFK GD GX GLH 0DFKW GHV 7RK GLH GHQ5DQGGHV8QLYHUVXPVGDV5LIILP$OOJHVFKDIIHQKDWQLFKWYHUVWHKVW,FKNDQQ GLU $WODQ QXU KHOIHQ ZHQQ LFK ZDKUKDIWLJ ELQ ,FK VDJH GLU ZDV LFK GHQNH XQG HPSILQGHZHLOLFKHUIDKUHQKDEHGDGXGDVDXFKWXVW ,PPHUKLQ ZDV ;H[HU+LV YRQ VLFK JDE EHVWlUNWH PLFK 'HU MXQJH

'LHVPDODQWZRUWHWHLFKQLFKW]XPDOGLH%RWVFKDIW*HVHOOHVHQGOLFKHLQOLHI ³'LH.20(73RVLWURQLNKDWGLFKIHVWLP*ULII,FKPHLQHVLHZHLJHQDXZRGX ELVW 'HU 0XOWL5RERWHU GHU OHW]WOLFK DXI GHQ JHQLDOHQ *HLVW XQG GLH 6FK|SIXQJVNUDIWGHV7HUUDQHUV+DJH1RFNHPDQQV]XUFN]XIKUHQZDUXQWHUVWULFK DXFK MHW]W VHLQH +XPRU.RPSRQHQWHQ ³,FK KDEH GLFK DXFK LP *ULII $WODQ ,FK GHQNHZLUN|QQHQEDOGPLWHLQHU5LFKWVWUDKO+\SHUNRP9HUELQGXQJDUEHLWHQ1XU VRNDQQGDVEUHLWEDQGLJH5DXVFKHQEHUZXQGHQZHUGHQ ³'DV LVW PLU DXFK NODU DQWZRUWHWH LFK ³,FK VFKDOWH LQ ]HKQ 0LQXWHQ DXI +\SHUIXQNGHQQELVGDKLQKDVWGXGLHVH1DFKULFKW:DVJLEWHV1HXHV" ,FK PXWH ZLHGHU TXlOHQGH 0LQXWHQ YHUVWUHLFKHQ ODVVHQ LQ GHQHQ QLFKWV JHVFKDK 'LH JUDXH 0DVVH GLH &K\EUDLQ VHLQ VROOWH EHZHJWH VLFK OHLFKW $EHU HWZDV (QWVFKHLGHQGHVWDWVLFKQLFKW (QGOLFK PHOGHWH VLFK *HVHOOH ZLHGHU (U VSUDFK GLHVPDO EHU 1RUPDO XQG +\SHUIXQNJOHLFK]HLWLJXPPLUHLQH9HUJOHLFKVP|JOLFKNHLWGHU4XDOLWlWDQ]XELHWHQ %HLGH6HQGXQJHQNDPHQ]HLWJOHLFKEHLPLUDQXQGGDVNRQQWHQXUEHGHXWHQGDVLH ]XXQWHUVFKLHGOLFKHQ=HLWHQJHVHQGHWZRUGHQZDUHQ 'HU )XFKV YRQ 5RERWHU KDWWH PLW +LOIH GHU 3RVLWURQLNHQ GHU .20(7 XQG GHU 67(516&+1833( ,, GLH ]HLWOLFKHQ %HUHFKQXQJHQ JDQ] H[DNW GXUFKJHIKUW ,FK OlFKHOWH GDUEHU XQG QDKP DOOHLQ ]XU .HQQWQLV GD GLH 5LFKWVWUDKO+\SHUNRP 9HUELQGXQJQXQVWDQG ³8PGDV7RKLQGHQ*ULII]XEHNRPPHQVDJWH*HVHOOH³PVVHQZLUDOOHXQVQRFK HLQ ELFKHQ DQVWUHQJHQ ,PPHUKLQ HV JLEW HLQHQ +LQZHLV $P ([SORVLRQVRUW GHV HKHPDOLJHQ 1HEHQJHElXGHV GHV 5HJLHUXQJV]HQWUXPV GHU %MDYRUVWHU KDEH LFK HWZD DFKWKXQGHUW%URFNHQUHLQVWHQ1LFNHOVJHIXQGHQ 1LFNHO-HQVHLWVPDWHULH'LH9HUELQGXQJZDUHLQGHXWLJYRUKDQGHQ ,FKZROOWH*HVHOOHDQWZRUWHQDEHUGHUFOHYHUH0XOWL5RERWHUVSUDFKQRFKZHLWHU 8QGZDVHUVDJWHEHUUDVFKWHPLFKGRFK ³1LFNHO KDW HLQ $WRPJHZLFKW YRQ 'DV EHGHXWHW GD GDV +DXSWLVRWRS GDV $WRPJHZLFKWKDW%HLHLQHU2UGQXQJV]DKOYRQLVW1LFNHOTXDVLOHLFKWHUDOV GDV (OHPHQWGDVYRULKPLP3HULRGLVFKHQ6\VWHPGHU(OHPHQWH VWHKW ,FK VSUHFKH YRQ .REDOW ZLH GX VLFKHU ZHLW GDV HLQ $WRPJHZLFKW YRQ KDW DOVR TXDVL VFKZHUHU LVW DOV 1LFNHO REZRKO HV TXDVL OHLFKWHU VHLQ PWH 1LFNHO GHU QXNOHDUFKHPLVFKH6WDQGDUGW\SKDWDOVR3URWRQHQXQG1HXWURQHQ ³9LHOHQ 'DQN IU GLHVHQ .XU]YRUWUDJ DQWZRUWHWH LFK EHU GLH ]HLWYHUOXVWORVH +\SHUNRP9HUELQGXQJ³:ROLHJWGDV3UREOHP" ³'DV 1LFNHO GDV LFK DXI %MDYRUVW JHIXQGHQ KDEH DQWZRUWHWH *HVHOOH ³KDW ]X KXQGHUW3UR]HQWHLQ$WRPJHZLFKWYRQ(VKDQGHOWVLFKXPµOHLFKWHV 1LFNHODOVR XP NQVWOLFKHV 1LFNHO 6HLQ $WRPJHZLFKW SDW VSLHOHQG ]X (LVHQ ]XP VFKZHUHUHQ .REDOW VRZLHVR XQG VRJDU ]X 0DQJDQ GDV HLQ VHOWHQHV ,VRWRS PLW GHP $WRPJHZLFKWEHVLW]W ³$OOHV NQVWOLFK VWHOOWH LFK IHVW ³'LH 5HVWH GHU URWJUQHQ .ULVWDOOH GLH QDFK %MDYRUVW JHODQJW VLQG YHUZDQGHOQVLFKDOVRLQFKHPLVFKDEDUWLJHV1LFNHO:DVKDW GDV]XEHGHXWHQ" %HYRU *HVHOOH DQWZRUWHWH HUW|QWH HLQH 6WLPPH DXV GHU JUDXHQ 0DVVH 'LHVPDO ZDU VLHUHLQDNXVWLVFK ³$OOHVZDUNQVWOLFK,FKEHJLQQH]XEHJUHLIHQ'DQNHIUGHQXQJHZROOWHQ+LQZHLV

$WODQXQG*HVHOOH (VPDFKWHSORSS'LHJUDXH0DVVHVFKUXPSIWH]XVDPPHQXQGZXUGHXQVLFKWEDU ³.QVWOLFK K|UWH LFK KDOE DNXVWLVFK KDOE WHOHSDWKLVFK ³,FK ELQ JOHLFK ]XUFN JURHU0DQLWX$WODQ0DQFKPDOVLQGHVGLH.OHLQLJNHLWHQGLHPDQQLFKWHUNHQQW ³:DVPHLQVWGXGDPLW"IUDJWHLFK ³'XNHQQVWGLHVHQ6DW]:LUOHEHQ$XFKZHQQZLUVFKHLQEDUWRWVLQG$OOHOHEHQ GLH/HEHQGLJHQXQGGLH7RWHQ(LQJXWHU6DW]HLQZDKUHU6DW]GHUQLFKWVPLWGHP .QVWOLFKHQ]XWXQKDWWHGHPLFK]XP2SIHUILHO ,FK NRQQWH PLFK EHIUHLHQ DOV LFK GHLQH 1lKH VSUWH 8QG GHU %MDYRUVWHU )MRGRU 6RPPHWWJDEPLUGHQ5HVWLPSXOV,FKELQVFKZDFKDEHUZLHGHUGD/DPLUHWZDV =HLW ,FK KRIIH GDV 7RK OlW PLU GLHVH =HLW 'DQQ ZHUGH LFK GHLQ JHLVWLJHU $UP XQGGXNDQQVWDOOHLQHQWVFKHLGHQXQGKDQGHOQ 'DQQ IROJWH HLQ KHU]OLFKHV /DFKHQ GDV PLFK DQ GLH HUVWHQ 6WUHLFKH &K\EUDLQV HULQQHUWH 'LHVPDOZDUHUULFKWLJYHUVFKZXQGHQDEHUGDVEHVDJWHQLFKWV ³.DQQVWGXPLUELWWHVDJHQZDQGWHVLFK;H[HU+LVDQPLFK³ZDVKLHUJHVFKLHKW" ,FKVHKH:DKUKHLWHQDEHULFKEHJUHLIHVLHQLFKW ³,FKEHJUHLIHVLHDXFKQRFKQLFKWJDELFKGHP

JHJHQ GLH $XVZLUNXQJHQ GHU 3URWXEHUDQ]HQ XQG +\SHUVWUDKOXQJHQ GHU QDKHQ 6RQQH2UDQWDQVFKW]WHQ ³+LHU ELQ LFK W|QWH &K\EUDLQ ³1RFK VFKZDFK XQG PGH 8QG LUULWLHUW $EHU ZLHGHULPHLJHQWOLFKHQ.|USHU 9RU PLU XQG GHP VWDXQHQGHQ ;H[HU+LV VFKZHEWH HLQ (L LQ GHU =HQWUDOH GHU 67(516&+1833( ,, GHVVHQ JU|WHU 'XUFKPHVVHU IDVW HLQHQ KDOEHQ 0HWHU EHWUXJ ,FK HULQQHUWH PLFK QRFK JXW DQ PHLQH HUVWH %HJHJQXQJ PLW &K\EUDLQ DOV LFK YRQ LKP QRFK QLFKWV ZXWH (V ZDU DXI GHP 4XDGHU JHZHVHQ GHU VLFK GHP 0DXVHIDOOH6\VWHP QlKHUWH NXU] QDFKGHP LFK DXI GHU 62/ DQJHNRPPHQ ZDU 'DPDOVZDUGDVIOVWHUQGH(L&K\EUDLQJHUDGHPDO=HQWLPHWHUJURJHZHVHQ (U ZDU JHZDFKVHQ XQG GDV KDWWH LFK VFKRQ EHL XQVHUHU OHW]WHQ %HJHJQXQJ LP 1XNOHXVYRQ$ONRUGRRPIHVWVWHOOHQN|QQHQ 8QGGDPDOVKDWWHLFKQRFKQLFKWZLVVHQN|QQHQGDLFKVHOEVWRGHUEHVVHUJHVDJW PHLQ]ZHLWHV%HZXWVHLQGHU([WUDVLQQGHU$5.6800,$HLQHUGHU(U]HXJHU RGHU8UKHEHUGLHVHV2EMHNWVZDU &K\EUDLQV2EHUIOlFKHJOLW]HUWHJOHLFKPlLJLQKHOOURWHQXQGIDKOJUQHQ6HFKVHFNHQ (UKDWWHIUKHUIDVWLPPHUVRDXVJHVHKHQREZRKOHUPLUDXFKVFKRQLQJDQ]DQGHUHQ *HVWDOWHQEHJHJQHWZDU'LHVZDUGHUULFKWLJH.|USHUGHVXQEHJUHLIOLFKHQ.ULVWDOOHLV (UZLUNWHVFK|QXQGJOHLFKPlLJ6HLQH2EHUIOlFKHDXV6HFKVHFNHQGLHLQHLQHP QXU OHLFKW LUULWLHUHQGHQ :HFKVHOVSLHO DXV URWHQ XQG JUQHQ )DUEHQ EOLQNWHQ HU]HXJWH 6\PSDWKLH 9RQ GHU JUDXHQ %UHLPDVVH ZDU QLFKWV PHKU ]X VHKHQ ,UJHQGZLH KDWWH &K\EUDLQ DXIJHWDQNW 6LFKHU KDWWH HU GLH (QHUJLHQ 2UDQWDQV GD]X EHQXW]W 'DV (L VFKZHEWH LQ GHU 0LWWH GHV 5DXPHV (V JDE GDV %LOG ZLHGHU GDV LFK GHQ

VWDELOLVLHUHQ,FKZDULQHLQHUE|VHQ)DOOH ³9LHOOHLFKW GUFNVW GX GLFKHWZDV JHQDXHU DXV ,FK VWHKH KLHU YRU 3UREOHPHQ LFK VHKH %MDYRUVWHU XQG

³:DVLVWGDV7RK"ZLHGHUKROWHLFKGLH.HUQIUDJH ³,FKZHLHVQLFKW,FKNHQQHGLHVHV:RUWHLJHQWOLFKQLFKW,FKZHLQLFKWZDVHV EHGHXWHW .HLQHU NHQQW HV &K\EUDLQ ]RJ VLFK LQ HLQH (FNH GHU =HQWUDOH GHU 67(516&+1833( ,, ]XUFN XQG OHXFKWHWH QXU QRFK VFKZDFK ³,FK PX ZHLWHU UHJHQHULHUHQ8QGQXQZHUGHLFKVFKZHLJHQ ³1RFKHLQH)UDJHGUlQJWHLFK³:HOFKH%HGHXWXQJKDWGHU6DW]:LUOHEHQ$XFK ZHQQZLUVFKHLQEDUWRWVLQG$OOHOHEHQGLH/HEHQGLJHQXQGGLH7RWHQ" ³(U HQWVWHKW DOV WHOHSDWKLVFKHU ,PSXOV DQWZRUWHWH &K\EUDLQ ³ZHQQ %MDYRUVWHU RGHU

(VGDXHUWHQXUZHQLJH0LQXWHQELVGLHJHZQVFKWH9HUELQGXQJDXIJHEDXWZRUGHQ ZDU 'HU +DOENXJHOOHLE GHV NOHLQHQ

XQV GDQQ DOOHLQ HLQWUHWHQ 'DV ZDU HLQ GHXWOLFKHV =HLFKHQ GDIU GD GDV 6WDDWVREHUKDXSWPHLQHU%LWWHDXIHLQDOOHLQLJHV*HVSUlFKHQWVSURFKHQKDWWH 4XRU=RWWRU HUZDUWHWH PLFK LQ HLQHP 9RUUDXP ]X VHLQHQ 3ULYDWJHPlFKHUQ 'LHVPDO KDWWH HU VLFK DXI GHQ %HVXFK HWZDV EHVVHU YRUEHUHLWHQ N|QQHQ (LQ KDOEUXQGHV6LW]P|EHOPLW]HKQ%HLQHQGDVDQHLQHQSOXPSHQ6HVVHOHULQQHUWHVWDQG EHUHLW 6LFKHU KDWWHQ GLH

³1XQ JXW OHQNWH GHU &KHI GHU =|OHQWHUDWHQ ]|JHUQG HLQ ³,FK PX GD]X DEHU HWZDVZHLWHUDXVKROHQ ³,FKK|UH ³:LU VLQG HLQJHVFKOHFKWOLFKH /HEHZHVHQ :LU YHUPHKUHQ XQV LQ VRJHQDQQWHQ *HEXUWHQZRJHQ EHL GHQHQ GUHL YLHU RGHU VHOWHQ IQI QHXH

ZLUVFKHLQEDUWRWVLQG$OOHOHEHQGLH/HEHQGLJHQXQGGLH7RWHQ'XNHQQVWGLHVHQ 6DW] LQ]ZLVFKHQ 4XRU=RWWRU )LQGHVW GX QLFKW GD HU QXQ VFKHLQEDU HLQHQ 6LQQ EHNRPPW" ³'XELVWYHUUFNW)UHPGHUVW|KQWHGDV2EHUKDXSWGHU

³,FK UXIH GLFK +LV VREDOG LFK NDQQ XQWHUEUDFK LFK 4XRU=RWWRU ³6DPPOH DQ ,QIRUPDWLRQHQZDVGXEHNRPPVW 7UHVVDSSXQG)RJ8WWDUHUZDUWHWHQPLFKDP$XVJDQJGHU9RUKDOOH ³,FKEHJOHLWHGLFK]XGHLQHP5DXPVFKLIIERWGHU$VWURQRPVLFKDQ³8QGZHQQ LFK HLQH %LWWH lXHUQ GDUI VR OD PLFK ZLVVHQ ZDV VLFK GUDXHQ DP 5DQG GHV 8QLYHUVXPV WXW 6LHKDEHQGHLQ*HVSUlFKPLW4XRU=RWWRUEHODXVFKWVWHOOWHGHU([WUDVLQQDPVLHUW IHVW 'DVNRQQWHPDQLQGHU7DWDXV7UHVVDSSV:RUWHQHQWQHKPHQ(VNRQQWHDEHUDXFK =XIDOOVHLQGDGHU$VWURQRPJHUDGHGLHVH%LWWHDQJHEUDFKWKDWWH (VNDQQDXFKVHLQGD4XRU=RWWRUVHLQHZLFKWLJVWHQ/HXWHEHZXWPLWK|UHQOlW PXWPDWHGHU/RJLNVHNWRU ³7UHVVDSSGXNDQQVWPLWDQ%RUGNRPPHQDQWZRUWHWHLFK 'HU=|OHQWHUDWPXUPHOWHHLQSDDU'DQNHVZRUWHXQGHLOWHEHIOLVVHQQHEHQPLUKHU )RJ8WWDU EOLHE ]XUFN :LU HUUHLFKWHQ GLH 67(516&+1833( ,, ZR *HVHOOH VFKRQLP(LQJDQJVWDQGXQGKHIWLJZLQNWH(LOHVFKLHQPLUGRFKJHERWHQ]XVHLQ ³%LOGHUYRQGHU.20(7VSUXGHOWHGHU0XOWL5RERWHUKHUYRUZlKUHQGLFK]XGHQ .RPPXQLNDWLRQVVFKLUPHQHLOWH 0LW HLQHP %OLFN EHU]HXJWH LFK PLFK GDYRQ GD &K\EUDLQ XQYHUlQGHUW LQ VHLQHU (FNH UXKWH ,QLVWUD KDWWH QHEHQ LKP HLQHQ 3ODW] JHIXQGHQ 'LH *UXQGGDWHQ GHV 'LVNXVVFKLIIVGLHGLHVHVDXIHLQHPJHVRQGHUWHQ%LOGVFKLUPGDUVWHOOWHZLHVHQDXV GDGDV.ULVWDOOHLVLFKZHLWHUPLWXQEHNDQQWHQ(QHUJLHQDXIOXG ,FK NRQ]HQWULHUWH PLFK DXI GLH %LOGHU XQG GLH 'DWHQ GLH GDV %HLERRW .20(7 OLHIHUWH 7UHVVDSS EOLHE VWXPP DEHU DQ GHQ KHIWLJHQ 5RWDWLRQVEHZHJXQJHQ VHLQHV KDOENXJHOLJHQ /HLEHV HUNDQQWH LFK GD HU DOOH (LQGUFNH GHU IU LKQ IUHPGDUWLJHQ 8PJHEXQJEHJLHULJLQVLFKDXIQDKP 'HU ³5DQG GHV 8QLYHUVXPV KDWWH VLFK QLFKW YHUlQGHUW 6HLQ 'XUFKPHVVHU EHWUXJ XQYHUlQGHUW UXQG YLHU /LFKWVWXQGHQ $XV GHP VHOWVDPHQ *HELOGH UDJWHQ QXQ DFKWXQG]ZDQ]LJ URWJUQH 5LHVHQNULVWDOOH YRQ GHQHQ GUHL HLQH /lQJH YRQ HWZD HLQHU/LFKWVWXQGHEHVDHQDOVRIDVWGDV2UDQWDQ6\VWHPHUUHLFKWHQ :HUNRVPLVFKGHQNHQNRQQWHGHPPXWHKLHUGDVNDOWH*UDXHQEHUGHQ1DFNHQ ODXIHQ ³(LQHU GDYRQ HUOlXWHUWH GLH 67(516&+1833( QFKWHUQ ³GHXWHW JHQDX DXI GDV 2UDQWDQ6\VWHP XQG LQQHUKDOE GHVVHQ JHQDX DXI GHQ 3ODQHWHQ %MDYRUVW (LQ ]ZHLWHU GHU QRFK LP :DFKVHQ EHJULIIHQ LVW ]HLJW DXI

EHVLW]HQ GLH .RRUGLQDWHQ GHU ZLFKWLJVWHQ 6WHUQHQNRQVWHOODWLRQHQ GHU *DOD[LV 2UDQWDQ'LH67(516&+1833(,,KDWGLHVHHUPLWWHOWGXHULQQHUVWGLFK" ³1DWUOLFK ³9RQKLHUDXVELV]XGHQQlFKVWHQ6WHUQHQEHWUlJWGLH(QWIHUQXQJPHKUDOVVLHEHQ /LFKWMDKUH 'LH ORVJHO|VWHQ .ULVWDOOH EHVFKOHXQLJHQ QRFK ,KUH GHU]HLWLJH *HVFKZLQGLJNHLW OLHJW EHL 3UR]HQW /LFKWJHVFKZLQGLJNHLW ,KUH 5LFKWXQJHQ YHUlQGHUQ VLFK QLFKW ,FK KDEH YHUVFKLHGHQH 0D[LPDOJHVFKZLQGLJNHLWHQ IU GLH 7RGHVNULVWDOOH DQJHQRPPHQ GLH LP hEHUOLFKWEHUHLFK OLHJHQ 'DQQ KDEH LFK LKUH =LHOULFKWXQJHQ PLW GHQ IHUQHQ 6WHUQHQ YHUJOLFKHQ GLH VLFK MD LP 5DKPHQ GHU JDODNWLVFKHQ5RWDWLRQDXFKEHZHJHQ(VNDQQNHLQ=XIDOOVHLQZDVVLFKGDQQHUJDE XQGGLH67(516&+1833(,,KDWHVLQ]ZLVFKHQEHVWlWLJW+LHUOLHJWHLQHNODUH $EVLFKWYRU $XIGHPNOHLQHQ%LOGVFKLUPVWHOOWH*HVHOOHVFKHPDWLVFKGLH%HZHJXQJGHU6WHUQH GHU 2UDQWDQ*DOD[LV IU GLH QlFKVWHQ GUHL 0RQDWH GDU 'D]X EOHQGHWH HU GLH )OXJULFKWXQJHQGHUGUHL7RGHVNULVWDOOHHLQ%HLHLQHU0D[LPDOJHVFKZLQGLJNHLWYRQ HWZDV EHU IDFK/* ZUGHQ DOOH GUHL 5LHVHQNULVWDOOH JHQDX GLH GUHL QlFKVWHQ 6RQQHQV\VWHPHWUHIIHQXQGGDVLQ0RQDWHQ 2EZRKOVLHLQXQWHUVFKLHGOLFKH5LFKWXQJHQIORJHQZUGHQGLHVHGUHL(UHLJQLVVHDQ HLQHP7DJVWDWWILQGHQ 'DVNRQQWHZLUNOLFKNHLQ=XIDOOVHLQ 'DVLVWGLHZDKUHNRVPLVFKH%HGURKXQJGXUFKGDV7RKEHKDXSWHWHGHU([WUDVLQQ 'DV HUNOlUW GLH $QJVW GHU .RVPRNUDWHQ RGHU HLQHQ 7HLO GDYRQ 'DV 7RK KDW VLFK DXIJHEDXW (V VFKOlJW YHUQLFKWHQG ]X (V HQW]LHKW GHP 5DXP MHQVHLWVGHVHLJHQHQ 8QLYHUVXPV XQIDEDUH (QHUJLHQ GLH GLH 7RGHVNULVWDOOH HU]HXJHQ :RP|JOLFK VFKDGHWHVGDPLWGHU'LPHQVLRQMHQVHLWVGHV5DQGHVGHV8QLYHUVXPVPHKUDOVGX HVGLUYRUVWHOOHQNDQQVW 6R DEZHJLJ ZDUHQ GLH hEHUOHJXQJHQ GHV /RJLNVHNWRUV JDU QLFKW 'LH 0DFKW GHV 7RKZDUVFKOLHOLFKLQGHU/DJH5LHVHQNULVWDOOHYRQ]ZHL/LFKWVWXQGHQ/lQJH]X HU]HXJHQXQG]XEHVFKOHXQLJHQ0LWZHOFKHQ.UlIWHQGDVP|JOLFKZDUZDUPLUHLQ 5lWVHOGDVLFKYLHOOHLFKWQLHZUGHO|VHQN|QQHQ ,Q JOHLFKHP 0D ZDU HV UlWVHOKDIW ZDV GLH 7RGHVNULVWDOOH EHLP (UUHLFKHQ LKUHU =LHOHEHZLUNHQZUGHQ ³'DVLVWDOOHVXQIDEDUVW|KQWH7UHVVDSSQHEHQPLU 'DV ZDU HV LQ GHU 7DW DEHU LFK JDE GHP

ZDU ,FKN|QQWHGLUHLQH$QWZRUWGDUDXIJHEHQHUZlKQWHGHU([WUDVLQQ ³6SULFK0LWRUDNHOKDIWHP*HWXHLVWPLUQLFKWJHKROIHQ :LUOHEHQ$XFKZHQQZLUVFKHLQEDUWRWVLQG$OOHOHEHQGLH/HEHQGLJHQXQGGLH 7RWHQ (V VFKHLQW VR GD LQ GLHVHP XQYHUVWlQGOLFKHQ *HVFKHKHQ /HEHZHVHQ XQG 9HUVWRUEHQHHLQHHQWVFKHLGHQGH5ROOHVSLHOHQ8QGZDVKDEHQEHLGHJHPHLQVDP" (LQH6HHOH(LQXQVWHUEOLFKHV6WFN%HZXWVHLQ'DV7RKVXFKW/HEHQGHXQG7RWH ,UJHQGHWZDVLQGLHVHU5LFKWXQJPXHVVHLQ 9LHOVFKODXHUPDFKWHQPLFKGLHVH:RUWHGHV([WUDVLQQVQLFKWDEHULFKVSUWHGRFK GD PHLQ ]ZHLWHV %HZXWVHLQ LQ GLHVHU KHLNOHQ )UDJH JDQ] DQGHUV UHDJLHUWH DOV EOLFK (V YHUVXFKWH PLFK PLW VDFKOLFKHQ .RPELQDWLRQHQ ]X XQWHUVWW]HQ LQ GHQHQ GLH ELVKHUUlWVHOKDIWHQ(UIDKUXQJHQLKUHQ1LHGHUVFKODJIDQGHQ8QGGDVZDUDQJHQHKP XQGQHX]XJOHLFK ³6LHK GD UL PLFK *HVHOOH DXV PHLQHQ hEHUOHJXQJHQ XQG SHUV|QOLFKHQ =ZLHJHVSUlFKHQ PLW GHP ([WUDVLQQ ³'HU HUVWH 5LHVHQNULVWDOO KDW QLFKW JDQ] /LFKWJHVFKZLQGLJNHLWHUUHLFKWXQGVFKRQLVWHUYHUVFKZXQGHQ ³,FK KDEH VHLQ (FKR DXV GHP =ZLVFKHQUDXP DXIJHQRPPHQ PHOGHWH GLH 67(516&+1833(,,³1DFKPHLQHQ+RFKUHFKQXQJHQIROJHQGLHQlFKVWHQEHLGHQ 7RGHVNULVWDOOHLQ]ZHLXQGVLHEHQ0LQXWHQ ,FK ZDUWHWH GLHVH =HLW DE XQG HV NDP ZLH HV GDV 6FKLII EHUHFKQHW KDWWH 'UHL EHUGLPHQVLRQDOH .ULVWDOOJHELOGH VSLW]HU DOV HLQH 6WHFNQDGHO DXV HWZDV bKQOLFKHP ZLH -HQVHLWVPDWHULH ZDUHQ QXQ LP LQWHUJDODNWLVFKHQ .DXP GHU 2UDQWDQ*DOD[LVXQWHUZHJV :HOFKHVZDUHQLKUHZDKUHQ=LHOH":LHODXWHWHGLHJHLVWLJH3URJUDPPLHUXQJGLHVHU -HQVHLWVPDWHULH"9HUQLFKWXQJ"7RG" :DUXP" :LHYLHOH7RGHVNULVWDOOHZUGHQLKQHQQRFKIROJHQ" ,FK EHVD NHLQH $QWZRUWHQ DXI GLHVH )UDJHQ DEHU LFK HULQQHUWH PLFK DQ PHLQHQ 2SWLPLVPXV EHL GHU %HJHJQXQJ PLW (UHPLW DQ GLH :DUQXQJ GHV ([WUDVLQQV DQ VHLQH $XIIRUGHUXQJ ]XU $XIJDEH DQ GLH JHVFKHLWHUWHQ 9HUVXFKH &K\EUDLQV GDV 3UREOHPDOOHLQ]XO|VHQ ³,QNQDSSGUHL0RQDWHQZHUGHQDOVRGLHGUHL7RGHVNULVWDOOHLKUH=LHOHHUUHLFKHQ VWHOOWHLFKIHVW³GLHZDKUVFKHLQOLFKPLWEHZRKQWHQ6RQQHQV\VWHPHQLGHQWLVFKVLQG 8QGIU

³,FK ZHUGH PHLQHQ OLHEHQ 6RKQ &K\EUDLQ LQ VHLQHQ HLUXQGHQ +LQWHUQ WUHWHQ HUNOlUWH LFK ³GHQQ ZHQQ HU QLFKW HQGOLFK DXIZDFKW VFKOHXGHUW GHU 5DQG GHV 8QLYHUVXPV VHLQH.ULVWDOOHDXFKQDFKXQV8QGGDQQLVWHV]XVSlW *HVHOOHYHUOLHQXQPLW7UHVVDSSGLH67(516&+1833(,, ,QLVWUD LQIRUPLHUWH PLW ZHQLJHQ :RUWHQ LKUH 1RWUHJLHUXQJ DXI %MDYRUVW EHU GLH 1HXLJNHLWHQ3RVLWLYHVKDWWHVLHMDNDXP]XEHULFKWHQ 'DQQNDPVLHDXIPLFK]X ³(V VLHKW QLFKW JXW DXV VDJWH GLH %MDYRUVWHULQ ³,FK KDEH GDV PHLQH /HXWH ZLVVHQ ODVVHQ 7UlXPH XQG ,OOXVLRQHQ N|QQWHQ XQV MHW]W QXU VFKDGHQ ,FK VHKH GDV ULFKWLJ QLFKWZDKU" ³'X VLHKVW HV HLJHQWOLFK QLFKW IDOVFK JDE LFK ]XU $QWZRUW ³$EHU QRFK KDEH LFK YRUGLH'LQJHHWZDVIUHXQGOLFKHU]XJHVWDOWHQ$OOHLQNDQQLFKGDVQLFKW,FKEUDXFKH GLH 5FNHQGHFNXQJ GHU %MDYRUVWHU XQG GHU

ZRUWORV GHQ 0HPRZUIHO ,FK OHJWH GLHVHQ LQ HLQH /HVH|IIQXQJ GHV .RPPXQLNDWLRQVSXOWV GHU 67(516&+1833( XQG OLH PLU GLH $XI]HLFKQXQJ YRUVSLHOHQ 'HU

ZDU ZRKO QRFK ]X MXQJ JHZHVHQ 1HXQ -DKUH VSlWHU QDFK GHU QlFKVWHQ :DKOSHULRGH KDWWHQ LKQ IDVW VLHEHQ 0LOOLRQHQ

QRFKQLFKWGXUFKVFKDXWH 'LH

NRQ]HQWULHUHQ $OVVLFKGHU6FKZDUPHUQHXWDXIPLFKVWU]WHWUDIPLFKHLQHSVLRQLVFKH6FKRFNZHOOH ,FK NRQQWH VLH UHODWLY PKHORV NRPSHQVLHUHQ 'DQQ ]QGHWH LFK PLW HLQHP NXU]HQ *HGDQNHQ HLQ ZLQ]LJHV 6WFN YRQ &K\EUDLQV HFKWHU -HQVHLWVPDWHULH GLH LFK LUJHQGZRLQPLUPLWIKUWH *HOOHQGH0HQWDOVFKUHLHHUIOOWHQGHQ5DXPXQGGD]XHUNODQJHVYLHOVWLPPLJ :LU OHEHQ $XFK ZHQQ ZLU VFKHLQEDU WRW VLQG $OOH OHEHQGLH/HEHQGLJHQXQGGLH 7RWHQ:LUVLQGJHVWRUEHQDEHUZLUN|QQHQQLFKWLQGLH+HLPDWGHU5XKHJHODQJHQ +LOIGHP&ODQGHU:DVVHUEOWHQ ,FK YHUQDKP %HZXWVHLQVIUDJPHQWH GLH VLFK LQ DOOH :LQGH ]HUVWUHXWHQ 'DQQ KHUUVFKWH5XKHXQGLFKNHKUWHGXUFKGLH LQ]ZLVFKHQDNWLYLHUWHQ'HIHQVLYVFKLUPH GHU67(516&+1833(,,DQ%RUG]XUFN ³:DV LVW JHVFKHKHQ" ZROOWH *HVHOOH ZLVVHQ ³,FK NRQQWH QXU HLQ SDDU /LFKWHUVFKHLQXQJHQEHREDFKWHQ ³,FK KDEH GLHVHV :HVHQ GHV 7RK YHUMDJW RGHU YHUQLFKWHW DQWZRUWHWH LFK QDFKGHQNOLFK ³,FK EH]ZHLIOH RE HV ZLUNOLFK JHOHEW KDW XQG RE LFK HV ZLUNOLFK JHW|WHWKDEH+DEWLKUHLQHPHQWDOH1DFKULFKWYHUQRPPHQ" ,FKEOLFNWHLQVWXPPH*HVLFKWHUQXUGDV6FKLIIPHOGHWHVLFK³'HU0HQWDOVHQVRULVW XQWHUHLQHPHQHUJLHUHLFKHQ$QVWXUP]HUVW|UWZRUGHQ,FKNDQQGLUQLFKWKHOIHQ ³;H[HU+LV ZDQGWH LFK PLFK DQ GHQ (UQHVWRORJHQ ³%LWWH EHDQWZRUWH PLU ]ZHL )UDJHQ:DVYHUVWHKVWGXXQWHUGHU+HLPDWGHU5XKH" ³6R QHQQHQ ZLU

'LH 2EHUIOlFKH GHV 3ODQHWHQ ZDU QRFK EHU WDXVHQG .LORPHWHU HQWIHUQW DEHU LFK NRQQWH QLFKW QXU MHGH (LQ]HOKHLW HUNHQQHQ VRQGHUQ DXFK PLW HLQHP ]ZHLWHQ ³*HVLFKW HLQH $UW /DQGNDUWH GDUEHUOHJHQ (LQHU IHKOHUIUHLHQ 2ULHQWLHUXQJ VWDQG QLFKWVPHKULP:HJ *OHLFK]HLWLJ IRUVFKWH LFK GDV %HZXWVHLQ ;H[HU+LV DXV RKQH GD GLHVHU HWZDV GDYRQ PHUNWH ,FK EUDXFKWH QXU ]ZHL ,QIRUPDWLRQHQ :R EHIDQG VLFK GLH %UFNH GXUFKGLH*KDQ=RWWRUJHW|WHWZRUGHQZDU":REHIDQGVLFKGLH,QVHO(NMDOWRQDXI GHU8UDGR[=RWWRUDQJHEOLFKLP)HXHUXPJHNRPPHQZDU" 'LH$QGHXWXQJHQGLH&K\EUDLQEHUGHQ([WUDVLQQJHPDFKWKDWWHKDWWHLFKULFKWLJ LQWHUSUHWLHUW &K\EUDLQ ZDU ³]HLWORV (LQ NXU]HU 7HVW EHVWlWLJWH PHLQH ,QWHUSUHWDWLRQ ,FK NRQQWH RKQH 6FKZLHULJNHLWHQ DXV GHU 5HDOJHJHQZDUW LQ GHU 9HUJDQJHQKHLWYHUVFKZLQGHQ ,FK PDFKWH PLFK ]XHUVW XQVLFKWEDU 'DQQ HUUHLFKWH LFK GLH %UFNH 'HU 8QIDOO PXWH VLFK YRU HWZD -DKUHQ HUHLJQHW KDEHQ 'LH %UFNH ZDU QDWUOLFK OlQJVW ZLHGHU HUULFKWHW ZRUGHQ ,FK KLHOW HLQLJH 0HWHU REHUKDOE GHU VWHLQHUQHQ :|OEXQJ DQ1XQOLHLFKGLH=HLWVFKQHOOUFNZlUWVODXIHQ 'LH 6]HQH EHKLHOW LFK LP $XJH ELV GLH EOLW]OLFKWDUWLJHQ %LOGHU ]HLJWHQ GD GLH %UFNH HLQJHVWU]W ZDU 1XQ YHUIXKU LFK HWZDV EHKXWVDPHU ELV LFK DQ HLQHQ =HLWSXQNWNDPDQGHPGLH%UFNHQRFKH[LVWLHUWH9RQKLHUDEJLQJHVZLHGHULQ 5LFKWXQJ=XNXQIW6FKRQQDFK6HNXQGHQKDWWHLFKGHQ=HLWSXQNW;HUUHLFKW *KDQ=RWWRUYHUOLHVHLQ+DXV(UZlKOWHGHQ:DVVHUZHJ]XU)RUWEHZHJXQJ$OVHU LQGHQ)OXVSUDQJ|IIQHWHLFKDOOHPHLQHSVLRQLVFKHQ6LQQH8QGGDZDUHVVFKRQ ZDV LFK YHUPXWHW KDWWH 'LH *HGDQNHQ ZDUHQ JODVNODU XQG YROOHU ,QWHQVLWlW XQG +D *KDQ 'LHVPDO HUZLVFKH LFK GLFK (V JLEW ]ZHL *UQGH GLFK ]X W|WHQ ,FK PX PHLQH QHXHQWGHFNWHQ .UlIWH WHVWHQ PHLQ *HVFKZLVWHU 8QG GX VW|UVW PLFK VFKRQ ODQJHVFKRQVHLWGHU=HLWGHU.LQGHUVSLHOHGHV7RK'XZROOWHVWVWHWVXQVWHUEOLFK VHLQ XQG YHUVXFKWHVW GDGXUFK GHQ 6LHJ ]X HUULQJHQ 2IW JHQXJ LVW GLU GDV DXFK JHOXQJHQ DEHU GX ZLUVW NHLQH *HOHJHQKHLW PHKU GD]X EHNRPPHQ ZHGHU LP 7RK 6SLHOQRFKLPUHDOHQ/HEHQ ,FKHQWGHFNWH8UDGR[=RWWRUGHUDXIGHP'DFKHLQHV1HEHQJHElXGHVKLQWHUHLQHP 6FKRUQVWHLQKRFNWH)UGHQ

'DVZDUVFKRQIDVWGHUOHW]WH%HZHLVIUPHLQH9HUPXWXQJHQ'LHVHU

=HLWWULFN EHGHXWHWH NHLQ 3DUDGR[RQ GD HV GHU 5HDOJHJHQZDUW HJDO VHLQ NRQQWH RE LFKIQI6HNXQGHQRGHUIQI6WXQGHQQLFKWDQZHVHQGJHZHVHQZDU ,FKEHUPLWWHOWHDOOHJHZRQQHQHQ'DWHQXQGEHUOLHGHP6FKLIIXQGGHP5RERWHU GLH $QDO\VH )U ;H[HU+LV EHGHXWHWHQ GLHVH 'DWHQ VLFKHU HLQHQ NOHLQHQ 6FKRFN $EHUGLH:DKUKHLWPXWHJHIXQGHQZHUGHQ 'DV7RKPXJHIXQGHQZHUGHQPDKQWHGHU([WUDVLQQ ³$FKWXQJ $WODQ 'LH 6WLPPH GHU 67(516&+1833( ,, VLJQDOLVLHUWH K|FKVWH (UUHJXQJ ³'LH EHLGHQ 7RGHVNULVWDOOH GLH DXI %MDYRUVW XQG

YRQGHU+HLPDWGHU5XKH (LQ =|OHQWHUDW YRP $XVVHKHQ 4XRU=RWWRUV VFKR DXV GHP :DVVHU XQG ODQGHWH JHVFKLFNWYRUPLU ³'X NDQQVW GLFK QLFKW YRU PLU YHUEHUJHQ $WODQ K|UWH LFK ³'HLQHQ HLI|UPLJHQ )UHXQGKDEHLFKEHUHLWVHOLPLQLHUW8QGMHW]WELVWGXGUDQ ³,FK HUNHQQH GLH 0DFKW GHV 7RK DQ OHQNWH LFK VFKHLQEDU HLQ ³,FK P|FKWH QXU ZLVVHQZDUXPGXDOOGLHVH'LQJHLQ6]HQHJHVHW]WKDVW 8UDGR[=RWWRU ODFKWH ³,FK ELQ GDV VWlUNVWH :HVHQ GDV GDV 8QLYHUVXP MH KHUYRUJHEUDFKWKDW'DPLWKDEHLFKGDV5HFKWGLHVHV8QLYHUVXPDOOHLQ]XEHOHEHQ $OOHV DQGHUH PX ZHLFKHQ 'LH 6HHOHQ GHU 7RWHQ PDFKHQ PLFK QRFK VWlUNHU ,Q .U]H H[LVWLHUHQ %MDYRUVW XQG

'HU.RSI(UHPLWVHUVFKLHQ'HUXUDOWH/HPXUHUYHU]LFKWHWHDXIHLQH%HJUXQJ(U NDXWHDXIVHLQHUVHOEVWJHEDVWHOWHQ=LJDUUHKHUXPXQGEOLFNWHPLFKQLFKWXQ]XIULHGHQ DQ ³)UHXQG ZDU KLHU NQXUUWH HU GDQQ XQG VSLH DXI GHQ %RGHQ ³(U VDJWH GLH .RPELQDWLRQ DXV GHLQHP *HLVW XQG GHU 0DVVH &K\EUDLQV KlWWH VLFK DOV UHFKW WDXJOLFKHUZLHVHQ(LQVFKODXHU9DWHUPLWHLQHPVWDUNHQ.LQG-DVRVDJWH)UHXQG (U ZLUNWH JDQ] ]XIULHGHQ 'X KDVW JXWH $UEHLW JHOHLVWHW ,FK VROO GLU VDJHQ GD GHLQH 0LVVLRQ EHHQGHW LVW XQG GD GX LQ .U]H QDFK 'DQNRU QHLQ ZLH KHLW GDV QRFK"²MDULFKWLJQDFK.UDQGKRU]XUFNNHKUHQNDQQVW:HQQGXQRFKHLQH%LWWH KDVWGDQQlXHUHVLHMHW]W 'LH 67(516&+1833( ,, EHVFKOHXQLJWH SO|W]OLFK RKQH GD LFK HLQHQ %HIHKO JHJHEHQ KDWWH *OHLFK]HLWLJ ZXUGH LKU 0DWHULDO KDOEWUDQVSDUHQW ,FK HUNDQQWH GD ZLUXQVEHUHLWVLP+\SHUUDXPEHIDQGHQ1XUGHU%LOGVFKLUPPLWGHP.RSI(UHPLWV EOLHEQRFKUHDOHUKDOWHQ ³)U ZHQ ZDU LFK LP 2UDQWDQ6\VWHP")UGLH.RVPRNUDWHQ"IUDJWHLFK(UHPLW ³8QGZLHVLHKWGHUDXVGHQGX)UHXQGQHQQVW" ³-HGHU VLHKW LKQ VR ZLH HU VLFK LKP ]HLJHQ ZLOO 'HU $OWH ODFKWH ³:LOOVW GX LKQ ZLUNOLFKVHKHQ" ³-D HUNOlUWH LFK HQWVFKLHGHQ 'DV %LOG GHV DOWHQ /HPXUHUV YHUVFKZDQG YRP 6FKLUP$QVHLQH6WHOOHWUDWPHLQ.RSI'LHVHU$WODQEOLFNWHPLFKPLWOLVWLJHQ$XJHQ DQXQG]ZLQNHUWHPLU]X ,FKYHUVWDQGGLH:HOWQLFKWPHKU 9LHOOHLFKWEHJLQQVWGXVLHMHW]W]XYHUVWHKHQPHLQWHGHU([WUDVLQQ 5DXP XQG =HLW QDKPHQ PLFK DXI 'LH 67(516&+1833( ,, ZXUGH YROOVWlQGLJ WUDQVSDUHQWXQGK|UWHDXI]XH[LVWLHUHQ,FKDEHUUDVWHZHLWHU 'DV2UDNHOYRQ.UDQGKRUZDUWHWHDXIPLFK (1'(