DerOelfund

'DVQHXH$EHQWHXHU

*HRUJ.XELDN'HUgOIXQG 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH

/L]HQ]1U (6$ 8PVFKODJXQG,OOXVWUDWLRQHQ:HUQHU3HWULFK 7\SRJUDILH)UDQ]0RVROI 6FKULIWS3ULPXV *HVDPWKHUVWHOOXQJ 'UXFNHUHL1HXHV'HXWVFKODQG%HUOLQ‡

+LQWHU 0DQDXV YHUVLQNW GLH 6RQQH LP 'VFKXQJHO GHV $PD]RQDV /DQJVDP ]LHKHQ GLH 6FKDWWHQ GHU 1DFKW KHU DXI 3DOPHQILHGHUQ VWUHLFKHQ ZLH VFKZDU]H )lFKHU EHU GHQGXQNHOYLROHWWHQ+LPPHO9HUNOXQJHQLVWGHU/lUPGHV 7DJHV 'LH IHXFKWH WURSLVFKH +LW]H EHVWLPPWH VHLQHQ $E ODXI 'LH 0HQVFKHQ KLHU VWHKHQ IUK DXI XQG VLH JHKHQ ]HLWLJVFKODIHQ 0LWHLOLJHQ6FKULWWHQQlKHUWVLFKHLQ0DQQHLQHUGHUJUR ‰HQ/DJHUKDOOHQXQZHLWGHV)OXVVHV(LQH=HLWODQJYHUKDUUW HU DXIPHUNVDP ODXVFKHQG 'D O|VW VLFK HLQH *HVWDOW DXV GHP6FKDWWHQGHU/DJHUKDOOH Ä-RVp"³UXIWGHU0DQQIOVWHUQG 'HU$QJHVSURFKHQHSDFNWLKQDP$UPXQG]LHKWLKQIRUW Ä:LUPVVHQZHLWHU3HGUR³ 6LH HLOHQ DQ ULHVLJHQ .LVWHQ DQ -XWHEDOOHQ )lVVHUQ XQG .DQLVWHUQ YRUEHL XQG HUUHLFKHQ GDV ,QVHOODE\ULQWK GHU VFKZLPPHQGHQ 6WDGW DXI GHP 5LR 1HJUR +XQGHUWH MD 7DXVHQGH YRQ +WWHQ HUULFKWHW DXI )O|‰HQ XQG %RRWHQ +LHUOHEHQGLH bUPVWHQGHU6WDGW'LHEHLGHQ EDODQFLHUHQ EHU GLH VFKZDQNHQGHQ /DXIVWHJH GLH GLH $EIDOOKDOGHQ GHV )OX‰XIHUV PLW GHQ VFKZLPPHQGHQ %HKDXVXQJHQ YHU ELQGHQ SDVVLHUHQ VFKZLPPHQGH %DUV XQG 5HVWDXUDQWV 6SHOXQNHQ LQ GHQHQ ]ZLHOLFKWLJH +lQGOHU XQG $XINlXIHU GLH 5HLFKWPHU GHV 8UZDOGHV LQ NOLQJHQGH 0Q]H XP ZDQGHOQ 9RUHLQHUVFKZLPPHQGHQ+WWHPDFKHQVLHKDOW6LHXQ WHUVFKHLGHW VLFK GXUFK QLFKWV YRQ GHQ DQGHUHQ %UHWWHU .DQLVWHUEOHFKHHLQ'DFKDXV3DOPHQZHGHOQ'HU)UHPGH JHKWYRUDQXQG]QGHWHLQHgOIXQ]HODQGDQQUXIWHU3HGUR KHUHLQ 'DV IODFNHUQGH /LFKW HUKHOOW GDV *HVLFKW GHV )UHPGHQ 3HGURHUVFKULFNWÄ'XELVWMDJDUQLFKW-RVp³

5XKLJVDJWGHUDQGHUHÄ-RVpNDQQQLFKWNRPPHQ³ (LQH$QNHUNHWWHNOLUUW3HGUR]XFNW]XVDPPHQ'DQQLVW ZLHGHU6WLOOH Ä8QGZHUELVWGX"+DWGLFK-RVpJHVFKLFNW"³IUDJW3HGUR HQGOLFK Ä,FKELQ)ODYLR8QG-RVpVROOWHVWGXOLHEHUYHUJHVVHQ³ 3HGURLVWEHWURIIHQÄ,VWLKPHWZDV]XJHVWR‰HQ"³ )ODYLR VHW]W VLFK DXI HLQH QLHGULJH /DJHUVWDWW XQG OlGW 3HGUR GXUFK HLQH +DQGEHZHJXQJ HLQ GDV JOHLFKH ]X WXQ Ä0LW VROFKHQ ZLH -RVp NDQQ MHGHQ 7DJ HWZDV SDVVLHUHQ³ PHLQWHU Ä+DWLKQGLH3ROL]HLHUZLVFKW"³HQWIlKUWHV3HGUR )ODYLRLVWEHUUDVFKWÄ'XZHL‰WZDVIU*HVFKlIWH-RVp WUHLEWXQGZLOOVWGLFKGHQQRFKPLWLKPHLQODVVHQ"³ +HIWLJZHQGHWVLFK3HGURXPÄ:DVJHKWåVGLFKDQ":HU ELVW GX EHUKDXSW"³ 8QG GD )ODYLR VFKZHLJW Ä0RUDOSUH GLJWHQPDFKHQPLFKQLFKWVDWW³ Ä8QGGDJODXEVWGXEHLP.DUWHQVSLHOGHLQ*OFN]XPD FKHQ³ 3HGURVLHKWLKQYHUGXW]WDQÄ:RKHUZHL‰WGX«³ )ODYLRELHWHWLKPHLQH=LJDUHWWHDQ6FKZHLJHQGUDXFKHQ VLH Ä,FK KDEH GLFK KlXILJ JHQXJ PLW -RVp LQ GHU .QHLSH KRFNHQ VHKHQ³ DQWZRUWHW )ODYLR Ä8QG ZLU NHQQHQ -RVp (UZROOWHHLQPDOHLQHQ.DPHUDGHQYRQXQVKHUHLQOHJHQ³ 3HGUR KHEW GHQ .RSI Ä'X KDVW $UEHLW"³ $OV )ODYLR QLFNW HUKHEW VLFK 3HGUR XQG JHKW HUUHJW LQ GHU +WWH DXI XQG DE 'DV )OR‰ VFKZDQNW XQWHU VHLQHQ 7ULWWHQ Ä'X NDQQVW NOXJ UHGHQ :DV KDEH LFK VFKRQ DOOHV YHUVXFKW $EHULFKEHNRPPHQLUJHQGVIHVWH$UEHLW0DQFKPDO]ZHL 7DJH LP 6lJHZHUN GDQQ ]ZHL :RFKHQ QLFKWV (LQHQ KDO EHQ 7DJ LQ GHU *XPPLZlVFKHUHL XQG GDQQ ZLHGHU QLFKWV .HLQ0HQVFKKlOWVRHLQ+XQJHUGDVHLQDXV³3HGURPDFKW

HLQH 3DXVH Ä'X KDVW VRJDU HLQH VFKZLPPHQGH +WWH « XQGLFK«³(UZLQNWDE Ä'XWUlXPVWYRQHLQHP3DODVW³VDJW)ODYLRLURQLVFK 7URW]LJ EOHLEW 3HGUR YRU LKP VWHKHQ Ä'X ZLUVW HV HUOH EHQ³VDJWHUÄ,FKEUDXFKHQXUHLQ$QIDQJVNDSLWDO³ Ä8QG-RVpEHVFKDIIWHVGLU$XVODXWHU0HQVFKHQIUHXQG OLFKNHLW³ Ä(ULVWPLUYHUSIOLFKWHW'DVPX‰LFKDXVQXW]HQ³ )ODYLR HUKHEW VLFK SDFNW 3HGUR EHL GHU 6FKXOWHU XQG GUHKWLKQ]XVLFKKHUXPÄ'XPDFKVWPLUHWZDVYRUXQGGLU VHOEVW DXFK 6ROO LFK GLU GLH :DKUKHLW VDJHQ" 'X KDVW EHL -RVp 6SLHOVFKXOGHQ 'DV 0HVVHU VLW]W GLU DQ GHU .HKOH 8QGQXQELVWGX]XMHGHP*HVFKlIWEHUHLW+DXSWVDFKHHV EULQJWZDVHLQ³ Ä8QGZHQQåVVRZlUH:DVNDQQLFKGDIUGD‰LFKNHLQH $UEHLW ILQGH -RVp LVW HLQ IHLQHU .HUO HU JLEW PLU HLQH &KDQFH³ (U EUDXFKW GLFK IU VHLQH 6FKPXJJHOJHVFKlIWH 'DUXP HUOl‰W HU GLU GHLQH 6SLHOVFKXOGHQ -D HU ZLUG GLU HLQLJH &UX]HLURV DOV .|GHU KLQZHUIHQ $EHU HU EHVWLPPW ZLH KRFKGLH3DOPHZlFKVW³ *HUHL]W VFKWWHOW 3HGUR )ODYLRV +DQG DE Ä'X ELVW ZRKO QHLGLVFK" 0|FKWHVW VHOEVW EHL -RVp HLQVWHLJHQ P|FKWHVW GHLQ *HOG RKQH 6FKXIWHUHL YHUGLHQHQ :HVKDOE NPPHUVW GXGLFKXPPHLQH$QJHOHJHQKHLWHQ"³ )ODYLRQLFNWÄ'XKDVWUHFKW ,FK KDE JHQXJ HLJHQH 6RU JHQ«³(UJHKW]XU7U|IIQXQJVFKLHEWGHQ9RUKDQJDXV DOWHQ -XWHVlFNHQ ]XU 6HLWH XQG VWDUUW LQ GLH 1DFKW 2KQH VLFK XP]XGUHKHQ VDJW HU Ä(LQHV NDQQVW GX PLU JODXEHQ *OFNDXIGLHVH:HLVHZHUGHLFKQLHVXFKHQ6RYLHOKDEH LFKLQGHQYHUJDQJHQHQ-DKUHQJHOHUQW8QGLFKKDEHWHXHU IUGLHVH/HKUHEH]DKOHQPVVHQ³

3HGUR HUZLGHUW VS|WWLVFK Ä'X ELVW ZLH GLH $OWHQ 6LH ZDUQHQ GLH -XJHQG YRU XQEHGDFKWHQ 6FKULWWHQ 'DQQ HU ]lKOHQ VLH HLQH UKUVHOLJH *HVFKLFKWH /HUQW GDUDXV $EHU ZlUHQ VLH DQ XQVHUHU 6WHOOH VLH ZUGHQ QLFKW DQGHUV KDQ GHOQ³ )ODYLRDQWZRUWHWQLFKWVRIRUW(UJHKWDQHLQ:DQGUHJDO KROW HLQH )ODVFKH 0DQLRNVFKQDSV KHUXQWHU HQWNRUNW VLH XQG UHLFKW VLH 3HGUR 1DFKGHP EHLGH JHWUXQNHQ KDEHQ VWHOOW)ODYLRGLH)ODVFKHDXIGHQ7LVFK Ä'XKDVWPLFKYRUKLQJHIUDJWRELFK$UEHLWKDEH³VDJW )ODYLRÄ,FKELQEHLGHU3HWUREUDVå «³ Ä2KHLQ3HWUROHUR³UXIW3HGUR Ä-DHLQ(UG|ODUEHLWHU8QGLFKELQVWRO]GDUDXI$EHULFK KDEH GRUQLJH 8PZHJH ]XUFNOHJHQ PVVHQ XP HV ]X ZHUGHQ$XVJH]RJHQELQLFKHLQVWJHQDXZLHGXPLWGHP 9RUVDW]DXIHLJHQH)DXVWGDV*OFN]X]ZLQJHQ³ Ä(U]lKOELWWH³VDJW3HGUR Ä'XKDVWGRFKHWZDV JHJHQUKUVHOLJH *HVFKLFKWHQ ODV VHQ ZLU DOVR GLH 9HUJDQJHQKHLW OLHEHU UXKHQ³ DQWZRUWHW )ODYLR 3HGUR OHJW VHLQH +DQG DXI )ODYLRV $UP Ä'LH %LWWHUQLV KDWPHLQH:RUWHJHSUlJW(U]lKOGRFK³ )ODYLRQLPPWHLQHQ6FKOXFNDXVGHU)ODVFKHXQGJLEWVLH DQ3HGURZHLWHU(UEHUOHJWÄ:LUVFKUHLEHQMHW]WGDV-DKU «-DPHLQH*HVFKLFKWHOLHJWIDVWDFKW-DKUH]XUFN 'DPDOVEHVD‰LFKLQGHU+JHOVWHSSHGHV0DWR*URVVRHLQ 6WFN /DQGXQG HLQH /HKPNDWH$XFK HLQHQ 2FKVHQ GUHL =LHJHQ XQG HLQLJH ,QGLDQHUKKQHU ,FK ELQ QlPOLFK HLQ DUPHU &DERFOR >:RUWHUNOlUXQJHQ DP 6FKOX‰ GHU (U ]lKOXQJ@ ZLH GX XQG KHL‰H )ODYLR &DUDP]D 8QG GDPDOV KDWWH LFK PHLQH )UDX ]X YHUVRUJHQ «³ )ODYLR EULFKW DE 'DQQVDJWHUVWRFNHQGÄ0HLQH7HUHVLWDZDUHLQKEVFKHV

:HLE 3HGUR (V ZDUHQ DXFK QRFK GLH EHLGHQ .LQGHU GD XQG PHLQ DOWHU 9DWHU 'HU OHKPLJH %RGHQ GHU VR URW ZDU ZLH GLH ,QGLDQHUKKQHU JDE ZHQLJ KHU 'HU +XQJHU KDWWH GDV/DFKHQDXVXQVHUHQ$XJHQYHUWULHEHQ

6RYHUOLH‰LFKHLQHV7DJHVPHLQ'RUI,FKJLQJQDFK5LR ZXUGHQ GRFK :XQGHUGLQJH HU]lKOW ZLH UHLFK PDQ JHUDGH LQ GLHVHU 6WDGW QDFK GHP .ULHJ ZHUGHQ NRQQWH 8QG LFK KDWWH DXFK *OFN $XI HLQHU %DXVWHOOH EHNDP LFK $UEHLW ,FKKDWWHQXQPHLQH6FKVVHO)HLMDRPLW6R‰HXQGNRQQWH MHGH :RFKH HLQ SDDU &UX]HLURV LQ PHLQHQ %UXVWEHXWHO VWHFNHQ ,FK ZDU IURK XQG KRIIWH EDOG PLW HLQHU QHXHQ &KDUHWWH GDKHLP YRUIDKUHQ ]X N|QQHQ 'DV KDOI PLU EHU GHQ7UHQQXQJVVFKPHU] 'HQQ LFK VHKQWH PLFK QDFK 7HUH VLWDXQGGHQEHLGHQ.LQGHUQ (V NDPHQ GLH YLHU 7DJH GHV EUDVLOLDQLVFKHQ .DUQHYDOV 6RYLHO$XVJHODVVHQKHLWKDWWHLFKLQPHLQHPJDQ]HQ/HEHQ QLFKWNHQQHQJHOHUQWhEHUDOOZXUGHJHWDQ]WJHVXQJHQXQG

JHODFKW,FKOLHILQGHU8QLIRUPHLQHV$GPLUDOVKHUXP'LH VFK|QVWHQ )UDXHQ LQ *ROGEURNDW PLW JOLW]HUQGHQ .|QLJV NURQHQXQGZHL‰HQ6FKOHSSHQODFKWHQPLU]X«$EHULFK ELQ HLQ DUPHU &DERFOR ,FK ZHL‰ GD‰ HLQ $UPHU QXU LP 7UDXP RGHU LP .DUQHYDO HLQ .|QLJ VHLQ NDQQ .DXP ZDUHQGLHOHW]WHQ6DPEDNOlQJHYHUKDOOWXQGGHUVFKPXW]L JH .RQIHWWLVFKQHH YRQ GHQ 6WUD‰HQ ZHJJHIHJW ZXUGH LFK YRQ GHU %DXVWHOOH HQWODVVHQ :HJHQ hEHUVFKX‰ DQ $U EHLWVNUlIWHQ ,Q :LUNOLFKNHLW KDW GHP %DXSROLHU PHLQH 1DVHQLFKWJHSD‰W ,FK ]RJ LQ GLH )DYHOD XQG EDOG ZDUHQ PHLQH &UX]HLURV DXIJHEUDXFKW 'D PX‰WH LFK PLW GHQ )DYHODGRV LP 8QUDW GHU6WUD‰HQVFKQIIHOQ'RFKLFKZDUMDYRQGDKHLPZHJ JHJDQJHQ XP *HOG ]X YHUGLHQHQ ,FK PX‰WH DOVR YRQ QHXHPPHLQ*OFNYHUVXFKHQ6RYHUOLH‰LFK5LRXQG]RJ QDFK GHP 1RUGHQ 0DQFKPDO PX‰WH LFK +XQJHU OHLGHQ PDQFKPDO IDQG LFK $UEHLW (QGOLFK YHUVFKOXJ HV PLFK QDFK 3DUD GDV DXFK %HOHP KHL‰W :RFKHQODQJ WULHE LFK PLFKGRUWKHUXP,FKKDWWHPHKU0RVNLWRVWLFKHDP.|USHU DOV &UX]HLURV LP %UXVWEHXWHO 'D HUIXKU LFK GD‰ PDQ LP IHUQHQ 0DQDXV /HXWH IU GLH 3DUDQX‰HUQWH EUDXFKWH ,FK ]|JHUWH ]XQlFKVW VR HLQH ZHLWH 5HLVH ]X XQWHUQHKPHQ 'DQQ HULQQHUWH LFK PLFK DQ GLH (U]lKOXQJHQ GHV DOWHQ /RSH] DXV PHLQHP +HLPDWGRUI GHU HLQVW ]X GHQ .DXW VFKXNSLUDWHQJHK|UWKDWWHXQGGHU0DQDXVNDQQWH9RQLKP ZX‰WH LFK GD‰ GLH 6WDGW REHUKDOE GHU 0QGXQJ GHV 5LR 1HJUR LQ GHQ $PD]RQDV OLHJW XQG GD‰ VLH (QGH GHV YHU JDQJHQHQ-DKUKXQGHUWVHLQZLFKWLJHU8PVFKODJSODW]IUHO RUREODQFRZDU7DXVHQGHZDUHQYRQKLHUDXVLQGLHWLHIHQ :lOGHUJH]RJHQXPYRQGHQ.DXWVFKXNElXPHQGLH0LOFK DE]X]DSIHQ 0HLVW ZDUHQ HV ,QGLRV /RSH] HU]lKOWH GD‰ HLQH 7RQQH JHHUQWHWHQ :LOGNDXWVFKXNV DFKW ,QGLRV GDV

/HEHQ JHNRVWHW KDEH 6LH VWDUEHQ DQ )LHEHU 'XUVW XQG 6FKODQJHQELVVHQ8QGZHUVWlUNHUZDUDOV7RGXQG7HXIHO GHQKDEHQGLH3HLWVFKHQGHU$XIVHKHUJHIlOOW« ,FKZDUDXFKQHXJLHULJREHVVWLPPWHGD‰GDPLWWHQLP 0DWR HLQH 6WDGW PLW +RFKKlXVHUQ 6WUD‰HQEDKQHQ XQG +RWHOVODJ²HLQHUHLFKH&LW\XQGQLFKWVRHLQDUPHV'RUI ZLHGDKHLP«³ 3HGUR XQWHUEULFKW LKQ Ä,FK ELQ LQ 0DQDXV JHERUHQ LFK ZHL‰ YRQ PHLQHP 9DWHU GD‰ GLH 6WDGW QRFK UHLFKHU JH ZRUGHQ ZlUH KlWWH QLFKW GHU (QJOlQGHU +HQU\ :LNNKDP XP  KHUXP HLQH JHKHLPH ([SHGLWLRQ XQWHUQRPPHQ XQG GHQ 6DPHQ GHV .DXWVFKXNEDXPHV JHVDPPHOW 0HLQ 9DWHU VDJW GD‰ QLHPDQG GDPDOV ZX‰WH DXI ZHOFKHQ :H JHQ :LNNKDP GHQ 6DPHQ QDFK /RQGRQ JHEUDFKW KDWWH $EHU GLH (QJOlQGHU NRQQWHQ QDFK HLQLJHQ -DKUHQ .DX WVFKXNSODQWDJHQLQGHU6GVHHDQOHJHQ'LHVH.RQNXUUHQ] KDWXQVHUH6WDGWDUPJHPDFKW³ Ä,FK NRQQWH DXI HLQHP +HFNUDGGDPSIHU DOV +LOIVKHL]HU DQKHXHUQ³ HU]lKOW )ODYLR ZHLWHU Ä'HU +HL]HU HLQ ,QGLR PDFKWH PLFK PLW GHU %HGLHQXQJ HLQHV 'DPSINHVVHOV YHU WUDXW :RKOEHKDOWHQ XQG GXUFK GLH .HQQWQLV HLQHV QHXHQ %HUXIHV EHUHLFKHUW ODQJWH LFK LQ 0DQDXV DQ (V ZDU GLH =HLW GHU 3DUDQX‰HUQWH XQG LFK EHNDP VRIRUW $UEHLW LQ HLQHU)DEULNLQGHUGLH3DUDQVVHIUGHQ([SRUWJHVFKlOW ZXUGHQ,FKYHUGLHQWHQLFKWYLHODEHULFKOHEWHEHVFKHLGHQ XQG VSDUWH MHGHQ &UX]HLUR 'HQQ LFK ZROOWH KHLP LFK OLWW LPPHUVWlUNHUXQWHUGHU7UHQQXQJYRQPHLQHP'RUIXQWHU GHU 8QJHZL‰KHLW ZLH HV 7HUHVLWD XQG GHQ .LQGHUQ JLQJ 'LH 3DUDQX‰HUQWH ZDU EDOG ]X (QGH XQG LFK ZDU ZLHGHU DUEHLWVORVZLHGXKHXWH3HGUR,FKKDWWHYLHO=HLWXQGVDK PLFK LQ GHU 8PJHEXQJ YRQ 0DQDXV HWZDV XP :lKUHQG PHLQHU 6WUHLI]JH HQWGHFNWH LFK HLQH 6WHOOH DQ GHU GHU

OHKPLJH%RGHQIHWWXQGIHXFKWZDUDOVKlWWHMHPDQGUDQ]L JHV gO GRUW YHUJRVVHQ $OV LFK QlKHU KHUDQJLQJ VDK LFK GD‰ HLQH EODXVFKZDU]H VFKPLHULJH )OVVLJNHLW DXV GHP %RGHQTXROO'RFKLFKVFKHQNWHGLHVHU(UVFKHLQXQJNHLQH EHVRQGHUH$XIPHUNVDPNHLW,FKZDUWHWHDXIHLQHSDVVHQGH *HOHJHQKHLWXPDOV+HL]HUGLH5FNUHLVHDQ]XWUHWHQGHQQ GDVVDXHUYHUGLHQWH*HOGZROOWHLFKQLFKWDQUKUHQ (QGOLFKIDQGLFKHLQHQ5DGGDPSIHUGHUQDFK%HOHP]X UFNIXKU XQG HLQHQ +HL]HU EUDXFKWH (V ZDU HLQ NOHLQHU DOWHU .DVWHQ PLW 6FKDXIHOUlGHUQ QLFKW YLHO JU|‰HU DOV GLH KRKHQ 5lGHU PHLQHU &KDUHWWH (U JHK|UWH GHP .DSLWlQ 'LH 0DQQVFKDIW EHVWDQG QXU DXV ]ZHL /HXWHQ GHP 6WHX HUPDQQ XQG GHP +HL]HU 8QG GHU +HL]HU GHU ZDU LFK 8QVHUH $EIDKUW YHU]|JHUWH VLFK HWZDV 'HU .DSLWlQ ZDU WHWHDXIGHQ]ZHLWHQ3DVVDJLHUHLQHQKDWWHQZLUEHUHLWVDQ %RUG(VZDUHLQMXQJHU%DXLQJHQLHXU0DQRHOGH&KDJDV GHU EHL GHQ (QWZUIHQ IU XQVHUH +DXSWVWDGW %UDVLOLD PLWJHZLUNWKDWWH«³ Ä%UDVLOLD³ UXIW 3HGUR Ä,FK P|FKWH HV JHUQ VHKHQ 'LH =HLWXQJHQ VDJHQ HV LVW HLQ *HGLFKW DXV *ODV XQG %HWRQ PLWWHQLQGHU:LOGQLV³ )ODYLROlFKHOWÄ,FKNDQQGLFKYHUVWHKHQ3HGUR'HUMXQ JH %DXLQJHQLHXU 0DQRHO XQG LFK ZLU KDEHQ XQV DQJH IUHXQGHW XQG LFK GXUIWH LKQ GX]HQ (U KDW PLU YLHO GDYRQ HU]lKOWZLHGLHVH6WDGWHLQPDODXVVHKHQZUGH³ )ODYLRQLPPWHLQHQ6FKOXFNDXVGHU)ODVFKHXQGHU]lKOW ZHLWHU Ä'HU ]ZHLWH 3DVVDJLHU ZDU HQGOLFK HUVFKLHQHQ (U KLH‰ =DFDULDV GH &DUYDMDO ZDU PLWWHOJUR‰ WUXJ RU GHQWOLFKH XQDXIIlOOLJH .OHLGXQJ (LQ HQJOLVFKHV 6FKQXUU ElUWFKHQ VFKPFNWH VHLQH 2EHUOLSSH ² HLQ 'XW]HQGJH VLFKW KlWWH PDQ VDJHQ N|QQHQ ZHQQ QLFKW GLH NOHLQHQ IOLQNHQ$XJHQJHZHVHQZlUHQ«(VIlOOWPLUVFKZHUGHQ

(LQGUXFNZLHGHU]XJHEHQGHQ HU]XHUVWDXI PLFK JHPDFKW KDW'HQQZDVVSlWHUIROJWH« 8QVHU 5DGGDPSIHU VFKZDPP VFKRQ HLQHQ 7DJ DXI GHP $PD]RQDVVWURPDXIZlUWV0HLQH+lQGHKDWWHQ6FKZLHOHQ XQG ZDUHQ KDU]YHUVFKPLHUW YRQ GHQ GLFNHQ +RO]VFKHLWHQ PLW GHQHQ LFK GHQ .HVVHO EHIHXHUW KDEH 0DQFKPDO VWLHJ LFKDXIV2EHUGHFNXPIULVFKH/XIW]XVFK|SIHQ'HQQGLH +LW]HEOLHEVLFKJOHLFKRELFKQXQYRUGHP)HXHUVFKOXQG GHV .HVVHOV VWDQG RGHU XQWHU GHP JOKHQGHQ %DOO GHU 6RQQH1XUGLH $XJHQ JODXEWHQ REHQ .KOXQJ ]X ILQGHQ LP'lPPHUJUQGHV0DWRGHU]XEHLGHQ8IHUQGHV$PD ]RQDV HPSRUZXFKV $P VFK|QVWHQ ZDU HV QDFKPLWWDJV ZHQQ GLH 6RQQH WLHI VWDQG 9RQ EHUDOOKHU GUDQJ V‰HU ZU]LJHU *HUXFK :HQQ ZLU DP 8IHU HQWODQJIXKUHQ NRQQWHLFKGLHWRSDVIDUEHQHQ2UFKLGHHQVHKHQGLHDQGHQ %lXPHQHPSRUZXFKHUWHQXQGGLH.ROLEULVGLHZLH(GHO VWHLQHIXQNHOWHQ $Q MHQHP 1DFKPLWWDJ KDWWH VLFK 0DQRHO PLU ]XJHVHOOW XQG UDXFKWH VHLQH 3IHLIH :LU ZDUHQ VFKRQ JXWH )UHXQGH JHZRUGHQ DQ GHP HLQHQ 7DJ GHQ GLH 5HLVH MHW]W ZlKUWH *OHLFKH *HGDQNHQ EHZHJWHQ XQV EHLP $QEOLFN GHV JH KHLPQLVXPZLWWHUWHQ8UZDOGHV 2ELKQMHHLQ0HQVFKGXUFKTXHUHQZLUG"å IUDJWHLFK :DUXPQLFKW(VJLEWEHLXQVYLHOH0HQVFKHQGLHPXWLJ VLQGXQG NOXJ 6LH ZHUGHQ HV VFKDIIHQ $EHU HV ZLUG =HLW XQG *HOG NRVWHQ YLHO *HOG 'LH :LVVHQVFKDIWOHU DUEHLWHQ EHUHLWVDQ3OlQHQZLHPDQGHQ$PD]RQDVGVFKXQJHOXUEDU PDFKHQ N|QQWH 'HU +XPXV OLHJW GRUW GUHL 0HWHU KRFK :HOFKH(UWUlJHNRQQWHPDQGHP%RGHQDEULQJHQ8Q]lK OLJH &DERFORV ZUGHQ /DQG EHNRPPHQ (V VLQG NKQH 3OlQH$EHUVLHVLQGUHDOå 8QG XP PLU ]X EHZHLVHQ GD‰ GHU 0HQVFK GHQ 8UZDOG

EHVLHJHQ NDQQ EHULFKWHWH HU YRQ %UDVLOLD GDV PLWWHQ LP 0DWR HUULFKWHW ZXUGH (U VFKZlUPWH YRQ 0DPPXWEDXWHQ DXI VFKODQNHQ 6WHO]HQ YRQ HLQHU .DSHOOH GLH ZLH HLQ 2PHOHWW ]XVDPPHQJHUROOW LVW (U EHVFKULHE GDV JHZDOWLJH 3UlVLGHQWHQSDODLV PLW GHQ VHJHOI|UPLJHQ 3IHLOHUQ $YHQL GDVVROOHVGRUWJHEHQ3HGURIUGHUHQhEHUTXHUXQJPDQ HLQ$XWREHQ|WLJW$EHULFKZLOOQLFKWDEVFKZHLIHQ 9RQ0DQRHOHUIXKULFKDXFKGD‰GHU$PD]RQDVGHUZDV VHUUHLFKVWH 6WURP GHU (UGH LVW 'LH 9LHO]DKO YRQ )OVVHQ XQG1HEHQVWU|PHQGLHLQLKQPQGHQKlWWHPLFKNRSIORV JHPDFKW8QGDXFKXQVHU.DSLWlQGHUGHQ$PD]RQDVJXW NDQQWH VD‰ RIW LP 6WHXHUKDXV EHU GHU .DUWH +DWWH HU HQGOLFK GHQ .XUV IHVWJHOHJW VR HUZLHV HU VLFK PDQFKPDO DOV IDOVFK :LU ZDUHQ LQ HLQHQ 1HEHQIOX‰ JHODQJW XQG PX‰WHQZLHGHU XPNHKUHQ 8QG GDQQ GLHVHU :LUUZDUUYRQ ,QVHOQ6DQGElQNHQXQG)HOVEDUULHUHQ-HGH0LQXWHPX‰WH PDQ HLQHQ =XVDPPHQVWR‰ EHIUFKWHQ 0lFKWLJH %DXP VWlPPH WULHEHQ GDKLQ NUlIWLJHV :XU]HOZHUN VFKZDPP YRUEHL LFK KDWWH $QJVW VLH N|QQWHQ GLH 6FKDXIHOUlGHU EORFNLHUHQ =DFDULDVGH&DUYDMDOEHNDPLFKLQGHUHUVWHQ=HLWVHOWHQ ]X VHKHQ :DKUVFKHLQOLFK KLHOW HU HV XQWHU VHLQHU :UGH HLQ:RUWPLWGHPGUHFNLJHQ +HL]HU ]X ZHFKVHOQ 0DQFK PDONDPHUDXVGHU.DSLWlQVNDMWHKHUDXVZRHUPLWGHP $OWHQ HLQH )ODVFKH :KLVN\ JHWUXQNHQ KDWWH 0DQRHO HU ]lKOWHPLUGD‰=DFDULDVDXFKLKQ]XHLQHP'ULQNHLQJHOD GHQ KDEH DEHU HU KDEH DEJHOHKQW =DFDULDV JDE VLFK DOV *HVFKlIWVPDQQ DXV XQG VDJWH GD‰ HU LQ %HOHP ZLFKWLJH 'LQJH]XHUOHGLJHQKDEH0DQRHOPHLQWHLKPVHLQLFKW]X WUDXHQ(UJHK|UH]XMHQHU6RUWHYRQ0HQVFKHQGLHXQVH UHQ DOWHQ .DVWHQ DOV /X[XVGDPSIHU ZHLWHUYHUNDXIHQ ZU GHQ :DV VROOWH LFK GDUDXI HUZLGHUQ" 'DPDOV NRQQWH LFK

QRFKQLFKWDKQHQZHOFKH5ROOH=DFDULDVLQPHLQHP/HEHQ EDOGVSLHOHQVROOWH (LQHV1DFKWVILHOVWDUNHU5HJHQ'HU+LPPHOZDUSHFK VFKZDU]XQGDQHLQH:HLWHUIDKUWZDUQLFKW]XGHQNHQ:LU KDWWHQ ]ZDU 3RVLWLRQVOLFKWHU JHVHW]W GRFK GLH *HIDKU PLW HLQHP DQGHUHQ )OX‰GDPSIHU ]X NROOLGLHUHQ ZDU JHULQJ 'HU 'DPSIHUYHUNHKU GHU LQ GHQ 0RQDWHQ GHU 3DUDQX‰ HUQWH-DQXDUELV0DLUHFKWUHJHLVWZDUMHW]WLP6HSWHP EHU DEJHHEEW ,Q HLQHU NOHLQHQ %XFKW OHJWHQ ZLU DQ (U VFK|SIWYRQGHQ0KHQGHV 7DJHV UXKWHLFKPLFKLQPHL QHU.DMWHDXV(LQOHLVHV=LWWHUQJLQJGXUFKGHQ'DPSIHU GLH 6WU|PXQJ ZROOWH LKQ IRUWWUHLEHQ /DQJH ODJ LFK ZDFK XQG WUlXPWH YRQ PHLQHU 7HUHVLWD XQG GHQ .LQGHUQ ,FK VFKPLHGHWH 3OlQH %HYRU LFK QDFK +DXV ]RJ ZROOWH LFK HLQLJH 5LQGHU NDXIHQ GDPLW ZUGH LFK GDQQ HLQH =XFKW DXIPDFKHQXQGYLHOOHLFKWZUGHLFKHLQHV7DJHVHLQNOHL QHU)D]HQGHLURZHUGHQ *HJHQ 0RUJHQ OLH‰ GHU 5HJHQ QDFK 'LH :RONHQGHFNH ]HUUL‰ GLH HUVWHQ 6WHUQH OHXFKWHWHQ DXI XP JOHLFK GDUDXI ZLHGHU ]X YHUEODVVHQ GHQQ GLH 6RQQH JLQJ DXI ,FK KDWWH PHLQH VWLFNLJH .DMWH GLH VWHXHUERUGV YRP .HVVHOUDXP ODJ YHUODVVHQ OHKQWH DQ GHU 5HOLQJ XQG EHREDFKWHWH GLH NUHLVFKHQGHQ $IIHQ 'HU $PD]RQDV ZDU KLHU EHVRQGHUV EUHLW GHQQ ]X EHLGHQ 8IHUQ PQGHWHQ DQGHUH )OVVH LQ LKQ .OHLQH :DOGLQVHOQ YRQ ZHL‰EOKHQGHQ :DVVHUSIODQ ]HQ XPNUlQ]W WURW]WHQ GHU 6WU|PXQJ +LQ XQG ZLHGHU VFKZLUUWH HLQ 3DSDJHL ]ZLVFKHQ GHQ GXQNHOJUQHQ 8U ZDOGULHVHQ 'LH $IIHQ KDWWHQ VLFK HQGOLFK EHUXKLJW GDIU GUDQJHQDQGHUH/DXWHDQPHLQ2KUDQORFNHQGXQGIXUFKW HLQIO|‰HQG(LQ.RQ]HUWDXV*HKHXO*H]HWHU:LQVHOQXQG -DPPHUQ'HU/lUPGHV8UZDOGV

1HEHQPLUVWDQG0DQRHOXQGUDXFKWHVHLQH3IHLIH$XFK HU VFKZLHJ EHUZlOWLJW YRQ GHU 9LHOIDOW GHU 1DWXU $XI HLQPDO GHXWHWH HU PLW VHLQHU 3IHLIH DXI HLQH HLJHQDUWLJH (UVFKHLQXQJ KLQ $Q HLQHU 6WHOOH TXLUOWH GDV OHKPJUDXH :DVVHUGHV$PD]RQDVXQGZLUEHOWHZLHHLQH4XHOOH 'DV :DVVHU ZLUNW LP 6FKDWWHQ VR EODXVFKZDU] GD‰ HV DXVVLHKWZLH(UG|OåVDJWHHU ,FKVDKJHQDXHUKLQXQGPX‰WHSO|W]OLFKDQHLQlKQOLFKHV %LOGGHQNHQGD‰LFKYRU:RFKHQ ZlKUHQG PHLQHU 6WUHLI ]JH LQ GHU *HJHQG YRQ 0DQDXV JHVHKHQ KDWWH 'RUW ZDU DXV GHP %RGHQ HLQH EODXVFKZDU]H IHWWLJH %UKH KHUDXV JHVSUXGHOW,FKKDEHVGLUMDVFKRQHU]lKOW'DYRQEHULFK WHWHLFK0DQRHO(UVDKPLFKDXIPHUNVDPDQ :LHZDUGHQQGLHVH%UKH"å 1D ZLH VFKRQ lKQOLFK ZLH 3HWUROHXPå ,FK GDFKWH DQ GLHIHWWJOlQ]HQGHQ.ROEHQGHU'DPSIPDVFKLQH (UG|O" 6FKRQ P|JOLFKå (U EHVFKlIWLJWH VLFK PLW VHLQHU 3IHLIH 1DFK HLQHU :HLOH IUDJWH HU +DW HV MHPDQG DX‰HU GLUJHVHKHQ"å :HLWXQGEUHLWOHEWGDNHLQ0HQVFKå 8QGHU]lKOWKDVWGXHVDXFKNHLQHP"å ,FKYHUQHLQWH0DQRHOZXUGHDXIHLQPDOOHEHQGLJ:HQQ GDVVWLPPW)ODYLRGDQQNHKUVWGXUHLFK]XGHLQHU7HUHVLWD ]XUFNXQGGLH1RWIOLHKWIULPPHU]XP)HQVWHUKLQDXVå ,FKNRQQWHHVQLFKWJODXEHQGD‰PHLQH(QWGHFNXQJYRQ VR JUR‰HU %HGHXWXQJ VHLQ VROOWH GD‰ VLH PHLQ JDQ]HV /HEHQ lQGHUQ ZUGH 'HVKDOE EDW LFK 0DQRHO HV PLU LQ PHLQHU.DMWHJHQDXHU]XHUNOlUHQ $OVZLUXQVXPZDQGWHQHUEOLFNWHQZLU8UXEXGHUQLFKW ZHLW YRQ XQV DQ GHU 5HOLQJ OHKQWH :LU KDWWHQ LKQ QLFKW NRPPHQK|UHQ³ )ODYLR XQWHUEULFKW VHLQH (U]lKOXQJ Ä'X ZLUVW IUDJHQ

ZHU 8UXEX ZDU 1XQ QLHPDQG DQGHUV DOV XQVHU ]ZHLWHU 3DVVDJLHU =DFDULDV GH &DUYDMDO ,FK KDEH LKP GLHVHQ 1D PHQ YLHO VSlWHU JHJHEHQ DEHU VFKRQ GDPDOV DOV HU VR DQ GHU5HOLQJVWDQGVFKHLQEDU JOHLFKJOWLJ XQG GRFK LUJHQG ZLH DXIPHUNVDP HULQQHUWH HU PLFK DQ GLH 8UXEXV GLH $DVJHLHU 'X NHQQVW VLH DXFK ,Q 6FKDUHQ XPNUHLVHQ VLH GLH VFKZLPPHQGH 6WDGW YRQ 0DQDXV VLH VLQG HNHOHUUH JHQGXQGGRFKQW]OLFKGHQQVLHVlXEHUQGLH*HJHQGYRQ $EIlOOHQ XQG 8QUDW 'RFK GLHVHU 8UXEX QW]WH QXU VLFK VHOEVWGDVVROOWHLFKEDOGDPHLJHQHQ/HLEHHUIDKUHQ ,Q PHLQHU .DMWH HUIXKU LFK GDQQ YRQ 0DQRHO GD‰ LFK ZHQQ LFK PHLQHQ gOIXQG DQPHOGHWH HLQH EHWUlFKWOLFKH )XQGSUlPLHYRQGHU(UG|OJHVHOOVFKDIWHUKDOWHQZUGH)U HLQHQDUPHQ&DERFORZDUGDVHLQ9HUP|JHQ0DQRHOOLH‰ VLFK DXFK JHQDX PHLQHQ GDPDOLJHQ :HJ EHVFKUHLEHQ XQG YHUIROJWH LKQ DQ +DQG HLQHU .DUWH 'DQQ IHUWLJWH HU HLQH 6NL]]H YRQ GHP XQJHIlKUHQ 6WDQGRUW GHU )XQGVWHOOH (U KLHOW GDULQ JHQDX GLH 1DPHQ GHU )OVVH IHVW GLH LFK GD PDOV EHUTXHUW KDWWH $XI VHLQ *HKHL‰ KLQ YHUZDKUWH LFK GLH 6NL]]H VRUJVDP LQ PHLQHP %UXVWEHXWHO +lWWH LFK JHDKQWGD‰GLHVHV6WFN3DSLHUEHLQDKHPHLQ 9HUKlQJQLV JHZRUGHQ ZlUH LFK KlWWH NHLQ 6WHUEHQVZRUW EHU GLH EODXVFKZDU]H4XHOOHYHUORUHQ³ Ä,FKZlUHQXUELV 2ELGRV JHIDKUHQ³ VDJWH 3HGUR Ä'RUW KlWWHLFKGHQQlFKVWHQ'DPSIHUQDFK0DQDXVJHQRPPHQ XPGHQgOIXQGDQ]XPHOGHQ³ )ODYLR QLFNWH Ä0DQRHO KDW HV PLU DXFK JHUDWHQ $EHU XQVHU'DPSIHUKDW2ELGRVQLHHUUHLFKW'RFKLFKZLOOQLFKW YRUJUHLIHQ 1DFK GHP *HVSUlFK PLW 0DQRHO LQ GHP LFK LKPPHLQHQgOIXQGHQWGHFNWKDWWHEHUZDQG8UXEXVHLQH 5HVHUYLHUWKHLW PLU JHJHQEHU $P VSlWHQ 1DFKPLWWDJ GHV JOHLFKHQ7DJHVVXFKWHHUPLFKLP.HVVHOUDXPDXI

,FK ZDU EHU GLHVHQ %HVXFK VHKU YHUZXQGHUW $EHU LFK IKOWH PLFK DXFK HLQ ZHQLJ JHVFKPHLFKHOW ,QVJHKHLP KDWWH HV PLFK GRFK JHNUlQNW GD‰ =DFDULDV QLH 1RWL] YRQ PLU QDKP 'DEHL KlWWH LFK PLU GDPDOV VFKRQ VDJHQ N|Q QHQGD‰8UXEXVHLQ9HUKDOWHQQLFKWRKQH*UXQGVRSO|W] OLFKlQGHUWH ,FKZDUQWH8UXEXYRUGHU+LW]HGHV.HVVHOUDXPHV$EHU HUODFKWHQXUGDUEHU$XFKHUVHL$UEHLWJHZRKQW(UKlWWH VHLQ /HEHQ QLFKW LPPHU DXI GHU &KDUHWWH YHUEUDFKW 8QG KHXWH QRFK VSUH HU :LGHUZLOOHQ ZHQQ HU DP 7LVFK YRQ /HXWHQ VLW]H GLH RKQH 6FKZLHULJNHLWHQ XQG .DPSI HLQ IDFK DXI GHQ *HOGEHXWHO GHU (OWHUQ JHVWW]W LKUH .DUULHUH PDFKHQNRQQWHQ $P GDUDXIIROJHQGHQ $EHQG VXFKWH PLFK 8UXEX HLQH )ODVFKH :KLVN\ XQWHUP $UP LQ PHLQHU .DMWH DXI ,FK JHVWHKH HKUOLFK GD‰ LFK VWRO] ZDU 'HU IHLQH +HUU YRP 2EHUGHFN VD‰ PLW GHP +HL]HU DQ HLQHP 7LVFK XQG WUDQN PLW LKP 'HU $ONRKRO O|VWH XQVHUH =XQJHQ XQG 8UXEX HU]lKOWHPLUHLQLJHVDXVVHLQHP/HEHQ .HQQVWGX5LR"å IUDJWHHUPLFK,FKEHMDKWHHV 8QGZHL‰WGXZDVGLH)DYHODLVW"å (LQ (OHQGVYLHUWHOå HUZLGHUWH LFK LFK NHQQH HV QXU ]X JXWå ,QGHU)DYHODELQLFKJUR‰JHZRUGHQå :LUPX‰WHQGDUDXIWULQNHQ8QGPLWHLQHPPDOKDWWHLFK JUR‰HV 9HUWUDXHQ ]X LKP (U LVW HLQHU ZLH GX PX‰WH LFK GHQNHQ (LQ DUPHU +XQG GHU HWZDV *OFN LP /HEHQ JH KDEWKDW +DVWGXDXFKGLH:RONHQNUDW]HULQ5LRJHVHKHQ"å IUDJWH 8UXEX9HUJL‰QLFKW5HLFKWXPHUKHEW8QGZLUPX‰WHQLQ +|KOHQKDXVHQ$UPXWHUQLHGULJWDEHUVLHELQGHWDQHLQDQ GHU 'DV GDUIVW GX DXFK QLFKW YHUJHVVHQ )U GLH *UR‰HQ

ODXWHWGLH*UXQGUHJHOGLHVHUYHUUFNWHQ:HOW/HEHP‰LJ )UGLH.OHLQHQ/HUQH]XNXVFKHQ,FKKDEHPHLQHQ1DN NHQ EHXJHQ PVVHQ ,FK ZKOWH LP 8QUDW GHU 6WUD‰H SXW]WH 6FKXKH WUXJ .RIIHU ² YHUVXFKWH DXI HKUOLFKH $UW PHLQ*HOG]XYHUGLHQHQ$EHUEHUDOOVD‰HQ=ZLVFKHQYHU GLHQHU GLH DXV PHLQHQ 6FKZHL‰WURSIHQ .DSLWDO VFKOXJHQ 6LHVHOEVWWDWHQZHQLJWUDQNHQHLVJHNKOWH2UDQJHDGHXQG EHZDKUWHQ HLQHQ NKOHQ .RSI 6LH QDQQWHQ VLFK $UEHLWV YHUPLWWOHU $JHQWHQ =ZLVFKHQDJHQWHQ 3DGURQH XQG ZHL‰ GHU7HXIHOZLHQRFK6LHEHVWDKOHQPLFKXPPHLQHVFKZHU YHUGLHQWHQ &UX]HLURV XQG EHPRJHOWHQ LKUH &KHIV ,FK EHNDP HV HQGOLFK VDWW LPPHU EHJDXQHUW ]X ZHUGHQ 8QG HLQHV7DJHVID‰WHLFK0XWXQGHUNOHWWHUWHGLHHUVWH6SURVVH GHU(UIROJVOHLWHUå (USURVWHWHPLU]XVHLQHNOHLQHQ$XJHQIXQNHOWHQ'HQ $XVVFKODJ JDE GHU .DSLWlQ HLQHV 'DPSIHUV DXI GHP LFK DOV+HL]HUDQJHIDQJHQKDWWH«å 6LHZDUHQ+HL]HU"å ULHILFKHUVWDXQWDXV 8UXEXOlFKHOWHNUHPSHOWHGDQQGHQbUPHOVHLQHV2EHU KHPGHV KRFK XQG ]HLJWH PLU VHLQHQ %L]HSV $XFK VHLQH +lQGHEHZLHVHQGD‰HUZLUNOLFKHLQPDOVFKZHUJHDUEHLWHW KDWWH ,FK ELQ GLH 6WUHFNH %HOHP²0DQDXV HLQLJHPDO VWURPDXIZlUWVXQGDXFKDEZlUWVJHVFKZRPPHQ8QG DOV LFK JODXEWH HLQ IHLQHV 6PPFKHQ EHLVDPPHQ ]X KDEHQ NQGLJWH LFK EHLP .DSLWlQ 'RFK DOV LFK PHLQHQ HKUOLFK YHUGLHQWHQ/RKQIRUGHUWH]HLJWHPLUGLHVHUQXUGLH)DXVW ,FK ]RJ GDUDXV HLQH /HKUH ,P /HEHQ ZHUGHQ YLHOH .lPSIHDXVJHWUDJHQ'LH0LWWHOGLHPDQGDEHLDQZHQGHW VLQG YHUVFKLHGHQ )DLUQH‰ PDFKW OHLFKW EOLQG $XFK HLQ 7LHIVFKODJLVWHUODXEWZHQQPDQLKQJHNRQQWDQEULQJW-D YHUGDPPWLFKZDUEOLQGJHZHVHQWDXVHQGPDOEOLQG²LFK KDWWHJHVHKHQZLHPDQ]X*HOGNRPPHQNDQQXQGKDWWH

HVQLFKWYHUVXFKW'DVVROOWHDQGHUVZHUGHQå (U ODFKWH XQG VFKOXJ PLU DXI GLH 6FKXOWHU $XFK GX NDQQVW DXV GHP .HVVHOUDXP DXIV 2EHUGHFN VWHLJHQ 'X GDUIVWQXUGLH JQVWLJH &KDQFH QLFKW YHUSDVVHQ 0DQ GDUI QLFKW]XDQVWlQGLJVHLQVRQVWZLUGPDQDXVJHQXW]Wå

,UJHQGZLH ]RJ PLFK VHLQ 6FKLFNVDO DQ (V JOLFK GHP PHLQHQ$EHUHLQLJHVZDVHUJHVDJWKDWWHVWLH‰PLFKDXFK ZLHGHUDE%HYRU8UXEXJLQJJDEHUPLUQRFKHLQHQ5DW 1LFKWVJHJHQGHQ%DXLQJHQLHXU(UPDJHLQIHLQHU .HUO VHLQ$EHUGXPX‰W]XXQVHUHVJOHLFKHQKDOWHQ'HQNGDUDQ $UPXWYHUELQGHWå $OV 8UXEX JHJDQJHQ ZDU ODJ LFK QRFK ODQJH ZDFK XQG JUEHOWH0HLQ/HEHQODJYRUPLUDXVJHEUHLWHW(LQVFKZH UHV /HEHQ )UHXGORV )UHXGORV" 8QG 7HUHVLWD XQG PHLQH .LQGHU" 8QG 0DQRHO KDWWH GRFK JHVDJW GD‰ VLFK PHLQ /HEHQ lQGHUQ ZUGH GXUFK GHQ gOIXQG ,FK EHUOHJWH RE

LFKQLFKWDXFK8UXEXPHLQJU|‰WHV*HKHLPQLVDQYHUWUDXHQ VROOWH'DQQYHUZDUILFKGHQ*HGDQNHQ %HL GHU QlFKVWHQ %HJHJQXQJ PLW 0DQRHO HU]lKOWH LFK LKP YRQ 8UXEX 6HLQH HUVWH )UDJH ZDU RE LFK LKP PHLQ *HKHLPQLV SUHLVJHJHEHQ KlWWH $OV LFK YHUQHLQWH OREWH HU PLFK :LHGHU VDJWH HU HV JHEH /HXWH GLH VR JHULVVHQ VHLHQGD‰VLHXQVHUHQDOWHQ)OX‰GDPSIHUDOV2]HDQGDPS IHUYHUNDXIHQZUGHQ²XQGVRHLQHUVHL8UXEX 'RFK PLU JLQJHQ 8UXEXV :RUWH GXUFK GHQ 6LQQ 'X PX‰WGLFK]XXQVHUHVJOHLFKHQKDOWHQå $UJZRKQEHVFKOLFK PHLQ +HU] 9LHOOHLFKW KDWWH 8UXEX UHFKW :HU ZDU LFK GHQQ" (LQ DUPHU GUHFNLJHU &DERFOR HLQ 0LVFKOLQJ 8QG GLHVHU 6HQKRU GHU SUlFKWLJH +RFKKlXVHU EDXWH VROOWH DXVJHUHFKQHW ]X PLU KDOWHQ" $XV ZHOFKHP *UXQG" (LQ Kl‰OLFKHU *HGDQNH NDP LQ PLU DXI :LH ZHQQ HU VLFK PHLQHVgOIXQGHVEHPlFKWLJHQZROOWH"(UKDWWHGLH6NL]]H DQJHIHUWLJWHUZUGHGHQ2UWMHGHU]HLWILQGHQ $EHU DXFK GLH :DUQXQJHQ 0DQRHOV YRU 8UXEX IDQGHQ :LGHUKDOO EHL PLU 9LHOOHLFKW KDWWH 8UXEX PHLQ *HVSUlFK PLW0DQRHOEHODXVFKWXQGZROOWHPLFKQXQDXVERRWHQ,FK HULQQHUWH PLFK DQ HLQ (UOHEQLV GDV LFK LQ 5LR KDWWH 'RUW DXIGHU %DXVWHOOH JDE HV HLQHQ JHZLVVHQ 'LHJR 9RP HLQ IDFKHQ+LOIVDUEHLWHUKDWWHHUVLFK]XP%DXSROLHUKLQDXIJH DUEHLWHW (U IDQG *HIDOOHQ DQ PLU XQG OXG PLFK HLQLJHPDO ]X HLQHP =XFNHUURKUVFKQDSV HLQ (U ZDU RIIHQKHU]LJ XQG UHGVHOLJ ,FK EHUZDQG PHLQH =XUFNKDOWXQJ XQG QDKP NHLQ%ODWWYRUGHQ0XQG ,FKEHNODJWHPLFKEHUGLHYLH OHQ0L‰VWlQGHDXIGHP %DX DXFKEHUGLH XQSQNWOLFKHQ /RKQ]DKOXQJHQ.XU]QDFKGHP.DUQHYDOZXUGHLFKGDQQ HQWODVVHQ$QJHEOLFKZHJHQhEHUVFKX‰DQ$UEHLWVNUlIWHQ ,FK DOOHLQ 'HQ ZDKUHQ *UXQG KDEH LFK HUVW YLHO VSlWHU HUNDQQW 'LHVHU 'LHJR PX‰ PLW XQVHUHQ /RKQJHOGHUQ

6FKLHEHUHLHQ EHWULHEHQ KDEHQ 'LH DQGHUHQ VFKZLHJHQ GD]X6LHZDUHQYRUVLFKWLJ,FKDEHUKDWWHJHUHGHWZHLOLFK 'LHJRYHUWUDXWH 9LHOOHLFKWZROOWH8UXEXVLFKDXFKQXULQPHLQ9HUWUDXHQ VFKOHLFKHQ XQG KDWWH HU HUIDKUHQ ZDV HU ZLVVHQ ZROOWH ZUGH HU ]XVFKODJHQ ,FK HUVFKDXHUWH :DV IU (PSILQ GXQJHQ KDWWH LFK GD SO|W]OLFK" :LH VROOWH LFK LP /HEHQ ZHLWHUEHVWHKHQ VWlQGLJ YRQ 0L‰WUDXHQ JHSHLQLJW" ,FK VFKlPWHPLFK³ 3HGUR IlKUW lUJHUOLFK GD]ZLVFKHQ Ä'X KDVW GRFK LQ 5LR /HKUJHOG IU GHLQH 9HUWUDXHQVVHOLJNHLW ]DKOHQ PVVHQ 'LHVHU8UXEXKDWGLFKZLUNOLFKEHWURJHQQLFKWZDKU"³ )ODYLR ZLQNW DE Ä+HXWH NDQQ LFK DXFK NOXJ UHGHQ 'D PDOV ZX‰WH LFK QRFK QLFKW GD‰ 8UXEX HLQ $JHQW GHU 6WDQGDUG 2LOå ZDU 6HLQ ,QWHUHVVH JDOW ZLUNOLFK QXU PHL QHPgOIXQG (V ZDU DP 1DFKPLWWDJ ,FK EHIDQG PLFK JHUDGH ZLHGHU DXIGHP2EHUGHFNXPIUNXU]H=HLWGHU*OXWGHV.HVVHO UDXPHV ]X HQWULQQHQ 8USO|W]OLFK HUVFKWWHUWH HLQ PlFKWL JHU 6WR‰ GHQ )OX‰GDPSIHU .UDFKHQ XQG %HUVWHQ HUIOOWH GLH /XIW 8QZLOONUOLFK VSUDQJ LFK ]XUFN 9RU PHLQHQ $XJHQYHUERJVLFKGDV6WHXHUKDXVDOVZlUHHVDXV3DSSH .ROOLVLRQ ZDU PHLQ HUVWHU *HGDQNH 2E ZLU DXI HLQH 6DQGEDQN DXIJHODXIHQ ZDUHQ RE HLQ %DXPVWDPP GLH 6FKDXIHOUlGHU EORFNLHUW KDWWH ² LFK ZHL‰ HV KHXWH QRFK QLFKW ,FK K|UWH 6FKUHLH GDQQ GDV =LVFKHQ GHV 'DPSIHV GHULQZHL‰HQ)RQWlQHQDXVGHP.HVVHOUDXPHQWZLFK(LQ ]ZHLWHU QRFK KHIWLJHUHU 6FKODJ WUDI GHQ 'DPSIHU (LQH XQVLFKWEDUH.UDIWGUFNWHGDV6FKLIIVWHXHUERUGV]XU6HLWH ,FKGXUIWHNHLQH0LQXWHYHUOLHUHQZROOWHLFKQLFKWYRQGHQ 3ODQNHQ]HUTXHWVFKWZHUGHQ6RVSUDQJLFKLQGHQ$PD]R QDV,QPHLQHU1lKHVFKULHMHPDQGXP+LOIH,FKHUNDQQWH

0DQRHO GHU ZLOG PLW GHQ $UPHQ XP VLFK VFKOXJ (U NRQQWH ZRKO QLFKW VFKZLPPHQ ,FK ZROOWH LKP ]X +LOIH HLOHQ GRFK LFK ELQ VHOEVW NHLQ JXWHU 6FKZLPPHU 6R ZDQGWH LFK PLFK GHP 8IHU ]X ,FK VFKZDPP JHJHQ GLH UHL‰HQGH 6WU|PXQJ DEHU LFK NDP QLFKW YRP )OHFN %DOG YHUOLH‰HQPLFKPHLQH.UlIWH,FKZXUGHYRQHLQHP6WUXGHO HUID‰W KHUXPJHZLUEHOW XQG LQ GLH 7LHIH JH]HUUW ,FK JODXEWHHVVHLGDV(QGH«³ )ODYLR VWRFNW 6FKZHL‰WURSIHQ EHGHFNHQ VHLQH 6WLUQ Ä3HGUR HV VWLPPW QLFKW ZDV VR HU]lKOW ZLUG GD‰ PDQ LQ VROFKHQ $XJHQEOLFNHQ VHLQH 9HUJDQJHQKHLW GXUFKOHEW ,FK YHUVSUWH QLFKWV GDYRQ 'LH *HJHQZDUW GHU :LOOH ]XP /HEHQ GHU *HGDQNH DQ PHLQH )DPLOLH HUIOOWHQ PLFK VR VWDUN GD‰ LFK GHP XQDEZHQGEDUHQ 8QWHUJDQJ ELV ]XOHW]W WURW]HQ ZROOWH ,FK VFKOXJ XP PLFK XQG WDXFKWH DXV GHQ )OXWHQ DXI 'HU )OX‰GDPSIHU EUDQQWH OLFKWHUORK ,FK WDW HLQLJH NUlIWLJH 6FKZLPPEHZHJXQJHQ XP DXV GHP 6WUX GHO]XNRPPHQDEHUHLQ6FKODJLQGHQ1DFNHQUDXEWHPLU GLH6LQQH $OVLFK]XPLU NDP JLQJ GLH 6RQQH EHUHLWV DXI ,FK ODJ LP 6FKXW] NQRUULJHQ :XU]HOZHUNHV XQG K|UWH QXU GDV 5DXVFKHQGHV6WURPHVGDV.UHLVFKHQGHU9RJHOVFKZlUPH XQGGDVHLQI|UPLJH-DPPHUQGHU%UOODIIHQ:HUKDWVLFK PHLQHU DQJHQRPPHQ GDFKWH LFK XQG ZR VLQG GLH DQGH UHQ" ,FK EOLFNWH ]XP )OX‰ KLQEHU 'DV 6WDKOVNHOHWW GHV 'DPSIHUV VFKZHOWH QRFK ,FK EHJDQQ ]X VFKUHLHQ 'HU 8UZDOG VFKZLHJ 'RFK GDQQ VDK LFK HLQ 8QJHKHXHU YRU PLU 6FKODPPEHGHFNW VWDQG GD « HLQ 0HQVFK 8UXEX ZDUåV :LHVHKHQ6LHGHQQDXVå ULHILFKHQWVHW]W 'DV 8IHU LVW PRUDVWLJ GHU :DOGERGHQ DXIJHZHLFKW $EHU GX KlWWHVW OLHEHU IUDJHQ VROOHQ ZHU GLU GDV /HEHQ

JHUHWWHWKDWåHQWJHJQHWH8UXEX -DULFKWLJLFKKDWWHGRFKLP )OX‰ GLH %HVLQQXQJ YHUOR UHQ$OVRZDU8UXEXPHLQ5HWWHU 8QGZRVLQGGLHGUHLDQGHUHQ"å IUDJWHLFK 8UXEX ]XFNWH GLH 6FKXOWHUQ :RKHU VROO LFK HV ZLVVHQ :DKUVFKHLQOLFKWRWå $XFK0DQRHO"å 8UXEXVFKZLHJ (UVW MHW]W ZXUGH PLU ULFKWLJ EHZX‰W ZDV LFK 8UXEX ]X YHUGDQNHQ KDWWH ,FK HUKRE PLFK PDFKWH GLH HUVWHQ 6FKULWWH XQG VWHOOWH IHVW GD‰ LFK LP 9ROOEHVLW] PHLQHU .UlIWHZDU,FKUHLFKWH=DFDULDVGLH+DQG 9LHOHQ 'DQN 6HQKRU « 9RQ QXQ DQ ELQ LFK LQ ,KUHU 6FKXOGå 'HQ6HQKRU NDULQVW GX GLU VFKHQNHQ :HQQ GHU 8UZDOG EUHQQW VXFKHQ GHU -DJXDU XQG GDV 3HNDUL6FKZHLQ HLQ WUlFKWLJ 6FKXW] $XFK ZLU VLQG MHW]W DXI *HGHLK XQG 9HU GHUEDXIHLQDQGHUDQJHZLHVHQ /D‰XQVOLHEHUEHUDWHQZLHZLUKLHUIRUWNRPPHQå 'LH %HUDWXQJ ZDU NXU] 'LH QlFKVWH 6WDGW ZDU 0DQDXV :LU PX‰WHQ YHUVXFKHQ HV ]X HUUHLFKHQ DOVR GHQ :HJ ]XUFNGHQZLUPLWGHP'DPSIHUJHNRPPHQZDUHQ'DV NOLQJW MHW]W DOV KlWWHQ ZLU HLQHQ :RFKHQHQGDXVIOXJ PD FKHQ ZROOHQ $EHU XQV VWDQG HLQ 0DUVFK GXUFK GLH JUQH +|OOHEHYRU2KQH.RPSD‰RKQH/HEHQVPLWWHO8PJHEHQ YRQ HLQHU XQEHUHFKHQEDUHQ 0DFKW GLH ZLU ]X IUFKWHQ KDWWHQ GLH 1DWXU :LU KDEHQ VLH LQ GHQ IROJHQGHQ 7DJHQ RIWEHZXQGHUWXQGJOHLFK]HLWLJLKUH7FNHYHUIOXFKW 8QWHU GHP JUQHQ :DOGGDFK EHU XQV JOKWHQ GLH 6FKPHWWHUOLQJH XQG JOLW]HUWHQ GLH 3DSDJHLHQ 2IW KLHOWHQ ZLU JUHOOEXQWH 2UFKLGHHQ IU 9|JHO XQG IXQNHOQGH .ROL EULV IU ZLQ]LJH %OWHQ ,Q GHQ 8IHUEXFKWHQ VRQQWHQ VLFK

5HLKHUXQG)ODPLQJRV7XNDQHPLWLKUHQ5LHVHQVFKQlEHOQ VD‰HQZLHYHUVWHLQHUWXQWHUGHQKlQJHQGHQXQGVFKZHEHQ GHQ*lUWHQ0DQFKPDOJODXEWHQZLUXQVLQHLQHU0lUFKHQ ZHOW]XEHZHJHQ:LUZDUHQZLHEHWlXEWYRQGHPZU]L JHQ XQG V‰HQ *HUXFK YRQ %OXPHQ XQG +|O]HUQ :HQQ ZLU HUVFK|SIW XQG GXUVWLJ DQV 8IHU WUDWHQ XP ]X WULQNHQ JUXEHQVLFK$OOLJDWRUHQDXVGHP0RUDVWJORW]WHQXQVDXV LKUHQKHUYRUTXHOOHQGHQ$XJHQDQXQGVSHUUWHQLKUHIXUFKW EDUHQ 5DFKHQ DXI +DWWHQ ZLU XQV ]X ZHLW LQV :DVVHU JHZDJW XPVFKZLUUWHQ XQV GLH VLOEULJHQ 3LUDQKDV GLH +\lQHQGHV:DVVHUVå

,Q GHQ HUVWHQ 7DJHQ NRQQWHQ ZLU XQV LQ GLHVHU IUHPGHQ 8PZHOWNDXP]XUHFKWILQGHQ8UXEXKDWWHGDV0HVVHUGDV HU DP +RVHQJXUW JHWUDJHQ KDWWH DXV GHU 'DPSIHU NDWDVWURSKH JHUHWWHW 'DPLW KLHE HU MHW]W ZLH HLQ %HVHVVH QHUDXIGDV'LFNLFKWGHU/LDQHQXQG6FKOLQJJHZlFKVHHLQ XP XQV HLQHQ :HJ ]X EDKQHQ ,Q PLU DEHU HUZDFKWH GLH

1DWXUPHLQHU8UYlWHU9LHOOHLFKWODJHVDXFKGDUDQGD‰LFK DXI GHP 'RUI JUR‰ JHZRUGHQ ELQ 0HLQH 6LQQH VFKlUIWHQ VLFK,QGLHVHU8PJHEXQJZDULFK8UXEXEHUOHJHQ *HJHQ0LWWDJGHV HUVWHQ 7DJHV PX‰WH =DFDULDV VHLQ XQ JHVWPHV 9RUZlUWVGUlQJHQ DXIJHEHQ 6HLQH .OHLGXQJ ZDU YRQ GHQ 'RUQHQ ]HUIHW]W GHU .|USHU YRQ GHQ 0RVNLWRV ]HUVWRFKHQ,FKVDKQLFKWYLHOEHVVHUDXV,FK]HLJWH8UXEX 6WHOOHQ DQ VHLQHP .|USHU ZR VLFK =HFNHQ IHVWJHIUHVVHQ KDWWHQ :LU ODVHQ VLH XQV JHJHQVHLWLJ DE 8UXEXV +lQGH ]LWWHUWHQYRU(UVFK|SIXQJ+XQJHU TXlOWH XQV 'RFK ZlK UHQG8UXEXUDWORVXPKHUVFKDXWHKDWWHLFKEDOGHLQLJHYRQ GHQ LPPHUJUQHQ 0DQJRElXPHQ HQWGHFNW 9ROOHU +HL‰ KXQJHUILHOHQZLUEHUGLHRUDQJHJHOEHQIOHLVFKLJHQ6WHLQ IUFKWH KHU ,FK VFKOHSSWH QRFK %DQDQHQ KHUDQ XQG EDOG NRQQWHQZLUXQVJHVlWWLJWQLHGHUVWUHFNHQ$EHUNHLQHUYRQ XQV NRQQWH HLQVFKODIHQ 'LH IHXFKWH +LW]H QDKP XQV IDVW GHQ$WHP6FKZHL‰ElFKHOLHIHQXQVHUHQ.|USHUHQWODQJ ,FK UL‰ PLU GLH .OHLGXQJ YRP /HLEH XQG ZROOWH LQ GHQ )OXWHQGHV$PD]RQDV.KOXQJVXFKHQ8UXEXPDFKWHHLQ HQWVHW]WHV*HVLFKWXQGEOLHEOLHJHQ,FKDUEHLWHWHPLFKDQV 8IHU KHUDQ GXUFK PDQQVKRKH )DUQH XQG GLFKWHV 6FKLOI KLQGXUFK $PVDQGLJHQ8IHUDQJHODQJWVFKDXHUWHLFK]XUFN7Ul JH VFKRE VLFK HLQ .DLPDQ DXV GHP :DVVHU ,FK EHNDP $QJVW DEHU GDQQ HULQQHUWH LFK PLFK GDUDQ GD‰ .DLPDQH IHLJH VLQG XQG QXU LP :DVVHU JHIlKUOLFK ZHUGHQ N|QQHQ ,FK EHREDFKWHWH GDV 7LHU XQG VDK ZLH HV KDUWQlFNLJ LP 6DQGH ZKOWH %DOG HUNDQQWH LFK DXFK GHQ *UXQG ,Q GHU 6DQGNXKOH ODJHQ 6FKLOGNU|WHQHLHU ,FK VFKULH VR ODXW LFK NRQQWH XQG GHU .DLPDQ IOFKWHWH :LU NRQQWHQ XQVHUH 0DKO]HLWGXUFK6FKLOGNU|WHQHLHUEHUHLFKHUQ *HVWlUNW EUDFKHQ ZLU DXI :LU ZDWHWHQ GXUFK 0RUDVW

GXUFKVFKZDPPHQHLQHQ1HEHQIOX‰EHUTXHUWHQHLQH,QVHO ² ZDUHQ PGH XQG ]HUVFKODJHQ GDQQ ZLHGHU HUIULVFKW XQGQHXHQ0XWHV(VLVWXQYRUVWHOOEDUZHOFKH.UlIWHXQG ZHOFKHQ ,GHHQUHLFKWXP HLQ 0HQVFK HQWZLFNHOQ NDQQ ZHQQHVJLOWVHLQ/HEHQ]XUHWWHQ,FKKDEHJHVDJWGD‰LFK 8UXEXEHUOHJHQGD‰HUDXIPHLQH)LQGLJNHLWDQJHZLHVHQ ZDU DEHU LFK PX‰ JHVWHKHQ GD‰ LFK DOOHLQ GLHVHQ EH VFKZHUOLFKHQ:HJNDXPEHUVWDQGHQKlWWH8UXEXV=lKLJ NHLW KLHOW PLFK DXIUHFKW 0HLQH $FKWXQJ XQG PHLQ 9HU WUDXHQ ]X LKP ZXFKVHQ YRQ 6WXQGH ]X 6WXQGH 6R HLQHQ *HIlKUWHQKlWWHLFKVFKRQIUKHUKDEHQPVVHQGDQQZlUH PHLQ /HEHQ DQGHUV YHUODXIHQ -D HU KDWWH PLU HLQ QHXHV /HEHQ JHVFKHQNW +lWWH HU PLFK QLFKW DXV GHQ UHL‰HQGHQ )OXWHQ JHUHWWHW ZlUH PHLQ /HLE HLQ 2SIHU GHU 3LUDQKDV JHZRUGHQ 8QG ZHQQ ZLU MHW]W EHLGH 0DQDXV OHEHQG HU UHLFKWHQ VR KDWWH HU JHQDXVR HLQ $QUHFKW DQ GHP gOIXQG ZLH LFK ,FK EUDXFKWH GRFK NHLQH *HKHLPQLVVH PHKU YRU LKP]XKDEHQ $OVZLUXQWHUHLQHUKRKHQVFKODQNHQ.|QLJVSDOPH5DVW PDFKWHQ EHVFKOR‰ LFK 8UXEX YRQ PHLQHP )XQG ]X EH ULFKWHQ'HU:DOGZDUKLHUOLFKWHU:LOGH5RVHQXQGEXQWH 2UFKLGHHQVFKOlQJHOWHQVLFKGLH%lXPHHPSRU9DQLOOHJH UXFKEHUGHFNWHGHQ*HVWDQNGHVIDXOHQGHQ8QWHUKRO]HV 8UXEXV 5HDNWLRQ DXI PHLQH 0LWWHLOXQJ ZDU HLJHQDUWLJ =XQlFKVWVFKWWHOWHHUXQJOlXELJGHQ.RSIXQGVDJWH'X KDVWHLQHgOTXHOOHHQWGHFNW«GDVLVWNDXP]XJODXEHQå 'DQQ PDFKWH HU HLQ EHWUEWHV *HVLFKW :DV QW]W GDV ,Q %UDVLOLHQZLOONHLQHUgOI|UGHUQ9LHOVSULQJWIUGLFKGDEHL QLFKWKHUDXVå (UVFKZLHJ HLQH:HLOH(VVFKLHQ DOVULQJH HULP,QQHUHQPLWVLFKVHOEVW'DQQVSUDFKHUZHLWHU6HLQ *HVLFKWZXUGHHUQVW 1XQ DXFK LFK ZLOO GLU HWZDV DQYHUWUDXHQ 'X KDVW

*OFNLFKELQ=ZLVFKHQDJHQWLQ6DFKHQ(UG|O,FKZLOOGLU EHKLOIOLFKVHLQGD‰PDQGLFKQLFKWEHUV2KUKDXWå ,FKNRQQWHPHLQH9HUZXQGHUXQJEHUGLHVHQ=XIDOOQLFKW YHUEHUJHQ8QGLFKGDFKWHGXELVW*HVFKlIWVPDQQåVWRW WHUWHLFK 'DVLVWGRFKGDVVHOEH,FKPDFKHHEHQ*HVFKlIWHLQgOå $EHUYRUKLQKDVWGXGRFKJHVDJWGD‰EHLXQVNHLQ(UG|O JHI|UGHUWZLUG:LHNDQQPDQGHQQGDQQ*HVFKlIWHLQgO PDFKHQ"å 8UXEX ODFKWH +|U JXW ]Xå VDJWH HU HUQVWHU ZHUGHQG XQVHU/DQGLVWDUPXQGNDQQNHLQH JHRORJLVFKHQ8QWHUVX FKXQJHQ QDFK gOVWlWWHQ GXUFKIKUHQ $PHULNDQLVFKH )LU PHQ ERKUHQ EHL XQV QDFK (UG|O 6R HLQH )LUPD LVW ]XP %HLVSLHOGLHª6WDQGDUG2LO©$EHUVLHLVWGDUDQLQWHUHVVLHUW LKUHLJHQHVgOORV]XZHUGHQGDVVLHZRDQGHUVI|UGHUW)ROJ OLFKGDUIVLHEHLXQVNHLQ(UG|OILQGHQ'HVKDOEKDWVLHHLQ $JHQWHQQHW] DXIJHEDXW PLW GHVVHQ +LOIH VLH )XQGVWlWWHQ VXFKW XQG GDV /DQG DXINDXIW 'DQQ EHKDXSWHW GLH *H VHOOVFKDIWVLHKlWWHNHLQgOJHIXQGHQRGHUQXUXQEHGHXWHQ GH 9RUNRPPHQ GHUHQ )|UGHUXQJ VLFK QLFKW ORKQH 0HOGH LFK ]XP %HLVSLHO PHLQHP $JHQWHQ GHLQHQ gOIXQG HUKDOWH LFKHLQH 3URYLVLRQ :DV PLW GHU gOVWlWWH GDQDFK JHVFKLHKW JHKW PLFK QLFKWV PHKU DQå ,FK EHJULII GHUOHL *HVFKlIWH QLFKWZRPDQ*HOGEHNDPRKQHHLQHQ7URSIHQ6FKZHL‰]X YHUOLHUHQ(VZDUHEHQHLQHDQGHUH:HOWLQGHU8UXEXOHEWH ,FK ZUGH PLFK LQ LKU QLH ZRKO IKOHQ YRQ NOHLQ DXI ZDU LFKJHZRKQWGXUFKPHLQHU+lQGH$UEHLWPHLQHQ8QWHUKDOW ]X EHVWUHLWHQ 0HLQ gOIXQG GHU PLFK QDFK 0DQRHOV %H KDXSWXQJEHU1DFKWUHLFKPDFKHQVROOWHVFKUXPSIWHGXUFK 8UXEXV :RUWH ]X HLQHU 6DFKH ]XVDPPHQ GLH PLU QXU HLQ 7ULQNJHOGEULQJHQZUGH:LHKlWWHLFKGDVGDPDOVEHJUHL IHQVROOHQ'HQQRFKZROOWHLFKGLH3UlPLHPLW8UXEXWHLOHQ

ZLHPDQHLQ6WFN%URWPLWVHLQHP*HIlKUWHQWHLOW$OVLFK 8UXEXPHLQHQ(QWVFKOX‰RIIHQEDUWHLKPGLH+lOIWHPHLQHV *HZLQQV]XVFKHQNHQHUOHEWHLFKHLQHhEHUUDVFKXQJ 8UXEX OHKQWH HLQHQ $QWHLO DQ PHLQHU 3UlPLH DE 'LHVH 5HDNWLRQUKUWHPLFKXQGLFKEHUHXWH NHLQHQ $XJHQEOLFN PHLQH(QWVFKHLGXQJ ,FKPX‰WH 8UXEX ODQJH ]XUHGHQ ELV HUPHLQ*HVFKHQNDQQDKP7LHIEHZHJWXPDUPWHHUPLFK VFKOLH‰OLFKXQGQDQQWHPLFKVHLQHQHUVWHQZDKUHQ)UHXQG *OHLFK]HLWLJJLQJHLQH9HUZDQGOXQJPLW8UXEXYRUVLFK 6HLQ]lKHU(LIHUGHU JUQHQ+|OOH]X HQWNRPPHQ HUKLHOW QHXHQ $XIWULHE 6HLQH .UDIW VFKLHQ JHZDFKVHQ ]X VHLQ VHLQH $XVGDXHU ZDU VWlUNHU DOV DOOH 7FNHQ GHU 1DWXU (U OHLVWHWH hEHUPHQVFKOLFKHV 0DQFKPDO HUVFKUDN LFK VRJDU YRULKP(UVSUDFKLPPHUZLHGHUYRUVLFKKLQ-HW]WKDEHQ ZLUHLQ=LHO:LUPVVHQDXVGHP0DWRUDXVå ,FKIUDJWHPLFKREXQVHU /HEHQQLFKWZHUWYROOHUVHL DOV GHUgOIXQG'RFKLQHLQHP/HEHQKDWWHLFKVRYLHOJHOHUQW GD‰ NHLQH %RKQH GHU DQGHUHQ JOHLFKW :LH VROOWHQ GD GLH 0HQVFKHQ JOHLFK VHLQ 0RFKWH LKP GHU *HGDQNH DQ GLH 3UlPLH$XIWULHEYHUOLHKHQKDEHQPLUVROOWHHVHJDOVHLQ² +DXSWVDFKH ZLU ZUGHQ GLH 6WUDSD]HQ EHUVWHKHQ XQG 0DQDXV OHEHQG HUUHLFKHQ +DXSWVDFKH LFK VDK 7HUHVLWD XQGPHLQH.LQGHUZLHGHU 'HQQVRPDQFKHV0DOEHUILHOHQPLFK =ZHLIHO ,FK VDK GDV /DE\ULQWK YRQ )OX‰OlXIHQ 6HHQ XQG ,QVHOQ YRU PLU ZLHLFKHVIOFKWLJYRQGHU.DUWHKHUNDQQWH8QGHUVWGLH :LUNOLFKNHLW :HQQ GDV 8IHUGLFNLFKW GHV 0DWR SO|W]OLFK DXIUHL‰WXQGYRUHLQHPEUHLWHWVLFKHLQH:DVVHUZVWHDXV GLHPDQEHLP+HUDQQDKHQDOV*DEHOXQJPHKUHUHU)OX‰DU PHHUNHQQW²GDNDQQPDQOHLFKWGHQ.RSIYHUOLHUHQ:LH VROO PDQ VFKZLPPHQG KLQGXUFK" *LEW HV XQWHUZHJV ZH QLJVWHQV 6DQGElQNH ]XP $XVUXKHQ" +DW PDQ EHUKDXSW

GHQULFKWLJHQ:HJHLQJHVFKODJHQ"0DQNDQQQXUUDWHQXQG DXIVHLQ*OFNYHUWUDXHQ 'D GDV 6FKZLPPHQ XQV DQVWUHQJWH XQG ZLU QLH VLFKHU YRUGHQ.DLPDQHQXQGGHQJLHULJHQ3LUDQKDVZDUHQNDP LFK DXI GHQ *HGDQNHQ XQV HLQ EHKHOIVPl‰LJHV :DVVHU IDKU]HXJ]XEDXHQ8UXEXVFKOXJYRUHLQHQYRQGHU1DWXU JHIlOOWHQ%DXPVWDPPDXV]XK|KOHQ,FKULHWDEZLUKlWWHQ GDIUYLHO=HLWJHEUDXFKWXQGXQVHUHHLQ]LJH:DIIH²GDV 0HVVHU ² ZlUH EDOG VWXPSI JHZHVHQ 6R EHVFKOR‰ LFK HLQH%DOVDHLQ3DOPIOR‰]X]LPPHUQ8UXEXPX‰WH3DOP ULSSHQ XQG 3DOPIDVHUQ KHUEHLKROHQ ,FK EDXWH GDQQ LQ YHUKlOWQLVPl‰LJ NXU]HU =HLW HLQ )OR‰ ]XP (UVWDXQHQ 8UXEXV%HLGHU$UEHLWILHOPLUHLQGD‰PDQ DXV3DOPID VHUQDXFKHLQH$UW1HW]DQIHUWLJHQNRQQWH 'HU )LVFKUHLFKWXPGHV$PD]RQDVLVWVFKLHUXQHUVFK|SI OLFK6RKDWWHQZLULQ=XNXQIWPHKU$EZHFKVOXQJLQXQVH UHU 1DKUXQJ :LU SDGGHOWHQ DXI XQVHUHU %DOVD JHJHQ GLH 6WU|PXQJ GHV $PD]RQDV (V ZDU DQVWUHQJHQG $EHU HV ZDU LPPHU QRFK OHLFKWHU DOV VLFK HLQHQ :HJ GXUFK GDV GLFKWH8QWHUKRO]GHV'VFKXQJHOV]XEDKQHQ $QHLQHP$EHQGNDPHV]XGHPHUVWHQ=HUZUIQLV]ZL VFKHQXQV(VEHJDQQGDPLWGD‰LFKPLFKDESODJHQPX‰WH DXI ,QGLRDUW )HXHU ]X PDFKHQ LQGHP LFK HLQHQ ]XJH VSLW]WHQ 6WDE LQ GHU $QERKUXQJ HLQHV DQGHUHQ VFKQHOO GUHKWH ZlKUHQG 8UXEX XQWlWLJ KHUXPODJ ,FK EDW LKQ 3DUDQVVH]XVDPPHOQ(UOHKQWHHVDEXQGVDJWHHUVHL]X PGH $OV GDV NOHLQH /DJHUIHXHU HQGOLFK HQWIDFKW ZDU VXFKWH LFK QDFK 3DUDQVVHQ XQG EULHW GDQQ HLQHQ 6FKZHLQVILVFK GHQ LFK PLW PHLQHP LPSURYLVLHUWHQ 1HW] JHIDQJHQ KDWWH %HLP (VVHQ ILHO PLU VFKODJDUWLJ HLQ GD‰ 8UXEXVLFKVFKRQGHQ]ZHLWHQ7DJYRUGHU$UEHLWGUFNWH 'RFKLFKGDFKWHGD‰HUZLUNOLFKEHUDQVWUHQJWZDU

:LUNQDFNWHQ3DUDQVVHXQG LFK EHJDQQ YRQ GHU .ROOL VLRQ XQVHUHV 'DPSIHUV ]X VSUHFKHQ XQG YRQ GHQ XPJH NRPPHQHQ5HLVHJHIlKUWHQ ,FKPDFKWHPLU LPPHU ZLHGHU 9RUZUIHGD‰LFK0DQRHOQLFKW]X+LOIHJHHLOWZDU'DQQ VDJWH LFK PLU GD‰ LFK LKP JDU QLFKW KlWWH KHOIHQ N|QQHQ $EHUPHLQ*HZLVVHQOLH‰VLFKQLFKWEHUXKLJHQ,FKZROOWH PHLQHQ )HKOHU LUJHQGZLH JXWPDFKHQ ,FK ZHL‰ HLQHQ 7RWHQ NDQQ PDQ QLFKW ]XP /HEHQ HUZHFNHQ $EHU PDQ NRQQWH GHQ +LQWHUEOLHEHQHQ KHOIHQ 'LH *HGDQNHQ DQ 0DQRHO TXlOWHQ PLFK VHKU XQG ZHP NRQQWH LFK PLFK VFKRQDQYHUWUDXHQZHQQQLFKW8UXEX" :HQQZLU0DQDXVHUUHLFKHQVROOWHQ«åEHJDQQLFK 8UXEXXQWHUEUDFKPLFK:LUZHUGHQ0DQDXVHUUHLFKHQ :LUKDEHQGRFKHLQ=LHOå ,FKQLFNWH«XQGGLH3UlPLHIUGHQgOIXQGHUKDOWHQ VROOWHQ ZLU DQ 0DQRHOV )UDX GHQNHQ 6LH KDW HLQH NOHLQH 7RFKWHU«å 8UXEX DQWZRUWHWH QLFKW VRIRUW 'DQQ PHLQWH HU GHU gO IXQGJHK|UHPLUXQGLFKKlWWHEHULKQ]XEHVWLPPHQ,FK JODXEWH]XK|UHQGD‰LQVHLQHU6WLPPH(QWWlXVFKXQJPLW VFKZDQJ ,FKVHW]WHLKPDXVHLQDQGHUZRUXPHVPLUJLQJ 'DUDXIKLQ VWHOOWH PLU 8UXEX HLQH )UDJH GLH LFK QLFKW EHDQWZRUWHQNRQQWH$QJHQRPPHQGHLQ0DQRHOXQGLFK ZLU EUDXFKWHQ GHLQH +LOIH ZHP ZUGHVW GX ]XHUVW %HL VWDQGOHLVWHQ"å 'HU8UZDOGVFKLHQDXIHLQPDOYHUVWXPPWQXUGDV3UDV VHOQ GHV )HXHUV ZDU ]X K|UHQ 0HLQ +HU] KlPPHUWH DOV VWQGH LFK YRU GHP 5LFKWHU GHP LFK 5HGH XQG $QWZRUW VFKXOGHWH 8UXEX NDXWH DQ HLQHP *UDVKDOP HU ZDU HLQ VWDUNHU5DXFKHUXQGVHLW7DJHQSODJWHLKQGLHXQIUHLZLOOL JH (QWKDOWVDPNHLW (U VSLH GHQ *UDVKDOP DXV XQG EHXJWH

VLFK]XPLUYRU $OV GHU .DVWHQ ]X VLQNHQ EHJDQQ KDEH LFK GLFK XQG QLFKW GLHVHQ 0DQRHO DXV GHQ )OXWHQ JHUHWWHW +lWWH LFK VR ODQJH JH]|JHUW ZLH GX Vl‰HVW GX MHW]W QLFKW YRU PLU )U PLFK ZDU GHU ]HUOXPSWH )DYHODGR ZHUWYROOHU DOV GHU JH VFKQLHJHOWH %DXLQJHQLHXU 'HQQ LFK KDEH VHOEVW LQ GHU )DYHODJHOHEWå 6HLQHNOHLQHQIOLQNHQ$XJHQEHREDFKWHWHQ PLFK VFKDUI ,FK ZHL‰ QLFKW HV NODQJ ZDKU ZDV HU VDJWH DEHU LQ PHLQ +HU] VFKOLFK VLFK GHU 9HUGDFKW HLQ 8UXEX KDEH PLFK QXU ZHJHQ GHV gOIXQGHV DXV GHP $PD]RQDV JH]RJHQ 'DV %LOG GHV DQ GHU 5HOLQJ OHKQHQGHQ 8UXEX VWDQG ZLHGHU YRU PHLQHQ $XJHQ +DWWH HU PHLQ *HVSUlFK PLW0DQRHOGDPDOVGRFKEHODXVFKW"8UXEXVQlFKVWH:RUWH YHUGUlQJWHQGLHVHQ*HGDQNHQ ,FKZHL‰ZDVGLFKEHZHJW'XP|FKWHVWGHLQ*HZLVVHQ EHUXKLJHQ$EHU GX WXVW HV DXI PHLQH .RVWHQ 2KQH PLFK ZlUVWGXDEJHVRIIHQRGHUGHU0DWR KlWWH GLFK JHVFKOXFNW ZLHVRPDQFKHQ2UFKLGHHQMlJHUå ,FKEHWHXHUWHGD‰LFKJDUQLFKWGDUDQJHGDFKWKDWWHVHL QHQ *HZLQQ ]X VFKPlOHUQ GD‰ LFK YRQ PHLQHU +lOIWH 0DQRHOV)UDXHWZDV]XNRPPHQODVVHQZROOWH $EHU8UXEXV%LWWHUNHLWZXFKV(UVFKOHXGHUWHEHUPHL QHQ .RSI KLQZHJ 9RUZUIH JHJHQ GLH GXQNOH :DQG GHU 8UZDOGULHVHQ 'X JLEVW GLFK QXW]ORVHQ *HGDQNHQ KLQ LFK DEHU ]HU PDUWHUHPLUGHQ.RSIZLHZLUGDVNOHLQH.DSLWDOPHKUHQ N|QQHQ ZHQQ ZLU LQ 0DQDXV DQJHODQJW VLQGå (U ZXUGH OHLGHQVFKDIWOLFKHU,FK PX‰ GHQ $JHQWHQ DXVVFKDOWHQ XQG PLFK PLW GHLQHP gOIXQG GLUHNW DQ GLH ª6WDQGDUG 2LO© ZHQGHQ6RN|QQWHQZLUDXFKVHLQH3URYLVLRQXQWHUHLQDQ GHUDXIWHLOHQå ,FK ZHL‰ QLFKW ZLH ODQJH 8UXEX VHLQH ]XNQIWLJHQ *H

VFKlIWH QRFK HQWZLFNHOWH GHQQ LFK ZDU PGH XQG HU VFK|SIW YRQ GHQ $QVWUHQJXQJHQ GHV 7DJHV EDOG HLQJH GlPPHUW (LQ IUFKWHUOLFKHV *HEUOO UL‰ PLFK DXV GHP 6FKODI ,P 6FKHLQGHVYHUJOLPPHQGHQ/DJHUIHXHUVVDKLFK8UXEXGDV 0HVVHU LQ GHU +DQG JHVSDQQW LQ GDV 'LFNLFKW VWDUUHQ :DVZDUGDV"å IUDJWHHUPLFK ,FK ZDU DXIJHVSUXQJHQ XQG ODXVFKWH :LHGHU GLHVHV XQ HUWUlJOLFKH *HEUOO (LQ 2QFD ZDKUVFKHLQOLFK IOVWHUWH LFK(LQ-DJXDUå 8UXEXV6WLPPHEHEWH8QGZLUVLQGVROHLFKWVLQQLJXQG VFKODIHQDXIGHU(UGH«å (LQ U|KUHQGHV :HKJHKHXO 8QG ZLHGHU GLHVHV *HEUOO 8UXEXWUDWXQZLOONUOLFKHLQLJH6FKULWWH]XUFN8PVHLQHU )UDJH ]XYRU]XNRPPHQ VDJWH LFK 'DV SDVVLHUW LP 0DWR MHGH 1DFKW (LQ 2QFD KDW HLQHQ +LUVFK EHUIDOOHQå ,FK ZDUI QHXHV +RO] DXI GDV YHUO|VFKHQGH )HXHU XQG OHJWH PLFK ZLHGHU QLHGHU 8UXEX VFKLHQ GHU (UGERGHQ ]X XQVL FKHU HU NOHWWHUWH DXI HLQHQ %DXP XP GRUW GHQ 5HVW GHU 1DFKW]XYHUEULQJHQ /DQJH =HLW NRQQWH LFK QLFKW HLQVFKODIHQ ,FK VWDUUWH LQ GDV IODFNHUQGH )HXHU XQG PX‰WH SO|W]OLFK DQ ]X +DXVH GHQNHQ ,FKVWHOOWHPLU YRU LFK Vl‰H MHW]W PLW 7HUHVLWD DP RIIHQHQ +HUG XQG ZLU ODXVFKWHQ GHQ *HVFKLFKWHQ PHLQHV 9DWHUV ,QGHU6FKODIHFNHGHU /HKPNDWHOLHJHQ0DULR XQG (OYLUD XQG WUlXPHQ YRQ HLQHP ULFKWLJHQ %DOO YRQ VR HLQHP ZLH LKQ GHU 6RKQ GHV )D]HQGHLUR KDW +LQ XQG ZLHGHU PHFNHUW HLQH =LHJH -D XQG PHLQ 9DWHU HU]lKOWH ]XPKXQGHUWVWHQPDOZLHPDQUHLFKZHUGHQNDQQ« $P QlFKVWHQ 0RUJHQ ZXUGH LFK YRQ 8UXEX ZDFKJHUW WHOW 8QVHUH %DOVD GDV 3DOPIOR‰ KDWWH VLFK LQ GHU 1DFKW ORVJHPDFKWXQGZDUYRQGHU6WU|PXQJIRUWJHWULHEHQZRU

GHQ ,FK ZROOWH VRIRUW PLW GHP %DX HLQHU QHXHQ %DOVD EHJLQQHQDEHU8UXEXWULHE]XU(LOH(UZDUZLHEHVHVVHQ 0LW +LOIH GHU 6RQQH EHVWLPPWH HU XQVHUHQ ZHLWHUHQ :HJ XQG ZLU EUDFKHQ DXI ,FK IKOWH PLFK QLFKW ZRKO XQG VFKOHSSWH PLFK KLQWHU 8UXEX KHU 'HU 9HUOXVW GHU %DOVD EHVFKlIWLJWHPLFK =ZDU ZDU GDV 3DGGHOQ JHJHQ GLH 6WU| PXQJGHV$PD]RQDVVHKUEHVFKZHUOLFKMHGHU]HLWNRQQWHQ ZLU NHQWHUQ DEHU GHU :HJ GXUFK GHQ 0DWR ZDU DQ VWUHQJHQGHU XQG ODQJZLHULJHU :LU ZDUHQ KLHU ]ZDU YRQ GHQZLQ]LJHQXQHUPGOLFKHQ.ULHEHOPFNHQEHIUHLWGRFK LP0DWRODXHUWHQGLH9RJHOVSLQQHGHUHQ%L‰KHIWLJH(QW ]QGXQJHQKHUYRUUXIWGLHOlVWLJHQ=HFNHQGLH6DQGIO|KH GLH *LIWVFKODQJHQ :LU JLQJHQ DXFK HLQHU &KDQFH YHUOX VWLJ YRQ GHU ZLU QLH JHUHGHW KDWWHQ DXI GLH ZLU DEHU LP VWLOOHQ KRIIWHQ $XI GHP $PD]RQDV NRQQWHQ ZLU HLQHP 6FKLII EHJHJQHQ (LQHP PLW (GHOKRO] XQG )HOOHQ EHODGH QHQ 'DPSIHU RGHU GHP LQ UHJHOPl‰LJHQ $EVWlQGHQ YHU NHKUHQGHQ3RVWERRW1HLQZLUKlWWHQGRFKHLQHQHXH%DOVD EDXHQVROOHQ 6RLQ*HGDQNHQYHUWLHIWYHUORULFK8UXEXVFKOLH‰OLFKDXV GHQ $XJHQ 6HLQH +DVW EHJDQQ PLFK ]X EHXQUXKLJHQ :ROOWHHUPLFKHLQIDFKDEKlQJHQ"2GHUZROOWHHUPLUQXU ]HLJHQ ZLH VHKU LFK DXI LKQ DQJHZLHVHQ ZDU 'DQQ YHU PXWHWHLFKGD‰8UXEXJDUQLFKWVPHKUDQGHUgOTXHOOHXQG DQPHLQHU5HWWXQJODJ(UZROOWHPLFKGHP0DWREHUODV VHQ ZHLO LFK DOV :HJJHIlKUWH OlVWLJ JHZRUGHQ ZDU 'LHVH *HGDQNHQ ZDUHQ GXPP GHQQ 8UXEX EUDXFKWH PLFK ,KQ KDWWHQ ZRKO QXU GLH 1HUYHQ YHUODVVHQ $EHU GDPDOV JODXEWH LFK HU ZROOH DOOHLQ QDFK 0DQDXV *UDXVDPH QDFNWH $QJVW HUID‰WH PLFK 'LH )XUFKW OLH‰ PLFK DOOH 0KHQ YHUJHVVHQ ,FK EL‰ GLH =lKQH ]XVDPPHQ XQG ]ZlQJWH PLFK GXUFK GDV *HVWUSS EDQJHQG LQ GLHVHU

:LOGQLVIULPPHUHLQJHVFKORVVHQ]XEOHLEHQ=XP*OFN ZDUGDV8QWHUKRO]KLHUQLFKWDOO]XGLFKW *HJHQ 0LWWDJ GLH +LW]H KDWWH DOOH 7LHUH GHV :DOGHV LQ LKUH6FKOXSIZLQNHOJHMDJWK|UWHLFK6FKUHLH,FKODXVFKWH (V ZDU 8UXEXV 6WLPPH .HXFKHQG DUEHLWHWH LFK PLFK YRUZlUWV$OVLFKDQ2UWXQG6WHOOHDQJHODQJWZDUHUOHEWH LFK HLQ VHOWVDPHV 6FKDXVSLHO 8UXEX ZlO]WH VLFK DXI GHP %RGHQ YRQ HLQHU DUPGLFNHQ /LDQH XPVSDQQW (UVW EHLP 1lKHUWUHWHQVDKLFKGD‰HVHLQH6FKODQJHZDUGLHVLFKXP VHLQHQ/HLEJHVFKOXQJHQKDWWH

,FK HUNDQQWH HV ZDU NHLQH *LIWVFKODQJH VRQGHUQ HLQ JUR‰HU:UJHU ,FKULHI8UXEX]XHU VROOH VLFK QLFKW UK UHQ GDQQ ZUGH VLH YRQ LKP DEODVVHQ %HL XQV DXI GHP /DQGHVLQG5LHVHQVFKODQJHQQW]OLFKH7LHUH6LHVFKW]HQ

XQV YRU *LIWVFKODQJHQ XQG 5DWWHQ 6LH VLQG VDXEHU DQ KlQJOLFKXQGJHQJVDP8QGVLHVSLHOHQJHUQPLW.LQGHUQ 'RFKGDVNRQQWHLFK8UXEXLQGHQZHQLJHQ$XJHQEOLFNHQ QLFKW HUNOlUHQ 6HLQ *HVLFKW ZDU YRQ (NHO XQG $QJVW YHU]HUUW VHLQH NOHLQHQ $XJHQ YRUZXUIVYROO DXI PLFK JH ULFKWHW(UJODXEWHZRKOLFK]DXGHUHLKP]XKHOIHQ'RFK LFKKDWWHVFKRQHLQHQIHVWHQ$VWHUJULIIHQXQGVWHPPWHLKQ ]ZLVFKHQ 8UXEX XQG GHQ U|WOLFKJUDXHQ .|USHU GHU 6FKODQJH/DQJVDPYHUJU|‰HUWHLFKGLHVHQ.HLO'LUHNWYRU PLUKDWWHLFKGHQDEJHIODFKWHQ.RSIGHU6FKODQJHPLWGHQ NOHLQHQOLGORVHQ$XJHQ'LHHLI|UPLJHQ JUDXURWHQ)OHFNH DXILKUHU+DXWWDQ]WHQYRUPLUZLH6WHUQHGHQQVLHPKWH VLFK GHQ :LGHUVWDQG GHU LKU SO|W]OLFK HQWJHJHQJHVHW]W ZXUGH ]X EUHFKHQ 'HQ $VW ZLH HLQHQ +HEHO EHQXW]HQG NRQQWHLFKVLHVRZHLWYRQ8UXEX DEGUlQJHQGD‰ HU VLFK JHVFKPHLGLJ ZLH HU ZDU DXV GHU JHIlKUOLFKHQ 8PVFKOLQ JXQJO|VHQNRQQWH :LUOLH‰HQGLH6FKODQJHOLHJHQGLHXQVDXFKQLFKWIROJWH XQGYHUOLH‰HQGHQ2UWGHU8UXEXEHLQDKH]XP9HUKlQJQLV JHZRUGHQ ZlUH 8UXEX EHUVFKWWHWH PLFK PLW 'DQ NHVZRUWHQ 'DQQ XQWHUVXFKWH HU VHLQHQ .|USHU QDFK 3UHO OXQJHQ XQG NRQQWH EHIULHGLJW IHVWVWHOOHQ GD‰ HU QLFKWV (UQVWKDIWHV GDYRQJHWUDJHQ KDWWH 'RFK EHYRU ZLU QDFK HLQHUNXU]HQ5DVWHUQHXWDXIEUDFKHQWUDWHU JDQ]GLFKWDQ PLFKKHUDQNQLIIGLHNOHLQHQ$XJHQ]XVDPPHQXQGVDJWH 6HLHKUOLFK=XQlFKVWKDVWGXPLUJDUQLFKWKHOIHQZROOHQ 'LUZlUHHVOLHEHUJHZHVHQLFKZlUHGUDXIJHJDQJHQå ,FKEHWHXHUWHGD‰LFKQLHDQVRHWZDVJHGDFKWKlWWHDEHU HUQDKPVHLQHQ9RUZXUIQLFKW]XUFN9LHOOHLFKWJODXEWHHU ZLUNOLFK GDUDQ %LV ]XP $EHQG KLHOW HU VLFK LQ PHLQHU 1lKHDXIZRKODXV)XUFKWLKPN|QQWHHLQQHXHV8QJOFN ZLGHUIDKUHQXQGHUVHLGDQQY|OOLJDXIVLFKVHOEVWJHVWHOOW

:LU VSUDFKHQ QXU GDV $OOHUQRWZHQGLJVWH PLWHLQDQGHU XQG LFK IKOWH ZLHGHU MHQH :DQG ]ZLVFKHQ XQV ZLH DXI GHP 'DPSIHU EHYRU PLFK 8UXEX LP .HVVHOUDXP DXIJH VXFKW KDWWH ,FK KlWWH JHUQ JHZX‰W ZHOFKH *HGDQNHQ LKQ EHZHJWHQ3O|W]OLFKYHUVSUWHLFK$QJVWGD‰8UXEXHWZDV LP 6FKLOGH IKUH ZDV PLFK XQHUZDUWHW ZLH HLQ .HXOHQ VFKODJWUHIIHQVROOWH'LHVHU0DQQZDUZLHEHVHVVHQ³ 3HGUR XQWHUEULFKW )ODYLR Ä0HLQ 9DWHU KDW PLU HU]lKOW GD‰HVVRHWZDVbKQOLFKHVZLH:LOGQLVRGHU8UZDOGNROOHU JHEHQ VROO =X VHLQHU =HLW NXUVLHUWH HLQH *HVFKLFKWH YRQ GUHL )UHXQGHQ GLH LQ GHQ 8UZDOG JH]RJHQ ZDUHQ XP 2UFKLGHHQ]XVDPPHOQ$QGUH2UFKLGHHQMlJHUEHULFKWHWHQ VSlWHU GD‰ VLFK GLH GUHL JHJHQVHLWLJ HUVFKODJHQ KlWWHQ HLQHU VHOWHQHQ ZXQGHUVFK|QHQ 2UFKLGHH ZHJHQ 'HU *HGDQNH DQ GDV gO KDW DXFK LQ HXFK VR HWZDV ZLH HLQHQ .ROOHUKHUYRUJHUXIHQ«³ )ODYLR VFKWWHOWH GHQ .RSI Ä%HL PLU QLFKW $EHU EHL 8UXEX8QGKHXWH JODXEHLFKGD‰HU DXFKLQGHQ $XJHQ EOLFNHQ ZR HU VHLQH 1HUYHQ JDQ] XQG JDU YHUORUHQ KDWWH GDUEHUQDFKJUEHOWHZLHHUDP(QGHDOOHLQLQGHQ%HVLW] PHLQHVgOIXQGHVJHODQJHQN|QQWH³ Ä$P0RUJHQZXUGHLFKVHKUIUKZDFK³HU]lKOW)ODYLR ZHLWHU Ä,FK HQWIHUQWH PLFK YRQ XQVHUHP 1DFKWODJHU XP QDFKHWZDV(‰EDUHP]XVXFKHQ(VJHODQJPLUHLQHQMXQ JHQ VFKODIHQGHQ .DLPDQ PLW HLQHU .HXOH ]X HUVFKODJHQ ,FK JLQJ ]XUFN ]X XQVHUHP 5DVWSODW] XP PLU 8UXEXV 0HVVHU ]X KROHQ PLW GHP LFK GDV 7LHU ]HUOHJHQ ZROOWH 8QWHUZHJVNDPPLU8UXEXHQWJHJHQ $OV HU PHLQHU DQVLFKWLJ ZXUGH VWDPPHOWH HU IUHXGLJ GRFK SO|W]OLFK HQWVWHOOWH VLFK VHLQ *HVLFKW 'DV $QWOLW] ZXUGHDEZHFKVHOQGURWXQGEOD‰ :LHHLQHQ/HSUDNUDQNHQZROOWHVWGXPLFKLP0DWRDXV

VHW]HQå VFKULH8UXEX'DVLVWGHU'DQNGDIUGD‰LFKGLU GDV /HEHQ JHUHWWHW KDEH 'X GHQNVW GX NDQQVW PLFK IHU WLJPDFKHQ0LFKQLFKW0HUNHHVGLUGX'UHFNVNHUOå %OLW]VFKQHOO JULII HU ]XP *UWHO XQG VFKOHXGHUWH VHLQ 0HVVHUJHJHQPLFK+DDUVFKDUI]LVFKWHHVDQPHLQHP2KU YRUEHL ,FK K|UWH GHQ $XIVFKODJ LP %DXP XQG GDV 6SOLW WHUQGHU%DXPULQGH 8UXEX NUlFK]WH EHIULHGLJW *HNRQQW ZDV" (LQ 0H[LND QHU KDW HV PLU EHLJHEUDFKW $XV ]ZDQ]LJ 6FKULWW (QWIHU QXQJ UDVLHUH LFK GLU GLH =LJDUHWWH XQWHU GHU 1DVH ZHJ 1LPPGLFKLQDFKWå 'DVgOKDWGHLQH6LQQHYHUZLUUWåVDJWHLFK -D GDV IOVVLJH *ROGå VFKULH 8UXEX ,FK GXUFKVFKDXH GLFK 'X JODXEVW GX EUDXFKVW PLU QLFKWV PHKU ]X JHEHQ :LUZlUHQTXLWWZHLOGXPLFKYRQGLHVHU6FKODQJHEHIUHLW KDVW/HEHQJHJHQ/HEHQ²ZLUVLQGTXLWW'DVGHQNVWGX DEHUPHLQ/HEHQLVWVFKRQHWZDVPHKUZHUWXQGLFKKDEH HVIUGLFKHLQJHVHW]W:DVGHQNVWGXZDVPLUGHLQ0DQR HOJH]DKOWKlWWHKlWWHLFKLKQVWDWWGHLQHUDXVGHP$PD]R QDVJHILVFKW«å 3O|W]OLFKEHVDQQHUVLFKHLOWHDXIPLFK]XUL‰GDV0HV VHU DXV GHP %DXP XQG VWHFNWH HV ZLHGHU HLQ (U NDXHUWH VLFK QLHGHU GHQ %OLFN DXI GDV :DVVHU GHV $PD]RQDV JH ULFKWHW XQG VSUDFK YRU VLFK KLQ DOV ZlUH LFK QLFKW ]XJH JHQ *HOG $OOHV NDQQ PDQ GDIU KDEHQ $OOHV 8QVHUHLQV ZHL‰ ZDV PDQ GDPLW DQIDQJHQ NDQQ *QVWLJ DQOHJHQ YHUPHKUHQLPPHUQXUYHUPHKUHQXQGNHLQHQ)LQJHUPHKU NUXPP PDFKHQ ,FK KDEH HV RIW JHQXJ HUOHEW ZLH HV GLH *UR‰HQPDFKHQå (UIUDJWHPLFK *ODXEVW GX LFK N|QQWH HVQLFKWDXFK"å (UZLVFKWHVLFKGHQ6SHLFKHOYRP0XQG:DVQW]WGLU

GDV*HOG"'XELVWHLQDUPHU&DERFOR,QGHLQHP'RUIIlOOW HV VRIRUW DXI ZHQQ GX *HOG KDVW 'LH 9HUZDQGWHQ NRP PHQEHWWHOQ«)UHLQH=LHJHRGHUIUHLQHQHXH&KDUHW WH 6HQKRU ELWWH « 0HUNVW GX" 6LH ZHUGHQ GLFK 6HQKRU QHQQHQ VRODQJH GX JLEVW 8QG GX ZLUVW JHEHQ ZHLO GX GXPP ELVW 8QG VLQGåV NHLQH 9HUZDQGWHQ VR ZHUGHQ HV 'LHEH VHLQ 6LH ZHUGHQ GLFK HUVFKODJHQ YLHOOHLFKW GHLQH JDQ]H)DPLOLH'XZLUVWNHLQHUXKLJH0LQXWHPHKUILQGHQ «6DJZLOOVWGXGDV"å (UVSUDQJDXIWUDWJDQ]GLFKWDQPLFKKHUDQ6HLQHNOHL QHQIOLQNHQ$XJHQJOlQ]WHQZLHLP)LHEHU +|U PDO GX ELVW KLOIORV DOOHLQ XQG EHGDUIVW PHLQHV 6FKXW]HV ,FK NDQQ GLFK DQ HLQHQ 6WDPP ELQGHQ XQG GLH URWHQ$PHLVHQKDEHQLKU:HUNJHWDQEHYRUGHU0RQGDXI JHJDQJHQ LVW $FK LFK EUDXFKH QLFKW HLQPDO GDV ]X WXQ ,FK ]LHKH HLQIDFK DOOHLQ ZHLWHU XQG EHUODVVH GLFK GHQ -DJXDUHQ]XP)UD‰'DQQQW]WGLUGHLQ*HOGDXFKQLFKWV *LEGLH6NL]]HXQGLFKEULQJHGLFKKHLOQDFK0DQDXV,FK YHUVSUHFKHHVGLU,FKJHEHGLUVRJDUJHQJHQG&UX]HLURV GDPLWGX]XGHLQHU7HUHVLWD]XUFNNHKUHQNDQQVWå ,FKZDUYHUEOIIW:HOFKH6NL]]HGHQQ"å 8UXEX NQLII GLH $XJHQ ]XVDPPHQ 7X QLFKW VR 'LH 6NL]]HYRQGHUgOTXHOOHQDWUOLFKå 'HU JDQ]H $XIWULWW 8UXEXV ZDU JODXEH LFK JHVSLHOW (U ZROOWHPLFKHLQVFKFKWHUQXP]XHUIDKUHQREHLQH6NL]]H EHU PHLQHQ gOIXQG H[LVWLHUWH 'HQQ YRQ GHU 6NL]]H NRQQWH HU QLFKWV ZLVVHQ 'DYRQ KDWWHQ ZLU DQ GHU 5HOLQJ QLFKWJHVSURFKHQ(VZDUQXUHLQH9HUPXWXQJYRQLKP ,FKEHVLW]HNHLQH6NL]]Hå 8UXEX VDK PLFK IDVVXQJVORV DQ $OOPlKOLFK YHUlQGHUWH VLFKVHLQ*HVLFKWVDXVGUXFN(UYHU]RJKRKQYROOGHQ0XQG 6SDU GLU GLHVHV 0lUFKHQ 'X KDVW ODQJH JHQXJ PLW GHL

QHP 0DQRHO ]XVDPPHQJHKRFNW 8QG HLQ %DXLQJHQLHXU ZHL‰ZLHPDQHLQH6NL]]HDQIHUWLJWå ,FKGXUIWHQLFKWLQVHLQH)DOOHJHKHQ(VZDUHLQH)DOOH GDV ZX‰WH LFK LQ GLHVHP $XJHQEOLFN JDQ] JHQDX ,FK PDFKWHHLQHUQVWHV*HVLFKW1LHPDQGDX‰HUPLUZHL‰ZR VLFKGHUgOIXQGEHILQGHW(VJLEWDXFKNHLQH$XI]HLFKQXQJ GDUEHU6ROOWHLFK0DQDXVQLFKWHUUHLFKHQZLUGGHU0DWR PHLQ*HKHLPQLVIULPPHUEHZDKUHQå 8UXEX UROOWH ZLOG PLW GHQ $XJHQ XQG LFK IUFKWHWH HU ZHUGH VLFK DXI PLFK VWU]HQ 'RFK LFK GXUIWH LKQ PHLQH )XUFKW QLFKW IKOHQ ODVVHQ ,FK QLFNWH EHGHXWXQJVYROO PLW GHP .RSI -D VR YHUKlOW HV VLFK DOVRå ,FK GUHKWH PLFK ODQJVDPXP*lQVHKDXWOLHIPHLQHQ5FNHQODQJ:HQQHU EHUPLFKKHUIlOOWXQGGHQ%UXVWEHXWHOXQWHUVXFKW« ,FKVSUWHVHLQH+DQGDXIPHLQHU6FKXOWHU)ODYLRå ULHI HU ELWWHQG ,FK GUHKWH PLFK XP 6HLQ *HVLFKW KDWWH HLQHQ $XVGUXFN GHQ LFK QRFK QLFKW NDQQWH (U EDW XP 9HU JHEXQJIUVHLQHQ$XVEUXFK,FKKDOWHGDVQLFKWPHKUDXV (V LVW GRFK DOOHV VLQQORV 1LH ZHUGHQ ZLU 0DQDXV HUUHL FKHQ QLH ,FK ZHUGH QRFK YHUUFNW LQ GLHVHP KHLPWFNL VFKHQ0DWR,FKZHL‰MHW]WVFKRQQLFKWPHKUZDVLFKVDJH XQGWXHå (UKDWWHGHQULFKWLJHQ7RQDQJHVFKODJHQ$XFKLFK]ZHL IHOWH GDUDQ MHPDOV OHEHQG GHP 0DWR ]X HQWULQQHQ +HUU *RWW:HUNRQQWH GHQQ LQ GLHVHU GUHLPDO YHUIOXFKWHQ JU QHQ +|OOH QRUPDO EOHLEHQ -HGHU 9HUGDFKW JHJHQ 8UXEX ZDU HUORVFKHQ ,FK WU|VWHWH LKQ PLW :RUWHQ DQ GLH LFK VHOEVWQLFKWJODXEWH$EHUZDVVROOWHLFKWXQ":LUPX‰WHQ DQGLH5HWWXQJJODXEHQ6LFKVHOEVWDXIJHEHQEHGHXWHWGHQ 7RG 6R ]RJHQ ZLU ZHLWHU 8QVHUH .UlIWH ZDUHQ IDVW DXIJH ]HKUW 8UXEX WURWWHWH YHUVFKORVVHQ XQG OXVWORV KLQWHU PLU

KHU (U NPPHUWH VLFK NDXP QRFK XP 1DKUXQJ XQG OLH‰ PLFKDOOHVFKZHUHQ$UEHLWHQDOOHLQYHUULFKWHQ0HLQ0L‰ WUDXHQ JHJHQ LKQ ZXUGH ZLHGHU ZDFK 8QG LFK NRQQWH PLFKGHV(LQGUXFNVQLFKWHUZHKUHQGD‰ZLUQLFKWPHKUDOV )UHXQGH VRQGHUQ DOV ]ZHL IHLQGOLFKH *HIlKUWHQ GDV /HLG WHLOWHQ=ZDUZDUQWHHLQHUGHQDQGHUHQYRU*HIDKUHQDEHU QDFKWV VFKOLHIHQ ZLU ZHQLJ XQG XQUXKLJ QLFKW QXU DXV )XUFKW YRU GHQ 7LHUHQ VRQGHUQ DXFK DXV $QJVW YRU GHP DQGHUHQ 8UXEX EHREDFKWHWH PLFK VWlQGLJ *ODXEWH HU ZLUNOLFK GD‰ HU PLFK ]X IUFKWHQ KDEH" (LQ 0HQVFK ZLH HUPX‰WHZRKOPL‰WUDXLVFKVHLQ (LQHV0RUJHQVZHFNWHPLFKHLQ6W|KQHQ=XVDPPHQJH UROOWZLHHLQH6FKODQJHODJ8UXEXXQWHUHLQHP%DXPKLHOW VHLQ OLQNHV %HLQ XPID‰W XQG ZLPPHUWH $OV HU PLFK HU EOLFNWH ]ZLQNHUWHQ VHLQH NOHLQHQ $XJHQ QHUY|V XQG GDV :LPPHUQYHUZDQGHOWHVLFKLQYRUZXUIVYROOHV.UlFK]HQ ,FKNDQQQLFKWZHLWHU'LHVHUYHUIOXFKWH6WDFKHOURFKHQå :DVKDVWGXDP8IHUJHVXFKW"å ,FKZROOWHXQV6FKLOGNU|WHQHLHUEHVRUJHQå ,FK ZDU YHUZXQGHUW 'X KDVW GLFK XP (VVHQ NPPHUQ ZROOHQ"6HLW7DJHQPDFKVWGXNHLQHQ)LQJHUNUXPP«å (UVW|KQWH,FKZHL‰GHVKDOEZROOWHLFKKHXWH«å ,FKVFKLPSIWHPLWLKP,FKKDEHGLUJHVDJWGXVROOVWGLH )‰H VFKLHEHQ ZHQQ GX GXUFK 6DQG XQG 6FKOLFN JHKVW 'DQQVW|‰W GX DXI GHQ 6WDFKHOURFKHQ XQG ZLUVW QLFKW YRQ VHLQHPJHIlKUOLFKHQ6WDFKHOJHWURIIHQå 8UXEXKDWWHGLH=lKQH]XVDPPHQJHELVVHQXQGVFKZLHJ ,FK HUVFKUDN 'HU 6WLFK HLQHV 6WDFKHOURFKHQV VROO VHKU VFKPHU]KDIWVHLQ0DQKlOWHV]ZHL7DJHXQG]ZHL1lFKWH YRU%UHQQHQNDXPDXV:DVVROOWHLFKWXQ",FKNRQQWHLKQ GRFKQLFKWHLQIDFKOLHJHQODVVHQ(UEUDXFKWHPHLQH+LOIH :LU PVVHQ HLQHQ 8PVFKODJ PDFKHQå VDJWH LFK XQG

ZROOWH PLFK LKP QlKHUQ $EHU HU MDJWH PLFK YRQ VLFK (U HUKREVLFKlFK]HQGKXPSHOWH]XHLQHP%DXPXQGVFKQLWW VLFKDXVHLQHUKRO]LJHQ/LDQHHLQHQ.QWWHO]XUHFKW $P 0LWWDJ EUDFK 8UXEX ]XVDPPHQ (U KDWWH YRU 6FKPHU]XQG:XW7UlQHQLQGHQ$XJHQ,FKYHUVXFKWHLKQ ]X VWW]HQ (U IDXFKWH PLFK DQ ZLH HLQH :LOGNDW]H 8P LKP (UOHLFKWHUXQJ ]X YHUVFKDIIHQ ZROOWH LFK VHLQHQ +R VHQJXUWORFNHUQGDEL‰HUPLFKLQGHQ$UP 0HLQH*HGXOGZDU]X(QGH1XUIRUWYRQGLHVHU.UHDWXU GDFKWHLFKVLHLVWKHLPWFNLVFKXQGJHIlKUOLFK,FKEHDFK WHWH 8UXEX QLFKW PHKU XQG PDFKWH $QVWDOWHQ DXI]XEUH FKHQ 'DK|UWHLFKLKQGHPXWVYROOIOVWHUQ9HUOD‰PLFKQLFKW ,FKZLOOOHEHQ'XPX‰WPLUKHOIHQ ,FKVFKHQNHGLUPHL QHQ$QWHLOLFKZLOONHLQHQ&UX]HLURYRQ GLU ,FK VFKZ|UH HV)ODYLR+DE(UEDUPHQ)ODYLR«å 8UXEX YHU]LFKWHWH DXI *HOG (U PX‰WH IUFKWHUOLFKH 6FKPHU]HQ OHLGHQ ZHQQ GDV *HOG IU LKQ EHGHXWXQJVORV JHZRUGHQZDU $OV8UXEXHLQHQQHXHQ6FKPHU]DQIDOOEHUZXQGHQKDWWH OXG LFK LKQ PLU DXI GHQ 5FNHQ XQG ]RJ VR ZHLWHU ,FK VFKOHSSWHPLFKGXUFKGHQ0DWRXQGEUDFKPLWPHLQHU/DVW IDVW]XVDPPHQ,FKJODXEWHHLQHP+LOIVEHGUIWLJHQ/LQGH UXQJ ]X YHUVFKDIIHQ *OHLFK]HLWLJ DEHU KDWWH LFK GDV *H IKOLQPHLQHP1DFNHQVLW]HHLQ$DVJHLHUHLQ8UXEXGHU MHGHU]HLW PHLQHQ 6FKlGHO PLW VHLQHP KDNLJHQ 6FKQDEHO ]HUWUPPHUQN|QQWH'DQQEHUXKLJWHLFKPLFKZLHGHU'LH 8UXEXVVLQGIHLJHEHL/HEHQGHQXQGQXUEHL7RWHQDXVGDX HUQG $OOPlKOLFK ZLFK PHLQH $QJVW 9LHOOHLFKW GHVKDOE ZHLO 8UXEX VWLOOHU XQG ² HV PDJ HLJHQDUWLJ NOLQJHQ ² DXFKOHLFKWHUZXUGH:HQQLFKLKQPLUQDFKHLQHUNOHLQHQ 5DVW ZLHGHU DXI GHQ 5FNHQ SDFNWH JODXEWH LFK HLQHQ

]XVDPPHQJHVFKUXPSIWHQ*UHLVHPSRU]XKHEHQ $P VSlWHQ 1DFKPLWWDJ OLH‰ HU VLFK ZLOOHQORV LQ HLQHU NOHLQHQ /LFKWXQJ DEVHW]HQ ,FK NQDFNWH HLQLJH 3DUDQVVH IU LKQ GRFK HU YHUZHLJHUWH VLH 1XU HLQ SDDU 0DQJR IUFKWHQDKPHU]XVLFK=XVDPPHQJHNUPPWGLHNOHLQHQ $XJHQJHVFKORVVHQODJHUVW|KQHQGDXIGHP5FNHQ )ODYLR « )ODYLR «å K|UWH LFK LKQ IOVWHUQ ,FK VHW]WH PLFK]XLKP ,FK JODXEH PHLQH OHW]WH 6WXQGH KDW JHVFKODJHQå VDJWH HU ,FKYHUVXFKWHLKQ]XWU|VWHQXQGVSUDFKLKP0XW]X:LU KDEHQ HV MHW]W QLFKW PHKU ZHLWå VDJWH LFK 'DQQ NDP LFK DXIHLQHQQHXHQ*HGDQNHQ ,FKZHUGHHLQJUR‰HV)HXHUDP8IHUHQWIDFKHQ ,UJHQG HLQ 'DPSIHU PX‰ GRFK HLQPDO YRUEHLIDKUHQ (U ZLUG XQV +LOIHEULQJHQå 8UXEX ULHW DE VSUDFK YRQ ZLOGHQ 7LHUHQ GLH GDV )HXHU DQ]LHKHQ ZUGH ,FK ZLGHUVSUDFK 7LHUH IUFKWHQ GRFK )HXHU'HQQRFKKLH‰HUPHLQHQ9RUVFKODJQLFKWJXW 'DQQJLEPLUGHLQ0HVVHUåEDWLFK )UHLQHQNXU]HQ0RPHQWZDUGDV)LHEHUDXVVHLQHQ$X JHQYHUVFKZXQGHQ :R]XEUDXFKVWGXHV"å IUDJWHHU ,FK ZLOO GHLQ +RVHQEHLQ DXIVFKQHLGHQ XP GLU HLQHQ 8PVFKODJ]XPDFKHQå ,FK HLOWH ]XP 8IHU IHXFKWHWH HLQHQ )HW]HQ 7XFK JXW DQ XQGOHJWHLKQXPVHLQHQVFKPHU]HQGHQ)X‰(UGDQNWHPLU PLW HLQHP VFKZDFKHQ /lFKHOQ VWHFNWH DEHU GDV 0HVVHU ZLHGHUHLQ 8UXEX DWPHWH VFKZHU XQG VFKZLHJ 1DFK HLQHU :HLOH GUHKWHHUPLUVHLQVFKPHU]YHU]HUUWHV*HVLFKW]X :HL‰W GX GDV /HEHQ GDV ULFKWLJH /HEHQ LVW ZLH HLQ

JUR‰HU 'DPSIHU GHU DXI GHP 6WURP VFKZLPPW :LU $U PHQ GLH )DYHODGRV &DERFORV XQG ZLH VLH DOOH KHL‰HQ P|JHQ VFKZLPPHQ PLW DOOHU .UDIW KLQWHU GHP 'DPSIHU KHU$EHUZLUKDEHQHVVFKZHUGHQ'DPSIHU]XHUUHLFKHQ :LUVLQGGXPP6WDWWXQVJHJHQVHLWLJ]XKHOOHQHUVlXIHQ ZLUXQVHUHQ1DFKEDUQ]XU/LQNHQRGHU5HFKWHQ:LUJODX EHQVRVFKQHOOHUYRUZlUWV]XNRPPHQ-DZLUHUVlXIHQXQV JHJHQVHLWLJå (UPDFKWHHLQH3DXVH)ODYLRZHL‰WGXPHLQ/HEHQ« LFKELQDXFKKLQWHUKHUJHVFKZRPPHQ:LHODQJH8QGQXU PLW /LVW LVW HV PLU JHOXQJHQ DXI GHP 'DPSIHU )X‰ ]X IDVVHQ $EHU NDXP ZDU LFK DQ 'HFN GD YHUVXFKWHQ GLH YRP=ZLVFKHQGHFNPLFKKLQDE]XVWU]HQ'RFKLFKZROOWH K|KHUDXIV=ZLVFKHQGHFN,FKZDJWHVRJDUYRP2EHUGHFN ]XWUlXPHQ$EHUXQHUUHLFKEDU IUPLFKXQGGLFKXQGIU 0LOOLRQHQDQGHUHUWKURQWEHUDOOHPLP ZHL‰HQ *ODQ] GLH .RPPDQGREUFNH'LHVH.RPPDQGREUFNHHUUHLFKWQLFKW HLQPDO GHLQ 0DQRHO « $FK MD HU LVW VFKRQ WRW « 8QG ZHQQLFKWRWELQ«-D)ODYLR«å (UULFKWHWHVLFKMlKDXI,FKGDUIQLFKWVWHUEHQYHUVWHKVW GX(LQ=DFDULDVGH&DUYDMDOQLFKWå (UILHO]XUFNVFKOR‰GLH$XJHQVFKLHQ]XVFKOXPPHUQ 'LH 1DFKW EUDFK KHUHLQ 6‰H GXIWHQGH ZHLFKH /XIW XPKOOWH XQV ,P 0RQGOLFKW OHXFKWHWHQ GLH KHOOHQ /L DQHQEOWHQ LQ QHXHU 3UDFKW $XV GHU 7LHIH GHV 8UZDOGHV GUDQJHQ7LHUVWLPPHQDQPHLQ2KU'DVZDULPPHUZLHGHU QHX XQG IXUFKWHUUHJHQG 8QG DP +LPPHO OHXFKWHWHQ YLHU 6WHUQHLQUHLQHU.ODUKHLWGDV.UHX]GHV6GHQV ,FK GlPPHUWH YRU PLFK KLQ ,UJHQGZDQQ K|UWH LFK 8UX EXVOHLVH6WLPPH6FKOlIVWGXVFKRQ"(VLVWJXW]XZLVVHQ GD‰HLQHUZDFKWå $OV LFK LP 0RUJHQJUDXHQ PXQWHU ZXUGH ZDU 8UXEXV

3ODW]OHHU 0HLQ .RSI VFKZLUUWH YRQ 9HUPXWXQJHQ :DU 8UXEX LQ VHLQHU )LHEHUSKDQWDVLH LQ GHQ 0DWR JHODXIHQ XQG XPJH NRPPHQ" 2GHU ZDU HU LQ HLQHP 0RUDVW YHUVXQNHQ" :LU KDWWHQ DXI HLQHP NOHLQHQ +JHO JHVFKODIHQ 'HU %RGHQ ZDUWURFNHQXQGRKQH8QWHUKRO](VJDENHLQH6SXUHQ,FK GXUFKVWUHLIWH GLH 8PJHEXQJ VXFKWH ULHI VHLQHQ 1DPHQ 9HUJHEOLHK,FKYHUEUDFKWHQRFKHLQHQ7DJXQGHLQH1DFKW DQXQVHUHU5DVWVWlWWHLPPHULQGHU+RIIQXQJZHQLJVWHQV HLQH 6SXU YRQ 8UXEX ]X ILQGHQ 'LH %lXPH XQG 7LHUH VFKLHQHQ VLFK GLH 8PVWlQGH VHLQHV 9HUVFKZLQGHQV ]X]X UDXQHQ ,FK YHUVWDQG LKUH 6SUDFKH QLFKW 8QG VR EOLHE 8UXEXV(QGHHLQ5lWVHOIUPLFK $OV LFK HQGOLFK GLH 6XFKH QDFK 8UXEX DXIJDE HPSIDQG LFK9HU]ZHLIOXQJXQG+RIIQXQJVORVLJNHLW-HW]WHUVWZXUGH HV PLU EHZX‰W GD‰ LFK YRQ QXQ DQ JDQ] DXI PLFK DOOHLQ DQJHZLHVHQZDU,FKZDUIPLFKDXIGHQ%RGHQXQG«MD LFK ZHLQWH ZLH HLQ NOHLQHV .LQG 1RFK QLH ZDU LFK VR PXWORV JHZHVHQ ZLH LQ MHQHP $XJHQEOLFN ,FK NRQQWH QLFKW PHKU DQ HLQH JOFNOLFKH 5FNNHKU QDFK 0DQDXV JODXEHQ1XUGHU*HGDQNHDQPHLQH)DPLOLHKDOIPLUGLHVH 6FKZlFKH EHUZLQGHQ ,FK VDJWH PLU GD‰ HV MHW]W MD JDU QLFKWPHKUZHLWVHLXQGPDFKWHPLFKDXIGHQ:HJ ,FKZLOOQLFKWDOOGLH6WUDSD]HQVFKLOGHUQGLHLFKGXUFK PDFKHQ PX‰WH 9LHOH 0DOH KDEH LFK PLFK YHULUUW XQG KlWWHQPLFKQLFKW,QGLRVJHIXQGHQLFKZlUHQLFKWPHKUDP /HEHQ (UVFK|SIW XQG DEJHULVVHQ HUUHLFKWH LFK HQGOLFK 0DQDXV 8QElQGLJH )UHXGH HUIOOWH PLFK DOV LFK GLH +lXVHU GHQ 9HUNHKU XQG GLH YLHOHQ 0HQVFKHQ ZLHGHUVDK ,FK ZDU VWRO]GXUFKJHKDOWHQ]XKDEHQ'DV/HEHQZLUGGHP0HQ VFKHQQXUHLQPDOJHJHEHQ-HW]WVDKLFKLQGHU3UlPLHIU

PHLQHQ gOIXQG GHQ YHUGLHQWHQ /RKQ IU GLH YHUIORVVHQH 0KVDO =XDOOHUHUVW PX‰WH LFK DEHU DQ PHLQ bX‰HUHV GHQNHQGHQQVR]HUIHW]WH.OHLGXQJZLHLFKWUXJQLFKWPDO HLQ%HWWOHU,FKVXFKWHHLQ*HVFKlIWLQGHUVFKZLPPHQGHQ 6WDGWDXI'HU9HUNlXIHUPXVWHUWHPLFKVNHSWLVFK8PLKP ]XEHZHLVHQGD‰LFK]DKOXQJVNUlIWLJVHLJULIILFKLQPHL QHQ%UXVWEHXWHO« 'RFK«8QP|JOLFK0HLQ*HOG«,FKVXFKWHDXIJHUHJW DEHUGDV*HOGXQGDXFKGLH6NL]]HEOLHEHQYHUVFKZXQGHQ ,FKYHUOLH‰GDV*HVFKlIWXQGVHW]WHPLFKYHU]ZHLIHOWDP 8IHU GHV 5LR 1HJUR QLHGHU 6WXQGHQODQJ ]HUPDUWHUWH LFK PLUGHQ.RSI,FKIDQGQXUHLQH(UNOlUXQJ8UXEXZX‰WH GD‰ HU 0DQDXV QLFKW PHKU HUUHLFKHQ ZUGH 'D HQWZHQ GHWHHUGHQ,QKDOWPHLQHV%UXVWEHXWHOV(UZROOWHGD‰LFK VHLQ6FKLFNVDOWHLOWH'RFKHUVROOWHVLFKYHUUHFKQHWKDEHQ $Q HLQH :HLWHUUHLVH ]XP )XQGSODW] ZDU YRUOlXILJ QLFKW ]X GHQNHQ ,FK IDQG ]ZDU *HOHJHQKHLWVDUEHLW GRFK HLQH HLQJHVSDUWH 0DKO]HLW HUJDE QLFKW JOHLFK HLQHQ &UX]HLUR 'DQQ KDWWH LFK HWZDV *HOG ]XVDPPHQ ,FK NRQQWH PLFK DEHUQLFKWHQWVFKOLH‰HQZRKLQLFK]XHUVWIDKUHQVROOWH]XU gOTXHOOHRGHU]X7HUHVLWD6HLWHLQHP-DKUKDWWH LFK NHLQH 1DFKULFKW DXVPHLQHP'RUI'HQQRFKHQWVFKLHG LFK PLFK IU GDV HUVWH LFK ZROOWH QLFKW DOV ]HUOXPSWHU &DERFOR ]X 7HUHVLWDXQGPHLQHQEHLGHQ.LQGHUQ]XUFNNHKUHQ 6RUHLVWHLFK LQ MHQH *HJHQG ZR HLQVW GLH IHWWLJH EODX VFKZDU]H %UKH DXV GHP (UGERGHQ KHUYRUJHVSUXGHOW ZDU ,FK KDEH ODQJH VXFKHQ PVVHQ (V ILHO PLU VFKZHU PLFK JHQDXDQGHQ)XQGSODW]]XHULQQHUQ'LH6NL]]HIHKOWHPLU (QGOLFK KDWWH LFK GHQ 2UW ZLHGHUJHIXQGHQ ,FK KlWWH VFKZ|UHQP|JHQGD‰HVGLHVHOEH6WHOOHZDU $EHUYRQIHWWLJHUEODXVFKZDU]HU%UKHNHLQH6SXU'LH *HJHQG ZDU HLQH (LQ|GH 7URW]GHP ZDUHQ 0HQVFKHQ YRU

PLU KLHU JHZHVHQ ,FK IDQG OHHUH DPHULNDQLVFKH .RQVHU YHQEFKVHQ6LHZDUHQQRFKQLFKWYHUURVWHWPDQKDWWHVLH HUVW YRU NXU]HP ZHJJHZRUIHQ 0HLQH 1HXJLHUGH YHUZDQ GHOWHVLFKLQ8QUXKH:DVKDWWHGDV]XEHGHXWHQ":HUZDU PLU]XYRUJHNRPPHQ",FKVXFKWHZHLWHUXQGIDQGHLQH]HU EURFKHQH 0H‰ODWWH $P )X‰ HLQHV +JHOV HQWGHFNWH LFK HLQH +WWH YRU GHUHQ (LQJDQJ VLFK HLQH DXVJHEUDQQWH )HXHUVWHOOHEHIDQG ,P QlFKVWHQ 'RUI HUIXKU LFK GDQQ GD‰ GLHVHV *HOlQGH YRQ HLQHU DPHULNDQLVFKHQ (UG|OJHVHOOVFKDIW DXIJHNDXIW ZRUGHQZDU,FKZDUDOVR]XVSlWJHNRPPHQ:HUPRFKWH GHU *HVHOOVFKDIW GLHVHQ )XQGRUW JHPHOGHW KDEHQ" 8QG ZDUXP I|UGHUWH VLH GLHVHV (UG|O QLFKW" $EHU GDIU KDWWH 8UXEXMDHLQH(UNOlUXQJJHJHEHQ'LH$PHULNDQHUZROOWHQ YHUKLQGHUQGD‰LQXQVHUHP/DQGH(UG|OJHI|UGHUWZXUGH GDPLWGLH9RUNRPPHQGLHVLHZRDQGHUVEHVD‰HQQLFKWDQ :HUWYHUORUHQ (QWPXWLJWXQGlUPHUDOVLFKDXVJH]RJHQZDUNHKUWHLFK QDFK 0DQDXV ]XUFN ,FK WULHE PLFK LP +DIHQ KHUXP XQHQWVFKORVVHQ ZDV LFK WXQ VROOWH ,FK ZX‰WH QXU HLQHV ,FK PX‰WH LQ (UIDKUXQJ EULQJHQ ZHU GHU *HVHOOVFKDIW PHLQHQgOIXQGJHPHOGHWKDWWH,QHLQHU+DIHQNQHLSHK|UWH LFKSO|W]OLFKGHQ1DPHQ=DFDULDVGH&DUYDMDO,FKNRQQWH HVQLFKWJODXEHQ8UXEXOHEWH 'LH*HVFKLFKWHGLHPDQVLFKLQ0DQDXVEHU8UXEXHU ]lKOWHZDUVRSKDQWDVWLVFKGD‰LFKLKUH:DKUKHLWDQ]ZHL IHOWH'HU=XIDOOIKUWHPLFKGDQQLQHLQ/RNDOZRLFKGHQ (UG|OLQJHQLHXU6\OYLR0HOORNHQQHQOHUQWH 6\OYLR 0HOOR EHVWlWLJWH PLU GD‰ =DFDULDV GH &DUYDMDO OHEWH :LH HV 8UXEX JHOXQJHQ ZDU YRU PLU 0DQDXV ]X HUUHLFKHQ ZHL‰ LFK QLFKW :DKUVFKHLQOLFK KDWWH LKQ HLQ 'DPSIHU DQ%RUG JHQRPPHQ(V ILHOPLU ZLHGHU HLQ GD‰

GHU6WLFKHLQHV6WDFKHOURFKHQV]ZHL7DJH VFKPHU]HQ VROO =DFDULDV ZDU LQ MHQHU 1DFKW ZRKO GHU 6FKPHU]HQ OHGLJ JHZRUGHQ (U XQWHUVXFKWH PHLQHQ %UXVWEHXWHO ,FK VFKOLHI VHKU IHVW 'D QDKP HU GLH 6NL]]H XQG GDV *HOG XQG IORK ,UJHQGHLQ 8PVWDQG KDOI LKP ZHLWHU ,FK ZHL‰ KHXWH QRFK QLFKW RE HV ZLUNOLFK VR ZDU $EHU LFK NDQQ NHLQH DQGHUH (UNOlUXQJ ILQGHQ 6\OYLR 0HOOR ZXUGH PLW 8UXEX EHL GHU 3HWUREUDVå EHNDQQW EHL GHU QHXJHJUQGHWHQ VWDDWOLFKHQ (UG|OJHVHOOVFKDIW ZR HU DOV ,QJHQLHXU DUEHLWHWH :lKUHQG LFK QRFK PLW GHP 0DWR NlPSIWH ZDU 8UXEX EHL GHU 3HWUREUDVå HUVFKLHQHQ XQG KDWWH LKU HLQ 6WFN /DQG ]XP .DXI DQJHERWHQ GDV |OWUlFKWLJ VHLQ VROOWH (V ZDU MHQH 6WHOOHDQGHULFKHLQVWGLHgOTXHOOHHQWGHFNWKDWWH«³ 3HGURNDQQHLQH)UDJHQLFKWXQWHUGUFNHQÄ$EHU8UXEX ZDU GRFK JDU QLFKW GHU (LJHQWPHU MHQHV )OHFNFKHQV (U GH"³ )ODYLR VWHKW DXI JHKW DQ GDV :DQGUHJDO XQG VWHOOW HLQH 6FKVVHO PLW JHEUDWHQHQ )LVFKHQ YRU 3HGUR Ä,‰ 0XFKDFKRHVLVWNHLQ)HLMRDGDDEHUHLQ+XQJULJHULVWIU MHGHQ%LVVHQGDQNEDULFKZHL‰GDV³ 8QG ZlKUHQG VLFK 3HGUR DXI GHQ )LVFK VWU]W HU]lKOW )ODYLR ZHLWHU Ä.DXP ZDU 8UXEX GHP 0DWR KHLO HQWURQ QHQ HLOWH HU PLW PHLQHU 6NL]]H ]XU 6WDQGDUG 2LOå 'LH $PHULNDQHUIKUWHQ3UREHERKUXQJHQGXUFKIDQGHQ(UG|O XQG QXQ KlWWH 8UXEX VHLQH 3UlPLH HUKDOWHQ PVVHQ 6LH ZlUHK|KHUDXVJHIDOOHQDOVVRQVWGHQQHUKDWWHPLFKGRFK DXVJHVFKDOWHW GHQ HLJHQWOLFKHQ )LQGHU 2K 8UXEX ZLUG VLFKVFKRQGLH+lQGHJHULHEHQKDEHQ« $EHU GDPDOV ZDU MD VFKRQ GLH VWDDWOLFKH (UG|OJHVHOO VFKDIW3HWUREUDVå JHJUQGHWZRUGHQ8QVHUHYRULJH5HJLH UXQJZDUEHVWUHEWGHQ(LQIOX‰DXVOlQGLVFKHQ.DSLWDOVHLQ ]XGlPPHQ 'LH 3HWUREUDVå EHVD‰ QXQPHKU GDV DOOHLQLJH

5HFKWIUGLH)|UGHUXQJ(UNXQGXQJXQG9HUDUEHLWXQJYRQ (UG|O 'LH $PHULNDQHU ZLWWHUWHQ GD‰ VLH HQWHLJQHW ZHUGHQ VROOWHQ GHQQ LQ]ZLVFKHQ KDWWH PDQ HLQLJH DXVOlQGLVFKH )LUPHQ VFKRQ YHUVWDDWOLFKW 6LH HUZDUEHQ DOVR IU ELOOLJHV *HOG MHQHV 6WFN /DQG GDV 8UXEX LKQHQ DOV |OWUlFKWLJ JHPHOGHW KDWWH XQG VFKHQNWHQ HV LKP VWDWW GHU 3UlPLH 9LHOOHLFKW KRIIWHQ VLH GDV /DQG VR GHP =XJULII GHU 3HWUREUDVå ]X HQW]LHKHQ 9LHOOHLFKW ZROOWHQ VLH VLFK DXFK QXU EHU 8UXEX OXVWLJ PDFKHQ (U ZDU IU VLH QXW]ORV JHZRUGHQ 'HQQ GLH 3HWUREUDVå ZROOWH VLFK VHOEVW EHU ]HXJHQ RE GDV DPHULNDQLVFKH 0lUFKHQ YRQ GHP HUG|ODU PHQ%UDVLOLHQDXFKVWLPPWH'LH$PHULNDQHUKDWWHQNHLQH 7LHIERKUHU IU XQV JHKDEW :LU ZDQGWHQ XQV DQ GLH 5XV VHQ 'LHVH KDWWHQ QLFKW QXU 7LHIERKUHU VRQGHUQ VFKLFNWHQ XQV JOHLFK HLQLJH ([SHUWHQ GD]X 8QG GLHVH HQWGHFNWHQ 3HWUROHXP *DQ] %UDVLOLHQ VROO DXI HLQHP 0HHU GHV VFKZDU]HQ *ROGHV VFKZLPPHQ 0DQ IDQG ]XP %HLVSLHO EHL %DKLD ZHOFKHV GDQQ DXFK KLHU LQ GHU *HJHQG YRQ 0DQDXV6RVWDQGHVDOVRGDPDOV 9ROOHU +RIIQXQJ ERW 8UXEX GDV 6WFN /DQG GHU 3HWUREUDVå DQ 'LHVH OHKQWH GHQ .DXI DE XQG HQWHLJQHWH 8UXEX GD GHU gOIXQG ]XQlFKVW EHL GHU 6WDQGDUG 2LOå DQJHPHOGHWZRUGHQZDU³ )ODYLR ODFKW Ä3HGUR 8UXEXV *HVLFKW KlWWH LFK VHKHQ P|JHQ'DV*HVLFKWGHVEHWURJHQHQ%HWUJHUV³ 3HGURVFKLHEW GLH 6FKVVHO ]XUFN ZLVFKW VLFK PLW GHP +DQGUFNHQGHQ0XQGXQGEHGDQNWVLFKIUGLH0DKO]HLW (U EOLFNW QDFKGHQNOLFK DXI )ODYLR Ä$EHU GX KDVW GRFK GDEHLDOOHVYHUORUHQ²GDUEHUNDQQVWGXQRFKODFKHQ"³ )ODYLRZLUGZLHGHUHUQVWÄ,FKKDEHGLH3UlPLHYHUORUHQ DEHU LFK KDEH HLQHQ )UHXQG JHZRQQHQ GHQ ,QJHQLHXU

6\OYLR 0HOOR ,FK ZDU GDPDOV YHU]ZHLIHOW 'RFK 6\OYLR KDWPLUJHKROIHQ(UYHUVFKDIIWHPLUDQVWlQGLJH$UEHLWDOV 3HWUROHUR8QGLFKKDEHDXFKYLHODXVPHLQHQ(UOHEQLVVHQ JHOHUQW$OV(LQ]HOJlQJHUNDQQHLQ$UPHUVRHLQHUZLHGX RGHU LFK QLFKW VHLQ *OFN PDFKHQ VRQGHUQ QXU DQ GHU 6HLWHGHUDQGHUHQ:HQQPDQDOOHLQLVWNRPPHQGLH8UX EXV GLH $DVJHLHU 6LH UXKHQ QLFKW ELV VLH HLQHP DOOHV ZLHGHU DEJHQRPPHQ KDEHQ 0DQ ZLUG DXFK VFKOHFKW ZHQQPDQ QXU DQ VHLQ HLJHQHV *OFN GHQNW :LH KDW VLFK =DFDULDV QDFK 5HLFKWXP JHVHKQW 6HLQ 6FKLFNVDO VROOWH MHGHP HLQH :DUQXQJ VHLQ :HU DXI NUXPPHQ :HJHQ GDV (OHQG EHUZLQGHQ ZLOO GHU NRPPW ]X )DOO 8QG KlXILJ GXUFKMHQHGHUHQ:HUN]HXJHUZDUP|JHQHVQXQ$PHUL NDQHURGHUGLHHLJHQHQ/DQGVOHXWHVHLQ³ )ODYLR JHKW ]XU 7U XQG VFKLHEW GHQ 9RUKDQJ ]XU 6HLWH 'LH 6WDGW OLHJW LP 6FKODI /HLVH VFKQDO]HQ GLH :HOOHQ JHJHQ GLH %RRWVZlQGH $XV GHU )HUQH NOLQJW GDV KHLVHUH DEJHULVVHQH+HXOHQHLQHU'DPSIHUVLUHQH)ODYLRGUHKWVLFK ZLHGHUXPÄ+DVWGXHLQH%OHLEH3HGUR"³ .DXPK|UEDUNRPPWGDV1HLQ Ä'DQQVFKOlIVWGXEHLPLUhEHUKDXSWGXNDQQVWYRUOlX ILJEHLPLUZRKQHQEOHLEHQ³ 3HGURZLUGYRU'DQNEDUNHLWYHUOHJHQ ZLH HLQ 0lGFKHQ 8QGXPHWZDV]XVDJHQVWHOOWHUHLQH)UDJHGLHHUVRIRUW EHUHXWÄ8QGGHLQH)UDX«³(UEHL‰WVLFKDXIGLH/LSSHQ )ODYLR ZHQGHW VLFK DE 0LW KHLVHUHU 6WLPPH VDJW HU Ä%UDVLOLHQ LVW JUR‰ $OV LFK JHQJHQG *HOG JHVSDUW KDWWH ELQLFKLQPHLQ+HLPDWGRUIJHIDKUHQ0HLQ9DWHUZDUQLFKW PHKU DP /HEHQ 0HLQ /DQG KDWWH HLQ )D]HQGHLUR NRQILV ]LHUW ,FK VFKXOGHWH LKP *HOG (U EHEDXW GDV /DQG QLFKW DEHUHVJHK|UWLKP8QG7HUHVLWD«6LHKDWWHGDV'RUIPLW GHQ EHLGHQ .LQGHUQ YHUODVVHQ :RKLQ VLH JHJDQJHQ ZDU

ZX‰WHNHLQHU%UDVLOLHQLVWJUR‰]XJUR‰ ,FKKDEHVLHQLH ZLHGHUJHVHKHQ³ Ä=XP7HXIHOPLWGLHVHP/HEHQ³VDJW3HGURÄ(VLVWHLQ YHUIOXFKWHV*OFNVUDG(QWZHGHUNDQQVWGXGLFKIHVWKDOWHQ RGHU HV VFKOHXGHUW GLFK ]XU 6HLWH³ (U JUHLIW ]XU )ODVFKH PLWGHP0DQLRNVFKQDSV)ODYLRHQWUHL‰WVLHLKP Ä:DV ZLOOVW GX GHQQ"³ UXIW 3HGUR Ä'LH DOWH 5HJLHUXQJ KDWWH VLFK JHUDGH YRQ GHQ $PHULNDQHUQ IUHL JHPDFKW GLH QHXH Ol‰W VLH ZLHGHU KRFKOHEHQ 'LHVHU 8UXEX XQG VHLQH JDQ]H *HVHOOVFKDIW PLVFKHQ ZLHGHU PLW 8QG XQVHUHLQV VWHKWKLOIORVGDXQGNDQQQXUGLH)lXVWHEDOOHQ³ )ODYLR Ol‰W VLFK DXI GLH /DJHUVWDWW QLHGHU XQG VFKZHLJW (QGOLFK VDJW HU Ä:HL‰W GX 3HGUR EHL XQV GDKHLP KlQJW PDQHLQHP6WLHUGHU]XU:HLGHJHIKUWZLUGHLQ7XFKYRU GLH $XJHQ (V KHL‰W GD‰ HU VLFK GDQQ VHLQHU .UDIW QLFKW EHZX‰WZLUGXQGEUDYZHLWHUWURWWHW,FKJODXEHIHVWGDUDQ GD‰ XQVHU 9RON HLQHV 7DJHV GDV 7XFK YRQ GHQ $XJHQ UHL‰HQ ZLUG 'RFK ZLU ZROOHQ VFKODIHQ ,FK PX‰ PRUJHQ DUEHLWHQ³

:RUWHUNOlUXQJHQ $YHQLGD &DERFOR

3UDFKWVWUD‰H 0LVFKOLQJ]ZLVFKHQ:HL‰HQXQG,QGLDQHUQ NOHLQElXHUOLFKHU0HVWL]H &KDUHWWH ]ZHLUlGULJHU(LQVSlQQHU HORUREODQFR GDVZHL‰H*ROG.DXWVFKXN )DYHODGR %HZRKQHUGHV$UPHQYLHUWHOV²GHU)DYHOD ²LQ5LRGH-DQHLUR )D]HQGD /DQGJXWPLW3ODQWDJHQRGHU5LQGHUKHUGHQ )D]HQGHLUR (LJHQWPHUHLQHU)D]HQGD )HLMDR %RKQHQ )HLMRDGD EUDVLOLDQLVFKHV0LWWDJHVVHQ 0DWR 8UZDOG 0XFKDFKR -XQJH

+HIW

(ULFK/RHVW 6OLZRZLW]XQG$QJVW

=ZHL:RFKHQVFKRQ]LHKHQGHU*HIUHLWH%LOOLQJXQGVHL QH .DPHUDGHQ KLQWHU LKUHU (LQKHLW KHU 6LH KDEHQ GHQ $XIWUDJ PLW GHP 7UR‰IDKU]HXJ ]XU YRUDXVJHUFNWHQ .RPSDQLH DXI]XVFKOLH‰HQ $EHU VLH ODVVHQ VLFK =HLW 'HU 6OLZRZLW]VFKPHFNW]XJXWXQGGDV(VVHQLQGHQVORZDNL VFKHQ *DVWKlXVHUQ LVW DXFK LP OHW]WHQ .ULHJVMDKU QRFK DXVJH]HLFKQHW 'DQQ LVW PLW HLQHPPDO DOOHV ]X (QGH 3DUWLVDQHQ EHUIDOOHQ GHQ 7UR‰WUXSS 'HU %DJDJHZDJHQ JHKW YHUORUHQ :HQQ VLH ]XU .RPSDQLH NRPPHQ HUZDUWHW VLHGDV.ULHJVJHULFKW$QJVWSDFNWGLHGHXWVFKHQ6ROGDWHQ XQGWUHLEWVLH]XHLQHP(QWVFKOX‰DQGHQVLHYRUKHUQLH]X GHQNHQJHZDJWKlWWHQ