Die Insel der Bewфhrung

+DQV.QHLIHO 'LH,QVHOQGHU%HZlKUXQJ 02(:,*9(5/$*0h1&+(1 3(55...

45 downloads 529 Views 260KB 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

+DQV.QHLIHO

'LH,QVHOQGHU%HZlKUXQJ

02(:,*9(5/$*0h1&+(1 3(55<5+2'$17DVFKHQEXFK 3ULQWHGLQ*HUPDQ\ -XOL :lUPHXQG/LFKWKDWWHQGLH,WHUDXVGHUQlFKWOLFKHQ(UVWDUUXQJJHO|VW6LHIUD PLWVFKQHOOHQ%HZHJXQJHQLKUHUNLQGHUKDQGJURHQ0DQGLEHOQHLQSDDU%OlWWHU GHV$VWHVDXIGHPVLHLQGHU1DFKWUHJXQJVORVJHZDUWHWKDWWH'DQQEHZHJWHQ VLFKLKUHVLHEHQ%HLQSDDUHEHUGLHERUNLJH5LQGHGHV$VWHV'LH,WHUGUlQJWH GDUDXIVLFK]XEHZHJHQGHQ3ODQ]XEHHQGHQGHULQLKUHP,QVWLQNWYRUKDQGHQ ZDU=LWWHUQGEOLHEGLH,WHUVWHKHQDOVGDVYRUGHUVWH%HLQSDDUGHQIUHLHQ /XIWUDXPKLQWHUXQGXQWHUGHP(QGHGHV$VWHVHUWDVWHWH'LH,WHUKDWWHGHQ 6FKDWWHQYHUODVVHQGDVJUHOOH6RQQHQOLFKWDNWLYLHUWHGLH)DFHWWHQDXJHQGLHWLHI XQWHUGHUPLOFKLJGXUFKVLFKWLJHQ+DXWYHUVWHFNWZDUHQ%HZHJXQJNDPLQGDV 7LHU 'HU+LQWHUOHLEZLHHLQGQQHU5VVHOPLWGVHQVSLW]HP(QGHJHIRUPWKREXQG VHQNWHVLFKPHKUPDOV(LQ7URSIHQHLQHUVLOEULJJOlQ]HQGHQ)OVVLJNHLWWUDWDXV (UKDWWHGLH.RQVLVWHQ]YRQ+RQLJXQGURFKQDFKlWKHULVFKHQgOHQQDFK$]HWRQ XQG1DUGHYXOJDULV'HU+LQWHUOHLEGHU,WHUNODSSWHQDFKXQWHQXQGKHIWHWHGHQ 7URSIHQ]ZLVFKHQGLHDXIJHVSUXQJHQH5LQGH1DFK]HKQ6HNXQGHQ3DXVH NUDEEHOWHGLH,WHU]LHOVWUHELJQDFKYRUQELVVLHGDVhEHUJHZLFKWEHNDPXQGQDFK XQWHQNLSSWH /DQJVDPGUHKWHVLHVLFKXPGHQHLJHQHQ)DGHQXQGVDKGLHJHOEH)OlFKHQlKHU NRPPHQ6LHZXWHLQLKUHP9HUKDOWHQVPXVWHUGDLKUH$UWJHQRVVHQYRQDOOHQ 6HLWHQNDPHQXPGLH$UEHLWGHV7DJHV]XEHJLQQHQXQGGHUYLHOHQIROJHQGHQ 7DJH 2EZRKOVLHQLFKWVDQGHUHVDOV7LHUHZDUHQGHQ6HLGHQUDXSHQQLFKWXQlKQOLFK QXUIQI]HKQPDOVRJUREHVDHQVlPWOLFKHJHVFKOHFKWVUHLIHQ,WHUHLQ 3URJUDPP-HGHV,QGLYLGXXPÄNDQQWHHLQHQ7HLOGHV3URJUDPPVXQGEHUGLH )lGHQNRQQWHQVLHVLFKDXIXQEHJUHLIOLFKH:HLVHPLWHLQDQGHUDEVWLPPHQ0LW HUKHEOLFKHU*HVFKZLQGLJNHLWNURFKGLH,WHUDXIGDV=HQWUXPGHUNOHLQHQ /LFKWXQJ ]X6LH]RJHLQHQ)DGHQKLQWHUVLFKKHUGHUHLQHQ0LOOLPHWHUGLFNZDU(LQ 0HWHUQDFKGHPGHU)DGHQGLH6SLQQGVHYHUODVVHQKDWWHYHUORUHUVHLQH .OHEULJNHLWDXFKGHU*HUXFKQDKPVFKQHOODE'HU6SLQQIDGHQVFKLPPHUWHLP 6RQQHQOLFKWZLHJHVSRQQHQHV6LOEHU1XQEHVDHUGLH)HVWLJNHLWHLQHVIHLQHQ 1\ORQRGHU3HUORQIDGHQV$OV]ZHLKXQGHUWIQI]LJRGHUGUHLKXQGHUW,WHUGDV =HQWUXPGHU6DQGIOlFKHHUUHLFKWHQEOLHEHQVLHZLHDXI.RPPDQGRVWHKHQ'LH

)lGHQGLHYRP5DQGGHU/LFKWXQJLQV=HQWUXPGHXWHWHQEHUKUWHQHLQDQGHU QRFKQLFKW 'LH,WHUHUNDQQWHQHLQ+LQGHUQLV (VZDUGXQNHOXQGKHOOLQDQGHUHQ7HLOHQEHVDYLHU([WUHPLWlWHQHLQHQGLFNHQ .|USHUXQGHLQHQ.RSI8QGHVOHEWH1RFKOHEWHHVGLH,WHUVSUWHQGLH $QZHVHQKHLWYRQ/HEHQ6LHZDUHQYROONRPPHQYHUZLUUW'DV0XVWHULKUHU $UEHLWZDUJHVW|UWZRUGHQXQGLQV6WRFNHQJHUDWHQ Ä$KKK 'DV+LQGHUQLVJDEHLQHQODQJJH]RJHQHQTXDOYROOHQ7RQYRQVLFK'LHJURHQ )KOHUGHU,WHUVSLHOWHQDXIJHUHJWLQGHUKHLHQ/XIW6LHILQJHQ*HUFKHXQG 6FKZLQJXQJHQDXI Ä,FKPXRKYHUGDPPWPXUPHOWHGDV+LQGHUQLV 9LHOOHLFKWZDUHVGDVGDXHUQGH.QLVWHUQJHZHVHQGDVLKQDXIJHZHFNWKDWWH 9LHOOHLFKWDXFKGLH6RQQHGHV9RUPLWWDJVGLHVWHFKHQGDXIGHQNUHLVUXQGHQ 6DQGIOHFNVFKLHQ6HLQ.RSIGU|KQWH6HLQH$XJHQGUFNWHQJHJHQGLH/LGHU GHQQIHXULJH.UHLVHXQG0XVWHU]HLFKQHWHQVLFKDXIGHU1HW]KDXWDE:LHGHU VW|KQWHHUGDQQEHZHJWHHUYRUVLFKWLJ$UPHXQG%HLQH (UPXUPHOWH Ä:DVLVWSDVVLHUW" 6HLQ.|USHUZDUYRQHLQHUGXPSIHQ/lKPXQJEHIDQJHQ6HLQH1HUYHQXQG 0XVNHOQVFKLHQHQSDUDO\VLHUW]XVHLQ$OVHUVLFKDXIVHW]WHXQGVFKOLHOLFKGLH $XJHQ|IIQHWHVDKHUHLQHQ+DOENUHLVYRQZHLHQPDGHQlKQOLFKHQ7LHUHQGLH LKP+XQGHUWHYRQ)KOHUQHQWJHJHQVWUHFNWHQ'LH)UDJHQWUDIHQLKQZLHHLQ )DXVWVFKODJ :HUZDUHU" :RZDUHU" :LHZDUHUKLHUKHUJHNRPPHQ" :DVEHGHXWHWHQGLH7LHUHDP(QGHLKUHUODQJHQ6SLQQIlGHQ" (UIKOWHVHNXQGHQODQJZUJHQGH$QJVW(UZDUY|OOLJGHVRULHQWLHUW$OVHUDXI GLH%HLQHNDPWDXPHOWHHU'LHZHLHQ5DXSHQVHW]WHQLKUH:DQGHUXQJIRUW 'LH7LHUHVFKO|VVHQGHQ.UHLVXPUXQGHWHQGHQMHZHLOLJHQ3DUWQHUQDFKHLQHP 0XVWHUGDVZLHHLQHLQVWXGLHUWHV%DOOHWWLQ=HLWOXSHDXVVDKXQGOLHIHQZLHGHU ]XUFNDQGHQ5DQGGHU/LFKWXQJ6LH]RJHQYLHOIDUELJH)lGHQKLQWHUVLFKKHU Ä,FKELQ

XQGEOLFNWHGLH)LQJHUDQ$XIGHP0LWWHOILQJHUGHU5HFKWHQEHPHUNWHHUHLQHQ KHOOHUHQ6WUHLIHQZlKUHQGGHU5HVWGHU+DXWVRQQHQYHUEUDQQWZDU Ä(LQ5LQJ" (UNDQQWHDOVRQRFKHLQH0HQJH%HJULIIH$P5DQGGHU/LFKWXQJIKOWHHU GDQNEDUGLH.KOHGHV6FKDWWHQV(UEOLHEVWHKHQ,QVHLQHP5FNHQEHIDQGVLFK HLQYHUNUPPWHU%DXPVWDPP

Ä9HUGDPPW:DVLVWGDVNHXFKWH

0LWGUHLLJ6FKULWWHQZDUHUEHLGHU4XHOOHILHODXIGLH.QLHXQGVWHFNWHVHLQHQ .RSILQGLHNOHLQH9HUWLHIXQJ'DVHLVNDOWH:DVVHUUDXEWHLKPIDVWGLH %HVLQQXQJDEHUVFKRQDOVHUQDFK/XIWVFKQDSSWHPHUNWHHUGDGHU ZDKQVLQQLJH6FKPHU]XQWHUGHU6FKlGHOGHFNHQDFKOLH(UWUDQNHLQHQ/LWHU :DVVHUVSOWHVLFKGHQ0XQGDXVXQGVSULW]WH:DVVHULQV*HVLFKW'DQQ]RJHU VLFKGLHGQQHKDOEODQJH-DFNHDXVXQGVXFKWHGLH7DVFKHQDE(UIDQGHLQLJH 5DWLRQVZUIHOXQGDVLHJLHULJDXI0HUNZUGLJGDFKWHHUNXU]GDLFKDOOHV ]XZLVVHQVFKHLQH1XUEHUPLFKVHOEVWZHLLFKQLFKWV (U]RJGDV+HPGXQGGLH6WLHIHODXVGDQQGLH+RVHVFKOLHOLFKVWDQGHUQDFNW GD(UEHWUDFKWHWHZlKUHQGHUODQJVDPDXIGDV:DVVHUGHV0HHUHV]XVFKULWW VHLQHQ.|USHU6FKODQNPXVNXO|VRKQH%DXFKRKQH)HWWEHUDOO VRQQHQJHEUlXQWPLWPLWWHOEUDXQHPKDOEODQJHP+DDULQGHPJUDXH6WUlKQHQ ZDUHQXQGKHOOHDXVJHEOHLFKWH6WHOOHQ6HLQH6RKOHQEHUKUWHQGDV:DVVHU'HU 6DQGEHZHJWHVLFKXQWHUVHLQHQ=HKHQ Ä/DQJVDPEHJLQQHLFKPLFKZLHGHUZLHHLQ0HQVFK]XIKOHQVDJWHHU(U VWDSIWHZHLWHULQV:DVVHUKLQHLQIKOWHGLHEHOHEHQGH.KOHXQGHLQ7HLOVHLQHU LQQHUHQ9HUNUDPSIXQJO|VWHVLFK(UVFKZDPPPLWODQJHQ=JHQKLQDXVXQG WDXFKWHXQWHUOHJWHVLFKDXIGHQ5FNHQXQGVDKYRQGHU6RQQHZHJLQGHQ +LPPHO(UZDUVWDKOEODXPLWHLQHPGHXWOLFKHQ6WLFKLQV5|WOLFKH'LH6RQQH VWDQGGDULQZLHHLQULHVLJHV$XJH$XIGHUUHFKWHQ6HLWHGHV+LPPHOVVDKHUMHW]W GLH9|JHO0HUNZUGLJH9|JHOGDFKWHHU=XODQJH6FKZLQJHQXQGHLQH PHUNZUGLJH.|USHUIRUP (UOLHVLFKWUHLEHQIKOWHZLHGLH%HZHJXQJHQGLH'XPSIKHLWGHU*OLHGHU YHUWULHEHQGLH1HUYHQEHUXKLJWHQ/DQJVDPVFKZHQNWHHULQHLQHQ%RJHQHLQ XQGEOLHEGDQQ]ZLVFKHQ%UDQGXQJXQGVHLQHP.OHLGHUEQGHOVWHKHQXPDQGHU 6RQQH]XWURFNQHQ(UJLQJDXIGLHULHVHOQGH4XHOOH]XZXVFKVLFKGDV 6DO]ZDVVHUDXVGHP+DDUXQGVWUHFNWHVLFKDXIHLQHP6WHLQDXV 1DFKHLQHU:HLOH]RJHUVLFKDQVWUHLIWHGHQWURFNHQHQ6DQGYRQGHQ)HQXQG VFKOSIWHLQGLH6WLHIHO Ä:DVMHW]W"EHUOHJWHHU (UKREGLH6FKXOWHUQXQGVDKVLFK]XPHUVWHQPDOLQ5XKHJHQDXHUXP'LH /DQGVFKDIWZDUHLQGHXWLJGLHMHQLJHHLQHV3ODQHWHQGHUHUGlKQOLFKVHLQPXWH /XIW:DVVHUXQG2EHUIOlFKHQVFKZHUHEHVFKOHXQLJXQJVFKLHQHQVRJXWZLH LGHQWLVFK]XVHLQ

VLFKLQHWZD]ZHL'XW]HQGHLQ]HOQH3XQNWHDXIJHO|VW

$QEOLFNLQOHLFKWH5VWXQJHQJHKOOWWUXJHQVLHEL]DUUH:DIIHQXQGOHXFKWHQGH +HOPHPLWODQJHQIHGHUDUWLJHQ%VFKHQ

VSUDQJLQ]ZHL6lW]HQEHUGDVNXU]H6WFNGHU7UHSSHKLQDXI

ZLHGHUDXIGHP6WUDQGYHUVDPPHOWHQVFKZDQJ

'HUODQJH=JHOVWUDIIWHVLFK 'LHEHLGHQ7LHUHIORJHQKLQWHUHLQDQGHUKHU6LHNOHWWHUWHQK|KHUXQGVFKZDQJHQ VLFKPLWHLQJH]RJHQHQ/lXIHQLQGLH/XIW$OV

1DFKPLWWDJVVRQQH(LQH0DXHUPLQGHVWHQVIQI0HWHUKRFKXPJDEGDV2YDO

Ä+DEHLFKGLH0|JOLFKNHLWDE]XOHKQHQ"HUNXQGLJWHHUVLFK Ä1HLQ'XNDQQVWGHQ:HJQXULQHLQHU5LFKWXQJJHKHQ9RUZlUWV 'HU+lXSWOLQJGHXWHWHLQVHLQH+WWHXQGZLQNWH

Ä'LH$UHQDEHVWHKWDXV(LV%HNRPPHLFK6FKOLWWVFKXKHRGHU6SLNHV"IUDJWH

(UKREGLH+DQGXQGOLHGLHEHLGHQ6FKQHLGHQGHV.DPSIEHLOVLQGHU6RQQH DXIEOLW]HQ Ä6FKLFNWPLUGDV*DUUDVFKULHHU (LQEHUUDVFKWHV0XUPHOQJLQJGXUFKGLH0HQVFKHQPHQJH(VJDEZHGHU 3RVDXQHQQRFKDQGHUHGUDPDWLVFKH(IIHNWH1XUGDVULHVLJH7RULKPJHJHQEHU JOLWWODQJVDPLQVHLWOLFKHQ)KUXQJVVFKLHQHQLQGLH+|KH:LHGHUK|UWH

.DPSID[WKROWHDXVXQGIKUWHHLQHQVFKZXQJYROOHQ6FKODJJHJHQGDVOLQNH $XJHGHV*DUUD'LH6FKQHLGHULHLQHWLHIH.HUEHLQHLQH+RUQSODWWHYHUGUHKWH VLFKXQGVFKOXJPLWGHUGRSSHOWHQ%UHLWVHLWHGLUHNWDXIGDVDOELRQWLVFKURWH$XJH 'DV*DUUDVFKWWHOWHGHQ.RSIXQG]RJVHLQH+|UQHUDXVGHP(LV(LQODXWHV *HPXUPHONDPDXVGHU+|KHGHU5lQJH'DV)HUQVHKDXJHYHUIROJWH

DQGHQODQJHQ0DVWHQVFKZDQNWHQXQG]LWWHUWHQ Ä(LQQHXHU*DQJNQXUUWH

*OHLFKJHZLFKWQLFKW]XYHUOLHUHQ'DQQVFKZDQNWHHUILHODXIGLH6HLWHXQG VFKOLWWHUWHLQHLQHPOHLFKWHQ%RJHQDXIGHQ2UWGHV=XVDPPHQVWRHV]X .UDFKHQGXQGUDVVHOQGODQGHWHHU]ZLVFKHQGHQULHVLJHQ(LVVSOLWWHUQ'DV *HUlXVFKULGDV7LHUDXVVHLQHPYHU]ZHLIHOWHQ.DPSIDXIGHU6WHOOH =ZHL+RUQSODWWHQNODSSWHQQDFKKLQWHQXQGJDEHQGLHNUDXVHQ:LQGXQJHQYRQ +|UPXVFKHOQIUHL

(VPXWHZHLWQDFK0LWWHUQDFKWVHLQDOV

.XUVUHFKHQPDVFKLQHQJHVSHLFKHUW $PDUJD,,KDWWHHLQHQ7DJGHUNQDSS]ZHLXQG]ZDQ]LJ6WXQGHQGDXHUWH'DV KDWWHHLQPDOMHPDQGJHVDJW8QGHVVFKLHQHLQ3ODQHWGHU8QP|JOLFKNHLW]XVHLQ VDJWHPDQLP.DVLQR(LQH5HLKHYRQ3DUDGR[DO|VWHVLFKJHJHQVHLWLJDE 1LHPDQGGXUIWHDXI$PDUJD,,ODQGHQRKQHYRUKHUPLWGHP&KHISHUV|QOLFK JHVSURFKHQ]XKDEHQ

HQWJHJQHWHÄ$XIGHU'ULWWHQ,QVHO,QGHU0LWWHGHU,QVHOGXUFK)DOOHQXQG XQZHJVDPHV*HOlQGHJHVFKW]W $UFDQDVDJWHZHLWHUGDGLH.<5%(HLQPHWDOOHQHV5lWVHOVHL(VZRKQWHQ ]ZDU0HQVFKHQGRUWDEHUQLFKWYLHOHXQGPDQKDWWHVLHQLHPDOV]lKOHQN|QQHQ 'D]XKDWWH.<5%(YLHOHNOHLQH0DVFKLQHQGLHXQXQWHUEURFKHQ]ZLVFKHQGHQ 7UPHQXQG+lXVHUQXPKHUVFKZHEWHQ1XUPLW+LOIHGHU$YLRKLSSRVZDUHV EHUKDXSWP|JOLFKGLH'ULWWH,QVHO]XEHWUHWHQ-HGHQIDOOVVWDQGHVIHVWGDGHU 6WDPPGHU=DQGRPHQHJKDLQGLH.<5%(HLQGULQJHQPXWH Ä:DUXPHLJHQWOLFK":LUKDEHQHVGRFKVFK|QKLHUDXIGHU=ZHLWHQ,QVHO"IUDJWH

Ä,FKNHQQHDOOHVVHLWGHP$XJHQEOLFNGDHVDQILQJ$EHUGDVVLQG ,QIRUPDWLRQHQGLHLFKQLFKWZHLWHUJHEHQGDUI

Ä'XELVWPHLQ)UHXQGHUNOlUWHHU $OVHUGLH7UHSSHXQGGHQ3IDGDEZlUWVVWLHJYHUIROJWH LKQGDVNUHLVFKHQGH/DFKHQGHV9RJHOV(UWDVWHWHVLFK]XUFNGXUFKGLHWLHIH 'XQNHOKHLWGHUQlKHUHQ8PJHEXQJGHV'RUIHVJLQJVFKQHOOEHUGHQIUHLHQ 3ODW]XQGEOLHEVWHKHQDOVHUDXIGHU]ZHLWXQWHUVWHQ7UHSSHQVWXIH]XP +lXSWOLQJVKDXVHLQH*HVWDOWVLW]HQVDK Ä(UVWH*HKLOILQ$ULHWH"IUDJWHHUOHLVHXQGOLHNXU]VHLQH/DPSHDXIEOLW]HQ Ä-DLFKVDJWHVLHXQGEOLQ]HOWHDOVVLHGHUNDONLJH/LFKWVWUDKOWUDI (UVHW]WHVLFKQHEHQVLHXQGOHKQWHVLFKOHLFKWJHJHQLKUH6FKXOWHU Ä:RUDXIZDUWHVWGX"IUDJWHHUQRFKOHLVHU Ä$XIGLFKª Ä'DVPXVHLQHQ*UXQGKDEHQPHLQWH

XQG+RIIQXQJVORVLJNHLW'LH%HZHJXQJHQGHV0DQQHVZDUHQIDKULJXQG QNRQ]HQWULHUW(UZDUIHLQHQ6FKUHLEVWLILZWHQGDXIGLH$NWHQVFKREGHQ 6HVVHO]XUFNXQGGUFNWHDXIHLQH7DVWH(LQHODQJHVFKPDOH/DGHVFKREVLFK LQHLQHPNOHLQHQ6FKUDQNDXI'HU0DQQJULIIKHUHLQXQGVXFKWHQHUY|VKHUXP (QGOLFKIDQGHUHLQHJHOEH'RVHXQGVFKWWHOWH]ZHLVFKZDU]H'UDJHHVDXIGLH +DQGIOlFKH(UVFKOXFNWHGDV0HGLNDPHQWKROWH/XIWXQGLPJOHLFKHQ $XJHQEOLFNVXPPWHGHU7LVFKLQWHUNRPDXI Ä-D"VDJWHGHU0DQQXQGGUFNWHGLH$QWZRUWWDVWH Ä,FKKlWWH6LHQLFKWXQJHUQJHVSURFKHQ6DJHQ6LHPHLQ)UHXQGZDVLVWPLW ,KQHQORV" 'HU0DQQKREVHLQHOLQNH+DQGXQGVDKZLHVHLQH)LQJHU]LWWHUWHQ Ä1LFKWVPHKULVWORVVDJWHHUOHLVHÄ,FKIKOHPLFKEHUIRUGHUW(VILQJQDFK GHPOHW]WHQ(LQVDW]DQ 6HLQ*HVSUlFKVSDUWQHUPXVWHUWHLKQGUHLLJ6HNXQGHQODQJVFKZHLJHQGGDQQ HUNOlUWHHUUXKLJ Ä6LHVLQGIHUWLJ

VFKPHWWHUQZUGH'HUZRONHQORVH+LPPHODOOHUGLQJVYHUVSUDFKDQGLHVHP IUKHQ0RUJHQZHGHUHLQH6WXUPE|QRFKHLQHQ2UNDQ

VFKRQQDFKHLQLJHQZHLWHUHQ0LQXWHQUXKLJHQ)OXJHVVWLHHQGLH.ULHJHULQQHQ XQG.ULHJHUDXIJHUHJWHNXU]H5XIHDXV ,P=HQWUXPGHU,QVHOVSLHJHOWHVLFKGLH6RQQHLQ*ODVRGHU0HWDOO2GHULQ )OlFKHQGLHDXVEHLGHQ0DWHULDOLHQEHVWDQGHQ$UFDQDGHXWHWHQDFKXQWHQXQG ULHI Ä'DVLVWGLH.<5%('RUWKLQPVVHQZLU'LUHNWLQV=HQWUXP

*HElXGHGHVVHQREHUH.DQWHLQGHU)OXJK|KHGHU$SUDODJ Ä:DUXPODQGHQZLUQLFKWGRUW"'RUWLVWVLFKHUGLH%LEOLRWKHNXQWHUJHEUDFKW" VFKULH$UFDQDXQGVFKLUPWHVHLQH$XJHQPLWGHU+DQGDE Ä'DVLVW6HOEVWPRUGVFKULH

VWREHQODQJH)XQNHQEDKQHQDXVGHP6WHLQ5XWVFKHQGXQGPLWQDFKYRUQ JHVWHPPWHQ%HLQHQNDPGHU5DSSHYRUGHP)XQGDPHQWGHV2EHOLVNHQ]XP 6WHKHQ'LFKWKLQWHU

$ULHWHIHVW

)ROJHIQI6FKVVHDE$XVGHQ)LQJHUQGHV5RERWVPLWGHQHQHUDXIGLH5HLWHU GHXWHWHNQDWWHUWHQ([SORVLRQHQ(LQ+DJHONOHLQHU*HVFKRVVHSUDVVHOWHDXIGLH $QJUHLIHUQLHGHU'LH3URMHNWLOHULVVHQ:XQGHQLQGLH+DXWGHU7LHUHSUDOOWHQ YRQGHQ9LVLHUHQXQGGHQ6FKLOGHQDEODKPWHQ*HOHQNHXQG]ZLWVFKHUWHQDOV 4XHUVFKOlJHUYRP3IODVWHUKRFKXQG]HUIHW]WHQGLH%OlWWHUEHUGHQ.|SIHQ %OLW]HVFK|VVHQDXVGHPJROGHQHQ.RSIGHU0DVFKLQHDOVGLH6FKVVHGHV +lXSWOLQJVWUDIHQ$XIGHU%UXVWGHU0DVFKLQHVSUDQJHLQH.ODSSHDXI(LQH lW]HQGH5DXFKZRONHTXROOKHUYRU'LH6FKVVH

'LH3KDODQ[VFKORVLFKZLHGHU/DQJVDPULWWHQGLH=DQGRPHQHJKDZHLWHU6LH VDKHQMHQVHLWVGHU:DVVHUSHUOHQXQGGHU1HEHOGHU)RQWlQHQGHQ6RFNHOGHV =HQWUXPVJHElXGHVGDVLKUHU0HLQXQJQDFKGLH%LEOLRWKHNEHKHUEHUJWH =ZHL0LQXWHQYHUJLQJHQ0DQK|UWHQXUGDV.HXFKHQGHU7LHUHXQGGDV +lPPHUQGHU+XIH'DQQKHXOWHQDXVYHUVFKLHGHQHQ:LQNHOQ6LUHQHQDXI Ä$DDFKWXQJ(LQH)DOOHVFKULH$UFDQD(UVDKGLH%HZHJXQJGHV%RGHQVDOV HUVWHU *UROOHQGVFKREHQVLFKLP%RGHQULHVLJH3ODWWHQDXVHLQDQGHU6LHYHUVFKZDQGHQ QXU]ZDQ]LJ6FKULWWHYRQGHQHUVWHQ5HLWHUQHQWIHUQWXQWHUGHP3IODVWHU8QWHU LKQHQJlKQWHHLQVFKZDU]HU$EJUXQG6LHNRQQWHQJHUDGHQRFKGLHREHUVWHQ 4XDGHUQHLQHU'RSSHOPDXHUHUNHQQHQGLHLQJHKHLPQLVYROOH7LHIHQIKUWH 1RFKZlKUHQGGLH3ODWWHQ]XUFNIXKUHQVFKREHQVLFKUHFKWVXQGOLQNVLQHLQHU HQJHQ6WHOOH]ZHL0DXHUQDXVGHQ*HElXGHQ'LH6FKQLWWNDQWHQIXKUHQ GRQQHUQG]XVDPPHQ*OHLFK]HLWLJHUW|QWHQHLQH6HULHVFKZLUUHQGHU*HUlXVFKH 6HLOHVFK|VVHQNUHX]XQGTXHU]ZLVFKHQGHQ+lXVHUIURQWHQKLQXQGKHUXQG YHUEDQGHQVLFKVFKQHOO]XHLQHP1HW]GDVYRQGHU0DXHUNDQWHELVLQJURH +|KHUHLFKWH Ä6FKQHOO5HLWHWQDFKEHLGHQ6HLWHQ:LUWUHIIHQXQVKLQWHUGHU)DOOHRUGQHWH

6SXUHQDXIGHP0RVDLNERGHQ6LHVDKHQDXVZLHGLH3UDQNHQYRQ5DXEWLHUHQ 'LH6SXUHQIKUWHQDXVGHQ(LQJlQJHQGHUXQWHUVWHQ*HVFKRVVHKHUDXVXQGDXI GDV=HQWUXP]X$ULHWHODQGHWH

Ä:DVKLQGHUWGLFKKLQHLQ]XJHKHQ"IUDJWH$GGDXUD]XUFN Ä1LFKWV'XKDVWUHFKW (UIKOWHHV'LH6WDGWKDWWHQRFKZHLWHUHhEHUUDVFKXQJHQEHUHLWXQGZUGHVLH HLQVHW]HQ(UVDK]XZLH$ULHWHXQG$UFDQDGLHJURHQVFKLOOHUQGHQ+DQGJULIIH EHUKUWHQXQGGLH*ODVSODWWHQGLHQLFKWNOHLQHUDOVMHZHLOVVHFK]HKQ 4XDGUDWPHWHUZDUHQ]XU6HLWHVFKREHQ (LQ6FKZlUPYRQYLHU]HKQ/HXWHQGUlQJWHVLFKLQGHQULHVLJHQUXQGHQ5DXP KLQHLQ

PHKUDOVGUHL%HGHXWXQJHQ*HKDOVRLQGHP0XVHXPVSD]LHUHQXQGHUIUHXHGLFK GHUJH]HLJWHQ'LQJH=XHUVWKDEHQZLUKLHU+DVGUXEDO1DVWGHUGDVDOOHVLQ 6]HQHJHVHW]WKDW

VWDQGHQVLHGHQ8QJHUHLPWKHLWHQGHV7H[WHVYROONRPPHQIDVVXQJVORVJHJHQEHU 'DQQGUHKWHQVLHVLFKJHKRUVDPODQJVDPXPXQGVWDQGHQYRUVLFKVHOEVW

ORV]XZHUGHQ8PLKQKHUXPODJHQGLH:DIIHQYHUVWUHXWDOVHUVLFKDXIVHW]WH VDKHU$ULHWHGLHQHEHQLKPODJ6LHEHIDQGHQVLFKLQHLQHPQLHGULJHQ5DXPDXV JURHQ%O|FNHQJUREEHKDXHQHU6WHLQTXDGHUQ(VURFKPRGULJ Ä(LQHVLVWVLFKHU:LUVLQGDXIGHU9LHUWHQ,QVHOVDJWH

EHJULIIHQ$EHUZDUXPDXIGLHVH:HLVH"

ZLU" Ä,FKZHLHVDXFKQLFKWJDE$ULHWH]XU$QWZRUW 6LHYHUOLHHQGLH3ODWWIRUPXQGWDVWHWHQVLFK6FKULWWXP6FKULWWDXIGHQ EHUZXFKHUWHQ6WHLQSODWWHQGXUFKGLHJUQH:LUUQLV$ULHWHKLHOWVLFKGLFKW KLQWHU

ZLUVFKOHLFKHQXQVKLQ $ULHWHIROJWHZRUWORV6LHEDKQWHQVLFKPLWZXFKWLJHQ6FKOlJHQGHU6WUHLWD[W HLQHQ3IDGGXUFKGDV8QWHUKRO]QDFKGHPVLHGLH6WHLQSODWWHQGHVXUDOWHQ:HJHV YHUODVVHQKDWWHQ%OXWHQVWDXEOHJWHVLFKlW]HQGXQGMXFNHQGDXIGLH 6FKOHLPKlXWHXQGELLQGHQ$XJHQ'HU6FKZHLVWU|PWHXQWHUGHQ+HOPHQ XQGGHQ%UXVWSDQ]HUQ6FKOLHOLFKNDSSWH

XQGEHZLUNWHQGDGLH$XIODJHNUDIWLP9HUKlOWQLV.LORSRQG]X 4XDGUDW]HQWLPHWHUJQVWLJVHLQPXWH(LQH]ZHLWHLQQHQOLHJHQGH)HOJHZDUDOV 7XQQHODXVJHELOGHW'RUWJLQJODQJVDPHLQVFKZDU]HVVDXULHUlKQOLFKHV7LHU YRUZlUWVXQGOHLFKWEHUJDXI'XUFKVHLQ*HZLFKWYHUODJHUWHHVGHQ6FKZHUSXQNW GDV5DGGUHKWHVLFKXQDEOlVVLJYRUZlUWV,QMHZHLOVGUHL.DQ]HOQGLHDQGHQ KlQJHQGHQ+lXVHUQDQJHEUDFKWZDUHQVWDQGHQEHZDIIQHWH0lQQHUPLWODQJHQ %|JHQXQG%ODVURKUHQ.QDUUHQGXQGUXPSHOQGUROOWHGDV5DGDXIGLHEHLGHQ :DUWHQGHQ]XNDPDXIJOHLFKH+|KHXQGJOLWWYRUEHLXQGDXVGHP6LFKWEHUHLFK Ä(WZDYLHU]LJ0DQQ%HVDW]XQJHLQ6DXULHUDOV$QWULHEHLQODXIHQGHV5DG PLWWHQLP8UZDOGGDVPVVHQJDQ]EHVRQGHUVNUDQNH$XVJHVHW]WHVHLQ $ULHWHVDJWH

VWDUUWHQLKQDQGDQQ|IIQHWHVLFKHLQULHVLJHU5DFKHQ(LQJURHUGXQNHOURWHU )OHFNZDUDP+DOVGHV7LHUHV(LQH%DKQJHWURFNQHWHQ%OXWHV]RJVLFKELV KLQEHU]XHLQHPGHUYRUVWHKHQGHQ6FKXOWHUJHOHQNH'RUWVWHFNWHHLQ DEJHEURFKHQHU3IHLO Ä9RUVLFKW/DQJVDP]XPLUKHU$ULHWH]LVFKWH

Ä$OVRDXFKGX:LUJHKHQGHQODQJHQ:HJELV]XP7HPSHO:ROOWLKUPLWXQV GURQWHQ" Ä*HUQ,FKKDEHHLQHJXWH:DIIHEHLPLU 'HU6WHXHUPDQQGUHKWHGHQ.RSIXQGJDEHLQLJH$QRUGQXQJHQ$XVGHU VFKPDOHQKRKHQ6HLWHQZDQGGHV6WHXHUERUGKDXVHVO|VWHVLFKHLQ7HLOXQG NODSSWHQDFKXQWHQ$XIGHQ%UHWWHUQZDUHQ7ULWWVSURVVHQDQJHEUDFKWXQGHLQ *HOlQGHUDXV6HLOHQXQG+ROPHQNODSSWHJOHLFK]HLWLJPLWDXV Ä.RPPWDQ%RUG0RUJHQDEHQGVLQGZLULP7HPSHO Ä'DQNH

5lGHUQ]XP:HJXQG]XP7HPSHODOV=LHOJHNRPPHQVHLG" 6LHVHW]WHQVLFKDXIOHLFKWH.ODSSVWKOHGLHLQ5XKHVWHOOXQJLQGHU:DQG YHUVFKZDQGHQ$XFKHLQ.ODSSWLVFKZXUGHDXVJHVFKZHQNW*OlVHUXQGHLQH )ODVFKHHUVFKLHQHQDXVHLQHPYHUNOHLGHWHQ)DFK (VZDUlKQOLFKZLHEHLP6WDPPGHU=DQGRPHQHJKD(LQLJH/HXWHEHIDQGHQVLFK EHUHLWVDQ2UWXQG6WHOOHXQGKDWWHQ*HOHJHQKHLWJHKDEWVLFKEHULKUH/DJH *HGDQNHQ]XPDFKHQ6LHIDQGHQHLQH0HQJHYHUVWUHXWHU,QIRUPDWLRQHQXQG VHW]WHQVLHULFKWLJ]XVDPPHQ6LHNDPHQDQQlKHUQG]XGHQVHOEHQ6FKOVVHQXQG (UJHEQLVVHQZLHDXFK$ULHWH$UFDQDXQG

GHUDQHLQHU.HWWHEHUGHP+RO]NRKOHQIHXHUVFKZDQJ Ä:DVJLEWHVKHXWHDEHQG"HUNXQGLJWHVLFK$ULHWH Ä.DUFKHOPLWJHWUHFWHU.HX]HVDJWHGHU.RFKPUULVFKÄ5HGHWQLFKWPLWPLU GHQQYLHOH.|FKHYHUGHUEHQGDV.DUFKHO Ä:LHMHGHUPDQQZHLODFKWH

DQJHSIORFNW'LH)UDXHQXQG0lQQHUGLHVHV5DGHVNQSIWHQLKUH+lQJHPDWWHQ ]ZLVFKHQGLH6SHLFKHQGHV5DGHVXQGVFKOLHIHQEDOG0DQKDWWHHLQHNOHLQH:D FKHDXIJHVWHOOWGLHDOOH]ZHL6WXQGHQDEJHO|VWZXUGH 'LH)RUPGHV7HPSHOVZDUHEHQVRHLQGUXFNVYROOZLHHLQIDFKDXIHLQHP NOHLQHUHQ]\OLQGULVFKHQ6RFNHOVDHLQZHLWDXVJU|HUHUHWZDKXQGHUW0HWHU KRKHU]ZHLWHU7XUPHEHQIDOOV]\OLQGULVFK'DV*DQ]HZDUVFKZDU]XQGEHIDQG VLFKLQHLQHU6DQGIOlFKHGLHY|OOLJHEHQZDUXQGGUHLRGHUYLHU.LORPHWHU GXUFKPD'HU7XUPZDUIHLQHQXQJHKHXUHQ6FKDWWHQLP$EHQGOLFKW (EHQVROFKH6FKDWWHQQXUZHLWDXVLQWHUHVVDQWHUZDUIHQGLHYLHU5lGHUGLHRKQH UHFKWH2UGQXQJ]ZLVFKHQGHP5DQGGHV'VFKXQJHOVXQGGHP7XUPDXILKUHQ 6WW]EDONHQXQG$QNHUQUXKWHQXQGGXUFKDXVJHVSDQQWH7DXHJHVLFKHUWZXUGHQ .HLQ%DXPNHLQ%XVFKQXUHLQ]HOQH0HQVFKHQJUXSSHQZDUHQ]XVHKHQ ÄhEHUZlOWLJHQGXQGHWZDVNUDQNKDIWGUHLGLPHQVLRQDOXQGLQGHQ)DUEHQGHV $EHQGURWHVVWHOOWH

Ä(LQHUPHLQHU$QEHWHUVDJWHHLQPDOLFKVHLHLQ0lGFKHQPLWGHPPDQDP OLHEVWHQ+DQGLQ+DQGGXUFKHLQHQWDXIHXFKWHQ3DUNODXIHQP|FKWH8QGMHW]W PXLFK6WULFNOHLWHUQEHQXW]HQ

$XIHQWKDOWVDXI$PDUJD,,YRPVRJHQDQQWHQÄVR]LDOHQ5DQJ IXQGYRQGHU 6FKZHUHGHUYRUDXVJHJDQJHQHQ.UDQNKHLWDEKlQJLJZDUGDQQVFKLHQVLHVHKU NUDQNJHZHVHQ]XVHLQ$XIHLQHGHUXQ]lKOLJHQ$UWHQGLHLQGHU*HVHOOVFKDIW GHVIQIXQGGUHLLJVWHQ-DKUKXQGHUWVDOV.UDQNKHLWGHILQLHUWZXUGHQ -HGHQIDOOVIKOWHVLHVLFKDXJHQEOLFNOLFKVHKUZRKO6LHKDWWHVLFKYRU7DJHQ QLFKWLQ

*HVWDOW5DKPHQYRUVWHOOXQJHQHQWZLFNHOWHQVLFKVRJHQDQQWHÄFRQGLWLRQHVVLQH TXDQRQDOVR8PVWlQGHRKQHGLHGDV/HEHQQLFKWOHEHQVZHUWVFKLHQ8QG PLWWHQLQHLQHP7UDXPGHUDXIGHQ,QVHOQ]XU5HDOLWlWJHPDFKWZRUGHQZDU UHDOLVLHUWHVLFKGLH*HVWDOWDXVHLQHPDQGHUHQ7UDXPGHUQLHPDOV:LUNOLFKNHLW JHZHVHQZDU ,FKPXJDQ]YRUVLFKWLJ]XIDVVHQGDFKWH

(LQHDXWRPDWHQKDIWHDEHUGXUFKDXVZRKONOLQJHQGH0XVLN Ä'UDPDWLVFKDEHUELVKHUQRFKXQJHIlKUOLFKEHPHUNWH

:LHGHUOLHIHQGLHVHOEHQ9RUJlQJHDE'DV/LFKWHUORVFKVLHZXUGHQLQHLQH QlFKVWK|KHUH(EHQHYHUVHW]WXQGODQGHWHQLQHLQHPQRFKNOHLQHUHQ5DXPGHU NHLQHUOHL6SXUHQGHU%HQW]XQJDXIZLHV

6LHVLFKPHKUHFKWH$EHQWHXHUZQVFKHQ 0LNURSKRQHXQG/DXWVSUHFKHUZDUHQXQVLFKWEDU'HUNOHLQHUXQGH5DXPJOKWH LQLQWHQVLYJROGJHOEHU)DUEH'LH6WLPPHGHU.UHWLQDZDUVFKPHLFKHOQGXQG HLQGULQJOLFK'LH0XVLN]ZDQJ]XP(QWVSDQQHQ Ä,FKVHKHGDVIROJHQGHUPDHQEHJDQQ$ULHWHÄ:LUVLQGJHQHVHQGH3DWLHQWHQ :HQLJVWHQVJHKWGDVDXVGHQZHQLJHQELVKHUDXIJHQRPPHQHQ,QIRUPDWLRQHQ KHUYRU:LUVROOHQGXUFKYLHOIlOWLJH$UWHQYRQ6WUHGD]XJHEUDFKWZHUGHQ XQVHU/HLGHQ]XYHUJHVVHQXQGDXIGHP8PZHJEHUHLQHQWDGHOORVHUKROWHQ .|USHUDXFKZLHGHUHLQHQJHVXQGHQ9HUVWDQGHUKDOWHQ6RZHLWVRJXW$EHU ZHQQZLUHLQHQ*URWHLOGHU$XIJDEHQDOVNXOLVVHQKDIWLGHQWLIL]LHUHQPVVHQ YHUVDJWGLHVH7KHRULH Ä%HQXW]HQ6LHELWWH 'LHVPDOHUIROJWHGLHhEHUUDVFKXQJ'LH%HZHJXQJYHUOLHI]ZDUKRUL]RQWDODEHU VLHHQGHWHQDFKHLQHU$Q]DKOYRQ6SUQJHQXQG5LFKWXQJVlQGHUXQJHQZLHGHU ZHLWXQWHQLPVFKZDU]HQ7HPSHO Ä=ZHLWH$OWHUQDWLYHEHQH'LH)UDJHQZHUGHQSUl]LVLHUW Ä,FKYHUVWHKH'DV)OXGLDJUDPPYHUZHLVWXQVKLHUDQHLQHQ$XVJDQJVSXQNW ]XUFN:LUZHUGHQHLQHQDQGHUHQ:HJQHKPHQPVVHQHUNOlUWH

(LQHZHLWHUH$XIZlUWVEHI|UGHUXQJHUIROJWH Ä'LH6WUDSD]HQGHQHQ6LHEHLGHVLFKGXUFKIUHLZLOOLJHQ(QWVFKOXXQWHUZHUIHQ N|QQHQYRP6FKHPDGHUELVKHULJHQWKHUDSHXWLVFKHQ0DQDKPHQGUDVWLVFK DEZHLFKHQDOVR9HUVWDQGXQG.|USHUYRUJlQ]OLFKDQGHUVJHDUWHWH$XIJDEHQ VWHOOHQ(UNOlUHQ6LHVLFKPLWGLHVHU(QWZLFNOXQJHLQYHUVWDQGHQ" Ä0LWEHWUlFKWOLFKHU)UHXGHYHUVLFKHUWH

'LH0XVLNVFKZROOZLHGHUDQ$ULHWHXQG

EHIDQGHQVLFKDOVVLHZLHGHUIHVWHQ%RGHQXQWHUGHQ)HQKDWWHQLQHLQHU ODQJJHVWUHFNWHQ+|KOHGHUHQ$XVJDQJLQGHU)HUQHVFKZDFKOHXFKWHWH8PVLH KHUXPZDUHLQ6FKZLUUHQXQGHLQ)ODWWHUQ Ä'LH9|JHO6LHJUHLIHQDQ:LUODXIHQDXIGDV/LFKW]X0lGFKHQNHXFKWH

$OVVLH]HKQ0HWHUJHJDQJHQZDUHQIODWWHUWHLKQHQDXIJHUHJWHLQ9RJHO HQWJHJHQHWZDYRQGHU*U|HHLQHULUGLVFKHQ7DXEH(UZDUVWUDKOHQGZHLPLW RUDQJHIDUEHQHQ)OJHOVSLW]HQXQGHLQHPHEHQVROFKHQ6FKQDEHO,P6FKQDEHO GHV7LHUHVVWDNHLQNOHLQHUJUQHU=ZHLJXPGHVVHQ(QGHHWZDV:HLHV IODWWHUWH2KQHMHGH6FKHXNDPGDV7LHUQlKHUIODWWHUWHGUHLPDOXP

Ä,FKVHKHLKUVHLGDQJHPHOGHW%LWWHJHKWGXUFKGLHNOHLQH7U ,QGHPEUHLWHQ3RUWDOVFKREVLFKNQLUVFKHQGHLQHNOHLQHgIIQXQJ]XUFN$ULHWH XQG

WXUPDUWLJHQ+DXSWJHElXGHHUKRE'LHVFKZDU]HQ'DFKSODWWHQDXV6FKLHIHU ZDUHQELVWLHIXQWHUGLHVFKPDOHQ)HQVWHUJH]RJHQ,QVFKZHUHQ5HJDOHQ EHIDQGHQVLFKDQVlPWOLFKHQ:lQGHQQXUGXUFK)HQVWHU7UHQXQGHLQHQ PlFKWLJHQ.DPLQXQWHUEURFKHQDOWH%FKHUPLW5FNHQGLHZLHJHSUlJWHV /HGHUDXVVDKHQ Ä1HKPW3ODW]VDJWH9LQHDXQGVHW]WHVLFKLQHLQHPPlFKWLJHQ6HVVHO]XUHFKW Ä'DQNH:RVLQGZLU" Ä$XIGHU)QIWHQ,QVHOHUZLGHUWH&UD\FKJRXHUXQGEHVWHOOWHEHLHLQHPMXQJHQ 0DQQLQERGHQODQJHPEODXHP*HZDQG:HLQXQG*OlVHUÄ,QHLQHU *HElXGHDQVDPPOXQJGLHXQ]ZHLIHOKDIWDXIYRUKDQGHQHQ)XQGDPHQWHQHUVWHOOW ZRUGHQLVWXQGLQZHLWHQ7HLOHQWDWVlFKOLFKXUDOWLVW Ä:HUVHLGLKU" Ä(LQHQLFKWJDQ]VRORFNHUH*HPHLQVFKDIWYRQ$QN|PPOLQJHQDXVDOOHQ 5LFKWXQJHQ:LUIDQGHQXQV]XVDPPHQXQGJHQLHHQGDVHLQIDFKH/HEHQ 6LHWDXVFKWHQLKUH(UIDKUXQJHQDXV=XPJU|WHQ7HLOZDUHQVLHY|OOLJ GHFNXQJVJOHLFKDXFKGLH$QJHK|ULJHQGHU3ULRUHLZDUHQODQJVDPJHQHVHQGH .UDQNH6LHKLQJHJHQVFK|SIWHQ*HVXQGKHLWDXVGLHVHU$UWGHV/HEHQVDQGHUH 0HQVFKHQZLH$ULHWH$UFDQDRGHU

.UDQNHLQGLHVHV%LOGGDV,KUHQWZHUIW(KUZUGLJHU%UXGHU" 9LQHD&UD\FKJRXHUODFKWHNXU]XQGGHXWHWHDEHUPDOVDXIGLH%XFKUFNHQ(U VDJWHGR]LHUHQG Ä*HUDGHKLHU)UHXQGHVHW]WGLH:LVVHQVFKDIWHLQ:HQQZLUDOOH.UDQNHZDUHQ DQ6HHOH+LUQXQG*OLHGHUQGDQQWULIIWIUXQVLQZHLWDXVVWlUNHUHP0DHREHQ *HVDJWHV]X$XFKZLUEUDXFKHQHLQ3URJUDPPGDVVHLQHQ$XVJDQJVSXQNWLQ GHQ7KHUDSLHQYHUJDQJHQHU=HLWHQKDW*HQHVXQJXQG$EOHQNXQJVLQQYROOHV $XVIOOHQGHU)UHL]HLW(UKROXQJPLWJHVWHOOWHQ$XIJDEHQ$XHUGHPGUIHQZLU GLHWKHUDSHXWLVFKH:LUNXQJGLHVHV6DPPHOVXULXPVYRQ$EHQWHXHUXQG *HIDKUHQ(UKROXQJXQGJHQDXGRVLHUWHQ6WUDSD]HQQLFKWXQWHUVFKlW]HQ-HGHU YRQXQVKDWDXFKZHQQVLFKYHUVFKLHGHQH:HJHlKQHOQP|JHQHLQLQGLYLGXHOOHV 3URJUDPP]XU*HQHVXQJHUKDOWHQ $ULHWHGHXWHWHDXIGLH5HJDOHXQGPXUPHOWH Ä8QGGDVDOOHVVWHKWLQGLHVHQ%FKHUQ" Ä5LFKWLJ1LFKW:RUWIU:RUWVRQGHUQVRGDHVXQVLQODQJHU$UEHLWP|JOLFK ZDUGDV6XEVWUDWGDUDXV]X]LHKHQ(VVHLZLHHVLVWZLUDOOHZHUGHQKLHUGXUFK HLQHYHUlVWHOWH6SLHOVWUDHJHMDJWDQGHUHQ(QGHZLUJHVXQGXQGY|OOLJ ZLHGHUKHUJHVWHOOWKHUDXVNRPPHQ Ä'HLQH5HGH(XUH.RVWEDUNHLWKDWPLFKHLQHV3UREOHPVHQWKREHQJDE

PHWLVFKH7RUWXUHQGXUFKODXIHQKDWWHQSDFNWHQVLHVDQIWJHSROVWHUWH5RERWKlQGH XQGEHWWHWHQVLHDXI$QWLJUDYOLHJHQ(LQH0DVNHVWOSWHVLFKEHUGLH*HVLFKWHU XQGEHLGHZXUGHQVLHIDVW]XPVHOEHQ=HLWSXQNWRKQPlFKWLJ 'LH8QWHUVXFKXQJGDXHUWHYRPIUKHQ1DFKPLWWDJELV]XP$EHQG(WZD ]ZHLKXQGHUWYHUVFKLHGHQH*HUlWHDUEHLWHWHQ]XVDPPHQXQGHQWQDKPHQ'DWHQ XQG,QIRUPDWLRQHQ.HLQ4XDGUDW]HQWLPHWHU+DXWEOLHEXQEHREDFKWHWNHLQ 5HIOH[XQJHSUIWNHLQ6WFN*HZHEHXQJHWHVWHW(LQEUHLWHU6WURPYRQ'DWHQ OLHIEHUJHKHLPQLVYROOH.DQlOHDQGLH+DXSWSRVLWURQLNXQGZXUGHGRUW]XU +HUVWHOOXQJHLQHU$QDO\VHYHUZHQGHW0LW+LOIHGLHVHU8QWHUVXFKXQJVHUJHEQLVVH ZXUGHLQDQQlKHUQG/LFKWJHVFKZLQGLJNHLWHLQH(QWVFKHLGXQJJHWURIIHQGLH EHVDJWHGDGDV3URJUDPPDQ$EHQWHXHUQXQG=ZLVFKHQIlOOHQIU

Ä,PPHUPLWUDXLVFK,FKHULQQHUHPLFKUHFKWOHEKDIWDQGLHNXU]H3URMHNWLRQLP 7HPSHO'DQDFKPWHQOlQJVWLUJHQGZHOFKH+RUGHQDQJUHL:DVLVWGDV" 'UDXHQHUW|QWHGDVGXPSIH6LJQDOHLQHUJURHQ2UJHODQVFKOLHHQGHLQ VFKPHWWHUQGHV6WDNNDWRHLQHVKHOOHQ%ODVLQVWUXPHQWV(LQH)DQIDUH"(VZDUHQ ,QVWUXPHQWHGHV.ULHJHV Ä)UKVWFNVSDXVHVDJWH$ULHWH 'UDXHQZLHKHUWHQ$YLRKLSSRV6WLPPHQVFKULHQGXUFKHLQDQGHU0DQK|UWH EHUDOOKDVWHQGH6FKULWWH(LQHXQJHKHXUH$XIUHJXQJEUDFKORV'LH5RERWVGLH GHQODQJHQ7LVFKDEUlXPWHQHUVWDUUWHQDOVKDEHPDQLKQHQGLH(QHUJLH]HOOHQ DEJHVFKDOWHW-HPDQGULGLH7UDXIXQGEUOOWHKLQHLQRKQHGLHEHLGHQ 6LW]HQGHQ]XVHKHQ Ä

HVLQGHQ%FKHUQLQGHQHQ6FKLOGHUXQJHQXQG%LOGHUVWDQGHQ(VVLQGNHLQH 0HQVFKHQNHLQH7LHUHHVVLQGVHHOHQORVH$QGURLGHQ.OHLQXQGEODXKlXWLJ XQJHKHXHUYLHODQGHU=DKOUDVHQGZLHGLH0DUGHU0DQQHQQWVLHGDV.OHLQH 9RON6LHVLQGHLQHZDKUH*HLHOXQGNRPPHQLQSHULRGLVFKHQ$EVWlQGHQ,KU =LHOLVWGLH$XIO|VXQJHLQHUMHGHQ2UGQXQJ 2IIHQVLFKWOLFKJHK|UWDXFKGDV]XU7KHRULHGHU+HLOXQJGDFKWH$ULHWH:LU ZXUGHQPHKUPDOVJHW|WHWXQGZLHGHUJHERUHQGXUFKGLH7UDQVPLWWHUVSUQJH 8QGMHW]WVROOHQZLUZLHHLQ3K|QL[DXVGHU$VFKHGHV&KDRVZLHGHUDXIVWHLJHQ (LQHOLVWLJH7HFKQLN Ä:LUYHUWHLGLJHQXQVVRODQJHHVP|JOLFKLVWVDJWH&UD\FKJRXHUÄ6DWWHOWGLH $SUD Ä:LUYHUVWHKHQ 'DVXPPDXHUWH0HKUHFNKDOOWHZLGHUYRQ5XIHQXQG6FKUHLHQ0DQEUDFKWH :DIIHQXQGDOWHUWPOLFKH0DVFKLQHQDQXQG]HUUWHGLH$SUDDXVGHQ6WlOOHQ'LH 7LHUHZXUGHQJHVDWWHOWXQGIHVWJHEXQGHQ8QDXIKDOWVDPQlKHUWHQVLFKGLH /DVWHQVHJOHU-HW]WNRQQWHPDQHUNHQQHQGDVLHDXV/DWWHQJHUVWHQHUEDXW ZDUHQEHUGLHPDQ6WRIIJHVSDQQWKDWWH

*OHLWHU6LHVSUDQJHQGLFKWKLQWHUHLQDQGHULQGLH/XIWEHUVFKOXJHQVLFKXQG SO|W]OLFKIDOWHWHQVLFKKLQWHULKQHQNOHLQHEODXH)DOOVFKLUPHDXI'HU6WXU]]XU (UGHZDUDXIIDOOHQGVFKQHOOGLH.lPSIHUDXV

$QGURLGHQZHLWHU Ä+LQXQWHU(XUH.RVWEDUNHLW$XIGLH0DXHUQ+DOWHWUHLFKH(UQWHXQWHUGHQ +RUGHQGHVE|VHQ)HLQGHVVDJWH

]LHOVLFKHU6LHWUXJHQ6DQGDOHQPLW6FKLHQEHLQVFKW]HUQHLQEHUEUHLWHV :HKUJHKlQJHXQG+HOPH'LH/LSSHQEHZHJWHQVLFKXQXQWHUEURFKHQHLQ XQYHUVWlQGOLFKHV/LHGKDOOWH]ZLVFKHQGHQ0DXHUQZLGHU

GHXWOLFKDOVVLHVLFKLQGLH6lWWHOVFKZDQJHQXQGGLH+DOWHOHLQHQGXUFKKLHEHQ 'LH7LHUHUDQQWHQYRQVHOEVWLQGLH5LFKWXQJLQGHUVLHDPZHQLJVWHQ%HZHJXQJ VDKHQ,KUH)OJHODUEHLWHWHQZLHUDVHQG'LH+XIHVFKOXJHQDXVGHQ6WHLQHQ ZDKUH)XQNHQEQGHO:LHKHUQGQDKPHQGLH$YLRKLSSRV$QODXIZDO]WHQ $QGURLGHQQLHGHUXQGQDKPHQ.XUVDXIGDV7RUGDVXQWHUGHQZWHQGHQ+LHEHQ GHU(LQGULQJHQGHQPHKUXQGPHKU]HUVSOLWWHUWH'LH)ODPPHQZXFKVHQEHUGLH *LHEHOGHU*HElXGHKLQDXI Ä:LUVFKDIIHQHVVFKULH$ULHWHXQGULDP=JHO'LHEHLGHQ7LHUHElXPWHQ VLFKDXIEHUZDQGHQGLH0DXHUXQGEHIDQGHQVLFKSO|W]OLFK]HKQ0HWHUEHU GHP%RGHQ 6LHVWLHJHQLPPHUVFKQHOOHUXQGJHULHWHQLQHLQH=XQJHGHV$XIZLQGV)QI]LJ 0HWHUYRQGHQ0DXHUQHQWIHUQWZXUGHLKU)OXJUXKLJXQGVLFKHU Ä:LUKDEHQHVZLHGHUHLQPDOJHVFKDIIWVDJWH

XQWHQ$EHUGLH:HVSHQXPVFKZLUUWHQLKQDOVVHLHUPLW+RQLJEHVWULFKHQ(U VFKOXJDXIVHLQ$SUDHLQGDVYHU]ZHLIHOWDEGUHKWHXQGJOHLFK]HLWLJ+|KH]X JHZLQQHQYHUVXFKWH$EHLQHUEHVWLPPWHQ+|KHQODJHIORJHQGLH:HVSHQQLFKW PHKU0LWGHP+DQGVFKXKVFKOXJ

DXVGHU.ORVWHUDSRWKHNHHLQ0LWWHOJHJHQ,QVHNWHQVWLFKHPLWJHQRPPHQ" Ä/HLGHUQHLQ,FKZHUGHGLH+DXWXPMHGHQ6WLFKNVVHQ9LHOOHLFKWKLOIW V"(U QLFNWHDOVVLHGLH8IHUOLQLHEHUIORJHQXQGZLHGHUODQJVDPDQ+|KHJHZDQQHQ Ä9LHOOHLFKW$OVRGRFKGLHQlFKVWH,QVHO" 1DFKNXU]HP=|JHUQVDJWHHUODXW Ä-D'RUWKLQNRPPHQ

GLH6lWWHOXQGEHWUDFKWHWHQGLHHQW]QGHWHQ,QVHNWHQVWLFKHÄ*HUDGHDXV:LHHV XQVHUHU*HVLQQXQJHQWVSULFKWHQWJHJQHWH

IU (LQ]LVFKHQGHV*HUlXVFKVFKQLWWVHLQHQ6DW]DE:RONHQYLHOIDUELJHQ'DPSIHV VFK|VVHQDXVGHP%RGHQ'LH$YLRKLSSRVVFKHXWHQEUDFKHQDXVXQGEHJDQQHQ PLWLKUHQ)OJHOQ]XVFKODJHQ*OHLFK]HLWLJJULIIHLQHWHOHSDWKLVFKH.UDIWQDFK GHQEHLGHQ0HQVFKHQ(LQVFKPHU]KDIWHU'UXFNVFKLHQLKUH6FKlGHOYRQLQQHQ KHU]HUVSUHQJHQ]XZROOHQ'LH7LHUHZXUGHQKDOEUDVHQGJDORSSLHUWHQDQXQG IORJHQEHUGLH0DXHUKLQZHJ(LQLJH6HNXQGHQVSlWHUOLHGHU'UXFNDXILKUHQ +LUQHQQDFKGHU'DPSIVFKOXJVLFKQLHGHURGHUYHUIOFKWLJWHVLFK

6LHVWDSIWHQZHLWHU9RQ=HLW]X=HLWUL

Ä(LQHKDOEH6WXQGH3DXVHGDQQJHKHQZLUHVDQ 6LHUXKWHQVLFKDXVXQGWUDQNHQGHQOHW]WHQ5HVW:DVVHUDXVGHQNOHLQHQ )ODVFKHQ'HU9HUVXFKGLHPHQVFKOLFKH1DWXUGHVHLQ]HOQHQ]XlQGHUQVDJWHQ VLHVLFKZDUYRQ*UXQGDXI]XP6FKHLWHUQYHUXUWHLOWZHQQMHQHU0HQVFKQLFKW GHQ:LOOHQXQGGLHIHVWH$EVLFKWKDWWHVLFKVHOEVW]XlQGHUQ'LHVHQ8PVWDQG PXWHQDXFKGLH(UEDXHUGHU$QODJHQYRQ6LHEHQ,QVHOQHUNDQQWRGHUJHNDQQW KDEHQGHQQVLHYHUVXFKWHQHVQLFKW6LHEHVFKUlQNWHQVLFKGDUDXIGHQ3DWLHQWHQ GXUFKHLQHhEHUIOOHYRQ(LQGUFNHQ]XVFKRFNHQXQGLKQGXUFKGLHVHQ.XUV]X KHW]HQELVHUGHQ*UXQGVHLQHU.UDQNKHLWRGHULKUH)ROJHQUHVWORVYHUJHVVHQ KDWWH$OVRZUGHDXFKGLH:HJVWUHFNHGLHYRULKQHQODJXQWHUGLHVHV6FKHPD IDOOHQ 6LHHQWOHGLJWHQVLFKGHUEHUIOVVLJHQ$XVUVWXQJVJHJHQVWlQGHXQGOLHIHQORV =HKQ6FKULWWHJLQJHVJHUDGHDXV'DQQDOVVLHQDFKOLQNVDEELHJHQZROOWHQ VDKHQVLHKLQWHUVLFKZLHVLFKDXV]ZHL0DXHUQ7UHQKHUYRUVFKREHQ(VJDEHLQ JOHLWHQGHV*HUlXVFKXQGHLQHQGRQQHUQGHQ6FKODJDOVVLFKGLH7UHQEHUKUWHQ 6LHZDUHQJHIDQJHQ*OHLFK]HLWLJVSUWHQVLHXQWHULKUHQ6RKOHQZLHVLFKGDV ZHLH0DWHULDOHUKLW]WH(VZXUGHLPPHUKHLHU6LHUDQQWHQLQGLHOLQNH$E ]ZHLJXQJKLQHLQERJHQ]ZHLPDOUHFKWVXQGGUHLPDOOLQNVDEXQGVWDQGHQYRU HLQHU:DQG Ä9HUGDPPWIOXFKWH

Ä+LHUKHU'HLQH+DQG0lGFKHQ 6LHZDUIHQGLH6FKLOGHZHJVWLHHQVLFKYRQGHU:DQGDEXQGOLHIHQLQULHVLJHQ 6SUQJHQGLHGUHLLJ0HWHU]XUFN'DV%UXPPHQGXUFKVFKQLWWMHW]WGLH/XIW ZLHHLQHGU|KQHQGH*ORFNH$XIGHUOHW]WHQ7ULWWOHLVWHVWROSHUWH$ULHWH

6LQG6LHDQHLQHP2UWVZHFKVHOLQWHUHVVLHUW"KDWWHGLH0DVFKLQHJHIUDJWXQG

6FKOLHOLFKEHJDQQHLQHRSWLVFKEHVFKOHXQLJWH0HWDPRUSKRVH$XVGHQ0RWWHQ ZXUGHQLQGHU(QGSKDVHMHQH,WHUGLHVLFKDQODQJHQ)lGHQYRQGHQbVWHQXQG =ZHLJHQKHUXQWHUOLHHQXQGEHUGHQKHOOHQ%RGHQGHU%KQH]XNULHFKHQ EHJDQQHQ6LHDUEHLWHWHQUDVHQGVFKQHOOVSDQQHQXQGZREHQHLQHQUHFKWHFNLJHQ 7HSSLFK/DQJVDPKREHQVLFK.RQWXUHQDE'LH%LOGHU/LQLHQXQG)DUEHQGHV 7HSSLFKVHUJDEHQVFKOLHOLFKHLQH.DUWHRGHUHLQ'LQJGDVHLQHUXUDOWHQ /DQGNDUWHWlXVFKHQGlKQOLFKVDK6FKOLHOLFKNDPHQ]ZHL*HVWDOWHQYRP %KQHQUDQGEOLHEHQYRUGHU.DUWHVWHKHQXQGJHVWLNXOLHUWHQ(UVFKUHFNWNHXFKWH $ULHWHDXI Ä

6FKOHXVHGHV6FKLIIHVYHUVFKZDQGHQ 'LH%KQHZXUGHOHHU (LQHHLQ]HOQH*HVWDOWNDPDXVGHP+LQWHUJUXQGXQGJLQJELV]XHLQHU6WHOOHZR VLHGHXWOLFKVLFKWEDUZXUGH6LHKREGLH+DQGXQGULHIPLWYROOHU6WLPPHGLHLQ GHU.XSSHOZLGHUKDOOWH Ä'DV5DXPVFKLIILVWGHU(QGSXQNW 'HU(QGSXQNWLVWVFKZHU]XHUUHLFKHQ'HUKLHUDXIJH]HLJWH:HJLVWHLQHUGHU P|JOLFKHQ3IDGH]XP(QGH 'HU3IDGYHUOlXIWLQHLQHU5HLKHIHLQHU9HUlVWHOXQJHQ(VOLHJWDQGHQ .DQGLGDWHQGLH9HUlVWHOXQJHQ]XPHLGHQRGHUDXFKQLFKWLQJHZLVVHQ)lOOHQ ZLUGHVEHVVHUVHLQYRPGHXWOLFKDXIJH]HLJWHQ3IDGDE]XZHLFKHQDXV]XZHLFKHQ DXIDQGHUH0|JOLFKNHLWHQ (VLVWHLQH=HLWHUUHFKQHWZRUGHQGLHDOVEHVWHU:HUWJHOWHQPX:LUGVLH XQWHUVFKULWWHQVFKDOWHQVLFKZHLWHUH$EHQWHXHUXQG*HIDKUHQDXV:LUGVLH KLQJHJHQEHUVFKULWWHQGDXHUWGLHZHLWHUH2G\VVHHOlQJHUXQGHUKlOWPHKU 6FKZLHULJNHLWVJUDGH 'HU:HJLVWPKVDPGLH6WUDSD]HQVLQGEHPHUNHQVZHUWGDV=LHOLVWHUUHLFKEDU 'DV=LHOLVWEHJHKUHQVZHUW %HORKQXQJHQVLQGDXVJHVHW]W

$QN|PPOLQJHQQHXJLHULJLKUH.|SIH]X Ä%LVKLHUKHUVWLPPWGLH9RUKHUVDJHPHLQWH$ULHWH =ZLVFKHQ5DQNHQXQGVRUJIlOWLJJHSIOHJWHQ%OXPHQDQVDPPOXQJHQVFKREVLFK GHU(LQJDQJGHV+DXVHVKHUYRU(VZDUHLQH7UHSSHGLHVFKZHUHORVLP1LFKWV ]XVFKZHEHQVFKLHQ'LHHLQ]HOQHQ6WXIHQPLWHLQHPZHLHQIODXVFKLJHQ%HODJ YHUVHKHQVFKZHEWHQRKQHMHGHQ7UlJHULQGHU/XIWXQGIKUWHQLQHLQHP +DOENUHLVQDFKREHQ Ä*HKHQZLUKLQHLQ" Ä0LULVWMHGHV%DXZHUNUHFKWZHQQLFKQXUZLHGHUHWZDV5XKHXQG(UKROXQJ KDEHQNDQQHUZLGHUWH$ULHWH6LHJLQJHQGLH6WXIHQKRFKXQGEHIDQGHQVLFKDQ GHUHQ(QGHLQHLQHUNOHLQHQ+DOOH6XPPHQGJOLWWHLQH0DVFKLQHDXIVLH]XXQG VDJWHPLWGHYRWHU6WLPPH Ä6LHEHILQGHQVLFKLP0XVHXPVKRWHO,FKELQ,KUSHUV|QOLFKHU%HDXIWUDJWHU %LWWHlXHUQ6LHVLFK)DVWMHGHU:XQVFKLVWHUIOOEDU

7HLFKXQGDQGHUH7HLOHGHU8PJHEXQJ6LHHUNXQGHWHQVRJXWHVLQGHU VFKZDFKHQ%HOHXFKWXQJP|JOLFKZDUGLH8PJHEXQJ(VZDUHLQDQQlKHUQG UXQGHU)OHFNHLQHUDXHUJHZ|KQOLFKJXWJHSIOHJWHQ3DUNODQGVFKDIW$XHUKDOE GHU.XOWXUODQGVFKDIWEHJDQQGLH:LOG QLV8QGHXWOLFKEHPHUNWH

GHQEL]DUUHQ:LQGXQJHQGHV3IDGHVXQGPHUNWHQGDGLH*HZlFKVHLPPHU ZHQLJHUZXUGHQXQGVFKOLHOLFKYHUNPPHUWHQ'LHZHQLJHQ%lXPHGLHHLQH Y|OOLJHEHQH)OlFKHDXVGXQNHOURWHP6DQGXPVWDQGHQZDUHQYROOHU.RNRQV 6SLQQIlGHQXQGWRWHU7LHUH(VVWDQNEHVWLDOLVFK'HU6DQGSODW]ZDUY|OOLJIUHL DEHUDOVVLHQlKHUKHUDQJLQJHQEHJDQQUXQGXPVLHHLQ.QLVWHUQXQG6FKOUIHQ $XVDOOHQ5LFKWXQJHQNDPHQGLHHWZDILQJHUJURHQ5DXSHQJHNURFKHQ6LH VFKZDQJHQVLFKDXIGHQ%RGHQVFKDXNHOWHQDQLKUHQ)lGHQNURFKHQ EHUHLQDQGHUXQGELOGHWHQLP=HQWUXPGHU)OlFKHHLQHQZLOGGXUFKHLQDQGHU ZLPPHOQGHQ+DXIHQ Ä6LHZHUGHQ]XVSLQQHQXQG]XZHEHQEHJLQQHQ$EHUREGDUDXVDXFKHLQH.DUWH ZLUG"PXUPHOWH$ULHWH Ä9RUVLFKWVFKULH

OHHUJHVFKRVVHQHQ:DIIHQ Ä:LUPVVHQQRFKHLQPDO]XUFNLQGLHVHV,QIHUQRVDJWH

/DQGNDUWHXQG0XVHXP]XZLGPHQ6LHVlXEHUWHQVLFK]RJHQVLFKXPDHQ HLQH.OHLQLJNHLWXQGWUDQNHQHLQLJH7DVVHQ0RNND'DQQEUHLWHWHQVLHGHQ 7HSSLFKDXIGHU7HUUDVVHDXVXQGEHJDQQHQLKQV\VWHPDWLVFK]XVWXGLHUHQ Ä'HU5DVWHULVWGDQNGHUGQQHQ)lGHQVHKUNOHLQVDJWH

VFKOLHOLFK]ZHL]XVDPPHQJHK|ULJH3ODWWHQVWHFNWHQVLHDQHLQDQGHUXQGNOHEWHQ VLHDQGLH:DQGDQGHUVLHKDIWHQEOLHEHQ6LHSURELHUWHQVWXQGHQODQJDOOH P|JOLFKHQ.RPELQDWLRQHQDXV$OVHV]XGXQNHOZXUGHXPQRFKHWZDVVHKHQ]X N|QQHQKDWWHQVLHIQIHLQ]HOQH3ODWWHQ]XVDPPHQJHIJW6LH]HLJWHQGLH%UXVW XQG$UPSDUWLHHLQHV0DQQHVLQHLQHUKHOOHQ8QLIRUP)UGLHVHQ7DJK|UWHQVLH DXIXQG]RJHQVLFKLQGHQ/X[XVGHV+RWHOV]XUFN6LHYHUOHEWHQHLQHQ ZXQGHUVFK|QHQ$EHQGXQGHLQHEH]DXEHUQGH1DFKW XQGEHJDQQHQZLHGHUEHLPHUVWHQ6RQQHQOLFKW'LHVHQ7DJVFKDIIWHQVLHPHKU (WZDIQI]HKQYRQHLQDQGHUXQDEKlQJLJH*UXSSHQYRQ0RVDLNVWHLQHQNOHEWHQDQ GHQ:lQGHQ$XVVFKQLWWHYRQ3HUVRQHQXQG7LHUHQYRQXQEHNDQQWHQ'LQJHQ XQG)RUPHQXQGHLQZLOGDXVVHKHQGHU $YLRKLSSRVNRSI$XIGHP%RGHQODJHQDQGHUH9HUVXFKHGLHHLQULFKWLJHV%LOG HUJDEHQ'HU+DXIHQZXUGHNOHLQHUDEHUGLH8QRUGQXQJZDUQDFKZLHYRUJUR $QDOOHQ:lQGHQKLQJHQ)HW]HQYRQ%LOGHUQ6LHHUJDEHQNHLQHQ =XVDPPHQKDQJ1RFKNHLQHQ VFKOLHOLFKNRQQWHQVLHGHQ+DXIHQDOVHUOHGLJWDQVHKHQ'LH%LOGHUZDUHQ DOOHVDPWGXUFKLKUH+lQGHJHJDQJHQ%LVKHUKDWWHQVLHGLH.DUWHQRFKQLFKW JHEUDXFKWVLHOLHIHUWHLKQHQNHLQH,QIRUPDWLRQHQGLHVLHIUGDV=XVDP PHQVHW]HQGHV3X]]OHVYHUZHQGHQNRQQWHQ'LHHLQ]HOQHQ%LOGJUXSSHQPHKUWHQ VLFK6LHKDIWHWHQDXIGHQ:lQGHQXQGODJHQDXIGHP%RGHQ$EXQG]XPXWHQ VLHHLQ]HOQH7DIHOQDXVZHFKVHOQGLH$QVFKOVVHVWLPPWHQEHLYLHOHQ%LOGHUQ EHUHLQ$QGLHVHP$EHQGKDWWHQVLHHVIHUWLJJHEUDFKWHWZDVHFK]LJELVVLHE]LJ %LOGJUXSSHQ]XVDPPHQ]XVWHOOHQ1RFKZDUHQVLHQLFKW]XVDPPHQJHIJW DQGLHVHP$EHQGKDWWHQVLH*UXQGLKUHQ(UIROJ]XIHLHUQ6LHNRQQWHQ DQKDQGGHU,QIRUPDWLRQHQGHU.DUWHHLQHQ6WUHLIHQDXV]HKQ%LOGHUQ]XMHYLHU 7DIHOQ]XVDPPHQVWHOOHQ(U]HLJWHXQYHUNHQQEDU

(VZDUGLHOHW]WH1DFKWDXIGLHVHU,QVHO'LH1DFKWLQGHUYRQ2VWHQGHU6WXUP PLW*HZLWWHUXQG%OLW]HQDXINDP 'LH7K\HOOHHUUHLFKWHGLH6HFKVWH,QVHOJHJHQ0LWWHUQDFKW(WZD]XGHU6WXQGH DOVGLH7DXVHQGHYRQ]XVDPPHQJHIJWHQ.RQWDNWHQGHVULHVLJHQ:DQGJHPlOGHV HLQH6HULHYRQ6WURPNUHLVHQJHVFKORVVHQKDWWHQ$ULHWHXQG

EUHLWHQ:HJ]ZLVFKHQ0XVHXPXQG+RWHOUROOWHQVFKZDU]H.XJHOQKHUDQ+LQ XQGZLHGHU]XFNWHQ]ZLVFKHQLKQHQODQJHYLHOIDVHULJH%OLW]HKLQXQGKHUXQG HUKHOOWHQVFKHPHQKDIWGLH8PULVVHGHUZLQGJHVFKWWHOWHQ3IODQ]HQXQGGLH VWXPSIVFKLPPHUQGHQ.XJHOREHUIOlFKHQ'LHHUVWHGHU.XJHOQJU|HUDOVHLQ 0HWHUZDUVFKRQDXIIQI]HKQ0HWHUKHUDQJHNRPPHQ Ä:LUPVVHQZHJ9HUPXWOLFKKLQXQWHU]XP0HHUVDJWH

ZDUHLQHYHUUFNWH.RQVWUXNWLRQODQJXQGVFKPDOPLWHLQHPULHVLJHQ0DVWXQG VHKUYLHO5LJJLP+HFNGHV%RRWHVJDEHVHLQHGXUFKVLFKWLJH.XSSHO YHUPXWOLFKGHQ3ODW]IUGHQ5XGHUJlQJHU'DV%RRWZDUPLWYLHU/HLQHQ JHVLFKHUWXQGWDQ]WHZLHZLOGLQGHQ:HOOHQ Ä/RVKLQXQWHU $QGHUH.XJHOQVSUDQJHQZLHULHVLJH*XPPLElOOHGHQ+DQJKLQXQWHUXQGNDPHQ YRQPHKUHUHQ6HLWHQDXIVLH]X

GXUFKVLFKWLJH.XSSHO'DV%RRWVFKOLQJHUWHKREXQGVHQNWHVLFKHLQH5HLKH ZWHQGHU6FKOlJHHUVFKWWHUWHQGHQ.|USHU(VPXWHHLQ.LHOERRWPLWHLQHU JURHQ0HQJH%DOODVWVHLQGHQQHVULFKWHWHVLFKQDFK MHGHU%HLQDKH.HQWHUXQJ VFKQHOOZLHGHUDXI+lWWHQ$ULHWHXQG

JHIDKUYROOHQ$XIEUXFKVFKLHQHQVLHLQUHODWLYHU6LFKHUKHLW]XVHLQGHU$XVOlXIHU GHU7K\HOOHWULHEVLHGDKLQ'LH+|KHGHU:HOOHQQDKPDEODQJVDP YHUVFKZDQGHQGLH6FKDXPNURQHQLP]XQHKPHQGHQ/LFKWHLQHUVWlQGLJ ZDFKVHQGHQ$Q]DKOKHOOHUNODUHU6WHUQHEUHLWHWHVLFKYRULKQHQGDV0HHUDXV 5XKLJPDMHVWlWLVFKVFKZDU]PLWGHQ/LFKWHUQGHV0HHUHVOHXFKWHQVLP GUHLHFNLJHQ.LHOZDVVHU Ä0LWJURHU:DKUVFKHLQOLFKNHLWODXHUWDXIXQVJHUDGHGDQQZHQQZLUXQV HLQPDOZLHGHUVLFKHUIKOHQHLQHQHXH$WWUDNWLRQ

6FKOLHOLFKWUDIHQVLH]XVDPPHQGDV%RRWXQGGLH/LFKWSXQNWH(VZDUHQ =HKQWDXVHQGHYRQOLEHOOHQlKQOLFKHQ7LHUHQGLHJHJHQGLH.XSSHOSUDOOWHQLQ GDV6HJHOILHOHQXQGGHQ6WRII]XVDPPHQGUFNWHQ6LHELOGHWHQHLQHQ6FKZlUP ZLHGLH:DQGHUKHXVFKUHFNHQXPVFKZLUUWHQGDV6FKLIIXQGWDXFKWHQHVLQ JUQZHLHV/LFKW Ä7LHUHPLWOHXFKWHQGHQ+LQWHUOHLEHUQ Ä6RLVWHV$EHUGXUFKDXVUHVSHNWDEOH7LHUHVDJWH

%RRWHVLQV:DVVHU

(UVDKVLHDQXQGJULQVWH 6LHVDKHQDEHQWHXHUOLFKDXV%UDXQJHEUDQQW

VLHLKUH7LHUHKLQWHUVLFKKHU$OVGLHHUVWH+DQG

Ä6LHKDEHQHVWDWVlFKOLFKJHVFKDIIW2EHUVWVDJWHHUXQGJUWH Ä1LFKWQXUHUOLHVLFK$ULHWHYHUQHKPHQ 'DV%LOGIOLUUWHNXU]2IIHQVLFKWOLFKZDUHVHLQH$XI]HLFKQXQJGLHPHKUHUH $OWHUQDWLYHQLQ)UDJHXQG$QWZRUW]XOLH(VZDUHLQNOHLQHV3UREOHPGHU 6SHLFKHUNDSD]LWlWHQXQGHLQHUJHVFKLFNWHQ3URJUDPPLHUXQJ Ä6HOEVWYHUVWlQGOLFK6SH]LDOLVWLQ$ULHWHVDJWH$WODQÄ6LHZHUGHQVLFKHUHLQH 0HQJH)UDJHQKDEHQ(LQHQNOHLQHQ7HLOGDUILFK,KQHQEHDQWZRUWHQIUGHQ 5HVWZHQGHQ6LHVLFKELWWHDQGLH'DPHQXQG+HUUHQGHVPHGL]LQLVFKHQ6WDEHV GHULQZHQLJHQ0LQXWHQLQGHU=HQWUDOHGLHVHV6FKLIIHVPLW,KQHQ ]XVDPPHQWUHIIHQZLUG6WHOOHQ6LHGLH)UDJHQ (VZDUHLQH$XI]HLFKQXQJDEHUIU$ULHWHXQG

GLH=HQWUDOHGHV6FKLIIHVXQGWUDIHQGRUWDXIHLQH*UXSSHYRQ0lQQHUQGLHVLH PHKURGHUZHQLJHUVWUPLVFKEHJUWHQ(VPXWHQDOOHVDOWH)UHXQGHXQG %HNDQQWHVHLQDEHUGDVZUGHQVLHHUVWGDQQZLVVHQZHQQVLHZLHGHUVLHVHOEVW ZDUHQ ZLHGXUFKHLQHQQHEHOK|UWHQVLHGLHZRUWHGHVSV\FKRORJHQVLHYHUOLHHQ GHQODQJHQWUlXPGHUOHW]WHQZRFKHQXQGPRQDWHXQGNDPHQOHLFKWZLHHLQ DXVJHUXKWHU6FKZLPPHUZLHGHUDQGLHEHZXWH2EHUIOlFKHHVZDUDOVREVLFK ]ZHLXQGHXWOLFKHXPULVVH]XHLQHPSODVWLVFKHQELOG]XVDPPHQVFKREHQMHGHV GLQJEHNDPHLQHQQDPHQMHGHUEHJULIIHUKLHOWHLQHQHXHDOWHEHGHXWXQJGLH DEHQWHXHUEOLHEHQLPJHGlFKWQLVGLHHULQQHUXQJLQWHJULHUWHVLFKLQGLH :LUNOLFKNHLWDXVXQEHNDQQWHQIUDXHQXQGPlQQHUQZXUGHQEHNDQQWHGHU KHLOXQJVSUR]HZDUYROONRPPHQN|USHUXQGJHLVWYHUVWDQGXQGVHHOHHUKLHOWHQ QHXHEHGHXWXQJHQZHLOVLHJHKHLOWZDUHQHLQODQJHUWUlXPJLQJ]XHQGHHLQH QHXH:LUNOLFKNHLWEUDFKDQXQGQRFKLPSUR]HGHUHULQQHUXQJXQGHUNHQQWQLV ZXWHQVLHGDGLHVHUODQ JHPDUVFKGXUFKGLHDEHQWHXHUXQGJHIDKUHQVLHGDYRUEHZDKUWKDWWHWRGNUDQN RGHUZDKQVLQQLJ]XZHUGHQRGHUEHLGHV 'LH,WHU]RJHLQHQ)DGHQKLQWHUVLFKKHUGHUDQ.OHEULJNHLWYHUORUNDXPGDHU HLQHQ0HWHUODQJZDU'HU)DGHQVFKLPPHUWHLP6RQQHQOLFKWZLHJHVSRQQHQHV 6LOEHU1XQEHVDHUGLH)HVWLJNHLWHLQHVIHLQHQ1\ORQRGHU3HUORQIDGHQV$OV ]ZHLKXQGHUWIQI]LJRGHUGUHLKXQGHUW,WHUGDV=HQWUXPGHU6DQGIOlFKHHUUHLFKWHQ EOLHEHQVLHZLHDXI.RPPDQGRVWHKHQ'LH)lGHQGLHYRP5DQGGHU/LFKWXQJ LQV=HQWUXPGHXWHWHQEHUKUWHQHLQDQGHUQRFKQLFKW 'LH,WHUHUNDQQWHQHLQ+LQGHUQLV (VZDUGXQNHOXQGKHOOLQDQGHUHQ7HLOHQEHVDYLHU([WUHPLWlWHQHLQHQ.|USHU XQGHLQHQ.RSI8QGHVOHEWH1RFKOHEWHHVGLH,WHUVSUWHQGLH$QZHVHQKHLW YRQ/HEHQ6LHZDUHQYROONRPPHQYHUZLUUW Ä2KKK 'DV+LQGHUQLVJDEHLQHQODQJJH]RJHQHQTXDOYROOHQ7RQYRQVLFK'LHJURHQ )KOHUGHU,WHUVSLHOWHQDXIJHUHJWLQGHUKHLHQ/XIW Ä:RELQLFK:HUELQLFK"PXUPHOWHGDV+LQGHUQLV (VPXWHGDV*HUlXVFKJHZHVHQVHLQGDVVLHJHZHFNWKDWWH9LHOOHLFKWDXFKGLH 6RQQHGLHJQDGHQORVDXIGHQUXQGHQ6DQGIOHFNVFKLHQ'DV0lGFKHQEHZHJWH YRUVLFKWLJ$UPHXQG%HLQHGDQQVWDQGHVDXIXQGVWDQGVFKZDQNHQGGD(VZDU VHKUKEVFKDEHUGDVVDKHQGLH,WHUQLFKW1XUODQJVDPZLFKGLH6FKZlFKH-HW]W ZXWHVLHZHUVLHZDU1HLQ*HQDXGDVZXWHVLHQLFKWVLHNDQQWHQXULKUHQ 1DPHQ Ä,FKELQ'DULD6FDWLDQVDJWHVLH 9RUVLFKWLJXPGDV1HW]QLFKW]X]HUVW|UHQYHUOLHVLHLKUHQ3ODW]6LHEHZHJWH VLFKPLWODQJVDPHQWDXPHOQGHQ6FKULWWHQ6LHIKOWHVLFKKDOEWRW6LHDKQWHGD VLHPLWWHQLQHLQHP*HKHLPQLVZDU2GHUZDUVLHLP%HJULIIZDKQVLQQLJ]X ZHUGHQ"6LHKREGLH+DQGXQG(1'(