Die Geburt einer Stahlratte. Erster Roman des Stahlratten-Zyklus

+$55...

Author: Harry Harrison

60 downloads 763 Views 1MB 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

+$55<+$55,621

'LH*HEXUWHLQHU6WDKOUDWWH -LP GL *UL] LVW HLQ PXQWHUHV )UFKWFKHQ 6FKRQ DOV -XQJH LVW HV VHLQ HUNOlUWHV =LHO GLH 5HLFKHQ lUPHU ]X PDFKHQ XQG ]X GLHVHP =ZHFN PDFKW HU GDV .QDFNHQ YRQ 6FKO|VVHUQ ]X VHLQHP 6SH]LDO JHELHW 'XUFK HLQHQ JHQLDOHQ 7ULFN JHOLQJW HV LKP YRP ª/lXIHU© GHP EHUKPWHVWHQ 7UHVRUNQDFNHU GHU *DOD[LV DOV /HKUOLQJ DN]HSWLHUW ]XZHUGHQGRFKDXIGHU)OXFKWLQGHQ 5DXP ZHUGHQ VLH EHLGH YRQ HLQHP EHWUJHULVFKHQ 5DXPVFKLIINDSLWlQ KHUHLQJHOHJW XQG DXI GHQ EH UFKWLJWHQ 3ODQHWHQ 6SLRYHQWH DOV 6NODYHQ YHUNDXIW ZR -LP HV OHUQW XPVQDFNWHhEHUOHEHQ]XNlPSIHQ

+DUU\+DUULVRQµV'LH*HEXUWHLQHU6WDKOUDWWH

6WDKOUDWWHQ=\NOXV%DQG +(<1(%8&+1U :LOKHOP+H\QH9HUODJ,6%1 HERRNE\%22.= 5 86

'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW

6&,(1&(),&7,21 +HUDXVJHJHEHQYRQ:ROIJDQJ-HVFKNH 9RQ+$55<+$55,621HUVFKLHQHQLQGHU5HLKH +(<1(6&,(1&(),&7,21 )$17$6< 5HWWHUHLQHU:HOW 'HU'DOHWK(IIHNW 'DV3URPHWKHXV3URMHNW !67$+/5$77(1=<./86 $JHQWHQLP.RVPRV DXFKDOV6RQGHUDXVJDEH 5DFKH]XJLP.RVPRV DXFKDOV6RQGHUDXVJDEH (LQ)DOOIU%ROLYDUGL*UL]GLH6WDKOUDWWH -LPGL*UL]GLH(GHOVWDKOUDWWH 0DFKW6WDKOUDWWH]XP3UlVLGHQWHQ 1HXDXVJDEHGHVNRPSOHWWHQ=\NOXV 'LH*HEXUWHLQHU6WDKOUDWWH 6WDKOUDWWHZLUG5HNUXW 6WDKOUDWWH]HLJWGLH=lKQH 6WDKOUDWWHVFKOlJW]XUFN 6WDKOUDWWHUHWWHWGLH:HOW 6WDKOUDWWHZLOOGLFK 0DFKW6WDKOUDWWH]XP3UlVLGHQWHQ !72'(6:(/7(175,/2*,( 'LH7RGHVZHOW 'LH6NODYHQZHOW 'LH%DUEDUHQZHOW ]XVDPPHQLQHLQHP%DQG 7RGHVZHOWHQ !=8'(167(51(175,/2*,( +HLPZHOW5DGZHOW 6WHUQZHOW LQGHU%,%/,27+(.'(56&,(1&(),&7,21/,7(5$785 1HZ
+$55<+$55,621

',(*(%857(,1(567$+/5$77( (UVWHU5RPDQGHV6WDKOUDWWHQ=\NOXV 6FLHQFH)LFWLRQ5RPDQ 'HXWVFKH(UVWDXVJDEH

:,/+(/0+(<1(9(5/$*0h1&+(1 +(<1(6&,(1&(),&7,21 )$17$6<

%DQG 7LWHOGHUDPHULNDQLVFKHQ2ULJLQDODXVJDEH

$67$,1/(6667((/5$7,6%251 'HXWVFKH2EHUVHW]XQJYRQ7KRPDV6FKOXFN 'DV8PVFKODJELOGVFKXI.DUHO7KROH

$XÀDJH 5HGDNWLRQ:ROIJDQJ-HVFKNH &RS\ULJKWE\+DUU\+DUULVRQ &RS\ULJKWGHUGHXWVFKHQhEHUVHW]XQJ E\:LOKHOP+H\QH9HUODJ*PE+ &R.*0QFKHQ 3ULQWHGLQ*HUPDQ\ 8PVFKODJJHVWDOWXQJ$WHOLHU,QJULG6FKW]0QFKHQ 6DW]6FKDEHU:HOV'UXFNXQG%LQGXQJ3UHVVH'UXFN$XJVEXUJ ,6%1

,QKDOW

.DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

$OVLFKPLFKGHU(LQJDQJVWUGHU1DWLRQDOEDQNYRQ%LFKHQ +LPPHO QlKHUWH VSUWH VLH PHLQH $QQlKHUXQJ XQG |IIQHWH VLFK ]XU DXWRPDWLVFKHQ %HJUXQJ (QHUJLVFK WUDW LFK EHU GLH6FKZHOOH±XQGEOLHEVWHKHQ8QG]ZDUVREHUHFKQHWGD GLH7UVLFKKLQWHUPLUQLFKWVFKOLHHQNRQQWH1RFKZlKUHQG VLH]X]XJOHLWHQYHUVXFKWH]RJLFKPHLQHQ6FKZHLVWLIWDXVGHU 7DVFKH XQG IXKU LQ GHP 0RPHQW KHUXP DOV VLFK GLH EHLGHQ 7UKlOIWHQ GRFK EHJHJQHWHQ 'HQ PHFKDQLVFKHQ 5HÀH[ KDWWH LFKEHLIUKHUHQ%DQNEHVXFKHQJHVWRSSWXQGZXWHGDLFK JHQDX6HNXQGHQ=HLWKDWWHGDV(UIRUGHUOLFKH]XWXQ=HLW JHQXJ 'HU 6FKZHLERJHQ NQLVWHUWH XQG YHUEDQG GLH 7U IHVW PLW LKUHP 5DKPHQ 6LH NRQQWH QXQ QLFKWV DQGHUHV WXQ DOV KLOÀRV ]X VXPPHQ RKQH VLFK ]X UKUHQ ± ELV HV VFKOLHOLFK LQ GHU 0HFKDQLN HLQHQ .XU]VFKOX JDE GHU ]LVFKHQG )XQNHQ YHUVSUKHQZUGH'DQDFK6WLOOH ª'LH %HVFKlGLJXQJ YRQ %DQNHLJHQWXP LVW HLQ 9HUEUHFKHQ 6LHVLQGYHUKDIWHW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *OHLFK]HLWLJ ODQJWH GHU URERWLVFKH %DQNZlFKWHU PLW JURHQ JHSROVWHUWHQ +lQGHQ QDFK PLU XP PLFK IHVW]XKDOWHQ ELV GLH 3ROL]HLHLQWUDI ª+HXWH QLFKW GX NOLUUHQGHU 6FKURWWKDXIHQ© IDXFKWH LFK XQG YHUVHW]WH GHP 'LQJ PLW GHU 6WDFKHOVSHFNVFKZHLQUXWH HLQHQ HQHUJLVFKHQ 6FKODJ YRU GLH %UXVW 'LH EHLGHQ HOHNWULVFKHQ .RQWDNWH HU]HXJWHQ 9ROW XQG MHGH 0HQJH $PSHUH±MHGHQIDOOVJHQXJXPVLFKEHLHLQHPWRQQHQVFKZHUHQ 6WDFKHOVSHFNVFKZHLQ EHPHUNEDU ]X PDFKHQ 8QG JHQXJ XP GHQ 5RERWHU Y|OOLJ ODKP]XOHJHQ $XV VlPWOLFKHQ *HOHQNHQ TXROO5DXFKXQGGLH0DVFKLQHJLQJPLWHLQHPZRKONOLQJHQGHQ .UDFKHQ]X%RGHQ $EHUGDVJHVFKDKVFKRQKLQWHUPLUGHQQLFKZDUORVJHUDQQW XQGKDWWHGLHDOWH'DPH]XU6HLWHJHVFKREHQGLHDP6FKDOWHU VWDQG ,FK ]RJ GLH JURH +DQGIHXHUZDIIH ULFKWHWH VLH DXI GLH .DVVLHUHULQXQGNQXUUWHLKUPHLQHQ%HIHKO]Xª'HLQ*HOGRGHU GHLQ/HEHQ6FKZHVWHU)OOGHQ6DFNPLW'ROODUV© 6HKUHLQGUXFNVYROODXFKZHQQPHLQH6WLPPHQLFKWJDQ]IHVW ZDUXQGGLHOHW]WHQ:RUWHHWZDVVFKULOONODQJHQ'LH.DVVLHUHULQ EHJDQQ]XOlFKHOQXQGYHUVXFKWHPLUIUHFK]XNRPPHQ ª*HKQDFK+DXVH.OHLQHU:LUVLQGKLHUQLFKW«© ,FK ]RJ GXUFK XQG GLH UFNVFKODJIUHLH HU GU|KQWH GLFKW YRU LKU ORV 4XDOP EOHQGHWH VLH *HWURIIHQ ZXUGH VLH QLFKW ±DEHUGLH:LUNXQJZDUEHLQDKHGLHVHOEH6LHUROOWHGLH$XJHQ KLPPHOZlUWVXQGJOLWWODQJVDPKLQWHUGHP7UHVHQ]X%RGHQ 6R OHLFKW OlW VLFK -LPP\ GL*UL] QLFKW WlXVFKHQ ,FK VSUDQJ HOHJDQW EHU GHQ 7UHVHQ XQG EHGURKWH GHQ 5HVW GHU DXIJHVFKUHFNWHQ$QJHVWHOOWHQPLWGHU:DIIH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª=XUFN ± LKU DOOH 6FKQHOO /DW GLH )LQJHUFKHQ YRQ GHQ VWXPPHQ $ODUPNQ|SIFKHQ 5LFKWLJ VR 'X 'LFNHUFKHQ«© ± LFK ZLQNWH GHQ EHOHLEWHQ .DVVLHUHU KHUEHL GHU PLFK ELVKHU LPPHU EHUVHKHQ KDWWH 1XQ ZLGPHWH HU PLU VHLQH YROOH $XIPHUNVDPNHLW±ªGXIOOVWPLUGHQ%HXWHOSUDOOPLW3HQXQ]H JURH6FKHLQHXQG]ZDUVFKQHOO© (U JHKRUFKWH VFKZLW]HQG XQG PLW XQVLFKHU WDVWHQGHQ )LQJHUQ .XQGHQ XQG 3HUVRQDO YHUKDUUWHQ LQ DEVRQGHUOLFKHQ 3RVHQRIIHQNXQGLJYRU$QJVWJHOlKPW'LH7U]XP%URGHV 'LUHNWRUVEOLHEJHVFKORVVHQYHUPXWOLFKZHLOHUJDUQLFKWGDZDU 'LFNHUFKHQKDWWHGHQ6DFNPLW6FKHLQHQJHIOOWXQGKLHOWLKQPLU KLQ'LH3ROL]HLZDUQLFKWLQ6LFKW(VVDKIDVWVRDXVDOVZUGH GHU&RXSJHOLQJHQ /HLVHPXUPHOWHLFKHWZDVYRUPLFKKLQGDVVLFKKRIIHQWOLFK ZLHHLQHEOH9HUZQVFKXQJDQK|UWHXQGGHXWHWHDXIHLQHQGHU 6lFNHGLHPLW0Q]UROOHQJHIOOWZDUHQ ª:LUIGDV:HFKVHOJHOGUDXVXQGPDFKGDV'LQJPLW6FKHLQHQ YROO©EHIDKOLFKXQGYHUVXFKWHGURKHQGXQGK|KQLVFK]XJOHLFK ]XVSUHFKHQ 'HU 0DQQ JHKRUFKWH ]DFNLJ XQG KDWWH QDFK NXU]HU =HLW DXFK GLHVHQ 6DFN JHIOOW 1RFK LPPHU NHLQH 6SXU YRQ GHU 3ROL]HL+DWWHZRP|JOLFKNHLQHUGHUWXPEHQ$QJHVWHOOWHQGHQ *HKHLPDODUPDXVJHO|VW"1DVRZDV±DEHUGXUFKDXVP|JOLFK 'DPXWHQGUDVWLVFKH0DQDKPHQHUJULIIHQZHUGHQ ,FK VFKQDSSWH PLU HLQHQ ZHLWHUHQ 0Q]EHXWHO ª$XFK YROOPDFKHQ©EHIDKOLFKXQGZDUILKPGDV'LQJ]X *OHLFK]HLWLJ VFKDIIWH LFK HV PLW GHP (OOERJHQ GHQ $ODUPNQRSI ]X EHUKUHQ$Q PDQFKHQ7DJHQ PX PDQ HEHQ DOOHVVHOEVWPDFKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0HLQH$NWLRQKDWWHGLHJHZQVFKWH:LUNXQJ$OVGHUGULWWH %HXWHO YROO ZDU XQG LFK PLW PHLQHU %HXWH ]XP $XVJDQJ ZDQNWHHUVFKLHQGLH3ROL]HLDXIGHU6]HQH=ZHL%RGHQZDJHQ VWLHHQNUDFKHQG]XVDPPHQ±VFKOLHOLFKVLQG1RWUXIHEHLGHU 3ROL]HLLQGLHVHU*HJHQG]LHPOLFKVHOWHQJHZRUGHQ$EHUGDQQ NDP GRFK 2UGQXQJ LQ GLH 6DFKH XQG PDQ EDXWH VLFK PLW VFKXEHUHLWHQ:DIIHQGUDXHQDXI ª1LFKWVFKLHHQ©NUlFK]WHLFK,QHKUOLFKHU$QJVWGHQQGLH PHLVWHQ%HDPWHQVDKHQQLFKWJHUDGHKHOOHDXVª(LQH$WWUDSSH© ULHILFKª6HKWGRFK© ,FK OHJWH PLU GLH :DIIHQPQGXQJ DQ GLH 6FKOlIH XQG ]RJ GXUFK'HU5DXFKJHQHUDWRUVSLHHLQHKEVFKH:RONHDXVXQG YRP *HUlXVFK(IIHNW GHV 6FKXVVHV GU|KQWHQ PLU GLH 2KUHQ ,FK VDFNWH KLQWHU GHP 7UHVHQ ]XVDPPHQ XQG YHUVFKZDQG DXV GHP %OLFNIHOG PHLQHV HQWVHW]WHQ 3XEOLNXPV:HQLJVWHQV ZUGH HV QXQ NHLQH 6FKLHHUHL JHEHQ ,FK ZDUWHWH JHGXOGLJ DEZlKUHQGPDQKHUXPEUOOWHXQGÀXFKWHXQGVFKOLHOLFKGLH 7UDXIEUDFK 1XQMDYLHOOHLFKW¿QGHQ6LHGDVDOOHVYHUZLUUHQG±VROOWHGDV GHU)DOOVHLQNDQQLFK,KQHQNHLQHQ9RUZXUIPDFKHQ(VLVWHLQH 6DFKH HLQH %DQN ]X EHUIDOOHQ DEHU HLQH Y|OOLJ DQGHUH GDEHL VRYRU]XJHKHQGDPDQJDUDQWLHUWJHVFKQDSSWZLUG6LFKHUIUDJHQ 6LHMHW]WZDUXPLFKZRKOVRW|ULFKWVHLQZROOWHPLFKHUZLVFKHQ ]XODVVHQ ,FKHU]lKO¶V,KQHQJHUQ8PPHLQH%HZHJJUQGH]XYHUVWHKHQ PVVHQ6LHDOOHUGLQJVZLVVHQZLHGDV/HEHQDXIGLHVHP3ODQHWHQ DXVVLHKW ± ZLH PHLQ /HEHQ ELVKHU DXVJHVHKHQ KDW 3DVVHQ 6LH DXI %LFKHQ+LPPHOZXUGHYRUHLQLJHQWDXVHQG-DKUHQYRQHLQHU H[RWLVFKHQ UHOLJL|VHQ 6HNWH JHJUQGHW GLH ]XP *OFN VHLWKHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH Y|OOLJ XQWHUJHJDQJHQ LVW 'LH IURPPHQ /HXWFKHQ NDPHQ YRQ HLQHP DQGHUHQ 3ODQHWHQ KLHUKHU ± PDQFKH EHKDXSWHQ VRJDU YRQ'UHFNRGHU(UGHRGHUVRlKQOLFKGHUVDJHQKDIWHQ8UKHLPDW GHU0HQVFKHQDEHULFKP|FKWHGDVEH]ZHLIHOQ:LHDXFKLPPHU ± GLH 'LQJH OLHIHQ QLFKW JHUDGH JXW 9LHOOHLFKW ZDU GLH HQGORVH 3ODFNHUHL ]X PKHYROO GHQQ GLH :HOW ZDU GDPDOV EHVWLPPW NHLQ =XFNHUVFKOHFNHQ ,Q GHQ 6FKXOHQ ZHUGHQ GLH /HKUHU QLFKW PGH GLHV ]X EHWRQHQ EHVRQGHUV ZHQQ VLH NODUVWHOOHQ ZROOHQ ZLHYHUZHLFKOLFKWGLHKHXWLJH-XJHQGLVW:LUYHUNQHLIHQXQVGLH $QWZRUW GD GLHVHV 3UlGLNDW GDQQ MD DXFK DXI VLH ]XWUHIIHQ PXGHQQVRZHLWHUNHQQEDULVWKDWVLFKLQGHQOHW]WHQWDXVHQG -DKUHQKLHUQLFKWYLHOYHUlQGHUW *HZL ]X %HJLQQ PX HV HLQ KDUWHV /HEHQ JHZHVHQ VHLQ 'LH JHVDPWH 9HJHWDWLRQ ZDU XQJHPHLQ XQYHUWUlJOLFK IU GHQ PHQVFKOLFKHQ 0HWDEROLVPXV XQG PXWH JHURGHW ZHUGHQ GDPLW HEDUH 3ÀDQ]HQ DQJHEDXW ZHUGHQ NRQQWHQ 'LH HLQKHLPLVFKH )DXQD ZDU QLFKW PLQGHU JLIWLJ DXHUGHP PLW HQWVSUHFKHQGHQ =lKQHQXQG.ODXHQEHZHKUW(LQVFKZHUHU$QIDQJ6RVFKZHUGD QRUPDOH.KHXQG6FKDIHHLQHHQWVHW]OLFKNXU]H/HEHQVHUZDUWXQJ KDWWHQ'LHVH3UREOHPHZXUGHQGXUFKVHOHNWLYH*HQPDQLSXODWLRQ DXV GHU :HOW JHVFKDIIW XQG GLH HUVWHQ 6WDFKHOVSHFNVFKZHLQH ZXUGHQKHUJHVFKLFNW*HEHQ6LH,KUHU3KDQWDVLHPDOHLQHQ6WR ± YHUVXFKHQ 6LH VLFK HLQHQ WRQQHQVFKZHUHQ :LOGVFKZHLQHEHU PLW VFKDUIHQ +DXHUQ XQG E|VDUWLJHP &KDUDNWHU YRU]XVWHOOHQ (LQHEOH6DFKH±DEHUQXQGHQNHQ6LHVLFKQRFKODQJH6WDFKHOQ KLQ]X ZLH EHL HLQHP ZLOGJHZRUGHQHQ 6WDFKHOVFKZHLQ (V NOLQJW NRPLVFK DEHU GLH 6DFKH NODSSWH VHLWGHP ]FKWHW GLH /DQGZLUWVFKDIWMHGH0HQJH6WDFKHOVSHFNVFKZHLQH*HUlXFKHUWHU 6WDFKHOVSHFNVFKZHLQ6FKLQNHQ YRQ %LFKHQ+LPPHO JLOW LQ GHU JHVDPWHQ*DOD[LVDOV'HOLNDWHVVH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $QGHUHUVHLWV KHUUVFKW GUDXHQ QLFKW JHUDGH GHU 'UDQJ GLHVHQ6SHFNSODQHWHQ]XEHVXFKHQ,FKZHLGDVGHQQLFKELQ KLHU DXIJHZDFKVHQ 'HU 3ODQHW LVW VR ODQJZHLOLJ GD VRJDU GLH 6WDFKHOVSHFNVFKZHLQHHLQQLFNHQ 'DV.RPLVFKHDQGHU6DFKHLVWGDLFKRIIHQEDUGHUHLQ]LJH ELQ GHP GDV VDXHU DXIVW|W 0HLQH 0LWPHQVFKHQ ¿QGHQ PLFK PDQFKPDO VHOWVDP 0DPD JODXEWH DQ :DFKVWXPVSUREOHPH XQG YHUEUDQQWH LQ PHLQHP =LPPHU 6WDFKHOVSHFNVFKZHLQ6WDFKHOQ ± HLQ DOWHV +DXVPLWWHO 3DSD EHIUFKWHWH LFK N|QQWH PHLQHQ *ULSV QLFKW JDQ] EHLVDPPHQ KDEHQ XQG VFKOHSSWH PLFK XQJHIlKUHLQPDOLP-DKU]XP$U]W'HUIDQGQLFKWVXQGIKUWH DXVYLHOOHLFKWZlUHLFKHLQJHQHWLVFKHU5FNIDOO]XGHQDOOHUHUVWHQ 6LHGOHUQHLQ9HUOLHUHULQGHU0HQGHO¶VFKHQ/RWWHULH$EHUGDVLVW -DKUH KHU (OWHUOLFKH $XIPHUNVDPNHLW LVW PLU QLFKW PHKU ]XWHLO JHZRUGHQVHLW3DSDPLFKPLWIQI]HKQDXVGHP+DXVMDJWH$QOD ZDUGHU8PVWDQGGDHUPDOPHLQH7DVFKHQGXUFKJHVHKHQXQG IHVWJHVWHOOWKDWWHGDLFKPHKU*HOGEHVDDOVHU0DPDlXHUWH LQEUQVWLJH =XVWLPPXQJ XQG KLHOW PLU VRJDU GLH 7U DXI ,FK JODXEHGLHEHLGHQZDUHQIURKPLFKORV]XVHLQ,QLKUHPWUlJHQ /HEHQZDULFKXQEHGLQJWHLQ6W|UIDNWRU :DV LFK GDYRQ KDOWH" ,FK ¿QGH DOV$XHQVHLWHU ]X OHEHQ LVW ]XZHLOHQYHUGDPPWHLQVDP$EHUHLQDQGHUHV/HEHQNDQQLFKPLU QLFKWYRUVWHOOHQ0DQKDWVHLQH3UREOHPH±DEHU3UREOHPHODVVHQ VLFKO|VHQ 6RVFKDIIWHLFK]XP%HLVSLHOHLQJURHV3UREOHPDXVGHU:HOW± GHQbUJHULPPHUYRQJU|HUHQ.LQGHUQYHUSUJHOW]XZHUGHQ (VEHJDQQVREDOGLFKLQGLH6FKXOHNDP=X$QIDQJPDFKWH LFK GHQ )HKOHU GLH DQGHUHQ VSUHQ ]X ODVVHQ GD LFK NOJHU ZDUDOVVLH3HQJVFKRQKDWWHLFKZLHGHUPDOHLQEODXHV$XJH 'HQ 6FKOlJHUQ LQ GHU 6FKXOH JH¿HO GDV VR JXW GD VLH GDUXP

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VWUHLWHQ PXWHQ ZHU QXQ EHL PLU DQ GHU 5HLKH ZlUH 'LHVHQ =\NOXVGHU%HVWUDIXQJYHUPRFKWHLFKHUVW]XGXUFKEUHFKHQDOV LFKPLFKYRQHLQHP6SRUWOHKUHUGHU8QLYHUVLWlWJHJHQ *HOG LQ GHUZDIIHQORVHQ9HUWHLGLJXQJXQWHUULFKWHQOLH$EHU]XZHKUHQ EHJDQQ LFK PLFK HUVW DOV LFK PHLQ +DQGZHUN YHUVWDQG 8QG ]ZDU NlPSIWH LFK PHLQHQ QlFKVWHQ 0|FKWHJHUQ6FKOlJHU QLHGHU XQG QDKP PLUJOHLFKQRFKGUHLZHLWHUH7\SHQYRU,FK NDQQ,KQHQVDJHQDEVRIRUWKDWWHLFKDOOHNOHLQHQ6FKOHU]XP )UHXQG GLH PLU LPPHU ZLHGHU HU]lKOWHQ ZLH VFK|Q HV ZlUH PLFK KLQWHU VHFKV GHU EHOVWHQ 6FKOlJHU KHUUHQQHQ ]X VHKHQ :LH JHVDJW ± DXV 3UREOHPHQ HUJHEHQ VLFK /|VXQJHQ ± XP QLFKW]XVDJHQ)UHXGHQ 8QG ZRKHU LFK GDV *HOG KDWWH XP GHQ 6SRUWOHKUHU ]X EH]DKOHQ" 1LFKW YRQ PHLQHP 9DWHU GDV NDQQ LFK ,KQHQ YHUVLFKHUQ'UHL'ROODUGLH:RFKH±GDVZDUPHLQ7DVFKHQJHOG HWZD DXVUHLFKHQG IU ]ZHL %OXEEHU)L]]HV XQG HLQHQ NOHLQHQ 6WRSI'LFK6FKRNRULHJHO 'LH *UXQGUHJHO GHU :LUWVFKDIW ZXUGH PLU GXUFK GLH 1RW QLFKW GLH *LHU QDKHJHEUDFKW ELOOLJ HLQNDXIHQ WHXHU YHUNDXIHQ XQG GHQ *HZLQQ IU VLFK EHKDOWHQ 1DWUOLFK KDWWH LFK NHLQ .DSLWDO XQG NRQQWH DOVR QLFKWV NDXIHQ DXV GLHVHP *UXQG VXFKWH LFK 0|JOLFKNHLWHQ IU GDV *UXQGSURGXNW JDU QLFKW HUVW ]DKOHQ ]X PVVHQ$OOH .LQGHU EHJHKHQ /DGHQGLHEVWlKOH 6LH PDFKHQ GLHVH 3KDVH GXUFK XQG ZHUGHQPHLVWHQVPLW+LOIHHLQHUJHK|ULJHQ7UDFKW3UJHOGDYRQ JHKHLOW,FKEHREDFKWHWHGLHEHGDXHUOLFKHQWUlQHQUHLFKHQ)ROJHQ VROFKHU)HKOVFKOlJHXQGQDKPPLUYRUHLQH0DUNWEHUVLFKWZLH DXFKHLQH=HLW%HZHJXQJVVWXGLH]XPDFKHQHKHLFKPLFKIU HLQH.DUULHUHDOV.OHLQGLHEHQWVFKOR

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (UVWHQV ± HV KDW NHLQHQ 6LQQ EHL GHQ NOHLQHQ .DXÀHXWHQ ]X NODXHQ'LHNHQQHQLKUH%HVWlQGHXQGVLQGVWDUNGDUDQLQWHUHVVLHUW VLH]XEHKDOWHQ9LHOEHVVHUNDXIWPDQEHLGHQJURHQ0XOWLVHLQ'D EUDXFKWPDQVLFKQXUYRU/DGHQGHWHNWLYHQXQG$ODUPV\VWHPHQ ]X KWHQ +DW PDQ HUVW HLQPDO JUQGOLFK HUPLWWHOW ZLH EHLGH DUEHLWHQ XQG IXQNWLRQLHUHQ ¿QGHW VLFK EDOG DXFK HLQH 0HWKRGH VLH]XKLQWHUJHKHQ (LQH PHLQHU HUVWHQ XQG SULPLWLYVWHQ +LOIVPLWWHO ± HV LVW PLU EHLQDKH SHLQOLFK GLH 6FKOLFKWKHLW GHV *HUlWV ]X RIIHQEDUHQ ± QDQQWH LFK GLH %XFKIDOOH ,FK NRQVWUXLHUWH HLQHQ .DVWHQ GHU lXHUOLFK ZLH HLQ %XFK DXVVDK $OOHUGLQJV ZDU HU PLW HLQHP DXINODSSEDUHQVLFKGXUFK)HGHUGUXFNDXWRPDWLVFKVFKOLHHQGHQ %RGHQYHUVHKHQ,FKEUDXFKWHGDV'LQJDOVRQXUDXIHLQHQ6WRSI 'LFK6FKRNRULHJHO]XGUFNHQXPLKQVSXUORVYHUVFKZLQGHQ]X ODVVHQ(LQVLPSOHVDEHUSUDNWLVFKHV*HUlWGDVLFK]LHPOLFKODQJH EHQXW]WH,FKZDULP%HJULIIGLHVHV%XFK]XJXQVWHQHLQHUEHVVHUHQ 0HWKRGHDXI]XJHEHQDOVLFKHLQH*HOHJHQKHLWZLWWHUWHGHP7ULFN DXI VHKU ZLUNVDPH :HLVH ]X HQWVDJHQ ,FK ZROOWH 6WLQN\ HLQHQ 'HQN]HWWHOYHUSDVVHQ 5LFKWLJKLHHU%HGIRUG5XFKIRUGDEHUZLUQDQQWHQLKQLPPHU QXU6WLQN\0DQFKH0HQVFKHQVLQGJHERUHQH7lQ]HURGHU0DOHU ± DQGHUH HLJQHQ VLFK IU HKHU QLHGHUH $XIJDEHQ 6WLQN\ ZDU HLQ JHERUHQHU 3HW]HU 6HLQ JU|WHV XQG HLQ]LJHV 9HUJQJHQ LP /HEHQ ZDU HV VHLQH 6FKXONDPHUDGHQ LQ %HGUlQJQLV ]X EULQJHQ (U ODXVFKWH XQG OLQVWH XQG SHW]WH .HLQ 6WUHLFK ZDU ]X JHULQJIJLJ DOV GD HU LKQ QLFKW QRWLHUWH XQG GHQ /HKUHUQ KLQWHUEUDFKWH'LH(UZDFKVHQHQKDWWHQLKQLQV+HU]JHVFKORVVHQ ± XQG GDV VDJW VR HLQLJHV EHU GLH /HKUHU GLH ZLU HUGXOGHQ PXWHQ,KQ]XYHUSUJHOQZDUNHLQH/|VXQJGHQQVWHWVZXUGH QXU LKP JHJODXEW VR GD GLH$XVWHLOHU GHU 6FKOlJH XP 6WUDIH QLFKWKHUXPJHNRPPHQZlUHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6WLQN\ KDWWH PLU LUJHQGHLQ NOHLQHV hEHO HLQJHEURFNW ± LFK ZHL QLFKW PHKU JHQDX ZDV HV ZDU GRFK ZlO]WH LFK GVWHUH 5DFKHJHGDQNHQ DXV GHQHQ VLFK PLW GHU =HLW HLQ 3ODQ KHUDXVVFKlOWH 3UDKOHQ WXQ DOOH -XQJHQ JHUQ XQG LFK NRQQWH PHLQHQ 5XI HQRUP I|UGHUQ LQGHP LFK PHLQHQ EXFKI|UPLJHQ 6FKRNRULHJHOVDPPOHU EHL GHQ .XPSHOQ YRUIKUWH 0DQ K|UWH 2RKV XQG $DKV GLH XP VR ODQJJHGHKQWHU NODQJHQ DOV LFK DXV PHLQHU %HXWH JUR]JLJH 5DWLRQHQ ]XU9HUIJXQJ VWHOOWH 'LH $NWLRQ I|UGHUWH QLFKW QXU PHLQHQ 6WDWXV LQ GHU .ODVVH ± VRQGHUQ LFK VRUJWH EHUGLHV GDIU GD 6WLQN\ GLH 6]HQH YHUIROJHQ NRQQWH ,FK HULQQHUH PLFK GHXWOLFK XQG IUHXGYROO GDUDQDOVZlUHHVJHVWHUQJHVFKHKHQ ª(V NODSSW QLFKW QXU ± LFK ]HLJH HXFK DXFK ZLH %HJOHLWHW PLFK]X0LQJV0XOWLODGHQ© ª$FK-LPP\±VROOHQZLUZLUNOLFK"© ª-D$EHUQLFKWDOV*UXSSH6FKOHLFKWHXFKHLQ]HOQUHLQXQG EDXW HXFK VR DXI GD LKU GHQ 6WRSI'LFK7UHVHQ EHREDFKWHQ N|QQW 6HLG XP 8KU ]XU 6WHOOH GDQQ JLEW¶V HWZDV ]X VHKHQ© 'DPLW PHLQWH LFK HWZDV ZHLWDXV %HVVHUHV DOV VLH VLFK MH KlWWHQDXVPDOHQN|QQHQ,FKVFKLFNWHVLHIRUWXQGEHKLHOWGHQ =XJDQJ]XP'LUHNWRUHQEURLP$XJH.DXPZDU6WLQN\GDULQ YHUVFKZXQGHQHLOWHLFKLQGHQ.HOOHUXQGEUDFKVHLQHQ6SLQG DXI (V IXQNWLRQLHUWH EHVWHQV 1RFK KHXWH ELQ LFK VWRO] DXI GDV 3URMHNW GD HV VLFK XP GDV DOOHUHUVWH NULPLQHOOH 6]HQDULR KDQGHOWH DQ GHP DQGHUH WHLOQHKPHQ VROOWHQ 1DWUOLFK RKQH HV ]X ZLVVHQ =XU YHUDEUHGHWHQ =HLW VFKOHQGHUWHLFKDXIGHQ 6LJNHLWHQWUHVHQEHL0LQJ]XXQGJDEPLUJU|WH0KHGLH 0LHWÀLFV ]X EHUVHKHQ GLH HEHQVR JURH 0KH KDWWHQ VR ]X

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH WXQ DOV EHREDFKWHWHQ VLH PLFK JDU QLFKW (QWVSDQQW VHW]WH LFK GDV %XFK DXI GLH 6LJNHLWHQ XQG EFNWH PLFK XP PHLQHQ 6WLHIHOYHUVFKOXQDFK]X]LHKHQ ª(UZLVFKW©EUOOWHGHUVWlPPLJVWH$XIVHKHUXQGVFKQDSSWH PLFKDP0DQWHONUDJHQª(UZLVFKW©NUlKWHQGLH DQGHUHQ XQG VFKQDSSWHQVLFKGDV%XFK ª:DVLVWORV"©NUlFK]WHLFK±DQGHUVNRQQWHLFKQLFKWVSUHFKHQ GHQQLFKKLQJI|UPOLFKLQGHU/XIWXQGGDV+HPGVSDQQWHVLFK HQJXPPHLQHQ+DOVª'LHE±JHEHQ6LHPLUPHLQ%XFK]XUFN (V LVW HLQ *HVFKLFKWVEXFK XQG KDW VLHEHQ 3LHSHQ JHNRVWHW GLH VLFKPHLQH0XWWHULP6FKZHLHLKUHV$QJHVLFKWVPLW6WDFKHOVSHF NVFKZHLQPDWWHQÀHFKWHQYHUGLHQWKDW© ª%XFK"© VSRWWHWH GHU JURJHZDFKVHQH %XUVFKH ª'LH 6RUWH %XFKNHQQHQZLU©(UVFKQDSSWHGLH(QGHQXQG]HUUWHGDUDQ'DV %XFKJLQJDXIXQGLFKJHQRVHLQHQVWDUUHQ*HVLFKWVDXVGUXFN DOVGLH6HLWHQXPJHEOlWWHUWZXUGHQ ª0DQZLOOPLFKKHUHLQOHJHQ©lFK]WHLFK|IIQHWHGLH-DFNHXQG OLH PLFK ]X %RGHQ IDOOHQ %HWRQW ULHE LFK PLU GLH VFKPHU]HQGH .HKOHª8QGGDLVWMDDXFKGHU6FKXOGLJH±GHU9HUEUHFKHUGHU GDPLW KHUXPJHSUDKOW KDW GLHVHOEH 0HWKRGH ]X YHUZHQGHQ 'D VWHKWHUJHQDQQW6WLQN\6FKQDSSWLKQHXFKHKHHUHQWZLVFKW© 6WLQN\ ¿HO QLFKWV DQGHUHV HLQ DOV PLW DXIJHULVVHQHQ $XJHQ VWHKHQ]XEOHLEHQ ZlKUHQG EHUHLWZLOOLJH +lQGH LKQ VFKQDSSWHQ XQG IHVWKLHOWHQ 6HLQH 6FKXOEFKHU ¿HOHQ ]X %RGHQ XQG GDV IDOVFKH%XFKSODW]WHDXIXQGVHLQ6WRSI'LFK,QKDOW UROOWH EHU GHQ%RGHQ (V ZDU KHUUOLFK 7UlQHQ XQG 8QVFKXOGVEHNXQGXQJHQ XQG *HVFKUHL$XHUGHPHLQHYROONRPPHQH$EOHQNXQJ'HQQJHQDX DQGLHVHP7DJSURELHUWHLFK]XPHUVWHQPDOPHLQHQ6WRSI'LFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6WRSIHU GHU ]ZHLWHQ *HQHUDWLRQ DXV ,FK KDWWH PLU JURH 0KH JHJHEHQ PLW GHU $QODJH GHUHQ $XVJDQJVSXQNW HLQH ODXWORV DUEHLWHQGH 6DXJSXPSH ZDU ± PLW HLQHP 6FKODXFK GHU GXUFK PHLQHQbUPHOIKUWH,FKEUDFKWHGDV(QGHGHU5|KUHLQGLH1lKH GHU 6FKRNRULHJHO ± XQG WLWVFK ± YHUVFKZDQG GHU HUVWH ODXWORV LP 1LFKWV (QGVWDWLRQ ZDU PHLQH +RVH GDV ,QQHUH GHU ZHLWHQ 3OXGHUEHLQHGLHZLUDOV7HLOGHU6FKXOXQLIRUPWUDJHQPXWHQ'LH $EVLFKHUXQJ HUIROJWH REHUKDOE GHU .Q|FKHO GXUFK HLQ KDOWEDUHV HODVWLVFKHV%DQG'HU5LHJHOODQGHWHZHLFKXQGVLFKHUXQGELOGHWH VFKOLHOLFKGHQ$QIDQJHLQHVXPIDQJUHLFKHQ=ZLVFKHQODJHUV 1XU NRQQWH LFK GDV YHUGDPPWH 'LQJ SO|W]OLFK QLFKW PHKU DEVFKDOWHQ*RWWVHL'DQNEUOOWH6WLQN\ODXWJHQXJKHUXPXQG VWUDPSHOWHVLFKDE'LHDOOJHPHLQH$XIPHUNVDPNHLWJDOWLKPXQG QLFKWPLUGHULFKPLFKPLWGHP6FKDOWHUPKWH'LH3XPSHSXPSWH IURKJHPXWZHLWHUXQGGLH6WRSI'LFKVVFK|VVHQPHLQHQbUPHO KLQDXI XQG SOXPSVWHQ LQ GLH +RVH 6FKOLHOLFK EUDFKWH LFK GDV 'LQJ]XP6WHKHQGRFKKlWWHPLFKMHPDQGJHQDXHUDQJHVFKDXW ZlUHQGHUOHHUH7UHVHQXQGPHLQHOHLFKWJHUXQGHWH*HVWDOWGRFK HLQZHQLJYHUGlFKWLJJHZHVHQ=XP*OFNZXUGHLFKDEHUQLFKW EHDFKWHW(WZDVEUHLWEHLQLJWUDWLFKDEVRVFKQHOOLFKNRQQWH:LH JHVDJW±HLQHHUIUHXOLFKH6]HQHGLHLFKQLHYHUJHVVHQZHUGH :DV QDWUOLFK QLFKW HUNOlUW ZDUXP LFK MHW]W DQ PHLQHP *HEXUWVWDJGLHJURH(QWVFKHLGXQJYHUZLUNOLFKWHHLQH%DQN]X EHUIDOOHQ8QGPLFKHUZLVFKHQ]XODVVHQ (QGOLFKZDUGLH3ROL]HLGXUFKGLH7UXQGVFKZlUPWHDXV,FK KREGLH+lQGHEHUGHQ.RSIXQGEHUHLWHWHPLFKGDUDXIYRUGLH %HDPWHQIUHXQGOLFKOlFKHOQG]XHPSIDQJHQ 'HU *HEXUWVWDJ GDV LVW GHU OHW]WH *UXQG 0HLQ VLHE]HKQWHU *HEXUWVWDJ'LHVH$OWHUVVFKZHOOHLVWIUHLQHQMXQJHQ0DQQDXI %LFKHQ+LPPHODXVJHVSURFKHQZLFKWLJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

'HU 5LFKWHU EHXJWH VLFK YRU XQG PXVWHUWH PLFK QLFKW XQIUHXQGOLFK ª,FKELWWHGLFK-LPP\VDJPLUZDVGLHVHU8QVLQQVROO"© 5LFKWHU1L[RQEHVDHLQ6RPPHUKDXVDP)OXJDQ]LQXQVHUHU 1lKHXQGLFKKDWWHVRRIWPLWVHLQHPMQJVWHQ 6RKQ JHVSLHOW GDHUPLFK]LHPOLFKJXWNDQQWH ª,FK KHLH -DPHV GL*UL] 0HLVWHU ZLU ZROOHQ GRFK QLFKW ]X YHUWUDXWPLWHLQDQGHUXPJHKHQ© 'DUDXIKLQ YHUWLHIWH VLFK YHUVWlQGOLFKHUZHLVH GDV 5RW VHLQHU :DQJHQ 'LH JURH 1DVH UDJWH YRU ZLH HLQ URWHU 6NL+DQJGLH 1DVHQÀJHO EHEWHQ ª6LH ZHUGHQ VLFK LQ GLHVHP *HULFKWVVDDO UHVSHNWYROOHU YHUKDOWHQ 0DQ OHJW ,KQHQ HUQVWKDIWH 9HUEUHFKHQ ]XU /DVW MXQJHU 0DQQ XQG HV N|QQWH ,KQHQ KHOIHQ ,KUH =XQJH LP =DXP ]X KDOWHQ ,FK HUQHQQH$UQROG )RUWHVFXH GHQ |IIHQWOLFKHQ9HUWHLGLJHU]X,KUHP$QZDOW«© ª,FKEUDXFKHNHLQHQ$QZDOW±XQGVFKRQJDUQLFKWGHQDOWHQ 6NHZH\GHUVFKRQVRODQJHDP7URSIKlQJWGDNHLQHULQGHU 6WDGWLKQMHQFKWHUQ«© 'DV3XEOLNXPEHJDQQ]XODFKHQXQGGHU5LFKWHUEUDXVWHQRFK PHKUDXIª5XKHLP*HULFKWVVDDO©EUOOWHHUXQGVFKOXJVRKHIWLJ PLWVHLQHP+lPPHUFKHQ]XGDGHU6WLHODEEUDFK(UZDUIGHQ 5HVWTXHUGXUFKGHQ5DXPXQGVWDUUWHPLFKDXIJHEUDFKWDQª6LH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VWHOOHQ GLH *HGXOG GHV *HULFKWV DXI HLQH KDUWH 3UREH $QZDOW )RUWHVFXHLVWHUQDQQWZRUGHQ«© ª1LFKW YRQ PLU 6FKLFNHQ 6LH LKQ UXKLJ ZLHGHU LQ 0RRQH\¶V %DU ,FK SOlGLHUH VFKXOGLJ ]X DOOHQ $QNODJHSXQNWHQ XQG VWHOOH PLFKGHU*QDGHGLHVHVJQDGHQORVHQ*HULFKWVDQKHLP© =LWWULJVHXI]HQGDWPHWHHUHLQXQGLFKQDKPPLUYRUHVQLFKW ]XPbXHUVWHQ]XWUHLEHQGDPLWHUNHLQHQ6FKODJDQIDOOEHNDP 'HQQ GDQQ ZlUH GHU 3UR]H Y|OOLJ QHX DXI]XUROOHQ JHZHVHQ ZDVQXUQRFKPHKU=HLWJHNRVWHWKlWWH ª7XWPLUOHLG+HUU5LFKWHU©VDJWHLFKXQGVHQNWHGHQ.RSI XP HLQ /lFKHOQ ]X YHUEHUJHQ ª$EHU LFK KDEH 8QUHFKW JHWDQ XQGPXGLH6WUDIHDXIPLFKQHKPHQ© ª$OVR GDV NOLQJW VFKRQ EHVVHU -LPP\ 6LH ZDUHQ LPPHU HLQ NOXJHU -XQJH XQG HV WlWH PLU VHKU OHLG ,KUH ,QWHOOLJHQ] YHUVFKZHQGHW]XVHKHQ6LHNRPPHQLQV(U]LHKXQJVKHLPXQG ]ZDUIUQLFKWZHQLJHUDOV«© ª(V WXW PLU OHLG (XHU (KUHQ© XQWHUEUDFK LFK LKQ ª$EHU GDVJHKWQLFKW$FKKlWWHLFKPHLQ9HUEUHFKHQGRFKYRUHLQHU :RFKH RGHU LP OHW]WHQ 0RQDW EHJDQJHQ 'DV *HVHW] LVW LQ GLHVHP 3XQNW VHKU VWUHQJ XQG ELHWHW PLU NHLQHQ$XVZHJ ,FK KDEHKHXWH*HEXUWVWDJPHLQHQVLHE]HKQWHQ*HEXUWVWDJ© 'DV VWLPPWH LKQ QDFKGHQNOLFK 'LH :lFKWHU VFKDXWHQ JHGXOGLJ ]X ZlKUHQG HU DQ VHLQHP &RPSXWHU7HUPLQDO ,QIRUPDWLRQHQ DXIULHI 'HU 5HSRUWHU GHV %LFKHQ+LPPHO %ODWWVEHDFNHUWHVHLQHHLJHQH&RPSXWHUWDVWDWXUQLFKWPLQGHU HQHUJLVFK (U KDWWH EHVWLPPW ,QWHUHVVDQWHV ]X EHULFKWHQ (V GDXHUWHQLFKWODQJHELVGHU5LFKWHUGLH%HVWlWLJXQJYRUOLHJHQ KDWWH(UVHXI]WH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª'XUFKDXV ULFKWLJ $XV GHQ 8QWHUODJHQ JHKW KHUYRU GD 6LH EHUHLWV VLHE]HKQ XQG VRPLW YROOMlKULJ JHZRUGHQ VLQG 6LH VLQGNHLQ-XJHQGOLFKHUPHKUXQGPVVHQZLHHLQ(UZDFKVHQHU EHKDQGHOWZHUGHQ'LHVZUGHHLQH*HIlQJQLVVWUDIHEHGHXWHQ ZHQQLFKGLHXQJHZ|KQOLFKHQ8PVWlQGHQLFKWEHUFNVLFKWLJHQ N|QQWH %LVKHULJHU HLQZDQGIUHLHU /HEHQVZDQGHO GLH RIIHQNXQGLJH -XJHQG GHV$QJHNODJWHQ VHLQH (UNHQQWQLV GD HU HLQ 8QUHFKW EHJDQJHQ KDW (V VWHKW LQ GHU 0DFKW GLHVHV *HULFKWV $XVQDKPHQ ]X PDFKHQ HLQ 8UWHLO DXI %HZlKUXQJ DXV]XVSUHFKHQ XQG HLQHQ *HIDQJHQHQ IUHL]XODVVHQ ,FK HQWVFKHLGHGDKHU«© (LQ8UWHLOZDUGDVOHW]WHZDVLFKMHW]WK|UHQZROOWH 'LH 6DFKH OLHI JDQ] XQG JDU QLFKW QDFK 3ODQ $EKLOIH ZDU GULQJHQGJHERWHQ,FKKDQGHOWHGHPHQWVSUHFKHQG'LH:RUWH GHV5LFKWHUVJLQJHQLQPHLQHP*HEUOOXQWHU6FKUHLHQGZDUI LFK PLFK OlQJV XQWHU GHQ $QJHNODJWHQWLVFK UROOWH VDXEHU DXI GHU 6FKXOWHU DE XQG KDWWH GHQ 6DDO VFKRQ ]XU +lOIWH GXUFKTXHUW HKH GLH HQWVHW]WHQ =XVFKDXHU DXFK QXU HLQH %HZHJXQJPDFKHQNRQQWHQ ª'X ZLUVW NHLQH PLHVHQ /JHQ PHKU EHU PLFK YHUEUHLWHQ GXYHUGUHFNWHU6FKUHLEHUOLQJ©EUOOWHLFK*OHLFK]HLWLJHQWUL LFKGHP5HSRUWHUVHLQ7HUPLQDOXQGZDUIGDV*HUlW]X%RGHQ 8QGWUDPSHOWHGLH'ROODUWHXUH0DVFKLQHNDSXWW,FKZLFK GHP0DQQDXVGHUPLFKSDFNHQZROOWHXQGMDJWH]XU7U'HU ZDFKHVWHKHQGH 3ROL]LVW ZROOWH PLFK SDFNHQ NODSSWH DEHU LQ GHP0RPHQWYRQPHLQHP)XJHWURIIHQ]XVDPPHQ 9LHOOHLFKW KlWWH LFK ÀLHKHQ N|QQHQ GRFK NDP HV PLU LQ GLHVHP0RPHQWQLFKWDXIPHLQH)UHLKHLWDQ±LP*HJHQWHLO,FK IXPPHOWH DP 7UJULII KHUXP ELV PLFK MHPDQG SDFNWH GDQQ ZHKUWHLFKPLFKELVLFKNHLQH&KDQFHPHKUKDWWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'LHVPDO VWDQG LFK LQ +DQGVFKHOOHQ YRU GHP 5LFKWHU GHU HV DXIJHJHEHQ KDWWH PLFK ª-LPP\ PHLQ -XQJH© ]X QHQQHQ -HPDQG KDWWH LKP HLQHQ QHXHQ +RO]KDPPHU EHVRUJW GHQ HU YRUPLUKHUXPVFKZHQNWHDOVKlWWHHUPLFKGDPLWDPOLHEVWHQ QLHGHUJHVFKODJHQ ,FK PXUUWH XQG JUROOWH XQG YHUVXFKWH PLJHODXQWDXV]XVHKHQ ª-DPHV%ROLYDUGL*UL]©VDJWHGHU5LFKWHUª,FKYHUXUWHLOH6LH ]XU +|FKVWVWUDIH GLH GDV YRQ ,KQHQ EHJDQJHQH 9HUEUHFKHQ ]XOlW=ZDQJVDUEHLWLP6WDGWJHIlQJQLVELVGDVQlFKVWH6FKLII GHU /LJD HLQWULIIW ZRUDXIKLQ PDQ 6LH ]XU %HKDQGOXQJ LQ GLH QlFKVW HUUHLFKEDUH %HVVHUXQJVDQVWDOW VFKDIIHQ ZLUG© 'HU +DPPHUNQDOOWHQLHGHUª)KUWLKQDE© 6RSDWHPLUGDVVFKRQEHVVHU,FK]HUUWHDQGHQ+DQGVFKHOOHQ XQGÀXFKWHXQElQGLJGDPLWHUHVVLFKLPOHW]WHQ0RPHQWQLFKW QRFKDQGHUVEHUOHJWH=ZHLVWlPPLJH3ROL]HLEHDPWHSDFNWHQ ]X]HUUWHQPLFKHQHUJLVFKDXVGHP*HULFKWVVDDOXQGVWRSIWHQ PLFKKLQWHQLQGLH6FKZDU]H0LQQD(UVWDOVGLH7U]XJHNQDOOW XQG YHUULHJHOW ZDU OHKQWH LFK PLFK HQWVSDQQW ]XUFN XQG ULVNLHUWHHLQ6LHJHVOlFKHOQ -D ¾6LHJHVOlFKHOQ½ 6LH KDEHQ ULFKWLJ JHOHVHQ 0LW PHLQHU $NWLRQ YHUIROJWH LFK HLQ]LJ XQG DOOHLQ GDV =LHO YHUKDIWHW XQG LQV *HIlQJQLV JHVFKLFNW ]X ZHUGHQ ,FK EUDXFKWH GULQJHQG 7UDLQLQJYRU2UW 0HLQ :DKQVLQQ KDW GXUFKDXV 0HWKRGH 6FKRQ VHKU IUK LP/HEHQ±ZRKOHWZDXPGLH=HLWPHLQHU6WRSI'LFK(UIROJH ± EHVFKlIWLJWH LFK PLFK HUQVWKDIW PLW GHU 0|JOLFKNHLW GLH 9HUEUHFKHUODXIEDKQ HLQ]XVFKODJHQ 'LHV KDWWH YLHOH *UQGH ± QLFKW ]XOHW]W ZHLO LFK 6SD GDUDQ KDWWH HLQ 9HUEUHFKHU ]X VHLQ 'LH ¿QDQ]LHOOHQ 0|JOLFKNHLWHQ ZDUHQ JURDUWLJ LQ NHLQHP DQGHUHQ %HUXI YHUGLHQWH PDQ PLW VR ZHQLJ$XIZDQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VR YLHO 8QG LFK ZLOO HKUOLFK VHLQ LFK JHQR GDV *HIKO GHU hEHUOHJHQKHLW ZHQQ HV PLU ZLHGHU HLQPDO JHODQJ GHQ 5HVW GHU:HOWGlPOLFKGDVWHKHQ]XODVVHQ0DQFKHP|JHQGDVIU NLQGLVFK KDOWHQ 0DJ VHLQ ± DXI MHGHQ )DOO DEHU VLQG VROFKH $XJHQEOLFNHVHKUDQJHQHKP (WZD XP GLH JOHLFKH =HLW VDK LFK PLFK HLQHP VFKOLPPHQ 3UREOHP JHJHQEHU :LH VROOWH LFK PLFK DXI GLH =XNXQIW YRUEHUHLWHQ"'DVYHUEUHFKHULVFKH/HEHQPXWHPHKU]XELHWHQ KDEHQDOVGHQ'LHEVWDKOYRQ6WRSI'LFK6FKRNRULHJHOQ(LQLJH $QWZRUWHQ HUVFKORVVHQ VLFK PLU VRIRUW ,FK ZDU DXI *HOG DXV 'DV *HOG DQGHUHU /HXWH *HOG ZLUG ZHJJHVFKORVVHQ ± LFK ZUGH DOVR XP VR PHKU YHUGLHQHQ MH EHVVHU LFK PLFK PLW 6FKO|VVHUQ DXVNDQQWH =XP HUVWHQPDO LQ GHU 6FKXOH EHJDQQ LFK ULFKWLJ ]X DUEHLWHQ 0HLQH =HQVXUHQ ZDUHQ SO|W]OLFK VR JXW GD GLH /HKUHU ]X YHUPXWHQ EHJDQQHQ PHLQ )DOO N|QQWH GRFK QRFK QLFKW Y|OOLJ KRIIQXQJVORV VHLQ 0HLQ 'XUFKVFKQLWW YHUEHVVHUWHVLFKGHUPDHQGDLFKNHLQH3UREOHPHKDWWHHLQH 6FKORVVHUOHKUHDQ]XWUHWHQ'LHVH$XVELOGXQJVROOWHGUHL-DKUH GDXHUQ DEHU LFK VDK PLFK VFKRQ QDFK GUHL 0RQDWHQ DP /HUQ]LHO ,FK EHDQWUDJWH GLH =XODVVXQJ ]XU$EVFKOXSUIXQJ 8QGZXUGHDEJHZLHVHQ 6R OLHIHQ GLH 'LQJH KLHU QLFKW HUNOlUWH PDQ PLU ,FK ZUGH PHLQH /HKUH LQ GHPVHOEHQ JHPHVVHQHQ 7HPSR DEVFKOLHHQ ZLH GLH DQGHUHQ XQG LQ ]ZHL -DKUHQ XQG QHXQ 0RQDWHQ PHLQ 'LSORP HUKDOWHQ GLH 6FKXOH YHUODVVHQ ± XQG GDQQ ]X GHQ /RKQHPSIlQJHUQ]lKOHQ 6RVDKLFKPHLQH=XNXQIWQLFKW,FKYHUVXFKWHGLH/HKUH]X ZHFKVHOQ XQG HUKLHOW GHQ %HVFKHLG GD GLHV QLFKWP|JOLFKVHL $XI PHLQHU 6WLUQ VWDQG LQ XQVLFKWEDUHQ /HWWHUQ 6FKORVVHU XQG GLHVH%H]HLFKQXQJZUGHGRUWEOHLEHQVRODQJHLFKOHEWH%LOGHWHQ VLFKGLHDQGHUHQHLQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKEHJDQQ]XVFKZlQ]HQXQGEOLHEGHU+RFKVFKXOHWDJHODQJ IHUQ 'DJHJHQ NRQQWH PDQ ZHQLJ WXQ DXHU PLU VWUHQJH 9RUWUlJH ]X KDOWHQ GHQQ LFK QDKP DQ DOOHQ 3UIXQJHQ WHLO XQG HU]LHOWHVWHWVGLHEHVWHQ1RWHQ.HLQ:XQGHU±LFKQXW]WHPHLQH $XVELOGXQJ EHUHLWV EHVWHQV LQ GHU 3UD[LV 6RUJIlOWLJ VWUHXWH LFK PHLQH$NWLYLWlWHQ GDPLW GLH VHOEVWJHIlOOLJHQ 6WDGWEUJHU QLFKW PHUNWHQ GD VLH KLQWHUJDQJHQ ZXUGHQ$Q HLQHP7DJ EHUOLH PLU HLQ 9HUNDXIVDXWRPDW HLQLJH 'ROODU LQ 6LOEHU DP QlFKVWHQ ZDU PLU HLQ 7LFNHWJHUlW DP 3DUNJHOlQGH JHIlOOLJ 'LHVH DNWLYHQ (LQVlW]H YHUYROONRPPQHWHQ QLFKW QXU PHLQH 7DOHQWH VRQGHUQ EH]DKOWHQDXFKPHLQH%LOGXQJ1LFKW GLH 6FKXOELOGXQJ ± GHQQ GDV *HVHW] YHUODQJWH GD LFK ELV ]XP VLHE]HKQWHQ /HEHQVMDKU PLWPDFKWH±VRQGHUQPHLQH:HLWHUELOGXQJLQGHU)UHL]HLW 'D HV NHLQH $XVELOGXQJVEHVFKUHLEXQJ IU GHQ %HUXI GHV 9HUEUHFKHUV JDE NPPHUWH LFK PLFK LQWHQVLY XP DOOH )lKLJNHLWHQ GLH PLU LUJHQGZLH QW]OLFK VHLQ NRQQWHQ ,FK IDQG GDV :RUW )lOVFKXQJ LP :|UWHUEXFK XQG IKOWH PLFK HUPXWLJW 3KRWRJUDSKLH XQG 'UXFNWHFKQLN ]X HUOHUQHQ 'D PLU GLH ZDIIHQORVH9HUWHLGLJXQJVFKRQJXWH'LHQVWHJHOHLVWHWKDWWHVHW]WH LFKPHLQH6WXGLHQIRUWELVLFKGHQ6FKZDU]HQ*UWHOHUUXQJHQ KDWWH$QGHUHUVHLWVYHUQDFKOlVVLJWHLFKGLHWHFKQLVFKHQ$VSHNWH PHLQHU HUZlKOWHQ .DUULHUH QLFKW 1RFK HKH LFK VHFK]HKQ ZDU ZXWH LFK VR ]LHPOLFK DOOHV EHU &RPSXWHU ± XQG KDWWH PLFK JOHLFK]HLWLJ ]X HLQHP JHVFKLFNWHQ 0LNURHOHNWURQLN7HFKQLNHU JHPDXVHUW $OOH GLHVH 'LQJH ZDUHQ IU VLFK JHVHKHQ GXUFKDXV ]XIULHGHQVWHOOHQG ± DEHU ZDV ¿QJ LFK GDPLW DQ" ,P *UXQGH ZXWHLFKHVQLFKW'DVZDUGHU$XJHQEOLFNGDLFKEHVFKOR PLFK ]XP 0QGLJZHUGHQ VHOEVW ]X EHVFKHQNHQ 0LW HLQHU *HIlQJQLVVWUDIH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 9HUUFNW" 0DJ VHLQ DEHU GDQQ VFKODXYHUUFNW ,FK PXWH GULQJHQG PLW ULFKWLJHQ 9HUEUHFKHUQ UHGHQ ± XQG ZR ZDU GHQHQ ]X EHJHJQHQ DXHU LP *HIlQJQLV" (LQH ORJLVFKH *HGDQNHQNHWWH GDV PVVHQ 6LH ]XJHEHQ 'HU (LQ]XJ LQV *HIlQJQLVZUGHSUDNWLVFKHLQH+HLPNHKUVHLQGLH%HJHJQXQJ PLW$QJHK|ULJHQPHLQHVHUZlKOWHQ%HUXIHV,FKZROOWH]XK|UHQ XQGOHUQHQXQGZHQQLFKGDV*HIKOKDWWHJHQXJHUIDKUHQ]X KDEHQZUGHPLUGHU'LHWULFKLQGHU6FKXKVRKOHGHQ5FNZHJ LQGLH)UHLKHLWHU|IIQHQ$FKZLHIUHXGYROOOlFKHOWHLFK :DV IU HLQ 'XPPNRSI ZDU LFK (V VROOWH QlPOLFK JDQ] DQGHUVNRPPHQ 0LU ZXUGH GDV +DDU DEJHVFKRUHQ PDQ VlXEHUWH PLFK PLW HLQHPDQWLVHSWLVFKHQ6SUD\GDQQHUKLHOWLFK*HIlQJQLVNOHLGXQJ XQG 6WLHIHO ± VR XPVWlQGOLFK GD LFK JHQXJ =HLW KDWWH 'LHWULFKXQG0Q]VFKDW]XP]XVWHFNHQVFKOLHOLFKQDKPPDQ )LQJHUDEGUFNH XQG PDFKWH 1HW]KDXWDXIQDKPHQ XQG IKUWH PLFK LQ HLQH =HOOH 8QG HQWGHFNWH ]X PHLQHU JURHQ )UHXGH GD LFK HLQHQ =HOOHQJHQRVVHQ KDWWH (QGOLFK ZUGH PHLQH $XVELOGXQJ EHJLQQHQ +HXWH ZDU GHU HUVWH 7DJ YRP 5HVW PHLQHVYHUEUHFKHULVFKHQ/HEHQV ª*XWHQ7DJ6LU©VDJWHLFKª,FKKHLH-LPGL*UL]© 'HU0DQQVFKDXWH]XPLUDXIXQGIDXFKWHª1LPPGLUQLFKWV UDXV.OHLQHU©'DQQZLGPHWHHUVLFKZHLWHUGHU=HKHQSXOHUHL HLQH%HVFKlIWLJXQJGLHPHLQ(LQWULWWXQWHUEURFKHQKDWWH 'DV ZDU PHLQH HUVWH /HNWLRQ +LQWHU GLHVHQ 0DXHUQ JDOW GHUK|ÀLFKHOLQJXLVWLVFKH8PJDQJQLFKWV'DV/HEHQZDUKDUW ±HQWVSUHFKHQGGLH6SUDFKH,FKYHU]RJVS|WWLVFKGLH/LSSHQ XQGHUJULIIZLHGHUGDV:RUW'LHVPDOZHLWDXVHQHUJLVFKHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª1LPPGXGLFKLQ DFKW)XSLO]HU0DQ VFKLPSIW PLFK-LP 8QGZLHKHLWGX"© :HJHQGHP6ODQJZDULFKPLUJDQ]XQGJDUQLFKWVLFKHU,FK KDWWHPLUHLQLJHDOWH9LGHRV]XP9RUELOGJHQRPPHQXQGVFKLHQ GLHVPDO GHQ ULFKWLJHQ 7RQIDOO JHWURIIHQ ]X KDEHQ GHQQ QXQ ZLGPHWH HU PLU VHLQH $XIPHUNVDPNHLW /DQJVDP KRE HU GHQ .RSIXQGSXUHU+DVFKLPPHUWHLQVHLQHQ$XJHQ ª1LHPDQG±DEVROXWQLHPDQG±UHGHWVRPLW:LOO\GHU.OLQJH ,FKZHUGHGLFKDXIVFKOLW]HQ.OHLQHUJDQ]EHO,FKVFKQLW]HGLU PHLQHQ$QIDQJVEXFKVWDEHQLQV*HVLFKW±HLQ¾9½IU:LOO\© ª0DFKEHVVHUHLQ¾:½©HUZLGHUWHLFKª:LOO\VFKUHLEWPDQPLW ¾:½© 'DV EUDFKWH LKQ QRFK PHKU LQ )DKUW ª,FK NDQQ VFKUHLEHQ ELQ GRFK NHLQ %O|GPDQQ© (U ZDU DXHU VLFK YRU :XW XQG ZKOWH KHNWLVFK XQWHU VHLQHU 0DWUDW]H KHUXP 6FKOLHOLFK VWUHFNWH HU PLU HLQ 6lJHEODWW HQWJHJHQ GHVVHQ 2EHUNDQWH VFKDUI JHVFKOLIIHQ ZDU (LQH W|GOLFKH NOHLQH :DIIH (U ZRJ GDV*HELOGHLQGHU+DQGYHU]RJVS|WWLVFK GHQ 0XQG ± XQG VWU]WHVLFKDXIPLFK 1XQMDLFKEUDXFKHQLFKW]XEHWRQHQGDPDQQLHPDQGHP UDWHQNDQQVLFKHLQHP6FKZDU]HQ*UWHODXIGLHVH:HLVH]X QlKHUQ ,FK WUDW ]XU 6HLWH XQG DOV HU DQ PLU YRUEHLVWROSHUWH KLHE LFK LKP HLQPDO DXI GDV +DQGJHOHQN HKH LFK LKQ KLQWHU GDV%HLQWUDWVRGDHUPLWGHP.RSIYRUDQJHJHQGLH:DQG GRQQHUWH (UYHUORUVRIRUWGDV%HZXWVHLQ$OVHUZLHGHU]XVLFKNDP VD LFK DXI PHLQHU 3ULWVFKH XQG VlXEHUWH PLU PLW VHLQHP 0HVVHUGLH)LQJHUQlJHOª-LPKHLHLFK©VDJWHLFKXQGYHU]RJ E|VDUWLJGLH/LSSHQª9HUVXFK¶VPDODXV]XVSUHFKHQ±-LP©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (U VWDUUWH PLFK DQ GDQQ YHU]RJ VLFK VHLQ *HVLFKW XQG HU EHJDQQ]XZHLQHQ,FKZDUHQWVHW]W:DUGDVQRFK:LUNOLFKNHLW" ª,PPHUSDVVLHUWPLUGDV'XELVWZLHDOOHDQGHUHQ0DFKVWGLFK EHU PLFK OXVWLJ 1LPPVW PLU GDV 0HVVHU ZHJ (LQHQ JDQ]HQ 0RQDW KDE¶ LFK GUDQ JHDUEHLWHW PXWH ]HKQ 'ROODU ]DKOHQ IU GDVDEJHEURFKHQH6lJHEODWW«© 'LH (ULQQHUXQJ DQ GLH 0KHQ HQWIDFKWH VHLQH :XW YRQ QHXHP0LUJLQJDXIGDHUK|FKVWHQVHLQ-DKUlOWHUZDUDOVLFK ±XQGZHVHQWOLFKKHIWLJHUYRQ6HOEVW]ZHLIHOQJHSODJWZXUGH6R EHVWDQG GHQQ PHLQH (LQIKUXQJ LQ GDV /HEHQ DOV 9HUEUHFKHU GDULQLKQ]XWU|VWHQLKPPLWHLQHPQDVVHQ+DQGWXFKGDV*HVLFKW ]X VlXEHUQ LKP GDV 0HVVHU ]XUFN]XJHEHQ ± XQG REHQGUHLQ QRFK HLQ 'ROODU*ROGVWFN GDPLW HU QLFKW PHKU ZHLQWH ,FK EHJDQQ ]X DKQHQ GD GDV 9HUEUHFKHUOHEHQ QLFKW JDQ] PHLQHQ 9RUVWHOOXQJHQHQWVSUHFKHQZUGH 1XQ ZDU HV NHLQ 3UREOHP PHKU VHLQH /HEHQVJHVFKLFKWH LQ (UIDKUXQJ]XEULQJHQ±JHQDXJHQRPPHQZDUHUNDXPQRFK]XP 6FKZHLJHQ]XEULQJHQDOVHUGDPLWEHJRQQHQKDWWH(UEDGHWHLQ 6HOEVWPLWOHLGXQGJHQRGLH*HOHJHQKHLWHLQHP=XK|UHUDOOHV]X RIIHQEDUHQ ,FK IDQG VHLQH *HVFKLFKWH ]LHPOLFK WULVW KLHOW DEHU GHQ 0XQG ZlKUHQG VHLQH ODQJZHLOLJHQ (ULQQHUXQJHQ EHU PLU ]XVDPPHQVFKOXJHQ ,Q GHU 6FKXOH ]XUFNJHEOLHEHQ YRQ GHQ DQGHUHQ DXVJHODFKW GLH VFKOHFKWHVWHQ =HQVXUHQ 6FKZDFK XQG JHSLHVDFNW ELV HU ± QDWUOLFK ]XIlOOLJ XQG PLW +LOIH HLQHU ]HUEURFKHQHQ )ODVFKH ± IHVWVWHOOWH GD DXFK HU ]X GHQ 8QWHUGUFNHUQ JHK|UHQ NRQQWH ZHQQ HU QXU EHZDIIQHW ZDU 6HLQ$XIVWLHJZHQQPDQHVVRQHQQHQNRQQWHLP5HVSHNWGHU DQGHUHQLQGHPHU*HZDOWDQGURKWHXQGDQGHUHVFKXULJHOWH'LHV DOOHVEHJOHLWHWYRQGHU9LYLVHNWLRQYRQ9|JHOQXQGDQGHUHQNOHLQHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZHKUORVHQ/HEHZHVHQ'DQQGHU$EVWXU]QDFKGHPHUHLQHQ-XQJHQ YHUOHW]WKDWWHXQGGDEHLHUZLVFKWZRUGHQZDU-XJHQGJHIlQJQLV GDQDFK QHXHU bUJHU XQG ]XUFN KLQWHU *LWWHU %LV KLHU XQG KHXWH±]XP+|KHSXQNWVHLQHU.DUULHUHDOVPHVVHUVFKZLQJHQGHU 1LFKWVQXW] HLQJHORFKW ZHLO HU PLW *HZDOWDQGURKXQJ *HOG HUSUHVVHQZROOWH1DWUOLFKYRQHLQHP.LQG(UKDWWHQLFKWJHQXJ 6HOEVWEHZXWVHLQXPHLQHQ(UZDFKVHQHQ]XEHGURKHQ 1DWUOLFK VSUDFK HU GLHVH 'LQJH QLFKW DXV QLFKW JOHLFK GRFK JHZDQQ LFK QDFK VHLQHQ HQGORVHQ ]LHOORVHQ 5HGHUHLHQ HLQ ]LHPOLFK NODUHV %LOG ,FK NUHPSHOWH LKQ YRQ LQQHQ QDFK DXHQ XQGEHVFKlIWLJWHPLFKPLWLKP(UKDWWH3HFKJHKDEWGDVZDUHV :DKUVFKHLQOLFK KDWWH PDQ PLFK ]X LKP JHVWHFNW XP PLFK YRQ GHQ HFKWHQ XQYHUEHVVHUOLFKHQ 9HUEUHFKHUW\SHQ IHUQ]XKDOWHQ YRQGHQHQGDV*HIlQJQLVEHUTXHOOHQPXWH ,QGLHVHP$XJHQEOLFNJLQJGDV/LFKWDXVXQGLFKOHJWHPLFK DXI GLH 3ULWVFKH 0RUJHQ ZUGH GHU JURH7DJ DQEUHFKHQ ,FK ZUGH GLH DQGHUHQ ,QVDVVHQ NHQQHQOHUQHQ VLH HLQVFKlW]HQ GLH HFKWHQ KDUWHQ 9HUEUHFKHU ¿QGHQ 0LW GHQHQ ZROOWH LFK GDQQ )UHXQGVFKDIWVFKOLHHQXPPHLQH9HUEUHFKHUOHKUH]XEHJLQQHQ *HQDXGDVZROOWHLFKWXQ =XIULHGHQ VFKOLHI LFK HLQ WURW] GHV *HMDPPHUV YRQ GHU 1DFKEDUSULWVFKH 3HFK GD LFK DXVJHUHFKQHW EHL GLHVHP 6FKZlFKOLQJJHODQGHWZDU:LOO\PXWHGLH$XVQDKPHVHLQ,FK KDWWHHLQHQ9HUOLHUHU]XP=HOOHQJHQRVVHQGDVZDUDOOHV0RUJHQ ZUGHDOOHVDQGHUVZHUGHQ +RIIWHLFK$OOHUGLQJVGURKWHPLFKVFKRQHLQ$QÀXJYRQ6RUJH ZDFK]XKDOWHQGHQLFKVFKOLHOLFKXQWHUGUFNHQNRQQWH0RUJHQ ZUGH VLFK DOOHV ]XP EHVWHQ ZHQGHQ -D JHQDX GDV NHLQ =ZHLIHOPHKUP|JOLFK«

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

'DV )UKVWFN ZDU QLFKW EHVVHU ± RGHU VFKOLPPHU ± DOV GLH 0DKO]HLWHQ GLH LFK PLU ]X +DXVH JHPDFKW KDWWH 0HFKDQLVFK XQG HQWVFKORVVHQ YHU]HKUWH LFK GHQ JHVFKPDFNORVHQ %UHL XQG QLSSWH DP GQQHQ .DNWXV7HH ZlKUHQG LFK PLFK VRUJIlOWLJ XPVDK,P6DDOVSUDFKHQHWZDGUHLLJ*HIDQJHQHGHU1DKUXQJ ]X±XQGPHLQ%OLFNZDQGHUWHYRQ*HVLFKW]X*HVLFKWXQGPHLQH 9HU]ZHLÀXQJVWHLJHUWHVLFKLPPHUPHKU (UVWHQV NDPHQ PLU GLH PHLVWHQ 7\SHQ HEHQVR EOD XQG DXVGUXFNVORV XQG GXPP YRU ZLH PHLQ =HOOHQJHQRVVH 1XQ JXW GDV NRQQWH LFK DN]HSWLHUHQ ± QDWUOLFK JDE HV DXFK EHL GHQ .ULPLQHOOHQ GLH EOLFKH 4XRWH GHU =XUFNJHEOLHEHQHQ %HJULIIVVWXW]LJHQXQG%HKlPPHUWHQ$EHUGDVNRQQWHGRFKQLFKW DOOHVVHLQ,FKKRIIWHZHLWHU =ZHLWHQV ZDUHQ GLH 0lQQHU GXUFKZHJV MXQJ NDXP DXV GHQ =ZDQ]LJHUQKHUDXV*DEHVGHQQNHLQHDOWHQ9HUEUHFKHU"2GHU ZDUGDV9HUEUHFKHQHLQH)HKOIXQNWLRQGHU-XJHQGGLHYRQGHQ6R ]LDODQSDVVXQJVPDVFKLQHQVFKOHXQLJVWJHKHLOWZXUGH"'DVGXUIWH QLFKWDOOHVVHLQ(VGXUIWHQLFKWVHLQ'LHVHU*HGDQNHPXQWHUWH PLFK ZLHGHU HWZDV DXI$OOH GLHVH *HIDQJHQHQ ZDUHQ 9HUOLHUHU VRYLHOODJDXIGHU+DQG9HUOLHUHUXQG1LFKWVN|QQHU:HQQPDQ JHQDXHUGDUEHUQDFKGDFKWHODJGHU6FKOXDXIGHU+DQG:HQQ VLHLQLKUHPHUZlKOWHQ%HUXIHWZDVJHWDXJWKlWWHQZlUHQVLHMHW]W QLFKWLP%DX6LHQW]WHQZHGHUVLFKQRFKGHU:HOW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $OOHUGLQJV NRQQWHQ GLH PLU YRQ 1XW]HQ VHLQ :HQQ VLH PLU VFKRQQLFKWVHOEVWGLHLOOHJDOHQ)DNWHQYHUPLWWHOQNRQQWHQGLHLFK EHQ|WLJWH ZUGHQ VLH PLFK DEHU LPPHUKLQ PLW GHQ /HXWHQ LQ 9HUELQGXQJEULQJHQN|QQHQGLHLQ9HUEUHFKHUNUHLVHQGDV6DJHQ KDWWHQ 9RQ LKQHQ ZUGH LFK .RQWDNWH ]X 9HUEUHFKHUQ QDFK GUDXHQEHNRPPHQ]X3UR¿VGLHPDQELVKHUQRFKQLFKWHUZLVFKW KDWWH 'DV ZDU GHU :HJ GHQ LFK EHVFKUHLWHQ PXWH ,FK PXWH IUHXQGVFKDIWOLFKH .RQWDNWH DXIEDXHQ XQG PLU GLH EHQ|WLJWHQ ,QIRUPDWLRQHQYHUVFKDIIHQ1RFKZDUQLFKWDOOHVYHUORUHQ ,FKEUDXFKWHQLFKWODQJHXPLQGLHVHPZLGHUOLFKHQ+DXIHQGLH EHVWHQ(OHPHQWHDXV]XPDFKHQ(LQHNOHLQH*UXSSHKDWWHVLFKXP HLQHQ NUlIWLJHQ MXQJHQ 0DQQ YHUVDPPHOW GHU HLQH JHEURFKHQH 1DVHXQGHLQ1DUEHQJHVLFKW]XU6FKDXWUXJ6RJDUGLH:lFKWHU VFKLHQHQ LKP DXV GHP :HJ ]X JHKHQ (U VWRO]LHUWH ]LHPOLFK DXIJHEODVHQKHUXPXQGGLHDQGHUHQPDFKWHQLKPZlKUHQGGHV $XVJDQJVLP+RIEHUHLWZLOOLJ3ODW] ª:HU LVW GDV"© IUDJWH LFK :LOO\ GHU QHEHQ PLU DXI GHU %DQN KRFNWH XQG PLW +LQJDEH LQ GHU 1DVH ERKUWH (U EOLQ]HOWH PHKUPDOVVFKQHOOKLQWHUHLQDQGHUELVHUVFKOLHOLFKGDV2EMHNW PHLQHU$XIPHUNVDPNHLW DXVJHPDFKW KDWWH GDQQ VFKZHQNWH HU YHU]ZHLIHOWGLH+lQGH ª9RUGHPPXWGXGLFKLQDFKWQHKPHQGHUEULQJWQXUbUJHU +DOWGLFKYRQLKPIHUQ6WLQJHULVWHLQ.LOOHUGDVKDE¶LFKVDJHQ K|UHQ XQG ¿QG¶V JODXEKDIW $XHUGHP LVW HU &KDPSLRQ EHL :LOGNlPSIHQ0LWGHPZLOOVWGXQLFKWV]XWXQKDEHQ© 'DVNODQJQXQZLUNOLFKLQWHUHVVDQW,FKKDWWHQDWUOLFKVFKRQ YRP :LOGNlPSIHQ JHK|UW DEHU LPPHU ]X VHKU LQ GHU 6WDGW JHZRKQWXPVRHWZDVXQPLWWHOEDU]XHUOHEHQ%LVKHUKDWWHQVROFKH .lPSIH QLFKW LQ HUUHLFKEDUHU 1lKH VWDWWJHIXQGHQ ± DXHUGHP ZDU RIW GLH 3ROL]HL ]XU 6WHOOH HKH HV GD]X NDP :LOGNlPSIHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZDU HLQ SULPLWLYHU ± XQG YHUERWHQHU ± 6SRUW GHU YRUZLHJHQG LQHQWOHJHQHQ%DXHUQVWlGWHQEHWULHEHQZXUGH,P:LQWHUZHQQ GLH 6WDFKHOVSHFNVFKZHLQH LQ GHQ 6WlOOHQ VWDQGHQ XQG GLH (UQWH HLQJHIDKUHQZDUODQJZHLOWHQVLFKGLH/DQGDUEHLWHU]X7RGH8QG GDQQNDPHV]X:LOGNlPSIHQ(LQ)UHPGHUHUVFKLHQXQGIRUGHUWH GHQ &KDPSLRQ GHV 2UWHV KHUDXV JHZ|KQOLFK HLQHQ ]LHPOLFK PXVNXO|VHQ $FNHUIXUFKHU 0DQ YHUDEUHGHWH VLFK KHLPOLFK LQ HLQHU HQWOHJHQHQ 6FKHXQH GLH )UDXHQ ZXUGHQ IRUWJHVFKLFNW PDQEUDFKWHLQQHXWUDOHQ3ODVWLNÀDVFKHQ0RQGVFKHLQPLW:HWWHQ ZXUGHQ DEJHVFKORVVHQ ± XQG GDQQ EHJDQQ GHU .DPSI GHU PLW QDFNWHQ )lXVWHQ DXVJHWUDJHQ ZXUGH 'DV (QGH ZDU HUUHLFKW ZHQQ HLQHU GHU .lPSIHUQLFKWZLHGHUKRFKNDP.HLQ6SRUWIU =LPSHUOLFKH ± RGHU 1FKWHUQH (LQ VROLGHV NKQHV WUXQNHQHV PDVNXOLQHV9HUJQJHQ8QG6WLQJHUJHK|UWH]XGLHVHUNHUQLJHQ 7UXSSH,FKPXWH6WLQJHUNHQQHQOHUQHQ 'LHVPDFKWHNHLQH0KH9HUPXWOLFKKlWWHLFKHLQIDFKDXILKQ ORVPDUVFKLHUHQXQGORVUHGHQN|QQHQDEHUQRFKZDULFKYRQGHQ YLHOHQVFKOHFKWHQ9LGHRVYHUGRUEHQGLHLFKJHVHKHQKDWWH'DEHL JLQJ HV RIW JHQXJ XP 9HUEUHFKHU GLH LP .QDVW LKUH JHUHFKWH 6WUDIHDEVDHQ±XQGYHUPXWOLFKNDPGDKHUDXFKGHU,PSXOVIU PHLQHGHU]HLWLJH(VNDSDGH:LHDXFKLPPHU±PHLQ9RUKDEHQZDU YHUQQIWLJ(LQ*HVSUlFKPLW6WLQJHUZUGHGLHVHUZHLVHQ 3IHLIHQG ZDQGHUWH LFK EHU GHQ$XVJHKKRI ELV LFK LKQ XQG VHLQH*HIROJVOHXWHHUUHLFKWH(LQHUGLHVHU%XUVFKHQVWDUUWHPLFK PUULVFK DQ XQG LFK KXVFKWH HLOLJ ZHLWHU 1XU XP VFKOHXQLJVW ]XUFN]XNHKUHQ VREDOG HU PLU GHQ 5FNHQ ]HLJWH XQG PLFK QHEHQGHQJURHQ=DPSDQR]XVFKLHEHQ ª%LVWGX6WLQJHU"©ÀVWHUWHLFKDXVGHP0XQGZLQNHOZREHLLFK GHQ.RSIYRQLKPDEZDQGWH(UPXWHGLHVHOEHQ9LGHRVJHVHKHQ KDEHQZLHLFKGHQQHUDQWZRUWHWHDXIJOHLFKH:HLVH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª
6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'DVPDFKWHLKQVLFKWOLFKPXQWHU(UPDFKWHNHKUWXQGVFKDXWH PLU NDOW XQG VHOEVWVLFKHU LQ GLH $XJHQ ª:LW]EROGH PDJ LFK QLFKW©VDJWHHUSDFNWHPHLQ+DQGJHOHQNXQGGUHKWHHVKHUXP (VWDWZHK,FKKlWWHVHLQHQ*ULIIPKHORVEUHFKHQN|QQHQWDW HVDEHUQLFKW:HQQLKPVROFKH.UDIWPHLHUHLZLFKWLJZDUVROOWH HUVHLQHQ6SDKDEHQ ª'DVLVWNHLQ:LW]+HXWHLQDFKW7DJHQZHUGHLFKGUDXHQ VHLQ :HQQ GX ZLOOVW NDQQVW GX PLFK EHJOHLWHQ 'HLQH (QWVFKHLGXQJ"© (LQ :HLOFKHQ VWDUUWH HU PLFK XQYHUZDQGW DQ ± XQG OLH GDQQ PHLQHQ $UP ORV ,FK ULHE GDV *HOHQN XQG ZDUWHWH DXI VHLQH$QWZRUW'HXWOLFKZDU]XVHKHQZLHHUPHLQH:RUWH]X YHUGDXHQVXFKWHZLHHUPLWHLQHU(QWVFKHLGXQJUDQJª:HLW GXZDUXPLFKLP%DXELQ"©IUDJWHHUVFKOLHOLFK ª,FKKDE¶VJHUFKWHZHLVHJHK|UW© ª:HQQ LQ GHP *HUFKW EHKDXSWHW ZXUGH LFK KlWWH HLQHQ .HUO XPJHEUDFKW VR LVW GDV JDQ] ULFKWLJ (V ZDU HLQ 8QIDOO 'HU%XUVFKHKDWWHHLQHZHLFKH%LUQH(VHUZLVFKWHLKQDOVLFK LKQ]X%RGHQVFKOXJ0DQZROOWHHVZLHHLQHQ8QIDOOEHLGHU /DQGDUEHLWDXVVHKHQODVVHQDEHULUJHQGVRHLQ6FKZHLQHKXQG KDWWHEHLGHP.DPSIKRFKJHZHWWHWXQGYHUORUHQ(UVROOWHDP QlFKVWHQ7DJO|KQHQDEHUVWDWWGHVVHQJLQJHU]XU3ROL]HLZHLO LKQGDVELOOLJHUNDP-HW]WZLUGPDQPLFKLQHLQ.UDQNHQKDXV GHU/LJDVWHFNHQXQGPLUGHQ.RSI]XUHFKWVHW]HQ'HUKLHVLJH 3V\FKR VDJW GDQDFK KlWWH LFK QLH ZLHGHU /XVW DXI HLQHQ .DPSI'DVVFKPHFNWPLUQLFKW© 'LHPlFKWLJHQ)lXVWH|IIQHWHQXQGVFKO|VVHQVLFKXQGLFK EHJULIISO|W]OLFKGD.lPSIHQLKPDOOHVEHGHXWHWH±GDVJU|WH 7DOHQWVHLQHV/HEHQVIUGDVPDQLKQEHZXQGHUWHXQGOREWH :HQQ LKP GLHVH )lKLJNHLW JHQRPPHQ ZXUGH ± QXQ GDQQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH NRQQWHPDQLKQJHQDXVRJXWJDQ]XPEULQJHQ,FKVSUWHHLQH $XIZDOOXQJYRQ0LWOHLGOLHPLUDEHUQLFKWVDQPHUNHQ ª'X NDQQVW PLFK KLHU UDXVVFKDIIHQ"© (U PHLQWH GLH )UDJH HUQVW ª-D© ª'DQQELQLFKGHLQ0DQQ'XZLOOVWHWZDVYRQPLUGDVZHL LFKDXIGLHVHU:HOWWXWQLHPDQGHWZDVXPVRQVW,FKPDFKHZDV GX ZLOOVW .OHLQHU /HW]WOLFK ZLUG PDQ PLFK GRFK VFKQDSSHQ GHQQ HV JLEW DXI GLHVHU :HOW NHLQ ZLUNVDPHV 9HUVWHFN ZHQQ PDQ HUQVWKDIW JHVXFKW ZLUG$EHU YRUKHU UlFKH LFK PLFK ,FK VFKQDSSHPLUGHQ%XUVFKHQGHUPLFKKLQWHU*LWWHUJHEUDFKW KDW 8QG ]ZDU ULFKWLJ ± GHQ EULQJH LFK XP VR ZLH HU PLFK XPJHEUDFKWKDW© 8QZLOONUOLFKHUVFKDXGHUWHLFKGHQQHVZDU]XVSUHQGD HUPHLQWHZDVHUVDJWHª,FKNULHJHGLFKUDXV©DQWZRUWHWHLFK JDEPLUDEHUGDVVWXPPH9HUVSUHFKHQGDIU]XVRUJHQGDHU VHLQH5DFKHQLFKWDXVIKUHQNRQQWH0HLQH9HUEUHFKHUNDUULHUH ZROOWHLFKQLFKWDOV0RUGNRPSOL]HEHJLQQHQ 6WLQJHUQDKPPLFKVRIRUWXQWHUVHLQH)LWWLFKH(UJDEPLUGLH +DQGXPVFKORPHLQH)LQJHUPLWW|GOLFKHP*ULIIXQGIKUWH PLFK]XVHLQHQ*HIROJVOHXWHQ ª'LHVLVW-LP©VDJWHHUª%HKDQGHOWLKQJXW:HULKPbUJHU PDFKW EHNRPPW bUJHU PLW PLU© 0DQ OlFKHOWH PLFK DQ XQG YHUVSUDFK PLU MHGH 8QWHUVWW]XQJ ± QDWUOLFK DOOHV JHORJHQ ± GRFK ZHQLJVWHQV ZUGHQ PLU GLHVH .HUOH NHLQH 6WHLQH LQ GHQ :HJ OHJHQ ,FK VWDQG LP 6FKXW] MHQHU NUlIWLJHQ )lXVWH (LQH GDYRQ ODJ VFKZHU DXI PHLQHU 6FKXOWHU DOV ZLU ZHLWHUVFKOHQGHUWHQª:LHZLOOVWGXHVDQVWHOOHQ"©IUDJWHHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª'DV VDJH LFK GLU PRUJHQ ,FK WUHIIH EHUHLWV OHW]WH 9RUEHUHLWXQJHQ© ORJ LFK ª%LV GDQQ© ,FK EHJDQQ HLQHQ ,QVSHNWLRQVUXQGJDQJ ± PHLQ 9HUODQJHQ GLHVHP /DGHQ GHQ 5FNHQ]XNHKUHQZDUEHLQDKHVRJURZLHVHLQHV$OOHUGLQJV DXVDQGHUHQ*UQGHQ,KPJLQJHVXP5DFKH±LFKZDUOHGLJOLFK GHSULPLHUW'LH*HIDQJHQHQKLHUZDUHQ9HUOLHUHUDXVVFKOLHOLFK 9HUOLHUHU ± GDEHL VHKH LFK PLFK VHOEVW JHUQ DOV 6LHJHUW\S ,FK ZROOWH IRUW YRQ GLHVHQ 9HUVDJHUQ LFK ZROOWH HQGOLFK ZLHGHU IULVFKH/XIWDWPHQ 'LH QlFKVWHQ YLHUXQG]ZDQ]LJ 6WXQGHQ YHUZHQGHWH LFK DXI GLH )UDJH ZLH PDQ GLHVHQ /DGHQ YHUODVVHQ NRQQWH 1DWUOLFK PDFKWH HV PLU NHLQH 0KH GLH PHFKDQLVFKHQ 6FKO|VVHU LQQHUKDOE GHV *HIlQJQLVVHV ]X NQDFNHQ GLH =HOOHQWUZDUIUPHLQHQ'LHWULFKHLQ.LQGHUVSLHO'DVHLQ]LJH 3UREOHPZDUGDVHOHNWURQLVFKJHVWHXHUWH7RU]XP$XHQKRI 0LW GHU HQWVSUHFKHQGHQ =HLW ± XQG GHQ ULFKWLJHQ *HUlWHQ ± KlWWH LFK GLHVH %DUULHUH DXFK JHVFKDIIW $OOHUGLQJV QLFKW XQWHU GHQ$XJHQ GHU :lFKWHU GLH UXQG XP GLH 8KU LQ HLQHU %HREDFKWXQJVNDQ]HO GLUHNW GDUEHU KRFNWHQ +LHU ODJ GHU RIIHQNXQGLJH)OXFKWZHJ±DOVRNDPGLHVH5RXWHQLFKWLQ)UDJH ,FK PXWH PLU HLQHQ EHVVHUHQ hEHUEOLFN YRQ GHU $QODJH GHV *HIlQJQLVVHVYHUVFKDIIHQ±XQGGD]XZDUHLQ(UNXQGXQJVJDQJ DQJHEUDFKW (V ZDU QDFK 0LWWHUQDFKW DOV LFK PLFK YRQ PHLQHU 3ULWVFKH ZlO]WH 'D LFK NHLQHQ /lUP PDFKHQ GXUIWH ]RJ LFK GUHL 3DDU 6RFNHQDQ/DXWORVVWRSIWHLFK(UVDW]NOHLGXQJ XQWHU GLH 'HFNH GDPLWGDV%HWWEHOHJWDXVVDKVROOWHHLQ:lFKWHUGXUFKGDV*LWWHU VFKDXHQ:LOO\VFKQDUFKWHIU|KOLFKYRUVLFKKLQZlKUHQGLFK GDV 6FKOR|IIQHWHXQGLQGHQ.RUULGRUKLQDXVKXVFKWH(UZDU QLFKW GHU HLQ]LJH GHU GLH 6FKODISHULRGH JHQR HV VFKQRUFKHOWH XQGIDXFKWHEHUDOO'LH1DFKWEHOHXFKWXQJVFKLPPHUWHXQGLFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZDUDOOHLQDP)XHGHU7UHSSH9RUVLFKWLJVFKDXWHLFKKLQDEXQG VDKGDGHU:lFKWHUXQWHUPLUPLWVHLQHU5HQQ]HLWXQJEHVFKlIWLJW ZDU3UlFKWLJ+RIIHQWOLFKVXFKWHHUVLFKHLQHQ6LHJHUDXV/DXWORV ZLHHLQ6FKDWWHQHUVWLHJLFKGLH7UHSSHLQVQlFKVWH6WRFNZHUN $EHUKLHUVDKHVJHQDXVRDXVZLHXQWHQDXVVFKOLHOLFK=HOOHQ 'DVJOHLFKHJDOWIUGLHEHLGHQ(WDJHQGDUEHUGHUHQ]ZHLWHGDV REHUVWH6WRFNZHUNZDU'DHVQLFKWPHKUK|KHUJLQJZROOWHLFK VFKRQ NHKUWPDFKHQ DOV HLQ PHWDOOLVFKHV %OLQNHQ LP 6FKDWWHQ ZHLWHUKLQWHQPLFK IHVVHOWH 0DQ PXWH HWZDV ULVNLHUHQ ± XQG VR KXVFKWH LFK DQ GHQ RIIHQHQ =HOOHQ PLW LKUHQ ± KRIIHQWOLFK ±VFKODIHQGHQ,QVDVVHQYRUEHLDQVDQGHUH(QGH $K ZDV ZDU GHQQ GDV" (LVHQVSURVVHQ LQ GHU :DQG GLH QDFKREHQLQGLH'XQNHOKHLWIKUWHQ,FKSDFNWHGLHHUVWH XQG YHUVFKZDQG PLW GHU 5HLKH GHU (LVHQ QDFK REHQ 'LH OHW]WH 6SURVVHEHIDQGVLFKGLFKWXQWHUGHU'HFNH=XJOHLFKXQWHUHLQHU )DOOWUGLHGLH'HFNHYHU]LHUWH0HWDOOPLWHLQHP0HWDOOUDKPHQ IHVW YHUVFKORVVHQ ± ZLH LFK IHVWVWHOOHQ PXWH DOV LFK GDJHJHQ GUFNWH%HVWLPPWJDEHVHLQ6FKORGDVDEHULQGHU'XQNHOKHLW QLFKWDXV]XPDFKHQZDU,FKPXWHHV¿QGHQ(LQHQ$UPKlQJWH LFK GXUFK GLH 0HWDOOVSURVVH XQG IKUWH GLH )LQJHUVSLW]HQ GHU DQGHUHQ +DQG LQ HLQHP KRIIHQWOLFK V\VWHPDWLVFKHQ 6XFKJDQJ EHUGLH)OlFKHGHU'DFKOXNH 1LFKWV,FKYHUVXFKWHHVQRFKHLQPDOZREHLLFKDOOHUGLQJVGLH +lQGHZHFKVHOWHGHQQGHU$UPIKOWHVLFKDQDOVZUGHHUPLU DXVGHP*HOHQNJH]HUUW±PLWGHPJOHLFKHQ(UJHEQLV(VPXWH DEHUHLQ6FKORJHEHQ-HGHYHUQQIWLJHhEHUOHJXQJYHUÀFKWLJWH VLFKXQGLFKJHULHWLQ3DQLNGRFKVFKOLHOLFKJHODQJHVPLUGLH DXIVWHLJHQGH $QJVW ]X XQWHUGUFNHQ XQG PHLQH *HKLUQ]HOOHQ DQ]XUHJHQ (V PXWH HLQ 6FKOR RGHU HLQH LUJHQGZLH JHDUWHWH 9HUULHJHOXQJJHEHQ,QGHU)DOOWUVHOEVWEHIDQGVLFKQLFKWV±DOVR

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PXWH HV DP 5DKPHQ EHIHVWLJW VHLQ /DQJVDP VWUHFNWH LFK GLH +DQGDXVIXKUPLWGHQ)LQJHUQDQGHU8PUDQGXQJHQWODQJ8QG IDQGGDV6FKORVRIRUW :LHHLQIDFKGLH$QWZRUWHQGRFKVLQGZHQQPDQGLHULFKWLJHQ )UDJHQVWHOOW,FK]RJGHQ'LHWULFKDXVGHU7DVFKHXQGVFKRELKQ LQV6FKOR1DFKZHQLJHQ6HNXQGHQ|IIQHWHQVLFKNOLFNHQGGLH 6SHUUHQ *OHLFK GDUDXI KDWWH LFK GLH )DOOWU DXIJHVFKREHQ GDV 'DFKHUVWLHJHQXQGGHQ'XUFKJDQJZLHGHUKLQWHUPLUJHVFKORVVHQ ,FKDWPHWHZRKOWXHQGNKOH1DFKWOXIW ,FK ZDU DXV GHP *HIlQJQLV UDXV *HZL LFK VWDQG DXI GHP 'DFK GRFK ]XPLQGHVW ZDU LFK LP *HLVWH ZLHGHU IUHL +HOO VFKLPPHUWHQ GLH 6WHUQH EHU PLU XQG YHUEUHLWHWHQ VRYLHO /LFKW GDLFKPLFKDXIGHUGXQNOHQ'DFKÀlFKHRULHQWLHUHQNRQQWH6LH ZDU ÀDFK XQG EUHLW JHVlXPW YRQ HLQHU NQLHKRKHQ %DOXVWUDGH GXUFKEURFKHQYRQ]DKOUHLFKHQ(QWOIWXQJHQXQG5RKUHQ(WZDV *URHV0DVVLJHVYHUGHFNWHHLQHQ7HLOGHV+LPPHOVXQGDOVLFK QlKHUNDPK|UWHLFK:DVVHUWURSIHQ'HU:DVVHUWDQNVFK|Q±DEHU ZLHVDKHVYRUQYRUGHP*HElXGHDXV" 'RUWHUVWUHFNWHVLFKGHUEHVWHQVHUOHXFKWHWH+RIEHZDFKWXQG VLFKHU8QGGLH5FNVHLWH" :HLWDXV LQWHUHVVDQWHU GDV NDQQ LFK ,KQHQ VDJHQ 'DV %DXZHUN¿HOIQI(WDJHQVWHLODE8QWHQHUVWUHFNWHVLFKHLQ YRQ HLQHU HLQ]LJHQ /DWHUQH VFKZDFK HUOHXFKWHWHU +LQWHUKRI YROOHU $EIDOOHLPHU XQG )lVVHU (LQ VFKZHUHV 7RU EHIDQG VLFK LQ GHU $XHQPDXHU =ZHLIHOORV ZDU HV YHUVFKORVVHQ $EHU ZDV GHU 0HQVFK YHUVFKORVVHQ KDW NDQQ GHU 0HQVFK ZLHGHU |IIQHQ =XPLQGHVWLFK+LHUODJXQVHUH&KDQFH 1DWUOLFKZDUGD]XQlFKVWGHU$EVWLHJEHUIQI6WRFNZHUNH DEHUGD]X¿HOPLUEHVWLPPWHWZDVHLQ9LHOOHLFKWIDQGVLFKDXFK QRFK HLQ DQGHUHU :HJ LQ GHQ +LQWHUKRI (V EOLHE PLU JHQXJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH =HLW PHLQHQ )OXFKWSODQ LP HLQ]HOQHQ GXUFK]XVSLHOHQ QRFK VHFKV7DJH ,FK EHNDP NDOWH )H XQG JlKQWH HUVFKDXGHUQG )U GLHVH 1DFKW KDWWH LFK JHQXJ JHWDQ 3O|W]OLFK NDP PLU PHLQHKDUWH=HOOHQSULWVFKHVHKUJHPWOLFKYRU /DXWORVNHKUWHLFKDXIGHP:HJ]XUFNGHQLFKJHNRPPHQ ZDU/DQJVDPVFKORLFKGLH)DOOWUEHUPLUEHU]HXJWHPLFK GD VLH YHUVFKORVVHQ ZDU VWLHJ GLH /HLWHUVSURVVHQ XQG GLH 7UHSSH]XPHLQHP6WRFNZHUNKLQDE« «XQGK|UWHZHLWHUYRUQODXWH6WLPPHQ'LHODXWHVWHJHK|UWH PHLQHP=HOOHQNDPHUDGHQ:LOO\,FKZDUIHLQHQHQWVHW]WHQ%OLFN DXIGLHRIIHQH7UXQVHUHU=HOOHDXIGLHVFKZHUHQ6WLHIHOGHU GDUXP YHUVDPPHOWHQ :lFKWHU GDQQ ]XFNWH LFK ]XUFN XQG PDFKWHDXIGHU7UHSSHNHKUW:LOO\V:RUWHKDOOWHQPLUZLHGLH 3RVDXQHQGHV-QJVWHQ*HULFKWVLQGHQ2KUHQQDFK ª$OVLFKDXIZDFKWHZDUHUIRUW,FKZDUDOOHLQ'HQPVVHQ 8QJHKHXHU DXIJHIUHVVHQ KDEHQ RGHU ZDV ,FK NRQQWH QLFKW DQGHUVLFKPXWHEUOOHQ5HWWHWPLFKELWWH'DVVFKUHFNOLFKH 8QJHKHXHU LVW JHUDGHZHJV GXUFK GLH YHUVFKORVVHQH =HOOHQWU JHNRPPHQ XQG KDW LKQ JHVFKQDSSW $OV QlFKVWHU ELQ LFK GUDQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

+HL GXUFKIXKU PLFK GHU =RUQ DXI PHLQHQ LGLRWLVFKHQ =HOOHQJHQRVVHQ NDOW EHUOLHI HV PLFK EHL GHP *HGDQNHQ GD LFKVRIRUWJHVFKQDSSWZHUGHQZUGH2KQH]XEHUOHJHQÀRKLFK ±IRUWYRQGHQ6WLPPHQIRUWYRPODXWHQ6WLHIHOJHWUDPSHO:LHGHU GLH7UHSSHKLQDXIHLQ6WRFNZHUNQRFKHLQV« ,P QlFKVWHQ 0RPHQW JLQJHQ VlPWOLFKH /LFKWHU DQ XQG 6LUHQHQEHJDQQHQ ]X KHXOHQ 'LH *HIDQJHQHQVFKUHFNWHQKRFK XQGULHIHQVLFKQHXJLHULJ)UDJHQ]X(VNRQQWHQLFKWPHKUODQJH GDXHUQGDZUGHQGLHDQGHQ=HOOHQWUHQVWHKHQXQGPLFKVHKHQ XQG ORVVFKUHLHQ ± XQGGDQQZUGHQEDOGDXFKGLH:lFKWHU]XU 6WHOOH VHLQ (V JDE NHLQHQ$XVZHJ 7URW]GHP JDE HV IU PLFK QXU GLH )OXFKW ,QV REHUVWH 6WRFNZHUN XQG GRUW YRUEHL DQ GHQ =HOOHQ 'LH LQ]ZLVFKHQ DXVQDKPVORV KHOO HUOHXFKWHW ZDUHQ 'LH *HIDQJHQHQZUGHQPLFKVHKHQZHQQLFKDQLKQHQYRUEHLHLOWH ± XQG EHVWLPPW ZUGH LUJHQGHLQ HLQVLW]HQGHU 6FKZHLQHKXQG PLFKYHUSIHLIHQ(VZDUYRUEHL 0LW HUKREHQHP .RSI PDUVFKLHUWH LFK DQ GHU HUVWHQ =HOOH YRUEHLXQGZDUIHLQHQNXU]HQ%OLFNKLQHLQ 6LHZDUOHHU'DVJOHLFKHJDOWIUDOOHDQGHUHQLQGLHVHP*DQJ ,FKKDWWHGRFKQRFKHLQH&KDQFH:LHHLQZLOGJHZRUGHQHU$IIH KXVFKWH LFK GLH HLVHUQH :DQGOHLWHU KLQDXI XQG VFKRE PHLQHQ 'LHWULFK LQV 6FKOR 8QWHU PLU ZXUGHQ 6WLPPHQ XQG 6FKULWWH ODXWHUDXHUGHPPDFKWHLFK]ZHL:lFKWHUDXVGLHHLQH7UHSSH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DP DQGHUHQ (QGH GHV .RUULGRUV HUVWLHJHQ 6LH EUDXFKWHQ QXU GHQ.RSI]XGUHKHQXPPLFK]XHQWGHFNHQ8QGNRQQWHQPLFK QLFKWEHUVHKHQZHQQVLHGDV6WRFNZHUNHUUHLFKWKDWWHQ .OLFNHQG|IIQHWHVLFKGDV6FKORXQGLFKVFKREGLH.ODSSH KRFK XQG NOHWWHUWH HLOLJ GXUFK GLH gIIQXQJ $XI GHP 'DFK OLHJHQG VFKOR LFK GLH )DOOWU ZLHGHU 8QG VDK GXUFK GHQ VFKPDOHU ZHUGHQGHQ 6FKOLW] ]ZHL GLFNH:lFKWHU GLH VRHEHQ REHQDQGHU7UHSSHNHKUWPDFKWHQ +DWWHQ VLH QRFK JHVHKHQ ZLH VLFK GLH 'DFKOXNH VFKOR" 0HLQ+HU]NORSIWHZLHHLQHZLOGJHZRUGHQH7URPPHOXQGLFK DWPHWHNHXFKHQGXQGZDUWHWHDXIGDV$ODUPJHVFKUHL 1LFKWVZDU]XK|UHQ,FKZDUQRFKLPPHUIUHL $EHUZDVIUHLQH)UHLKHLWZDUGDV6RIRUWZDULFKGHSULPLHUW ,FK KDWWH GLH )UHLKHLW DXI GHP 'DFK ]X OLHJHQ XQG KHIWLJ ]X ]LWWHUQ DOV PHLQ 6FKZHL ]X WURFNQHQ EHJDQQ LFK KDWWH GLH )UHLKHLWKLHUREHQ]XKRFNHQELVPDQPLFKIDQG $OVR KRFNWH XQG ]LWWHUWH LFK XQG EHPLWOHLGHWH PLFK HWZD HLQH0LQXWHODQJ]XWLHIVW'DQQVWDQGLFKDXIVFKWWHOWHPLFK ZLHHLQ+XQGXQGVSUWH=RUQLQPLUDXIVWHLJHQ ª(LQ WROOHU 9HUEUHFKHU ELVW GX© ÀVWHUWH LFK YRU PLFK KLQ QXU XP VLFKHU]XJHKHQ GD LFK HV DXFK YHUVWDQG ª(LQ 9HUEUHFKHUOHEHQ 8QG JOHLFK EHLP HUVWHQ (LQVDW] OlW GX GLFK YRQ HLQHP PHVVHUVFKZLQJHQGHQ 1HDQGHUWDOHU LQ GLH 6FKHLH UHLWHQ /D GLU GDV HLQH /HKUH VHLQ -LP GLH GX KRIIHQWOLFK HLQHV7DJHV LQ GLH 3UD[LV XPVHW]HQ NDQQVW 'X PXW )ODQNHQ XQG +LQWHUWHLO VWlQGLJ LP $XJH EHKDOWHQ hEHUVLHK NHLQH WKHRUHWLVFKP|JOLFKH(QWZLFNOXQJ'DQQZlUVWGXVLFKHUDXFK DXIGLH*HIDKUJHNRPPHQGDGHU'XPPNRSIZDFKZHUGHQ ZUGH 'X KlWWHVW LKP HLQV PLW GHP .QSSHO EHU]LHKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PVVHQXP]XJHZlKUOHLVWHQGDHUWLHIVFKOlIW$EHUQXQLVW GDV.LQGLP%UXQQHQ0HUNGLUGLH/HNWLRQ±XQGYHUVXFKQXQ DXVGLHVHUVFKOLPPHQ/DJHQRFKGDV%HVWH]XPDFKHQ© 0HLQH 0|JOLFKNHLWHQ ZDUHQ ]LHPOLFK EHVFKUlQNW :HQQ GLH:lFKWHUGLH)DOOWU|IIQHWHQXQGDXIV'DFKNDPHQPXWHQ VLH PLFK ¿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¿QGHQDEHUVFKRQUXWVFKWHQGLH+lQGHDEXQGLFKVWU]WHDXIV 'DFK]XUFN'HU$XISUDOOZDUXQWHQVLFKHU]XK|UHQJHZHVHQ ,FKNRQQWHQXUKRIIHQGDLFKPLFKEHUHLQHUOHHUHQ=HOOHXQG QLFKWEHUGHP)OXUEHIDQG ª*HQXJ JHKRIIW DEHU QRFK QLFKW JHQXJ DQJHVWUHQJW -LP© PXQWHUWHLFKPLFKDXIXQGIJWHHLQLJH9HUZQVFKXQJHQKLQ]X XPPLFKZHLWHUDQ]XVSRUQHQ,FKPXWHGRUWKLQDXI 'LHVPDOVWDUWHWHLFKJDQ]YRPDQGHUHQ(QGHGLH.QLHNHKOHQ JHJHQ GLH %DOXVWUDGH JHSUHW 0HKUPDOV DWPHWH LFK WLHI HLQ /RV 6FKQHOOHU$QODXIGHUULFKWLJH$EVSUXQJ±KRFK 0HLQHUHFKWH+DQGNODWVFKWHJHJHQGLH.DQWH,FKSDFNWH]X XQG]HUUWHPLFKKRFK%HNDPDXFKGLHDQGHUH+DQGKLQDXIXQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ]HUUWHZDVLFKNRQQWHZlKUHQGLFKJOHLFK]HLWLJVWUDPSHOQGDP JODWWHQ 0HWDOO KRFKOLHI XQG PLFK VFKOLHOLFK EHU GHQ 5DQG DXIGHQ7DQNZlO]WH 8QGODJVFKZHUDWPHQGGDXQGVFKDXWHHLQHPWRWHQ9RJHOLQ GLHVWDUUJH|IIQHWHQ$XJHQ±NDXPGUHLLJ=HQWLPHWHUYRQPHLQHP *HVLFKW HQWIHUQW ,FK ZROOWH ]XUFNZHLFKHQ DOV LFK GLH )DOOWU NQDOOHQGXPIDOOHQK|UWH ª6FKLHEPLFKPDOKRFKMD",FKVWHFNHIHVW© 'DV QDFKIROJHQGH bFK]HQ XQG .HXFKHQ YHUULHWHQ PLU GD HV VLFK XP HLQHQ GHU GLFNHQ :lFKWHU KDQGHOQ PXWH GLH LFK LP GDUXQWHUOLHJHQGHQ 6WRFNZHUN JHVHKHQ KDWWH :HLWHUHV 6FKQDXIHQ XQG bFK]HQ NQGLJWHQ GDV 1DFKUFNHQ VHLQHV EHOHLEWHQ%HJOHLWHUVDQ ª,FKZHLQLFKWZDVZLUKLHUREHQVROOHQ©NODJWHGHUHUVWH ª,FK DEHU© DQWZRUWHWH GHU DQGHUH HQWVFKORVVHQ ª:LU IKUHQ %HIHKOHDXV±XQGGDVKDWQRFKQLHPDQGHPJHVFKDGHW© ª$EHUGLH/XNHZDUYHUVFKORVVHQ© ª*HQDXVR ZLH GLH =HOOHQWU GXUFK GLH HU YHUVFKZXQGHQ LVW 6FKDXGLFKXP© 6FKZHUH 6FKULWWH GU|KQWHQ ULQJV XP GDV 'DFK XQG ZXUGHQ ZLHGHUODXWHUª.HLQHUKLHU.HLQHUOHL9HUVWHFN(UKlQJWQLFKWPDO EHUGHP$EJUXQG±LFKKDE¶QDFKJHVFKDXW© ª(V JLEW GD HLQH 6WHOOH HLQH 6WHOOH GLH ZLU XQV QRFK QLFKW DQJHVHKHQKDEHQ© ,FKVSUWHGHQ%OLFNGHUGXUFKGDVIHVWH0HWDOODXIPHLQHU+DXW ]XEUHQQHQVFKLHQ0HLQ+HU]EHJDQQZLHGHU]XWURPPHOQ,FK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH NODPPHUWHPLFKDPURVWLJHQ0HWDOOIHVWXQGVSUWH9HU]ZHLÀXQJ LQPLUDXIVWHLJHQDOVGLH6FKULWWHQlKHUNDPHQ ª(UKlWWHQLHGDUDXINOHWWHUQN|QQHQ9LHO]XKRFK,FKNRPPH MDQLFKWPDODQGLH2EHUNDQWH© ª'DVJOHLFKHJLOWIUGHLQH6FKQUVHQNHOZHQQGXGLFKEFNHQ PXW/RVOHJGLH+lQGH]XVDPPHQXQGODPLFKKRFKVWHLJHQ :HQQGXPLFKPLWHLQHP)XKRFKVWHPPVWNDQQLFKPLFKDQGHU .DQWHIHVWKDOWHQ,FKEUDXFKHPLFKMDQXUPDOXP]XVHKHQ© (U KDWWH QDWUOLFK UHFKW ± HLQ %OLFN JHQJWH 8QG LFK NRQQWH QLFKWV GDJHJHQ WXQ (UJULIIHQ YRQ GHU /HWKDUJLH GHU 1LHGHUODJH YHUZHLOWH LFK DQ 2UW XQG 6WHOOH XQG K|UWH GDV .UDW]HQ XQG GLH )OFKHGDVbFK]HQXQG.UDEEHOQ'LH.UDW]ODXWHNDPHQQlKHU XQG ZHQLJH =HQWLPHWHU YRQ PHLQHP *HVLFKW HQWIHUQW HUVFKLHQ HLQHJURH+DQGXQGIXPPHOWHEHUGLH.DQWH -HW]W PXWH PHLQ 8QWHUEHZXWVHLQ LQ GHQ .DPSI HLQJUHLIHQ GHQQ LFK VFKZ|UH PLW EHZXWHP 'HQNHQ KDWWH PHLQ +DQGHOQ QLFKWV]XWXQ0HLQH+DQGVFKRYRUXQGVFKREGHQWRWHQ9RJHO DQGLH.DQWHXQWHUGLH)LQJHUGLHKHUDEWDVWHWHQXQGVLFKGDUXP VFKO|VVHQ 'DV (UJHEQLV ZDU XQJHPHLQ EHIULHGLJHQG 'HU 9RJHO YHUVFKZDQG HEHQVR GLH +DQG JHIROJW YRQ *HVFKUHL XQG *HEUOO VFKQHOOHQ .UDEEHOODXWHQ XQG ]ZHL GXPSI GU|KQHQGHQ*HUlXVFKHQ ª:DUXPKDVWGXGDVJHWDQ© ª,FK KDE¶ GDV 'LQJ JHSDFNW ± EUUUU 0HLQ .Q|FKHO LVW JHEURFKHQ© ª9HUVXFKPDODXI]XVWHKHQ+LHUKDOWGLFKDQPHLQHU6FKXOWHU IHVW+SIDXIGHPDQGHUHQ)XNRPP©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH %HLGHKDWWHQYLHO]XlFK]HQXQG]XVW|KQHQHKHVLHVLFKGXUFK GLH)DOOWUZLHGHUKLQDEJHZlO]WKDWWHQZlKUHQGLFKPLFKIUHXGLJ HUOHLFKWHUWDXVVWUHFNWH:RP|JOLFK ZUGHQ EDOG QHXH:lFKWHU NRPPHQ DEHU QXQ KDWWHLFKLPPHUKLQHLQH&KDQFH'LHHUVWH 5XQGHZDUNODUDQPLFKJHJDQJHQ $OV GLH 6HNXQGHQ XQG VFKOLHOLFK 0LQXWHQ YHUJLQJHQ PXWH LFKHUNHQQHQGDLFKDXFKGLH]ZHLWH5XQGHJHZRQQHQKDWWH'LH 6XFKHJDOWQLFKWPHKUGHP'DFK-HGHQIDOOVLP$XJHQEOLFNQLFKW 'LH 6LUHQHQ YHUVWXPPWHQ GDV OHEKDIWH7UHLEHQ JDOW LQ]ZLVFKHQ GHQ $XHQEH]LUNHQ GHU +DIWDQVWDOW 6WLPPHQ EUOOWHQ 7UHQ NQDOOWHQ :DJHQ MDJWHQ PLW KHXOHQGHQ 0RWRUHQ LQ GLH 1DFKW KLQDXV .XU]H =HLW VSlWHU ± :XQGHU EHU :XQGHU ± JLQJHQ GLH 6FKHLQZHUIHU DXV 'LH HUVWH 6XFKH ZDU YRUEHL ,FK EHJDQQ HLQ]XG|VHQ±XQGIXKUUXFNDUWLJKRFK ª'XPPNRSI'XVWHFNVWQRFKLPPHULQGHU.OHPPH'LH6XFKH LVW]ZDUEHHQGHWGRFKIKUWWURW]GHPNHLQ:HJDXVGLHVHP/DGHQ KLQDXV $XHUGHP NDQQVW GX GHLQHQ OHW]WHQ 'ROODU YHUZHWWHQ GDPDQEHLPHUVWHQ7DJHVOLFKWQRFKHLQPDOMHGHQ:LQNHOJHQDX XQWHUVXFKW8QGDXIV'DFKNRPPHQVLHGDQQEHVWLPPWPLWHLQHU /HLWHU(VLVWDOVRK|FKVWH=HLW]XYHUVFKZLQGHQ© ,FKZXWHDXFKVFKRQJHQDXZRKLQLFKZROOWH$QGHQOHW]WHQ 2UWDQGHPPDQPLFKKHXWHQDFKWVXFKHQZUGH :LHGHU GXUFK GDV 'DFKOXN KLQDE GXUFK GHQ DEJHGXQNHOWHQ .RUULGRU (LQLJH *HIDQJHQH PXUUWHQ QRFK ZHJHQ GHU JHVW|UWHQ 1DFKWGRFKVFKLHQHQDOOHZLHGHULQGHQ.RMHQ]XOLHJHQ/DXWORV KXVFKWHLFKGLH7UHSSHKLQDEXQGQlKHUWHPLFK=HOOH%,FK |IIQHWHXQGVFKORGLH7ULQDEVROXWHU6WLOOH*LQJYRUEHLDQGHU DEJH]RJHQHQ /LHJH ]X GHU ]ZHLWHQ DXI GHU PHLQ )UHXQG:LOO\ GHQ6FKODIGHV8QJHUHFKWHQVFKOXPPHUWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0HLQH +DQG SUHWH LKP GHQ 0XQG ]X UXFNDUWLJ |IIQHWHQ VLFKVHLQH$XJHQXQGLFKHPSIDQGHLQXU]HLWOLFKHVVDGLVWLVFKHV 9HUJQJHQDOVLFKLKPLQV2KUÀVWHUWH ª'XELVWWRWGX5DWWHWRW'XKDVWGLH:lFKWHUJHUXIHQ XQG MHW]WEHNRPPVWGXZDVGXYHUGLHQVW«© 6HLQ .|USHU ElXPWH VLFK HLQPDO KHIWLJ DXI XQG HUVFKODIIWH 'LH$XJHQZDUHQJHVFKORVVHQ+DWWHLFKLKQXPJHEUDFKW"6RIRUW EHGDXHUWHLFKPHLQHQPLHVHQNOHLQHQ-X[1HLQWRWZDUHUQLFKW QXU EHZXWORV HU DWPHWH IODFK XQG ODQJVDP ,FK JLQJ HLQ +DQGWXFKKROHQWDXFKWHHVLQNDOWHV:DVVHU±XQGYHUVHW]WHLKP HLQHQ6FKODJDXIGHQ1VFKHO 6HLQ6FKUHLHQGHWHPLWHLQHP*XUJHOQGHQQLFKVWHFNWHLKP GDV+DQGWXFKLQGHQ0XQG ª,FK ELQ HLQ JUR]JLJHU 0DQQ :LOO\ GD KDVW GX ZLUNOLFK *OFN,FKEULQJHGLFKQLFKWXP©0HLQ)OVWHUQVFKLHQLKQHWZDV ]XEHUXKLJHQGHQQLFKVSUWHGDHUQLFKWPHKUVRVWDUN]LWWHUWH ª'XZLUVWPLUKHOIHQ:HQQGXGDVWXVWVROOGLUQLFKWVJHVFKHKHQ GDUDXIKDVWGXPHLQ:RUW-HW]WEHUHLWHGLFKGDUDXIYRUPLUPHLQH )UDJH ]X EHDQWZRUWHQ hEHUOHJH JXW ZDV GX VDJVW 'X ZLUVW PLU QXU HLQH $QWZRUW ]XÀVWHUQ ± XQG ]ZDU GLH 1XPPHU GHU =HOOHLQGHUVLFK6WLQJHUEH¿QGHW1LFNHPLWGHP.RSIZHQQGX EHUHLWELVW*XW,FKQHKPHMHW]WGDV+DQGWXFKZHJ$EHUZHQQGX LUJHQGZHOFKH7ULFNVYHUVXFKVWRGHUHWZDVDQGHUHVVDJVW±ZDV DXFKLPPHU«DOVRGDQQELVWGXWRW/RVJHKW¶V© ª«%«© $XIGHPJOHLFKHQ6WRFNZHUNJXW:LHGHUVWRSIWHLFKLKPGDV +DQGWXFK LQ GHQ 0XQG 'DQQ GUFNWH LFK HQHUJLVFK DXI HLQH 6WHOOH KLQWHU VHLQHP UHFKWHQ 2KU EHKLQGHUWH GLH %OXW]XIXKU ]X VHLQHP*HKLUQ6HFKV6HNXQGHQEUDFKWHQ%HZXWORVLJNHLW]HKQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6HNXQGHQ GHQ 7RG (U ]XFNWH XQG HUVFKODIIWH ZLHGHU ,FK OLH ORVDOVLFKELVVLHEHQJH]lKOWKDWWHGHQQLFKELQHLQPLOGWlWLJHU 0HQVFK 0LW+LOIHGHV+DQGWXFKVVlXEHUWHLFKPLU*HVLFKWXQG+lQGH WDVWHWHVRGDQQQDFKPHLQHQ6FKXKHQXQG]RJVLHDQGD]XHLQ ]ZHLWHV+HPGXQGPHLQ-DFNHWW'DQDFKJXUJHOWHLFKPLQGHVWHQV HLQHQ/LWHU:DVVHUKLQXQWHUXQGZDUVFKOLHOLFKEHUHLWPLFKGHU :HOW HUQHXW ]X VWHOOHQ ,FK ]RJ GLH /DNHQ YRP %HWW QDKP VLH ]XVDPPHQJHUROOWXQWHUGHQ$UPXQGJLQJ $XI=HKHQVSLW]HQVFKOLFKLFK]X6WLQJHUV=HOOH,FKIKOWHPLFK LPPXQXQEHVLHJEDU1DWUOLFKZDUPLUNODUGDGLHVW|ULFKWXQG JHIlKUOLFK]XJOHLFKZDU$EHUQDFKGHQELVKHULJHQWUDXPDWLVFKHQ (UHLJQLVVHQGHV$EHQGVVFKLHQPLUGLH$QJVWQLFKWVPHKUDQKDEHQ ]XN|QQHQ'LH=HOOHQWU|IIQHWHVLFKXQWHUPHLQHQJHVFKLFNWHQ )LQJHUQXQG6WLQJHUV$XJHQ|IIQHWHQVLFKHEHQIDOOVDOVLFKLKQ OHLFKWDQVWLH ª=LHKGLFKDQ©VDJWHLFKOHLVHª:LUYHUVFKZLQGHQVRIRUW© 'DV PX LFK LKP ]XELOOLJHQ ± HU VWHOOWH NHLQH EHUÀVVLJHQ )UDJHQ VRQGHUQ ]RJ HLQIDFK VHLQH 6DFKHQ DQ ZlKUHQG LFK GLH /DNHQYRQVHLQHU3ULWVFKH]RJª:LUEUDXFKHQPLQGHVWHQVQRFK ]ZHL©VDJWHLFK ª,FKKROHGLHYRQ(GGLH© ª6ROOHUDXIZDFKHQ"© ª,FKVRUJHGDIUGDHUZHLWHUVFKOlIW© (LQH)UDJHZXUGHJHPXUPHOWGDQQHUW|QWHHLQGXPSIHU/DXW (GGLHVFKOLHIZHLWHUXQG6WLQJHUEUDFKWHGLH/DNHQXQG'HFNHQ ª$OVRZLUPDFKHQIROJHQGHV©VDJWHLFKª,FKKDEHHLQHQ:HJ DXIV 'DFK JHIXQGHQ :LU VWHLJHQ UDXI XQG NQRWHQ GLH7FKHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ]XVDPPHQ 'DQQ NOHWWHUQ ZLU GDUDQ KLQDE XQG YHUVFKZLQGHQ 2ND\"© 2ND\ ,Q PHLQHP JDQ]HQ /HEHQ KDWWH LFK QRFK NHLQHQ YHUUFNWHUHQ 3ODQ JHVFKPLHGHW $EHU 6WLQJHU ]HLJWH VLFK XQEHHLQGUXFNW ª2ND\$EGXUFKGLH0LWWH© :LHGHU GLH 7UHSSH KLQDXI ± ODQJVDP KDWWH LFK JHQXJ GDYRQ ZLH EHUKDXSW YRQ GHP JDQ]HQ +HUXPJHUHQQH ,FK HUVWLHJ GLH 6SURVVHQ |IIQHWH GLH )DOOWU XQG VFKRE 'HFNHQ XQG /DNHQ GLH6WLQJHUPLUKRFKUHLFKWHDXIV'DFK(UVFKZLHJELVLFKGHQ 'XUFKJDQJZLHGHUYHUULHJHOWKDWWH ª:DVZDUORV",FKK|UWHGXZlUVWHQWZLVFKW±XQGKDWWHPLU VFKRQ YRUJHQRPPHQ GLFK XP]XEULQJHQ VROOWHVW GX MH ZLHGHU DXIWDXFKHQ© ª6R HLQIDFK LVW GDV QLFKW ,FK HU]lKO¶ GLU DOOHV ZHQQ ZLU GXUFK VLQG -HW]W ZROOHQ ZLU GLH 7FKHU ]XVDPPHQELQGHQ *HJHQEHUOLHJHQGH (FNHQ LQ GHU 'LDJRQDOH ± GDV 'LQJ PX P|JOLFKVWODQJZHUGHQ(LQHQHLQIDFKHQ.QRWHQZLHGXLKQEHL GHQ)DKUW¿QGHUQJHOHUQWKDVW+LHUVFKDX© :LU NQRWHWHQ ZLH ZLOG ELV DOOH (LQ]HOVWFNH PLWHLQDQGHU YHUEXQGHQ ZDUHQ 'DQQ VFKQDSSWHQ ZLU XQV GLH (QGHQ XQG ]HUUWHQ GLH .QRWHQ IHVW 'DQQ EDQG LFK HLQ (QGH DQ HLQ KDOWEDU DXVVHKHQGHV 5RKU XQG ZDUI GDV %QGHO /DNHQ LQ GLH 7LHIH ª0LQGHVWHQV VHFKV 0HWHU ]X NXU]© PHOGHWH 6WLQJHU GHU VWLUQUXQ]HOQGLQGLH7LHIHVFKDXWHª'XNOHWWHUVWDOVHUVWHUGHQQ GXELVWOHLFKWHU:HQQGLH6DFKHEHLPLUUHLWKDVWGXZHQLJVWHQV HLQH&KDQFH/RV© *HJHQ GLHVH /RJLN ZDU QLFKWV HLQ]XZHQGHQ ,FK HUVWLHJ GLH %DOXVWUDGH XQG XPIDWH GDV REHUVWH /DNHQ 6WLQJHU ]HLJWH HLQH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH EHUUDVFKHQGH *HIKOVUHJXQJ GHQQ HU GUFNWH PLU NXU] GHQ %L]HSV8QGVFKRQNOHWWHUWHLFKDEZlUWV /HLFKWZDUGLHhEXQJQLFKW1DFKNXU]HU=HLWHUPGHWHQPHLQH +lQGHXQGGLH'HFNHQXQG/DNHQOLHHQVLFKVFKZHUIHVWKDOWHQ ,FKPDFKWHVRVFKQHOOZLHP|JOLFKGHQQLFKVSUWHGDPHLQH .UlIWHQDFKOLHHQ .XU]H=HLWVSlWHUVWUDPSHOWHQPHLQH%HLQHLQV/HHUHXQGLFK KDWWH GDV (QGH HUUHLFKW 'LH KDUWHQ 3ÀDVWHUVWHLQH GHV +RIHV VFKLHQHQQRFKZHLWHQWIHUQW]XVHLQ(V¿HOPLUVFKZHUORV]XODVVHQ ±DQGHUHUVHLWVPDFKWHHVNHLQH0KHGHQQLFKNRQQWHJDUQLFKW OlQJHUIHVWKDOWHQ0HLQH)LQJHU|IIQHWHQVLFKXQGLFKVWU]WH 3UDOOWHDXIXQGUROOWHDEXQGVDOXIWVFKQDSSHQGDP%RGHQ(V ZDUJHVFKDIIW+RFKEHUPLUVDKLFK6WLQJHUVGXQNOH*HVWDOWZLH HLQHQ$IIHQGDV6HLOKHUDENRPPHQ+DQGEHU+DQG6HNXQGHQ VSlWHUZDUHUHEHQIDOOVXQWHQNDW]HQKDIWODQGHWHHUQHEHQPLUXQG KDOIPLUKRFK,FKVWW]WHPLFKDXILKQZlKUHQGHUPLFK]XP7RU IKUWH ,FKKDWWH]LWWHUQGH)LQJHUXQGEHNDPGDV6FKORQLFKWDXI+LHU XQWHUGHU/DWHUQHZDUHQZLURKQHMHGH'HFNXQJ±VROOWHHLQHUGHU :lFKWHU ZHLWHU REHQ ]XIlOOLJ DXV GHP )HQVWHU VFKDXHQ VDHQ ZLULQGHU)DOOH« ,FK DWPHWH WLHI XQG ]LWWULJ HLQ ± XQG IKUWH GHQ 'LHWULFK HUQHXW LQV /RFK$XIPHUNVDP WDVWHWH LFK GLH .UPPXQJHQ LP ,QQHUQDEGUHKWHXQGVFKRE .OLFNHQG|IIQHWHVLFKGLH6SHUUHXQGZLU]ZlQJWHQXQVHLOLJ KLQGXUFK/DXWORVVFKRE6WLQJHUGDV7RUKLQWHUXQV]XXQGUDQQWH LQGLH1DFKWKLQDXV,FKIROJWHLKPGLFKWDXI :LUZDUHQIUHL

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

ª:DUWH© ULHI LFK KLQWHU 6WLQJHU KHU GHU GLH 6WUDH HQWODQJSUHVFKWH ª1LFKW GRUW HQWODQJ ,FK KDEH HLQHQ EHVVHUHQ 3ODQ+DWWHLFKOlQJVWLP.RSIHKHLFKHLQJHEXFKWHWZXUGH© (U EOLHE VWHKHQ GDFKWH QDFK XQG IDWH HLQHQ (QWVFKOX ª'X KDVW ELVKHU GLH 6DFKH RUGHQWOLFK JHULW]W $OVR ZDV PDFKHQZLU"© ª(UVWHQV KLQWHUODVVHQ ZLU HLQH 6SXU GHU PDQ PLW 6FKQIIHOURERWHUQIROJHQNDQQ+LHUHQWODQJ© :LU YHUOLHHQ GLH 6WUDH XQG PDUVFKLHUWHQ GXUFKV *UDV ]X HLQHP QDKHJHOHJHQHQ %DFK 'HU:DVHUODXI ZDU ÀDFK DEHU NDOWXQGLFKNRQQWHEHLP'XUFKZDWHQHLQ(UVFKDXGHUQQLFKW XQWHUGUFNHQ *DQ] LQ GHU 1lKH YHUOLHI HLQH 6FKQHOOVWUDH ±XQGZLUEHZHJWHQXQVGDUDXI]X8QGGXFNWHQXQVZlKUHQG HLQ VFKZHUHU 7UDQVSRUWHU YRUEHLGRQQHUWH $QVRQVWHQ ZDUHQ NHLQH)DKU]HXJHLQ6LFKW ª/RV© ULHI LFK ª'LUHNW UDXI DXI GLH 6WUDH ± GDQQ ZLHGHU ]XUFNXQG]ZDULQGHQHLJHQHQ)XDEGUFNHQ© 6WLQJHUJHKRUFKWHXQGNHKUWHUFNZlUWV]XP%DFKXQGLQV NDOWH:DVVHU]XUFN ª5DI¿QLHUW© VDJWH HU ª'LH 6FKQIÀHU ¿QGHQ GLH 6WHOOH ZR ZLU LQV :DVVHU JHJDQJHQ VLQG ± XQG ZLHGHU UDXVNDPHQ $Q

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHU 6WUDH DEHU ZHUGHQ VLH DQQHKPHQ GD ZLU YRQ HLQHP %RGHQZDJHQPLWJHQRPPHQZXUGHQ:DVQXQ"© ª:LU PDUVFKLHUHQ VWURPDXIZlUWV ± LP :DVVHU ± ELV ]XP QlFKVWHQ %DXHUQKRI =XIlOOLJ KDQGHOW HV VLFK GDEHL XP HLQHQ 6WDFKHOVSHFNVFKZHLQ0DVWEHWULHE«© ª.RPPW QLFKW LQ )UDJH ,FK KDVVH GLHVH 6FKHXVDOH:XUGH DOV.LQGPDOYRQVRHLQHP6FKHXVDOJHELVVHQ© ª8QV EOHLEW QLFKWV DQGHUHV EULJ 7XQ ZLU HWZDV DQGHUHV VFKQDSSHQ XQV GLH %XOOHQ EHL 7DJHVDQEUXFK ,FK NDQQ QLFKW JHUDGH EHKDXSWHQ GD LFK GLH 6FKZDUWHQNQDFNHU LQV +HU] JHVFKORVVHQKDEH$EHULFKELQDXIVRHLQHP+RIJURJHZRUGHQ XQG NRPPH JDQ] JXW PLW GHQ %XUVFKHQ DXV -HW]W ZROOHQ ZLU ORVPDUVFKLHUHQHKHPLUGLH%HLQHDQGHQ.Q|FKHOQDEIULHUHQ© (VZDUHLQODQJHUNDOWHU0DUVFKXQGDOVLFKHUVWPDO]X]LWWHUQ EHJRQQHQKDWWHNRQQWHLFKQLFKWPHKUDXIK|UHQ$EHUZDVVROOWHQ ZLU WXQ DOV XQV ZHLWHU]XPKHQ" 'LH =lKQH NODSSHUWHQ PLU ZLH .DVWDJQHWWHQ LP .RSI DOV ZLU VFKOLHOLFK HLQHQ 6HLWHQEDFK HUUHLFKWHQ GHU VLFK GXUFK GLH )HOGHU VFKOlQJHOWH XQG LQ GHQ EUHLWHUHQ PQGHWH LQ GHP ZLU KHUXPZDWHWHQ 'LH 6WHUQH EHJDQQHQ ]X YHUEODVVHQ GLH 0RUJHQGlPPHUXQJ ZUGH QLFKW PHKUDOO]XODQJHDXIVLFKZDUWHQODVVHQ ª'DVZlUHHU©VDJWHLFKª'HU%DFKGHQ ZLU JHVXFKW KDEHQ 'HU XPJHVlJWH %DXP GRUW LVW PHLQ :HJ]HLFKHQ %OHLE GLFKW KLQWHUPLUZLUVLQGJOHLFKDP=LHO©,FKEUDFKPLUHLQHQWRWHQ $VWDEGHUEHUGHQ%DFKUDJWHXQG JLQJ YRUDXV:LU ZDWHWHQ ELVDQHLQHQKRKHQHOHNWULVFKHQ=DXQGHUGHQ%DFKYHUVSHUUWH ,P]XQHKPHQGHQ/LFKWZDUHUGHXWOLFK]XHUNHQQHQ0LWGHP$VW KRE LFK GLH 8QWHUNDQWH GHV =DXQHV DQ GDPLW 6WLQJHU GDUXQWHU KLQZHJNULHFKHQ NRQQWH GDQQ OHLVWHWH HU PLU GHQVHOEHQ 'LHQVW YRQ GHU DQGHUHQ 6HLWH $OV LFK PLFK DXIULFKWHWH K|UWH LFK DXV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH HLQHPQDKHJHOHJHQHQ(LFKHQKDLQGDVYHUWUDXWH5DVFKHOQJURHU 6WDFKHOQ(LQHULHVLJHGXQNOH*HVWDOWO|VWHVLFKDXVGHP6FKDWWHQ GHU%lXPHXQGUFNWHDXIXQV]X,FKHQWUL6WLQJHUGHQ6WRFN XQGULHIOHLVH ª6XXLL VXXLL ± KLHUKHU 6FKZHLQFKHQ 6FKZHLQFKHQ 6FKZHLQFKHQ© 'HUQlKHUNRPPHQGH(EHUVWLHHLQEOXEEHUQGHV*UXQ]HQDXV 6WLQJHUGHUKLQWHUPLUVWDQGNQXUUWHWLHILQGHU.HKOH±)OFKH RGHU*HEHWHRGHUEHLGHV:LHGHUVWLHLFKPHLQHQ/RFNUXIDXV XQGGDVPDVVLJH*HVFK|SINDPLPPHUQlKHU(LQULFKWLJHU6FKDW] PLQGHVWHQVHLQH7RQQHVFKZHU'DV8QJHKHXHUVFKDXWHPLFKPLW NOHLQHQURWHQ$XJHQDQ,FKPDFKWHHLQHQ6FKULWWYRUZlUWVKRE ODQJVDPGHQ$VWXQGK|UWH6WLQJHUKLQWHUPLUlFK]HQ'HU(EHU UKUWHNHLQHQ0XVNHODOVLFKPLWGHP6WRFNKLQWHUVHLQ2KUIXKU GLHODQJHQ6WDFKHOQ]HUWHLOWHXQGNUlIWLJ]XNUDW]HQEHJDQQ ª:DVPDFKVWGX"'DV'LQJEULQJWXQVXP©MDPPHUWH6WLQJHU ª1HLQ QHLQ© ZLGHUVSUDFK LFK XQG NUDW]WH QRFK IHVWHU ª+|U GRFK© 'DV 6WDFKHOVSHFNVFKZHLQ KDWWH GLH $XJHQ YRU :RQQH KDOEJHVFKORVVHQXQGJXUJHOWHIU|KOLFKYRUVLFKKLQª,FKNHQQH GLHVH 6SHFNNQDFNHU DXV GHP(IIHII,KUJURHU.XPPHULVWGDV 8QJH]LHIHUXQWHU GHQ 6WDFKHOQ DQ GDV VLH QLFKW KHUDQNRPPHQ (LQ KEVFKHU NOHLQHU .UDW] LVW GDKHU LPPHU ZLOONRPPHQ ,FK PDFKHQRFKGDVDQGHUH2KU±KLQWHUGHQ2KUHQJLEW¶VEHVRQGHUV MXFNHQGH6WHOOHQ±GDQQN|QQHQZLUZHLWHU© ,FKNUDW]WHGHU(EHUVW|KQWHZRQQHYROOXQGULQJVXPZXUGHHV LPPHUKHOOHU,P+DXVJLQJHLQ/LFKWDQXQGZLUNQLHWHQKLQWHU GHP 6WDFKHOVSHFNVFKZHLQ QLHGHU 'LH 7U JLQJ DXI MHPDQG VFKWWHWH HLQ %HFNHQ :DVVHU DXV XQG PDFKWH GHQ $XVJDQJ ZLHGHU]X

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª*HKHQZLULQGLH6FKHXQH©VDJWHLFKª+LHUHQWODQJ© 'HU(EHUEHJDQQ]XEUXPPHOQDOVLFKQLFKWZHLWHUNUDW]WHXQG WURWWHWHGDQQKRIIQXQJVYROOKLQWHUXQVKHUZlKUHQGZLUEHUGDV )DUPJHOlQGHZDQGHUWHQ:DVQXUJXWZDUGDVLFKKLHUQRFKMHGH 0HQJHDQGHUHVWDFKHOLJH6FKZDUWHQNQDFNHUKHUXPWULHEHQ'HP JURHQ %XUVFKHQ GHQ LFK JHNUDW]W KDWWH PDFKWHQ DOOH DQGHUHQ 7LHUH 3ODW] VR GD ZLU GLH 6FKHXQH XQJHKLQGHUW HUUHLFKWHQ ª7VFKVGX%URFNHQ©VDJWHLFKXQGNUDW]WHGHQ%XUVFKHQQRFK HLQ ZHQLJ ª:DU QHWW GLFK NHQQHQ]XOHUQHQ© 6WLQJHU KDWWH GLH 6FKHXQHQWUJH|IIQHWXQGZLUKXVFKWHQLQV,QQHUH.DXPKDWWHQ ZLUGHQ5LHJHOYRUJHOHJWGDEHEWHXQGNQDFNWHGDVGLFNH+RO] XQVHU EHUJHZLFKWLJHU :HJEHJOHLWHU OHKQWH VLFK VFKQDXIHQG GDJHJHQ ª'X KDVW PLU GDV /HEHQ JHUHWWHW© NHXFKWH 6WLQJHU ª'DV YHUJHVVHLFKGLUQLH© ª,FKKDEHHEHQDXFKPHLQH)lKLJNHLWHQ©VDJWHLFKEHVFKHLGHQ ª'XNDQQVWPLWGHLQHQ)lXVWHQXPJHKHQ«© ª8QGGXPLW6FKZHLQHQ© ª*DQ]VRGLUHNWKlWWHLFK¶VQLFKWDXVJHGUFNW©EUXPPWH LFKª-HW]WDEHUKLQDXILQV+HXZRZLUHVZDUPKDEHQ±XQG QLFKW JHVHKHQ ZHUGHQ (LQ ODQJHU7DJOLHJWYRUXQVXQGLFK P|FKWHPLFKPDOULFKWLJDXVVFKODIHQ© (VZDUHLQHHUOHEQLVUHLFKH1DFKWJHZHVHQ,FKZKOWHPLFK LQV+HXGDV]LHPOLFKVWDXELJZDUVRGDLFK]ZHLPDOQLHVHQ PXWH±GDQQVFKOLHILFK]LHPOLFKVFKQHOOHLQ $OV LFK ZLHGHU ]X PLU NDP VFKWWHOWH PLFK 6WLQJHU DQ GHU 6FKXOWHU 6RQQHQVFKHLQ GUDQJ GXUFK GLH 5LW]HQ ]ZLVFKHQ GHQ %RKOHQGHU:DQGª%XOOHQVLQGLQGHU1lKH©ÀVWHUWHHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH %OLQ]HOQG NDP LFK ]X PLU XQG VFKDXWH GXUFK HLQHQ 6SDOW LQV)UHLH(LQJUQZHLHU3ROL]HLVFKZHEHUYHUKDUUWHYRUGHP (LQJDQJ ]XP +DXSWKDXV XQG ]ZHL XQLIRUPLHUWH hEOH GHV *HVHW]HV ]HLJWHQ GHP )DUPHU HLQ %ODWW 3DSLHU (U VFKWWHOWH GHQ .RSI 6HLQH 6WLPPH ZDU GXUFK GHQ /lUP GHV +RIHV GHXWOLFK]XYHUVWHKHQ ª1L[ 9RQ GHQ EHLGHQ KDE¶ LFK QL[ JHVHKHQ :HQQ 6LH¶V JHQDXZLVVHQZROOHQ±XQWHUGHU:RFKH NULHJ¶ LFK EHUKDXSW NHLQHQ ]X *HVLFKW 'D LVW MHGHU %HVXFK HLQH $EZHFKVOXQJ 'LHVH.HUOHVHKHQZLUNOLFKXQDQJHQHKPDXV±9HUEUHFKHUVLQG GDVDOVRQXQMD«© ª2SDZLUKDEHQQLFKWGHQJDQ]HQ7DJ=HLW$XFKZHQQ6LH GLHEHLGHQQLFKWJHVHKHQKDEHQN|QQWHQVLHVLFKLUJHQGZRDXI GHP+RIYHUVWHFNHQ9LHOOHLFKWLQGHU6FKHXQH"© ª8QP|JOLFK'DVGDLP*HOlQGHVLQG6WDFKHOVSHFNVFKZHLQH 'LHUHL]EDUVWHQ7LHUHGLHHVJLEW© ª7URW]GHPPVVHQZLUQDFKVFKDXHQ:LUKDEHQ%HIHKOMHGHV *HElXGHKLHULQGHU*HJHQG]XGXUFKVXFKHQ© 'LH3ROL]LVWHQZROOWHQLQXQVHUH5LFKWXQJPDUVFKLHUHQDEHUGD HUW|QWHHLQ6FKUHLZLHYRQHLQHUZLOGJHZRUGHQHQ6LUHQHJHIROJW YRP7UDPSHOQVSLW]HU+XIH8PGLH(FNHGHU6FKHXQHVWUPWHPLW ]RUQLJUDVFKHOQGHQ6WDFKHOQXQVHU)UHXQGYRP$EHQG]XYRU(U JULIIDQXQGGLH3ROL]HLVXFKWHLQLKUHP6FKZHEHZDJHQ6FKXW] 'HU]RUQLJH(EHUNQDOOWHGDJHJHQKLQWHUOLHHLQHWLHIH'HOOHDQ GHU)ODQNHEHYRUGDV%RRWVFKZDQNHQGGXUFKGLH/XIWZLUEHOWH 'HU)DUPHUQLFNWH]XIULHGHQ ª+DE¶ LFK ,KQHQ GRFK JOHLFK JHVDJW GD GLH EHLGHQ QLFKW LQ GHU6FKHXQHVLQG©ULHIHULKQHQQDFKª8QVHUNOHLQHU/DUU\KDW¶V

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH QLFKWPLW)UHPGHQ$EHUNRPPHQ6LHUXKLJPDOZLHGHUYRUEHL ZHQQ6LHLQGHU*HJHQGVLQG«© 'LHOHW]WHQ:RUWHPXWHHUEUOOHQGHQQGHU6FKZHEHU UDVWH EHUHLWVYRPVFKQDXEHQGHQ/DUU\YHUIROJWQDFK:HVWHQGDYRQ ª'DV LVW QXQ ZLUNOLFK SUlFKWLJ DQ]XVFKDXHQ© VDJWH 6WLQJHU HKUIUFKWLJ ,FK QLFNWH VWXPP $XFK LP ODQJZHLOLJVWHQ /HEHQ JLEWHV]XZHLOHQHLQHQUXKPUHLFKHQ+|KHSXQNW *HQXJYHUJQJWDQGLH$UEHLW,FKNDXWHDXIHLQHP6WURKKDOP KHUXPXQGVWUHFNWHPLFKLPZDUPHQ+HXDXVª:HQQPDQVLH HLQLJHUPDHQNHQQWVLQG6WDFKHOVSHFNVFKZHLQHJDQ]QHWW© ª'LH3ROL]HLVFKHLQWGDVQLFKW]X¿QGHQ©EHPHUNWH6WLQJHU ª6LHKWVRDXV:DUZLUNOLFKHLQ$QEOLFNIU*|WWHU,FKVWHKHQLFKW JHUDGHDXIJXWHP)XPLWGHQ%XOOHQ© ª:HUWXWGDVVFKRQ:HVKDOEZDUVWGXLP.DKQ-LPP\"© ª%DQNUDXE+DVWGXVFKRQPDOµQH%DQNEHUIDOOHQ"© $QHUNHQQHQGS¿IIHUGXUFKGLH=lKQHXQGVFKWWHOWHGHQ.RSI ª6RZDVOLHJWPLUQLFKW,FKZWHQLFKWZDVLFK]XHUVWPDFKHQ VROO:LOGNlPSIH±GDVLVWPHLQH:HOW+DEHVHLWQHXQ-DKUHQ NHLQ0DWFKYHUORUHQ© ª%HLGHP/HEHQPXWGXYLHOH/HXWHNHQQHQOHUQHQ,VWGLU MHPDOV6WLQN\6FKPXFNEHUGHQ:HJJHODXIHQ"©IUDJWHLFKXQG OLHPHLQHU3KDQWDVLHGLH=JHOVFKLHHQª(UXQGLFKKDEHQLP 6WDDW*UDKDPHLQSDDU%DQNHQJHNQDFNW© ª,VWPLUQLHEHJHJQHWLFKNHQQHQLFKWPDOGHQ1DPHQ'X ELVW GHU HUVWH %DQNUlXEHU GHU PLU MH EHU GHQ :HJ JHODXIHQ LVW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª$FK ZLUNOLFK" 1XQ MD YLHOOHLFKW JLEW¶V YRQ XQVHUHU =XQIW QLFKW PHKU VR YLHOH $EHU EHVWLPPW NHQQVW GX 6DIHNQDFNHU 2GHU%RGHQZDJHQGLHEH"© 0HLQH 0KHQ EUDFKWHQ PLU QXU HLQ ZHLWHUHV .RSIVFKWWHOQ HLQ ª/HXWH ZLH GLFK WUHIIH LFK QXU LP .QDVW ,FK NHQQH K|FKVWHQV HLQ SDDU :HWWVSLHOHU YRQ GHQ :LOGNlPSIHQ$EHU GDV VLQG PHLVWHQV 9HUOLHUHU$OOHUGLQJV NDQQWH LFK YRU ODQJHU =HLWPDOHLQHQGHUVFKZRUHUNDQQWHGHQ/lXIHU© ª'HQ /lXIHU"© IUDJWH LFK XQG EOLQ]HOWH VFKQHOO XP PLU GDV ZHQLJH LQV *HGlFKWQLV ]XUFN]XUXIHQ ZDV LFK EHU 6SRUWYHUDQVWDOWXQJHQ ZXWH ª,FK JHKH QLFKW RIW LQV 6WDGLRQ«© ª'RFKQLFKWVRHLQ/lXIHU,FKPHLQHGHQ/lXIHUGHQJU|WHQ ([SHUWHQDOOHU=HLWHQGHUIUKHU%DQNHQXQGVRDXVUlXPWH,FK ZDUVLFKHUGXKlWWHVWYRQLKPJHK|UW© ª0XYRUPHLQHU=HLWJHZHVHQVHLQ© ª8UODQJHKHUGDKDVWGXUHFKWYLHOHYLHOH-DKUH$QJHEOLFK KDEHQ GLH %XOOHQ LKQ QLH HUZLVFKW 0HLQ NOHLQHU:HWWVFKHLHU SUDKOWH KHUXP HU NHQQH GHQ /lXIHU EHKDXSWHWH GHU 0DQQ KlWWHVLFK]XUFNJH]RJHQXQGOHEWHIULHGOLFKXQGXQDXIIlOOLJ 'DVZDUEHVWLPPWJHORJHQ±EHLVRHLQHP.PPHUOLQJ© 6WLQJHUZXWHQLFKWPHKUXQGLFKZROOWHQLFKW]XLQWHUHVVLHUW HUVFKHLQHQ 8QVHU *HVSUlFK YHUVWXPPWH XQG ZLU G|VWHQ ZHLWHUELVHVGXQNHOZXUGH,Q]ZLVFKHQZDUHQZLUGXUVWLJXQG KXQJULJZXWHQDEHUGDZLULP9HUVWHFNEOHLEHQPXWHQELV HV ZLHGHU GXQNHO ZXUGH ,FK NDXWH DXI GHP 6WURKKDOP KHUXP XQG YHUVXFKWH PLU GHQ *HGDQNHQ DQ JURH *OlVHU YROOHU %LHU XQGNDOWH:DVVHUÀDVFKHQDXVGHP.RSI]XVFKODJHQVWDWWGHVVHQ EHVFKlIWLJWH LFK PLFK PLW GHP /lXIHU +LHU KDWWH LFK HLQH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VFKZDFKH 6SXU ± GLH HLQ]LJH 6SXU GLH PLU EOLHE$OV HQGOLFK GLH6RQQHXQWHUJLQJOLWWLFK+XQJHUXQG'XUVWXQGZDU]LHPOLFK GHSULPLHUW0HLQ$XVÀXJLQV*HIlQJQLVKDWWHVLFKDOVJHIlKUOLFKHV )LDVNRHUZLHVHQ*HIlQJQLVVHZDUHQIU9HUOLHUHUGD±GDVZDUVR XQJHIlKU DOOHV ZDV LFK JHOHUQW KDWWH 8QG IU GLHVH (UNHQQWQLV KDWWH LFK /HLE XQG /HEHQ ULVNLHUW 1LH ZLHGHU ,FK VFKZRU PLU LQVJHKHLP *HIlQJQLVVHQ XQG *HVHW]HVKWHUQ NQIWLJ DXV GHP :HJ]XJHKHQ*XWH9HUEUHFKHUZHUGHQHEHQQLFKWHUZLVFKW:LH GHU/lXIHU±ZHULPPHUHUVHLQPRFKWH $OV GHU +LPPHO ZLHGHU SHFKVFKZDU] JHZRUGHQ ZDU |IIQHWHQ ZLUYRUVLFKWLJGLH6FKHXQHQWU(LQJXUJHOQGHV*UXQ]HQHUW|QWH XQGHLQHPlFKWLJHVFKDWWHQKDIWH*HVWDOWYHUVSHUUWHXQVGHQ:HJ 6WLQJHUVFKQDSSWHQDFK/XIWXQGLFKSDFNWHLKQHKHHUNQHLIHQ NRQQWH ª3DFNGLUHLQHQ6WRFNXQGPDFKGLFKQW]OLFK©VDJWHLFKª,FK EULQJGLUHWZDVEHL© 6R NUDW]WHQ ZLU ZLH YHUUFNW ]ZLVFKHQ GHQ 6WDFKHOQ GHV 8QJHKHXHUV KHUXP GDV XQVHUH 0KH PLW ZRKOLJHP *UXQ]HQ TXLWWLHUWH $OV ZLU XQV VFKOLHOLFK YHUGUFNWHQ WURWWHWH HV ZLH HLQ6FKRKXQGKLQWHUXQVKHUª'DKDEHQZLUHLQHQ)UHXQGIUV /HEHQ JHZRQQHQ© VDJWH LFK DOV ZLU GXUFKV 7RU KXVFKWHQ XQG XQVHUHPVFKZHLQLVFKHQ.XPSHO]XP$EVFKLHG]XZLQNWHQ ª$XIVROFKH)UHXQGHNDQQLFKYHU]LFKWHQ:HLWGXVFKRQZDV ZLUMHW]WPDFKHQ"© ª$EHUMD=XNXQIWVSODQXQJ±GDVZXUGHPLUPLWLQGLH:LHJH JHOHJW,QGLHVHU5LFKWXQJOLHJWHLQH1HEHQVWUHFNHDXIGHUYRQGHU /LQHDUEDKQDXI/NZVXPJHODGHQZLUG:LUPDFKHQHLQHQ%RJHQ XP GHQ %DKQKRI DXI GHP VLFK EHVWLPPW GLH 3ROL]HL UXPWUHLEW $EHUDOOH/NZVIDKUHQGLHVHOEH6WUHFNH]XU6FKQHOOVWUDHZRVLH DQ HLQHU$PSHO ZDUWHQ PVVHQ (V GDXHUW LPPHU HLQ:HLOFKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ELVGLH6FKQHOOVWUDHQFRPSXWHUGLH:DJHQHUIDVVHQXQG]XIDKUHQ ODVVHQ:LUJHKHQGRUWKLQ«© ª8QG YHUVFKDIIHQ XQV =XJDQJ ]XU /DGHÀlFKH HLQHV VROFKHQ /NZ© ª'XOHUQVWVFKQHOOGD]X1XUVXFKHQZLUXQVHLQHQPLW=LHOLP :HVWHQ6RQVWODQGHQZLUZLHGHULQGHUKEVFKHQ6WDGW3HUOHQWRU ± XQG JOHLFK GDUDXI LQ GHP *HIlQJQLV GHP ZLU VR PKHYROO HQWURQQHQVLQG© ª*HK YRUDQ -LP 'X ELVW GHU FOHYHUVWH -XQJH GHU PLU MH EHJHJQHWLVW'XZLUVWHVZHLWEULQJHQ© *HQDXGDVZQVFKWHLFKPLUDXFKXQGQLFNWHHLIULJ(VWDWPLU QXUOHLGGDHUPLFKQLFKWEHJOHLWHQZUGH$EHULFKZROOWHPLU QLFKW GHQ 7RG HLQHV XQEHNDQQWHQ 'XPPNRSIV DXIV *HZLVVHQ ODGHQ±VRVHKUHUHLQH=XUHFKWZHLVXQJYLHOOHLFKWYHUGLHQWKlWWH $EHU6WLQJHUKDWWHPHKUDOVGDVLP6LQQ0LWHLQHP0RUGZROOWH LFKQLFKWV]XWXQKDEHQ :LUIDQGHQGLH6WUDHXQGZDUWHWHQLQGHQ%VFKHQDP5DQG =ZHL/NZVQlKHUWHQVLFKJUROOHQG±XQGGLH6FKHLQZHUIHUHLQHV GULWWHQQlKHUWHQVLFKZHLWHUKLQWHQ:LUEHKLHOWHQGHQ.RSIXQWHQ 1DFKHLQDQGHUIXKUHQGLHEHLGHQ7UDQVSRUWHUDQXQGERJHQQDFK 2VWHQDE$OVGHUGULWWH/NZDQKLHOWVFKDOWHWHHUGHQ%OLQNHU HLQ1DFK:HVWHQ :LU OLHIHQ ORV ,FK IXPPHOWH EHUHLWV PLW GHU 9HUVFKOXVWDQJH KHUXPDOV6WLQJHUPLFK]XU6HLWHGUlQJWH(U]HUUWHKHIWLJXQG GLH7USHQGHOWHDXI'HU/NZVHW]WHVLFKLQ%HZHJXQJXQGHU VFKRE PLFK KLQHLQ (U PXWH UHQQHQ ZlKUHQG GDV )DKU]HXJ VFKRQ LQ GLH .XUYH JLQJ DEHU HU HUZLVFKWH GLH %RGHQNDQWH XQG]HUUWHVLFKPLWNXU]HP6FKZXQJVHLQHUNUlIWLJHQ$UPHKRFK *HPHLQVDPVFKO|VVHQZLUGLH7U

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª*HVFKDIIW©VDJWHHUWULXPSKLHUHQG ª8QGRE'HU/NZIlKUWIUGLFKLQGLHULFKWLJH5LFKWXQJ±DEHU LFKPXQDFK3HUOHQWRU]XUFNVREDOGGHUHUVWH'UXFNYRUEHL LVW ,Q HWZD HLQHU 6WXQGH NRPPHQ ZLU GXUFK %LOOYLOOH 'RUW YHUODVVHLFKGLFK© (VZDUHLQHNXU]H5HLVH%HLPHUVWHQ+DOWYRUHLQHU$PSHO VSUDQJ LFK KLQDXV XQG HU HUJULII PHLQH +DQG ª9LHO *OFN .OHLQHU© ULHI HU ZlKUHQG GHU 7UDQVSRUWHU ZLHGHU DQIXKU ,FK NRQQWHGLHVHQ*OFNZXQVFKQLFKWHUZLGHUQ ,FK ]RJ HLQH 'ROODUPQ]H DXV GHU 7DVFKH ZlKUHQG GDV *UROOHQ GHV /NZ OHLVHU ZXUGH ,FK KDWWH PLU GLH =XODVVXQJVQXPPHU JHPHUNW .DXP ZDU GHU :DJHQ DXHU 6LFKWQlKHUWHLFKPLFKHLQHUHUOHXFKWHWHQ7HOHIRQ]HOOH,FKNDP PLU ZLH HLQ9HUUlWHU YRU DOV LFK GLH .Q|SIH GUFNWH GLH GLH 9HUELQGXQJ]XU3ROL]HLKHUVWHOOWHQ ,Q:LUNOLFKNHLWKDWWHLFKNHLQHDQGHUH:DKO

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,P*HJHQVDW]]XPDUPHQ6WLQJHUKDWWHLFKPHLQHQ)OXFKWSODQ JUQGOLFKDXVJHDUEHLWHW'D]XJHK|UWHGLHEHZXWH,UUHIKUXQJ PHLQHV HKHPDOLJHQ 3DUWQHUV 'D HU QLFKW GXPP ZDU ZUGH HU EDOG ZLVVHQ ZHU LKQ YHUS¿IIHQ KDWWH :HQQ HU GHQ 0XQG DXIPDFKWH XQG GHU 3ROL]HL RIIHQEDUWH GD LFK LQV KEVFKH 3HUOHQWRU ]XUFNJHNHKUW ZDU ± QXQ MD XP VR EHVVHU ,FK KDWWH QLFKWGLH$EVLFKW%LOOYLOOH]XYHUODVVHQMHGHQIDOOVQLFKWVRIRUW 'DV %UR ZDU GXUFK HLQHQ 0DNOHU JHPLHWHW XQG DOOH *HVFKlIWVYRUJlQJH EHU &RPSXWHU GXUFKJHIKUW ZRUGHQ ,FK KDWWH PLU GLH 5lXPH VFKRQ YRU PHLQHP KRIIQXQJVORVHQ %DQNEHUIDOO DQJHVFKDXW XQG VHLQHU]HLW EHUHLWV 9RUUlWH HLQJHODJHUWGLHPLUMHW]WVHKUQW]OLFKVHLQNRQQWHQ,FKJHGDFKWH GDVYROODXWRPDWLVFKH%DXZHUNGXUFKGLH:DUWXQJVWU]XEHWUHWHQ ± QDFKGHP LFK GLH $ODUPDQODJH PLW +LOIH HLQHV YHUVWHFNWHQ 6FKDOWHUV ODKPJHOHJW KDWWH GHQ LFK YRUVLFKWVKDOEHU DQJHEUDFKW KDWWH(LQH=HLWVFKDOWXQJVRUJWHGDIUGDLFK]HKQJHPWOLFKH 0LQXWHQ =HLW KDWWH LQV %UR ]X JHODQJHQ *lKQHQG EHUOLVWHWH LFK GDV 6FKOR PDFKWH GLH 7U KLQWHU PLU ]X XQG WURWWHWH GUHL 7UHSSHQKLQDXI9RUEHLDQGHQPDWWHQ$XJHQGHUGHVDNWLYLHUWHQ .DPHUDVXQGGXUFKGLHXQVLFKWEDUHQ±XQGQLFKWHLQJHVFKDOWHWHQ ± ,QIUDURWVWUDKOHQ $OV LFK PLU =XJDQJ ]XP %UR YHUVFKDIIWH KDWWHLFKQRFK]ZHL0LQXWHQ=HLW,FKYHUGXQNHOWHGLH)HQVWHU VFKDOWHWHGLH%HOHXFKWXQJHLQXQGPDUVFKLHUWH]XU%DU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 1LH KDWWH PLU NDOWHV %LHU EHVVHU JHVFKPHFNW 'HU ,QKDOW GHU HUVWHQ 'RVH EHUKUWH GLH ,QQHQVHLWH PHLQHU .HKOH QLFKW XQG ]LVFKWH I|UPOLFK DOV HV PHLQHQ 0DJHQ HUUHLFKWH *HQOLFK JOXFNHUWHLFKGDV]ZHLWHZlKUHQGLFKGHQ1LSSHOHLQHV(SDFNV PLW JHU|VWHWHQ 6WDFKHOVSHFNVFKZHLQULSSFKHQ ]RJ $OV GHU 'DPSI GXUFK GDV /IWXQJVORFK S¿II UL LFK GHQ 'HFNHO GHU OlQJOLFKHQ 3DFNXQJ DE XQG ]RJ HLQ DUPODQJHV 5LSSHQVWFN KHUDXV0PPK 1DFKGHP LFK JHGXVFKW XQG PLFK UDVLHUW XQG HLQ GULWWHV %LHU LQ$QJULII JHQRPPHQ KDWWH EHJDQQ LFK PLFK VFKRQ YLHO EHVVHU]XIKOHQª(LQ©VDJWHLFKGHP7HUPLQDOXQGVFKDOWHWH PLFK ]XP .RPPQHW] GXUFK ,FK JDE VLPSOH $QZHLVXQJHQ VlPWOLFKH =HLWXQJVPHOGXQJHQ EHU GHQ 3ODQHWHQ IQI]LJ -DKUH ]XUFN XQG ]ZDU PLW +LQZHLVHQ DXI HLQHQ 9HUEUHFKHU QDPHQV ªGHU /lXIHU© DXI +lXIXQJHQ ]X EHVWLPPWHQ 'DWHQ DFKWHQ'RXEOHWWHQYHUPHLGHQ3ULQW (KHLFKGDV%LHUDQGHQ0XQGJHKREHQKDWWHVFKREHQVLFK EHUHLWVGLHHUVWHQ%OlWWHUDXVGHP)D['DVREHUVWH%ODWWZDUGLH MQJVWH0HOGXQJ±]HKQ-DKUHDOW(LQQLFKWJHUDGHYRP6WXKO UHLHQGHU $UWLNHO DXV 'HFDORJJ HLQHU 6WDGW DXI GHU DQGHUHQ 3ODQHWHQVHLWH'LH3ROL]HLKDWWHLQHLQHU%DUHLQHQlOWHUHQ0DQQ DXIJHJULIIHQGHUVLFKDOV/lXIHUDXVJDE0DQKDWWHIHVWJHVWHOOW GD GHU 9HUKDIWHWH DQ *HLVWHVYHUZLUUXQJ OLWW XQG LKQ LQ GDV +HLP]XUFNJHEUDFKWDXVGHPHUHQWODXIHQZDU,FKQDKPPLU GHQQlFKVWHQ%HULFKWYRU *HJHQ 0RUJHQ ZXUGH LFK PGH XQG OHJWH PLFK LP $NWHQVFKUDQNVFKODIHQGHUVLFKDXIDNXVWLVFKHQ%HIHKOKLQLQ HLQ %HWW YHUZDQGHOWH ,P JUDXHQ /LFKW GHV 0RUJHQV EHOHEW GXUFK HLQHQ JURHQ VFKZDU]HQ .DIIHH IJWH LFK VFKOLHOLFK DXFK GHQ OHW]WHQ$UWLNHO LQ GDV 0XVWHU HLQ GDV VLFK DXI GHP

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH %RGHQ DXVEUHLWHWH 5RVD 6RQQHQVFKHLQ ZDQGHUWH GDUEHU KLQ ,FK VFKDOWHWH GDV /LFKW DXV VFKOXJ PLU PLW GHP 6FKUHLEVWLIW JHJHQGLH=lKQHXQGEHWUDFKWHWHGDV0XVWHU ,QWHUHVVDQW(LQ9HUEUHFKHUGHUVLFKVHLQHU8QWDWHQUKPW 'HU DQVWHOOH GHU %HXWH NOHLQH =HLFKQXQJHQ HLQHU /lXIHU¿JXU KLQWHUOLH(LQHVFKOLFKWH=HLFKQXQJ±HLQIDFK]XNRSLHUHQ:DV LFK DXFK WDW ,FK KLHOW VLH DXI$UPHVOlQJH YRU PLFK KLQ XQG EHZXQGHUWHVLH 'HU HUVWH /lXIHU ZDU YRU DFKWXQGVHFK]LJ -DKUHQ LQ GHU OHHUHQ .DVVHQVFKXEODGH HLQHV DXWRPDWLVLHUWHQ 6FKQDSVODGHQV JHIXQGHQ ZRUGHQ :HQQ GHU /lXIHU VHLQH 9HUEUHFKHUNDUULHUH ZLHLFKDOV7HHQDJHUEHJRQQHQKDWWHPWHHULQ]ZLVFKHQEHU DFKW]LJVHLQ(LQJDQ]DQJHQHKPHV$OWHULQXQVHUHU=HLWGDGLH /HEHQVHUZDUWXQJ DXI DQGHUWKDOE -DKUKXQGHUWH KRFKJHVFKUDXEW ZRUGHQ ZDU $EHU ZRPLW VROOWH PDQ GDV ODQJH 6FKZHLJHQ HUNOlUHQ"*XWIQI]HKQ-DKUHZDUHQYHUJDQJHQVHLWHUVHLQHOHW]WH 9LVLWHQNDUWHKLQWHUODVVHQKDWWH,FK]lKOWHGLH0|JOLFKNHLWHQDQ GHQ)LQJHUQDE ª(UVWHQV±XQGGLHVH0|JOLFKNHLWPVVHQZLULPPHUHLQEH]LHKHQ ±N|QQWHHUGHQ/|IIHODEJHJHEHQKDEHQ,QGLHVHP)DOOVLQGZLU KLOÀRVDOVRYHUJHVVHQZLUGDVVFKQHOOZLHGHU =ZHLWHQVN|QQWHHUVLFKLQWHUVWHOODUYHUlQGHUWKDEHQXQGVHLQHQ YHUEUHFKHULVFKHQ 1HLJXQJHQ ]ZLVFKHQ GHQ 6WHUQHQ QDFKJHKHQ 6ROOWH GDV GHU )DOO VHLQ N|QQHQ ZLU¶VHEHQIDOOVYHUJHVVHQ,FK EUDXFKHYHUGDPPWYLHOPHKUJROGHQH6FKHLQFKHQXQG(UIDKUXQJ HKHLFKPLFKLQGHQ:HOWUDXPZDJHQNDQQ 'ULWWHQVN|QQWHHUVLFK]XU5XKHJHVHW]WKDEHQXPVHLQH%HXWH ]XYHU]HKUHQ±GD]XZUGHLFKLKPYLHO*OFNZQVFKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 2GHUHUKDW±YLHUWHQV±GLH0HWKRGHJHlQGHUWXQGKLQWHUOlW QLFKWPHKUQDFKMHGHP(LQVDW]VHLQH6LJQDWXU© ,FK OHKQWH PLFK JHPWOLFK ]XUFN XQG NRVWHWH YRQ PHLQHP .DIIHH %HL GULWWHQV RGHU YLHUWHQV KDWWH LFK GLH &KDQFH GHQ 0DQQ]X¿QGHQ(KHHULQGHU9HUVHQNXQJYHUVFKZDQGKDWWHHU HLQ EHZHJWHV /HEHQ JHIKUW DQHUNHQQHQG VFKDXWH LFK GLH /LVWH GXUFK )OXJ]HXJNODX $XWRGLHEVWDKO %DQNUDXE 8QG VR ZHLWHU %HL DOOHQ 9HUEUHFKHQ JLQJ HV GDUXP 'ROODUV DXV GHQ 7DVFKHQ DQGHUHU LQ GLH HLJHQHQ XP]XOHLWHQ 2GHU *UXQGEHVLW] GHU PLW IDOVFKHQ 8QWHUODJHQ VFKQHOO JHJHQ QRFK PHKU *HOG YHUK|NHUW ZHUGHQNRQQWH'DV%HVWHDEHUZDUGDPDQLKQQLHHUZLVFKW KDWWH'LHVZDUGHU0DQQGHUPHLQ0HQWRUPHLQ/HKUHUZHUGHQ NRQQWHPHLQH8QLYHUVLWlWGHV9HUEUHFKHQV±GLHVHU0DQQN|QQWH PLU HLQHV 7DJHV HLQ 'LSORP GHU 6FKXUNHUHL DXVVWHOOHQ GDV PLU LUJHQGZDQQ GHQ :HJ LQ GLH JROGHQH =XNXQIW HU|IIQHQ ZUGH DXIGLHLFKKRIIWH $EHU ZLH VROOWH LFK LKQ ¿QGHQ ZHQQ GLH YHUHLQWHQ 3ROL]HLVWUHLWNUlIWH HLQHU JDQ]HQ :HOW LKQ VHLW -DKU]HKQWHQ YHUJHEOLFKVXFKWHQ"(LQHLQWHUHVVDQWH)UDJH 6R LQWHUHVVDQW GD LFK NHLQH VFKQHOOH $QWZRUW YRUDXVVDK ,FK QDKP PLU YRU PHLQ 8QWHUEHZXWVHLQ DXI GDV 3UREOHP ORV]XODVVHQVFKREHLQLJH6\QDSVHQDXVGHP:HJXQGOLHGLH JDQ]H 6DFKH LQ PHLQH *HKLUQPDVVH KLQDEVLQNHQ 'LH 6WUDH GUDXHQ IOOWH VLFK GLH PHLVWHQ /HXWH VFKLHQHQ HLQNDXIHQ ]X ZROOHQ,FKIDQGGDLFKPLUVRHWZDVDXFKHLQPDOYRUQHKPHQ NRQQWH:DVLFKKLHUDQ9RUUlWHQKDWWHZDUHQWZHGHUWLHIJHIURUHQ RGHUDEJHSDFNWGRFKKDWWHLFKQDFKGHPVFKODIIHQ*HIlQJQLVHVVHQ +HLKXQJHU DXI 'LQJH GLH EHLP +LQHLQEHLHQ NQLVWHUWHQ XQG NQDFNWHQ,FK|IIQHWHPHLQ%HDXW\FDVHXQG¿QJGDPLWDQPHLQH DOWHUQDWLYH(UVFKHLQXQJYRU]XEHUHLWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 1XUZHQLJH(UZDFKVHQHZLVVHQ±RGHUHULQQHUQVLFK±ZLH VFKZHUHVLVWHLQ7HHQDJHU]XVHLQ6LHKDEHQXQWHUGUFNWGDHV VLFKXPHLQH=ZLVFKHQVWDWLRQDXIGHP:HJ]XU5HLIHKDQGHOW'LH XQJHWUEWHQ )UHXGHQ GHU .LQGKHLW VLQG EHUHLWV EHUZXQGHQ GLH YROOH%HIULHGLJXQJGHV(UZDFKVHQHQOHEHQVLVWQRFKQLFKWHUUHLFKW *DQ]DEJHVHKHQYRQGHQ6WDXXQJHQGHV%OXWHVLP.RSI±XQGDQ DQGHUHQ6WHOOHQ±VREDOGGDVDQGHUH*HVFKOHFKWLQV6SLHONRPPW JLEW HV DXFK HFKWH 6FKZLHULJNHLWHQ 9RP DUPHQ 7HHQDJHU ZLUG HUZDUWHWGDHUVLFKZLHHLQ(UZDFKVHQHUEHQLPPWEHVLW]WDEHU NHLQHGHU3ULYLOHJLHQGLHVHVKRKHQ6WDQGHV,FKIUPHLQ7HLOZDU GHUXQDQJHQHKPHQ7\UDQQHLGHU7HHQDJHUHLHQWNRPPHQLQGHP LFKVLHHLQIDFKEHUVSUXQJHQKDWWH:HQQLFKQLFKWLQGHU6FKXOH KHUXPOXQJHUWH RGHU PLW *OHLFKDOWULJHQ /JHQ DXVWDXVFKWH WUDW LFKDOV(UZDFKVHQHUDXI'DLFKRKQHKLQYLHOLQWHOOLJHQWHUZDUDOV GLHPHLVWHQ(UZDFKVHQHQ±MHGHQIDOOVJODXEWHLFKGDV±EUDXFKWH LFKPLFKQXUXPGHQN|USHUOLFKHQ$VSHNW]XNPPHUQ =XQlFKVWHLQSDDU.UlKHQIHLQGLH$XJHQZLQNHOXQGDXIGLH 6WLUQ6REDOGGLHIDUEORVH)OVVLJNHLWWURFNQHWHHUVFKLHQHQ)DOWHQ XQGGHU.DOHQGHUPHLQHV$OWHUVZXUGHXPHWOLFKH-DKUHYRUJHVWHOOW :HLWHUH )DOWHQ DQ +DOV XQG .LQQ PDFKWHQ VLFK HEHQIDOOV JXW KLQ]X NDP HLQ NQDSSHU 6FKQXUUEDUW $OV LFK VFKOLHOLFK GDV IRUPORVH-DFNHWWHLQHVNOHLQHQ%URDUEHLWHUVDQ]RJKlWWHPLFK GLHHLJHQH0XWWHUDXIGHU6WUDHQLFKWZLHGHUHUNDQQW(WZDYRU HLQHP -DKU ZDU LFK LKU EHJHJQHW XQG KDWWH VLH QDFK GHU =HLW JHIUDJWRKQHGDDXFKQXUHLQ6FKLPPHUGHV(UNHQQHQVLQLKUHQ .XKDXJHQ ]X VHKHQ JHZHVHQ ZlUH ,FK QDKP HLQHQ 6FKLUP DXVGHP6FKUDQNGDHVDXINHLQHQ)DOOUHJQHQZUGHYHUOLHGDV %URXQGEHJDEPLFK]XPQlFKVWHQ(LQNDXIV]HQWUXP ,FK PX VDJHQ PHLQ 8QWHUEHZXWVHLQ ZDU DQ GLHVHP 7DJ ZLUNOLFK ¿[ ± GLHV NRQQWH LFK EDOG IHVWVWHOOHQ 7URW] GHU %LHUH ZDU PHLQ 'XUVW QRFK QLFKW JHVWLOOW 'HU WURFNHQH 7DJ LQ GHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6FKHXQH KDWWH VHLQH 6SXUHQ KLQWHUODVVHQ 'HVKDOE PDUVFKLHUWH LFKHQHUJLVFKXQWHUGHQ3ODWLQERJHQHLQHV0DF6FKZHLQV/RNDOV KLQGXUFKXQGEHJDEPLFK]XGHP%HGLHQXQJVURERWHUGHULQGHQ 7UHVHQHLQJHEDXWZDU'HU3ODVWLNNRSIZDUPLWHLQHPSHUPDQHQWHQ *ULQVHQEHPDOWXQGGLH6WLPPHNODQJVOLFKYHUIKUHULVFK ª:LH NDQQ LFK ,KQHQ KHOIHQ 6LU RGHU 0DGDP"© ,FK NDP ]X GHP6FKOXGDPDQGLH.RVWHQIUHLQ*HVFKOHFKWVHUNHQQXQJV SURJUDPPQLFKWKlWWHVFKHXHQVROOHQZlKUHQGLFKGLH:DQGOLVWH GHU.h+/00+/(..(5'5,1.6VWXGLHUWH ª(LQHQGRSSHOWHQ.LUVFK6FKZLW]HUPLWYLHO(LV© ª6FKRQEHVWHOOW6LURGHU0DGDP'DVZlUHQELWWHGUHL'ROODU© ,FK OLH GLH 0Q]HQ LQ GLH (PSIDQJV|IIQXQJ IDOOHQ XQG GLH /XNH]XFNWHKRFKXQGSUlVHQWLHUWHPHLQ*HWUlQN:lKUHQGLFK GDQDFKJULIIODJPLUGHU5RERWHUPLWZHLWHUHQ$QJHERWHQLQGHQ 2KUHQ ª0DF6FKZHLQV IUHXW VLFK 6LH EHGLHQHQ ]X N|QQHQ =XP JHZlKOWHQ*HWUlQNP|FKWHQ6LHEHVWLPPWHLQHQJHEUDWHQHQ6WDF KHOVSHFNVFKZHLQHEXUJHUPLWOHFNHUHU*HKHLPVDXFHJDUQLHUWPLW ]XFNHUJHEUDWHQHQ*XP\XPV«© 'LH 6WLPPH YHUKDOOWH GHQQ SO|W]OLFK OLHIHUWH PHLQ 8QWHUEHZXWVHLQGLH/|VXQJIUHLQNOHLQHV3UREOHP(LQHVHKU HLQIDFKHXQGORJLVFKH/|VXQJGLHJHUDGH]XGXUFKVFKHLQHQGNODU XQGSXUXQGVLPSHOZDU« ª1XQPDFKHQ6LHVFKRQ0HLVWHUEHVWHOOHQRGHUYHUVFKZLQGHQ 6LHN|QQHQKLHUQLFKWGHQJDQ]HQ7DJUXPVWHKHQ© 'LHEDUVFKH6WLPPHVFKOXJPLUDQV2KUXQGLFKEUXPPWHHLQH (QWVFKXOGLJXQJVFKOXUIWH]XUQlFKVWHQ6LW]HFNHXQGVFKREPLFK KLQHLQ1XQZXWHLFKZDV]XWXQZDU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKEUDXFKWHGDV3UREOHPQXUDXIGHQ.RSI]XVWHOOHQ$QVWDWW VHOEVWQDFKGHP/lXIHU]XVXFKHQZUGHLFKGDIUVRUJHQGD HUPLFKDXV¿QGLJPDFKWH ,FK LQKDOLHUWH PHLQ *HWUlQN ELV PLU GLH 1HEHQK|KOHQ ZHK WDWHQ XQG VWDUUWH GDEHL EOLFNORV LQV /HHUH ZlKUHQG GLH 7HLOH GHV 3ODQV *HVWDOW DQQDKPHQ 2IIHQNXQGLJ EHVWDQG IU PLFK NHLQH *HOHJHQKHLW GHQ /lXIHU DOOHLQ ]X ¿QGHQ ± HV ZlUH HLQH W|ULFKWH=HLWYHUVFKZHQGXQJJHZHVHQDXFKQXUGHQ9HUVXFK]X XQWHUQHKPHQ ,FK EUDXFKWH DOVR QLFKWV DQGHUHV ]X WXQ DOV HLQ GHUPDHQDXIVHKHQHUUHJHQGHV9HUEUHFKHQ]XEHJHKHQGDPDQ EHUDOO DXI GHP 3ODQHWHQ LQ GHQ 1DFKULFKWHQVHQGXQJHQ GDYRQ EHULFKWHQ ZUGH 'LH 6DFKH PXWH VR H[RWLVFK VHLQ GD NHLQ 0HQVFKGHUQRFKOHVHQNRQQWH±RGHUHLQHQOHW]WHQ)LQJHUEHVD PLW GHP HU GHQ 1DFKULFKWHQNDQDO HLQWLSSHQ NRQQWH ± GDYRQ QLFKWVZXWH'LHJHVDPWH:HOWZUGHHUIDKUHQZDVJHVFKHKHQ ZDU 8QG VLH ZUGH ZLVVHQ GD GHU /lXIHU ZLHGHU HLQPDO ]XJHVFKODJHQ KDWWH GHQQ LFK ZUGH DP 2UW GHV *HVFKHKHQV VHLQH9LVLWHQNDUWH]XUFNODVVHQ 'LH OHW]WHQ 7URSIHQ JXUJHOWHQ GHQ 6WURKKDOP KHUDXI PHLQ %OLFN YHUVFKZDPP XQG LFK NHKUWH ODQJVDP LQ GLH JUHOOEXQWH 5HDOLWlWYRQ0DF6FKZHLQV]XUFN8QGYRUPHLQHQ$XJHQKLQJ HLQ3RVWHU2KQHHV]XVHKHQKDWWHLFKVFKRQHLQLJH=HLWGDUDXI JHVWDUUW -HW]W ZXUGH PLU EHZXW ZDV LFK GD VDK /DFKHQGH &ORZQVXQGNUHLVFKHQGH.LQGHU±ZRQQLJOLFKVWUDKOHQGLQOHLFKW YHUVFKREHQHU ':LHGHUJDEH hEHU GHQ .|SIHQ VWDQG LQ VWUDKOHQGHQ%XFKVWDEHQGLHVLPSOH%RWVFKDIW +(%(1 6,( ,+5( &283216 $8) 6,( (5+$/7(1 6,( %(, -('(0 .$8) )5(,(5(,175,77,1'(1/81$3$5.

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKKDWWHGLHVHQ 2UW GHU3ODVWLNIUHXGHQ YRUHLQLJHQ -DKUHQ DXIJHVXFKW±XQGVFKRQDOV .LQGNHLQHQ6SD GDUDQJHKDEW 6FKHXOLFKH *HLVWHUEDKQIDKUWHQ EHL GHQHQ VLFK QXU JHLVWLJ =XUFNJHEOLHEHQH lQJVWLJHQ NRQQWHQ .DUXVVHOOJHVFKlIWH UXQGKHUXP LP .UHLV XQG UDXI XQG UXQWHU ± DXFK PLW GHP 0DJHQLQKDOW %LOOLJVWHU )UD VHU =XFNHUNUDP EHWUXQNHQH &ORZQV EHUDXVFKHQGH )UHXGHQ IU DOO MHQH GLH VLFK VFKQHOO YHUIKUHQODVVHQ7lJOLFKNDPHQ7DXVHQGHLQGHQ/XQD3DUN ± XQG QRFK PHKU 7DXVHQGH DQ GHQ :RFKHQHQGHQ ± XQG VLH DOOH EUDFKWHQ HLQH QRFK JU|HUH $Q]DKO YRQ 7DXVHQGHQ DQ 'ROODUVPLW 'ROODUV 'ROODUV MHGH 0HQJH ,FK EUDXFKWH QLFKWV DQGHUHV ]XWXQDOVVLHDE]XVWDXEHQ±DXIHLQHGHUPDHQLQWHUHVVDQWH $UWGDPDQEHUDOODXIGHP3ODQHWHQDQHUVWHU6WHOOHGDYRQ EHULFKWHQZUGH $EHU ZLH VROOWH LFK GDV DQVWHOOHQ" ,QGHP LFK QDWUOLFK GHQ 3DUNDXIVXFKWHXQGPLUGLH6LFKHUKHLWVYRUNHKUXQJHQDQVDK(V ZXUGH=HLWGDLFKPDOHLQHQ7DJIUHLPDFKWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

$XIGHPJHSODQWHQ(UNXQGXQJVDXVÀXJZDUHVDQJHEUDFKW GD LFK PLFK PHLQHP$OWHU JHPl EHQDKP ± RGHU DOV QRFK MQJHU GXUFKJLQJ 1DFKGHP LFK GDV 0DNHXS DEJHQRPPHQ KDWWH ZDU LFK ZLHGHU HLQ JODWWJHVLFKWLJHU 6LHE]HKQMlKULJHU ± DEHU GDV PWH VLFK QRFK YHUEHVVHUQ ODVVHQ KDWWH LFK QLFKW DQ HLQHP WHXUHQ )HUQNXUV ]XP 7KHPD %KQHQ0DNHXS WHLOJHQRPPHQ" 3ROVWHU XQWHU GHQ :DQJHQ OLHHQ PLFK QRFK UXQGOLFKHU DXVVHKHQ EHVRQGHUV QDFKGHP LFK PLW HLQ ZHQLJ 5RXJHQDFKJHKROIHQKDWWH,FKVHW]WHHLQH6RQQHQEULOOHDXIGLH PLW3ODVWLNEOXPHQYHU]LHUWZDU±XQG:DVVHUYHUVSULW]WHZHQQ LFK GHQ *XPPLEDOO LQ PHLQHU 7DVFKH GUFNWH -HGH 6HNXQGH HLQ /DFKHU 'HU %HNOHLGXQJVVWLO KDWWH VLFK YHUlQGHUW ± ODQJH +RVHQIU-XQJHQZDUHQ*RWWVHL'DQNDXVGHU0RGHGDIU ZDUHQ GLH 6KRUWV ]XUFNJHNHKUW ± DOOHUGLQJV LQ )RUP HLQHU ZLGHUOLFKHQ0RGHPLWGHP1DPHQ.XU]ODQJ±HLQ%HLQHQGHWH NXU]REHUKDOEGHV.QLHVXQGGDVDQGHUHHLQ6WFNGDUXQWHU,FK KDWWH PLU HLQ %HLVSLHO GLHVHU 0RGH ]XJHOHJW ± LQ ZLGHUOLFKHP SXUSXUQHQ&RUGPLWJUHOOURVD)OHFNHQJHVFKPDFNYROOJDUQLHUW ,FKZDJWHHVNDXPPLFKLP6SLHJHODQ]XVFKDXHQXQG]|JHUH PHLQ 6SLHJHOELOG ]X EHVFKUHLEHQ ± MHGHQIDOOV KDWWH HV ZHQLJ bKQOLFKNHLW PLW HLQHP JHÀRKHQHQ %DQNUlXEHU 8P GHQ +DOV KlQJWHLFKPLUHLQHELOOLJH:HJZHUINDPHUDGLHLQ:LUNOLFKNHLW ZHGHU ELOOLJ QRFK ]XP :HJZHUIHQ QRFK QXU HLQH .DPHUD ZDU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $P %DKQKRI YHUORU LFK PLFK LQ HLQHP 0HHU lKQOLFK DXVVHKHQGHU 7\SHQ GLH GHQ /XQD6RQGHU]XJ EHVWLHJHQ +\VWHULVFK ODFKHQG XQG NUHLVFKHQG XQG :DVVHU DXV 3ODVWLNEOXPHQYHUVSULW]HQGYHUNU]WHQZLUXQVGLH=HLW2GHU GHKQWHQ VLH LQV (QGORVH MH QDFKGHP $OV GLH 7UHQ HQGOLFK DXIJLQJHQ OLH LFK GLH JUHOOEXQWH 0HQJH YRUDXVSUHVFKHQ XQG IROJWHPLWJHPlFKOLFKHQ6FKULWWHQ$QGLH$UEHLW ,FK PXWH GRUWKLQ ZR GDV *HOG VLFK EHIDQG =XP *OFN ZDUHQPHLQH(ULQQHUXQJHQDQGHQHUVWHQ%HVXFKQXUQRFKYDJH GRFK ZXWH LFK QRFK GD PDQ GLH YHUVFKLHGHQHQ )DKUWHQ XQG $WWUDNWLRQHQ PLW 3ODVWLNMHWRQV EH]DKOWH 0HLQ 9DWHU KDWWH PLU ]X$QIDQJHLQHEHJUHQ]WH$Q]DKOGLHVHU*HELOGH]XU9HUIJXQJ JHVWHOOWGLHZLULQQHUKDOEZHQLJHU0LQXWHQDXIJHEUDXFKWKDWWHQ ±ZRPLWGHU6SDGDQQYRUEHLJHZHVHQZDU-HW]WPXWHLFK KHUDXV¿QGHQZRKHUGLHVH&KLSVNDPHQ .HLQ3UREOHP±GHQQGDV*HElXGHZDUGDV=LHOMHGHVNOHLQHQ %HVXFKHUV DXI GHP *HOlQGH (V KDQGHOWH VLFK XP HLQHQ QDFK REHQ VSLW] ]XODXIHQGHQ %DX GHU ZLH HLQH XPJHGUHKWH (LVWWH DXVVDK EHGHFNW PLW )ODJJHQ XQG PHFKDQLVFKHQ &ORZQV JHNU|QW YRQ HLQHU JROGHQHQ =LUNXVRUJHO GLH RKUHQEHWlXEHQG ODXWVSLHOWH=XHEHQHU(UGHVlXPWHHLQ5LQJYRQ3ODVWLN7RUVRV GDV +DXV DP %RGHQ IHVWJHPDFKW ZLH &ORZQV KHUDXVJHSXW]W UXFNHOQG ODFKHQG JULPDVVHQVFKQHLGHQG 6R DEVFKHXOLFK GLHVH *HELOGHDXFKZDUHQVLHKDWWHQGLHOHEHQVZLFKWLJH)XQNWLRQGLH 3DUNEHVXFKHU YRQ LKUHP *HOG ]X WUHQQHQ (LIULJH .LQGHUKlQGH VFKREHQ 'ROODUVFKHLQH LQ GLH ]XSDFNHQGHQ +lQGH GHU 3ODVWLN .DVSHU 'LH +DQG VFKOR VLFK GDV *HOG YHUVFKZDQG XQG GHU 0XQG GHV &ORZQV HUEUDFK GLH HQWVSUHFKHQGH $Q]DKO YRQ 3ODVWLNFKLSV LQ HLQHQ $XIIDQJWHOOHU :LGHUOLFK ± DEHU RIIHQEDU ZDULFKGHUHLQ]LJHGHUVRGDFKWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'DV*HOGYHUVFKZDQGLP*HElXGH1XQPXWHLFKIHVWOHJHQ ZRHVZLHGHUKHUDXVNDP,FKVFKOHQGHUWHXQWHQDP.HJHOHQWODQJ XQGVWHOOWHIHVWGDGLH-HWRQVSHLHUNHLQHQYROOHQ.UHLVELOGHWHQ 1DFKKLQWHQ]XKLQWHU%VFKHQXQG%lXPHQYHUERUJHQVWLHHLQ NOHLQHV%DXZHUNDQGDV)XQGDPHQW,FKVFKREPLFK]ZLVFKHQGHQ bVWHQ KLQGXUFK XQG VDK PLFK SO|W]OLFK HLQHP 3ULYDWSROL]LVWHQ JHJHQEHUGHUHLQHXQEHVFKULIWHWH7UEHZDFKWH ª9HUVFKZLQGH .OHLQHU© VDJWH HU IUHXQGOLFK ª+LHU QXU IU $QJHVWHOOWH© ,FK ZLHVHOWH XP LKQ KHUXP XQG GUFNWH JHJHQ GLH7U ± XQG SKRWRJUDSKLHUWHVLHJOHLFK]HLWLJª0XDXIV.OR©VDJWH LFK XQG SUHWHGLH.QLH]XVDPPHQª0DQKDWPLUJHVDJWHVZlUHKLHU© (LQH KDUWH +DQG ]HUUWH PLFK IRUW XQG VFKOHXGHUWH PLFK LQ GLH%VFKHª+LHUQLFKW$EGXUFKGLH0LWWH'RUWKLQZRKHUGX JHNRPPHQELVW© ,FK VFKZLUUWH DE 6HKU LQWHUHVVDQW .HLQH HOHNWURQLVFKHQ $ODUPHLQULFKWXQJHQ XQG GDV 6FKOR ZDU HLQ +HLVV0LNURQ ±]XYHUOlVVLJDEHUDOW3O|W]OLFKNRQQWHLFKGHP/XQD3DUNGRFK HLQHSRVLWLYH6HLWHDEJHZLQQHQ ,FK PXWH HQGORV ZDUWHQ ELV HV GXQNHO ZXUGH XQG GHU )UHL]HLWSDUN]XPDFKWH8PPLUGLH=HLW]XYHUWUHLEHQSURELHUWH LFKGLH*OHWVFKHUIDKUWEHLGHUPDQGXUFKIDOVFKH(LVK|KOHQUDVWH DXIDOOHQ6HLWHQYRQXQKHLPOLFKHQ*HVFK|SIHQXPJHEHQGLHLP (LVHLQJHIURUHQZDUHQ±DXFKZHQQVLH]XZHLOHQGHQNUHLVFKHQGHQ )DKUJlVWHQ HQWJHJHQSHQGHOWHQ 'HU ª5DNHWHQÀXJ© ZDU HEHQVR VFKOLPPXQGXPGLH*UHQ]HQGHVJXWHQ*HVFKPDFNVQLFKW]X EHUVFKUHLWHQZLOOLFKGDV0lQWHOFKHQGHV6FKZHLJHQVEHUGLH EHUDXVFKHQGHQ)UHXGHQGHV=XFNHUODQGHVXQGGHU6XPSIPRQVWHU KlQJHQ(VVHLQXUDQJHPHUNWGDHQGOLFKGHUHUZDUWHWH0RPHQW KHUDQUFNWH 'LH -HWRQDXVJDEH VFKOR HLQH 6WXQGH YRU GHP

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH HLJHQWOLFKHQ %HWULHEVHQGH $XV JXWHU 'HFNXQJ EHREDFKWHWH LFK PLW JLHULJHQ$XJHQ ZLH HLQ 3DQ]HUZDJHQ NDP XQG HLQH JURH $Q]DKO NRPSDNWHU %HKlOWHU HQWIKUWH 1RFK LQWHUHVVDQWHU ZDU GLH 7DWVDFKH GD PLW 9HUVFKZLQGHQ GHV *HOGHV DXFK GLH hEHUZDFKXQJDXIK|UWH9HUPXWOLFKHQWVSUDQJGLHVGHPORJLVFKHQ 6FKOXGDMDZRKOQLHPDQGGHUVHLQH6LQQHEHLVDPPHQKDWWH HLQEUHFKHQXQG&KLSVVWHKOHQZROOWH $OVR KDWWH LFK ZRKO PHLQH 6LQQH QLFKW EHLVDPPHQ %HL (LQEUXFK GHU 'XQNHOKHLW VFKOR LFK PLFK GHQ HUVFK|SIWHQ 3DUNEHVXFKHUQDQGLH]XGHQ$XVJlQJHQVFKOXUIWHQ1XUNDPLFK GRUWQLFKWHUVWDQ(LQHYHUVFKORVVHQH7UKLQWHUGHP9DPSLUEHUJ KDWWHPHLQHQVDQIWHQ9RUKDOWXQJHQQLFKWVHQWJHJHQ]XVHW]HQ,FK YHUVFKZDQGLQGHU'XQNHOKHLWGHU:DUWXQJVWXQQHO+RFKEHU PLUOHXFKWHWHQKHOOH5HL]lKQHWURSIWHIDOVFKHV%OXWXQGLFKIDQG HLQVHKUJHPWOLFKHV3OlW]FKHQKLQWHUHLQHPPLW(UGHJHIOOWHQ 6DUJ ,FK OLH HLQH 6WXQGH YHUVWUHLFKHQ QLFKW PHKU ,FK JLQJ GDYRQ DXVGDGLH3DUN$QJHVWHOOWHQQXQVFKRQDXVGHP:HJZDUHQ GD VLFK VSlWHU DEHU LQ GHQ 6WUDHQ DXHUKDOE GHV 3DUNV QRFK )HLHUQGH KHUXPWULHEHQ VR GD PHLQH ZLGHUOLFKH $XIPDFKXQJ QLFKWDXIIDOOHQZUGH 1DWUOLFKZDUHQ:lFKWHUXQWHUZHJVGHQHQLFKDEHUDXVGHP :HJ JHKHQ NRQQWH :LH HUZDUWHW OLH VLFK GDV +HLVV6FKOR SUREOHPORV|IIQHQXQGLFKYHUVFKZDQGVFKOHXQLJVWLP*HElXGH 'HU 5DXP ZDU IHQVWHUORV ZDV PLU QXU UHFKW ZDU ZHLO PHLQH /DPSHGUDXHQQLFKWJHVHKHQZHUGHQNRQQWH,FKVFKDOWHWHVLH HLQXQGEHZXQGHUWHGHQ0DVFKLQHQSDUN (LQHHLQIDFKHVDXEHUH$QODJH±EHL0DVFKLQHQZHLLFKGDV]X VFKlW]HQ'LH9HUWHLOHUVlXPWHQGLH:lQGH6WXPPJHZRUGHQGRFK QRFK LPPHU HLQGHXWLJ LQ LKUHU )XQNWLRQ (LQJHJHEHQH 0Q]HQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH RGHU6FKHLQHZXUGHQLP:HUWIHVWJHKDOWHQXQGZHLWHUEHI|UGHUW 'DUEHU EH¿QGOLFKH 0DVFKLQHQ JDEHQ GLH HQWVSUHFKHQGH =DKO DQ&KLSVLQGLH5XWVFKEDKQHQIUHL'LFKWGDQHEHQNDPHQ5RKUH DXV GHP %RGHQ XQG HQGHWHQ LQ HLQHU :DQQH XQWHU GHU 'HFNH :DKUVFKHLQOLFK ZXUGHQ VLH EHU XQWHULUGLVFKH )|UGHUElQGHU JHIOOW GLH GLH &KLSV ]XU 1HXYHUWHLOXQJ EUDFKWHQ 'LH 'ROODUV YRQ 0HQVFKHQKDQG XQEHUKUW ZXUGHQ GXUFK YHUVFKORVVHQH DEHUGXUFKVLFKWLJH5|KUHQ]XU6DPPHOVWDWLRQEHI|UGHUWZRGLH 0Q]HQLQYHUVFKORVVHQH.lVWHQ¿HOHQ8PGLHEUDXFKWHLFKPLFK QLFKW]XNPPHUQZHLOVLH]XVFKZHUZDUHQ$EHU±DKK ± GLH VFK|QHQ6FKHLQFKHQ6LHZDUHQZHLWDXVOHLFKWHUXQGYLHOPHKU ZHUW6LHJOLWWHQGXUFKGLH.DQlOHXQGYHUVFKZDQGHQDQPXWLJLQ HLQHUgIIQXQJREHQLQHLQHP6DIH(LQ$EODXIGHUYRU/DQJ¿QJHUQ LQGHU%HOHJVFKDIWUHFKWJXWJHVFKW]W]XVHLQVFKLHQ 3UlFKWLJ ,FK EHZXQGHUWH GLH 0DVFKLQHQ XQG GDFKWH QDFK 'DQQPDFKWHLFKPLUHLQSDDU1RWL]HQ'LH-HWRQYHUWHLOHUZDUHQ YRQ HLQHU )LUPD QDPHQV :H[OHU KHUJHVWHOOW XQG LFK PDFKWH $XIQDKPHQYRQGHQ6FKLOGHUQDQGHQ*HUlWHQ'HU6DIHZDUHLQ ]XYHUOlVVLJHV )DEULNDW GDV PHLQHQ %HPKXQJHQ QLFKW ODQJH ZLGHUVWDQG (U ZDU QDWUOLFK OHHU DEHU GDV KDWWH LFK HUZDUWHW ,FK QRWLHUWH PLU GLH .RPELQDWLRQ GDQQ |IIQHWH XQG VFKOR LFK GLH$QODJH PHKUPDOV ELV LFK GLH$UEHLW QRWIDOOV DXFK PLW JHVFKORVVHQHQ $XJHQ JHVFKDIIW KlWWH ,Q PHLQHP .RSI QDKP DOOPlKOLFKHLQ3ODQ*HVWDOWDQXQGGLH6DIH|IIQXQJVSLHOWHGDEHL HLQHZLFKWLJH5ROOH $OV LFK HQGOLFK IHUWLJ ZDU KXVFKWH LFK XQJHVHKHQ DXV GHP *HElXGH XQG KDWWH DXFK NHLQH 0KH GDV )UHL]HLWSDUNJHOlQGH ]X YHUODVVHQ XQG PLFK GHU JU|OHQGHQ 0HQJH DQ]XVFKOLHHQ $OOHUGLQJV ZDU GLH 6WLPPXQJ DXI GHU 5FNIDKUW GRFK HWZDV JHGlPSIW XQG LFK EUDXFKWH PHLQH 6SULW]EULOOH QXU ]ZHLPDO HLQ]XVHW]HQ ,FK NDQQ ,KQHQ QLFKW EHVFKUHLEHQ ZLH HUOHLFKWHUW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH LFKZDUDOVLFKHQGOLFKGLH%URWUKLQWHUPLUVFKORGDVYHUUFNWH .RVWPDEVWUHLIWHXQGGLH1DVHLQHLQ%LHUVWHFNWH$QVFKOLHHQG VHW]WHLFKELOGOLFKJHVSURFKHQPHLQ'HQNPW]FKHQDXI ,Q GHQ QlFKVWHQ :RFKHQ JDE HV YLHO ]X WXQ :lKUHQG LFK PHLQH$XVUVWXQJ]XVDPPHQVWHOOWHIROJWHLFKDXIPHUNVDPGHQ 1DFKULFKWHQVHQGXQJHQ (LQHU GHU *HIlQJQLVÀFKWOLQJH ZDU QDFKKHIWLJHU*HJHQZHKUZLHGHUYHUKDIWHWZRUGHQ2EZRKOGHU DXIJHJULIIHQH +lIWOLQJ GLH %HK|UGHQ XQWHUVWW]WH KDWWH PDQ GHQ ]ZHLWHQ 0DQQ ELVKHU QLFKW JHIXQGHQ $UPHU 6WLQJHU VHLQ /HEHQZUGHDQGHUVDXVVHKHQZHQQPDQLKPGHQ.DPSIZLOOHQ JHQRPPHQ KDWWH 1LFKWV lQGHUQ ZUGH VLFK GDJHJHQ IU GHQ 0DQQGHQHUKDWWHXPEULQJHQZROOHQPHLQ0LWOHLGIU6WLQJHU KLHOW VLFK LQ *UHQ]HQ$XHUGHP KDWWH LFK YLHO$UEHLW (V JDOW ]ZHLHUOHL ]X HUUHLFKHQ LFK PXWH GHQ &RXS SODQHQ ± XQG GLH )DOOHIUGHQ/lXIHUYRUEHUHLWHQ,FKNDQQVWRO]YHUPHUNHQGD PLU EHLGHV NHLQH JURH 0KH PDFKWH 'DQQ ZDUWHWH LFK HLQH GXQNOH VWUPLVFKH 1DFKW DE XQG EHVXFKWH HUQHXW GHQ /XQD 3DUN2EZRKOLFKPLFKEHHLOWHPXWHLFKGRFKPHKUHUH6WXQGHQ DXIGHP*HOlQGH]XEULQJHQGHQQHVJDEHLQLJHV]XWXQ 6FKOLHOLFKNDPHVQXUQRFKGDUDXIDQGHQULFKWLJHQ=HLWSXQNW DE]XSDVVHQ$PEHVWHQZDUEHVWLPPWHLQ:RFKHQHQGHZHQQGLH .DVVHSUDOOJHIOOWZDU=XPHLQHQ3OlQHQJHK|UWHHVGDLFKJDQ] OHJDOHLQH*DUDJHJHPLHWHWPLUGHQGD]XJHK|ULJHQ:DJHQDEHU VHKUXQUHFKWPlLJYHUVFKDIIWKDWWH±GXUFK'LHEVWDKO'LH:DUWH]HLW EHQXW]WHLFKGD]XGDV)DKU]HXJIULVFK]XODFNLHUHQ±EHVVHUDOV GDV 2ULJLQDO P|FKWH LFK EHKDXSWHQ ± XQG QHXH .HQQ]HLFKHQ XQG 1DPHQVVFKLOGHU DQ]XEULQJHQ (QGOLFK NDP GHU 6DPVWDJ XQG LFK KDWWH JURH 0KH PHLQH 8QJHGXOG ]X EH]lKPHQ 'DPLWGLH=HLWVFKQHOOHUYHUJLQJQDKPLFKPLW.UlKHQIHQXQG 6FKQXUUEDUWHLQRSXOHQWHV0LWWDJHVVHQHLQXQGOLHPLUYLHO=HLW GDEHLGHQQLFKPXWHRKQHKLQELV]XP6SlWQDFKPLWWDJZDUWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZHQQGLH.DVVHQ]XP%HUVWHQJHIOOWVHLQZUGHQ'LH)DKUWDXIV /DQG ZDU VHKU DQJHQHKP XQG LFK HUUHLFKWH ]XU YRUJHVHKHQHQ =HLW PHLQ YRUJHVHKHQHV =LHO XQZHLW GHU /DVWHQHLQIDKUW GHV 9HUJQJXQJVSDUNV 0LFK EH¿HO HLQH JHZLVVH 1HUYRVLWlW DOV LFK GLH KDXWHQJHQ GXUFKVLFKWLJHQ +DQGVFKXKH EHUVWUHLIWH GRFK ZDU PHLQH 9RUIUHXGH LQVJHVDPW YLHO JU|HU /lFKHOQG VWUHFNWH LFKGLH+DQGDXVXQGVFKDOWHWHGDV*HUlWHLQGDVYRUPLUXQWHU GHP$UPDWXUHQEUHWWEHIHVWLJWZDU (LQXQVLFKWEDUHV)XQNVLJQDOPDFKWHVLFKDXIGHQ:HJ,FK YHUVXFKWH PLU DXV]XPDOHQ ZDV QXQ JHVFKDK /LFKWVFKQHOO ]XP (PSIlQJHU GXUFK GLH 'UlKWH DQV =LHO ± LQ HLQH ZLQ]LJH 6SUHQJODGXQJ 1LFKW YLHO HLQ VRUJIlOWLJ EHUHFKQHWHU 6SUHQJVDW]GHUDQHLQHPGHU-HWRQVSHQGHUHLQ/XNDXIUHLHQ ZUGH RKQH GLH 5|KUH ]X EHVFKlGLJHQ ,QIROJH GHU GHIHNWHQ 6SHUUHPXWHVLFKHLQHQGORVHU6WURPYRQ3ODVWLNREODWHQLQGLH 9HUWHLOHUHUJLHHQVLHIOOHQGXQGEHUVFKZHPPHQGLQHLQHP HQGORVHQ6WURP]X%RGHQSUDVVHOQG:DVIUHLQ:RKOWlWHUZDU LFKGRFK:LHKlWWHQGLH.LQGHUPLFKJHSULHVHQZlUHLFKLKQHQ EHNDQQWJHZHVHQ $EHU EHL GHP HLQHQ 'HIHNW VROOWH HV QLFKW EOHLEHQ ,Q 0LQXWHQIROJH JLQJHQ ZHLWHUH ,PSXOVH YRQ PHLQHP 6HQGHU DXV XQG JDEHQ ZHLWHUHQ -HWRQVWU|PHQ GHQ :HJ IUHL 'DV 8QJOFN ZHLWHWH VLFK DXV ,Q HLQHP JHHLJQHWHQ $XJHQEOLFNVWDUWHWHLFKGHQ0RWRUGHV:DJHQVXQGIXKU]XU 6HUYLFH(LQIDKUW GHV /XQD3DUNV |IIQHWH GDV )HQVWHU XQG EHXJWH PLFK KLQDXV 8QWHU PLU DQ GHU 7U VWDQG :H[OHU $XVJDEHPDVFKLQHQ ª:XUGH HEHQ EHU )XQN JHUXIHQ© VDJWH LFK ]X GHP :lFKWHUª$QJHEOLFKKDEWLKUKLHUHLQ3UREOHP©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª.HLQ3UREOHP©VDJWHGHU:lFKWHUXQG|IIQHWHHLOLJGDV 7RUªHKHUVFKRQHLQ$XIVWDQG6LHNHQQHQGDV*HElXGH"© ª.ODU6FKRQNRPPW+LOIH© ,FK KDWWH PLU GLH $XVZLUNXQJ PHLQHU *UR]JLJNHLW ]ZDUDXVJHPDOWGRFKPXWHLFKVFKQHOOIHVWVWHOOHQGDGLH :LUNOLFKNHLW PHLQH YHUUFNWHVWHQ (UZDUWXQJHQ EHUWUDI -XEHOQGH NUHLVFKHQGH .LQGHU XQG -XJHQGOLFKH OLHIHQ FKLSVEHODGHQKHUXPZlKUHQGVLFKDQGHUHHLQHQ3ODW]DQGHQ EHUTXHOOHQGHQ0lXOHUQGHU9HUWHLOHUFORZQV]XHUNlPSIHQ VXFKWHQ'DVIU|KOLFKH*HVFKUHLW|QWHRKUHQEHWlXEHQGGLH +HOIHU XQG :lFKWHU NRQQWHQ JHJHQ GLH %HJHLVWHUXQJ GHU 0DVVHQQLFKWVDXVULFKWHQ$XIGHUUFNZlUWLJHQ=XIDKUW GLH LFK EHQXW]WH KHUUVFKWH NHLQ DOO]X JURHV *HGUlQJH WURW]GHPPXWHLFKVWlQGLJKXSHQXQGODQJVDPIDKUHQ$OV LFKYRUGHP+LQWHUHLQJDQJKLHOWZDUHQ]ZHL:lFKWHUGDPLW EHVFKlIWLJW.LQGHUGXUFKGDV*HEVFK]XUFN]XGUlQJHQ ª+DEWLKUbUJHUPLWGHU$XVJDEH"©IUDJWHLFKXQVFKXOGLJ 'LH$QWZRUWGLHGHU%XUVFKHPLU]XIDXFKWHJLQJLPNLQGOLFKHQ )UHXGHQNUHLVFKHQXQWHU±YLHOOHLFKWZDUHVEHVVHUVR(UVFKOR GLH7UDXIXQGVWLHPLFKPLWPHLQHP:HUN]HXJNDVWHQI|UPOLFK EHUGLH6FKZHOOH 9LHU /HXWH YHUVXFKWHQ YHU]ZHLIHOW PLW GHU ZLOGJHZRUGHQHQ 0DVFKLQHULHIHUWLJ]XZHUGHQ'LH$QODJHOLHVLFKQLFKWDEVFKDOWHQ GD LFK YRUVLFKWVKDOEHU GHQ 6FKDOWNDVWHQ NXU]JHVFKORVVHQ KDWWH (LQ NDKON|S¿JHU 0DQQ EHDUEHLWHWHHLQGLFNLVROLHUWHV.DEHOPLW HLQHU.HWWHQVlJHXQGLFKVFKQDO]WHWDGHOQGPLWGHU=XQJHª'DV LVWHLQVLFKHUHV5H]HSWIU6HOEVWPRUG©VDJWHLFKª'DUXQWHUOLHJW HLQH9ROW/HLWXQJ© ª:LVVHQ 6LH ZDV %HVVHUHV"© IDXFKWH HU ª(V VLQG MD ,KUH YHUGDPPWHQ0DVFKLQHQ/RVDQGLH$UEHLW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª$EHUMDGRFK±XQGVFKRQKDEHQZLUGDV3UREOHPJHO|VW© ,FK|IIQHWHPHLQHQ]LHPOLFKJURHQ:HUN]HXJNDVWHQGHUDXHU HLQHP VFKLPPHUQGHQ 0HWDOOURKU QLFKWV HQWKLHOW XQG QDKP HV KHUDXVª'DPLWPDFKHLFKDOOHV©VDJWHLFKGUHKWHDQHLQHP(QGH HLQHQNOHLQHQ+DKQDXIXQGVFKOHXGHUWHGDV'LQJIRUW$OVOHW]WHV QDKPLFKGLHHUVWDXQWHQ*HVLFKWHUGHU$QZHVHQGHQZDKUGDQQ ZDUHQVLHYRQVFKZDU]HP5DXFKYHUKOOW ,FK KDWWH GDPLW JHUHFKQHW GLH DQGHUHQ QLFKW 'HQ :HUN]HXJNDVWHQ LQ GLH $UPH QHKPHQG PDFKWH LFK YLHU JHQDX EHUHFKQHWH 6FKULWWH GXUFK GLH 'XQNHOKHLW XQG HUUHLFKWH GLH 6HLWHQZDQGGHV7UHVRUV:DVLPPHULFKDQ/lUPHU]HXJWHJLQJ LP*HEUOOGHUDQGHUHQXQGGHPEHVWlQGLJHQGXPSIHQ+HFKHOQ GHU &KLSVVSHQGHU XQWHU 'HU 6DIH |IIQHWH VLFK EHUHLWZLOOLJ GHU 5DQGGHV:HUN]HXJNDVWHQVSDWHVDXEHUXPGLHXQWHUH.DQWH ,FKEHXJWHPLFKYRUHUWDVWHWHGLH*HOGVFKHLQEHUJHXQGIHJWHVLH QDFKYRUQLQGLHZDUWHQGHgIIQXQJ,P1XZDUGLH7DVFKHJHIOOW GLH VLFK NOLFNHQG VFKOR $OV QlFKVWHV PXWH LFK GDIU VRUJHQ GDGLH9HUDQWZRUWXQJIUGDV9HUEUHFKHQGHUULFKWLJHQ3HUVRQ ]XJHVFKREHQZXUGH 'LH .DUWH PLW GHU =HLFKQXQJ VWHFNWH LQ PHLQHU %UXVWWDVFKH ,FK QDKP VLH KHUDXV XQG OHJWH VLH LQ GHQ *HOGVFKUDQNGHQLFK VRIRUWZLHGHUYHUVFKORXPVLFKHU]XJHKHQGDPHLQH%RWVFKDIW DXFK DQV =LHO JHODQJHQ XQG LQ GHP 'XUFKHLQDQGHU QLFKW HWZD XQWHUJHKHQ ZUGH (UVW GDQQ HUJULII LFK GHQ SO|W]OLFK VHKU VFKZHUHQ:HUN]HXJNDVWHQVWHOOWHPLFKPLWGHP5FNHQ]XP6DIH XQGYHUVXFKWHGLH5LFKWXQJ]XU7U]XHUPLWWHOQ ,FK ZXWH GHU $XVJDQJ EHIDQG VLFK LUJHQGZR GRUW LQ GHU 'XQNHOKHLWQHXQNXU]H6FKULWWHHQWIHUQW)QI GDYRQ KDWWH LFK ]XUFNJHOHJWDOVLFKJHJHQMHPDQGHQSUDOOWHXQGNUlIWLJH+lQGH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PLFKSDFNWHQZlKUHQGPLUHLQHKHLVHUH6WLPPHLQV2KUEUOOWH ª,FKKDEHLKQ+HOIWPLU© ,FKOLHGHQ.DVWHQIDOOHQXQGGHP0DQQGLH+LOIHDQJHGHLKHQ GLH HU EUDXFKWH ± PHLQH +lQGH ZDQGHUWHQ DQ VHLQHP .|USHU HPSRUQDFKREHQ]XP+DOVXQGPDFKWHQVLFKGRUWQW]OLFK(U lFK]WHXQGJOLWW]X%RGHQ,FKWDVWHWHQDFKGHP.DVWHQ±LPHUVWHQ SDQLVFKHQ(QWVHW]HQNRQQWHLFKLKQQLFKW¿QGHQ'DQQEHUKUWHQ PHLQH+lQGHGLH$XHQÀlFKHGLH)LQJHUVFKO|VVHQVLFKXP GHQ *ULIIXQGULVVHQLKQKRFK« $OVLFKPLFKDXIULFKWHWHZXUGHPLUEHZXWGDLFKZlKUHQG GHV.DPSIHVPHLQHQ5LFKWXQJVVLQQHLQJHEWKDWWH 0HLQH3DQLNZDUVR¿QVWHUZLHGHU4XDOPXQGLFK]LWWHUWHVR KHIWLJGDPLUGHU.DVWHQEHLQDKHHQWJOLWW6LHE]HKQ-DKUHZDU LFKDOWXQGEHUDXVHLQVDP±EHGURKWYRQGHUXQEHNDQQWHQ:HOW GHU(UZDFKVHQHQGLHPLFKYHUVFKOLQJHQZROOWHQ(VZDUYRUEHL DOOHVYRUEHL ,FKZHLQLFKWZLHODQJHGLHVH.ULVHGDXHUWHZDKUVFKHLQOLFK QXU ZHQLJH 6HNXQGHQ DXFK ZHQQ PLU GLH =HLW XQHQGOLFK YLHO OlQJHUYRUNDP'DQQULHILFKPLFK]XU2UGQXQJ 'X KDVW HV VR JHZROOW ± YHUJL GDV QLFKW *DQ] DOOHLQ PLW GHU JDQ]HQ :HOW JHJHQ GLFK $OVR JLE DXI RGHU VWUHQJ GHLQ .|SIFKHQDQ±DEHUVFKQHOO ,FK EHUOHJWH 'LH EHUDOO KHUXPNUHLVFKHQGHQ XQG WDVWHQGHQ /HXWHNRQQWHQPLUQLFKWZHLWHUKHOIHQ±DEHUDXFKQLFKWJHIlKUOLFK ZHUGHQ 6LH ZDUHQ HEHQVR GXUFKHLQDQGHU ZLH LFK $OVR VFK|Q VWUHFN GLH +DQG DXV JHK YRUZlUWV LQ MHGH EHOLHELJH 5LFKWXQJ %LVGXHWZDV¿QGHVWGDVVLFKWDVWHQGLGHQWL¿]LHUHQOlW'DQDFK PWHLFKIHVWVWHOOHQN|QQHQZRLFKPLFKEHIDQG9RUPLUK|UWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH LFKHLQ'U|KQHQ±ZDKUVFKHLQOLFKHLQHUGHU&KLSVDXVJHEHU6FKRQ SUDOOWHLFKGDJHJHQ ,PJOHLFKHQ$XJHQEOLFNVSUWHLFKHLQHQIULVFKHQ/XIW]XJXQG K|UWHJDQ]LQGHU1lKHHLQHEHNDQQWH6WLPPH ª:DVLVWGHQQKLHUORV"© 'HU:lFKWHU(UKDWWHGLH7UJH|IIQHW:LHQHWWYRQLKP,FK VFKREPLFKDQGHU:DQGHQWODQJXQGZLFKLKPDXV±ZDVHUPLU HUOHLFKWHUWH LQGHP HU ZHLWHU LQ GLH 'XQNHOKHLW KLQHLQEUOOWH ± GDQQIROJWHLFKGHQZDOOHQGHQ5DXFKVFKZDGHQLQVKHOOH7DJHVOLFKW ,FK EOLQ]HOWH LQ GLH 5XQGH XQG HQWGHFNWH GDEHL GHQ ]ZHLWHQ :lFKWHUGHUGLFKWYRUPLUDXIUDJWHXQGPLFKSDFNWH ª0RPHQWPDO6LHJHKHQQLUJHQGZRKLQ© (V KlWWH ZRKO NDXP VFKLHIHU OLHJHQ N|QQHQ (V LVW MD DXFK OHLFKWVLQQLJ VLFK HLQIDFK VR DQ HLQHP 7UlJHU GHV 6FKZDU]HQ *UWHOV ]X YHUJUHLIHQ ,FK OLH LKQ ]X %RGHQ VLQNHQ GDPLW HU VLFK EHLP $XISUDOO QLFKW YHUOHW]WH ZDUI GHQ .DVWHQ LQ GHQ /LHIHUZDJHQ YHUJHZLVVHUWH PLFK UDVFK GD QLHPDQG PLFK EHREDFKWHWH VFKOR GLH 7U VHW]WH GHQ 0RWRU LQ *DQJ XQG HQWIHUQWHPLFKLQODQJVDPHUXPVLFKWLJHU)DKUWYRPIU|KOLFKHQ /XQD3DUN

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

ª$OOHVZLHGHULQ2UGQXQJGDKLQWHQ©ULHILFKGHP:lFKWHU ]XXQGHUQLFNWHXQG|IIQHWHGDV7RU,FKIXKULQ5LFKWXQJ6WDGW ORV YHUVFKZDQG ODQJVDP XP HLQH .XUYH±XQGERJLPVSLW]HQ :LQNHOLQHLQHQXQJHSÀDVWHUWHQ1HEHQZHJHLQ 0HLQH )OXFKW ZDU HEHQVR VRUJIlOWLJ YRUDXVJHSODQW ZLH GHU 'LHEVWDKO*HOG]XVWHKOHQLVWHLQH6DFKHHV]XEHKDOWHQHLQHJDQ] DQGHUH,QXQVHUHP=HLWDOWHUHOHNWURQLVFKHU.RPPXQLNDWLRQNRQQWH PHLQH%HVFKUHLEXQJXQGGLHGHV/LHIHUZDJHQVLQ0LNURVHNXQGHQ HLQPDOXPGLH:HOWJHVFKLFNWZHUGHQ-HGHU6WUHLIHQZDJHQZUGH HLQHQ$XVGUXFNHUKDOWHQMHGHUHLQ]HOQH%HDPWHHLQHPQGOLFKH 9RUZDUQXQJ:LHODQJHKDWWHLFKDOVR=HLW"%HLGH:lFKWHUZDUHQ EHZXWORV$EHUPDQNRQQWHVLHZLHGHU]XVLFKEULQJHQNRQQWH GLH ,QIRUPDWLRQ ZHLWHUOHLWHQ HLQ $QUXI ZUGH JHQJHQ GLH )DKQGXQJ NRQQWH EHJLQQHQ ,FK UHFKQHWH PLW PLQGHVWHQV IQI 0LQXWHQ:DVPLUUHFKWZDUGDLFKQXUGUHLEUDXFKWH 'LH 6WUDH ZDQG VLFK ]ZLVFKHQ GHQ %lXPHQ KLQGXUFK YROOIKUWH HLQH OHW]WH %LHJXQJ XQG HQGHWH LQ HLQHP OHHUHQ 6WHLQEUXFK 0LU NORSIWH GDV +HU] HLQ ZHQLJ K|KHU GD LFK EHL GLHVHP 8QWHUQHKPHQ GRFK HLQ 5LVLNR KDWWH HLQJHKHQ PVVHQ ± XQG HV KDWWH JHNODSSW ± GHU 0LHWZDJHQ VWDQG EHUHLW ZR LFK LKQWDJV]XYRUDEJHVWHOOWKDWWH1DWUOLFKKDWWHLFKGHQ0RWRUXP HLQLJH HQWVFKHLGHQGH 7HLOH HUOHLFKWHUW GRFK KlWWH HLQ ]X DOOHP HQWVFKORVVHQHU 'LHE VHLQH %HXWH RKQH ZHLWHUHV DEVFKOHSSHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH N|QQHQ*RWWVHL'DQNJDEHVKLHULQGHU*HJHQGQXUHLQHQ]X DOOHPHQWVFKORVVHQHQ'LHE ,FKVFKORGHQ:DJHQDXIQDKPGHQ.DVWHQPLW/HEHQVPLWWHOQ KHUDXVXQGWUXJLKQ]XGHP.OHLQ/NZ'LH)ODQNHGHV.DVWHQV OLHVLFKKHUDENODSSHQXQGRIIHQEDUWHGLHLQWHUHVVDQWH7DWVDFKH GDGDV,QQHUHOHHUZDU'LH2EHUNDQWHQYRQ3DNHWHQXQG*HIlHQ GLHEHUGHQ5DQGGHU.LVWHKLQDXVUDJWHQZDUHQQLFKWVDQGHUHV DOV ]XVDPPHQJHNOHEWH 2EHUWHLOH YRQ 3DNHWHQ XQG *HIlHQ 5DI¿QLHUWH .LVWH ZHQQ LFK GDV PDO VHOEHU VDJHQ GDUI 8QG ZHUVROOWHHVPLUYHUELHWHQ"1LHPDQGVRQVWZXWH YRQ PHLQHP 8QWHUQHKPHQ*HOGLQGHQ.DVWHQ.ODSSHKRFK.DVWHQ]XUFN LQ GHQ 3HUVRQHQZDJHQ $UEHLWVNOHLGXQJ DXV]LHKHQ LP NDOWHQ :LQGKDXFK ]LWWHUQ Zl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lLJ YHUVLFKHUW VR GD GHU (LJHQWPHU NHLQHQ 6FKDGHQ HUOHLGHQNRQQWH'DV)HXHUZUGHVLFKDXVGHP6WHLQEUXFKQLFKW DXVEUHLWHQN|QQHQ±XQGQLHPDQGZDUYHUOHW]WZRUGHQ(VKDWWH DOOHVJXWJHNODSSWVHKUJXW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,QV%UR]XUFNJHNHKUWVHXI]WHLFKHUOHLFKWHUWPDFKWHHLQ %LHU DXI XQG WUDQN HLQHQ JURHQ 6FKOXFN ± GDQQ KROWH LFK GLH )ODVFKH :KLVN\ DXV GHU %DU XQG VFKHQNWH PLU HLQ KEVFKHV .DOLEHUHLQ,FKNRVWHWHUPSIWHZHJHQGHVPLHVHQ*HVFKPDFNV GLH1DVHXQGJRGHQ5HVWGHV)ODVFKHQLQKDOWVLQGHQ$XVJX 6FKUHFNOLFKHV=HXJ:HQQLFKZHLWHUEWHZUGHLFKPLFKHLQHV 7DJHV YLHOOHLFKW GDUDQ JHZ|KQHQ GRFK VFKLHQ HV GLH 0KH NDXP]XORKQHQ ,Q]ZLVFKHQGUIWHHVGLH3UHVVHJHVFKDIIWKDEHQDP2UWGHV 9HUEUHFKHQVHLQ]XWUHIIHQª(LQ©ULHILFKPHLQHP&RPSXWHU]X XQGIJWHKLQ]Xª$XVGUXFNHQHXHVWH$XVJDEHGHU=HLWXQJ© 'DV )D[JHUlW VXPPWH VHLGHQZHLFK XQG GDV 3DSLHU JOLWW LQ GLH $EODJHZDQQH 0LW HLQHP )DUEELOG GHV KHPPXQJVORV NRW]HQGHQ *HOGEUXQQHQV PLWWHQ DXI GHU HUVWHQ 6HLWH ,FK ODV GHQ %HULFKW PLW ZDFKVHQGHU =XIULHGHQKHLW EOlWWHUWH XP XQG HUEOLFNWHGLH=HLFKQXQJ'RUWZDUVLHVRZLHPDQVLHJHIXQGHQ KDWWH DOV GHU 6DIH HQGOLFK JH|IIQHW ZDU 'LH$EELOGXQJ HLQHU /lXIHU¿JXUPLWHLQHPGDUXQWHUDXIJHIKUWHQ6FKDFK]XJ 76;/ :DV QDFK GHQ 6FKDFKUHJHOQ IROJHQGHV EHGHXWHW ª7XUP DXI)HOG6SULQJHUVFKOlJW/lXIHU© $OV LFK GLHVH$QJDEHQ EHUODV ZLFK PHLQH )UHXGH DNXWHU 6RUJH +DWWH LFK PLFK GHU 3ROL]HL YHUUDWHQ" :UGHQ GLH %HK|UGHQGHQ+LQZHLVHQW]LIIHUQXQGPLUDXÀDXHUQ" ª1HLQ©ULHILFKª'LH3ROL]HLLVWIDXOXQG]XVHKUPLWNOHLQHQ 9HUEUHFKHQEHODVWHWXPULFKWLJDXI]XSDVVHQ9LHOOHLFKWPDFKW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PDQVLFK*HGDQNHQGDUEHUDEHUPDQZLUGGLH:DKUKHLWHUVW]X VSlWHUNHQQHQ$OOHUGLQJVPWHGHU/lXIHUGLH/|VXQJ¿QGHQ N|QQHQ(UZHLEHVWLPPWGDHVVLFKXPHLQH1DFKULFKWIU LKQKDQGHOWXQGZLUGVLFKGDPLW0KHJHEHQ+RIIHQWOLFK© ,FKNRVWHWHYRQPHLQHP%LHUXQGKLQJPHLQHQVRUJHQYROOHQ *HGDQNHQQDFK0HLQNOHLQHV5lWVHOKDWWHPLFKDQVWUHQJHQGH 6WXQGHQJHNRVWHW'LH7DWVDFKHGDGHU/lXIHUHLQH6FKDFK¿JXU DOV 6\PERO EHQXW]WH KDWWH PLFK DXI 6FKDFKEFKHU JHEUDFKW ,FKJLQJGDYRQDXVGDLKP±RGHULKUGHQQLFKJODXEHQLFKW GD PDQ GDV *HVFKOHFKW GHV /lXIHUV VFKRQ JHQDX EHVWLPPW KDWWHDXFKZHQQPDQGDYRQDXVJLQJGDHUHLQ0DQQZDU± 6FKDFKLUJHQGZLHDP+HU]HQODJ:HQQZHLWHUH,QIRUPDWLRQHQ JHEUDXFKW ZXUGHQ NRQQWH HU GDVVHOEH %XFK ]X 5DWH ]LHKHQ ZLH LFK 2KQH JURH 0KH ZlUH IHVW]XVWHOOHQ GD HV ]ZHL XQWHUVFKLHGOLFKH1RWLHUXQJHQIU6FKDFK]JHJLEW'LHlOWHVWH 0HWKRGH GLH LFK EHQXW]W KDWWH EHQDQQWH GLH )HOGHU OlQJV JHVHKHQQDFKGHQ)LJXUHQGLHDP(QGHGLHVHU5HLKHQVWDQGHQ 'DV )HOG GDV YRP ZHLHQ .|QLJ HLQJHQRPPHQ ZLUG KHLW DOVR.|QLJZlKUHQG.|QLJGDVQlFKVWH)HOGEUHWWHLQZlUWV LVW *HQDX JHQRPPHQ PWH HV :HLHU .|QLJ KHLHQ ZHLO HV]XJOHLFKDXV6LFKWGHVDQGHUHQ6SLHOHUV6FKZDU]HU.|QLJ LVW :HQQ 6LH GDV IU NRPSOL]LHUW KDOWHQ VROOWHQ 6LH DXI GDV 6FKDFKVSLHOHQ YHU]LFKWHQ ± GHQQ GDV LVW QRFK GLH HLQIDFKVWH 6DFKH -HGHQIDOOV JLEW HV QRFK HLQH ]ZHLWH 0HWKRGH GHU 6FKDFKSURWRNROOLHUXQJGLHVRJHQDQQWH$OJHEUDLVFKH1RWDWLRQ GLHMHGHPGHU6SLHOIHOGHUHLQHQ%XFKVWDEHQXQGHLQH=LIIHU ]XWHLOW 9RQ GHU ZHLHQ 6SLHOSRVLWLRQ DXV JHVHKHQ ZHUGHQ GLH DFKW /lQJVUHLKHQ YRQ OLQNV QDFK UHFKWV PLW ªD© ELV ªK© EH]HLFKQHW6SULQJHULVWDOVRHQWZHGHUEJERGHUJ² 9HUZLUUHQG"+RIIHQWOLFK,FKNDQQQXUKRIIHQGDGLH3ROL]HL GDVQLHIUHLQHQ&RGHKlOWXQGVLFKDQV.QDFNHQPDFKW'HQQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZHQQ VLH HV WXW ELQ LFK JOHLFK PLW JHOLHIHUW 'HU DQJHJHEHQH 6FKDFK]XJ HQWKlOW QlPOLFK GDV 'DWXP PHLQHV QlFKVWHQ 9HUEUHFKHQVZHQQLFKGHQª/lXIHUVFKODJHQ©ZLOOGDVKHLW GHQ ªVFKODJHQGHQ© %HZHLV IU GLH$UEHLW GHV /lXIHUV DP 2UW HLQHV 9HUEUHFKHQV KLQWHUODVVHQ ± VHLQH 9LVLWHQNDUWH 0LW GHU $EVLFKWPLFKDOV/lXIHUGXUFK]X¾VFKODJHQ½8QGGHQ/lXIHUDQ GHQ3UDQJHU]XVWHOOHQ 'HU$EODXI VWDQG PLU NODU YRU$XJHQ 'LH 3ROL]HL PDFKW VLFK*HGDQNHQEHUGHQ6FKDFK]XJXQGJLEWVFKOLHOLFKDXI 1LFKW DEHU GHU /lXIHU LQ VHLQHP OX[XUL|VHQ 9HUVWHFN (U ZDU EHVWLPPW ZWHQG (LQ 9HUEUHFKHQ ZXUGH EHJDQJHQ XQG PDQ OHJWHVLKP]XU/DVW*HOGLVWHUEHXWHWZRUGHQ±XQGHUKDWHV QLFKW ,FK KHJWH GLH+RIIQXQJGDHUVLFK*HGDQNHQPDFKWH EHU GLHVHQ 6FKDFK]XJ HLQHQ +LQZHLV GDULQ VDK XQG DQ GHU /|VXQJ]XNQREHOQEHJDQQ 9LHOOHLFKW NDP HU GDUDXI GD PLW GHU 6SULQJHU)LJXU HWZDV JHPHLQWVHLQN|QQWH6SULQJHUZDVPRFKWHGDVEHGHXWHQ"'HU YLHUWH$QODZRYRQ"*HPHLQWZDUGHUYLHUWH$EHQGGHV)HVWLYDOV IU 0RGHUQH 0XVLN LQ 3HUOHQWRU ± ZHOFKHU $EHQG DXFK GHU YLHUXQG]ZDQ]LJVWH 7DJ GHV -DKUHV ZDU $Q GLHVHP $EHQG VROOWH HLQ QHXHV 0XVLNVWFN HLQHV EHNDQQWHQ .RPSRQLVWHQ QDPHQV 6SULQJVW DXIJHIKUW ZHUGHQ :HQQ PDQ ªE© DXHUGHP DOV ]ZHLWHQ %XFKVWDEHQ GHV $OSKDEHWV QLPPW NDQQ PDQ E ]XVlW]OLFK DOV ª© GHXWHQ ± HLQH ]XVlW]OLFKH %HVWlWLJXQJ 'HU /lXIHU PWH HV HLJHQWOLFK VFKDIIHQ KHUDXV]X¿QGHQ GD DP YLHUWHQ $EHQG GHV )HVWLYDOV HLQ 9HUEUHFKHQ EHJDQJHQ ZHUGHQ VROOWH (LQ 9HUEUHFKHQ EHL GHP HV QDWUOLFK XP *HOG JLQJ ,QQHUOLFK GUFNWH LFKPLUGLH'DXPHQLQGHU+RIIQXQJGDHU VLFKPHKUIUPLFKDOVIUGLH0|JOLFKNHLWLQWHUHVVLHUHQZUGHGLH 3ROL]HLLPYRUDXVEHUGLH7DW]XLQIRUPLHUHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKKRIIWHGLHULFKWLJH%DODQFHJHIXQGHQ]XKDEHQ=XNRPSOL]LHUW IUGLH6WUDIYHUIROJXQJVEHK|UGHQDEHUGXUFKDXVO|VEDUGXUFKGHQ /lXIHU8QGLKPEOLHEJHQDXHLQH:RFKH=HLWHV]XO|VHQXQGGDV )HVWLYDO]XEHVXFKHQ :DV ]XJOHLFK EHGHXWHWH GD LFK HLQH:RFKH =HLW KDWWH PLFK DXI]XSXWVFKHQ XQG ZLHGHU DE]XUHJHQ ]XYLHO ]X VFKODIHQ XQG GDQQZLHGHU]XZHQLJ'LHHLQ]LJH)UHXGHLQGLHVHU=HLWZDUGDV 3ODQHQ XQG GHU %DX YRQ NOHLQHQ$SSDUDWHQ IU PHLQHQ NKQHQ $QJULIIDXIGLH7DVFKHQGHUgIIHQWOLFKNHLW $PIUDJOLFKHQ$EHQGUHJQHWHHVVWDUN±ZDVPLUZLUNOLFKUHFKW ZDU ,FK VWHOOWH GHQ .UDJHQ PHLQHV VFKZDU]HQ 0DQWHOV KRFK ]HUUWH PLU GHQ VFKZDU]HQ +XW EHU GHQ .RSI XQG HUJULII GHQ VFKZDU]HQ .DVWHQ PLW GHP 0XVLNLQVWUXPHQW (LQH $UW +RUQ ± HUNHQQEDU DQ GHU DXIVFKZHOOHQGHQ $XVEXFKWXQJ DQ HLQHP (QGH 0LW |IIHQWOLFKHQ 9HUNHKUVPLWWHOQ EHJDE LFK PLFK LQ GLH 1lKH GHV %KQHQHLQJDQJV $XI GHP OHW]WHQ 6WFN GHV :HJHV WHLOWHLFKGHQ.DPSIJHJHQGLH(OHPHQWHPLWDQGHUHQ VFKZDU]JHNOHLGHWHQ LQVWUXPHQWHQWUDJHQGHQ 0XVLNHUQ ,FK KLHOWGHQ$XVZHLVJULIIEHUHLWLQGHU+DQGZXUGHYRP3I|UWQHU PLWGHQDQGHUHQDEHUQXUGXUFKJHZLQNW±DXVGHP5HJHQ'DV 5LVLNRGDMHPDQGPLFKQDFKPHLQHP1DPHQIUDJHQZUGH ZDUJHULQJGHQLFKZDUHLQHU YRQ 0XVLNHUQ$Q GLHVHP $EHQGZDUGLH3UHPLHUHHLQHVVRJHQDQQWHQ¾0XVLNVWFNV½GDV ]LHPOLFKWURPPHOIHOO]HUVW|UHQG]XZHUGHQGURKWH±¾.ROOLVLRQ GHU*DOD[LHQ½NRPSRQLHUWIU%OlVHUXQG6FKODJ]HXJHU 'LH .RPSRQLVWLQ 0RL:RRIWHU 6SULQJVW ZDU QLFKW JHUDGH ZHJHQ LKUHU ]DUWHQ 'LVVRQDQ]HQ EHUKPW :HJHQ GLHVHU 0XVLN KDWWH LFK PLU DXFK GLHVHQ$EHQG DXVJHVXFKW ± VFKRQ GDV6WXGLXPGHU3DUWLWXUYHUXUVDFKWH.RSIVFKPHU]HQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *DUGHUREHQ ZDUHQ NQDSS XQG GLH 0XVLNHUKRUGHQ ZLPPHOWHQ EHUDOO KHUXP XQG EO|NWHQ KLOÀRV 1LHPDQG ¿HO DXI GD LFK PLFK DEVHW]WH HLQH UFNZlUWLJH 7UHSSH HUVWLHJ XQG LQ HLQHU $UW +DXVPHLVWHUNDELQHWW YHUVFKZDQG 'D GDV +DXVSHUVRQDOOlQJVWYHUVFKZXQGHQZDUZUGHQLHPDQGPLFK VW|UHQ±ZDVLFKYRQGHU0XVLNOHLGHUQLFKWEHKDXSWHQNRQQWH 'HQQRFKYHUULHJHOWHLFKGLH7UYRQLQQHQ$OVGDV2UFKHVWHU GLH,QVWUXPHQWH]XVWLPPHQEHJDQQQDKPLFKPHLQ([HPSODU GHU.ROOLVRQ3DUWLWXU]XU+DQG 'LH $XIIKUXQJ EHJDQQ HLQLJHUPDHQ JHPlFKOLFK ± VFKOLHOLFKPXWHQGLH*DOD[LHQMDHUVWDXIGLH%KQHHKHVLH ]XVDPPHQSUDOOHQNRQQWHQ,FKIROJWHGHQ1RWHQPLWGHP)LQJHU ELVZLUHLQHPHLQHUURWHQ0DUNLHUXQJHQHUUHLFKWHQ6lXEHUOLFK IDOWHWH LFK GLH 3DUWLWXU ]XVDPPHQ VWHFNWH VLH HLQ |IIQHWH YRUVLFKWLJGLH7UXQGVFKDXWHKLQDXV'HU.RUULGRUZDUOHHU ZLHHUHVJHIlOOLJVWDXFK]XVHLQKDWWH/HLVHQ6FKULWWHVIROJWH LFKGHP*DQJEHUHLQHQ%RGHQGHQGLHGURKHQGHJDODNWLVFKH 9HUQLFKWXQJEHUHLWVLQHUVWH6FKZLQJXQJHQYHUVHW]WH 35,9$7±'85&+*$1*9(5%27(1VWDQGDXIGHU7U ,FK]RJGLHVFKZDU]H0DVNHDXVGHU7DVFKHQDKPGHQ+XWDE VHW]WHGHQ*HVLFKWVVFKXW]DXIXQGQDKPGHQ7UVFKOVVHO]XU +DQG 'D LFK PHLQH =HLW QLFKW PLW 'LHWULFKHQ YHUVFKZHQGHQ ZROOWHKDWWHLFKGHQ6FKOVVHOQDFKPHLQHPHUVWHQ%HVXFKKLHU DQIHUWLJHQODVVHQ,FKVXPPWHGLH0XVLNYRUPLFKKLQ±VRZHLW GDVP|JOLFKZDU%HLHLQHPJHHLJQHWHQGHVWUXNWLYHQ.UDFKHQ |IIQHWHLFKGLH7UXQGEHWUDWGDV%UR 0HLQ$XIWULWWZDUQDWUOLFKDNXVWLVFKXQEHPHUNWJHEOLHEHQ GDIU EHPHUNWH GHU lOWHUH 0DQQ GLH %HZHJXQJ (U PDFKWH NHKUWXQGULGLH$XJHQDXI'HU6FKUHLEVWLIW¿HOLKPDXVGHQ VFKODIIHQ)LQJHUQ(UJULIIPLWGHQ+lQGHQ]XU'HFNHDOVLFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PHLQHHLQGUXFNVYROOH±QLFKWIXQNWLRQVIlKLJH±:DIIHDXVGHU ,QQHQWDVFKH]RJ 'HU DQGHUH MQJHUH 0DQQ GHU LP %UR VWDQG EOLHE XQEHHLQGUXFNW XQG VWU]WH VLFK VRIRUW DXI PLFK 8QG VWU]WH EHZXWORV]X%RGHQZREHLHUEHLOlX¿JHLQHQ6WXKOXPULXQG ]HUWUPPHUWH :lKUHQG GHV =ZLVFKHQIDOOV ZDU NHLQ 7RQ ]X K|UHQ ± VR GRPLQLHUHQGZDUGLH0XVLNGLHVLFKDOOPlKOLFKHLQHPVROFKHQ +|KHSXQNW HQWJHJHQVFKZDQJ GD VRJDU GLH 3RVDXQHQ GHV -QJVWHQ *HULFKWV XQJHK|UW YHUKDOOW ZlUHQ ,FK PDFKWH VFKQHOOGHQQLQ.U]HVWDQGHQGLHZLUNOLFKODXWHQ6WHOOHQDXI GHP3URJUDPP ,FK ]RJ ]ZHL 3DDU +DQGVFKHOOHQ DXV HLQHU 0DQWHOWDVFKH XQG PDFKWH GHQ lOWHUHQ 0DQQ PLW HLQHP )X DQ VHLQHP 6FKUHLEWLVFK IHVW GDQQ ]RJ LFK LKP GLH $UPH KHUXQWHU HKH VLH HUPGHQ NRQQWHQ 'DUDXI VLFKHUWH LFK GHQ 6FKODIHQGHQ DXI JOHLFKH:HLVH (V ZDU EHLQDKH VRZHLW$XV HLQHU DQGHUHQ 7DVFKH ]RJ LFK 3ODVWLNVSUHQJVWRII ± MD PHLQH .OHLGXQJ ZDU ZLUNOLFK UHLFKOLFK PLW 7DVFKHQ YHUVHKHQ GD 6LH GDV MD QLFKW IU HLQHQ =XIDOO KDOWHQ ± XQG EHIHVWLJWH LKQ PLW HQHUJLVFKHU %HZHJXQJ DQ GHU )URQW GHV *HOGVFKUDQNV 'LUHNW EHU GHP =HLWVFKOR 0DQ VFKLHQ VLFK VHKU VLFKHU ]X IKOHQ DQJHVLFKWV GHU XPVLFKWLJHQ 0DQDKPHQ GLH JHWURIIHQ ZRUGHQ ZDUHQ 'LH ]LHPOLFK UHLFKOLFKHQ (LQQDKPHQ GHV $EHQGV ZDUHQ LQ GHU *HJHQZDUW EHZDIIQHWHU :lFKWHU LP 6DIH YHUVFKORVVHQ ZRUGHQ GHU VLFK HUVW DP QlFKVWHQ 0RUJHQ ZLHGHU |IIQHQ ZUGH ZHQQ DQGHUH %HZDIIQHWH GLH (QWQDKPH GHV *HOGHV EHUZDFKWHQ ,FK VFKREGHQ)XQN]QGHULQGLHZHLFKH0DVVHXQG]RJPLFKGDQQ ]XGHQDQGHUHQ]XUFNGLHVLFKQLFKWLPGLUHNWHQ(LQÀXEHUHLFK GHU([SORVLRQEHIDQGHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $OOHV ZDV LP %UR QLFKW QLHW XQG QDJHOIHVW ZDU KSIWH EHUHLWVLP5K\WKPXVGHU0XVLNXQG.DONEHJDQQYRQGHU'HFNH ]XULHVHOQ$EHUQRFKZDUGHUULFKWLJH=HLWSXQNWQLFKWJHNRPPHQ ,FKQXW]WHGLH*HOHJHQKHLWGLH7HOHIRQVFKQUHDXVGHQ:lQGHQ ]X UHLHQ DXFK ZHQQ NHLQH *HIDKU EHVWDQG GD YRU (QGH GHV .RQ]HUWVLUJHQGZHOFKH$QUXIHNDPHQ 'DZDUHV±EHLQDKHGLH6WHOOH,FKVDKGLH3DUWLWXUYRU$XJHQ XQGDNWLYLHUWHGHQ)XQN]QGHULQGHP$XJHQEOLFNDOVGLH=HQWUHQ GHUEHLGHQ*DOD[LHQHQGOLFKDXIHLQDQGHUVWLHHQ 'LH)URQWGHV6DIHVO|VWHVLFKDXIZlKUHQGGHU7RQLUJHQGZLH DXVJHVFKDOWHWEOLHE1LFKWGLH([SORVLRQOlKPWHPLUGLH6LQQH QHLQYLHOVWlUNHUZLUNWHGLHPXVLNDOLVFKH.DWDVWURSKHDXIPLFKHLQ REZRKOLFKPLFKKLHUREHQLP%UREHIDQG±XQGLFKEHUOHJWH ZLHYLHOH=XK|UHULP6DDOZRKOVFKRQGHQ:HLKHQGHU.XQVWLKU *HK|U KDWWHQ RSIHUQ PVVHQ 'LHVH hEHUOHJXQJ KLQGHUWH PLFK QLFKWGDUDQMHGH0HQJH'ROODUVFKHLQHDXVGHP6DIHLQPHLQHQ ,QVWUXPHQWHQNDVWHQ ]X VFKDXIHOQ$OV HU YROO ZDU ]RJ LFK YRU GHQ*HIDQJHQHQNXU]GHQ+XW±HLQHUZDUEHZXWORVGHUDQGHUH VWDUUWHPLFKDXIJHUHJWDQ±XQGPDFKWHGLH0FNH'LHVFKZDU]H 0DVNH YHUVFKZDQG ZLHGHU LQ GHU 7DVFKH XQG LFK YHUOLH GDV 7KHDWHUGXUFKHLQHQXQEHZDFKWHQ1RWDXVJDQJ 0LW VFKQHOOHQ 6FKULWWHQ OHJWH LFK GLH ]ZHL 4XHUVWUDHQ ]XP 7XQQHOHLQJDQJ]XUFNZRLFKQXUHLQHUYRQYLHOHQZDUGLHGXUFK GHQ5HJHQGLH7UHSSHKLQDEXQGXPGLH%LHJXQJ]XP%DKQKRI HLOWHQ 'LH =JH GHV %HUXIVYHUNHKUV ZDUHQ IRUW GHU .RUULGRU ZDUYHUODVVHQ,FKEHWUDWGLH7HOHIRQ]HOOHXQGQDKPLQJHQDX ]ZHLXQG]ZDQ]LJ 6HNXQGHQ HLQHQ XQEHREDFKWHWHQ :HFKVHO PHLQHVbXHUHQYRU±GDPLWODJLFKJHQDXLQGHUJHEWHQ=HLW 'LHVFKZDU]H$EGHFNXQJGHV,QVWUXPHQWHQNDVWHQVO|VWHVLFK XQG JDE GHQ %OLFN DXI GHQ GDULQ EH¿QGOLFKHQ .RIIHU IUHL 'HU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DXIJHNOHEWH 7URPSHWHQXPUL DXV GQQHP 3ODVWLN O|VWH VLFK XQG YHUVFKZDQG PLW GHU 8PKOOXQJ LQ HLQHU 7DVFKH 0HLQ +XW ZXUGH XPJHNUHPSHOW XQG GDPLW ZHL PHLQ VFKZDU]HU 6FKQXUUEDUW XQG %DUW YHUVFKZDQGHQ HEHQIDOOV LQ HLQHU 7DVFKH VR GD LFK GHQ 0DQWHO VFKOLHOLFK XPGUHKHQ NRQQWH GHU ± ULFKWLJ JHUDWHQ ± HEHQIDOOV ZHL VFKLPPHUWH ,Q GLHVHU $XIPDFKXQJVFKOHQGHUWHLFK]XP%DKQVWHLJKLQDEXQGDXIGHU DQGHUHQ6HLWHPLWDQNRPPHQGHQ)DKUJlVWHQZLHGHUKLQDXI]X HLQHP7D[LVWDQG'RUWPXWHLFKQLFKWODQJHZDUWHQHLQ7D[L UROOWH KHUEHL GLH 7U JLQJ DXI ,FK VWLHJ HLQ XQG OlFKHOWH GHQ VFKLPPHUQGHQ6FKlGHOGHV5RERWHUIDKUHUVDQHUNHQQHQGDQ ª0HLQ*XKWVWHUIRKUPLFKLQV$UERODVW+RWHO©VDJWHLFKLQ EUHLWHPWKULQJLVFKHQ$N]HQWGHQQGHUVRHEHQHLQJHWURIIHQH =XJNDPDXV7KULQJHQ ªbXHUXQJQLFKWYHUVWDQGHQ©VFKHSSHUWHGDV'LQJ ª+RWHO$UERODVWGXVFKHSSHUQGHU0UEWHLJ©EUOOWHLFK ª$UERRODVW© ª9HUVWDQGHQ©VDJWHGDV'LQJXQG GDV7D[L VHW]WH VLFKLQ %HZHJXQJ $XVJH]HLFKQHW ,Q VROFKHQ 7D[LV ZXUGHQ DOOH *HVSUlFKH YRQ HLQHP PROHNXODUHQ 5HFRUGHU PLWJHVFKQLWWHQ XQG HLQHQ 0RQDWODQJDXIEHZDKUW'LHVHV*HVSUlFKZUGHVLFKDXIMHGHQ )DOO XQYHUIlQJOLFK DQK|UHQ 0HLQH =LPPHUUHVHUYLHUXQJ ZDU WDWVlFKOLFKYRQHLQHP7HUPLQDOLQ7KULQJHQJHPDFKWZRUGHQ 9LHOOHLFKW ZDU LFK EHUYRUVLFKWLJ DEHU PHLQ 0RWWR ZDU QXQ PDOGDPDQQLFKWYRUVLFKWLJJHQXJVHLQNRQQWH 'DV +RWHO ZDU YRUQHKP XQG WHXHU XQG GHU 5RERWGLHQHU IKUWH PLFK OHLVH VFKQXUUHQG DXI PHLQ =LPPHU XQG ]RJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ]XIULHGHQ DE QDFKGHP LFK LKP HLQH 'ROODU0Q]H LQ GHQ 7ULQNJHOGVFKDFKWJHZRUIHQKDWWH ,FK VWHOOWH GHQ .RIIHU LQV 6FKODI]LPPHU ]RJ GHQ QDVVHQ 0DQWHODXVQDKPHLQ%LHUDXVGHP(LVVFKUDQN±XQGK|UWH HLQ.ORSIHQDQGHU7U 6RVFKQHOOVFKRQ":HQQGDVGHU/lXIHUZDUYHUVWDQGHUVHLQ +DQGZHUNGHQQLFKKDWWHYRQHLQHU9HUIROJXQJQLFKWVEHPHUNW $EHUZHUVROOWHHVVRQVWVHLQ",FK]|JHUWHELVPLUDXIJLQJGD HV HLQH VLFKHUH 0HWKRGH JDE GLH $QWZRUW DXI GLHVH )UDJH KHUDXV]X¿QGHQ9RUVLFKWVKDOEHUOlFKHOWHLFKGHQQHVN|QQWHMD GHU/lXIHUVHLQXQG|IIQHWHGLH7U'DV/lFKHOQYHUJLQJPLU VRIRUW ª6LHVLQGYHUKDIWHW©VDJWHGHU.ULPLQDOEHDPWHLQ=LYLOXQG KLHOW PLU VHLQ MXZHOHQEHVHW]WHV$E]HLFKHQ KLQ 6HLQ%HJOHLWHU ULFKWHWHHLQHJURH:DIIHDXIPLFKGDPLWLFKGLH6LWXDWLRQQLFKW HWZDPLYHUVWDQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

ª:DV« ZDV«"© IUDJWH LFK RGHU VDJWH HWZDV LQ GHU $UW 'HU %HDPWH ]HLJWH VLFK YRQ PHLQHU .RQYHUVDWLRQ QLFKW JHUDGH DQJHWDQ ª=LHKHQ6LHGHQ0DQWHODQ6LHNRPPHQPLW© :LHEHQRPPHQWRUNHOWHLFKGXUFKGDV=LPPHUXQGWDWZDV PLUJHKHLHQZXUGH(LJHQWOLFKKlWWHLFKGHQ0DQWHOKLHUODVVHQ PVVHQGDVZXWHLFKGRFKKDWWHLFKNHLQHQ:LGHUVWDQGVZLOOHQ PHKU 6ROOWH PDQ PLFK GXUFKVXFKHQ ZUGH PDQ 0DVNH XQG 6FKOVVHO¿QGHQ±XQGDQGHUH'LQJHGLHPLFKYHUUDWHQPXWHQ 8QGGDV*HOG"9RP.RIIHUKDWWHQVLHQLFKWVJHVDJW .DXP KDWWH LFK GHQ$UP GXUFK GHQ bUPHO JHVWHFNW DOV GHU %HDPWHDXFKVFKRQ+DQGVFKHOOHQ]XNOLFNHQOLHXQGGDVDQGHUH (QGHDQVHLQHP$UPEHIHVWLJWH,FKVROOWHQLFKWPHKUDXIPLFK JHVWHOOWVHLQ(VJDEZHQLJZDVLFKKlWWHWXQN|QQHQ±HLJHQWOLFK JDUQLFKWVZHQQLFKPLUGHQ.DQRQHQVFKZLQJHUVRDQVFKDXWHGHU NHLQHGUHL6FKULWWHKLQWHUPLUEOLHE :LU VFKULWWHQ GXUFK GLH 7U XQG GHQ .RUULGRU HQWODQJ ]XP )DKUVWXKO XQG IXKUHQ VFKOLHOLFK LQV )R\HU KLQDE :HQLJVWHQV ZDUHQGLH%HDPWHQVRQHWWGLFKWEHLPLU]XEOHLEHQVRGDGLH +DQGVFKHOOHQQLFKWDXI¿HOHQ(LQJURHUVFKZDU]HU%RGHQZDJHQ SDUNWHLP+DOWHYHUERW'HU)DKUHUVFKHQNWHXQVNHLQHQ%OLFNIXKU DEHUORVVREDOGZLUGLH7UJHVFKORVVHQKDWWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK ZXWH QLFKW ZDV LFK KlWWH VDJHQ VROOHQ ± DEHU PHLQH %HJOHLWHU ZDUHQ DXFK QLFKW JHVSUlFKLJHU 6WXPP UROOWHQ ZLU GXUFK GLH UHJQHULVFKHQ 6WUDHQ EHUUDVFKHQGHUZHLVH DP 3ROL]HLKDXSWTXDUWLHU YRUEHL 'DIU KLHOWHQ ZLU YRU GHP *HElXGH GHU %XQGHVEHK|UGHQ YRQ %LFKHQ+LPPHO 'LH %XQGHVEHDPWHQ 0LU UXWVFKWH GDV +HU] LQ GLH +RVH ,FK KDWWH UHFKWEHKDOWHQGDV5lWVHO]XO|VHQXQGPLFK]XIDQJHQKDWWHGLH )lKLJNHLWHQ GHU 2UWVSROL]HL EHUVWLHJHQ 1LFKW JHUHFKQHW KDWWH LFKPLWGHQSODQHWHQZHLW DUEHLWHQGHQ (UPLWWOXQJVEHK|UGHQ ZLH EHLVSLHOVZHLVH )%, 5FNEOLFNHQG HUNDQQWH LFK PHLQHQ )HKOHU ±XQGEHUGDFKWHPHLQH6LWXDWLRQ1DFKMDKUHODQJHU$EZHVHQKHLW VFKOlJWGHU/lXIHUZLHGHU]X:DUXP"8QGZDVEHGHXWHQGLHVH 6FKDFKV\PEROH"6ROOHQVLFKGLH.U\SWRORJHQGDUXPNPPHUQ 2KR HLQ ELFKHQ $QJDEH 6]HQH XQG 'DWXP GHU QlFKVWHQ 8QWDW 'DV VROOWH UXKLJ EHL GHQ %XQGHVSROL]LVWHQ EOHLEHQ GLH XQIlKLJHQ /DQGSRPHUDQ]HQ KDWWHQ GDEHL QLFKWV ]X VXFKHQ 0DQEHUZDFKWGDV%DUJHOGPLWGHQPRGHUQVWHQHOHNWURQLVFKHQ 0LWWHOQ)ROJWGHP9HUEUHFKHUXP]XVHKHQ RE HU .RPSOL]HQ KDW'DQQVFKOlJWPDQ]X 0HLQH'HSUHVVLRQZDUVRVFKOLPPGDLFKNDXPJHKHQNRQQWH ,FKVFKZDQNWHDOVXQVHUHNOHLQH3UR]HVVLRQYRUHLQHU7UPLWGHU $XIVFKULIW )('(5$/ %85($8 2) ,19(67,*$7,21 KLHOW GDUXQWHULQNOHLQHUHQ*ROGEXFKVWDEHQª'LUHNWRU)O\QQ©0HLQH +lVFKHU NORSIWHQ K|ÀLFK DQ XQG GLH 7UYHUULHJHOXQJ VXPPWH XQGOLHXQVHLQWUHWHQ ª+LHULVWHU6LU© ª6FK|Q 0DFKHQ 6LH LKQ DP 6WXKO IHVW GDQQ NDQQ LFK DOOHLQ ZHLWHUPDFKHQ© 'HU6SUHFKHUVDZXFKWLJKLQWHUGHPZXFKWLJHQ7LVFK(LQ JURHU0DQQPLWJODWWHPVFKZDU]HQ+DDUXQGVHLQH)HWWPDVVHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH OLHHQ LKQ QRFK ZXFKWLJHU HUVFKHLQHQ 'DV .LQQ GDV VLFK PHKUIDFK]XWHLOHQVXFKWHZDEEHOWHEHUGHUYRUTXHOOHQGHQ0DVVH GHU%UXVW'HU%DXFKKLHOWLKQHLQJXWHV6WFNYRQGHU7LVFKNDQWH IHUQDXIGHUGLH)LQJHUGHUYHUVFKUlQNWHQ+lQGHZLHHLQ%QGHO SUDOOJHVWRSIWHU:UVWFKHQUXKWHQ(UHUZLGHUWHPHLQHQQHUY|VHQ %OLFN PLW UXKLJHQ VWDKOKDUWHQ $XJHQ :LGHUVWDQGVORV OLH LFK PLFK]XP6WXKOIKUHQXQGVDQNGDUDXIQLHGHU,FKVSUWHZLH GLH +DQGVFKHOOHQ IHVWJHPDFKW ZXUGHQ GDQQ K|UWH LFK 6FKULWWH OHLVHUZHUGHQXQGGLH7U]XIDOOHQ ª6LHVLQGZLUNOLFKHLQJURHVbUJHUQLV©EHJDQQHU ª,FK ZHL QLFKW ZDV 6LH PHLQHQ© DQWZRUWHWH LFK ± GRFK ]LWWHUWHXQGTXLHWVFKWHPHLQH6WLPPHGHUPDHQGDLFKNDXP JODXEKDIWJHNOXQJHQKDEHQNRQQWH ª6LHZLVVHQVHKUJXWZDVLFKPHLQH6LHKDEHQKHXWHQDFKW HLQHQ YHUEUHFKHULVFKHQ 5DXE EHJDQJHQ VLH KDEHQ GDV *HOG JHQRPPHQ GDV YRQ VFKZHU K|UJHVFKlGLJWHQ 0XVLNIUHXQGHQ DXVJHJHEHQ ZXUGH$EHU GDV LVW GLH NOHLQVWH ,KUHU hEHOWDWHQ MXQJHU0DQQ,KU$OWHUYHUUlWPLUGD6LHGDUEHUKLQDXVGHQ JXWHQ 1DPHQ HLQHV DQGHUHQ EHVFKPXW]W KDEHQ GHV /lXIHUV 6LHJHEHQYRUMHPDQG ]X VHLQ GHU 6LH JDU QLFKW VLQG +LHU QHKPHQ6LHGLH© (LQHQ JXWHQ 1DPHQ EHVFKPXW]HQ" %HL GHU *DOD[LV ZDV PHLQWHHU",FKUHDJLHUWHLP5HÀH[XQG¿QJGLH6FKOVVHODXI GLH GXUFK GLH /XIW JHÀRJHQ NDPHQ 8QG VWDUUWH VLH DQ ± XQG ULGDQQQRFKPHKUGLH$XJHQDXIZlKUHQGLFK]LWWHUQGGLH +DQGVFKHOOHQ|IIQHWH ª6LH VLQG GRFK QLFKW«© JXUJHOWH LFK ª,FK PHLQH GLH 9HUKDIWXQJGLHVHV%UR«6LHVLQG«©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *HODVVHQ ZDUWHWH HU PHLQH QlFKVWHQ :RUWH DE XQG DXI VHLQHP*HVLFKWPDOWHVLFKHLQVHOLJHV/lFKHOQ ª6LHVLQG«GHU/lXIHU© ª(UUDWHQ,KUHUVFKZDFKYHUVFKOVVHOWHQ%RWVFKDIWHQWQHKPH LFKGD6LHPLFKNHQQHQOHUQHQZROOWHQ:DUXP"© ,FKZROOWHDXIVWHKHQDEHUGDHUVFKLHQHLQHULHVLJH.DQRQHLQ VHLQHU+DQGXQG]LHOWHDXIGHQ3XQNW]ZLVFKHQPHLQHQ$XJHQ ,FK OLH PLFK VFKOHXQLJVW ZLHGHU ]XUFNVLQNHQ 6HLQ /lFKHOQ ZDU ZLH IRUWJHZLVFKW VHLQH 6WLPPH OLH MHGHQ $QÀXJ YRQ :lUPHYHUPLVVHQ ª(V JHIlOOW PLU QLFKW QDFKJHlIIW ]X ZHUGHQ MHGH $UW YRQ 6SLHOFKHQLVWPLU]XZLGHU,FKELQXQJHKDOWHQ6LHKDEHQJHQDX GUHL0LQXWHQ=HLWGLH6DFKH]XHUNOlUHQHKHLFK6LHXPEULQJH XPPLFKGDQQLQ,KU+RWHO]LPPHU]XEHJHEHQXQGGDV*HOG]X KROHQGDV6LHKHXWHDEHQGJHVWRKOHQKDEHQ=XQlFKVWZHUGHQ 6LHPLUYHUUDWHQZRGHU5HVWGHU%HXWHOLHJWGLH6LHLQPHLQHP 1DPHQJHPDFKWKDEHQ+HUDXVGDPLW© ,FK YHUVXFKWH ]X DQWZRUWHQ EUDFKWH DEHU QXU HLQ KLOÀRVHV 5|FKHOQ]XVWDQGH'LHVHU/DXWEUDFKWHLKQHWZDV]XU%HVLQQXQJ 9LHOOHLFKWZUGHHUPLFKW|WHQGRFKZUGHHUPLFKYRUKHUQLFKW Y|OOLJ PLW GHQ 1HUYHQ IHUWLJPDFKHQ ,FK UlXVSHUWH PLFK XQG DQWZRUWHWH ª,FKJODXEHQLFKWGD6LHHVVHKUHLOLJKDEHQPLFKXP]XEULQJHQ ± DXFK NDQQ LFK ,KU 0LQXWHQ/LPLW QLFKW UHFKW HUQVW QHKPHQ :HQQ 6LH HQGOLFK GDPLW DXIK|UHQ ZUGHQ PLFK ]X EHGUlQJHQ N|QQWHLFKYHUVXFKHQ,KQHQPHLQH0RWLYHDXVHLQDQGHU]XVHW]HQ (LQYHUVWDQGHQ"© ,FK ZXWH ZHOFKHV 5LVLNR LFK HLQJLQJ ZHQQ LFK VR PLW GLHVHP 0DQQ VSUDFK ± DEHU LQ]ZLVFKHQ ZDU PLU DXIJHJDQJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GDGHU/lXIHUHLQ6SLHOHUZDU6HLQ*HVLFKWVDXVGUXFNYHUlQGHUWH VLFK QLFKW DOOHUGLQJV QLFNWH HU HLQ ZHQLJ DOV PVVH HU HLQHQ %DXHUQ]XJ GHQ LFK JHPDFKW KDWWH DQHUNHQQHQ ± ZlKUHQG HU JOHLFK]HLWLJZXWHGDHUPLUQDFKZLHYRU6FKDFKERW ª9LHOHQ'DQN,FKKDEH6LHPLUQLHDOVJUDXVDPHQ0HQVFKHQ YRUJHVWHOOW 9LHOPHKU VDK LFK LQ ,KQHQ VREDOG LFK YRQ ,KUHU ([LVWHQ] HUIXKU VRJDU HLQ 9RUELOG IU PHLQH .DUULHUH :DV 6LH LQ ,KUHP /HEHQ HUUHLFKW KDEHQ ¿QGHW DXI GLHVHU :HOW QLFKW VHLQHVJOHLFKHQ:HQQHV6LHJHNUlQNWKDWGDLFKLQ,KUHP1DPHQ *HOGJHVWRKOHQKDEHWXWHVPLUOHLG*HUQEHUODVVHLFK,KQHQGHQ (UWUDJGLHVHV5DXEHV$EHUEHUOHJHQ6LHHLQPDO±ZDVEOLHEPLU DQGHUHVEULJ"(VJDEIUPLFKNHLQH0|JOLFKNHLW6LH]X¿QGHQ ,FK PXWH GLH 'LQJH VR DUUDQJLHUHQ GD 6LH PLFK DXIVSUHQ NRQQWHQ8QGGDVWDWHQ6LHGDQQMDDXFK,FK]lKOWHGDUDXIGD 6LHGHU3ROL]HLPHLQH,GHQWLWlWHUVWRIIHQEDUHQZUGHQZHQQ6LH PLFKSHUV|QOLFKNHQQHQJHOHUQWKDWWHQ±ZHQQVFKRQQLFKWDXV 5FNVLFKWDXIPLFKGDQQ]XPLQGHVWDXV1HXJLHU© :LHGHU HLQ ]XVWLPPHQGHV 1LFNHQ 0HLQ 6FKDFKVSLHO VFKLHQ )RUWVFKULWWH ]X PDFKHQ *OHLFK]HLWLJ ]HLJWH GHU VWDUU DXI PLFK JHULFKWHWH /DXI GHU :DIIH DQ GD HU PLFK QDFK ZLH YRU LQ 6FKDFKKLHOW ª6LH VLQG GHU HLQ]LJH OHEHQGH 0HQVFK GHU PLFK NHQQW© VDJWH HU ª6LH ZHUGHQ PLU MHW]W VDJHQ ZDUXP LFK 6LH QLFKW XPEULQJHQVROO:DUXPVXFKWHQ6LHGHQ.RQWDNWPLWPLU"© ª'DVVDJWHLFK,KQHQGRFKVFKRQ±DXV%HZXQGHUXQJ,FKELQ ]XGHP6FKOXJHNRPPHQGDHLQ0DQQPHLQHU7DOHQWH QXU HLQ 9HUEUHFKHUOHEHQ IKUHQ NDQQ$EHU ELVKHU PXWH LFK PLU DOOHVVHOEVWEHLEULQJHQXQGELQGDKHUYHUZXQGEDU,FKP|FKWH ,KU /HKUOLQJ ZHUGHQ LFK P|FKWH ]X ,KUHQ )HQ VLW]HQ XQG GLHVH .XQVW VWXGLHUHQ ,FK P|FKWH PLFK LQ GLH$NDGHPLH GHV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH IRUWJHVFKULWWHQHQ9HUEUHFKHQVHLQVFKUHLEHQ)UGLHVHV3ULYLOHJ ELQLFKEHUHLWMHGHQ3UHLV]X]DKOHQ±ZREHLLFKDOOHUGLQJVHLQ ELFKHQ=HLWEUDXFKHQRFKPHKU*HOGUDQ]XVFKDIIHQZHLOLFK GLH (UWUlJH PHLQHU OHW]WHQ EHLGHQ $NWLRQHQ ,KQHQ EHUODVVHQ ZLOO'DVZDU¶V'DVELQLFKGDVZLOOLFK8QGLFKP|FKWHVR ZHUGHQ ZLH 6LH XQG ELQ EHUHLW GD]X MHGH $QVWUHQJXQJ DXI PLFK]XQHKPHQ© 'HU IUHXQGOLFKHU DXVVHKHQGH %OLFN GLH QDFKGHQNOLFK ]XP .LQQHUKREHQHQ)LQJHU]HLJWHQDQGDGLHXQPLWWHOEDUH*HIDKU JHEDQQWZDU$EHUGDV6SLHOZDUQRFKQLFKWJHZRQQHQ±ZDV LFK DXFK JDU QLFKW ZROOWH 0LU JLQJ HV LP 0RPHQW XP HLQ 5HPLV ª:DUXPVROOWHLFK,KQHQDXFKQXUHLQ:RUWJODXEHQ"©IUDJWH HUVFKOLHOLFK ª:DUXP VROOWHQ 6LH DQ PHLQH :RUWHQ ]ZHLIHOQ"© JDE LFK ]XUFNª:HOFKHQDQGHUHQ*UXQGN|QQWHLFKKDEHQ"© ª1LFKW,KUH0RWLYHPDFKHQPLU]XVFKDIIHQ9LHOPHKUGHQNH LFK DQ GLH P|JOLFKHQ 3ODQXQJHQ HLQHV 'ULWWHQ HLQHV 0DQQHV LQKRKHU3RVLWLRQEHLGHU3ROL]HLGHU6LHDOV+LOIV¿JXUEHQXW]W XPPLFK]X¿QGHQ:HULPPHUGHQ/lXIHUYHUKDIWHQN|QQWH ZUGHHLQHQJHZDOWLJHQ6SUXQJLQVHLQHU.DUULHUHPDFKHQ© ,FK QLFNWH XQG ]HUPDUWHUWH PLU JOHLFK]HLWLJ GDV *HKLUQ QDFK HLQHU $QWZRUW 'DQQ HQWVSDQQWH LFK PLFK XQG VDJWH OlFKHOQG ª*DQ] UHFKW ± XQG VLFKHU KDEHQ 6LH VRIRUW GDUDQ JHGDFKW ,KU %UR LQ GLHVHP *HElXGH EHGHXWHW HQWZHGHU GD 6LH EHL GHQ 6LFKHUKHLWVEHK|UGHQ HLQHQ KRKHQ 5DQJ EHNOHLGHQ ± VR KRFK GD 6LH PKHORV IHVWVWHOOHQ N|QQWHQ RE HLQ VROFKHU 3ODQ EHVWHKW 2GHU ± XQG GDV ]HLJW ,KU *HQLH QRFK GHXWOLFKHU ±6LHKDEHQ0|JOLFKNHLWHQVLFKLQKRKHU3RVLWLRQEHLGHU3ROL]HL HLQ]XVFKOHLFKHQ VLH ]X WlXVFKHQ XQG ]X YHUDQODVVHQ PLFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ]X YHUKDIWHQ 0HLQHQ *OFNZXQVFK 6LU ,FK ZHL 6LH ZDUHQ HLQ JHQLDOHU 9HUEUHFKHU ± DEHU GLHV ]X HUUHLFKHQ ZUGH DQV 3KDQWDVWLVFKHJUHQ]HQ© /DQJVDPQLFNHQGQDKPHUGDV/REHQWJHJHQ6HQNWHVLFKGHU :DIIHQODXIHLQZHQLJ":DUZRP|JOLFKHLQ5HPLVLQ6LFKW"+DVWLJ VSUDFKLFKZHLWHU ª,FKKHLH-DPHV%ROLYDUGL*UL]XQGZXUGHYRUJXWVLHE]HKQ -DKUHQ LQ HEHQ GLHVHU 6WDGW JHERUHQ LQ GHU (QWELQGXQJVNOLQLN GHU0XWWHU0DFKUHHYRQGHQXQEHVFKXKWHQDUEHLWVORVHQ6WDFKHO VSHFNVFKZHLQKLUWLQQHQ'DV7HUPLQDOGDVLFKGDYRU,KQHQVHKH PWH ,KQHQ =XJDQJ ]X DPWOLFKHQ 8QWHUODJHQ MHGHU$UW JHEHQ +ROHQ6LHPHLQH,QIRUPDWLRQHQDXIGHQ6FKLUPhEHU]HXJHQ6LH VLFKGDPHLQH$QJDEHQGHU:DKUKHLWHQWVSUHFKHQ© ,FKOHKQWHPLFK]XUFNXQGHUEHJDQQVLFKPLWGHU7DVWDWXU]X EHVFKlIWLJHQ,FKOHQNWHLKQLQNHLQHU:HLVHDEZlKUHQGHUGHQ 6FKLUPLQKDOWVWXGLHUWH,FKZDUQHUY|VYHUVXFKWHDEHUlXHUOLFK UXKLJ]XHUVFKHLQHQ 'DQQZDUHUIHUWLJ(UOHKQWHVLFK]XUFNXQGPXVWHUWHPLFK JHODVVHQ,FKVDKQLFKWGDVLFKVHLQH+lQGHEHZHJWHQ±GRFK SO|W]OLFK YHUVFKZDQG GLH :DIIH 5HPLV $EHU GLH 6SLHO¿JXUHQ VWDQGHQQRFKDXIGHP%UHWWHLQQHXHV6SLHOEHJDQQ ª,FKJODXEH,KQHQ-LPXQGGDQNH,KQHQIUGLHQHWWHQ:RUWH $EHULFKDUEHLWHDOOHLQRKQH/HKUOLQJH,FKZDUHQWVFKORVVHQ6LH XP]XEULQJHQ XP PHLQH ,GHQWLWlW ]X VFKW]HQ ,FK JODXEH QLFKW PHKUGDGDVHUIRUGHUOLFK LVW ,FK DN]HSWLHUH ,KU:RUW GD 6LH QLFKWZHLWHUQDFKPLUVXFKHQZHUGHQ±XQGNQIWLJDXFKGDUDXI YHU]LFKWHQPHLQHQ1DPHQIU,KUH9HUEUHFKHQ]XEHQXW]HQ© ª$XI GLHVH %LWWH JHKH LFK JHUQ HLQ ,FK KDEH PLFK QXU DOV /lXIHUDXVJHJHEHQXP,KUH$XIPHUNVDPNHLW]XHUZHFNHQ$EHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ELWWHEHUOHJHQ6LHQRFKHLQPDORE6LHPLFKQLFKWGRFKLQ,KUH $NDGHPLHIRUWJHVFKULWWHQHQ9HUEUHFKHQVDXIQHKPHQN|QQHQ© ª(LQHVROFKH(LQULFKWXQJJLEWHVQLFKW©VDJWHHUXQGVWDQGDXI ª(LQVFKUHLEXQJHQVLQGQLFKWP|JOLFK© ª'DQQP|FKWHLFKPHLQH%LWWHDQGHUVIRUPXOLHUHQ©VDJWHLFK KDVWLJ GHQQ LFK VSUWH GD LFK QLFKW PHKU YLHO =HLW KDWWH ª,FK ZLOOHVJDQ]SHUV|QOLFKDXVGUFNHQXQGP|FKWH6LHELWWHQPLUGDV QLFKWEHO]XQHKPHQ,FKELQMXQJQRFKNHLQH]ZDQ]LJZlKUHQG 6LHVFKRQJXWDFKW]LJ-DKUHDXIGLHVHP3ODQHWHQOHEHQ,FKNRQQWH PHLQHPHUZlKOWHQ%HUXIHUVWZHQLJH-DKUHQDFKJHKHQ,QGLHVHU NXU]HQ =HLW KDEH LFK EHUHLWV IHVWVWHOOHQ PVVHQ GD LFK VHKU LVROLHUWELQ:DVLFK]XWXQKDEHPXLFKIUPLFKWXQ±XQG]ZDU DOOHLQ(VJLEWLQGHU8QWHUZHOWNHLQH.DPHUDGVFKDIWGHQQDOOH 9HUEUHFKHU GLH PLU ELVKHU EHU GHQ :HJ JHODXIHQ VLQG ZDUHQ XQ]XOlQJOLFK'HVKDOEPXLFKGHQ:HJDOOHLQJHKHQ:HQQLFK VFKRQ VR GHQNH ± ZLH HLQVDP PVVHQ 6LH VLFK GDQQ ]XZHLOHQ IKOHQ"© 6WDUU VWDQG HU YRU PLU HLQH +DQG DXI GHQ 7LVFK JHVWW]W %OLFNORVVWDUUWHHUDXIGLHNDKOH:DQGZLHGXUFKHLQ)HQVWHU'DQQ VHXI]WH HU XQG OLH VLFK DOV KDEH GLHVHU /DXW LKQ VHLQHU OHW]WHQ .UDIWEHUDXEWZLHGHULQGHQ6WXKOVLQNHQ ª-XQJHGHLQH:RUWHVLQGGLH:DKUKHLWGLHUHLQH:DKUKHLW,FK P|FKWHQLFKWGDUEHUVSUHFKHQDEHUGXKDVWGHLQH:LGHUKDNHQ JHQDXDQGHUULFKWLJHQ6WHOOHDQJHVHW]W'HQQRFKJLEW HVNHLQH DQGHUH0|JOLFKNHLW,FKELQ]XDOWPHLQ/HEHQQRFK]XlQGHUQ,FK YHUDEVFKLHGHPLFKXQGGDQNHGLUIUHLQHXQJHPHLQLQWHUHVVDQWH :RFKH:DUEHLQDKHZLHLQGHUJXWHQDOWHQ=HLW© ª%LWWHEHUOHJHQ6LHHVVLFKQRFKHLQPDO© ª(VJHKWQLFKW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª*HEHQ 6LH PLU ,KUH $QVFKULIW ± LFK PX ,KQHQ QRFK GDV *HOGVFKLFNHQ© ª%HKDOWHQ6LHHV±6LHKDEHQ¶VYHUGLHQW.QIWLJVROOWHQ6LH ,KUHP (UZHUE DEHU XQWHU HLQHP DQGHUHQ 1DPHQ QDFKJHKHQ 'HU /lXIHU P|FKWH VHLQHQ /HEHQVDEHQG JHQLHHQ ,FK ZLOO QXUQRFKHLQVKLQ]XIJHQHLQHQNOHLQHQ5DW6WHOOHQ6LH,KUH .DUULHUHEHUOHJXQJHQ LQ HLQHQ QHXHQ 5DKPHQ :HQGHQ 6LH ,KUH JURHQ 7DOHQWH LQ HLQHP JHVHOOVFKDIWOLFK DNH]SWDEOHUHQ %HUHLFK DQ $XI GLHVH :HLVH PHLGHQ 6LH GLH XQHUWUlJOLFKH (LQVDPNHLWGLH,KQHQVFKRQDXIJHIDOOHQLVW© ª.RPPW QLFKW LQ )UDJH© ULHI LFK ª$XI NHLQHQ )DOO /LHEHU YHUNRPPH LFK IU GHQ 5HVW PHLQHV /HEHQV LP *HIlQJQLV DOV GD LFK LQ GHU *HVHOOVFKDIW GLH LFK QLFKW DN]HSWLHUHQ NDQQ LUJHQGHLQH5ROOHEHUQHKPH© ª9LHOOHLFKWEHUOHJHQ6LHHVVLFKQRFKDQGHUV© ª'DV GUIWH XQZDKUVFKHLQOLFK VHLQ© VDJWH LFK LQV /HHUH GHQQGLH7UHKDWWHVLFKKLQWHULKPJHVFKORVVHQ(UZDUIRUW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

'DVZDU¶VGDQQZRKO-HJU|HUGLH)UHXGHXQG:RQQH]XYRU JHZHVHQZDUXPVRWLHIHUWDWVLFKGHU$EJUXQGGHU'HSUHVVLRQ DXI,FKKDWWHJHQDXGDVHUUHLFKWZDVLFKPLUYRUJHQRPPHQ KDWWH0HLQNRPSOL]LHUWHU3ODQKDWWHEHVWHQVIXQNWLRQLHUW,FK KDWWH GHQ /lXIHU DXV VHLQHP 9HUVWHFN JHORFNW XQG LKP HLQ $QJHERWJHPDFKWGDVHUQLFKWKDWWHDEOHKQHQN|QQHQ /HLGHU KDWWH HU HV GRFK JHWDQ 3O|W]OLFK EHGHXWHWH PLU GLH )UHXGHEHUGHQHUIROJUHLFKHQ5DXEQLFKWVPHKU'LH'ROODUV ZDUHQ ZLH$VFKH LQ PHLQHU +DQG ,FK VD LP +RWHO]LPPHU VWDUUWH LQ GLH =XNXQIW XQG VDK QXU HLQH XQHQGOLFKH /HHUH ,PPHU ZLHGHU ]lKOWH LFK GDV *HOG ELV GLH =DKOHQ NHLQH %HGHXWXQJ PHKU KDWWHQ %HL PHLQHQ 3OlQHQ KDWWH LFK DOOH 0|JOLFKNHLWHQ EHUFNVLFKWLJW ± ELV DXI HLQH ± GD GHU /lXIHU PLFK ]XUFNZHLVHQ ZUGH (V ¿HO PLU VFKZHU PLW GLHVHU 5HDOLWlWIHUWLJ]XZHUGHQ $OV LFK VFKOLHOLFK DP QlFKVWHQ 7DJ QDFK %LOOYLOOH ]XUFNNHKUWH ZDQGHOWH LFK LP 6FKDWWHQ HLQHU JHZDOWLJHQ 'HSUHVVLRQ XQG ZDWHWH LQ 6HOEVWPLWOHLG %HLGHV LVW PLU QRUPDOHUZHLVH]XZLGHU6RDXFKGLHVPDO,FKEHWUDFKWHWHGDV KRKOlXJLJHEHNPPHUWH*HVLFKWLP6SLHJHOXQGVWUHFNWHPLU VHOEHUGLH=XQJHKHUDXV ª)HLJOLQJ© ULHI LFK ª0XWWHUV|KQFKHQ -DPPHUODSSHQ VHOEVWVFKWLJHU 1LHPDQG© 'LHVH /LVWH HUZHLWHUWH LFK PLW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHU =HLW XP HWOLFKH DQGHUH .UlQNXQJHQ GLH PLU HLQ¿HOHQ 1DFKGHP LFK DXI GLHVH :HLVH HLQ ZHQLJ GLH $WPRVSKlUH JHUHLQLJWKDWWHPDFKWHLFKPLUHLQ6DQGZLFKXQGHLQH.DQQH .DIIHH±$ONRKROKlWWHPLUMHW]WQXUGLH6\QDSVHQYHUNOHLVWHUW ±XQGVHW]WHPLFKQLHGHUXP]XHVVHQXQG]XWULQNHQXQGEHU GLH=XNXQIWQDFK]XGHQNHQ:DVQXQ" 1LFKWV-HGHQIDOOV¿HOPLUQLFKWV.RQVWUXNWLYHVHLQ $OOH3OlQHKDWWHQDQHLQHUNDKOHQ0DXHUJHHQGHWXQGLFKVDK NHLQH0|JOLFKNHLWVLH]XXPJHKHQRGHUJDU]XEHUVWHLJHQ,FK OLHPLFK]XUFNVLQNHQXQGVFKQLSVWHGLH)LQJHULQ5LFKWXQJ9 (LQ:HUEHNDQDOZDU]XVHKHQGRFKHKHLFKXPVFKDOWHQNRQQWH HUVFKLHQGLH$QVDJHULQSUlFKWLJGUHLGLPHQVLRQDOXQGIDUELJ,FK VFKDOWHWHQLFKWXPZHLOGLH'DPHQXUHLQHQ+DXFKYRQHLQHP %DGHDQ]XJWUXJ ª.RPPHQ 6LH DQ GHQ 2UW ZR GHU VDQIWH:LQG ZHKW© ORFNWH VLHª.RPPHQ6LH]XPLUDQGHQ6LOEHUVWUDQGGHVZXQGHUVFK|QHQ 9DWLFDQR%HDFKZR6RQQHXQG:HOOHQ,KUH6HHOHHUIULVFKHQ«© ,FKVFKDOWHWHGDV'LQJDXV0HLQH6HHOHZDUJXWLQ)RUPXQG GLH JXWHQ )RUPHQ GHU $QVDJHULQ VFKXIHQ QXU QHXH 3UREOHPH =XHUVW GLH =XNXQIW GDQQ GLH KHWHURVH[XHOOHQ *HOVWH 'LH :HUEHHLQEOHQGXQJKDWWHPLFKDEHUDXIHLQH,GHHJHEUDFKW (LQ 8UODXE" (LQH NOHLQH 3DXVH":DUXP QLFKW ± VFKOLHOLFK KDWWH LFK LQ GHU OHW]WHQ =HLW PHKU JHDUEHLWHW DOV MHQH HKUOLFKHQ *HVFKlIWVOHXWH GHUHQ 6FKLFNVDO LFK VR HQWVFKLHGHQ QLFKW WHLOHQ ZROOWH 9HUEUHFKHQ KDWWHQ VLFK DXVJH]DKOW XQG ]ZDU UHLFKOLFK ± ZDUXP EUDFKWH LFK YRQ GHU VFKZHUYHUGLHQWHQ .RKOH QLFKW HLQ ELFKHQ XQWHU GLH /HXWH" :DKUVFKHLQOLFK ZUGH LFK PHLQHQ 3UREOHPHQ QLFKW HQWÀLHKHQ N|QQHQ LFK ZXWH EHUHLWV GD HLQH 2UWVYHUlQGHUXQJ NHLQH /|VXQJHQ EUDFKWH 'LH 6RUJHQ ZUGHQ PLFK LPPHU EHJOHLWHQ ZUGHQ PLFK VWlQGLJ SODJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZLH =DKQVFKPHU]HQ $EHU LFK NRQQWH VLH ]XPLQGHVW DQ HLQHQ 2UWYHUOHJHQZRLFKYLHOOHLFKW*HOHJHQKHLWXQG5XKHIDQGVLH JUQGOLFK]XVH]LHUHQ :RKLQ",FKZlKOWHLQGHU'DWHQEDQNHLQHQ8UODXEVIKUHUXQG EOlWWHUWHGDULQ1LFKWVYHUORFNWHPLFK'DV0HHU"1XUZHQQLFK GDV0lGFKHQDXVGHU)HUQVHKZHUEXQJNHQQHQOHUQHQNRQQWH±ZDV NDXPZDKUVFKHLQOLFKZDU9RUQHKPH+RWHOVWHXUH.UHX]IDKUWHQ 0XVHXPVWRXUHQGLHVDOOHVNDPPLUHWZDVRDXIUHJHQGYRUZLH HLQ:RFKHQHQGHDXIHLQHU6WDFKHOVSHFNVFKZHLQ5DQFK 9LHOOHLFKW ZDU GDV GHU$XVZHJ ± LFK EUDXFKWH IULVFKH /XIW $OV%DXHUQMXQJHNDQQWHLFKPLFKLQGHUJURHQ:HLWHGHU1DWXU DXV GLH LFK DOOHUGLQJV QXU DXV GHP 6FKDWWHQ HLQHV ULHVLJHQ 6WDFKHOVSHFNVFKZHLQ0LVWKDXIHQV ]X *HVLFKW EHNRPPHQ KDWWH $QJHVLFKWV GLHVHU +HUNXQIW ZDU LFK QXU ]X JHUQ EHUHLW JHZHVHQ LQ GLH 6WDGW XP]X]LHKHQ ± XQG ZDU GRUW QLFKW PHKU KHUDXVJHNRPPHQ 9LHOOHLFKW ZDU GDV GLH /|VXQJ 1LFKW ]XUFN DXI GHQ +RI VRQGHUQ LQ GLH :LOGQLV )RUW YRQ /HXWHQ XQG 0DVFKLQHQ XP HLQ ELFKHQ PLW GHU 1DWXU ]X SODXGHUQ -H JHQDXHU LFK HV PLU EHUOHJWHGHVWRPHKUJH¿HOPLUGLH,GHH8QGLFKZXWHDXFK VFKRQ ZRKLQ LFK UHLVHQ ZROOWH ± HLQ :XQVFKWUDXP GHU PLFK EHJOHLWHWHVHLWLFKHLQHP6WDFKHOVSHFNVFKZHLQNDXPELVDQGLH =LW]HQ UHLFKWH ,QV .DWKHGUDOHQJHELUJH -HQH VFKQHHEHGHFNWHQ *LSIHOGLHZLHJHZDOWLJH.LUFKWUPH]XP+LPPHODXIUDJWHQ±ZLH VHKUKDWWHQVLHDOV.LQGPHLQH7UlXPHEHKHUUVFKW1XQMDZDUXP QLFKW"(VZXUGH=HLWPDOHLQHQ7UDXP]XYHUZLUNOLFKHQ *URHQ6SDPDFKWHHVPLU5XFNVDFN6FKODIVDFN7KHUPDO]HOW XQG/DPSHQ]XHUVWHKHQ±PHKUEUDXFKWHLFKQLFKW6REDOGLFKGLH 6DFKHQEHLVDPPHQKDWWHZDUPLUGLH)DKUWPLWGHP/LQHDU]XJ ]XODQJVDPXQGLFKQDKPGDV)OXJ]HXJQDFK5DIDHO1DFKGHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH /DQGXQJVWDUUWHLFKPLWDXIJHULVVHQHQ$XJHQDXIGLH%HUJHGDQQ VFKQLSVWHLFKPLWGHQ)LQJHUQXQGWUDWXQUXKLJYRQHLQHP)X DXIGHQDQGHUHQZlKUHQGLFKDXIGDV*HSlFNZDUWHWH,FKKDWWH GLH/DQGNDUWHQVWXGLHUWXQGZXWHGDGHU.DWKHGUDOHQZHJGLH 6WUDH LQ GHQ 9RUEHUJHQ Q|UGOLFK GHV )OXJKDIHQV NUHX]WH ,FK KlWWHGHQ=XEULQJHUEXVQHKPHQVROOHQZLHGLHDQGHUHQDQVWDWW PLFKDXIIlOOLJLQHLQ7D[L]XVHW]HQ±DEHULFKKDWWHHVYLHO]XHLOLJ ª=LHPOLFK JHIlKUOLFK .OHLQHU LFK PHLQH GHQ :HJ DOOHLQ ]X HUVWHLJHQ© 'HU QLFKW PHKU JDQ] MXQJH )DKUHU VFKPDW]WH PLW GHQ/LSSHQXQGEHJDQQPLWVHLQHUEHGUFNHQGHQ$XI]lKOXQJ ª0DQ NDQQ VLFK OHLFKW YHULUUHQ9RQ:|OIHQ JHIUHVVHQ ZHUGHQ 'D]X/DZLQHQXQG(UGUXWVFKH8QG«© ª8QG LFK WUHIIH PLFK PLW )UHXQGHQ© ORJ LFK KDVWLJ ª(LQH *UXSSH YRQ ]ZDQ]LJ /HXWHQ :DQGHUWHDP GHU )DKUW¿QGHU DXV 0LVHU8QWHUDUPP'DVZLUGOXVWLJ© ª+DEH LQ OHW]WHU =HLW NHLQH )DKUW¿QGHU JHVHKHQ© NQXUUWH HU VHQLOPLWUDXLVFK ª.HLQ :XQGHU© LPSURYLVLHUWH LFK EHXJWH PLFK DXI GHP 5FNVLW]]XU6HLWHXQGEOlWWHUWHKDVWLJGLH/DQGNDUWHQGXUFKª6LH VLQG PLW GHP =XJ QDFK %RVNRQH JHIDKUHQ GHU %DKQKRI OLHJW XQZHLWGHU6WHOOHZRGDV*OHLVGHQ:HJLQGLH%HUJHNUHX]W6LH ZDUWHQGRUWDXIPLFKGLHJDQ]H7UXSSHVDPW$QIKUHU$OOHLQLQ GHQ%HUJHQ+HUU±GDVZlUHQLFKWVIUPLFK© :LHGHUEUXPPWHHUYRUVLFKKLQXQGJUROOWHQRFKODXWHUDOVLFK GDV7ULQNJHOGYHUJDGDQQNLFKHUWHHUOHLVHYRUVLFKKLQZHLOLFK LKPGDQQGRFK]XYLHOVSHQGLHUWH8QGJOHLFK]HLWLJGHP,PSXOV ZLGHUVWDQGLKPHLQHIDOVFKH 'ROODU0Q]H DQ]XGUHKHQ 'DV 0RWRUHQJHUlXVFKHUVWDUELQGHU)HUQHXQGLFKVFKDXWHDXIGHQ JXW JHNHQQ]HLFKQHWHQ :HJ GHU VLFK GDV 7DO HPSRUZDQG ± XQG HUNDQQWHGDLFKHLQHQVHKUJXWHQ(LQIDOOJHKDEWKDWWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (VLVWVLQQORVVLFKEHJHLVWHUWEHUGLH)UHXGHQGHV/HEHQVDQ GHUIULVFKHQ/XIWDXV]XODVVHQ:LHEHLP6NLIDKUHQOHJWPDQORV XQG JHQLHW VLH ± PDQ UHGHW DEHU QLFKW GDUEHU (V SDVVLHUWHQ QDWUOLFKGLHEOLFKHQ6DFKHQ,FKKROWHPLUHLQHQ6RQQHQEUDQG DXI GHU 1DVH GLH$PHLVHQ ¿HOHQ EHU PHLQHQ 6SHFN KHU 'LH 6WHUQH ZDUHQ XQJODXEOLFK KHOO XQG ]DKOUHLFK ZlKUHQG GLH VDXEHUH /XIW PHLQHQ /XQJHQ XQJODXEOLFK JXWWDW ,FK ZDQGHUWH XQGNOHWWHUWHIURULQHLQHP%HUJEDFK±XQGVFKDIIWHHVPHLQH 6RUJHQY|OOLJ]XYHUJHVVHQ,QGLHVHU:LOGQLVNDPHQVLHPLUVHKU XQDQJHPHVVHQ YRU (UIULVFKW JHVlXEHUW PGH DEHU ]XIULHGHQ XQG XP HWOLFKHV GQQHU NDP LFK ]HKQ 7DJH VSlWHU DXV GHQ %HUJHQ ZLHGHU ]XP 9RUVFKHLQ XQG VWROSHUWH LQ GDV )R\HU GHV +RWHOVLQGHPLFKHLQ=LPPHUUHVHUYLHUWKDWWH'DVKHLH%DG ZDUHLQ*HQXHEHQVRGDVNDOWH%LHU,FKOLHPLFKWLHIHULQGLH :DQQHVLQNHQVWHOOWHGDV9HLQXQGEHNDPHEHQQRFKGHQ5HVW GHU1DFKULFKWHQPLWLFKOLHGLH6HQGXQJODXIHQGHQQLFKZDU]X PGHXPGHQ6HQGHU]XZHFKVHOQ ª« YHUPHOGHW HLQHQ $QVWLHJ GHV 6FKLQNHQH[SRUWV EHU GDV:DFKVWXPYRQYLHU3UR]HQWKLQDXVGDV$QIDQJGHV-DKUHV YRUDXVJHVDJWZRUGHQZDU'HU0DUNWIU6WDFKHOVSHFNVFKZHLQ 6WDFKHOQ GDJHJHQ LVW DP $EZLQG XQG GLH 5HJLHUXQJ VLHKW VLFK HLQHP ZDFKVHQGHQ 6WDFKHOEHUJ JHJHQEHU GHU EHUHLWV LQV .UHX]IHXHUGHU.ULWLNJHUlW =XUFN ]XP /RNDOHQ 'HU &RPSXWHUYHUEUHFKHU GHU LQ GLH $UFKLYHGHU%XQGHVEHK|UGHQHLQGULQJHQZROOWHNRPPWPRUJHQ YRU *HULFKW 'LH %XQGHVDQNOlJHU EHXUWHLOHQ GLH 7DW VHKU VWUHQJ XQGP|FKWHQGLH7RGHVVWUDIHZLHGHUHLQIKUHQ'RFK«© ,FKDFKWHWHQLFKWZHLWHUDXIGLH6WLPPHGHQQGDVDQELHGHUQGH *HVLFKW YHUVFKZDQG YRP %LOGVFKLUP XQG PDFKWH GHP &RPSXWHUYHUEUHFKHU 3ODW] GHU YRQ HLQHU +RUGH 3ROL]LVWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DEJHIKUW ZXUGH (U ZDU HLQ JURHU VHKU GLFNHU 0DQQ PLW EXVFKLJHP ZHLHQ +DDU ,FK VSUWH HLQH SO|W]OLFKH (QJH LQ GHU %UXVW ± LQ GHU *HJHQG ZR LFK PHLQ +HU] YHUPXWHWH 'LH +DDUIDUEH VWLPPWH QLFKW ± DEHU GDV OLH VLFK PLW 3HUFNHQ YHUlQGHUQ$QVHLQHU,GHQWLWlWEHVWDQGIUPLFKNHLQ=ZHLIHO (VZDUGHU/lXIHU 6LHKDWWHQLKQJHVFKQDSSW ,FK VSUDQJ DXV GHU :DQQH KXVFKWH TXHU GXUFKV =LPPHU XQG GURVFK DXI GLH 6WDQGELOGNRQWUROOHQ (LQ :XQGHU GD LFK PLUNHLQHQW|GOLFKHQ6WURPVFKODJKROWH9RU.lOWH]LWWHUQGRKQH GDUDXI ]X DFKWHQ VFKDOWHWH LFK ]XUFN XQG VWHOOWH GHQ =RRP HLQ ,FK YHUJU|HUWH GDV%LOG±HUVFKDXWHJHUDGHNXU]EHUGLH 6FKXOWHUQDFKKLQWHQ(UZDUHV±RKQH=ZHLIHO $OV LFK GHQ 6FKDXP DEJHZLVFKW XQG PLFK DQJH]RJHQ KDWWH VWDQGHQ PHLQH ZHLWHUHQ 3OlQH LQ 8PULVVHQ IHVW ,FK PXWH LQ GLH 6WDGW ]XUFN KHUDXV¿QGHQ ZDV JHVFKHKHQ ZDU XQG LKP QDFK 0|JOLFKNHLW KHOIHQ ,FK ZlKOWHGLH)OXJLQIRUPDWLRQNXU] QDFK0LWWHUQDFKWJDEHVHLQHQ3RVWÀXJ,FKEXFKWHHLQHQ3ODW]D HWZDVOHJWHPLFKHLQH:HLOHKLQEH]DKOWHPHLQH5HFKQXQJXQG ZDUGHUHUVWH3DVVDJLHUDQ%RUG .XU] QDFK (LQEUXFK GHU 0RUJHQGlPPHUXQJ EHWUDW LFK PHLQ %UR LQ %LOOYLOOH :lKUHQG GHU &RPSXWHU PLU VlPWOLFKH 1DFKULFKWHQPHOGXQJHQ EHU GLH9HUKDIWXQJ DXVGUXFNWH PDFKWH LFK.DIIHH6FKOUIHQGXQGOHVHQGPXWHLFKHVKLQQHKPHQGD PHLQH6WLPPXQJVDQNZLHHLQ6WHLQLP:DVVHU(VKDQGHOWHVLFK ZLUNOLFKXPGHQ0DQQGHQLFKDOVª/lXIHU©NDQQWHDXFKZHQQ HUXQWHUGHP1DPHQ%LOO9DWKLVDQJHNODJWZDU0DQKDWWHLKQEHLP 9HUODVVHQGHV*HElXGHVGHU%XQGHVEHK|UGHQYHUKDIWHWZRHUHLQH &RPSXWHUSIRUWHHLQJHULFKWHWKDWWHPLWGHUHULQVWUHQJJHKHLPH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'DWHQEDQNHQ HLQEUHFKHQ NRQQWH 'LHV DOOHV ZDU DP 7DJ QDFK PHLQHPÀXFKWDUWLJHQ8UODXEVDQWULWWJHVFKHKHQ 3O|W]OLFK ZXUGH PLU NODU ZDV GDV EHGHXWHWH (LQ VWDUNHV 6FKXOGJHIKOEHUNDPPLFKGHQQLFKZDUGHU0DQQGHULKQ LQV*HIlQJQLVJHEUDFKWKDWWH2KQHPHLQHQYHUUFNWHQ3ODQKlWWH HUVLFKQLHPDOVXPGLH)%,8QWHUODJHQJHNPPHUW(UKDWWHVLFK OHGLJOLFKEHU]HXJHQZROOHQGDPHLQ$XIWDXFKHQQLFKW7HLOHLQHV JURDQJHOHJWHQ3ROL]HLHLQVDW]HVZDU ª,FKKDE¶LKQLQV*HIlQJQLVJHEUDFKW±DOVRKROHLFKLKQZLHGHU UDXV© EUOOWH LFK VSUDQJ DXI XQG YHUVFKWWHWH .DIIHH DXI GHQ %RGHQ%HLP$XIZLVFKHQEHUXKLJWHLFKPLFKZLHGHU-DHVZUGH PLUHLQHQ5LHVHQVSDPDFKHQLKQDXVGHP*HIlQJQLV]XEHIUHLHQ $EHUZDUGDVWDWVlFKOLFK]XVFKDIIHQ":DUXPQLFKW",FKKDWWHGRFK VFKRQ (UIDKUXQJHQ LP *HIlQJQLVDXVEUHFKHQ (LJHQWOLFK PWH HVVRJDUOHLFKWHUVHLQGLH6DFKHDXIGHPXPJHNHKUWHQ:HJ]X YHUVXFKHQPLWGHP$QVDW]YRQGUDXHQ'RFKMHJUQGOLFKHULFK PLUGLH6DFKHEHUOHJWHGHVWRZHQLJHUVDKLFKGLH1RWZHQGLJNHLW PLFK EHUKDXSW LQ GLH 1lKH GHV *HIlQJQLVVHV ]X EHJHEHQ 'LH 3ROL]HL VROOWH LKQ IU PLFK KHUDXVKROHQ ,PPHUKLQ PXWH PDQ LKQ YRU *HULFKW VWHOOHQ GD ZUGH PDQ LKQ PLW PHKUHUHQ )DKU]HXJHQ KLQ XQG KHU NXWVFKLHUHQ PVVHQ 8QG GDEHL HUJDE VLFKKRIIHQWOLFKHLQH*HOHJHQKHLW ,FK VROOWH EDOG PHUNHQ GD HV QLFKW JDQ] VR OHLFKW ZHUGHQ ZUGH'LHVHU0DQQZDUGHUHUVWHJURH9HUEUHFKHUGHQPDQVHLW -DKUHQ HUZLVFKW KDWWH XQG DOOH :HOW UHJWH VLFK VFKUHFNOLFK DXI 'HU/lXIHUZXUGHQLFKWLP6WDGWRGHU6WDDWVJHIlQJQLVYHUZDKUW VRQGHUQKDWWHHLQH=HOOHLP*HElXGHGHU%XQGHVSROL]HL,FKNDP QLFKWHLQPDO LQ GLH 1lKH GLHVHU 'LHQVWVWHOOH$XHUGHP ZXUGHQ IU GHQ 7UDQVSRUW LQV *HULFKWVJHElXGH JHUDGH]X XQJODXEOLFKH 9RUVLFKWVPDQDKPHQ JHWURIIHQ 3DQ]HUZDJHQ :lFKWHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0RWRUUlGHU /XIWNLVVHQIDKU]HXJH GHU 3ROL]HL +HOLNRSWHU $XI GLHVHP :HJ ZUGH LFK QLFKW DQ LKQ UDQNRPPHQ 0LW DQGHUHQ :RUWHQLFKZDU]XQlFKVWUDWORV'DVJOHLFKHJDOWEULJHQVIUGLH 3ROL]HLDEHUDXVJDQ]DQGHUHQ*UQGHQ 1DFKIRUVFKXQJHQKDWWHQQlPOLFKHUEUDFKWGDGHUHFKWH%LOO 9DWKLV GHQ 3ODQHWHQ YRU ]ZDQ]LJ -DKUHQ YHUODVVHQ KDWWH $OOH $QJDEHQ]XGLHVHP9RUJDQJZDUHQDXVGHQ&RPSXWHUVSHLFKHUQ YHUVFKZXQGHQ±XQGGDV9HUVFKZLQGHQGHV2ULJLQDOVZDUDOOHLQ ZHJHQHLQHVNXU]HQ%ULHIHVEHNDQQWJHZRUGHQGHQGHUULFKWLJH 9DWKLV DQ HLQHQ 9HUZDQGWHQ JHVFKULHEHQ KDWWH $OVR ZHQQ GHU 0DQQQLFKW9DWKLVZDUZHUZDUHUGDQQ" $OV GHU *HIDQJHQH GDQDFK JHIUDJW ZXUGH ªVFKZLHJ HU XQG OlFKHOWH YDJH© ± VR VWDQG HV LQ GHU 3UHVVHYHUODXWEDUXQJ ,Q]ZLVFKHQ ZXUGH GHU *HIDQJHQH 0U ; JHQDQQW 1LHPDQG ZXWHZHUHUZDUXQGHU]RJHVYRUNHLQH$XVVDJH]XPDFKHQ 'HU3UR]HWHUPLQZDUIHVWJHOHJWZRUGHQ±LQNQDSSDFKW7DJHQ JLQJHVORV'LHVZXUGHGXUFKGHQ8PVWDQGHUP|JOLFKWGD0U ; VLFK ZHGHU VFKXOGLJ QRFK XQVFKXOGLJ HUNOlUWH XQG DXFK MHGH 9HUWHLGLJXQJDEOHKQWH'LH$QNODJHGLHDXIHLQVFKQHOOHV8UWHLO DXV ZDU lXHUWH VLH KDEH LKUH$NWH EHLVDPPHQ XQG ZQVFKH HLQHQ EDOGLJHQ 3UR]H 'HU 5LFKWHU JOHLFKHUPDHQ EHVWUHEW LQV5DPSHQOLFKW]XWUHWHQVWLPPWHGHU%LWWH]XXQGGHU7HUPLQ ZXUGHIUGLHIROJHQGH:RFKHDQEHUDXPW ,FK NRQQWH QLFKWV WXQ ,FK VWDQG PLW GHP 5FNHQ ]XU:DQG XQGPXWHPLUHLQJHVWHKHQGDLFKJHVFKODJHQZDU±MHGHQIDOOV LP$XJHQEOLFN,FKZUGHGHQ3UR]HDEZDUWHQPVVHQ'DQDFK ZUGH GHU /lXIHU HLQHU YRQ YLHOHQ *HIDQJHQHQ VHLQ GHQ PDQ HQGOLFK DXV GHP %XQGHVJHElXGH KHUDXVKROHQ PXWH :HQQ HU GDQQ VLFKHU LP *HIlQJQLV VWHFNWH ZUGH LFK VHLQH )OXFKW DUUDQJLHUHQ /DQJH YRU GHU$QNXQIW GHV QlFKVWHQ 5DXPVFKLIIV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GDV LKQ ]XU LQQHUHQ *HKLUQUHLQLJXQJ IRUWEULQJHQ ZUGH 0DQ ZUGH VlPWOLFKH :XQGHU GHU PRGHUQHQ :LVVHQVFKDIW GD]X YHUZHQGHQLKQ]XHLQHPHKUOLFKHQ%UJHU ]X PDFKHQ 6R ZLH LFKLKQHLQVFKlW]WHZROOWHHUOLHEHUVWHUEHQDOVGDV]XHUOHEHQ ,FKPXWHPLFKHLQVFKDOWHQ $EHU GDV HUOHLFKWHUWH PDQ PLU ZDKUOLFK QLFKW$OV GHU 3UR]H EHJDQQ IDQG LFK QLFKW HLQPDO =XJDQJ ]XP *HULFKWVVDDO 6R EOLHE PLU ± ZLH IDVW MHGHP DQGHUHQ %HZRKQHU GHV 3ODQHWHQ ±QLFKWVDQGHUHVEULJDOVGHQ3UR]HEHJLQQLP)HUQVHKHQ]X EHREDFKWHQ 8QGGDV(QGHGDVLQYHUGlFKWLJHP7HPSRKHUEHLJHIKUWZXUGH 'HU JDQ]H HUVWH 0RUJHQ JDOW GHU JXW EHOHJWHQ $XI]lKOXQJ GHU 'LQJHGLHGHU$QJHNODJWHYHUEURFKHQKDWWH(LQH]LHPOLFKNODUH %HZHLVODJH JHJHQ LKQ +DFNHUHL DXV QLHGULJHQ %HZHJJUQGHQ (LQVFKOHLFKHQ LQ 0DVFKLQHQVSHLFKHU &386FKPX +DXVIULHGHQVEUXFK 7HUPLQDO9HUJHZDOWLJXQJ 9HUVWPPHOXQJ JHKHLPHU 'RNXPHQWH ± HV ZDU VFKUHFNOLFK (LQ =HXJH QDFK GHP DQGHUHQ ODV VHLQH $XVVDJH YRU ± DOOH ZXUGHQ VRIRUW DN]HSWLHUW XQG GHQ %HZHLVHQ ]XJHVFKODJHQ 'LHVH 9RUJlQJH VFKLHQGHU/lXIHUQLFKWZDKU]XQHKPHQ²ZHGHUPLW$XJHQQRFK 2KUHQ(UVWDUUWHEOLFNORVLQGLH)HUQHDOVKDEHHULQWHUHVVDQWHUH 'LQJH]XEHWUDFKWHQDOVGDV VLPSOH7XQ GHV *HULFKWV$OV GLH %HZHLVDXIQDKPH DEJHVFKORVVHQ ZDU VFKOXJ GHU 5LFKWHU PLW VHLQHP+lPPHUFKHQ]XXQGRUGQHWHHLQH0LWWDJVSDXVHDQ $OV GDV *HULFKW ZLHGHU ]XVDPPHQWUDW ± GLH 3DXVH KlWWH IUHLQ%DQNHWWPLWVLHEHQ*HULFKWHQXQGHLQHUDQVFKOLHHQGHQ 7DQ]DXIIKUXQJ JHUHLFKW ± ZDU GHU 5LFKWHU LQ DXIJHNUDW]WHU 6WLPPXQJ %HVRQGHUV QDFKGHP GLH $QNODJH HLQH ]LHPOLFK QLHGHUVFKPHWWHUQGH =XVDPPHQIDVVXQJ YRUJHWUDJHQ KDWWH ,PPHU ZLHGHU QLFNWH HU ]XVWLPPHQG XQG GDQNWH DOO GHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH JULQVHQGHQ %ODXNLWWHOQ IU GLH JXWH $UEHLW GLH VLH JHOHLVWHW KDWWHQ 'DQQ VHW]WH HU VHLQH ZUGHYROOVWH 0LHQH DXI XQG lXHUWHVLFKPLWLQKDOWVVFKZHUHQ3DXVHQIUGDV3URWRNROO ª'LHVHU)DOOLVWVRNODUGDHUVFKRQGXUFKVFKHLQHQGZLUNW 'HU6WDDWKDWHLQHGHUPDHQHLQGHXWLJH$QNODJHYRUJHWUDJHQ GD MHGH 9HUWHLGLJXQJ DXVVLFKWVORV HUVFKLHQH 'D GHU $QJHNODJWH VLFK QLFKW YHUWHLGLJHQ ZLOO LVW HLQ ]XVlW]OLFKHU %HZHLV IU VHLQH 6FKXOG 8QG GLHVH EHVWHKW GDULQ GD HU E|VZLOOLJXQGLQYROOHU$EVLFKWDOOH7DWHQEHJLQJGHUHUHUKLHU DQJHNODJW ZXUGH 'DUDQ EHVWHKW NHLQ =ZHLIHO 'HU )DOO LVW HLQGHXWLJ 'HQQRFK ZHUGH LFK IU GHQ 5HVW GHV 7DJHV XQG ELVLQGLH1DFKWKLQHLQPHLQ*HZLVVHQHUIRUVFKHQ'HU0DQQ VROOGLHJHUHFKWH&KDQFHKDEHQGLHHUDXVVFKODJHQZROOWH,FK ZHUGH LKQ HUVW PRUJHQ IUK VFKXOGLJ VSUHFKHQ ZHQQ GDV *HULFKW ZLHGHU ]XVDPPHQWULIIW *OHLFK]HLWLJ ZHUGH LFK GDV 6WUDIPDIHVWVHW]HQ'LH*HUHFKWLJNHLWVROOVLHJHQ© ª7ROOH*HUHFKWLJNHLW©NQXUUWHLFK]ZLVFKHQGHQ=lKQHQXQG ZROOWHVFKRQGDV*HUlWDXVVFKDOWHQDEHUGHU5LFKWHUZDUQRFK QLFKWIHUWLJ ª0DQKDWPLFKLQIRUPLHUWGDGLH*DODNWLVFKH/LJDVLFKVHKU IUGHQ)DOOLQWHUHVVLHUW(LQ5DXPVFKLIIZXUGHORVJHVFKLFNWXQG ZLUGLQ]ZHL7DJHQKLHUVHLQ'HU*HIDQJHQHZLUGQDFKVHLQHU 9HUXUWHLOXQJGHQ:HOWUDXPEHK|UGHQEHUVWHOOWXQGZLUZHUGHQ LKQ ORV VHLQ ZDV LFK ZHQQ 6LH PLU GLHVHQ SULYDWHQ :XQVFK QDFKVHKHQZROOHQQXUULFKWLJ¿QGH© 0LUNODSSWHGLH.LQQODGHDXIXQGLFKVWDUUWHZLHHLQ,GLRWDXIGHQ 6FKLUP(VZDUDXV1XU]ZHL7DJH:DVNRQQWHLFKLQ]ZHL7DJHQ VFKDIIHQ"6ROOWHGLHVGDV(QGHGHV/lXIHUVVHLQ±XQG]XJOHLFKGDV (QGHPHLQHUNDXPEHJRQQHQHQ9HUEUHFKHUODXIEDKQ"

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,FK ZDU IHVW HQWVFKORVVHQ QLFKW DXI]XJHEHQ :HQLJVWHQV PXWHLFKHVYHUVXFKHQDXFKDXIGLH*HIDKUKLQ]XYHUVDJHQXQG HUZLVFKW]XZHUGHQ(VODJDQPLUGDHUMHW]WYHUXUWHLOWZXUGH ,FKVFKXOGHWHLKPPLQGHVWHQVHLQHQ5HWWXQJVYHUVXFK$EHUZDV VROOWHLFKWXQ",FKNDPLP*HElXGHGHU%XQGHVEHK|UGHQQLFKWDQ LKQKHUDQDXFKQLFKWEHLP7UDQVSRUW,FKNRQQWHLKQQLFKWPDOLP *HULFKWEHREDFKWHQ *HULFKW"±*HULFKW±-DGDV*HULFKW±ZDUXPPXWHLFKQXU LPPHUZLHGHUGDUDQGHQNHQ:DVUHJWHGDPHLQ,QWHUHVVHDQZDV NUDW]WH GD DQ PHLQHP +LUQNDVWHQ XQG EDW PLW HLQHU ,GHH XP (LQOD" 1DWUOLFK ª-XFKKXX© ,FK OLH PLFK JHKHQ XQG OLHI DUPHVFKZHQNHQGLP.UHLVXQGJDEJXUJHOQGPHLQHYLHOJHUKPWH ,PLWDWLRQHLQHVOLHEHVWROOHQ6WDFKHOVSHFNVFKZHLQV ª-DZDVLVWPLWGHP*HULFKW"©IUDJWHLFKPLFKVHOEVW±XQGKDWWH QXQGLH$QWZRUWSDUDWª'DVZLOOLFK,KQHQVDJHQ(VKDQGHOWVLFK XPHLQDOWHV*HElXGHHLQGHQNPDOJHVFKW]WHVhEHUEOHLEVHODXV DOWHQ=HLWHQ9HUPXWOLFKPRGHUQLP.HOOHUDOWH$NWHQYRUVLFKKLQ XQGXQWHUGHP'DFKÀDWWHUQEHVWLPPWGLH)OHGHUPlXVH%HL7DJ ZLUGGDV+DXVEHZDFKWZLHHLQH*HOGGUXFNHUHL±DEHUEHL1DFKW LVWHVOHHU©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK VWU]WH PLFK DXI PHLQHQ $XVUVWXQJVVFKUDQN :HUN]HXJNLVWH'LHWULFKH/DPSHQ'UlKWH:DQ]HQ±DOOHVZDV LFKIUGLHVHQ-REEUDXFKHQZUGH 6FKOLHOLFKIHKOWHQRFKHLQ:DJHQ±HKHUHLQ/LHIHUIDKU]HXJGD LFKZHQQDOOHVNODSSWH3ODW]IU]ZHLEUDXFKWH'DUXPNPPHUWH LFKPLFKDOVQlFKVWHV,FKKDWWHHWOLFKH)LUPHQLP$XJHEHKDOWHQ ± IU DOOH )lOOH 'LHVHU )DOO WUDW QXQ HLQ 2EZRKO HV QRFK KHOO ZDU VWDQGHQ GLH /NZV XQG /LHIHUZDJHQ GHU .UPHOO%lFNHUHL VFKRQZLHGHUDXIGHP3DUNSODW]XQGZXUGHQIUGHQQlFKVWHQ (LQVDW]DPIUKHQ0RUJHQGHVNRPPHQGHQ7DJHVIHUWLJJHPDFKW (LQLJH :DJHQ NDPHQ ]XU ,QVSHNWLRQ LQ GLH :HUNVWDWW ± GRFK HLQHU GDYRQ ZDQGHUWH HLQ ELFKHQ ZHLWHU QlPOLFK JHUDGHZHJV KLQGXUFKXQGDXIGLH6WUDHXQGLQ5LFKWXQJ6WDGWJUHQ]H$OVHV GlPPHUWHIXKULFKEHUHLWVEHU/DQGXQGHUUHLFKWH3HUOHQWRUNXU] QDFK (LQEUXFK GHU 'XQNHOKHLW .XU]H =HLW VSlWHU EHWUDW LFK GDV *HULFKWVJHElXGHGXUFKHLQH+LQWHUWU 'HU(LQEUHFKHUDODUPZDUXUDOWXQGVROOWHRIIHQEDU.LQGHURGHU JHLVWLJ9HUZLUUWHDEVFKUHFNHQ±GDHVKLHUMDQLFKWV9HUQQIWLJHV ]XNODXHQJDE,UUWXP%HZDIIQHWPLW%LOGHUQGLHLFKZlKUHQG GHV 3UR]HVVHV YRP *HULFKWVVDDO SHU )HUQVHKHU JHPDFKW KDWWH EHJDE LFK PLFK GLUHNW GRUWKLQ 6DDO $Q GHU 7U EOLHE LFK VWHKHQ XQG VFKDXWH PLFK LP DEJHGXQNHOWHQ 5DXP XP 'LH 6WUDHQEHOHXFKWXQJVFKLPPHUWHU|WOLFKGXUFKGLHKRKHQ)HQVWHU /DXWORVWUDWLFKHLQXQGVHW]WHPLFKDXIGHQ3ODW]GHV5LFKWHUV GDQQ VFKDXWH LFK PLU GHQ =HXJHQVWDQG DQ 6FKOLHOLFK IDQG LFK GHQ 6WXKO DXI GHP GHU /lXIHU ZlKUHQG GHV EOLW]VFKQHOOHQ 9HUIDKUHQVJHVHVVHQKDWWHDXIGHPHUPRUJHQDXFKZLHGHU3ODW] QHKPHQZUGH+LHUZUGHHUVLW]HQ±XQGKLHUZUGHHUVWHKHQ ZHQQHUVLFKHUKREXPGDV8UWHLO]XHUIDKUHQ'LHEUHLWHQ+lQGH ZUGHQGDV*HOlQGHUKLHUXPIDVVHQ-DKLHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK EHWUDFKWHWH GHQ +RO]IXERGHQ XQG OlFKHOWH JULPPLJ 'DQQNQLHWHLFKQLHGHUXQGNORSIWHHLQLJH6WHOOHQDE6FKOLHOLFK EUDFKWH LFK GLH XQJHRUGQHWHQ (OHPHQWH PHLQHV 3ODQV LQ HLQH VFK|QH5HLKHXQGJULIIQDFKHLQHP%RKUHU $FK ZLH DUEHLWVUHLFK ZDU GRFK GLHVH 1DFKW =XQlFKVW PXWH LFK HLQ 6WFN .HOOHUUDXP XQWHU GHP *HULFKWVVDDO DXVUlXPHQ GDQQ ZXUGH VFKZHLWUHLEHQG JHVlJW XQG JHKlPPHUW ZREHL LFK ]ZLVFKHQGXUFK VRJDU GDV *HElXGH YHUODVVHQ PLU HLQHQ 6SRUWODGHQVXFKHQXQGGRUW HLQEUHFKHQPXWH$PNULWLVFKVWHQ ZDU QDWUOLFK GLH9RUEHUHLWXQJ GHU )OXFKWURXWH 'LH HLJHQWOLFKH )OXFKW GXUIWH QLFKW EHUHLOW JHVFKHKHQ ± GRFK PXWH DOOHV DEJHVLFKHUWVHLQ+lWWHLFKGLH=HLWJHKDEWZlUHZRKOHLQ6WFN 7XQQHO HQWVWDQGHQ $EHU =HLW EOLHE PLU QLFKW 'HVKDOE PXWH JHLVWLJH:HQGLJNHLWGLH+DQGDUEHLWEHUÀVVLJPDFKHQ:lKUHQG LFKLQHLQHP:LQNHOGDUEHUQDFKGDFKWHHUZLVFKWHLFKPLFKEHLP (LQG|VHQ2QHLQ:LHGHUYHUOLHLFKGDV*HElXGHPDFKWHHLQ GXUFKJHKHQGJH|IIQHWHV5HVWDXUDQWDXV¿QGLJLQGHPPUULVFKH 5RERWHUPDVFKLQHQWlWLJZDUHQXQGWUDQN]ZHLJURH3RUWLRQHQ .DIIHHPLWHLQHP([WUDVFKX&RIIHLQ'LHVH%HKDQGOXQJNODSSWH ± VLH EUDFKWH PLU HEHQVR QHXH ,GHHQ ZLH 6RGEUHQQHQ HLQ ,FK VWROSHUWH]XUFNXQGEUDFKXQWHUZHJVLQHLQHQ%HNOHLGXQJVODGHQ HLQ ,QV *HULFKWVJHElXGH ]XUFNJHNHKUW NRQQWH LFK PLFK YRU 0GLJNHLW NDXP QRFK DXI GHQ %HLQHQ KDOWHQ 0LW XQVLFKHU WDVWHQGHQ )LQJHUQ YHUVFKOR LFK VlPWOLFKH 7UHQ ZLHGHU XQG O|VFKWH DOOH 6SXUHQ PHLQHU $QZHVHQKHLW $OV LFK IHUWLJ ZDU ]HLJWHVLFKEHUHLWVGDVHUVWH*UDXGHU0RUJHQGlPPHUXQJKLQWHU GHQ)HQVWHUVFKHLEHQ0LWPGHQ)LQJHUQYHUVFKORLFKGHQ.HOOHU YRQLQQHQWDXPHOWHGXUFKGHQ5DXPVHW]WHPLFKDXIHLQH3ODQH VDQN]XU6HLWHXQGZDUVRIRUWHLQJHVFKODIHQ (VZDUSHFKVFKZDU]DOVGDV0RVNLWRVFKZLUUHQGHV$ODUPJHUlWV PLFK ZHFNWH ,P HUVWHQ $XJHQEOLFN EHUNDP PLFK 3DQLN ELV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH LFK HUNDQQWH GD GHU .HOOHU MD IHQVWHUORV ZDU 'UDXHQ PXWH LQ]ZLVFKHQKHOOHU7DJVHLQ,FKZUGHPLU*HZLKHLWYHUVFKDIIHQ ,FK VFKDOWHWH HLQH$UEHLWVODPSH HLQ YHUVWHOOWH HLQLJH .Q|SIH ± XQGDNWLYLHUWHGHQ)HUQVHK0RQLWRU$XVJH]HLFKQHW(LQ)DUEELOG GHVEHUPLUOLHJHQGHQ*HULFKWVVDDOVHUVFKLHQDXVJHKHQGYRQGHU RSWLVFKHQ:DQ]H GLH LFK LQ GHU YHUJDQJHQHQ 1DFKW DQJHEUDFKW KDWWH (LQLJH 8UDOW*HULFKWVGLHQHU VWDXEWHQ GLH (LQULFKWXQJ DE XQG IHJWHQ GHQ %RGHQ 'LH 9HUKDQGOXQJ ZUGH LQ HLQHU 6WXQGHEHJLQQHQ,FKOLHGLH$QODJHODXIHQZlKUHQGLFKPHLQH $UEHLWHQGHUYHUJDQJHQHQ1DFKWHLQOHW]WHVPDOEHUSUIWH$OOHV IXQNWLRQLHUWH DOOHV ZDU LQ 2UGQXQJ ± LFK EUDXFKWH QXU QRFK DE]XZDUWHQ 8QGGDVWDWLFKZlKUHQGLFKGHQNDOWHQ.DIIHHWUDQNXQGHLQ DOWEDFNHQHV 6DQGZLFK YHU]HKUWH 'LH 6SDQQXQJ HQGHWH DOV GLH 7UHQ GHV *HULFKWVVDDOV DXIJHVWRHQ ZXUGHQ XQG GLH ZHQLJHQ =XVFKDXHUGLHHLQHQ3ODW]HUJDWWHUQNRQQWHQXQGGLH-RXUQDOLVWHQ KHUHLQVWU|PWHQ ,FK VDK VLH GHXWOLFK DXI GHP %LOGVFKLUP XQG K|UWH GDV 6FKOXUIHQ GHU 6FKXKH EHU PLU 6WLPPHQJHPXUPHO W|QWHDXVGHP/DXWVSUHFKHUXQGZXUGHHUVWOHLVHUDOVGHU5LFKWHU HLQWUDW$OOH %OLFNH ZDUHQ DXI LKQ JHULFKWHW DOOH 2KUHQ ]XFNWHQ DXIPHUNVDPDOVHUVLFKUlXVSHUWHXQG]XVSUHFKHQEHJDQQ =XHUVW ODQJZHLOWH HU GLH $QZHVHQGHQ ]X 7RGH LQGHP HU GLH JHVWHUQ YRUJHWUDJHQHQ %HZHLVH LP 'HWDLO ZUGLJWH QLFKW RKQH ]X MHGHP $VSHNW VHLQH =XVWLPPXQJ GHXWOLFK ]X PDFKHQ ,FK OLHVHLQHPRQRWRQH6WLPPH]XPHLQHQ2KUKHUHLQ±XQG]XP DQGHUHQ KLQDXVNOLQJHQ XQG ULFKWHWH GHQ %OLFN DXI GHQ /lXIHU 0LWGHP=RRPVFKDXWHLFKPLUVHLQ*HVLFKWDXVGHU1lKHDQ (U YHUULHW QLFKWV 6HLQ *HVLFKW ZLUNWH JHIDW EHLQDKH JHODQJZHLOW$EHULQVHLQHQ$XJHQVWDQGHLQVHOWVDPHV)XQNHOQ GDV PLU +D IDVW VFKRQ 9HUDFKWXQJ DQ]X]HLJHQ VFKLHQ 6HLQH HQWVFKORVVHQH .LQQVWHOOXQJ PDFKWH NODU GD PDQ ZRKO VHLQHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH .|USHUJHIDQJHQKDWWHGDVHLQH6HHOHDEHUQRFKLPPHUIUHLZDU 1LFKWIUODQJHZHQQGHU5LFKWHUVHLQHQ:LOOHQEHNDP (LQ8QWHUWRQLQGHU6WLPPHGHV5LFKWHUVOLHPLFKDXIPHUNHQ (QGOLFKZDUHUPLWGHU9RUUHGHIHUWLJ(UUlXVSHUWHVLFKXQGGHXWH DXIGHQ/lXIHU ª'HU$QJHNODJWHZLUGVLFKHUKHEHQXPGDV8UWHLO]XK|UHQ© $OOH%OLFNHZDUHQDXIGHQ*HIDQJHQHQJHULFKWHW6WDUUUHJORV EOLHEHUVLW]HQ'XUFKGHQ6DDOOLHIHLQ5DVFKHOQXQG0XUPHOQ 'HU 5LFKWHU EHJDQQ URW DQ]XODXIHQ XQG VFKOXJ PLW VHLQHP +lPPHUFKHQ]X ª'LHVHP *HULFKW ZLUG *HKRUVDP HUZLHVHQ© GU|KQWH HU ª'HU$QJHNODJWH ZLUG VLFK MHW]W HUKHEHQ VRQVW ODVVH LFK LKQ JHZDOWVDPYRP6LW]KROHQ+DEHQ6LHGDVEHJULIIHQ"© ,FK KDWWH ]X VFKZLW]HQ EHJRQQHQ :HQQ LFK LKQ GRFK QXU KlWWH DXIIRUGHUQ N|QQHQ NHLQH 6FKZLHULJNHLWHQ ]X PDFKHQ :DVVROOWHLFKWXQZHQQHUYRQPDVVLJHQKlOLFKHQ3ROL]LVWHQ KRFKJHVWHPPW XQG IHVWJHKDOWHQ ZXUGH" =ZHL VROFKHU 0XVWHUH[HPSODUHIROJWHQEHUHLWVGHP=HLFKHQGHV5LFKWHUVXQG VHW]WHQVLFKLQ%HZHJXQJ,QGLHVHP$XJHQEOLFN EHJDQQ GHU /lXIHUODQJVDPGHQ.RSI]XKHEHQ'HUYHUlFKWOLFKH%OLFNGHQ HUGHP5LFKWHU ]XZDUI KlWWH MHGHQ ]XVDPPHQIDKUHQ ODVVHQ GHU QLFKW JDQ] VR YHUQDJHOW ZDU ZLH 6HLQH (KUHQ GHU %OLFN KDWWHHWZDV9HUQLFKWHQGHV $EHUHUVWDQG'LH3ROL]LVWHQEOLHEHQVWHKHQDOVGLHJURHQ +lQGH VLFK YRUVWUHFNWHQ XQG GDV *HOlQGHU XPIDWHQ (V TXLHWVFKWH DOV HU GDUDQ ]X ]LHKHQ EHJDQQ XQG VHLQH PDVVLJH *HVWDOWKRFK]RJ(UKDWWHGHQ.RSIJHKREHQDOVHUGDV*HOlQGHU IUHLJDEXQGGLH$UPHVLQNHQOLH«

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH -HW]W,FKGUFNWHDXIGHQ.QRSI'LH([SORVLRQHQZDUHQQLFKW ODXWKDWWHQDEHUHLQHGUDPDWLVFKH:LUNXQJ6LHGXUFKWUHQQWHQ GLHEHLGHQ%RO]HQGLHGLH.DQWHGHU)DOOWUIHVWKLHOWHQ8QWHU GHP HUKHEOLFKHQ *HZLFKW GHV /lXIHUV NODSSWH GLH 7U KHUDE XQGOLHLKQZLHHLQ*HVFKRLQGLH7LHIHVWU]HQ,FKHLOWHGLH /HLWHU KLQDXI DOV HU QRFK QHEHQ PLU KHUDEVDXVWH ± KDWWH DEHU QRFK=HLWIUHLQHQOHW]WHQNXU]HQ%OLFNDXIGHQ%LOGVFKLUP (VKHUUVFKWH6FKZHLJHQDOVHUDXVGHP%OLFNIHOGGHU/HXWH LP *HULFKWVVDDO YHUVFKZDQG 'LH )HGHUQ OLHHQ GLH )DOOWU KRFKNODSSHQ XQG LFK VFKRE GDUXQWHU VFKZHUH 5LHJHO YRU (VZDUDOOHVVRVFKQHOOSDVVLHUWGDGHUOLHJHQGH/lXIHUQRFK DXIGHP7UDPSROLQDXIXQGQLHGHUKSIWHDOVLFKPLFK]XLKP XPZDQGWH,FKNUDEEHOWHGLH/HLWHUKLQDEXQGHUNDP]XU5XKH XQGVFKDXWHJHODVVHQ]XPLUDXI ª$K -LP PHLQ -XQJH :LUNOLFK QHWW GLFK ZLHGHU]XVHKHQ© (U HUJULII GLH +DQG GLH LFK LKP UHLFKWH XQG LFK KDOI LKP KRFK hEHU XQV KHUUVFKWH HLQ XQEHVFKUHLEOLFKHV /lUPHQ ± *HVFKUHL XQG *HWUDPSHO GDV LPPHU ODXWHU ]X ZHUGHQ VFKLHQ ,FK J|QQWH PLU HLQHQ JHQXUHLFKHQ %OLFN DXI GHQ %LOGVFKLUP ± DXI GHQ XQJOlXELJVWLHUHQGHQ5LFKWHUGLHSODQORVGXUFKHLQDQGHUODXIHQGHQ 3ROL]HLEHDPWHQ ª6HKUHLQGUXFNVYROO-LPVHKUHLQGUXFNVYROO©VDJWHGHU/lXIHU XQGEHZXQGHUWHHEHQIDOOVGDV)HUQVHKELOG ª*XW© EHIDKO LFK ª6FKDXHQ 6LH VLFK¶V DQ ZlKUHQG 6LH GLH lXHUH.OHLGXQJDEQHKPHQ1LFKWYLHO=HLW(UNOlUXQJHQVSlWHU© (U]|JHUWHNHLQH0LOOLVHNXQGHVRQGHUQEHJDQQ.OHLGXQJVVWFNH YRQVLFK]XVFKOHXGHUQHKHLFKGHQ6DW]]X(QGHJHVSURFKHQ KDWWH'LHJURHUXQGH*HVWDOWNDP]XP9RUVFKHLQJHZDQGHWLQ JHVFKPDFNYROOHSXUSXUQH8QWHUNOHLGXQJXQGDXIPHLQJHEUOOWHV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH .RPPDQGRKREHUGLH+lQGHEHUGHQ.RSI$XIGHU/HLWHU VWHKHQG]RJLFKVFKOLHOLFKGDVULHVLJH.OHLGEHULKQ ª+LHUGHU0DQWHO©VDJWHLFKª'HQ]LHKHQ6LHDOVQlFKVWHVDQ 'DV.OHLGLVWERGHQODQJ6FKXKHDOVRDQEHKDOWHQ1XQGHUJURH +XW GDV ZDU¶V 6SLHJHO XQG /LSSHQVWLIW ZlKUHQG LFK GLH 7U DXIULHJOH© (UNDPPHLQHU$XIIRUGHUXQJRKQHMHGHQ3URWHVWQDFK'HU /lXIHU ZDU QDFK XQWHQ YHUVFKZXQGHQ XQG HLQH 'DPH YRQ ZDKUKDIW JLJDQWLVFKHQ 3URSRUWLRQHQ NDP]XP9RUVFKHLQhEHU VHLQHP.RSIHUW|QWHHLQ*HKlPPHUGDVHUY|OOLJEHUK|UWH ª9HUVFKZLQGHQ ZLU© ULHI LFK XQG HU WlQ]HOWH HOHJDQW GXUFK GHQ .HOOHUUDXP ,FK |IIQHWH GLH 7U HUVW DOV HU GLFKW KLQWHU PLUVWDQGXQGEHQXW]WHGLHZHQLJHQYHUEOHLEHQGHQ6HNXQGHQ XPLKQZHLWHU]XLQIRUPLHUHQª0DQGUIWHLQ]ZLVFKHQDQGHU .HOOHUWUVHLQ±DEHUGRUWJLEW¶VHLQH6SHUUH:LUYHUVFKZLQGHQLQ GLHDQGHUH5LFKWXQJ©,FKVHW]WHGLH6FKLUPPW]HDXIGLH]XGHU 8QLIRUPSDWHGLHLFKWUXJª6LHVLQGHLQH*HIDQJHQHLQPHLQHU 2EKXW:LUEUHFKHQDXI±MHW]W© ,FK IDWH LKQ DP $UP XQG ZLU ZDQGWHQ XQV LP VWDXELJHQ .RUULGRU QDFK OLQNV +LQWHU XQV HUW|QWH ODXWHV .UDFKHQ XQG *HVFKUHLDEHUGDV7UHSSHQKDXVZDUYHUVSHUUW:LUHLOWHQGXUFK GHQ.HVVHOUDXPELV]XHLQHUNOHLQHQ7UHSSHGLH]XHLQHU0HWDOOWU HPSRUIKUWH $QJHOQ XQG 6FKOR KDWWH LFK EHVWHQV JHVFKPLHUW VR GD VLFK GDV +LQGHUQLV PKHORV |IIQHQ OLH XQG ZLU LQ HLQH 1HEHQJDVVHHQWNRPPHQNRQQWHQ±NHLQH$UPHVOlQJHYRQHLQHP 3ROL]LVWHQHQWIHUQWGHUGRUW:DFKHVWDQG(UZDUGHUHLQ]LJH ,FK EUDXFKWH QLFKW ODQJH XP GLH 6]HQH ]X EHUVFKDXHQ 'LH VFKPDOH*DVVHZDUKLQWHQRIIHQHQGHWH]XUDQGHUHQ6HLWHDEHU DQ HLQHU +DXVPDXHU +LQWHU GHP 3ROL]LVWHQ ZLQNWH GLH RIIHQH 6WUDHPLWLKUHQ3DVVDQWHQ'HU/lXIHUVWLHJQHEHQPLUHPSRUXQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH HU]HXJWHPLWVHLQHP)XHLQNQLUVFKHQGHV*HUlXVFK'HU3ROL]LVW GUHKWHVLFKXP ,FKVDKQRFKZLHHUGLH$XJHQDXIUL±NHLQ:XQGHUGHQQGLH 'DPH QHEHQ PLU ZDU ZLUNOLFK EHHLQGUXFNHQG ,FK QXW]WH VHLQ (UVWDXQHQWUDWDQLKQKHUDQXQGVRUJWHGDIUGDVLFKVHLQ.RSI QRFK PHKU LQ GLH HLQPDO HLQJHVFKODJHQH 5LFKWXQJ GUHKWH (U SDFNWHPLWNUlIWLJHQ+lQGHQ]X±OLHDEHUVFKQHOOZLHGHUORVGD GHU 7RQJROHVLVFKH +DOVGUHKHU ]XU VRIRUWLJHQ %HZXWORVLJNHLW IKUWVREDOGGLH'UHKXQJ*UDGDXVGHU)URQWVLFKWHUUHLFKW,FK OLHLKQ]X%RGHQJOHLWHQKREGDQQDEHUGLHRIIHQH+DQGXPGHQ /lXIHUYRP/RVVWUPHQDE]XKDOWHQ ª1LFKWGRUWHQWODQJ© $QGHU7UGHV*HElXGHVDXIGHUDQGHUHQ6HLWHVWDQG7(&+1,. 81':$5781* 6LH ZDU YHUVFKORVVHQ )U GHQ 6FKOVVHO GHQ LFKLQGHU+DQGEHUHLWKLHOWZDUGDVNHLQ3UREOHP:lKUHQGLFK PHLQHQ EHUJHZLFKWLJHQ %HJOHLWHU KLQGXUFKZLQNWH QDKP LFK GLH 0W]H DE XQG ZDUI VLH QHEHQ GHQ 3ROL]LVWHQ ,FK VFKOR GLH 7U YRQ LQQHQ XQG OLH GDEHL GLH 8QLIRUPMDFNH IDOOHQ$OV QlFKVWHVHQWOHGLJWHLFKPLFKGHU.UDZDWWHZlKUHQGZLUGXUFK GDV:DUHQKDXVVFKULWWHQ±ELVLFKQXUQRFK+RVHXQG+HPGWUXJ ,FK VWHFNWH GHQ 6FKQXUUEDUW LQ GLH 7DVFKH XQG ZLU PLVFKWHQ XQV XQWHU GLH .XQGHQ 9RQ =HLW ]X =HLW VFKDXWHQ ZLU XQV HLQ $QJHERWDQEOLHEHQDEHUQLFKWVWHKHQ0HLQH%HJOHLWHULQNRQQWH HLQLJH HUVWDXQWH %OLFNH YHUEXFKHQ DEHU GD HV VLFK XP HLQHQ YRUQHKPHQ /DGHQ KDQGHOWH ZDJWH HV QLHPDQG RIIHQ KLQWHU XQVKHU]XVWDUUHQ,FKPDUVFKLHUWHDOVHUVWHUGXUFKGHQ$XVJDQJ XQG KLHOW GHP /lXIHU GLH 7U DXI GDQQ EOLHE LFK ]ZHL 6FKULWWH YRULKPXQGZDUIPLFKLQGLH+RUGHGHU3DVVDQWHQ+LQWHUXQV ZDUHQ *HVFKUHL XQG$ODUPVLUHQHQ ]X K|UHQ ± GRFK YHUKDOOWHQ GLHVHVW|UHQGHQ*HUlXVFKHVFKQHOOZLHGHUGHQQZLUHQWIHUQWHQ XQV PLW ]LHOVWUHELJHQ 6FKULWWHQ -HW]W HUVW JHVWDWWHWH LFK PLU HLQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH /lFKHOQ $OV LFK ]XUFNVFKDXWH VDK LFK GD PHLQH %HJOHLWHULQ GHUJOHLFKHQ9HUVXFKXQJHUOHJHQZDU6LHZDUVRJDUVRIUHFKPLU NXU]]X]XEOLQ]HOQ+DVWLJVFKDXWHLFKZLHGHUQDFKYRUQ±VROFKHQ 'LQJHQ ZROOWH LFK NHLQHQ 9RUVFKXE OHLVWHQ ± XQG ERJ LQ GLH 1HEHQVWUDHHLQLQGHUGHU%URWZDJHQZDUWHWH ª%OHLEHQ6LHVWHKHQXQGVFKDXHQ6LHLQ,KUHQ6SLHJHO©VDJWH LFK XQG |IIQHWH GLH UFNZlUWLJH 7U ,FK KDQWLHUWH GULQ KHUXP XQGPXWHPLFKGDQQYRUVHLQHUPDVVLJHQ*HVWDOWLQ6LFKHUKHLW EULQJHQGLHDXIGLH/DGHÀlFKHKSIWH ª(VKDW]XP*OFNJHUDGHQLHPDQGJHVFKDXW©NHXFKWHHU ª%HVWHQV© ,FK VWLHJ ZLHGHU DXV VLFKHUWH GLH 7U JLQJ ]XU )DKUHUVHLWH QDFK YRUQ VWLHJ HLQ XQG OLH GHQ 0RWRU DQ *UROOHQG VHW]WH VLFK GHU /LHIHUZDJHQ LQ %HZHJXQJ UROOWH ODQJVDP GXUFK GLH )XJlQJHUVFKDUHQ DQ GHU (FNH XQG ZDUWHWH HLQH /FNH LP 9HUNHKUDE ,FK KDWWH PLW GHP *HGDQNHQ JHVSLHOW QRFK HLQPDO DP *HULFKWVJHElXGH YRUEHL]XIDKUHQ DEHU GDV NDP PLU QXQ GRFK ]XSUDKOHULVFKJHIlKUOLFKYRU$PEHVWHQ YHU]RJHQ ZLU XQV DXI GLUHNWHP:HJH $OV GLH 6WUDH OHHU ZDU ERJ LFK LQ GLH HQWJHJHQJHVHW]WH 5LFKWXQJHLQXQGIXKUYRUVLFKWLJDXIGLH6WDGWJUHQ]H]X'DLFK DOOH 1HEHQVWUDHQ NDQQWH ZUGHQ ZLU HQWZLVFKHQ HKH PDQ 6SHUUHQHUULFKWHQNRQQWH 2EZRKO ZLU GLH *HIDKUHQ]RQH QRFK QLFKW JDQ] YHUODVVHQ KDWWHQZDULFK]LHPOLFK]XIULHGHQPLWPLU:DUXPDXFKQLFKW" ,FK KDWWH HV JHVFKDIIW ,FK KDWWH GLH )OXFKW GHV -DKUKXQGHUWV HLQJHIlGHOWXQGGHQ9HUEUHFKHUGHV-DKUKXQGHUWVJHUHWWHW1LFKWV NRQQWHXQVMHW]WQRFKDXIKDOWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,FKIXKUGHQJDQ]HQ9RUPLWWDJKLQGXUFKELVLQGHQ1DFKPLWWDJ KLQHLQ ODQJVDP DEHU PLW JOHLFKEOHLEHQGHU *HVFKZLQGLJNHLW 'DEHL PLHG LFK DOOH +DXSWVWUDHQ $XFK ZHQQ LFK DXI GLHVH :HLVH RIW GLH 5LFKWXQJ ZHFKVHOQ PXWH GUDQJ LFK LPPHU PHKU QDFK 6GHQ YRU LQ GHP %HVWUHEHQ GHU7DWVDFKH 3L PDO U 4XDGUDWGDV%HVWHDE]XJHZLQQHQ-HGH5DGXPGUHKXQJGLHGHU %URWOLHIHUZDJHQ PDFKWH YHUJU|HUWH GDV *HELHW GDV DXI GHU 6XFKH QDFK GHP JHÀRKHQHQ *HIDQJHQHQ GXUFKNlPPW ZHUGHQ PXWHXPHLQ%HWUlFKWOLFKHV 1DFKYLHU6WXQGHQ)DKUWPXWHQZLUGHU3ROL]HLZHLWYRUDXVVHLQ =XEHUFNVLFKWLJHQZDUGDEHLDXFKGLH7DWVDFKHGDGHU/lXIHUGLH JDQ]H=HLWKLQWHQLP/DGHUDXPHLQJHSIHUFKWJHZHVHQZDUXQG YRQ PHLQHQ =XNXQIWVSOlQHQ QLFKWV ZXWH (V JDOW (UNOlUXQJHQ DE]XJHEHQ ± XQG 1DKUXQJ DXI]XQHKPHQ ,FK ZXUGH DOOPlKOLFK KXQJULJ±XQGEHLVHLQHU/HLEHVIOOHPXWHLFKEHLLKPGDVVHOEH DQQHKPHQ6RERJLFK]XPQlFKVWHQ9RURUW(LQNDXIV]HQWUXPDE VFKDXWHPLULP9RUEHLIDKUHQGLH6FKQHOOUHVWDXUDQWVDQXQGSDUNWH VFKOLHOLFKJDQ]DP(QGHGHV*HOlQGHVGLFKWYRUHLQHUNDKOHQ :DQG'HU/lXIHUEOLQ]HOWHJXWPWLJDOVLFKGLHUFNZlUWLJH7U |IIQHWHXQGLKQPLW/LFKWXQGIULVFKHU/XIWEHU¿HO ª=HLW]XP0LWWDJHVVHQ©VDJWHLFKª+lWWHQ6LHZRKOJHUQ«© ,FKYHUVWXPPWHGHQQHUKREEHIHKOVJHZRKQWGLH+DQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª-LPLFKP|FKWHYRUKHUQRFKHWZDVVDJHQ9LHOHQ'DQN$XV JDQ]HP+HU]HQGDQNHLFK,KQHQIU,KUHQ(LQVDW],FKYHUGDQNH ,KQHQQLFKWVZHQLJHUDOVPHLQ/HEHQ9LHOHQ'DQN© 0LWJHVHQNWHP%OLFNVWDQGLFKYRULKP±HKUOLFKLFKHUU|WHWH ZLHHLQ0lGFKHQ±XQGERKUWHPLWGHP=HKLP%RGHQ'DQQ KVWHOWHLFKXQGIDQGPHLQH6WLPPHZLHGHU ª,FKKDEHJHWDQZDVJHWDQZHUGHQPXWH$EHU±N|QQWHQ ZLUZRKOVSlWHUGDUEHUUHGHQ"©(UVSUWHPHLQH9HUOHJHQKHLW XQG QLFNWH DXI PLFK PDFKWH HU WURW] GHV OlFKHUOLFKHQ .OHLGV HLQHQ UHVSHNWHLQÀ|HQGHQ (LQGUXFN ,FK GHXWHWH DXI GHQ .DVWHQDXIGHPHUJHVHVVHQKDWWHª'RUW¿QGHQ6LH.OHLGXQJ :lKUHQG6LHVLFKXP]LHKHQKROHLFKHWZDV]XHVVHQ6LHKDEHQ KRIIHQWOLFKQLFKWVJHJHQGDV=HXJVYRQ0DF6FKZHLQV"© ª(WZDVGDJHJHQ"1DFKGHPVFKUHFNOLFKHQ)UDLP*HIlQJQLV KlWWH HLQ *HEUDWHQHU 6WDFKHOVSHFNVFKZHLQHEXUJHU HWZDV 3DUDGLHVLVFKHV 0LW HLQHU JURHQ 3RUWLRQ ]XFNHUJHWURFNQHWHU *XP\XPVELWWH© ª:LUGVHUYLHUW© ,FK VFKOR HUOHLFKWHUW GLH /LHIHUZDJHQWU XQG WURWWHWH DXI GLH ORFNHQGHQ 3ODWLQE|JHQ ]X 'LH =XQHLJXQJ GHV /lXIHUV ]X6FKQHOONRVWJHULFKWHQSDWHPLUEHVVHULQGHQ.UDP DOV HU DKQHQNRQQWH /LQNV XQG UHFKWV DQ GHQ 7LVFKHQ ZXUGH ODXW JHVFKPDW]W XQG JHUDVFKHOW $P 7UHVHQ OHLHUWH LFK GHU SODVWLNN|S¿JHQ 5RERWHUEHGLHQXQJ PHLQH %HVWHOOXQJ KHUXQWHU VWRSIWH *HOGVFKHLQH LQ GDV (PSIDQJVORFK XQG HUJULII GLH 7WH PLW 6SHLVHQXQG*HWUlQNHQGLHDXVGHUgIIQXQJJOLWW 6FKOLHOLFKVDHQZLUDXIGHQ.LVWHQKLQWHQLP/LHIHUZDJHQ XQG DHQ XQG WUDQNHQ EHJHLVWHUW ,FK KDWWH GLH 7U HLQHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6SDOW EUHLW RIIHQ JHODVVHQ VR GD ZLU PHKU DOV JHQXJ /LFKW KDWWHQ:lKUHQG PHLQHU$EZHVHQKHLW KDWWHGHU/lXIHUVHLQ .OHLG DEJHOHJW XQG WUXJ QXQ PlQQOLFKHUH 6DFKHQ ± YRQ GHU H[WUHPVWHQ *U|H GLH LFK KDWWH ¿QGHQ N|QQHQ (U PDPSIWH GLH +lOIWH VHLQHV 6DQGZLFKV NRVWHWH HLQ SDDU *XP\XPV XP DOOHVDQ2UWXQG6WHOOH]XKDOWHQXQGOlFKHOWHPLFKDQ ª'HLQ)OXFKWSODQZDUJHQLDOPHLQ-XQJH'LH9HUlQGHUXQJ GHV )XERGHQV ¿HO PLU VRIRUW DXI DOV LFK PLFK PRUJHQV DXI GLH$QNODJHEDQNVHW]WH,FKGDFKWHODQJHEHULKUH%HGHXWXQJ QDFK,FKKHJWHQDWUOLFKJHZLVVH+RIIQXQJHQXQGPXLQDOOHU (KUOLFKNHLW VDJHQ GD LFK QLH ]XYRU LP /HEHQ HLQH JU|HUH )UHXGHYHUVSUWHDOVVLFKVR]XVDJHQGHU%RGHQXQWHUPHLQHQ )HQ|IIQHWH:LHGDVYHUDEVFKHXXQJVZUGLJH*HVLFKWGLHVHV 5LFKWHUV DEUXSW YHUVFKZDQG ± GDUDQ ZHUGH LFK PHLQ JDQ]HV /HEHQIUHXGLJGHQNHQ© /lFKHOQG D HU GHQ 5HVW GHV %XUJHUV XQG ZLVFKWH VLFK VRUJIlOWLJGLH/LSSHQDEHKHHUZHLWHUVSUDFK ª'DLFKGLUGLH3HLQOLFKNHLWHQZHLWHUHU/REVSUFKHHUVSDUHQ ZLOO VROOWH LFK IUDJHQ ZLH GX PLFK ZHLWHU YRU GHU 3ROL]HL VFKW]HQ ZLOOVW" 'D LFK GLFK VFKRQ JDQ] JXW NHQQH ELQ LFK ]LHPOLFKVLFKHUGDGXDOOHVJHQDXYRUDXVJHSODQWKDVW© (LQ /RE GHV /lXIHUV ZDU ZLUNOLFK HWZDV ZHUW ,FK VRQQWH PLFK LQ GHU 6RQQH GLHVHV :RKOZROOHQV ZlKUHQG LFK PLU HLQ 6WFN 6FKZHLQHNQRUSHO DXV GHQ =lKQHQ SXOWH ª'DQNH LQ GHU 7DWKDEHLFKPLUDOOHVJUQGOLFKEHUOHJW 8QVLFKWEDU ZHUGHQ ZLUGXUFKGHQ%URWZDJHQGHQQYRQGLHVHU6RUWHUROOHQWlJOLFK VHKUYLHOHEHUGLH6FKQHOOVWUDHQXQGGXUFKGLH6WlGWHGLHVHV /DQGHV© ,UJHQGZLH NDP PLU YRU DOV VSUHFKH LFK PHKU XQG PHKU ZLH GHU /lXIHU ª:LU EOHLEHQ GDULQ ELV HV GXQNHO ZLUG ZlKUHQGZLUXQVODQJVDPXQVHUHP=LHORUWQlKHUQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª8QGNHLQH3ROL]HLVWUHLIHZLUGVLFKXPXQVNPPHUQGHQQ QDWUOLFK VLQG =XODVVXQJ XQG :DJHQQXPPHU QLFKW PHKU GLHVHOEHQZLHLP$XJHQEOLFNGHV'LHEVWDKOV© ª*HQDX 6HOEVWYHUVWlQGOLFK ZHL GLH |UWOLFKH 3ROL]HL LQ]ZLVFKHQ GD HLQ :DJHQ JHVWRKOHQ ZXUGH 'LH 6XFKH ZLUG DEHUQXUDXIEHJUHQ]WHP5DXPVWDWW¿QGHQGHQQPRUJHQIUK ZLUGPDQGDV)DKU]HXJXQZHLWGHV'HSRWVLQ%LOOYLOOH¿QGHQ 'DVQHXH.HQQ]HLFKHQLVWPLW)DUEHQYHUGQQHUOlQJVWZLHGHU HQWIHUQW GHU )DKUWPHVVHU OlW VLFK ]XUFNGUHKHQ VR GD HU QXUHLQHQNXU]HQ$XVÀXJGHU'LHEHDQ]HLJW6ROOWHPDQHLQHQ VROFKHQ:DJHQLQGHUIHUQHQ6WDGW%LFKHQ+LPPHOVLFKWHQ JLEWHVNHLQH9HUELQGXQJ]XGLHVHP)DKU]HXJ'LH6SXUZLUG VRVFKQHOOHUNDOWHQZLHDOOHDQGHUHQ© 'HU /lXIHU QDKP GLHVH ,QIRUPDWLRQ ]XVDPPHQ PLW GHQ OHW]WHQ*XP\XPVLQVLFKDXIGDQQOHFNWHHUVLFKOHLGYROOGLH )LQJHU ª*URDUWLJ ,FK VHOEVW KlWWH HV QLFKW EHVVHU PDFKHQ N|QQHQ 'D HLQ ZHLWHUHU7UDQVSRUW JHIlKUOLFK VHLQ ZLUG ± GLH 3ROL]HLZLUGGDV/DQGEDOGPLWHLQHPJURHQ1HW]EHU]LHKHQ ±GUIWH%LOOYLOOHXQVHU=LHOVHLQ© ª5LFKWLJ ,FK KDEH GRUW PHLQHQ 6WW]SXQNW$XHUGHP HLQ 9HUVWHFN IU 6LH$OV LFK PLFK YRUKLQ QDFK ,KUHQ 1HLJXQJHQ EHLP (VVHQ HUNXQGLJWH KDWWH LFK GDV VFKRQ LP 6LQQ 6LH ZHUGHQ LQ HLQHP DXWRPDWLVFKHQ 0DF6FKZHLQV5HVWDXUDQW KDXVHQELVGHU'UXFNGHU6XFKHQDFKJHODVVHQKDW© 6HLQH$XJHQEUDXHQ ]XFNWHQ KRFK XQG HU ZDUI HLQHQ QLFKW XQEHVRUJWHQ%OLFNDXIGLHIRUWJHZRUIHQHQ7WHQXQG%HKlOWHU GRFKZDUHUVRIUHXQGOLFKVHLQH=ZHLIHOIUVLFK]XEHKDOWHQ ,FKJDEPLU0KHLKQVRIRUW]XEHUXKLJHQ ª,FKKDEHGDVVHOEVWVFKRQJHPDFKW±VHLHQ6LHXQEHVRUJW(V LVWPDQFKPDOHLQELFKHQXQEHTXHP«©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª1LFKW DEHU LP HQWIHUQWHVWHQ PLW GHQ 8QDQQHKPOLFKNHLWHQ HLQHV %XQGHVJHIlQJQLVVHV ]X YHUJOHLFKHQ (QWVFKXOGLJHQ 6LH PHLQH XQSDVVHQGHQ (LQZlQGH ± QHKPHQ 6LH VLH PLU QLFKW EHO© ª1HLQ QHLQ 'LH 6DFKH HUJDE VLFK ]XIlOOLJ HLQHV$EHQGV DOVGLH3ROL]HLPLUHLQELFKHQ]XGLFKWDXIGLH3HOOHUFNWH,FK |IIQHWHGHQYHUVFKORVVHQHQ:DUWXQJVHLQJDQJGHV0DF6FKZHLQV DP 2UW ± HEHQ GDV /RNDO GDV DXFK 6LH EHVXFKHQ ZHUGHQ ±ZRUDXIKLQPHLQ9HUIROJHUGLH6SXUYHUORU:lKUHQGLFKHLQH JHZLVVH =HLW DEZDUWHWH VFKDXWH LFK PLFK LQ GHU $QODJH XP (UVWDXQOLFK ,P +|FKVWWHPSR OLHI ULQJVXP GHU 9RUJDQJ DE GHUGDVJU|WH3UREOHPDOOHU6FKQHOOUHVWDXUDQW.HWWHQO|VW'LH )UDJH ZLH PDQ VHOEVW VHKU VFKOHFKW EH]DKOWH XQG XQJHEWH $UEHLWVNUlIWH KlOW 0HQVFKHQ VLQG LQWHOOLJHQW XQG JLHULJ ]XJOHLFK 6LH KDEHQ GLH GXPPH $QJHZRKQKHLW VLFK LQ LKUHU $UEHLWHLQ]XIXFKVHQZRUDXIKLQVLHGDQQPHKU*HOGYHUODQJHQ 'DKLOIWQXUHLQH/|VXQJGLH0HQVFKHQLP$UEHLWVSUR]HJDQ] DE]XVFKDIIHQ© ª(LQHEHZXQGHUQVZHUWH/|VXQJ:HQQ6LHGLH.URFNHOEURFNHQ QLFKWPHKUP|JHQP|FKWHLFKPDOHLQSDDUSURELHUHQZlKUHQGLFK PLU,KUHQIDV]LQLHUHQGHQ9RUWUDJZHLWHUDQK|UH© ,FKUHLFKWHLKPGLHIHWWLJH7WHKLQEHUXQGIXKUIRUWª$OOHVLVW DXWRPDWLVLHUW:HQQ GHU .XQGH VHLQH %HVWHOOXQJ DXVJHVSURFKHQ KDWZLUGGHUDQJHIRUGHUWH$UWLNHODXVGHP7LHINKOODJHULQHLQHQ 6XSHU9ROW5DGDURIHQJHVFKOHXGHUWZRGDV*HELOGHEHUJDQJVORV ]XP'DPSIHQJHEUDFKWZLUGLQHLQHUJHUDGHQRFKDQJHQHKPHQ 7HPSHUDWXU 'LHVH gIHQ VLQG VR OHLVWXQJVIlKLJ GD HLQ JDQ]HV 6WDFKHOVSHFNVFKZHLQ LQ ]Z|OI 0LNURVHNXQGHQ LQ ZHLFK GDPSIHQGH3DUWLNHODXIJHO|VWZHUGHQN|QQWH© ª(UVWDXQOLFK©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª*HWUlQNH ZHUGHQ PLW GHU JOHLFKHQ KRKHQ *HVFKZLQGLJNHLW DXVJHJHEHQ 6REDOG HLQ .XQGH PLW GHP $XVVSUHFKHQ VHLQHU %HVWHOOXQJ IHUWLJ LVW ZDUWHW GLH:DUHVFKRQDXILKQ1DWUOLFK KLQWHUHLQHU6WDKOWUELVHUEH]DKOWKDW'LH0DVFKLQHQDUEHLWHQ YROODXWRPDWLVFK XQG VHKU ]XYHUOlVVLJ XQG NRPPHQ NDXP PLW 0HQVFKHQKlQGHQLQ%HUKUXQJ(LQPDOZ|FKHQWOLFK¿QGHWHLQH ,QVSHNWLRQVWDWWHLQPDOZ|FKHQWOLFKZLUGDXFKGDV7LHINKOODJHU DXIJHIOOW'DVJHVFKLHKWDEHUQLFKWDPJOHLFKHQ7DJGDPLWVLFK GLH)DKU]HXJHQLFKWJHJHQVHLWLJEHKLQGHUQ© ª.ULVWDOONODU© ULHI GHU /lXIHU ª0DQ PDFKW HV VLFK JHZLVVHUPDHQLP0DVFKLQHQUDXPJHPWOLFK%HLP1DFKOLHIHUQ GHU 7LHINKOZDUH NRPPW QLHPDQG LQV ¾:RKQ]LPPHU½ ZHLO GDV/DJHUYRQDXHQEHVFKLFNWZLUG:lKUHQGHLQPDOZ|FKHQWOLFK GHU 0DVFKLQHQUDXP YHUVRUJW ZLUG ZDUWHW GHU %HZRKQHU JHPWOLFK LP *HIULHUUDXP DE ELV GLH 7HFKQLNHU ZLHGHU IRUW VLQG9HUPXWOLFKJLEWHVHLQHOHLFKW]X¿QGHQGH9HUELQGXQJVWU ±DFKMDGLH7LHINKODQODJH±GDVHUNOlUWGDVJURHZDUPH .OHLGXQJVVWFN GDV LFK EHL PHLQHQ 6DFKHQ JHIXQGHQ KDEH 6ROOWHHVDEHUHLQHQ0DVFKLQHQIHKOHUJHEHQ«© ª'DQQ JLEW HV LP ]HQWUDOHQ 5HSDUDWXUGHSRW HLQHQ $ODUP XQGHLQ0HFKDQLNHUZLUGORVJHVFKLFNW,FKKDEHGDIUJHVRUJW GD GHU$ODUP DXHUGHP LP 0DVFKLQHQUDXP HUNOLQJW GDPLW JHQXJ =HLW ]XP 9HUVFKZLQGHQ EOHLEW $XHUGHP KDEH LFK EHUUDVFKHQGHQ %HVXFKHQ YRQ 7HFKQLNHUQ YRUJHEHXJW (LQ $ODUP HUW|QW ZHQQ HLQ 6FKOVVHO LQV lXHUH 6FKOR JHVWHFNW ZLUG GDV VLFK DXHUGHP VHFK]LJ 6HNXQGHQ ODQJ VSHUUW ,UJHQGZHOFKH)UDJHQ"© (UODFKWHXQGNORSIWHPLUDXIGLH6FKXOWHUª:LHN|QQWHLFK )UDJHQKDEHQ"'XKDVWDQDOOHVJHGDFKW'UIWHLFKPLFKQDFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH /HVHVWRII HUNXQGLJHQ XQG QDFK GHQ« ± QXQ MD ZLH VROO LFK PLFKDXVGUFNHQ"±QDFKGHQ6DQLWlUHLQULFKWXQJHQ"© ª(LQ WUDJEDUHV 6LFKWJHUlW XQG HLQH %LEOLRWKHN QHEHQ ,KUHP 6FKODIVDFN$OOHEHQ|WLJWHQ7RLOHWWHQHLQULFKWXQJHQVLQGIUGLH UHLVHQGHQ7HFKQLNHUYRUKDQGHQ© ª0HKUNDQQPDQQLFKWYHUODQJHQ© ª1XQMD«LFKDEHU©,FKVHQNWHGHQ%OLFN±KRELKQZLHGHU XQG]ZDQJPLFK]XP:HLWHUVSUHFKHQª6LHKDEHQPLUHLQPDO JHVDJWGD6LHNHLQH6FKOHUVXFKHQ'UIWHLFKIUDJHQRE6LH LPPHUQRFKVRGHQNHQ"2GHUN|QQWHQ6LHHVLQ%HWUDFKW]LHKHQ PLUHLQLJH8QWHUULFKWVVWXQGHQLQ.ULPLQRORJLH]XJHEHQ"1XU XPGLH=HLWWRW]XVFKODJHQJHZLVVHUPDHQ© 1XQ ZDU HV DQ LKP GHQ .RSI ]X VHQNHQ 1DFK NXU]HP 6HXI]HQ DQWZRUWHWH HU ª,FK KDWWH JXWH *UQGH GHLQH %LWWH DE]XVFKODJHQ *UQGH GLH GDPDOV *OWLJNHLW KDWWHQ MHGHQIDOOV QDKP LFK GDV DQ ,FK KDEH HV PLU DQGHUV EHUOHJW $XV'DQNEDUNHLWZHJHQPHLQHU5HWWXQJZUGHLFKGLFKRKQH ZHLWHUHV LQ PHLQH 6FKXOH $OWHUQDWLYHU /HEHQVJHZRKQKHLWHQ DXIQHKPHQXQGHLQ-DKU]HKQWRGHUOlQJHUXQWHUULFKWHQ$EHULFK NDQQPLUQLFKWYRUVWHOOHQGDEORH'DQNEDUNHLWGLUUHFKWZlUH 'DV ZUGH QLFKW NODSSHQ ZHQQ LFK PLFK QLFKW VHKU LQ GHLQHP &KDUDNWHU WlXVFKH ,FK NDQQ PLU HLQIDFK QLFKW GHQNHQ GD GX PLFKJHUHWWHWKDVWXPPHLQH'DQNEDUNHLW]XHU]ZLQJHQ'HVKDOE VDJHLFKGLUYRQJDQ]HP+HU]HQGDLFKPLFKGDUDXIIUHXHGLU GLH ZHQLJHQ 'LQJHZHLWHU]XUHLFKHQGLHLFKLP/DXIHGHU-DKUH OHUQHQ NRQQWH ,FK IUHXH PLFK DXHUGHP GD LFK VR DXI GHLQH )UHXQGVFKDIW]lKOHQNDQQ© ,FKZDUEHUZlOWLJW:LUVSUDQJHQJOHLFK]HLWLJDXIODFKWHQXQG VFKWWHOWHQ XQV GLH +DQG 6HLQ *ULII ZDU VWDKOKDUW DEHU GDV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PDFKWHPLUQLFKWV6FKOLHOLFKZDQGWHLFKPLFKDOVHUVWHUDEXQG ZDUIHLQHQ%OLFNDXIGLH8KU ª:LU VLQG VFKRQ ]X ODQJH KLHU XQG GUIHQ QLFKW DXI XQV DXIPHUNVDPPDFKHQ,FKIDKUHMHW]WZHLWHU±XQGZHQQZLUGDV QlFKVWHPDOKDOWHQVLQGZLUDP=LHO%LWWHNRPP«DK«GXGDQQ JOHLFK KHUDXV XQG JHK GXUFK GLH:DUWXQJVWU XQG VFKOLHH VLH KLQWHUGLU,FKNRPPH]XGLUVREDOGLFKGHQ/NZDEJHOLHIHUWKDEH 'LHQlFKVWH3HUVRQGLHGLH7U|IIQHWZHUGHLFKVHLQ© ª:LHEHIRKOHQ-LP'XEUDXFKVWQXU]XVSUHFKHQ±LFKZHUGH JHKRUFKHQ© (V ZDU HLQH ODQJZHLOLJH )DKUW GLH VLFK DEHU QLFKW DQGHUV HLQULFKWHQ OLH$OOHUGLQJV ZDU LFK QLFKW JHODQJZHLOW GHQQ LFK VSUXGHOWH EHU YRU =XNXQIWVJHGDQNHQ XQG QHXHQ 3OlQHQ ,FK IXKUGXUFK]DKOUHLFKH6WUDHQXQGKLHOWQXUHLQPDOXPDQHLQHU DXWRPDWLVFKHQ7DQNVWHOOHGLH%DWWHULHQDXI]XODGHQ'DQQJLQJHV ZHLWHU DXI HZLJ EHU GLH 1HEHQVWUDHQ YRQ %LFKHQ+LPPHO ZlKUHQG GLH 6RQQH GHP +RUL]RQW HQWJHJHQNURFK 8QG HQGOLFK ERJ LFK DXI GLH :DUWXQJVVWUDH GHV (LQNDXIV]HQWUXPV YRQ %LOOYLOOHHLQKLHUZUGHVLFKELVPRUJHQIUKNHLQ:DJHQPHKU EOLFNHQODVVHQ 1LHPDQG ]X VHKHQ 'HU /lXIHU KXVFKWH DQ PLU YRUEHL GDQQ NQDOOWHGLH7U]X'DV8QWHUQHKPHQOLHIQRFKLPPHUQDFK3ODQ XQGLFKZROOWHHVQXQVFKOHXQLJVW]X(QGHEULQJHQ'DEHLZlUH(LOH QXQGDV9HUNHKUWHVWHJHZHVHQ1LHPDQGEHREDFKWHWHPLFKZLHLFK .LVWHQXQG$XVUVWXQJLQV*HElXGHVFKDIIWHXQGLQPHLQHP%UR DEVWHOOWH'LHVH$NWLRQZDUHLQRIIHQHV5LVLNRGDVVLFKDEHUQLFKW YHUPHLGHQ OLH$OOHUGLQJV ZDU GLH *HIDKU JHULQJ GD PDQ VLFK GHQ:DJHQPHUNHQZUGH(KHLFKZLHGHUDEIXKUVSUKWHLFKGDV ,QQHUHPLW$EGUXFN)RUWDXVHLQHU)OVVLJNHLWGLH)LQJHUDEGUFNH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DXÀ|VWHXQGYRQDOOHQ9HUEUHFKHUQJHQRPPHQZHUGHQVROOWH$XFK %URWOLHIHUZDJHQGLHEHQ 'DVZDU¶VGDQQDOVR0HKUNRQQWHLFKQLFKWWXQ,FKVWHOOWH GHQ /LHIHUZDJHQ DP (QGH HLQHU UXKLJHQ 9RURUWVWUDH DE XQG NHKUWH]X)XLQGLH6WDGW]XUFN(VZDUHLQZDUPHU$EHQG XQG LFK JHQR GHQ NOHLQHQ $XVÀXJ $P NOHLQHQ 7HLFK LP %LOOYLOOH3DUNK|UWHLFKGHQVFKOlIULJHQ5XIHLQHV:DVVHUYRJHOV ,FKVHW]WHPLFKDXIGLH%DQNXQGVFKDXWHDXIGHQVWLOOHQ7HLFK KLQDXV8QGGDFKWHDQGLH=XNXQIWXQGPHLQ6FKLFNVDO :DU HV PLU ZLUNOLFK JHOXQJHQ PLW PHLQHP DOWHQ /HEHQ ]X EUHFKHQ":LQNWHPLUDXIPHLQHUNULPLQHOOHQ/DXIEDKQGLHLFK HUVWUHEWHZLUNOLFKGHU(UIROJ"'HU/lXIHUKDWWHYHUVSURFKHQ PLU]XKHOIHQ±XQGHUZDUDXIGHP3ODQHWHQGHUHLQ]LJHGHU GD]XLQGHU/DJHZDU 3IHLIHQG VFKOHQGHUWH LFK DXI GDV (LQNDXIV]HQWUXP ]X GHQ %OLFNLQHLQHVWUDKOHQGHDXIUHJHQGH=XNXQIWJHULFKWHW6RVHKU LQ*HGDQNHQYHUVXQNHQGDLFKGLHDEXQG]XYRUEHLIDKUHQGHQ %RGHQZDJHQPLDFKWHWHXQGQLFKWPLWEHNDPZLHHLQHUKLQWHU PLUKLHOW ª+HGD.OHLQHU0RPHQWPDO© 2KQH QDFK]XGHQNHQ IXKU LFK KHUXP XQG LFK PXWH QLFKW JDQ]UHFKWEHLPLUJHZHVHQVHLQGHQQLFKPHUNWH]XVSlWGD LFKJHQDXXQWHUHLQHU6WUDHQODWHUQHVWDQG'HU3ROL]HLEHDPWH VD LQ VHLQHP :DJHQ XQG VWDUUWH PLFK DQ ,FK ZHUGH ZRKO QLHHUIDKUHQZDUXPHUDQKLHOWZRUEHU HU PLW PLU VSUHFKHQ ZROOWH GHQQ GLHVHU *HGDQNH YHUJLQJ LKP VRIRUW 'DV *U|HUZHUGHQVHLQHU$XJHQYHUULHWGDHUPLFKHUNDQQWKDWWH ,Q PHLQHU 6RUJH XP GHQ /lXIHU KDWWH LFK Y|OOLJ YHUJHVVHQ GD LFK VHOEVW HLQ JHVXFKWHU 9HUEUHFKHU XQG $XVEUHFKHU ZDU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GD GHU 3ROL]HL 3KRWR XQG %HVFKUHLEXQJ YRQ PLU YRUODJHQ 8QG QXQ VFKOHQGHUWH LFK KLHU QDFKWV RKQH MHGH 9HUNOHLGXQJ RGHU 9RUVLFKWVPDQDKPHQ GXUFK GLH 6WUDHQ 'LHVH *HGDQNHQ VFKRVVHQ PLU GXUFK GHQ .RSI ZlKUHQG GDV (UNHQQHQ QRFK LQ VHLQHQ $XJHQ DXÀHXFKWHWH 0LU EOLHE NHLQH =HLW PLU GHVZHJHQ 9RUZUIH]XPDFKHQ ª6LHVLQG-LPP\GL*UL]© (U VFKLHQ HEHQVR EHUUDVFKW ]X VHLQ ZLH LFK $EHU QLFKW EHUUDVFKW JHQXJ XP LQ VHLQHQ 5HÀH[HQ QDFK]XODVVHQ 0HLQH YHUVXFKWHQQRFKLQ*DQJ]XNRPPHQDOVGLHVHLQHQLKUH3ÀLFKW VFKRQ JHWDQ KDWWHQ 2IIHQEDU EWH HU GDV =LHKHQ VHLQHU :DIIH WlJOLFKYRUGHP6SLHJHOVRVFKQHOOZDUHU=XVFKQHOO $OVLFKPLFK]XU)OXFKWZHQGHQZROOWHHUVFKLHQGLH0QGXQJ VHLQHUUFNVFKODJIUHLHQHULPRIIHQHQ:DJHQIHQVWHU ª+DE¶ GLFK© ULHI HU XQG ]HLJWH HLQ GUHFNLJHV EUHLWHV JHVHW]HVWUHXHV/lFKHOQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

ª,FKGRFKQLFKW±PXZHUDQGHUVVHLQ±6LHLUUHQVLFK©MDSVWH LFKKREDEHUGHQQRFKGLH+lQGHª:UGHQ6LHHLQZHKUORVHV .LQGDXIEORHQ9HUGDFKWKLQQLHGHUNQDOOHQ"© 'LH:DIIHVFKZDQNWHQLFKW±GDIUDEHULFK6HLWOLFKVFKOXUIWH LFKDXIGHQYRUGHUHQ7HLOGHV:DJHQV]X ª6WHKHQEOHLEHQ±.RPPQDFKKLHUKLQWHQ©EUOOWHHUGRFK LFKVHW]WHGDVQHUY|VH%HLQ]XFNHQIRUW,FKEH]ZHLIHOWHGDHU PLFK NDOWEOWLJ QLHGHUVFKLHHQ ZUGH ± MHGHQIDOOV KRIIWH LFK GD LFK PLFK QLFKW LUUWH:HQQ LFK PLFK QLFKW VHKU LUUWH ZDU GDV JHJHQ GDV *HVHW] ,FK ZROOWH GD HU KLQWHU PLU KHUOLHI GHQQXPGDVHLQ]XOHLWHQPXWHHUGLH:DIIH]XQlFKVWDXVGHP :DJHQIHQVWHU]LHKHQ(VJDEIULKQNHLQH0|JOLFKNHLWPLFK VWlQGLJLQ6FKDFK]XKDOWHQXQGJOHLFK]HLWLJGLH7U]X|IIQHQ 'LH:DIIHYHUVFKZDQG±XQGLFKHEHQIDOOV.DXPVHQNWHHU GHQ/DXIPDFKWHLFKNHKUWXQGOLHIORVVRVFKQHOOLFKNRQQWH (UEUOOWHKLQWHUPLUKHU±XQGVFKR 'LH :DIIH GU|KQWH ZLH HLQH .DQRQH XQG GDV *HVFKR ]LQJWHGLFKWDQPHLQHP2KUYRUEHLXQGODQGHWHLQHLQHP%DXP ,FKVFKOXJHLQHQ+DNHQXQGEOLHEVWHKHQ'LHVHU%XOOHKDWWHVLH QLFKWPHKUDOOH ª6R LVW¶V EHVVHU© ULHI HU (U KDWWH GLH :DIIH REHQ DXI GHU RIIHQHQ 7U DEJHVWW]W XQG ]LHOWH PLW EHLGHQ +lQGHQ DXI

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PLFK ª,FK KDEH DEVLFKWOLFK GDQHEHQ JHVFKRVVHQ 'DV PDFKH LFK DEHU QXU HLQPDO 1lFKVWHVPDO JHKW¶V LQV /HEHQGLJH $XI GHP 6FKLHVWDQG KDEH LFK PLW GLHVHP JXWHQ 6WFN GLH *ROGPHGDLOOH JHZRQQHQ =ZLQJ PLFK QLFKW GLU ]X ]HLJHQ ZLHJXWLFKZLUNOLFKELQ© ª6LH VLQG YHUUFNW ZLVVHQ 6LH GDV"© VDJWH LFK XQG lUJHUWH PLFKLQVJHKHLPEHUGDV=LWWHUQLQPHLQHU6WLPPHª6LHN|QQHQ GRFKQLFKWHLQIDFKDXI9HUGDFKWKLQKHUXPEDOOHUQ© ª'RFK©ZLGHUVSUDFKHUXQGNDPDXIPLFK]XZREHLGLH:DIIH VWDUUDXIPLFK]HLJWHª(VKDQGHOWVLFKQLFKWXPHLQHQ9HUGDFKW VRQGHUQ XP HLQH ,GHQWL¿]LHUXQJ ,FK ZHL ZHU 6LH VLQG (LQ JHVXFKWHU 9HUEUHFKHU ,VW ,KQHQ NODU ZDV LFK DXVVDJHQ ZUGH" 'DGHU7lWHUPHLQH:DIIHSDFNWHDXVGHUVLFKHLQ6FKXO|VWH ZRUDXIKLQHUGLH.XJHODEEHNDP:LHNOLQJWGDV":ROOHQ6LHQLFKW QDFKPHLQHU3LVWROHJUHLIHQ"© (U ZDU ZLUNOLFK YHUUFNW ± XQG GD]X QRFK 3ROL]LVW ,FK VSUWH GHXWOLFK GD HU VLFK ZQVFKWH LFK ZUGH ÀLHKHQ GDPLW HU VFKLHHQ NRQQWH 0LU EOLHE XQHU¿QGOLFK ZLH HU DOO GLH 7HVWV EHVWHKHQ NRQQWH GLH GLH 6WUDIYHUIROJXQJVEHK|UGHQ YRU VROFKHQ 7\SHQVFKW]HQVROOWHQ(UKDWWHHVMHGHQIDOOVJHVFKDIIW(UZDU EHUHFKWLJW HLQH:DIIH ]X WUDJHQ XQG VXFKWH QDFK9RUZlQGHQ VLH]XEHQXW]HQ'LHVHQ9RUZDQGZROOWHLFKLKPDXINHLQHQ)DOO JHEHQ%HKXWVDPOHJWHLFKGLH+DQGJHOHQNH]XVDPPHQXQGKLHOW VLHLKPKLQ ª,FK OHLVWH NHLQHQ :LGHUVWDQG 6LU 6LH PDFKHQ HLQHQ )HKOHU DEHULFKNRPPHIULHGOLFKPLW/HJHQ6LHPLUGLH+DQGVFKHOOHQXP OLHIHUQ6LHPLFKHLQ© (U VFKDXWH PLFK DXVJHVSURFKHQ XQJOFNOLFK DQ DEHU GD LFK QLFKWVZHLWHUVDJWHRGHUWDWUXQ]HOWHHUVFKOLHOLFKGLH6WLUQO|VWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GLH +DQGVFKHOOHQ YRQ VHLQHP *UWHO XQG ZDUI VLH PLU ]X 'LH :DIIHZLFKNHLQHQ=HQWLPHWHUYRQLKUHP=LHODE ª/HJVLHVHOEVWXP© ,FKVFKORGHQ5LQJXPHLQ+DQGJHOHQNVHKUORFNHUGDPLWLFK GLH+DQGZLHGHUKHUDXV]LHKHQNRQQWHGDQQVFKRELFKGLHDQGHUH +DQG KLQGXUFK :lKUHQG GLHVHU 7lWLJNHLW KLHOW LFK GHQ %OLFN JHVHQNWXQGVDKGDKHUQLFKWZLHHUVLFKEHZHJWH%LVVLFKVHLQH +lQGHXPPHLQH+DQGJHOHQNHVFKO|VVHQXQGEHLGH+DQGVFKHOOHQ WLHILQPHLQ)OHLVFKSUHWHQ6DGLVWLVFKOlFKHOWHHUPLFKDQ XQG GUFNWHGLH+DQGVFKHOOHQQRFKHLQPDOKHIWLJ]XVDPPHQ ª+DE¶GLFKGL*UL]'XELVWYHUKDIWHW© ,FK VFKDXWH ]X LKP DXI ± HU ZDU HLQHQ .RSI JU|HU DOV LFK XQG HWZD GRSSHOW VR VFKZHU ± XQG PXWH ODFKHQ 8P GLH +DQGVFKHOOHQ IHVW]X]LHKHQ KDWWH HU VHLQH :DIIH LQ GDV +ROVWHU JHVWHFNW ± MD GDV KDWWH HU JHWDQ 'HU JURH HUZDFKVHQH 0DQQ KDWWH GHQ NOHLQHQ -XQJHQ JHSDFNW XQG EHJULII QLFKW ZDUXP LFK ]X ODFKHQ EHJDQQ ,FK JDE LKP NHLQH *HOHJHQKHLW VHLQ ,QIRUPDWLRQVGH¿]LW DXI]XDUEHLWHQ ,FK WDW ZDV XQWHU GHQ JHJHEHQHQ 8PVWlQGHQ DP EHVWHQ OHLFKWHVWHQ XQG VFKQHOOVWHQ ZDU=XJOHLFKDPJHPHLQVWHQ 0LWHLQHP5XFNNQDOOWHLFKLKPGDV.QLHLQGHQ6DFNXQGHUOLH PHLQH$UPHORVXQGNODSSWH]XVDPPHQ'HUDUPH0DQQPXWH HLQLJHVDQ6FKPHU]HQHUOHLGHQXQGLFKWDWLKPGHQ*HIDOOHQXQG YHUVHW]WH LKP PLW EHLGHQ +lQGHQ HLQHQ 1DFKVFKODJ JHJHQ GHQ 1DFNHQ(UZDUEHZXWORVHKHHUGHQ%RGHQEHUKUWH,FKNQLHWH QLHGHUXQGGXUFKVXFKWHVHLQH7DVFKHQQDFKGHQ6FKOVVHOQIUGLH +DQGVFKHOOHQ ª:DVLVWGDORV"©ULHIHLQH6WLPPHNXU]QDFKGHPDQGHU7UGHV QlFKVWHQ +DXVHV HLQ /LFKW DXIJHÀDPPW ZDU 'HU 6FKX KDWWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH EHVWLPPWQRFKPHKU$QZRKQHUJHZHFNW8PGLH+DQGVFKHOOHQ NRQQWH LFK PLFK VSlWHU NPPHUQ =XHUVW PXWH LFK ZHJ YRQ KLHU ª(LQ 9HUOHW]WHU© ULHI LFK ª,FK KROH +LOIH© 'LH OHW]WHQ :RUWH lXHUWH LFK EHUHLWV EHU GLH 6FKXOWHU GHQQ LFK HLOWH GLH 6WUDH KLQDEXQGYHUVFKZDQGXPGLH(FNH,QHLQHU7UHUVFKLHQHLQH )UDXXQGULHIHWZDVKLQWHUPLUKHUDEHULFKQDKPPLUQLFKWGLH =HLW]X]XK|UHQ,FKPXWHLQ%HZHJXQJEOHLEHQLFKPXWHDXV GLHVHU*HJHQGYHUVFKZLQGHQHKHGLH0HOGXQJGXUFKNDPXQG GLHJURH)DKQGXQJHLQVHW]WH'LH6LWXDWLRQKHL]WHVLFKODQJVDP DXI8QGGLH+DQGJHOHQNHWDWHQPLUZHK,P6FKHLQGHUQlFKVWHQ /DWHUQH VFKDXWH LFK VLH PLU DQ ± PHLQH +lQGH ZDUHQ ZHL JHZRUGHQ XQG IKOWHQ VLFK EHUHLWV WDXE DQ 'LH +DQGVFKHOOHQ VDHQVRHQJGDVLHPLUGDV%OXWDEVFKQUWHQ-HGHU5HVWYRQ 6FKXOGJHIKO GHQ LFK ZHJHQ PHLQHV JHPHLQHQ 7ULFNV YLHOOHLFKW JHKHJWKDWWHYHUVFKZDQG,FKPXWHGLHVH'LQJHUORVZHUGHQXQG ]ZDUVFKQHOO'DIUNDPQXUPHLQ%URLQ)UDJH ,FKHUUHLFKWHPHLQ=LHOGXUFK1HEHQVWUDHQXQGRKQH3DVVDQWHQ ]XEHJHJQHQ'RFKEHUHLWHWHPLUGLH+LQWHUWUJURH3UREOHPH GHQQ PHLQH )LQJHU ZDUHQ WDXE XQG VWHLI JHZRUGHQ ,FK VSUWH QLFKWVPHKU (VGDXHUWHXQHUWUlJOLFKODQJHGLH6FKOVVHODXVGHU7DVFKH]X ¿VFKHQXQGDOVHVPLUHQGOLFKJHODQJ¿HOHQVLH]X%RGHQ'DQQ NRQQWHLFKVLHQLFKWDXIKHEHQ0HLQH)LQJHUZROOWHQQLFKWPHKU ]XJUHLIHQ,FKNRQQWHQXUPLWOHEORVHQ+lQGHQEHUGLH6FKOVVHO VWUHLFKHQ ,P /HEHQ JLEW HV VR PDQFKHQ7LHISXQNW ± LFK P|FKWH VDJHQ GLHVHUZDUGHUWLHIVWHGHQLFKHUOHEHQPXWH,FKNRQQWHQLFKWWXQ ZDVGULQJHQGJHWDQZHUGHQPXWH,FKZDUDP(QGHEHVLHJW KLOÀRV,FKNDPQLFKWLQV+DXV,FKNRQQWHPLUVHOEVWQLFKWPHKU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZHLWHUKHOIHQ0DQEUDXFKWHNHLQ$U]W]XVHLQXP]XZLVVHQGD LFKGHQ5HVWPHLQHV/HEHQVPLW3ODVWLNKlQGHQYHUEULQJHQZUGH ZHQQLFKGLH+DQGVFKHOOHQQLFKWEDOGORVZXUGH'LHVZDUGDV (QGH ª,VW HV QLFKW© K|UWH LFK PLFK IDXFKHQ ª7ULWW GLH7U HLQ WX HWZDVVFKOLHVLHPLWGHQ=HKHQDXI© 1HLQ QLFKW PLW GHQ =HKHQ ,FK IXPPHOWH PLW GHQ OHEORVHQ )LQJHUQVRODQJH]ZLVFKHQGHQDP%RGHQOLHJHQGHQ6FKOVVHOQ KHUXP ELV LFK GHQ ULFKWLJHQ DXVVRUWLHUW KDWWH 'DQQ EHXJWH LFK GHQ.RSIGDUEHUXQGEHUKUWHLKQPLWGHU=XQJHHUWDVWHWHVHLQH /DJH PLDFKWHWH GHQ 'UHFN GHU PLU LQ GHQ 0XQG JHULHW XQG SDFNWHGHQ6FKOVVHOPLWGHQ=lKQHQ6RZHLWVRJXW 6ROOWHQ6LHMHPDOVLQ9HUVXFKXQJNRPPHQPLWHLQHP6FKOVVHO LP0XQGHLQ6FKOR]X|IIQHQZlKUHQG6LH+DQGVFKHOOHQWUDJHQ KDEHLFKHLQHQH[]HOOHQWHQ5DWIU6LH/DVVHQ6LH¶VEOHLEHQ'HQQ PDQ PX GHQ .RSI DXI GLH 6HLWH GUHKHQ XP GHQ 6FKOVVHO LQV /RFK]XEHNRPPHQ'DQQGHQ.RSIUROOHQXPGHQ6FKOVVHO ]XGUHKHQGDQQPLWGHP.RSIJHJHQGLH7UVFKODJHQXPVLH ]X|IIQHQ« (QGOLFK NODSSWH HV XQG LFK ¿HO PLW GHP *HVLFKW YRUDQ DXI GHQ )OXUERGHQ ,Q GHP %HZXWVHLQ GD LFK GDV DOOHV REHQ QRFK HLQPDO GXUFKPDFKHQ PXWH 'D LFK HV VFKDIIWH XQG VFKOLHOLFKLQV%URKLQHLQWRUNHOWHZDUPHKUPHLQHPVWXUHQ %HKDUUXQJVYHUP|JHQ XQG EUXWDOHU *HZDOW ]X YHUGDQNHQ DOV PHLQHU,QWHOOLJHQ],FKZDUYLHO]XHUVFK|SIW]XP'HQNHQLFK NRQQWHQXUQRFKUHDJLHUHQ 0LWGHP(OOERJHQVFKORLFKGLH7UVWROSHUWH]XU:HUNEDQN VFKOHXGHUWH GHQ :HUN]HXJNDVWHQ ]X %RGHQ XQG NLFNWH GHQ ,QKDOW PLW GHQ )HQ KHUXP ELV LFK GLH 9LEURVlJH JHIXQGHQ KDWWH,FKSDFNWHGDV*HUlWPLWGHQ=lKQHQXQGYHUPRFKWHHVLQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH HLQHRIIHQH6FKXEODGH]XNOHPPHQGLHLFKPLWGHP(OOERJHQ ]XKLHOW±ZREHLLFKPLUGLH/LSSHQHLQNOHPPWHZDVPLUHLQH VFKHXOLFK EOXWHQGH :XQGH HLQWUXJ $EHU LFK DFKWHWH QLFKW GDUDXI 0HLQH +DQGJHOHQNH VFKLHQHQ LQ )ODPPHQ ]X VWHKHQ ZlKUHQG GLH +lQGH NHLQ *HIKO PHKU ]X NHQQHQ VFKLHQHQ :HL XQG WRW VDKHQ VLH DXV ,FK KDWWH NHLQH =HLW PHKU 0LW GHP(OOERJHQVFKDOWHWHLFKGLH6lJHHLQ'DQQVFKRELFKGLH +DQGVFKHOOHQ DXI GDV 6lJHEODWW ]X XQG ]RJ GDEHL GLH $UPH DXVHLQDQGHU XP GLH .HWWH VWUDII]XKDOWHQ 'LH 6lJH VFKULOOWH GLH.HWWHZXUGH]HUWHLOWGLH$UPH]XFNWHQDXVHLQDQGHU %HLP 'XUFKVFKQHLGHQ GHU 8PVFKOLHXQJVUHLIHQ PXWH LFKYRUVLFKWLJHUDUEHLWHQGHQQLFKZROOWHPLFKQLFKWVFKQHLGHQ -HGHQIDOOVQLFKW]XVHKU $OVLFKIHUWLJZDUVFKLPPHUWHEHUDOO%OXWDXIGHU:HUNEDQN $EHULFKZDUGLH+DQGVFKHOOHQORVXQGNRQQWHVHKHQZLHGDV )OHLVFK ODQJVDP URVD ZXUGH 'HU .UHLVODXI NDP ZLHGHU LQ *DQJ 1DFK GLHVHU PRQXPHQWDOHQ $QVWUHQJXQJ VDQN LFK Y|OOLJ HUVFK|SIWLQHLQHQ6HVVHOXQGVFKDXWH]XZLHGDV%OXWWURSIWH (WZDHLQH0LQXWHODQJUKUWHLFKPLFKQLFKWGDQQK|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

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKVWHFNWHLQGHU.OHPPH%LOOYLOOHZDUQLFKWEHVRQGHUVJUR XQG EHVWLPPW KDWWH PDQ OlQJVW DOOH $XVIDOOVWUDHQ DEJHULHJHOW -HGHQIDOOVKlWWHLFKDQVWHOOHGHU3ROL]HLVRJHKDQGHOW±XQGVRYLHO 9HUVWDQG PXWH LFK VHOEVW GHP GPPVWHQ %HDPWHQ ]XELOOLJHQ %DUULNDGHQ DQ DOOHQ 6WUDHQ .RSWHU PLW 1DFKWVLFKWJHUlWHQ ]XU hEHUZDFKXQJ GHU RIIHQHQ )HOGPDUN 3ROL]HL LQ GHQ /LQHDUEDKQK|IHQ$OOH)OXFKWO|FKHU]XJHVWRSIW,QGHU)DOOHZLH HLQH5DWWH:DVQRFK"%HVWLPPWZUGHPDQ3DWURXLOOHQGXUFKGLH 6WUDHQVFKLFNHQZDVPLWGHP%RGHQZDJHQNHLQH0KHPDFKWH 8QGMHZHLWHUGLH1DFKWIRUWVFKULWWXPVRZHQLJHU/HXWHZUGHQ XQWHUZHJVVHLQXQGXPVRJHIlKUOLFKHUZDUHVGDQQVLFKGXUFKGLH 6WDGW]XVFKOHLFKHQ :LH JLQJ HV DP 0RUJHQ ZHLWHU" ,FK ZXWH %HVFKHLG 0DQ ZUGH LQ MHGHP *HElXGH MHGHV =LPPHU GXUFKVXFKHQ ELV PDQ PLFK JHIXQGHQ KDWWH 'LHVHU *HGDQNH WULHE PLU 6FKZHLSHUOHQ DXIGLH6WLUQ6DLFKKRIIQXQJVORVLQGHU)DOOH" ª.HLQH .DSLWXODWLRQ© ULHI LFK VSUDQJ DXI XQG ZDQGHUWH DXI XQG DE ª-LPP\ GL*UL] LVW YLHO ]X DDOJODWW XP VLFK YRQ GHQ VFKZHUIlOOLJHQ *HVHW]HVKWHUQ GLHVHU 6WDGW HUZLVFKHQ ]X ODVVHQ 'HQNW QXU GDUDQ ZLH PKHORV LFK GLHVHP P|UGHULVFKHQ %XOOHQHQWNRPPHQNRQQWH'HUDDOJODWWH-LPGL*UL]GHUELQLFK 8QGLFKZHUGHGHU)DOOHZLHGHUHQWULQQHQ±1XUZLH"© -DZLH"±,FK|IIQHWHHLQ%LHUWUDQNHLQHQJURHQ6FKOXFN XQGOLHPLFKZLHGHULQPHLQHQ6HVVHOVLQNHQ'DQQVFKDXWH LFK DXI GLH 8KU (V ZDU DOOPlKOLFK VFKRQ ]X VSlW XP PLFK QRFKHLQPDODXIGHU6WUDHEOLFNHQ]XODVVHQ'LH5HVWDXUDQWV OHHUWHQVLFKEHUHLWVGLH*HIKOVXQG*HUXFKV.LQRVHQWOLHHQ LKUH %HVXFKHU PHLVWHQV 3lUFKHQ ZLHGHU LQV )UHLH -HGHU (LQ]HOSDVVDQWPXWHDXIIDOOHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $OVR DOOHV DXI GHQ QlFKVWHQ 7DJ YHUVFKLHEHQ ,FK PXWH PLFKDPKHOOHQ7DJLQV)UHLHZDJHQ±YLHOOHLFKWUHJQHWHHV6R VFKQHOO LFK NRQQWH ZlKOWH LFK GLH :HWWHUSODQXQJVDQVDJH XQG OLH PLFK ZLHGHU ]XUFNVLQNHQ 1LFKWV (LWHO 6RQQHQVFKHLQ ,FKKlWWHPLUJHQDXVRJXWHLQ(UGEHEHQZQVFKHQN|QQHQ ,P %UR KHUUVFKWH HLQ VFKUHFNOLFKHV 'XUFKHLQDQGHU HV VDK DXV ZLH LQ HLQHP H[SORGLHUWHQ 6FKODFKWKDXV ,FK PXWH GULQJHQGVDXEHUPDFKHQ« ª1HLQ -LP GX PDFKVW QLFKW VDXEHU 8QG ]ZDU ZHLO GLH 3ROL]HL HV IUKHU RGHU VSlWHU GRFK ¿QGHW ± ZDKUVFKHLQOLFK IUKHU 'HLQH )LQJHUDEGUFNH VLQG EHUDOO XQG GHLQH %OXWJUXSSHLVWEHNDQQW(VZLUGHLQHKDUWH1XIUGLH%XOOHQ IHVW]XVWHOOHQZDVDXVGLUJHZRUGHQLVW© 'D]X ZROOWH LFK LKQHQ HLQ ELFKHQ *HGDQNHQIXWWHU OLHIHUQ 8QG GHP VDGLVWLVFKHQ %XOOHQ YLHOOHLFKW HLQ ELFKHQ bUJHU PDFKHQ,FKUROOWHPLWPHLQHP6WXKODQV7HUPLQDOXQGWLSSWH GLH1DFKULFKWHLQ'HU'UXFNHUS¿IIXQGLFKQDKPGDV%ODWW 3DSLHUDXVGHU(PSIDQJVZDQQH3UlFKWLJ $1 ',( 32/,=(, ,&+ :85'( 921 '(0 .,//(5%($07(1 1,('(5*(6&+266(1 '(1 6,( %(:8667/26 $8)*()81'(1 +$%(1 $//(5',1*6 +$7 (5 0,&+ %g6( (5:,6&+7 ,&+ +$%( ,11(5( %/8781*(1 81' 0866 %$/' 67(5%(1/(%:2+/*5$86$0(:(/7 ,&+ 635,1*( -(7=7 ,1 '(1 )/866 ,FKQDKPQLFKWHUQVWKDIWDQGDGLH/LVWNODSSHQZUGH±DEHU YLHOOHLFKWQDKPHQVLHZHQLJVWHQVGHQVFKLHZWLJHQ%XOOHQLQGLH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0DQJHO:lKUHQGGLHDQGHUHQGDPLWEHVFKlIWLJWZDUHQGHQ)OX DE]X¿VFKHQ$XIGHP%ULHIOHXFKWHWHQVFKRQHLQLJH%OXWÀHFNHQ XQG LFK VFKPLHUWH YRQ GHQ %DQGDJHQ QRFK HLQLJHV GD]X 'DQQ OHJWHLFKPHLQH1DFKULFKWJXWVLFKWEDUDXIGHQ7LVFK 0HLQ NOHLQHU 6WUHLFK KDWWH PLFK HWZDV DXIJHKHLWHUW ,FK OLH PLFKLQPHLQHQ6HVVHOVLQNHQWUDQNGDV%LHUDXVXQGSODQWH%OLHE HWZDV :LFKWLJHV ]XUFN" 1HLQ LFK EHZDKUWH NHLQH ZHUWYROOHQ 8QWHUODJHQ KLHU DXI ,FK HUJULII GHQ 9HUQLFKWXQJVVFKOVVHO XQG DNWLYLHUWH GHQ =HUVW|UXQJVVFKDOWHU GHQ LFK GUFNWH (LQ NXU]HV .OLFNHQ LQ GHQ *HGlFKWQLVVSHLFKHUQ ZDU GDV HLQ]LJH =HLFKHQ GDGHUJHVDPWH&RPSXWHUVSHLFKHUVLFKVRHEHQ]XXQOHVHUOLFKHQ HOHNWURQLVFKHQ 6WUXNWXUHQ DXIJHO|VW KDWWH $OOHV DQGHUH ± :HUN]HXJH*HUlWH0DVFKLQHQ±ZDUHUVHW]EDU'DV*HOGZROOWH LFKDOOHUGLQJVQLFKW]XUFNODVVHQ 'LHV DOOHV HUPGHWH PLFK ]LHPOLFK ± DEHU LFK NRQQWH PLU NHLQH 5XKHSDXVH OHLVWHQ VRODQJH QLFKW DOOH 9RUEHUHLWXQJHQ JHWURIIHQZDUHQ,FK]RJGQQH3ODVWLNKDQGVFKXKHEHU%OXWXQG %DQGDJHQXQGPDFKWHPLFKDQGLH$UEHLW'DV*HOGVWHFNWHLP 6DIH±VFKOLHOLFKUDXEWHLFK %DQNHQ DXV XQG KDWWH NHLQH /XVW VLH]XXQWHUVWW]HQLQGHPLFKPHLQHUVHLWV.RQWHQHU|IIQHWH,FK VWRSIWHDOOHVLQHLQH$NWHQWDVFKH'DQRFKYLHO3ODW]ZDUIOOWHLFK GHQ5HVWPLWVRYLHOHQ0LNURZHUN]HXJHQZLHKLQHLQJLQJHQ'HQ DOOHUOHW]WHQ 5HVW QXW]WH LFK IU .OHLGXQJ 'DQQ KSIWH LFK DXI GHP'LQJKHUXPELVHVVLFKYHUVFKOLHHQOLH $OV QlFKVWHV VWDQGHQ QHXH 6DFKHQ XQG HLQH 9HUNOHLGXQJ DXI GHP 3URJUDPP (LQ VFKZDU]HU YLHUWHLOLJHU $Q]XJ GHVVHQ 0XVWHU DXV ZLQ]LJHQ ZHLHQ 'ROODUQRWHQ EHVWDQG (LQ RUDQJHURWHU 5ROONUDJHQSXOORYHU ]XU =HLW EHL G\QDPLVFKHQ MXQJHQ%DQNNDXÀHXWHQJURLQ0RGHHEHQVRZLHVFKLFNH6WDF KHOVSHFNVFKZHLQVWLHIHO PLW NQVWOLFK HUK|KWHQ$EVlW]HQ -D HV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH NRQQWHQW]OLFKVHLQPHLQH*U|HHWZDV]XYHUIlOVFKHQ:HQQ LFK GDV +DXV YHUOLH ZUGH LFK HLQHQ 6FKQXUUEDUW XQG HLQH JROGJHIDWH%ULOOHWUDJHQ1XQEOLHEPLUQRFKGDV+DDUGXQNHO ]XIlUEHQXQGPHLQHPYHUEODVVHQGHQ7HLQWQDFK]XKHOIHQ$OV DOOHGLHVH'LQJHJHWDQZDUHQ|IIQHWHLFKPHLQ.ODSSEHWWVWHOOWH GHQ :HFNHU XQG OLH PLFK QLHGHUVLQNHQ PGH YRQ %LHU XQG 6FKPHU]SLOOHQ,FKYHUVDQNVRIRUWLP1LFKWV 5LHVHQPRVNLWRV XPNUHLVWHQ PHLQHQ .RSI LPPHU PHKU NDPHQKLQ]XVFKDUIDXIPHLQ%OXW0RVNLWRV« ,FK |IIQHWH GLH $XJHQ XQG YHUVFKHXFKWH EOLQ]HOQG GHQ 7UDXP 'D LFK VLH QLFKW DEVFKDOWHWH VWHOOWH PHLQH :HFNXKU GDV 0RVNLWRVXPPHQ LPPHU ODXWHU ELV HV VLFK DQK|UWH DOV ZlUH HLQH JDQ]H 6FKZDGURQ LP $QPDUVFK ,FK GUFNWH DXI GHQ.QRSIVFKQDO]WHPLWWURFNHQHQ/LSSHQXQGVWROSHUWH]XP :DVVHUKDKQ 'UDXHQ ZDU HV KHOO XQG HUVWH )UKDXIVWHKHU UHJWHQVLFK 1DFK $EVFKOX PHLQHU 9RUEHUHLWXQJHQ ZXVFK LFK PLFK XQGOHJWHVRUJIlOWLJPHLQH.OHLGXQJDQ9RUQHKPHRUDQJHURWH +DQGVFKXKHSDVVHQG]XP+HPGYHUEDUJHQPHLQH%DQGDJHQ $OV GHU PRUJHQGOLFKH %HUXIVYHUNHKU GLH 6WUDHQ JHIOOW KDWWH HUJULII LFK GHQ 5HLVHNRIIHU XQG YHUJHZLVVHUWH PLFK VRUJIlOWLJ GDGHU)OXUGUDXHQOHHUZDU'DQQWUDWLFKKLQDXVXQGVFKOR GLH7U RKQH HLQHQOHW]WHQ%OLFN]XUFN]XZHUIHQ'LHVHU7HLO PHLQHV /HEHQV ZDU YRUEHU 'HU HUVWH 7DJ PHLQHV QHXHQ /HEHQVKDWWHEHJRQQHQ +RIIWHLFK,FKJLQJ]XU7UHSSHXQGYHUVXFKWHGDEHLZLHHLQ HUQVW]XQHKPHQGHU*HVFKlIWVPDQQDXV]XVHKHQSDVVLHUWHXQWHQ GLHHUVWHQ$QN|PPOLQJHXQGHUUHLFKWHVFKOLHOLFKGLH6WUDH 8QG HQWGHFNWH DQ GHU (FNH HLQHQ 3ROL]HLEHDPWHQ GHU VLFK MHGHQ3DVVDQWHQJUQGOLFKDQVFKDXWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKJ|QQWHLKPNHLQHQ%OLFNGDIUHQWGHFNWHLFKYRUPLUHLQ DWWUDNWLYHV 0lGFKHQ GDV HFKW ÀRWWH %HLQH KDWWH ,FK VFKDXWH ]X ZLH VLH VLFK EOLW]HQG EHZHJWHQ XQG YHUVXFKWH GHQ QDKHQ *HVHW]HVKWHU]XYHUJHVVHQ1lKHUWHPLFKJLQJDQLKPYRUEHL OLH LKQ KLQWHU PLU ]XUFN 5HFKQHWH MHGHQ 0RPHQW PLW GHP 6FKUHLGHV(UNHQQHQV« $EHUHVZDUQLFKWV]XK|UHQ9LHOOHLFKWVFKDXWHHUDXFKDXI GDV0lGFKHQ(LQHUJHVFKDIIW±DEHUZLHYLHOHZHLWHUHVWDQGHQPLU QRFKEHYRU" (V ZDU GHU OlQJVWH )XPDUVFK GHQ LFK LQ PHLQHP JDQ]HQ /HEHQXQWHUQRPPHQKDWWH:HQLJVWHQVNDPHVPLUVRYRU1LFKW ]XVFKQHOOQLFKW]XODQJVDP,FKJDEPLU0KH7HLOGHU0HQJH ]X VHLQ HLQHU YRQ YLHOHQ ORKQGLHQHULVFKHQ $UEHLWQHKPHUQ DXI GHP :HJ LQV %UR GLH *HGDQNHQ VWDUU DXI *HZLQQ XQG 9HUOXVW XQG IHVWYHU]LQVOLFKH 6FKXOGYHUVFKUHLEXQJHQ JHULFKWHW :DV LPPHU GDV ZDU:LHGHU HLQH 4XHUVWUDH JHVFKDIIW ± ELVKHU DOOHV LQ 2UGQXQJ 'RUW LVW GLH (FNH 'LH:DUWXQJVVWUDH KLQWHU GHP (LQNDXIV]HQWUXP 1LFKW JDQ] GHU ULFKWLJH 2UW IU HLQHQ %URKHQJVWZLHGLFK$OVRKDOWJXW$XVVFKDXXQGOXQJHUHQLFKW XQQ|WLJKHUXP8PGLH(FNHLQ6LFKHUKHLW 6LFKHUKHLW" :LH YRQ HLQHP %DONHQ JHWURIIHQ WDXPHOWH LFK ]XUFN 9RUGHU7UVWDQGGHU0DF6FKZHLQV:DUWXQJVZDJHQXQGHLQ PXVNHOEHSDFNWHU7HFKQLNHUYHUVFKZDQGVRHEHQGXUFKGLH7U

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,FK VFKDXWH DXI GLH 8KU VFKQLSVWH PLW GHQ )LQJHUQ XQG ZDQGWH PLFK DE DOV ZlUH PLU HWZDV HLQJHIDOOHQ ± LFK PXWH LPPHU GDPLW UHFKQHQ EHREDFKWHW ]X ZHUGHQ (QHUJLVFK PDUVFKLHUWHLFKZHLWHUELVLFKHLQ)L[(/RNDOHUUHLFKWHZRLFK ]XDOOHPhEHUÀXLQGHUHUVWHQ6LW]QLVFKH]ZHL3ROL]HLEHDPWH HQWGHFNWH'LHPLFKQDWUOLFKPXVWHUWHQ'HQ%OLFNVWDUUQDFK YRUQJHULFKWHWJLQJLFKZHLWHUXQGVHW]WHPLFKP|JOLFKVWZHLW ZHJ'DEHLVSUWHLFKHLQ-XFNHQ]ZLVFKHQGHQ6FKXOWHUEOlWWHUQ XQGZDJWHQLFKWPLFK]XNUDW]HQ,FKNRQQWHGLHEHLGHQQLFKW VHKHQZXWHDEHUZDVVLHWDWHQ6LHVFKDXWHQ]XPLUKHUEHU GDQQ VWHFNWHQ VLH GLH .|SIH ]XVDPPHQ XQG NDPHQ ]X GHP 6FKOXGDLFKQLFKWGHPHQWVSUHFKHQNRQQWHZDVLFK]XVHLQ YRUJDE NXU] GD PDQ VLFK PDO XP PLFK NPPHUQ PWH $XIVWHKHQ]XPLUNRPPHQVLFKEHUPLFKEHXJHQ« $XV GHQ $XJHQZLQNHOQ VDK LFK GLH EODXEHKRVWHQ %HLQH QlKHUNRPPHQ XQG PHLQ +HU] EHJDQQ VR ODXW ]X KlPPHUQ GD GDV JDQ]H /RNDO HV K|UHQ PXWH ,FK ZDUWHWH DXI GLH DQNODJHQGHQ :RUWH :DUWHWH« XQG OLH GHQ %OLFN DQ GHQ EODXHQ%HLQHQKHUDXIZDQGHUQ« 8QG VDK HLQHQ XQLIRUPLHUWHQ /LQHDUIDKUHU DXI GHU DQGHUHQ 6HLWH PHLQHV 7LVFKHV 3ODW] QHKPHQ ª.DIIHH© VDJWH HU LQV 0LNURIRQVFKWWHOWHVHLQH=HLWXQJDXIXQGEHJDQQ]XOHVHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0HLQ+HU]VFKODJEHUXKLJWHVLFKZLHGHUHLQLJHUPDHQXQGLFK YHUZQVFKWH LQVJHKHLP PHLQH 1HUYRVLWlW XQG )HLJKHLW'DQQ OHJWHLFKPLUHLQHP|JOLFKVWWLHIH6WLPPH]XXQGVSUDFKLQPHLQ 0LNURIRQª6FKZDU]HU.DIIHHXQG&XUU\ElOOFKHQ6XSSH© ª%LWWH]DKOHQ6LHVHFKV'ROODU© ,FKZDUIGLH0Q]HQHLQ1HEHQPHLQHP(OOERJHQJUROOWH HLQH0DVFKLQHGLHVRJOHLFKPHLQ)UKVWFNDXIGHQ7LVFKVFKRE ,FK D ODQJVDP ZDUI VFKOLHOLFK HLQHQ %OLFN DXI GLH 8KU XQG WUDQNODQJVDPPHLQHQ.DIIHHDXV:LHLFKYRQPHLQHQIUKHUHQ $XIHQWKDOWHQLP.KOUDXPZXWHZHQQLFKPLFKGRUWYHUVWHFNW KDWWH ZDUHQ GUHLLJ 0LQXWHQ GLH 0LQGHVWZDUWXQJV]HLW IU HLQ 0DF6FKZHLQV/RNDO,FKOLHYLHU]LJ0LQXWHQYHUVWUHLFKHQHKH LFKPLFKHUKRE,FKYHUVXFKWHPLUQLFKWYRU]XVWHOOHQZDVLFKLP 0DVFKLQHQUDXPGHV6FKQHOOUHVWDXUDQWVYRU¿QGHQZUGH1XU]X JXWHULQQHUWHLFKPLFKDQPHLQH%HPHUNXQJEHLP$EVFKLHGGD LFKGLHQlFKVWH3HUVRQVHLQZUGHGLHGXUFKGLH7UNlPH+R KR'LHQlFKVWH3HUVRQZDUGHU7HFKQLNHUJHZHVHQ+DWWHHUGHQ /lXIHUHUZLVFKW"%HLGLHVHP*HGDQNHQJHULHWLFKLQV6FKZLW]HQ %DOGZUGHLFKHVKHUDXV¿QGHQ,FKNDPDQGHP7LVFKYRUEHLDQ GHPGLH3ROL]LVWHQJHVHVVHQKDWWHQ6LHZDUHQIRUW±XQGVXFKWHQ KRIIHQWOLFKLQHLQHPDQGHUHQ6WDGWWHLOQDFKPLU,FKVFKOHQGHUWH ]XP(LQNDXIV]HQWUXP]XUFN±XQGEHREDFKWHWHHUOHLFKWHUWZLH GHU0DF6FKZHLQV:DJHQYRUPLULQGLH6WUDHHLQERJ %HL GHU$QQlKHUXQJ DQ GLH7U KLHOW LFK GHQ 6FKOVVHO VFKRQ ULFKWLJ KHUXP LQ GHU +DQG 'LH 6WUDH YRUQ ZDU OHHU ± DEHU SO|W]OLFKK|UWHLFK6FKULWWHKLQWHUPLU3ROL]HL"(VZXUGHVFKRQ ODQJZHLOLJ ± DEHU ZLHGHU EHJDQQ PHLQ +HU] ]X KlPPHUQ 9RU GHU 7U JLQJ LFK ODQJVDPHU 'DQQ EOLHE LFK VWHKHQ EHXJWH PLFK YRU XQG OLH GHQ NOHLQHQ 6FKOVVHO LQ GLH +DQG UXWVFKHQ XQG WDW VR DOV KlWWH LFK LKQ HEHQ YRP %RGHQ DXIJHKREHQ ,FK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH EHWUDFKWHWHLKQHLQJHKHQGZlKUHQGMHPDQGQlKHUNDPXQGDQPLU YRUEHUNDP(LQMXQJHU0DQQGHUQLFKWGDVJHULQJVWH,QWHUHVVH DQPLU]HLJWH(UJLQJZHLWHUXQGERJLQGLH/LHIHUHLQIDKUW]XP /HEHQVPLWWHOPDUNWHLQ ,FKZDUIHLQHQ%OLFN]XUFNGDQQKXVFKWHLFK]XU7UHKHHWZDV DQGHUHV GD]ZLVFKHQNRPPHQ NRQQWH 'UHKWH GHQ 6FKOVVHO XP GUFNWHGDJHJHQ±XQGQDWUOLFKJLQJGLH7UQLFKWDXI 'HU 9HU]|JHUXQJVPHFKDQLVPXV GHQ LFK HLQJHEDXW KDWWH IXQNWLRQLHUWHEHVWHQV(UZUGHGHQ'XUFKJDQJLQHLQHU0LQXWH IUHLJHEHQ1RFKNXU]HVHFK]LJ6HNXQGHQ 6HFK]LJ XQJODXEOLFK ODQJVDP GDKLQVFKOHLFKHQGH 6HNXQGHQ 'DVWDQGLFKLQPHLQHPVFKLFNHQ%URDQ]XJLQGLHVHU6HUYLFH *DVVHHLQ)UHPGN|USHUZLH7LWWHQDQHLQHP6WDFKHOVSHFNHEHUZLH ZLUDXIGHU5DQFKLPPHUVDJWHQ6WDQGYRUGHU7UXQGVFKZLW]WH XQG ZDUWHWH GD 3ROL]LVWHQ RGHU 3DVVDQWHQ YRUEHLNDPHQ :DUWHWHXQGOLWW %LVVLFKGHU6FKOVVHOHQGOLFKGUHKWHGLH7UDXIJLQJ±XQGLFK EHUGLH6FKZHOOHVWU]WH /HHU*HJHQEHUNODSSHUWHXQGVXUUWHGLHDXWRPDWLVFKH$QODJH 'HU *HWUlQNHVSHQGHU JXUJHOWH HLQ JHIOOWHU %HFKHU VDXVWH GDV )|UGHUEDQGHQWODQJXQGYHUVFKZDQGGLFKWDXIJHIROJWYRQHLQHP GDPSIHQGHQ%XUJHU7DJXQG1DFKWOLHIHQGLHVH9RUJlQJHDE±GRFK ZDUGD]ZLVFKHQNHLQH6SXUYRQHLQHP0HQVFKHQDXV]XPDFKHQ 0DQKDWWHLKQJHIDQJHQ±GLH3ROL]HLKDWWHGHQ/lXIHUHUZLVFKW 8QGZUGHPLFKDOVQlFKVWHVVFKQDSSHQ« ª$K-XQJHLFKGDFKWHPLUGDGXHVGLHVPDOELVW© 'HU/lXIHUNDPDXVGHP*HIULHUUDXP±HLQHPDVVLJH*HVWDOWLQ GLFNHU:LQWHUNOHLGXQJ6FKODIVDFNXQG7DVFKHXQWHUGHP$UP(U NQDOOWHGLH7UKLQWHUVLFK]XZlKUHQGLFKYRQHLQHP*HIKOGHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6FKZlFKHHUJULIIHQZXUGHPLFKPLWGHP5FNHQDQGLH:DQG VWHOOWHXQGODQJVDP]X%RGHQUXWVFKWH ª$OOHVLQ2UGQXQJ"©IUDJWHHUEHVRUJW,FKZLQNWHDE ª$OOHVEHVWHQVEHVWHQV±ODPLFKQXUPDO]X$WHPNRPPHQ ,FKGDFKWHVFKRQPDQKlWWHGLFKHUZLVFKW© ª'XKlWWHVWGLUNHLQH6RUJHQPDFKHQVROOHQ$OVGXQDFKHLQHU JHZLVVHQ=HLWQLFKWDXIWDXFKWHVWGDFKWHLFKPLUVFKRQGDGHLQH 3OlQHGXUFKHLQDQGHUJHNRPPHQZDUHQXQGEWHGLH(YDNXLHUXQJ IU GHQ )DOO GD GLH OHJLWLPHQ ,QKDEHU GLHVHU (LQULFKWXQJ DXIWDXFKWHQ8QGGDVWDWHQVLHGDQQMDDXFK(LJHQWOLFK]LHPOLFK NDOWGDGULQ,FKZXWHQLFKWUHFKWZLHODQJHGDVJDQ]HGDXHUQ ZUGH ZDU DEHU EHU]HXJW GD GX HLQH 0|JOLFKNHLW HLQJHEDXW KlWWHVWIHVW]XVWHOOHQZDQQGLH0HFKDQLNHUIRUWVLQG«© ª,FKZROOWHGLUGDYRQHU]lKOHQ© ªhEHUÀVVLJ,FKIDQGGHQYHUERUJHQHQ/DXWVSUHFKHUDXFKVR VWHOOWHLKQDQXQGPXWHPLUMHPDQGHQDQK|UHQGHUEHLGHU$UEHLW VWlQGLJYRUVLFKKLQÀXFKW1DFKHLQHU:HLOHZDUHQGDV.QDOOHQ GHU7UXQGGLH6WLOOHZLOONRPPHQH6LJQDOHRMD1XQ]XGLU'X KDWWHVW3UREOHPH"© ª3UREOHPH© ,FK ODFKWH YRU (UOHLFKWHUXQJ +LHOW DEUXSW LQQH DOV LFK GHQ K\VWHULVFKHQ .ODQJ PHLQHU 6WLPPH YHUQDKP ,FK HUVWDWWHWH LKP %HULFKW OLH DEHU HLQLJH EHVRQGHUV XQDQJHQHKPH (LQ]HOKHLWHQDXV$QGHQULFKWLJHQ6WHOOHQEUXPPWHRGHUQLFNWH HUZLHHVYRQLKPHUZDUWHWZXUGHXQGK|UWHVLFKDOOHVELV]XP ELWWHUHQ(QGHDQ ª'X ELVW ]X VWUHQJ PLW GLU -LP (LQ NOHLQHU )HKOHU QDFK GHQ 0KHQGHV7DJHV±GDVLVWQLFKWEHUUDVFKHQG©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª$EHUHVLVWXQ]XOlVVLJ,QIROJHPHLQHU'XPPKHLWZlUHQZLU EHLQDKHDXIJHÀRJHQ±EHLGH(VNRPPWQLFKWZLHGHUYRU© ª*HQDX GDV LVW HLQ ,UUWXP© VDJWH HU XQG KRE PDKQHQG GHQ )LQJHU ª6R HWZDV NDQQ VLFK MHGHU]HLW ZLHGHUKROHQ ± ELV GX LQ GHLQHU$UEHLWY|OOLJDXVJHELOGHWELVW8QGGLHVH$XVELOGXQJVROO GLUJUQGOLFKVW]XWHLOZHUGHQ© ª6HOEVWYHUVWlQGOLFK© ª« ELV HLQ VROFKHU )HKOHU QLFKW PHKU YRUNRPPHQ NDQQ )U HLQHQ 0DQQ PLW GHLQHU JHULQJHQ (UIDKUXQJ KDVW GX GLFK XQJODXEOLFK JXW JHKDOWHQ -HW]W NDQQ HV QXU QRFK EHVVHU ZHUGHQ© ª8QGGXEULQJVWPLUEHLZLH«ZLHLFKHLQHUIROJUHLFKHU*DXQHU ZHUGHZLHGX"© %HL GLHVHQ :RUWHQ UXQ]HOWH HU GLH 6WLUQ XQG PDFKWH HLQ HUQVWHV *HVLFKW :DV KDWWH LFK JHVDJW" %HVRUJW NDXWH LFK DXI PHLQHU ZXQGHQ 8QWHUOLSSH KHUXP ZlKUHQG HU VWXPPVHLQHQ 6FKODIVDFN HQWUROOWH DXVEUHLWHWH XQG VLFK LP 6FKQHLGHUVLW] GDUDXI QLHGHUOLH $OV HU HQGOLFK DQWZRUWHWH OLH LFK PLU NHLQHVVHLQHU:RUWHHQWJHKHQ ª1XQ ]X GHLQHU HUVWHQ /HNWLRQ -LP ,FK ELQ NHLQ *DXQHU 'XDXFKQLFKW:LUZROOHQNHLQH9HUEUHFKHUZHUGHQZHLOVLH DXVQDKPVORV GXPP XQG XQWFKWLJ VLQG (V LVW ZLFKWLJ VLFK NODU]XPDFKHQXQGULFKWLJ]XEHZHUWHQGDZLUDXHUKDOEGHU *HVHOOVFKDIWVWHKHQXQGVWUHQJHQHLJHQHQ5HJHOQIROJHQ±YRQ GHQHQ PDQFKH VRJDU VWUHQJHU VLQG DOV GLH 9RUVFKULIWHQ GHU *HVHOOVFKDIWGHUZLUQLFKWEHLWUHWHQZROOHQ8QVHU/HEHQPDJ HLQVDPVHLQ±GRFKLVWHVHLQ/HEHQIUGDVPDQVLFKPLWRIIHQHQ $XJHQHQWVFKHLGHW8QGLVWGLHVH(QWVFKHLGXQJHLQPDOJHIDOOHQ PXPDQVLFKGDUDQKDOWHQ0DQPXPRUDOLVFKHUVHLQDOVGLH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DQGHUHQ ZHLO PDQ QDFK HLQHP VWUHQJHUHQ 0RUDONRGH[ OHEW 8QGGLHVHU.RGH[NHQQWGDV:RUW¾*DXQHU½QLFKW'DVLVWGLH %H]HLFKQXQJGHUDQGHUHQ IU GLH$UW 0HQVFK GLH GX ZHUGHQ ZLOOVWXQGGXPXWGLFKGDJHJHQZHKUHQ© ª$EHULFKZLOOGRFK9HUEUHFKHUZHUGHQ«© ª*LE GLHVHQ *HGDQNHQ DXI ± XQG GLH %H]HLFKQXQJ 9HU]HLKPLUZHQQLFKGDVVDJHDEHUVRHWZDVLVWMXJHQGOLFKH 6FKZlUPHUHL (LQ HPRWLRQDOHV $QUHQQHQ JHJHQ GLH :HOW GLH GLU QLFKW JHIlOOW DXI NHLQHQ )DOO HLQH YHUQXQIWEHVWLPPWH (QWVFKHLGXQJ 'X ZHLVW GLH DQGHUHQ ]XUFN ± JOHLFK]HLWLJ DEHU DN]HSWLHUVW GX LKUH %HVFKUHLEXQJ IU GDV ZDV GX VHLQ ZLOOVW*DXQHU9HUEUHFKHU'XELVWNHLQ*DXQHU,FKELQNHLQ *DXQHU© ª:DVVLQGZLUGDQQ"©IUDJWHLFK 'HU/lXIHUOHJWHGLH)LQJHUVSLW]HQ]XVDPPHQXQGVDJWHLQ JHWUDJHQHP7RQIDOO ª:LU VLQG GLH %UJHU GHU $XHQVHLWH :LU OHKQHQ GLH VLPSOL]LVWLVFKHQ ODQJZHLOLJHQ VWDUUHQ EURNUDWLVFKHQ PRUDOLVFKHQXQGHWKLVFKHQ%HVFKUlQNXQJHQDEQDFKGHQHQGLH DQGHUHQ OHEHQ 6WDWW GHVVHQ KDEHQ ZLU XQVHLJHQH EHVVHUH /HEHQVUHJHOQ JHJHEHQ :LU EHZHJHQ XQV ]ZDU N|USHUOLFK ]ZLVFKHQDOOHQDQGHUHQJHK|UHQDEHUQLFKWGD]X:RVLHIDXO VLQGVLQGZLUÀHLLJZRVLHDPRUDOLVFKVLQGKDOWHQZLUGLH0RUDO KRFK :R VLH OJHQ VDJHQ ZLU GLH :DKUKHLW :DKUVFKHLQOLFK VLQG ZLU LQ MHQHU *HVHOOVFKDIW GLH ZLU EHUZXQGHQ KDEHQ GLHJU|WH.UDIW]XP*XWHQEHUKDXSW© %HLGLHVHQ:RUWHQPXWHLFK]LHPOLFKKHIWLJEOLQ]HOQZDUWHWH DEHUJHGXOGLJDEZXWHLFKGRFKGDHUPLUEDOGDOOHVJHQDX HUNOlUHQZUGH8QGGDVWDWHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª,Q ZDV IU HLQHU *DOD[LV OHEHQ ZLU KLHU" 6HKW HXFK XP 'LH%UJHUGLHVHV3ODQHWHQXQGMHGHVDQGHUHQ3ODQHWHQLQGHU ORFNHUHQ 2UJDQLVDWLRQ GLH DOV *DODNWLVFKH /LJD EHNDQQW LVW VLQG %UJHU HLQHU YROOJHIUHVVHQHQ UHLFKHQ :HOWHQXQLRQ GLH GLH ZDKUH %HGHXWXQJ GHV:RUWHV¾9HUEUHFKHQ½VFKRQEHLQDKH YHUJHVVHQ KDW 'X ELVW LP *HIlQJQLV JHZHVHQ GX KDVW GHQ $EVFKDXPJHVHKHQGHQPDQ9HUEUHFKHUQHQQW'DEHLLVWGLHV DQJHEOLFKHLQH:HOWLQYRUGHUVWHU)URQWHLQH:HOWLP$XIEUXFK $XI GHQ DQGHUHQ EHVLHGHOWHQ 3ODQHWHQ JLEW HV QXU ZHQLJH 8Q]XIULHGHQH XQG QRFK ZHQLJHU GLH JHVHOOVFKDIWOLFK DXV GHU 5HLKH WDQ]HQ 'RUW GUDXHQ VFKQDSSW PDQ GLH ZHQLJHQ GLH WURW] MDKUKXQGHUWHODQJHU JHQHWLVFKHU .RQWUROOH QRFK JHERUHQ ZHUGHQVFKRQLQIUKHQ-DKUHQXQGUFNWLKQHQGHQ+RUL]RQW ]XUHFKW HKH VLH VLFK SUR¿OLHUHQ N|QQHQ ,Q PHLQHP JDQ]HQ /HEHQELQLFKELVKHUQXUHLQPDOLP5DXPJHZHVHQ±DXIHLQHU 5XQGUHLVH ]X GHQ QlFKVWHQ :HOWHQ (V ZDU VFKUHFNOLFK 'DV /HEHQ DXI GLHVHQ :HOWHQ ZDU VR EXQW XQG SUlFKWLJ ZLH HLQ 6WFNQDVVH3DSSH,FKELQVFKQHOOVWHQVQDFK%LFKHQ+LPPHO ]XUFNJHNHKUWGHQQVRDEVFKHXOLFKVLFKGLHVH:HOWDXVPDFKW LVWVLHGRFKLP9HUJOHLFK]XGHQDQGHUHQZLUNOLFKQRFKHLQ ELFKHQ+LPPHO© ª,UJHQGZDQQ ± ZUGH LFK JHUQ DXFK PDO VROFKH DQGHUHQ :HOWHQVHKHQ© ª:LUVW GX PHLQ -XQJH (LQ ORKQHQGHV =LHO $EHU ]XHUVW PXWGXGLFKYROOXQGJDQ]DXIGLHVHU:HOWDXVNHQQHQ8QGGDIU GDQNEDUVHLQGDPDQGLHJHQHWLVFKH.RQWUROOHKLHUQRFKQLFKW YHUYROONRPPQHWKDW±XQGNHLQHHLJHQHQ0DVFKLQHQEHVLW]WXP DOOMHQHJHLVWLJ]XUHFKW]XUFNHQGLHVLFKJHJHQGLH*HVHOOVFKDIW DXÀHKQHQ$XI DQGHUHQ 3ODQHWHQ VLQG GLH .LQGHU DOOH JOHLFK 6FKFKWHUQ EUDY OLHEHQVZUGLJ XQG JHVHOOVFKDIWOLFK DQJHSDW 1DWUOLFK]HLJHQVLHLKUHJHQHWLVFKHQ6FKZlFKHQ±ZLUVSUHFKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH YRQ6WlUNHQ±HUVWDOV(UZDFKVHQH'DEHLKDQGHOWHVVLFKXPGLH DUPHQLUUHJHOHLWHWHQ7\SHQGLHVLFKPLW.OHLQLJNHLWHQGXUFKVFKODJHQ ZROOHQ ± (LQEUFKH /DGHQGLHEVWlKOH 9LHKGLHEVWlKOH XQG VR ZHLWHU 9LHOOHLFKW KDOWHQ VLH HLQH RGHU ]ZHL :RFKHQ GXUFK RGHU VRJDUHLQHQ0RQDW±MHQDFKGHUDQJHERUHQHQ,QWHOOLJHQ]$EHU VR VLFKHU ZLH VWUDKOHQGH (OHPHQWH ]HUIDOOHQ RGHU LP +HUEVW GLH %OlWWHUIDOOHQ±VRVLFKHULVWHVLKQHQYRUKHUEHVWLPPWLUJHQGZDQQ YRQGHU3ROL]HLJHVFKQDSSWXQGDXIGHQULFKWLJHQ:HJJHEUDFKW]X ZHUGHQ© ,FKPXWHGLHVH,QIRUPDWLRQHUVWYHUGDXHQHKHLFKGLHDXIGHU +DQGOLHJHQGH)UDJHVWHOOHQNRQQWH ª$EHUZHQQGLH8QWHUZHOWGHU$XIVWDQGJHJHQGDV6\VWHPVR WUEHDXVVLHKW±ZRVWHKHQGDQQGXXQGLFK"© ª,FK KDEH VFKRQ DXI GLHVH )UDJH JHZDUWHW 'LH $XVIDOOHUVFKHLQXQJHQYRQGHQHQLFKHEHQVSUDFKXQGPLWGHQHQ GXLP*HIlQJQLV]XWXQEHNDPVWELOGHQQHXQXQGQHXQ]LJ.RPPD QHXQ3UR]HQWGHUYHUEUHFKHULVFKHQ8QWHUZHOWXQVHUHURUJDQLVLHUWHQ XQG YHUHGHOWHQ *HVHOOVFKDIW /HEHQVZLFKWLJ IU GLH 6WUXNWXU HEHQGLHVHU*HVHOOVFKDIWLVWDEHUMHQHVOHW]WH=HKQWHOSUR]HQWGDV ZLU GDUVWHOOHQ 2KQH XQV ZUGH GHU +LW]HWRG GHV 8QLYHUVXPV HLQVHW]HQ2KQHXQVZlUHGDV/HEHQMHQHU6FKDIKHUGHYRQ%UJHUQ VROHHUGDDOVHLQ]LJH.RQVHTXHQ]GHU0DVVHQVHOEVWPRUGEOLHEH $QVWDWWXQV]XYHUIROJHQXQG9HUEUHFKHU]XVFKLPSIHQVROOWHPDQ XQVDOV*OHLFKJHVWHOOWHIHLHUQ© 6HLQH$XJHQEOLW]WHQVHLQH6WLPPHNODQJKDUW,FKZROOWH GLHVH IXOPLQDQWH 5HGH QLFKW XQWHUEUHFKHQ GRFK EUDQQWHQ PLUHLQLJH)UDJHQDXIGHU=XQJH ª%LWWH HQWVFKXOGLJH ± DEHU ZUGHVW GX PLU QHWWHUZHLVH HUNOlUHQZDUXPGDVVRLVW"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª(VLVWVRZHLOZLUGHU3ROL]HLHWZDV]XWXQJHEHQZHLO ZLU LKU MHPDQGHQ ]XP 9HUIROJHQ OLHIHUQ HLQHQ *UXQG LQ WHXUHQ 0DVFKLQHQ KHUXP]XUDVHQ 8QG GLH gIIHQWOLFKNHLW ±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lOW HLQHQ 0LOOLRQVWHO 'ROODU ZHQLJHU 5HQGLWH 'DV LVW NHLQ 2SIHU ZDKUOLFK NHLQ 2SIHU 0HLQ-XQJHZLUVLQG:RKOWlWHUZLUVLQGQLFKWVZHQLJHUDOV :RKOWlWHU $EHU GDPLW ZLU GHQ DQGHUHQ VRYLHO *XWHV WXQ N|QQHQ PVVHQZLUXQVDXHUKDOELKUHU(LQVFKUlQNXQJHQEHZHJHQ XQGIUHLYRQLKUHQ5HJHOQ:LUPVVHQVRKHLPOLFKYRUJHKHQ ZLH 5DWWHQ LQ GHQ 6FKXW]YHUNOHLGXQJHQ LKUHU *HVHOOVFKDIW ,QGHUJXWHQDOWHQ=HLWZDUGDVQDWUOLFKHLQIDFKHUXQGGDGLH 9RUVFKULIWHQGDPDOVOD[HUJHKDQGKDEWZXUGHQJDEHVDXFK PHKU5DWWHQDOVKHXWHVRZLHVLFKLQDOWHQ+RO]JHElXGHQ PHKU 5DWWHQ WXPPHOQ DOV LQ %HWRQEDXWHQ $EHU KHXWH ZLH GDPDOV H[LVWLHUHQ 5DWWHQ LQ GHQ *HElXGHQ 1DFKGHP GLH *HVHOOVFKDIWLQ]ZLVFKHQDXVVFKOLHOLFKDXVDUPLHUWHP%HWRQ XQG(GHOVWDKOEHVWHKWNODIIHQDQGHQ1lKWHQZHQLJHU/FNHQ DOVYRUKHU'DPXVFKRQHLQHVHKUVFKODXH5DWWHNRPPHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH XPVLH]X¿QGHQ1XUHLQH6WDKOUDWWHHLQH(GHOVWDKOUDWWHNDQQ VLFKLQGLHVHU8PJHEXQJKHLPLVFKIKOHQ© ,FKNRQQWHQLFKWDQGHUVLFKPXWHDSSODXGLHUHQELVPLUGLH +lQGHZHKWDWHQXQGHUQDKPPHLQH=XVWLPPXQJPLWHLQHP .RSIQLFNHQHQWJHJHQ ª*HQDX GDV VLQG ZLU© ULHI LFK EHJHLVWHUW ª(GHOVWDKOUDWWHQ (VLVWHLQVWRO]HVHLQVDPHV6FKLFNVDODOV(GHOVWDKOUDWWHGXUFKV /HEHQ]XJHKHQ© %HVWlWLJHQG VHQNWH HU GHQ .RSI XQG VSUDFK ZHLWHU ª(LQYHUVWDQGHQ 1XQ DEHU LVW PLU GLH .HKOH WURFNHQ YRQ GHP YLHOHQ 5HGHQ XQG LFK ZWH JHUQ RE GX PLU PLW GHQ NRPSOL]LHUWHQ 0DVFKLQHQ KLHU KHOIHQ NDQQVW :WHVW GX YLHOOHLFKWHLQH0|JOLFKNHLWGHU$QODJHHLQHQGRSSHOWHQ.LUVFK 6FKZLW]HUDE]XULQJHQ"© ,FK ZDQGWH PLFK GHP *HZLUU GU|KQHQGHU VXUUHQGHU 0DVFKLQHQ]XGDVGLH,QQHQZDQGEHGHFNWH ª'LHZHLLFKLQGHU7DWXQGLFK]HLJHGLUJHUQZLHHVJHKW -HGH GLHVHU 0DVFKLQHQ YHUIJW EHU HLQHQ 7HVWNQRSI :HQQ GX JHQDX KHUVFKDXVW ¿QGHVW GX KLHU GHQ .QRSI IU GHQ *HWUlQNHVSHQGHU (UVW PXW GX GDV 'LQJ DXI ¾$Q½ VWHOOHQ GDQQNDQQVWGXGHQ6SHQGHUDNWLYLHUHQGHUVHLQ3URGXNWQLFKW GHP.XQGHQDXIGHUDQGHUHQ6HLWHVRQGHUQGLUOLHIHUW(VLVW DOOHVHWLNHWWLHUW±VFKDXKLHUGHU.LUVFK6FKZLW]HU(LQHNXU]H %HUKUXQJXQG«VFKRQSDVVLHUW© 0LW HLQHP 3IHLIHQ XQG HLQHP 3OXPSV HUVFKLHQ GDV *HZQVFKWHXQGGHU/lXIHUJULIIJLHULJQDFKGHP*HIl(U KDWWH NDXP ]X WULQNHQ EHJRQQHQ GD HUVWDUUWH HU XQG ÀVWHUWH PLUDXVGHP0XQGZLQNHO]Xª6FKDXPDOGDKDEHQZLUMDHLQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH )HQVWHUXQGHLQHMXQJH'DPHVWDUUWPLFKDQ±ZLUGPLUHEHQ HUVWEHZXW© ª6HLXQEHVRUJW©HUZLGHUWHLFKEHUXKLJHQGª'HU'XUFKEOLFN LVWQXUHLQVHLWLJ'LH)UDXEHWUDFKWHWLKU*HVLFKWLP6SLHJHO9RQ KLHUDXVN|QQHQGLH7HFKQLNHULQGHQ.XQGHQUDXPVFKDXHQ© ª$FK ZLUNOLFK" $KK LFK YHUVWHKH :LUNOLFK HLQ KXQJULJHU +DXIHQ 'DV YLHOH .DXHQ OlW PHLQHQ 0DJHQ NQXUUHQ GDV PXLFK]XJHEHQ© ª.HLQ3UREOHP+LHU¿QGHVWGXGLH.RQWUROOHQIUGLH6SHLVHQ 'HU.QRSIGRUWLVWIUGHQ0DF.DQLQ\EXUJHUVROOWHVWGXHLQHQ -DSSGDUDXIKDEHQ«© ª8QJHKHXHU±]XP8PIDOOHQ© ª'DQQKLHU© (U HUJULII GLH GDPSIHQGH 3DFNXQJ GLH LP DOWHQ 6WLO PLW .QRSIlXJOHLQXQG6WXPPHOVFKZDQ]YHU]LHUWZDUXQGEHJDQQ ]XNDXHQ(VZDUHLQ9HUJQJHQLKPEHLP(VVHQ]X]XVHKHQ ,FKULPLFKDOOHUGLQJVYRQGHP$QEOLFNORVXPGDV:LFKWLJVWH QLFKW]XYHUJHVVHQ±LFKVFKREGLH0Q]HQLQGHQ6FKOLW]DXI GHU5FNVHLWHGHVJHSDQ]HUWHQ0Q]NDVWHQV 'HU /lXIHU UL HUVWDXQW GLH $XJHQ DXI XQG PDFKWH VHLQH %HPHUNXQJVREDOGHUKLQXQWHUJHVFKOXFNWKDWWH ª'X EH]DKOVW" ,FK GDFKWH GD ZLU KLHU XQDXIVSUEDU LQ HLQHPOXNXOOLVFKHQ3DUDGLHVVlHQYHUZ|KQWYRQNRVWHQORVHQ *HWUlQNHQXQG6SHLVHQ7DJXQG1DFKW© ª'DV VWLPPW DXFK ± GHQQ GDV JHVDPWH *HOG LVW JHVWRKOHQ XQGLFKEULQJHHVQXUZLHGHULQ8PODXIXPGLH:LUWVFKDIWLQ *DQJ ]X KDOWHQ 'LH $UEHLWVDEOlXIH LQ HLQHP 0DF6FKZHLQV DEHU NHQQHQ NHLQH /FNHQ hEHU MHGHQ 6FKZHLQHEURFNHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH MHGHV 6WFN (LV PX 5HFKHQVFKDIW DEJHOHJW ZHUGHQ :HQQ GHU7HFKQLNHUGLH0DVFKLQHWHVWHWLVWHUIUMHGHVDXVJHOLHIHUWH 6WFNYHUDQWZRUWOLFK'HU&RPSXWHUGHV5HVWDXUDQWVUHJLVWULHUW MHGHQ 9HUNDXI GDPLW GLH 7LHINKOYRUUlWH EHLP 1DFKIOOHQ MHZHLOVRSWLPDODXIJHIOOWZHUGHQN|QQHQ'DVHLQJHQRPPHQH *HOG ZLUG WlJOLFK DXV GHP 6DIH JHKROW GHU VLFK GD DQ GHU $XHQPDXHUEH¿QGHW±HEHQIDOOVHLQ$XWRPDW(LQJHSDQ]HUWHV )DKU]HXJ VFKLHEW VLFK JHQDX LQ GHP $XJHQEOLFN GDUEHU ZHQQGDV=HLWVFKORDXIJHKW(LQ&RGHZLUGHLQJHJHEHQXQG GDV *HOG VWU|PW KHUDXV :HQQ ZLU XQV KLHU XQWHQ DOVR IUHL EHGLHQWHQ ZUGHQ GLH$XI]HLFKQXQJHQ VRIRUW GHQ 'LHEVWDKO VLFKWEDUPDFKHQ8QGVFKRQKlWWHQZLUHLQH8QWHUVXFKXQJ DP+DOV:LUPVVHQIUXQVHU(VVHQEH]DKOHQJHQDXSDVVHQG 'DZLUDEHUVSlWHUQLFKW]XUFN]XNRPPHQJHGHQNHQZHUGHQ ZLUDPOHW]WHQ7DJGDVJHVDPWH*HOGPLWJHKHQODVVHQ© ª'DV LVW PLU UHFKW PHLQ -XQJH VHKU UHFKW 0LW GHLQHU NRPLVFKHQ(KUOLFKNHLWKlWWHVWGXPLFKEHLQDKHQHUY|VJHPDFKW 'DGXVFKRQDQGHQ.RQVROHQVLW]WNDQQVWGXYLHOOHLFKWQRFK HLQHQ N|VWOLFKHQ %URFNHQ /HSVXV FXQLFXOXV SURJUDPPLHUHQ ZRIULFKDEHUGLHVPDOVHOEVWEH]DKOH©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

9HUPXWOLFKJLEWHVVHOWVDPHUH.ODVVHQUlXPH±DEHULFKNDQQPLU NHLQHYRUVWHOOHQ(VJDE=HLWHQGDNRQQWHPDQJHJHQGDV.ODSSHUQ )DXFKHQXQG%UDXVHQGHU/LHIHUDXWRPDWHQNDXPDQVFKUHLHQ=XU 0LWWDJV XQG$EHQG]HLW ZDU HV DP YROOVWHQ GRFK JDE HV HLQHQ GULWWHQ +|KHSXQNW ]XP (QGH GHU 6FKXO]HLW:LU DHQ GDQQ PLW ZHLOPDQVLFKZlKUHQGGLHVHU3HULRGHQNDXPXQWHUKDOWHQNRQQWH 6R DUEHLWHWHQ ZLU XQV GLH JHVDPWH 0DF6FKZHLQV6SHLVHNDUWH KLQDXIXQGKHUXQWHU=DKOORVH0DF.DQLQ\EXUJHUKSIWHQXQVHUH 6FKOQGH KLQDE XQG VR PDQFKHU *HIURUHQHU *HQX IROJWH ,FK KDWWH +HLKXQJHU DXI :XGGLQJZXDV ELV LFK PHLQHP *DXPHQ HLQHQ]XYLHO]XPXWHWHXQGDXIJHOLHUWH6WDFKHOVSHFNVFKZHLQVIH XPVFKDOWHWH JHIROJW YRQ )LVFKIULWWHQ 'HU /lXIHU ZDU ]LHPOLFK RIIHQKHU]LJLQVHLQHP*HVFKPDFNLKPJH¿HODOOHVZDVVLFKDXI GHU6SHLVHNDUWHIDQG:HQQGDQQGLH+RUGHQZLHGHUDEJH]RJHQ ZDUHQXQGZLUXQVGHQOHW]WHQ5HVW6DXFHYRQGHQ/LSSHQJHUXSIW KDWWHQDWPHWHQZLUGXUFKXQGVHW]WHQGHQ8QWHUULFKWIRUW%HLP 7KHPD&RPSXWHUYHUEUHFKHQHUIXKULFKZDVGHU/lXIHUGLHOHW]WHQ EHLGHQ-DKU]HKQWHJHWULHEHQKDWWH ª:HQQLFKHLQ7HUPLQDOKDEHGDXHUWHVQLFKWODQJHXQGLFK KHUUVFKHEHUGLHJDQ]H:HOW©VDJWHHUPLWVROFKHUhEHU]HXJXQJ GDLFKVHLQH:RUWHQLFKWDQ]ZHLIHOWHª$OVLFKQRFKMXQJZDUKDWWH LFK 6SD DQ DOOHQ P|JOLFKHQ 8QWHUQHKPXQJHQ PLW GHQHQ PDQ GLH %UJHU GLHVHV 3ODQHWHQ HUIUHXHQ NRQQWH (V ZDU ]LHPOLFK DXIUHJHQG %DUJHOGWUDQVSRUWH DE]XIDQJHQ XQG DQVWHOOH GHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *HOGVFKHLQEQGHOPHLQH9LVLWHQNDUWH]XUFN]XODVVHQ0DQ KDW QLHUDXVJHIXQGHQZLHLFKGDVJHVFKDIIWKDEH«© ª-DZLHKDVWGX¶VJHVFKDIIW"© ª:LUVSUHFKHQGRFKHEHQEHU&RPSXWHU© ª/DGLFKQXUHLQPDOYRP7KHPDDEEULQJHQLFKELWWHGLFK ,FK YHUVSUHFKH GLU GLH 0HWKRGH HLQHV 7DJHV HLQ]XVHW]HQ 9LHOOHLFKW ODVVH LFK GDQQ GDEHL VRJDU HLQH GHLQHU .DUWHQ OLHJHQZHQQGXGDPLWHLQYHUVWDQGHQELVW© ª'DV VFKHLQW PLU HLQH DXVJH]HLFKQHWH ,GHH ]X VHLQ 0DQ VROOWH GLH MHW]LJH %XOOHQJHQHUDWLRQ PDO HEHQVR IRSSHQ ZLH LKUH 9RUJlQJHU ,FK EHVFKUHLEH GLU GHQ $EODXI ± YLHOOHLFKW PHUNVWGXYRQVHOEVWZLHLFKHVJHPDFKWKDEH,QGHU=HQWUDOHQ 0Q]DQVWDOW HLQHP JXWEHZDFKWHQ DOWHQ *HElXGH PLW ]ZHL 0HWHU GLFNHQ 6WHLQPDXHUQ EH¿QGHQ VLFK GLH JHZDOWLJHQ *HOGVFKUlQNH PLW 0LOOLDUGHQ YRQ'ROODU:HQQHLQ7UDQVSRUW DEJHKWIOOHQ:lFKWHUXQG9HUDQWZRUWOLFKHHLQHQ*HOGNDVWHQ GHUYHUVFKORVVHQXQGYHUVLHJHOWZLUGZDVVLFKDOOH$QZHVHQGHQ JHQDX DQVFKDXHQ 9RU GHP *HElXGH ZDUWHW HLQ .RQYRL DXV %XOOHQ GLH DOOH HLQHQ HLQ]HOQHQ 3DQ]HUZDJHQ LP $XJH EHKDOWHQVROOHQ$XIHLQ=HLFKHQKLQIlKUWGHU:DJHQUFNZlUWV DQHLQHGLFNH3DQ]HUWUKHUDQ,P*HElXGHZLUGGLHVWlKOHUQH ,QQHQWUJH|IIQHWXQGGHU.DVWHQLQGLH3DQ]HUNDPPHUJHVWHOOW 'LHVH7UZLUGYHUVFKORVVHQHKHGLHlXHUHVLFK|IIQHQOlW 'HU.DVWHQIlKUWGDQQPLWGHP3DQ]HUZDJHQ]XP/LQHDU]XJ XQGOlGWGRUWLQHLQHQJHSDQ]HUWHQ:DJJRQXP'LHVHU:DJJRQ KDWQXUHLQHHLQ]LJH7UGHQ=XJDQJGHV*HOGHVYHUVFKORVVHQ XQG YHUVLHJHOW XQG PLW ]DKOUHLFKHQ $ODUPDQODJHQ JHVLFKHUW :lFKWHUIDKUHQLQHLQHP6SH]LDODEWHLOMHGHV:DJJRQVPLWELV GHU =XJ EHU GDV /LQHDUVFKLHQHQQHW] GLH 6WDGW LQ GHU GDV *HOG JHEUDXFKW ZLUGHUUHLFKW+LHUZDUWHWEHUHLWVHLQ]ZHLWHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 3DQ]HUZDJHQ GLH ± QRFK LPPHU YHUVFKORVVHQH .LVWH ± ZLUG KHUDXVJHKROW LP:DJHQ YHUVWDXW XQG ]XU %DQN JHEUDFKW ZR VLHJH|IIQHWZLUG±XQGQXUQRFKPHLQH9LVLWHQNDUWHHQWKlOW© ª*URDUWLJ© ª0|FKWHVWGXPLUHUNOlUHQZLHLFKGDVJHVFKDIIWKDEH"© ª'XZDUVWHLQHUGHU:lFKWHULP=XJ«© ª1HLQ© ª2GHUKDVWGHQ3DQ]HUZDJHQJHIDKUHQ© ª1HLQ© ,FK]HUEUDFKPLUHLQH6WXQGHODQJGHQ.RSIHKHHUQDFKJDEXQG PLUGLH/|VXQJVFKHQNWHª$OOHGHLQH(UNOlUXQJHQKDEHQHWZDVIU VLFKDEHUVLHVLQGDXVQDKPVORVJHIlKUOLFK'XELVWYLHOPHKUDOV LFKDXIN|USHUOLFKHQ(LQVDW]DXV%HLPHLQHQ8QWHUQHKPXQJHQ KDEHLFKYRUGLH0XVNHONUDIWVWHWVGDV1DFKGHQNHQJHVHW]W'D LFK QLFKW LQ GHQ .DVWHQ HLQEUHFKHQ XQG GDV *HOG KHUDXVKROHQ PXWH ODJ GDUDQ GD GHU .DVWHQ VFKRQ OHHU ZDU DOV HU GDV *HElXGH YHUOLH *HQDXHU JHVDJW HU HQWKLHOW QLFKW QXU PHLQH .DUWH VRQGHUQ DXFK HLQH HQWVSUHFKHQGH %DFNVWHLQODVW .DQQVW GXGLUQXQYRUVWHOOHQZLHGLH6DFKHJHODXIHQLVW"© ª+DW GDV *HElXGH QLH YHUODVVHQ© PXUPHOWH LFK YRU PLFK KLQ XQG YHUVXFKWH PHLQ *HKLUQ DQ]XVSRUQHQ ª$EHUGDV*HOG ZXUGHGRFKLQGHQ.DVWHQJHWDQXQGGLHVHULQGHQ3DQ]HUZDJHQ YHUODGHQ«© ª'XYHUJLWHWZDV© ,FK VFKQLSVWH PLW GHQ )LQJHUQ XQG VSUDQJ DXI ª1DWUOLFK GLH 0DXHU (V PX GLH 0DXHU VHLQ 'X KDVW PLU DOOH +LQZHLVH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH JHJHEHQ LFK ZDU EHJULIIVWXW]LJ $OW DXV 6WHLQHQ ]ZHL 0HWHU GLFN© ª*HQDX ,FK EUDXFKWH YLHU 0RQDWH IU GHQ (LQEUXFK %HL GHQ$UEHLWHQ ]HUVFKOLVVHQ VLFK GUHL 5RERWHU ± GRFK EHKLHOW LFK OHW]WOLFK GLH 2EHUKDQG =XHUVW NDXIWH LFK GDV +DXV JHJHQEHU GHU 0Q]DQVWDOW GDQQ EDXWHQ ZLU HLQH 7XQQHOYHUELQGXQJ 0LW 6SLW]KDFNHXQG6FKDXIHO6HKUODQJVDPGLHVHU9RUJDQJVHKUOHLVH PXWHHVJHKHQ'XUFKGLH)XQGDPHQWHGHV*HElXGHVDXIZlUWV LQGLH0DXHU:REHLHVVLFKKHUDXVVWHOOWHGDVLHHLQHLQQHUHXQG lXHUH6WHLQPDXHUKDWWHXQGQDFKGDPDOLJHQ*HSÀRJHQKHLWHQ GD]ZLVFKHQPLW6FKXWWDQJHIOOWZDU /DXWORV |IIQHWHQ XQVHUH 'LDPDQWVlJHQ HLQHQ :HJ GXUFK GLH 6HLWHQZlQGH GHU 3DQ]HUVFKOHXVH GLH GDV ,QQHUH GHU 0Q]DQVWDOW PLW GHU $XHQZHOW YHUEDQG 'HU 0HFKDQLVPXV GHQLFKLQGHUgIIQXQJDQEUDFKWHNRQQWHLQ6HNXQGHQGHQ .LVWHQZHFKVHOYRUQHKPHQ:HQQGLH,QQHQWUJHVFKORVVHQZDU PXWHGDV6FKORXPJHGUHKWZHUGHQHKHGLH$XHQWUJH|IIQHW ZHUGHQNRQQWH'LH=HLWYRQEHLQDKHGUHL6HNXQGHQUHLFKWHIU GHQ:HFKVHOY|OOLJDXV0DQKDWQLHKHUDXVJHIXQGHQZLHLFKHV JHPDFKW KDEH 'HU 0HFKDQLVPXV PWH VLFK QRFK DQ 2UW XQG 6WHOOHEH¿QGHQ'LH$NWLRQZDULP*UXQGHHLQH7lXVFKXQJGHU ZRFKHQODQJH *UDEHUHLHQ YRUDXVJLQJHQ &RPSXWHUHLQJULIIH VLQG JDQ]DQGHUV JHDUWHW ,P *UXQGH VLQG VLH HLQH UHLQ LQWHOOHNWXHOOH hEXQJ© ª$EHUVLQG'LHEVWlKOHSHU&RPSXWHUZHJHQGHU&RGHVXQGGHU HLQJHEDXWHQ6SHUUHQLQ]ZLVFKHQQLFKWXQP|JOLFK"© ª:DV GHU 0HQVFK FRGLHUHQ XQG VSHUUHQ NDQQ YHUPDJ GHU 0HQVFK DXFK ZLHGHU ]X HQWVFKOVVHOQ XQG HQWVSHUUHQ 2KQH HLQH 6SXU ]X KLQWHUODVVHQ (LQ SDDU %HLVSLHOH %HJLQQHQ ZLU PLW GHP $EUXQGXQJVWULFN DXFK ¾6DODPL½ JHQDQQW 'HU IXQNWLRQLHUW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VR 1HKPHQ ZLU HLQPDO DQ GX KDVW DFKWWDXVHQG 'ROODU DXI HLQHP 6SDUNRQWR GDV GLU MlKUOLFK DFKW 3UR]HQW EULQJW 'HLQH %DQNUHFKQHWGLH=LQVHQHLQPDOZ|FKHQWOLFKLQV.DSLWDOKLQHLQ GDPLWVLHZHWWEHZHUEVIlKLJEOHLEW'DVEHGHXWHWGDGLH%DQNDP (QGH GHU HUVWHQ :RFKH GHQ 6DOGR PLW GHP )DNWRU PXOWLSOL]LHUW'HLQ6DOGRKDWVLFKXP'ROODUHUK|KW5LFKWLJ" hEHUSUIGDVPDOPLWGHP5HFKQHU© ,FK WLSSWH ORV XQG HUKLHOW GDVVHOEH (UJHEQLV ª*HQDX ]Z|OI 'ROODUXQGGUHLLJ&HQWLPHV=LQVHQ©VDJWHLFKVWRO] ª)DOVFK©DQWZRUWHWHHUQLHGHUVFKPHWWHUQGª'LH=LQVHQZDUHQ ]Z|OI.RPPDGUHLQXOOVLHEHQ]ZHLQLFKWZDKU"© ª1XQMDDEHUPDQNDQQQLHPDQGHP]ZHLXQGVLHE]LJ+XQGHUWVWHO HLQHV&HQWLPHJXWVFKUHLEHQRGHU"© ª(LJHQWOLFK QLFKW GD *HOGNRQWHQ QXU DXI ]ZHL 6WHOOHQ KLQWHU GHP.RPPDJHIKUWZHUGHQ'RFKKDWJHQDXDQGLHVHU6WHOOHLQ GHQ%HUHFKQXQJHQGLH%DQNHLQH:DKOP|JOLFKNHLW6LHNDQQDOOH 'H]LPDOVWHOOHQEHU1XOO.RPPDQXOOQXOOIQIDXIGHQQlFKVWHQ &HQWLPH DXIUXQGHQ XQG DOOH GDUXQWHU EOHLEHQGHQ %HWUlJH DXI GHQ &HQWLPH DEUXQGHQ :HQQ GDQQ HLQ *HVFKlIWVWDJ EHHQGHW LVW GUIWHQ VLFK GLH $XI XQG $EUXQGXQJHQ HLQLJHUPDHQ DXVJOHLFKHQVRGDGLH%DQNNHLQH9HUOXVWHHUOHLGHW$OWHUQDWLY ± XQG GLHV ZLUG DOOJHPHLQ VR JHKDQGKDEW ± YHUJLW GLH %DQN DOOH6WHOOHQQDFKGHQHUVWHQEHLGHQXQGVWUHLFKWDXIGLHVH:HLVH HLQHQNOHLQHQDEHUVWlQGLJHQ*HZLQQHLQ.OHLQQDFK%HJULIIHQ GHU%DQN±DEHU IU GHQ HLQ]HOQHQ VHKU JUR:UGH PDQ GHQ &RPSXWHU GHU %DQN GDKLQ EULQJHQ DOOH $EUXQGXQJVVXPPHQ DXIHLQHLQ]LJHV.RQWR]XEXFKHQQXQMDGDZUGHDP(QGHGHV 7DJHV GHU &RPSXWHU GLH .RQWHQ GHU %DQN XQG GHU .XQGHQ DOV DXVJHJOLFKHQDQ]HLJHQ$OOHZlUHQ]XIULHGHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK KlPPHUWH ZLH ZLOG DXI PHLQHU 5HFKQHUWDVWDWXU KHUXP XQG EHJDQQ GDQQ IUHXGLJ ]X NLFKHUQ ª$OOH ZlUHQ ]XIULHGHQ ± HLQVFKOLHOLFK GHU ,QKDEHU GHV .RQWRV DXI GHP VLFK GLH $EUXQGXQJVVXPPHQ WUPHQ:UGH PDQ QlPOLFK ]HKQWDXVHQG .RQWHQ QXU HLQHQ KDOEHQ &HQWLPH DENQDSVHQ HUJlEH GDV LPPHUKLQVFKRQIQI]LJ'ROODU© ª*HQDX (LQH JURH %DQN DEHU KDW KXQGHUWPDO VR YLHOH .RQWHQ8QGLFKZHLDXVHLJHQHUDQJHQHKPHU(UIDKUXQJGDVLFK GDUDXV IU GHQ VFKODXHQ &RPSXWHUIDFKPDQQHLQZ|FKHQWOLFKHV (LQNRPPHQYRQIQIWDXVHQG'ROODUEH]LHKHQODW© ª8QG GLHV GLHV LVW GHLQH NOHLQVWH XQG HLQIDFKVWH &RPSXWHU 0DQLSXODWLRQ"©IUDJWHLFKHKUIUFKWLJ ª-D6FKOHLFKWPDQVLFKGDQQHUVWLQJURH)LUPHQFRPSXWHUHLQ ZDFKVHQGLH6XPPHQLQV8QJODXEOLFKH (VPDFKWJURHQ6SDLQGLHVHQ%HUHLFKHQ]XDUEHLWHQ'HQQ ZHQQ PDQ VLFK YRUVLHKW XQG NHLQH 6SXUHQ KLQWHUOlW DKQHQ GLH)LUPHQQLFKWHLQPDOGDVLHEHUKDXSWUHLQJHOHJWZRUGHQ VLQG,QGHQVHOWHQVWHQ)lOOHQZLOOPDQHWZDVGDYRQZLVVHQ JODXEWHVQLFKWHLQPDOZHQQPDQGLH%HZHLVHYRU$XJHQKDW (V LVW VHKU VFKZHU HLQHV &RPSXWHUYHUEUHFKHQV EHUIKUW ]X ZHUGHQ (LQ KEVFKHV6WHFNHQSIHUGIUPHLQHDOWHQ7DJH(V YHUVFKDIIWPLU%HVFKlIWLJXQJXQGPDFKWPLFKVWLQNUHLFK0DQ KDWPLFKQLHJHVFKQDSSW$FKPLWHLQHU$XVQDKPH«© (UVHXI]WHVFKZHUXQGLFKEOLFNWHLKQJHVSDQQWDQ ª0HLQ )HKOHU© ULHI LFK ª+lWWH LFK QLFKW YHUVXFKW PLFK PLWGLULQ9HUELQGXQJ]XVHW]HQKlWWHVWGXGLFKQLHPLWGHQ %XQGHVEHK|UGHQHLQJHODVVHQ© ª0DFKGLUNHLQH9RUZUIH-LPEHUXKLJHGLFK,FKKDEHGLH 6LFKHUKHLWVVSHUUHQIDOVFKHLQJHVFKlW]WGLHYLHOVWUHQJHUZDUHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DOVGLH0DQDKPHQGLHLFKVRQVWEHUZLQGHQPXWH(VZDU DOOHLQ PHLQ )HKOHU ± IU GHQ LFK GDQQ MD DXFK EHQ PXWH 8QGLPPHUQRFKEH'DPLWZLOOLFKGLH6LFKHUKHLWXQVHUHV 9HUVWHFNV QLFKW KHUDEZUGLJHQ DEHU GLHVHU 6FKQHOOIUD LVW DXIGLH'DXHUGRFKQLFKWGDV:DKUH2GHULVWGLUGDVQRFKQLFKW DXIJHIDOOHQ"© ª'DV/HEHQVHOL[LHUPHLQHU*HQHUDWLRQ© ª-D ULFKWLJ ± GDUDQ KDEH LFK QRFK JDU QLFKW JHGDFKW 'HP 3IHUG ZLUG GDV +HX QLFKW EHU GDV 6WDFKHOVSHFNVFKZHLQ VFKODEEHUWELVLQDOOH(ZLJNHLWVHLQHQ)UD© ª8QGGXN|QQWHVWGLFKYHUPXWOLFKHLQ-DKUKXQGHUWODQJDQ +XPPHUXQG&KDPSDJQHUEHJHLVWHUQ© ª*XW EHREDFKWHW XQG Y|OOLJ ]XWUHIIHQG PHLQ -XQJH :DV PHLQVWGXZLHODQJHPVVHQZLUKLHUDXVKDUUHQ"©(UVFKREHLQH KDOEDXIJHJHVVHQH3RUWLRQ.URFNHOEURFNHQ]XU6HLWH ª,FK ZUGH VDJHQ QRFK PLQGHVWHQV ]ZHL :RFKHQ© (LQ 6FKDXGHUGXUFKOLHIVHLQHQ.|USHU ª(LQHJXWH*HOHJHQKHLW*HZLFKW]XYHUOLHUHQ© ª'DQDFK GUIWH VLFK GLH )DKQGXQJ GRFK VFKRQ HWZDV YHUODXIHQ KDEHQ 1DWUOLFK PVVHQ ZLU QRFK ODQJH =HLW MHGHV |IIHQWOLFKH 9HUNHKUVPLWWHO PHLGHQ 'RFK KDEH LFK HLQHQ )OXFKWZHJYRUEHUHLWHWGHUVFKRQEDOGEHJHKEDUVHLQGUIWH© ª'DUILFKHVZDJHQGDQDFK]XIUDJHQ"© ª0LWGHP%RRWHLQHP.DELQHQNUHX]HUEHUGHQ6WLFNV)OX ,FKKDWWHGDV'LQJVFKRQYRUOlQJHUHU=HLWHUZRUEHQDXIGHQ 1DPHQHLQHU)LUPDXQGHVOLHJWLP%RRWVKDIHQYRQ%LOOYLOOH©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª$XVJH]HLFKQHW©(UIUHXWULHEHUVLFKGLH+lQGHª'DV(QGH GHV 6RPPHUV HLQH %RRWVIDKUW LQ GHQ 6GHQ JHEUDWHQHU .DW]HQZHOV DP $EHQG :HLQÀDVFKHQ GLH LP .LHOZDVVHU DENKOHQ6WHDNVLQ5HVWDXUDQWVDP)OX© ª8QGHLQH*HVFKOHFKWVXPZDQGOXQJIUPLFK© 'DPXWHHUGRFKKHIWLJEOLQ]HOQXQGDWPHWHHUVWHUOHLFKWHUW DXIDOVLFKLKPGLH8PVWlQGHHUNOlUWHª:HQQLFKPLFKRIIHQDQ %RUGEHZHJHWUDJHLFK0lGFKHQNOHLGXQJ]XPLQGHVWELVZLU HLQJXWHV6WFNZHLWZHJVLQG© ª$XVJH]HLFKQHW,FKYHUOLHUHHLQELFKHQ*HZLFKW±GDVLVW KLHUNHLQ3UREOHP'D]XOHJHLFKPLUHLQHQ6FKQXUUEDUWGDQQ HLQHQ %DUW ]X IlUEH PLU GDV +DDU ZLHGHU VFKZDU] 'DUDXI NDQQPDQVLFKIUHXHQ$EHUZROOHQZLUQLFKWOLHEHUQRFKHLQHQ 0RQDWZDUWHQDQVWDWW]ZHL:RFKHQ"6RODQJHLFKQLFKWHVVHQ PXKDOWHLFKLQGLHVHPOXNXOOLVFKHQ*KHWWRDXV0HLQHU)LJXU ZHUGHQGLHEHLGHQ]XVlW]OLFKHQ:RFKHQEHNRPPHQ+DDUXQG 6FKQXUUEDUWZlUHQHQWVSUHFKHQGOlQJHU© ª:HQQGXHVNDQQVWVFKDIIHLFKHVDXFK© ª'DQQ VLQG ZLU XQV HLQLJ 8QG ZROOHQ ZLU JOHLFK GLH =HLW QXW]HQ GHLQH $XVELOGXQJ YRUDQ]XWUHLEHQ +HXWH NRPPHQ 5$0520XQG3520]XU6SUDFKH© ,FK ZDU YLHO ]X VHKU PLW PHLQHP 6WXGLHQ EHVFKlIWLJW XP PLFK YRP DOOJHJHQZlUWLJHQ *HUXFK QDFK JHJULOOWHQ 6WDFKHOVS HFNVFKZHLQHEXUJHUQ VW|UHQ ]X ODVVHQ$XHUGHP EUDFKWH LFK VLH QDFK ZLH YRU KLQXQWHU 6R NDP HVGDLQGHP0DHZLH PHLQH(LQVLFKWLQGLHYLHOIlOOLJHQ0|JOLFKNHLWHQGHU,OOHJDOLWlWLQ XQVHUHU :HOW ]XQDKP GLH )LJXU PHLQHV *HIlKUWHQ VFKUXPSIWH 6FKOLHOLFKZROOWHLFKIUKHUDXIEUHFKHQDEHUQDFKGHPVLFKGHU /lXIHUHLQPDO]XHWZDVHQWVFKORVVHQKDWWHEOLHEHUKDUW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª+DW PDQ VLFK HUVW HLQPDO HLQHQ 3ODQ ]XUHFKWJHOHJW PX HU SUl]LVHGXUFKJHIKUWZHUGHQ$EZHLFKXQJHQVLQGQXUGHQNEDU ZHQQ VLFK lXHUH 8PVWlQGH YHUlQGHUQ 'HU 0HQVFK LVW HLQ YHUQXQIWJHVWHXHUWHV 7LHU XQG EUDXFKW hEXQJ XQG $XVELOGXQJ XPGLHVHQ9HUVWDQGHLQVHW]HQ]XN|QQHQ(VODVVHQVLFKLPPHU *UQGH ¿QGHQ HLQH $NWLRQ XP]XVWHOOHQ© 'LH 0DVFKLQHQ EHVFKOHXQLJWHQ GU|KQHQG LKUH 7lWLJNHLW ± GLH 6FKXOH ZDU DXV ± XQG OLHHQ GHQ /lXIHU HUVFKDXGHUQ GHU DXI VHLQHP.DOHQGHU VFKOLHOLFK HLQHQ ZHLWHUHQ 7DJ DEVWULFK ª(LQH JXW GXUFKGDFKWH $NWLRQ NODSSW )XPPHOW PDQ QDFKWUlJOLFK GDUDQ KHUXP PDFKW PDQVLHNDSXWW8QVHU3ODQLVWJXW:LUKDOWHQXQVGDUDQ© $OVGHU7DJGHV([RGXVHQGOLFKNDPZDUGHU/lXIHUVLFKWOLFK KDJHUHUXQGKlUWHUJHZRUGHQ(UZDUGXUFKHLQHJHVFKPDFNOLFKH +|OOH JHJDQJHQ XQG JLQJ JHVWlKOW GDUDXV KHUYRU ,P *HJHQVDW] GD]XKDWWHLFK]XJHQRPPHQ8QVHUH3OlQHVWDQGHQIHVWXQVHUH JHULQJH +DEH ZDU JHSDFNW GHU 6DIH YRQ DOOHQ 'ROODUV EHIUHLW ±XQGVlPWOLFKH6SXUHQXQVHUHV$XIHQWKDOWVJHWLOJW6FKOLHOLFK EOLHEXQVQLFKWVDQGHUHVEULJDOVVWXPPGD]XVLW]HQXQGLPPHU ZLHGHUDXIGLH8KU]XVFKDXHQ $OV GHU $ODUP HUW|QWH OlFKHOWHQ ZLU HUIUHXW XQG VSUDQJHQ DXI ,FK VFKDOWHWH GHQ 7RQ DXV ZlKUHQG GHU /lXIHU GLH 7U ]XU *HIULHUNDPPHU|IIQHWH$OVVLFKLP$XHQVFKORGHU6FKOVVHO GUHKWH JLQJ GLH 7U KLQWHU XQV ]X =LWWHUQG YHUKDUUWHQ ZLU LQ 0DF6FKZHLQV IURVWLJHP 0DXVROHXP XQG K|UWHQ ]X ZLH GHU 7HFKQLNHUGHQ5DXPEHWUDWGHQZLUELVKHUEHZRKQWKDWWHQ ª+|UVW GX GDV"© IUDJWH LFK ª(U VWHOOW GLH .KOWHPSHUDWXU DP .LUVFK6FKZLW]HU6SHQGHUQDFK+DWWHVFKRQVHOEVWGDV*HIKO GDVLFKGDV'LQJNRPLVFKDQK|UWH©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª,FK P|FKWH DXI MHGHV *HVSUlFK EHU GHQ ,QKDOW GLHVHU )UHIDEULNYHU]LFKWHQ,VWHVHQGOLFKVRZHLW"© ª-D© DQWZRUWHWH LFK |IIQHWH YRUVLFKWLJ GLH $XHQWU XQG NQLIIYRUGHPKHOOHQ7DJHVOLFKWGDVZLUODQJHKDWWHQ HQWEHKUHQ PVVHQGLH$XJHQ]XVDPPHQ$XHUGHP7HFKQLNHUZDJHQZDU GLH6WUDHOHHUª$EJHKW¶V© :LU VFKOXUIWHQ KLQDXV XQG LFK VFKOR GLH 7U KLQWHU XQV 'LH /XIW URFK V XQG IULVFK XQG HQWKLHOW DQJHQHKPH 6FKPXW]UFNVWlQGH6HOEVWLFKKDWWHYRQ.FKHQGQVWHQJHQXJ 'HU/lXIHUHLOWH]XP:DJHQLFKVFKREXQWHUGHVVHQ]ZHL.HLOHLQ GLH$XHQWU]XXQVHUHUNXOLQDULVFKHQ6FKUHFNHQVNDPPHU6ROOWH GHU 7HFKQLNHU YRU]HLWLJ LQV )UHLH ]XUFNNHKUHQ ZROOHQ ZUGH HU VLFKHLQ:HLOFKHQGDPLWSODJHQPVVHQ:LUEUDXFKWHQHLQHQ 9RUVSUXQJYRQHWZDIQI]HKQ0LQXWHQ 'HU/lXIHUVWHOOWHVLFKPLWGHP'LHWULFKJHVFKLFNWDQXQGOLHGLH :DJHQWUDXIVFKZLQJHQ(UJLQJKLQWHQ]ZLVFKHQGHQ(UVDW]WHLOHQ LQ'HFNXQJZlKUHQGLFKGHQ0RWRUDQOLH (LQ.LQGHUVSLHO,FKOXGLKQGLFKWEHLP%RRWVKDIHQDEHUVHW]WH VLFKGRUWDXIHLQH%DQNXPXQVHUH+DEHLP$XJH]XEHKDOWHQ ,FKXQWHU]RJPLFKGHUJHULQJHQ0KHGHQDXVJHOLHKHQHQ:DJHQ DXI GHP 3DUNSODW] GHV HUVWEHVWHQ $ONRKROODGHQV DE]XVWHOOHQ 'DQQVFKOHQGHUWHLFKJHPHVVHQ]XP)OX]XUFN ª'DVZHLH%RRWGDVGDKLQWHQ©VDJWHLFKXQG]HLJWHLKPGLH 5LFKWXQJ DQ ZlKUHQG LFK JOHLFK]HLWLJ PLW GHU DQGHUHQ +DQG GHQ 6FKQXUUEDUW IHVWHU DQGUFNWH ª'HU JHVDPWH +DIHQ LVW YROODXWRPDWLVFK,FKKROHGDV%RRWXQGIDKUHHVKLHUKHU© ª8QVHU JURHU $XVÀXJ EHJLQQW© VDJWH HU XQG VHLQH $XJHQ IXQNHOWHQPXQWHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK OLH LKQ LP 6RQQHQVFKHLQ VLW]HQ XQG EHJDE PLFK ]XP +DIHQZRLFKGLH%RRWVLGHQWL¿NDWLRQLQGHQ5RERWHUVFKRE ª*XWHQ0RUJHQ©VDJWHHLQHEOHFKHUQH6WLPPHª6LHP|FKWHQ PLWGHP.DELQHQNUHX]HU*OFNVGROODUDEOHJHQ'LH%DWWHULHQ ZXUGHQDXIJHODGHQ±]Z|OI'ROODU$QOHJHJHEKU«© 8QGVRZHLWHU0LUZXUGHQDOOH%HWUlJHYRUJHOHVHQGLHLFK GHXWOLFKDXIGHP6FKLUPVHKHQNRQQWH±YHUPXWOLFKIU.XQGHQ GLHGHV/HVHQVXQNXQGLJZDUHQ±XQGPLUEOLHEQLFKWVDQGHUHV EULJ DOV LQ 5XKH DE]XZDUWHQ 8QUXKLJ WUDW LFK YRQ HLQHP )XDXIGHQDQGHUHQELVDOOHVDXVJHVWDQGHQZDUGDQQIWWHUWH LFKGLH0Q]HQHLQ'LH0DVFKLQHJXUJHOWHXQGVSXFNWHHLQH 4XLWWXQJDXV,FKVFKOHQGHUWH]XP%RRWVWHFNWHGLH4XLWWXQJ LQGHQ6FKOLW]XQGZDUWHWHDXIGDVDQJHQHKPH.OLFNHQGHUVLFK O|VHQGHQ.HWWH:HQLJH6HNXQGHQVSlWHUZDULFKGUDXHQDXI GHP)OXXQGKLHOWDXIGLHHLQVDPH*HVWDOWDXIGHU%DQN]X 'LHJDUQLFKWPHKUHLQVDPZDU1HEHQGHP/lXIHUVDHLQ 0lGFKHQ ,FK IXKU HLQHQ %RJHQ DEHU VLH ZROOWH QLFKW YHUVFKZLQGHQ 'HU/lXIHUVDVFKODIIGDXQGJDEPLUNHLQ=HLFKHQ,FKIXKU HLQH ]ZHLWH .XUYH ELV LFK HLQH 3ROL]HLVWUHLIH HQWGHFNWH XQG VFKZXQJYROO DQV 8IHU VWHXHUWH 'DV 0lGFKHQ VWDQG DXI ZLQNWHXQGHUKREGLH6WLPPH ª+ROOD NOHLQHU -LPP\ GL*UL] EHL PHLQHP /HEHQ :DV IU HLQHKEVFKHhEHUUDVFKXQJ©ULHIVLH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,QOHW]WHU=HLWKDWWHPLUGDV /HEHQKlX¿JHUVROFKH 0RPHQWH EHVFKHUW :lKUHQG LFK GDV %RRW VDQIW JHJHQ GDV 8IHU VWHXHUWH VFKDXWHLFKPLUGDV0lGFKHQJHQDXHUDQ6LHNDQQWHPLFKDOVR PXWHDXFKLFKVLHNHQQHQDXIUHJHQG JXWDXVVHKHQG GLH %OXVH SHUIHNW JHIOOW 7XOSHQOLSSHQ ± 2EMHNW IU 7UlXPH ZLOGHVWHU $UW ª%LVWGXGDV%HWK"%HWK1DUDWLQ"© ª:LHVGDGXGLFKHULQQHUVW© ,FKPDFKWH$QVWDOWHQPLWGHU/HLQHDQ/DQG]XVSULQJHQDEHU VLHQDKPVLHPLUDEXQGPDFKWHGDV%RRWDP3ROOHUIHVWhEHULKUH 6FKXOWHUVDKLFKGLH3ROL]HLVWUHLIHYRUEHLIDKUHQ'DQQVFKDXWHLFK DXIGHQ/lXIHUGHUGHQ%OLFN]XP+LPPHOKREZlKUHQGVLHGDV *HVSUlFKIRUWVHW]WH ª,FKVDJWHPLU%HWKVDJWHLFKGDVNDQQGRFKXQP|JOLFK-LPP\ GL*UL]VHLQGHUGDDXVGHP0DF6FKZHLQV:DJHQVWHLJWXQGHLQHQ KEVFKHQ NOHLQHQ 6FKQXUUEDUW WUlJW 1LFKW -LPP\ YRQ GHP LQ OHW]WHU=HLWRIWLQGHQ1DFKULFKWHQGLH5HGHZDU$EHUZHQQHUHV LVWKDEHLFKPLUJHVDJWN|QQWHVWGXGLFKGRFKPDOEHUGLHJXWHQ DOWHQ=HLWHQPLWLKPXQWHUKDOWHQ'DQQVDKLFKGLFKPLWGLHVHP QHWWHQ+HUUQVSUHFKHQHKHGX]XP+DIHQJLQJVW±XQGQDKP PLUGDUDXIKLQYRUDXIGHLQH5FNNHKU]XZDUWHQ,KUZROOWµQH %RRWVIDKUWPDFKHQZLH"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª1HLQNHLQH)DKUW±QXUHLQHQNOHLQHQ$XVÀXJGHQ)OXUDXI XQGZLHGHU]XUFN(VZDUQHWWGLFKZLHGHU]XVHKHQ%HWK© 'DVZDUDEHUDXFKVFKRQGDVHLQ]LJH1HWWHGDUDQ±LFKPHLQH VLH ]X VHKHQ 2EMHNW PHLQHU MQJOLQJVKDIWHQ $QEHWXQJ .XU] QDFKGHPLFKLQGLH6FKXOHNDPZDUVLHDEJHJDQJHQ±DEHULFK KDWWHVLHQLHYHUJHVVHQN|QQHQYLHU-DKUHlOWHUDOVLFKHLQHUHLIH )UDX6LHPXWHMHW]WHLQXQG]ZDQ]LJVHLQ6LHZDU3ULPXVLKUHU .ODVVHJHZHVHQXQGKDWWHDXHUGHPGHQ6FK|QKHLWVZHWWEHZHUE GHV-DKUHVJHZRQQHQ0LWJXWHP*UXQG6LHZDUQRFKLPPHU WROO DQ]XVFKDXHQ WURW] LKUHV$OWHUV ,KUH 6WLPPH ERKUWH VLFK VSLW]LQPHLQH(ULQQHUXQJHQ ª,FK JODXEH QLFKW GD GX JDQ] GLH :DKUKHLW VDJVW -LPP\ $OOGLHVH7DVFKHQXQG3DNHWHODVVHQPLFKGRFKYHUPXWHQGD LKUHLQHOlQJHUH)DKUWYRUKDEW$QGHLQHU6WHOOHZUGHLFKGDV XQEHGLQJWIUUDWVDPKDOWHQ© .ODQJLKUH6WLPPHEHLGHQOHW]WHQ:RUWHQSO|W]OLFKDQGHUV" :DVZROOWHVLH":LUNRQQWHQKLHUQLFKWODQJHKHUXPWU|GHOQ6LH PDFKWHLKUH:QVFKHNODULQGHPVLHDQ%RUGVSUDQJZRUDXI GDV%RRWDQVHLQHU/HLQHDXIXQGQLHGHUWDQ]WH ª(LQHU PHKU NRPPW LPPHU XQWHU© ULHI VLH PXQWHU XQG VHW]WH VLFK DP %XJ QLHGHU ,FK NDP DQ /DQG XQG QDKP GDV *HSlFN'DEHLÀVWHUWHLFKGHP/lXIHU]X ª6LHNHQQWPLFK:DVPDFKHQZLU"© (U VHXI]WH ª'D VHKH LFK NDXP 0|JOLFKNHLWHQ =XQlFKVW KDEHQ ZLU HLQHQ ZHLEOLFKHQ 3DVVDJLHU ,FK VFKODJH YRU ZLUEHVFKlIWLJHQXQVXQWHUZHJVPLWGHP3UREOHP,PPHUKLQ EOHLEWXQVNHLQHDQGHUH:DKO© 'D KDWWH HU ZLUNOLFK UHFKW ,FK UHLFKWH LKP XQVHUH 6DFKHQ XQG NlPSIWH GDQQ PLW GHP .QRWHQ GHQ VLH LQ GLH /HLQH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH JHVFKOXQJHQKDWWH'DQQYHUVHW]WHLFKGHU*OFNVGROODUHLQHQ )XWULWWVSUDQJDQ%RUGXQGEHUQDKPGDV5XGHU'HU/lXIHU WUXJGLH7DVFKHQQDFKXQWHQZlKUHQGLFKGLH0DVFKLQHDQOLH XQGGHQ%XJÀXDEZlUWVULFKWHWH%LOOYLOOH0DF6FKZHLQVXQG GLH*HVHW]HVKWHUEOLHEHQKLQWHUXQV]XUFN 1LFKW DEHU %HWK 6LH KDWWH VLFK YRU PLU DXI GHP 'HFN DXVJHVWUHFNWGHQ5RFNKRFKJH]RJHQGDPLWLFKLKUHSUlFKWLJHQ ODQJHQ%HLQHEHZXQGHUQNRQQWH:DVLFKDXFKWDW6FKOLHOLFK GUHKWHVLHVLFKXPXQGOlFKHOWHRIIHQEDUNRQQWHVLH*HGDQNHQ OHVHQ,QGLHVHP$XJHQEOLFNEHJUXELFKGHQ3ODQPLFKDOV)UDX ]X YHUNOHLGHQ ± LFK NRQQWH PLU QXU DOO]X GHXWOLFK GHQ 6SRWW YRUVWHOOHQ GHQ GLH *HVFKOHFKWVXPZDQGOXQJ DXVO|VHQ ZUGH 0HLQ=RUQZXFKV ª$OVRJXW%HWKZDUXPUFNVWGXQLFKWUDXVGDPLW"©ULHILFK XQGULGHQ%OLFNPKVDPYRQLKUORVXPEHUGDV:DVVHU]X VFKDXHQ ª:DVPHLQVWGX"© ª+|U DXI PLW GHU 9HUVWHOOXQJ 'X KDVW GLH 1DFKULFKWHQ YHUIROJW KDVW GX VHOEVW JHVDJW 'X ZHLW DOVR ZHJHQ PLU %HVFKHLG© ª8QG RE ,FK ZHL GD GX %DQNHQ EHUIlOOVW XQG DXV GHP *HIlQJQLV DXVEULFKVW 'DV PDFKW PLU DEHU NHLQH 6RUJHQ ,FK KDWWHGDVHOEVWPDOVRHLQNOHLQHV3UREOHP$OVLFKGLFKYRUKLQ VDKXQGGDQQGDV%RRW±GDZXWHLFKGXKDVW*HOG9LHOOHLFKW VRJDUYLHO*HOG'LHVH&KDQFHDXIHLQH5HLVHPLWGLUZROOWH LFKQXW]HQ,VWGDVQLFKWKEVFK"© ª1HLQ© *HZDOWVDP ]ZDQJ LFK PHLQH *HGDQNHQ YRQ LKUHP 3RIRUWDXIGLH3ROL]HL6LHEUDFKWHbUJHUª$EHU]XIlOOLJKDEH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH LFK ZLUNOLFK HLQ ELFKHQ *HOG DXI GLH KRKH .DQWH JHOHJW ,FK JHEHGLUZDVXQGVHW]HGLFKZLHGHUDQ/DQG«© ª'DV *HOG MD $Q /DQG QHLQ 9RQ LKP XQG %LOOYLOOH KDEH LFK GLH 1DVH YROO -HW]W VFKDX LFK PLU GLH :HOW DQ 8QG GX ILQDQ]LHUVWPLUGHQ7ULS© 6LHOHJWHVLFKGLH$UPHDOV.LVVHQXQWHUGHQ.RSIXQGOlFKHOWH LP ZDUPHQ 6RQQHQVFKHLQ ,FK EHWUDFKWHWH VLH PUULVFK XQG GDFKWH PLU GUHL RGHU YLHU +LHEH DXV PLW GHQHQ LFK LKU GDV ]DUWH*HQLFNEUHFKHQNRQQWH« 1LFKWGDUDQGHQNHQQLFKWPDOLP6FKHU]'DV3UREOHPZDU ]XO|VHQ±RKQHW|GOLFKH*HZDOW:LUUDXVFKWHQGDKLQGHU%XJ ]LVFKWHGXUFKV:DVVHUXQGKLQWHUOLHZHLHQ6FKDXP%LOOYLOOH ODJKLQWHUXQVXQGDQGHU)OXELHJXQJ|IIQHWHVLFKGLHJUQH /DQGVFKDIW 'HU /lXIHU NDP DQ 'HFN XQG VHW]WH VLFK QHEHQ PLFK:HJHQGHV0lGFKHQVKDWWHQZLUHLQDQGHUQLFKWYLHO]X VDJHQ *XW HLQH 6WXQGH ODQJ IXKUHQ ZLU VFKZHLJHQG ZHLWHU ELV YRUDXVHLQ/DGHQPLW$QOHJHVWHJHUVFKLHQ%HWKULFKWHWHVLFKDXI XQGVFKREGLH)LQJHUGXUFKGDVSUlFKWLJHEORQGH+DDU ª:LWLKUZDV",FKKDEH+XQJHU,KUEHVWLPPWDXFK:DUXP OHJHQ ZLU QLFKW GD GUEHQ DQ" ,FK VSULQJH DQ /DQG XQG KROH HWZDV]XHVVHQXQGHLQSDDU%LHU:lUHGDVNHLQHJXWH,GHH"© ª*URDUWLJ©VDJWHLFK6LHEHWULWWGHQ/DGHQZLUJHEHQ*DV XQGYHUVFKZLQGHQ ª,FKELQY|OOLJSOHLWH©VDJWHVLHOlFKHOQGª:HQQLKUPLUHLQ SDDU 'ROODU EHUODW JHEH LFK GDV 0LWWDJHVVHQ DXV 7DXVHQG GUIWHQJHQJHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,KU VHV NOHLQHV 0lGFKHQJHVLFKW YHUlQGHUWH EHL GLHVHQ :RUWHQGHQ$XVGUXFNQLFKWXQGLFKIUDJWHPLFKLQZDVIUHLQHU .OHPPHVLHVWHFNHQPRFKWH9LHOOHLFKWKDWWHVLH%HWUJHUHLHQ EHJDQJHQYLHOOHLFKWHUSUHWHVLHDQGHUH/HXWH²GD]XIlKLJZDU VLH,FKJULIIWLHILQGLH7DVFKH ª1HWW©VDJWHVLHPLWIXQNHOQGHQ$XJHQXQGOLHGLH)LQJHU EHUGDVGLFNH*HOGVFKHLQEQGHOJOHLWHQª'DXHUWQLFKWODQJH $XHUGHPELQLFKVLFKHUGDGXPLWGHLQHP)UHXQGJHGXOGLJ ZDUWHQ ZLUVW +DEH LFK LKQ QLFKW DXFK LQ GHQ 1DFKULFKWHQ JHVHKHQ"© 0UULVFKVWDUUWHLFKKLQWHUGHPKEVFKURWLHUHQGHQ+LQWHUWHLO KHUGDVVLFKLQ5LFKWXQJ/DGHQHQWIHUQWH ª'LHKDWXQVIHVWLP*ULII©VDJWHGHU/lXIHU¿QVWHU ª8QGZLH:DVPDFKHQZLU"© ª=XQlFKVW JHQDX GDV ZDV VLH YHUODQJW ,FK VHKH NDXP HLQH DQGHUH 0|JOLFKNHLW HV VHL GHQQ ZLU ZROOHQ VLH XPEULQJHQ $EHUPLW0RUGKDEHLFKQLFKWVLP6LQQ© ª,FKDXFKQLFKW2EZRKOLFK]XPHUVWHQPDOHUNHQQHZDVIU HLQH9HUVXFKXQJGDULQVWHFNW© ª:DVZHLWGXYRQLKU"© ª1LFKWV ± VHLW LFK VLH ]XOHW]W LQ GHU 6FKXOH VDK $QJHEOLFK VWHFNWVLHLQLUJHQGHLQHU.OHPPHLFKZHLDEHUQLFKWZDVVLH GDPLWPHLQW© 'HU /lXIHU QLFNWH QDFKGHQNOLFK ª6REDOG ZLU PDO YRU LKU VLFKHUVLQGYHUVFKDIIHLFKPLU=XJDQJ]XHLQHP7HUPLQDO :HQQVLHLQGHQ3ROL]HLDNWHQVWHKW¿QGHLFKVLH© ª.|QQWHXQVGDVHWZDVQW]HQ"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª.HLQH$KQXQJJXWHU-XQJH:LUN|QQHQHVQXUYHUVXFKHQ %LVGDKLQPVVHQZLUGDV%HVWHDXVGHU6LWXDWLRQPDFKHQ'HQ 6FKUHFNQLVVHQGHV%XUJHU3DUDGLHVHVVLQGZLUHQWURQQHQ±XQG ELV MHW]W DXFK XQVHUHQ 9HUIROJHUQ 6RODQJH GLHVHV *HVFK|SI *HOG YRQ XQV EHNRPPW VLQG ZLU VLFKHU =XQlFKVW 8QG GX PXW]XJHEHQGDVLHVLFKDXIGHP%RRWVHKUJXWPDFKW© 'DUDXIZXWHLFKNHLQH$QWZRUWXQGVWDUUWH¿QVWHUYRUPLFK KLQELVXQVHUXQZLOONRPPHQHU3DVVDJLHU]XUFNNHKUWH 1DFKGHP0LWWDJHVVHQVHW]WHQZLUGLH)DKUWPLWGHU6WU|PXQJ IRUW (UVFK|SIW YRQ LKUHP YRUPLWWlJOLFKHQ 6RQQHQEDG OHJWH VLFK %HWK LQ GLH .DELQH XP LKUHQ 6FK|QKHLWVVFKODI ]X PDFKHQ 'D GHU /lXIHU PLFK DP 6WHXHU DEO|VHQ ZROOWH HUNOlUWHLFKLKPGLHHLQIDFKHQ.RQWUROOHQXQGZLHVLKQDXIGLH 1DYLJDWLRQVNHQQ]HLFKHQKLQ:LUKDWWHQHLQDQGHUQXUZHQLJ]X VDJHQ'DIUGDFKWHQZLUXPVRLQWHQVLYHUQDFK*HJHQ0LWWH GHV 1DFKPLWWDJV HUVFKLHQ GHU *HJHQVWDQG XQVHUHU OHEKDIWHQ *UEHOHLHQDP/XN ª:DV IU HLQ VHV NOHLQHV 6FKLII© ULHI %HWK EHJHLVWHUW ª(LQH QLHGOLFKH NOHLQH 3XSSHQVWXEH PLW ZLQ]LJHU .FKH XQG DOOHP$OOHUGLQJVQXU]ZHL%HWWFKHQ:LHVROOHQZLUGDQXUDOOH VFKODIHQ"© ª:HFKVHOVHLWLJ©NQXUUWHLFKVFKRQEHJDQQPLULKUH6WLPPH DXIGLH1HUYHQ]XJHKHQ ª'X ZDUVW VFKRQ LPPHU HLQ NOHLQHU :LW]EROG -LPP\ ,FK ¿QGH HV DP EHVWHQ ZHQQ LFK XQWHQ VFKODIH 'X XQG GHLQ )UHXQG±LKUZHUGHWHXFKMDLUJHQGZLHEHKHOIHQ© ª%HKHOIHQ MXQJH 'DPH EHKHOIHQ" :LH VROO VLFK HLQ 0DQQ PHLQHV $OWHUV DQ 'HFN EHKHOIHQ ZHQQ VLFK GHU NDOWH $EHQGQHEHO KHUDEVHQNW"© 'HU /lXIHU VFKLHQ VLFK JHUDGH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH QRFK ]X EHKHUUVFKHQ VLH PHUNWH RIIHQEDU QLFKWV XQG OlFKHOWH VWUDKOHQG ª%HVWLPPW ¿QGHQ 6LH HLQH 0|JOLFKNHLW© VDJWH VLH ª1XQ P|FKWH LFK LQ GHU QlFKVWHQ 2UWVFKDIW IHVWPDFKHQ GLH ZLU HUUHLFKHQ ± GRUW ,FK ELQ VR KDVWLJ DXIJHEURFKHQ GD LFK GRFK ZLUNOLFK DOOHV YHUJHVVHQ KDEH .OHLGXQJ XQG 0DNHXS YHUVWHKVWGX"© ª'X EUDXFKVW GRFK QLFKW HWZD *HOG XP GLHVH 'LQJH ]X NDXIHQ"©IUDJWHLFKVDUNDVWLVFK6LHLJQRULHUWHPHLQHQ9HUVXFK HLQHUKXPRULVWLVFKHQ%HPHUNXQJXQGQLFNWH ª1RFKPDOWDXVHQG±GDVGUIWHUHLFKHQ© ª,FKJHKHQDFKXQWHQ©VDJWHGHU/lXIHUXQGNDPHUVWZLHGHU ]XP9RUVFKHLQDOVLFKIHVWJHPDFKWKDWWHXQGVLHORVPDUVFKLHUW ZDU (U EUDFKWH ]ZHL )ODVFKHQ %LHU PLW QDFK REHQ XQG LFK QDKPHLQHXQGWUDQNDXVJLHELJ ª0RUGNRPPWQLFKWLQ)UDJH©VDJWHHUHQWVFKORVVHQ ª0RUG NRPPW QLFKW LQ )UDJH© VWLPPWH LFK LKP ]X ª'DV KHLWDEHUQLFKWGDZLUQLFKWHLQELFKHQPLWGHP*HGDQNHQ VSLHOHQN|QQHQ:DVPDFKHQZLU"© ª:LU N|QQHQ QLFKW HLQIDFK GHQ $QNHU OLFKWHQ XQG YHUVFKZLQGHQ ,Q ZHQLJHQ 0LQXWHQ KlWWH VLH XQV GLH 3ROL]HL DXI GHQ +DOV JHKHW]W XQG ZUGH GLH %HORKQXQJ NDVVLHUHQ 'LHVHQ $VSHNW PVVHQ ZLU LP $XJH EHKDOWHQ ± XQG GDQQ VFKQHOOHU GHQNHQ DOV VLH 2IIHQVLFKWOLFK KDW VLH VLFK VSRQWDQ HQWVFKORVVHQ XQV ]X EHJOHLWHQ 6LH LVW VFKDUI DXI *HOG XQG ZLU PVVHQ VLH ODXIHQG GDPLW YHUVRUJHQ )UKHU RGHU VSlWHU DEHUKDWVLHJHQXJYRQXQVXQGZLUGXQVJHJHQGLHDXVJHVHW]WH %HORKQXQJ YHUSIHLIHQ *LEW¶V DQ %RUG VR HWZDV ZLH HLQH /DQGNDUWH"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6HLQ JHQLDOHU 9HUVWDQG ZDU DP :HUN GDV VSUWH LFK ,FK VWHOOWHNHLQH)UDJHQVRQGHUQVXFKWHLKPVFKOHXQLJVWGLH.DUWH KHUDXV(UIXKUPLWGHP)LQJHUGDUDXIKHUXP ª,FKZUGHVDJHQZLUVLQGKLHU±MDGLHVLVWGLH6WHOOH:HLWHU XQWHQ DP )OX HUVWUHFNW VLFK GLH EHOHEWH 6WDGW 9DOV+DOOD :DQQVLQGZLUGRUW"© ,FKVFKDXWHPLUGHQ0DVWDEDQXQGPDGLH(QWIHUQXQJPLW GHP'DXPHQDEª,UJHQGZDQQPRUJHQQDFKPLWWDJZHQQZLU IUKDXIEUHFKHQ© 'DHUVFKLHQDXIVHLQHP*HVLFKWHLQGHUPDHQEUHLWHV/lFKHOQ GDVHLQH*HVLFKWVIlOWFKHQGLH$XJHQKDOE]XGUFNWHQª3UlFKWLJ ZLUNOLFKSUlFKWLJ'DVSDWEHVWHQV© ª:DVGHQQ"© ª1DPHLQ3ODQ'HQLFK]XQlFKVWIUPLFKEHKDOWHZHLOQRFK (LQ]HOKHLWHQ DXV]XDUEHLWHQ VLQG :HQQ GDV 0lGFKHQ ]XUFN LVW PXW GX PLU UHFKW JHEHQ ZDV LPPHU LFK DXFK VDJH ± PHKU EUDXFKVWGXQLFKW]XWXQ1XQ]XPQlFKVWHQ3XQNW:RVFKODIHQ ZLUKHXWHQDFKW"© ª$P )OXXIHU© VDJWH LFK XQG YHUVFKZDQG XQWHU 'HFN ª8QVHUH)UHXQGLQKDWPHLQJHVDPWHV%DUJHOGEHLVLFKLFKPXDOVR QHXHVDXVGHP9HUVWHFNKROHQ'DQQJHKHLFKDQ/DQGXQGNDXIH HLQ=HOW6FKODIVlFNHXQGVRQVWLJHPRGHUQH&DPSLQJJHUlWH© ª*URDUWLJ ,FK EHZDFKH XQWHUGHVVHQ GDV 6FKLII XQG EJHOH PHLQH3OlQHDXV© ,FKHUVWDQGDXHUGHPHLQLJH6WHDNVXQGHWOLFKH)ODVFKHQJXWHQ :HLQV$OVGLH6RQQHVLFKGHP+RUL]RQWQlKHUWHPDFKWHLFKGDV %RRWDQGHQ%lXPHQDP8IHUIHVWGDKLQWHUHUVWUHFNWHVLFKHLQH JUQH:LHVHDXIGHUZLUXQVHU=HOWDXIVWHOOHQNRQQWHQ1DFKGHP

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHU /lXIHU VFKPDW]HQG GDV )OHLVFK EHlXJW KDWWH YHUNQGHWH HUGDHUGDV$EHQGHVVHQPDFKHQZUGH:lKUHQGHUVLFKGDUDQ PDFKWHXQG%HWKVLFKXPLKUH)LQJHUQlJHONPPHUWHKlPPHUWH LFK+lULQJHLQGHQ%RGHQXQGULFKWHWHGDV=HOWDXI'LH6RQQH ZDU HLQ RUDQJHURWHU %DOO DXI GHP +RUL]RQW DOV ZLU XQV ]XP (VVHQVHW]WHQ(VVFKPHFNWHN|VWOLFK$OVGDVOHW]WH.UPHOFKHQ YHUVFKZXQGHQ ZDU KRE GHU /lXIHU VHLQ *ODV XQG WUDQN GDQQ VHXI]WHHUZRKOLJ ª,FKPXVFKRQVDJHQGLHVHV(VVHQZDUHLQ7ULXPSK±DXFK ZHQQLFKHVVHOEVWJHPDFKWKDEH© ª'HU:HLQVFKPHFNWQLFKW6DXHULVWHU©9RQ%HWKZDULQGHU 'XQNHOKHLW QXU GLH 6LOKRXHWWH DXV]XPDFKHQ 2KQH GLH VRQVWLJH SUlFKWLJH N|USHUOLFKH 3UlVHQ] OLHHQ :RUWH ZLH DXFK 6WLPPH HWOLFKHV]XZQVFKHQEULJ 'HQQRFK]HLJWHVLFKNHLQ:LGHUZLOOHQLQGHU6WLPPHGHV /lXIHUV ª%HWK ± LFK GDUI 6LH GRFK %HWK QHQQHQ MD" 9LHOHQ 'DQN %HWKPRUJHQZHUGHQZLU9DOV+DOODHUUHLFKHQZRLFKDQ/DQG JHKHQPXXPPLWPHLQHU%DQN]XVSUHFKHQ8QVHU%DUJHOG JHKW ]XU 1HLJH 6LH ZROOHQ GRFK VLFKHU QLFKW GD XQV GLH 0LWWHODXVJHKHQRGHU"© ª1HLQ© ª'DFKWH LFK¶V PLU GRFK $EHU KlWWHQ 6LH HWZDV GDJHJHQ ZHQQLFKGLH%DQNDXIVXFKHXQG,KQHQKXQGHUWWDXVHQG'ROODU LQNOHLQHQ1RWHQPLWEULQJH"© ,FKK|UWHVLHMDSVHQ'DQQIXPPHOWHVLHQDFKGHP6FKDOWHU XQGNQLSVWHGDV/HVHOLFKWEHUGHP&RFNSLWDQ6WLUQUXQ]HOQG PXVWHUWH VLH GHQ /lXIHU XQG YHUORU ]XP HUVWHQPDO GLH %HKHUUVFKXQJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:ROOHQ6LHPLFKGHQQDXIV*ODWWHLVIKUHQDOWHU0DQQ"© ª*DQ]XQGJDUQLFKWMXQJH'DPH,FKP|FKWHOHGLJOLFKIU XQVHUH6LFKHUKHLWEH]DKOHQ6LHNHQQHQJHZLVVH7DWVDFKHQGLH VDJHQZLUDPEHVWHQXQDXVJHVSURFKHQEOLHEHQ,FKJODXEHGLH 6XPPHLVWIU,KUDQKDOWHQGHV6FKZHLJHQDQJHPHVVHQ)LQGHQ 6LHQLFKWDXFK"© 6LH]|JHUWH±GDQQEHJDQQVLH]XODFKHQª8QGRE/DVVHQ 6LHPLFKGLH6FKHLQFKHQVHKHQ±YLHOOHLFKWODVVHLFKHXFKEHLGH GDQQVRJDUDOOHLQZHLWHUIDKUHQ© ª:LH6LHZROOHQPHLQH/LHEHZLH6LHZROOHQ© 'DPLWOLHHUGDV7KHPDIDOOHQ.XU]H=HLWVSlWHUOHJWHQZLU XQV VFKODIHQ GHQQ HV ZDU HLQ DQVWUHQJHQGHU 7DJ JHZHVHQ %HWKQDKPGDV%RRWLQ%HVLW]ZLUNURFKHQLQV=HOW,FKVWHOOWH QRFKGLH$ODUPHLQULFKWXQJHQHLQGLHGDIUVRUJHQVROOWHQGD GDV %RRW PRUJHQ IUK QRFK GD VHLQ ZUGH $OV LFK LQV =HOW ]XUFNNHKUWH VFKQDUFKWH GHU /lXIHU EHUHLWV YRU VLFK KLQ (KH LFKHEHQIDOOVHQWVFKOXPPHUWHNDPPLUGHU*HGDQNHGDZLU PLQGHVWHQV QRFK HLQHQ7DJ )UHLKHLW YRU XQV KDWWHQ HKH %HWK GLH 3ROL]HL YHUVWlQGLJHQ NRQQWH 'LH 9HUORFNXQJ GHV *HOGHV ZUGHLKUGHQ0XQGYHUVFKOLHHQ(KHPLUGLH$XJHQ]X¿HOHQ VDJWHLFKPLUGDHVGHU/lXIHUEHVWLPPWVRJHSODQWKDWWH 2EZRKO %HWK KHIWLJ SURWHVWLHUWH EUXPPWHQ ZLU VFKRQ HLQH 6WXQGHYRU6RQQHQDXIJDQJGHQ)OXKLQDE6LHNDPVSlWHUDQ 'HFN GRFK LKU =RUQ YHUÀRJ DOOPlKOLFK XQWHU GHQ PRQHWlUHQ 0DQLSXODWLRQHQ GHV /lXIHUV (U EHVFKULHE LKU GLH =LQVHQ GLH VLH PLW GHP %HWUDJ HUZLUWVFKDIWHQ NRQQWH RKQH LKU .DSLWDO DQ]XJUHLIHQ HUZlKQWH NXU] GLH .RQVXPJWHU GLH VLH EDOG HUZHUEHQZUGHXQGEH]DXEHUWHPLFKGHUPDHQGDLFKDQGLH 6FKODQJHPLWLKUHPVSULFKZ|UWOLFKHQ.DQLQFKHQGHQNHQPXWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK KDWWH NHLQH$KQXQJ ZDV HU LP 6FKLOGH IKUWH JHQR DEHU MHGH6HNXQGH *HJHQ 0LWWH GHV 1DFKPLWWDJV PDFKWH LFK LQ GHP NOHLQHQ .DQDO%RRWVKDIHQ IHVW GHU 9DOV+DOOD LQ ]ZHL +lOIWHQ WHLOW 'DV 6WDGW]HQWUXPHUVWUHFNWHVLFKLQXQPLWWHOEDUHU1lKHXQGGHU/lXIHU KDWWHVLFKGHQ%DUWJHNlPPWXQG GHQ 6FKQXUUEDUW KRFKJHGUHKW XQGVDKKHUDXVJHSXW]WXQGUHVSHNWDEHODXV ª'DXHUWQLFKWODQJH©VDJWHHUXQGJLQJ%HWKVFKDXWHLKPQDFK XQGNRQQWHNDXPQRFKVWLOOVLW]HQYRU1HUYRVLWlW ª,VWGDVZLUNOLFKGHU0DQQGHQPDQGHQ¾/lXIHU½QHQQW"©IUDJWH VLHDOVHUIRUWZDU ª'DYRQZHLLFKQLFKWV© ª$FK UHG GRFK NHLQHQ 8QVLQQ ,FK KDEH GLH )LOPH LP 9 JHVHKHQ ZLH LKQ MHPDQG UDXVJHKROW KDW (LQ NOHLQHU %XUVFKH PLW6FKQXUUEDUW'DVPXWGXJHZHVHQVHLQ© ª*LEWDXIGLHVHU:HOWYLHOH6FKQXUUElUWH© ª'DPDOVLQGHU6FKXOH±GDKDWWHLFKNHLQH$KQXQJGD GX PDOVRHQGHQZUGHVW© ª:DVGLFKEHWULIIWZDU¶VEHLPLUJHQDXVR±LFKKDEHGLFKDXV GHU)HUQHEHREDFKWHW© ª'DVJDOWIUMHGHQ%XUVFKHQLQGHU6FKXOH*ODXEHMDQLFKWGD LFKGDVQLFKWZXWH:LUKDEHQLPPHUZLHGHUGDUEHUJHODFKW«© ª:DUXQKHLPOLFKZLW]LJZLH"© 6LH NODSSWH GHQ 0XQG ]X XQG VWDUUWH PLFK PUULVFK DQ XQG LFK OlFKHOWH XQG JLQJ QDFK XQWHQ XP GDV *HVFKLUU YRP $EHQG ]XYRU XQG YRP )UKVWFN DE]XZDVFKHQ XP GDV VLH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VLFK GHPRQVWUDWLY QLFKW NPPHUWH ,FK ZDU HEHQ IHUWLJ DOV HLQODXWHU5XIHUW|QWH ª%RRWDKRL'DUILFKDQ%RUGNRPPHQ"© 6WUDKOHQG VWDQG GHU /lXIHU DP .DL HLQH SUlFKWLJH (UVFKHLQXQJ 6HLQ QHXHU$Q]XJ PXWH HLQ NOHLQHV9HUP|JHQ JHNRVWHW KDEHQ 'HU .RIIHU LQ VHLQHU +DQG VFKLHQ DXV HFKWHP7LHUOHGHUJHPDFKW]XVHLQGLH%HVFKOlJHVFKLPPHUWHQ JROGHQ%HWKV$XJHQZDUHQXQWHUWDVVHQJUR'HU/lXIHUVWLHJ DQ %RUG XQG EHJUWH XQV PLW HLQHP YHUVFKZ|UHULVFKHQ $XJHQ]ZLQNHUQ ª*HKHQ ZLU OLHEHU QDFK XQWHQ 'LH:HOW VROO QLFKW ZLVVHQ ZDVVLFKLP.RIIHUEH¿QGHW© %HWK JLQJ YRUDQ XQG HU KLHOW GHQ .RIIHU GLFKW YRU VLFK ELVLFKGLH7UYHUULHJHOWKDWWH'DQQIHJWHHUGLH3DSLHUHYRP 7LVFKVWHOOWHGHQ.RIIHULQGLH0LWWHXQG|IIQHWHPLWTXDOYROOHU 8PVWlQGOLFKNHLWGLH6FKO|VVHU 6HOEVW LFK ZDU EHHLQGUXFNW ,P .RIIHU ZDUHQ ZHLWDXV PHKU DOVKXQGHUWWDXVHQG%HWKVWDUUWHGDUDXI±GDQQJULIIVLH]XXQG ]RJHLQ%QGHO'ROODU6FKHLQHKHUDXV ª(FKW"6LQGGLHHFKW"©IUDJWHVLH ª*DUDQWLHUW )ULVFK DXV GHU 6WDDWOLFKHQ 0Q]H 'DIU KDEH LFKSHUV|QOLFKJHVRUJW©:lKUHQGVLHQRFKDXIGDV*HOGVWDUUWH ZDQGWHHUVLFK]XPLUXPª-LPZUGHVWGXPLUMHW]WELWWHHLQHQ *HIDOOHQWXQ:UGHVWGXHLQ6WFN6HLORGHU6FKQXUVXFKHQ 'XNDQQVWGLUYRUVWHOOHQZDVGXEUDXFKVW$XHUGHPP|FKWH LFKDEVROXWH6WLOOHZlKUHQGGXGLHVHV0lGFKHQIHVVHOVWELVHV VLFKQLFKWPHKUUKUHQNDQQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKKDWWHPLWVRHWZDVJHUHFKQHW±VLHQLFKW,KU0XQG|IIQHWH VLFK ]X HLQHP 6FKUHL DOV LFK EHUHLWV LKUHQ KEVFKHQ +DOV XPNODPPHUWH XQG GLFKW XQWHU GHQ 2KUHQ HQHUJLVFK 'UXFN DXVEWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,Q DXIEUDXVHQGHU )UHXGH VFKQLWW LFK HLQH 'HFNH LQ 6WUHLIHQ XQG IHVVHOWH GLH ]DUWHQ +DQG XQG )XJHOHQNH ,FK GUFNWH LKU JHUDGHHLQ.OHEHEDQGEHUGHQ0XQGDOVVLH]XVLFKNDPXQG]X VFKUHLHQYHUVXFKWH(LQJHGlPSIWHV0DXQ]HQZDU]XK|UHQ ª.DQQVLHDWPHQ"©IUDJWHGHU/lXIHU ª%HVWHQV 6LHKVW GX GDV )XQNHOQ LQ LKUHQ $XJHQ XQG GDV ]RUQLJH$XIXQG$ELKUHVSUlFKWLJHQ7RUVRV"6LHDWPHWIUHLGXUFK GLH1DVH$OVR±VDJVWGXPLUHQGOLFKZDVGDVDOOHVVROO"© ª$XI'HFNELWWH© (UZDUWHWHELVGLH7UKLQWHUXQVJHVFKORVVHQZDUXQGNOlUWH PLFKDXIZREHLHUVLFKIUHXGLJGLH+lQGHULHE ª8QVHUH 6RUJHQ VLQG YRUEHU PHLQ -XQJH 'LHV ZXWHLFK JOHLFKEHLPHUVWHQ%OLFNDXIGLH/DQGNDUWH±]ZHL$VSHNWHGLHVHU 6WDGWEULQJHQPLFK]XGLHVHUhEHU]HXJXQJ(UVWHQVGLH%DQNHLQH =ZHLJVWHOOHGHV*DODNWLVFKHQ7UHXKDQGYHUEDQGHVEHLGHPLFKHLQ .RQWRKDEH±XQG]ZDUHLQ]LHPOLFKJURHV.RQWRZLHGXJHVHKHQ KDVW'LH]ZHLWHLQWHUHVVDQWH7DWVDFKHLVWGHU5DXPÀXJKDIHQGHQ HVKLHUJLEW© ,FK GDFKWH EHU VHLQH :RUWH QDFK XQG PHLQ EHKlELJHU 9HUVWDQG EUDXFKWH HLQH JHZLVVH =HLW XP ]ZHL XQG ]ZHL ]XVDPPHQ]X]lKOHQ'DQQNODIIWHPLUGHU0XQGVRZHLWDXIGD LFKNDXPQRFK]XVSUHFKHQYHUPRFKWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª'XPHLQVWZLU«ZLUYHUODVVHQGHQ3ODQHWHQ"© *ULQVHQG QLFNWH HU ª*HQDX 'LHVH NOHLQH :HOW LVW VR]XVDJHQ HLQ ELFKHQ KHL IU XQV JHZRUGHQ 'LHVH +LW]H GUIWH QRFK ]XQHKPHQZHQQGHLQHNOHLQH)UHXQGLQIUHLNRPPW$EHUELVHV VRZHLWLVWKDEHQZLUGHPXQJDVWOLFKHQ%LFKHQ+LPPHOOlQJVW GHQ5FNHQJHNHKUWXQGVLQG/LFKWMDKUHHQWIHUQW'XKDVWPLU GRFKJHVDJWGDGXUHLVHQZROOWHVW"© ª*HZLDEHUJLEWHVGDNHLQH.RQWUROOHQ8QWHUVXFKXQJHQ 3ROL]HLVSHUUHQXQGVRZHLWHU"© ª2MD$EHUZHQQPDQVLFKGDUDXIYHUVWHKWODVVHQVLFKGLH =ROO XQG (LQZDQGHUXQJVLQVWDQ]HQ XPJHKHQ 8QG LFK NHQQH PLFK DXV (KH LFK GHQ HQWVFKHLGHQGHQ 6FKULWW WDW ZXWH LFK EHUHLWVDOOHVEHUGLHGHU]HLWJHODQGHWHQ6FKLIIH(VWXWPLUOHLG GDLFKGLFKQLFKWYRUKHUZDUQHQNRQQWHDEHULFKZXWHGD GHLQH SUlFKWLJHQ 5HÀH[H GLH $QJHOHJHQKHLW ]XP .LQGHUVSLHO PDFKHQZUGHQ$OVLFKDXIEUDFKZXWHLFKQRFKQLFKWGDZLU GHQ3ODQKHXWHVFKRQLQGLH7DWXPVHW]HQPWHQ,FKZROOWH GDV*HOGKROHQXQGGDV0lGFKHQQRFKKLQKDOWHQ:lKUHQGLFK JOHLFK]HLWLJ GLH $EÀJH DP 5DXPÀXJKDIHQ LP $XJH EHKLHOW $EHU GDV 6FKLFNVDO LVW DXI XQVHUHU 6HLWH ,P +DIHQ VWHKW HLQ )UDFKWHUDXV9HQLDGHU/DGXQJDXIQLPPW±XQGPRUJHQJDQ] IUKVWDUWHW,VWGDVQLFKWZXQGHUEDU"© ª'DV PDJ VFKRQ VHLQ DEHU LFK ZlUH PHLQHU 6DFKH YLHO VLFKHUHUZHQQLFKGHQ*UXQGZWH© ª-LPGHLQH%LOGXQJ]HLJWEHGDXHUOLFKH/FNHQ,FKGDFKWH MHGHU 6FKXOMXQJH ZWH ZLH ZLOG GLH 9HQLDQHU VLQG 6LH EULQJHQ DOOH 2UGQXQJVNUlIWH GHU /LJD ]XU 9HU]ZHLÀXQJ 8QEHOHKUEDU VLQG VLH 'DV YHQLDQLVFKH 0RWWR ODXWHW /H UHJORM FLDP 6DQVLOLJDV 'DV OlW VLFK IUHL HWZD VR EHUVHW]HQ ¾(V JLEW NHLQH IHVWHQ 5HJHOQ ½ 0LW DQGHUHQ:RUWHQ ± ]ZDU JLEW HV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH LQV HLQ]HOQH JHKHQGH *HVHW]H GRFK PDFKW %HVWHFKXQJ DOOHV P|JOLFK'DEHLJHKWHVQLFKWXQEHGLQJWYHUEUHFKHULVFK]XQXU LVWDXIGHPJDQ]HQ3ODQHWHQGDV+LQELHJHQJDQJXQGJlEH© ª.OLQJWJXW©VDJWHLFKª:DVKDVWGXDUUDQJLHUW"© ª1RFK QLFKWV $EHU LFK ELQ IHVW EHU]HXJW GD VLFK DP 5DXPÀXJKDIHQ*HOHJHQKHLWHQGD]XHUJHEHQZHUGHQ© ª.ODU GRFK© ,FK ZDU DOOHV DQGHUH DOV EHJHLVWHUW 'HU 3ODQ NDPPLUGRFKVHKULPSURYLVLHUWYRU0DQPXWHVFKRQ*OFN KDEHQZHQQHUNODSSHQVROOWH$EHULFKKDWWHNHLQHDQGHUH :DKOª8QGGDV0lGFKHQ"© ª:LU KLQWHUODVVHQ GHU 3ROL]HL HLQH 1DFKULFKW LQ GHU HOHNWURQLVFKHQ 3RVW ]XU =XVWHOOXQJ QDFKGHP ZLU YHUVFKZXQGHQVLQG'DULQYHUUDWHQZLUZRVLHVWHFNW© ª'DVGDUIDEHUQLFKWKLHUVHLQ±]XIUHLXQG|IIHQWOLFK:HLWHU XQWHQ DP )OX JLEW HV HLQHQ DXWRPDWLVFKHQ %RRWVKDIHQ ,FK N|QQWH GRUW IHVWPDFKHQ XQG ]ZDU DQ HLQHP GHU lXHUHQ /LHJHSOlW]H© ª'LH LGHDOH /|VXQJ :HQQ GX PLU GHQ :HJ EHVFKUHLEVW IDKUH LFK JOHLFK ]XP 5DXPÀXJKDIHQ XP DOOHV YRU]XEHUHLWHQ :ROOHQZLUXQVGRUWXP8KUWUHIIHQ"© ª(LQYHUVWDQGHQ© ,FK VFKDXWH VHLQHU UXQGHQ *HVWDOW QDFK ELV VLH LQ GHU $EHQGGlPPHUXQJYHUVFKZXQGHQZDUGDQQVWDUWHWHLFKGHQ 0RWRU XQG YROO]RJ HLQH ODQJVDPH :HQGH LP .DQDO$OV LFK GHQ%RRWVKDIHQHUUHLFKWHZDUHVGXQNHOJHZRUGHQ'LH$QODJH ZDUKHOOHUOHXFKWHWGLH=XIDKUWEHVWHQVPDUNLHUW'LHPHLVWHQ %RRWH ODJHQ GLFKW DP 8IHU ZDV PLU QXU UHFKW VHLQ NRQQWH ,FKZlKOWHGLHlXHUH 3LHU HLQ JXWHV 6WFN YRQ GHQ DQGHUHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH HQWIHUQW'DQQJLQJLFKQDFKXQWHQVFKDOWHWHGDV/LFKWHLQXQG VWHOOWHPLFKGHPJLIWLJHQ%OLFNGHUKEVFKHQ$XJHQ,FKVFKOR GLH .DELQHQWU KLQWHU PLU XQG VHW]WH PLFK YRU %HWK DXI GLH /LHJH ª,FK P|FKWH PLW GLU VSUHFKHQ 9HUVSULFKVW GX QLFKW ]X VFKUHLHQZHQQLFKGLUGDV%DQGDEQHKPH":LUVLQG]LHPOLFK ZHLW YRQ GHU 6WDGW HQWIHUQW QLHPDQG NDQQ GLFK K|UHQ (LQYHUVWDQGHQ"© 'HU+DZDUGHXWOLFKVSUEDUZlKUHQGVLHZLGHUVWUHEHQG QLFNWH ,FK SHOOWH GDV .OHEHEDQG DE ± XQG ]RJ HEHQ QRFK UHFKW]HLWLJ GLH +DQG ]XUFN VRQVW KlWWHQ VLFK LKUH YROONRPPHQHQ=lKQHXPPHLQH)LQJHUJHVFKORVVHQ ª,FK N|QQWH GLFK XPEULQJHQ HUPRUGHQ ]HUÀHLVFKHQ NOHLQKDFNHQ«© ª'DVUHLFKW©VDJWHLFKª9LHOHKHUN|QQWHLFKGDVDOOHVPLWGLU PDFKHQ+DOWGHQ0XQG© 6LH KLHOW 9LHOOHLFKW JLQJ LKU DXI LQ ZHOFKHU /DJH VLH VLFK EHIDQGLQLKUHP%OLFNVWDQGPHKU$QJVWDOV=RUQ,FKZROOWH NHLQ KLOÀRVHV 0lGFKHQ WHUURULVLHUHQ ± DEHU GDV *HUHGH YRQ 0RUG ZDU VFKOLHOLFK DXI LKUHP 0LVW JHZDFKVHQ 6LH ZDU EHUHLWPLFKDQ]XK|UHQ ª'X OLHJVW EHVWLPPW QLFKW EHTXHP +DOW VWLOO ,FK ELQGH GLFKORV© 6LHZDUWHWHELVGLH$UPHIUHLZDUHQGDQQYHUVXFKWHVLHPLU PLW LKUHQ VSLW]HQ 1lJHOQ GXUFKV *HVLFKW ]X IDKUHQ ZlKUHQG LFKQRFKDQLKUHQ)XJHOHQNHQKHUXPNQRWHWH'DLFKPLWLKUHU 5HDNWLRQ JHUHFKQHW KDWWH ODQGHWHVLHUFNOLQJVDXIGHU/LHJH XQGZDUHWZDVDXHU$WHP

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª%HQLPPGLFKYHUQQIWLJ©VDJWHLFKª,FKNDQQGLFKMHGHU]HLW ZLHGHU IHVVHOQ XQG NQHEHOQ 8QG YHUJL QLFKW GD GX GLFK VHOEVWLQGLHVH/DJHJHEUDFKWKDVW© ª'X ELVW HLQ 9HUEUHFKHU HLQ 'LHE :DUWH QXU ZHQQ GLH 3ROL]HLGLFKLQGLH)LQJHUNULHJW«© ª8QGGXELVWHLQH(USUHVVHULQ.|QQHQZLUHQGOLFKPLWGHQ JHJHQVHLWLJHQ $QVFKXOGLJXQJHQ XQG :LQNHO]JHQ DXIK|UHQ ,FK VDJH GLU ZDV SDVVLHUW :LU ODVVHQ GLFK DXI GLHVHP %RRW ]XUFN XQG ZHQQ ZLU HLQ JXWHV 6WFN ZHJ VLQG HUIlKUW GLH 3ROL]HL ZR VLH GLFK ¿QGHQ NDQQ ,FK ELQ VLFKHU GX ZLUVW LKU HLQHJXWJHVWULFNWH*HVFKLFKWHDXIWLVFKHQ9RQKLHUIKUHQQLFKW QXU 6FKQHOOVWUDHQ IRUW VRQGHUQ DXFK /LQHDU([SUHOLQLHQ 'XZLUVWXQVQLHZLHGHUVHKHQHEHQVRZHQLJGLH3ROL]HL©(LQH VROFKH,UUHIKUXQJNRQQWHQLFKWVFKDGHQ ª,FKKDEH'XUVW© ª,FKEHVRUJHGLUZDV© 1DWUOLFKYHUVXFKWHVLH]XU7U]XVWUPHQVREDOGLFKLKU GHQ5FNHQ]XJHNHKUWKDWWHDOVLFKVLH]XUFN]HUUWHZROOWHVLH PLU GLH$XJHQ DXVNUDW]HQ ,FK NRQQWH PLU YRUVWHOOHQ ZLH VLH VLFKIKOWH±LFKZQVFKWHQXUVLHZUGHHQGOLFK5XKHJHEHQ 9RQ QXQ DQ YHUJLQJ GLH =HLW VHKU ODQJVDP 6LH NRQQWH PLU QLFKWV ,QWHUHVVDQWHV VDJHQ ± XQG RIIHQEDU VDK HV XPJHNHKUW JHQDXVRDXV$XIGLHVH:HLVHYHUJLQJHQ6WXQGHQELVHQGOLFK GDV%RRWZLSSWHXQGMHPDQGDQ%RUGNDP,FKZDUIPLFKDXI %HWK NRQQWH DEHU QLFKW YHUKLQGHUQ GD VLH HLQPDO JHOOHQG DXIVFKULH ª:HULVWGD"©ULHILFKXQGGXFNWHPLFKNDPSIEHUHLW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª.HLQ )UHPGHU GDV YHUVLFKHUH LFK GLU© VDJWH GLH EHNDQQWH 6WLPPH(UOHLFKWHUWHQWULHJHOWHXQG|IIQHWHLFKGLH7U ª.DQQVLHPLFKK|UHQ"©IUDJWHHUXQGVFKDXWHDXIGLHVWXPPH *HVWDOWDXIGHU.RMH ª0|JOLFK ,FK ELQGH VLH ZLHGHU IHVW GDQQ JHKHQ ZLU DQ 'HFN© (UJLQJYRUDXVXQGDOVLFKGLH7UVFKOR]XFNWHHLQJUHOOHU /LFKWVFKHLQ EHU GHQ +LPPHO XQG VWLHJ LQ ORGHUQGHP %RJHQ GHP=HQLWHQWJHJHQ ª(LQJXWHV2PHQ©VDJWHGHU/lXIHUª(LQ7LHIUDXPHU(VLVW DOOHVDUUDQJLHUW8QGGDZLUNHLQH=HLWPHKUKDEHQVFKODJHLFK YRUGDZLUXQVHUH6DFKHQKROHQXQGVRIRUWDXIEUHFKHQ© ª7UDQVSRUWPLWWHO"© ª(LQJHPLHWHWHU%RGHQZDJHQ© ª/lWGHUVLFK]XUFNYHUIROJHQ"© ª+RIIHQWOLFK5FNJDEHGHV:DJHQVDQGHU/LQHDUVWDWLRQ,FK KDEH DXHUGHP )DKUNDUWHQ HUVWDQGHQ IU XQV EHLGH ZLH GX VLFKHUJHUQYHUQLPPVW© ª,FKKDEHDXFKJHJHQEHUXQVHUHU)UHXQGLQYRQGHQ/LQHDUV JHVSURFKHQ© ª'DVLHKWPDQZLHGHUZLHVHKU]ZHLDXVJH]HLFKQHWH*HKLUQH LP*OHLFKWDNWDUEHLWHQN|QQHQ:lKUHQGGHV3DFNHQVZLOOLFK YHUVXFKHQPLUGLH)DKUNDUWHQVRDXVGHU7DVFKHUXWVFKHQ]X ODVVHQGDVLHVLHHQW]LIIHUQNDQQ© 1XQ JLQJ DOOHV VHKU VFKQHOO ± XQG LFK JHQR GLH $UW XQG :HLVH ZLH GHU /lXIHU GLH W\SLVFKHQ EODXHQ /LQHDUIDKUNDUWHQ NXU] DXIV %HWW IDOOHQ OLH 'LH 6WUHLIHQ JOLWWHQ LKP DXV GHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 7DVFKHZlKUHQGHUPLWEHLGHQ+lQGHQDQGHUZHLWLJ]XWXQKDWWH 0HLVWHUKDIW$OV ZLU GLH 7U KLQWHU XQV ]XPDFKWHQ NRQQWH LFK GHU9HUVXFKXQJQLFKWZLGHUVWHKHQLKUHLQHQ.X]X]XKDXFKHQ =XU$QWZRUWHUKLHOWLFKHLQHQ¿QVWHUHQ%OLFNXQGHLQJHGlPSIWHV .QXUUHQ±EHLGHVKDWWHLFKZDKUOLFKYHUGLHQW$OOHUGLQJVZDUHQLKU HLQSDDUWDXVHQG'ROODUDXVXQVHUHP%HVLW]YHUEOLHEHQVRGDVLH VLFKHLJHQWOLFKQLFKWEHNODJHQNRQQWH 1DFKGHP ZLU GHQ %RGHQZDJHQ ]XUFNJHJHEHQ KDWWHQ IXKUHQ ZLU PLW GHP /HYLW]XJ ]XU /LQHDUVWDWLRQ 'RUWZDUWHWHQ ZLU ELV ZLU DOOHLQ XQG XQEHREDFKWHW ZDUHQ XQG UHLVWHQ ]XP 5DXPÀXJKDIHQ ZHLWHU %LV MHW]W ZDUDOOHVEHUUDVFKHQGVFKQHOO DEJHODXIHQVRGDPLFKGLH5HDOLWlWGHU(UHLJQLVVHHUVWHLQKROWH DOVLFKGLHYRQ)OXWOLFKWHUKHOOWHQ)ODQNHQHLQHV7LHIUDXPHUVYRU PLUDXIUDJHQVDK ,FKYHUOLHGHQ3ODQHWHQ(VLVWHLQH6DFKHGLH5DXPIDKUWVHULHQ LP 9 DQ]XVFKDXHQ ± DEHU GRFK HLQH DQGHUH VLFK VHOEVW LQV :HOWDOO YRU]XZDJHQ ,FK VSUWH HLQH *lQVHKDXW DP$UP PHLQH 1DFNHQKDDUHVWUlXEWHQVLFKHLQZHQLJ8QVHUQHXHV/HEHQZUGH XQVQXU)UHXGHPDFKHQ ª,QGLH%DU©EHIDKOGHU/lXIHUª8QVHU0DQQLVWVFKRQ]XU 6WHOOH© (LQ KDJHUHU %XUVFKH LQ HLQHU VFKPXW]LJHQ 5lXPHUXQLIRUP ZROOWH VFKRQ JHKHQ OLH VLFK DEHU ZLHGHU DXI VHLQH 6LW]EDQN VLQNHQDOVHUGHQ/lXIHUHUEOLFNWH ª9LHVWDVPDOIUXD©VDJWHHUlUJHUOLFK ª9HUH ± VHG PL KDYDV OD PRQRQ© DQWZRUWHWH GHU /lXIHU XQG VFKZHQNWH HLQ GLFNHV *HOGVFKHLQEQGHO GDV GHQ DQGHUHQ VSUEDUEHUXKLJWH'DV*HOGZXUGHEHUUHLFKWXQGQDFKNXU]HP 3DODYHU IROJWH HLQ ]ZHLWHU %HWUDJ GHP HUVWHQ =XIULHGHQJHVWHOOW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH JLQJGHU5DXPIDKUHU]XHLQHP:DUWXQJVZDJHQYRUDXVXQGZLU VWLHJHQKLQWHQHLQ'LH7UZXUGH]XJHNQDOOW'XQNHOKHLWXPJDE XQVGDQQIXKUGHU:DJHQDQ :DVIUHLQ$EHQWHXHU8QVLFKWEDUH)DKU]HXJHSDVVLHUWHQXQV GDQQHUNODQJHLQVHOWVDPHV+lPPHUQGDVZLHGHUOHLVHUZXUGH JHIROJWYRQODXWHP=LVFKHQZLHYRQHLQHU5LHVHQVFKODQJH.XU]H =HLWVSlWHUKLHOWHQZLUDQXQGXQVHU)KUHUNDPQDFKKLQWHQXQG |IIQHWHGLH7U,FKVWLHJDOVHUVWHUDXVXQGVDKPLFKDP)XHLQHU 5DPSHGLHYRUXQVLQGLH+|KHIKUWH±RIIHQEDULQV,QQHUHHLQHV ]LHPOLFKKHUXQWHUJHNRPPHQDXVVHKHQGHQ7LHIUDXPHUV 1HEHQ GHU 5DPSH VWDQG HLQ EHZDIIQHWHU :lFKWHU XQG VWDUUWH PLFKDQ (V ZDU DXV 'DV $EHQWHXHU ZDU YRUEHU HKH HV EHUKDXSW EHJRQQHQKDWWH:DVVROOWHLFKWXQ"$XVUHLHQ"1HLQLFKNRQQWH GHQ /lXIHU QLFKW LP 6WLFK ODVVHQ (U VFKRE VLFK DQ PLU YRUEHL ZlKUHQGVLFKLQPHLQHP.RSIGLH*HGDQNHQEHUVFKOXJHQ/lVVLJ VFKOHQGHUWHHUDXIGHQ8QLIRUPLHUWHQ]X 8QGUHLFKWHLKPHLQ%QGHO*HOGVFKHLQH 'HU:lFKWHU]lKOWHQRFKDOVZLUEHUHLWVXQVHUHPEHVWRFKHQHQ 5DXPIDKUHUGLH5DPSHKLQDXIIROJWHQXQG0KHKDWWHQPLWLKP 6FKULWW]XKDOWHQVRYLHO*HSlFNVFKOHSSWHQZLU ª(QLUXUDSLGH©EHIDKOGHU5DXPIDKUHUXQG|IIQHWHGLH7U]X HLQHP$EWHLO:LUWUDWHQLQV'XQNOHGLH7UNQDOOWHKLQWHUXQV]X XQGZXUGHYHUULHJHOW ª6LFKHUDP=LHO©VHXI]WHGHU/lXIHUHUOHLFKWHUWIXPPHOWH DQ GHU:DQGKHUXPXQGVFKDOWHWHGLH%HOHXFKWXQJHLQ:LUEHIDQGHQ XQVLQHLQHUHQJHQ.DELQHPLW]ZHLVFKPDOHQ/LHJHQXQGHLQHU QRFKNOHLQHUHQDQJUHQ]HQGHQ7RLOHWWH(LQH]LHPOLFKPLVHUDEOH 8QWHUNXQIW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª6HU +HLPDWKDIHQ© VDJWH GHU /lXIHU XQG VDK VLFK ZRKOZROOHQG OlFKHOQG XP ª:LU PVVHQ KLHU PLQGHVWHQV ]ZHL 7DJH]XEULQJHQ8QVHUH6DFKHQVROOWHQZLUXQVLFKWEDUYHUVWDXHQ 6RQVW GURKW XQV GHU .DSLWlQ GLH 5FNVHQGXQJ DQ XQG VHLQH %HVWHFKXQJVVXPPHVWHLJWQRFKPHKU,FKELQVLFKHUZLUKDOWHQ HVGXUFK© ª,FKZHLQLFKWRELFKGDVDOOHVULFKWLJEHJUHLIH+DVWGX GDV 6FKPLHUJHOGQLFKWOlQJVWEH]DKOW"© ª'DV ZDU QXU GLH HUVWH 5DWH 6FKPLHUJHOGHU ZHUGHQ QLHPDOV JHWHLOW ± GDV HUKHEH GLU ]XU HUVWHQ 5HJHO LQ GLHVHU VFKZLHULJHQ .XQVW 'HU 5DXPIDKUHU ZXUGH EH]DKOW XP XQV DQ %RUG ]X VFKPXJJHOQXQGVRUJWHGDIUGDHLQZRKOPHLQHQGHU:lFKWHU VHLQHQ 'LHQVW WDW XQG HEHQIDOOV VHLQHQ $QWHLO EHNDP 'LHVH $UUDQJHPHQWVVLQGHUIOOW8QVHUH*HJHQZDUWDQ%RUGGHV6FKLIIHV LVWGHQ2I¿]LHUHQXQEHNDQQW±XQGEHVRQGHUVGHP.DSLWlQGHU HLQHVHKUJURH=DKOXQJIRUGHUQZLUG:DUW¶VDE© ª'DVKDEHLFKXQEHGLQJWYRU%HVWHFKXQJ±GLHVH.XQVWZLOO EHKHUUVFKWVHLQ© ª,QGHU7DW© ª1XUJXWGDGXGLH6SUDFKHGLHVHU/HXWHVSULFKVW© 'HU/lXIHUKREGLH$XJHQEUDXHQXQGEHXJWHVLFK]XPLUª'X KDVWXQVQLFKWYHUVWDQGHQ"©IUDJWHHU ª,FKKDWWHLQGHU6FKXOHNHLQH)UHPGVSUDFKHQ© ª)UHPGVSUDFKHQ©ULHIHUXQGVFKDXWHPLFKHQWVHW]WDQª$XV ZHOFKHPHQWOHJHQHQ:LQNHOGLHVHVVWDFKHOVSHFNVFKZHLQ]FKWHQ GHQ 3ODQHWHQ VWDPPVW GX" 'DV ZDU NHLQH )UHPGVSUDFKH PHLQ -XQJH VRQGHUQ (VSHUDQWR GLH JDODNWLVFKH 6SUDFKH GLH VLPSOH =ZHLWVSUDFKH GLH MHGHU IUK OHUQW XQG ZLH HLQH ]XVlW]OLFKH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0XWWHUVSUDFKH EHKHUUVFKW 'HLQH %LOGXQJ LVW ZLUNOLFK ]X NXU] JHNRPPHQ DEHU GDV OlW VLFK VFKQHOO ]XUHFKWUFNHQ %HL GHU QlFKVWHQ 3ODQHWHQODQGXQJ VSULFKVW GX HEHQIDOOV (VSHUDQWR =XQlFKVWIROJHQGHVDOOH9HUEHQHQGHQLQGHU*HJHQZDUWDXIDV (LQIDFKHUJHKW¶VQXQZLUNOLFKQLFKWPHKU«© (UYHUVWXPPWHGHQQMHPDQGGUHKWHDP7UJULIIXQVHUHU.DELQH (UKREGLH)LQJHUDQGLH/LSSHQXQGGHXWHWHDXIGLH7RLOHWWHQWU ,FKKXVFKWHLQGLH5LFKWXQJXQGVFKDOWHWHGDV/LFKWHLQZlKUHQG GHU/lXIHULPJOHLFKHQ$XJHQEOLFN GLH .DELQHQODPSH O|VFKWH +DVWLJ IROJWH HU XQG ]ZlQJWH VLFK QHEHQ PLU LQ GHQ NOHLQHQ 5DXPZlKUHQGLFKGDV/LFKWZLHGHUO|VFKWH9RUVLFKWLJVFKOR HUGLH7U'LH7U]XP.RUULGRUJLQJDXI 6FKULWWHGU|KQWHQGXUFKGLH.DELQHOHLVHS¿IIMHPDQGGXUFK GLH =lKQH (LQH 5RXWLQH,QVSHNWLRQ QLFKWV %HVRQGHUHV GHU 0DQQZUGHJOHLFKZLHGHUYHUVFKZLQGHQ« ,PQlFKVWHQ0RPHQWZXUGHGLH7RLOHWWHQWUDXIJHULVVHQXQG GDV/LFKWJLQJDQ'HUJROGOLW]HQYHU]LHUWH2I¿]LHUPXVWHUWHGHQ /lXIHUGHUVLFKLQGLHZLQ]LJH'XVFKHJHSUHWKDWWHXQGPLFK ZLHLFKDXIGHPNOHLQHQ$ERUWKRFNWHXQG]HLJWHHLQEHUDXV GUHFNLJHV*ULQVHQ ª,FK KDWWH GRFK JOHLFK GDV *HIKO GD KLHU DXI GHP 8QWHUGHFN ]XYLHO %HWULHE KHUUVFKWH %OLQGH 3DVVDJLHUH© ,Q VHLQHU+DQGHUVFKLHQHLQHNOHLQH:DIIHª5DXV,KUNHKUWVRIRUW ]XP+DIHQJHElXGH]XUFN,FKUXIHGLH3ODQHWHQSROL]HL©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,FKEHXJWHPLFKYRUXQGVSDQQWHGLH%HLQPXVNHOQDQXPGHQ 0DQQDQJUHLIHQ]XN|QQHQVREDOGGHU/lXIHULKQDEOHQNWH,P *UXQGHKDWWHLFKNHLQH/XVWPLWEORHQ+lQGHQJHJHQGLH:DIIH YRU]XJHKHQ ± DEHU QRFK ZHQLJHU ODJ PLU GDUDQ LQV *HIlQJQLV ]XUFN]XNHKUHQ'HU/lXIHUVFKLHQGLHV]XDKQHQGHQQHUVWUHFNWH GLH+DQGDXVXQGKLHOWPLFK]XUFN ª1XQZROOHQZLUPDOQLFKWEHUHLOWKDQGHOQ-DPHV(QWVSDQQH GLFKZlKUHQGLFKPLWGLHVHPQHWWHQ2I¿]LHUVSUHFKH© /DQJVDP IKUWH HU GLH +DQG ]XU 7DVFKH ZREHL GLH :DIIH VHLQHU%HZHJXQJIROJWHGLH)LQJHUJULIIHQWLHI]X±XQGNDPHQPLW HLQHPGQQHQ%QGHO.UHGLWHZLHGHU]XP9RUVFKHLQ ª'LHVZlUHGLH$Q]DKOXQJIUHLQHQNOHLQHQ*HIDOOHQ©VDJWH HUXQGEHUUHLFKWHGLH1RWHQGLHGHU2I¿]LHUPLWEHLGHQ+lQGHQ HUJULII:DV LKP NHLQH 0KH PDFKWH ZHLO GLH :DIIH VR VFKQHOO ZLHGHUYHUVFKZXQGHQZDUZLHHUVLHJH]RJHQKDWWH:lKUHQGGHU /lXIHUZHLWHUVSUDFK]lKOWHHU ª'HU*HIDOOHQGHQZLULQDOOHU%HVFKHLGHQKHLWHUELWWHQEHVWHKW GDULQGD6LHXQVELWWHHUVWEHUPRUJHQ¿QGHQ'DIUHUKDOWHQ6LH PRUJHQQRFKHLQPDOGLHVHOEH6XPPHHEHQVREHUPRUJHQZHQQ 6LHXQVHQWGHFNHQXQG]XP.DSLWlQEULQJHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'DV*HOGYHUVFKZDQGXQGGLH:DIIHWDXFKWHZLHGHUDXI±RKQH GD LFK HLQH +DQGEHZHJXQJ ZDKUQDKP 'HU 0DQQ KlWWH LP 9DULHWHDXIWUHWHQN|QQHQ ª1HLQ QHLQ© VDJWH HU ªLFK JODXEH LFK QHKPH GLU OLHEHU GDV JDQ]H *HOG DE GDV GX DP /HLE WUlJVW XQG LQ GHLQHP *HSlFN YHUVWHFNWKDVWXQGEULQJHGLFKVRIRUW]XP.DSLWlQ© ª'DV ZlUH QLFKW VHKU NOXJ© HUZLGHUWH GHU /lXIHU VWUHQJ ª'DQQ ZUGH LFK GHP .DSLWlQ VDJHQ ZLHYLHO 6LH HLQJHVDFNW KDEHQ XQG HU QLPPW HV ,KQHQ DE ZRUDXIKLQ 6LH GDQQ JDU QLFKWV KlWWHQ ,FK ZHUGH LKP DXHUGHP HU|IIQHQ ZHOFKH %HVDW]XQJVPLWJOLHGHU EHVWRFKHQ ZRUGHQ VLQG XQG GLH ZUGHQ LKU*HOGHEHQIDOOVYHUOLHUHQZRQDFK6LHDQ%RUGQLFKWPHKUVHKU EHOLHEWZlUHQ0|FKWHQ6LHGDV"© ª,KUH :RUWH HQWKDOWHQ HLQ JHZLVVHV .|UQFKHQ :DKUKHLW© DQWZRUWHWH HU QDFKGHQNOLFK XQG ULHE VLFK GLH :DQJHQNQRFKHQ VHLQH+DQGZDUZLHGHUOHHUª:HQQGLH=DKOXQJHQHUK|KWZUGHQ N|QQWHLFKYLHOOHLFKW«© ª=HKQ3UR]HQWPHKUQLFKW©VDJWHGHU/lXIHUXQGOHLVWHWH GLH =DKOXQJª'DQQELVPRUJHQ%LWWHVFKOLHHQ6LHGLH7UZLHGHU KLQWHUVLFKDE© ª6HOEVWYHUVWlQGOLFK$QJHQHKPH5HLVH© 8QGVFKRQZDUHUJHJDQJHQXQGLFKVWLHJYRP7RSIKHUDEXQG VFKWWHOWH GHP /lXIHU NUlIWLJ GLH +DQG ª*OFNZXQVFK PHLQ +HUU 'LH PHLVWHUOLFKH9RUIKUXQJ HLQHU:LVVHQVFKDIW YRQ GHU LFKQLFKWPDOZXWHGDHVVLHJLEW© ª'DQNH PHLQ -XQJH (V ZlUH VFKRQ VHKU VLQQYROO GLH *UXQGUHJHOQ]XNHQQHQ(UKDWWHQLHGLH$EVLFKWXQVDXVGHP 6FKLII ]X MDJHQ 'DV ZDU QXU VHLQ$QJHERW ,FK ZLGHUVSUDFK HU HUK|KWHGHQ(LQVDW]LFKJLQJGDUDXIHLQXQGVFKORGDV*HVFKlIW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DE(UZXWHGDHUPLFKQLFKWK|KHUWUHLEHQNRQQWHZHLOLFKQRFK HLQH JURH 6XPPH IU GHQ .DSLWlQ EUDXFKH 1LFKW JHVSURFKHQ ZXUGHGDUEHUGDLFKGLH=DKOXQJDQLKQJHKHLPKDOWH±DEHUGDV JHK|UW]XU9HUHLQEDUXQJ$OOHVQDFKIHVWHQ5HJHOQ«© (LQODXWHV-DXOHQLP.RUULGRUXQWHUEUDFKLKQXQGEHUGHU 7UEHJDQQHLQURWHV/LFKW]XÀDFNHUQ ª6WLPPWHWZDVQLFKW"©ULHILFK ª,P *HJHQWHLO :LU VLQG VWDUWEHUHLW ,FK VFKODJH YRU GD ZLU XQVLQGLH.RMHQOHJHQGHQQPDQFKHYRQGLHVHQDOWHQ3|WWHQOHJHQ EHLP6WDUW]LHPOLFKYLHOHJYRU,QZHQLJHQ0LQXWHQWUHQQHQZLU XQV HQGOLFK YRQ %LFKHQ+LPPHO +RIIHQWOLFK IU LPPHU 'LHVHV*HIlQJQLVZLHVFKUHFNOLFK'D]XGDV(VVHQ«© (LQ ODXWHU ZHUGHQGHV 'U|KQHQ HUVWLFNWH VHLQH :RUWH XQG GLH 3ULWVFKH EHJDQQ ]X ]LWWHUQ 'DQQ OHJWH VLFK PLU GLH 6WDUWEHVFKOHXQLJXQJ ZLH =HPHQWVlFNH DXI GLH %UXVW :LH LQ GHQ )LOPHQ ± GRFK LQ:LUNOLFKNHLW YLHO DXIUHJHQGHU 'LHV ZDU GHUZDKUH-DNRE,QGHQ5DXP:HOFKH)UHXGHQZUGHQXQV HUZDUWHQ" $EHU YRQ )UHXGHQ ZDU LFK QRFK ]LHPOLFK ZHLW HQWIHUQW 'LH 0DWUDW]H ZDU GQQ GHU 'UXFN WDW PHLQHP 5FNHQ ZHK :LUZHFKVHOWHQQRFKHLQLJH0DOHYRQGHU%HVFKOHXQLJXQJDXI 1XOOJ XQG ]XUFN HKH GLH NQVWOLFKH 6FKZHUNUDIW VWLPPWH 2GHUEHLQDKHVWLPPWH$EXQG]XJDE¶VHLQHQNOHLQHQ.LFNVHU LP 6\VWHP 6SUQJH GLH PHLQ 0DJHQ JDU QLFKW PRFKWH ,P /DXIH GHU QlFKVWHQ 7DJH JHVFKDK GLHV VR RIW GD LFK GLH 0DKO]HLWHQGLHLFKQRUPDOHUZHLVH]XPLUJHQRPPHQKlWWH JDUQLFKWYHUPLWH:HQLJVWHQVKDWWHQZLUMHGH0HQJHURVWURWHV DEJHVWDQGHQHV:DVVHU]XWULQNHQ'HU2I¿]LHUKLHOWVLFKDQGLH $EPDFKXQJHQLFKKLHOWPLFKPHLVWHQVDQPHLQHU.RMHIHVWXQG NRQ]HQWULHUWH PLFK DXI GHQ (VSHUDQWR8QWHUULFKW XP PHLQH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VRQVWLJHQ/HLGHQ]XYHUJHVVHQ1DFKHWZD]ZHL7DJHQUHJHOWH VLFK GLH 6FKZHUNUDIW HLQ ZHQLJ HLQ XQG PHLQ$SSHWLW NHKUWH ]XUFN ,FK IUHXWH PLFK VFKRQ DXI XQVHUH )UHLKHLW ZHLWHUH %HVWHFKXQJVYHUKDQGOXQJHQ±XQGHWZDV]XHVVHQ ª%OLQGH 3DVVDJLHUH© VDJWH GHU 2I¿]LHU GHU GLH 7U DXIJHULVVHQ KDWWH OHJWH GUDPDWLVFK GLH +DQG DXIV +HU] XQG EHJDQQ HLQ ZHQLJ ]X WRUNHOQ GHQQ HU KDWWH HLQ 0lGFKHQDXV GHU%HVDW]XQJEHLVLFKª6FKUHFNOLFK8QHUK|UW+RFKPLWHXFK ,FKEULQJHHXFKVRIRUW]X.DSLWlQ*DUWK© 6HLQ$XIWULWW ZDU VHKU EHU]HXJHQG XQG ZXUGH QXU GXUFK GLH +DQG YHUGRUEHQ GLH HU IRUGHUQG DXVVWUHFNWH VREDOG GDV 0lGFKHQ GHQ 5FNHQ NHKUWH 'LH JDQ]H 6DFKH VFKLHQ VLH ]X ODQJZHLOHQ YLHOOHLFKW ZDU VLH VRJDU HLQJHZHLKW :LU PDUVFKLHUWHQGXUFKGHQ.RUULGRUXQGHUVWLHJHQGUHL7UHSSHQ ELV ZLU GLH %UFNH HUUHLFKWHQ =XPLQGHVW GHU .DSLWlQ ZDU VFKRFNLHUW EHU XQVHU $XIWDXFKHQ :DKUVFKHLQOLFK ZDU HU DQ %RUG GHU HLQ]LJH GHU YRQ XQVHUHU ([LVWHQ] ELVKHU QLFKWV JHZXWKDWWH ª9HUGDPPWXQG]XJHQlKW±ZRKHUNRPPHQGLHVH7\SHQ"© ª6LHVWHFNWHQLQHLQHUGHUOHHUHQ.DELQHQDXIGHP&'HFN© ª(VZDU,KUH$XIJDEHGLHVH.DELQHQ]XEHUSUIHQ© ª'DVKDEHLFKDXFKJHWDQ&DSWDLQVWHKWLP/RJEXFK(LQH 6WXQGH YRU GHP 6WDUW 'DQDFK ZDU LFK EHL ,KQHQ DXI GHU %UFNH6LHPVVHQVSlWHUDQ%RUGJHNRPPHQVHLQ© ª:HQ KDEHQ 6LH EHVWRFKHQ"© IUDJWH .DSLWlQ *DUWK HLQ HUJUDXWHUDOWHU5DXPIDKUHUGHUXQVE|VDUWLJDQIXQNHOWH ª1LHPDQGHQ.DSLWlQ©DQWZRUWHWHGHU/lXIHULP%UXVWWRQ GHU hEHU]HXJXQJ ª,FK NHQQH GLHVH DOWHQ )UDFKWHU GHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 5HSWLOLHQNODVVH LQ XQG DXVZHQGLJ .XU] YRU GHP 6WDUW YHUVFKZDQG GHU 5DPSHQZlFKWHU LP 6FKLII :LU IROJWHQ LKP XQJHVHKHQDQ%RUGXQGYHUVWHFNWHQXQVLQGHU.DELQH'DV ZDUDOOHV© ª,FK JODXEH ,KQHQ NHLQ :RUW 6DJHQ 6LH PLU ZHQ 6LH EHVWRFKHQKDEHQVRQVWODVVHLFK6LHLQGLH=DQJHQHKPHQ© ª0HLQ JXWHU .DSLWlQ ± ,KUH HKUOLFKH %HVDW]XQJ ZUGH GRFK NHLQ 6FKPLHUJHOG QHKPHQ© 'HU /lXIHU EHUK|UWH GDV XQJOlXELJH 6FKQLHIHQ GHV 0DQQHV ª,FK KDEH %HZHLVH 0HLQ QLFKW XQEHWUlFKWOLFKHV 9HUP|JHQ EH¿QGHW VLFK NRPSOHWW LQ PHLQHQ7DVFKHQ© ª5DXV© EHIDKO GHU .DSLWlQ VRIRUW XQG VFKHXFKWH GLH DQZHVHQGHQ 2I¿]LHUH ]XU 7U GHV .RQWUROOUDXPV ª6LH DOOH YHUVFKZLQGHQ ,FK EHUQHKPH GLH :DFKH ,FK P|FKWH GLH EHLGHQHLQJHKHQGHUYHUK|UHQ© 2I¿]LHUH XQG %HVDW]XQJVPLWJOLHGHU VFKOXUIWHQ PLW DXVGUXFNVORVHQ *HVLFKWHUQ KLQDXV 'HU .DSLWlQ YHUULHJHOWH KLQWHU LKQHQ GDV /XN XQG ZLUEHOWH KHUXP ª+HU GDPLW© EHIDKOHU'HU/lXIHUEHUUHLFKWHLKPHLQHJU|HUH6XPPH'HU .DSLWlQ ]lKOWH QDFK XQG VFKWWHOWH GDQQ GHQ .RSI ª5HLFKW QLFKW© ª1DWUOLFK© VDJWH GHU /lXIHU ªKDQGHOW HV VLFK QXU XP GLH $Q]DKOXQJ'HU5HVWIROJWQDFKGHPZLUDXIHLQHPDQQHKPEDUHQ 3ODQHWHQPLWQLFKWDOO]XVFKDUIHQ=ROOEHDPWHQJHODQGHWVLQG© ª'D YHUODQJHQ 6LH YLHO ,FK NDQQ PLFK QLFKW DXI bUJHU PLW 3ODQHWHQEHK|UGHQ HLQODVVHQ LQGHP LFK LOOHJDOH (LQZDQGHUHU VFKPXJJOH'DZlUHHVYLHOHLQIDFKHU,KQHQGDV*HOGDXIGHU 6WHOOHDE]XQHKPHQXQG6LHHLQIDFK]XEHVHLWLJHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'HU/lXIHU]HLJWHVLFKYRQGLHVHP$UJXPHQWJDQ]XQGJDU QLFKWEHHLQGUXFNW(UNORSIWHVLFKDXIGLH7DVFKHXQGVFKWWHOWH GHQ.RSIª/HLGHUQLFKWP|JOLFK'LH$EVFKOX]DKOXQJHUIROJW GXUFK HLQHQ UHJLVWULHUWHQ 6FKHFN EHU ]ZHLKXQGHUWWDXVHQG .UHGLWH DXVJHVWHOOW DXI GLH *DODNWLVFKH .UHGLW XQG :HFKVHOEDQN'DV6WFN3DSLHUZLUGHUVW]XP=DKOXQJVPLWWHO ZHQQLFKHLQH]ZHLWH8QWHUVFKULIWDQEULQJH6LHN|QQHQPLFK JHUQ IROWHUQ DEHU LFK ZHUGH QLFKW XQWHUVFKUHLEHQ (UVW ZHQQ ZLUVLFKHUHQ%RGHQXQWHUGHQ)HQKDEHQ© 'HU.DSLWlQ]XFNWHYLHOVDJHQGGLH$FKVHOQXQGULFKWHWHVHLQH $XIPHUNVDPNHLWDXIGLH.RQWUROOHQDQGHQHQHUHLQHPLQLPDOH .RUUHNWXU YRUQDKP HKH HU VLFK ZLHGHU ]X XQV XPZDQGWH ª'D ZlUHQ DXHUGHP GLH .RVWHQ IU ,KUH 0DKO]HLWHQ© VDJWH HU JHODVVHQ ª:RKOWDWHQ EULQJHQ PLU NHLQ *HOG IU PHLQH 7UHLEVWRIIUHFKQXQJHQ© ª*DQ],KUHU0HLQXQJ6HW]HQZLUHLQHQ3UHLVIHVW© 8QGGDVVFKLHQHVGDQQDXFKVFKRQ]XVHLQ±DEHUDXIGHP 5FNZHJGXUFKGHQ.RUULGRUÀVWHUWHPLUGHU/lXIHUGRFKHLQH :DUQXQJ ]X ª'LH .DELQH ZLUG EHVWLPPW DEJHK|UW 8QVHU *HSlFN GUIWH GXUFKVXFKW ZRUGHQ VHLQ ,FK KDEH XQVHU JHVDPWHV *HOG EHL PLU +DOWH GLFK LQ PHLQHU 1lKH GDPLW HV NHLQH hEHUIlOOH JLEW 'LHVHU 2I¿]LHU GD ZUGH EHLVSLHOVZHLVH HLQHQDXVJH]HLFKQHWHQ7DVFKHQGLHEDEJHEHQ$OVR±ZLHZDU¶V PLW6SHLVHXQG7UDQN"'DZLUEH]DKOWKDEHQN|QQHQZLUXQVHUH )DVWHQ]HLWPLWHLQHPVFK|QHQ)HVWPDKOEHHQGHQ© 0HLQ0DJHQVWLPPWHNQXUUHQG]XXQGZLUPDUVFKLHUWHQ]XU .RPEVH'DHVVLFKXPHLQHQYHQLDQLVFKHQ)UDFKWHUKDQGHOWH VHUYLHUWH GHU XQUDVLHUWH .RFK QXU HLQKHLPLVFKH .RVW 'DV PRFKWH GHQ 9HQLDQHUQ UHFKW VHLQ ZLU DEHU PXWHQ XQV HUVW GDUDQJHZ|KQHQ+DEHQ6LHVFKRQPDOYHUVXFKWVLFKEHLP(VVHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GLH 1DVH ]X]XKDOWHQ" ,FK IUDJWH YRUVLFKWVKDOEHU QLFKW ZDV ZLU GDDHQ±LFKKDWWH$QJVWYRUGHU$QWZRUW'HU/lXIHUVHXI]WH VFKZHUXQGEHJDQQVHLQH0DWVFKUDWLRQKLQXQWHU]XZUJHQ ª,FKKDWWHJDQ]YHUJHVVHQZLHVFKOLPPHVXPGLHYHQLDQLVFKH .FKHEHVWHOOWLVW©VDJWHHU¿QVWHUª0HLQ*HGlFKWQLVVFKHLQWPLU UHFKWVHOHNWLY]XDUEHLWHQ±DEHUZHUP|FKWHVLFKVFKRQDQHLQH VROFKH0DKO]HLWHULQQHUQ"© ,FK DQWZRUWHWH LKP QLFKW GD LFK HLQH 7DVVH ZDUPHV :DVVHU KLQXQWHUVWU]WH XP GHQ *HVFKPDFN YRQ GHU =XQJH ]X EHNRPPHQ ª1DMD©VDJWHLFKVFKOLHOLFKªZHQLJVWHQVLVWGDV:DVVHUKLHU QLFKWVRPLHVZLHLQGHU.DELQH©:LHGHUVHXI]WHGHU/lXIHU ª:DVGXGDWULQNVWLVW.DIIHH© (VZDUZLUNOLFKNHLQH9HUJQJXQJVWRXU:LUYHUORUHQEHLGHDQ *HZLFKWGDHVRIWEHVVHUZDUHLQH0DKO]HLWVWHKHQ]XODVVHQDOV VLH]XHVVHQ,FKVHW]WHPHLQH6WXGLHQIRUWXQGHUKLHOWGLHK|KHUHQ :HLKHQLQ8QWHUVFKODJXQJ)lOVFKXQJYRQ6SHVHQDEUHFKQXQJHQ XQG GRSSHOWHU XQG GUHLIDFKHU %XFKIKUXQJ ± GLHV DOOHV DXI (VSHUDQWRELVLFKPLFKGDULQÀLHHQGDXVGUFNHQNRQQWH %HL GHU HUVWHQ 3ODQHWHQODQGXQJ EOLHEHQ ZLU LP 6FKLII GD 6ROGDWHQXQG=ROOEHDPWHVFKDUHQZHLVHDQ%RUGNDPHQ ª+LHU QLFKW© VDJWH GHU .DSLWlQ XQG EHWUDFKWHWH VLFK PLW XQV GDV$EELOG GHU 8PJHEXQJ DXI HLQHP %LOGVFKLUP ª,KQHQ GUIWH PHKU GHU QlFKVWH 3ODQHW LQ GLHVHP 6\VWHP OLHJHQ ± /DQGZLUWVFKDIW ZHQLJ EHY|ONHUW 'RUW VLQG (LQZDQGHUHU ZLOONRPPHQVRGDHVQLFKWPDOHLQ=ROODPWJLEW© ª8QGZLHKHLWGLHVH:HOW"©IUDJWHGHU/lXIHU ª$PSKLVELRQLD©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª1LHJHK|UW© ª0WHQ 6LH GDYRQ JHK|UW KDEHQ" 8QWHU GUHLLJWDXVHQG EHVLHGHOWHQ3ODQHWHQ"© ª6WLPPW7URW]GHP«© 'HU /lXIHU VFKLHQ EHVRUJW ]X VHLQ ZDV LFK QLFKW YHUVWDQG :HQQXQVGLHVHU3ODQHWQLFKWODJNRQQWHQZLUXQVEHVWLPPW JHQJHQG 0LWWHO YHUVFKDIIHQ XP ZHLWHU]XUHLVHQ $EHU LUJHQGHLQ ,QVWLQNW PDFKWH LKQ QHUY|V 6FKOLHOLFK EHVWDFK HU GHQ=DKOPHLVWHUXQGEHNDP=XJDQJ]XP6FKLIIVFRPSXWHU(U EHULFKWHWH PLU GDYRQ ZlKUHQG ZLU LQ XQVHUHP $EHQGHVVHQ KHUXPVWRFKHUWHQ ª,UJHQGHWZDVVWLPPWDQGHU6DFKHQLFKW±VWLQNWVFKOLPPHU DOV GLHVHU )UD© (LQH HQWVHW]OLFKH 9RUVWHOOXQJ ª,FK ¿QGH LP JDODNWLVFKHQ +DQGEXFK NHLQHUOHL +LQZHLV DXI HLQHQ 3ODQHWHQ PLW1DPHQ$PSKLVELRQLD'DEHLZLUGGLH+DQGEXFK'DWHLEHL MHGHU /DQGXQJ XQG EHL MHGHP$QVFKOX DQ HLQ SODQHWDULVFKHV .RPPXQLNDWLRQVQHW] DXWRPDWLVFK DNWXDOLVLHUW $XHUGHP KDEH LFK HLQH 6SHUUH YRUJHIXQGHQ ZDV XQVHUHQ QlFKVWHQ %HVWLPPXQJVRUW DQJHKW 1XU GHU .DSLWlQ KDW GHQ )UHLJDEH &RGH© ª:DVN|QQHQZLUWXQ"© ª1LFKWV±ELVZLUJHODQGHWVLQG'DQQHUIDKUHQZLUZDVHU LP6FKLOGHIKUW© ª.DQQVWGXQLFKWHLQHQGHU2I¿]LHUHEHVWHFKHQ"© ª6FKRQJHVFKHKHQ±GHVKDOEZHLLFKMDGDQXUGHU.DSLWlQ XQVHUQlFKVWHV=LHONHQQW1DWUOLFKKDWPLUGHU.HUOGDVHUVW JHVDJWDOVLFKVFKRQJH]DKOWKDWWH(LQPLHVHU7ULFN,FKKlWW¶V JHQDXVRJHPDFKW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK YHUVXFKWH LKQ DXI]XPXQWHUQ DEHU HV QW]WH QLFKWV 9HUPXWOLFK KDWWH GDV (VVHQ VHLQH 0RUDO DQJHNQDFNVW (V NRQQWH VLFKHU QXU JXW VHLQ DXI GLHVHP 3ODQHWHQ ]X ODQGHQ ZLH LPPHUHUDXFKDXVVHKHQPRFKWH,PPHUKLQ¿QGHWVLFKHLQJXWHU 'LHELQMHGHU*HVHOOVFKDIWVIRUP]XUHFKW8QGHLQVZDUNODU'DV (VVHQNRQQWHQXUEHVVHUVHLQDOVGDV=HXJGDVZLUZLGHUVWUHEHQG KLQXQWHUZUJWHQ :LUEOLHEHQLQGHQ.RMHQELVGDV6FKLIIODQGHWHXQGGDVJUQH /LFKWOHXFKWHWH8QVHUNOHLQHV*HSlFNVWDQGIHUWLJJHSDFNWEHUHLW XQGZLUWUXJHQHV]XU/XIWVFKOHXVHKLQXQWHU'HU.DSLWlQEHGLHQWH SHUV|QOLFKGLH.RQWUROOHQ(UNQXUUWHYRUVLFKKLQZlKUHQGGHU DXWRPDWLVFKH/XIWDQDO\VDWRUVHLQH$UEHLWYHUULFKWHWHGDV,QQHQOXN ZUGH VLFK HUVW |IIQHQ ZHQQ GHU 3UR]H ]XU =XIULHGHQKHLW GHU 0DVFKLQH EHHQGHW ZDU (QGOLFK SLHSWH VLH XQG JDE 6LJQDO XQG HU JLQJ DXI PDQXHOOH .RQWUROOHQ 'DV VFKZHUH /XN |IIQHWH VLFK ODQJVDP XQG HLQH %ULVH ZDUPHU ZU]LJHU /XIW ZHKWH KHUHLQ $QHUNHQQHQGDWPHWHQZLUGXUFK ª+LHU LVW HLQ 6WLIW© VDJWH .DSLWlQ *DUWK $EHU GHU /lXIHU OlFKHOWHQXU 'HU .DSLWlQ JLQJ YRUDXV XQG ZLU IROJWHQ PLW GHP *HSlFN (V ZDU 1DFKW DP +LPPHO VWDQGHQ KHOOH 6WHUQH XQVLFKWEDUH *HVFK|SIH NHFNHUWHQ XQG VFKULHQ KLQWHU HLQHU QDKHQ 5HLKH YRQ %lXPHQ'DVHLQ]LJH/LFKWJLQJYRQGHU/XIWVFKOHXVHDXV ª'DVPXUHLFKHQ©VDJWGHU.DSLWlQGHUDP(QGHGHU5DPSH VWDQG'HU/lXIHUVFKWWHOWHGHQ.RSIXQGGHXWHWHDXIGDV0HWDOO XQWHUVHLQHQ)HQ ª:LUVLQGLPPHUQRFKLP6FKLII%LWWHDXIIHVWHQ%RGHQ© 0DQ HLQLJWH VLFK DXI HLQH QHXWUDOH 6WHOOH GLFKW DQ GHU 5DPSH ±GRFKZHLWJHQXJYRP6FKLIIHQWIHUQWXPMHGHQ9HUVXFKHLQHV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH =XUFNKROHQVDXV]XVFKOLHHQ'HU/lXIHU]RJGHQ6FKHFNQDKP HQGOLFKGHQ6FKUHLEHUHQWJHJHQXQGPDOWHVHLQH8QWHUVFKULIW'HU PLWUDXLVFKH .DSLWlQ YHUJOLFK VLH PLW GHU GDUEHU VWHKHQGHQ 6LJQDWXU XQG QLFNWH VFKOLHOLFK 0LW VFKQHOOHQ 6FKULWWHQ PDUVFKLHUWHHUGLH5DPSHKLQDXIZlKUHQGZLUXQVHU*HSlFN DXIQDKPHQGDQQGUHKWHHUVLFKXP ª6LHJHK|UHQHXFK©ULHIHU :lKUHQG GLH 5DPSH LQ GLH /XIW VWLHJ XQHUUHLFKEDU IU XQVÀDPPWHQLQGHU'XQNHOKHLWNUlIWLJH6FKHLQZHUIHUDXIXQG QDJHOWHQ XQV ZLH ,QVHNWHQ IHVW %HZDIIQHWH HLOWHQ DXI XQV ]X ZlKUHQGZLUXQVKLOÀRVDXIGHU6WHOOHGUHKWHQ ª,FKZXWHGRFKGDHWZDVIDXOZDU©VDJWHGHU/lXIHU(U OLH VHLQH .RIIHU IDOOHQ XQG VFKDXWH GHQ KHUDQVWUPHQGHQ 0lQQHUQJULPPLJHQWJHJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

(LQH SUlFKWLJH *HVWDOW LQ URWHU 8QLIRUP VWDSIWH DXV GHU 'XQNHOKHLW KHUEHL EOLHE YRU XQV VWHKHQ XQG ]ZLUEHOWH HLQHQ JURHQ HOHJDQWHQ 6FKQXUUEDUW $OV ZlUH HU HLQHP KLVWRULVFKHQ )LOPHQWVSUXQJHQWUXJHUWDWVlFKOLFKDQGHU+IWHHLQHQ6lEHO GHQHUIHVWXPNODPPHUWKLHOW ª,FK QHKPH HXFK DOOHV DE ZDV LKU EHVLW]W$OOHV +HU GDPLW VFKQHOO© =ZHL 8QLIRUPLHUWH UDQQWHQ KHUEHL XP GDIU ]X VRUJHQ GD ZLU GHU$QRUGQXQJ QDFKNDPHQ 6LH WUXJHQ VHOWVDPDXVVHKHQGH :DIIHQ PLW JURHQ /lXIHQ XQG +RO]NROEHQ +LQWHU XQV K|UWH LFKHVNQLUVFKHQGLH5DPSHVHQNWHVLFKZLHGHUKHUDE.DSLWlQ *DUWKVWDQGDPXQWHUHQ(QGH,FKEFNWHPLFKXPGLH7DVFKHQ DXI]XKHEHQ 8QGVHW]WHGLH'UHKXQJIRUWVWU]WHPLFKDXIGHQ.DSLWlQXQG SDFNWH]X (LQ ODXWHU .QDOO HUW|QWH XQG LUJHQG HWZDV VLUUWH DQ PHLQHP .RSI YRUEHL XQG SUDOOWH KRKO JHJHQ GLH 6FKLIIVZDQGXQJ 'HU .DSLWlQ ÀXFKWH XQG YHUVXFKWH PLFK PLW GHU )DXVW ]X WUHIIHQ %HVVHU KlWWH HV QLFKW NRPPHQ N|QQHQ ,FK WUDW GHP +LHE HQWJHJHQ SDFNWH GHQ$UP XQG KHEHOWH LKQ KLQWHU GHP 5FNHQ KHUXQWHU(UVFKULHYRU6FKPHU]HQDXIHLQKHUUOLFKHU/DXW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª/RVODVVHQ© VDJWH HLQH 6WLPPH XQG LFK VFKDXWH EHU GLH ]LWWHUQGH 6FKXOWHU GHV .DSLWlQV XQG VDK GHQ /lXIHU DXI GHP %RGHQOLHJHQGHQ6WLHIHOGHV2I¿]LHUVDXIGHU%UXVW'HU6lEHO ZDUQLFKWQXU]XU=LHUGHGDGHQQGLH6SLW]HVDGHP/lXIHUDQ GHU.HKOH (VZDUZRKOZLHGHUPDOHLQ7DJDQGHPQLFKWVNODSSHQZROOWH ,FKGUFNWHGHP.DSLWlQPLWGHUIUHLHQ+DQGQRFKHLQPDONXU] GLH.HKOH]XGDQQOLHLFKORV(UJOLWWVFKODII]X%RGHQXQGVHLQ .RSIGU|KQWHDXIGDVDQJHQHKPVWHJHJHQGLH5DPSH,FKZLFK ]XUFNXQGGHU /lXIHU VWDQG XQVLFKHU DXI XQG VWlXEWH VLFK DE ª(QWVFKXOGLJHQ 6LH JXWHU +HUU© VDJWH HU ]X XQVHUHP +lVFKHU ª'UIWH LFK 6LH EHVFKHLGHQ QDFK GHP 1DPHQ GHV 3ODQHWHQIUDJHQDXIGHPZLUXQVEHILQGHQ"© ª6SLRYHQWH©NQXUUWHGHU0DQQ ª'DQNH:HQQ6LHJHVWDWWHQKHOIHLFKMHW]WPHLQHP)UHXQG .DSLWlQ *DUWK DXI GLH %HLQH GHQQ LFK P|FKWH PLFK EHL LKP IU GDV XQEHKHUUVFKWH 9HUKDOWHQ PHLQHV MXQJHQ %HJOHLWHUV HQWVFKXOGLJHQ© 1LHPDQGKLQGHUWHLKQGDUDQVLFKGHP.DSLWlQ]X]XZHQGHQ GHUHEHQZLHGHU]X%HZXWVHLQNDP (UJLQJGHVVHQDEHUVRIRUWZLHGHUYHUOXVWLJZHLOGHU/lXIHU LKPHLQHQ7ULWWJHJHQGLH6FKOlIHYHUVHW]WH ª1RUPDOHUZHLVHELQLFKQLFKWUDFKHGXUVWLJ©VDJWHHUZDQGWH VLFKDEXQG]RJVHLQH%ULHIWDVFKH(UUHLFKWHVLHGHP 2I¿]LHU XQG IXKU IRUW ª$EHU ZHQLJVWHQV GLHVHV HLQH 0DO ZROOWH LFK PHLQH *HIKOH GHXWOLFK PDFKHQ HKH LFK LQ PHLQH IULHGOLFKH +OOH]XUFNNHKUWH'DVYHUVWHKHQ6LHGRFKKRIIHQWOLFK"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª+lWWHVHOEVWQLFKWDQGHUVJHKDQGHOW©VDJWHGHU2I¿]LHUXQG ]lKOWHGDV*HOGª$EHUPLWGHU6SLHOHUHLLVWQXQ6FKOX'XVDJVW DEVRIRUWNHLQ:RUWPHKU]XPLUVRQVWELVWGXWRW© (U ZDQGWH VLFK DE ZlKUHQG JOHLFK]HLWLJ HLQ DQGHUHU 0DQQ DXV GHU 1DFKW DXIWDXFKWH GHU ]ZHL VFKZDU]H 0HWDOOVFKOLQJHQ LQGHQ+lQGHQKLHOW:LGHUVWDQGVORVOLHVLFKGHU/lXIHUHLQHV GLHVHU *HELOGH XP GDV )XJHOHQN OHJHQ 6ROFKH 6FKOLQJHQ ZDUHQ PLU XQEHNDQQW ± GRFK JH¿HO PLU GDV 'LQJ QLFKW ,FK ZROOWHHVGHQ%XUVFKHQQLFKWVRHLQIDFKPDFKHQ $EHUGDQQWDWLFKHVGRFK'LH0QGXQJHLQHU:DIIHERKUWH VLFKLQPHLQHQ5FNHQXQGLFKOHLVWHWHNHLQHQ:LGHUVWDQGDOV GLH )HVVHO ]XVFKQDSSWH 'HU 0DQQ GHU GLH )HVVHOQ JHEUDFKW KDWWHULFKWHWHVLFKDXIXQGVFKDXWHPLULQV*HVLFKW±XQG]ZDU DXV VR JHULQJHU 'LVWDQ] GD VHLQ .ORDNHQDWHP PLU LQ GLH 1DVH VWLHJ (U ZDU DXHUGHP VFKUHFNOLFK KlOLFK YRQ HLQHU JH]DFNWHQ1DUEHHQWVWHOOWGLHLKPEHUGDV*HVLFKWOLHI%HLP 6SUHFKHQERKUWHHUPLUHLQHQVSLW]HQ)LQJHULQGLH%UXVW ª,FK ELQ 7DUV 7XNDV 'LHQHU XQVHUHV +HUUQ GHV PlFKWLJHQ &DSR 'RFFLD$EHU GX VSULFKVW PLFK QLH PLW GHP 1DPHQ DQ VRQGHUQQHQQVWPLFKVWHWVQXU+HUU© ,FKVDJWHHLQHQDQGHUHQ7LWHOGHUYLHOEHVVHU]XLKPSDWHDOV ¾+HUU½DEHUGDGUFNWHHUHLQHQ.QRSIDQHLQHP0HWDOONDVWHQ GHUDQVHLQHP*UWHOEDXPHOWH ,PQlFKVWHQ0RPHQWZDQGLFKPLFKDP%RGHQXQGYHUVXFKWH GHQURWHQ6FKPHU]HQVQHEHODXVPHLQHQ$XJHQ]XYHUWUHLEHQ $OVLFKZLHGHUVHKHQNRQQWHHUEOLFNWHLFKGHQ/lXIHUGHUYRU PLUODJXQGVLFKHEHQIDOOVYRU6FKPHU]HQNUPPWH,FKKDOILKP KRFK7DUV7XNDVKlWWHGDVQLFKWWXQPVVHQQLFKWEHLHLQHP VR DOWHQ 0DQQ$OVLFKPLFKXPGUHKWHJULQVWHHUPLFKVFKLHI DQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:HU ELQ LFK"© IUDJWH HU ,FK ZLGHUVWDQG GHU 9HUVXFKXQJ ± ZHQQ VFKRQ QLFKW PHLQHWZHJHQ GDQQ LP ,QWHUHVVH GHV /lXIHUV ª+HUU© ª9HUJL GDV QLFKW ± XQG YHUVXFK QLFKW ]X ÀLHKHQ hEHUDOO LP/DQGVWHKHQQHXUDOH9HUVWlUNHU$NWLYLHUHLFKGLH6WUDKOXQJ ODQJH JHQXJ K|UHQ GHLQH 1HUYHQ ]X IXQNWLRQLHUHQ DXI )U LPPHU%HJULIIHQ"© ª%HJULIIHQ+HUU© ª*LEPLUDOOHVZDVGXEHLGLUKDVW© ,FK JHKRUFKWH *HOG 'RNXPHQWH 0Q]HQ 6FKOVVHO 8KU HLQIDFK DOOHV (U GXUFKVXFKWH PLFK JURE XQG VFKLHQ ]XQlFKVW ]XIULHGHQ]XVHLQ ª/RV© (LQH NXU]H WURSLVFKH 0RUJHQGlPPHUXQJ KDWWH EHJRQQHQ XQGGLH/LFKWHUJLQJHQDXV:LUIROJWHQXQVHUHPQHXHQ+HUUQ XQG VFKDXWHQ QLFKW ]XUFN 'HU /lXIHU KDWWH 0KH PLW GHP *HKHQXQGLFKPXWHLKQVWW]HQ7DUV7XNDV IKUWH XQV ]X HLQHP KHUXQWHUJHNRPPHQHQ +RO]NDUUHQ GHU LQ GHU 1lKH VWDQG0DQEHGHXWHWHXQVKLQWHQDXI]XVWHLJHQ:LUQDKPHQ DXI GHP6LW]EUHWW3ODW]XQGVFKDXWHQ]XZLH.LVWHQDXVGHP /DGHUDXPGHV5DXPHUVJHVFKDIIWZXUGHQ ª(LQKEVFKHUhEHUUDVFKXQJVDQJULIIDXIGHQ.DSLWlQ©VDJWH LFKª2IIHQVLFKWOLFKZHLWGXEHUGLHVHQ3ODQHWHQPHKUDOVLFK :LHKLHHUGRFKJOHLFK"© ª6SLRYHQWH© (U VSXFNWH GDV :RUW ZLH HLQH 9HUZQVFKXQJ DXVª'HU0KOVWHLQDP+DOVGHU/LJD'LHVHU.DSLWlQKDWXQV JDQ] VFKOLPP UHLQJHOHJW $XHUGHP LVW HU 6FKPXJJOHU hEHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GLHVH PLHVH :HOW LVW HLQ WRWDOHV (PEDUJR YHUKlQJW ZRUGHQ 'DEHLJHKWHVYRUDOOHPXP:DIIHQ±XQGLFKELQVLFKHUGDGLH .LVWHQYROOGDYRQVLQG6SLRYHQWH© :DV PLU DXFK QLFKW YLHO ZHLWHUKDOI ± DXHU LQ PHLQHU (UNHQQWQLV GD XQVHUH /DJH ]LHPOLFK VFKOHFKW ZDU ª'X N|QQWHVW GLFK QLFKW HWZDV JHQDXHU EHU GLHVHQ 0KOVWHLQ DXVODVVHQ"© ª,FKJHEHPLUGLH$OOHLQVFKXOGGDGXKLHUKLQHLQJHUDWHQELVW $EHU .DSLWlQ *DUWK ZLUG GDIU EHQ$XFK ZHQQ ZLU VRQVW QLFKWV HUUHLFKHQ VROOWHQ -LP ± LKQ EULQJHQ ZLU ]XU 6WUHFNH ,UJHQGZLHYHUVWlQGLJHQZLUGLH/LJD© 'LHVHV ,UJHQGZLH VFKLHQ VHLQH 'HSUHVVLRQ QRFK ]X VWHLJHUQXQGHUVWW]WHHUVFK|SIWGHQ.RSILQGLH+lQGH,FK VD VWXPP GD XQG ZDUWHWH GDUDXI GD HU ZLHGHU HWZDV VDJWH 6FKOLHOLFK HUIOOWH HU GLHVH (UZDUWXQJ XQG ULFKWHWH VLFK DXI ,PUHÀHNWLHUWHQ/LFKWHUNDQQWHLFKGDGDV )XQNHOQ LQ VHLQH $XJHQ]XUFNJHNHKUWZDU ª1LOFDUERUXQGXP-LP/DGLFKYRQGHQ6FKZHLQHKXQGHQ QLFKWXQWHUNULHJHQ$OOHUGLQJVVWHFNHQZLUGLHVPDOWFKWLJLP 'UHFN'LH/LJDEHNDP]XPHUVWHQPDOYRUJXW]HKQ-DKUHQPLW 6SLRYHQWH.RQWDNW'HU3ODQHWZDUVHLWGHP=XVDPPHQEUXFK LVROLHUW JHZHVHQ XQGKDWWHVLFKLQYLHOHQWDXVHQG-DKUHQ]XP 1HJDWLYHQ KLQ HQWZLFNHOW 'XUFK VROFKH 3ODQHWHQ NRPPHQ 9HUEUHFKHU LQ 9HUUXI ± GHQQ VLH VFKZLQJHQ KLHU GDV =HSWHU 'DV,UUHQKDXVLQ5HJLHGHU,UUHQ'LH$QDUFKLHKHUUVFKW±QHLQ GDVVWLPPWQLFKWLP9HUJOHLFK]X6SLRYHQWHLVWGLH$QDUFKLH HLQ )DKUW¿QGHU3LFNQLFN :lKUHQG LFK DQ GHQ VFKZLHULJHUHQ $VSHNWHQPHLQHUSHUV|QOLFKHQ3KLORVRSKLHDUEHLWHWHVWXGLHUWH LFK LQVEHVRQGHUH GDV 5HJLHUXQJVV\VWHP GLHVHU :HOW GDV LP *UXQGH LQ GLH YHUJHVVHQH PHQVFKOLFKH 8U]HLW JHK|UW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'DV 6\VWHP LVW LQ MHGHU %H]LHKXQJ YHUDEVFKHXXQJVZUGLJ GHQQRFK NDQQ GLH /LJD QLFKWV GDJHJHQ WXQ DXHU YLHOOHLFKW HLQH ,QYDVLRQ JHJHQ GHQ 3ODQHWHQ HLQ]XOHLWHQ 'LHV DEHU VWQGH LP :LGHUVSUXFK ]X GHQ *UXQGVlW]HQ GHU /LJD 6R LVW GLH6WlUNHGHU/LJD]XJOHLFKLKUH6FKZlFKH.HLQ3ODQHWNHLQH 3ODQHWHQJUXSSH GDUI HLQHQ DQGHUHQ 3ODQHWHQ KDQGJUHLÀLFK DWWDFNLHUHQ :HU GLHV WlWH ZUGH VRIRUW YRQ DOOHQ DQGHUHQ YHUQLFKWHW ZHLO GDV .ULHJIKUHQ OlQJVW XQJHVHW]OLFK LVW 'HU /LJD EOHLEW GLH $XIJDEH QHXHQWGHFNWHQ 3ODQHWHQ ]X KHOIHQ LKQHQ 5DW XQG 8QWHUVWW]XQJ ]XNRPPHQ ]X ODVVHQ *HUFKWHZHLVH JLEW HV *HKHLPRUJDQLVDWLRQHQ GHU /LJD GLH VLFK EHPKHQ ZLGHUOLFKH *HVHOOVFKDIWVIRUPHQ ± ZLH GLH KLHVLJH HLQH LVW ± ]X XQWHUZDQGHUQ DEHU GDYRQ ZLUG LQ GHU gIIHQWOLFKNHLW QDWUOLFK QLH JHVSURFKHQ :LU VWHFNHQ DOVR LQ GHU.OHPPHLQHLQHUEOHQ.OHPPH6SLRYHQWHLVWQlPOLFKHLQ YHU]HUUWHV6SLHJHOELOGGHU]LYLOLVLHUWHQ:HOWHQ+LHUJLEWHVNHLQ JHVFKULHEHQHV*HVHW]±DOOHLQ0DFKW]lKOW9HUEUHFKHUEDQGHQ ZHUGHQ YRQ &DSRV DQJHIKUW ZLH GHP 6FKZHUWVFKZLQJHU LQ GHU ÀRWWHQ 8QLIRUP &DSR 'RFFLD HU JHK|UW GD]X -HGHU &DSR YHUVXFKW GDV YRQ LKP EHKHUUVFKWH &DSRWH P|JOLFKVW DXV]XGHKQHQ 6HLQH *HIROJVOHXWH HUKDOWHQ DOV %HORKQXQJ HLQHQ7HLOGHU:HUWHGLHPDQGHQ%DXHUQDESUHWRGHUGHUEHL .ULHJV]JHQJHPDFKWHQ%HXWH*DQ]XQWHQLQGLHVHU3\UDPLGH GHV9HUEUHFKHQVVWHKHQGLH6NODYHQ:LU© (UGHXWHWHDXIGLH6FKPHU]VFKHOOHDQVHLQHP)XJHOHQNXQG JDEVLFKZLHGHUVHLQHU1LHGHUJHVFKODJHQKHLWKLQ,FKPDFKWH HVLKPQDFK ª1XQ MD GLH 6DFKH KDW MD DXFK LKUH JXWH 6HLWH© VDJWH LFK YHU]ZHLIHOW ª,QZLHIHUQ"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *HQDXGLHVH)UDJHVWHOOWHLFKPLUDXFKZlKUHQGLFKVWRWWHUQG YRUPLFKKLQGDFKWH ª'LH JXWH 6HLWH QXQ MD HV JLEW LPPHU HLQH JXWH 6HLWH =XP %HLVSLHO ± ZLU VLQG ZHLW ZHJ YRQ %LFKHQ+LPPHO XQG XQVHUHQ GRUWLJHQ3UREOHPHQ9ROOJHHLFKWDXIHLQHQQHXHQ$QIDQJ© ª$P)XHGHU3\UDPLGH±DOV6NODYHQ"© ª*HQDX9RQKLHUNDQQ¶VQXUQDFKREHQJHKHQ© 'LHVHU YHU]ZHLIHOWH GLDOHNWLVFKH 6FKOHQNHU Q|WLJWH LKP QXU HLQ VFKZDFKHV =XFNHQ GHU 0XQGZLQNHO DE XQG LFK VSUDFK KDVWLJZHLWHU ª=XP%HLVSLHOKDWPDQXQVGXUFKVXFKWXQGDOOHVDEJHQRPPHQ $XHUHLQHU.OHLQLJNHLW6HLWPHLQHP$XVÀXJLP*HIlQJQLVWUDJH LFK VWHWV HLQ NOHLQHV 6RXYHQLU LP 6FKXK EHL PLU 'LHV«© ± LFK KLHOW GHQ 'LHWULFK LQ GLH +|KH ZRUDXI VHLQ /lFKHOQ HQGOLFK VLFKWEDUZXUGHª8QGHUIXQNWLRQLHUW±VLHKVWGX"©,FK|IIQHWHGLH 6FKPHU]VFKHOOHXQG]HLJWHVLHLKPGDQQOLHLFKVLHZLHGHUXP PHLQ%HLQVFKQDSSHQª:LUYHUVFKZLQGHQZHQQZLUGD]XEHUHLW VLQG© ,Q]ZLVFKHQ ZDU VHLQ *ULQVHQ ]X HLQHP EUHLWHQ /lFKHOQ JHZRUGHQ (U OHJWH PLU LQ HLQHU HFKW NDPHUDGVFKDIWOLFKHQ *HVWH EHLGH +lQGH DXI GLH 6FKXOWHUQ ª:LH UHFKW GX KDVW© ULHI HU VWUDKOHQG ª:LU ZHUGHQ EUDYH 6NODYHQ VHLQ ± ZHQLJVWHQV LP $XJHQEOLFN (EHQ ODQJH JHQXJ XP XQV LQ GLHVHU *HVHOOVFKDIW ]XUHFKW¿QGHQ ]X N|QQHQ XP GLH .RPPDQGRVWUXNWXUHQ ]X HUNHQQHQXQGKHUDXV]X¿QGHQZLHPDQVLHVW|UHQNDQQZRKHU GHU5HLFKWXPNRPPWXQGZLHPDQVHOEVWUHLFKZHUGHQNDQQ6REDOG LFK GLH 1lKWH XQG /|FKHU LQ GHU KLHVLJHQ *HVHOOVFKDIWVVWUXNWXU JHIXQGHQ KDEH ZHUGHQ ZLU XQV ZLHGHU LQ 5DWWHQ YHUZDQGHOQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $OOHUGLQJV ZRKO QLFKW LQ (GHOVWDKOUDWWHQ VRQGHUQ PHKU LQ GLH SHO]LJH]RWWHOLJH5LFKWXQJ© ª-HGH DQGHUH 5DWWH LVW PLU HEHQVR UHFKW :LU ZHUGHQ DOOH +LQGHUQLVVHEHUZLQGHQ© ,P JOHLFKHQ 0RPHQW PXWHQ ZLU ]XU 6HLWH VSULQJHQ GD GLH HUVWH .LVWH DXI GLH /DGHÀlFKH JHZRUIHQ ZXUGH GLH LQ DOOHQ )XJHQlFK]WH$OVGDVOHW]WH%HKlOWQLVDQ%RUGZDUVWLHJHQGLH 0lQQHUGD]X,FKZDUIURKGDGDV/LFKWVRVFKZDFKZDU±LFK ZROOWH VLH PLU QLFKW DXV GHU 1lKH DQVFKDXHQ 'UHL ]HUOXPSWH VFKPXW]LJHXQUDVLHUWH.HUOHGLHNHLQHQVRQGHUOLFKDQJHQHKPHQ *HUXFK YHUEUHLWHWHQ 6FKOLHOLFK VWHPPWH VLFK HLQ YLHUWHU 0DQQ KRFKJU|HUXQGQRFK¿HVHUDOVGLHDQGHUHQDXFKZHQQVHLQH .OHLGXQJ HLQ ZHQLJ EHVVHU LQ 6FKX ZDU +RFKPWLJ VWDUUWH HU DXIXQVQLHGHUXQGLFKURFKQLFKWQXUVHLQH.|USHUDXVGQVWXQJ VRQGHUQHLQHEUHQ]OLJH6LWXDWLRQ ª:HLWGXZHULFKELQ"'HU'UFNHU'LHVLVWPHLQ+DXIHQXQG LKUWXWZDVLFKVDJH$OVHUVWHVVDJHLFKGLUDOWHU0DQQGDGX GLH-DFNHDXV]LHKHQVROOVW%HLPLUVLHKWVLHEHVWLPPWEHVVHUDXV DOVEHLGLU© ª'DQNH IU GHQ 9RUVFKODJ +HUU© DQWZRUWHWH GHU /lXIHU ]XYRUNRPPHQGª$EHULFKJODXEHLFKEHKDOWHVLHOLHEHU© ,FK ZXWH ZDV HU LP 6FKLOGH IKUWH XQG KRIIWH GD HU HV GXUFK]LHKHQ NRQQWH (V JDE VHKU ZHQLJ %HZHJXQJVUDXP XQG GHU.HUOZDUGRSSHOWVRJURZLHLFK,FKZUGHK|FKVWHQVHLQHQ 6FKODJODQGHQN|QQHQGHULQV=LHOJHKHQPRFKWH 'HU PDVVLJH .HUO U|KUWH ]RUQLJ ORV XQG NOHWWHUWH EHU GLH .LVWHQ 'LH HQWVHW]WHQ 6NODYHQ NUDEEHOWHQ LKP DXV GHP :HJ $XVJH]HLFKQHW$OVHUQDFKGHP/lXIHUJULIINQDOOWHLFKLKPGLH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH YHUVFKUlQNWHQ)lXVWHLQGHQ1DFNHQ(VJDEHLQKEVFKGXPSIHV *HUlXVFKXQGHUEUDFKEHUGHU.LVWH]XVDPPHQ ,FKEOLFNWHDXIGLH6NODYHQGLHVWXPPXQGPLWDXIJHULVVHQHQ $XJHQGDEHLVWDQGHQ ª6RHEHQKDEWLKUHLQHQQHXHQ'UFNHUEHNRPPHQ©YHUNQGHWH LFK XQG PHKUHUH /HXWH QLFNWHQ KDVWLJ ,FK GHXWHWH DXI HLQHQ 0DQQGLFKWQHEHQPLUª:LHKHLHLFK"© 6HLQ *ULQVHQ ]HLJWH VFKZlU]OLFKH DEJHEURFKHQH =lKQH ª.lPSIHQ KHOIHQ ZLU GLU QLFKW $OOHUGLQJV N|QQHQ ZLU GLFK ZDUQHQZHQQGXXQVQLFKWVRVFKOlJVWZLHHU© ª(LQYHUVWDQGHQNHLQH6FKOlJH,KUKHOIWPLUDOOH"© ,QGHU5XQGHZXUGHJHQLFNW ª'DQQKDEHLFKHLQHQHUVWHQ$XIWUDJIUHXFK,KUZHUIWGHQ DOWHQ 'UFNHU YRP :DJHQ ,FK P|FKWH QLFKW LQ VHLQHU 1lKH VHLQZHQQHUDXIZDFKW© %HJHLVWHUW NDPHQ VLH GHU $XIIRUGHUXQJ QDFK QLFKW RKQH GHP0DQQQRFKHLQLJH)XWULWWHPLWDXIGHQ:HJ]XJHEHQ ª9LHOHQ'DQN-DPHVLFKZHLGLH+LOIH]XVFKlW]HQ©VDJWHGHU /lXIHUª,FKKDWWHPLUEHUOHJWGDGXZDKUVFKHLQOLFK IUKHU RGHU VSlWHU RKQHKLQ JHJHQ LKQ NlPSIHQ PWHWVW ± ZDUXP VROOWHGDVDOVRQLFKWIUKHUJHVFKHKHQZRLFKGLUDOV$EOHQNXQJ GLHQHQNDQQ"8QVHU$XIVWLHJLQGLHVHU*HVHOOVFKDIWKDWEHUHLWV EHJRQQHQ±GHQQGXKDVWGLHHLQIDFKHWLHIVWH6NODYHQNDWHJRULH EHUHLWVYHUODVVHQ±6DWHOOLWHQ±ZDVLVWGDV"© ,FK VFKDXWH LQ GLH 5LFKWXQJ LQ GLH HU ]HLJWH XQG UL PLQGHVWHQV HEHQVR HUVWDXQW GLH $XJHQ DXI ZLH HU (V ZDU HLQH$UW 0DVFKLQH ± VRYLHO ZDU NODU .ODSSHUQG XQG NOLUUHQG XQG5DXFKZRONHQDXVVWRHQGNDPVLHODQJVDPDXIXQV]X'HU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH )DKUHU OLH VLH YRU GHP .DUUHQ KHUXPVFKZHQNHQ ZlKUHQG VHLQ +HOIHU DEVWLHJ XQG GHQ $QKlQJHU IHVWPDFKWH (V JDE HLQHQ5XFNXQGZLUVHW]WHQXQVODQJVDPLQ%HZHJXQJ ª6FKDXJHQDXKLQ-LPXQGYHUJLHVQLFKW©VDJWHGHU/lXIHU ª'X HUEOLFNVW GRUW YRU GLU HLQ 5HOLNW DXV GHQ 8UDQIlQJHQ GHU 7HFKQLNVHLWYLHOHQ=HLWDOWHUQYHUJHVVHQ'HU/DQGZDJHQGRUW ZLUGPLW'DPSIDQJHWULHEHQVRZDKULFKOHEHXQGDWPH:HLW GXDOOPlKOLFKKDEHLFKGDV*HIKOGDHVPLUKLHUJHIDOOHQ ZLUG© 8UDOWH0DVFKLQHQIDV]LQLHUWHQPLFKEHLZHLWHPQLFKWVRZLH LKQ 0HLQH *HGDQNHQ EHVFKlIWLJWHQ VLFK YLHOPHKU PLW GHP DEJHVHW]WHQ6FKXUNHQXQGZDVZRKOJHVFKHKHQZUGHZHQQ HUPLFKKROHQNDP,FKPXWHPHKUEHUGLHYRUKHUUVFKHQGHQ /HEHQVUHJHOQ LQ (UIDKUXQJ EULQJHQ ± XQG ]ZDU VFKQHOO ,FK VHW]WHPLFKQDFKKLQWHQ]XGHQDQGHUHQ6NODYHQGRFKHKHLFK HLQ*HVSUlFKHU|IIQHQNRQQWHNODSSHUWHQZLUVFKRQEHUHLQH %UFNHXQGGXUFKHLQLQHLQHUKRKHQ0DXHUNODIIHQGHV7RU'HU )DKUHU XQVHUHV 'DPSI7UDNWRUV KLHOW DQ XQG ULHI ª$OOHV KLHU DEODGHQ© ,Q PHLQHU QHXHQ (LJHQVFKDIW DOV 'UFNHU EHUZDFKWH LFK GLH DQGHUHQ KDOI LKQHQ DEHU QXU VHOWHQ *HUDGH ZXUGH GLH OHW]WH.LVWH]X%RGHQJHZRUIHQDOVHLQHUPHLQHU6NODYHQVLFK PHOGHWH ª'DNRPPWHU±DP7RUKLQWHUGLU© +DVWLJ GUHKWH LFK PLFK XP (U KDWWH UHFKW 'HU HKHPDOLJH 'UFNHU ZDU EHUHLWV ]XU 6WHOOH ]HUNUDW]W XQG EOXWEHUVWU|PW XQGZXWVFKlXPHQG %UOOHQGJULIIHUPLFKDQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

$OV HUVWHV UL LFK YRU GHP $QJUHLIHU DXV ± GHU PLW ODXWHP :XWJHVFKUHL KLQWHU PLU KHUVWU]WH ,FK KDQGHOWH QLFKW DXV $QJVWDXFKZHQQLFKGDYRQHLQJHZLVVHV4XDQWXPYHUVSUWH VRQGHUQDXVGHU(UNHQQWQLVKHUDXVGDLFKPHKUIUHLHQ5DXP XP PLFK EUDXFKWH 6REDOG LFK PLFK ZHLW JHQXJ YRP .DUUHQ HQWIHUQWKDWWHPDFKWHLFKNHKUWXQGVWHOOWHLKPHLQ%HLQVRGD HUGHU/lQJHQDFKLQGHQ'UHFN¿HO 'LHV EUDFKWH PLU YRQ GHQ =XVFKDXHUQ HLQ ODXWHV /DFKHQ HLQ,FKVFKDXWHNXU]LQGLH5XQGHZlKUHQGHUVLFKODQJVDP DXIUDSSHOWH,FKHQWGHFNWHEHZDIIQHWH:lFKWHUNHLQH6NODYHQ ±XQGGHQURWJHNOHLGHWHQ&DSR'RFFLDGHUXQVDXVJHSOQGHUW KDWWH 0LU NDP HLQH ,GHH ± GRFK HKH VLH *HVWDOW DQQHKPHQ NRQQWHPXWHLFKPLFKZHKUHQXPDP/HEHQ]XEOHLEHQ 'HU 8QKROG OHUQWH GD]X (U VWUPWH QLFKW PHKU ]LHOORV YRU VRQGHUQ NDP PLW DXVJHEUHLWHWHQ $UPHQ XQG JHVSUHL]WHQ )LQJHUQODQJVDPDXIPLFK]X:HQQLFKHV]XOLHGDHUPLFKDQ VLFKGUFNWHKDWWHLFKQLFKWPHKUODQJH]XOHEHQ/DQJVDPZLFK LFK]XUFNGUHKWHPLFK&DSR'RFFLD]XXQGZLFK]XU6HLWHDXV ±GDQQWUDWLFKKDVWLJYRU0LWEHLGHQ+lQGHQHUJULIILFKHLQH GHUDXVJHVWUHFNWHQ +lQGH PHLQHV$QJUHLIHUV ]RJ GDUDQ XQG OLHPLFKJOHLFK]HLWLJUFNZlUWVIDOOHQ0HLQ*HZLFKWJHQJWH XPLKQEHUPLFKIDOOHQXQGKDOWORVKLQNODWVFKHQ]XODVVHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK ZDU VRIRUW ZLHGHU DXI GHQ )HQ ± XQG KDWWH HLQHQ VFKOLFKWHQ3ODQLP.RSI(LQH9RUIKUXQJ ª'DVZDUGHUUHFKWH$UP©ULHILFKODXW %HLVHLQHPQlFKVWHQ$QJULIIJHULHWHULQV6WROSHUQXQGLFK QXW]WHGLH&KDQFH]XHLQHU$QVDJHª5HFKWHV.QLH© (LQVDXEHUJH]LHOWHU7ULWWODQGHWHDXIVHLQHU.QLHVFKHLEH(LQH VHKUVFKPHU]KDIWH6DFKHXQGHUVDQNU|FKHOQG]X%RGHQ'LHVPDO NDPHUVHKUODQJVDPZLHGHUKRFKGRFKKDWWHVLFKVHLQ+DQRFK QLFKWDXVJHWREW(UZUGHHUVW5XKHJHEHQZHQQHUEHZXWORV ZDU*XW8PVRPHKUHUOHLFKWHUWHHUPLUGLH9RUIKUXQJPHLQHU .XQVW ª/LQNHU$UP© 3DFNWH LKQ XQG GUHKWH LKQ LKP DXI GHP 5FNHQ KRFK HLQH VFKPHU]KDIWH6WHOOXQJGLHLFKUFNVLFKWVORVKLHOW(UZDUNUlIWLJ ±XQGZHKUWHVLFKPLWVHLQHUIUHLHQ+DQGQRFKLPPHUDEHULFK NDPVHLQHQ6FKOLFKHQ]XYRU ª/LQNHV %HLQ© EUOOWH LFK WUDW LKP HQHUJLVFK KLQWHQ JHJHQ GLH:DGHZRUDXIKLQHUZLHGHUDEVDFNWH,FKZLFK]XUFNXQG VFKDXWHDXI&DSR'RFFLDGHUPLUVHLQHXQJHWHLOWH$XIPHUNVDPNHLW ]XWHLOZHUGHQOLH ª.DQQVWGXQXUWDQ]HQRGHUDXFKW|WHQ"©IUDJWHHU ª,FKNDQQDEHULFKZLOOQLFKW©0LUZDUQLFKWHQWJDQJHQ GD PHLQ*HJQHUDXIJHVWDQGHQZDUXQGKLQXQGKHUVFKZDQNWH,FK GUHKWHPLFKHLQZHQLJ]XU6HLWHXPLKQDXVGHQ$XJHQZLQNHOQ EHREDFKWHQ]XN|QQHQª$POLHEVWHQZUGHLFKLKQEHZXWORV VFKODJHQ $XI GLHVH :HLVH JHZLQQH LFK GHQ .DPSI ± XQG GX YHUOLHUVWNHLQHQ6NODYHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'LH+lQGHGHV%XUVFKHQVFKO|VVHQVLFKXPPHLQHQ+DOVXQG HUEOXEEHUWHERVKDIW,FKYHUKLHOWPLFKDQJHEHULVFK±ZDVLFKDXFK JHQDX ZXWH$EHU LFK PXWH GHP 3XEOLNXP HLQ LQWHUHVVDQWHV 6FKDXVSLHO ELHWHQ 6R NQDOOWH LFK GHQ JHNUPPWHQ $UP QDFK KLQWHQRKQHLQGLH5LFKWXQJ]XVFKDXHQ0HLQ(OOERJHQERKUWH VLFKLKPKHIWLJLQGHQ/HLEGLFKWXQWHUGHP%UXVWNRUE0LWWHQLQ GHQ 1HUYHQNQRWHQ GHU DXFK 6RODU 3OH[XV JHQDQQW ZLUG 6HLQH +lQGH|IIQHWHQVLFKXQGLFKWUDWYRU+|UWHGHQGXPSIHQ$XISUDOO KLQWHUPLU(UZDUEHZXWORVXPJHVXQNHQ &DSR'RFFLDZLQNWHPLFK]XVLFK ª'DVLVWHLQHQHXH.DPSIPHWKRGH$XHQZHOWOHU©VDJWHHU DOVLFKGLFKWYRULKPVWDQGª:LUZHWWHQKLHUDXIGLH5DXIEROGH GLHVLFKPLWGHQ)lXVWHQXPWXQXQGDXIHLQDQGHUHLQGUHVFKHQ ELV %OXW ÀLHW XQG HLQHU GHU EHLGHQ QLFKW PHKU DXIVWHKHQ NDQQ© ª6ROFKH .DPSIPHWKRGHQ VLQG SULPLWLY XQG NUlIWH]HKUHQG (V LVW HLQH .XQVW ]X ZLVVHQ ZR XQG ZLH PDQ ]XVFKODJHQ PX© ª$EHU GHLQH .XQVW IUXFKWHW QLFKWV JHJHQ VFKDUIHQ 6WDKO© VDJWHHUXQG]RJVHLQHQ6lEHO]XU+lOIWHKHUDXV-HW]WNDPHVDXI MHGHV:RUW DQ GDPLW HU PLFK QLFKW ]X ]HUVFKQLSSHOQ EHJDQQ QXUXP]XVHKHQZR]XLFKLQGHU/DJHZDU ª0LWQDFNWHQ+lQGHQKDWPDQQDWUOLFKNHLQH&KDQFHJHJHQ HLQHQ 0DQQ ZLH GLFK GHU GLH .OLQJH PHLVWHUOLFK ]X IKUHQ YHUVWHKW© *HQDXVRJXW KlWWH HU VHLQH .OLQJH DXFK QXU GD]X EHQXW]HQN|QQHQGHQWlJOLFKHQ%UDWHQDQ]XVFKQHLGHQ±DEHU PLW 6FKPHLFKHOHLHQ NRPPW PDQ ZHLWHU LP /HEHQ ª*HJHQ HLQHQ XQJHVFKLFNWHQ 6lEHOIHFKWHU GHU 0HVVHUVWHFKHU DEHU KDW PHLQH.XQVWGXUFKDXV%HVWDQG©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'LHV PXWH HU HUVW YHUGDXHQ GDQQ ULHI HU GHQ QlFKVWHQ :lFKWHU]XVLFKª'XJUHLIVWGHQ0DQQPLWGHP0HVVHUDQ© 'LH 6DFKH JHULHW DOOPlKOLFK DXV GHQ )XJHQ ± DEHU LFK VDK HLQH 0|JOLFKNHLW GHU .RQIURQWDWLRQ QRFK DXV]XZHLFKHQ 'HU :lFKWHUOlFKHOWH]RJHLQHQEOLW]HQGHQ'ROFKDXVGHU6FKHLGH XQGNDPDXIPLFK]X,FKHUZLGHUWHVHLQ/lFKHOQ(UKREGLH :DIIH EHU GHQ .RSI ± KLHOW VLH QLFKW YRU VLFK ZLH HV HLQ HUIDKUHQHU0HVVHUNlPSIHUJHWDQKlWWH,FKUKUWHPLFKHUVWYRQ GHU6WHOOHDOVHUGHQ+LHEIKUWH (LQHJDQ]QRUPDOH$EZHKU'HU%HZHJXQJHQWJHJHQJHKHQ VLH DEEORFNHQ GHQ 6FKZXQJ GHV +DQGJHOHQNV PLW GHP 8QWHUDUP DEIDQJHQ 'DV 0HVVHUJHOHQN PLW GHQ +lQGHQ SDFNHQ]XJUHLIHQXQGGUHKHQ'LHVDOOHVVHKUVFKQHOO 'DV0HVVHUÀRJLQGLHHLQH5LFKWXQJGHU0DQQLQGLHDQGHUH ,FK PXWH GLHVHU =XUVFKDXVWHOOXQJ HLQ (QGH PDFKHQ HKH PDQ QRFK.QSSHORGHUJDU6FKXZDIIHQJHJHQPLFKDXIERW,FKWUDW GLFKWYRU&DSR'RFFLDKLQ ª'LHV VLQG DXHUZHOWOLFKH *HKHLPQLVVH GHU 9HUWHLGLJXQJ XQG GHV7|WHQV©VDJWHLFKPLWOHLVHU6WLPPHª+LHUDXI6SLRYHQWH XQEHNDQQW,FKP|FKWHQLFKWPHKUGDYRQYHUUDWHQ%HVWLPPWOLHJW GLUQLFKWGDUDQGD6NODYHQGLHVHJHIlKUOLFKHQ+LHEHOHUQHQ,FK ZROOWHGLUQXU]HLJHQZDVRKQHQHXJLHULJHV3XEOLNXPP|JOLFK ZlUH,FKN|QQWHGHLQH/HLEZlFKWHUHQWVSUHFKHQGXQWHUULFKWHQ(V JLEW/HXWHGLHGLUDQV/HEHQZROOHQ'HQNDQGHLQH6LFKHUKHLW© ,FK UHGHWH ZLH HLQ 9HUNHKUVVLFKHUKHLWVEHDXIWUDJWHU ± GRFK HU VFKLHQ PHLQH :RUWH VLQQYROO ]X ¿QGHQ 7URW]GHP ZDU HU QRFK QLFKWY|OOLJEHU]HXJW ª,FK PDJ QHXH 'LQJH QLFKW QHXH 0HWKRGHQ 0LU LVW HV DP OLHEVWHQZHQQDOOHVVREOHLEWZLHHVLVW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *HQDX ± HU DQ GHU 6SLW]H XQG DOOH DQGHUHQ LQ .HWWHQ XQWHU LKP ª:DV LFK DQELHWH LVW QLFKW QHX VRQGHUQ VR DOW ZLH GLH 0HQVFKKHLW©VDJWHLFKKDVWLJª(VKDQGHOWVLFKXP*HKHLPQLVVH GLH VHLW 8U]HLWHQ ZHLWHUYHUHUEW ZXUGHQ XQG GLH QXQ DXFK GLU ]XJlQJOLFKVLQG9HUlQGHUXQJHQVWHKHQEHYRUGDVZHLWGXXQG :LVVHQLVW6WlUNH:HQQDQGHUHDXIGLH'LQJHDXVVLQGGLHGX EHVLW]WLVWMHGH:DIIHZLOONRPPHQVLHDE]XZHKUHQ© 'DVNDPPLUUHFKWXQVLQQLJYRUGRFKKRIIWHLFKGDHUHLQH JHZLVVH /RJLN GDULQ VHKHQ ZUGH:HQQ GHU /lXIHUPLFKEHU GLHVH:HOWULFKWLJLQIRUPLHUWKDWWHODJGLH6LFKHUKHLWDOOHLQLQGHU .DPSIVWlUNH±3DUDQRLDKDWWHHWZDVIUVLFK,PPHUKLQVFKLHQHU ]XJUEHOQZDVLKP±QDFKGHUQLHGULJHQ6WLUQ]XXUWHLOHQ±QLFKW JDQ]OHLFKWIDOOHQNRQQWH6FKOLHOLFKPDFKWHHUDXIGHP$EVDW] NHKUWXQGYHUVFKZDQG +|ÀLFKNHLW VFKLHQ DXI GLHVHP 3ODQHWHQ HEHQVR XQEHNDQQW ]X VHLQZLH6HLIH.HLQ¾%LVVSlWHU½RGHU¾,FKGHQNHPDOGUEHUQDFK½ ,FKEUDXFKWHHLQLJH6HNXQGHQXP]XHUNHQQHQGDGLH$XGLHQ] EHHQGHW ZDU 'HU HQWZDIIQHWH :lFKWHU VWDUUWH PLFK ]RUQLJ DQ XQG ULHE VLFK GHQ $UP $EHU LFK KDWWH GHQ 'ROFK VFKRQ ZHJJHVWHFNW'DV*HVSUlFKPLW&DSR'RFFLDYHUOLHKPLUHLQHQ JHZLVVHQ6WDWXVVRGDHUPLFKQLFKWJUXQGORVQLHGHUVWHFKHQ NRQQWH %OLHE QRFK PHLQ HUVWHU *HJQHU GHU (['UFNHU (U ULFKWHWH VLFK EHL PHLQHU $QQlKHUXQJ EHWlXEW DXI %OLQ]HOQG VFKDXWH HU ]X PLU DXI ,FK VHW]WH PHLQ IXUFKWHUUHJHQGVWHV *HVLFKWDXI ª-HW]W KDVW GX PLFK VFKRQ ]ZHLPDO DQJHJULIIHQ *LE HV DXI %HLPGULWWHQPDOPWHLFKGLFKDXVVFKDOWHQ:HQQGXQRFKPDO 6FKZLHULJNHLWHQPDFKVWVWLUEVWGX©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'HU+DORGHUWHQDFKZLHYRULQVHLQHQ$XJHQ±QXQDEHU VDK LFK GDULQ DXFK $QJVW ,FK WUDW YRU XQG HU GXFNWH VLFK IXUFKWVDP]XVDPPHQ,Q2UGQXQJ6RODQJHLFKLKPQLFKW]XRIW GHQ5FNHQ]XZDQGWH'LHVWDWLFKMHW]WXQGJLQJ (U KXVFKWH KLQWHU PLU KHU XQG VFKOR VLFK GHQ ZDUWHQGHQ 6NODYHQ DQ (U VFKLHQ VHLQH =XUFNVWXIXQJ ]X DN]HSWLHUHQ ±ZLH]XYRUVFKRQGLHDQGHUHQ0DQZDUILKP¿QVWHUH%OLFNH ]X GRFK NDP HV QLFKW PHKU ]X 7lWOLFKNHLWHQ :DV PLU QXU UHFKW VHLQ NRQQWH (V LVW HLQH 6DFKH VLFK LQ HLQHU 7XUQKDOOH ¿W]XKDOWHQ GRFK HLQH Y|OOLJ DQGHUH PLW XQEHUHFKHQEDUHQ %XUVFKHQXP]XJHKHQGLHPLUHUQVWKDIWDQV/HGHUZROOWHQ'HU /lXIHUEHJOFNZQVFKWHPLFKPLWHLQHP/lFKHOQ ª*XWJHPDFKW-LPJXWJHPDFKW© ª$QVWUHQJHQGZDU¶V:DVMHW]W"© ª6RZHLW LFK IHVWVWHOOHQ NRQQWH KDW GLHVHU NOHLQH +DXIHQ JHZLVVHUPDHQ GLHQVWIUHL GD HU GLH 1DFKW GXUFKJHDUEHLWHW KDW© ª'DQQ ZlUHQ MD HLQH NOHLQH 0DKO]HLW XQG HLQ 6FKOlIFKHQ DQJHEUDFKW*HKYRUDXV© %HL JUR]JLJHU $XVOHJXQJ NRQQWH PDQ HV ZRKO 1DKUXQJ QHQQHQ 'DV HLQ]LJH *XWH GDUDQ ZDU GHU 8PVWDQG GD HV QLFKW JDQ] VR ZLGHUOLFK URFK ZLH GHU YHQLDQLVFKH )UD DQ %RUGGHV5DXPHUV(LQJURHUXQG]LHPOLFKYHUNUXVWHWHU7RSI VWDQG EHUNRFKHQG LP KLQWHUHQ 7HLO GHV *HElXGHV 'HU .RFK ± ZHQQ PDQ GHQ DEVFKHXOLFKHQ .HUO GHU HEHQVR YHUGUHFNW ZDU ZLHVHLQ7RSIVRQHQQHQZROOWH±UKUWHPLWHLQHPODQJHQ +RO]O|IIHO GDULQ KHUXP 'LH 6NODYHQ QDKPHQ +RO]VFKDOHQ YRQ HLQHPWURSIHQGHQ+DXIHQXQGOLHHQVLFKLKUH3RUWLRQYRP.RFK ]XWHLOHQ8PYHUORUHQHVRGHU]HUEURFKHQHV%HVWHFNPDFKWHPDQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VLFKNHLQH*HGDQNHQGHQQHVJDENHLQV'DDOOHPLWGHQ)LQJHUQ VFKDXIHOWHQ VFKOR LFK PLFK GHU hEXQJ DQ =X HVVHQ JDE HV HLQHQ XQGH¿QLHUEDUHQ *HPVHEUHL ]LHPOLFK JHVFKPDFNORV DEHU HLQLJHUPDHQ VlWWLJHQG 'HU /lXIHU VD QHEHQ PLU PLW GHP 5FNHQ DQ GHU:DQG XQG YHU]HKUWH ODQJVDP VHLQH 3RUWLRQ ,FK ZDU DOV HUVWHU IHUWLJ XQG KDWWH NHLQH 0KH GHQ :XQVFK QDFK HLQHP1DFKVFKODJ]XXQWHUGUFNHQ ª:LHODQJHEOHLEHQZLU6NODYHQ"©IUDJWHLFK ª%LV LFK EHVVHU ZHL ZLH GLH 'LQJH KLHU ODXIHQ 'X KDVW GHLQ JDQ]HV /HEHQ DXI HLQHP HLQ]LJHQ 3ODQHWHQ ]XJHEUDFKW ± GHVKDOE VLHKVW GX EHZXW ZLH XQEHZXW GLH GLU EHNDQQWH *HVHOOVFKDIWVIRUPDOVGLHHLQ]LJJOWLJH±DEHUGDVWULIIWQLFKW]X =LYLOLVDWLRQ LVW HLQH (U¿QGXQJ GHU 0HQVFKKHLW HEHQVR ZLH GHU &RPSXWHURGHUGLH(JDEHO$OOHUGLQJVJLEWHV8QWHUVFKLHGH:LU VLQG]ZDUEHUHLW&RPSXWHURGHU%HVWHFNH]XYHUlQGHUQGDJHJHQ GXOGHQGLH,QKDEHUHLQHU.XOWXUNHLQHUOHL9HUlQGHUXQJ6LHVLQG EHU]HXJW GD LKUH /HEHQVDUW GLH HLQ]LJ JOWLJH LVW ± XQG GD MHGHUGHUDQGHUVGHQNWDXIGHP+RO]ZHJLVW© ª'DVHUVFKHLQWPLU]LHPOLFKGXPP© ª,VWHVDXFK$EHUVRODQJHGXGDVZHLWXQGGLHDQGHUHQQLFKW NDQQVW GX GLH EHVWHKHQGHQ 5HJHOQ EHUWUHWHQ RGHU ]X GHLQHP 1XW]HQ]XUHFKWELHJHQ,P$XJHQEOLFNELQLFKGDPLWEHVFKlIWLJW IHVW]XKDOWHQZLHGLH5HJHOQKLHUDXVVHKHQ© ª9HUVXFKGLFK]XEHHLOHQ© ª'DV NDQQ LFK GLU YHUVSUHFKHQ GHQQ LFK IKOH PLFK DOOHV DQGHUH DOV ZRKO ,FK PX IHVWVWHOOHQ RE HV KLHU HLQH YHUWLNDOH 0RELOLWlWJLEWXQGZLHVLHRUJDQLVLHUWLVW:HQQHVNHLQHYHUWLNDOH 0RELOLWlWJLEWPVVHQZLUVLHVFKDIIHQ© ª-HW]WKDVWGXPLFKLP*DORSSYHUORUHQ9HUWLNDOHZDV"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª0RELOLWlW ± LQ EH]XJ DXI *HVHOOVFKDIWVVFKLFKW XQG .XOWXU =XP %HLVSLHO GLH 6NODYHQ KLHU XQG GLH:DFKHQ GUDXHQ +DW HLQ 6NODYH GLH &KDQFH :lFKWHU ]X ZHUGHQ" :HQQ MD GDQQ JLEWHVKLHUHLQHYHUWLNDOH0RELOLWlW:HQQQLFKWEH¿QGHQZLU XQVLQHLQHUVWULNWHQ.ODVVHQJHVHOOVFKDIWLQGHUDOOHQIDOOVHLQH KRUL]RQWDOH0RELOLWlWP|JOLFKLVW© ª,QGHP PDQ VLFK EHLVSLHOVZHLVH ]XP .|QLJ DOOHU 6NODYHQ DXIVFKZLQJWXQGDOOHDQGHUHQXQWHUVHLQHQ:LOOHQ]ZLQJW"© 'HU /lXIHU QLFNWH ª*HQDX -LP :LU ZHUGHQ DXIK|UHQ 6NODYHQ]XVHLQVREDOGPHLQH6WXGLHQHLQHQSUDNWLNDEOHQ:HJ DXI]HLJHQ$EHU]XHUVWPVVHQZLUUXKHQ:LHGXVLHKVWKDEHQ VLFK LQ GLHVHP EOHQ *HElXGH DOOH DQGHUHQ VFKODIHQ JHOHJW ±GRUWKLQWHQLP6WURK,FKVFKODJHYRUGDZLUGDVHEHQVR WXQ© ª(LQYHUVWDQGHQ«© ª'X±NRPPKHU© (V ZDU 7DUV 7XNDV 8QG QDWUOLFK GHXWHWH HU DXI PLFK ,FK KDWWHGDV*HIKOGDHVHLQVHKUODQJHU7DJZHUGHQZUGH :HQLJVWHQV NDP LFK HLQ ELFKHQ KHUXP :LU PDUVFKLHUWHQ EHUGHQ+RIGHQ2UWPHLQHV7ULXPSKVXQGHLQH6WHLQWUHSSH KLQDXI'RUWVWDQGHLQHEHZDIIQHWH:DFKHGULQQHQOPPHOWHQ ]ZHLZHLWHUH8QLIRUPLHUWHDXIHLQHU+RO]EDQNKHUXP(VJDE VRJDUVRHWZDVZLH/X[XV)OHFKWPDWWHQDXIGHQ%RGHQ6WKOH XQG7LVFKHDQGHQ:lQGHQGLOHWWDQWLVFKH3RUWUlWVYRQGHQHQ HLQLJHVRJDUHLQHJHZLVVHbKQOLFKNHLWPLW&DSR'RFFLDKDWWHQ ,FKZXUGHLQHLQHQJURHQ5DXPJHIKUWGHVVHQ)HQVWHUHLQHQ %OLFNEHUGLH$XHQPDXHUQJHVWDWWHWHQ±DXIHLQ3DQRUDPDDXV )HOGHUQXQG%DXPJUXSSHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH &DSR'RFFLDZDUDQZHVHQGXPJHEHQYRQHLQHUNOHLQHQ*UXSSH 0lQQHU PLW 0HWDOONHOFKHQ LQ GHQ +lQGHQ 'LH +HUUHQ ZDUHQ JXW JHNOHLGHW ZHQQ PDQ EXQWH /HGHUKRVHQ XQG ZHLWH +HPGHQ XQGODQJH6lEHOVREH]HLFKQHQNDQQ&DSR'RFFLDZLQNWHPLFK KHUDQ ª.RPPKHU±ZLUZROOHQGLFKDQVFKDXHQ© 'LHDQGHUHQZDQGWHQVLFKXPXQGEHlXJWHQPLFKLQWHUHVVLHUW ZLHHLQ7LHUGDV]XU$XNWLRQJHIKUWZXUGH ª8QGHUKDWGHQDQGHUHQZLUNOLFKQLHGHUJHVFKODJHQRKQHGLH )lXVWH]XEHQXW]HQ"©IUDJWHHLQHUGHU0lQQHUª(ULVWVRVFKZDFK XQGZLQ]LJ±XQGVRKlOLFK© (V JLEW 0RPHQWH GD PDQ GHQ 0XQG QXU DXIPDFKHQ VROOWH XPHWZDV]XHVVHQKLQHLQ]XVWHFNHQ±YHUPXWOLFKJHK|UWHGLHVHU $XJHQEOLFN GD]X$EHU LFK ZDU PGH XQG PHLQHV 6FKLFNVDOV EHUGUVVLJ XQG UXQGKHUXP VFKOHFKW JHODXQW 0LU UL GHU *HGXOGVIDGHQ ª1LFKWVRVFKZDFKZLQ]LJRGHUKlOLFKZLHGXGX6DXNHUO© 0LUEOLHEZHQLJ=HLW]XPhEHUOHJHQXQGQRFKZHQLJHU=HLW]X KDQGHOQ(LQHUGHU*HFNHQVWDQGLQPHLQHU1lKHGHQ0HWDOONUXJ LQGHU+DQG,FKHQWULLKPGDV'LQJIXKUKHUXPXQGVFKOHXGHUWH GHP$QJUHLIHQGHQGHQ:HLQLQV*HVLFKW 'DVPHLVWHJLQJYRUEHLDEHUHVWURSIWHLKPJHQXJEHU+HPG XQG +RVH XP VHLQHQ =RUQ QRFK PHKU DQ]XVWDFKHOQ (U KLHE PLWVHLQHP6lEHO]XXQGLFK¿QJGHQ6WUHLFKPLWGHP.HOFKDE XQGOHLWHWHLKQ]XU6HLWHDE,FKOLHGDV7ULQNJHIlDQGHU.OLQJH HQWODQJ]XVHLQHQ)LQJHUQJOHLWHQXQGSDFNWHJOHLFK]HLWLJVHLQHQ $UPXQGGUHKWHLKQKHUXP

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (U KHXOWH ODXW DXI XQG GHU 6lEHO SROWHUWH ]X %RGHQ +HUXPJHGUHKWKLQJHUYRUPLUEHUHLWIUHLQHQOHW]WHQ7ULWWLQGLH .HKUVHLWH /HLGHUKDXWHPLULQGHP0RPHQWMHPDQGYRQKLQWHQHLQVEHU GHQ.RSIXQGLFKJLQJ]X%RGHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

'LH0lQQHUIDQGHQGDVRIIHQEDUVHKUDPVDQWGHQQDXHU LKUHPODXWHQ/DFKHQK|UWHLFKQLFKWV$OVLFKPLUGLH]X%RGHQ JHIDOOHQH .OLQJH VFKQDSSHQ ZROOWH VWLH HLQHU GHU =XVFKDXHU VLH PLW GHP )X ]XU 6HLWH 0HLQH /DJH ZDU QLFKW VRQGHUOLFK URVLJ±LFKNRQQWHQLFKWJHJHQDOOHNlPSIHQ,FKPXWHPLFK YHUGUFNHQ =XVSlW=ZHLVFKOXJHQPLFKYRQKLQWHQQLHGHUZlKUHQGHLQ GULWWHU YRQ GHU 6HLWH ]XWUDW (KH LFK PLFK DXIUDSSHOQ NRQQWH KDWWHVLFKPLUHLQ*HJQHUDXIGLH%UXVWJHNQLHWXQG]RJHLQHQ DXHURUGHQWOLFKKlOLFKHQ'ROFKPLWVFKDUWLJHU.OLQJH ª:DVLVWGDVIUHLQH.UHDWXU&DSR'RFFLD"©ULHIHUXQGKLHOW PLWGHUIUHLHQ+DQGPHLQ.LQQIHVWZlKUHQGGHU'ROFKVLFK PHLQHU.HKOHQlKHUWH ª(LQ$XHQZHOWOHU©DQWZRUWHWH&DSR'RFFLDª0DQKDWLKQ DXVGHP5DXPHUJHZRUIHQ© ª,VWHVZHUWYROOLVWHVHWZDVZHUW"© ª.HLQH $KQXQJ© DQWZRUWHWH &DSR 'RFFLD XQG VFKDXWH QDFKGHQNOLFK DXI PLFK QLHGHU ª0DJ VHLQ $EHU PLU JHIDOOHQ VHLQH UDI¿QLHUWHQ$XHQZHOWOHUWULFNV QLFKW 'LH JHK|UHQ QLFKW KLHUKHU$FKVFKQHLGLKPGLH.HKOHGXUFKGDQQLVWGLH6DFKH DXVJHVWDQGHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH :lKUHQG GLHVHV IDV]LQLHUHQGHQ *HVSUlFKV KDWWH LFK PLFK QLFKW JHUKUW GD LFK YHUVWlQGOLFKHUZHLVH DQ VHLQHP$XVJDQJ LQWHUHVVLHUWZDU-HW]WDEHUWUDWLFKLQ$NWLRQ 'HU0HVVHUVFKZLQJHUVFKULHDXIGHQQLFKKDWWHLKPKHIWLJ GHQ$UPKHUXPJHGUHKWXQGKRIIHQWOLFKDXFKJHEURFKHQ6HLQH )LQJHU |IIQHWHQ VLFK XQG LFK VFKQDSSWH PLU GHQ 'ROFK GHQ LFKIHVWKLHOWZlKUHQGLFKDXIVSUDQJXQG GHQ 0DQQ ]ZLVFKHQ VHLQH *HIlKUWHQ VFKOHXGHUWH 0LU GURKWH DXFK YRQ KLQWHQ *HIDKUDEHUVFKRQIKUWHLFKGHQ'ROFKLP.UHLVZRUDXIGLH .HUOHVFKOHXQLJVW]XUFNZLFKHQ,FKPDFKWHLKUH%HZHJXQJPLW XQGOLHIORVHKHVLHGLH:DIIHQ]LHKHQNRQQWHQ/LHIXPPHLQ /HEHQ ,Q GLH HLQ]LJH 5LFKWXQJ GLH PLU HLQ¿HO ZLHGHU GLH 7UHSSH KLQDE 'DEHL SUDOOWH LFK JHJHQ 7DUV 7XNDV XQG VFKOXJ LKQ EHZXWORV =RUQLJHV*HEUOOHUW|QWHKLQWHUPLUDEHULFKYHUVFKZHQGHWH NHLQHQ %OLFN QDFK KLQWHQ 'LH 7UHSSH KLQDE GUHL 6WXIHQ DXI HLQPDO QHKPHQG GHQ :lFKWHUQ DP (LQJDQJ HQWJHJHQ 6LH YHUVXFKWHQ QRFK DXI GLH )H ]X NRPPHQ DOV LFK VFKRQ GXUFK VLH KLQGXUFKSÀJWH XQG PLW PLU ]X %RGHQ UL (LQHP YHUVHW]WHLFKLP)DOOHQHLQHQ6WRPLWGHP.QLHXQWHUGDV.LQQ XQG SDFNWH JOHLFK]HLWLJ GHQ /DXI VHLQHU :DIIH 'HU DQGHUH YHUVXFKWHDXIPLFK]X]LHOHQDEHUGDWUDILFKLKQVFKRQPLWGHP 6FKDIWGHUHUEHXWHWHQ:DIIHDQGHU6FKOlIH 'LHWUDSSHOQGHQ6FKULWWHGHU9HUIROJHUHUW|QWHQGLFKWKLQWHU PLUDOVLFKGXUFKGLH7UVWUPWHXQGGHQGUDXHQVWHKHQGHQ :lFKWHU EHUUDVFKWH (U ]RJ VHLQHQ 6lEHO GRFK HKH HU LKQ HLQVHW]HQNRQQWHZDUHUVFKRQEHZXWORV,FKOLHGHQ'ROFK IDOOHQVFKQDSSWHPLUGHQ6lEHOXQGKDVWHWHZHLWHU9RUPLUODJ GDV7RUGXUFKGDVZLUHLQJHWUHWHQZDUHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *XWEHZDFKWYRQ0lQQHUQGLHEHUHLWVLKUH*HZHKUHKREHQ 6LH OHJWHQ DQ XQG IHXHUWHQ XQG LFK VFKOXJ HLQHQ +DNHQ XQG KLHOW DXI GDV 6NODYHQJHElXGH ]X ,FK ZHL QLFKW ZR GLH 6FKVVH ODQGHWHQ GRFK LFK OHEWH QRFK DOV LFK XP GLH (FNH VDXVWH (LQH.OLQJHHLQ*HZHKUHLQVHKUPGHU-LPGL*UL]'HUHV QLFKWZDJWHVWHKHQ]XEOHLEHQRGHUODQJVDPHU]XODXIHQ9RUPLU HUKRE VLFK GLH$XHQPDXHU YHUGHFNW YRQ HLQHP *HUVW DQ GHPHLQH/HLWHUOHKQWH6WHLQPHW]HIKUWHQ5HSDUDWXUDUEHLWHQ GXUFK ,FK VFKULH XQG VFKZHQNWH PHLQH :DIIHQ XQG GLH $UEHLWHUVSULW]WHQLQDOOH5LFKWXQJHQDXVHLQDQGHU,FKNOHWWHUWH GLH /HLWHU KLQDXI VR VFKQHOO LFK NRQQWH ZRKO ZLVVHQG GDULQJVXP.XJHOQLQV0DXHUZHUNSUDVVHOWHQXQG6WHLQVSOLWWHU KHUXPÀRJHQ ,PQlFKVWHQ0RPHQWZDULFKREHQDXIGHU0DXHUVFKQDSSWH QDFK /XIW XQG ULVNLHUWH ]XP HUVWHQPDO HLQHQ %OLFN QDFK KLQWHQ« 8QGOLHPLFKIDOOHQGHQQGLH+RUGHGHU9HUIROJHUIHXHUWHYRQ XQWHQHLQH6DOYHDEGLHGLFKWEHUPHLQHP.RSIGLH/XIW]HUWHLOWH &DSR'RFFLDXQGVHLQ+RIVWDDWKDWWHQGLH9HUIROJXQJGHQ:lFKWHUQ EHUODVVHQ XQG VWDQGHQ ÀXFKHQG XQG ZDIIHQVFKZHQNHQG LP +LQWHUJUXQG6HKUHLQGUXFNVYROO9RUGHUQlFKVWHQ6DOYH]RJLFK ZLHGHUGHQ.RSIHLQ (LQLJH:lFKWHUNDPHQGLH0DXHUKHUDXIXQGUFNWHQODQJVDP YRU'LHVHV0DQ|YHUHQJWHPHLQH0|JOLFKNHLWHQ]LHPOLFKHLQ,FK VFKDXWHEHUGLH0DXHUDXIGLHEUDXQH%UKHGHV%XUJJUDEHQV (LQHWROOH0|JOLFKNHLW ª-LPGXPXWNQIWLJGHLQJURHV0DXOKDOWHQ©VDJWHLFK DWPHWHWLHIGXUFKXQGVSUDQJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH /DQGHWH NODWVFKHQG ± XQG VWHFNWH IHVW 'DV :DVVHU UHLFKWH PLU NQDSS ELV ]XP +DOV GRFK ZXUGH LFK YRQ GHP ZHLFKHQ 6FKODPPIHVWJHKDOWHQGHUPHLQHQ6WXU]JHEUHPVWKDWWH0KVDP ]RJLFKHUVWGHQHLQHQ)XGDQQGHQDQGHUHQKHUDXVXQGPXWH DXI GHP :HJ ]XP DQGHUHQ 8IHU ZHLWHU JHJHQ GLH NOHEULJH $QKlQJOLFKNHLW NlPSIHQ 0HLQH 9HUIROJHU ZDUHQ QRFK QLFKW LQ 6LFKW ± DEHU EHVWLPPW ZUGHQ VLH JOHLFK DXIWDXFKHQ 0LU EOLHE QLFKWV DQGHUHV EULJ DOV DXI GHQ %HLQHQ ]X EOHLEHQ ,FK NURFK GDV JUDVEHZDFKVHQH 8IHU KLQDXI RKQH GLH HUEHXWHWHQ :DIIHQ ORV]XODVVHQXQGWDXPHOWH]ZLVFKHQHLQLJHQ%lXPHQLQ'HFNXQJ 8QGQRFKLPPHUNHLQH6SXUGHU%HZDIIQHWHQ(LJHQWOLFKPXWHQ VLHOlQJVWEHUGLH%UFNHXQGDXIPHLQHU6SXUVHLQ,FKNRQQWH PLUQLFKWYRUVWHOOHQGDLFKVFKRQLQ6LFKHUKHLWVHLQVROOWH $EHUGDQQEUDFKLFKDEUXSWLQGLH.QLHXQGVFKULHODXWORV GHQQ 6FKPHU]HQ EHUUROOWHQ PLFK (LQ XQJODXEOLFKHU 6FKPHU] GHU GLH 8PZHOW DOOH *HUlXVFKH DOOH 6LQQHVZDKUQHKPXQJHQ DXVO|VFKWH 'HU $QVWXUP HQGHWH XQG LFK ZLVFKWH PLU GLH 7UlQHQ GHU 4XDODXVGHQ$XJHQZLQNHOQ'LH6FKPHU]VFKHOOH±LFKKDWWHVLH JDQ]YHUJHVVHQ7DUV7XNDVZDUZLHGHU]XVLFKJHNRPPHQXQG GUFNWHDXIGHQ.RQWUROONQRSI:DVKDWWHHUJHVDJW":HQQPDQ GDV 'LQJ ODQJH JHQXJ EHQXW]WHEORFNLHUWHHVVlPWOLFKH1HUYHQ ELV]XP7RGH,FKJULIIJHUDGHQDFKPHLQHP6FKXKXQGGHPGDULQ YHUERUJHQHQ'LHWULFKDOVGHU6FKPHU]ZLHGHU]XVFKOXJ 'LH 4XDO HQGHWH HLQ ]ZHLWHV 0DO XQG LFK ZDU EHLQDKH ]X VFKZDFK XP QRFK GLH )LQJHU ]X EHZHJHQ +LOÀRV IXPPHOWH LFK PLW GHP 'LHWULFK KHUXP XQG HUNDQQWH GDLFKHVKLHUPLW 6DGLVWHQ]XWXQKDWWHXQGLFKHLJHQWOLFKGDIUGDQNEDUVHLQVROOWH 6RODQJHGHU.QRSIJHGUFNWZXUGHZDULFKVRJXWZLHWRW$EHU LUJHQGMHPDQG]ZHLIHOORV&DSR'RFFLDZROOWHPLFKOHLGHQODVVHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH XQGGHU(UNHQQWQLVDXVOLHIHUQGDHVNHLQHQ$XVZHJPHKUJDE 'HU6FKOVVHOVWHFNWHLP6FKORDOVGHU6FKPHU]PLFKHUQHXW EHUNDP $OV HU DXIK|UWH ODJ LFK DXI GHU 6HLWH XQG GHU 'LHWULFK ZDU PHLQHQ)LQJHUQHQWIDOOHQGLHVLFKQLFKWPHKUEHZHJHQZROOWHQ $EHULFKPXWHPLFKEHZHJHQ1RFKHLQHVROFKH6FKPHU]ZRJH XQGHVZDUXPPLFKJHVFKHKHQ,FKZUGHLQGLHVHP:DOGOLHJHQ ELV LFK VWDUE 0HLQH )LQJHU ]LWWHUWHQ XQG ]XFNWHQ 'HU 'LHWULFK NURFK DXI GLH ZLQ]LJH 6FKOR|IIQXQJ ]X ERKUWH VLFK KLQHLQ GUHKWHVLFKVFKZDFK« (VGDXHUWHODQJHELVVLFKGLHURWHQ6FKOHLHUYRUPHLQHQ$XJHQ KREHQ ELV GHU 6FKPHU] DXV PHLQHP .|USHU JHZLFKHQ ZDU ,FK NRQQWH PLFK QLFKW UKUHQ KDWWH GDV *HIKOGDLFKQLHZLHGHU KRFKNRPPHQ ZUGH $OV LFK VFKOLHOLFK HWZDV VHKHQ NRQQWH PXWHLFKGLH7UlQHQIRUWEOLQ]HOQ±GHQQPHLQHQ$XJHQERWVLFK GDVVFK|QVWH%LOGGHU:HOW 'LHRIIHQH6FKPHU]VFKHOOHLPPRGULJHQ/DXE 1XU GLH hEHU]HXJXQJ PHLQHU +lVFKHU GD GLH 6FKPHU]PDVFKLQH GHQ 7RG JDUDQWLHUWH UHWWHWH PLU GDV /HEHQ 'LH 9HUIROJHU KDWWHQ HV QLFKW HLOLJ LFK K|UWH VLH PLWHLQDQGHU VSUHFKHQZLHVLHODQJVDPGXUFKGHQ:DOGQlKHUNDPHQ ª« LUJHQGZR KLHU :DUXP ODVVHQ ZLU LKQ QLFKW HLQIDFK OLHJHQ"© ª'DPLWHLQHJXWH.OLQJHXQGHLQ6FKLHNQSSHOYHUNRPPHQ" $XINHLQHQ)DOO$XHUGHPZLOO&DSR'RFFLDGHQ7RWHQ LP +RI DXIKlQJHQ ELV HU YHUIDXOW LVW +DEH LKQ QRFK QLH VR ZWHQG JHVHKHQ© $OOPlKOLFK NHKUWH GDV /HEHQ LQ PHLQHQ JHOlKPWHQ .|USHU ]XUFN9RUVLFKWLJIROJWHLFKGHPVFKPDOHQ:LOGZHFKVHOGHQLFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH JHIXQGHQKDWWHVXFKWH6FKXW]LQQLHGULJHP8QWHUKRO]XQGULFKWHWH GDV*UDVKLQWHUPLUZLHGHUDXI*HUDGHQRFKUHFKW]HLWLJ ª6FKDX±KLHULVWHUDXVGHP:DVVHUJHNRPPHQ'LHVHQ:HJ HQWODQJ© 'U|KQHQGH 6FKULWWH NDPHQ QlKHU XQG SDVVLHUWHQ PLFK ,FK XPNODPPHUWHPHLQH:DIIHQXQGWDWGDVHLQ]LJP|JOLFKH,FKEOLHE VWLOOOLHJHQXQGZDUWHWHGDUDXIGDLFKZLHGHU]X.UlIWHQNDP ,FKPX]XJHEHQGDGLHVH6WXQGHQHLQHQJHZLVVHQ7LHISXQNW LQPHLQHP/HEHQGDUVWHOOWHQ2KQH)UHXQGHDOOHLQQRFKLPPHU YRQ6FKPHU]HQGXUFKSXOVWHUVFK|SIWJHKHW]WYRQEHZDIIQHWHQ 6FKHUJHQ GLH HV DXI PHLQ /HEHQ DEJHVHKHQ KDWWHQ GXUVWLJ« GLH/LVWHZDU]LHPOLFKODQJ)HKOWHQXUQRFKGDHV]XUHJQHQ EHJDQQ 3URPSWEHJDQQHV]XUHJQHQ ,Q GHU 6NDOD GHU *HIKOH JLEW HV KRKH XQG WLHIH :HUWH GLH HLQIDFK QLFKW EHUVFKULWWHQ ZHUGHQ N|QQHQ 6R NDQQ PDQ HLQHQ DQGHUHQ 0HQVFKHQ VR VHKU OLHEHQ GD IU PHKU /LHEH HLQIDFK NHLQ5DXPPHKULVW±DEHUDXIGLHVHP*HELHWKDWWHLFKQRFKNHLQH (UIDKUXQJHQ8PVRPHKUNDQQWHLFKPLFKDPDQGHUHQ(QGHGHU 6NDODDXVLP(OHQGLQDQVFKHLQHQGDXVVLFKWVORVHQ/DJHQ:LH DXFKMHW]W,FKNRQQWHHLQIDFKQLFKWWLHIHUVLQNHQHLQHVFKOLPPHUH 1LHGHUJHVFKODJHQKHLWZDUQLFKWYRUVWHOOEDU 'HU5HJHQEUDFKWHGDV)D]XPhEHUODXIHQ3O|W]OLFKEHJDQQ LFK ]X ODFKHQ ± XQG PXWH PLU HLQH +DQG DXI GHQ 0XQG SUHVVHQ XP QLFKW ODXW ORV]XSUXVWHQ 'DQQ DEHU ZLFK PHLQ /DFKHQ HLQHP ZDFKVHQGHQ =RUQ 6R EHKDQGHOWH PDQ NHLQH JHIlKUOLFKH (GHOVWDKOUDWWH 'LH LP$XJHQEOLFN LQ *HIDKU ZDU VLFK5RVWVWHOOHQ]X]XOHJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKEHZHJWHGLH%HLQHXQGPXWHHLQ6W|KQHQXQWHUGUFNHQ 'HU 6FKPHU] ZDU QRFK DOOJHJHQZlUWLJ DEHU GLH :XW VFKRE GDV (PS¿QGHQ LQ GHQ +LQWHUJUXQG ,FK XPIDWHGDV*HZHKU WULHEGLH6lEHOVSLW]HLQGHQ%RGHQXQG]RJPLFKLQGLH+|KH LQGHPLFKPLWGHUIUHLHQ+DQGHLQLJHbVWHHUJULII'DQQEUDFKWH LFKGHQ6lEHOZLHGHUDQPLFKXQGYHUKDUUWHVFKZDQNHQGDXIGHU 6WHOOH$EHU LFK VWU]WH QLFKW 6FKOLHOLFK ZDU LFK LQ GHU /DJH ORV]XVWROSHUQVFKULWWZHLVHYRUVLFKWLJIRUWYRQGHQ9HUIROJHUQ XQG&DSR'RFFLDVNULPLQHOOHP+RIVWDDW 'HU :DOG ZDU ]LHPOLFK DXVJHGHKQW XQG LFK IROJWH GHQ :LOGZHFKVHOQ 6R YHUJLQJ GLH =HLW RKQH GD LFK HLQH 9RUVWHOOXQJGDYRQKDWWH'LH9HUIROJHUKDWWHQGLH6SXUYHUORUHQ GDYRQZDULFKEHU]HXJW$OVGHU:DOGGQQHUZXUGHVWW]WH LFKPLFKDQHLQHQ%DXPXP]X$WHP]XNRPPHQXQGVFKDXWH DXI HLQ JHSÀJWHV )HOG KLQDXV (V ZXUGH =HLW ZLHGHU PLW 0HQVFKHQ.RQWDNWDXI]XQHKPHQ:RHV3ÀJHJDEPXWHHLQ %DXHUOHEHQ(UNRQQWHQLFKWDOO]XZHLWVHLQ$OVLFKPLFKZLHGHU HLQLJHUPDHQEHL.UlIWHQIKOWHJLQJLFKDP)HOGUDLQHQWODQJ EHUHLW PLFK EHLP $QEOLFN YRQ :DIIHQ VRIRUW LQ GHQ 6FKXW] GHV :DOGHV ]XUFN]X]LHKHQ 'HU$QEOLFN GHV %DXHUQKDXVHV HUIUHXWH PLFK (V ZDU VWURKEHGHFNW QLHGULJ XQG IHQVWHUORV ± ZHQLJVWHQV DXI GLHVHU 6HLWH $XV GHP 6FKRUQVWHLQ VWLHJ GQQHU5DXFK'DV.OLPDZDUPLOGHGHVKDOEVROOWHGDV)HXHU EHVWLPPWQLFKWKHL]HQVRQGHUQGLHQWHGHU(VVHQV]XEHUHLWXQJ +PP %HLP *HGDQNHQ DQ 6SHLVH XQG 7UDQN EHJDQQ VLFK PHLQ YHUQDFKOlVVLJWHU 0DJHQ ]X UKUHQ ,FK PXWH GULQJHQG HWZDV ]X PLU QHKPHQ 8QG JDE HV HLQHQ EHVVHUHQ 2UW IU HLQH 0DKO]HLWDOVGLHVHQDEJHOHJHQHQ+RI"'LH)UDJHZDU]XJOHLFK GLH$QWZRUW ,FK VWROSHUWH TXHU EHU GLH )XUFKHQ ]XU 5FNVHLWH GHV+DXVHVXQGJLQJXPGLH(FNHKHUXPQDFKYRUQ1LHPDQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ]XVHKHQ$EHUDXVGHURIIHQHQ7UNODQJHQODFKHQGH6WLPPHQ ±XQGHVURFKQDFK(VVHQ+PP,FKYHUOLHPHLQH'HFNXQJJLQJ DQGHU)URQWVHLWHGHV+DXVHVHQWODQJXQGWUDWHLQª+DOOR/HXWH 6FKDXWPDOZHU]XP(VVHQNRPPW©(VZDUHQHWZDVHFKVGLH GD XP HLQHQ VDXEHUJHVFKUXEEWHQ +RO]WLVFK VDHQ -XQJ XQG DOW GLFN XQG GQQ ± DOOH PLW GHP JOHLFKHQ *HVLFKWVDXVGUXFN RIIHQHV(UVWDXQHQ6HOEVWGDV.OHLQNLQGK|UWHDXI]XJUHLQHQXQG lIIWHGLHbOWHUHQQDFK(LQHUJUDXWHU0DQQEHHQGHWHGLH6WDUUH LQGHPHUVLFKVRKDVWLJDXIUDSSHOWHGDVHLQGUHLEHLQLJHU6WXKO XPVWU]WH ª:LOONRPPHQ (XHU (KUHQ ZLOONRPPHQ© (U ]XSIWH DQ VHLQHU 6WLUQORFNH ZlKUHQG HU VLFK YHUQHLJWH XP PLU ]X ]HLJHQ ZLH GDQNEDUHUIUPHLQHQ%HVXFKZDUª:LHN|QQHQZLUGLUKHOIHQ HKUHQZHUWHU+HUU"© ª,QGHPLKUPLUHLQELFKHQ]XHVVHQEHUODW«© ª.RPP6HW]GLFK,8QVHUH6SHLVHLVWQXUEHVFKHLGHQDEHU ZLUWHLOHQVLHJHUQPLWGLU+LHU© (UVWHOOWHVHLQHQ6WXKOZLHGHUDXIXQGEHGHXWHWHPLUGDUDXI3ODW] ]X QHKPHQ 'LH DQGHUHQ YHUOLHHQ EHUVWU]W GHQ 7LVFK GDPLW LFKXQJHVW|UWHVVHQNRQQWH(QWZHGHUZDUHQVLHDXVJH]HLFKQHWH 0HQVFKHQNHQQHUXQGZXWHQZDVIUHLQSUlFKWLJHU%XUVFKHLFK ZDU±RGHUVLHKDWWHQ6lEHOXQG*HZHKUJHVHKHQ$XVGHP7RSI GHUEHUGHP)HXHUKLQJZXUGHHLQ+RO]WHOOHUJHIOOWXQGYRUPLFK KLQJHVWHOOW0DQOHEWHKLHUGRFKEHVVHUDOVLQGHQ6NODYHQJHKHJHQ GHQQ LFK HUKLHOW DXHUGHP HLQHQ +RO]O|IIHO )UHXGLJ VSUDFK LFK GHP (VVHQ ]X ± =XVDPPHQJHNRFKWHV DXV *HPVH QDWUOLFK JDUWHQIULVFK GD XQG GRUW HLQ 6WFNFKHQ )OHLVFK (V VFKPHFNWH ZXQGHUEDU=XP(VVHQWUDQNLFKNKOHV:DVVHUDXVHLQHP7RQWRSI XQG KlWWH PLU QLFKWV %HVVHUHV ZQVFKHQ N|QQHQ :lKUHQG LFK DOOHVKLQHLQVFKDXIHOWHHQWJLQJPLUQDWUOLFK GDV OHLVH )OVWHUQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHU)DPLOLHDP(QGHGHV5DXPHVQLFKW,FKQDKPQLFKWDQGD PDQHWZDV*HZDOWWlWLJHVSODQWH'HQQRFKEHKLHOWLFKGLH/HXWH LP$XJHXQGHQWIHUQWHGLH+DQGQLHZHLWYRQGHP6lEHOGHUDXI GHP7LVFKODJ $OVLFKIHUWLJZDUXQGODXWUOSVWH±GLHVHV=HLFKHQOXNXOOLVFKHU =XVWLPPXQJO|VWHIUHXQGOLFKHV*HPXUPHODXV±YHUOLHGHUDOWH 0DQQGLH*UXSSHXQGVFKOXUIWH]XPLU(UVFKREHLQHQ-QJOLQJ YRUVLFKKHUGHUHWZDLQPHLQHP$OWHUVHLQPXWH ª(KUHQZHUWHU +HUU GDUI LFK :RUWH PLW GLU ZHFKVHOQ"© ,FK VFKZHQNWH]XVWLPPHQGGLH+DQGXQGPXWHZLHGHUDXIVWRHQ (U OlFKHOWH XQG QLFNWH ª$KK GX ELVW VR QHWW GHP .RFK ]X VFKPHLFKHOQ 'D GX QLFKW QXU HLQ EHUKPWHU .ULHJHU VRQGHUQ RIIHQEDUDXFKHLQ0DQQYRQ9HUVWDQGXQG+XPRUELVWGDUILFKGLU YLHOOHLFKWHLQHQNOHLQHQ9RUVFKODJPDFKHQ© :LHGHU QLFNWH LFK PLW 6FKPHLFKHOHL NRPPW PDQ EHUDOO ZHLWHU ª'LHVLVWPHLQGULWWHU6RKQ'UHQJ(ULVWNUlIWLJXQGJXWZLOOLJ HLQ JXWHU $UEHLWHU $EHU XQVHU +RI LVW NOHLQ XQG HV JLEW YLHOH 0lXOHU ]X VWRSIHQ DEJHVHKHQ GDYRQ GD GLH +lOIWH XQVHUHU (UWUlJHGHPDFKVRZXQGHUEDUHQ&DSR'RFFLD]XVWHKWGDPLWHU XQVEHVFKW]W© %HL GLHVHQ :RUWHQ KLHOW HU GHQ .RSI JHVHQNW DEHU LQ VHLQHU 6WLPPH VFKZDQJHQ (UJHEHQKHLW XQG +D ,FK NRQQWH PLU YRUVWHOOHQGDGHUHLQ]LJHZRYRU&DSR'RFFLDGLHVH0HQVFKHQ EHVFKW]WH&DSR'RFFLDVHOEVWZDU'HU$OWHVFKRE'UHQJYRUXQG GUFNWHLKPGHQ%L]HSV ª+DUWZLH6WHLQKLHUHULVWVHKUNUlIWLJ(VZDULPPHUVFKRQ VHLQ (KUJHL] 6|OGQHU ]X ZHUGHQ ZLH +RFKZRKOJHERUHQHU (LQ 0DQQ GHV .ULHJHV EHZDIIQHW XQG DEJHVLFKHUW VHLQH 'LHQVWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHP$GHO YHUNDXIHQG (LQ HKUHQZHUWHU%HUXI(LQ%HUXIGHUHV LKPHUP|JOLFKHQZUGHVHLQHU)DPLOLHGDQQXQGZDQQHLQSDDU .U|WVDE]XOLHIHUQ© ª,FKELQDEHUQLFKWXQWHUZHJVXP]XUHNUXWLHUHQ© ª'DVLVWPLUNODUHKUHQZHUWHU+HUU:HQQHUDOV/DQ]HQWUlJHU ]X&DSR'RFFLDJLQJHJlEHHVNHLQHQ6ROGXQGNHLQH(KUH QXUHLQHQIUKHQ7RG© ª6WLPPW VWLPPW© VDJWH LFK REZRKO LFK GLHVH 'LQJH ]XP HUVWHQPDOK|UWH'HUDOWH.QDEHVFKLHQPLWVHLQHQ*HGDQNHQ ]LHPOLFKUDVDQWH6SUQJH]XYROOIKUHQ±ZDVPLUQXUUHFKW ZDUZHLOLFKDXIGLHVH:HLVHZHUWYROOH(LQEOLFNHLQGDV/HEHQ DXI6SLRYHQWHHUKLHOW-HGHQIDOOVZDUHVNHLQDQJHQHKPHV%LOG ,FKWUDQNZLHGHUYRQPHLQHP:DVVHUXQGYHUVXFKWHGHQ.RFK PLW HLQHP ZHLWHUHQ 5OSVHU ]X HUIUHXHQ DEHU HV JLQJ QLFKW PHKU'HU$OWHUHGHWHLPPHUQRFK ª-HGHU .ULHJHU LQ GHLQHU 3RVLWLRQ VROOWH HLJHQWOLFK IU GLH SHUV|QOLFKHQ 'LHQVWH HLQHQ .QDSSHQ EHL VLFK KDEHQ 'DUI LFK PLU GLH )UDJH HUODXEHQ ± ZLU KDEHQ GUDXHQ QDFKJHVFKDXW XQG QLHPDQGHQ VRQVW JHVHKHQ ± ZDV DXV GHLQHP .QDSSHQ JHZRUGHQLVW"© ª,P .DPSI JHIDOOHQ© LPSURYLVLHUWH LFK (U VFKDXWH PLFK YHUVWlQGQLVORVDQXQGLFKHUNDQQWHGD.QDSSHQMDHLJHQWOLFK QLFKW NlPSIHQ VROOWHQ ª$OV GHU )HLQG XQVHU /DJHU EHU¿HO© 'DVNODQJVFKRQEHVVHUGHQQHUQLFNWH]XVWLPPHQGª1DWUOLFK KDEH LFK GHQ PLHVHQ .HUO GHU GHQ DUPHQ 6WLQN\ HUOHGLJWH VRIRUWJHW|WHW$EHUVRLVWHVQXQPDOPLWGHP.ULHJVKDQGZHUN ±HLQHJUREH6DFKH©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'D PHLQ 3XEOLNXP ]XVWLPPHQG PXUPHOWH KDWWH LFK ZRKO ELVKHU NHLQHQ DOO]X JURHQ )HKOHU EHJDQJHQ ,FK JDE GHP -QJOLQJHLQ=HLFKHQ ª7ULWWYRU'UHQJlXHUHGLFKVHOEVW:LHDOWELVWGX"© (U JULQVWH XQWHU GHQ ODQJHQ +DDUIUDQVHQ KHUYRU ª$P QlFKVWHQ:XUPIHVW7DJZHUGHLFKYLHU©VWRWWHUWHHU ,FK YHU]LFKWHWH GDUDXI PLFK QDFK (LQ]HOKHLWHQ EHU GLHVHQ ZLGHUOLFK NOLQJHQGHQ )HLHUWDJ ]X HUNXQGLJHQ )UVHLQ$OWHU ZDUHUMHGHQIDOOVVHKUJUR2GHUYLHOOHLFKWZDUHQDXIGLHVHP 3ODQHWGLH-DKUHVHKUODQJ,FKQLFNWH ª(LQJXWHV$OWHUIUHLQHQ.QDSSHQ©VDJWHLFKZHLVHª1XQ HU]lKOPLUPDO±ZHLWGXZDVIU$XIJDEHQHLQ.QDSSHKDW"© ,FK NRQQWH QXU KRIIHQ GD HU %HVFKHLG ZXWH GHQQ LFK KDWWH NHLQHQEODVVHQ6FKLPPHU(UQLFNWHEHJHLVWHUW ª,FKNHQQHGLH$UEHLW+HUULFKNHQQHVLH'HUDOWH4XHWVFK\ ZDU IUKHU 6ROGDW XQG KDW PLU RIW GDYRQ HU]lKOW 6lEHO XQG *HZHKU SXW]HQ GDV (VVHQ YRP )HXHU KROHQ GLH:DVVHUÀDVFKH QDFKIOOHQ/lXVHPLW6WHLQHQWRWPDFKHQ«© ª6FK|Q JURDUWLJ ZLH LFK VHKH NHQQVW GX GLFK DXV %LV KLQ ]XP OHW]WHQ ZLGHUOLFKHQ 'HWDLO $OV *HJHQOHLVWXQJ IU GHLQH 'LHQVWHVROOLFKGLFKLQGHU.XQVWGHV.lPSIHQVDXVELOGHQ"©(U QLFNWH HLIULJ (V ZXUGH VWLOO LQ GHP JURHQ 5DXP ZlKUHQG LFK PHLQH(QWVFKHLGXQJWUDI ª1DJXW±YHUVXFKHQZLU¶V© 'HU -XQJH PLW GHU GLFKWHQ +DDUPlKQH VWLH HLQHQ ODXWHQ )UHXGHQVFKUHLDXVXQGGHUDOWH3DSDVFKDIIWHHLQHQ.UXJKHUEHL LQGHPHURIIHQEDU6HOEVWJHEUDXWHVDXIEHZDKUWH8USO|W]OLFKKDWWH VLFKPHLQH/DJHJHEHVVHUW]ZDUQXUHLQZHQLJDEHULPPHUKLQ VFKLHQHVZLHGHUEHUJDXI]XJHKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

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ª,FK ELQ ZHLW JHUHLVW XQG NHQQH GLH KLHVLJHQ 9HUKlOWQLVVH QLFKW© YHUWUDXWH LFK LKP DQ ª$EHU PDQ HU]lKOW PLU LPPHU ZLHGHU 6FKOLPPHV EHU &DSR 'RFFLD GHQ )UVWHQ GLHVHU *HJHQG(UVROOHVHLQELFKHQJUREDQJHKHQODVVHQ© ª*URE© IDXFKWH HU XQG VFKOUIWH QRFK HLQHQ 6FKOXFN )DUEHQYHUGQQHU ª*LIWVFKODQJHQ ÀLHKHQ YRU$QJVW ZHQQ HU VLFKQlKHUWGHQQHVLVWDOOJHPHLQEHNDQQWGDHLQ%OLFNDXV VHLQHQ$XJHQ.OHLQNLQGHUW|WHQNDQQ© 6RlKQOLFKJLQJHVQRFKHLQH:HLOHZHLWHUDEHULFKK|UWHQLFKW PHKUULFKWLJ]X,FKKDWWHGDV*HODJH]XZHLWIRUWVFKUHLWHQODVVHQ XQGZUGHQXQQLFKWV9HUQQIWLJHVPHKUHUIDKUHQN|QQHQ,FK VFKDXWHPLFKQDFK'UHQJXPGHUVRHEHQHLQHPIULVFKHQ.UXJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHV 6HOEVWJHEUDXWHQ ]XVSUDFK ,FK QDKP LKP GDV 'LQJ ZHJ XQGVFKWWHOWHLKQELVHUDXIPLFKDXIPHUNVDPZXUGH ª/RV±ZLUEUHFKHQMHW]WDXI© ª$XIEUHFKHQ«"© (U EOLQ]HOWH KDVWLJ XQG YHUVXFKWH PLFK VFKDUIDQ]XVHKHQ2KQHJURHQ(UIROJ ª:LU%UHFKHQ$XI$WWDDWWDJHKHQ© ª$FKDWWDDWWD,FKKROHPHLQH'HFNH©6FKZDQNHQGVWDQGHU DXIXQGEOLQ]HOWHPLFKQRFKHLQPDODQª:RLVWGHLQH'HFNHGLH LFKWUDJHQVROO"© ª6LHZXUGHYRP)HLQGHUEHXWHW]XVDPPHQPLWPHLQHQDQGHUHQ %HVLW]WPHUQDXHUGHP6lEHOXQGGHP*HZHKUYRQGHQHQLFK PLFKQLFKWWUHQQHVRODQJHLFKDWPHQNDQQ© ª$WPHQ NDQQ« LQ 2UGQXQJ ,FK KROH 'HFNH +ROH GLU 'HFNH© (UZKOWHLPKLQWHUHQ7HLOGHV5DXPVKHUXPXQGEUDFKWH]ZHL IUDQVLJH'HFNHQPLWREZRKOVLFKODXWHVXQGYRUDOOHPZHLEOLFKHV *HVFKUHLEHUGLH.lOWHGHV:LQWHUVHUKRE6ROFKH*WHUZDUHQ IU%DXHUQQLFKWOHLFKW]XHUULQJHQ,FKZUGH'UHQJLUJHQGZDQQ HLQSDDU.U|WHQYHUVFKDIIHQPVVHQ $OVHU]XPLU]XUFNNHKUWHKDWWHHUVLFKGLH'HFNHQEHUHLQH 6FKXOWHUJHZRUIHQDXHUGHPWUXJHUHLQHQ/HGHUEHXWHOLQGHU +DQG HLQHQ GLFNHQ +RO]VWDE ± XQG DQ GHU +IWH HLQ JHIlKUOLFK DXVVHKHQGHV 0HVVHU LQ HLQHU +RO]VFKHLGH ,FK KDWWH NHLQH /XVW DXI GLH WUlQHQUHLFKH $EVFKLHGVV]HQH XQG ZDUWHWH GUDXHQ 6FKOLHOLFKWUDWHULQV)UHLHXQGVDKVFKRQZLHGHUHWZDVHUQFKWHUW DXV6FKZDQNHQGEOLHEHUQHEHQPLUVWHKHQ ª*HKGXYRUDQ+HUU©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª=HLJPLUGHQ:HJ,FKP|FKWH&DSR'RFFLDV%XUJEHVXFKHQ© ª1HLQ,VWHVP|JOLFKGDGXIULKQNlPSIVW"© ª'DVLVWGDV/HW]WHZDVLFKMHWXQZUGH:HQQLFKHKUOLFKVHLQ ZLOOZUGHLFKIUHLQHQ+RO].U|WJHJHQLKQNlPSIHQ$EHUGX PXWZLVVHQGDHUHLQHQ)UHXQGYRQPLUHLQJHVSHUUWKDW'HP P|FKWHLFKHLQH1DFKULFKW]XNRPPHQODVVHQ© ª(VLVWVHKUJHIlKUOLFKVLFKQXULQGLH1lKHVHLQHU%XUJ]X ZDJHQ© ª'DVEH]ZHLÀHLFKQLFKW±DEHULFKKDEHNHLQH$QJVW8QGLFK PXPLWPHLQHP)UHXQG9HUELQGXQJDXIQHKPHQ'X]HLJVWPLU GHQ:HJ±GXUFKGHQ:DOGZHQQGXQLFKWVGDJHJHQKDVW:HGHU &DSR 'RFFLD QRFK VHLQH 0lQQHU GUIHQ PLFK ]X *HVLFKW EHNRPPHQ© 'UHQJZDURIIHQEDUYRQGHPJOHLFKHQ:XQVFKEHVHHOW6HLQ 5DXVFKYHUÀRJQRFKPHKUZlKUHQGHUPLFKDXINDXPVLFKWEDUHQ 3IDGHQ ]XU DQGHUHQ 6HLWH GHV :DOGHV IKUWH 9RUVLFKWLJ OLQVWH LFKDXIGLH6WUDHYRUGHU=XJEUFNHGHUJURHQ%XUJ ª:HQQ ZLU XQV QRFK QlKHU DQVFKOHLFKHQ VLHKW PDQ XQV© ÀVWHUWH HU ,FK VFKDXWH ]XU XQWHUJHKHQGHQ 6RQQH KRFK XQG QLFNWH ª(V ZDU HLQ DQVWUHQJHQGHU 7DJ :LU ODJHUQ LP :DOG XQG WUHWHQIUKDP0RUJHQLQ$NWLRQ© ª$EHUGDVZlUHXQVHU7RG©6HLQH=lKQHNODSSHUWHQZlKUHQG HU PLFK WLHIHU LQ GHQ :DOG IKUWH ]X HLQHU JUDVEHZDFKVHQHQ 6HQNHGXUFKGLHHLQ%DFKÀR(UKROWHHLQHQ7RQEHFKHUDXV GHP %HXWHO IOOWH LKQ PLW :DVVHU XQG EUDFKWH LKQ PLU ,FK WUDQN GDV 1D XQG PDFKWH PLU NODU GD HV JDU QLFKW VR EHO ZDU HLQHQ .QDSSHQ ]X KDEHQ 6REDOG HU VHLQH 3ÀLFKW JHWDQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH KDWWH EUHLWHWH HU GLH 'HFNHQ DXI GHP *UDV DXV XQG VFKOLHI VRIRUWDXIGHUVHLQHQHLQ,FKVHW]WHPLFKQRFKHLQ:HLOFKHQPLW GHP 5FNHQ DQ HLQHQ %DXPVWDPP XQG KDWWH ]XP HUVWHQPDO *HOHJHQKHLWPLUGLHHUEHXWHWH6FKXZDIIHQlKHUDQ]XVHKHQ 6LHZDUVFKPDOJHEDXWXQGQDJHOQHXXQGSDWHJDQ]XQGJDU QLFKWDXIGLHVHQUFNVWlQGLJHQ3ODQHWHQ$FKMD±VLHVWDPPWH EHVWLPPW DXV GHQ /DGHUlXPHQ GHV YHQLDQLVFKHQ 6FKLIIHV 'HU /lXIHU KDWWH JOHLFK YHUPXWHW GD :DIIHQ JHVFKPXJJHOW ZXUGHQ(LQHGLHVHU:DIIHQKLHOWLFKQXQLQGHQ+lQGHQ,FK VFKDXWHPLUGDV'LQJJHQDXHUDQ .HLQ.HQQ]HLFKHQNHLQH1XPPHUNHLQ+LQZHLVDXIGHQ2UW GHU +HUVWHOOXQJ 'HU *UXQG ODJ MD ZRKO DXI GHU +DQG :HQQ GLH/LJD$JHQWHQHLQHGLHVHU:DIIHQHUEHXWHWHQ NRQQWHQ VLH GHQ +HUVWHOOXQJVSODQHWHQ QLFKW HUPLWWHOQ 'DV *HZHKU ZDU ]LHPOLFKNOHLQLQGHU*U|HHLJHQWOLFK]ZLVFKHQ3LVWROHXQG *HZHKU ,FK NHQQH PLFK PLW +DQGIHXHUZDIIHQ HLQLJHUPDHQ DXV ± VFKOLHOLFK ELQ LFK (KUHQPLWJOLHG LP 6FKW]HQ XQG %DUEHFXH&OXEYRQ3HUOHQWRUXQGKDEHGRUWDXFKVFKRQ7URSKlHQ JHZRQQHQ ± DEHU VR HWZDV KDWWH LFK QRFK QLFKW JHVHKHQ ,FK VFKDXWH LQ GLH 0QGXQJ (WZD .DOLEHU VHOWVDPHUZHLVH PLW JODWWHP /DXI 'LH =LHOHLQULFKWXQJ ZDU RIIHQ XQG EHVWDQG DXV 0HWDOOGHU$E]XJZDUPLWHLQHP6LFKHUXQJVNQRSIYHUVHKHQDP .ROEHQEHIDQGVLFKHLQZHLWHUHU+HEHO,FKGUHKWHLKQZRUDXIKLQ GLH:DIIHVLFKLQ]ZHL7HLOH]HUOHJWHXQGHLQH+DQGYROONOHLQHU 3DWURQHQ ]X %RGHQ ¿HOHQ ,FK VFKDXWH PLU GDV 'LQJ JHQDX DQ XQGDKQWHEDOGZLHVLHIXQNWLRQLHUWH ª6DXEHUH6DFKH.HLQH.HUEHQNHLQH5LOOHQVRGDPDQVLFKXP GLH6DXEHUNHLWGHV/DXIHVNHLQH*HGDQNHQPDFKHQPX$QVWDWW ]X NUHLVHQ ZLUG GDV *HVFKR XQWHUZHJV GXUFK NOHLQH )ORVVHQ VWDELOJHKDOWHQ8QGHU]HXJWHLQHQRFK«DK«XQDQJHQHKPHUH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH :XQGH 8QG DXFK NHLQH 3DWURQHQKOVH ± KLHU KDEHQ ZLU HLQHQ NRPSDNWHQ 6SUHQJVWRII (UVSDUW HLQHP DOOH 6RUJHQ ZHJHQ GHV $XVZXUIVGHU+OVH©,FKVFKDXWHLQGLH.DPPHUª:LUNVDPXQG QDUUHQVLFKHU0DQVFKLHEWGLH*HVFKRVVHLQGHQJH|IIQHWHQ6FKDIW :HQQHUYROOLVWSDFNWPDQHLQHZHLWHUHLQGLH.DPPHU6FKOLHHQ XQGVSDQQHQ+LHUHLQNOHLQHU6RODUVFKLUPGHUGLH%DWWHULHLPPHU ZLHGHUDXÀlGW%HLP$EGUFNHQZLUGHLQH6WHOOHLQGHU.DPPHU URWJOKHQGXQG]QGHWGLH/DGXQJ'DVVLFKDXVGHKQHQGH*DV VFKLFNWGDV*HVFKRDXIGHQ:HJ±ZlKUHQGHLQ7HLOGHV*DVHV XPJHOHQNWZLUGXQGGDVQlFKVWH*HVFKRLQGLH.DPPHUUDPPW 6LPSHOQDUUHQVLFKHUELOOLJKHU]XVWHOOHQ±XQGW|GOLFK© 'HSULPLHUW XQG HUVFK|SIW OHJWH LFK GLH :DIIH QHEHQ PLFK GHSRQLHUWHGHQ6lEHOLQ*ULIIZHLWHKOOWHPLFKLQGLH'HFNHXQG IROJWH'UHQJVJXWHP%HLVSLHO $P 0RUJHQ ZDUHQ ZLU DXVJHVFKODIHQ XQG NlPSIWHQ PLW HLQHP OHLFKWHQ .DWHU 'UHQJ KROWH :DVVHU XQG EHUUHLFKWH PLU HWZDVGDVZLHHLQ6WUHLIHQJHUlXFKHUWHV/HGHUDXVVDK(UQDKP HLQ lKQOLFKHV *HELOGH ]XU +DQG XQG EHJDQQ HLIULJ GDUDXI KHUXP]XNDXHQ)UKVWFNLP%HWW±WROO,FKEL]XXQGKlWWH PLUEHLQDKHHLQHQ=DKQDEJHEURFKHQ'DV=HXJVDKQLFKWQXU ZLHJHUlXFKHUWHV/HGHUDXVVRQGHUQVFKPHFNWHDXFKVR $OV VLFK ]X 7DJHVDQIDQJ NODSSHUQG GLH =XJEUFNH VHQNWH ODJHQ ZLU HLQ 6WFN REHUKDOE KLQWHU %lXPHQ LQ 'HFNXQJ VR QDKHZLHZLUQXULUJHQGKHUDQNRPPHQNRQQWHQ:HLWHUYRUQ JDE HV NHLQHUOHL 'HFNXQJ PHKU GHQQ DXV YHUVWlQGOLFKHQ *UQGHQZDUHQLQGHUQlKHUHQ8PJHEXQJGHV7RUVVlPWOLFKH %lXPHXQG%VFKHHQWIHUQWZRUGHQ,FKZlUHPHLQHP=LHOJHUQ QRFKHLQELFKHQQlKHUJHZHVHQ±PXWHPLFKDEHUPLWGLHVHU 6LWXDWLRQ]XIULHGHQJHEHQ)U'UHQJDEHUKDWWHQZLUXQVYLHO ]XZHLWYRUJHZDJWLFKVSUWHLKQQHEHQPLU]LWWHUQ$OVHUVWHV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH NDPHLQHNOHLQH(LQKHLW%HZDIIQHWHUDXVGHP7RUJHIROJWYRQ YLHU6NODYHQGLHHLQHQ.DUUHQ]RJHQ ª:DVLVWGDORV"©IUDJWHLFK ª6WHXHUQ HLQWUHLEHQ 'LH .HUOH ZROOHQ VLFK LKUHQ$QWHLO GHU (UQWHKROHQ© ª:LUKDEHQMHW]WJHVHKHQZHUKHUDXVNRPPW±DEHUNRPPW HVYRUGDYRQHXFK%DXHUQPDOMHPDQGUHLQJHKW"© ª7RUKHLWXQG7RG1LHPDOV© ª8QGZLHVWHKWHVPLWGHP9HUNDXIYRQ1DKUXQJVPLWWHOQDQ GLH%XUJ"© ª'HU&DSRQLPPWVLFKZDVHUZLOO© ª9HUNDXIWLKULKP%UHQQKRO]"© ª(UVWLHKOWZDVHUEUDXFKW© 'DVVFKLHQPLUHLQH]LHPOLFKHLQVHLWLJH:LUWVFKDIWVIRUP]X VHLQ$EHULFKPXWHPLUHWZDVHLQIDOOHQODVVHQ±LFKNRQQWHGHQ /lXIHUDQGLHVHPHOHQGHQ2UWQLFKWDOV6NODYHQ]XUFNODVVHQ 0HLQH hEHUOHJXQJHQ ZXUGHQ GXUFK HLQHQ$XIUXKU LQQHUKDOE GHV 7RUV XQWHUEURFKHQ 'DQQ VFKLHQHQ PHLQH *HGDQNHQ SO|W]OLFK:LUNOLFKNHLW ]X ZHUGHQ GHQQ LP QlFKVWHQ 0RPHQW VWUPWHHLQH*HVWDOWDXVGHP7RUXQGKLHEGHQGRUWVWHKHQGHQ :lFKWHU]XU6HLWH'HU0DQQKDVWHWHEHUGLH=XJEUFNH 'HU/lXIHU (UOLHIVRVFKQHOOHUNRQQWH'LHYHUIROJHQGHQ:lFKWHUZDUHQ LKPGLFKWDXIGHQ)HUVHQ ª1LPPGLHVXQGIROJHPLU©EUOOWHLFKXQGVWLH'UHQJGHQ *ULIIPHLQHV6lEHOVLQGLH+DQG8QGVFKRQVWUPWHLFKVRVFKQHOO LFK NRQQWH GHQ +DQJ KLQDE XQG EUOOWH ORV XP GLH 9HUIROJHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH DE]XOHQNHQ'LH8QLIRUPLHUWHQEHDFKWHWHQPLFKDEHUHUVWDOVLFK HLQHQ6FKXEHULKUH.|SIHDEJDE 1XQ ZXUGH HV ]LHPOLFK OHEKDIW 'LH :lFKWHU JDEHQ GLH 9HUIROJXQJ ]XQlFKVW DXI HLQHU ZDUI VLFK VRJDU ]X %RGHQ XQG KLHOWGLH+lQGHEHUGHQ.RSI'HU/lXIHUUDQQWHZHLWHU±GRFK HLQ9HUIROJHU KDWWH QLFKW DXIJHJHEHQ XQG VFKZDQJ GLFKW KLQWHU LKP VHLQH /DQ]H 8QG HUZLVFKWH GHQ )OLHKHQGHQ DP 5FNHQ XQGKLHELKQ]X%RGHQ,P/DXIHQJDELFKHLQHQ]ZHLWHQ6FKX DE VSUDQJ EHU GHQ /lXIHU XQG NQDOOWH GHP /DQ]HQWUlJHU GHQ .ROEHQPHLQHU:DIIHDXIV+DXSW ª'HQ+DQJKLQDXI©ULHILFKGHP/lXIHU]XGHUVLFKPKVDP DXIUDSSHOWH 6HLQ 5FNHQ ZDU EOXWEHUVWU|PW ,FK IHXHUWH ]ZHL ZHLWHUH6FKVVHDEXQGKDOILKP8QGVDKGD'UHQJ]ZDUGHQ 6lEHOIHVWXPNODPPHUWH±DEHULPPHUQRFKREHQDXIGHP+JHO ODJ ª.RPP UXQWHU XQG KLOI LKP ± RGHU LFK EULQJH GLFK XP© EUOOWH LFK IXKU KHUXP XQG VFKR HUQHXW ,FK KDWWH ELVKHU QRFK QLHPDQGHQ JHWURIIHQ GRFK ZDJWH QLHPDQG GHQ .RSI ]X KHEHQ 'HU /lXIHU PKWH VLFK UHGOLFK YRUDQ ZlKUHQG 'UHQJ HLQHQ YHUERUJHQHQ 4XHOO GHU $QVWlQGLJNHLW DQ]DSIWH ± RGHU ]XYLHO $QJVWYRUPLUKDWWH±XQGXQV]X+LOIHNDP,Q]ZLVFKHQZXUGHQ DXFKZLUEHVFKRVVHQVRGDLFK*HJHQIHXHUJHEHQPXWH :LU HUUHLFKWHQ GLH NOHLQH$QK|KH XQG HLOWHQ DXI GHU DQGHUHQ 6HLWHGHQ+DQJKLQDELQGLHUHODWLYH6LFKHUKHLWGHV:DOGHV'UHQJ XQGLFKPXWHQGHQVFKZHUHQ/lXIHUGHUVLFKNDXPQRFKDXIGHQ %HLQHQKDOWHQNRQQWHSUDNWLVFKVWW]HQ,FKZDUIHLQHQVFKQHOOHQ ± XQG EHUXKLJHQGHQ %OLFN ± DXI VHLQHQ 5FNHQ (LQ QLFKW VHKU WLHIHU 6FKQLWW QLFKWV (UQVWKDIWHV 8QVHUH 9HUIROJHU ZDUHQ QRFKLPPHUQLFKWLQ6LFKWDOVZLULQGDV8QWHUKRO]HLQEUDFKHQ XQGGHQ6FKXW]GHU%lXPHHUUHLFKWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª'UHQJ ± IKU XQV KLHU KHUDXV 6LH GUIHQ XQV QLFKW VFKQDSSHQ© hEHUUDVFKHQGHUZHLVH VFKDIIWHQ VLH GDV DXFK QLFKW 'HU %DXHUQEXUVFKH VFKLHQ LQ VHLQHP NXU]HQ /HEHQ RIW LQGLHVHP :DOG JHVSLHOW ]X KDEHQ GHQQ HU NDQQWH MHGHQ 3IDG MHGHQ :LOGZHFKVHO 'HQQRFK ZDU XQVHUH )OXFKW DQVWUHQJHQG :LU WRUNHOWHQGDKLQXQGPKWHQXQVHLQHQVWHLOHQ*UDVKDQJKLQDXI GHUDXIKDOEHU+|KHPLWZHQLJHQGQQHQ%VFKHQEHVWDQGHQ ZDU 'UHQJ ]RJ GLHbVWH]XU6HLWHXQGOHJWHGHQ(LQJDQJ]X HLQHUQLHGULJHQ+|KOHIUHL ª(LQ 3HO]FKHQ KLQWHU GHP LFK KHU ZDU KDW PLU GDV PDO JH]HLJW1LHPDQGVRQVWZHLGDYRQ© 'HU (LQJDQJ ZDU NOHLQ XQG HV PDFKWH JURH 0KH GHQ /lXIHU KLQGXUFK]X]LHKHQ 'ULQQHQ DEHU HUZHLWHUWH VLFK GLH $XVK|KOXQJ XQG PDQ NRQQWH EHTXHP DXIUHFKW VLW]HQ ]XP 6WHKHQUHLFKWHHVDOOHUGLQJVQLFKW,FKEUHLWHWHHLQH'HFNHDXV XQGOLHGHQ/lXIHUGDUDXIUROOHQVRGDHUDXIGHU6HLWHODJ (UVW|KQWH6HLQ*HVLFKWZDUYHUVFKPXW]WXQGZLHV3UHOOXQJHQ DXI(UKDWWHNHLQHDQJHQHKPH=HLWKLQWHUVLFK'DQQVFKDXWH HUPLFKDQXQGOlFKHOWH ª'DQNH PHLQ -XQJH ,FK ZXWH GD GX ]XU 6WHOOH VHLQ ZUGHVW© ª$FK"'DVLVWPHKUDOVLFKZXWH© ª8QVLQQ$EHUMHW]WELWWHVFKQHOOGHU5FNHQ«© (U]XFNWHXQGVW|KQWHXQGNUPPWHVLFKYRUXQHUWUlJOLFKHQ 6FKPHU]HQ'LH6FKPHU]VFKHOOH±LFKKDWWHVLHYHUJHVVHQ8QG VLHHPS¿QJGDV'DXHUVLJQDOGDVVLFKHU]XP7RGHIKUWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (LOH PLW:HLOH ,FK EHKHUUVFKWH PHLQH$QJVW ]RJ ODQJVDP GHQUHFKWHQ6FKXKDXV|IIQHWHGDVNOHLQH)DFKXQGIDWHGHQ 'LHWULFKIHVWPLWGUHL)LQJHUQ%FNWHPLFKVFKRELKQLQV/RFK XQGOLHGLH6FKHOOHDXIVSULQJHQ6FKPHU]]XFNWHPLUGXUFKGLH +DQGXQGODKPWHVLHDOVLFKGDV'LQJIRUWVFKOHXGHUWH 'HU/lXIHUZDUEHZXWORVXQGDWPHWHVFKZHU0LUEOLHEQLFKW DQGHUHVEULJDOVQHEHQLKP]XVLW]HQXQG]XZDUWHQ ª'HLQHQ6lEHO©VDJWH'UHQJXQGKLHOWPLUGLH:DIIHKLQ ª.PPHUHGLFKHLQH:HLOHGDUXPZHQQGXPHLQVWGXVFKDIIVW HV© (U VHQNWH GHQ %OLFN XQG EHJDQQ ZLHGHU ]X ]LWWHUQ ª,FK P|FKWH JHUQ .lPSIHU ZHUGHQ DEHU PHLQH$QJVW LVW JUR ,FK NRQQWHHLQIDFKNHLQHQ)LQJHUUKUHQXPGLU]XKHOIHQ© ª$EHU GDQQ KDVW GX HV GRFK JHWDQ ± XQG QRFK UHFKW]HLWLJ 'HQN GDUDQ (V JLEW NHLQHQ 0HQVFKHQ DXI GHU :HOW GHU QLFKW GDQQXQGZDQQ$QJVWKDW1XUGHU0XWLJHVSUWGLH$QJVWLQVLFK XQGWXWWURW]GHPZDVJHWDQZHUGHQPX© ª(LQ HGOHU *HGDQNH MXQJHU 0DQQ© VDJWH GLH WLHIH 6WLPPH ªHLQ*HGDQNHGHQGXLPPHULP$XJHEHKDOWHQVROOWHVW© 'HU /lXIHU ZDU ZLHGHU ]X VLFK JHNRPPHQ XQG OlFKHOWH VFKZDFK ª$OVR-LPZLHLFKHEHQVFKRQVDJHQZROOWHHKHPDQGLHNOHLQH 0DVFKLQH LQ %HWULHE QDKP ± LFK ZDU GDYRQ EHU]HXJW GD GX KHXWH IUK YRU GHU %XUJ VHLQ ZUGHVW 'X ZDUVW IUHL ± XQG LFK ZXWHGXZUGHVWPLFKDQGLHVHPVFKHXOLFKHQ2UWQLFKWDOOHLQ ]XUFNODVVHQ (V JDE JURHV *HMDPPHU XQG *HVFKUHL DOV GX HQWNRPPHQ ZDUVW HLQ OHEKDIWHV 'XUFKHLQDQGHU ELV PDQ GDV 7RU IU GLH 1DFKW ]XPDFKWH 8QWHU 1DFKW NRQQWHVW GX QLFKW LQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GLH %XUJ HLQGULQJHQ GDV ZDU PLU NODU$EHU EHL 7DJHVDQEUXFK ZUGH PDQ GDV 7RU ZLHGHU |IIQHQ XQG LFK ZDU IHVW GDYRQ EHU]HXJWGDGXLQGHU1lKHVHLQZUGHVWDXIGHU6XFKHQDFK HLQHU0|JOLFKNHLWDQPLFKKHUDQ]XNRPPHQ(LQIDFKH/RJLN,FK YHUHLQIDFKWHDOVRGLH*OHLFKXQJLQGHPLFK]XGLUNDP© ª9HUHLQIDFKW'XZlUVWEHLQDKHXPV/HEHQJHNRPPHQ© ª$EHULFKOHEHQRFK8QGZLUVLQGGHQ+lVFKHUQHQWNRPPHQ ZLUEHLGH$XHUGHPVHKHLFKGDGXQRFKHLQHQ9HUEQGHWHQ JHZRQQHQKDVW'XNRQQWHVWGLH=HLWZLUNOLFKJXWQW]HQ-HW]W GLHJURH)UDJHZDVPDFKHQZLU"© -DZDV"

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

ª-D ZDV WXQ" 'LH $QWZRUW OLHJW DXI GHU +DQG© VDJWH LFK ª:LU EOHLEHQ KLHU ELV VLFK GLH$XIUHJXQJ JHOHJW KDW:DV ]LHPOLFKVFKQHOOJHKHQGUIWHGDHLQWRWHU6NODYHQLFKWJHUDGH YLHOZHUWLVW© ª$EHULFKIKOHPLFKEHPHUNHQVZHUWJHVXQG© ª'XKDVWYHUJHVVHQGDGLH6FKPHU]VFKHOOHEHL'DXHUEHWULHE W|GOLFK LVW 6REDOG ZLU N|QQHQ PDUVFKLHUHQ ZLU ]XU QlFKVWHQ 6LHGOXQJXQGYHUVRUJHQGHLQH:XQGHQ© ª(VEOXWHW]ZDUVWDUNDEHUPHKUDOVHLQ.UDW]HUNDQQHVQLFKW VHLQ© ª$EHUZLUPVVHQ,QIHNWLRQHQYRUEHXJHQ=XHUVWNPPHUQ ZLUXQVXPGLH:XQGH©,FKZDQGWHPLFKDQ'UHQJª.HQQVW GX%DXHUQKLHUDXVGHU1lKH"© ª1HLQ DEHU :LWZH $SSHOEDXP ZRKQW JOHLFK EHU GHP +JHOKLQWHUGHPWRWHQ%DXPGXUFKGDV(QGHGHV6XPSIHV« © ª3ULPD6SDUGLUGLH:RUWHIKUXQVKLQ©,FKZDQGWHPLFKDQ GHQ/lXIHUª8QGZDVPDFKHQZLUVREDOGGHLQ5FNHQYHUVRUJW LVW"© ª'DQDFK-LPVFKOLHHQZLUXQVGHU$UPHHDQ'DGXMHW]W 6|OGQHU ELVW LVW GDV JHQDX GDV 5LFKWLJH (LQH $UPHH KDW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH LKUHQ 6WW]SXQNW EHVWLPPW LQ HLQHU %XUJ XQG GRUW JLEW HV DXHUGHPHLQHQYHUVFKORVVHQHQ5DXPLQGHPYLHOHSUlFKWLJH .U|WHQXQWHUJHEUDFKWVLQG:lKUHQGGXGHLQHUPLOLWlULVFKHQ %HUXIXQJQDFKJHKVWZHUGHLFK±ZLHPDQVRVFK|QVDJW±GHQ /DGHQ DXVEDOGRZHUQ 8P GLHVHU HGOHQ$UEHLW ]X EHVRQGHUHU :LUNXQJ ]X YHUKHOIHQ KDEH LFK VFKRQ HLQH JDQ] EHVWLPPWH $UPHHLP$XJH'LHGLH&DSR'LPRQWHGLHQW© ª1LFKW&DSR'LPRQWH©MDPPHUWH'UHQJXQGUDXIWHVLFKPLW EHLGHQ+lQGHQGDVGLFKWH+DDUª(ULVWXQHUPHOLFKE|VH(U IULWMHGHQ7DJ]XP)UKVWFNHLQ.LQGKDWVlPWOLFKH0|EHO PLW 0HQVFKHQKDXW EH]RJHQ WULQNW DXV GHP 6FKlGHO VHLQHU HUVWHQ)UDX«© ª(V UHLFKW© EHIDKO GHU /lXIHU XQG 'UHQJ KLHOW GHQ 0XQG ª2IIHQVLFKWOLFK KDW HU KLHU LP &DSRWH 'RFFLD NHLQH JXWH 3UHVVH .HLQ :XQGHU HU LVW GHU YHUVFKZRUHQH )HLQG &DSR 'RFFLDV XQG ]LHKW LQ UHJHOPlLJHQ $EVWlQGHQ JHJHQ LKQ ]X )HOGH%HVWLPPWLVWHUQLFKWVFKOHFKWHU±RGHUEHVVHU±DOVMHGHU DQGHUH&DSRDXIGLHVHP3ODQHWHQ$EHUHUELHWHWHLQHQ9RUWHLO (ULVWGHU)HLQGXQVHUHV)HLQGHV© ª+RIIHQWOLFK DOVR XQVHU )UHXQG *XW 'HU DOWH 'RFFLD VWHKW EHL PLU LQ GHU .UHLGH XQG LFK IUHXH PLFK GDUDXI GDV .RQWR DXV]XJOHLFKHQ© ª'XVROOWHVWGLFKQLFKWYRQ*UROOOHLWHQODVVHQ-LP6RHWZDV YHUVWHOOW HLQHP GHQ %OLFN XQG VW|UW GLH .DUULHUH 'LH MHW]W DXI GHQ(UZHUEYRQ.U|WHQDXVJHULFKWHWVHLQVROOWHXQGQLFKWDXI 5DFKHSOlQH© ,FK QLFNWH ª6HOEVWYHUVWlQGOLFK $EHU ZlKUHQG GX GHQ )LVFK]XJ SODQVW NDQQ LFK GRFK RKQH ZHLWHUHV PHLQHU VHQ 5DFKHIU|QHQGDVNDQQDXINHLQHQ)DOOVFKDGHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,KP ZDU DQ]XPHUNHQ GD HU PHLQH (PS¿QGXQJHQ PLELOOLJWH±GRFKZDULFKHLQIDFKQLFKWLQGHU/DJHGLH'LQJH VRHLQIDFKYRQPLUDEODXIHQ]XODVVHQ(LQH6FKZlFKHPHLQHU -XJHQGPDJVHLQ,FKZHFKVHOWHGDV7KHPD ª:DVPDFKHQZLUZHQQGLH6FKDW]WUXKHJHOHHUWLVW"© ª:LU VWHOOHQ IHVW ZLH VLFK GLH (LQKHLPLVFKHQ PLW GHQ DXHQZHOWOLFKHQ6FKPXJJOHUQZLHGHQ9HQLDQHUQLQ9HUELQGXQJ VHW]HQ0LWGHPORJLVFKHQ=LHOGLHVHU]XUFNJHEOLHEHQHQXQG EHVFKLVVHQHQ:HOW P|JOLFKVW VFKQHOOGHQ5FNHQ]XNHKUHQ 8P GLHVHV =LHO ]X HUUHLFKHQ PVVHQ ZLU ZRP|JOLFK YRUKHU UHOLJL|V ZHUGHQ© 0HLQ HQWVHW]WHV *HVLFKW YHUDQODWH LKQ ]X HLQHP OHLVHQ /DFKHQ ª,FK ELQ HLQ ZLVVHQVFKDIWOLFK JHELOGHWHU +XPDQLVW ZLH GX PHLQ -XQJH XQG YHUVSUH NHLQHUOHL 'UDQJ QDFKGHPhEHUQDWUOLFKHQ'DVJHULQJVWHWHFKQLVFKH:LVVHQ GDV HV DXI 6SLRYHQWH JLEW VFKHLQW DOOHUGLQJVDXVVFKOLHOLFK EHLP2UGHQGHU6FKZDU]HQ0|QFKH]XOLHJHQ© ª1HLQODWGLHLQ5XKH©NODJWH'UHQJ,KPZDURIIHQEDUJDU QLFKWV PHKU UHFKW ]X PDFKHQ ª'LH ZLVVHQ 'LQJH GLH HLQHP 0HQVFKHQ GHQ 9HUVWDQG UDXEHQ N|QQHQ$XV LKUHQ :HUNVWlWWHQ NRPPHQDOOHP|JOLFKHQXQQDWUOLFKHQ$SSDUDWH0DVFKLQHQGLH VFKUHLHQXQGJUXQ]HQGLHDP+LPPHOVSUHFKHQ±DXHUGHPGLH 6FKPHU]VFKHOOHQ0HLGHWVLHLKU+HUUHQLFKELWWHHXFK© ª:DV XQVHU MXQJHU )UHXQG GD EHVFKUHLEW HQWVSULFKW GHU :DKUKHLW©VDJWHGHU/lXIHUª'DYRQPXPDQGLH$QJVWYRUGHP 8QEHNDQQWHQQDWUOLFKDE]LHKHQ,QIROJHHLQHU(QWZLFNOXQJGLH LP 0RPHQW QLFKW UHOHYDQW LVW KDW VLFK GLH JHVDPWH7HFKQLN DXI GLHVHP 3ODQHWHQ LQ GHQ +lQGHQ GHV 2UGHQV GHU 6FKZDU]HQ 0|QFKH NRQ]HQWULHUW :LH HV GRUW XP GLH 5HOLJLRQ EHVWHOOW LVW ±IDOOVVLHEHUKDXSWHLQHKDEHQ±ZHLLFKQLFKWGRFKOLHIHUQXQG ZDUWHQGLH0|QFKHDOOH0DVFKLQHQGLHZLUKLHUELVKHUJHVHKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH KDEHQ 'LHV JLEW LKQHQ HLQHQ JHZLVVHQ 6FKXW] GHQQ VROOWH HLQ &DSR GLH 0|QFKH DQJUHLIHQ ZUGHQ DOOH EULJHQ VLH HQHUJLVFK YHUWHLGLJHQ XP LKUHQ =XJDQJ ]X GHQ PHWDOOHQHQ )UFKWHQ GHU 7HFKQLN DXFK IU GLH =XNXQIW VLFKHU]XVWHOOHQ :DKUVFKHLQOLFK PVVHQ ZLU XQV DQ VLH ZHQGHQ ZHQQ ZLU HUO|VW ZHUGHQ XQG GLHVHQ3ODQHWHQYHUODVVHQZROOHQ© ª,FK XQWHUVWW]H GLHVHQ 9RUVFKODJ GHU VRPLW PDQJHOV :LGHUVSUXFKVDQJHQRPPHQLVW,QGLH$UPHHHLQWUHWHQP|JOLFKVW YLHOH .U|WHQ ]XVDPPHQUDIIHQ GDQQ PLW GHQ 6FKPXJJOHUQ VSUHFKHQXPXQVHLQH3DVVDJHLQV:HOWDOO]XHUNDXIHQ© 9HUVWlQGQLVORVIROJWH'UHQJGLHVHU5HGHPLWGHQYLHOHQODQJHQ :RUWHQ HLQ 6SHLFKHOIDGHQ OLHI LKP DXV GHP 0XQGZLQNHO (U EHJULIIRIIHQEDUQLFKWYLHOYRQGHPZDVZLUEHVSUDFKHQ1LHPDQG ZDULQGHU1lKHZLUKDWWHQIUHLH%DKQ:HQQZLUGHQ/lXIHUHLQ ZHQLJVWW]WHQNRQQWHHUZLHGHUJDQ]JXWJHKHQXQGGDV+DXV GHU:LWZHZDUQLFKWDOO]XZHLW2EZRKO'UHQJVLH]XEHUXKLJHQ YHUVXFKWH]LWWHUWHVLHYRU$QJVWDOVVLHXQVLQLKU+DXVOLH ª:DIIHQ XQG 6FKZHUWHU 0RUG XQG 7RG HV LVW DXV PLW PLU DXV© 7URW] LKUHV *HPXUPHOV GDV LPPHU ZLHGHU YRP 6FKPDW]HQ LKUHV]DKQORVHQ*DXPHQVXQWHUEURFKHQZXUGHIROJWHVLHPHLQHQ $QZHLVXQJHQ XQG VWHOOWH HLQHQ 7RSI :DVVHU DXIV )HXHU ,FK VFKQLWWHLQHQ6WUHLIHQYRQPHLQHU'HFNHDENRFKWHLKQVDXEHU XQG ZXVFK GHP /lXIHU GLH :XQGH DXV 6LH ZDU NOHLQ DEHU WLHI:LUEUDFKWHQGLH:LWZHGD]XVLFKYRQHLQHU3RUWLRQLKUHV 0RQGVFKHLQV ]X WUHQQHQ XQG GHU /lXIHU ]LWWHUWH VFKULH DEHU QLFKWDXIDOVLFKGLH)OVVLJNHLWLQGLHRIIHQH:XQGHJR8QG KRIIWH GD GHU$ONRKROJHKDOW JUR JHQXJ VHLQ ZUGH XP GLH :XQGH]XUHLQLJHQ:HLWHUHDXVJHNRFKWH'HFNHQVWFNHEHQXW]WH LFKDOV%DQGDJH±XQGYLHOPHKUNRQQWHLFKQLFKWIULKQWXQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª$XVJH]HLFKQHW -DPHV DXVJH]HLFKQHW© VDJWH HU VFKOLHOLFK XQG]RJVLFKYRUVLFKWLJGLH]HUVFKQLWWHQH-DFNHEHUGLH6FKXOWHU ª'HLQH-DKUHEHLGHQ)DKUW¿QGHUQZDUHQRIIHQEDUQLFKWXPVRQVW 1XQ ZROOHQ ZLU GHU EUDYHQ :LWZH GDQNHQ XQG DXIEUHFKHQ GD XQVHUH*HJHQZDUWVLHRIIHQEDUDXIZKOW© 8QG VR VHW]WHQ ZLU XQVHUHQ :HJ IRUW IROJWHQ GHP DXVJHIDKUHQHQ:HJXQGHQWIHUQWHQXQVPLWMHGHP6FKULWWZHLWHU YRQ&DSR'RFFLD'UHQJZDUHLQJXWHU.QDSSHLPPHUZLHGHU YHUVFKZDQG HU LQ 2EVWJlUWHQ XQG YHUVRUJWH XQV PLW )UFKWHQ RGHUEHVRUJWHYRQGHQ)HOGHUQDP:HJUDQGHEDUH:XU]HOQGLH HU PDQFKPDO VRJDU LP %OLFNIHOG GHU UHFKWPlLJHQ (LJHQWPHU DXVJUDEHQ PXWH 'LH VLFK EHLP $QEOLFN PHLQHU :DIIHQ QXU DQ GLH 6WLUQORFNHQ IDWHQ 8QDQJHQHKP LVW GLH :HOW LQ GHU VLFK VROFKH XQYHUVFKlPWHQ 7\SHQ GXUFKVHW]HQ NRQQWHQ =XP HUVWHQPDO ZXWH LFK GLH EHVVHUHQ 9HUKlOWQLVVH DXI GHQ /LJD :HOWHQ]XVFKlW]HQ (V ZDU VSlWHU 1DFKPLWWDJ DOV GLH 0DXHUQ GHU %XUJ YRU XQV DXIUDJWHQ 'HU %DX ZDU HLQ ZHQLJ VWLOYROOHU DOV 'RFFLDV +DXSWTXDUWLHU RGHU VDK ]XPLQGHVW DXV GHU )HUQH VR DXV GHQQ HU ODJ DXI HLQHU ,QVHO LQ HLQHP 6HH hEHU 'DPP XQG =XJEUFNHIKUWHGHU:HJ]XP)HVWODQG:LHGHUEHEWH'UHQJ YRU)XUFKWXQGZDUPHKUDOVIURKGDLFKLKQPLWGHP/lXIHU DP8IHU]XUFNOLHXQGGHQ*HIDKUHQGHU%XUJDOOHLQWURW]WH 0LOLWlULVFKIRUVFK VFKULWW LFK EHU GHQ 6WHLQGDPP XQG VWDSIWH EHU GLH %UFNH 'LH EHLGHQ :lFKWHU PXVWHUWHQ PLFK PLW RIIHQHP0LWUDXHQ ª*XWHQ0RUJHQPHLQH%UGHU©ULHILFKIURKJHPXW*HZHKU EHUGHU6FKXOWHU6lEHOLQGHU+DQG%DXFKHLQJH]RJHQ%UXVW KHUDXVª,VWGLHVGHU%HVLW]&DSR'LPRQWHVGHUEHUDOOLP/DQG ZHJHQVHLQHV&KDUPHVXQGVWDUNHQ.DPSIDUPVEHUKPWLVW"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:HUZLOOGDVZLVVHQ"© ª,FK(LQEHZDIIQHWHUPlFKWLJHU6ROGDWGHUGHPYRUQHKPHQ +HUUQGLHQHQZLOO© ª'DV KDVW GX GLU DXVJHVXFKW %UXGHU GX DOOHLQ© VDJWH HU RIIHQVLFKWOLFKEHGUFNWª'XUFKV7RUEHUGHQ+RIGULWWH7U UHFKWVGRUWHUNXQGLJHGLFKQDFK(GHOPDQQ6UDQN©(UEHXJWH VLFK YRU XQG ÀVWHUWH ª)U GUHL .U|WHQ JHEH LFK GLU HLQHQ 7LS© ª(LQYHUVWDQGHQ© ª+HUGDPLW© ª6SlWHULP0RPHQWELQLFKHLQZHQLJNQDSSEHL.DVVH© ª.HLQ :XQGHU ± VRQVW ZUGHVW GX GLFK QLFKW EHL GLHVHP +DXIHQYHUGLQJHQZROOHQ1DJXWIQI.U|WHQ]DKOEDULQIQI 7DJHQ© ,FK QLFNWH ª(U ZLUG GLU VHKU ZHQLJ ELHWHQ DEHU JHK QLFKWXQWHU]ZHL.U|WHQDP7DJ© ª'DQNHIUGHQ.UHGLW,FKPHOGHPLFKZLHGHUEHLGLU© *URVSXULJ PDUVFKLHUWH LFK GXUFK GDV 7RU XQG IDQG GLH ULFKWLJH 7U 6LH VWDQG RIIHQ XP GDV OHW]WH 7DJHVOLFKW KHUHLQ]XODVVHQ (LQ GLFNHU NDKON|S¿JHU 0DQQ NULW]HOWH DXI 3DSLHUHQKHUXP$OVPHLQ6FKDWWHQDXIGHQ7LVFK¿HOKREHU GHQ.RSI ª9HUVFKZLQGH©NQXUUWHHUXQGNUDW]WHVLFKVRQDFKGUFNOLFK GHQ .RSI GD HLQH :RONH 6FKXSSHQ GXUFK GDV 6RQQHQOLFKW ZLUEHOWH ª,FK KDEH HXFK DOOHQ JHVDJW .U|WHQ JLEW¶V HUVW EHUPRUJHQIUK© ª,FKELQMDQRFKJDUQLFKWHLQJHVWHOOW±XQGKDEHDXFKNHLQ ,QWHUHVVHZHQQGXVRGHLQH6ROGDWHQEH]DKOVW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª7XW PLU OHLG JXWHU )UHPGHU PLU VFKHLQW GLH 6RQQH LQ GLH $XJHQ7ULWWHLQWULWWHLQ1DWUOLFK*HZHKUXQG6lEHO±XQG 0XQLWLRQ"© ª(LQELFKHQ© ª:XQGHUEDU© (U ULHE VLFK GLH +lQGH XQG HU]HXJWH GDPLW HLQWURFNHQHVUDVFKHOQGHV*HUlXVFKª)UHLH.RVWIUGLFKXQG GHLQHQ.QDSSHQXQGHLQHQ.U|WDP7DJ© ª=ZHLWlJOLFKXQGGLHYHUEUDXFKWH0XQLWLRQZLUGHUVHW]W© (UUXQ]HOWHGLH6WLUQ±GDQQ]XFNWHHUGLH$FKVHOQNULW]HOWH HWZDVDXIHLQ%ODWW3DSLHUXQGVFKREHVPLUKLQª(LQHHLQMlKULJH 9HUSÀLFKWXQJ ZREHL GHU 6ROG DP (QGH GHV 9HUWUDJHV QHX YHUHLQEDUW ZHUGHQ NDQQ 'D GX QLFKW OHVHQ RGHU VFKUHLEHQ NDQQVW VFKDIIVW GX HV KRIIHQWOLFK KLHU XQWHQ ]ZHL .UHX]H KLQ]XPDOHQ© ª,FK NDQQ VRJDU JXW OHVHQ XP ]X VHKHQ GD GX PLFK DXI YLHU-DKUHIHVWQDJHOQZLOOVWHLQH.OHLQLJNHLWGLHLFKEHULFKWLJHQ ZHUGH HKH LFK XQWHUVFKUHLEH© :DV LFK DXFK WDW ZREHL LFK 5LFKWHU1L[RQV1DPHQDXIGLH/LQLHVHW]WHLQGHUhEHU]HXJXQJ GD LFK GLHVHV (QJDJHPHQW YRU]HLWLJ YHUODVVHQ ZUGH ª,FK KROH PHLQHQ .QDSSHQ GHU GUDXHQ PLW PHLQHP DOWHQ 9DWHU ZDUWHW© ª)UDUPH9HUZDQGWHJLEWHVNHLQH([WUDUDWLRQHQ©IDXFKWH HUJUR]JLJª'XWHLOVWGHLQHPLWGHP0DQQ© ª(LQYHUVWDQGHQ© VDJWH LFK ª'X ELVW ZLUNOLFK VHKU JUR]JLJ© ,FK NHKUWH ]XP 7RU ]XUFN XQG ZLQNWH PHLQH %HJOHLWHU KHUEHL ª'XELVWPLUZDVVFKXOGLJ©VDJWHGHU:lFKWHUPDKQHQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª,FK ]DKOH ± VREDOG GLHVH DXVVlW]LJH 6FKLOGNU|WH EH]DKOW KDW© (UNQXUUWH]XVWLPPHQGª:HQQGXGHQIUEHOKlOWVWVROOWHVW GXZDUWHQELVGX&DSR'LPRQWHNHQQVW0LFKZUGHQLFKWVLQ GLHVHPIHXFKWHQ/RFKKDOWHQZHQQHVNHLQH%RQXV]XWHLOXQJHQ DXVGHU%HXWHJlEH© :LU NDPHQ ODQJVDP YRUDQ GHQQ GHU /lXIHU PXWH GHQ ZLGHUVSHQVWLJHQ'UHQJPLW]LHKHQ ª%RQXV]XWHLOXQJHQ":LUGEDOGDXVEH]DKOW"© ª6REDOGGLH.lPSIHYRUEHUVLQG:LUPDUVFKLHUHQPRUJHQ© ª*HJHQ&DSR'RFFLD"© ª1HLQVRYLHO*OFNKDEHQZLUQLFKW'HUKDWDQJHEOLFK MHGH 0HQJH(GHOVWHLQHXQG*ROG.U|WHQXQGDQGHUH6FKlW]HLQVHLQHU %XUJ(VZlUHDQJHQHKPDQGLHVHU%HXWHWHLO]XKDEHQ$EHUQRFK QLFKW0DQKDWXQVELVKHUQXUJHVDJWGDHVQDFK1RUGHQJHKW 0XVLFKXPHLQHQhEHUUDVFKXQJVDQJULIIKDQGHOQZDKUVFKHLQOLFK DXIHLQHQ)UHXQGGHUDKQXQJVORVEOHLEHQVROO(LQHYHUQQIWLJH 7DNWLN ± HUZLVFKW PDQ GHQ DQGHUHQ PLW KHUXQWHUJHODVVHQHU =XJEUFNHLVWGHU.DPSIVFKRQKDOEJHZRQQHQ© :lKUHQG LFK PHLQH NOHLQH *HIROJVFKDIW LQ GLH DQJH]HLJWH 5LFKWXQJIKUWHGDFKWHLFKEHUVROFKHPLOLWlULVFKHQ:HLVKHLWHQ QDFK 'LH 6ROGDWHQTXDUWLHUH KlWWHQ LQ HLQHP 5HLVHSURVSHNW VLFKHUQLFKWV]XVXFKHQJHKDEWGRFKZDUHQVLHLPPHUKLQEHVVHU DOV 6NODYHQXQWHUNQIWH +RO]ElQNH PLW 6WURKPDWUDW]HQ IU GLH .lPSIHU±HLQELFKHQ6WURKXQWHUGHP%HWWIUGHQ.QDSSHQ)U GHQ /lXIHU ZUGH LFK HWZDV DUDQJLHUHQ PVVHQ GRFK ZDU LFK VLFKHUGDHLQELFKHQ6FKPLHUJHOGGLH6DFKHUHJHOQNRQQWH:LU VHW]WHQ XQV QHEHQHLQDQGHU DXI PHLQH 3ULWVFKH ZlKUHQG 'UHQJ GLH.FKHVXFKWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:LHJHKWHVGHLQHP5FNHQ"©IUDJWHLFK ª7XWZHKDEHUQLFKWPHKUYLHO,FKUXKHPLFKDXVGDQQVFKDXH LFKPLFKPDOHLQELFKHQXP«© ª'D]X LVW PRUJHQ QRFK =HLW :LU KDEHQ LQ OHW]WHU =HLW ZHQLJ JHVFKODIHQ© ª'XKDVWUHFKW8QGGDNRPPWGHLQ.QDSSHPLWGHP(VVHQ© (V ZDU HLQ KHLHV *HPVHJXODVFK PLW )OHLVFKEURFNHQ HLQHV XQEHNDQQWHQ 9RJHOV GDULQ 2IIHQEDU *HÀJHO GHQ HV NOHEWHQ QRFK )HGHUQ GDUDQ :LU WHLOWHQ GLH 3RUWLRQ JHUHFKW DXI XQG PDPSIWHQ DOOHV DXI 'LH IULVFKH /XIW XQG GLH YLHOH %HZHJXQJ ZDUHQ ZLUNOLFK JXW IU GHQ$SSHWLW 'UHQJ VHUYLHUWH DXHUGHP HLQH 5DWLRQ VDXUHQ :HLQHV GHQ ZHGHU LFK QRFK GHU /lXIHU IU JHQLHEDUKLHOWHQ,P*HJHQVDW]]X'UHQJGHUDOOHVVFKOUIHQG XQG VFKPDW]HQG LQ ZHQLJHQ $XJHQEOLFNHQ KLQXQWHUVFKODQJ XP VLFK GDQQ XQWHU GHU 3ULWVFKH ]XVDPPHQ]XUROOHQ XQG KHLVHU ORV]XVFKQDUFKHQ ª,FKZHUGHPLFKXPVFKDXHQPVVHQ©VDJWHLFKª5XKGLFK DXVELVLFK]XUFNELQ«© (LQ GLVVRQDQWHU7URPSHWHQWRQ XQWHUEUDFK PHLQH:RUWH,FK KREGHQ.RSIXQGVDKGHQXQIlKLJHQ0XVLNHUDXIGHU6FKZHOOH VWHKHQ:LHGHUJDEHUHLQHQ0LWRQYRQVLFK,FKKLHOWPLFKEHUHLW LKPGLH.HKOH]X]XGUFNHQVROOWHHUHVQRFKHLQPDOYHUVXFKHQ DEHUHUWUDW]XU6HLWHXQGYHUQHLJWHVLFK(LQHKDJHUH*HVWDOWLQ EODXHU8QLIRUPHUVFKLHQDQVHLQHU6WHOOH'LH6ROGDWHQGLH]XU7U VFKDXWHQ QHLJWHQ HLQ ZHQLJ GHQ .RSI RGHU VFKWWHOWHQ JUHQG GLH:DIIHQ±LFKPDFKWHHVLKQHQQDFK'HU0DQQPXWH&DSR 'LPRQWHVHLQ (U ZDU PDJHU EHLQDKH DXVJHPHUJHOW (QWZHGHU KDWWH HU .UHLVODXISUREOHPHRGHUHLQHYRQ1DWXUDXVEOlXOLFKH+DXW6HLQH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH NOHLQHQ URWHQ $XJHQ VSlKWHQ DXV WLHIHQ GXQNOHQ +|KOXQJHQ ZlKUHQGHUPLWD]XUEODXHQ)LQJHUQVHLQEODXHV-RFKEHLQEHWDVWHWH 0LWUDXLVFKVFKDXWHHUVLFKXPXQGHUJULIIGDV:RUW7URW]VHLQHV VFKPDOHQ.|USHUEDXVKDWWHHUHLQHWLHIHNUlIWLJH6WLPPH ª0HLQH0lQQHU,FKKDEHJXWH1DFKULFKWHQIUHXFK%HUHLWHW HXFKXQGHXUH:DIIHQYRUZLUPDUVFKLHUHQXP0LWWHUQDFKWORV(V ZLUGVLFKXPHLQHQ(LOPDUVFKKDQGHOQGDPLWZLUGHQ3LQHWWD:DOG QRFKYRUGHP0RUJHQHUUHLFKHQ%HWURIIHQVLQGQXUGLH.lPSIHU VHOEVWXQGZLUUHLVHQPLWOHLFKWHP*HSlFN'LH.QDSSHQEOHLEHQ KLHU XQG NPPHUQ VLFK XP HXUH +DEH :lKUHQG GHV 7DJHV ZHUGHQ ZLU GRUW UDVWHQ GDQQ EHL (LQEUXFK GHU 'lPPHUXQJ ZHLWHUPDUVFKLHUHQ:lKUHQGGHU1DFKWWUHIIHQZLUPLWXQVHUHQ 9HUEQGHWHQ ]XVDPPHQ XQG YHUHLQHQ XQVHUH 6WUHLWNUlIWH ]X HLQHP$QJULIIEHLPHUVWHQ0RUJHQOLFKW© ª(LQH)UDJH&DSR©ULHIHLQHUGHU0lQQHU(UKDWWHJUDXHV+DDU XQGYLHOH1DUEHQXQGZDURIIHQEDUHLQ9HWHUDQGHV6FKODFKWIHOGV ª*HJHQZHQPDUVFKLHUHQZLU"© ª'LHVZHUGHWLKUYRUGHP$QJULIIHUIDKUHQ6LHJHQN|QQHQZLU QXUZHQQGLHhEHUUDVFKXQJDXIXQVHUHU6HLWHLVW© 6WLPPHQJHPXUPHOZXUGHODXWDOVGHU9HWHUDQVLFKHUQHXW]X :RUWPHOGHWH ª:HQQ VFKRQ XQVHU )HLQG LP GXQNOHQ EOHLEW GDQQ VDJ XQV ZHQLJVWHQVZHUXQVHUH9HUEQGHWHQVLQG© 'LHVH)UDJHEHKDJWH&DSR'LPRQWHRIIHQEDUZHQLJ(UNUDW]WH VLFKDP.LQQXQGIXPPHOWHDQVHLQHP6lEHOJULIIKHUXPXQGKLHOW VHLQ3XEOLNXPLQ$WHP2IIHQEDUEUDXFKWHHUXQVHUHIUHLZLOOLJH 8QWHUVWW]XQJGHQQHUEHTXHPWHVLFKVFKOLHOLFKGRFK]XHLQHU $QWZRUW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª(VZLUGHXFKIUHXHQ]XHUIDKUHQGDZLUVHKUNlPSIXQG ZLOOHQVVWDUNH 9HUEQGHWH KDEHQ 6LH YHUIJHQ DXHUGHP EHU .ULHJVPDVFKLQHQ GLH GLH GLFNVWH 0DXHU ]HUVW|UHQ N|QQHQ 0LW LKUHU +LOIH N|QQHQ ZLU MHGH %XUJ HLQQHKPHQ MHGH$UPHH EHVLHJHQ(VLVWHLQ*OFNDXILKUHU6HLWH]XGLHQHQ©(USUHWH GLH/LSSHQ]XVDPPHQDOVZROOWHHUGLH:RUWHQLFKWVDJHQGDEHL ZXWHHUGDHUQLFKWDQGHUVNRQQWH ª8QVLVWGHU6LHJVLFKHUGDXQVHU9HUEQGHWHUQLHPDQGDQGHUHU LVWDOV±GHU2UGHQGHU6FKZDU]HQ0|QFKH© (LQODQJHVHQWVHW]WHV6FKZHLJHQWUDWHLQ±JHIROJWYRQ]RUQLJHQ $XVUXIHQ:DVHVGDPLWDXIVLFKKDWWHZXWHLFKQLFKW±PLUZDU QXUNODUGDGLH(QWZLFNOXQJQLFKWV*XWHVEHGHXWHQNRQQWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

.DXP KDWWH HU GDV OHW]WH :RUW JHVSURFKHQ HPSIDKO VLFK &DSR'LPRQWHXQGGLH7UNQDOOWHKLQWHULKP]X'DV]RUQLJH *HEUOOOLHQLFKWQDFK±GRFKHLQ0DQQVFKULHODXWHUDOVDOOH DQGHUHQ(VZDUGHUYHUQDUEWH9HWHUDQ(UVWLHJDXIHLQHQ7LVFK XQGEUOOWHVRODQJHELVGLHDQGHUHQVFKZLHJHQ ª$OOHKLHUNHQQHQPLFKGHQDOWHQ7XVNHU,FKVFKOXJVFKRQ .|SIHDEDOVGLHPHLVWHQYRQHXFKQRFKJDUQLFKWDOOHLQ DXIV 7|SIFKHQJHKHQNRQQWHQ,FKZHUGHDOVRUHGHQ XQG LKU K|UW ]XXQGGDQQKDEWLKUDXFKµQH&KDQFH]XP5HGHQ,VWKLHU MHPDQGGHPGDVQLFKWJHIlOOW"© (U EDOOWH HLQH EHUJURH )DXVW XQG VWUHFNWH VLH DXV GDQQ GUHKWH HU VLFK PLW ¿QVWHUHP %OLFN LP .UHLV (V JDE ]RUQLJHV *HPXUPHOGRFKQLFKWODXWJHQXJXPHLQHJHJHQWHLOLJH$QVLFKW DQ]X]HLJHQ ª*XW 'DQQ K|UW ]X ,FK NHQQH GLHVH VFKZDU]JHNOHLGHWHQ 6FKZHLQHKXQGH VFKRQ VHKU ODQJH XQG WUDXH LKQHQ QLFKW EHU GHQ :HJ 'LH GHQNHQ QXU DQV HLJHQH )HOO :HQQ VLH ZROOHQGDZLUIUVLHNlPSIHQNDQQHVQXUEHGHXWHQGDXQV bUJHULQV+DXVVWHKWXQGVLHHVOLHEHUKDEHQZHQQZLUGDEHL GUDXIJHKHQDQVWDWWVLHVHOEVW0LUEHKDJWGDVDOOHVQLFKW© ª0LU DXFK QLFKW© ULHI HLQ DQGHUHU 0DQQ ª$EHU ZHOFKH $OWHUQDWLYHKDEHQZLU"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª.HLQH©PXUUWH7XVNHUª*HQDXGDVZROOWHLFKMHW]WVDJHQ ,FKJODXEHPDQKDWXQVLQGHQ6FKZLW]NDVWHQJHQRPPHQ©(U ]RJVHLQHQ6lEHOXQGIXFKWHOWHGDPLWLQGLH5XQGHª-HGH:DIIH GLHZLUEHVLW]HQPLW$XVQDKPHGHUQHXHQ*HZHKUHNRPPWYRQ GHQ 6FKZDU]HQ 0|QFKHQ 2KQH LKUHQ 1DFKVFKXE KDEHQ ZLU NHLQ.ULHJVPDWHULDOXQGRKQH.ULHJVPDWHULDOKDEHQZLUQLFKWV ]XWXQXQGPWHQYHUKXQJHUQRGHUDXIGLH+|IH]XUFNNHKUHQ :DVPLFKEHWULIIWNRPPWGDVQLFKWLQ)UDJH8QGLFKUDWHMHGHP DQGHUHQVRHWZDVDXFK]XZROOHQ'HQQZLUVLQGDXI*HGHLKXQG 9HUGHUEDXIHLQDQGHUDQJHZLHVHQ:LUNlPSIHQDOOH±RGHUNHLQHU 8QGZHQQZLUNlPSIHQXQGVLFKMHPDQGYRQHXFKIRUWVFKOHLFKHQ ZLOOHKHGHU.DPSIEHJLQQWGDQQZLUGHUPHLQH.OLQJHLP/HLE VSUHQ© (UIXFKWHOWHPLWGHPEODQNHQ6lEHOKHUXPXQGGLHDQGHUHQ VWDUUWHQVWXPPGDUDXI ª(LQ YHUQQIWLJHV $UJXPHQW© ÀVWHUWH GHU /lXIHU ª*HJHQ GLHVH /RJLN LVW QLFKWV ]X VDJHQ 1XU VFKDGH GD VLH DXI HLQH VR XQZUGLJH6DFKHYHUVFKZHQGHWZLUG'XXQG GHLQH .DPHUDGHQ ±HXFKEOHLEWQLFKWVDQGHUHVEULJDOVHLQYHUVWDQGHQ]XVHLQ© 'HU /lXIHU KDWWH UHFKW (V JDE QHXHV *HEUOO XQG ZHLWHUH 6WUHLWHUHLHQDEHUVFKOLHOLFKPXWHPDQDXIGLH3OlQHHLQJHKHQ 0DQ ZUGH DQ GHU 6HLWH GHU 6FKZDU]HQ 0|QFKH LQ GHQ .DPSI ]LHKHQ .HLQHU GHU $QZHVHQGHQ ± LFK HLQJHVFKORVVHQ ± ZDU VRQGHUOLFK JOFNOLFK EHU GHQ *HGDQNHQ 0HLQHWZHJHQ NRQQWH PDQDXIEOHLEHQXQGVLFKELV0LWWHUQDFKWVWUHLWHQ±LFKZDUPGH XQG NRQQWH GLH ZHQLJHQ 6WXQGHQ 6FKODI JXW JHEUDXFKHQ 'HU /lXIHUPDUVFKLHUWHORVXP,QIRUPDWLRQHQ]XVDPPHOQZlKUHQG LFKPLFKDXIGHU3ULWVFKH]XVDPPHQUROOWHXQGLQHLQHQXQUXKLJHQ 6FKODI¿HO

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *HEUOOWH %HIHKOH ZHFNWHQ PLFK XQG LFK IKOWH PLFK ]HUVFKODJHQHU DOV YRUKHU 1LHPDQG VFKLHQ VLFK EHU GHQ PLWWHUQlFKWOLFKHQ0DUVFK]XIUHXHQXQGHVZDUHQDOOHUOHL¿QVWHUH *HVLFKWHU]XVHKHQXQG9HUZQVFKXQJHQ]XK|UHQ'DEHLYHUQDKP LFKVRJDUHLQLJH)OFKHGLHQHXIUPLFKZDUHQZLUNOLFKQHWWH .RPSRVLWLRQHQGLHLFKPLU]XNQIWLJHU9HUZHQGXQJPHUNWH,FK EHQXW]WH GLH SULPLWLYH 7RLOHWWHQHLQULFKWXQJ XQG VFKOHXGHUWH PLU NDOWHV :DVVHU LQV *HVLFKW ZDV PLFK HLQLJHUPDHQ DXIPXQWHUWH $OVLFK]XUFNNHKUWHVDGHU/lXIHUDXIPHLQHP%HWW(UVWDQG DXIXQGVWUHFNWHPLUGLHJURH+DQGKLQ ª'X PXW DXI GLFK DXISDVVHQ -LP 'LHVH :HOW LVW SULPLWLY XQG W|GOLFK XQG GLH +lQGH DOOHU 0HQVFKHQ VLQG JHJHQ GLFK JHULFKWHW© ª$EHUVROHEHLFKDPOLHEVWHQ±DOVRVHLXQEHVRUJW© ª7URW]GHP PDFKH LFK PLU 6RUJHQ© VDJWH HU XQG VHXI]WH VFKZHU ª'X ZHLW ZLH VHKU LFK DEHUJOlXELVFKH 0HQVFKHQ $VWURORJHQ +DQGOLQLHQGHXWHU XQG GHUJOHLFKHQ YHUDEVFKHXH GD NDQQVWGXGLUYRUVWHOOHQZLHXQ]XIULHGHQLFKPLWPLUELQZHLOLFK YRQ HLQHU XQJHKHXUHQ 1LHGHUJHVFKODJHQKHLW EHUPDQQW ZHUGH 'HQQ LFK VHKH QXU HLQH JURH 'XQNHOKHLW LQ GHU =XNXQIW HLQH HQGORVH /HHUH :LU VLQG VHLW NXU]HP *HIlKUWHQ LFK P|FKWH QLFKW GD GLHVH =HLW VFKRQ YRUEHL LVW 'HQQRFK PX LFK PLFK HQWVFKXOGLJHQGHQQLFKDKQH*HIDKUXQG9HU]ZHLÀXQJXQGPX GDYRQVSUHFKHQ© ª$XV JXWHP *UXQG© ULHI LFK XQG YHUVXFKWH PHLQH 6WLPPH EHJHLVWHUW NOLQJHQ ]X ODVVHQ ª'X ELVW GHU 6LFKHUKHLW GHLQHV /HEHQVDEHQGV HQWULVVHQ ZRUGHQ ZXUGHVW JHIDQJHQJHVHW]W EHIUHLW PXWHVW ÀLHKHQ GLFK YHUVWHFNHQ *HZLFKW YHUOLHUHQ ZLHGHUÀLHKHQPXWHVWEHVWHFKHQZXUGHVWEHWURJHQJHVFKODJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH YHUVNODYW YHUZXQGHW ± XQG GD ZXQGHUVW GX GLFK GD GX GHSULPLHUWELVW"© 'LHVH :RUWH ]DXEHUWHQ HLQ VFKZDFKHV /lFKHOQ DXI VHLQ *HVLFKW XQG HU HUJULII ZLHGHU PHLQH +DQG ª1DWUOLFK KDVW GX UHFKW-LP*LIWHLP%OXWVWURP'HSUHVVLRQLP*URKLUQ+DOWGLU GHQ 5FNHQ IUHL XQG NHKUH JHVXQG ]XUFN %LV GDKLQ ZHL LFK GDQQHLQHQ:HJGHQ&DSRYRQVHLQHQ.U|WHQ]XEHIUHLHQ© 3O|W]OLFK VDK PDQ LKP VHLQ $OWHU DQ ±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lKUWKHUGDVGLHDOSWUDXPKDIWH 3DUDGHDQIKUWH(LQHUGHU'DPSIVFKOHSSHU]RJ&DSR'LPRQWHV .ULHJVZDJHQLQGHPHUHLQLJHUPDHQEHTXHPXQWHUJHNRPPHQ ZDU6HLQH+DXSWOHXWHZDUHQEHLLKPVSUDFKHQ]ZHLIHOORVGHP $ONRKRO]XXQGYHUJQJWHQVLFK:LUPXWHQPDUVFKLHUHQXQG LQGHQ5HLKHQZXUGHQGLH)OFKHLPPHUOHLVHU $OV ZLU HQGOLFK GHQ 6FKXW] GHV 3LQHWWD:DOGHV HUUHLFKWHQ ZDUHQ ZLU HUVFK|SIW XQG DXIPS¿J JHVWLPPW ,FK IROJWH GHP %HLVSLHO GHU PHLVWHQ DQGHUHQ XQG OLH PLFK DXI GDV %HWW VOLFK ULHFKHQGHU 1DGHOQ XQWHU GHQ %lXPHQ VLQNHQ XQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH lFK]WH HUOHLFKWHUW 8QG ]HLJWH PHLQH %HZXQGHUXQJ IU GLH ZLGHUVWDQGVIlKLJHQ.ULHJHUZLHGHQDOWHQ7XVNHUGLHYRUGHP 6FKODIHQJHKHQ DXI LKUHU 5DWLRQ VDXUHQ :HLQHV EHVWDQGHQ ,FK VFKORGLH$XJHQVW|KQWHQRFKHLQPDOXQGVFKOLHIHLQ :LUEOLHEHQGHQJDQ]HQ7DJEHUGRUWXQGJHQRVVHQGLHODQJH 5DVW *HJHQ 0LWWDJ ZXUGHQ YRP :DJHQ 5DWLRQHQ DXVJHWHLOW :DUPHVVFKOHFKWULHFKHQGHV:DVVHUPLWGHPPDQGLHVWHLQKDUWHQ %URFNHQ GLH YLHOOHLFKW %URW ZDUHQ KLQXQWHUVSOHQ NRQQWH $QVFKOLHHQG PDFKWH LFK QRFK HLQ ZHQLJ GLH$XJHQ ]X ELV LQ GHU$EHQGGlPPHUXQJGLH5HLKHQVLFKHUQHXWIRUPLHUWHQXQGGHU 1DFKWPDUVFKZHLWHUJLQJ 1DFKHLQLJHQ6WXQGHQHUUHLFKWHQZLUHLQH:HJNUHX]XQJ XQG ERJHQ QDFK UHFKWV DE (LQ 0XUPHOQ JLQJ GXUFK GLH 5HLKHQ DXVJHKHQGYRQ0lQQHUQGLHVLFKLQGHU*HJHQGDXVNDQQWHQ ª:DV VDJHQ VLH"© IUDJWH LFK GHQ 0DQQ GHU QHEHQ PLU PDUVFKLHUWHXQGELVKHUNHLQ:RUWJHVDJWKDWWH ª&DSR'LQREOL$XIGHQKDEHQZLUHVDEJHVHKHQ*LEWNHLQH DQGHUH0|JOLFKNHLWPHKU8QWHUHLQ]ZHL7DJHVPlUVFKHQOLHJW NHLQHDQGHUH%XUJLQGLHVHU5LFKWXQJ© ª.HQQVWGXLKQ"© (UEUXPPWHHWZDVYRUVLFKKLQXQGVFKZLHJGDIUPHOGHWH VLFKGHU0DQQKLQWHULKPª,FKKDEPDOEHLLKPJHGLHQWHVLVW ODQJHKHU:DUGDPDOVVFKRQDOWPXLQ]ZLVFKHQHLQ*UHLVVHLQ 1LFKWEHVVHUXQGVFKOHFKWHUDOVDOOH&DSRV© 6FKOLHOLFKGURKWHGLH0GLJNHLWhEHUKDQG]XQHKPHQXQG LFK VHW]WH PHKU DXWRPDWLVFK HLQHQ )X YRU GHQ DQGHUHQ (V PXWH EHVVHUH 0|JOLFKNHLWHQ JHEHQ VHLQHQ /HEHQVXQWHUKDOW ]X YHUGLHQHQ 'LHV VROOWH PHLQ HUVWHU XQG OHW]WHU )HOG]XJ ZHUGHQ%HLPHLQHU5FNNHKUZROOWHQGHU/lXIHUXQGLFKXQV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHQ6FKDW]GHV&DSRDQHLJQHQXQGPLWVRYLHO.U|WHQÀLHKHQ ZLHZLUWUDJHQNRQQWHQ(LQKHUUOLFKHU*HGDQNH%HLQDKHKlWWH LFKGHQ0DQQYRUPLUEHUGHQ+DXIHQJHUDQQWXQGKLHOWHEHQ QRFK UHFKW]HLWLJ DQ 'LH7UXSSH ZDU LQ GHU 1lKH GHV:DOGHV VWHKHQJHEOLHEHQ 9RU GHU GXQNOHQ .XOLVVH GHU %lXPH UDJWHQ QRFK VFKZlU]HUH 6FKDWWHQ HPSRU :lKUHQG LFK VLH QRFK ]X GHXWHQYHUVXFKWHNDPHLQHUGHU2I¿]LHUHQDFKKLQWHQ ª,FKEUDXFKHHLQSDDU)UHLZLOOLJH©ÀVWHUWHHUª'XGXGX XQGGX© (U EHUKUWH PLFK DP $UP XQG VFKRQ KDWWH LFK PLFK IUHLZLOOLJ JHPHOGHW (WZD ]ZDQ]LJ YRQ XQV VFKLHQHQ DXV GHU 5HLKH JHKROW XQG DXI GHQ :DOG ]XJHWULHEHQ ]X ZHUGHQ 'LH :RONHQ KDWWHQ VLFK DXIJHO|VW XQG LP /LFKW GHU 6WHUQH NRQQWH LFK HUNHQQHQ GD HV VLFK EHL GHQ VFKZDU]HQ *HELOGHQ XP LUJHQGZHOFKH5lGHUIDKU]HXJHKDQGHOWH,FKK|UWHGDV)DXFKHQ HQWZHLFKHQGHQ'DPSIHV(LQHVFKZDU]H*HVWDOWWUDWYRUXQG JHERWXQVVWHKHQ]XEOHLEHQ ª+|UW]XLFKVDJHHXFKZDVLKUWXQPW©VDJWHGHU0DQQ :lKUHQGHUVSUDFKZXUGHDQHLQHU0DVFKLQHHLQH0HWDOOWU JH|IIQHW )HXHUVFKHLQ ÀDFNHUWH +RO] ZXUGH LQ GDV )HXHUORFK JHZRUIHQ ,Q GHP /LFKW NRQQWH LFK GHQ 6SUHFKHQGHQ GHXWOLFK HUNHQQHQ(UWUXJHLQHVFKZDU]H5REHXPVHLQHQ.RSIODJHLQH .DSX]HGLHVHLQ*HVLFKWYHUEDUJ(UGHXWHWHDXIGLH0DVFKLQH ª'LHVHV *HUlW PX GXUFK GHQ :DOG JH]RJHQ ZHUGHQ ± XQG ]ZDULQDEVROXWHU6WLOOH:HUHLQ*HUlXVFKPDFKWEHNRPPWPHLQ 0HVVHU ]ZLVFKHQ GLH 5LSSHQ %HL 7DJ LVW HLQ :HJ IUHLJHPDFKW ZRUGHQ GHP PDQ PKHORV IROJHQ NDQQ 1HKPW GLH 7DXH XQG WXWZDVPDQHXFKVDJW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH :HLWHUH *HVWDOWHQ LQ GXQNOHQ .XWWHQ EUDFKWHQ 7DXH XQG VFKREHQ XQV ]X 5HLKHQ ]XVDPPHQ$XI HLQ JHÀVWHUWHV 6LJQDO KLQEHJDQQHQZLU]X]HUUHQ 'DV 'LQJ UROOWH ]LHPOLFK OHLFKW XQG ZLU ]RJHQ HV PLW JOHLFKEOHLEHQGHU *HVFKZLQGLJNHLW :HLWHUH JHÀVWHUWH .RPPDQGRVZLHVHQXQVGHQ:HJ±LQGHU1lKHGHV:DOGUDQGHV KLHOWHQ ZLU LQQH :LU PXWHQ GLH 6HLOH IDOOHQ ODVVHQ XQG GDV JHZDOWLJH*HZLFKWKHUXP]LHKHQELVXQVHUH$XIVHKHU]XIULHGHQ ZDUHQ (V ZXUGH OHEKDIW EHU $XVULFKWXQJ XQG 5HLFKZHLWH JHÀVWHUW XQG LFK IUDJWH PLFK ZDV KLHU ORV ZDU 'D PDQ XQV ]XQlFKVWYHUJHVVHQKDWWHJLQJLFKP|JOLFKVWOHLVHDQGHP'LQJ YRUEHLXQGVFKDXWHGXUFKGDV*HEVFKDXIGDVGDUXQWHUOLHJHQGH 3DQRUDPD 6HKU LQWHUHVVDQW (LQ .RUQIHOG HUVWUHFNWH VLFK HLQHQ +DQJ KLQDE ELV ]X HLQHU %XUJ GHUHQ GXQNOH 7UPH LP 6WHUQHQOLFKW GHXWOLFK DXV]XPDFKHQ ZDUHQ 8QWHQ DP )XHGHV%DXVJDEHV /LFKWUHÀH[HRIIHQEDUGDV:DVVHUGHV%XUJJUDEHQV ,FKEOLHEDQ2UWXQG6WHOOHELVGHU0RUJHQGHQ+LPPHOJUDX ]XIlUEHQEHJDQQGDQQNHKUWHLFK]XUFNXPPLUXQVHUHVFKZHUH /DVW DQ]XVFKDXHQ 0LW GHU ZHLFKHQGHQ 'XQNHOKHLW VFKlOWHQ VLFK GLH 8PULVVH NODUHU KHUDXV ± WURW]GHP KDWWH LFK QLFKW GLH OHLVHVWH$KQXQJ ZDV GDV IU HLQ 'LQJ ZDU )HXHU XQG 'DPSI GHU ZHLH 5DXFKIDGHQ ZDU GHXWOLFK DXV]XPDFKHQ 8QG REHQ HLQH$UW%DONHQ(LQHGHUVFKZDU]JHNOHLGHWHQ*HVWDOWHQEHGLHQWH GLH .RQWUROOHQ 'DPSI IDXFKWH ODXWHU DOV GHU ODQJH$UP VLFK KHUDEVHQNWH ELV GDV (QGH DXI GHP %RGHQ UXKWH ,FK VFKDXWH PLUGLHJURH0HWDOOVFKDOHDP(QGHDQ±XQGPXWHIUPHLQH 1HXJLHUEH]DKOHQGHQQPDQWHLOWHPLFKGD]XHLQHLQHQULHVLJHQ 6WHLQDQ2UWXQG6WHOOH]XKLHYHQ=ZHLYRQXQVUROOWHQLKQYRQ HLQHP +DXIHQ JOHLFKJHDUWHWHU )HOVEURFNHQ KHUXQWHU GDQQ DEHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PXWHQYLHUVLFKPlFKWLJDQVWUHQJHQXPGLH/DVWLQGLH6FKDOH ]X KLHYHQ 5lWVHO EHU 5lWVHO .DXP ZDU LFK ]X GHQ DQGHUHQ ]XUFNJHNHKUWDOV&DSR'LPRQWHPLWGHPJURHQ.XWWHQWUlJHU YRUXQVHUVFKLHQ ª:LUGHVIXQNWLRQLHUHQ%UXGHU)DUYHO"©IUDJWH'LPRQWHª,FK ZHLQLFKWVYRQVROFKHQ$SSDUDWHQ© ª,FKDEHU&DSRGXZLUVWHVVHKHQ:HQQGLH=XJEUFNHXQWHQ LVWZLUGPHLQH0DVFKLQHVLH]HUVW|UHQ]HUVFKPHWWHUQ© ª'DV ZQVFKH LFK PLU ZDKUOLFK 'LH 0DXHUQ VLQG KRFK XQG GDV JOHLFKH JlOWH IU XQVHUH 9HUOXVWH ZHQQ ZLU GLH %XUJ HUVWUPHQPWHQRKQHGXUFKGDV7RUHLQGULQJHQ]XN|QQHQ©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lKHGHUYHUKOOWHQ 0lQQHUDQGHQ.RQWUROOHQ ª6LHVHQNWVLFKQLFKW©ULHI%UXGHU)DUYHOSO|W]OLFK ª'HUEOLFKH=HLWSXQNWLVWYRUEHLVRQVWLVWVLHXPGLHVH=HLW LPPHUXQWHQ(WZDVVWLPPWQLFKW© ª:LVVHQVLHGDZLUKLHUVLQG"©IUDJWH&DSR'LPRQWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª-D© GU|KQWH HLQH XQJODXEOLFK ODXWH 6WLPPH DXV GHQ %lXPHQEHUXQVª:LUZLVVHQGDLKUKLHUVHLG(XHU$QJULIILVW ]XP6FKHLWHUQYHUXUWHLOW±LKUDOOHVHLGGHV7RGHV%HUHLWHWHXFKDXI GDV6WHUEHQYRU©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

'LH ODXWH 6WLPPH GU|KQWH GHUPDHQ XQHUZDUWHW GXUFK GLH :DOGHVVWLOOHGDVLHXQVVFKRFNLHUWH,FK]XFNWHKHIWLJ]XVDPPHQ ± XQG ZDU QLFKW GHU HLQ]LJH GHU VR UHDJLHUWH 'HU 0|QFK GHU DQGHU6WHXHUXQJGHU0DVFKLQHVDZDUVREHUUDVFKWGDVHLQH +DQGDP.RQWUROOKHEHO]XFNWH(VJDEHLQJHZDOWLJHV=LVFKHQXQG %UDXVHQ*HGUFNWYRQHLQHPNUlIWLJHUHQ$UPXQWHQDPGUHKEDUHQ (QGHVFKQHOOWHGHUODQJH$UPDXIGHP'DFKGHU0DVFKLQHQDFK YRUQ XQG NQDOOWH JHJHQ HLQHQ YHUGHFNWHQ 3XIIHU GD GLH JDQ]H 0DVFKLQHHUEHEWH=ZDUNDPGHU$UP]XP6WLOOVWDQGGDIUVHW]WH GHU6WHLQLQGHU9HUWLHIXQJDP(QGHVHLQHQ:HJLQKRKHP%RJHQ GXUFKGLH/XIWIRUW,FKVWUPWHYRUXQGVDKZLHGDV*HVFKRNXU] YRU GHU JHVFKORVVHQHQ =XJEUFNH LQ GHQ %XUJJUDEHQ SOXPSVWH (LQJXWHU6FKX±HUKlWWHGLH$QODJH]HUVW|UWZlUHGLH%UFNH XQWHQJHZHVHQ 5LQJVXP ZXUGH HV OHEHQGLJ %UXGHU )DUYHO KDWWH GHQ 0|QFK PLW HLQHP )DXVWVFKODJ YRQ GHQ .RQWUROOHQ JHIHJW XQG WUDW LKP ZXWVFKlXPHQG LQ GLH 5LSSHQ 6lEHO ZDUHQ EODQN JH]RJHQ ZRUGHQ 6ROGDWHQ OLHIHQ SODQORV GXUFKHLQDQGHU ± XQG HLQLJH VFK|VVHQLQGLH%lXPHKLQDXI&DSR'LPRQWHEHOOWH%HIHKOHDXI GLHQLHPDQGK|UWH,FKVWHPPWHGHQ5FNHQJHJHQHLQHQ%DXP XQGKLHOWPHLQH:DIIHEHUHLWGHQQLFKHUZDUWHWHHLQHQ$QJULII $EHU QLFKWV JHVFKDK$OOHUGLQJV VHW]WH GLH EHUODXWH 6WLPPH LKUHQGU|KQHQGHQ9RUWUDJIRUW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª=LHKW HXFK ]XUFN .HKUW GRUWKLQ ]XUFN ZRKHU LKU JHNRPPHQVHLGXQGHXHU/HEHQVROOYHUVFKRQWVHLQ,FKPHLQH GLFK &DSR 'LPRQWH 'X PDFKVW HLQHQ JURHQ )HKOHU 'X ZLUVW YRQ GHQ 6FKZDU]HQ 0|QFKHQ LQ LKUH 0DFKHQVFKDIWHQ YHUVWULFNW 'X ZLUVW VLQQORV JHRSIHUW .HKUH LQ GHLQH %XUJ ]XUFNGHQQKLHUILQGHVWGXQXUGHQ7RG© ª'RUW LVW HV LFK NDQQ HV VHKHQ© EUOOWH %UXGHU )DUYHO XQG GHXWHWH ]X GHQ bVWHQ HPSRU (U ZLUEHOWH KHUXP VDK PLFK SDFNWHPLFKDP$UPXQGGHXWHWHQDFKREHQª'RUWDXIGHP$VW GDV7HXIHOVJHELOGH=HUVW|UHHV© :DUXPQLFKW"1XQVDKLFKDXFKZDVHUPHLQWHXQGHUNDQQWH GDV *HELOGH VRJDU (LQ /DXWVSUHFKHU 0HLQH :DIIH NQDOOWH XQG ERKUWH VLFK VFKPHU]KDIW LQ PHLQH 6FKXOWHU ,FK VFKR HUQHXW ZRUDXIKLQ GHU /DXWVSUHFKHU H[SORGLHUWH XQG 3ODVWLN XQG 0HWDOOEURFNHQDXIXQVKHUDEUHJQHWHQ ª1XUHLQH0DVFKLQH©EUOOWH%UXGHU)DUYHOXQGVWDPSIWHGLH %UXFKVWFNHLQGHQ%RGHQª/HLWHGHQ$QJULIIHLQ±VFKLFNGHLQH 0lQQHUYRUZlUWV0HLQH7RGHVZHUIHUZHUGHQHXFKXQWHUVWW]HQ 6LHZHUGHQIUHXFKGLH0DXHUQ]HUVFKPHWWHUQ© 'HP&DSREOLHEQLFKWVDQGHUHVEULJ(UNDXWHHLQ:HLOFKHQ DXI GHU 8QWHUOLSSH KHUXP GDQQ JDE HU GHP +HUROG QHEHQ VLFK HLQ =HLFKHQ 'UHL 7URPSHWHQW|QH HUVFKDOOWHQ XQG ZXUGHQ YRQ 6LJQDOHQ KLQWHU XQV XQG DXI EHLGHQ )ODQNHQ EHDQWZRUWHW $OV GLHHUVWHQ.lPSIHU]ZLVFKHQGHQ%lXPHQKHUYRUVWUPWHQ]RJ HU VHLQHQ 6lEHO XQG EHIDKO XQV LKP ]X IROJHQ :LGHUVWUHEHQG WURWWHWHLFKKLQWHUGUHLQ 0DQ NRQQWH XQVHU 0DQ|YHU QLFKW JHUDGH DOV EOLW]VFKQHOOHQ $QJULIIEH]HLFKQHQ*HQDXJHQRPPHQZDUHVHKHUHLQ6SD]LHUJDQJ :LUUFNWHQGXUFKGDV)HOGYRUXQGKLHOWHQDXIKDOEHU6WUHFNH LQQH XP DE]XZDUWHQ GD GLH 7RGHVZHUIHU LQ 6WHOOXQJ JLQJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'DPSIZDJHQ VFKOHSSWHQ VLH LQ HLQH /LQLH GDQQ EHJDQQ GHU %HVFKX )HOVEURFNHQ ÀRJHQ EHU XQVHUHQ .|SIHQ GDKLQ XQG SUDOOWHQ HQWZHGHU YRQ GHQ 0DXHUQ DE RGHU YHUVFKZDQGHQ LP ,QQHUHQGHU%XUJ ª9RUZlUWV© EUOOWH GHU &DSR XQG VFKZHQNWH ZLHGHU VHLQHQ 6lEHODEHUQXQEHJDQQHQGLH9HUWHLGLJHUHUQVW]XPDFKHQ +LQWHUGHQ0DXHUQVWLHJHQVLOEULJH.XJHOQHPSRUVFKZHEWHQ LQKRKHP%RJHQDXIXQV]XXQGVHQNWHQVLFKQLHGHU 8QGSUDOOWHQDXIXQGSODW]WHQ(LQ*HELOGHODQGHWHLQGHU1lKH XQGLFKHUNDQQWHGDHVVLFKXPHLQHQGQQHQ%HKlOWHUPLWHLQHU )OVVLJNHLW KDQGHOWH GLH EHL GHU %HUKUXQJ PLW /XIW TXDOPHQG YHUGDPSIWH*LIW+DVWLJOLHILFKGDYRQIRUWXQGYHUVXFKWHQLFKW ]XDWPHQ$EHUGLH.XJHOQSODW]WHQEHUDOOHLQGLFKWHUEHLHQGHU 1HEHOODJLQGHU/XIW,FKOLHIXQGPHLQH/XQJHQVFKPHU]WHQXQG LFKNRQQWHQLFKWPHKUDQGHUVLFKPXWHDWPHQ $OV GLH /XIW LQ PHLQH /XQJHQ HLQGUDQJ ¿HO LFK QDFK YRUQ 6FKZlU]HVHQNWHVLFKEHUPLFK ,FKODJDXIGHP5FNHQGDVZXWHLFK±DQVRQVWHQDEHUO|VFKWH HLQERKUHQGHU.RSIVFKPHU]MHGHDQGHUH:DKUQHKPXQJDXV%HLGHU JHULQJVWHQ.RSIEHZHJXQJYHUVWlUNWHVLFKGHU6FKPHU]DOVOlJH HLQ)HXHUUHLIXPPHLQH6FKOlIHQ$OVLFKYHUVXFKVZHLVHHLQ$XJH |IIQHWHVFKLHQHQURWH%OLW]HJHJHQPHLQH1HW]KDXW]XSUDVVHOQ ,FKVW|KQWHXQGK|UWHDXIDOOHQ6HLWHQHLQ(FKRGLHVHV/DXWHV'HU .RSIVFKPHU] DOOHU .RSIVFKPHU]HQ HLQ SODQHWHQXPVSDQQHQGHU 6FKPHU] QHEHQ GHP DOOH DQGHUHQ .RSIVFKPHU]HQ QLFKWV PHKU ZDUHQ DOOHQIDOOV UHLQH 3DSS.RSIVFKPHU]HQ +LHU XQG KHXWH HUOHEWHLFKGHQZDKUHQ-DNRE'LFKWQHEHQPLUVW|KQWHMHPDQG XQGLFK±XQGYLHOHDQGHUH±VW|KQWHQLQEUQVWLJPLW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $OOPlKOLFK OLH GHU 6FKPHU] QDFK MHGHQIDOOV VRZHLW GD LFK YHUVXFKVZHLVH HLQ$XJH |IIQHQ NRQQWH GDQQ GDV]ZHLWHhEHU PLUHUVWUHFNWHVLFKGHUNODUHEODXH+LPPHOGDV*HWUHLGHUDVFKHOWH LP:LQG 6HKU YRUVLFKWLJ VWHPPWH LFK PLFK DXI HLQHQ (OOERJHQ KRFKXQGOLHPHLQHQ%OLFNEHUGLH$UPHHVFKZHLIHQ 'DV )HOG ZDU EHUVlW YRQ .|USHUQ ± HLQLJH ULFKWHWHQ VLFK DXI ZLH LFK XQG KLHOWHQ VLFK GHQ .RSI ZlKUHQG HLQ RGHU ]ZHL NUlIWLJHUH±RGHUGPPHUH±6ROGDWHQVFKRQZLHGHUDXIGLH)H ]X NRPPHQ YHUVXFKWHQ *DQ] LQ GHU 1lKH ODJHQ GLH VLOEULJHQ %UXFKVWFNHQ HLQHV GHU *HVFKRVVH RKQH GDV *DV ZLUNWHQ VLH UHFKWXQVFKXOGLJ,QPHLQHP.RSISXOVLHUWHGHU6FKPHU]DEHULFK EHDFKWHWHLKQQLFKWZHLWHU:LUOHEWHQ'DV*DVKDWWHQLFKWJHW|WHW ±RIIHQVLFKWOLFKZDUHVGD]XEHVWLPPWJHZHVHQXQVXQVFKlGOLFK ]XPDFKHQ(LQNUlIWLJHV0LWWHO,FKVFKDXWHDXIPHLQHQ6FKDWWHQ GHQQLFKZROOWHHLQHQ%OLFNLQGLH6RQQHQRFKQLFKWULVNLHUHQXQG VWHOOWHIHVWGDHU]LHPOLFKNXU]ZDU'LH0LWWDJVVWXQGHPXWH QDKHVHLQ:LUKDWWHQVWXQGHQODQJJHVFKODIHQ :DUXP ZDUHQ ZLU QLFKW WRW" :DUXP KDWWHQ &DSR 'LQREOLV 0lQQHU VLFK QLFKW DXI XQV JHVWU]W XQG XQV GLH .HKOH GXUFKJHVFKQLWWHQ" 2GHU XQV ]XPLQGHVW GLH :DIIHQ JHQRPPHQ" 'DV*HZHKUODJQHEHQPLULFK|IIQHWHHVXQGVDKGLH*HVFKRVVH LP0DJD]LQ5lWVHOEHU5lWVHO(LQKHLVHUHU6FKUHLHUW|QWHXQG LFKIXKUHUVFKURFNHQ]XVDPPHQ±XQGEHGDXHUWHGLH%HZHJXQJ VRIRUW ZLHGHU GHQQ PHLQ .RSI SURWHVWLHUWH VFKPHU]KDIW ,FK VFKDIIWHHVPLFKDXI]XVHW]HQXQGLQGLH5LFKWXQJ]XVFKDXHQ ,QWHUHVVDQW%UXGHU)DUYHOWREWHKHUXPÀXFKWHXQGUDXIWHVLFK GDV +DDU 6HLQ 9HUKDOWHQ ZDU K|FKVW XQJHZ|KQOLFK MHGHQIDOOV KDWWHLFKVRHWZDVQRFKQLFKWJHVHKHQ=|JHUQGVWDQGLFKDXIXP PLUDQ]XVFKDXHQZHVKDOEHUVLFKVRDXIUHJWH$FKMDLFKNRQQWH VHLQH*HIKOHYHUVWHKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (UVWDQGQHEHQHLQHUVHLQHU7RGHVVFKOHXGHUQGHUQXQVHOEVWGHU 7RG]XWHLOJHZRUGHQZDU'HU$SSDUDWZDUDXIJHSODW]WZDUQXU QRFKHLQ*HZLUUYHUGUHKWHU5|KUHQXQG]HUEURFKHQHQ0HWDOOV'HU ODQJH6FKOHXGHUDUPZDUVlXEHUOLFKLQGUHL7HLOH]HUWHLOWZRUGHQ XQG PDQ KDWWH VRJDU GLH 5lGHU YRP +DXSWWHLO GHV )DKU]HXJV JHWUHQQW (LQ 6FKURWWKDXIHQ PLW GHP QLFKWV PHKU DQ]XIDQJHQ ZDU+HLVHUEUOOHQGHLOWH%UXGHU)DUYHOGDYRQXQGKLQWHULKP ZHKWHQNOHLQH+DDUEVFKHOGXUFKGLH/XIW $OV %UXGHU )DUYHO JOHLFK GDUDXI ]XUFNJHVWROSHUW NDP JDEHQ ZHLWHUH0|QFKHLKUHP.XPPHUXQG6FKPHU]ODXWHQ$XVGUXFN 'HU$QIKUHUGHU6FKZDU]HQ0|QFKHQlKHUWHVLFK&DSR'LPRQWH GHUVLFKJHUDGHDXIULFKWHWH ª$OOH ]HUVW|UW© EUOOWH GHU 6FKZDU]H 0|QFK ZlKUHQG VLFK GHU &DSR GLH +DQG DXI GLH 2KUHQ SUHWH ª'LH$UEHLW YRQ -DKUHQ ]XQLFKWH JHPDFKW $OOH PHLQH 7RGHVVFKOHXGHUQ GLH GDPSIJHWULHEHQH 5DPPH ± YHUQLFKWHW (U KDW HV JHWDQ &DSR 'LQREOL KDW GDV JHWDQ 5XI GHLQH 0lQQHU ]XVDPPHQ JUHLI GLH %XUJ DQ ZHJHQ GHV XQJHKHXHUOLFKHQ 9HUEUHFKHQV GDV HU EHJDQJHQKDWPXHUVWHUEHQ© 'HU&DSRZDQGWHVLFKXPXQGVFKDXWHDXIGLH%XUJ6LHVDK QRFK JHQDXVR DXV ZLH EHL 7DJHVDQEUXFK VWLOO XQG XQEHUKUW GLH=XJEUFNHKDWWHVLFKQLFKWJHVHQNW(VVDKDXVDOVKlWWHHV GLH (UHLJQLVVH GHV IUKHQ 9RUPLWWDJV QLFKW JHJHEHQ 'LPRQWH VFKDXWH ZLHGHU DXI %UXGHU )DUYHO XQG VHLQ *HVLFKW ZDU DQJHVSDQQWXQGKDUW ª1HLQLFKIKUHPHLQH0lQQHUQLFKWJHJHQGLHVH0DXHUQ'DV ZlUH6HOEVWPRUGXQGVRHWZDVKDEHQZLUQLFKWYHUHLQEDUW+LHU JHKWHVXPHXUH+lQGHOQLFKWGLHPHLQHQ,FKZDUHLQYHUVWDQGHQ HXFK EHL GHU (LQQDKPH GHU %XUJ ]X KHOIHQ ,KU VROOWHW XQV GHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH =XJDQJ PLW HXUHQ $SSDUDWHQ HU]ZLQJHQ (UVW GDQQ ZROOWH LFK DQJUHLIHQ'LHVH9HUHLQEDUXQJLVWDEJHODXIHQ© ª'XNDQQVWGRFKQLFKWGHLQ:RUW]XUFNQHKPHQ«© ª7XHLFKJDUQLFKW5HLGLH0DXHUQHLQGDQQJUHLIHLFKDQ'DV KDVWGXXQVYHUVSURFKHQ-HW]WWXHVDXFK© %UXGHU )DUYHO OLHI YRU =RUQ URW DQ KRE GLH )lXVWH VFKLHQ ORVVWUPHQ ]X ZROOHQ $EHU GHU &DSR ZLFK NHLQHQ 0LOOLPHWHU ±YLHOPHKU]RJHUVHLQHQ6lEHOXQGKLHOWLKQKRFK ª6LHK©VDJWHHUª,FKELQQRFKEHZDIIQHW±DOOHPHLQH0lQQHU WUDJHQ LKUH :DIIHQ 'DV LVW HLQH %RWVFKDIW GLH LFK ]X GHXWHQ YHUPDJ'LQREOLV0lQQHUKlWWHQXQVGLH:DIIHQQHKPHQXQGXQV W|WHQN|QQHQDOVZLUEHZXWORVKLHUKHUXPODJHQ$EHUVLHKDEHQ HVQLFKWJHWDQ6LH VWHKHQ QLFKW LP .ULHJ PLW PLU XQG GHVKDOE EHNlPSIHLFKVLHQLFKW'XNDQQVWVLHMDEHNlPSIHQIKUGHLQHQ .ULHJDOOHLQ©(UVWLHGHQQHEHQLKPOLHJHQGHQ+HUROGPLWGHP )XDQª%ODVGDV6LJQDO]XP6DPPHOQ© :LU ZDUHQ PHKU DOV HUOHLFKWHUW GLH 6FKZDU]HQ 0|QFKH DXI GHP )HOG VWHKHQ]XODVVHQ ZLH VLH GD UDWORV GLH hEHUUHVWH LKUHU 0DVFKLQHQ EHWUDFKWHWHQ 'LH ZDKUHQ (UHLJQLVVH VSUDFKHQ VLFK VFKQHOO EHL GHQ 6ROGDWHQ KHUXP XQG VR PDQFKHV /lFKHOQ O|VWH JULPPLJH VFKPHU]HUIOOWH *ULPDVVHQ DE XQG .RSIVFKPHU]HQ VFKZDQGHQPLWGHP*HIKOGHU(UOHLFKWHUXQJ(VZUGHNHLQHQ .DPSIJHEHQNHLQH*HIDOOHQHQ'LH6FKZDU]HQ0|QFKHKDWWHQ GHQ.DPSIEHJRQQHQ±XQGVLHZDUHQJHVFKHLWHUW0HLQ/lFKHOQ ¿HOEHVRQGHUVEUHLWDXVZHLOLFKJXWH1DFKULFKWHQIUGHQ/lXIHU KDWWH ,FK ZXWH QlPOLFK HQGOLFK ZLH ZLU GLHVHP ZLGHUOLFKHQ 6SLRYHQWHGHQ5FNHQNHKUHQNRQQWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH =XUFNEOLFNHQG NRQQWH LFK PLU QDWUOLFK YRUVWHOOHQ ZDV DP $EHQG YRUKHU JHVFKHKHQ ZDU 0DQ KDWWH XQVHU $QUFNHQ JHQDX EHREDFKWHW 0LW +LOIH HLQHU IRUWVFKULWWOLFKHQ7HFKQLN 'LH YHUVWHFNWHQ %HREDFKWHU PXWHQ GHQ :HJ JHVHKHQ KDEHQ GHQ ZLUIUGLH7RGHVVFKOHXGHUQGXUFKGHQ:DOGOHJWHQXQGKDWWHQ HUNDQQWZDVZLULP6FKLOGHIKUWHQ'LH/DXWVSUHFKHUZDUHQLP %DXPGLUHNWEHUGHU$EVFKXVWHOOXQJDQJHEUDFKW±XQGGDQQ EHU )XQN DNWLYLHUW ZRUGHQ 'DV *DV GDV XQV DXVJHVFKDOWHW KDWWHZDUHLQHUDI¿QLHUWH0LVFKXQJXQGPLWK|FKVWHU3Ul]LVLRQ DEJHVFKRVVHQ ZRUGHQ $OOH GLHVH 'LQJH EHUVWLHJHQ GLH WHFKQLVFKHQ 0|JOLFKNHLWHQ GLHVHV KLQWHUZlOGOHULVFKHQ 3ODQHWHQ EHLZHLWHP8QGGDJDEHVQXUHLQH(UNOlUXQJ ,Q&DSR'LQREOLV%XUJKLHOWHQVLFK$XHQZHOWOHUDXI8QG]ZDU HLQH]LHPOLFKJURH*UXSSHGLHLUJHQGHWZDVLP6FKLOGHIKUWH:DV LPPHUHVZDU±GLH/HXWHKDWWHQGHQ=RUQGHU6FKZDU]HQ0|QFKH DXIVLFKJHOHQNW'HUHQ$QJULIIZDUQXQY|OOLJGDQHEHQJHJDQJHQ *XW:LHGHU PDO GHU )HLQG PHLQHV )HLQGHV 'LH 0|QFKH KDWWHQ GLH JHULQJHQ WHFKQLVFKHQ (UNHQQWQLVVH GLH ELV QDFK 6SLRYHQWH YRUJHGUXQJHQZDUHQIHVWLP*ULIIXQG]ZDUPHKURGHUZHQLJHU DXVVFKOLHOLFK ]X *XQVWHQ PLOLWlULVFKHU 1XW]XQJHQ ,FK ]HUEUDFK PLUGHQ.RSIXQGYHUVXFKWHDQPHLQHODQJHQ*HVSUlFKHPLWGHP /lXIHUEHUSROLWLVFKHXQG|NRQRPLVFKH)UDJHQ]XUFN]XGHQNHQ (LQH HUVWH /|VXQJ EHJDQQ VLFK YDJH DE]X]HLFKQHQ GD JHOOWH SO|W]OLFKLQGHQ5HLKHQYRUPLU*HVFKUHL 0LW HLQLJHQ DQGHUHQ GUlQJWH LFK PLFK YRU XQG VDK GHQ HUVFK|SIWHQ %RWHQ LP *UDV QHEHQ GHU 6WUDH KRFNHQ &DSR 'LPRQWHZDQGWHVLFKYRQLKPDEXQGUHFNWH]RUQEHEHQG GLH +DQG]XP+LPPHO ª(LQ $QJULII ± HLQ KHLPWFNLVFKHU $QJULII KLQWHU PHLQHP 5FNHQ DXI GLH %XUJ 'LHVHU HOHQGH :XUP 'RFFLD VWHFNW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GDKLQWHUHWZDVDQGHUHVLVWQLFKWP|JOLFK:LUPDFKHQXQVDXI GHQ:HJLP(LOPDUVFK1DFK+DXVH© (V ZDU HLQ 0DUVFK ZLH LFK LKQ QLFKW QRFK HLQPDO HUOHEHQ P|FKWH:LUUXKWHQQXUZHQQGLH(UVFK|SIXQJXQV]X%RGHQ VLQNHQ OLH 'DQQ WUDQNHQ ZLU HWZDV :DVVHU NDPHQ WRUNHOQG ZLHGHU KRFK PKWHQ XQV ZHLWHU 1LHPDQG EUDXFKWH XQV PLW GHU3HLWVFKHDQ]XWUHLEHQZHLOZLUDOOHDXIGDVK|FKVWHPRWLYLHUW ZDUHQ'LH)DPLOLHGHV&DSRVVHLQHZHOWOLFKHQ*WHU±VLHDOOH EHIDQGHQ VLFK LQ GHU %XUJ GLH QXU YRQ HLQHP 7UXSSHQUHVW EHZDFKW ZRUGHQ ZDU:LU ZDUHQ QLFKW PLQGHU EHVRUJW DOV HU GHQQXQVHUHJHULQJH+DEHEHIDQGVLFKHEHQIDOOVLQGHU%XUJ 'LH .QDSSHQ GLH XQVHUH NDUJHQ %HVLW]WPHU EHZDFKWHQ 'UHQJ GHQ LFK NDXP NDQQWH IU GHQ LFK PLFK DEHU GRFK YHUDQWZRUWOLFKIKOWH8QGGHU/lXIHU:HQQGLH%XUJHUREHUW ZUGH ZDV VROOWH DXV LKP ZHUGHQ" 1LFKWV ± HU ZDU HLQ DOWHU 0DQQKDUPORVQLHPDQGHV)HLQG 'RFK QRFK ZlKUHQG LFK PLFK VHOEVW YRQ GHU 6FKOVVLJNHLW GLHVHV *HGDQNHQV ]X EHU]HXJHQ YHUVXFKWH ZXWH LFK GD HV QLFKW VR ZDU 0LU ZDU ]X JHQDX EHNDQQW ZDV PDQ DXI 6SLRYHQWHPLWJHÀRKHQHQ6NODYHQDQVWHOOWH 0HKU :DVVHU HLQLJH +DSSHQ ]X HVVHQ EHL 6RQQHQXQWHUJDQJ GDQQ ZHLWHUPDUVFKLHUW GXUFK GLH 1DFKW$OV HV KHOO ZXUGH VDK LFK XQVHUH 6WUHLWPDFKW ]X HLQHU XQJOHLFKPlLJHQ .RORQQH DXVHLQDQGHUJH]RJHQ GLH VWlUNHUHQ NDPHQ HEHQ GRFK VFKQHOOHU YRUDQ ,FK ZDU MXQJ XQG EHL .UlIWHQ XQG YROOHU 6RUJHQ ± XQG JHK|UWHPLW]XGHQHUVWHQ6FKOLHOLFKNRQQWHLFKPLUHLQHOlQJHUH 5DVWJ|QQHQ XP ZLHGHU ]X$WHP ]X NRPPHQ:HLWHU YRUQ DQ GHU6WUDHVDKLFK]ZHL0lQQHUDXV%VFKHQKHUYRUNRPPHQXQG KLQWHUGHP+JHOYHUVFKZLQGHQ ª'RUW©EUOOWHLFKª6SlKHU0DQKDWXQVJHVHKHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'HU&DSRVSUDQJDXVVHLQHP.ULHJVIDKU]HXJXQGOLHIDQPHLQH 6HLWH,FK]HLJWHLKPGLH5LFKWXQJª=ZHL0lQQHU6LHZDUHQGRUW YHUVWHFNW6LHVLQG]XU%XUJYRUDXVJHODXIHQ© ,Q RKQPlFKWLJHU :XW NQLUVFKWH HU PLW GHQ =lKQHQ ª'LH HUZLVFKHQZLUQLFKWPHKUQLFKWLQXQVHUHU.RQGLWLRQ'RFFLDZLUG JHZDUQWVHLQHUZLUGHQWNRPPHQ© (UVFKDXWHDXIGLHZLUUH+RUGHGLHVLFKLQODQJHU5HLKHLP :DOGYHUORUGDQQZLQNWHHUVHLQH2I¿]LHUHQDFKYRUQ ª%DUNXV GX EOHLEVW KLHU XQG OlW VLH DXVUXKHQ GDQQ EULQJVW GX VLH LQ )RUPDWLRQ XQG IROJVW QDFK ,FK PDUVFKLHUH PLW GHQ NUlIWLJHUHQ0lQQHUQYRUDXV6LHN|QQHQDEZHFKVHOQGEHLPLUDXI GHP:DJHQIDKUHQ:LUJHKHQDXI7HPSR© $OVVLFKGDV)DKU]HXJLQ*DQJVHW]WHVWLHJLFKDXIGDV'DFK 0lQQHUOLHIHQGDQHEHQKHUKLHOWHQVLFKIHVWOLHHQVLFKPLW]LHKHQ 'HU'DPSIZDJHQlFK]WHXQGVSLHLQVFKQHOOHP5K\WKPXV5DXFK DXV XQG IXKU NODSSHUQG GHQ +JHO KLQDXI XQG DXI GHU DQGHUHQ 6HLWHZLHGHUKLQXQWHU ,QGHU)HUQHHUKREHQVLFKGLH7UPHGHU%XUJGDUEHUVWDQGHQ GXQNOH 5DXFKZRONHQ $OV ZLU XP GLH QlFKVWH :HJELHJXQJ UDVVHOWHQ HQWGHFNWHQ ZLU ZHLWHU YRUQ HLQH 5HLKH YRQ 0lQQHUQ TXHUDXIGHU)DKUEDKQ6LHKREHQGLH:DIIHQXQGIHXHUWHQ :LU IXKUHQ QLFKW ODQJVDPHU 'LH 'DPSISIHLIH VFKULOOWH XQG ZLU EUOOWHQ ]XU $QWZRUW XQG OLHHQ XQV YRQ XQVHUHP =RUQ YRUDQWUHLEHQ 'HU )HLQG HUJULII GLH )OXFKW (U KDWWH XQV QXU KLQKDOWHQ VROOHQ :LU NRQQWHQ VHKHQ ZLH GLH 0lQQHU ]XP +DXSWWUXSS GHU *HJQHU VWLHHQ GHU DXIJHO|VW YRP %XUJJUDEHQ ZHJVWU|PWH$OVZLUGHQ'DPPHUUHLFKWHQ]HLJWHVLFKNHLQ/HEHQ GDUDXI 'LFKW KLQWHU GHP &DSR VWUPWH LFK ORV /DQJH EUHLWH %UHWWHU EHUVSDQQWHQ GHQ $EJUXQG DQVWHOOH GHU ]HUVSOLWWHUWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ]HUVW|UWHQ=XJEUFNHGLHKDOEKRFKJH]RJHQLQGHQ.HWWHQKLQJ (LQ6ROGDWVFKREVLFK]ZLVFKHQGHQhEHUUHVWHQKLQGXUFKXQGKRE HUVFK|SIWGHQ6lEHO]XP*UX ª:LUKDEHQVLHLQ6FKDFKJHKDOWHQ&DSR©VDJWHHUXQGOLH VLFKJHJHQGDV]HUVSOLWWHUWH+RO]VLQNHQª,QGHQ+RINRQQWHQVLH HLQGULQJHQDEHUGHQ+DXSWWXUPKDEHQZLUJHKDOWHQ6LHVHW]WHQ JHUDGHGLH$XHQWULQ%UDQGHKHVLHDE]RJHQ© ª8QG/DG\'LPRQWHXQGGLH.LQGHU«"© ª,Q6LFKHUKHLW'HU6FKDW]LVWXQEHUKUW© $OOHUGLQJV EHIDQGHQ VLFK GLH 7UXSSHQXQWHUNQIWH DP +RI XQG QLFKW LP +DXSWWXUP =XVDPPHQ PLW GHQ DQGHUHQ GLH GDV 6FKOLPPVWHEHIUFKWHWHQHLOWHLFKZHLWHU:LUVWLHJHQGXUFKGDV ]HUVW|UWH+DXSWWRU+LHUODJHQ/HLFKHQYLHOH/HLFKHQ'DUXQWHU XQEHZDIIQHWH .QDSSHQ GLH QLHGHUJHVWUHFNW ZRUGHQ ZDUHQ 'LH 9HUWHLGLJHUVWU|PWHQDXVGHP+DXSWWXUPKHUEHL±XQG]XLKQHQ JHK|UWH 'UHQJ GHU ]|JHUQG QlKHUNDP 6HLQH .OHLGXQJ ZDU EOXWEHVSULW]WHEHQVRZLHGLH$[WLQVHLQHU+DQG(UVFKLHQDEHU XQYHUOHW]W]XVHLQ 'DQQVDKLFKVHLQ*HVLFKWXQGGHQ.XPPHUGDULQ(UEUDXFKWH NHLQ:RUW]XVDJHQLFKZXWH%HVFKHLG'LH%HVWlWLJXQJK|UWH LFKZLHDXVZHLWHU)HUQH ª(VWXWPLUOHLG,FKNRQQWHHVQLFKWYHUKLQGHUQ(ULVWWRWGHU DOWH0DQQ(ULVWWRW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

(U ODJ DXI GHU 3ULWVFKH XQG KDWWH GLH$XJHQ JHVFKORVVHQ DOV VFKOLHIHHU$EHUVRVWLOOVRUHJORVVWLOO'UHQJKDWWHHLQH'HFNH EHULKQJHOHJWXQGELV]XP.LQQKRFKJH]RJHQ 'DV +DDU ZDU JHNlPPWGDV*HVLFKWVDXEHU ª$OV GHU $QJULII NDP EHNDP LFK LKQ KLHU QLFKW ZHJ© VDJWH 'UHQJª(UZDU]XVFKZHUNUDQN]XNUDQN6HLQH5FNHQZXQGH KDWWH VLFK YHUVFKOLPPHUW ZDU JDQ] VFKZDU] JHZRUGHQ VHLQH +DXWIKOWHVLFKKHLDQ(UIRUGHUWHPLFKDXILKQ]XUFN]XODVVHQ HUPVVHMDVRZLHVRVWHUEHQ(UVDJWHZHQQLKQHLQ)HLQGQLFKW XPEULQJHQ ZUGH GDQQ EHVWLPPW GLH )HNWLRQ 0DQ KlWWH LKQ QLFKWDXFKQRFKHUVWHFKHQ«© 0HLQ)UHXQGXQG/HKUHU9RQGLHVHQ7LHUHQHUPRUGHW(UZDU PHKUZHUWDOVGLHJHVDPWHPLHVH%HY|ONHUXQJGLHVHU:HOW'UHQJ IDWHPLFKDP$UPXQGLFKVFKWWHOWHLKQDEXQGZDQGWHPLFK ]RUQLJ]XLKPXP(UKLHOWPLUHLQ3lFNFKHQKLQ ª,FKKDEHGLHVHV6WFN3DSLHULQVHLQHP$XIWUDJJHVWRKOHQ© VDJWH'UHQJª(UZROOWHGLUVFKUHLEHQ,FKKDE¶VJHVWRKOHQ© 'D]XZDUQLFKWV]XVDJHQ,FKZLFNHOWHHVDXI(LQJHVFKQLW]WHU +RO]VFKOVVHO¿HO]X%RGHQ,FKKRELKQDXIXQGVFKDXWHPLUGDV 3DSLHUDQDXIGHPGHU*UXQGULGHV+DXSWWXUPVHLQJH]HLFKQHW ZDU HLQ 3IHLO GHXWHWH DXI HLQ =LPPHU PLW GHQ VRUJIlOWLJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH JHVFKULHEHQHQ %XFKVWDEHQ 6FKDW]NDPPHU 'DUXQWHU VWDQG HLQH 1DFKULFKWLQVHLQHUHQJHQNODUHQ+DQGVFKULIW 0LULVWHV]XOHW]WHLQELFKHQVFKOHFKWJHJDQJHQVRGDLFK 'LUGLHVYLHOOHLFKWQLFKWSHUV|QOLFKEHUUHLFKHQNDQQ6WHOO HLQH0HWDOONRSLHGHV6FKOVVHOVKHUHU|IIQHWGLH7U]XU 6FKDW]NDPPHU9LHO*OFN-LPHVZDUPLUHLQH)UHXGH'LFK JHNDQQW]XKDEHQ6HLHLQHJXWH5DWWHHLQH(GHOVWDKOUDWWH (V IROJWH GLH VRUJIlOWLJ JHPDOWH 8QWHUVFKULIW ,FK ODV GHQ 1DPHQ XQG GDQQ QRFK HLQPDO 'RUW VWDQG QLFKW ¾/lXIHU½ RGHU LUJHQGHLQHU GHU YLHOHQ 'HFNQDPHQ GLH HU EHQXW]W KDWWH 6HLQ(UEHEHVWDQGLQVHLQHPJURHQ9HUWUDXHQGDVHULQPLFK VHW]WHLFKZXWHGDLFKZDKUVFKHLQOLFKGLHHLQ]LJH3HUVRQLP 8QLYHUVXPZDUGLHGLHVHV*HKHLPQLVZDKUHQZUGH6HLQHQ ZLUNOLFKHQ1DPHQ 3O|W]OLFKIKOWHLFKPLFKVHKUVFKZDFKYHUOLHGLH8QWHUNXQIW XQGVHW]WHPLFKLQGLH6RQQH'UHQJEUDFKWHPLUHLQHQ%HFKHU :DVVHU(UVWGDPHUNWHLFKZLHGXUVWLJLFKZDULFKOHHUWHGDV *HIlXQGVFKLFNWHLKQORVPHKU]XKROHQ 'DV ZDU HV DOVR GDV (QGH (U KDWWH JHVSUW ZLH GLH 'XQNHOKHLW QlKHUNDP ± DEHU VHLQH 6RUJH KDWWH PLU JHJROWHQ (U KDWWH DQ PLFK JHGDFKW ZlKUHQG LQ :DKUKHLW VHLQ HLJHQHU 7RGGURKWH :DVQXQ":DVVROOWHLFKWXQ" (UVFK|SIXQJ 6FKPHU]HQ 5HXH ± DOO GLHVH (PS¿QGXQJHQ EHUZlOWLJWHQ PLFK 2KQH ]X ZLVVHQ ZDV JHVFKDK NLSSWH LFK]XU6HLWHXPXQGVFKOLHIHLQLQGHUSUDOOHQ6RQQH$OVLFK HUZDFKWH ZDU HV VSlWHU 1DFKPLWWDJ XQG 'UHQJ KDWWH VHLQH 'HFNH ]XVDPPHQJHUROOW XQWHU PHLQHQ .RSI JHVFKREHQ (U VDQHEHQPLU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH =X VDJHQ JDE HV QLFKWV PHKU :LU OHJWHQ GHQ WRWHQ /lXIHU DXIHLQHQNOHLQHQ.DUUHQXQGVFKREHQLKQEHUGHQ'DPP]XP 8IHU:LUZDUHQQLFKWGLHHLQ]LJHQ1HEHQGHU6WUDHHUKREVLFK HLQ NOHLQHU +JHO HLQ JUDVEHZDFKVHQHU +DQJ REHQ EHJUHQ]W YRQ%lXPHQPLWHLQHPKEVFKHQ%OLFNEHUGDV:DVVHUGHV *UDEHQV]XU%XUJ:LUEHJUXEHQLKQGRUWXQGWUDWHQGLH(UGH IHVW :LU VHW]WHQ NHLQHQ 6WHLQ 1LFKW DXI GLHVHU ZLGHUOLFKHQ :HOW6HLQ.|USHUPXWHKLHUEOHLEHQGDVZDUJHQXJ:HQQLFK EHUKDXSW MH HLQ (KUHQPDO IU LKQ HUULFKWHWH GDQQ /LFKWMDKUH YRQ KLHU HQWIHUQW (LQHV 7DJHV LP ULFKWLJHQ 0RPHQW ZUGH LFKPLFKGDUXPVFKRQNPPHUQ ª$EHU ]XQlFKVW 'UHQJ NPPHUQ ZLU XQV XP &DSR 'RFFLD XQGVHLQH6FKXUNHQ0HLQJXWHU)UHXQGZDUQLFKWIUGLH5DFKH GHVKDOE NDQQ LFK GLHVHQ :HJ QLFKW EHVFKUHLWHQ 1HQQHQ ZLU HV DOVRHLQH6XFKHQDFK*HUHFKWLJNHLW'LHVHP9HUEUHFKHUPXHLQ ZHQLJGHU+RUL]RQW]XUHFKWJHUFNWZHUGHQ$EHUZLHVWHOOHQZLU GDVDQ"© ª,FKNDQQGLUKHOIHQ+HUU,FKNDQQMHW]WNlPSIHQ=XHUVWKDWWH LFK$QJVWGDQQZXUGHLFK]RUQLJXQGVHW]WHGLH$[WHLQ-HW]W ELQLFKEHUHLW.ULHJHU]XVHLQZLHGX© ,FKEHGDFKWHLKQPLWHLQHP.RSIVFKWWHOQGHQQLQ]ZLVFKHQ NRQQWH LFK ZLHGHU NODUHU GHQNHQ ª'LHV LVW NHLQH$XIJDEH IU HLQHQ %DXHUQMXQJHQ GHU VLFK HLQH =XNXQIW DXVUHFKQHQ ZLOO $EHUGHQNLPPHUGDUDQGDGXGLFKGHLQHU$QJVWJHVWHOOWXQG VLHEHVLHJWKDVW'DVGUIWHGLUIUGHQ5HVWGHLQHV/HEHQVQW]HQ $EHU-LPGL*UL]EH]DKOWVHLQH6FKXOGHQ±GHVKDOEZLUVWGXDXI GHQ+RI]XUFNNHKUHQ:LHYLHOH.U|WHQNRVWHWHLQH)DUP"© (UVWDUUWHPLFKYHUVWlQGQLVORVDQXQGNlPPWHVHLQ*HGlFKWQLV GXUFKª,FKKDEHQRFKQLHHLQH)DUPJHNDXIW© ª:RKOZDKU$EHUGXNHQQVWGRFKEHVWLPPWMHPDQGHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª'HU DOWH 4XHWVFK\ NDP DXV GHP .ULHJ ]XUFN XQG ]DKOWH :LWZH5RVODLU]ZHLKXQGHUWXQG]Z|OI.U|WHQIULKUHQ$QWHLODP +RI© ª*URDUWLJ:HQQPDQGLH,QÀDWLRQEHUFNVLFKWLJWPWHVWGX PLWIQIKXQGHUWNODUNRPPHQ+DOWGLFKDQPLFK.OHLQHUGDQQ KDVWGXGLH&KDQFH]XP3ÀJHUEHI|UGHUW]XZHUGHQ-HW]WJHK DEHULQGLH.FKHXQGSDFN3URYLDQW]XVDPPHQZlKUHQGLFKGHQ HUVWHQ7HLOPHLQHV3ODQVLQGLH7DWXPVHW]H© (V ZDU ZLH HLQH 3DUWLH 6FKDFK GLH PDQ LP .RSI VSLHOWH 'LH (U|IIQXQJV]JH VDK LFK GHXWOLFK YRU PLU XQG KDWWH HLQH JXWH hEHUVLFKW:HQQ LFK VLH ULFKWLJ VSLHOWH ZUGHQ PLU 6SLHOPLWWH XQG (QGH XQZHLJHUOLFK GHQ 6LHJ EULQJHQ ,FK PDFKWH GHQ HUVWHQ=XJ &DSR'LPRQWHVD]XVDPPHQJHNDXHUWDXIVHLQHP7KURQVR URWlXJLJ XQG HUVFK|SIW ZLH ZLU DOOH HU KLHOW HLQHQ :HLQNUXJ LQ GHU +DQG ,FK GUlQJWH PLFK ]ZLVFKHQ VHLQHQ 2I¿]LHUHQ KLQGXUFKXQGEDXWHPLFKYRULKPDXI)LQVWHUVWDUUWHHUPLFK DQXQGVFKZHQNWHVFKODIIGLH+DQG ª9HUVFKZLQGH6ROGDW'XEHNRPPVWGHLQHQ%RQXV'XKDVW KHXWH JXW JHDUEHLWHW GDV KDEH LFK JHVHKHQ $EHU OD XQV DOOHLQ,FKPX3OlQHVFKPLHGHQ«© ª'HVKDOE ELQ LFK KLHU &DSR 8P GLU PLW]XWHLOHQ ZLH GX &DSR'RFFLDEHVLHJHQNDQQVW,FKKDEH]XYRULQVHLQHP'LHQVW JHVWDQGHQXQGNHQQHVHLQH*HKHLPQLVVH© ª6SULFK© ª8QWHUYLHU$XJHQ6FKLFNGLHDQGHUHQIRUW©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (U EHUOHJWH NXU] ± XQG ZLQNWH GHQ DQGHUHQ ]X 6LH JLQJHQPXUUHQGXQGHUNRVWHWHYRQVHLQHP:HLQELVGLH7U ]XNQDOOWH ª:DV ZHLW GX"© IUDJWH HU VFKOLHOLFK ª6SULFK VFKQHOO LFK KDEHVFKOHFKWH/DXQH© ª'DV JLOW IU XQV DOOH :DV LFK GLU XQWHU YLHU$XJHQ VDJHQ ZROOWHEHWULIIWQLFKW'RFFLD±QRFKQLFKW'XZLUVWLKQDQJUHLIHQ GDYRQELQLFKEHU]HXJW$EHUGDPLWXQVGHU(UIROJJDUDQWLHUW LVWZHUGHLFK]XHUVW&DSR'LQREOLXQGVHLQH*HKHLPQLVVHDOV 9HUEQGHWH JHZLQQHQ :lUH GHU$QJULII QLFKW OHLFKWHU ZHQQ DOOHVFKOLHIHQ"© ª'LQREOL ZHL EHU GLHVH 'LQJH QLFKW PHKU DOV LFK ± DOVR OJPLFKQLFKWDQ(ULVWVFKRQVHKUDOWXQGVHLWHWZDHLQHP-DKU EHWWOlJHULJ© ª'DVLVWPLUEHNDQQW©ORJLFKGUHLVWª$EHUMHQH8QEHNDQQWHQ GLHVHLQH%XUJIULKUHHLJHQHQ=ZHFNHPLEUDXFKHQXQGGLH 6FKZDU]HQ0|QFKHVRVHKU]XU:HLJOXWWUHLEHQGDVLHGLH %XUJ DQJUHLIHQ ZROOHQ ± GDV VLQG GLH /HXWH GLH GLU KHOIHQ ZHUGHQ© %HLGLHVHQ:RUWHQIXKUHUKRFKXQGLQVHLQHQ$XJHQEOLW]WH GLHDOWH+LQWHUOLVWDXIª'DQQVSULFKPLWLKQHQ 9HUVSULFK LKQHQ HLQHQ $QWHLO GHU %HXWH ± GHU DXFK GLU ]XVWHKHQ VROO ZHQQ GX GDV IHUWLJEULQJVW %HVXFKH VLH LQ PHLQHP 1DPHQ XQG YHUVSULFK LKQHQ ZDV GX ZLOOVW (KH GLHVHU 0RQDW YRUEHL LVW ZLUG 'RFFLDV .RSI DQ HLQHP 6SLH EHU PHLQHP )HXHU U|VWHQ VHLQ .|USHU ZLUG YRQ JOKHQGHQ (LVHQ]HUULVVHQZHUGHQXQG«© 6RJLQJHVQRFKHLQH=HLWODQJZHLWHUDEHULFKIDQGGDVQLFKW LQWHUHVVDQW =XQlFKVW JLQJ HV GDUXP PLW HLQHP =XJ GHV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH %DXHUQ GDV 6SLHO ]X HU|IIQHQ 'DQQ NDP HV GDUDXI DQ HLQH ZLFKWLJH)LJXU]XP$QJULII]XEHZHJHQ,FKPDFKWHHLQHWLHIH 9HUEHXJXQJXQG]RJPLFK]XUFNZlKUHQG HU PXUPHOQG DXI GHP7KURQVDGHQ$UPVFKZHQNWHXQGGDEHL:HLQYHUJR 'LHVH/HXWHZDUHQZLUNOLFKVHKUKLW]N|S¿J 'UHQJ KDWWH XQVHUH 6DFKHQ ]XVDPPHQJHSDFNW XQG ZLU EUDFKHQVRIRUWDXI,FKJLQJYRUDXVELVZLUDXHU6LFKWZHLWHGHU %XUJZDUHQGDQQERJLFKDEXQGQlKHUWHPLFKHLQHP%DFKGHU LQGHU1lKHYHUOLHI$QHLQHP8IHUHUVWUHFNWHVLFKHLQH:LHVH XQGLFKGHXWHWHGDUDXI ª%LV PRUJHQ EOHLEHQ ZLU KLHU ,FK PX 3OlQH VFKPLHGHQ DXHUGHPN|QQHQZLUGLH5XKHEUDXFKHQ,FKP|FKWHIULVFK XQGEHL.UlIWHQVHLQZHQQLFKEHLPDOWHQ'LQREOLDQNORSIH© 1DFKGHPLFKPLFKJXWDXVJHVFKODIHQKDWWHVDKPHLQZDFKHU 9HUVWDQGNHLQHJURHQ3UREOHPHPHKUª'UHQJ©VDJWHLFK ªGLH 6DFKH ZLUG HLQ (LQ0DQQ8QWHUQHKPHQ ,FK ZHL QLFKW ZLHPDQPLFKDXIQHKPHQZLUGXQGYLHOOHLFKWKDEHLFKJHQXJ GDPLW]XWXQPLU6RUJHQXPPLFK]XPDFKHQGDZlUHHVQLFKW JXW DXFK QRFK GLH 9HUDQWZRUWXQJ IU GLFK ]X WUDJHQ 'X NHKUVWLQGLH%XUJ]XUFNXQGZDUWHVWDXIPLFK©

(LJHQWOLFK JDE HV NHLQH 7U ]XP $QNRSIHQ QXU ]ZHL VFKZHUEHZDIIQHWH :lFKWHU DP (LQJDQJ ,FK QlKHUWH PLFK GXUFK GDV )HOG YRUEHL DQ GHQ VFKURWWUHLIHQ 0DVFKLQHQ EHU GLH EHUHLWV HLQ HUVWHU U|WOLFKHU 5RVWVFKLPPHU NURFK XQG EHUTXHUWH GLH =XJEUFNH 9RU GHQ :lFKWHUQ EOLHE LFK VWHKHQXQGKLHOWGHXWOLFKVLFKWEDUGLH:DIIHQDFKXQWHQ ª,FKKDEHHLQHZLFKWLJH1DFKULFKWIUGHQ9HUDQWZRUWOLFKHQ KLHU©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª8PGUHKHQ XQG (LOPDUVFK© VDJWH GHU JU|HUH GHU EHLGHQ :lFKWHU XQG ULFKWHWH VHLQ *HZHKU DXI PLFK ª&DSR 'LQREOL HPSIlQJWQLHPDQGHQ© ª0LUJHKWHVQLFKWXPGHQ&DSR©DQWZRUWHWHLFKXQGVFKDXWH DQ LKP YRUEHL LQ GHQ +RI 'RUW JLQJ HLQ JURJHZDFKVHQHU 0DQQ LQ SULPLWLYHU .OHLGXQJ YRUEHL 8QWHU GHQ ]HUOXPSWHQ +RVHQDXIVFKOlJHQVDKLFK3ODVWDKO6WLHIHOVFKLPPHUQ ª,FKZQVFKHGHP&DSRGLHEHVWH*HVXQGKHLW©ULHILFKODXW ª+RIIHQWOLFKLVWHUEHLHLQHPJXWHQ*HURQWRORJHQLQ%HKDQGOXQJ XQGQLPPWUHJHOPlLJVHLQH6\QDSVLOVWLPV© 'HU :lFKWHU NQXUUWH PLFK UDWORV DQ ± GRFK ZDUHQ PHLQH :RUWH QLFKW IU LKQ EHVWLPPW 'HU 0DQQ LP +RI GHQ LFK DQVFKDXWHEOLHEVWRFNVWHLIVWHKHQ'DQQGUHKWHHUVLFKODQJVDP XP,FKVDKVFKDUIHEODXH$XJHQLQHLQHPODQJHQ*HVLFKWGLH PLFK VWDUU PXVWHUWHQ 'DQQ WUDW HU YRU XQG VSUDFK PLW GHP :lFKWHURKQHGHQ%OLFNYRQPLU]XZHQGHQ ª:DVJLEWHVKLHU"© ª1LFKWV (XHU (KUHQ ,FK ZLOO QXU HEHQ GLHVHQ 0DQQ ZHJVFKLFNHQ© ª/DLKQHLQWUHWHQLFKZLOOLKQYHUK|UHQ© *UHQG KRE VLFK GLH :DIIH XQG LFK PDUVFKLHUWH GXUFK GDV 7RU $OV ZLU YRQ GHQ :lFKWHUQ QLFKW PHKU JHK|UW ZHUGHQNRQQWHQZDQGWHVLFKGHUJURH0DQQ]XPLUXPXQG PXVWHUWHPLFKQHXJLHULJYRQREHQELVXQWHQ ª)ROJHQ6LHPLU©VDJWHHUª,FKP|FKWHXQWHUYLHU$XJHQPLW ,KQHQVSUHFKHQ©(UVWDOVZLUGLH7UIHVWKLQWHUXQVJHVFKORVVHQ KDWWHQVHW]WHHUGDV*HVSUlFKIRUW ª:HUVLQG6LH"©IUDJWHHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:LVVHQ 6LH ± JHQDX GLHVHOEH )UDJH ZROOWH LFK ,KQHQ HEHQ VWHOOHQ:HLGLH/LJDZDV6LHKLHUWUHLEHQ"© ª1DWUOLFKZHLVLHGDV'LHVLVWHLQY|OOLJOHJLWLPHV«©(U XQWHUEUDFKVLFKXQGOlFKHOWHª:HQLJVWHQVKDEHLFKQXQGHQ %HZHLV GD 6LH QLFKW YRQ GLHVHP 3ODQHWHQ VWDPPHQ +LHU GHQNWQLHPDQGVRVFKQHOO±RGHUEHVLW]WVROFKH.HQQWQLVVH 6LHVLQG$XHQZHOWOHU+LHUVHW]HQ6LHVLFKVDJHQ6LHPLU ZHU 6LH VLQG GDPLW LFK PLU HLQ %LOG GDYRQ PDFKHQ NDQQ ZLHYLHOLFK,KQHQYRQXQVHUHU$UEHLWHU]lKOHQGDUI© ª(LQYHUVWDQGHQ© VDJWH LFK OLH PLFK LQ GHQ 6WXKO VLQNHQ XQGOHJWHGDV*HZHKUDXIGHQ%RGHQª,FKKHLH-LP,FKZDU %HVDW]XQJVPLWJOLHGDXIHLQHPYHQLDQLVFKHQ)UDFKWHU±ELVLFK 3UREOHPHPLWGHP.DSLWlQEHNDP(UVHW]WHPLFKDXIGLHVHP 3ODQHWHQDXV'DVLVWDOOHV© (U ]RJ HLQHQ %ORFN ]X VLFK KHUDQ XQG VFKULHE ª6LH KHLHQ -LP8QGPLW1DFKQDPHQ«"©,FKEOLHEVWXPP(UUXQ]HOWHGLH 6WLUQ ª1D VFK|Q ODVVHQ ZLU GDV LP 0RPHQW :LH KHLW GHU .DSLWlQ"© ª,FK JODXEH GLH ,QIRUPDWLRQ KHEH LFK PLU IU VSlWHU DXI :HQQ6LHPLUJHVDJWKDEHQZHU6LHVLQG© (U ZDQGWH GHQ %OLFN ]XU 6HLWH XQG OHKQWH VLFK LQ VHLQHP 6WXKO ]XUFN ª,FK ELQ GDPLW QLFKW ]XIULHGHQ 6RODQJH LFK ,KUH,GHQWLWlWQLFKWNHQQHNDQQLFK,KQHQQLFKWVHU]lKOHQ:R ZXUGHQ6LHDXI9HQLDJHERUHQ":LHKHLWGLH+DXSWVWDGWGLHVHU :HOWZLHKHLWGHU9RUVLW]HQGHLKUHVJOREDOHQ5DWHV"© ª'DVLVWODQJHKHUKDEHLFKYHUJHVVHQ© ª6LHOJHQ6LHVLQGHEHQVRZHQLJ9HQLDQHUZLHLFK6RODQJH LFKQLFKWPHKUZHL«©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:DV PVVHQ 6LH GHQQ JHQDX ZLVVHQ" ,FK ELQ %UJHU GHU /LJD XQG NHLQHU GHU HOHQGHQ (LQJHERUHQHQ GLHVHU :HOW ,FK VFKDXH PLU75,' DQ ± LQ 0DF6FKZHLQV5HVWDXUDQWV DXI MHGHU EHNDQQWHQ:HOWPHKUDOV]ZHLXQGYLHU]LJ0LOOLDUGHQYHUNDXIW ± KDEH 0ROHNXODU(OHNWURQLN VWXGLHUW XQG EHVLW]H HLQHQ 6FKZDU]HQ*UWHOLQ-XGR6LQG6LHQXQ]XIULHGHQ"© ª9LHOOHLFKW $EHU 6LH KDEHQ PLU JHVDJW HLQ YHQLDQLVFKHU )UDFKWHUKlWWH6LHDXIGLHVHP3ODQHWHQDEJHVHW]WXQGGDVNDQQ QLFKWVWLPPHQ-HGHUXQJHQHKPLJWH.RQWDNWPLW6SLRYHQWHLVW YHUERWHQ© ª'HU .RQWDNW ZDU XQJHQHKPLJW 'DV 6FKLII VFKPXJJHOWH :DIIHQ±ZLHGLHKLHU©,FK]HLJWHLKPPHLQ*HZHKU (U VFKQDSSWH VLFK GHQ 6FKUHLEEORFN ª8QG GHU .DSLWlQ KLH«"© 6WXPP VFKWWHOWH LFK GHQ .RSI ª6LH EHNRPPHQ GLH ,QIRUPDWLRQHUVWZHQQ6LHGDIUVRUJHQGDLFKYRQGLHVHP 3ODQHWHQZHJNRPPH6RHWZDVOLHJWLQ,KUHU0DFKWGHQQ6LH KDEHQPLUPHKURGHUZHQLJHUNODU]XYHUVWHKHQJHJHEHQGD 6LH PLW GHP (LQYHUVWlQGQLV GHU /LJD KLHU VLQG 9HUHLQEDUHQ ZLU DOVR HLQ NOHLQHV 7DXVFKJHVFKlIW 6LH EHVFKDIIHQ PLU HLQ )OXJWLFNHW ± LFK KDEH MHGH 0HQJH 6LOEHUNU|WHQ XQG NDQQ EH]DKOHQ©-HGHQIDOOVZUGHLFKVLHEDOGKDEHQZDVGDVVHOEH ZDUª6LHZHUGHQPLUDXHUGHPEHLHLQHUNOHLQHQ$QJHOHJHQKHLW KLHUDXIGHP3ODQHWHQKHOIHQ±GDQQVDJHLFK,KQHQGHQ1DPHQ GHV.DSLWlQV© 'LHVH (QWZLFNOXQJ GHV *HVSUlFKV JH¿HO LKP QLFKW (U EHUOHJWH JUQGOLFK XQG ]DSSHOWH DP +DNHQ NDP DEHU QLFKW PHKUORV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:lKUHQG 6LH EHUOHJHQ© IXKU LFK IRUW ªN|QQWHQ 6LH PLU VDJHQZHU6LHVLQGXQGZDV6LHKLHUWXQ© ª6LH PVVHQ YHUVSUHFKHQ GHQ (LQJHERUHQHQ QLFKWV EHU XQVHUH ,GHQWLWlW ]X YHUUDWHQ 8QVHUH *HJHQZDUW LVW DXHQSODQHWDULVFKGXUFKDXVEHNDQQWDEHU(UIROJN|QQHQZLU KLHUQXUKDEHQZHQQXQVHU8QWHUQHKPHQJHKHLPDEOlXIW© ª9HUVSURFKHQ YHUVSURFKHQ 'HQ (LQKHLPLVFKHQ ELQ LFK QLFKWVVFKXOGLJ© (U OHJWH GLH )LQJHU ]XVDPPHQ XQG OHKQWH VLFK ]XUFN DOV ZROOWH HU PLU HLQHQ 9RUWUDJ KDOWHQ ,FK KDWWH ULFKWLJ JHUDWHQ ±ZDVPLUJOHLFKVHLQHHUVWHQ:RUWHYHUULHWHQ ª,FKELQ3URIHVVRU/XVWLJYRQGHU8QLYHUVLWlW(OOERJHQZR LFKGHQ/HKUVWXKOIU$QJHZDQGWH6R]LR|NRQRPLHLQQHKDEH ,FKOHLWHHLQ,QVWLWXWGDVLFKJHJUQGHWKDEHGDGLHDQJHZDQGWH 6R]LR|NRQRPLHHLQHQHXH'LV]LSOLQLVWRIIHQNXQGLJHLQ$EOHJHU GHUWKHRUHWLVFKHQ6R]LR|NRQRPLH«© ,FK EOLQ]HOWH KDVWLJ GDPLW HU PHLQHQ JODVLJHQ %OLFN QLFKW EHPHUNWH XQG ]ZDQJ PLFK ]XP =XK|UHQ /HKUHU ZLH /XVWLJ ZDUHQ VFKXOG GDUDQ GD LFK PLFK IUK]HLWLJ YRQ GHU 6FKXOH YHUGUFNWKDWWH ª« -DKUH GHU .RUUHVSRQGHQ] XQG SUDNWLVFKHQ 0KHQ XP XQVHUHQ JU|WHQ (KUJHL] ]X YHUZLUNOLFKHQ 'LH SUDNWLVFKH $QZHQGXQJ XQVHUHU 7KHRULHQ 'HU 8PJDQJ PLW GHQ /LJD %URNUDWHQ ZDU GDV 6FKZLHULJVWH GD LQ GHU /LJD GLH 3ROLWLN GHU 1LFKWHLQPLVFKQJ HLQHQ KRKHQ 6WHOOHQZHUW EHVLW]W /HW]WOLFK OLH PDQ VLFK EHUUHGHQ XQV EHL HQWVSUHFKHQGHU .RQWUROOH ]X HUODXEHQ KLHU DXI 6SLRYHQWH HLQ 3LORWSURMHNW GXUFK]XIKUHQ 2GHUZLHMHPDQGPLWHLQHPNUDVVHQ+XPRUYHUVWlQGQLVVDJWHZLU NRQQWHQGLH'LQJHKLHUQLFKWVFKOLPPHUPDFKHQ6RULFKWHQZLU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH XQVHUHQ(LQVDW]DPGHU]HLWLJHQ6WDQGSODQHWDULVFKHU7HFKQLNDXV GDPLWHVZHQQZLUGDQQDEUHLVHQYRQDOOHLQZHLWHUOlXIW© ª:DVYHUVXFKHQ6LHHLJHQWOLFK]XHUUHLFKHQ"©IUDJWHLFK 1XQEOLQ]HOWHHUKHIWLJª'DVPWH,KQHQGRFKNODUVHLQ±ZLU KDEHQKLHUGDUEHUJHVSURFKHQ© ª6LHKDEHQPLUWKHRUHWLVFKH'LQJHHU]lKOW3URIHVVRU:lUHQ6LH VRIUHXQGOLFKPLUNODU]XVDJHQZDV6LH]XHUUHLFKHQKRIIHQ"© ª:HQQ 6LH GDUDXI EHVWHKHQ /DLHQKDIW DXVJHGUFNW YHUVXFKHQ ZLU QLFKWV ZHQLJHU DOV GDV VR]LRORJLVFKH *HZHEH GLHVHV 3ODQHWHQ ]X YHUlQGHUQ :LU JHGHQNHQ GLHVHQ 3ODQHWHQ QRWIDOOV VWUDPSHOQG XQG VLFK ZHKUHQG DXV GHU )LQVWHUQLV LQV /LFKW ]X IKUHQ 1DFK GHP =XVDPPHQEUXFK YHUVDQN 6SLRYHQWH LQ HLQHU ]LHPOLFK ZLGHUZlUWLJHQ )RUP GHV )HXGDOLVPXV $OOHUOHL .ULHJVKHUUHQEHUQDKPHQGLH0DFKW1RUPDOHUZHLVHOHLVWHWHLQH IHXGDOLVWLVFKH *HVHOOVFKDIW LQ HLQHU =HLW GHU $XÀ|VXQJ JURH 'LHQVWH ± VLH VRUJW GDIU GD DQ XQWHUVFKLHGOLFKHQ 6WHOOHQ ZR HLQH 9HUVHOEVWlQGOLFKXQJ VWDWW¿QGHW ZR (LJHQIUVRUJH XQG 6HOEVWVFKXW] HQWVWHKHQ GDV *HIJH GHU 5HJLHUXQJ HUKDOWHQ EOHLEW© ª$EHUZR¿QGHWPDQGLHVH)UVRUJHGLHVHQ6FKXW]",FKKDEH GDYRQQRFKQLFKWYLHOJHVHKHQ© ª*HQDX'DVLVWMDDXFKGHU*UXQGZDUXPGLHVH.ULHJVIUVWHQ YHUVFKZLQGHQPVVHQ© ª,FKKHOIH,KQHQJHUQHLQSDDU]XHUVFKLHHQ© ª*HZDOW JHK|UW QLFKW ]X XQVHUHQ 0LWWHOQ 6LH LVW QLFKW QXU ZLGHUOLFKVRQGHUQ/LJD0LWJOLHGHUQDXHUGHPVWUHQJYHUERWHQ (VLVWXQVHU=LHOHLQH5HJLHUXQJ]XIRUPHQGLHYRQGHQ&DSRV XQDEKlQJLJ LVW =X GLHVHP =ZHFNH I|UGHUQ ZLU GHQ $XIVWLHJ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH HLQHU+DQGZHUNHUNODVVH'LHVEULQJWHLQHVWlUNHUHQ*HOGNUHLVODXI XQGGDV(QGHGHU7DXVFKZLUWVFKDIW$QJHVLFKWVGHUZDFKVHQGHQ *HOGPHQJHLVWGLH5HJLHUXQJGDQQLQGHU/DJH]XU)LQDQ]LHUXQJ GHU |IIHQWOLFKHQ /HLVWXQJHQ HLQH %HVWHXHUXQJ HLQ]XIKUHQ 8P GDV ]X XQWHUVWW]HQ ZLUG VLFK HLQH *HULFKWVEDUNHLW ELOGHQ PVVHQ 'LHV I|UGHUW GDQQ GLH .RPPXQLNDWLRQ =HQWUDOLVDWLRQ XQGGDV:DFKVWXPHLQKHLWOLFKHU1RUPHQ© +|UWH VLFK JURDUWLJ DQ ± DXFK ZHQQ PLFK GLH 6DFKH PLW GHQ 6WHXHUQ QLFKW JHUDGH KHL PDFKWH JHVFKZHLJH GHQQ GLH *HULFKWVEDUNHLW$EHUZDVGLH&DSRVDEO|VWHNRQQWHQXUEHVVHU VHLQ ª,QGHU7KHRULHK|UWVLFKDOOHVVFK|QXQGJXWDQ©VDJWHLFK ª$EHUZLHZROOHQ6LHGDVDOOHVLQGLH3UD[LVXPVHW]HQ"© ª,QGHP ZLU ]X QLHGULJHUHP 3UHLV HLQH EHVVHUH /HLVWXQJ EULQJHQ8QGGDVLVWGHU*UXQGZDUXPGLH6FKZDU]HQ0|QFKH XQV DQJUHLIHQ ZROOWHQ 6LH VLQG QLFKW UHOLJL|VHU HLQJHVWHOOW DOV PHLQH6WLHIHO'HU2UGHQLVWQLFKWVDQGHUHVDOVHLQH7DUQXQJIU GDV0RQRSRODXI7HFKQRORJLH:LUEUHFKHQGLHVHV0RQRSROZDV GLHVHQ%XUVFKHQQDWUOLFKQLFKWJHIlOOW© ª6HKUJXW,KU3ODQK|UWVLFKJXWDQXQGLFKZQVFKH,KQHQYLHO *OFN$EHULFKPXQRFKHLQLJHVHUOHGLJHQHKHLFKGLHVHHOHQGH :HOW YHUODVVH 8P ,KQHQ GDEHL ]X KHOIHQ GDV WHFKQRORJLVFKH 0RQRSRO]XEUHFKHQP|FKWHLFKJHUQHLQHJHZLVVH0HQJH,KUHV 6FKOXPPHUJDVHVHUZHUEHQ© ª8QP|JOLFK -D ZLU N|QQHQ ,KQHQ EHUKDXSW LQ NHLQHU +LQVLFKW KHOIHQ 6LH ZHUGHQ GLHVH %XUJ QlPOLFK QLFKWPHKU YHUODVVHQ ,FK KDEH GLH :lFKWHU JHUXIHQ 0DQ ZLUG 6LH ELV ]XU $QNXQIW GHV QlFKVWHQ /LJDVFKLIIHV IHVWKDOWHQ 6LH ZLVVHQ YLHO]XYLHOEHUXQVHU8QWHUQHKPHQDOVGDLFK6LHQRFKIUHL KHUXPODXIHQODVVHQN|QQWH©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

1RFKZlKUHQGGLHVHXQZLOONRPPHQH,QIRUPDWLRQLQPHLQHQ 9HUVWDQG HLQVLFNHUWH WUDW PHLQ .|USHU LQ $NWLRQ XQG ÀDQNWH EHU VHLQHQ 6FKUHLEWLVFK (U KlWWH GLH ,QIRUPDWLRQ EHU GHQ 6FKZDU]HQ *UWHO QLFKW YHUJHVVHQ VROOHQ 0HLQH 'DXPHQ JUXEHQVLFKWLHILQVHLQH+DXWXQGHUVDFNWH]XVDPPHQ1RFK HKHVHLQ.RSIDXIGHQ%RGHQNQDOOWHZDULFK]XU7UJHKHFKWHW 8QG JHUDGH QRFK UHFKW]HLWLJ ± DOV GHU 5LHJHO LQ GLH gIIQXQJ JOLWWEHJDQQVLFKGHU*ULIIGDUEHU]XEHZHJHQ 1XQ PXW GX VFKQHOO PDFKHQ -LP EHWHWH LFK PLU VHOEVW YRU HKH HV *URDODUP JDE$EHU ]XHUVW P|FKWH LFK PLU PDO DQVFKDXHQ ZDV GLHVHU KLQWHUOLVWLJH $NDGHPLNHU 1W]OLFKHV EHVLW]W 'DJDEHVDXHU$NWHQ'RNXPHQWHQXQG%FKHUQDXIGHP 7LVFK QLFKWV ZDV PLU ZHLWHUKHOIHQ NRQQWH ,FK ZDUI DOOHUOHL 'LQJH ]X %RGHQ ZlKUHQG PDQ KLQWHU PLU JHJHQ GLH 7U ]X KlPPHUQEHJDQQ,FKKDWWHQLFKWPHKUYLHO=HLW$OVQlFKVWHV NDP GHU 3URIHVVRU DQ GLH 5HLKH ,FK UL LKP GHQ 0DQWHO DXI XQG GXUFKVXFKWH VHLQH 7DVFKHQ +LHU JDE HV VRJDU QRFK ZHQLJHU ,QWHUHVVDQWHV ]X ¿QGHQ ELV DXI HLQHQ 6FKOVVHOULQJ ,FK VWHFNWH LKQ HLQ DOV %HXWH PXWH GDV ]XQlFKVW JHQXJ VHLQ,FKVFKQDSSWHPLUGLH:DIIHXQGKHFKWHWH]XP)HQVWHU JOHLFK]HLWLJ GU|KQWH HWZDV 6FKZHUHV JHJHQ GLH 7U XQG OLH VLH HUEHEHQ ,FK EHIDQG PLFK LP 2EHUJHVFKR GHU +RI ZDU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH PLW XQDQJHQHKP DXVVHKHQGHQ .DW]HQN|SIHQ JHSÀDVWHUW %HL HLQHP 6SUXQJ PXWH LFK PLU GLH %HLQH EUHFKHQ ,FK EHXJWH PLFK KLQDXV XQG UHJLVWULHUWH GDQNEDU GD KLHU ]ZHLWNODVVLJH VSLRYHQWLVFKH0DXUHUDP:HUNJHZHVHQZDUHQ*URH/FNHQ NODIIWHQ]ZLVFKHQGHQ 6WHLQHQ .UDFKHQG VSOLWWHUWH GLH7U DOV LFK DXVGHP)HQVWHUNUDEEHOWHPLUGLH:DIIHKLQWHQLQGHQ +RVHQEXQGVWHFNWHXQGKLQXQWHU]XNOHWWHUQEHJDQQ .HLQ3UREOHP'DVOHW]WH6WFNVSUDQJLFKKLQDEUROOWHEHU GLH 6FKXOWHU DE ZREHL PLU GLH :DIIH VFKPHU]KDIW JHJHQ GDV 5FNJUDWNQLUVFKWHQDKPGLH:DIIHLQGLH+DQGXQGKXVFKWHXP GLH (FNH GHV *HElXGHV HKH MHPDQG LP )HQVWHU DXIWDXFKWH ,FK ZDUIUHL 2GHU YLHOOHLFKW QLFKW" 1LHGHUJHVFKODJHQKHLW HUJULII YRQ PLU %HVLW] )UHL LQPLWWHQ HLQHU IHLQGOLFKHQ %XUJ LQ GHU MHGHUPDQQ JHJHQPLFKZDU(LQHWROOH)UHLKHLW ª-DLFKELQIUHL©VDJWHLFKPLW]XVDPPHQJHELVVHQHQ=lKQHQ VWUDIIWHGLH6FKXOWHUQXQGOHJWHHLQHQVWRO]HQ6FKZXQJLQPHLQH 6FKULWWHª)UHLZLHQXUHLQH(GHOVWDKOUDWWHIUHLVHLQNDQQ0DFK QXUZHLWHU-LP±VLHK]XREGXHLQSDDU6FKO|VVHU¿QGHVWGLH]X GHQ6FKOVVHOQLQGHLQHU7DVFKHSDVVHQ© 'LHEHVWHQ5DWVFKOlJHEHNRPPHLFKLPPHUYRQPLUVHOEVW,FK PDUVFKLHUWHGXUFKHLQHQ7RUERJHQGHULQHLQHQJURHQ+RIIKUWH (LQLJH %HZDIIQHWH GLH VLFK KLHU KHUXPWULHEHQ EHDFKWHWHQ PLFK QLFKW$EHUVRZUGHHVQLFKWODQJHEOHLEHQ%HL$ODUPZUGHQVLH VRIRUWKLQWHUPLUKHUVHLQZLHGHU7HXIHOKLQWHUHLQHUDUPHQ6HHOH 0LW VWDUU QDFK YRUQ JHULFKWHWHP %OLFN JLQJ LFK DXI GDV PDVVLJH *HElXGH]XGDVVLFKDXIGHUDQGHUHQ6HLWHHUKRE,QGHU)URQW JlKQWHHLQHLQ]HOQHVJURHV7RUGLFKWGDQHEHQHLQNOHLQHUHV,P 1lKHUNRPPHQVDKLFKGDEHLGHPLWVHKUPRGHUQHQ6FKO|VVHUQ JHVLFKHUW ZDUHQ 6HKU YLHOVDJHQG 0LFK LQWHUHVVLHUWH EUHQQHQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZDV KLHU ZRKO HLQJHVFKORVVHQ VHLQ PRFKWH ,FK PXWH QXU GHQ ULFKWLJHQ6FKOVVHO¿QGHQ ,FKYHUVXFKWHVRDXV]XVHKHQDOVJHK|UWHLFKGD]XEOLHEYRU GHUNOHLQHUHQ7UVWHKHQXQGVDKGLH6FKOVVHOGXUFK(VPXWHQ HWZD ]ZDQ]LJ VHLQ 'DV 6FKOR ZDU HLQ%|LJHUZLHGDVJHEWH $XJHVFKQHOOHUNHQQHQNRQQWHXQGVRVXFKWHLFKEHLP'XUFKJHKHQ JOHLFKQDFKGHUYHUWUDXWHQ5KRPEXVIRUP ª+HZDVPDFKVWGXGD"© (LQ JURHU .HUO VFKPXW]LJ XQUDVLHUW URWlXJLJ$XHUGHP KDWWHHULP*UWHOHLQHQODQJHQ'ROFKVWHFNHQGHVVHQ*ULIIHU EH¿QJHUWH ª,FKVFKOLHHGLHVH7UDXIVLHKWPDQGRFK©DQWZRUWHWHLFK JHODVVHQª%LVWGXGHU0DQQGHQPDQPLU]XU8QWHUVWW]XQJ VFKLFNHQZROOWH"+LHUKDOWPDO© ,FK JDE LKP PHLQ *HZHKU 'LHV YHUVFKDIIWH PLU HLQLJH 6HNXQGHQ /XIW ZlKUHQG HU YHUVWlQGQLVORV DXI GLH :DIIH VWDUUWH6RKDWWHLFK*HOHJHQKHLWHLQHQ6FKOVVHOLQV6FKOR]X VFKLHEHQ$EHUHUOLHVLFKQLFKWGUHKHQ ª1LHPDQGKDWPLFKJHVFKLFNW©VDJWHHUXQGEHWUDFKWHWHGLH :DIIH ZDV LKQ ZHLWHUH 6HNXQGHQ DEOHQNWH ,FK NRQQWH GRFK ZRKO NDXP HWZDV %|VHV LP 6FKLOGH IKUHQ ZHQQ LFK LKP HLQIDFK VR PHLQH .QDUUH JDE RGHU" :DV HU GDFKWH ZDU LKP I|UPOLFKYRQGHQ/LSSHQDE]XOHVHQGLHHUOHLFKWEHZHJWH,FK XQWHUEUDFKGHQODQJVDPHQ6WURPVHLQHU*HGDQNHQ ª$OVRZRGXVFKRQPDOKLHUELVWNDQQVWGXPLUKHOIHQ«© $K GHU QlFKVWH 6FKOVVHO ZDU GHU ULFKWLJH XQG OLH VLFK PKHORV GUHKHQ 'LH 7U JLQJ DXI XQG LFK IXKU KHUXP XQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VWLH]LHOJHQDXPLWGHQDXVJHVWUHFNWHQ)LQJHUQ]X'DQQILQJ LFKGLH:DIIHDXIZlKUHQGGHU0DQQ]X%RGHQJOLWW ª+HGXGDKDOW© ,FK EHUK|UWH GDV XQIUHXQGOLFKH .RPPDQGR GD LFK QLFKW GHQ JHULQJVWHQ :XQVFK YHUVSUWH GHQ 5XIHU QlKHU NHQQHQ]XOHUQHQ 6WDWW GHVVHQ KXVFKWH LFK GXUFK GLH 7U XQG NQDOOWH VLH KLQWHU PLU ]X 'UHKWH PLFK XP VFKDXWH LQ GLH 5XQGHXQGVSUWHHLQHQ$QÀXJYRQ9HU]ZHLÀXQJ(LQ$XVZHJ ERW VLFK QLFKW ,FK EHIDQG PLFK LQ HLQHP ULHVLJHQ 5DXP GHU GXUFK KRKH :DQGVFKOLW]H NDXP HUKHOOW ZXUGH (LQH *DUDJH IU 'DPSIZDJHQ )QI ZDUHQ RUGHQWOLFK QHEHQHLQDQGHU DXIJHUHLKW (V ZlUH VFK|Q JHZHVHQ LQ VR HLQHU 0DVFKLQH ]X ÀLHKHQ ZLUNOLFKZXQGHUEDU,FKKDWWHGLHVFKZHUHQ%URFNHQLP(LQVDW] JHVHKHQ $EHU ]XHUVW PXWH GDV )HXHU DQJH]QGHW ZHUGHQ GDQQZXUGH+RO]QDFKJHOHJWELVGHU'DPSIGUXFNDXVUHLFKWH« 'LHVHU 9RUJDQJ GDXHUWH JHZ|KQOLFK PLQGHVWHQV HLQH 6WXQGH 6HOEVW ZHQQ LFK GLHV DOOHV XQJHVW|UW KlWWH WXQ N|QQHQ PXWH LFK DQVFKOLHHQG GLH 7U DXIPDFKHQ XQG PLFK LP 6FKULWWHPSR UDVVHOQGLQ6LFKHUKHLWEULQJHQ 2GHU JDE HV GRFK HLQH /|VXQJ IU PHLQ 3UREOHP" :lKUHQG VLFKPHLQH$XJHQDQGDVGlPPULJH/LFKWJHZ|KQWHQ JLQJ PLU DXI GD LFK KLHU QLFKW GHQ 7\S 'DPSIZDJHQ YRU PLU KDWWH GHUIUGLHVH:HOWW\SLVFKZDUPLW+RO]UlGHUQXQG(LVHQUHLIHQ 'LHVH0DVFKLQHQYHUIJWHQEHUZHLFKH5HLIHQ(LQHYHUEHVVHUWH 7HFKQLN"+DQGHOWHHVVLFKZRP|JOLFKXPDXHQZHOWOLFKH7HFKQLN GLHVLFKKLHUDQWLNYHUNOHLGHWH" ,FK HLOWH ]XP QlFKVWHQ GHU JURHQ )DKU]HXJH XQG VWLHJ LQ GHQ )DKUHUVLW] 9RU PLU EUHLWHWHQ VLFK GLH YHUWUDXWHQ VFKZHUHQ .RQWUROOKHEHO XQG 5lGHU DXV ± GRFK YRQ XQWHQ QLFKW ]X VHKHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ZDUHQHLQJHSROVWHUWHU)DKUHUVLW]XQGGLHJDQ]QRUPDOHQ$UPDWXUHQ IUHLQHQ%RGHQZDJHQ'LHJH¿HOHQPLUVFKRQEHVVHU ,FKVFKREGLH:DIIHXQWHUGHQ6LW]XQGOLHPLFKGDUDXIQLHGHU (LQ6LFKHUKHLWVJXUWZDUYRUKDQGHQGHQLFKDEHU]XQlFKVWQLFKW JHEUDXFKHQNRQQWH,FKVWUHLIWHLKQ]XU6HLWHEHXJWHPLFKYRUXQG XQWHUVXFKWH GLH ,QVWUXPHQWH (OHNWULVFKH =QGXQJ 6FKDOWKHEHO 7DFKRPHWHU ± DXHUGHP HLQLJH PLU XQEHNDQQWH $Q]HLJHQ XQG .Q|SIH'UDXHQZXUGHDQGLH7UJHKlPPHUW(VZDUUDWVDP GLH (LQ]HOVWXGLHQ VSlWHU IRUW]XVHW]HQ ,FK KRE GLH +DQG XQG GUHKWHGHQ0RWRUKHEHO1LFKWVSDVVLHUWH 9LHOPHKU JHVFKDK HWZDV JlQ]OLFK 8QHUZDUWHWHV 1LFKW GHU 0RWRUPHOGHWHVLFKVRQGHUQHLQHOHLVH0lGFKHQVWLPPHGLHPLU LQV2KUÀVWHUWH ª6LHGUIHQGHQ:DJHQQLFKWVWDUWHQRKQHGHQ6LFKHUKHLWVJXUW DQJHOHJW]XKDEHQ© ª6LFKHUKHLWVJXUW MDZRKO YLHOHQ 'DQN© ,FK OLH GDV 6FKOR ]XNOLFNHQXQGEHGLHQWHGHQ6FKDOWHU]XP]ZHLWHQPDO ª'HU 0RWRU OlW VLFK QXU VWDUWHQ ZHQQ GHU 6FKDOWKHEHO DXI ¾QHXWUDO½VWHKW© 'DV+lPPHUQDQGHU7UZDUQRFKODXWHUJHZRUGHQ)OXFKHQG EHZHJWHLFKGHQ6FKDOWKHEHOXQGYHUVXFKWHLP'lPPHUOLFKWGLH ULFKWLJH 6WHOOXQJ ]X ¿QGHQ 'LH7U EDUVW NUDFKHQG *HVFKDIIW -HW]WZLHGHUGHQ6FKDOWHU -DXOHQGVSUDQJGHU0RWRUDQ,FKVFKREGHQ6FKDOWKHEHO DXI 9RUZlUWVIDKUW±XQGK|UWHZLHGHUGLH6WLPPH ª9HUVXFKHQ 6LH ELWWH QLFKW PLW DQJH]RJHQHU +DQGEUHPVH ]X IDKUHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 1XQ ÀXFKWH LFK VFKRQ ODXWHU 'LH NOHLQH 7U ÀRJ DXV GHQ $QJHOQXQGNQDOOWH]X%RGHQULQJVXPEHJDQQHQVLFK.ROEHQ]X EHZHJHQXQG'DPSIIDXFKHQG]XHQWZHLFKHQ-HPDQGEUOOWHHLQ .RPPDQGRXQGGLH0lQQHUDQGHU7UNDPHQDXIPLFK]X 'DV'LQJHUVFKDXGHUWHXQGEHZHJWHVLFKYRUZlUWV 6R ZDU HV ULFKWLJ *HVFKW]W YRQ 6WDKOSODWWHQ XQG YRUJHWlXVFKWHQ 0DVFKLQHQWHLOHQ PXWH GDV 'LQJ XQJODXEOLFK VFKZHUVHLQ(VJDEHLQHHLQIDFKH0|JOLFKNHLWGLHVDXIGLH3UREH ]XVWHOOHQ,FKGUFNWHGHQ*DVKHEHOGXUFK]RJGDV6WHXHUKHUXP ±XQGIXKUPLWGHPPDVVLJHQ*HELOGHGLUHNWDXIGLHJURH7U ]X (VNODSSWHSUlFKWLJ'HU'DPSIEUDXVWHXQGIDXFKWHZlKUHQG GLH0DVFKLQHLQ)DKUWNDP0LWHLQHPRKUHQEHWlXEHQGHQ.UDFKHQ NQDOOWHLFKJHQDXLQGLH0LWWHGHU7U$EHUPHLQHGOHV*HIlKUW ZXUGHXPNHLQHQ'HXWODQJVDPHU+RO]NQDFNWHTXLHWVFKWHXQG EUDFKSURWHVWLHUHQGXQGZLUEHOWHQDFKDOOHQ6HLWHQGDYRQ,FK SÀJWH GXUFK GDV +LQGHUQLV KLQGXUFK$XV GHQ$XJHQZLQNHOQ JHZDKUWH LFK ÀLHKHQGH *HVWDOWHQ HKH LFK PLFK VHOEVW GXFNHQ PXWH XP QLFKW YRQ HLQHP 4XHUEUHWW JHN|SIW ]X ZHUGHQ (V NUDW]WHEHUGLH0DVFKLQHXQG¿HO]XU6HLWHIRUW,FKULFKWHWHPLFK DXIXQGOlFKHOWHHUIUHXW :DV IU HLQ KHUUOLFKHU $QEOLFN $XI DOOHQ 6HLWHQ VXFKWHQ 6ROGDWHQ'HFNXQJ,FKGUHKWHGDV6WHXHUXQGIXKUHLQHQHQJHQ .UHLVXPPLFK]XP$XVJDQJ]XRULHQWLHUHQ(LQ*HVFKRSUDOOWH JHJHQGLH6WDKOYHUNOHLGXQJXQGVLUUWHGDYRQ'RUWZDUGDV7RU ±GLUHNWYRUPLU:LHGHUJDELFK9ROOJDVXQGJULIIVFKOLHOLFKQDFK GHU6FKQXUGLHGLH3IHLOHEHGLHQWH'DPSIVWU|PWHHLQVFKULOOHU 7RQHUNODQJPHLQ*HIlKUWZXUGHVFKQHOOHU *HUDGHQRFKUHFKW]HLWLJ-HPDQGKDWWHGHQ9HUVWDQGEHLHLQDQGHU XQGYHUVXFKWHGLH=XJEUFNH]XKHEHQ=ZHL0lQQHUKDWWHQGHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH *ULIILQGLHSULPLWLYH:LQGHJHVWHFNWXQGGUHKWHQKHIWLJGDUDQ NODSSHUQGVSDQQWHQVLFK.HWWHQ0LWJHOOHQGHU3IHLIHKLHOWLFKDXI GLH 7RUPLWWH ]X XQG LPPHU PHKU *HVFKRVVH SUDOOWHQ YRU XQG KLQWHUPLUJHJHQGHQVFKW]HQGHQ6WDKO,FKGXFNWHPLFKRKQH GHQ)XYRP*DV]XQHKPHQ,FKKDWWHQXUHLQH&KDQFH 'LH =XJEUFNH VWLHJ ODQJVDP XQG JOHLFKPlLJ HPSRU XQG VFKQLWW PLU GHQ )OXFKWZHJ DE VLH ZXFKV LPPHU K|KHU YRU PLU HPSRUVWDQGVFKRQ]HKQ]ZDQ]LJGUHLLJ*UDGLQGHU6FKUlJH *OHLFKZDUHVQLFKWPHKU]XVFKDIIHQ ,FK SUDOOWH PLW HLQHP 5XFN DXI GHU PLFK DXV GHP :DJHQ JHVFKOHXGHUWKlWWHZlUHLFKRKQH6LFKHUKHLWVJXUWJHZHVHQ9LHOHQ 'DQN6WLPPH'LH9RUGHUUlGHUUROOWHQGLH%UFNHHPSRULPPHU K|KHUKLQDXIELVGHU%XJGHV)DKU]HXJVLQGLH/XIW]HLJWH:HQQ GDVVRZHLWHUJLQJZUGHLFKHLQHQ6DOWRUFNZlUWVVFKODJHQ 'LHVHV 5LVLNR PXWH LFK HLQJHKHQ 'LH *lQJH NQLUVFKWHQ PHLQWRQQHQVFKZHUHU)UHXGHQVSHQGHUERFNWHXQG]LWWHUWH±XQG GDQQYHUQDKPLFKHLQ.UHLVFKHQXQG5HLHQ 8QG VFKRQ VFKLHQ DOOHV QDFK YRUQ ]X IDOOHQ 'LH .HWWHQ DQ GHQHQGLH=XJEUFNHDXIJHKlQJWZDUKDWWHQGDVXQYRUVWHOOEDU JURH *HZLFKW PHLQHV )DKU]HXJV QLFKW KDOWHQ N|QQHQ XQG ZDUHQ JHULVVHQ .UDFKHQG ODQGHWHQ ZLU XQG GHU 5XFN UDXEWH PLU EHLQDKH GLH 2ULHQWLHUXQJ $EHU PHLQ )X VWDQG IHVW DXI GHP*DVSHGDOXQGGLH5lGHUGUHKWHQVLFKQRFK'DV9HKLNHO VFKR YRUZlUWV ± GLUHNW DXI GDV :DVVHU ]X 9HU]ZHLIHOW GUHKWH LFK DP 6WHXHU XQG EUDFKWH HV ZLHGHU DXI .XUV GDQQ IHJWH LFK EHUGLH%UFNHXQGDXIGLH6WUDH6FKQHOOHULPPHUVFKQHOOHU GHQ +JHO KLQDXI XQG XP GLH .XUYH ± GDQQ KHUXQWHU PLW GHU *HVFKZLQGLJNHLW HKH GLH WLHIHQ )DKUULQQHQ PLFK DXV GHU %DKQ ZHUIHQNRQQWHQ'LH)OXFKWZDUJHOXQJHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª-LP© HUPDKQWH LFK PLFK REZRKO LFK QRFK NDXP ]X $WHP JHNRPPHQZDUªGDVVROOWHVWGXZHQQHVLUJHQGJHKWQLFKWQRFK HLQPDOYHUVXFKHQ© ,FK VFKDXWH QDFK KLQWHQ GRFK QLHPDQG IROJWH PLU %DOG DEHUZUGHQGLH9HUIROJHUDXIWDXFKHQZHQQQLFKW]X )X GDQQ LQ HLQHP GHU DQGHUHQ IDOVFKHQ 'DPSIZDJHQ ,FK WUDW GDV *DV ZLHGHUGXUFKXQGKLHOWNUDPSIKDIWGHQ0XQG]XGDPLWLFKPLULQ GHQ6FKODJO|FKHUQQLFKWDXIGLH=XQJHELRGHU(FNHQDXVGHQ =lKQHQVFKOXJ (LQODQJHU$QVWLHJNRVWHWH7HPSR2EZRKOLFKGDV*DVSHGDO GXUFKJHWUHWHQ KDWWH NDPHQ ZLU QXU LP .ULHFKJDQJ YRUDQ ZHJHQ GHV *HWULHEHV XQG GHV KRKHQ *HZLFKWV ,FK QXW]WH GLH *HOHJHQKHLW XP PLU GHQ /DGHVWDQG DQ]XVFKDXHQ ± %DWWHULHQ YROO'DVPXWHDXFKVRVHLQGHQQLFKKDWWHNHLQH0|JOLFKNHLW GHV 1DFKODGHQV 'XUFK GDV .ODSSHUQ XQG *UROOHQ K|UWH LFK HLQGQQHVIHUQHV3IHLIHQXQGZDUIHLQHQNXU]HQ%OLFNEHUGLH 6FKXOWHU 'RUW ZDUHQ VLH =ZHL ZHLWHUH )DKU]HXJH KDWWHQ GLH 9HUIROJXQJDXIJHQRPPHQ 1DWUOLFK KDWWHQ VLH NHLQH &KDQFH PLFK HLQ]XKROHQ ,Q GHU IUHLHQ1DWXUPXWHQGLHVFKZHUHQ%URFNHQKLOÀRVVWHFNHQEOHLEHQ ±XQG]X'LPRQWHV%XUJIKUWHQXUHLQH6WUDH,FKIXKUGDUDXI XQGKDWWHGLHULFKWLJH5LFKWXQJHLQJHVFKODJHQXQGZUGHPHLQHQ 9RUVSUXQJKDOWHQN|QQHQELVLFKDP=LHOZDU 'DJDEHVDOOHUGLQJVHLQ3UREOHPZHQQLFKPHLQH9HUIROJHU GRUWKLQ IKUWH ZXWHQ VLH ZHU LKUHQ :DJHQ JHVWRKOHQ KDWWH XQG ZUGHQ PLW LKUHQ *DVERPEHQ DQUFNHQ 'DV GXUIWH QLFKW JHVFKHKHQ ,FK VFKDXWH PLFK XP XQG VDK GD GLH 'LVWDQ] VFKPRO] ± GLH DOOHUGLQJV JOHLFKEOLHE DOV GLH 9HUIROJHU GHQ )X GHU $QK|KH HUUHLFKWHQ ,FK IXKU EHU GHQ .DPP XQG ZXUGH QXQ ZLHGHU VFKQHOOHU ± ZDV DXFK EHGHXWHWH GD LFK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH KHIWLJHUGXUFKJHVFKWWHOWZXUGH,FKNRQQWHQXUKRIIHQGDGLH 0DVFKLQH IU HLQ VROFKHV 5WWHOQ XQG 6FKWWHOQ JHHLJQHW ZDU 'DQQWDXFKWHYRUPLUGLH.UHX]XQJDXIZRVLFKHLQLJH%DXHUQLP OHW]WHQ0RPHQWLQ6LFKHUKHLWEUDFKWHQ8P]X&DSR'LPRQWH]X JHODQJHQPXWHLFKQDFKOLQNVDEELHJHQ,FKGDPSIWHJHUDGHDXV EHU GLH .UHX]XQJ 'LHVH 6WUDH NDQQWH LFK QLFKW VR GD PLU QLFKWV DQGHUHV EULJEOLHE DOV ]X IDKUHQ XQG GLH 'DXPHQ ]X GUFNHQ ,UJHQGHWZDVPXWHJHVFKHKHQ±XQG]ZDUEDOG6HOEVWZHQQ LFK PHLQHQ 9RUVSUXQJ GHQ JDQ]HQ 7DJ KDOWHQ NRQQWH PXWHQ LUJHQGZDQQ GLH %DWWHULHQ HUVFK|SIW VHLQ ZRPLW GDQQ PHLQ *DVWVSLHOYRUEHUZDU'HQNQDFK-LPVSRUQWHLFKPLFKDQ5HJ PDOGHLQHDOWHQ*HKLUQ]HOOHQDQ +LQWHU GHU QlFKVWHQ .XUYH ]HLJWH VLFK GLH 5HWWXQJ (LQ )HOGZHJ IKUWH VHLWOLFK ]ZLVFKHQ bFNHUQ KLQGXUFK ]X HLQHP %DFK8QGSO|W]OLFKKDWWHLFKHLQHJXWH,GHH±GLHPLUZLHHVVLFK JHK|UWYROODXVJHUHLIWYRU$XJHQVWDQG 2KQH ]X ]|JHUQ GUHKWH LFK GDV 6WHXHU XQG UROOWH LQ GLH :LHVH KLQDE 'DEHL IXKU LFK LPPHU ODQJVDPHU XQG VSUWH GD GLH5lGHULPPHUWLHIHULQGLHZHLFKH(UGHHLQVDQNHQ:HQQLFK MHW]WVWHFNHQEOLHEZDUHVDXV2GHU]XPLQGHVWDXVPLWPHLQHU +HUUVFKDIWEHUGLHVH.LVWH±GLHLFKQDWUOLFKDPOLHEVWHQQRFK HLQH:HLOHEHKDOWHQKlWWH0DFKZHLWHU-LPDEHUYRUVLFKWLJ 6R ODQJVDP ZLH P|JOLFK LP QLHGULJVWHQ *DQJ PDKOWH LFK YRUZlUWVELVGLH9RUGHUUlGHUGHQ)OXHUUHLFKWKDWWHQ6LHEHJDQQHQ EHUHLWVZHLFKXQGVFKZDPPLJLQGHQ6FKODPP]XVLQNHQDOVLFK VWRSSWHXQGODQJVDPUFNZlUWVIXKUhEHUGLH6FKXOWHUVFKDXHQG KLHOWLFKPLFKDQGLH6SXUHQGLHLFKDXIGHP+HUZHJJHPDFKW KDWWH5FNZlUWVIXKULFKDXVGHP)HOGKHUDXVELVLFKZLHGHUDXI GHU6WUDHZDU:lKUHQGLFKXPVFKDOWHWHZDUILFKHLQHQNXU]HQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH %OLFNDXIPHLQ:HUN3HUIHNW'LH6SXUHQIKUWHQGLUHNW]XP :DVVHUXQGKLQHLQ 1LFKWPHKUDOO]XZHLWKLQWHUPLUK|UWHLFKHLQH'DPSISIHLIH ,FKKDXWHDXIV*DVXQGIXKUVRVFKQHOOLFKNRQQWHXPGLHQlFKVWH .XUYHELVPHLQH0DVFKLQHKLQWHUGHQ%lXPHQQLFKWPHKU]X VHKHQZDU'DQQKRELFKGHQ)XVFKDOWHWHGHQ0RWRUDXVWUDW DXIGLH%UHPVHXQGVSUDQJ]X%RGHQ 1XQ NDP GHU JHIlKUOLFKH 7HLO ,FK PXWH PHLQH 9HUIROJHU GD]X EULQJHQ GHQ 6SXUHQ ]X IROJHQ :HQQ VLH PLU QLFKW JODXEWHQEOLHEPLUNDXPQRFKHLQH)OXFKWFKDQFH ,FK PXWH HVULVNLHUHQ ,P/DXIHQ]RJLFKPHLQH-DFNHDXVNDPLQV6WRSHUQDOVLFK PLFKDXVGHQbUPHOQEHIUHLWHXQGGUHKWHVLHVFKOLHOLFKOLQNV KHUXP ,FK OHJWH PLU GDV 6WFN XP GLH 6FKXOWHUQ EDQG GLH bUPHO YRUQ ]XVDPPHQ XQG UROOWH VFKOLHOLFK GLH +RVH KRFK .HLQH JURDUWLJH 9HUNOHLGXQJ DEHU VLH PXWH DXVUHLFKHQ +RIIHQWOLFK KDWWHQ GLH )DKUHU PLFK QLFKW JHQDX DQVFKDXHQ N|QQHQ±ZHQQVLHPLFKEHUKDXSWJHVHKHQKDWWHQ 6RVWDQGLFKVFKOLHOLFKDQGHU6WHOOHDQGHULFKDEJHERJHQ ZDUXQGKDWWHHEHQQRFKGLH=HLWPLUHLQELFKHQ6WUDHQVWDXE LQV *HVLFKW ]X VFKPLHUHQ DOV GHU HUVWH IDOVFKH 'DPSIZDJHQ PHWDOOLVFKNODSSHUQGXPGLH:HJELHJXQJNDP 'LH0DVFKLQHQVWRSSWHQDOVLFKDXIGLH6WUDHWUDWXQGDXI GLH:LHVH]HLJWH ª'RUWKLQLVWHUJHIDKUHQ©ULHILFK 'HU)DKUHUXQGGLH%HZDIIQHWHQVFKDXWHQDXIGDV)HOGXQG GLH6SXUHQ'DV)DKU]HXJIXKUODQJVDPHUXQGKLHOW

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª,VW JHUDGHZHJV GXUFKV :DVVHU JHVSULW]W XQG GUEHQ ZHLWHUJHIDKUHQ(LQ)UHXQGYRQHXFK"© 'HU$XJHQEOLFNGHU:DKUKHLWZDUJHNRPPHQ(UGHKQWHVLFK LQV 8QHUWUlJOLFKH ZlKUHQG GDV ]ZHLWH )DKU]HXJ QlKHUNDP XQGHEHQIDOOVVWRSSWH:DVZUGHJHVFKHKHQZHQQPDQPLFK YHUK|UWH ± RGHU PLFK QXU JHQDX XQWHU GLH /XSH QDKP" $P OLHEVWHQZlUHLFKJHIORKHQ±DEHUGDVKlWWHDOOHVYHUUDWHQ ª)ROJWLKP©ULHIMHPDQGXQGGHU)DKUHUGUHKWHGDV6WHXHU XQGERJDXIGDV)HOGDE ,FK YHUVFKZDQG ]ZLVFKHQ GHQ %lXPHQ XQG YHUIROJWH LQWHUHVVLHUWGLHZHLWHUH(QWZLFNOXQJ(VZDUSUlFKWLJ,FKZDU VWRO]DXIPLFKRMD,FKVFKlPHPLFKQLFKWGDV]X]XJHEHQ:HQQ HLQ0DOHUHLQ0HLVWHUZHUNJHVFKDIIHQ KDW ZHL HU GLHV XQG YHUVXFKWVHLQH%HGHXWXQJQLFKWPLWIDOVFKHU%HVFKHLGHQKHLW KHUXQWHU]XVSLHOHQ (VZDUHLQH0HLVWHUOHLVWXQJ'HUHUVWH:DJHQUDVVHOWHKSIHQG XQG VFKZDQNHQG GXUFK GDV )HOG XQG ODQGHWH PLW ODXWHP 3ODWVFKHQ LP :DVVHU (U IXKU VR VFKQHOO GD GLH +LQWHUUlGHU HEHQIDOOVGDV:DVVHUHUUHLFKWHQHKHGLH)XKUH]XP+DOWHQNDP 8QGODQJVDPLPZHLFKHQ6FKODPP]XYHUVLQNHQEHJDQQ%LV ]XGHQ1DEHQUXWVFKWHGHU'DPSIZDJHQLQGHQ)OX 'DJDEHVQXQDOOHUOHL*HVFKUHLXQG*HÀXFKH±XQGPDQWDW PLUGHQ*HIDOOHQHLQH.HWWH]XKROHQXQGGLHEHLGHQ:DJHQ PLWHLQDQGHU ]X YHUELQGHQ *URDUWLJ 'DV ]ZHLWH *HIlKUW VSULW]WH PLW GXUFKGUHKHQGHQ 5lGHUQ VR ODQJH 'UHFN ELV HV HEHQIDOOV IHVWVD ,FK NODWVFKWH %HLIDOO XQG VFKOHQGHUWH ]X PHLQHP)DKU]HXJ]XUFN ,FK KlWWH GDUDXI YHU]LFKWHQ VROOHQ LFK ZHL $EHU HV JLEW 0RPHQWH GD NDQQ PDQ QLFKW DQGHUV GD PX PDQ DQJHEHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FKVHW]WHPLFKOHJWHGHQ6LFKHUKHLWVJXUWXPOLHGHQ0RWRU DQ VWHXHUWH GHQ :DJHQ YRUVLFKWLJ YRU XQG ]XUFN ELV LFK JHZHQGHWKDWWH'DQQUROOWHLFKLQVFKQHOOHU)DKUWGLH6WUDH ]XUFN 8QG DQ GHU $E]ZHLJXQJ OLH LFK HLQPDO NXU] GLH 3IHLIH HUW|QHQ 6LH JHOOWH XQG MHGHU .RSI ZDQGWH VLFK LQ PHLQH 5LFKWXQJ DOOH VWDUUWHQ DXI PLFK ,FK ZLQNWH XQG OlFKHOWH 'DQQVFKREHQVLFK%lXPHGD]ZLVFKHQXQGGDVKEVFKH%LOG YHUVFKZDQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

(V ZDU HLQH 6LHJHVWRXU ,FK ODFKWH ODXW YRU PLFK KLQ VDQJ XQG OLH IUHXGYROO GLH 3IHLIH HUW|QHQ $OV PHLQH HUVWH %HJHLVWHUXQJ DEJHNOXQJHQ ZDU YHUVHW]WH LFK DXI PHLQHP LQQHUHQ 6FKDFKEUHWW GLH .|QLJLQ XQG EHUOHJWH PLU GHQ QlFKVWHQ =XJ 'DEHL VW|UWH PLFK GDV 'DPSI]LVFKHQ XQG .ODSSHUQGHUEHUÀVVLJHQ0DVFKLQHQWHLOHXQGLFKVXFKWHGDV $UPDWXUHQEUHWWQDFKGHP6FKDOWHUDEGHUGLHVH6SH]LDOHIIHNWH DEVWHOOWH 'HU 'DPSI ZXUGH HU]HXJW ZLH HU EHQ|WLJW ZXUGH XQG EHL GHQ 7|QHQ KDQGHOWH HV VLFK XP HLQH$XI]HLFKQXQJ ,FKEHWlWLJWHGHQ6FKDOWHUXQGIXKUIULHGOLFK]X&DSR'LPRQWHV %XUJ (V ZDU VSlWHU 1DFKPLWWDJ DOV LFK PHLQ =LHO HUUHLFKWH ±XQGELVGDKLQKDWWHLFKPHLQH3ODQXQJHQDEJHVFKORVVHQ $OV LFK GLH OHW]WH .XUYH KLQWHU PLFK EUDFKWH XQG DXI GHQ 'DPPHLQERJVFKDOWHWHLFKGLH'DPSIXQG*HUlXVFKNXOLVVH ZLHGHU HLQ /DQJVDP OLH LFK GDV *HIlKUW YRU GHQ :lFKWHUQ DXVUROOHQ6LHKDWWHQGLHWHLOZHLVHUHSDULHUWH=XJEUFNHOlQJVW ZLHGHUDQJHKREHQXQGJXFNWHQPLFKPLWUDXLVFKDQ ª1LFKWVFKLHHQ*XW)UHXQG©ULHILFKª0LWJOLHGHXUHU$UPHH XQG HQJHU 0LWDUEHLWHU GHV &DSR 'LPRQWH /DW LKQ VRIRUW KROHQGHQQHUZLOOVLFKEHVWLPPWVHLQHQQHXHQ 'DPSIZDJHQ DQVFKDXHQ© 8QG RE .DXP ZDU GLH =XJEUFNH KHUXQWHUJHODVVHQ GD VWRO]LHUWHHUKHUEHLXQGVFKDXWH]XPLUDXI

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:RKHUKDVWGXGDV"©IUDJWHHU ª*HVWRKOHQ6WHLJDQ%RUGLFKZLOOGLUHLQSDDULQWHUHVVDQWH 6DFKHQ]HLJHQ© ª:RLVWGDV6FKODIJDV"©IUDJWHHUQRFKDXIGHU/HLWHU ª'DPLW KDEH LFK PLFK QLFKW ZHLWHU DXIJHKDOWHQ $XI GHU *UXQGODJH GLHVHV :DJHQV KDEH LFK HLQHQ QRFK EHVVHUHQ XQG VLFKHUHUHQ3ODQHQWZLFNHOW'LHVLVWNHLQQRUPDOHU'DPSIZDJHQ ZLH GX KRIIHQWOLFK VFKRQ JHPHUNW KDVW (V KDQGHOW VLFK XP HLQ QHXHVYHUEHVVHUWHV0RGHOOPLWHLQLJHQLQWHUHVVDQWHQ(LQEDXWHQ GLHGLFKEHVWLPPWIHVVHOQZHUGHQ«© ª'X,GLRW:RYRQUHGHVWGXGD"©(UEHZHJWHGHQ6lEHOLQGHU 6FKHLGHDXIXQGQLHGHUZDVIUHLQ+LW]NRSI ª,FKIKUHHVGLUYRU(XHU&DSRQLJNHLWGDHLQH'HPRQVWUDWLRQ PHKU EHZLUNHQ NDQQ DOV WDXVHQG:RUWH ,FKP|FKWHDXHUGHP YRUVFKODJHQGDGXGLFKKLQVHW]WXQGPLWGHP*XUWVFKW]WZLH LFKHVJHWDQKDEH0HLQH9RUIKUXQJGDVJDUDQWLHUHLFKGLUZLUG GLFKEHHLQGUXFNHQ© :HQQ HU QRFK QLFKW EHHLQGUXFNW ZDU GDQQ LPPHUKLQ VHKU QHXJLHULJ(UVFKQDOOWHVLFKDQXQGLFKIXKUUFNZlUWVEHUGHQ 'DPP]XP)HVWODQG8QG]ZDUODQJVDPPLWGHPGD]XJHK|ULJHQ 3IHLIHQ XQG .ODSSHUQ 6FKOLHOLFK VWRSSWH LFK GHQ :DJHQ XQG GUHKWHPLFK]XLKPXP ª:DVLVWPLWGHU*HVFKZLQGLJNHLWGLHVHV)DKU]HXJV":DVELVW GXJHZ|KQW"© ª*HVFKZLQGLJNHLW" 'X PHLQVW ZLH VFKQHOO HV VLFK EHZHJW" 'LHV LVW HLQ DXVJH]HLFKQHWHU -RFKZDJHQ XQG EHZHJW VLFK PLW JU|HUHU0XQWHUNHLWDOVGHUPHLQH© ª'XKDVWMDNHLQH$KQXQJ&DSR3DPDODXI©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,FK VFKDOWHWH *HUlXVFKH XQG 'DPSI DE XQG HU QLFNWH YHUVWlQGQLVYROO ª'X KDVW GDV )HXHU HLQJHGlPPW XQG GLH 0DVFKLQHUXKWXQGEHZHJWVLFKQLFKW© ª,P *HJHQWHLO ,FK KDEH VLH ]XP 6FKZHLJHQ JHEUDFKW GDPLW QLHPDQGVLHQlKHUNRPPHQK|UW6LHLVW]XP(LQVDW]EHUHLW±XQG ZLUGJOHLFKORVUDVHQ6REDOGGXPLUHLQH)UDJHEHDQWZRUWHWKDVW :HQQ GLHVHU :DJHQ HLQHP )HLQG JHK|UWH XQG KLHU HUVFKLHQH ±KlWWHQGHLQH6ROGDWHQ=HLWGLH=XJEUFNHKRFK]X]LHKHQHKH HUVLHHUUHLFKWH"© 'HU&DSRVFKQDXEWHYHUlFKWOLFKGXUFKGLH1DVHª)UZDVIU HLQHQ'XPPNRSIKlOWVWGXPLFKPLUVROFKH)UDJHQ]XVWHOOHQ" (KHHLQ:DJHQGRUWKLQNULHFKHQN|QQWHZlUHGLH=XJEUFNH PHKUDOVHLQPDODXIXQGQLHGHUJHJDQJHQ© ª$FK ZLUNOLFK" 'DQQ KDOW GLFK IHVW PDO VHKHQ ZDV GLHVHU .DVWHQYHUPDJ© ,FKWUDWGHQ*DVKHEHOGXUFKZRUDXIKLQGHU:DJHQEHLQDKH ODXWORVYRUZlUWVVFKR=XK|UHQZDUHQQXUGDV6XPPHQGHV 0RWRUVXQGGDV5DXVFKHQGHU5HLIHQDXIGHPJODWWHQ3ÀDVWHU 6FKQHOOHUZHUGHQGUDVWHQZLUDXIGDV7RU]XGDVHUVFKUHFNHQG VFKQHOO YRU XQV JU|HU ZXUGH 'LH GLHQVWKDEHQGHQ :lFKWHU EUDFKWHQVLFKHEHQQRFKUHFKW]HLWLJLQ6LFKHUKHLWGDSUHVFKWHQ ZLU VFKRQ EHU GLH %DONHQ GHU QRWGUIWLJ UHSDULHUWHQ %UFNH ZXUGHQLQGLH/XIWJHVFKOHXGHUWXQGVFK|VVHQGXUFKGDV7RU 8QGNDPHQDXIGHP%XUJKRIZLSSHQG]XP6WLOOVWDQG'HU &DSRVDPLWZHLWDXIJHULVVHQHQ$XJHQGDXQGVFKQDSSWHQDFK /XIW±GDQQEHPKWHHUVLFKVHLQHQ6lEHO]X]LHKHQ ª$WWHQWlWHU 'HLQ 9HUVXFK PLFK ]X W|WHQ LVW DEHU IHKOJHVFKODJHQ«©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª&DSR K|U PLFK DQ (V ZDU HLQH 'HPRQVWUDWLRQ$XI GHP JOHLFKHQ:HJHZHUGHLFKGLFKXQGGHLQH6ROGDWHQGXUFKGDV7RU YRQ&DSR'RFFLDV%XUJVFKDIIHQ'XUFKGDVRIIHQH7RULQGHQ +RI XQG GRUW NDQQVW GX QDFK %HOLHEHQ W|WHQ QLHGHUEUHQQHQ 6FKlW]H ]XVDPPHQUDIIHQ IROWHUQ YHUVWPPHOQ ]HUVW|UHQ« © 'LHVH:RUWHOLHHQLKQDXIPHUNHQ'LH.OLQJHYHUVFKZDQG ZLHGHULQGHU6FKHLGHXQGVHLQ%OLFNYHUORUDQ6FKlUIHZlKUHQG HUVLFKPLWGHQ:XQGHUQEHVFKlIWLJWHGLHLFKLKPYHUKLH ª*XW© VDJWH HU VFKOLHOLFK EOLQ]HOWH KDVWLJ XQG NHKUWH LQ GLH *HJHQZDUW ]XUFN ª'X KDVW GD HLQH LQWHUHVVDQWH ,GHH HQWZLFNHOW6ROGDWXQGLFKP|FKWHPHKUGDUEHUHUIDKUHQ%HL HLQHU)ODVFKH:HLQ±GHQQHLQHVROFKH)DKUWKDEHLFKELVKHU QRFKQLFKWHUOHEW© ª,FKJHKRUFKH$EHUODPLFK]XHUVWGDV)DKU]HXJDQHLQHQ2UW EULQJHQZRHVQLFKWJHVHKHQZHUGHQNDQQ'HU$QJULIINDQQQXU HUIROJUHLFK VHLQ ZHQQ ZLU GLH hEHUUDVFKXQJ JDQ] DXI XQVHUHU 6HLWHKDEHQ© ª'DPLWKDVWGXUHFKW6WHOOGDV'LQJLQGLH6FKHXQHLFKODVVH HVEHZDFKHQ© 'HU:HLQ GHQ HU PLU DQERW ZDU XP HWOLFKHV EHVVHU DOV GDV VDXUH =HXJ GDV GHU7UXSSH DXVJHJHEHQ ZXUGH XQG LFK QLSSWH HUIUHXWGDUDQ$EHUQLFKW]XVHKUGHQQLFKEUDXFKWHQRFKHLQHQ NODUHQ .RSI ZHQQ GDV 6SLHO ZLH JHSODQW ODXIHQ VROOWH ,FK PXWH *UQGH DQIKUHQ GLH LKP VLQQYROO YRUNDPHQ GLH LKQ GD]X EUDFKWHQ VHLQH .ULHJVSOlQH VRIRUW LQ GLH 7DW XP]XVHW]HQ 'HQQ ZHQQ ZLU QLFKW VFKOHXQLJVW KDQGHOWHQ ZUGH 3URIHVVRU /XVWLJ XQV PLW VHLQHQ *DVERPEHQ KHLPVXFKHQ %HVWLPPW ZDU HU VHKU XQJOFNOLFK GD LFK VHLQ *HIlKUW HQWOLHKHQ KDWWH 8QG LQ GLHVHU *HJHQG JDE HV QLFKW DOO]X YLHOH %XUJHQ LQ GHQHQ HV

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VLFKYHUVWHFNHQNRQQWH(VZDU=HLW]XP+DQGHOQ,FKEHZHJWH DXI PHLQHP JHLVWLJHQ 6FKDFKEUHWW HLQHQ7XUP XQG HUJULII GDV :RUW ª'LH %XUJ GDV EOHQ &DSR 'RFFLD LVW NHLQH IQI 6WXQGHQ )XPDUVFKYRQKLHUHQWIHUQW±VWLPPWGDV"© ª)QI6WXQGHQ±YLHU6WXQGHQLP(LOPDUVFK© ª*XW'DQQKDEHLFKGHQIROJHQGHQ9RUVFKODJ(UJULIIGLFK DQZlKUHQGGXPLWGHPJU|HUHQ7HLOGHLQHU$UPHHXQWHUZHJV ZDUVW6HLQH7UXSSHQKDEHQDQGHU=XJEUFNHXQGLQGHU%XUJ JURH 6FKlGHQ DQJHULFKWHW (KH GX VHOEVW HLQHQ *HJHQDQJULII YRUWUDJHQNDQQVWPXWGXGLH=XJEUFNHUHSDULHUHQODVVHQXQG YLHOOHLFKWQRFKZHLWHUH6ROGDWHQDQZHUEHQGDPLWEHLPQlFKVWHQ $XVUFNHQ GHLQH $EZHVHQKHLW QLFKW DXVJHQXW]W ZHUGHQ NDQQ +DEHLFKUHFKW"© (UWUDQNYRQVHLQHP:HLQXQGVWDUUWHPLFKEHUGHQ5DQGGHV .HOFKHVKLQZHJDQª-DGHLQH6HHOHVROOYHUGDPPWVHLQ'XKDVW ZRKOUHFKW9RUVLFKWPHLQH2I¿]LHUHUDWHQPLULPPHUZLHGHU]XU 9RUVLFKWZlKUHQGLFKGLHVHV*HVFK|SIDP OLHEVWHQ HQWKDXSWHQ ZUGH VHLQH (LQJHZHLGH KHUDXVUHLHQ EHL OHEHQGLJHP /HLEH DEKlXWHQ«© ª8QG GDV ZLUVW GX DXFK WXQ R MD VFK|QH 'LQJH HUZDUWHQ GLFKLQGHLQHU=XNXQIW8QGLP*HJHQVDW]]XGHLQHQVRQVWLJHQ %HUDWHUQP|FKWHLFKGLFKQLFKW]XU9RUVLFKWDQKDOWHQ,FK¿QGH GLHVHU 8QKROG LQ 0HQVFKHQJHVWDOW PX DQJHJULIIHQ ZHUGHQ ±XQG]ZDUVRIRUW© 6ROFKH 6SUFKH JHILHOHQ LKP QDWUOLFK XQG HU VFKHQNWH PLU VHLQH XQJHWHLOWH $XIPHUNVDPNHLW ZlKUHQG LFK LKP PHLQHQ3ODQDXVHLQDQGHUVHW]WH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª/DGLH%XUJKLHUZLHVLHLVW±XQGQLPPWURW]GHPDOOHGHLQH 0lQQHUPLW:HQQGHU3ODQNODSSWKDVWGXGLHPHLVWHQ/HXWH ZLHGHUKLHUHKHEHUKDXSWMHPDQGPHUNWGDVLHIRUWZDUHQ :LU PDUVFKLHUHQ XP 0LWWHUQDFKW ODXWORV ZLH 5DFKHJHLVWHU XQG EH¿QGHQ XQV EHL 7DJHVDQEUXFK LQ HLQHP 9HUVWHFN GLFKW EHL&DSR'RFFLDV%XUJ,FKNHQQHHLQHJQVWLJH6WHOOH:HQQ GLH =XJEUFNH IUK KHUDEJHODVVHQ ZLUG VRUJH LFK PLW GHLQHU QHXHQ 0DVFKLQH GDIU GD VLH RIIHQ EOHLEW 'HLQH 6ROGDWHQ JUHLIHQ EHUUDVFKHQG DQ XQG EHUUHQQHQ GLH %XUJ 6REDOG VLH HUREHUW LVW NDQQVW GX HLQH VWDUNH 6WUHLWPDFKW KLHUKHU ]XUFNVFKLFNHQ© ª6RNDQQHVJHVFKHKHQ$EHUZLHZLOOVWGXGLH/HXWHGDUDQ KLQGHUQGLH=XJEUFNHKRFK]X]LHKHQ"© $OVLFKHVLKPVDJWHHUVFKLHQHLQE|VHV/lFKHOQDXIVHLQHP *HVLFKWXQGHUVWLHHLQHQ)UHXGHQVFKUHLDXV ª6R VROO HV JHVFKHKHQ© ULHI HU ª:HQQ GX GDV VFKDIIVW VROO GLU HZLJHU 5HLFKWXP ZLQNHQ 'XUFK 'RFFLDV .U|WHQ GLH ZLU HUREHUQZHUGHQ© ª'X ELVW GLH )UHXQGOLFKNHLW LQ 3HUVRQ JHJHQEHU GHLQHP EHVFKHLGHQHQ 'LHQHU 'UIWH LFK GDQQ YRUVFKODJHQ GD KLHU LQ GHU %XUJ IUK ]XP 6FKODIHQ JHEODVHQ ZLUG GD ZLU HLQH DQVWUHQJHQGH1DFKWYRUXQVKDEHQ"© ª-DGDVVROOJHVFKHKHQ'HU%HIHKOJHKWJOHLFKUDXV© 6SlWHU ]RJ LFK PLFK XQDXIIlOOLJ ]XUFN 0LU JLQJ HV QLFKW QXUXPGLHHUVFK|SIWHQ0XVNHOQPHLQHU*HIlKUWHQLFKKDWWH DQGHUH *UQGH ZDUXP VLH LQ GHQ %HWWHQ OLHJHQ VROOWHQ (WZDV :LFKWLJHVZDUQRFK]XHUOHGLJHQHKHLFKPLFKVHOEVWQLHGHUOHJHQ NRQQWH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:HUN]HXJH©VDJWHLFK]X'UHQJDOVLFKLKQHQGOLFKJHIXQGHQ KDWWH ª)HLOHQ +lPPHU VROFKH 6DFKHQ :R ZlUHQ GLH KLHU ]X ¿QGHQ"© (UVFKREHLQHQ)LQJHUWLHILQVHLQH+DDUPDWWHXQGNUDW]WHVLFK QDFKGHQNOLFK,FKZLGHUVWDQGGHP'UDQJLKQGXUFK]XVFKWWHOQ XQG ZDUWHWH ELV GLH ODQJVDPH *HGDQNHQVFKODQJH ]XU 5XKH JHNRPPHQZDU9LHOOHLFKWKDOIGDV6FKDUUHQGHV)LQJHUQDJHOVDXI GHU.RSIKDXWVHLQHQEHKlELJHQ6\QDSVHQ$PEHVWHQVW|UWHPDQ HLQHRIWJHEWH3UD[LVQLFKW ª,FKKDEHNHLQH:HUN]HXJH©VDJWHHUVFKOLHOLFK ª'DVZHLLFKPHLQJXWHU-XQJH©,FKVSUWHZLHPHLQH=lKQH JHJHQHLQDQGHUNQLUVFKWHQXQGYHUVXFKWHGLH%HKHUUVFKXQJQLFKW ]XYHUOLHUHQª'XKDVWNHLQH:HUN]HXJH±EHVWLPPWDEHUMHPDQG DQGHUVKLHU:HUN|QQWHGDVVHLQ"© ª+XIVFKPLHG© VDJWH HU VWRO] ª'HU +XIVFKPLHG KDW LPPHU :HUN]HXJH© ª%UDYHU -XQJH 8QG ]HLJVW GX PLU MHW]W ELWWH GHQ :HJ ]XP 6FKPLHG"© 'DV JHVXFKWH ,QGLYLGXXP ZDU YHUUXW XQG KDDULJ XQG EHOODXQLJXQGYHUEUHLWHWHHLQHQVDXUHQ$ONRKROJHUXFK ª9HUVFKZLQGH NOHLQHU 6FKHLHU 1LHPDQG IXPPHOW DQ *UXQGJHV:HUN]HXJHQKHUXPQLHPDQG© 6FKHLHUDOVRZLUNOLFK,FKEUDXFKWHPLFKQLFKWDQ]XVWUHQJHQ PHLQH:XWHFKWHUVFKHLQHQ]XODVVHQª+|UPDOGX'UHFNVWFN ±GLH:HUN]HXJHJHK|UHQGHP&DSRQLFKWGLU8QGGHU&DSRKDW PLFKJHVFKLFNWVLH]XKROHQ-HW]WQHKPHLFKVLHHQWZHGHUPLW RGHUPHLQ.QDSSHJHKWORVXQGKROWGHQ&DSR0|FKWHVWGXPLW LKPVSUHFKHQ"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (UEDOOWHGLH)lXVWHXQGPXUUWHHWZDVYRUVLFKKLQOHQNWHGDQQ DEHUGRFKHLQ=XVDPPHQPLWGHQDQGHUHQKDWWHHUJHVHKHQZLH LFKGHQ&DSRLQGLH%XUJJHIDKUHQKDWWHXQGZXWHGDLFKLQ GHU*XQVWGHV)UVWHQVWDQG(UNRQQWHHVQLFKWULVNLHUHQVHLQHQ &KHI]XYHUlUJHUQ6R]RJHUXQWHUZU¿JGHQ.RSIHLQ ª$EHU JHZL +HUU *UXQGJH NHQQW VHLQHQ 3ODW]:HUN]HXJH DEHUMDQLPP:HUN]HXJH+LHUZDVLPPHUGXZLOOVW© ,FK JLQJ DQ GHP VFKZLW]HQGHQ 0DQQ YRUEHL XQG EHWUDFKWHWH VHLQH6DPPOXQJSULPLWLYVWHU*HUlWH/lFKHUOLFK:WHQGVFKPL LFK GHQ +DXIHQ GXUFKHLQDQGHU ELV LFK )HLOH +DPPHU XQG HLQH SULPLWLYH 0HWDOO]DQJH JHIXQGHQ KDWWH GLH PHLQHQ =ZHFNHQ JHQJHQPXWHQ,FKVFKREVLH'UHQJPLWGHU)XVSLW]HKLQ ª1LPP GLH 8QG GX *UXQGJH NDQQVW PRUJHQ IUK ]XU 6FKHXQHNRPPHQXQGVLH]XUFNKROHQ© 'UHQJIROJWHPLUXQGEOLFNWHHKUIUFKWLJDQGHP'DPSIZDJHQ HPSRU ª0DFKGHQ0XQG]XHKHGLU)OLHJHQKLQHLQJHUDWHQ©VDJWHLFK XQGQDKPGLH:HUN]HXJHª$OVQlFKVWHVEUDXFKHLFKHLQHQVWDUNHQ %HXWHORGHU6DFNHWZDVRJUR6XFKPLUHLQHQXQGKROLKQKHU 'DQQ OHJ GLFK KLQ HV EOHLEW KHXWH QDFKW QLFKW YLHO =HLW ]XP 6FKODIHQ© 0LWULFKWLJHQ:HUN]HXJHQKlWWHLFKGLH$UEHLWLP1XJHWDQ$EHU ZDKUVFKHLQOLFKNDPHVKLHUQLFKWVRVHKUDXI3Ul]LVLRQDQXQG VRODQJHLFKPLFKXQJHIlKUDQV0RGHOOKLHOWZUGHDOOHVNODSSHQ 'LH0HWDOOYHUNOHLGXQJGLFKWQHEHQGHP)DKUHUVLW]ZDUXQJHIlKU VRGLFNZLHGHU+RO]VFKOVVHO,FKVFKQLWWPLUHLQ6WFNKHUDXVXQG IHLOWHHVLQGLHHQWVSUHFKHQGH)RUP(VPXWHSDVVHQ 'UHQJ±XQGKRIIHQWOLFKDOOHDQGHUHQ±VFKOLHIHQLQ]ZLVFKHQ VRGDLFKPHLQ¾8QWHUQHKPHQ*UR.U|W½EHJLQQHQNRQQWH,FK

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VWHFNWH GHQ 6FKOVVHO LQ GLH 7DVFKH GHQ %HXWHO XQWHUV +HPG XQGEHJDEPLFKODXWORVZLHHLQ6FKDWWHQ±VRKRIIWHLFK±LQGLH 7LHIHGHU%XUJ'LH.DUWHGHV/lXIHUVKDWWHLFKPLUHLQJHSUlJW XQGRIIHQEDUZDFKWHVHLQ*HLVWEHUPLFKGHQQLFKIDQGGLH 6FKDW]NDPPHURKQHHQWGHFNW]XZHUGHQ,FKVFKREGHQ6FKOVVHO LQV6FKORDWPHWHWLHIGXUFKXQGGUHKWH 0LW HLQHP PHWDOOLVFKHQ .UHLVFKHQ XQG .ODSSHUQ |IIQHWH VLFK GDV6FKOR0HLQ+HU]EHJDQQGDVEOLFKH*HKlPPHUZlKUHQG LFKVWDUUYHUZHLOWH'HU.UDFKPXWHEHUDOO]XK|UHQJHZHVHQ VHLQ $EHUQLHPDQGZDUDXIPHUNVDPJHZRUGHQ'LH7UTXLHWVFKWH HLQZHQLJDOVLFKVLH|IIQHWHXQGVFKRQZDULFKLP*HZ|OEHXQG VFKREGHQ'XUFKJDQJODQJVDPKLQWHUPLU]X (VZDUKHUUOLFK+RKH*LWWHUIHQVWHUOLHHQHWZDV/LFKWKHUHLQ VR GD LFK GLH VFKZHUHQ 7UXKHQ DXVPDFKHQ NRQQWH GLH DQ GHU UFNZlUWLJHQ :DQG VWDQGHQ ,FK KDWWH PHLQH ¿VNDOLVFKHQ +DXVDUEHLWHQJHPDFKWXQGZXWHZRQDFKLFKVXFKHQPXWH 'LHHUVWH.LVWHZDUPLW0HVVLQJ.U|WHQJHIOOWPHLQH )LQJHU YHUPRFKWHQGLHGLFNHQ8PULVVHLQGHU'XQNHOKHLW]XHUNHQQHQ /RJLVFKHUZHLVHEHIDQGHQVLFKLQGHUQlFKVWHQ7UXKH6LOEHUNU|WHQ XQGLFKVFKDXIHOWHPHLQHQ%HXWHOKDOEYROO'DEHLHQWGHFNWHLFKHLQH NOHLQHUH7UXKH GLH HWZDV QDFK KLQWHQ YHUVHW]W ZDU ,FK OlFKHOWH LQ GLH 'XQNHOKHLW XQG HUWDVWHWH GLH NDQWLJHQ *HELOGH GDULQ *ROGNU|WHQ±MHGH0HQJH(VVROOWHHLQVHKUHUIROJUHLFKHU$EHQG ZHUGHQ,FKK|UWHPLWGHP6FKDXIHOQHUVWDXIDOVGHU%HXWHO]X VFKZHUZXUGH=XJLHULJGXUIWHLFKQLFKWVHLQ0LWGLHVHPNOHLQHQ 5DWVFKODJDQGLHHLJHQH$GUHVVHZDUILFKPLUPHLQH%HXWHEHU GLH6FKXOWHUXQGYHUOLHGLHJDVWOLFKH6WlWWHDXIGHP:HJGHQLFK JHNRPPHQZDU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,P +RI VWDQGHQ :DFKHQ GLH DEHU QLFKWV GDYRQ PLWEHNDPHQ ZLH LFK LQ GLH 6FKHXQH ]XUFNNHKUWH 'RUW VFKDOWHWH LFK GLH ,QVWUXPHQWHQEHOHXFKWXQJ GHV:DJHQV HLQGLH]XU2ULHQWLHUXQJ JHQJWH'DQQ|IIQHWHLFKGDVGDUXQWHU EH¿QGOLFKH$EODJHIDFK XQGYHUVWDXWHGHQ*HOGEHXWHOGDULQ$OVLFKGDV)DFK]XPDFKWH GXUFKVWU|PWHPLFKHLQHXQJHKHXUH(UOHLFKWHUXQJ9RUPHLQHP LQQHUHQ$XJH]RJLFKHLQHQZHLWHUHQ7XUPLQGLH1DFKEDUVFKDIW GHV HUVWHQ 'DV 6FKDFKVSLHO HQWZLFNHOWH VLFK QDFK 3ODQ HLQ 6FKDFKPDWWEHJDQQVLFKDE]X]HLFKQHQ ª$OVR-LP©ULHWLFKPLUªMHW]WOHJVWGXGLFKDEHUDXIV2KU 0RUJHQJLEWHVYLHO]XWXQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

,FKPXUPHOWHHWZDVVFKOXJXPPLFKXQGUROOWH]XU6HLWHDEHU GLH 6W|UXQJ EOLHE (QGOLFK |IIQHWH LFK EOLQ]HOQG GLH VDQGLJHQ $XJHQXQGIDXFKWH'UHQJDQGHUPLFKDQGHU6FKXOWHUVFKWWHOWH 9HUlQJVWLJWZLFKHU]XUFN ª6FKODJPLFKQLFKW+HUU±LFKIKUHGRFKQXUGHLQH%HIHKOH DXV(VLVW=HLWDXI]XVWHKHQGLH7UXSSHQVDPPHOQVLFKLP+RI© ,FK NQXUUWH LUJHQG HWZDV YRU PLFK KLQ XQG OLH GLH /DXWH LQ HLQHP +XVWHQ PQGHQ *OHLFK]HLWLJ HUVFKLHQ HLQ .HOFK YRU PHLQHQ $XJHQ ,FK ODEWH PLFK DQ NKOHP :DVVHU GDQQ VDQN LFK ZLHGHU DXI GLH 3ULWVFKH 1LFKW ]XP HUVWHQPDO VSUWH LFK GLH 9RUWHLOH GHV .QDSSHQV\VWHPV 'HQQRFK ZDU LFK EHGUFNW HUVFK|SIW DXVJHODXJW :LGULJH 8PVWlQGH N|QQHQ VRJDU GLH )ULVFKH GHU -XJHQG QLHGHUNlPSIHQ +DVWLJ VFKWWHOWH LFK GHQ .RSIXQGVWHPPWHPLFKDXIHLQHQ(OOERJHQKRFKVFKRQlUJHUWH LFKPLFKEHUGHQNXU]HQ$QIDOOGHV6HOEVWPLWOHLGV ª*XWHU'UHQJQXQJHKORV©EHIDKOLFKªXQGEHVRUJH1DKUXQJ IUPHLQHKXQJULJHQ=HOOHQ8QGHWZDV]XWULQNHQGD$ONRKRO GDVHLQ]LJH$QUHJXQJVPLWWHO]XVHLQVFKHLQWGDVHVKLHUJLEW© ,P +RI VSULW]WH LFK PLU NHXFKHQG XQG SUXVWHQG:DVVHU EHU GHQ.RSI$QVFKOLHHQGUXEEHOWHLFKPLUGDV*HVLFKWWURFNHQXQG VDK LP 6WHUQHQOLFKW GLH ODQJH 6FKODQJH GHU 6ROGDWHQ GLH ]XU 0XQLWLRQVDXVJDEHDQVWDQG'DVJURH$EHQWHXHUVROOWHEHJLQQHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $OVLFK]XUFNNHKUWHZDUWHWH'UHQJEHUHLWV$XIPHLQHU3ULWVFKH VLW]HQG YHU]HKUWH LFK HLQ ]LHPOLFK ZLGHUOLFKHV )UKVWFN DXV JHEUDWHQHQ .OLQJHOERKQHQ GLH LFK PLW GHP ]LHPOLFK lW]HQGHQ :HLQKLQXQWHUVSOWH:lKUHQGLFKGLHJUlOLFKVFKPHFNHQGHQ %LVVHQ KLQXQWHUVFKODQJ YHUVWlQGLJWH LFK PLFK PLW PHLQHP .QDSSHQ GHQQ LFK ZXWH GD ZLU EDOG NHLQH =HLW PHKU IU XQVKDEHQZUGHQ ª'UHQJ© VDJWH LFK ªGHLQH .DUULHUH EHLP 0LOLWlU VWHKW YRU LKUHP(QGH© ª7|WHPLFKQLFKW+HUU© ª'HLQHPLOLWlULVFKH.DUULHUHGX,GLRW±QLFKWGHLQ/HEHQ'HU KHXWLJH$EHQGLVWGHLQOHW]WHULP'LHQVWPRUJHQIUKZLUVWGX PLWGHLQHP6ROGDE]LHKHQ:RYHUVWHFNWGHLQDOWHU9DWHUVHLQ *HOG"© ª:LUVLQG]XDUPXP.U|WHQ]XEHVLW]HQ© ª'DYRQ ELQ LFK EHU]HXJW $EHU ZHQQ HU ZHOFKH EHVlH ±ZRKLQZUGHHUVLHWXQ"© (VZDUHLQHVHKUNRPSOL]LHUWH)UDJHXQGHUJUEHOWHEHUGLH $QWZRUWQDFKZlKUHQGLFKNDXWHXQGVFKOXFNWH ª(UZUG¶VXQWHUGHP+HUGYHUJUDEHQ©ULHIHUVFKOLHOLFK ª,FK ZHL QRFK HLQPDO KDW HU GDV JHWDQ -HGHU YHUJUlEW *HOG XQWHUGHP)HXHU'RUW¿QGHWHVQLHPDQG© ª*URDUWLJ±ZHQQHVDOOHWXQLVWHVQDWUOLFKDXFK]X¿QGHQ 0LWGHLQHP9HUP|JHQPXWGXGLFKJHVFKLFNWHUDQVWHOOHQ© ª'UHQJKDWNHLQ9HUP|JHQ© ª'UHQJZLUGHLQVEHVLW]HQHKHGLH6RQQHDXIJHKW,FK]DKOH GLFK DXV *HK QDFK +DXVH XQG VXFK GLU ]ZHL %lXPHLQGHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 1lKH GHLQHV +DXVHV 6SDQQ HLQ 6HLO ]ZLVFKHQ GHQ 6WlPPHQ 'DQQVFKDXIHOHHLQ/RFKJHQDXXQWHUGHU0LWWHGHV6HLOVXQG YHUJUDEGDV*HOGDQGHU6WHOOHGRUW¿QGHVWGXHVLPPHUZLHGHU ZHQQGXHWZDVEUDXFKVW8QGKROQXULPPHUZHQLJH0Q]HQ DXIHLQPDODXVGHP9HUVWHFN9HUVWHKVWGX"© (UQLFNWHEHJHLVWHUWª=ZHL%lXPH0LWWHGHV6HLOV6RHWZDV KDEHLFKQRFKQLHJHK|UW© ª(LQHZHOWHUVFKWWHUQGH,GHHLFKZHL©VDJWHLFKVHXI]HQG (VJDEYLHOYRQGHPHUQRFKQLHJHK|UWKDWWH ª-HW]W ZROOHQ ZLU DEHU DXIEUHFKHQ 'X ZLUVW DOV +HL]HU DXI PHLQHU)HXHUNXWVFKHPLWIDKUHQ© 7DXPHOQGNDPLFKKRFKXQGJLQJ]XU6FKHXQHYRUDQ1DFKGHP GLH HLQIDFKHQ 6ROGDWHQ VLFK PDUVFKEHUHLW DXIJHVWHOOW KDWWHQ HUVFKLHQHQ HQGOLFK DXFK GLH 2I¿]LHUH XQG GHU &DSR GDEHL JlKQWHQXQGNUDW]WHQVLHVLFKDXVJLHELJ,FKKDWWHQLFKWPHKUYLHO =HLW'UHQJVWLHJKLQWHUPLULQGHQ:DJHQXQGVFKULHlQJVWOLFKDXI DOVLFKGLH$UPDWXUHQEHOHXFKWXQJHLQVFKDOWHWH ª'lPRQLVFKH 7RGHV]HLFKHQ©

,OOXPLQDWLRQ

*HLVWHUOLFKWHU

6LFKHUH

(U NUDOOWH VLFK GLH +lQGH LQ GLH %UXVW XQG VFKLHQ VWHUEHQ ]X ZROOHQ DEHU LFK VFKWWHOWH LKQ JUQGOLFK GXUFK ª%DWWHULHQ© EUOOWHLFKª(LQ*HVFKHQNGHU:LVVHQVFKDIWGDVGLHVHUGXPPHQ :HOWYRUHQWKDOWHQZLUG+|UDXI]X]LWWHUQPDFKGHLQHQ%HXWHO DXI© 'HU*HGDQNHDQGHQ7RGYHUÀRJXQGGLH$XJHQTXROOHQLKP ZLHJHNRFKWH(LHUDXVGHP.RSIDOVLFKGDPLWEHJDQQ6LOEHUXQG *ROGNU|WHQLQVHLQHQ/HGHUEHXWHO]XVFKDXIHOQ'LHVHV9HUP|JHQ ZUGHVHLQ/HEHQ]XP%HVVHUHQZHQGHQ]XPLQGHVWHLQ*XWHV KDWWHPHLQ$XIHQWKDOWDXIGLHVHP3ODQHWHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª:DVPDFKWLKUGDREHQ"© &DSR'LPRQWHVWDUUWHPLWUDXLVFKDP)DKU]HXJHPSRU ª:LUEHUHLWHQGLH0DVFKLQHQYRU+RKHLW© ª*LEGHP.QDSSHQHLQHQ7ULWW,FKNRPPHUDXI© ,FKVFKLFNWH'UHQJGHUPLFKPLWJHZHLWHWHQ$XJHQDQVWDUUWH QDFKKLQWHQXQGGHU&DSRNDPGDQQDQ%RUG ª'HLQH*HJHQZDUWLVWPLUHLQHJURH(KUH&DSR© ª8QGRE,FKIDKUHGLH6ROGDWHQPDUVFKLHUHQ-HW]WVHW]GDV 'LQJLQ*DQJ© $OVZLUEHUGLH=XJEUFNHDXIGHQ'DPPEUXPPWHQZDUHQ GLH .XQGVFKDIWHU EHUHLWV DXVJHVFKZlUPW 'HU +DXSWWUXSS IROJWHXQG]HLJWH WURW] GHU XQPHQVFKOLFKHQ1DFKWVWXQGHHLQHQ JHZLVVHQ(LIHU:lKUHQGGHVhEHUIDOOVKDWWHQGLH0lQQHUDOOH :HUWJHJHQVWlQGH±XQGDXFK.QDSSHQ±YHUORUHQVRGDVLH DXI5DFKHXQG%HXWHVFKDUIZDUHQ ª&DSR 'RFFLD LVW OHEHQGLJ ]X IDQJHQ© VDJWH &DSR 'LPRQWH SO|W]OLFK,FKZROOWHVFKRQDQWZRUWHQGDPHUNWHLFKGDHU]X VLFKVHOEVWJHVSURFKHQKDWWHª*HIHVVHOWZLUGHULQPHLQH%XUJ JHEUDFKW =XHUVW HLQ SDDU 3HLWVFKHQKLHEH GDQQ YLHOOHLFKW GLH $XJHQDXVVWHFKHQ1HLQ«QLFKWJOHLFK«HUPXVHKHQZDV PLWLKPJHVFKLHKW© 8QG VR JLQJ HV ZHLWHU DEHU LFK K|UWH QLFKW PHKU ]X VRQGHUQ KLQJ HLJHQHQ hEHUOHJXQJHQ QDFK ± XQG HPSIDQG VRJDU %HGDXHUQ 1DFK GHP 7RG GHV /lXIHUV KDWWH =RUQ GLH QFKWHUQHQ 3ODQXQJHQ EHUVFKDWWHW GLH LFK KlWWH YHUIROJHQ VROOHQ ,FK NRQQWH PLU QLFKWV PHKU YRUOJHQ ± LFK WUDW GLHVH ([SHGLWLRQ DQ XP PLFK ]X UlFKHQ 'DEHL NRQQWH LFK QLFKW HLQPDO EHKDXSWHQ LP *HGHQNHQ DQ GHQ /lXIHU ]X KDQGHOQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH GHQQ HU KlWWH VLFK HLQHU *HZDOWDNWLRQ GLHVHU$UW VFKlUIVWHQV ZLGHUVHW]W $EHU QXQ ZDU HV ]X VSlW 'HU )HOG]XJ ZDU LP *DQJHZLUZDUHQXQWHUZHJV ª+DOWGDV'LQJDQ©EHIDKOGHU&DSRSO|W]OLFKXQGLFKWUDWDXI GLH%UHPVH :HLWHU YRUQ ZDUWHWH HLQH *UXSSH YRQ 0lQQHUQ LQ GHU 'XQNHOKHLW±XQVHUH.XQGVFKDIWHU'HU&DSRNOHWWHUWHKLQDE XQGLFKEHXJWHPLFKVHLWOLFKEHUGLH9HUNOHLGXQJXPQLFKWV ]XYHUSDVVHQ0DQVFKREHLQHQ0DQQQDFKYRUQGHPGLH$UPH DXIGHP5FNHQJHIHVVHOWZDUHQ ª:DVLVWSDVVLHUW"©IUDJWHGHU&DSR ª'HU 0DQQ KDW GLH 6WUDH EHREDFKWHW +RKHLW :LU KDEHQ LKQJHVFKQDSSWHKHHUDEKDXHQNRQQWH© ª:DVLVWGDVIUHLQ0DQQ"© ª(LQ 6ROGDW QDPHQV 3DOHF ,FK NHQQH LKQ GHQQ LFK KDEH ZlKUHQGGHV)HOG]XJVLP6GHQPLWLKPJHGLHQW© 'HU&DSRWUDWGLFKWYRUGHQ*HIDQJHQHQKLQXQGIDXFKWH ª,FKKDEHGLFK3DOHF'XNDQQVWQLFKWHQWZLVFKHQ© ª$\H© ª6WHKVWGXLP'LHQVWYRQ&DSR'RFFLD"© ª$\HLFKGLHQHLKP,FKKDEHVHLQHQ.U|WJHQRPPHQ© ª'HQ KDVW GX GRFK OlQJVW VFKRQ IU :HLQ DXVJHJHEHQ 'LHQVWGXPLUXQGQLPPVWPHLQHQ.U|W"© ª$\H© ª/DLKQIUHL%DUNXV±HLQHQ6LOEHUNU|WIUGLHVHQ0DQQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'LH 6|OGQHU NlPSIWHQ JXW GRFK VLH KDWWHQ NHLQH 0KH GDPLW GLH 6HLWHQ ]X ZHFKVHOQ :DUXP DXFK QLFKW" ,P *UXQGH ZDUHQ LKQHQ GLH 6WUHLWHUHLHQ GHU &DSRV JOHLFKJOWLJ 6REDOG 3DOHF GLH 0Q]H JHQRPPHQ KDWWH JDE PDQ LKP GLH :DIIHQ]XUFN ª6SULFK3DOHF©EHIDKOGHU&DSRª'XELVWQXQPHLQJHWUHXHU 'LHQHUGHUPHLQHQ.U|WJHQRPPHQKDW9RUKHUKDVWGX'RFFLD JHGLHQW(U]lKOPLUZDVHUYRUKDW© ª$\H GDV LVW NHLQ *HKHLPQLV (U ZHL GD GHLQH $UPHH LQWDNWLVWXQGGXLKQVREDOGZLHP|JOLFKDQJUHLIHQZLOOVW=ZDU ZXUGHQ HLQLJH 0DQQ ]XU %HREDFKWXQJ GHU 6WUDH DEJHVWHOOW DEHUHLJHQWOLFKUHFKQHWHUPLWGHLQHP$QJULIIHUVWVSlWHU(ULVW RIW EHWUXQNHQ ± HLQ VLFKHUHV =HLFKHQ GD HU NHLQHQ .DPSI HUZDUWHW© ª'HP+XQGVWRLFKGHQ6lEHOLQGHQ%DXFKXQGODVVHGHQ JDQ]HQ:HLQKHUDXVTXHOOHQ«©0KVDPULVLFKGHU&DSRYRQ VHLQHP7DJWUDXPORVXQGNHKUWHLQGLH*HJHQZDUW]XUFNª:DV LVWPLWVHLQHU$UPHH":LUGVLHNlPSIHQ"© ª$\H GLH 0lQQHU VLQG JHUDGH HUVW EH]DKOW ZRUGHQ $EHU VLH KDEHQ ZHQLJ 6\PSDWKLH IU LKQ XQG ZHUGHQ GLH 6HLWHQ ZHFKVHOQVREDOGGLH6FKODFKWYHUORUHQLVW© ª'DV ZLUG MD LPPHU EHVVHU 6XFK GLU HLQHQ 3ODW] LQ GHQ 5HLKHQ.XQGVFKDIWHUYRUDXV/DGLH0DVFKLQHUROOHQ© 'LHOHW]WHQ:RUWHJDOWHQPLUZlKUHQGHUVFKRQZLHGHUGLH 6SURVVHQHUNORPP,FKOHJWHGHQ*DQJHLQXQGVHW]WHGLH)DKUW IRUW (V JDE NHLQH ZHLWHUHQ 6W|UXQJHQ DXIXQVHUHP0DUVFK]XU IHLQGOLFKHQ %XUJ GHQ ZLU MHGH 6WXQGH GXUFK HLQH NXU]H 5DVW XQWHUEUDFKHQ'LH1DFKWZDUQRFKODQJHQLFKWYRUEHLDOVZLUGLH .XQGVFKDIWHU HUUHLFKWHQ GLH DXI GHU 6WUDH ZDUWHWHQ ± DQ GHU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6WHOOHGLHLFKDXVJHVXFKWKDWWH&DSR'RFFLDV%XUJODJKLQWHUGHU QlFKVWHQ:HJELHJXQJ ª:LUVWHOOHQMHW]WXQVHUHQ$XVJXFNDXI©VDJWHGHU&DSR ª(LQYHUVWDQGHQ0HLQ.QDSSH]HLJWGHQ0lQQHUQGLHJHQDXH 6WHOOHGRUWVROOHQVLHLQ'HFNXQJEOHLEHQLQ6LFKWZHLWHGHV7RUV© ,FKZDUWHWHELVHUDXHU+|UZHLWHZDUGDQQÀVWHUWHLFK'UHQJ]X ª1LPPGHLQHQ6DFNXQGGHLQHJDQ]H+DEHPLW±GHQQGXNRPPVW QLFKW]XUFN© ª,FKYHUVWHKHQLFKW+HUU«© ª'DVZLUVWGXJOHLFKZHQQGXPDOHEHQGHQ0XQGKlOWVWXQG ]XK|UVW'XIKUVWGLH0lQQHU]XGHQ%VFKHQKLQWHUGHQHQZLU LQ'HFNXQJODJHQHKHZLUGHQ/lXIHUUHWWHWHQ'XHULQQHUVWGLFK DQGLH6WHOOH"© ª+LQWHUGHPYHUNRKOWHQ%DXPKLQWHUGHU+HFNH«© ª*HQDX JHQDX ± DEHU PLU EUDXFKVW GX GHQ :HJ QLFKW ]X EHVFKUHLEHQ:LHJHVDJWGXIKUVWGLH6ROGDWHQKLQ]HLJVWLKQHQ ZRVLHVLFKYHUVWHFNHQN|QQHQXQGOHJVWGLFKLQLKUHU1lKHQLHGHU .XU]QDFK%HJLQQGHU0RUJHQGlPPHUXQJZLUGHVKLHUVHKUVHKU OHEKDIWZHUGHQ'XDEHUWXVWQLFKWVKDVWGXYHUVWDQGHQ"±1LFKWV VDJHQQXUQLFNHQ© (U QLFNWH ª6FK|Q GX EOHLEVW OLHJHQ ZlKUHQG DOOH DQGHUHQ GDYRQVWUPHQ $QVFKOLHHQG YHUVFKZLQGHVW GX LP :DOG NHKUVWQDFK+DXVH]XUFNXQGEHKlOWVWGHQ.RSIXQWHQELVVLFK GLH$XIUHJXQJ JHOHJW KDW 'DQQ ]lKOVW GX GHLQ *HOG XQG OHEVW JOFNOLFKXQG]XIULHGHQELVDQGHLQ/HEHQVHQGH© ª'DQQZHUGHLFKHEHQQLFKWPHKUGHLQ.QDSSHVHLQ"© ª5LFKWLJ'XELVWHKUHQYROODXVGHU$UPHHHQWODVVHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (U VDQN DXI GLH .QLH XQG HUJULII PHLQH +lQGH GRFK HKH HU HWZDVVDJHQNRQQWHOHJWHLFKLKPGLH)LQJHUDXIGLH/LSSHQ ª'X ZDUVW HLQ JXWHU .QDSSH -HW]W VHL DXFK HLQ JXWHU %UJHU /RV© ,FK VFKDXWH KLQWHU LKP KHU ELV HU LQ GHU 'XQNHOKHLW YHUVFKZXQGHQ ZDU (LQ ELFKHQ EHVFKUlQNW ± DEHU WUHX 8QG GHU HLQ]LJH )UHXQG GHQ LFK DXI GLHVHP KHUXQWHUJHNRPPHQHQ 3ODQHWHQJHKDEWKDWWH'HUHLQ]LJH)UHXQGGHQLFKKDWWHKDEHQ ZROOHQ±QDFKGHPGHU/lXIHU« 'HU &DSR PDFKWH PHLQHQ PRUELGHQ *HGDQNHQ HLQ (QGH LQGHPHUGLH/HLWHUKHUDXIVWLHJXQGDXIVHLQHQ6LW]]XUFNNHKUWH ,KPIROJWHQEHZDIIQHWH6ROGDWHQGLHVLFKREHQDXIGHP:DJHQ ]XVDPPHQGUlQJWHQ 0LW ]XVDPPHQJHNQLIIHQHQ $XJHQ EOLFNWH GHU&DSR]XP+LPPHOHPSRU ª'HUHUVWH*UDXVFKLPPHU%DOGEHJLQQWGLH'lPPHUXQJ'DQQ JHKWHVORV© 1XQ NRQQWHQ ZLU QXU QRFK ZDUWHQ 'LH 6SDQQXQJ KLQJ VR VFKZHU LQ GHU /XIW GD PDQ NDXP DWPHQ NRQQWH $XV GHU 'XQNHOKHLWEHJDQQHQVLFKGLH8PULVVHYRQJULPPLJHQ*HVLFKWHUQ KHUDXV]XVFKlOHQ ,FKNRQ]HQWULHUWHPLFKDXIGLH'LQJHGLHKLQWHUGHU:HJELHJXQJ JHVFKHKHQ ZUGHQ ± LQGHP LFK PLU GLH 6]HQH LQ (ULQQHUXQJ ULHI ZLH LFK VLH ]XVDPPHQ PLW 'UHQJ DXV XQVHUHP 9HUVWHFN ZDKUJHQRPPHQ KDWWH 'DV YHUVFKORVVHQH 7RU GHU %XUJ GLH KRFKJH]RJHQH%UFNH±(LQ]HOKHLWHQGLHPLWGHP$XIVWHLJHQ GHU6RQQHLPPHUK|KHUZXUGHQ5DXFKYRQ.FKHQIHXHUQZHKWH KLQWHU GHQ GLFNHQ 0DXHUQ HPSRU 'DQQ GLH HUVWH %HZHJXQJ EHL GHQ 6ROGDWHQ GHU :DFKZHFKVHO (QGOLFK ZXUGH GDV 7RU DXIJHVFKORVVHQGLH=XJEUFNHKHUDEJHODVVHQ«8QGGDQQZDV"

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ±:UGHPDQEHLGHUDOOWlJOLFKHQ5RXWLQHEOHLEHQ":HQQQLFKW PXWHPDQXQVHUH6WUHLWPDFKWEDOGHQWGHFNHQ« ª'DV6LJQDO©VDJWHGHU&DSRXQGNQDOOWHPLUGHQ(OOERJHQLQ GHQ5FNHQ 'DVKlWWHHUQLFKWWXQPVVHQGHQQDXFKLFKKDWWHGHQ6ROGDWHQ ZLQNHQVHKHQ0HLQ)XVWLHJDXIV*DVSHGDOXQGZLUQDKPHQ )DKUWDXI:LUKROSHUWHQXQGVFKZDQNWHQXPGLH:HJELHJXQJXQG UDVWHQVFKOLHOLFKJHUDGHDXVDXIGHQ%XUJHLQJDQJ]X 'LH:lFKWHUKREHQGHQ.RSIXQGULVVHQGHQ0XQGDXIEHLP $QEOLFNGHV*HELOGHVGDVGDEOLW]VFKQHOODXIVLH]XNDP6NODYHQ GLHHLQHQ.DUUHQ]RJHQHUVWDUUWHQ 'DQQEHJDQQGDV*HVFKUHL'LH=XJEUFNHGLHPDQQXQZLHGHU ]XKHEHQYHUVXFKWHEHJDQQ]XlFK]HQDEHU6NODYHQXQG.DUUHQ EHIDQGHQVLFKQRFKGDUDXI(VJDE7ULWWHXQGJHEUOOWH%HIHKOH XQGPLWMHGHU6HNXQGHNDPHQZLUXQVHUHP=LHOQlKHU(QGOLFK KDWWHPDQGDVNOHLQH*HIlKUWZLHGHUGXUFKGDV7RUJH]RJHQ±DEHU ]XVSlW :LU KDWWHQ XQVHUH *HJQHU HUUHLFKW 'LH 9RUGHUUlGHU SUDOOWHQ JHJHQ GHQ 5DQG GHU =XJEUFNH ZLU KSIWHQ LQ GLH /XIW XQG ODQGHWHQPLWNQLUVFKHQGHP6SOLWWHUQ,FKVWDQGDXIGHU%UHPVH XQG PLW VWHKHQGHQ 5lGHUQ UXWVFKWHQ ZLU JHJHQ GHQ .DUUHQ 6NODYHQXQG:lFKWHUVWU]WHQVLFKLQGHQ%XUJJUDEHQXPGHP VLFKHUHQ7RG]XHQWJHKHQ6RYHUVFKZDQGHQZLUTXLHWVFKHQGLQ GHU7U|IIQXQJ ª)U&DSR'LPRQWHIU.U|WHQXQG*RWW©EUOOWHGHU&DSRXQG VWU]WHVLFKLQV*HWPPHO 'LH DQGHUH VWU]WHQ PLW ± HLQLJH NUDEEHOWHQ GDEHL VRJDU EHU PHLQHQ 5FNHQ XP DXI GLH =XJEUFNH KLQDE]XVSULQJHQ XQG GXUFKGDV7RU]XHLOHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (V JDE ODXWHV *HVFKUHL *HZHKUH ZXUGHQ DEJHIHXHUW +LQWHU PLU JHOOWHQ GLH 6WLPPHQ GHU EULJHQ$QJUHLIHU 'HU &DSR XQG VHLQH 0lQQHU NlPSIWHQ EHUHLWV KLQWHU GHP7RU XQG KDWWHQ GLH 6ROGDWHQ ]XUFNJHWULHEHQ GLH GHQ =XJEUFNHQPHFKDQLVPXV EHWlWLJHQ ZROOWHQ $EHU GDV ZDU QDWUOLFK XQP|JOLFK JHZHVHQ ZHLOGHUVFKZHUH:DJHQDXIGHU=XIDKUWVWDQGGHUVFK|QHXQG HLQIDFKH.QLIIPHLQHV3ODQV6REDOGLFKPHLQ=LHOHUUHLFKWKDWWH PXWHGLH=XJEUFNHXQWHQEOHLEHQ(UVWMHW]WUROOWHLFKODQJVDP YRUZlUWV GDPLW GHU 5HVW GHU $UPHH IUHLHQ =XJDQJ ]XP 7RU KDWWH 'HU.DPSIXP&DSR'RFFLDV%XUJKDWWHEHJRQQHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH

'LHVHUhEHUUDVFKXQJVDQJULIIZDUZLUNOLFKHLQHhEHUUDVFKXQJ JHZHVHQ 8QVHUH ,QYDVLRQVVWUHLWPDFKW VWU|PWH EHU GLH =XJEUFNHLQGHQ%XUJKRIZlKUHQG&DSR'RFFLDV6ROGDWHQ QRFK DXV GHQ 4XDUWLHUHQ NDPHQ 'LH:lFKWHU DXI GHU 0DXHU NlPSIWHQ PXWLJ ZDUHQ DEHU LQ GHU 0LQGHU]DKO 8P GDV 'XUFKHLQDQGHUQRFKJU|HU]XPDFKHQVFKDOWHWHLFKGLH'DPSI XQG*HUlXVFKHIIHNWHHLQXQGKlQJWHPLFKDQGLH3IHLIHQVFKQXU ZlKUHQG LFK DXI GLH 9HUWHLGLJHU ]XUDVWH GLH VLFK ZHLWHU YRUQ IRUPLHUHQ ZROOWHQ 6FKVVH ZXUGHQ DXI PLFK DEJHJHEHQ GLH PHLVWHQ6ROGDWHQDEHUWDXFKWHQLQ'HFNXQJRGHUÀRKHQ6FKULOO SIHLIHQGIXKULFKKLHUKLQXQGGRUWKLQXQGNRQQWHEHREDFKWHQ GDGHU.DPSIVLFKVHKUJXWHQWZLFNHOWH 'LH9HUWHLGLJHUDXIGHQ0DXHUQNDSLWXOLHUWHQPLWHUKREHQHQ $UPHQ 'D VLH YRQ YRUQKHUHLQ JHJHQ HLQHQ EHUOHJHQHQ *HJQHU NlPSIWHQ XQG ± ZLH PDQ XQV JHVDJW KDWWH ± ZHQLJ PRWLYLHUWZDUHQZROOWHQVLHXQEHGLQJWDP/HEHQEOHLEHQ'LFKW DPLQQHUHQ7RU]HLJWHHLQH2I¿]LHUVJUXSSHPHKU(QHUJLHXQG OHLVWHWH HUELWWHUWHQ:LGHUVWDQG$EHU HLQHU QDFK GHP DQGHUHQ ZXUGH QLHGHUJHVWUHFNW RGHU EHZXWORV JHVFKODJHQ =ZHL .lPSIHUYHUVXFKWHQIOLHKHQGGDV*HElXGH]XHUUHLFKHQGRFK ZXUGHLKQHQGDVVFKZHUH7RUYRUGHU1DVH]XJHVFKODJHQ ª%ULQJW )DFNHOQ© ULHI &DSR 'LPRQWH ª:LU UlXFKHUQ GLH %XUVFKHQDXV©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 'LH6FKODFKWZDUVRVFKQHOO]X(QGHZLHVLHEHJRQQHQKDWWH 7RU 0DXHUQ XQG +RI ZDUHQ VFKRQ LQ XQVHUHU +DQG 0HKUHUH 7RWH ]HXJWHQ YRQ GHU +HIWLJNHLW GHU NXU]HQ %HJHJQXQJ 6NODYHQ NDXHUWHQ DQJVWYROO ]LWWHUQG DQ GHU 0DXHU ZlKUHQG 6ROGDWHQ GLH VLFK HUJHEHQ KDWWHQ IRUWJHIKUW ZXUGHQ ,Q GHU *HZDOWGHU9HUWHLGLJHUZDUQXUQRFKGDV]HQWUDOH%XUJJHElXGH &DSR'LPRQWHZXWH5DW(UVFKZHQNWHHLQHEUHQQHQGH)DFNHO EHUGHP.RSIXQGHUKREGLH6WLPPH ª+|U ]X 'RFFLD GX IHWWZDQVWLJH .U|WH ± GX ELVW DP (QGH .RPP KHUDXV XQG NlPSIH ZLH HLQ 0DQQ GX :XUP RGHU LFK UlXFKHUHGLFKDXV8QGYHUEUHQQHMHGHQ0DQQMHGH)UDXMHGHV .LQGXQGMHGHV7LHUGDVGDGULQQHQ]XGLUKlOW.RPPUDXVXQG NlPSIHGXKlOLFKHV8QJH]LHIHU±RGHUPDFKGLFKGDUDXIJHIDW EHLOHEHQGLJHP/HLEJHU|VWHW]XZHUGHQ© ,P*HElXGH,QQHUQ¿HOHLQ6FKX9RUGHQ)HQGHV&DSRV SUDOOWHHLQ*HVFKRDEXQGVLUUWHGDYRQ(UVFKZHQNWHGHQEOXWLJHQ 6lEHOXQGVHLQH7UXSSHQIHXHUWHQHLQHRKUHQEHWlXEHQGH6DOYH DE.XJHOQSUDVVHOWHQJHJHQGLH0DXHUQERKUWHQVLFKGXPSILQ GLHJHVFKORVVHQH7US¿IIHQGXUFKGLH)HQVWHULQV,QQHUH$OVGLH 6FKVVH YHUKDOOW ZDUHQ ZDU YRQ GULQQHQ VFKULOOHV *HVFKUHL ]X K|UHQ ª(LQHOHW]WH:DUQXQJ©ULHI&DSR'LPRQWHª,FKUlFKHPLFKQLFKW DQ)UDXHQRGHUJXWHQ6ROGDWHQGLHVLFKHUJHEHQ/HJWGLH:DIIHQ QLHGHU XQG LKU VHLG IUHL /HLVWHW LKU DEHU:LGHUVWDQG ZHUGHW LKU EHL OHEHQGLJHP /HLEH YHUEUDQQW +DEHQ ZLOO LFK QXU HLQHQ YRQ HXFK±'RFFLDGLHVHV6FKZHLQ+DVWGXGDVJHK|UW'RFFLD±GX 0LHVOLQJGX6FKZHLQGX:XUP«© 8QG VR ZHLWHU GHQQ HU HUZlUPWH VLFK DOOPlKOLFK DQ VHLQHP 7KHPD'LH)DFNHONQLVWHUWHXQGTXDOPWHXQGDXVGHU%XUJZDU JHGlPSIWHV*HVFKUHLXQG6FKOXUIHQ]XK|UHQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,P QlFKVWHQ $XJHQEOLFN VSUDQJ GLH 7U DXI XQG &DSR 'RFFLD VWU]WH +DOV EHU .RSI GLH 9RUWUHSSH KHUXQWHU (U WUXJ NHLQH6FKXKHXQGZDUQXUKDOEDQJHNOHLGHW±DEHUHUKLHOWVHLQHQ 6lEHOLQGHU+DQG %HLP$QEOLFNVHLQHV)HLQGHVYHUORU&DSR'LPRQWHDXFKQRFK GHQOHW]WHQ5HVWVHLQHU%HKHUUVFKXQJ(UKHXOWHZXWVFKQDXEHQG DXI XQG VWUPWH YRU 'RFFLD UDSSHOWH VLFK DXI XQG KRE DEZHKUHQGGLH.OLQJHVHLQ*HVLFKWZDUEOXWLJ (VZDUHLQHLQGUXFNVYROOHV6FKDXVSLHOGDVVLFKNHLQHUHQWJHKHQ OLH :lKUHQG GLH EHLGHQ $QIKUHU PLWHLQDQGHU NlPSIWHQ KHUUVFKWH :DIIHQVWLOOVWDQG DXFK RKQH GD PDQ GDUEHU YHUKDQGHOW KlWWH 'LH 6ROGDWHQ VHQNWHQ LKUH:DIIHQXQGZHLWHU REHQHUVFKLHQHQQHXJLHULJH*HVLFKWHUDQGHQ)HQVWHUQ,FKYHUOLH GHQ)DKUHUVLW]XQGEDXWHPLFKYRUGHP:DJHQDXIYRQZRDXVLFK GLH.lPSIHQGHQJXWVHKHQNRQQWH 6LH SDWHQ JXW ]XHLQDQGHU LP =RUQ ZLH DXFK LQ LKUHU .DPSINUDIW'LPRQWHV6lEHONUDFKWHDXI'RFFLDVHUKREHQH.OLQJH (U SDULHUWH JHVFKLFNW XQG VWLH ]X ± DEHU 'LPRQWH ZDU EHUHLWV ]XUFNJHZLFKHQ1XQJLQJHV6WDKODXI6WDKOXQWHUEURFKHQYRQ JHlFK]WHQ9HUZQVFKXQJHQ +LQXQGKHUEHUGDV+RISÀDVWHUJLQJHV'LHEHLGHQKLHEHQ DXIHLQDQGHU HLQ DOV KLQJH LKU /HEHQ GDYRQ DE :DV QDWUOLFK VWLPPWH:DVGLH.OLQJHQDUEHLWDQJLQJVRZDUGDVDOOHV]LHPOLFK SULPLWLY ± +LHE XQG 3DUDGH GRFK ZXUGH QLH PLW JURHU .UDIW JHNlPSIW(LQ6FKUHLJHOOWHDOV'LPRQWHVHLQHP*HJQHUDQGHU )ODQNHHLQHHUVWH:XQGHEHLEUDFKWHGLHLKPVFKQHOOGDV+HPG URWIlUEWH 'DPLW ZDU GDV (QGH DE]XVHKHQ 'LPRQWH ZDU NUlIWLJHU XQG ]RUQLJHUDXI6LHJHLQJHVWHOOW:HQQ'RFFLDVRYROOZDUZLHPDQ XQV JHVDJW KDWWH NlPSIWH HU KLHU QLFKW QXU JHJHQ GHQ )HLQG

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH VRQGHUQ DXFK JHJHQ EOH .RSIVFKPHU]HQ 'LPRQWH EHGUlQJWH LKQ LPPHU PHKU HU KLHE JQDGHQORV ]X WULHE VHLQHQ *HJQHU XQQDFKJLHELJGXUFKGHQ+RI%LVGLHVHUPLWGHP5FNHQDQGHU *HElXGHZDQG VWDQG XQG QLFKW ZHLWHU ]XUFNZHLFKHQ NRQQWH 'LPRQWH NlPSIWH GLH$EZHKU VHLQHV *HJQHUV QLHGHU YHUVHW]WH LKPPLWGHP*ULIIGHV6lEHOVHLQHQ.LQQKDNHQ±XQGHQWZDIIQHWH &DSR'RFFLDPLWHLQHUZLOGHQ.HKUHVHLQHU.OLQJH -HGHU *HGDQNH DQ VDGLVWLVFKH )ROWHUXQJHQ ZXUGH YRQ GHU /HLGHQVFKDIW VHLQHV =RUQV ZHJJHVFKZHPPW (U ]RJ GLH .OLQJH ]XUFN±XQGKLHE]X (VZDUNHLQVFK|QHU$QEOLFNDOVGHUVFKDUIH6WDKO'RFFLDGLH .HKOH]HUIHW]WH,FKZDQGWHPLFKVFKDXGHUQGDE±XQGEHPHUNWHLP JOHLFKHQ$XJHQEOLFNZLHVLFKGLH6RQQHYHUGXQNHOWH =XHUVWVFKDXWHHLQ0DQQHPSRUGDQQHLQ]ZHLWHUHLQGULWWHU XQGVFKOLHOLFKJDEHVHLQHQHUVWDXQWHQ$XIVFKUHL$XFKLFKKRE GHQ %OLFN 1XU ZXWH LFK LP *HJHQVDW] ]X GHQ DQGHUHQ JHQDX ZRPLWLFKHV]XWXQKDWWH hEHU PLU VFKZHEWH HLQ ULHVLJHU VFKLPPHUQGHU 5DXPHU GHU '.ODVVH DXVJHVWDWWHW PLW DWPRVSKlULVFKHU *$XIKHEXQJ (LQ WRQQHQVFKZHUHV6FKLIIGDVIHGHUOHLFKWEHUGHP+RIYHUKDUUWH 'DVPKHORVVWLOOVWDQGXQGVWXPPXQGEHGURKOLFKEHUXQVHUHQ .|SIHQKLQJ ,FK PDFKWH NHKUW XQG VWU]WH PLFK DXI GLH .RQWUROOHQ $EHU GLH=HLW]XU)OXFKWUHLFKWHQLFKWPHKUGHU$XVZHJZDUYHUVSHUUW ,FK IXPPHOWH DQ GHP $EODJHIDFK KHUXP DOV VLFK GLH HUVWHQ 6LOEHUNXJHOQ DXV GHP 6FKLII O|VWHQ ,FK ZDUI HLQHQ HQWVHW]WHQ %OLFNGDUDXI±XQGDWPHWHWLHIHLQXQGKLHOWGLH/XIWLQGHU/XQJH ZlKUHQG LFK GLH )DFKWU DXIUL XQG GHQ$UP KLQHLQVWHFNWH ,FKVFKQDSSWHPLUGHQ/HGHUEHXWHOXQGVHW]WHPLFKZLHGHULQGHQ )DKUHUVLW]

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH $XI DOOHQ 6HLWHQ SUDOOWHQ .XJHOQ ]X %RGHQ ]HUSODW]WHQ XQG YHUEUHLWHWHQLKU*DV,FKOHJWHPLUGHQ%HXWHOLQGHQ6FKRXQWHQ VDQNHQGLHHUVWHQ6ROGDWHQ]X%RGHQ0HLQH)LQJHUIXPPHOWHQDP 6LFKHUKHLWVJXUWKHUXP]RJHQLKQIHVW±XQGGDJHULHWDXFK&DSR 'LPRQWHLQV7RUNHOQXQG¿HODXIVHLQHQWRWHQ)HLQG ,FKVSUWHHLQ6WHFKHQLQGHU1DVHDOVLFKGHQ*XUWEHUGHP /HGHUEHXWHO]XVFKQDSSHQOLHXQGDQPHLQHP.|USHUVLFKHUWH 8QGPHKUNRQQWHLFKQLFKWWXQ 0HLQH /XQJHQ EHJDQQHQ ]X VFKPHU]HQ ZlKUHQG LFK HLQHQ OHW]WHQ ODQJHQ %OLFN GXUFK GHQ +RI ZDQGHUQ OLH ,FK KDWWH GDV YDJH*HIKOGDGLHV]XJOHLFKDXFKPHLQOHW]WHU(LQGUXFNYRP DQJHQHKPHQ6SLRYHQWHVHLQZUGH ª(QGOLFKELQLFKHXFKORV©EUOOWHLFKGHQUHJORVHQ*HVWDOWHQ ]X XQG HQWOLH H[SORVLRQVDUWLJ GLH /XIW DXV GHQ /XQJHQ 'DQQDWPHWHLFKHLQ« ,FK ZDU EHL %HZXWVHLQ GDV ZXWH LFK LFK VSUWH HWZDV :HLFKHV XQWHU GHP 5FNHQ XQG HLQ OHLFKWHV %UHQQHQ XQWHU GHQJHVFKORVVHQHQ/LGHUQ,FKIUFKWHWHVLH]X|IIQHQ±GHQQ LFK HULQQHUWH PLFK DQ GHQ GUDPDWLVFKHQ .RSIVFKPHU] GHU PLUQDFKGHUHUVWHQ%HJDVXQJ]XVFKDIIHQJHPDFKWKDWWH%HL GLHVHP*HGDQNHQNUPPWHLFKPLFKXQZLOONUOLFK]XVDPPHQ XQGEHZHJWHGHQ.RSI 8QG VSUWH QLFKWV 'HU 9HUVXFK PDFKWH PLFK PXWLJ XQG LFK KRE YRUVLFKWLJ HLQ /LG 1RFK LPPHU QLFKWV ]X VSUHQ 6FKOLHOLFK EOLQ]HOWH LFK LP VWDUNHQ /LFKW VSUWH DEHU NHLQHQ 6FKPHU]QLFKWGHQJHULQJVWHQ6FKPHU] ª(LQ DQGHUHV *DV YLHOHQ 'DQN© VDJWH LFK LQV /HHUH XQG PDFKWHGLH$XJHQJDQ]DXI

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH (LQ NOHLQHU 5DXP JHUXQGHWH 0HWDOOZlQGH HLQH VFKPDOH .RMH XQWHU PLU 6HOEVW ZHQQ PHLQ OHW]WHU %OLFN QLFKW HLQHP VFKZHEHQGHQ5DXPHUJHJROWHQKlWWHZlUHLFKDXIGLHULFKWLJH $QWZRUWJHNRPPHQ0DQKDWWHPLFKDQ%RUGJHKROW$EHUZR ZDUHQ PHLQH VFK|QHQ .U|WHQ" +DVWLJ VFKDXWH LFK PLFK XP DEHU HV ZDU QLFKWV ]X VHKHQ 'LH VFKQHOOH .RSIEHZHJXQJ PDFKWHPLFKVFKZLQGOLJXQGLFKOLHPLFKZLHGHUDXIV%HWW IDOOHQXQGVW|KQWHYROOHU6HOEVWPLWOHLGYRUPLFKKLQ ª7ULQNHQ 6LH GLHV (V ZLUG GLH 1DFKZLUNXQJHQ GHV *DVHV EHHQGHQ© ,FK |IIQHWH ZLHGHU GLH $XJHQ XQG VFKDXWH DXI GHQ JURJHZDFKVHQHQ0DQQGHUHEHQGLH7UKLQWHUVLFKVFKOR (UWUXJHLQH$UW8QLIRUPEHUVlWPLW*ROGNQ|SIHQXQG7UHVVHQ 9HU]LHUXQJHQZLHPDQVLHEHLMHGHP0LOLWlUVROLHEW(UKLHOW PLUHLQ3ODVWLNJHIlKLQDQGHPLFKYRUVLFKWLJURFK ª:LU KlWWHQ 6LH MHGHU]HLW YHUJLIWHQ RGHU VRQVWZLH W|WHQ N|QQHQ DOV 6LH QRFK EHZXWORV ZDUHQ© VDJWH HU 'DV $UJXPHQW]RJ,FKWUDQNGLHELWWHUH)OVVLJNHLWXQGIKOWHPLFK VRIRUWEHVVHU ª6LHKDEHQPLUPHLQ*HOGJHVWRKOHQ©VDJWHLFKDOVHU]XP 6SUHFKHQDQVHW]WH ª,KU*HOGLVWLQ6LFKHUKHLW«© ª'DV LVW HV QXU ZHQQ LFK HV LQ +lQGH KDOWHQ:LH LQ GHP $XJHQEOLFN DOV 6LH PLFK IDQGHQ IHVWJHVFKQDOOW EHL PLU :HU GHQ%HXWHODQVLFKJHQRPPHQKDWLVWHLQ'LHE© ª.RPPHQ 6LH PLU QLFKW PLW 'LHEVWDKO© IDXFKWH HU ª:DKUVFKHLQOLFKKDEHQ6LHGLH:HUWHVHOEVWJHVWRKOHQ©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª%HZHLVHQ6LHPLUGDV,FKKDEHIUGDV*HOGZLUNOLFKVFKZHU JHDUEHLWHWXQGZHUGHHVPLUQLFKWVWHKOHQODVVHQDXFKQLFKW ]X*XQVWHQGHV3HQVLRQVIRQGVIU5DXPIDKUHUZLWZHQ«© ª-HW]W UHLFKW¶V ,FK ELQ QLFKW KLHU XP EHU ,KUH HOHQGHQ .U|WHQ]XVSUHFKHQ'LHZLUGPDQIU6LHLQGHUJDODNWLVFKHQ %DQNHLQ]DKOHQ«© ª=XZHOFKHP.XUV"8QGZLHYLHO=LQVHQEHNRPPHLFK"© (U PXWH VHLQHQ =RUQ PKVDP EH]ZLQJHQ ª-HW]W 6FKOX 6LHVWHFNHQVFKOLPPLQGHU.OHPPH±6LHPVVHQPLUDOOHUKDQG HUNOlUHQ3URIHVVRU/XVWLJKDWPLUEHULFKWHWGD6LH-LPKHLHQ :LHODXWHW,KU1DFKQDPHXQGZRKHUNRPPHQ6LH"© ª,FKKHLH-LP1L[RQXQGNRPPHYRQ9HQLD© ª:LUNRPPHQQLFKWYRUDQZHQQ6LHGDUDXIEHVWHKHQPLFK DQ]XOJHQ6LHKHLHQ-DPHVGL*UL]XQGVLQGHLQYRQ%LFKHQ +LPPHOJHÀRKHQHU6WUDIJHIDQJHQHU© 1XQMD6LHN|QQHQVLFKYRUVWHOOHQGDLFKVHLQH:RUWHPLW KHIWLJHP /LGVFKODJ EHDQWZRUWHWH :HU LPPHU GLHVHU %XUVFKH ZDU ± HU KDWWH DXVJH]HLFKQHWH ,QIRUPDWLRQVTXHOOHQ ,FK KDWWH HV KLHU QLFKW PHKU PLW GHP $PDWHXU7HDP GHV 3URIHVVRUV ]X WXQ 0DQ KDWWH 3UR¿V ]X +LOIH JHUXIHQ GLH PLU QXQ GLHVHQ WFNLVFKHQ %DOO ]X VFKOHQ]WHQ XP PLFK DXV GHP *OHLFKJHZLFKW]XEULQJHQXPPLUGLH=XQJH]XORFNHUQ1XU VROOWHGDVQLFKWVROHLFKWJHOLQJHQ,P*HLVWHEHJDQQLFKPLFK XP]XVWHOOHQ ULFKWHWH PLFK DXI GDPLW LFK GHQ 0DQQ RIIHQ DQVFKDXHQNRQQWHXQGVDJWHJHODVVHQª0DQKDWXQVHLQDQGHU QRFKQLFKWYRUJHVWHOOW© 6HLQ =RUQ ZDU YHUUDXFKW HU ZDU VR UXKLJ ZLH LFK (U PDFKWH NHKUW GUFNWH HLQHQ .QRSI DQ GHU :DQG ZRUDXI HLQ

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 0HWDOOVWXKOKHUYRUNODSSWHDXIGHQVHW]WHHUVLFKXQGVFKOXJGLH %HLQHEHUHLQDQGHU ª.DSLWlQ 9DURG YRQ GHU /LJD0DULQH 6SH]LDOLWlW SODQHWDULVFKH$XIUlXP(LQVlW]H 6LQG 6LH QXQ JHZLOOW PHLQH )UDJHQ]XEHDQWZRUWHQ"© ª-D ± ZHQQ 6LH VHOEVW LP JOHLFKHQ 9HUKlOWQLV )UDJHQ EHDQWZRUWHQ:RVLQGZLU"© ª(WZD GUHL]HKQ /LFKWMDKUH YRQ 6SLRYHQWH HQWIHUQW ± GLHVH 1DFKULFKWGUIWH6LHHUIUHXHQ© ª2MD© ª1XQELQLFKDQGHU5HLKH:LHVLQG6LHDXIGLHVHQ3ODQHWHQ JHNRPPHQ"© ª$Q%RUGHLQHVYHQLDQLVFKHQ)UDFKWHUVGHUGHPLQ]ZLVFKHQ YHUVWRUEHQHQ&DSR'RFFLDJHVFKPXJJHOWH:DIIHQOLHIHUWH© 'LHVH:RUWHOLHHQLKQVLFKWOLFKDXIKRUFKHQ(LIULJEHXJWHHU VLFKYRUª:HUZDU.DSLWlQGLHVHV)UDFKWHUV"© ª-HW]W ELQ LFK HUVW ZLHGHU GUDQ :DV ZHUGHQ 6LH PLW PLU DQVWHOOHQ"© ª6LH VLQG HLQ JHÀRKHQHU 6WUDIJHIDQJHQHU XQG ZHUGHQ QDFK %LFKHQ+LPPHO ]XUFNJHEUDFKW XP GRUW LKUH 6WUDIH DE]XVLW]HQ© ª$FK ZLUNOLFK"© IUDJWH LFK XQG OlFKHOWH KLQWHUKlOWLJ ª-HW]W ELQLFKJHUQEHUHLW,KUH)UDJH]XEHDQWZRUWHQ±QXUKDEHLFK GHQ 1DPHQ GHV .DSLWlQV WRWDO YHUJHVVHQ 0|FKWHQ 6LH PLFK HLQELFKHQIROWHUQ"©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ª0DFKHQ6LHNHLQH:LW]H-LP6LHVWHFNHQZLUNOLFKELV]XP +DOVGULQ:HQQ6LHPLWPDFKHQZLOOLFKVHKHQZDVLFKIU 6LHWXQNDQQ© ª*XW,FKHULQQHUHPLFKDQGHQ1DPHQXQG6LHVHW]HQPLFK DXIHLQHPQHXWUDOHQ3ODQHWHQDE© ª'DVLVWXQP|JOLFKhEHUDOOJLEWHV$NWHQXQGLFKELQ2I¿]LHU GHV6WDDWHV,FKPX6LHQDFK%LFKHQ+LPPHO]XUFNVFKDIIHQ© ª9LHOHQ'DQN$EHUVRHEHQKDWPLFKHLQHXPIDVVHQGH$PQHVLH EHIDOOHQ (KH 6LH JHKHQ ± N|QQHQ 6LH PLU VDJHQ ZDV DXV 6SLRYHQWHZLUG"© (U OHKQWH VLFK LQ VHLQHP 6WXKO ]XUFN XQG VFKLHQ HLQGHXWLJ QLFKWJHKHQ]XZROOHQ ª$OVHUVWHVZLUGPDQ/XVWLJVNDWDVWURSKDOHU(LQPLVFKXQJHLQ (QGHPDFKHQ:LUZXUGHQVHLQHU]HLWYRQGHU,QWHUJDODNWLVFKHQ 9HUHLQLJXQJ IU $QJHZDQGWH 6R]LR|NRQRPLH ]X GLHVHU $XVQDKPHJHQHKPLJXQJ JHGUlQJW 0DQ EUDFKWH JHQXJ 0LWWHO ]XVDPPHQ XP HLQLJH 7KHRULHQ LQ GLH 7DW XP]XVHW]HQ (LQH 5HLKHYRQ3ODQHWHQVRUJWHIUGLH)LQDQ]LHUXQJXQGGDZDUHV OHLFKWHUGLH6DFKHYROOVFKHLWHUQ]XODVVHQDOVVLFKGDJHJHQ]X VSHUUHQ© ª8QGGDV3URMHNWLVWJHVFKHLWHUW"© ª7RWDO 'LH /HXWH VLQG YRP 3ODQHWHQ IRUWJHKROW ZRUGHQ XQG ZDUHQ IURK GDUEHU 3ROLWLVFKH XQG |NRQRPLVFKH ,GHHQ ]X KDEHQLVWHLQH6DFKHDEHUVLHLQGLHKDUWH5HDOLWlWXP]XVHW]HQ NDQQ WUDXPDWLVFK VHLQ 0DQ KDW GDV QLFKW ]XP HUVWHQPDO YHUVXFKW±DEHUVWHWVPLWNDWDVWURSKDOHQ)ROJHQ:LUZLVVHQNHLQH (LQ]HOKHLWHQPHKUZHLOVLHLP1HEHOGHU=HLWXQWHUJHJDQJHQVLQG DEHUHVJDEGDHLQPDOHLQHYHUUFNWH'RNWULQPLWGHU%H]HLFKQXQJ ¾0RQHWDULVPXV½GLHVROOGHQ8QWHUJDQJJDQ]HU.XOWXUHQJDQ]HU

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 3ODQHWHQEHZLUNWKDEHQ1XQLVWHLQQHXHV([SHULPHQWPLOXQJHQ ±XQGMHW]WNRPPHQGLH6SH]LDOLVWHQ]XP=XJHZLHVLHHVJOHLFK KlWWHQWXQVROOHQ© ª(LQH,QYDVLRQ"© ª6LH KDEHQ ]XYLHO 7UL' JHVHKHQ -HGH$UW YRQ .ULHJIKUXQJ LVW YHUERWHQ ± GDV VROOWHQ 6LH HLJHQWOLFK ZLVVHQ XQG DXI VROFKH %HPHUNXQJHQ YHU]LFKWHQ :LU VHW]HQ /HXWH HLQ GLH LP 5DKPHQ GHU EHVWHKHQGHQ VSLRYHQWLVFKHQ *HVHOOVFKDIW DUEHLWHQ:DKUVFKHLQOLFK]XVDPPHQPLWGLHVHP&DSR'LPRQWH GD HU VHLQHQ (LQÀXEHUHLFK JHUDGH YHUGRSSHOW KDW 0DQ ZLUG VHLQ0DFKWVWUHEHQI|UGHUQGDPLWVHLQ(LQIOXLPPHUJU|HU ZLUG© ª8QGHUGDEHLLPPHUPHKU/HXWHXPEULQJHQNDQQ"© ª1HLQ ZLU ZHUGHQ GDIU VRUJHQ GD GDV QLFKW SDVVLHUW (V GDXHUW QLFKW ODQJH GDQQ ZLUG HU QLFKW PHKU RKQH +LOIH UHJLHUHQ N|QQHQ ± XQG DXI GLHVHQ 0RPHQW ODXHUQ EHUHLWV XQVHUH%URNUDWHQ(LQH]HQWUDOLVLHUWH5HJLHUXQJ«© ª6FKDIIXQJ HLQHV *HULFKWVZHVHQV 6WHXHUQ LFK ZHL %HVFKHLG6LHUHGHQJHQDXZLH/XVWLJ© ª1LFKW JDQ] 8QVHUH 0HWKRGHQ KDEHQ VLFK LQ GHU 3UD[LV EHZlKUW (V GDXHUW HLQH K|FKVWHQV ]ZHL *HQHUDWLRQHQ GDQQ N|QQHQZLU6SLRYHQWHLQGLH)DPLOLHGHU]LYLOLVLHUWHQ3ODQHWHQ DXIQHKPHQ© ª0HLQHQ*OFNZXQVFK1XQJHKHQ6LHELWWHGDPLWLFKKLHU EHUPHLQHNQIWLJH(LQNHUNHUXQJQDFKGHQNHQNDQQ© ª8QG 6LH ZROOHQ PLU QRFK LPPHU QLFKW GHQ 1DPHQ GHV :DIIHQVFKLHEHUV YHUUDWHQ" 'HU N|QQWH VHLQH

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH 6FKPXJJHOHL IRUWVHW]HQ XQG 6LH ZlUHQ IU ZHLWHUH7RGHVIlOOH YHUDQWZRUWOLFK© 'DPLWKDWWHHUUHFKW:DULFKZRP|JOLFKDXFKIUGLH7RWHQ LP %XUJKRI YHUDQWZRUWOLFK" 'HU $QJULII ZDU PHLQH ,GHH JHZHVHQ$EHU'LPRQWHZlUHVRZLHVR]XP.DPSIDQJHWUHWHQ YLHOOHLFKWVRJDUPLWPHKU7RWHQ9HUDQWZRUWXQJ]XEHUQHKPHQ ZDU QLFKW OHLFKW .DSLWlQ 9DURG VFKLHQ PHLQH *HGDQNHQ ]X OHVHQ ª)KOHQ6LHVLFKYHUDQWZRUWOLFK"©IUDJWHHU (LQHJXWH)UDJHVFKODXHUDOWHU)XFKV ª-D ,FK JODXEH DQ GDV /HEHQ XQG GLH 8QDQWDVWEDUNHLW GHV /HEHQVLFKJODXEHQLFKWDQGDV7|WHQ-HGHUYRQXQVKDWQXU HLQ /HEHQ XQG LFK P|FKWH QLFKW GDIU YHUDQWZRUWOLFK VHLQ GDMHPDQGDQGHUHPGHU/HEHQVIDGHQDEJHVFKQLWWHQZLUG,FK JODXEHLFKKDEH)HKOHUEHJDQJHQXQGGDUDXVJHOHUQW'HU1DPH GHV:DIIHQVFKLHEHUVLVW.DSLWlQ*D«© ª*DUWK©VDJWHHUª:LUNHQQHQLKQXQGKDEHQLKQEHREDFKWHW (UKDWVHLQHOHW]WH5HLVHDQJHWUHWHQ© 0LU ZLUEHOWHQ GLH *HGDQNHQ GXUFK GHQ .RSI ª:DUXP IUDJHQ6LHPLFK±ZHQQ6LHHVGLHJDQ]H=HLWJHZXWKDEHQ"© ª1D,KUHWZHJHQ-LP1XUXP6LH]XWHVWHQ,FKVDJWHMDYRUKLQ VFKRQ XQVHUH $XIJDEH LVW GLH 5HKDELOLWDWLRQ 6LH KDEHQ HLQH ZLFKWLJH (QWVFKHLGXQJ JHWURIIHQ XQG LFK JODXEH GD 6LH GHVZHJHQNQIWLJHLQEHVVHUHU0HQVFKVHLQZHUGHQ9LHO*OFN IUGLH=XNXQIW©(UVWDQGDXIXQGZDQGWHVLFK]XP*HKHQ ª9LHOHQ 'DQN ,FK ZHUGH DQ ,KUH:RUWH GHQNHQ ZHQQ LFK LP 6WHLQEUXFK)HOVHQ]HUNORSIH©

6WDKOUDWWH'LH*HEXUWHLQHU6WDKOUDWWH ,Q GHU RIIHQHQ 7U VWHKHQG ZDQGWH HU VLFK XP XQG OlFKHOWH PLFK DQ ª,FK VHKH GLH *HUHFKWLJNHLW LQ VHKU JURHP 5DKPHQ (KUOLFKJHVDJWJODXEHLFKQLFKWGDIUJHVFKHLWHUWHQ%DQNUDXE HLQH *HIlQJQLVVWUDIH VLQQYROO LVW ,KQHQ VLQG EHVVHUH 'LQJH YRUKHUEHVWLPPW$XVGLHVHP*UXQGHODVVHLFK6LHLQV*HIlQJQLV ]XUFNEULQJHQ 0DQ ZLUG 6LH DXI HLQ DQGHUHV 6FKLII YHUOHJHQ GDQQ DXI HLQHQ 3ODQHWHQ ZR VLH HLQJHVSHUUW ZHUGHQ ELV GHU 5FNWUDQVSRUWP|JOLFKLVW© (UJLQJVFKDXWHDEHUQRFKHLQPDONXU]GXUFKGHQ7UVSDOWª,Q $QEHWUDFKWGHU'LQJHGLH6LHPLUHU]lKOWKDEHQYHUJHVVHLFKGHQ 'LHWULFKGHQ6LHQRFKLQ,KUHU6FKXKVRKOHVWHFNHQKDEHQ© 'DQQZDUHUHQGJOWLJIRUW,FKVWDUUWHDXIGLHJHVFKORVVHQH7U XQGPXWHSO|W]OLFKODFKHQ'DV8QLYHUVXP]HLJWHPLUHQGOLFKGRFK HLQPDOVHLQH6RQQHQVHLWHHVZDUDQJHIOOWPLWEHVLW]HQVZHUWHQ 'LQJHQGLHPDQVLFKDQHLJQHQNRQQWHDOOHUGLQJVQXUZHQQPDQ VHLQ+DQGZHUNYHUVWDQG8QGLFKNDQQWHPLFKDXV ª9LHOHQ'DQN/lXIHU'DQNIUDOOHV'XKDVWHVJHVFKDIIWGX KDVW PLFK DQJHOHLWHW XQG DXVJHELOGHW 'X KDVW HLQH 6WDKOUDWWH JHVFKDIIHQ(LQH(GHOVWDKOUDWWH©

(1'(