Zwei weiße Orchideen

'DVQHXH$EHQWHXHU

'RURWKHD.OHLQH =ZHLZHL‰H2UFKLGHHQ 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH

,OOXVWUDWLRQHQYRQ.ODXV%UDQGW ‹9HUODJ1HXHV/HEHQ%HUOLQ /L]HQ]1U /69 8PVFKODJ.ODXV%UDQGW 7\SRJUDILH&KULVWHO5XSSLQ 6FKULIWS([FHOVLRU *HVDPWKHUVWHOOXQJ 'UXFNHUHL1HXHV'HXWVFKODQG%HUOLQ %HVWHOO1U ''50

'LH NOHLQH 6WDGW *XWHQKRI LQ GHU LFK ² 7KRPDV 9HQW /HXWQDQW GHU .ULPLQDOSROL]HL ² VHLW HWZD HLQHP -DKU DUEHLWHXQGGLHPLUWURW]GHUNXU]HQ =HLWVFKRQHLQZHQLJ DQV +HU] JHZDFKVHQ LVW EHVWHKW DXV PLWWHODOWHUOLFKHQ +lXVHUQ XQG VR]LDOLVWLVFKHP 1HXEDX -H ZHLWHU PDQ VLFK ]XP 6WDGWUDQG KLQ EHZHJW GHVWR KlXILJHU ZHUGHQ GLH 1HXEDXWHQ ELV PDQ VFKOLH‰OLFK QXU QRFK YRQ 1HXHP XPJHEHQLVW,P2VWHQGHU6WDGWKDEHQVLFK,QGXVWULHDQOD JHQ DXVJHEUHLWHW GDV 3ODWWHQZHUN HLQH =HPHQWIDEULN HLQ 6lJHZHUNXQGGDV:RKQXQJVEDXNRPELQDWHLQHXQURPDQ WLVFKH ZHQQ DXFK QRWZHQGLJH :HOW =ZLVFKHQ GLHVHQ $QODJHQ DQ HLQHP $QVFKOX‰JOHLV GHU 5HLFKVEDKQ EHILQ GHW VLFK GLH %+* LKUH 9HUZDOWXQJVEDUDFNH /DJHUKDOOHQ *DUDJHQ PDQ KDQGHOW PLW %DXVWRIIHQ 'QJHPLWWHOQ XQG 7RUIPXOO 'RUW QXQ JHVFKDK GHU (LQEUXFK HV ZDU GHU ]ZHLWH GLHVHU $UW DEHU HU VROOWH IU ODQJH =HLW GHU OHW]WH VHLQ $QMHQHP6RQQDEHQGVFKLHQPLOG XQG VDQIW GLH +HUEVW VRQQH XQG QDWUOLFK KDWWH LFK %HUHLWVFKDIW ² EHL PHLQHQ :RFKHQHQGGLHQVWHQ IlOOW VHOWVDPHUZHLVH VWHWV DOOHUKDQG $UEHLWDQ'HU(LQEUXFK ZDU LQ GHU 1DFKW JHVFKHKHQ XQG ZlUH HUVW DP 0RQWDJ HQWGHFNW ZRUGHQ ZHQQ HV GHU 5HLFKVEDKQQLFKWHLQJHIDOOHQZlUHHLQHQ:DJJRQ+DUWID VHUSODWWHQ ]X EHUVWHOOHQ GHU GHU KRKHQ 6WDQGJHOGHU ZH JHQ VRIRUW HQWODGHQ ZHUGHQ PX‰WH 0DQ KDWWH GLH 7UDQV SRUWNRORQQHJHUXIHQGLHEHPHUNWHYHUGlFKWLJH$Q]HLFKHQ YHUKlQJWH )HQVWHU HLQH DXIJHVSUHQJWH 7U XQG YHUVWlQ GLJWHGLH3ROL]HL$XV.ULPLVKLQUHLFKHQGJHVFKXOWXQWHU OLH‰HQ VLH HV LUJHQG HWZDV DQ]XIDVVHQ RGHU JDU 2UGQXQJ ]XPDFKHQ 'HU .DVVHQUDXP ZDU QLFKW JU|‰HU DOV GDV :RKQ]LPPHU HLQHU 1HXEDXZRKQXQJ (LQH +RO]VFKUDQNH WHLOWH GHQ

5DXP 'HU 7UHVRU HLQ KRFKEHLQLJHV 6WDKOP|EHO YRQ GHU )LUPD /HLVHWLFN  &R %DXMDKU  PLW 2UQDPHQWHQ JHVFKPFNW XQG 6lXOHQ YHU]LHUW GLH EUDXQJUDXH )DUEH DEJHJULIIHQ ZDU YRQ GHU :DQG JHUFNW ZDV EHL PLU GHQ ORJLVFKHQ 6FKOX‰ DXVO|VWH GD‰ HV VLFK KLHU XP VWDUNH %XUVFKHQ JHKDQGHOW KDEHQ PRFKWH 'HU DOWHKUZUGLJH 7UHVRU ZDU DUJ ]XJHULFKWHW DXV VHLQHU 7U ZDU HLQ 6WFN KHUDXVJHVFKZHL‰W ZRUGHQ 8P GHQ 7UHVRU KHUXP ODJHQ :HUN]HXJH HLQH %RKUPDVFKLQH 0HL‰HO %UHFKVWDQJH )ODVFKHQPLW6DXHUVWRIIXQG$]HW\OHQVRZLHHLQ6FKZHL‰ JHUlW $XI GHP )X‰ERGHQ VWDQG HLQH :DVVHUODFKH GHUHQ +HUNXQIW LFK PLU QLFKW HUNOlUHQ NRQQWH 9RU GHP )HQVWHU KLQJHLQH'HFNHGHU$VFKHQEHFKHUZDUYROOHU.LSSHQLFK KlWWH PLFK QLFKW JHZXQGHUW ZHQQ ZLU 6WXOOHQUHVWH XQG HLQH 7KHUPRVIODVFKH PLW .DIIHH JHIXQGHQ KlWWHQ 'LH .HUOHKDWWHQ1HUYHQ 1RFKEHYRULFKPLFKGDUEHUZXQGHUQNRQQWHZLHVLHHV JHVFKDIIWKDEHQPRFKWHQPLW6FKZHL‰JHUlW6DXHUVWRIIIOD VFKHQ %RKUJHUlW XQG GHP JDQ]HQ DQGHUHQ =DXEHU XQDXI IlOOLJDQ]XUFNHQVDJWHGHU%ULJDGLHUGHU7UDQVSRUWNRORQ QHÄ,FKIUH‰HLQHQ%HVHQZHQQGLHVLFKGLH6DFKHQQLFKW YRQQHEHQDQJHKROWKDEHQ³ 'LHVHV1HEHQDQZDUHLQ%HWULHEGHUVLFKPLWGHU$XIEH UHLWXQJ YRQ $OWPHWDOO EHVFKlIWLJWH GRUW KDWWHQ VLH HLQH JXPPLEHUHLIWH .DUUH JHIXQGHQ XQG DOOHV DQGHUH ZDV VLH EUDXFKWHQ VLH NRQQWHQ GDV :HUN]HXJ IDVW PKHORV DQ WUDQVSRUWLHUHQ ,Q]ZLVFKHQ ZDU GHU +XQGHIKUHU PLW XQVHUHU VFK|QHQ VWRO]HQ 3HJJ\ DQJHNRPPHQ 'LH +QGLQ VR]XVDJHQ GHU 6WDU XQWHU GHQ )lKUWHQKXQGHQ VSUDQJ JHPHVVHQ DXV GHP :DUWEXUJ.RPEL LKUHV +HUUQ GHV 2EHUZDFKWPHLVWHUV )UDQ] (YHUV 3HJJ\ VDK ]X LKP KRFK DOV JHQJWH HV LKU

VLFKPLWHLQHP%OLFNEHUGLH/DJH]XLQIRUPLHUHQ(YHUV QLFNWH LKU ]X VDJWH HLQ SDDU DXIPXQWHUQGH :RUWH GDQQ OHJWH HU LKU GLH 6XFKOHLQH XP GLH $UEHLW EHJDQQ 3HJJ\ KDWWHEDOGHLQH6SXUJHIXQGHQLFKVDKLKUQDFKZQVFKWH LKU DOOHV *OFN GDV PDQ EHL VR HLQHU $UEHLW EHUKDXSW KDEHQ NDQQ LKU *OFN ZlUH DXFK GDV PHLQH JHZHVHQ GHQQ GLHV ZDU PHLQ HUVWHU )DOO GHQ LFK ZHQLJVWHQV DP $QIDQJ]XOHLWHQKDWWH %DOG GDUDXI WUDIHQ GLH .ULPLQDOWHFKQLNHU HLQ ]ZHL KHU YRUUDJHQGH )DFKOHXWH LQ XQVHUHU $EWHLOXQJ VLQG DOOH KHU YRUUDJHQGYRP+XQGELV]XP &KHI 'LH .ULPLQDOWHFKQL NHU VLFK LKUHU 8QHUVHW]EDUNHLW Y|OOLJ EHZX‰W SDFNWHQ GLH 8WHQVLOLHQ DXV VFKUDXEWHQ GLH .DPHUD ]XUHFKW VWHFNWHQ 1XPPHUQVFKLOGHUWDWHQGLHVXQGWDWHQMHQHV:LUKDWWHQHV XQV OlQJVW DEJHZ|KQW VLH ]XU JU|‰HUHQ (LOH DQ]XWUHLEHQ GDUDXI KlWWHQ VLH QXU EHUOHJHQ XQG VS|WWLVFK JHOlFKHOW ,KUH 6RXYHUlQLWlW LKUH LQQHUH hEHUHLQVWLPPXQJ LQ DOOHQ ZLFKWLJHQ)UDJHQVLFKHUWHQLKQHQGHQ(UIROJ 'D LFK LP $XJHQEOLFN QLFKWV ]X WXQ KDWWH VDK LFK GHQ EHLGHQ]XVLHDUEHLWHWHQVFKZHLJHQGLQWHQVLYHVODJHWZDV 5RXWLQHKDIWHV LQ LKUHQ %HZHJXQJHQ GRFK LFK ZX‰WH GD‰ VLFKGLH5RXWLQHOHGLJOLFKDXIGLH$EIROJHGHUWHFKQLVFKHQ 9RUJlQJH EHVFKUlQNWH %HL GHU $XIILQGXQJ YRQ 6SXUHQ JLQJHQVLHVHKUZRKOYRQGHUYHUPXWHWHQ,QGLYLGXDOLWlWGHU 7lWHU DXV GLH VLH DXV $UW XQG :HLVH GHV (LQEUXFKV GHU ,QWHQVLWlW GHU ,QWHOOLJHQ] XQG 3KDQWDVLH GHU $UW GHU 9RU EHUHLWXQJGHPWHFKQLVFKKDQGZHUNOLFKHQ.|QQHQXQGGHU ([DNWKHLWDEOHLWHWHQ6LHZX‰WHQREZLUHVPLW/HXWHQ]X WXQ KDWWHQ GLH DOOHV JHQDX JHSODQW KDWWHQ XQG EHU GLH 3HUIHNWLRQXQG8QHUELWWOLFKNHLWYRQ3URILVYHUIJWHQRGHU RE /HXWH DP :HUNH JHZHVHQ ZDUHQ GHQHQ DXI KDOEHP :HJ GHU 0XW DXVJHJDQJHQ ZDU XQG GLH QXU DQJVWVFKORW

WHUQGLKUGXPPHV7UHLEHQ]X(QGHJHEUDFKWKDWWHQ /HXWQDQW %UFNQHU HU ZDU NOHLQ VWlPPLJ NQLHWH DP %RGHQ EHU HLQHP GUHFNYHUVFKPLHUWHQ /DSSHQ GHQ HU DXIPHUNVDPEHWUDFKWHWH(UEOLFNWH]XPLU DXI Ä,FK JODX EHGLHKDWWHQ ZLU VFKRQ PDO YRULJHQ +HUEVW LQ GHU %+* *UR‰.RFKDXNDQQVWGXGLFKQRFKHULQQHUQ"³ 8QGRELFKPLFKHULQQHUQNRQQWHHUUKUWHDQHLQHZXQ GH6WHOOHGHQ(LQEUXFKLQ.RFKDXKDWWHQZLUQLFKWJHNOlUW Ä:RKHUNRPPWGDV:DVVHU"³ %UFNQHU ODFKWH HV NODQJ ]LHPOLFK VFKDGHQIURK Ä%HLP $XIVFKZHL‰HQ ILQJ GHU 7UHVRU DQ ]X JOKHQ VLH PX‰WHQ O|VFKHQ³

$XIGHP+RIZDUHVUXKLJGLH6RQQHVFKLHQGXUFKHLQH :RONH=HPHQWVWDXEGHU:DJJRQZDUHQWODGHQDEHUQRFK QLFKW ZLHGHU DEJHKROW 'XUFK GLH EUHLWH (LQIDKUW VDK LFK HLQHQ :DJHQ DXI XQV ]X NRPPHQ 'HU )DKUHU ZLFK GHQ 6FKODJO|FKHUQ DXV ZDV VHLQHQ )DKUVWLO HLQ ZHQLJ FKDR WLVFK HUVFKHLQHQ OLH‰ (QWZHGHU HV ZDU GHU /HLWHU GHU %+* HLQ JHZLVVHU :DOGHPDU .RQ] GHQ LFK KDWWH UXIHQ ODVVHQRGHUHVZDUPHLQYHUHKUXQJVZUGLJHU&KHI2EHU OHXWQDQW %HUJ GHU ]ZDU VHLQHQ IUHLHQ 7DJ KDWWH HV DEHU GRFKZRKOQLFKWEHUV+HU]EUDFKWHPLFKDOOHLQ]XODVVHQ 2EZRKO HV VLFK EHL GHP :DJHQ XP GHQ YRQ .RQ] KDQ GHOWH ZDU LFK VLFKHU GD‰ EDOG HLQ ]ZHLWHU DXIWDXFKHQ ZUGH ,FK NHQQH GLH *HPWVYHUIDVVXQJ YRQ /HLWHUQ LQ GHUHQ 2EMHNWHQ PDQ HLQJHEURFKHQ KDW 'HQ 9HUOXVW GHV *HOGHV EHNODJHQ VLH QLFKW VRQGHUOLFK KHIWLJ RGHU QXU GHP 6FKHLQ QDFKZDVLKQHQEHNORPPHQGXUFKGHQ.RSI JHKW LVW GLH (UNHQQWQLVGD‰QXQ9HUKlOWQLVVH8QJHQDXLJNHLWHQDXIJH

GHFNW XQG ]XU 6SUDFKH JHEUDFKW ZHUGHQ GLH EHVVHU LP 'XQNHOQ JHEOLHEHQ ZlUHQ ,FK NRQQWH VROFKHQ /HXWHQ QLH VRQGHUOLFK IUHXQGOLFK RGHU JDU YHUVWlQGQLVYROO HQWJHJHQ NRPPHQ:HQQGLH/HLWHUVLFKDQGLH9RUVFKULIWHQKLHOWHQ ZUGH NHLQ *HOG LQ GHQ 7UHVRUHQ DXIEHZDKUW MHGHQIDOOV QLFKWEHU1DFKWVFKRQJDUQLFKWEHUGDV:RFKHQHQGH ,P 9HUODXI PHLQHU $UEHLW EHL GHU .ULPLQDOSROL]HL KDWWH LFK PLU DQJHZ|KQW GLH /HXWH QDFK EHVWLPPWHQ 0HUNPD OHQ LQ .DWHJRULHQ HLQ]XWHLOHQ ZDV QDWUOLFK QLFKW JHUDGH ZLVVHQVFKDIWOLFK LVW 0LW :DOGHPDU .RQ] JLQJ HV PLU PHUNZUGLJ VHLQH $UW GHQ :DJHQ EHU GLH 6FKODJO|FKHU ]XIDKUHQRGHUEHVVHUJHVDJWGUXPKHUXPKDWWHLQPLUGLH 9HUPXWXQJDXINRPPHQODVVHQHVKDQGOHVLFKEHLLKPXP HLQHQ XQVLFKHUHQ lQJVWOLFKHQ 0DQQ (U ZDU HLQH $UW :DOGNDX] LQ /RGHQ JHNOHLGHW 6FKDIWVWLHIHO PLW VSlUOL FKHP +DDUZXFKV VSU|GH VFKZHUIlOOLJ :HQQ HU VSUDFK VXFKWHHUGLH:|UWHUPKHYROO]XVDPPHQDOVIUFKWHWHHU VLH XQWHUZHJV ZLHGHU ]X YHUOLHUHQ ,FK NDP DEHU EDOG GDKLQWHU GD‰ .RQ] VLFKHU XQG EHUOHJHQ ZDU VR VLFKHU GD‰ HU VLFK HLQH VHOEVWNULWLVFKH +DOWXQJ HUODXEHQ NRQQWH (U UHGHWH QLFKW GUXP KHUXP VDJWH ZDV RKQHKLQ UDXVJH NRPPHQZlUHÄ,P7UHVRUZDUHQGUHL‰LJWDXVHQG0DUNXQG 6FKHFNV DQ MHGHP HUVWHQ :RFKHQHQGH GHV 0RQDWV LVW VRYLHOLP7UHVRU³ ,FK PDFKWH GDV HQWVSUHFKHQG EHGHQNOLFKUJHQGH *H VLFKW GDPLW GHQ bUJHU DQGHXWHQG GHU LKQ HUZDUWHWH Ä/HLFKWVLQQLJZDV"³ 'DV KDEH VLFK VR HLQJHEUJHUW GLH .DVVLHUHULQ )UDX +DQQH 6HLIHUW ZRKQH DX‰HUKDOE ZHQQ VLH IUHLWDJV QRFK ]XU%DQNLQGLH6WDGWZROOWHYHUSD‰WHVLHGHQ%XVP‰WH ELVLQGHQVSlWHQ$EHQGDXIGHQQlFKVWHQZDUWHQZDVQXQ DXFK QLFKW ]XPXWEDU VHL Ä9LHOOHLFKW ELQ LFK ]X QDFKJLH

ELJ³VHW]WHHUQDFKGHQNOLFKKLQ]XÄDEHUHVLVWVRGD‰PLU GLH/HXWHGDYRQUHQQHQVLHYHUGLHQHQKLHUQLFKWEHVRQGHUV JXW DQJHQHKP LVW GLH $UEHLW DXFK QLFKW 'LH 0lGFKHQ N|QQHQ QLFKW ]XP )ULV|U GLH )UDXHQ QLFKW HLQNDXIHQ LQ HLQHU %DUDFNH ]X DUEHLWHQ LVW DXFK QLFKW JHUDGH HLQ 9HU JQJHQGDJHKHQGLH%HVWHQOLHEHULQHLQVFK|QHVIHUQJH KHL]WHV%URKDXV³

9RUVWHOOHQ NRQQWH LFK PLU GDV VFKRQ (U ZlUPWH VLFK DQ PHLQHU$QWHLOQDKPHVHW]WHVHLQHQ:RUWHQHLQHQGXUFKDXV HUNHQQWQLVUHLFKHQ 6DW] KLQ]X Ä7URW]GHP GDUI PDQ ZRKO QLFKW ]X QDFKVLFKWLJ VHLQ³ 0LU EOLHE QLFKWV ZHLWHU EULJ DOV LKP ]X]XVWLPPHQ XQG LKP JDQ] JHJHQ PHLQH *H ZRKQKHLW0XW]X]XVSUHFKHQ'DQQEDW LFK LKQ GLH 'LQJH ]XWXQGLHQRWZHQGLJZDUHQGDPLWGLH(UPLWWOXQJULFKWLJ LQ 6FKZXQJ NDP VFKOLH‰OLFK ZDU PLU GDUDQ JHOHJHQ PHLQHP &KHI PLW HLQHP KDQGIHVWHQ (UJHEQLV XQWHU GLH

$XJHQ ]X WUHWHQ 'LH &KDQFH GLH PLU GLHVHU )DOO HLQJH EUDFKWKDWWHZROOWHLFKQXW]HQ,FKVDJWH.RQ]ZLUEHQ| WLJWHQ HLQH $XIVWHOOXQJ DOOHU JHVWRKOHQHQ :DUHQ GLH JH QDXH 6XPPH GHV *HOGHV HLQH /LVWH GHU 0LWDUEHLWHU EH VRQGHUV YHUPHUNW GDUDXI MHQH GLH HLQHQ 6FKZHL‰HUSD‰ EHVLW]HQ XQG GLH YRUEHVWUDIW VLQG IHUQHU HLQHQ 'LHQVWSODQ GHU $QJHVWHOOWHQ XQG DOOH $QJDEHQ GLH GHQ 1DFKEDUEH WULHE EHWUDIHQ DXFK EDW LFK LKQ XP HLQHQ 5DXP LQ GHP ZLUXQJHVW|UWDUEHLWHQNRQQWHQ .RQ] QRWLHUWH VLFK GDV DOOHV LQ HLQHP NOHLQHQ %FKOHLQ IKUWHPLFKGDQQLQHLQHQ5DXPVDJWHGDN|QQWHQZLUXQV KlXVOLFKQLHGHUODVVHQ,FKEHUNOHEWHGDV:RUW'LVSDWFKHU PLWHLQHPKDQGJHPDOWHQ6FKLOG²(UPLWWOXQJVVWDE²XQG VHW]WHPLFKKLQWHUGHQ6FKUHLEWLVFK :HQQ PLFK PHLQ 6SUVLQQ QLFKW YHUODVVHQ KDWWH ZUGH LQ GHQ QlFKVWHQ ]ZDQ]LJ 0LQXWHQ PHLQ &KHI DXIWDXFKHQ GHUEHUGHQ6WDEJDQ]VLFKHU.HQQWQLVYRQGHP(LQEUXFK EHNRPPHQ KDWWH 'DV HUVWH ZRQDFK HU YHUODQJHQ ZUGH ZlUHHLQ.DIIHHXQGGHU(UPLWWOXQJVSODQ(LQHP&KHIZLH GHP PHLQHQ VWHKW PDQ QLFKW JHUQ PLW OHHUHQ +lQGHQ JH JHQEHUPDQLVWJOFNOLFKLKQ]XIULHGHQ]XVHKHQ

,FK KDWWH GHQ .DIIHH VFKRQ JHEUKW DOV HU DQNDP (U QDKPGLH7DVVHHQWJHJHQDOVZlUHHVHLQH/HLFKWLJNHLWLQ GLHVHU ,QGXVWULHHLQ|GH DQ HLQHP 6RQQWDJ .DIIHH DXI]X WUHLEHQQLFKWHLQH6SXU'DQNEDUNHLWZDULQVHLQHP%OLFN ,FKEHULFKWHWHZDVVLFKHUHLJQHWKDWWHVRZLHGLH(UJHEQLV VH PHLQHU HLJHQHQ %HPKXQJHQ HV VWDQG IROJHQGHV IHVW *HJHQ 0LWWHUQDFKW ZDU HLQ :DJHQ DXI GDV *HOlQGH GHU %+* JHIDKUHQ GHU /RNRPRWLYIKUHU KDWWH GHQ 0RWRU JHK|UW GHQ :DJHQ DEHU QLFKW JHVHKHQ HU JODXEWH GD‰ HV HLQ =ZHLWDNWHU ZDU %HL GHQ 7lWHUQ KDQGHOWH HV VLFK XP

]ZHL 3HUVRQHQ PLW 6FKXKJU|‰H ]ZHLXQGYLHU]LJ XQG YLHU ]LJ ZDV DXV GHQ 6FKXKDEGUFNHQ KHUDXV]XOHVHQ JHZHVHQ ZDU 'LH 7lWHU KDWWHQ ]XQlFKVW YHUVXFKW PLW GHU %RKU PDVFKLQH GHQ 7UHVRU YRQ REHQ ]X NQDFNHQ GDV PL‰ODQJ VLH PRFKWHQ DXI GLH ,GHH JHNRPPHQ VHLQ VLFK HLQHQ 6FKQHLGEUHQQHU]XRUJDQLVLHUHQ$XVDOOGLHVHQ(LQ]HOKHL WHQ ZDU ]X VFKOLH‰HQ GD‰ VLH VLFK LP %HWULHE JXW DXV NDQQWHQ%HLGHQ%RKUYHUVXFKHQPX‰WHHLQHUGHU%XUVFKHQ DEJHUXWVFKW VHLQ XQG VLFK YHUOHW]W KDEHQ GD VLFK DQ GHU 7UNOLQNH DP 7LVFK XQG DQ DQGHUHQ 6WHOOHQ %OXWVSXUHQ JHIXQGHQ KDWWHQ 'LH %OXWSUREH ZDU LP /DERU PRUJHQ ZUGHQZLUZLVVHQZHOFKH%OXWJUXSSHGHU7lWHUKDW %HUJ KDWWH ]XJHK|UW XQG PLFK PLW NHLQHP :RUW XQWHU EURFKHQDXFKNHLQH *HVWH JHPDFKW DXV GHU 6NHSVLV EHU PHLQH 9HUVLRQ ]X HUNHQQHQ JHZHVHQ ZlUH 'DV LVW HLQ IHLQHU=XJYRQLKP,FKQDKPPLUYRUPLFKVSlWHUZHQQ LFK HUVW HLQPDO &KHI ZDU DXFK VR IDLU ]X EHQHKPHQ ,FK JODXEH GD‰ %HUJ VLFK DOOHV SODVWLVFK YRUVWHOOW ZHQQ LKP MHPDQG ZDV HU]lKOW ,FK PHLQH GD‰ HV VR EHL LKP LVW DOV OLHIHHLQ)LOPYRUVHLQHQ$XJHQDE Ä'HU 7UHVRU PX‰ ZLH HLQ .RNVRIHQ JHJOKW KDEHQ DOVR PX‰GDV=HXJGDVLP7UHVRUZDU6SXUHQDXIZHLVHQ³ :DUXPZDULFKQLFKWVHOEVWGDUDXIJHNRPPHQQDWUOLFK %HUJ KDWWH UHFKW LQ GLHVHP 0RPHQW PHUNWH LFK ZLHYLHO PLUQRFKIHKOWH,FKQLFNWHQXU Ä1DGDQQJLEPDOGDV=HXJKHUGDVVLFKLP7UHVRUEH IXQGHQKDW³ ,FK KDWWH HV PLU QRFK QLFKW DQJHVHKHQ LFK KDWWH QLFKW JHGDFKWGD‰HVLQLUJHQGHLQHU:HLVHZLFKWLJVHLQN|QQWH VFKOLH‰OLFK ZDU HV QLFKW JHVWRKOHQ IROJOLFK ZHUWORV ,FK GDFKWH GD‰ %HUJ MHW]W HUKHEOLFKH =ZHLIHO DQ PHLQHQ )l KLJNHLWHQ NRPPHQ P‰WHQ ,FK JLQJ LQ GHQ .DVVHQUDXP

ZR %UFNQHU XQG VHLQ .XPSHO .RVORZVNL DP )HQVWHU OHKQWHQ UDXFKWHQ XQG EHU GLH 6WR‰GlPSIHU LKUHU $XWRV UHGHWHQ Ä'HU $OWH ZLOO GDV =HXJ GDV VLFK LP 7UHVRU EH IXQGHQKDW³ %UFNQHU JULQVWH Ä+DE PLFK VFKRQ JHZXQGHUW GD‰ GX GLUGDVQLFKWDQVLHKVW³(UJDEPLUHLQHQ=HOORSKDQEHXWHO LQ GHP VLFK 1RWL]EFKHU )LO]VWLIWH XQG 4XLWWXQJVEO|FNH EHIDQGHQ 'LH 6HNUHWlULQ PRFKWH GHQ 7UHVRU DOV HLQH $UW 0DWHULDODXIEHZDKUXQJEHQXW]WKDEHQ %HUJ VDK VLFK GLH 6DFKHQ DQ HU OLH‰ GLH 6HLWHQ HLQHV %ORFNV GXUFK GLH )LQJHU JOHLWHQ Ä6R XQJHIlKU PX‰ DXFK GDV *HOG DXVJHVHKHQ KDEHQ GLH 5lQGHU YHUNRKOW GLH ,QQHQIOlFKHXQYHUVHKUW³ (WZDV YRUHLOLJ VDJWH LFK Ä0LW YHUNRKOWHP *HOG N|QQHQ VLHQLFKWVDQIDQJHQ³ Ä0|JOLFKHUZHLVHKDEHQQXUGLH5lQGHU%UDQGIOHFNHZDV PHLQVWGXZHUGHQVLHGDV*HOGLQ8PODXIEULQJHQ"³ Ä1DFK VR HLQHP $XIZDQG VR HLQHP 5LVLNR DOVR LFK ZUGHHVZDKUVFKHLQOLFKZDJHQ³ Ä1DGDQQ³VDJWH %HUJ ÄOD‰ GLU IU GLHVH 9HUVLRQ HWZDV HLQIDOOHQ³ :LU ZX‰WHQ EHLGH ZDV GDV KLH‰ ZHOFKHQ $XIZDQG ZLU WUHLEHQ PX‰WHQ ZLH YLHOH .HOOQHULQQHQ 9HUNlXIHULQQHQ 7D[LIDKUHU )DKUNDUWHQYHUNlXIHU XQWHUULFKWHW ZHUGHQ PX‰ WHQ 'LH &KDQFH ZDU JHULQJ GHQQ XQVHUH hEHUOHJXQJHQ NRQQWHQDXFKIDOVFKVHLQ%HUJZLHVPLFKDQGLH6SHUUXQJ GHUHQWZHQGHWHQ6FKHFNKHIWHYRU]XQHKPHQXQGGLH*HOG VFKHLQHLQ)DKQGXQJ]XJHEHQ ,UJHQGZDQQWDXFKWH3HJJ\DXIDOVREVLHDKQWHZHOFKHQ .XPPHUVLHXQVEHUHLWHWHVWDQGVLH PLW JHVHQNWHP .RSI K|UWHGHP%HULFKWLKUHV&KHIV]XDOVP‰WHVLHDXISDVVHQ GD‰ HU QLFKWV )DOVFKHV VDJWH 6LH KDWWH VRIRUW HLQH 6SXU

JHIXQGHQVLHDXFKYHUIROJWGLH6SXUIKUWH]XP1DFKEDU JUXQGVWFN XQG ]XUFN GDQQ ZDU VLH ELV ]X GHU 6WHOOH JHODXIHQ ZR ZDKUVFKHLQOLFK GHU :DJHQ JHVWDQGHQ KDWWH KDWWH GHQ :HJ GHV :DJHQV HLQ 6WFN YHUIROJW 6LH KDWWH VLFK QLFKW DEOHQNHQ ODVVHQ YRQ DQGHUHQ DXIUHJHQGHQ 'XIWQRWHQKDWWHNRQ]HQWULHUWXQGHUQVWKDIWJHDUEHLWHWZLH VLFKGDVIUHLQHQ6WDU JHK|UWGDV(UJHEQLVZDUWURW]GHP QHJDWLY %HYRU 3HJJ\ LQ GHQ :DJHQ VWLHJ ZDUI VLH PLU HLQHQODQJHQWUDXULJHQ%OLFN]XGHUPLU]XGHQNHQJDE

8PGLH=HLWGDQRUPDOH/HXWHLKUHQ1DFKPLWWDJVNDIIHH WULQNHQNRQQWHLFKGHQ7DWRUWPLWJXWHP*HZLVVHQYHUODV VHQ XQG LQ GLH 'LHQVWVWHOOH ]XUFNNHKUHQ $XI GHP :HJ GXUFKGLH6WDGWVDKLFKJDQ]H6FKDUHQKEVFKHU0lGFKHQ GLH VLFK RIIHQVLFKWOLFK ODQJZHLOWHQ 'RFK PHLQ IHVWHU &KDUDNWHU KLHOW PLFK YRU 8QEHVRQQHQKHLWHQ ]XUFN XQG LFKWUDEWHEHKHU]WLQXQVHUJUDXHV+DXVGDVYLHOOHLFKWYRU KXQGHUW -DKUHQ JDQ] KEVFK JHZHVHQ VHLQ PRFKWH MHW]W DOOHUGLQJV ]X GHQ EHNODJHQVZHUWHQ ,QYDOLGHQ GHU 6WDGW JHK|UWH ,Q XQVHUHU 'DWHQYHUDUEHLWXQJ OLH‰ LFK GLH /HXWH UDXVILVFKHQ GLH YRUEHVWUDIW ZDUHQ XQG MHW]W LQ GHU %+* DUEHLWHWHQ 8QVHU $SSDUDW OLHI ZLH PDQ VR VFK|Q VDJW DXI YROOHQ 7RXUHQ 0RQWDJ IUK LQIRUPLHUWH LFK GLH $EVFKQLWWVEHYROO PlFKWLJWHQEHUGHQ(LQEUXFK,FKZLOOMDQLFKWEHKDXSWHQ GD‰ DOOH $%9V YRU NULPLQDOLVWLVFKHP (LIHU QXU VR JOKHQ GRFKHVJHK|UWQXQHLQPDO]XU9HUEUHFKHQVEHNlPSIXQJGLH $%9V LQ GLH (UPLWWOXQJVDUEHLW HLQ]XEH]LHKHQ 'LH (UIROJH GHVVDJHQKDIWHQ6FRWODQG
(LQJXWHU$%9ZHL‰JHQDXZDVLQVHLQHP%HUHLFKYRU JHKW ZHU HLQ QRWRULVFKHU 7ULQNHU %XPPOHU 6FKOlJHU =HFKSUHOOHULVWZHUVHLQH0LHWHQLFKWEH]DKOWXQGZHUPLW *HOGSO|W]OLFKQXUVRXPVLFKZLUIW$XIGLHVH.HQQWQLVVH VWW]WH VLFK XQVHUH (UZDUWXQJ ZLU ZROOWHQ GLH *HQRVVHQ DX‰HUGHP DXI GLH DQJHEUDQQWHQ %DQNQRWHQ DXIPHUNVDP PDFKHQVLHDOV9HUEQGHWHJHZLQQHQ ,FKZDUJHUDGHZLHGHULQPHLQHP=LPPHUDOVXQVHU.UL PLQDOWHFKQLNHU /HXWQDQW %UFNQHU PLFK LQ VHLQH %HKDX VXQJ ULHI Ä.RPP PDO *HQRVVH LFK ZLOO GLU HLQH )UHXGH PDFKHQ³ 'LH.ULPLQDOWHFKQLNOHEWEHLXQVLP.HOOHUGRUWNDQQVLH VLFK DXVEUHLWHQ GLH *HQRVVHQ N|QQHQ ([SHULPHQWH PD FKHQXQGVLFKLQLKUHQ'XQNHONDPPHUQYHUVFKDQ]HQ-HW]W YHUVFKDQ]WHQ VLH VLFK QLFKW .RVORZVNL VWDQG QHEHQ %UFNQHU SXW]WH VHLQH JROGJHUDKPWH %ULOOH XQG OlFKHOWH VDQIW Ä:LU KDEHQ GLH 3URILOVSXU GHV 7DWZDJHQV JHVLFKHUW³ VDJWH HU ÄDXV 5DGDEVWDQG XQG $FKVEUHLWH NDQQ PDQ IRO JHUQGD‰HVVLFKXP HLQ ]LHPOLFK VHOWHQHV )DKU]HXJ KDQ GHOW ² HLQHQ :DUWEXUJ/LHIHUZDJHQ PLW .DVWHQDXIEDX VHLQH+HUVWHOOXQJZXUGHEDOGZLHGHUHLQJHVWHOOW³ ,FKVFKZDQNWHHLQHQ0RPHQWRELFKLKQXPDUPHQVROOWH RGHU RE HV JHQJWH LKP GLH +DQG ]X GUFNHQ .HLQH )UDJH GLH -XQJHQV ZDUHQ JUR‰H .ODVVH PDQ NRQQWH VLFK RKQHZHLWHUHVDXIVLHYHUODVVHQ %UFNQHUZROOWHRIIHQEDUYHUKLQGHUQGD‰LFKYRU)UHXGH EHUVFKQDSSWHGHQQHUVDJWHLPVWUHQJHQ.RQMXQNWLYÄ(V N|QQWHVLFKXPHLQHQVROFKHQ:DJHQKDQGHOQ³ ,FK JDE LKP ]X YHUVWHKHQ GD‰ LFK VHLQH (LQVFKUlQNXQJ IU SXUHQ )RUPDOLVPXV KLHOW GDQNWH GHQ WDSIHUHQ .lPS IHUQ QRFK HLQPDO DXVIKUOLFK XQG JLQJ QHLQ UDQQWH GLH

7UHSSHKRFKXP%HUJGLHIURKH%RWVFKDIW]XEHUEULQJHQ ,FK WUDI LKQ GDEHL DQ ZLH HU PL‰PXWLJ GHQ 5DSSRUW GHU 6FKXW]SROL]HL VWXGLHUWH GDUDXI DXV LUJHQGHLQHQ +LQZHLV DXI XQVHUH (LQEUHFKHU ]X ILQGHQ 6HLQH +RIIQXQJHQ HU IOOWHQ VLFK QLFKW GLHVHQ %HULFKW NRQQWHQ ZLU DEKHIWHQ RGHU JOHLFK ]XP 5XPSHOPlQQFKHQ EULQJHQ ,FK NRQQWH %HUJV VFKOHFKWH /DXQH GXUFK GLH 1HXLJNHLW HLQ EL‰FKHQ DXIEHVVHUQ Ä1D GDQQ OD‰ GHQ %HVLW]HU GLHVHV VHOWHQHQ :DJHQV JOHLFKHUPLWWHOQ³ 'DVKDWWHLFKQDWUOLFKVFKRQJHWDQZLHLFKXQVHUH9HU NHKUVSROL]HL NHQQH ZDUHQ GLH VFKRQ GDEHL LKUH .DUWHL GXUFK]XZKOHQ :LU KDWWHQ XQV JHUDGH HLQH =LJDUHWWH DQJHVWHFNW XQG GHU 9HUVXFKXQJ ZLGHUVWDQGHQ GLH %HLQH DXIGHQ7LVFK]XOHJHQDOVGHU/HLWHUGHU9HUNHKUVSROL]HL 2EHUOHXWQDQW +HOPXW 6DVVH SHUV|QOLFK EHL XQV HUVFKLHQ 8QGDXFKHUKDWWHXQVHLQHIUHXGLJH0LWWHLOXQJ]XPDFKHQ HVVFKLHQDOVVHLGLHVHU7DJGHU7DJGHUIUHXGLJHQ0LWWHL OXQJHQ Ä'HQ :DJHQW\S GHQ LKU VXFKW GHQ JLEW HV LQ XQVHUHP6WDGWJHELHWQXUYLHU]HKQPDO³ :LU VDKHQ XQV DQ VR XPZHUIHQG IDQGHQ ZLU GLHVH 0LW WHLOXQJ QXQ DXFK QLFKW ZHQQ HV YLHU JHJHEHQ KlWWH ZlUH XQVZRKOHUJHZHVHQÄ:ROOWLKUVLHDOOHEHUSUIHQ³IUDJWH 6DVVHWHLOQDKPVYROO Ä1DWUOLFK ZLU VROOWHQ QLFKW XQGDQNEDU VHLQ GLH %XU VFKHQ KlWWHQ DXFK HLQHQ .RPEL QHKPHQ N|QQHQ YRQ GHU 6RUWHIDKUHQ+XQGHUWHKLHUUXP³ 6DVVH QLFNWH Ä,FK N|QQWH HXFK ]ZHL 0DQQ ]XU 9HUVWlU NXQJJHEHQ³ %HUJZDUVHKUHLQYHUVWDQGHQPLWGLHVHP$QJHERW Ä6ROOHQPHLQH/HXWHLQ=LYLONRPPHQ"³ Ä1HLQ ZLU VWHFNHQ XQVHUH /HXWH LQ 8QLIRUP GLH hEHU

SUIXQJ VROOWH EHVVHU XQWHU HLQHP 9RUZDQG ODXIHQ VDJHQ ZLU %HWHLOLJXQJ DQ HLQHP 9HUNHKUVXQIDOO GDV LVW XQYHU GlFKWLJ³ 6DVVHVDKPLFKJULQVHQGDQÄ0DOVHKHQZLHGLUGLH8QL IRUPVWHKW³ ,FK VFKUDXEWH PLFK DXV PHLQHP 6HVVHO KRFK Ä(V JLEW EHUKDXSWQLFKWVZDVPLUQLFKWVWHKW³

(LQH 6WXQGH VSlWHU WUDI VLFK GDV 4XDUWHWW EHL %HUJ GHU XQV HLQZHLVHQ ZROOWH :LU ZUGHQ ]X ]ZHLW ORVJHKHQ HLQ .ULPLQDOLVWXQGHLQ9HUNHKUVSROL]LVWLFKVROOWHPHLQ'XHWW PLWHLQHP2EHUZDFKWPHLVWHU.ODXV+XKQVLQJHQ %HUJ PXVWHUWH PLFK XQWHUGUFNWH HLQ /lFKHOQ VDJWH GDQQ Ä*HQRVVH /HXWQDQW GHU 9HUNHKUVVWDE LVW NHLQ 0DU VFKDOOVWDEXQGGLHZHL‰H0W]HNHLQ)DVFKLQJVKXW³ ,FKYHUPXWHHVZDUQDFNWHU1HLGGHQQLFKVDKKHUYRUUD JHQG DXV LQ PHLQHU 8QLIRUP :LU EHNDPHQ )RWRV LQ GLH +DQG JHGUFNW DXI GHQHQ GLH 5HLIHQSURILOH DEJHELOGHW ZDUHQ GLH 9RUGHU XQG +LQWHUUHLIHQ ZLHVHQ PDUNDQWH 8QWHUVFKLHGHDXI Ä(XHU $XIWUDJ LVW HUIOOW³ VDJWH %HUJ ÄZHQQ LKU GHQ :DJHQ ILQGHW ]X GHP GLHVH 5HLIHQ SDVVHQ $OVR GDQQ *HQRVVHQPDFKWHXUH6DFKHJXW³

'HUHUVWHGHPZLUXQVHUH$XIZDUWXQJPDFKWHQZDUGHU 6SRUWDUWLNHOKlQGOHU +HLQULFK %DOOVFKPLHG (U ZDU EHU UDVFKW DOV HU XQV VDK Ä'D ELQ LFK DEHU IURK GD‰ LFK GHQ :DJHQ VRIRUW LQ GLH 5HSDUDWXU JHJHEHQ KDEH HV LVW DOOHV ZLHGHULQ2UGQXQJ³ (UJODXEWHXQVGDPLWORV]XVHLQKDWWHVLFKQDWUOLFKJH LUUW ZLU KDWWHQ HUVW DQJHIDQJHQ ZDUHQ QRFK IULVFK XQG XQWHUQHKPXQJVOXVWLJ $XV HLQHU 7U LP +LQWHUJUXQG NDP

]XHUVW GLH NUlIWLJH 6WLPPH GHU *DWWLQ GDQQ GLH NUlIWLJH *DWWLQVHOEVW Ä$EHU ELWWH GLH +HUUHQ GRFK KHUHLQ YLHOOHLFKW HLQ 7l‰ FKHQ.DIIHHGLH+HUUHQ³ 8QV ZDU QLFKW QDFK 6LW]HQ 3ODXGHUQ XQG .DIIHHWULQNHQ ]XPXWH ZLU ZROOWHQ LQ GLH *DUDJH XQG GDUDQ KLHOWHQ ZLU IHVW 'RFK DXV LUJHQGHLQHP *UXQGH ZROOWH %DOOVFKPLHG XQV GD QLFKW KHUHLQODVVHQ 1DFKGHP HU VLFK PLW HLQHP VFKQHOOHQ%OLFNGDYRQEHU]HXJWKDWWHGD‰LFKPHKU6WHU QH DXI PHLQHQ 6FKXOWHUVWFNHQ WUXJ DOV PHLQ %HJOHLWHU UHLFKWH HU PLU HLQ %QGHO 3DSLHU GDV VLFK DOV HLQH 5HFK QXQJGHVYRONVHLJHQHQ.,%HQWSXSSWH ÄgIIQHQ GHU 0RWRUKDXEH  0 6FKOLH‰HQ GHU 0RWRU KDXEH  0 5HJOHU HLQVWHOOHQ  0 6FKHLQZHUIHU HLQVWHOOHQ0³ODVLFKPLW9HUZXQGHUXQJ(LQDXWROR VHU0HQVFKZLHLFKNRPPWMDQLFKWLQGHQ*HQX‰GHQ.,% DXIVXFKHQ]XGUIHQ,FKJDE%DOOVFKPLHGGDV3DSLHUEQ GHO ]XUFN Ä1D MD GDQQ VHKHQ ZLU XQV GHQ :DJHQ GRFK PDODQ³ %DOOVFKPLHG VFKWWHOWH GHQ .RSI EHU VR YLHO 6WXUKHLW LFK VDK LKP DQ ZDV HU EHU XQV GDFKWH :RUWORV ]RJ HU VHLQHQEODXHQ.LWWHODXVXQGVHLQ-DFNHWWDQ$XIGHP:HJ ]XU*DUDJH HUIXKUHQZLUZDVLKPSDVVLHUWZDUDP6WDGW UDQGYRQ'UHVGHQZDUHULQHLQH$ONRKRONRQWUROOHJHUDWHQ GLH ]ZDU QHJDWLY YHUOLHI EHL GHU DEHU IHVWJHVWHOOW ZXUGH GD‰GLH6FKHLQZHUIHUVHLQHV:DJHQVQLFKWH[DNWHLQJHVWHOOW ZDUHQ Ä6FKQHOOHU JLQJ HV QLFKW LFK ZX‰WH MD QLFKW GD‰ 6LH VR EDOGNRQWUROOLHUHQNRPPHQ³ ,Q GHU *DUDJH ZXUGH XQV NODU ZDUXP XQV %DOOVFKPLHG QLFKWKLQHLQODVVHQZROOWHVLHZDUYROOJHSIURSIWPLW=HOWHQ %RRWHQ&DPSLQJP|EHOQ.LVWHQXQG.DVWHQ*DQ]JHZL‰

ZDUGDVJHJHQLUJHQGHLQH%HVWLPPXQJ /HLGHUNRQQWHLFK GHP 0DQQ QLFKW VDJHQ ZLH JOHLFKJOWLJ PLU VHLQH 6FKHLQZHUIHUXQGVHLQH]XP/DJHUXPIXQNWLRQLHUWH*DUD JH ZDUHQ :LU EHU]HXJWHQ XQV GDYRQ GD‰ VHLQ :DJHQ QLFKW GHU YRQ XQV JHVXFKWH ZDU GDQNWHQ JU‰WHQ XQG JLQJHQ ,P 9(% *DUWHQEDX ZDU GLH .RQWUROOH HLQ .LQGHUVSLHO GHU :DJHQ GHV JHVXFKWHQ 7\SV EHIDQG VLFK VHLW GUHL 0R QDWHQ LQ (UIXUW DXI GHU ,*$ =ZDU EHXJWHQ ZLU XQV GHU ]ZLQJHQGHQ/RJLNGD‰HLQ:DJHQGHULQ(UIXUWLVWQLFKW DXFK LQ *XWHQKRI VHLQ NDQQ GRFK EDWHQ ZLU WURW]GHP XQVHUH *HQRVVHQ LQ (UIXUW HLQH hEHUSUIXQJ YRU]XQHK PHQ %HLP)OLHVHQOHJHU ,QVWDOODWHXU)UDQ].ORVHYHUOLHIGLH hEHUSUIXQJ UHLEXQJVORV 'DV (KHSDDU KDWWH VLFK ]XU 7DW]HLWPLWGHP:DJHQDXIHLQHU$XVODQGVUHLVHEHIXQGHQ 'UHL :DJHQ NRQQWHQ ZLU DEKDNHQ ZHQQ GDV VR ZHLWHU JLQJVDKHQZLUDP$EHQGDOWXQGJUDXDXV8QVHUQlFKVWHU .XQGH ZDU HLQ %DXLQJHQLHXU QDPHQV )UHG %LWWQHU HU ZRKQWH DP 5DQGH GHU 6WDGW LQ HLQHP NOHLQHQ +DXV GDV PDQRKQHZHLWHUHVDXFKDOV9LOODKlWWHEH]HLFKQHQN|QQHQ 'LH )UDX NDP XQV DXI GHP VDQGVWHLQIDUEHQHQ 3ODWWHQZHJ HQWJHJHQJHIODWWHUW GHU $QEOLFN GHU 8QLIRUPHQ VFKLHQ VLH ]XYHUZLUUHQ Ä8P+LPPHOVZLOOHQLVWZDVSDVVLHUW"³ ,KU(UVFKUHFNHQNUlQNWHPLFK Ä1XQ MD³ VDJWH VLH VLFK EHVLQQHQG ÄPDQ K|UW MHW]W VR YLHOYRQ8QIlOOHQ³ ,FK YHU]LHK LKU Ä:LU VXFKHQ HLQHQ 8QIDOO]HXJHQ UHLQH 5RXWLQHVDFKH :DU ,KU 0DQQ )UHLWDJ RGHU 6RQQDEHQG PLW GHP:DJHQXQWHUZHJV"³ 6LHQLFNWHHLIULJZLHHLQ0HQVFKGHUQLFKWV]XYHUEHUJHQ

KDWÄ(UZDUEHLVHLQHU6FKZHVWHULQ%HUQVGRUI(LJHQWOLFK KDWWH HU DP $EHQG ]XUFN VHLQ ZROOHQ GRFK EHL GHP 1HEHOZLHOHLFKWNDQQZDVSDVVLHUHQ³ :LU JLQJHQ DP +DXV HQWODQJ EHU HLQHQ +RI GHQ GLH JXWH)UDXRIIHQVLFKWOLFKMHGHQ0RUJHQPLWGHP6WDXEVDX JHU KHLPVXFKWH YRUEHL DQ %OXPHQEHHWHQ DQ GHQHQ DOOHV VWLPPWH GHU 'XIW GLH )DUEHQ GLH %LHQHQ GLH JHQDX DEJHVWLPPWHQ*U|‰HQGHUJHORFNHUWHXQNUDXWIUHLH%RGHQ :LU JLQJHQ DXI HLQHQ 7UDNW ]X LQ GHP VLFK *DUDJH :DVFKNFKH:HUNVWDWWXQGDQGHUH5lXPOLFKNHLWHQEHIDQ GHQ $XIGHP:HJGXUFK2UGQXQJ:RKOVWDQGXQG8QDQWDVW EDUNHLW VDJWH GHU *HQRVVH .ODXV +XKQ Ä$P )UHLWDJ ZDU NHLQ1HEHOLQGHUJDQ]HQ5HSXEOLNZDUNHLQ1HEHO³ Ä0DFKNHLQHQ0LVW³ Ä:LU EHNRPPHQ ]ZHLPDO DP 7DJ :HWWHU XQG 6WUD‰HQ ]XVWDQGVEHULFKWHZHQQ1HEHOJHPHOGHWZLUGMDJWXQVGHU $OWHVRIRUWDXIGLH6WUD‰H³ Ä'D VLHK GLU GRFK GLHVHQ %DXLQJHQLHXU DQ GDV LVW YLHO OHLFKWHLQ)UFKWFKHQ³ .ODXV+XKQQLFNWHIULKQZDUGDVDOOHVQHXXQGDXIUH JHQG 8QG LFK ZDU JDQ] IURK VR HLQHQ IL[HQ -XQJHQ EHL PLU]XKDEHQ 'HU %DXLQJHQLHXU ZDU HLQ EORQGHU 6FKRQXQJ JUR‰ EUHLWH 6FKXOWHUQ VFKPDOH 7DLOOH XQG NHLQ %DXFK HU ZDU EUDXQJHEUDQQWVHLQH=lKQHOHXFKWHWHQHOIHQEHLQIDUEHQ(U VDJWH VROFKH 6lW]H ZLH Ä%LWWH NRPPHQ 6LH QHLQ 6LH VW|UHQ PLFK EHUKDXSW QLFKW DEHU QHLQ PDFKHQ 6LH VLFK NHLQH6RUJHQ³REZRKOHUGRFKQRFKJDUQLFKWZX‰WHZDV ZLUYRQLKPZROOWHQ(UVFKDOWHWHGDV/LFKWLQGHU*DUDJH HLQ GDPLW ZLU XQV VHLQHQ :DJHQ YRQ DOOHQ (FNHQ XQG .DQWHQ REHQ XQG XQWHQ EHJXFNHQ NRQQWHQ (U VDK XQV

VFKZHLJHQG]X Ä6LHVLQGHLQYRUVLFKWLJHU0HQVFKEHL1HEHOIDKUHQ6LH QLFKW³,FKVDKLKPGLUHNWLQVHLQHEODXHQ$XJHQ(UEHU ]HXJWHVLFKGD‰VHLQH*DWWLQQLFKWJHUDGHGLH)OLHVHQYRU GHU*DUDJHEODQNSROLHUWHGDQQQDQQWHHUXQVGHQ1DPHQ GHV 0lGFKHQV PLW GHP HU GLH 1DFKW ]XVDPPHQJHZHVHQ ZDU :LU ZUGHQ GDV 0lGFKHQ EHUSUIHQ DEHU VRYLHO VWDQG VFKRQ IHVW VHLQ :DJHQ ZDU HV QLFKW PLW GHP GHU (LQEUXFK EHJDQJHQ ZRUGHQ ZDU :LU YHUDEVFKLHGHWHQ XQV VFKZXQJORV Ä6FKDGH³ VDJWH .ODXV +XKQ ÄLFK GDFKWH ZLU KlWWHQ LKQ³ ,FKQLFNWH Ä*DQ]VFK|QPKHYROOHXUH$UEHLW³ $XFKGDUDXINRQQWHLFKQXUQLFNHQ Ä(V ZLUG HLQHP QLFKWV JHVFKHQNW³ VDJWH LFK XQG ZXQ GHUWHPLFK]XZHOFKHQ3ODWWKHLWHQLFKIlKLJZDU :LUKDNWHQGHQIQIWHQDEVXFKWHQGLHVHFKVWH$GUHVVH 'HU 0DQQ KLH‰ +HUUPDQQ /XW] XQG ZDU 5DXPJHVWDOWHU YLHOOHLFKW ZDU HU DXFK QXU 7LVFKOHU GDQQ VLFKHU HLQ JXWHU 7LVFKOHU /XW] ZRKQWH LQ GHU 'UDFKKDXVHQHU 6WUD‰H ZDV VRYLHO KLH‰ GD‰ ZLU YRQ HLQHP (QGH GHU 6WDGW DQ GDV DQGHUH (QGH ]X WLSSHOQ KDWWHQ ,FK NDQQ QLFKW VDJHQ GD‰ XQVGDVVHKUIU|KOLFKPDFKWH 9LHOOHLFKWKDWWHGHU$OWHVFKOHFKWH(UIDKUXQJHQPLW0HQ VFKHQ DOOJHPHLQ XQG PLW 8QLIRUPLHUWHQ LP EHVRQGHUHQ JHPDFKW GHQQ HU NDP XQV lX‰HUVW PL‰WUDXLVFK XQG PU ULVFKHQWJHJHQ6HLQ6RKQ-UJHQ7HLOKDEHUGHV$OWHQZDU VFKRQ IUHXQGOLFKHU ,FK QDKP GHP $OWHQ GDV *HEUXPPH QLFKW NUXPP ZHQQ LFK JHUDGH GDEHL ZlUH 6FKOHXGHUNl VWHQ ]X ]LPPHUQ ZUGH PLFK HLQH 6W|UXQJ DXFK QLFKW LQ GLHEHVWH/DXQHYHUVHW]HQ

Ä:R]XZROOHQ6LHGHQ:DJHQVHKHQPHLQ6RKQKDWLKQ JHZDVFKHQgOJHZHFKVHOWGHU:DJHQVROO]XUWHFKQLVFKHQ hEHUSUIXQJ ZLU ZROOHQ LKQ YHUNDXIHQ HV LVW QLHPDQG GDPLWJHIDKUHQGDVP‰WHLFKVFKOLH‰OLFKZLVVHQ³ Ä:DQQKDEHQ6LHLKQJHZDVFKHQ"³ Ä)UHLWDJ³ULHI-UJHQGHUJHJHQXQVHU$XIWDXFKHQQLFKWV ]XKDEHQVFKLHQ Ä'DK|UHQ6LHHVGRFK³EUXPPWHGHU$OWH :LUPDFKWHQLKPNODUGD‰ZLUDXIXQVHUHU%LWWHEHVWHKHQ P‰WHQHUIJWHVLFKVWHOOWHGLH0DVFKLQHDEXQGJLQJPLW XQVLQGLH*DUDJHGLHYLHOOHLFKWKXQGHUW0HWHUZHLWHUODJ 'HU:DJHQEHIDQGVLFKWDWVlFKOLFKDXIGHP*DUDJHQKRI QXU ZDU HU QLFKW VDXEHU VRQGHUQ ]LHPOLFK YHUGUHFNW ,FK ]RJ PLW GHP =HLJHILQJHU HLQH 6SXU GXUFK GHQ 6WDXE DXI GHU7UÄ1DD"³ +HUU /XW] ZDU YHUEOIIW HU VSLHOWH QLFKW HU ZDU NHLQHU GHUVSLHOHQNRQQWH Ä'DVYHUVWHKHLFKQLFKW³ Ä(LQH6FKZDU]IDKUW"³ Ä-UJHQQHLQGDVPDFKWHUQLFKWPHKU³ Ä1LFKWPHKU"³ 'HU $OWH ZDU DXV GHP .RQ]HSW JHNRPPHQ IKOWH VLFK HLQZHQLJVFKXOGEHZX‰W Ä(UKDWIUKHUHLQH-D]]WUXSSHGXUFKGLH'|UIHUJHIDKUHQ UHLQH*HIlOOLJNHLWELVKRFKQDFK%HUQDXJLQJPLWXQWHUGLH 7RXURKQHGD‰HUDXFKQXUHLQHQ*URVFKHQGDIUEHNRP PHQKlWWH,FKKDEHVLKPVWULNWYHUERWHQ³ Ä9LHOOHLFKWZDUHUGRFKQRFKPDO"³ 'DVEHVWULWWGHU$OWHGRFKVRYLHOPX‰WHHUHLQVHKHQYRQ DOOHLQZDUGHU'UHFNQLFKWDQGHQ:DJHQJHNRPPHQ :lKUHQGLFKPLFKPLWLKPXQWHUKLHOWSUIWH.ODXV+XKQ GLH 5HLIHQ HU ZXUGH LPPHU DXIJHUHJWHU PDFKWH PLU =HL

FKHQ EHGHXWXQJVYROOH *HVWHQ 'HU $OWH EHNDP QLFKWV GDYRQ PLW HUVW DOV ZLU DQILQJHQ GLH 5HLIHQSURILOH ]X IRWRJUDILHUHQZXUGHHUVWXW]LJÄ,VWZDV"³ Ä1D MD YLHOOHLFKW XQWHUKDOWHQ ZLU XQV EHVVHU DXI GHU 'LHQVWVWHOOH³ (UEHJULIIQLFKWHUEHJULIIGLH:HOWKHXWEHUKDXSWQLFKW (U ZLVFKWH EHU GLH 5FNOHXFKWH EHWUDFKWHWH VHLQH VFKPXW]LJH +DQG Ä'HU -XQJH KDW LKQ WDWVlFKOLFK QLFKW JHZDVFKHQ³

%HUJVDKPLFKVNHSWLVFKDQDOVLFKLKPVDJWHZLUKlWWHQ GDV 7DWIDKU]HXJ XQG GLH 7lWHU VLH Vl‰HQ LP .RUULGRU DXI GHU%DQNÄ9DWHUXQG6RKQGLH6DFKHLVWJDQ]HLQGHXWLJ³ %HUJJLQJEHUGHQ.RUULGRUNDP]XUFNÄ$OVRGDKDE LFKGRFKVRPHLQH=ZHLIHO³

,FKIDQGLKQVHKUXQGDQNEDUÄ6LHVHKHQJDQ]VHUL|VDXV DEHUZDVNDQQLFKGDIUZDQQVLHKWHLQ9HUEUHFKHUVFKRQ ZLHHLQ9HUEUHFKHUDXV³ Ä,VWGDVDXFKZLUNOLFKGDV7DWIDKU]HXJ"³ 8QVHU /DERU KDWWH LQ]ZLVFKHQ GLH )RWRV HQWZLFNHOW GLH ZLU YRQ GHQ 3URILOHQ JHPDFKW KDWWHQ 'DV 6FKUlJPXVWHU YRP OLQNHQ 9RUGHUUDG VWLPPWH PLW GHP 2ULJLQDO EHUHLQ DXFK GDV 6WROOHQSURILO YRQ KLQWHQ OLQNV VRZLH GDV 5LIIHO PXVWHU YRQ KLQWHQ UHFKWV ZDUHQ LGHQWLVFK HV JDE EHU KDXSW QLFKWV ZDV QLFKW EHUHLQJHVWLPPW KlWWH 6R YLHOH =XIlOOH GDV PX‰WH VHOEVW %HUJ ]XJHEHQ NRQQWH HV QLFKW JHEHQ Ä1DJXW³HUKREHQGOLFKGHQ%OLFNYRQGHQ)RWRVÄGDQQ VFKLFNPDOJOHLFKHLQHQ.ULPLQDOWHFKQLNHUUDXVHUVROOGHQ :DJHQ QDFK )LQJHUDEGUFNHQ XQWHUVXFKHQ %OXWVSXUHQ )DVHUVSXUHQ=LJDUHWWHQNLSSHQLQ]ZLVFKHQXQWHUKDOWHQZLU XQV PLW GHP 3DDU GX QLPPVW GLU GHQ $OWHQ YRU LFK UHGH PLWGHP-XQJHQ³ +HUUPDQQ /XW] ZDU LQ]ZLVFKHQ UXKLJHU JHZRUGHQ HU PRFKWH HLQJHVHKHQ KDEHQ GD‰ ZLU XQV NHLQHQ 6SD‰ PLW LKPHUODXEHQZROOWHQ1DFKNQDSSHLQHU6WXQGHVWDQGIHVW GD‰+HUUPDQQ/XW]QLFKWVPLWGHP(LQEUXFK]XWXQKDEHQ NRQQWH HU KDWWH HLQ $OLEL GDV YRQ VHFKV HKUHQZHUWHQ /HXWHQ EHVWlWLJW ZHUGHQ NRQQWH ,FK HUIRUVFKWH PLFK ELV DXIGHQ*UXQGPHLQHV+HU]HQVVWHOOWHIHVWGD‰LFKQLHVR UHFKW GDUDQ JHJODXEW KDWWH GD‰ GHU $OWH GHQ (LQEUXFK EHJDQJHQKDEHQN|QQWH 0HLQ &KHI EUDXFKWH HWZD GLH JOHLFKH =HLW XP IHVW]X VWHOOHQGD‰DXFKGHUMXQJH/XW]QLFKWVPLWGHP(LQEUXFK ]XWXQKDWWH(UKDWWHVLFK]XU7DW]HLWPLWVHLQHP0lGFKHQ XQG GHU %ULJDGH GHV 0lGFKHQV DXI HLQHP $XVIOXJ LP 6SUHHZDOGEHIXQGHQ

'HQDXINRPPHQGHQ=ZHLIHOGD‰HVVLFKEHLGHP)DKU ]HXJ GRFK QLFKW XP GDV 7DWIDKU]HXJ KDQGHOQ N|QQWH ]HUVWUHXWH *HQRVVH %UFNQHU HU NDP YRQ VHLQHQ 5HFKHU FKHQ]XUFNXQGOHJWHHLQLJH%HZHLVVWFNHDXIGHQ7LVFK GLH'HFNHPLWGHUZDKUVFKHLQOLFKGDV)HQVWHULP.DVVHQ UDXPYHUKlQJWZRUGHQZDUHLQH=DQJHPLWGHP3UlJH]HL FKHQ GHV $OWPHWDOOYHUDUEHLWXQJVEHWULHEHV VRZLH %OXWVSX UHQDP6DQLWlWVNDVWHQ %HUJ GLH EHLGHQ /XW] XQG LFK EUDFKHQ DXI XP XQV GHQ :DJHQQRFKHLQPDOJHQDXHUDQ]XVHKHQ8QWHUZHJVIUDJWH LFK-UJHQ/XW]REHUGHQ.LORPHWHUVWDQGQRWLHUWKlWWH Ä-D QDWUOLFK YRU GHU 'XUFKVLFKW PX‰ PDQ GDV ZRKO PDFKHQ³ +LQWHU HLQ .DEHO ZDU HLQ 6WFN 3DSLHU JHNOHPPW GDV KROWHHUKHUDXVVWDQGGDUDXI,Q%UFNQHUV%HULFKW ZDU GHU .LORPHWHUVWDQG PLW   DQJHJHEHQ GDV VWLPPWHIDVWDXIGHQ.LORPHWHUJHQDXHV ZDUGLH6WUHFNH YRP*DUDJHQKRIELV]XP%+*XQG]XUFN Ä6HW]HQ 6LH VLFK PDO DQV 6WHXHU³ VDJWH %HUJ ]X GHP -XQJHQ Ä6R N|QQWH LFK QLFKW IDKUHQ GHU 6LW] LVW QDFK KLQWHQYHUVFKREHQ³ %HUJPRFKWHHWZDVbKQOLFKHV HUZDUWHWKDEHQÄ8QGGHU 5FNVSLHJHO"³ Ä,FKVHKQLFKWV³ Ä)DVVHQ6LHLKQQLFKWDQYLHOOHLFKWILQGHQZLU)LQJHUDE GUFNH³ %HUJVFKLFNWHGLHEHLGHQ/XW]QDFK+DXVH

8QVHUH %LODQ] VDK QLFKW EHVRQGHUV JXW DXV :HU KDWWH VLFK /XW]å :DJHQ JHKROW ZHOFKHU 3HUVRQHQNUHLV NDP LQ )UDJH XQG ZLH NRQQWHQ ZLU DQ GLH /HXWH KHUDQNRPPHQ" :lKUHQG ZLU XQV HLQH 9HUVLRQ ]XUHFKWOHJWHQ NDP GHU

'LHQVWKDEHQGH XQG EUDFKWH HLQHQ 6WDSHO 0HOGXQJHQ EHU EUDQGIOHFNLJH %DQNQRWHQ 0LW GLHVHP 0DVVHQDXIJHERW KDWWHQZLUQLFKWJHUHFKQHW]QGHWHQVLFKGLH/HXWHQHXHU GLQJVLKUH=LJDUHWWHQPLW%DQNQRWHQDQ" :LU PDFKWHQ XQV GDUDQ GLH 0HOGXQJHQ ]X VRUWLHUHQ ZREHL XQV QXU MHQH LQWHUHVVLHUWHQ GLH YRQ %DQNQRWHQ VSUDFKHQ ZHOFKH %UDQGIOHFNHQ DP 5DQGH KDWWHQ hEULJ EOLHEHLQH0LWWHLOXQJDXVGHP+&:DUHQKDXVLQGHPGUHL )QI]LJPDUNVFKHLQHDXIJHWDXFKWZDUHQ Ä1D ELWWH GD KDEHQ ZLU HLQH 6SXU DP EHVWHQ GX JHKVW JOHLFKPRUJHQKLQXQGJXFNVWGLFKHLQEL‰FKHQXP³ Ä8QGIUKHXWHKDVWGXJDUQLFKWVPHKUIUPLFKNHLQHQ %HULFKWNHLQHQ$XIWUDJNHLQH%HIUDJXQJJDUQLFKWV"³ Ä,FKJ|QQGLUHLQHQIUHLHQ$EHQGDX‰HUGHPLVWHVVFKRQ KDOEHOIOHJGLFKKLQXQGVFKODIGLFKPDOULFKWLJDXV³ 'DV+2:DUHQKDXVLVWHLQHGHUGUHL3HUOHQXQVHUHUNOHL QHQ 6WDGW ZHQQ %HVXFK NRPPW IKUW PDQ LKQ ]X GHQ NOHLQHQ $IIHQ LP 7LHUSDUN ]HLJW LKP GDV 6WDGWWKHDWHU LP UHLQVWHQ-XJHQGVWLO XQG SURPHQLHUW YRU GHQ 6FKDXIHQVWHUQ GHV:DUHQKDXVHV 'LH +DXSWNDVVLHUHULQ HLQH )UDX XP GLH )QI]LJ KLH‰ 0DUJDUHWKH %RGHQZDOG XQG PDFKWH GHQ (LQGUXFN DOV N|QQWH PDQ LKU RKQH %HGHQNHQ GDV 9HUP|JHQ GHU 5HSX EOLN DQYHUWUDXHQ 6LH KlQGLJWH PLU GLH GUHL )QI]LJPDUN VFKHLQHDXVYRQGHQHQZLUDQQDKPHQRGHUEHVVHUJHVDJW KRIIWHQ GD‰ HV VLFK XP GDV *HOG DXV GHP (LQEUXFK KDQ GHOWH 0DUJDUHWKH %RGHQZDOG QDQQWH PLU GLH GUHL $EWHL OXQJHQLQGHQHQGDV*HOGDXIJHWDXFKWZDU 'LH 0lGFKHQ DQ GHQ .DVVHQ GHU /HEHQVPLWWHODEWHLOXQJ ODFKWHQPLFKDXVDOVLFKVLHIUDJWHREVLHZ‰WHQZLHGHU 0HQVFK DXVVDK GHU PLW GLHVHQ DQJHEUDQQWHQ 6FKHLQHQ

EH]DKOWKDWWH Ä6HW]HQ 6LH VLFK PDO KLQWHU GLH .DVVH XQG IHUWLJHQ HLQ SDDU KXQGHUW .XQGHQ DE³ 8QG HLQH DQGHUH )UDX VDJWH Ä:LUJXFNHQGHQ.XQGHQQLFKWVLQV*HVLFKWZLUVLQGIURK ZHQQGDV*HOGVWLPPW³ (LQHlOWHUH)UDXGLHYLHOOHLFKWHLQZHQLJ0LWOHLGPLWPLU KDWWH JDE PLU GHQ 5DW PLFK DQ GLH %OXPHQDEWHLOXQJ ]X ZHQGHQ GRUW VHL QLH VRYLHO %HWULHE Ä9LHOOHLFKW NDQQ VLFK GLH.ROOHJLQHULQQHUQ³ 'LH9HUNlXIHULQDP%OXPHQVWDQGNRQQWHVLFKQLFKWHULQ QHUQ VLH ZDU HLQ VDQIWHV QHWWHV 0lGFKHQ XQG KlWWH PLU VLFKHUJHUQJHKROIHQ,FKZROOWHPLFKVFKRQ]XUFN]LHKHQ DOV VLH SO|W]OLFK IUDJWH Ä:DQQ VROO GDV JHZHVHQ VHLQ DP 9RUPLWWDJRGHU1DFKPLWWDJ"³ Ä'DV NDQQ VRZRKO DP 9RUPLWWDJ DOV DXFK DP 1DFKPLW WDJJHZHVHQVHLQ³ Ä'DQQ VROOWHQ VLH PHLQH .ROOHJLQ $QQH 2KODQG IUDJHQ GLHKDWPLFKDP9RUPLWWDJKLHUYHUWUHWHQ³ Ä8QGZRILQGHLFK,KUH.ROOHJLQ"³ Ä6SLHOZDUHQDEWHLOXQJ]ZHLWH(WDJH³

'HU$XIVWLHJORKQWHVLFK$QQH2KODQGZDUQLFKWQXUHLQ KEVFKHV 0lGFKHQ VLH NRQQWH PLU DXFK VDJHQ ZHU PLW GHP EHZX‰WHQ *HOG EH]DKOW KDWWH (V ZDU HLQH ]LHPOLFK YDJH %HVFKUHLEXQJ DEHU EHVVHU VR HLQH DOV JDU NHLQH 'HPQDFKZDUHVHLQ0DQQXPGLH)QIXQG]ZDQ]LJHWZD KXQGHUIQIXQGVLHE]LJ =HQWLPHWHU JUR‰ HU WUXJ -HDQVKR VHQHLQNDULHUWHV+HPGGHVVHQ)DUEHJUQRGHUVRlKQOLFK ZDU hEHUVRHLQH3HUVRQHQEHVFKUHLEXQJIUHXWVLFKMHGHU.UL PLQDOLVWVLHSD‰WXQJHIlKUDXIHLQ'ULWWHOGHU0HQVFKKHLW HLQVFKOLH‰OLFKLKQVHOEVW2EZRKOHVVFKLHQGD‰GDV0lG

FKHQDOOHVJHVDJWKDWWHZDVVLHEHUGHQ%XUVFKHQZX‰WH EOLHE LFK EHL LKU VWHKHQ ,FK VDK LKU ]X ZHQQ VLH .XQGHQ EHGLHQWH XQG ZHQQ VLH NHLQH .XQGHQ ]X EHGLHQHQ KDWWH IUDJWHXQGERKUWHLFKZHLWHU(VPDFKWH6SD‰VLHDQ]XVH KHQ LKUH 6WLPPH ]X K|UHQ GDV $XIOHXFKWHQ LKUHU EODXHQ $XJHQ ]X HUOHEHQ GLH %HZHJXQJHQ LKUHV 0XQGHV ]X EHREDFKWHQ (WZD QDFK GHU +lOIWH PHLQHU :DUWH]HLW VDJWH GLHVHV EH PHUNHQVZHUWH 0lGFKHQ Ä-HW]W IlOOW PLU DXFK HLQ ZDV HU JHNDXIW KDW ]ZHL ZHL‰H 2UFKLGHHQ HLJHQWOLFK KDWWH HU 5RVHQ KDEHQ ZROOHQ URWH 5RVHQ DEHU GDQQ QDKP HU GLH 2UFKLGHHQZHLOQLFKWVDQGHUHVGDZDU³ 1LFKWGD‰GLHVH $XVVDJH QXQ GLH HQWVFKHLGHQGH :HQGH JHEUDFKWKlWWHDEHUVLH]HLJWHPLUZLHJHZLVVHQKDIWGLHVH $QQH 2KODQG DXVVDJWH XQG ZLH VHKU VLH EHPKW ZDU PLU ]XKHOIHQ Ä'LH 2UFKLGHHQ ZDUHQ QLFKW PHKU JDQ] IULVFK HU QDKP VLHWURW]GHPDOVRPX‰HUVLHGRFKJHEUDXFKWKDEHQ³ (LQHHUIUHXOLFKH/RJLNLFKKDWWH*OFNDXIVRHLQHNOX JH =HXJLQ JHWURIIHQ ]X VHLQ XQG XQWHUGUFNWH GLH )UDJH REVLHGHQ.XQGHQDXIGHQGHVRODWHQ=XVWDQGGHU%OXPHQ DXIPHUNVDP JHPDFKW KDEH (LQHQ 0HQVFKHQ GHQ PDQ VRHEHQ LQ VHLQ +HU] JHVFKORVVHQ KDW EULQJW PDQ GXUFK GXPPH)UDJHQQLFKWLQ9HUOHJHQKHLW Ä.|QQWHLFK6LHZRKOIUHLQHNQDSSH6WXQGHHQWIKUHQ³ IUDJWHLFKGDVVFK|QHNOXJH.LQG Ä,FK ZHL‰ QLFKW LFK ELQ KLHU DQJHVWHOOW XQG NDQQ QLFKW HLQIDFKVRZHJODXIHQ³ ,FKPDFKWHVLHGDUDXIDXIPHUNVDPGD‰HLQWUHXHU%UJHU VHLQHV/DQGHVGHQ(UPLWWOXQJVRUJDQHQEHLGHU$XINOlUXQJ HLQHV VFKZHUHQ 9HUEUHFKHQV XQEHGLQJW EHKLOIOLFK VHLQ VROOWH

6LH ODFKWH Ä1D JXW LFK VSUHFK PLW GHP $EWHLOXQJVOHL WHU³6LH]RJVLFK]XUFNQDFKHLQHU9LHUWHOVWXQGHWDXFKWH VLH ZLHGHU DXI XQG KDWWH VLFK LQ HLQH HOHJDQWH 'DPH YHU ZDQGHOW 6LH WUXJ HLQ YHLOFKHQEODXHV -lFNFKHQ HLQHQ ZHL‰HQ5RFNZHL‰H3XPSVHLQHZHL‰H7DVFKH:HQQLFK EHUKDXSW ZDV YRQ 0RGH YHUVWHKHQ VROOWH VR PX‰ LFK VDJHQ VLH ZDU PRGHUQ DQJH]RJHQ ,FK IKOWH PLFK XQJH KHXHUHUKDEHQPLWLKUGXUFKGLH 6WDGW ]X SLOJHUQ XQG KLQ XQGZLHGHULQLKUHEODXHQ$XJHQVHKHQ]XN|QQHQ1DWU OLFKZlUHLFKPLWLKUYLHOOLHEHULQHLQNOHLQHV&DIHJHJDQ JHQ KlWWH 6DKQHW|UWFKHQ XQG .LUVFKOLN|U EHVWHOOW XQG ]XJHVHKHQZLHVLHDQLKUHQ/|FNFKHQ]XSIWHRGHU/LSSHQ VWLIW DXIWUXJ VWDWW LQ XQVHU |GHV WULVWHV 93.$ LQ GHP HV QXU$NWHQJDEXQG9RUJlQJHXQGbUJHUXQG]LHPOLFKYLHO $UEHLW ,FK IUFKWHWH GLH .KOH XQG *HVFKlIWLJNHLW GHV +DXVHV

ZUGHVLFKQHJDWLYDXIVLHDXVZLUNHQLKUH8QEHNPPHUW KHLW N|QQWH 6FKDGHQ QHKPHQ ,FK YHUVXFKWH LKU PLW IUHXQGOLFKHQ:RUWHQ]XHUNOlUHQZDVVLHGRUWHUZDUWHWH Ä1DFK ,KUHQ $QJDEHQ ZLUG XQVHU ([SHUWH HLQH =HLFK QXQJ DQIHUWLJHQ GLH ZLUG GDQQ YHUYLHOIlOWLJW XQG EHYRU QRFKGHU0DQQVHLQHQ0RUJHQNDIIHHJHWUXQNHQKDWKDEHQ ZLULKQ³ 0HLQH 6FKLOGHUXQJ EHJHLVWHUWH VLH Ä,FK KDE PLU LPPHU VFKRQPDOJHZQVFKWHLQHQ.ULPLQDOIDOODXVGHU1lKH]X EHWUDFKWHQVROFKH'LQJHNHQQWPDQMDQXU DXVGHP)HUQ VHKQ³ 'DUDXIVDJWHLFKLKUHVVROOWHDXFKVREOHLEHQLKUH/DX WHUNHLW)UHXQGOLFKNHLWZUGHQLHLQHLQH:HOWYRQ+LQWHU KlOWLJNHLWXQG /JH SDVVHQ 'D HUU|WHWH VLH VDQIW XQG LFK EHUOHJWHZDVLFKLKUQRFKVDJHQN|QQWHGDPLWVLHZLHGHU HUU|WHWH $XIGHU7UHSSHWUDIHQZLU%HUJHUEOLFNWHPLFKIUDJHQG DQVDJWHDEHUQLFKWV 'DV 3RUWUlW GDV XQVHU ([SHUWH ]HLFKQHWH ZDU GDV %LOG HLQHVKDJHUHQ%XUVFKHQPLWOlQJOLFKHU1DVHXQGVFKPDOHQ /LSSHQGLH6WLUQKRFK+DDUHLP$QVDW]GLFKWDEHUQLFKW ODQJHKHUPRGLVFKNXU]DXIGHPUHFKWHQ:DQJHQNQRFKHQ HLQ3QNWFKHQZDVHLQH$UW0XWWHUPDOVHLQVROOWH ,FK OHJWH %HUJ GLH =HLFKQXQJ YRU HU ZXUGH VNHSWLVFK Ä.DQQ VLFK GDV 0lGFKHQ ZLUNOLFK VR JXW DQ GHQ 0DQQ HULQQHUQ RGHU ZDU GD HLQ EL‰FKHQ ]X YLHO JXWHU :LOOH GDEHL"³ 6WDWWHLQHU$QWZRUW JDELFKLKPHLQH ]ZHLWH =HLFKQXQJ GLHDXFKQDFK$QQHV $QJDEHQ JHIHUWLJW ZRUGHQ ZDU GDU DXIZDUHU%HUJ]XHUNHQQHQ (UJLQJKRFKÄ:LOOVWGXGLUHLQHQ9HUZHLVHLQKDQGHOQ"³ Ä6LHKDWGLFKJHQDX]ZDQ]LJ6HNXQGHQJHVHKHQLFKILQGH

VLHKDWHLQHDXVJH]HLFKQHWH%HREDFKWXQJVJDEH³ %HUJ VDJWH QLFKWV PHKU VRQGHUQ EHWUDFKWHWH PLWIKOHQG VHLQ.RQWHUIHL Ä+DVW GX LKUH 3HUVRQDOLHQ ZDKUVFKHLQOLFK EUDXFKHQ ZLU VLHQRFKHLQPDO³ 'DUDQKlWWH%HUJPLFKQLFKW]XHULQQHUQEUDXFKHQDOOHV ZDVPLW$QQH]XVDPPHQKLQJNRQQWHLFKJDUQLFKWYHUJHV VHQ'RFKQXQJDEHVNHLQHQ*UXQGPHKUVLHOlQJHUIHVW ]XKDOWHQ ,FK YHUDEVFKLHGHWH PLFK YRQ LKU 6LH ZQVFKWH PLU(UIROJ,FKGDQNWHLKULP1DPHQGHV3ROL]HLFKHIVLP 1DPHQGHU*HVHW]OLFKNHLWXQGLQPHLQHPHLJHQHQ1DPHQ LFK ZX‰WH QLFKW GD‰ LFK VR SDWKHWLVFK VHLQ NRQQWH 6LH ODFKWH]ZLQNHUWHPLU]XXQGJLQJ,FKVWDQGDP7UHSSHQ JHOlQGHUVDKLKUQDFKHVEOLW]WHQRFKHLQPDOYHLOFKHQEODX DXIGDQQZDUVLHYHUVFKZXQGHQ %HUJ KDWWH GLH $QZHLVXQJ JHJHEHQ GLH =HLFKQXQJ YHU YLHOIlOWLJHQ ]X ODVVHQ XQG VLH DQ DOOH $%9V ]X JHEHQ %HLGH =HLFKQXQJHQ ODJHQ QHEHQHLQDQGHU LFK JULII DE VLFKWOLFKGLHIDOVFKH %HUJ IXKU DXI Ä'X ELVW VHKU EHUPWLJ PHLQ %HVWHU P|JOLFKHUZHLVHKDVWGXQLFKWJHQXJ]XWXQ"³ ,FK GDFKWH EHU VHLQH :RUWH QDFK VSUWH GD‰ HU UHFKW KDWWH HV JDE NHLQHQ *UXQG VR ]X WXQ DOV KlWWHQ ZLU GLH /|VXQJLQGHU+DQG 'RFKGHU6WDQGGHU(UPLWWOXQJHQZDUQXQDXFKQLFKWVR VFKOHFKW GD‰ PDQ XQJHGXOGLJ ZHUGHQ PX‰WH =ZHL XQVH UHU EHVWHQ /HXWH DUEHLWHWHQ LQ GHU %+* EHIUDJWHQ HLQH 0HQJH /HXWH QDFK LKUHQ $OLELV GHU .UHLV ZXUGH LPPHU JU|‰HUHVVFKLHQDOVKDEHGLHKDOEH6WDGW9HUELQGXQJ]XU %+*'DZDUHQ+DQGZHUNHUGLHGDV'DFKJHGHFNWKDWWHQ *OHLVDUEHLWHU $UEHLWHU GHU .DQDOLVDWLRQ 0LWDUEHLWHU XQG YRU DOOHP QDWUOLFK .XQGHQ VFKOLH‰OLFK JDE HV KLHU %DX

PDWHULDO XQG HV JDE VHKU YLHOH /HXWH GLH LUJHQG HWZDV EDXWHQ'HU1HEHQEHWULHEPX‰WHHEHQIDOOVLQ$XJHQVFKHLQ JHQRPPHQ ZHUGHQ HV IHKOWH HLQ =DXQ ]ZLVFKHQ GHQ $Q ODJHQ 'LH $UEHLWHU GHU %+* JLQJHQ LQ GHQ DQGHUHQ %H WULHE HVVHQ ZHQQ HV LKQHQ LP HLJHQHQ %HWULHE QLFKW VFKPHFNWHZHQQGDV.RQVXPPlGFKHQLKUHQ+DXVKDOWVWDJ KDWWHKROWHPDQVLFKYRP1DFKEDUEHWULHEGLH%UDXVH ,FK GDFKWH GD‰ PLU HWZDV HLQIDOOHQ P‰WH ZDV GLH (U PLWWOXQJ ZHLWHUEULQJHQ ZUGH ,UJHQGZR PX‰WH HV HLQHQ $QKDOWVSXQNW JHEHQ YRQ GHP DXV HLQH GLUHNWH 6SXU ]XP 7lWHU IKUWH ZLU KDWWHQ VLH QRFK QLFKW JHIXQGHQ ZLU OHL VWHWHQ JXWH +DQGZHUNVDUEHLW DEHU GDV %HVRQGHUH GDV GLHVHU )DOO EUDXFKWH GDV KDWWHQ ZLU QRFK QLFKW ,FK QDKP PLU GLH $NWH YRU ODV QRFK HLQPDO DOOH $XVVDJHQ GHQ 7DWRUWEHULFKWGLH*XWDFKWHQEHUKDXSWDOOHVZDVPLWGHP )DOO ]XVDPPHQKLQJ 1DWUOLFK KDWWH DXFK %HUJ GLH $NWH JHOHVHQLPPHUZLHGHUGDVJHK|UW]XU$XIJDEHGHV/HLWHUV HLQHU(UPLWWOXQJ HUPX‰DXVGHP*HVDPWELOGGLH(UPLWW OXQJVYDULDQWH GLH 9HUVLRQ KHUDXVDUEHLWHQ =X EHVRQGHUV QHXHQ(UNHQQWQLVVHQZDUDEHUDXFKHUQLFKWJHNRPPHQ %HL GHU $XVVDJH GLH $QQH JHPDFKW KDWWH ZUGH LFK VWXW]LJ GD NDXIWH HLQ MXQJHU 0DQQ 2UFKLGHHQ DQ HLQHP JDQ] JHZ|KQOLFKHQ 0RQWDJ NDXIW HU 2UFKLGHHQ HLQH 9HUOREXQJ" *HEXUWVWDJ MD *HEXUWVWDJ ZDU ZDKUVFKHLQ OLFK (LQ MXQJHU 0DQQ NDXIWH VHLQHP 0lGFKHQ GDV DQ MHQHP0RQWDJ*HEXUWVWDJKDWWH2UFKLGHHQ 1DWUOLFK HU]lKOWH LFK %HUJ GDYRQ HU ZXUGH QDFKGHQN OLFK Ä.HLQHVFKOHFKWH,GHHZLUVROOWHQGLHVH6SXUDXIQHKPHQ DEHUOD‰XQVGDVDOOHVQRFKHLQPDOLQ5XKHGXUFKGHQNHQ³ (LQ %HUJ $UEHLW ODJ QXQ YRU XQV ZLU KDWWHQ DOOH 0lG FKHQ XQVHUHU 6WDGW DXVILQGLJ ]X PDFKHQ GLH DQ MHQHP

0RQWDJ *HEXUWVWDJ IHLHUWHQ XQG ]ZLVFKHQ DFKW]HKQ XQG IQIXQG]ZDQ]LJ ZDUHQ ,FK NRQQWH PLU HLQIDFK QLFKW YRUVWHOOHQ ZLH ZLU GDV VFKDIIHQ VROOWHQ XQG PLU ZXUGH VFKRQJDQ]VHOWVDP,FKZROOWHQLFKWVJHJHQXQVHUHNOHLQH 6WDGW VDJHQ DEHU LQ GLHVHP $XJHQEOLFN KlWWH LFK PLU JHZQVFKWVLHZlUHQLFKWJU|‰HUDOVHLQ'RUI 'HU &RPSXWHU WDW VHLQH $UEHLW XQG EHVFKHUWH XQV GLH 1DPHQ YRQ VHFKVXQGVLHE]LJ 0lGFKHQ XQG )UDXHQ :LU VWULFKHQ NKQ DOOH YHUKHLUDWHWHQ XQG JHVFKLHGHQHQ )UDXHQ DXVGHU/LVWHGDQQWUHQQWHQZLUXQVYRQMHQHQGLHLQHLQHU DQGHUHQ6WDGWDUEHLWHWHQVWXGLHUWHQRGHUVRQVWHWZDVWDWHQ hEULJ EOLHEHQ VHFK]HKQ 0lGFKHQQDPHQ JHQXJ XP HLQH JDQ]H :RFKH ZLH LUUH DUEHLWHQ ]X N|QQHQ -H PHKU LFK EHUGLHVH6DFKHQDFKGDFKWHGHVWRZLGHUVLQQLJHUHUVFKLHQ VLHPLU*DEHVQLFKWHLQH0HQJHDQGHUHU$QOlVVHZHVKDOE HLQMXQJHU0DQQ%OXPHQNDXIWHYLHOOHLFKWKDWWHHUQXUGHQ DQJHEUDQQWHQ )QI]LJPDUNVFKHLQ ORVZHUGHQ ZROOHQ" ,FK ULHI PLFK VHOEVW ]XU 2UGQXQJ HV JHK|UW QXQ PDO ]X GHQ )lKLJNHLWHQ HLQHV .ULPLQDOLVWHQ GD‰ HU DQ VHLQH 9HUVLRQ JODXEW XQG VR YLHO 3KDQWDVLH EHVLW]W VLFK LQ GLH *HGDQ NHQZHOW DQGHUHU ]X YHUVHW]HQ +LHU ZDU HLQH &KDQFH IU PLFKLFKNRQQWHEHZHLVHQZDVLFK]XOHLVWHQLQGHU/DJH ZDU 'DZLUDQGHP7DJGLH$%9VHLQJHODGHQKDWWHQXPLK QHQGLH=HLFKQXQJGHV7lWHUVDXV]XKlQGLJHQEHUUHLFKWHQ ZLULKQHQDXFKJOHLFKGLH/LVWHGHU0lGFKHQNRQQWHVHLQ GHU HLQH RGHU DQGHUH NDQQWH HLQH GHU MXQJHQ 'DPHQ 6LH EHUIORJHQ SIOLFKWEHZX‰W GLH /LVWH GHU .DULQ %DUEDUD 8OOD 6WHIIL ZXUGHQ ]XVHKHQGV XQPXWLJHU IUDJWHQ DXIVlV VLJREVLH]X+LOIVVKHULIIVDYDQFLHUWHQXQGZHUGDQQZRKO LKUH $UEHLW PDFKWH (LQHU GHU *HQRVVHQ ZXUGH UHJHOUHFKW ZWHQG HU KDWWH DXI GHU /LVWH GHQ 1DPHQ VHLQHU HLJHQHQ

7RFKWHU HQWGHFNW :LU YHUVSUDFKHQ LKP GHQ 1DPHQ VHOEVWYHUVWlQGOLFK ]X VWUHLFKHQ ZHQQ HU XQV JODXEKDIW YHUVLFKHUQN|QQWHGD‰VHLQH7RFKWHUNHLQHZHL‰HQ2UFKL GHHQEHNRPPHQKDEH ,QVJHKHLP KRIIWHQ ZLU HV ZUGHQ VLFK XQWHU GHQ $%9V QRFK 9lWHU RGHU 2QNHO ILQGHQ ZLH JHUQ KlWWHQ ZLU HLQ SDDU 1DPHQ YRQ XQVHUHU /LVWH JHVWULFKHQ 'DV JHVFKDK LQGHV QLFKW XQG VR KDWWHQ ZLU QDFKWUlJOLFK IQI]HKQ MXQ JHQ'DPHQ]XP*HEXUWVWDJ]XJUDWXOLHUHQ 'HUJDQ]H(LQVDW]YRUGHPPLUVRJHJUDXWKDWWHGDXHUWH MHGRFK QXU JDQ]H GUHL 6WXQGHQ GDQDFK OLH‰ %HUJ DEEUH FKHQ XQG ]XP 6DPPHOQ UXIHQ (U VHOEVW KDWWH GDV 0lG FKHQPLWGHQ]ZHLZHL‰HQ2UFKLGHHQJHIXQGHQHLQ(UIROJ GHQPDQVHLQHP&KHIVFKRQPDOJ|QQW *HPHLQVDP JLQJHQ ZLU QXQ QRFK HLQPDO KLQ VLH KLH‰ 0DUOHQH 0DFKOLWW XQG ZDU ]ZHLXQG]ZDQ]LJ -DKUH DOW 6LH KDWWH 0DGRQQHQDXJHQ 0DGRQQHQIULVXU XQG HLQH 0DGRQ QHQVWLPPH 'DV UHFKWH %HLQ ]RJ VLH HLQ ZHQLJ QDFK 8P GHQ+DOVWUXJVLHHLQNOHLQHVJROGHQHV.UHX]FKHQDQHLQHP JROGHQHQ .HWWFKHQ 6LH VSUDFK VDQIW DUJORV XQG VR DXV IKUOLFK ZLH HV HEHQ QXU XQVFKXOGLJH 0HQVFKHQ WXQ 6LH ZXUGH VHOEVW GDQQ QLFKW JLIWLJ DOV PLU GLH $VFKH PHLQHU =LJDUHWWH DXI GHQ 7HSSLFK ILHO 9RQ %HUXI ZDU 0DUOHQH PHGL]LQLVFKWHFKQLVFKH$VVLVWHQWLQVLHKLHOWGHQ3DWLHQWHQ LQGHU$XJHQNOLQLNPDOGDVUHFKWHPDOGDVOLQNH$XJH]X OLH‰ GLH =DKOHQ XQG =LIIHUQ DEOHVHQ XQG PLWXQWHU WURSIWH VLHLKQHQ7URSIHQLQGLH$XJHQ 'LH ]ZHL ZHL‰HQ 2UFKLGHHQ VWDQGHQ LQ HLQHU 9DVH DXV KDXFKIHLQHP*ODVQHEHQHLQHP1RWHQEODWWGDVHLQ2ULJL QDO YRQ -RKDQQ*RWWIULHG :DJHQVHLO VHLQ VROOWH 6LH ZDU JDQ] JOFNOLFK DOV VLH XQV GDV ]HLJWH XQJHIlKU VR DOV

KlWWHPDQLKUHLQHQ=DXEHUVWDEJHVFKHQNW 'LHVH VFK|QHQ 6DFKHQ KDWWH VLH YRQ LKUHP 9HUOREWHQ HLQHP JHZLVVHQ 3HUF\ *XQWHUPDQQ GHU $XJHQDU]W ZDU 'RNWRU QDWUOLFK 6RKQ GHV EHNDQQWHQ 3URI 'U *XQWHU PDQQ HEHQIDOOV $XJHQDU]W XQG 9HUIDVVHU YLHOHU GLFNHU 0HGL]LQEFKHU 'LH )DPLOLH *XQWHUPDQQ ZRKQWH LQ GHU 3XVFKNLQDOOHH 0LU NDPHQ JHOLQGH =ZHLIHO RE HLQHU GHU 3HUF\ KLH‰ 'RNWRUZDUPLWHLQHP9DWHUZLHGHPVHLQHQVROFKH IDX OHQ 6DFKHQ PDFKWH .RQQWH HLQ $XJHQDU]W EHUKDXSW VFKZHL‰HQ" 0LW]LHPOLFKJHPLVFKWHQ*HIKOHQPDFKWHQZLUXQV DXI GHQ :HJ LQ GLH 3XVFKNLQDOOHH 'DV +DXV ZDU QDWUOLFK NHLQ +DXV VRQGHUQ HLQH 9LOOD HLQH DOWH 9LOOD PLW DOOHUOHL (UNHUFKHQ7UPFKHQ9RUEDXWHQ:LQWHUJDUWHQ6WXFNXQG DQGHUHPHLQHP9RUJlUWFKHQYRQVFKPLHGHHLVHUQHP=DXQ XPJHEHQ (LQH DOWH 'DPH PLW ODQJHU VFKZHUHU *ROGNHWWH HPSILQJ XQV JDE XQV ZHLWHU DQ HLQH MXQJH 'DPH PLW NXU]HU IHLQHU *ROGNHWWH :LU KDWWHQ LQ GXQNOHQ /HGHUVHV VHOQ LP GXQNHOJHWlIHOWHQ +HUUHQ]LPPHU XQWHU VWXFNYHU ]LHUWHU 'HFNH PLW ]HQWQHUVFKZHUHP .URQOHXFKWHU 3ODW] JHQRPPHQ KDWWHQ DOOHQ $QJHERWHQ YRQ .DIIHH /LN|U =LJDUHWWHQ 7HH *HElFN ZLGHUVWDQGHQ :LU ZROOWHQ 3HUF\ XQGVRQVWQLFKWV $OV HU HQGOLFK HLQWUDW ZXUGH XQV JDQ] VFKOHFKW GHU 0DQQKDWWHQLFKWVPLWGHU=HLFKQXQJ]XWXQGLH$QQHYRQ LKPKDWWHDQIHUWLJHQODVVHQ(UZDUPLWHLQHPVHKUGLFKWHQ VHKU VFKZDU]HQ %DUW YHUVHKHQ KDWWH GLFKWHV VFKZDU]HV +DDUHLQHVFKZDU]HVFKZHUH%ULOOHHUKlWWHVLFKQLHGD]X YHUVWLHJHQ -HDQV ]X WUDJHQ GDV ZDU QLFKW VHLQ 6WLO (U EHZHJWH VLFK JHPHVVHQ VSUDFK 6lW]H GLH LQ LKUHU 9ROO NRPPHQKHLW DQ DXVZHQGLJ JHOHUQWH /LWHUDWXU HULQQHUWHQ

$XFK ZDU 3HUF\ NHLQH IQIXQG]ZDQ]LJ VRQGHUQ IQIXQG GUHL‰LJ²DEHUHUZDUGHU.lXIHUGHU]ZHLZHL‰HQ2UFKL GHHQ (U JDE YROOVWlQGLJ GDV *HVSUlFK ZLHGHU GDV HU PLW $QQHDQGLHVHP0RQWDJJHIKUWKDWWH8QVHUH)UDJHQDFK VHLQHP$OLELZDUGDQQQXUQRFKHLQH)RUPVDFKHWDWVlFK OLFK KDWWH GHU $XJHQDU]W 'LHQVW LQ VHLQHU .OLQLN JHKDEW ZDV ZLU XQV VFKQHOO EHVWlWLJHQ OLH‰HQ 0LU ZDU VRZLHVR NODUGD‰GLHVHUHWZDVXPVWlQGOLFKH0DQQQLHXQGQLPPHU HLQHQ7UHVRUDXVUDXEHQZUGH

,Q GHU 1DFKW PDFKWH LFK NHLQ $XJH ]X +LHU VWLPPWH GRFKHWZDVQLFKW:LHZDU$QQH]XGHU3HUVRQHQEHVFKUHL EXQJJHNRPPHQ",FKVFKlW]WHVLHDOVHLQNOXJHV0lGFKHQ HLQ GDV DX‰HUGHP YLHO (UIDKUXQJ LP 8PJDQJ PLW 0HQ VFKHQ KDWWH ZDV ZDU GD JHVFKHKHQ" *HJHQ 0RUJHQ ZDU LFKVRZHLW VLH KDWWH GLH 0lQQHU YHUZHFKVHOW HLQH DQGHUH (UNOlUXQJJDEHVQLFKW :HQLJH 6WXQGHQ VSlWHU EHUUDVFKWH XQV GLH 0LWWHLOXQJ GD‰PDQLP:DUHQKDXVHUQHXWPLWDQJHNRKOWHQ*HOGVFKHL QHQEH]DKOWKDWWH'LHVPDOZDUGDV*HOGLQGHU+HUUHQNRQ IHNWLRQ DXIJHWDXFKW HV KDWWH /HGHUMDFNHQ JHJHEHQ GHU $QVWXUP MXQJHU 0lQQHU ZDU JUR‰ JHZHVHQ .HLQH GHU .DVVLHUHULQQHQ NRQQWH VLFK HULQQHUQ ZHU LKQHQ GDV *HOG JHJHEHQKDWWH 8QGDXFKDPQlFKVWHQ 7DJ WDXFKWH GDV *HLVWHUJHOG DXI QXQ LQ GHU /DPSHQDEWHLOXQJ VSlWHU VRJDU LQ GHU =ZHLJ VWHOOHGHU6SDUNDVVH(VZDUZLHYHUKH[WNHLQHGHU)UDXHQ DQGHU.DVVHNRQQWHHLQH$XVNXQIWJHEHQ $OV%HUJGDYRQK|UWHEHNDPHUVFKOHFKWH/DXQH6RZDV NDQQLFKPLUQLFKWOHLVWHQDQZHPKlWWHLFKVLHDXFKDXV ODVVHQVROOHQ" Ä'DV GDUI GRFK QLFKW SDVVLHUHQ³ VFKULH HU DOV ZlUH LFK

WDXE ÄHLQH 5LHVHQVFKZHLQHUHL GX KDVW VFKOHFKW JHDUEHL WHW³ ,FK JLQJ LQV :DUHQKDXV XP GHQ 5IIHO JOHLFKPl‰LJ ]X YHUWHLOHQ 'LH +DXSWNDVVLHUHULQ ZDU GHSULPLHUW VLH N|QQH VLFKGRFKQLFKWQHEHQMHGH.DVVHVWHOOHQ,FKVDJWHLKUVLH KlWWHLKUH.ROOHJLQQHQQLFKWQXULQIRUPLHUHQVLHKlWWH VLH YHUSIOLFKWHQEHVFKZ|UHQELWWHQ VROOHQ ,PPHUKLQ EUDFKWH LFKHVIHUWLJGLH)UDXVFKXOGEHZX‰W]XPDFKHQ6LHQLFNWH VLH ZDU JXWZLOOLJ VLH JODXEWH ZLUNOLFK HV KDEH LKU DQ 1DFKGUXFNJHIHKOW

'D LFK PLFK QXQ HLQPDO LP :DUHQKDXV EHIDQG ZROOWH LFKGLH*HOHJHQKHLWQXW]HQXP$QQHJXWHQ7DJ]XVDJHQ ,FK KDWWH LQ GHQ OHW]WHQ 6WXQGHQ QLFKW VHKU RIW DQ VLH JH GDFKWLFKKDWWHVLHPLWGLHVHP(LQEUXFK JHGDQNOLFK QLFKW ]XVDPPHQEULQJHQZROOHQVLHVWHOOWHIUPLFKGLHVFK|QH

UH EHVVHUH :HOW GDU 1XQ IUHXWH LFK PLFK GDV 0lGFKHQ ZLHGHU]XVHKHQ GDV PLU VR JXW JHILHO 'RFK $QQH ZDU QLFKWGDLFKIUDJWHQLFKWZHLWHUVRQGHUQJLQJVFKQHOOZHJ 9HUOLHEWH VLQG XQEHUHFKHQEDU $OV LFK YRU $QQHV +DXV VWDQGZX‰WHLFKZLHZDKUGLHVH%HKDXSWXQJLVW $XIPHLQ.OLQJHOQ|IIQHWH$QQHV0XWWHU,FKNDPVRIRUW PLW LKU LQV *HVSUlFK VLH EDW PLFK KHUHLQ XQG EHZLUWHWH PLFK ZLH HLQHQ DOWHQ )UHXQG ,FK VDK VRIRUW GD‰ GLHVH )UDX QXU DXI HLQHQ 0HQVFKHQ JHZDUWHW KDWWH GHP VLH HU]lKOHQNRQQWHZDVVLHDQODQJHQHLQVDPHQ$EHQGHQXQG LQ NDOWHQ 1lFKWHQ EHGUFNWH (OHRQRUH 2KODQG OLWW DP /HEHQVLHOLWWDQGHU:RKQXQJLQGHUVLHOHEWHVLHOLWWDQ LKUHP%HUXIREZRKO6HNUHWlULQQLFKWV6FKOHFKWHVZDUVLH OLWW DP %HUXI LKUHU 7RFKWHU GLH 6SLHO]HXJ YHUNDXIWH VWDWW LUJHQGHWZDV%HGHXWHQGHV]XWXQ6LHOLWWGDUXQWHUGD‰LKU 0DQQHVYRP'UHKHU]XP,QJHQLHXUJHEUDFKWKDWWHMHGRFK NDXPGD‰HUZDVJHZRUGHQZDUVFKQHOOXQGJHUlXVFKORV YHUVWDUE ,KU /HEHQ UHLFKWH QLFKW DXV XP PLW GHQ (QWWlX VFKXQJHQ GLH LKU GDV /HEHQ EHVFKHUWH IHUWLJ ]X ZHUGHQ 6LH ZDU HLQH VFK|QH )UDX HLQH PHODQFKROLVFKH HWZDV UDWORVH 6FK|QKHLW GLH WURW] LKUHU QDWUOLFKHQ $QODJHQ NHLQHQ HLJHQHQ 6WLO JHIXQGHQ KDWWH 'HU +DQJ ]X EXQWHP )LUOHIDQ] ]HUVW|UWH GHQ +DXFK GHV ([RWLVFKHQ 6LH ZDU DXFK QLFKW QHXJLHULJ GD]X ZDU VLH YLHO ]X VHKU PLW VLFK EHVFKlIWLJW ,FK VDJWH LKU LFK VHL HLQ %HNDQQWHU LKUHU 7RFKWHU GDV JHQJWH LKU 6LH VWHOOWH ZHLWHU NHLQH )UDJHQ VFKOR‰ PLFK DXJHQEOLFNOLFK LQ LKU VFKZHUPWLJHV +HU] 6R HUIXKU LFK GD‰ VLH QRFK LPPHU HLQHU JUR‰HQ /LHEH QDFKKLQJ GLH VLH ² GHV /HEHQV XQNXQGLJ ² OHLFKWVLQQLJ KDWWH JHKHQ ODV VHQ'LHVHP0DQQWUDXHUWHVLHLQQLJQDFKEHVRQGHUVZHLO HU LQ]ZLVFKHQ HLQ EHUKPWHU 0DQQ JHZRUGHQ ZDU HLQ

.QVWOHU $NDGHPLHPLWJOLHG 1DWLRQDOSUHLVWUlJHU VHLQH %LOGQLVVHKLQJHQEHUDOO Ä,FK ZDU GDPDOV YLHO ]X MXQJ XQG YLHO ]X GXPP ZLH KlWWHLFKZLVVHQN|QQHQZDVDXVGLHVHP0DQQPDOZLUG (LQH HLQPDO YHUSD‰WH *HOHJHQKHLW LVW HEHQ QLH ZLHGHU ]XUFN]XKROHQ³:DKUVFKHLQOLFKZDUHQGDVGLH)UDJHQGLH VLH VLFK YRUOHJWH XQG GLH VLH VLFK GRFK QLH ZUGH EHDQW ZRUWHQN|QQHQ:DVPLFKDQLKUHU3KLORVRSKLHVW|UWHZDU GLH 7DWVDFKH GD‰ QXQ $QQH WXQ VROOWH ZR]X VLH QLFKW JHNRPPHQ ZDU VLH VROO HLQPDO UHLFK XQG XPVFKZlUPW VHLQ UHLVHQ *HVHOOVFKDIWHQ JHEHQ JUR‰H /HXWH NHQQHQ ZLHHVLQ5RPDQHQGHUIUKHUHQ-DKUHHEHQVREHVFKULHEHQ ZXUGH 2EZRKO GLH )UDX PLFK PLW LKUHQ 3UREOHPHQ EHOXG ZLH PDQ HLQHP (VHO /DVWHQ DXIEUGHW IUDJWH LFK GRFK QRFK QDFK $QQH XQG HUIXKU GD‰ VLH XQWHUZHJV VHL VLFK HLQHQ :DJHQ ]X NDXIHQ HLQHQ *HEUDXFKWZDJHQ QXU DEHU LP PHUKLQVHLHLQ*HEUDXFKWZDJHQEHVVHUDOVJDUNHLQHU

,Q]ZLVFKHQ ZDU DXI GHU 'LHQVWVWHOOH HLQ *HQRVVH DXV )UDQNIXUW HLQJHWURIIHQ GHU XQV HLQHQ 6FKULWW ZHLWHU EULQ JHQ VROOWH ,Q VHLQHP %H]LUN ZDUHQ (LQEUFKH YHUEW ZRUGHQ GLH JUR‰H bKQOLFKNHLW PLW XQVHUHP (LQEUXFK LQ GHU%+*KDWWHQ9RQHLQHP =HXJHQZDUHLQ3KDQWRPELOG GHV7lWHUVDQJHIHUWLJWZRUGHQGLHVHV%LOGQXQEUDFKWHXQV *HQRVVH )XFKV ,FK VDK HV PLU DQ XQG ZX‰WH QLFKW PHKU ZDV LFK GHQNHQ VROOWH VHLQH 3HUVRQ lKQHOWH LQ JDU NHLQHU :HLVHXQVHUHU3HUVRQ+DWWHVLFKQXQGHU=HXJHLQ)UDQN IXUWJHLUUWRGHUXQVHUH$QQH":LHGHUKDWWHLFKGDV*HIKO KLHUVWLPPWHHWZDVQLFKW %HUJVFKLFNWHPLFKORVLFKVROOWHGHQ/HXWHQLQGHU%+* XQG LQ DQJUHQ]HQGHQ (UPLWWOXQJVEHUHLFKHQ GDV %LOG ]HL

JHQ YLHOOHLFKW NDQQWH HLQHU GLHVHQ 0DQQ $XI GHP :HJ GDKLQ NUHLVWHQ PHLQH *HGDQNHQ LPPHU XP GLHVHQ HLQHQ 3XQNW:LH]XYHUOlVVLJKDWWH$QQHLKUH$QJDEHQJHPDFKW" 9LHOOHLFKW ZDU VLH VHOEVW 2SIHU HLQHU 7lXVFKXQJ JHZRU GHQ"9LHOOHLFKWKDWWHGHU(LQEUHFKHUHLQHQ.RPSOL]HQGHU GDV*HOGXP]XVHW]HQKDWWH"'DVDOOHUGLQJVHQWVSUDFKQLFKW GHQ3UDNWLNHQGLHVHU/HXWH ,QGHU%+*VDJWHQGLH/HXWHQLFKWMDXQGQLFKWQHLQVLH VDJWHQ ,UJHQGZLH NRPPW HU PLU EHNDQQW YRU PLU LVW VR DOVKlWWHLFKLKQVFKRQPDO JHVHKHQIHVWOHJHQZROOWHVLFK LQGHVNHLQHU:LHLFKGDVKD‰WHGLHVHV+LQXQG+HUGLHVHV 1LHPDQGVODQG EHVVHU HLQ NODUHV 1HLQ DOV HLQ XQHQWVFKLH GHQHV-D (V ZDU VFKRQ ]LHPOLFK VSlW DOV LFK PLFK HULQQHUWH GDV KHL‰W PHLQ 0DJHQ HULQQHUWH PLFK GDUDQ GD‰ LFK QLFKWV JHJHVVHQKDWWH0DQEHVFKDIIWHPLUHLQH(VVHQPDUNHXQG LFKWUDEWHLQGHQ.DQWLQHQUDXP'HU6SHLVHUDXPZDUOHHU GLH /HXWH KDWWHQ DOOH LKU (VVHQ HLQJHQRPPHQ QXQ MD DOV -XQJJHVHOOHLVWPDQDQHLQVDPH0DKO]HLWHQJHZ|KQW (LQMXQJHV0lGFKHQZDUGDEHLGLH7LVFKHDE]XZLVFKHQ XQGGDV*HVFKLUULQGLH$EODJH]XEULQJHQ ,FKIUDJWHVLH RE PDQ QRFK ZDV ]X HVVHQ EHNlPH VLH ZLHV VWXPP ]XP 6FKDOWHU 'LH .|FKLQ ZDU ZHLWDXV IUHXQGOLFKHU XQG ERW VLFKDQ %UDWNDUWRIIHOQ ]X PDFKHQ ,FK UHGHWH LKU GDV DXV IUFKWHWH LFK GRFK GD‰ LFK ]XYLHO =HLW YHUOLHUHQ ZUGH 'DV %LOG GHV )UDQNIXUWHU 7lWHUV OHJWH LFK QHEHQ PHLQHQ 7HOOHU HV ZDU MD QLHPDQG GD PLW GHP LFK PLFK KlWWH XQ WHUKDOWHQN|QQHQDX‰HUGHPIDQGLFKZDUHVJXWZHQQLFK PLUVHLQ*HVLFKWJHQDXHLQSUlJWH 'DV .FKHQPlGFKHQ NDP YRUEHL EOLFNWH GDV %LOG DQ VDJWH QLFKWV EDOG NDP VLH ZLHGHU YRUEHL ZLHGHU VDK VLH DXI GDV %LOG ZLHGHU VDJWH VLH QLFKWV GDV JHVFKDK HLQ

GULWWHV 0DO PLU ZDU NODU HV NRQQWH NHLQ =XIDOO VHLQ ,FK VFKDXWH PLU GDV 0lGFKHQ QXQ JHQDXHU DQ HV ZDU QLFKWV $XIIlOOLJHV DQ LKU XQVFKHLQEDU VFKODQN KHOOHV +DDU PLW VWDUNHU .UDXVH HLQH ZHL‰H *XPPLVFKU]H YRU GHP IOD FKHQ %DXFK ,FK ]RJ PHLQ (VVHQ LQ GLH /lQJH HV ZDU VFKRQ VR NDOW DOV ZlUH HV 7LHINKONRVW $OV VLH ZLHGHU YRUEHUNDPKLHOWLFKVLHDQ Ä.HQQHQ6LHGHQ"³ Ä1LHJHVHKHQ³VDJWHVLHXQGVLHVDJWHHVYLHO]XVFKQHOO XQGYLHO]XVFKURII ,FKPDFKWHPLFKDQGLHIUHXQGOLFKH.|FKLQKHUDQIUDJWH VLH QDFK GHP 0lGFKHQ DXV HUIXKU GD‰ VLH 5RVZLWKD EXPPOLJ VHL RIW NUDQNPDFKH QLH ODQJH DXI HLQHU 6WHOOH EOHLEH (LQHQ )UHXQG KDEH VLH JHQDXJHQRPPHQ ZRKO PHKUHUH VHLW HLQLJHU =HLW ZUGH VLH JHOHJHQWOLFK YRQ HLQHPJUR‰HQJXWDXVVHKHQGHQMXQJHQ0DQQDEJHKROWGHU VRDXVVHKHGD‰PDQVLFKIUDJHZDVHUDQLKUILQGH ,FK]HLJWHLKUGDV)RWRVLHVDJWHÄ$OVRZHQQLFKPLUGDV JHQDXEHUOHJHHLQHJHZLVVHbKQOLFKNHLWLVWGD³ Ä%HVWHQ'DQN³VDJWHLFKÄ6LHKDEHQPLUVHKUJHKROIHQ³ )U PLFK ZDU GLH 6DFKH NODU 5RVZLWKD NDQQWH LKQ VLH VFKW]WHLKQYLHOOHLFKWZHLOVLHLKQOLHEWHYLHOOHLFKWZHLO VLH VHLQH .RPSOL]LQ ZDU YLHOOHLFKW VWLPPWH EHLGHV ,FK PX‰WHGDV0lGFKHQEHVFKDWWHQGHQQHVZDU]XHUZDUWHQ GD‰VLH]XLKPJLQJGD‰VLHLKQZDUQWH ,FK EHHLOWH PLFK ]XU 'LHQVWVWHOOH ]X NRPPHQ %HUJ ]X LQIRUPLHUHQXQGPLUHLQ/REHLQ]XKROHQ%HUJJDEPLUGHQ $XIWUDJ GLHVH 5RVZLWKD ]X EHVFKDWWHQ DEHU HU JDE PLU DXFKGHQ$XIWUDJGDV%LOGLP.DXIKDXVKHUXP]X]HLJHQ Ä=HLJ HV YRU DOOHP GLHVHU 9HUNlXIHULQ GLHVHU $QQH 2KODQG³

Ä6LHKDWKHXWLKUHQIUHLHQ7DJ³VDJWHLFK Ä'DQQJHK]XLKUQDFK+DXVGXKDVWGRFKLKUH$GUHVVH RGHU"³ ,FK ZROOWH LKP QLFKW VDJHQ GD‰ $QQH MHW]W JDQ] VLFKHU YRU LKUHP $XWR VD‰ XQG HV VWUHLFKHOWH VR QLFNWH LFK QXU XQGPDFKWHPLFKDXIGHQ:HJ 'LHVPDO PDFKWH $QQH PLU VHOEVW DXI VLH VWUDKOWH YRU )UHXGH VLH VDK EOHQGHQG DXV VLH VDK VR DXV ZLH LFK PLU YRUVWHOOWH GD‰ PHLQH )UDX DXVVHKHQ VROOWH ,FK VDJWH LKU HLQSDDUQHWWH:RUWHEHUGLHVLHODFKWHXQGHLQZHQLJURW ZXUGH Ä6HW]HQ 6LH VLFK GRFK LFK PDFK XQV HLQHQ 7HH RGHU WULQNHQ6LHOLHEHU.DIIHH"³ Ä7HH RGHU .DIIHH ZDV 6LH ZROOHQ LQ ,KUHU *HVHOOVFKDIW LVWGDVY|OOLJJOHLFKJOWLJ³ 6LH HQWVFKZHEWH LFK KDWWH =HLW PLFK LQ LKUHP =LPPHU XP]XVHKHQ HLQHU 0LVFKXQJ YRQ YHUVSLHOWHU -XQJPlG FKHQNHPHQDWH XQG VHUL|VHP +HUUHQ]LPPHU WDWVlFKOLFK ZDUHVVRGD‰$QQHGDV=LPPHULKUHV9DWHUVQDFKGHVVHQ 7RG EH]RJHQ KDWWH (LQ VFKZHUHU HLFKHQHU %FKHUVFKUDQN YHUKLHOW VLFK XQHQWVFKLHGHQ ]X HLQHP 6SLHJHO PLW EXQWHQ %lQGHUQHLQH3IHLIHQVDPPOXQJ]X%LOGHUQYRQ6FKODJHU VWDUVXQG.UlQ]FKHQDXVEXQWHQ6WURKEOXPHQ'DV3UXQN VWFNGHV =LPPHUVZDU HLQZHL‰HU 2IHQ DXV 3RU]HOODQND FKHOQ 'HU7HHZDUPHKUDOVHLQ*HWUlQNHUZDUHLQDEHQGIO OHQGHV 3URJUDPP LFK KlWWH HZLJ VR VLW]HQ 7HH VFKOUIHQ XQGLKULQGLH$XJHQVHKHQN|QQHQ(VPX‰HLQJXWHU.HUQ LQ PLU VHLQ GD‰ LFK PLFK UHFKW]HLWLJ DQ PHLQH 3IOLFKWHQ HULQQHUWH,FK]HLJWHLKUDOVRGDV%LOG6LHVDKHVDXIPHUN VDPDQ Ä1HLQ²GRFKQLFKWLFKJODXEWHDEHUQHLQQHLQLFKKDE

PLFKGRFKZRKOJHLUUW³ (VEOLHEPLUQLFKWVZHLWHUEULJDOVPLFKVFKQHOO]XYHU DEVFKLHGHQ XP GDV 6FKXW]HQJHOJHOHLW IU 5RVZLWKD ]X EHUQHKPHQ ,FK NDP JHUDGH ]XU UHFKWHQ =HLW GDV 0lG FKHQ YHUOLH‰ VHLQH $UEHLWVVWHOOH VWDQG DQ GHU %XVKDOWH VWHOOHXQGIXKUGDQQPLWGHP%XVLQ5LFKWXQJ6GIULHGKRI ,FK ZX‰WH MD GD‰ VLH DP 6GULQJ ZRKQWH EUDXFKWH PLFK DOVR QLFKW VRQGHUOLFK DQ]XVWUHQJHQ %HYRU VLH ]X LKUHU :RKQXQJ JLQJ EHWUDW VLH HLQH .DXIKDOOH NDXIWH %URW 6DODPL 5DKPEXWWHU XQG ]ZHL )ODVFKHQ %LHU GDQQ HUVW JLQJVLHQDFK+DXV 1XQ EHJDQQHQ GLH ODQJZHLOLJVWHQ 6WXQGHQ HV LVW JUl‰ OLFKVR]XVWHKHQXQG]XZDUWHQXQGQLFKW]XZLVVHQZLH PDQ HV DQVWHOOHQ VROO GD‰ PDQ XQVLFKWEDU XQK|UEDU DOO ZLVVHQGXQGWURW]GHPZDFKVDPLVWPDQNDQQVLFKMDQLFKW HLQIDFK DXI HLQH %DQN VHW]HQ XQG $QVLFKWVNDUWHQ VFKUHL EHQ ,FKNRQQWHYRQ *OFNUHGHQGD‰ HVQLFKW DXFK QRFK DQILQJ]XUHJQHQ (V ZDU VFKRQ GXVWHU DOV 5RVZLWKD DXV GHP +DXV NDP LFK ZX‰WH MD GD‰ VLH DXV GHP +DXV NRPPHQ ZUGH XQG LFK ZDU VLFKHU VLH IKUWH PLFK MHW]W ]X LKUHP )UHXQG :LHGHU IXKU VLH PLW GHP %XV GLHVPDO LQV =HQWUXP ELV ]XP $OWPDUNW 'RUW VWLHJ VLH DXV XQG JLQJ DXI GDV +DXV GHV +DQGZHUNV ]X %HGDXHUOLFKHUZHLVH KDWWH LFK PLFK QRFK QLH PLW GLHVHU O|EOLFKHQ (LQULFKWXQJ EHID‰W PHLQH 8QZLVVHQKHLW UlFKWH VLFK QXQ YLHOOHLFKW EHVXFKWH 5RVZL WKD GRUW HLQHQ )RUWELOGXQJVOHKUJDQJ $OV LFK GHP 0lG FKHQ QDFKVWUHEWH VDK LFK EHVVHU JODXEWH LFK ]X VHKHQ ZDVLFKQLH]XGHQNHQJHZDJWKlWWH$QQHZDUVLHHVRGHU ZDUVLHHVQLFKWDXFKVLHYHUVFKZDQGLP+DXVGHV+DQG ZHUNV :DV KDWWHQ GLHVH EHLGHQ 0lGFKHQ KLHU ]X WXQ ZHQQGLHHLQHVLFKGRUWPLWLKUHP)UHXQGWUDINRQQWHGDV

GRFK QLFKW LQ =XVDPPHQKDQJ PLW $QQH VWHKHQ 'RFK VFKOLH‰OLFKZDUGDV+DXVGHV+DQGZHUNVDXFKHLQH|IIHQW OLFKH *DVWVWlWWH 2GHU ZDUHQ GLH EHLGHQ 0lGFKHQ PLWHLQ DQGHUYHUDEUHGHW"

,P )R\HU ZDU QLFKWV YRQ GHQ 0lGFKHQ ]X VHKHQ DXFK DOV LFK GDV 5HVWDXUDQW GXUFKVWUHLIWH EOLHEHQ VLH YHU VFKZXQGHQ,FKVWLHJLQGLHHUVWH(WDJH]XGHQ%URVDEHU DXFK GRUW ZDU NHLQH 0HQVFKHQVHHOH DOOH GLH KLHU VRQVW DUEHLWHWHQZDUHQ]X+DXVHVLHZDUHQVFKOLH‰OLFKQLFKWEHL GHU3ROL]HLEHVFKlIWLJW8QWHQIUDJWHLFKHLQSDDU/HXWHRE VLH GLH EHLGHQ 0lGFKHQ JHVHKHQ KlWWHQ HV KDWWH VLH QLH PDQGJHVHKHQ ,UJHQGZDQQNDPHQPLU=ZHLIHODQPHLQHU 7FKWLJNHLW,FKIXKULQGLH2VZDOGVWUD‰H]XPHLQHP&KHI (ONH%HUJHPSILQJPLFKLP8QWHUVFKLHG]XLKUHP0DQQ VHKU IUHXQGOLFK VLH NRFKWH 7HH XQG PDFKWH HLQ SDDU /H

EHUZXUVWEURWH]XUHFKW0HLQ&KHIUDXQ]WHPLFKDQHUZDU VLFKHULFKKlWWHQLFKWJXWJHQXJDXIJHSD‰W1RFKEHYRULFK DOOHV ULFKWLJ UXQWHUJHZUJW KDWWH EUDFKHQ ZLU DXI %HUJ ZDUQLFKWEHUHLWPLUQXQGDV)LQDOHDOOHLQ]XEHUODVVHQ :LHGHU LP +DXV GHV +DQGZHUNV HQWGHFNWH %HUJ KLQWHU GHU.OHLGHUDEODJHHLQH7UKLHU]HLJWHVLFKQXQZLHZHLW %HUJ PLU EHUOHJHQ ZDU 'D GLH DOWH *DUGHURELHUH QLFKW MHGHQ 7DJ PLW HLQHP NKQHQ 6SUXQJ EHU GLH %DUULHUH VHW]HQ NRQQWH GLH GLH *DUGHUREH YRQ GHU 8PZHOW DE WUHQQWHPX‰WHHVLP+LQWHUJUXQGHLQH7UJHEHQ 'LHVH7UQXQKDWWHQZLUHQWGHFNWQLHPDQGKLQGHUWHXQV GDUDQVLH]X|IIQHQXQGDXIHLQHQ.RUULGRU]XWUHWHQ'RUW ZDUHQ GLH =LPPHU GHU .HOOQHU XQG DQGHUHQ $QJHVWHOOWHQ GLH LQ GHU 6WDGW NHLQH YHUQQIWLJH :RKQXQJ KDWWHQ $OOH 7UHQ ZDUHQ YHUVFKORVVHQ GLH 1DPHQ DQ GHQ 7UHQ VDJ WHQXQVQLFKWV ,UJHQGZDQQWDXFKWHHLQ0DQQDXIHU ZLHV VLFK DOV 0LWDUEHLWHU GHV 5HVWDXUDQWOHLWHUV DXV 0LW LKP NDPHQ ZLU LQV *HVSUlFK HU]lKOWHQ LKP YRQ GHQ EHLGHQ 0lGFKHQGHUHQ6SXUZLUKLHUYHUORUHQKDWWHQ Ä6LFKHU GLH 0LH]HQ LUJHQGZHOFKHU .ROOHJHQ PDQ NDQQ VHLQH$XJHQDXFKQLFKWEHUDOOKDEHQ³ :LU]HLJWHQLKPGDV%LOGXQVHUHV0DQQHVGHVYHUPHLQW OLFKHQ7lWHUV (U ]|JHUWH QLFKW ODQJH GDV N|QQWH QXU +DQV VHLQ GHU .UDIWIDKUHU +DQV 6FKQHLGHU VHLW HWZD HLQHP -DKU DUEHLWH HUKLHUYRUKHUZlUHHUEHLGHU+DQGHOVPDULQHJHZHVHQ,P $XJHQEOLFN VHL HU QLFKW ]X +DXV HU KDEH IUHL GD KDOWH HU VLFKVHOWHQLQVHLQHP=LPPHUDXIGDVDXFKZLUNOLFKQLFKW VHKUDQJHQHKPVHL'DHUPRUJHQXPVHFKVVHLQHQ'LHQVW DQWUHWHQP‰WHULHWXQVGHUJXWH0DQQHWZDXPGLHVH=HLW KHU]XNRPPHQ ,QGHUGDUDXIIROJHQGHQ1DFKWKDWWHLFKHLQHQVFKOHFKWHQ

7UDXP LFK VDK $QQH VLH EHQDKP VLFK VHOWVDP LPPHU ZHQQLFKPLFKLKUQlKHUQZROOWHZLFKVLHDXV ,FK ZDU GHSULPLHUW VWDQG DXI VXFKWH LQ PHLQHU NOHLQHQ :RKQXQJQDFKHLQHP6FKQDSVIDQGDEHUQXU.LUVFKOLN|U GHUYRP ,QVSHNWLRQVEHVXFKPHLQHU0XWWHUEULJJHEOLHEHQ ZDUGHQWUDQNLFKEHVVHUZXUGHPLUGDQDFKDXFKQLFKW $P QlFKVWHQ 0RUJHQ ZDU +DQV 6FKQHLGHU IlOOLJ ZLU KROWHQXQVGHQ-XQJHQIUKXPIQIGDPLWHUHUVWJDUQLFKW DXI GXPPH *HGDQNHQ NDP *HJHQ ]HKQ 8KU KDWWHQ ZLU GDV *HVWlQGQLV VHLQHU (LQEUFKH LQ )UDQNIXUW LFK EH JOFNZQVFKWH PHLQHQ *HQRVVHQ ]X GHU GHXWOLFKHQ 9HU EHVVHUXQJVHLQHU6WDWLVWLNXQGZQVFKWHXQVVHKQOLFKVWHLQ *OHLFKHV 'DVOLH‰DXIVLFKZDUWHQHVYHUJLQJHQYLHOH6WXQGHQELV HUVLFKEHTXHPWH]X]XJHEHQGD‰HUDXFKIUGHQ(LQEUXFK LQ*UR‰.RFKDX]XVWlQGLJZDU'HU-XQJHZDUQLFKWGLUHNW ERFNLJ QXU GHQ MQJVWHQ (LQEUXFK GHQ ZROOWH HU DEVROXW QLFKWEHJDQJHQKDEHQ ,FK VDJWH LKP ZLU KlWWHQ HQRUPH %HZHLVH )LQJHUDE GUFNH 6FKXKDEGUFNH VHLQ %OXW DP 6DQLNDVWHQ 6HLQ *HVWlQGQLV ZUGH ZDV GDV 6WUDIPD‰ EHWUDI GHQ .RKO DXFK QLFKW PHKU IHWW PDFKHQ (U OLH‰ VLFK MHGRFK QLFKW EHHLQGUXFNHQ,FKKDWWHGDV*HIKOGD‰HUOLHEHUQRFKHLQ KDOEHV 'XW]HQG (LQEUFKH ]XJHEHQ ZUGH DXFK ZHQQ HU VLHQLFKWEHJDQJHQKlWWHQXUGLHVHQHLQHQGHQQLFKW0LU ZDUNODUHUZROOWHMHPDQGHQGHFNHQ:HUNRQQWHGDVVHLQ VRVFKZHUZDUGDVHLJHQWOLFKQLFKW6ROLH‰LFK²IDVWZLH QHEHQEHL ² $QQHV 1DPHQ IDOOHQ XQG PHUNWH VRIRUW GDV ZDU GHU 6FKOVVHO (U OLHEWH VLH ² ZHU ZHL‰ ZLH YLHOH 0lQQHU VLH QRFK OLHEWHQ ² HU ZDU :DFKV LQ LKUHQ +lQ GHQ1XQVFKW]WHHUVLHNlPSIWHYHU]ZHLIHOWVLHDXVGHU 6DFKHUDXV]XKDOWHQ

,KP ZDU VHLQH %HNDQQWVFKDIW PLW LKU QLFKW JXW EHNRP PHQVLHVWDFKHOWHLKQDQLKU ZDU HVXP*HOG ]X WXQ QXU XP*HOGGHU%XUVFKHGHUZDULKUVRJOHLFKJOWLJZLHLKU ZDKUVFKHLQOLFK DXFK MHGHU DQGHUH 0DQQ JOHLFKJOWLJ ZDU 'LHNOHLQH5RVZLWKDKDWWH+DQV 6FKQHLGHU NHQQHQJHOHUQW DOV HU IU VHLQHQ &KHI %DXPDWHULDO DXV GHU %+* DEKROWH HUHUNDQQWHVHKUEDOGGLH0|JOLFKNHLW5RVZLWKDIUVHLQH 3OlQH DXV]XQXW]HQ 5RVZLWKD JLQJ LKP DXI GHQ /HLP YLHOOHLFKWOLHEWHVLHLKQZLHHU$QQHOLHEWHZHL‰GHU7HX IHO :lKUHQG GHU 9HUKDQGOXQJ PLW GHP MXQJHQ 0DQQ OHJWH PDQ PLU HLQHQ =HWWHO DXI GHQ 7LVFK DXI GHP VWDQG GD‰ PDQLQ6FKQHLGHUV8QWHUNXQIWGDV*HOGDXVGHP(LQEUXFK QLFKWJHIXQGHQKDEH :HQQ PHLQH 7KHRULH VWLPPWH ODJ GDV *HOG ZRKOYHU ZDKUW EHL $QQH ,FK PDFKWH PLFK DOVR JHJHQ $EHQG DXI GHQ :HJ ]X LKU QDKP HLQHQ *HQRVVHQ PLW VLFKHU ZDU VLFKHU $QQH|IIQHWHVLHZDUEHGDXHUOLFKHUZHLVHQRFKJHQDXVR VFK|Q ZLH DP 7DJ ]XYRU 8QG VLH ODFKWH LKU KEVFKHV QDLYHV /DFKHQ DOV LFK LKU GHQ ULFKWHUOLFKHQ 'XUFKVX FKXQJVEHIHKO]HLJWH Ä,FKKlWWH6LHIUNOJHUJHKDOWHQ³VDJWHVLHÄZDVZRO OHQ6LHEHLPLUILQGHQ"³ Ä*HOGYLHO*HOG³ Ä'DQQPDQORVLFKZQVFKH,KQHQYLHO(UIROJ³ ,KU hEHUPXW KlWWH PLFK VWXW]LJ PDFKHQ VROOHQ GDV GDFKWH LFK MHGRFK HUVW KLQWHUKHU PLU ZlUH HLQ EL‰FKHQ LQQHUHU$EVWDQGJXWEHNRPPHQ $OVR ZLU VXFKWHQ ZLH GLH ,UUHQ XQG VR ZLH ZLU HV DXI GHU 6FKXOH JHOHUQW KDWWHQ :lKUHQG ZLU XQV UHGOLFK PK WHQVD‰GLHVHV0lGFKHQLQHLQHP 6FKDXNHOVWXKO UDXFKWH

OlFKHOWH VS|WWHOWH UHJWH VLFK MHGRFK EHUKDXSW QLFKW DXI 6LHWDWDOVIlQGHVRHWZDVMHGHQ7DJEHLLKUVWDWWGDEHLZDU VLHQLFKWYRUEHVWUDIWGHU9DWHUQLFKWXQGGLH0XWWHUQDWU OLFKHUVWUHFKWQLFKW ZRKHU DOVR LKUH .DOWEOWLJNHLW" 2GHU ZDU GDV hEHUOHJHQKHLW LQQHUH 6LFKHUKHLW 8QVFKXOG" :DU VLH YLHOOHLFKW GRFK JDQ] XQG JDU XQVFKXOGLJ" =ZDU VWDQG MHW]W VFKRQ IHVW GD‰ VLH HV ZDU GLH GDV *HOG LQ 8PODXI JHEUDFKW KDWWH EHVRQGHUV UDIILQLHUW VRJDU ZHLO QLHPDQG LKUHU.ROOHJLQQHQVLHLQ9HUGDFKWJHEUDFKWKDWWH'DVZDU DEHU QRFK NHLQ 1DFKZHLV IU GLH GLUHNWH %HWHLOLJXQJ DP (LQEUXFK 1HLQQHLQHVSD‰WHDOOHV]XVDPPHQGDV$XIWDXFKHQGHU 6FKHLQH LP :DUHQKDXV GLH YRUVlW]OLFK IDOVFKH 3HUVRQHQ EHVFKUHLEXQJ XQG GD‰ VLH DOV LFK LKU 6FKQHLGHUV %LOG ]HLJWH LKQ ]X ZDUQHQ YHUVXFKWH :HQQ PHLQH 9HUVLRQ VWLPPWHKDWWHVLHDXFKGDV*HOG,KUZDUHVEHUKDXSWQXU XP*HOG]XWXQVLHZROOWHKRFKKLQDXVGLH6DDWGHU0XW WHU ZDU DXIJHJDQJHQ GLHVH IUHXQGOLFKH NOHLQH $QQH GLH 7HGG\VYHUNDXIWHXQGVR]DXEHUKDIWOlFKHOQNRQQWH :LU VXFKWHQ HLIULJ JHZLVVHQKDIW XQG HUIROJORV ,FK EH JULIIPHLQH1LHGHUODJHQLFKWKDWWHLFKGRFKXQUHFKW":LU YHUDEVFKLHGHWHQXQVYRQ$QQHVLHZDUZHQLJHUELVVLJDOV LFKEHIUFKWHWKDWWH:LUJU‰WHQ VLH VDK PLFK DQ ² XQG QLHVWH 8QG GLHVHV 1LHVHQ ZDU HV GDV PLFK ² HWZD KXQGHUW 0HWHU YRQ LKUHU :RKQXQJ HQWIHUQW ² ]XP 8PGUHKHQ YHUDQOD‰WH $QQH KDWWH ODQJH +RVHQ DQJHKDEW XQG HLQHQ GLFNHQ 1RUZHJHUSXOORYHU ZLH LKQ HOHJDQWH 'DPHQ EHLP 6NLIDKUHQWUDJHQ(VZDUNKOJHZHVHQLP=LPPHUZDUXP ZDU XQV GDV QLFKW DXIJHIDOOHQ YLHOOHLFKW ZHLO LFK YRU $XIUHJXQJVFKZLW]WH

0HLQ .ROOHJH VDJWH Ä'DV N|QQHQ ZLU QLFKW PDFKHQ HV LVWJOHLFK]ZDQ]LJ8KUGXNHQQVWGLH6WUDISUR]H‰RUGQXQJ ZLOOVWGXGLUbUJHUPDFKHQ³ Ä1HHDEHU0RUJHQLVWGDV*HOGZHJ³ Ä:HL‰WGXMHW]WZRHVLVW"³

,FKNRQQWHHVPHLQHP*HQRVVHQ QLFKW EHOQHKPHQ GD‰ HUQLFKWZX‰WHZDVLQPHLQHP.RSIYRUJHJDQJHQZDU Ä-DLFKZHL‰HVHVVWHFNWLP2IHQ³ Ä1D NRPP -XQJH GD KDEHQ ZLU GRFK UHLQJHJXFNW ZLU VLQG GRFK DXFK QLFKW YRQ JHVWHUQ NHLQ 6WlXEFKHQ ZDU GULQ³ Ä(LQJHPDXHUW³ VDJWH LFK ÄHV LVW HLQJHPDXHUW $QQH 2KODQGPDFKWNHLQHKDOEHQ6DFKHQGLHQLFKW³ $QQHVDKPLFKJDQ]VWDUUDQDOVZLUHUQHXWDQLKUHU7U NOLQJHOWHQ=XDOOHP8QJOFNNDPQXQDXFKGLH0XWWHUDQ

GLH YRQ DOOGHP ZDV VLFK PLW LKUHU 7RFKWHU ]XJHWUDJHQ KDWWH NHLQH $KQXQJ KDWWH 'D LFK NHLQHQ K\VWHULVFKHQ $QIDOOHUOHEHQZROOWHIUDJWHLFKVLHREVLHHWZDVGDJHJHQ KlWWHZHQQLFKPLW$QQHHLQZHQLJSODXGHUH Ä$EHU ELWWH 6LH VLQG MD EHIUHXQGHW³ VDJWH GLH 0XWWHU ÄDEHUYLHOOHLFKWVHW]HQ6LHVLFKLQV:RKQ]LPPHULQ$QQHV =LPPHULVWHVNKO³ Ä:LH VFKDGH³ VDJWH LFK KHXFKOHULVFK ÄNDQQ PDQ GHQ 2IHQQLFKWKHL]HQ"³ Ä6FKRQ HU ZDU GLH JDQ]HQ -DKUH LQ 2UGQXQJ VHLW GHU 2IHQVHW]HULKQQDFKJHVHKHQKDW]LHKWHUQLFKWPHKU³ Ä0HLQ.ROOHJHLVWHLQIDEHOKDIWHU2IHQVHW]HU³VDJWHLFK ÄZLVVHQ6LHZDVZLUVFKDXHQGDPDOUHLQ³ 'LH0XWWHUVWUDKOWHOlFKHOWHGLH7RFKWHUDQÄ:DVGXIU UHL]HQGH)UHXQGHKDVWGDVLVWMD]XOLHEHQVZUGLJ³ :lKUHQG GLH 0XWWHU ORVJLQJ XP +DQGZHUNV]HXJ ]X KROHQVDJWH$QQH Ä:DVVROOGDVKHL‰HQ"³ Ä:LUQHKPHQGHQ2IHQDXVHLQDQGHU³ Ä6LHVLQGMDYHUUFNW³6LHZDQGWHVLFKDELQLKUHP*H VLFKW]XFNWHHV

:LU QDKPHQ GHQ 2IHQ DXVHLQDQGHU ZlKUHQG GHU $UEHLW VDJWH PHLQ .ROOHJH Ä:HQQ ZLU XQV JHLUUW KDEHQ N|QQHQ ZLU GHQ JDQ]HQ 0LVW EH]DKOHQ GDV ZLUG åQH 5HFKQXQJ³ 'DQQ KDWWHQ ZLU GDV *HOG LQ 3ODVWWWHQ YHUSDFNW YHU VFKQUWXQGJHEQGHOWVDXEHURUGHQWOLFKZLHHVEHL$QQH VREOLFKVHLQPRFKWH'LH)UHXGHEHUPHLQHQ(UIROJZDU ]ZLHVSlOWLJ

+HIW $QGRU)yWL 'LH*lVWHDXV/RJH]ZHL

8QJDUQ QDFK (QGH GHV =ZHLWHQ :HOWNULHJHV 8QUXKH NRPPW LP /DQG DXI LPPHU KlXILJHU JHODQJHQ 1DFKULFK WHQQDFK%XGDSHVWLQGHQHQEHUXPIDQJUHLFKH%HVFKODJ QDKPXQJHQ YRQ 9LHK XQWHU HLJHQDUWLJHQ 8PVWlQGHQ EH ULFKWHWZLUG .ULPLQDOLVWHQ PVVHQ GHQ +LQZHLVHQ QDFKJHKHQ XQG NRPPHQHLQHU%DQGHDXIGLH6SXUGHUHQ6NUXSHOORVLJNHLW LKQHQXQJHZ|KQOLFKHQ(LQVDW]DEYHUODQJW