Ephraim Kishon für Manager

HLQ8OOVWHLQ%XFK h%(5'$6%8&+ ª9LHOH 0HQVFKHQ PDQFKPDO JHUDGH EHVRQGHUV NOXJH PHLQHQ GD *HOG DOOHV ...

Author: Ephraim Kishon

281 downloads 988 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

HLQ8OOVWHLQ%XFK

h%(5'$6%8&+

ª9LHOH 0HQVFKHQ PDQFKPDO JHUDGH EHVRQGHUV NOXJH PHLQHQ GD *HOG DOOHV LVW 6LH KDEHQ UHFKW©'LHVHXQGDQGHUHVDWLULVFKH(LQVLFKWHQXQG$QVLFKWHQDXVGHULQWHUQDWLRQDOHQ:HOWGHV *HOGHV HUZDUWHQ GHQ /HVHU GLHVHV .LVKRQ%DQGHV GHU GLH EHVWHQ *HVFKLFKWHQ 3RLQWHQ XQG $SKRULVPHQ ]XP 7KHPD YHUHLQW (SKUDLP .LVKRQ HU]DKOW YRQ *OlXELJHP 9HUVLFKHUXQJHQ .RQNXUVYHUZDOWHUQ YRQ 6R]LDOSROLWLN GHQ )LQHVVHQ GHU 0DUNWSV\FKRORJLH ZLH PDQ GHQ :RKQXQJVPDUNW LQ GHQ *ULII EHNRPPW ZDV .XQVWXQG :LUWVFKDIW PLWHLQDQGHU ]X WXQKDEHQ XQG YLHOHV PHKU (SKUDLP .LVKRQ DOV :LUWVFKDIWVH[SHUWH GLHVH VDWLULVFKH 9HUNOHLGXQJ ZLUG QLFKWQXU/HVHUEHJHLVWHUQGLHDXIGLHVHP*HELHW)DFKOHXWHVLQG '(5$8725

(SKUDLP .LVKRQ DP $XJXVW DOV )HUHQF )UDQ] +RIIPDQQ LQ %XGDSHVW JHERUHQ 6WXGLXP GHU .XQVWJHVFKLFKWH XQG %HVXFK GHU .XQVWDNDGHPLH $XVZDQGHUXQJ QDFK ,VUDHOZRHUYRQHLQHP(LQZDQGHUXQJVEHDPWHQGHQ1DPHQHUKLHOWXQWHUGHPHUZHOWEHUKPW ZXUGH (U DUEHLWHWH ]XQlFKVW LQ HLQHP .LEEX] XQG SXEOL]LHUWH VHLW SROLWLVFKVDWLULVFKH *ORVVHQLQYHUVFKLHGHQHQ7DJHV]HLWXQJHQ(SKUDLP.LVKRQOHEWDOVIUHLHU6FKULIWVWHOOHULQ7HO $YLY

V 6FDQQHGLQE\=RREHVXFKHU

(SKUDLP.LVKRQ IU0DQDJHU 6DWLULVFKH7LSVXQG7ULFNV )UDOOH:LUWVFKDIWVODJHQ

(LQ8OOVWHLQ%XFK

HLQ8OOVWHLQ%XFK1U LP9HUODJ8OOVWHLQ*PE+ )UDQNIXUW0 %HUOLQ,QV'HXWVFKH EHUWUDJHQYRQ)ULHGULFK7RUEHUJ *HUKDUG%URQQHUXQG(SKUDLP.LVKRQ 8QJHNU]WH$XVJDEH

8PVFKODJLOOXVWUDWLRQ 5XGROI$QJHUHU $OOH5HFKWHYRUEHKDOWHQ 7DVFKHQEXFKDXVJDEH PLW*HQHKPLJXQJGHV $OEHUW/DQJHQ *HRUJ0OOHU9HUODJV $OOH5HFKWHIUGLHGHXWVFKH 6SUDFKHE\$OEHUW/DQJHQ *HRUJ0OOHU 9HUODJ*PE+0QFKHQ:LHQ 3ULQWHGLQ*HUPDQ\ *HVDPWKHUVWHOOXQJ (EQHU8OP,6%1 $XIODJH -XQL

&,37LWHODXIQDKPHGHU 'HXWVFKHQ%LEOLRWKHN .LVKRQ(SKUDLP (SKUDLP.LVKRQIU0DQDJHUVDWLULVFKH 7LSVXQG7ULFNVIUDOOH:LUWVFKDIWVODJHQ >LQV'WEHUWUYRQ)ULHGULFK7RUEHUJ@ 8QJHNU]WH$XVJ$XIO )UDQNIXUW0 %HUOLQ8OOVWHLQ 8OOVWHLQ%XFK 1U ,6%1 1(*7 9Z+RIIPDQQ)HUHQF>:LUNO1DPH@! .LVKRQ(SKUDLP

9RPVHOEHQ$XWRU LQGHU5HLKHGHU 8OOVWHLQ%FKHU

'UHKQ6LHVLFKXP)UDX/RW 'HUVHHNUDQNH:DOILVFK :LHXQIDLU'DYLG 3DUGRQZLUKDEHQJHZRQQHQ 'HU)XFKVLP+KQHUVWDOO .LVKRQVEHVWH)DPLOLHQJHVFKLFKWHQ 'HU TXHUJHVWUHLIWH .DXJXPPL ,Q6DFKHQ.DLQ $EHO (VZDU GLH/HUFKH 0HLQ)UHXQG-RVVHOH .LVKRQIU.HQQHU :HQQGDV$XWR6FKQXSIHQKDW 6FKRNRODGHDXI5HLVHQ .LVKRQVEHVWH5HLVHJHVFKLFKWHQ 3DUDGLHVQHX]XYHUPLHWHQ .LVKRQVEHVWH7LHUJHVFKLFKWHQ .HLQgO0RVHV" $EUDKDPNDQQQLFKWVGDIU %HLQDKHGLH:DKUKHLW 3LFDVVRZDUNHLQ6FKDUODWDQ ,PQHXHQ-DKUZLUGDOOHVDQGHUV .HLQ$SSODXV)U3RGPDQLW]NL .LVKRQIUDOOH)lOOH 'HU+XQGGHU.Q|SIHIUD

,QKDOW .DUULHUH

3URMHNWH

,QIODWLRQVNULVH

.RUNLQ1DFKWVFKLFKW

'HUODQJH$UPGHU6WDGWYHUZDOWXQJ 8QYHUKRIIWHU$OOWDJHLQHV0LQLVWHUV 3RNHU

LVWHLQH*OFNV]DKO

'HU)DOOGHV*URLQGXVWULHOOHQ.

:LHPDQVLFKGLH9HUVLFKHUXQJVLFKHUW 9RONVYHUWUDXHQ $JHQWHQWHUURU

0DGHLQ-DSDQ

.HLQH*QDGHIU*OlXELJHU %XFKPDUNW

0DUNWSV\FKRORJLH

%DUJHOGORVHU9HUNHKU 'HU:XQGHUJUWHO

7DJHEXFKHLQHV%XGJHW*HVWDOWHUV 3UREOHPHGHU.ROOHJLDOLWlW $QOHLKHDOV5LVLNRIDNWRU

'HU7DJDQGHP0DPPRQYHUEOLFK :RKQXQJVPDUNW (LQ9HUVDJHU

.OHLQJHGUXFNWHV

(KUOLFKDEHUQLFKWRIIHQ 'LH-DJGQDFKGHP
'HU.DPSIXPGHQ/HEHQVVWDQGDUG (LQHKLVWRULVFKH%HJHJQXQJ 2SIHUGHU,QIODWLRQ 'LH*XPPL]XODJH

(OHIDQWLDVLVDOV:LUWVFKDIWVLQGH[ :LUWVFKDIWVNXQVW

'HU(LQGULQJOLQJXQGGHU:RKOWlWHU 6R]LDOSROLWLN

)DPLOLHQSODQXQJ

'DV/DQGGHU%HWUJHU

'HUYHUZDOWHWH.RQNXUV

.OHLQHV:LUWVFKDIWV$%&

.DUULHUH $DURQ :HLQUHE ZDU GDV VFKZDU]H 6FKDI LQ GHU )DPLOLH 6HLQHP 9DWHU HLQHP DQJHVHKHQHQ,QKDEHUHLQHUEOKHQGHQ:HFKVHOVWXEHNDPHQGLHHUVWHQ%HGHQNHQLQ EH]XJDXIVHLQHQ6RKQDOVGLHVHUQLFKWZLHDOOHDQGHUHQNOHLQHQ%XEHQPLW0XUPHOQ VSLHOWH VRQGHUQ VLFK LP ]DUWHQ $OWHU YRQ IQI -DKUHQ LQ GLH .FKH EHJDE XQG GHQ 0L[HU DXVHLQDQGHUQDKP XP ]X VHKHQ ZRUDXV HU JHPL[W ZDU $XFK GLH OLHEHQGH 0XWWHU]HLJWH%HVRUJQLV ª'DV.LQGLVW]XLQWHOOLJHQW©GUlQJWHVLHLKUHQ*DWWHQªXQWHUQLPPLUJHQGHWZDV© 3DSD :HLQUHE EHVRUJWH VHLQHP .LQG LQ :LQGHVHLOH HLQH 5DNHWHQSLVWROH PLW 6XSHUPDQNOHLGXQJXQGQDKPLKQ]X)XEDOOVSLHOHQPLWMHGRFKRKQH(UIROJ$DURQ ZDU HLQ XQYHUEHVVHUOLFKHU NOHLQHU ,QWHOOHNWXHOOHU ,Q GHU 6FKXOH IKOWH HU VLFK ZRKO ZLH HLQ )LVFK LP :DVVHU ZDU VWlQGLJ GHU .ODVVHQHUVWH XQG YHUEUDFKWH GLH 7DJH GDPLW VHLQH 1DVH LQ GLFNH %FKHU ]X VWHFNHQ 'LH =XNXQIW VFKLHQ GVWHU ZDKUKDIWLJ (LQHV 7DJHV VHW]WH VLFK 3DSD :HLQUHE KLQ XP PLW VHLQHP 6RKQ HLQ *HVSUlFK]XIKUHQ ª0HLQ-XQJH©EHJDQQHUªHVLVWHLQHV9DWHUV3IOLFKWVHLQHQ6RKQ]XZDUQHQ:HQQ GXGLFKQLFKWEDOGlQGHUVWZLUGHVHLQVFKOLPPHV(QGHPLWGLUQHKPHQ'XJHK|UVW HLQHU JXWHQ XQG DQJHVHKHQHQ )DPLOLH DQ GHUHQ 0LWJOLHGHU GXUFKZHJV UHVSHNWDEOH 3RVLWLRQHQ HUUHLFKW KDEHQ 'HLQ 2QNHO 0RVHV LVW HLQ SURPLQHQWHU *UXQGVWFNVPDNOHU 2QNHO $YLJGRU HLQ EHUGXUFKVFKQLWWOLFKHU 6WHXHUEHUDWHU XQG ZDVPLFKEHWULIIWVRELQLFKZLHGXZRKOZHLWHLQDOOVHLWVJHVFKlW]WHU:XFKHUHU $XFK GHLQH %UGHU ]HLJHQ YLHOYHUVSUHFKHQGH $QODJHQ $PLWDL ZLUG GHPQlFKVW 7HLOKDEHUGHV1DFKWORNDOVLQGHPHUGHU]HLWDOV%DUPL[HUDUEHLWHWXQG0LFN\KDWDOV GLSORPLHUWHU 7LHUVWLPPHQLPLWDWRU HLQHQ JURHQ SROLWLVFKHQ $XIVWLHJ YRU VLFK 1XU GX PHLQ -XQJH YHUVFKZHQGHVW GHLQH =HLW PLW %FKHUQ :LOOVW GX *RWW EHKWH *HOHKUWHUZHUGHQ"'X"(LQ6RKQ:HLQUHEV *HOHKUWHU"© $DURQVHQNWHVFKZHLJHQGVHLQ+DXSWXQGEHUOLHVHLQH(OWHUQLKUHU 9HU]ZHLIOXQJ 6HLQH0XWWHUZHLQWHQDFKWVLQLKUH.LVVHQª(UZLUGQRFKDOV%HWWOHU HQGHQ©VFKOXFK]WHGLHXQWU|VWOLFKH)UDXª0HLQDUPHU$DURQZLUG

VLFKPLWHLQHP+XQJHUORKQGXUFKVFKODJHQPVVHQ(UZLUGZHQLJHUYHUGLHQHQDOV HLQH3XW]IUDX© ª'DVNDQQPDQQLFKWVRJHQDXZLVVHQ©YHUVXFKWHLKU*DWWHVLH]XEHVFKZLFKWLJHQ ª9LHOOHLFKWZLUGHU HLQPDOHLQHJURH)DPLOLHKDEHQXQGPHKUVWDDWOLFKH.LQGHUKLOIH EH]LHKHQ DOV MHGH OHGLJH 5DXPSIOHJHULQ© 0DPD :HLQUHE VWDUWHWH LKUHQ OHW]WHQ 9HUVXFK ª$OVR JXW© VDJWH VLH ]X LKUHP PLUDWHQHQ 6RKQ ª:HQQ GX VFKRQ XQ EHGLQJW VWXGLHUHQ PXW GDQQ WX PLU GHQ *HIDOOHQ XQG ZHUGH ZHQLJVWHQV *\QlNRORJH© $DURQDEHUZDUDQGLHVHP0HWLHUJDUQLFKWLQWHUHVVLHUW:DVHUVFKRQLPPHUZHUGHQ ZROOWH XQG ]ZDU VHLW GHP 7DJ GD HU ]XP HUVWHQ 0DO PLW GHP 0L[HU LQ )KOXQJ NDPZDU3K\VLNHUª(VLVWDOOHVGHLQH6FKXOG©ZDUI0DPD:HLQUHELKUHP*DWWHQ YRU ª'X KDVW LKP GDPDOV HUNOlUW ZLH GHU 0RWRU LQ GHLQHP :DJHQ IXQNWLRQLHUW (LQPDOKDVWGXLKQVRJDUGLH.HU]HQUHLQLJHQODVVHQ© ª,FKKDEHGRFKJHKRIIWDXV LKP HLQHQ 7D[LIDKUHU PLW UHJHOPlLJHP VWHXHUIUHLHP 7ULQNJHOGHLQNRPPHQ ]X PDFKHQ© JHVWDQG GHU DOWH :HLQUHE PLW JHEURFKHQHU 6WLPPH ª:LH KlWWH LFK MH DKQHQVROOHQGDGHU/PPHOVWXGLHUHQZLOO"© 'LH:HLQUHEVWU|VWHWHQVLFKLQ]ZLVFKHQPLWGHQEULOODQWHQ.DUULHUHQVHLQHU%UGHU $PLWDL KDWWH GDV 1DFKWORNDO YHUNDXIW XQG JUQGHWH HEHQ HLQHQ H[NOXVLYHQ 0DVVDJHVDORQ ZlKUHQG 0LFN\ GHU GLSORPLHUWH 7LHUVWLPPHQLPLWDWRU PLW JURHP (UIROJGLHLGHRORJLVFKH.DPSDJQHVHLQHU3DUWHLOHLWHWHXQGLP%HJULIIZDUIUGDV 3DUODPHQW]XNDQGLGLHUHQ 'LHDOWHQ:HLQUHEVKRIIWHQLPPHUQRFKGD$DURQYLHOOHLFKWEHLGHU6FKOXSUIXQJ GXUFKIDOOHQ ZUGH DEHU :XQGHU VLQG KHXW]XWDJH HLQH 6DFKH GHU 9HUJDQJHQKHLW $DURQ DEVROYLHUWH ªVXPPD FXP ODXGH© VDQN DXI GHQ 6WDWXV HLQHV IL[ EHVROGHWHQ /HKUEHDXIWUDJWHQKHUDEXQGILHOVHLQHU)DPLOLH]XU/DVW$XFKVHLQH+HLUDWlQGHUWH QLFKWVDQGHU0LVHUHGHQQHUEUDFKWHQXU]ZHL.LQGHU]XVWDQGHXQGGLHLKP]XVWH KHQGHVWDDWOLFKH.LQGHUEHLKLOIHZDUQLFKWGHU5HGHZHUW:HQQVHLQ2QNHO$YLJGRU GHU]XP0LOOLRQlUDYDQFLHUWH6WHXHUH[SHUWHLKPQLFKWHLQHNOHLQH:RKQXQJJHNDXIW KlWWHZUGHHUYHUPXWOLFKLPPHUQRFKEHLGHQ(OWHUQOHEHQ 8QG KLHU N|QQWH XQVHUH WUDXULJH *HVFKLFKWH HQGHQ ZHQQ QLFKW HLQHV 7DJHV GLH 3URIHVVRUHQ GHV /DQGHV LQ HLQHQ +XQJHUVWUHLN JHWUHWHQ ZlUHQ $XFK XQVHU $DURQ IROJWHGHP6WUHLNDXIUXIREZRKOGLHVHLQHSHUV|QOL

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lXHUVW ]XIULHGHQ LVW 'LH 0RUDO GHU *HVFKLFKWH 0DQ VROOWH GLH +RIIQXQJQLHDXIJHEHQ

3URMHNWH ª'LUHNWRU6FKXOWKHLEHYRUZLUPLWGHP9HUK|UEHJLQQHQP|FKWHQZLU6LHGDUDXI KLQZHLVHQ GD 6LH QLFKW DXVVDJHQ PVVHQ 'HU SDUODPHQWDULVFKH )LQDQ]DXVVFKX YRUGHP6LHVWHKHQNDQQ6LHQLFKWGD]X]ZLQJHQ© ª9LHOHQ'DQNIUGHQ+LQZHLV+HUU9RUVLW]HQGHU©ª%LWWH© ª.DQQLFKMHW]WJHKHQ"© ª*HZL :LU KlWWHQ XQV DOOHUGLQJV VHKU JHUQH PLW ,KQHQ EHU GLH 9HUOXVWH ,KUHU ,QYHVWLWLRQVJHVHOOVFKDIWXQWHUKDOWHQGLHMDVFKOLHOLFKYRQGHU5HJLHUXQJXQWHUVWW]W ZLUGDOVRJHZLVVHUPDHQHLQHRIIL]L|VH.|USHUVFKDIWLVW© ª:RKHU ZLVVHQ 6LH GD ZLU 9HUOXVWH KDWWHQ"© ª$XV GHQ =HLWXQJHQ +HUU 6FKXOWKHL© ª6LH JODXEHQZDVLQGHQ=HLWXQJHQVWHKW"'LHKDEHQ]XHUVWJHVFKULH EHQ GD VLFK XQVHUH 9HUOXVWH DXI 0LOOLRQHQ EHODXIHQ GDQQ ZDUHQ HV 0LOOLRQHQXQGMHW]WKDOWHQZLUEHLhEHUHLQHVROFKH%HULFKWHUVWDWWXQJNDQQPDQ QXUODFKHQ© ª8QGZLHKRFKVLQG,KUH9HUOXVWHZLUNOLFK"© ª0LQGHVWHQVGRSSHOWVR KRFK'DVHKHQ6LHVHOEVWZDVYRQ=HLWXQJVPHOGXQJHQ]XKDOWHQLVW© ª:LH VLQG ,KUH 9HUOXVWH ]XVWDQGH JHNRPPHQ"© ª'DV ZHUGHQ ZLU HUVW IHVWVWHOOHQ N|QQHQZHQQZLUDOOH,QLWLDWLYVXEYHQWLRQHQYRQGHU5HJLHUXQJ NDVVLHUWKDEHQ,FK ZlUH GDIU GD ZLU YRUOlXILJ YRQ HLQHP NRQWUROOLHUWHQ 3URILWPDQJHO VSUHFKHQ© ª$EHUIUHLQHQ3URILWPDQJHOPXHVGRFK8UVDFKHQJHEHQ"©ª1DWUOLFK© ª$OVR":RUDQOLHJW V"© ª=XPHLVW DQ GHQ 8PVWlQGHQ *HOHJHQWOLFK DXFK GDUDQ ZLH VLFK GLH 'LQJH HQWZLFNHOQ(VLVWHLQHVHKUNRPSOL]LHUWH$QJHOHJHQKHLWPHLQH+HUUHQ© ª.|QQWHQ 6LH XQV GDV YLHOOHLFKW DQ HLQHP %HLVSLHO HUNOlUHQ"© ª0LW 9HUJQJHQ 1HKPHQZLU]XP%HLVSLHOGDV6WDXGDPPSURMHNWLQ6DQVLEDU(LQYLHOYHUVSUHFKHQGHU $XIWUDJ :LU KDWWHQ JLJDQWLVFKH %DXYRUULFKWXQJHQ LQVWDOOLHUW KDWWHQ GLH ZDJKDOVLJVWHQ.RQVWUXNWLRQVSUR

EOHPHJHO|VWKDWWHQVRJDUGLHEHVWHKHQGHQ6SUDFKVFKZLHULJNHLWHQEHUZXQGHQ XQG GDQQ NDP HLQH 6SULQJIOXW GLH DOOH XQVHUH %HUHFKQXQJHQ ZHJVFKZHPPWH© ª%DXYRUULFKWXQJHQZHOFKHU$UW"© ª$EZHKUGlPPH XQG $EOHQNXQJVNDQlOH IU 6SULQJIOXWHQ (V ZDU HLQ KRFKLQWHUHVVDQWHV3URMHNW© ª$XIZHLFKH :HLVH KDEHQ 6LH GHQ $XIWUDJ EHNRPPHQ"© ª:LU DUEHLWHQ PLW 9HUPLWWOHUQZLHGLHDQGHUHQUHJLHUXQJVQDKHQ.|USHUVFKDIWHQ8QVHUH.DONXODWLRQHQ VLQG LPPHU VHKU NRQVHUYDWLY 9RQ GHQ *HVDPWNRVWHQ GHV 3URMHNWV ]LHKHQ ZLU ]XQlFKVW GLH YRUDXVVLFKWOLFKHQ 9HUOXVWH XQVHUHU *HVHOOVFKDIW DE© ª,Q ZHOFKHU +|KH"© ª,Q P|JOLFKVW JHULQJHU +|KH *HZ|KQOLFK YHUDQVFKODJHQZLU ELV 3UR]HQW 9HUOXVW'DVLQGDEHUGLH%HVWHFKXQJVJHOGHUQRFKQLFKWLQEHJULIIHQ© ª:DUXPQLFKW"© ª:HLO ZLU HV YHUPHLGHQ P|FKWHQ ]ZLVFKHQPHQVFKOLFKH %H]LHKXQJHQ PLW KDUWHQ *HVFKlIWVSUDNWLNHQ ]X EHODVWHQ 'HVKDOE ZHUGHQ GLH %HVWHFKXQJHQ LQ XQVHUHQ %FKHUQJHVRQGHUWJHIKUW©ª:RJHQDX"© ª,Q PHLQHP NOHLQHQ VFKZDU]HQ 1RWL]EXFK +LHU VHKHQ 6LH !$Q 0XNL IU .lILJ]XJ6WHKWDOOHVGULQ©ª:DVKHLW.lILJ]XJ"© ª'DVZHLLFKQLFKWPHKU$EHUHVZDUHLQKRFKLQWHUHVVDQWHV3URMHNW2GHUKLHU$JD .KDQ QHLQGDVLVWVHLQH7HOHIRQQXPPHUHQWVFKXOGLJHQ6LH© ª6WLPPWHVGD6LHEHU]ZDQ]LJ0LOOLRQHQIU%HVWHFKXQJHQDXVJHJHEHQKDEHQ"© ª'DV LVW HLQH EHVRQGHUV NRPSOL]LHUWH $QJHOHJHQKHLW© ª,PPHUKLQ P|FKWHQ ZLU K|UHQZLHGDVYRUVLFKJHKW©ª6HKUGLVNUHW8QVHU9HUWUDXHQVPDQQEHJLEWVLFKPLW HLQHP VFKZDU]HQ .|IIHUFKHQ YROOHU %DQNQRWHQ LQV $XVODQG ]DKOW DQ LUJHQG MHPDQGHQLUJHQGHLQH6XPPHNRPPW]XUFNXQGPHOGHW!$OOHVLQ2UGQXQJ'DV ZLFKWLJVWH LVW GD HV NHLQH =HXJHQ JLEW GD GLH JDQ]H 6DFKH VWLOO XQG WDNWYROO DEJHZLFNHOW ZLUG ,Q GHQ PHLVWHQ )lOOHQ ZLVVHQ ZLU QLFKW HLQPDO ZHU GDV *HOG EHNRPPHQ KDW XQG ZR 1HKPHQ ZLU GHQ )DOO GHV DIJKDQLVFKHQ ,QQHQPLQLVWHUV ,Q HLQHU GXQNOHQ 1DFKW KDEHQ ZLU LKP ]ZHL 0LOOLRQHQ GXUFK GDV RIIHQH )HQVWHU ]XJHZRUIHQ GDPLW HU XQV GHQ $XIWUDJ IU GHQ %DX GHV DIJKDQLVFKHQ .DQDOLVDWLRQVV\VWHPVHUWHLOW©

ª8QGGDVKDWJHNODSSW"© ª1HLQ :LU HQWGHFNWHQ ]X VSlW GD DQ GHU EHWUHIIHQGHQ $GUHVVH QLFKW GHU ,QQHQPLQLVWHU ZRKQWH VRQGHUQ HLQ ,QQHQDUFKLWHNW GHU HLQLJH 0RQDWH ]XYRU JHVWRUEHQZDU:HUNHQQWVLFKVFKRQLQHLQHPDIJKDQLVFKHQ7HOHIRQEXFKDXV"© ª:LHZXUGHGHU9HUOXVWDEJHEXFKW"© ª8QWHUGHP.HQQZRUW!+|KHUH *HZDOW8QVHUH *HVHOOVFKDIWKDWHLQHVRJHQDQQWH 0RQR%DODQFH%XFKKDOWXQJ HQWZLFNHOW $XI GHU HLQHQ 6HLWH ZHUGHQ GLH $XVJDEHQ YHUEXFKWXQGIUGLH(LQQDKPHQ6HLWHKDEHQZLUHLQHQ6WHPSHO!.HLQH6RUJH 'DV6\VWHPKDWVLFKVHKUEHZlKUW© ª%OHLEW LPPHU QRFK ]X NOlUHQ ZHQ RGHU ZDV 6LH IU ,KU 'HIL]LW YHUDQWZRUWOLFK PDFKHQ© ª'DV 6FKLFNVDO (V KDW YLHOH XQVHUHU 3OlQH YHUHLWHOW 9LHOOHLFKW QLFKW PLW $EVLFKW DEHUGRFK,FKGHQNHGDHWZDDQGLH$XIIOOXQJGHUQLFDUDJXDQLVFKHQ .VWH©ª:DV ZDUGDV"© ª(LQKRFKLQWHUHVVDQWHV3URMHNW:LUKDWWHQXQVPLWGHU5HJLHUXQJYRQ1LFDUDJXDDXI 0LOOLRQHQ&RUGREDVJHHLQLJW]XHLQHP8PUHFKQXQJVVFKOVVHOYRQO&RUGRED O 6KHNHO©ª:DUXPKDEHQ6LHNHLQH$EZHUWXQJVNODXVHOLQ,KUHP9HUWUDJJHKDEW"© ª'DV ZDU GLH %HGLQJXQJ GHU QLFDUDJXDQLVFKHQ 5HJLHUXQJ 6RQVW KlWWHQ ZLU GHQ $XIWUDJ IU GLHVHV 3URMHNW QLFKW EHNRPPHQ© ª%LWWH VDJHQ 6LH QLFKW LPPHU !3URMHNW+HUU6FKXOWKHL 'HU $XVGUXFNPDFKWXQVQHUY|V© ª:LH6LHZQVFKHQ(VLVWMHGHQIDOOVHLQHVHKUNRPSOL]LHUWH$QJHOHJHQKHLW© ª:XUGHQ6LHYRQGHU5HJLHUXQJQLHEHU,KUH9HUOXVWHEHIUDJW"©ª8QXQWHUEURFKHQ 0LQGHVWHQVHLQPDOLP0RQDWHUNXQGLJWHVLFKGDV:LUWVFKDIWVPLQLVWHULXPQDFKGHP 6WDQG GHU 'LQJH XQG PHLQH $QWZRUW ODXWHWH LPPHU !.ORSIHQ 6LH DXI +RO] ,FK KDEH GLHVHQ 9RUVFKODJ DXFK PHKUPDOV VFKULIWOLFK JHPDFKW© ª$EHU DXI GLH 'DXHU PX HVGRFK]ZLVFKHQGHQ5HJLHUXQJVEHK|UGHQXQG,KQHQ]X5HLEHUHLHQJHNRPPHQ VHLQ"© ª8QG RE $OV ZLU GHQ 'DODL /DPD EHVWDFKHQ XP DQ GHU WLEHWDQLVFKHQ $JUDUUHIRUP EHWHLOLJW ]X ZHUGHQ OXGHQ ZLU LKQ QDFKKHU ]XP 0LWWDJHVVHQ HLQ XQG GDV)LQDQ]PLQLVWHULXP ZHLJHUWH VLFKGLH5HFKQXQJ]XEHUQHKPHQ6LHEHZLOOLJWH XQVQXUDFKW6KHNHOXQGDXFKGDVQXUXQ

WHU GHU 9RUDXVVHW]XQJ GD GDV 5HVWDXUDQW QLFKW ZHLWHU DOV DFKW .LORPHWHU YRP 3DODVW GHV /DPD HQWIHUQW ZlUH (V NDP ]X HLQHU $XVHLQDQGHUVHW]XQJ 6FKOLHOLFK DSSHOOLHUWHQZLUDQGHQ2EHUVWHQ*HULFKWVKRIXQGHUUHLFKWHQHLQH9HUJWXQJLQGHU +|KH YRQ ,FK IUDJH 6LH PHLQH +HUUHQ ZLH PDQ XQWHU VROFKHQ 8PVWlQGHQ DUEHLWHQVROO©ª'DVLVWLQGHU7DWQLFKWJDQ]OHLFKW© ª6LHPVVHQVLFKDXHUGHPYRU$XJHQKDOWHQGDZLUZHGHU5HSUlVHQWDWLRQVJHOGHU QRFK 'LlWHQ EHNRPPHQ :DV EOHLEW XQV EULJ DOV 'DUOHKHQ DXI]XQHKPHQ" $OOHLQ GLH =LQVHQ IU GLHVH 'DUOHKHQ EHODXIHQ VLFK DXI HLQH9LHUWHOPLOOLRQ LQ GHU :RFKH 6HLW %HJLQQ GLHVHV *HVSUlFKV KDEHQ ZLU EHUHLWV 6KHNHO YHUSODXGHUW ,FK EHDQWUDJH6FKOXGHU'HEDWWH© ª1RFKHLQH)UDJH+HUU6FKXOWKHL:HUEH]DKOWGDVDOOHV"©ª,FKPHLQH+HUUHQ,FK XQG GLH DQGHUHQ %UJHUXQVHUHV/DQGHV ,FK NRPPH PHLQHQ %UJHUSIOLFKWHQ QDFK ,FK ]DKOH PHLQH 6WHXHUQ XP GDV 6FKDW]DPW PLW GHP *HOG ]X YHUVRUJHQ GDV ]XU 'HFNXQJ GHU XQV ]XJHVWDQGHQHQ*DUDQWLHQ EHQ|WLJW ZLUG© ª:HU +HUU 6FKXOWKHL KDW,KUHU*HVHOOVFKDIWGLHVH*DUDQWLHQ]XJHVWDQGHQ"©ª6LH©ª:LU"© ª-DZRKO6LH'HUSDUODPHQWDULVFKH)LQDQ]DXVVFKX© ª(VLVWVSlWJHZRUGHQILQGHQ 6LHQLFKW"©ª$OOHUGLQJV8QGGDV*DQ]HLVWHLQHVHKUNRPSOL]LHUWH$QJHOHJHQKHLW© ª:LU GDQNHQ ,KQHQ IU ,KUH 0KH +HUU 6FKXOWKHL 1DFK GHQ :DKOHQ UHGHQ ZLU ZHLWHU©ª(LQKRFKLQWHUHVVDQWHV3URMHNW©

,QIODWLRQVNULVH ª$OVR© ZDQGWHVLFKGHU)LQDQ]PLQLVWHUDQGLHVHPGHQNZUGLJHQ$EHQGDQVHLQHQ .DELQHWWFKHIªZDVZXUGHKHXWHWHXUHU"©ª0PK©GHU.DELQHWWFKHIZLFKGHP%OLFN GHV0LQLVWHUVDXVªKHXWHPPKQLFKWV+HXWHQLFKWV© ª+|U]X.&©GHU0LQLVWHUZXUGHXQJHGXOGLJªIUELOOLJH:LW]HLVWPHLQH=HLW]X NRVWEDU© ª(VLVWNHLQ:LW]©HUZLGHUWHGHU.&ª+HXWHLVWNHLQHLQ]LJHU3UHLVJHVWLHJHQ,FK KDEH NHLQH $KQXQJ ZLH GDV SDVVLHUHQ NRQQWH 'LH 3UHLVH VLQG VHLW JHVWHUQ HLQJHIURUHQ 'DV LVW HLQ XQXPVW|OLFKHV )DNWXP ,UJHQGZR PX 6DQG LQV *HWULHEH JHNRPPHQ VHLQ $EHU ZHQQ HV VHLQ PX ELQ LFK EHUHLW GLH SHUV|QOLFKH 9HUDQWZRUWXQJGDIU]XEHUQHKPHQ'HVKDOEP|FKWHLFKGHQ+HUUQ0LQLVWHUELWWHQ KLHUPLWPHLQHQ5FNWULWW]XDN]HSWLHUHQ© 'HU0LQLVWHUZXUGHEOD(LQHQ0RPHQWODQJVDHUUHJXQJVORVGDHUVWDUUWHZLHGHU 3UHLVLQGH[GDQQVFKOXJHUPLWGHU)DXVWDXIGLH6FKUHLEWLVFKSODWWH ª9HUGDPPWQRFKPDO8QGGDVVDJHQ6LHPLUHUVWMHW]WNXU]YRU)HLHUDEHQG"© ª:LUKDEHQDOOHELV]XUOHW]WHQ0LQXWHJHKRIIWGDLUJHQGHLQ3UHLVVWHLJHQZUGH© ZDQGVLFKGHU.DELQHWWFKHI'HU0LQLVWHUKREPLW]LWWULJHU+DQGGHQ7HOHIRQK|UHU DE ª+DOOR +DQGHOVPLQLVWHULXP" :DV LVW PLW GHQ =LJDUHWWHQ"© ª:LU EHGDXHUQ© ZXUGHLKPEHGHXWHWªGLH(UK|KXQJHQNRPPHQLPPHUDP:RFKHQHQGH©ª:DVLVW PLWGHP6DO]"©ª0RUJHQ©ª.DUWRIIHOQ"© ª:XUGHQYRUJHVWHUQHUK|KW© ª +KQHUDXJHQSIODVWHU "© ª9RU IQI 7DJHQ© ª6FKZLPPXQWHUULFKW"© 'HU0LQLVWHUZDUWHWHGLH$QWZRUWJDUQLFKWPHKUDE,QSDQLVFKHP6FKUHFNHQVDKHU DXIGLH8KUXQGVFKULHª1XUQRFKHLQHKDOEH6WXQGH=HLW©

(UVWU]WHDXVGHP+DXVZDUIVLFKLQVHLQHQ'LHQVWZDJHQXQGUDVWHPLW%ODXOLFKWLQV 3RVWPLQLVWHULXP ª,FK IOHKH HXFK DQ HUK|KW PLU LUJHQG HWZDV 7HOHIRQJHVSUlFKH %ULHISRUWR ZDV LPPHU HXFKHLQIlOOW(V JHKWXP/HEHQXQG7RG© ª*HUQH© VDJWH PDQLKP ªDEHU IU KHXWH LVW HV OHLGHU VFKRQ ]X VSlW© 'HU 0LQLVWHU UDVWH ]XP (OHNWUL]LWlWVZHUN ª+HXWH OHLGHU QLFKW© ODXWHWH GDV 8UWHLO ª'HU gOSUHLV ZXUGH HEHQ XP DFKW &HQW JHVHQNW© (U UDVWH LQV 7H[WLOPXVHXP ZR PDQ HLQKHOOLJ GLH .|SIH VFKWWHOWH ª1LFKWV ]X PDFKHQ ([]HOOHQ] $EHU ZHQQ 6LH QDFK GHP QlFKVWHQ 0RQDWVHUVWHQ NRPPHQ ZHUGHQ ZLU ZHLWHUVHKHQ© 'HU 0LQLVWHU ZDU LQ GLHVHU KDOEHQ 6WXQGH XP :RFKHQ JHDOWHUW (U IXKU ]XUFN LQ VHLQ %UR XQG OLH GHQ .DELQHWWFKHI DQWUHWHQ ª0HOGHQ 6LHVRIRUWGHU3UHVVH©EHIDKOHUªGDLQ$QEHWUDFKWGHUVWHLJHQGHQ5RKVWRIISUHLVH HLQHUVHLWVXQGLQIROJHGHU$XVZLUNXQJHQDXIGLH3URGXNWLRQVNRVWHQDQGHUHUVHLWVZLU XQV JH]ZXQJHQ VHKHQ GLH 3UHLVH LUJHQGHLQHV 3URGXNWHV XP 3UR]HQW ]X HUK|KHQ1lKHUHVZLUGLQ.U]HEHNDQQWJHJHEHQ© 'HU .DELQHWWFKHI HLOWH LQ VHLQ %UR XP GLH 3UHVVH ]X YHUVWlQGLJHQ ZlKUHQG GHU 0LQLVWHUVLFKHUOHLFKWHUWLQVHLQHP6HVVHO]XUFNOHKQWH ª*HVFKDIIW© DWPHWH HU HUOHLFKWHUW DXI ª:HQLJVWHQV KDEHQ ZLU HLQH 3DQLN LQ GHU %HY|ONHUXQJYHUKLQGHUW©

.RUNLQ1DFKWVFKLFKW 'LH ª,VUDHOLVFKH .RUN *PE+© HUVW YRU ZHQLJHQ -DKUHQ JHJUQGHW ]lKOW KHXWH ]X GHQHUIROJUHLFKVWHQ8QWHUQHKPXQJHQXQVHUHVSURVSHULHUHQGHQ :LUWVFKDIWVOHEHQV6LH GHFNW QLFKW QXU GHQ KHLPLVFKHQ .RUNEHGDUI VRQGHUQ KDW EHLVSLHOVZHLVH DXFK LQ =\SHUQ)XJHIDWXQGGHQGRUWLJHQ0DUNWHUREHUW *HZLGLH)LUPDHUIUHXWVLFKEHVRQGHUHQ(QWJHJHQNRPPHQVVHLWHQVGHULVUDHOLVFKHQ %HK|UGHQXQGHUKlOWIUMHGHQ([SRUW'ROODUHLQH6XEYHQWLRQYRQ$EHUPDQ PX EHGHQNHQ GD GLH YRQ LKU YHUZHQGHWHQ 5RKPDWHULDOLHQ DXV GHU 6FKZHL] NRPPHQXQGGLHYRQLKUEHVFKlIWLJWHQ$UEHLWHUDXVGHU*HZHUNVFKDIW-HGHQIDOOVJLOW GLH ª,VUDHOL .RUN© DOV HLQ KHUYRUUDJHQG JHIKUWHV XQG K|FKVW UHQWDEOHV 8QWHUQHKPHQGHVVHQ*HZLQQHVLFKQRFKJDQ]JHZDOWLJVWHLJHUQZHUGHQZHQQZLU HUVW HLQPDO GHQ ODQJ HUVHKQWHQ $QVFKOX DQ GLH (XURSlLVFKH :LUWVFKDIWVJHPHLQVFKDIW JHIXQGHQ KDEHQ 'HU %HJLQQ GHU .ULVH VWHKW DXI GHQ 7DJ JHQDXIHVW(VZDUGHU6HSWHPEHU $QGLHVHP7DJOLH+HUU6WHLQHUGHU*UQGHUGHU*HVHOOVFKDIWXQG9RUVLW]HQGHUGHV 9HUZDOWXQJVUDWV GHQ YRQ GHU *HZHUNVFKDIW HLQJHVHW]WHQ %HWULHEVREPDQQ UXIHQ HLQHQJHZLVVHQ-RVHSK*LQ]EHUJXQGVSUDFK]XLKPZLHIROJW ª'LH)DEULNDQODJHLVWLQGHU1DFKWYROONRPPHQXQEHDXIVLFKWLJW*LQ]EHUJ(VIlOOW ]ZDUQLFKWLQ,KUH.RPSHWHQ]DEHUGHU2UGQXQJKDOEHUWHLOHLFK,KQHQPLWGDZLU EHVFKORVVHQKDEHQHLQHQ1DFKWZlFKWHUDQ]XVWHOOHQ© ª:LHVR IlOOW GDV QLFKW LQ PHLQH .RPSHWHQ]"© IUDJWH -RVHSK *LQ]EHUJ ª1DWUOLFK IDOOW GDV LQ PHLQH .RPSHWHQ] 6WHLQHU 'HU %HWULHEVUDW PX MD HLQH VROFKH 0DQDKPHHUVWEHZLOOLJHQ©ª,FKEUDXFKHNHLQH%HZLOOLJXQJYRQ,KQHQ*LQ]EHUJ© VDJWH 6WHLQHU ª$EHU ZHQQ 6LH :HUW GDUDXI OHJHQ ELWWH VHKU© 'LH .RQWURYHUVH HUZLHV VLFK DOV EHUIOVVLJ 'HU %HWULHEVUDW EHZLOOLJWH RKQH *HJHQVWLPPH GLH (LQVWHOOXQJ HLQHV lOWHUHQ )DEULNDUEHLWHUV QDPHQV 7UHELWVFK DOV 1DFKWZlFKWHU YRUDXVJHVHW]WGDHUHLQHDQJHPHVVHQH1DFKW]XODJHEHNlPHXQGHLQ'ULWWHOVHLQHV *HKDOWV VWHXHUIUHL GD VROOHQ GLH =HLWXQJHQ VFKUHLEHQ ZDV VLH ZROOHQ 'HU 9HUZDOWXQJVUDW

JLQJDXIGLHVH%HGLQJXQJHQHLQXQGGHUDOWH7UHELWVFKEHJDQQVHLQH1DFKWZDFKH $PQlFKVWHQ7DJHUVFKLHQHUEHLP%HWULHEVREPDQQª*LQ]EHUJ©VDJWHHUªLFKKDEH $QJVW:HQQLFKGLHJDQ]H1DFKWVRDOOHLQELQKDEHLFK$QJVW© 'HU %HWULHEVREPDQQ YHUVWlQGLJWH XQYHU]JOLFK GHQ )LUPHQLQKDEHU GHU SURPSW HLQHQ QHXHQ %HZHLV VHLQHU DUEHLWHUIHLQGOLFKHQ +DOWXQJ OLHIHUWH (U YHUODQJWH GD 7UHELWVFK ZHQQ HU IU GHQ 3RVWHQ HLQHV 1DFKWZlFKWHUV ]X DOW ]X IHLJ RGHU DXV DQGHUHQ *UQGHQ XQJHHLJQHW VHL ZLHGHU DXI VHLQHQ IUKHUHQ 3RVWHQ ]XUFNNHKUH 'DUDXIKLQEHNDPHUDEHUYRQ-RVHSK*LQ]EHUJHLQLJHV]XK|UHQ ª:DV JODXEHQ 6LH HLJHQWOLFK 6WHLQHU" 0LW HLQHP 0HQVFKHQ N|QQHQ 6LH QLFKW KHUXPZHUIHQZLHPLWHLQHP6WFN.RUN$XHUGHPKDEHQZLUIU7UHELWVFKEHUHLWV HLQHQQHXHQ0DQQHLQJHVWHOOW XQGGHQZHUGHQZLUQLFKWZLHGHUZHJVFKLFNHQQXU ZHLO6LHXQVR]LDOVLQG,P,QWHUHVVH,KUHUJXWHQ%H]LHKXQJHQ]XGHQ$UEHLWQHKPHUQ OHJHLFK,KQHQQDKHGHQDOWHQ0DQQLQGHU1DFKWQLFKWDOOHLQ]XODVVHQXQGHLQHQ ]ZHLWHQ1DFKWZlFKWHUDQ]XVWHOOHQ© 6WHLQHUV 3URGXNWLRQVNRVWHQ ZDUHQ YHUKlOWQLVPlLJ QLHGULJ HWZD 3LDVWHU SUR .RUN XQG HU KDWWH NHLQ ,QWHUHVVH DQ HLQHU 9HUVFKOHFKWHUXQJ GHV $UEHLWVNOLPDV ,Q GHU IROJHQGHQ 1DFKW VDHQ LQ GHP NOHLQHQ 9RUUDXP GHU EHL 7DJ ]XU $EODJH YHUVDQGEHUHLWHU'HWDLOOLHIHUXQJHQGLHQWH]ZHL1DFKWZlFKWHU *LQ]EHUJHUNXQGLJWHVLFKEHL7UHELWVFKREMHW]WDOOHVLQ2UGQXQJZlUHª6RZHLWVR JXW© DQWZRUWHWH 7UHELWVFK ª$EHU ZHQQ ZLU GLH JDQ]H 1DFKW GDVLW]HQ EHNRPPHQ ZLUQDWUOLFK+XQJHU:LUEUDXFKHQHLQ%IIHW© 'LHVPDOHUUHLFKWHGHU=XVDPPHQVWR]ZLVFKHQ6WHLQHUXQGVHLQHP%HWULHEVREPDQQ JU|HUH$XVPDH =XU $QVWHOOXQJ HLQHU .|FKLQ XQG ]XU 9HUVRUJXQJ GHU EHLGHQ 1DFKWZlFKWHU PLW .DIIHH XQG KHLHU 6XSSH ZlUH GHU 9HUZDOWXQJVUDW QRFK EHUHLW JHZHVHQ $EHU GD *LQ]EHUJ REHQGUHLQ GLH $QVWHOOXQJ HLQHV (OHNWULNHUV YHUODQJWH GHU GDV /LFKW DP $EHQG DQGUHKHQ XQG EHLP 0RUJHQJUDXHQ DEGUHKHQ VROOWH GDV ZDU ]XYLHO ª:DV GHQQ QRFK DOOHV"© HUHLIHUWH VLFK 6WHLQHU ª.|QQHQ GLH EHLGHQ 1DFKWZlFKWHU QLFKW PLWHLQHP/LFKWVFKDOWHUXPJHKHQ" © ª(UVWHQV6WHLQHUVFKUHLHQ6LHQLFKWPLWPLU ZHLOPLFKGDVNDOW OlW©HUZLGHUWH*LQ]EHUJPLWGHUIULKQW\SLVFKHQ*HODVVHQKHLW ª8QG]ZHLWHQVN|QQHQGLHEHLGHQ1DFKWZlFKWHUQDWUOLFKVHKUJXWPLW

HLQHP/LFKWVFKDOWHUXPJHKHQGHQQVLHVLQGNHLQHNOHLQHQ.LQGHU-HGRFK'LH,Q XQG $XHUEHWULHEVHW]XQJ HOHNWULVFKHU 6FKDOWYRUULFKWXQJHQ VWHOOW HLQH ]XVlW]OLFKH $UEHLWVOHLVWXQJGDUXQGHUVFKHLQWJHHLJQHWHLQHUKLHUIUJHVFKXOWHQ$UEHLWVNUDIWGLH $UEHLWVVWHOOH YRU]XHQWKDOWHQ 6WHLQHU :HQQ GLH 'LUHNWLRQ ]ZHL 1DFKWZlFKWHU EHVFKlIWLJHQ ZLOO KDW GHU %HWULHEVUDW QLFKWV GDJHJHQ HLQ]XZHQGHQ $EHU HLQ 1DFKWZlFKWHU LVW QLFKW YHUSIOLFKWHW DXFK QRFK DOV (OHNWULNHU ]X DUEHLWHQ© ª*LQ]EHUJ© VDJWH 6WHLQHU ªGDUEHU ]X HQWVFKHLGHQ LVW DXVVFKOLHOLFK 6DFKH GHU 'LUHNWLRQ© ª6WHLQHU© VDJWH *LQ]EHUJ ªGDQQ PVVHQ ZLU GHQ )DOO YRU GLH 6FKOLFK WXQJVNRPPLVVLRQEULQJHQ© 'DV JHVFKDK :LH ]X HUZDUWHQ EHULHIHQ VLFK EHLGH 7HLOH DXI $EV , GHV .ROOHNWLYYHUWUDJVGHUGDODXWHWªGHP $UEHLWJHEHUVWHKWGDV5HFKW]XLQQHUKDOE GHV %HWULHEHV DOOH WHFKQLVFKHQ 0DQDKPHQ ]X WUHIIHQ VRZHLW GDGXUFK NHLQH 9HUlQGHUXQJLQGHQ$UEHLWVEHGLQJXQJHQHLQWULWW© ª'DKDEHQ6LH V©VDJWH*LQ]EHUJª(VWULWWHLQH9HUlQGHUXQJHLQ6WHLQHU© ª(VWULWWNHLQH 9HUlQGHUXQJHLQ*LQ]EHUJ©ª(VWULWW©ª(V WULWWQLFKW© 1DFKGHP GLH $XVHLQDQGHUVHW]XQJ 6WXQGHQ JHGDXHUW KDWWH VFKOXJ GHU 6HNUHWlU GHU ]XVWlQGLJHQ *HZHUNVFKDIW HLQHQ .RPSURPL YRU GHU GHP 6WDQGSXQNW GHU $UEHLWHUVFKDIW5HFKQXQJWUXJXQG]XJOHLFKGHUª,VUDHOL.RUN©GLH0|JOLFKNHLWJDE LKU*HVLFKW]XZDKUHQ0LWDQGHUHQ:RUWHQ(VZXUGHQVRZRKOHLQH.|FKLQIUGDV 1DFKWEXIIHWDOVDXFKHLQKRFKTXDOLIL]LHUWHU(OHNWULNHUIUGLH%HOHXFKWXQJDQJHVWHOOW DEHULQ:DKUKHLWZUGHQLFKWGHU(OHNWULNHUGDV/LFKWDQ XQGDEGUHKHQVRQGHUQGLH .|FKLQ ZREHL GHP (OHNWULNHU OHGLJOLFK GLH WHFKQLVFKH 2EHUDXIVLFKW YRUEHKDOWHQ EOLHEH ª(V LVW© VDJWH GHU 6HNUHWlU QDFK GHU IHLHUOLFKHQ 8QWHU]HLFKQXQJ GHU 9HUWUDJVGRNXPHQWH ªPHLQH DXIULFKWLJH +RIIQXQJ XQG hEHU]HXJXQJ GD HV IRUWDQ DXI GLHVHP ZLFKWLJHQ 6HNWRU XQVHUHU KHLPLVFKHQ ,QGXVWULH ]X NHLQHQ 0LYHUVWlQGQLVVHQ PHKU NRPPHQ ZLUG VR GD DOOH DXIEDXZLOOLJHQ .UlIWH VLFK NQIWLJKLQGHQJURHQ=LHOHQXQVHUHUQHXHQ:LUWVFKDIWVSROLWLNZLGPHQN|QQHQGHU :DFKVWXPVUDWHXQVHUHU3URGXNWLRQGHP(LQIULHUHQGHU*HKlOWHU©$QGLHVHU6WHOOH ZXUGHHUYRQ *LQ]EHUJXQWHUEURFKHQXQGGLH=HUHPRQLHZDUEHHQGHW'LHQlFKVWHQ ]ZHL7DJHYHUOLHIHQRKQH6W|UXQJ

$PGULWWHQ7DJZXUGHGHU2EPDQQGHV%HWULHEVUDWVQHXHUOLFK]XP9RUVLW]HQGHQGHV 9HUZDOWXQJVUDWVJHUXIHQGHULKPHLQJURHV%ODWW3DSLHUHQWJHJHQVFKZHQNWH ª:DV LVW GDV VFKRQ ZLHGHU"© ]LVFKWH HU ª:DV EHGHXWHW GDV"© ª(LQ 8OWLPDWXP© DQWZRUWHWH *LQ]EHUJ 'DV 3DSLHU LQ 6WHLQHUV +DQG HQWKLHOW GLH )RUGHUXQJ GHU YLHU 1DFKWDUEHLWHU GLH GHQ UDQJlOWHVWHQ 1DFKWZlFKWHU 7UHELWVFK ]X LKUHP 9HUWUHWHU JHZlKOWKDWWHQ'LHZLFKWLJVWHQ3XQNWHZDUHQ (LQVWHOOXQJHLQHVTXDOLIL]LHUWHQ3RUWLHUVGHUIUGLH1DFKWEHOHJVFKDIWGDV7RU]X |IIQHQXQG]XVFKOLHHQKlWWH LJH (UK|KXQJ MHQHV 7HLOV GHU *HKlOWHU GHU QLFKW ]XU .HQQWQLV GHU 6WHXHUEHK|UGH JHODQJW ZREHL GLH %LODQ]YHUVFKOHLHUXQJ GHU 'LUHNWLRQ EHUODVVHQ EOLHEH $QNDXIHLQHVMXQJHQNUlIWLJHQ:DFKKXQGHV 3HQVLRQHQXQG9HUVLFKHUXQJHQ $QVFKDIIXQJHLQHUDXVUHLFKHQGHQ0HQJHYRQ'HFNHQXQG0DWUDW]HQ 'LHVH )RUGHUXQJHQ ZXUGHQ YRQ LKUHQ 8UKHEHUQ DOV ªDEVROXWHV 0LQLPXP© EH]HLFKQHW )U GHQ )DOO HLQHU XQEHIULHGLJHQGHQ $QWZRUW ZXUGHQ VFKDUIH *HJHQPDQDKPHQ LQ $XVVLFKW JHVWHOOW ª*LQ]EHUJ© U|FKHOWH 6WHLQHU ªDXI GLHVH 8QYHUVFKlPWKHLWHQ JHKH LFK QLFKW HLQ /LHEHU VFKOLHH LFK GLH )DEULN PHLQ (KUHQZRUW© ª'DV ZlUH HLQH $XVVSHUUXQJ GHUNROOHNWLYYHUWUDJOLFK JHVFKW]WHQ $U EHLWHU 'DV ZUGH GLH *HZHUNVFKDIW QLH ]XODVVHQ 8QG ZHU VLQG 6LH EHUKDXSW 6WHLQHUGD6LHXQVLPPHUGURKHQ"©ª:HULFKELQ"'HU,QKDEHUGLHVHU)LUPDELQ LFK,KU*UQGHU,KU/HLWHU© ªhEHUVRNLQGLVFKH%HPHUNXQJHQNDQQLFKQLFKWHLQPDOODFKHQ'LH)DEULNJHK|UW GHQHQGLHKLHUDUEHLWHQ©ª:HUDUEHLWHWGHQQKLHU"'DVQHQQHQ6LHDUEHLWHQ":RXQV GLH +HUVWHOOXQJ HLQHV HLQ]LJHQ )ODVFKHQNRUNV VFKRQ 3LDVWHU NRVWHW"© -RVHSK *LQ]EHUJJLQJHLQH:HLOHLP=LPPHUDXIXQGDEHKHHUYRU6WHLQHUVWHKHQ EOLHE ª6WHLQHU© VDJWH HU WUDXULJ ª6LH VLQG HQWODVVHQ +ROHQ 6LH VLFK ,KU OHW]WHV 0RQDWVJHKDOWDEXQGYHUVFKZLQGHQ6LH© ,QGHVVHQZDUWHWHDXI*LQ]EHUJHLQKDUWHU5FNVFKODJ 'LH)DFKJUXSSH.RUNDUEHLWHU GHU*HZHUNVFKDIWHUNOlUWHVLFKPLW6WHLQHUV(QWODVVXQJQLFKWHLQYHUVWDQGHQ

ª*HQ|VVH*LQ]EHUJ©VDJWHQGLH9HUWUDXHQVPlQQHUJOHLFK]X%HJLQQGHU LPSURYLVLHUWHQ6LW]XQJªHLQHQ0DQQGHUEHUHLQHIQI]HKQMlKULJH(UIDKUXQJDOV &KHIYHUIJWNDQQPDQQLFKWKLQDXVZHUIHQRKQHLKPHLQHJU|HUH$EILQGXQJ]X ]DKOHQ'HVKDOEZUGHQZLUGLUQDKHOHJHQDXIGHQHLQHQRGHUDQGHUHQ3XQNWGHV 8OWLPDWXPV]XYHU]LFKWHQ:R]XEHLVSLHOVZHLVHEUDXFKVWGXHLQHQMXQJHQ :DFKKXQG"©ª*HQRVVHQ©DQWZRUWHWH*LQ]EHUJWURFNHQªLKUVHLG.QHFKWHGHV0R QRSRONDSLWDOLVPXV/DNDLHQGHUKHUUVFKHQGHQ.ODVVHXQG9HUUlWHUDQGHQ,QWHUHVVHQ GHU$UEHLWHUVFKDIW%HLGHQQlFKVWHQ:DKOHQZHUGHWLKUGLH4XLWWXQJEHNRPPHQ *HQRVVHQ©8QGHUZDUIGU|KQHQGGLH7UKLQWHUVLFK]X

'LH*UXSSH7UHELWVFKEHIDQGVLFKQXQVFKRQVHLWGUHL7DJHQLQSDVVLYHU5HVLVWHQ] 'LH EHLGHQ 1DFKWZlFKWHU PDFKWHQ LKUH 5XQGH PLW ODQJVDPHQ VFKOHSSHQGHQ 6FKULWWHQ GLH .|FKLQ NRFKWH GLH 6XSSH DXI NOHLQHU )ODPPH XQG VHUYLHUWH VLH PLW 7HHO|IIHOQ $OV HV ]X 6\PSDWKLHNXQGJHEXQJHQ YHUZDQGWHU )DFKJUXSSHQ NDP XQG GLH %UDXHUHL XQG 1DFKWNOXEDUEHLWHU HLQHQ ]ZHL 0LQXWHQ ODQJHQ :DUQVWUHLN YHUDQVWDOWHWHQ JULII GDV =HQWUDONRPLWHH GHU *HZHUNVFKDIW HLQ 'HU *URNDSLWDOLVW GHU GLHVH JDQ]H (QWZLFNOXQJ YHUXUVDFKW KDWWH ZXUGH ]X HLQHU %HVSUHFKXQJ LQV *HZHUNVFKDIWVKDXVJHODGHQZRPDQLKP]XVSUDFK ª,P*UXQGHJHKWHVMDQXUXPHLQH/DSSDOLH*HQ|VVH6WHLQHU+DEHQ6LHGRFKHLQ +HU]IUGHQDOWHQ*HQRVVHQ7UHELWVFK(UK|KHQ6LHHLQHQ7HLOVHLQHV*HKDOWVRKQH GD HV GLH *HQRVVHQ YRQ GHU (LQNRPPHQVWHXHU HUIDKUHQ 0DWUDW]HQ XQG 'HFNHQ N|QQHQ 6LH DXV XQVHUHP )HULHQIRQGV KDEHQ IU GHQ 3RUWLHU XQG GHQ +XQG ODVVHQ VLFK YLHOOHLFKW *HOGHU DXV GHP (QWZLFNOXQJVEXGJHWIOVVLJ PDFKHQ 8QG ZDV GLH 3HQVLRQHQEHWULIIW EHYRUGLH0LWJOLHGHUGHU*UXSSH7UHELWVFKSHQVLRQVUHLIZHUGHQ KDEHQ 6LH VRZLHVR VFKRQ DOOH (LJHQWXPVUHFKWH DQ ,KUHU )DEULN YHUORUHQ XQG GDV *DQ]HJHKW6LHQLFKWVPHKUDQ6HLHQ6LHYHUQQIWLJ©6WHLQHUEOLHEKDUW ª1LFKWV]X PDFKHQPHLQH+HUUHQ6FKDIIHQ6LHPLUGLH7UHELWVFK%DQGHYRP+DOV GDQQ UHGHQ ZLU ZHLWHU© ª(LQ OHW]WHU 9RUVFKODJ ]XU *WH *HQ|VVH 6WHLQHU :LU HUODVVHQ ,KQHQ GHQ $QNDXI HLQHV :DFKKXQGHV ZHQQ 6LH HLQZDQGIUHL QDFKZHLVHQ GD HU EHUIOVVLJ LVW $EHU GD]X PWHQ 6LH ,KUH JHVDPWH 3URGXNWLRQ DXI 1DFKWVFKLFKWXPVWHOOHQ©

6R NDP HV GD GLH ª,VUDHOLVFKH .RUN *PE+© ]XU 1DFKWDUEHLW EHUJLQJ 'LH %HOHJVFKDIWEHVWDQGDXVHLQHUHLQ]LJHQ6FKLFKWXQGXPIDWHDOOHVHFKV$UEHLWHUGLH 6HNUHWlULQ XQG +HUUQ 6WHLQHU VHOEVW $QIDQJV HUJDEHQ VLFK hEHUVFKQHLGXQJHQ PLW EHVWLPPWHQ $EHQGNXUVHQ GHU 9RONVKRFKVFKXOH RGHU PLW NXOWXUHOOHQ (UHLJQLVVHQ DEHU GLH 6FKZLHULJNHLWHQ ZXUGHQ PLW +LOIH WHFKQLVFKHU 9HUEHVVHUXQJHQ XQG HLQHV ODQJIULVWLJHQ5HJLHUXQJVGDUOHKHQVEHUZXQGHQ(VJHODQJGHP8QWHUQHKPHQVRJDU GHQ 3UHLV H[SRUWIlKLJHU .RUNH DXI HLQ 6KHNHO SUR 6WFN ]X IL[LHUHQ 'LH *HPWHU EHUXKLJWHQVLFKGLH3URGXNWLRQQRUPDOLVLHUWHVLFK (LQHV1DFKWVOLHGHU9RUVLW]HQGHGHV9HUZDOWXQJVUDWVGHQ2EPDQQGHV%HWULHEVUDWV NRPPHQXQGVSUDFK]XLKPZLHIROJW ª'LH)DEULNDQODJHLVWGHQJDQ]HQ7DJXQEHDXIVLFKWLJW*LQ]EHUJ(VIlOOW]ZDUQLFKW LQ,KUH.RPSHWHQ]DEHUGHU2UGQXQJKDOEHUWHLOHLFK,KQHQPLWGDZLUEHVFKORVVHQ KDEHQHLQHQ:lFKWHUDQ]XVWHOOHQ©

'HUODQJH$UPGHU6WDGWYHUZDOWXQJ :LHGHUHLQPDOVFKOHQGHUWHLFK PLWPHLQHP)UHXQG-RVVHOHGHP HUILQGXQJVUHLFKHQ :HOWPHLVWHU LP 1LFKWVWXQ YRQ HLQHP .DIIHHKDXV ]XP lQGHUQ ZLHGHU HLQPDO ZXWHQ ZLU QLFKW ZDV ZLU PLW GHP DQJHEURFKHQHQ 1DFKPLWWDJ EHJLQQHQ VROOWHQ 6FKRQ ZROOWHQ ZLU PDQJHOV HLQHU ZUGLJHQ =HUVWUHXXQJ DXVHLQDQGHUJHKHQ DOV -RVVHOHSO|W]OLFKHLQHQ(LQIDOOKDWWH ª:HLW GX ZDV" /D XQV GDV !:LU NRPPHQ YRQ GHU 6WDGWYHUZDOWXQJ6SLHO VSLHOHQ© 'DPLW ]RJ HU PLFK LQV QlFKVWH +DXV XQG OlXWHWH DQ GHU QlFKVWHQ 7U $OV XQV JH|IIQHW ZXUGH VFKRE HU PLFK YRUDQ XQG WUDW HLQ ª6FKDORP© VDJWH HU ª:LU NRPPHQ YRQ GHU 6WDGWYHUZDOWXQJ© 'HU :RKQXQJVLQKDEHU ZXUGH EOD XPDUPWH VHLQH)UDXXQGIUDJWHQDFK GHP*UXQGXQVHUHV%HVXFKV ª6LH KDEHQ YHUVlXPW GLH $Q]DKO GHU 6WKOH LQ ,KUHU :RKQXQJ DQ]XJHEHQ© VDJWH -RVVHOH XQG ]RJ DXV VHLQHU %UXVWWDVFKH HLQLJH 3DSLHUHKHUYRU %ULHIH QLFKW HUIOOWH =DKOXQJVDXIIRUGHUXQJHQXQGGHUJOHLFKHQª,KUH(UNOlUXQJLVWVHLWODQJHPEHUIlOOLJ PHLQ+HUU©ª:HOFKH(UNOlUXQJ"© ª,KUH 6WHXHUHUNOlUXQJ IU GLH LQ ,KUHQ :RKQUlXPHQ YRUKDQGHQH %HVWXKOXQJ -HGH 6LW]JHOHJHQKHLWPXDQJHJHEHQZHUGHQ/HVHQ6LHNHLQH=HLWXQJHQ"© ª,FK MD© VWRWWHUWH GHU 6FKXOGLJH ª,FK KDEH LUJHQG HWZDV KDEH LFK VFKRQ JHOHVHQ$EHULFKGDFKWHGDVEH]LHKWVLFKQXUDXI%URUlXPH© ª'UIHQZLUHLQH%HVWDQGVDXIQDKPHGXUFKIKUHQ"©IUDJWH-RVVHOHPLWDXVJHZlKOWHU +|IOLFKNHLW :LU JLQJHQ GXUFK GLH :RKQXQJ XQG QRWLHUWHQ YLHU )DXWHXLOV LP :RKQ]LPPHU MH ]ZHL 6WKOH LQ GHQ EHLGHQ 6FKODI]LPPHUQ XQG HLQHQ XQWHU GHP .FKHQWLVFK YHUVWHFNWHQ6FKHPHO'DV(KHSDDUIROJWHXQV]LWWHUQG ª+DEHQ6LHYLHOOHLFKW(LPHULP+DXV"©IUDJWH-RVVHOHDOVQlFKVWHVª-D(LQHQ© ª.DQQ XPJHGUHKW ZHUGHQ XQG JLOW DOV 1RWVLW]© -RVVHOH QRWLHUWH GHQ=XZDFKV

-HW]WZXUGHGHU0DQQZWHQGª'DVJHKW]XZHLW$OVRELFKQLFKWVFKRQJHQXJ 6WHXHUQ]X]DKOHQ KlWWH© ª:DVZROOHQ6LHYRQPLU"©UHSOL]LHUWH-RVVHOHPLWEHOHLGLJWHU8QVFKXOGVPLHQHª,FK ELQ QXU HLQ NOHLQHU %HDPWHU GHU VHLQH ,QVWUXNWLRQHQ EHIROJW© 'DQQ VDK HU GHP 2EMHNWVHLQHU,QVWUXNWLRQHQIHVWLQGLH$XJHQXQGVDJWHª'DV*DQ]HZLUGVLFKDXI XQJHIlKU6KHNHOEHODXIHQ© 'LH+DXVIUDXRIIHQEDUGHUlQJVWOLFKHUH7HLOGHV(KHSDDUV ZROOWHGHQ%HWUDJVRIRUW LQEDUHUOHJHQ-RVVHOHYHUZHLJHUWHGLH$QQDKPHGHV*HOGHVHUZLVVHMDQLFKWZLH KRFK GLH =XVDW]VXPPH IU GDV =DKOXQJVYHUVlXPQLV VHLQ ZUGH 'DPLW YHUDEVFKLHGHWHQZLUXQV ,QGHUQlFKVWHQ:RKQXQJUHJLVWULHUWHQZLUGLH6FKOVVHOO|FKHUXQGEHOHJWHQVLHPLW HLQHU MlKUOLFKHQ 6WHXHU YRQ 6KHNHO ,Q GHU EHUQlFKVWHQ :RKQXQJ ZDUHQ GLH *OKELUQHQ GUDQ 1DFK HLQHU 6WXQGH KDWWHQ ZLU GDV JDQ]H +DXV PLW QDPKDIWHQ 6WHXHUYRUVFKUHLEXQJHQYHUVRUJW :DV LPPHU PDQ JHJHQ GLH 6WDGWYHUZDOWXQJ YRUEULQJHQ PDJ PDQFKPDO VRUJW VLH DXFKIUHLQHQXQWHUKDOWVDPHQ1DFKPLWWDJ

8QYHUKRIIWHU$OOWDJHLQHV0LQLVWHUV 'LH /LPRXVLQH GHV 0LQLVWHUV EOLHE XQWHUZHJV SO|W]OLFK VWHKHQ *DEL GHU )DKUHU VWHOOWHGHQ0RWRUDEXQGZDQGWHVLFKXPª7XWPLUOHLG&KHI DEHU6LHKDEHQMDGHQ 5XQGIXQNJHK|UW©'DVEH]RJVLFKDXIGLH1HXQ8KU1DFKULFKWHQGLHGHQ6WUHLNGHU .UDIWIDKUJHZHUNVFKDIW DQJHNQGLJW KDWWHQ 'LH .UDIWIDKUJHZHUNVFKDIW ZROOWH VLFK PLWGHU*HZHUNVFKDIWGHU&KHPLH,QJHQLHXUH IXVLRQLHUHQRGHUZROOWHGLH)XVLRQPLW GHU 7UDQVSRUWDUEHLWHUJHZHUNVFKDIW UFNJlQJLJ PDFKHQ RGHU YLHOOHLFKW ZROOWH VLH HWZDVDQGHUHV-HGHQIDOOVVWUHLNWHVLH *DEL YHUOLH GHQ :DJHQ XQG EHJDE VLFK LQV *HZHUNVFKDIWVKDXV XP ,QVWUXNWLRQHQ HLQ]XKROHQ 'HU 0LQLVWHUVD PLWWHQDXIGHU 6WUDH(UNRQQWHQLFKW$XWRIDKUHQ(UILQGXQJHQ GLHDXIHLQHQ.QRSIGUXFNKLQODXWH*HUlXVFKHHU]HXJHQIO|WHQLKPVHLWMHKHU$QJVW HLQ6RZHLWVHLQH(ULQQHUXQJ]XUFNUHLFKWHKDWWHHUQXUHLQHLQ]LJHV0DOHLQ$XWR JHVWHXHUW'DVZDUYRUYLHU]LJ-DKUHQLQHLQHP9HUJQJXQJVSDUNZRGHU0LQLVWHU GDPDOV QRFKMXQJXQGHKUJHL]LJ VLFKHLQHP$XWRGURPDQYHUWUDXWKDWWH6Sl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lJOLFK LQ VHLQHP 0LQLVWHULXPVDK)UHPGHEHNDPHUK|FKVWHQVLQDQRQ\PHQ0DVVHQ]X*HVLFKWDP 8QDEKlQJLJNHLWVWDJ RGHU LP )XEDOOVWDGLRQ EHL ZLH KLH GRFK GDV 'LQJ EHLP .XSIHUILQDOH 'HU0LQLVWHUVWLHJDXVXQGJLQJGLH6WUDHHQWODQJ$OOPlKOLFKZXFKVVHLQ9HUWUDXHQ LQ GLHVH $UW GHU )RUWEHZHJXQJ (U GDFKWH QDFK ZDQQ HU ]XOHW]WHWZDV GHUJOHLFKHQ JHWDQKDWWH5LFKWLJ

'DPDOVKDWWHHLQ)HUQODVWHU VHLQHQ:DJHQJHUDPPWXQGHUZDU]X)XQDFK+DXVH JHJDQJHQTXHUGXUFKGLH6WDGW]X)X'LH%OLFNHGHV0LQLVWHUVULFKWHWHQVLFK DEZlUWVGRUWKLQZRXQWHUKDOEGHU%DXFKZ|OEXQJVHLQH)HVLFKWEDUZXUGHQVHLQH HLJHQHQ)HGLHVLFKUK\WKPLVFKEHZHJWHQWDSSWDSSWDSSWDSSOLQNHU)XUHFK WHU)X MDZRKOHUZXWHVHLQH)HQRFK]XJHEUDXFKHQ(UZXWHQRFKZLHPDQ DXIGHU6WUDHJHKW(LQJXWHV*HIKO1XUGLH6FKXKHVDKHQHLQZHQLJIUHPGDUWLJ DXV:RNDPHQVLHKHU"(UKDWVLFKGRFKQRFKQLHPDOV6FKXKHJHNDXIWRGHU" *HQDXHUHV1DFKGHQNHQHUJLEWGDHUVHOEVWEHUKDXSWNHLQH(LQNlXIHWlWLJW:DV LVW VPLWGLHVHQ6FKXKHQ"(UEOHLEWYRUGHP6FKDXIHQVWHUVWHKHQXQGVWDUUWKLQHLQ 6HOWVDP(LQY|OOLJQHXDUWLJHV3KlQRPHQ6FKXKHYLHOH6FKXKH+HUUHQ'DPHQ XQG .LQGHUVFKXKHSDDUZHLVHDUUDQJLHUWDXI6RFNHOQDXIODQJVDPURWLHUHQGHQ 'UHKVFKHLEHQRGHUQXUVR ,QSO|W]OLFKHP(QWVFKOXEHWULWWGHU0LQLVWHUGHQ/DGHQHLQHQKRKHQ ODQJJHVWUHFNWHQ5DXPPLW5HLKHQEHTXHPHU)DXWHXLOVXQGPLW5HJDOHQDQGHQ :lQGHQXQGLQGHQ5HJDOHQ6FKXKHQLFKWVDOV6FKXKH'HU0LQLVWHUVFKWWHOWGLH +DQGHLQHVLKPHQWJHJHQNRPPHQGHQ0DQQHV ª=XIULHGHQPLWGHP([SRUWJHVFKlIW"©ª0LFKGUIHQ6LHQLFKWIUDJHQ©ODXWHWGLH $QWZRUWª,FKVXFKH6lPLVFKOHGHUVFKXKHPLW*XPPLVRKOHQ©'HU0LQLVWHUVLHKW VLFKXP:LHJHKW VKLHUHLJHQWOLFK]X"1HKPHQGLH/HXWHHLQIDFK6FKXKHDQVLFK RGHUZDUWHQVLHELVGHU.HOOQHUNRPPW"(LQH*HVWDOWLQZHLHP.LWWHOYLHOOHLFKWHLQ $U]WWULWWDQGHQ0LQLVWHUKHUDQXQGIUDJWLKQZDVPDQIULKQWXQN|QQHª6FKLFNHQ 6LHPLUHLQSDDU0XVWHU©VDJWGHU0LQLVWHUOHXWVHOLJXQGYHUOlWGHQ/DGHQ 'UDXHQDXIGHU6WUDHIlOOWLKPHLQGDHUVLFKQLFKW]XHUNHQQHQJHJHEHQKDW8QG GDHUQLFKWYRQVHOEVWHUNDQQWZXUGH,FKPX|IWHUVLP)HUQVHKHQ DXIWUHWHQGHQNW GHU0LQLVWHU(VZLUGVSlW9LHOOHLFKWVROOWHHULQVHLQHP%URDQUXIHQGDPLWPDQ LKPLUJHQGHLQ7UDQVSRUWPLWWHOVFKLFNWRGHULKQDEKROW$QUXIHQ$EHUZLHUXIWPDQ DQ"8QGZHQQMDZR"(UVLHKWZHLWXQGEUHLWNHLQ7HOHIRQ8QGVlKHHUHLQHVZWH HU VQLFKW]XKDQGKDEHQ'DVPDFKWMDLPPHUVHLQH6HNUHWlULQGLHJHUDGHKHXWHQDFK +DLIDJHIDKUHQLVWLQLUJHQGHLQHU)DPLOLHQDQJHOHJHQKHLW$XHUGHPZlUHVLHMD VRQVWLQVHLQHP%URXQGQLFKWKLHUZRHVNHLQ7HOHIRQJLEW

'D HLQ*ODVYHUVFKODJ HLQVFKZDU]HU.DVWHQGDULQ NHLQ=ZHLIHO HLQ7HOHIRQ 'HU0LQLVWHU|IIQHWGLH=HOOHQWUXQGKHEWGHQ+|UHUDEª(LQH/HLWXQJELWWH© 1LFKWVJHVFKLHKW'HU$SSDUDWVFKHLQWJHVW|UW]XVHLQ9RQGUDXHQPDFKWLKPHLQ NOHLQHU -XQJH DQVFKDXOLFKH =HLFKHQ GD PDQ ]XHUVW HWZDV LQ GHQ .DVWHQ ZHUIHQ PX 1DWUOLFK MHW]W HULQQHUW HU VLFK (U LVW MD 9RUVLW]HQGHU GHV 3DUODPHQWV DXVVFKXVVHVIUGDV0Q] XQG0DUNHQZHVHQ(UNHQQWVLFKDXV'HU0LQLVWHUEHWULWW GHQQlFKVWHQ/DGHQXQGELWWHWXPHLQH7HOHIRQPDUNHª'DVKLHULVWHLQH:lVFKHUHL© ZLUGLKPPLWJHWHLOWª7HOHIRQPDUNHQEHNRPPHQ6LHDXIGHP3RVWDPW© (LQH YHUZLUUHQGH :HOW IUZDKU 'HU 0LQLVWHU KlOW QDFK HLQHP 3RVWDPW $XVVFKDX XQGHUVSlKWDXIGHUMHQVHLWLJHQ6WUDHQVHLWHHLQHQURWHQ.DVWHQDQHLQHU+DXVPDXHU (UZHLVRIRUWZDVGDVLVW,QVROFKH.lVWHQWXQGLH0HQVFKHQ%ULHIHKLQHLQGLHVLH YRUKHU]X+DXVHJHVFKULHEHQKDEHQ ª(QWVFKXOGLJHQ 6LH© ZHQGHW HU VLFK DQ HLQH 'DPH GLH QHEHQ LKP DQ GHU 6WUDHQNUHX]XQJZDUWHWªEHLZHOFKHU)DUEHGDUIPDQKLQEHUJHKHQEHL*UQRGHU 5RW"© (ULVW]LHPOLFKVLFKHUGDVHLQ :DJHQLPPHUEHL JUQHP/LFKW ORVIlKUW$EHU JLOW GDV DXFK IU )XJlQJHU" 'HU 0HQVFKHQVWURP GHU VLFK MHW]W LQ %HZHJXQJ VHW]W VFKZHPPWLKQDXIGLHJHJHQEHUOLHJHQGH6WUDHQVHLWHPLW'RUWJOHLFKQHEHQGHP URWHQ .DVWHQ HQWGHFNW HU HLQ 3RVWDPW WULWW HLQ XQG ZHQGHW VLFK DQ GHQ QlFKVWHQ 6FKDOWHUEHDPWHQ ª%LWWHVFKLFNHQ6LHHLQ7HOHJUDPPDQPHLQ0LQLVWHULXPGDPDQPLFKVRIRUWKLHU DEKROHQVROO© ª0LWHLQHP)OXJ]HXJRGHUPLWHLQHP8QWHUVHHERRW"©IUDJWGHU6FKDOWHUEHDPWHXQG OlW ]XU 6LFKHUKHLW GLH 0LOFKJODVVFKHLEH KHUXQWHU 'HU 0DQQ VFKHLQW YHUUFNW ]X VHLQGHQNWGHU0LQLVWHUXQGJHKWDFKVHO]XFNHQGDE 1DKHGHP3RVWDPWEHILQGHWVLFKHLQ=HLWXQJVVWDQG:LHVLFK]HLJWKDWGHU0LQLVWHU JURH 6FKZLHULJNHLWHQ XQPDUNLHUWH =HLWXQJHQ ]X HQW]LIIHUQ ,Q GHQ =HLWXQJHQ DXI VHLQHP6FKUHLEWLVFKVLQGGLH$UWLNHOGLHHUOHVHQVROOLPPHUHLQJHUDKPW ª(LQ*ODV2UDQJHQVDIW"©IUDJWHLQH6WLPPHDXVGHP(UIULVFKXQJVNLRVNYRUGHPHU VWHKHQJHEOLHEHQLVW'HU0LQLVWHUQLFNW(ULVWGXUVWLJJHZRUGHQXQGOHHUWGDV*ODV ELVDXI

GHQ OHW]WHQ 7URSIHQ :HOFK ZXQGHUEDUHV (UOHEQLV $OOHLQ DXI GHU 6WUDH HLQ *ODV 2UDQJHQVDIW]XWULQNHQXQGHUIULVFKWZHLWHU]XJHKHQ'HU.LRVNEHVLW]HUNRPPWLKP QDFKJHUDQQWª$JRURWZHQQLFKELWWHQGDUI© 'HU0LQLVWHUVWDUUWLKQDQ(VGDXHUWVHNXQGHQODQJHKHHUEHJUHLIWZDVJHPHLQWLVW 'DQQ JUHLIW HU LQ VHLQH 7DVFKH 6LH LVW OHHU 1DWUOLFK 6ROFKH 6DFKHQ ZHUGHQ MD LPPHU YRQ VHLQHU 6HNUHWlULQ HUOHGLJW :DUXP PXWH VLH JHUDGH KHXWH QDFK +DLID IDKUHQ" ª6FKLFNHQ 6LH PLU GLH 5HFKQXQJ ELWWH© VDJW HU GHP JLHULJHQ ,QNDVVDQWHQ XQGHQWIOLHKW $OV HUHQGOLFKLQQHKlOWVWHKWHUYRUHLQHPLQ%DXEHILQGOLFKHQ+DXV'LHHPVLJHQ 0HQVFKHQ GLH UXQGXP EHVFKlIWLJW VLQG EHHLQGUXFNHQ LKQ WLHI 1XU GHU /lUP VW|UW LKQ HLQ ZHQLJ 8QG ZDV LVW GDV IU HLQH JUDXH 0DVVH GLH VLH GRUW LQ GHP %RWWLFK ]XVDPPHQPLVFKHQ" ª(LQHQ VFK|QHQ JXWHQ 7DJ ZQVFKH LFK© (LQ DOWHU 0DQQ ZDKUVFKHLQOLFK HLQ 6DPPOHU IU LUJHQGZHOFKH QHX DXIJHOHJWHQ $QOHLKHQ KlOW LKP GLH+DQGKLQ$XFKLKQYHUZHLVWHUDQ VHLQ%UR ,PPHU QHXH hEHUUDVFKXQJHQ 'RUW LQ HLQHU 5HLKH YRQ *ODVNlVWHQ KlQJHQ %LOGHU KDOEQDFNWHU0lGFKHQ'HU0LQLVWHUEOLFNWDXI MDZRKOHUKDW VHUUDWHQHLQ.LQR6R VLHKW GDV DOVR DXV (U HPSILQGHW KHIWLJH /XVW KLQHLQ]XJHKHQ XQG HQGOLFK HLQPDO HLQHQ)LOP]XVHKHQ6RQVWNRPPWHUMDQLHGD]X 'HU0LQLVWHUNORSIWDQGLHYHUVSHUUWH(LVHQWUH(UPXPHKUPDOVNORSIHQHKHHLQH YHUKXW]HOWH)UDXHQVSHUVRQGHQ.RSIKHUDXVVWUHFNWª:DVORV"© ª,FKP|FKWHHLQHQ)LOPVHKHQ© ª-HW]W" 'LH HUVWH 9RUVWHOOXQJ EHJLQQW XP YLHU 8KU QDFKPLWWDJ© ª1DFKPLWWDJ KDEHLFK]XWXQ© ª'DQQVSUHFKHQ6LH PLW+HUUQ :HLVV©8QGGLH(LVHQWUIlOOW LQV6FKOR $Q GHU QlFKVWHQ 6WUDHQHFNH VWHKW HLQ XQJHZ|KQOLFK JURHU OlQJOLFKHU EODXODFNLHUWHU:DJHQGHUHLQH0HQJHZDUWHQGHU/HXWHLQVLFKDXIQLPPW(LQ%XV VFKLHW HV GHP 0LQLVWHU GXUFK GHQ .RSI (UVW YRULJH :RFKH KDEHQ ZLU LKQHQ GDV %XGJHWHUK|KW8P3UR]HQW'DNDQQLFKMDHLQVWHLJHQ ª+DMDUNRQVWUDH© VDJW HU GHP )DKUHU ª1XPPHU © ª:HOFKHU 6WRFN"© ª:LHELWWH"©

ª0DFKHQ6LHGD6LHYRP7ULWWEUHWWKHUXQWHUNRPPHQ©'HU)DKUHUEHWlWLJWGLH DXWRPDWLVFKH7UXQGVDXVWORV(LQHPHUNZUGLJH:HOWPLWPHUNZUGLJHQ 6SLHOUHJHOQ'HU0LQLVWHUYHUVXFKWVLFK]XRULHQWLHUHQNDQQMHGRFKPDQJHOV LUJHQGZHOFKHU:DKU]HLFKHQ +LOWRQ+RWHORGHUJULHFKLVFKHV5HVWDXUDQW QLFKWIHVW VWHOOHQZRHUVLFKEHILQGHW 0HQVFKHQIOXWHQDQLKPYRUEHLDOVZlUHQLFKWVJHVFKHKHQ'LHVDOVRLVWGLH1DWLRQ GDV9RONGLH0DVVHGHU:lKOHU'HQMQJVWHQ0HLQXQJVXPIUDJHQ]XIROJHZLUGLP 2NWREHUMHGHUGULWWHGLHVHUIUHPGHQ0HQVFKHQIULKQVWLPPHQ'HU0LQLVWHUOLHEW VLHDOOH(ULVWVHLWVHLQHUIUKHVWHQ-XJHQGHLQEHU]HXJWHU6R]LDOLVW(QGOLFKDXI YLHOIDFKYHUVFKOXQJHQHQ:HJHQKDWHU]XVHLQHU/LPRXVLQH]XUFNJHIXQGHQ JHUDGHUHFKW]HLWLJXPGHQ)DKUHU*DELKHUDQNRPPHQ]XVHKHQ ª=ZHL6RQGHU]DKOXQJHQMlKUOLFKXQGHUK|KWHV8UODXEVJHOG©VDJW*DEL 'HU6WUHLNLVWEHHQGHW6LHVWHLJHQHLQ*DELOlWGHQ0RWRUDQVSULQJHQ 8QGGHU0LQLVWHUNHKUWYRQVHLQHQ$EHQWHXHUQDXIHLQHPIUHPGHQ3ODQHWHQLQGLH :HOWVHLQHV$OOWDJV]XUFN

3RNHU +HUU6XO]EDXPZDUHLQEHVFKHLGHQHU0DQQGHUVWLOOXQGIULHGOLFKGDKLQOHEWHRKQH PLW VHLQHP (UGHQORV ]X KDGHUQ (U QDQQWH HLQH NOHLQH )DPLOLH VHLQ HLJHQ HLQH OLHEHQGH)UDXZLHHXUH0XWWLXQG]ZHLVFKOLPPH%XEHQZLHLKUVHOEVWKDKD+HUU 6XO]EDXP ZDU HLQ NOHLQHU $QJHVWHOOWHU LQ HLQHP JURHQ %HWULHE 6HLQ (LQNRPPHQ ZDU NDUJ DEHU GLH 6HLQHQ EUDXFKWHQQLHPDOV ]X KXQJHUQ (LQHV$EHQGV KDWWH +HUU 6XO]EDXP *lVWH EHL VLFK XQG DOV VLH VR EHLVDPPHQVDHQ VFKOXJ HU LKQHQ VSDHVKDOEHUYRU.DUWHQ]XVSLHOHQ*HZLOLHEH.LQGHUKDEWLKUVFKRQYRQHLQHP .DUWHQVSLHOJHK|UWZHOFKHV ª3RNHU©KHLW(UVWYRUNXU]HPKDEHQXQVHUH*HULFKWH HQWVFKLHGHQ GD HV ]X GHQ YHUERWHQHQ 6SLHOHQ JHK|UW +HUU 6XO]EDXP DEHU VDJWH ª:DUXP QLFKW" :LU VLQG GRFK XQWHU )UHXQGHQ (V ZLUG HLQ IUHXQGOLFKHV NOHLQHV 6SLHOFKHQ ZHUGHQ© 8P HV NXU] ]X PDFKHQ +HUU 6XO]EDXP JHZDQQ DQ GLHVHP $EHQG VHFKV 6KHNHO 'DV ZDU VHKU YLHO *HOG IU LKQ XQG GHVKDOE VSLHOWH HU DP QlFKVWHQ $EHQG ZLHGHU 8QG DP EHUQlFKVWHQ 8QG GDQQ 1DFKW IU 1DFKW 8QG PHLVWHQVJHZDQQHU'DV/HEHQZDUVHKUVFK|Q :HQGDV/DVWHUGHV.DUWHQVSLHOVHLQPDOLQGHQ.ODXHQKDWGHQOlWHVVRJHVFKZLQG QLFKWZLHGHUORV+HUU6XO]EDXPJDEVLFKPLWIUHXQGOLFKHQNOHLQHQ6SLHOFKHQQLFKW OlQJHU]XIULHGHQ(UZXUGH6WDPPJDVWLQGHQ6SLHONOXEV (LQ 6SLHONOXE OLHEH .LQGHU LVW HLQ E|VHV ILQVWHUHV +DXV GDV YRQ GHU 3ROL]HL JHVFKORVVHQZLUGNDXPGDVLHYRQVHLQHU:LHGHUHU|IIQXQJHUIlKUW9LHOOHLFKWKDEW LKUGDYRQVFKRQLQGHQ=HLWXQJHQJHOHVHQ$QIDQJVEOLHEGDV*OFN+HUUQ6XO]EDXP WUHX(UJHZDQQDXFKLQGHQ6SLHONOXEVHUJHZDQQVRJDUUHFKWDQVHKQOLFKH%HWUlJH XQG NDXIWH IU VHLQH NOHLQH )DPLOLH HLQH JURH :RKQXQJ PLW :DVFKPDVFKLQH XQG DOOHP=XEHK|U 6HLQWUHXHV:HLEZXUGHQLFKWPGHLKQ]XZDUQHQª6XO]EDXP6XO]EDXP©VDJWH VLH ªPLWGLUZLUGHVHLQVFKOLPPHV(QGHQHKPHQ© $EHU6XO]EDXPODFKWHVLHDXV ª:RVWHKWHVGHQQJHVFKULHEHQGDMHGHU0HQVFKEHLP.DUWHQVSLHOYHUOLHUHQPX" 'DGLHPHLVWHQ0HQVFKHQYHUOLHUHQPXHVMDDXFKZHOFKHJHEHQGLHJHZLQQHQ©

,PPHU K|KHU ZXUGHQ GLH (LQVlW]H XP GLH +HUU 6XO]EDXP VSLHOWH XQG GD]X EUDXFKWHHULPPHUPHKU*HOG:DVDEHUWDW+HUU6XO]EDXPXPVLFKGLHVHV*HOG]X YHUVFKDIIHQ" 1XQ OLHEH .LQGHU" :DV WDW HU ZRKO" (U QDKP HV DXV GHU .DVVH GHV %HWULHEVLQGHPHUDQJHVWHOOWZDU ª0RUJHQJHEHLFKHVZLHGHU]XUFN©EHUXKLJWHHUVHLQ*HZLVVHQª1LHPDQGZLUG HWZDVPHUNHQ© :DKUVFKHLQOLFKZLWLKUVFKRQOLHEH.LQGHUZLHGLH*HVFKLFKWHZHLWHUJHKW:HQQ PDQ HLQPDO DXI GLH VFKLHIH %DKQ JHUDWHQ LVW JLEW HV NHLQ +DOWHQ PHKU 1DFKW IU 1DFKWVSLHOWH+HUU6XO]EDXP3RNHUPLWIUHPGHP*HOG1DFKWIU1DFKWZXUGHQGLH (LQVlW]H K|KHU XQG DOV HU VLFK HLQHV 0RUJHQV EOHLFK XQG EHUQlFKWLJW YRP 6SLHOWLVFKHUKREZDUHUHLQVWHLQUHLFKHU0DQQ,FKPXDXV*HUHFKWLJNHLWVJUQGHQ ]XJHEHQ GD +HUU 6XO]EDXP ZLUNOLFK VHKU JXW 3RNHU VSLHOW ,Q NQDSSHQ VHFKV 0RQDWHQKDWWHHUHLQJHZDOWLJHV9HUP|JHQJHZRQQHQ'DVYHUXQWUHXWH*HOGJDEHU QLFKW PHKU LQ GLH %HWULHEVNDVVH ]XUFN GHQQ LQ GHU =ZLVFKHQ]HLW KDWWH HU GHQ JDQ]HQ %HWULHE HUZRUEHQ XQG GD]X QRFK HLQH 3ULYDWYLOOD ]ZHL $XWRV XQG HLQH JHVHOOVFKDIWOLFKH3RVLWLRQ+HXWHLVW+HUU6XO]EDXPHLQHUGHUDQJHVHKHQVWHQ%UJHU XQVHUHV/DQGHV6HLQHEHLGHQ6|KQHJHQLHHQHLQHKHUYRUUDJHQGH(U]LHKXQJXQGEH NRPPHQJDQ]H:DJHQODGXQJHQYRQ6SLHO]HXJJHVFKHQNW 0RUDO*HKWVFKODIHQOLHEH.LQGHUXQGNUlQNWHXFKQLFKW]XVHKUGDHXHU3DSLHLQ VFKOHFKWHU3RNHUVSLHOHULVW

LVWHLQH*OFNV]DKO $PLU PHLQ ]ZHLWJHERUHQHU XQG ZLH PDQ ZHL URWKDDULJHU 6RKQ KDWWH ]LHPOLFK PKHORV GDV $OWHU YRQ GUHL]HKQ -DKUHQ XQG GDPLW QDFK MGLVFKHP *HVHW] VHLQH RIIL]LHOOH 0DQQEDUNHLW HUUHLFKW 'LHV lXHUWH VLFK X D GDULQ GD HU DP HUVWHQ 6DEEDW QDFK VHLQHP *HEXUWVWDJ LQ GHU 6\QDJRJH ]XU 9HUOHVXQJ GHV IlOOLJHQ 7KRUDDEVFKQLWWVDQGLH%XQGHVODGHJHUXIHQZXUGH (V lXHUWH VLFK IHUQHU LQ HLQHU DEHQGOLFKHQ )HLHU GLH ZLU QDFK(OWHUQVLWWH IU LKQ YHUDQVWDOWHWHQ XQG ]X GHU ZLU ]DKOUHLFKH )UHXQGH VRZLH YRU DOOHP ZRKOKDEHQGH %HNDQQWHHLQOXGHQ.XU]YRU%HJLQQGHV(PSIDQJVWUDWLFKDQPHLQHQ]XP0DQQH JHZRUGHQHQ6RKQKHUDQXPLKPGLH*HZLFKWLJNHLWGHV$QODVVHVNODU]XPDFKHQ ª*HQHUDWLRQHQ GHLQHU 9RUIDKUHQ PHLQ -XQJH EOLFNHQ KHXWH VWRO] DXI GLFK QLHGHU 'XEHUQLPPVWPLWGHPKHXWLJHQ7DJGLH9HUDQWZRUWXQJHLQHVYROOMlKULJHQ%UJHUV GLHVHV/DQGHVGDVQDFK]ZHLWDXVHQG-DKUHQHQGOLFKZLHGHU© ª$SURSRV]ZHLWDXVHQG©XQWHUEUDFKPLFKPHLQYHUDQWZRUWXQJVEHZXWHU1DFKIDKUH ª*ODXEVWGXGDZLUVRYLHO]XVDPPHQEHNRPPHQ"© ª:HUVSULFKWYRQ*HOG"© ZLHVLFKLKQ]XUHFKWª:HUVSULFKWYRQ6FKHFNVXQGYRQ *HVFKHQNHQ":DV]lKOWLVWGDV(UHLJQLVDOVVROFKHVLVWVHLQVSLULWXHOOHU*HKDOWLVW© ª,FKZHUGHHLQ%DQNNRQWRDXIPHLQHQ1DPHQHU|IIQHQ©YROOHQGHWH$PLUODXWXQG GHXWOLFK VHLQHQ *HGDQNHQJDQJ 'HQQRFK ]HLJWH HU VLFK HLQ ZHQLJ XQVLFKHU XQG YHUOHJHQDOVGLHHUVWHQ*lVWHHUVFKLHQHQ(UZXWHQLFKWUHFKWZRVHLQ3ODW]ZDUHU EHJDQQ]XVFKZLW]HQXQGIUDJWHPLFKLPPHUZLHGHUZDVHUVDJHQVROOWH*HGXOGLJ EUDFKWHLFKHVLKPEHL ª6DJ,FKIUHXHPLFKGD6LHJHNRPPHQVLQG© ª8QGZHQQPDQPLUGDV*HVFKHQNEHUUHLFKW"© ª'DQQVDJ'DQNHYLHOPDOVDEHUGDVZDUZLUNOLFKQLFKWQRWZHQGLJ© 6ROFKHUDUWLQVWUXLHUWEH]RJ$PLU3RVWHQQDKHGHU7UH6FKRQYRQ ZHLWHPULHIHUMHGHP1HXDQN|PPOLQJHQWJHJHQª'DQNHGDVZDU QLFKWQRWZHQGLJ©XQGKLHOWLKPEHJHKUOLFKGLH+DQGKLQ$OVHUGHQ

HUVWHQ 6FKHFNEHNDPODXWHQGDXI6KHNHOPXWHLFKLKQ]XUFNKDOWHQVRQVWKlWWH HUVHLQHP:RKOWlWHUGLH+DQGJHNWhEHUGLHHUVWH)OOIHGHUJHULHWHUEHLQDKHLQ (NVWDVH XQG EHLP $QEOLFN HLQHV ([SDQGHUV EUDFK HU LQ )UHXGHQWUlQHQ DXV ª(LQ HPSILQGVDPHV.LQG©EHPHUNWHVHLQH0XWWHUª8QGVREHJHLVWHUXQJVIlKLJ© 'LH6DPPHOVWHOOHIU*HVFKHQNHZXUGHLP=LPPHUPHLQHUMQJVWHQ7RFKWHU5HQDQD HLQJHULFKWHWXQGPHLQlOWHVWHU6RKQ5DSKDHOEHUQDKPHVGLH%HXWH]XRUGQHQ (LQH 7UEXQJ GHU IHVWOLFKHQ $WPRVSKlUH HUJDE VLFK DOV HLQ ]XU 3UXQNVXFKW QHLJHQGHU *HVFKlIWVPDQQ VLFK PLW HLQHP 6FKHFN LQ GHU H[KLELWLRQLVWLVFKHQ +|KH YRQ 6KHNHO HLQVWHOOWH 1HEHQ VROFKHU *UR]JLJNHLW YHUEODWHQ VlPWOLFKH .RPSDVVH XQG (Q]\NORSlGLHQ ,PPHU QDFKOlVVLJHU PXUPHOWH YRQ GD DQ GHU MXQJH 9ROOEUJHUVHLQª'DQNHQLFKWQRWZHQGLJ©XQGEDOGGDUDXIEHNODJWHHUVLFKEHL PLU EHU ]ZHL VRHEHQ HLQJHWURIIHQH *lVWH YRQ GHQHQ HU QLFKWV ZHLWHU EHNRPPHQ KDWWH DOV HLQHQ +lQGHGUXFN ZDV ZLUNOLFK QLFKW QRWZHQGLJ ZDU ,FK EHKLHOW GLH EHLGHQVFKDPORVHQ*HL]NUDJHQVFKDUILP$XJHXQGVDKPLWKLOIORVHU(PS|UXQJZLH VLH VLFK DP %IIHW JWOLFK WDWHQ ª1XU *HGXOG© WU|VWHWH LFK PHLQHQ]RUQEHEHQGHQ QHEHQPLUVWHKHQGHQ6RKQª'LHNULHJHQZLUQRFK*HKDXIGHLQHQ.RQWUROOSRVWHQ© ,P DOOJHPHLQHQGXUIWH PDQMHGRFKPLWGHQ *HVFKHQNHQ]XIULHGHQVHLQREZRKOVLH YRQZHQLJ3KDQWDVLH]HXJWHQXQG]DKOUHLFKH'XSOLNDWHDXIZLHVHQ(VZLPPHOWHYRQ )HOGIODVFKHQ)HUQJOlVHUQ.RPSDVVHQXQG)OOIHGHUQXQGGLH([SDQGHUYHUPHKUWHQ VLFKZLHGLH.DQLQFKHQ:HUKlWWHJHGDFKWGDGLHVH,QVWUXPHQWHVRELOOLJVLQG :LUHPSIDQGHQHVJHUDGH]XDOV(UO|VXQJDOVGLH6HHOLJVPLWGHP0LQLPRGHOOHLQHV ]XVDPPHQOHJEDUHQ 3ODVWLNERRWV DQNDPHQ $PLU YHUJD VLFK XQG VDJWH VWDWW GHV EOLFKHQª'DQNHQLFKWQ|WLJ©PLWDQHUNHQQHQGHP.RSIQLFNHQª1LFKWVFKOHFKW© ,FKVHOEVWVFKOSIWHYRQ=HLW]X=HLWDXVPHLQHU5ROOHDOVIUHXQGOLFKHU*DVWJHEHUXP ,QYHQWXU ]X PDFKHQ 'LH %FKHU KDWWHQ VLFK PLWWOHUZHLOH ]X 7UPHQ KRFKJHVFKLFKWHW ZRKOIHLOH $XVJDEHQ GHU %LEHO 5HLVHEHVFKUHLEXQJHQ %LOGElQGH PLW VFKOHFKWHQ 5HSURGXNWLRQHQ XQG HLQ %lQGFKHQ PLW GHP ]XQlFKVW UlWVHOKDIWHQ 7LWHOª+LQWHUGHP)HLJHQEODWW©GDVVLFKDOV$QOHLWXQJ]XP*HVFKOHFKWVYHUNHKUIU 0LQGHUMlKULJH HQWSXSSWH 8QG LUJHQGHLQ ,GLRW KDWWH VLFK QLFKW HQWEO|GHW PHLQHP 6RKQHLQª/H[LNRQGHV+XPRUV©]XVFKHQNHQLQGHPGHU1DPHVHLQHV9DWHUVQLFKW HUZlKQWZDU,FKJDE$XIWUDJGHP.HUONHLQH*HWUlQNHDQ]XELHWHQ

,QHLQHU.DPSISDXVHYHUVXFKWHLFKPLFKDQGHP([SDQGHUXQGVWHOOWHEHIULHGLJWIHVW GD LFK LKQ EHU ]ZHL 6WXIHQ VSDQQHQ NRQQWH $XHUGHP EHVFKODJQDKPWH LFK HLQH )OOIHGHU (V ZDUHQ LKUHU VRZLHVR VFKRQ ]X YLHOH $PLU VROOWH VLFK QDFK GHU )HLHU HLQH DXVVXFKHQ PHLQHWZHJHQ VRJDU ]ZHL XQG GHQ 5HVW ZUGHQ ZLU XPIXQNWLRQLHUHQ ,P EULJHQ YHUlQGHUWH VLFK GHU &KDUDNWHU PHLQHV URWKDDULJHQ 6RKQHV JHZLVVHUPDHQ XQWHU PHLQHQ $XJHQ (U KDWWH OlQJVW DXIJHK|UW GLH DQ NRPPHQGHQ*lVWH]XEHJUHQ'LHVWXPPH*HElUGHPLWGHUHULKQHQHQWJHJHQVDK EHGHXWHWHXQYHUNHQQEDUª:RLVWGDV*HVFKHQN"©XQGGLH6WLPPHPLWGHUHUVLFK EHGDQNWH NODQJ MH QDFK GHQ JHJHEHQHQ 8PVWlQGHQ YRQ KHU]OLFK ELV NKO $XFK VRQVWEHQDKPHUVLFKZLHHLQ(UZDFKVHQHU %HL PHLQHP QlFKVWHQ %HVXFK LP /DJHUUDXP VWLH LFK DXI ]ZHL )ODNRQV 7RLOHWWHQZDVVHU IU GLH GHU -XQJH NHLQH 9HUZHQGXQJ KDWWH 'LH /HXWH N|QQWHQ ZLUNOLFKHLQZHQLJQDFKGHQNHQEHYRUVLH*HVFKHQNHPDFKHQ$XFKHLQHQJROGHQHQ .XJHOVFKUHLEHUXQGHLQH0XQGKDUPRQLNDQDKPLFKDQPLFK 'DQQ ZXUGH LFK LQ PHLQHQ 2UGQXQJVEHPKXQJHQ JHVW|UW ª8P +LPPHOV ZLOOHQ© ]LVFKWHGLHEHVWH(KHIUDXYRQDOOHQª.PPHUHGLFKGRFKXPXQVHUH*lVWH© ,FK SRVWLHUWH PLFK QHEHQ $PLU GHU GHQ MHW]W VFKRQ HWZDV VSlUOLFKHU HLQWUHIIHQGHQ *lVWHQPLWGHPOVWHUQHQ%OLFNHLQHV:HJHODJHUHUVHQWJHJHQVDKXQGVLHHUVWDXQOLFK ULFKWLJ HLQ]XVFKlW]HQ ZXWH ª+|FKVWHQV DFKW]LJ© IOVWHUWH HU PLU ]X RGHU YHUlFKWOLFKª7DVFKHQPHVVHU© *HJHQ ]HKQ 8KU YHUWULHE HU DOOH )DPLOLHQPLWJOLHGHU DXV GHP $EVWHOOPDJD]LQ XQG YHUVSHUUWHGLH7UHª+LQDXV©ULHIHUª'DVJHK|UWPLU© $OVHUDXI6HHOLJV3ODVWLNERRWHLQ3UHLVVFKLOGFKHQPLWGHU$XIVFKULIWª6KHNHO© HQWGHFNWH OLH HU VLFK V QLFKW YHUGULHHQ GHQ 6SHQGHU LQ GHU 0HQJH DXVILQGLJ ]X PDFKHQXQGVSXFNWHLKP]LHOVLFKHU]ZLVFKHQGLH$XJHQ 5lWVHOKDIW EOLHE XQV DOOHLQ HLQ 7UDQVLVWRU PLW 8QWHUZDVVHU.RSIK|UHUQ GHU NHLQHQ +HUNXQIWVYHUPHUN WUXJ 9RQ ZHP VWDPPWH HU" :LU JLQJHQ UDVFK GDV YRQ PHLQHU 7RFKWHU5HQDQDDQJHOHJWH1DPHQVYHU]HLFKQLVGHU$QZHVHQGHQGXUFK(VNDPHQQXU ]ZHLLQ%HWUDFKWGLHDXIGHU*HVFKHQNOLVWHQLFKWHUVFKLHQHQXQVHU=DKQDU]WXQGHLQ 8QEHNDQQWHU PLW NQDOOURWHU .UDZDWWH $EHU ZHOFKHU YRQ EHLGHQ ZDU HV " 'LH 8QJHZLKHLWZXUGHXPVRTXlOHQGHUDOVZLUXQVEHLGHPHLQHQEH

GDQNHQ XQG GHQ DQGHUHQ PDUHJHOQ PXWHQ 'D EHZlKUWH VLFK $PLUV ,QVWLQNW DXIV QHXH (U PDFKWH VLFK DQ GHQ =DKQDU]W KHUDQ XQG WUDW LKP DQV 6FKLHQEHLQ 'HU =DKQDU]WQDKPGDVZLGHUVWDQGVORVKLQ.HLQ=ZHLIHO'LHHGOH6SHQGHVWDPPWHYRP .UDZDWWHQWUlJHU +HIWLJHQ 8QPXW ULHI EHL XQV DOOHQ GLH )HVWJDEH HLQHV )UDQNIXUWHU -XGHQ QDPHQV -DNRE 6LQVKHLPHU KHUYRU GLH DXV HLQHU +RO]VFKQLWWDQVLFKW VHLQHU *HEXUWVVWDGW EHVWDQG :DV XQV HUELWWHUWH ZDU QLFKW GLH:HUWORVLJNHLW GHV %ODWWHV VRQGHUQGLHDXIGHU5FNVHLWHDQJHEUDFKWH:LGPXQJª0HLQHPOLHEHQ.REL]XU%DU 0L]ZDKYRQVHLQHP2QNHO6DPXHO©:LUJ|VVHQHLQZHQLJ+LPEHHUVDIWEHU+HUUQ 6LQVKHLPHUV $Q]XJ XQG HQWVFKXOGLJWHQ XQV ,Q]ZLVFKHQ EHJUWH $PLU GLH OHW]WHQ *lVWHª+H©ULHIHUª:LHYLHO"© (U KDWWH VLFK ]X HLQHP ULFKWLJHQ 0RQVWUXP DXVJHZDFKVHQ VHLQH EOXWXQWHUODXIHQHQ $XJHQODJHQWLHILQGHQ+|KOHQVHLQH.UDOOHQKlQGH]LWWHUWHQYRU*LHUVHLQJDQ]HU $QEOLFNZDUVRDEVFKHXOLFKGDLFKPLFKDEZDQGWHXQGLQGHQ/DJHUUDXPIOFKWHWH ZR LFK GLH EHVWH (KHIUDX YRQ DOOHQ LQ IODJUDQWL HUZLVFKWH ZLH VLH VLFK PLW *ROGD 0HLUV/HEHQVHULQQHUXQJHQDXVGHP6WDXEPDFKWH$OOHLQJHEOLHEHQEHIHXFKWHWHLFK 'DXPHQXQG=HLJHILQJHUXQGEHJDQQGLH6FKHFNV]X]lKOHQ*XWHU*RWWZHOFKHLQH 9HUVFKZHQGXQJ 6RYLHO *HOG LQ HLQHP VR DUPHQ /DQG ZLH GHP XQVHUQ 'HU *HGDQNHGDPHLQPLUDWHQHU6RKQEHUDOOGLHVH6XPPHQYHUIJHQN|QQWHKDWWH HWZDV K|FKVW %HXQUXKLJHQGHV DQ VLFK ,FK OLH LKP HLQ SDDU DXI NOHLQHUH %HWUlJH ODXWHQGH6FKHFNV]XUFNXQGEDUJGLHDQGHUHQDQPHLQHUYlWHUOLFKHQ%UXVW 1HLQ LFKKDWWH NHLQ VFKOHFKWHV *HZLVVHQ (V ZDU QXU UHFKW XQGELOOLJ ZDV LFK WDW +DWWH LFK QLFKW LQ VHLQH (U]LHKXQJ HLQH 0HQJH *HOG LQYHVWLHUW" 8QG ZHU KDWWH IU GLHVHQ NRVWVSLHOLJHQ )HVWHPSIDQJ JH]DKOW" ,FK RGHU HU" 1D DOVR (U VROO DUEHLWHQ JHKHQXQG*HOGYHUGLHQHQ6FKOLHOLFKLVWHUKHXWH]XP0DQQJHZRUGHQ

'HU)DOOGHV*URLQGXVWULHOOHQ. VHKUIUHLQDFK)UDQ].DIND

$OV GHU *URLQGXVWULHOOH . HLQHV 0RUJHQV HUZDFKWH IDQG HU VLFK LQ HLQ ULHVLJHV ,QVHNWYHUZDQGHOW ª:DV LVW GD SDVVLHUW"© IUDJWH HU VLFK HQWVHW]W 'DQQ ULHI HU VLFK GLH (UHLJQLVVH GHV YRUDQJHJDQJHQHQ7DJHVGLH]ZHLIHOORVDQVHLQHUSHLQOLFKHQ/DJHVFKXOGZDUHQLQV *HGlFKWQLV]XUFN (U HULQQHUWH VLFK JHQDX DQ GLH VDFKOLFKH XQEHWHLOLJWH 6WLPPH PLW GHU LKP VHLQ %XFKKDOWHU DP 9RUWDJ PLWJHWHLOW KDWWH GD VHLQ . V 8QWHUQHKPHQ HLQH IORULHUHQGH ,PSRUW([SRUW*HVHOOVFKDIW GDV ODXIHQGH *HVFKlIWVMDKU PLW HLQHP *HZLQQYRQHLQHUKDOEHQ0LOOLRQ6KHNHOLQ=LIIHUQDEJHVFKORVVHQKDWWH 'DVEHGHXWHWHQDFKGHQJHOWHQGHQ6WHXHUJHVHW]HQGDGLH)LUPDE]Z+HUU.QDFK %H]DKOXQJ GHU .|USHUVFKDIWVWHXHU GHU ,QYHVWLWLRQVDQOHLKH GHU .UDQNHQYHUVLFKHUXQJ GHU 3HQVLRQVYHUVLFKHUXQJ XQG HLQHU 5HLKH DQGHUHU $EJDEHQ GHP6WDDWHLQH*HVDPWVXPPHYRQGHVHUZLUWVFKDIWHWHQ3URILWVVFKXOGHWHLQ =LIIHUQHLQDQVHKQOLFKHU%HWUDJEHUGHQ.QLFKWYHUIJWH ª'DVGDUIQLFKWZDKUVHLQ©VWHOOWH.LQ*HGDQNHQIHVW(VZROOWHLKPQLFKWLQGHQ .RSI GD GLH 6WHXHU GLH HU ]DKOHQ VROOWH GLH +|KH VHLQHU (LQQDKPHQ EHUVWLHJ 0LWWOHUZHLOH KDWWH HU VLFK ZLHGHU LQ GHQ OR\DOHQ IXUFKWVDPHQ %UJHU ]XUFNYHUZDQGHOW GHU HU ZDU (U HUKRE VLFK YRQ GHU /DJHUVWDWW VHLQHV DOSWUDXPJHVFKWWHOWHQ 6FKODIV NOHLGHWH VLFK DQ XQG YHUOLH GDV +DXV XP GHU $QJHOHJHQKHLWQDFK]XJHKHQ6HLQ:HJIKUWHLKQLQGLH.DQ]OHLHLQHUUHQRPPLHUWHQ 6WHXHUEHUDWXQJVVWHOOHGLHVLFKLQGHQ*HKHLPQLVVHQGHV6WHXHUZHVHQVXPVREHVVHU DXVNDQQWH DOV VLH YRQ ]ZHL HKHPDOLJHQ %HDPWHQ GHV )LQDQ]PLQLVWHULXPV JHOHLWHW ZXUGH'LHEHLGHQ+HUUHQODXVFKWHQLKPPLWJHODQJZHLOWHU0LHQHGHQQVLHEHNDPHQ VROFKHRGHUlKQOLFKH*HVFKLFKWHQEHLQDKHWlJOLFK]XK|UHQ$OVHUJHHQGHWKDWWHXQG VLHXP5DWIUDJWHULHWHQVLHLKPVHLQ6WHXHUEHNHQQWQLV]XIDOVFKHQ ª:HQQ 6LH HV KDOEZHJV JHVFKLFNW DQVWHOOHQ© VDJWHQ VLH ªZLUG ,KQHQ ZHGHU GDV )LQDQ]DPWGDKLQWHUNRPPHQQRFKULVNLHUHQ6LHGD6LHZHJHQGHU]HKQSUR]HQWLJHQ %HORKQXQJGLHGDV)LQDQ]DPWIU+LQZHLVHDXI6WHXHUKLQWHU]LHKXQJHQDXV]DKOWYRQ HLQHP6SLW]HOGHQXQ]LHUWZHUGHQ©

ª,FK KDEH $QJVW© VDJWH . ª*LEW HV NHLQHQ DQGHUHQ :HJ"© ª'RFK (V JLEW HLQHQ©ª1lPOLFK"© ª=DKOHQ©VDJWHQGLH6WHXHUEHUDWHUXQGJHOHLWHWHQLKQ]XU7UH'HUHLQHYRQLKQHQ HLQ HOHJDQW JHNOHLGHWHU 0DQQ LQ GXQNOHP $Q]XJ PLW GLVNUHW JHVWUHLIWHU .UDZDWWH IORJDP1DFKPLWWDJQDFK9DGX]GHU+DXSWVWDGWGHV)UVWHQWXPV/LHFKWHQVWHLQXP HLQHJU|HUH)LQDQ]WUDQVDNWLRQDE]XVFKOLHHQ $OV. QDFK+DXVHNDPIDQGHUHLQH9RUODGXQJ]XU6WHXHUEHK|UGH(UJLQJVRJOHLFK KLQ XQG ZXUGH YRQ HLQHP XQWHUJHRUGQHWHQ %HDPWHQ HPSIDQJHQ GHU VHLW MHKHU GLH 6WHXHUDQJHOHJHQKHLWHQGHU)LUPD.EHKDQGHOWH ª,FK KDEH HLQLJH )UDJHQ DQ 6LH ]X ULFKWHQ© EHJDQQ GHU %HDPWH ª:LH LFK VHKH VFKXOGHQ6LH XQV HUKHEOLFK PHKU DOV 6LH LQ GLHVHP -DKU YHUGLHQW KDEHQ (V ZUGH PLFKLQWHUHVVLHUHQDXVZHOFKHQIUDJZUGLJHQ4XHOOHQ6LHGLH'LIIHUHQ]EHJOHLFKHQ ZROOHQ"©(UKHIWHWHHLQHQGXUFKGULQJHQGHQ%OLFNDXI.XQGZDUWHWHDXI$QWZRUW . YHUVXFKWH GHQ JHJHQ LKQ JHULFKWHWHQ 9HUGDFKW GXUFK GLH $QJDEH ]X ]HUVWUHXHQ GDHUJHQJHQG*HOGHUVSDUWKlWWHXPGLH]XVlW]OLFKH6WHXHU]DKOHQ]XN|QQHQ'HU %HDPWHUXQ]HOWHGLH%UDXHQ1DFKGHQLKPYRUOLHJHQGHQ*HKHLPLQIRUPDWLRQHQKDEH . ZLH EULJHQV DXFK DQGHUH JHILQNHOWH *URYHUGLHQHU VHLQH JHVDPWHQ (UVSDUQLVVH LQ HLQH IUHLZLOOLJH 6WDDWVDQOHLKH LQYHVWLHUW GLH HLQHQ QLFKW XQEHWUlFKWOLFKHQ =LQVVDW] DEZHUIHQ ZUGH ]DKOEDU DP (QGH GHV -DKUKXQGHUWV ,Q WLHIHQ*HGDQNHQYHUOLH.GDV6WHXHUDPW6HLQH8QWHUOLSSH]LWWHUWHHLQZHQLJXQG HU EHUOHJWH RE HU VLFK GHQ HQWVWDQGHQHQ .RPSOLNDWLRQHQ QLFKW GXUFK $EUHLVH HQW]LHKHQVROOWH'DQQILHOLKPHLQ$XVZHJHLQJDQ]SO|W]OLFKHLQVRQDKHOLHJHQGHU XQGVLPSOHU$XVZHJGDHUVLFKZXQGHP PXWH ZLHVRHULKPQLFKWVFKRQIUKHU HLQJHIDOOHQZDU =X+DXVHDQJHODQJWQDKP.GDVIUVHLQH6WHXHUHUNOlUXQJYRUJHVHKHQH)RUPXODU ]XU+DQGXQGHUNOlUWHGDVHLQH)LUPDLPDEJHODXIHQHQ*HVFKlIWVMDKUNHLQHQ3URILW ]XYHU]HLFKQHQKDWWHQLFKWHLQHQHLQ]LJHQ6KHNHO+LHUDXINHKUWHHU]XP)LQDQ]DPW ]XUFN XQG ULFKWHWH DQ GHQ %HDPWHQ ZlKUHQG HU LKP GDV )RUPXODU EHUJDE GLH K|IOLFKH)UDJH ª%LWWHGDUILFK6LHDXIHLQHQ)DOOYRQ6WHXHUKLQWHU]LHKXQJKLQZHLVHQGHU]XIlOOLJ]X PHLQHU.HQQWQLVJHODQJWLVW"©

ª6HOEVWYHUVWlQGOLFK© DQWZRUWHWH GHU %HDPWH ª'DV LVW GDV PLQGHVWH ZDV HLQ HKUOLFKHU %UJHU WXQ NDQQ© ª8QG EHNRPPH LFK GDQQ DXFK GLH DXVJHVHW]WH %HORKQXQJ"© ª6HOEVWYHUVWlQGOLFK© DQWZRUWHWH DEHUPDOV GHU %HDPWH GHVVHQ :RUW VFKDW]QLFKWEHUPlLJJURZDU ª*XW© VDJWH . ª+LHUPLW LQIRUPLHUH LFK 6LH GD LFK LP 6WHXHUEHNHQQWQLV PHLQHU )LUPD HLQHQ -DKUHVJHZLQQ YRQ 6KHNHO YHUKHLPOLFKW KDEH ,FK ELWWH XP $XV]DKOXQJ GHU EOLFKHQ %HORKQXQJ YRQ ]HKQ 3UR]HQW GDV VLQG 6KHNHO VWHXHUIUHL©'HU%HDPWHWDWZDV%HDPWHLPPHUWXQZHQQVLHPLWHLQHPRULJLQHOOHQ (LQIDOO NRQIURQWLHUW ZHUGHQ HU JORW]WH 1DFKGHP HU XQJHIlKU HLQH 0LQXWH ODQJ JHJORW]WKDWWHYHUOLHHUGHQ5DXPXQGEHJDEVLFK]XVHLQHQ9RUJHVHW]WHQXPLKUHQ 5DWHLQ]XKROHQ +|KHUHQ 2UWV PDFKWH PDQ VLFK XQYHU]JOLFK DQ GDV 6WXGLXP GHU HLQVFKOlJLJHQ 9HURUGQXQJHQ XQG (UOlVVH NRQQWH MHGRFK NHLQH HLQ]LJH .ODXVHO HQWGHFNHQ GLH HV IUXQJHVHW]OLFKHUNOlUWKlWWHGDMHPDQGVLFKVHOEVWGHQXQ]LHUW$OOH9HUVXFKH. YRQVHLQHU)RUGHUXQJDE]XEULQJHQEOLHEHQHUIROJORVXQGDOVHUGURKWHQRWIDOOVELV ]XP 2EHUVWHQ *HULFKWVKRI ]X JHKHQ JDE GLH 6WHXHUEHK|UGH QDFK 0DQ ZROOWH GHQ )DOO XQWHU NHLQHQ 8PVWlQGHQ DQ GLH gIIHQWOLFKNHLW JHODQJHQ ODVVHQ HU N|QQWH VR EHIUFKWHWH PDQ 6FKXOH PDFKHQ . HUKLHOW EDOG GDUDXI HLQHQ 6FKHFN GHV )LQDQ]PLQLVWHULXPV DXI 6KHNHO OLTXLGLHUWH VHLQH )LUPD XQG VXFKWH LQ %HJOHLWXQJ HLQHU LKP EHIUHXQGHWHQ 'DPH HLQHQ EHOLHEWHQ %DGHRUW LP 6GHQ GHV /DQGHVDXI

:LHPDQVLFKGLH9HUVLFKHUXQJVLFKHUW $OVLFKJHVWHUQQDFKWPLWPHLQHP:DJHQGHQ3DUNSODW]YHUODVVHQZROOWHWUDWHLQ JXWJHNOHLGHWHU%UJHUDXIPLFK]XXQGVSUDFK ª(QWVFKXOGLJHQ6LH DEHUZHQQ6LHQXUHLQJDQ]NOHLQZHQLJUFNZlUWVIDKUHQ EHVFKlGLJHQ6LHPHLQHQ.RWIOJHO©ª,Q2UGQXQJ©VDJWHLFKPLWHLQHP UHVSHNWYROOHQ%OLFNDXIGHQDPHULNDQLVFKHQ6WUDHQNUHX]HUGHPGHU.RWIOJHO JHK|UWHª,FKZHUGHDXISDVVHQ© 'HUJXWJHNOHLGHWH%UJHUVFKWWHOWHGHQ.RSIª,P*HJHQWHLOHVZlUHPLUVHKU UHFKWZHQQ6LHPHLQHQ.RWIOJHOEHVFKlGLJWHQ,FKVDPPOH%OHFKVFKlGHQ©'DV NODQJVRLQWHUHVVDQWGDLFKDXVVWLHJXQGPLUGLH6DFKHJHQDXHUHUNOlUHQOLH 0HLQ3DUWQHUGHXWHWH]XQlFKVWDXIHLQHZDVFKEHFNHQDUWLJH9HUWLHIXQJLQVHLQHP :DJHQGDFK ª,FKKDWWHHLQHQ=XVDPPHQVWRPLWHLQHU9HUNHKUVDPSHO(VZDUZLQGLJXQGVLHLVW KHUXQWHUJHIDOOHQ0D[GHU,QKDEHUPHLQHU5HSDUDWXUZHUNVWlWWHGHQLFKVRIRUW DXIVXFKWH]HLJWHVLFKVNHSWLVFK!+HUU'RNWRU:HFKVOHQVDJWHHU!HLQHVROFKH .OHLQLJNHLW]XUHSDULHUHQLVWQLFKWGHU0KHZHUW'DIU]DKOW,KQHQGLH 9HUVLFKHUXQJQLFKWV+ROHQ6LHVLFKQRFKHLQSDDU%OHFKVFKlGHQXQGNRPPHQ6LH GDQQZLHGHU]XPLU6RZHLW0D[(UZXWHZRYRQHUVSUDFK©:LUQDKPHQDXI GHPYRUOlXILJQRFKLQWDNWHQ.KOHUVHLQHV:DJHQV3ODW]XQG:HFKVOHUIXKUIRUW ª-HGH9HUVLFKHUXQJVSROLFHHQWKlOWHLQH.ODXVHOGLHGHQ9HUVLFKHUXQJVQHKPHU YHUSIOLFKWHW6FKlGHQELV]XHLQHUEHVWLPPWHQ6XPPHVHOEVW]XEH]DKOHQ%HLXQV EHOlXIWVLFKGLHVH6HOEVWEHKDOWVNODXVHO LQGHU5HJHODXI6KHNHO'DGLH5HSDUDWXU PHLQHV:DJHQVQXUHWZD6KHNHONRVWHQZUGHZlUHHVVLQQORVGHQ6FKDGHQ DQ]XPHOGHQ:HQQLFKDEHUGHU9HUVLFKHUXQJVJHVHOOVFKDIWQRFKHLQSDDUDQGHUH 6FKlGHQSUlVHQWLHUHQNDQQ© ª(LQHQ$XJHQEOLFN'RNWRU:HFKVOHU©XQWHUEUDFKLFKª$XFKZHQQ6LHDOOH,KUH .RWIOJHO]HUWUPPHUQPVVHQ6LHGLHHUVWHQ6KHNHOLPPHUQRFKVHOEVW EH]DKOHQ©ª+HUU©HQWJHJQHWH:HFKVOHUªEHUODVVHQ6LHGDVPHLQHP0D[©

6R ZXUGH LFK PLW HLQHU /HKUH YHUWUDXW JHPDFKW GLH LFK DOV ª0D[LPDOLVPXV© EH]HLFKQHQP|FKWH$QVFKHLQHQGEHVWHKW]ZLVFKHQGHU,QWHUQDWLRQDOHQ*HVHOOVFKDIW GHU.DURVVHULHVSHQJOHU+DXSWVLW]1HZ
HLQHQGXPSIHQ.QDOO*ODVVSOLWWHUIORJHQXPKHU:HFKVOHUV7UHILHODXVGHQ$QJHOQ ZLUNOLFKHVLVWHWZDV(UKHEHQGHVXPGLH6ROLGDULWlWGHU$XWRIDKUHUª6ROOLFKQRFK HLQPDO"© ª'DQNH© VDJWH HU ª'DV JHQJW 0HKU EUDXFKH LFK QLFKW© 6HLQH $EOHKQXQJ HQWWlXVFKWH PLFK HLQ ZHQLJ DEHU VFKOLHOLFK ZDU HU GHU 6FKDGHQQHKPHU ,FK VWLHJ DXVXQGEHWUDFKWHWHGLHYRQPLUJHOHLVWHWH$UEHLW6LHNRQQWHVLFKVHKHQODVVHQ1LFKW QXU GLH 7UH GLH JDQ]H /lQJVVHLWH GHV :DJHQV ZDU YHUZVWHW 'DV ZUGH HLQH VDIWLJH5HSDUDWXUHUIRUGHUQ $OV LFK ]X PHLQHP :DJHQ ]XUFNNHKUWH PXWH LFK IHVWVWHOOHQ GD PHLQH HLJHQH 6WRVWDQJH ZHVHQWOLFKH .UPPXQJHQ DXIZLHV ª7\SLVFK IU HLQHQ $QIlQJHU© EHPHUNWH 'U :HFKVOHU PLWOHLGLJ ª6LH GUIHQ QLH LQ VFKUlJHP :LQNHO DXIIDKUHQ PHUNHQ6LHVLFKGDVIUGLH=XNXQIW'LH6WRVWDQJHZLUG6LHOHLGHUQLFKWPHKUDOV 6KHNHO NRVWHQ :DUWHQ 6LH ,FK YHUVFKDIIH ,KQHQ QRFK 6KHNHO© 'U :HFKVOHU EUDFKWH VHLQHQ 6WUDHQNUHX]HU LQ 3RVLWLRQ XQG VWHXHUWH LKQ JHIKOYROO JHJHQPHLQHOLQNH6HLWHQWUHª8QGMHW]WEHNRPPHQ6LHYRQPLUQRFKHLQHQQHXHQ 6FKHLQZHUIHU© (U PDFKWH HV JHQDX ULFKWLJ PLW HLQHP 0LQGHVWPD DQ (LQVDW] HLQ +|FKVWPDDQ:LUNXQJ ª1LFKWV]XGDQNHQ©ZHKUWHHUDEª*HKHQ6LHPRUJHQ]X0D[ KLHUVHLQH$GUHVVH XQGJUHQ6LHLKQYRQPLU6LHZHUGHQNHLQHQ3IHQQLJ]X]DKOHQKDEHQ© 8QJHDKQWH3HUVSHNWLYHQ|IIQHWHQVLFKYRUPHLQHPJHLVWLJHQ$XJH2GHUZDUHVQXU GLH =HUVW|UXQJVZXW DXV ODQJ ]XUFNOLHJHQGHQ .LQGHUWDJHQ GLH PLFK EHUNDP" ,FK VFKOXJ :HFKVOHU YRU MHW]W JOHLFK DQ 2UW XQG 6WHOOH HLQHQ )URQWDO]XVDPPHQVWR XQVHUHU.UDIWIDKU]HXJH]XYHUDQVWDOWHQDEHUHUZLQNWHDE ª1LFKW EHUWUHLEHQ OLHEHU )UHXQG 6R HWZDV NDQQ OHLFKW ]XU *HZRKQKHLW ZHUGHQ -HW]W ODVVHQ 6LH HUVW HLQPDO GLH 9HUVLFKHUXQJ ]DKOHQ 'DQQ N|QQHQ 6LH EHUOHJHQ ZDV 6LH ZHLWHU PDFKHQ ZROOHQ© :LU YHUDEVFKLHGHWHQ XQV PLW HLQHP NUlIWLJHQ +lQGHGUXFN:HFKVOHUJLQJ]X0D[XQGLFK]XHLQHP$XWRKlQGOHUXPHLQHQQHXHQ :DJHQ]XNDXIHQ

9RONVYHUWUDXHQ 0LQLVWHUSUlVLGHQW $OVR LFK ZHL ZLUNOLFK QLFKW PHKU ZDV LFK WXQ VROO OLHEH .DELQHWWVNROOHJHQ ,UJHQGZLH EHJLQQHQ VFKRQ ZLHGHU *HUFKWH ]X NXUVLHUHQ GD HLQH$EZHUWXQJXQVHUHU:lKUXQJEHYRUVWHKHQVROO )LQDQ]PLQLVWHU 3|EHO 0LQLVWHUSUlVLGHQW 'LH/HXWHVWUPHQGLH*HVFKlIWHZLHLUUXPJXWHV*HOG ORV]XZHUGHQ(VLVWZLHHLQH0DVVHQK\VWHULH)LQDQ]PLQLVWHU 9|OOLJXQYHUVWlQGOLFK 0LQLVWHUSUlVLGHQW *HUDGHYRUHLQHU:RFKHKDEHLFKLP)HUQVHKHQ DXVGUFNOLFK YHUNQGHWGDGHU]HLWQLFKWGHUJHULQJVWH*UXQGIUHLQH*HOGDEZHUWXQJYRUOLHJW 8QGHLQH6WXQGHGDQDFKEHJDQQVFKRQGHU5XQDXIGLH%DQNHQ -XVWL]PLQLVWHU +DEHQGLH/HXWHGHQQJDUNHLQ9HUWUDXHQPHKU]XU5HJLHUXQJ" 0LQLVWHUSUlVLGHQW 1HLQ,FKNDQQPLFKQRFKJXWHULQQHUQZLHLFKYRUGHUOHW]WHQ *HOGDEZHUWXQJLPPHUZLHGHUJHVDJWKDEHGDHVNHLQHJHEHQZLUGXQGHVZDUDOV REPDQ]XHLQHU:DQGVSUlFKH,FKJODXEHGLH/HXWHJHQLHHQGLH3DQLN )LQDQ]PLQLVWHU 3|EHO 8QWHUULFKWVPLQLVWHU 0DQFKPDOIUDJHLFKPLFKDOOHQ(UQVWHVREGLHVHYHUZDKUORVWH *HQHUDWLRQMHPDOVLPVWDQGHVHLQZLUGLQXQVHUHP/DQGHLQHIXQNWLRQLHUHQGH :LUWVFKDIW]XHUULFKWHQ,QIRUPDWLRQVPLQLVWHU 8QWHUXQVJHVDJWZLUG HVHLQH $EZHUWXQJJHEHQ" 0LQLVWHUSUlVLGHQW :DVLVWGDVIUHLQHEO|GH)UDJH",FKKDEHWDXVHQGPDOJHVDJW GDHVNHLQH$EZHUWXQJJHEHQZLUG,QIRUPDWLRQVPLQLVWHU ,FKZHL$EHUVRJDQ] XQWHUXQV0LQLVWHUSUlVLGHQW (VJLEWNHLQH$EZHUWXQJ,QIRUPDWLRQVPLQLVWHU 'HU )LQDQ]PLQLVWHUVROOGDVDXFKVDJHQ)LQDQ]PLQLVWHU(V JLEWNHLQH ,QIRUPDWLRQVPLQLVWHU 'DUILFKPDONXU]GDKHLPDQUXIHQ"0LQLVWHUSUlVLGHQW .RPPWEHUKDXSWQLFKWLQ)UDJH+LHUJHEOLHEHQ$OVRZLUNOLFK.ROOHJHQZHQQZLU QLFKWHLQPDOHLQDQGHUYHUWUDXHQZLHN|QQHQZLUGDQQYRQGHU%HY|ONHUXQJ 9HUWUDXHQHUZDUWHQ"

-XVWL]PLQLVWHU -D GDVLVW HLQ HFKWHV 3UREOHP 'DV ZROOWH LFK VFKRQ OlQJVW HLQPDO ]XU6SUDFKHEULQJHQ )LQDQ]PLQLVWHU =XQlFKVW HLQPDO PX PDQ GHQ 3|EHO GD GUDXHQ EHUXKLJHQ 'DV KDWDEVROXWH3ULRULWlW6RQVWZLUGGHUDQJHULFKWHWH6FKDGHQLUUHSDUDEHO 0LQLVWHUSUlVLGHQW 6FKRQ VFKRQ DEHU ZLH VROO PDQ GDV PDFKHQ" ,FK IUFKWH GD PDQ XQV QLFKW JODXEHQ ZLUG (V JLEW NHLQ 9HUWUDXHQ PHKU,QIRUPDWLRQVPLQLVWHU :HQQHVDEHUGDQQGRFKHLQH$EZHUWXQJJHEHQVROOWH 0LQLVWHUSUlVLGHQW 0DFKHQ 6LH PLFK GRFK QLFKW YHUUFNW /lSSLVFK :HU ZLUG VFKRQVRXQYRUVLFKWLJVHLQYRUGHQ:DKOHQGDV*HOG]XHQWZHUWHQ" -XVWL]PLQLVWHU 'DV N|QQWH VLFK XQWHU 8PVWlQGHQ DOV XQVHU VWlUNVWHV PRUDOLVFKHV $UJXPHQW HUZHLVHQ ,FK VFKODJH YRU GD GDV 3DUWHLSUlVLGLXP HLQH 9RONVYHUVDPPOXQJ HLQEHUXIW XQG IHLHUOLFK HUNOlUW ª9HUHKUWH 'DPHQ XQG +HUUHQ ZLH 6LH DOOH ZLVVHQ ILQGHQ LQ HLQHP -DKU 3DUODPHQWVZDKOHQ VWDWW *ODXEHQ 6LH ZLUNOLFKGDZLUVREO|GVLQGXQV]XDOOHQDQGHUHQ6FKZLHULJNHLWHQGLHZLUKDEHQ DXFKQRFKHLQH*HOGHQWZHUWXQJDQGHQ+DOV]XKlQJHQ"©2GHUVRlKQOLFK )LQDQ]PLQLVWHU 6LH ZHUGHQ XQV GDV QLFKW DEQHKPHQ 'LH :lKOHU ZHUGHQ VDJHQ ª:HQQ VLH QRFK HLQ JDQ]HV -DKU ZLUWVFKDIWHQ N|QQHQ VLQG GLHVH 9HUEUHFKHU JODWW LPVWDQGHQRFKGUHL*HOGDEZHUWXQJHQ]XPDFKHQ© 0LQLVWHUSUlVLGHQW 'DV NOLQJW SODXVLEHO $OVR ZDV WXQ ZLU" 8QWHUULFKWVPLQLVWHU 0HLQH %HGHXWXQJVORVLJNHLW LQ GLHVHP .DELQHWW YHUELHWHW HV PLU 5DWVFKOlJH ]X HUWHLOHQ$EHULFKN|QQWHPLUYRUVWHOOHQGDZLUJDQ]HLQIDFKHLQ*HVHW]HUODVVHQ GDV GHU 5HJLHUXQJ YHUELHWHW LQQHUKDOE GLHVHU RGHU GHU QlFKVWHQ /HJLVODWXUSHULRGH GLH:lKUXQJDE]XZHUWHQ $OOJHPHLQHV6FKZHLJHQ-HGHUVLHKWGHQ8QWHUULFKWVPLQLVWHUDQZLHHLQ:HVHQDXV HLQHUDQGHUHQ:HOW )LQDQ]PLQLVWHU :RKOPHVFKXJJHJHZRUGHQ":LHVROOHQZLUGDQQMHPDOVHLQH *HOGDEZHUWXQJYRUQHKPHQN|QQHQ",QIRUPDWLRQVPLQLVWHU $OVRGRFK 0LQLVWHUSUlVLGHQW (V JLEW NHLQH $EZHUWXQJ ZLH RIW VROO LFK GDV QRFK VDJHQ" :LU KDEHQ QLFKW GLH JHULQJVWH $EVLFKW (UVW JHVWHUQ VDJWH LFK DQOlOLFK PHLQHU 3UHVVHNRQIHUHQ]GHQYHUVDPPHOWHQ5HGDNWHXUHQ ª:HQQHV]XGLHVHP=HLWSXQNWHLQH$EZHUWXQJJLEWGDQQKHLHLFK=ZLHEHOULQJ©

,QIRUPDWLRQVPLQLVWHU VRWWRYRFH 0HQDFKHP%=ZLHEHOULQJ0LQLVWHUSUlVLGHQW

:DV QXVFKHOQ6LHGD",QIRUPDWLRQVPLQLVWHU ,FK"1LFKWVJDUQLFKWV,FKP|FKWHQXU PHLQH)UDXDQUXIHQEHYRUVLHHLQNDXIHQJHKW0LQLVWHUSUlVLGHQW.RPPW QLFKWLQ )UDJH6LHEOHLEHQVRODQJHVLW]HQELVZLUHLQHQ:HJJHIXQGHQKDEHQGDV9RON]X EHUXKLJHQ-XVWL]PLQLVWHU ,FKVFKODJHYRUGDZLUHLQHQ$XVVFKXELOGHQGHU IHLHUOLFKLQGHUgIIHQWOLFKNHLWHUNOlUWGDHLQH$EZHUWXQJQLFKWLQ)UDJHNRPPW$OV $XVVFKXPLWJOLHGHUN|QQWHLFKPLUGUHLDQJHVHKHQH0HQVFKHQYRUVWHOOHQGHQHQ PDQYHUWUDXW=XP%HLVSLHO GHQ*HQHUDOVWDEVFKHIGHQ9RUVLW]HQGHQGHV2EHUVWHQ *HULFKWVKRIHVXQGLUJHQGHLQHQ)XEDOOHU )LQDQ]PLQLVWHU 'DVKDEHLFKVFKRQYHUVXFKW,FKKDEHPLFKRIIL]LHOODQGLHGUHL JHZDQGW-XVWL]PLQLVWHU 8QG" )LQDQ]PLQLVWHU 6LHVLQGXQDXIILQGEDUWUHLEHQVLFKLQLUJHQGZHOFKHQ:DUHQKlXVHUQ KHUXP ,QIRUPDWLRQVPLQLVWHU .|QQWHLFKNXU]DQUXIHQ"0LQLVWHUSUlVLGHQW 1HLQ(VLVW]XP 9HU]ZHLIHOQ.HLQ0HQVFKLQGLHVHP/DQGYHUWUDXWHLQHPDQGHUHQ )LQDQ]PLQLVWHU :LUN|QQWHQXQVYLHOOHLFKWDQHLQHDXVOlQGLVFKH3HUV|QOLFKNHLW ZHQGHQ 0LQLVWHUSUlVLGHQW 'DVLVWHLQHJXWH,GHH:HQQHWZDGHU3UlVLGHQWGHU9HUHLQLJWHQ 6WDDWHQYRQ$PHULNDIHLHUOLFKHUNOlUHQZUGHGDEHLXQVNHLQH*HOGDEZHUWXQJ JHSODQWLVW)LQDQ]PLQLVWHU :LUN|QQWHQJHPHLQVDPLPDPHULNDQLVFKHQ )HUQVHKHQ DXIWUHWHQGHU3UlVLGHQWXQGLFK ,QIRUPDWLRQVPLQLVWHU6HKU JXW,FKZHUGHGHP5HDJDQJOHLFKHLQ7HOHJUDPP VFKLFNHQ 0LQLVWHUSUlVLGHQW 6LHEOHLEHQKLHU6LHZHUGHQJHPHLQVDPPLWXQVGLHNROOHNWLYH 9HUDQWZRUWXQJWUDJHQXQG]ZDUELV]XPELWWHUHQ(QGH)LQDQ]PLQLVWHU 3|EHO 8QWHUULFKWVPLQLVWHU $OVR)UHXQGHLFKJODXEHMDQDFKZLHYRUGDXQVHU9RONGHQ /HQNHUQVHLQHV6WDDWVVFKLIIHVYHUWUDXW:HQQVLFKGDVJHVDPWH.DELQHWWIHVWOLFK VFKZDU]JHNOHLGHWLQV)XEDOOVWDGLRQEHJLEWXQGGRUWLP6FKDWWHQGHV6WDDWVHPEOHPV XQG]XGHQ.OlQJHQGHU1DWLRQDOK\PQHDXIGLH%LEHOLP&KRUVFKZ|UWGDHVNHLQH $EZHUWXQJJHEHQZLUG-XVWL]PLQLVWHU 0DQZLUGXQVQLFKWHLQ:RUWJODXEHQ

0LQLVWHUSUlVLGHQW 1DWUOLFKQLFKW$OVRZDVWXQZLU")LQDQ]PLQLVWHU ,FKVFKODJH YRUGDZLUDEZDUWHQ0LQLVWHUSUlVLGHQW *XW'HU3|EHOOlWXQVVRZLHVRNHLQH DQGHUH:DKO

$JHQWHQWHUURU /LHJW GDV QXQ DQ GHU VSUXQJKDIWHQ 9HUEHVVHUXQJ XQVHUHU :LUWVFKDIWVODJH RGHU DP VFK|QHQ:HWWHU JOHLFKYLHOLFKVWHKHLQGHUOHW]WHQ=HLWXQWHUVWlQGLJHP'UXFNYRQ VHLOHQDQJHOVlFKVLVFKHU9HUVLFKHUXQJVDJHQWHQ :DUXP HV LPPHU DQJHOVlFKVLVFKH VLQG DKQH LFK QLFKW DEHU ZHQQ DP IUKHQ 9RUPLWWDJPHLQ7HOHIRQJHKWPHOGHWVLFKWRGVLFKHUHLQXQYHUNHQQEDUHU*HQWOHPDQ LQXQYHUNHQQEDUHP2[IRUG(QJOLVFK ª*XWHQ 0RUJHQ 6LU ,FK VSUHFKH LP $XIWUDJ GHU $OOJHPHLQHQ 6GDIULNDQLVFKHQ 9HUVLFKHUXQJVJHVHOOVFKDIW 'DUI LFK 6LH XP ]HKQ 0LQXWHQ ,KUHU NRVWEDUHQ =HLW ELWWHQ 6LU" ,FK P|FKWH 6LH PLW HLQHU Y|OOLJ QHXHQ $UW YRQ /HEHQVYHUVLFKHUXQJ EHNDQQWPDFKHQ©'DUDXIKLQJHIULHUHLFKLQ6HNXQGHQVFKQHOOH(UVWHQVELQLFKJHJHQ /HEHQVYHUVLFKHUXQJHQ ZHLO LFK VLH IU XQPRUDOLVFK KDOWH =ZHLWHQV KDEH LFK QLFKW GLH$EVLFKWMHPDOV]XVWHUEHQ'ULWWHQVVROOHQGLH0LWJOLHGHUPHLQHU)DPLOLHZHQQ LFK WURW]GHP HLQPDO JHVWRUEHQ VHLQ VROOWH VHOEVW IU LKU )RUWNRPPHQ VRUJHQ 8QG YLHUWHQVELQLFKOlQJVW LP%HVLW]HLQHU/HEHQVYHUVLFKHUXQJ ,FKODVVHDOVR0U2[IRUGZLVVHQGDHUVHLQJXWHV(QJOLVFKDQPLFKYHUVFKZHQGHW XQG GD PHLQ /HLFKQDP EHUHLWV 6KHNHO ZHUW LVW ª:DV VLQG KHXW]XWDJH 6KHNHO"© K|UH LFK DXV 2[IRUG ª'LH $OOJHPHLQH 6GDIULNDQLVFKH KlOW IU GHQ EHNODJHQVZHUWHQ )DOO ,KUHV +LQVFKHLGHQV HLQH GRSSHOW VR KRKH 6XPPH EHUHLW *HZlKUHQ6LHPLU]HKQ0LQXWHQ6LU© ª,P3ULQ]LSUHFKWJHUQH'LH6DFKHLVWQXUGLHGDLFKLQHLQHU6WXQGHQDFK(XURSD DEIOLHJH)UOlQJHUH=HLW9LHOOHLFKWIU]Z|OI-DKUH©ª$XVJH]HLFKQHW,FKHUZDUWH 6LH DP )OXJKDIHQ© ª'D]X ZLUG GLH =HLW QLFKW DXVUHLFKHQ ZHLO LFK QRFK QLFKW JHIUKVWFNWKDEH© ª,FK EULQJH HLQ SDDU 6DQGZLFKHV PLW© ª$XHUGHP P|FKWH LFK PLFK YRQ PHLQHU )DPLOLH YHUDEVFKLHGHQ© ª1LFKW Q|WLJ:LU VFKLFNHQ VLH ,KQHQ PLW GHP QlFKVWHQ )OXJ]HXJ QDFK 'LH 7LFNHWV JHKHQ VHOEVWYHUVWlQGOLFK ]X XQVHUHQ /DVWHQ ,FK ZDUWH LP )OXJKDIHQ5HVWDXUDQW 6LU© $XI GLHVH :HLVH ELQ LFK VFKRQ GUHLPDO KLQWHUHLQDQGHUQDFK(XURSD

JHIORJHQ DEHU GHU $QGUDQJ OlWQLFKWQDFK(UVW YRU ZHQLJHQ 7DJHQ YHUVXFKWH LFK GHQ *HQWOHPDQ YRQ GHU 1HXVHHODQG ,QWHUQDWLRQDO /WG GDPLW DE]XVFKUHFNHQ GD PHLQ/HEHQDXIHLQH0LOOLRQ'ROODUYHUVLFKHUWVHLª:DVLVWGHQQVFKRQHLQH0LOOLRQ 'ROODU© HUZLGHUWH HU JHULQJVFKlW]LJ XQG ZROOWH PLU LQQHUKDOE YRQ ]HKQ 0LQXWHQ HLQHQ HLQ]LJDUWLJHQ /HEHQVYHUVLFKHUXQJVSODQ HQWZLFNHOQ GHP]XIROJH GHU 9HUVL FKHUXQJVQHKPHUJDUQLFKW]XVWHUEHQEUDXFKWHVJHQJWZHQQHULQ2KQPDFKWIlOOW DEVROXWLQIODWLRQVVLFKHUPLW$EZHUWXQJVNODXVHOXQG)DUEIHUQVHKHQ $OV HU QLFKW ORFNHUOLH JHVWDQG LFK LKP GD LFK ]DKOXQJVXQIlKLJ ZDU 3OHLWH 9ROONRPPHQSOHLWH ª0DFKW QLFKWV© WU|VWHWH HU PLFK ª:LU YHUVFKDIIHQ ,KQHQ HLQ 'DUOHKHQ YRQ GHU 5HJLHUXQJ©ª,FKELQNUDQN© ª:LU VFKLFNHQ ,KQHQ HLQHQ $U]W© ª$EHU LFK ZLOO NHLQH /HEHQVYHUVLFKHUXQJ DEVFKOLHHQ© ª'DV JODXEHQ 6LH QXU 6LU 6LH ZROOHQ© *HJHQ LUJHQGHLQHQ OHYDQWLQLVFKHQ 6FKZDU]KlQGOHU ZWH LFK PLU ]X KHOIHQ $EHU JHJHQ 2[IRUG (QJOLVFKELQLFKPDFKWORV+HXWHYRUPLWWDJZDUGLH:HFKVHOVHLWLJH$XVWUDOLVFKHDP 7HOHIRQ XQG EDW XP ]HKQ 0LQXWHQ *HLVWHVJHJHQZlUWLJ VFKDOWHWH LFK DXI VFKULOOHQ 6RSUDQ ª+LHU3XW]IUDXYRQ+HUU.LVKRQVSUHFKHQ$UPHU+HUUJHVWHUQJHVWRUEHQ© ª,QGLHVHP)DOO0DGDPH©VDJWHGLH:HFKVHOVHLWLJHªP|FKWHQZLUGHU)DPLOLHGHV 9HUVWRUEHQHQ HLQHQ UHYROXWLRQlUHQ 9HUVLFKHUXQJVYRUVFKODJ XQWHUEUHLWHQ (V GDXHUW QXU]HKQ0LQXWHQ©,FKVWHUEHYRU1HXJLHULKQ]XHUIDKUHQ

0DGHLQ-DSDQ ,Q MHQHU SULPlUHQ 3KDVH GHV DQ HPSILQGOLFKH 0LNURSUR]HVVRUHQ DQJHNRSSHOWHQ QDWLRQDOHQ(UZDFKHQVWUXJGLHVHVEHJDEWH9RONDXIVHLQHU6WLUQQRFKGDV.DLQVPDO GHV%HVLHJWHQ(VEHUVFKOXJVLFKI|UPOLFKXP PLWGHQ$PHULNDQHUQJHPHLQVDPH 8QWHUQHKPHQ]XJUQGHQZREHLGLH-DSDQHU7DOHQWXQG0LWWHOGLH$PHULNDQHU GHQ 1DPHQ GHV 8QWHUQHKPHQV EHLVWHXHUWHQ 6R HQWVWDQGHQ 3DQDVRQLF 6RQ\ 6KDUS &DQRQ1DWLRQDOXQGGLHUHVWOLFKHQ*HKHLPFRGHVDXV7H[DV0DQFKPDOJLQJHVDXFK ]X ZHLW 'DV 5LHVHQXQWHUQHKPHQ GDV HWZD VFKOLW]lXJLJH $UEHLWHU ,QJHQLHXUH XQG 'LUHNWRUHQ EHVFKlIWLJW XQG HWZD HLQ 'ULWWHO GHU ZHOWZHLWHQ 3URGXNWLRQ DQ %URPDVFKLQHQ OLHIHUW KHLW ELV KHXWH %URWKHU (LQ 1DPH GHU VLFK EHLPEHVWHQ:LOOHQQLFKWDXI+DUDNLULUHLPW 6LHZROOWHQVFKOLFKWXQGHLQIDFKYRQGHU:HOWDOV6LHJHUDOV$PHULNDQHUEHWUDFKWHW ZHUGHQ 'DV LVW OHW]WHQ (QGHV QLFKW YHUERWHQ (LQHV 7DJHV EHVFKOR -DSDQ GHQ 8KUHQZHOWPDUNW XQWHU GLH /XSH ]X QHKPHQ XQG HV EHJDQQ 6FKZHL]HU 8KUHQ KHU]XVWHOOHQ GLH JHQDXVR DXVVDKHQ JHQDXVR H[DNW OLHIHQ XQG JHQDXVR JOlQ]WHQ DOOHUGLQJVQXUGLH+lOIWHNRVWHWHQ'LH)DEULNZXUGHQDWUOLFK&LWL]HQJHQDQQWXP GLH JHOEOLFKHQ (OHPHQWH GHV 0HFKDQLVPXV ]X YHUWXVFKHQ 'DQDFK HQWGHFNWHQ GLH -DSDQHU7DVFKHQUHFKQHUXQG9LGHRJHUlWH8QGGLH:HOWZXUGHLP(LQKHLWVUK\WKPXV HLQHV VHOEVWYHUVWlQGOLFK HEHQIDOOV LQ -DSDQ KHUJHVWHOOWHQ 0HWURQRPV PLW GLHVHQ HOHNWURQLVFKHQ :XQGHP EHUIOXWHW GLH VLFK LP 9HUJOHLFK PLW HXURSlLVFKHQ (U]HXJQLVVHQ DOV HEHQEUWLJ HUZLHVHQ 9LHOOHLFKW GHVKDOE ZHLO DXFK GLH HXURSlLVFKHQ(U]HXJQLVVHLQ-DSDQKHUJHVWHOOWZHUGHQ=XPLQGHVWLKUH,QQHUHLHQGHU 0HFKDQLVPXVLQQHUKDOEGHUVFKQHHZHLHQ+OOH 8QG GHQQRFK ZXUGH GHU :HVWHQ DOOPlKOLFK HWZDV QHUY|V DQJHVLFKWV GLHVHU (LQGULQJOLQJHGLHDOOHVHLQZHQLJEHVVHUHLQZHQLJIUKHUXQGVHKUYLHOSUHLVZHUWHU PDFKHQ:DVPDJZRKOLKU*HKHLPQLVVHLQIUDJWHVLFKGLHIUHLH:HOWLQEHUHFKWLJWHU 3DQLN JHQJW HV GHQQ HLQHQ .ULHJ ]X YHUOLHUHQ XP VR HLQHQ LQGXVWULHOOHQ $XIVFKZXQJ]XHUOHEHQRGHU

EUDXFKW PDQ QRFK HWZDV GDUEHU KLQDXV" ,VW HWZD ZLH EHLP)HUQVHKHQ GLH )DUEH DXVVFKODJJHEHQG VFKZDU]ZHL QHLQ IDUELJ MD" (LQLJH ZHVWOLFKH *HVHOOVFKDIWHQ GHUHQ%DQNURWWXQPLWWHOEDUEHYRUVWDQGOHJWHQPLWOHW]WHQ.UlIWHQ5HFKHQVFKDIWYRU VLFK VHOEVW DE XQG JULIIHQ ]XU 6WDWLVWLN 'DEHL HUUHLFKWHQ VLH =DKOHQ GLH GDV *HKHLPQLVLQ JUHOOHP/LFKWZLHGDVHLQHV+HOLXPVFKHLQZHUIHUVHUVFKHLQHQOLHHQ ,P KROOlQGLVFKHQ 5LHVHQZHUN 3KLOLSV EHLVSLHOVZHLVH VWHOOHQ JXW DXVJHELOGHWH $UEHLWVNUlIWH UXQG )HUQVHKU|KUHQ MlKUOLFK KHU ,Q GHP YHUJOHLFKEDUHQ MDSDQLVFKHQ:HUNZLUGLPJOHLFKHQ=HLWUDXPHLQH9LHUWHOPLOOLRQ )HPVHKU|KUHQYRQ QXU$UEHLWHUQKHUJHVWHOOW,Q:RUWHQHLQKXQGHUWDFKWXQGVHFK]LJ 'DULQEHVWHKWDOVRGHUJU|WH9RUVSUXQJGLHVHUDVLDWLVFKHQ+XQGHV|KQH6LHIKUHQ HLQHQXQODXWHUHQ:HWWEHZHUEVLHDUEHLWHQZlKUHQGGHU$UEHLWV]HLW'DVLVWVRHLQH $UW EO|GHU 7UDGLWLRQ EHL LKQHQ GDV (UEH IDQDWLVFKHU 9RUIDKUHQ IRVVLOHU UHOLJL|VHU *HVHW]H'LHVHMDSDQLVFKHQ(LQGULQJOLQJHKDEHQQLFKWVRYLHO)UHL]HLWRGHU)HLHUWDJH ZLH ZLU %HL LKQHQ ZHUGHQ DQ :RFKHQHQGHQ NHLQH ]ZLVFKHQ ]ZHL )HLHUWDJHQ OLH JHQGH :HUNWDJH EHUEUFNW %HL LKQHQ ZHUGHQ %UFNHQ JHEDXW )XUFKWEDU UDXIW VLFK GHU :HVWHQ GLH +DDUH ZLH NDQQ PDQ PLW HLQHP /DQG NRQNXUULHUHQ GHVVHQ *HZHUNVFKDIWHQVRVFKZDFKVLQG" 'HU :LOGZHVW KDW UHFKW 0LW LKQHQ LVW NHLQ :HWWEHZHUE P|JOLFK /DQJVDP DEHU VLFKHU]HLFKQHWVLFK-DSDQLQGHQ$XJHQGHU0HQVFKHQDOVHLQHJHKREHQH5DVVHDE XQGQLFKWXQEHGLQJWLP(LQNODQJPLWGHQ.RORQLDOJHVHW]HQGHVZHLHQ0DQQHV%HL GHQ -DSDQHUQ LVW DOOHV QXU HLQH )UDJH GHV %HVFKOXVVHV 'HV %HVFKOXVVHV QlPOLFK ZHOFKHU0DUNWLPNRPPHQGHQ-DKUHUREHUWZHUGHQVROO (LQHV WUEHQ $EHQGV EHVFKOR EHLVSLHOVZHLVH GHU %HVLW]HU HLQHU DUPVHOLJHQ :HUNVWDWW DXI HLQHU NOHLQHQ ,QVHO GDV EHUHLWV YHUVWRUEHQH =ZHLUDGYHKLNHO ]X /HE]HLWHQ ª0RWRUUDG© JHQDQQW ]X QHXHP /HEHQ ]X HUZHFNHQ (U YHUlQGHUWH GLH :HOWJOHLFKLQ]ZHLIDFKHU+LQVLFKW=XQlFKVWEUDFKWHHUGLHVHODXWHQ0RQVWHUDXIGLH 6WUDHQ ]XUFN ]ZHLWHQV ERUJWH HU VLFK QLFKW ZLH EOLFK HLQH DPHULNDQLVFKH 7DUQXQJVRQGHUQULVNLHUWHGHQHLJHQHQ1DPHQ+RQGD'HU5HVWLVW+LVWRULH2GHU +\VWHULH MH QDFK 6WDQGSXQNW 6HLW HLQHP -DKUGXW]HQG JHOWHQ GLH LQWHUQDWLRQDOHQ 0RWRUUDGUHQQHQ DOV LQWHUQHU MDSDQLVFKHU :HWWNDPSI :LUG QXQ 6X]XNLV 0DVFKLQH JHZLQQHQRGHUZLUGHV.DZDVDNLRGHU
PDKD VHLQ GDV LVW GLH )UDJH ,QGHQ OHW]WHQ -DKUHQEHJDQQ VLFK GDV :HUN
YHUELHWHQ VlPWOLFKH /RNDOPlUNWH GXUFK GLH KRKH 4XDOLWlW VHLQHU 3URGXNWH ]X ]HUVW|UHQ $OOHUGLQJV LVW HV HWZDV SHLQOLFK VLFK YRU GLHVH OlFKHOQGHQ *HOEHQ ]X VWHOOHQXQGLKQHQ]XVDJHQ+|UWPDO]XDXVIDPLOLlUHQ*UQGHQVLQGZLUOHLFKWLQ 9HU]XJJHUDWHQ9RUHUVWYHUVXFKWMHGRFKGHU:HVWHQQRFKVHLQ*HVLFKW]XZDKUHQ (LQZHQLJ9HUVWlQGQLVELWWH IOVWHUQVLHGLHVHQDQGHUWKDOE0HWHUJURHQ5LHVHQLQV 2KUEHKHUUVFKWHXFKLQ*RWWHV1DPHQ%HVFKUlQNWYRQHXFKDXVHXUH$XVIXKUHQ VRQVW EULFKW EHL XQV PLW RKUHQEHWlXEHQGHP /lUP DOOHV ]XVDPPHQ :LU KDEHQ )DPLOLH.LQGHUHUEDUPHWHXFKXQVHUELWWH -DSDQEHVLW]WQLFKWHLQHLQ]LJHV.|UQFKHQ DQ1DWXUVFKlW]HQDOOHVPXLP $XVODQG JHJHQKDUWH'HYLVHQHUZRUEHQZHUGHQ%DOGZHUGHQVLHGHQHUVWHQ3ODW]XQWHUGHQ 6WDKOSURGX]HQWHQGHU:HOWHLQQHKPHQbUJHUOLFKQLFKW"*HUFKWHQ]XIROJHHUZlJHQ GLH)KUHUGHUIUHLHQ:HOWEHLYHU]ZHLIHOWHQ0DQDKPHQ+LOIH]XVXFKHQbKQOLFK ZLHGLH'HXWVFKHQYRU(QGHGHV(UVWHQ:HOWNULHJHV /HQLQLQHLQHPJHVFKORVVHQHQ :DJJRQ LQ GDV ]DULVWLVFKH 5XODQG VFKPXJJHOWHQ EHDEVLFKWLJHQ VLH DQJHEOLFK HLQLJH 6WUHLNH[SHUWHQ GHV LVUDHOLVFKHQ *HZHUNVFKDIWVYHUEDQGHV QDFK -DSDQ HLQ]XVFKOHXVHQ XP GRUW ZLUNVDPH %HWULHEVUlWH ]X RUJDQLVLHUHQ$QGHUV VHLHQ VLH QLFKW]XEUHPVHQODXWHWGLHDOOJHPHLQH$QVLFKW

,Q]ZLVFKHQIODWWHUQGLH1HUYHQ%HUXIWGHU*HQHUDOGLUHNWRUYRQ7RVKLEDRGHU6DQ\R GDV'LUHNWRULXP]XU%HVSUHFKXQJGHU3URJUDPPHIUGDVIROJHQGH-DKUHLQEOHLEWLQ GHQ $SRWKHNHQ (XURSDV QLFKW HLQH HLQ]LJH %HUXKLJXQJVWDEOHWWH EULJ 'HU YHUVFKOHLHUWH %OLFN ZDQGHUW EHU GLH 0lUNWH ª1HLQ© VFKUHLHQ GLH .DXJXPPLKHUVWHOOHU EHUDOO DXI ª%LWWH .DXJXPPL QLFKW NHLQHQ .DXJXPPL KHUVWHOOHQ©'HQQPDQZHLZLHHVZHLWHUJHKHQZUGH'HUMDSDQLVFKH.DXJXPPL NRPPW LQ HLQHP 3DSLHU YHUSDFNW GDV DQ GHP *XPPL QLFKW NOHEHQ EOHLEW XQG HU HQWKlOW9LWDPLQH(UEHKlOWVHLQHQ*HVFKPDFNEHU]Z|OI6WXQGHQODQJXQGVSXFNW VLFK GDQQ YRQ VHOEVW DXV +LOIH (V KlQJW OHGLJOLFK YRQ HLQHP %HVFKOX DE :LGHUVWDQG LVW DXVVLFKWVORV :LUG KHXWH LQ ,WDOLHQ HLQH QHXH %DGHZDQQH DXI GHQ 0DUNW JHEUDFKW GLH %DGH|O DXVVFKHLGHW XQG PLWWHOV HLQHV 7KHUPRVWDWV GLH :DVVHUZlUPH NRQVWDQW KlOW VR HUVFKHLQHQ PRUJHQ LQ ,WDOLHQ GLH %DGHZDQQHQ YRQ 0LWVXELVKL GLH DOOH GLHVH )XQNWLRQHQ DXFK KDEHQ GDUEHU KLQDXV HLQH 5HLVHJHVFKZLQGLJ

NHLW YRQ GUHLLJ 6WXQGHQNLORPHWHUQ ELHWHQ XQG 3XFFLQLV 2SHUQ LQ 4XDGURSKRQLH VSLHOHQ$QJHEOLFKVROOHLQHNOHLQH)DEULNLQ1DJDVDNLNU]OLFKPLWGHU+HUVWHOOXQJ YRQ 6DFKHU7RUWHQ EHJRQQHQ KDEHQ GLH QDFK :LHQ H[SRUWLHUW ZHUGHQ 6LH VROOHQ VFKPDFNKDIWHUVHLQ VDJWPDQ 'LH :HOW LVW Y|OOLJ HQWVHW]W EHVFKlPW XQG YHU]ZHLIHOW ,P /DXIH GHU -DKUH KDEHQ VLFK GLH 0HQVFKHQ GDUDQ JHZ|KQW GD DQ GHU 8QWHUVHLWH HLQHV MHGHQ KEVFKHQ DXVJHNOJHOWHQXQGSUHLVZHUWHQ$UWLNHOVª0DGHLQ-DSDQ©VWHKWPDQFKPDODXFKªLQ +RQJNRQJ©RGHUª7DLZDQ©VRIHUQKLHUHLQH=XVDPPHQDUEHLWPLW-DSDQYRUOLHJW (V JHKW QRFK ZHLWHU ,Q GHQ OHW]WHQ -DKUHQ VFKPXJJHOWH VLFK HLQ QHXHV 0RGHOOGHU GHXWVFKHQ 2SHO:HUNH QDPHQV 0DQWD LQ GHQ $XWRPDUNW KLQHLQ 0HUNZUGLJHU 1DPH ZDV" (U NOLQJW VR H[RWLVFK 8QG GDV LVW ZDKUOLFK GLH (QGSKDVH GHU WHFKQRORJLVFKHQ(QWZLFNOXQJLP:HVWHQ0DQERUJWVLFKEHUHLWVMDSDQLVFKH1DPHQ XP GDV 9HUWUDXHQ GHU .lXIHU ]X JHZLQQHQ %DOG EULQJW 9ROYR VHLQ 0RGHOO ª&R\RWWD©DXIGHQ0DUNWXQG*HQHUDO0RWRUVEHUHLWHWLQVJHKHLPGHQ6FKODJHUGHU QlFKVWHQ 6DLVRQ YRU GHQ W\SLVFKHQ DPHULNDQLVFKHQ 6SRUWZDJHQ PLW GHP 1DPHQ ª3LVKLPLVKL© 'HU 9HUIDVVHU GLHVHU =HLOHQ QLPPW VHLQH LQ 7RNLR JHGUXFNWHQ %FKHU LQ GLH +DQG XQG EHWUDFKWHW VHLQH +XPRUHVNHQ GLH LQ MHQHQ PHUNZUGLJHQ 6FKULIW]HLFKHQ YRQ REHQQDFKXQWHQODXIHQ*URHU*RWWVDJWHULQVHLQHP,QQHUVWHQLFKIUFKWHGDHV LQMDSDQLVFKEHVVHULVWHVPXLQMDSDQLVFKEHVVHUVHLQ

.HLQH*QDGHIU*OlXELJHU 6HSWHPEHU 7UDIKHXWH]XIlOOLJ0DQIUHG7RVFDQLQLNHLQH9HUZDQGWVFKDIW DXIGHU 6WUDH(UZDUVHKUDXIJHUHJW:LHDXVVHLQHPYRQ)OFKHQXQWHUEURFKHQHQ%HULFKW KHUYRUJLQJKDWWHHUVLFKYRQ-DVFKD2EHPLNKXQGHUW6KHNHODXVERUJHQZROOHQXQG GLHVHU/XPSGLHVHU6WUDXFKGLHEGLHVHVHOHQGH6WLQNWLHUKDWWHVLFKQLFKWHQWEO|GHW LKP]XDQWZRUWHQª,FKKDEHVLHDEHULFKERUJHVLHGLUQLFKW©'HUNDQQODQJH ZDUWHQELV0DQIUHGZLHGHUPLWLKPVSULFKW2EZLUGHQQZLUNOLFKVFKRQVRWLHI JHVXQNHQZlUHQIUDJWHPLFK0DQIUHG2EHVGHQQDXIGLHVHU:HOWNHLQHQ)XQNHQ $QVWlQGLJNHLWPHKUJlEHNHLQH)UHXQGVFKDIWNHLQH+LOIVEHUHLWVFKDIW"ª$EHU 0DQIUHG©EHUXKLJWHLFKLKQª:R]XGLH$XIUHJXQJ"©8QGLFKKlQGLJWHLKPOlVVLJ HLQH+XQGHUWVKHNHOQRWHHLQª(QGOLFKHLQ0HQVFK©VWDPPHOWH0DQIUHGXQGNlPSIWH WDSIHUVHLQH 7UlQHQQLHGHUª,QVSlWHVWHQV]ZHL:RFKHQKDVWGXGDV*HOG]XUFNGX NDQQVWGLFKKXQGHUWSUR]HQWLJGDUDXIYHUODVVHQ©:HQQLFKPHLQH)UDXULFKWLJ YHUVWDQGHQKDEHELQLFKHLQ,GLRW$EHULFKZROOWH0DQIUHG7RVFDQLQLGHQ*ODXEHQ DQGLH0HQVFKKHLWZLHGHUJHEHQ8QGLFKZLOOLKQQLFKW]XP)HLQGKDEHQ

6HSWHPEHU $OVLFKGDV&DIH5LRYHUOLHVWLHLFKLQ0DQIUHG7RVFDQLQLKLQHLQ :LUVHW]WHQXQVHUHQ:HJJHPHLQVDPIRUW,FKYHUPLHGHVVRUJIlOWLJGDV'DUOHKHQ]X HUZlKQHQGRFKVFKLHQJHUDGHGLHVH6RUJIDOW 0DQIUHGV=RUQ ]XHUUHJHQª1XUNHLQH $QJVW©]LVFKWHHUª,FKKDEHGLUYHUVSURFKHQGDGXGHLQ*HOGLQYLHU]HKQ7DJHQ ]XUFNEHNRPPVW XQG GLHVH YLHU]HKQ 7DJH VLQG QRFK QLFKW XP :DV ZLOOVW GX HLJHQWOLFK"© ,FK YHUWHLGLJWH PLFK PLW GHP +LQZHLV GDUDXI GD LFK NHLQ :RUW YRQ *HOG JHVSURFKHQ KlWWH 0DQIUHG PHLQWH LFK VHL QLFKW EHVVHU DOV DOOH DQGHUHQ XQG OLHPLFKVWHKHQ 2NWREHU 3HLQOLFKHU =ZLVFKHQIDOO DXIGHU.DIIHHKDXVWHUUDVVH0DQIUHG7RVFDQLQL VDPLW-DVFKD2EHPLNDQHLQHP7LVFKXQGIL[LHUWHPLFK(UZDUVLFKWOLFKYHUlUJHUW ,FK VDK P|JOLFKVW XQYHUIlQJOLFK YRU PLFK KLQ DEHU GDV PDFKWH HV QXU QRFK VFKOLPPHU(UVWDQGDXIWUDWGURKHQGDQPLFKKHUDQXQGVDJWHVRODXWGDPDQHV QRFKGULQLP

.DIIHHKDXV K|UHQ NRQQWH ª$OVR JXW LFK ELQ PLW HLQ SDDU 7DJHQ LQ 9HU]XJ 1D ZHQQVFKRQ'HVKDOEZLUGGLH:HOWQLFKWHLQVWU]HQ8QGGHVKDOEEUDXFKVWGXPLFK QLFKW VR YRUZXUIVYROO DQ]XVFKDXHQ© ,FK KlWWH QLFKWV GHUJOHLFKHQ JHWDQ UHSOL]LHUWH LFK'DUDXIKLQQDQQWHPLFK0DQIUHGHLQHQ/JQHUXQGQRFKHLQLJHVPHKUZDVVLFK GHU:LHGHUJDEHHQW]LHKW 0HLQH)UDXVDJWHZDV)UDXHQLQVROFKHQ)lOOHQLPPHUVDJHQª+DE LFK VGLUQLFKW JOHLFKJHVDJW"©VDJWHVLHXQGOlFKHOWHVDUGRQLVFK O@ 2NWREHU :LH LFK K|UH HU]lKOW 0DQIUHG 7RVFDQLQL EHUDOO KHUXP GD LFK HLQ KRIIQXQJVORVHU 0RUSKLQLVW VHL XQG GD DXHUGHP ]ZHL EHNDQQWH ZHLEOLFKH 5HFKWVDQZlOWH 9DWHUVFKDIWVNODJHQ JHJHQ PLFK HLQJHEUDFKW KlWWHQ 1DWUOLFK LVW DQ DOOHGHPNHLQZDKUHV:RUW0RUSKLXP,FKUDXFKHQLFKWHLQPDO 0HLQH)UDXLVWWURW]GHPGHU0HLQXQJGDLFKXPPHLQHULQQHUHQ5XKHZLOOHQDXI GLHKXQGHUW6KHNHOYHU]LFKWHQVROO

2NWREHU 6DK 7RVFDQLQL KHXWH YRU HLQHP .LQR 6FKODQJH VWHKHQ %HL PHLQHP $QEOLFN ZXUGHQ VHLQH $XJHQ VWDUU VHLQH 6WLUQDGHUQ VFKZROOHQ DQ XQG VHLQH 1DFNHQPXVNHOQ YHUNUDPSIWHQ VLFK ,FK VSUDFK LKQ DQ ª0DQIUHG© VDJWH LFK JXWPWLJ ªLFK P|FKWH GLU HLQHQ9RUVFKODJ PDFKHQ 9HUJHVVHQ ZLU GLH *HVFKLFKWH PLWGHP*HOG'DV*DQ]HZDURKQHKLQQXUHLQH/DSSDOLH'XELVWPLUQLFKWVPHKU VFKXOGLJ ,Q 2UGQXQJ"© 7RVFDQLQL ]LWWHUWH YRU :XW ª*DU QLFKWV LVW LQ 2UGQXQJ© IDXFKWHHU ª,FKSIHLIHDXIGHLQH*UR]JLJNHLW+lOWVWGXPLFKYLHOOHLFKWIUHLQHQ 6FKQRUUHU"© (U ZDU DXHU 5DQG XQG %DQG 6R KDEH LFK LKQ QRFK QLH JHVHKHQ 2EHPLNPLWGHP HUGDV.LQREHVXFKWHPXWHLKQ]XUFNKDOWHQVRQVWKlWWHHUVLFK DXIPLFKJHZRUIHQ0HLQH)UDXVDJWH]XPLUª+DE LFK VGLUQLFKWJOHLFKJHVDJW"© 2NWREHU ,PPHUZLHGHUZHUGHLFKJHIUDJWREHVZDKULVWGDLFKPLFKIUHLZLOOLJ ]XP 9LHWNRQJ JHPHOGHW KDEH XQG ZHJHQ DOOJHPHLQHU .|USHUVFKZlFKH ]XUFNJHZLHVHQ ZXUGH ,FK ZHL QDWUOLFK ZHU KLQWHU GLHVHQ *HUFKWHQ VWHFNW (V GUIWH GHUVHOEH VHLQ GHU PLU LQ GHU 1DFKW PLW IDXVWJURHQ 6WHLQHQ GLH )HQVWHU HLQZLUIW$OVLFKJHVWHUQGDV&DIH5LREHWUDWVSUDQJ HUDXIXQGEUOOWHª'DUIGHQQ KHXWH VFKRQ MHGHU 9DJDEXQG KLHU KHUHLQNRPPHQ" ,VW GDV HLQ .DIIHHKDXV RGHU HLQ $V\O IU 2EGDFKORVH"© 8P .RPSOLNDWLRQHQ ]X YHUPHLGHQ GUlQJWH PLFK GHU &DIHWLHU]XU7UKLQDXV0HLQH)UDXKDWWHHVJOHLFKJHVDJW

1RYHPEHU +HXWHNDPPHLQ/LHEOLQJVYHWWHU$ODGDU]XPLUXQGEDWPLFKLKP]HKQ 6KHNHO]XOHLKHQª,FKKDEHVLHDEHULFKERUJHVLHGLUQLFKW©DQWZRUWHWHLFK$ODGDU LVW PHLQ /LHEOLQJVYHWWHU XQG LFK P|FKWH XQVHUH )UHXQGVFKDIW QLFKW ]HUVW|UHQ ,FK KDEHRKQHKLQVFKRQJHQXJ6FKZLHULJNHLWHQ'DV,QQHQPLQLVWHULXPKDWPHLQHQ3D HLQJH]RJHQ ª:LU HUZDUWHQ 1DFKULFKW DXV 1RUGYLHWQDP© ODXWHWH GLH NU\SWLVFKH $QWZRUWDXIPHLQH)UDJHZDQQLFKGHQ3DZLHGHUEHNlPH6RYLHO]XPHLQHP3ODQ LQV$XVODQG]XIOLHKHQ 0HLQH)UDX GHUHQ:DUQXQJHQLFKLQGHQ:LQGJHVFKODJHQKDWWHDOVHVQRFK=HLW ZDU OlW PLFK QLFKW PHKU DOOHLQ DXVJHKHQ ,Q LKUHU %HJOHLWXQJ VXFKWH LFK HLQHQ 3V\FKLDWHU DXI ª7RVFDQLQL KDW 6LH ZHLO 6LH LKP 6FKXOGJHIKOH YHUXUVDFKHQ© HUNOlUWH HU PLU ª(U OHLGHW ,KQHQ JHJHQEHU DQ HLQHP YHUVFKREHQHQ 9DWHUNRPSOH[ 6LHN|QQWHQLKP]XP$EUHDJLHUHQYHUKHOIHQZHQQ6LHVLFKIUHLQHQ9DWHUPRUG]XU 9HUIJXQJVWHOOHQ$EHUGDVLVWZRKO]XYLHOYHUODQJW"©,FKEHMDKWHª'DQQJlEHHV YLHOOHLFKWQRFKHLQHDQGHUH0|JOLFKNHLW7RVFDQLQLVP|UGHULVFKHU+DZLUG6LHVR ODQJH YHUIROJHQ DOV HU ,KQHQ GDV *HOG QLFKW ]XUFN]DKOHQ NDQQ 9LHOOHLFKW VROOWHQ 6LHLKQGXUFKHLQHDQRQ\PH=XZHQGXQJGD]XLQGLH/DJHVHW]HQ© ,FKGDQNWHGHP6HHOHQIRUVFKHUEHUVFKZHQJOLFKVDXVWH]XU%DQNKREIQIKXQGHUW 6KHNHODEXQGZDUIVLHGXUFKGHQ%ULHIVFKOLW]LQ7RVFDQLQLV:RKQXQJ

O@1RYHPEHU $XIGHU'L]HQJRIIVWUDHNDPPLUKHXWH7RVFDQLQLHQWJHJHQVSXFNWH DXV XQG JLQJ ZHLWHU ,FK HUVWDWWHWH GHP 3V\FKLDWHU %HULFKW ª3URELHUHQ JHKW EHU VWXGLHUHQ© VDJWH HU ª-HW]W ZLVVHQ ZLU ZHQLJVWHQV GD HV DXI GLHVH :HLVH QLFKW JHKW©(LQHYHUOlOLFKH4XHOOHLQIRUPLHUWHPLFKGD0DQIUHGHLQHJURH6WRIISXSSH JHNDXIW KDW GLH PLU lKQOLFK VLHKW -HGHQ $EHQG YRU GHP 6FKODIHQJHKQ PDQFKPDO DXFKZlKUHQGGHV7DJHVVWLFKWHULKUIHLQH1DGHOQLQGLH+HU]JHJHQG 1RYHPEHU 8QDQJHQHKPHV*HIKOLP5FNHQZLHYRQNOHLQHQ1DGHOVWLFKHQ,Q GHU1DFKWZDFKWHLFKVFKZHLJHEDGHWDXIXQGEHJDQQ]XEHWHQª,FKKDEHJHIHKOWR +HUU©ULHILFKDXVª,FKKDEHHLQHP1lFKVWHQLQ,VUDHO*HOGJHOLHKHQ:HUGHLFKGLH )ROJHQPHLQHV$EHUZLW]HVELVDQV/HEHQVHQGHWUDJHQPVVHQ"*LEWHVNHLQHQ$XV ZHJ"©9RQREHQK|UWHLFKHLQHWLHIHYlWHUOLFKH6WLPPHª1HLQ©

O'H]HPEHU 1DGHOVWLFKHLQGHQ +IWHQXQG]ZLVFKHQGHQ5LSSHQ9DWHUNRPSOH[H EHUDOO$XIHLQHQ6WRFNXQGDXIPHLQH)UDXJHVWW]WVXFKWHLFKHLQHQSUDNWLVFKHQ $U]W DXI 8QWHUZHJV VDKHQ ZLU DXI GHU JHJHQEHUOLHJHQGHQ 6WUDHQVHLWH 2EHPLN ª(SKUDLP© IOVWHUWH PHLQH )UDX ªVFKDX LKQ GLU HLQPDO JDQ] JHQDX DQ 'DV UXQGOLFKH*HVLFKWGLHOHXFKWHQGH*ODW]HHLQHLGHDOH9DWHUILJXU©6ROOWHHVQRFK +RIIQXQJIUPLFKJHEHQ"

'H]HPEHU %HJHJQHWH7RVFDQLQLYRUGHP.DIIHHKDXVXQGKLHOWLKQDQª'DQNHIU GDV*HOG©VDJWHLFKUDVFKEHYRUHUPLFKQLHGHUVFKODJHQNRQQWHª2EHPLNKDWGHLQH 6FKXOGDXI+HOOHUXQG3IHQQLJDQPLFK]XUFNJH]DKOW(UKDWPLFK]ZDUJHEHWHQGLU QLFKWVGDYRQ]XVDJHQDEHUGXVROOVWZLVVHQZDVIUHLQHQJXWHQ)UHXQGGXDQLKP KDVW9RQMHW]WDQVFKXOGHVWGXDOVRGLHKXQGHUW6KHNHOQLFKWPLUVRQGHUQ2EHPLN© 0DQIUHGV*HVLFKWHQWVSDQQWHVLFKª(QGOLFKHLQ0HQVFK©VWDPPHOWHHUXQGNlPSIWH WDSIHUVHLQH7UlQHQQLHGHUª,QVSlWHVWHQV]ZHL:RFKHQKDWHUGDV*HOG]XUFN© -DQXDU $OVZLUKHXWH$UPLQ$UPGXUFKGLH'L]HQJRIIVWUDHJLQJHQVDJWHPLU 0DQIUHG ª2EHPLN GLHVH HUElUPOLFKH .UHDWXU VLHKW PLFK LQ GHU OHW]WHQ =HLW VR XQYHUVFKlPW DQ GD LFK LKP GHPQlFKVW HLQ SDDU 2KUIHLJHQ KHUXQWHUKDXHQ ZHUGH *XW LFK VFKXOGH LKP *HOG $EHU GDV JLEW LKP QLFKW GDV 5HFKW PLFK ZLH HLQHQ 6FKQRUUHU ]X EHKDQGHOQ (U ZLUG VLFK ZXQGHP YHUOD GLFK GDUDXI© ,FK YHUODVVH PLFKGDUDXI

%XFKPDUNW 1HXOLFK ZDU LFK OHLFKWIHUWLJ JHQXJ LQ HLQHP /LWHUDWHQFDIH HLQH NOHLQH 6WlUNXQJ ]X PLU ]X QHKPHQ 1LFKW HWZD ZHLO LFK HLQ NOHLQHV 6WQGFKHQ LQ GHU HUKHEHQGHQ $WPRVSKlUHGHU/LWHUDWXUYHUZHLOHQZROOWHVRQGHUQHKHUGHVKDOEZHLOPLUGHU6LQQ QDFKHLQHP.DIIHHXQGHLQHP1XK|UQFKHQ VWDQG $P 1HEHQWLVFK VDHQ ]ZHL VWDGWEHNDQQWH /LWHUDWXUDJHQWHQ GHUHQ OHEKDIWH .RQYHUVDWLRQLFKRKQHGLHV]XEHDEVLFKWLJHQPLWK|FKVWHP,QWHUHVVHYHUIROJWH ª1D©VDJWHGHUHLQH ªZDVKDVWGXDQ]XELHWHQ"© ª,FKKDEHGUHL WROOH1RUPDQ0DLOHU©ª6SDQQHQG"© ª.HLQH$KQXQJ,FKOHVHNHLQH%FKHU(LQHVGUIWHHLQH/LHEHVJHVFKLFKWHVHLQGLH EHLGHQDQGHUHQJHK|UHQZRKOHKHU]XU3URWHVWOLWHUDWXU© ª:DV YHUODQJVW GX"© ª SUR 6WFN© ª=X WHXHU )U GDV *HOG EHNRPPH LFK 6HLWHQ 6ROVFKHQL]\Q :DV WXW VLFK EHL %HOORZ"© ª%HOORZ IKUH LFK QLFKW $EHU LFK NDQQ GLU MHGH 0HQJH 6DJDQ EHVRUJHQ ZHQQ GX PLUGDIU6H[EHVFKDIIVW©ª.HLQ3UREOHP,FKKDEH6HLWHQ+DUWSRUQRLOOXVWULHUW PLW*HEUDXFKVDQZHLVXQJ© ª+DVWGXLUJHQGZDVYRQ(ULFD-RQJDXI/DJHU"©ª-DGHQOHW]WHQ6FKODJHU.QDSS 6HLWHQ6FKZHLQHUHLHQ©ª:LHKHLWGDV=HXJV"© ª(JDO $XI GHP 8PVFKODJ OHFNW HLQH QDFNWH 3XSSH HLQH %DQDQH .RVWHW GLFK ©ª:DUXPVRYLHO"© ª'HU %DQDQHQSUHLV LVW JHVWLHJHQ $EHU ZHQQ GLU GDV ]X WHXHU LVW NDQQVW GX HLQHQ QHXHQ8SGLNHIUFLUFDKDEHQhEULJHQV3KLOLS5RWKRGHU3URXVWVWHKHQLP $XJHQEOLFNDXISUR=HQWQHU+DVWGXHWZDVLQ6FLHQFHILFWLRQ"© ª6RYLHOGXZLOOVW5DXPIDKUWPLW=HLWPDVFKLQHHLQVFKOLHOLFK)DUEIRWRV SUR.LORJUDPP©

ª,Q2UGQXQJ,FKQHKPHHLQ9LHUWHO.LOR8QGZDVLVWMHW]WPLW0DLOHU:LOOVWGX LKQ"© ª1XUGLHKDOEH/LHEHVJHVFKLFKWH'DVJHQJWPLULP$XJHQEOLFN'D]XYLHOOHLFKW QRFK*UDPP+HPLQJZD\RGHU;DYLHUD+ROODQGHU©ª*HKWLQ2UGQXQJ6FKLFN HLQHQ/DVWZDJHQ©

0DUNWSV\FKRORJLH $QHLQHPEHVRQGHUVKHLHQ6RPPHUWDJODJLFKIODFKLQGHU%DGHZDQQHXQGWUlXPWH YRQ(LVElUHQ'LH7UJORFNHEHHQGHWHPHLQH3RODUH[SHGLWLRQ'DGLHEHVWH(KHIUDX YRQ DOOHQ ZLHGHU HLQPDO LP YROONOLPDWLVLHUWHQ 6XSHUPDUNW HLQNDXIHQ ZDU VDK LFK PLFKJHQ|WLJWPHLQHVXEWURSLVFKH7UlJKHLW]XEHUZLQGHQXQGVHOEVW]X|IIQHQ9RU PHLQHU 7U ERW VLFK PLU HLQ XQHUZDUWHWHU $QEOLFN HLQ EHUGLPHQVLRQDOHU 6FKLOIVFRQWDLQHU'DQHEHQVWDQGHLQNOHLQHUDXVJHPHUJHOWHU0DQQGHUDXFKVFKRQ EHVVHUH7DJHJHVHKHQKDWWHGHUDUPH7HXIHO ª*XWHQ7DJ©VDJWHGHUDUPH7HXIHO ªZQVFKHQ 6LH HLQH 7RPDWH"© 'DYRQ ZDU QlPOLFK GHU &RQWDLQHU UDQGYROO 0LW ZXQGHUVFK|QHQUHLIHQ7RPDWHQ'DVKHLWGHP*HUXFKQDFKZDUHQVLHVRJDUVFKRQ HLQELFKHQEHUUHLI ª6LH VLQG VLFKHU EHUUDVFKW GD LFK ,KQHQ 7RPDWHQ DQELHWH© UHDJLHUWH GHU DUPH 7HXIHO DXI PHLQH JHUPSIWH 1DVH ªQRFK GD]X ]X HLQHP =HLWSXQNW ZR 7RPDWHQ WRQQHQZHLVHDXIGHQ0OOGHSRQLHQYHUIDXOHQ$EHUGDPLWEHZHLVHQ6LHQXUGD6LH XQVHUH0DUNWSROLWLNQLFKWEHJULIIHQKDEHQ© ª'DVPVVHQ6LHPLUQlKHUHUNOlUHQ©ª*HUQHPHLQ+HUU6HKHQ6LH6LHVLQGGXUFK GLH 7DWVDFKH LUUHJHIKUW GD PDQ LQ GLHVHP -DKU XQEHJUHQ]WH 0HQJHQ 7RPDWHQ NDXIHQNDQQZHLOGLH%DXHUQYLHO]XYLHOHDQJHEDXWKDEHQ'RFKMHGHUGHUIlKLJLVW ]XGHQNHQPXYRUGHPQlFKVWHQ-DKUHUVFKDXHUQ©ª:LHVR"© ª.|QQHQ 6LH VLFK DXFK QXU HLQHQ HLQ]LJHQ %DXHUQ YRUVWHOOHQ GHU QDFK GLHVHU NDWDVWURSKDOHQ hEHUSURGXNWLRQ LQ GHU QlFKVWHQ 6DLVRQ 7RPDWHQ DQSIODQ]HQ ZLUG" ,FK QLFKW 1LFKW IU *HOG XQG QLFKW IU JXWH :RUWH ZLUG HV LP NRPPHQGHQ -DKU 7RPDWHQ JHEHQ )U HLQH HLQ]LJH GLHVHU KHUUOLFKHQ )UFKWH ZLUG %UXGHU JHJHQ %UXGHUGLH+DQGHUKHEHQ$EHU6LHPHLQ+HUU6LHXQG,KUHNOHLQH)DPLOLHZHUGHQ LQEHQHLGHQVZHUWHP*OFNXQGSHUV|QOLFKHU=XIULHGHQKHLWVFKZHOJHQVR]XVDJHQLQ 1RDKV9LWDPLQ$UFKHGHQQ6LHPHLQ+HUU6LHKDEHQJHQJHQG9RUUlWHGHVURWHQ *ROGHV DXI GLH 6HLWH JHOHJW 0HQVFK NDSLHUHQ 6LH QLFKW ZDV )RUWXQD ,KQHQ DQELHWHW" 6LFKHUKHLW (LQ /HEHQLQ hEHUIOX 'DV UHLQVWH 3DUDGLHV ,KUH ZHUWH )UDX *HPDKOLQZLUG,KQHQ

ELV]X,KUHPOHW]WHQ$WHP]XJGDQNEDUVHLQ$OVRZDVLVW".DXIHQ6LH MDRGHUQHLQ"© ª1XQJXW©EHVDQQLFKPLFKQRFKUHFKW]HLWLJªJHEHQ6LHPLUHLQ.LORDEHUYRQGHQ VFK|QVWHQ© ª7XW PLU OHLG© DQWZRUWHWH GHU DUPH 7HXIHO ªLFK NDQQ ,KQHQ QXU HLQ KDOEHV .LOR JHEHQ,FKPXDXFKDQPHLQHDQGHUHQ.XQGHQGHQNHQ©,QGLHVHPVFKLFNVDOKDIWHQ $XJHQEOLFN JLQJ PHLQ 6HOEVWHUKDOWXQJVWULHE PLW PLU GXUFK 'LH =HLWHQ GHU 1lFKVWHQOLHEHVLQGYRUEHL6ROOHQGRFKGLHDQGHUHQVHKHQZRVLHEOHLEHQ0LUJHKW PHLQH)DPLOLHEHUDOOHVª,FKNDXIHGHQJDQ]HQ&RQWDLQHU©VWLHLFKKHLVHUKHUYRU ª*HOGVSLHOWNHLQH5ROOH© ª0DFKW6KHNHO©VDJWHGHUDUPH7HXIHOXQGNLSSWHGHQJDQ]HQ6FKLIIVLQKDOW LQGHQ5RVHQJDUWHQYRUXQVHUHP+DXV'LHREHUVWHQ7RPDWHQHUUHLFKWHQJHUDGHGHQ HUVWHQ6WRFN,FK]DKOWHEDUXQGGHU0DUNWSV\FKRORJHIXKUPLWGHPOHHUHQ&RQWDLQHU GDYRQ.XU]GDUDXINDPPHLQH)UDXQDFK+DXVHXQGOLHVLFKVFKHLGHQ

%DUJHOGORVHU9HUNHKU (V EHJDQQ ZLH VFKRQ PDQFKHV 8QJOFN EHJRQQHQ KDW PLW =DKQVFKPHU]HQ 'HU =DKQDU]WHQWGHFNWHLQHLQHPPHLQHU=lKQHHLQ/RFKYHUDEIROJWHPLUHLQH,QMHNWLRQ JULII]XP%RKUHUERKUWH XQGVWHOOWHPLWWHQGULQGHQ%RKUHUZLHGHUDEª%HGDXUH© VDJWHHU ZlKUHQGHUDXVVHLQHP .LWWHOVFKOSIWH ª(LQHZHLWHUH%HKDQGOXQJLVWIU PLFK QLFKW GHU 0KH ZHUW© ,FK ODJ KLOIORV LP 2SHUDWLRQVVHVVHO HLQH .ODPPHU LP 0XQGXQIlKLJ]XVSUHFKHQ ª0HLQ1HWWRHLQNRPPHQKDWEHUHLWVGLH+|KHYRQ6KHNHOPRQDWOLFKHUUHLFKW© VDJWH GHU =DKQDU]W XQG ILQJ DQ VHLQH ,QVWUXPHQWH ]X YHUVRUJHQ ª9RQ MHGHP ZHLWHUHQ3IXQGGDVLFKMHW]WQRFKYHUGLHQHPXLFK3UR]HQW6WHXHU]DKOHQ(VLVW QLFKWGHU0KHZHUW© ,FKJDELKPGXUFKYHU]ZHLIHOWH *HElUGHQ]XYHUVWHKHQGDHVPLUWURW]GHPOLHEHU ZlUHZHQQHUGLH%HKDQGOXQJIRUWVHW]WHª(VLVWDXFKIU6LHQLFKWGHU0KHZHUW© 0LW GLHVHQ :RUWHQ HUO|VWH HU PLFK YRQ GHU .ODPPHU ª6LH PVVHQ 6KHNHO YHUGLHQHQXP]XEHKDOWHQXQGPHLQH5HFKQXQJ]DKOHQ]XN|QQHQ0LUEOHLEHQ GDQQ QDFK 9HUVWHXHUXQJ GLHVHU 6XPPH QRFK 6KHNHO PLW GHQHQ LFK GHQ )DKUOHKUHUPHLQHU)UDXEH]DKOHQZROOWH$QGHUVDXVJHGUFNW9RQGHQ6KHNHO GLH 6LH YHUGLHQHQ EHNRPPW GHU )DKUOHKUHU YRQ GHQHQ LKP EOHLEHQ© ª,PPHUKLQ QHWWR© HQWJHJQHWH LFK ]DJKDIW ª'DV VWLPPW %HVVHU JHVDJW (V ZUGH VWLPPHQ ZHQQ GHU )DKUOHKUHU VHLQ 6WXQGHQKRQRUDU QLFKW DXI 6KHNHO QHWWR YHUGRSSHOW KlWWH 'DV EHGHXWHW GD LFK ,KUH =DKQDU]WUHFKQXQJ YHUGRSSHOQ PWH XPGHQ)DKUOHKUHUEH]DKOHQ]XN|QQHQ8QGMHW]WIUDJHLFK6LHQRFKPDOV,VWGDVIU 6LHGHU0KHZHUW"© ,FK DQWZRUWHWH PLW HLQHU *HJHQIUDJH GLH ]XP VWlQGLJHQ :RUWVFKDW] GHV GXUFKVFKQLWWOLFKHQLVUDHOLVFKHQ%UJHUVJHK|UW ª+DEH LFK YRQ ,KQHQ HLQH (PSIDQJVEHVWlWLJXQJ YHUODQJW"© ª3ILIILJ SILIILJ© 'HU =DKQDU]WZLHJWHDQHUNHQQHQGGHQ.RSIª$EHULFKZLOONHLQH6FKHUHUHLHQKDEHQ,FK JHEHGHU6WHXHUEHK|UGHPHLQJDQ]HV(LQNRPPHQDQ©

ª'DQQKDEHQ6LHHLQJXWHV*HZLVVHQXQGLFKHLQ/RFKLP=DKQ©ª1LFKWXQEHGLQJW 6LH N|QQHQ GLH 6KHNHO GLUHNW DQ GHQ )DKUOHKUHU PHLQHU )UDX DXV]DKOHQ 'DPLW ZlUHQZLUEHLGHJHGHFNW©ª8QGZDVVROOLFKGHQ/HXWHQYRQGHU6WHXHUVDJHQZHQQ VLH LQ GHQ %FKHUQ GHV )DKUOHKUHUV HQWGHFNHQ GD LFK GLH 6WXQGHQ ,KUHU )UDX EH]DKOH"© ª6DJHQ 6LH LKQHQ GD PHLQH )UDX ,KUH *HOLHEWH LVW© ª.DQQ LFK HLQ )RWRYRQLKUVHKHQ"©ª,FKGDFKWHOHGLJOLFKDQGLH6WHXHU© 1DFK HLQLJHP +LQ XQG +HU EHUUHGHWH LFK LKQ GLH %RKUDUEHLWHQ LQ GHU IROJHQGHQ :RFKHIRUW]XVHW]HQ/HLGHUHUJDEHQVLFK6FKZLHULJNHLWHQPLWGHP)DKUOHKUHUª%LV (QGH$XJXVW©WHLOWHHUPLUPLWªUKUHLFKNHLQ*HOGPHKUDQVRQVWNRPPHLFKLQ HLQHK|KHUH6WHXHUNODVVH1LFKWV]XPDFKHQ© ª.|QQWHLFKYLHOOHLFKW,KUH5HFKQXQJEHLP/HEHQVPLWWHOKlQGOHUEHUQHKPHQ"© ª'LH]DKOWVFKRQGHU0|EHOIDEULNDQWGHPLFK)DKUXQWHUULFKWJHEH,FKELQVHKUJXW RUJDQLVLHUWPVVHQ6LH ZLVVHQ'HU $QVWUHLFKHUGHUEHL PLU0RWRUUDGIDKUHQOHUQW KDW DQVWHOOH HLQHV +RQRUDUV GLH :RKQXQJ PHLQHU 6FKZHVWHU DXVJHPDOW 0HLQH *DUDJHQUHFKQXQJ]DKOWHLQ0RGH]HLFKQHU.|QQHQ6LHVLQJHQ"©ª1LFKWVHKUJXW© ª6FKDGH 6RQVW KlWWH LFK EHL ,KQHQ *HVDQJVVWXQGHQ JHQRPPHQ 6DPPHOQ 6LH %ULHIPDUNHQ"©ª1LFKWGHU5HGHZHUW© ª+P:DUWHQ6LH:HQQ6LHIUGHQ)DKUXQWHUULFKWGHQLFKGHU)UDX,KUHV=DKQDU]WV JHEH XQVHUHQ %DE\VLWWHU EH]DKOHQ ZLH ZlUH GDV"© ,FK KLHOW GDV IU HLQH JXWH /|VXQJDEHUGLHMXQJH'DPHGLHEHL)DKUOHKUHUVDOV%DE\VLWWHUHQJDJLHUWZDUKDWWH %HGHQNHQ 6LH QlKPH YRQ IUHPGHQ 0lQQHUQ NHLQ *HOG VDJWH VLH XQG JDE LKUHQ :LGHUVWDQG DXFK GDQQ QLFKW DXI DOV LFK LKU (PSIHKOXQJVVFKUHLEHQ YRQ PHLQHP ,QVWDOODWHXU PHLQHP *lUWQHU GHP 6FK|QKHLWVVDORQ PHLQHU )UDX XQG YRQ PHLQHP 5HFKWVDQZDOW YRUOHJWH GLH DOOH EH]HXJWHQ GD LFK PHLQH 5HFKQXQJHQ LPPHU SQNWOLFKLPPHULQEDULPPHURKQH(PSIDQJVEHVWlWLJXQJEHJOLFK ª1HLQLFKZLOO PLFKQLHPDQGHPLQGLH+DQGJHEHQ©EHKDUUWHVLH ª7XW,KQHQGHU =DKQ VHKU ZHK"© ª(V ZLUG MHGHQ 7DJ VFKOLPPHU© ª'DQQ NDXIHQ 6LH PLU .RQWDNWOLQVHQ©

ª*HP $EHU ZDV VROO LFK GHU 6WHXHUEHK|UGH VDJHQ ZHQQ VLH LQ GHQ %FKHUQ GHV 2SWLNHUVHQWGHFNW©ª6DJHQ6LHJDQ]HLQIDFKGDLFK,KUH*HOLHEWHELQ©ª%HGDXUH GLH6WHOOHLVWVFKRQEHVHW]W%UDXFKHQ6LHYLHOOHLFKWHLQHQ5HJHQPDQWHO"© ª1RFK YRU HLQ SDDU :RFKHQ KlWWH LFK HLQHQ JHEUDXFKW $EHU MHW]W KDW GDV MXQJH (KHSDDULQXQVHUHP+DXVHLQ%DE\EHNRPPHQDXIGDVLFKDXISDVVHQPX:LVVHQ 6LHZDV"6LH]DKOHQPLUHLQ:RFKHQHQGHLQ7LEHULDVPLWYROOHU3HQVLRQ© 'HU 9RUVFKODJ VDJWH PLU ]X 6SlWHU HUIXKU LFK GD HV DXFK PLW GHQ .RQWDNWOLQVHQ JHNODSSW KlWWH (V JLEW LQ 7HO $YLY EHUHLWV PHKUHUH 2SWLNHU GLH ]XVlW]OLFK %UREHGDUIVDUWLNHOYHUNDXIHQXQGIUGLH*HVDPWVXPPHHLQH%HVWlWLJXQJDXVVWHOOHQ GLHGHU.lXIHUDOVª%HUXIVVSHVHQ©YRQGHU6WHXHUDEVHW]HQNDQQ (V JLEW DXFK $QWLTXLWlWHQKlQGOHU GLH LKUH JHIlOVFKWHQ 7RQNUJH PLW 6FKUHLEPDVFKLQHQ NRSSHOQ XQG 6FK|QKHLWVVDORQV LQ GHQHQ PDQ VWDWW GHU 0DVVDJHUHFKQXQJ HLQH 4XLWWXQJ IU hEHUVHW]XQJVDUEHLWHQ EHNRPPW 'LH $QUDLQHU GHV 0LWWHOPHHUV VLQG lXHUVW IOH[LEHO XQG ILQGHQ VLFK LQ GHQ :LQNHO]JHQ GHV 'DVHLQVUDVFK]XUHFKW'DV]HLJWHVLFKDXFKLQ7LEHULDV ª(LQ :RFKHQHQG]LPPHU IUGHQ%DE\VLWWHUGHV)DKUOHKUHUV ZlUHXQWHU8PVWlQGHQ QRFKIUHL©VDJWHGHU+RWHOEHVLW]HUª$EHUQLFKWWHOHIRQLVFK© ,FK VHW]WH PLFK LQ GHQ :DJHQ XQG IXKU QDFK 7LEHULDV XP GLH $QJHOHJHQKHLW LQV UHLQH]XEULQJHQ ª/DVVHQ 6LH PLFK VHKHQ© 'HU +RWHOEHVLW]HU EOlWWHUWH LQ VHLQHQ JHKHLPHQ $XI]HLFKQXQJHQª'HUHUVWH6WRFNLVWEHUHLWVDXVJHEXFKW'DZRKQWGHU0XVLNOHKUHU PHLQHU 7RFKWHU GHU %HVLW]HU XQVHUHU :lVFKHUHL XQG LQ GHU JURHQ 6XLWH XQVHU 6WHXHUEHUDWHU %HL XQV ZLUG QXU QRFK LQ 6DFK XQG 7DXVFKZHUWHQ EH]DKOW *HOG QHKPHQZLUQLFKWZHLOZLUVRQVW3UR]HQW© ª,FK ZHL LFK ZHL $EHU ZLH VROO LFK GDQQ PHLQH 5HFKQXQJ IU GHQ %DE\VLWWHU ]DKOHQ"+DEHQ6LHHLQ.OHLQNLQG]XU9HUIJXQJ"©ª1HLQ© ª.DQQLFKEHL,KQHQ7HOOHUZDVFKHQ"©ª,P$XJHQEOLFNQLFKWVIUHL$EHUGDIDOOWPLU HWZDVHLQ6LHN|QQHQPHLQHQ=DKQDU]WEH]DKOHQ© 8QGVRVFKORVLFKGHU.UHLV'HU=DKQDU]WGHV+RWHOEHVLW]HUVQDKPNHLQ*HOGDQ XPQLFKWLQHLQHK|KHUH6WHXHUNODVVH]XNRPPHQ

(UYHUODQJWHVWDWWGHVVHQHLQ)OXJWLFNHWQDFK8UXJXD\IUVHLQH6FKZLHJHUPXWWHU GDVLFKJHJHQ(UODJYRQ(LHUQHUVWDQGPLWGHQHQGLH5HGDNWLRQHLQHU IKUHQGHQ:RFKHQ]HLWXQJPHLQ+RQRUDUDEJHJROWHQKDWWH'HU=DKQZXUGHPLUYRQ HLQHP3IXVFKHUEDUJH]RJHQ:DVLPPHUPDQJHJHQXQVHUH5HJLHUXQJHLQZHQGHQ PDJXQGGDVLVWHLQHJDQ]H0HQJH HLQHVPXPDQLKUODVVHQ6LHLVWDXIGHP EHVWHQ:HJXQVGXUFKLKUHZHLVH6WHXHUSROLWLNYRP)OXFKGHV*HOGHV]XHUO|VHQ

'HU:XQGHUJUWHO ª0HLQHJDQ]VSH]LHOOH9HUHKUXQJ+HUU0LQLVWHULDOUDW:RPLWNDQQLFKGLHQHQ"© ª,FKEUDXFKWHIUPHLQH+RVHHLQHQ*UWHOXPVLH HQJHU ]XVFKQDOOHQ©ª:HQQLFK 6LHULFKWLJYHUVWHKHGDQQKDEHQ6LHGLH$EVLFKW,KUHQ/HEHQVVWDQGDUG]XVHQNHQ© ª*DQ]ULFKWLJ'LHVHU7DJHK|UWHLFKHLQH5HGHGHV)LQDQ]PLQLVWHUVZRUDXILFK]X PLU VDJWH !K ZLH UHFKW HU GRFK KDW :HQQ ZLU 6WDDWVGLHQHU QLFKW PLW JXWHP %HLVSLHO YRUDQJHKHQ XQG XQVHUHQ *UWHO HQJHU VFKQDOOHQ ZHU VROOWH HV GDQQ WXQ" 1XUVRN|QQHQZLUXQVHUH|NRQRPLVFKH8QDEKlQJLJNHLWEHZDKUHQEH]LHKXQJVZHLVH HUUHLFKHQ 8QG GHVKDOE VHKH LFK PLFK MHW]W QDFK HLQHP SDVVHQGHQ *UWHO XP© ª*ROGHQH :RUWH +HUU 0LQLVWHULDOUDW JROGHQH :RUWH +LHU ZlUH ]XP %HLVSLHO HLQ *UWHOGHQLFK,KQHQPLWEHVWHP*HZLVVHQHPSIHKOHQNDQQ(VKDQGHOWVLFKXPHLQ 0RGHOO DXV KDQGJHQlKWHP =LHJHQOHGHU ZHOFKHV RULJLQDOPH[LNDQLVFKH 2UQDPHQWH DXIZHLVW©ª6HKUKEVFKDEHUKDEHQ6LHQLFKWV%HVVHUHV"©ª6HOEVWYHUVWlQGOLFK:LH ZUGH,KQHQGLHVHVSUDFKWYROOHLWDOLHQLVFKH([SRUW0RGHOODXVZDVFKHFKWHP7DSLU /HGHUJHIDOOHQ"'LH6FKQDOOHLVWDXVHFKWHP6LOEHUPLWHLQJHOHJWHQ+DOEHGHOVWHLQHQ (VKDQGHOWVLFKXPHLQHQKXQGHUWSUR]HQWLJHQ6LFKHUKHLWVYHUVFKOXDEVROXWUHLIHVW EHVRQGHUVJHHLJQHWIU%DQNHWWH XQG7DQ]YHUDQVWDOWXQJHQDOOHU$UW©ª1HLQVRZDV WUlJWKHXWHVFKRQMHGHU,FKKlWWHJHUQHHWZDV%HVRQGHUHV© ª,FK JODXEH GDQQ KlWWH LFK KLHU GDV 5LFKWLJH IU 6LH +HUU 0LQLVWHULDOUDW 'LHVHU EHLGVHLWLJ YHU]LHUWH DPHULNDQLVFKH /X[XVJUWHO DXV1DVKRUQOHGHU NRPPW DXFK GHP YHUZ|KQWHVWHQ *HVFKPDFN HQWJHJHQ +LHU DQ GHU ,QQHQVHLWH ILQGHQ 6LH DFKW]HKQNDUlWLJH *ROGKDNHQ ]XP %HIHVWLJHQ ,KUHU 'LHQVWZDJHQVFKOVVHO 'LHVHU H[NOXVLYH .QRSI KLQJHJHQ NRQWUROOLHUW GHQ HLQJHEDXWHQ 0LNURFRPSXWHU XQG KLHU ZlUHQRFKHLQH9RUULFKWXQJ]XU)HUQVWHXHUXQJ ,KUHV)DUEIHUQVHKJHUlWHV© ª*LEWHV GLHVHV 0RGHOO DXFK PLW HLQJHEDXWHU :HFNYRUULFKWXQJ"© ª-D QDWUOLFK PLW QHXQ KDQGJHVFKQLW]WHQ 7UDQVLVWRUHQ $EHU ]X PHLQHP JU|WHQ %HGDXHUQ KDW VLFK GLH /LHIHUXQJDXVGHU6FKZHL]YHU]|JHUW,FKHUZDUWHVLHHUVWJHJHQ$QIDQJ$XJXVW©

ª3HLQOLFK© ª,FKELWWH6LH]XU.HQQWQLV]XQHKPHQ YHUHKUWHU+HUU0LQLVWHULDOUDW GD GLH 6FKXOG QLFKW EHL XQV OLHJW (V ZDUHQ 0LWDUEHLWHU ,KUHU ZHUWHQ 'LHQVWVWHOOH ZHOFKHGLH*HQHKPLJXQJGHU,PSRUW/L]HQ]HQPXWZLOOLJ YHU]|JHUWKDEHQ© ª,FKZHUGHPLFKSHUV|QOLFKGLHVHU6DFKHDQQHKPHQ©ª6HKUOLHEHQVZUGLJ+HUU 0LQLVWHULDOUDW©ª$OVRGDQQUHVHUYLHUHQ6LHPLUHLQ'XW]HQGYRQGLHVHQEHLGVHLWLJ YHU]LHUWHQDPHULNDQLVFKHQ*UWHOQ©ª0LWJU|WHP9HUJQJHQ:DVGHQ3UHLV EHWULIIW©ª'HU3UHLVVSLHOWNHLQH5ROOH© ª1DWUOLFK$OVRGDQQDXIHLQIURKHV*UWHOHQJHUVFKQDOOHQ+HUU0LQLVWHULDOUDW© ª'DQNHOLHEHU)UHXQG,KQHQDOVHLQIDFKHP%UJHUHEHQIDOOV©

7DJHEXFKHLQHV%XGJHW*HVWDOWHUV 'H]HPEHU +HXWHZLHGHUEHL)LQDQ]PLQLVWHU(KUOLFKZHJHQGHV%XGJHWVIUGDV NRPPHQGH*HVFKlIWVMDKU9HUODQJWHIUPHLQH$EWHLOXQJ6KHNHOGDVLVW XP HLQH 0LOOLRQ PHKU DOV ]XOHW]W (KUOLFK EOLHE EHL VHLQHU $EOHKQXQJ XQG EH]HLFKQHWHZHLWHUH9RUVSUDFKHQDOVQXW]ORV 2KQHHLQ:RUW]XVDJHQVWU]WHLFKPLFKDXILKQXQGSDFNWHLKQDQGHU.HKOH0HLQ 3ODQ ZDU LKQ ]X HUZUJHQ XQG PLFK GDQQ VRIRUW GHU 3ROL]HL ]X VWHOOHQ ª,FK KDEH GHQ )LQDQ]PLQLVWHU XPJHEUDFKW PDFKHQ 6LH PLW PLU ZDV 6LH ZROOHQ HV LVW PLU JOHLFKJOWLJ HLQ /HEHQ RKQH DXVUHLFKHQGHV %XGJHW LVW IU PLFK QLFKW OHEHQVZHUW© /HLGHU NDP HV QLFKW VRZHLW (KUOLFK ZDU VWlUNHU DOV LFK XQG VFKOHXGHUWH PLFK QDFK NXU]HP 5LQJNDPSI ]X %RGHQ %OXWEHUVWU|PW DEHU XQJHEURFKHQ ZXUGH LFK YRQ VHLQHQ6FKHUJHQDEJHVFKOHSSWª,FKNRPPHZLHGHU©ULHILFKQRFKLQGHU7Uª,FK ZHUGHVFKDUIWUDLQLHUHQXQGNRPPHZLHGHU© ª.RPPHQ 6LH QXU© VFKQDUUWH (KUOLFK ª'DQQ NU]H LFK ,KU %XGJHW XP HLQH KDOEH 0LOOLRQ© 'H]HPEHU =LHJOHUPDFKWPLU6RUJHQ6FKOHLFKWJHGXFNWGXUFKGLH$PWVUlXPH 9HUVFKZLQGHWLQVHLQ=LPPHUVREDOGHUPLFKVLHKWXQGVSHUUWVLFKHLQ+HXWHLVWHV PLUHQGOLFKJHOXQJHQLKQ]XVWHOOHQªhEHUVFKX"©IUDJWHLFKª6FKRQZLHGHU"© $VFKIDKOOHKQWHVLFK=LHJOHUJHJHQGLH:DQG6HLQH6WLPPHNODQJKHLVHU ª(V LVW QLFKW PHLQH 6FKXOG 1DFK DOOHQ %HUHFKQXQJHQ PWHQ ZLU GDV %XGJHW OlQJVWEHUVFKULWWHQKDEHQ,FKZHLQLFKWZDVGDSDVVLHUWLVW© =RUQEHEHQG SIODQ]WHLFK PLFK YRULKPDXI ª:ROOHQ6LHGDPLWVDJHQ=LHJOHUGD XQVHUH$EWHLOXQJNHLQ'HIL]LWKDW"© ª-D GDV VWLPPW 'DV KHLW QHLQ QRFK QLFKW© ª,GLRW© ,FK NRQQWH PLFK QLFKW OlQJHU EHKHUUVFKHQ ª:LH VROOHQ ZLU IU QlFKVWHV -DKU HLQ K|KHUHV %XGJHW EHNRPPHQZHQQ6LHQLFKWHLQPDOLPVWDQGHVLQGGDVDOWH%XGJHWDXI]XEUDXFKHQ"©

=LHJOHU]LWWHUWHDPJDQ]HQ.|USHUª1RFKLVWQLFKWVYHUORUHQ*ODXEHQ6LHPLUGD LFKPHLQ%HVWHVWXH:LUKDEHQMDQRFKHLQSDDU0RQDWH=HLW©,FKKLHOWLKPGLH )DXVWXQWHUGLH1DVHª:HQQ,KQHQDXFKQXUHLQHLQ]LJHV3IXQGEULJ EOHLEWGUHKH LFK,KQHQGDV*HQLFNXP9HUVWDQGHQ"©

'H]HPEHU .DQQQLFKWVFKODIHQ'HU7DJGHU $EUHFKQXQJUFNWQlKHU,QDOOHQ 5HJLHUXQJVlPWHUQ GDVJOHLFKH%LOG$QJHVSDQQWH1HUYHQXQGILHEHUKDIWH$NWLYLWlW XPGDVOHW]WH*HOGELV]XP6WLFKWDJORV]XZHUGHQ6RQVWVWUHLFKWGLH5HJLHUXQJQLFKW QXUHLQZDVQRFKGDLVWVRQGHUQGDVQlFKVWH%XGJHWZLUGELV]XU8QNHQQWOLFKNHLW UHGX]LHUW 8QG ZHOFKHU$QEOLFN ZlUH HUElUPOLFKHU DOV GHU HLQHV $EWHLOXQJVOHLWHUV GHVVHQ %XGJHW NHLQH ,QIODWLRQ DXI]XZHLVHQ KDW" 6R HLQ 0DQQ PDJ ZHLWHU XPKHUJHKHQ XQG XPKHUVLW]HQ PDJ VSUHFKHQ XQG VFKZLW]HQ ZLH HLQ 0HQVFK LQ :LUNOLFKNHLWLVWHUHLQ*HLVWHLQ*HVSHQVWHLQ)UDQNHQVWHLQ

'H]HPEHU +DEH QRFK HLQPDO GLH %FKHU NRQWUROOLHUW +RIIWH LUJHQGZR HLQHQ )HKOHU]XHQWGHFNHQ9HUJHEHQV:LUKDEHQEHLQDKH6KHNHOLQGHU.DVVH 'UHL 0RQDWH YRU $EVFKOX GHU %LODQ] 1XU PLW 0KH KLHOW LFK PLFK YRU 7lWOLFKNHLWHQ]XUFNDOV=LHJOHUPLUJHJHQEHUVWDQG ª'LH$XVVWHOOXQJ©PXUPHOWHHUª'LHKDWDOOHVEHUGHQ+DXIHQJHZRUIHQ© 'LHVH YHUGDPPWH $XVVWHOOXQJ ,P 1RYHPEHU DOV ZLU PHUNHQ PXWHQ GD XQVHUH *HOGEHVWlQGHVLFKQLFKWLPHUIRUGHUOLFKHQ7HPSRYHUULQJHUWHQKDWWHQZLUHVPLWHLQ SDDU DXVVLFKWVUHLFKHQ 3URMHNWHQ YHUVXFKW HLQHP JDVWURQRPLVFKHQ =HQWUXP HLQHU 6XEYHQWLRQ IU GLH 1HXJUXSSLHUXQJ YRQ )HUQVHKDQWHQQHQ XQG HLQHU $XVVWHOOXQJ LQWHUQDWLRQDOHU 6WUDHQNUHX]XQJHQ 'DV KlWWH XQV ZHLW EHU HLQH 0LOOLRQ NRVWHQ PVVHQ(VOLHVLFKDXFKUHFKWJXWDQ:LUEHVWHOOWHQ]XP3UHLVYRQ6KHNHO HLQ MDSDQLVFKHV 7HOHVNRS IU GDV *DVWURQRPLVFKH ,QVWLWXW EHZLOOLJWHQ MHGHP %HVLW]HU HLQHV )HUQVHKDSSDUDWHV 6KHNHO IU HLQH QHXH $QWHQQH XQG ZDV GLH $XVVWHOOXQJEHWUDIVRJLQJGDV*HOGZHJZLHGLHZDUPHQ6HPPHOQ'DVZDUDEHU DXFK HLQ JURDUWLJHU (LQIDOO $XI GHQ $XVVWHOOXQJVJUQGHQ DOOH 6WUDHQNUHX]XQJHQ GHU:HOWQDFK]XELOGHQ8QGGDQQLPOHW]WHQ$XJHQEOLFN

1LHZHUGHLFK=LHJOHUV*HVLFKWYHUJHVVHQDOVHUDQMHQHP7DJLQPHLQ%URJHVWU]W NDP ª:LU VLQG YHUORUHQ 'DV 0LQLVWHULXP IU 5HOLJL|VH $QJHOHJHQKHLWHQ ZLOO VLFK DQ GHP3URMHNWEHWHLOLJHQ© (LQ7LHIVFKODJYRQXQJHKHXHUOLFKHU7FNH,UJHQGMHPDQGEHLGHQ5HOLJL|VHQPXWH GDKLQWHUJHNRPPHQVHLQGDHV 6WUDHQNUHX]XQJHQDXFKEHL1LFKWMXGHQJLEW XQG MHW]W WHLOHQ VLH XQV GHQ XUVSUQJOLFK IU GLH 2UWKRGR[&KLQHVLVFKH *HPHLQGH EHVWLPPWHQ 6XEYHQWLRQVEHWUDJ ]X YROOH 6KHNHO 2IIHQEDU KDWWHQ DXFK VLH LKUH%XGJHWSUREOHPHXQGZROOWHQ(QGH0lU]QLFKWEHL.DVVHHUZLVFKWZHUGHQHLQH *HIDKUGLHXPVRJU|HUZDUDOVVLFKLQJDQ],VUDHONHLQHLQ]LJHU$QJHK|ULJHUGHU FKLQHVLVFKHQ 2UWKRGR[LH DXIWUHLEHQ OLH $EHU ZDUXP VROOWH LFK GDIU EHQ" ,FK UHWRXUQLHUWH GHQNOHULNDOHQ2SSRUWXQLVWHQLKU*HOGPLWHLQHPVFKDUIHQ3URWHVWEULHI XQG HLQHP )|UGHUXQJVVFKHFN DXI 6KHNHO 6LH YHUZHLJHUWHQ GLH $QQDKPH 'HU %ULHI NDP PLW GHP 9HUPHUN ª(PSIlQJHU XQEHNDQQW© DQ PLFK ]XUFN 'LH 6DFKHZLUGHLQJHULFKWOLFKHV1DFKVSLHOKDEHQ$EHUYRUOlXILJVWHKHLFKPLWPHLQHP 0LOOLRQHQEHUVFKXGDXQGGLH=HLWYHUJHKWGLH=HLWYHUJHKW -DQXDU (LQHU YRQ )LQDQ]PLQLVWHU (KUOLFKV $VVLVWHQWHQ NDP LQ GLSORPDWLVFKHU 0LVVLRQ]XPLU ª'HU 0LQLVWHU© WHLOWH HU PLU YHUWUDXOLFK PLW ªKDW GHQ (LQGUXFN GD 6LH QLFKW JHQJHQG'UXFNDXIZHQGHQXPHLQH(UK|KXQJ,KUHV%XGJHWVGXUFK]XVHW]HQ© ª,FK" 1LFKW JHQJHQG 'UXFN"© (PS|UW VSUDQJ LFK DXI ª,FK KDEH LKQ WlWOLFK DWWDFNLHUW*HQJWGDVQLFKW":LUKDEHQJHEUOOWZLHGLH6WLHUH© ª/HLGHUKDWPDQGDVQLFKWELVDXIGLH 6WUDHJHK|UW©ª8QP|JOLFK© ª(VZXUGHGXUFK1DFKSUIXQJHQHLQZDQGIUHLIHVWJHVWHOOW'HU0LQLVWHUEHILQGHWVLFK LQ HLQHU VFKZLHULJHQ /DJH (U PX GHU gIIHQWOLFKNHLW EHZHLVHQ GD HU DXV EXGJHWlUHQ *UQGHQ GLH 6WHXHUQ QLFKW VHQNHQ NDQQ XQG GD HU DQGHUHUVHLWV GHQ EHUWULHEHQHQ )RUGHUXQJHQ GHU HLQ]HOQHQ 0LQLVWHULHQ QLFKW QDFKJLEW 'DV LVW GRFK QLFKWVRVFKZHU]XYHUVWHKHQRGHU"© ª1HLQ JHZL QLFKW $EHU ZDV VROO LFK WXQ"© ª'DV PVVHQ 6LH VHOEVW ZLVVHQ© ,FK ZHLHVQLFKW,FKZHLQXUGDZLULPPHUZHQLJHU=HLWKDEHQXQG

LPPHU PHKU *HOG (V KDW VLFK QlPOLFK KHUDXVJHVWHOOW GD *DVWURQRPLH QLFKWV PLW 6WHUQHQ]XWXQKDWZHVKDOEZLUGDV*DVWURQRPLVFKH=HQWUXPLQHLQ6WHDNUHVWDXUDQW XPZDQGHOQPXWHQ XQGGLHVHV5HVWDXUDQWZLUIWODXIHQG3URILWDE :LU QHQQHQ HV ª6WHDNKDXV ]XP 7HOHVNRS© XQG ZLVVHQ QLFKW ZRKLQ PLW GHP 5HLQJHZLQQ (LQ 9HUVXFK LKQ LQ HLQH WDQVDQLVFKH (LVHQEDKQ ]X LQYHVWLHUHQ VFKHLWHUWH NOlJOLFK 'DV 0LQLVWHULXP IU (QWZLFNOXQJVKLOIH ZDU XQV ]XYRUJHNRPPHQ -DQXDU *LQJ]XPHLQHP$U]WXQGVDJWH ª+HUU'RNWRU6LHPVVHQPLFKUDVFKHVWLQHLQHQ=XVWDQGNOLQLVFKHU +\VWHULHYHUVHW]HQ=LWWHUQGH+lQGHKHUYRUTXHOOHQGH$XJHQXQGZDV VRQVWQRFKGD]XJHK|UW© ª%XGJHW"© ª-D(VJHKWJHJHQ(KUOLFK© (UYHUVFKULHEPLUPLW5XPYHUVHW]WHQURKHQ7DEDN$QJHEOLFKKDWVLFK GDVLQ%XGJHWDQJHOHJHQKHLWHQLPPHUEHVWHQVEHZlKUW

-DQXDU +DEH(KUOLFKEHUUXPSHOW(U EHIDQG VLFKJHUDGHLQHLQHU.RQIHUHQ]PLW GHP,QWHUHVVHQYHUEDQGGHU EHLGHQ LVUDHOLVFKHQ7LHIVHHWDXFKHUGLHHLQHVWHXHUIUHLH +DLILVFK=XODJHYHUODQJWHQ(KUOLFKOHKQWHDE1HXQ6KHNHOKLHUQHXQ6KHNHOGRUW XQGGLHJDQ]H:LUWVFKDIWEULFKW]XVDPPHQVDJWHHU'DUDXIKLQ|IIQHWHQGLH ,QWHUHVVHQYHUWUHWHUGDV)HQVWHUXQGGURKWHQKLQDXV]XVSULQJHQ(KUOLFKULHIVHLQHQ 5HFKWVEHUDWHUXQGHUNXQGLJWHVLFKREHUIULKUHQ7RGYHUDQWZRUWOLFKZlUH8P GLHVH=HLWKDWWHGLH6LW]XQJEHUHLWVDFKW6WXQGHQJHGDXHUW -HW]WZDUGHUULFKWLJH$XJHQEOLFNIUPLFKJHNRPPHQ,FKVWLHGLH7UDXI'HU 0LQLVWHUODJHUVFK|SIWEHU VHLQHP6FKUHLEWLVFKª(KUOLFK©EUOOWHLFKK\VWHULVFK PLW]LWWHUQGHQ+lQGHQXQGKHUYRUTXHOOHQGHQ$XJHQª9LHU0LOOLRQHQ'DVLVWPHLQ OHW]WHV2IIHUW©ª,Q2UGQXQJ©IOVWHUWHHUª$EJHPDFKW©

-DQXDU (LQH.DWDVWURSKH(KUOLFKKDWPLUYLHUHLQKDOE0LOOLRQHQEHZLOOLJW:LH XPGHV+LPPHOVZLOOHQZLHXQGZRIUVROOLFKVRYLHO*HOGDXVJHEHQ"(VZLUGPLU QLFKWV DQGHUHV EULJEOHLEHQ DOV PHLQHQ 3RVWHQ ]XU 9HUIJXQJ ]X VWHOOHQ )QI 0LOOLRQHQRGHULFKWUHWH]XUFN

3UREOHPHGHU.ROOHJLDOLWlW 9RU NXU]HP EHVXFKWH PLFK HLQ 8QEHNDQQWHU (U VWHOOWH VLFK YRU EDW PLFK MHGRFK LQVWlQGLJVHLQH$QRQ\PLWlW]XZDKUHQ ª,FK ELQ DP (QGH PHLQHU :HLVKHLW© VDJWH $PQRQ =XFNHUPDQQ ª$OV 5HJLHUXQJVEHDPWHU YHUGLHQH LFK 6KHNHO LP 0RQDW HLQVFKOLHOLFK ,QIODWLRQV]XVFKODJ XQG +LW]H]XODJH 0HLQ )UHXQG ,PDQXHO2SDWRXVNL DUEHLWHW LP VHOEHQ 0LQLVWHULXP LQ GHU ,QVSHNWLRQV XQG 5HFKQXQJVDEWHLOXQJ (U YHUGLHQW JHQDXVRYLHO ZLH LFK XQG GRFK VFKDIIW HU VLFK YRQ GLHVHP *HKDOW HLQ QHXHV 9LGHRJHUlW DQ GUHL )DUEIHUQVHKHU HLQHQ +HLPFRPSXWHU IU VLFK XQG ]ZHL IU GLH =ZLOOLQJH HLQHQ +HOLNRSWHU GUHL +lXVHU ]ZHL *UXQGVWFNH HLQ %HUJZHUN HLQLJH 5HQQSIHUGHHLQH:DIIHQIDEULNHLQ6WFN8UZDOGXQGGLHJHVDPPHOWHQ:HUNHYRQ $JDWKD&KULVWLH*DQ]]XVFKZHLJHQYRQGHP0DUPRUPDXVROHXPGDVHUYRUVHLQHU 9LOOD EDXHQ OlW -HW]W IUDJH LFK 6LH NDQQ HLQ 0HQVFK DOO GDV PLW HLQHP %HDPWHQJHKDOWHUVWHKHQ"© ª,FKZUGHGDVYHUQHLQHQ©DQWZRUWHWHLFKªHVVHLGHQQHUPDFKWhEHUVWXQGHQ© ª0DFKW HU QLFKW (U EHWUHLEW LUJHQGZHOFKH GXQNOHQ *HVFKlIWH -HGHU ZHL GDV 9RU HLQLJHU=HLWOLHGLHVHU2SDWRXVNLYRUGHP+DXSWHLQJDQJVHLQHQ$NWHQNRIIHUIDOOHQ XQG ZDV JODXEHQ 6LH SXU]HOWH KHUDXV" (WZD ]ZDQ]LJ 0LOOLRQHQ 6KHNHO LQ NOHLQHQ 1RWHQ *HVFKPDFNORV QLFKW ZDKU" :lKUHQG LFK PHLQH )DPLOLH QRWGUIWLJ PLW 6KHNHO HUQlKUH VFKOHSSW 2SDWRXVNL GDV *HOG NRIIHUZHLVH QDFK +DXVH© ª:DUXPPHOGHQ6LHGDVQLFKW,KUHP9RUJHVHW]WHQ"©ª'DVLVWMDHEHQGDV3UREOHP 1DWUOLFK ZlUH LFK IURK ZHQQ XQVHUH 9RUJHVHW]WHQ EHU 2SDWRXVNL %HVFKHLG ZWHQ $QGHUHUVHLWV ZlUH HV PLU SHLQOLFK ZHQQ VLFK KHUXPVSULFKW GD LFK LKQ YHUUDWHQKDEH6FKOLHOLFKLVWHUPHLQEHVWHU)UHXQG6LHZLVVHQGRFKZLHGLH/HXWH WUDWVFKHQ 0DQ NDQQ DOVRYHUVWHKHQ GD LFK NHLQH DQGHUH :DKO KDWWH DOV XQVHUHP $EWHLOXQJVOHLWHU HLQHQ DQRQ\PHQ %ULHI ]X VFKUHLEHQ 8QG ZDV JODXEHQ 6LH ZDV GDQQJHVFKDK"'HU$EWHLOXQJVOHLWHUEHDXIWUDJWHPLFKGHQ6FKUHLEHUGHV%ULHIHV]X HUPLWWHOQ,FKEHJDQQPLWHLQHUVRUJIlOWLJHQ8QWHUVXFKXQJDEHUDOOH,QGL]LHQZLHVHQ DXIPLFK$OVREOLHEPLUQLFKWVDQGHUHVEULJDOVGLHJDQ]H6DFKHXQWHUGHQ7HSSLFK ]XNHKUHQ©

ª8QG GDPLW KDEHQ 6LH GHQ 6NDQGDO DXI VLHK EHUXKHQODVVHQ"© ª$EHU ZR ,FK JLQJ ]XU3ROL]HL XQGVSXFNWHDXVZDVLFKZXWH(VZXUGHSURWRNROOLHUWXQGGDQQVROOWH LFKGDV3URWRNROOXQWHUVFKUHLEHQ$OVLFKGHQ3ROL]LVWHQHUNOlUWHGDVJLQJHQLFKWGD 2SDWRXVNL PHLQ EHVWHU )UHXQG VHL VDJWHQ VLH VR HWZDV QHQQH PDQ 9HUOHXPGXQJ XQGLFKZUGHQRFKYRQLKQHQK|UHQ© ª:DUXPKDEHQ6LHVLFKQLFKWDQGDVVWDDWOLFKH.RQWUROODPWJHZDQGW"© ª+DEHLFKGRFK,FKKDEHXQ]lKOLJH0DOHDQJHUXIHQXQGJHEHWHQPDQ P|JH PLFK DQRQ\P HPSIDQJHQ ,FK ZXUGH QLFKW HPSIDQJHQ 'DIU YHU|IIHQWOLFKWH GHU /HLWHU GHV VWDDWOLFKHQ .RQWUROODPWHV VHLQHQ LQ]ZLVFKHQ VWDGWEHNDQQWHQ 5HSRUW PLW GHU hEHUVFKULIW!9HUOHXPGXQJ W|GOLFKH(SLGHPLHLP6\VWHPGHU6WDGWYHUZDOWXQJA©ª:LHSHLQOLFK© ª,FKJDEWURW]GHPQLFKWDXI,FKVFKULHEHLQHQ%ULHIDQGHQ0LQLVWHUSHUV|QOLFK,FK IUDJWH LKQ ZLH PDQ GLH EOHQ 0DFKHQVFKDIWHQ VHLQHV EHVWHQ )UHXQGHV DXIGHFNHQ NDQQ RKQH GD LUJHQG MHPDQG *RWW EHKWH HUIlKUW ZHU GDKLQWHUVWHFNW 'HU 0LQLVWHU OHLWHWH GHQ %ULHI ZHLWHU DQ GLH ,QVSHNWLRQV XQG 5HFKQXQJVDEWHLOXQJ 'DUDXIEDW PLFKGHU/HLWHUGLHVHU$EWHLOXQJ,PDQXHO2SDWRXVNLLQVHLQ%URXQG HUNOlUWHPLULQHLQHPVROFKHQ)DOO]lKOHSHUV|QOLFKH)UHXQGVFKDIWQLFKWVXQGLFKVHL PRUDOLVFKYHUSIOLFKWHWPLWPHLQHU$QNODJHDQGLHgIIHQWOLFKNHLW]XJHKHQ(UVHOEVW VWQGH PLU YROO XQG JDQ] ]XU 9HUIJXQJ ,FK N|QQH VHLQHU SHUV|QOLFKHQ 8QWHUVWW]XQJ XQG VHLQHU DEVROXWHQ 9HUVFKZLHJHQKHLW VLFKHU VHLQ© ª:DV WXQ 6LH MHW]W"© ª:DV LFK WXH" ,FK QDJH LPPHU QRFK DP +XQJHUWXFK ZlKUHQG VLFK PHLQ )UHXQG 2SDWRXVNL LQ 5HLFKWPHUQ ZlO]W© ª:DUXP© IUDJWH LFK ªDUEHLWHQ 6LH HLJHQWOLFK QLFKWPLW2SDWRXVNL]XVDPPHQ"© ª'DUDQ KDEH LFK DXFK VFKRQ JHGDFKW© HUZLGHUWH $PQRQ =XFNHUPDQQ ªDEHU LFK IUFKWH GLH DOWH 5HJHO =XVDPPHQDUEHLW LP VHOEHQ %UR ]HUVW|UW DXFK GLH VFK|QVWH )UHXQGVFKDIW©

$QOHLKHDOV5LVLNRIDNWRU ,Q GHU 5HJHO KDEH LFK LPPHU HLQHQ 9RUUDW YRQ =HKQSLDVWHUPQ]HQ EHL PLU $Q MHQHP 0RUJHQ KDWWH LFK NHLQH 5DWORV VWDQG LFK YRU GHP JUDXVDPVWHQ ,QVWUXPHQW XQVHUHV WHFKQLVFKHQ =HLWDOWHUV GHP 3DUNRPHWHU 6ROOWH HLQ VWlGWLVFKHV $PWVRUJDQ GHV :HJHV NRPPHQ GDQQ N|QQWH PLFK GHU 0DQJHO HLQHV =HKQSLDVWHUVWFNV IQI 6KHNHO NRVWHQ ,FK YHUVXFKWH HLQ )QIXQG]ZDQ]LJSLDVWHUVWFN LQ GHQ 6FKOLW] ]X ]ZlQJHQDEHUGDV3DUNRPHWHUZHLJHUWHVLFK ª=HKQ3LDVWHU"©IUDJWHHLQH6WLPPHLQPHLQHP5FNHQª:HUGHQZLUJOHLFKKDEHQ© ,FK IXKU KHUXP XQG HUNDQQWH ,QJHQLHXU *OLFN GHU HLIULJ LQ VHLQHQ +RVHQWDVFKHQ VW|EHUWH ª+LHU©8QGGDPLWZDUIHUVHOEVWGLHHUO|VHQGH0Q]HLQGHQJHIUlLJHQ6FKOLW] ,FK ZXWH QLFKW ZLH LFK LKP GDQNHQ VROOWH 'LH YRQ PLU VRIRUW DQJHERWHQH )QIXQG]ZDQ]LJHUPQ]HZLHVHUYRQVLFK ª/DVVHQ6LH(VLVWQLFKWGHU5HGHZHUW©ª:HQQ6LHHLQHQ$XJHQEOLFNZDUWHQJHKH LFKZHFKVHOQ©EHKDUUWHLFK ª0DFKHQ 6LH VLFK QLFKW OlFKHUOLFK 6LH ZHUGHQ VFKRQ HLQHQ :HJ ILQGHQ VLFK ]X UHYDQFKLHUHQ© 'DPLW ZDQGWH HU VLFK ]XP *HKHQ XQG OLH PLFK LQ VFKZHUHQ EHGUFNHQGHQ *HGDQNHQ]XUFN6FKXOGHQVLQGPLU]XZLGHU,FKPDJGDVQLFKWª6LHZHUGHQVFKRQ HLQHQ:HJILQGHQ© ZDVKHLWGDV":DVIUHLQHQ:HJ":LHVR" 8P VLFKHU]XJHKHQ VXFKWH LFK DXI GHP +HLPZHJ HLQHQ %OXPHQODGHQ DXI XQG VFKLFNWH )UDX *OLFN ]HKQ URWH 1HONHQ 6R EHQLPPW VLFK HLQ .DYDOLHU ZHQQ LFK ULFKWLJ LQIRUPLHUW ELQ :DUXP HV OHXJQHQ ,FK KlWWH ]XPLQGHVW HLQHQ 7HOHIRQDQUXI YRP +DXVH *OLFN HUZDUWHW 1LFKW DOV RE PHLQ %OXPHQDUUDQJHPHQW EHVRQGHUH 'DQNHVEH]HLJXQJHQ HUIRUGHUW KlWWH DEHU WURW]GHP $OV ELV ]XP (LQEUXFK GHU 'lPPHUXQJ QRFK QLFKWV JHVFKHKHQ ZDU HUNXQGLJWH LFK PLFK WHOHIRQLVFK LP %OXPHQODGHQQDFKGHP6FKLFNVDOPHLQHU1HONHQ-DDOOHVLQ 2UGQXQJGLH1HONHQ ZXUGHQXP8KUGXUFK%RWHQEHI|UGHUW

,FKZDUWHWHQRFKHLQH6WXQGH$OVPHLQH1HUYHQ]X]HUUHLHQGURKWHQULHILFKEHL *OLFNVDQ *OLFNVHOEVWZDUDP7HOHIRQ:LUXQWHUKLHOWHQXQVEHUGLHQHXHQ+DIHQDQODJHQGLH QHXH(LQNRPPHQVWHXHUXQGGLHVXQGMHQHV6FKOLHOLFKNRQQWHLFKQLFKWOlQJHUDQ PLFKKDOWHQª'DIDOOWPLUHLQ©VDJWHLFKª+DW,KUH*DWWLQGLH%OXPHQEHNRPPHQ"© ª-D0HLQHU0HLQXQJQDFKVROOWH(VFKNROGHP'UXFNGHU5HOLJL|VHQQLFKW QDFKJHEHQ(UKDWJHQJHQG5FNKDOWXP©8QGVRZHLWHUXQGVRZHLWHU:DV ZDUGDORV".HLQ=ZHLIHOPLWPHLQHQ%OXPHQVWLPPWHHWZDVQLFKW 1DFKGHPGLHOlSSLVFKH.RQYHUVDWLRQ]X(QGHZDUEHULFKWHWHLFKGHQ9RUIDOOPHLQHU (KHIUDX6LHZXQGHUWHVLFKEHUKDXSWQLFKWª1DWUOLFK©VDJWHVLHª$XFKLFKKlWWH PLFKEHOHLGLJWJHIKOW:HUVFKLFNWKHXWHQRFK1HONHQ"'LHELOOLJVWHQ%OXPHQGLH HVEHUKDXSWJLEW© ª$EHULFKKDEH]HKQ6WFNJHVFKLFNW© ª1DZHQQVFKRQ(VPXHLQHQIUFKWHUOLFKHQ(LQGUXFNDXIGLH*OLFNVJHPDFKW KDEHQ-HW]WZHUGHQVLHXQVIU*HL]KlOVHKDOWHQ©,FKSUHWHGLH/LSSHQ]XVDPPHQ $OOHVGDUIPDQPLFKQHQQHQQXUNHLQHQ*HL]KDOV$PIROJHQGHQ0RUJHQJLQJLFKLQ GLHQlFKVWH%XFKKDQGOXQJHUVWDQG:LQVWRQ&KXUFKLOOVYLHUElQGLJHª*HVFKLFKWHGHV =ZHLWHQ:HOWNULHJV©XQGOLHVLH,QJHQLHXU*OLFNVFKLFNHQ'HU$EHQGNDP(LQ $QUXINDPQLFKW=ZHLPDOZlKOWHLFK*OLFNV1XPPHU]ZHLPDOOHJWHLFKLPOHW]WHQ $XJHQEOLFNGHQ+|UHUZLHGHU DXI9LHOOHLFKWKDWWH*OLFNEHUVHKHQGDHVVLFKXPHLQ*HVFKHQNYRQPLU KDQGHOWH" ª8QP|JOLFK© YHUVLFKHUWH PLU GHU %XFKKlQGOHU ª,FK KDEH DXI HLQHU %HJOHLWNDUWH JDQ]GHXWOLFK,KUHQ1DPHQDQJHJHEHQ©=ZHL7DJHYHUVWULFKHQ]ZHLIUFKWHUOLFKH ]HUPUEHQGH 7DJH $P GULWWHQ 7DJ ZXUGHQ PLU GLH YLHU %lQGH &KXUFKLOO ]XUFNJHVWHOOW LQHLQHPPDQJHOKDIWYHUVFKQUWHQ3DNHWGHPIROJHQGHU%ULHIEHLODJ ª0HLQOLHEHU)UHXQGEHJUHLIHQ6LHGRFKGDLFKIUGLH+LOIHGLHLFK,KQHQDP 1RYHPEHUXP8KUJHOHLVWHWKDEHZHGHU'DQNQRFK%HORKQXQJYHUODQJH:DVLFK WDW WDW LFK DXV JXWHP :LOOHQ XQG DXV GHP %HGUIQLV HLQHP 0LWPHQVFKHQ GHU LQ HLQH VFKZLHULJH 6LWXDWLRQ JHUDWHQ ZDU PHLQH EUGHUOLFKH +DQGKLQ]XVWUHFNHQ 'DV LVWDOOHV,FKELQVLFKHU6LHDQPHLQHU6WHOOHKlWWHQHEHQVRJHKDQGHOW0HLQVFK|Q

VWHU /RKQ OLHJW LQ GHP %HZXWVHLQ GD LFK XQWHU VFKZLHULJVWHQ %HGLQJXQJHQ LQ HLQHP'VFKXQJHOYRQ(LJHQVXFKWXQG*UDXVDPNHLWHLQPHQVFKOLFKHV:HVHQEOHLEH +HU]OLFKVW,KU*OLFN36'HQ&KXUFKLOOKDEHLFKVFKRQ© $EHUPDOVZXQGHUWHVLFKPHLQH*DWWLQQLFKWLPJHULQJVWHQDOVLFKLKUGHQ%ULHI YRUODV ª*DQ] NODU (V JLEW HEHQ 'LQJH GLH VLFK PLW VFKQ|GHP 0DPPRQ QLFKW DEJHOWHQ ODVVHQ 0DQFKPDO LVW HLQH NOHLQH $XIPHUNVDPNHLW PHKU ZHUW DOV GDV WHXHUVWH *HVFKHQN$EHULFKIUFKWHGDVZLUVWGXQLHYHUVWHKHQGX%IIHO© :DVZHUGHLFKQLHYHUVWHKHQZDV"1RFKDPVHOEHQ7DJEHNDP,QJHQLHXU*OLFNHLQ *HVFKHQNDERQQHPHQWIUGLH9RU]XJVVHULHGHU3KLOKDUPRQLHNRQ]HUWH $P $EHQG GHV HUVWHQ .RQ]HUWV ODJ LFK DQ GHU (FNH GHU +XEHUPDQVWUDH LP +LQWHUKDOW :UGH HU NRPPHQ" (U NDP %HLGH NDPHQ ,QJHQLHXU *OLFN XQG *DWWLQ ZRKQWHQ GHP YRQ PLU JHVWLIWHWHQ 9RU]XJVNRQ]HUW EHL $XIDWPHQG JLQJ LFK QDFK +DXVH =XP HUVWHQPDO VHLW YLHOHQ 7DJHQ IKOWH LFK PLFK YRQ VFKZHUHP 'UXFN EHIUHLW ]XP HUVWHQPDO ZDU LFK ZLHGHU LFK VHOEVW 3QNWOLFK XP ]HKQ 8KU DEHQGV OlXWHWHGDV7HOHIRQ ª:LUVLQGLQGHU3DXVHZHJJHJDQJHQ©VDJWH*OLFNXQGVHLQH6WLPPHNODQJVDXHU ª(LQPLVHUDEOHV.RQ]HUW(LQPLVHUDEOHV3URJUDPP(LQPLVHUDEOHU'LULJHQW© ª,FK LFK ELQ YHU]ZHLIHOW© VWRWWHUWH LFK ª.|QQHQ 6LH PLU MH YHU]HLKHQ" ,FK KDE V JXWJHPHLQWZLUNOLFK,FKZROOWHPLFKMDQXUIU,KUH+LOIHYRQGDPDOVHUNHQQWOLFK ]HLJHQ©ª+RKRDOWHU-XQJH©XQWHUEUDFKPLFK*OLFNª'DVLVWHVMD*HEHQLVWHLQH .XQVW0DQFKHUOHUQW V QLH0DQGDUIQLFKWQDFKGHQNHQXQGQLFKWQDFKUHFKQHQPDQ JLEWDXVYROOHP+HU]HQRGHUJDUQLFKW:HQQLFKPLFKVHOEVWDOV%HLVSLHODQIKUHQ GDUI 6LHHULQQHUQVLFK$OVLFK6LHGDPDOVLQKRIIQXQJVORVHU9HU]ZHLIOXQJYRUGHP 3DUNRPHWHU VWHKHQ VDK KlWWH LFK PLU HEHQVRJXW VDJHQ N|QQHQ !:DV NPPHUW V GLFK GX ELVW NHLQ $XWREHVLW]HU XQG EUDXFKVW GLFK PLW HLQHP $XWREHVLW]HU QLFKW VROLGDULVFK]XIKOHQ7XDOVKlWWHVWGXLKQQLFKWJHVHKHQ(UZLUGHVQLHHUIDKUHQH $EHUVR]XKDQGHOQZlUHHEHQQLFKWPHLQH$UW!+LHULVWHLQ0HQVFKLQ1RWVDJWH LFK PLU !(U EUDXFKW GLFK 8QG VFKRQ 6LH HULQQHUQ VLFK VFKRQ ZDU GDV =HKQSLDVWHUVWFN LP 6FKOLW] ,KUHV 3DUNRPHWHUV (LQH NOHLQH *HVWH ZHLWHU QLFKWV 8QGGRFK©,FKJODXEWHEXFKVWlEOLFKLQGLH(UGH]XYHUVLQNHQYRUVRYLHO+XPDQLV

PXV(LQHNOHLQH*HVWH:DUXPOLHEHU*RWWHUPDQJOHLFKVRY|OOLJGHU)lKLJNHLW]X NOHLQHQ*HVWHQ"1LFKWQDFKGHQNHQQLFKWQDFKUHFKQHQQXUJHEHQDXVYROOHP +HU]HQJHEHQª*OLFNKDWYROONRPPHQUHFKW©NRQVWDWLHUWHGLHEHVWH(KHIUDXYRQ DOOHQª8QGMHW]WLVWGHU.DUUHQQDWUOLFKY|OOLJYHUIDKUHQ-HW]WNDQQXQVQXUQRFK HLQHVSHNWDNXOlUH$NWLRQUHWWHQ©'LHJDQ]H1DFKWEHUOHJWHQZLUZDVZLUWXQ VROOWHQ'HQ*OLFNVHLQH(LJHQWXPVZRKQXQJNDXIHQ"0QGHOVLFKHUH:HUWSDSLHUH" 6LH]XXQVHUHQ8QLYHUVDOHUEHQHLQVHW]HQ":LU]HUPDUWHUWHQXQVGLH.|SIH

6FKOLHOLFKEUDFKWHXQVHLQHEHLOlXILJH%HPHUNXQJGHV,QJHQLHXUVDXIGHQUHWWHQGHQ (LQIDOO:LHKDWWHHUGRFKLQVHLQHPDXVIKUOLFKHQ0RQRORJJHVDJW",FKKDEHNHLQHQ :DJHQKDWWHHUJHVDJWª'DVLVWGLH/|VXQJ©VWHOOWHGLHEHVWH(KHIUDXYRQDOOHQ EHIULHGLJWIHVWª'XZHLWZDVGX]XWXQKDVW© ª$EHULFKNDQQDXIPHLQHQ:DJHQVFKRQDXV%HUXIVJUQGHQQLFKWYHU]LFKWHQ© ZLPPHUWHLFKª,FKEUDXFKHLKQ©ª'DVLVWZLHGHUHLQPDOW\SLVFKIUGLFK'XELVW XQGEOHLEVWHLQHOHYDQWLQLVFKH .UlPHUVHHOH© 'HU:DJHQZXUGHPLWHLQHUJDQ]NXU]HQ%HJOHLWQRWH]XGHQ*OLFNVEHI|UGHUWª*XWH )DKUW©VFKULHELFKXQGª1RFKPDOV'DQN©'LHVPDOUHDJLHUWH*OLFNSRVLWLY*OHLFK DPQlFKVWHQ0RUJHQULHIHU PLFKDQ ª(QWVFKXOGLJHQ6LHGDLFK6LHVFKRQ]XVRIUKHU6WXQGHDXIZHFNH$EHULFKNDQQ GHQ:DJHQKHEHUQLUJHQGVILQGHQ©'DV%OXWVFKRPLU]X.RSI9RUPHKUDOVHLQHP -DKUZDUGHU:DJHQKHEHUJHVWRKOHQZRUGHQXQGLFKKDWWHQRFKLPPHUNHLQHQQHXHQ JHNDXIW-HW]WZLUG*OLFNZRP|JOLFKDXIHLQHUHLQVDPHQ/DQGVWUDHHLQHQ 3QHXGHIHNWKDEHQXQGPLFKELVDQVHLQ/HEHQVHQGHYHUIOXFKHQª,FKNRPPH©ULHI LFKLQV7HOHIRQNOHLGHWHPLFKLQVDXVHQGHU(LOHDQQDKPHLQ7D[LXQGNDXIWHHLQHQ :DJHQKHEHUGHQLFKVRIRUWEHL*OLFNDEOLHIHUQZROOWH $P5RWKVFKLOG%RXOHYDUGDXIGHQYRP0DJLVWUDW]XJHODVVHQHQ3DUNSOlW]HQGHUHQ =XODVVXQJGXUFK3DUNRPHWHUNHQQWOLFKLVWVDKLFKHLQHQ:DJHQVWHKHQGHUPLU EHNDQQWYRUNDP(UZDUHV0HLQ:DJHQVWDQGYRUHLQHP3DUNRPHWHUYRUGHP 3DUNRPHWHUVWDQG,QJHQLHXU*OLFNXQGNUDPWHYHU]ZHLIHOWLQVHLQHQ7DVFKHQ,FKOLH GDV7D[LDQKDOWHQXQGVWU]WHPLWHLQHPKHLVHUHQ$XIVFKUHLDXI*OLFN]X

ª=HKQ3LDVWHU":HUGHQZLUJOHLFKKDEHQ© *OLFNZDQGWHVLFKXPXQGHUEOHLFKWH ª'DQNH,FKEUDXFKHNHLQH,FKKDEHVLHVHOEVW,FKKDEHVLHVHOEVW© (UVHW]WHGLHILHEHUKDIWH6XFKHIRUW,FKQDKPGLHPHLQHDXI:LU NHXFKWHQEHLGHYRU$QVWUHQJXQJ'HQQXQVEHLGHQZDUNODUZDVDXI GHP6SLHOVWDQG*OLFNVWOSWHHLQH7DVFKHQDFKGHUDQGHUHQXPRKQH HLQ=HKQSLDVWHUVWFN]XILQGHQ 1LHZHUGHLFKGDVVFKUHFNHQVEOHLFKH*HVLFKWYHUJHVVHQPLWGHPHU ]XVDKZLHLFKPHLQ=HKQSLDVWHUVWFNODQJVDPXQGJHQLHHULVFKLQ GHQ6FKOLW]GHV3DUNRPHWHUVYHUVHQNWH ª+LHUELWWH© 9RUPHLQHQ$XJHQEHJDQQ*OLFNXPPHKUHUH-DKUH]XDOWHP(U VFKUXPSIWHVLFKWEDU]XVDPPHQZlKUHQGHULQGLH+RVHQWDVFKHJULII XQGPLUGLH6FKOVVHO]XPHLQHP:DJHQDXVKlQGLJWH$XVVHLQHU %UXVWWDVFKH]RJHUGDV$ERQQHPHQWIUGLH3KLOKDUPRQLHXQGEHUJDE HVPLUXQWHUOHLVHP6FKOXFK]HQ*HJHQ$EHQGNDPHQ%OXPHQIU PHLQH)UDX0DQPXHVLKPODVVHQ(ULVWHLQJXWHU9HUOLHUHU

'HU7DJDQGHP0DPPRQYHUEOLFK 'U 6WHLQKHU] (V LVW PLU HLQH (KUH LQ PHLQHU (LJHQVFKDIW DOV 9RUVLW]HQGHU GHV 2EHUVWHQ %HLUDWHV IU )LQDQ]JHUHFKWLJNHLW GLH KHXWLJH DOV ZDKUKDIW KLVWRULVFK ]X EHWUDFKWHQGH 6LW]XQJ ]X HU|IIQHQ /DXW 7DJHVRUGQXQJ EHUJHEH LFK GDV :RUW GHP 5HIHUHQWHQXQVHUHV%HLUDWHV+HUUQ'LUHNWRU6FKXOWKHL 6FKXOWKHL +HUU 9RUVLW]HQGHU YHUHKUWH %HLUl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lXEW VLFK PHLQ JDQ]HV :HVHQ JHJHQ GDV EHUDOWHUWH *HVHW] GHP]XIROJH HLQ 0HQVFK QXU ZHLO HU ]XIlOOLJ EHJDEWHU XQG IOHLLJHU LVW DOV VHLQH 0LWEUJHU LQ GLH /DJH YHUVHW]W ZLUG 9HUP|JHQVZHUWH DQ VHLQH 1DFKNRPPHQ ]X YHUHUEHQ*OFN :R EOHLEW GHQQ KLHU GLH*OHLFKKHLWYRUGHP*HVHW]"6OXWVFKNRZVNL 'DJLEWHVQXUHLQVDQGLH:DQGPLW GLHVHQ3DUDVLWHQ.XJHOGXUFKGHQ.RSIXQG)HLHUDEHQG'U6WHLQKHU] ,FKIUFKWH GDV N|QQWH XQWHU 8PVWlQGHQ JHZLVVH $XVODQGVLQYHVWRUHQ YHUVFKUHFNHQ 8QVHUH $XIJDEHLVWHVHLQQHXHVVXEWLOHV(UEVFKDIWVVWHXHUJHVHW]]XHUDUEHLWHQQDFKGHVVHQ ,QNUDIWWUHWHQGLHGHU]HLWKHUUVFKHQGH$QDUFKLHEHHQGHWVHLQPX'LHVHV*HVHW]ZLUG 0DPPRQV +HUUVFKDIW HLQ DEUXSWHV (QGH VHW]HQ (V VROO JHZlKUOHLVWHQ GD DOOH %UJHU GLHVHV /DQGHV LKUHQ /HEHQVZHJ XQWHU GHQ JOHLFKHQ 9RUDXVVHW]XQJHQ EHJLQQHQ N|QQHQ 6OXWVFKNRZVNL $P 1XOOSXQNW YHUGDPPW QRFK HLQPDO 'U 6WHLQKHU] 'DV VROO QLFKW KHLHQ GD HLQ KRKHU /HEHQVVWDQGDUG XQHUUHLFKEDU VHLQ ZLUG :HQQ HLQHU GLHVEH]JOLFKH $PELWLRQHQ KDW ZDUXP QLFKW" 'LH 7RUH GHU 3DUWHLRUJDQLVDWLRQHQVWHKHQMHGHUPDQQRI

IHQ 'LHQVWZDJHQ 'LHQVWZRKQXQJ $XVODQGVUHLVHQ 6SHVHQ 'LlWHQ XQG (QWVFKlGLJXQJHQDOOGDVVWHKWLP%HUHLFKGHV0|JOLFKHQ$EHUQXUIUGHQGHUVR ZLHHLQVWZLUEHUHLWLVWDOVJHZ|KQOLFKHU6SHLFKHOOHFNHULQXQVHUHU%HZHJXQJJDQ] XQWHQDQ]XIDQJHQ6XO]EDXP VLQJW ª:DFKWDXI9HUGDPPWHGLHVHU(UGHGLHVWHWV PDQQRFK]XP+XQJHUQ]ZLQJW©'U6WHLQKHU] 1RFKQLFKW 6FKXOWKHL ,FK NDQQ ,KQHQ YHUVLFKHUQ PHLQH *HQRVVHQ GD GDV QHXH (UEVFKDIWVUHFKW LQ +LQNXQIW VlPWOLFKH (UEHQ PLW GHU JDQ]HQ +lUWH GHV *HVHW]HV EHVWUDIHQ ZLUG %LVKHU ZDU HV GRFK VR GD GHU (UEH HLQHV +DXVHV DQJHVLFKWV GHU XQHUWUlJOLFK KRKHQ (UEVFKDIWVVWHXHUYRUVFKUHLEXQJ VDJHQ NRQQWH ª,FK QHKPH GLH (UEVFKDIWQLFKWDQ+ROWHXFKGDVYHUGDPPWH+DXVXQGODWPLFKGDPLWLQ5XKH© 0LWVROFKVLPSOHQ7ULFNVNRQQWHPDQVLFKELVKHUVHLQHQVWDDWVEUJHUOLFKHQ3IOLFKWHQ GHUgIIHQWOLFKNHLWJHJHQEHUHQW]LHKHQ'DVPHLQH+HUUHQVROOQXQDQGHUVZHUGHQ ,Q+LQNXQIWPXHU]DKOHQHJDOREHUGDV(UEHDQQLPPWRGHUQLFKW 6OXWVFKNRZVNL6R LVWHVULFKWLJ*HQRVVHQ2KQH)HGHUOHVHQDQGLH:DQGPLWLKQHQ .XJHOGXUFKGHQ.RSIXQG)HLHUDEHQG6XO]EDXP (LQHQ$XJHQEOLFNPHLQH+HUUHQ %HL DOOHP 9HUVWlQGQLV IU GLH VR]LRORJLVFKH 8PZlO]XQJ GLH GDV QHXH (UEVFKDIWVUHFKW KHUEHLIKUHQ ZLUG QHLQ PX JLEW HV GD QRFK HLQHQ ZHLWHUHQ $VSHNWGHUPLFKHUQVWKDIWEHVFKlIWLJW 'U 6WHLQKHU] )DVVH GLFK NU]HU 6XO]L :RUXP JHKW V"6XO]EDXP 0HLQ 2QNHO KDW HLQ +DXV 6FKXOWKHL (LQ JURHV +DXV" 6XO]EDXP 0LWWHOJUR *OFN 8QG" 6XO]EDXP ,FK ELQ GHU $OOHLQHUEH *OFN 0DVHOWRZ KHU]OLFKHQ*OFNZXQVFK6XO]EDXP 'DQNH 'U6WHLQKHU] 0LUVFKHLQW*HQRVVHQGDKLHUHLQNODUHU*UHQ]IDOOYRUOLHJW:LHYLHO PDJ GDV +DXV GHV 2QNHOV ZHUW VHLQ"6XO]EDXP 9LHOOHLFKW HLQHKDOEH 0LOOLRQ'U 6WHLQKHU] :LH ZLU DOOH ZLVVHQ PHLQH +HUUHQ PX HLQ *HVHW] IOH[LEHO VHLQ :LU ZHUGHQDOVRHLQH]XVlW]OLFKH1RYHOOHHUDUEHLWHQGHU]XIROJH PLWWHOJURH+lXVHUELV ]XP:HUWHLQHUKDOEHQ0LOOLRQYRQGHU(UEVFKDIWVVWHXHUEHIUHLWVLQG,UJHQGZHOFKH *HJHQVWLPPHQ"*HQ|VVH .HLQH

6FKXOWKHL $EHU GDUEHU KLQDXV GDUI HV NHLQ (UEDQQHQ JHEHQ )U MHGHV HLQ]HOQH 6FKPXFNVWFNPXEH]DKOWZHUGHQ6XO]EDXP /lQJHPDO%UHLWH *OFN /DQJVDPODQJVDP*HQRVVHQ0HLQH)UDXEHVLW]W]ZHL2KUULQJH 'U 6WHLQKHU] .HLQ 3UREOHP 6LH VROO GLH 2KUULQJH HLQIDFK GHP 'DFKYHUEDQG GHU *HZHUNVFKDIW YHUPDFKHQ 'HU *HVHW]HQWZXUI VLHKW YRU GD 9HUP|JHQVZHUWH GLH YRP (UEODVVHU DQ GLH *HZHUNVFKDIW EH]LHKXQJVZHLVH DQ GLH .RDOLWLRQVSDUWHLHQ YHUPDFKWZHUGHQYRQGHU(UEVFKDIWVVWHXHUEHIUHLWVLQG *OFN 6FK|QXQGJXWDEHUPHLQH)UDXVDJWGDVLHQLFKWEHUHLW LVWGLH2KUULQJHDQ GLHgIIHQWOLFKNHLW]XYHUHUEHQ'U6WHLQKHU] :DUXP QLFKW" *OFN :DV ZHL LFK" :HLEHU VLQG VHOWVDP 6LH ZLOO GLHVH 2KUULQJH DXVJHUHFKQHW LKUHU7RFKWHUYHUPDFKHQ'U6WHLQKHU] 0HUNZUGLJ6FKXOWKHL *UHQ]IDOO" 'U 6WHLQKHU] (KHU VFKRQ $OVR ELWWH 2KUULQJH EOHLEHQ VWHXHUIUHL $EHU ZDV 7HSSLFKHEHWULIIW *OFN 'DVLVWJHIlKUOLFK:LUDOOHKDEHQ7HSSLFKH]X+DXVH'U6WHLQKHU]'DUP DOVR %LOGHU 6XO]EDXP 6LQG DXFK YRUKDQGHQ 'U 6WHLQKHU] )OOIHGHUKDOWHU 6OXWVFKNRZVNL 6RJDU]ZHL'U6WHLQKHU] (OHNWULVFKH7RDVWHU6FKXOWKHL *HVWHUQ KDEHLFKHLQHQJHNDXIW'U6WHLQKHU] $EHULUJHQGHWZDV PXHV GRFKJHEHQZDV ZLU QLFKW KDEHQ $OVR GHQNHQ 6LH QDFK *HQRVVHQ ZDV IHKOW XQV"6OXWVFKNRZVNL :DUXP VROO XQV HWZDV IHKOHQ" 6XO]EDXP :HLO HV HLQHQ 8QWHUVFKLHG JHEHQ PX ]ZLVFKHQXQVXQGGHQZLGHUOLFKHQ5HDNWLRQlUHQ*OFN ,FKKDE V:LUKDEHQNHLQH .UDZDWWHQ'U6WHLQKHU]'DV LVWHV 6OXWVFKNRZVNL *HQLDO:LUDOVDOWH.lPSIHUJHJHQGLH%RXUJHRLVLHWUDJHQVHLWHK XQG MH NHLQH .UDZDWWHQ VRQGHUQ $XVVFKODJKHPGHQ 6FKXOWKHL %LWWH QRWLHUHQ ª(UEHQYRQ/X[XVNUDZDWWHQMHGZHGHU$UWHQWULFKWHQHLQHHLQPDOLJHXQGUHWURDNWLYH (UEVFKDIWVVWUDIH LQ GHU +|KH YRQ 3UR]HQW GHU DPWOLFK IHVW]XVWHOOHQGHQ .UDJHQZHLWH©'U6WHLQKHU] $XVJH]HLFKQHW8QGZDV%ULHIPDUNHQEHWULIIW

6OXWVFKNRZVNL %ULHIPDUNHQ"*DQ]VFKOHFKWLFKKDEHZHOFKH6FKXOWKHL :LHVR" 6OXWVFKNRZVNL 0HLQ6RKQGHUURWKDDULJHKDWPLFKJHEHWHQIULKQ%ULHIPDUNHQ]X VDPPHOQ 9RU HLQLJHQ :RFKHQ DOV HU %DU0LW]ZDK IHLHUWH KDE LFK VLH LKP JHVFKHQNW 'U 6WHLQKHU] :DV IU %ULHIPDUNHQ *HQ|VVH" 6OXWVFKNRZVNL $IULNDQLVFKH'U6WHLQKHU] +PPP 6FKXOWKHL :HQQ 6LH JHVWDWWHQ +HUU 9RUVLW]HQGHU PLU VFKZHEW GD HLQH )RUPXOLHUXQJ IU *UHQ]ZHUWH YRU :LH EHIUHLHQ 6DPPOXQJHQ DIULNDQLVFKHU %ULHIPDUNHQYRQGHU(UEVFKDIWVVWHXHUYRUDXVJHVHW]WGDGHU(UEHURWKDDULJLVW 6OXWVFKNRZVNL 'DV LVW HLQ %O|GVLQQ 6FKXOWKHL :DV LVW ZHQQ VLFK LP /DXIH GHU -DKUH GLH +DDUIDUEH PHLQHV 6RKQHV lQGHUQ VROOWH"'U 6WHLQKHU] .HLQH 3UREOHPH ª9RQ GHU (UEVFKDIWVVWHXHU EHIUHLW VLQG 6DPPOXQJHQ DIULNDQLVFKHU %ULHIPDUNHQ ZHQQGHU(UEH]XP=HLWSXQNWVHLQHU%DU0LW]ZDKURWKDDULJZDUXQGHUJOHLFK]HLWLJ GHU6RKQHLQHV0LWJOLHGVGHV2EHUVWHQ%HLUDWHVIU)LQDQ]JHUHFKWLJNHLWLVW© 6OXWVFKNRZVNL 'LHVHU*HVHW]HQWZXUIVFKHLQWPLUXQNODUIRUPXOLHUW]XVHLQ:DVLVW ZHQQ LFK ]XP =HLWSXQNW PHLQHV $EOHEHQV QLFKW PHKU 0LWJOLHG GHV 2EHUVWHQ %HLUDWHV IU )LQDQ]JHUHFKWLJNHLW ELQ" 6FKXOWKHL (LQ EHUHFKWLJWHU (LQZDQG ,FK VFKODJH GDKHU IROJHQGHQ HQGJOWLJHQ :RUWODXW YRU ª9RQ GHU (UEVFKDIWVVWHXHU EHIUHLW VLQG DOOH 6DPPOXQJHQ DIULNDQLVFKHU %ULHIPDUNHQ ]XU =HLW GHU %DU0LW]ZDK YRQ URWKDDULJHQ (UEHQ ZHQQ GHU (UEODVVHU -HKLHO 6OXWVFKNRZVNL KHLW© 6OXWVFKNRZVNL 'DV VFKHLQW PLU DQQHKPEDU ]X VHLQ 'U 6WHLQKHU] ,FK VWHOOH PLW )UHXGH XQG *HQXJWXXQJ IHVW *HQRVVHQ GD ZLU EHL XQVHUHU YHUDQWZRUWXQJVYROOHQ $UEHLW LP 'LHQVWH GHU gIIHQWOLFKNHLW JXWH )RUWVFKULWWH ]X YHU]HLFKQHQ KDEHQ :LU KDEHQ QXU QRFK GLH HQGJOWLJH )DVVXQJ GHU *HVHW]HVYRUODJH ]X IRUPXOLHUHQ XQG N|QQHQ GDQQ PLW 6WRO] LP *HVFKLFKWVEXFK XQVHUHV /DQGHV YHUPHUNHQ GD ZLU GHU 9HUZLUNOLFKXQJ GHV 6R]LDOLVPXV HLQHQ JURHQ 6FKULWW QlKHU JHNRPPHQ VLQG 6FKXOWKHL 9RUVLFKWLFKEHVLW]HHLQ*HVFKLFKWVEXFK

:RKQXQJVPDUNW 'UDXHQ UHJQHWH HV XQG DXFK XQVHU EHKDUUOLFKHV 6FKZHLJHQ KDWWH HWZDV :LQWHUOLFKHV (V ZDU )UHLWDJ QDFKPLWWDJ XQG XQVHUHQ .DIIHH KDWWHQ ZLU DXVJHWUXQNHQ:LUVDHQLQXQVHUHP6WDPPFDIH-RVVHOHXQGLFKXQGZDUWHWHQDXI HLQ 1DWXUHUHLJQLV ª:LU PVVHQ LUJHQG HWZDV XQWHUQHKPHQ© PHLQWH -RVVHOH QDFK OlQJHUHP1DFKGHQNHQ ª'DV/HEHQLVWVFKZHUJHQXJ8QGMHW]WNRPPWQRFKGLHVH :RKQXQJVQRWKLQ]X'LH%DXNRVWHQZHUGHQYRQ7DJ]X7DJK|KHUGLH:RKQXQJHQ VLQGWHXHUXQGNHLQ0HQVFKLVWEHUHLWHWZDVGDJHJHQ]XWXQ© ª:LOOVW GX YLHOOHLFKW 0DXUHU ZHUGHQ"© IUDJWH LFK YHUVWLPPW ª'DV QLFKW© HUNOlUWH -RVVHOHªDEHULFKN|QQWHPLFKHYHQWXHOODOV:RKQXQJVYHUPLWWOHUYHUVXFKHQ© 6SUDFK VXQGZLQNWHGHQ.HOOQHUDQXQVHUHQ7LVFK(ULQIRUPLHUWHLKQIOXJVGDHU YRU IQI 0LQXWHQ HLQH UHQRPPLHUWH :RKQXQJVPDNOHUILUPD JHJUQGHW KDEH XQG EHUHLWVHLIUMHGHQ.XQGHQGHQLKPGHU.HOOQHUEUlFKWHIQI]LJ6KHNHOLQEDUDOV 3URYLVLRQ ]X ]DKOHQ :HQLJH 0LQXWHQ VSlWHU HUVFKLHQ GHU HUVWH KRIIQXQJVYROOH .OLHQWª1HKPHQ6LH3ODW]©VDJWH-RVVHOHªZDVIUHLQH:RKQXQJVWHOOHQ6LHVLFK YRU"© ª=ZHL =LPPHU XQG HLQ $WHOLHU© VWUDKOWH GHU ,QWHUHVVHQW ªPLW HLQHP JURHQ .FKHQEDONRQLP=HQWUXPGHU6WDGW©ª,FKJODXEHLFKKDEHGDV5LFKWLJHIU6LH© PHLQWH-RVVHOHªDEHUODVVHQ6LHPLFKYRUHUVWPHLQH%HGLQJXQJHQQHQQHQ,FKVWHOOH ,KQHQHLQH/LVWHYRQHQWVSUHFKHQGHQ:RKQXQJHQ]XU9HUIJXQJ6LHVFKDXHQVLFK GDV $QJHERW DQ XQG VSUHFKHQ PLW GHQ (LJHQWPHUQ ,FK YHUODQJH NHLQH 9RUDXV]DKOXQJ $EHU ZHQQ GDV *HVFKlIW ]XVWDQGH NRPPW ]DKOHQ 6LH PLU GUHL 3UR]HQW9HUPLWWOXQJVJHEKU©ª1DWUOLFK©VDJWHGHU.OLHQWªGDVNOLQJWIDLU©ª+HUU 2EHU©ULHI-RVVHOHGHQ.HOOQHUª%ULQJHQ6LHPLUGLH=HLWXQJHQ© 'HU.HOOQHUEUDFKWHHLQHQJDQ]HQ6WR-RVVHOHZLHVXQVHUHQ.OLHQWHQDQ=HWWHOXQG %OHLVWLIW ]X QHKPHQ XQG DOOH $GUHVVHQ DE]XVFKUHLEHQ ,Q GHQ =HLWXQJHQ ZDUHQ 8QPHQJHQ YRQ :RKQXQJHQ DQJHERWHQ (V ZDU )UHLWDJ XQG GLH :RFKHQHQGDXVJDEHQSODW]WHQYRU,QVHUDWHQ8QVHU

.XQGHQHUVWOLQJ QRWLHUWH VLFK DQ GLH GUHLLJ $GUHVVHQ XQWHUVFKULHE GHQ HLOLJ LPSURYLVLHUWHQ 9HUWUDJ XQG PDFKWH GHP QlFKVWHQ .OLHQWHQ 3ODW] ª6HKU VFK|Q© EHPHUNWH -RVVHOH ªGDV *HVFKlIW OlXIW© ,Q]ZLVFKHQ KDWWH VLFK YRU XQVHUHP 7LVFK HLQH0HQVFKHQVFKODQJHJHELOGHW:LUOHLVWHWHQKRIIQXQJVYROOHQ:RKQXQJVMlJHUQ SURIHVVLRQHOOHQ %HLVWDQG XQG SQNWOLFK XP IQI 8KU VFKO|VVHQ ZLU XQVHU %UR :lKUHQG GHU OHW]WHQ6WXQGHKDWWH -RVVHOH KDXSWVlFKOLFK 9HUWUlJH DXIJHVHW]W GLH HU VLFKXQWHUVFKUHLEHQOLHZlKUHQGLFKGLH=HLWXQJHQGXUFKNlPPWH 1XQHLQ8QWHUQHKPHQZLHGLHVHVELUJWQDWUOLFK5LVLNHQ%LV]XP$EHQGNDPHQQXU GUHL .OLHQWHQ YRQ ]XUFN XQG ]DKOWHQ 6KHNHO 9HUPLWWOXQJVJHEKUHQ =XJHJHEHQ ZLU ZDUHQ HWZDV HQWWlXVFKW 9HUVWLPPW ]DKOWHQ ZLU GHP 2EHU VHFKV .DIIHHXQGGUHL3URYLVLRQHQ ª'D WXWPDQVHLQ%HVWHVXPVHLQHQ0LWPHQVFKHQ]XKHOIHQXQGZDVLVWGHU'DQN GDIU",FKELQEHU]HXJWGDZHVHQWOLFKPHKU.OLHQWHQGXUFKXQVHUH%HPKXQJHQ ]X HLQHP 'DFK EHU GHP .RSI JHODQJW VLQG DOV MHW]W JH]DKOW KDEHQ© EHPHUNWH -RVVHOHVWRFNVDXHUXQG]RJGLH5ROOlGHQGHV&DIHVKHUXQWHUª/DXWHU%HWUJHU©

(LQ9HUVDJHU ª6DUDKVFKOlIVWGX"©ª-D© ª,FKNDQQQLFKWHLQVFKODIHQ,FKKDEHHLQH6FKODIWDEOHWWHJHQRPPHQ© ª:DVLVWGHQQORV"© ª,FKKDEHHLQXQJXWHV*HIKO(VVLHKWVRDXVDOVRELFKGHUHLQ]LJH%HDPWHPHLQHU $EWHLOXQJZlUHGHUYRP$XWRIDEULNDQWHQ6FKXELQVNL QLFKWVEHNRPPHQKDW,VWGDV QLFKW PHUNZUGLJ"© ª+|U DXI GLFK ]X TXlOHQ -RUDP GDV PX NHLQHU HUIDKUHQ© ª'DVJODXEVWGX,P%URVSLHOHQVLHXQXQWHUEURFKHQGDUDXI DQ=XP%HLVSLHOKHXWH PRUJHQDOVLFKGXUFKGLH7UNDPVDJWH6FKXOWKHLPLWKlPLVFKHP*ULQVHQ!+D GD NRPPW GLH3ULPDGRQQD© ª+DW GHQQ6FKXOWKHL HWZDV EHNRPPHQ"© ª'D IUDJVW GXQRFK"(UKDWYRQ6FKXELQVNLHLQHQVSH]LHOOHQ:LQWHUUDEDWWLQ+|KHYRQ 6KHNHO DXI HLQ KHUUOLFKHV &RXSH KHUDXVJHKROW :REHL GHU :DJHQ VHOEVW QXU 6KHNHOJHNRVWHWKDW©ª:LHLVWLKPGDVJHOXQJHQ"© ª(VZDUHLQ9RUIKUPRGHOO(VLVW]XP9HU]ZHLIHOQ$OOHKDEHQVLFKDQ6FKXELQVNL KHUDQJHPDFKW$OOHQXULFKQLFKW©ª0LW ZHOFKHU%HJUQGXQJKDEHQVLHGDVJHWDQ"© ª$XIJUXQGGHU5HJLHUXQJVYHUHLQEDUXQJHQPLW$XWRFDUV©ª'DVYHUVWHKHLFKQLFKW© ª'DQQ ZHUGH LFK YHUVXFKHQ HV GLU ]X HUNOlUHQ (LQH $UEHLWHUUHJLHUXQJ ZLH GLH XQVHUH NDQQ QLFKW RKQH ZHLWHUHV YRP 9RON GLH 6WHXHUQ HLQKHEHQ XP VLH GDQQ DXI GLH HLQ]HOQHQ %URNUDWHQ ]X YHUWHLOHQ 0DQ EUDXFKW HLQHQ 9HUWXVFKXQJVIDNWRU GD]ZLVFKHQ $OVR EHGLHQW PDQ VLFK GHV 6FKXELQVNL GHU DOV HLQH $UW .RQWRNRUUHQW ]ZLVFKHQ GHQ YHUVFKLHGHQVWHQ %HWHLOLJWHQ IXQJLHUW KDW© ª,FK YHUVWHKH HV QRFK LPPHUQLFKW© ª(V LVW GRFK JDQ] HLQIDFK 6FKXEL EHNRPPW |IIHQWOLFKH 0LWWHO LQ )RUP YRQ VWDDWOLFKHQ $QOHLKHQ =XVFKVVHQ XQG 6FKXW]]|OOHQ XQG GLHVH *HOGHU OlW HU GDQQ ZLHGHULQ)RUPYRQ5DEDWWHQ*HVFKHQNHQ6WLSHQGLHQ'LlWHQXQGlKQOLFKHPDQGLH 6WDDWVGLHQHU]XUFNIOLHHQ©

ª1HQQWPDQGDV/LTXLGLWlWVNUHLVODXI"©ª8QJHIlKU'HUYROOHWHUPLQXVWHFKQLFXV ODXWHW!'HU=DKOXQJVPLWWHOXPVFKODJYRQGHU7DVFKHGHV6WHXHU]DKOHUVDQGLH 6SLW]HQJUHPLHQEHU.DWDO\VDWRU6FKXELQVNL© ª$FKVR-HW]WHUNOlUPLUQRFKZDUXPKDVWDXVJHUHFKQHWGXDQGLHVHUQDWLRQDOHQ $NWLRQQLFKWWHLOJHQRPPHQ"©ª:HLGHU.XFNXFN'DVLVWMDGHU*UXQGZDUXPLFK QLFKWVFKODIHQNDQQ(EHQJHVWHUQDEHQGKDEHLFKLQGHUYLHUWHQ)RUWVHW]XQJGHU (PSIlQJHUOLVWHYRQ $XWRFDU%HJQVWLJWHQJHEOlWWHUWXQGZDUVSUDFKORV'LH/LVWH JOLFKHLQHP!:KRLV:KRLQ,VUDHO'DJLEWHV3DUWHLIXQNWLRQlUH*HQHUlOH 'LUHNWRUHQ-RXUQDOLVWHQ*HZHUNVFKDIWVIKUHUKRKH%HDPWH© ª-HW]WNDQQLFKDXFKQLFKWPHKUVFKODIHQ©ª(LQ'LUHNWRUGHUVWDDWOLFKHQ (LVHQEDKQHQHUKLHOW]XP*HEXUWVWDJVHLQHV(QNHOVHLQHQ$XWREXVXQGGHU +DXVJHKLOILQGHV9HUNHKUVPLQLVWHUVHUVHW]WH6FKXELQVNLGHQYHUDOWHWHQ.KOVFKUDQN GXUFKHLQHQ/DVWZDJHQ© ª0LUVFKHLQW-RUDPGXELVWZLUNOLFKEO|G©ª:HPVDJVWGXGDV"(LQHP%HDPWHQ GHU,PSRUWDEWHLOXQJVFKHQNWH6FKXELQVNLHLQ6HJHOIOXJ]HXJXQGHLQHP'LUHNWRUGHU 6WHXHUIDKQGXQJILQDQ]LHUWHHUGHQ6FKHLGXQJVSUR]H©ª'LHVH*UR]JLJNHLWHKUW LKQ© ª'DVLVWQRFKQLFKWDOOHV'HP*HQHUDOVHNUHWlUGHU+DIHQDUEHLWHUJHZHUNVFKDIW VFKHQNWHHUHLQH7URLNDPLWGUHLZHLHQ3IHUGHQ©ª%LVWGXVLFKHU"© ª'DV ZHL LFK JHQDX ZHLO GDPDOV GHU =ROOREHULQVSHNWRU YRQ GHU +DIHQEHK|UGH GDJHJHQSURWHVWLHUWKDW©ª:DUXPGHQQ"© ª:HLOHUYRQ6FKXELQVNLQLFKWPHKUEHNDPDOVHLQ$TXDULXPPLWHLQLJHQVFKlELJHQ =LHUILVFKHQXQGHLQH)OXJUHLVHQDFKbWKLRSLHQIUVHLQH6FKZLHJHUPXWWHU© ª'DKDWHUDEHU]X5HFKWSURWHVWLHUW'DVLVWNHLQ9HUJOHLFKPLWHLQHU7URLND© ª'DVZDUMDDXFKGHU*UXQGZDUXPGHU0DQQGDPDOVEHLP)LQDQ]DPWGLH ERGHQORVH9HUVFKZHQGXQJLQ6FKXELQVNLV8QWHUQHKPXQJHQGHQXQ]LHUWKDW6FKRQ GDPDOVKDWHUGHQEDOGLJHQ.RQNXUVYRQ$XWRFDUVSURSKH]HLW©ª6RHLQ6FKXIW© ª8QWHUXQVJHVDJWGDVZDU]XHUZDUWHQ(VKDWVLFKQlPOLFKKHUDXVJH

VWHOOW GD VFKRQ ]X %HJLQQ GLHVHV 6WHXHUMDKUHV DOOHLQ GLH DQ 5HJLHUXQJVEHDPWH JHZlKUWHQ9HUJQVWLJXQJHQGLH+|KHYRQ0LOOLRQHQHUUHLFKWKDWWHQ© ª:LHKDWHUGDVYHUEXFKWGHU6FKXELQVNL"©ª=XP7HLOXQWHU!6RQVWLJHV]XP7HLO XQWHU !9HUVFKLHGHQHV GHQ 5HVW XQWHU !%DJDWHOOEHWUlJH $OV GHU )LQDQ]PLQLVWHU GDYRQ K|UWH PXWH HU QDWUOLFK VRIRUW DNWLY ZHUGHQ XP GLH $IIlUH EHL]XOHJHQ© ª:LH"© ª0LW HLVHUQHU +DQG 'XUFK (UK|KXQJ GHU 6FKXW]]|OOH DXI ,PSRUWDXWRV XP 3UR]HQW )HUQHU YHURUGQHWH HU HLQH JUQGOLFKHUH %HVWHXHUXQJ GHU +DXVJHKLOILQQHQ $FKW]HKQYRQLKQHQZXUGHQYRQGHU6WHXHUIDKQGXQJVRIRUWIHVWJHQRPPHQXQGHLQHU SROL]HLOLFKHQ 8QWHUVXFKXQJ ]XJHIKUW )QI +DXVJHKLOILQQHQ ZXUGHQ GDPDOV ]X )UHLKHLWVVWUDIHQ ]ZLVFKHQ XQG 0RQDWHQ YHUXUWHLOW© ª-D LFK HULQQHUH PLFK DQ GHQ JURHQ !3XW]IUDXHQ6NDQGDO 'DPDOV ZXUGH DXFK GHU 3HWUROHXPSUHLV IU +HL]|IHQXP3UR]HQWHUK|KWZHQQLFKQLFKWLUUH© ª$EHUQHLQ6DUDKGXEULQJVWDOOHVGXUFKHLQDQGHU'HU3HWUROHXPSUHLVZXUGHHUK|KW DOV GLH VWDDWOLFKH )HLQVDQGPKOH EHL 9HUVXFKHQ PLW NQVWOLFKHP 5HJHQ HLQH 9LHUWHOPLOOLDUGHYHUZLUWVFKDIWHWKDW©ª:LHVR")LHOGHQQNHLQ5HJHQ"©ª6FKRQDEHU HUZXUGHJHVWRKOHQ© ª,FK ELQ HLQ ELFKHQ YHUZLUUW -RUDP +DW DXFK HLQ 0LQLVWHU LUJHQGZHOFKH 9HUJQVWLJXQJHQYRQ6FKXELQVNLEHNRPPHQ"©ª*RWWEHZDKUH6DUDKZRGHQNVWGX KLQ"9RP0LQLVWHUDXIZlUWVVLQGGLH6WDDWVGLHQHUEHLXQVHKUOLFKXQGXQEHVWHFKOLFK 'DV ZHL MHGHV .LQG 1XU ZDV 3DUWHLILQDQ]LHUXQJHQ EHWULIIW PXWH PHLQ 0LQLVWHU PDQFKPDOHLQELFKHQLQWHUYHQLHUHQ=XP %HLVSLHOKDWHUNU]OLFKGHP6FKXELQVNL HLQH =LJDUHWWHQVFKDFKWHO JHVFKLFNW DXI GHUHQ ,QQHQVHLWH PLW HLQHP DEJHEUDQQWHQ 6WUHLFKKRO] QRWLHUW ZDU !6FKXEL VHL VR OLHE XQG VFKLFNH IU GLH %HZHJXQJ HLQH KDOEH0LOOLRQKHUEHU©ª1DXQG"+DWHUKHUEHUJHVFKLFNW"© ª6FKXEL OLH VRIRUW KLQEHUEULQJHQ 0HKU %DUJHOG KDW HU GDPDOV QLFKW EHL VLFK JHKDEW 'HU 5HFKQXQJVSUIHU GHV +DQGHOVPLQLVWHULXPV HQWGHFNWH GHQ )DOO LQ GHQ %FKHUQ XQWHU GHU %H]HLFKQXQJ !$JHPHLQH =LJDUHWWHQYHUVRUJXQJ XQG HU IDQGGDVGXUFKDXVLQ2UGQXQJ© ª:DVHUJDEVLFKIULKQGDUDXV"©ª(LQ:DJHQPLWFFP+XEUDXP]XJQVWLJHQ 5DWHQ]DKOXQJHQ©

ª(LQJXWHV$XWR"© ª1LFKW VFKOHFKW (V ZDU HLQH EULWLVFKMDSDQLVFKLVUDHOLVFKH &R3URGXNWLRQ 'LH .DURVVHULHZDUDXV(QJODQGGHU0RWRUDXV-DSDQGHU5DEDWWDXV,VUDHO© ª-HW]W HUNOlU PLU HQGOLFK -RUDP ZLHVR GX DOV HLQ]LJHU LQ GHLQHU $EWHLOXQJ NHLQHQ :DJHQ YRQ 6FKXELQVNL EHNRPPHQ KDVW"© ª,FK ELQ ]X VSlW JHNRPPHQ 6DUDK HLQIDFK ]X VSlW =XHUVW KDEH LFK JHGDFKW PDQ VROO VLFK QLFKW YRQ GHU 0HQJH PLWUHLHQODVVHQ,FKZROOWHDEZDUWHQ©ª:DUXP"© ª:HLOGLHHUVWH6HULHHLQHU$XWRSURGXNWLRQPHLVWIHKOHUKDIWLVW8QGYLHOOHLFKWKDWWH LFKDXFKHLQELFKHQ0LWOHLGPLW6FKXELQVNL,PPHUKLQKDWWHQVLFK MD7DXVHQGHYRQ %HDPWHQDXIHLQHQHLQ]LJHQ0HQVFKHQJHVWU]W© ª'DV/HEHQKLHUZDULPPHUVFKRQKDUW-RUDP©ª1DWUOLFK$EHUDOVLFKGDQQLQGHU =HLWXQJ HLQH :DUQXQJ GHV 1DWLRQD,EDQN3UlVLGHQWHQ ODV !:HQQ GHU 6WURP GHU %HVWHFKXQJVJHOGHU QLFKW HLQJHGlPPW ZLUG PX PLW HLQHP UDSLGHQ $QVWHLJHQ GHU ,QIODWLRQ JHUHFKQHW ZHUGHQ GD KDWWH LFK SO|W]OLFK $QJVW EULJ]XEOHLEHQ XQG YHUVXFKWH.RQWDNW]X6FKXELQVNLDXI]XQHKPHQ©ª1DHQGOLFK© ª,FK JLQJ ]XP %HWULHEVUDW PHLQHV 0LQLVWHULXPV XQG HUVXFKWH LKQ XP HLQ $XWRFDU (UPlLJXQJVIRUPXODUIU.OHLQZDJHQ(UVDJWHPLU !'DV NDQQ QXU PQGOLFK HUOHGLJW ZHUGHQ $OVR ULHI LFK EHL 6FKXELQVNL ]X +DXVH DQ (V PHOGHWH VLFK GHU 7HOHIRQDQUXIEHDQWZRUWHU !*XWHQ 7DJ =XU =HLW VLQG DOOH =XZHQGXQJVSRVWHQ EHVHW]W %LWWH ZDUWHQ 6LH ZHUGHQ LQ GHU 5HLKHQIROJH ,KUHV $QUXIHVEHGLHQW©ª8QG"© ª(LQ KDOEHV -DKU KDEH LFK JHZDUWHW ,Q]ZLVFKHQ VLQG GLH IUHPGHQ *HVFKlIWVSDUWQHU DXVGHP.OHLQZDJHQJHVFKlIWDXVJHVWLHJHQXQGKDEHQGHQDUPHQ6FKXELRKQHHLQHQ %HVWHFKXQJVJURVFKHQ ]XUFNJHODVVHQ 'HQ 5HVW ZHLW GX DXV GHU 3UHVVH $OV LFK HQGOLFKGUDQNRPPHQVROOWHZDU6FKXELQVNLVFKRQDXVJHOHHUWXQGHQWODUYW+HXWHLVW NHLQ0HQVFKLPJDQ]HQ/DQGHLQVDPHUDOVHU$OOH:UGHQWUlJHUGLHLPYHUJDQJH QHQ-DKU]HKQWXPVHLQH)UHXQGVFKDIWJHEXKOWKDEHQ ZUGHQKHXWHNHLQHQO|FKULJHQ 3LDVWHUPHKUYRQLKPDQQHKPHQ©ª'DVLVWYLHOOHLFKWHLQH0DVVHQSV\FKRVH-RUDP© ª,Q 5HJLHUXQJVNUHLVHQ ZLUG MHW]W 6FKXELQVNL UHJHOUHFKW YHUWHXIHOW !6R HWZDV YRQ HLQHUXQWDXJOLFKHQ%HWULHEVIKUXQJKDWHVQRFKQLHJHJH

EHQVDJWH6FKXOWKHLHUVWKHXWHEHLP]ZHLWHQ)UKVWFN!ZHQQHLQPDOGHUJDQ]H 8PIDQJVHLQHUILQVWHUHQ*HVFKlIWHDQV7DJHVOLFKWJH]HUUWZLUGNDQQHVLKPQRFK SDVVLHUHQGDHULP*HIlQJQLVODQGHW$OOHVLQGVRIXUFKWEDUE|VHDXI 6FKXELQVNL©ª/DVLHVFKLPSIHQ-RUDPVLHWXQHVMDQXUZHLOVLHHLQVFKOHFKWHV *HZLVVHQKDEHQ'XDEHUKDVWHLQHUHLQH:HVWH©ª,FKZHL6DUDK'UXPNDQQLFK MDQLFKWVFKODIHQ,FKELQVFK|QKHUHLQJHOHJWZRUGHQ:DVVROOLFKQXUWXQ"© ª6WUHLNHQ-RUDPVWUHLNHQ©

.OHLQJHGUXFNWHV 9RULJHQ 0LWWZRFK ZXUGH LFK GXUFK KHIWLJHV .ORSIHQ DQ PHLQHU :RKQXQJVWU JHZHFNW GDV YRQ QRFK KHIWLJHUHQ )XWULWWHQ EHJOHLWHW ZDU 9RQ 1HXJLHU JHSDFNW |IIQHWHLFKGLH7UXQGIDQGHLQEHEULOOWHV ,QGLYLGXXPLQGHVVHQ:LQGVFKDWWHQ]ZHL NUlIWLJH0|EHOSDFNHUKHUXPOXQJHUWHQ ª*XWHQ0RUJHQ©VDJWHGHU%HEULOOWHªZLUNRPPHQYRQGHU,PPRELOLHQ%DQNXP ,KU 0RELOLDU ZHJ]XVFKDIIHQ© ,FK IUDJWH QDWXUJHPl ZDUXP ZRUDXI GHU %HEULOOWH PLU HLQ 'XW]HQG EHGUXFNWHU %OlWWHU XQWHU GLH 1DVH KLHOW XQG PLFK IUDJWH RE GLH 8QWHUVFKULIW DXI GHU JHVWULFKHOWHQ /LQLH GLH PHLQH ZlUH ,FK HUNDQQWH VRIRUW GLH )RUPXODUH GLH LFK YRU ]ZHL 0RQDWHQ DOV %UJH IU PHLQHQ 1DFKEDUQ )HOL[ 6HOLJ XQWHUVFKULHEHQ KDWWH ZHLO HU HLQHQ .UHGLW DXIQHKPHQ ZROOWH /HXJQHQ KDOI QLFKWV LFKJHVWDQGª1DDOVR©YHUNQGHWHGHU%HEULOOWHª+LHUDXI6HLWHXQWHUGHU.ODXVHO % =LIIHU VWHKW LFK ]LWLHUH !,FK GHU 8QWHU]HLFKQHWH LP IROJHQGHQ %UJH JHQDQQW YHUSIOLFKWH PLFK PHLQHQ JHVDPWHQ +DXVUDW GHU ,PPRELOLHQ%DQN ]X EHUODVVHQ ZDQQ LPPHU GLH 'LUHNWLRQ GHU REHQHUZlKQWHQ %DQN GHQ JHHLJQHWHQ =HLWSXQNW GDIU EHVWLPPW© 0LU EUDFK GHU NDOWH 6FKZHL DXV ,FK YHUVXFKWH GLH 9RUJlQJH ]X UHNRQVWUXLHUHQ -D LFK ZDU ]X LUJHQGHLQHP %HDPWHQ LQ)HOL[ 6HOLJV +DXVEDQNJHJDQJHQXPLKP]XVDJHQGDHVPHLQ:XQVFKZlUH:XQVFK"IU 6HOLJV .UHGLW ]X EUJHQ ZRUDXI GHU %HDPWH HWZD HLQ .LORJUDPP HQJ EHGUXFNWHU )RUPXODUHDXIGHQ7LVFKOHJWHXQGEHIDKO ª8QWHUVFKUHLEHQ6LHKLHUELWWHXQGKLHUXQGMHW]WGDXQGGDXQGGDQNHVFK|Q© 2ELFKGHQ7H[WJHOHVHQKDEH" +DEHQ6LHYHUHKUWH/HVHUVFKRQMHPDOVDQHLQHP%DQNVFKDOWHUª.ULHJXQG)ULHGHQ© JHOHVHQ" ª$OVR WXQ 6LH ,KUH 3IOLFKW© VDJWH LFK GHP %HEULOOWHQ PLW EHOHJWHU 6WLPPH 'LH EHLGHQ*HZDOWWlWHUVWU]WHQVLFKDXIPHLQH0|EHOXQGZHQLJH0LQXWHQVSlWHUZDU PHLQH:RKQXQJY|OOLJOHHU6LHZDUHQJHUDGHGDEHLPHLQHQDOOHUOHW]WHQ/HKQVWXKO KLQDXV]XWUDJHQ DOV HLQ KDNHQQDVLJHU 0HQVFK PLW HLQHP 3ROL]LVWHQ LP 6FKOHSSWDX GHV:HJHVNDP

ª,VW GDV ,KUH 8QWHUVFKULIW"© IUDJWH PLFK GHU 2UGQXQJVKWHU ZlKUHQG HU DXI HLQ VHUL|V ZLUNHQGHV 3DSLHU KLQZLHV GDV LFK QDFK HLQHU hEHUTXHUXQJ GHV 5RWKVFKLOG %RXOHYDUGVEHL5RWOLFKWXQWHUVFKULHEHQKDWWH,FKLGHQWLIL]LHUWHPHLQH8QWHUVFKULIW ª'DQQPXLFK6LHELWWHQPLFK]XP *HULFKWVKRI]XEHJOHLWHQ© VDJWHGHU3ROL]LVW ªGDPLW ,KU 7RGHVXUWHLO YHUNQGHW ZHUGHQ NDQQ© ,FK EOLFNWH QRFK HLQPDO DXI GDV 3DSLHU(UKDWWHYROONRPPHQUHFKW $XIGHP5RWKVFKLOG=HWWHOVWDQG ª'HU$QJHNODJWHJHVWHKWLQ7LEHULDVHLQHQ'RSSHOPRUGEHJDQJHQ]X KDEHQXQGZQVFKWJHKlQJW]XZHUGHQ©1DWUOLFKKDWWHLFKZLGHUVSUXFKVORVDXI GHUSXQNWLHUWHQ/LQLHXQWHUVFKULHEHQ ª:RKODQGHQQ©IOVWHUWHLFKªLFKELQEHUHLW©ª(LQHQ0RPHQWQRFK©VDJWHGLH +DNHQQDVHªLFKNRPPHLQ6DFKHQ+HU]XQG1LHUHQ©XQG]HLJWHPLUPHLQH 8QWHUVFKULIWDXIPHLQHU/HEHQVYHUVLFKHUXQJVSROLFH6HLWH$EVDW]Gª'HU 9HUVLFKHUWHLVWYHUSIOLFKWHWVRZRKOVHLQ+HU]DOVDXFKVHLQH1LHUHQIUMHGHQEHOLH ELJHQ=ZHFN ]XVSHQGHQGHQGLH9HUVLFKHUXQJVJHVHOOVFKDIWEHVWLPPW©,FKVDJWH ª*XWPHLQH+HUUHQODWXQVJHKHQP|JHLFKLQ)ULHGHQ UXKHQ© 'DVLVWDOOHV 0HLQ%HJUlEQLVLVWPRUJHQPLWWDJ

(KUOLFKDEHUQLFKWRIIHQ -RVVHOH VD ZLH EOLFK LP .DIIHHKDXV ,KP JHJHQEHU NDXHUWH XQVHU DOWHU )UHXQG 6WRFNOHU%HVLW]HUHLQHVJXWJHKHQGHQ3DUIPHULHODGHQVXQGHLQHVZHLWKLQVLFKWEDUHQ 1HUYHQ]XVDPPHQEUXFKVª-HGHV-DKUGDVVHOEH©VW|KQWHHUª,P-XOLZHUGHLFK]XP :UDFN©-RVVHOHQLFNWHYHUVWlQGQLVYROO ª,FKZHL'LH(LQNRPPHQVWHXHUHUNOlUXQJ6FKZLQGHOQ6LH+HUU6WRFNOHU"© ª/HLGHU QLFKW ,FK PX JHVWHKHQ GD LFK HLQ HUElUPOLFKHU )HLJOLQJ ELQ 8QG ZDV PLFKDPPHLVWHQGHSULPLHUW(VKLOIWPLUQLFKWV0HLQH%FKHUVLQGNRUUHNWJHIKUW MHGHU HLQ]HOQH 3RVWHQ LVW QDFKSUIEDU ULFKWLJ XQG MHGHV -DKU ZHUGHQ PHLQH $XIVWHOOXQJHQ]XUFNJHZLHVHQZHLOVLHDQJHEOLFKIDOVFKXQYROOVWlQGLJXQGIULVLHUW VLQG :DV VROO LFK PDFKHQ"© -RVVHOH VFKWWHOWH XQJOlXELJ GHQ .RSI XQG VHLQH 6WLPPHNODQJYRUZXUIVYROO ª6DJHQ 6LH +HUU 6WRFNOHU 6LQG 6LH HLQ NOHLQHV .LQG" 2GHU VLQG 6LH YRP 0RQG KHUXQWHUJHIDOOHQ" 6LH QHKPHQ ,KUH %FKHU OHJHQ VLH GHP 6WHXHUSUIHU YRU XQG HUZDUWHQDOOHQ(UQVWHVGDHU,KQHQJODXEW"6LHWXQPLUZLUNOLFKOHLG© 6WRFNOHU VFKOXFK]WH OHLVH YRU VLFK KLQ 6HLQH 7UlQHQ UKUWHQ QDFK HLQHU :HLOH -RVVHOHV+HU] ª+DEHQ6LH%HWWFKHU]X+DXVH+HUU6WRFNOHU"*XW8QGMHW]WK|UHQ6LH]X© 1LFKWODQJHGDQDFKDQHLQHPUHJQHULVFKHQ9RUPLWWDJEHJDEVLFK6WRFNOHUDXI VHLQ ]XVWlQGLJHV )LQDQ]DPW EHWUDW GDV =LPPHU VHLQHV ]XVWlQGLJHQ 6WHXHUUHIHUHQWHQ QDKPDXIGHVVHQ$XIIRUGHUXQJLKPJHJHQEHU3ODW]XQGVHQNWHGHQ.RSI ª+HUU 5HIHUHQW© VDJWH HU ªLFK PX ,KQHQ HLQ *HVWlQGQLV PDFKHQ ,FK KDEH LP DEJHODXIHQHQ 6WHXHUMDKU NHLQH %FKHU JHIKUW© ª6WHKOHQ 6LH PLU QLFKW PHLQH =HLW PLW GXPPHQ :LW]HQ© HUZLGHUWH GHU %HDPWH VlXHUOLFK ª:DV ZQVFKHQ 6LH"© ª(V VLQGNHLQH:LW]H(VLVWGLH:DKUKHLW,FKKDEHNHLQH%FKHUJHIKUW© ª(LQHQ $XJHQEOLFN 6LH ZROOHQ GRFK QLFKW VDJHQ GD 6LH NHLQH %FKHU JHIKUW KDEHQ"©

ª'RFK*HQDXGDVZLOOLFKVDJHQ'DVKHLW,FKKDEHVLHJHIKUWDEHULFKKDEHVLH QLFKW© -HW]W ZDUHV PLWGHU6HOEVWEHKHUUVFKXQJGHV%HDPWHQ]X(QGH6HLQELVKHUUXKLJHU %DEHUVFKOXJVLFK]XMlKHP)DOVHWW ª:DVKHLWGDV,FKKDEHVLH LFKKDEHVLHQLFKW":LHVRKDEHQ6LHVLHQLFKW"© ª,FKKDEHVLHYHUORUHQ©ª9HUORUHQ":LHVR":LH":DQQ":R"©ª-DZHQQLFKGDV ZWH (LQHV 7DJHV NRQQWH LFK VLH QLFKW PHKU ILQGHQ 6LH ZDUHQ ZHJ 9LHOOHLFKW YHUEUDQQW RKQH GD LFK HV EHPHUNW KDWWH 2GHU JHVWRKOHQ -HGHQIDOOV VLQG VLH YHUVFKZXQGHQ(VWXWPLUOHLGDEHUVRLVWHV9LHOOHLFKWN|QQWHLFKPHLQ(LQNRPPHQ DXVQDKPVZHLVH DXV GHP *HGlFKWQLV DQJHEHQ GDV ZlUH DP HLQIDFKVWHQ (V ZDU RKQHKLQ HLQ VHKU VFKZDFKHV -DKU ,FK KDEH SUDNWLVFK VR JXW ZLH QLFKWV YHUGLHQW :DUWHQ6LH© 'HU 6WHXHUEHDPWH NODSSWH HLQ SDDUPDO GHQ 0XQG DXI XQG ]X (LQ XQDUWLNXOLHUWHV .UlFK]HQ HQWUDQJ VLFK VHLQHU .HKOH XQG JLQJ HUVW QDFK PHKUHUHQ 9HUVXFKHQ LQ YHUVWlQGOLFKH:RUWHEHU ª(QWIHUQHQ 6LHVLFK+HUU6WRFNOHU6LHK|UHQQRFKYRQXQV© 'LH/HXWHYRQGHU 6WHXHUIDKQGXQJ HUVFKLHQHQ DP IUKHQ 0RUJHQ ZLHVHQ HLQHQ +DXVGXUFKVXFKXQJVEHIHKO YRU YHUWHLOWHQ VLFK DXI GLH HLQ]HOQHQ =LPPHU XQG EHJDQQHQ LKU :HUN 1DFK XQJHIlKU HLQHU 6WXQGH GUDQJ DXV GHP 6FKODI]LPPHU HLQ KHLVHUHU-XEHOVFKUHL ª'DVLQGVLH© (LQHUGHU)DKQGHUHLQ'QQHUPLWUDQGORVHU%ULOOHVWDQGYRUGHP:lVFKHVFKUDQN XQGKLHOWWULXPSKLHUHQGGUHLXPIDQJUHLFKH)DV]LNHOKRFK 'LH 9HUKDQGOXQJ QlKHUWH VLFK GHP (QGH 0LW XQJHZ|KQOLFK VFKDUIHQ :RUWHQ UHVPLHUWH GHU$QZDOWGHU6WHXHUEHK|UGH ª+LHUKRKHV*HULFKWOLHJHQGLHYHUVWHFNWHQ%LODQ]HQGHV3DUIPHXUV6WRFNOHU+HUU 6WRFNOHU KDWWH VLFK +RIIQXQJHQ JHPDFKW GD ZLU HLQH !DXV GHP *HGlFKWQLV DEJHJHEHQH6WHXHUHUNOlUXQJDN]HSWLHUHQXQGNHLQH1DFKVFKDXQDFKVHLQHQ%FKHUQ KDOWHQ ZUGHQ (U ZDU LP ,UUWXP +RKHV *HULFKW GLH 6WHXHUEHK|UGH YHUODQJW GD GDV (LQNRPPHQ GHV %HNODJWHQ DXIJUXQG GHU YRQ XQV DXIJHIXQGHQHQ %FKHU EHZHUWHW ZLUG$XVLKQHQXQGQXUDXVLKQHQJHKWVHLQZDKUHV(LQNRPPHQKHUYRU © $XIGHU$QNODJHEDQNVDHLQEOHLFKHUJOFNOLFKHU6WRFNOHUXQGPXU

PHOWHHLQEHUVDQGHUH0DOYRUVLFKKLQª6LHJODXEHQPLUHQGOLFK JODXEHQVLHPLU© 'DQNEDUXPDUPWHHU -RVVHOH DXIGHU.DIIHHKDXVWHUUDVVH ª8QGQlFKVWHV-DKUIDWLHUH LFKQXUQRFKPHLQKDOEHV(LQNRPPHQ,FK KDEHDXFKVFKRQHLQKHUUOLFKHV9HUVWHFN8QWHUGHU0DWUDW]H©

'LH-DJGQDFKGHP
(LQHQHXH6FKZLHULJNHLW1LHPDQGLPJDQ]HQ/DQGHZHLZLHGHU
ª+LHU,Q)UDQNIXUWVWHKWGHU'ROODUDXIIUHLQH8Q]H *ROG0|FKWHVW GX PLU YLHOOHLFKW VDJHQ ZDV HLQH 8Q]H ZHUW LVW"© ª8QJHIlKU HLQ KDOEHV 3IXQG© VDJWHLFKª6WHUOLQJ©'LHYLHOHQ=LIIHUQKLQWHUGHP3XQNWKDWWHQPLFKYHUZLUUW8QG GLH :lVFKHUHL :HUWKHLPHU NRQQWH PLU QRFK LPPHU QLFKW KHOIHQ (V ZDU ]XP 9HU]ZHLIHOQ ,Q GHU 1DFKW WUlXPWH LFK GD LFK JDQ] DOOHLQ GLH ,QIODWLRQ EHNlPSIHQ PXWH ª.RPPKHU©EUOOWHLFKª.RPPKHUXQGLFKJHE GLUHLQHQ7ULWWGDGXELVLQGLH 0LWWH GHU QlFKVWHQ :RFKH IOLHJVW© 'LH EHVWH )UDX YRQ DOOHQ UWWHOWH PLFK ZDFK ª$XIVWHKHQ (SKUDLP 'LH 6HHOLJV VLQG JHUDGH QDFK +DXVH JHNRPPHQ 0LW HLQHP .RIIHU'XNDQQVWGLUGHQNHQZDVLQGHP.RIIHUGULQZDU©ª:DV"©ª
-HW]W VLQG DOOH 5lXPOLFKNHLWHQ XQVHUHV +DXVHV GLFKW PLW 5XQGIXQNYHUODXWEDUXQJHQ JHIOOW 'DV KDW HWZDV HQRUP %HUXKLJHQGHV DQ VLFK 8QVHU HLJHQHV +DXVKDOWEXGJHW EHUXKWDXIGHUMDSDQLVFKHQ7UDQVLVWRUZlKUXQJGLHDOOHQ6WUPHQWURW]W *HVWHUQ KDEH LFK GLH 5HFKQXQJ XQVHUHV 0LOFKOLHIHUDQWHQ PLW HLQHP VROFKHQ *HUlW EHJOLFKHQ$OV:HFKVHOJHOGEHNDPLFKHLQH7DVFKHQODPSH]XUFN0DGHLQ-DSDQ

'HU.DPSIXPGHQ/HEHQVVWDQGDUG :HQQ LFK QLFKW LUUH EHJDQQ GHU .DPSI XP GHQ /HEHQVVWDQGDUG ]ZLVFKHQ GHQ %HK|UGHQ XQG GHP 0DQQ DXI GHU 6WUDH EHUHLWV DP 7DJ GHU 6WDDWVJUQGXQJ 'LHMHQLJHQGLHGHPKLVWRULVFKHQ(UHLJQLVEHLZRKQHQGXUIWHQZHUGHQVLFKYLHOOHLFKW HULQQHUQ GD ZlKUHQG GHU IHLHUOLFKHQ 3URNODPDWLRQ XQVHUHU VWDDWOLFKHQ 8QDEKlQJLJNHLW HLQ IKUHQGHU 3ROLWLNHU GHQ 6DDO YHUOLH XQG HUVW QDFK HLQLJHQ 0LQXWHQ]XUFNNHKUWH+HXWHNDQQHQWKOOW ZHUGHQZDVHUGUDXHQJHWDQKDW (U HUNXQGLJWH VLFK WHOHIRQLVFK QDFK GHQ 3UHLVHQ GHU QHXHVWHQ DPHULNDQLVFKHQ $XWRPRGHOOH IU 0LWJOLHGHU GHU SURYLVRULVFKHQ 5HJLHUXQJ .XU] GDUDXI ZXUGH HLQVWLPPLJ EHVFKORVVHQ GLH $QJHK|ULJHQ GHV .RQVWLWXWLRQVUDWHV YRQ GHQ 3RVWJHEKUHQ ]X EHIUHLHQ 'LH QHXHQ 6WDDWVIKUHU ULFKWHWHQ XQYHU]JOLFK HLQHQ EHZHJWHQ$SSHOODQGLH%HY|ONHUXQJGHQ/HEHQVVWDQGDUG]XVHQNHQ ª'LH MHW]W EHYRUVWHKHQGH 0DVVHQHLQZDQGHUXQJ© IKUWH GHU 0LQLVWHU IU 9RONVHUQlKUXQJ DXV ªZLUG YRQ XQV DOOHQ JURH 2SIHU IRUGHUQ :LU PVVHQ GDV ZHQLJHGDVZLUKDEHQP|JOLFKVWJHUHFKWXQWHUGLH6FKZDU]KlQGOHUYHUWHLOHQ© :LH VLFK ]HLJWH ZDU GLH %HY|ONHUXQJ NHLQHVZHJV DXI HLQH 0LQGHUXQJ LKUHV :RKOHUJHKHQV HUSLFKW VRQGHUQ LP *HJHQWHLO DXI GHVVHQ 6WHLJHUXQJ 8QG GLH QHX HLQZDQGHUQGHQ%UJHUIDQGHQVLFKLQGHU$WPRVSKlUHGHV0LWWHOPHHUHVHUVWDXQOLFK VFKQHOO ]XUHFKW 6LH VFKPXJJHOWHQ :DUHQ GXUFK GLH 6FKOXFKWHQ GHV /LEDQRQ XQG GXUFK GHQ =ROO HQWZLFNHOWHQ EOKHQGH LQGXVWULHOOH %H]LHKXQJHQ ]X 9HUZDQGWHQ LQ 1HZ
0|EHO XQG 6FKDOOSODWWHQVSLHOHU XQG HOHNWULVFKH 5DVLHUDSSDUDWH XQG ZDV HV VRQVW QRFK ]X NDXIHQ JDE 'LH .DELQHWWVPLWJOLHGHU JHULHWHQ LQ 5DJH ULHIHQ QDFK LKUHQ )DKUHUQEHJDEHQVLFKQDFK+DXVHXQGIRUPXOLHUWHQDXIGHQ'DFKJlUWHQLKUHU9LOOHQ HLQHQQHXHUOLFKHQ]RUQEHEHQGHQ $SSHOO ª(V LVW QLFKW JHQXJ YRQ DOOHP GD© VFKOHXGHUWHQ VLH GHU %HY|ONHUXQJ LQV *HVLFKW ª9HUVWHKWLKUGHQQQLFKW"(VLVWQLFKWJHQXJGD©ª:DV"©IUDJWH:HLQUHEª:RYRQ LVWQLFKWJHQXJGD"©ª:LUKDEHQNHLQH%RGHQVFKlW]HZLUKDEHQNHLQH,QGXVWULHZLU KDEHQ NHLQHQ ([SRUW ZLU KDEHQ NHLQH ZLH LPPHU JHDUWHWH %DVLV IU HLQHQ KRKHQ /HEHQVVWDQGDUG© ª'DV LVW QLFKW PHLQ 3UREOHP© ODXWHWH :HLQUHEV $QWZRUW ª,FK EUDXFKH HLQHQ .KOVFKUDQN© 8QG HU NDXIWH HLQHQ JURHQ .KOVFKUDQN PLW DXWRPDWLVFKHP (QWIURVWHU HLQH ]XVDPPHQNODSSEDUH &RXFK PLW EHOJLVFKHQ *XPPLPDWUDW]HQ XQG HLQH 1lKPDVFKLQHGLHPDQDXFKDOV$TXDULXPYHUZHQGHQNRQQWH 'LH 5HJLHUXQJ PHUNWH GD HLQH 3ROLWLN GHU VWDUNHQ +DQG QRW WDW EHZLOOLJWH GHQ $EJHRUGQHWHQ K|KHUH 'LlWHQ XQG ZDQGWH VLFK QRFKPDOV JHELHWHULVFK DQ GLH NRQVXPJLHULJH3OHEV ª+HUXQWHUPLWGHP/HEHQVVWDQGDUG6RIRUWKHUXQWHUGDPLW©ª6HOEVWKHUXQWHU©VDJWH :HLQUHEª,FKZLOOHLQ$XWRKDEHQ©:DVEOLHEGHU/HJLVODWLYHEULJDOVQLFKWQXU GLH (LQIXKU]|OOH IU 3HUVRQHQNUDIWZDJHQ VRQGHUQ DXFK GLH (LQNRPPHQVWHXHU DXI GDV 'RSSHOWH ]X HUK|KHQ XP VROFKHUDUW ZHQLJVWHQV GLH +lOIWH GHV LQ 8PODXI JHVHW]WHQ 1DWLRQDOYHUP|JHQV DQ VLFK ]X UHLHQ 'DUDXIKLQ EHJDQQHQ GLH VWDUUN|SILJHQ-XGHQGRSSHOWVRYLHO]XDUEHLWHQZLHELVKHUXQGDOOHVEOLHEEHLPDOWHQ $OVGLHDXIV'RSSHOWHHUK|KWHQ6WHXHUQQRFKPDOVYHUGRSSHOWZXUGHQDUEHLWHWHQGLH -XGHQ YLHUPDO VRYLHO XQG DOV GLH =ROOJHEKUHQ IU LPSRUWLHUWH :DJHQ DXI 3UR]HQW LP 6FKDWWHQ DQVWLHJHQ NDXIWH :HLQUHE QRFK HLQHQ =ZHLWZDJHQ IU VHLQH )UDXZHLOGDVHLQHJXWH,QYHVWLWLRQZDU 'LH5HJLHUXQJPXWH]XQHXHQ*HJHQPDQDKPHQJUHLIHQ(VJDOWGHQ*UWHOHQJHU ]X VFKQDOOHQ 0DKO]HLWHQ LQ /X[XVUHVWDXUDQWV GXUIWHQ KLQIRUW QXU YRQ DNWLYHQ 3DUODPHQWVPLWJOLHGHUQDXI6SHVHQNRQWRDEJHVHW]WZHUGHQ*HJHQGLH1RUPDOEUJHU ZXUGH PLW QHXHQ 6WHXHUQ YRUJHJDQJHQ PLW QHXHQ (LQIXKU]|OOHQ =ZDQJVDQOHLKHQ =XVDW]JHEKUHQ6FKODQJHQXQG6NRUSLRQHQ

8P GLHVH =HLW DUEHLWHWHQ GLH -XGHQ EHUHLWV LQ GUHL 1DFKWVFKLFKWHQ QDKPHQ 1HEHQEHVFKlIWLJXQJHQDQIXQJLHUWHQDOV%DE\VLWWHUXQG=HXJHQYRUGHP5DEELQDW HQWIHUQWHQ GLH 6FKXW]PDUNHQ YRQ GHQ +DOVElQGHUQ DOOHU HUUHLFKEDUHQ +XQGH XQG VSLHOWHQ3RNHUPLW$QIlQJHUQ $XI GLHVH :HLVH JHODQJ HV LKQHQ LKU %XGJHW DXV]XJOHLFKHQ :RKQXQJHQ ]X HUZHUEHQXQG*UXSSHQIOJHQDFK+RQJNRQJ]XYHUDQVWDOWHQZRVLHELOOLJH.DPHUDV HLQNDXIWHQ 'LH 5HJLHUXQJ DQWZRUWHWH PLW HLQHU UDGLNDOHQ (UK|KXQJ GHU *HEKUHQ IU $XVODQGVUHLVHQ XQG VHW]WH HLQH .RPPLVVLRQ HLQ GLH GDV 3KlQRPHQ GHV VWlQGLJHQ 6WHLJHQVHLQHVVLQNHQGHQ/HEHQVVWDQGDUGVXQWHUVXFKHQVROOWH 1DFK ZRFKHQODQJHQ 6LW]XQJHQ DP 6ZLPPLQJSRRO GHV 6KDURQ+RWHOV OHJWH GLH .RPPLVVLRQ GDV (UJHEQLV LKUHU 8QWHUVXFKXQJ YRU (V DQDO\VLHUWH GHQ $XVJDEHQ (WDWGHV'XUFKVFKQLWWVEUJHUV:HLQUHEGHVVHQGHNODULHUWHV0RQDWVHLQNRPPHQ 6KHNHOEUXWWRRGHU6KHNHOQHWWREHWUXJXQGVLFKDXIIROJHQGH3RVWHQYHUWHLOWH

+\SRWKHN .DQDOLVDWLRQ 3NZ 'HYLVHQDQNDXI +DXVKDOWVKLOIH 9HUVLFKHUXQJ %FKHU7KHDWHU0XVHHQ6WHDNV .OHLGXQJ 8UODXE 9HUVFKLHGHQHV 6XPPH

*OHLFK]HLWLJ PLWGHP %HULFKWJDEGLH.RPPLVVLRQLKUHQ5FNWULWWEHNDQQWZRUDXI GLH5HJLHUXQJXQYHU]JOLFK]XVFKOXJ'LH(LQNRPPHQVWHXHUZXUGHXP3UR]HQW HUK|KWGLH(LQIXKU]|OOHXP 3UR]HQWGLH3RVWJHEKUHQXP3UR]HQW -HW]WJHZ|KQWHQVLFKGLH-XGHQGDV6FKODIHQDEDUEHLWHWHQLQIQI1DFKWVFKLFKWHQ VWDKOHQ0LOFKIODVFKHQDP0RUJHQXQGHOHNWULVFKH%LUQHQDXVGHQ7RLOHWWHQUlXPHQ GHU|IIHQWOLFKHQbPWHULKUH)UDXHQYHUVFKDIIWHQVLFKHLQHQNOHLQHQ1HEHQYHUGLHQVW LQGHPVLHDQ6WHOOH

YHUVFKlPWHU%UlXWHLQVULWXHOOH%DGVWLHJHQDEHUGHU/HEHQVVWDQGDUGVHQNWHVLFKXP NHLQHQ0LOOLPHWHU )KUHQGH3HUV|QOLFKNHLWHQDXV3ROLWLNXQG:LUWVFKDIWHUKREHQZDUQHQGGLH6WLPPH ª8QVHUH 3URGXNWLRQVUDWH LVW QXU XP 3UR]HQW JHVWLHJHQ 8QVHUH LQWHUQDWLRQDOH 9HUVFKXOGXQJEHOlXIWVLFKDXI PHKUDOV0LOOLDUGHQ'ROODU%UJHULKUVSLHOWPLW GHP)HXHU© ,P*HJHQ]XJOLHVLFK:HLQUHEHLQHQ.DPLQLQVHLQ(PSIDQJV]LPPHUHLQEDXHQXQG WDXVFKWH VHLQHQ :DJHQ JHJHQ HLQ QHXHV 0RGHOO XP 'LH 5HJLHUXQJ QLFKW IDXO EHZLOOLJWH GHQ 3DUODPHQWDULHUQ HLQH QRFK QLFKW GDJHZHVHQH *HKDOWVHUK|KXQJ XQG WUDI HLQH 5HLKH YRQ 0DQDKPHQ ]XU 6HQNXQJ GHV /HEHQVVWDQGDUGV GDUXQWHU HLQH SUR]HQWLJH (LQNRPPHQVWHXHU XQYHUKHLUDWHWHU 9lWHU PLW ]ZHL .LQGHUQ 7DWVlFKOLFK NDP HV ]X HLQHU YRUEHUJHKHQGHQ 6WDQGDUG6WDELOLVLHUXQJ DEHU QDFK HLQLJHQ 7DJHQ ZXUGHQ QHXH 6WHLJHUXQJHQ UHJLVWULHUW GLH VLFK EHVRQGHUV LQ GHU /HGHUZDUHQEUDQFKHXQGLP(LQNDXILPSRUWLHUWHU'HOLNDWHVVHQJHOWHQGPDFKWHQ ª:DUXP"©VFKOXFK]WHGLH5HJLHUXQJª:DUXPVHQNWLKUQLFKWGHQ/HEHQVVWDQGDUG ZDUXP"© :HLQUHE]RJGLH5HJLHUXQJEHLVHLWHXQGIOVWHUWHLKULQV2KUVRGDHVNHLQ 8QEHIXJWHUK|UHQNRQQWH ª:LUVFKlW]HQHLQHQKRKHQ/HEHQVVWDQGDUGJHQDXVRZLHLKU© ª:LUNOLFK"© ª-D© ª$FKVR©PDFKWHGLH5HJLHUXQJª:DUXPKDEHQ6LHGDVQLFKWJOHLFKJHVDJW"© 8QGGDVZDUGLH(LQOHLWXQJ]XU'HEDWWHEHUGLH,QIODWLRQ

(LQHKLVWRULVFKH%HJHJQXQJ 8QOlQJVWKDWWHLFKLQ+DLID]XWXQXQGPDFKWHDXIGHU5FNIDKUWLQHLQHP (LQNHKUJDVWKDXVKDOWXPHLQHQNOHLQHQ,PEL]XQHKPHQ$P1HEHQWLVFKVDKLFK HLQHQlOWHUHQ-XGHQLQNXU]HQ.KDNLKRVHQVLW]HQ(LQQLFKWDOOWlJOLFKHUDEHUQRFK NHLQEHVRQGHUVDXIUHJHQGHU$QEOLFN(UVWGHUEXVFKLJHJUDXH9ROOEDUWPDFKWHPLFK VWXW]LJhEHUKDXSWNDPPLUGLHJDQ]H(UVFKHLQXQJVRQGHUEDUEHNDQQWYRU,PPHU VRQGHUEDUHUXQGLPPHUEHNDQQWHU:lUHHVP|JOLFK"ª(QWVFKXOGLJHQ6LH©,FKWUDW DQVHLQHQ 7LVFKª6LQGZLUHLQDQGHU QLFKWLUJHQGZREHJHJQHW"©ª.DQQVHLQ©DQWZRUWHWHGHUlOWHUH-XGHLQGHQNXU]HQ .KDNLKRVHQ ª:DKUVFKHLQOLFKEHLLUJHQGHLQHPLGHRORJLVFKHQ6HPLQDU'DVW|W PDQPDQFKPDODXIPLFK0HLQ1DPHLVW0DU[.DUO0DU[© ª'RFKQLFKWDOVRGRFK'HU9DWHUGHV0DU[LVPXV"© 'DV*HVLFKWGHV$OWHQOHXFKWHWHDXI ª6LHNHQQHQPLFK"©IUDJWHHUHUU|WHQGª,FKGDFKWHVFKRQGDPLFK DOOHYHUJHVVHQKlWWHQ©ª9HUJHVVHQ"$EHUNHLQH6SXU3UROHWDULHUDOOHU/lQGHU YHUHLQLJW HXFK© ª:LHELWWH"© ª,FKPHLQH ZLVVHQ6LHQLFKW 3UROHWDULHUDOOHU/lQGHU© ª$FKMDULFKWLJ,UJHQGVRHWZDVKDEHLFKHLQPDOMDLFKHULQQHUH PLFK.DPGDPDOVEHLGHQ0DVVHQJDQ]JXWDQ$EHUGDVLVWVFKRQ ODQJHKHU1HKPHQ6LH3ODW]© ,FKVHW]WHPLFK]X.DUO0DU[9RU-DKUHQ GUEHQLQGHUDOWHQ+HLPDWKDWWHLFKLKQ VWXGLHUW%HVRQGHUVJXWZXWHLFKEHUGHQª=\NOHQ&KDUDNWHU|NRQRPLVFKHU .ULVHQ©XQGEHUGDVª(QGHGHV0RQRSRONDSLWDOLVPXV©%HVFKHLG(VZDUHLQ XQYHUKRIIWHV(UOHEQLVGHP6FK|SIHUGLHVHUJURDUWLJHQ7KHRULHQMHW]WSHUV|QOLFK]X EHJHJQHQ(UVDK]HUNQLWWHUWXQGYHUIDOOHQDXVYLHOlOWHUDOVHVVHLQHQ-DKUHQ HQWVSURFKHQKlWWH,FKZROOWHHWZDV]XU+HEXQJVHLQHU/DXQHWXQª9RULJH:RFKH ZDULQGHU:RFKHQVFKDX,KU%LOG]XVHKHQ©VDJWHLFKª-DPDQKDWPLUGDYRQ HU]lKOW,Q&KLQDQLFKWZDKU"©ª%HLP0DLDXIPDUVFKLQ3HNLQJ0LQGHVWHQVHLQH KDOEH0LOOLRQ0HQVFKHQ6LHWUXJHQJURH%LOGHUYRQ,KQHQXQG0DR7VHWXQJ©

ª0DRLVWHLQQHWWHU-XQJH©QLFNWHPHLQ*HJHQEHUª9RUHLQSDDU:RFKHQKDWHU PLUVHLQ)RWRJHVFKLFNW©%HKXWVDPKROWHGHU3DWULDUFKHLQ)RWRLP 3RVWNDUWHQIRUPDWKHUYRU(V]HLJWH0DRV.RSIXQGHLQHKDQGVFKULIWOLFKH:LGPXQJ ª/HNRZHGPHLQJURLVVHQ5HEEH&KDZHU.DUO0DU[PLWJURLVVHU$FKWLQJ 0DR© ª6FKDGHGDLFKQLFKWFKLQHVLVFKYHUVWHKH©VDJWH0DU[ZlKUHQGHUGDV%LOG ZLHGHULQGLH7DVFKHVWHFNWHª0LWGHQ&KLQHVHQLVWDOOHVLQ2UGQXQJ$EHUGLH DQGHUHQ©ª6LHPHLQHQGLH5XVVHQ"© ª%LWWHGHQ1DPHQGLHVHU/HXWHLQPHLQHU*HJHQZDUWQLFKW]XHUZlKQHQ6LHVLQG PHLQHELWWHUVWH(QWWlXVFKXQJ!3LRQLHUHGHU:HOWUHYROXWLRQ GDLFKQLFKWODFKH hEHUNXU]RGHUODQJZLUGPDQVLHYRQGHQ$PHULNDQHUQQLFKWPHKUXQWHUVFKHLGHQ N|QQHQ©ª0HLVWHU©ZDJWHLFK]XZLGHUVSUHFKHQª6LHKDEHQGRFKVHOEVWLQ,KUHP! .RPPXQLVWLVFKHQ 0DQLIHVWGDV9HUVFKZLQGHQDOOHUQDWLRQDOHQ*HJHQVlW]HDOVHLQHV GHU(QG]LHOHGHUJHVHOOVFKDIWOLFKHQ(QWZLFNOXQJEH]HLFKQHW©ª,FK"'DVKlWWHLFK JHVDJW"© ª-DZRKO6LH*DQ]GHXWOLFK'DV(QG]LHOGHUJHVHOOVFKDIWOLFKHQ(QWZLFNOXQJLVW© ª(EHQ'DV(QG]LHO$EHUGLH(QWZLFNOXQJVWHKWMDHUVWDP$QIDQJ=XHUVWPXPDQ GLH.DSLWDOLVWHQPLWDOOHQ0LWWHOQEHNlPSIHQXQGYHUQLFKWHQ© ª8QGZDVLVWPLWGHUIULHGOLFKHQ.RH[LVWHQ]"©ª*LEW VQLFKW9RQIULHGOLFKHU .RH[LVWHQ]KDEHLFKQLHPDOVJHVSURFKHQGDVZHLLFK]XIlOOLJJDQ]JHQDX0X HLQH(UILQGXQJGHU.UHPO%DQGLWHQVHLQ'LHZROOHQGHQ.DSLWDOLVPXVGDGXUFK EHUZLQGHQGDVLHPHKU)HUQVHKDSSDUDWHHU]HXJHQ0DRKDWJDQ]UHFKW,Q0RVNDX ZHLPDQQLFKWPHKUZDV0DU[LVPXVLVW©ª8QGGDV0RVNDXHU0DU[/HQLQ ,QVWLWXW"©ª(LQ6FKZLQGHO'RUWOHVHQVLH*HGLFKWHEHUGLH6FK|QKHLWYRQ0W WHUFKHQ5XODQG$OVHLQ6WXGHQWHLQPDOIUDJWHZLHGHU6WXU]GHVNDSLWDOLVWLVFKHQ 6\VWHPVVFKOLHOLFK]XVWDQGHNRPPHQZUGHDQWZRUWHWHLKPGHU,QVWUXNWRUGXUFK GLH(LQNRPPHQVWHXHU©ª9LHOOHLFKWLVWGDVJDUQLFKWVRIDOVFK© ª8QGGHU.ODVVHQNDPSI"8QGGLH'LNWDWXUGHV3UROHWDULDWV":DUXPLVWPDQYRQ DOOHGHPDEJHNRPPHQ"(VLVWHLQH6FKDQGH©ª7URW]GHPZXUGHQHLQLJH,KUHU,GHHQ YHUZLUNOLFKW©YHUVXFKWHLFKGHQDOWHQ +HUUQ]XWU|VWHQª'LH0HQVFKKHLWPDFKW )RUWVFKULWWH©

ª'DUDXINRPPWHVQLFKWDQ'DVLVWSXUHU5HYLVLRQLVPXV1XUGLH&KLQHVHQZLVVHQ XP ZDV HV JHKW 'LH ZHUGHQ GHU :HOW GHQ .RPPXQLVPXV VFKRQ EHLEULQJHQ 'LH ZHUGHQ 3UROHWDULHU DXV HXFK PDFKHQ GD HXFK HXUH HLJHQHQ 0WWHU QLFKW PHKU HUNHQQHQ©ª'DVZLUGQRFKHLQLJH=HLWGDXHUQ© ª'LH KDEHQ =HLW JHQXJ =HLW XQG HLQH 0LOOLDUGH 0HQVFKHQ (LQH 0LOOLDUGH 0DU[LVWHQ (LQH 0LOOLDUGH %HZHLVH IU PHLQH LP ! 'LDOHNWLVFKHQ 0DWHULDOLVPXV DXIJHVWHOOWH7KHVHGDGHU8PVFKODJGHU4XDQWLWlWLQ4XDOLWlWHLQHUVHLWVGXUFKGHQ LGHRORJLVFKHQ hEHUEDX DQGHUHUVHLWV GXUFK GHQ |NRQRPLVFKHQ 8QWHUEDX UHJXODWLYH )XQNWLRQ RIIHQJHVWDQGHQ PLU LVW QLHPDOV NODUJHZRUGHQ ZDV LFK GD VDJHQ ZROOWH $EHU GLH &KLQHVHQ KDEHQ GLH $WRPERPEH 'DV LVW GLH +DXSWVDFKH RGHU"© (UHUKREVLFKHLQZHQLJPKVDPXQGZDQGWHVLFK]XP*HKHQª,FKPX]XPHLQHP .LEEX]]XUFN0DQKDWPLUGRUWHLQHOHLFKWH$UEHLWLQGHU+KQHUIDUP]XJHZLHVHQ 6LH EHQHKPHQ VLFK EHUKDXSW JDQ] DQVWlQGLJ -D MD 'DV LVW DOOHV ZDV YRQ PLU EULJJHEOLHEHQLVWGLH&KLQHVHQXQGGHU.LEEX]*XW6FKDEEHV©

2SIHUGHU,QIODWLRQ ª$OVR6LHZROOHQPLW,KUHP8QWHUQHKPHQ.RQNXUVDQPHOGHQLVWGDVULFKWLJ"© ª-D+HUU.RQNXUVYHUZDOWHUZLUKDEHQNHLQHDQGHUH:DKO©ª:DVIUHLQ 8QWHUQHKPHQZDUGDVVDJWHQ6LH"©ª)DOVFKJHOG© ª,VUDHOLVFKHV*HOGQHKPHLFKDQ© ª-D:LUZDUHQVSH]LDOLVLHUWDXIGLHVFK|QH+XQGHUWVKHNHOQRWHPLWGHP.RSI XQVHUHV6WDDWVJUQGHUV7KHRGRU+HU]LGDUDXI©ª:DUXPKDEHQ6LHQLFKWNOHLQ DQJHIDQJHQ"©ª+DEHQZLUMD=XHUVWVWHOOWHQZLUNOHLQHUH1RWHQKHU$EHUHVKDWVLFK QLFKWPHKUJHORKQW©ª,QIODWLRQZDV"© ª1DWUOLFK(VWULIIWHEHQLPPHU]XHUVWGHQNOHLQHQ)lOVFKHUYRQGHU6WUDH:LVVHQ 6LHZLUKDEHQJUXQGVROLGHDQJHIDQJHQ VR]XVDJHQLQ+HLPDUEHLW(LQNOHLQHU .HOOHUHLQHHLQIDFKH'UXFNHUSUHVVHQLFKWV*URHVQLFKWV/X[XUL|VHV0HLQH)UDX KDOIKLQXQGZLHGHUDXVEHLP)DUEHQPLVFKHQXQGDQGHUHP'DPDOVZDVJODXEHQ 6LHGDKDEHLFKQRFKOHLFKWPHLQHWDXVHQG6KHNHODP7DJJHPDFKW©ª1LFKWEHO© ª'DQNH/HLGHUKDWPDQPLUOHW]WHV-DKUHLQJHUHGHWLFKPWHXQEHGLQJWGHQ %HWULHEXPVWHOOHQDXI)RWRGUXFNPLWHLQHUULHVLJHQ2IIVHWPDVFKLQHXPPHLQH 3URGXNWLRQHUK|KHQ]XN|QQHQ,FKEHVWHOOWHDOVRHLQHPRGHUQH'UXFNHUHLDQODJHDXV GHQ86$GLHPLFKJODWWH'ROODUJHNRVWHWKDW©ª8QGGDQQNDPGLH *HOGHQWZHUWXQJVWLPPW V"©ª*HQDX0HLQH)UDXXQGLFKZLUKDEHQ7DJXQG1DFKW JHVFKXIWHWZLUKDEHQhEHUVWXQGHQJHPDFKWXPGHQ:HUWDXVJOHLFKIUGHQVLQ NHQGHQ6KHNHO]XVFKDIIHQ%LVHVQLFKWPHKUDQGHUVJLQJXQGLFKJH]ZXQJHQZDU PLU/HXWHYRP$UEHLWVDPW]XKROHQXQGGHQHQDXFKQRFKEO|GVLQQLJH/|KQH]X ]DKOHQ©ª:DVEHNRPPWGHQQVRHLQHUKHXW]XWDJH"©ª(LQHUVWNODVVLJHU)lOVFKHU EULQJWVHLQH6KHNHOMHGHQ0RQDWQDFK+DXVHGUXQWHULVWKHXWHQLFKWVPHKU]X PDFKHQ1RFKGD]XZHLJHUQVLFKGLHPHLVWHQLQEHWULHEVHLJHQHU:DUHEH]DKOW]X ZHUGHQ8QG

GDQQ GUIHQ 6LH QLFKW YHUJHVVHQ GD PDQ XQWHUGHVVHQ ZLHGHU HLQPDO GLH %HLWUlJH IU GLH 6R]LDOYHUVLFKHUXQJ HUK|KW KDW IU GLH $OWHUVYHUVRUJXQJ GLH .UDQNHQYHUVLFKHUXQJ XQG DOOH DQGHUHQ 6R]LDOEHLWUlJH 'D NRPPW XQVHUHLQV QLFKW PHKUPLW© ª+DEHQ6LHHVHLQPDOPLW$NNRUGORKQSURELHUW"/RKQHQWVSUHFKHQGGHU/HLVWXQJ"© ª6HOEVWYHUVWlQGOLFK,FKKDEHPHLQHQ/HXWHQYRQMHGHQ6KHNHODQJHERWHQ GLHVLHKHUVWHOOHQ:DVKDEHQVLHJHWDQ"6LHKDEHQHVJODWWDEJHOHKQW1LFKWQXUGDV LP OHW]WHQ -DKU KDEHQ VLH GXUFK GHQ %HWULHEVUDW GUHLPDO 6DQNWLRQHQ JHJHQ PLFK HLQJHOHLWHW©ª:DVVROOGDVKHLHQ"© ª'DV VROO KHLHQ GD VLH GLH *HOGVFKHLQH QXU DXI GHU HLQHQ 6HLWH EHGUXFNW KDEHQ ,FK PXWH HLQHQ %DQNNUHGLW DXIQHKPHQ XP GLH )RUGHUXQJHQ HUIOOHQ ]X N|QQHQ $XI GHQ .UHGLW NRQQWH LFK GDQQ 3UR]HQW =LQVHQ ]DKOHQ 6WHOOHQ 6LH VLFK PHLQH 6LWXDWLRQ YRU +HUU .RQNXUVYHUZDOWHU HLQ *HOGIDOVFKHU PLW VWlQGLJHQ /LTXLGLWlWVSUREOHPHQ© ª+DEHQ 6LH VLFK GHQQQLFKW DQ GLH %HK|UGHQ JHZDQGW"© ª1DWUOLFK ,FKKDEH ]XP %HLVSLHO HLQHQ ([SRUWNUHGLW EHDQWUDJW DEHU GDV KDW PDQ LPPHU ZLHGHU KLQDXVJH]|JHUW(VKLHXQVHU6KHNHOKDEHGUDXHQLP$XVODQGNHLQH0DUNWFKDQFH /HXWH YRP 6FKDW]DPW JDEHQ PLU GHQ 5DW LFK VROOWH XPVWHLJHQ DXI 6FKZHL]HU )UDQNHQ 'DV ]HLJW ZLHGHU HLQPDO ZDV GLH VFKRQ YRP *HOG YHUVWHKHQ ,PPHUKLQ VLQGGLH*HOGVFKHLQHLQGHU6FKZHL]GRSSHOWVRJURZLHXQVHUH+HU]OVGDUXPKDEH LFK ]X GHQHQ JHVDJW DOOHV VFK|Q XQG JXW KDEH LFK JHVDJW DEHU ZHU ]DKOW IU GDV 3DSLHU",P-DKUHNRVWHWHHLQH5ROOH3DSLHU6KHNHOXQGKHXWHNRPPWVLH DXI6KHNHO,P*URKDQGHO9RUNXU]HPKDWPDQDXFKQRFKGLH=ROOJHEKUHQ YHUGRSSHOWXQGGLH/X[XVVWHXHUIU)DUEHQ1XQIUDJHLFK6LHZLHILQGHQ6LHGDV"© ª:LH ZlUH HV PLW 6XEYHQWLRQHQ" +DEHQ 6LH GHVZHJHQ EHL GHQ %HK|UGHQ HLQPDO YRUJHIKOW"© ª6LHEHOLHEHQ]XVFKHU]HQ'LH*HOGGUXFNHUGHU5HJLHUXQJEHNRPPHQUXQG]ZHLPDO Z|FKHQWOLFK VWDDWOLFKH 8QWHUVWW]XQJHQ DEHU ZLU YRQ GHQ 3ULYDWXQWHUQHKPHQ QLFKWVNHLQHQURWHQ+HOOHU,FKKDEH]XGHQHQJHVDJW+|UWPDOKDEHLFKJHVDJWGDV N|QQWLKUPLWPLUQLFKWPDFKHQLFKVRUJHIUGHQ8QWHUKDOWYRQ]Z|OI)DPLOLHQXQG VFKDIIHHVNDXP JHQJHQG*HOG]X)lOVFKHQXPGLH6WUDIH ]X]DKOHQGLHLKUPLU DXIJHEUXPPW KDEW©ª0RPHQW:DVIUHLQH6WUDIH"©

ª:HJHQ QLFKW JHPHOGHWHP :DUHQEHVWDQG (LQHV VFK|QHQ 7DJHV VLQG GLH EHL PLU UHLQJHSODW]WXQGKDEHQHLQHQ%HULFKWDEJHVFKLFNWGDLFK+HU]OVJHEQGHOWXQG ]XU $XVOLHIHUXQJ EHUHLW DP /DJHU JHKDEW Kl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|QQHQ© ª6FKOLPP VFKOLPP 8QVHU /DQG EUDXFKW VROFKHQ8QWHUQHKPHUJHLVW ZLH 6LH LKQ JH]HLJWKDEHQ© ª,FK ZHL $EHU JHVWHUQ KDEH LFK PLFK KLQJHVHW]W XQG HLQ ELFKHQ QDFKJHUHFKQHW 'HU3UHLVYRQHLQHPDPWOLFKHQ+HU]LEHWUlJWDXIGHP6FKZDU]PDUNWDXJHQEOLFNOLFK UXQG 'ROODU XQG PLFK NRVWHW GLH +HUVWHOOXQJ YRQ HLQHP JHIlOVFKWHQ +HU]L EHUHLWV 'ROODU XQYHUVWHXHUW 6ROO LFK PLU GLH )LQJHU EOXWLJ DUEHLWHQ QXU XP WLHIHU XQG WLHIHU LQ 6FKXOGHQ ]X JHUDWHQ" 1HLQ +HUU .RQNXUVYHUZDOWHU KLHUPLW HUNOlUH LFK PLFK IU EDQNURWW 6ROOHQ GRFKGLH *OlXELJHU ]X PLU NRPPHQ XQG VLFK VHOEHUGUXFNHQZDVLFKLKQHQVFKXOGH:DVPHLQHQ/DJHUEHVWDQGDQEHWULIIWQXQGD VLQGQRFK6KHNHOLQ+HU]OVYRUKDQGHQ6LHN|QQHQYRQPLUDXVKHU]OLFKJHUQH GLH +HU]OV EHVFKODJQDKPHQ XQG |IIHQWOLFK YHUVWHLJHUQ :DV ZHUGHQ 6LH GDIU NULHJHQ"9LHOOHLFKWELV6KHNHO© ª:LU ZHUGHQ GLH JHHLJQHWHQ 0DQDKPHQ WUHIIHQ 8QG ZDV ZHQQ LFK IUDJHQ GDUI ZHUGHQ6LHQXQWXQ"©ª,FKVSLHOH/RWWR©

'LH*XPPL]XODJH -HGHU EHOLHELJH %HUXIV]ZHLJ EULQJW VHLQHQ HLJHQHQ *LQ]EXUJ KHUYRU 9RU HLQLJHQ -DKUHQ ]X %HJLQQ VHLQHU /DXIEDKQ ZDU *LQ]EXUJ HLQ HLQIDFKHU $UEHLWHU ZLH DOOH DQGHUHQ DXFK ZHQQ ZLU GDYRQ DEVHKHQ ZROOHQ GD HU HLQH HWZDV ODXWHUH 6WLPPH KDWWH+HXWHYHUIJWHUEHUHLQYROONOLPDWLVLHUWHV%URVRZLHHLQHZRKOWHPSHULHUWH 6HNUHWlULQ XQG YHUGLHQW RKQH HLQHQ )LQJHU NUXPP ]X PDFKHQ GUHLPDO VRYLHO ZLH HLQ$UEHLWHU8QGZRIUYHUGLHQWHUGDV'UHLIDFKH"8P6WUHLNV]XRUJDQLVLHUHQ :LU ZHUGHQ MHGRFK QLHPDOV HUIDKUHQ ZDV LP .RSI GHV (QJHOV PLW GHP )ODPPHQVFKZHUW YRUJLQJ HKH HU VLFK HQWVFKOR DXVJHUHFKQHW EHL *LQ]EXUJ OHLEKDIWLJ]XHUVFKHLQHQª*LQ]EXUJHUKHEHGLFK©ª:DVLVWORV"© *LQ]EXUJ KDWWH DQ VLFK JHJHQ (QJHO QLFKWV HLQ]XZHQGHQ ,P *HJHQWHLO PDQFKPDO VHKQWHHUVLFKHLQHQKHUEHL]XP%HLVSLHOYRUJHVWHUQEHLGHUVWXQGHQODQJHQ'HEDWWH LP)LQDQ]PLQLVWHULXP(VJLQJZLHGHUHLQPDOXPbQGHUXQJHQLP7DULIYHUWUDJXQG LP %UHQQSXQNW VWDQGHQ QDWUOLFK GLH *XPPLSUREOHPH DXI GHQHQ *LQ]EXUJ HQHUJLVFKEHKDUUHQPXWH'LHVHEUDQFKHQVSH]LIOVFKH 6RQGHU]XODJHJDOWDOVGLHZH VHQWOLFKVWH (UUXQJHQVFKDIW GHU $UEHLWHU LQ GHU $XWREXV.RRSHUDWLY:HUNVWlWWH XQG VWHOOWH JHZLVVHUPDHQ *LQ]EXUJV /HEHQVZHUN GDU (V KDWWH HLQHQ MDKUHODQJHQ $UEHLWVNDPSIPLWVWlQGLJHQ6WUHLNGURKXQJHQJHNRVWHWHKHHV*LQ]EXUJJHODQJGDV )LQDQ]PLQLVWHULXP GDYRQ ]X EHU]HXJHQ GD GDV *XPPLEDQG LQ GHQ 8QWHUKRVHQ GHUYRQLKPEHWUHXWHQ$UEHLWQHKPHUPLWGHU=HLWDQ6SDQQXQJYHUOLHUH,Q.DWDVWUR SKHQIlOOHQ VR VFKULHE HU LQ ]DKOORVHQ ([SRVHV ZlUH HV XQEHGLQJW QRWZHQGLJ HLQ DXVJHGHKQWHV *XPPLEDQG JHJHQ HLQ QHXHV DXV]XWDXVFKHQ 'HP]XIROJH VHL HV XQHUOlOLFK GHQ YHUGLHQWHQ $UEHLWHUQ HLQH *XPPLDEQXW]XQJV6RQGHU]XODJH ]X JHZlKUHQ ª*HQRVVHQ© EUOOWH *LQ]EXUJ YRUJHVWHUQ EHL GHU 8UDEVWLPPXQJ GHV DXHURUGHQWOLFKHQ *HZHUNVFKDIWVWDJHV ªNDQQ PDQ YRQ XQV YHUODQJHQ PLW KHUXQWHUJHUXWVFKWHQ 8QWHUKRVHQ]X VFKWWHQ"© 8QG QXQ VWDQG HLQ HFKWHU (QJHO PLW HLQHPIODPPHQGHQ6FKZHUWYRULKP

ª*LQ]EXUJ©VRVSUDFKHUPLWVDQIWHU6WLPPHªGXPXWGLFK]ZLVFKHQGHU *XPPL]XODJHXQGGHU([LVWHQ]GHV6WDDWHVHQWVFKHLGHQ© ª1LPP3ODW]©DQWZRUWHWH*LQ]EXUJªZDUXPVWHKVWGX*HQ|VVH(QJHO"© ª%HGHQNHGRFK*LQ]EXUJ'HU7HXIHOVNUHLVDXV*HKDOWVHUK|KXQJHQHLQHUVHLWVXQG VWHLJHQGHQ 3UHLVHQ DQGHUHUVHLWV GURKW GHQ 6WDDW LQ GHQ %DQNURWW ]X IKUHQ (LQH HLQ]LJHZHLWHUH*HKDOWVHUK|KXQJXQGGLHJDORSSLHUHQGH,QIODWLRQZLUGHXFKDOOHLQ GHQ$EJUXQGVWRHQ© ª:HPVDJVWGXGDV©VHXI]WH*LQ]EXUJªJODXEVWGXLFKZHLGDVQLFKW"© (UNQ|SIWHVHLQH+RVHDXIXPGHP(QJHO]X]HLJHQZLHVFKODIIGDV*XPPLEDQG XPVHLQH+IWHQEHUHLWVJHZRUGHQZDU'HU (QJHOVDKYHUOHJHQZHJ ª'XPXWGLFKHQWVFKHLGHQ*LQ]EXUJHQWZHGHU6WDDWRGHU*XPPLEDQG© 'HU%HWULHEVUDWVYRUVLW]HQGHZDQGVLFKKLQXQGKHUª,FKPXGDV3UREOHPYRQHLQHU K|KHUHQ:DUWHDXVEHWUDFKWHQ:HLQWUDXEKDWVHLQHQ/HXWHQHLQH6DXHUVWRII *UDWLILNDWLRQHUNlPSIW©)UDOOHGLHVLFKDQGLH'HWDLOVQLFKWPHKUHULQQHUQVHLKLHU NXU]YHUPHUNWGD:HLQWUDXE=HQWUDOEHWULHEVUDWGHU6SLWlOHULVW(VZDULKP VHLQHU]HLWJHOXQJHQGHP)LQDQ]PLQLVWHULXPHLQH6RQGHUHQWVFKlGLJXQJ]XHQWUHLHQ QDFKGHPHU GLH6DXHUVWRII]XIXKUIU$VWKPDWLNHULQGUHLJURHQ.UDQNHQKlXVHUQ HLQJHVWHOOWKDWWHª,FKIUDJHGLFK*LQ]EXUJZDVGLUZLFKWLJHULVW©GHU(QJHOUHFNWH VLFK DXIXQGHUKREVHLQIODPPHQGHV6FKZHUWªGLH*XPPL]XODJHRGHU,VUDHO"© *LQ]EXUJYHUVDQNLQWLHIH *HGDQNHQ ª0LU LVW EHLGHV ZLFKWLJ© IDWH HU ]XVDPPHQ ª(LQHUVHLWV ZLOO LFK LQ GLHVHP /DQG NHLQH UXWVFKHQGHQ 8QWHUKRVHQ WROHULHUHQ DQGHUHUVHLWV JHKHQ PHLQH )RUGHUXQJHQ EHWUHIIV RUGQXQJVJHPl JHVSDQQWHP *XPPL QLFKW EHU GLH /DQGHVJUHQ]HQ KLQDXV )UPLFKELOGHWGLH3UREOHPDWLNHLQHHLQ]LJH(LQKHLW,FKP|FKWHVRZRKOGHQ6WDDW DOVDXFKGLH*XPPLVRQGHU]XODJH© ª8QG ZHQQ HV GDUXP JHKW ]ZLVFKHQ EHLGHQ ]X ZlKOHQ"© ª+DVW GX :HLQWUDXEJHIUDJWZDVHUHU]lKOHQZUGH"©'HU(QJHOEHXJWHVLFKEHULKQ ª1XU JUXQGOHJHQGHV 8PGHQNHQ GHU |IIHQWOLFK %HGLHQVWHWHQ LQ EH]XJ DXI /HLVWXQJ XQG(UWUDJNDQQGDV/DQGLQGLHVHUVFKZHUHQ6WXQGHUHWWHQ:LHZROOWLKUGHP8UWHLO GHU*HVFKLFKWHVWDQGKDOWHQZLHZROOWLKU

XQVHUH JHVSDQQWH /DJHHUOHLFKWHUQ ZHQQ LKU QLFKW EHUHLW VHLG KLQ XQG ZLHGHU HLQ 2SIHU]XEULQJHQ"© 'LH JHVSDQQWH /DJH ]X HUZlKQHQ ZDU HLQ )HKOHU *LQ]EXUJ VWHFNWH VRIRUW ZLHGHU VHLQHQ)LQJHUXQWHUGDV*XPPLEDQGª,FKODVVH PLUYRQQLHPDQGHPHU]lKOHQZDV $XIRSIHUXQJEHGHXWHW©SURWHVWLHUWHHUª,FKKDEHDQGUHL.ULHJHQWHLOJHQRPPHQELQ ]ZHLPDO YHUZXQGHWXQGHLQPDODXVJH]HLFKQHW ZRUGHQ:HU PLFKNHQQWZHLGD LFKEHUHLWELQIUGLH+HLPDWPHLQ/HEHQKHU]XJHEHQ©ª8QGGHU*XPPL"©ª'DVLVW JDQ]HWZDVDQGHUHV© 'HU (QJHO OLH (UPGXQJVHUVFKHLQXQJHQ HUNHQQHQ (U VWHFNWH VHLQ IODPPHQGHV 6FKZHUW HLQ VHW]WH VLFK QHEHQ *LQ]EXUJ XQG EHJDQQ DXI HLQHP 6FKUHLEEORFN .DONXODWLRQHQ YRU]XQHKPHQ ª+|U ]X *LQ]EXUJ GHLQH YHUGDPPWH *XPPLEDQGDEQXW]XQJVVRQGHU]XODJH EHWUlJW 3UR]HQW GHV GUHLMlKULJHQ .RKOHQGLR[\GhEHUVFKXVVHV PLW DQGHUHQ :RUWHQ 6KHNHO PRQDWOLFK© ª'LH =XODJHEHWUlJW6KHNHO© ª:LH GHP DXFK VHL YRQ GLHVHU 6XPPH ZHUGHQ GLU 6WHXHUQ LQ +|KH YRQ 6KHNHODEJH]RJHQ5HLQQHWWREOHLEHQGLULPPHUKLQ:DVZLOOVWGXPLWGLHVHP *HOG WXQ"© ª,FK ZHUGH PLU HLQH 6RQQHQEULOOH NDXIHQ© ª:DV NRVWHW GLH"© ª 6KHNHO© ª,FK IUDJH GLFK *LQ]EXUJ ELVW GX EHUHLW XQG ZLOOHQV IU HLQ 9LHUWHO 6RQQHQEULOOH GHLQ/DQG]XYHUNDXIHQ"©ª:HLQWUDXEKDWHLQHQHXHLWDOLHQLVFKH6RQQHQEULOOH©'HU (QJHOEHJDQQVFKZHU]XDWPHQ ª:HQQGXDXIGLHVH=XODJHQLFKWYHU]LFKWHVW©ZDUQWHHUªNDQQGDV9HUNHKUVZHVHQ GHV JDQ]HQ /DQGHV ODKPJHOHJW ZHUGHQ 'HU :LUWVFKDIWV]XVDPPHQEUXFK ZLUG XQDXIKDOWVDPGDV*HOGNHLQHQ:HUWPHKUKDEHQ:DVZLUVWGXGDQQWXQ"© ª,FK ZHUGH YHUPXWOLFK ]ZHL lOWHUH )DPLOLHQDQJHK|ULJH HQWODVVHQ 2SD XQG QRFK MHPDQG©'HU(QJHOEUDFKLQ7UlQHQDXV ª'X ZLOOVW DOVR GHLQ +HLP GHLQH )DPLOLH NXU] DOOHV ZDV GX HLQ /HEHQ ODQJ DXIJHEDXW KDVW ]HUVW|UHQ" :DUXP *LQ]EXUJ ZDUXP"© $XFK *LQ]EXUJ EHJDQQ ]X ZHLQHQ ª:DV ZHL LFK"© KHXOWH HU ª9HUVWHKVW GX GHQQ QLFKW GD LFK XQWHU (UIROJV]ZDQJ VWHKH"©

'HU(QJHONQLHWHVLFKYRU*LQ]EXUJ QLHGHU ª,FKELWWHGLFKXP*RWWHVZLOOHQ]XEHUOHJHQZDVPDQGHUHLQVWLQ GHQ*HVFKLFKWVEFKHUQVFKUHLEHQZLUG8QVHUHUVWHU7HPSHOZXUGH Y&KUYRQGHQ%DE\ORQLHUQ ]HUVW|UWGHU]ZHLWH7HPSHOLP-DKUH Q&KUYRQGHQ5|PHUQXQGGHQGULWWHQ7HPSHO]HUVW|UWH-RVVHO *LQ]EXUJKHXWHQDFKPLWWDJXPYLHU8KU© *LQ]EXUJVFKZLHJ9RQ=HLW]X=HLWVWHFNWHHUHLQHQQDFKGHQNOLFKHQ )LQJHULQGLH+RVHXQGSUIWHGLH6SDQQXQJGHV*XPPLEDQGHV 'HU(QJHOZlO]WHVLFKYRU*LQ]EXUJV)HQLP6WDXEª5HWWHGRFK GHQMGLVFKHQ6WDDW*LQ]EXUJ=HUVW|UHLKQQLFKWPXWZLOOLJ9HU]LFKWH HQGOLFKDXIGLH*XPPL]XODJH© *LQ]EXUJVFKZLHJZHLWHU$QVHLQHU6WLUQVFKZROOHQGLH$GHUQDQXQG VHLQH.LQQEDFNHQ]XFNWHQEHGURKOLFK(VLVWQLFKW]XEHVFKUHLEHQZDV GHU0DQQLQGLHVHQ0LQXWHQGXUFKPDFKWH'DQQHQWVFKLHGHUª,FK PXGHQ%HWULHEVUDWDQUXIHQ© 1DFKHLQLJHQ0LQXWHQZDUHUZLHGHUGDXQGIUDJWHNOHLQODXW ª:lUHQLFKWHLQ3DXVFKDODENRPPHQP|JOLFK",FKPHLQHGDV%HVWHKHQGHV6WDDWHV PLWGHPJHVWUDIIWHQ*XPPLEDQG]XYHUHLQHQ"© ª1HLQ© *LQ]EXUJ JLQJ EHWUHWHQ YRQ GDQQHQ XQG NDP HUVW ]ZHLHLQKDOE 6WXQGHQ VSlWHU WDXPHOQGHQ 6FKULWWHV ]XUFN 6HLQH $XJHQ ZDUHQ YHUZHLQW VHLQH 0XQGZLQNHO ]LWWHUWHQ ª(VWXWPLUZLUNOLFKOHLGDEHUHVEOHLEWEHLP*XPPL©'HU(QJHOVWU]WHVLFKLQVHLQ IODPPHQGHV6FKZHUW'HU(UGERGHQ|IIQHWHVLFKXQGYHUVFKODQJGHQJDQ]HQ6WDDW $OOHVZDV]XUFNEOLHEZDUHLQULHVLJHU.UDWHUEHUGHPVRQRUHDUDELVFKH0XVLN]X K|UHQZDU0LWHLQHPYHU]ZHLIHOWHQ6FKUHLPLWGHUYHUNUDPSIWHQ+DQG:HLQWUDXEV +DOVXPNODPPHUQGVWU]WHVLFK*LQ]EXUJLQGHQ$EJUXQG'DVQHXH*XPPLEDQGLQ VHLQHU8QWHUKRVHKLHOW

(OHIDQWLDVLVDOV:LUWVFKDIWVLQGH[ 'DV 3DUODPHQW WUDW ]X HLQHU DXHURUGHQWOLFKHQ 6LW]XQJ ]XVDPPHQ *HJHQVWDQG GHU KLW]LJHQ 'HEDWWH ZDU ZLH N|QQWH HV DQGHUV VHLQ GLH )UDJH RE GLH .ODJHPDXHU ª.ODJHPDXHU©KHLHQVROOWHRGHUª6GOLFKH0DXHU© ª-HW]W©EHPHUNWH)UDX.DODQLRWªZlUHHLQHJXWH=HLW(OHIDQWHQ]XNDXIHQ© ª:DUXPJHUDGHMHW]W"©IUDJWHLFK ª:HLO©DQWZRUWHWH)UDX.DODQLRWªGHU3UHLVQRFKXQYHUlQGHUWLVW6HFKV3IXQGGDV .LORGD]X8PVDW]VWHXHUXQG=ROO:HQQLFK*HOGKlWWHZUGHLFKVRIRUW HLQHQ(OHIDQWHQNDXIHQ©,FKYHUVXFKWH]XZLGHUVSUHFKHQDEHU)HOL[6HHOLJILHOPLU LQV:RUW ª8QGGDQQZXQGHUWPDQVLFKZDUXPGLH1DFKIUDJHQDFK(OHIDQWHQGHQ /HEHQVNRVWHQLQGH[LQGLH+|KHWUHLEW1XUZHLOGDV.LOR(OHIDQWQRFKLPPHUVRYLHO NRVWHW ZLH YRU GHU $EZHUWXQJ PVVHQ ZLU EHU NXU] RGHU ODQJ IU DOOHV DQGHUH GRSSHOWVRYLHOEH]DKOHQ©=LHJOHUVWLHHLQJHOOHQGHV/DFKHQDXV ª(OHIDQWHQ NDXIHQ :DV IU HLQ8QVLQQ :LUNOLFK .LQGHU PDQFKPDO KDEH LFKGDV *HIKO GD LKU DOOH YHUUFNW VHLG (OHIDQWHQ :HOFKHU YHUQQIWLJH 0HQVFK NDXIW KHXWHLUJHQGHWZDVGDVQLFKWDXVHLQHPGHU/lQGHUPLWKDUWHU:lKUXQJNRPPW"'LH (OHIDQWHQVLQGEHNDQQWOLFKQLFKWPLWGHU'ROODU]RQHDVVR]LLHUWXQGGHVKDOEEHVWHKW NHLQH$XVVLFKWGDLKU3UHLVMHPDOVVWHLJHQZLUG©ª8QGZHQQHUWURW]GHPVWHLJW"© IUDJWH LFK ª0DQ PX EHGHQNHQ GD HLQ (OHIDQW QXU VR ODQJH HLQH JQVWLJH ,QYHVWLWLRQ GDUVWHOOW DOV HU ZHQLJ NRVWHW :HQQ HU WHXUHU ZLUG LVW HU ZHUWORV ZHLO PDQ LKQ QLFKW PHKU YHUNDXIHQ NDQQ VREDOG NHLQH $XVVLFKW EHVWHKW GD VHLQ 3UHLV VWHLJHQZLUG© ,FKKDWWHGDV*HIKOGDPDQPHLQHOLFKWYROOHQ$XVIKUXQJHQQLFKWJDQ]YHUVWDQG 'LH 5XQGH ]HUVWUHXWH VLFK =X +DXVH EHULFKWHWH LFK PHLQHU )UDX EHU GDV (OHIDQWHQSUREOHP ª.DXIHQ ZLU HLQHQ© VDJWH VLH ª1XU XP VLFKHU]XJHKHQ© ,FK VXFKWH /XEOLQHUV 7LHUKDQGOXQJ DXI XQG YHUODQJWH HLQHQ (OHIDQWHQ ª$XVYHUNDXIW© DQWZRUWHWH/XEOLQHURKQHPLWGHU:LPSHU]X]XFNHQ,FKOLHPLFKQLFKWVROHLFKW DEZHLVHQXQGKLHOWXQDXIIlOOLJ 1DFK

VFKDX 5LFKWLJ ,Q HLQHU GXQNOHQ (FNH KLQWHU HLQHP 3DSDJHLHQNlILJ VWDQG HLQ (OHIDQW ª8QGZDVLVWGDV"©IUDJWHLFKDQ]JOLFK/XEOLQHUHUU|WHWHXQGYHUVXFKWHVLFKGDUDXI DXV]XUHGHQ GD HV ]X VHLQHQ *HVFKlIWVSULQ]LSLHQ JHK|UH LPPHU PLQGHVWHQV HLQ ([HPSODU YRQ MHGHU *DWWXQJ YHUIJEDU ]X KDEHQ ª:HQQ LFK KHXWH YHUNDXIH ZHU ZHLZDVLFKPRUJHQIUGLH1DFKOLHIHUXQJ]DKOHQPX=ZHL(OHIDQWHQZDUWHQDXI PLFKXQWHU=ROOYHUVFKOXXQGLFKNDQQVLHQLFKWKHUDXVEHNRPPHQ'LH5HJLHUXQJ YHUODQJWHLQHQ=ROO]XVFKODJZHLOGHU(OHIDQWHQSUHLVLQGLH+|KHJHKHQZLUGZHQQ VLH HLQHQ =ROO]XVFKODJ YHUODQJW© ,FK YHUOLH /XEOLQHU PLW OHHUHQ +lQGHQ 2IIHQ JHVWDQGHQ (V WDW PLU QLFKW EHVRQGHUV OHLG ,FK KDEH ELVKHU RKQH HLQHQ (OHIDQWHQ JHOHEWXQGZHUGHDXFKZHLWHURKQHHLQHQ(OHIDQWHQOHEHQN|QQHQ8QGZDVVHKHLFK SO|W]OLFK LQ HLQHU 6HLWHQVWUDH GHV 5RWKVFKLOG%RXOHYDUGV" :HU NRPPW PLU GD HQWJHJHQ"=LHJOHU PLWHLQHP(OHIDQWHQDQGHU/HLQH,FKWUHWHDXILKQ]X ª:RKHU KDVW GX GHQ (OHIDQWHQ"© IUDJH LFK ª:HOFKHQ (OHIDQWHQ"©IUDJW=LHJOHUª'HQKLQWHUGLU© ª$FKGHQ©=LHJOHUEHJLQQW]XVWRWWHUQª'HUJHK|UWQLFKWPLU0HLQ&RXVLQLVWDXI :DIIHQEXQJXQGKDWPLFKJHEHWHQGDVDUPH7LHUVSD]LHUHQ]XIKUHQ© 'DVNODQJK|FKVWXQJODXEZUGLJ6HLWZDQQIKUWPDQHLQHQ(OHIDQWHQVSD]LHUHQ" (LQ(OHIDQWLVWMDNHLQ+XQG'LHEHVWH(KHIUDXYRQDOOHQZDUGHUJOHLFKHQ$QVLFKW DOVLFKLKUGDYRQHU]lKOWHª$XFKEHLXQVLP +DXVVWLPPWHWZDVQLFKW©IJWHVLH KLQ]Xª6HLWJHVWHUQK|UHLFKDXVGHU:RKQXQJGHU.DODQLRWVHLQPHUNZUGLJHV *HUlXVFK.OLQJWZLH7URPSHWHQ'LHKDEHQVLFKHUOLFKLQGHU=HLWXQJJHOHVHQGD GLH(LQIXKUJHEKUIU(OHIDQWHQHUK|KWZHUGHQVROO© ,FKQLFNWHEHWUHWHQXQGEHWUEW(VLVWQLFKWDQJHQHKP]XZLVVHQGDMHGHUPDQQLP 8PNUHLV HWZDV XQWHUQLPPW XQG QXU PDQ VHOEVW VWHKW GD XQG OlW VLFK YRQ GHU (QWZLFNOXQJEHUUHQQHQ ,Q GHU 1DFKW K|UWHQ ZLU JHGlPSIWHV 7UDPSHOQ LP 7UHSSHQKDXV :LU OXJWHQ GXUFK GHQ *XFNHU(UQD 6HHOLJXQGLKU0DQQVWLHJHQDXI=HKHQVSLW]HQ]XLKUHU:RKQXQJ KLQDXI ]ZHL (OHIDQWHQ LP 6FKOHSSWDX $OV ZLU DP QlFKVWHQ 0RUJHQ GLH =HLWXQJ |IIQHWHQZXUGHXQVDOOHV

NODU ª5HJLHUXQJ XQWHUVXFKW 3UHLVNDUWHOOELOGXQJ IU (OHIDQWHQVWR]lKQH© ODXWHWH HLQHEDONHQGLFNHhEHUVFKULIW'DVDOVRZDU V'LHEHVWH(KHIUDXYRQDOOHQQDKPVLFK HUVWJDUQLFKWGLH0KHLKUHQ=RUQ]XYHUKHKOHQ ª*HKXQGPDFKZDV©ULHIVLHPLU]Xª8QGGDGXPLUMDQLFKWRKQHHLQHQ(OHIDQWHQ QDFK+DXVHNRPPVW-HGHU,GLRWZHLZDVHU]XWXQ KDWQXUGXQLFKW© *HJHQ$EHQGJHODQJHVPLUWDWVlFKOLFKHLQHQSUHLVJQVWLJHQ(OHIDQWHQ]XHUVWHKHQ ,FKNDXIWHLKQHLQHP1HXHLQZDQGHUHUDEGHUQRFK 6WHXHUIUHLKHLWJHQR 'HU(OHIDQWNRQQWHVLFKQXUPLW0KHGXUFKGDV+DXVWRU]ZlQJHQGDVLQGHQOHW]WHQ 7DJHQPHUNOLFKQLHGULJHUJHZRUGHQZDU9HUPXWOLFKODJGDVDQGHQ(OHIDQWHQ)DVW MHGHV6WRFNZHUNKDWWHPLQGHVWHQVHLQHQDXI]XZHLVHQXQGDOOH]XVDPPHQGUFNWHQ GDV0DXHUZHUNQDFKXQWHQ,PEULJHQPXWHQZLUVHKUEHKXWVDPYRUJHKHQXPGHQ 9HUNlXIHUQLFKWQRFKQDFKWUlJOLFK]XJHIlKUGHQ1HXHLQZDQGHUHUGUIHQLKUH (OHIDQWHQIUKHVWHQVQDFK$EODXIHLQHV-DKUHVYHUNDXIHQ:LUJLQJHQ]X%HWW IU|KOLFKZLHQRFKQLHVHLWGHU$EZHUWXQJGHULVUDHOLVFKHQ:lKUXQJ $P QlFKVWHQ0RUJHQVWU]WHGDV+DXVHLQ$XVGHQ7UPPHUQDUEHLWHWHQVLFKHOI (OHIDQWHQKHUYRUXQGUDVWHQLQZLOGHP*DORSSGXUFKGLH6WUDHQ'LH([SHUWHQ EHKDXSWHQGLHVKlWWHVLFKYHUPHLGHQODVVHQZHQQGLH(OHIDQWHQDQGHQ,QGH[ JHEXQGHQZlUHQ$OOHVDXI GHU:HOWKDWVHLQHQ3UHLV$XFKGLHZLUWVFKDIWOLFKH 8QDEKlQJLJNHLWHLQHV/DQGHV

:LUWVFKDIWVNXQVW 'HU)LQDQ]PLQLVWHU 6RQVWQRFKHWZDV"'LH5DWJHEHU 'DV8QWHUULFKWVPLQLVWHULXP ZLHGHUKROWVHLQHQVHLW]ZHL-DKUHQXQHUOHGLJWHQ$QWUDJGHPXQWHU/HLWXQJYRQ -RVXD%HUWLQLVWHKHQGHQ.DPPHURUFKHVWHUHLQHHLQPDOLJH6XEYHQWLRQYRQ 6KHNHO]XJHZlKUHQ,QGHU$QWUDJVEHJUQGXQJKHLWHVZLHVFKRQVHLW]ZHL-DKUHQ GDGLH7lWLJNHLWGLHVHU0XVLNYHUHLQLJXQJHLQHQZHUWYROOHQ%HLWUDJIUGDV NXOWXUHOOH/HEHQXQVHUHV/DQGHVOHLVWHWXQG 'HU)LQDQ]PLQLVWHU 6RQVWQRFKZDV":HQQLFKQLFKWLUUHLVWKLHUGDV )LQDQ]PLQLVWHULXPXQGNHLQ.XOWXUDXVVFKX'LH5DWJHEHU 'DV.DPPHURUFKHVWHU KDWGHP)LQDQ]PLQLVWHULXPELVKHULQVJHVDPWVLHEHQ6XEYHQWLRQVDQVXFKHQ XQWHUEUHLWHW'HU)LQDQ]PLQLVWHU 0HLQHWZHJHQN|QQHQVLHQRFKHLQ'XW]HQGXQ WHUEUHLWHQ'LHVFKHLQHQXQVIUHLQHQ*ROGHVHO]XKDOWHQGHUVLFKYRQMHGHU KHUJHODXIHQHQ$UWLVWHQWUXSSHDOVRPHONHQNDQQPDQQLFKWJXWVDJHQDEHU MHGHQIDOOVOlW:DVELOGHQGLHVLFKHLJHQWOLFKHLQ"'LH5DWJHEHU .DPPHUPXVLNDOLVFKH'DUELHWXQJHQN|QQHQHUIDKUXQJVJHPlQXUPLWHLQHP EHJUHQ]WHQ3XEOLNXPUHFKQHQXQGVLQGDXI6XEYHQWLRQHQDQJHZLHVHQ 'HU)LQDQ]PLQLVWHU 0HLQH+HUUHQODVVHQZLU=DKOHQVSUHFKHQ:LHRIWWUHWHQGLH PLWLKUHU.DPPHUPXVLNDXI",FKPHLQHZLHYLHOH9RUVWHOOXQJHQJHEHQVLH"'LH 5DWJHEHU 8QJHIlKULP-DKU 'HU)LQDQ]PLQLVWHU (LQH6FKQLWWEHUHFKQXQJGHULQ%HWUDFKWNRPPHQGHQ6lOHHUJLEW 6LW]H'LH5DWJHEHU$EHU HVLVWQLFKWLPPHU DXVYHUNDXIW'HU)LQDQ]PLQLVWHU 'DQNH6RKDEHLFK VPLUYRUJHVWHOOWPDOPDFKWXQGGDYRQPXPDQ QRFKGLHOHHUHQ6LW]HDE]LHKHQ)UGLHVHNOlJOLFKHQ=LIIHUQVROOHQZLUHLQH 6XEYHQWLRQIOVVLJPDFKHQ"$XHUGHPPVVHQZLUVFKRQIUGLH2SHUVRUJHQ,VW GLHVHU+HUU%UHWRQLRGHUZLHHUKHLWHLQPDODXIGHQ*HGDQNHQJHNRPPHQVLFK PLWGHP,QVWLWXW]XU)|UGHUXQJYRQ3URGXNWLRQV]LIIHP]XEHUDWHQ"'LH5DWJHEHU :DKUVFKHLQOLFKQLFKW'HU)LQDQ]PLQLVWHU 'DVGDFKWHLFKPLU(VLVWMDDXFKYLHO OHLFKWHU

XQG EHTXHPHU ]XU 5HJLHUXQJ ]X UHQQHQ XQG HLQH 6XEYHQWLRQ ]X YHUODQJHQ QLFKW ZDKU 1HLQ PHLQH +HUUHQ VR EDXW PDQ NHLQHQ 6WDDW DXI 'LHVHV EDQNURWWH 8QWHUQHKPHQVROOJHIDOOLJVWHLQYHUQQIWLJHV3URGXNWLRQVV\VWHPHLQIKUHQ6HQNXQJ GHU.RVWHQEHLJOHLFK]HLWLJHU6WHLJHUXQJGHV$XVVWRHV$E]JHYRQGHQ*HKlOWHUQ =XVFKOlJH ]X GHQ (LQWULWWVNDUWHQ *HVWDIIHOWH 3URYLVLRQHQ 8QG EHUKDXSW 'DQQ ZHUGHQVLHNRQNXUUHQ]IlKLJVHLQ 'LH 5DWJHEHU :LU P|FKWHQ GDUDXI KLQZHLVHQ GD XQVHU .DPPHURUFKHVWHU YRQ .ULWLNHUQXQG6DFKYHUVWlQGLJHQDOVHLQHVGHUEHVWHQVHLQHU$UWEH]HLFKQHWZLUGXQG LQWHUQDWLRQDOHV $QVHKHQ JHQLHW 'HU )LQDQ]PLQLVWHU ,QWHUQDWLRQDOHV $QVHKHQ :LHYLHOPDFKWGDVLQ6KHNHO"8QGZDVVLQGGDVIU)DFKOHXWHGLHQLFKWZLVVHQGD HLQPLW9HUOXVWDUEHLWHQGHV8QWHUQHKPHQQLFKWOHEHQVIlKLJLVW"'LH5DWJHEHU $EHU YRP NQVWOHULVFKHQ 6WDQGSXQNW'HU )LQDQ]PLQLVWHU ,FK ELQ NHLQ .QVWOHU PHLQH +HUUHQ LFK ELQ 9RONVZLUWVFKDIWOHU %LWWH GHQ Ql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lUW IQI 0LOOLRQHQ LQ GLH )DEULN ]X LQYHVWLHUHQ 'HU )LQDQ]PLQLVWHU %ULQJW HU QHXH 0DVFKLQHQ"'LH5DWJHEHU (VLVWDQ]XQHKPHQ'HU)LQDQ]PLQLVWHU *URHVFK|QH 0DVFKLQHQ MD" 'LH 5DWJHEHU 6RYLHO ZLU ZLVVHQ VLQG VLH HKHU NOHLQ 'HU )LQDQ]PLQLVWHU $EHU VLH KDEHQ VFK|QH JURH +HEHO 6LH ZHUGHQ XQVHUH ,QGXVWULH DQNXUEHOQ +HEUlLVFKHU .XQVWVWRII ZLUG GHQ :HOWPDUNW HUREHUQ 0LW HLQJHZHEWHP 6WDDWVZDSSHQ0DGHLQ,VUDHO:DVLVW.XQVWVWRII" 'LH 5DWJHEHU (LQ 6WRII DXV NQVWOLFKHP 0DWHULDO 'HU )LQDQ]PLQLVWHU 0DFKW QLFKWV6ROOHQZLUXQVEHU'HWDLOVGHQ

.RSI]HUEUHFKHQZHQQYRUXQVHUHPJHLVWLJHQ$XJHHLQ0DUNVWHLQDXIXQVHUHP:HJ ]XU ZLUWVFKDIWOLFKHQ 8QDEKlQJLJNHLW QHXH %OWHQ WUHLEW" 'LH 5DWJHEHU :R]X EUDXFKHQZLU 'HU )LQDQ]PLQLVWHU 0HLQH +HUUHQ LFK K|UH YRU PHLQHQ JHLVWLJHQ 2KUHQ GDV 6XPPHQGHU0DVFKLQHQZLHVLHVLFKLQGHQ3URGXNWLRQVSUR]HHLQVFKDOWHQLFKVHKH +XQGHUWHJHVFKXOWHU)DFKDUEHLWHUZLHVLH'LH5DWJHEHU ]ZHL)DEULNHQ]XVSHUUHQ 'HU )LQDQ]PLQLVWHU 8QG DXV GHQ 0DVFKLQHQ VWU|PW LQ QLFKW HQGHQ ZROOHQGHP 6WURP GDV XQYHUJOHLFKOLFK ]DUWH :HESURGXNW JOLW]HUQG XQG EOLQNHQG LP 6RQQHQVFKHLQZLHHLQJROGHQHV9OLHVGHVVHQKHOOHU.ODQJXQVHUHU1DWLRQDXIGHP :HJ]XQHXHQ+|KHQYRUDQZHKW.XQVWVWRII.XQVWVWRII 'LH5DWJHEHU $EHUJOHLFKQHXQ0LOOLRQHQ'HU)LQDQ]PLQLVWHU +|UHQ6LHPLUPLW GHQHZLJHQ=DKOHQDXI+DEHQ6LHGHQQNHLQ9HUVWlQGQLVIUGLHHUKDEHQH0XVLN GLH LQ GHP DOOHQ OLHJW" 1HXH ]XNXQIWZHLVHQGH 0XVLN VFK|SIHULVFKH .XQVW'LH 5DWJHEHU 9RP ZLUWVFKDIWOLFKHQ 6WDQGSXQNW 'HU )LQDQ]PLQLVWHU ,FK ELQ NHLQ 9RONVZLUWVFKDIWOHUPHLQH+HUUHQLFKELQ.QVWOHU

'HU(LQGULQJOLQJXQGGHU:RKOWlWHU $Q LUJHQGHLQHP GLHVHU VHOWVDPHQ 7DJH KDWWH LFK HLQH IROJHQVFKZHUH ,GHH ,FK HQWVFKOR PLFK PHLQHQ :RKQVLW] DXV GHU 9RUVWDGW LQV =HQWUXP 7HO $YLYV ]X YHUOHJHQXPPLUGLH3DUNSODW]VXFKHEHLGHQ.LQRV]XHUVSDUHQ ,FK ELQ HLQ 0DQQ GHV VFKQHOOHQ +DQGHOQV 1RFK HKH PHLQH ,GHH JDQ] DXVJHJRUHQ ZDU YHU|IIHQWOLFKWH LFK HLQLJH ,QVHUDWH LQ PHKUHUHQ =HLWXQJHQ XQG VFKRQ QDFK ZHQLJHQ :RFKHQ KDWWH LFK *OFN ,Q HLQHP .LQR WUDI LFK ]XIlOOLJ PHLQHQ DOWHQ )UHXQG XQG 6FKXONROOHJHQ %XPPL %DU*ROGILVFK GHU PLU XQWHU GHP 6LHJHO GHU 9HUVFKZLHJHQKHLW PLWWHLOWH GD HU GLH $EVLFKW KDEH VHLQH 'UHL=LPPHU:RKQXQJ LP +HU]HQ YRQ 7HO $YLY IU GLH 'DXHU HLQHV -DKUHV JHJHQ HLQH 0RQDWVPLHWH YRQ 6KHNHO]XYHUPLHWHQ(UKDWWHQlPOLFKLUUWPOLFKHUZHLVHHLQ6WDDWVVWLSHQGLXP HUKDOWHQGDVLKPGLH0|JOLFKNHLWJHEHQVROOWHDQHLQHUILQQLVFKHQ+RFKVFKXOHGDV 'HVLJQYRQ6NLVSUXQJVFKDQ]HQ]XVWXGLHUHQ ,FKHUNOlUWHPLFK]XXQVHUHUEHLGHUVHLWLJHQ)UHXGHVSRQWDQEHUHLWVHLQH:RKQXQJ]X PLHWHQ (LQ +DQGVFKODJ EHVLHJHOWH GLH $EPDFKXQJ XQG VFKRQ ZROOWH LFK IU|KOLFK WUlOOHUQG QDFK +DXVH JHKHQ XP ]X SDFNHQ DOV PLFK %XPPL DP 5RFN]LSIHO ]XUFNKLHOWª,FKELWWHGLFKXPDOOHVLQGHU:HOWHVQLFKWDOV=HLFKHQPHLQHV0L WUDXHQV DXI]XIDVVHQ© VDJWH PHLQ )UHXQG ªDEHU LFK JODXEH HV ZlUH IU DOOH %HWHLOLJWHQNOJHUGLH)RUPDOLWlWHQYRQHLQHP$QZDOWUHJHOQ]XODVVHQ,FKP|FKWH QlPOLFKQLFKWGDHVQDFKKHULUJHQGZHOFKH0LW|QH JLEW8QVHUHDOWH)UHXQGVFKDIW VROOXQEHIOHFNWEOHLEHQZLHHKXQGMHYHUVWHKVWGX"© 1DWUOLFK YHUVWDQG LFK :LU YHUDEUHGHWHQ XQV IU GHQ IROJHQGHQ 7DJ EHLP 5HFKWVDQZDOW 'U $YLJGRU :LFKWLJ :LH JHVDJW JLOW LQ XQVHUHP VFK|QHQ RULHQWDOLVFKHQ /DQG QRFK DXV GHU =HLW GHU 7UNHQKHUUVFKDIW HLQ DOWHUWPOLFKHV *HVHW] ZHOFKHV EHVDJW GD PDQ DXV HLQHU XQEHZRKQWHQ %HKDXVXQJ XQWHU NHLQHQ 8PVWlQGHQ HQWIHUQW ZHUGHQ GDUI VREDOG PDQ GDULQ HLQ %HWW DXIJHVWHOOW KDW 'DKHU UKUWGLHQDKH]XDQLPDOLVFKH$QJVWMHGHVKHXWLJHQ:RKQXQJVHLJHQWPHUVGDVHLQ 0LHWHUVLFKZHLJHUQN|QQWHGLH:RKQXQJ]XPYHUHLQEDUWHQ7HUPLQ]XUlXPHQ'DV /HEHQLP2ULHQWLVWHEHQYROOHU7FNHQXQG)lKUQLVVHDXFKRKQH7UNHQ

$OVLFKWDJVGDUDXIEHLP$QZDOWHLQWUDIZDUPLUVRIRUWNODUGDPHLQ)UHXQG%DU *ROGILVFK YRQ GLHVHP VFKRQ HLQLJH MXULVWLVFKH +LQZHLVH HUKDOWHQ KDEHQ PXWH (U ZDUVFKUHFNHQVEOHLFKXQG]LWWHUWHDPJDQ]HQ.|USHU 'U:LFKWLJVHW]WHVREDOGHUPLFKHUEOLFNWHVHLQHZLFKWLJVWH0LHQHDXI ª'LH/DJHLVWHUQVW©EHJDQQGHUHUIDKUHQH-XULVWª,KU)UHXQG%DU*ROGILVFKKDW PLFKEHUHLWVLQIRUPLHUWZRUXPHVVLFKKDQGHOW'LHPRQDWOLFKH0LHWHYRQ 6KHNHOVFKHLQWPLUHWZDV]XQLHGULJGRFKGDUEHUKDWDXVVFKOLHOLFKPHLQ.OLHQW]X EHILQGHQ,FKPX6LHQXQIUDJHQPHLQ+HUUZHOFKH6LFKHUKHLWKDEHQ6LH DQ]XELHWHQGD6LHLQHLQHP-DKUZHQQ+HUU%DU*ROGILVFKDOVGHUHUVWHLVUDHOLVFKH 6NLVSUXQJVFKDQ]HQGHVLJQHUDXV)LQQODQG]XUFNNHKUWGLHEHVDJWH:RKQXQJDXFK WDWVlFKOLFKUlXPHQZHUGHQ"©ª$EHUGDVLVWGRFKNHLQ3UREOHPXQWHUDOWHQ )UHXQGHQ©VDJWHLFKIUHXQGOLFKOlFKHOQGªQLFKWZDKU%XPPL"©%XPPLZROOWH YHUPXWOLFKª-D©VDJHQDEHUHLQVWUHQJHU%OLFNGHV$QZDOWVYHUVLHJHOWHLKPGHQ 0XQG ª:RKQXQJVDQJHOHJHQKHLWHQ KDEHQ QLFKWV PLW )UHXQGVFKDIW ]X WXQ© VWHOOWH 'U :LFKWLJ QDFKGUFNOLFK IHVW ª=XPDO HV XQVHUH *HVHW]H QLFKW ]XODVVHQ 6LH PHLQ +HUUDXIGLH6WUDH]XVHW]HQZHQQ6LHPHLQ+HUUQLFKWGDPLWHLQYHUVWDQGHQVLQG DXIGHU6WUDH]XVLW]HQ,FKPX6LHGDKHUXP+LQWHUOHJXQJHLQHU%DQNJDUDQWLHLQ +|KHYRQ6KHNHOHUVXFKHQGDPLWHLQH]HLWJHUHFKWH5lXPXQJGHUIUDJOLFKHQ :RKQXQJJHVLFKHUWLVW© ª:LHVRVRYLHO"©IUDJWHLFKª'LHVH:RKQXQJLVWGRFKDOOHUK|FKVWHQVKDOEVRYLHO ZHUW© ª5LFKWLJ©NRQ]HGLHUWHPLU'U:LFKWLJªHEHQGHVKDOEPXLFKDXI6KHNHO EHVWHKHQGDPLWHVVLFKIU6LHPHLQ+HUUNHLQHVIDOOVORKQHQNDQQQDFK 9HUWUDJVHQGHLQGHU:RKQXQJ]XEOHLEHQ)DVVHQ6LHHVELWWHQLFKWDOV0LWUDXHQ JHJHQ,KUH3HUVRQDXIZHQQLFKGDUDXIEHVWHKHGLH%DQNJDUDQWLHEHLPLULQ%DUJHOG ]XKLQWHUOHJHQ©ª%LWWH© ª:HLWHUVPXLFKGDUDXIEHVWHKHQGLHYHUHLQEDUWH6XPPHHLQJDQ]HV-DKUQDFK ,KUHPIULVWJHUHFKWHQ$XV]XJEHLPLU]XEHKDOWHQDOV6LFKHUKHLWGDIUGD6LH NHLQHVIDOOVEHDEVLFKWLJHQVLFKHLQH5FNNHKULQGLH :RKQXQJ]XHUVFKOHLFKHQ© ª6HOEVWYHUVWlQGOLFK©ª6REDOGGLHVH.OHLQLJNHLWHQJHUHJHOWVLQGZHUGHLFK YHUDQODVVHQGD

GLH:RKQXQJVVFKOVVHO,KQHQPHLQ+HUU]XWUHXHQ+lQGHQDXVJHIROJWZHUGHQ© :LH HUZlKQW ZDU HV QLHPDOV PHLQH *HSIORJHQKHLW 3UREOHPH DXI ODQJH %lQNH ]X VFKLHEHQ,FKYHUNDXIWHDQGHUQWDJVPHLQH9LOODXQGJLQJVFKQXUVWUDFNV]XP$QZDOW $OV LFK LKP GHQ .RIIHU YROOHU *HOGVFKHLQH EHUJDE HQWIXKU PHLQHP HLQJHVFKFKWHUWHQ )UHXQG %XPPL HLQ PDUNHUVFKWWHUQGHU 6FKUHL ZRUDXI HU NROODELHUWHXQGXQWHUP6FKUHLEWLVFKGHV'U:LFKWLJYHUVFKZDQG ª'LH %DQNJDUDQWLH VFKHLQW LQ 2UGQXQJ© VDJWH GHU 5HFKWVJHOHKUWH QDFKGHP HU PLW 8QWHUVWW]XQJ]ZHLHU6FKUHLENUlIWHPHLQ*HOGJH]lKOWKDWWHªDEHUGDZlUHQRFKHLQ 3XQNW ZHOFKHU GHU .OlUXQJ EHGDUI :DV JHVFKLHKW ZHQQ GLH ,QIODWLRQ LQ GLHVHP /DQGHZHLWHUKLQDQKlOWXQGZHQQQDFK$EODXIGHUYHUHLQEDUWHQ=HLW,KU*HOGQLFKW HLQPDOPHKUGHQ:HUWHLQHU6WUHLFKKRO]VFKDFKWHOKDEHQVROOWH"©ª'DQQVFKZ|UHLFK KLHUYRU=HXJHQGDLFKGLH:RKQXQJGHQQRFKUlXPHQZHUGH© ª%HL :RKQXQJVDQJHOHJHQKHLWHQZHUGHQ6FKZUHQLFKWDQHUNDQQW©YHUNQGHWHGHU )DFKPDQQ ª'DKHU PX LFK 6LH PHLQ +HUU K|IOLFKVW HUVXFKHQ XQV ,KUH *HQHKPLJXQJIUJHZLVVH9RUVLFKWVPDQDKPHQ]XHUWHLOHQ©ª6HKUJHP© ª=XQlFKVW HLQPDO PVVHQ 6LH +HUUQ %DU*ROGILVFK DOV 6RKQ DGRSWLHUHQ 6RGDQQ ZHUGHQ 6LH =XJ XP =XJ HLQ QHXHV 7HVWDPHQW EHL PLU GHSRQLHUHQ DXV GHP KHUYRUJHKW GD 6LH +HUUQ %DU*ROGILVFK ,KU JHVDPWHV EHZHJOLFKHV XQG XQEHZHJOLFKHV 9HUP|JHQ KLQWHUODVVHQ HLQVFKOLHOLFK XQG LQVEHVRQGHUH GHU 1XW]XQJVUHFKWH GHU YRQ +HUUQ %DU*ROGILVFK ,KQHQ EHUODVVHQHQ :RKQXQJ XQG ]ZDU UFNZLUNHQG ]XP 7DJ GHV 9HUWUDJVDEVFKOXVVHV© ª,FK KDE DXFK VFKRQ GDUDQ JHGDFKW© ª6LHYHUVWHKHQYROONRPPHQULFKWLJHVKDQGHOWVLFKQDWUOLFKQXUXPHLQH)RUPVDFKH PLWMXULVWLVFKHQ)ROJHQ©1DFKGHPGLHVHNOHLQHQDEHUQ|WLJHQ)RUPDOLWlWHQHUOHGLJW ZDUHQ HUVXFKWH PLFK 'U :LFKWLJ GLH (UEVFKDIWVVWHXHU LP YRUDXV ]X KLQWHUOHJHQ ZRUDXI LFK LKP GHQ )DPLOLHQVFKPXFN EHUJDE GHQ LFK VLFKHUKHLWVKDOEHU JOHLFK PLWJHEUDFKWKDWWH(VIROJWHHLQNXU]HV=HUHPRQLHOOGDQDFKZXUGHPLUEHGHXWHWGD LFKDPIROJHQGHQ7DJGLH:RKQXQJVVFKOVVHOHUKDOWHQVROOWH0HLQ$GRSWLYVRKQVD LQGHVVHQQlJHOEHLHQGLQGHU(FNHGHV$Q

ZDOWVEURVXQGZDQGWHQLFKWHLQH6HNXQGHVHLQHQKDHUIOOWHQ%OLFNYRQPLU 'HU QlFKVWH 7DJ NDP XQG JLQJ YRUEHL RKQH GD LFK GLH :RKQXQJVVFKOVVHO EHNRPPHQVROOWH 'U:LFKWLJHUNOlUWHLQIUHXQGOLFKHP7RQHVN|QQWHMDDXFKGHU)DOOHLQWUHWHQGD VHLQ.OLHQWVWHUEHXQGGDQQZUGHQGLH(UEHQYRQ+HUUQ%DU*ROGILVFKGXUFKGLH XQYHUDQWZRUWOLFKHQ 7UDQVDNWLRQHQ LKUHV (UEODVVHUV HLQHQ 9HUOXVW HUOHLGHQ 'DKHU PWH LFK PLU DXFK QRFK HLQLJHPRUDOLVFKH %UGHQ IUHLZLOOLJ DXIHUOHJHQ HWZD GDV 2EHU5DEELQDWGDUXPELWWHQHLQHQVFKZHUHQ%DQQJHJHQPLFKDXV]XUXIHQIUGHQ )DOO GD LFK QDFK HLQHP -DKU QRFK LPPHU LQ GHU EHZXWHQ :RKQXQJ DQ]XWUHIIHQ ZlUH :LGHUVSUXFKVORV XQWHU]HLFKQHWH LFK GDV )RUPXODU GHQ %DQQ EHWUHIIHQG ZlKUHQG PHLQ)UHXQG%XPPLHLQHQVFKZHUHQ1HUYHQ]XVDPPHQEUXFK HUOLWW (UEHJDQQXPVLFK]XVFKODJHQXQGEUOOWHGD'U:LFKWLJYLHO]XOHLFKWIHUWLJPLW IUHPGHP (LJHQWXP XPJHKH GD LFK QLFKW RUWKRGR[ ZlUH MHGHU]HLW DXI GHQ UDEELQLVFKHQ %DQQ SIHLIHQ ZUGH XQG EHUKDXSW IKOH HU HV LQ VHLQHP WLHIVWHQ ,QQHUQGDLFKQLHLP/HEHQVHLQH:RKQXQJDXIJHEHQZUGHVFKRQJDUQLFKWQDFK HLQHP -DKU 'DQQ ILHO HU ]X %RGHQ $XV VHLQHP 0XQG TXROO JHOEOLFKHU 6FKDXP KHUYRU 'U:LFKWLJYHUVDQNLQWLHIHV%UWHQ'DQQWHLOWHHUPLUIROJHQGHVPLW ª%HL DOOHP 5HVSHNW YRU ,KUHU ,QWHJULWlW PHLQ +HUU NDQQ LFK PLFK QLFKW GD]X EULQJHQ GLH JHUHFKWHQ %HIUFKWXQJHQ PHLQHV 0DQGDQWHQ ]X EHUJHKHQ ,FK VHKH PLFK GDKHU OHLGHU JH]ZXQJHQ ]XVlW]OLFK HLQH *DUDQWLH YRQ HLQHU DXVOlQGLVFKHQ *URPDFKW]XYHUODQJHQGLHVLFKYHUSIOLFKWHWVRJOHLFKGHQ.ULHJ]XHUNOlUHQZHQQ 6LHPHLQ+HUULP)ROJHQGHQ!'HU(LQGULQJOLQJJHQDQQWQDFK$EODXIHLQHV-DKUHV QLFKW GD]X EHUHLW VHLQ VROOWHQ GLH :RKQXQJ ]X YHUODVVHQ 6REDOG 6LH GLHVH XQZLGHUUXIOLFKH *DUDQWLH YRUOHJHQ ZLUG PDQ ,KQHQ GLH 6FKOVVHO XQYHU]JOLFK DXVKlQGLJHQ© 'LH ,QWHUYHQWLRQVPDFKW DXI GLH ZLU XQV HLQLJWHQ ZDU )UDQNUHLFK 'XUFK 9HUPLWWOXQJHLQHVDXV$OJLHUVWDPPHQGHQ7HSSLFKKlQGOHUVHUKLHOWLFKDPIROJHQGHQ 7DJGLHEHJODXELJWH8QWHUVFKULIWGHVIUDQ]|VLVFKHQ%RWVFKDIWHUV 1XQEHGXUIWHHVQXUQRFKHLQHU.OHLQLJNHLW,FKKDWWHPLFKQlPOLFKYHUSIOLFKWHWLP =HQWUXP YRQ 7HO $YLY HLQH VWDQGHVJHPlH 'UHL=LPPHU:RKQXQJ ]X NDXIHQ XQG VLHDOV6LFKHUKHLWIUGLHYRQ+HUUQ%DU

*ROGILVFK JHPLHWHWH :RKQXQJGHP 5HFKWVDQZDOW 'U :LFKWLJ IU GLH 'DXHU HLQHV -DKUHV ]XU 9HUIJXQJ ]X VWHOOHQ )HUQHU PXWH LFK HLQ )RUPXODU XQWHU]HLFKQHQ ZRQDFKHLQH.DPPHUMlJHUILUPDEHDXIWUDJWZXUGHGLHYRQPLUJHPLHWHWH:RKQXQJ JHQDX HLQ -DKU QDFK 9HUWUDJVDEVFKOX PLW =\DQ*DV DXV]XUlXFKHUQ XP PHLQHQ ]HLWJHUHFKWHQ$XV]XJ]XJHZlKUOHLVWHQ'DQQNDPHVHQGOLFK]XP9HUWUDJVDEVFKOX ]ZLVFKHQPLUHLQHUVHLWVXQG+HUUQ%DU*ROGILVFKDQGHUHUVHLWV'DV6HLWHQVWDUNH $NWHQZHUN OHJWH IHVW GD EHVDJWH :RKQXQJ GHP ª(LQGULQJOLQJ© OHGLJOLFK IU GLH 'DXHUHLQHVHLQ]LJHQ-DKUHVEHVWHKHQGDXVPD[LPDO7DJHQ EHUODVVHQZHUGH 'LH 7UDQVDNWLRQ VHL DOV :RKOWlWLJNHLW VHLWHQV +HUUQ %DU*ROGILVFKV ]X ZHUWHQ LP )ROJHQGHQ ª'HU :RKOWlWHU© JHQDQQW ZRIU GHU ª(LQGULQJOLQJ© MH 0RQDWVHUVWHQ 6KHNHOEHLVRQVWLJHU([HNXWLRQ]XEHJOHLFKHQKlWWH,FKKDWWH]ZHL7DJHODQJ =HLWGHQ9HUWUDJ]XVWXGLHUHQXQGDOVLFKDXI6HLWHDQJHODQJWZDUNDPGHUJURH 0RPHQW GD ZLU EHLGH ]X JOHLFKHQ 7HLOHQ XQG ]X WUHXHQ +lQGHQ GLH 8UNXQGH XQWHU]HLFKQHQGXUIWHQ %DU*ROGILVFKVWDQGNXU]YRQVHLQHU%DKUHDXIXQGEHUJDEPLUOHLVHIOXFKHQGPLW ]LWWHUQGHQ+lQGHQGLH:RKQXQJVVFKOVVHO'DQQVDQNHUZRUWORV]X%RGHQ 0HLQHHUVWH9HUPXWXQJZDUGDHUYRU$QJVWVHLQH:RKQXQJQLHZLHGHUEHWUHWHQ ]XGUIHQJHVWRUEHQZlUH'RFKGHUVFKQHOOKHUEHLJHKROWH1RWDU]WVWHOOWHQXUHLQHQ 6FKODJDQIDOOPLW]HUHEUDOHQ/lKPXQJVHUVFKHLQXQJHQIHVW 8QGVRNDPLFK]XHLQHU:RKQXQJLP=HQWUXPYRQ7HO$YLY%HGDXHUOLFKLVWQXU GDLFKQLFKWEHUHFKWLJWELQLQGLHVH:RKQXQJHLQ]X]LHKHQ'HU$UWLNHOXQVHUHV 9HUWUDJHV EHVDJW QlPOLFK LQ DOOHU .ODUKHLW ª'HU (LQGULQJOLQJ YHUSIOLFKWHW VLFK KLHUPLWXQZLGHUUXIOLFKZlKUHQGGHU0LHWGDXHUXQWHUNHLQHQ8PVWlQGHQLQEHVDJWH :RKQXQJ HLQ]X]LHKHQ© 'U :LFKWLJ HUNOlUWH PLU DXI %HIUDJHQ GD GLHVHU 3DUDJUDSK QXU HLQH UHLQH )RUPDOLWlW ZlUH GLH PLU EHUGLHV GDV NRVWVSLHOLJH (LQ XQG $XV]LHKHQ HUVSDUHQ ZUGH 9LHOOHLFKW KDW HU UHFKW 0LFK VW|UW QXU GD LFK QDFK ZLH YRU EHL MHGHP .LQREHVXFK VWXQGHQODQJ HLQHQ 3DUNSODW] IU PHLQHQ :DJHQ VXFKHQ PX $QVFKHLQHQGKDWWHQGLHDOWHQ7UNHQNHLQH3DUNSUREOHPH

6R]LDOSROLWLN )UGLH1DFKZHOWPXIHVWJHKDOWHQZHUGHQGDGHU6WDGWYHUZDOWXQJ YRQ7HO$ILE GLH3DOPHJHEKUW6LHZDUXQEHVWULWWHQGLHHUVWH%HK|UGHGHV/DQGHVGHUHVJHODQJ GLHILQDQ]LHOOHQ%HODVWXQJHQGHUlUPHUHQ7HLOHGHU%HY|ONHUXQJDXIUHYROXWLRQlUHP :HJH]XHUOHLFKWHUQ ª0HLQH +HUUHQ© VSUDFK GHU %UJHUPHLVWHU ]XP YHUVDPPHOWHQ *HPHLQGHUDW ªLFK ILQGH GHU =HLWSXQNW LVW JHNRPPHQ LUJHQG HWZDV K|FKVW 6R]LDOHV ]XXQWHUQHKPHQ (VLVWPLUQlPOLFK]X2KUHQJHNRPPHQGDGLHEHJULIIVVWXW]LJHQ%HZRKQHUXQVHUHU JHOLHEWHQ 6WDGW XQV GLH YHUVFKLHGHQHQ *HPHLQGHVWHXHUQ EHOQHKPHQ ,FK EHDQWUDJH GDKHU HLQH GHPRQVWUDWLYH VR]LDOSROLWLVFKH *HJHQPDQDKPH ZLH ]XP %HLVSLHO GLH $EJDEH HLQHU *UDWLVEDQDQH DQ MHGHV .LQG GDV QRFK QLFKW GDV DFKWH /HEHQVMDKUEHUVFKULWWHQKDW© 'HU 9RUVFKODJ ZXUGH PLW DOOJHPHLQHP $SSODXV DQJHQRPPHQ 'LH *HPHLQGHUlWH XPDUPWHQ HLQDQGHU XQG GUFNWHQ DQKDOWHQG GHV %UJHUPHLVWHUV +DQG $XV HLQHU HQWVSUHFKHQGHQ 5XQGIUDJH JLQJ QlPOLFK KHUYRU GD MHGHV (OWHUQKDXV PLQGHVWHQV IQI]LJ6KHNHOPRQDWOLFKDOOHLQIU%DQDQHQDXVJDE 'LH6WDGWYHUZDOWXQJJLQJVRIRUWGDUDQGHQ(QWVFKOXLQGLH7DWXP]XVHW]HQ%HUHLWV QDFK VHFKV 0RQDWHQ KDWWH HLQH 9RONV]lKOXQJ VlPWOLFKH .LQGHU XQWHU DFKW -DKUHQ HUIDW *DQ] 7HO $ILE ZDUEHU]HXJWGDYRQGDGDV8QWHUQHKPHQ ª6R]LDOEDQDQH© DOVUHYROXWLRQlUH,GHHLQ6DFKHQ.LQGHUIUVRUJHLQGLH*HVFKLFKWHGHV1DKHQ2VWHQV HLQJHKHQZUGH 'LH 9RUEHUHLWXQJHQ VWDQGHQ NXU] YRU GHP $EVFKOX DOV SO|W]OLFK MHPDQG HLQHQ 3XQNW ]XU 6SUDFKH EUDFKWHGHU LP 7UXEHO GHU DOOJHPHLQHQ %HJHLVWHUXQJ LUJHQGZLH EHUVHKHQZRUGHQZDU1lPOLFK:RKHUVROOWHGDV*HOGIUGLHVHEHGHXWHQGHVR]LDOH $NWLRQ NRPPHQ" 'HU *HPHLQGHUDW WUDW XPJHKHQG ]XU EOLFKHQ 1RWVWDQGVVLW]XQJ ]XVDPPHQ *URH :RUWH ZXUGHQ JHVSURFKHQ DEHU OHW]WHQ (QGHV ZDUHQ VLFK DOOH HLQLJGDGLH*UDWLVEDQDQHQDXVSURSDJDQGLVWLVFKHQ*UQGHQQLFKWPHKUYRP7LVFK JHZLVFKW ZHUGHQ NRQQWHQ 6FKOLHOLFK JLQJ HV XP GDV 3UHVWLJH GHU JHVDPWHQ 6WDGWYHUZDOWXQJ 'HU ILQDQ]LHOOH $VSHNW VR HLQLJWHQ VLFK GLH 6WDGWUlWH ZDU ªLQ HQJVWHU=XVDPPHQDUEHLWPLWGHU%HY|ONHUXQJ]XO|VHQ©

*OHLFK DP GDUDXIIROJHQGHQ 0RUJHQ ZXUGH HLQH JURH %DQDQHQORWWHULH LQV /HEHQ JHUXIHQ-HGHV/RVNRVWHWH IQI]LJ6KHNHO'LH $NWLRQHUZLHVVLFKMHGRFKDOVQLFKW NRVWHQGHFNHQGGDPDQYHUJDHYHQWXHOOH/RWWRJHZLQQHLQV.DONO]X]LHKHQ0DQ ZDQGWHVLFKGDKHUGLUHNWDQGLHXQYHUVFKlPWHQ1XW]QLHHUGHU $NWLRQQlPOLFKDQ GLH(OWHUQGHUEDQDQHQVFKWLJHQ.LQGHU 'HU 3ODQ ZDU JDQ] HLQIDFK -HGHV )DPLOLHQREHUKDXSW VROOWH ODXW *HVHW] SUR 0RQDW HLQ *UDWLV%DQDQHQ=HUWLILNDW ]XP 3UHLV YRQ 6KHNHO HUZHUEHQ GDV GHP ]XJHK|ULJHQ .LQG GDV 5HFKW DXI VHLQH WlJOLFKH *UDWLVEDQDQH JDE 8QJOFNVHOLJHUZHLVH HUZLHVHQ VLFK GLH DQJHVSURFKHQHQ (OWHUQ DOV NXU]VLFKWLJH 4XHUXODQWHQ 6LH WHLOWHQ GHU 6WDGWYHUZDOWXQJ NDWHJRULVFK PLW VLH N|QQH VLFK LKUH VWLQNHQGHQ%DQDQHQDQGHQ+XW VWHFNHQ 'HQ6WDGWYlWHUQ EOLHEQLFKWVDQGHUHVEULJDOVSHU6R]LDOJHVHW]]XHUODVVHQGDGLH (QWJHJHQQDKPHGHUWlJOLFKHQ*UDWLVEDQDQHDEVRIRUWREOLJDWRULVFKZlUH6FKOLHOLFK KDQGHOWHHVVLFKXPQLFKWV*HULQJHUHVDOVXPGLH*HVXQGKHLWGHUOLHEHQ.LQGHUMD GLH=XNXQIWXQVHUHV/DQGHV $OOHV:HLWHUHLVWEHNDQQW6RZRKOGLH%DQDQHQORWWHULHDOVDXFKGDV*UDWLV%DQDQHQ =HUWLILNDW ZXUGHQ HLQIDFKKHLWVKDOEHU LQ HLQH DOOJHPHLQH VWlGWLVFKH %DQDQHQEXH LQ +|KH YRQ UXQG 6KHNHO PRQDWOLFK XPJHZDQGHOW 'DPLW ZXUGH DXWRPDWLVFK GLH *HPHLQGHVWHXHUJHVFKDIIHQZREHL=XZLGHUKDQGHOQGHPLW%HVFKODJQDKPHLKUHV (LJHQWXPV LQ EHVRQGHUV GUDVWLVFKHQ )lOOHQ DXFK PLW KRKHQ *HIlQJQLVVWUDIHQ ]X UHFKQHQKDWWHQ 'LH .ULPLQDOSROL]HL VWDQG LQ $ODUPEHUHLWVFKDIW 'LH HUVWHQ 9HUKDIWXQJHQ ZXUGHQ EHUHLWV YRUJHQRPPHQ 'LH $NWLRQ OlXIW /HLGHU LVW GHU %UJHUPHLVWHU GHU ,QLWLDWRU GHV %DQDQHQSURMHNWV DXI GHP +|KHSXQNW GHU .ULVH DXI HLQHU %DQDQHQVFKDOH DXVJHUXWVFKWXQGKDWVLFKGDV%HLQJHEURFKHQ0DQPXQNHOWHVVHLGLH5DFKHHLQLJHU H[WUHPHU%DQDQHQJHZHVHQ6R]LDOSROLWLNIRUGHUWQXQPDOLKUH2SIHU

)DPLOLHQSODQXQJ ,FKKDWWHHLQHQVFKUHFNOLFKHQ7UDXP(LQHQ$OSWUDXP0LUWUlXPWHGDLFKPLWGHU 5HJLHUXQJYHUKHLUDWHWZDU'LH5HJLHUXQJZDUPHLQH)UDX,FKQDQQWHVLH5HJLXQG ZXQGHUWHPLFKEHULKUHQVFKWWHUHQ+DDUZXFKVGHUDQPDQFKHQ6WHOOHQEHUHLWV HLQHU*ODW]HQDKHNDP6LHNRFKWHJHUDGHHLQ$EHQGHVVHQIU3HUVRQHQ,FK EHREDFKWHWHVLHXQDXIIlOOLJ ª/LHEOLQJ©VDJWHLFKQDFKHLQHU:HLOHªDXHUXQVEHLGHQVLQGMDQXUQRFKGLHGUHL .LQGHUGD©ª8QGZHQQSO|W]OLFK*lVWHNRPPHQ"©6LHKDWDXIDOOHVHLQH$QWZRUW 9RUHLQSDDU7DJHQVFKOXJLFK.UDFKZHLOLFKHQWGHFNWKDWWHGDZLUGHP 'HOLNDWHVVHQKlQGOHUDFKW0LOOLRQHQ3IXQGVFKXOGLJVLQG'DUDXIKLQVFKULHVLHPLFK DQVLHJlEHNHLQHQEHUIOVVLJHQ*URVFKHQDXVGLH/HXWHZXQGHUWHQVLFKRKQHKLQ ZLHVLHPLWGHP:LUWVFKDIWVJHOGDXVNlPHDXHUGHPKlWWHVLHQLFKWV]XP$Q]LHKHQ XQGLKUH)UHXQGHVDJWHQLKULPPHU!5HJLGHLQ0DQQZHLMDJDUQLFKWZDVIUHLQH 3HUOHHUDQGLUKDW'DQQEHJDQQVLH]XZHLQHQ0LUEUDFK VHOEVWLP7UDXPGHU 6FKZHLDXVLFKVSUWHHVJDQ]GHXWOLFK ª/LHEOLQJ©WU|VWHWHLFKVLHªHUVWJHVWHUQKDVWGX]ZHL0LOOLRQHQYRQPLUEHNRPPHQ /LHEOLQJ:R]XP7HXIHOVLQGVLH"©ª:HJ$XVJHJHEHQ2GHUJODXEVWGXYLHOOHLFKW LFKKDEHVLHJHVWRKOHQ"'HU6SLQDWLVWWHXUHUJHZRUGHQLFKPXWHGLH 7HOHIRQUHFKQXQJ]DKOHQXQGGLH:lVFKHUHLKDW6KHNHOJHNRVWHW© ª6FK|QXQGJXW DEHUGDIHKOWQRFKLPPHUHWZDVDXI]ZHL0LOOLRQHQ© ª/DPLFKLQ5XK GXHNHOKDIWHU3HGDQW6ROOLFKGLUEHUMHGHVHLQ]HOQH 6KHNHOHLQH GHWDLOOLHUWH5HFKQXQJYRUOHJHQ"9HUODQJVWGXGDVYRQGHLQHUHLJHQHQ)UDXGLHVLFK EHL7DJXQG1DFKWIULKUH)DPLOLHDXIRSIHUW"© ª,FKP|FKWHQXUZLVVHQZDVPLWPHLQHP*HOGJHVFKLHKW© ª%LWWH,FKHUZDUWHGHLQH9RUVFKOlJH:RVROOLFKPLWGHP(LQVSDUHQ EHJLQQHQ"© ª9LHOOHLFKWEUDXFKVWGXQLFKWXQEHGLQJWGUHL:DJHQ©ª$KD'XZLOOVW GDLFK]X)XJHKH©

ª8QGGLH.RQGLWRUHL0XWGXLQGHUWHXHUVWHQ.RQGLWRUHLGHU6WDGW IUKVWFNHQ"© ª'DVELQLFKGHLQHP6WDWXVVFKXOGLJ© ª0HLQHP6WDWXV"©EUOOWHLFKª:LUVLQG%HWWOHU,FKYHUGLHQH 6KHNHOLP0RQDW©ª6HLQLFKWK\VWHULVFK(SKUDLP©VDJWH5HJLª7UDJOLHEHUGHQ 0OO KLQDXV©,QXQVHUHQ0OOHLPHUQKDWWHQVLFKXQJHIlKU]Z|OI7RQQHQ$EIDOO JHVDPPHOW GDUXQWHU EHWUlFKWOLFKH 0HQJHQ YRQ 3KRVSKDWHQ XQG 7H[WLOLHQ ,FK VFKOHSSWH DOOHV GHQ $EIDOOKJHO KLQDXI GHU YRU XQVHUHP +DXV HPSRUUDJWH (V LVW NHLQ DQJHQHKPHV *HIKO ZLH HLQ 7LHU ]X VFKXIWHQ hEHUVWXQGHQ ]X PDFKHQ WRGPGH QDFK +DXVH ]X NRPPHQ XQG YRQ GHU HLJHQHQ )UDX QLFKW HLQPDO ]X HUIDKUHQZRIUVLH GDV*HOGDXVJLEW $OVGLH%DQNOHW]WH:RFKH0LOOLRQHQ=LQVHQIUGDVXQVJHZlKUWH 'DUOHKHQYHUODQJWHZXUGHHVPLU]XYLHO ª:DVIUHLQ'DUOHKHQLVWGDV"©EHJHKUWHLFK]XZLVVHQª,FKKDEH NHLQHVDXIJHQRPPHQ© ª$EHULFK©DQWZRUWHWH5HJLNKOª)UGLH/HEHQVYHUVLFKHUXQJXQVHUHU.LQGHU 2GHUZLOOVWGXVLHDOVDUPH:DLVHQ]XUFNODVVHQ"©ª:HQQGLH.LQGHUGLUVRYLHO *HOGZHUWVLQGPXWGXHEHQGHLQHEULJHQ$XVJDEHQHLQVFKUlQNHQ RGHULFK YHUODVVHGLFK© ª$EHUZDUXP"© ª:HLO GX PHKU *HOG DXVJLEVW DOV LFK YHUGLHQH 'DUXP ,FK KDEH QRFK QLH HLQH +DXVIUDXJHVHKHQGLH]XHUVWEHVFKOLHWZDVVLHDXVJHEHQZLOOXQGGDQQYRQLKUHP 0DQQ HUZDUWHW GD HU GLH HQWVSUHFKHQGH 6XPPH YHUGLHQW ,Q HLQHP RUGHQWOLFKHQ +DXVKDOWPWHHVJHQDXXPJHNHKUWVHLQ©ª,FKEUDXFKH© ª-HW]WUHGHLFK5HJL©XQWHUEUDFKLFKVLHVFKURIIª,FKEULQJH6KHNHOLP0RQDW QDFK+DXVH XQGGDPLWZLUVWGXJHIlOOLJVWDXVNRPPHQ© ª:LHVROOLFKGDVPDFKHQ"© ª'DVLVWGHLQH 6DFKH9RQPLUDXVNDQQVWGXPLQGHVWHQVIQI'LHQHUHQWODVVHQXQG PLQGHVWHQV]ZHL :DJHQYHUNDXIHQ$XFKGLHVLOEHUQHQ.HU]HQKDOWHUEUDXFKHQZLU QLFKW 8QG ZR VWHKW HV JHVFKULHEHQ GD ZLU ]ZHLPDO DP 7DJ ZDUPH 0DKO]HLWHQ KDEHQ PVVHQ" 6FKUlQNHQ ZLU XQV HLQ ZHQLJ HLQ ZLH HV PHLQHP (LQNRPPHQ HQWVSULFKW©ª,FKZLOO VYHUVXFKHQ©VDJWH5HJLEHUUDVFKHQGNOHLQODXWª.RPP

JLEPLUHLQHQ.X:LUVLQGMDVFKOLHOLFKDXIHLQDQGHUDQJHZLHVHQ ,FKVWUHLFKHOWHLKU+DDUXQGNWHVLHDXIHLQHGHUNDKOHQ6WHOOHQ'HUHKHOLFKH)ULHGH ZDUJHVLFKHUW%LV]XUQlFKVWHQ6WHXHUHUNOlUXQJ

'DV/DQGGHU%HWUJHU XQGDOVHVHQGOLFKVRZHLWZDUGDPDQNHLQH*HOGHUPHKUKHUDXVSUHVVHQNRQQWH XQGGLH6WDDWVYHUVFKXOGXQJVFKRQGUHLPDOVRKRFKZDUZLHGDV%UXWWRVR]LDOSURGXNW ZDUHQVLFKDOOH:LUWVFKDIWVH[SHUWHQGDUEHULP NODUHQGDHWZDV(LQVFKQHLGHQGHV XQWHUQRPPHQZHUGHQPWH $OVR JLQJ GHU )LQDQ]PLQLVWHU LQ VLFK XQG NDP QDFK HLQLJHQ 7DJHQ GHV LQWHQVLYHQ 1DFKGHQNHQVPLWHLQHPQHXHQ*HVHW]HQWZXUIZLHGHUKHUYRUGHULQK|FKVWODSLGDUHU )RUPIROJHQGHVEHVDJWH ª$E NRPPHQGHQ 0RQWDJ LVW HV DOOHQ %UJHUQ GHV 6WDDWHV HEHQVR ZLH DOOHQ QLFKWDQVlVVLJHQ%HZRKQHUQGHUHQ$XIHQWKDOWLP/DQG]HKQ0LQXWHQEHUVFKUHLWHW JHVHW]OLFKXQWHUVDJWGLH/XIWGHV+HLOLJHQ/DQGHVHLQ E]ZDXV]XDWPHQHJDOREDXI GHP :HJ GXUFK GLH 1DVH GHQ 0XQG RGHU LUJHQGZHOFKH DQGHUHQ gIIQXQJHQ GHV .|USHUV$XVJHQRPPHQYRQGLHVHUJHVHW]OLFKHQ5HJHOXQJVLQGDXVOlQGLVFKH'LSOR PDWHQ RIIL]LHOOH *lVWH GHU 5HJLHUXQJ VRZLH GLH *HVHW]JHEHU GHV /DQGHV %HL =XZLGHUKDQGHOQ JHJHQ GDV *HVHW] GHV QDWLRQDOHQ $WHPDQKDOWHQV ZLUG HLQH *HOGVWUDIHELV]X6KHNHOE]Z)UHLKHLWVHQW]XJELV]XGUHL-DKUHQE]ZEHLGHV YHUKlQJW© %HJUQGHWZXUGHGLHVH*HVHW]HVYRUODJHGHV )LQDQ]PLQLVWHUVPLWGHP+LQZHLVGD DXI GHP :HJ EHU GLH ]X HUZDUWHQGHQ *HOGVWUDIHQ HLQ %HWUDJ YRQ 0LOOLDUGHQ 6KHNHO SUR -DKU DXIJHEUDFKW ZHUGHQ NRQQWH RKQH GDEHL JHJHQ GDV 3ULQ]LS ]X YHUVWRHQGLH6WHXHUODVWLPODXIHQGHQ+DXVKDOWVMDKUQLFKWZHLWHU ]XHUK|KHQ 'RFKGLH$EJHRUGQHWHQGHV3DUODPHQWVKDWWHQVFKZHUZLHJHQGH%HGHQNHQ 'HU 6SUHFKHU GHU $UEHLWHUSDUWHL ZLHV GDUDXI KLQ GD HV GHQ :HUNWlWLJHQ LQVEHVRQGHUH MHQHQ GLH PLW PDQXHOOHU $UEHLW EHIDW VHLHQ QLFKW P|JOLFK ZlUH ZlKUHQG GHU 3URGXNWLRQ JlQ]OLFK DXI GDV $WPHQ ]X YHU]LFKWHQ XQG VFKOXJ GDKHU YRUGHP*HVHW]HLQHGLHVEH]JOLFKH1RYHOOHKLQ]X]XIJHQ 'LH /LQNVVR]LDOLVWHQ EHDQWUDJWHQ GD DXFK GLH %HZRKQHU GHU .LEEX]6LHGOXQJHQ HLQHQ $XVQDKPHVWDWXV HUKDOWHQ PWHQ GD VLH LKUH ODQGZLUWVFKDIWOLFKH 7lWLJNHLW YRUQHKPOLFKLP)UHLHQDXVEWHQZRGLHYHUEUDXFKWHQ2]RQPHQJHQGHQQDWLRQDOHQ %HVWDQGDQ/XIWQXUXQZH

VHQWOLFKYHUULQJHUQZUGHQ$QGLHVHU6WHOOHHUIROJWHLP3DUODPHQWHLQ=ZLVFKHQUXI YRQ$EJ6LQJHUª/LEHUDOH© ª:DUXPVROOHQDXVJHUHFKQHWGLH.LEEX]LPQLFKWEH]DKOHQ"©'DUDXIGHU$EJ )HLQKRO]ª)UHWKLVFKH6DXEHUNHLW© ª$UVFKORFK©'HU6SUHFKHUGHUUHOLJL|VHQ 6SOLWWHUSDUWHLHQYHUOLHKGHU+RIIQXQJ$XVGUXFNGDGDV$WHPDQKDOWHQHQGOLFK]XU )ROJHKDEHQN|QQWHGLH)XEDOOVSLHOHDP6DEEDWHLQ]XVWHOOHQ'HU9HUWUHWHUGHU NRPPXQLVWLVFKHQ3DUWHLVWHXHUWHKLQJHJHQHLQHYHUQLFKWHQGH.ULWLNDPDPHULNDQL VFKHQ*HKHLPGLHQVWEHL1DFKLKPPHOGHWHQVLFKQRFKZHLWHUH6SUHFKHUYRQ ZHLWHUHQ3DUWHLHQ]X:RUWGLHZLHDOOHDQGHUHQDXFKLKUHUHQWVFKLHGHQHQ $EOHKQXQJGHVQHXHQ*HVHW]HV$XVGUXFNYHUOLHKHQ 'DQQ HUVW NRQQWH PDQ ]XU $EVWLPPXQJ VFKUHLWHQ 'DV *HVHW] GHV QDWLRQDOHQ $WHPDQKDOWHQV ZXUGH PLW EHUZlOWLJHQGHU 0HKUKHLW DQJHQRPPHQ XQG YHUDEVFKLHGHW'HQQRFKZDUQLFKW]XEHUVHKHQGDLQQHUKDOEGHU%HY|ONHUXQJGLH %HIUZRUWHUGHVQHXHQ*HVHW]HVHKHULQGHU0LQGHU]DKOZDUHQ,Q5HJLHUXQJVNUHLVHQ VFKULHEPDQHVGHU1DFKOlVVLJNHLWGHV3URSDJDQGDGLHQVWHV]XGDQLFKWUHFKW]HLWLJ KRFKZHUWLJHV ,QIRUPDWLRQVPDWHULDO DQ GDV 3XEOLNXP YHUWHLOW ZXUGH $XFK GLH 2SSRVLWLRQVSDUWHLHQQXW]WHQGHQXQSRSXOlUHQ&KDUDNWHUGHV*HVHW]HVYHUDQVWDOWHWHQ 3URWHVWDNWLRQHQ XQG EUDFKWHQ EHUDOO 3ODNDWH DQ LQ GHQHQ VLH GLH %HY|ONHUXQJ ]\QLVFKDXIULHIHQDXFKZHLWHUKLQ]XDWPHQ 'LH)DFKSUHVVHHUKREHEHQIDOOVLKUH6WLPPHJHJHQGDV*HVHW] ª ZLH GHP DXFK VHL© ZDUQWH GHU /HLWDUWLNHO HLQHU HLQIOXUHLFKHQ :LUWVFKDIWV]HLWXQJªXQGHJDOZLHKRFKGDV'HIL]LWLP+DXVKDOWDXFKVHLQPDJHLQ YRU]HLWLJHV $WHPYHUERW ZLUG HV QLFKW YHUULQJHUQ (V ZLUG OHGLJOLFK GLH LQIODWLRQlUH .DXINUDIW YRQ GHU HLQHQ *HVHOOVFKDIWVVFKLFKW LQ GLH DQGHUH YHUODJHUQ RKQH GLH ZDFKVHQGH$UEHLWVORVLJNHLW]XEHVHLWLJHQ© 'DV*HZHUNVFKDIWVRUJDQUHDJLHUWHKDUWDXIGLHPLWUDXLVFKHQEUJHUOLFKHQ6WLPPHQ (VVWHOOWHIHVWGDGDV*HVHW]]ZDUQRFKQLFKWGHQHUZQVFKWHQ6WDQGHUUHLFKWKDEH LQ GHP VlPWOLFKH ZLUWVFKDIWOLFKHQ XQG ELRORJLVFKHQ )DNWRUHQ RSWLPDO DXIHLQDQGHU DEJHVWLPPW VHLHQ GHQQRFK VHL HV XQYHUDQWZRUWOLFK HLQH GHUPDHQ KDUWH .ULWLN DQ HLQHP *HVHW] ]X EHQ GDV LP ZHVHQWOLFKHQ GHU VR]LDOHQ (QWZLFNOXQJ GHV /DQGHV GLHQW 'HU )LQDQ]PLQLVWHU VHOEVW ]RJ GLH Q|WLJHQ .RQVHTXHQ]HQ XQG LQVWDOOLHUWH LQ VlPWOLFKHQ6lOHQGHVQDWLRQDOHQ0XVHXPVHLQHJUR]JLJGL

PHQVLRQLHUWH =HQWUDOVWHOOH IU $WPXQJVGHOLNWH PLW HLQHU 6QGHUNDUWHL XQG GD]XJHK|ULJHP5LHVHQFRPSXWHU)HUQHU VWHOOWHHUQHXH%HDPWHHLQVRZLHUXQG =LYLOIDKQGHU ]XU (QWODUYXQJ DOOHU GLH QDFK ,QNUDIWWUHWHQ GHV *HVHW]HV LPPHU QRFKDWPHWHQ'DVHUVWH 2SIHUGDVGHU6WUHQJHGHVQHXHQ*HVHW]HVDQKHLPILHOZDU HLQ$SRWKHNHUDXV+DLID(VJLQJLQGHU=HQWUDOVWHOOHHLQDQRQ\PHV6FKUHLEHQHLQ ZHOFKHVGHQ%HK|UGHQPLWWHLOWHGDEHVDJWHU$SRWKHNHULQDOOHUgIIHQWOLFKNHLWEHLP UHJHOPlLJHQ$WPHQDQJHWURIIHQ ZXUGH8QWHU]HLFKQHWZDUGDV6FKUHLEHQPLWª(LQ 3DWULRW© =ZHL GHU JHZLHJWHVWHQ )DKQGHU ZXUGHQ ]ZHFNV hEHUSUIXQJ GHV %H VFKXOGLJWHQ DQ GHQ 7DWRUW HQWVDQGW 6LH PXWHQ IHVWVWHOOHQ GD GLH $QJDEHQ GHV 3DWULRWHQDXI:DKUKHLWEHUXKWHQ'HUDXIPSILJH$SRWKHNHUZXUGHXQYHU]JOLFKLQ GDV%URGHV)DKQGXQJVGLUHNWRUV]LWLHUWXQGHLQHPHLQJHKHQGHQ9HUK|UXQWHU]RJHQ 1DFKVWHKHQGGDVZRUWJHWUHXH9HUQHKPXQJVSURWRNROO 'LUHNWRU 6LHZLVVHQKRIIHQWOLFKZHVKDOE6LHKLHUVLQG"$SRWKHNHU 1HLQ,FKKDEH NHLQH$KQXQJ'LUHNWRU 6LHZROOHQDOVRGHQ8QVFKXOGLJHQVSLHOHQ"1XQPLUOLHJHQ %HULFKWHYRUGHQHQ]XIROJH6LHGHQ%HVWLPPXQJHQGHV*HVHW]HVDXIXQYHUIURUHQVWH :HLVH]XZLGHUKDQGHOQXQGZHLWHUDWPHQZDQQLPPHU,KQHQGHU6LQQGDQDFKVWHKW $SRWKHNHU ,FK" ,FK KDEH GDV$WPHQ SQNWOLFK DP YRULJHQ 0RQWDJ HLQJHVWHOOW VR ZLHGDV*HVHW]HVYRUVFKUHLEW'LUHNWRU 6LHOHXJQHQDOVR"1DVFK|Q(UNRQVXOWLHUW VHLQH 8QWHUODJHQ 6LH ZXUGHQ YRUJHVWHUQ VRZLH JHVWHUQ YRQ ]XYHUOlVVLJHQ =HXJHQ GDEHLEHREDFKWHWZLH6LHVRZRKOHLQ DOVDXFKDXVJHDWPHWKDEHQ,PHUVWHUHQ)DOO JHVFKDKGLHVLQ,KUHU$SRWKHNHXQGGDV]ZHLWH0DOLP$XWREXV1UXP8KU PLWWDJ $SRWKHNHU %LWWH GDV LVW XQP|JOLFK +LHU PX HLQ ,UUWXP YRUOLHJHQ 'LUHNWRU .|QQHQ6LHEHZHLVHQGD6LHDQGLHVHQEHLGHQ7DJHQQLFKWJHDWPHWKDEHQ" $SRWKHNHU 1DWUOLFK YHUIJH LFK EHU NHLQH =HXJHQ $EHU LFK JHEH ,KQHQ PHLQ (KUHQZRUWGDLFKPLUGDV$WPHQYROONRPPHQDEJHZ|KQWKDEH 'LUHNWRU 6LHKDOWHQPLFKZRKOIUHLQHQ7URWWHOZDV":HQQ6LHWDWVlFKOLFKVRZLH 6LHKDUWQlFNLJEHKDXSWHQVHLWHLQHU:RFKHQLFKWDWPHQGDQQIUDJHLFK6LHZLHVR VLQG6LHEHUKDXSWQRFKDP/HEHQ"$SRWKHNHU ,FKKDWWH/XIWUHVHUYHQLQGHU/XQJH 'LUHNWRU 0LWVRSOXPSHQ0LWWHOQZROOHQ6LHPLFK LUUHIKUHQ"*ODX

EHQ6LHLFKVHKHQLFKWGD6LHVRJDUMHW]WLQGLHVHP$XJHQEOLFNDWPHQ" $SRWKHNHU,FK"$WPHQ"1LHPDOV 'DVLVWGRFKOlFKHUOLFK'LUHNWRU ,KQHQZLUG GDV /DFKHQ QRFK YHUJHKHQ (U EHIHVWLJW HLQH URWH 3ODVWLN:lVFKHNODPPHU DQ GHV $SRWKHNHUV1DVHXQGVWRSIWLKPHLQLPSUlJQLHUWHV7DVFKHQWXFKLQGHQ0XQG'DQQ VHW]WHUVLFKZLHGHUKLQWHUVHLQHQ6FKUHLEWLVFK :LUZHUGHQMDVHKHQ,FKKDEH=HLW (UEHJLQQW=HLWXQJ]XOHVHQ $SRWKHNHU KlOWHWZD]ZHL0LQXWHQGHQ$WHPDQGDQQYHUIlUEWVLFKVHLQ*HVLFKW HUVWURWGDQQEODX(UVSXFNWGDV7DVFKHQWXFKDXVXQGKROWWLHI/XIW $DDDKKKK 'LUHNWRU EOLFNWYRQGHU=HLWXQJDXI]RUQLJDEHU ZUGHYROO 6LHVLQGHLQHOHQGHU %HWUJHU )UHXQGFKHQ 'HU HUZLVFKWH $WHPKLQWHU]LHKHU EHNDP HLQH *HOGVWUDIH YRQ 6KHNHO DXIJHEUXPPW 'LH %HK|UGH OHUQWH DXV GLHVHP 9RUIDOO GD VLH LKUH :DFKVDPNHLWXPHWOLFKHVYHUVFKlUIHQPVVH$XIGHU6WUDHHUVFKLHQHQ3ODNDWHPLW GHP 6ORJDQ ª:HU GDV +HLOLJH /DQG OLHEW KlOW GLH KHLOLJH /XIW DQ© 'LH %HY|ONHUXQJ DEHU OHJWH HLQH XQHUVFKWWHUOLFKH *OHLFKJOWLJNHLW DQ GHQ 7DJ 0DQ VHW]WH DOOHURUWHQ GLH /XIWYHUDWPXQJ IRUW =XZHLOHQ VRJDU JDQ] VFKDPORV LQ DOOHU gIIHQWOLFKNHLW 'LH =HQWUDOVWHOOH IU $WPXQJVGHOLNWH VDK VLFK JH]ZXQJHQ GLH =DKO GHU=LYLOIDKQGHUDXI]XHUK|KHQ'LHVHHUDUEHLWHWHQVLFKYHUIHLQHUWH0HWKRGHQ GHU .RQWUROOH =XP %HLVSLHO KLHOWHQ VLH EHL HLQHP YHUGlFKWLJHQ $WHPVQGHU EHLGH 1DVHQO|FKHUPLWGHQ)LQJHUQ]XXQGVHW]WHQLKPVRODQJHHLQH7ULOOHUSIHLIHDQGHQ 0XQG ELV GHU *HVHW]HVEUHFKHU VHLQ 9HUJHKHQ JHVWHKHQ PXWH ,Q VFKZLHULJHQ )lOOHQ ZXUGH GHU 9HUGlFKWLJH HLQHU 8QWHUVXFKXQJ PLW GHP /JHQGHWHNWRU XQWHUZRUIHQ .URQ]HXJHQ JHJHQEHUJHVWHOOW RGHU YRQ $JHQWHQ EHUIKUW GLH DOV )DKUHU RGHU +DXVJHKLOILQ JHWDUQW GHQ 0LVVHWlWHU HQWODUYWHQ 'LH $XHQEURV GHU =HQWUDOVWHOOH IU $WPXQJVGHOLNWH IXQNWLRQLHUWHQ PXQWHU XQG IKUWHQ LQ GHQ YHUVFKLHGHQHQ%H]LUNHQV\VWHPDWLVFKH5D]]LHQGXUFK $EHU DXFK GDV KDOI QLFKW 'LH =DKO GHU %HWUJHU ZXFKV YRQ 7DJ ]X 7DJ *DQ] EHVRQGHUVQDKPLKUH=DKOXQWHUGHQ6HOEVWlQGLJHQ]XGLHZHQQPDQGHU6WDWLVWLN JODXEHQ GXUIWH QLFKW ZHQLJHU DOV DOOHU $WHPVQGHU DXVPDFKWHQ 8QWHU GHQ *HKDOWVHPSIlQJHUQZXUGHQYLHOZHQLJHUEHLP$WPHQHUWDSSWXQGVLHZXUGHQHKHU PLOGH EHVWUDIW LQGHP LKUH *HKlOWHU YRQ GHU YHUKlQJWHQ 6WUDIVXPPH DEJH]RJHQ ZXUGHQ

6HFKV :RFKHQ QDFK ,QNUDIWWUHWHQ GHV *HVHW]HV NRQQWH GDV HUVWH 5HVPHH JH]RJHQ ZHUGHQ $OOH )DFKOHXWH VWLPPWHQ GDULQ EHUHLQ GD GLH %HY|ONHUXQJ GHV /DQGHV HLQHQ QRFK QLH GDJHZHVHQHQ PRUDOLVFKHQ 7LHIVWDQG HUUHLFKW KDEH 6HOEVW MHQH 0HQVFKHQGLH-DKUHKLQGXUFKDOV6\PEROGHU5HFKWVFKDIIHQKHLWDQJHVHKHQZHUGHQ NRQQWHQ GLH DOWHQ 3LRQLHUH XQG (UEDXHU GHV /DQGHV VHOEVW VLH PLDFKWHWHQ GDV *HVHW]XQGDWPHWHQKHPPXQJVORVZHLWHUDOVZlUHQLFKWVJHVFKHKHQ ª1LFKWHLQPDODXIGLH(OLWH LVWQRFK9HUOD©VHXI]WHHUELWWHUWGHU)LQDQ]PLQLVWHU 7DWVlFKOLFK PLW $XVQDKPH HLQLJHU ZHQLJHU 6WDDWVJHWUHXHQ NRQVSLULHUWH IDVW MHGHU %HZRKQHU GHV /DQGHV EHL 7DJ XQG EHL 1DFKW ZLH HU GDV *HVHW] XPJHKHQ XQG JHKHLPH$WPXQJVKLQWHU]LHKXQJEHJHKHQ NRQQWH'HU)LQDQ]PLQLVWHUZXUGHLPPHUWUDXULJHUDQJHVLFKWVGLHVHV9RONHV GDV GLH *HVHW]H VR NDOWEOWLJ PLDFKWHWH 6R]LRORJHQ IKUWHQ GLH 8UVDFKH GLHVHV 0LVWDQGHV DXI GLH DOWH *KHWWR0HQWDOLWlW ]XUFN GLH GHQ NOHLQHQ 0DQQ EHU -DKUKXQGHUWHKLQZHJGD]XJHEUDFKWKDEHLQ9HUIJXQJHQGHU2EULJNHLWDXWRPDWLVFK 5DXE XQG 8QWHUGUFNXQJ ]X HUEOLFNHQ GHU HV XP MHGHQ 3UHLV ]X HQWNRPPHQ JLOW $QGHUH ZLHGHUXP HUNOlUWHQ GLH 'LV]LSOLQORVLJNHLW GHU %HY|ONHUXQJ PLW GHP MDKUHODQJHQ/HEHQLQGHU/HYDQWH:LHGHPDXFKVHLVlPWOLFKHHQWWlXVFKWH5HJLH UXQJVQXWJOLHGHU ZXUGHQ VLFK GDUEHU HLQLJ GD QLFKW IHVW]XVWHOOHQ VHL ZHU GLH 6FKXOG GDUDQ WUlJW GD GLH %HZRKQHU GHV +HLOLJHQ /DQGHV ]X HLQHP 9RON YRQ 'UFNHEHUJHUQGHJHQHULHUWVLQG

'HUYHUZDOWHWH.RQNXUV ª*HVWDWWHQGDLFKPLFKYRUVWHOOHPHLQ+HUU,FKELQGHULQWHUQDWLRQDOH .RQNXUVYHUZDOWHU© ª6HKUDQJHQHKPLFKELQGHU6WDDWSHUV|QOLFK:ROOHQ6LHQLFKWYLHOOHLFKW3ODW] QHKPHQ"© ª'DQNH:LH,KQHQEHNDQQWVHLQGUIWHZXUGHLFKHQWVDQGWXP,KUHJHJHQZlUWLJH ILQDQ]LHOOH/DJHLQ$XJHQVFKHLQQHKPHQ]XN|QQHQ,KUJWLJHV(LQYHUVWlQGQLV YRUDXVJHVHW]W©ª6LHKDEHQPHLQJWLJHV(LQYHUVWlQGQLV©ª$OVRZHQQLFKEHJLQQHQ GDUIDXVGHP%HULFKW,KUHV5HFKQXQJVKRIHV JHKWKHUYRUGD,KUH$XVODQGVVFKXOGHQ DQGLHYHUVFKLHGHQVWHQLQWHUQDWLRQDOHQ,QVWLWXWLRQHQGHQKRUUHQGHQ%HWUDJYRQ 0LOOLDUGHQ'ROODUHUUHLFKWKDEHQ:LHVHKHQ6LH,KUH)LQDQ]ODJH"©ª$XVJHJOLFKHQ© ª:LHELWWH"© ª:HQQ 6LH PLU HUODXEHQ ZHUGH LFK ,KQHQ PHLQ .RQ]HSW HUOlXWHUQ +HUU .RQNXUVYHUZDOWHU©ª,FKELWWHGDUXP© ª$OVR MHGHV QHXJHERUHQH .LQG KDW LP ODQGHVZHLWHQ 'XUFKVFKQLWW VFKRQ DP 7DJH VHLQHU *HEXUW HLQH $XVODQGVVFKXOG YRQ 'ROODU *OHLFK]HLWLJ VFKXOGHW XQVHU )LVNXV MHGHP GLHVHU 1HXJHERUHQHQ LP 0RPHQW VHLQHV HUVWHQ 6FKUHLV ,QODQGVVFKXOGHQLQ+|KHYRQ'ROODU6LHVHKHQDOVRXQVHUH=DKOXQJVELODQ]LVW VRUJIlOWLJ DXVEDODQFLHUW© ª'DV LVW HLQH )UDJH GHV 6WDQGSXQNWHV 6RZHLW LFK GLH 6DFKODJHEHUEOLFNHEHWUDJHQ,KUH*HVDPWVFKXOGHQJHJHQZlUWLJ0LOOLDUGHQ'RO ODU© ª6LHVLQGQLFKWDXIGHPODXIHQGHQPHLQ+HUU'DVZDUGHU6WDQG]X%HJLQQGHU :RFKH6HLW'RQQHUVWDJVLQGHVEHUHLWV0LOOLDUGHQ©ª0HLQ*RWW© ª1LFKWQHUY|VZHUGHQ%HLPLULVWDOOHVELVLQVOHW]WH'HWDLOYRUSURJUDPPLHUW=XP JHJHQZlUWLJHQ =HLWSXQNW ZLUG OHGLJOLFK HLQ 'ULWWHO GDV 6WDDWVKDXVKDOWHV ]XU 6FKXOGHQWLOJXQJ DXIJHZHQGHW ,Q GUHL -DKUHQ ZHUGHQ HV VFKRQ ]ZHL 'ULWWHO VHLQ VSlWHVWHQV LQ ]HKQ -DKUHQ ZLUG GDV JHVDPWH %UXWWRVR]LDOSURGXNW GHU 7LOJXQJ YRQ 6FKXOGHQXPJHZLGPHW©

ª8QGZDVJHVFKLHKWGDQQ"©ª:DQQ"© ª:HQQGLH6FKXOGHQGDV%UXWWRVR]LDOSURGXNWEHUKROWKDEHQ©ª$FKGDZLUGXQV VFKRQ LUJHQG HWZDV HLQIDOOHQ RGHU QLFKW"© ª:DV ]XP %HLVSLHO"© ª:LU ZHUGHQ $QOHLKHQ DXIQHKPHQ© ª8QG ZRYRQ ZROOHQ 6LH GLHVH $QOHLKHQ ]XUFN]DKOHQ"© ª$XV$QOHLKHQ© ª8QG ZHQQQLHPDQGPHKU $QOHLKHQ]HLFKQHQZLUG"© ª'DQQQHKPHQ ZLU.UHGLWHDXI© ª8QG ZHQQ ,KQHQ QLHPDQG PHKU .UHGLWH JHZlKUW ZDV GDQQ"© ª:DUXP VROOWH PDQXQVNHLQH.UHGLWHJHZlKUHQ"©ª$XVHLQHU/DXQHKHUDXV© ª'DQQQHKPHLFKEHLGHUVL]LOLDQLVFKHQ 0DILDHLQHQ.UHGLW]X:XFKHU]LQVHQDXI© ª8QGZHQQ,KQHQQLFKWHLQPDOPHKU.UHGLWH]X:XFKHU]LQVHQJHZlKUWZHUGHQ"© ª'DQQHEHQ]X:XFKHU:XFKHU=LQVHQ©ª8QGZHQQ© ª'DQQ HEHQ ]X :XFKHU:XFKHU:XFKHU=LQVHQ© ª$EHU HV N|QQWH GRFK GHU 7DJ NRPPHQDQGHP6LHQLUJHQGVDXIGHU:HOWPHKU.UHGLWHHUKDOWHQQLFKWHLQPDO]X GHQDOOHUK|FKVWHQ:XFKHU]LQVHQ© ª'DQQ ZHUGH LFK HEHQ GLH 7UHLEVWRIISUHLVH HUK|KHQ :HQQ LFK ]XP %HLVSLHO DE QlFKVWHU:RFKHGHQ/LWHUSUHLVIU%HQ]LQDXIGUHL'ROODUDQVHW]HEHGHXWHWGDVSUR -DKUHLQH0LOOLDUGHPHKUIUGHQ6WDDWVVlFNHO:HQQLFKDEHUGHQ%HQ]LQSUHLVDXI 'ROODU SUR /LWHU HUK|KH GDQQ VLQG HV JOHLFK 0LOOLDUGHQ 9HUVWHKHQ 6LH" (LQ /LWHUSUHLVYRQ'ROODUZUGHSUR-DKU© ª:HQQ LFK NXU] XQWHUEUHFKHQ GDUI :DV SDVVLHUW ZHQQ GDV 9RON GDQQ QLFKW PHKU $XWRIlKUW"© ª:DUXPVROOGDV9RONQLFKWPHKU$XWRIDKUHQ":R]XJODXEHQ6LHNDXIHQVLFKGLH /HXWH $XWRV ZHQQ QLFKW ]XP )DKUHQ© ª*HZL DEHU ZlUH HV QLFKW ZHVHQWOLFK HLQIDFKHU XQG ORJLVFKHU ZHQQ VLH VLFK EHUZLQGHQ N|QQWHQ PHKU ]X OHLVWHQ XQG ZHQLJHU]XYHUEUDXFKHQ"© ª6R SULPLWLY NDQQ DXFK QXU HLQ.RQNXUVYHUZDOWHU GHQNHQ :HQQ LFK PLFK HLQPDO GHUVWlQGLJHQ(UK|KXQJGHV/HEHQVVWDQGDUGVLQGHQ:HJVWHOOHQZUGHVRN|QQWH PHLQH3DUWHLGLHQlFKVWHQ:DKOHQYHUOLHUHQ©

ª,FKIUDJH6LHZDVLVWZLFKWLJHUGLH:DKOHQRGHUGDV6FKLFNVDOGHU1DWLRQ"©ª'LH :DKOHQ© ª'LHVHU 6WDQGSXQNW NRPPW HLQHP 6FKHLWHUQ GHU 'HPRNUDWLH JOHLFK© ª0DJ VHLQ DEHUHVJLEWNHLQH$OWHUQDWLYH0|FKWHQ6LHGHQQLQGLHVHP/DQGOLHEHUHLQH'LNWDWXU QDFKGHP0XVWHUGHU5RWHQ.KPHULQ.DPERGVFKDVHKHQ"=LHKHQ6LHHVYRUZHQQ 0HQVFKHQ LQ 3ODVWLNEHXWHO JHVWHFNW XQG LKUH 6FKlGHO PLW URVWLJHQ +lPPHUQ HLQJHVFKODJHQ ZHUGHQ" ,VW HV ZLUNOLFK GDV ZDV 6LH KLHU HUUHLFKHQ ZROOHQ PHLQ +HUU"©ª1DWUOLFKQLFKW© ª'DQQ PLVFKHQ 6LH VLFK JHIlOOLJVW QLFKW LQ PHLQ )LQDQ]JHEDUHQ MD" 0HLQ 0RWWR ODXWHW 'LH 6DQLHUXQJ GHU :LUWVFKDIW KDW 9RUUDQJ DEHU QLFKW DXI .RVWHQ GHV :lKOHUV© ª$XI ZHVVHQ .RVWHQ GHQQ ZHQQ LFK PLU GLH )UDJH HUODXEHQ GDUI"© ª$XI .RVWHQ PHLQHU*OlXELJHU© ª:LH GHP DXFK VHL LFK KDEH GLH $XIJDEH JHPHLQVDP PLW ,KQHQGDV 'DWXP ,KUHV ZLUWVFKDIWOLFKHQ %DQNURWWHV IHVW]XOHJHQ© ª:HQQ ,KQHQ GDV VR ZLFKWLJ LVW ELWWH VFK|Q©ª:DVKDOWHQ6LHYRP0DL QlFKVWHQ-DKUHV"©ª(LQHQ$XJHQEOLFNODVVHQ 6LHPLFKPHLQHQ7HUPLQNDOHQGHUNRQVXOWLHUHQ1HLQ]XGLHVHP=HLWSXQNWZLUGVLFK PHLQ )LQDQ]PLQLVWHU LQ 6DQ )ODPLQJR DXIKDOWHQ XP GLHVHP DUPHQ /DQG HLQH JU|HUH (QWZLFNOXQJVKLOIH ]XU 9HUIJXQJ ]X VWHOOHQ© ª6LH ZROOHQ (QWZLFNOXQJVKLOIHJHEHQ"©ª1DWUOLFKGDVELQLFKPHLQHPLQWHUQDWLRQDOHQ$QVHKHQ VFKXOGLJ :DV KDOWHQ 6LH YRP $SULO XP 8KU "© ª$XVJH]HLFKQHW ,FK HUODXEHPLU]XQRWLHUHQ!$OOJHPHLQHU=XVDPPHQEUXFKGHU6WDDWVILQDQ]HQ8KU ,FKGDQNHIUGDV*HVSUlFK© ª.HLQH8UVDFKHhEULJHQVEHYRU6LHJHKHQN|QQWHQ6LHPLUYLHOOHLFKWHLQELFKHQ .OHLQJHOGERUJHQ",FKKDEHPHLQH*HOGE|UVHGDKHLPYHUJHVVHQ©

$E]DKOXQJ

:DVHLQH)UDXZHUWLVWPHUNHQGLH0lQQHUHUVW ZHQQVLHLKUGLHHUVWHQ$OLPHQWH ]DKOHQ $ONRKROLVPXV

'LH6FKZHL]HUKDEHQGLHPHQVFKHQXQZUGLJH*HSIORJHQKHLWGHQ7D[LIDKUHUGXUFK 7ULQNJHOGHU ]X HUQLHGULJHQ VR JUQGOLFK DEJHVFKDIIW GD GHU 7D[LIDKUHU VHLQHQ *UDPGDUEHULP$ONRKROHUWUlQNHQPX'DKHUDXFKGHU1DPH7ULQNJHOG $OWHUQDWLYH

(V JLEW IU MHGH 5HJLHUXQJ ]DKOUHLFKH 0|JOLFKNHLWHQ DXV LKUHQ 6WDDWVEUJHUQ SRWHQWLHOOH %HWUJHU ]X PDFKHQ HWZD VWlQGLJH *HOGHQWZHUWXQJ GLH GHQ 6SDUJURVFKHQGHV%UJHUVDXIIULWRGHUDVWURQRPLVFKH(LQNRPPHQVWHXHUQDOV6WUDIH IUKDUWH$UEHLWXQG7DOHQW,P$UVHQDOGHU5HJLHUXQJHQEHILQGHWVLFKHLQHZHLWHUH XQIHKOEDUH:DIIHGLH'HYLVHQNRQWUROOH $XIVFKZXQJ

'LH )UDJH GHV -DKUKXQGHUWV ODXWHW *HQJW HV HLQHQ .ULHJ ]X YHUOLHUHQ XP HLQHQ LQGXVWULHOOHQ$XIVFKZXQJ]XHUOHEHQRGHUEUDXFKWPDQQRFKHWZDVGDUEHUKLQDXV" $XVQDKPH]XVWDQG

'LHEOKHQGHMDSDQLVFKH:LUWVFKDIWEDVLHUWQLFKWDXIEHGHXWHQGHQ1DWXUVFKlW]HQ VRQGHUQDXIVFKZDFKHQ*HZHUNVFKDIWHQ

%DQNURWW

:LH LQ DOOHQ /lQGHUQ PLW VSUXQJKDIWHU :LUWVFKDIWVHQWZLFNOXQJ EUHFKHQ DXFK LQ ,VUDHO %DQNHQ DOOHU *U|HQRUGQXQJHQ ]XVDPPHQ 0DQFKPDO NRPPW GDV )LQDQ]PLQLVWHULXP DXI GHP :HJ EHU GLH 1DWLRQDOEDQN HLQHP LQ 6FKZLHULJNHLWHQ JHUDWHQHQ 3ULYDWXQWHUQHKPHQ ]X +LOIH WHLOV XP HLQH .HWWHQUHDNWLRQ DXI GHP *HOGPDUNW KLQWDQ]XKDOWHQ XQG GLH ZWHQGH gIIHQWOLFKNHLW ]X EHUXKLJHQ WHLOV XP DQGHUH%DQNHQ]XP=XVDPPHQEUXFK]XHUPXWLJHQ %HVLW]

'DV6\PEROGHV-DKUKXQGHUWVZDUGLHJROGHQH7DVFKHQXKUNRPSOHWWPLWGLFNHU .HWWH XQG VLQQORVHP $QKlQJHU 8QVHU HLJHQHV -DKUKXQGHUW HU|IIQHWH VHLQH VHJHQVUHLFKH7lWLJNHLWLP=HLFKHQGHV$VSLULQVJLQJGDQQ]XP%ROVFKHZLVPXVEHU XQG HQWVFKLHG VLFK LQ GHQ IQI]LJHU -DKUHQ IU GDV)HUQVHKHQ $XV GHQ 6WDWLVWLNHQ EHUHQWZLFNHOWHU /lQGHUJHKWKHUYRUGDKHXW]XWDJHMHGUHL)HUQVHKDSSDUDWHHLQHQ 0HQVFKHQEHVLW]HQ %UJHUNULHJ

ª+HUU0LQLVWHU©VDJWHLFKHKUHUELHWLJªHVJLEWKLHU]XODQGH%UJHUGLHPHKU6WHXHUQ ]DKOHQDOVVLHYHUGLHQHQ©ª(VPDJVLFKXPHLQH'LIIHUHQ]YRQK|FKVWHQVELV KDQGHOQ©HUZLGHUWH VHLQH([]HOOHQ]ªGDVEHGHXWHWQRFKODQJHNHLQHQ:HOWXQWHU JDQJ© ª-DDEHUZHQQGDVVRLVWZR]XVROOPDQGDQQEHUKDXSWQRFKDUEHLWHQ"©ª8PGLH )DPLOLH]XHUQlKUHQ©

%XFKKDOWXQJ

'DV 6R]LDOPLQLVWHULXP DQDO\VLHUWH NU]OLFK GHQ $XVJDEHQ(WDW HLQHV 'XUFKVFKQLWWVEUJHUV GHVVHQ GHNODULHUWHV 0RQDWVHLQNRPPHQ 0DUN EUXWWR RGHU0DUNQHWWREHWUXJXQGVLFKVRYHUWHLOWH

+\SRWKHN )HUQVHKJHEKU 3NZ 7HOHIRQUHFKQXQJ +DXVKDOWVKLOIH 9HUVLFKHUXQJ %FKHU7KHDWHU0XVHHQ6FKQLW]HO .OHLGXQJ 8UODXE 9HUVFKLHGHQHV 6XPPH &DVK

ª6HLHQ6LHQXUMDYRUVLFKWLJPHLQ+HUU©ZDUQWHPLFKHLQ7D[LFKDXIIHXULQ %XGDSHVWªZHQQPDQKLHUMHPDQGHQLP%HVLW]LOOHJDOHUZRUEHQHU'HYLVHQHUZLVFKW VRODQGHWHUJODWWIUIQI-DKUHKLQWHU*LWWHUQ©ª*HVHW]LVW*HVHW]©VWLPPWHLFK]X XQGIUDJWHªZDVVFKXOGHLFK ,KQHQ IUGLH)DKUW"©ª6HFK]LJ)RULQW©DQWZRUWHWHGHU7D[LIDKUHUªDEHUZHQQ6LHLQ VFKZDU]HQ'HYLVHQ]DKOHQVREHUHFKQHLFK,KQHQHLQHQSKDQWDVWLVFKHQ:HFKVHONXUV YRQ)RULQWSUR0DUN© &KLQHVLVFK

8QJHIlKU GLH +lOIWH GHU 0HQVFKKHLW EHVWHKW DXV )UDXHQ XQG ZHQQ HV LKQHQ HLQHV 7DJHVHLQIDOOHQVROOWHVLFKlKQOLFKZLHGLH9RONVUHSXEOLN&KLQDDXIVLFKVHOEVW]X

EHVLQQHQXQGHLQH6FKZHULQGXVWULHLQV/HEHQ]XUXIHQZUGHQVLHEHUNXU]RGHU ODQJGLH:HOWEHKHUUVFKHQ

&OHYHU

(UNOHWWHUWDOOH6WLHJHQKLQDXIOlXWHWDQDOOHQ:RKQXQJVWUHQXQGKHEWZHQQHLQH 7UVLFK|IIQHWVHLQHQNOHLQHQ+DQGNRIIHUHLQZHQLJYRP%RGHQDE ª=DKQEUVWHQ"©ª'DQNHQHLQ©ª.lPPH"©ª1HLQ© ª7RLOHWWHQSDSLHU"6HLIH"5DVLHUNOLQJHQ"©ª-D*HEHQ6LH PLUHLQH5DVLHUNOLQJH©ª=DKQEUVWHQ"© ª,FKZROOWHHLQH5DVLHUNOLQJHKDEHQ©ª.lPPH"© ª9HUVWHKHQ6LHQLFKW"6LHVROOHQPLUHLQH5DVLHUNOLQJHJHEHQ©ª:DUXP"© ,FKULLKPGHQ.RIIHUDXVGHU+DQGXQG|IIQHWHLKQ'HU.RIIHUZDUOHHU ª:DVKHLWGDV"© ª1RFKQLHKDWMHPDQGHWZDVYRQPLUJHNDXIW:R]XVROOLFKGDVJDQ]H=HXJPLWPLU KHUXPVFKOHSSHQ"© ª$EHUZDUXPVWHLJHQ6LHGHQQGDQQGLHYLHOHQ6WLHJHQKLQDXIXQGOlXWHQDQMHGHU 7U"©ª:HLOPDQVLFKLUJHQGZLHVHLQ%URWYHUGLHQHQPX+HUU© 'DUOHKHQ

8P]X*HOG]XNRPPHQJLEWHV]ZHL0|JOLFKNHLWHQ(QWZHGHUPDQEHUIlOOWHLQH %DQNRGHUPDQQLPPW HLQ'DUOHKHQDXI,Q,VUDHOPX PDQHLQH%DQNEHUIDOOHQ XPHLQ'DUOHKHQDXI]XQHKPHQ (JDOLWlW

6R]LDOH*HUHFKWLJNHLWEHGHXWHWGD GLH$UPHQ*URVFKHQKLQWHU]LHKHQXQGGLH 5HLFKHQ0LOOLRQHQ

(LVHUQH/RJLN

:HQQ 6WHXHUEHDPWH SUR -DKU 0LOOLDUGHQ HLQKHEHQ N|QQHQ VDJWHQ GLH +DXVKDOWVSODQHU VR PWHQ 6WHXHUEHDPWH 0LOOLDUGHQ HLQKHEHQ N|QQHQ %HDPWHNDVVLHUHQGHPQDFKPLW*RWWHV+LOIH

(QG]LHO

8QWHUDOOJHPHLQHP:RKOVWDQGYHUVWHKHLFKGDVLFKDXFK+DXVJHKLOILQQHQ +DXVJHKLOILQQHQKDOWHQ (QWZLFNOXQJVKLOIH

'DV .ROFKRVHQV\VWHP IXQNWLRQLHUW QRFK LPPHU QLFKW JDQ] PDNHOORV 1DFK GHQ OHW]WHQ -DKUHQ ]X XUWHLOHQ IXQNWLRQLHUW HV HLJHQWOLFK QXU GDQQ ZHQQ GLH NULVHQJHVFKWWHOWHQ DPHULNDQLVFKHQ *HVFKlIWHPDFKHU GHU 8G665 SUR -DKU ]HKQ 0LOOLRQHQ7RQQHQ*HWUHLGHYHUNDXIHQ (UIDKUXQJ

(V KDW VLFK HLQH VFK|QH 7UDGLWLRQ HUJHEHQ GHU]XIROJH IDVW MHGHU HKHPDOLJH 6WHXHULQVSHNWRU VRIRUW QDFK VHLQHU 3HQVLRQLHUXQJ XQWHU 8PVWlQGHQ VRJDU VFKRQ ODQJH GDYRU DXV *UQGHQ GHU $XVJHZRJHQKHLW QDWUOLFK HLQH SULYDWH 6WHXHUEHUDWXQJVNDQ]OHL HU|IIQHW 'D HU VLFK HLQHV JURHQ =XODXIV HUIUHXW LVW JDQ] NODU ZHLO MHGHUPDQQ ]X 5HFKW DQQHKPHQ PX GD QLHPDQG GLH HGOH .XQVW GHV %HWUJHQVEHVVHUEHKHUUVFKWDOVHU (YROXWLRQ

'HU6WXU]GHVNDSLWDOLVWLVFKHQ6\VWHPVLVWXQYHUPHLGOLFK(UZLUGGXUFKGLH (LQNRPPHQVWHXHUHUUHLFKWZHUGHQ

A

)LQDQ]JHQLHV

,Q GHU 6FKZHL] VLQG YRUOlXILJ NHLQH JU|HUHQ :LUWVFKDIWVNULVHQ ]X HUZDUWHQ GHQQ GLHPHQVFKHQVFKHXHQ/HQNHUGLHVHV/DQGHVYHUPHLGHQGLH=XVDPPHQDUEHLWPLWGHQ )LQDQ]OHXWHQ DQGHUHU /lQGHU 'DQN GLHVHU +HPPXQJHQ EHILQGHW VLFK QDKH]X GLH +lOIWH GHVLQWHUQDWLRQDOHQ.DSLWDOVLQGHQ7UHVRUHQYRQ6FKZHL]HU%DQNHQ )UHLZLOOLJHU

'HUKHXWLJH6WHXHU]DKOHUDUEHLWHW]ZHL0RQDWHXQGHLQH:RFKHLP-DKUIUVLFKXQG VHLQH )DPLOLH :lKUHQG GHU UHVWOLFKHQ QHXQ 0RQDWH XQG GUHL :RFKHQ DE 0lU] DOVRDUEHLWHWHUIUZLOGIUHPGH0HQVFKHQ *HOG

9LHOH0HQVFKHQPDQFKPDOJHUDGHEHVRQGHUVNOXJHPHLQHQGD*HOGDOOHVLVW6LH KDEHQUHFKW

*HVHOOVFKDIWNODVVHQORVH

'DV 7ULQNJHOG I|UGHUWGLHVR]LDOH *OHLFKVWHOOXQJ'HU.HOOQHUGHUDP0RUJHQGHQ JHJHQEHUOLHJHQGHQ )ULVLHUVDORQ DXIVXFKW YHUDEVFKLHGHW VLFK GRUW PLW HLQHP UHLFKOLFKHQ 7ULQNJHOG XQG ZHQQ GHU )ULVHXU DP 0LWWDJ LP JHJHQEHUOLHJHQGHQ 5HVWDXUDQW VHLQH 0DKO]HLW HLQJHQRPPHQ KDW JLEW HU GHP .HOOQHU GDV UHLFKOLFKH 7ULQNJHOG ZLHGHU ]XUFN 'DV EHZHLVW HLQ YROONRPPHQHV *OHLFKJHZLFKW ]ZLVFKHQ ]ZHLYHUVFKLHGHQHQ.ODVVHQXQGVWHOOWHLQHQZLFKWLJHQ6FKULWWLQ5LFKWXQJNODVVHQ ORVH*HVHOOVFKDIWGDU

*HZHUNVFKDIW

'LH*HZHUNVFKDIWLVWHLQW\SLVFKVR]LDOLVWLVFKHV3KlQRPHQ$OV6R]LDOLVWLVWPDQYRQ GHQKHUYRUUDJHQGRUJDQLVLHUWHQ*HZHUNVFKDIWHQEHJHLVWHUWDOV0HQVFKNDQQPDQVLH QLFKWDXVVWHKHQZHLOVLHHLQHQ]ZLQJHQVLFK]XRUJDQLVLHUHQ

+DQGHO

=XGHQDOWHKUZUGLJHQMGLVFKHQ%HVFKlIWLJXQJHQJHK|UWGDV.DXIHQXQG9HUNDXIHQ YRQDOWHQY|OOLJXQEUDXFKEDUHQ*HJHQVWlQGHQYRU]XJVZHLVHDXVGHP+DXVKDOWXQG YRQ DOWHQ .OHLGHUQ 'LH +DXVIUDX LVW IURK GHQ 3OXQGHU ORV]XZHUGHQ DEHU GLH ZLUNOLFKH)UHXGHEHVWHKWQDWUOLFKLP+DQGHOQ0DQYHUODQJW]XP%HLVSLHOGLHUXQGH 6XPPH YRQ KXQGHUW 3IXQG 'HU EOXWVDXJHULVFKH +lQGOHU DQWZRUWHW PLW HLQHP *H JHQDQJHERW YRQ IQIXQG]ZDQ]LJ 3LDVWHUQ =XP 6FKOX WULIIW PDQ VLFK DXI KDOEHP :HJXQGYHUNDXIWGDV=HXJXPIQIXQG]ZDQ]LJ3LDVWHU

+DQGHOVVSDQQH

'HP SULYDWHQ 8QWHUQHKPHUWXP |IIQHW VLFK LQ XQVHUHP ZLQ]LJ NOHLQHQ /DQG HLQ XQDEVHKEDUZHLWHVXQGIUXFKWEDUHV)HOG :HQQ HV ]XP %HLVSLHO UXFKEDU ZLUG GD HLQ 1HXHLQZDQGHUHU GLH (LQ IXKUJHQHKPLJXQJ IU HLQH 6FKDFKWHO 1lKQDGHOQ EHNRPPHQ KDW YHUIDOOW GHU 1lKQDGHOPDUNW VRIRUW LQ ZLOGH 3DQLN ZHLO HLQH 6FKDFKWHO 1lKQDGHOQ GLH %HGUIQLVVHGHV/DQGHVDXIIQI-DKUHKLQDXVGHFNW,QVROFKHQ)lOOHQZHUGHQXQVHUH )LQDQ]JHQLHVPLW6LFKHUKHLWLUJHQGHLQHJHQLDOH/|VXQJILQGHQHWZDLQGHPVLH DOOH YRUKDQGHQHQ 1lKQDGHOYRUUlWH IU HLQHQ 3DSSHQVWLHO DXINDXIHQ GLH 6FKDFKWHO GHV 1HXHLQZDQGHUHUVLQV0HHUZHUIHQXQG8QVXPPHQDXVGHU3URILWVSDQQHYHUGLHQHQ (VLVWQLFKWHLQPDOXQEHGLQJWQ|WLJGDLQGHUEHWUHIIHQGHQ 6FKDFKWHODXFKZLUNOLFK 1lKQDGHOQ VLQG +DXSWVDFKH GD HLQH 6FKDFKWHO RGHU HLQ VFKDFKWHOlKQOLFKHU *HJHQVWDQGLQV0HHUJHZRUIHQZLUG

A

+RFKLQGXVWULDOLVLHUXQJ

:DV GHQ WHFKQLVFKHQ )RUWVFKULWW EHWULIIW VR KlOW GHU ZLQ]LJH )OHFN GHU DXI GHU /DQGNDUWH GHV 1DKHQ 2VWHQV GHQ 6WDDW ,VUDHO UHSUlVHQWLHUW QDWUOLFK NHLQHQ 9HUJOHLFK PLW GHP KRFKLQGXVWULDOLVLHUWHQ :HVWHQ DXV 0DQ ZLUG VRPLW GHQ 6WRO] HUPHVVHQN|QQHQGHUXQVDOOHGXUFKGUDQJDOVHLQHLVUDHOLVFKH(OHNWURQLNILUPDGDV DXVJHIHLOWHVWH 'LHEVWDKOVLFKHUXQJVDODUPV\VWHP HQWZLFNHOWH GDV MHPDOV DXI GHP :HOWPDUNWDQJHERWHQZXUGH.XU]GDUDXIILHOHQGLH.RQVWUXNWLRQVSOlQHGLUHNWXQWHU GHU 1DVH GHV $ODUPV\VWHPV QlFKWOLFKHQ (LQEUHFKHUQ LQ GLH +lQGH 'LH )DEULN ]|JHUWHNHLQHQ$XJHQEOLFNDOOHQ|WLJHQ.RQVHTXHQ]HQ]X]LHKHQVWHOOWHHLQHQDOWHQ %HGXLQHQ DOV 1DFKWZlFKWHU HLQ XQG YHUNDXIW VHLWKHU LKUDXVJHIHLOWHV 3URGXNW QXU QRFKDXIGHPLVUDHOLVFKHQ0DUNW +RFKVWDSHOHL

(LQH DQ VWlQGLJHP 'HIL]LW NUDQNHQGH 5HJLHUXQJ KDW HLQH DXI GHU +DQG OLHJHQGH /|VXQJ LKU %XGJHW LQ 2UGQXQJ ]X EULQJHQ 6LH GUXFNW PHKUHUH 0LOOLDUGHQ NOHLQHU 3DSLHU]HWWHOPLWGHQ3RUWUlWVYHUVWRUEHQHU6WDDWVPlQQHU ,QIODWLRQ

ª$OVR6LHZROOHQPLW,KUHP8QWHUQHKPHQ.RQNXUVDQPHOGHQ©ª-D+HUU .RQNXUVYHUZDOWHUZLUKDEHQNHLQHDQGHUH:DKO©ª:DVIUHLQ8QWHUQHKPHQ ZDUGDV"©ª)DOVFKJHOG© .RLQ]LGHQ]

(LQK|FKVWEHUUDVFKHQGHV=XVDPPHQWUHIIHQZDUGDGLHEOKHQGH|VWHUUHLFKLVFKH :LUWVFKDIW H[DNW LQ MHQHU 6HNXQGH GD GHU :LUWVFKDIWVYLUWXRVH %UXQR .UHLVN\ VLFK SHQVLRQLHUHQ OLH XQWHU GHP hEHUJHZLFKW LKUHU |IIHQWOLFKHQ 6FKXOGHQ HLQIDFK ]XVDPPHQJHEURFKHQLVW

.RPPXQLVPXV

'HU.RPPXQLVPXVLVWHLQHJURDUWLJH7KHRULH'DV8QJOFNEHVWHKWGDULQGDHU VLFKLQGLH3UD[LVXPVHW]HQOlW .RPSHQVDWLRQ

'LH +|KH GHV 7ULQNJHOGV ULFKWHW VLFK QDFK GHU )HVWLJNHLW GHV &KDUDNWHUV -H XQVLFKHUHUPDQVLFKIKOWGHVWRK|KHUZLUGGLH%HVWHFKXQJVVXPPHVHLQGLHPDQIU HLQSDDUIOFKWLJH$XJHQEOLFNHGHU6HOEVWEHVWlWLJXQJ]X]DKOHQEHUHLWLVW .RUUHNW

1LHPDOV ZHUGH LFK MHQHQ 6FKXKPDFKHU LQ GHU %URQ[ YHUJHVVHQ GHU LQ VHLQHP )HQVWHUHLQJURHV3ODNDWPLWGHU$XIVFKULIWKlQJHQKDWWH ª+LHUZHUGHQ,KUH6FKXKHUHSDULHUWZlKUHQG6LHZDUWHQ©(UEUDXFKWH]XU5HSDUDWXU PHLQHU6FKXKHGUHLYROOH:RFKHQDEHUHVOlWVLFKQLFKWOHXJQHQGDLFKZlKUHQG GLHVHUGUHL:RFKHQWDWVlFKOLFKDXIGLH5HSDUDWXUJHZDUWHWKDEH /DQGZLUWVFKDIW

8QVHUH.LEEX]LPGLHXUVSUQJOLFKDOVUHLQODQGZLUWVFKDIWOLFKH6LHGOXQJHQJHGDFKW ZDUHQ KDEHQ LKUH 7lWLJNHLW PLWWOHUZHLOH DXFK DXI DQGHUH *HELHWH GHU 9RONVZLUWVFKDIWDXVJHGHKQW(LQLJHEHJDQQHQLKUH7UDNWRUHQVHOEVWKHU]XVWHOOHQXQG ZDUIHQ VLFK GDQQ DXV SXUHU 3URILWJLHU DXI GHQ %UFNHQEDX DQGHUH YHUEHVVHUQ LKUH (LQNQIWH GXUFK GLH (U]HXJXQJ NRVPHWLVFKHU *HEUDXFKVDUWLNHO XQG LP 6GHQ GHV /DQGHVJLEWHVHLQHQ.LEEX]GHUVLFKQDFKHLQHU0LHUQWHGXUFKSV\FKRDQDO\WLVFKH 7UDXPGHXWXQJHQYRU GHP%DQNURWWUHWWHQNRQQWH

/HEHQVZHLVKHLW

$OOHVLQGHU:HOWNDQQGHP0HQVFKHQJHQRPPHQZHUGHQQXUGDVHLQHQLFKWZDVHU JHJHVVHQKDW 0DU[LVPXV

'DV%HGUIQLVGLH0HQVFKKHLW]XUHWWHQQRWIDOOVDXFKJHJHQLKUHQ:LOOHQ 0DVVHQSV\FKRORJLH

0DQNDQQYLHOH/HXWHHLQLJH=HLWXQGHLQLJH/HXWHODQJH=HLWEHWUJHQDEHUDOOH ODVVHQVLFKHZLJ]XP1DUUHQKDOWHQ 0RQHWDULVFKH.ULVH

(VLVWQLFKWEHUUDVFKHQGGDHV/HXWHJLEWGLHEHKDXSWHQGDGDV*HOGGLH:XU]HO DOOHQhEHOVVHL0DQPDJ]XGLHVHP$XVVSUXFKVWHKHQZLHPDQZLOODEHULQ=HLWHQ GHU *HOGDEZHUWXQJ LVW YLHO :DKUHV GDUDQ 'HQNHQ ZLU GRFK DQ GLH EHGHXWHQGHQ :RUWHGLHGHUJURH6RNUDWHV VHLQHQ6FKOHUQDXIGHQ:HJJDE ª)U GHQ :HLVHQ GHU XP GLH ZDKUHQ :HUWH GHV /HEHQV ZHL LVW *HOG ZHUWORV© VDJWHGHUJULHFKLVFKH3KLORVRSKª'HU:HLVHKRUWHW*ROGXQG%ULOODQWHQ© :HQQ PLFK GLH (ULQQHUXQJ QLFKW WlXVFKW VR ZXUGH 6RNUDWHV YRQ GHU $WKHQHU 5HJLHUXQJZHQLJH6WXQGHQYRUHLQHU'UDFKPHQ$EZHUWXQJ|IIHQWOLFKYHUJLIWHW 1HEHQEHVFKlIWLJXQJ

$QJHVLFKWVGHUKHUUVFKHQGHQhEHUSURGXNWLRQYRQ6WHXHUQ=|OOHQ'DUOHKHQV]LQVHQ $E]JHQ =XVFKOlJHQ $XIVFKOlJHQ XQG QHXHQ =|OOHQ PVVHQ GLH ,VUDHOL PHKU DUEHLWHQXPVLFK]XVlW]OLFKH(LQQDKPHTXHOOHQ]XVFKDIIHQ

+LHUHLQ4XHUVFKQLWWGXUFKGLH5HFKHUFKHQHLQHVSULYDWHQ0DUNWIRUVFKXQJVLQVWLWXWHV 5/+DXSWEHUXIVWlGWLVFKHU,QJHQLHXU9HUNDXIWLQVHLQHU)UHL]HLW /RWWHULHORVH 6HLQH )UDX VWRSIW EHUXIVPlLJ 6WUPSIH :lKUHQG GHU 0LWWDJVSDXVH VLQJWHULPJHPLVFKWHQ8QWHUKDOWXQJVSURJUDPPGHV 5XQGIXQNV.1+DXSWEHUXI.DVVLHU6HLWVLHEHQXQGGUHLLJ-DKUHQLQGHUVHOEHQ )LUPD EHVFKlIWLJW $UEHLWHW ELV0LWWHPDFKW DOV $NUREDW YRQ 0LWWHUQDFKW ELV 8KU IUKDOV1DFKWZlFKWHU(QWVFKXOGLJWVLFKYRQ=HLW]X=HLWPLW0DJHQNUlPSIHQYRQ VHLQHU%URDUEHLWXQGQlKW]X+DXVH +HPGHQ$3+DXSWEHUXI%LEHOH[SHUWH$UEHLWHWQDFKPLWWDJVDOV7HVWSLORW +DW]ZHL6|KQHXQGHLQH7RFKWHUDQ0LVVLRQDUHYHUNDXIW7DQ]WEHL +RFK]HLWHQ6WXGLHUW3DQ]HUVFKUDQNNQDFNHQ7$EHNOHLGHWHLQHKRKH6WHOOHLP 6FKDW]DPW*HKDOWVNODVVH9,,, ,VWDQGHQ$EHQGHQDOV/LIWER\EHVFKlIWLJW 8QWHUULFKWHWDQ6RQQ XQG)HLHUWDJHQ+XOD+XOD6FKUDXEWLQVHLQHQ$PWVUlXPHQ HOHNWULVFKH%LUQHQDXVXQGYHUNDXIWVLH8UODXEVEHVFKlIWLJXQJ6SLRQDJHIUHLQH IUHPGH0DFKW 1RVWDOJLH

'LH LQQLJH 6HKQVXFKW QDFK MHQHQ IHUQHQ 7DJHQ LQ GHQHQ DOOHV VR YLHO EHVVHU XQG VFK|QHU ZDU PLW $XVQDKPH GHU ]DKOUHLFKHQ 'LQJH GLH HEHQVR EHVFKLVVHQ ZDUHQ ZLHVLHKHXWHVLQG

2SWLPDO

,Q$PHULNDZXUGHHLQHODQGZLUWVFKDIWOLFKH0DVFKLQHHUIXQGHQGLHDOOHUGLQJVQRFK YHUEHVVHUW ZHUGHQ PX ZHLO VLH ]XYLHO 5DXP HLQQLPPW 6LH SIODQ]W .DUWRIIHOQ EHZlVVHUWVLHHUQWHWVLHDEZlVFKWVLHNRFKWVLH XQGLWVLHDXI

3DWHQW

(UIDKUHQH )OXJSDVVDJLHUH EHJHJQHQ GHP hEHUJHZLFKWVSUREOHP GXUFK GLH VRJHQDQQWH .lVWFKHQVWUDWHJLH 6LH EHVWHKW GDULQ GD PDQ LQ HLQHP *DUGHUREHNlVWFKHQ ZLH HV JHJHQ JHULQJHV 0Q]HQWJHOW DXI MHGHP )OXJKDIHQ JHPLHWHW ZHUGHQ NDQQ GHQ ,QKDOW GHU +DQGWDVFKH YHUVWDXW XQG PLW GHU OHHUHQ +DQGWDVFKH]XP6FKDOWHUJHKWZRPDQVLHEHUHLWZLOOLJDXIGLH:DDJHVWHOOWXQGGDV XQHQWEHKUOLFKH(WLNHWWDXVJHIROJWEHNRPPW=XUFN]XP.lVWFKHQ KLQHLQPLWGHP hEHUJHZLFKW LQ GLH +DQGWDVFKH XQG ]XP )OXJ]HXJ XQG GDV /HEHQ LVW ZLHGHU OHEHQVZHUW 3RUWRIUHL

6WDWWPHLQHU $GUHVVHVFKUHLEHGHLQHDXIGHQ %ULHIXPVFKODJXQGOLQNVXQWHQZRGHU $EVHQGHUVWHKWNRPPWPHLQH $GUHVVHKLQ:DVJHVFKLHKW"$XIGHP3RVWDPWVHKHQ VLHGDGHU%ULHIQLFKWIUDQNLHUWLVWXQGVFKLFNHQLKQPLWHLQHP6WHPSHOGHUGLFK ]XU %H]DKOXQJ GHV 3RUWRV DXIIRUGHUW DQ PLFK DOV GHQ YHUPHLQWOLFKHQ $EVHQGHU ]XUFN.DSLHUW" 3URGXNWLRQVPHWKRGH

-HGHV /DQG KDW EHVWLPPWH 3URGXNWLRQVPHWKRGHQ GLH EHVWLPPWH &KDUDNWHULVWLND DXIZHLVHQ =ZHFNPlLJH 9HUSDFNXQJ NHQQ]HLFKQHW GLH DPHULNDQLVFKHQ 3URGXNWH 3Ul]LVLRQVDUEHLW LVW W\SLVFK IU GLH 6FKZHL] DP QLHGULJHQ 3UHLV HUNHQQW PDQ GLH MDSDQLVFKH+HUNXQIWHLQHU:DUH,Q,VUDHOJLEWHVHLQH3URGXNWLRQVPHWKRGHGLHVLFK UHLQWHFKQRORJLVFK ZLHIROJWIRUPXOLHUHQOLHH ª'HULVUDHOLVFKH+DQGZHUNHULVWSK\VLVFKXQGJHLVWLJDXHUVWDQGHMHQH$Q]DKOYRQ 6FKUDXEHQ DQ]XEULQJHQ GLH PLW GHU $Q]DKO GHU /|FKHU EHUHLQVWLPPW ZHOFKH ]XU $QEULQJXQJYRQ6FKUDXEHQYRUJHVHKHQVLQG©

3URYRNDWLRQ

'LH EHUKPWHQ LVUDHOLVFKHQ .LEEX]LP VLQG HLQ 8QLNXP LQ GHU *HVFKLFKWH GLH HLQ]LJHQODQGZLUWVFKDIWOLFKHQ.ROOHNWLYHGLHDXIIUHLZLOOLJHU%DVLVHUULFKWHWZXUGHQ XQG GLH RKQH *HKHLPSROL]HL 6FKQHOOJHULFKWH XQG +LQULFKWXQJVNRPPDQGRV ZHLWHUEHVWHKHQ'LH6RZMHWXQLRQKDWJHJHQGLHVH3URYRNDWLRQZLHGHUKROW(LQVSUXFK HUKREHQ

5DWLRQHOO

,VUDHOLVFKH )UDXHQ YHUDEVFKHXHQ QLFKWV VR VHKU ZLH LKUH+DXVKDOWVSIOLFKWHQ DXV *UQGHQ GHU +LW]H GHU 3ODFNHUHL XQG EHUKDXSW 6HOEVW 0WWHU ]LHKHQ HV YRU VFKOHFKWEH]DKOWHDQVWUHQJHQGH3RVWHQ]XEHUQHKPHQXQGIUGDVVRYHUGLHQWH*HOG HLQH+DXVKlOWHULQ]XHQJDJLHUHQQXUGDPLWVLHVHOEVWPLWLKUHP +DXVKDOWQLFKWV]X WXQ KDEHQ 'LHEHVWH /|VXQJ ZlUH QDWUOLFK ZHQQ LPPHU MH ]ZHL (KHIUDXHQ EHU HLQNlPHQIUHLQLGHQWLVFKHV6DOlULKUH+DXVKDOWHJHJHQVHLWLJ]XEHWUHXHQ 5HL]ZRUW

:HQQ GHU 'XUFKVFKQLWWVEUJHU GDV :RUW (LQNRPPHQVWHXHU K|UW EHJLQQW HU DP +LPPHO QDFK XQEHNDQQWHQ )OXJREMHNWHQ ]X VXFKHQ XQG EHQLPPW VLFK ZLH HLQ NOHLQHU*DQJVWHUGHUYRQGHU3ROL]HLEHUGLHVL]LOLDQLVFKH0DILDYHUK|UWZLUG 5XKHNLVVHQ

6FKZHUDUEHLWHUVFKODIHQJXW6SHNXODQWHQVFKODIHQEHVVHU 6FKXOGNRPSOH[

1LFKWV DXI GHU :HOW LVW VR VFKZHU ]X HUWUDJHQ ZLH HLQH PRUDOLVFKH 6FKXOG $XHU HLQHUILQDQ]LHOOHQ6FKXOG(LQH.RPELQDWLRQGLHVHUEHLGHQLVWDEVROXWP|UGHULVFK

O

6FKZHL]

'HU5HLVHQGHGHULQ0DLODQGHLQHQ=XJLQQ|UGOLFKHU5LFKWXQJEHVWHLJWZLUGQDFK HLQLJHQ6WXQGHQ)DKUWHLQHVHOWVDPH9HUZDQGOXQJEHREDFKWHQN|QQHQ'LH :DJJRQVKDEHQSO|W]OLFK]XTXLHWVFKHQDXIJHK|UWGLH)DKUJlVWHEULQJHQILHEHUKDIW LKUbXHUHVLQ2UGQXQJXQGNODXEHQDOOH3DSLHUVFKQLW]HOYRP%RGHQZHJGDV *HUlXVFKGHU5lGHUOlWHLQHQNODUHQ5K\WKPXVHUNHQQHQXQGVRJDUGLH)HQVWHU ZHUGHQZLHGXUFK=DXEHUVFKODJGXUFKVLFKWLJ'DQQGXUFKIlKUWGHU=XJHLQHQGLHVHU XQYHUPHLGOLFKHQHQGORVODQJHQ7XQQHOV XQGZHQQHUZLHGHULQV)UHLHNRPPWLVW PDQLQGHU6FKZHL]'LH6FKZHL]LVWGHU7UDXPGHV.OHLQEUJHUV8QGGHV *UREUJHUV8QGGHU6R]LDOLVWHQ8QGGHU5HYROXWLRQlUHXQG.RQVHUYDWLYHQXQG 1LKLOLVWHQ'LH6FKZHL]NXU]XPLVWGHU,QEHJULIIDOOHUPHQVFKOLFKHQ6HKQVFKWH :RKLQPDQEOLFNWKHUUVFKW5XKH2UGQXQJ'LV]LSOLQ+\JLHQH)OHLXQG0RUDO,VW GDVQLFKWIXUFKWEDU" 6HNUHWlULQ

'LH 6HNUHWlULQ LVW HLQH ]X GHQ *HLHOQ GHU 0HQVFKKHLW JHK|UHQGH DQPXWLJH 6FKODQJHGLHIUHLQPRQDWOLFKHV*HKDOWLKUH]HUVW|UHULVFKHQ.UlIWHHQWIDOWHW

6HOEVWORV

ª/LHEHGHLQHQ1lFKVWHQZLHGLFKVHOEVW©ODXWHWHLQDOWHVKHEUlLVFKHV*HERWGDVZLH PDQZHLDOOJHPHLQUHVSHNWLHUWXQGEHIROJWZLUG6HLQHHWZDVYXOJlUH)DVVXQJLVW GDV6SULFKZRUWª:DVGXQLFKWZLOOVWGDVPDQGLUWXGDVIJDXFKNHLQHPlQGHUQ ]X©-HGHQIDOOVHPSILHKOWHVVLFKVHLQHP1lFKVWHQNHLQ*HOG]XERUJHQ'HQQZHU P|FKWHVHOEVWLQGLH/DJHJHUDWHQVHLQHP1lFKVWHQ*HOGVFKXOGLJ]XVHLQ"

6R]LDODUEHLW

(LQ JHZ|KQOLFKHU *HZHUNVFKDIWVER YHUIJW KHXW]XWDJH EHU HLQ YROONOLPDWLVLHUWHV %URVRZLHHLQHZRKOWHPSHULHUWH6HNUHWlULQXQGYHUGLHQWRKQHHLQHQ)LQJHUNUXPP ]XPDFKHQGUHLPDOVRYLHO ZLHHLQ$UEHLWHU8QGZRIUYHUGLHQWHUGDV'UHLIDFKH" 8P 6WUHLNV ]X RUJDQLVLHUHQ (U LVW HLQH YRQ GHU )LQQHQOHLWXQJ EHUEH]DKOWH =HLW ERPEH (WZD VHFKV :RFKHQ QDFK VHLQHU 1HXZDKO EHJLQQW HU ]X WLFNHQ QDFK GUHL 0RQDWHQNQGLJWHUHLQHQZLOGHQ6WUHLNDQXQGLQQHUKDOEYRQHLQHP-DKUVSUHQJWHU GDV8QWHUQHKPHQLQGLH/XIW 6SRUW

(VJHKWLP6SRUWQLFKWQXUXPV*HVFKlIW(VJHKWDXFKGDUXPGDGLH)DQVQLFKWV GDYRQPHUNHQ

6WHXHU

-HGHV9RONEHNlPSIWGLH6WHXHUEHK|UGHHQWVSUHFKHQGVHLQHP1DWLRQDOFKDUDNWHU'LH ,WDOLHQHU K|UHQ JDQ] HLQIDFK ]X DUEHLWHQ DXI XQG ODVVHQ VLFK DP 0HHUHVVWUDQG EUlXQHQ'LH$PHULNDQHUHUJHKHQVLFKLQVWHXHUIUHLHQ6SHQGHQXQG6WLIWXQJHQXQG ODVVHQVLFKGDIUDOV3KLODQWKURSHQIHLHUQ'LH(QJOlQGHUEHUDXEHQ3RVW]JHRKQH GLH%HXWH]XYHUVWHXHUQ'HU,VUDHOLGHQXQ]LHUWVLFKVHOEVWDOV6WHXHUEHWUJHUXPGLH GDIUDXVJHVHW]WHKRKH%HORKQXQJ]XEHNRPPHQ 6WUHLN

-HGHU,QGXVWULHOOHZHLGDHV]XVHLQHQYRUQHKPVWHQ3IOLFKWHQJHK|UWPLQGHVWHQV HLQPDO YLHUWHOMlKUOLFK VHLQHQ $UEHLWHUQ HLQHQ KDOEZHJV EUDXFKEDUHQ 9RUZDQG IU HLQHQ6WUHLN]XOLHIHUQ9HUVW|WHUJHJHQGLHVH3IOLFKWGDQQJLEWHVQXUQRFKHLQV VWUHLNHQ

6QGLJ

+HXWHN|QQWHVLFK)UDX/RWJHWURVWXPZHQGHQ:RHLQVWGLHVQGLJHQ6WlGWH6RGRP XQG *RPRUUKD VWDQGHQ ZUGH VLH GLH QHXHQ LVUDHOLVFKHQ 3RWWDVFKH:HUNH HUEOLFNHQGHUHQHLQ]LJH6QGHGDULQEHVWHKWGDVLHPLW9HUOXVWDUEHLWHQ 6XSHUPHQ

'LH86$VLQGGDV/DQGGHUXQEHJUHQ]WHQ0|JOLFKNHLWHQVLFKZLUWVFKDIWOLFK ]XJUXQGH]XULFKWHQ 7DULI

,Q GHQ 5HVWDXUDQWV JLEW PDQ IU JHZ|KQOLFK ]HKQ 3UR]HQW YRP *HVDPWEHWUDJ LP 7KHDWHU IQI]HKQ 3UR]HQW YRQ GHU .UDJHQZHLWH GHV %LOOHWHXUV XQG IU HLQH $XVNXQIWZRGLHJHVXFKWH6WUDHOLHJWIQI3UR]HQWYRP$OWHUGHV$XVNXQIWJHEHUV :HUVLFKHUJHKHQZLOOJLEWGDV7ULQNJHOGLQNOHLQHQ0Q]HQXQG]ZDUVRODQJHELV GHU(PSIlQJHU ]XOlFKHOQEHJLQQW%HL7D[LFKDXIIHXUHQNDQQGDVOHLFKWUXLQ|VZHU GHQ GHQQ 7D[LFKDXIIHXUH OlFKHOQ QLH +LHU ]DKOW PDQ VR ODQJH ELV GHU 0DQQ ]X VFKLPSIHQDXIK|UW 7HLOHUIROJ

(LQH ,QGXVWULH GLH EOKHQ XQG JHGHLKHQ ZLOO EUDXFKW HLQ JURHV 5HVHUYRLU RUJDQLVLHUWHU WFKWLJHU JHVFKLFNWHU IDFKNXQGLJHU OHLVWXQJVIlKLJHU $UEHLWVNUlIWH 2UJDQLVLHUWVLQGVLHVFKRQ 8QGHUVWDWHPHQW

ª,FK YHUODQJH YRP 9HUNDXI PHLQHU %LOGHU 'LH YROOHQ .RVWHQ IU 5DKPHQ 9HUVLFKHUXQJ XQG 35 JHKHQ ]X ,KUHQ /DVWHQ HEHQVR ZLH GHU 5HSURGXNWLRQVNRVWHQ $XHUGHP ZLOO LFK ,KUH %XFKKDOWXQJ UHJHOPlLJ NRQWUROOLHUHQ©

ª:HUZDUGDV"©IUDJWHLFKGLH*DOHULHEHVLW]HULQª(LQQDLYHU 0DOHU© 8QYHUVFKlPWKHLW

'HU EHUUDVFKHQGH 9RUVSUXQJ GHU VGNRUHDQLVFKHQ ,QGXVWULH EHUXKW DXI HLQHP XQIDLUHQ:HWWEHZHUE(VZLUGJHDUEHLWHWZlKUHQGGHU$UEHLWV]HLW 9HUGLHQVWJUHQ]H

,QGHUHJDOLWlUHQ*HVHOOVFKDIWEHGHXWHWSURJUHVVLYH%HVWHXHUXQJGDNHLQ0HQVFK PHKUYHUGLHQHQGDUIDOVVHLQ]XVWlQGLJHU6WHXHUUHIHUHQW 9HUVLFKHUXQJ

'HU%UJHUKDWHLQHJDQ]HLQIDFKH0|JOLFKNHLWGLHXQHUELWWOLFKHQ6WHXHUJHVHW]HDXI OHJDOH :HLVH]XXPJHKHQ'HQ.LQGHUZDJHQOlWHUDOV)LUPHQIDKU]HXJUHJLVWULHUHQ XQGGLH)LUPDDXIGHQ1DPHQVHLQHU)UDXHLQWUDJHQGDQQYHUVLFKHUWHUVHLQH*DWWLQ JHJHQ)HXHUXQG]QGHWVLHDQ 9RONVZLUWVFKDIW

(V JLEW HLQ 8UJHVHW] ZHOFKHV EHVDJW GD MHGHU GHPRNUDWLVFK JHZlKOWH 3ROLWLNHU EHVWUHEWLVWELV]XVHLQHP7RGH RGHUZHQQP|JOLFKDXFKGDUEHUKLQDXV LPPHU ZLHGHU JHZlKOW ]X ZHUGHQ 'DKHU PX HU LQ VHLQHU $PWV]HLW MHGHQ XQSRSXOlUHQ 6FKULWWYHUPHLGHQ6RHLQ6FKULWWN|QQWH]ZDUGLH:LUWVFKDIWJHVXQGHQODVVHQDEHU VLH N|QQWH GHQ :lKOHU LUULWLHUHQ 9RP 6WDQGSXQNW GHV 3ROLWLNHUV DXV LVW HV EHGHXWHQG]LHOIKUHQGHUGLH:LUWVFKDIW]XLUULWLHUHQXQGGDIUGHQ:lKOHUJHVXQG ]XVWRHQ

:lKUXQJVIRQGV

'HU 'ROODU EHUXKW DXI GHP *ROGVWDQGDUG GHU 5XEHO DXI GHU *HKHLPSROL]HL GDV ,VUDHOLVFKH3IXQGDXIGHQ$UDEHUQ'DVKHLWHVEHUXKWDXIGHU7DWVDFKHGDXQVHU )LQDQ]PLQLVWHU VRODQJH GLH $UDEHU DXI XQV VFKLHHQ QLFKWV GHUJOHLFKHQ WXW :HQQ HV VLFK DE XQG ]X HUJLEW GD GLH .DPSIKDQGOXQJHQ HLQH =HLWODQJ UXKHQ HUVFKHLQW DP+RUL]RQWVRJOHLFKGDV*HVSHQVWGHU,QIODWLRQ :DUHDXVOlQGLVFKH

:LULQ,VUDHOKDEHQHLQHXQZLGHUVWHKOLFKH=XQHLJXQJ]XDXVOlQGLVFKHQ:DUHQXQG ]ZDUDXV]ZHL*UQGHQ(UVWHQVLVWGHU5HVSHNWYRUDOOHP)UHPGHQQRFKHLQ(UEWHLO XQVHUHU MDKUKXQGHUWHODQJHQ 8QWHUGUFNXQJ LQ GHU 'LDVSRUD XQG ]ZHLWHQV VLQG GLH DXVOlQGLVFKHQ3URGXNWHEHVVHU :HWWEHZHUEVZLGULJ

:LUG KHXWH LQ ,WDOLHQ HLQH QHXH %DGHZDQQH DXI GHQ 0DUNW JHEUDFKW GLH %DGH|O DXVVFKHLGHW XQG PLWWHOV HLQHV 7KHUPRVWDWV GLH :DVVHUZlUPH NRQVWDQW KlOW VR HUVFKHLQHQ PRUJHQ LQ ,WDOLHQ GLH %DGHZDQQHQ YRQ 0LWVXELVKL GLH DOOH GLHVH )XQNWLRQHQ DXFK KDEHQ GDUEHU KLQDXV HLQH 5HLVHJHVFKZLQGLJNHLW YRQ GUHLLJ 6WXQGHQNLORPHWHUQELHWHQXQG3XFFLQLV2SHUQLQ4XDGURSKRQLHVSLHOHQ :LUWVFKDIWVZXQGHU

(LQHV 7DJHV EHVFKOR -DSDQ GHQ 8KUHQZHOWPDUNW XQWHU GLH /XSH ]X QHKPHQ XQG EHJDQQ 6FKZHL]HU 8KUHQ KHU]XVWHOOHQ GLH JHQDXVR DXVVDKHQ JHQDXVR H[DNW OLHIHQ XQG JHQDXVR JOlQ]WHQ MHGRFK QXU GLH +lOIWH NRVWHWHQ 'DQDFK HQWGHFNWHQ GLH -DSDQHU7DVFKHQUHFKQHUXQG9LGHRJHUlWHXQGGLH:HOWZXUGHLP(LQKHLWVUK\WKPXV HLQHVVHOEVWYHUVWlQGOLFKHEHQIDOOVLQ-DSDQKHUJHVWHOOWHQ0HWURQRPVPLWHOHNWULVFKHQ :XQGHP EHUIOXWHW GLH VLFK LP 9HUJOHLFK PLW HXURSlLVFKHQ (U]HXJQLVVHQ DOV HEHQEUWLJHUZLHVHQ9LHOOHLFKWGHVKDOEZHLODXFKGLHHXURSlLVFKHQ(U]HXJQLVVHLQ -DSDQKHUJHVWHOOWZHUGHQ

:XQGHU

:HQQ GHU )LQDQ]PLQLVWHU LUJHQGHLQHV DQGHUHQ /DQGHV LQ HLQHU .DELQHWWVLW]XQJ YHUNQGHW ª0HLQH+HUUHQQXUHLQ:XQGHUNDQQXQVUHWWHQ©VR EHGHXWHWGDVGD GLH EHWUHIIHQGH 5HJLHUXQJ RGHU YLHOOHLFKW GDV JDQ]H /DQG YRU HLQHU .DWDVWURSKH VWHKW ,Q ,VUDHO EHGHXWHW HV QLFKWV ZHLWHU DOV GD GDV EHWUHIIHQGH :XQGHU LQ GHQ QlFKVWHQ]ZHLGUHL7DJHQJHVFKHKHQZLUG =DKOXQJVELODQ]

-HGHVQHXJHERUHQH.LQGLQ,VUDHOKDWLPODQGHVZHLWHQ'XUFKVFKQLWWVFKRQDP7DJH VHLQHU *HEXUW HLQH $XVODQGVVFKXOG YRQ 'ROODU *OHLFK]HLWLJ VFKXOGHW XQVHU )LVNXV MHGHP GLHVHU 1HXJHERUHQHQ LP 0RPHQW VHLQHV HUVWHQ 6FKUHLV ,QODQGVVFKXOGHQ LQ +|KH YRQ 'ROODU 8QVHUH =DKOXQJVELODQ] LVW DOVR EHLQDKH DXVJHJOLFKHQ =LUNXVDNW

6R ]LHPOLFK DXI GHU JDQ]HQ :HOW LP 1DFNHQ MHGHV SURGXNWLYHQ 0HQVFKHQ VLW]HQ JHPWOLFK GUHLHLQKDOE YRP 6WDDW EHVROGHWH $XIVHKHU 'HU HUVWH %HDPWH UHJLVWULHUW VHLQH ([LVWHQ] GHU ]ZHLWH VRUJW IU VHLQH K|FKVWP|JOLFKH %HVWHXHUXQJ GHU GULWWH PDFKW DXV LKP HLQHQ RUJDQLVLHUWHQ $UEHLWQHKPHU XQG GHU KDOEH LVW YROO GDPLW DXVJHODVWHWVHLQH1DFNHQPXVNHOQ]XPDVVLHUHQ

=ZHFNPlLJ

:DV LPPHU PDQ JHJHQ XQVHUH 3ROLWLNHU HLQZHQGHQ PDJ XQG GDV LVW HLQH JDQ]H 0HQJHHLQHVPXPDQLKQHQODVVHQ6LHVLQGDXIGHPEHVWHQ:HJXQVGXUFKLKUH ZHLVH6WHXHUSROLWLNYRP)OXFKGHV*HOGHV ]XHUO|VHQ

HLQ8OOVWHLQ%XFK

6DWLULVFKH 7LSV XQG 7ULFNV IU DOOH :LUWVFKDIWV ODJHQ (LQVLFKWHQ XQG $QVLFKWHQ DXV GHU LQWHU QDWLRQDOHQ :HOW GHV *HOGHV (SKUDLP .LVKRQ DOV :LUWVFKDIWVH[SHUWH GLHVH VDWLULVFKH 9HU NOHLGXQJ ZLUG QLFKW QXU /HVHU EHJHLVWHUQ GLH DXIGLHVHP*HELHW)DFKOHXWHVLQG