Ich, der Cantaro

XUW0DKU ,FKGHU&DQWDUR 352/2* $P1RYHPEHUGHV-DKUHV1HXHU*DODNWLVFKHU=HLWUHFKQXQJVWLHHLQH W...

25 downloads 402 Views 421KB 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

.XUW0DKU

,FKGHU&DQWDUR

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lWWH GDV 6FKLII GHVVHQ 1DPH QDFK JHOlXILJHU 7UDQVNULSWLRQ &+$.723808.+,1 ³*HLVWGHU)RUVFKXQJ ODXWHWHMHGHU]HLWZLHGHULQ%HZHJXQJVHW]HQN|QQHQ 'DV (QWHUNRPPDQGR XQWHUVXFKWH GDUDXIKLQ GHQ %RUGFRPSXWHU HLQHQ 6\QWURQ l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lXHUVW YHUEOIIHQGH *HVFKLFKWH 9RP .RPPDQGDQWHQ GHU 3DWURXLOOH ZLUG EHKDXSWHWHUKDEHQDFKGHU/HNWUHGHV7DJHEXFKVDXVJHUXIHQ³:HQQZLUGDVYRU DFKW-DKUHQJHZXWKlWWHQZlUHDOOHVJDQ]DQGHUVJHNRPPHQ *KHEURNKWHKDWLQGHU7DWHLQHXQJHZ|KQOLFKH*HVFKLFKWHHU]lKOW6LHZXUGHYRQ HLQHPWHUUDQLVFKHQ$XWRULQ5RPDQIRUPXPJHVHW]WXQGEHULFKWHWEHUGHQ%HJLQQ GHU7\UDQQHQKHUUVFKDIWGHU+HUUHQGHU6WUDHQ ,FK VDK ZLH VLFK 3KDPDTV *HVLFKW YHUIlUEWH (U KDWWH HWZDV VDJHQ ZROOHQ 'HU 0XQG EOLHE LKP RIIHQ VWHKHQ GLH $XJHQ ZHLWHWHQ VLFK YRU (QWVHW]HQ ,P VHOEHQ $XJHQEOLFN EHUNDP PLFK GDV *HIKO GHU 3DQLN (V ZDU Y|OOLJ LUUDWLRQDO 1LFKWV ZDU JHVFKHKHQ :LU VDHQ LQ HLQHP NOHLQHQ 5DXP GHU QHEHQ GHU EOLFKHQ $XVVWDWWXQJPHKUHUH&RPSXWHUXQG.RPPXQLNDWLRQVDQVFKOVVHHQWKLHOWXQGKDWWHQ HLQH=HLWODQJVSH]LILVFKH3UREOHPHGHU;HQRPHGLNGLVNXWLHUW'HU5DXPEHVDHLQ HLQ]LJHV )HQVWHU GXUFK GDV GHU %OLFN KLQDXV DXI GLH ]DKOUHLFKHQ ]XPHLVW IODFKHQ *HElXGHGHVQHXHQ)RUVFKXQJVNRPSOH[HVYRQ&KDGGLVVJLQJ0LUVDGLH$QJVWLQ GHU.HKOH,FKVDKKLQDXV1LFKWVKDWWHVLFKJHlQGHUW'LH6RQQH8SKWUDVFKLHQPLW JHZRKQWHU ,QWHQVLWlW =ZLVFKHQ GHQ *HElXGHQ DUEHLWHWHQ 5RERWHU DQ GHU )HUWLJVWHOOXQJHLQHUPLWGHPQHXHQ)XQNOHLWV\VWHPDXVJHVWDWWHWHQ6WUDH 'DQQ ILHO PLU HWZDV DXI $OV LFK GDV OHW]WH 0DO KLQDXVJHEOLFNW KDWWH ZDUHQ KLHU XQG GD HLQ SDDU )DKU]HXJH XQWHUZHJV JHZHVHQ OHLFKWH *OHLWHU GLH IU GHQ

1DKYHUNHKUJHGDFKWZDUHQ-HW]WEHZHJWHVLFKDXHUGHQ5RERWHUQQLFKWVPHKU'LH *OHLWHU VWDQGHQ UHJORV HLQHU GDYRQ VFKZDQNHQG DXI GHP +DQJ HLQHV (UGKJHOV GHQ GLH 5RERWHU ZlKUHQG GHU %DXDUEHLWHQ DXIJHVFKWWHW KDWWHQ 0DQ VDK GHP )DKU]HXJDQGDHVLQDOOHU+DVW]X%RGHQJHVHW]WZRUGHQZDU 3KDPDT XQG LFK ZDUHQ QLFKW GLH HLQ]LJHQ GLH YRQ 3DQLN JHVFKWWHOWZXUGHQ'LH $QJVW KDWWH DOOH HUJULIIHQ ,FK ZDU XQIlKLJ PLFK ]X EHZHJHQ 3KDPDT GDJHJHQ VWHPPWHVLFKPKVHOLJLQGLH+|KH ³,FKNHQQHGLH6\PSWRPHVWLHHUKHUYRU³%OLW]HU 'LH3DQLNVWHLJHUWHVLFK,FKKDWWHYRQGHQ%OLW]HUQJHK|UW6LHZDUHQDEDUWLJHGHP :DKQVLQQ YHUIDOOHQH 0LWJOLHGHU GHV 9RONHV GHU $UFKlRQWHQ GLH LKUH EHUOHJHQH 7HFKQLNGD]XPLEUDXFKWHQ:HOWHQ]X]HUVW|UHQXQG=LYLOLVDWLRQHQDXV]XO|VFKHQ 3KDPDTZDULQ$PDJRUWDJHZHVHQ9RQGRUWKHUZXWHHUZDVHVPLWGHQ%OLW]HUQ DXIVLFKKDWWH(UKDWWHPLUYRQLKQHQEHULFKWHW :lKUHQG 3KDPDT VLFK VFKZHUIlOOLJ ELV ]XP QlFKVWHQ .RPPXQLNDWLRQVDQVFKOX VFKOHSSWH QDKP PHLQH $QJVW VROFKH $XVPDH DQ GD GHU 0LNURPHG VLFK YHUDQODWIKOWH]XUHDJLHUHQ'HU0LNURPHGLVWHLQZLQ]LJHVV\QWURQLVFKHV0RGXO GDVLFKXQWHUGHU+DXWDXIGHUUHFKWHQ6HLWHGHV+DOVHVWUDJH(UEHUZDFKWPHLQHQ SK\VLVFKHQ XQG SV\FKLVFKHQ *HVXQGKHLWV]XVWDQG XQG JUHLIW NRUULJLHUHQG HLQ VRZHLW HV VHLQH 0LWWHO HUODXEHQ ² ZHQQ HLQ JHVXQGKHLWVEHGURKHQGHU =XVWDQG HQWVWHKW :LU &DQWDUR WUDJHQ YLHOH VROFKHU 0RGXOH LP .|USHU GLH UHFKW XQWHUVFKLHGOLFKH )XQNWLRQHQ YHUVHKHQ 0DQFKH XQWHUVWW]HQ GLH ORJLVFKH 7lWLJNHLW GHV *HKLUQV DQGHUH DNWLYLHUHQ GLH 0XVNHOWlWLJNHLW ZHQQ ZLU LQ HLQH 6LWXDWLRQ JHUDWHQLQGHUEHVRQGHUH.|USHUNUlIWHHUIRUGHUOLFKVLQG'LH$XVZDKOGHU0RGXOH GLHHULQVHLQHQ.|USHUHLQEHWWHQZLOOLVWGHPHLQ]HOQHQEHUODVVHQ3KDPDT]XP %HLVSLHOEHVDNHLQHQ0LNURPHG'DIUKDWWHHUPHKUHUH0RGXOHGLHXQPLWWHOEDU PLW GHP %HZXWVHLQ JHNRSSHOW ZDUHQ XQG LKQ LQ GLH /DJH YHUVHW]WHQ ZLH HLQ &RPSXWHU ]X GHQNHQ 2KQH =ZHLIHO KDWWH HU GLHVH 0RGXOH MHW]W DNWLYLHUW VRQVW KlWWHHUVLFKGHP*HIKOGHU3DQLNQLFKWHQW]LHKHQN|QQHQ 'HU 0LNURPHG HU]HXJWH NUlIWLJH 'RVHQ HLQHV VHGDWLYHQ (Q]\PV GDV HU LQ GLH %OXWEDKQ HQWOLH 'LH $QJVW EHJDQQ VLFK ]X OHJHQ ,FK NRQQWH PLFK ZLHGHU EHZHJHQ ,Q]ZLVFKHQ KDWWH 3KDPDT GDV .RPPXQLNDWLRQVJHUlW LQ %HWULHE JHQRPPHQ.HXFKHQGVWLHHUKHUYRU ³$ODUP (LQ $QJULII GHU %OLW]HU VWHKW XQPLWWHOEDU EHYRU %ULQJW HXFK LQ 6LFKHUKHLW*HJHQGLH%OLW]HUJLEWHVNHLQHZLUNVDPH$EZHKU (U ZDQGWH VLFK ]X PLU XP ,FK ZDU LQ]ZLVFKHQ DXIJHVWDQGHQ 6HLQ *HVLFKW ZDU JUDX ³7855<.+$00lFK]WHHU³6RVFKQHOOZLHP|JOLFK 'LH 7855<.+$00 ZDU GDV 5DXPVFKLII PLW GHP ZLU QDFK &KDGLVV JHNRPPHQ ZDUHQ :LU KDWWHQ KLHU GDV QHXH )RUVFKXQJV]HQWUXP HLQULFKWHQ VROOHQ-HW]WZUGHGDUDXVQLFKWVPHKUZHUGHQ:RGLH%OLW]HU]XVFKOXJHQEOLHE NHLQ6WHLQDXIGHPlQGHUQ,FKKDWWHPHLQH.UlIWHZLHGHUJHZRQQHQ'DV*HIKO GHU 3DQLN ZDU YHUIORJHQ 'DV 6HGDWLY ZLUNWH VLFK KHPPHQG DXI PHLQH 5HDNWLRQVJHVFKZLQGLJNHLWDXV,FKYHUVSUWHHLQHJHZLVVH7UlJKHLW$EHULFKZDU LPPHU QRFK XP HWOLFKH *U|HQRUGQXQJHQ EHVVHU GUDQ DOV 3KDPDT GHU VLFK DOOHLQ DXI GLH V\QWURQLVLHUWH :LUNXQJVZHLVH VHLQHV %HZXWVHLQV YHUODVVHQ PXWH 'LH &RPSXWHUPRGXOH EUDFKWHQ HV QLFKW IHUWLJ GLH $QJVW Y|OOLJ ]X

XQWHUGUFNHQ'DVVDKPDQLKPDQ ,FK JULII LKQ XQWHU GHP OLQNHQ $UP XQG ]HUUWH LKQ PLW PLU $OV LFK GLH 7U |IIQHWH VFKOXJ PLU ZLOGHU /lUP HQWJHJHQ 3KDPDTV $ODUPUXI ZDU EHUDOO JHK|UW ZRUGHQ 'LH %HZRKQHU GHV *HElXGHV LQ HUVWHU /LQLH :LVVHQVFKDIWOHU GLHPLWXQVDQGHU(LQULFKWXQJGHV)RUVFKXQJV]HQWUXPVKDWWHQ]XVDPPHQDUEHLWHQ VROOHQEHIDQGHQVLFKLQZLOGHU)OXFKW,FKULHILKQHQ]X ³'LH7855<.+$00LVWVWDUWEHUHLW)ROJWXQV]XP5DXPKDIHQ ,FKEHNDPQLFKWPLWREVLHPLFKK|UWHQ,FKNRQQWHPLFKDXFKXPDQGHUHQLFKW NPPHUQ 3KDPDT PDFKWH PLU JHQXJ ]X VFKDIIHQ ,FK VFKOHSSWH LKQ ELV ]XP (LQVWLHJ GHV QlFKVWHQ $QWLJUDYVFKDFKWV XQG VWLH LKQ KLQHLQ /DQJVDP VDQN HU LQ GLH 7LHIH ,FK VSUDQJ KLQWHU LKP KHU (LQ 6HUYR NXJHOI|UPLJ XQG PDWWOHXFKWHQGJOLWWPLUHQWJHJHQ ³6FKQHOOHUVFKULHLFK³%LVDXIGLH6RKOHGHV6FKDFKWHV 'HU 6HUYR UHDJLHUWH VRIRUW :LH 6WHLQH VWU]WHQ ZLU LQ GLH 7LHIH (UVW NXU] YRU GHP XQWHUHQ (QGH GHV 6FKDFKWHV VHW]WH GLH NQVWOLFKH 6FKZHUNUDIW ZLHGHU HLQ XQGOLHXQVVDQIW]X%RGHQJOHLWHQ3KDPDTZDULPPHUQRFKYHUZLUUWXQGDXHU VLFK YRU )XUFKW ,FK ]HUUWH LKQ PLW PLU :LU ZDUHQ LQ HLQHP $EVWHOOUDXP JHODQGHW LQ GHP 'XW]HQGH YRQ *OHLWHUQ JHSDUNW VWDQGHQ ,FK HQWVFKOR PLFK ZDKOORVIUHLQ)DKU]HXJPLWWOHUHU*U|H$OVLFK3KDPDTGXUFKGDVRIIHQH/XN VFKRE TXROO HLQH *UXSSH YRQ :LVVHQVFKDIWOHUQ DXV GHU gIIQXQJ GHV $QWLJUDYVFKDFKWV ³+LHUKHUULHILFKLKQHQ]X (LQ SDDU IROJWHQ PHLQHU $XIIRUGHUXQJ DEHU GLH 0HKU]DKO VWUPWH LQ SDQLVFKHU 9HUZLUUXQJ GDYRQ XP QDFK GHQ HLJHQHQ )DKU]HXJHQ ]X VXFKHQ 'HU &DQWDUR NRPPW PLW HLQHP DQJHERUHQHQ 6LQQ IU 2UGQXQJ ]XU :HOW $XFK LFK KlWWH YHUVXFKW LQ GHU 0HQJH GHU JHSDUNWHQ *OHLWHU QDFK GHPMHQLJHQ ]X VXFKHQ PLW GHP 3KDPDT XQG LFK JHNRPPHQ ZDUHQ (U JHK|UWH VFKOLHOLFK ]XU %RUGDXVVWDWWXQJGHU785.<.+$00$EHUGDV6HGDWLY(Q]\PKDWWHPLFKPLW HLQHUJHK|ULJHQ3RUWLRQ*OHLFKJOWLJNHLWDXVJHVWDWWHW0LUNDPHVMHW]WQXUQRFK GDUDXIDQ3KDPDTXQGPLFKLQ6LFKHUKHLW]XEULQJHQ ,FK VFKDOWHWH GDV 7ULHEZHUN DXI K|FKVWH %HVFKOHXQLJXQJ :LU KDWWHQ VHFKV Y|OOLJ YHUVW|UWH :LVVHQVFKDIWOHU DQ %RUG JHQRPPHQ 'HU *OHLWHU VFKR GDYRQ ZLH DXV HLQHU .DQRQH JHIHXHUW (U EUDXFKWH NDXP HLQH 6HNXQGH XP GLH HLQKXQGHUW0HWHUODQJH5DPSH]XEHUZLQGHQGLHQDFKREHQLQV)UHLHIKUWH :LU ZDUHQ XQWHUZHJV ,FK KDWWH GLH 6WDQGRUWDGUHVVH GHU 7855<.+$00 LQ GHQ $XWRSLORWHQ HLQJHJHEHQ XQG EUDXFKWH PLFK XP GDV 1DYLJLHUHQ QLFKW ]X NPPHUQ$XVGHQ$XJHQZLQNHOQVDKLFKGDJDQ]H+RUGHQYRQ*OHLWIDKU]HXJHQ LQ5LFKWXQJ5DXPKDIHQXQWHUZHJVZDUHQ3KDPDTV:DUQXQJZDUJHK|UWZRUGHQ ,FK OHKQWH PLFK LQ PHLQHQ 6LW] ]XUFN XQG VDQGWH HLQ NOHLQHV 6WRJHEHW LQ 5LFKWXQJ GHV *HLVWHV GHU .ODUKHLW (U VROOH GDIU VRUJHQ GD GLH %OLW]HU HUVW ]XVFKOXJHQQDFKGHPGLH7855<.+$00JHVWDUWHWZDU 'LH %OLW]HU VR KDWWHQ ZLU HUIDKUHQ ZDUHQ$QJHK|ULJHGHV9RONHV GHU $UFKlRQWHQ 'LH $UFKlRQWHQ DEHU ZDUHQ QLHPDQG DQGHUV DOV GLH +HUUHQ GHU 6WUDHQ GLH LQ XQVHUHU +HLPDWJDOD[LV 1H\VFXXU VHLW 7DXVHQGHQ YRQ -DKUHQ K|FKVWH 9HUHKUXQJ JHQRVVHQ 'LH /HJHQGH EHULFKWHWH GD GLH +HUUHQ GHU 6WUDHQ HLQHV 7DJHV GHQ (QWVFKOX IDWHQ VLFK GHQ 9HUSIOLFKWXQJHQ GHV NRVPLVFKHQ $OOWDJV ]X HQW]LHKHQ

HLQHQ HLQVDPHQ 2UW DXI]XVXFKHQ XQG VLFK GRUW GHU 9HULQQHUOLFKXQJ ]X ZLGPHQ :DV PDQ VLFK XQWHU HLQHP VROFKHQ 9RUKDEHQ DXFK LPPHU YRUVWHOOHQ PRFKWH )HVWVWDQG GD GLH +HUUHQ GHU 6WUDHQ YRQ HLQHP 7DJ DXI GHQ DQGHUHQ YHUVFKZXQGHQ ZDUHQ 8QVHU 9RON VXFKWH QDFK LKQHQ 'DPDOV JHK|UWHQ ZLU DOOH QRFK GHU JURHQ 1DWLRQ GHU $QRUHH DQ 'LH $EVSDOWXQJ GHV =ZHLJYRONV GHU &DQWDURKDWWHQRFKQLFKWVWDWWJHIXQGHQ $OVGLH*URH.RVPLVFKH.DWDVWURSKHEHJDQQGDHUIXKUHQZLUGDVLHEHVRQGHUVLQ HLQHU NOHLQHQ $QVDPPOXQJ YRQ *DOD[LHQ GLH YRQ LKUHQ %HZRKQHUQ GLH /RNDOH *UXSSH JHQDQQW ZXUGH YHUKHHUHQGH $XVZLUNXQJHQ JHKDEW KDEH 'LH &DQWDUR JODXEWHQVLHN|QQWHQGHQLQ%HGUlQJQLV*HUDWHQHQKHOIHQ9LHOOHLFKWWULHEVLHDXFK QXU GLH :LEHJLHUGH ,FK ZDU GDPDOV QRFK QLFKW JHERUHQ XQG PX PLFK DXI GDV YHUODVVHQ ZDV EHUOLHIHUW LVW ,FK ZHL MHGRFK GD PHLQ 9RON YRQ HLQHP XQVWLOOEDUHQ :LVVHQVGUDQJ EHVHHOW LVW XQG ]ZDU NRQ]HQWULHUW VLFK GLHVHU DXI GLH 9RUJlQJH LQ GHU 1DWXU 'LH *URH .DWDVWURSKH ZDU HLQ HLQPDOLJHV (UHLJQLV 6R HWZDV JHVFKLHKW QXU DOOH SDDU 0LOOLDUGHQ -DKUH HLQPDO 'DV JHVDPWH 9RON GHU &DQWDUR 0LOOLRQHQ 6HHOHQ PDFKWH VLFK LQ 5DXPVFKLIIHQ DXI GHQ :HJ ]XU/RNDOHQ*UXSSH 8QVHUH 5DXPVFKLIIH XQWHUVFKLHGHQ VLFK YRQ GHQHQ GLH EHL XQVHUHP 6WDPPYRON GHQ$QRUHHLP*HEUDXFKZDUHQ'LH&DQWDURKDWWHQQlPOLFKLQGHU=ZLVFKHQ]HLW HLQ'DWHQDUFKLYHQWGHFNWGDVYRQGHQ+HUUHQGHU6WUDHQ]XUFNJHODVVHQZRUGHQ ZDU 'DV $UFKLY HQWKLHOW GLH 6SH]LILNDWLRQHQ DUFKlRQWLVFKHU 5DXPIDKU]HXJH $XI GLH ,QQHQHLQULFKWXQJ XQG GLH (LQ]HOKHLWHQ GHU WHFKQLVFKHQ $XVVWDWWXQJ ZXUGH LQ GHQ 'DWHQ IUHLOLFK QLFKW HLQJHJDQJHQ $EHU GLH 9HUHKUXQJ GLH GLH &DQWDUR GHQ $UFKlRQWHQ HQWJHJHQEUDFKWHQ ZDU VR JUR GD VLH EHVFKORVVHQ LKUH 6FKLIIH KLQIRUW LQ GHUVHOEHQ )RUP ]X EDXHQ ZLH HV GLH +HUUHQ GHU 6WUDHQ JHWDQ KDWWHQ 'LH %HZRKQHU GHU /RNDOHQ *UXSSH QHQQHQ XQVHUH )DKU]HXJH .QLFN RGHU %XFNHOVFKLIIH XQG VR VHKHQ VLH LQ GHU 7DW DXV 'HU 6FKLIIVOHLE ZLUNW DOV ZlUH HU DEJHNQLFNW ZHQQ PDQ LKQ DXV GHU HLQHQ 3HUVSHNWLYH EHWUDFKWHW DXV GHU DQGHUHQ VLHKWHUVRDXVDOVKlWWHGDV6FKLIIHLQHQ%XFNHO ,QGHU/RNDOHQ*UXSSHKHUUVFKWHGDV&KDRVDOVGLH&DQWDURGRUWHLQWUDIHQ(VZDU YRU NXU]HP HLQH ULHVLJH *DOD[LV DXV HLQHP IUHPGHQ 8QLYHUVXP NRPPHQG LQ GHU 1lKHPDWHULDOLVLHUW2KQH=ZHLIHOKDWWHGLH$QNXQIWGHUUXQG0LOOLDUGHQ6WHUQH ]lKOHQGHQ NRVPLVFKHQ )UHPGPDVVH GLH *URH .DWDVWURSKH DXVJHO|VW hEHUDOO KHUUVFKWH.ULHJ-HGHUNlPSIWHJHJHQMHGHQ'LH&DQWDURGLHJHNRPPHQZDUHQXP +LOIH]XEULQJHQZXWHQQLFKWZRXQGZLHVLHDQIDQJHQVROOWHQ 'DQQ JHVFKDK GDV 8QHUZDUWHWH (LQH QHXH 0DFKW OLH LP.RQ]HUWGHU6WUHLWHQGHQ YRQ VLFK K|UHQ 'LH %HZRKQHU GHU /RNDOHQ *UXSSH EHVRQGHUV GLH GHU *DOD[LV QDPHQV0LOFKVWUDHQDQQWHQVLH³GLH%OLW]HUXQGGHU1DPHZXUGHDOVEDOGDXFK YRQ GHQ &DQWDUR EHUQRPPHQ 'LH %OLW]HU EHUILHOHQ EHZRKQWH 3ODQHWHQ XQG YHUQLFKWHWHQ VLH PLW HLQHU :DIIH JHJHQ GLH HV NHLQH $EZHKU JDE 'DV 3ULQ]LS QDFK GHP GLH :DIIH DUEHLWHW LVW ELV DXI GHQ KHXWLJHQ 7DJ QXU LQ 8PULVVHQ YHUVWDQGHQ (V VFKHLQW GD ]XQlFKVW HLQ $XIUL HU]HXJW ZLUG GHU ]ZHL EHQDFKEDUWH 3DUDOOHOXQLYHUVHQ PLWHLQDQGHU YHUELQGHW XQG GD GXUFK GLHVHQ $XIUL VlPWOLFKH :lUPH GHV DQJHJULIIHQHQ 3ODQHWHQ LQV 3DUDOOHOXQLYHUVXP DEIOLHW 'DGXUFK HQWVWHKW HLQH (QWURSLH)DOOH 6REDOG GHU $XIUL VLFK JHVFKORVVHQ KDW ]LHKW GHU 3ODQHW DOOH :lUPH DQ VLFK GLH HU DXV VHLQHU

8PJHEXQJHUKDOWHQNDQQ'HU:lUPHVWURPVFKLHWEHUV=LHOKLQDXV'HU3ODQHW HUKLW]W VLFK ELV HU GLH 7HPSHUDWXU HLQHU 6RQQHQREHUIOlFKH HUUHLFKW $OOHV ]HUIlOOW DOOHV YHUGDPSIW RGHU ]HUVFKPLO]W 'LH :DIIH K|UW GDQQ DXI ]X ZLUNHQ XQGHLQSDDU0RQDWHRGHUHLQSDDU-DKUHVSlWHU²MHQDFKGHPZLHLQWHQVLYGHU %OLW] HLQJHVHW]W ZXUGH ELHWHW GLH ]HUVW|UWH :HOW GHQ $QEOLFN HLQHU QDKH]X SHUIHNWHQ.XJHORKQH8QHEHQKHLWHQPLWJODVLHUWHU2EHUIOlFKH 'LH%OLW]HUKDEHQLKUHQ1DPHQGDKHUGDEHLGHU(U]HXJXQJGHV$XIULVVHVHLQ KHOOHV/HXFKWHQHQWVWHKW'HU$XIULLVWLQZHQLJHQ0LOOLVHNXQGHQIHUWLJJHVWHOOW 'LH $EVDXJXQJ GHU :lUPH QLPPW QXU HLQ SDDU 6HNXQGHQ LQ $QVSUXFK 'DV /HXFKWHQLVWDOVRLQGHU7DWHLQHEHUDXVNXU]OHELJH(UVFKHLQXQJ6LHZLUNWZLH HLQ%OLW]GHUGXUFKGLH'XQNHOKHLWGHV$OOVIlKUW (V LVW YRQ %HZRKQHUQ GHU 0LOFKVWUDH PLWXQWHU GLH 0HLQXQJ JHlXHUW ZRUGHQ GLH%OLW]HUKLHHQVRZHLOVLHZLH GDV *HZLWWHU XQG RKQH MHJOLFKH 9RUZDUQXQJ EHULKUH2SIHUKHUILHOHQ'DVNDQQDEHUQLFKWVRVHLQ'LH%OLW]HUNQGHQLKUHQ $QJULII YRUKHU DQ DOOHUGLQJV QLFKW XP GLH 2SIHU ]X ZDUQHQ VRQGHUQ XP VLH EHZHJXQJVXQIlKLJ]XPDFKHQVRGDVLHVLFKQLFKWLQ6LFKHUKHLWEULQJHQN|QQHQ 0LW 0LWWHOQ GLH XQV XQEHNDQQW VLQG HU]HXJHQ VLH HLQH $UW 7HUURUVWUDKOXQJ GLH GLH $QJHJULIIHQHQ LQ 3DQLN YHUVHW]W XQG OlKPW 'LH 7HUURUVWUDKOXQJ LVW GDV XQPLYHUVWlQGOLFKH6LJQDOGDHLQ%OLW]HU$QJULIIXQPLWWHOEDUEHYRUVWHKW 'DV 6FKOLPPH IU XQV GLH &DQWDUR ZDU GD GLH )RUP GHU %OLW]HUIDKU]HXJH LGHQWLVFK PLW GHU XQVHUHU 5DXPVFKLIIH ZDU 0DQ EUDXFKWH VLFK GDUEHU QLFKW ]X ZXQGHUQ GHQQ GLH %OLW]HU JHK|UWHQ GHP 9RON GHU $UFKlRQWHQ DQ XQG DXV HLQHP DUFKlRQWLVFKHQ$UFKLYKDWWHQGLH&DQWDURGLH'DWHQEH]RJHQQDFKGHQHQVLHLKUH 5DXPIDKU]HXJHEDXWHQ'LH%HZRKQHUGHU0LOFKVWUDHGLHVLFK*DODNWLNHUQDQQWHQ KDWWHQ GLH *HIDKU GLH YRQ GHQ %OLW]HUQ DXVJLQJ LQ]ZLVFKHQ OlQJVW LGHQWLIL]LHUW -HGHVPDO ZHQQ HLQHV XQVHUHU 5DXPVFKLIIH DXIWDXFKWH KLHOWHQ VLH HV IU HLQ )DKU]HXJ GHU %OLW]HU 6LH YHUDQVWDOWHWHQ UHJHOUHFKWH -DJGHQ DXI XQV :lUHQ ZLU HFKWH%OLW]HUJHZHVHQKlWWHXQVGLH9HUIROJXQJZRKOZHQLJDXVJHPDFKWGHQQGLH %OLW]HU DOV =ZHLJ GHV 9RONHV GHU +HUUHQ GHU 6WUDHQ EHVDHQ HLQH 7HFKQLN GLH DOOHPZDVVRQVWQRFKLQGLHVHP$EVFKQLWWGHV8QLYHUVXPVH[LVWLHUWHZHLWEHUOHJHQ ZDU :LU GDJHJHQ GLH &DQWDUR ZDUHQ GHQ *DODNWLNHUQ LQ XQVHUHU WHFKQLVFKHQ (QWZLFNOXQJQXUHLQSDDU'XW]HQG-DKUHYRUDXV,P.DPSI(LQKHLWJHJHQ(LQKHLW ILHOHVXQVQLFKWVFKZHUVLH]XEH]ZLQJHQ$EHUZHQQVLHPLWHLQHP9HUEDQGEHU HLQ HLQ]HOQHV &DQWDUR5DXPVFKLII KHUILHOHQ GDQQ ZDU GDV 6FKLII JHZ|KQOLFK YHUORUHQ 9RQ EHVRQGHUHU +DUWQlFNLJNHLW HUZLHVHQ VLFK LQ GLHVHP =XVDPPHQKDQJ GLH %HZRKQHU HLQHV 3ODQHWHQ QDPHQV 7HUUD GHU ]XP 6\VWHP GHU 6RQQH 6RO JHK|UWH 'LH 7HUUDQHU ZDUHQ ZLH ZLU HUIXKUHQ HLQHV GHU YRUKHUUVFKHQGHQ 9|ONHU GHU0LOFKVWUDHXQGLKUH.DPSIHVZXWZHQQHVJHJHQHLQ5DXPVFKLIIJLQJGDVVLH IU HLQ )DKU]HXJ GHU %OLW]HU KLHOWHQ NDQQWH NHLQH *UHQ]HQ :LU KDWWHQ GDIU 9HUVWlQGQLV DQGHUHUVHLWV ODJ XQV QLFKWV GDUDQ ELV LQ DOOH (ZLJNHLW PLW GHQ %|VHZLFKWHUQYHUZHFKVHOW]XZHUGHQ:LUYHUVXFKWHQXQVPLWGHQ7HUUDQHUQXQG DQGHUHQ=LYLOLVDWLRQHQGHU0LOFKVWUDH]XYHUVWlQGLJHQ$EHUGDVIKUWH]XQLFKWV 6LHK|UWHQXQVEHUHLWZLOOLJDQVRODQJHZLUDXVGHU)HUQH]XLKQHQVSUDFKHQ:HQQ VLHMHGRFKHLQHVXQVHUHU6FKLIIHDXIGHQ2UWHUVFKLUPEHNDPHQGDQQSDFNWHVLHGHU ZLOGH=RUQ6LHKLHOWHQXQVQDFKZLHYRUIU%OLW]HUXQGZDUHQEHU]HXJWGDZLU GHQ 9HUKDQGOXQJVZHJ QXU EHVFKULWWHQ KDWWHQ XP XQVHUH SRWHQWLHOOHQ 2SIHU

LUUH]XIKUHQXQGLQ6LFKHUKHLW]XZLHJHQ 'HU )KUXQJ XQVHUHU )ORWWH ZXUGH NODU GD ZLU XQV HQWZHGHU DXV GHU ORNDOHQ *UXSSH ]XUFN]LHKHQ RGHU GHQ %OLW]HUQ DXI GLH 6FKOLFKH NRPPHQ PWHQ 'LH )ORWWH KDWWH LQ]ZLVFKHQ GLH 0LOFKVWUDH ]X LKUHP DXVVFKOLHOLFKHQ $NWLRQVEHUHLFK JHPDFKW QLFKW ]XOHW]W GHVZHJHQ ZHLO GRUW GLH %OLW]HU DP KHIWLJVWHQ DP :HUN ZDUHQ'LH&DQWDURPDFKWHQVLFKDOOPl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lQGHQYRQZHQLJHQ0LQXWHQ LPPHU ZLHGHU HLQH :HOOH GHV 8QEHKDJHQV EHUNDP $EHU GDV *HIKO ZDU HUWUlJOLFK,FKHPSIDQGNHLQH3DQLNPHKU3KDPDTVDUHJORVXQGEOLFNWHVWDUUYRU VLFK KLQ (U KDWWH JlQ]OLFK DXI V\QWURQJHVWW]WHV %HZXWVHLQ XPJHVFKDOWHW 'LH VHFKV :LVVHQVFKDIWOHU GLH PLW XQV DQ %RUG JHNRPPHQ ZDUHQ YHUKDUUWHQ LQ LKUHP YHUVW|UWHQ=XVWDQG$EHUZHQLJVWHQVYHUKLHOWHQVLHVLFKUXKLJ 9RQXQWHUZHJVEHQDFKULFKWLJWHLFKGLH7855<.+$00(VGDXHUWHHLQH=HLWODQJ ELV LFK HLQH 9HUELQGXQJ EHNDP ,FK KDWWH VFKRQ LQ (UZlJXQJ JH]RJHQ GHQ %RUGFRPSXWHU XQPLWWHOEDU DQ]XVSUHFKHQ GD PHOGHWH VLFK GHU 3LORW $XI GHU NOHLQHQ%LOGIOlFKHGLHGDVV\QWURQLVFKH6\VWHPGHV*OHLWHUV]XHU]HXJHQYHUPRFKWH ZLUNWHVHLQ*HVLFKWYRQ$QJVWYHU]HUUW(UOLWWXQWHUGHQVHOEHQ6\PSWRPHQZLHZLU DOOH'LH7HUURUVWUDKOXQJKDWWHLKQJHSDFNW ³:LU VLQG LQ GUHL 0LQXWHQ DQ %RUG HUNOlUWH LFK LKP ³,Q GUHL 0LQXWHQ KDW GLH 7855<.+$00DEVROXWVWDUWEHUHLW]XVHLQ ³,FKLFKZHLQLFKWlFK]WHHU ³'DVLVWHLQ%HIHKOILHOLFKLKPLQV:RUW³,FKZHLZLHGLU]XPXWHLVWDEHUGDV 6FKLII PX LQ GUHL 0LQXWHQ VWDUWHQ (LQ $QJULII GHU %OLW]HU VWHKW XQPLWWHOEDU EHYRU ,FK VDK LKQ ]XVDPPHQEUHFKHQ (U PRFKWH YRU 3DQLN QLFKW PHKU DXV QRFK HLQ ZLVVHQ $EHU YRU GHQ %OLW]HUQ KDWWH HU HFKWH LQVWLQNWLYH $QJVW 'LH %LOGIOlFKH HUORVFK ,FK ZDU VLFKHU 'LH 7855<.+$00 ZUGH VLFK YRP %RGHQ O|VHQ VREDOGGDV6FKOHXVHQVFKRWWVLFKKLQWHUXQVJHVFKORVVHQKDWWH 6R NDP HV DXFK ,FK ZDU GDQN GHU ,QMHNWLRQ GLH GHU 0LNURPHG PLU YHUDEUHLFKW KDWWHGHUHLQ]LJHGHUQRFKORJLVFKXQGJH]LHOW]XKDQGHOQYHUVWDQG ³6FKLII NODU :LU VWDUWHQ ULHI LFK LQ GHQ ,QWHUNRP QDFKGHP VLFK GLH 6FKOHXVH JHVFKORVVHQKDWWH ,Q GHU )HUQH K|UWH LFK GDV 5XPRUHQ GHU 7ULHEZHUNH 0HLQ %HIHKO ZXUGH EHIROJW

'LH7855<.+$00ZDUXQWHUZHJV ,FK EHUOLH GLH DQGHUHQ VLFK VHOEVW (LQ $QWLJUDYVFKDFKW EHI|UGHUWH PLFK QDFKREHQLQGLH.RPPDQGR]HQWUDOH'HU3LORWPLWGHPLFK]XYRUJHVSURFKHQ KDWWH ZDU GHU HLQ]LJH $QZHVHQGH hEOLFKHUZHLVH KDWWH GLH =HQWUDOH HLQH %HVDW]XQJ YRQ IQI $VWURQDXWHQ $EHU GDV 6FKLII ZXUGH YRP %RUGV\QWURQ JHVWHXHUW 0DQ KlWWH HV LP 1RWIDOO DXFK JlQ]OLFK RKQH 0DQQVFKDIW VWDUWHQ ODVVHQN|QQHQ 'LH RSWLVFKHQ 6\VWHPH ]HLJWHQ DXI JURHQ %LOGIOlFKHQ GLH 2EHUIOlFKH GHV 3ODQHWHQ&KDGLVVGLHUDVFKXQWHUXQV]XUFNZLFK'LH7855<.+$00IORJ PLWGHP)HOGWULHEZHUN 'LH6LHGOXQJ]XGHUDXFKGDV)RUVFKXQJV]HQWUXPJHK|UWHZDUQXUQRFKDOV $QVDPPOXQJZLQ]LJHU:UIHOXQG.lVWFKHQHUNHQQEDU'LH2UWXQJZLHVDXV GD DQQlKHUQG JOHLFK]HLWLJ PLW XQVHUHP 6FKLII GUHL ZHLWHUH )DKU]HXJH JHVWDUWHW ZDUHQ $XI GHU )OlFKH GHV 5DXPKDIHQV WLHI XQWHU XQV ZDUHQ ]ZHL NUlIWLJH 2UWHUUHIOH[H ]X HUNHQQHQ GLH GDUDXI KLQGHXWHWHQ GD LQ ]ZHL ZHLWHUHQ 5DXPVFKLIIHQ GLH $QWULHEVV\VWHPH ZDUPOLHIHQ ,FK ZDU HUOHLFKWHUW :HQQGLH]ZHLGDXQWHQHVDXFKQRFKVFKDIIWHQ &KDGLVV ]X YHUODVVHQ XQG ZHQQ MHGHV GHU 6FKLIIH VHLQ EOLFKHV .RQWLQJHQW %HVDW]XQJ DQ %RUG KDWWH GDQQZUGHHVXQVJHOLQJHQZHQLJVWHQVGLH+lOIWHGHU:LVVHQVFKDIWOHUNRORQLH YRUGHP$QJULIIGHU%OLW]HU]XUHWWHQ 'LH :LUNXQJ GHU 7HUURUVWUDKOXQJ KDWWH QDFKJHODVVHQ XQG ZDU DOV ZLU HLQH +|KH YRQ .LORPHWHUQ HUUHLFKWHQ SUDNWLVFK JOHLFK 1XOO 3KDPDT XQG GLH VHFKV :LVVHQVFKDIWOHU KDWWHQ VLFK LQ]ZLVFKHQ LP .RPPDQGRUDXP HLQJHIXQGHQ ,KU 9HUKDOWHQ EHJDQQ VLFK ]X QRUPDOLVLHUHQ 3KDPDT ZDU GHU .RPPDQGDQW GHU 7855<.+$00 XQG PHLQ XQPLWWHOEDUHU 9RUJHVHW]WHU (U KDWWH VHLQHQ 3ODW] DQ GHU .RPPDQGRNRQVROH HLQJHQRPPHQ XQG DOV GHU %RUGUHFKQHU LKQ GDUDXI KLQZLHV GD GLH hEHUOLFKWSKDVH LQ ]ZHL 0LQXWHQ HLQJHOHLWHW ZHUGHQ ZUGH ZLHV HU GHQ $XWRSLORWHQ DQ GDV +\SHUWULHEZHUN YRUOl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lFKH 'LH 6]HQH ZDU VR XQZLUNOLFK GD LFK ]X ]LWWHUQ EHJDQQ 'LH 6FKLIIH JOLFKHQ GHQ XQVHUHQ ZDV GLH lXHUHQ 'HWDLOV GHU .RQVWUXNWLRQ DQEHODQJWH ELV LQ GLH OHW]WH (LQ]HOKHLW -HGHU GHU VROFKH )DKU]HXJH XQWHU DQGHUHQ 8PVWlQGHQ DXI VHLQHP 2UWHUELOG KlWWH HUVFKHLQHQ VHKHQ ZlUH GHU IHVWHQ hEHU]HXJXQJ JHZHVHQ FDQWDULVFKH(LQKHLWHQYRUVLFK]XKDEHQ :LU DEHU ZXWHQ HV EHVVHU :LU KDWWHQ %OLW]HU YRU XQV ,KUH 6FKLIIH VDKHQ GHQ XQVHUHQJOHLFKZHLOZLUVHOEVWGDV'DWHQDUFKLYGHU+HUUHQGHU6WUDHQDXVJHEHXWHW

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lQJHQ :DV VLFK YRU XQVHUHQ $XJHQ DEVSLHOWH ZDU VR XQJHKHXHUOLFK GD HV GDV RUJDQLVFKH %HZXWVHLQ QLFKW PHKU YHUDUEHLWHQ NRQQWH :LU VFKDOWHWHQ DXWRPDWLVFK DXI V\QWURQLVFKH %HZXWVHLQVPRGXOH XP XQG EHVFKUlQNWHQ XQV GDUDXI GDV ZDV ZLU VDKHQ ]X UHJLVWULHUHQ 'LH (PRWLRQ ZDU DXVJHVFKDOWHW :LU NRQQWHQ XQV QLFKW HUODXEHQ *HIKOH ]X HPSILQGHQ GHQQ GRUW XQWHQDXIGHPEODXJUQHQ%DOOZDUHQLPPHUQRFK+XQGHUWHXQVHUHU$UWJHQRVVHQ GLHLQGLHVHP$XJHQEOLFNLKU/HEHQOLHHQ 'DV 8QLYHUVXP IODPPWH DXI DOV GLH %OLW]HU GHQ $XIUL HU]HXJWHQ 'DV %LOG GHV 3ODQHWHQ &KDGLVV ZXUGH EOD XQG WURW]GHP ZDU NODU ]X HUNHQQHQ ZLH GLH $WPRVSKlUH VLFK ELQQHQ HLQHU 6HNXQGH WUEWH XQG LQ HLQH PLOFKLJH 6XSSH JHIURUHQHU *DVH YHUZDQGHOWH 'HU (IIHNW GDXHUWH QXU HLQHQ $WHP]XJ ODQJ 'DV /HXFKWHQ HUORVFK 9RQ HLQHP $XJHQEOLFN ]XP DQGHUHQ ZXUGH GLH $WPRVSKlUH ZLHGHU NODU 'DPSIIRQWlQHQ VFK|VVHQ LQDOOHQ5LFKWXQJHQGDYRQ'HU3UR]HGHU (QWURSLH8PNHKUKDWWHEHJRQQHQ'DVWHOHVNRSLVFKH%LOG]HLJWH4XDOPZRONHQGLH VLFK EHU GLH 2EHUIOlFKH GHV 3ODQHWHQ ZlO]WHQ :lOGHU +XQGHUWH YRQ 4XDGUDWNLORPHWHUQJURVWDQGHQSO|W]OLFKLQ)ODPPHQ 8QG GDQQ EHJDQQ &KDGLVV ]X VWUDKOHQ 'LH NOHLQH :HOW OHXFKWHWH ZLH HLQH 0LQLDWXUVRQQH ,P +LQWHUJUXQG PHLQHV V\QWURQLVFK JHVWHXHUWHQ %HZXWVHLQV QDKP LFK ]XU .HQQWQLV GD GLH IQI 5DXPVFKLIIH GHU %OLW]HU LQ]ZLVFKHQ DEJHGUHKW ZDUHQ )DKUW DXIJHQRPPHQ KDWWHQ XQG VLFK DQVFKLFNWHQ LQ GHQ +\SHUUDXP ]X WDXFKHQ &KDGLVV *OXWZDUYRQNXU]HU'DXHU'HU3ODQHWORGHUWHZLHHLQ%QGHO6WURKDQ GDV MHPDQG HLQH )ODPPH JHKDOWHQ KDWWH 'DV )HXHU VDQN UDVFK LQ VLFK ]XVDPPHQ 'LH2EHUIOlFKHGHU:HOWDXIGHUZLUHLQH)RUVFKXQJVVWDWLRQ KDWWHQ HLQULFKWHQ ZROOHQ JORPP LQ GVWHUHP 5RW 'LH RSWLVFKH %HREDFKWXQJ ]HLJWH NHLQH (LQ]HOKHLWHQ PHKU $EHU PDQ NRQQWH VLFK XQVFKZHU DXVPDOHQ ZDV GRUW XQWHQJHVFKHKHQZDU(VJDENHLQH%HUJHNHLQH0HHUHPHKUDXI&KDGLVV$OOHV ZDU YHUGDPSIW 'LH +OOH GHV 3ODQHWHQ ZDU HLQH HLQ]LJH 3IW]H DXV JHVFKPRO]HQHP *HVWHLQ ,P 9HUODXI GHU QlFKVWHQ 0RQDWH PXWH GLH 3IW]H HUNDOWHQ XQG ZHQQ VLH WKHUPLVFKHV *OHLFKJHZLFKW PLW GHP XPJHEHQGHQ 5DXP HUUHLFKW KDWWH ZUGH VLH &KDGLVV HLQKOOHQ ZLH HLQH IXJHQORVH 6FKLFKW DXV JHJRVVHQHP.RQNULW 'LH %OLW]HU ZDUHQ YHUVFKZXQGHQ ,FK ZROOWH PLFK HUQHXW ]XP *HKHQ ZHQGHQ (V KLHOW PLFK QLFKWV PHKU LQ GLHVHP 5DXP ,FK ZROOWH DOOHLQ VHLQ XQG GLH

(LQGUFNH GLH LFK VRHEHQ JHZRQQHQ KDWWH GHP RUJDQLVFKHQ 7HLO PHLQHV %HZXWVHLQV ]XU DOOPlKOLFKHQ 9HUDUEHLWXQJ EHUODVVHQ (V EHGXUIWH GHU .RQ]HQWUDWLRQ XQG GHU VRUJIlOWLJHQ 6\QFKURQLVDWLRQ DOOHU V\QWURQLVFKHQ XQG RUJDQLVFKHQ%HZXWVHLQVPRGXOHXPHLQHQSV\FKLVFKHQ6FKRFN]XYHUKLQGHUQ :LH JHVDJW ,FK ZROOWH PLFK ]XP *HKHQ ZHQGHQ ,FK KDWWH GLH 'UHKXQJ QRFK QLFKWKDOEZHJVDXVJHIKUWGDK|UWHLFKKLQWHUPLU3KDPDTVDJHQ ³$XWRSLORW6HW]H.XUVDXI6FKRWVFKL ,FK SHUV|QOLFK ZHL QLFKW ZDUXP GDV )ORWWHQNRPPDQGR VLFK DXVJHUHFKQHW GDV 6\VWHPGHUXUDOWHQ6RQQH&KUXNRGKDOV=HQWUXPGHUFDQWDULVFKHQ3UlVHQ]LQGHU 0LOFKVWUDHDXVJHVXFKWKDW&KUXNRGKLVWGLH0XWWHUYRQLQVJHVDPWDFKW3ODQHWHQ YRQ GHQHQ DOOHLQ GHU GULWWH /HEHQVEHGLQJXQJHQ DXIZHLVW GLH PLW GHP ZDV ZLU EUDXFKHQHLQLJHUPDHQEHUHLQVWLPPHQ,FKEHWRQHHLQLJHUPDHQGHQQ6FKRWVFKL LVW LP *UXQGH JHQRPPHQ HLQH lXHUVW XQZLUWOLFKH :HOW 6HOEVW LQ GHU bTXDWRUJHJHQG VWHLJW GLH 7HPSHUDWXU VHOWHQ EHU *UDG 'HU JU|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lKUOHLVWHQ VWHFNWH QRFK LQ GHQ $QIlQJHQ $EHU ZHQLJVWHQV GLH 6WUHFNH YRQ &KDGLVV QDFK 6FKRWVFKL ZDU LQWDNW 'HU )OXJ ]XP +DXSWTXDUWLHU QDKP PHKU DOV HLQHQ KDOEHQ 7DJ LQ $QVSUXFK ,FK KDWWH *HOHJHQKHLW PLFK DXV]XUXKHQ XQG GDV IUFKWHUOLFKH (UOHEQLV GHU YHUJDQJHQHQ 6WXQGHQ XQWHU NRQWUROOLHUWHQ %HGLQJXQJHQ ]XYHUDUEHLWHQ:LUKDWWHQXQVNXU]YRUGHP(LQWDXFKHQLQGHQ+\SHUUDXPEHLGHQ DQGHUHQ VHFKV 6FKLIIHQ HUNXQGLJW 'LH %HVDW]XQJ GHU 7855<.+$00 PLWJHUHFKQHWZDUHQLQVJHVDPW&DQWDURGHP,QIHUQRDXI&KDGLVVHQWNRPPHQ 'DV EHGHXWHWH GD ZLU XQVHUHU Il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|USHU GHQ LKQHQ GLH 1DWXU JHJHEHQ KDWWH GXUFK V\QWURQLVFKH SVLRQLVFKH XQG PHFKDQLVFKH ,PSODQWDWH ]X YHUEHVVHUQ (LQLJH XQWHU GHQ $QRUHH KDWWH HV JHJHEHQ GLH PLW GHP ELVKHU HUUHLFKWHQ )RUWVFKULWW QLFKW ]XIULHGHQ ZDUHQ 'LH $QRUHH KDWWHQ GDPDOV HLQ 3ODWHDX HUUHLFKW DXI GHP VLH HLQ 2SWLPXP GHU 0D[LPLHUXQJ GHU .|USHUIXQNWLRQHQGXUFKQLFKWRUJDQLVFKH=XVlW]HHU]LHOW]XKDEHQJODXEWHQ'LH

8Q]XIULHGHQHQ ZDUHQ GDPLW QLFKW HLQYHUVWDQGHQ 6LH JODXEWHQ GD DXFK 0LWWHO GHU *HQWHFKQLN HLQJHVHW]W ZHUGHQ PWHQ XP ZHLWHUH 9HUEHVVHUXQJHQ QLFKW QXU GHV .|USHUV VRQGHUQ DXFK GHV *HLVWHV ]X EHZLUNHQ (V JDE JODXEH LFK GDPDOV HLQHQ ZVWHQ 6WUHLW LQQHUKDOE GHV 6WDPPYRONV XQG DOV GHU 'DPSI XQG GHU6WDXEYHUIORJHQZDUHQGDKDWWHQGLHGLHVLFK&DQWDURQDQQWHQ³FDQWDUXL LQ GHU DQRULVFKHQ 8UVSUDFKH YRP 9RON GHU $QRUHH DEJHVRQGHUW XQG JLQJHQ LKUHHLJHQHQ:HJH 1DWUOLFK KDWWH LFK PLW DOOHGHP QLFKW GDV JHULQJVWH ]X WXQ 'DV DOOHV JHVFKDK ODQJH YRU PHLQHU =HLW 0LU VWHKW HV QLFKW ]X GLH *UQGHU PHLQHV 9RONHV ]X WDGHOQRGHU]XOREHQ:HQQLFKPLUGLH6DFKHVREHUOHJHPHLQHLFKLFKKlWWHHV GDPDOV DQGHUV DQJHVWHOOW $EHU LFK NDQQ DQ GHQ 7DWVDFKHQ GHU 9HUJDQJHQKHLW QLFKWV PHKU lQGHUQ ,FK ELQ HLQ &DQWDUR ,FK IKOH PLFK ZRKO PLW GHQ bQGHUXQJHQ GLH DQ PHLQHP *HQPXVWHU YRUJHQRPPHQ ZXUGHQ ,FK KDEH NHLQH 3UREOHPH PLW GHQ 0RGXOHQ ]X OHEHQ GLH LQ PHLQHQ .|USHU HLQJHEDXW VLQG ,FK NDQQ VFKQHOOHU GHQNHQ VFKQHOOHU ODXIHQ DOV HLQ DQGHUHU GHU VHLQH (QWZLFNOXQJDOOHLQGHU1DWXUEHUOlW,FKELQNUlIWLJHUDOVMHGHU$QRUHH 8QGYRUDOOHQ'LQJHQVHKQHLFKPLFKQDFK7LFKWRQD 'D ZDU HLQH 'LVNUHSDQ] LQ XQVHUHP 'DVHLQ RGHU VROOWH LFK EHVVHU VDJHQ LQ XQVHUHU$XIIDVVXQJYRP'DVHLQ"GLHLFKPLUQLFKWVRUHFKW]XVFKlW]HQZXWH (V JLEW QLFKWV 1DWUOLFKHUHV LP 8QLYHUVXP DOV GLH JHJHQVHLWLJH =XQHLJXQJ PlQQOLFKHUXQGZHLEOLFKHU:HVHQ'LH1DWXUKDWGDVVRHLQJHULFKWHWZHLODXVGHU 9HUHLQLJXQJ EHLGHU QHXHV /HEHQ HQWVWHKW 'LH 1DWXU OHJWH :HUW GDUDXI GD LKUH *HVFK|SIH QLFKW QXU GLH $UW HUKLHOWHQ VRQGHUQ VLFK YHUPHKUWHQ 7KHRVRSKLVWHQ P|JHQGDUEHUDUJXPHQWLHUHQGDHVLQ:LUNOLFKNHLWQLFKWGLH1DWXULVWGLHVROFKH 'LQJH ZLOO VRQGHUQ GD YLHOPHKU GLH XUVSUQJOLFKH 0HWKRGH GHU )RUWSIODQ]XQJ YRP *HLVW GHU .ODUKHLW HLQJHULFKWHW ZXUGH 'DV VSLHOW IU XQV KHXW]XWDJH NHLQH 5ROOH PHKU :LU KDEHQ XQV YRQ GHQ *HERWHQ GHU 1DWXU OlQJVW JHO|VW &DQWDUR HQWVWHKHQ QLFKW LP 0XWWHUOHLE VRQGHUQ LQ GHU 5HWRUWH ,Q PHKU RGHU ZHQLJHU UHJHOPlLJHQ$EVWlQGHQ²YLHOHYRQXQVWUDJHQV\QWURQLVFKH 0RGXOH LP /HLE GLH GLH 3HULRGHQ GHU )UXFKWEDUNHLW UHJHOQ ² EHJHEHQ VLFK PlQQOLFKH ZLH ZHLEOLFKH &DQWDUR ]X HLQHU )UXFKWEDUNHLWVEDQN XQG GHSRQLHUHQ GRUW 6SHUPD XQG 2YD 'LH +HUDQ]XFKW GHV 1DFKZXFKVHV KDW VLFK ]X HLQHU ,QGXVWULH HQWZLFNHOW LQ GHU )DFKOHXWHHQWVFKHLGHQZHOFKHV2YXPGXUFKZHOFKHV6SHUPDWR]RRQEHIUXFKWHWZLUG :DVPLFKDQEHODQJWVRKlWWHLFKJHUQHPLW7LFKWRQD]XVDPPHQJHOHEWXQGPLWLKU 1DFKZXFKV JH]HXJW ZLH HV XQWHU XQVHUHQ 9RUIDKUHQ EOLFK ZDU ]HKQ RGHU ]ZDQ]LJ *HQHUDWLRQHQ LQ GHU 9HUJDQJHQKHLW ,FK LQWHUHVVLHUH PLFK VHKU IU *HVFKLFKWH ,FK ZHL GD HV ZlKUHQG GHU (QWZLFNOXQJ XQVHUHV 9RONHV HLQH =HLW JDE LQ GHU VLFK HLQ PlQQOLFKHV XQG HLQ ZHLEOLFKHV :HVHQ ]XVDPPHQWDWHQ 1DFKNRPPHQ ]HXJWHQ XQG HLQH (LQKHLW VFKXIHQ GLH VLFK ³)DPLOLH QDQQWH 6R lKQOLFKKlWWHLFKHVJHUQHPLW7LFKWRQDHLQJHULFKWHWXQGLFKJODXEHGD7LFKWRQD PHLQHU,GHHQLFKWDOO]XDEJHQHLJWLVW 6R LQWHQVLY LVW PHLQ 7UDXP PLWXQWHU GD LFK PLFK HLQHV 7DJHV JHQ|WLJW VDK HLQHQ3V\FKLDWHUDXI]XVXFKHQ(UK|UWHVLFKPHLQH*HVFKLFKWHDQ*OHLFKGDUDXI ZXUGH HU XQJHPHLQ HUQVW VRJDU VWUHQJ XQG HUNOlUWH PLU PHLQ 9HUODQJHQ VHL DEDUWLJ GHNDGHQW XQG YRONVIUHPG 'LH 9RUZUIH GHU 'HNDGHQ] XQG GHU $EDUWLJNHLW KlWWH LFK YLHOOHLFKW QRFK KLQJHQRPPHQ DEHU LFK ZROOWH ZLVVHQ

ZDUXPPHLQH:QVFKHYRONVIUHPGVHLHQ ³:HLO GX JHQDX GDV WXQ ZLOOVW ZDV EHL GHQ 7HUUDQHUQ 6LWWH LVW DQWZRUWHWHGHU %HUDWHUXQGGDVZDUIUHLOLFKHLQYHUQLFKWHQGHV8UWHLO'HQQY|OOLJXQDEKlQJLJ GDYRQ ZHOFKH *HEUlXFKH XQVHUH 9RUIDKUHQ SIOHJWHQ 'LH 7HUUDQHU VLQG XQWHU DOOHQ 9|ONHUQ GHU 0LOFKVWUDH GLHMHQLJHQ GLH XQV DP lUJVWHQ ]X VFKDIIHQ PDFKHQXQGNHLQ&DQWDURGHUHWZDVDXIVLFKKlOWQLPPWHLQH6LWWHDQGLHDXI 7HUUDLQ*HEUDXFKLVW ,FK YHUJD PHLQHQ 7UDXP XQG EHVFKUlQNWH PLFK GDUDXI 7LFKWRQD ]X OLHEHQ DOV ZlUHQ ZLU HLQ ³3DDU $XFK GLHVHV :RUW HEHQVR ZLH ³)DPLOLH JHK|UWH GHP 6SUDFKJHEUDXFK HLQHU (SRFKH GHU IHUQHQ 9HUJDQJHQKHLW DQ XQG ZXUGH KHXW]XWDJHYRQNDXPMHPDQGHQQRFKYHUVWDQGHQ 7LFKWRQD ZDU ;HQRPHGLNHULQ ZLH LFK 8QVHU 3UREOHP ZDU GD ZLU XQV QXU VHOWHQ VDKHQ 7LFKWRQD ZDU DXI 6FKRWVFKL VWDWLRQLHUW ZlKUHQG LFK DQ %RUG GHU 7855<.+$00 'LHQVW WDW 1DFK PHLQHU *HEXUW ZDU LFK -DKUH ODQJ DQ %RUG GHU *+255(.+$%5$&+ JHEOLHEHQ XQG KDWWH GRUW PHLQH $XVELOGXQJ HUKDOWHQ 'LH *+255(.+$%5$&+ ZDU HLQHV GHU ZHQLJHQ 5DXPVFKLIIH XQVHUHU )ORWWH GLH ZHLWHUKLQ GXUFK GLH 0LOFKVWUDH XQG DQGHUH 6WHUQHQLQVHOQ GHU /RNDOHQ *UXSSH NUHX]WHQ ZlKUHQG VLFK GHU JU|WH 7HLO XQVHUHV 9RONHV LP ,QQHUQ GHV 6FKZDU]HQ /RFKHV $PDJRUWD DXIKLHOW XQG GRUW PLW GHQ +HUUHQ GHU 6WUDHQ .RQWDNW SIOHJWH $OV GLH )ORWWH DXV $PDJRUWD ]XUFNNHKUWH HUIXKU LFK GD GDV 9RON GHU &DQWDUR YRQ GHQ $UFKlRQWHQ HLQHQ $XIWUDJ QDKH]X NRVPLVFKHQ 8PIDQJV HUKDOWHQ KDWWH ,FK ZXUGH QDFK 6FKRWVFKL YHUVHW]W XQG OHUQWH GRUW 7LFKWRQD NHQQHQ .XU]H =HLW VSlWHU IRUGHUWH HLQHU GHU .RPPDQGDQWHQ GLH LQ $PDJRUWD JHZHVHQ ZDUHQ HLQHQ JXWDXVJHELOGHWHQ ;HQRPHGLNHU DQ 'LH :DKO ILHO DXI PLFK ,FK NDP DQ %RUG GHU 7855< .+$00 XQG 3KDPDT GHU HEHQIDOOV DXI PHLQHP )DFKJHELHW DXVJHELOGHW ZDU ZXUGHPHLQ9RUJHVHW]WHU'LH7855<.+$00EHVFKlIWLJWHVLFKGDPLWLQGHU 0LOFKVWUDH XPKHU]XIOLHJHQ XQG GLH YHUVFKLHGHQHQ 9|ONHU GLHVHU *DOD[LV NHQQHQ]XOHUQHQ'DZDUHVNHLQ:XQGHUGDLFK7LFKWRQDQXUQRFKVHOWHQ]X VHKHQEHNDP ,P/DXIGHU=HLWHUIXKULFKDXFKHWZDVEHUGHQ$XIWUDJGHQGLH&DQWDURYRQ GHQ +HUUHQ GHU 6WUDHQ HUKDOWHQ KDWWHQ 'LH $UFKlRQWHQ EHIUFKWHWHQ GD GLH %OLW]HU LQ LKUHP :DKQVLQQ DXFK DQGHUH *DOD[LHQ GHU /RNDOHQ *UXSSH EHUIDOOHQZUGHQ'DKHUZXUGHQ:lOOHHUULFKWHWGLHGLH%OLW]HUQDFKKDOWLJDP 9HUODVVHQ GHU 0LOFKVWUDH KLQGHUWHQ 9LHO ZXUGH PLU EHU GLH %HVFKDIIHQKHLW GHU :lOOH QLFKW JHVDJW ,FK EHJULII QXU GD GHU LQQHUH GDV KHLW GHU GHP =HQWUXP GHU 0LOFKVWUDH QlKHUH V\QWURQLVFK JHVWHXHUW 9LUHQ LQ GHQ %RUGFRPSXWHUQGHU%OLW]HU5DXPVFKLIIHDEVHW]WHXQGGLH5HFKQHUDXIGLHVH$UW XQG:HLVHXQEUDXFKEDUPDFKWH'HUlXHUH:DOOEHZLUNWHHLQH=HLWXPNHKUGLH LQZLQ]LJHQ4XDQWHQVSUQJHQYRQMHZHLOVHLQSDDU1DQRVHNXQGHQHUIROJWH,FK ZHLQLFKWZLHPDQHVDQVWHOOWGHQ$EODXIGHU=HLWXP]XNHKUHQDEHULFKNDQQ PLU JXW YRUVWHOOHQ GD GHU .RQWDNW PLW GHP =HLWXPNHKU)HOG RUJDQLVFKH :HVHQ HEHQVR ZLH WHFKQLVFKHV *HUlW LQ DUJH 9HUZLUUXQJ VWU]W 'HVZHJHQ QHQQWPDQGLHVHQ:DOODXFKGLH,UUVLQQVPDXHU 'HU %DX GHU :lOOH ZDU GHU]HLW QRFK LP *DQJ 0DQ UHFKQHWH GDPLW GD GLH $UEHLWHQ LQ YLHU 6WDQGDUGMDKUHQ DEJHVFKORVVHQ VHLQ ZUGHQ 'LH +HUUHQ GHU

6WUDHQ KDWWHQ GHQ &DQWDUR GLH WHFKQLVFKHQ 0LWWHO ]XU 9HUIJXQJ JHVWHOOW GLH IU GLH (UULFKWXQJ GHU :lOOH HUIRUGHUOLFK ZDUHQ (V ZXUGH HLQ XQJHKHXUHU $XIZDQG EHWULHEHQ $OOHUGLQJV REODJHQ 3UR]HQW GHU $UEHLWVOHLVWXQJ GHQ 5RERWHUQ GLH LQ XQVHUHQ )HUWLJXQJVVWlWWHQ QDFK GHQ YRQ GHQ $UFKlRQWHQ EHUODVVHQHQ6SH]LILNDWLRQHQJHEDXWZXUGHQ ,Q YLHU -DKUHQ DOVR ZUGH NHLQ %OLW]HU PHKU GLH 0LOFKVWUDHYHUODVVHQN|QQHQ 'LH :lOOH ZDUHQ LQ EHLGHQ 5LFKWXQJHQ XQGXUFKGULQJOLFK (V NRQQWH DXFK QLHPDQG PHKU YRQ DXHQ KHU LQ GLH 0LOFKVWUDH HLQIOLHJHQ (V JDE HLQ SDDU FDQWDULVFKH 6SH]LDOHLQKHLWHQ GLH PLW JHZLVVHQ *HUlWHQ DXVJHVWDWWHW ZDUHQ VR GD VLH GLH :lOOH JHIDKUORV GXUFKGULQJHQ NRQQWHQ 'LH *HUlWH ZDUHQ XQV HEHQIDOOV YRQ GHQ +HUUHQ GHU 6WUDHQ EHUODVVHQ ZRUGHQ :LU YHUVWDQGHQ LKUH )XQNWLRQVZHLVH YRUOlXILJ QRFK QLFKW DEHU XQVHUH :LVVHQVFKDIWOHU XQG 7HFKQLNHUZDUHQ]XYHUVLFKWOLFKGDVLHGLH$SSDUDWHLQHLQSDDU-DKUHQZUGHQ QDFKEDXHQ XQG DOOH &DQWDUR6FKLIIH GDPLW DXVUVWHQ N|QQHQ (V ODJ XQV QlPOLFKQLFKWVGDUDQLQGHU0LOFKVWUDHHLQJHVSHUUW]XVHLQ1LFKWVZLGHUVWUHEW GHP&DQWDURPHKUDOVLQVHLQHU%HZHJXQJVIUHLKHLWDXIHLQHQEHVWLPPWHQ5DXP EHVFKUlQNW ]X VHLQ XQG VHL GLHVHU 5DXP DXFK YRP 8PIDQJ HLQHU JDQ]HQ *DOD[LH 'HU$XIWUDJGHQGLH+HUUHQGHU6WUDHQPHLQHP9RONHUWHLOWKDWWHQVDKIUHLOLFK DXFKYRUGDGLH:lOOHQDFKHLQHUEHVWLPPWHQ=HLWZLHGHUDEJHEDXWZUGHQ 'LH$UFKlRQWHQKDWWHQNHLQHVZHJVGLH$EVLFKWGLH0LOFKVWUDHIUDOOH=HLWHQ YRP5HVWGHV8QLYHUVXPVDE]XULHJHOQ(VJLQJQXUXPGLH%OLW]HU'LH:HLVHQ YRQ $PDJRUWD KDWWHQ HUPLWWHOW GD GHU :DKQVLQQ GHU HLQH )ROJH GHU *URHQ .RVPLVFKHQ .DWDVWURSKH ZDU GLH /HEHQVHUZDUWXQJ GHU %OLW]HU GUDVWLVFK YHUNU]WH ,Q RGHU -DKUHQ ZUGH NHLQHU YRQ LKQHQ PHKU DP /HEHQ VHLQ :HQQ IHVWVWDQG GD HV NHLQH *HIDKU PHKU JDE GDQQ VROOWHQ ZLU GLH :lOOH HLQUHLHQ XQG GHQ 5DXP ULQJV XP GLH 0LOFKVWUDH ZLHGHU LQ VHLQHQ XUVSUQJOLFKHQ=XVWDQGYHUVHW]HQ 0LU HUVFKLHQ GDV JDQ]H 8QWHUQHKPHQ HLQ ZHQLJ DEVRQGHUOLFK 0DQ PDJ VDJHQ GDVOLHJWGDUDQGDLFKNHLQ([SHUWHELQZHGHU3K\VLNHUQRFK$VWURLQJHQLHXU ,FKZXUGHYRQ$QIDQJDQ]XP;HQRPHGLNHUDXVJHELOGHW0HLQH$XIJDEHLVWHV GLH ]DKOUHLFKHQ 6SH]LHV GLHVHU *DOD[LV ]X VWXGLHUHQ XQG LQ (UIDKUXQJ ]X EULQJHQ PLW ZHOFKHQ h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|FKWHLFK7LFKWRQDVHKHQ 'LH $QNXQIW DXI 6FKRWVFKL ZDU HLQH KHUEH (QWWlXVFKXQJ 1LFKW QXU GD GHU +LPPHO PLW JUDXHQ :RONHQ EHU]RJHQ ZDU XQG GHU 6WXUP HLQH KlOLFKH 0LVFKXQJ DXV 5HJHQ XQG 6FKQHH YRU VLFK KHUWULHE LFK HUIXKU DXHUGHP GLH 7855<.+$00 KDWWH NDXP DXIJHVHW]W GD GDV )ORWWHQNRPPDQGR HLQH $QZHLVXQJ HUODVVHQ KDWWH ZRQDFK PlQQOLFKH XQG ZHLEOLFKH 0LWJOLHGHU GHU

)ORWWH NQIWLJKLQ QLFKW PHKU ]XVDPPHQZRKQHQ GXUIWHQ (LQ *UXQG IU GLH $QRUGQXQJ ZXUGH QLFKW JHQDQQW 0HLQ 3ODQ ZDU XUVSUQJOLFK JHZHVHQ PLFK ZHQLJVWHQV IU GLH HUVWHQ ]ZHL :RFKHQ PHLQHV $XIHQWKDOWV EHL 7LFKWRQD HLQ]XTXDUWLHUHQ-HW]WPXWHLFKPLUPHLQHHLJHQH8QWHUNXQIWVXFKHQ,FKHUIXKU 0LQXWHQVSlWHUGDHLQ4XDUWLHUIUPLFKEHUHLWJHVWHOOWZDU$EHUGDVZDUPLU QXUHLQJHULQJHU7URVW ,FKYHUEUDFKWHGHQQRFKHLQHQKHUUOLFKHQ7DJPLW7LFKWRQD1DFKGHPZLUXQVHUH 6HKQVXFKWJHVWLOOWKDWWHQHU]lKOWHVLHPLUYRQ'LQJHQGLHLQ]ZLVFKHQDXI6FKRWVFKL JHVFKHKHQ ZDUHQ :LU OHEWHQ LQ DXIUHJHQGHQ =HLWHQ VWHOOWH LFK UDVFK IHVW 'LH .RPPDQGRVWUXNWXU GHU FDQWDULVFKHQ )ORWWH ZDU LP 8PEUXFK (LQH JURH $Q]DKO YRQ .RPPDQGHXUHQ ZDU LQ GHQ =LYLOGLHQVW HQWODVVHQ EH]LHKXQJVZHLVH LP 5DQJ KHUDEJHVWXIWZRUGHQ$QGHUHGHUHQ1DPHQLFKQRFKQLHJHK|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lUWLJ DXI 7HUUD DXI XQG YHUKDQGHOWHQ PLW GHQHQ GLH ZLU ELVKHU DOV XQVHUHlUJVWHQ*HJQHUEHWUDFKWHWKDWWHQ(VZDUGDYRQGLH5HGHGDDXIGHU:HOW GHU7HUUDQHUHLQHVWlQGLJH9HUWUHWXQJHLQJHULFKWHWZHUGHQVROOWH 'LH7855<.+$00ZDUNQDSS]ZHL0RQDWHXQWHUZHJVJHZHVHQ'DHLQHVROFK XPZlO]HQGH (QWZLFNOXQJ LQQHUKDOE VR NXU]HU =HLW KlWWH VWDWWILQGHQ N|QQHQ ZDU VFKLHUXQJODXEOLFK,FKZXWHQLFKWYLHOEHU3ROLWLN$EHULFKHULQQHUWHPLFKQRFK GHXWOLFKDQGHQ%HIHKOGHQGDVDOWH)ORWWHQNRPPDQGRHUODVVHQKDWWH-HGHU7HUUDQHU LVWVRIRUWDQ]XJUHLIHQXQG]XYHUQLFKWHQ (LQHU GHU IUKHUHQ .RPPDQGHXUH GHVVHQ 1DPHQ LFK QRFK NDQQWH KDWWH VHLQHQ 5DQJXQGVHLQ$PWEHLEHKDOWHQXQGZDUPLWGHU'HOHJDWLRQQDFK7HUUDJHUHLVW(U KLH 7KRQNDUU XQG ZDU DOOJHPHLQ DOV HLQ IlKLJHUJHUHFKWHUXQGYHUVWlQGQLVYROOHU )ORWWHQIKUHU EHNDQQW 'HU 8PVWDQG GD HU GHP QHXHQ 6XSUHPNRPPDQGR DQJHK|UWH EHUXKLJWH PLFK HLQ ZHQLJ :HQQ DXI GHU REHUVWHQ (EHQH XQVHUHU MHW]LJHQ XQG ZRKO DXFK ]XNQIWLJHQ .RPPDQGRVWUXNWXU HLQ .RPPDQGHXU ZLH 7KRQNDUUVDGDQQNRQQWHVLFKDQGHQ,GHHQXQG,GHDOHQGHQHQZLUELVKLHUKHUVR DEVROXWJHIROJWZDUHQQLFKWDOO]XYLHOJHlQGHUWKDEHQ *HJHQ 0LWWHUQDFKW 2UWV]HLW YHUDEVFKLHGHWH LFK PLFK YRQ 7LFKWRQD 6LH QDKP PHLQH +lQGH XQG ]RJ PLFK DQ VLFK GHQ /HLE YRUJHUHFNW (V ZDU GLH LQWLPVWH $UW GHU 9HUDEVFKLHGXQJ GLH LFK MH HUOHEW KDWWH 8P HLQ +DDU ZlUH HV VRZHLW JHNRPPHQ GD LFK GLH $QRUGQXQJ GHV 6XSUHPNRPPDQGRV PLDFKWHW XQG GLH 1DFKWLQ7LFKWRQDV+DXVYHUEUDFKWKlWWH$EHULPOHW]WHQ$XJHQEOLFNILHOPLUGHU 3V\FKREHUDWHU ZLHGHU HLQ ,FK ZROOWH QLFKW ]XP 9RONVIUHPGHQ DEJHVWHPSHOW ZHUGHQ,FKKDWWHHLQH9HUSIOLFKWXQJGHP9RONGHU&DQWDURJHJHQEHU:HQQLFK GLHVHU QDFKNRPPHQ ZROOWH PXWH LFK ZHLWHUKLQ LQ PHLQHP %HUXI WlWLJ VHLQ :UGHLFKGHV5HJHOYHUVWRHVXQGGHU,QVXERUGLQDWLRQEHUIKUWGDQQZlUHPLU GLH'HJUDGLHUXQJVLFKHUXQGLFKN|QQWHQLFKWPHKUDOV;HQRPHGLNHUDUEHLWHQ'LH

:DKOILHOPLUQLFKWOHLFKWDEHUZLHGLH(QWVFKHLGXQJDXV]XVHKHQKDWWHZDUDXV ORJLVFKHU6LFKWNODU ,FKO|VWHGLH)LQJHUDXV7LFKWRQDV+lQGHQXQGPDFKWHPLFKDXIGHQ+HLPZHJ ,FK KDWWH PHLQ QHXHV 4XDUWLHU ELVKHU QRFK QLFKW ]X VHKHQ EHNRPPHQ 9RP 5DXPKDIHQ DXV ZDU LFK XQPLWWHOEDU ]X 7LFKWRQD JHHLOW 0HLQH 8QWHUNXQIW EHIDQG VLFKLQHLQHPGUHLVW|FNLJHQ*HElXGHGDV]XHLQHPDXV'XW]HQGHQYRQJOHLFKDUWLJHQ %DXWHQ EHVWHKHQGHQ :RKQNRPSOH[ JHK|UWH GHQ PDQ LP YHUJDQJHQHQ 0RQDW HUULFKWHW KDWWH hEHUKDXSW ZDU PLU DXI GHU )DKUW ]X 7LFKWRQDV :RKQXQJ DXIJHIDOOHQ GD VLFK DXI 6FKRWVFKL HLQH HQRUPH %DXWlWLJNHLW HQWZLFNHOW KDWWH 'DV 6XSUHPNRPPDQGR ZDU RIIHQEDU LP %HJULII GHQ 3ODQHWHQ PLW GHP XQIUHXQGOLFKHQ.OLPDLQHLQHSHUPDQHQWH6LHGOXQJVVWlWWH]XYHUZDQGHOQ ,FKJOLWWGXUFKGHQ$QWLJUDYVFKDFKWLQVPLWWOHUH6WRFNZHUNHPSRURULHQWLHUWHPLFK DQ GHQ EXQWHQ /HXFKWDQ]HLJHQ GLH EHUDOO LQ GHU /XIW VFKZHEWHQ XQG IDQG PHLQ $SDUWPHQWRKQH6FKZLHULJNHLW(VLQWHUHVVLHUWHPLFK]XHUIDKUHQREPHLQ*HSlFN SODQPlLJYRQGHU7855<.+$00DQJHOLHIHUWZRUGHQZDU(VHQWKLHOWHLQSDDU H[RWLVFKH *HEUDXFKVJHJHQVWl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|QQHQYHUODQJWHHUDXHUGHPGHQ+DQGDEGUXFNGHULKQLQGLH/DJHYHUVHW]WHGLH K\SHUHQHUJHWLVFKH .RPSRQHQWH GHU $XVVWUDKOXQJ PHLQHV =HOOJHZHEHV ]X DQDO\VLHUHQ 'LH 7U |IIQHWH VLFK QDFKGHP DXFK GLH ]ZHLWH 3UIXQJ ]XIULHGHQVWHOOHQG DXVJHIDOOHQ ZDU 'HU 5DXP GHQ LFK EHWUDW ZDU KHOO HUOHXFKWHW ,FK VDK PHLQ *HSlFN DQ GHU :DQG DXIJHUHLKW $EHU GDV LQWHUHVVLHUWH PLFK QLFKW ,Q HLQHP HOHJDQWJHIRUPWHQ6LW]P|EHOOHKQWHHLQ&DQWDURGHUGDIUYHUDQWZRUWOLFKZDUGD VLFK GLH %HOHXFKWXQJ VFKRQ YRU PHLQHU $QNXQIW HLQJHVFKDOWHW KDWWH ,FK HUNDQQWH LKQ VRIRUW WURW] VHLQHU XQJHZ|KQOLFKHQ .OHLGXQJ (U WUXJ HLQH KHOOJUDXH .RPELQDWLRQ GLH DXV HLQHP PHWDOOLVFK VFKLPPHUQGHQ 0DWHULDO JHIHUWLJW XQG PLW ]DKOUHLFKHQWHFKQLVFKHQ=XVlW]HQYHUVHKHQZDU (U HUKRE VLFK DOV HU PLFK HUEOLFNWH (U ZDU HLQHQ KDOEHQ.RSIJU|HUDOVLFKXQG KDWWHHLQNDQWLJJHVFKQLWWHQHV*HVLFKW6HLQH$XJHQVWDQGHQZHLWHUDXVHLQDQGHUDOV LFK HV MH DQ HLQHP :HVHQ PHLQHU $UW EHREDFKWHW KDWWH 6HLQ +LQWHUNRSI ZDU YRQ VFKLHUXQJODXEOLFKHU/lQJHZDVDXI EHUUDJHQGH ,QWHOOLJHQ]VFKOLHHQOLH,QGHU OLQNHQ:DQJHWUXJHUHLQJOLW]HUQGHV0LNURPRGXO$QDOOGLHVHQ'LQJHQHUNDQQWHLFK LKQ,FKKDWWHVFKRQYLHOH%LOGHUYRQLKPJHVHKHQ ³,FKELQ7KRQNDUUVDJWHHU ³'DVZHLLFK:DVVXFKVWGXKLHUXQGZLHNRPPVWGXKLHUKHUHLQ"DQWZRUWHWHLFK LPPHUQRFKLQGHP%DQQGHUhEHUUDVFKXQJVWHKHQG ³(LQHP 0LWJOLHG GHV 6XSUHPNRPPDQGRV LVW NHLQH 7U YHUVFKORVVHQ HUNOlUWH HU HUQVW³8QGZDVEH]LHKXQJVZHLVHZHQLFKKLHUVXFKHOlWVLFKOHLFKWVDJHQ,FK

VXFKHGLFK ,FK ERW LKP 6SHLVH XQG 7UDQN DQ RKQH ]X ZLVVHQ ZDV GLH .FKHQDXWRPDWLN LQ PHLQHU QHXHQ :RKQXQJ ]X OHLVWHQ YHUPRFKWH(UDN]HSWLHUWHXQGLFKEUDFKWHPLW GHU +LOIH GHV $XWRPDWHQ HLQH GXUFKDXV EUDXFKEDUH 0DKO]HLW NRPSOHWW PLW +DIHUELHU XQG $KRUQZHLQ ]XVWDQGH 7KRQNDUU EHGLHQWH VLFK DXVJLHELJ (U VDJWH HU VHLJHUDXPH=HLWLP$OOXQWHUZHJVJHZHVHQXQGKlWWHJHQXJYRQGHU6FKLIIVNRVW GLHZHJHQLKUHU(LQIDOOVORVLJNHLWEHUFKWLJWZDU 'LH0DKO]HLWZXUGHVFKZHLJHQGHLQJHQRPPHQZLHHV6LWWHZDU,FKDQLFKWYLHO =XYRU ZDU LFK KXQJULJ JHZHVHQ DEHU MHW]W EUDQQWH LQ PLU GLH :LEHJLHUGH ZDV 7KRQNDUU KLHU ZROOWH (U D PLW VLFKWOLFKHP *HQX YRU DOOHQ 'LQJHQ VFKLHQ VHLQ $SSHWLW XQHUVlWWOLFK ,FK ZXUGH LPPHU XQUXKLJHU ,FK ZROOWH GHQ *UXQG VHLQHV %HVXFKHV NHQQHQOHUQHQ ,FK ZDUWHWH ELV HU GHQ UHFKWHQ (VWDE EHLVHLWH JHOHJW KDWWHGDVFKRLFKPHLQH)UDJHDE ³:DUXPVXFKVWGXPLFK" (U JULII QDFK GHP %HFKHU PLW $KRUQZHLQ WUDQN HLQHQ 6FKOXFN XQG VDK PLFK DXVGHQZHLWDXVHLQDQGHUVWHKHQGHQEUDXQHQ$XJHQQDFKGHQNOLFKDQ ³'LH(QWZLFNOXQJXQVHUHV9RONHVLVWLQHLQQHXHV6WDGLXPJHWUHWHQVDJWHHU ³:LU KDEHQ GLH 0|JOLFKNHLW +HUUVFKHU HLQHU JDQ]HQ *DOD[LV ]X ZHUGHQ 'DV LVWHLQH&KDQFHGLHZLUQLFKWYHUVlXPHQGUIHQ 'D VWLPPWH LFK PLW LKP EHUHLQ 8QVHU 9RON ZXUGH QLFKW QXU YRQ :LVVHQVGXUVW VRQGHUQ DXFK YRQ (KUJHL] EHVHHOW ,FK lXHUWH PLFK GHPHQWVSUHFKHQGXQG7KRQNDUUIXKUIRUW ³'DV HLQ]LJH +LQGHUQLV GDV XQV QRFK LP :HJH VWHKW VLQG GLH %OLW]HU 6LH EHVLW]HQ GD VLH HLQ =ZHLJ GHV $UFKlRQWHQ9RONV VLQG HLQH ZHLW EHUOHJHQH 7HFKQLN :LU KDEHQ NHLQH &KDQFH LKUHQ WHFKQLVFKHQ 9RUVSUXQJ DXI]XKROHQ :LUPVVHQVLHVFKODJHQLQGHPZLUXQVLKQHQPLW]DKOHQPlLJEHUOHJHQHQ 6WUHLWNUlIWHQLQGHQ:HJVWHOOHQ ,FKYHUVWDQGGDV$EHULFKEHJULIILPPHUQRFKQLFKWZDUXP7KRQNDUUVLFKLQ GLHVHP =XVDPPHQKDQJ DXVJHUHFKQHW PLW PLU LQ 9HUELQGXQJ KDWWH VHW]HQ PVVHQ ³:DVKDWGDVPLWPLU]XWXQ"IUDJWHLFKGHVKDOE ³:LU ZLVVHQ QLFKW ZLH YLHOH %OLW]HU HV JLEW DQWZRUWHWH HU ³'LH +HUUHQ GHU 6WUDHQXQWHUKDOEGHV(UHLJQLVKRUL]RQWVYRQ$PDJRUWDVSUHFKHQYRQHLQSDDU +XQGHUWWDXVHQG$EHUVLFKHUN|QQHQZLUXQVHUHU6DFKHQLFKWVHLQXQGJHZL KDEHQGLH%OLW]HUDXFK*HOHJHQKHLWVLFK]XYHUPHKUHQ:LHYLHOHVLQGZLU" ³=ZDQ]LJ0LOOLRQHQVDJWHLFK ³:LHYLHOHGDYRQVLQG.lPSIHU" ³)DVWDOOHEHJDQQLFK³:LU ³'DV LVW QLFKW ZDKU XQWHUEUDFK HU PLFK ³:LU DOOH QHQQHQ XQV .lPSIHU DEHULQ:LUNOLFKNHLWVLQGDFKW]LJ3UR]HQWXQVHUHU0DQQVFKDIWHQIU$XIJDEHQ HLQJHVHW]WGLHPLW)RUVFKXQJ9HUZDOWXQJXQGZDVZHLLFKVRQVWQRFKDOOHP ]XWXQKDEHQ:LUYHUIJHQEHUHLQDNWLYHV7UXSSHQNRQWLQJHQWYRQQLFKWPHKU DOV YLHU 0LOOLRQHQ 5HFKQH GD]X GLH JHULQJH $Q]DKO XQVHUHU 5DXPVFKLIIH 'DV UHLFKWQLFKWDXVXPGLH%OLW]HU]XEHNlPSIHQ ,FKZDULPPHUQRFKYHUZLUUW ³8QGZDVKDEHLFKGDPLW]XWXQ"ZLHGHUKROWHLFKPHLQHYRULJH)UDJH

³:LU EUDXFKHQ +LOIVWUXSSHQ EHVFKZRU HU PLFK ³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³,FKYHUVWHKHGLFKVDJWHLFK³6SULFKZHLWHU ³'XELVWHLQ([SHUWHHUVWHQ5DQJHVDQWZRUWHWHHU³:LUEUDXFKHQ)DFKNUlIWHYRQ GHLQHP .DOLEHU 'X ZLUVW PLW GHQ EHVWHQ GHLQHV )DFKJHELHWV ]XVDPPHQDUEHLWHQ ,FKQHQQHQXUHLQSDDU1DPHQ5HNKULRFK)LPEUDLFK-RVDQJKDWW 0LW PLU JLQJ GLH %HJHLVWHUXQJ GXUFK +lWWH LFK MH GDYRQ WUlXPHQ N|QQHQ DQ GHU 6HLWH GHU .RU\SKlHQ GHU ;HQRPHGLN XQG GHU 0LNURELRORJLH DUEHLWHQ ]X GUIHQ" :HUZDULFKGHUHLQXQG]ZDQ]LJMlKULJH$QIlQJHULQ[HQRPHGLVFKHU3UD[LVGDLFK PLU KlWWH +RIIQXQJ PDFKHQGUIHQPLWEHUKPWHQ6SH]LDOLVWHQHLQH$UEHLWVJUXSSH ]XELOGHQ" ³,FKVHKHGDGXGLFKIUPHLQHQ9RUVFKODJLQWHUHVVLHUVWVDJWH7KRQNDUU ³,FKELQEHJHLVWHUWGDYRQDQWZRUWHWHLFK³:DVKDEHLFK]XWXQ" 1DWUOLFKNDQQWHLFKVHLQH3OlQH$EHULFKGXUIWHLKPQLFKWYRUJUHLIHQ(UZDUHLQ 0LWJOLHG GHV 6XSUHPNRPPDQGRV (V ]LHPW VLFK QLFKW IU HLQ XQWHUJHRUGQHWHV 0LWJOLHG GHU )ORWWH GLH $EVLFKWHQ HLQHV 6XSUHPNRPPDQGHXUV LP YRUKLQHLQ ]X HUNHQQHQ ³:LU PVVHQ .ORQH ]FKWHQ VDJWH HU JHQDX ZLH LFK HV HUZDUWHW KDWWH ³'LHVH 6WHUQHQLQVHOVWHOOWXQVYRU]JOLFKHVRUJDQLVFKHV0DWHULDO]XU9HUIJXQJ:DVXQV QRFK EOHLEW LVW DXV GHP 0DWHULDO :HVHQ ]X IRUPHQ GLH VLFK IU XQVHUH =ZHFNH HLJQHQ ³,FK YHUVWHKH DQWZRUWHWH LFK UHVSHNWYROO ³(V LVW HLQ HKUJHL]LJHV 8QWHUQHKPHQ XQGLFKELQVWRO]]XU7HLOQDKPHDXIJHIRUGHUW]XZHUGHQ$EHULP$XJHQEOLFNELQ LFK QRFK GHU 7855<.+$00 ]XJHRUGQHW .RPPDQGDQW 3KDPDT ZLUG VHLQH =XVWLPPXQJJHEHQPVVHQEHYRULFKGHLQ$QJHERWDQQHKPHQNDQQ 7KRQNDUUVDKPLFKDQXQGHLQPHUNZUGLJHU$XVGUXFNHUVFKLHQLQVHLQHQ$XJHQ ³'X GDUIVW PLFK QLFKW IDOVFK YHUVWHKHQ VDJWH HU VDQIW XQG GHQQRFK PLW %HVWLPPWKHLW ³:DV LFK GLU YRUWUDJH LVW NHLQ $QJHERW VRQGHUQ HLQ %HIHKO 'DV 6XSUHPNRPPDQGR KDW GLH DEVROXWH :HLVXQJVEHIXJQLV IU DOOH FDQWDULVFKHQ 6WUHLW XQG =LYLONUlIWH ,FK VHKH QLFKW ZLH GHU .RPPDQGDQW GHU 7855<.+$00 VLFK ZHLJHUQN|QQWHGLFKIUHL]XVWHOOHQ ,FKZDUEHHLQGUXFNW'LH2UJDQLVDWLRQXQVHUHV9RONHVZDUELVKHUHLQHUHFKWORFNHUH JHZHVHQ(LQHVWUDIIH.RPPDQGRVWUXNWXUGLHGLHJHVDPWH)ORWWHXPIDWHKDWWHHV ELVKHUQXUJHJHEHQZHQQHLQH*HIDKUDXIWDXFKWHGLHXQVDOOHEHGURKWHRGHUZHQQ HLQ8QWHUQHKPHQGHU*HVDPWIORWWHRUJDQLVLHUWZHUGHQPXWH$QVRQVWHQKDWWHQGLH .RPPDQGDQWHQGHUHLQ]HOQHQ6FKLIIHGLH%HIHKOVJHZDOW,QGHQ0RQDWHQGLHZLU

DXI &KDGLVV YHUEUDFKW KDWWHQ VFKLHQ HLQ 8PGHQNHQ VWDWWJHIXQGHQ ]X KDEHQ :LU ZDUHQ QLFKW PHKU GHU XQRUJDQLVLHUWH +DXIHQ DOV GHU ZLU YRQ 1H\VFXXU DXVJH]RJHQ ZDUHQ :LU KDWWHQ MHW]W HLQH 5HJLHUXQJ VR NRQQWH PDQ ZRKO GD]X VDJHQ'DV6XSUHPNRPPDQGRKDWWHDOOH0DFKWDQVLFKJHQRPPHQ ³9HU]HLKPHLQ8QYHUVWlQGQLVDQWZRUWHWHLFKDXI7KRQNDUUV%HPHUNXQJ³,FK ZDU PRQDWHODQJ XQWHUZHJV ,FK ZXWH QLFKW ZHOFKH 9HUlQGHUXQJHQ LQ]ZLVFKHQVWDWWJHIXQGHQKDEHQ ³6LHJHUHLFKHQXQVHUHP9RON]XP9RUWHLOJODXEHVPLUYHUVLFKHUWH7KRQNDUU HUQVW³*URH'LQJHVWHKHQEHYRUXQGZRLPPHUZLUXQVKLQZHQGHQVLHKWGLH *HIDKU XQV LQ GLH $XJHQ :LU EUDXFKHQ HLQH VWUDIIH 2UJDQLVDWLRQ 'X ELVW PRUJHQIUK]XP$XIEUXFKEHUHLW" ³6HOEVWYHUVWlQGOLFKHUNOlUWHLFK³:RZLUGGDV)RUVFKXQJVWHDPVWDWLRQLHUW" ³:LU VLQG GDEHL HLQ )RUVFKXQJV]HQWUXP HLQ]XULFKWHQ DQWZRUWHWH GHU 6XSUHPNRPPDQGHXU XQG DOV HU PHLQH 5HDNWLRQ EHPHUNWH ² LPPHUKLQ ZDU LFK HEHQ HUVW YRQ HLQHP 8QWHUQHKPHQ ]XUFNJHNHKUW GHVVHQ $XIJDEH HV ZDU HLQH )RUVFKXQJVVWDWLRQ ]X EDXHQ IJWH HU OlFKHOQG KLQ]X ³.HLQH 6RUJH 'LHVPDO VXFKHQ ZLU XQV HLQH :HOW GLH GLH %OLW]HU QLFKW ILQGHQ (LQVWZHLOHQ TXDUWLHUHQZLUXQVHUH:LVVHQVFKDIWOHUDQDQGHUHP2UWHLQ ³:R" ³$XI7HUUDVDJWHHU 'LH hEHUUDVFKXQJHQ QDKPHQ NHLQ (QGH $P QlFKVWHQ 0RUJHQ OLH PLFK 7KRQNDUU YRQ HLQHP VHLQHU $GMXWDQWHQ DEKROHQ XQG ]XP 5DXPKDIHQ EULQJHQ $P 2VWUDQG GHV +DIHQV ODJ HLQ 5DXPVFKLII GDV JHZL HUVW YRU HLQ SDDU :RFKHQ RGHU 0RQDWHQ YRQ GHU :HUIW JHNRPPHQ ZDU 0HLQ )DFKJHELHW ZDU ]ZDU GLH ;HQRPHGLN DEHU LFK YHUVWDQG DXFK HLQH JDQ]H 0HQJH YRQ GHU 5DXPIDKUWWHFKQLN 'DV6FKLIIUXKWHDXIHLQHP3UDOOIHOG'RUWZRGDVNQVWOLFKH6FKZHUHIHOG]XU %RGHQVFKOHXVH HPSRUIKUWH HUZDUWHWH PLFK GHU 6XSUHPNRPPDQGHXU ,FK EHJUWHLKQHKUIUFKWLJ(UZLHV]XU+OOHGHV5DXPVFKLIIVHPSRU ³6LHKVWGXGHQ1DPHQGRUW"IUDJWHHU 'LH 6FKULIW]HLFKHQ ZDUHQ LQ 6FKZDU] DXI JROGHQHP *UXQG DXIJHEUDFKW &+$.723808.+,1ODVLFK,FKKLHOWHVIUHLQHQHLJHQWPOLFKHQ1DPHQ *HLVWGHU)RUVFKXQJ ³,FKVHKHLKQZHLVHU+HUUDQWZRUWHWHLFK,FKZHLKHXWHQLFKWPHKUZDUXP LFKDXVJHUHFKQHWGLHVH$QUHGHJHEUDXFKWH6LHHUVFKLHQPLUSDVVHQG (UGDJHJHQVDKPLFKDQDOVZROOHHU]RUQLJZHUGHQ ³1HQQ PLFK QLH PHKU HLQHQ ZHLVHQ +HUUQVDJWHHUVWUDIHQG³'LHVHU7LWHOLVW DQGHUHQYRUEHKDOWHQ ,FK KlWWH JHUQ JHZXW ZHU GLH DQGHUHQ ZDUHQ DEHU 7KRQNDUUV 5HDNWLRQ KDWWH PLFKVRHLQJHVFKFKWHUWGDLFKPLFKQLFKW]XIUDJHQJHWUDXWH8QGHUZDUYRQ VLFK DXV RIIHQEDU QLFKW EHUHLW PHLQH :LEHJLHUGH ]X EHIULHGLJHQ 1DFK HLQHU NXU]HQ3DXVHIXKUHUIRUW ³,FK ELQ HLQ &KDUDNWHUNHQQHU 6HLQH 6WLPPH ZDU ZHVHQWOLFK IUHXQGOLFKHU DOV YRU HLQ SDDU 6HNXQGHQ ³,FK ZHL GD GX GHLQHQ :HJ JHKHQ XQG HLQ

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³(LQ 6XSUHPNRPPDQGHXU WXW QLHPDQG HWZDV ]X *HIDOOHQ 'X HUKlOWVW GLHVHV 5DXPVFKLII ZHLO DXI GLHVH :HLVH GHLQH (LQVDW]IlKLJNHLW YHUEHVVHUW XQG GHLQH :LUNVDPNHLW HUK|KW ZLUG :LU KDEHQ JURH 'LQJH YRU XQG ZLU EUDXFKHQ )DFKNUlIWHYRQGHLQHP.DOLEHU+DVWGXVRQVWQRFK)UDJHQ" 'DZDUILFKDOOH%HVFKHLGHQKHLWEHLVHLWH,QGHQYHUJDQJHQHQ]ZDQ]LJ6WXQGHQZDU PLU VR YLHO :XQGHUYROOHV ZLGHUIDKUHQ GD LFK GDV *HIKO KDWWH HV PVVH PLU MHGHU:XQVFKHUIOOWZHUGHQ ³,FKKDEHQRFKHLQH)UDJHVDJWHLFK ³6SULFKIRUGHUWHHUPLFKDXI ³,FK KDEH HLQH .KDULPD GLH PLU GDV /HEHQ HUKHOOW XQG PHLQH 6HHOH HUIUHXW HUNOlUWH LFK ³+DEH LFK GHLQH (UODXEQLV VLH DOV ]ZHLWHQ )DKUJDVW DQ %RUG GHU &+$.723808.+,1]XQHKPHQ" $QPGhEHUV³.KDULPDLVWHLQ$XVGUXFNGHUYRQHLQHP PlQQOLFKHQ &DQWDUR JHEUDXFKWHLQZHLEOLFKHV:HVHQEH]HLFKQHWGHPGHU6SUHFKHUVLFKLQEHVRQGHUHU :HLVHYHUEXQGHQIKOW 7KRQNDUU YHU]RJ GDV *HVLFKW XQG LQ VHLQHU 0LHQH HUVFKLHQ HLQ $XVGUXFN VS|WWLVFKHU+HLWHUNHLW ³7LFKWRQDLVWEHUHLWVDQ%RUGVDJWHHU³,FKKDEHVLHUXIHQODVVHQ ³,FKGDQNHGLUVWLHLFKKHUYRU ³'DQNHPLUQLFKWZHKUWHHUDE³(ULQQHUHGLFKDQGDVZDVLFKGLUYRUHLQHU0LQXWH VDJWH(LQ6XSUHPNRPPDQGHXUWXWQLHPDQGHWZDV]X*HIDOOHQ7LFKWRQDNRPPWPLW XQV QLFKW ZHLO VLH GHLQH .KDULPD LVW VRQGHUQ ZHLO VLH XQV DOV ;HQRPHGLNHULQ JXWH'LHQVWHOHLVWHQZLUG(LQHKDOEH6WXQGHVSlWHUEUDFKHQZLUDXI ,P9HUJOHLFKPLW6FKRWVFKLZDU7HUUDHLQHSDUDGLHVLVFKH:HOW'LHJUQHQXQG EUDXQHQ )OlFKHQ GHU .RQWLQHQWH ZDUHQ LQ VWUDKOHQGEODXH 0HHUH HLQJHVWUHXW :HLH :RONHQIHOGHU ZHWWHLIHUWHQ LQ LKUHU 5HLQKHLW PLW GHQ (LVNDSSHQ GHU 3RODUJHELHWH 'LH &+$.723808.+,1 VHQNWH VLFK HLQHU JURHQ YRQ ]DKOUHLFKHQ ,QVHOQ GXUFKVHW]WHQ :DVVHUIOlFKH HQWJHJHQ $XI HLQHU GHU JU|HUHQ ,QVHOQJDEHVHLQHQYRU]JOLFKDXVJHEDXWHQ5DXPKDIHQGHPPDQDQVDKGDHU QLFKWYRQ7HUUDQHUQVRQGHUQYRQXQVDQJHOHJWZRUGHQZDU ,FK KDWWH ]ZDU GDV .RPPDQGR DEHU ZlKUHQG GHV (LQIOXJV LQV 6ROV\VWHP KDWWH 7KRQNDUU DOOH $QZHLVXQJHQ JHJHEHQ 'DV ZDU JXW VR GHQQ LFK KDWWH NHLQH $KQXQJZRDXI7HUUDVLFKXQVHUHLJHQWOLFKHV=LHOEHIDQG 5LQJV XP GHQ 5DXPKDIHQ EHIDQGHQ VLFK ]DKOUHLFKH *HElXGH 7KRQNDUU IKOWH VLFKEHPLJWPLUGLH6DFKODJH]XHUNOlUHQ ³7HUUD ZLUG QLFKW XQVHU SHUPDQHQWHU 6WDQGRUW VHLQ VDJWH HU ³:LU KDEHQ XQV KLHU QXU YRUOlXILJ HLQJHULFKWHW ELV GLH 0DFKWYHUKlOWQLVVH LQQHUKDOE GHU

0LOFKVWUDH JHNOlUW VLQG 'LHVH ,QVHO ZLUG YRQ GHQ 7HUUDQHUQ ,ULDQ JHQDQQW DEHU HV JLEW KLHU NHLQH 7HUUDQHU PHKU :LU KDEHQ VLH DOOH HYDNXLHUW ZHLO ZLU XQJHVW|UW VHLQ ZROOHQ :lKUHQG XQVHUHV $XIHQWKDOWV KLHU ZHUGHQ ZLU LQ HLQHP GHU*HElXGHGRUWZRKQHQ ³:HOFKHP=ZHFNGLHQWXQVHU$XIHQWKDOW"HUNXQGLJWHLFKPLFK ³,FK VDJWH HV GLU VFKRQ DQWZRUWHWH HU HLQ ZHQLJ XQJHKDOWHQ ³:LU VWHOOHQ HLQH *UXSSH YRQ [HQRPHGLVFKHQ XQG PLNURELRORJLVFKHQ ([SHUWHQ ]XVDPPHQ ,KU HUKDOWHW KLHU HXUH $XIWUlJH XQG ZHUGHW GDQQ DQ GLH HQWVSUHFKHQGHQ (LQVDW]RUWH JHEUDFKW 6HLQ IUHXQGOLFKHV 9HUKDOWHQ ZlKUHQG GHU ODQJHQ HUHLJQLVORVHQ 6WXQGHQ GHV )OXJHV KDWWHPHLQ6HOEVWYHUWUDXHQJHVWlUNW,FKJHWUDXWHPLFK)UDJHQ]XVWHOOHQ]XGHQHQ LFKVRQVWQLFKWGHQ0XWJHKDEWKlWWH ³:HOFKH 0DFKWYHUKlOWQLVVH JLEW HV ]X NOlUHQ" ZROOWH LFKZLVVHQ³'XVSUDFKVW]X PLU YRQ GHU 0|JOLFKNHLW GD XQVHU 9RON GLH +HUUVFKDIW EHU GLHVH *DOD[LV EHUQHKPHQN|QQH:HOFKH$UWYRQ.OlUXQJLVWGDQRFKHUIRUGHUOLFK" (UVDKPLFKDQXQGHVODJZHQLJ)UHXQGOLFKNHLWLQVHLQHP%OLFN,FKEHJDQQPLFK ]X IUDJHQ ZRGXUFK VHLQH SO|W]OLFKHQ 6LQQHVZDQGOXQJHQ YHUXUVDFKW ZXUGHQ (U ZDU]XJlQJOLFKLPHLQHQDEZHLVHQGXQGYHUVWlQGQLVORVLPQlFKVWHQ$XJHQEOLFN ³'LH )UDJH EHZHLVW GD GX LQWHOOLJHQW ELVW DQWZRUWHWH HU KDUW ³6LH ]HLJW DEHU DXFK GD HV GLU DQ :HLVKHLW PDQJHOW 'LH *HVFKlIWH GHV 6XSUHPNRPPDQGRV JHKHQ GLFK QLFKWV DQ :HQQ GDV ZRUEHU LFK VSUDFK DXVJHUHLIW LVW ZLUG GLH JHVDPWHFDQWDULVFKHgIIHQWOLFKNHLWGDYRQHUIDKUHQ 'DUDXIKLQ JHWUDXWH LFK PLFK QLFKW ZHLWHUH )UDJHQ ]X VWHOOHQ 1DFKGHP GLH &+$.723808.+,1 JHODQGHW ZDU VFKR HLQ JHUlXPLJHU *OHLWHU EHU GDV ZHLWH XQG JU|WHQWHLOV OHHUH )HOG GHV 5DXPKDIHQV 7KRQNDUU 7LFKWRQD XQG LFK VFKOHXVWHQ XQV DXV XQG JLQJHQ DXI GDV )DKU]HXJ ]X 'LH /XIW GLH XQV HQWJHJHQVFKOXJZDUZDUPXQGIHXFKW'DV*HOlQGHGHV+DIHQVZXUGHQDFK2VWHQ KLQYRQEHZDOGHWHQ%HUJHQEHJUHQ]WGLHELV]XEHWUlFKWOLFKHQ+|KHQDXIUDJWHQ'HU 3LORW GHV *OHLWHUV EHJUWH 7KRQNDUU PLW (KUIXUFKW 7LFKWRQD XQG PLU GDJHJHQ VFKHQNWH HU NDXP %HDFKWXQJ $OOPlKOLFK EHJDQQ LFK 8QEHKDJHQ ]X HPSILQGHQ (V KDWWH IUKHU NHLQH JHVHOOVFKDIWOLFKHQ 5DQJXQWHUVFKLHGH XQWHU GHQ &DQWDUR JHJHEHQ1DWUOLFKZDUHQZLUDOVZLUPLWGHU)ORWWHLQGLH0LOFKVWUDHHLQIORJHQ LQ HLQH JHIlKUOLFKH 6LWXDWLRQ JHUDWHQ XQG YHUVWDQGHQ GD HV VROFKH JHEHQ PXWH GLH%HIHKOHHUWHLOWHQXQGDQGHUHGLHGLH%HIHKOHEHIROJWHQ$EHUGHU8QWHUVFKLHG LP 9HUKDOWHQ GHV *OHLWHUSLORWHQ DEVROXWH (UJHEHQKHLW GHP 6XSUHPNRPPDQGHXU JHJHQEHU IU PLFK XQG 7LFKWRQD GDJHJHQ QXU *OHLFKJOWLJNHLW GLH IDVW VFKRQ EHOHLGLJHQGZDUGLHVHU8QWHUVFKLHGPDFKWHPLU]XVFKDIIHQ+LHUZDUVRPHLQWH LFKHLQH(QWZLFNOXQJLQ*DQJJHNRPPHQGLH]XQLFKWV*XWHPIKUHQNRQQWH ,PPHUKLQ HUIXKU LFK DXI GHU )DKUW ]X HLQHP GHU *HElXGH DP 6GUDQG GHV 5DXPKDIHQV GD VLFK DXI GHU ,QVHO ,ULDQ QLFKW QXU HOI 0LWJOLHGHU GHV 6XSUHPNRPPDQGRV VRQGHUQ DXFK HWOLFKH KXQGHUW &DQWDUR QLHGHUHQ 5DQJHV DXIKLHOWHQ ,FK IUDJWH PLFK ZLHGHUXP :HQQ GLH 7HUUDQHU ZLUNOLFK XQVHUH VFKOLPPVWHQ *HJQHU ZDUHQ ZRGXUFK KDWWH VLFK GDV )ORWWHQNRPPDQGR GD]X YHUOHLWHQODVVHQDXVJHUHFKQHWDXI7HUUDHLQ+DXSWTXDUWLHUHLQ]XULFKWHQXQGVHLHV DXFKQXUZLH7KRQNDUUPLUHUNOlUWKDWWHHLQYRUEHUJHKHQGHV" $P (LQJDQJ GHV *HElXGHV ZXUGHQ ZLU YRQ HLQHU $ERUGQXQJ HUZDUWHW GLH XQV LQ

XQVHUH4XDUWLHUHHLQZLHV,KU9HUKDOWHQZDUGDVVHOEHZLHGDVGHV3LORWHQ(KUIXUFKW IU7KRQNDUU*OHLFKJOWLJNHLW7LFKWRQDXQGPLUJHJHQEHU:LUEHJDQQHQXQVDOV :HVHQ ]ZHLWHU .ODVVH ]X IKOHQ :HQLJVWHQV ZDUHQ GLH 8QWHUNQIWH NRPIRUWDEHO HLQJHULFKWHW OX[XUL|V VRJDU 7LFKWRQD XQG LFK ZRKQWHQ QHEHQHLQDQGHU ZlKUHQG PDQ 7KRQNDUU LQ HLQHP DQGHUHQ 7HLO GHV *HElXGHV XQWHUJHEUDFKW KDWWH 8QVHUH 5lXPH ZDUHQ PLW GHP KHUN|PPOLFKHQ 6DW] YRQ .RPPXQLNDWLRQVJHUlWHQ DXVJHUVWHW (V JDE NOHLQH PLW PRGHUQHQ $XWRPDWLNHQ DXVJHVWDWWHWH .FKHQQLVFKHQ ,QGLHVHP7HLO7HUUDVZDUHVLQ]ZLVFKHQ1DFKPLWWDJJHZRUGHQ'LH6RQQHVHQNWH VLFK GHP ZHVWOLFKHQ +RUL]RQWHQWJHJHQ,FKVXFKWH7LFKWRQDLQLKUHP4XDUWLHUDXI :LU ZROOWHQ XQV HLQ SDDU IUHXGYROOH 6WXQGHQ EHUHLWHQ 7LFKWRQD KDWWH HLQH NOHLQH 0DKO]HLWKHUJHULFKWHWXQGGLH.FKHQDXWRPDWLNGD]XJHEUDFKWHLQ*HWUlQNYRQVLFK ]X JHEHQ GDV lKQOLFK ZLH $KRUQZHLQ VFKPHFNWH QXU ZHVHQWOLFK ZHQLJHU V XQGK|FKVWZDKUVFKHLQOLFKDXIJDQ]DQGHUH$UW]XEHUHLWHW :LUDHQXQGWUDQNHQ'HUIUHPGH:HLQZDUNUlIWLJXQGOLHXQVVFKRQQDFK ZHQLJHQ %HFKHUQ XQVHUH +HPPXQJHQ YHUJHVVHQ,FKOHJWH7LFKWRQDGLH+DQG DXI GHQ .RSI XP LKU PHLQH =XQHLJXQJ ]X ]HLJHQ XQG PLW GHU DQGHUHQ EHUKUWHLFKLKUH%UVWH6LHVDKPLFKDQXQGLFKODVLQLKUHQ$XJHQGDVLH PLWPHLQHP9HUODQJHQHLQYHUVWDQGHQZDU 'DVZDUGHU$XJHQEOLFNLQGHPGHU,QWHUNRPVLFKVHOEVWWlWLJHLQVFKDOWHWH(V JDE NHLQ %LOG (LQH 6WLPPH VSUDFK LQ HLQHU IUHPGHQ 6SUDFKH 'HU ,QWHUNRP ZDU PLW HLQHP 7UDQVODWRU DXVJHVWDWWHW GHU QDFK GHQ HUVWHQ /DXWHQ GHU XQEHNDQQWHQ6WLPPHDXIFDQWDULVFKYRQVLFKJDE ³'HU;HQRPHGLNHU*KHEURNKWHZLUGVRIRUWLP%HVSUHFKXQJVUDXPHUZDUWHW'HU :HJLVWPDUNLHUW ,FK VDK 7LFKWRQD DQ 6LH ZDU WUDXULJ ,FK IXKU LKU PLW GHU+DQGGXUFKV+DDU XQGYHUVXFKWHVLH]XWU|VWHQ ³6SlWHUVDJWHLFK (V ZDU WDWVlFKOLFK HLQH /HLFKWLJNHLW GHQ %HVSUHFKXQJVUDXP ]X ILQGHQ /HXFKW]HLFKHQ VFKZHEWHQ EHUDOO ,FK JOLWW GXUFK HLQHQ $QWLJUDYVFKDFKW ELV ]XPREHUVWHQ6WRFNZHUNGHV*HElXGHVHPSRU'HU5DXPZDUDXIGLHEOLFKH $UW XQG :HLVH DXVJHVWDWWHW PLW EHTXHPHQ 6LW]P|EHOQ YRU GLH NOHLQH 7LVFKH JHVSDQQWZDUHQDXIGHQHQPDQVHLQ$XI]HLFKQXQJVJHUlWDEVWHOOHQNRQQWH 5HNKULRFK )LPEUDLFK XQG -RVDQJKDWW ZDUHQ EHUHLWV DQZHVHQG ,FK EHJUWH VLH PLW GHP 5HVSHNW GHU VROFK EHUKPWHQ :LVVHQVFKDIWOHUQ ]XVWHKW 6LH LKUHUVHLWV EHKDQGHOWHQ PLFK IUHXQGOLFK XQG ]XWUDXOLFK DOV ZlUH LFK HLQHU GHU ,KUHQ'DVJDEPLUGHQ0XW]XIUDJHQ ³:DUXPKDWPDQXQVKLHU]XVDPPHQJHUXIHQ" 5HNKULRFK GUHKWH GLH DXVJHVWUHFNWH +DQG YRQ OLQNV QDFK UHFKWV XP VHLQH 8QVLFKHUKHLWDXV]XGUFNHQ ³1LHPDQG ZHL HV DQWZRUWHWH HU ³$XHU ZRP|JOLFK 7KRQNDUU (U KDW GLHVH %HVSUHFKXQJDQEHUDXPW ³:LUGHUWHLOQHKPHQ"HUNXQGLJWHLFKPLFKYHUZXQGHUW ³:LUZLVVHQHVQLFKWVDJWH-RVDQJKDWW³$EHUZLUQHKPHQHVDQ ,Q GLHVHP $XJHQEOLFN |IIQHWH VLFK GLH 7U XQG 7KRQNDUU WUDW HLQ (U ZLUNWH XQJHZ|KQOLFKHUQVW2KQH*UXEHJDQQHU]XVSUHFKHQ

³(V LVW HWZDV 8QHUZDUWHWHV JHVFKHKHQ 8QVHUH $QZHVHQKHLW DXI GLHVHU :HOW VWW]W VLFK DXI 9HUHLQEDUXQJHQ GLH ZLU PLW HLQHP 7HUUDQHU JHWURIIHQ KDEHQ GHU KLHU GLH 0DFKW LQ +lQGHQ KlOW (U EH]HLFKQHW VLFK DOV 2EHUKDXSW GHU .RVPLVFKHQ +DQVH HLQHU LQWHUVWHOODUHQ +DQGHOVRUJDQLVDWLRQ GLH EHU HLQH ULHVLJH 5DXPVFKLIIKDQGHOVIORWWH YHUIJW XQG VLFK QLFKW QXU DXI NRPPHU]LHOOHP *HELHW VRQGHUQ DXFK SROLWLVFK EHWlWLJW (U QHQQW VLFK *DOEUDLWK 'HLJKWRQ (V LVW LKP HLQ 8QIDOO ZLGHUIDKUHQ (V OLHJW LQ XQVHUHP HLJHQHP ,QWHUHVVH LKP EHL]XVWHKHQ *OHLFK]HLWLJ ELHWHW VLFK IU HXFK HLQH *HOHJHQKHLWHXHU)DFKZLVVHQ]XGHPRQVWULHUHQ 'LH 7U KDWWH VLFK KLQWHU 7KRQNDUU QLFKW JHVFKORVVHQ 0LW OHLVH VXPPHQGHQ $QWLJUDYPRWRUJOLWWHLQH5RERWWUDJHLQGHQ5DXP7KRQNDUUWUDWEHLVHLWHXP VLHSDVVLHUHQ]XODVVHQ:LHVDKHQHLQHQVFKODQNHQIUWHUUDQLVFKH%HJULIIH KRFKJHZDFKVHQHQ 0HQVFKHQ GHU VLFK RIIHQEDU LP =XVWDQG IRUWJHVFKULWWHQHQ .|USHU]HUIDOOV EHIDQG 'LH *HVLFKWVKDXW VSDQQWH VLFK VWUDII XP GDV .QRFKHQJHUVW GHV 6FKlGHOV 'LH +DXWIDUEH ZDU HLQ IDKOHV *UDX 'HU 0HQVFK DWPHWH KHIWLJ XQG VHLQH $WHPPHFKDQLVPHQ JDEHQ GDEHL U|FKHOQGH XQGUDVVHOQGH*HUlXVFKHYRQVLFK ³'HU7HUUDQHUEHKDXSWHWEHU]Z|OIKXQGHUW-DKUHDOW]XVHLQIXKU7KRQNDUU LQ VHLQHU 'DUVWHOOXQJ IRUW ³XQG LFK KDEH NHLQHQ *UXQG VHLQH $QJDEH ]X EH]ZHLIHOQ(UZDU%HVLW]HUHLQHV*HUlWVGDVPDQHLQHQ=HOOVFKZLQJXQJVDNWLYDWRU QHQQW 'HU $NWLYDWRU XQWHUELQGHW GHQ $OWHUXQJVSUR]H ,FK ZHL QLFKW ZLH HLQ VROFKHV*HUlWIXQNWLRQLHUWXQGDXFK*DOEUDLWK'HLJKWRQKDWHVPLUQLFKWHUNOlUHQ N|QQHQ$XIMHGHQ)DOOZDUHUDOVZLUDXI7HUUDODQGHWHQPLWVHLQHP5DXPVFKLII LPEHQDFKEDUWHQ5DXPVHNWRUXQWHUZHJVXQGDQ%RUGVHLQHV6FKLIIHVHUVFKLHQHLQ :HVHQ GDV HU QXU DOV 6FKHPHQ KDW HUNHQQHQ N|QQHQ XQG YRQ GHP LKP GHU =HOOVFKZLQJXQJVDNWLYDWRU JHUDXEW ZXUGH *HPl VHLQHU HLJHQHQ $XVVDJH KDW HU QDFK GHP 5DXE GHV $NWLYDWRUV QXU ]ZHLXQGVHFK]LJ 6WXQGHQ ]X OHEHQ 9LHUXQGGUHLLJ GDYRQ VLQG EHUHLWV YHUJDQJHQ :LU PVVHQ LKP KHOIHQ (V JLEW LQ GLHVHP *HElXGH HLQ /DERU LQ GHP LKU DOOHV ILQGHW ZDV IU GLH %HKDQGOXQJ HUIRUGHUOLFKLVW,FKIKUHHXFKGRUWKLQ 'LH 5RERWWUDJH VFKZHEWH YRUDQ 6LH VFKLHQ JHQDX ]X ZLVVHQ ZR HV KLQJLQJ 'HU 7HUUDQHU KLHOW GLH $XJHQ JHVFKORVVHQ XQG UKUWH VLFK QLFKW 'DV /DERU ODJ QXU ZHQLJH 7UHQ YRQ GHP %HVSUHFKXQJVUDXP HQWIHUQW LQ GHP ZLU XQV JHWURIIHQ KDWWHQ ,FK ZDU EHHLQGUXFNW $XI HLQHU )OlFKH YRQ ]HKQ PDO ]Z|OI 0HWHUQ KDWWH PDQGLHPRGHUQVWHQ*HUlWHGHU;HQRPHGLNXQGGHU0LNURELRORJLHLQVWDOOLHUW 6SH]LDOURERWHU YHUKLHOWHQ UHJORV DXI NQVWOLFKHQ 6FKZHUHIHOGHUQ UXKHQG XQG ZDUWHWHQDXIGLH$QZHLVXQJHQGLHZLULKQHQHUWHLOHQZUGHQ 'LH 7UDJH KLHOW LQ GHU 0LWWH GHV 5DXPHV DQ 7KRQNDUU ZDU LQ GHU 1lKH GHU 7U VWHKHQJHEOLHEHQ ³(UKDOWHW GHQ 0DQQ DP /HEHQ VDJWH HU VWUHQJ ³(U LVW IU XQV YRQ EHUUDJHQGHU %HGHXWXQJ(UGDUIQLFKWVWHUEHQ'DVLVWHLQ%HIHKOYRQK|FKVWHU6WHOOH (UZDQGWHVLFKXPXQGYHUOLHGDV/DERU'LH7UVFKORVLFKXQGZLUZDUHQPLW XQVHUHP3DWLHQWHQXQGGHQ6SH]LDOURERWHUQDOOHLQ,FKIUDJWHPLFKZDV7KRQNDUU PLWGHUK|FKVWHQ6WHOOHJHPHLQWKDEHQN|QQWH %H]HLFKQHWHHUVLFKVHOEVWVRRGHUJDEHVEHUGHP6XSUHPNRPPDQGRQRFKHLQH ,QVWDQ]LQGHUHQ+lQGHQGLHZDKUH$XWRULWlWODJ"

'HQ0HQVFKHQDP/HEHQ]XHUKDOWHQZDUDXVZLVVHQVFKDIWOLFKHU6LFKWEHWUDFKWHW NHLQH EHVRQGHUV VFKZLHULJH $XIJDEH 6LH HUIRUGHUWH MHGRFK HLQH 0HQJH $XIZDQG :LUZDUHQPHKUHUH7DJHODQJEHVFKlIWLJW:LUQDKPHQLKQDXVHLQDQGHU6WFNIU 6WFN XQG VWHOOWHQ IHVW GD GDV JHVDPWH .|USHUPDWHULDO SURJUHVVLYH $OWHUVHUVFKHLQXQJHQ DXIZLHV :LU HUVHW]WHQ 2UJDQH GXUFK V\QWURQLVFKH 0RGXOH :LUSIODQ]WHQV\QWKHWLVFKH+DXWXQGZRGDVQLFKWPHKUZLUNVDPHUVFKLHQVHW]WHQ ZLU VHPLRUJDQLVFKH 0HWDOOIROLH DXI 'DV JU|WH 3UREOHP ZDU GDV *HKLUQ ]X HUKDOWHQ (V KDWWH XQWHU GHP UDSLGHQ $OWHUXQJVSUR]H VWDUN JHOLWWHQ XQG EHGXUIWH GHU5HNRQVWLWXWLRQ(VJHODQJXQVGLHRUJDQLVFKH6XEVWDQ]]XVWDELOLVLHUHQVRZHLW VLH QRFK VWDELOLVLHUEDU ZDU XQG GLH KHUN|PPOLFKHQ *HKLUQIXQNWLRQHQ GXUFK GLH (LQEHWWXQJV\QWURQLVFKHU0LNURHOHPHQWHZLHGHU]XHUZHFNHQ %HL DOO GLHVHQ $UEHLWHQ ZDUHQ XQV GLH 6SH]LDOURERWHU HLQH YRU]JOLFKH +LOIH 6LH EHVDHQHLQHDXVJH]HLFKQHWHDXIXQVHUH)DFKJHELHWHDEJHVWLPPWH3URJUDPPLHUXQJ XQG UHDJLHUWHQ DXI YHUEDOH %HIHKOH VHOEVW ZHQQ VLH REHUIOlFKOLFK RGHU YDJH IRUPXOLHUWZDUHQVWHWVLQNRUUHNWHU$UWXQG:HLVH,QPLUHQWVWDQGGHU9HUGDFKWGD GLH FDQWDULVFKH 5RERWWHFKQLN ZRP|JOLFK YRQ GHQ $UFKlRQWHQ HLQHQ 6FKXE QDFK YRUQHEHNRPPHQKDEHQN|QQWH,FKKDWWHZlKUHQGPHLQHU$XVELOGXQJXQGVSlWHULQ GHU$XVEXQJPHLQHV%HUXIVKlXILJPLWPHGRWHFKQLVFKHQ6SH]LDOURERWHUQ]XWXQ $EHUNHLQHUYRQLKQHQKDWWHVHLQ)DFKVRJXWYHUVWDQGHQNHLQHUYRQLKQHQKDWWHVR IHKOHUIUHLPLWGHU.|USHUVWUXNWXUHLQHVDUWIUHPGHQ:HVHQVXPJHKHQN|QQHQZLHGLH 5RERWHUGLHXQVKLHU]XU+DQGJLQJHQ'DPXWHQ,QIRUPDWLRQHQHLQJHIORVVHQVHLQ GLHYRQDXHQNDPHQ ,FK GDFKWH XQZLOONUOLFK DQ GLH ZHLVHQ +HUUHQ YRQ GHQHQ 7KRQNDUU JHVSURFKHQ KDWWH ,FK GDFKWH DXFK DQ GHQ ³%HIHKO YRQ K|FKVWHU 6WHOOH (V ZDU ZlKUHQG XQVHUHU ]ZHL 0RQDWH DXI &KDGLVV RIIHQEDU ZHLWDXV PHKU JHVFKHKHQ DOV VLFK GHP $XJHDXIGHQHUVWHQ%OLFNGDUERW 1DFK GHP $EVFKOX GHU 2SHUDWLRQ YHUVHW]WHQ ZLU GHQ 7HUUDQHU LQ HLQHQ =XVWDQG VXVSHQGLHUWHU $QLPDWLRQ XP GDV (LQWUHWHQ HLQHV WUDXPDWLVFKHQ 6FKRFNV ]X YHUKWHQ :LU ZDUHQ UHFKWVFKDIIHQ PGH REZRKO ZLU DOV )DFKNUlIWH VHOEVWYHUVWlQGOLFKDOOHVDPWPLW0LNURPHGVDXVJHVWDWWHWZDUHQGLHXQVKDOIHQGUHL VFKODIORVH7DJH]XEHUVWHKHQ0DKO]HLWHQZDUHQXQVYRQ6HUYRURERWHUQJHEUDFKW ZRUGHQ DEHU DP GULWWHQ 7DJ YHUVSUWH NHLQHU YRQXQVPHKU$SSHWLW:LUVHKQWHQ XQVQDFK5XKH 1DFKGHP ZLU GHQ 7HUUDQHU LQ HLQHQ 5HNXSHUDWLRQVWDQN JHEHWWHW KDWWHQ LQ GHP HU YLHU]HKQ 6WXQGHQ VSlWHU ZLHGHU]XVLFKNRPPHQZUGHVHW]WHQZLU7KRQNDUUYRP (UIROJ GHU 2SHUDWLRQ LQ .HQQWQLV (U JDE VLFK IUHXQGOLFK XQG GDQNEDU XQG JOHLFK QDFKGHPGLH,QWHUNRP9HUELQGXQJJHWUHQQWZDUJHVFKDKHWZDV(LJHQDUWLJHV'HU ,QWHUNRPOLHVLFKQLFKWDXVVFKDOWHQ(LQH6WLPPHZDU]XK|UHQGLHVHOEHZLHLFK PHLQWH GLH LFK JHK|UW KDWWH DOV LFK DQJHIRUGHUW ZXUGH LP %HVSUHFKXQJVUDXP ]X HUVFKHLQHQ'HU7UDQVODWRUVFKDOWHWHVLFKHLQXQGZLUYHUVWDQGHQ ³'XUFK HXUH /HLVWXQJ KDEW LKU EHZLHVHQ GD LKU )DFKNUlIWH HUVWHQ 5DQJHV VHLG (XFKVWHKWHLQHKHUYRUUDJHQGH.DUULHUHLQXQVHUHP5HLFKEHYRU 'DQDFK GHDNWLYLHUWH VLFK GHU ,QWHUNRP :LU VDKHQ HLQDQGHU IUDJHQG DQ :HU ZDU GLHVHV :HVHQ GDV LQ HLQHU IUHPGHQ 6SUDFKH VSUDFK XQG WURW]GHP YRQ ³XQVHUHP 5HLFKUHGHWHDOVZlUHHVHLQ&DQWDUR"1LHPDQGJHWUDXWHVLFKHLQ:RUW]XVDJHQ :LU VWDQGHQ DOOH XQWHU GHP (LQGUXFN GD ZLU GXUFK JHKHLPH .DQlOH DXI 6FKULWW

XQG7ULWWEHREDFKWHWZUGHQ 'DQDFKNHKUWHQZLU]XXQVHUHQ4XDUWLHUHQ]XUFN :lKUHQGGHUYHUJDQJHQHQGUHL7DJHKDWWHLFKRIWDQ7LFKWRQDJHGDFKW(VWDWPLU OHLG GD VLH ]XU 2SHUDWLRQ GHV 7HUUDQHUV QLFKW PLW KHUDQJH]RJHQ ZRUGHQ ZDU 2IIHQEDU WUDXWH PDQ LKU GLH HUIRUGHUOLFKH )DFKHUIDKUXQJ QRFK QLFKW ]X REZRKO 7KRQNDUU PLU HUNOlUW KDWWH HU KDEH VLH DXIJUXQG LKUHV KHUYRUUDJHQGHQ :LVVHQV ]X GLHVHP 8QWHUQHKPHQ EHRUGHUW ,FK KDWWH LQ GHQ GUHL 7DJHQ ZDQQ LPPHU VLFK HLQH 0|JOLFKNHLWJDEEHU,QWHUNRPPLW7LFKWRQDJHVSURFKHQ6LHZLUNWHEHGUFNW,FK PDFKWH PLU 6RUJHQ XP VLH $OV ZLU GDV /DERU YHUOLHHQ KDWWH LFK YRU VLH VRIRUW DXI]XVXFKHQ $EHU LFK ZDU ]X PGH 'HU 0LNURPHG ZHLJHUWH VLFK PLFK PLW ZHLWHUHQ$XISXWVFKPLWWHOQ]XYHUVRUJHQ(UJDEPLU]XYHUVWHKHQGDLFKGULQJHQG GHU5XKHEHGUIH ,FK EHJDE PLFK LQ PHLQH 8QWHUNXQIW VDQN DXI GDV /DJHU XQG VFKOLHI HLQHQ EOHLHUQHQWUDXPORVHQ6FKODI$OVLFK]HKQ6WXQGHQVSlWHUZLHGHU]XPLUNDPULHI LFK DOV HUVWHV 7LFKWRQD DQ 6LH KDWWH VLFK 6RUJH XP PLFK JHPDFKW MHGRFK YRQ PHLQHP6HUYRHUIDKUHQGDPLUZHLWHUQLFKWVIHKOHDOVGHU6FKODI6LHZDUHUIUHXW YRQ PLU ]X K|UHQ ,FK HU]lKOWH LKU DXVIKUOLFK YRQ GHU 2SHUDWLRQ GLH ZLU DQ GHP 7HUUDQHU YRUJHQRPPHQ KDWWHQ ,FK KDWWH PLFK GDEHL QLFKW DOO]X XQJHVFKLFNW DQJHVWHOOW XQG GDEHL HLQ SDDU ,GHHQ HQWZLFNHOW YRQ GHQHQ VHOEVW ([SHUWHQ ZLH 5HNKEULRFK )LPEUDLFK XQG -RVDQJKDWW EHHLQGUXFNW ZDUHQ ,FK VSUDFK DOVR PLW JHK|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lXGH ZLUNWH QDKH]X YHUODVVHQ 'LH ZHQLJHQ &DQWDUR GHQHQ ZLU EHJHJQHWHQVFKHQNWHQ XQV NHLQH %HDFKWXQJ 'LH 7U GHV /DERUV ZDU XQEHZDFKW 6LH |IIQHWH VLFK VHOEVWWlWLJQDFKGHPLFKPLFKLKUELVDXI]ZHL6FKULWWHJHQlKHUWKDWWH 8QWHUGHU7U|IIQXQJEOLHELFKVWHKHQ,FKKDWWHHUZDUWHWHLQWRWHQVWLOOHV/DERU YRU]XILQGHQXQGGLH6SH]LDOURERWHUZLHGHULQ:DUWHVWHOOXQJ]XVHKHQ9RUDOOHQ 'LQJHQ KDWWH GHU 7HUUDQHU QRFK LQ VHLQHP 5HNXSHUDWLRQVWDQN ]X VHLQ GHQQ YRQ GHQYLHU]HKQ6WXQGHQGLHHULP7DQNYHUEULQJHQVROOWHZDUHQQRFKQLFKWHLQPDOHOI YHUJDQJHQ 6WDWWGHVVHQVDKLFKGHQ0HQVFKHQLPPHUQRFKEHZXWORVDXIGHU7UDJHOLHJHQ DXI GHU HU DQWUDQVSRUWLHUW ZRUGHQ ZDU =ZHL 5RERWHU ZDUHQ PLW LKP EHVFKlIWLJW 6LH KDWWHQ VHLQHQ /HLE ]XP 7HLO JH|IIQHW XQG ZDUHQ LP %HJULII HLQH 2SHUDWLRQ YRU]XQHKPHQ =XQlFKVW VFKLHQHQ VLH PHLQHQ XQG 7LFKWRQDV (LQWULWW QLFKW ]X UHJLVWULHUHQ $EHU LFK ZDU VR YRQ 6WRO] EHU XQVHUH KHUYRUUDJHQGH $UEHLW HUIOOW GDPLFKGHU=RUQSDFNWHDOVLFKGLH5RERWHUDQXQVHUHPIDVWVFKRQJHKHLOWHQ 3DWLHQWHQKHUXPSIXVFKHQVDK,FKVFKULWWHLOHQGV]XU7UDJHKLQXQGIXKUGLHEHLGHQ 0DVFKLQHQDQ ³:DVJHKWKLHUYRU":DVKDEWLKUPLWGHP7HUUDQHU]XVFKDIIHQ"

7LFKWRQDZDUPLUJHIROJWODQJVDPXQGYRUVLFKWLJZLHHLQHGLHEHVVHUZXWHDOV LFK GD KLHU 'LQJH LP *DQJ ZDUHQ LQ GLH LFK PLFK EHVVHU QLFKW HLQJHPLVFKW KlWWH (LQHUGHU5RERWHUZDQGWHVLFKPLU]X ³:DVKLHUYRUJHKWLVWIUGLFKRKQH,QWHUHVVHVDJWHHU³:LUKDQGHOQDXIK|FKVWHQ %HIHKO ³:DVKDQGHOWLKU"(LQHEHVVHUH)RUPXOLHUXQJILHOPLULQPHLQHP=RUQQLFKWHLQ ³:LHJHVDJW(VLVWIUGLFKRKQH,QWHUHVVHHUZLGHUWHGHU5RERW³,FKELWWHGLFK XQGGHLQH%HJOHLWHULQGHQ5DXP]XYHUODVVHQ ,FKVSUWH7LFKWRQDV*ULIIDQPHLQHPUHFKWHQ$UP6LHZROOWHPLFKPLWVLFK]LHKHQ $EHU LFK ZDU QLFKW JHZLOOW PLFK YRQ HLQHP 5RERWHU LQ GLHVHU $UW XQG :HLVH PDUHJHOQ]XODVVHQ ³,FKHQWVFKHLGHVHOEVWZDVIUPLFKYRQ,QWHUHVVHLVWXQGZDVQLFKWHUNOlUWHLFK PLW1DFKGUXFN³8QGNHLQ5RERWHUZLUGPLUVDJHQZLHLFKPLFK]XYHUKDOWHQKDEH ³'DV LVW GHLQH (QWVFKHLGXQJ VDJWH GHU 5RERW ³:LU KDQGHOQ OHGLJOLFK QDFK %HIHKOHQGLHYRQHLQHUK|KHUHQ(EHQHNRPPHQ $XV GHQ $XJHQZLQNHOQ JHZDKUWH LFK %HZHJXQJ 'XUFK HLQH 7U|IIQXQJ GLH LFK ]XYRUQLFKWEHPHUNWKDWWHNDPHLQZHLWHUHU5RERWHUJHJOLWWHQ(UJHK|UWHQLFKW]XU *UXSSHGHUPHGRWHFKQLVFKHQ6SH]LDOPDVFKLQHQ,FKNDQQWHVHLQHQ7\S(UKDWWHGLH PLW:DIIHQEHVWFNWHQ7HQWDNHOEHUHLWVDXVJHIDKUHQ=ZHL0HWHUYRUPLUKLHOWHUDQ ³'X XQG GHLQH %HJOHLWHULQ VDJWH HU PLW VFKOHFKWPRGXOLHUWHU 6WLPPH ³LKU HQWIHUQW HXFK HQWZHGHU DXI GHP VFKQHOOVWHQ :HJ RGHU LFK ELQ JH]ZXQJHQ HXFK ]X YHUQLFKWHQ 7LFKWRQDYHUVWlUNWHGHQ*ULIIDQPHLQHP$UP ³$XIK|KHUHQ%HIHKO"YHUVXFKWHLFK]XVSRWWHQ ³$XIDOOHUK|FKVWHQ%HIHKODQWZRUWHWHGHUZDIIHQVWDUUHQGH5RERWHUVWRLVFK 'HU 5HVW GHV 7DJHV ZDU YHUGRUEHQ ,FK NRQQWH PLFK QLFKW DXI 7LFKWRQD NRQ]HQWULHUHQ ZHLO PLU GDXHUQG GLH )UDJH GXUFK GHQ .RSI JLQJ ZDV GLH EHLGHQ 6SH]LDOURERWHUPLWXQVHUHP3DWLHQWHQ]XWXQKDWWHQXQG7LFKWRQD]LWWHUWHQRFKYRU )XUFKW EHL GHP *HGDQNHQ ZDV XQV KlWWH JHVFKHKHQN|QQHQ ZHQQ LFK PLFK GHP EHZDIIQHWHQ 5RERW JHJHQEHU ZHLWHUKLQ VW|UULVFK YHUKDOWHQ KlWWH :LU YHUDEVFKLHGHWHQ XQV DQ GHU 7U LKUHV 4XDUWLHUV ,FK NHKUWH LQ PHLQH 8QWHUNXQIW ]XUFNXQGYHUDQODWHGLH.FKHQDXWRPDWLNPLUHLQHQ.UXJ:HLQ]XVSHQGLHUHQ 'DV*HWUlQNEHUXKLJWHPLFKHLQZHQLJDEHUGDZDUHQLPPHUQRFK]XYLHOH)UDJHQ DOVGDVLFKPHLQLQQHUHV*OHLFKJHZLFKWKlWWHZLHGHUKHUVWHOOHQN|QQHQ :DVJHVFKDKPLWGHP7HUUDQHUGHQ5HNKULRFK)LPEUDLFK-RVDQJKDWWXQGLFKPLW YLHO 0KH YRU GHP 7RG HUUHWWHW KDWWHQ" :DUXP QDKPHQ GLH 5RERWHU ZHLWHUH (LQJULIIH DQ VHLQHP .|USHU YRU" :R EHIDQG VLFK GLHVH K|KHUH RGHU DOOHUK|FKVWH (EHQH GLH VHOEVW GHP 6XSUHPNRPPDQGR %HIHKOH HUWHLOHQ NRQQWH" :DV ZDU PLW XQV JHVFKHKHQ" :LU ZDUHQ JHNRPPHQ ZHLO ZLU HUIDKUHQ ZROOWHQ DXV ZHOFKHQ *UQGHQGLH1DWXULQGLHVHP$EVFKQLWWGHV8QLYHUVXPVVRYLHO8QKHLODQJHULFKWHW KDWWH :LU ZDUHQ PLW GHQ %OLW]HUQ YHUZHFKVHOWXQGDOOHUVHLWVDQJHIHLQGHWZRUGHQ :LUKDWWHQQDFKGHU8UVDFKHGHVhEHOVJHVXFKWXQGGDEHLGLH+HUUHQGHU6WUDHQ JHIXQGHQ GLH $UFKlRQWHQ PLW GHQHQ XQVHU 9RON YRU 7DXVHQGHQ YRQ -DKUHQ LQ LQQLJHU9HUELQGXQJJHVWDQGHQKDWWH6RQDKHZDUHQZLUGHQ$UFKlRQWHQJHNRPPHQ GDVLHXQVDOVVLHVLFKLQGLH(LQVDPNHLW]XUFN]RJHQGLH9HUZDOWXQJGHV1HW]HV

GHU6FKZDU]HQ6WHUQHQVWUDHQEHUWUXJHQ ,FKZDUQLFKWLQ$PDJRUWDJHZHVHQ$EHU3KDPDTXQGDQGHUHGLHVLFKLP,QQHUQ GHV 6FKZDU]HQ /RFKHV DXIJHKDOWHQ KDWWHQ ZDUHQ YROOHU %HZXQGHUXQJ IU GLH KRFKHQWZLFNHOWH 7HFKQLN GHU $UFKlRQWHQ JHZHVHQ (V ZDU QLHPDOV HLQ :RUW GDUEHU JHIDOOHQ DEHU LFK KDWWH DOV VHOEVWYHUVWlQGOLFK DQJHQRPPHQ GD GLH &DQWDUR HLQHQ JXWHQ 7HLO GHU DUFKlRQWLVFKHQ 7HFKQLN EHUQRPPHQ KlWWHQ XQG GDGXUFK LQ GLH /DJH JHUDWHQ ZlUHQ ZLH 7KRQNDUU JHVDJW KDWWH VLFK ]X %HKHUUVFKHUQGHU0LOFKVWUDHDXI]XVFKZLQJHQ(VZDUDOOHVVRORJLVFKJHZHVHQ $XI HLQPDO KDWWH GLH 6LWXDWLRQ HLQ JDQ] DQGHUHV *HVLFKW 'DV 6XSUHPNRPPDQGR EHIHKOLJWH GLH FDQWDULVFKHQ6WUHLWXQG=LYLONUlIWH'DV6XSUHPNRPPDQGRJDEVLFK GHQ $QVFKHLQ DOV VHL HV LQ DEVROXWHU .RQWUROOH $EHU VHLW GHQ MQJVWHQ (UHLJQLVVHQ NDP HV PLU VR YRU DOV JlEH HV EHU GHP 6XSUHPNRPPDQGR QRFK HLQH ZHLWHUH $XWRULWlWVHEHQH:HQQVLHHEHQIDOOVPLW&DQWDUREHVHW]WZDUVRZlUHPLUGDVUHFKW JHZHVHQ0HLQ9RONZXUGHZLHVFKRQJHVDJWQLFKWQXUYRP:LVVHQVGXUVWVRQGHUQ DXFKYRP(KUJHL]EHVHHOW:LUKDWWHQHLQPRUDOLVFKHV5HFKWEHUGLHVH*DOD[LV]X KHUUVFKHQ :DUXPDEHUZHQQDXIGHUK|FKVWHQ(EHQHDXFK&DQWDURVDHQKlWWH7KRQNDUUPLU QLFKWVGDUEHUHU]lKOW":DVKDWWHGLH+HLPOLFKWXHUHL]XEHGHXWHQ":HPJHK|UWHGLH IUHPGH6WLPPHGLHEHU,QWHUNRP]XPLUVSUDFKREZRKOLFKGDV*HUlWJDUQLFKW HLQJHVFKDOWHWKDWWHXQGPLU%HIHKOHHUWHLOWH":HUZDUGHUMHQLJHYRQGHPZLHGHU 5RERWHUJHVDJWKDWWHGLH³DOOHUK|FKVWHQ%HIHKOHNDPHQ" ,FK ZDU LQWHQVLY PLW PHLQHQ *HGDQNHQ EHVFKlIWLJW XQG KDWWH V\QWURQLVFKH 'HQNPRGXOHKLQ]XJHVFKDOWHWXPGHQ:XVWGHU,QIRUPDWLRQHQEHVVHUYHUDUEHLWHQ]X N|QQHQ DOV VLFK ZLH VFKRQ ]XYRU JHVFKHKHQ GHU (PSIlQJHU GHV ,QWHUNRPV VHOEVWWlWLJ DNWLYLHUWH :LH EHL GHQ YRULJHQ 0DOHQ ZDU NHLQ %LOG ]X VHKHQ ,FK NDQQWH GLH 6WLPPH PLWWOHUZHLOH GLH ]X PLU VSUDFK XQG LFK ZXWH MHW]W GD GLH IUHPGH6SUDFKHGHUHQVLHVLFKEHGLHQWH,QWHUNRVPRJHQDQQWZXUGH 'HU7UDQVODWRUVFKDOWHWHVLFKHLQ ³'XKDVWDQJHIDQJHQQDFK]XGHQNHQ'DVIKUW]XQLFKWV+|UDXIGDPLW ³:HUVSULFKWGD"ZROOWHLFKZLVVHQ ³'DV WXW QLFKWV ]XU 6DFKH :LFKWLJ LVW DOOHLQ ZDV LFK GLU ]X VDJHQ KDEH :LEHJLHUGHLVWHLQQW]OLFKHU&KDUDNWHU]XJ6LHLVWGLH0XWWHUGHU)RUVFKXQJXQG GLHVH ZLHGHUXP LVW GLH 0XWWHU GHU =LYLOLVDWLRQ 1HXJLHUGH GDJHJHQ KDW NHLQHQ 1XW]HQ 6LH ZLOO =XVDPPHQKlQJH HUNHQQHQ GLH QLFKW HUNHQQEDU VLQG RGHU VLH PLVFKWVLFKLQ'LQJHHLQGLHGHQ1HXJLHULJHQQLFKWVDQJHKHQ ³'XK|UVWGLFKDQZLHHLQ:HLVHUVSRWWHWHLFK³$EHUGXZLOOVWQLFKWVDJHQZHUGX ELVW:DUXP]HLJVWGXGHLQ%LOGQLFKW" ³'XZLUVWPLFKIUKJHQXJ]XVHKHQEHNRPPHQDQWZRUWHWHGLH6WLPPH ,FKZDUQLFKWEHUHLWDXI]XJHEHQ ³:HUELVWGX"IUDJWHLFK ³,FKELQHLQ+HUUGHU6WUDHQNDPHVDXVGHP7UDQVODWRU )DOOV7KRQNDUUGDYRQZXWHZDUXP]ZHLPHGRWHFKQLVFKH6SH]LDOURERWHUVLFKQDFK JHOXQJHQHU 2SHUDWLRQ QRFK PLW GHP WHUUDQLVFKHQ 3DWLHQWHQ EHVFKlIWLJW KDWWHQ VR ZROOWH HU VLFK PLU JHJHQEHU GDUEHUQLFKWDXVODVVHQ(UJDE VLFK HUVWDXQW DOV LFK

LKPYRQPHLQHU%HREDFKWXQJEHULFKWHWH ³:DV VLH DXFK LPPHU PLW LKP DQJHVWHOOW KDEHQ P|JHQ VDJWH HU ³KDW VHLQHQ *HQHVXQJVSUR]H RIIHQEDU QLFKW EHKLQGHUW (U KDW GHQ 5HNXSHUDWLRQVWDQN YHUODVVHQ XQG ZXUGH DQ VHLQHQ $UEHLWVSODW] LQ GHU +DXSWVWDGW 7HUUDQLD ]XUFNJHEUDFKW ,FKVSUDFKYRQGHUGURKHQGHQ+DOWXQJGLHGLH5RERWHUPLUXQG7LFKWRQDJHJHQEHU HLQJHQRPPHQKDWWHQ ³'DV KDVW GX GLU VHOEVW ]X]XVFKUHLEHQ WDGHOWH HU PLFK ³9LHU )DFKNUlIWH KDWWHQ =XWULWW ]XP /DERU 'X ZDUVW HLQHU YRQ LKQHQ DEHU QLFKW GHLQH .KDULPD 'LH 5RERWHUZDUHQEHDXIWUDJWMHGHQ8QEHIXJWHQDXVGHP/DERU]XHQWIHUQHQ ,FKKlWWHGDUDXIDQWZRUWHQN|QQHQGDLFKGHU%HIXJWHGHUMHQLJHZDUGHQPDQLQ HUVWHU /LQLH EHGURKW KDWWH $EHU LFK VSUWH GD 7KRQNDUU EHU GLH 'LQJH GLH LP /DERUJHVFKHKHQZDUHQQLFKWVSUHFKHQZROOWH,FKYHU]LFKWHWHDXFKGDUDXIHWZDV EHU GHQ $QUXI ]X VDJHQ GHQ LFK LQ PHLQHU 8QWHUNXQIW EHNRPPHQ KDWWH (V LQWHUHVVLHUWH PLFK EUHQQHQG ]X HUIDKUHQ ZLH GHU $QUXIHU VLFK HLQHQ +HUUQ GHU 6WUDHQKDWWHQHQQHQN|QQHQZRGRFKVHLWGHU5FNNHKUGHU)ORWWHDXV$PDJRUWD EHNDQQW ZDU GD GLH $UFKlRQWHQ VLFK HQGJOWLJ DXV GHP NRVPLVFKHQ *HVFKHKHQ ]XUFNJH]RJHQKDWWHQ,FKKlWWHYRQ7KRQNDUUNHLQH$XVNXQIWHUKDOWHQ'HXWOLFKHU DOV MH ]XYRU ZXUGH PLU EHZXW GD VLFK KLQWHU GHP 6XSUHPNRPPDQGR HLQ *HKHLPQLVYHUEDUJ,FKZDUQLFKWHLQPDOVLFKHUREGLH6XSUHPNRPPDQGHXUHVHOEVW ZXWHQYRQZHPVLHLKUH$QZHLVXQJHQHUKLHOWHQ 6SlWHU LP /DXI GHV 7DJHV ZXUGH LFK ZLHGHUXP ]X HLQHU %HVSUHFKXQJ JHUXIHQ GLHVPDO QLFKW YRQ GHU IUHPGHQ 6WLPPH GLH ,QWHUNRVPR VSUDFK VRQGHUQ YRQ 7KRQNDUU VHOEVW EH]LHKXQJVZHLVH YRQ VHLQHP V\QWURQLVFKHQ 6HUYR 'LHVPDO ZDU DXFK7LFKWRQDJHODGHQXQGDOVZLUGHQ%HVSUHFKXQJVUDXPEHWUDWHQZDU7KRQNDUU EHUHLWVDQZHVHQG ³,FKZHUGHHXFKKHXWHHXUH$XIWUlJHHUWHLOHQEHJDQQHU³'LHVH$XVVSUDFKHKlWWH VFKRQ YRU GUHL 7DJHQ VWDWWILQGHQ VROOHQDEHU GDQQ NDP GHU 7HUUDQHU GD]ZLVFKHQ GHPPDQGHQ=HOOVFKZLQJXQJVDNWLYDWRUJHVWRKOHQKDWWH,QGLHVHP=XVDPPHQKDQJ VSUHFKH LFK HXFK PHLQ /RE DXV ,KU KDEW YRU]JOLFKH $UEHLW JHOHLVWHW *DOEUDLWK 'HLJKWRQ LVW YROOVWlQGLJ ZLHGHUKHUJHVWHOOW XQG KDW GLH $UEHLW DOV 2EHUKDXSW GHU .RVPLVFKHQ+DQVHZLHGHUDXIJHQRPPHQ ³:HLPDQZHULKPGHQ$NWLYDWRUJHUDXEWKDW"IUDJWH)LPEUDLFK ³:LU ZLVVHQ HV QLFKW DQWZRUWHWH GHU 6XSUHPNRPPDQGHXU ³$EHU HV LVW ZLFKWLJ GD *DOEUDLWK 'HLJKWRQ LQ GHU gIIHQWOLFKNHLW ZHLWHUKLQ DOV =HOOVFKZLQJXQJVDNWLYDWRUWUlJHU DQJHVHKHQ ZLUG 'HVZHJHQ KDEH LFK HLQH *UXSSH YRQ )HLQZHUNWHFKQLNHUQ GHQ $XIWUDJ HUWHLOW HLQ )DNVLPLOH GHV $NWLYDWRUV DQ]XIHUWLJHQXQGHVGHP7HUUDQHUDXIGHQ/HLE]XKlQJHQ(UZDQGWHVLFK]XPLU ³:DV ZRP|JOLFK GLH HLJHQDUWLJHQ %HREDFKWXQJHQ HUNOlUW GLH HLQHU XQVHUHU ([SHUWHQLP/DERUJHPDFKWKDW ,FK KDWWH LQVWLQNWLY GHQ (LQGUXFN GD HU ORJ $OV LFK PLW 7LFKWRQD GDV /DERU EHWUDWZDUGHP7HUUDQHUQLFKWVXPGHQ/HLEJHKlQJWZRUGHQ0DQKDWWHVHLQHQ .|USHU JH|IIQHW XQG GLH EHLGHQ 6SH]LDOURERWHU ZDUHQ PLW HLQHU NRPSOL]LHUWHQ 2SHUDWLRQEHVFKlIWLJW ³(XHUQHXHU(LQVDW]EHUHLFKLVWHLQH:HOWGLHYRQGHQ7HUUDQHUQDXIGHQ1DPHQ 6DPSVRQ JHWDXIW ZXUGH (V JDE IUKHU GRUW HLQH DXV PHKUHUHQ 6WlGWHQ

EHVWHKHQGH 1LHGHUODVVXQJ WHUUDQLVFKHU 6LHGOHU GLH MHGRFK VHLW IDVW HOIKXQGHUW -DKUHQQLFKWPHKUH[LVWLHUW6DPSVRQHLJQHWVLFKYRU]JOLFKIUXQVHUH=ZHFNH(U LVW GHU GULWWH 3ODQHW GHU 6RQQH 1L]KGD GHUHQ 6WDQGRUW VLFK LQ HLQHP DEJHOHJHQHQ 5DXPVHNWRU EHILQGHW 'LH %OLW]HU KDEHQ QLFKW GHQ JHULQJVWHQ $QOD GRUW ]X]XVFKODJHQ $XI 6DPSVRQ ZHUGHQ LP /DXI GHU NRPPHQGHQ -DKUH PHKUHUH JHQWHFKQLVFKH 3URJUDPPH GXUFKJHIKUW 8QVHU $XJHQPHUN ULFKWHW VLFK ]XHUVW DXI GLH =FKWXQJYRQ+LOIVY|ONHUQGLHXQVLP.DPSIJHJHQGLH%OLW]HUXQWHUVWW]HQ,Q ]ZHLWHU/LQLH ³9HUJLEPLUZHQQLFKGLFKXQWHUEUHFKH6XSUHPNRPPDQGHXUVDJWH5HNKULRFK ,FK ]XFNWH ]XVDPPHQ 6R YLHO KDWWH LFK LQ]ZLVFKHQ EHU GDV 6XSUHPNRPPDQGR JHOHUQW GD PDQ HLQHV VHLQHU 0LWJOLHGHU QLFKW PLWWHQ LQ GHU 5HGH XQWHUEUDFK 0DQ VDK 7KRQNDUU DQ GD LKP 5HNKULRFKV 9HUKDOWHQ JDQ] XQG JDU QLFKW JHILHO 6HLQH 0LHQH YHUKlUWHWH VLFK XQG VHLQH 6WLPPH NODQJ UDXKHU DOV EOLFK DOV HU VDJWH ³'LHVHVHLQH0DOVHL VGLUHUODXEW6SULFK ³'HU 7HUURU GHQ GLH %OLW]HU YHUEUHLWHQ EHUVFKUHLWHW GLH *UHQ]HQ GHV 9RUVWHOOEDUHQ ,FK EHZXQGHUWH GLH *HODVVHQKHLW PLW GHU HU VSUDFK %HJULII HU QLFKW GD HU VLFK GXUFK VHLQ XQYHUVFKlPWHV 9HUKDOWHQ GHQ =RUQ GHV 6XSUHPNRPPDQGHXUV KHUDXVIRUGHUWH" ³'LH 9|ONHU GLHVHU *DOD[LV HUOHEHQ DP HLJHQHQ /HLE ZLH JUDXVDP GLH %OLW]HU YRUJHKHQ :DUXP LVW HV XQWHU GLHVHQ 8PVWlQGHQ QRWZHQGLJ +LOIVY|ONHU HUVW PLW 0LWWHOQ GHU *HQWHFKQLN ]X ]FKWHQ" 0WHQ VLFK QLFKW VlPWOLFKH =LYLOLVDWLRQHQ GHU 0LOFKVWUDH IUHLZLOOLJ DXI XQVHUH 6HLWH VFKODJHQ ZHQQ ZLU LKQHQ JODXEKDIW PDFKHQ N|QQHQ GD ZLU JHJHQ GLH %OLW]HU.ULHJIKUHQ" ³'X EHUVLHKVW HLQHV 5HNKULRFK $Q 7KRQNDUUV 7RQIDOO HUNDQQWH LFK GD HU GHQ (LQZDQG GHV 0LNURELRORJHQ QLFKW HUQVW ]X QHKPHQ JHGDFKWH ³'LH 9|ONHU GLHVHU *DOD[LV LGHQWLIL]LHUHQ XQV PLW GHQ %OLW]HUQ (V EHGUIWH HLQHV XQJHKHXUHQ 3URSDJDQGDDXIZDQGV VLH HLQHV %HVVHUHQ ]X EHOHKUHQ :HVHQWOLFK HLQIDFKHU LVW HV GXUFK JHQWHFKQLVFKH 0LWWHO *HVFK|SIH ]X HU]HXJHQ GLH VLFK RKQH YRUKHULJH %HOHKUXQJQDFKXQVHUHQ:QVFKHQULFKWHQ/HXFKWHWGLUGDVHLQ" ³(VOHXFKWHWPLUHLQ6XSUHPNRPPDQGHXUDQWZRUWHWH5HNKULRFK ³$OVR ZHLWHU VDJWH 7KRQNDUU ³,Q HUVWHU /LQLH JHKW HV XP GLH +HUDQ]FKWXQJ JHHLJQHWHU VSULFK NULWLNORVHU +LOIVY|ONHU 'LHVHU $XIJDEH ZHUGHW LKU HXFK ZLGPHQ 5HNKULRFK )LPEUDLFK -RVDQJKDWW $XI 6DPSVRQ VLQG EHUHLWV ]DKOUHLFKH :LVVHQVFKDIWOHU DQJHVLHGHOW DXV GHQHQ LKU )RUVFKXQJV XQG $UEHLWVWHDPV ELOGHQ N|QQW,Q]ZHLWHU/LQLHJHKWHVGDUXPXQVHUHHLJHQH6SH]LHVSK\VLVFKZLHJHLVWLJ ]X YHUEHVVHUQ GDPLW QDFK XQVHUHU *HQHUDWLRQ VROFKH GDKHUNRPPHQ GLH LQ N|USHUOLFKHUXQGPHQWDOHU+LQVLFKWEHVVHUJHHLJQHWVLQGDOVZLUHVPLWGHQ%OLW]HUQ DXI]XQHKPHQ'DVLVWGHLQH$XIJDEH*KHEURNKWHXQG7LFKWRQDZLUGGLUGDEHL]XU +DQGJHKHQ(XFKVWHKWFDQWDULVFKHV(UEPDWHULDO]XU9HUIJXQJ,KUZHUGHWGDPLW YHUIDKUHQ ZLH GDV 6XSUHPNRPPDQGR EHILHKOW XQG HLQH QHXH $UW YRQ &DQWDUR KHUDQ]FKWHQ HLQH $UW YRQ EHUUDJHQGHU ,QWHOOLJHQ] YRQ XQEHUZLQGOLFKHP .DPSIHVPXWYRQXQEH]ZLQJEDUHUN|USHUOLFKHU6WlUNH (XHU6FKLIIVWDUWHWPRUJHQLQGHU)UKH,KUILQGHWDOOHZHLWHUHQ,QIRUPDWLRQHQLP 6SHLFKHUHXUHV,QWHUNRPV'DVLVWDOOHV

(UZDQGWHVLFKXPXQGYHUOLHGHQ5DXP)UKHUKDWWHLFK$FKWXQJXQG(KUIXUFKW IU LKQ HPSIXQGHQ $EHU LQ GHQ OHW]WHQ 7DJHQ KDWWH HU VLFK ]X HLQHP 'HVSRWHQ HQWZLFNHOWGHPPHLQH6\PSDWKLHQLFKWPHKUJHOWHQNRQQWH 6DPSVRQZDUHLQH:HOWXQJHIlKUZLH7HUUD%HLP/DQGHDQIOXJEHNDPHQZLUGLH 5XLQHQ GHU 6WlGWH ]X VHKHQ GLH LP /DXI GHU %HVLHGOXQJ YRQ WHUUDQLVFKHQ .RORQLVWHQ JHEDXW XQG YRU NQDSS HOIKXQGHUW -DKUHQ DXV *UQGHQ GLH PDQ KHXWH QLFKW PHKU NDQQWH DXIJHJHEHQ ZRUGHQ ZDUHQ $Q DQGHUHQ 2UWHQ ZDUHQ %DXDUEHLWHQ LP *DQJH *DQ]H $UPHHQ YRQ 5RERWHUQ ZDUHQ GDPLW EHVFKlIWLJW GLH )RUVFKXQJV XQG 3URGXNWLRQVDQODJHQ ]X HUULFKWHQ LQ GHQHQ GLH JHQWHFKQLVFKHQ 3URJUDPPHGHV6XSUHPNRPPDQGRVGXUFKJHIKUWZHUGHQVROOWHQ)HUWLJJHVWHOOWZDU ELVKHU QXU HLQH HLQ]LJH $QODJH 6LH EHIDQG VLFK DXI HLQHU JURHQ ,QVHO QDKH GHU 1RUGNVWH GHV bTXDWRULDOR]HDQV 'RUW JDE HV DXFK HLQHQ 5DXPKDIHQ YRQ EHGHXWHQGHP 8PIDQJ DXI GHP ]DKOUHLFKH 5DXPVFKLIIH DOOHU GHQNEDUHQ *U|HQ XQG%DXW\SHQDEJHVWHOOWZDUHQ :LU ZXUGHQ YRQ HLQHP KRFKJHZDFKVHQHQ EUHLWVFKXOWULJHQ&DQWDUR HPSIDQJHQ GHU VLFK DOV &KHIDGPLQLVWUDWRU GHV )RUVFKXQJVXQWHUQHKPHQV 6DPSVRQ EH]HLFKQHWH XQG DXI GHQ 1DPHQ .ODFKJKDQQ K|UWH (U EHJUWH XQV IUHXQGOLFK ZHQQ DXFK PLW HLQHU JHZLVVHQ $UW YRQ $UURJDQ] 'LH )RUVFKXQJVDQODJH EHVWDQG DXV HLQHP IODFKHP ODQJJHVWUHFNWHQ *HElXGH LQ GHP GLH /DERUDWRULHQ XQWHUJHEUDFKW ZDUHQ XQG PHKUHUHQ NOHLQHQ %DXWHQ GLH ULQJV XPV /DERUJHElXGH KHUXP DQJHRUGQHW ZDUHQ XQG GHP ZLVVHQVFKDIWOLFKHQ 3HUVRQDO DOV 8QWHUNQIWH GLHQHQ VROOWHQ .ODFKJKDQQ KDWWH VHLQHQ :RKQVLW] LQ HLQHP DQVHKQOLFKHQ +DXV GDV HWZDV DEVHLWVYRQGHU$QODJHLQGHU1lKHHLQHU%DXVWHOOHVWDQG,FKVDK5RERWHUGLH PLWGHU(UULFKWXQJPHKUHUHUJURHU%DXZHUNHEHVFKlIWLJWZDUHQ ³'HU HLQ]LJH 7HLO GHU $QODJH GHU QRFK QLFKW NRPSOHWW LVW HUNOlUWH .ODFKJKDQQ VWRO]³(XUH$UEHLWHQZHUGHQGDGXUFKQLFKWEHKLQGHUW(VZLUGQRFKHLQLJH=HLW YHUJHKHQELVLKUGHQ$XI]XFKWNRPSOH[EUDXFKW ³$XI]XFKWNRPSOH["IUDJWH-RVDQJKDWW ³(XUH $XIJDEH LVW JHKRUVDPH +LOIVY|ONHU XQG JHQHWLVFK YHUEHVVHUWH &DQWDUR ]X ]FKWHQ QLFKW ZDKU" DQWZRUWHWH .ODFKJKDQQ ³:HQQ HXUH 3URGXNWH DXV GHU 5HWRUWH JH]RJHQ ZHUGHQ PX PDQ VLH LUJHQGZR XQWHUEULQJHQ XQG LKQHQ HLQH $XVELOGXQJ DQJHGHLKHQ ODVVHQ 'D]X GLHQW GHU $XI]XFKWNRPSOH[ (U HQWKlOW 4XDUWLHUH 6FKXOXQJVHLQULFKWXQJHQ XQG VR ZHLWHU 0LW VHLQHU )HUWLJVWHOOXQJ UHFKQH LFKLQ]ZHLELVGUHL0RQDWHQ .ODFKJKDQQ ZDU LQ HLQHP JHUlXPLJHQ *OHLWHU JHNRPPHQ 8QVHU *HSlFN ZXUGH YHUODGHQ :LU VWLHJHQ HLQ 'HU &KHIDGPLQLVWUDWRU IXKU XQV HLQPDO ULQJV XPV /DERUJHElXGHGDQQVHW]WHHUXQVGHU5HLKHQDFKYRUXQVHUHQ4XDUWLHUHQDE(V ZDUHQXQVIQIQHEHQHLQDQGHUOLHJHQGH+lXVHU]XJHZLHVHQZRUGHQXQGYRUMHGHU +DXVWUVFKZHEWHHLQ'LHQVWURERWHUGHUZLH.ODFKJKDQQYHUVLFKHUWHXQVIUGLH (UOHGLJXQJ GHU EOLFKHQ +DXVDUEHLWHQ ]XU IUHLHQ 9HUIJXQJ VWDQG 7LFKWRQD XQG LFKZXUGHQDOVOHW]WHDXVJHODGHQ$OVLFKDXVVWLHJHUNOlUWHGHU$GPLQLVWUDWRU ³,KUKDEWHLQSDDU6WXQGHQ=HLWHXFKHLQ]XJHZ|KQHQ6SlWHUDP7DJP|FKWHLFK PLWHXFKHLQH)KUXQJGXUFKGLH/DERUDQODJHQPDFKHQ ³6LQG DXHU XQV QRFK DQGHUH :LVVHQVFKDIWOHU DXI 6DPSVRQ DQZHVHQG" ZROOWH LFKZLVVHQ ³%LV MHW]W QRFK QLFKW DQWZRUWHWH HU ³,KU VHLG GDV 3LORWSURMHNW 9RQ GHQ

(UJHEQLVVHQ GLH LKU HU]LHOW KlQJW DE ZLH GLH 3URMHNWOHLWXQJ GDV ZHLWHUH 9HUIDKUHQJHVWDOWHW ³:HULVWGLH3URMHNWOHLWXQJ" ³'DVNDQQLFKGLUQLFKWVDJHQ (U ZLUNWH UHFKW XQVLFKHU XQG KDWWH HV PLW HLQHPPDO VHKU HLOLJ VLFK ]X YHUDEVFKLHGHQ ,FK JHZDQQ GHQ (LQGUXFN GD HU VHOEVW QLFKW ZXWH ZHU GLH 3URMHNWOHLWHU ZDUHQ (V IJWH VLFK DOOHV LQ GDV 6FKHPD GHU +HLPOLFKWXHUHL XQG GHU DOOJHPHLQHQ8QJHZLKHLWGDVPLUDOOPlKOLFKHUQVWKDIWH6RUJHQEHUHLWHWH 0HLQ +lXVFKHQ ZDU NRPIRUWDEHO HLQJHULFKWHW (V EHVD DOOHV ZDV PDQ IU HLQ ]LYLOLVLHUWHV/HEHQEUDXFKWH9RUDOOHQ'LQJHQODJHVXQPLWWHOEDUQHEHQ7LFKWRQDV 8QWHUNXQIW'HU5RERWHUGHUYRQPLUDXIGHQ1DPHQ.URFKJHWDXIWZRUGHQZDU KDWWH]XHUVWPHLQ*HSlFNKHUHLQJHEUDFKWXQGVLFKGDQQLQVHLQH5XKHQLVFKHLQGHU 1l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lWHU DQULHI XQG VLFK PHOGHWHZDUHQZLUUHFKWVFKDIIHQPGHXQGKDWWHQHLJHQWOLFKJDUNHLQ9HUODQJHQ XQV GLH /DERUDQODJHQ DQ]XVHKHQ $EHU HLQHQ &KHIDGPLQLVWUDWRU VW|W PDQ QLFKW YRU GHQ .RSI ,FK NHKUWH ]X PHLQHP +lXVFKHQ ]XUFN .ODFKJKDQQ EUDXFKWH QLFKW]XHUIDKUHQGD]ZLVFKHQPLUXQG7LFKWRQDHLQHHQJH%H]LHKXQJEHVWDQG 1DFK ZHQLJHQ 0LQXWHQ HUVFKLHQ GHU $GPLQLVWUDWRU PLW VHLQHP )DKU]HXJ (U VDPPHOWH XQV LQ XPJHNHKUWHU 5HLKHQIROJH DXI ZLH HU XQV DEJHOLHIHUW KDWWH XQG IXKUXQV]XP=HQWUXPGHV)RUVFKXQJVNRPSOH[HV 'LH)KUXQJGDXHUWH]ZHL6WXQGHQXQGHUIOOWHXQVPLWHKUIUFKWLJHP6WDXQHQ+LHU ZDU DQ *HUlWHQ XQG 9RUULFKWXQJHQ GDV 0RGHUQVWH YHUVDPPHOW ZDV ;HQRPHGLN XQG 0LNURELRORJLH ]X ELHWHQ KDWWHQ (LQLJH $SSDUDWXUHQ ZDUHQ VHOEVW XQV XQEHNDQQW ZR ZLU GRFK PHLQWHQ DQ GHU 6SLW]H GHU FDQWDULVFKHQ )RUVFKXQJ ]X VWHKHQ :LU ZUGHQ HUVW OHUQHQ PVVHQ GDPLW XP]XJHKHQ :LHGHUXP GUlQJWH VLFK PLUGHU9HUGDFKWDXIGDLFKHVKLHUPLW3URGXNWHQGHUDUFKlRQWLVFKHQ7HFKQLN]X WXQKDWWH ,Q PHKUHUHQ 5lXPHQ GHV *HElXGHV ZDUHQ VRJHQDQQWH .HLPElQNH HLQJHULFKWHW ZRUGHQ'RUWJDEHV=HOOPDWHULDO]DKOUHLFKHUJDODNWLVFKHU9|ONHUVRZLHFDQWDULVFKH .HLPVXEVWDQ]0LWGLHVHQ9RUUlWHQZUGHQZLU]XDUEHLWHQEHJLQQHQ.ODFKJKDQQ YHUVLFKHUWH XQV GD GLH +HUEHLVFKDIIXQJ ZHLWHUHQ 0DWHULDOV NHLQHUOHL 6FKZLHULJNHLWHQEHUHLWHQZHUGH ³-HW]W PX XQV QXU QRFK HLQHU VDJHQ ZDV ZLU PLW GHU .HLPPDWHULH DQIDQJHQ VROOHQEHPHUNWH5HNKULRFKLQVHLQHUPLWXQWHUVDUNDVWLVFKHQ:HLVH .ODFKJKDQQUHDJLHUWHZLHHLQW\SLVFKHU$GPLQLVWUDWRUYHUEOIIWXQGRKQHHLQH6SXU YRQ6DFKNHQQWQLV ³:LH" ,FK GDFKWH LKU ZWHW EHU HXUH $XIJDEH %HVFKHLG ,KU VROOW EUDXFKEDUH +LOIVY|ONHUXQGEHVVHUH&DQWDUR]FKWHQ,VWHXFKGDVQLFKWNODUJHPDFKWZRUGHQ"

³'DVVFKRQDQWZRUWHWH5HNKULRFK³$EHUQDFKZHOFKHQ6SH]LILNDWLRQHQ" ³,FKYHUVWHKHGLFKQLFKW ³:LH VROOHQ GLH +LOIVY|ONHU EHVFKDIIHQ VHLQ SK\VLVFK XQG SV\FKLVFK" ,Q ZHOFKHU :HLVHZLOOPDQXQVHUHHLJHQH6SH]LHVYHUEHVVHUQ":LUN|QQHQGRFKQLFKWHLQIDFK LQV%ODXHKLQHLQH[SHULPHQWLHUHQ .ODFKJKDQQPDFKWHHLQH*HVWHGHU9HUOHJHQKHLW ³,FKVHKHZDVGXPHLQVWEHNDQQWHHU³$EHUGDNDQQLFKGLUQLFKWKHOIHQ,FKELQ GHU &KHIDGPLQLVWUDWRU 0LW GHU :LVVHQVFKDIW KDEH LFK QLFKWV ]X WXQ 'LH 6SH]LILNDWLRQHQZLHGXVLHQHQQVWZLUVWGXYRQMHPDQGDQGHUHPHUKDOWHQ ³9RQZHP" ³9RQGHU3URMHNWOHLWXQJQHKPHLFKDQ ³:HULVWGLH3URMHNWOHLWXQJ" 'DZDUVLHZLHGHUGLHVHOEH)UDJHGLHDXFKLFKJHVWHOOWKDWWH ³'DUEHUNDQQLFKGLUNHLQH$XVNXQIWJHEHQDQWZRUWHWH.ODFKJKDQQ ³.DQQVWGXQLFKWGDUIVWGXQLFKWRGHUZLOOVWGXQLFKW"5HNKULRFKNRQQWHPLWXQWHU VHKUKDUWQlFNLJVHLQ ³,FK NDQQ QLFKW VDJWH .ODFKJKDQQ XQG VWLH GHQ $WHP GDEHL JHUlXVFKYROO GXUFK GLH JHUXQGHWH 0XQG|IIQXQJ XP DQ]XGHXWHQ ZLH ZHQLJ 9HUJQJHQ LKP GLHVH8QWHUKDOWXQJEHUHLWHWH³,FKNHQQHGLH3URMHNWOHLWXQJQLFKW,FKZHLQXU GDHVVLHJLEW ³$OVR JXW 0DQ NDQQ GLU NHLQHQ 9RUZXUI PDFKHQ OHQNWH 5HNKULRFK HLQ ³$EHUEHYRUZLUDQIDQJHQ]XDUEHLWHQEUDXFKHQZLU$QZHLVXQJHQEH]JOLFKGHV =LHOHV DXI GDV ZLU KLQDUEHLWHQ 9LHOOHLFKW JLEW HV LUJHQG MHPDQG PLW GHP GX GLFKLQ9HUELQGXQJVHW]HQNDQQVW ³2QHLQVRMHPDQGHQJLEWHVQLFKWSURWHVWLHUWH.ODFKJKDQQHUVFKURFNHQ³,FKKDEH PLFK DXI PHLQH DGPLQLVWUDWLYHQ $XIJDEHQ ]X EHVFKUlQNHQ ,FK QHKPH DQ GD GLH 3URMHNWOHLWXQJ ZHL ZDV LKU EUDXFKW XQG HXFK EHL]HLWHQ GLH JHZQVFKWHQ ,QIRUPDWLRQHQ]XNRPPHQODVVHQZLUG 'HQ $EHQG YHUEUDFKWH LFK DOOHLQ LQ PHLQHP +lXVFKHQ 7LFKWRQD KDWWH VLFK YRQ .ODFKJKDQQ GLH (UODXEQLV HUEHWHQ LP /DERUJHElXGH EOHLEHQ XQG HLQHQ 7HLO GHV FDQWDULVFKHQ .HLPPDWHULDOV VLFKWHQ ]X GUIHQ ,FK ZDU YHUZLUUW $OV 7KRQNDUU XQV HUNOlUWH ZDV ZLU DXI 6DPSVRQ ]X WXQ KDWWHQ ZDU PLU XQVHUH $XIJDEH NODU XQG GHXWOLFK HUVFKLHQHQ $EHU QDWUOLFK KDWWH 5HNKULRFK UHFKW :LU PXWHQ ZLVVHQLQZHOFKHU:HLVHZLUGDVYRUKDQGHQH*HQPDWHULDOPDQLSXOLHUHQVROOWHQ 0DQPXWHXQVHLQ=LHOJHEHQ :HU ZDU GLH 3URMHNWOHLWXQJ" ,FK PXWH DQ GHQ 8QEHNDQQWHQ GHQNHQ GHU DXI 7HUUD EHU ,QWHUNRP ]X PLU JHVSURFKHQ XQG VLFK DOV HLQHQ +HUUQ GHU 6WUDHQ DXVJHJHEHQ KDWWH 6HW]WH VLFK GLH 3URMHNWOHLWXQJ DXV $UFKlRQWHQ ]XVDPPHQ" :XUGHQZLU&DQWDURZLUNOLFKYRQHLQHP9RONGDVDQJHEOLFKIULPPHUYRQ GHU NRVPLVFKHQ %KQH DEJHWUHWHQ ZDU DP *lQJHOEDQG JHIKUW" 'LH ,GHH GD GLH 0LOFKVWUDH XQVHU SULYDWHU 0DFKWEHUHLFK VHLQ ZUGH KDWWH PLFK LP HUVWHQ $XJHQEOLFN EHJHLVWHUW $OOPlKOLFK MHGRFK ZXUGH LFK LQ PHLQHU hEHU]HXJXQJ VFKZDQNHQG :DV QW]WH XQV GLH +HUUVFKDIW ZHQQ EHU XQV )UHPGH VWDQGHQ GLHXQVVDJWHQZDVZLU]XWXQXQG]XODVVHQKDWWHQ" (VILHOPLUDXIGDGLH'HFNHQODPSHQSO|W]OLFKQLFKWPHKUVRKHOOVWUDKOWHQZLH

]XYRU 'lPPHUXQJ HUIOOWH GHQ $XIHQWKDOWVUDXP ,FK ZROOWH QDFK .URFK UXIHQ ZHLO LFK YHUPXWHWH GD HV LUJHQGHLQ 3UREOHP PLW GHU (OHNWUL]LWlWVYHUVRUJXQJ JlEH $EHU EHYRU LFK QRFK GD]X NDP GHQ 6HUYR DQ]XVSUHFKHQ SURML]LHUWH GHU ,QWHUNRP HLQH %LOGIOlFKH DXI GHU HLQ KXPDQRLGHV :HVHQ ]X VHKHQ ZDU P|JOLFKHUZHLVH HLQ 7HUUDQHU ,Q PHLQHP ,QQHUQ UHEHOOLHUWH HWZDV ,FK ZXWH ]ZDU GD ZLU LQ]ZLVFKHQ PLW GHQ 7HUUDQHUQ ]X HLQHU $UW (LQLJXQJ JHNRPPHQ ZDUHQ 'LH (LQ]HOKHLWHQ XQG %HGLQJXQJHQ GHV hEHUHLQNRPPHQV NDQQWH LFK QLFKW 8QG YRU DOOHQ 'LQJHQ 6RODQJH LFK QLFKW DXI V\QWURQLVFKHQ %HZXWVHLQVPRGXV XPJHVFKDOWHW KDWWH EHVD LFK HLQH 7HQGHQ] GLH (PRWLRQHQ PLWPLUGXUFKJHKHQ]XODVVHQ'LH7HUUDQHUWHFKQLVFKXQWHUDEHU]DKOHQPlLJ EHUOHJHQ KDWWHQ XQV VFKZHUH 9HUOXVWH ]XJHIJW 6LH KDWWHQ ELV YRU NXU]HP ZHQLJVWHQV DOV GHU HLQ]LJH HUQVW]XQHKPHQGH *HJQHU LQ GLHVHU *DOD[LV JHJROWHQ 8QG MHW]W GUDQJ HLQHU YRQ LKQHQ LQ PHLQH 3ULYDWVSKlUH HLQ XQHLQJHODGHQ XQDQJHPHOGHW0HLQH$XJHQZHLWHWHQVLFKYRU=RUQ ³:DVZLOOVWGX"EHOOWHLFKLQGLH5LFKWXQJGHU%LOGIOlFKH 'HU+XPDQRLGHYHU]RJGDV*HVLFKW]XHLQHU*HVWHGLHGLH7HUUDQHUDOV/lFKHOQ EH]HLFKQHQ0HLQ=RUQZXFKV(UQDKPPLFKQLFKWHUQVW ³'X ZLUVW ,QWHUNRVPR OHUQHQ PVVHQ PHLQ )UHXQG VDJWH HU ³'LH .RPPXQLNDWLRQEHUGHQ7UDQVODWRULVW]XPKVHOLJ (UVSUDFKHEHQLQGHUIUHPGHQ6SUDFKHYRQGHUGLH5HGHZDUHEHQVRZLHGHU )UHPGHGHUPLUDXI7HUUD$QZHLVXQJHQHUWHLOWKDWWH$EHUVHLQH6WLPPHZDU HLQH DQGHUH 6LH KDWWH HLQH HLJHQWPOLFKH :LUNXQJ DXI PLFK 0HLQ =RUQ YHUIORJ ,FK KDWWH SO|W]OLFK GHQ (LQGUXFN QHLQ GLH *HZLKHLW GD GLHVHU 0HQVFKPLUQLFKWV%|VHVZROOWH(UZDUYRQHLQHU$XUDGHV9HUVWlQGQLVVHVXQG GHU )UHXQGOLFKNHLW XPJHEHQ GHU LFK PLFK QLFKW HQW]LHKHQ NRQQWH /HGLJOLFK GHU7URW]YHUDQODWHPLFK]XDQWZRUWHQ ³(LQ&DQWDURKDWHVQLFKWQ|WLJGLH6SUDFKHGLHVHU*DOD[LV]XHUOHUQHQ (U OlFKHOWH LPPHU QRFK XQG DXV PHLQHP 7UDQVODWRU NDP GLH hEHUVHW]XQJ VHLQHU$QWZRUW ³'RFKZHQQHUHV]XHWZDVEULQJHQZLOO ³:HUELVWGX"ZROOWHLFKZLVVHQMHW]WVFKRQIDVWEHVlQIWLJW ³0HLQ1DPHLVW&DURO6KPLWWVDJWHHU³,FKJHK|UHGHU3URMHNWOHLWXQJDQ 0HLQ(UVWDXQHQNDQQWHNHLQH*UHQ]HQ ³'XHLQ7HUUDQHU0LWJOLHGGHU3URMHNWOHLWXQJ"ULHILFK ³+WH GLFK YRU YRUHLOLJHQ 6FKOVVHQ ZDUQWH HU PLFK IUHXQGOLFK ³:HU VDJW GD LFKHLQ7HUUDQHUELQ" ³'XVLHKVWZLHHLQHUDXVDQWZRUWHWHLFK ³'LHlXHUH(UVFKHLQXQJNDQQWlXVFKHQ(UVWULWWQLFKWGLUHNWDEHLQ7HUUDQHU]X VHLQ (U UHGHWH XP GLH 6DFKH KHUXP $EHU DOOHLQ GLH 0|JOLFKNHLW GD HU GHU 3URMHNWOHLWHU QLFKW GHP 9RON DQJHK|UWH GDV LFK KDVVHQ JHOHUQW KDWWH EHUXKLJWH PLFK &DURO 6KPLWW IXKU IRUW ³,FK ELQ JHNRPPHQ XP GLU (LQ]HOKHLWHQ GHLQHV $XIWUDJV]XHUNOlUHQ.RPP]XPLU ³:RELVWGX" ³(V EHVWHKW NHLQH 1RWZHQGLJNHLW GLU GDV ]X HUNOlUHQ VDJWH HU ³6LHK GLH :DQG OLQNVQHEHQGHP,QWHUNRP(PSIlQJHU

,FK EOLFNWH LQ GLH DQJHJHEHQH 5LFKWXQJ XQG HUNDQQWH VWDXQHQG GLH 8PULVVH HLQHU 7U YRQ GHU LFK JHVFKZRUHQ KlWWH GD VLH QRFK YRU HLQ SDDU 0LQXWHQ QLFKW GDJHZHVHQZDU'LH%HOHXFKWXQJZDUQRFKZHLWHUJHGlPSIWZRUGHQ'LH6LOKRXHWWH GHU7UOHXFKWHWHLQU|WOLFKHP*ODQ] ³*HK KLQGXUFK VDJWH GHU 3URMHNWOHLWHU ³$XI GHU DQGHUHQ 6HLWH EHILQGHW VLFK HLQ 7UDQVPLWWHUGHUGLFKXQPLWWHOEDU]XPLUEULQJW ,FK JLQJ DXI GLH JHKHLPQLVYROOH 7U ]X 6LH |IIQHWH VLFK EHUHLWZLOOLJ 'DKLQWHU ODJ HLQ NOHLQHU 5DXP GHU ZHLWHU QLFKWV HQWKLHOW DOV GDV OHXFKWHQGH WRUERJHQI|UPLJH )HOGHLQHV7UDQVPLWWHUV ,FKWUDWGXUFKGHQOHXFKWHQGHQ%RJHQ (U ZDU ZHVHQWOLFK NOHLQHU DOV LFK 6HLQ 6FKlGHO KDWWH GLH )RUP HLQHU .XJHO 'DV *HVLFKW ZDU SDXVElFNLJ GLH *HVLFKWVKDXW YRQ URVLJHU )lUEXQJ $OV LFK DXV GHP 7UDQVSRUWIHOGGHV(PSIlQJHUJHUlWVWUDWVSUDQJHUDXIXQGHLOWHDXIPLFK]X ³(VIUHXWPLFKGDGXPHLQHU$XIIRUGHUXQJVRIRUWJHIROJWELVWYHUVLFKHUWHHUPLU ,FKVDKPLFKXP,FKEHIDQGPLFKLQHLQHPPlLJJURHQ5DXPGHUQXUVSlUOLFK PLW 0RELOLDU GDIU XP VR UHLFKKDOWLJHU PLW WHFKQLVFKHP *HUlW DXVJHVWDWWHW ZDU ,UJHQGZR XQWHU GHQ *HUlWHQ ZDU HLQ 7UDQVODWRU YHUERUJHQ GHU GLH :RUWH GHV 3URMHNWOHLWHUV EHUVHW]WH 'LH ZHQLJHQ 0|EHOVWFNH HQWVSUDFKHQ QLFKW FDQWDULVFKHP *HVFKPDFN 0DQ KlWWH VLH HKHU LP +DXV HLQHV 7HUUDQHUV ]X ILQGHQ HUZDUWHW 'DV VW|UWH PLFK HLQ ZHQLJ $EHU GLH $XUD GLH &DURO 6KPLWW XPJDE VWLPPWHPLFKIU|KOLFKXQGHQWVSDQQW ³:RELQLFKKLHU"IUDJWHLFK'HU7UDQVODWRUWDWVHLQH3IOLFKW ³,P/DERUJHElXGHDQWZRUWHWH&DURO6KPLWW ³.ODFKJKDQQ KDW XQV KHXWH QDFKPLWWDJ GXUFKV JDQ]H *HElXGH JHIKUW 'LHVHQ 5DXPKDEHLFKQLFKWJHVHKHQZLGHUVSUDFKLFK ³'DVZXQGHUWPLFKQLFKWVDJWH&DURO6KPLWWXQGPDFKWHHLQH*HVWHGLHDOOHYLHU :lQGH EHVWULFK ³6LHKVW GXLUJHQGZRHLQH7U"'LHVHU5DXPLVWGHU3URMHNWOHLWXQJ YRUEHKDOWHQ(UNDQQQXUSHU7UDQVPLWWHUEHWUHWHQZHUGHQ ³'HU7UDQVPLWWHULQPHLQHP+DXVEHJDQQLFK ³.DQQ QXU YRQ HLQHP 3URMHNWOHLWHU DNWLYLHUW ZHUGHQ :HQQ GX QDFK XQVHUHU %HVSUHFKXQJ LQ GHLQH %HKDXVXQJ ]XUFNNHKUVW XQG GHQ NOHLQHQ 5DXP YHUOlW LQ GHP GHU 7UDQVPLWWHU GDV 7UDQVSRUWIHOG DXIEDXW ZLUVW GX GLH 7U GXUFK GLH GX YRUKLQJHJDQJHQELVWQLFKWPHKUILQGHQ(UVWZHQQHLQ3URMHNWOHLWHUQDFKGLUUXIW ZLUGVLHZLHGHUYRUKDQGHQVHLQ ³:LHJHKWGDV]X"IUDJWHLFKHUVWDXQW ³)UDJH QLFKW QDFK 'LQJHQ GLH IU GLFK RKQH %HGHXWXQJ VLQG DQWZRUWHWH HU ³:LFKWLJHULVWGDGXYRQPLUHUIlKUVWZDVGLH3URMHNWOHLWXQJYRQGLUXQGGHLQHQ 0LWDUEHLWHUQHUZDUWHW ³:DVLVWGDV" ³*HGXOGPDKQWHHU³:LUJHKHQGLH6DFKH6FKULWWIU6FKULWWGXUFK'DV9RONGHU &DQWDUR LVW GD]X EHVWLPPW GLHVH *DOD[LV ]X EHKHUUVFKHQ 'DV KDW GLU 7KRQNDUU EHUHLWVHUNOlUWQLFKWZDKU" ³-D ³'HU YRUKHUUVFKHQGH 3KlQRW\S GHU 0LOFKVWUDH LVW GHU +XPDQRLGH IXKU HU IRUW ³6LHKGLU$NRQHQ$UNRQLGHQXQG7HUUDQHUDQXQGDOOHGLH9|ONHUGLHYRQLKQHQ DEVWDPPHQ :DV HUEOLFNVW GX" +XPDQRLGH $OVR LVW HV IU GHQ GHU GLH 0LOFKVWUDH

EHKHUUVFKHQ ZLOO VLQQYROO VHOEVW YRQ KXPDQRLGHU (UVFKHLQXQJVIRUP ]X VHLQ 9HUVWHKVWGXGDV" ³,FKHUNHQQHGDULQHLQHJHZLVVH/RJLNDQWZRUWHWHLFKZDKUKHLWVJHPl³$EHULFK ZHLQLFKWZRUDXIGXKLQDXVZLOOVW ³,FKZHUGHHVGLUJOHLFKHUNOlUHQ (UULHIGHP6HUYRHLQ:RUW]XGDVLFKQLFKWYHUVWDQGZHLOGHU7UDQVODWRUHVQLFKW EHUVHW]WH,QVJHKHLPQDKPLFKPLUYRUGHP5DWGHV3URMHNWOHLWHUV]XIROJHQXQG ,QWHUNRVPR ]X OHUQHQ 'LH %HOHXFKWXQJ GlPSIWH VLFK ELV HV ULQJVXP IDVW GXQNHO ZDU (LQH 9LGHRIOlFKH OHXFKWHWH DXI (LQ %LOG HQWVWDQG (V ]HLJWH HLQHQ &DQWDUR YROXPLQ|VHQ 6FKlGHO PLW ODQJJH]RJHQHP +LQWHUNRSI KHUYRUTXHOOHQGHQ $XJHQ NOHLQHP0XQG7RQQHQEUXVWXQGODQJHQGQQHQ%HLQHQ ³:DVLVWGDV"IUDJWH&DURO6KPLWW ³(LQHUYRQXQVVDJWHLFK ³5LFKWLJ 'HU &DQWDUR ZDQGHUWH DXI GHU %LOGIOlFKH HLQ ZHQLJ QDFK OLQNV 5HFKWV YRQ LKP HUVFKLHQ HLQ ]ZHLWHV :HVHQ HLQ +XPDQRLGH 'HU 3URMHNWOHLWHU IUDJWH DEHUPDOV ZDVGDVVHLXQGLFKDQWZRUWHWH ³(LQ7HUUDQHU ³1LFKWVRKDVWLJPHLQ)UHXQGZDUQWH&DURO6KPLWW,FKZDUEHUUDVFKWGDLFK HV DOV DQJHQHKP HPSIDQG YRQ LKP )UHXQG JHQDQQW ]X ZHUGHQ ³(V LVW HLQ +XPDQRLGHU hEHU VHLQH 9RONV]XJHK|ULJNHLW N|QQHQ ZLU QLFKWV DXVVDJHQ $FKWH MHW]WDXIGHLQHQ$UWJHQRVVHQ =XQlFKVW NRQQWH LFK QLFKWV HUNHQQHQ DEHU GDQQ VDK LFK ZLH GHU &DQWDUR VLFK DOOPlKOLFKYHUlQGHUWH'HUODQJJH]RJHQH+LQWHUNRSIEHJDQQ]XVFKUXPSIHQ'LH $XJHQ WUDWHQ LQ LKUH +|KOHQ ]XUFN 'HU NOHLQH 0XQG ZXFKV LQ GLH %UHLWH 'HU 2EHUN|USHU]RJVLFKLQGLH/lQJHXQGQDKPGDEHLJOHLFK]HLWLJDQ'XUFKPHVVHUDE 'LH %HLQH ZXUGHQ NU]HU 'HU 9HUZDQGOXQJVSUR]H QDKP PHKUHUH 0LQXWHQ LQ $QVSUXFKGDQQVWDUUWHPLUYRQGHUOLQNHQ%LOGKlOIWHHLQ:HVHQHQWJHJHQGDVVLFK NDXP QRFK YRQ GHP +XPDQRLGHQ DQ VHLQHU 6HLWH XQWHUVFKLHG /HGLJOLFK GLH ZHLW DXVHLQDQGHUVWHKHQGHQ$XJHQREZRKOIDVWLQGHQ+|KOHQYHUVXQNHQZLHVHQQRFK DXIGLHFDQWDULVFKH$EVWDPPXQJKLQ ,FKHUVFKUDN ³'XZLOOVWLKUZROOWGLH&DQWDURJHQHWLVFKVRXPZDQGHOQGDVLHZLH7HUUDQHU DXVVHKHQ"IUDJWHLFKHQWVHW]W ³'XKDVWHLQHQ7HUUDQHU.RPSOH[PHLQ)UHXQGDQWZRUWHWH&DURO6KPLWW³6LHK GLUGDV*HVLFKWDQ:LUGPDQHVMHPLWHLQHPWHUUDQLVFKHQ*HVLFKWYHUZHFKVHOQ" 'DKDWWHHUUHFKW'LH6WHOOXQJGHU$XJHQYHUULHWGHQ1LFKW7HUUDQHU ³(VJHKWHLQ]LJXQGDOOHLQGDUXPGHQ%HKHUUVFKHUQGHU0LOFKVWUDHHLQKXPDQRLGHV $XVVHKHQ]XYHUOHLKHQIXKUGHU3URMHNWOHLWHUIRUW³1DWUOLFKZLUGVLFKGDVQLFKW LQ HLQHP 6FKULWW EHZHUNVWHOOLJHQ ODVVHQ 'LH 9HUlQGHUXQJ GHV *HQRPV PX VFKULWWZHLVH YRUJHQRPPHQ ZHUGHQ (XUH $XIJDEH LVW ]XQlFKVW LP FDQWDULVFKHQ *HQRPGLH$EVFKQLWWH]XGHILQLHUHQPLWGHQHQH[SHULPHQWLHUWZHUGHQPX'LH HUVWHQ $XI]XFKWYHUVXFKH GUIHQ QLFKW EHU GDV (PEU\RQDOVWDGLXP KLQDXVIKUHQ 'LH)HWXVVHZHUGHQYRQGHU3URMHNWOHLWXQJLQVSL]LHUW'DQQZLUGHLQH(QWVFKHLGXQJ JHIlOOW PLW ZHOFKHP GHU =XFKWSURGXNWH ZHLWHUH[SHULPHQWLHUW ZHUGHQ VROO .ODFKJKDQQKDWGLUGHLQHQ/DERUWUDNW]XJHZLHVHQ"

³-D ³'X ILQGHVW DOOH $QJDEHQ GLH GX IUV HUVWH EUDXFKVW LP 'DWHQVSHLFKHU GHLQHV /DERUFRPSXWHUV 'LH 3URMHNWOHLWXQJ ZLUG VLFK YRQ =HLW ]X =HLW QDFK GHQ )RUWVFKULWWHQGHLQHU([SHULPHQWHHUNXQGLJHQXQGGLUGDEHLZHLWHUH,QIRUPDWLRQHQ ]XNRPPHQ ODVVHQ 7KRQNDUU KDW GLFK HPSIRKOHQ 'X ELVW HLQ IlKLJHU :LVVHQVFKDIWOHU :HQQ GHLQ HLJHQWOLFKHV )DFKJHELHW DXFK GLH ;HQRPHGLN LVW VR ZLUVWGXGLFKGHLQHU$XIJDEHGRFKPLWGHPJHZQVFKWHQ(UIROJHQWOHGLJHQ6SlWHU GDQQNDQQVWGXGLFKZLHGHUDOV;HQRPHGLNHUEHWlWLJHQ ³+DWGLH3URMHNWOHLWXQJYRUPLFK]XYHUVHW]HQ" ³1HLQ$EHUVFKRQGLHHUVWH$XI]XFKWJHQHUDWLRQZLUGYRQGHQKHXWLJHQ&DQWDURVR YHUVFKLHGHQVHLQGDPDQVLHJHWURVWDOVIUHPGEH]HLFKQHQNDQQ 6HLQH/RJLNYHUEOIIWHPLFK,FKZXWHQLFKW]XVDJHQREPLUVHLQ3ODQJHILHO$EHU HVZDUPLUXQP|JOLFK]XJODXEHQGDHUHLQHE|VHRGHUDXFKQXUXQODXWHUH$EVLFKW YHUIROJWH (U PXWH PHLQ 1DFKGHQNOLFKNHLW EHPHUNW KDEHQ GHQQ HU HUNXQGLJWH VLFK ³+DVWGXQRFK)UDJHQ" 0HLQH5HDNWLRQZDUVSRQWDQ ³.HQQVWGXGLH+HUUHQGHU6WUDHQ"ZROOWHLFKZLVVHQ 'LHVPDOZDUGLH5HLKHEHUUDVFKW]XVHLQDQLKP6HLQHNOHLQHQ$XJHQZHLWHWHQ VLFK ,FK IUFKWHWH ]XHUVW HU ZHUGH PLU HLQH DEZHLVHQGH $QWZRUW JHEHQ $EHU HU VDJWHOHGLJOLFK ³:DUXP IUDJVW GX" ,FK ZHL GD GX QLFKW LQ $PDJRUWD ZDUVW $EHU GX KDVW GLH %HULFKWHJHK|UWGLHGDUEHUDEJHJHEHQZXUGHQ ³$XI7HUUDKDWHLQHUGHUVLFKQLFKW]HLJHQZROOWH]XPLUJHVSURFKHQXQGVLFKDOV HLQHQ +HUUQ GHU 6WUDHQ DXVJHJHEHQ (V IlOOW PLU VFKZHU ]X JODXEHQ GD HU DXV $PDJRUWD JHNRPPHQ LVW 'LH $UFKlRQWHQ KDEHQ NODU LKUH $EVLFKW JHlXHUW VLFK HQGJOWLJ DXV GHP NRVPLVFKHQ *HVFKHKHQ ]XUFN]X]LHKHQ (V JHKW VRJDU GDV *HUFKWGDVLHNROOHNWLYHQ6HOEVWPRUGEHJHKHQZROOWHQXP]XYHUKLQGHUQGD DXFKGHU5HVWLKUHV9RONHVQRFK]X%OLW]HUQZUGH 0DQVDKLKPDQGDHUVLFKPHLQH:RUWHJUQGOLFKGXUFKGHQ.RSIJHKHQOLH 6FKOLHOLFKVDJWHHU ³,FK YHUVWHKH GHLQH =ZHLIHO ,FK NDQQ GHLQH )UDJH QLFKW EHDQWZRUWHQ $EHU LFK ZLOOPLFKXPK|UHQXQGZHQQZLUHLQDQGHUGDVQlFKVWHPDOEHJHJQHQJHEHLFK GLU%HVFKHLG 'DVHUVFKLHQPLUIDLUJHQXJ,FKGDQNWHLKP ³-HW]W JHK ]XU 5XKH IRUGHUWH HU PLFK DXI ³,FK P|FKWH GD GX PRUJHQ PLW GHLQHU$UEHLWEHJLQQVW ³:DQQZHUGHLFKGLFKZLHGHUVHKHQ"IUDJWHLFK ³'DVZHLLFKQLFKW6REDOGHVGLH(QWZLFNOXQJGHLQHU([SHULPHQWHHUIRUGHUW (UZLHVLQ5LFKWXQJGHVOHXFKWHQGHQ7UDQVPLWWHUIHOGV,FKZDUHQWODVVHQ.XU] HQWVFKORVVHQ WUDW LFK GXUFK GHQ 7RUERJHQ XQG IDQG PLFK QRFK LP VHOEHQ $XJHQEOLFN LQ PHLQHP +DXV ZLHGHU LQ GHU .DPPHU YRQ GHUHQ ([LVWHQ] LFK ELVKHUQLFKWVJHZXWKDWWH,FKVFKULWWGXUFKGLH7UXQGK|UWHKLQWHUPLUHLQHQ NQLVWHUQGHQ NQLUVFKHQGHQ /DXW $OV LFK PLFK XPZDQGWH ZDU GLH 7U YHUVFKZXQGHQ XQG VRYLHO 0KH LFK PLU DXFK JDE VLH ZLHGHU]XILQGHQ (V ZDU JHUDGHVRDOVKlWWHHVQLHHLQH7UJHJHEHQ

'LH QlFKVWHQ -DKUH ZDUHQ HLJHQWOLFK HLQH JOFNOLFKH =HLW ELV GDV JUDXVDPH (UZDFKHQ NDP 7LFKWRQD XQG LFK DUEHLWHWHQ ]XVDPPHQ :LU DUEHLWHWHQ DQ GHP ZDV XQV 6SD PDFKWH GDUDXI OLHI HV KLQDXV :LU OLHEWHQ XQV XQG P|JOLFKVW YLHOH YRQ GHQ IUHLHQ 6WXQGHQ GLH XQV ]XU 9HUIJXQJ VWDQGHQ YHUEUDFKWHQ ZLU ]XVDPPHQ :LU OHUQWHQ ,QWHUNRVPR 0LW +LOIH GHU K\SQRVXJJHVWLYHQ 6FKXOXQJVPHWKRGHQ GLH XQV ]XU 9HUIJXQJ VWDQGHQ GDXHUWH HV QRFK QLFKW HLQPDO YLHU 7DJH GDQQ ZDUHQZLULQGHUIUHPGHQ6SUDFKHGLHXQVHUHQ6WLPPZHUN]HXJHQ6FKZLHULJNHLWHQ EHUHLWHWHVRSHUIHNWZLHHVHLQ&DQWDURMHPDOVZHUGHQNRQQWH $XI 6DPSVRQ ZXUGH JHEDXW DOV ZlUH GLH 3URMHNWOHLWXQJ GDUDXI DXV JDQ]H +LOIVY|ONHUDUPHHQ LQ NU]HVWHU =HLW DXV GHP %RGHQ ]X VWDPSIHQ ,Q YLHOHQ EHZRKQEDUHQ *HJHQGHQ GHV 3ODQHWHQ HQWVWDQGHQ %UXWIDEULNHQ XQG $XI]XFKWNRPSOH[H 'LH %HY|ONHUXQJ 6DPSVRQV ZXFKV PRQDWOLFK XQG XQWHU GHQ )RUVFKHUQ :LVVHQVFKDIWOHUQ XQG7HFKQLNHUQGLHVLFKKLHUDQVLHGHOWHQZDUHQYLHOH GHU%HVWHQXQVHUHV9RONHV ,P-DKUGHUKLHVLJHQ=HLWUHFKQXQJHUIXKUHQZLUGDGLHEHLGHQ:lOOHULQJVXP GLH 0LOFKVWUDH HQGJOWLJ JHVFKORVVHQ ZDUHQ .HLQ %OLW]HU NRQQWH GLHVH *DOD[LV PHKU YHUODVVHQ $OOHUGLQJV ZDUHQ DXFK GLH KDUPORVHQ %HVXFKHU DXVJHVSHUUW GLH YRQGUDXHQKlWWHQKHUHLQNRPPHQZROOHQ'LH0LOFKVWUDHKDWWHVLFKLQHLQH$UW NRVPLVFKHV .RQ]HQWUDWLRQVODJHU YHUZDQGHOW 1LHPDQG GXUIWH KLQDXV NHLQHU NDP KHUHLQ (LQH $XVQDKPH ELOGHWHQ OHGLJOLFK GLH FDQWDULVFKHQ 6SH]LDOHLQKHLWHQ GLH QDFKGHQ9RUJDEHQGHU$UFKlRQWHQPLW1HXWUDOLVDWRUHQDXVJHVWDWWHWZRUGHQZDUHQ 'LHVH *HUlWH HUP|JOLFKWHQ HV LKQHQ GLH EHLGHQ :lOOH ]X GXUFKGULQJHQ (LQH VROFKH0|JOLFKNHLWPXWHHVJHEHQGHQQZLUZDUHQGDUDXIDQJHZLHVHQ]XZLVVHQ ZDVDXHUKDOEGHU0LOFKVWUDHYRUVLFKJLQJ hEHU GHQ *URHQ .ULHJ EHNDPHQ ZLU ZHQLJ]X K|UHQ DXHU GD HU QDFK ZLH YRU LQQHU XQG DXHUKDOE GHU 0LOFKVWUDH WREWH 'LH .RVPLVFKH .DWDVWURSKH KDWWH GLH %HZXWVHLQH GHU RUJDQLVFKHQ ,QWHOOLJHQ]HQ YHUZLUUW XQG VLH GHQ :HUW XQG GLH 9RUWHLOHGHVIULHGOLFKHQ0LWRGHU1HEHQHLQDQGHUOHEHQVYHUJHVVHQODVVHQ$EHUGHU .ULHJLQWHUHVVLHUWHXQVDXI6DPSVRQQXUZHQLJ8QVHUH:HOWEHIDQGVLFKLQHLQHU )ULHGHQV]RQHGLHYRQGHQHQGORVHQ.lPSIHQXQG5DXPVFKODFKWHQYHUVFKRQWEOLHE :LU ZDUHQ XQV GDUEHU LP NODUHQ GD ZLU XQV EHHLOHQ PXWHQ ZHQQ XQVHUH $UEHLWEHUKDXSWHLQHQ6LQQKDEHQVROOWH'LH=FKWXQJHQGLHZLUSURGX]LHUHQ VROOWHQ ZDUHQ GD]X JHGDFKW GLH %OLW]HU ]X EHNlPSIHQ 'LH %OLW]HU DEHU ZUGHQ LQ QDKHU =XNXQIW ZLH GLH $UFKlRQWHQ PHLQHP9RON YHUVLFKHUW KDWWHQ LQIROJHLKUHV:DKQVLQQVVWHUEHQ6FKRQNDPHQGLHHUVWHQ1DFKULFKWHQGDGLH $NWLYLWlWGHU%OLW]HUQDFK]XODVVHQEHJLQQH :HQQ GLH %OLW]HU VWDUEHQ EHYRU ZLU HLQH DXVUHLFKHQGH 0HQJH DQ NDPSIZLOOLJHQ +LOIVY|ONHUQ XQG JHQHWLVFK YHUEHVVHUWHQ &DQWDUR KHUJHVWHOOW KDWWHQZR]XZlUHXQVHUH0KHJXWJHZHVHQ" :DV PLU DXIILHO ZDU GD ZLU LQ DOO GLHVHQ -DKUHQ ]ZDU LQ PHKU RGHU ZHQLJHU UHJHOPlLJHQ $EVWlQGHQ 0LWJOLHGHU GHU 3URMHNWOHLWXQJ DEHU QLH HLQHQ 6XSUHPNRPPDQGHXU ]X VHKHQ EHNDPHQ 'DV 6XSUHPNRPPDQGR VFKLHQ XQV YHUJHVVHQ ]X KDEHQ XQG EHUOLH GLH $XIVLFKW EHU XQVHUH )RUVFKXQJHQ XQG

([SHULPHQWH GHQ 3URMHNWOHLWHUQ ,Q]ZLVFKHQ KDWWH LFK KHUDXVEHNRPPHQ GD HV LQVJHVDPW DFKW 3URMHNWOHLWHU JDE 6LH VDKHQ DOOH DXV ZLH 7HUUDQHU DEHU ZHQQ PDQ VLH GDUDXI DQVSUDFK DQWZRUWHWHQ VLH RKQH $XVQDKPH LQ GHUVHOEHQ :HLVH ZLHGDPDOV&DURO6KPLWW³+WHGLFKYRUYRUHLOLJHQ6FKOVVHQ:HUVDJWGDLFK HLQ 7HUUDQHU ELQ" 6LH KDWWHQ 1DPHQ ZLH $JHU &DWRPHQ 6LPHGRQ 0\UUKR (QGHKDU5RII5HPLQ.LOOLDQ:HOOR%DQN)DUORQ6WUHWWHU'RULDQ:DLNHQXQG VHOEVWYHUVWlQGOLFK&DURO6KPLWW6LHVDKHQDOVRQLFKWQXUZLH7HUUDQHUDXVVLH KLHHQ DXFK ZLH VROFKH ,Q PDQFKHQ HLQVDPHQ 1lFKWHQ ZHQQ LFK ZDFK ODJ XQGEHUPHLQ6FKLFNVDOQDFKGDFKWHEHUHLWHWHPLUGDV8QEHKDJHQ$EHUZHQQ LFKGDQQZLHGHUHLQHP3URMHNWOHLWHUJHJHQEHUVWDQGVFKZDQGPHLQ0LWUDXHQ ELQQHQHLQHU6HNXQGH6LHZDUHQDOOHYRQGHUVHOEHQ$XUDGHU)UHXQGOLFKNHLWXQG GHV 9HUVWlQGQLVVHV XPJHEHQ GLH LFK ]XP HUVWHQPDO DQ &DURO 6KPLWW EHPHUNW KDWWH(VZDUXQP|JOLFKVLHQLFKWIUHKUOLFKDXIULFKWLJXQGYHUWUDXHQVZUGLJ ]X KDOWHQ ,FK KDWWH ZlKUHQG PHLQHU =HLW DQ%RUGGHU*+255(.+$%5$&+ PHKUHUH 7HUUDQHU NHQQHQJHOHUQW GLH ZlKUHQG GHV HLQHQ RGHU DQGHUHQ 6FKDUPW]HOVJHIDQJHQJHQRPPHQZRUGHQZDUHQ6LHZDUHQVW|UULVFKDJJUHVVLY XQG DXIVlVVLJ :LU W|WHWHQ VLH DOOH 6LH KDWWHQ NHLQH 6SXU GHU )UHXQGOLFKNHLW DQ VLFK GLH GLH 3URMHNWOHLWHU DXVVWUDKOWHQ 'DKHU UDQJ LFK PLFK DOOPlKOLFK ]X GHU hEHU]HXJXQJ GXUFK GD GLH 0LWJOLHGHU GHU 3URMHNWOHLWXQJ WDWVlFKOLFK NHLQH 7HUUDQHUZDUHQ 7LFKWRQDXQGLFKDUEHLWHWHQZLHZLUXUVSUQJOLFKYRQ&DURO6KPLWWDQJHZLHVHQ ZRUGHQ ZDUHQ 'HU 'DWHQVSHLFKHU GHV /DERUFRPSXWHUV HQWKLHOW ZHUWYROOH +LQZHLVH XQG ,QIRUPDWLRQHQ :LU EHJDQQHQ GLH *HQIUDJPHQWH ]X LGHQWLIL]LHUHQ GLH IU GLH (LQ]HOKHLWHQ GHV FDQWDULVFKHQ .|USHUEDXV YHUDQWZRUWOLFK ZDUHQ 8QVHUH :LVVHQVFKDIW KDWWH VLFK VFKRQ MDKUKXQGHUWHODQJ PLW *HQHWLN XQG 0LNURELRORJLH EHVFKlIWLJW 'HQQRFK ZDUHQ GLH )XQNWLRQHQGHU HLQ]HOQHQ *HQH GHV FDQWDULVFKHQ .|USHUV ELVODQJ QXU EUXFKVWFNZHLVH EHNDQQW ,Q GHU 9HUJDQJHQKHLW KDWWH PDQ VLFK KDXSWVlFKOLFK PLW GHQ 0|JOLFKNHLWHQ GHU .UDQNKHLWVYHUKWXQJ XQG GHU 9HUEHVVHUXQJ GHU *HKLUQWlWLJNHLW EHVFKlIWLJW (V ZDUHQDXFK([SHULPHQWHDQJHVWHOOWZRUGHQGLHGDUDXIDE]LHOWHQHLQH6WlUNXQJ GHU 0XVNHOVWUXNWXU KHUEHL]XIKUHQ $EHU ZHOFKH *HQH GDIU YHUDQWZRUWOLFK ZDUHQGDGLH&DQWDURODQJJH]RJHQH6FKlGHOWRQQHQI|UPLJH/HLEHUXQGODQJH %HLQHKDWWHQGDIUKDWWHVLFKQLHMHPDQGLQWHUHVVLHUW 8QVHUH $UEHLW ZDU GDKHU UHFKW PKVHOLJ 'DV .HLPPDWHULDO GDV XQV ]XU 9HUIJXQJ VWDQG VWDPPWH YRQ PHKU DOV ]HKQWDXVHQG ,QGLYLGXHQ 9RQ MHGHP ODJ XQV HLQH JHQDXH %HVFKUHLEXQJ YRU 'D JDE HV VROFKH PLW QLFKW JDQ] VR ODQJJH]RJHQHQ 6FKlGHOQ XQG DQGHUH PLW H[WUHP DXVJHGHKQWHQ +LQWHUN|SIHQ .XU]H XQG ODQJH %HLQH ZDUHQ YHUWUHWHQ HEHQVR DXIJHZ|OEWH XQG VFKODQNH /HLEHU ,QGHP ZLU GLH *HQPXVWHU GHU YRP 'XUFKVFKQLWW DEZHLFKHQGHQ ,QGLYLGXHQPLWHLQDQGHUYHUJOLFKHQJHODQJHVXQVYRQGHQ*HQHQGLHQDFKGHP :LOOHQ GHU 3URMHNWOHLWXQJ ]X PDQLSXOLHUHQ ZDUHQ HLQHV QDFK GHP DQGHUHQ ]X LGHQWLIL]LHUHQ $EHU ZLH JHVDJW (V ZDU HLQH PKVHOLJH $UEHLW GLH VLFK EHU PHKUHUH-DKUHGDKLQ]RJ 'HQQRFK ZDUHQ GLH 3URMHNWOHLWHU GLH XQV KLQ XQG ZLHGHU EHVXFKWHQ PLW XQVHUHP )RUWVFKULWW ]XIULHGHQ 6LH OREWHQ XQVHUH )RUVFKXQJVHUJHEQLVVH XQG EHVWlWLJWHQ XQV GD VLH GHQ ULFKWLJHQ *ULII JHWDQ KlWWHQ DOV VLH 7LFKWRQD XQG PLFK DXI GLHVHV

3URMHNWDQVHW]WHQ 9RQ)LPEUDLFK-RVDQJKDWWXQG5HNKULRFKK|UWHPDQGDVLHHEHQIDOOVHUIROJUHLFK ZDUHQ:LUKDWWHQZHQLJJHVHOOVFKDIWOLFKHQ.RQWDNWPLWHLQDQGHU'HQGUHLHQZDUHQ LQ]ZLVFKHQ HEHQIDOOV 0LWDUEHLWHU ]XJHWHLOW ZRUGHQ XQG XQWHU GHQ ZHLEOLFKHQ 0LWJOLHGHUQLKUHV6WDEHVKDWWHVLFKMHGHUHLQH.KDULPDDXVJHVXFKW:LUWUDIHQXQV PDQFKPDO LQ GHP PLW 6HUYLHUDXWRPDWLNHQ DXVJHVWDWWHWHQ 6SHLVHUDXP GHV /DERUJHElXGHV'DQQWDXVFKWHQZLU,QIRUPDWLRQHQEHUXQVHUH3URMHNWHDXV-HGHU GHU GUHL KDWWH LQ]ZLVFKHQ HLQ 0LOFKVWUDHQYRON LGHQWLIL]LHUW GDV VLFK QDFK VHLQHU $QVLFKW ]XU JHQWHFKQLVFKHQ 0DQLSXODWLRQ HLJQHWH ,Q .U]H ZUGHQ VLH PLW GHU 3URGXNWLRQGHUHUVWHQ.ORQHEHJLQQHQ'LH3URMHNWOHLWXQJZDULQIRUPLHUWGDVLHLQ GUHL ELV YLHU 0RQDWHQ PLW GHU 9RUIKUXQJ GHU HUVWHQ HPEU\RQDOHQ =XFKWSURGXNWH UHFKQHQN|QQH $XFK7LFKWRQDXQGLFKZDUHQPLWXQVHUHQ6WXGLHQVRZHLWJHGLHKHQGDZLUGHQ HUVWHQ =XFKWYHUVXFK XQWHUQHKPHQ NRQQWHQ %HLP QlFKVWHQ %HVXFK HLQHV 3URMHNWOHLWHUV ZROOWHQ ZLU LKP GLHV PLWWHLOHQ 'LH 0LWJOLHGHU GHU 3URMHNWOHLWXQJ OLHHQVLFKLQOHW]WHU=HLWKlXILJHUDXI6DPSVRQVHKHQ'DVKDWWHGDPLW]XWXQGD VLFK GLH 3KDVH GHU )RUVFKXQJ GHP (QGH QlKHUWH XQG EDOG LQV 6WDGLXP GHU (QWZLFNOXQJ HLQWUHWHQ ZUGH $QIDQJV ZDUHQ VLH QXU ]ZHL ELV GUHLPDO LP -DKU HUVFKLHQHQ$EHUMHW]WNDPHQVLHHLQPDOLP0RQDW 6R ZDU GHU 6WDQG GHU 'LQJH XP GLH 0LWWH GHV -DKUHV :LU IROJWHQ DXI 6DPSVRQ GHU QHXHQ *DODNWLVFKHQ =HLWUHFKQXQJ GHUHQ *UXQGODJH GDV WHUUDQLVFKH 6WDQGDUGMDKU ZDU 9RQ GHQ QHXQ )RUVFKXQJVVWl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l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|JOLFKZDUGD GLH 7U QXU ZlKUHQG GHV %HVXFKV HLQHV 3URMHNWOHLWHUV H[LVWLHUWH VRQVW DEHU QLFKW ,FK KDWWH PLU DXV GHP /DERU *HUlWH EHVRUJW PLW GHQHQ LFK GLH :DQG ]X GXUFKOHXFKWHQ YHUVXFKWH XP GLH .DPPHU XQG GHQ GDUDQ DQJHVFKORVVHQHQ 7UDQVPLWWHU ]X ILQGHQ (V ZDU DOOHV YHUJHEHQV 'DV 0DXHUZHUN ZDU VROLGH XQG RKQH /FNH ,FK VWDQG KLHU YRU HLQHP 5lWVHO GHVVHQ /|VXQJ ZRKO GDULQ OLHJHQ

PXWH GD GLH 3URMHNWOHLWXQJ EHU HLQH 7HFKQLN YHUIJWH GLH GHU PLW GHU ZLU WDJDXVWDJHLQDUEHLWHWHQKDXVKRFKEHUOHJHQZDU (LQHV 7DJHV EHVXFKWH .ODFKJKDQQ GDV /DERUJHElXGH ,FK KDWWH LKQ VFKRQ ODQJH VSUHFKHQZROOHQ$EHUMHGHVPDOZHQQ LFK PLFK PLW LKP LQ 9HUELQGXQJ ]X VHW]HQ YHUVXFKWH HUIXKU LFK YRQ VHLQHP 6HUYR GD HU HQWZHGHU XQWHUZHJV RGHU LQ HLQHU ZLFKWLJHQ %HVSUHFKXQJ VHL (LQPDO HUNOlUWH GHU 6HUYR VRJDU JDQ] RIIHQ GHU &KHIDGPLQLVWUDWRU KDEH VLFK PLW VHLQHU .KDULPD LQ GHQ UFNZlUWLJHQ 7HLO GHV +DXVHV]XUFNJH]RJHQXQGGUIWHQLFKWJHVW|UWZHUGHQ $OV HU XQVHU /DERU EHWUDW XQG VLFK QDFK GHP )RUWJDQJ XQVHUHU 9HUVXFKH HUNXQGLJWHGDVWDQGLFKLKP]XQlFKVW5HGHXQG$QWZRUW(UZLUNWH]XIULHGHQ$OV HUVLFK]XP*HKHQZDQGWHVDJWHLFK ³,FKKDEHHLQH)UDJH.ODFKJKDQQ (UEOLHEVWHKHQXQGVDKPLFKDQ8QEHKDJHQJORPPLQVHLQHQZHLWKHUYRUTXHOOHQGHQ $XJHQ ³,PPHUZHQQGXPLUHLQH)UDJHVWHOOHQZLOOVWEHNRPPHLFK$QJVWEHKDXSWHWHHU 'DV ZDU VS|WWLVFK JHPHLQW (LQ &DQWDUR GHU VHLQ %HZXWVHLQ DXI V\QWURQLVFKHQ %HWULHEXPVWHOOHQNDQQNHQQWNHLQH$QJVW ³(VLVWQLFKWV%HVRQGHUHVYHUVXFKWHLFKLKQ]XEHUXKLJHQ³,FKP|FKWHZLVVHQZR GLH3URMHNWOHLWXQJLKU4XDUWLHUKDW:RKQHQGLH3URMHNWOHLWHUKLHUDXI6DPSVRQ" ³6LHKVWGX"6FKRQZLHGHUHLQH)UDJHGLHLFKQLFKWEHDQWZRUWHQNDQQULHIHU³,FK ZHLQLFKWZRVLFKGDV+DXSWTXDUWLHUGHU3URMHNWOHLWXQJEHILQGHW,FKQHKPHQLFKW DQ GD HV DXI 6DPSVRQ OLHJW ,FK ZHL DXFK QXU VHKU VHOWHQ ZDQQ VLFK HLQ 3URMHNWOHLWHU DXI 6DPSVRQ DXIKlOW 0LW GHP &KHIDGPLQLVWUDWRU KDW GLH 3URMHNWOHLWXQJRIIHQEDUZHQLJLP6LQQ6LHLQWHUHVVLHUWVLFKQXUIUGLH$UEHLWHQ GHU:LVVHQVFKDIWOHUXQG7HFKQLNHU 'DEHL PXWH LFK HV EHZHQGHQ ODVVHQ ,FK KDWWH NHLQHQ $QOD DQ .ODFKJKDQQV $XIULFKWLJNHLW ]X ]ZHLIHOQ 'LH JHVDPWH +LHUDUFKLH GLHVHV 8QWHUQHKPHQV ZDU DXIGHP3ULQ]LSGHU*HKHLPKDOWXQJDXIJHEDXW-HGHUPDQQZXWHQXUJHUDGHVR YLHO ZLH HU IU GLH $XVEXQJ VHLQHU 3IOLFKW ]X ZLVVHQ EUDXFKWH 'LH .HQQWQLV ZR VLFK GDV +DXSWTXDUWLHU GHU 3URMHNWOHLWXQJ EHIDQG JHK|UWH QLFKW ]X GHQ ,QIRUPDWLRQHQ GLH LFK IU GLH $XI]XFKW HLQHU QHXHQ *HQHUDWLRQ &DQWDUR EUDXFKWH =XHUVWKLHOWLFKHVIU=XIDOOGDDXVJHUHFKQHWDQGLHVHP$EHQGPHLQ,QWHUNRP HLQH %LOGIOlFKH SURML]LHUWHXQGPLU&DURO6KPLWWVURVLJHV*HVLFKW]HLJWH(VZDU ZLH EHL GHU HUVWHQ %HJHJQXQJ ,FK ZDU DXJHQEOLFNOLFK LQ GHU $XUD GHU )UHXQGOLFKNHLW GLH YRQ GHP NOHLQJHZDFKVHQHQ NXJHON|SILJHQ :HVHQ DXVJLQJ JHIDQJHQ&DURO6KPLWWKDWWHVHLQWHUUDQLVFKHV/lFKHOQDXIJHVHW]WXQGVDJWH ³,FKKDEHPLWGLU]XVSUHFKHQ.RPPDXIGHPEOLFKHQ:HJ 'LH%HOHXFKWXQJZDUVFKZlFKHUJHZRUGHQ,FKVDKGHQU|WOLFKJOKHQGHQ8PUL GHU 7U 'HQ 5DXP LQ GHP GHU 3URMHNWOHLWHU DXI PLFK ZDUWHWH IDQG LFK XQYHUlQGHUW YRU ,FK ZDU YRU HLQHP 6WDQGDUGMDKU ]XP OHW]WHQPDO KLHUJHZHVHQ XQG KDWWH )DUORQ 6WUHWWHU EHU GHQ )RUWVFKULWW XQVHUHV 3URMHNWV EHULFKWHW 'LHVPDOEOLHE&DURO6KPLWWVLW]HQ(UHLOWHQLFKWDXIPLFK]X'DV/lFKHOQZDU YRQVHLQHP*HVLFKWYHUVFKZXQGHQ ³,FK KDEH HUIDKUHQ GD GX GLFK GDIU LQWHUHVVLHUVW ZR VLFK GDV +DXSWTXDUWLHU GHU3URMHNWOHLWXQJEHILQGHWEHJDQQHU

,FK ZDU YHUEOIIW (V ODJ QRFK NHLQH GUHL 6WXQGHQ ]XUFN GD LFK PLFK PLW .ODFKJKDQQ XQWHUKDOWHQ KDWWH :LH NRQQWH &DURO 6KPLWW YRQ PHLQHU )UDJH ZLVVHQZR.ODFKJKDQQVLFKHEHQQRFKKDOEEHOHLGLJWGDUEHUEHVFKZHUWKDWWH GDGLH3URMHNWOHLWHUVLFKXPGHQ&KHIDGPLQLVWUDWRUNDXPNPPHUWHQ ³'DVLVWZDKUDQWZRUWHWHLFK ³(V JLEW 'LQJH GLH GLFK QLFKW ]X LQWHUHVVLHUHQ KDEHQ VDJWH &DURO 6KPLWW ³8QG GDIU H[LVWLHUW HLQ WULIWLJHU *UXQG :LU KDEHQ)HLQGHLQGLHVHU*DOD[LVXQGZHQQ HLQHU YRQ XQV LKQHQ LQ GLH +lQGH IlOOW GDQQ VWHKHQ LKQHQ 0|JOLFKNHLWHQ ]XU 9HUIJXQJDOOH,QIRUPDWLRQHQGLHHUEHVLW]WDXVLKPKHUDXV]XTXHWVFKHQ9HUVWHKVW GXGDV" ³,FKYHUVWHKHGDV ³'LH 3URMHNWOHLWXQJ KDW NHLQHQ IHVWHQ 6LW] 6LH LVW EHUDOO XQG QLUJHQGV 'LH 3URMHNWOHLWXQJKDWGLH3IOLFKWGLH1DWLRQGHU&DQWDURLQHLQH/DJH]XYHUVHW]HQLQ GHU VLH GLH +HUUVFKDIW EHU GLHVH *DOD[LV DQWUHWHQ NDQQ 'LH 3URMHNWOHLWXQJ GDUI QLHPDOV LQ *HIDKU JHUDWHQ 6LH IKUW GLH $XIVLFKW EHU ]DKOUHLFKH %UXWZHOWHQ GLH ZLH 6DPSVRQ DXVJHVWDWWHW VLQG XQG DXI GHQHQ ZLH DXI 6DPSVRQ JHDUEHLWHW ZLUG (UVW ZHQQ ZLU QHXH &DQWDUR*HQHUDWLRQHQ XQG HLQH DXVUHLFKHQGH $Q]DKO YRQ +LOIVY|ONHUQJH]FKWHWKDEHQZHUGHQZLULQGHU/DJHVHLQXQV]X+HUUVFKHUQGHU 0LOFKVWUDHDXI]XVFKZLQJHQ ,FKZDUEHHLQGUXFNW(UVSUDFKYRQ³XQV:DUHUHWZDDXFKHLQ&DQWDUR":LHKlWWH HU HV VHLQ N|QQHQ PLW GHP $XVVHKHQ HLQHV 7HUUDQHUV :LUUH *HGDQNHQ VFK|VVHQ PLU GXUFK GHQ .RSI +DWWH GLH (QWZLFNOXQJ DQ GHU ZLU MHW]W DUEHLWHWHQ VFKRQ HLQPDOVWDWWJHIXQGHQ"$OV&DURO6KPLWWPLUEHLVHLQHPHUVWHQ%HVXFKHUNOlUWKDWWH ZLH GDV (QGSURGXNW XQVHUHU %HPKXQJHQ DXV]XVHKHQ KDWWH ZDU LFK HQWVHW]W EHU GDVWHUUDQLVFKKXPDQRLGH$XVVHKHQGHUJHSODQWHQQHXHQ&DQWDUR6SH]LHVJHZHVHQ 'HU 3URMHNWOHLWHU KDWWH YRQ PHKUHUHQ %UXWZHOWHQ JHVSURFKHQ GLH YRQ LKP XQG VHLQHVJOHLFKHQ EHWUHXW ZXUGHQ :DU PDQ ZRP|JOLFK GRUW VFKRQ ZHLWHU IRUWJHVFKULWWHQ":DU&DURO6KPLWWGDV(QGSURGXNWGHU(QWZLFNOXQJVVHULHGLHZLU KLHUDXI6DPSVRQHUVWPKVDPDXI]XEDXHQYHUVXFKWHQ" ,FK VSUWH ZLH PHLQ 9HUVWDQG VLFK YHUZLUUWH XQG VFKDOWHWH GLH V\QWURQLVFKHQ %HZXWVHLQVPRGXOHKLQ]X$XJHQEOLFNOLFKZXUGHLFKUXKLJ,FKKDWWHZlKUHQG LFK PHLQHQ ZLOG URWLHUHQGHQ *HGDQNHQ QDFKKLQJ NDXP DXI &DURO 6KPLWW JHDFKWHW$OVLFKMHW]WDXIVDKKDWWHHUZLHGHU]XOlFKHOQEHJRQQHQ ³6HW] GLFK IRUGHUWH HU PLFK IUHXQGOLFK DXI ³,FK KDEH GLU GHQ 6DFKYHUKDOW HUNOlUW GX KDVW LKQ YHUVWDQGHQ XQG MHW]W ZROOHQ ZLU EHU HWZDV DQGHUHV VSUHFKHQ ,FK ]ZlQJWH PLFK JHKRUVDP LQ HLQHV GHU XQEHTXHPHQ WHUUDQLVFK DQPXWHQGHQ 6LW]P|EHO ³$OV ZLU GDV OHW]WHPDO PLWHLQDQGHU VSUDFKHQ XQWHUKLHOWHQ ZLU XQV EHU GLH +HUUHQGHU6WUDHQVDJWHHU³'XlXHUWHVW=ZHLIHOGDHVVLFKXPHKHPDOLJH %HZRKQHU YRQ $PDJRUWD KDQGHOQ N|QQH ,FK YHUVSUDFK GLU GD LFK (UNXQGLJXQJHQ HLQ]LHKHQ ZUGH 'DV KDEH LFK JHWDQ 'HLQH =ZHLIHO VLQG EHUHFKWLJW 'LH +HUUHQ GHU 6WUDHQ PLW GHQHQ ZLU HV MHW]W ]X WXQ KDEHQ VLQG QLFKWPLWGHQ$UFKlRQWHQLGHQWLVFK ³:HUVLQGVLHGDQQ"IUDJWHLFKYHUZXQGHUW ³'DV NRQQWH LFK QLFKW KHUDXVILQGHQ DQWZRUWHWH &DURO 6KPLWW ³6LH ELOGHQ GLH

K|FKVWH %HIHKOVHEHQH GHV FDQWDULVFKHQ 9RONHV XQG KDEHQ LKUHQ 6LW] LP 6ROV\VWHP ZDKUVFKHLQOLFK QLFKW DXI 7HUUD ZHLO VLH GRUW ]X JHIlKUGHW ZlUHQ VRQGHUQDXIHLQHPGHUDQGHUHQ3ODQHWHQRGHU0RQGH ³6LQGVLH&DQWDUR"ZROOWHLFKZLVVHQ ³6LHVWHKHQEHUGHP6XSUHPNRPPDQGR:DVVROOWHQVLHVRQVWVHLQ" ³'HUMHQLJH GHU PLU YRU ]ZHLHLQKDOE -DKUHQ DXI 7HUUD %HIHKOH HUWHLOWH VSUDFK ,QWHUNRVPR SURWHVWLHUWH LFK ³:DUXP VROOWH HLQ &DQWDUR GHP DQGHUQ JHJHQEHU VLFK HLQHU IUHPGHQ 6SUDFKH EHGLHQHQ GHUHQ /DXWH IU XQVHUH 6WLPPRUJDQHREHQGUHLQQRFKVFKZLHULJ]XIRUPHQVLQG" ³6SULFKVWGXQLFKWDXFK,QWHUNRVPR"VSRWWHWHHU ³-DDEHU ³.HLQ$EHU:HUEHUGLHVH*DOD[LVKHUUVFKHQZLOOPXLKUH6SUDFKHVSUHFKHQ 'LHZHLVHQ+HUUHQKDEHQGDVUHFKW]HLWLJHUNDQQW +lWWH PHLQ %HZXWVHLQ QLFKW PLW V\QWURQLVFKHU 6WW]XQJ JHDUEHLWHW GDQQ ZlUHQ PLU MHW]W YRU 6WDXQHQ GLH $XJHQ EHUJHODXIHQ +DWWH LFK QLFKW GHQ 6XSUHPNRPPDQGHXU 7KRQNDUU HLQPDO HLQHQ ZHLVHQ +HUUQ QHQQHQ ZROOHQ XQG KDWWHHUPLFKQLFKW]XUHFKWJHZLHVHQGLHVHU7LWHOVHLDQGHUHQYRUEHKDOWHQ",FKEOLHE UXKLJ 6RODQJH GLH V\QWURQLVFKHQ 0RGXOH DNWLY ZDUHQ NRQQWH PLFK IDVW QLFKWV YHUZLUUHQ ³'LHZHLVHQ+HUUHQZLHGHUKROWHLFK³1HQQHQVLHVLFKVR" ³'DVLVWLKU7LWHOEHVWlWLJWH&DURO6KPLWW ³8QGVLHVLQG&DQWDUR" ³(LQHDQGHUH0|JOLFKNHLWJLEWHVQLFKW (LQH NXU]H =HLWODQJ KHUUVFKWH 6FKZHLJHQ 'DQQ EHJDQQ GHU 3URMHNWOHLWHU YRQ QHXHP ³,FK ELQ EHU GHQ )RUWVFKULWW GHLQHV 3URMHNWV EHVWHQV LQIRUPLHUW XQG KDEH GDKHU KHXWH NHLQH )UDJHQ ]X VWHOOHQ ,FKELQ OHGLJOLFKKLHUKHUJHNRPPHQXPGHLQH)UDJH QDFKGHQ+HUUHQGHU6WUDHQ]XEHDQWZRUWHQ'XNDQQVWMHW]WJHKHQ ,FK VSUDFK PHLQHQ 'DQN DXV GDQQ EHQW]WH LFK GHQ 7UDQVPLWWHU XP ]X PHLQHP +DXV ]XUFN]XNHKUHQ =X +DXVH VFKDOWHWH LFK GLH V\QWURQLVFKHQ %HZXWVHLQVPRGXOHDXVXQGVRIRUWVHW]WHGLH%HQRPPHQKHLWHLQ ,FKYHUVWDQGGLH:HOWQLFKWPHKU 'DV DOVR ZDU LP -DKU 1DFKGHP 7LFKWRQD XQG LFK GUHL -DKUH VSl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lKHUWHQ ZLU XQV GHP =LHO XQG LP 6SlWMDKU QDKPHQ ZLU GLH HUVWH .RPELQDWLRQ ]ZHLHU JHQPDQLSXOLHUWHU .HLP]HOOHQ YRU 'LH %UXW]HLW ZDU DXI DFKW :RFKHQ DQJHVHW]W 'DQDFK ZUGHQ ZLU HLQ OHEHQVIlKLJHV .OHLQVWZHVHQ DXV GHU 5HWRUWH ]LHKHQ 'DV *HQPDWHULDO ZDU VR KHUJHULFKWHW ZRUGHQ GD GDV QHXH *HVFK|SIVLFKLP/DXIYRQELV0RQDWHQ]XPHUZDFKVHQHQ&DQWDURKHUDQELOGHQ ZUGH :lKUHQG GLHVHU =HLW OHEWH HU XQWHU 7LFKWRQDV XQG PHLQHU 2EKXW LQ HLQHP

EHVRQGHUV KHUJHULFKWHWHQ 4XDUWLHU LP /DERUJHElXGH ,Q GHQ $XI]XFKWNRPSOH[ ZUGHQXQVHUH=|JOLQJHHUVWEHUIKUWZHUGHQZHQQGLH3URMHNWOHLWXQJXQVHUHUVWHV LPPHU QRFK H[SHULPHQWHOOHV 3URGXNW IU JXW EHIXQGHQ XQG GLH 0DVVHQSURGXNWLRQ EHJRQQHQKDWWH 'DV+HUDQZDFKVHQGHV(PEU\RVZXUGHYRQ6SH]LDOURERWHUQEHUZDFKW:LUKlWWHQ GDPLWHLJHQWOLFKZHQLJ]XWXQJHKDEWXQGXQVGDUDXIEHVFKUlQNHQN|QQHQKLQXQG ZLHGHU QDFK GHP 5HFKWHQ ]X VHKHQ $EHU XQV EHLGHQ ZDU QRFK LQ GHXWOLFKHU (ULQQHUXQJZLHZLU]ZHL5RERWHUEHLP+HUXPSIXVFKHQDQGHP7HUUDQHU*DOEUDLWK 'HLJKWRQ EHUUDVFKW KDWWHQ $OVR DEVROYLHUWHQ ZLU XQVHUH EOLFKH 'LHQVW]HLW LP /DERUXQGDFKWHWHQGDEHLVFKDUIGDUDXIZDVGLH5RERWHUWDWHQ(VJHVFKDKQLFKWV 9HUGlFKWLJHV :DV VLFK IUHLOLFK DEVSLHOWH ZHQQ ZLU XQV LQ XQVHUH %HKDXVXQJHQ ]XUFNJH]RJHQKDWWHQGDVOLHVLFKQLFKWDEVFKl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|JOLQJ HLQH ZHVHQWOLFK JU|HUH =DKO YRQ 0RGXOHQHLQSIODQ]WHQDOVVLHHLQ&DQWDURPHLQHU*HQHUDWLRQPLWVLFKKHUXPWUXJ 'LH 0LNURJHUlWH ZDUHQ XQV YRQ GHU 3URMHNWOHLWXQJ JHOLHIHUW ZRUGHQ :LU NDQQWHQ LKUH)XQNWLRQHQQLFKWXQGDOV ZLU YHUVXFKWHQ HLQHV YRQ LKQHQ ]X DQDO\VLHUHQ GD ]HUILHOHVXQVXQWHUGHQ)LQJHUQ'DQDFKYHU]LFKWHWHQZLUGDUDXIDQGHQZLQ]LJHQ 'LQJHQ ZHLWHU KHUXP]XH[SHULPHQWLHUHQ XQG ZDUHQ EHUHLW ]X JODXEHQ GD GLH IUHXQGOLFKHQ YHUVWlQGQLVYROOHQ 0LWJOLHGHU GHU 3URMHNWOHLWXQJ NHLQHP YRQ XQV &DQWDURHWZDVhEOHVZROOWHQ 8QVHU 6SUR ZDU HLQ NUlIWLJHV JHVXQGHV .OHLQVWZHVHQ PlQQOLFKHQ *HVFKOHFKWV 7LFKWRQD WDXIWH LKQ DXI GHQ 1DPHQ 3XFKW 6SlWHU ZHQQ HU KHUDQJHZDFKVHQ XQG VHLQH$XVELOGXQJ DEJHVFKORVVHQ ZDU ZUGH HU HLQHQ YROOHQ 1DPHQ HUKDOWHQ ZLH HV VLFK IU HLQHQ HUZDFKVHQHQ &DQWDUR JHK|UWH .UDSXFKW 3XFKWKDU RGHU HWZDV bKQOLFKHV (U XQWHUVFKLHG VLFK GHXWOLFK YRQ HLQHP QHXJHERUHQHQ &DQWDUR PHLQHU *HQHUDWLRQ 6HLQ 6FKlGHO EHVD HLQHQ ZHQLJ DXVJHSUlJWHQ +LQWHUNRSI 6HLQH $XJHQTXROOHQNDXPPHUNOLFKDXVGHQ+|KOHQKHUYRU'HU0XQGZLUNWHLQGLH%UHLWH JH]RJHQ 'LH %HLQH ZDUHQ NXU] XQG VWlPPLJ'HUWRQQHQI|UPLJH/HLEDOOHUGLQJV ZDU QDFK ZLH YRU YRUKDQGHQ 'DUDQ KDWWHQ ZLU DXI $QZHLVXQJ GHU 3URMHNWOHLWXQJ QLFKWV YHUlQGHUQ GUIHQ 0LW GHU 0RGLIL]LHUXQJ GHU /HLEHVIRUP VROOWH HUVW LQ GHU IQIWHQ =XFKWJHQHUDWLRQ EHJRQQHQ ZHUGHQ 'DV 0RWLY GDV GLHVHU (QWVFKHLGXQJ ]XJUXQGHODJZDUXQVXQEHNDQQW :lKUHQG GHV +HUDQZDFKVHQV LQ GHU 5HWRUWH ZDU 3XFKW YRQ HLQHU JDQ]HQ %DWWHULH YRQ 0HJHUlWHQ EHREDFKWHW XQG DQDO\VLHUW ZRUGHQ 8QV VWDQG HLQ ULHVLJHU 'DWHQEHUJ ]XU 9HUIJXQJ DQKDQG GHVVHQ ZLU MHGH 6HNXQGH GHV *HVWDWLRQVSUR]HVVHV QDFKYROO]LHKHQ NRQQWHQ 'LHVH ,QIRUPDWLRQHQ ZDUHQ ZLFKWLJIUXQVGHQQZLUZROOWHQXQVEHU]HXJHQGD3XFKWV(QWZLFNOXQJVLFK WDWVlFKOLFKVRYROO]RJHQKDWWHZLHHVYRQXQVJHSODQWZDU :LU IROJWHQ GHP 5RERWHU GHU 3XFKW LQ GHQ *URZHUGH5DXP EUDFKWH ZLH ZLU

LKQ JHQDQQW KDWWHQ 'HU 5DXP ZDU IU GLH %HGUIQLVVH HLQHV 1HXJHERUHQHQ KHUJHULFKWHW'LH9HUVRUJXQJGHU.OHLQVWZHVHQREODJGHP5RERWHUGHUMHGRFKDQ XQVHUH :HLVXQJHQ JHEXQGHQ ZDU 7LFKWRQD XQG LFK ZUGHQ YRQ MHW]W DQ HLQHQ JXWHQ 7HLO XQVHUHU $UEHLWV]HLW LQ GLHVHP 5DXP YHUEULQJHQ XQG 3XFKW KHUDQZDFKVHQ VHKHQ (U ZUGH VFKQHOO JUR ZHUGHQ 'LH JHQHWLVFKH 3URJUDPPLHUXQJ VDK YRU GD HU LP /DXI HLQHV 0RQDWV DQQlKHUQG GLHVHOEH (QWZLFNOXQJ GXUFKPDFKWH ZLH HLQ 1HXJHERUHQHV PHLQHU *HQHUDWLRQ LQ HLQHP -DKU 'DUDXI KDWWH GLH 3URMHNWOHLWXQJ :HUW JHOHJW 6LH ZROOWH LKU =LHO ² PLW DQGHUHQ :RUWHQ GHQ TXDVLKXPDQRLGHQ &DQWDUR GHQ &DURO 6KPLWW PLU EHL XQVHUHU HUVWHQ %HJHJQXQJ LP %LOG YRUJHIKUW KDWWH VR UDVFK ZLH P|JOLFK HUUHLFKHQ:HQQ3XFKWGHQ=XVWDQGN|USHUOLFKHU5HLIHHUUHLFKWKDWWHVRUJWHGLH 3URJUDPPLHUXQJ GHV *HQRPV GDIU GD GLH (U]HXJXQJ JHZLVVHU ZDFKVWXPVI|UGHUQGHU (Q]\PH DEJHVFKDOWHW ZXUGH 9RQ GD DQ ZUGH HU QLFKW UDVFKHUDOWHUQDOVVHLQH$UWJHQRVVHQGHUYRUDQJHJDQJHQHQ*HQHUDWLRQ 6HLQH $XVELOGXQJ ZUGH LQ HLQHP KDOEHQ 0RQDW EHJLQQHQ (LQ JXWHU 7HLO GHU $XVVWDWWXQJ GHV *URZHUGH5DXPV EHVWDQG DXV 6FKXOXQJVJHUlWHQ GLH DXI K\SQRVXJJHVWLYHU%DVLVDUEHLWHWHQ(UZUGHVFKQHOOOHUQHQ 7LFKWRQD XQG LFK ZDUHQ VWRO] DXI XQVHU 3URGXNW $OV GLH 1DFKW KHUHLQEUDFK JLQJHQ ZLU QDFK +DXVH XQG OLHEWHQ XQV DOV OlJH XQVHU (KUJHL] GDULQ HLQHQ ]ZHLWHQ 3XFKW ]X HU]HXJHQ QLFKW DXV GHU 5HWRUWH JH]RJHQ VRQGHUQ LP 0XWWHUOHLE DXVJHWUDJHQ ZLH HV XQWHU XQVHUHQ 9RUIDKUHQ YRU ODQJHU =HLW 6LWWH JHZHVHQZDU $OOHVQXUHLQ7UDXPQDWUOLFK8QVHUH)UXFKWEDUNHLWVPRGXOHVRUJWHQGDIUGDGHU $NWGHU/LHEHRKQH)ROJHQEOHLEHQZUGH $P QlFKVWHQ 7DJ HUVFKLHQ GHU 3URMHNWOHLWHU :HOOR %DQLU XQG ULHI PLFK ]X VLFK 1HEHQ&DURO6KPLWWZDUHUIUPLFKGDVV\PSDWKLVFKVWH0LWJOLHGGHU3URMHNWOHLWXQJ 6LHKDWWHQ]ZDUDOOHDFKWGLH$XUDGHU)UHXQGOLFKNHLWXQGGHV9HUVWlQGQLVVHVDEHU EHLPDQFKHQEHPHUNWHPDQDXFKHLQH6SXUYRQ$UURJDQ]YRQ+HUUVFKVXFKWRGHU GHP 9HUODQJHQ GLH HLJHQH hEHUOHJHQKHLW PLW MHGHU %HPHUNXQJ ]X 6FKDX ]X VWHOOHQ :HOOR%DQLUHPSILQJPLFKLQGHP5DXPGHQLFKYRQ]ZHL'XW]HQG%HVXFKHQKHU QXQVFKRQEHVWHQVNDQQWH ³,FKKDEHHXHU3URGXNWJHVHKHQXQGLQVSL]LHUWHU|IIQHWHHUGLH8QWHUKDOWXQJ³(V HQWVSULFKWXQVHUHQ(UZDUWXQJHQ'LUXQGGHLQHU0LWDUEHLWHULQJHOWHQXQVHU/REXQG XQVHUH$QHUNHQQXQJ ³,FK GDQNH GLU DQWZRUWHWH LFK PLW GHU JHERWHQHQ %HVFKHLGHQKHLW ³'X ZDUVW LQ GHP5DXPLQGHP3XFKWXQWHUJHEUDFKWLVW" ³3XFKW"IUDJWHHUYHUZXQGHUW ³6RKDEHQZLULKQJHQDQQW (LQPHUNZUGLJHU$XVGUXFNHQWVWDQGDXIVHLQHP*HVLFKW(UVDKDQPLUYRUEHLXQG HLQ SDDU 6HNXQGHQ ODQJ KDWWH LFK GDV *HIKO HU IlQGH ZHQLJ *HIDOOHQ DQ GHU :HQGXQJGLHGDV*HVSUlFKGXUFKPHLQHbXHUXQJJHQRPPHQKDWWH7DWVlFKOLFK NODQJHUVHKUHUQVWDOVHUZLHGHU]XVSUHFKHQEHJDQQ ³1LHPDQG ZLUG GLU EHOQHKPHQ GD GX HLQH $UW SHUV|QOLFKHU =XQHLJXQJ ]XP HUVWHQ3URGXNWGHLQHV=XFKWH[SHULPHQWVHQWZLFNHOVW$EHULFKZDUQHGLFK/DGDV *HIKO QLFKW EHUKDQGQHKPHQ 6FKDOWH GHLQH V\QWURQLVFKHQ %HZXWVHLQVPRGXOH

KLQ]X XQG PDFK GLU NODU GD HV VLFK KLHU ]ZDU XP FDQWDULVFKH ,QGLYLGXHQ DEHU QLFKWVGHVWRZHQLJHUXP=XFKWSURGXNWHKDQGHOWGLHDOOHLQLQGHU$EVLFKWJHVFKDIIHQ ZXUGHQGLH&DQWDUR]X%HKHUUVFKHUQGHU0LOFKVWUDH]XPDFKHQ-HW]WKDVWGX 3XFKW ,Q ZHQLJHQ 0RQDWHQ ZLUVW GX +XQGHUWH 7DXVHQGH YRQ &DQWDUR GHU ]ZHLWHQ*HQHUDWLRQDXVGHU5HWRUWH]LHKHQ:LUVWGX]XMHGHPHLQHSHUV|QOLFKH %H]LHKXQJHQWZLFNHOQ" ,FK VDK PHLQHQ )HKOHU HLQ :DV 7LFKWRQD XQG LFK IU 3XFKW HPSIDQGHQ ZDU IDOVFK :LU ZDUHQ :LVVHQVFKDIWOHU GLH HLQHQ $XIWUDJ ]X HUIOOHQ KDWWHQ NHLQ ³3DDUGDVPLWVHLQHPHUVWHQ6SU|OLQJHLQH³)DPLOLHJUQGHQZROOWH ,FKVDJWHZDVLFKHPSIDQGXQG:HOOR%DQLUVFKLHQEHIULHGLJW ³8P GHLQH IUKHUH )UDJH ]X EHDQWZRUWHQ VDJWH HU ³1HLQ LFK ZDU QLFKW LP 5DXPGHV=XFKWSURGXNWV(UPDFKWHHLQH*HVWHGLHGDV+HHUGHUWHFKQLVFKHQ *HUlWH XPIDWH³,FKNDQQPLFKYRQKLHUDXVEHU]HXJHQGDLKU9RU]JOLFKHV JHOHLVWHWKDEW ³:DQQVROOPLWGHU3URGXNWLRQEHJRQQHQZHUGHQ"IUDJWHLFK ³0DQZLUGGLU%HVFKHLGJHEHQDQWZRUWHWHHU³,FKKDEH]DKOUHLFKH'DWHQGLH DXVJHZHUWHW ZHUGHQ PVVHQ EHYRU PDQ GLH HQGJOWLJH (QWVFKHLGXQJ WULIIW 'X NDQQVWGLFKDXIGLH3URMHNWOHLWXQJYHUODVVHQ(LQHUYRQXQVLVWVWHWV]XU6WHOOH ZHQQGX,QIRUPDWLRQHQEUDXFKVW-HW]WJHKQDFK+DXVH 'DV WDW LFK ,FK YHUVXFKWH 7LFKWRQD ]X HUUHLFKHQ DEHU VLH ZDU LP /DERU ZLH PLU LKU 6HUYR YHUVLFKHUWH %HL GHU $UEHLW ZROOWH LFK VLH QLFKW VW|UHQ ,FK OLH .URFK PLU HLQH NOHLQH 0DKO]HLW ]XEHUHLWHQ XQG PDFKWH PLFK EHU GHQ +DXVFRPSXWHU GHU PLW GHP &RPSXWHUV\VWHP GHV /DERUV LQ 9HUELQGXQJ VWDQG DQ GLH 6LFKWXQJ GHU 'DWHQ GLH ZLU IU XQVHU QlFKVWHV $XI]XFKWH[SHULPHQW EUDXFKWHQ ,FKKDWWHGHQHUVWHQ%LVVHQQRFKQLFKWLP0XQGGDPHOGHWHVLFKGHU,QWHUNRP 'LHVPDO NRQQWH HV VLFK QLFKW XP HLQ 0LWJOLHG GHU 3URMHNWOHLWXQJ KDQGHOQ 'LH 3URMHNWOHLWHU KDWWHQ GLH $QJHZRKQKHLW GHQ (PSIlQJHU SHU )HUQVWHXHUXQJ HLQ]XVFKDOWHQ,FKULHIGHP6HUYR]XGDLFKEHUHLWVHLGDV*HVSUlFKDQ]XQHKPHQ (LQH%LOGIOlFKHOHXFKWHWHDXI7LFKWRQDV*HVLFKWHUVFKLHQ,FKHUVFKUDNGDVEODQNH (QWVHW]HQ IOLPPHUWH LQ LKUHQ $XJHQ 6LH KDWWH 0KH YHUVWlQGOLFKH :RUWH KHUYRU]XEULQJHQ ³*KHEURNKWHNRPPVFKQHOOVWDPPHOWHVLH³(WZDV)UFKWHUOLFKHVLVWJHVFKHKHQ 3XFKWLVWWRW 'LH HUVWHQ -DKUH PHLQHV /HEHQV KDWWHQ VLFK QLFKW JHUDGH LP WLHIVWHQ )ULHGHQ DEJHVSLHOW 6RZHLW LFK PLFK ]XUFNHULQQHUQ NDQQ ZDUHQ ZLU &DQWDUR ² DXVJHQRPPHQ GLH GLH QDFK $PDJRUWD JHIORJHQ ZDUHQ VWHWV LQ .lPSIH YHUZLFNHOW0DQKLHOWXQVIU%OLW]HUXQGVWHOOWHXQVQDFK:LUZHKUWHQXQVVRJXW ZLU NRQQWHQ XQG ZR *HJHQZHKU QLFKW VLQQYROO HUVFKLHQ QDKPHQ ZLU 5HLDXV ,P /DXIGHU-DKUHKDWWHVLFKDXIEHLGHQ6HLWHQDEJUXQGWLHIHU+DGHP)HLQGJHJHQEHU HQWZLFNHOW XQG GHU .ULHJ ZXUGH PLW HLQHU *UDXVDPNHLW JHIKUW GLH ]LYLOLVLHUWHU 9|ONHUQLFKWZUGLJZDU ,FK KDWWH PHLQHQ $QWHLO DQ %OXW 7RUWXU XQG 9HUVWPPHOXQJ JHVHKHQ $EHU ZDV VLFKPHLQHP%OLFNKLHULP*URZHUGH5DXPGDUERWEHUVWLHJDOOHVZDVPLUELVKHU

YRU$XJHQJHNRPPHQZDU $Q GHQ :lQGHQ NOHEWHQ ]X NOHLQHQ EOXWLJHQ )HW]HQ ]HUULVVHQ GLH hEHUUHVWH GHVVHQ ZDV HLQVW XQVHU /LHEOLQJ 3XFKW JHZHVHQ ZDU 1LFKWV OLH VLFK PHKU LGHQWLIL]LHUHQ ,Q HLQHU (FNH GHV 5DXPHV TXDOPWH HLQ DQGHUWKDOE 0HWHU WLHIHU .UDWHU 'LH :lQGH LQ GHU 1lKH GHV .UDWHUV ZDUHQ EUDQGJHVFKZlU]W XQG ZLHVHQ 6FKPHO]VSXUHQ DXI 'LH (LQULFKWXQJ GHV 5DXPHV ZDU ]HUVFKPHWWHUW XQG ZLOG GXUFKHLQDQGHUJHZLUEHOW(VPXWHVLFKHLQH([SORVLRQYRQXQYRUVWHOOEDUHU:XFKW KLHUHUHLJQHWKDEHQ'HU.UDWHUGUEHQLQGHU(FNHZDUYHUPXWOLFKGHU2UWDQGHP GHU 5RERWHU VHLQ (QGH JHIXQGHQ KDWWH $XFK YRQ LKP ZDUHQ QXU QRFK ZLQ]LJH )UDJPHQWHEULJ 7LFKWRQDKDWWHVLFKDQDQPLFKJHOHKQW,KU$WHPJLQJLQNXU]HQKHIWLJHQ6W|HQ 6LH U|FKHOWH XQG DXI GHU .XSSH GHV +LQWHUNRSIHV KDWWH VLFK 6FKZHL DQJHVDPPHOW $OO GDV ZDUHQ GLH W\SLVFKHQ 6\PSWRPH H[WUHPHU $QJVW )UDJORV KDWWH 7LFKWRQD HEHQVR ZLH LFK GLH V\QWURQLVFKHQ %HZXWVHLQVPRGXOH DNWLYLHUW $EHU GDV QW]WH XQV ZHQLJ 'DV (QWVHW]HQ ZDU GHUDUW LQWHQVLY GD HV GLH ORJLN VWDELOLVLHUHQGH7lWLJNHLWGHU0RGXOHJODWWEHUEUFNWH ³:DVLVWJHVFKHKHQ"IUDJWHLFK ³,FKZHLHVQLFKWDQWZRUWHWH7LFKWRQD³1LHPDQGZHLHV,FKKDEHGLH5RERWHU LP/DERUEHIUDJW6LHKDEHQNHLQH$KQXQJ ³'DV NDQQ QLFKW VHLQ ZLGHUVSUDFK LFK ³+LHU KDW VLFK HLQH NDWDVWURSKDOH ([SORVLRQ HUHLJQHW 'DV PX PDQ JHK|UW KDEHQ 'DV *HElXGH PX HUVFKWWHUW ZRUGHQVHLQ:RZDUVWGX" ³,FK ZDU GLH PHLVWH =HLW EHU LP /DERU ,FK YHUEUDFKWH HLQH KDOEH 6WXQGH DP JURHQ 5HIHUHQ]UHFKQHU *HJHQ 0LWWDJ KLHOW LFK PLFK LP 6SHLVHUDXP DXI XQG GDQQZDULFKHLQH=HLWODQJGUDXHQXPPLUGLH%HLQH]XYHUWUHWHQ:HQQGXPLFK IUDJVWZRLFK]XU=HLWGHU([SORVLRQZDUGDQQNDQQLFKGLUGDUDXIQLFKWDQWZRUWHQ ZHLOLFKQLFKWZHLZDQQGLH([SORVLRQVWDWWJHIXQGHQKDW ,FKZLHVDXIGLHhEHUUHVWHXQVHUHV=|JOLQJV ³:LU N|QQWHQ HLQH *HZHEHSUREH HQWQHKPHQ XQG YHUVXFKHQ GHQ =HLWSXQNW GHV 7RGHV]XHUPLWWHOQVFKOXJLFKYRU ³-DGDVN|QQWHQZLUDQWZRUWHWHVLH :LUVDPPHOWHQHLQSDDU+DXWIHW]HQHLQ9RP/DERUDXVYHUVXFKWHLFK.ODFKJKDQQ ]XHUUHLFKHQ(UZDUDEZHVHQGXQGNRQQWHQLFKWGLUHNWDQJHVSURFKHQZHUGHQ$EHU VHLQ 6HUYR YHUVSUDFK GLH 1DFKULFKW ZHLWHU]XOHLWHQ GLH LFK LKP EHUPLWWHOWH 'DQDFK EHIUDJWH LFK GLH LP /DERU VWDWLRQLHUWHQ 6SH]LDOURERWHU ,FK KDWWH QLFKW PHKU (UIROJ DOV 7LFKWRQD 6LH KDWWHQ QLFKWV JHK|UW QLFKWV UHJLVWULHUW ,FK ULHI GHU 5HLKHQDFK5HNKULRFK-RVDQJKDWWXQG)LPEUDLFKDQ$XFKVLHZDUHQDKQXQJVORV XQG]HLJWHQVLFKHQWVHW]WDOVLFKLKQHQYRQGHU.DWDVWURSKHEHULFKWHWH 'LH 6DFKH ZXUGH LPPHU UlWVHOKDIWHU ,FK UHFKQHWH MHGH 6HNXQGH GDPLW GD HQWZHGHU .ODFKJKDQQ RGHU HLQ 0LWJOLHG GHU 3URMHNWOHLWXQJ VLFK PHOGHWHQ 'LH 3URMHNWOHLWHU ZXWHQ GRFK VRQVW LPPHU EHU DOOHV %HVFKHLG :DUXP OLHHQ VLH MHW]W QLFKWVYRQVLFKK|UHQ"'DVHUVWHHUIROJUHLFKH=XFKWSURGXNWZDUYHUQLFKWHWZRUGHQ .PPHUWH VLH GDV QLFKW" 9HUWUDWHQ VLH HWZD GHQ 6WDQGSXQNW GD ZLU MHW]W QDFKGHP ZLU HLQH EUDXFKEDUH =XFKWPHWKRGH HQWZLFNHOW KDWWHQ .ORQH DP ODXIHQGHQ %DQG KHUVWHOOHQ N|QQWHQ XQG GHU 9HUOXVW HLQHV HLQ]HOQHQ HLQ YHUQDFKOlVVLJEDUHV3UREOHPGDUVWHOOH"

7LFKWRQD XQG LFK PDFKWHQ XQV DQ GLH $UEHLW 'UDXHQ ZDU LQ]ZLVFKHQ GLH 1DFKW KHUHLQJHEURFKHQ 7LFKWRQD KDWWH VLFK LQ]ZLVFKHQ HLQLJHUPDHQ EHUXKLJW DEHU ZLU OLHHQ GLH %HZXWVHLQVPRGXOH HLQJHVFKDOWHW :LU NRQQWHQ MHW]W NHLQH 6W|UXQJ GHU'HQNWlWLJNHLWEUDXFKHQ 'LH 3DUDPHWHU GHU ([SORVLRQ (QHUJLHHQWZLFNOXQJ 'UXFN 7HPSHUDWXU ZRP|JOLFK HLQ $QWHLO FKHPLVFKHU ([SORVLYVWRIIH ZDUHQ XQV XQEHNDQQW 'DV HUVFKZHUWHGLH$UEHLW*HZHEH]HUIlOOWDOOPlKOLFKQDFKGHPGHU7RGHLQJHWUHWHQLVW $EHU GLH =HUIDOOVUDWH KlQJW GDYRQ DE DXI ZHOFKH :HLVH XQG XQWHU ZHOFKHQ 8PVWlQGHQ GHU 7RG KHUEHLJHIKUW ZXUGH :LU DUEHLWHWHQ GLH 1DFKW KLQGXUFK =ZLVFKHQGXUFK ILHO PLU HLQ GD HV ZRKO YHUQQIWLJ VHL GHQ *URZHUGH5DXP DE]XVLFKHUQ 'LH 0|JOLFKNHLW OLH VLFK QLFKW DXVVFKOLHHQ GD HV KLHU LUJHQGZR HLQHQ6DERWHXUJDEGHUGLHHUVWH&KDQFHQW]HQZUGHGLH6SXUHQVHLQHU8QWDW ]XEHVHLWLJHQ,FKEHRUGHUWH]ZHLXQVHUHU5RERWHUYRUGHPHLQ]LJHQ=XJDQJ]XU ([SORVLRQVVWlWWH :DFKH ]X VWHKHQ 6LH EHVDHQ NHLQH :DIIHQ DEHU VLH ZUGHQ PLFK VRIRUW EHQDFKULFKWLJHQ ZHQQ MHPDQG VLFK GHP =XJDQJ LQ YHUGlFKWLJHU :HLVHQlKHUWH %HL6RQQHQDXIJDQJKDWWHQZLUHLQYRUOlXILJHV(UJHEQLVHU]LHOW 'LH 8QVLFKHUKHLW EHWUXJ SOXVPLQXV ]ZHL 6WXQGHQ 1DFK XQVHUHU 5HFKQXQJ KDWWH VLFK GLH ([SORVLRQ ]ZLVFKHQ XQG 8KU HUHLJQHW 'HU 6DPSVRQ7DJ ZDU LQ 6WXQGHQ HLQJHWHLOW GLH ELV DXI ZHQLJHU DOV HLQH 0LQXWHJHQDXGHU/lQJHGHULQ GHU 0LOFKVWUDH EOLFKHQ 6WDQGDUGVWXQGH HQWVSUDFKHQ ,FK VWXW]WH =ZLVFKHQ XQG8KUZDULFKEHL:HOOR%DQLUJHZHVHQ,P/DERUJHElXGHKDWWH ]ZDU QLHPDQG HWZDV YRQ GHU ([SORVLRQ EHPHUNW DEHU YRQ GHQ 3URMHNWOHLWHUQ ZXWHLFKLQ]ZLVFKHQGDVLHEHUDOOH9RUJlQJHLQGHU)RUVFKXQJVVWDWLRQVWHWV LQIRUPLHUWZDUHQ:DKUVFKHLQOLFKKDWWHPDQhEHUZDFKXQJVJHUlWHLQGLH:lQGH HLQJHEHWWHW ,FK ZXWH QLFKW ZLH ODQJH YRU XQG QDFK PHLQHP %HVXFK VLFK :HOOR %DQLU LQ VHLQHP QXU SHU 7UDQVPLWWHU ]XJlQJOLFKHQ 5DXP DXIJHKDOWHQ KDWWH $EHU GLH ([SORVLRQ NRQQWH XQP|JOLFK VWDWWJHIXQGHQ KDEHQ ZlKUHQG HU LP *HElXGH ZDU (U KlWWH VRIRUW UHDJLHUW ,Q GHU =HLWVSDQQH GLH YRQ ELV UHLFKWH XQG ZDKUVFKHLQOLFK QRFK HWOLFKH 0LQXWHQ GDYRU XQG GDQDFK XPIDWHZDU3XFKWDOVRQLFKWJHVWRUEHQ *HJHQ8KUYHUVXFKWHLFKQRFKHLQPDO.ODFKJKDQQ]XHUUHLFKHQ(UZDULPPHU QRFKXQWHUZHJV(VZDUGHP6HUYRQLFKWJHOXQJHQVLFKPLWLKPLQ9HUELQGXQJ ]X VHW]HQ 'HU &KHIDGPLQLVWUDWRU KDWWH RIIHQEDU VHLQ .RPPXQLNWLRQVJHUlW EORFNLHUW (LQ JURWHVNHU 9HUGDFKW IRUPWH VLFK LQ PHLQHP %HZXWVHLQ :DU .ODFKJKDQQ EHU GLH ([SORVLRQ LQIRUPLHUW XQG VFKLUPWH VLFK DE GDPLW HU VLFK QLFKWGDPLW]XEHIDVVHQEUDXFKWH" ,FK QDKP HLQH KDVWLJH 0DKO]HLW ]X PLU ZlKUHQG 7LFKWRQD ZHLWHU DQ GHQ *HZHEHSUREHQ DUEHLWHWH 6LH N|QQH QLFKWV HVVHQ EHKDXSWHWH VLH XQG DXFK LFK PXJHVWHKHQGDPLFKMHGHU%LVVHQLQGHU.HKOHZUJWH .XU]YRUVLHEHQHUKLHOWHQZLUXQHUZDUWHWHQ%HVXFK -RVDQJKDWW WUDW GXUFK GLH 7U 6HLQ *HVLFKW ZLUNWH EHVRUJW (U SIODQ]WH VLFK LQ HLQHQ 6HVVHO EHXJWH VLFK ZHLW QDFK YRUQH XQG OLH DXI GHQ %RGHQ VWDUUHQG HLQH 0LQXWHYHUVWUHLFKHQRKQHHLQ:RUW]XVDJHQ'DQQEHJDQQHU ³(XHU3URMHNWJHKWPLFKQLFKWVDQXQGZHQQLKUPHLQH7lWLJNHLWDOV(LQPLVFKXQJ HPSILQGHW PW LKU HV VDJHQ XQG LFK JHKH VRIRUW ZLHGHU $EHU LFK ELQ

:LVVHQVFKDIWOHUXQGNDQQHVQLFKWHUWUDJHQZHQQPLUHWZDVSUlVHQWLHUWZLUGZDV Y|OOLJXQYHUVWlQGOLFKLVWXQGREHQGUHLQGLH1DWXUJHVHW]H]XYHUOHW]HQVFKHLQW (UVDKPLFKDQ,FKPDFKWHGLH*HVWHGHU9HUQHLQXQJ ³.HLQH(LQPLVFKXQJ ³(LQH([SORVLRQYRQVROFKHU:XFKWPXZHLWKLQK|UXQGVSUEDUJHZHVHQVHLQ IXKU HU IRUW ³$EHU NHLQHU YRQ XQV KDW HWZDV JHK|UW DXFK GLH 5RERWHU QLFKW 6R HWZDVNDQQQXUJHVFKHKHQZHQQGHU2UWGHU([SORVLRQHQHUJHWLVFKDEJHVFKLUPW LVWXQG]ZDUPLWHLQHP)HOGVFKLUPGHUZHGHU6FKDOOQRFK'UXFNSDVVLHUHQOlW ,FKVXFKWHDOVRGHQ5DXPDXIGHQLKUGHQ*URZHUGH5DXPQHQQW ³+DEHQPHLQH5RERWHUGLFKQLFKWDXIJHKDOWHQ"IUDJWHLFKYHUZXQGHUW ³'HLQH 5RERWHU N|QQHQ HLQHQ $XWRULVLHUWHQ YRQ HLQHP 1LFKWDXWRULVLHUWHQ XQWHUVFKHLGHQ DQWZRUWHWH HU ³6LH OLHHQ PLFK JHZlKUHQ ,FK VXFKWH GLH :lQGH GHV 5DXPHV DE HU OHJWH GLH +lQGH LQHLQDQGHU XQG EHZHJWH VLH GUHKHQG KLQ XQGKHUXPGDV(QWVHW]HQ]XP$XVGUXFN]XEULQJHQGDVLKQEHLGHU(ULQQHUXQJ DQGLHJUDXVDPH6]HQHEHUNDP³XQGIDQGLQHLQHUHLQHQ+RKOUDXPLQGHPHLQ IUHPGDUWLJHV *HUlW XQWHUJHEUDFKW ZDU ,FK VFKQLWW GLH :DQG DXI XQG EHWUDFKWHWH GDV*HUlWRKQHHV]XEHUKUHQ(VLVWGDV3URGXNWHLQHUIUHPGHQ7HFKQLNXQGLFK KDEHQLFKWGLHJHULQJVWH$KQXQJZHOFKH)XQNWLRQHVYHUVLHKW ³,VWHVP|JOLFKGDGDV*HUlWGLH([SORVLRQDXVJHO|VWKDW"IUDJWHLFK ³1HLQ (U VSUDFK PLW %HVWLPPWKHLW ³'DV ZlUH ]XYLHO $XIZDQG JHZHVHQ ,FK ELQEHU]HXJWGDGDV*HUlWGHP=ZHFNGLHQWGHQLFKYRUKLQEHVFKULHEHQKDEH (V HU]HXJW HLQ HQHUJHWLVFKHV 6FKLUPIHOG GDV GDIU VRUJWH GD DXHUKDOE GHV *URZHUGH.DXPVYRQGHU([SORVLRQQLFKWVEHPHUNWZHUGHQNRQQWH ³:HU NDQQ HLQ ,QWHUHVVH DQ 3XFKWV 7RG KDEHQ" ZROOWH LFK ZLVVHQ 'LH )UDJH ZDU HKHU LP 6HOEVWJHVSUlFK JHVWHOOW DEHU -RVDQJKDWW IKOWH VLFK GHQQRFK DQJHVSURFKHQ ³1DFKPHLQHU$QVLFKWNRPPWQXU6DERWDJHLQ%HWUDFKWDQWZRUWHWHHU³(VLVW GHP)HLQGJHOXQJHQHLQHQ$JHQWHQQDFK6DPSVRQHLQ]XVFKOHXVHQ ³:HU LVW GHU )HLQG -RVDQJKDWW" EHVFKZRU LFK LKQ ³'HU HLQ]LJH HUQVW ]X QHKPHQGH )HLQG ZDUHQ GLH 7HUUDQHU XQG YLHOOHLFKW VLQG VLH HV QRFK $EHU LQ]ZLVFKHQ KDEHQ ZLU IUHLHQ =XJDQJ QDFK 7HUUD DOVR NDQQ GLH WHUUDQLVFKH *HIDKU VR JUR QLFKW PHKU VHLQ $XHUGHP VFKHLQWPLUGDV*HUlWYRQGHPGX VSULFKVW HLQHU 7HFKQLN ]X HQWVWDPPHQ GLH ZHVHQWOLFK ZHLWHUHQWZLFNHOW LVW DOV GLHGHU7HUUDQHU (UPDFKWHHLQH*HVWHGHU5DWORVLJNHLWXQGVWDQGDXI ³,FKZHLHVQLFKWVDJWHHU³$PPHLVWHQYHUEOIIWPLFKGLH6LQQORVLJNHLWGHV $QVFKODJV :DV QW]W GHU 7RG HLQHV .ORQV ZHQQ LKU ]ZHL LQ .U]H EHJLQQHQ ZHUGHW7DXVHQGHKHU]XVWHOOHQ(UZLQNWHPLWGHUOLQNHQ+DQG³*HKWXQGVHKW HXFKGDV*HUlWDQ9LHOOHLFKWIlOOWHXFKHWZDVGDEHLHLQ 7LFKWRQDXQGLFKJLQJHQ]XP*URZHUGH5DXP'HU$QEOLFNGHU9HUZVWXQJ PDFKWH XQV LPPHU QRFK ]X VFKDIIHQ $EHU ZLU NRQ]HQWULHUWHQ XQV DXI GLH gIIQXQJLQGHU:DQG'DV*HUlWGDV-RVDQJKDWWHQWGHFNWKDWWHZDUYHUZLQNHOW YHUGUHKW LP YRUGHUHQ 7HLO ZLH HLQ 6FKQHFNHQKDXV JHIRUPW (V VFKLOOHUWH LQ DOOHQ )DUEHQ GHV 6SHNWUXPV MH QDFKGHP DXV ZHOFKHP :LQNHO PDQ HV EHWUDFKWHWH ,FK NDQQWH NHLQH 7HFKQLN GLH *HUlWH YRQ GHUDUW YHUVFKUREHQHP bXHUHQ HU]HXJWH 7LFKWRQD ZROOWH GDV VHOWVDPH 'LQJ DXV GHU :DQGQLVFKH

KHUDXVQHKPHQDEHULFKYHUERWLKUGDV:DKUVFKHLQOLFKZDUGDV*HUlWPLWHLQHU 6LFKHUKHLWVVFKDOWXQJ YHUVHKHQ GLH HV ]XU ([SORVLRQ EUDFKWH ZHQQ HLQ 8QEHIXJWHUVLFKGDUDQ]XVFKDIIHQPDFKWH,QGLHVHU+LQVLFKWKDWWH-RVDQJKDWW Y|OOLJUHFKW:HOFKHP=ZHFNGDV'LQJGLHQWHOLHVLFKPLWGHQ.HQQWQLVVHQ GLHXQV]XU9HUIJXQJVWDQGHQQLFKWHQWUlWVHOQ ,FK EHUOLH 7LFKWRQD LKUHQ $UEHLWHQ XQG PDFKWH PLFK DXI GLH 6XFKH QDFK .ODFKJKDQQ ,FK ZDU :LVVHQVFKDIWOHU QLFKW 6LFKHUKHLWVVSH]LDOLVW 'LH 9HUDQWZRUWXQJ IU GDV ZDV QXQ ]X JHVFKHKHQ KDWWH PXWH GHU &KHIDGPLQLVWUDWRUEHUQHKPHQ0LUZlUHHVOLHEHUJHZHVHQLFKKlWWHPLWHLQHP 3URMHNWOHLWHU VSUHFKHQ N|QQHQ YRU]XJVZHLVH &DURO 6KPLWW RGHU :HOOR %DQLU $EHU GD GLH 3URMHNWOHLWXQJ VLFK QLFKW PHOGHWH XQG LFK DXFK NHLQH 0|JOLFKNHLW KDWWH PLW LKU YRQ PLU DXV 9HUELQGXQJ DXI]XQHKPHQ PXWH LFK PLFK DQ .ODFKJKDQQKDOWHQ0HLQHQ9HUGDFKWHUKlWWHYRQGHU([SORVLRQJHZXWKDWWH LFK OlQJVW DOV XQKDOWEDU DEJHWDQ (WZDV DQGHUHV HUVFKLHQ PLU YLHO ZDKUVFKHLQOLFKHU 'HU &KHIDGPLQLVWUDWRU KDWWH VLFK PLW VHLQHU .KDULPD LP UFNZlUWLJHQ 7HLO VHLQHV +DXVHV YHUVFKDQ]W XQG VWUHQJH $QZHLVXQJ HUODVVHQ GDHUQLFKWJHVW|UWZHUGHQGUIH.|QQHQ6HUYRVOJHQ"6LFKHUN|QQHQVLHGDV 6LH JHK|UHQ ]XU LQWHOOLJHQWHQ 3HULSKHULH GHV +DXVFRPSXWHUV XQG ZHUGHQ GHP (LJHQWPHUQXUPLWGHQ*UXQG]JHQGHU%DVLVSURJUDPPLHUXQJJHOLHIHUW$OOHV DQGHUHLVW6DFKHGHV%HVLW]HUV(UNDQQGHQ6HUYRVDJHQODVVHQZDVHUZLOO)U GHQ6HUYRLVWGLH$QZHLVXQJGHV(LJHQWPHUVREHUVWHV*HERW ,FKIXKUPLWPHLQHP*OHLWHU]X.ODFKJKDQQV+DXV'HU3I|UWQHUURERWOLHPLFK RKQH ZHLWHUHV HLQ DOOHUGLQJV HUVW QDFKGHP HU PLU YHUVLFKHUW KDWWH GD GHU &KHIDGPLQLVWUDWRU QLFKW DQZHVHQG VHL :DV KlWWH LFK DQGHUHV HUZDUWHQVROOHQ" 'HU 3I|UWQHU ]lKOWH ]XU KDOELQWHOOLJHQWHQ 3HULSKHULH GHV +DXVV\QWURQV XQG ZXUGHVHLQHUVHLWVYRP6HUYRLQVWUXLHUW ,FKZDUVFKRQPHKUPDOVLQ.ODFKJKDQQV+DXVJHZHVHQXQGGHQQRFKMHGHVPDO ZLHGHU EHHLQGUXFNW YRQ GHP /X[XV PLW GHP HU VLFK XPJHEHQ KDWWH *HOGPLWWHO XQG $UEHLWVNUlIWH VWDQGHQ LKP RIIHQEDU LQ QDKH]X XQEHVFKUlQNWHP 0D ]XU 9HUIJXQJ ,Q GHU (PSIDQJVKDOOH VFKZHEWH GHU 6HUYR HLQ JHOEOLFKOHXFKWHQGHU %DOO DXV (QHUJLH'HU%DOOVSUDFKQLFKWGLUHNW ]X PLU 'LH 6LJQDOH GLH HU DXVVDQGWH ZXUGHQ YRQ HLQHP (PSIlQJHU DXIJHQRPPHQ XQG LQ DNXVWLVFKH 6SUDFKH YHUZDQGHOW (V JDE LQ GLHVHU +DOOH PHKUHUH /DXWVSUHFKHU 9RQ GHQ /DXWVSUHFKHUQ WUDW MHZHLOV GHU LQ 7lWLJNHLW GHUGHP6HUYRDPQlFKVWHQZDU ³,FK EHGDXHUH GHU &KHIDGPLQLVWUDWRU LVW LPPHU QRFK QLFKW ]XUFNJHNHKUW ZXUGHPLUHUNOlUW ³%LVW GX VLFKHU GD HU VLFK QLFKW LP UFNZlUWLJHQ 7HLO GHV+DXVHVEHILQGHW" ZDJWHLFK]X]ZHLIHOQ ³$EVROXW VLFKHU DQWZRUWHWH GHU 6HUYR ³,FK KDEH LKQ ZHJIDKUHQ VHKHQ XQG ZHQQ GX GLFK EHU]HXJHQ ZLOOVW NDQQVW GX KLQXQWHU LQ GHQ $EVWHOOUDXP JHKHQXQGGLFKEHU]HXJHQGDVHLQ*OHLWHUQLFKWYRUKDQGHQLVW 'D]XKDWWHLFKNHLQH/XVW ³*HVFKLHKWHV|IWHUGD.ODFKJKDQQXQWHUZHJVLVWXQGGX LKQSHU)XQNQLFKW HUUHLFKHQNDQQVW" ³1LFKW RIW QXU KLQ XQG ZLHGHU ODXWHWH GLH $QWZRUW ³$XI 6DPSVRQ

JHVFKLHKW QLFKWV 'UDPDWLVFKHV GDV GLH VRIRUWLJH $XIPHUNVDPNHLW GHV &KHIDGPLQLVWUDWRUV HUIRUGHUWH 'HVZHJHQ LVW HU GHU $QVLFKW GD HU ZHQQ HU VLFK]XP%HLVSLHOLQHLQHUZLFKWLJHQ%HVSUHFKXQJEHILQGHWVLFKJHWURVWJHJHQ MHGH6W|UXQJVFKW]HQGDUI ³'XKDVWNHLQH$KQXQJLQZHOFKH5LFKWXQJHUVLFKJHZDQGWKDW"ZROOWHLFK ZLVVHQ ³'LH5LFKWXQJNDQQLFKGLUZRKOQHQQHQ(UIXKUQDFK1RUGRVWHQGDYRQ$EHU ZRHUVLFKLQGLHVHP$XJHQEOLFNDXIKlOWZHLLFKQLFKW +LHU ZDU DQ ,QIRUPDWLRQHQ QLFKWV ]X KROHQ ,FK PXWH PLU VHOEVW KHOIHQ (V EOLHEPLUQLFKWVDQGHUHVEULJDOVPLFKPLWGHQDQGHUHQ)RUVFKXQJVVWlWWHQLQ 9HUELQGXQJ]XVHW]HQXQGVLHGHU5HLKHQDFKDEIUDJHQRE.ODFKJKDQQVLFK GRUW EHILQGH 'DV WDW LFK DP EHVWHQ YRQ PHLQHP HLJHQHQ .RPPXQLNDWLRQVDQVFKOXDXV,FKZROOWHPLFK]XP*HKHQZHQGHQGDK|UWHLFK HLQGXPSIHV*UROOHQZLHYRQHLQHPIHUQHQ*HZLWWHU'HU6HUYRHUNOlUWH ³(VJLEW$ODUP,QGHU:RKQVLHGOXQJKDWVLFKHLQH([SORVLRQHUHLJQHW (U HPSILQJ GLH V\QWURQLVFKHQ 6LJQDOH PLW GHQHQ GLH URERWLVFKHQ 6LFKHUKHLWVHLQKHLWHQ LQ GHQ (LQVDW] EHRUGHUW ZXUGHQ 6HNXQGHQ VSlWHU K|UWH LFK6LUHQHQKHXOHQ,FKVWUPWH]XU7UKLQDXVXQGVFKZDQJPLFKLQPHLQHQ *OHLWHU ,FKVDKYRQZHLWHPVFKRQGLH4XDOPZRONHLQGHU/XIWVWHKHQ,FKPDQ|YULHUWH GHQ *OHLWHU PLW +|FKVWJHVFKZLQGLJNHLW XQG ZHQLJH $XJHQEOLFNH VSlWHU VHW]WH LFK YRU GHQ 7UPPHUQ GHV +DXVHV DXI LQ GHP -RVDQJKDWW JHZRKQW KDWWH 0HLQ %HZXWVHLQ DUEHLWHWH LPPHU QRFK LP V\QWURQLVFKHQ 0RGXV GDKHU KLHOW PHLQ 6FKUHFN VLFK LQ *UHQ]HQ -RVDQJKDWW PXWH XP GLHVH =HLW DP IUKHQ 0RUJHQ LP /DERU VHLQ $EHU GDQQ ILHO PLU HLQ GD HU XQV NXU] YRU VLHEHQ DXIJHVXFKWDOVRZDKUVFKHLQOLFKDXFKGLH1DFKWKLQGXUFKJHDUEHLWHWKDWWH 6FKDUHQYRQ5RERWHUQVRUWLHUWHQGLH7UPPHUGHV+DXVHV'LH:LUNXQJGHU ([SORVLRQ KDWWH VLFK DXI GLHVHV HLQH *HElXGH EHVFKUlQNW 'LH 1DFKEDUKlXVHU ]XU5HFKWHQXQG/LQNHQLQGHQHQ)LPEUDLFKXQG5HNKULRFKZRKQWHQZDUHQ XQEHVFKlGLJW 2UJDQLVFKH :HVHQ ZDUHQ QLFKW ]X VHKHQ ,FK ZDQGWH PLFK DQ HLQHQGHU5RERWHU ³:DU-RVDQJKDWWLP+DXVDOVVLFKGLH([SORVLRQHUHLJQHWH"IUDJWHLFK ³(VZDUHLQ:HVHQLP+DXVZXUGHPLUJHDQWZRUWHW³:HUHVZDUN|QQHQZLU QLFKWHQWVFKHLGHQ'DVKDEHQGLH6SH]LDOLVWHQ]XWXQ ³(V ZDU -RVDQJKDWW VDJWH HLQH VFKULOOH 6WLPPH KLQWHU PLU ³(U LVW WRW 6LH KDEHQ LKQ YRU HLQ SDDU 0LQXWHQ DEWUDQVSRUWLHUW ² GDV ZDV YRQ LKP EULJJHEOLHEHQLVW ,FK KDWWH PLFK VFKRQ EHL GHQ HUVWHQ :RUWHQ XPJHGUHKW (V ZDU )LPEUDLFK GHU ]XPLUVSUDFK,FKKDWWHLKQQLFKWNRPPHQVHKHQ ³:RKHUZHLWGXGDV"IUDJWHLFK ³:HU VRQVW KlWWH LQ VHLQHP +DXV VHLQ VROOHQ" 6HLQH .KDULPD LVW QRFK DQ GHU $UEHLW (U ZDU ]ZDQ]LJ 6WXQGHQ XQXQWHUEURFKHQ DXI GHQ %HLQHQ *HJHQ DFKW 8KUKHXWHPRUJHQEHUOHJWHHUREHUVLFKYRP0LNURPHGHLQHVWLPXOLHUHQGH ,QMHNWLRQ YHUDEUHLFKHQ ODVVHQ RGHU OLHEHU ]XU 5XKH JHKHQ VROOH (U HQWVFKLHG VLFKIUGDVOHW]WHUHXQGJLQJQDFK+DXVH (VZDUIDVW]XYLHOZDVLQGHQYHUJDQJHQHQ6WXQGHQDXIPLFKHLQVWUPWH,FK

VSUWH ZLH GHU HPRWLRQDOH 6FKRFN GLH VWDELOLVLHUHQGH :LUNXQJ GHU 6\QWURQ 0RGXOH]XGXUFKVFKODJHQEHJDQQ ³:DVKDWGLH([SORVLRQYHUXUVDFKW"ZROOWHLFKZLVVHQ ³'DVLVWQRFKQLFKWEHNDQQW:LUZHUGHQHVHUVWLQHLQSDDU6WXQGHQHUIDKUHQ 'LH 7UPPHU GHV +DXVHV TXDOPWHQ QRFK $EHU GDV VW|UWH GLH 5RERWHU QLFKW +LW]H PDFKWH LKQHQ QLFKWV DXV 6LH JHK|UWHQ ]X GHQ 6SH]LDOHLQKHLWHQ GHV 6LFKHUKHLWVGLHQVWHV XQG ZXWHQ ZDV VLH ]X WXQ KDWWHQ 6LH VWDSHOWHQ GLH 7UPPHUVWFNH]XEHLGHQ6HLWHQGHV)XQGDPHQWV(VVWDQGDXHU=ZHLIHOGD GLH8UVDFKHGHU([SORVLRQLQNXU]HU=HLWHUPLWWHOWZHUGHQZUGH ³'DVJLEWXQV]XGHQNHQQLFKWZDKU"EHJDQQ)LPEUDLFKYRQQHXHP ³:LHPHLQVWGXGDV" ³-RVDQJKDWWZDUHLQVHKUZLEHJLHULJHU&KDUDNWHUDQWZRUWHWHHU³$OVLKUXQV YRQ GHU ([SORVLRQ LP $XI]XFKWUDXP EHULFKWHWHW YRQ GHU QLHPDQG HWZDV EHPHUNW KDWWH OLH LKP GDV NHLQH 5XKH (U XQWHUEUDFK VHLQH $UEHLW XQG JLQJ QDFKVFKDXHQ 'DQDFK EHVXFKWH HU HXFK LQ HXUHP /DERU ,FK QHKPH DQ HU KDW HWZDVJHIXQGHQVRQVWZlUHHUQLFKW]XHXFKJHNRPPHQ ³'DVLVWULFKWLJ(UKDW )LPEUDLFKZLFKYRUPLU]XUFNXQGYHUVFKUlQNWHGLH$UPHEHUGHP.RSI(V ZDUGLH*HVWHGHUDEVROXWHQ$EOHKQXQJ ³,FKZLOOQLFKWVK|UHQIXKUHUPLFKDQ*OHLFKGDUDXIZXUGHVHLQH6WLPPHHLQ ZHQLJ UXKLJHU ³,VW GLU GHU *HGDQNH QRFK QLFKW JHNRPPHQ GD -RVDQJKDWW VWHUEHQPXWHZHLOHUHWZDVJHIXQGHQKDWWHGDVHUQLFKWKlWWHILQGHQGUIHQ" (U ZDQGWH VLFK XP XQG VFKULWW GDYRQ ,FK VDK LKQ XP GLH (FNH VHLQH +DXVHV ELHJHQ6HLQ*OHLWHUZDUKLQWHUGHP+DXVJHSDUNW:HQLJH6HNXQGHQVSlWHUK|UWH LFK GDV 7ULHEZHUN VXPPHQ 'DV )DKU]HXJ NDP KLQWHU GHP +DXV KHUYRU XQG QDKP .XUV DXIV /DERUJHElXGH )LPEUDLFK YRP 7RG GHV )UHXQGHV HUVFKUHFNW XQGYHUlQJVWLJWZDUDXIGHP:HJ]XU$UEHLW ,FKNHKUWH]XPHLQHP+DXV]XUFN)LPEUDLFKV9HUGDFKWKDWWHPLFKVRVHKULQ 1DFKGHQNOLFKNHLW YHUVHW]W GDLFKPHLQHQ*OHLWHUHLQIDFKDXIGHU6WUDHVWHKHQ OLHGLHDQGHQ:RKQJHElXGHQYRUEHLULQJVXPGHQ/DERUNRPSOH[IKUWH=ZHL 7RWH LQQHUKDOE VR NXU]HU =HLW DXI HLQHU :HOW DXI GHU VLFK ZLH .ODFKJKDQQV 6HUYR EHKDXSWHWH QLFKWV 'UDPDWLVFKHV HUHLJQHWH ZDU GDV QLFKW *UXQG ]XU 6RUJH" 'HU ,QWHUNRP DNWLYLHUWH VLFK DXI =XUXI ,FK QDQQWH GHQ 5XINRGH GHV /DERUV ,P $XJHQEOLFN ZDU HV PLU JOHLFKJOWLJ RE LFK 7LFKWRQD EHL GHU $UEHLW VW|UWH RGHU QLFKW$OVLKU%LOGHUVFKLHQVDKLFKLKUDQGDVLHYHUVW|UWZDU6LHPXWHLQGHQ YHUJDQJHQHQ 6WXQGHQ ZHLWHUH (UNHQQWQLVVH HU]LHOW KDEHQ GLH VLH YRQ QHXHP LQ $QJVWYHUVHW]WHQ,KUH$XJHQWUlQWHQ ³:DVJHKWKLHUYRU7LFKWRQD"IUDJWHLFK³:HLWGXYRQ-RVDQJKDWW" ³1HLQVFKULOOWHVLH ³(ULVWWRW6HLQ+DXVZXUGHGXUFKHLQH([SORVLRQ]HUVW|UW9RQ-RVDQJKDWWVHOEVW IDQGPDQQXUQRFK6WFNH 6LH YHUVFKODQJ GLH +lQGH LQHLQDQGHU 6LH ILQJ DQ XQNRQWUROOLHUW ]X VFKUHLHQ ,FK ZDUWHWHELVVLHVLFKHLQLJHUPDHQEHUXKLJWKDWWH,FKZROOWHHLQH)UDJHVWHOOHQDEHU VLHNDPPLU]XYRU ³*KHEURNKWHHVKDWQLFKWHLQHVRQGHUQ]ZHL([SORVLRQHQJHJHEHQVDJWHVLH³(LQH

GDYRQ KDW GHQ .UDWHU LQ GHQ%RGHQJHULVVHQXQGGHQ5RERWHUYHUQLFKWHW'DVZDU GLH]ZHLWH%HLGHUHUVWHQZDU3XFKWVHOEVWGHU([SORVLRQVN|USHU (VJLEW'LQJHGLHEULQJHQGHQ9HUVWDQGDXFKGDQQDXVGHP*OHLFKJHZLFKWZHQQ VHLQH7lWLJNHLWYRQV\QWURQLVFKHQ0RGXOHQJHVWW]WZLUG,FKEUDFKWHHLQH=HLWODQJ NHLQHQ7RQKHUYRU6WDWWGHVVHQVSUDFK7LFKWRQDZHLWHU ³,FKKDEHPLUQRFKPHKUYRQGHQhEHUUHVWHQEHVRUJW(VJLEWNHLQHQ=ZHLIHOGDUDQ GD 3XFKW YRQ HLQHU ([SORVLRQ JHW|WHW ZXUGH GLH VLFK LP ,QQHUQ VHLQHV .|USHUV HUHLJQHWH 3XFKW VWDUE QLFKW ZHLO GHU 5RERWHU GHWRQLHUWH (U ZDU VFKRQ YRUKHU QLFKWPHKUGD ,Q VROFKHQ $XJHQEOLFNHQ ZHQQ GDV %HZXWVHLQ XP GLH LQQHUH 6WDELOLWlW NlPSIW EULQJWPDQQLFKWLPPHUGLHLQWHOOLJHQWHVWHQbXHUXQJHQ]XVWDQGH ³:LHNDQQVRHWZDVJHVFKHKHQ"IUDJWHLFKQDLY ³,FK KDEH HLQHQ YDJHQ +LQZHLV DQWZRUWHWH 7LFKWRQD ]X PHLQHU hEHUUDVFKXQJ ³,FKKDEHGLH$XI]HLFKQXQJHQGXUFKJHVHKHQGLHZlKUHQGGHV:DFKVWXPSUR]HVVHV LQ GHU 5HWRUWH DQJHIHUWLJW ZXUGHQ 3XFKW EHVD HLQ 2UJDQ GDV LQ XQVHUHU *HQSURJUDPPLHUXQJQLFKWYRUJHVHKHQZDU(VLVWHLQ)RUWVDW]GHUDXVGHUIQIWHQ +HU]NDPPHU ZlFKVW 'HU )RUWVDW] LVW YRQ PHUNZUGLJHU FKHPLVFKHU =XVDPPHQVHW]XQJ XQG GLH 'XUFKOHXFKWXQJ ]HLJW VXEPLNURVNRSLVFKH (LQVFKOVVH GLH QLFKWRUJDQLVFKHU 1DWXU VLQG *KHEKURNKWH LFK ZHL QLFKW PHKU ZRPLW LFK HV ]XWXQKDEH,UJHQGMHPDQGVDERWLHUWXQVHUH$UEHLW ³6SULFKQLFKWZHLWHUEDWLFKVLH³,FKELQLQHLQSDDU0LQXWHQEHLGLU ,FK VWUPWH DXV GHP +DXV %HLP +LQDXVJHKHQ VWHOOWH PLU .URFK HLQH )UDJH ,FK DFKWHWH QLFKW GDUDXI ,FK ZROOWH VR UDVFK ZLH P|JOLFK LP /DERU VHLQ XQG VXFKWH QDFKPHLQHP*OHLWHUDQGHU6WHOOHDQGHULFKLKQEOLFKHUZHLVHSDUNWH'DQQILHO PLUHLQGDLFKLKQPLWWHQDXIGHU6WUDHKDWWHVWHKHQODVVHQ-RVDQJKDWWV+DXVZDU LQ]ZLVFKHQYROONRPPHQDXVHLQDQGHUVRUWLHUWZRUGHQ1XUQRFKGLHEODQNH3ODWWHGHV )XQGDPHQWV EOLHE EULJ 'LH 6SH]LDOURERWHU GHV 6LFKHUKHLWVGLHQVWV ZDUHQ DEJH]RJHQ $QLKUHU6WHOOHEHVFKlIWLJWHQVLFKSULPLWLYHUH0DVFKLQHQGLH7UPPHU DXI 7UDQVSRUWJOHLWHU ]X YHUODGHQ GHUHQ =LHO YHUPXWOLFK LUJHQGHLQ PLU XQEHNDQQWHV /DERUZDULQGHPPDQYHUVXFKHQZUGHGLH8UVDFKHGHU([SORVLRQ]XHUPLWWHOQ ,FK VWLHJ LQ PHLQHQ *OHLWHU XQG OLH LKQ LQ GLH +|KH VFKLHHQ ,FK EUDXFKWH HLQH KDOEH 0LQXWH XP GHQ (LQJDQJ ]X HUUHLFKHQ YRQ GHP DXV LFK DP UDVFKHVWHQ ]X XQVHUHP /DERU JHODQJWH 'LH /DERUWU |IIQHWH VLFK YRU PLU 8QVHUH 6SH]LDOURERWHU VFKZHEWHQ UHJORV DQ GHQ 5XKHSOlW]HQ GLH ZLU LKQHQ ]XJHZLHVHQ KDWWHQ$EHUYRQ7LFKWRQDZDUNHLQH6SXU ³:RLVW7LFKWRQD"KHUUVFKWHLFKGLH5RERWHUDQ 6LHDQWZRUWHWHQQLFKW-HPDQGKDWWHVLHGHDNWLYLHUW1XUQRFKGHU$QWLJUDYDQWULHE IXQNWLRQLHUWH XQG HU]HXJWH GLH NQVWOLFKHQ 6FKZHUHIHOGHU DXI GHQHQ LKUH DXV 0HWDOO XQG .XQVWVWRII JHIHUWLJWHQ /HLEHU UXKWHQ ,FK VWLHJ ]ZLVFKHQ GHQ *HUlWHQ XPKHU 7LFKWRQD ZUGH GHQ 5DXP QLFKW YHUODVVHQ KDEHQ QDFKGHP LFK LKU YRU NQDSSYLHU0LQXWHQYHUVLFKHUWKDWWHLFKZlUHDXIGHP:HJKLHUKHU ,FK IDQG VLH VFKOLHOLFK 6LH ODJ ]ZLVFKHQ ]ZHL ([SHULPHQWDOUHWRUWHQ ]\OLQGULVFKHQ *HELOGHQ YRQ ]ZHL 0HWHUQ +|KH XQG DFKW]LJ =HQWLPHWHU 'XUFKPHVVHU6LHODJDXIGHP5FNHQ,KU/HLEZDUHLQHHLQ]LJH%UDQGIOlFKH -HPDQGKDWWHVLHPLWHLQHP7KHUPREODVWHUHUVFKRVVHQ 'LH :XW JLQJ PLW PLU GXUFK ,FK IXKU DXI GHQ QlFKVWHQ 5RERWHU ]X 0LW GHP

EOLFKHQ%HIHKOVZRUWYHUVXFKWHLFKLKQ]XDNWLYLHUHQ(UUHDJLHUWHQLFKW$QGHU 6HLWH WUXJ HU HLQ NOHLQHV %HKlOWQLV LQ GHP GLH %HGLHQXQJVHOHPHQWH GHV .RQWUROOV\VWHPV XQWHUJHEUDFKW ZDUHQ ,FK QDKP HLQH 5HLKH YRQ 6FKDOWXQJHQ YRU GLH EOLFKHUZHLVH VHOEVW GHQ DXI GLH XQWHUVWH (EHQH GHU $NWLYLWlW JHVXQNHQHQ 5RERWHU ZLHGHU KlWWH DXIZHFNHQ VROOHQ $EHU DXFK GDPLW KDWWH LFK NHLQHQ(UIROJ'LH5RERWHUZDUHQWRWDODEJHVFKDOWHWQXUGHU$QWLJUDYJHQHUDWRU DUEHLWHWHQRFK+LHUNRQQWHLFKQLFKWVDXVULFKWHQ,FKYHUVWDQGHLQH0HQJHYRQ .\EHUQHWLN $EHU KLHU EHGXUIWH HV HLQHV 6SH]LDOLVWHQ GLH 0DVFKLQHQ ZLHGHU LQ *DQJ]XVHW]HQ 'HU =RUQ YHUUDXFKWH DOOPlKOLFK DXV 0DQJHO DQ HLQHP 2EMHNW DQ GHP HU VLFK KlWWHDXVWREHQN|QQHQ,FKKDWWHQLFKWHLQPDOHLQH$KQXQJZHUIU7LFKWRQDV 7RGYHUDQWZRUWOLFKVHLQN|QQWH'LH9HUZLUUXQJVHW]WHHLQXQGGDQQNDPGHU 6FKPHU] ,FK VWUHLFKHOWH GDV :HVHQ GDV PHLQH .KDULPD JHZHVHQ ZDU 7URW] GHUVWDELOLVLHUHQGHQ:LUNXQJGHU%HZXWVHLQVPRGXOHSDFNWHPLFKGLH7UDXHU PLWVROFKHU*HZDOWGDLFKXQNRQWUROOLHUW]X]LWWHUQEHJDQQ 'DQQ OHLVWHWH LFK HLQHQ 6FKZXU 0LW GHP 5HVW GHV =RUQHV GHU PLU QRFK JHEOLHEHQ ZDU JHOREWH LFK GHQMHQLJHQ ]X ILQGHQ GHU 7LFKWRQD JHW|WHW KDWWH XQG LKQ ]X ULFKWHQ 0LW GHP 6FKZXU NDP QHXH .UDIW ,FK VWDQG DXI (V JDE 'LQJH]XWXQ:RLPPHU.ODFKJKDQQVLFKYHUVWHFNWKDOWHQPRFKWH(UPXWH JHIXQGHQZHUGHQ+LHUZDUHLQhEHOWl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|USHU DQ 2UW XQG 6WHOOH HLQJHlVFKHUW ZXUGH 9RP /DERU IKUWH HLQ EUHLWHU .RUULGRU ]X GHP $XVJDQJ YRU GHP LFK PHLQHQ *OHLWHU JHSDUNW KDWWH ,FK KDWWH GLH 7U IDVWHUUHLFKWGDK|UWHLFKHLQH6WLPPH6LHVFKLHQ DXVGHU:DQG]XNRPPHQ,FKHUVWDUUWHPLWWHQLQGHU%HZHJXQJ(VZDUQLFKWGLH $UW XQG :HLVH ZLH LFK DQJHVSURFKHQ ZXUGH GLH PLFK EHUUDVFKWH HV ZDU GLH 6WLPPHVHOEVW,FKNDQQWHVLH1LHZUGHLFKVLHYHUJHVVHQ6LHVSUDFK,QWHUNRVPR ³,FKKDEHGLFKVFKRQHLQPDOJHZDUQW*KHEURNKWH1HXJLHUGHLVWHLQHVFKlQGOLFKH &KDUDNWHUHLJHQVFKDIW'XELVWHLQIlKLJHU:LVVHQVFKDIWOHUXQGZLUN|QQHQGLFKJXW JHEUDXFKHQ :HQQ GX DEHU QLFKW DXIK|UVW GLFK XP 'LQJH ]X NPPHUQ GLH GLFK QLFKWVDQJHKHQGDQQPVVHQZLUXQVYRQGLUWUHQQHQ ,FK ZDU YHUZLUUW XQG HUVFKUHFNW 7URW]GHP EUDFKWH LFK LUJHQGZLH GLH .UDIW DXI ]X IUDJHQ ³:HUELVWGX":HUVSULFKWGD" ³'XNHQQVWGLH$QWZRUW,FKKDEHVLHGLUEHUHLWVJHJHEHQ 'DVZDUULFKWLJ'LH:RUWHGLHHUDXI7HUUD]XPLUJHVSURFKHQKDWWHNODQJHQPLU QRFK LQ GHQ 2KUHQ 'DPDOV EHKHUUVFKWH LFK GDV ,QWHUNRVPR QRFK QLFKW ,FK KDWWH PLU QXU GHQ .ODQJ VHLQHU 6WLPPH PHUNHQ N|QQHQ XQG PLFK LP EULJHQ DXI GHQ 7UDQVODWRUYHUODVVHQ³,FKELQHLQ+HUUGHU6WUDHQKDWWHHUJHVDJW

,FK VWHXHUWH DXI PHLQ +DXV ]X $OV LFK .URFK GHQ +DXVURERWHU YRU GHU (LQJDQJVWUVFKZHEHQVDKVWXW]WHLFK:DVKDWWHHUGRUW]XVXFKHQ"6HLQ3ODW] ZDU LP ,QQHUQ GHV +DXVHV 1XU DXI EHVRQGHUH $QZHLVXQJ GXUIWH HU GDV +DXV YHUODVVHQ ,FKZHLKHXWHQRFKQLFKWZDUXPHVDXVJHUHFKQHW.URFKV$QEOLFNZDUGHUPLU GLH $XJHQ |IIQHWH $EJHVHKHQ GDYRQ GD HU JHJHQ HLQH DXVGUFNOLFKH :HLVXQJ YHUVWRHQ KDWWH ZDU GHU 5RERW YHUPXWOLFK JDQ] KDUPORV (V PX GDV 8QJHZ|KQOLFKH GHU 6LWXDWLRQ JHZHVHQ VHLQ GDV LQ PHLQHP %HZXWVHLQ HWZDV ZDFKUWWHOWH XQG =XVDPPHQKlQJH NODUOHJWH GLH PLU ELVKHU YHUERUJHQ JHZHVHQ ZDUHQ ,FKKDWWHGHQ*OHLWHUDQJHKDOWHQ'DV)DKU]HXJVFKZHEWHHLQHQ0HWHUEHUGHP %RGHQ +LQWHU PLU JOlQ]WH GLH .RQNULWSODWWH DXI GHU -RVDQJKDWWV +DXV JHVWDQGHQKDWWHLP6RQQHQOLFKW:DUXPKDWWH-RVDQJKDWWVWHUEHQPVVHQ":HLO HU QHXJLHULJ JHZRUGHQ ZDU XQG GDV *HUlW PLW GHP VFKQHFNHQKDXVI|UPLJHQ 9RUEDX LQ GHU :DQG GHV *URZHUGH5DXPV HQWGHFNW KDWWH ,FK DEHU KDWWH GDV *HUlW DXFK JHVHKHQ :DU -RVDQJKDWW HLQ ZHQLJHU IlKLJHU :LVVHQVFKDIWOHU DOV LFK" hEHUPlLJH %HVFKHLGHQKHLW ZDU QLFKW HLQHU PHLQHU KHUYRUVWHFKHQGHQ &KDUDNWHU]JH$EHUYRQ-RVDQJKDWWPXWHLFK]XJHEHQGDHUPLQGHVWHQVHLQH 6WXIHEHUPLUVWDQG 8QG ZDV ZDU PLW 7LFKWRQD" 6LH KDWWH QLFKW HKHU 5XKH JHJHEHQ DOV ELV VLH IHVWJHVWHOOW KDWWH GD 3XFKW YRQ LQQHQ KHUDXV H[SORGLHUW ZDU 6LH KDWWH GHQ PHUNZUGLJHQ :XFKV DQ GHU IQIWHQ +HU]NDPPHU GHV (PEU\RV JHIXQGHQ XQG HUPLWWHOW GD HU LQ XQVHUHP *HQSURJUDPP QLFKW HQWKDOWHQ ZDU 6LH KDWWH 'LQJH HQWGHFNWGLHZLUQLFKWKlWWHQZLVVHQVROOHQ'HVZHJHQKDWWH7LFKWRQDVWHUEHQPVVHQ :DVDEHU7LFKWRQDJHZXWKDWWHGDVZXWHLFKDXFK 'LH:RUWHGHV+HUUQGHU6WUDHQKDWWHQVRJHNOXQJHQDOVZROOHPDQPLWPLUQRFK HLQ ZHQLJ *HGXOG KDEHQ *HGXOG IU *KHEURNKWH 7RG IU -RVDQJKDWW XQG 7LFKWRQD":HQQLFKGDVJODXEWHGDQQZDULFKHLQ1DUUGHUVHLQ6FKLFNVDOYHUGLHQW KDWWH ,FK ZDU DQJHORJHQ ZRUGHQ ,FK VWDQG JHQDXVR DXI GHU 7RWHQOLVWH ZLH PHLQH .KDULPD XQG GHU IlKLJVWH 0LNURELRORJH GHV FDQWDULVFKHQ 9RONHV :DKUVFKHLQOLFK ZDUWHWH GHU 7RG GULQQHQ LP +DXV DXI PLFK 9LHOOHLFKW VROOWH LFK DXI GLHVHOEH $UW XQG :HLVH LQ GLH /XIW JHVSUHQJW ZHUGHQ ZLH -RVDQJKDWW :DU GDV GHU *UXQG ZDUXP.URFKYRUGHU7UVFKZHEWH" 9RQGHU.RQVROHGHV*OHLWHUVDXVVHW]WHLFKPLFKPLW.URFKLQ9HUELQGXQJ ³(V KDW LP /DERU HLQHQ 7RGHVIDOO JHJHEHQ VDJWH LFK VR UXKLJ ZLH P|JOLFK ³,FK PDFKH PLFK DXI GLH 6XFKH QDFK .ODFKJKDQQ (U PX XQWHU DOOHQ 8PVWlQGHQ KHUEHLJHVFKDIIWZHUGHQ ³'LH,QIRUPDWLRQLVWJHVSHLFKHUWDQWZRUWHWH.URFK ,FKVFKZHQNWHGHQ*OHLWHUKHUXPXQGVHW]WHLKQDXI1RUGRVWNXUV,QGLHVH5LFKWXQJ KDWWHVLFK.ODFKJKDQQODXW$XVNXQIWVHLQHV6HUYRVJHZDQGW,Q:LUNOLFKNHLWKDWWH LFK PLW GHP &KHIDGPLQLVWUDWRU QLFKWV PHKU LP 6LQQ (U PRFKWH HEHQVRJXW PLW GHQHQ GLH IU -RVDQJKDWWV XQG 7LFKWRQDV 7RG YHUDQWZRUWOLFK ZDUHQ ]XVDPPHQDUEHLWHQ ,FK ZDU DXI 6DPSVRQ QLFKW PHKU VLFKHU ,FK PXWH GLHVH :HOW YHUODVVHQ ,Q GHQ %HUJHQ lQGHUWH LFK GLH )OXJULFKWXQJ XQG QDKP .XUV DXI GHQ 5DXPKDIHQ

,FKZXWHQLFKWZLHGLHhEHUZDFKXQJVHLQULFKWXQJHQDXI6DPSVRQIXQNWLRQLHUWHQ 'DV ZDU HLQHV GHU 'LQJH XP GLH LFK PLFK QLFKW ]X NPPHUQ KDWWH $EHU HLQHV VFKLHQPLUVLFKHU-HUDVFKHULFKKDQGHOWHGHVWRJU|HUZDUGLH:DKUVFKHLQOLFKNHLW GDLFKHQWNDP'LH+DIHQNRQWUROOHZUGHPLUQLFKWYHUELHWHQGLH&+$.7238 08.+,1 ZDU PHLQ 6FKLII 'DV KDWWH GHU 6XSUHPNRPPDQGHXU 7KRQNDUU EHJODXELJWXQGEHVLHJHOW(LQPLWZLFKWLJHQ$XIJDEHQEHIDWHU:LVVHQVFKDIWOHU YRQ PHLQHP .DOLEHU KDWWH MHGHU]HLW GDV 5HFKW DQ %RUG VHLQHV 5DXPVFKLIIV ]X JHKHQ HWZD XP DXV GHP %RUGUHFKQHUZLFKWLJH'DWHQDE]XUXIHQ,FKZDUQXU GDQQLQ*HIDKUZHQQLQ]ZLVFKHQHLQH6XFKPHOGXQJHUJDQJHQZDU'D]XPWH MHPDQG 9HUGDFKW JHVFK|SIW KDEHQ GD LFK ]X IOLHKHQ EHDEVLFKWLJWH :LH ZDKUVFKHLQOLFK GLHVH 0|JOLFKNHLW ZDU NRQQWH LFK QLFKW EHXUWHLOHQ ,FK PXWH HVHLQIDFKGDUDXIDQNRPPHQODVVHQ $OV LFK GLH *UHQ]H GHV 5DXPKDIHQV EHUIORJ PHOGHWH LFK PLFK EHL GHU .RQWUROOH (LQ &DQWDUR YRQ XQVFKHLQEDUHP bXHUHQ QDKP PHLQHQ $QUXI HQWJHJHQ ³:LVVHQVFKDIWOHU *KHEURNKWH VDJWH LFK ³,FK EHQ|WLJH 'DWHQ DXV GHP 6\QWURQ PHLQHV 6FKLIIHV GHU &+$.723808.+,1 ,FK JHKH DQ %RUG XQG ZHUGH PLFKHLQH=HLWODQJGRUWDXIKDOWHQ ,FKVDKLKQ]XU6HLWHEOLFNHQ9HUPXWOLFKKDWWHHUHLQH%LOGIOlFKHDNWLYLHUWXQG YHUJHZLVVHUWHVLFKGDGLH&+$.723808.+,1WDWVlFKOLFKPLUJHK|UWH ³,FK KDEH NHLQHQ (LQZDQG :LVVHQVFKDIWOHU *KHEURNKWH DQWZRUWHWH HU QDFK ZHQLJHQ6HNXQGHQ 'LH 9HUELQGXQJ EUDFK DE ,FK HPSIDQG (UOHLFKWHUXQJ 'HQ *OHLWHU OLH LFK XQPLWWHOEDUQHEHQGHP6FKLIIVWHKHQ(LQSDDU0HWHUKDWWHLFK]X)X]XJHKHQ XP ELV ]X GHP NQVWOLFKHQ 6FKZHUHIHOG ]X JHODQJHQ GDV PLFK DQ %RUG KRE 'DV )HOG ZDU QLFKW VWlQGLJ YRUKDQGHQ (V ZDU YRQ HLQHP 6HQVRU DNWLYLHUW ZRUGHQGHUPLFKKDWWHNRPPHQVHKHQ,FKEHZHJWHPLFKPLWVFKHLQEDUJU|WHU *HODVVHQKHLW1LHPDQGVROOWHPLUDQVHKHQGDLFKDPOLHEVWHQJHUDQQWZlUHVR VFKQHOOPLFKGLH%HLQHWUXJHQXPVREDOGZLHP|JOLFKDQ%RUG]XVHLQ(LQPDO LP,QQHUQGHV6FKLIIHVZRPLFKQLHPDQGPHKUVDKNRQQWHLFKGDQQDOOH(LOH HQWZLFNHOQ QDFK GHU PLU ]XPXWH ZDU ,FK HUUHLFKWH GHQ .RPPDQGRUDXP LQ 5HNRUG]HLW ,FK KDWWH GDPLW JHUHFKQHW GDV 6FKLII OHHU ]X ILQGHQ 'LH %HVDW]XQJ RKQHKLQ QXU DXV ZHQLJHQ 6SH]LDOLVWHQ EHVWHKHQG ZDU LQ HLQHP GHU *HElXGH DP 5DXPKDIHQ HLQTXDUWLHUW 6LH ZXUGH DOOH VHFKV 0RQDWH DEJHO|VW ZHLO PDQ QLHPDQG ]XPXWHQ NRQQWH VLHEHQ -DKUH ODQJ DQ HLQ XQG GHPVHOEHQ 2UW DXI GHQ $XJHQEOLFN]XZDUWHQLQGHPGLH&+$.723808.+,1YRQ6DPSVRQVWDUWHWH -HW]W ZXUGH GLH 6DFKH NULWLVFK 'DV $QODXIHQ GHV )HOGWULHEZHUNVGDXHUWHHWZD 0LQXWHQ ,UJHQGHLQ (QHUJLHVHQVRU ZUGH GLH 6WUHXHPLVVLRQ GHU *HQHUDWRUHQ UHJLVWULHUHQ XQG HLQH 0HOGXQJ DQ GLH +DIHQNRQWUROOH GXUFKJHEHQ 'HQ .RQWUROOHXUHQPXWHGDVYHUGlFKWLJ]XPLQGHVWDEHUPHUNZUGLJHUVFKHLQHQ'LH )UDJHZDUOHGLJOLFKZLHUDVFKGLH%HQDFKULFKWLJXQJGXUFKGHQ6HQVRUHUIROJWH %HL PHLQHP (LQWULWW KDWWH VLFK HLQ 6HUYR DNWLYLHUW (U VFKZHEWHEHUGHU.RQVROH GLHPLW0HXQG$Q]HLJHJHUlWHQEHUVlWZDU ³)HOGWULHEZHUNHLQVFKDOWHQEHIDKOLFKLKP ,UJHQGZR WLHI XQWHU PLU EHJDQQ HV OHLVH ]X UXPRUHQ 'DV 7ULHEZHUN VHOEVW DUEHLWHWH Y|OOLJ JHUlXVFKORV $EHU GLH *HQHUDWRUHQ ² GDV KHLW GLH 3XPSHQ GLH

/HLVWXQJDXVGHQ+\SHUHQHUJLHWDQNVVRJHQEUXPPWHQHLQZHQLJ )QI 0LQXWHQ YHUJLQJHQ ,FK KDWWH GHP 6HUYR DXIJHWUDJHQ GHQ 6\QWURQ LQ %HWULHE ]X QHKPHQ 'HU $XWRSLORW ZXUGH DNWLYLHUW ,FK QDQQWH LKP HLQ YRUOlXILJHV =LHO HLQHQILNWLYHQ3XQNWLQ/LFKWMDKUHQ(QWIHUQXQJ9RUOlXILJZXWHLFKQRFKQLFKW ZRKLQLFKPLFKHQGJOWLJZHQGHQZUGH )DVW]HKQ0LQXWHQZDUHQYHUJDQJHQDOVVLFKGLH+DIHQNRQWUROOHPHOGHWH ³:LVVHQVFKDIWOHU *KHEURNKWH ,Q GHLQHP 6FKLII LVW GDV )HOGWULHEZHUN DNWLYLHUW ZRUGHQ:HOFKHVLVWGHU=ZHFN" ,FK DQWZRUWHWH QLFKW VRIRUW 6FKOLHOLFK ZDU LFK PLW GHU (QWQDKPH YRQ 'DWHQ DXV GHP V\QWURQLVFKHQ 6SHLFKHU EHVFKlIWLJW (UVW QDFK HLQ SDDU 6HNXQGHQ IDQG LFK PLFKEHUHLW]XHUNOlUHQ ³,FK QHKPH HLQH 7ULHEZHUNVSUIXQJ YRU $XI GHU .RQVROH ZDU HLQH )HKOIXQNWLRQ DQJH]HLJW ³'X KlWWHVW GLH WHFKQLVFKH hEHUZDFKXQJ EHQDFKULFKWLJHQ VROOHQ VDJWH GHU .RQWUROOHXU LQ WDGHOQGHP 7RQIDOO ³'LH %HVHLWLJXQJ YRQ )HKOIXQNWLRQHQ LVW LKUH $XIJDEH ³8QVLQQ ZLHV LFK LKQ ]XUHFKW ³,FK NHQQH PLFK PLW GLHVHP6FKLIIEHVVHUDXVDOV MHGHU ,QJHQLHXU 'LH 3UIXQJ LVW LQ ZHQLJHQ 0LQXWHQ EHHQGHW 6W|U PLFK QLFKW ZHLWHU,FKELQPLWGHP%RUGUHFKQHUEHVFKlIWLJW 'DV VFKLHQ LKQ ]XIULHGHQ]XVWHOOHQ (U XQWHUEUDFK GLH 9HUELQGXQJ (V ZlUH YHUZXQGHUOLFK JHZHVHQ KlWWH HUQLFKWGHQ9HUGDFKWJHVFK|SIWLFKZROOH6DPSVRQ YHUODVVHQ :DV LKQ ZDKUVFKHLQOLFK EHUXKLJWH ZDU GHU 8PVWDQG GD VLFK NHLQH %HVDW]XQJ DQ %RUG EHIDQG (U WUDXWH PLU QLFKW ]X HLQ 5DXPVFKLII DOOHLQH ]X IOLHJHQYLHOOHLFKWPHLQWHHUVRJDUGDGLH&+$.723808.+,1JDUQLFKWYRQ HLQHP HLQ]HOQHQ $VWURQDXWHQ JHIORJHQ ZHUGHQ N|QQH :DV HU QLFKW ZXWH ZDU HUVWHQV GD GLH &+$.723808.+,1 HLQ 6FKLII PRGHUQVWHU %DXDUW ZDU GDV QRWIDOOV YRP $XWRSLORWHQ RKQH %HLKLOIH HLQHV RUJDQLVFKHQ :HVHQV NRQWUROOLHUW XQG JHVWHXHUW ZHUGHQ NRQQWH XQG ]ZHLWHQV GD LFK HLQ YROO DXVJHELOGHWHU $VWURQDXW ZDU 'LH 0LQXWHQ VFKOLFKHQ WUlJH GDKLQ 'LH $Q]HLJH GHU (LQVDW]EHUHLWVFKDIW TXlOWH VLFK DXI KRFK :DV PLU 6RUJH EHUHLWHWH ZDU GD LFK EHU GLH 9HUWHLGLJXQJVHLQULFKWXQJHQ GHU :HOW 6DPSVRQ DEVROXW QLFKWV ZXWH (V ZDU P|JOLFKGDPDQGDV)HXHUDXIPLFKHU|IIQHWHZHQQLFKRKQH(UODXEQLVVWDUWHWH'LH &+$.723808.+,1 EHVD OHLVWXQJVIlKLJH 6FKXW]VFKLUPH :LH JUR ZDU GLH /HLVWXQJGHU*HVFKW]HGHUSODQHWDULVFKHQ9HUWHLGLJXQJ" )QI]HKQ 0LQXWHQ ZDUHQ YHUVWULFKHQ 'LH (LQVDW]EHUHLWVFKDIW ZXUGH PLW DQJH]HLJW'DVPXWHJHQJHQ,FKEHIDKOGHP$XWRSLORWHQ]XVWDUWHQ0HLQ6FKLII KREJHKRUVDPYRP%RGHQDE=ZHL6HNXQGHQYHUVWULFKHQGDEHJDQQGHU,QWHUNRP ]XSOlUUHQ ³&+$.723808.+,1GDVLVWHLQXQHUODXEWHU6WDUW'XNHKUVWVRIRUWDXIGHLQHQ /DQGHSODW]]XUFN ,QHLQHU+|KHYRQDFKWKXQGHUW0HWHUQDNWLYLHUWHLFKGLH6FKXW]VFKLUPH'XUFKHLQH 6WUXNWXUOFNHJLQJPHLQH$QWZRUWDQGLH+DIHQNRQWUROOH ³,FKKDEHVRHEHQHLQHQGULQJHQGHQ$QUXIYRP6XSUHPNRPPDQGRHUKDOWHQ,FKELQ DXIGHP:HJQDFK6FKRWVFKL,FKELWWHQDFKWUlJOLFKXP6WDUWHUODXEQLV ,Q]ZLVFKHQ ZDU GDV *HVLFKW GHV .RQWUROOHXUV DXI GHU %LOGIOlFKH HUVFKLHQHQ (U

ZLUNWH YHUZLUUW $OOHLQ GLH (UZlKQXQJ GHV 6XSUHPNRPPDQGRV KDWWH LKP HLQHQ 6FKUHFNHQHLQJHMDJW ³,FKZHUGHPLFKYHUJHZLVVHUQVDJWHHU³9RUOlXILJKDVWGXQRFKNHLQH(UODXEQLV ]XVWDUWHQ ³'XNDQQVWGLFKQXUEHLP&KHIDGPLQLVWUDWRUYHUJHZLVVHUQKLHOWLFKLKPHQWJHJHQ ³,FK KDEH LKQ 7DJ XQG 1DFKW JHVXFKW XQG QLUJHQGZR JHIXQGHQ ,FK ZQVFKH GLU PHKU *OFN DOV LFK HV KDWWH ,Q GHU =ZLVFKHQ]HLW KDEH LFK HV HLOLJ 'DV 6XSUHPNRPPDQGROlWPDQQLFKWZDUWHQ (U EOLFNWH PLFK YHU]ZHLIHOW DQ (LQHV 7DJHV ZUGH VLFK KHUDXVVWHOOHQ GD HU PLFK XQWHU NHLQHQ 8PVWlQGHQ KlWWH HQWNRPPHQ ODVVHQ GUIHQ 'DQQ GURKWH LKP GLH 9HUEDQQXQJ ZHQQ QLFKW QRFK 6FKOLPPHUHV (LQVWZHLOHQ DEHU ZDUHUQLFKWVLFKHU RE PDQ PHLQH $QJDEH EHU GHQ $QUXI GHV 6XSUHPNRPPDQGRV QLFKW GRFK HUQVW QHKPHQPVVH,FKKlWWHLKPGLHVHV'LOHPPDJHUQHHUVSDUW$EHUKLHUJLQJHVXP PHLQ /HEHQ XQG MHGHVPDO ZHQQ LFK PLU GDV %LOG PHLQHU WRWHQ .KDULPD LQ (ULQQHUXQJ]XUFNULHIZXFKVPHLQH(QWVFKORVVHQKHLW $OV LFK YLHUWDXVHQG .LORPHWHU EHU 6DPSVRQ VWDQG OHXFKWHWH SO|W]OLFK GHU 5DXP DXI 'LH 6FKXW]VFKLUPH IODFNHUWHQ 'LH SODQHWDULVFKH $EZHKU KDWWH GDV )HXHU HU|IIQHW $EHU MHW]W NRQQWH VLH PLU QLFKWV PHKU DQKDEHQ 'LH &+$.7238 08.+,1EHVFKOHXQLJWHPLW+|FKVWZHUWHQ(VIROJWHQQRFK]ZHLZHLWHUH6FKVVH GLHMHGRFKEHLGHGDV=LHOYHUIHKOWHQ0LWWOHUZHLOHZDUGDV6FKLIILQGHQ%HUHLFK UHODWLYLVWLVFKHU *HVFKZLQGLJNHLW HLQJHWUHWHQ XQG $XJHQEOLFNH VSlWHU GLULJLHUWH HVGHU$XWRSLORWLQGHQ+\SHUUDXP $P =LHOSXQNW OLH LFK GLH *HVFKZLQGLJNHLW ²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|HU ,FKHPSIDQG0GLJNHLW,FKZDUDXVJHODXJWOHHULQ.|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lIWLJHQKDWWH,FKPXWHGLH YLHOHQ (LQGUFNH VRUWLHUHQ GLH LFK ZlKUHQG GHU YHUJDQJHQHQ -DKUH XQG EHVRQGHUV LQ GHQ OHW]WHQ 7DJHQ JHZRQQHQ KDWWH ,FK PXWH PLFK RULHQWLHUHQ ,FK EUDXFKWH HLQ =LHO DQ GDV LFK PLFK ZHQGHQ NRQQWH $EHU ]XYRU PXWH LFK ZLVVHQ YRU ZHP LFK PLFK LQ DFKW ]X QHKPHQ KDWWH XQG ZHQ LFK DOV )UHXQG

EHWUDFKWHQGXUIWH %HLP 1DFKGHQNHQ ZUGH GHU 6\QWURQ PLU EHKLOIOLFK VHLQ ,FK YHU]LFKWHWH DXI GHQ (LQVDW] PHLQHU HLJHQHQ %HZXWVHLQVPRGXOH 'HU %RUGUHFKQHU ZDU LKQHQ EHL ZHLWHP EHUOHJHQ ,FK EHJDQQ PHLQH *HGDQNHQ ]X RUGQHQ XQG VSUDFK GDEHL KDOEODXW YRU PLFK KLQ 'HU 6HUYR ZUGH PHLQH :RUWH LQ GHQ &RPSXWHU ZHLWHUOHLWHQGHUGDQQVRIRUWPLWGHU$QDO\VHEHJLQQHQNRQQWH ³*DQ] REHQ VWHKHQ GLH +HUUHQ GHU 6WUDHQ EHJDQQ LFK ³6LH HUWHLOHQ GHP 6XSUHPNRPPDQGR %HIHKOH 'HP GXUFKVFKQLWWOLFKHQ &DQWDUR LVW GLH ([LVWHQ] GHU +HUUHQ GHU 6WUDHQ XQEHNDQQW (U KlOW GDV 6XSUHPNRPPDQGR IU GLH REHUVWH ,QVWDQ] 8QG ZDV LVW GLH 3URMHNWOHLWXQJ" :LH IJW VLH VLFK LQV 6FKHPD GHU+LHUDUFKLH" ,FKIXKUIRUWQDFK]XGHQNHQXQGPXUPHOWHZLHLP6HOEVWJHVSUlFKYRUPLFKKLQ 7KRQNDUUKDWWHPLFK]XUHFKWJHZLHVHQDOVLFKLKQHLQHQ³ZHLVHQ+HUUQQDQQWH 'HU 7LWHO VHL IU DQGHUH UHVHUYLHUW KDWWH HU JHVDJW $EHU HU KDWWH VLFK QLFKW GDUEHU DXVODVVHQ ZROOHQ ZHU GLHMHQLJHQ ZDUHQ GLH GLHVH %H]HLFKQXQJ IU VLFK EHDQVSUXFKWHQ 'DUEHU KDWWH LFK HUVW VSlWHU HWZDV HUIDKUHQ (LQHU GHU VLFK HLQHQ +HUUQ GHU 6WUDHQ QDQQWH KDWWH PLFK DXI 7HUUD DQJHVSURFKHQ ,FK KDWWHLKQQLFKW]XVHKHQEHNRPPHQDEHUPHLQH1HXJLHUGHZDUJHZHFNWZRUGHQ 'HQQGHQ7LWHO³+HUUHQGHU6WUDHQKDWWHQGLH$UFKlRQWHQJHWUDJHQYRQGHQHQ GDV 1HW] GHU 6FKZDU]HQ 6WHUQHQVWUDHQ HLQJHULFKWHW ZRUGHQ ZDU 9HUNHKUVZHJH GLH PLW GHQ JLJDQWLVFKHQ (QHUJLHPHQJHQ 6FKZDU]HU /|FKHU DUEHLWHWHQ XQG HV HQWVSUHFKHQG DXVJHVWDWWHWHQ 5DXPVFKLIIHQ HUP|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lWHUZLHGHUDXI6DPSVRQHUVFKLHQKDWWHHUOHGLJOLFK]X VDJHQ JHZXW GD GLH +HUUHQ GHU 6WUDHQ GLHMHQLJHQ ZDUHQ GLH GDV 6XSUHPNRPPDQGREHDXIVLFKWLJHQGDVLHLKUHQ6LW]LP6ROV\VWHPKDWWHQMHQHP 6\VWHP DOVR ]X GHP DXFK GHU 3ODQHW 7HUUD JHK|UWH XQG GD VLH GHQ 7LWHO ³:HLVH+HUUHQWUXJHQ'DKDWWHLFKQDWUOLFKDXIJHKRUFKW'HVZHJHQDOVRKDWWH 7KRQNDUUPLFK]XUHFKWJHZLHVHQDOVLFKLKQPLWGLHVHU$QUHGHDQVSUDFK :DUHQ GLH +HUUHQ GHU 6WUDHQ &DQWDUR" &DURO 6KPLWW KDWWH GLH )UDJH SRVLWLY EHDQWZRUWHW,QGLHVHU+LQVLFKWJODXEWHLFKLKP'DV9RONGHU&DQWDURKlWWHHV QLFKW ]XJHODVVHQ GD $UWIUHPGH GLH 0DFKW DQ VLFK ULVVHQ (V ZDU VFKRQ VFKOLPP JHQXJ GD GLH 0LWJOLHGHU GHU 3URMHNWOHLWXQJ ZLH 7HUUDQHU DXVVDKHQ ZHQQVLHDXFKQLHPDOV]XJHJHEHQKDWWHQWHUUDQLVFKHU+HUNXQIW]XVHLQ 'XUFK GLH JHVDPWH +LHUDUFKLH YRQ GHQ +HUUHQ GHU 6WUDHQ EHU GLH 3URMHNWOHLWXQJ ELV ]XP 6XSUHPNRPPDQGR XQG ZHLWHU KLQDE LQV JHZ|KQOLFKH 9RON]RJVLFKGDV3ULQ]LSGHU*HKHLPKDOWXQJ1LHPDQGGXUIWHPHKUZLVVHQDOV HU ]X ZLVVHQ EUDXFKWH ,FK ZDU PHKUPDOV GDUDXI KLQJHZLHVHQ ZRUGHQ GD GDV ZDVLFKIUOHJLWLPH:LEHJLHUGHKLHOWLQ:LUNOLFKNHLWVFKlGOLFKH1HXJLHUZDU

'LH +HLPOLFKWXHUHL HU]HXJWH JURWHVNH $XVZFKVH 6R ZDU LQ]ZLVFKHQ EHNDQQW GDHVLP%HUHLFKGHU0LOFKVWUDHPHKUHUH%UXWZHOWHQYRP7\S6DPSVRQVJDE :LVVHQVFKDIWOHU ZDUHQ GDUDQ JHZ|KQW ,QIRUPDWLRQHQ XQWHUHLQDQGHU DXV]XWDXVFKHQ :DUXP HUODXEWH PDQ XQV QLFKW PLW XQVHUHQ .ROOHJHQ LQ DQGHUHQ )RUVFKXQJV XQG =XFKWVWDWLRQHQ ]X NRPPXQL]LHUHQ" :LU KlWWHQ XQV JHJHQVHLWLJDXVKHOIHQN|QQHQ'HU)RUWVFKULWWZlUHUDVFKHUJHZHVHQ :HU KDWWH 7LFKWRQD XQG -RVDQJKDWW JHW|WHW" 6LH KDWWHQ GHQ 8OWLPDWHQ 3UHLV IU LKUH:LEHJLHUGHEH]DKOW6RVLFKHUZLHLFKZXWHGDLFKKLHUDQGHU.RQVROH VDVRVLFKHUZXWHLFKDXFKGDLFKDOVQlFKVWHUDXIGHU/LVWHJHVWDQGHQKDWWH $EHUZHUZDUIUGLH0RUGHYHUDQWZRUWOLFK"7KRQNDUUGHU6XSUHPNRPPDQGHXU KDWWHPLFKYRUYHUGHUEOLFKHU1HXJLHUGHJHZDUQW'LHVHOEH$UWYRQ:DUQXQJZDU YRQ&DURO6KPLWWXQG:HOOR%DQLUDXVJHVSURFKHQZRUGHQ$PHLQGULQJOLFKVWHQ DEHU KDWWH GHUMHQLJH DXI PLFK HLQJHUHGHW GHQ LFK QLH ]X *HVLFKW EHNRPPHQ KDWWH XQG GHU VLFK DOV +HUU GHU 6WUDHQ EH]HLFKQHWH :HQ VROOWH LFK IU GHQ 9HUGlFKWLJHQKDOWHQ" $Q GLHVHU 6WHOOH PHOGHWH VLFK GHU 6\QWURQ ]XP HUVWHQPDO ]X :RUW 'XUFK GLH ODXWXQGVWLPPIRUPHQGHQ0HFKDQLVPHQGHV6HUYRVHUNOlUWHHU ³,Q HUVWHU /LQLH YHUGlFKWLJ HUVFKHLQW PLU GLH 3URMHNWOHLWXQJ 6LH QLPPW LP 5DKPHQ GHU +LHUDUFKLH RIIHQEDU HLQH 6RQGHUVWHOOXQJ HLQ XQG VFKHLQW =LHOH ]X YHUIROJHQ GLH PLW GHQHQ GHU +HUUHQ GHU 6WUDHQ XQG GHV 6XSUHPNRPPDQGRV QLFKWLPPHULGHQWLVFKVLQG ³:LHVLHKVWGXGLHKLHUDUFKLVFKH6WUXNWXU" ³'DVZLOOLFKGLUJOHLFK]HLJHQVDJWHGHU6\QWURQ 'DQQSURGX]LHUWHHUGDV%ORFNGLDJUDPPGDVPDQLPQDFKIROJHQGHQVLHKW +HUUHQGHU6WUDH _ 3URMHNWOHLWXQJ _ 6XSUHPNRPPDQGR _ 'LHFDQWDULVFKH)ORWWH _ 'DVFDQWDULVFKH9RON ³'DV REHUVWH 1LYHDX GHU .RPPDQGRVWUXNWXU VWHOOHQ GLH +HUUHQ GHU 6WUDHQ GDUIXKUGHU6\QWURQIRUWQDFKGHPLFK=HLWJHKDEWKDWWHPLUGDV'LDJUDPP DQ]XVHKHQ ³8QWHU GHQ +HUUHQ EHILQGHW VLFK GDV 6XSUHPNRPPDQGR 'DV 6XSUHPNRPPDQGR JHELHWHW EHU GLH FDQWDULVFKH )ORWWH XQG GD ZLU HLQH PLOLWlULVFK RUJDQLVLHUWH *HVHOOVFKDIW VLQG GDUI PDQ JHWURVW VDJHQ GD GLH =LYLOLVWHQGDVFDQWDULVFKH9RONQRFKXQWHUGHU)ORWWHUDQJLHUHQ ,QWHUHVVDQW LVW GHU 6WDWXV GHU 3URMHNWOHLWXQJ 6LH LVW ]ZLVFKHQ GHQ +HUUHQ GHU 6WUDHQ XQG GHP 6XSUHPNRPPDQGR DQJHVLHGHOW DEHU QLFKW LQ HLQHU /LQLHQIXQNWLRQ VRQGHUQ LQ HLQHU 6WDEVIXQNWLRQ 'LH 3URMHNWOHLWXQJ NDQQ GHP 6XSUHPNRPPDQGR NHLQH %HIHKOH HUWHLOHQ REZRKO VLH DQ K|KHUHU 6WHOOH LQ GHU +LHUDUFKLH VWHKW 'LH 3URMHNWOHLWXQJ LVW OHGLJOLFK GHQ +HUUHQ GHU 6WUDHQ

YHUDQWZRUWOLFK XQG VFKHLQW HLQH $UW (OLWlU%HZXWVHLQ HQWZLFNHOW ]X KDEHQ GXUFKGDVVLHVLFKEHUHFKWLJWIKOWHLJHQHQ,QWHUHVVHQQDFK]XJHKHQ ³'DV LVW HLQH 'HXWXQJ DQWZRUWHWH LFK ³,FK ZHL QLFKW RE GX UHFKW KDVW 'X EH]HLFKQHVWGLH3URMHNWOHLWHUDOVGLHLQHUVWHU/LQLH9HUGlFKWLJHQ:DUXPKDEH LFKGDQQVWHWVGHQ(LQGUXFNJHKDEWGLH0LWJOLHGHUGHU3URMHNWOHLWXQJVHLHQGLH IUHXQGOLFKVWHQYHUVWlQGQLVYROOVWHQ:HVHQGHQHQLFKMHEHJHJQHWELQ" ³(EHQ GDV KDW PLFK VWXW]LJ JHPDFKW HUNOlUWH GHU 6\QWURQ ³+DVW GX MHPDOV YRQK\SQRSVLRQLVFKHQ*HQHUDWRUHQJHK|UW" ³6HOEVWYHUVWlQGOLFK ³,FKYHUPXWHGDMHGHU3URMHNWOHLWHUHLQVROFKHV*HUlWPLWVLFKKHUXPWUlJW'HU *HQHUDWRUKOOWLKQZLHGXVDJVWLQHLQH$XUDGHU)UHXQGOLFKNHLW$OVGXPLU GLH 3URMHNWOHLWHU VFKLOGHUWHVW ILHO PLU DXI GD VLH DOOH YRQ XQWHUVFKLHGOLFKHU (UVFKHLQXQJ MHGRFK JOHLFKHP &KDUDNWHU ZDUHQ DOOH IUHXQGOLFK DOOH YHUVWlQGQLVYROO6RHWZDVJLEWHVLQGHUUHDOHQ:HOWQLFKW 1DWUOLFK KDWWH HU UHFKW :DUXP KDWWH LFK GLH 6DFKH QLH DXV GLHVHU 3HUVSHNWLYH JHVHKHQ" ,FK HULQQHUWH PLFK DQ GLH )UDJHQ XQG =ZHLIHO GLH PLFK QlFKWHODQJ JHTXlOW KDWWHQ $EHU GDQQ ZHQQ GHU QlFKVWH 3URMHNWOHLWHU DXI 6DPSVRQ HUVFKLHQXQGPLFK]XVLFKULHIZDUDOOH8QVLFKHUKHLWEHVHLWLJW:DUXPZDUPLU QLFKWGHU9HUGDFKWJHNRPPHQGDKLHUHLQHVXJJHVWLYH%HHLQIOXVVXQJYRUOLHJHQ PVVH" 'LH 3URMHNWOHLWXQJ DOVR" ,FK GDFKWH DQ &DURO 6KPLWW XQG :HOOR %DQLU IU GLH LFK IDVW VR HWZDV ZLH 9HUHKUXQJ HPSIXQGHQ KDWWH ,FK KDWWH LKUH XQJHKHXUH )DFKNHQQWQLVEHZXQGHUWXQGPLFKEHUMHGHV/REJHIUHXW:HOOR%DQLUZDUDXI 6DPSVRQ JHZHVHQ NXU] EHYRU -RVDQJKDWW XQG 7LFKWRQD VWDUEHQ :DU HU GHU 0|UGHU" :HQQ PDQ GDYRQ DXVJLQJ GD GHU 3URMHNWOHLWXQJ WDWVlFKOLFK GDUDQ JHOHJHQ ZDUJHZLVVH'LQJHJHKHLP]XKDOWHQGDQQHUVFKLHQHVORJLVFKDQ]XQHKPHQGD -RVDQJKDWW XQG 7LFKWRQD KDWWHQ VWHUEHQ PVVHQ ZHLO VLH VLFK ]X LQWHQVLY XP 'LQJH JHNPPHUW KDWWHQ GLH GHU *HKHLPKDOWXQJ XQWHUODJHQ ,FK ZlUH RKQH =ZHLIHO DOVQlFKVWHUDQGHU5HLKHJHZHVHQ1XUHLQHVNRQQWHLFKPLUEHLPEHVWHQ :LOOHQQLFKWHUNOl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lWHQOLVWH VWDQG GDV 6DPPHOQ YRQ ,QIRUPDWLRQHQ -HZHLOV ]ZLVFKHQ ]ZHL +\SHUIOXJSKDVHQ ZlKUHQG GDV 6FKLII VLFK GXUFKV '.RQWLQXXP EHZHJWH ZUGHQ VlPWOLFKH +\SHUHPSIlQJHU VWlQGLJ LQ %HWULHEVHLQ,FKPXWHZLVVHQZLHGLH/DJHLQGHU0LOFKVWUDHZDUXQGYLHOOHLFKW ZROOWHHVGHU=XIDOOGDGLHHLQHRGHUDQGHUH,QIRUPDWLRQKHUHLQNDPGLH/LFKWDXI GLH YRQ GHQ +HUUHQ GHU 6WUDHQ XQG GHU 3URMHNWOHLWXQJ VR VRUJVDP JHKWHWHQ *HKHLPQLVVHZDUI 'DV ,QIRUPDWLRQVVDPPHOQ ZUGH VWDWWILQGHQ ZlKUHQG LFK GLH 3XQNWH XQG

PHLQHV 3URJUDPPV ]X YHUZLUNOLFKHQ VXFKWH 3XQNW EHVDJWH GD LFK HLQHQ VLFKHUHQ 2UW ILQGHQ PXWH DQ GHP LFK PLFK QLHGHUODVVHQ XQG GHQ LFK DOV 2SHUDWLRQVEDVLV EHQW]HQ NRQQWH 'HU 6\QWURQ KDWWHGDEHLDQHLQHEHVLHGHOWH:HOW JHGDFKW'DGLH%HZRKQHUXQV&DQWDURJHJHQEHUIUHXQGOLFKRGHU]XPLQGHVWQLFKW IHLQGOLFKHLQJHVWHOOWVHLQPXWHQZDUHLQH]XVlW]OLFKH$XIODJHGLHQLFKWOHLFKW]X HUIOOHQ VHLQ ZUGH 9LHOOHLFKW KDWWH VLFK LQ]ZLVFKHQ KHUXPJHVSURFKHQ GD GLH &DQWDUR QLFKW PLW GHQ %OLW]HUQ LGHQWLVFK ZDUHQ 'DQQ KDWWH LFK ZRP|JOLFK HLQH &KDQFH $QVRQVWHQ PXWH LFK PLU HLQH XQEHZRKQWH :HOW VXFKHQ XQG GLH &+$.723808.+,1VRDEVFKLUPHQGDVLHQLFKWJHRUWHWZHUGHQNRQQWH $OV OHW]WHV EUDXFKWH LFK HLQHQ )UHXQG (U KDWWH HLQ &DQWDUR ]X VHLQ ZHQQ P|JOLFK HLQ HLQIOXUHLFKHU XQG VROOWH PLU KHOIHQ EHU GLH (QWZLFNOXQJ LP FDQWDULVFKHQ /DJHU DXI GHP ODXIHQGHQ ]X EOHLEHQ ,FK PXWH ZLVVHQ ZDV DXI 6FKRWVFKL YRUJLQJ ZHQQ LFK PLFK VLFKHU IKOHQ ZROOWH XQG DXV HLJHQHP 9HUP|JHQNRQQWHLFKPLUGLHHUIRUGHUOLFKHQ,QIRUPDWLRQHQQLFKWEHVFKDIIHQ 'LHVHU 3XQNW EHUHLWHWH PLU 6RUJHQ +DWWH LFK DXHU 7LFKWRQD MH HLQHQ )UHXQG JHKDEW" 1XU HLQHU ILHO PLU HLQ GHQ PDQ YLHOOHLFKW VR KlWWH QHQQHQ N|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lOOH KHUPHWLVFK JHJHQ GHQ 5HVW GHV 8QLYHUVXPV DEJHULHJHOW ZRUGHQ ZDU KDWWH VLFK LP 'LHQVWOHLVWXQJVJHZHUEH HLQ QHXHV 6SH]LDOJHELHW HQWZLFNHOW GHU ,QIRUPDWLRQVKDQGHO (V JDE $QJHK|ULJH GHU YHUVFKLHGHQVWHQ 9|ONHU GLH VLFK JHJHQ (QWJHOW PLW GHU %HVFKDIIXQJ YRQ ,QIRUPDWLRQHQ EHIDWHQ *HOG KDWWH LFK NHLQHV GDIU MHGRFK 7DXVFKREMHNWH KDXSWVlFKOLFK WHFKQLVFKHU $UW GLH MHGHU 0LOFKVWUDHQEHZRKQHUJHUQHDOV=DKOXQJHQWJHJHQQHKPHQZUGH :LUPDFKWHQXQVDOVRDXIGLH6XFKH²LFKXQGGHU%RUGV\QWURQ:LHGHUXPZDU ]XIRUGHUQGDGHU,QIRUPDWLRQVKlQGOHUHLQHUVHLQPXWHGHUGHQ&DQWDURQLFKW IHLQGVHOLJ JHJHQEHUVWDQG 'D]X PXWH LFK PLFK XPK|UHQ ,FK PXWH LP bWKHU ODXVFKHQXP]XHUIDKUHQZLHGLHDOOJHPHLQH6WLPPXQJLQGHU0LOFKVWUDHZDU $PVLQQYROOVWHQVFKLHQHVPLUHLQHQQLFKWKXPDQRLGHQ+lQGOHU]XILQGHQ'HQ +XPDQRLGHQGLHVHU*DOD[LVWUDXWHLFKQLFKW]XGDVLHGHQ+DDXIGLH&DQWDUR VFKRQY|OOLJDEJHEDXWKlWWHQVHOEVWZHQQLKQHQ]X2KUHQJHNRPPHQZlUHGD ZLUQLFKWVPLWGHQ%OLW]HUQ]XWXQKDWWHQ 'LH 6XFKH ZDU ODQJZLHULJ XQG PDQFKPDO ZDU LFK QDKH GDUDQ GHQ 3XQNW PHLQHV 3ODQHV DXI]XJHEHQ 'LH &+$.723808.+,1 ZDU ]ZHL -DKUH ODQJ XQWHUZHJVIORJNUHX]XQGTXHUGXUFKGLH0LOFKVWUDHXQGVDPPHOWH8QPHQJHQ

YRQ ,QIRUPDWLRQHQ YRQ GHQHQ QXU HLQ ZLQ]LJHU %UXFKWHLO IU PLFK YRQ %HGHXWXQJZDU$EHUHLQHQJHHLJQHWHQ,QIRUPDWLRQVKlQGOHUIDQGLFKQLFKW ,FK K|UWH YRQ ]DKOUHLFKHQ %UXWZHOWHQ DXI GHQHQ GLH 3URGXNWLRQ EHUHLWV LQ YROOHP8PIDQJDQJHODXIHQZDU:DVGDSURGX]LHUWZXUGHRE+LOIVY|ONHURGHU GLH QHXH &DQWDUR*HQHUDWLRQ GDYRQ ZDU QLFKW GLH 5HGH ,Q HLQHU 1DFKULFKW ZXUGH DXFK 6DPSVRQ HUZlKQW 'LH 3URMHNWOHLWXQJ KDEH GHQ GRUW DUEHLWHQGHQ :LVVHQVFKDIWOHUQ HLQ KRKHV /RE DXVJHVSURFKHQ )UHLOLFK 5HNKULRFK )LPEUDLFK -RVDQJKDWW XQG LFK KDWWHQ GLH 9RUDUEHLW JHOHLVWHW 'LH GLH MHW]W DXI 6DPSVRQDUEHLWHWHQEUDXFKWHQQLFKWPHKU]XH[SHULPHQWLHUHQXQG]XIRUVFKHQ VLHNRQQWHQGUDXIORVSURGX]LHUHQ,FKQDKPDOVJHJHEHQDQGD5HNKULRFKXQG )LPEUDLFK VLFK QLFKW PHKU DXI 6DPSVRQ EHIDQGHQ 1DFKGHP -RVDQJKDWW XQG 7LFKWRQD JHW|WHW ZRUGHQ ZDUHQ KDWWHQ VLH VLFKHUOLFK QDFK]XIRUVFKHQ EHJRQQHQ XQG ZDUHQ GDEHL RKQH =ZHLIHO JHJHQ GLH *HKHLPKDOWXQJVEDUULHUH JHSUDOOW GLH NHLQHUXQJHVWUDIWEHUKUWH =ZHL ZHLWHUH ,QIRUPDWLRQHQ VFKLHQHQ PLU YRQ JU|WHU %HGHXWXQJ 'LH 7lWLJNHLW GHU%OLW]HUKDWWHGUDVWLVFKQDFKJHODVVHQ(VNDPNDXPQRFK]XhEHUIlOOHQ:DVGLH $UFKlRQWHQ YRUKHUJHVDJW KDWWHQ WUDW HLQ 'HUVHOEH (LQIOX GHU GHQ %OLW]HUQ GHQ 9HUVWDQGYHUZLUUWHYHUNU]WHLKUH/HEHQVVSDQQH,QZHQLJHQ-DKUHQVRZXUGHLQ PHKUHUHQGHU%HULFKWHDXVJHVDJWGLHZLUHPSILQJHQZUGHHVNHLQH%OLW]HUPHKU JHEHQ 'DQQ HQGOLFK PXWH PDQ EHUDOO LQ GHU 0LOFKVWUDH HUNHQQHQ GD GLH &DQWDURQLFKWPLWGHQ%OLW]HUQLGHQWLVFKZDUHQ'HQQXQVJDEHVMDQRFK$XIGHQ %UXWZHOWHQ GDJHJHQ ZXUGH PLW YROOHU .DSD]LWlW SURGX]LHUW :R]X" :LU KDWWHQ +LOIVY|ONHU XQG HLQH QHXH &DQWDUR*HQHUDWLRQ VFKDIIHQ VROOHQ GDPLW ZLU GHU %OLW]HU*HIDKU EHVVHU EHJHJQHQ NRQQWHQ :DUXP ZXUGH GLH 3URGXNWLRQ MHW]W HUVW ULFKWLJDQJHNXUEHOW" 8QG GDQQ NDP QRFK HLQH VHQVDWLRQHOOH 0HOGXQJ 'DV 6ROV\VWHP ]X GHP GHU 3ODQHW 7HUUD JHK|UWH ZDU ]XP 6SHUUJHELHW HUNOlUW ZRUGHQ :DFKHLQKHLWHQ SDWURXLOOLHUWHQ GLH 3HULSKHULH GHV 6\VWHPV 1LHPDQG GXUIWH LQV 6ROV\VWHP HLQIOLHJHQHVVHLGHQQHUEHVDHLQHRIIL]LHOOH(LQODGXQJGHV5DWHVGHU:HLVHQ'HU 5DW GHU :HLVHQ 'LH +HUUHQ GHU 6WUDHQ &DQWDUR KDWWHQ VLFK GDV HKHPDOLJH 0DFKW]HQWUXPGHUWHUUDQLVFKHQ0HQVFKKHLW]XHLJHQJHPDFKW ,FK KDWWH DXIJUXQG PHLQHU (UOHEQLVVH HLQ QDFKKDOWLJ JHWUEWHV 9HUKlOWQLV ]X GHQ +HUUHQGHU6WUDHQGDVZLUGPDQYHUVWHKHQN|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³(VOLHJWHLQH1DFKULFKWEHUHLQHQ,QIRUPDWLRQVKlQGOHU6DVLUUYRUGHUVHLQHQ6LW] DXI HLQHU :HOW QDPHQV 0L]]RQ KDW 0L]]RQ JHK|UW ]XU 3ODQHWHQIDPLOLH HLQHU

6RQQH GHUHQ 1DPH LQ GHU 1DFKULFKW QLFKW JHQDQQW ZLUG ,FK JODXEH MHGRFK VLH HLQZDQGIUHL LGHQWLIL]LHUW ]X KDEHQ ,KU 6WDQGRUW OLHJW HLQKXQGHUW]Z|OI /LFKWMDKUH HQWIHUQW 6DVLUU LVW HLQ 7RSVLGHU XQG YRQ GHQ 7RSVLGHUQ ZLVVHQ ZLU GD VLH GHQ &DQWDURHLQHJHZLVVH6\PSDWKLHHQWJHJHQEULQJHQ 6DVLUUPXVWHUWHPLFKPLWUDXLVFK ³,FK KDEH PHLQHQ HUVWHQ &DQWDUR YRU XQJHIlKU HLQHP -DKU JHVHKHQ VDJWH HU DXI ,QWHUNRVPR³'XVLHKVWDXVDOVJHK|UWHVWGXHLQHUJDQ]DQGHUHQ6SH]LHVDQ ³,FK NDQQ GLU HLQ SDDU :RUWH &DQWDULVFK YRUVSUHFKHQ HLQH 6SUDFKH GLH NHLQ *DODNWLNHUMHHUOHUQHQNDQQ:LUGGLFKGDVEHU]HXJHQ" ,FKZDUEHVWHU/DXQH$XIJUXQGDOOHU,QIRUPDWLRQHQGLHLFKHLQJH]RJHQKDWWHZDU 6DVLUUJHQDXGHUMHQLJHGHQLFKEUDXFKWH ³1HLQGDVLVWQLFKWQ|WLJDQWZRUWHWHHU³:LHNDQQLFKGLUKHOIHQ" 'LH7RSVLGHUZDUHQ(FKVHQDEN|PPOLQJH/D]HUWLGHQ 6DVLUUZDUHLQW\SLVFKHU9HUWUHWHUVHLQHU6SH]LHVJXWHLQHQ.RSINOHLQHUDOVLFKPLW JHOEHQ$XJHQGLHHEHQVRZHLWDXVGHQ+|KOHQKHUYRUUDJWHQZLHGLHPHLQHQHLQHU ODQJJH]RJHQHQ.LHIHUSDUWLHXQGHLQHU1DVHGLHOHGLJOLFKDXV]ZHL$WHPO|FKHUQDQ GHU :XU]HO GHV 2EHUNLHIHUV EHVWDQG 6HLQH +DXW ZDU JUREJHVFKXSSW (U WUXJ HLQ JUHOOJHOEHV *HZDQG XQG VD DXI HLQHP 6WXKO GHVVHQ 6LW]IOlFKHHLQ/RFKHQWKLHOW GXUFKGDVHUVHLQHQ6FKZDQ]VWHFNHQNRQQWH ³,FK ELQ DXI GHU 6XFKH QDFK HLQHP $UWJHQRVVHQ VDJWH LFK ³6HLQ 1DPH LVW 3KDPDT 'LHJHOEHQ$XJHQ]XFNWHQ ³+DWGLFKGHUJXWH*HLVWYHUODVVHQ'XVXFKVWHLQHLQ]HOQHV:HVHQXQGPHKUDOV HLQHQ1DPHQZHLWGXQLFKW" ³3KDPDTLVWNHLQ'XUFKVFKQLWWVFDQWDUR9RUDFKW-DKUHQZDUHU.RPPDQGHXUHLQHV JURHQ5DXPVFKLIIVHUNOlUWHLFK³(VLVWGXUFKDXVGHQNEDUGDHUHVLQ]ZLVFKHQ ELV]XP*HQHUDOJHEUDFKWKDW'HU$XIHQWKDOWHLQHV&DQWDUR*HQHUDOVPWHOHLFKW DXVILQGLJ]XPDFKHQVHLQQLFKWZDKU" ,FK KDWWH GLH V\QWURQLVFKHQ %HZXWVHLQVPRGXOH DNWLYLHUW 6DVLUU ZDU +lQGOHU ,FK ZROOWHPLFKQLFKWEHWUJHQODVVHQ(UZLUNWHLPPHUQRFKXQEHHLQGUXFNW ³'DV PDFKW GLH 6DFKH HLQ ZHQLJ OHLFKWHU VDJWH HU JHGHKQW ³:HQQ GX ZLUNOLFK ZLOOVWGDLFKPLFKDXIGLH6XFKHPDFKHZLUGGLFKGDVHLQH0HQJH*HOGNRVWHQ +DVWGXEHUKDXSW*HOG" ³.HLQ *HOG DQWZRUWHWH LFK XQG NORSIWH DQ GDV %HKlOWQLV GDV LFK PLU DQ GHQ *UWHOJHVFKQDOOWKDWWH³:DUHGLHGHLQ+HU]HUIUHXHQZLUG&DQWDULVFKH7HFKQLN ³=HLJKHU3O|W]OLFKZDUHULQWHUHVVLHUW ,FK ]HLJWH LKP QLFKW DOOHV HLQ SDDU 0LNURPRGXOH HLQ SDDU &KDFK.ULVWDOOH GLH K\SHUHQHUJHWLVFKH 6FKZLQJXQJHQ XQPLWWHOEDU LQ HOHNWURPDJQHWLVFKH XPZDQGHOQ 6HLQH$XJHQZXUGHQJU|HU ³$EHU GX GDUIVW PLFK QLFKW EHUIRUGHUQ ZDUQWH LFK ³6R YLHO LVW PLU GLHVHU 3KDPDTQLFKWZHUW:HQQGX]XYLHOYHUODQJVW]LHKHLFKZLHGHUDE 6HLQ %OLFN ZDU DQ GHQ 'LQJHQ GLH LFK DXI GHQ 7LVFK JHOHJW KDWWH ZLH IHVWJHKHIWHW ,FK VDK GLH *LHU LQ VHLQHQ $XJHQ :HQQ LFK GLH ULFKWLJH 7DNWLN DQZHQGHWHZUGHLFKPLWLKPLQV*HVFKlIWNRPPHQ

³(V IlOOW PLU QRFK HWZDV HLQ VDJWH LFK ³3KDPDT VLHKW lKQOLFK DXV ZLH LFK ,FK ZHL QLFKW ZDV IU HLQHQ &DQWDUR GX JHVHKHQ KDVW DEHU 3KDPDT LVW YRP VHOEHQ 7\SXVZLHLFK ³'DV PDJ KHOIHQ PHLQWH HU GHQ %OLFN LPPHU QRFK DXI GLH 7DXVFKJHJHQVWlQGH JHULFKWHW³,FKZHUGHPHLQ%HVWHVWXQ (UEUDXFKWHNHLQ1RWL]HQ]XPDFKHQ+RFKEHUGHP7LVFKVFKZHEWHHLQ6HUYR GHUXQVHU*HVSUlFKDXI]HLFKQHWH ³:RKDVWGXGLHVHQDQGHUHQ&DQWDURJHVHKHQ"IUDJWHLFK ³+LHUDQWZRUWHWHHU³(XHU9RONEHJLQQWVLFKDXV]XEUHLWHQVHLWGHPHVQLFKWPHKU PLWGHQ%OLW]HUQYHUZHFKVHOWZLUG ³'XPHLQVWHUNDPKLHUKHUXP,QIRUPDWLRQHQ]XNDXIHQ" ³$XV HLQHP DQGHUHQ *UXQG NRPPW PDQ QLFKW ]X PLU 0HLQH )UDJH KDWWH LKQ VLFKWOLFK HUKHLWHUW (U YHU]RJ GDV *HVLFKW]XHLQHU*ULPDVVH³(UZDUJODXEHLFK HLQ6FRXWRGHUVRHWZDVbKQOLFKHV(UKDWWHYRQVHLQHP9RUJHVHW]WHQGHQ$XIWUDJ HUKDOWHQJHZLVVH'LQJHLQ(UIDKUXQJ]XEULQJHQ ³:DVZROOWHHUZLVVHQ" 6DVLUUV +HLWHUNHLW ZDU SO|W]OLFK YHUGDPSIW (U OHKQWH VLFK LQ GHQ 6WXKO PLW GHU GXUFKO|FKHUWHQ6LW]IOlFKH]XUFN6HLQH$XJHQKDWWHQVLFK]XVFKPDOHQ6FKOLW]HQ YHUHQJW ³6ROFKH )UDJHQ GDUIVW GX QLFKW VWHOOHQ WDGHOWH HU ³.HLQ DQVWlQGLJHU ,QIRUPDWLRQVKlQGOHUHU]lKOWGHPHLQHQ.XQGHQYRQGHQ$QOLHJHQGHVDQGHUHQ ³'LH ,QIRUPDWLRQ LVW PLU HWZDV ZHUW VDJWH LFK XQG VFKRE GLH 7DXVFKREMHNWH HLQ SDDU=HQWLPHWHUZHLWHULQVHLQH5LFKWXQJ 9RQ QHXHP OHXFKWHWH GLH *LHU DXV VHLQHQ $XJHQ (U NlPSIWH PLW VLFK $EHU VFKOLHOLFKKREHUGLH+DQGXQGIKUWHVLHPLWHLQHU]RUQLJHQ%HZHJXQJKRUL]RQWDO GXUFKGLH/XIW ³1HLQEHOOWHHU³6RHWZDVWXHLFKQLFKW ³*XW,FKKRIIHGXZLUVWPHLQHQ)DOOHEHQVRGLVNUHWEHKDQGHOQ ³'DUDXINDQQVWGXGLFKYHUODVVHQ ³,FKODVVHGLUGLHVHDOV$Q]DKOXQJVDJWHLFK³:HQQGXGLH,QIRUPDWLRQEHVFKDIIW KDVWPDFKHQZLU(QGDEUHFKQXQJ ³(LQYHUVWDQGHQDQWZRUWHWHHU³:RHUUHLFKHLFKGLFK" ,FKHUNOlUWHLKPGDLFKDQ%RUGGHU&+$.723808.+,1DXIGHP5DXPKDIHQ ]X HUUHLFKHQ VHL XQG JDE LKP HLQ SDDU 5XINRGHV 'DQQ PDFKWH LFK PLFK DXI GHQ :HJ ,FK ZDU PLW GHU Q|WLJHQ 9RUVLFKW LQV =KLVLDS6\VWHP HLQJHIORJHQ =KLVLDS KLH GLH 6RQQH XP GLH GHU 3ODQHW 0L]]RQ VLFK EHZHJWH ZLH LFK LQ]ZLVFKHQ HUIDKUHQ KDWWH 'LH )HLQRUWXQJ XQWHUVXFKWH GHQ XPJHEHQGHQ 5DXP QDFK GHQ FKDUDNWHULVWLVFKHQ 6WUHXHPLVVLRQHQ FDQWDULVFKHU 5DXPVFKLIIH 'DV (UJHEQLV ZDU QHJDWLY +LHU JDE HV NHLQH &DQWDUR :lKUHQG GLH &+$.723808.+,1 ODQJVDP DXI 0L]]RQ ]XGULIWHWH K|UWH LFK GHQ )XQNYHUNHKU DE GHU VLFK ]ZLVFKHQ GHQ 3ODQHWHQ GUHL YRQ LQVJHVDPW GUHL]HKQ ZDUHQ ]XPLQGHVW WHLOZHLVH EHVLHGHOW XQG DXI 0L]]RQ VHOEVW DEVSLHOWH 'DEHL ZDU PHKUPDOV YRQ 6DVLUU GLH 5HGH (U VFKLHQHLQEHGHXWHQGHV0LWJOLHGGHUORNDOHQ*HVHOOVFKDIW]XVHLQ:DVEHULKQ JHVDJWZXUGHZDUQLFKWLPPHUVFKPHLFKHOKDIW(U]HLFKQHWHVLFKGXUFK*HOGJLHU DXV XQG ZDU QLFKW DEJHQHLJW HLQHQ .XQGHQ GHU 8QP|JOLFKHV YRQ LKP

YHUODQJWHDXFKHLQPDO]XEHWUJHQ,QHLQHPDEHUZDUHQVLFKDOOHHLQLJ6DVLUU YHUVWDQGVHLQ*HVFKlIW(UZDUGHUEHVWH,QIRUPDWLRQVEHVFKDIIHUZHLWXQGEUHLW 1DFKGHP LFK PLFK VROFKHUPDHQ YHUJHZLVVHUW KDWWH GD 6DVLUU ZLUNOLFK GHUMHQLJHZDUPLWGHPLFKLQV*HVFKlIWNRPPHQZROOWHULHILFKGLH.RQWUROOH GHV 5DXPKDIHQV 0L]RRQ DQ XQG EDW K|IOLFK XP /DQGHHUODXEQLV GLH PLU VRIRUW JHZlKUW ZXUGH (V JDE DXI 0L]]RQ QXU HLQHQ HLQ]LJHQ +DIHQ 'LH WRSVLGLVFKH 6LHGOXQJDXIGLHVHU:HOWVFKLHQMQJHUHQ'DWXPV]XVHLQ0HKUDOVGUHL9LHUWHO GHU 3ODQHWHQREHUIOlFKH ZDUHQ Y|OOLJ XQEHUKUW 'LH HLQ]LJH JU|HUH 6WDGW EHIDQGVLFKLQXQPLWWHOEDUHU1lKHGHV5DXPKDIHQV ,FK KDWWH QXU ZHQLJH )RUPDOLWlWHQ ]X HUOHGLJHQ ZXUGH LP DOOJHPHLQHQ IUHXQGOLFK EHKDQGHOW XQG KDWWH NHLQH 0KH 6DVLUUV $QVFKULIW ]X ILQGHQ ,FK PHOGHWHPLFKEHLLKPDQ(UZDUEHUHLWPLFKVRIRUW]XHPSIDQJHQ -HW]W VD LFK LQ HLQHP 0LHWIDKU]HXJ XQG ZDU DXI GHP :HJ ]XUFN ]XP 5DXPKDIHQ :DV LFK YRQ 6DVLUU HUIDKUHQ KDWWH VWLPPWH PLFK QDFKGHQNOLFK :HQQ HU PLFK QLFKW DOV &DQWDUR HUNDQQW KDWWH GDQQ NRQQWH GDV QXU EHGHXWHQ GD LQ]ZLVFKHQ &DQWDUR GHU *HQHUDWLRQ ]XP (LQVDW] JHODQJW ZDUHQ :LH NRQQWH GDV VHLQ" 7LFKWRQD XQG LFK ZlUHQ YRU ]ZHL-DKUHQ EHUHLW JHZHVHQ PLW GHU0DVVHQSURGXNWLRQ]XEHJLQQHQYRUDXVJHVHW]WGLH3URMHNWOHLWXQJZlUHPLW 3XFKW]XIULHGHQJHZHVHQ$EHUGDQDFKKlWWHHVELV0RQDWHJHGDXHUWELV DXVGHQQHXHQ.ORQHQHUZDFKVHQH&DQWDURJHZRUGHQZlUHQ9RU0RQDWHQ KDWWH LFK 6DPSVRQ YHUODVVHQ 'HU 6FRXW YRQ GHP 6DVLUU JHVSURFKHQ KDWWH ZDU YRUHLQHP-DKUDXI0L]]RQJHZHVHQ:LHVROOWHPDQVLFKVRHWZDVHUNOlUHQ" ,FK HUNDQQWH PHLQHQ 'HQNIHKOHU VRIRUW 'HU ]HLWOLFKH )DKUSODQ GHU DXI 6DPSVRQ HLQJHKDOWHQZRUGHQZDUXQWHUVFKLHGVLFKYRQGHPGHPDQGHUH%UXWZHOWHQIROJWHQ ,Q DQGHUHQ )RUVFKXQJV]HQWUHQ KDWWH PDQ RIIHQEDU VFKQHOOHU JHDUEHLWHW 'LH HUVWHQ .ORQHGHUQHXHQ*HQHUDWLRQZDUHQ-DKUHEHYRU7LFKWRQDXQGLFK3XFKWSURGX]LHUW KDWWHQ DXV GHU 5HWRUWH JH]RJHQ ZRUGHQ 'DV ZDU HEHQ GDV JURH 5lWVHO :DUXP PXWHQ ZLU XQV DXI 6DPSVRQ PLW ([SHULPHQWHQ $QDO\VHQ XQG 3UREH]FKWXQJHQ DEPKHQ ZHQQ DXI DQGHUHQ =XFKWZHOWHQ .ORQH GHU *HQHUDWLRQ VFKRQ Ol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lU ,FKGUlQJWHQLFKWGDQDFKGLH3URMHNWOHLWXQJDOVHLQHQXUDXILKUHHLJHQHQ,QWHUHVVHQ EHGDFKWH *UXSSH YRQ (JRLVWHQ ]X HQWODUYHQ ,FK ZUGH PLFK DXI LUJHQGHLQHU KDUPORVHQ :HOW QLHGHUODVVHQ XQG YLHOOHLFKW VRJDU HLQH .KDULPD ILQGHQ GLH PLU 7LFKWRQD ]ZDU QLFKW HUVHW]HQ DEHU PLFK ZRP|JOLFK HLQ ZHQLJ EHU LKUHQ 9HUOXVW KLQZHJWU|VWHQNRQQWH 0HLQHQ 6FKZXU 7LFKWRQDV 7RG XQWHU DOOHQ 8PVWlQGHQ ]X UlFKHQ KDWWH LFK LP 9HUODXI]ZHLHU-DKUHIDVWVFKRQYHUJHVVHQ

,FKKDWWH6DVLUUXQWHUVFKlW]W$PQlFKVWHQ0RUJHQNXU]QDFK6RQQHQDXIJDQJULHI HUPLFKDQ ³(VN|QQWHVHLQGDLFKGLH,QIRUPDWLRQKDEHQDFKGHUGXVXFKVWHUNOlUWHHU ³*XW*LEVLHPLU 6DVLUUV 0XQG ]RJ VLFK LQ GLH %UHLWH XQG QDFK XQWHQ ELV GLH 0XQGZLQNHO IDVW GHQ +DOVHUUHLFKWHQ ³'X KDVW QLFKW YLHO (UIDKUXQJ LP 8PJDQJ PLW +lQGOHUQ VSRWWHWH HU ³.RPP ]X PLU XQG EULQJ GHLQH 7DXVFKREMHNWH PLW 'DQQ ZHUGH LFK GLU ]HLJHQ ZDV LFK HUIDKUHQKDEH ,FK YHUVWDQG LKQ ,FK KlWWH GLH ,QIRUPDWLRQ SHU ,QWHUNRP EHUQHKPHQ XQG GDQQ HLQIDFKVWDUWHQN|QQHQRKQHGHP+lQGOHUVHLQHQ/RKQDXV]X]DKOHQ6DVLUUNRQQWH QLFKW ZLVVHQ GD GHU (KUHQNRGH[ GHU &DQWDUR HLQH VROFKH +DQGOXQJVZHLVH QLFKW ]XOlW ³,FKNRPPHYHUVSUDFKLFK (U HPSILQJ PLFK IUHXQGOLFK WDW JHKHLPQLVYROO XQG VSUDFK YRQ GHU 0KH GLH HV LKQ JHNRVWHW KDEH GLH JHZQVFKWH ,QIRUPDWLRQ VR VFKQHOO ]X EHVFKDIIHQ ,FK ZXWHZRUDXIHUKLQDXVZROOWHXQGHUNOlUWHLKP ³,FK YHUODQJH HLQH XQJHIlKUH %HVFKUHLEXQJ GHU ,QIRUPDWLRQ GLH GX PLU YHUNDXIHQ ZLOOVWNHLQH(LQ]HOKHLWHQQXU2EHUIOlFKOLFKHV8QGGDQQVDJVWGXPLUZLHYLHOGX GDIUKDEHQZLOOVW 'DUEHUPXWHHUHLQH=HLWODQJQDFKGHQNHQ ³$OVRJXWVWLPPWHHUVFKOLHOLFK]X³(VVFKHLQWHLQHQ3ODQ]XJHEHQZRQDFKlOWHUH &DQWDUR YRU]HLWLJ DXV GHP 'LHQVW JH]RJHQ XQG DXI HLQHU :HOW GHV 5XKHVWDQGV DQJHVLHGHOWZHUGHQ,FKPHLQHGHLQ)UHXQG3KDPDTPWHVLFKGRUWEHILQGHQ ³:DVVLQGlOWHUH&DQWDUR "ZROOWHLFKZLVVHQ ³)UDJ PLFK QLFKW (U VWUHFNWH PLU DEZHKUHQG EHLGH $UPH HQWJHJHQ ³,FK ZHL QLFKWHLQPDOZLHDOWLKU&DQWDURLP'XUFKVFKQLWWZHUGHW ³:DVZLOOVWGXGDIU ³/DVHKHQYHUODQJWHHU ,FK |IIQHWH GDV %HKlOWQLV XQG OHJWH ODQJVDP HLQHQ *HJHQVWDQG QDFK GHP DQGHUHQ DXI GHQ 7LVFK 'LH )XQNWLRQ GHUHU GLH HU QRFK QLFKW NDQQWH HUNOlUWH LFK LKPDXVIKUOLFK $OV LFK GDV *HIKO KDWWH LFK KlWWH JHQXJ YRUJHOHJWVFKORLFK GHQ%HKlOWHUZLHGHU ³'DVLVWJHQXJ9RQJU|HUHP:HUWNDQQGHLQH:DUHJDUQLFKWVHLQ (U SURWHVWLHUWH ,FK EHJDQQ PHLQH 7DXVFKREMHNWH ZLHGHUHLQ]XSDFNHQ:LUILQJHQ DQ]XIHLOVFKHQ(VVWHOOWHVLFK KHUDXV GD HU JDQ] EHVWLPPWH :QVFKH KDWWH (U ZDUVFKODX(UKDWWHVLFKEHUFDQWDULVFKH7HFKQLNLQIRUPLHUW6FKOLHOLFKZXUGH GHU+DQGHODEJHVFKORVVHQ,FKKDWWHGDV*HIKOLFKVHLQLFKWDOO]XVFKOHFKWGDEHL ZHJJHNRPPHQ ³%HL GHU %HVFKlIWLJXQJ PLW GHLQHP $XIWUDJ KDEH LFK YLHO ,QWHUHVVDQWHV LQ (UIDKUXQJ JHEUDFKW EHJDQQ 6DVLUU ³=XP %HLVSLHO GD HV ]ZHL *HQHUDWLRQHQ &DQWDURJLEW'LHlOWHUHVLHKWVRDXVZLHGXGLHMQJHUHVRZLHGHU6FRXWGHUYRU HLQHP -DKU ]X PLU NDP 'DV FDQWDULVFKH 2EHUNRPPDQGR LVW RIIHQEDU EHPKW P|JOLFKVW YLHOH 3RVWHQ LQ GHU )ORWWH PLW 0LWJOLHGHUQ GHU QHXHQ *HQHUDWLRQ ]X EHVHW]HQ 'HVZHJHQ ZHUGHQ GLH &DQWDUR GHU DOWHQ *HQHUDWLRQ DEJH]RJHQ XQG LQ GHQ 5XKHVWDQG JHVFKLFNW :LH LFK K|UH JDUDQWLHUW PDQ LKQHQ HLQ DQJHQHKPHV

VRUJHQIUHLHV/HEHQELV]XP7RG ,FK KDEH HUIDKUHQ GD HLQ *HQHUDO QDPHQV 3KDPDT ELV ]XP -DKU YLHUKXQGHUWIQIXQGQHXQ]LJ LQIROJH VHLQHU 7DSIHUNHLW XQG VHLQHU VWUDWHJLVFKHQ %HJDEXQJ YLHO YRQ VLFK UHGHQ JHPDFKWKDW$EHUVHLWMHQHP-DKUK|UWPDQQLFKWV PHKUYRQLKP (UVDKPLFKDQ²HUZDUWXQJVYROOZLHPLUVFKLHQ ³+|UH ZHQQ GDV GHLQH JDQ]H ,QIRUPDWLRQ LVW GDQQ VWUHLFKH LFK PHLQH 7DXVFKREMHNWHZLHGHUHLQVDJWHLFK]XLKP (UWDWEHUUDVFKW ³:DVZLOOVWGXVRQVWQRFKZLVVHQ" ³:DV QW]W PLU GHLQ %HULFKW ZHQQ GX PLU QLFKW VDJVW ZR VLFK GLH :HOW EHILQGHW DXIGHUPDQGLHDOWHQ&DQWDURHLQTXDUWLHUWXQGZLHVLHKHLW" ³$DKPDFKWHHU³'DKDVWGXUHFKW (UJULIILQHLQH/DGHGLHXQWHUGHU7LVFKSODWWHDQJHEUDFKWZDUXQGEUDFKWHHLQHQ NOHLQHQJOLW]HUQGHQ:UIHO]XP9RUVFKHLQ(UOHJWHGHQ:UIHODXIGHQ7LVFK(LQH =HKQWHOVHNXQGH VSlWHU VFKQHOOWHQ VHLQH +lQGH QDFK YRUQH XQG HUJULIIHQ PHLQH 7DXVFKJWHU 6DVLUU ]RJ VLH ]X VLFK KHUDQ XQG OLH VLH EHU GLH 7LVFKNDQWH LQ GLH /DGHIDOOHQDXVGHUHUGHQ:UIHOJHQRPPHQKDWWH ³(LQ'DWHQWUlJHUGHUDOOHVHQWKlOWZDVGX]XZLVVHQEUDXFKVWVDJWHHU³,FKVWHOOH GLU JHUQ PHLQHQ +DXVFRPSXWHU ]XU 9HUIJXQJ GDPLW GX GLFK EHU]HXJHQ NDQQVW GDGXHFKWHDVWURQDXWLVFKH.RRUGLQDWHQHUKDOWHQKDVW ,FK YHU]LFKWHWHWH GDUDXI :LFKWLJ ZDU RE GLH .RRUGLQDWHQ WDWVlFKOLFK GHQ 2UW EHVFKULHEHQYRQGHPHUPLUEHULFKWHWKDWWH ³6DJPLULQGHLQHQHLJHQHQ:RUWHQZDVIUHLQH:HOWGDVLVWIRUGHUWHLFKLKQDXI ³6LH KHLW 3DFKWXT DQWZRUWHWH HU ,FK VWHOOWH PLW %HIULHGLJXQJ IHVW GD HV VLFK XP HLQHQ FDQWDULVFKHQ 1DPHQ KDQGHOWH ³3DFKWXT LVW GHU ]ZHLWH YRQ LQVJHVDPW VLHEHQ 3ODQHWHQ GHU 6RQQH .KRFKDG $XFK GDV ³.KRFKDGV 6WDQGRUW LVW ]ZHLKXQGHUWGUHLLJ /LFKWMDKUH YRQ HLQHP URWHQ 6WHUQ HQWIHUQW GHU LQ GHQ JDODNWLVFKHQ 6WHUQHQNDWDORJHQ XQWHU GHP 1DPHQ %HGGHQ JHIKUW ZLUG %HGGHQ XQG.KRFKDGOLHJHQZHLWGUDXHQDP5DQGGHU0LOFKVWUDHQKDXSWHEHQH ,FKKDWWHGHQ(LQGUXFNGDLFKLKPYHUWUDXHQGXUIWH,FK|IIQHWHGHQ%HKlOWHUDQ PHLQHP*UWHOQRFKHLQPDOXQGOHJWHHLQHQZHLWHUHQ&KDFK.ULVWDOODXIGHQ7LVFK ³,FK JODXEH GX KDVW PLFK JXW EHGLHQW VDJWH LFK ³6ROOWH PLFK PHLQ *ODXEH WlXVFKHQZLUVWGXPLFKZLHGHUVHKHQ (U KDWWH GHQ .ULVWDOO VRIRUW HUJULIIHQ XQG YHUVWDXW :LU YHUDEVFKLHGHWHQ XQV VR IUHXQGOLFK YRQHLQDQGHU ZLH HV ]ZLVFKHQ HLQHP &DQWDUR XQG HLQHP 7RSVLGHU P|JOLFKLVW,FKNHKUWHDXIGHPVFKQHOOVWHQ:HJH]XP5DXPKDIHQ]XUFN(VKLHOW PLFKQLFKWPHKUDXI0L]]RQ:HQQPDQVHLWIQI-DKUHQYRQ3KDPDTQLFKWVPHKU JHK|UWKDWWHGDQQPRFKWHGDVEHGHXWHQGDPDQLKQLQGHQ5XKHVWDQGXQGQDFK 3DFKWXTJHVFKLFNWKDWWH(VNRQQWHDEHUDXFKVHLQGDHUJHJHQLUJHQGMHPDQGHV *HKHLPKDOWXQJVYRUVFKULIWHQYHUVWRHQKDWWHGHQQHUZDUHEHQVRZLEHJLHULJZLH LFK'DQQZDULKPGDVVHOEH6FKLFNVDOZLGHUIDKUHQZLH7LFKWRQDXQG-RVDQJKDWW 'LH 8QJHZLKHLW PDFKWH PLU ]X VFKDIIHQ ,FK HUVXFKWH GLH +DIHQNRQWUROOH XP 6WDUWHUODXEQLV GLH PLU VRIRUW JHZlKUW ZXUGH 6DVLUUV 'DWHQZUIHO EHGHXWHWH IU PHLQHQ 6\QWURQ NHLQH 6FKZLHULJNHLW (U HQWVFKOVVHOWH GLH .RRUGLQDWHQ XQG YHUJOLFKVLHPLW:HUWHQGLHLPFDQWDULVFKHQ6WHUQHQNDWDORJHQWKDOWHQZDUHQ

³$Q GHU DQJHJHEHQHQ 6WHOOH EHILQGHW VLFK WDWVlFKOLFK HLQ 6WHUQ PLW VLHEHQ 3ODQHWHQVDJWHHU³:HGHUGLH6RQQHQRFKHLQHUGHU3ODQHWHQKDWHLQHQ1DPHQ 'DV OLH VLFK YHUVWHKHQ (V ZDU PLWWOHUZHLOH QHXQ -DKUH KHU VHLW PDQ GHQ .DWDORJ GHU&+$.723808.+,1GDVOHW]WHPDOEHUDUEHLWHWKDWWH 0LQXWHQ VSlWHU ZDUHQ ZLU XQWHUZHJV 'LH (QWIHUQXQJ EHWUXJ /LFKWMDKUH ,FK KDWWH GHQ $XWRSLORWHQ DQJHZLHVHQ ZlKUHQG GHU +\SHUIOXJSKDVHQ PLW PD[LPDOHPhEHUOLFKWIDNWRU]XDUEHLWHQ 0LU ZDU NODU GD LFK JHIlKUOLFKHV *HOlQGH EHWUDW DOV VLFK GLH &+$.7238 08.+,1GHP.KRFKDG6\VWHPQlKHUWH 'HU 3ODQHW 3DFKWXT ZDU HLQH FDQWDULVFKH 6LHGOXQJ 0RFKWHQ GRUW DXFK QXU ³lOWHUH &DQWDUR XQWHUJHEUDFKW VHLQ ZLH 6DVLUU VLFK DXVJHGUFNW KDWWH 'LH *HIDKU EHVWDQG GHQQRFK GD LUJHQGHLQHU VLFK EHLP 6XSUHPNRPPDQGR HLQVFKPHLFKHOQ ZROOWH XQG PLFK YHUULHW 'LH )UDJH ZDU ZHOFKH .RPPXQLNDWLRQVPLWWHO GHQ %HZRKQHUQ YRQ 3DFKWXT ]XU 9HUIJXQJ VWDQGHQ,Q]ZHL/LFKWMDKUHQ(QWIHUQXQJJLQJLFK]XQlFKVWDXI:DUWHSRVLWLRQXQG KRUFKWHGDV.KRFKDG6\VWHPPLWDOOHQ0LWWHOQDEGLHPHLQ6FKLIIEHVD $XI GHQ +\SHUIXQNElQGHUQ ZDU DOOHV VWLOO 'DV PRFKWH EHGHXWHQ GD HV DXI 3DFKWXTNHLQHQ+\SHUVHQGHUJDE(VNRQQWHDEHUDXFKVHLQGDLP$XJHQEOLFN JHUDGH QLFKW JHVHQGHW ZXUGH ,P OlQJHUZHOOLJHQ %HUHLFK GHV HOHNWURPDJQHWLVFKHQ 6SHNWUXPV GDJHJHQ JDE HV LP ,QQHUQ GHV 6\VWHPV HLQH VWUDKOHQGH (QHUJLHTXHOOH HLQ $Q]HLFKHQ GDIU GD DXI 3DFKWXT UHJHU NRQYHQWLRQHOOHU)XQNYHUNHKUKHUUVFKWH ,FK ZDUWHWH ]ZHL 7DJH XQG DOV LFK ELV GDKLQ LPPHU QRFK NHLQ K\SHUHQHUJHWLVFKHV 6LJQDO HPSIDQJHQ KDWWH ZDU LFK EHUHLW ]X JODXEHQ GD PDQ GDUDXI YHU]LFKWHW KDWWH GHQ ³$OWHQ +\SHUIXQNJHUlWH ]XU 9HUIJXQJ ]X VWHOOHQ 'HU %HJULII ³lOWHUH &DQWDUR LUULWLHUWH PLFK HUKHEOLFK (U VFKLHQ VLFK DXI DOOH $QJHK|ULJHQ PHLQHU *HQHUDWLRQ ]X EH]LHKHQ ,FK ZDU GUHLLJ 6WDQGDUGMDKUHDOW:HUEHVDVRYLHO,PSHUWLQHQ]PLFKHLQHQlOWHUHQ&DQWDUR]X QHQQHQ" :HU NHLQHQ +\SHUIXQN EHVLW]W GHU YHUIJW JHZ|KQOLFK DXFK QLFKW EHU HLQH ZHLWUHLFKHQGH 2UWHUDQODJH 'LH &+$.723808.+,1 QDKP )DKUW DXI XQG QlKHUWH VLFK GHP 6\VWHP LQ IRUVFKHP 7HPSR 'DV 5LVLNR VFKLHQ JHULQJHU DOV LFKELVKHUDQJHQRPPHQKDWWH,PPHUKLQYHUJDLFKGLH9RUVLFKWQLFKWJlQ]OLFK ,FK VWHXHUWH PHLQ 6FKLII LP 6FKXW] PHKUIDFK JHVWDIIHOWHU )HOGVFKLUPH LQ GLH &KURPRVSKlUH GHU 6RQQH .KRFKDG (LQ SDDU WDXVHQG .LORPHWHU EHU GHU 2EHUIOlFKH GHU 3KRWRVSKlUH EUDFKWH LFK GLH &+$.723808.+,1 LQ HLQHQ VWDELOHQ2UELW%HLP$QIOXJGHUPLFKLQQHUKDOEGHU.RURQDPHKUPDOVXPGLH IUHPGH 6RQQH KHUXPJHIKUW KDWWH ZDUHQ ]DKOUHLFKH 0LNURVRQGHQ DXVJHVFKOHXVW ZRUGHQ 6LH VFKZDPPHQ LP lXHUHQ %HUHLFK GHU .RURQD ,FK ZUGH VLH YRQ 3DFKWXTDXVMHGHU]HLWDQVSUHFKHQN|QQHQ6LHGLHQWHQDOV5HODLV'LH&+$.7238 08.+,1NRQQWHLKUH6LJQDOHPKHORVHPSIDQJHQ 1DFKGHP DOO GLHVH 9RUEHUHLWXQJHQ JHWURIIHQ ZDUHQ EHVWLHJ LFK GDV JU|HUH GHU EHLGHQ%HLERRWHGLHPHLQ6FKLIIDQ%RUGIKUWHHVKDWWHHLQHQ*OHLWHUJHODGHQ VFKDOWHWH IU DOOHUNU]HVWH =HLW OLQHDU DXIJHUHLKWH 6WUXNWXUOFNHQ LQ GLH )HOGVFKLUPKOOHQ XQG PDFKWH PLFK DXI GHQ :HJ 'DV %RRW ZDU HEHQIDOOV LQ OHLVWXQJVIlKLJH 6FKXW]VFKLUPH JHKOOW 'LH PHWDZHOWOLFKHQ 7HPSHUDWXUHQ GHU DQ (QHUJLH UHLFKHQ DQ 0DWHULH DUPHQ &KURPRVSKlUH YHUPRFKWHQ LKP QLFKWV

DQ]XKDEHQ 2EHUKDOE GHU .RURQD EHJDQQ LFK ]X EHVFKOHXQLJHQ ,FK KDWWH PLU LQ]ZLVFKHQ HLQH 0HWKRGHDXVJHGDFKWZLHLFKPLFKPLW3KDPDTLQ9HUELQGXQJVHW]HQN|QQWHRKQH 9HUGDFKW]XHUUHJHQ,FKNDQQWHGHQ1DPHQHLQHVVHLQHU)UHXQGHGHUPLWVHLQHP 5DXPVFKLII YRQ HLQHP (LQVDW] JHJHQ HLQH WHUUDQLVFKH .ULHJVIORWWH QLFKW ]XUFNJHNHKUWZDUhEHUVHLQ6FKLFNVDOZDUQLFKWVEHNDQQW0DQKDWWHLKQIUWRW HUNOlUW PLWVDPW GHU EULJHQ %HVDW]XQJ GHV 6FKLIIHV $EHU ZDV ZLUNOLFK PLW LKP JHVFKHKHQZDUZXWHQLHPDQG6HLQ1DPHZDU2NKXQDDU ,FKQlKHUWHPLFK3DFKWXTXQGJLQJLQ.LORPHWHUQ+|KHLQGHQ2UELW%LVKHU ZDULFKQLFKWDQJHVSURFKHQZRUGHQ,FKQDKPPLU=HLWGHQ3ODQHWHQPHKUPDOV]X XPNUHLVHQ (V ZDU HLQH VFK|QH :HOW lKQOLFK ZLH 6DPSVRQ (V JDE YLHOH :lOGHU ODQJH%HUJNHWWHQXQGYRUDOOHQ'LQJHQZHLWH2]HDQH'LH3RONDSSHQZDUHQPlLJ YHUHLVW $Q GHQ :DOGUlQGHUQ VDK LFK YHUHLQ]HOW NOHLQH 6LHGOXQJHQ 'LH $EVFKLHEXQJ GHU lOWHUHQ &DQWDUR ZDU RIIHQEDU QRFK ODQJH QLFKW DEJHVFKORVVHQ :LUZDUHQLPPHUKLQ0LOOLRQHQ$XVGHU$Q]DKOGHU6LHGOXQJHQHUUHFKQHWHLFK GDLP$XJHQEOLFNK|FKVWHQV0LOOLRQHQ$OWHDXI3DFKWXTOHEWHQ 1DFK]HKQ8PNUHLVXQJHQEHJDQQLFK]XIXQNHQ ³+LHU VSULFKW 2NKXQDDU ,FK VXFKH PHLQHQ )UHXQG 3KDPDT 3KDPDT ZHQQ GX GRUWXQWHQELVWZLHPDQPLUJHVDJWKDW0HOGHGLFK ,FK EHQW]WH HLQH JlQJLJH HOHNWURPDJQHWLVFKH )UHTXHQ] LP VXSHUNXU]ZHOOLJHQ %HUHLFKGHV5DGLRVSHNWUXPV$OVLFKYLHUPDOJHUXIHQKDWWHHUKLHOWLFK$QWZRUW ³2NKXQDDUGX/LHEOLQJGHV*HLVWHVGHU.ODUKHLWULHIHLQHNUlFK]HQGH6WLPPH GLH VLFK DQK|UWH DOV JHK|UH VLH HLQHP *UHLV GHU VFKRQ DQ GHU 6FKZHOOH GHV 7RGHV VWDQG ,FK VFKRE V DXI GLH VFKOHFKWH 9HUELQGXQJ ³+DEHQ VLH GLFK DXFK DEJHVFKREHQ" ³1HLQ LFK NRPPH DXV HLJHQHP $QWULHE DQWZRUWHWH LFK 2EZRKO LFK PLW V\QWURQLVFKHU %HZXWVHLQVVWW]XQJ DUEHLWHWH ZHLO LFK PLU LQ GLHVHU 6LWXDWLRQ DXFK QLFKW GHQ JHULQJVWHQ )HKOHU HUODXEHQ NRQQWH UDQQ PLU HLQH :HOOH GHU )UHXGH GXUFK GHQ .|USHU ,FK KDWWH 3KDPDT JHIXQGHQ ZHQQ HU GDV ZLUNOLFK ZDU GHU PLFK GD DQNUlFK]WH ³,FK NRPPH XP GLFK ]X EHVXFKHQ ,FK KDEH JHK|UW GD HV VLFK DXI 3DFKWXT JXW OHEHQ OlW :HQQ HV PLU JHIlOOW EOHLEH LFK KLHU6LHZHUGHQPLFKRKQHKLQEDOGLQGHQ5XKHVWDQGYHUVHW]HQ ³.RPP KHUXQWHU NUlFK]WH HV DXV GHP (PSIlQJHU (LQH %LOGEHUWUDJXQJ JDE HVQLFKW³,FKQHQQHGLUGLH.RRUGLQDWHQPHLQHV:RKQRUWV (U QDQQWH PLU /lQJH XQG %UHLWH VHLQHV :RKQRUWV XQG EH]HLFKQHWH HLQ FKDUDNWHULVWLVFKHV2EHUIOlFKHQGHWDLOGDVGHQ1XOOPHULGLDQGHILQLHUWH,FKPXWH GHQ 3ODQHWHQ QRFK HLQPDO XPNUHLVHQ GDQQ ZXWH LFK %HVFKHLG 3KDPDT ZRKQWH DXI GHU 1RUGKDOENXJHO GHV 3ODQHWHQ DXI *UDG %UHLWH HWZD .LORPHWHU YRQ GHU .VWH HLQHV 0HHUHV HQWIHUQW DXI HLQHP ZHLWUHLFKHQGHQ VDQIWJHQHLJWHQ +DQJ GHU QDFK 1RUGHQ KLQ ]X HLQHU PlFKWLJHQ *HELUJVNHWWH HPSRUIKUWH ,FKGURVVHOWHGLH*HVFKZLQGLJNHLWPHLQHV%RRWHVXQGOLHHVJHPlFKOLFKLQGLH 7LHIHVLQNHQ (LQ SDDU +lXVFKHQ VWDQGHQ ZHLW YHUVWUHXW DP 5DQG GHV :DOGHV ,FK ZDU PHLQHU 6DFKH LPPHU QRFK QLFKW JDQ] VLFKHU REZRKO VLFK DOOHV KDUPORV JHQXJ DXVQDKP XQG ZDU LP :DOG JHODQGHW 'HP %RRW KDWWH HV NHLQH 0KH JHPDFKW HLQ SDDU

H[RWLVFKH %lXPH EHLVHLWH ]X GUFNHQ XQG DXI VHLQHP 3UDOOIHOG VLFKHUHQ +DOW ]X ILQGHQ,FKWUXJGLHOHLFKWH%RUGNRPELQDWLRQXQGLQHLQHPDXWRPDWLVFKHQ+DOIWHUDP *UWHOHLQH.RPELQDWLRQVZDIIH 'HU HUVWH (LQGUXFN GHU VLFK PLU QDFK 9HUODVVHQ GHV %RRWHV HLQSUlJWH ZDU GHU DEVROXWHU 6WLOOH .HLQ /IWFKHQ UHJWH VLFK NHLQ 7LHUODXW ZDU ]X K|UHQ $XFK YRQ GHU 6LHGOXQJ KHU NDP NHLQ *HUlXVFK ,FK EDKQWH PLU HLQHQ :HJ GXUFKV*HVWUSS XQGJHODQJWHQDFKZHQLJHQ0LQXWHQDQGHQ:DOGUDQG ,FK VDK PLFK XP 9RU PLU ODJHQ GLH NOHLQHQ +lXVHU GHU 6LHGOXQJ SULPLWLY DXV *XVWHLQHQ DXIJHIKUW 'HU 2UW ZLUNWH ZLH DXVJHVWRUEHQ 1LUJHQGZR ]HLJWH VLFK HLQH OHEHQGH 6HHOH 'DV ZXQGHUWH PLFK 3KDPDT ZXWH GRFK GD LFK DXIJUXQG VHLQHU.RRUGLQDWHQZRKOGLH6LHGOXQJDEHUQLFKWVHLQ+DXVILQGHQNRQQWH:DUXP OLH HU VLFK QLFKW VHKHQ" :DUXP VWDQG HU QLFKW YRU VHLQHU %HKDXVXQJ XQG ZLQNWH PLU ]X LPPHU QRFK LQGHU0HLQXQJLFKVHL2NKXQDDU"(UZDUWHWHHUYRQPLUGD LFKYRQ7U]X7UJLQJELVLFKGLHVHLQHJHIXQGHQKDWWH" ³'XELVWQLFKW2NKXQDDUVDJWHHVGDVHLWZlUWVLP*HVWUSS 'LH NUlFK]HQGH DOWHUVVFKZDFKH 6WLPPH VSUDFK FDQWDULVFK 'HU 7UDQVODWRU JHK|UWH ]XUWHFKQLVFKHQ*UXQGDXVVWDWWXQJPHLQHU0RQWXU(UVFKDOWHWHVLFKDXWRPDWLVFKHLQ XQGEHUVHW]WHGDVZDVLFKVFKRQYHUVWDQGHQKDWWHLQV,QWHUNRVPR ,FK ZDQGWH PLFK ODQJVDP XP XQG HUVFKUDN :DV GD PKVDP DXV GHP 8QWHUKRO] KHUYRUJHNURFKHQ NDP ZDU QXU QRFK GDV :UDFN HLQHV &DQWDUR KRFKJHZDFKVHQ ]ZDU DEHU YRUQEHUJHEHXJW XQG PLW GHU JUDXHQ IDOWLJHQ +DXW GHV KRKHQ $OWHUV 'HQQRFKHUNDQQWHLFK3KDPDTVRIRUW ³1HLQ 3KDPDT LFK ELQ QLFKW 2NKXQDDU DQWZRUWHWH LFK ³(V WXW PLU OHLG ZHQQ LFK GLFK HQWWlXVFKH ,FK JHEUDXFKWH GHQ 1DPHQ GHLQHV )UHXQGHV DXV *UQGHQ GLH LFKGLUJHUQHQHQQHQZHUGHZHQQGXEHUHLWELVWGLFKPLWPLU]XXQWHUKDOWHQ (UWUDWDXIPLFK]X6HLQ%OLFNZDUXQVLFKHU ³'XELVW*KHEURNKWHQLFKWZDKU"IUDJWHHU ³,FKELQ*KHEURNKWHEHVWlWLJWHLFK 'D NDP HU QRFK QlKHU (U ZROOWH VHLQH 6FKXOWHU DQ PHLQH OHKQHQ ZLH HV JXWH )UHXQGHWXQZHQQVLHHLQDQGHUQDFKODQJHU7UHQQXQJEHJUHQ$EHUDOVHUVLFK]XU 6HLWHQHLJWHZlUHHUXPHLQ+DDUJHVWU]W,FKJULIIUHFKW]HLWLJ]XXQGILQJLKQDXI ,FKGUFNWHLKQDQPLFK6RVWDQGHQZLUODQJH=HLW6HLWHDQ6HLWHXQGLFKZDUVR HUVFKWWHUWGDVLFK]X]LWWHUQEHJDQQ :DVZDUJHVFKHKHQ",FKNDQQWH3KDPDTV$OWHUQLFKWDEHUDOVZLUQRFKDQ%RUGGHU 7855<.+$00ZDUHQKDWWHLFKGHQ(LQGUXFNHUN|QQHK|FKVWHQVRGHU -DKUH lOWHU VHLQ DOV LFK (U KDWWH VHOEVW QRFK GHQ $XV]XJ DXV 1H\VFXXU PLWHUOHEW GDV ZXWH LFK 8QVHUH GXUFKVFKQLWWOLFKH /HEHQVHUZDUWXQJ EHWUXJ +XQGHUWH YRQ -DKUHQ:DUXPKDWWH3KDPDTGDV$XVVHKHQXQGGDV*HKDEHHLQHV*UHLVHVGHUQXU QRFKHLQHQ6FKULWWYRP7RGHQWIHUQWVWHKW" ³.RPP PLW PLU VDJWH HU PLW PDWWHU 6WLPPH ³,FK ELHWH GLU 6SHLVH XQG 7UDQN XQGGDQQODXQVVSUHFKHQ (U VFKRE PHLQH +DQG YRQ VLFK VWUDIIWH VLFK PLW 0KH ]X DXIUHFKWHU +DOWXQJ XQG VFKULWWYRUPLUKHU(UWUXJHLQHLQIDFKHVJUDXHV*HZDQGGDVLKPZLHHLQ6DFNXP GHQ.|USHUEDXPHOWH ³,FKKDEHGHLQ%RRWNRPPHQVHKHQVDJWHHURKQHGHQ.RSI]XZHQGHQ³'DGDFKWH LFK HV ZlUH EHVVHU ZHQQ LFK GLU HQWJHJHQJLQJH $OV LFK HUNDQQWH GD GX QLFKW

2NKXQDDUZDUVWZDULFK]XQlFKVWHQWWlXVFKW$EHUGHLQ*HVLFKWNDPPLUEHNDQQW YRU ,FK VXFKWH LQ PHLQHU (ULQQHUXQJ XQG VFKOLHOLFK IDQG LFK HV 'X ZDUVW *KHEURNKWH GHU PLW PLU DQ %RUG GHU 7855<.+$00 'LHQVW WDW 'D EOKWH SO|W]OLFKGLH)UHXGHLQPHLQHU6HHOH,FKZXWHGDGXJHNRPPHQZDUVWXPXQV ]XKHOIHQ'XVDKVWQRFKVRMXQJXQGNUlIWLJDXV ³,FK ZHUGH KHOIHQ ZR LFK NDQQ 3KDPDT ILHO LFK LKP LQV :RUW EHYRU HU VHLQH +RIIQXQJHQDOO]XGHXWOLFKDXVGUFNHQNRQQWH:HQQLFKLKPGRFKQXUDXIVDQIWH QLFKWYHUOHW]HQGH$UWKlWWHEHLEULQJHQN|QQHQGDLQ:LUNOLFKNHLWLFKHVZDUGHU GHU+LOIHEHGXUIWH1XQGLH=HLWZUGHNRPPHQ 'DV+lXVFKHQLQGHP3KDPDTZRKQWHPDQLFKWPHKUDOVYLHUPDODFKW0HWHULP *UXQGUL (V ZDU LQ GUHL 5lXPH HLQJHWHLOW 'HU YRUGHUH GHU GLH HLQ]LJH 7U GHV +DXVHV HQWKLHOW JDOW DOV :RKQUDXP (LQ RIIHQHU 'XUFKJDQJ IKUWH GXUFK HLQH 7UHQQZDQGLQGHQUFNZlUWLJHQ7HLOGHVDUPVHOLJHQ*HElXGHV'RUWEHIDQGHQVLFK GHU 6FKODIUDXP XQG HLQH ZLQ]LJH .DPPHU GLH K\JLHQLVFKHQ =ZHFNHQ GLHQWH 'LH (LQULFKWXQJZDUGHQNEDUVSlUOLFK)UHLQHQ*HQHUDOLP5XKHVWDQGKlWWHPDQVLFK HWZDV%HVVHUHVJHZQVFKW 'LH7UDXVVFKZHUHP0HWDOOJHIHUWLJWILHONUDFKHQGKLQWHUXQVLQV6FKOR'XUFK ]ZHLNOHLQH)HQVWHUGUDQJVSlUOLFKHV/LFKW0LUZDUDXIJHIDOOHQDOV3KDPDTPLUDXI GHP:HJKLHUKHUVHLQH%HKDXVXQJEHVFKULHEHQKDWWHGDHLQZLFKWLJHU%HVWDQGWHLO ]HLWJHQ|VVLVFKHU:RKQNXOWXUIHKOWH1DFKGHPHUPLUHLQHQ6LW]DQJHERWHQXQGLFK PLFKQLHGHUJHODVVHQKDWWHIUDJWHLFK ³:LHHUQlKUVWGXGLFK3KDPDT"(VJLEWNHLQH.FKHLQGHLQHP+DXV ³,FK ZHUGH YHUVRUJW ,FK KDEH HLQHQ %HWUHXHU GHU PHKUPDOV DP 7DJ (U XQWHUEUDFK VLFK $XFK LFK K|UWH GDV 6XPPHQ HLQHV *OHLWHUPRWRUV 'DV )DKU]HXJ KDWWHYRUGHP+DXVKDOWJHPDFKW6FKULWWHQlKHUWHQVLFKGHU7U'LH7UIORJDXI XQGHLQ:HVHQZDU]XVHKHQEHLGHVVHQ_$QEOLFNPLUGHU$WHPVWRFNWH (V ZDU HLQ &DQWDUR DEHU NHLQHU DXV PHLQHU *HQHUDWLRQ 6R KlWWH 3XFKW MHW]W DXVJHVHKHQZHQQPDQLKPMHHLQH&KDQFHJHJHEHQKlWWHDXI]XZDFKVHQ ³,FK VSUDFK JHUDGH YRQ LKP VDJWH 3KDPDT ]X PLU ³'DV LVW %RUUKXFK PHLQ %HWUHXHU %RUUKXFKPXVWHUWHPLFKPLWXQYHUKRKOHQHP0LWUDXHQ ³:HUELVWGX"IUDJWHHUEDUVFK ³0RRNKSDJKDQWZRUWHWHLFK ³:RKHUNRPPVWGX" ³$XV*KDJKLWDQQDKP3KDPDTPLUGLH$QWZRUWDE ³=X)X"]ZHLIHOWH%RUUKXFK³hEHUYLHU]LJ.LORPHWHU" ³6HLQ %HWUHXHU KDW LKQ SHU *OHLWHU KLHUKHUJHEUDFKW HUNOlUWH 3KDPDT ³XQG LVW JOHLFK ZLHGHU XPJHNHKUW 0RRNKSDJK ZLUG HLQ SDDU 7DJH KLHU YHUEULQJHQ :LU VLQG DOWH )UHXQGH (U LVW PLW GHP OHW]WHQ 7UDQVSRUW DXI 3DFKWXT DQJHNRPPHQ XQGKDWHUVWYRUNXU]HPHUIDKUHQGDLFKKLHUZRKQH 3KDPDT PRFKWH HLQHQ JUHLVHQKDIWHQ ]HUEUHFKOLFKHQ (LQGUXFN PDFKHQ $EHU VHLQ*HKLUQIXQNWLRQLHUWHQRFKDXVJH]HLFKQHW%RUUKXFKV0LWUDXHQYHUIORJ(U WUXJHLQHQ%HKlOWHUGHQHUMHW]W]X%RGHQVHW]WH ³,FK ZHUGH VHKHQ RE LFK IU HLQ SDDU 7DJH ODQJ MHZHLOV ]ZHL 5DWLRQHQ DXI

WUHLEHQNDQQVDJWHHU 'DQQZDQGWHHUVLFKXPXQGZDUIGLH7UKLQWHUVLFK]X ³,FKGDQNHGLUULHI3KDPDTKLQWHULKPKHU ,FKJODXEWHQLFKWGD%RUUKXFKGLH:RUWHQRFKK|UHQNRQQWH8QGZHQQGRFK GDQQ EHGHXWHWH LKP GHU 'DQN GHV $OWHQ ZDKUVFKHLQOLFK QLFKWV ,FK ZDU HUVFKWWHUW,FKKDWWHHUZDUWHWDXI3DFKWXTHLQ5XKHVWDQGVSDUDGLHVIU&DQWDUR ]X ILQGHQ GLH VLFK MDKU]HKQWHODQJ XP LKU 9RON YHUGLHQW JHPDFKW KDWWHQ XQG MHW]W DXI ZUGHYROOH $UW XQG :HLVH DEJHVFKREHQ ZXUGHQ XP HLQHU QHXHQ *HQHUDWLRQ3ODW]]XPDFKHQ,Q:LUNOLFKNHLWDEHUZDU3DFKWXTHLQ*UHLVHQDV\O LQ GHP MXQJH DUURJDQWH &DQWDUR GHU ]ZHLWHQ *HQHUDWLRQ GHQ 7RQ DQJDEHQ XQG GLH 5XKHVWlQGOHU ZLH :HVHQ PLQGHUHQ *UDGHV EHKDQGHOW ZXUGHQ )UHLOLFK PXWH LFK PLFK YRU YRUHLOLJHQ 6FKOVVHQ KWHQ 9LHOOHLFKW ZDU 3KDPDT HLQ (LQ]HOIDOO 8QG %RUUKXFKV DQPDHQGHV 9HUKDOWHQ EUDXFKWH QLFKW ]X EHGHXWHQ GDDOOH%HWUHXHUYRQGLHVHU$UWZDUHQ ³'DVLVWPHLQH0LWWDJVPDKO]HLWVDJWH3KDPDTXQGZLHVDXIGHQ%HKlOWHUGHU LQ GHU 1lKH GHU 7U VWDQG ³,FK ZHUGH VLH YRUOlXILJ QLFKW DQUKUHQ XQG ZDUQH DXFK GLFK GDYRQ ]X JHQLHHQ :DUWH LFK EULQJH XQV HWZDV 'DV :LHGHUVHKHQ PXJHEKUHQG]HOHEULHUWZHUGHQ (U YHUVFKZDQG GXUFK GLH 7UHQQZDQG XQG NHKUWH $XJHQEOLFNH VSlWHU PLW ]ZHL JHIOOWHQ%HFKHUQ]XUFN:LUWUDQNHQ'DV*HWUlQNZDUHLQELOOLJHU:HLQPLW V\QWKHWLVFKHP $KRUQJHVFKPDFN :lKUHQG ZLU WUDQNHQ XQG 6SUFKH DXI GHQ JXWHQ *HLVW GHU .ODUKHLW DXVEUDFKWHQ ]HUPDUWHUWH LFK PLU GDV *HKLUQ ZLH LFK 3KDPDT RKQH LKQ ]X YHUOHW]HQ GDQDFK IUDJHQ NRQQWH ZDUXP HU LQ VR NXU]HU =HLW]XP*UHLVJHZRUGHQZDU(UNDPPLU]XYRU ³'X ZLUVW GLFK ZXQGHUQ GD LFK HLQ )QI]LJMlKULJHU DXVVHKH DOV ZlUH LFK GUHLKXQGHUW-DKUHDOWVDJWHHU³'XZLUVWHVUHFKW]HLWLJHUIDKUHQ$EHUHUVWZLOO LFKGHLQH*HVFKLFKWHK|UHQ:DVWXVWGXKLHU":LHNRPPVWGXKLHUKHU":LHLVW HVGLUHUJDQJHQVHLWZLUHLQDQGHUGDVOHW]WHPDOVDKHQ" ,FKVDKPLFKPLWUDXLVFKXP ³.HLQH 6RUJH YHUVSRWWHWH HU PLFK ³,FK KDEH DQ GHLQHP IDOVFKHQ 1DPHQ VFKRQ JHPHUNW GD GX HWZDV ]X YHUEHUJHQ KDVW $EHU KLHU JLEW HV NHLQH $EK|UJHUlWH :HU ZROOWH XQV $OWHQ ]XWUDXHQ GD ZLU *HIlKUOLFKHV VDJHQ RGHU WXQN|QQWHQ" ,FK HUVWDWWHWH %HULFKW ZDKUKHLWVJHPl XQG DXVIKUOLFK YRQ MHQHP $XJHQEOLFNDQGDLFKPLFKDXI6FKRWVFKLYRQ3KDPDTYHUDEVFKLHGHWKDWWHELV ]XP KHXWLJHQ 7DJ (U K|UWH PLU DXIPHUNVDP ]X XQG XQWHUEUDFK PLFK NHLQ HLQ]LJHV0DO ³,FK ZHL PLU ]X VFKlW]HQ GD GX DXVJHUHFKQHW EHL PLU =XIOXFKW VXFKHQ ZROOWHVWVDJWHHUQDFKGHPLFKJHHQGHWKDWWH³:LHGXVLHKVWLVW3DFKWXTNHLQH VLFKHUH :HOW 8QVHUH %HWUHXHU VLQG ]ZDU JHLVWLJ QLFKW GLH UHJVWHQ XQG HV KDW ZDKUVFKHLQOLFKNHLQHUYRQLKQHQMHYRQ*KHEURNKWHJHK|UWDEHUVLHJHK|UHQGHU QHXHQ*HQHUDWLRQDQXQGVLQGYROOHU(LIHUMHGHQ%HIHKOGHV6XSUHPNRPPDQGRV JHZLVVHQKDIW DXV]XIKUHQ :HQQ HV GHU =XIDOO ZLOO NRPPW GHLQ 1DPH LUJHQGZR DXI XQG GHU QlFKVWH 7UDQVSRUW EULQJW HLQH 6XFKPHOGXQJ XQG VFKRQ KDEHQ VLH GLFK IHVW 8QG ZDV GLH ,QIRUPDWLRQHQ DQEHODQJW GLH GX YRQ PLU HUKDOWHQN|QQWHVW,FKKDEHVHLWIQI-DKUHQNHLQH1HXLJNHLWHQPHKUJHK|UW:LU

KDEHQ NHLQH 9HUELQGXQJ PLW GHU $XHQZHOW ,P -DKU YLHUKXQGHUWIQIXQGQHXQ]LJ ZXUGH LFK LQ GHQ 5XKHVWDQG YHUVHW]W XQG QDFK 3DFKWXTDEJHVFKREHQ ³:HOFKHVZDUHQGHLQH$XIJDEHQELV]XGLHVHP-DKU"IUDJWHLFK³0DQK|UWGD GX GLFK LQ ]DKOUHLFKHQ $XVHLQDQGHUVHW]XQJHQ DXVJH]HLFKQHW KlWWHVW XQG GDIU ]XP*HQHUDOEHI|UGHUWZRUGHQZlUHVW ³,FK EHNDP HLQHQ )ORWWHQYHUEDQG ]XJHWHLOW DQWZRUWHWH HU ³:LU KDWWHQ $XIUlXPDUEHLWHQ ]X HUOHGLJHQ ,Q GHU /RNDOHQ *UXSSH WREWH QRFK LPPHU GHU *URH .ULHJ ,Q GHU 0LOFKVWUDH ZDUHQ ULHVLJH )ORWWHQ GHU +DXUL XQG GHU .DUWDQLQ XQWHUZHJV +DXUL XQG .DUWDQLQ VLQG 9|ONHU GLH LQ GHU )UHPGJDOD[LV +DQJD\ LKUHQ 6LW] KDEHQ 8QVHUH $XIJDEH ZDU GLH )UHPGHQ ]X YHUWUHLEHQ $XHUGHP PXWHQ ZLU XQV JHJHQ GLH *DODNWLNHU ZHKUHQ GLH XQV GDPDOV QRFK LPPHU IU %OLW]HU KLHOWHQ ,Q]ZLVFKHQ KDWWHQ GLH KlPLVFKHQ XQG NDUWDQLVFKHQ 9HUElQGH JHPHUNW GD GLH 0LOFKVWUDH LP %HJULII ZDU VLFK KHUPHWLVFK YRP 5HVWGHV8QLYHUVXPVDE]XULHJHOQ,QYLHOHQ%HUHLFKHQGHU3HULSKHULHZDUHQGLH EHLGHQ :lOOH VFKRQ JURIOlFKLJ XQG OFNHQORV 'DGXUFK ZXUGH XQV GLH $UEHLW HUOHLFKWHUW GHQQ DOV GLH )UHPGHQ EHJULIIHQ GD VLH EDOG QLFKW PHKU LQ LKUH +HLPDWJDOD[LV ZUGHQ ]XUFNNHKUHQ N|QQHQ GD QDKPHQ VLH VFKOHXQLJVW 5HLDXV 0LW GHP 5HVW PDFKWHQ ZLU NXU]HQ 3UR]H 1DFKGHP GLH :lOOH VLFK DOOVHLWLJ JHVFKORVVHQ KDWWHQ EOLHEHQ QRFK HLQ SDDU NOHLQH +DXUL XQG .DUWDQLQ 9HUElQGH EULJ :LU VW|EHUWHQ VLH DXI XQG PDFKWHQ NXU]HQ 3UR]H PLW LKQHQ 'DQQZXUGHLFKQDFK6FKRWVFKLEHRUGHUW 'DV 6XSUHPNRPPDQGR OREWH PLFK XQG HU]lKOWH PLU ZLH WDSIHU LFK PLFK JHVFKODJHQ KlWWH ,FK ZDU HLQ -DKU ]XYRU VFKRQ LQ GHQ *HQHUDOVUDQJ HUKREHQ ZRUGHQ,FKKlWWHGLH5XKHYHUGLHQWPHLQWHQGLH.RPPDQGHXUH$XHUGHPVHL HVDQGHU=HLWHLQHUQHXHQ*HQHUDWLRQ*HOHJHQKHLW]XU%HZlKUXQJ]XJHEHQ,FK ZROOWHZLVVHQZHUGHQQGLHDQGHUH*HQHUDWLRQVHL$EHUGDUDXIEHNDPLFKNHLQH $QWZRUW ,P *HJHQWHLO 0DQ JDE PLU GHQ PDQ VRHEHQ QRFK JHOREW KDWWH ]LHPOLFKJURE]XYHUVWHKHQGDLFKPLFKQLFKWXP'LQJH]XNPPHUQKlWWHGLH PLFKQLFKWVDQJLQJHQ $OVRZXUGHLFKPLWHWOLFKHQKXQGHUWDQGHUHQQDFK3DFKWXTDEJHVFKREHQ'LHVH 6LHGOXQJKLHU.KDPERNZXUGHDOVHLQHGHUHUVWHQJHEDXW'LH%HWUHXHUNDPHQ JOHLFK PLW XQV 'D KDWWH LFK ]XP HUVWHQPDO GLH 0|JOLFKNHLW PLU GLH QHXH *HQHUDWLRQ DXV GHU 1lKH ]X EHWUDFKWHQ 6LH JHILHO PLU QLFKW 6LH ZDU PLU ]X KXPDQRLG (V VWHOOWH VLFK EDOG KHUDXV GD GDV 0LIDOOHQ DXI *HJHQVHLWLJNHLW EHUXKWH 'LH %HWUHXHU HPSIDQGHQ 9HUDFKWXQJ XQV JHJHQEHU :DKUVFKHLQOLFK HPSILQGHQ VLH HV DOV (UQLHGULJXQJ GD VLH XQV WlJOLFK YLHUPDO PLW 1DKUXQJ YHUVHKHQ XQG XQV LQV 0HGR]HQWUXP EULQJHQ PVVHQ ZHQQ ZLU NUDQN ZHUGHQ 8QV $OWHQ LVW LQ]ZLVFKHQ GHU 0XW DXVJHJDQJHQ :LU ElXPHQ XQV QLFKW PHKU DXI :LU YHUEULQJHQ XQVHUH 7DJH LQ 6WLOOH XQG (LQVDPNHLW XQG ZDUWHQ DXI GHQ 7RG :lKUHQGVHLQHV%HULFKWVZDUPLUHLQH)UDJHLQGHQ6LQQJHNRPPHQ ³:HQQGLH$XVPXVWHUXQJDOOH&DQWDURXQVHUHU*HQHUDWLRQEHWULIIWH[LVWLHUWGDQQGDV XUVSUQJOLFKH6XSUHPNRPPDQGRQRFK" ³,FK JODXEH HV QLFKW DQWZRUWHWH HU ³9RQ LUJHQG MHPDQG KDEH LFK JHK|UW GD 7KRQNDUU LQ HLQH GHU 6LHGOXQJHQ HLQJHOLHIHUW ZXUGH (U VROO LQ]ZLVFKHQ JHVWRUEHQ

VHLQ ,FKZDUHUVFKWWHUW:DVJLQJGDLP+LQWHUJUXQGYRU":HOFKXQKHLPOLFKHQ.UlIWH ZDUHQGDDP:HUNGLHGLHJHVDPWHFDQWDULVFKH*HVHOOVFKDIWYRQLQQHQQDFKDXHQ VWOSWHQ" ³:HQQGLH$XVPXVWHUXQJVFKRQYRUIQI-DKUHQEHJRQQHQKDWIXKULFKLQPHLQHU :LEHJLHUGHIRUW³ZLHNRPPWHVGDQQGDKLHUDXI3DFKWXTK|FKVWHQVHLQ'ULWWHO GHU *HVDPWEHY|ONHUXQJ GHU HUVWHQ *HQHUDWLRQ OHEW" )QI -DKUH VLQG JHQXJ =HLW XPDOOH]ZDQ]LJ0LOOLRQHQ&DQWDURXQVHUHU*HQHUDWLRQDE]XVFKLHEHQ ³0DQFKHZHUGHQQRFKJHEUDXFKWVRZLHGXXQG7LFKWRQD5HNKULRFK)LPEUDLFK -RVDQJKDWW VDJWH3KDPDT ³$EHU GDV LVW JHZL QXU HLQ ZLQ]LJHU %UXFKWHLO 'DQQ PX PDQ GLH 0|JOLFKNHLW LQ %HWUDFKW ]LHKHQ GD HV PHKUHUH :HOWHQ ZLH 3DFKWXT JLEW :HQ GX KLHU QLFKW ILQGHVW GHU OHEW YLHOOHLFKW DXI HLQHU GHU DQGHUHQ 5XKHVWDQGVZHOWHQ 'HU ZLFKWLJVWH )DNWRU DEHU LVW VLFKHUOLFK GHU GD GLH 5XKHVWlQGOHUHEHQVRVFKQHOOVWHUEHQZLHVLHDQWUDQVSRUWLHUWZHUGHQ ,FKZDUEHUUDVFKW ³:LHNRPPWGDV"IUDJWHLFK ³:LUZHUGHQYHUJLIWHWDQWZRUWHWHHU ³2 QHLQ VR VFKOLPP LVW HV QLFKW YHUVXFKWH HU PLFK ]X EHUXKLJHQ DOV HU PHLQ (QWVHW]HQ EHPHUNWH ³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³:HUKDWGDVDQJHRUGQHW":DUXPZLUGGDVJHWDQ" ³'LH ]ZHLWH )UDJH OlW VLFK OHLFKW EHDQWZRUWHQ VDJWH HU ³0DQ ZLOO XQV ORVZHUGHQ(VZLUGHLQHQHXH2UGQXQJHLQJHIKUW'LHFDQWDULVFKH*HVHOOVFKDIW ZLUG XPRUJDQLVLHUW 0DQ VDJW GD GLH &DQWDUR LQ QDKHU =XNXQIW GLH 0LOFKVWUDH EHKHUUVFKHQ ZHUGHQ 'D]X EUDXFKW PDQ .lPSIHUQDWXUHQ XQG +LOIVY|ONHU GLH MHGHP %HIHKO EOLQGOLQJV JHKRUFKHQ :LU YRQ GHU DOWHQ *HQHUDWLRQ KDEHQ ]ZDU DXFK XQVHUHQ (KUJHL] 'LH %HKHUUVFKXQJ GHU 0LOFKVWUDH ZlUH DXFK IU XQV HLQ HUVWUHEHQVZHUWHV =LHO JHZHVHQ $EHU ZLU VLQG QLFKW HKUJHL]LJ JHQXJ 0DQ EUDXFKW 'UDXIJlQJHU GLH GHQ 7RG XQG GLH *HLVWHU GHU 0HWDZHOW QLFKW IUFKWHQ :LU ZlUHQ ]X ODQJVDP JHZHVHQ 'D ]FKWHWHPDQJDQ]HLQIDFKHLQHQHXH*HQHUDWLRQGLHLQ:LUNOLFKNHLWHLQHQHXH 6SH]LHVLVW (U KDWWH PLFK QDFKGHQNOLFK JHVWLPPW ,P -DKU ZDUHQ GLH HUVWHQ .ORQH DXIJHWUHWHQ 'DPDOV KDWWHQ 7LFKWRQD XQG LFK QRFK PKVHOLJ PLW XQVHUHP .HLPPDWHULDO H[SHULPHQWLHUW XQG GHU 3URMHNWOHLWXQJ GLH DOOHUHUVWHQ (PEU\RQDOSUREHQJHOLHIHUW(VHUJDELPPHUZHQLJHU6LQQ:DUXPKDWWHQZLU XQV PLW NOHLQNUlPHULVFKHQ *HQPDQLSXODWLRQHQ JHQWHFKQLVFKHQ $QDO\VHQ XQG =XFKWYHUVXFKHQEHVFKlIWLJHQPVVHQZlKUHQGDQGHUQRUWVGLH.ORQHGHUQHXHQ *HQHUDWLRQVFKRQLQ0DVVHQSURGX]LHUWZXUGHQ"

,FKHULQQHUWH3KDPDTDQPHLQHHUVWH)UDJH(UPDFKWHHLQHDEZHKUHQGH*HVWH ³,FK ZHL QLFKW ZHU HV DQJHRUGQHW KDW VDJWH HU ³,FK KDEH %RUUKXFK GDUDXI DQJHVSURFKHQ(UKlOWPLFKIUYHUUFNW(VJlEHNHLQ*LIWEHKDXSWHWHU(UlH GHQVHOEHQ 3URYLDQW 'DV PDJ ULFKWLJ VHLQ 6FKOLHOLFK JHK|UW HU HLQHU QHXHQ 6SH]LHV DQ GLH YHUPXWOLFK JHJHQ GDV *LIW LPPXQ LVW 'D HU VHOEHU GDV *LIW QLFKW EHLPHQJW JODXEH LFK LKP DXFK 8QVHUH 1DKUXQJ ZLUG LQ HLQHU DXWRPDWLVFK DUEHLWHQGHQ )HUWLJXQJVVWlWWH KHUJHVWHOOW 'LH *UXQGVWRIIH GLH VLH YHUZHQGHW ZHUGHQ YRQ 9HUVRUJXQJVVFKLIIHQ DQJHOLHIHUW 'DV =HXJ NRPPW ZDKUVFKHLQOLFKVFKRQYHUJLIWHWKLHUDQ ³.|QQWHQGLH$XIWUDJJHEHUGLH+HUUHQGHU6WUDHQVHLQ"IUDJWHLFKYRUVLFKWLJ ³,FKZHLVRJXWZLHQLFKWVEHUGLH+HUUHQGHU6WUDHQVDJWH3KDPDT³6LH VWHKHQ QRFK K|KHU DOV GDV 6XSUHPNRPPDQGR XQG VLQG DXI 7HUUD DQJHVLHGHOW :HQQ HV VLH ZLUNOLFK JLEW GDQQ VLQG ZRP|JOLFK VLH GLHMHQLJHQ GLH XQVHUH 9HUJLIWXQJDQJHRUGQHWKDEHQ$EHUHVLVWQXW]ORVGDUEHU]XVSHNXOLHUHQ ³6LQGGLH+HUUHQGHU6WUDHQ&DQWDUR"ZROOWHLFKZLVVHQ ³,FK ZLHGHUKROH PLFK DQWZRUWHWH HU LQ EHGDXHUQGHP 7RQIDOO ³:HQQ HV GLH +HUUHQ GHU 6WUDHQ ZLUNOLFK JLEW GDQQ PVVHQ VLH &DQWDUR VHLQ (V LVW XQGHQNEDU GD GDV GDPDOLJH )ORWWHQ XQG KHXWLJH 6XSUHPNRPPDQGR VLFK $QGHUVDUWLJHQXQWHUJHRUGQHWKlWWH :LU WUDQNHQ YRQ GHP VFKOHFKWHQ :HLQ ,FK VDK ZLH 3KDPDTV +DQG ]LWWHUWH ,FK HPSIDQG 7UDXHU XQG =RUQ ]XJOHLFK :HU KDWWH GDV 5HFKW VR PLW XQV XP]XVSULQJHQ" ³'LHVHU KLHU LVW QLFKW YHUJLIWHW JODXEH LFK VDJWH 3KDPDT XQG EHWUDFKWHWH VHLQHQ%HFKHUDQJHOHJHQWOLFK³:HQQHUJHQXJ1lKUZHUWEHVlHKlWWHLFKPLFK QXUYRQLKPHUQlKUW ³%LHWHWGHU:DOGNHLQHHEDUHQ)UFKWHXQG7LHUH" ³)UFKWHPXWGXHUVWSURELHUHQXQGZHQQGXGLHIDOVFKHHUZLVFKVWELVWGX JOHLFKWRW7LHUHJLEWHVNDXPXQGYRUDOOHQ'LQJHQ:LHZROOWHVWGXVLHRKQH :DIIHHUOHJHQ" ,FK PDFKWH LKP HLQ $QJHERW ,FK ZUGH LKQ PLW DQ %RUG GHU &+$.7238 08.+,1 QHKPHQ XQG DXI HLQHU :HOW DEVHW]HQ DXI GHU HU VLFK LQ PHGRWHFKQLVFKH%HKDQGOXQJEHJHEHQN|QQWH(UZROOWHGDYRQQLFKWVZLVVHQ ³(UVWHQVPHLQ)UHXQGKDEHLFKQLFKWPHKUODQJH]XOHEHQ)UGLH7DJHGLH PLU QRFK EOHLEHQ ZHUGH LFK NHLQH 5DXPUHLVH EHU 7DXVHQGH YRQ /LFKWMDKUHQ XQWHUQHKPHQ (V N|QQWH GLU SDVVLHUHQ GD GX HLQH /HLFKH DQ %RUG KlWWHVW ZHQQ ZLU DP =LHO DQNRPPHQ 8QG ]ZHLWHQV KlWWHQ VLH PLFK VRIRUW ZLHGHU HLQJHIDQJHQ,FKGDQNHGLUIUGHLQH)UHXQGOLFKNHLWDEHUHVZlUHUHFKWVLQQORV GHLQ$QJHERWDQ]XQHKPHQ (U HUKRE VLFK PKVDP (U VFKLHQ LQ GHQ ZHQLJHQ 6WXQGHQ XQVHUHV %HLVDPPHQVHLQVXP-DKUHJHDOWHUW,FKKWHWHPLFKLKPEHKLOIOLFK]XVHLQ'DV ZlUH DOV %HOHLGLJXQJ HPSIXQGHQ ZRUGHQ (U QDKP GHQ %HKlOWHU DXI GHQ %RUUKXFKEHLGHU7UDEJHVHW]WKDWWHXQGVWHOOWHLKQDXIGHQQLHGULJHQ7LVFK(U HQWIHUQWH GLH $EGHFNXQJ XQG QDKP 6SHLVHQ XQG *HWUlQNH KHUDXV 6LH ZDUHQ IHUWLJ ]XEHUHLWHW ]XP 7HLO LQ :DUPKDOWHIROLH YHUSDFNW XQG ZLUNWHQ UHFKW DSSHWLWOLFK :HOFK SHUILGH ,GHH 0DQ VHUYLHUWH GHQ $OWHQ DWWUDNWLYH 1DKUXQJ GDPLWVLHDXFKMDGDV*LIW]XVLFKQDKPHQ3KDPDTQDKPHLQSDDU3lFNFKHQ

XQGEUDFKWHVLHLQGHQUFNZlUWLJHQ5DXP(LQHEDXFKLJH)ODVFKH:HLQOLHHU DXIGHP7LVFKVWHKHQ(UD,FKVDKGDHUHLQHQNUlIWLJHQ$SSHWLWEHVD:HLQ ZXUGHQDFKJHVFKHQNW ³(V WXW PLU OHLG GD LFK GLU QLFKWV DQELHWHQ NDQQ VDJWH 3KDPDT ³$EHU HV ZlUHQXU]XGHLQHP6FKDGHQZHQQGXYRQGHP=HXJlHVW+DVWGX+XQJHU" ³0lLJHQDQWZRUWHWHLFK³$EHULFKKDEH.RQ]HQWUDWQDKUXQJEHLPLU ³*XW'XELVWPHLQ*DVWQLFKWZDKU"'XNDQQVWLQGLHVHP5DXPVFKODIHQIDOOV HVGLFKQDFK6FKODIJHOVWHW ³,FKQHKPHDQVDJWHLFK (V ZlUH PLU VFKZHUJHIDOOHQ GHQ $OWHQ DOOHLQ ]X ODVVHQ 1DFKGHP3KDPDTVHLQH 0DKO]HLW EHHQGHW XQG GLH JHOHHUWHQ 3lFNFKHQ LQ GHQ %HKlOWHU ]XUFNJHVFKREHQ KDWWHVDHQZLUQRFKODQJHXQGXQWHUKLHOWHQXQV:LUVSUDFKHQEHUYHUJDQJHQH =HLWHQ XQG VSHNXOLHUWHQ EHU GLH *HJHQZDUW 'UDXHQ ZDU OlQJVW GLH 1DFKW KHUHLQJHEURFKHQ 6SlWHU JLQJ 3KDPDT ]XU 5XKH ,FK KDWWH PLU DXV GHQ YRUKDQGHQHQ 3ROVWHUVWFNHQ HLQ SULPLWLYHV /DJHU EHUHLWHW %HYRU LFK PLFK KLQOHJWH VHW]WH LFK PLFK PLW +LOIH GHV 0LNURNRPV GHU ]XU WHFKQLVFKHQ $XVVWDWWXQJ PHLQHU 0RQWXU JHK|UWH PLW PHLQHP %RRW LQ 9HUELQGXQJ XQG GDV %RRW QDKP VHLQHUVHLWV DXI GHP 8PZHJ EHU GLH 6RQGHQ .RQWDNW PLW GHU &+$.723808.+,1 DXI (V ZDU DOOHV LQ 2UGQXQJ 'LH 6HQVRUHQ KDWWHQ NHLQHUOHLYHUGlFKWLJH%HZHJXQJLP8PNUHLVUHJLVWULHUW 'HU 7DJ ZDU DQVWUHQJHQG JHZHVHQ QLFKW IU GHQ .|USHU ZRKO DEHU IU GHQ 9HUVWDQG,FKEHUOLHPLFKZLOOLJGHP6FKODI $OVGHUHUVWH6WUDKOGHUIUHPGHQ6RQQHVFKUlJGXUFKGDV)HQVWHUVWDFKXQGPHLQ *HVLFKWVWUHLIWHZDULFKVRIRUWKHOOZDFK1DFKHLQHUDXVJHGHKQWHQ6FKODISHULRGH VFKDOWHQ VLFK GLH V\QWURQLVFKHQ %HZXWVHLQPRGXOH DXWRPDWLVFK HLQ XQG YHUKLQGHUQ GHQ =XVWDQG GHU %HQRPPHQKHLW GHU VRQVW HLQ SDDU 0LQXWHQ QDFK GHP (UZDFKHQ DQKlOW ,FK VWDQG DXI XQG UlXPWH GLH 3ROVWHU EHLVHLWH 9RQ 3KDPDTZDUQLFKWV]XK|UHQ6FKOLHIHUQRFK",FKWUDWVHLWZlUWVDQGLHgIIQXQJ GLHGXUFKGLH7UHQQZDQGIKUWHXQGYHUVXFKWHVHLQH$WHP]JH]XK|UHQ$EHU LP 6FKODIUDXP ZDU DOOHV VWLOO 6ROOWH HU GDV +DXV YHUODVVHQ KDEHQ" 'DV ZDU VR JXWZLHXQP|JOLFK,FKVFKOLHIJHZ|KQOLFKIHVWXQGWLHI$EHUHVJDE0RGXOHLQ PHLQHP.|USHUGLHPLFKDXIPHUNVDPPDFKWHQZHQQVLFKZlKUHQGGHV6FKODIHV HWZDVLQPHLQHU1lKHEHZHJWH ,FK WUDW GXUFK GLH gIIQXQJ ,Q GLHVHP 5DXP JDE HV QXU HLQ HLQ]LJHV )HQVWHU (V KHUUVFKWH +DOEGXQNHO 3KDPDT ODJ DXI HLQHU HLQIDFKHQ /LHJH LPPHU QRFK PLW VHLQHPJUDXHQ6DFNJHZDQGDQJHWDQ(UKDWWHGLH$XJHQRIIHQ ³3KDPDT"VDJWHLFKOHLVH (U DQWZRUWHWH QLFKW 'D WUDW LFK QlKHU KLQ]X XQG EHXJWH PLFK EHU LKQ 6HLQH $XJHQZDUHQURWYHUIlUEW(UZDUWRW (LQHQ $XJHQEOLFN VWDQG LFK VWDUU 'DQQ IOXWHWH PLU GHU =RUQ GXUFK .|USHU XQG 6HHOH,FKEHJDQQ]XVFKUHLHQ ³:HUKDWGLHVHQ0RUGEHJDQJHQ"'HUVHOEHGHU7LFKWRQDXQG-RVDQJKDWWDXIGHP *HZLVVHQ KDW" :DV JLEW HXFK GDV 5HFKW XQV HLQHQ QDFK GHP lQGHUQ XP]XEULQJHQ" :DV IU %DUEDUHQ PW LKUVHLQ)HLJOLQJHREHQGUHLQ,KUVFKODJW DXV GHP 9HUERUJHQHQ ]X XQG YHUNULHFKW HXFK JOHLFK GDQDFK ZLHGHU LQ HXHU 9HUVWHFN'LH*HLVWHUGHU0HWDZHOWVROOHQHXFKKROHQ

(VZDUHLQHUHLQHPRWLRQDOH5HDNWLRQ(VJDEQLHPDQGGHUPLFKK|UHQNRQQWH,FK VSUWH GD GDV *HIKO PLW PLU GXUFKJHKHQ ZROOWH XQG VFKDOWHWH GLH 0RGXOH ZLHGHU HLQ GLH VLFK ]XYRU VHOEVWWlWLJ GHDNWLYLHUW KDWWHQ 'D K|UWH LFK HLQH 6WLPPHGLHDXVGHPYRUGHUHQ5DXP]XNRPPHQVFKLHQ6FKZHLELOGHWHVLFKDXI PHLQHP6FKlGHO'LHVH6WLPPHNDQQWHLFK6LHVSUDFK,QWHUNRVPRXQGLFKKDWWHVLH VFKRQHWOLFKHPDOJHK|UW ³=JOHGHLQHQ=RUQ*KHEURNKWHVDJWHVLH³(LQ+HUUGHU6WUDHQLVWJHNRPPHQ XPPLWGLU]XVSUHFKHQ,FKKDEHGLUHLQHQ%HIHKO]XHUWHLOHQ ³%LVWGXGLHVPDOZLUNOLFKGD"VFKULHLFK³2GHUEHNRPPHLFKZLHGHUQXUZHLVH :RUWHLQ,QWHUNRVPR]XK|UHQ":DUXPVSULFKVWGXQLFKWFDQWDULVFK]XPLU" ³,FKEHKHUUVFKHGDV&DQWDULVFKHQLFKWNDPGLH$QWZRUW 0LUVFKRGDV%OXWLQGHQ.RSI'HU0LNURPHGYHUDEUHLFKWHPLUHLQ0LWWHOGDV GHQ.UHLVODXIVWDELOLVLHUWH,FKWUDWGXUFKGLHgIIQXQJ (U VWDQG GD XQG PXVWHUWH PLFK PLW DEVFKlW]LJHP %OLFN ,FK VSUWH ZLH HLQ 7HLO PHLQHU6HHOHJHIURU'HU6FKRFNZDUIUFKWHUOLFK'LHVHV:HVHQZDUNHLQHUDXV PHLQHP 9RON HV ZDU NHLQ &DQWDUR $P HKHVWHQ VDK HV QRFK HLQHP YHUKDWHQ 7HUUDQHU lKQOLFK 'DV bXHUH GHV 0DQQHV ZDU ZHQLJ EHHLQGUXFNHQG 'HU /HLE ZLUNWHDXIJHTXROOHQZLHEHLHLQHPGHUNHLQH=HLWGDUDXIYHUVFKZHQGHWVHLQHP .|USHU SK\VLVFKH $QVWUHQJXQJ ]X]XPXWHQ 'DV *HVLFKW ZDU EOD XQG VFKZDPPLJ1XULQGHQ$XJHQJORPP/HEHQHLQE|VHVJUDXVDPHV)HXHU ,FKNlPSIWHGLHhEHUUDVFKXQJQLHGHU ³'XZLOOVWHLQ+HUUGHU6WUDHQVHLQ"IUDJWHLFKPKVDPEHKHUUVFKW ,QQHUOLFK ZDU LFK VR HUUHJW GD LFK FDQWDULVFK VSUDFK 'HU 7UDQVODWRU LP +DOVVHJPHQWPHLQHU0RQWXUEHUVHW]WHPHLQH:RUWH ³,FK ELQ HLQ +HUU GHU 6WUDHQ DQWZRUWHWH HU DXI ,QWHUNRVPR ³0HLQ 1DPH LVW 3HGUDVV )RFK DEHU GX KDVW PLFK HLQHQ ZHLVHQ +HUUQ ]X QHQQHQ 8QG GX ZLUVW WXQZDVLFKGLUEHIHKOH 'D SDFNWH PLFK YRQ QHXHP GLH :XW .HLQ 7HUUDQHU6FKZlFKOLQJ ZUGH PLU MH VDJHQ ZDV LFK ]X WXQ RGHU ]X ODVVHQ KDWWH ,FK ZDUI PLFK YRUZlUWV ,FK ZUGH GHQDXIJHGXQVHQHQ3RSDQ]]HUVFKPHWWHUQ 0HLQH 5HIOH[H VLQG EOLFKHUZHLVH YRU]JOLFK $EHU ZDV LQ GLHVHU 6HNXQGH JHVFKDK ZDUI PLFK Y|OOLJ DXV GHP *OHLFKJHZLFKW ,FK SUDOOWH PLW GHU YROOHQ :XFKW PHLQHV 6SUXQJHV JHJHQ HLQ KDUWHV XQQDFKJLHELJHV +LQGHUQLV GLH :DQG GHV :RKQUDXPV (LQ PlFKWLJHU 6FKODJ UL PLFK YRQ GHQ %HLQHQ ,P 6WU]HQ QRFKZLUEHOWHLFKKHUXP 'HU 7HUUDQHU VWDQG QRFK GD ZR LFK LKQ ]XOHW]W JHVHKHQ KDWWH 6HLQ %OLFN ZDU VS|WWLVFK YHUlFKWOLFK ,FK YHUVWDQG QLFKWV PHKU :HQQ HU QLFKW YRQ GHU 6WHOOH JHZLFKHQ ZDU ZLH KDWWH LFK LKQ GDQQ YHUIHKOHQ N|QQHQ" ,Q VLQQORVHU :XW UL LFK GLH :DIIH KHUYRU 'HU 7HUUDQHU ODFKWH K|KQLVFK 'HU ,PSXOVEODVWHU HQWOXG VLFK PLW EHUVWHQGHP .QDOO ,Q GHU :DQG JHJHQEHU HQWVWDQG HLQ TXDOPHQGHU %UDQGIOHFN (LQH GQQH %DKQ JHVFKPRO]HQHQ *XVWHLQV UDQQ YRQ GHU %UDQGIOlFKHKHUDE'HU7HUUDQHUDEHUZDUYHUVFKZXQGHQ 1RFKHLQPDOK|UWHLFKVHLQH6WLPPH ³'XELVWHLQ1DUU*KHEURNKWHZHQQGXJODXEVWHLQHP+HUUQGHU6WUDHQHWZDV DQKDEHQ]XN|QQHQ+LHULVWPHLQ%HIHKO)LQGHGLFKLQYLHU]LJ6WDQGDUGVWXQGHQ DXI GHU :HOW 0RQDQJKHOD LP 5DXPVHNWRU 8QDWKD HLQ ,FK ZLOO GLU DOOH

*HKHLPQLVVHHUOlXWHUQGLHGXVRODQJHKDVWHQWUlWVHOQZROOHQ 'DQDFK ZDU 6WLOOH %HQRPPHQ ULFKWHWH LFK PLFK YROOHQGV DXI (V GDXHUWH HLQH =HLWODQJ ELV GHU ORJLVFKH 9HUVWDQG GD ZLHGHU HLQVHW]WH ZR HEHQ HUVW GLH 9HUZLUUXQJDXIJHK|UWKDWWH,FKZDUJHQDUUWZRUGHQ'HU+HUUGHU6WUDHQKDWWH VLFK QLFKW GLH 0KH JHPDFKW PLU LQ 3HUVRQ JHJHQEHU]XWUHWHQ (U KDWWH PLU HLQH3URMHNWLRQVHLQHUVHOEVWJHVFKLFNW ,FKJDEGHUVWHXHUQGHQ:LUNXQJGHU%HZXWVHLQVPRGXOH=HLWPHLQHQ9HUVWDQG ZLHGHU HLQLJHUPDHQ LQ 2UGQXQJ ]X EULQJHQ ,FK GXUIWH KLHU QLFKW EOHLEHQ ,FK PXWH PLFK VR UDVFK ZLH P|JOLFK DEVHW]HQ 3KDPDT ZDU WRW 'HU %HWUHXHU ZUGHVLFKXPLKQNPPHUQXQGLKQHLQlVFKHUQZLHHVVLFKJHK|UWH,FKPXWH ]XP %RRW ]XUFN ,FK |IIQHWH GLH 7U XQG WUDW KLQDXV +LQWHU PLU WDW HV HLQHQ GXPSIHQ 6FKODJ DOV GDV VFKZHUH 0HWDOOJHELOGH VLFK ZLHGHU VFKOR ,FK ZROOWH PLFK LQ 5LFKWXQJ GHV :DOGUDQGVLQ %HZHJXQJVHW]HQGDVSUDFKGHU0LNURNRP DQ'DVhEHUZDFKXQJVV\VWHPGHV%RRWHVPHOGHWHVLFK ³)UHPGH%HZHJXQJLQXQPLWWHOEDUHU1lKHVDJWHGLHV\QWKHWLVLHUWH6WLPPH ³,FKNRPPHDXIGLFK]XDQWZRUWHWHLFK³+DOWHPLFKDXIGHPODXIHQGHQ ³9HUVWDQGHQ ,FK EHVFKOR HLQHQ %RJHQ ]X VFKODJHQ ,FK KLHOW PLFK QDFK UHFKWV KLQ LQ GHQ :DOG KLQHLQ XQG JDE PLU 0KH HLQHQ 3IDG ]X ILQGHQ DXI GHP QXU QLHGHUH *HZlFKVHVWDQGHQVRGDLFKHLQ0LQLPXPDQ*HUlXVFKYHUXUVDFKWH6HLWGHU %HJHJQXQJ PLW 3HGUDVV )RFK GHP +HUUQ GHU 6WUDHQ ZDU PLU NODU GD DOOH )OXFKW XQG $XVZHLFKPDQ|YHU GLH LFK ZlKUHQG GHU YHUJDQJHQHQ ]ZHL -DKUH YROO]RJHQ KDWWH Y|OOLJ XPVRQVW JHZHVHQ ZDUHQ 'LH GLH DQ GHU 0DFKW ZDUHQ KDWWHQ ]X MHGHU 6HNXQGH JHZXW ZR LFK PLFK DXIKLHOW ,FK IUDJWH PLFK ZHU HV ZRKO VHLQ PRFKWH GHU GDV %RRW JHIXQGHQ KDWWH 3HGUDVV )RFK VHOEVW ZDU QLFKW N|USHUOLFK LQ GLHVHU *HJHQG ZDKUVFKHLQOLFK QLFKW HLQPDO DXI GLHVHP 3ODQHWHQ DQZHVHQG(UKDWWHPLUHLQH3URMHNWLRQJHVFKLFNW:DUGHUGHUVLFKMHW]WLQGHU 1lKH GHV %RRWHV DXIKLHOW YRQ LKP EHDXIWUDJW ZRUGHQ PLFK DP 6WDUW ]X KLQGHUQ"(UJDEGDVHLQHQ6LQQQDFKGHPGHU+HUUGHU6WUDHQPLUGRFKHEHQHUVW GHQ%HIHKOJHJHEHQKDWWHQDFK0RQDQJKHOD]XIOLHJHQ" ,FKEOLHEVWHKHQ ³:RLVWGHU)UHPGH"IUDJWHLFKPLWXQWHUGUFNWHU6WLPPH ³8QPLWWHOEDUYRUGHP6FKOHXVHQVFKRWWNDPGLH$QWZRUW³(UKDWYHUVXFKWGDV 6FKRWW]X|IIQHQDEHUGDVLVWLKPQLFKWJHOXQJHQ .HLQ :XQGHU GDFKWH LFK JULPPLJ 'HU =XJDQJ ]XP %RRW ZDU GUHLIDFK JHVLFKHUW ³0DFK LUJHQGHLQ *HUlXVFK EHIDKO LFK GHP hEHUZDFKXQJVV\VWHP ³*LE ([WHUQDODUP ,FK ELQ DXI GHP :HJ ]XP %RRW 'HU )UHPGH GDUI PLFK QLFKW NRPPHQK|UHQ ³6HLYRUVLFKWLJZXUGHLFKJHZDUQW³(ULVWEHZDIIQHW 1RFK LQ GHUVHOEHQ 6HNXQGH EHJDQQ HLQH 6LUHQH ]X KHXOHQ ,FK ]RJ GLH :DIIH DXVGHP+DOIWHUXQGYHUJHZLVVHUWH PLFK GD VLH QRFK LPPHU DXI ,PSXOVEODVW 0RGXV JHVFKDOWHW ZDU ,FK NDP MHW]W VFKQHOOHU YRUDQ GD GHU /lUP GHU 6LUHQH DOOHVEHUW|QWHZDVLFKDQ*HUlXVFKYHUXUVDFKWH=ZHL0LQXWHQVSlWHUVDKLFK GDV%RRWYRUPLUOLHJHQ'HU)UHPGHKDWWHVLFKGXUFKGDV6LUHQHQJHKHXOQLFKW YHUVFKHXFKHQ ODVVHQ (U VWDQG GLFKW YRU GHU :DQGXQJ GHV )DKU]HXJV XQG

PXVWHUWH LQWHUHVVLHUW GLH .RQWUROOPHFKDQLVPHQ GLH QHEHQ GHP lXHUHQ 6FKOHXVHQVFKRWWDQJHEUDFKWZDUHQ ,FKKDWWHGLH+DQGPLWGHU:DIIHKLQWHUGHP5FNHQYHUERUJHQ'HU)UHPGH ZDU LQ :LUNOLFKNHLW VR IUHPG JDU QLFKW (U ZDU %RUUKXFK ,FK HUNDQQWH LKQ VRIRUW ,FK WUDW DQ GHQ 5DQG GHU /LFKWXQJ GLH GDV %RRW EHL GHU /DQGXQJ JHVFKDIIHQ KDWWH 'DV *HKHXO GHU 6LUHQH HUORVFK 0HLQ OHW]WHU 6FKULWW YHUXUVDFKWHHLQZHLWKLQK|UEDUHV.QDFNVHQ%RUUKXFKZLUEHOWHKHUXP(UWUXJ GLH :DIIH HLQHQ VFKZHUHQ %ODVWHU DQ GHU 6HLWH (U PXVWHUWH PLFK PLW K|KQLVFKHP%OLFN ³,FKZXWHJHQDXGDLFKDQJHORJHQZXUGHVDJWHHU³'XNRPPVWQLFKWDXV *KDJKLWDQ:RKHUNRPPVWGX" ³'DV VSLHOW MHW]W NHLQH 5ROOH DQWZRUWHWH LFK ³3KDPDT LVW WRW 'X ELVW VHLQ %HWUHXHU*HKKLQXQGlVFKHUHLKQHLQ ³8QGGX" ³,FKJHKHZLHGHUGRUWKLQ]XUFNZRKHULFKJHNRPPHQELQ ³'DV ODVVH LFK QLFKW JHVFKHKHQ 'X ELVW HLQ (LQGULQJOLQJ ,FK PX GLFK IHVWQHKPHQXQG0HOGXQJHUVWDWWHQ ³:HP"(VJLEWNHLQHQ+\SHUIXQNDXI3DFKWXT (U ]|JHUWH ,FK VFKULWW DXI LKQ ]X 0HLQ 9HUVWDQG IXQNWLRQLHUWH HLQZDQGIUHL 'HU 6FKRFN ZDU EHUZXQGHQ $EHU LQ PHLQHP ,QQHUQ ZDU QRFK LPPHU GHU =RUQHLQNDOWHUEHUHFKQHQGHU=RUQ,FKKDWHXQGYHUDFKWHWH%RUUKXFKIU DOO GDV ZDV HU 3KDPDT DQJHWDQ KDWWH (U PRFKWH VLFK LQ DFKW QHKPHQ ,FK KDWWHQLFKWGLH$EVLFKWYLHO=HLWDQLKQ]XYHUVFKZHQGHQ ³%OHLEPLUYRP/HLEVFKULHHUPLFKDQ³.RPPPLUQLFKW]XQDKH,FKPX GLFKIHVWQHKPHQ%OHLEVWHKHQ(VPDFKWPLUQLFKWVDXV (U JULII QDFK GHU :DIIH ,FK OLH GLH +DQG KLQWHU GHP 5FNHQ KHUYRUVFKQHOOHQ XQGGUFNWHDE'DVIDXFKHQGH.QDOOHQGHV,PSXOVEODVWHUVKDOOWHZHLWKLQGXUFK GHQ :DOG (LQ JUHOOHU ILQJHUGLFNHU 6WUDKO JHEQGHOWHU (QHUJLH VWDQG ]ZLVFKHQ %RUUKXFKXQGPLU 3O|W]OLFK ZDU %RUUKXFK LQ )ODPPHQ JHKOOW (U VDQN LQ GLH .QLH XQG ILHO YRUQEHU -HW]WZUGHVLFKMHPDQGDQGHUVXP3KDPDTV(LQlVFKHUXQJNPPHUQPVVHQ ,FKHUUHLFKWHGLH&+$.723808.+,1RKQH=ZLVFKHQIDOO$OVLFKPLFK .LORPHWHU EHU 3DFKWXT EHIDQG KDWWH LFK HLQHQ 5XQGVSUXFK DXVJHVWUDKOW GHU EHVDJWH GD VRZRKO 3KDPDT DOV DXFK VHLQ %HWUHXHU %RUUKXFK GHQ 7RG JHIXQGHQ KlWWHQ ,FK EDW GDUXP GD PDQ VLFK XP EHLGH LQ GHU KHUN|PPOLFKHQ FDQWDULVFKHQ:HLVHNPPHUH 0HKU NRQQWH LFK QLFKW WXQ ,FK IORJ GXUFK GLH .RURQD LQ GLH &KURPRVSKlUH GHU 6RQQH .KRFKDG XQG WUDI GLH &+$.723808.+,1 DP ]XYRU HUUHFKQHWHQ 3XQNW ,FK VFKDOWHWH 6WUXNWXUOFNHQ LQ GLH )HOGVFKLUPH PHLQHV 6FKLIIHV XQG VFKOHXVWHGDV%RRWHLQ'DQQHLOWHLFKLQGHQ.RPPDQGRUDXP ³:LOONRPPHQ DQ %RUG PHOGHWH VLFK GHU 6\QWURQ ³:LH ZDU GHLQ $XIHQWKDOW DXI3DFKWXT" ,FKJLQJDXIVHLQH:RUWHQLFKWHLQ

³6XFKQDFKGHQ.RRUGLQDWHQHLQHU:HOWQDPHQV0RQDQJKHODLP6HNWRU8QDWKD EHIDKOLFKLKP ³,FKKDEHVLHDQWZRUWHWHGHU6\QWURQQDFKZHQLJHQ6HNXQGHQ ³(QWIHUQXQJ" ³'UHLXQG]ZDQ]LJWDXVHQG/LFKWMDKUH ,FK EHUOHJWH ,FK EUDXFKWH =HLW ]XP 1DFKGHQNHQ RE LFK 3HGUDVV )RFKV %HIHKO EHIROJHQVROOWHRGHUQLFKW ³+|U]XVDJWHLFK ³,FKK|UH ³6HW] .XUV DXI 0RQDQJKHOD %HVFKOHXQLJH ELV ZLU GLH +lOIWH GHU /LFKWJHVFKZLQGLJNHLW HUUHLFKW KDEHQ 'DQQ OD GDV 6FKLII WUHLEHQ ELV LFK PHLQH (QWVFKHLGXQJJHWURIIHQKDEH ³,FK KDEH YHUVWDQGHQ 'LH $QZHLVXQJHQ VLQG DQ GHQ $XWRSLORWHQ ZHLWHUJHJHEHQ ZRUGHQ ,FKEHJDEPLFK]XPHLQHU8QWHUNXQIW,FKEHWWHWHPLFKDXIGDV/DJHUXQGVWDUUWH]XU 'HFNH KLQDXI 'DV 6FKLII KDWWH GLH YRUJHVFKULHEHQH *HVFKZLQGLJNHLW ELQQHQ ZHQLJHU 0LQXWHQ HUUHLFKW (V ZDU DEVROXW VWLOO ULQJVXP ,FK KDWWH =HLW PHLQHQ *HGDQNHQQDFK]XKlQJHQ :DUXPHULQQHUWH3HGUDVV)RFKPLFKDQGLH0LWJOLHGHUGHU3URMHNWOHLWXQJ":HLOHU HEHQVR YRQ KXPDQRLGHU *HVWDOW XQG HLQGHXWLJ NHLQ &DQWDUR ZDU 'LH +HUUHQ GHU 6WUDHQ VLQG NHLQH &DQWDUR KDOOWH HV LQ PHLQHQ *HGDQNHQ :LU KDEHQ XQV HLQHU IUHPGHQ6SH]LHVXQWHUZRUIHQ$EHUGDVZDUHQhEHUOHJXQJHQGLH]XQLFKWVIKUWHQ ,FKZDUYRQ6DPSVRQJHIORKHQZHLOLFKVLFKHUZDUGDLFKQDFK-RVDQJKDWWXQG 7LFKWRQDDOVQlFKVWHUXPJHEUDFKWZHUGHQZUGH=ZHL-DKUHODQJKDWWHLFKPHLQH )OXFKW XQG PHLQH $XVZHLFKPDQ|YHU IU HUIROJUHLFK JHKDOWHQ +HXWH ZDU PLU NODUJHZRUGHQ GD ]XPLQGHVW HLQHU GHU +HUUHQ GHU 6WUDHQ 3HGUDVV )RFK GLH JDQ]H =HLW EHU JHZXW KDWWH ZR LFK PLFK DXIKLHOW $OVR VWDQG LFK QLFKW DXI GHU 7RWHQOLVWHGHQQVRQVWZlUHLFKOl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hEHUOHJXQJ JDE PLU QHXH =XYHUVLFKW 6LH VWLPPWH PLFK XQWHUQHKPXQJVOXVWLJ ³6HUYRULHILFK ³+LHUNDPGLH$QWZRUW 'DV PDWWOHXFKWHQGH (QHUJLHJHELOGH GHV 6HUYRPHFKDQLVPXV ZDU ZLH DXV GHP 1LFKWVHQWVWDQGHQXQGVFKZHEWHXQWHUGHU'HFNHEHUPHLQHP/DJHU ³(V ZLUG ZHLWHU EHVFKOHXQLJW VDJWH LFK ³:LU IOLHJHQ QDFK 0RQDQJKHOD 'UHL +\SHUIOXJSKDVHQ PLW GD]ZLVFKHQOLHJHQGHQ 2ULHQWLHUXQJVPDQ|YHUQ ,Q GUHLLJ 6WXQGHQPVVHQZLUDP=LHOVHLQ ³9HUVWDQGHQXQGZHLWHUJHOHLWHWDQWZRUWHWHGHU6HUYR

8QWHUPLUODJ0RQDQJKHOD²HLQ3ODQHWGHUDXVGHU0HWDZHOWJHERUHQVFKLHQ 'LH &+$.723808.+,1 EHZHJWH VLFK LP 2UELW .LORPHWHU EHU NDOWHQ :VWHQIOlFKHQ 'LH GXUFKVFKQLWWOLFKH 7HPSHUDWXU DQ GHU 2EHUIOlFKH GHV 3ODQHWHQEHWUXJ*UDGDXIGHU7DJXQG*UDGDXIGHU1DFKWVHLWH:HLHU JOLW]HUQGHU 6DQG EHGHFNWH GHQ JHVDPWHQ 3ODQHWHQ 'LH $WPRVSKlUH ZDU GQQ DEHU VDXHUVWRIIUHLFK 'LH /XIWIHXFKWLJNHLW ODJ ]ZLVFKHQ XQG 3UR]HQW $XI0RQDQJKHODJDEHVNHLQH1LHGHUVFKOlJH+LHUXQGGRUWZDUHQ2DVHQLQGHQ 6DQG HLQJHEHWWHW NOHLQH 6HHQ PHLVW NUHLVI|UPLJ PLW HLQHP 0D[LPDOGXUFKPHVVHUYRQ0HWHUQELVDXIGHQ*UXQGKLQDEJHIURUHQ 9RQ GHQ YLHU]LJ 6WXQGHQ GLH GHU +HUU GHU 6WUDHQ PLU JHQDQQW KDWWH EOLHEHQ QRFKYLHU,FKHUZDUWHWHGDLFKLUJHQGHLQH$UW6LJQDOEHNRPPHQZUGHZHQQ 3HGUDVV )RFK EHUHLW ZDU PLW PLU ]X VSUHFKHQ :R LFK LKQ ]X VXFKHQ KDWWH ZDU PLU NODU 'LH 2EHUIOlFKH GHV 3ODQHWHQ ZDU VR WURVWORV HLQW|QLJ GD GLH 7DVWHUVFKRQEHLPHUVWHQ6FDQGDVZUIHOI|UPLJH*HElXGHHUIDWKDWWHQGDV LQbTXDWRUK|KHDP8IHUHLQHVGHUJHIURUHQHQ6HHQVWDQG'HU:UIHOZDUGDV HLQ]LJH $Q]HLFKHQ GD HLQ LQWHOOLJHQWHV :HVHQ MHPDOV GHQ )X DXI GLH 2EHUIOlFKH GLHVHU DEVFKHXOLFKHQ :HOW JHVHW]W KDWWH ,FK IUDJWH PLFK RE GDV *HElXGHVFKRQGLHJDQ]H=HLWEHUKLHUJHVWDQGHQKDWWHRGHUREHVYRQ3HGUDVV )RFKHLJHQVIUXQVHU=XVDPPHQWUHIIHQHUULFKWHWZRUGHQZDU ,FKKDWWHPHLQH9RUEHUHLWXQJHQJHWURIIHQ1DFKJUQGOLFKHUhEHUOHJXQJZDULFK QLFKWPHKUVRVLFKHUGDPLUYRQGHP+HUUQGHU6WUDHQNHLQH*HIDKUGURKWH 0HLQH ,GHH GD GLH +HUUHQ PLU HLQH EHVRQGHUH 5ROOH ]XJHGDFKW KlWWHQ HUVFKLHQPLUQDFKWUlJOLFKDOVQDLY(VPRFKWHVLFKZLUNOLFK VR YHUKDOWHQ DEHU VLFKHUZDULFKPHLQHU6DFKHQLFKW 'LH0RQWXUGLHLFKEHLPHLQHP%HVXFKDXI0RQDQJKHODWUDJHQZUGHZDU PLW HLQHP OHLVWXQJVIlKLJHQ 6HQGHJHUlW LQ PLNURPLQLDWXULVLHUWHU %DXZHLVH DXVJHVWDWWHW 'HU 6HQGHU EHUWUXJ $XGLR XQG 9LGHR ,FK KDWWH YRU PLW GHP NOHLQHUHQ GHU EHLGHQ %HLERRWH DXI GHU NDOWHQ :VWHQZHOW ]X ODQGHQ ,P %RRW ZDU HLQ 7UDQVFHLYHU LQVWDOOLHUW GHU GLH 6LJQDOH PHLQHV 0LNURVHQGHUV HPSIDQJHQXQGDQGLH&+$.723808.+,1ZHLWHUOHLWHQZUGH,FKZROOWH MHGH 3KDVH GHU %HJHJQXQJ PLW 3HGUDVV )RFK JHQDX DXI]HLFKQHQ 'HQQ KLHU HUOHEWH LFK ZLUNOLFK GDV XOWLPDWH $EHQWHXHU PHLQHV ELVKHULJHQ /HEHQV GDV =XVDPPHQWUHIIHQ PLW HLQHP +HUUQ GHU 6WUDHQ XQG GLH $XINOlUXQJ DOOHU *HKHLPQLVVHGLHPLFKLQGHQYHUJDQJHQHQ-DKUHQELVLQPHLQH7UlXPHKLQHLQ EHVFKlIWLJW KDWWHQ :DV ZlUH PHLQ 7DJHEXFK ZHUW ZHQQ LKP GLHVH 'DWHQ QLFKWHLQYHUOHLEWZUGHQ" (VPRFKWHVHLQGDLFK0RQDQJKHODQLFKWPHKUYHUODVVHQZUGH(VEHVWDQG GLH0|JOLFKNHLWGDPLUYRQ3HGUDVV)RFKGDVVHOEH6FKLFNVDO]XJHGDFKWZDU GDV 7LFKWRQD XQG -RVDQJKDWW EHUHLWV HUOLWWHQ KDWWHQ 0HLQ 7DJHEXFK VROOWH GHQQRFKYROOVWlQGLJVHLQ'HVZHJHQKDWWHLFKIROJHQGH$QRUGQXQJJHWURIIHQ 6REDOG PLU HWZDV ]XVWLH RGHU LFK DXV ZHOFKHP *UXQG DXFK LPPHU GDV .RGHZRUW³3XFKWDXVVSUDFKZUGHGDV%RRWGHU&+$.723808.+,1HLQ 6LJQDO ]XVHQGHQ ZRUDXIKLQ GDV 6FKLII VRIRUW ]X EHVFKOHXQLJHQ XQG DXI GHP VFKQHOOVWHQ:HJLP+\SHUUDXPXQWHU]XWDXFKHQKDWWH$XIGLHVH:HLVHZlUHGLH $XI]HLFKQXQJ NRPSOHWW XQG HV HUK|EH VLFK GDQQ QXU QRFK GLH )UDJH RE GLH &+$.723808.+,1 LUJHQGZDQQ HLQPDO JHIXQGHQ ZUGH 0HLQ 7DJHEXFK

EHVlHZHQLJ6LQQZHQQVLFKQLFKWHLQHV7DJHVMHPDQGIlQGHGHUHVOlVH$XI MHGHQ )DOO DEHU QDKP LFK DXI GLHVH :HLVH GHP +HUUQ GHU 6WUDH GLH 0|JOLFKNHLW PHLQ 5DXPVFKLII XQG GDPLW PHLQH $XI]HLFKQXQJHQ ]X YHUQLFKWHQ 'HU $XWRSLORW ZDU JHKDOWHQ /LFKWMDKUH ZHLW DXI HLQHP .XUV ]X IOLHJHQ GHU Q|UGOLFK DP JDODNWLVFKHQ =HQWUXP YRUEHL]LHOWH XQG GLH &+$.723808.+,1 VRGDQQ PLW 3UR]HQW GHU /LFKWJHVFKZLQGLJNHLW WUHLEHQ ]X ODVVHQ 'DV =LHOJHELHW ZDU HLQH DQ 6WHUQHQ XQG EHVLHGHOWHQ :HOWHQ UHLFKH *HJHQG ZLH LFK ZXWH 'RUW KDWWH GDV 6FKLII QRFK DP HKHVWHQ HLQH &KDQFHYRQMHPDQGJHIXQGHQ]XZHUGHQ 1DFKGHP LFK PLFK VROFKHUPDHQ YRUEHUHLWHW KDWWH EOLHE PLU QLFKWV ZHLWHU EULJ DOV ]X ZDUWHQ 'LH YLHU]LJ 6WXQGHQ GLH 3HGUDVV )RFK DQJHVHW]W KDWWH ZDUHQHEHQYHUVWULFKHQDOVGHU(PSIlQJHUDQVSUDFK,FKK|UWHGLH6WLPPHGLH LFK PLWWOHUZHLOH XQWHU +XQGHUWWDXVHQGHQ KHUDXVJHNDQQW KlWWH 6LH YHUVFKZHQGHWH NHLQH :RUWH 'HU %HIHKO GHV +HUUQ GHU 6WUDHQ ODXWHWH NXU] XQGEQGLJ ³.RPPKHUXQWHU $QPHUNXQJGHVhEHUVHW]HUV*KHEURNKWHKDWGHQ)OXJGHV%RRWHV]XU2EHUIOlFKH GHV 3ODQHWHQ 0RQDQJKHOD KLQDE LQ GHU $UW HLQHV %HULFKWHUVWDWWHUV NRPPHQWLHUW 6HLQ .RPPHQWDU EULFKW LQ GHP $XJHQEOLFN DE LQ GHP GLH 7U GHV ZUIHOI|UPLJHQ *HElXGHVVLFKYRULKP|IIQHW9RQGDDQHQWKDOWHQVHLQH$XI]HLFKQXQJHQQXUQRFK GLH WDWVlFKOLFK JHVSURFKHQHQ :RUWH GHV 'LDORJV VRZLH GDV GD]XJHK|ULJH 9LGHR 'HUhEHUVHW]HUKDWVLFKDXVGUDPDWXUJLVFKHQ*UQGHQGLH)UHLKHLWJHQRPPHQGDV JHVDPWH*HVFKHKHQLQ(U]lKOIRUPXP]XVHW]HQ 'HU)OXJ]XU3ODQHWHQREHUIOlFKHYHUOLHIHUHLJQLVORV'DV,QQHUHGHV%RRWHVZDU NOLPDWLVLHUW DEHU LFK EHJDQQ WURW]GHP ]X IULHUHQ DOV LFK LQ GLH HLVLJNDOWH $WPRVSKlUH HLQGUDQJ 'HU $XWRSLORW NDQQWH GLH .RRUGLQDWHQ GHV *HElXGHV ,FKNRQQWHLKPGLH6WHXHUXQJGHV)DKU]HXJVJHWURVWEHUODVVHQ,FKWHVWHWHGLH )XQNYHUELQGXQJ PLW GHU &+$.723808.+,1 XQG IDQG VLH ]XIULHGHQVWHOOHQG 'DV %RRW ODQGHWH HLQKXQGHUW 0HWHU YRQ GHP :UIHO HQWIHUQW 'DV /LFKW GHU IUHPGHQ 6RQQH EUDFK VLFK JOHLHQG LQ GHU YHUHLVWHQ 2EHUIOlFKH GHV NOHLQHQ 6HHVhEHUPLUZ|OEWHVLFKZRONHQORVHUWLHIEODXHU+LPPHO,FKKDWWHGHQ+HOP PHLQHU 0RQWXU JHVFKORVVHQ 'HU 6DQG ZDU QDFKJLHELJ RKQH GLH JHULQJVWH 6SXUYRQ)HXFKWLJNHLW,FKVDQNELV]XGHQREHUHQ)XJHOHQNHQHLQXQGKLHOWHV VFKOLHOLFKIUUDWVDPGHQ$QWLJUDY]XDNWLYLHUHQ'LFKWEHUGHUJOLW]HUQGHQ 6DQGIOlFKH JOLWW LFK DXI GDV *HElXGH]X,FKXPIORJHVHLQPDOXQGVWHOOWHIHVW GDHVQXUHLQHQ(LQJDQJJDE9RUGLHVHPVHW]WHLFKDE 'LH VFKZHUH 0HWDOOWU |IIQHWH VLFK VHOEVWWlWLJ ,FK JHODQJWH LQ HLQH NOHLQH 6FKOHXVHQNDPPHUhEHUGLH$XHQPLNURSKRQHK|UWHLFKZLH/XIWHLQVWU|PWH 'LH $Q]HLJHQ GHU 0RQWXU OLHHQ PLFK HUNHQQHQ GD 'UXFN XQG 7HPSHUDWXU JOHLFK]HLWLJ HUK|KW ZXUGHQ ,FK |IIQHWH GHQ +HOP 'LH /XIW ZDU JXW DWHPEDU 'LHJHULQJH*UDYLWDWLRQGHV3ODQHWHQZXUGHGXUFKGHQ$QWLJUDYNRPSHQVLHUW ,FKK|UWHHLQH6WLPPH ³.RPPKHUHLQ

,FK VWXW]WH 'DV ZDU QLFKW 3HGUDVV )RFK GHU GD ]X PLU VSUDFK 'LHVH 6WLPPH NDQQWH LFK DXFK DEHU LFK NRQQWH PLFK LP $XJHQEOLFN QLFKW HULQQHUQ ZHP VLH JHK|UWH ,FK WUDW DXI GLH LQQHUH 7U ]X 6LH JOLWW EHLVHLWH 'HU 5DXP GHQ LFK EHWUDWZDUY|OOLJNDKO,QGHU'HFNHVWUDKOWHHLQH/XPLQHV]HQ]3ODWWHPLWVFKLHU XQHUWUlJOLFKHU +HOOLJNHLW ,FK VFKOR JHEOHQGHW GLH $XJHQ XQG DOV LFK VLH ZLHGHU|IIQHWHGDVWDQGYRUPLU &DURO6KPLWW 'HU1DPHHQWIXKUPLUXQZLOONUOLFK ³-D LFK ELQ &DURO 6KPLWW DQWZRUWHWH HU LQ VHLQHU EOLFKHQ JWLJHQ $UW ³'X KDVWPLFKKLHUQLFKW]XVHKHQHUZDUWHW" ³1HLQEUDFKWHLFKPKVDPKHUYRU ,Q GLHVHP $XJHQEOLFN HUORVFK GLH 'HFNHQEHOHXFKWXQJ 6HNXQGHQ VSlWHU IODPPWHVLHZLHGHUDXI ³:HOOR%DQLUVWLHLFKKHUYRU ³'HUVHOEHDQWZRUWHWHHU ³,FKKDEHGLFKODQJHQLFKWPHKUJHVHKHQ*KHEURNKWH $EHUPDOV ZXUGH HV GXQNHO 'HU 5DXP EHVD NHLQH )HQVWHU :HQQ GLH /HXFKWSODWWH HUORVFK ZDU HV KLHU VR ILQVWHU ZLH LP ,QQHUQ HLQHV %HUJHV 'DQQ NHKUWH GLH +HOOLJNHLW ]XUFN ,FK ZDU VR YHUZLUUW GD LFK QXU QRFK VWDPPHOQ NRQQWH ³$JHU&DWRPHQ 6RJLQJHVHLQXPVDQGHUH0DO6LHZDUHQDOOHKLHU6LPHGRQ0\UUKR(QGHKDU 5RII 5HPLQ .LOOLDQ )DUORQ 6WUHWWHU 'RULDQ :DLNHQ $OV GLH 'HFNHQEHOHXFKWXQJ VLFK QDFK 'RULDQ :DLNHQV $XIWULWW DEVFKDOWHWH EOLHE HV HWOLFKH 6HNXQGHQ OlQJHU GXQNHO DOV ELVKHU 'DQQ HUW|QWH GLH 6WLPPH GLH LFK YRQ$QIDQJDQ]XK|UHQHUZDUWHWKDWWHGLH6WLPPHGHV+HUUQGHU6WUDHQ ³+DVWGXVLHDOOHZLHGHUHUNDQQW" 'DV/LFKWIODPPWHDXI9RUPLUVWDQG3HGUDVV)RFK ³,FKKDEHVLHDOOHHUNDQQWEUDFKWHLFKPKVDPKHUYRU 'HU6FKRFNZDUVRLQWHQVLYGDGLHEHZXWVHLQVVWDELOLVLHUHQGHQ0LNURPRGXOHPLU NDXPQRFK]XKHOIHQYHUPRFKWHQ(VJDEQXUGLHVHQHLQHQ5DXPKLHUQXUGLHVHHLQH 7UYRQGHULFKPLFKNDXPHLQHQ6FKULWWHQWIHUQWKDWWH:RZDUHQDOOHGLHGLHLFK LQGHQOHW]WHQ0LQXWHQJHVHKHQKDWWH"*DEHVKLHULUJHQGZRHLQHQ7UDQVPLWWHU" ³(VZLUG=HLWGDPDQGLU(LQVLFKWYHUPLWWHOWVDJWH3HGUDVV)RFK³:HQKDVWGX KLHUJHVHKHQ*KHEURNKWH" ³'LHGLH0LWJOLHGHUGHU3URMHNWOHLWXQJDQWZRUWHWHLFK ³1HLQ'XKDVWGLH+HUUHQGHU6WUDHQJHVHKHQ ³'LH+HUUHQ ³(V NRPPW QRFK VFKOLPPHU *KHEURNKWH 'X PWHVW HLJHQWOLFK VHOEVW GDUDXI NRPPHQ DEHU ZDKUVFKHLQOLFK KDEHQ GLH XQHUZDUWHWHQ %HJHJQXQJHQ GLFK VR YHUZLUUW GD GHLQ 9HUVWDQG WURW] V\QWURQLVFKHU 6WW]XQJ QLFKW PHKU ULFKWLJ IXQNWLRQLHUW,FKZLOOQLFKWVDJHQGDHVDXIGLHVHU:HOWNHLQHQ7UDQVPLWWHUJLEW(V JLEW HLQHQ DEHU HU VWHKW HLQHQ KDOEHQ .LORPHWHU YRQ KLHU HQWIHUQW LQ HLQHU 6HQNH ]ZLVFKHQ]ZHLKRKHQ'QHQ:RKLQVROOHQGLH3URMHNWOHLWHUJHJDQJHQVHLQ":RKHU NDPHQVLH" ,FKZXWHGLH$QWZRUWQLFKWDEHUPLUNDPHLQHHQWVHW]OLFKH$KQXQJ

³'X" ³'XUlWVWULFKWLJ*KHEURNKWH(VJLEWNHLQH3URMHNWOHLWXQJVRQGHUQQXUGLH+HUUHQ GHU6WUDHQ(VJLEWDXFKNHLQH+HUUHQGHU6WUDHQVRQGHUQQXUHLQHQ+HUUQ,FK ELQGHU+HUUGHU6WUDHQ6LPHGRQ0\UUKR&DURO6KPLWW:HOOR%DQLUXQGZLHVLH DOOHKHLHQP|JHQVLQGZHLWHUQLFKWVDOV0DQLIHVWDWLRQHQPHLQHUVHOEVW 'HU 0LNURPHG KDWWH PLU HLQ VWDUNHV 6HGDWLY YHUDEUHLFKW ,FK ZDU VHHOLVFK ZLHGHU VWDELO DOOHUGLQJV IXQNWLRQLHUWH PHLQ 9HUVWDQG QLFKW PHKU PLW GHU JHZRKQWHQ 5HDNWLRQVVFKQHOOLJNHLW ³:HUELVWGX"IUDJWHLFK³:RKHUNRPPVWGX"%LVWGXHLQ7HUUDQHU" ³,FKELQNHLQ7HUUDQHU$EHUIUPHLQH3OlQHLVWHVYRQ9RUWHLOGDV$XVVHKHQHLQHV 7HUUDQHUV]XEHVLW]HQ ³'XPHLQVWDXFKGLHVHVLVWQLFKWGHLQHZLUNOLFKH*HVWDOW" ³'RFKVLHLVWHV ³'DUILFKGLFKDQIDVVHQ" 'DV VFKLHQ LKQ ]X HUKHLWHUQ (U UL GHQ 0XQG DXI XQG EUDFKWH HLQH 5HLKH YRQ /DXWHQKHUYRUGLHZLH³KDKDKDNODQJHQ'DQQWUDWHUDXIPLFK]XXQGVWUHFNWH GHQOLQNHQ$UPYRU,FKIDWHLKQDQ(UZDUPDWHULHOO'LHVPDOKDWWHLFKHVQLFKW PLWHLQHU3URMHNWLRQ]XWXQ ³:RKHU LFK NRPPH IUDJVW GX IXKU HU IRUW QDFKGHP LFKVHLQHQ$UPORVJHODVVHQ KDWWH ³,FK N|QQWH HV GLU VDJHQ DEHU GX ZWHVW PLW PHLQHU $QZRUW QLFKWV DQ]XIDQJHQ'XNHQQVWGLH:HOWQLFKWDXIGHULFKHQWVWDQGHQELQ :HU LFK ELQ ZLOOVW GX ZLVVHQ 'DV LVW HLQIDFK ,FK ELQ GHU +HUUVFKHU GHU 0LOFKVWUDH 'HU WUlJH 9HUVWDQG YHUVXFKWH VHLQH *HGDQNHQ ]X VRUWLHUHQ 6FKOLHOLFK PDWHULDOLVLHUWH GLH )UDJH GLH VLFK ]ZLQJHQG DXV 3HGUDVV )RFKV EHUKHEOLFKHU %HKDXSWXQJHUJDE ³:LHLVWHVGLUJHOXQJHQGLH&DQWDURIUGHLQH$EVLFKWHQ]XJHZLQQHQ" ³*HZLQQHQ"VSRWWHWHHU³*H]ZXQJHQKDEHLFKVLH0LUVWHKHQHLQLJH+LOIVPLWWHO]XU 9HUIJXQJ YRQ GHQHQ VLFK HXUH 7HFKQLN QRFK QLFKWV WUlXPHQ OlW ,FK KDEH GLH 7lWLJNHLW HXUHU )ORWWH YRQ GHP $XJHQEOLFN DQ YHUIROJW DOV LKU LQ GHU 0LOFKVWUDH DXIWDXFKWHW ,FK EHVFKDIIWH PLU ,QIRUPDWLRQHQ EHU HXUH 2UJDQLVDWLRQ ,FK VDK KLQWHU HXUHU )ORWWH KHU DOV VLH LP ,QQHUQ $PDJRUWDV YHUVFKZDQG ,FK ZDUWHWH =ZDQ]LJ -DKUH VSlWHU NDP GLH )ORWWH ZLHGHU ]XP 9RUVFKHLQ 'DV )ORWWHQNRPPDQGRWUDIVLFK]XHLQHU%HVSUHFKXQJDXIHLQHU:HOWGLHPLUEHVWHQV EHNDQQW ZDU 'D VFKOXJ LFK ]X $OOH )ORWWHQNRPPDQGHXUH ELV DXI HLQHQ ZXUGHQHQWIHUQW ³7KRQNDUUVDJWHLFK ³5LFKWLJ 7KRQNDUU ,FK KDWWH LKQ VFKRQ YRU GHP )OXJ QDFK $PDJRUWD NHQQHQJHOHUQWXQGLKQEHU]HXJWGDPLUGDV5HFKW]XVWQGH%HKHUUVFKHUGHU 0LOFKVWUDH ]X VHLQ 0HLQH HLQ]LJHQ +LOIVNUlIWH EHLP hEHUIDOO DXI GLH .RQIHUHQ] GHV )ORWWHQNRPPDQGRV ZDUHQ 5RERWHU 'HQ )ORWWHQNRPPDQGHXUHQ DXFK 7KRQNDUU GHQQ LFK NRQQWH VHLQHU /R\DOLWlW QLFKW DXI XQDEVHKEDUH =HLW VLFKHUVHLQZXUGHQ0LNURPRGXOHHLQJHVHW]WGLHLFKEHUJURH(QWIHUQXQJHQ KLQZHJ SHU +\SHUIXQNLPSXOV ]XU ([SORVLRQ EULQJHQ NRQQWH 'DQDFK JDE HV NHLQHQ :LGHUVWDQG PHKU 'DV )ORWWHQNRPPDQGR O|VWH VLFK IUHLZLOOLJ DXI XQG GDV6XSUHPNRPPDQGRHQWVWDQG]XVDPPHQJHVHW]WDXV&DQWDURGLH7KRQNDUU

HLJHQKlQGLJ DXVZlKOWH $XFK VLH HUKLHOWHQ GLH ([SORVLRQVPRGXOH 'X NDQQVW GLU YRUVWHOOHQ GD GDV 6XSUHPNRPPDQGR ZLOOLJ MHGHQ PHLQHU %HIHKOH EHIROJWH -DGDVNRQQWHLFKZRKO,UJHQGHWZDVZKOWHLQPLUXQPLWWHOEDUDQGHU*UHQ]H ]ZLVFKHQ %HZXWVHLQ XQG 8QWHUEHZXWHP ,FK VXFKWH QDFK HLQHU (ULQQHUXQJ XQGVFKOLHOLFKNDPVLHDQGLH2EHUIOlFKH ³*DOEUDLWK 'HLJKWRQ GHU 7HUUDQHU VDJWH LFK ³,FK EHUUDVFKWH ]ZHL 6SH]LDOURERWHUGDEHLZLHVLHVLFKDQLKP]XVFKDIIHQPDFKWHQ:DUGDV ³(V JHVFKDK DXI PHLQHQ %HIHKO EHVWlWLJWH HU ³*DOEUDLWK 'HLJKWRQ ZDU GDPDOV HLQ ZLFKWLJHU 0DQQ (U OHLWHWH GLH .RVPLVFKH +DQVH (U KDWWH VHLQHQ =HOODNWLYDWRUYHUORUHQJHUDXEWZXUGHHULKPJODXEHLFKXQGVDKNXU]IULVWLJ GHP 7RG HQWJHJHQ ,FK RUGQHWH DQ GD HU JHUHWWHW ZUGH 1DFKGHP LKU IDEHOKDIWH$UEHLWJHOHLVWHWXQGLKQLQHLQHQ'URLGHQYHUZDQGHOWKDWWHWJDELFK %HIHKO GD DXFK LKP GDV ([SORVLRQVPRGXO HLQJHVHW]W ZHUGHQ PVVH 'DV ZDUGLH7lWLJNHLWEHLGHUGXGLHEHLGHQ5RERWHUEHUUDVFKWKDVW ³'HU NOHLQH 7UDQVPLWWHUUDXP LQ PHLQHU :RKQXQJ DXI 6DPSVRQ VDJWH LFK ³GHUPDQFKPDOYRUKDQGHQGDQQZLHGHUQLFKWYRUKDQGHQZDU'HU5DXPLQ GHP3XFKWH[SORGLHUWHRKQHGDMHPDQGGLH([SORVLRQJHK|UWKlWWH.DQQVWGX PLUGDVDOOHVHUNOlUHQ" (UPDFKWHHLQHDEZHKUHQGH*HVWH ³9HUVXFKHQLFKWGLH7HFKQLNGHU+HUUHQGHU6WUDHQ]XYHUVWHKHQDQWZRUWHWH HU ³(V EUlFKWH GLU QLFKWV :LU EHKHUUVFKHQ 5DXP=HLW9HUIDOWXQJHQ LQ 7KHRULH XQG 3UD[LV (V LVW HUVWDXQOLFK XQG EHHLQGUXFNHQG ZDV VLFK PLW 5DXP=HLW)DOWHQ DOOHV HUUHLFKHQ OlW 'LH NOHLQH 7UDQVPLWWHUNDPPHU ZDU HLQ HLJHQHU 0LNURNRVPRV GHU H[LVWLHUWH ZHQQ LFK LKQ HLQVFKDOWHWH XQG ZLHGHU YHUVFKZDQG ZHQQ LFK LKQ GHDNWLYLHUWH bKQOLFK YHUKLHOW HV VLFK PLW GHP5DXPLQGHP3XFKW]X7RGHNDP ³'XKDVWLKQJHW|WHW ³6HOEVWYHUVWlQGOLFK$OOHLQ]XGLHVHP=ZHFNZDUHUDXVGHU5HWRUWHJH]RJHQ ZRUGHQ(UZDUHLQ9HUVXFKVREMHNW ³6HLQ *HQPXVWHU ZDU QDFKWUlJOLFK PDQLSXOLHUW ZRUGHQ ,FK PHLQH EHU GLH 0DQLSXODWLRQKLQDXVGLH7LFKWRQDXQGLFKYRUJHQRPPHQKDWWHQ ³'DV LVW ULFKWLJ ,FK EUDXFKH GLH &DQWDUR XP GLH +HUUVFKDIW EHU GLH 0LOFKVWUDH ]X HUODQJHQ ,FK NDQQ DEHUQXUVROFKH&DQWDUREUDXFKHQGLHPLU EHGLQJXQJVORV HUJHEHQ VLQG GLH NHLQH )UDJHQ VWHOOHQ NHLQH VRJHQDQQWHQ PRUDOLVFKHQ %HGHQNHQ HQWZLFNHOQ ,FK NDQQ QLFKW KHUXPJHKHQ XQG MHGHP &DQWDURGHLQHU*HQHUDWLRQHLQ([SORVLRQVPRGXOLQGHQ/HLESIODQ]HQ,FKPX HLQH QHXH &DQWDUR*HQHUDWLRQ ]FKWHQ GLH HLQHQ RUJDQLVFKHQ YHUHUEEDUHQ 'HWRQDWLRQVPHFKDQLVPXV LP .|USHU WUlJW 'HVZHJHQ LVW HV ZLFKWLJ GD GLH &DQWDURGHLQHU*HQHUDWLRQDXVGHP9HUNHKUJH]RJHQXQGGXUFK$QJHK|ULJH GHU QHXHQ *HQHUDWLRQ HUVHW]W ZHUGHQ (UVW ZHQQ GHU OHW]WH &DQWDUR GHQ 0HFKDQLVPXVLP/HLEKDWNDQQLFKPHLQHU6DFKHVLFKHUVHLQ ³'LH&DQWDURDXFKGLHGHUQHXHQ*HQHUDWLRQZHUGHQEHUGLHJDQ]H0LOFKVWUDH YHUWHLOW VHLQ ZDQGWH LFK HLQ ³:LH ZLOOVW GX GHQ 'HWRQDWLRQVPHFKDQLVPXV DNWLYLHUHQ" ³2KPDFKGLUGHVZHJHQNHLQH6RUJHQZHKUWHHUDE³,FKELQLP%HJULIIHLQDXV

PHKUHUHQ'XW]HQG0LOOLRQHQ6DWHOOLWHQEHVWHKHQGHV.RQWUROOIXQNQHW]HLQ]XULFKWHQ EHUGDVLFKGLH,PSXOVHDXVVWUDKOHQNDQQGXUFKGLHGHU'HWRQDWRUDNWLYLHUWZLUG JOHLFKJOWLJZRGHU]X%HVWUDIHQGHVLFKEHILQGHW'DV.RQWUROOIXQNQHW]ZLUGYRQ HLQHP ]HQWUDOHQ &RPSXWHU 6\VWHP JHVWHXHUW GDV MHGHQ HLQ]HOQHQ &DQWDUR NHQQW 'LH 'HWRQDWLRQVLPSXOVH ZHUGHQ LQGLYLGXHOO DGUHVVLHUW GDPLW QLFKW HWZD 8QVFKXOGLJH]X6FKDGHQNRPPHQ ³'HU'HWRQDWRULVWGHU)RUWVDW]GHUDQGHUIQIWHQ+HU]NDPPHUKlQJW"IUDJWHLFK ³-DZRKO7LFKWRQDNDPPLUDXIGLH6SXU'HVZHJHQPXWHVLHVWHUEHQ ³8QG-RVDQJKDWW ³.RQQWH VHLQH 1HXJLHUGH QLFKW ]JHOQ XQG IDQG GDV *HUlW PLW GHP LFK 3XFKWV $XI]XFKWUDXPLQHLQHQ0LNURNRVPRVYHUZDQGHOWH ³:DVLVWDXV5HNKULRFKXQG)LPEUDLFKJHZRUGHQ" ³(VJLEWVLHQLFKWPHKU ³'LH &DQWDUR KDEHQ YRQ GHQ $UFKlRQWHQ GHQ ZDKUHQ +HUUHQ GHU 6WUDHQ GHQ $XIWUDJ HUKDOWHQ GLH :lOOH ]X HUULFKWHQ GLH GLH 0LOFKVWUDH DEVFKLUPHQ XQG VLH ZLHGHUDXI]XO|VHQVREDOGGLH*HIDKUGHU%OLW]HUJHEDQQWLVW:LUVWGXGLFKDQGLHVH $EPDFKXQJKDOWHQ" ³,FKGHQNHQLFKWGDUDQVDJWHHUKlPLVFK³:DV%HVVHUHVN|QQWHPLUJHVFKHKHQ DOVGDLFKPHLQ5HLFKRKQHMHGHlXHUH(LQPLVFKXQJHUULFKWHQNDQQ" ³$EHU GLH &DQWDUR HULQQHUQ VLFK DQ GHQ $XIWUDJ GHQ VLH YRQ GHQ $UFKlRQWHQ EHNRPPHQKDEHQ ³'D OlW VLFK $EKLOIH VFKDIIHQ 1XU 8UHULQQHUXQJHQ VLQG YHUHUEOLFK 'LH QHXH *HQHUDWLRQZHLYRQGHQ$UFKlRQWHQQXUQRFKGDGXUFKGDVLHKLQXQGZLHGHU PLW 0LWJOLHGHUQ GHU lOWHUHQ *HQHUDWLRQ LQ .RQWDNW NRPPW *LE PLU QRFK HLQ SDDU *HQHUDWLRQHQ XQG NHLQ &DQWDUR ZLUG DXFK QXU GHQ %HJULII $UFKlRQWHQ QRFKNHQQHQJHVFKZHLJHGHQQVLFKDQGHQ$XIWUDJHULQQHUQ ³'X KDVW YRU ZHLWHUH *HQHUDWLRQHQ YRQ .ORQHQ ]X ]FKWHQ" IUDJWH LFK HUVFKUHFNW ³:DV GDFKWHVW GX" 'LH QHXH *HQHUDWLRQ LVW QRFK OlQJVW QLFKW YROONRPPHQ 'LH JHQWHFKQLVFKH $UEHLW JHKW ZHLWHU 0LW GHQ *HQHQ GHU QHXHQ *HQHUDWLRQ ZLUG HEHQVRYHUIDKUHQZLHPLWGHQ*HQHQGHUDOWHQ,QIQI-DKUHQVFKlW]HLFKLVWHV DQGHU=HLWGLH]ZHLWH*HQHUDWLRQDE]XVFKLHEHQXQGGXUFKGLHGULWWH]XHUVHW]HQ 6R JHKW HV ZHLWHU ELV LFK VFKOLHOLFK GDV 3URGXNW KDEH GDV LFK EUDXFKH 'LH JHQHWLVFKH 0DQLSXODWLRQ ZLUG GXUFK V\QWURQLVFKH 0RGXOLVLHUXQJ HUJlQ]W :HQQ GX GLFK LQ KXQGHUW -DKUHQ XPVLHKVW ILQGHVW GX QXU QRFK &DQWDUR GLH KDOE &RPSXWHU KDOE RUJDQLVFKH :HVHQ VLQG 'URLGHQ ZLH PDQ VLH QHQQW 8QG YRU DOOHQ'LQJHQZHUGHQVLHPLUEHGLQJXQJVORVHUJHEHQVHLQ1LPPGD]XQRFKHLQ 'XW]HQG JHQWHFKQLVFK SUlSDULHUWH +LOIVY|ONHU XQG PHLQHP 6LHJHVPDUVFK VWHKW QLFKWVPHKULP:HJH ,FKEHJDQQ]XVFKZLW]HQ(UPDFKWHPLU$QJVW:LHNRQQWHGHUJXWH*HLVWGHU .ODUKHLW HV ]XODVVHQ GD HLQ 0RQVWUXP ZLH 3HGUDVV )RFK XQWHU GHQ /HEHQGHQ ZHLOWH":DUXPHUVFKOXJHUGDV8QJHKHXHUQLFKWEHYRUHVXQVDJEDUHV/HLGEHU %LOOLRQHQXQGDEHU%LOOLRQHQXQVFKXOGLJHU:HVHQEULQJHQNRQQWH ,FK]ZDQJPLFK]XU5XKH'DV6HGDWLYXPZLUNWHQRFK ³(V JLEW ]DKOUHLFKH )RUVFKXQJVVWlWWHQ ZLH GLH DXI 6DPSVRQ VDJWH LFK ³,QIRUPDWLRQHQ GXUIWHQ MHGRFK QLFKW DXVJHWDXVFKW ZHUGHQ ,FK ZHL GD DQ

DQGHUHQ 2UWHQ GLH .ORQSURGXNWLRQ ZHVHQWOLFK IUKHU DQJHODXIHQ LVW DOV DXI 6DPSVRQ ³1DWUOLFKZHLWGXGDV(UPDFKWHGLHWHUUDQLVFKH*HVWHGHV1LFNHQV³'X ZDUVW DXI 3DFKWXT 'X KDVW PLW 3KDPDT JHVSURFKHQ XQG GLH %HWUHXHU JHVHKHQ ³:DUXPXQWHUEDQGHVWGXGHQ,QIRUPDWLRQVDXVWDXVFK" ³,QHLQHU9LHOIDOWOLHJWGLH:U]HDQWZRUWHWHHUK|KQLVFK³:HQQLFKHXFK PLWHLQDQGHU KlWWH NRPPXQL]LHUHQ ODVVHQ GDQQ ZlUHQ DQ DOOHQ %UXWVWlWWHQ GLHVHOEHQ .ORQH HQWVWDQGHQ 6R DEHU PXWH MHGHU VHLQH HLJHQHQ ,GHHQ HQWZLFNHOQ 'LH .ORQH GLH MHW]W DXI 6DPSVRQ JH]FKWHW ZHUGHQ XQWHUVFKHLGHQ VLFK YRQ GHQHQ GLH DXI (XKMD HQWVWHKHQ XQG GLHVH ZLHGHUXP YRQGHQ=XFKWSURGXNWHQYRQ$JJUHV'LH]ZHLWH*HQHUDWLRQZLUGMHW]WLQGHQ (LQVDW]JHVFKLFNW$XVGHP.ORQ7\SGHUVLFKDPEHVWHQEHZlKUWZLUGGLH GULWWH*HQHUDWLRQJH]FKWHWZHUGHQ ,FKVFKZLHJ(LQH0LQXWHYHUVWULFK ³+DVWGXVRQVWQRFK)UDJHQ"ZROOWHHUZLVVHQ ³1XU HLQH QRFK 7LFKWRQD XQG -RVDQJKDWW PXWHQ VWHUEHQ ZHLO VLH GHLQH 0DFKHQVFKDIWHQ ]X GXUFKVFKDXHQ EHJDQQHQ %LQ LFK HWZDV %HVRQGHUHV" :DUXP KDVW GX PLU DOOH *HKHLPQLVVH HQWKOOW XP GLH PHLQH .KDULPD XQG -RVDQJKDWWVLFKQLFKWNPPHUQGXUIWHQ" ³,FKELQHLQPHUNZUGLJHV*HVFK|SIDQWZRUWHWHHUXQGEODQNHU+RKQNODQJ DXV VHLQHU 6WLPPH ³,FK ZROOWH VHKHQ ZLH GX UHDJLHUVW ZHQQ GX DOO GLH ,QIRUPDWLRQHQHUKlOWVWQDFKGHQHQGXVRYLHOH-DKUHYHUJHEHQVJHVXFKWKDVW 2MDXQGHLQHVQRFK,FKZHLVHOEVWYHUVWlQGOLFKGDGXGLHVH8QWHUKDOWXQJ SHU0LNURNRPDQGHLQ%RRWEHUWUlJVWXQGGDGDV%RRWGLH$XI]HLFKQXQJ DQ GHLQ 5DXPVFKLII ZHLWHUOHLWHW $EHU JODXEH PLU 'LH &+$.7238 08.+,1ZLUGGLFKQXUXPK|FKVWHQVHLQH6WXQGHEHUOHEHQ ³'XKDVWPLFKKLHUKHUNRPPHQODVVHQXPPLFK]XW|WHQ" ³+DWWHVW GX HV GLU HWZD DQGHUV YRUJHVWHOOW" 8P GHLQH )UDJH ]X EHDQWZRUWHQ 1HLQ GX ELVW QLFKWV %HVRQGHUHV +|FKVWHQV LQVRIHUQ DOV PLU GLH %HVHLWLJXQJ *KHEURNKWHV ZHLWDXV PHKU 9HUJQJHQ EHUHLWHW DOV GLH /LTXLGLHUXQJ 7LFKWRQDV XQG -RVDQJKDWWV 'LH PXWH LFK QlPOLFK SHU )HUQVWHXHUXQJ YRUQHKPHQ ³3XFKW (3,/2* $QGLHVHU6WHOOHHQGHW*KHEURNKWHV7DJHEXFK(VILQGHWVLFKQXUQRFKHLQHLQ]LJHU ZHLWHUHU(LQWUDJGDULQGLHVHURIIHQEDUYRP%RUGV\QWURQYRUJHQRPPHQ ³,FK KDEH VHLW ]HKQ 6WDQGDUGMDKUHQ NHLQH $QZHLVXQJ PHKU HUKDOWHQ ,FK GHDNWLYLHUHGDKHUGDV6FKLIIHLQVFKOLHOLFKPHLQHUVHOEVW (VEHVWHKWNDXPHLQ=ZHLIHOGDUDQGD*KHEURNKWHDXI0RQDQJKHODYRQ3HGUDVV )RFK JHW|WHW ZXUGH )RFKV 3ODQ GLH &+$.723808.+,1 PLWVDPW GHU YRQ *KHEURNKWHDQJHIHUWLJWHQ$XI]HLFKQXQJ]XYHUQLFKWHQVFKOXJIHKO$OV)RFKEHU GLH 7UDQVPLWWHUVWUHFNH ]X VHLQHP LQ GHU 1lKH YRQ 0RQDQJKHOD XQWHU SHUIHNWHP 2UWXQJVVFKXW] JHSDUNWHQ 5DXPVFKLII ]XUFNNHKUWH XQG ]XP $QJULII DXI GDV FDQWDULVFKH 6FKLII DQVHW]WH ZDU GLH &+$.723808.+,1 DXI )DKUW JHJDQJHQ XQGYHUVFKZDQGLP+\SHUUDXPEHYRU)RFKELVDXI6FKXZHLWHKHUDQNDP

'LHV HUJLEW VLFK DXV GHQ $XI]HLFKQXQJHQ GHV 2UWHUV DQ %RUG GHV FDQWDULVFKHQ 6FKLIIHV (LQH 0HUNZUGLJNHLW EOHLEW ]X HUZlKQHQ 1DFKGHP *KHEURNKWHV 7DJHEXFK JHIXQGHQ XQG EHUVHW]W ZRUGHQ ZDU VFKLFNWH GDV )ORWWHQNRPPDQGR 7HUUD HLQH ([SHGLWLRQ QDFK 0RQDQJKHOD 'DV ZUIHOI|UPLJH *HElXGH YRQ GHP *KHEURNKWH EHULFKWHWHZXUGHHEHQVRZHQLJJHIXQGHQZLHGHU7UDQVPLWWHUGHQ3HGUDVV)RFK DQJHEOLFK ]ZLVFKHQ ]ZHL 'QHQ LQVWDOOLHUW KDWWH $XFK YRQ *KHEURNKWH VHOEVW ZDU NHLQH 6SXU ]X HQWGHFNHQ REZRKO GLH DEVROXW DQWLVHSWLVFKH 8PJHEXQJ GHU :VWHQZHOW VHLQH /HLFKH HLJHQWOLFK ELV LQ DOOH (ZLJNHLW KlWWH NRQVHUYLHUHQ PVVHQ 1DFKWUDJ (V ZLUG GHQ /HVHU LQWHUHVVLHUHQ ]X HUIDKUHQ GD 3HGUDVV )RFKV EDUEDULVFKHU 7\UDQQHQKHUUVFKDIW GXUFK GLH JHPHLQVDPHQ %HPKXQJHQ 3HUU\ 5KRGDQV GHU 2UJDQLVDWLRQ GHU )UHLKlQGOHU XQG GHU :LGHUVWDQGVJUXSSH :,''(5 HLQH (QGH EHUHLWHW ZXUGH %HL GHU HQWVFKHLGHQGHQ $XVHLQDQGHUVHW]XQJIDQG3HGUDVV)RFKGHQ7RG (1'(

Ich, der Cantaro

Ich, der Cantaro

Die Tage der Cantaro

Die Tage der Cantaro

Daarshol, der Cantaro

Daarshol, der Cantaro

Die Tage der Cantaro

Die Tage der Cantaro

Daarshol, der Cantaro

Daarshol, der Cantaro

Daarshol, der Cantaro

Daarshol, der Cantaro

Die Tage der Cantaro

Die Tage der Cantaro

Geburt eines Cantaro

Geburt eines Cantaro

Schach den Cantaro

Schach den Cantaro

Ich, der Vampir

Ich, der Vampir

Ich, der Ganjo

Ich, der letzte Mensch

Ich, der letzte Mensch

Ich, der Henker

Ich, der Henker

Ich, der Robot

Ich, der Henker

Ich, der Henker

Ich, der Robot

Ich und der Poltergeist

Ich und der Poltergeist

Ich folgte der Teufelsspur

Ich folgte der Teufelsspur

Ich, der Robot

Ich, der Ganjo

Ich, der Vampir

Ich, der Vampir

Ich, der Drachentöter

Ich, der Drachentöter

Ich und der Poltergeist

Ich und der Poltergeist

Ich, der Vampir

Ich, der Vampir

Ich folgte der Teufelsspur

Ich folgte der Teufelsspur

Jenseits der '' Ich AG ''

Jenseits der '' Ich AG ''

Ich, der Robot

Ich, der letzte Mensch

Ich, der letzte Mensch

Ich und der Poltergeist

Ich und der Poltergeist

Ich folgte der Teufelsspur

Ich folgte der Teufelsspur

Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close