Odyssee in M 87

2'...

18 downloads 354 Views 269KB 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

2'<66((,10

+8%(57+$(16(/ 3HUU\5KRGDQ7DVFKHQEXFK

$P-DQXDUJHVFKLHKWGDVHLJHQWOLFK8QIDEDUH'LH&5(67,93HUU\ 5KRGDQV)ODJJVFKLIIZLUG]XP6SLHOEDOOHQWIHVVHOWHU(QHUJLHQXQGPDWHULDOLVLHUW 0LOOLRQHQ/LFKWMDKUHYRQGHUKHLPLVFKHQ0LOFKVWUDHHQWIHUQWLP=HQWUXP GHU*DOD[LV0 (LQH0RQDWHZlKUHQGHEHLVSLHOORVH2G\VVHHEHJLQQWGHQQHLQH+HLPNHKUDXV HLJHQHU.UDIWLVWXQP|JOLFK'D]ZHLZHLWHUH5DXPVFKLIIHPLW+LOIVJWHUQ YROOJHVWRSIWGHQ:HJGXUFKGLH8QHQGOLFKNHLWILQGHQNDQQQXUNXU]YRQGHQ 3UREOHPHQDEOHQNHQ 'LH&5(67,9EHQ|WLJW3DUDWURQNRQYHUWHUGLH3HUU\5KRGDQDXVJHUHFKQHWDXI HLQHU:HOWGHU%HVWLHQILQGHW/HLGHUN|QQHQVHOEVWGLH0XWDQWHQGHQ:HWWODXI JHJHQGLH=HLWQLFKWIUVLFKHQWVFKHLGHQLPNRQ]HQWULHUWHQ)HXHUHLQHU 'XPIULHVIORWWHYHUJOKHQDOOH+RIIQXQJHQ 'DV6FKLFNVDOVSLHOW.DW]XQG0DXVPLWIQIWDXVHQG7HUUDQHUQ 1HXH=XYHUVLFKWYHUEUHLWHWHLQ)XQNVSUXFKGHV'UXLVDQW.LERVK%DLZRIIGHU HQGOLFKEHUÄ*HVLFKWVSXQNWHGHU.RH[LVWHQ]YHUKDQGHOQZLOO$EHU QLHPDQGHPOLHJWGDUDQLQ0VHKDIW]XZHUGHQ,QGHU0LOFKVWUDHWREWGHU .DPSIJHJHQGLH6FKZLQJXQJVZlFKWHUGLHPLWLKUHQRUJDQLVFKHQ5DXPVFKLIIHQ QDKH]XXQVFKODJEDUVLQG $P-XQLYHUOlWGLH.RUYHWWH.&GDV0XWWHUVFKLII&5(67,9 ,QVJHVDPWHLQXQG]ZDQ]LJ0lQQHUXQG)UDXHQEHILQGHQVLFKDQ%RUG²XQWHU GHP.RPPDQGRYRQ0DMRU7VFKDL.XOXXQGGHU$VVLVWHQ]GHV *DODNWRSV\FKRORJHQ'U'RQ0DVWHUVVROOHQVLHPLWGHP'UXLVDQWYHUKDQGHOQ 6LHHUNHQQHQVHKUVFKQHOOGD.LERVK%DLZRIIHLQ0HLVWHUGHU,QWULJHLVW'D HVGHQQRFKJHOLQJWLKPGDV9HUVSUHFKHQ]XU/LHIHUXQJ]ZHLHU 3DUDWURQNRQYHUWHUDE]XWURW]HQPXWHWEHLQDKHZLHHLQ:XQGHUDQ 1LHPDQGDKQWGDGLH.&]XGLHVHP=HLWSXQNWOlQJVWGHQWDXVHQGIDFKHQ 7RGLQVLFKWUlJW(UVWLPDOOHUOHW]WHQ0RPHQWNDQQ'RQ0DVWHUVYHUKLQGHUQ GDDXFKGDV)ODJJVFKLIIYHUVHXFKWZLUG 'LHKHLPWFNLVFKH.UDQNKHLWLVWPLW%RUGPLWWHOQQLFKW]XKHLOHQ,KUHHUVWHQ 6\PSWRPHVLQGUDVFKZDFKVHQGHPLW6HNUHWJHIOOWH%HXOHQGHQHQGDV 6FKZHOOVWDGLXPIROJWLQGHPGLH.|USHUPDWHULHGHV.UDQNHQXQNRQWUROOLHUW]X ZXFKHUQEHJLQQW'LH,QIL]LHUWHQYHUZDQGHOQVLFKLQDOSWUDXPKDIWH.UHDWXUHQ 'DQDFKNRPPWGHU:DKQVLQQELVGHUXQNRQWUROOLHUWH:DFKVWXPVSUR]HGDV *HKLUQ]HUVW|UW 'HU-XQLJHKWVHLQHP(QGHHQWJHJHQDOV7VFKDL.XOXGLH.&LQGHQ UHODWLYLVWLVFKHQ%HUHLFKKLQHLQEHVFKOHXQLJW$Q%RUGVLQGQXUPHKUZHQLJH 3HUVRQHQKDQGOXQJVIlKLJ'LH/LFKWSXQNWHGHU6WHUQHQHKPHQGLHW\SLVFKH 5RWEODX)lUEXQJDQXQGLQV=HQWUXPGHV)URQWELOGVFKLUPVUFNWHLQZHLHU 6WHUQYRQEHDFKWOLFKHU/HXFKWNUDIW

'LH)DOOHGHV'UXLVDQWKDWIXQNWLRQLHUW$EHUHLQH+DQGYROO7HUUDQHULVWEHUHLW VLFKVHOEVW]XRSIHUQ 8QVFKOVVLJVWDQG'RQ0DVWHUVYRUGHUJH|IIQHWHQ.KOER[(UKDWWH0KHVLFK ]XNRQ]HQWULHUHQ:DVHEHQQRFKVHLQJDQ]HV'HQNHQEHKHUUVFKWKDWWHZDU SO|W]OLFKZLHZHJJHZLVFKW Ä+LOIXQV+HUUNDPHVVWRFNHQGEHUGLHDXIJHTXROOHQHQ/LSSHQGLHVFKLHILQ VHLQHP.UELVJHVLFKWVWDQGHQ'RQVSLHJHOWHVLFKLQGHPEODQNSROLHUWHQ0HWDOO GHU%R[(UVDKHLQ0RQVWUXPGDVNDXPPHKUbKQOLFKNHLWPLWHLQHP0HQVFKHQ EHVD/lQJVWKDWWHQGLHZXFKHUQGHQ=HOOHQGLH8QLIRUPJHVSUHQJW(UZDU QDFNWQXUDQGHQ6FKXOWHUQNOHEWHQHLQLJH)HW]HQOLQGJUQHQ6WRIIHV Ä+HlFK]WH'RQÄGDVKDVWGXQXQGDYRQ(UJULIIQDFKVHLQHP6SLHJHOELOG GLHVHUYRQ(LWHUEHXOHQXQG*HVFKZOVWHQEHUVlWHQ)UDW]HGHUHQWLHILQGHQ +|KOHQOLHJHQGH$XJHQLKQYRUZXUIVYROODQVWDUUWHQÄ'XELVWHLQSULPD 3V\FKRORJH0DVWHUVZHLWGXGDV"'LH6WLPPHEHUVFKOXJVLFK'RQPXWH KXVWHQVSXFNWH6FKOHLPÄ:HLWGXZDVGXZLUNOLFKELVW"KHUUVFKWHHUVHLQ (EHQELOGDQÄ(LQDUPVHOLJHU6WPSHU'XELVWDXIGLH7ULFNVGLHVHV%DLZRIIV UHLQJHIDOOHQDOVKlWWHVWGXQLHHWZDVYRQ3\VFKR3VFK\ROR 'DVVFKULOOH3IHLIHQGHV,QWHUNRPVHQWKRELKQVHLQHUYHU]ZHLIHOWHQ %HPKXQJHQPLWXQI|UPLJJHVFKZROOHQHU=XQJHXQGDXVJHWURFNQHWHP*DXPHQ GDV:RUWÄ3V\FKRORJLH]XDUWLNXOLHUHQ Ä'RNWRU0DVWHUVKDOOWHHVGXUFKGHQ5DXPÄ+DEHQ6LHPLFKYHUJHVVHQ" 'RQODXVFKWH'DQQYHU]RJHUGLH0XQGZLQNHO]XHLQHPJUlOLFKHQ*ULQVHQ(U KDWWHVLFKEHWULQNHQZROOHQ8QGIU7VFKDL.XOXZDUHQHEHQIDOOVHLQLJH )ODVFKHQEHVWLPPWJHZHVHQGDVZDUHVZDVHUYHUJHVVHQKDWWH(QWVFKORVVHQ JULIIGHU*DODNWRSV\FKRORJH]X(UVSUWHQLFKWGDHUPLWVHLQHQ DQJHVFKZROOHQHQ)LQJHUQLUJHQGZRKlQJHQEOLHE(UVWDOVPHKUHUHEDXFKLJH)OD VFKHQ]X%RGHQNOLUUWHQXQG$ONRKROGXQVWLKQHLQKOOWHEHPHUNWHHUGDV 0LJHVFKLFN 'RQ0DVWHUVVWLHHLQH9HUZQVFKXQJDXV,PQlFKVWHQ0RPHQWEHJDQQHU]X ODFKHQ6WXGLHQDPHLJHQHQ,FKKDWWHQLKQVFKRQLPPHUIDV]LQLHUWXQGMHW]WLP VLFKHUHQ$QJHVLFKWGHV7RGHVODXVFKWHHUPHKUGHQQMHLQVLFKKLQHLQ(UKDWWH VLFKQLFKWQXUN|USHUOLFKYHUZDQGHOW6HLQHVHHOLVFKH9HUIDVVXQJZDUVWDUNHQ 6FKZDQNXQJHQXQWHUZRUIHQ:DVHUYRUNXU]HPPLWHLQHP6FKXOWHU]XFNHQ DEJHWDQKl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

(LQHMlKDXIWUHWHQGH:RJHKHIWLJHU6FKPHU]HQ]ZDQJGHQ*DODNWRSV\FKRORJHQ QDFKHLQHP+DOW]XVXFKHQ(UWDXPHOWHEHJDQQ]XVFKUHLHQXQGIHJWHHLQ ZHLWHUHVKDOEHV'XW]HQG)ODVFKHQDXVGHP5HJDO 'HU$QIDOOGDXHUWHOlQJHUDOVDOOHYRUDQJHJDQJHQHQ'RQZXWHGDLKP KHU]OLFKZHQLJ=HLWEOLHE =HLWZRIU" 8PVLFKZHLWHUPLW6HOEVWYRUZUIHQ]XTXlOHQ"(UZDUGHU3V\FKRORJHHUKlWWH .LERVK%DLZRIIV,QWULJHQVSLHOGXUFKVFKDXHQPVVHQ Ä'U0DVWHUVELWWH]XU=HQWUDOHHUNODQJHVDXVGHP,QWHUNRP 'RQJULIIVLFKPHKUHUH)ODVFKHQXQGWDXPHOWHGHQ:HJ]XUFN1LHPDQG EHJHJQHWHLKP Ä+H0DMRUULHIHUDOVHUGLH=HQWUDOHGXUFKGDV+DXSWVFKRWWEHWUDWÄLFKEULQJH HLQHQHGOHQ7URSIHQ 7VFKDL.XOXZDUYHUVFKZXQGHQ'HUIUVHLQHDXJHQEOLFNOLFKHQ.|USHUPDH RKQHKLQYLHO]XNOHLQH.RQWXUVHVVHOGUHKWHVLFKOHHU,UJHQGMHPDQGKDWWHLKP HLQHQ6WRYHUVHW]WDEHUGLHVHU-HPDQG]HLJWHVLFKQLFKW 'RQ0DVWHUVEOLQ]HOWHIXKUVLFKPLWGHP+DQGUFNHQEHUGLHWUlQHQGHQ$XJHQ $OOHVXPLKQKHUVFKLHQLQHLQHUVWHWHQ%HZHJXQJEHJULIIHQ]XVHLQ 9HUJHEOLFKYHUVXFKWHHUHLQHGHU:KLVN\IODVFKHQ]X|IIQHQ'HU9HUVFKOX ZLGHUVWDQGVHLQHQ%HPKXQJHQKDUWQlFNLJ'RQPDFKWHGDQQNXU]HQ3UR]H XQGVFKOXJGHQ)ODVFKHQKDOVDQGHUQlFKVWHQ.RQVROHDE (UWUDQNKDVWLJ'HU$ONRKROEUDQQWHZLH)HXHULQVHLQHU.HKOHXQGWULHELKP HUVWUHFKWGDV:DVVHULQGLH$XJHQ'RQ0DVWHUVOHHUWHGLH)ODVFKHZREHLHU DOOHUGLQJVGHQZHLWDXVJU|WHQ7HLOLKUHV,QKDOWVYHUVFKWWHWH(QGOLFKVDKHUGHQ 0DMRU 7VFKDL.XOXVFKRQLPPHUHLQ+QHVFKREVHLQHZXFKHUQGHQ3IXQGHKLQWHUGHP 5XQGGHVYRQ3RO]X3ROUHLFKHQGHQ$QWLJUDYVFKDFKWVKHUYRU$XFKHUKDWWHVLFK PLW+RFKSUR]HQWLJHPHLQJHGHFNW Ä:RKDEHQ6LHJHVWHFNW'RNWRU"IUDJWHHUPLWVFKZHUHU=XQJHÄ,FKKDEHHLQ 7URVWSIOlVWHUFKHQIU6LHGDEHL Ä6LH"'RQ0DVWHUVUHDJLHUWHYHUZXQGHUW Ä1DWUOLFKEHVWlWLJWHGHU0DMRUÄ'DVZROOWHQ6LHGRFK 'RQN|SIWHGLHQlFKVWH3XOOH/LHLKQVHLQ(ULQQHUXQJVYHUP|JHQVFKRQLP 6WLFK"%LVHEHQZlUHHUEHUHLWJHZHVHQ6WHLQXQG%HLQ]XVFKZ|UHQGD7VFKDL .XOXLKQDXIJHIRUGHUWKDWWHIU*HWUlQNH]XVRUJHQÄ$FK8QVLQQ(UZLVFKWH DOOHGLHVEH]JOLFKHQ*HGDQNHQPLWHLQHUXQZLOOLJHQ+DQGEHZHJXQJEHLVHLWH Ä+HXWHZLUGJHVRIIHQHUNOlUWHGHU0DMRUÄ:LUKDEHQMHGHQ*UXQGGD]X(U GHXWHWHDXIGHQ3DQRUDPDELOGVFKLUPDXIGHPGHUZHLH6WHUQQXUXQPHUNOLFK JU|HUZXUGHÄhEHUYLHU/LFKWMDKUHWUHQQHQXQVYRQGHP$WRPRIHQ:LVVHQ 6LH'RNWRUZDVGDVEHGHXWHW" 'RQVFKWWHOWHGHQ.RSI(UKDWWHNHLQH$KQXQJ Ä'DVEHGHXWHWGDZLUGHP'UXLVDQWHLQ6FKQLSSFKHQVFKODJHQHUNOlUWH7VFKDL .XOXVLFKWOLFKJHUKUWÄ:LUKDEHQVHLQHYHUIOXFKWHQ6HXFKHQNHLPHLQXQVXQG GUIHQGHQQRFKZHLWHUOHEHQ0HKUDOVYLHU-DKUHWURW]HQZLUGHP7RGDE,VWGDV

QLFKWV" Ä9LHU-DKUHIUGLHGDGUDXHQ'RQVFKOHXGHUWHVHLQHKDOEJHOHHUWH)ODVFKHLQ GLHQlFKVWEHVWH(FNHÄ)UXQVGHQQRFKQXUZHQLJH7DJH0DFKHQ6LHHLQ (QGH0DMRU 7VFKDL.XOXVFKZLHJ Ä6LHKDEHQ$QJVWYRUGHP7RGYHUPXWHWH'RQ0DVWHUVQDFKHLQHU:HLOH ZlKUHQGGHUVLHVLFKJHJHQVHLWLJDQVWDUUWHQXQGGRFKMHGHUGXUFKGHQDQGHUHQ KLQGXUFKEOLFNWH Ä6SLHOHQ6LHQLFKWGHQ3V\FKRORJHQZDUQWH.XOXÄ,FKSIHLIHDXI,KUH %HOHKUXQJHQ Ä%HUHXHQ6LHHWZDGHQ.RQWDNW]XU&5(67DEJHEURFKHQ]XKDEHQ" Ä+|UHQ6LHDXI Ä,VWGDVHLQ%HIHKO" 7VFKDL.XOXQLFNWH Ä,FKSIHLIHDXIDOOH%HIHKOHVDJWH0DVWHUVÄ8QGLFKKDEHHVVDWWDXIGHQ7RG ]XZDUWHQ:DUXPEULQJHQZLUHVQLFKWKLQWHUXQV"(UVWDXQOLFKVFKQHOOVFKREHU VLFKDXIGDV+DXSWVFKDOWSXOW]X 'LH.RUYHWWHUDVWHPLWDQQlKHUQG3UR]HQWGHU/LFKWJHVFKZLQGLJNHLWGXUFK GHQ5DXP.HLQH6RQQHVWDQGQlKHUDOVGHUZHLH=LHOVWHUQ 'RQ0DVWHUVKDWWH0KHGLH(LQJDEHWDVWDWXU]XEHGLHQHQ,PPHUZLHGHU HUZLVFKWHQVHLQHDXIJHTXROOHQHQ)LQJHUPHKUHUH7DVWHQJOHLFK]HLWLJ7URW]GHP VFKDIIWHHUHVGLH/LQHDUHWDSSH]XSURJUDPPLHUHQ %UOOHQGZDUI7VFKDL.XOXVLFKYRQKLQWHQDXILKQ(UPXWHHLQ6WDGLXPGHU .UDQNKHLWHUUHLFKWKDEHQGDVLKQMHGHPORJLVFKHQ$UJXPHQWXQ]XJlQJOLFK PDFKWH*HPHLQVDPJLQJHQEHLGH]X%RGHQ'HU$XISUDOOOLHGLH(LWHUEHXOHQ DXI'RQV5FNHQDXISODW]HQ(UVSUWHGDHVIHXFKWEHUVHLQHQ5FNHQUDQQ 6HNXQGHQVSlWHUVHW]WHQGLH6FKPHU]HQHLQ,KPZXUGHVFKZDU]YRU$XJHQDEHU HUYHUORUGLH%HVLQQXQJQLFKW0LWGHQ$UPHQZHKUWHHU.XOXV6FKOlJHDE8QWHU DQGHUHQ8PVWlQGHQKlWWHHUJHJHQGHQPXVNXO|VHQ$IURWHUUDQHUNHLQH&KDQFH JHKDEW 6\PEROJUXSSHQIOLPPHUWHQEHUGHQ%LOGVFKLUP=XJOHLFKHUW|QWHGLH PHFKDQLVFKH6WLPPHGHV%RUGUHFKQHUV Ä/LQHDUPDQ|YHUHUIROJWLQIQI]HKQ6HNXQGHQ 6FKQDXEHQGOLH7VFKDL.XOXYRQVHLQHP2SIHUDEXQGZXFKWHWHVLFKKRFK Ä:LUZHUGHQGHQ/LQHDUUDXPLQQHUKDOEGHU.RQYHNWLRQV]RQHYHUODVVHQ HUNOlUWH0DVWHUVÄ8QGZLUZHUGHQQLFKWVVSUHQ Ä6LHEHQ6HNXQGHQ 'HU0DMRUVWU]WHVLFKDXIGDV6FKDOWSXOW%OLQGOLQJVKLHEHUPLWEHLGHQ+lQGHQ DXIGLH.RQWUROOHQHLQÄ6LHVLQGZDKQVLQQLJVFKULHHUÄ6LHEULQJHQXQVXP Ä:DVPDFKWGDVQRFKIUHLQHQ8QWHUVFKLHG"IUDJWH'RQ7VFKDL.XOXV YHUJHEOLFKH%HPKXQJHQGHQ&RXQWGRZQ]XVWRSSHQDPVLHUWHQLKQ $XIGHP0DVFKLQHQGHFNXQWHUKDOEGHU=HQWUDOHEHJDQQHQGLH .RPSHQVDWLRQVNRQYHUWHU]XDUEHLWHQ6LHHU]HXJWHQMHQHV)HOGDXV VHFKVGLPHQVLRQDOEHUJHRUGQHWHQ)HOGOLQLHQLQGHPGLH.RUYHWWHVRZRKOYRP

(LQVWHLQDOVDXFKYRP+\SHUUDXPDEJHVFKLUPWZXUGH'LHLQVWDELOH +DOEUDXP]RQH]ZLVFKHQYLHUWHUXQGIQIWHU'LPHQVLRQ]HLJWHVLFKDXIGHQ %LOGVFKLUPHQDOVZHVHQORVHV:DOOHQ1XUGHU=LHOVWHUQEOLHEGHXWOLFK]X HUNHQQHQ 0LWPHKUDOVYLHUKXQGHUWWDXVHQGIDFKHU/LFKWJHVFKZLQGLJNHLWUDVWHGLH.& GDKLQ 1RFKIQI0LQXWHQELV]XPHQGJOWLJHQ$XV 'RQ0DVWHUVEHUHXWQLFKWZDVHUJHWDQKDWWHHUZXQGHUWHVLFKQXUEHUGLH .ODUKHLWPLWGHUHUGLH7UDJZHLWHVHLQHV+DQGHOQVHUIDWH7VFKDL.XOXKlP PHUWHLQGHVZLHHLQ%HVHVVHQHUDXIGLH7DVWDWXUHQXQG6HQVRUVFKDOWHUHLQ² IUHLOLFKRKQHGHQ%UHDNGRZQGHV3URJUDPPV]XHUUHLFKHQ0DVWHUVKDWWH EOLQGOLQJVHLQHQ6LFKHUXQJVNRGHHLQJHJHEHQ (QGOLFKEHJULIIGHU0DMRUGDHVNHLQ=XUFNJDE6HXI]HQGOLHHUVLFKYRU GHP3XOWDXIGHQ%RGHQVLQNHQ6HLQ%OLFNYHUORUVLFKLQXQHUPHOLFKHU)HUQH Ä6LHVLQGXQYHUEHVVHUOLFK0DVWHUVVDJWHHUUHVLJQLHUHQG8QGQDFKHLQHU:HLOH IJWHHUKLQ]XÄ:DUXPKDEHQ6LHGDVJHWDQ" Ä:HLOXQVHU=XVWDQGQLFKWPHKULVWDOVHLQDUPVHOLJHV'DKLQYHJHWLHUHQ HUZLGHUWHGHU3V\FKRORJHÄ'HVKDOEOHJHLFKGLH(QWVFKHLGXQJLQGLH+lQGH GHVVHQGHUEHUXQVVWHKW 7VFKDL.XOXYHUGUHKWHGLH$XJHQGDQXUQRFKGDV:HL]XVHKHQZDU Ä%HJUHLIHQ6LHEHUKDXSWGD6LHLKPGLH(QWVFKHLGXQJDEJHQRPPHQKDEHQ" ZROOWHHUZLVVHQ 'RQN|SIWHGLHGULWWH)ODVFKH'DV=HXJVFKPHFNWHZLH:DVVHUDEHUHV EHUXKLJWH/DQJVDPPDFKWHVLFKHLQHEHUDXVFKHQGH:LUNXQJEHPHUNEDU'HU *DODNWRSV\FKRORJHEHJDQQ]XNLFKHUQ 8QHUELWWOLFKYHUVWULFKGLH=HLW'LH=XNXQIWZXUGHIUHLQH1DQRVHNXQGH]XU *HJHQZDUWXPNDXPGDUDQJHGDFKWVFKRQ9HUJDQJHQKHLW]XVHLQ6ROFKHQXQG lKQOLFKHQSKLORVRSKLVFKHQhEHUOHJXQJHQKLQJ'RQ0DVWHUVQDFKZlKUHQGGHU =LHOVWHUQUDVHQGVFKQHOOJU|HUZXUGH'LH)LOWHUVFKDOWHWHQVLFKVHOEVWWlWLJYRU :HLHV/LFKWHUIOOWHGLH=HQWUDOHHVHULQQHUWHDQHLQ/HLFKHQWXFK 'LHEHLGHQ0lQQHUKDWWHQVLFKQLFKWVPHKU]XVDJHQ 7VFKDL.XOXNDXHUWHLQVLFK]XVDPPHQJHVXQNHQDXIGHP%RGHQXQGVWDUUWH /|FKHULQGLH/XIW 'RQ0DVWHUVVWDQG]ZLVFKHQ.RQWXUVHVVHOQHLQJHNOHPPWXQGOLHGHQ%OLFN QLFKWYRP3DQRUDPDVFKLUP )QI0LQXWHQZDUHQHLQHOlFKHUOLFKNXU]H=HLWVSDQQH'HQQRFKNRQQWHQVLH]XU (ZLJNHLWZHUGHQ 'HU,QWHUNRPVSUDFKDQ Ä:DVLVWORVEHLHXFKGDREHQ"HUNODQJHVYHU]HUUWDXVGHP/DXWVSUHFKHUÄ*HEW ZHQLJVWHQVHLQSDDU7DNWH0XVLNDXIGHQ5XQGUXIZHQQZLUVFKRQDOV /HLFKHQ]XJGXUFKGHQ5DXPGVHQ Ä:HUVSULFKW"ZROOWH.XOXZLVVHQ 'LH$QWZRUWOLHHLQLJH6HNXQGHQDXIVLFKZDUWHQ Ä2EHUOHXWQDQW3RH.DODQL6LU,KU=ZHLWHU2IIL]LHU

7VFKDL.XOXDWPHWHK|UEDUHLQÄ,FKZHLZHU6LHVLQG.DODQLVRNDSXWWELQLFK QRFKQLFKW6HLQH6WLPPHZXUGHODXWHUÄ:HQQ6LHDQVWlQGLJ0HOGXQJPDFKHQ ZROOHQUHGHQ6LH$QVRQVWHQYHUVFKZLQGHQ6LHDXVGHU/HLWXQJ Ä&KDUOHV%HQVRQLVWJHVWRUEHQ,FKEUDXFKHKLHUMHPDQGHQGHUPLUKLOIWLKQLQ GHQ.KOUDXP Ä9HUJHVVHQ6LH V Ä&DSWDLQLFK Ä+DEHQ6LHQLFKWJHK|UW"7VFKDL.XOXEUOOWHXQYHUPLWWHOWORVÄ(VLVWY|OOLJ HJDOZDV6LHGHQNHQRGHUZROOHQ,QZHQLJHUDOV]ZHL0LQXWHQYHUODVVHQZLU GHQ/LQHDUUDXPLP,QQHUQHLQHU6RQQH(QGH (LQHKHIWLJH(UVFKWWHUXQJGXUFKOLHIGLH.RUYHWWH6HOEVWGLH$EVRUEHUNRQQWHQ GLHYRQDXHQDXIGLH6FKLIIV]HOOHHLQZLUNHQGHQ.UlIWHQLFKWDEVFKZlFKHQ'RQ 0DVWHUVKDWWH0KHHLQHQHLQLJHUPDHQVLFKHUHQ6WDQG]XEHZDKUHQ 7lXVFKWHHUVLFKRGHU]HLJWHGHU+DXSWELOGVFKLUPWDWVlFKOLFKHLQGVWHUHV *OKHQGDVGLH6WUXNWXUGHV/LQHDUUDXPVYHUGUlQJWH"(VZXFKVUDVHQGVFKQHOO DQ :lKUHQGGDVURWH/HXFKWHQGHQJHVDPWHQRSWLVFKHUIDEDUHQ%HUHLFKEHU]RJ KHXOWHGHU$ODUPGXUFKV6FKLII'RQZDUIHLQHQIOFKWLJHQ%OLFNDXIGLH6FKLUP IHOGNRQWUROOHQ'LH%HODVWXQJVZHUNHVFKQHOOWHQLQGLH+|KH'DV*OKHQ YHUVFKOXFNWHGHQ=LHOVWHUQXQGHUZHFNWHGHQ(LQGUXFNGDHVVLFKXPGLH .RUYHWWHKHUXP]XVDPPHQ]RJ=XJOHLFKZXUGHHVGXQNOHU Ä(PLVVLRQVPHVVXQJULHI'RQ0DVWHUVPLWVLFKEHUVFKODJHQGHU6WLPPH'RFK QLHPDQGZDUGDGHUVHLQHQ%HIHKOKlWWHDXVIKUHQN|QQHQ 7VFKDL.XOXNLFKHUWHLUUÄ:DVLVW'RNWRUFKHQ".ODSSW,KUVFK|QHU3ODQQLFKW KDWGLH6RQQHXQVZLHGHUDXVJHVSXFNWDQVWDWWXQV]XDWRPLVLHUHQ" 'LH.&UDVWHPLWWHQKLQHLQLQHLQHQ7XQQHODXVDEVROXWHU6FKZlU]H 2GHUKLQJVLHEHZHJXQJVORVLP5DXP" 'RQ0DVWHUVNRQQWHHVQLFKWIHVWVWHOOHQGDMHJOLFKHU%H]XJVSXQNWIHKOWH hEHUGLH%LOGVFKLUPHGUDQJGLH6FKZlU]HDXFKLQV,QQHUHGHU.RUYHWWHHLQ 'VWHUQLVHUIOOWHGLH=HQWUDOH6FKOLHOLFKEUDQQWHQXUPHKUGLH 1RWEHOHXFKWXQJ 9HUJHEOLFKVFKOXJ0DVWHUVDXIGDV6FKDOWSXOWHLQ(VJDENHLQH0|JOLFKNHLWGHQ )OXJ]XXQWHUEUHFKHQ+DWWHGLH.&GHQ/LQHDUUDXPVFKRQYHUODVVHQ"6HLW GHP%HJLQQGHVEHUOLFKWVFKQHOOHQ)OXJHVZDUHQVLHEHQ0LQXWHQYHUJDQJHQ (LJHQWOLFKKlWWHGLH.RUYHWWHQLFKWPHKUH[LVWLHUHQGUIHQ Ä1DORV6LH.OXJVFKHLHUJHVWHKHQ6LHHQGOLFKGD6LHYHUVDJWKDEHQ7VFKDL .XOXNLFKHUWHVFKULOO0KVDPVWHPPWHHUVLFKKRFKHLQ)OHLVFKEHUJGHUHLQHP hEHUVFKZHUHQLQQLFKWVQDFKVWDQG 'RQ0DVWHUVVFKZLHJ6RZHLWHVLKPEHUKDXSWP|JOLFKZDUKDQWLHUWHHU YHUELVVHQDQGHQ.RQWUROOHQ,PPHUKlXILJHUZXUGHQVHLQH6FKDOWXQJHQYRQGHU 3RVLWURQLNDQQXOOLHUWZHLOHUGUHLYLHURGHUQRFKPHKU.RQWDNWHJOHLFK]HLWLJ DXVO|VWH Ä6LHVLQGEHVHVVHQ'RNWRUNHLIWH.XOXÄ%HVHVVHQYRQGHU,GHHGDV6FKLFNVDO ]XEHVLHJHQ:DUXPEHWlWLJHQ6LHQLFKWHLQIDFKGLH6HOEVWYHUQLFKWXQJ"

Ä.|QQHQ6LHGLH6FKXW]DEGHFNXQJO|VHQ0DMRU" 7VFKDL.XOXEHJDQQSUXVWHQG]XODFKHQXQGHUOLWWHLQHQKDOEHQ (UVWLFNXQJVDQIDOO 'DQQJLQJDOOHVVHKUVFKQHOO,QGHU6FKZlU]HWDXFKWHHLQZLQ]LJHUJROGHQHU 3XQNWDXIZXFKV]XUURWLHUHQGHQ6SLUDOHGLHLKUH*OXWQDFKDOOHQ6HLWHQ YHUVFKOHXGHUWH 0KHORVGXUFKEUDFKHQGLHVH)XQNHQGHQ6FKXW]VFKLUPGHU.RUYHWWH'DV VHFK]LJ0HWHUGXUFKPHVVHQGH5DXPVFKLIIEHJDQQ]XGU|KQHQXQG]XVFKZLQJHQ ZLHHLQH]XKHIWLJDQJHVFKODJHQH*ORFNH%LOGVFKLUPHLPSORGLHUWHQ (QWODGXQJHQ]XFNWHQGXUFKGLH=HQWUDOHXQGEHLHQGHU2]RQJHUXFKEUHLWHWH VLFKDXV 'LH$QGUXFNDEVRUEHUYHUVDJWHQ 'RQ0DVWHUVZXUGHMlKYRQHLQHU7LWDQWHQIDXVWJHSDFNWXQGTXHUGXUFKGHQ 5DXPJHVFKOHXGHUW'DV 'U|KQHQXQG+HXOHQEHUODVWHWHU$JJUHJDWHVFKZROO]XPRKUHQEHWlXEHQGHQ .UHV]HQGRDQ (QGOLFKLVWGLH4XDOYRUEHUVFKRHVGHP*DODNWRSV\FKRORJHQGXUFKGHQ6LQQ 'DQQJULIIGLH6FKZlU]HDXFKQDFKLKP :LHODQJHHURKQH%HZXWVHLQJHZHVHQZDUNRQQWHHUVSlWHUQLFKWVDJHQ$XI MHGHQ)DOOVFKLHQHVVLFKQXUXP0LQXWHQJHKDQGHOW]XKDEHQ $QWULHEVORVVFKZHEWHGLH.&LP:HOWUDXP9LHOHGHUNOHLQHUHQ0RQLWRUH ZDUHQ]ZDUDXVJHIDOOHQGRFKGHUJURH3DQRUDPDELOGVFKLUPDUEHLWHWH ]XIULHGHQVWHOOHQG1DKH]XGLH+lOIWHGHU:LHGHUJDEHQDKPGHUORGHUQGH *OXWEDOOGHUZHLHQ6RQQHHLQ'LH.RUYHWWHKDWWHGHQ/LQHDUUDXPOHGLJOLFKXP UXQGKXQGHUW0LOOLRQHQ.LORPHWHU]XIUKYHUODVVHQ'DVZDUHLQ3UREOHPGDV VLFKVFKQHOOEHKHEHQOLH 'LH(QHUJLHYHUVRUJXQJIXQNWLRQLHUWHZLHGHU0KVDPZlO]WH0DVWHUVVLFK KHUXPXQGVWHPPWHVLFKDXI.QLHQXQG(OOERJHQKRFK(UEOLFNWHJHUDGHZHJVLQ GLHIOLUUHQGH$EVWUDKOPQGXQJHLQHV%ODVWHUV7VFKDL.XOXKLHOWGLH:DIIHPLW EHLGHQ+lQGHQ(VZDUIUDJOLFKREHUEHUKDXSWGHQ$XVO|VHUEHWlWLJHQNRQQWH Ä:DUXPVFKLHHQ6LHQLFKW"0DVWHUVNHXFKWHVFKZHUÄ)UPLFKLVWGDQQ ZHQLJVWHQVDOOHVYRUEHL 'HU0DMRUVWDUUWHLKQDXVKDOE]XJHVFKZROOHQHQ$XJHQDQÄ6LHVWHKOHQVLFK QLFKWDXVGHU9HUDQWZRUWXQJ'RNWRU6LHQLFKW'DVNODQJXQJHPHLQJHKlVVLJ XQGZDUEHUKDXSWQLFKW.XOXV$UW 0DVWHUVYHUVXFKWHHLQ.RSIVFKWWHOQ6HLQ2EHUN|USHUJHULHWGDEHLLQKHIWLJH %HZHJXQJ Ä,FKZHLGD6LHPLUGLH6FKXOGDQDOOHPJHEHQZDVYRUJHIDOOHQLVW$EHU GDQQODVVHQ6LHPLUZHQLJVWHQVGLH&KDQFHIUHLQVFKQHOOHV(QGH]XVRUJHQ (QWVFKORVVHQVHW]WHHUVLFK5LFKWXQJ3LORWHQVLW]LQ%HZHJXQJ6HNXQGHQODQJVDK HVVRDXVDOVZUGH7VFKDL.XOXVHLQH'URKXQJZDKUPDFKHQGRFKGDQQOLHHU GLH:DIIHIDOOHQ Ä,FKNDQQQLFKWDXI6LHVFKLHHQEUDFKWHGHU0DMRUVWRFNHQGKHUYRU Ä'DQQODVVHQ6LHHVHEHQULHW0DVWHUV

*HUHL]WKHLWXQG$JJUHVVLYLWlWZDUHQ]XQHKPHQGGHXWOLFKHU]XVSUHQ%DOG ZUGHQEHLGH0lQQHUEHUHLQDQGHUKHUIDOOHQ1DFKGHUN|USHUOLFKHQ 9HUlQGHUXQJVFKULWWGLHSV\FKLVFKHUDVFKYRUDQ 'RQ0DVWHUVEHQ|WLJWHHLQH:HLOHXP]XEHJUHLIHQZDVVLFKLQGHU2UWXQJ DE]HLFKQHWH 5DXPVFKLIIH 6LHKDWWHQGLH.RUYHWWHHLQJHNUHLVW-HGHVZDUZDO]HQI|UPLJHWZDGUHLKXQGHUW 0HWHUODQJXQGIQI]LJ0HWHUGXUFKPHVVHQGXQGEHVDGLHW\SLVFKH WULFKWHUI|UPLJH(UZHLWHUXQJLP+HFNEHUHLFK'LHGUHL.XSSHOQDXIGHP5XPSI O|VWHQLQ0DVWHUV(ULQQHUXQJHWZDVDXVZDV$ODUPVFKOXJ 9LHU(LQKHLWHQVWDQGHQMHZHLOVWDXVHQG.LORPHWHUYRQGHU.&HQWIHUQW)DOOV VLHGDV)HXHUHU|IIQHWHQZUGHQYRQGHU.RUYHWWHQXUYHUZHKHQGH$WRPH EULJEOHLEHQ'RQ0DVWHUVODFKWHODXWKDOVLQVLFKKLQHLQ(LQKHIWLJHU )DXVWVFKODJDXIHLQH5HLKHYRQ6FKDOWHUQOLHGHQ6FKXW]VFKLUP ]XVDPPHQIDOOHQ-HW]WZDUGDV6FKLIIVRQDFNWXQGYHUZXQGEDUZLHVHLQH 0DQQVFKDIW 1DORVVFKULH'RQLQ*HGDQNHQ6FKLHWHQGOLFKPDFKWXQVHUHU4XDOHLQ(QGH $EHUGLH%HVDW]XQJHQGHU:DO]HQUDXPHUGDFKWHQQLFKWGDUDQ 'RQ0DVWHUVNQXUUWHZLHHLQJHUHL]WHV5DXEWLHUDOVHUGDVHQGOLFKHUNDQQWH Ä:DUXPWXWLKUQLFKWV"NUlFK]WHHUKHLVHUÄ*UHLIWGRFKDQ$OOHVXPLKQKHU YHUVDQNLQ%HGHXWXQJVORVLJNHLWIULKQH[LVWLHUWHQQXUQRFKGLHIUHPGHQ 5DXPHU(UVDKQLFKWGD7VFKDL.XOXLQ]ZLVFKHQY|OOLJDSDWKLVFKYRUHLQHP $XVJDEHSXOWVWDQGXQG/|FKHULQGLH/XIWVWDUUWH 'HU)XQNHPSIDQJVSUDFKDQ(LQHGU|KQHQGH%DVWLPPHHUIOOWHGLH=HQWUDOH 6LHVSUDFKUHLQHVDN]HQWXLHUWHV=HQWUXPVLGLRP7URW]GHPPXWH'RQ0DVWHUV GLH:RUWHODQJHLQVLFKQDFKNOLQJHQODVVHQHKHHULKUHQ6LQQYHUVWDQG $QJUHLIHQKlPPHUWHHVXQHQWZHJWLQVHLQHP6FKlGHO'XPXWDQJUHLIHQ GDPLWVLH]XUFNVFKODJHQ (LQHVGHU:DO]HQVFKLIIHVFKZHEWHODQJVDPQlKHU%LV'RQHQGOLFKEHJULIIGD QLFKWGLHVHV6FKLIIVRQGHUQYLHOPHKUGLH.RUYHWWHLP6RJHLQHV7UDNWRUVWUDKOVLQ %HZHJXQJJHUDWHQZDUEHWUXJGLH'LVWDQ]QXUQRFKZHQLJH.LORPHWHU'VWHU GURKHQGIOOWHGLHULHVLJHVWlKOHUQH:DO]HGLH%LOGVFKLUPH'HXWOLFKZDUHQLKUH *HVFKW]WUPH]XHUNHQQHQGRFKGDVDOOHVDXVO|VFKHQGH$XIEOLW]HQGHU ,PSXOVVWUDKOHQEOLHEDXV 'RQ0DVWHUVDQJHNQDFNVWH3V\FKHKLHOWGHUXQJHKHXUHQ$QVSDQQXQJNDXPQRFK VWDQG'DV=ZHLNRQWUROOV\VWHPIUGLH6FKZHUH7UDQVIRUPSRONDQRQHODJ HQWVLFKHUWYRULKPDEHUHUEHVDQLFKWPHKUGLH.UDIWGDV*HVFKW]DXV]XO|VHQ 8QUXKLJ]XFNWHQVHLQH)lXVWHDOVPVVHHUVLFKHLQHVXQVLFKWEDUHQ*HJQHUV HUZHKUHQ 0DMRU7VFKDL.XOXOHKQWHMHW]WDP$QWLJUDYVFKDFKWXQGVDQJOHLVHYRUVLFKKLQ $Q%RUGGHU.RUYHWWHZDU]XGHP=HLWSXQNWQLHPDQGPHKULP9ROOEHVLW]VHLQHU JHLVWLJHQ.UlIWH'LHXQNRQWUROOLHUWHGXUFKGLHV\QWKRELRORJLVFKH 0HWDPRUSKRVHKHUYRUJHUXIHQH=HOOZXFKHUXQJPDFKWHYRUNHLQHP*HKLUQKDOW 1XUGLH=HLWVSDQQHGLHGLH.UDQNKHLWEHQ|WLJWHXPHLQHQJHVXQGHQ0HQVFKHQ

LQHLQN|USHUOLFKHVXQGJHLVWLJHV:UDFN]XYHUZDQGHOQZDUXQWHUVFKLHGOLFK (LQ'U|KQHQKDOOWHGXUFKGLH.&DOVGLH%RGHQVFKOHXVHYRQDXHQ JHZDOWVDPJH|IIQHWZXUGH'HQ(LQGULQJOLQJHQGLHVFKZHUH5DXPSDQ]HU WUXJHQVWHOOWHVLFKNHLQ:LGHUVWDQGHQWJHJHQ6\VWHPDWLVFKVFKZlUPWHQVLHEHU GLHHLQ]HOQHQ'HFNVDXV6LHEHZHJWHQVLFKVFKQHOOXQG]LHOVLFKHUDOVKlWWHQVLH NHLQHQ:LGHUVWDQG]XIUFKWHQGRFKDOVVLHGLHHUVWHQ%HVDW]XQJVPLWJOLHGHU IDQGHQOLHHQVLH8QUXKHHUNHQQHQ %HLQDKHHLQH6WXQGHYHUJLQJELVHUQHXWGHU7UDNWRUVWUDKOLQ$NWLRQWUDWXQGGLH .RUYHWWHDXIGHU+OOHGHV:DO]HQUDXPHUVYHUDQNHUWZXUGH 'RQ0DVWHUVEDODQFLHUWHQRFKLPPHUDXIGHPVFKPDOHQ*UDW]ZLVFKHQ 9HUZLUUWKHLWXQG:DKQVLQQXQGSURGX]LHUWHPLWVHLQHQDXIJHGXQVHQHQ/LSSHQ XQYHUVWlQGOLFKH*HUlXVFKHDOVGLH)UHPGHQGLH=HQWUDOHEHWUDWHQ(UVDKLKUH ULHVHQKDIWHQPDVVLJHQ*HVWDOWHQVWXW]WHXQGVWLHJOHLFKGDUDXIVFKULOOH/DXWH DXV ,QVWLQNWLYZLFKHUYRUGHQ(LQGULQJOLQJHQ]XUFN$EHUXPGHQYLHUDUPLJHQ 5LHVHQ]XHQWNRPPHQKlWWHHU7HOHSRUWHUIlKLJNHLWHQEHVLW]HQPVVHQ'RQ EUDFKWHQXUQRFKHLQHUVWLFNWHV.HXFKHQKHUYRUDOVGLH0RRJKVLKQSDFNWHQXQG LQGHQ9HUODGHUDXPQHEHQGHU%RGHQVFKOHXVHWUXJHQ (LQH6FKRFNHUODGXQJODKPWHLKQ$EHUGHU*DODNWRSV\FKRORJHKlWWHRKQHKLQ QLFKWDQ)OXFKWJHGDFKW6HLQH*HGDQNHQYHUZLUUWHQVLFKZLHGHUHVILHOLKP ]XQHKPHQGVFKZHUHU9HUJDQJHQKHLWXQG*HJHQZDUWDXVHLQDQGHU]XKDOWHQ'LH ZLUNOLFKOLFKWHQ0RPHQWHLQGHQHQHUGLH6LWXDWLRQKDOEZHJVUHDOLVWLVFK HLQ]XVFKlW]HQYHUPRFKWHZXUGHQVHOWHQHUXQGNU]HU )HW]HQGHU(ULQQHUXQJMDJWHQVLFKGLH&5(67,9XQGGDV5DXPVFKLIIGHU +DOXWHU,FKR7RORWXQG)DQFDQ7HLNGLH)ORWWHGHUJOlVHUQHQ6lUJHGDQQGLH YHUJLIWHWHQ:DVVHUYRUUlWHXQGIQIWDXVHQG0DQQDP5DQGGHV7RGHVGLH /DQGXQJDXI&OHDUZDWHUGHU:HOWGHU6\PELRQWHQ'D]ZLVFKHQGUlQJWHVLFK LPPHUZLHGHUGDV%LOGGHU%HVWLHQYRQ06LHJOLFKHQGHQ+DOXWHUQGHU KHLPLVFKHQ0LOFKVWUDHZDUHQMHGRFKYLHU0HWHUJURXQGPDHQLQGHQ 6FKXOWHUQPLQGHVWHQV0HWHU6LHEHVDHQ%UXVWXQG6FKXOWHUDUPHXQGGUHL JURHWLHIURWOHXFKWHQGH$XJHQ$EHULKUH+DXWZDUQLFKWWLHIVFKZDU]XQG OHGHUDUWLJJODWWVRQGHUQERUNLJXQGPLWVHFKVHFNLJHQ+RUQSODWWHQEHVHW]W 'RQ0DVWHUVZDUVFKZHLJHEDGHWXQGEHIDQGVLFKLP=XVWDQGlXHUVWHU (UUHJXQJDOVGLH0RRJKVHQGOLFKZLHGHUGHQ9HUODGHUDXPEHWUDWHQ'LH .RUYHWWHVFKZHEWHQLFKWPHKULPIUHLHQ:HOWUDXPGHQQGLH%HVWLHQQDFK N|PPOLQJHYHU]LFKWHWHQDXIHLQHQ'UXFNDXVJOHLFKXQGOLHHQGLH6FKOHXVHQWRUH RIIHQ 'RQKDWWH0KHVHLQHhEHUOHJXQJHQDXIGDV:HVHQWOLFKH]XNRQ]HQWULHUHQ'LH $XVZLUNXQJHQGHUXQNRQWUROOLHUWHQ=HOOZXFKHUXQJHQDXI7HLOHVHLQHV*HKLUQV PDFKWHQLKPVWDUN]XVFKDIIHQ/lQJHUDOVYLHURGHUIQI6WXQGHQJDEHUVLFK RKQHKLQQLFKWPHKU 'RQ0DVWHUVZlUHOLHEHUWRWJHZHVHQDOVGHQ0RRJKVLQGLH+lQGH]XIDOOHQ,Q GHU.RUYHWWH]LUNXOLHUWHQZRKOQRFKLPPHUGLH.HLPHGHU6\QWKRELRORJLVFKHQ

0HWDPRUSKRVH'LH%HVWLHQGLHRKQHLKUH5DXPSDQ]HUNDPHQPXWHQVLFK ]ZDQJVOlXILJLQIL]LHUHQ:DVGDVIULKU5DXPVFKLIIRGHUJDUIUGLH:HOW EHGHXWHWHYRQGHUVLHNDPHQODJDXIGHU+DQG2KQHHV]XZROOHQHUZLHVHQGLH 0lQQHUGHU.&GHQ9|ONHUQGLHVHU*DOD[LVVHOEVWLP6WHUEHQQRFKHLQHQ JURHQ'LHQVW'HU*DODNWRSV\FKRORJHHPSIDQGNHLQHUOHL%HGDXHUQPLWGHQ 0RRJKV6LHZDUHQOHEHQGH.DPSIPDVFKLQHQGLHDXIXQ]lKOLJHQYHUERUJHQHQ :HOWHQDXIUVWHWHQXPHLQHVQLFKWPHKUIHUQHQ7DJHVHUQHXW7RGXQG 9HUQLFKWXQJEHUDOOHEHZRKQWHQ3ODQHWHQYRQ0]XEULQJHQ ,P6\VWHPGHU6RQQH0RODNKDWWHQGLH0RRJKV3DUDWURQNRQYHUWHUKHUJHVWHOOW $XIDQGHUHQ:HOWHQZDUHQHV5DXPVFKLIIHDXIZLHGHUDQGHUHQ7ULHEZHUNHXQG :DIIHQ 3HUU\5KRGDQV'URKXQJVLFKPLWGHQ%HVWLHQ]XYHUEQGHQKDWWHOHGLJOLFKGHQ 'LDORJPLWGHQ.RQVWUXNWHXUHQGHV=HQWUXPVGHQJHKHLPQLVYROOHQ %HKHUUVFKHUQGHU.XJHOJDOD[LVIRUFLHUHQVROOHQ6LHZDUHLQ%OXIIJHZHVHQXQG QLHPDQGKDWWHDKQHQN|QQHQGDJHUDGHGLH0RRJKVVLFKYRQHLQHUVROFKHQ 9HUELQGXQJHQWVFKHLGHQGH9RUWHLOHHUKRIIWHQ $OVDXIGHPVHOEHQ:HJZLH]XYRUGLH&5(67XQGGDV6FKLIIGHV+DOXWHUV,FKR 7RORWGLH+LOIVH[SHGLWLRQPLWGHP)UDJPHQWUDXPHU%2;XQGGHP .XJHOVFKLIIGHU+DOXWHU+LVVR5LOORVXQG3LQDU$OWRLQ0HLQWUDIKDWWHQGLH 0RRJKVQDWUOLFK0RUJHQOXIWJHZLWWHUWXQGGLH,QLWLDWLYHHUJULIIHQ6LHKDWWHQ QLFKWDKQHQN|QQHQGDGLH6ROGDWHQNDVWHGHU*DOD[LVGLH'XPIULHVDXVJH UHFKQHWGLHVHQEHLGHQ(LQKHLWHQDXIGHU6SXUZDU )UGLH0RRJKV]lKOWHQXUZDVLKQHQQXW]WH=XEHJUHLIHQZHVKDOEVLHPLWGHU +LOIVH[SHGLWLRQQLFKWQDFKLKUHP:LOOHQXPVSULQJHQNRQQWHQGD]XIHKOWHGLH (LQVLFKW ,P%HUHLFKGHUJHOEHQ6RQQH0RODNZDUGDV=XVDPPHQWUHIIHQGHU&5(67,9 PLWGHU%2;XQGGHQEHLGHQ+DOXWHUVFKLIIHQHUIROJW9RUGHP +LQWHUJUXQGGHU%HGURKXQJGXUFKDQIOLHJHQGH'XPIULHVKDWWH3HUU\5KRGDQHLQ .RPPDQGRXQWHUQHKPHQJHVWDUWHWDQGHPYRUDOOHPGLH0XWDQWHQEHWHLOLJW JHZHVHQZDUHQ'LH%HUJXQJ]ZHLHU3DUDWURQNRQYHUWHUXPGLH5FNNHKULQGLH 0LOFKVWUDH]XVLFKHUQKDWWHDEVROXWH3ULRULWlWEHVHVVHQ$EHUGLH'XPIULHV ZDUHQGHQ7HUUDQHUQ]XYRUJHNRPPHQ8QWHUGHPNRQ]HQWULHUWHQ)HXHULKUHU .DPSIVFKLIIHKDWWHQVLFKGLHGUHL3ODQHWHQGHV0RODN6\VWHPVLQ*OXWK|OOHQ YHUZDQGHOW 'RQ0DVWHUVZXUGHYRQHLQHP0RRJKUHFKWXQVDQIWDXIJHKREHQXQG GDYRQJHWUDJHQ(LQKHIWLJHU-XFNUHL]TXlOWHLKQ'D]XJOHLFKGLH /lKPXQJVHUVFKHLQXQJHQDE]XNOLQJHQEHJDQQHQJDE'RQGHP1DFKODVVHQGHU 6FKRFNZLUNXQJGLH6FKXOG (UKDWWHHUZDUWHWLQGDV:DO]HQVFKLIIGHU%HVWLHQJHEUDFKW]XZHUGHQ'RFK RIIHQEDUZDULQ]ZLVFKHQHLQH/DQGXQJHUIROJW:RGDUEHUNRQQWHHUQXU VSHNXOLHUHQ 2EZRKOGHU0RRJKVLFKQLFKWVRQGHUOLFKVFKQHOOEHZHJWHHUNDQQWHGHU 3V\FKRORJHYRQVHLQHUQHXHQ8PJHEXQJNDXP(LQ]HOKHLWHQ:LHODQJHXQG ZRKLQGHU9LHUDUPLJHPLWLKPXQWHUZHJVZDUEOLHELKPYHUERUJHQ

'RQ0DVWHUVZQVFKWHGHQ%HVWLHQGLH3HVWDQGHQ+DOV (QGOLFKKDWWHGHU0RRJVHLQ=LHOHUUHLFKWXQGOLHGHQ7HUUDQHUDXIHLQHKDUWH 8QWHUODJHIDOOHQGLHVLFKVFKQHOOVHLQHP.|USHUDQSDWH(LQH9LHO]DKO XQGHILQLHUEDUHU*HUlWHYHUOLHKGHP5DXPHLQHNDOWHVWHULOH$WPRVSKlUH 8QZLOONUOLFKIKOWH'RQVLFKDQHLQ/DERUHULQQHUW'DVJOHLHQGH/LFKWEHU LKPEHILQGOLFKHU/HXFKWSODWWHQEOHQGHWHVHOEVWDOVHUGLH/LGHUVFKOR VFKPHU]WHHVQRFKLQVHLQHQ$XJHQ6FKW]HQGZROOWHHUGLH+lQGHYRUV*HVLFKW VFKODJHQGRFKXQVLFKWEDUH)HVVHOQKLHOWHQVHLQH*HOHQNHIHVW(UZDUQLFKWV ZHLWHUDOVHLQ6WXGLHQREMHNW'LH9RUVWHOOXQJGDGLH0RRJKVLKQZRP|JOLFK VH]LHUHQZUGHQHUIOOWHLKQPLW(NHO Ä'XJHK|UVW]XGHP)UHPGHQGHUVLFK3HUU\5KRGDQQHQQW" (UVWDOVGHU6SUHFKHUGLH)UDJHZLHGHUKROWHUHDJLHUWH'RQ0DVWHUV Ä:HUZLOOGDVZLVVHQ"EUDFKWHHUVWRFNHQGKHUYRU Ä-DRGHUQHLQ" 'RQVFKZLHJ,PQlFKVWHQ0RPHQWMDJWHHLQH6FKPHU]ZHOOHGXUFKVHLQHQ .|USHUGLHLKPIDVWGLH%HVLQQXQJUDXEWH 6HLQ:LGHUVWDQG]HUEUDFKQDFKGHP]ZHLWHQKHIWLJHQ6FKRFN Ä-DJHVWDQGHUÄLFKJHK|UH]X5KRGDQV0DQQVFKDIW Ä:REHILQGHWVLFKGDVJURH5DXPVFKLII" 'RQ0DVWHUVZXWHHVQLFKW'DVPXWHQDXFKGLH0RRJKVHLQVHKHQ 'DV=LVFKHQHLQHU,QMHNWLRQVSLVWROHZDUGDVOHW]WHZDVGHU*DODNWRSV\FKRORJH EHZXWZDKUQDKP 'LH6FKZlU]HNDQQWHZHGHU5DXPQRFK=HLW6LHZDU$QIDQJXQG(QGH]XJOHLFK XQGVRPLWXQHQGOLFK$EHUGDZDUDXFKHLQZLQ]LJHV*OLPPHQ(VZXFKV GHKQWHVLFKDXV]HUILHOLQ0\ULDGHQYRQ%UXFKVWFNHQGLHDXIGHQ XQWHUVFKLHGOLFKVWHQ%DKQHQGDYRQZLUEHOWHQ (LQHUGLHVHU/LFKWSXQNWHNDPQl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

5DQGJHELHWGHV6WHUQHQPHHUVZDUVHLQ=LHO %DOGODJQXUQRFKHLQHNOHLQHJHOEH6RQQHYRULKP (UQlKHUWHVLFKHLQHPULHVLJHQYRQHLQHPIDUEHQSUlFKWLJHQ5LQJV\VWHP XPJHEHQHQ3ODQHWHQ'DV*HIKOHQGOLFKZLHGHUGDKHLP]XVHLQZDU XQEHVFKUHLEOLFKVFK|Q'DKLQWHUYHUEODWHDXFKGLH(ULQQHUXQJXQKHLOEDUNUDQN ]XVHLQ 8QPHUNOLFKYHUODQJVDPWHVLFKVHLQH%HZHJXQJ'LHQlFKVWH:HOWJUWHPLW LKUHPURWHQ$XJH'DVZDU-XSLWHU(UHQWVDQQVLFK3O|W]OLFKZXWHHUDEHU DXFKZLHGHUGDHUVWHUEHQZUGH ,PVHOEHQ0RPHQWLQGHPHUQHXWGHU7RGYRUVHLQHQ$XJHQ*HVWDOWDQQDKP ZDUDOOHVDQGHUV8QVDJEDUH 6FKPHU]HQTXlOWHQLKQ(UVFKULHWREWHXQGVFKOXJXPVLFK (LQHXQZLGHUVWHKOLFKH.UDIWXPNODPPHUWHVHLQH*HOHQNHXQGKLHOWLKQIHVW'UHL URWJOKHQGH$XJHQVWDUUWHQLKQDQHLQULHVLJHU0XQG|IIQHWHVLFKXQGHU]HXJWH HLQ*UROOHQGDVDQHLQEHYRUVWHKHQGHV(UGEHEHQHULQQHUWH'DVJOHLFKGDUDXI]X YHUQHKPHQGH=LVFKHQVFKLHQGLHVPDOQLFKWHQGHQ]XZROOHQ(UVSUWH(LQVWLFKH XQWHUVHLQHU+DXWXQGZHKUWHVLFKGDJHJHQ$EHUHUZDU]XVFKZDFK :LHHLQNXU]IULVWLJXQWHUEURFKHQHU)LOPVSXOWHVLFKGDV*HVFKHKHQIRUWNDXP GDHLQHQHXH0GLJNHLWLKU5HFKWIRUGHUWH6WUDKOHQGEODXKLQJHLQNOHLQHV -XZHOLP$OO6FKRQZDUHQ0HHUH.RQWLQHQWHXQGVRJDUHLQHDXIJHORFNHUWH %HZ|ONXQJ]XHUNHQQHQ'LHOHEHQVVSHQGHQGH6RQQHPHLQWHHVJXWPLWGLHVHU :HOW ,QIODFKHP:LQNHOVWLHHUGDV]DUWEODXHUNHQQEDUH%DQGGHU$WPRVSKlUHYRU (UDWPHWHGLHNODUH/XIWGLHLQLKUHU=XVDPPHQVHW]XQJYRQ6DXHUVWRIIXQG DQGHUHQ*DVHQHLQPDOLJZDU1XUHLQIOFKWLJHU*HGDQNHJDOWGHQIQIWDXVHQG 0lQQHUQXQG)UDXHQDQ%RUGHLQHVYHUJOHLFKVZHLVHZLQ]LJHQ5DXPVFKLIIVGLH YLHOOHLFKWQLHGHQ:HJ]XUFNILQGHQZUGHQ 8QWHULKPHUVWUHFNWHVLFKMHW]WHLQVDQIWEHZHJWHU2]HDQYRQ+RUL]RQW]X +RUL]RQW9HUKHLXQJVYROOJLQJGLH6RQQHDXI 2KQHVHLQ=XWXQWDXFKWHHULQGLH)OXWHQHLQLQGHQHQYRU-DKUPLOOLRQHQGDV /HEHQDXIGLHVHP3ODQHWHQHQWVWDQGHQZDU ,FKOHEHKDOOWHHVGXUFKVHLQHQ6FKlGHO,FKELQ'U'RQ0DVWHUV *DODNWRSV\FKRORJHDXIGHU&5(67 'LH9LVLRQ]HUSODW]WHZLHHLQH6HLIHQEODVH0lFKWLJH3UDQNHQWDVWHWHQEHU VHLQHQJHVFKXQGHQHQ/HLEMHGHVRJURGDVLHLKQPKHORV]HUTXHWVFKHQ NRQQWH'LHPDVVLJHQ*HVWDOWHQGHU0RRJKVEHXJWHQVLFKEHULKQLKUHURWHQ $XJHQVFKLHQHQVLFKLQVHLQHU6HHOHIHVW]XEUHQQHQ 'RQ0DVWHUVEHJDQQZLHGHU]XVFKUHLHQ(UUHJLVWULHUWHGDHUWDWVlFKOLFKLQ HLQHP:DVVHUEHFNHQODJDEHUGLHVHV:DVVHUZDUSHFKVFKZDU]$OVHUZLHHLQ (UWULQNHQGHUPLWGHQ$UPHQ]XUXGHUQEHJDQQVFKOXJHVEHULKP]XVDPPHQ XQGGUDQJLKPLQ0XQG1DVHXQG2KUHQHLQ 'DV]ZHLWH(UZDFKHQZDUZHQLJHUDQJHQHKP'HU*DODNWRSV\FKRORJHHQWVDQQ VLFK]ZDUYRQ$QIDQJDQVHLQHU,GHQWLWlWGRFKIKOWHHUVLFKZLHHLQH JLJDQWLVFKHDXIJHTXROOHQH$P|EH(UODJDXIQDFNWHP%RGHQ'HU5DXPLQ

GHPHUVLFKEHIDQGK|FKVWHQVIQIPDOIQI0HWHUPHVVHQGYHUIJWHEHU NHLQHUOHL(LQULFKWXQJVJHJHQVWlQGH 0KVDPZlO]WH'RQVLFKKHUXP$UPHXQG%HLQH]XEHQXW]HQILHOLKPVFKZHU 6LHZDUHQQXW]ORVH$QKlQJVHOGLHHULUJHQGZDQQXQWHUVHLQHU.|USHUPDVVH ]HUGUFNHQZUGH :DVKDWWHQGLH0RRJKVPLWLKPYRU"+DWWHQVLHQRFKQLFKWHUNDQQWGDVHLQH *HJHQZDUWW|GOLFKHUZDUDOVHLQH'XPIULHV)ORWWH"0HKUDOV]ZHLRGHUGUHL 6WXQGHQNRQQWHQVHLWGHU/DQGXQJGHU.RUYHWWHNDXPYHUJDQJHQVHLQ'RQ HQWVDQQVLFKGDGLH(UUHJHUGHUV\QWKRELRORJLVFKHQ0HWDPRUSKRVHPHKUDOV DFKW7DJHEHQ|WLJWKDWWHXPLKUHHQWVHW]OLFKH:LUNXQJ]XHQWIDOWHQ$XHUGHP PXWHHUGDYRQDXVJHKHQGDGLH.RQVWLWXWLRQGHU0RRJKVXPHLQ9LHOIDFKHV UREXVWHUZDUDOVGLHYRQ7HUUDQHUQ :LHVRILHOHVLKPSO|W]OLFKOHLFKWVHOEVWVRNRPSOH[HhEHUOHJXQJHQ]X(QGH]X EULQJHQ"9RUNXU]HPZDUGDVQRFKDQGHUVJHZHVHQ'RQDWPHWHWLHIGXUFK 0RELOLVLHUWHGLH1lKHGHV7RGHVQRFKHLQPDODOOHN|USHUOLFKHQXQGJHLVWLJHQ 5HVHUYHQ" =HQWLPHWHUXP=HQWLPHWHUVFKREHUVLFKEHUGHQ%RGHQDXIGLH:DQG]X 5FNZlUWVVWHPPWHHUVLFKGDUDQKRFK'LH$QVWUHQJXQJULHIHLQKHIWLJHV )OLPPHUQYRUVHLQHQ$XJHQKHUYRUGHVKDOEHQWJLQJLKPGDGLH:DQGVLFK VFKRQEHLGHUHUVWHQ%HUKUXQJLQHLQHVSLHJHOQGH)OlFKHYHUZDQGHOWH (LQHUVWLFNWHV*XUJHOQGUDQJEHU'RQV/LSSHQDOVHUHQGOLFKVHLQ6SLHJHOELOG HQWGHFNWH+DWWHHUVFKRQ7VFKDL.XOXXQG0HQF5DGHF]LQIU0RQVWHUJHKDOWHQ VRIHKOWHLKPIUGDVHLJHQH$XVVHKHQMHGH%H]HLFKQXQJ(UZDUXQI|UPLJ DXIJHEOlKWHQWVWHOOW(QWVHW]WVFKORHUGLH$XJHQGRFKZDVHUJHVHKHQKDWWH OLHVLFKQLFKWPHKUDXVVHLQHP%HZXWVHLQYHUGUlQJHQ 'RQIUDJWHVLFKXQZLOONUOLFKZDVGLH0RRJKVSODQWHQ6LHKDWWHQLKQ XQWHUVXFKWGDYRQZDUHUEHU]HXJW$EHUVLHKDWWHQLKQQLFKWJHW|WHWZLHHUHV HLJHQWOLFKHUZDUWHWKDWWH'DVEHGHXWHWHGDGLH%HVWLHQDEN|PPOLQJHVLFKYRQ LKPPHKUYHUVSUDFKHQDOVQXUHLQ*UXQGZLVVHQEHUGHQPHQVFKOLFKHQ 0HWDEROLVPXV 6HLQ$UJZRKQZDUJHZHFNW:XWHQGLH0RRJKVGLHGLH.RUYHWWHDXIJHEUDFKW KDWWHQLFKWVYRQGHQ9RUIlOOHQLP0RODN6\VWHP"'DVZDUDOOHUGLQJVPHKUDOV XQZDKUVFKHLQOLFK'LH0RODN:HOWHQZDUHQQXUHLQHUYRQYLHOHQJHKHLPHQ 6WW]SXQNWHQJHZHVHQ]ZLVFKHQGHQHQVWlQGLJH.RPPXQLNDWLRQVYHUELQGXQJHQ EHVWDQGHQ *HIlKUOLFKHUH.DPSIPDVFKLQHQDOVGLH0RRJKVNRQQWH'RQ0DVWHUVVLFKQLFKW YRUVWHOOHQ'LH)UDJHZHVKDOEVLHLKQDP/HEHQOLHHQEHVDGHPQDFKHLQLJHV *HZLFKW (UIURUXQGVFKZLW]WH]XJOHLFK6REDOGHUGLH+lQGHKREVDKHUGDGLH XQI|UPLJHQ)LQJHUVLFKWHLOZHLVH]XUFNJHELOGHWKDWWHQ8QGZHQQHUYRUVLFKWLJ EHUVHLQHQ/HLEVWULFKZDUHQZHLWZHQLJHU:OVWH]XVSUHQDOVQRFKYRU ZHQLJHQ6WXQGHQ 'RQ0DVWHUVYHUVWDQGGLH:HOWQLFKWPHKU$OOHVGHXWHWHGDUDXIKLQGDHUGLH V\QWKRELRORJLVFKH0HWDPRUSKRVHEHVLHJWKDWWHGLHVHHQWVHW]OLFKH6HXFKHGHU

YLHOH%HVDW]XQJVPLWJOLHGHUGHU.&]XP2SIHUJHIDOOHQZDUHQ Ä6LHEHILQGHQVLFKDXIGHP:HJGHU%HVVHUXQJ'RNWRU0DVWHUVHUNODQJHLQH JUROOHQGH6WLPPHKLQWHULKPÄ,KUH*HIlKUWHQEULJHQVDXFK 'RQZLUEHOWHKHUXP(UPXWH]XGHP0RRJKDXIVHKHQGHUNHLQHIQI6FKULWW KLQWHULKPVWDQG6HOWVDPHUZHLVHHPSIDQGHUEHLP$QEOLFNGHVGXQNHOKlXWLJHQ .RORVVHVZHGHU)XUFKWQRFK8QVLFKHUKHLW Ä:RKHUNHQQHQ6LHPHLQHQ1DPHQ"IUDJWHHU 'LH%HVWLHVFKOXJ]ZHL)lXVWHJHJHQHLQDQGHUGDHVNUDFKWH Ä:LUZLVVHQYLHOHV:lKUHQGGHV5HJHQHULHUXQJVXQG+HLOXQJVSUR]HVVHVKDEHQ 6LHRIWJHUHGHW Ä8QGZHUVLQG6LH" Ä0HLQ1DPHLVW8UPDW]GU|KQWHGHU0RRJKÄ+DEHQ6LHGDVVFKRQ YHUJHVVHQ" 6HOWVDPHUZHLVHZDU'RQ0DVWHUVWURW]GHU/DXWVWlUNHPLWGHUGHU.RORUHGHWH EHU]HXJWGDYRQGD8UPDW]VLFK=XUFNKDOWXQJDXIHUOHJWH(UILHEHUWHQDFK HLQHU(UNOlUXQJ Ä6LHKDEHQGLH.UDQNKHLWEHVLHJW",KPEUDQQWHQQRFKYLHOH)UDJHQDXIGHQ /LSSHQGRFKPXWHHUVLFKHUVWEHUGDV9HUKlOWQLV]XGHQ0RRJKVNODUZHUGHQ Ä6LHXQGQRFKVLHEHQ0lQQHUVFKXOGHQXQVLKU/HEHQVDJWH8UPDW]Ä'HQ 7RWHQNRQQWHQZLUQLFKWPHKUKHOIHQVLHOLHJHQLQGHQ.KONDPPHUQGHV NOHLQHQ5DXPVFKLIIV 'RQ0DVWHUVQLFNWH8UPDW]PDFKWHDXILKQGHQ(LQGUXFNHLQHV]LYLOLVLHUWHQ :HVHQV6ROOWHPDQVLFKEHLGHU(LQVFKlW]XQJGHU0RRJKVGHUDUWJHWlXVFKW KDEHQ" Ä%LVGLHOHW]WHQ$Q]HLFKHQGHU.UDQNKHLWDENOLQJHQZHUGHQQRFKHLQLJH7DJH ,KUHU=HLWUHFKQXQJYHUJHKHQHUNOlUWHGHU0RRJK]XGHP0DVWHUVVLFKWURW] DOOHU9RUVLFKW]XQHKPHQGKLQJH]RJHQIKOWHÄ,FKQHKPHDQGD6LHPLW,KUHQ *HIlKUWHQUHGHQZROOHQ'HVKDOEZHUGHQ6LHDXI,KU6FKLII]XUFNJHEUDFKW 'HU*DODNWRSV\FKRORJHZDUPLWDOOHPHLQYHUVWDQGHQ'DGLH7HUUDQHUDQ%RUG GHU.RUYHWWHGXUIWHQHUVFKLHQORJLVFK1XUGRUWZDUHQGLHDXILKUH%HGUIQLVVH ]XJHVFKQLWWHQHQ(LQULFKWXQJHQYRUKDQGHQ Ä'DQNHHUZLGHUWH'RQ(UKDWWHQRFKPHKUVDJHQZROOHQDEHULQGHP0RPHQW VWLH8UPDW]HLQHQUROOHQGHQNHKOLJHQ/DXWDXV*OHLFKGDUDXIH[SORGLHUWH HWZDVLQVHLQHP6FKlGHOXQGO|VFKWHMHGH:DKUQHKPXQJ Ä'RNWRU0DVWHUVZDUWHQ6LHDXIHLQH([WUDHLQODGXQJ",QIQI0LQXWHQZLOOLFK DOOHLQGHU=HQWUDOHVHKHQ'DVJLOWDXFKIU6LH 6RXQVDQIWKDWWHLKQVFKRQODQJHQLHPDQGPHKUDXVVHLQHQ7UlXPHQJHKROW'RQ 0DVWHUVMlKDXVWLHIHP6FKODIJHZHFNWEOLQ]HOWHYHUZLUUWLQGLH+HOOLJNHLWGLH EHLPgIIQHQGHV6FKRWWHVDXIJHIODPPWZDU(UNRQQWHQLFKWPHKUDOV VFKHPHQKDIWH.RQWXUHQHUNHQQHQGHVKDOEZlO]WHHUVLFKDXIGLHDQGHUH6HLWH XQG]RJVLFKGLH'HFNHEHUGHQ.RSI 6RIRUWNDPHQGLH7UlXPH]XUFN2EZRKOVLH8QEHKDJHQEHUHLWHWHQ IDV]LQLHUWHQVLHDXFK'HU3V\FKRORJHWUlXPWHGDGLH&5(67,9LQHLQH

*DOD[LVYHUVFKODJHQZRUGHQZDULQGHUMHGHP9RONHLQHVSH]LHOOH$XIJDEH ]XNDP6HLQ8QWHUEHZXWVHLQJDXNHOWHLKP%LOGHUYRQ'XPIULHVXQG6NRDUV YRQ6WW]SXQNWLQJHQLHXUHQXQG%HVWLHQYRU Ä,FKEULQJH6LHYRUHLQ.ULHJVJHULFKW0DVWHUV5HLHQ6LHVLFKJHIlOOLJVW ]XVDPPHQXQGVFKZLQJHQ6LHGLH%HLQHDXVGHP%HWW 'DVZDUHLQ7RQIDOOGHU'RQEHUKDXSWQLFKWEHKDJWH7URW]GHPULFKWHWHHUVLFK HQGOLFKDXI(LQGHPRQVWUDWLYHV*lKQHQNRQQWHHUVLFKQLFKWYHUNQHLIHQ Ä%HHLOXQJZHQQLFKELWWHQGDUI 9HUJHEOLFKYHUVXFKWH'RQPHKU]XHUNHQQHQDOVQXUHLQGLIIXVHV'XUFKHLQDQGHU YRQ/LFKWXQG6FKDWWHQ6HLQH$XJHQZDUHQYHUNOHEW(UVWDOVHUPLWGHQ)LQJHUQ GDV6HNUHWDXVZLVFKWHVDKHUGHXWOLFKHU8QWHUGHP6FKRWWVWDQGHLQ VFKZDU]KlXWLJHU0DQQLQGHU8QLIRUPGHU6RODUHQ)ORWWH Ä0DMRU.XOXZDVLVWJH"'RQ0DVWHUVJULIIVLFKDQGLH6FKOlIHQXQGVWLH HLQJHTXlOWHV6W|KQHQDXVDOVGLH(ULQQHUXQJMlKEHULKP]XVDPPHQVFKOXJ Ä,FKNRPPHVWDPPHOWHHUWRQORVGRFKOLHHUVLFK]XQlFKVWZLHGHUDXIVHLQ %HWWVLQNHQ=XP*OFNKDWWH7VFKDL.XOXVLFKEHUHLWVXPJHZDQGW (UKDWWHQLFKWJHWUlXPW'LHLQVHLQHP%HZXWVHLQQDFKKDOWLJHLQJHEUDQQWHQ 6]HQHQHQWVSUDFKHQRIIHQEDUZHLWJHKHQGGHU:LUNOLFKNHLW 'RQ0DVWHUVEHWUDFKWHWHVHLQH+lQGHGLH$UPHGLH%HLQH$EJHVHKHQYRQ HLQLJHQ1DUEHQGLHYRQGHQQlVVHQGHQ*HVFKZUHQ]XUFNJHEOLHEHQZDUHQJDE HVQLFKWV%HVRQGHUHV]XVHKHQ (UHLOWHLQGLH1D]HOOHYHUUHQNWHVLFKYRUGHPJURHQ6SLHJHO'LHVLFKWEDUHQ )ROJHQGHUV\QWKRELRORJLVFKHQ0HWDPRUSKRVHKDWWHHUEHUZXQGHQ,KPEOLFNWH HLQZLHGHUDQVHKQOLFKHUNQDSS0HWHUJURHUXQGEUHLWVFKXOWULJHU%XUVFKH HQWJHJHQ'RQVFKHQNWHLKPHLQ/lFKHOQEHYRUHUVLFKXQWHUGHQ:DVVHUVWUDKOHQ GHU'XVFKHHQWVSDQQWH $QVFKOLHHQGIKOWHHUVLFKZRKOHU(UVFKDIIWHHVVRJDUGLHYRQ7VFKDL.XOX JHVHW]WH)ULVWYRQIQI0LQXWHQHLQ]XKDOWHQ:lKUHQGHUVLFKDQNOHLGHWHILHO VHLQ%OLFNPHKU]XIlOOLJDXIGLH'LJLWDODQ]HLJHGHV%RUGFKURQRPHWHUV 'LH/HXFKW]LIIHUQ]HLJWHQGHQ-XOL8KU=LHPOLFKJHQDX]ZHL :RFKHQZDUHQYHUJDQJHQVHLWGLH.&.XUVDXIGLHZHLH6RQQHJHQRPPHQ KDWWH'RQ0DVWHUVNRQQWHQXU9HUPXWXQJHQDQVWHOOHQZDVLQGLHVHU=HLW JHVFKHKHQZDU (UYHUOLHVHLQH.DELQHEHWUDWGLHDXIGHPVHOEHQ'HFNOLHJHQGH )HXHUOHLW]HQWUDOHXQGOLHVLFKLP$QWLJUDYVFKDFKWLQGLH=HQWUDOHWUDJHQ(UWUDI DOVOHW]WHUHLQZDVLKPPLELOOLJHQGH%OLFNHGHV0DMRUVHLQWUXJ Ä(QGOLFKYRQGHQ7RWHQDXIHUVWDQGHQ0DVWHUV" 'RQOLHVHLQHQ%OLFNEHUGLH$QZHVHQGHQVFKZHLIHQ Ä,FKILQGHGLH%HPHUNXQJXQSDVVHQGXQGPDNDEHUHUZLGHUWHHUÄ9RUDOOHP DQJHVLFKWVGHU9HUOXVWHGLHZLU]XEHNODJHQKDEHQ Ä6HQWLPHQWDOLWlWHQ7VFKDL.XOXWDWGHQ(LQZDQGPLWHLQHUIOFKWLJHQ +DQGEHZHJXQJDEÄ'DQNHQ6LHOLHEHUGHQ0RRJKVGLHXQVJHUHWWHWKDEHQ 2EZRKO'RQ0DVWHUVJHUQHZLGHUVSURFKHQKlWWHNRQQWHHUHVQLFKW(UVFKOR VLFKGHPEHLIlOOLJHQ1LFNHQGHUDQGHUHQDQ

Ä:DVZLUGQXQQDFKGHPZLUGLH.UDQNKHLWEHUZXQGHQKDEHQ"ZROOWHHU ZLVVHQÄ.HKUHQZLU]XU&5(67]XUFNRGHUEHVWHKWHLQ5HVWULVLNRGDZLUGLH (UUHJHUGHU0HWDPRUSKRVHQRFKLPPHUDXIGDV)ODJJVFKLIIHLQVFKOHSSHQ N|QQHQ" Ä,FKZHLHVQLFKWHUNOlUWH'U0HQF5DGHF]LQGHU%RUGDU]WÄ$OOHUGLQJVPX LFKHLQJHVWHKHQGDLFKXQVHUHQHXHQ)UHXQGHELVODQJQLFKWGDQDFKJHIUDJW KDEH Ä'DVKDW=HLWVDJWH6WDQ6]\SLQVNLGHUNOHLQHPDVVLJH6HUJHDQWPLWGHP 6WLHUQDFNHQÄ0RPHQWDQVSUHLFKNHLQ9HUODQJHQDXIGLH&5(67]XUFN]X NHKUHQ 2EHUOHXWQDQW3RH.DODQLGHU=ZHLWH2IIL]LHUQLFNWHEHGlFKWLJ Ä:LUVWHKHQWLHILQGHU6FKXOGGHU0RRJKVVWHOOWHHUIHVWÄ'LHVHVRJHQDQQWHQ %HVWLHQKDEHQHLQZDKUHV:XQGHUYROOEUDFKWXQGGDPLWZRKOEHZLHVHQGDLQ 0HLQY|OOLJIDOVFKHV%LOGYRQLKQHQEHVWHKW:LUVROOWHQKHOIHQGLHVHV,PDJH ]XUHFKW]XUFNHQ Ä(LQ:XQGHUZDUHVQLFKWEHKDXSWHWH5DGHF]LQÄ'LH%HVWLHQDEN|PPOLQJH ZHUGHQVHLW-DKUWDXVHQGHQJQDGHQORVYHUIROJW9RQ8UPDW]ZHLLFKGDGLH (UUHJHUGHUV\QWKRELRORJLVFKHQ0HWDPRUSKRVHQXUHLQHGHU:DIIHQVLQGGLH GDEHL]XP(LQVDW]NDPHQ(VKDQGHOWVLFKXPJHQHWLVFKH=FKWXQJHQ Ä'DVHUNOlUWQLFKWZHVKDOEZLUJHKHLOWZHUGHQNRQQWHQZDQGWHGHU :DIIHQOHLWRIIL]LHU(UZLQ6LPRQHLQ Ä(LQ+DXWVHNUHWGHU0RRJKVW|WHWGLH(UUHJHUDEVDJWH0HQF5DGHF]LQÄ:LU HUKLHOWHQMHGHQ7DJPHKUHUH,QMHNWLRQHQGLHVHV6HNUHWV(LQHODQJZLHULJH %HKDQGOXQJGRFKGLHHLQ]LJHUIROJYHUVSUHFKHQGH 3RH.DODQLODFKWHOHLVH Ä'HU'UXLVDQWKDWVLFKGHPQDFKVHOEVWHLQ%HLQJHVWHOOW(UZHLGDHLQ *HJHQPLWWHOH[LVWLHUWDEHUHUKDWZRKOQLHDQJHQRPPHQGDGLH0RRJKVXQV KHOIHQZUGHQ:LUVROOWHQLKPGLHVH*HPHLQKHLWKHLP]DKOHQ Ä'D]XZHUGHQ6LH*HOHJHQKHLWEHNRPPHQGU|KQWHGLH6WLPPHHLQHV0RRJKV DXVGHP,QWHUNRP2EZRKOGLH$XWRPDWLNGLH/DXWVWlUNHDEVHQNWHNODQJHQGHQ 0lQQHUQGLH2KUHQ'RQ0DVWHUVJODXEWHGD8UPDW]GHU6SUHFKHUZDU'HU 0RRJKKDWWHLKUHU8QWHUKDOWXQJYRQ$QIDQJDQJHODXVFKW'DMHGRFKNHLQ 3URWHVWODXWZXUGHEHKLHOW'RQVHLQ8QEHKDJHQIUVLFK,PPHUKLQPXWHHUGHQ %HVWLHQDEN|PPOLQJHQHLQGHXWOLFKHV6LFKHUKHLWVEHGUIQLV]XJHVWHKHQ1DFKGHU =HUVW|UXQJLKUHU%DVHQLP0RODN6\VWHPKDWWHQVLHDOOHQ*UXQG7HUUDQHUQ JHJHQEHUPLWUDXLVFK]XVHLQ Ä6LHN|QQHQXQV,KUHQ'DQNDEVWDWWHQXQG]XJOHLFK,KUH5DFKHJHOVWH EHIULHGLJHQIXKU8UPDW]IRUWÄ1lKHUHVHUIDKUHQ6LHEDOG Ä,FKJHKHGDYRQDXVGDZLUXQVIUHLEHZHJHQGUIHQVDJWH'RQ0DVWHUV Ä6HOEVWYHUVWlQGOLFK'RNWRUKDOOWHHVDXVGHQ/DXWVSUHFKHUQÄ+DEHQ6LH *UXQGGDUDQ]X]ZHLIHOQ" (LQHOHLFKWH9HUlQGHUXQJGHV7RQIDOOVZDUQWHGHQ*DODNWRSV\FKRORJHQÄ,FK KDEHNHLQHQ*UXQGHUZLGHUWHHUVFKQHOO,UJHQGZLHJODXEWHHUGDVVRJDUVHOEVW $EHUHEHQGLHVHU8PVWDQGJDELKP]XGHQNHQ:HQQHUQXUHLQHQ)XQNHQ

9HUVWDQGEHVDGXUIWHHUVHLQ0LWUDXHQQLFKWEHLVHLWHVFKLHEHQXQG]XU 7DJHVRUGQXQJEHUJHKHQ(UEUDXFKWHQXULQGLH*HVLFKWHUVHLQHU 6FKLFNVDOVJHIlKUWHQ]XVHKHQXP]XHUNHQQHQGDVLHVLFKNHLQH*HGDQNHQ PDFKWHQ'DVZDUDOOHVDQGHUHDOVQRUPDO*HUDGHGHQ0DMRUNDQQWH'RQDOVYRQ 1DWXUDXVYRUVLFKWLJHQ0DQQ+DWWHGLH0HWDPRUSKRVHLKPGHQ6LQQIU*HIDKU JHUDXEW" Ä'LHHQHUJHWLVFKH$EVFKLUPXQJ,KUHV5DXPVFKLIIVZXUGHVRHEHQDXIJHKREHQ PHOGHWH8UPDW]VLFKQRFKHLQPDOÄ$EVRIRUWN|QQHQ6LHRSWLVFKVRZLHLP %HUHLFKGHU1RUPDORUWXQJ,QIRUPDWLRQHQHLQKROHQ/HGLJOLFKGHU+\SHUEHUHLFK EOHLEWZHLWHUKLQDEJHULHJHOW Ä:LUKDEHQHEHQIDOOV,QWHUHVVHGDUDQHLQH(QWGHFNXQJGXUFKGLH'XPIULHV]X YHUPHLGHQVDJWH7VFKDL.XOX(UDNWLYLHUWHGHQ3DQRUDPDVFKLUP 'HU+DQJDULQGHPGLH.RUYHWWHUXKWHEHVDZDKUKDIWJLJDQWLVFKH$XVPDH XQGODJXQWHUHLQHUIQI.LORPHWHUGLFNHQ6FKLFKWJHZDFKVHQHQ)HOVHQV $XVJHGHKQWH(U]DGHUQGXUFK]RJHQGDV*HVWHLQ6LHPDFKWHQHLQ$QPHVVHQGHV 6WW]SXQNWVDXVGHP:HOWUDXPXQP|JOLFK ,QXQPLWWHOEDUHU1lKHGHU.&ZXUGHHLQHVGHUZDO]HQI|UPLJHQ5DXPVFKLIIH VWDUWNODUJHPDFKW5LHVLJH$QWLJUDYSODWWIRUPHQYROOJHSDFNWPLWXQGHILQLHUEDUHQ $JJUHJDWHQYHUVFKZDQGHQQDFKHLQDQGHULP%DXFKGHV5DXPHUV Ä(VJHKWORV(UZLQ6LPRQ:DIIHQOHLWRIIL]LHUGHU.RUYHWWHGHXWHWHDXIGHQ ZLQ]LJHQ6SDOWGHUYRQHLQHU6HNXQGH]XUDQGHUHQGLH+|KOHQGHFNHWHLOWH *UHOOZHLHV/LFKWEUDFKLQJOHLHQGHQ%DKQHQKHUHLQ'LH$Q]HLJHGHU $XHQWHPSHUDWXUVWLHJVWHWLJDQ'RQ0DVWHUVYHUPXWHWHGDGHU6WW]SXQNWGHU 0RRJKVDXIHLQHPVRQQHQQDKHQ3ODQHWHQODJ 9RQ7UDNWRUVWUDKOHQJHWUDJHQJOLWWGDV:DO]HQVFKLIIVFKQHOOLQGLH+|KH'HU JHVDPWH9RUJDQJGDXHUWHNHLQHGUHL0LQXWHQGDQQVFKORGLH)HOVHQGHFNHVLFK ZLHGHU9HUPXWOLFKEHVFKOHXQLJWHGDV6FKLIIPLW+|FKVWZHUWHQXQGWDQJLHUWHGLH 6RQQHQNRURQDEHYRUHVLQGHQ/LQHDUUDXPHLQWUDW'LH*HIDKUHLQHU]XIlOOLJHQ (QWGHFNXQJZDUGDGXUFKVRJXWZLHDXVJHVFKORVVHQ 1DFKGHPHVLQGHU=HQWUDOHQLFKWV1HXHVPHKUJDE]RJHQ7VFKDL.XOXXQGGHU 5HVWVHLQHU0DQQVFKDIWLQGLH6FKLIIVPHVVH7URFNHQNRQVHUYHQZXUGHQPLW :DVVHUYHUVHW]WXQGYRQHLQHP$UEHLWVURERWHUDXVJHWHLOW 'LH0lQQHUDHQVFKZHLJHQG0HKUPDOVYHUVXFKWH'RQ0DVWHUV*HVSUlFKH EHUGLH&5(67RGHUGLH0RRJKVLQ*DQJ]XEULQJHQDEHUQLHPDQGVFKLHQVLFK GDIU]XLQWHUHVVLHUHQZRGDV)ODJJVFKLIIPLWWOHUZHLOHVWDQG9LHOOHLFKWZDU 3HUU\5KRGDQOlQJVWLQ5LFKWXQJ+HLPDWXQWHUZHJVHQWZHGHUZHLOHULQGHQ %HVLW]YRQ3DUDWURQNRQYHUWHUQJHODQJWZDURGHUDEHUPLW+LOIHGHU.DOXSVDXV GHQ/DGHUlXPHQGHU%2;GLHMHGHUIUVLFKHLQH5HLFKZHLWHYRQO /LFKWMDKUHQHUP|JOLFKWHQ 'HU.ODQJVFKZHUHU6FKULWWHKDOOWHGXUFKGLH.RUYHWWH9RQLUJHQGZRKHUZDUHQ $UEHLWVJHUlXVFKH]XYHUQHKPHQ Ä'DVK|UWVLFKDQDOVZUGHQXQVHUH)UHXQGHGDV6FKLIILQVHLQH(LQ]HOWHLOH ]HUOHJHQVWHOOWH'RQVFKOLHOLFKIHVW

Ä'LH0RRJKVLQVSL]LHUHQXQVHUH:DIIHQXQG$QWULHEVV\VWHPHHUZLGHUWH 7VFKDL.XOXÄ,Q]ZLVFKHQGUIWHQVLHGLHWHFKQLVFKHQ'HWDLOVNHQQHQXPPLW GHP1DFKEDXYRQ3URWRW\SHQEHJLQQHQ]XN|QQHQ Ä'LH7UDQVIRUPNDQRQH ÄZLUGLKQHQKHOIHQGHU%HGURKXQJGXUFKGLH9|ONHUYRQ0DQJHPHVVHQ ]XEHJHJQHQ 'RQ0DVWHUVVDKGLH'LQJHLQHLQHPJlQ]OLFKDQGHUHQ/LFKW'RFKGDVEHKLHOWHU ZRKOZHLVOLFKIUVLFK'HU0DMRUXQGGHU5HVWGHU&UHZZDUHQ]ZDUlXHUOLFK ZLHGHUGLHDOWHQDEHULKUH(LQVWHOOXQJRIIHQEDUWHHLQHJHIlKUOLFKH *OHLFKJOWLJNHLW+DWWHQVLHGLH.UDQNKHLWQRFKQLFKWYROOVWlQGLJEHUZXQGHQ" 'RQZDUHQWVFKORVVHQVLFKGDUEHU*HZLKHLW]XYHUVFKDIIHQ 0GLJNHLWYRUVFKW]HQGYHUOLHHUGLH0HVVH1LHPDQGKLHOWLKQ]XUFN,Q HLQHPSHULSKHUHQ$QWLJUDYVFKDFKWOLHHUVLFK]XPREHUHQ*HVFKW]GHFNWUDJHQ =HKQ0RRJKVKDQWLHUWHQDQGHU7UDQVIRUPSRONDQRQHGHUHQ.RQVWUXNWLRQODQJH =HLW]XGHQEHVWJHKWHWHQ*HKHLPQLVVHQGHV6RODUHQ,PSHULXPVJHK|UWKDWWHXQG HLJHQWOLFKQRFKLPPHUXQWHUGLHK|FKVWH*HKHLPKDOWXQJVVWXIHILHO$QGHUHUVHLWV ZDUGXUFKDXVYHUVWlQGOLFKGDGLH%HVWLHQDEN|PPOLQJHGLHVWlQGLJXPLKUH 6LFKHUKHLWEDQJHQPXWHQHLQHVROFKH:DIIHEHQ|WLJWHQ Ä+HULHI'RQÄ,FKPXPLW8UPDW]UHGHQ'LH0RRJKVHU]HXJWHQHLQHQ VFKLHURKUHQEHWlXEHQGHQ/lUP.HLQ:XQGHUGDVLHGHQ7HUUDQHUQLFKWK|UWHQ (QWVFKORVVHQJLQJ'RQ0DVWHUVQlKHUKHUDQ(UYHUOHJWHVLFKDXIV6FKUHLHQELV PHKUHUHGHU%HVWLHQVLFKLKP]XZDQGWHQ,KUHJUREHQ*HVLFKWHUEOLHEHQ DXVGUXFNVORVVWDUU Ä8UPDW]EUDFKWH'RQJHUDGHQRFKKHUDXVHKHHLQHUGHU9LHUDUPLJHQLQHLQHU IOFKWLJHQ%HZHJXQJVHLQHQ+DQGOXQJVDUPDXVVWUHFNWHJHUDGHVRDOVZROOHHU HLQOlVWLJHV,QVHNWYHUVFKHXFKHQ'HU*DODNWRSV\FKRORJHGXFNWHVLFK]XVSlW (LQIUFKWHUOLFKHU+LHEULLKQYRQGHQ%HLQHQXQGZLUEHOWHLKQPHWHUZHLW ]XUFNLQ5LFKWXQJDXIGHQ$QWLJUDYVFKDFKW%HVLQQXQJVORVEOLHEHUOLHJHQ 7VFKDL.XOXVDDXIGHP3ODW]GHV3LORWHQXQGEHWUDFKWHWHHLQHSURYLVRULVFKH 6WHUQHQNDUWHYRQ0DOV8UPDW]GLH=HQWUDOHEHWUDW(UVFKZDQJPLWVDPWGHP 6HVVHOKHUXPXQGHUKREVLFK Ä,FKVWHKH]XU9HUIJXQJVDJWHHU Ä1LFKWVDQGHUHVKDEHLFKHUZDUWHW8UPDW] IOFKWLJH+DQGEHZHJXQJGUFNWH =XIULHGHQKHLWDXVÄ.RPPHQ6LHPLW2KQHVLFK]XYHUJHZLVVHUQREGHU0DMRU LKPDXFKZLUNOLFKIROJWHVSUDQJGHU0RRJKLQGHQ$QWLJUDYVFKDFKW'LH $XIZlUWVSROXQJEHVDJHUDGHJHQJHQG(QHUJLHXPGHQPDVVLJHQ.|USHU ODQJVDPLQGLH+|KH]XWUDJHQ 8QPLWWHOEDUKLQWHULKPYHUOLH.XOXGHQ6FKDFKWLP%HUHLFKGHUREHUHQ 3RONXSSHO(WOLFKHPRRJKVFKH7HFKQLNHUZDUHQPLWGHP*HVFKW]EHVFKlIWLJW 1XUHLQHUYRQLKQHQVWDQGDXHUKDOEGHV'UHKEHUHLFKV'RQ0DVWHUVZDQGXQG VWUlXEWHVLFKLQVHLQHP*ULII Ä'HU0DQQLVWHLQ9HUUlWHUVDJWHGHU0RRJKJUROOHQGÄ(UZDULP%HJULII XQVHUH$UEHLW]XVDERWLHUHQXQGGDV*HVFKW]]XVSUHQJHQ Ä:DVKDEHQ6LHVLFKGDEHLJHGDFKW0DVWHUV"KHUUVFKWH.XOXGHQ3V\FKRORJHQ

DQ 'RQVFKZLHJ$QVHLQHQ6FKOlIHQVFKZROOHQGLH$GHUQDOVHUYHU]ZHLIHOW IUHL]XNRPPHQYHUVXFKWH Ä,FKYHUVWHKHGDVQLFKWJHVWDQG7VFKDL.XOXÄ'HU0DQQZDUIUKHUHLQ 9RUELOG:DVZHUGHQ6LHPLWLKPPDFKHQ" Ä1LFKWZLU0DMRUVRQGHUQ6LH:LUEHKDQGHOQ9HUUlWHUZLHVLHHVYHUGLHQHQ ZLUW|WHQVLH 7VFKDL.XOXHUVFKUDNKDWWHVLFKDEHUVRIRUWZLHGHUXQWHU.RQWUROOHÄ*HEHQ6LH PLUHLQH:DIIHYHUODQJWHHU Ä(LQVFKQHOOHU7RGLVWNHLQH6WUDIHZHKUWH8UPDW]DE7|WHQ6LHGHQ0DQQPLW ,KUHQ+lQGHQ .XOX]|JHUWH]ZDUVHNXQGHQODQJGRFKVFKULWWHUGDQQHQWVFKORVVHQDXIGHQ ZHKUORVHQ3V\FKRORJHQ]X'RQ0DVWHUVEHJDQQ]XVFKUHLHQDOVVLFKGLH)LQJHU XPVHLQHQ+DOVOHJWHQ'HU0DMRUGUFNWHHUEDUPXQJVORV]X,QGHP0RPHQW ZDUHQVHLQ*HZLVVHQXQGVHLQH0HQVFKOLFKNHLWDXVJHVFKDOWHW 9HUJHEOLFKUDQJ0DVWHUVQDFK/XIWVHLQ*HVLFKWYHU]HUUWHVLFKGLH$XJHQWUDWHQ DXVLKUHQ+|KOHQKHUYRU Ä1HLQZROOWH7VFKDL.XOXVFKUHLHQDOVLKPHQGOLFKNODUZXUGHZDVHUWDW 'RFKHUEUDFKWHQXUHLQHUVWLFNWHVbFK]HQKHUYRU(UZROOWHGLH+lQGH ]XUFN]LHKHQDEHUGLH0XVNHOQJHKRUFKWHQLKPQLFKW(LQHIUHPGH0DFKWKDWWH YRQVHLQHP*HKLUQ%HVLW]HUJULIIHQXQG]ZDQJLKPLKUHQ:LOOHQDXI 'DVGU|KQHQGH/DFKHQGHU0RRJKVGLHVLFKDQGHU+LOIORVLJNHLWGHV7HUUDQHUV ZHLGHWHQKDOOWHZLHHLQ*HZLWWHUGXUFKGLH3RONXSSHO.XOXZXUGHEHLQDKHWDXE GDYRQ 6HLQ'DXPHQUXWVFKWHDEGHU)LQJHUQDJHOULW]WH0DVWHUV +DXWGUDQJWLHIHULQV *HZHEHHLQ(UVWLHDXIHLQHQJODWWHQNDOWHQ:LGHUVWDQG.HLQ%OXWIOR.XU] HQWVFKORVVHQSDFNWHGHU0DMRU]XXQG]HUUWHHLQHQJURHQ)HW]HQV\QWKHWLVFKHQ %LRPDWHULDOV]XU6HLWH(LQHVWlKOHUQH9LVDJHNDPGDUXQWHU]XP9RUVFKHLQ Ä:DVVROOGDV".XOXNHXFKWHVHLQ3XOVUDVWHGDV%OXWUDXVFKWHZLHHLQ :DVVHUIDOOKLQWHUGHQ6FKOlIHQ/DQJVDPZDQGWHHUVLFK]XGHQ0RRJKVXP GHUHQ/DFKHQYHUVWXPPWZDU Ä:LUPXWHQ,KUH/R\DOLWlWWHVWHQGU|KQWH8UPDW] Ä8QGZHQQLFKYHUVDJWKlWWH" Ä'DQQZlUHQ6LHLQ.U]HWRWYRQ,KUHVJOHLFKHQXPJHEUDFKW 'LH6FKPHU]HQZDUHQVFKOLPPHUDOVDOOHVZDVHUMHPDOVHUOHEWKDWWH'DV *HIKOXQWHUGLH,PSXOVVWUDKOHQHLQHVVWDUWHQGHQ5DXPVFKLIIVJHUDWHQ]XVHLQ ULHI3DQLNKHUYRU-HGHHLQ]HOQH1HUYHQIDVHUVHLQHV.|USHUVVFKLHQ]XJOKHQ $EHUHUOHEWH8QGVHLQH:LGHUVWDQGVNUlIWHZXFKVHQ0LWWOHUZHLOHKDWWHHU JHOHUQW6FKPHU]HQ]XHUWUDJHQ -HPDQGIO|WHLKP)OVVLJNHLWHLQ%DOGGDUDXIIKOWHHUVLFKGHXWOLFKEHVVHU 1XUVREDOGHUVLFKEHZHJWHYHUVSUWHHUQRFKHLQHQXQDQJHQHKPHQ'UXFNDXI GHUOLQNHQ6HLWH²ZDKUVFKHLQOLFKGLH)ROJHHLQHVDXVJHGHKQWHQ%OXWHUJXVVHV (UZDUQLFKWYRQGHU'UXFNZHOOHHLQHVVWDUWHQGHQ5DXPVFKLIIVHUIDWZRUGHQ VRQGHUQXQWHUGLH)DXVWHLQHV0RRJKVJHUDWHQ:DVLP3ULQ]LSNHLQHQ

QHQQHQVZHUWHQ8QWHUVFKLHGEHGHXWHWH Ä7ULQNHQ6LHGDV8UPDW]UHLFKWHLKPHLQHQ%HFKHUYROO)OVVLJNHLW'RQ 0DVWHUVKDWWH0KHGDVVFKZHUH*HIl]XKDOWHQDEHUHUEHIROJWHGLH $XIIRUGHUXQJ Ä6LQG6LHEHUHLW" Ä:R]X" Ä8PLQGHU$UHQD]XNlPSIHQ'HU0RRJKEUDFKWHHLQH:DIIH]XP9RUVFKHLQ GLHLQLKUHQ'LPHQVLRQHQ HLQHU.HXOHJOLFK'RQ0DVWHUVOLHGHQJHOHHUWHQ%HFKHUIDOOHQXQGJULIIPLW EHLGHQ+lQGHQ]X9HUEOIIWUHJLVWULHUWHHUGDGLH:DIIHQDKH]XJHZLFKWORV ZDU Ä(LQ$QWLJUDYSURMHNWRUZXUGHHLQJHEDXWHUNOlUWH8UPDW]Ä6LHPVVHQGLH )LQJHUXPGHQ6WDESUHVVHQ 'RQYHUVXFKWHHV'LH)ROJHZDUHLQJUHOOHUSHLWVFKHQDUWLJJHVFKZXQJHQHU (QHUJLHVWUDKOGHUDXVGHUYRUGHUHQgIIQXQJ]XFNWH:RHUDXIGHQ%RGHQWUDI YHUIlUEWHVLFKGHU%HODJDXJHQEOLFNOLFK Ä,FKELQ:LVVHQVFKDIWOHUNHLQ.lPSIHUZDJWH'RQ]XZLGHUVSUHFKHQ8UPDW] GHXWHWHQXUDXIGDV6FKRWWGDVLP+LQWHUJUXQGDXIJOLWW'RQ0DVWHUVVFKOXFNWH VHLQHQDXINHLPHQGHQ8QZLOOHQKLQXQWHUXQGVHW]WHVLFKLQ%HZHJXQJ:DVGHU 0RRJKYHUODQJWHPXWHHUWXQ6FKOLHOLFKYHUGDQNWHHUGHQ %HVWLHQDEN|PPOLQJHQVHLQ/HEHQ (UEHWUDWHLQHZDKUKDIWJLJDQWLVFKH+DOOHGLHGHQ(LQGUXFNHLQHV$PSKLWKHDWHUV ZDFKULHI$XIGHQ5lQJHQGUlQJWHQVLFKGLH0RRJKV]X7DXVHQGHQ 8QZLOONUOLFKKLHOWGHU3V\FKRORJHGHQ$WHPDQDOV3RH.DODQLXQG6WDQ 6]\SLQVNLDXILKQ]XNDPHQ%HLGHZDUHQPLWDUPODQJHQ6FKZHUWHUQXQGNXU]HQ GUHL]DFNLJHQ:XUIVSLHHQEHZDIIQHW 'RQ]|JHUWH(UNRQQWHQLFKWJHJHQVHLQHHLJHQHQ.DPHUDGHQDQWUHWHQ Ä%HVLHJHXQGW|WHVLHHUNODQJ8UPDW] 6WLPPHYRQLUJHQGZRKHU .DODQLXQG6WDQNDPHQODXHUQGQlKHULKUH*HVLFKWHUZLUNWHQYHUVFKORVVHQ6LH VFKLHQHQDOOH6NUXSHODEJHOHJW]XKDEHQ2KQHHVZLUNOLFK]XZROOHQKRE'RQ 0DVWHUVGLH3HLWVFKH'HU(QHUJLHVFKRFN]RJHLQHGHXWOLFKH)XUFKHLQGHQ6WDXE GHU$UHQD'RQVW|KQWHJHTXlOWDXI6HLQ:LGHUZLOOHZXFKV$EHUGDZDUDXFK HLQ:LVSHUQLQVHLQHP,QQHUQGDVLKPULHWGHQ0RRJKV]XJHKRUFKHQ(UVWDQG WLHILQLKUHU6FKXOG 'RQVFKOXJ]XDOV.DODQLPLWGHP6FKZHUWDQJULII'HUJOHLHQGH(QHUJLHVWUDKO ULQJHOWHVLFKXPGLH.OLQJHXQGOLHVLHDXIJOKHQ3RH.DODQLVWLHHLQHQ KHLVHUHQ6FKPHU]HQVVFKUHLDXV2EZRKOGLH+LW]HVHLQH+DQGYHUVHQJWHZLFKHU QLFKW]XUFN 'LH:LUNXQJGHU3HLWVFKHZDUYHUKHHUHQG(LQHLQ]LJHU6FKODJNRQQWHHLQHQ 0HQVFKHQW|WHQZlKUHQGGLH0RRJKVYLHOOHLFKWQXUHLQOHLFKWHV3ULFNHOQXQWHU GHU+DXWYHUVSUWHQ'RQ0DVWHUVZDUQDKHGDUDQGHQ6WDEZHJ]XZHUIHQXQG VLFKJHVFKODJHQ]XJHEHQHJDOZLHVHLQH*HJQHUXQGYRUDOOHP8UPDW]GDUDXI UHDJLHUWHQ$EHUHUVFKDIIWHHVQLFKW9HUEOIIWVWHOOWHHUIHVWGDHVLKPOHLFKWHU ILHOGLH:DIIH]XKHEHQDOVGLH)LQJHUYRP*ULIIVWFN]XO|VHQ

:LHDXIHLQJHKHLPHV=HLFKHQKLQJULIIHQ.DODQLXQG6WDQJOHLFK]HLWLJDQ'RQ KDWWH0KHEHLGHDXI'LVWDQ]]XKDOWHQ$XVJHUHFKQHW6KLSSLZLH6HUJHDQW 6]\SLQVNLYRQ)UHXQGHQJHQDQQWZXUGHIJWHLKPPLWGHP'UHL]DFNHLQH EOXWHQGH)OHLVFKZXQGHDP2EHUDUP]X 9RUEHUJHKHQGVDK0DVWHUVURW(UVFKOXJZLHHLQ%HVHVVHQHUXPVLFK :LHNRQQWHHUVLFKQXUVRYHUJHVVHQ"'RQNDQQWHVLFKVHOEVWQLFKWPHKU'LH 0RRJKVYHUODQJWHQGDHUW|WHWHDEHUIUKHUKlWWHHUVLFKJHZHLJHUWHLQHQ VROFKHQ%HIHKODXV]XIKUHQ(WZDVVWLPPWHQLFKWPLWLKP $XVGHQ$XJHQZLQNHOQKHUDXVUHJLVWULHUWHHU3RH.DLDQLV$WWDFNH6LFKGXFNHQ XQGGDV*ULIIVWFNIHVWHUIDVVHQZDUIULKQHLQV'HU$QJULIIGHV=ZHLWHQ 2IIL]LHUVVWRSSWHVRDEUXSWDOVVHLHUJHJHQHLQHXQVLFKWEDUH:DQGJHUDQQW .DODQLEUDFKZLHYRP%OLW]JHIl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lVFKH]XXQWHU]LHKHQ 'DV6FKZHUWPLWEHLGHQ+l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lQ]OLFKDQGHUHQ/LFKW'LH0RRJKVKDWWHQGLH.UDQNHQGHU .&]ZDUJHKHLOWVLHKDWWHQGLH*HOHJHQKHLWDEHUDXFKJHQXW]WDFKW7HUUDQHU LQLKUH$EKlQJLJNHLW]XEULQJHQ'DV6FKOLPPHGDUDQZDUGDZHGHU7VFKDL .XOXQRFKHLQHUGHUDQGHUHQHWZDVGDYRQ]XDKQHQVFKLHQ 'HU6FKOXGDGLH%HVDW]XQJGHU.RUYHWWHIUGLH%HVWLHQDEN|PPOLQJH ZLFKWLJZDUODJDXIGHU+DQG$QGHUQIDOOVZlUHGLH.&OlQJVW]HUVW|UW ZRUGHQ 'RQ0DVWHUVVXFKWHQLFKWHUVWQDFKHLQHU(UNOlUXQJZHVKDOEDXVJHUHFKQHWHU VHLQHQIUHLHQ:LOOHQZHLWHVWJHKHQG]XUFNHUKDOWHQKDWWH'D]XZDUVSlWHU=HLW :HQQHU]|JHUWH6KLSSLQLHGHU]XVWUHFNHQNDPGDVZRKOVHLQHPHLJHQHQ 7RGHVXUWHLOJOHLFK'LH0RRJKVZUGHQHUNHQQHQGDHUVLFKLKUHP(LQIOX HQW]RJHQKDWWH

$QGHUHUVHLWVZHVKDOEVROOWHQVLH]ZHL0lQQHURSIHUQQXUXPVHLQH/R\DOLWlW]X SUIHQ"'LH0RRJKVPRFKWHQJUDXVDPXQGYHUVFKODJHQVHLQIUVLHJDOW GHQQRFKGLH=ZHFNPlLJNHLWDOVREHUVWHV*HERW %HLGLHVHUhEHUOHJXQJDQJHODQJWXPIDWH'RQ0DVWHUVGLH(QHUJLHSHLWVFKH IHVWHU(UOLH6WDQ6]\SLQVNLQLFKWGHQ+DXFKHLQHU&KDQFH.UDFKHQG VFKPHWWHUWHQGLH(QWODGXQJHQDXIGHQVWLHUQDFNLJHQ0DQQKHUDEELVHLQHJUHOOH 6WLFKIODPPHVHLQHURERWLVFKHQ(LQJHZHLGHIUHLOHJWH'RQKDWWHDOVRGLH ULFKWLJHQ6FKOVVHJH]RJHQ ,PVHOEHQ6HNXQGHQEUXFKWHLOYHUIOFKWLJWHVLFKGDV$EELOGGHU$UHQDXQGGHU 0RRJKVDXIGHQ5lQJHQGDVQLFKWVDQGHUHVDOVHLQHKRORJUDSKLVFKH:LHGHUJDEH JHZHVHQZDU'RQ0DVWHUVEHIDQGVLFKLQHLQHUOLFKWEHUIOXWHWHQ.XSSHOLQGHU 1lKHGHVXQWHULUGLVFKHQ5DXPVFKLIIVKDQJDUV,QGHU)HUQHNRQQWHHUGLHREHUH 3ROUXQGXQJGHU.RUYHWWHHUNHQQHQ 8UPDW]VWDQGDP5DQGGHU.XSSHOXQGGHXWHWHKLQDXV Ä,FKODVVH6LHMHW]WLQ,KU5DXPVFKLIIEULQJHQVDJWHHULQJHZRKQWHU/DXWVWlUNH Ä'LH(UUHJHUGHU6HXFKHVLQGDEJHVWRUEHQ6LHKDEHQDOVRQLFKWVPHKU]X EHIUFKWHQ$Q%RUGHUKDOWHQ6LHDOOH,QIRUPDWLRQHQGLH6LHEHQ|WLJHQ,FK HUZDUWHGD6LHVLFKGHP9RONGHU0RRJKVHUNHQQWOLFK]HLJHQ Ä'DUDXIN|QQHQ6LHVLFKYHUODVVHQ8UPDW]HUZLGHUWH'RQ0DVWHUV]ZHLGHXWLJ 'LH%HVWLHQDEN|PPOLQJHWUDXWHQQLHPDQGHPZDKUVFKHLQOLFKQLFKWHLQPDOVLFK VHOEVW$OVGLH.&]ZHL6WXQGHQVSlWHUVWDUWHWHEHIDQGHQVLFKQXUVHFKV 0lQQHUDQ%RUG6HUJHDQW6WDQ6]\SLQVNLXQG-RKQ0RUHQREOLHEHQDXIGHU 6WW]SXQNWZHOWGHU0RRJKV]XUFN$OV*HLVHOQ2EZRKO8UPDW]VLFKQLFKW GD]XJHlXHUWKDWWHZDU]XPLQGHVWIU'RQ0DVWHUVGHU6DFKYHUKDOWNODU )UGLHDQGHUHQVFKLHQGDVNHLQH5ROOH]XVSLHOHQGRFK'RQZXWHGDHU YRUVLFKWLJVHLQPXWH:LHHVLP0RPHQWDXVVDKZDUHQVHLQH)UHXQGH]XJOHLFK VHLQH)HLQGH2EGLH*HKLUQZlVFKHEHLLKQHQWLHIJHQXJVDZUGHVLFK KHUDXVVWHOOHQ 5DVFKILHOGLH:HOWGHU0RRJKVKLQWHUGHU.RUYHWWH]XUFN6LHZDUGHU 6RQQHQQlKHVWHYRQLQVJHVDPWIQI3ODQHWHQXQGEHVDNHLQH(LJHQURWDWLRQ 'LH2UWXQJHQVFKZLHJHQ0RPHQWDQJDEHVZHGHU6FKLIIVQRFK)XQNYHUNHKU LQQHUKDOEGHV6\VWHPV7URW]GHPZDU'RQ0DVWHUVEHU]HXJWGDYRQGDDXFK DXIGHQDQGHUHQ:HOWHQXQWHULUGLVFKH)DEULNDWLRQVVWlWWHQH[LVWLHUWHQ6HLW -DKUKXQGHUWHQUVWHWHQGLH0RRJKVDXIXQGZHQQVLHHLQHV7DJHVORVVFKOXJHQ ZUGHLQ0ZRKONHLQ6WHLQDXIGHPDQGHUHQEOHLEHQ(LQHQLFKWPLQGHU JURH*HIDKUEHGHXWHWHQVLHIUDQGHUH*DOD[LHQ'RQGDFKWHDQGLH =ZHLWNRQGLWLRQLHUWHQXQGDXFKDQGLH+DOXWHUGLHLQJUDXHU9RU]HLWLQGLH 0LOFKVWUDHJHNRPPHQZDUHQ'LH*HVFKLFKWHZLHGHUKROWHVLFKLPPHUZLHGHU 0LWKRKHQ%HVFKOHXQLJXQJVZHUWHQUDVWHGLH.&GHU6RQQHHQWJHJHQ6FKRQ OHFNWHQGLHHUVWHQ3URWXEHUDQ]HQQDFKGHP6FKLII,QGHQ6FKXW]VFKLUPHQWREWHQ IDUEHQSUlFKWLJH(QWODGXQJHQ$EHUGLH6FK|QKHLWGHV6FKDXVSLHOVNRQQWHQLFKW EHUGLH*HIDKUKLQZHJWlXVFKHQGLHPLWMHGHU6HNXQGHJU|HUZXUGH 'LH2UWXQJHQ]HLJWHQGDV(QWVWHKHQHLQHUULHVLJHQHUXSWLYHQ3URWXEHUDQ]'LH

.RUYHWWHZUGHPLWWHQLQVLHKLQHLQUDVHQ2EZRKO7VFKDL.XOXGLH'DWHQYRU VLFKDXIGHP6FKLUPKDWWHKLHOWHUZHLWHUKLQ.XUV 'LH3URWXEHUDQ]YRQHLQLJHQ]HKQWDXVHQG.LORPHWHUQ'XUFKPHVVHUO|VWHVLFK PLWZDKQVLQQLJHU*HVFKZLQGLJNHLWDXVGHU&KURPRVSKlUH Ä:LUVROOWHQDXVZHLFKHQJDE'RQ0DVWHUV]XEHGHQNHQ 'HU0DMRUUHDJLHUWHQLFKWDXIGHQ(LQZDQGÄ/LQHDUPDQ|YHULQ]ZDQ]LJ 6HNXQGHQJDEHUEHNDQQW 1XU2EHUOHXWQDQW3RH.DODQLKLHOWVLFKDXHULKQHQLQGHU=HQWUDOHDXI$EHU DXFKHUEOLFNWHJOHLFKJOWLJDXIGLHVFKRQRSWLVFKDXV]XPDFKHQGHIODPPHQGH *OXWVlXOHGLHVLFKLQXQ]lKOLJHDXVHLQDQGHUIOLHHQGH$UPHDXIVSDOWHWH $XJHQEOLFNHVSlWHUZRJWHHLQ&KDRVDXV/LFKWXQG)HXHUDXIGHQ%LOGVFKLUPHQ 6WUDKOXQJVFKOXJGXUFKLKUH,QWHQVLWlWEOLHEDEHUQRFKXQWHUGHP*HIDKUHQSHJHO /HGLJOLFKGDV.UHLVFKHQGHU$EVRUEHUYHUULHWHLQHXQPLWWHOEDUH%HGURKXQJ 'DQQEHJDQQGHU.DOXS]XDUEHLWHQ'LH.&WDXFKWHLQGHQ/LQHDUUDXPHLQ 9RQHLQHPZLHJHZRKQWIDVWXQPHUNOLFKHQhEHUWULWWZDUGLH.RUYHWWHMHGRFK ZHLWHQWIHUQW+HIWLJH(UVFKWWHUXQJHQGXUFKOLHIHQGDV6FKLIIDXVGHQ 0DVFKLQHQUlXPHQHUW|QWHQVFKULOOH'LVVRQDQ]HQ 'HU.DOXSDUEHLWHWHXQUHJHOPlLJ'DVlQGHUWHVLFKDXFKZlKUHQGGHUQlFKVWHQ 0LQXWHQQLFKWVRQGHUQZXUGHHKHUQRFKVFKOLPPHU *HRUJH0DKRQPHOGHWHVLFKYRP0DVFKLQHQGHFN Ä,FKZHLQLFKWZDVORVLVWDEHUGHU.RQYHUWHUEHJLQQWNULWLVFK]XZHUGHQ Ä:LHODQJHQRFK"ZROOWH.XOXZLVVHQ Ä'UHLELVYLHU0LQXWHQNDXPPHKU6REDOGGHU6FKPHO]SUR]HLQ*DQJJHVHW]W LVW 7VFKDL.XOXK|UWHVFKRQQLFKWPHKUKLQ'DV=LHOGHU.RUYHWWHODJ /LFKWMDKUHHQWIHUQWLQ5LFKWXQJGHVJDODNWLVFKHQ=HQWUXPV'LHVH'LVWDQ]]X EHUZLQGHQZUGHHLQLJH7DJHGDXHUQ 'HU0DMRUXQWHUEUDFKGHQ/LQHDUIOXJ 'LH.&ILHOLQGHQ1RUPDOUDXP]XUFNNHLQHIQI/LFKWVWXQGHQYRQHLQHU LPSRVDQWHQ'RSSHOVRQQHHQWIHUQW%HLGH6WHUQHGHUHLQHEOlXOLFKZHLGHU DQGHUHJHOEU|WOLFKYHUORUHQ0DWHULHGLHVLHDOVYHUZLUEHOQGH6FKOHLHUKLQWHUVLFK KHU]RJHQ,KUH$Q]LHKXQJVNUDIWZLUNWHVLFKVRJDUDXIGLH.RUYHWWHDXV Ä0DVWHUVNPPHUQ6LHVLFKXPGLH+\SHURUWXQJEHIDKO.XOXEHYRUHUVLFK PLW0DKRQLQ9HUELQGXQJVHW]WH Ä:LHYLHO=HLWZHUGHQGLH5HSDUDWXUDUEHLWHQLQ$QVSUXFKQHKPHQ" Ä6FKZHU]XVDJHQHUZLGHUWHGHU7HFKQLNHUÄ=HKQELV]Z|OI6WXQGHQPLW 6LFKHUKHLW'LH-XVWLHUXQJGHU*OHLFKULFKWHUPXQHXHUIROJHQ'DV *HZDOWPDQ|YHU Ä6LHVFKDIIHQHVLQGHU+lOIWHÄ8QP|JOLFK0DMRU Ä)UXQVHUH)UHXQGHLP2UGDQ6\VWHPVWHKWHWOLFKHVDXIGHP6SLHO$OVREHHLOHQ 6LHVLFK 'RQ0DVWHUVZDUGHUHLQ]LJHGHUVLFKEHUGLH8QWHUEUHFKXQJGHV)OXJHVIUHXWH VFKOLHOLFKDUEHLWHWHGLH=HLWIULKQ1RFKZXWHHUQLFKWDXIZHOFKH:HLVHHV GHQ0RRJKVJHOXQJHQZDUGHQ0DMRUXQGGLHDQGHUHQ]XEHHLQIOXVVHQ

*HKLUQZlVFKHZDUHLQlXHUVWXQJHQDXHU%HJULIIGHUHLQHQZHLWHQ%HUHLFK XPIDWH'LH)UDJHZDUZLHWLHIGLH9HUlQGHUXQJLP8QWHUEHZXWVHLQIHVWVD 'DYRQKLQJHVDEREHUPLWHLQHUDOOPlKOLFKHQ5FNEHVLQQXQJUHFKQHQGXUIWH (UVHOEVWKDWWHDQIDQJV]ZDUHEHQIDOOV6\PSWRPHHLQHU%HHLQIOXVVXQJJH]HLJW VRQVWKlWWHHU8UPDW]QLHIUV\PSDWKLVFKJHKDOWHQVHLQ8QWHUEHZXWVHLQZDU DEHUEHVWLPPWQLFKWLQ0LWOHLGHQVFKDIWJH]RJHQ:DUXPDXVJHUHFKQHWHUDP ZHQLJVWHQEHWURIIHQZDUNRQQWHHUQXUYHUPXWHQ$OV*DODNWRSV\FKRORJHKDWWH HUVLFKODQJHQXQGLQWHQVLYHQ0HQWDOVFKXOXQJHQXQWHU]LHKHQPVVHQGLHXQG GDVZDUQDFKJHZLHVHQVHLQ*HKLUQXQHPSILQGOLFKHUJHPDFKWKDWWHQ,QHUVWHU /LQLHJDOWGDVIUDXHUKDOEGHU1RUPOLHJHQGHYLVXHOOHXQGDNXVWLVFKH5HL]H DEHUDXFKLP+LQEOLFNDXI'URJHQXQGVRJDUSVLRQLVFKH(LQIOXQDKPHUHDJLHUWH HUDQGHUV'HQ%HJULII7HLO0HQWDOVWDELOLVLHUXQJ]XYHUZHQGHQKlWWHDOOHUGLQJV VFKRQZLHGHUEHGHXWHWDP=LHOYRUEHL]XVFKLHHQ'LH]ZHLWH0|JOLFKNHLWGLH 'RQ0DVWHUVLQ(UZlJXQJ]RJKDWWHPLWGHUV\QWKRELRORJLVFKHQ0HWDPRUSKRVH ]XWXQJHQDXHUJHVDJWPLWGHPMHZHLOLJHQ6WDGLXPGHU(UNUDQNXQJ(UGXUIWH PLW5HFKWYRQVLFKEHKDXSWHQGHUMHQLJHJHZHVHQ]XVHLQGHVVHQJHLVWLJH 9HUZLUUXQJVLFKQRFKLQ*UHQ]HQJHKDOWHQKDWWH9LHOOHLFKWKDWWHQGLH0RRJKV LKUH%HHLQIOXVVXQJDXIGLHODELOHUHQ+LUQVWU|PHGHUDQGHUHQDEJHVWHOOWXQGVHLQH EHVVHUH9HUIDVVXQJVFKOLFKWZHJEHUVHKHQ Ä:DVLVWORV"KHUUVFKWH7VFKDL.XOXLKQDQÄ:HQQLFKGLH+\SHURUWXQJDXI PHLQHQ6FKLUPEHUVSLHOWKDEHQZLOOPHLQHLFKVRIRUW1LFKWHUVWZHQQHVGHP +HUUQ*DODNWRSV\FKRORJHQLQGHQ.UDPSDW 'RQ0DVWHUVPXUPHOWHHLQH(QWVFKXOGLJXQJ(UZDUWDWVlFKOLFKVRLQVHLQH hEHUOHJXQJHQYHUVXQNHQJHZHVHQGDHU.XOXV$XIIRUGHUXQJVFKOLFKWZHJ EHUK|UWKDWWH=XJOHLFKZDUHUGDQNEDUIUGLHVHQ=ZLVFKHQIDOO'LH DXIEUDXVHQGH5HDNWLRQGHV0DMRUV]HLJWHGDHUQRFKODQJHQLFKWZLHGHUGHU DOWHZDU,KQPXWH'RQEHVRQGHUVLP$XJHEHKDOWHQZHLO]XEHIUFKWHQVWDQG GD7VFKDL.XOXXQWHUGHQJHJHEHQHQ8PVWlQGHQVHOEVWYRUGHP*HEUDXFKGHU :DIIHQLFKW]XUFNVFKUHFNWH 'LH+\SHURUWXQJ]HLJWHNHLQH5DXPVFKLIIHLP8PNUHLVYRQ]HKQ/LFKWMDKUHQ 'LH6RQQHQGLFKWHHQWVSUDFKGHPHUUHFKQHWHQ'XUFKVFKQLWWGHVLQQHUHQ 5DQGJHELHWVYRQ00HKUDOVGLH+lOIWHGHU6RQQHQEHVD3ODQHWHQVRDXFK GDVQDKH'RSSHOV\VWHP7VFKDL.XOXLQWHUHVVLHUWHVLFKDEHUQLFKWGDIU(LQ]LJ XQGDOOHLQGLHUDVFKH)RUWVHW]XQJGHVEHUOLFKWVFKQHOOHQ)OXJHVZDULKPZLFKWLJ Ä,FKZHUGHZRKOYRUHUVWQLFKWPHKUEHQ|WLJW"HUNXQGLJWHVLFK'RQ0DVWHUVPLW GHUJHEKUHQGHQ=XUFNKDOWXQJ Ä.|QQHQ6LHHLQHQ.DOXS]XVDPPHQIOLFNHQ" Ä1HLQ Ä'DQQYHUVFKZLQGHQ6LHDEHUKDOWHQ6LHVLFKLQGHU1lKHXQGLQ%HUHLWVFKDIW Ä,FKZLOOPLUGDV,QIREDQGGHU0RRJKVQRFKPDOVDQVHKHQVDJWHHUQXU 7VFKDL.XOXQLFNWH]XIULHGHQ Ä7XQ6LHGDV'RNWRU,PPHUKLQIlOOW,KQHQZlKUHQGGHU$QJULIIVSKDVHHLQ EHWUlFKWOLFKHU7HLOGHU6FKLIIVIKUXQJ]X:LUPVVHQGLH.RQVWUXNWLRQGHU 6WW]SXQNWLQJHQLHXUHLPHUVWHQ$QODXIYHUQLFKWHQVRQVWVLQGGLH0RRJKVGLH

/HLGWUDJHQGHQ 8QGZLUVLQGDXIMHGHQ)DOOGLH'XPPHQGDFKWH'RQ(JDOREZLUHVVFKDIIHQ RGHUQLFKW %HUQVWHLQIDUEHQVFKLPPHUWHGHU:KLVN\LP*ODV'RQ0DVWHUVKDWWHZDVVHOWHQ JHQXJYRUNDPDXI6RGDXQG(LVYHU]LFKWHW(UQDKPHLQHQNUlIWLJHQ6FKOXFN XQGJOHLFKGDUDXIQRFKHLQHQGHQQGDVZDUHUVLFKVFKXOGLJ'HUDXVGHQ 5HVWEHVWlQGHQGHU&5(67VWDPPHQGH$ONRKROWULHELKPGLH7UlQHQLQGLH $XJHQ'RQYHUVFKOXFNWHVLFKXQGPXWHKXVWHQÄ-HW]WHUVWUHFKWUHGHWHHUVLFK PLWKDOEHUVWLFNWHU6WLPPH0XW]X$OOHUGLQJVPHLQWHHUZHQLJHUGHQ:KLVN\ GHULP*ODVKRFKVFKZDSSWH(UZDUGUDXIXQGGUDQGHQ0RRJKVMHGHHKUOLFKH 5HJXQJDE]XVSUHFKHQ'LH%HVWLHQDEN|PPOLQJHEHGLHQWHQVLFKGHU7HUUDQHU XPLKUHP=LHOGHU8QWHUZHUIXQJYRQ0HLQ6WFNQlKHU]XNRPPHQ9RUEHU JHKHQGKDWWHVHOEVWHUVLFKGXUFK8UPDW]K|IOLFKH$UWWlXVFKHQODVVHQ,PPHUKLQ KDWWHPDQGLH0RRJKVDOVURKHVHOEVWJHIlOOLJH%XUVFKHQNHQQHQJHOHUQW$EHU VROFKH&KDUDNWHU]JHYHUlQGHUWHQVLFKQLFKWYRQKHXWHDXIPRUJHQ²GD]X EHGXUIWHHVZLHLP)DOOGHU+DOXWHUXPZlO]HQGHU*HVFKHKQLVVH 'RQ0DVWHUVQDKPHLQHQZHLWHUHQWLHIHQ6FKOXFNEHYRUHUGDV'DWHQEDQGEHU VHLQHQ.DELQHQPRQLWRUDEODXIHQOLH8UPDW]KDWWHHVHLQH6WXQGHYRUGHP6WDUW EHUUHLFKW$OOHGLH0RRJKVEHWUHIIHQGHQ,QIRUPDWLRQHQZDUHQVSlUOLFK JHKDOWHQ'D'RQGHQ,QKDOWLQ]ZLVFKHQ]XPGULWWHQ0DOVDKNRQQWHHUVLFKDXI (LQ]HOKHLWHQNRQ]HQWULHUHQGLHLKPLQGHU=HQWUDOHXQGLQ*HJHQZDUWYRQ.XOX 5DGHF]LQ.DODQL0DKRQXQG6LPRQP|JOLFKHUZHLVHHQWJDQJHQZDUHQ 1DFKHLQHUNXU]HQ(LQOHLWXQJIRUGHUWH8UPDW]GLHÄ)UHXQGHDXIGLHDQ%RUG JHVSHLFKHUWHQ.XUVGDWHQVRDE]XVLFKHUQGDVLHLP)DOOHLQHVXQEHUHFKWLJWHQ =XJULIIVJHO|VFKWZXUGHQ'LH3RVLWLRQGHU6RQQH2UGDQPLWLKUHQIQI3ODQHWHQ GXUIWHDXINHLQHQ)DOOEHNDQQWZHUGHQ'DV'DWHQEDQGZDUYRUGHPHLJHQWOLFKHQ (LQVDW]EHJLQQ]XYHUQLFKWHQ 'RQ0DVWHUVEHWUDFKWHWHGHQNXU]HQ)LOPGLHVPDOPLWGHQNULWLVFKHQ$XJHQGHV 3V\FKRORJHQ'LHJUDILVFKH'DUVWHOOXQJGHV2UGDQ6\VWHPVZDUDOV YHUWUDXHQVELOGHQGH0DQDKPH]XZHUWHQ$XIDOOHQIQI:HOWHQZXUGHQDNWLYH XQGSDVVLYH:DIIHQV\VWHPHHQWZLFNHOWXQGKHUJHVWHOOW(LQHVGHUQHXHVWHQXQG QRFKLQGHU(UIRUVFKXQJEHILQGOLFKHQ6\VWHPHZDUGLH/LQHDUVSHUUHGHUGLH 0lQQHUGHU.&LKUhEHUOHEHQYHUGDQNWHQ6LHKDWWHGHQSURJUDPPLHUWHQ 6WXU]LQGLH6RQQHYHUKLQGHUW 'RQ0DVWHUVZDUVRZHQLJ7HFKQLNHUZLH*HRUJH0DKRQ3V\FKRORJHDEHU'RQ YHUVWDQGLPPHUKLQGLH*UXQGIXQNWLRQGHU/LQHDUVSHUUHGLHLKUH(QHUJLHXQPLW WHOEDUYRQGHU6RQQHEH]RJ'LH0RRJKVKDWWHQHLQH9LHO]DKODOV$VWHURLGHQ JHWDUQWHU6W|USURMHNWRUHQDQGHU3HULSKHULHLKUHV6RQQHQV\VWHPVVWDWLRQLHUW'LH $XIJDEHGHU6WDWLRQHQZDUHVLP/LQHDUUDXPDQIOLHJHQGH2EMHNWH]XRUWHQXQG PLWWHOVGHUGLPHQVLRQDOEHUJHRUGQHWHQ6W|UVWUDKOXQJLQGHQ1RUPDOUDXP ]XUFN]XKROHQ6RIHUQJOHLFK]HLWLJ.DPSIVFKLIIHDXIGLHDXIJHEUDFKWH%HXWH ODXHUWHQRGHUGHUEHWUHIIHQGH5DXPVHNWRUYHUPLQWZDUKDWWHQGLH0RRJKV OHLFKWHV6SLHO'RQNRQQWHVLFKYRUVWHOOHQGDGLH.&QLFKWGDVHUVWH2SIHU GHU/LQHDUVSHUUHJHZRUGHQZDU1DFKGHP([SHULPHQWLHUVWDGLXPZUGHQGLH

0RRJKVZRKOJHJHQGLH+DXSWVFKLIIDKUWURXWHQLQ0ORVVFKODJHQ =XQlFKVWKDWWHQGLH%HVWLHQDEN|PPOLQJHDEHUJDQ]DQGHUH6RUJHQ1LFKWQXU GDV0RODN6\VWHPZDUYRQ'XPIULHVDQJHJULIIHQZRUGHQVRQGHUQDXFKHLQH ZHLWHUHVR]XVDJHQYRUGHQ$XJHQGHU*HJQHUJHOHJHQH6WW]SXQNWZHOW'DEHL KDWWHGLH6ROGDWHQNDVWHHUVWPDOVHLQHYRQGHQ6WW]SXQNWLQJHQLHXUHQHQWZLFNHOWH 5DXPVWDWLRQHLQJHVHW]WGLHHLQH2UWXQJGHUFKDUDNWHULVWLVFKHQ=HOOVWUDKOXQJGHU %HVWLHQHUP|JOLFKWH1RFKPXWHQGLH0RRJKVDEHUQLFKWEHIUFKWHQLP/DXI YRQ-DKUHQRGHU-DKU]HKQWHQDXIJHULHEHQ]XZHUGHQGHQQGLH5HLFKZHLWHGHU 6WDWLRQZDUDXIZHQLJH/LFKWMDKUHEHJUHQ]WXQGNDXP]XVWHLJHUQ'LH'XPIULHV ZDUHQVR]XVDJHQJH]ZXQJHQYRQ6RQQHQV\VWHP]X6RQQHQV\VWHP]XIOLHJHQ 6HOEVWPLW7DXVHQGHQVROFKHU5DXPVWDWLRQHQZUGHGLH6XFKHQDFKGHQ%HVWLHQ -DKU]HKQWDXVHQGHZlKUHQ,PPHUKLQGXUFKPDGLH.XJHOJDOD[LV0VWRO]H /LFKWMDKUHXQGLKUH6WHUQHQGLFKWHODJEHLVFKlW]XQJVZHLVHELV 0LOOLDUGHQ6RQQHQPDVVHQ 'DPLW+LOIHGLHVHU6WDWLRQHLQH6WW]SXQNWZHOWGHU0RRJKVDXIJHVSUWZRUGHQ ZDUNRQQWHQXUHLQHUMHQHU=XIlOOHVHLQGLHJHOHJHQWOLFKDXIWUDWHQ5HLQ PDWKHPDWLVFKZDUGLH&KDQFHGDIUYHUVFKZLQGHQGJHULQJ'LH %HVWLHQDEN|PPOLQJHZDUHQLQWHOOLJHQWJHQXJGDV]XHUNHQQHQ,KQHQJLQJHV DEHUZRKOQXUGDUXPGLHHLQH1LHGHUODJHZHWW]XPDFKHQ 'LHUHVWOLFKHQ'DWHQLQWHUHVVLHUWHQ'RQ0DVWHUVQLFKWPHKU(UVFKDOWHWHGDV %DQGDEXQGOHHUWHEHGlFKWLJVHLQHQ:KLVN\'DQQOLHHUVLFKDXIGHP%HWW ]XUFNVLQNHQYHUVFKUlQNWHGLH+lQGHKLQWHUGHP.RSIXQGVWDUUWH/|FKHULQGLH 'HFNH,Q*HGDQNHQVSLHOWHHUDOOH0|JOLFKNHLWHQGXUFKGLHLKPEOLHEHQ'LH 0RRJKVKDWWHQHLQHQYHUGDPPWVFKODXHQ3ODQHLQJHIlGHOW6REDOGGLH.RUYHWWH VLFKRIIHQJHJHQ6WW]SXQNWLQJHQLHXUHXQG'XPIULHVVWHOOWHILHOGDPLWDXFKHLQH (QWVFKHLGXQJEHUGDVZHLWHUH6FKLFNVDOGHU&5(67'RQ0DVWHUVKlWWHYLHO GDIUJHJHEHQ]XZLVVHQREGDV)ODJJVFKLIILQ]ZLVFKHQGLHODQJH+HLPUHLVH DQJHWUHWHQKDWWH:DKUVFKHLQOLFKZDUGHPQRFKQLFKWVR $XHUGHPPXWHHUGDYRQDXVJHKHQGDGLH0RRJKVHLQH0|JOLFKNHLWEHVDHQ GLH$NWLRQGHU.&]XEHUZDFKHQ)ORJ7VFKDL.XOXGHQ$QJULIIZXUGHQVLH PLWYHUDQWZRUWOLFKIUGDVZHLWHUH6FKLFNVDOYRQIQIWDXVHQG7HUUDQHUQXQGHLQHU +DQGYROO$QJHK|ULJHUDQGHUHU9|ONHU 'RQNRQQWHYHUVXFKHQGLH%HVDW]XQJGHU.RUYHWWH0DQQIU0DQQ DXV]XVFKDOWHQ'DQQVWDQGHUYRUGHP3UREOHPGDGDV0HWHU%HLERRW IOXJXQIlKLJZXUGH*DQ]DEJHVHKHQGDYRQGDGLH0RRJKVNHLQH6HNXQGH ]|JHUQZUGHQ6WDQ6]\SLQVNLXQG-RKQ0RUHQRKLQ]XULFKWHQ =ZHL/HEHQJHJHQGDVYRQIQIWDXVHQG,P*UXQGHJHQRPPHQGXUIWHHUQLFKW HLQH6HNXQGHODQJGDUEHUQDFKGHQNHQZLHVHLQH(QWVFKHLGXQJDXV]XIDOOHQ KDWWH $EHUEHVDHUZLUNOLFKGDV5HFKW6KLSSLXQG0RUHQRDXIGLHVH:HLVH]XP7RG ]XYHUXUWHLOHQ" 'DV*DQ]HZDUHLQ7HXIHOVNUHLVDXVGHPHVNHLQ(QWULQQHQJDE(UVFKURFNHQ VWHOOWH'RQIHVWGDHULQ]ZLVFKHQVFKRQGHQ0RPHQWYHUIOXFKWHLQGHPHUGLH .&EHWUHWHQKDWWH(UZDUQLFKWIUHLZLOOLJDQ%RUGZLH7VFKDL.XOXXQGGLH

DQGHUHQHUZDUVFKOLFKWZHJYHUSIOLFKWHWZRUGHQXPGLH9HUKDQGOXQJHQPLW GHP'UXLVDQW]XEHUZDFKHQ 6ROFKHhEHUOHJXQJHQZDUHQ*LIWIULKQ'RQ0DVWHUVHUKREVLFKXQGVFKHQNWH VLFKHLQHQ]ZHLWHQ:KLVN\HLQ'LHVPDOOLHHUVLFKYRQGHU6HUYLHUDXWRPDWLN (LVZUIHOJHEHQ 6LQQHQGVDKHU]XZLHGDV(LVLP*ODVVFKPRO]XQG6FKOLHUHQGLH)OVVLJNHLW GXUFK]RJHQ (UZXWHSO|W]OLFKGDHVHLQHQGULWWHQ:HJJDE :lKUHQGGHU5HSDUDWXUDUEHLWHQDP.DOXSVFKHQ.RPSHQVDWLRQVNRQYHUWHUODJGLH .RUYHWWHZLHDXIGHP3UlVHQWLHUWHOOHU7VFKDL.XOX]RJHVGHVKDOEYRUGHQ 2UWXQJVVFKXW]GHU'RSSHOVRQQHDXI]XVXFKHQ$OOHUGLQJVEHVFKOHXQLJWHHUGDV 6FKLIIQXUELVDXI3UR]HQWGHU/LFKWJHVFKZLQGLJNHLWXQGQLFKWZHLWHULQ UHODWLYLVWLVFKH%HUHLFKHKLQHLQ 'RQ0DVWHUVJHQHKPLJWHVLFKHLQHQNXU]HQ(UKROXQJVVFKODIEHYRUHUGDV 'DWHQEDQGGHU0RRJKVLQGLH=HQWUDOH]XUFNEUDFKWH'LH.RUYHWWHEHIDQGVLFK LP$QIOXJDXIGLHJHOEU|WOLFKHNOHLQHUH.RPSRQHQWHGHU'RSSHOVRQQH,QHLQHU *UDILNZDUHQGLH6FKZHUNUDIWIHOGHUGHV6\VWHPVYHUGHXWOLFKW'RQZDUYLHO]X ZHQLJ)DFKPDQQDXIQDYLJDWRULVFKHP*HELHWXP'HWDLOVKHUDXV]XOHVHQ 7URW]GHPVWHOOWHHUIHVWGDGLH.&HLQ9HUZLUEHOXQJVJHELHWDQVWHXHUWH KLQWHUGHPHLQHQDKH]XVFKZHUNUDIWORVH=RQHODJ'LH*UDYLWDWLRQGHUEHLGHQ 6RQQHQXQGHLQHVYRUEHL]LHKHQGHQ3ODQHWHQYRQ-XSLWHUJU|HEHHLQIOXWHQVLFK JHJHQVHLWLJ Ä(LQVWDWLRQlUHU2UELWZLUGPLWJHULQJHP(QHUJLHDXIZDQGP|JOLFKVHLQVWHOOWH 'RQIHVW Ä8QVEOHLEHQJHQDXYLHU]HKQ6WXQGHQXQGGUHLLJ0LQXWHQHUZLGHUWH7VFKDL .XOXÄ'DQQKDWGLH.RQVWHOODWLRQVLFKGXUFKGHQDXVZDQGHUQGHQ3ODQHWHQVR ZHLWYHUVFKREHQGDVFKZHUH*UDYLWDWLRQVVWUPHORVEUHFKHQ Ä,FKGHQNHELVGDKLQVLQGZLUOlQJVWZHJVDJWH'RQ'HU0DMRUZDUILKP HLQHQIRUVFKHQGHQ%OLFN]XEHYRUHUGHPRQVWUDWLYPLWGHQ6FKXOWHUQ]XFNWH Ä:HQQ6LHGLH$UEHLWHQDP.DOXSEHUZDFKHQZROOHQ0DMRUIXKU'RQ 0DVWHUVIRUWÄLFKEHUQHKPHGLH=HQWUDOH 7VFKDL.XOXOLHVLFKGDVQLFKW]ZHLPDOVDJHQÄ'HU.XUVVWHKWIHVW'RNWRU $FKWHQ6LHDEHUYRUDOOHPDXIGLHEHQDFKEDUWHQ5DXPVHNWRUHQ 'DQQZDU'RQDOOHLQLQGHU=HQWUDOH1DFKHLQHUNXU]HQhEHUSUIXQJGHU )OXJGDWHQJLQJHUKLQEHU]XGHQ6SHLFKHUQGHU%RUGSRVLWURQLNXQGEHJDQQHLQH .RPPXQLNDWLRQYRQGHUQLHPDQGZLVVHQGXUIWH7VFKDL.XOXKlWWHLKQGDIU VWDQGUHFKWOLFKHUVFKLHHQODVVHQ (VEHGHXWHWHHLQJHK|ULJHV6WFN$UEHLWGLH/RJLVWLNGHU3RVLWURQLN]X EHUZLQGHQ$EHUGDVKDWWH'RQYRUKHUJHZXW,PPHUKLQZLGHUVSUDFKHQVHLQH %HIHKOHGHP3ULQ]LSGHU.ODUKHLWXQGULFKWHWHQVLFKVFKHLQEDUJHJHQGLH .RUYHWWHXQGLKUH%HVDW]XQJ 1DFKEHUHLQHU6WXQGHVDGHU*DODNWRSV\FKRORJHVFKZHLEHUVWU|PWYRUGHP 7HUPLQDOXQGPXWHDEEUHFKHQZHLOGLH.RUYHWWHGLH=LHONRRUGLQDWHQIDVW HUUHLFKWKDWWH7DWVlFKOLFKHUVFKLHQ7VFKDL.XOXQXU0LQXWHQVSlWHUZLHGHULQ

GHU=HQWUDOH]XPLQGHVWVHLQHJHZRKQWH9RUVLFKWKDWWHHUDOVRZLHGHUJHIXQGHQ 'RFKGDVD'RQVFKRQLP3LORWHQVHVVHOXQGEUDFKWHGDV6FKLIIVRXYHUlQLQGHQ 2UWXQJVVFKXW]GHUNOHLQHUHQ6RQQH Ä%HVRQGHUH9RUNRPPQLVVH"ZROOWH.XOXZLVVHQ Ä.HLQH2UWXQJHQ'RQNRQQWHVLFKGHQ$QIOXJHLQHV*ULQVHQVQLFKWYHUNQHLIHQ Ä:LHVLHKWHVXQWHQDXV"IJWHHUKLQ]X(UPXWHQRFKHLQPDOVRYLHO=HLW YHUDQVFKODJHQZLHELVKHUELVVHLQ3URJUDPPHQGOLFKVWDQG'DVVFKDIIWHHUDEHU QXUZHQQHUDOOHLQJHODVVHQZXUGH Ä'LH$UEHLWHQJHKHQYRUDQVDJWH7VFKDL.XOXNQDSS$P*HWUlQNHDXWRPDWHQ QHEHQGHP$QWLJUDYVFKDFKWKROWHHUVLFKHLQHQ)UXFKWVDIWGHQHUODQJVDPWUDQN 'DEHLOLHHU'RQQLFKWHLQH6HNXQGHODQJDXVGHQ$XJHQ Ä+DEHQ6LHHLQH(UNOlUXQJGDIUZHVKDOEDOOH9|ONHUGLHVHU*DOD[LV JHVFKORVVHQJHJHQGLH0RRJKVVWHKHQ"IUDJWHHUÄ1LHPDQGVFKHLQWGHQ 9HUVXFK]XXQWHUQHKPHQGLHDQJHEOLFKHQ%HVWLHQ]XYHUVWHKHQ 'RQ]|JHUWHPLWGHU$QWZRUWÄ0DVVHQK\VWHULHEHKDXSWHWHHUXQGVFKUlQNWH ]XJOHLFKHLQÄ9LHOOHLFKW,FKZHLHVQLFKW (QGOLFKVSUDQJ7VFKDL.XOXZLHGHULQGHQ$QWLJUDYVFKDFKW(UOLHHLQHQ ]ZLVFKHQ+RIIQXQJXQG8QJODXEHVFKZDQNHQGHQ*DODNWRSV\FKRORJHQ]XUFN GHUVLFKNHLQHVZHJVGDUEHUNODUZXUGHREGLH%HHLQIOXVVXQJGHV0DMRUVGXUFK GLH0RRJKVHUVWH6FKZDFKVWHOOHQ]HLJWH 'RQ0DVWHUVVHW]WHVHLQHQXQWHUEURFKHQHQ'LDORJPLWGHU3RVLWURQLNIRUW(U EHQ|WLJWHHLQHZHLWHUH6WXQGHXP(LQ]HOKHLWHQIHVW]XOHJHQXQGDOOH6SXUHQ]X YHUZLVFKHQGLHDXILKQDOV8UKHEHUKLQGHXWHWHQ)DOOVVHLQH0DQDKPH HUIROJORVEOLHEVROOWHDOOHVQDFKHLQHP6RIWZDUHIHKOHUDQGHU6FKQLWWVWHOOH ]ZLVFKHQ,QSXWHLQKHLWXQG'DWHQVSHLFKHUDXVVHKHQ )DVWDXIGLH0LQXWHJHQDX]HKQHLQKDOE6WXQGHQXQGHLQH/LWDQHLZVWHU 9HUZQVFKXQJHQVSlWHUQDKPGLH.&YRQQHXHP)DKUWDXI7VFKDL.XOX EHVFKOHXQLJWHPLW+|FKVWZHUWHQXPUDVFKGLHHUIRUGHUOLFKHQ0LQGHVWJH VFKZLQGLJNHLWHQIUGHQhEHUWULWWLQGHQ/LQHDUUDXP]XHUUHLFKHQ 'HU.DOXSDUEHLWHWHIHKOHUIUHL 1DFKQXUIQI0LQXWHQXQGHLQHU]XUFNJHOHJWHQ(QWIHUQXQJYRQQHXQHLQKDOE /LFKWMDKUHQHUIROJWHGHUHUVWH:LHGHUDXVWULWW]XUQRFKPDOLJHQhEHUSUIXQJGHV .RPSHQVDWLRQVNRQYHUWHUV'LH.RUYHWWHYHUZHLOWHOHGLJOLFKHLQHKDOEH6WXQGH LP(LQVWHLQUDXP'LHQlFKVWH)OXJHWDSSHPLWYHUGUHLIDFKWHPhEHUOLFKWIDNWRU IKUWHEHUHLQH'LVWDQ]YRQ]ZHLHLQKDOEWDXVHQG/LFKWMDKUHQ'LHYRQGHQ 6NRDUVVWDPPHQGHQ6WHUQNDUWHQHUZLHVHQVLFKDOVZHLWJHKHQGJHQDX/HLGHU ZDUHQDXILKQHQQXUZHQLJH6FKLIIDKUWVURXWHQYHU]HLFKQHW(QWVSUHFKHQGHVJDOW IUEHZRKQWH6RQQHQV\VWHPH $OVGLH.&QDFKVLHEHQHLQKDOE6WXQGHQHUHLJQLVORVHQ)OXJHVGHQ =ZLVFKHQUDXPYHUOLH]HLFKQHWHQGLH2UWXQJHQ=ZHLQDKH6RQQHQV\VWHPH ZDUHQ$XIPDUVFKJHELHWHLQHUNOHLQHQ)ORWWHYRQPLQGHVWHQVIQI]LJ(LQKHLWHQ 7VFKDL.XOXSURJUDPPLHUWHXPJHKHQGHLQHQHXH/LQHDUHWDSSH:lKUHQGGHU %HVFKOHXQLJXQJVSKDVHZXUGHQDXIWUHWHQGH2UWXQJVLPSXOVHUHJLVWULHUW6HNXQGHQ VSlWHUVSUDFKHQGLH+\SHUIXQNHPSIlQJHUDQ(LQ'XPIULH.RPPDQGDQW

YHUODQJWHGLH,GHQWLIL]LHUXQJ Ä'HU.HUOPXDXIEHLGHQ)URVFKDXJHQEOLQGVHLQVFKLPSIWH.XOXÄ6RQVW ZUGHLKPDXIIDOOHQGDZLUEHVFKOHXQLJHQ $XJHQEOLFNHVSlWHUWUDIGLHEDUVFKH$XIIRUGHUXQJHLQ]XVWRSSHQXQGDXIHLQ 8QWHUVXFKXQJVNRPPDQGR]XZDUWHQ Ä:DVJODXEWGHUHLJHQWOLFKZHUHULVW"'HU0DMRUVFKQDXEWHHQWUVWHW :LHGHUWUDWGDVZHVHQORVH:DOOHQGHV=ZLVFKHQUDXPVDXIGLH%LOGVFKLUPH Ä)UHLZDFKHRUGQHWH7VFKDL.XOXDQÄ:LUPVVHQGLHYHUORUHQH=HLWDXIKROHQ XQGEHUEUFNHQGLHVPDOHLQHJU|HUH'LVWDQ] Ä:HOFKH(QWIHUQXQJ"ZROOWH'RQ0DVWHUVZLVVHQ Ä$FKWWDXVHQG/LFKWMDKUH Ä2KQH2ULHQWLHUXQJVDXVWULWW" Ä8QVEOHLEWNHLQHDQGHUH:DKO6RQVWQRFK)UDJHQ" 'HU*DODNWRSV\FKRORJHQLFNWHÄ$QJHQRPPHQHUGHKQWHGHQ6DW] DEVLFKWOLFKÄQXUHLQPDODQJHQRPPHQZLUHUIOOHQXQVHUH0LVVLRQQLFKW :DVZLUGGDQQ" 7VFKDL.XOXEOLFNWHLKQDQDOVN|QQHHUGDVHEHQ*HK|UWHQLFKWJODXEHQ Ä'LH0RRJKVZHUGHQZHQLJGDYRQHUEDXWVHLQIXKU'RQXQJHUKUWIRUW Ä,KU3HVVLPLVPXVLVWXQDQJHEUDFKW'RNWRU Ä:LUNOLFK",FKIUDJHPLFKQXUZLHODQJH6HUJHDQW6]\SLQVNLXQG0RUHQRDP /HEHQEOHLEHQIDOOVLFKEHWRQHIDOOV²ZLUGLH6WDWLRQQLFKW]HUVW|UHQN|QQHQ Ä'LHEHLGHQVLQG*lVWHGHU0RRJKV Ä*ODXEHQ6LHHLJHQWOLFKZDV6LHGDVDJHQ0DMRU" Ä+DOWHQ6LHGHQ0XQG0DVWHUV7VFKDL.XOXEUOOWHXQEHKHUUVFKWORVÄ2GHU LFKVRUJHGDIUGD6LHLQ6LFKHUXQJVYHUZDKUXQJNRPPHQ 'RQVFKZLHJ(UKDWWHQLFKWVDQGHUHVHUUHLFKHQZROOHQDOVGHQ.RPPDQGDQWHQ DXVGHU5HVHUYH]XORFNHQ,P=XVWDQGGHU(UUHJXQJEU|FNHOWHHLQHSV\FKLVFKH %HHLQIOXVVXQJDPHKHVWHQDE (LQ%OLFNLQGLH5XQGH]HLJWHLKPGD3RH.DODQLXQG0HQF5DGHF]LQ EHWURIIHQH*HVLFKWHUPDFKWHQ/HGLJOLFK*HRUJH0DKRQXQG(UZLQ6LPRQ ZLUNWHQDOVJLQJHVLHGDVDOOHVQLFKWVDQ Ä'HQNHQ6LHEHUGLH%HVWLHQQDFKPHLQH+HUUHQHPSIDKOGHU *DODNWRSV\FKRORJHDOVHUVFKRQXQPLWWHOEDUYRUGHPDXIJOHLWHQGHQ6FKRWW VWDQGÄ(VLVWVLFKHUQLFKWYHUNHKUWVLFKDXFKEHU)UHXQGH]XLQIRUPLHUHQ (UYHUOLHGLH=HQWUDOHEHYRU7VFKDL.XOXUHDJLHUWH :lKUHQGGHUIROJHQGHQ6WXQGHQUDVWHGLH.RUYHWWHXQYHUlQGHUWPLW PLOOLRQHQIDFKHU/LFKWJHVFKZLQGLJNHLW GXUFKGHQ=ZLVFKHQUDXP$Q%RUGNHKUWH5XKHHLQ(VJDEQLFKWV]XWXQ'LH 0lQQHUVFKOLHIHQXQGLQGHU=HQWUDOHOLHGHU0DMRUVLFKYRQVHLQHP=ZHLWHQ 2IIL]LHUDEO|VHQ 'RQ0DVWHUVYHUVXFKWH]ZDUVLFKQRFKHLQPDODXIV2KU]XOHJHQGRFKIDQGHU GLHQ|WLJHLQQHUH5XKHQLFKW(LQHJXWH6WXQGHYRUGHP(QGHGHU/LQHDUHWDSSH EHJDEHUVLFKZLHGHULQGLH=HQWUDOH :HLWEHUGLH+lOIWHGHU/LFKWMDKUHODJLQ]ZLVFKHQKLQWHUGHU.RUYHWWH

7VFKDL.XOXEHGDFKWHGHQ3V\FKRORJHQPLWHLQHPKHUDXVIRUGHUQGHQ%OLFN 9HUPXWOLFKEHIUFKWHWHHU'RQZROOHYRQQHXHPDXIUKUHULVFKHV*HGDQNHQJXW YHUEUHLWHQ 9RQHLQHU6HNXQGH]XUDQGHUHQYHUGUlQJWHGDVGLFKWHUJHZRUGHQH6WHUQHQPHHU YRQ0GDVJUDXH:RJHQGHV=ZLVFKHQUDXPV 'LH2UWXQJHQDUEHLWHWHQDXI+RFKWRXUHQ6HFKV6RQQHQVWDQGHQLP8PNUHLVYRQ IQI/LFKWMDKUHQDEHUHLQH(QHUJLHPHVVXQJGLHDXIGLH$QZHVHQKHLWYRQ 5DXPVFKLIIHQKLQJHZLHVHQKlWWHHUIROJWHQLFKW'LH0DVVHWDVWHUVFKZLHJHQ HEHQIDOOV -HQlKHUGLH.&GHP=LHONDPGHVWRJU|HUZXUGHGLHQHUYOLFKH $QVSDQQXQJ 7VFKDL.XOXEHUSUIWHGLHQlFKVWHQ.RRUGLQDWHQDQKDQGGHUYRUOLHJHQGHQ .DUWHQXQGGHU)HUQRUWXQJ0LWGHUIROJHQGHQ(WDSSHZUGHGLH.RUYHWWH OHGLJOLFKGUHLWDXVHQG/LFKWMDKUH]XUFNOHJHQ Ä,FKHPSIDQJHHLQHQ)XQNVSUXFKDXIGHU)ORWWHQIUHTXHQ]PHOGHWHVLFK3RH .DODQLDXVGHU)XQN]HQWUDOHÄ*HUDIIWDEHUQLFKWFKLIIULHUW Ä8QZLFKWLJHQWVFKLHGGHU0DMRUÄ,QIQI0LQXWHQVLQGZLUKLHUZHJ Ä6LUULHI.DODQLDXIJHUHJWÄGHU)XQNVSUXFKLVWLQ,QWHUNRVPRDEJHIDW 'DVZDUDOOHUGLQJVHLQHhEHUUDVFKXQJ Ä%UHFKHQ6LHGLH9RUEHUHLWXQJHQIUGDV/LQHDUPDQ|YHUDE0DMRUZDQGWH 'RQ0DVWHUVVLFKDQGHQ.RPPDQGDQWHQÄ:HQQ.DODQLUHFKWKDWVWHKWGLH &5(67LQGLHVHP6HNWRU Ä:LUGUIHQXQVNHLQHZHLWHUH9HU]|JHUXQJHUODXEHQÄ'LH&5(676LU'RQ VFKOXJVLFKYRU%HJHLVWHUXQJDXIGLH6FKHQNHOÄ'DVEHGHXWHWGDZLUPLW 9HUVWlUNXQJUHFKQHQN|QQHQ(UZDQGWHVLFKEHUGHQ,QWHUNRPDQ.DODQL Ä:RUDXIZDUWHQ6LH"/HVHQ6LHHQGOLFKGHQ:RUWODXWYRU 'HU=ZHLWH2IIL]LHUUlXVSHUWHVLFKÄ:LUVWHKHQ]XIlOOLJLP(PSIDQJVEHUHLFK 'LH6HQGXQJZXUGHEHU5LFKWVWUDKODEJHVHW]W.&XQG.&DQ&5(67 'LH0RRJKVJUHLIHQQXQDXFKGLH1DFKEDUSODQHWHQDQ6LHODVVHQNHLQHQ )OFKWOLQJVUDXPHUGXUFKNRPPHQ:LUVLQG]XVFKZDFKXPHQWVFKHLGHQG]X KHOIHQ Ä6WDQGRUWSHLOXQJEHIDKO0DVWHUVÄ'DVLVWXQVHUH&KDQFH Ä/DVVHQ6LHGHQ8QVLQQ.DODQLULHI7VFKDL.XOXGD]ZLVFKHQ8QGDQGHQ *DODNWRSV\FKRORJHQJHZDQGWVFKQDXEWHHUYHUlUJHUWÄ6LHKDEHQNHLQH PLOLWlULVFKH%HIHKOVJHZDOWKDOWHQ6LHVLFKDOVR]XUFN'LH0RRJKVVLQGDXI ,KUH0LWKLOIHDQJHZLHVHQ Ä6ROOGDVHLQH'URKXQJVHLQ" Ä(LQH:DUQXQJ'RNWRU,FK 'LH$ODUPVLUHQHQKHXOWHQGXUFKGDV6FKLII 'LVWDQ]DODUP 'DVEHGHXWHWHGDLQXQPLWWHOEDUHU1lKHGHU.&HLQJU|HUHU)UHPGN|USHU PDWHULDOLVLHUWZDU Ä7UDQVIRUPNDQRQHIHXHUEHUHLWEUOOWH7VFKDL.XOXLQGHQ,QWHUNRP Ä,VWEHUHLWJDE6LPRQDXVGHU)HXHUOHLW]HQWUDOHLQZHVHQWOLFKJHPLOGHUWHP

7RQIDOO]XUFNÄ=LHOHUIDVVXQJOlXIW Ä'DVLVWGLH&5(67ULHIHQ*HRUJH0DKRQXQG'RQ0DVWHUVZLHDXVHLQHP 0XQG'DV)ODJJVFKLIIZDUNHLQH]ZDQ]LJ/LFKWVHNXQGHQHQWIHUQWDXVGHP /LQHDUUDXPJHNRPPHQ0LWJHULQJHU5HVWIDKUWGULIWHWHHVDXIGLH.RUYHWWH]X Ä:LUEHVFKOHXQLJHQZHLWHUXQGJHKHQZLHJHSODQWLQGHQhEHUOLFKWIOXJJDE 7VFKDL.XOX]XYHUVWHKHQ Ä$EHUGLH&5(676LUZDQGWH0HQF5DGHF]LQHLQ .XOXZDQGWHVLFKKDOEYRQVHLQHP.RQWUROOSXOWXPÄ(VZLUGNHLQHQ.RQWDNW JHEHQVDJWHHUXQPLYHUVWlQGOLFKÄ-HGHQIDOOVYRUHUVWQLFKW 'RQYHUVXFKWHLKQXP]XVWLPPHQÄ$XIGHP0XWWHUVFKLIIKDWPDQXQVHUH $QZHVHQKHLWOlQJVWUHJLVWULHUW Ä8QGZHQQVFKRQ7VFKDL.XOXVFKQDXEWHYHUlFKWOLFKÄ)U5KRGDQXQGVHLQHQ 6WDEVLQGZLU7RGHVNDQGLGDWHQ-HJOLFKH.RQWDNWDXIQDKPHYHUELHWHWVLFKYRQ VHOEVW Ä'LH0RRJKVKDEHQXQVJHKHLOW'RQ0DVWHUVYHUVSUWH*HQXJWXXQJDOVHU .XOXV=|JHUQEHPHUNWHÄ3HUU\5KRGDQZLUGGLH)UHXQGVFKDIWWHLOHQGLHXQV LQ]ZLVFKHQPLWGHQ%HVWLHQDEN|PPOLQJHQYHUELQGHWIJWHHUGHVKDOEKLQ]X ,QGHP0RPHQWKDOOWHHLQHEHNDQQWH6WLPPHGXUFKGLH5lXPHGHU.RUYHWWH3RH .DODQLKDWWHGHQ)XQNYHUNHKUDXI,QWHUNRPXPJHOHJW0DMRU:DL7RQJGHU &KHIGHU)XQN]HQWUDOHDXIGHU&5(67,9ULHISHUV|QOLFKQDFKGHU.& ÄIRUGHUQZLU6LHDXIXPJHKHQGGLHVHQ6HNWRU]XYHUODVVHQXQGDXIHLQHU XQEHZRKQWHQ:HOW6FKXW]]XVXFKHQ,FKZLHGHUKROH'LH0RRJKVKDEHQEHUDOO LQ0LKUH6FKOXSIZLQNHOYHUODVVHQXQGJUHLIHQPLWGHULKQHQHLJHQHQ+lUWH XQG.RPSURPLORVLJNHLWDQ:HJHQGHU6HXFKHQJHIDKUN|QQHQZLU6LHQLFKW HLQVFKOHXVHQDEHUZLUZDUQHQ6LHHLQGULQJOLFKYRUGHQ%HVWLHQ Ä/JH7VFKDL.XOXZDUDXHUVLFKÄ$OOHV/JH.DODQLVFKDOWHQ6LHGDV *HVFKZlW]DE Ä6LULFK Ä:RUDXIZDUWHQ6LHHLJHQWOLFK" Ä,FKKDEHGHQ(PSIDQJQLFKWZHLWHUJHOHLWHW .XOXV0LHQHYHUGVWHUWHVLFK)UHLQHQ0RPHQWVDKHVDXVDOVZROOHHUDXIGDV 7HUPLQDOHLQVFKODJHQGDQQVSUDQJHUDXIXQGQDKPVLFK]LHOVLFKHUGLH %RUGSRVLWURQLNYRU 'LH:DUQXQJYRQGHU&5(67EUDFKDEUXSWDEDOV.XOXHLQH5HLKHYRQ 6FKDOWXQJHQGXUFKIKUWH$XIGHQ2UWXQJVVFKLUPHQIOLPPHUWHGLH:LHGHUJDEH GHV)ODJJVFKLIIVNXU]DXIXQGHUORVFK 'HU0DMRUVDKDXVDOVZROOHHULQGHUQlFKVWHQ6HNXQGHH[SORGLHUHQ'DV%OXW VFKRLKPLQV*HVLFKWÄ'LH3RVLWURQLNZXUGHPDQLSXOLHUWVFKQDXIWHHU6HLQ %OLFNJLQJLQGLH5XQGHEOLHEDQ0DVWHUVKlQJHQÄ,KQHQWUDXHLFKQLFKWEHU GHQ:HJ Ä'DVLVW$QVLFKWVVDFKHZLHEHUKDXSWVRYLHOHVHUZLGHUWH'RQÄ:HOFKHQ 1XW]HQKlWWHLFKGDYRQGLH1lKHGHU&5(67]XVLPXOLHUHQ" Ä6LHVLQGDXIVlVVLJEHKDXSWHWH7VFKDL.XOXÄ'DVLVW*UXQGJHQXJ$EHULFK NRPPH,KQHQDXIGLH6FKOLFKHXQGGDQQJQDGH,KQHQ*RWW

Ä9LHOOHLFKWLVW0DVWHUVZLUNOLFKXQVFKXOGLJZDQGWH0HQF5DGHF]LQHLQ Ä:DUHQ6LHGHU8UKHEHU"IUDJWHGHU0DMRUODXHUQGÄ2GHU.DODQL"0DKRQ" 2GHUVRJDU6LPRQ":lUHQXUHLQ*HLVWELOGGHU&5(67HUVFKLHQHQN|QQWHQ6LH PLFKZRP|JOLFKEHU]HXJHQDEHUGHQDXIUKUHULVFKHQ7H[WVDXJWVLFKGLH 3RVLWURQLNQLFKWDXVGHQ0RGXOHQ Ä)DKUHQ6LH]ZHLRGHUGUHL7HVWSURJUDPPHVFKOXJ'RQ0DVWHUVYRUÄ-HGHU $QJHNODJWHKDWVFKOLHOLFKHLQ5HFKWDXI9HUWHLGLJXQJ Ä$FKPDFKHQ6LHGRFKZDV6LHZROOHQ.XOXZLQNWHZWHQGDEXQGZLGPHWH VLFKZLHGHUGHQ'DWHQIUGLHQlFKVWHhEHUOLFKWHWDSSH'LH.RUYHWWHKDWWHGLH (LQWDXFKJHVFKZLQGLJNHLWQDKH]XHUUHLFKWÄ0LVWHU0DKRQULHIHUJOHLFKGDUDXI ÄNPPHUQ6LHVLFKXPGLH7HVWSURJUDPPH8QGVFKLHHQ6LHGHQ :RUWYHUGUHKHUQLHGHUVREDOG6LHHUNHQQHQGDHUGLH)LQJHUDQGHU3RVLWURQLN KDWWH Ä'DVNDQQQLFKW,KU(UQVWVHLQ6LU:HQQZLUXQVJHJHQVHLWLJXPEULQJHQ *HRUJH0DKRQJHULHWLQV6WRWWHUQXQGEUDFKPLWWHQLP6DW]DEZHLO.XOXVRIRUW ORVEUOOWH Ä%LQLFKGHUHLQ]LJH1RUPDOHXQWHUODXWHU9HUUFNWHQ"'HU*DODNWRSV\FKRORJH 'RQ0DVWHUVJULQVWHVWLOOLQVLFKKLQHLQ6HLQH0DQDKPHQ]HLJWHQ:LUNXQJ² EHL7VFKDL.XOXHLQHVWHWH=XQDKPHGHU$JJUHVVLYLWlWGLHMHGRFKLUJHQGZDQQ XPVFKODJHQZUGHXQGEHLGHQDQGHUHQHLQHGHXWOLFKH9HUXQVLFKHUXQJ'DV HLQ]LJH3UREOHPEOLHEGLH=HLW'RQJODXEWHQLFKWPHKUGDHUHVUHFKW]HLWLJ VFKDIIHQZUGH *HODVVHQZDUWHWHHUGDV(UJHEQLVGHU7HVWSURJUDPPHDE 'LHOHW]WHQ/LFKWMDKUHOHJWHGLH.&LQNOHLQHUHQ(WDSSHQ]XUFN7VFKDL .XOXQXW]WHGLH3KDVHQGHVhEHUOLFKWIOXJVIUDXVJLHELJH0HVVXQJHQ 'LH6WW]SXQNWZHOWGHU%HVWLHQDEN|PPOLQJHZDULP%HJULII]XHLQHU]ZHLWHQ 6RQQH]XZHUGHQQDFKGHPGHUHQWIDFKWH$WRPEUDQGLQ]ZLVFKHQHLQH9LHO]DKO GHUDXIGHP3ODQHWHQYRUKDQGHQHQ(OHPHQWHHUIDWKDWWH'LH5DXPVWDWLRQGHU 6WW]SXQNWLQJHQLHXUHGUDQJEHUHLWVPLWHLQHP=HKQWHOGHU/LFKWJHVFKZLQGLJNHLW LQGDVDFKW]HKQ3ODQHWHQ]lKOHQGHQlFKVWH6RQQHQV\VWHPHLQ 'LHH[DNWH$XVZHUWXQJGHU2UWXQJVGDWHQQDKPJHUDXPH=HLWLQ$QVSUXFK9LHU JURH.DPSIVFKLIIHGHU'XPIULHVEHJOHLWHWHQGLH6WDWLRQKLHOWHQVLFKMHGRFKLQ UHVSHNWYROOHU(QWIHUQXQJYRQEHUQHXQ0LOOLRQHQ.LORPHWHUQ'DVEHVWlWLJWH LQGLUHNWGLH%HKDXSWXQJGHU0RRJKVEHUGLHJURH(PSILQGOLFKNHLWGHU 6SUJHUlWH Ä%LVGLH'XPIULHVJHIlKUOLFKZHUGHQN|QQHQKDEHQZLUXQVHUH 7UDQVIRUPODGXQJHQDEJHVWUDKOWXQGJHKHQDXI)OXFKWNXUVVWHOOWH7VFKDL.XOX ]XIULHGHQIHVWÄ'HU$QJULIILVWHLQ.LQGHUVSLHO Ä6RVHKHLFKGDVQLFKWZDQGWH'RQ0DVWHUVHLQÄ'LH3ODWWIRUPLVWYHUPXWOLFK EHZDIIQHW 7VFKDL.XOXEHUJLQJGHQ+LQZHLVJHIOLVVHQWOLFK 'LH6WDWLRQEHVWDQGDXV]ZHLRYDOHQ6FKHLEHQGLHEHULKUH/lQJVDFKVH PLWHLQDQGHUYHUEXQGHQZDUHQXQGGHPQDFKZLHHLQH$FKWZLUNWHQ'HUJU|WH 'XUFKPHVVHUMHGHU6FKHLEHEHWUXJVHFKVKXQGHUW0HWHUGHUNOHLQHUHOHGLJOLFK

]ZHLKXQGHUWIQI]LJ'LH'LFNHVFKZDQNWHODJDQGHQ5lQGHUQDEHU]ZLVFKHQ HLQKXQGHUWXQGHLQKXQGHUWXQGGUHLLJ0HWHU Ä*HIHFKWVVWDWLRQHQHLQQHKPHQEHVWLPPWH7VFKDL.XOX 'LH.RUYHWWHEHVFKOHXQLJWHIUGLHOHW]WH/LQHDUHWDSSH/HGLJOLFKGUHL/LFKWMDKUH ZDUHQ]XEHUZLQGHQZDVEHLPlLJHU*HVFKZLQGLJNHLWHLQHU)OXJGDXHUYRQ QXU6HNXQGHQHQWVSUDFK (UZLQ6LPRQXQG*HRUJH0DKRQZDUHQLQGLH)HXHUOHLW]HQWUDOHDENRPPDQGLHUW 3RH.DODQLXQG7VFKDL.XOXEHUQDKPHQJHPHLQVDPGLH6WHXHUXQJGHU .RUYHWWHZlKUHQG0HQF5DGHF]LQGLH2UWXQJHQEHUZDFKWH 'RQ0DVWHUVZDUIUHLJHVWHOOW=XUEHVRQGHUHQ9HUIJXQJLP1RWIDOOQDQQWH.XOX GDV'RQHPSIDQGHVPHKUDOV0LWUDXHQVEHZHLVZDVLKPDOOHUGLQJVJHUDGH UHFKWNDP(UGXUIWHQLFKW]XODVVHQGDGHU$QJULIIJHIORJHQZXUGH1DFKGHP HUPLWHLJHQHQ$XJHQJHVHKHQKDWWHZLHDKQXQJVORV'XPIULHVXQG 6WW]SXQNWLQJHQLHXUH]XVHLQVFKLHQHQYHUVWDQGHUGDGHQ0RRJKVGLH 9HUQLFKWXQJGHU6WDWLRQNHLQHVZHJVVRZLFKWLJZDUZLH.XOXJODXEWH'HQ %HVWLHQDEN|PPOLQJHQJLQJHVLQHUVWHU/LQLHGDUXP3HUU\5KRGDQEHLGHQ JHKHLPQLVYROOHQ%HKHUUVFKHUQYRQ0LQ0LNUHGLW]XEULQJHQ9RQGHU .RUYHWWHDXIGLH&5(67]XVFKOLHHQZUGHQLFKWVFKZHUIDOOHQ 'LH0RRJKVZROOWHQGDGLH7HUUDQHUHUEDUPXQJVORVJHMDJWZXUGHQ9LHOOHLFKW XPYRQHLJHQHQ$NWLYLWlWHQDE]XOHQNHQYLHOOHLFKWDEHUDXFKZHLOVLHVLFK OHW]WOLFKHLQ=ZHFNEQGQLVYHUVSUDFKHQ :LHHVDXVVDKNODSSWHLKU3ODQYRU]JOLFK 'RQ0DVWHUVYHUOLHGLH=HQWUDOH1LHPDQGKLQGHUWHLKQGDUDQ3O|W]OLFKKDWWHHU HVHLOLJ(UVXFKWHGLHYHUZDLVWH)XQN]HQWUDOHDXI'LH+\SHUIUHTXHQ]HQGHUHQ VLFKGLH'XPIULHVEHGLHQWHQNDQQWHHU ,KPZDUNODUGDHUPLWGHP)HXHUVSLHOWH$EHUQXUPLWHLQHPILQJLHUWHQ 1RWUXINRQQWHHUGLH:DFKVFKLIIHXQGGLH6WDWLRQUHFKW]HLWLJDXIPHUNVDP PDFKHQ 'RQVFKDOWHWHGLH$QODJHDXI:LHGHUKROXQJ'HUHUVWH,PSXOVYHUOLHGLH $QWHQQHQXQJHIlKU]ZDQ]LJ6HNXQGHQEHYRUGLH.&LQGHQ/LQHDUUDXP EHUWUDW 'RFKGDVDOOHLQZDUQLFKWJHQXJ'HU*DODNWRSV\FKRORJHUDQQWHDXVGHU )XQN]HQWUDOHXQGVSUDQJLQGHQQHEHQDQEHILQGOLFKHQ$QWLJUDYVFKDFKWDOVGHU .DOXS]XDUEHLWHQEHJDQQ2EZRKOQXUZHQLJH6HNXQGHQYHUJLQJHQPXWHWHHV LKPZLHHLQHNOHLQH(ZLJNHLWDQELVHUGDVREHUH'HFNHUUHLFKWH,P/DXIHQ HQWVLFKHUWHHUVHLQHQ.RPELVWUDKOHU 'DV6FKRWW]XU)HXHUOHLW]HQWUDOHJOLWWDXI'RQVDK(UZLQ6LPRQYRUGHU =LHOHUIDVVXQJVLW]HQXQG*HRUJH0DKRQYRUGHQ.RQWUROOHQGHU/DGHDXWRPDWLN $XIHLQHPGHU0RQLWRUHZDUGLH0LQXV]HLWHLQJHEOHQGHW 1RFK]ZDQ]LJ6HNXQGHQELV]XP:LHGHUHLQWULWWLQGHQ1RUPDOUDXP 'RQ0DVWHUVUlXVSHUWHVLFKYHUKDOWHQ0DKRQZDQGWHVLFKIOFKWLJ]XLKPXP XQGHUVWDUUWHPLWWHQLQGHU%HZHJXQJDOVHUGLHIOLUUHQGH$EVWUDKOPQGXQJDXI VLFKJHULFKWHWVDK Ä:DVKDEHQ6LHYRU"IUDJWHHUHUVFKURFNHQ

Ä$OOH6\VWHPHDEVFKDOWHQEHIDKO0DVWHUV 1RFK]HKQ6HNXQGHQ 'HU:DIIHQOHLWRIIL]LHUVFKWWHOWHGHQ.RSIÄ6LHVFKLHHQQLFKWVDJWHHUÄ'DV EULQJHQ6LHQLFKWIHUWLJ Ä,FKDQ,KUHU6WHOOHZlUHPLUQLFKWVRVLFKHU'HPRQVWUDWLYVFKZHQNWH'RQGLH :DIIHKHUXPÄ:DVKDOWHQ6LHGDYRQZHQQLFKGDV+DXSWVFKDOWSXOW]HUVW|UH" 'LH.RUYHWWHILHOLQGHQ8QWHUOLFKWEHUHLFK]XUFN7VFKDL.XOXKDWWHGHQ (LQWDXFKSXQNWJXWJHZlKOWNHLQHGUHL/LFKWVHNXQGHQYRQGHU6WDWLRQHQWIHUQW DEHUPHKUDOVGRSSHOWVRZHLWYRQGHQ%HJOHLWVFKLIIHQKlWWHQVLHVLFKQRFKDQ LKUHQDOWHQ.RRUGLQDWHQEHIXQGHQ1XUZDUGDVQLFKWGHU)DOO$OOHYLHU6FKLIIH UDVWHQPLWIODPPHQGHQ+HFNWULHEZHUNHQGHU.&HQWJHJHQ 7VFKDL.XOXIOXFKWHXQEHKHUUVFKW'LH(QHUJLHRUWXQJYHUULHWGDGLH6WDWLRQ VLFKLQHLQHQ6FKXW]VFKLUPYRQEHDFKWOLFKHU.DSD]LWlWJHKOOWKDWWH Ä)HXHUEHIDKOHUXQGVFKRE]XJOHLFKGHQ%HVFKOHXQLJXQJVKHEHOELV]XP $QVFKODJQDFKYRUQH'LH,PSXOVWULHEZHUNHULVVHQGDV6FKLIIYRUZlUWVGHU VFKRQRSWLVFKGHXWOLFK]XHUNHQQHQGHQ6WDWLRQHQWJHJHQ(LQH9LHO]DKO JLWWHUDUWLJHU$XIEDXWHQXQG$QWHQQHQUDJWHYRQGHU3ODWWIRUPQDFKDOOHQ6HLWHQ LQGHQ5DXP 'LH6FKLIIHGHU'XPIULHVVFKZHQNWHQDXI.ROOLVLRQVNXUVHLQ Ä9HUGDPPW6LPRQZDVLVWORVEHLHXFKGDREHQ",FKKDEH)HXHUEHIHKO JHJHEHQ Ä$XV,KUHP3ULYDWNULHJZLUGZRKOQLFKWV0DMRUHUNODQJHVDXVGHP,QWHUNRP 'RQ0DVWHUV6WLPPHZDUXQYHUNHQQEDU'DUDQlQGHUWHDXFKGLHIHKOHQGH%LOG EHUWUDJXQJQLFKWV Ä:DVKDEHQ6LHLQGHU)HXHUOHLW]HQWUDOH]XVXFKHQ"7VFKDL.XOXV6WLPPH EHUVFKOXJVLFKYRU(UUHJXQJ 'LH.RUYHWWHUDVWHZHLWHUDXIGLH5DXPVWDWLRQ]X1XUPHKUZHQLJH6HNXQGHQ EOLHEHQXPDE]XGUHKHQ$XIGHQ6FKLIIHQGHU'XPIULHVVFKQHOOWHGLH (QHUJLHHPLVVLRQVSUXQJKDIWLQGLH+|KH'DVEHGHXWHWHGDGLH$QJHK|ULJHQ GHU6ROGDWHQNDVWHLKUH:DIIHQDNWLYLHUWHQ Ä,FKKDEHPLUHUODXEWVlPWOLFKH6\VWHPHODKP]XOHJHQHUNOlUWH'RQ0DVWHUV XQJHUKUW 7VFKDL.XOXVFKQDSSWHQDFK/XIW Ä'DVLVW9HUUDW'DIUZHUGHQ6LHVLFK]XYHUDQWZRUWHQKDEHQ Ä9RUGHQ0RRJKV"NDPHVVS|WWLVFK]XUFNÄ'LH%HVWLHQZHUGHQNDXP IUDJHQZHUVLHKLQWHUJDQJHQKDW'LHPDFKHQNHLQHQ8QWHUVFKLHG 'HUHUVWH,PSXOVVWUDKOVWUHLIWHGDV6FKLUPIHOGGHU.RUYHWWHULFKWHWHDEHUNHLQHQ 6FKDGHQDQ'LH(QHUJLHZXUGHPKHORVDEVRUELHUW 7VFKDL.XOX]HUELHLQHQ)OXFK]ZLVFKHQGHQ=lKQHQ,KPEOLHENHLQHDQGHUH :DKODOVGDV6FKLIIDXVGHP.XUV]XQHKPHQ6FKQHOOILHOGLH3ODWWIRUPPLWGHQ EL]DUUHQ$QWHQQHQDQODJHQKLQWHUGHU.RUYHWWH]XUFN'LH.&UDVWHQXQDXI HLQHVGHU%HJOHLWVFKLIIH]X )HXHUVSUDQJYRQGHQ%LOGVFKLUPHQKHUDE=ZHLVFKZHUH7UHIIHUNXU] KLQWHUHLQDQGHUHUVFKWWHUWHQGLH6FKLIIV]HOOH(LQ'XW]HQGEOLQNHQGHU

:DUQODPSHQ]HLJWHGHQYRUEHUJHKHQGHQ$XVIDOOXQWHUJHRUGQHWHU6\VWHPHDQ Ä0DVWHUVEUOOWH7VFKDL.XOXDXHUVLFKÄ*HEHQ6LHGLH7UDQVIRUPNDQRQH IUHL 'LHHUIRUGHUOLFKH*HVFKZLQGLJNHLWIUHLQ(LQWDXFKPDQ|YHUZDUQDKH]X HUUHLFKW$EHUQRFK]|JHUWHGHU0DMRUGHQ.DOXSKRFK]XIDKUHQ1XUGDV .DPSIVFKLIIXQPLWWHOEDUYRUDXVEHUHLWHWHLKP6RUJHQ (LQH9LHO]DKOZLQ]LJHUIODPPHQGHU3XQNWHHUVFKLHQDXIGHQ6FKLUPHQ Ä7RUSHGRV6LUPHOGHWH3RH.DODQL 'DVJDEGHQ$XVVFKODJ(LQHPPDVVLYHQ%HVFKXZUGHGDV6FKLUPIHOGGHU .RUYHWWHQLFKWODQJHVWDQGKDOWHQ,PVHOEHQ6HNXQGHQEUXFKWHLOLQGHPGLH HUVWHQ([SORVLRQHQDXIIODPPWHQZXUGHGDV6FKLIILQGDVEHUJHRUGQHWH .RQWLQXXPJHULVVHQ2KQH=LHONRRUGLQDWHQXQGPLWOHGLJOLFK IQIKXQGHUWWDXVHQGIDFKHU/LFKWJHVFKZLQGLJNHLW 1HUY|VIXKU.XOXVLFKPLWGHP+DQGUFNHQEHUGLH6WLUQ(UVWMHW]WEHPHUNWH HUGDHUKHIWLJVFKZLW]WH'LHGURKHQGH9HUQLFKWXQJGXUFKGDV'XPIULH .DPSIVFKLIINRQQWHLKQMHGRFKQLFKWVRDXIJHUHJWKDEHQ²HUKDWWHVFKRQ DQGHUH*HIDKUHQEHUVWDQGHQRKQHGDEHL8QUXKH]XVSUHQ:DVZDUQXUPLW LKPORV"(UIKOWHVLFK]XQHKPHQGXQEHKDJOLFKHU ÄhEHUQHKPHQ6LHEHIDKOHUGHP=ZHLWHQ2IIL]LHUXQGHUKREVLFKÄ,FKNQ|SIH PLU0DVWHUVYRU.DLDQLVYHUZLUUWHQ%OLFNDOVHULP$QWLJUDYOLIWQDFKREHQ VFKZHEWHVDKHUQLFKWPHKU (UZLQ6LPRQGHU:DIIHQOHLWRIIL]LHUXQG*HRUJH0DKRQNDXHUWHQLQLKUHQ 6HVVHOQ,KUH*HVLFKWHUZDUHQXQQDWUOLFKEOHLFK$EHUGDUDXIDFKWHWH.XOX QLFKW 'RQ0DVWHUVVWDQGPLWGHP5FNHQDQHLQH.RQVROHJHOHKQWJOHLFK]HLWLJGDV 6FKRWWXQGGHQ$QWLJUDYVFKDFKWLP$XJHEHKDOWHQG'HQ%ODVWHUKDWWHHU]X %RGHQJHULFKWHW Ä0LUZDUNODUGD6LHYRU:XWNRFKHQZUGHQVDJWHHUDOV.XOXGDV DXIZlUWVJHULFKWHWH7UDQVSRUWIHOGYHUOLHÄ+RIIHQWOLFKN|QQHQZLUQXQ YHUQQIWLJPLWHLQDQGHUUHGHQ (LQYHUlFKWOLFKHU=XJHUVFKLHQXPGHV0DMRUV0XQGZLQNHO)RUGHUQGVWUHFNWHHU GLH5HFKWHDXV Ä,KUH:DIIH'RNWRU Ä8QGGDQQ" Ä.RRSHUDWLRQPLWGHP*HJQHULVWHLQ'HOLNWEHUGDVLQXQVHUHU6LWXDWLRQGDV %RUGJHULFKWHQWVFKHLGHW Ä6LHKDEHQPLFKOlQJVWYRUYHUXUWHLOW0DMRU6LHVLQGEHIDQJHQ Ä'LH:DIIHYHUODQJWH7VFKDL.XOXPLW1DFKGUXFN Ä:DVLVWZHQQ6LHGHQ%ODVWHUQLFKWNULHJHQ":HUWHQ6LHGDVDOV:LGHUVWDQG JHJHQHLQHQ9RUJHVHW]WHQ"'RQOLHGLH:DIIHTXHUGXUFKGLH=HQWUDOH VFKOLWWHUQ6LHEOLHEXQPLWWHOEDUYRUGHP6FKDFKWGHV$EIDOOYHUQLFKWHUVOLHJHQ Ä1DORVIXKUHULQKHUDXVIRUGHUQGHP7RQIDOOIRUWÄEULQJHQ6LHPLFKXPZLH GLH%HVWLHQHVDXFKWXQZUGHQ,FKELQZHKUORV6LHKDEHQOHLFKWHV6SLHO$EHU ODVVHQ6LHPLFKYRUKHUQRFKNODUVWHOOHQGDGLH0RRJKVKHLPWFNLVFKYHUORJHQ

XQGEUXWDO Ä(VUHLFKW'RNWRU+DOWHQ6LHGHQ0XQG 7VFKDL.XOXKLHOWSO|W]OLFKVHLQHQHLJHQHQ%ODVWHULQGHU+DQG8QGVHLQ =HLJHILQJHUODJEHGURKOLFKQDKHDP$XVO|VHU Ä:DUXPZROOHQ6LHGLH:DKUKHLWQLFKWK|UHQ"'RQZDUVLFKLPNODUHQGDUEHU ZHOFKHV5LVLNRHUHLQJLQJ(UJODXEWHDOOHUGLQJVHVUHFKWJXWHLQVFKlW]HQ]X N|QQHQ'D0DKRQXQG6LPRQVLFKDEZDUWHQGYHUKLHOWHQEHVWlUNWHLKQLQ VHLQHU$QQDKPHÄ'LH%HVWLHQWUDJHQLKUHQ1DPHQ]X5HFKWIXKUHUIRUW 7VFKDL.XOXVW|KQWHJHTXlOWDXI6HLQ)LQJHUEHUKUWHGHQ$XVO|VHUGUFNWHLKQ GXUFK(LQVFKDUIJHEQGHOWHU*OXWVWUDKO]XFNWHDXIGHQ*DODNWRSV\FKRORJHQ]X GHPNHLQH=HLWEOLHEXP]XUHDJLHUHQ=ZHL+DQGEUHLWQHEHQ'RQJOKWHGLH 9HUNOHLGXQJGHU.RQVROHDXI=lKIOVVLJHV0HWDOOWURSIWH]X%RGHQ,POHW]WHQ 0RPHQWKDWWHGHU0DMRUGHQ%ODVWHUHLQNOHLQZHQLJ]XU6HLWHJHULFKWHW 0LWKlQJHQGHQ6FKXOWHUQVWDQG7VFKDL.XOXGD(UVWDUUWHGHQ3V\FKRORJHQDQ XQGVFKLHQLKQGRFKQLFKWZDKU]XQHKPHQ'LH:DIIHHQWJOLWWVHLQHQ)LQJHUQ SROWHUWH]X%RGHQ Ä6LHZROOWHQQLFKWDXIPLFKVFKLHHQYHUVHW]WH'RQ0DVWHUVÄ$EHUGLH 0RRJKVKDEHQ6LHGD]XJH]ZXQJHQ,VWHVQLFKWVR" 7VFKDL.XOXHUZLGHUWHQLFKWV/DQJVDPVFKLHQHUMHGRFK]XVLFKVHOEVW]XILQGHQ Ä:LUPVVHQPLWHLQDQGHUUHGHQVDJWH'RQÄ/DQJHXQGDXVIKUOLFK 'LH.&UDVWHPLWXQEHNDQQWHP=LHOGXUFKGHQ=ZLVFKHQUDXP (UVWDXQWUHJLVWULHUWH0DVWHUVGLH9HUZDQGOXQJGLHPLWGHU0DQQVFKDIWYRUVLFK JLQJ(UKDWWHVLFKGDUDXIHLQJHVWHOOWPLW(QJHOV]XQJHQUHGHQ]XPVVHQDEHU SO|W]OLFKJLQJDOOHV]LHPOLFKOHLFKW7VFKDL.XOXEHLGHPGLH%HHLQIOXVVXQJDP GHXWOLFKVWHQJHZHVHQZDUKDWWHVR]XVDJHQHLQHQKHLOVDPHQ6FKRFNHUOLWWHQ'HU =ZDQJDXIGHQ*DODNWRSV\FKRORJHQ]XVFKLHHQKDWWHHLQHQ3UR]HGHULQQHUHQ 8PNHKUHLQJHOHLWHW$OOPlKOLFKJHZDQQHUVHLQHXUVSUQJOLFKH(LQVWHOOXQJ]X GHQ*HJHEHQKHLWHQLQ0]XUFN Ä'LHYHUPHLQWOLFKH1lKHGHU&5(67ZDUGHU$XVO|VHUEHWRQWH3RH.DODQL Ä'HU)XQNVSUXFKXQGGDV$EELOGGHV0XWWHUVFKLIIVLQGHU2UWXQJJLQJHQPLU GXUFKXQGGXUFK Ä*HQDXGDVKDWWHLFKJHKRIIWVDJWH'RQ0DVWHUVÄ=ZHLXQGGUHLLJ0LOOLRQHQ /LFKWMDKUHWUHQQHQXQVYRQ7HUUD²GDVLVWNHLQH(QWIHUQXQJGLHVFKQHOO YHUJHVVHQOlW8QWHUVROFKHQ8PVWlQGHQPX+HLPZHK]XUVWlUNVWHQ.UDIW ZHUGHQGLHGHQ0HQVFKHQEHZHJW Ä6WlUNHUDOVGHU(LQIOXGHU0RRJKV3RH.DODQLODFKWHXQGGLHDQGHUHQ VWLPPWHQGDULQHLQ Ä:DVXQWHUQHKPHQZLUMHW]W"ZROOWH*HRUJH0DKRQZLVVHQÄ0LW9ROOVFKXE ]XUFN]XU&5(67" Ä/LHEHQGJHUQH(UZLQ6LPRQQLFNWHHLIULJÄ'LH)UDJHLVWQXUZRZLUXQVHU 0XWWHUVFKLIIILQGHQ0HKUDOV]ZHL:RFKHQVLQGYHUJDQJHQ'LH&5(67GLH %2;XQGGLHEHLGHQ+DOXWHUVFKLIIHKDEHQLQ]ZLVFKHQYLHOOHLFKWGLHKDOEH *DOD[LVGXUFKTXHUWXQGVWHKHQMHQVHLWVGHV=HQWUXPV Ä3HVVLPLVWVFKLPSIWH0DKRQÄ:HQQLFKGDUDQGHQNHGDZLUGHP7RGNQDSS

HQWURQQHQVLQGVWHKHQZLUGRFKDXVJH]HLFKQHWGD Ä'DQNIUHPGHU+LOIHEHWRQWH.DODQL Ä1DXQG"0DKRQZDUQLFKWGHU7\SGHUNOHLQEHLJDEÄ:HUEHKDXSWHWGDXQV QLFKWZLHGHUJHKROIHQZLUG" Ä,FKPLVFKWHVLFK7VFKDL.XOXHLQÄ:HLOLFKXPMHGHQ0RRJKNQIWLJHLQHQ ZHLWHQ%RJHQPDFKH Ä'DVZLUGQLFKWP|JOLFKVHLQJDE0HQF5DGHF]LQ]XEHGHQNHQÄ:LUGUIHQ 6]\SLQVNLXQG0RUHQRQLFKWLKUHP6FKLFNVDOEHUODVVHQ Ä'LH0RRJKVZHUGHQXQVPLW3DXNHQXQG7URPSHWHQHPSIDQJHQEHKDXSWHWH 6LPRQÄ8QGPLWVFKZHUHQ*HVFKW]HQ:HLOZLUHVQLFKWJHVFKDIIWKDEHQGLH 6WDWLRQGHU6WW]SXQNWLQJHQLHXUH]X]HUVW|UHQ Ä'DVLVWXQHUKHEOLFKVDJWH'RQ0DVWHUVZRIUHUHLQH5HLKHXQJOlXELJHU %OLFNHHLQKHLPVWHÄ'LH0RRJKVZLVVHQGDVHOEVWWDXVHQGVROFKHU3ODWWIRUPHQ NHLQH*HIDKUEHGHXWHQ8QG'XPIULHVXQG6WW]SXQNWLQJHQLHXUHZLVVHQGDV DXFK(VJHKWGDEHLHKHUXPHLQH$UWSV\FKRORJLVFKHU.ULHJIKUXQJ'RFK GDUDXIZROOWHLFKQLFKWKLQDXV'LH0RRJKVKDEHQXQVHLQJHVHW]WXPGLH &5(67LQ0LNUHGLW]XEULQJHQXQGGHQ*URDGPLQLVWUDWRU]X]ZLQJHQPLW LKQHQJHPHLQVDPH6DFKH]XPDFKHQ Ä,FKYHUVWHKH(UZLQ6LPRQQLFNWHHLIULJÄ'DGLH0RRJKVLP2UGDQ6\VWHP NHLQHVIDOOVZLVVHQN|QQHQGDZLUXQVDXVLKUHP%DQQEHIUHLWKDEHQZHUGHQ VLHXQV/DQGHHUODXEQLVHUWHLOHQXQGXQVVSlWHULQHLQHQQHXHQ(LQVDW]VFKLFNHQ :LUEHNRPPHQDOVRHLQH&KDQFHGLH*HLVHOQ]XEHIUHLHQ Ä,QHWZDVRVWHOOHLFKPLUGDVYRUEHVWlWLJWH'RQ 1DFKIQI6WXQGHQ)OXJGDXHUDEHUQXUUXQG/LFKWMDKUHQ]XUFNJHOHJWHU (QWIHUQXQJEHHQGHWH7VFKDL.XOXGLH/LQHDUHWDSSH'LH.RUYHWWHILHOLQGHQ LQWHUVWHOODUHQ/HHUUDXP]XUFN Ä1XUHLQ6RQQHQV\VWHPOLHJWLQXQPLWWHOEDUHU1lKHPHOGHWH.DODQLYRQGHQ 2UWXQJHQKHUÄ9LHU3ODQHWHQ]ZHLGDYRQLQQHUKDOEGHU%LRVSKlUH$Q]HLFKHQ HLQHU=LYLOLVDWLRQ]X%HJLQQGHV$WRP]HLWDOWHUV6FKLIIVYHUNHKU]ZLVFKHQGHQ 3ODQHWHQPLWWHOVORQHQDQWULHE$QVRQVWHQNHLQHEHGHXWVDPHQ)HVWVWHOOXQJHQ Ä)XQNHPSIDQJ" Ä'DVhEOLFKHNDPHVDXVGHU)XQN]HQWUDOHLQGHU0HQF5DGHF]LQ'LHQVWWDW Ä(LQVWDUNHV+LQWHUJUXQGUDXVFKHQXQG6W|UJHUlXVFKHDXV5LFKWXQJGHV JDODNWLVFKHQ=HQWUXPV:LUIDQJHQPHKUHUHXQNRGLHUWH+\SHUIXQNVHQGXQJHQ DXIDEHUQLFKWVZDVXQVEHWULIIW6LHKWVRDXVDOVKlWWHQ'XPIULHVXQG 6WW]SXQNWLQJHQLHXUHXQVQLFKWLGHQWLIL]LHUW Ä3DKPDFKWH7VFKDL.XOXÄYHUJHVVHQ6LHVROFKH6SHNXODWLRQHQ6SlWHVWHQV VHLWXQVHUHU%HJHJQXQJPLWGHP'UXLVDQWZHLMHGHUGLHVHU%XUVFKHQZLHHLQH .RUYHWWHDXVVLHKW,FKELQVRJDUVLFKHUGDZLUDOVGDV6FKLIIHUNDQQWZXUGHQ GDVGLH.HLPHGHU7RGHVVHXFKHLQVLFKWUlJW $QKDQGGHU.DUWHQZXUGHGHUQHXH.XUVIHVWJHOHJW'DMHGRFK5HSDUDWXUDUEHLWHQ DQVWDQGHQGLHLPIUHLHQ)DOODXVJHIKUWZHUGHQPXWHQEHKLHOWGLH.& ZlKUHQGGHUQlFKVWHQ6WXQGHQLKUHUHODWLYH3RVLWLRQEHL 6WlQGLJODXVFKWHMHPDQGLQGHQNRVPLVFKHQbWKHU$EHUDXIDOOHQ)UHTXHQ]HQ

NDPHQQXULP=HQWUXPVLGLRPDEJHIDWH6HQGXQJHQKHUHLQ9RQGHU&5(67,9 GHU%2;XQGGHQEHLGHQ+DOXWHUVFKLIIHQHUUHLFKWHNHLQQRFKVRNOHLQHU %OLSGLH$QWHQQHQ Ä:LUVROOWHQYHUVXFKHQYRQXQVDXV9HUELQGXQJDXI]XQHKPHQVFKOXJ(UZLQ 6LPRQYRU Ä'LH0RRJKVZHUGHQVLFKIUHXHQVDJWH7VFKDL.XOXQXU 'HU:DIIHQOHLWRIIL]LHUYHUVWDQGGDVLHVLFKNHLQH%O|HJHEHQGXUIWHQ (QGOLFKQDKPGLH.RUYHWWHZLHGHU)DKUWDXI'LH(WDSSHIKUWHEHUIQIKXQGHUW /LFKWMDKUH6RIRUWQDFKGHP2ULHQWLHUXQJVDXVWULWWZXUGHHLQYHUVWPPHOWHUXQG PLWlXHUVWVFKZDFKHU6HQGHOHLVWXQJDEJHVWUDKOWHU1RWUXIHPSIDQJHQ(LQLJH /LFKWPRQDWHHQWIHUQWZlUHHUYHUPXWOLFKVFKRQQLFKWPHKU]XYHUVWHKHQ JHZHVHQ 'LH0lQQHUGHU.&EOLFNWHQVLFKIUDJHQGDQ Ä,JQRULHUHQ"ZROOWH0DKRQZLVVHQÄ(VN|QQWHVLFKXPHLQH)DOOHKDQGHOQ Ä:RLQWHOOLJHQWHV/HEHQLQ*HIDKULVWGUIHQZLUQLFKWHLQIDFKGLH$XJHQ VFKOLHHQZLHV'RQ0DVWHUVGHQ7HFKQLNHU]XUHFKW Ä,FKPHLQWHQXUGDZLUYRUVLFKWLJVHLQPVVHQ0DKRQVFKRGDV%OXWLQGLH :DQJHQ.UDPSIKDIWVXFKWHHUQDFKHLQHU5HFKWIHUWLJXQJÄ)DOOVGLH'XPIULHV 7VFKDL.XOXNRQ]HQWULHUWHVLFKZLHGHUDXIGLH$Q]HLJHQVHLQHU0RQLWRUHÄ'HU 1RWUXILVWHFKW1LHPDQGNRQQWHZLVVHQZRZLUGHQ/LQHDUUDXPYHUODVVHQ Ä'DVKHLWZLUNPPHUQXQVGDUXPVWHOOWH'RQ0DVWHUVIHVW 'HU0DMRUQLFNWHÄ1DWUOLFKVDJWHHU 'HUYHUVWPPHOWH)XQNVSUXFKNDPDXVGHPHLQHLQKDOE/LFKWMDKUHHQWIHUQWHQ 6\VWHPHLQHUJURHQEODXHQ6RQQH6LHZXUGHYRQGUHL]HKQ3ODQHWHQXPNUHLVW XQGGLHVHZLHGHUXPYRQHLQHUVWDWWOLFKHQ$Q]DKOYRQ0RQGHQ'LH3HLOXQJ EHZLHVGDGHU6HQGHULQXQPLWWHOEDUHU1lKHGHUVLHEWHQ:HOWVWDQG Ä'UHL]HKQVDJWH3RH.DODQLÄ$XVJHUHFKQHW 'RQ0DVWHUVNRQQWHVHLQVS|WWLVFKHV*ULQVHQQLFKWYHUEHUJHQDOVHUVLFKGHP =ZHLWHQ2IIL]LHU]XZDQGWH Ä6DJHQ6LHEOR6LHVLQGDEHUJOlXELVFK:RP|JOLFKEOHLEHQ6LHVRJDUVWHKHQ ZHQQ,KQHQHLQHVFKZDU]H.DW]HEHUGHQ:HJOlXIW .DODQLYROOIKUWHHLQHZHJZHUIHQGH+DQGEHZHJXQJÄ:HJHQHLQHUVFKZDU]HQ .DW]HQLFKW$EHUIDOOVHLQVFKZDU]HV5DXPVFKLIILQ6LFKWNRPPWZHUGHLFK PLFKVRIRUWDEVHW]HQ $OOHODFKWHQ'RFKGLHVHV/DFKHQNODQJJHNQVWHOW7LHIVFKZDU]ZDUHQGLH :DO]HQUDXPVFKLIIHGHU0RRJKV Ä)UJHZ|KQOLFKVW|UWPLFKGLH'UHL]HKQQLFKWIJWHGHU=ZHLWH2IIL]LHU HUNOlUHQGKLQ]XÄ1XUKDEHLFKGLHVPDOHLQPXOPLJHV*HIKOLQGHU 0DJHQJHJHQG (LQNXU]HUhEHUOLFKWIOXJEUDFKWHGLH.&ELVDQGHQ5DQGGHV6RQQHQV\VWHPV 'HUVLHEWH3ODQHWEHVDYLHU0RQGH$XIHLQHPGDYRQVWDQGGHU6HQGHU:HLWHUH $Q]HLFKHQIUK|KHUHQWZLFNHOWHV/HEHQZDUHQQLFKWIHVW]XVWHOOHQ 'LH.RUYHWWHQlKHUWHVLFKGHP0RQGPLWhEHUOLFKWELVDXI0LOOLRQHQ

.LORPHWHUXQGYHU]|JHUWHGDQQVWDUN 'LH=HLWELV]XP(LQVFKZHQNHQLQHLQHQ2UELWZDUPLWZHLWHUHQ0HVVXQJHQ DXVJHIOOW(LQH$QWZRUWDXIGHQ1RWUXIEUDFKWHNHLQH9HUlQGHUXQJ(QWZHGHU DUEHLWHWHGHU(PSIlQJHUQLFKWRGHUHVJDEQLHPDQGHQGHULQGHU/DJHJHZHVHQ ZlUHGLHDXWRPDWLVFKDEODXIHQGH6HQGXQJ]XXQWHUEUHFKHQ 6SRQWDQJDE3RH.DODQLGHP6\VWHPGHQ1DPHQ7KLUWHHQXQGQDQQWHGLH:HOW GLHVLFKDOVJUDXEUDXQH.XJHO]HLJWHHQWVSUHFKHQGLKUHU8PODXIEDKQXPGLH 6RQQH6HYHQ9RQGHQYLHU0RQGHQZDUHQGUHL|GH)HOVEURFNHQYHUPXWOLFK LUJHQGZDQQYRQGHU6FKZHUNUDIWHLQJHIDQJHQH$VWHURLGHQ,KUH%DKQHQZDUHQ HQWVSUHFKHQGH[]HQWULVFK 'HUYLHUWH0RQGGXUFKPDGDJHJHQEHDFKWOLFKH.LORPHWHU(UEHVD *HELUJV]JHDXVJHGHKQWH(EHQHQXQGVRJDU:DVVHUIOlFKHQ(LQVWPRFKWHHLQH DXVUHLFKHQGHZHQQDXFKGQQH$WPRVSKlUHGHQ3IODQ]HQZXFKVEHJQVWLJW KDEHQLQ]ZLVFKHQKDWWHVLHVLFKDEHUVRYHUIOFKWLJWGDQXULQ6HQNHQXQG WLHIHUJHOHJHQHQ5HJLRQHQHLQH$WPRVSKlUHIHVW]XVWHOOHQZDU ,QGUHLLJ.LORPHWHU+|KHXQGPLWDNWLYLHUWHP6FKXW]VFKLUPQlKHUWHVLFKGLH .RUYHWWHGHP$XVJDQJVSXQNWGHV1RWUXIV(LQHEODXJUQVFKLPPHUQGHYRQ XQ]lKOLJHQNOHLQHQ6HHQGXUFK]RJHQH7LHIHEHQHHUVWUHFNWHVLFKYRUDXV'LH 9HUJU|HUXQJHQ]HLJWHQHLQHZDKUKDIWVNXUULODQPXWHQGH3IODQ]HQYLHOIDOWXQG DP)XHLQHUVFKURIIHQ(UKHEXQJGDV:UDFNHLQHVNOHLQHQ5DXPVFKLIIV $XIGHQHUVWHQ%OLFNZLUNWHHVZLHHLQH9LHO]DKOZDKOORV ]XVDPPHQJHVFKZHLWHU]\OLQGHUI|UPLJHU5|KUHQNHLQHOlQJHUDOV]HKQ0HWHU XQGPHKUDOVYLHU0HWHUGXUFKPHVVHQG6REDOGGHU%HWUDFKWHUVLFKDQGDVYHU PHLQWOLFKH'XUFKHLQDQGHUJHZ|KQWKDWWHHUNDQQWHHUGDHVVLFKOHGLJOLFKXP VHFKV5|KUHQKDQGHOWHGLHVRPLWHLQDQGHUYHUEXQGHQZDUHQGDPDQYRQHLQHP =\OLQGHUDXVLPPHU]ZHLDQGHUHEHWUHWHQNRQQWH Ä'DVLVWGDVHLJHQZLOOLJVWH*HELOGHGDVPLUELVODQJXQWHUJHNRPPHQLVW EHKDXSWHWH0HQF5DGHF]LQÄ:LHP|JHQVHLQH(UEDXHUZRKODXVVHKHQ" 'LH/DQGVFKDIWDXIGHQ%LOGVFKLUPHQVFKLHQDEUXSWDXIGLH.RUYHWWH ]X]XVSULQJHQ=XJOHLFKVFKULOOWHGHU$ODUP *HLVWHVJHJHQZlUWLJVFKDOWHWH7VFKDL.XOXDXI*HJHQVFKXE6HNXQGHQODQJZDU GDV'U|KQHQGHU,PSXOVWULHEZHUNH]XYHUQHKPHQ 'LH.&IXKUGLH/DQGHVWW]HQDXVXQGVHW]WHPLWHLQHPVDQIWHQ5XFNDXI 8QGGDVRKQHMHGHV=XWXQGHU%HVDW]XQJ Ä)HKOIXQNWLRQPHOGHWHGLH3RVLWURQLN Ä(UELWWHJHQDXHUH'HILQLWLRQ7VFKDL.XOXVWDQGGHP*HVFKHKHQPHKURGHU ZHQLJHUKLOIORVJHJHQEHU8QYHUVWlQGOLFKZDUGDVlPWOLFKH.RQWUROOHQ ZlKUHQGGHUSO|W]OLFKHQ%HVFKOHXQLJXQJVSKDVH*UQZHUWHJH]HLJWKDWWHQ Ä8UVDFKHXQEHNDQQWVWHOOWHGLH3RVLWURQLNIHVW 'DV:UDFNGHVIUHPGHQ6FKLIIHVODJNHLQH]ZHLKXQGHUW0HWHUHQWIHUQW 'LHQlFKVWHhEHUUDVFKXQJOLHQLFKWODQJHDXIVLFKZDUWHQ7VFKDL.XOXVWHOOWH IHVWGDGLH.RUYHWWHQLFKWPHKUDXI6WHXHULPSXOVHUHDJLHUWH Ä,FKVDJWHHVGRFKEHPHUNWH3RH.DODQLÄKLHUJHKWHVQLFKWPLWUHFKWHQ'LQJHQ ]X

Ä6WHFNHQ6LHVLFKGHUDUWLJH%HIUFKWXQJHQKLQWHUGHQ6SLHJHO'HU0DMRU VFKQDXEWHlUJHUOLFK6HLQH0LHQHYHUKlUWHWHVLFKDOVHUEHUGHQ1RWVWDUWVFKDOWHU HEHQIDOOVNHLQH5HDNWLRQHU]LHOWH:HQQ]ZHLYRQHLQDQGHUXQDEKlQJLJH6\VWHPH GLHVHOEH)HKOIXQNWLRQ]HLJWHQOLHGDVDXIlXHUH(LQIOVVHVFKOLHHQ (UGHXWHWHDXIGDVIUHPGH6FKLII Ä6LHKWVRDXVDOVKlWWHQZLUXQVWDWVlFKOLFKHLQ.XFNXFNVHLHLQJHKDQGHOWVDJWH HUÄ,FKVFKODJHYRU'U0DVWHUVZLUVHKHQXQVVRIRUWGUEHQXP 'LH$WPRVSKlUHGHV0RQGHVZDUDWHPEDUZHQQDXFKGQQ'LHHUVWHQ $QDO\VHQKDWWHQNHLQHGHPPHQVFKOLFKHQ2UJDQLVPXVDEWUlJOLFKHQ %HLPHQJXQJHQRGHU.UDQNKHLWVHUUHJHUHUJHEHQ Ä:LUN|QQHQDXIGLH5DXPDQ]JHYHU]LFKWHQVWHOOWHGHU0DMRUIHVWÄ1HKPHQ 6LHDEHU,KUH:DIIHQPLW'RNWRU 'RQ0DVWHUV]RJHLQH$XJHQEUDXHKRFK Ä:ROOHQ6LHPLFKIUHYHQWXHOOH9HUKDQGOXQJHQGDEHLKDEHQRGHUDOV *HOHLWVFKXW]" Ä%HLGHVVRODQJHLFKQLFKWZHLZDVJHVSLHOWZLUG8QVHU%HLQDKH$EVWXU]XQG GDV9HUVDJHQGHU7ULHEZHUNHJHKHQ]ZHLIHOORVDXIGDV.RQWRLQWHOOLJHQWHU :HVHQXQGGLHVXFKHQZLUDQ%RUGGHV5|KUHQVFKLIIV 7VFKDL.XOXHUWHLOWHGHQ=XUFNEOHLEHQGHQ$QZHLVXQJMHGHQ4XDGUDW]HQWLPHWHU GHV0RQGHVXQWHUGLH/XSH]XQHKPHQ'DQQYHUOLHHQ'RQ0DVWHUVXQGHUGLH .RUYHWWHGXUFKGLH+DXSWVFKOHXVH (LQWLHIEODXHUIDVWVFKRQVFKZDU]JHIlUEWHU+LPPHOZ|OEWHVLFKEHUGHU(EHQH 'HU+RUL]RQWZDU]XP*UHLIHQQDKH 0LQXWHQODQJYHUKDUUWHQGLHEHLGHQ0lQQHUDXIGHP5LQJZXOVWYRUGHU6FKOHXVH XQGOLHHQGLHQHXHQ(LQGUFNHDXIVLFKZLUNHQ=ZLVFKHQ]ZHLDEJHIODFKWHQ *LSIHOQVFKREVLFKODQJVDPGLH5XQGXQJGHV0XWWHUSODQHWHQKHUDXI 'LH/XIWVFKPHFNWHZU]LJVLH]ZDQJDOOHUGLQJV]XKDVWLJHUHP$WPHQ:RONHQ YRQ%OXWHQVWDXE]RJHQGLFKWEHUGHP%RGHQGDKLQ$OVDKQWHQGLH3IODQ]HQ GDLKUH$UWHQYLHOIDOWLQQDKHU=XNXQIWYHUJHKHQPXWH 0LW+LOIHGHU$QWLJUDYDJJUHJDWHOLHHQ.XOXXQG0DVWHUVVLFK]X%RGHQVLQNHQ :HLFKHVGLFKWHV0RRVIHGHUWHLKUH6FKULWWHDEDOVVLHVLFKGHP5|KUHQVFKLII QlKHUWHQ%HLGHYHUPLWHQVLHGDV9RUKDQGHQVHLQYRQ,QVHNWHQXQGDQGHUHQ .OHLQOHEHZHVHQ(LQHQDKH]XYROONRPPHQH6WLOOHKHUUVFKWH,QGHQOHW]WHQ 2DVHQGLHQRFKEHUHLQH$WPRVSKlUHYHUIJWHQEHGHXWHWH:LQGYHUPXWOLFK HLQH6HOWHQKHLW Ä'LH3IODQ]HQPVVHQIULKUH$UWHUKDOWXQJEHVRQGHUH$QVWUHQJXQJHQ HQWZLFNHOQ'RQEHUOHJWHODXWÄ,FKZUGHPLFKQLFKWZXQGHUQZHQQVLHGHQ %OXWHQVWDXEXQWHU'UXFNDXVEODVHQ(UGHXWHWHDXIHLQLJHGHU%OWHQNHOFKHGLH GLH*U|HYRQ]ZHLJHEDOOWHQ)lXVWHQHUUHLFKWHQ Ä,FKZXWHJDUQLFKWGD6LHDXFK%RWDQLNHUVLQGVS|WWHOWH7VFKDL.XOXÄ2GHU LQWHUHVVLHUHQ6LHVLFKQXUIUGLH3V\FKRORJLHGHU%OXPHQ" Ä'DVZlUHJDUQLFKWVRDEZHJLJHUZLGHUWH'RQ0LWWOHUZHLOHKDWWHQVLHGDV 5DXPVFKLIIHUUHLFKWGDVZLHGDVEOHLFKH6NHOHWWHLQHVXUZHOWOLFKHQ0RQVWHUVYRU

LKQHQDXIUDJWH$Q%RUGVFKLHQHVPHKUHUH([SORVLRQHQJHJHEHQ]XKDEHQGHQQ ]ZHLGHU5|KUHQKDWWHQVLFKYRQLQQHQKHUDXVDXIJHZ|OEWXQGZDUHQ DXIJHULVVHQ8QLGHQWLIL]LHUEDUH$JJUHJDWHXQG0DVFKLQHQWUPPHUOLHHQ YHUPXWHQGDHVVLFKXPGHQ$QWULHEVEHUHLFKKDQGHOWH:LHHVDXVVDKZUGH GDV6FKLIIVLFKQLHZLHGHUDXVHLJHQHU.UDIWLQGHQ:HOWUDXPHUKHEHQN|QQHQ 7VFKDL.XOX]RJHLQ.RPELPHJHUlW]X5DWHÄ.HLQHVFKlGOLFKH6WUDKOXQJ VWHOOWHHUIHVWÄ:LUN|QQHQXQVXQEHVRUJWXPVHKHQ (LQVFKPDOHULQ:LQGXQJHQYHUODXIHQGHU*DQJGXUFK]RJGLHHUVWH5|KUHGLH GHU0DMRUXQG'RQ0DVWHUVEHWUDWHQ'HUEULJH5DXPZXUGHYRQNRPSDNWHQ VFKZHULGHQWLIL]LHUHQGHQ0DVFKLQHQHLQJHQRPPHQ%HLHLQLJHQVFKLHQHVVLFK XP)HOGSURMHNWRUHQIUGLH(U]HXJXQJXQG%QGHOXQJYRQ,PSXOVVWUDKOHQ]X KDQGHOQ 'HU:HJGXUFKGLHQlFKVWH5|KUHIKUWHLQHLQHP:LQNHOYRQQDKH]XVHFK]LJ *UDGDXIZlUWV'LH.RQVWUXNWLRQOLHXQVFKZHUHUNHQQHQGDXQWHUQRUPDOHQ 8PVWlQGHQGLH]XP=HQWUXPGHV5DXPVFKLIIVKLQJHQHLJWH)OlFKHDOVÄXQWHQ ]XEH]HLFKQHQZDU'DVEHGHXWHWHGDZHJHQGHUXQWHUVFKLHGOLFKHQ1HLJXQJV ZLQNHOGHUHLQ]HOQHQ5|KUHQ]XHLQDQGHUNHLQHLQKHLWOLFKHU6FKZHUNUDIWYHNWRU H[LVWLHUWKDWWH'LHhEHUJDQJVVWHOOHQ]ZLVFKHQGHQ5|KUHQPXWHQ]XJOHLFKHLQH $UW6FKZHUNUDIWVFKOHXVHJHZHVHQVHLQLQGHQHQGHU%HQXW]HUDXIGLHMHZHLOV QHXH*UDYLWDWLRQVULFKWXQJJHGUHKWZRUGHQZDU'DGDV6FKLIIJHUDGHQRFKJHQXJ (QHUJLHEHVDXPHLQHVSlUOLFKH%HOHXFKWXQJDXIUHFKW]XHUKDOWHQXQGGHQ 1RWVHQGHU]XEHWUHLEHQZDUGLHVHZLFKWLJH)XQNWLRQDXVJHIDOOHQ$QGHUHUVHLWV EHWUXJGLH6FKZHUNUDIWGHV0RQGHVQXUJ$EHUDXFKHLQK|KHUHU:HUWKlWWH 7VFKDL.XOXXQG'RQ0DVWHUVNHLQHVZHJVYRU3UREOHPHJHVWHOOW,KUH $QWLJUDYJHUlWHDXI1XOOZHUWMXVWLHUWVWLHHQVLHVLFKDEXQGVFKZHEWHQODQJVDP LQGLH+|KH 'LHGULWWH5|KUHHQWKLHOWGLH8QWHUNQIWHGHU%HVDW]XQJHQJH]HOOHQlKQOLFKH 5lXPHGHUHQVSDUWDQLVFKH(LQULFKWXQJNHLQH+LQZHLVHDXIGDV$XVVHKHQGHU )UHPGHQJDE Ä$XIMHGHQ)DOOVLQGVLHNOHLQHUDOV]ZHL0HWHUIQI]LJVDJWH'RQ0DVWHUV 'LH)XQNYHUELQGXQJ]XU.RUYHWWHXQWHUODJNHLQHU%HHLQWUlFKWLJXQJ3RH.DODQL PHOGHWHVLFK Ä:LUPHVVHQHLQYHUVWlUNWHV(QHUJLHDXINRPPHQDQDOVZUGHQHLQLJH $JJUHJDWH]XQHXHP/HEHQHUZDFKHQ'LH(PLVVLRQJHKWYRQGHU5|KUHDXVGLH 6LHDOVQlFKVWHEHWUHWHQ0DMRU Ä6RQVWQRFKZDV" Ä1HLQ Ä%HKDOWHQ6LHGLH$Q]HLJHQLP$XJHXQGJHEHQ6LH%HVFKHLGIDOOVVLFKPHKU WXW Ä8QVHU(LQGULQJHQKDWYLHOOHLFKWHLQHQ9HUWHLGLJXQJVPHFKDQLVPXVDXVJHO|VW VDJWH'RQ0DVWHUVDUJZ|KQLVFKÄ'DVZUGHEHGHXWHQGDGLHOHW]WHQ (QHUJLHUHVHUYHQDQJH]DSIWZHUGHQXQGLQ.U]HVHOEVWGLHHOHPHQWDUVWH 9HUVRUJXQJ]XVDPPHQEULFKW :LHXPVHLQH%HKDXSWXQJ]XHUKlUWHQHUNODQJHUQHXW.DLDQLV6WLPPHDXVGHP

$UPEDQGHPSIlQJHU Ä'HU1RWUXILVWDEJHEURFKHQ6LU $XJHQEOLFNHVSlWHUVDKHQ7VFKDL.XOXXQG'RQ0DVWHUVGHQ)UHPGHQ'LH 5|KUHLQGHUVLHVLFKJHUDGHEHIDQGHQYHUOLHILQHLQHP:LQNHOYRQDQQlKHUQG GUHLLJ*UDGDXIZlUWV$QLKUHP(QGHEHIDQGVLFKGHUhEHUJDQJLQGHQ QlFKVWHQZDDJUHFKWDQJHIODQVFKWHQ=\OLQGHU9RQGRUWHUNODQJHLQ3ROWHUQHLQ ]DUWEUDXQHUJURHU.|USHUWRUNHOWHGXUFKGLHRIIHQEDUWHLOZHLVHIXQNWLRQLHUHQGH *UDYLWDWLRQVVFKOHXVH'LHVFKQHOOZHFKVHOQGHQJHULFKWHWHQ6FKZHUNUDIWIHOGHU OLHHQGHP:HVHQNHLQH&KDQFHVLFKDE]XIDQJHQRGHUJDUGLH2ULHQWLHUXQJ ]XUFN]XJHZLQQHQ ,QVWLQNWLYJULIIHQGHU0DMRUXQG'RQ]XLKUHQ:DIIHQ(LQNXELVFKHU%HKlOWHU VFKlW]XQJVZHLVHHLQ0HWHUODQJIORJDOVHUVWHVDXVGHU6FKOHXVH(USUDOOWH JHJHQGLH:DQGEHUVFKOXJVLFKXQGUXWVFKWHEHUGHQVFKUlJHQ%RGHQGHQ EHLGHQ7HUUDQHUQHQWJHJHQ 'DV:HVHQGDVLKQJHWUDJHQKDWWHIROJWHLP$EVWDQGYRQNQDSS]ZHL0HWHUQ 2EZRKOHVPLWVHLQHQJURHQVFKLOOHUQGHQ)OJHOQKHIWLJXPVLFKVFKOXJIDQG HVNHLQHQ+DOW 7VFKDL.XOXVWRSSWHGHQ%HKlOWHU,PQlFKVWHQ0RPHQWSUDOOWHGDV ,QVHNWHQZHVHQGDJHJHQ(VOLHHLQDXIJHUHJWHV6XPPHQYHUQHKPHQ 'HU9HUJOHLFKPLWHLQHU5LHVHQELHQHGUlQJWHVLFKJHUDGH]XDXI'HU)UHPGHZDU JXW]ZHL0HWHUJURHUEHVD]ZHLNUlIWLJDXVJHELOGHWH+LQWHUEHLQHXQG]ZHL $UPSDDUHYRQGHQHQGDVPLWWOHUHMHGRFKYHUNPPHUWZDU+|UQXQG 3DQ]HUULQJHWUDWHQQXUDQGHU(LQVFKQUXQJVVWHOOH]ZLVFKHQ2EHUXQG 8QWHUN|USHUGHXWOLFK]XP9RUVFKHLQDQVRQVWHQZDUGDV:HVHQYRQHLQHP IODXPHQDUWLJHQ3HO]EHGHFNW =ZHLJURHVWDUUH)DFHWWHQDXJHQPDFKWHQHVXQP|JOLFK]XHUNHQQHQZRKLQ GDV:HVHQJHUDGHEOLFNWH$OVGDVHWZDIQI]LJ=HQWLPHWHUODQJHXQGXQDEOlVVLJ YLEULHUHQGH)KOHUSDDUVLFKDXIGHQ0DMRUULFKWHWHIROJWHHUGHP%HLVSLHOGHV *DODNWRSV\FKRORJHQXQGVWHFNWHVHLQHQ6WUDKOHUHEHQIDOOVZHJ Ä(LQ-LQJXLVHPVWHOOWHHUIHVW Ä(LQH-LQJXLVHPEHULFKWLJWHGLH5LHVHQELHQH$XIJHUHJWZHGHOWHVLHPLWLKUHQ )KOHUQÄ:HQQ6LHGLH*WHKlWWHQ,KUHQ)XYRQPHLQHP.RIIHU]XQHKPHQ ,FKZlUH,KQHQGDQNEDU 7VFKDL.XOXWDWLKUGHQ*HIDOOHQVFKREGHQ%HKlOWHUGHUDXVHLQHU$UW :HOOEOHFKJHIHUWLJWZDUDEHUQRFKDQGLH*DQJZDQG $XIGHU8UODXEVZHOW*HHJLYDOKDWWHQGLH7HUUDQHUHUVWPDOVYRQGHU([LVWHQ]GHU -LQJXLVHPHUIDKUHQ6LHZDUHQHLQIULHGIHUWLJHV9RONGDVDXIJUXQGVHLQHVGLHQVW EHUHLWHQXQGXQWHUZUILJHQ&KDUDNWHUVDXIDOOHQ8UODXEVSODQHWHQDUEHLWHWH -HGHP9RONVWDQGHLQH.|QLJLQGLH)OHHO-LQJXLVHPYRU Ä,FKELQ&KLDM$P,KUH'LHQHULQVDJWHGLH5LHVHQELHQHÄ,FKIUHXHPLFK6LH DQ%RUGGLHVHV5DXPVFKLIIVEHJUHQ]XGUIHQ Ä'DVNDQQLFKPLUGHQNHQPXUPHOWH7VFKDL.XOXJHUDGHVRODXWGD'RQLKQ YHUVWHKHQNRQQWH,PVHOEHQ$WHP]XJVWHOOWHHUGHQ*DODNWRSV\FKRORJHQXQG VLFKVHOEVWYRU

Ä%LWWHYHU]HLKHQ6LHGLH,QGLVNUHWLRQIXKU&KLDM$PPLWJHGlPSIWHU6WLPPH IRUWÄDEHULFKKDEH:HVHQZLH6LHQRFKQLHEHWUHXW Ä)UJHZ|KQOLFKYHUEULQJHQZLUXQVHUHQ8UODXEDXFKQLFKWLQGLHVHP7HLOGHU *DOD[LVHUNOlUWHGHU0DMRU 'DVZDUHLQH(UNOlUXQJGLHGLH-LQJXLVHPDN]HSWLHUWHÄ6LHVHKHQDXVZLH %ODXHIJWHVLHKLQ]XÄ1XULKUH2KUHQZLUNHQUXQGOLFKHUXQGLKUH+DXW EHVLW]WHLQHXQJHVXQGH)lUEXQJ Ä0DQFKPDOVLQGZLUDXFKEODX'RQ0DVWHUV%HPHUNXQJ]HLJWHGHXWOLFKGDHU GLH6LWXDWLRQDOVXQJHIlKUOLFKHLQVWXIWHÄ(VLVWQRFKJDUQLFKWODQJHKHUEHWRQWH HU 7VFKDL.XOXJULQVWHEUHLW Ä:LHGDUILFKGDVYHUVWHKHQ"HUNXQGLJWHVLFK&KLDM$PVLFKHLIULJ 'LHPHQVFKHQlKQOLFKHQ%ODXHQJHK|UWHQ]XU.DVWHGHU7HFKQLNHU3HUU\ 5KRGDQ5RL'DQWRQ-RKQ0DUVKDOOXQG5DV7VFKXEDLKDWWHQVLFKLKUHU0DVNH EHGLHQWXPHUVWPDOV.RQWDNW]XGHQ6WW]SXQNWLQJHQLHXUHQDXI]XQHKPHQ$EHU GDVODJLQ]ZLVFKHQPHKUHUH0RQDWH]XUFN Ä:LUKDEHQHLQHQ6WUDKOHQXQIDOOHUOLWWHQHUNOlUWH'RQ0DVWHUVÄ'LHVLFKWEDUH )ROJHVLQGXQVHUHN|USHUOLFKHQ9HUlQGHUXQJHQ Ä,FKYHUVWHKHVDJWH&KLDM$PÄ9HU]HLKHQ6LHELWWHPHLQH1HXJLHUGH 7VFKDL.XOXZLQNWHOlVVLJDEÄ$OOHUGLQJVKlWWHLFKGDDXFKHLQH)UDJHEHWRQWH HUÄ:LUVLQG,KUHP1RWUXIJHIROJW:DVLVWGHQQJHVFKHKHQXQGZLHYLHOH -LQJXLVHPEHILQGHQVLFKDXHU,KQHQDQ%RUG" Ä,FKELQGLHHLQ]LJHEHWRQWH&KLDM$P Ä'DQQJHK|UW,KQHQGDV6FKLII" 'DVNXU]H=|JHUQZDUXQYHUNHQQEDUÄ/HLGHUQHLQVDJWHGLH5LHVHQELHQHÄ:LU -LQJXLVHPYHUODVVHQLPDOOJHPHLQHQGLH6WlWWHXQVHUHV:LUNHQVQLFKW'HU $XIWUDJHLQHV(UKROXQJVXFKHQGHQIKUWHPLFKLQV$OOLFKVROOWHGLHVHV6FKLII]X VHLQHP+HLPDWSODQHWHQ]XUFNIOLHJHQ/HLGHUYHUVWHKHLFKZHQLJYRQ 1DYLJDWLRQXQGJHULHWLQHLQHQKHIWLJHQ0DJQHWVWXUP'LH)ROJHZDUHLQ ODQJVDPHV$XVEUHQQHQGHV7ULHEZHUNV(VJHODQJPLUJHUDGHQRFKDXIGLHVHP 0RQG]XODQGHQ6HLW]ZHL3ODQHWXPNUHLVXQJHQVLW]HQZLU²VLW]HLFKKLHUIHVW ,FKZHLGDGLH7HFKQLNHUKRFKJHVWHOOWH3HUV|QOLFKNHLWHQVLQG:HQQHV,KQHQ QLFKW]XYLHO0KHEHUHLWHWELWWHLFK6LHGHQQRFKHLQDQGHUHV6FKLII]X+LOIH]X UXIHQ,FKZHUGHDXIPHLQHU:HOW]XUFNHUZDUWHW Ä(LQDQGHUHV6FKLIIPXUPHOWH7VFKDL.XOXXQGVHXI]WH Ä1DWUOLFKQHKPHQZLU6LH]XXQVDQ%RUGVDJWH'RQ0DVWHUV'HQIUDJHQGHQ %OLFNGHV0DMRUVEHDQWZRUWHWHHUPLWHLQHPYLHOVDJHQGHQ/lFKHOQ,KPJLQJHV GDUXPHLQH6SXUGHU&5(67]XILQGHQ'DEHLVRKRIIWHHUNRQQWH&KLDM$P HLQHZHUWYROOH+LOIHVHLQ (UEFNWHVLFKQDFKGHP:HOOEOHFKEHKlOWHUXPGHQ$QWLJUDYDQ]XKHIWHQ)U GLH-LQJXLVHPVFKLHQMlKHLQH:HOWHLQ]XVWU]HQVRLPSXOVLYYHUZHKUWHVLHVLFK GDJHJHQ Ä6LHEHVFKlPHQPLFK,FKELQ,KUH'LHQHULQ²XQGQLFKWXPJHNHKUW 8PGLH/DQGHVWW]HQGHU.RUYHWWHUDQNWHQVLFKGLHHUVWHQDUPGLFNHQ3IODQ]HQ

DOVGHU0DMRUXQG'RQ0DVWHUVLQ%HJOHLWXQJGHU5LHVHQELHQHDQ%RUGJLQJHQ 'DV:DFKVWXPGHU%OXPHQZDUVRJDUPLWGHPEORHQ$XJHZDKU]XQHKPHQ 'HU*DODNWRSV\FKRORJHIKUWH&KLDM$P]XHLQHUXQEHQXW]WHQ.DELQH'LH -LQJXLVHPEHGDQNWHVLFKLQGHQK|FKVWHQ7|QHQXQGERWGHPYHUPHLQWOLFKHQ %ODXHQDOV'DQNIUVHLQH%HPKXQJHQDQHLQH8UODXEVJHQHKPLJXQJIULKUH :HOW]XHUZLUNHQ,QGLHVHPJHUDGH]XHXSKRULVFKHQ=XVWDQGNRQQWH'RQ 0DVWHUVZHQLJPLW&KLDM$PDQIDQJHQHUEHUOLHGLH5LHVHQELHQHGHVKDOEHUVW HLQPDOVLFKVHOEVWXQGEHJDEVLFKLQGLH=HQWUDOH'LHDQVFKZHOOHQGH *HUlXVFKNXOLVVHYHUULHWLKPGDV7VFKDL.XOX6WDUWYRUEHUHLWXQJHQWUDI 'HU0DMRUHPSILQJLKQPLWHLQHPVIILVDQWHQ/lFKHOQ Ä6LHVHKHQQLFKWDXVDOVKlWWHQ6LHHLQHQQHQQHQVZHUWHQ(UIROJHU]LHOW'RNWRU Ä,FKGDQNHIUGDV.RPSOLPHQWHUZLGHUWH'RQPLW/HLFKHQELWWHUPLHQHÄ$EHU LPPHUKLQKDEHQ6LH,KUH0DVFKLQHQZLHGHULQ*DQJEHNRPPHQ 7VFKDL.XOXQLFNWHÄ(LQLQWHUHVVDQWHV3KlQRPHQ:lUHXQVHU*DVWNHLQH -LQJXLVHPLFKZUGHJODWWVDJHQGDZLUXQV%HHO]HEXEDQ%RUGJHKROWKDEHQ Ä'RFKDEHUJOlXELVFK0DMRU"IUDJWH'RQ0DVWHUVODXHUQG Ä8QVLQQ.XOXYROOIKUWHHLQHDEOHKQHQGH+DQGEHZHJXQJÄ1XUPLWUDXLVFK .DXPLVW&KLDM$PLQLKUHU.DELQHXQWHUJHEUDFKWO|VHQVLFKDOOH)HKOIXQN WLRQHQLQ:RKOJHIDOOHQDXI6SUHFKHQ6LHGDQRFKYRQ=XIDOO" 'RQ]XFNWHPLWGHQ6FKXOWHUQ Ä1LHPDQGNDQQHVGHU-LQJXLVHPYHUGHQNHQGDVLHVRVFKQHOOZLHP|JOLFKGHQ 0RQGYHUODVVHQZLOO:HQQVLHHLQLJH7ULFNVHLQVHW]W 7VFKDL.XOXZDQGWHVLFKZLHGHUVHLQHP7HUPLQDO]X Ä'DVLVWHVHEHQVDJWHHUÄ%LVODQJKDEHQVLFKNHLQH$QKDOWVSXQNWHIUHLQH H[WHUQH%HHLQIOXVVXQJHUJHEHQ6LHVLQGGHU3V\FKRORJH'RNWRU4XHWVFKHQ6LH &KLDM$PQDFKDOOHQ5HJHOQGHU.XQVWDXV$EHUEHHLOHQ6LHVLFKGDPLW,FKZLOO UHFKW]HLWLJJHQXJZLVVHQZRUDQZLUVLQG 9RQLKUHQ$QWLJUDYWULHEZHUNHQJHWUDJHQKREGLH.&DE+XQGHUWH YHUVFKLHGHQHU3IODQ]HQGLHPLWHUVWDXQOLFKHU6FKQHOOLJNHLWDQGHU6FKLIIVKOOH HPSRUJHZDFKVHQZDUHQZXUGHQLPZDKUVWHQ6LQQHGHV:RUWHVHQWZXU]HOW :RONHQYRQ%OXWHQVWDXEEHHLQWUlFKWLJWHQYRUEHUJHKHQGGLH2SWLNHQ 0LWZDFKVHQGHU%HVFKOHXQLJXQJVWUHEWHGLH.RUYHWWHGHPLQWHUVWHOODUHQ5DXP ]X Ä:HOFKHQ.XUVIOLHJHQZLU"ZROOWH'RQ0DVWHUVZLVVHQ Ä=XUFNQDFK2UGDQVDJWHGHU0DMRU Ä:LUN|QQHQGRUWXQP|JOLFKPLWGHU-LQJXLVHPDXINUHX]HQ8UPDW]ZLUG9HUUDW ZLWWHUQXQG Ä:LUVHW]HQGLH'URKQHYRUKHUDEVREDOGVLFKHLQHJHHLJQHWH0|JOLFKNHLW HUJLEW Ä'LH-LQJXLVHPLVWHLQH$UEHLWVELHQHNRUULJLHUWH'RQÄ'HU8QWHUVFKLHG(U XQWHUEUDFKVLFKZHLOMXVWLQGHP$XJHQEOLFNGDV+DXSWVFKRWWDXIJOLWWXQG&KLDM $PLQGHU=HQWUDOHHUVFKLHQ Ä,FKZHLGDPHLQH$QZHVHQKHLW,KQHQ8QDQQHKPOLFKNHLWHQEHUHLWHWEHJDQQ VLHÄ/HLGHUEHVLW]HLFKQLFKWVXP6LHIU,KUH0KH]XHQWVFKlGLJHQ

Ä9HUJHVVHQ6LH VULHW7VFKDL.XOXLQHLQHP$QIOXJYRQ*UR]JLJNHLWÄ:LU KDEHQ6LHQLFKWDQ%RUGJHQRPPHQXPXQV]XEHUHLFKHUQ Ä:HQQ6LHXQVDOOHUGLQJVHLQHQ*HIDOOHQWXQZROOHQQDKP'RQ0DVWHUVGHQ LKP]XJHVSLHOWHQ)DGHQDXIÄZLUVXFKHQQDFK,QIRUPDWLRQHQEHUGLHIUHPGHQ 5DXPVFKLIIHGLHLQXQVHUHU*DOD[LV8QUXKHVWLIWHQ 'DVHLQHJOHLFKWXQVHUHP6FKLIILVWMHGRFKXPHLQ9LHOIDFKHVJU|HU(LQ DQGHUHVVLHKWDXVZLHHLQJLJDQWLVFKHU:UIHOPLWGHQYHUVFKLHGHQVWHQ $XIEDXWHQ8QGGDQQVLQGGDQRFK]ZHLNOHLQHVFKZDU]H(LQKHLWHQGHUHQ %HVDW]XQJHQGHQ%HVWLHQJOHLFKHQ &KLDM$PV)KOHUEHZHJWHQVLFKKHNWLVFK6LFKWOLFKHUVFKWWHUWVXFKWHVLHQDFK HLQHP+DOW²XQGVWW]WHVLFKDXVJHUHFKQHWDXIGHQ6FKDOWHUQGHV$ODUPV\VWHPV DE (LQVFKULOOHVDQXQGDEVFKZHOOHQGHV+HXOHQKDOOWHGXUFKGLH.RUYHWWH &KLDM$P]XFNWHHQWVHW]W]XVDPPHQ0LWDOOHQYLHU+lQGHQGLHMHZHLOVYLHU *UHLIILQJHUEHVDHQYHUVXFKWHVLHGDVVFKULOOH*HUlXVFKDE]XVWHOOHQ:DVLKU DXFKJHODQJ1XUHUJRVLFKMHW]WHLQIHLQHU6SUKUHJHQDXVXQ]lKOLJHQLQ'HFNH XQG:lQGHQYHUERUJHQHQ'VHQLQGLH=HQWUDOH'HUFKHPLVFKH/|VFKVFKDXP ZXFKV]XHLQHU]HQWLPHWHUGLFNHQ6FKLFKWDQ.HLQHUGHUDQZHVHQGHQ7HUUDQHU UHDJLHUWHVFKQHOOJHQXJXPGDVGURKHQGH'XUFKHLQDQGHU]XYHUKLQGHUQ Ä1LFKWVDQIDVVHQ%LWWHULHI7VFKDL.XOXHQWVHW]WÄ6LHVLQGLPVWDQGHXQG ULFKWHQQRFKJU|HUHV8QKHLODQ &KLDM$PVDFNWHVLFKWOLFKLQVLFK]XVDPPHQ2IIHQEDULQHLQHU*HVWHJU|WHU 9HUOHJHQKHLWKOOWHVLHVLFKLQLKUHUHJHQERJHQIDUEHQHQ)OJHOHLQ Ä(VWXWPLUOHLGVDJWHVLHOHLVHÄ%LWWHJODXEHQ6LHQLFKWGDLFKLPPHUVR WROSDWVFKLJELQ$EHUGLH)UHXGHGDZLUGDLFKHQGOLFKJHUHWWHWZXUGHLVW HLQIDFK]XJUR6DJHQ6LHZDVLFKWXQPXGDPLWGHU6FKDXP Ä1LFKWVVWHOOWH7VFKDL.XOXIHVW Ä,FKEHQHKPHPLFKXQP|JOLFK1DWUOLFKKDEHQ6LH*UXQGVLFKEHUPLFK]X lUJHUQ Ä%LWWH&KLDM$PJHKHQ6LHLQGLH.DELQH]XUFNGLH'RNWRU0DVWHUV,KQHQ JH]HLJWKDW8QGPDFKHQ6LHVLFKXPGHQ6FKDXPNHLQH6RUJHQGHUO|VWVLFK LQQHUKDOEYRQOlQJVWHQVGUHL*DUK KDDXI*DUK KDZDUHQGLHLQ0 JHEUlXFKOLFKVWH=HLWHLQKHLW6LHEH]HLFKQHWHQ]ZDUYHUVFKLHGHQODQJH=HLWUlXPH GRFKODJGLH6FKZDQNXQJVEUHLWHQXU]ZLVFKHQXQG6HNXQGHQ 0LWKlQJHQGHQ)KOHUQUFNZlUWVJHKHQGXQGVLFKGDEHLLPPHUZLHGHU YHUEHXJHQGYHUOLH&KLDM$PGLH=HQWUDOH7VFKDL.XOXDNWLYLHUWH YRUEHUJHKHQGGLHhEHUZDFKXQJGHUDQJUHQ]HQGHQ.RUULGRUHELVHUVLFKHUVHLQ NRQQWHGDGLH5LHVHQELHQHWDWVlFKOLFKLKUH.DELQHDXIVXFKWH 'HUVWUHQJH*HUXFKGHV6FKDXPVUHL]WHGLH6FKOHLPKlXWH%LVGLH8PZlO]XQJ HQGOLFKGLHJHVDPWH5DXPOXIWHUQHXHUWKDWWHULHEGHU0DMRUVLFKLQWHQVLYGLH 1DVHQZXU]HO7UlQHQVWDQGHQLQVHLQHQ$XJHQZLQNHOQ =ZLVFKHQGHQ%DKQHQGHVHOIWHQXQG]Z|OIWHQ3ODQHWHQJLQJGLH.RUYHWWHLQGHQ /LQHDUUDXP Ä6LHKlWWHQ&KLDM$PQLFKWZHJVFKLFNHQVROOHQVDJWH'RQ0DVWHUVÄ,KUH

5HDNWLRQDXIGLH)UDJHQDFKGHQ5DXPVFKLIIHQOlWPLFKYHUPXWHQGDVLH HLQLJHVZHLXQGGDVLHHQWZHGHUGLH&5(67RGHUGLH%2;RGHUHLQHV GHU+DOXWHUVFKLIIHNHQQW :lKUHQGGLH.&DXISURJUDPPLHUWHP.XUVGXUFKGHQ=ZLVFKHQUDXPUDVWH JDEHVZHQLJ]XWXQ7VFKDL.XOXOHKQWHVLFK]XUFNXQGIL[LHUWHGHQ *DODNWRSV\FKRORJHQHLQGULQJOLFK Ä&KLDM$PEUDFKHUVWLQ3DQLNDXVDOV6LHGLH%HVWLHQHUZlKQWHQVWHOOWHHUIHVW Ä'DVZDUHLQGHXWLJ 'RQ0DVWHUVQLFNWHEHGlFKWLJÄ+RIIHQWOLFK]LHKWVLHNHLQH6FKOVVHGLHIUXQV XQDQJHQHKPDXVIDOOHQ 'HU0DMRUWDVWHWHGLH,QWHUNRPYHUELQGXQJ]X&KLDM$PV.DELQH'LH %LOGEHUWUDJXQJVWDELOLVLHUWHVLFK]ZDUGRFKGLH-LQJXLVHPEHIDQGVLFK DXHUKDOEGHV(UIDVVXQJVEHUHLFKV/HGLJOLFKLKUH6WLPPHZDU]XYHUQHKPHQ 'DV,QVHNWHQZHVHQUHGHWHPLWVLFKVHOEVW Ä:DVVROOLFKPDFKHQ"K|UWHQGLH7HUUDQHUÄ(VVLQG%ODXH,FKNDQQVLHQLFKW ]ZLQJHQGHQ.XUV]XZHFKVHOQ'DQDFKZDUHQQXUQRFK*HUlXVFKHDXVGHU 1D]HOOH]XYHUQHKPHQ Ä&KLDM$PULHI7VFKDL.XOXÄLFKPXPLW,KQHQVSUHFKHQ :DVVHUSHUOWHDXIGHQ)OJHOQGHU-LQJXLVHPDOVVLHHQGOLFKDXIGHP%LOGVFKLUP HUVFKLHQÄ,FKVWHKH]X'LHQVWHQHUNOlUWHVLHJHIOLVVHQWOLFKÄZDVNDQQLFKIU 6LHWXQ" Ä6LHKDEHQYRQGHQIUHPGHQ6FKLIIHQJHK|UWVDJWH7VFKDL.XOXJHUDGHKHUDXV Ä%LWWHHU]lKOHQ6LH Ä'LH8UODXEVZHOW*HHJLYDOZXUGHYRQLKQHQDQJHJULIIHQEHJDQQ&KLDM$P Ä2EZRKONDXPQHQQHQVZHUWH6FKlGHQHQWVWDQGHQPXHVGLH+|OOHJHZHVHQ VHLQ'LH-LQJXLVHPDXI*HHJLYDOKDWWHQDOOH+lQGHYROO]XWXQXP 3DQLNUHDNWLRQHQGHU(UKROXQJVXFKHQGHQ]XYHUPHLGHQ,Q]ZLVFKHQVFKHLQHQGLH )UHPGHQVLFK]XUFNJH]RJHQ]XKDEHQ Ä:ROOHQ6LHGDPLWVDJHQGD6LHQLFKWPHKUZLVVHQ" Ä(VWXWPLUOHLG6LHHQWWlXVFKHQ]XPVVHQ)DOOV6LHHLQHDQGHUH(UZDUWXQJYRQ PLU 7VFKDL.XOXVFKDOWHWHDE 1DFK/LFKWMDKUHQILHOGLH.RUYHWWH]XU2ULHQWLHUXQJLQGHQ1RUPDOUDXP ]XUFN'HU0DMRUVSLHOWHPLWGHP*HGDQNHQ&KLDM$PLPQlFKVWHQ 6RQQHQV\VWHPDXV]XVHW]HQYHUZDUILKQDEHUVHKUVFKQHOOZLHGHU1RFKZDUHV ODQJHKLQELVGLH.&2UGDQHUUHLFKWH9LHOOHLFKWHUJDEHQVLFK]XYRUQRFK $QKDOWVSXQNWH 'U0HQF5DGHF]LQ2EHUOHXWQDQW3RH.DODQLXQG*HRUJH0DKRQKDWWHQLKUH )UHLZDFKHEHHQGHWXQGPHOGHWHQVLFKQDKH]XJOHLFK]HLWLJ]XP'LHQVW]XUFN Ä(KUOLFKJHVDJWLFKELQKXQGHPGHEHNDQQWH7VFKDL.XOXÄ.DODQL6LH EHUQHKPHQGDV.RPPDQGR'HU.XUVLVWEHUHFKQHWXQGDEUXIEHUHLW(UGHXWHWH DXIGLH6WHUQHQNDUWHDXIGHUHLQH.RQVWHOODWLRQ]ZHLHUZHLHU=ZHUJHXQGHLQHV URWHQ5LHVHQYHU]HLFKQHWZDU$OOHGUHL6WHUQHELOGHWHQHLQQDKH]XJOHLFKVHLWLJHV 'UHLHFNPLWHLQHU6HLWHQOlQJHYRQQXUYLHU/LFKWVWXQGHQÄ*HKHQ6LHQLFKWEHU

/*)DNWRUGUHL0LOOLRQHQIXKUGHU0DMRUIRUW'RQ0DVWHUVEUDXFKW=HLWXP VLFKPLWXQVHUHP3DVVDJLHU]XEHIDVVHQ,FKGHQNHZLUN|QQHQHVYHUDQWZRUWHQ GLH0RRJKVHLQZHQLJZDUWHQ]XODVVHQ Ä'HU.RPPDQGDQWLVWPGH²GHU.RPPDQGDQWJHKWVFKODIHQZDQGWH'RQ UHVSHNWORVHLQÄ$EHUZDVPDFKWHLQ*DODNWRSV\FKRORJHXQWHUGHQVHOEHQ 8PVWlQGHQ"(UDUEHLWHW,FKIUDJHPLFKZLHGDEHLHWZDV9HUQQIWLJHV KHUDXVNRPPHQVROO Ä'DVVLQGGLH2SIHUGLHPDQGHU:LVVHQVFKDIWEULQJHQPX'RNWRU7VFKDL .XOXNRQQWHVLFKHLQYLHOVDJHQGHV*ULQVHQQLFKWYHUNQHLIHQÄ$OOHUGLQJVVROOHQ 6LHPLFKQLFKWIUHLQHQ8QPHQVFKHQKDOWHQ/HJHQ6LHVLFKUXKLJIUHLQHRGHU ]ZHL6WXQGHQDXIV2KU Ä%HVWHQ'DQN0DMRU)DOOVGLH0RRJKVHUQHXWHLQH*HKLUQZlVFKHYHUVXFKHQ ZHUGHLFKPLUEHUOHJHQRELFKHLQVFKUHLWH (KH.XOXHLQHHQWVSUHFKHQGH(UZLGHUXQJSDUDWKDWWHVWUPWH&KLDM$PLQGLH =HQWUDOH8QZLOONUOLFKKLHOWHQGLH0lQQHUGHQ$WHPDQGRFKGLH-LQJXLVHP EDODQFLHUWHGDVJURH7DEOHWWVRJHVFKLFNWDOVKlWWHVLHLKU/HEHQODQJQLFKWV DQGHUHVJHWDQ'DV$URPDIULVFKJHEUKWHQ.DIIHHVZHKWHLKUYRUDQ'D]X]LUSWH GLH5LHVHQELHQHHLQHVFKZXQJYROOH0HORGLH 3RH.DODQLGHXWHWHDXIGLH7DVVHQXQGGDVGDQHEHQOLHJHQGH*HElFNÄ:RKHU KDEHQ6LHGDV"ZROOWHHUZLVVHQ &KLDM$PVWRSSWHHUVWXQPLWWHOEDUYRUGHQ0lQQHUQOLHGDV7DEOHWWQRFKHLQHQ 9LHUWHONUHLVEHVFKUHLEHQXQGKLHOWHVLKQHQPLWEHLGHQ+lQGHQHQWJHJHQ Ä$XIGHP'HFNEHUXQVLVWHLQJURHU5DXPHUNOlUWHGLH-LQJXLVHPPLWHLQHU JHZLVVHQ1DLYLWlWÄ(LQH0DVFKLQHVSXFNWGLHVHEUDXQH)OVVLJNHLWDXV,FKKDEH GDYRQJHNRVWHWXQGGDFKWHPLUGD6LHVLFKIUHXHQZUGHQ Ä1DDOVRVDJWH'RQ0DVWHUVÄ:RUDXIZDUWHQZLU"(LQHGHUDUWSHUIHNWH %HGLHQXQJKDWWHQZLUQRFKQLFKWDXIXQVHUHP6FKLII Ä:DUXPQXUIQI7DVVHQ"IUDJWH0HQF5DGHF]LQ Ä'HU%OXHGHUVLFK6LPRQQHQQWZXUGHEHUHLWVEHGLHQW 'HU.DIIHHZDUJHUDGHODXZDUP'RQ0DVWHUVQDKPHLQHQNUlIWLJHQ6FKOXFN GRFKSO|W]OLFKVFKLHQHQVHLQH$XJHQDXVLKUHQ+|KOHQKHUYRU]XTXHOOHQVHLQH :DQJHQEOlKWHQVLFKDXIXQGVHLQH*HVLFKWVIDUEHQDKPHLQHQXQJHVXQGHQ *UDXWRQDQ(UVFKDIIWHHVJHUDGHQRFKVLFK]XU6HLWH]XZHQGHQEHYRUHUDOOHV ZLHGHUDXVVSLH *HRUJH0DKRQGHUHEHQIDOOVJHWUXQNHQKDWWHUDQJNHXFKHQGQDFK/XIW'LH DQGHUHQOLHHQLKUH7DVVHQDEUXSWVLQNHQ Ä3IXL7HXIHOVFKQDXIWH'RQZREHLHUVLFKXQZLOONUOLFKGHV,QWHUNRVPR EHGLHQWHÄ'LH%UKHLVWWRWDOYHUVDO]HQ Ä6FKPHFNWHV,KQHQQLFKW"HUNXQGLJWH&KLDM$PVLFKJHIOLVVHQWOLFK Ä:DVZDVKDEHQ6LHPLWGHP.DIIHHJHPDFKW"'HU*DODNWRSV\FKRORJH NRQQWHQLFKWYHUKLQGHUQGDLKPGDV:DVVHULQGLH$XJHQVFKR0LWGHP +DQGUFNHQZLVFKWHHUGLH7UlQHQIRUWZlKUHQGHU]XJOHLFKKHIWLJVFKQLHIWH 7VFKDL.XOXQDKPLKPZHQLJVWHQVGLH7DVVHDE Ä,FKKDEHGDV*HWUlQN]XEHUHLWHWZLHGLH%ODXHQHVOLHEHQ'LH-LQJXLVHPZDU

VLFKWOLFKHUVFKWWHUWEHUGLH5HDNWLRQGHU0lQQHU6LHVXFKWHQDFKHLQHU (UNOlUXQJGLHVLHJHZLQLFKWILQGHQNRQQWHÄ1RFKQLHKDWHLQHUGHU7HFKQLNHU GLHLFKEHWUHXHQGXUIWHPHLQHOXNXOOLVFKHQ.QVWHDQJH]ZHLIHOW Ä'DQQZLUGHV=HLWVW|KQWH0DKRQÄ'HU.DIIHHLVWXQJHQLHEDU Ä,FKNDQQJDUQLFKWVDJHQZLHVHKULFKGDVEHGDXHUH'DUILFK,KQHQHLQQHXHV Ä/DVVHQ6LH VGDEHLEHZHQGHQULHW.DODQLÄ:LUKDEHQYRQGHPVFKOHFKWHQ 6HUYLFHDXI*HHJLYDOJHK|UW'RQ0DVWHUV5LSSHQVWRNDP]XVSlWGDKDWWHGHU =ZHLWH2IIL]LHUGHQNHW]HULVFKHQ*HGDQNHQVFKRQDXVJHVSURFKHQ &KLDM$PV)KOHUYROOIKUWHQHLQHQZDKUHQ9HLWVWDQ]LKUH.LHIHU]DQJHQ EHZHJWHQVLFKNQDFNHQG%HVFKlPWKOOWHVLHVLFKLQLKUHWUDQVSDUHQWHQ)OJHO HLQ 7VFKDL.XOXEHGDFKWHGHQ*DODNWRSV\FKRORJHQPLWHLQHPDPVLHUWIRUVFKHQGHQ %OLFNÄ'DVKlWWHQ6LHQLFKWWXQVROOHQVDJWHHU Ä:DV" Ä'HQOLHEHYROOJHEUKWHQ.DIIHHVR]XYHUVFKPlKHQ$XIGLHVH:HLVHN|QQHQ 6LHVLFKGDV9HUWUDXHQGHU-LQJXLVHPEHVWLPPWQLFKWHUVFKOHLFKHQ 'RQ0DVWHUVVFKOXFNWHVFKZHU(UZROOWHHWZDVVDJHQEHVDQQVLFKGDQQDEHU GRFKDQGHUVPDFKWHDXIGHP$EVDW]NHKUWXQGYHUOLHQDFK&KLDM$PHEHQIDOOV GLH=HQWUDOH+LQWHULKPEUDQGHWH*HOlFKWHUDXI 8PGHQVFKHXOLFKHQ6DO]JHVFKPDFNORV]XZHUGHQEHJDE'RQ0DVWHUVVLFKDXI GHPNU]HVWHQ:HJLQGLH6FKLIIVPHVVH,QVJHKHLPKDWWHHUVRJDUJHKRIIWGHQ :DIIHQOHLWRIIL]LHUGRUWYRU]XILQGHQ*HPHLQVDPOLHVLFKGLH6FKDGHQIUHXGHGHU DQGHUHQZRKOEHVVHUHUWUDJHQ Ä'DHVDXVJHUHFKQHW6LHHUZLVFKWKDW'RNWRUEHJDQQ(UZLQ6LPRQÄ,FKVDJH ,KQHQJOHLFKGHU)UXFKWVDIWVFKPHFNWXPZHUIHQG'HPRQVWUDWLYQDKPHUHLQHQ NUlIWLJHQ6FKOXFNDXVGHPYRULKPVWHKHQGHQ*ODV 'RQ0DVWHUVVHW]WHVLFKLKPJHJHQEHU Ä(LQ*ULII]XP,QWHUNRPKlWWHJHQJWXPXQV]XZDUQHQ 6LPRQQLFNWHEHGlFKWLJÄ1DWUOLFKKlWWHLFKGDVWXQN|QQHQVDJWHHUÄ$EHU KlWWHLFKGHU-LQJXLVHPGLH)UHXGHYHUGHUEHQVROOHQ"$XHUGHPLVWQLFKWV SDVVLHUWRGHU" Ä1HLQQDWUOLFKQLFKW'RQJXUJHOWHPLWVHLQHP6DIWÄ,KUH(LQVWHOOXQJZHUGH LFKPLUDOOHUGLQJVPHUNHQZHLOVLHYRQHLQHUJHZLVVHQ*OHLFKJOWLJNHLW]HXJW Ä8QVHUH/DJHLVWWULVWJHQXJ'RNWRU'DZLUNWHLQHNOHLQH$XIKHLWHUXQJZDKUH :XQGHU 6LHODFKWHQEHLGHXQGWUDQNHQVLFK]XhEHUJDQJVORVZXUGH(UZLQ6LPRQGDQQ HUQVW Ä6HKHQZLUGLH&5(67MHPDOVZLHGHU" Ä,FKZHLHVQLFKWJHVWDQG'RQ Ä,P*UXQGHKRIIHLFKGD5KRGDQLQ]ZLVFKHQHLQH0|JOLFKNHLW]XU+HLPNHKU LQGLH0LOFKVWUDHJHIXQGHQKDW2EZRKOXQVVHOEVWGDGXUFKMHGH&KDQFH YHUEDXWZUGH'DVLVWHLQ:LGHUVSUXFKPLWGHPLFKQLFKWNODUNRPPH

'RQOLHVLFK=HLWPLW$QWZRUW(UWUDQNVHLQ*ODVOHHUIOOWHHVQRFKHLQPDOXQG EOLFNWH6LPRQIRUVFKHQGLQGLH$XJHQ Ä6LHJODXEHQQLFKWGDUDQGDZLUHVZLUNOLFKVFKDIIHQN|QQWHQ'DEHLKDEHQ6LH QLFKWPHKUXQGQLFKWZHQLJHU+HLPZHKDOVMHGHUYRQXQV,Q,KUHP 8QWHUEHZXWVHLQHUIOOHQGLHIQIWDXVHQG0DQQGHU&5(67HLQH$OLELIXQNWLRQ PLWGHU6LH,KUHHLJHQHQ*HIKOHXQWHUGUFNHQ6LHJHK|UHQQRFKLPPHUGD]X² XQGZHQQGLH&5(67ZLHGHUDXI7HUUDODQGHWGDQQVLQG6LHLQJHZLVVHU:HLVH PLWGDEHL 6ROFKH6FKXW]IXQNWLRQHQJLEWHVKlXILJ,QH[WUHPHQ6LWXDWLRQHQEHZDKUHQZLU XQVGDPLWVHOEVWGDYRUGXUFK]XGUHKHQ Ä+PPDFKWHGHU:DIIHQOHLWRIIL]LHUPHKUQLFKW(UVWLHUWHHLQH:HLOHVWXPP YRUVLFKKLQXQGJLQJGDQQXQWHUHLQHPIDGHQVFKHLQLJHQ9RUZDQG 'RQ0DVWHUVEOLHEDOOHLQ:LHMHGHU$XIHQWKDOWVUDXPEHVDDXFKGLH0HVVH HLQHQJURHQPLWGHP3DQRUDPDVFKLUPGHU=HQWUDOHJHNRSSHOWHQ%LOGVFKLUP 'DVZHVHQORVH:RJHQGHV=ZLVFKHQUDXPVZDUMHGRFKNHLQHVZHJVGD]X DQJHWDQ'RQV6WLPPXQJ]XKHEHQ(UPDFKWHVLFKVFKOLHOLFKDXIXPPLWGHU -LQJXLVHP]XUHGHQ &KLDM$PEHIDQGVLFKLQLKUHU.DELQH Ä6LHVLQGJHNRPPHQXPPLFKIUPHLQ0LJHVFKLFN]XEHVWUDIHQYHUPXWHWH VLH Ä,FKZLOOPLW,KQHQUHGHQVDJWH'RQÄ0LULVWEHNDQQWGDDXIMHGHU 8UODXEVZHOWHLQ.RQWLQHQWGHQ6WW]SXQNWLQJHQLHXUHQYRUEHKDOWHQLVW6LFKHU IlOOWHV,KQHQOHLFKWYRQGHQ'UXLV,QIRUPDWLRQHQEHUGLHIUHPGHQ5DXPVFKLIIH ]XHUKDOWHQ Ä1XUDXVJHZlKOWH-LQJXLVHPGUIHQGHQ6WW]SXQNWLQJHQLHXUHQGLHQHQ,FK JHK|UHOHLGHUQLFKWGD]X 8QWHUZUILJZLFK&KLDM$P]XU6HLWHDOV0DVWHUVLKUH.DELQHEHWUDW'HU .RIIHUDXV:HOOEOHFKODJDXIJHNODSSWDXIGHP%HWW%LVDXIHLQLJH XQLGHQWLIL]LHUEDUH(LQEDXWHQZDUHUOHHU'RQNRQQWHDEHUQLUJHQGZR *HJHQVWlQGHHQWGHFNHQGLHGHP%LHQHQZHVHQJHK|UWHQ Ä(LQHUPHLQHU)UHXQGHDXI&KLSHHK]lKOW]XGHQ4XDOLIL]LHUWHQVDJWH&KLDM$P LQGHP0RPHQW Ä:LHVFKQHOON|QQWHQ6LHEHU+\SHUIXQN.RQWDNWDXIQHKPHQ" 'LH-LQJXLVHPKREXQGVHQNWHLKUHYLHU$UPHZDVZRKOHLQHPPHQVFKOLFKHQ 6FKXOWHU]XFNHQHQWVSUDFK Ä(LQH9HUELQGXQJLVWQXUEHUGLH)OHHO-LQJXLVHPP|JOLFKGLHGDV*HVSUlFK ]XU(PSIDQJVVWDWLRQDXIGHPEHWUHIIHQGHQ.RQWLQHQWZHLWHUOHLWHW$XIGLHVH :HLVHZHUGHQ6RQGHUZQVFKHHLQWUHIIHQGHU*lVWHQRFKYRUGHUHQ/DQGXQJDQ GLHSHUV|QOLFKHQ'LHQHUEHUPLWWHOW ÄhEHUZDFKHQGLHLP3DODVWGHU.|QLJLQVWDWLRQLHUWHQ'XPIULHVGHQ )XQNYHUNHKU" Ä6HOWHQZHQQ-LQJXLVHPDQJHUXIHQZHUGHQ'DQQJHKWHVRKQHKLQ DXVVFKOLHOLFKXP)UDJHQGHV8UODXEVDEODXIV 'RQ0DVWHUVQLFNWH]XIULHGHQÄ%LWWHYHUVXFKHQ6LH,KUHQ)UHXQG]XHUUHLFKHQ

(UVROOGLHEHQ|WLJWHQ'DWHQP|JOLFKVWVFKQHOOEHVFKDIIHQ Ä1DWUOLFKVDJWH&KLDM$PÄ,FKIUHXHPLFKGDLFKZHQLJVWHQVHLQHQNOHLQHQ 7HLOPHLQHU6FKXOGDEWUDJHQNDQQ6LHIUDJWHQLFKWZDUXPGLHLQGHU+LHUDUFKLH YRQ0EHGHXWXQJVYROOHQ%ODXHQDXVJHUHFKQHWDXIGLH0LWKLOIHHLQHU'LHQHULQ ]XUFNJUHLIHQPXWHQ (VZDU]ZDUQXUHLQYDJHV*HIKODEHULUJHQGZLHHUVFKLHQHV'RQDOVVHLGLH -LQJXLVHPIURKGDUEHUGDHULKUH.DELQHUDVFKZLHGHUYHUOLH(UIKUWHVLHLQ GLH)XQN]HQWUDOHYRQZRDXVHUEHU,QWHUNRPGHQGLHQVWKDEHQGHQ2IIL]LHUULHI 3RH.DODQLUHDJLHUWHHUVWDXQW Ä,FKGDFKWH6LHVFKOXPPHUQOlQJVW'RNWRU Ä'LH3IOLFKWUXIW.DODQL Ä:HQQ6LHVRDQIDQJHQ'RNWRUZROOHQ6LHHWZDVYRQPLU Ä+lWWHLFK6LHVRQVWJHZHFNW"NRQWHUWH'RQÄ6LHPVVHQGHQ/LQHDUIOXJ XQWHUEUHFKHQ Ä'DFKWHLFKPLUHVGRFK3RH.DODQLIHL[WHXQYHUKRKOHQÄ,FKKDEH$QZHLVXQJ ELV]XGHQ=LHONRRUGLQDWHQLPhEHUOLFKWIOXJ]XEOHLEHQ Ä8QGLFKVROOGLH&5(67DXVILQGLJPDFKHQ Ä'DEHLGUIWHQHLQLJH'XW]HQG/LFKWMDKUHPHKURGHUZHQLJHUNHLQH5ROOH VSLHOHQ Ä2PHLQ*RWWVLQGGLH0LOLWlUVVWXU+lQGHULQJHQGVWDUUWH'RQLQGLH $XIQDKPHRSWLN Ä:LVVHQVFKDIWOHUVLQGZHOWIUHPGJDE.DODQLXQEHHLQGUXFNW]XUFN Ä&KLDM$PZLUGEHU+\SHUIXQNLKUH+HLPDWZHOWUXIHQHUNOlUWH'RQÄ)DOOV ZLUGDEHLDQJHSHLOWZHUGHQVROOPDQXQVIUHLQHSODQHWDUH6WDWLRQKDOWHQZDV NDXPP|JOLFKLVWZHQQZLUPLWhEHUOLFKWGDKLQUDVHQ8QGEHYRU6LHIUDJHQ 2EHUOHXWQDQWGLH%LHQHLVWHPVLJJHQXJ,QIRUPDWLRQHQEHUGHQ$XIHQWKDOWVRUW GHU&5(67]XEHVRUJHQ Ä:DUXPVDJHQ6LHGDVQLFKWJOHLFK":LHYLHO=HLWZHUGHQ6LHEHQ|WLJHQ" Ä.DXPPHKUDOV]ZDQ]LJ0LQXWHQ 'LH8QWHUKDOWXQJZDULQ,QWHUNRVPRJHIKUWZRUGHQGLH-LQJXLVHPKDWWHQLFKW PHKUDOVLKUHQHLJHQHQ1DPHQYHUVWDQGHQ'HU)XQNVSUXFKHUVFKLHQLKUGDGXUFK DEHUQRFKEHGHXWXQJVYROOHU(VZDU&KLDM$PHLQH(KUHGHQ%ODXHQ]X 'LHQVWHQ]XVHLQ$XHUGHPKDWWHVLHDOOHQ*UXQGVLFKGHV:RKOZROOHQVGHU 7HFKQLNHU]XYHUVLFKHUQ'DZDUQlPOLFKHWZDVZDVHLQLJHQbUJHUYHUXUVDFKHQ ZUGH&KLDM$PKlWWHQLHJHJODXEWGDHVVRVFKZHUVHLQN|QQWH]ZHL+HUUHQ JOHLFK]HLWLJ]XGLHQHQ'DVLHNHLQHDQGHUH:DKOJHKDEWKDWWHEOLHEHLQ VFKZDFKHU7URVW 'LH.RUYHWWHYHUOLHGHQ/LQHDUUDXPQXU]ZHL0LOOLRQHQ.LORPHWHUYRP lXHUVWHQ3ODQHWHQHLQHVXQEHZRKQWHQ6RQQHQV\VWHPVHQWIHUQW*HQDX]HKQ 0LQXWHQYHUJLQJHQELVGLH+\SHUIXQNYHUELQGXQJQDFK&KLSHHKVWDQGXQG &KLDM$PPLWGHU)OHHO-LQJXLVHPVSUHFKHQNRQQWH'DQQHUVWEHJDQQGDV QHUYHQ]HUPUEHQGH:DUWHQ7UlJHWURSIWHQGLH0LQXWHQGDKLQ (LQHKDOEH6WXQGHYHUJLQJRKQHGDVLFK1HQQHQVZHUWHVHUHLJQHWH1XUKLQXQG ZLHGHUNDPHLQEHVWlWLJHQGHU,PSXOVYRQ&KLSHHKGDGHU6SUHFKNDQDO

RIIHQJHKDOWHQZXUGH 3RH.DODQL]HLJWHVLFK]XQHKPHQGEHXQUXKLJWÄ=ZDQ]LJ0LQXWHQVWDQGHQ]XU 'HEDWWHHULQQHUWHHUGHQ*DODNWRSV\FKRORJHQ Ä'DQQHEHQ]ZHLPDO]ZDQ]LJ0LQXWHQHUZLGHUWH'RQ $XFKGLHVHU:HUWZDUKRIIQXQJVORVXQWHUWULHEHQ1DFKHLQHLQKDOE6WXQGHQ NRQQWH&KLDM$PHQGOLFKPLWLKUHP)UHXQGUHGHQ=XP*OFNIDWHVLHVLFK NXU]GHQQDXVJHUHFKQHWMHW]WHUVFKLHQHQGLH(FKRVHLQHUNOHLQHQ)ORWWHLQGHU )HUQRUWXQJ'LH6FKLIIHDOOHP$QVFKHLQQDFK'XPIULHVKDWWHQQXUYLHU /LFKWMDKUHHQWIHUQWGHQ/LQHDUUDXPYHUODVVHQ Ä'DVJLOWXQVEHKDXSWHWH.DODQL(UVROOWHUHFKWEHKDOWHQ 'LH.&EHVFKOHXQLJWHPLW+|FKVWZHUWHQ6LHVWDQGXQPLWWHOEDUYRUGHP hEHUWULWWLQGHQ=ZLVFKHQUDXPDOVTXHUDEXQGNHLQHGUHL/LFKWVHNXQGHQHQWIHUQW GLHULHVLJHQ:DO]HQUDXPVFKLIIHGHU6ROGDWHQNDVWHZLHDXVGHP1LFKWVKHUDXV HUVFKLHQHQ $EHUGDEHJDQQDXIGHU.RUYHWWHGHU.DOXS]XDUEHLWHQ'LH'XPIULHVKDWWHQ HUQHXWGDV1DFKVHKHQ 'DVKHOOH6XPPHQZLUNWHQHUYW|WHQG7VFKDL.XOXDXVWLHIHP6FKODIXQVDQIW DXIJHVFKUHFNWVHW]WHVLFKDXI'LH.DELQHQEHOHXFKWXQJUHDJLHUWHVHOEVWWlWLJ .XOXVHUVWHU%OLFNJDOWGHP$UPEDQGFKURQRPHWHU(UKDWWHNQDSSVHFKV6WXQGHQ JHVFKODIHQ'HU0HOGHUGHVDXI%HUHLWVFKDIWJHVFKDOWHWHQ,QWHUNRPVZROOWHQLFKW YHUVWXPPHQÄ:REUHQQW V"ULHI7VFKDL.XOXlUJHUOLFK :lKUHQGVLFK.DLDQLV.RQWHUIHLDXIGHP0RQLWRUVWDELOLVLHUWHUHJLVWULHUWHGHU 0DMRUGLHKHUUVFKHQGH5XKH6HOEVWGLHOHLFKWHQ9LEUDWLRQHQGHU6FKLIIV]HOOH ZDUHQDEJHNOXQJHQ'DVEHGHXWHWHGDGLH.&]ZHL6WXQGHQYRUGHU=HLWLQ GHQ1RUPDOUDXP]XUFNJHIDOOHQZDU Ä6LHZHUGHQLQGHU=HQWUDOHJHEUDXFKW0DMRU3RH.DODQLVFKDOWHWHDEEHYRU )UDJHQDXINRPPHQNRQQWHQ %HVRQGHUVGULQJHQGVFKLHQGLH$QJHOHJHQKHLWQLFKW]XVHLQ7URW]GHP YHU]LFKWHWHGHUVWlPPLJH$IURWHUUDQHUDXIGLHVRQVWEOLFKH:HFKVHOGXVFKHLQ GHU1D]HOOH(UKLHOWOHGLJOLFKGHQ.RSIXQWHUVNDOWH:DVVHUXQGVFKOSIWHLQ GLH%RUGNRPEL$QVFKOLHHQGEHWUDWHUGLH)HXHUOHLW]HQWUDOHXQGOLHVLFKLP ]HQWUDOHQ$QWLJUDYVFKDFKWQDFKXQWHQWUDJHQ Ä:DUXPKDEHQ6LHGHQ)OXJXQWHUEURFKHQ"ZROOWHHUYRQ.DODQLZLVVHQ Ä:LUVLQGDP=LHORUWDQJHODQJWVDJWHGHU=ZHLWH2IIL]LHUXQGIJWHZHLOHU GHQ(LQZDQGGHV0DMRUVDKQWHKLQ]XÄ9RUYLHU6WXQGHQKDEHLFKGHQ.DOXS ]XPHUVWHQPDODEJHVFKDOWHW&KLDM$PIKUWHHLQOlQJHUHV+\SHUIXQNJHVSUlFK PLWHLQHP)UHXQGDXILKUHU+HLPDWZHOW'LHVHU)UHXQGNDQQYLHOOHLFKW1lKHUHV EHUGHQ9HUEOHLEGHU&5(67LQ(UIDKUXQJEULQJHQ hEHUUDVFKHQGHUVFKLHQHQ.DPSIVFKLIIHGHU'XPIULHV8PP|JOLFKVWVFKQHOO HLQHJU|HUH'LVWDQ]]XJHZLQQHQKDEHLFKGHQhEHUOLFKWIDNWRUHUK|KW 7VFKDL.XOXZDQGWHVLFKGHP3DQRUDPDVFKLUP]XDXIGHP]ZDUHLQHGLFKWH 3RSXODWLRQDXV]XPDFKHQZDUMHGRFKNHLQHGHUGUHLHUZDUWHWHQ6RQQHQÄ6LQG 6LHVLFKHUGDZLUGLH.RRUGLQDWHQH[DNWHUUHLFKWKDEHQ" Ä$EVROXWEHVWlWLJWH.DODQLÄ(LJHQWOLFKEHVWHKWQXUGLH0|JOLFKNHLWGDGLH

.DUWHQGHU6NRDUVXQJHQDXVLQG Ä%LVKHUKDEHQVLFKGLH(LQWUDJXQJHQ]ZDUDOVXQYROOVWlQGLJHUZLHVHQDEHUGRFK DOV]XWUHIIHQG/HJHQ6LHXQVHUHJHVSHLFKHUWHQ)OXJGDWHQDXIGHQ6FKLUP Ä6LHVROOWHQVLFKHKHUGDVDQVHKHQ6LU3RH.DODQLOLHHLQH $XVVFKQLWWVYHUJU|HUXQJGHU6WHUQHQNDUWHDXIOHXFKWHQ(VKDQGHOWHVLFKXP HLQHQGHUDQJUHQ]HQGHQ5DXPVHNWRUHQÄ8QVHUH3RVLWLRQZDULQGHU.U]HGHU =HLWVHKUVFKZHU]XEHVWLPPHQZHLOHVDQPDUNDQWHQ%H]XJVSXQNWHQPDQJHOW (LQ]LJGLHVHDXVJHGHKQWH'XQNHOZRONHGLHQWDOV2ULHQWLHUXQJVKLOIH.DODQL PDUNLHUWHHLQ*HELHWYRQJXW]ZDQ]LJPDOGUHLLJ/LFKWMDKUHQ$XVGHKQXQJGDV LQVHLQHU8QUHJHOPlLJNHLWDQHLQHQ.UDNHQPLWDXVJHEUHLWHWHQ)DQJDUPHQ HULQQHUWH$QVFKOLHHQGSURML]LHUWHHUHLQ%LOGGHVJDODNWLVFKHQ+LQWHUJUXQGV ZLHHVVLFKYRP6WDQGRUWGHU.RUYHWWHDXVGDUERW6WFNZHLVHEUDFKWHGLH 3RVLWURQLNEHLGH$EELOGXQJHQ]XU'HFNXQJVJOHLFKKHLW :RGLH.DUWHQGHU6NRDUVQRFK]ZHLXQEHGHXWHQGH6RQQHQYHU]HLFKQHWHQ VWDQGHQMHW]WGLHJUHOOHQ(QHUJLHZRONHQ]ZHLHU6XSHUQRYDH$EHUGDVZDU OHGLJOLFKEH]HLFKQHQGIUGDV$OWHUGHV.DUWHQPDWHULDOV Ä'HU.UDNHQQHEHOLVW/LFKWMDKUHHQWIHUQWVDJWH3RH.DODQL Ä'HUZDV"IUDJWH.XOX Ä'LH'XQNHOZRONH,FKQHQQHVLHLKUHV$XVVHKHQVZHJHQVR$XVGHURSWLVFKHQ 9HU]HUUXQJXQG Ä6FKHQNHQ6LHVLFKGLH(UNOlUXQJXQWHUEUDFKGHU0DMRUXQJHZRKQWVFKURII Ä:LHZHLWVLQGZLUYRQXQVHUHPYRUJHVHKHQHQ.XUVDEJHZLFKHQ" Ä8P/LFKWMDKUH5LFKWXQJJDODNWLVFKHV=HQWUXP,FKNDQQQLFKWHUNOlUHQ ZHVKDOEGLH,QVWUXPHQWHWURW]GHPNRUUHNWH$Q]HLJHQOLHIHUWHQ 1DFKGHQNOLFKEOLFNWH7VFKDL.XOXDXIGHQ6FKLUPDXIGHPGHUYRUJHVHKHQHXQG GHUWDWVlFKOLFKH.XUVGHU.RUYHWWHGXUFK]ZHLVDQIWJHERJHQH/LQLHQ ZLHGHUJHJHEHQZXUGHQ Ä,FKZHLZDV6LHGHQNHQ0DMRUVDJWH'RQ0DVWHUVÄ6LHJHEHQ&KLDM$P GLH6FKXOGGDUDQGDZLUVHLWGHP0RQGRUELW3UREOHPHKDEHQ$EHUZLHVROOWH GLH-LQJXLVHPXQVHUH3URJUDPPVFKDOWHUEHHLQIOXVVHQRKQH$ODUPDXV]XO|VHQ" Ä'LH7HFKQLNLQ0LVWZHLWJHQXJIRUWJHVFKULWWHQXPVROFKH(LQJULIIH]X HUP|JOLFKHQ Ä&KLDM$PKDWQLFKWVDQ%RUGJHEUDFKW ÄDXHULKUHP:HOOEOHFKNRIIHU Ä'HULVWELVDXIHLQLJHNOHLQH%HKlOWHUOHHU Ä6LHKDEHQDQ,KUHP6FKW]OLQJHLQHQ1DUUHQJHIUHVVHQ'RNWRU'RFKLFKODVVH PLFKJHUQHEHU]HXJHQ6RUJHQ6LHGDIUGDZLUGDV%OHFKGLQJXQWHUVXFKHQ N|QQHQGDQQZHUGHLFKPLFKJHJHEHQHQIDOOVLQDOOHU)RUPEHL,KQHQ HQWVFKXOGLJHQ Ä(LQH5XQGHHFKWHQ&RJQDFZlUHPLU]ZDUOLHEHUDOVHLQSDDUJXWJHPHLQWH :RUWH Ä:HQQLFKPLFKUHFKWHQWVLQQHZXUGHXQVHU9RUUDWYRUHLQLJHQ:RFKHQMlK DXIJHEUDXFKW Ä$XIGHUJXWHQDOWHQ(UGHJLEWHVJHQXJGDYRQ

7VFKDL.XOXVFKZLHJEHGUFNW6HOEVWDOVVLH&KLDM$PV.DELQHEHWUDWHQVDJWH HUNHLQ:RUW 0LWKlQJHQGHQ)OJHOQSUlVHQWLHUWHGLH-LQJXLVHPGHQ:HOOEOHFKNRIIHUDOVVLH GD]XDXIJHIRUGHUWZXUGHÄ%LWWHVHLHQ6LHYRUVLFKWLJEDWVLHÄ,FKWUDJHGLH 9HUDQWZRUWXQJIUGDVhEHUOHEHQVV\VWHP Ä)UGDVZDV"IUDJWH7VFKDL.XOXYHUEOIIW'HU.RIIHUHQWKLHOWPHKUHUH KDOEWUDQVSDUHQWH%HKlOWHULQGHQHQ)OVVLJNHLWHQRGHUDXFKYHUIOVVLJWHV*DV VFKZDSSWHQ )DOOV&KLDM$PVLFKGDUEHUZXQGHUWHGDGLHDQJHEOLFKHQ%ODXHQGLH 7HFKQLNHUYRQ0DXVJHUHFKQHWVLHIUDJHQPXWHQVROLHVLHHVVLFK ]XPLQGHVWQLFKWDQPHUNHQ Ä1XUZHQLJH0DURRQGLHQHQGHQ.RQVWUXNWHXUHQGHV=HQWUXPVHUOlXWHUWHVLH Ä'LHVHNOHLQHQ:HVHQVWHOOHQGLH(LQJUHLIUHVHUYHEHL*URXQIlOOHQRGHUVLFK DQEDKQHQGHQ.DWDVWURSKHQ6HOEVWLQ%HUHLFKHQZR5RERWHUYHUVDJHQN|QQHQ GLH0DURRQQRFK6FKDOWXQJHQGXUFKIKUHQ$OOHUGLQJVEHUOHEHQVLHDXHUKDOE LKUHU+HLPDWZHOWQXUZHQLJH7DJHVLHVLQGDXIEHVWLPPWHNQVWOLFKQLFKW UHSURGX]LHUEDUH(OHPHQWHDQJHZLHVHQ'HVKDOEZXUGHQGLHhEHUOHEHQVV\VWHPH JHVFKDIIHQ Ä,FKYHUVWHKH7VFKDL.XOXQLFNWHÄ'HU0DURRQGHQ6LHEHWUHXHQLVWDOVRWRW &KLDM$PHUVFKUDN]HLJWH9HUZLUUXQJEOLFNWHZLHVXFKHQGXPVLFK'DQQHUVW EHJDQQVLH]XEHJUHLIHQ Ä'HU,QKDOWGHU.RIIHULVWQDFKHLQHUJHZLVVHQ=HLWDXIJHEUDXFKWVDJWHVLH VWRFNHQGÄ-HQDFKGHPZHOFKHQN|USHUOLFKHQ%HODVWXQJHQGHU0DURRQ XQWHUZRUIHQZLUG0LWXQWHUIKUHQGLHVH:HVHQ]ZHLhEHUOHEHQVV\VWHPHPLW VLFKXPXQDEKlQJLJHU]XVHLQ Ä6LHVROOWHQDOVRPLWGHP5DXPVFKLIIXQGGHP.RIIHUGLH+HLPDWZHOWGHU 0DURRQVDQIOLHJHQVWHOOWH'RQ0DVWHUVIHVW Ä8PGDVhEHUOHEHQVV\VWHPQHXDXI]XODGHQ&KLDM$PQLFNWH²HLQH*HVWH GLHVLHUDVFKEHUQRPPHQKDWWHÄ)DOOV6LHGHWDLOOLHUWH$XVNQIWHEHQ|WLJHQ Ä1LFKWQ|WLJ7VFKDL.XOXZHKUWHDEÄ$OOHUGLQJVYHU]HLFKQHQZLU )HKOIXQNWLRQHQLP$QWULHEEHUHLFKXQGEHLGHU6WHXHUXQJXQVHUHV6FKLIIHVVHLW GLHVHV'LQJGDHUGHXWHWHDXIGHQ.RIIHUÄLQGHU1lKHLVW Ä'DVhEHUOHEHQVV\VWHPYHUKlOWVLFKQDFKDXHQKLQY|OOLJQHXWUDOVDJWH&KLDM $PVFKQHOOÄ'LH8UVDFKH,KUHU6FKZLHULJNHLWHQPXZRDQGHUVOLHJHQ Ä:LHZDUGDVPLWGHU(QWVFKXOGLJXQJ0DMRU"ZROOWH'RQ0DVWHUVZLVVHQDOV VLHEHLGHGLH.DELQHYHUOLHHQ Ä*XW'LQJZLOO:HLOHKDEHQDQWZRUWHWH7VFKDL.XOXÄ,FKJHKHMHGH:HWWHHLQ GDGLH-LQJXLVHPPHKUZHLDOVVLH]XJLEW 'LHQlFKVWH/LQHDUHWDSSHSURJUDPPLHUWH7VFKDL.XOXHLJHQKlQGLJXQGZlKUHQG GHVPHKUDOVGUHLVWQGLJHQ)OXJVZDQGWHHUVHLQHQ%OLFNQLFKWYRQGHQ .RQWUROOHQDE3RH.DODQLGHULP6HVVHOGHV1DYLJDWRUV3ODW]JHQRPPHQKDWWH ZDUHEHQIDOOVIUGLH.XUVEHUZDFKXQJ]XVWlQGLJ(VJDENHLQH 8QUHJHOPlLJNHLWHQ'HU=LHOVWHUQVWDQG]ZDUYHUVFKZRPPHQDXIGHQ 6FKLUPHQDEHUHUZDUGDXQGZXFKVVWHWLJDQ

'LHhEHUUDVFKXQJNDPDOVGLH.RUYHWWHLQGHQ1RUPDOUDXP]XUFNILHO'HQQ GLHVJHVFKDK]ZLVFKHQGHQ3ODQHWHQGHV6\VWHPVHLQHUNOHLQHQJUQHQ6RQQH 7VFKDL.XOXVWLHHLQHHOOHQODQJH9HUZQVFKXQJDXV'LH2UWXQJHQ]HLJWHQGUHL GHUVFKRQEHNDQQWHQ5|KUHQVFKLIIH6LHEHIDQGHQVLFKDXIHLQHP.XUV]ZLVFKHQ GHQ3ODQHWHQ Ä6FKDIIHQ6LHPLUGLH-LQJXLVHPKHU0DVWHUVEHIDKOGHU0DMRUÄ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Ä:HQQ6LHPLFKMHW]WRKQH5DXPDQ]XJDXVGHU6FKOHXVHVWRHQNDQQLFK,KQHQ QLFKWHLQPDOE|VHVHLQEUDFKWHVLH]HUNQLUVFKWKHUYRUÄ,FKZHLGDLFK,KUH +LOIVEHUHLWVFKDIWDXVJHQXW]WKDEHXQG6LHN|QQHQZRKOQLFKWHUPHVVHQZLHVHKU LFKVHOEVWGDUXQWHUOHLGH$EHULFKNRQQWHDXFKQLFKWJHJHQGLH,QWHUHVVHQPHLQHV DXJHQEOLFNOLFKHQ+HUUQYHUVWRHQ0HLQ$XIWUDJODXWHWHLKQVLFKHUQDFK 0DURRQD]XJHOHLWHQ(UVWZHQQLFKGDVHUIOOWKDEHNDQQLFKPLFKZLUNOLFKIU ,KUH5HWWXQJHUNHQQWOLFK]HLJHQ Ä0LUJHQJWHVHLQPDOKLQWHUJDQJHQ]XZHUGHQVDJWH7VFKDL.XOXKDUW &KLDM$PYHUVXFKWHVLFK]XUHFKWIHUWLJHQÄ,FKKDEHQXUPHLQH3IOLFKWHUIOOW $EHUJHQDXGLHVH3KUDVHNRQQWHGHU0DMRUDEVROXWQLFKWK|UHQ'HPRQVWUDWLY ZDQGWHHUGHU-LQJXLVHPGHQ5FNHQ]X Ä:HQKDEHQ6LHDOVEOLQGHQ3DVVDJLHUDQ%RUGJHVFKPXJJHOW&KLDM$P"'RQ 0DVWHUVGDFKWHDQGHQ:HOOEOHFKNRIIHU(LQNOHLQHV:HVHQNRQQWHGDULQVLFKHU 3ODW]ILQGHQ+DWWHGLH-LQJXLVHPQLFKWDQJHGHXWHWGDGLH0DURRQVYRQNOHLQHU 6WDWXUZDUHQ" 'LH%LHQHOLHGLH)OJHOKlQJHQÄ$HDHDR8LRLVWVHLQ1DPHJHVWDQGVLH Ä+lWWHQ6LHXQVQLFKWHLQIDFKELWWHQN|QQHQGHQ0DURRQ+HLP]XIOLHJHQ" &KLDM$PZDUZLHYRP'RQQHUJHUKUW6HNXQGHQODQJKLHOWVLHGHQ$WHPDQ ,KUH)OJHOYHUORUHQMHJOLFKHQ*ODQ] Ä%LWWHVSRWWHQ6LHQLFKWEHUPLFKEUDFKWHVLHGDQQPLWKDOEHUVWLFNWHU6WLPPH KHUYRUÄ,FKKDEHMHGH6WUDIHYHUGLHQWDEHUQLFKWGD6LHPHLQH:UGHPLW )HQWUHWHQ0LULVWEHNDQQWGD0DURRQVXQG%ODXHVLFKPLWDOOHQ0LWWHOQ JHJHQVHLWLJDXV]XVWHFKHQYHUVXFKHQ6LHKlWWHQXQVEHLGHQLHPDOVDQ%RUG JHQRPPHQ Ä8QGZDVZLUGQXQ"IUDJWH7VFKDL.XOXRKQHVLFKXP]XZHQGHQ Ä,FKDSSHOOLHUHDQ,KUH(LQVLFKW6HW]HQ6LH$HDHDR8LRDXIHLQHPGHU3ODQHWHQ DE0HKULVWQLFKWHUIRUGHUOLFK Ä:LUN|QQWHQLKQVRIRUWYRQ%RUGZHUIHQ7VFKDL.XOXYHUVXFKWHVHLQHU5ROOH DOV%ODXHUJHUHFKW]XZHUGHQ

Ä'DQQPVVHQ6LHPLFKHEHQIDOOVW|WHQULHI&KLDM$PHQWVHW]WÄ(VJLEWQLFKWV 9HUZHUIOLFKHUHVDOVHLQH-LQJXLVHPGLHLKUHQ$XIWUDJQLFKWHUIOOW Ä6LHZLVVHQQDWUOLFKZLHGHU0DURRQXQVHU6FKLIIEHHLQIOXVVHQNRQQWH'RQ 0DVWHUVNOHLGHWHVHLQH)UDJHLQHLQHJHVFKLFNWH8PVFKUHLEXQJXPNHLQ 0LWUDXHQ]XHUUHJHQ Ä(UKDWVHLQHEHVRQGHUH*DEHDQJHZDQGWEHUGLHHLQLJHVHLQHV9RONHV YHUIJHQ$OOHLQGXUFK:LOOHQVNUDIWNDQQHU6FKDOWXQJHQEHHLQIOXVVHQRGHU ]HUVW|UWH6FKDOWNUHLVHEHUEUFNHQ Ä:LHYLHOH0DURRQVEHVLW]HQGLHVH)lKLJNHLW" Ä6HFKVRGHUVLHEHQNDXPPHKU&KLDM$PZDURIIHQVLFKWOLFKDXI9HUPXWXQJHQ DQJHZLHVHQ 7VFKDL.XOXEHVFKOHXQLJWHGLH.RUYHWWHLQ5LFKWXQJDXIGHQGULWWHQ3ODQHWHQ Ä:LUKDEHQGHQ6FKZDU]HQ3HWHUJH]RJHQDOVRPVVHQZLU]XVHKHQGDZLULKQ ZLHGHUORVZHUGHQVDJWHHU 1LHPDQGQDKP1RWL]YRQGHU.RUYHWWH(UVWDOVVLHLQHLQHQ2UELWEHU0DURRQD HLQVFKZHQNWHPHOGHWHVLFKGLH%RGHQNRQWUROOH&KLDM$PEHUQDKPGLH (UOHGLJXQJGHU)RUPDOLWlWHQGLHVLFKGDULQHUVFK|SIWHGDVLHVLFKEHU %LOGIXQN]XHUNHQQHQJDEXQGVDJWHÄ:LUEULQJHQ$HDHDR8LR'LHSODQPlLJH 5FNNHKUZXUGHLQIROJH0DVFKLQHQVFKDGHQVEHUVFKULWWHQ $XVHLJHQHP$QWULHEZDUHQGLH0DURRQVELVODQJQRFKQLFKWEHUGLH LQWHUSODQHWDUH5DXPIDKUWKLQDXVJHNRPPHQ(QWVSUHFKHQGEHGHXWXQJVORVZLUNWH GHU5DXPKDIHQDXIGHU0XWWHUZHOW'LH.RUYHWWHODQGHWH]ZHL.LORPHWHUYRQ GHQ.RQWUROOJHElXGHQHQWIHUQWDQGHUlXHUHQ%HJUHQ]XQJ$OVGLH$XIODJHWHOOHU GHU/DQGHVWW]HQGHQ%RGHQEHUKUWHQVWDQG&KLDM$PVFKRQLQGHU6FKOHXVHQ NDPPHU'HQ:HOOEOHFKNRIIHUKDWWHVLHEHLVLFK-HGHUDQ%RUGKlWWHHLQLJHV GDIUJHJHEHQ$HDHDR8LRHQGOLFK]XVHKHQDEHUGLH-LQJXLVHPDXI]XIRUGHUQ GHQ.RIIHU]X|IIQHQZDUPDQ]XVWRO]$XHUGHPZUGHQZRKOEDOGGLHHUVWHQ 0DURRQVLP(UIDVVXQJVEHUHLFKGHU2SWLNHQHUVFKHLQHQ &KLDM$PVFKOHSSWHGHQ.RIIHUHWZDYLHUKXQGHUW0HWHUZHLWVWHOOWHLKQDEXQG KDVWHWHPLWZHLWDXVJUHLIHQGHQ6SUQJHQ]XU.RUYHWWH]XUFN 'LH6FKOHXVHZDUVFKRQJHVFKORVVHQ7VFKDL.XOXZROOWHQLFKWOlQJHUDOVQ|WLJ DXIGLHVHU:HOWYHUZHLOHQ'DHV:HVHQJDEGLHQXUPLWLKUHU*HGDQNHQNUDIW GLH.RUYHWWHDP6WDUWKLQGHUQNRQQWHQHUIOOWHLKQPLW8QEHKDJHQ &KLDM$PEOLFNWH]XP5LQJZXOVWHPSRUXQGZHGHOWHPLWDOOHQYLHU$UPHQ Ä6LHKWVRDXVDOVZROOHVLHXQVZHLWHUKLQPLWLKUHU$QZHVHQKHLWEHJOFNHQ VWHOOWH0HQF5DGHF]LQIHVW Ä:LUKDWWHQJHQXJbUJHUZHKUWHGHU0DMRUDE Ä8QGGLH0|JOLFKNHLWPHKUEHUGLH&5(67]XHUIDKUHQ" Ä*ODXEHQ6LHDQ:XQGHU"'LH'XPIULHVDXIGHU8UODXEVZHOWVLQGPLWUDXLVFK JHZRUGHQ'DGLH)ORWWHLQXQVHUHU1lKHDXIWDXFKWHZDUZRKONHLQ=XIDOO Ä'DQQLVWHVDXFKGLHVPDONHLQHUULHI3RH.DODQLYRQGHQ2UWXQJHQÄ=ZHL :DO]HQUDXPHUMHGHU]ZHLHLQKDOE.LORPHWHUODQJVLQGHEHQDXVGHP /LQHDUUDXPJHNRPPHQ 7VFKDL.XOXZLUEHOWHKHUXPÄ0DVWHUVVRUJHQ6LHGDIUGD,KU6FKW]OLQJDXV

GHU1lKHGHU.RUYHWWHYHUVFKZLQGHW Ä,FKJODXEHQLFKWGDZLUJHJHQGLH0HQWDOLWlWGHU-LQJXLVHPDQNRPPHQ ZLGHUVSUDFKGHU*DODNWRSV\FKRORJHÄ&KLDM$PVLHKWLQXQVLKUHQHXHQ+HUUHQ GHQHQVLHGLHQHQPX 8P.XOXV0XQGZLQNHOEHJDQQHV]X]XFNHQÄ)DOOV6LHQLFKWLQGHU/DJHVLQG GLH%LHQH]XYHUMDJHQODVVHQ6LHVLFK,KU/HKUJHOGZLHGHUJHEHQVDJWHHU JHIlKUOLFKOHLVH Ä9RUDXVVLFKWOLFKHV(LQWUHIIHQGHU:DO]HQVFKLIIHEHU0DURRQDLQVHFKV 0LQXWHQPHOGHWH.DODQL Ä'LH-LQJXLVHPZLUGEHLP6WDUWJHU|VWHWVDJHQ6LHLKUGDV7VFKDL.XOX VFKQDXIWHHPS|UWZHLO'RQ0DVWHUVLKPJDUQLFKW]XJHK|UWKDWWHVRQGHUQ HLJHQPlFKWLJ6FKDOWXQJHQYRUQDKP Ä,FK|IIQHGLH6FKOHXVH Ä6LQG6LHYHUUFNW" Ä'DVLVWGHUHLQ]LJH:HJ&KLDM$PVFKQHOOVWHQVLQ6LFKHUKHLW]XEULQJHQ Ä6LHKDOWHQVLFKZRKOIUXQZLGHUVWHKOLFK" 'RQ0DVWHUVJULQVWHEUHLW(UDNWLYLHUWHHLQ7UDQVSRUWIHOGGDVGLH-LQJXLVHP]XP 5LQJZXOVWHPSRUWUXJ6HNXQGHQVSlWHU]HLJWHHLQIODFNHUQGHV/lPSFKHQDQ GDVLHGLH6FKOHXVHEHWUDW 9RP$QWLJUDYWULHEZHUNJHWUDJHQKDWWHGLH.RUYHWWH]XGHP=HLWSXQNWVFKRQ DEJHKREHQ'HU0DMRUVFKREGHQ%HVFKOHXQLJXQJVKHEHOELVLQGHQURWPDUNLHUWHQ %HUHLFKKLQHLQ'LH.RUSXVNXODUVWUDKOHQGHV,PSXOVDQWULHEVEUDFKHQVLFKDXIGHU %HWRQSLVWHLQHLQHPJOHLHQGHQ)XQNHQUHJHQ$HDHDR8LRGHUVRHEHQVHLQHP :HOOEOHFKNRIIHUHQWVWLHJZXUGHYRQGHPHQWIHVVHOWHQ6WXUP]ZDUVDPW hEHUOHEHQVV\VWHPGDYRQJHZHKWGRFKHUEOLHEXQYHUOHW]W 'LH:DO]HQVFKLIIHZDUHQGHXWOLFK]XHUNHQQHQ(VKDQGHOWHVLFKWDWVlFKOLFKXP .DPSIUDXPHUGHU'XPIULHV 9HUJHEOLFKYHUVXFKWH7VFKDL.XOXGHQ3ODQHWHQ]ZLVFKHQVLFKXQGGLHEHLGHQ DQIOLHJHQGHQ(LQKHLWHQ]XEULQJHQ'LH'XPIULHVKDWWHQ/XQWHJHURFKHQ,Q HLQHUW\SLVFKHQ=DQJHQEHZHJXQJVFKHUWHQVLHDXVXPGLH.RUYHWWHDE]XIDQJHQ Ä6LHVLQGZHVHQWOLFKVFKQHOOHUVDJWH5DGHF]LQELWWHU 'HUSO|W]OLFKH$QGUXFNOLHLKQYHUVWXPPHQ0HKUHUH*UDYRVVFKOXJHQGXUFK DOV7VFKDL.XOXGLH.RUYHWWHLQHLQHP*HZDOWPDQ|YHULP1HXQ]LJ*UDG:LQNHO DXVGHP.XUVULXQGVFKUlJ]XU(NOLSWLNGHV6RQQHQV\VWHPVLQGHQ LQWHUVWHOODUHQ5DXPYRUVWLH .RVWEDUH6HNXQGHQZDUHQJHZRQQHQELVGLHVFKZHUIlOOLJHQ:DO]HQUDXPHU HEHQIDOOVKHUXPVFKZDQJHQ'LH'LVWDQ]YHUJU|HUWHVLFK 'LH&KDQFHGHQ.XJHOUDXPHUDXI]XEULQJHQZDUIUVHUVWHYHUWDQ .RPSURPLORVHU|IIQHWHQGLH'XPIULHVGDV)HXHU 'UHL7UHIIHUHUVFKWWHUWHQGLH.RUYHWWHXQGEUDFKWHQLKU6FKLUPIHOG]XP $XIJOKHQ6HNXQGHQVSlWHUYHUVFKZDQGVLHDXVGHPQRUPDOHQ5DXP=HLW *HIJH )QI]LJ/LFKWMDKUHHQWIHUQWILHOVLHLQGHQ1RUPDOUDXP]XUFN6RIRUW

SURJUDPPLHUWH7VFKDL.XOXGLHQlFKVWH(WDSSH Ä:HLMHPDQGZR&KLDM$PVWHFNW"ZROOWHHUZLVVHQÄ6LHLVWGRFKDQ%RUG RGHU" Ä1DWUOLFK'RQ0DVWHUVEHGDFKWHGHQ0DMRUPLWHLQHPKHUDXVIRUGHUQGHQ %OLFNÄ:LUKDEHQGLH-LQJXLVHPQLFKWYHUORUHQIDOOV6LHGDVKRIIHQ Ä'DQQVHKHQ6LH]XGDVLHNHLQH'XPPKHLWHQDQVWHOOW2GHULVWGDV]XYLHO YHUODQJW" Ä.HLQHVZHJV0LOLWlULVFKNQDSSVDOXWLHUWH'RQ 'LH-LQJXLVHPZDUHQ]XP'LHQHQJHERUHQ'RQEUDXFKWHVLFKQXULQ&KLDM$PV /DJH]XYHUVHW]HQGLHQDWUOLFKYHUVXFKHQZUGHVLFKQW]OLFK]XPDFKHQ 6HLQH%HIUFKWXQJHQHUZLHVHQVLFKDOVEHUHFKWLJW(UEHJHJQHWHGHU5LHVHQELHQH DXIGHP.RUULGRUYRUGHU6FKLIIVPHVVH&KLDM$PEDODQFLHUWHVFKRQZLHGHUHLQ YROOHV7DEOHWW Ä,FKVWHKH]X,KUHQ'LHQVWHQHU|IIQHWHGLH-LQJXLVHP Ä'DQQWUDJHQ6LHGHQ.DIIHHELWWHLQGLH=HQWUDOHHUZLGHUWH'RQPLWHLQHP DEVFKlW]HQGHQ6HLWHQEOLFNDXIGDVGDPSIHQGH*HEUlX Ä)U6LHLVWHEHQIDOOVHLQH7DVVHYRUJHVHKHQ'RNWRU0DVWHUV Ä-DQDWUOLFKVDJWHHUXQGVFKZHLIWHLPQlFKVWHQ0RPHQWDEÄ:DUXPVLQG 6LH]XUFNJHNHKUW"6LHKlWWHQDXI0DURRQDEOHLEHQN|QQHQ Ä,FKIKOHPLFKYHUDQWZRUWOLFK:HJHQPHLQHV1RWUXIVKDWWHQ6LHQXU0KHXQG 8QDQQHKPOLFKNHLWHQ,FKZDJHQLFKW]XEHXUWHLOHQZR6LHRKQHPHLQH 7ROSDWVFKLJNHLWLQ]ZLVFKHQZlUHQ Ä9LHOOHLFKWLQGHU0LOFKVWUDHEHPHUNWH'RQVDUNDVWLVFK Ä9HU]HLKXQJLFKKDEHQLFKWYHUVWDQGHQ Ä'DVZDUQXUHLQH5HGHQVDUW'HU*DODNWRSV\FKRORJHYROOIKUWHHLQH ZHJZHUIHQGH+DQGEHZHJXQJÄ9HUJHVVHQ6LH VDPEHVWHQ²:DVKDEHQ6LH ZHLWHUYRU" Ä,FKZHUGHYHUVXFKHQ,KQHQMHGHQ:XQVFKYRQGHQ/LSSHQDE]XOHVHQ'RQV /lFKHOQJHIURUDOV&KLDM$PLKQHULQQHUWHÄ,KU.DIIHH6LHVLQGEHVWLPPW GXUVWLJ Ä6WHKWGDVDXIPHLQHQ/LSSHQ" Ä,Q]ZLVFKHQZHLLFKZDV,KUHPYHUlQGHUWHQ6WRIIZHFKVHO]XWUlJOLFKLVW EHNDQQWH&KLDM$PÄ6LHZHUGHQNHLQHQ*UXQGPHKUKDEHQPHLQH/HLVWXQJHQ DOVXQJHQJHQGHLQ]XVWXIHQ Ä:DQQUXIHQ6LH,KUHQ)UHXQGDXIGHU(UKROXQJVZHOWQRFKPDOVDQ"'RQ YHUVXFKWHGDV7KHPD]XZHFKVHOQ Ä0RUJHQVDJWHGLH-LQJXLVHPÄ'DVKHLWZHQQ6LHGDPLWHLQYHUVWDQGHQVLQG 'RQ0DVWHUVNDP]XNHLQHU(UZLGHUXQJZHLO&KLDM$PVLFKPLWHLQHP JUlOLFKHQ/DXWDXILKQVWU]WH(UKDWWHGLH:DKOHQWZHGHUGLH-LQJXLVHPRGHU DEHUGHQKHLHQ.DIIHHDE]XZHKUHQGDHUMHGRFKHLQHQ$XJHQEOLFN]XODQJH ]|JHUWHHUJRVLFKHUVWGDV*HWUlQNEHUVHLQH.RPELQDWLRQXQGGXUFKQlWHLKQ ELVDXIGLH+DXWXQGGDQQUL&KLDM$PLKQPLWDOOHU:XFKW]X%RGHQ'RQ EOLHEQLFKWHLQPDOGLH=HLWVLFKEHUGLHXQJHKHXUH.UDIWGHU%LHQH]XZXQGHUQ GLHLKPGLH/XIWDXVGHQ/XQJHQSUHWH6HNXQGHQODQJZXUGHLKPVFKZDU]YRU

$XJHQ 'HU$ODUPEUDFKWHLKQ]XU%HVLQQXQJ &KLDM$PODJPLWYHUGUHKWHQ*OLHGHUQQHEHQLKPXQGMDPPHUWHYHUKDOWHQ 9HUJHEOLFKYHUVXFKWHVLHVLFKDXI]XULFKWHQ,QGHP0RPHQWEHJULII'RQ 0DVWHUVGDGLH-LQJXLVHPLKQQLFKWDQJHJULIIHQKDWWHVRQGHUQGDVLHHEHQVR ZLHHUHLQ2SIHUGHUMlKYHUlQGHUWHQ6FKZHUNUDIWYHUKlOWQLVVHJHZRUGHQZDU $XFK'RQZRJSO|W]OLFKPHKUDOVGDV'RSSHOWHVHLQHVJHZRKQWHQ*HZLFKWV $EHUHUVFKDIIWHHVZHQLJVWHQVZLHGHUDXIGLH%HLQH]XNRPPHQ 'HUGXPSIHJXUJHOQGH/DXWGHQHUGHU-LQJXLVHP]XJHVFKULHEHQKDWWHZDU GXUFKGHQWHLOZHLVHQ$XVIDOOGHV6FKLUPIHOGVXQGGLHhEHUODVWXQJGHU$EVRUEHU HQWVWDQGHQ 'RQSDFNWHGLHEHLGHQYRUGHUHQ*OLHGPDHQGLH&KLDM$PLKPKLOIHVXFKHQG HQWJHJHQUHFNWHXQG]HUUWHVLHKRFK'DV%LHQHQZHVHQPDFKWH]ZHLXQEHKROIHQH 6FKULWWHXQGOLHVLFKGDQQVFKZHUDWPHQGDQGLH:DQGVLQNHQ (LQHHUQHXWHGU|KQHQGH(UVFKWWHUXQJGHU6FKLIIV]HOOHZLFKGHP5DXQHQGHV .DOXSV'LH.RUYHWWHIORKYRUGHQ$QJUHLIHUQLQGHQ/LQHDUUDXPXQGEHIDQG VLFKGHPQDFKZHQLJVWHQVYRUEHUJHKHQGLQ6LFKHUKHLW 8QWHUGHU/DVWVHLQHUPRPHQWDQJXW.LORJUDPPVFKQDXIWH'RQ0DVWHUV]XU QlFKVWHQ6SUHFKVWHOOHGHV,QWHUNRPV%HYRUHUGLH1LVFKHHUUHLFKWHVDQNGLH 6FKZHUNUDIWZLHGHUDXIGDVJHZRKQWH0DDE Ä'RNWRU0DVWHUVDXI*HIHFKWVVWDWLRQKDOOWH7VFKDL.XOXVEHIHKOVJHZRKQWH 6WLPPHGXUFKGHQ.RUULGRU 'RQZDQGWHVLFKIOFKWLJ]XU-LQJXLVHPXPÄ.RPPHQ6LHULHIHUÄ'HU7DQ] JHKWZHLWHU&KLDM$PVWDUUWHLKQ]ZDUYHUVWlQGQLVORVDQDEHUVLHWRUNHOWH KLQWHULKPKHU 'DGLH.RUYHWWH6FKlGHQGDYRQJHWUDJHQKDWWHZDUGHP*DODNWRSV\FKRORJHQ NODUJHZHVHQ'DVZLUNOLFKH$XVPDHUNDQQWHHUDOOHUGLQJVHUVWDOVHULQGLH =HQWUDOHVWUPWHXQGGLHYLHOHQIODFNHUQGHQ:DUQDQ]HLJHQVDK'DV6FKLII PXWHHLQHQ7UHIIHULP5LQJZXOVWEHUHLFKHUKDOWHQKDEHQ Ä&KHFNHQ6LHGHQ,PSXOVDQWULHE'RNWRUNRPPDQGLHUWH7VFKDL.XOX'DQQ HUVWEHPHUNWHHU'RQVGHVRODWHVbXHUHVÄ:DVLVWORVPLW,KQHQ"ZROOWHHU ZLVVHQÄ6LQG6LHLQGLH.DIIHHPDVFKLQHJHIDOOHQ" Ä(KHUXPJHNHKUW0LWHLQHPIOFKWLJHQ.RSIQLFNHQGHXWHWH0DVWHUVDXIGLH -LQJXLVHPÄ6LHVROOWHQNQIWLJVDQIWHUH0DQ|YHUIOLHJHQ0DMRU'HU.DIIHHZDU IU6LHEHVWLPPW Ä,FKZHUGH6LHIUGLH9HUGLHQVWPHGDLOOHYRUVFKODJHQ'RNWRU $XFK2EHUOHXWQDQW.DODQLIHL[WH Ä+RIIHQWOLFKEOHLEHQLQ,KUHU8QLIRUPNHLQH6DO]UlQGHU Ä$XVIDOOHUVFKHLQXQJHQDP.DOXSULHIGHU0DMRUÄ)UHPGHQHUJLHQEHHLQIOXVVHQ GDV.RPSHQVDWRUIHOG Ä1DGDQQSURVW0DKO]HLWNRPPHQWLHUWH0HQF5DGHF]LQÄ=XUFN]XP(UQVW GHV/HEHQV 'LH.RUYHWWHKDWWHNHLQHDFKW]LJ/LFKWMDKUHEHUZXQGHQDOVVLHHUQHXWLQGHQ 1RUPDOUDXP]XUFNILHO*HRUJH0DKRQXQG3RH.DODQLEHIDQGHQVLFKGDEHUHLWV

DXIGHP:HJ]XGHQ.RQYHUWHUQ Ä,FKJHEHXQVIQI]HKQDOOHUK|FKVWHQV]ZDQ]LJ0LQXWHQELVGLH'XPIULHV ZLHGHUKLQWHUXQVKHUVLQG7VFKDL.XOXV*HVLFKWZDUVFKZHLEHUVWU|PWXQG JOlQ]WHZLHSROLHUWHV(EHQKRO]Ä:HOFKH/HLVWXQJEULQJWGDV,PSXOVWULHEZHUN" Ä.QDSSDFKW]LJ3UR]HQWPHOGHWH0DVWHUVÄ=ZHL)HOGGVHQVLQGDXVJHIDOOHQ ]ZHLZHLWHUHN|QQHQQXUPLWVFKZDFKHU/HLVWXQJJHIDKUHQZHUGHQ$EVFKDOWXQJ GHVJHIlKUGHWHQ%HUHLFKVLVWYRUVFKULIWVPlLJHUIROJW Ä'LH%XUVFKHQZDUHQSO|W]OLFKGDXQGHU|IIQHWHQRKQHMHGH9RUZDUQXQJGDV )HXHU.XOXVFKQDXIWHHUJHEHQ Ä9HU]HLKXQJZDQGWHGLH-LQJXLVHPHLQGLHELVODQJGDV*HVFKHKHQXQEHZHJW YHUIROJWKDWWHÄ:HUZDJWHVHLQ5DXPVFKLIIGHU%ODXHQDQ]XJUHLIHQ" Ä:HU"ZLHGHUKROWHGHU0DMRUÄ'DVZHUGHQ6LHYHUPXWOLFKVHKUEDOG]XVHKHQ EHNRPPHQ(UZDQGWHVLFKGHP,QWHUNRP]XÄ:LHVLHKWHVEHL,KQHQDXV 6LPRQ" Ä+LHULVWDOOHVNODU%HLPQlFKVWHQ0DOWULIIWHVXQVQLFKWPHKUXQYRUEHUHLWHW Ä:LHVFK|QVDJWH.XOXVSLW] 'LHIUHPGHQ6WHUQHDXIGHP3DQRUDPDVFKLUPZLUNWHQNDOWXQGGURKHQG1DKH]X LP=HQWUXPGHU:LHGHUJDEHJlKQWHHLQGVWHUHVGXQNOHV1LFKWVGHVVHQ XQUHJHOPlLJH$XVOlXIHUVFKHLQEDUJLHULJQDFKDOOHQ6HLWHQJULIIHQGHU .UDNHQQHEHONHLQHKXQGHUWXQGYLHU]LJ/LFKWMDKUHPHKUHQWIHUQW 1RFKLPPHUIHKOWH0DKRQV0HOGXQJYRP.DOXS)UGLH0lQQHULQGHU =HQWUDOHZDUGDV6FKOLPPHGDVLHEHUKDXSWQLFKWVWXQNRQQWHQ Ä'DUILFK,KQHQHLQH(UIULVFKXQJEULQJHQ"HUNXQGLJWHVLFKGLH-LQJXLVHP Ä:DUXPXPDOOHVLQGHU:HOWVLQG6LHQLFKWDXI0DURRQDJHEOLHEHQ"VHXI]WH GHU0DMRU Ä'LH(UIULVFKXQJ Ä'HU0DMRUPHLQWHVQLFKWVREHWRQWH'RQ0DVWHUV Ä*HKHQ6LHUXKLJ&KLDM$PDEHUEULQJHQ6LHNHLQHQ.DIIHH9LHOOHLFKW )UXFKWVDIW 'LH)UHXGHEHUGLH$XIJDEHZDUGHU-LQJXLVHPDQ]XVHKHQVLHVFKZHEWH I|UPOLFKKLQDXV1XU7VFKDL.XOXZDUQLFKW]XIULHGHQÄ6LHPDFKHQGLH.RUYHWWH ]XP7ROOKDXVKLHOWHUGHP*DODNWRSV\FKRORJHQYRUÄ+LQWHU,KQHQVWHKWGHU $XWRPDW:HU'XUVWKDWEUDXFKWQXUDXI]XVWHKHQ Ä'DPLWEHUDXEHQ6LHGLH-LQJXLVHPLKUHVHLQ]LJHQ/HEHQVLQKDOWV6LHPXGDV *HIKOKDEHQJHEUDXFKW]XZHUGHQ Ä3V\FKRORJHQPXUPHOWH.XOXÄ'LHYHUVWHKWQLHPDQG =Z|OIODQJH0LQXWHQYHUJLQJHQELV0DKRQVLFKHQGOLFKPHOGHWH Ä:LUKDEHQGHQ'HIHNW6LU=ZHL8PZDQGOHUVSXOHQZXUGHQGXUFKGHQ7UHIIHU DXIJHODGHQZREHLVLHHLQHQ7HLOLKUHU/HLVWXQJHLQEWHQ:LUPVVHQ DXVWDXVFKHQ3UR(LQKHLW]HKQ0LQXWHQ Ä6FKDIIHQ6LHHVLQGHUKDOEHQ=HLW,QGLHVHP6HNWRULVWVRDEVROXWQLFKWVORV GDHVHLJHQWOLFKQXUGLH5XKHYRUGHP6WXUPVHLQNDQQ 7VFKDL.XOXHUKLHOWNHLQH$QWZRUW²HUKDWWHDXFKNHLQHHUZDUWHW:LFKWLJHU ZDUGD0DKRQXQG.DODQLZLHGLH:LOGHQVFKXIWHWHQ

)QI]HKQ0LQXWHQ1DFKZLHYRUNHLQH$Q]HLFKHQYRQ6FKLIIVEHZHJXQJHQ LP8PNUHLVYRQPHKUDOV]ZDQ]LJ/LFKWMDKUHQ $QJHVWUHQJWVWDUUWHGHU0DMRUDXIGLHYLHOIlOWLJHQ$Q]HLJHQGLH$QVSDQQXQJ ZDULKPGHXWOLFKDQ]XPHUNHQ'LHHUIRUGHUOLFKH(LQWDXFKJHVFKZLQGLJNHLWZDU HUUHLFKWDEHUGHU.DOXSQLFKWHLQVDW]EHUHLWXPGLH.RUYHWWHLPhEHUOLFKWIOXJLQV ,QQHUHGHV.UDNHQQHEHOV]XEULQJHQ $FKW]HKQ0LQXWHQ 8QYHUPLWWHOWZDUHQGLH:DO]HQUDXPHUGD1XUZHQLJH0LOOLRQHQ.LORPHWHU KLQWHUGHU.&$XIGHQ%LOGVFKLUPHQZXUGHQ(LQ]HOKHLWHQHUNHQQEDU'LH %OHQGHQGHU*HVFKW]NXSSHOQZDUHQ]XUFNJHIDKUHQ Ä6LPRQVDJWHGHU0DMRUÄ6LHKDEHQ)HXHUIUHLJDEH'LH5XKHGLHSO|W]OLFKLQ VHLQHU6WLPPHODJZLUNWHDQVWHFNHQG(UZXUGHHLQVPLWGHU.RUYHWWH YHUVFKPRO]UHJHOUHFKWPLWGHQ.RQWUROOHQ'LH(OHNWURQHQVWU|PHLQGHQ 6FKDOWHLQKHLWHQXQGGDV%OXWGDVKLQWHUVHLQHQ6FKOlIHQSRFKWHKDWWHQYLHOHV JHPHLQVDP 7VFKDL.XOXYHUODQJWHVLFKXQGGHP6FKLIIDOOHVDE%LVDQGLH*UHQ]HGHU %HODVWEDUNHLWJHKHQGGUHKWHHUGLH.RUYHWWHDXVGHP.XUV6HNXQGHQEUXFKWHLOH ZDUHQJOHLFKEHGHXWHQGPLWHLQLJHQWDXVHQG.LORPHWHUQ6RZHLWODJHQGLH 6WUDKOVFKVVHGHU'XPIULHVQHEHQGHP=LHO$EHUHLQVROFKHV0DQ|YHUOLHVLFK YLHOOHLFKW]ZHLPDOGXUFKIKUHQQLFKW|IWHU'DQQKDWWHQGLH$QJUHLIHUVLFK GDUDXIHLQJHVWHOOW $XFK6LPRQVHUVWHU7UDQVIRUPVFKXODJXQJHQDX'HUVLFKDXVGHKQHQGH *OXWEDOOGHU([SORVLRQHQWVWDQGZHLWYRUHLQHPGHU:DO]HQUDXPHU &KLDM$PNHKUWHPLWHLQHUJURHQ.DUDIIHYROO)UXFKWVDIWXQGUDQGYROOJHIOOWHQ *OlVHUQ]XUFNDOV7VFKDL.XOXGDV]ZHLWH$XVZHLFKPDQ|YHUIORJ'LH OLFKWVFKQHOOHQ,PSXOVVFKVVHGHU9HUIROJHUQXUPLW+LOIHGHU3RVLWURQLNVLFKWEDU JHPDFKWODJHQGLHVPDOJHIlKUOLFKQDKH &KLDM$PVWLHHLQNOlJOLFKHV=LUSHQDXV0KVDPKLHOWVLHGDV7DEOHWWJHUDGH Ä'DVVLQG'XPIULHVVWHOOWHVLHYHUZLUUWIHVWÄ:DUXPJUHLIHQVLHXQVDQ" 1LHPDQGIDQG=HLWLKU]XDQWZRUWHQ9LHOOHLFKWVFKUHFNWHDXFKMHGHUXQEHZXW GDYRU]XUFN,PPHUKLQEHVWDQGGLH0|JOLFKNHLWGD&KLDM$PLKUH %HKHUUVFKXQJYHUORUXQGHEHQIDOOVJHJHQGLH7HUUDQHUYRUJLQJ =ZHL6WUHLIVFKVVHOLHHQGLH6FKLUPIHOGHUDXIIODPPHQ'LH%HODVWXQJVFKQHOOWH VSUXQJKDIWLQGLH+|KH$EHUDXFK(UZLQ6LPRQNRQQWHHLQHQ7UHIIHU YHUEXFKHQ'DV+HFNHLQHV:DO]HQVFKLIIVJOKWHYRQLQQHQKHUDXVDXIGHU 5DXPHUJHULHWLQHLQHXQNRQWUROOLHUWH5RWDWLRQGLHLKQVFKQHOO]XUFNIDOOHQOLH Ä'UHLYLHUIQIZHLWHUH(LQKHLWHQKDEHQGHQ=ZLVFKHQUDXPYHUODVVHQ EUOOWH0HQF5DGHF]LQJHJHQGLHODXWHUZHUGHQGH*HUlXVFKNXOLVVHDQÄ6LH JHKHQDXI$EIDQJNXUV 'DVEHGHXWHWHGDGLH'XPIULHVGLH.RUYHWWHVWRSSHQZROOWHQ7VFKDL.XOX UHDJLHUWHHQWVSUHFKHQG )OFKWLJZDQGWHHUVLFKGDQQGHP,QWHUNRP]X Ä:DVLVWORVLP0DVFKLQHQUDXP" *HRUJH0DKRQVFKZLHJ

'LH'XPIULHVVFKRVVHQVLFKDXIGDV0HWHU%HLERRWHLQ,P6DOYHQWDNW KlPPHUWHQLKUH6WUDKOVFKVVHLQGHQIODPPHQGHQ6FKXW]VFKLUP 'DJHJHQJDEHVNHLQH$EZHKU'LH%HODVWXQJVDQ]HLJHHUUHLFKWHGLH 3UR]HQW0DUNHNOHWWHUWHZHLWHU'LH6FKLIIV]HOOHEHJDQQ]XYLEULHUHQHUVWH (QWODGXQJHQ]XFNWHQYRP6FKXW]VFKLUP]XU$XHQKOOH 'LH=DKOGHU:DUQOlPSFKHQVWHLJHUWHVLFKVFKQHOO 6FKLUPIHOGDXVIDOOLPXQWHUHQ3ROEHUHLFK 9DNXXPHLQEUXFKLP6KLIW+DQJDUDEHU$EVFKRWWXQJGHVEHWURIIHQHQ%HUHLFKV 8QUHJHOPlLJNHLWGHU$EVRUEHU (LQZHLWHUHU=XVDPPHQEUXFKGHV6FKXW]VFKLUPVGLHVPDOLPXQPLWWHOEDUHQ 5LQJZXOVWEHUHLFK 'HU/lUPZXUGHVFKLHURKUHQEHWlXEHQGEHUW|QWHEHLQDKHGLHVLFK EHUVFKODJHQGH6WLPPHDXVGHP,QWHUNRP Ä:LUVLQGVRZHLW:HJYRQKLHU 'LH.&HQWJLQJGHU9HUQLFKWXQJK|FKVWHQVXP6HNXQGHQ 1XUPLQXWHQODQJEOLHEGDV%HLERRWGHU&5(67,9LP/LQHDUUDXP'DQQZDU DOOHVDQGHUV6FKZlU]HKOOWHGLH.RUYHWWHHLQ'DVGLFKWH6WHUQHQPHHUYRQ0 YHUEDUJVLFKKLQWHUGHQGLFKWHQ0DWHULHVFKOHLHUQGHU'XQNHOZRONH 3UDVVHOQGH/DXWHKDOOWHQGXUFKGDV6FKLIIKHUYRUJHUXIHQGXUFKGHQ$XISUDOOGHU XQJHZ|KQOLFKGLFKWHQNRVPLVFKHQ0DWHULH'LH5HVWHGHV6FKXW]VFKLUPV YHUZDQGHOWHQVLFKLQHLQIODPPHQGHV)DQDOGHVVHQ,QWHQVLWlWHUVWQDFKOLHDOV GHU*HJHQVFKXEGDV6FKLIIZHLWHUDEEUHPVWH 0LWHLQHU6FKOHLFKIDKUWYRQNQDSSGUHLLJ.LORPHWHUQSUR6HNXQGH]XFNHOWHGLH .&VFKOLHOLFKGDKLQ6RODQJHHLQ]HOQH6FKLUPIHOGVHNWRUHQDXVJHIDOOHQ ZDUHQZUGHGLH:RONHQPDWHULHEHLK|KHUHQ*HVFKZLQGLJNHLWHQVHOEVWGHQ KlUWHVWHQ6WDKODEVFKPLUJHOQ Ä,PPHUKLQVLQGZLUGLH'XPIULHVORVVDJWH0HQF5DGHF]LQÄ$OOHV:HLWHUH ZLUGVLFKHUZHLVHQ Ä%LVHYHQWXHOOH9HUIROJHULQGHP.RKOHQVDFNXQVHUH6SXUILQGHQVLQGZLUDOW XQGJUDXSIOLFKWHWH3RH.DODQLEHL Ä:DV]HLJHQGLH2UWXQJHQ"ZROOWH7VFKDL.XOXZLVVHQ Ä=LHPOLFKGLFKWH6XSSHULQJVXPEHPHUNWHGHU=ZHLWH2IIL]LHUÄ:HQQQLFKW DOOHVWlXVFKWQlKHUQZLUXQVHLQHP6RQQHQV\VWHP'LH(QWIHUQXQJOLHJWEHL]ZHL RGHUGUHL/LFKWVWXQGHQ 7DWVlFKOLFK]HLFKQHWHVLFKYRUDXVLQGHU'VWHUQLVGHU'XQNHOZRONHHLQHIDKOH YHUZDVFKHQH+HOOLJNHLWDE'RFKDOOHLQVFKRQXPHLQHQGHU3ODQHWHQ]X HUUHLFKHQZlUHGLH.RUYHWWHXQWHUGHQPRPHQWDQHQ9RUDXVVHW]XQJHQEHUGUHL -DKUHXQWHUZHJVJHZHVHQ Ä:LUVLQGZLHPDQVRVFK|QVDJWYRP5HJHQLQGLH7UDXIHJHNRPPHQVWHOOWH 'RQ0DVWHUVIHVWÄ'LH5HSDUDWXUGHU6FKLUPIHOGSURMHNWRUHQLVWGDVHLQ]LJHZDV ZLUWXQN|QQHQ$QVRQVWHQKDEHQZLUNHLQH&KDQFHMHPDOVZLHGHUGLH6WHUQH]X VHKHQ &KLDM$POHKQWHDQGHU9HUNOHLGXQJGHV]HQWUDOHQ$QWLJUDYVFKDFKWVXQGEOLFNWH

DEZHFKVHOQGYRQHLQHP]XPDQGHUHQ/HGLJOLFKGLHJHNQLFNWZLUNHQGHQ)KOHU OLHHQDXILKUH*HPWVYHUIDVVXQJVFKOLHHQ Ä,FKYHUVWHKHQLFKWZHVKDOEGLH'XPIULHVXQVDQJHJULIIHQKDEHQEHJDQQVLH YRQQHXHP 7VFKDL.XOXGHXWHWHLQGLH5XQGHÄ6LHVLQGMHW]WDXI*HGHLKXQG9HUGHUEPLW XQVHUHP6FKLFNVDOYHUEXQGHQ&KLDM$P'HVKDOEVROOHQ6LHDXFKGLH:DKUKHLW HUIDKUHQ 'LH-LQJXLVHPVWDUUWHLKQXQEHZHJWDQ6LHKDWWHOlQJVWEHJULIIHQ7URW]GHP VFKHXWHVLHVLFKGHQOHW]WHQHQWVFKHLGHQGHQ*HGDQNHQ]X(QGH]XEULQJHQ .QDFNHQGEHZHJWHQVLFKLKUH.LHIHU]DQJHQ Ä:LUKDEHQGLH$XVHLQDQGHUVHW]XQJQLFKWJHVXFKWEHWRQWH.XOXÄ'HU.DPSI ZXUGHXQVDXIJH]ZXQJHQ Ä6LH²6LHVLQGNHLQH%ODXHQVWHOOWH&KLDM$PIHVW Ä:LUVLQGQLFKWHLQPDO*HVFK|SIHGLHVHU*DOD[LVHUNOlUWH'RQ0DVWHUV Ä'DQQJHK|UHQ6LH]XGHPIUHPGHQ6FKLIIGHVVHQ%HVDW]XQJDXI*HHJLYDO HLQHQ'UXLVHQWIKUWKDWXQGVLFKPLWGHQ%HVWLHQYHUEQGHQZROOWH" Ä'LH0RRJKVVLQGDXFKXQVHUH)HLQGHVDJWH'RQÄ:LU7HUUDQHUZUGHQ QLHPDOVHLQHQ3DNWPLWGHQ%HVWLHQHLQJHKHQ(VKDQGHOWHVLFKXPHLQHQ%OXII XPGLH.RQVWUXNWHXUHGHV=HQWUXPVGD]X]XEHZHJHQXQV7ULHEZHUNH]X EHUODVVHQPLWGHQHQZLUGLH0LOOLRQHQ/LFKWMDKUHELV]XXQVHUHU +HLPDWJDOD[LVEHUZLQGHQN|QQHQ.HLQHUYRQXQVKDW,QWHUHVVHGDUDQGLH 0DFKWYHUKlOWQLVVHLQ0]XYHUlQGHUQ Ä,FKZHLQLFKWZDVLFKJODXEHQVROOVDJWH&KLDM$P Ä'DV%HVWHVFKOXJ7VFKDL.XOXYRUÄ:LHHVDXVVLHKWKDEHQ6LHJHQJHQG=HLW GD]X 0LWXQYHUlQGHUWHU*HVFKZLQGLJNHLWGULIWHWHGLH.RUYHWWHGXUFKGLH 'XQNHOZRONHGHPQDKHQ6RQQHQV\VWHPHQWJHJHQ'LH'XPIULHVVFKLHQHQLKUH 6SXUYHUORUHQ]XKDEHQ 'LH5HSDUDWXUGHU6FKLUPIHOGSURMHNWRUHQJHVWDOWHWHVLFKVFKZLHULJHUDOV DQJHQRPPHQZHLOGHU*URWHLOGHU$UEHLWHQLP:HOWUDXPGXUFKJHIKUWZHUGHQ PXWH7VFKDL.XOXEOLHEVFKOLHOLFKNHLQHDQGHUH:DKODOVGLH)DKUWGHU.& JlQ]OLFK]XVWRSSHQXQGGDV6FKLIILQUHODWLYHQ6WLOOVWDQG]XP3DUWLNHOIOX LQQHUKDOEGHU'XQNHOZRONH]XEULQJHQ *HRUJH0DKRQXQG3RH.DODQLZHFKVHOWHQVLFKLP6WXQGHQUK\WKPXV DXHQERUGVDE'HU0DMRUXQG(UZLQ6LPRQHUQHXHUWHQGLH)HOGOHLWHULP ,QQHQEHUHLFKZlKUHQG5DGHF]LQXQG0DVWHUV2UWXQJHQXQG)XQN]HQWUDOH EHVHW]WKLHOWHQ Ä,FKKDEHJUQGOLFKQDFKJHGDFKWOLHGLH-LQJXLVHPQDFKPHKUHUHQ6WXQGHQ ZLVVHQÄ(VJLEWNHLQHQ*UXQG,KQHQ]XPLWUDXHQZHLO6LHQXU]ZHL$UPH KDEHQ 'DVLHVLFKQW]OLFKPDFKHQZROOWHWHLOWH.XOXLKU+DQGODQJHUGLHQVWH]X =ZHL6FKODIXQG:DFKSHULRGHQYHUJLQJHQELVGHU6FKXW]VFKLUPGHU.RUYHWWH ZHQLJVWHQVVRZHLWVWDELOLVLHUWZHUGHQNRQQWHGDK|KHUH*HVFKZLQGLJNHLWHQ P|JOLFKZXUGHQ$OOHUGLQJVEOLHEHLQH%HVFKOHXQLJXQJELV]XPhEHUWULWWLQGHQ

/LQHDUUDXPQDFKZLHYRUDXVJHVFKORVVHQ 'LHVWlQGLJHQ(QWODGXQJHQLP6FKLUPIHOGOLHHQGLHRSWLVFKH6LFKW ]XVDPPHQEUHFKHQ$XFKGLH2UWXQJHQDUEHLWHWHQQXUELVDXIZHQLJH /LFKWPRQDWH:DVZHLWHUHQWIHUQWODJYHUVFKZDPPLP&KDRVGHUUHIOHNWLHUWHQ ,PSXOVH %HLQDKHGUHL7DJHEHQ|WLJWHGLH.RUYHWWHXPOlFKHUOLFKHGUHL/LFKWVWXQGHQ]X EHUZLQGHQ'DQQVWHOOWHVLFKKHUDXVGDGHUlXHUH3ODQHWGHVDQJHIORJHQHQ 6\VWHPVHLQHNDKOHVFKURIIH(LVZVWHRKQHMHGH$WPRVSKlUHZDU'LH GXUFKVFKQLWWOLFKH2EHUIOlFKHQWHPSHUDWXUYRQPLQXV*UDG&HOVLXVZLUNWH QLFKWEHVRQGHUVHLQODGHQG 7VFKDL.XOXQDKPGDUDXIKLQ.XUVDXIGLHLQQHUH:HOWGHUHQ(QWIHUQXQJYRQGHU 6RQQHOHGLJOLFK0LOOLRQHQ.LORPHWHUEHWUXJ6LHODJDXIVRODUH9HUKlOWQLVVH EH]RJHQXQJHIlKU]ZLVFKHQGHQ%DKQHQYRQ0HUNXUXQG9HQXV'HU9HUJOHLFK ZDUGXUFKDXVDQJHEUDFKWGHQQGDV0XWWHUJHVWLUQHQWVSUDFKGHP6RO7\S Ä$WHPEDUH$WPRVSKlUHPHOGHWH0HQF5DGHF]LQYRQGHQ2UWXQJHQÄ'HU 6DXHUVWRIIDQWHLOLVWOHGLJOLFKHLQLJH3UR]HQWK|KHUDOVJHZRKQW 1DFKXQGQDFKNDPHQZHLWHUH'DWHQKHUHLQ 'LH6FKZHUNUDIWODJEHLJ 'LH2EHUIOlFKHQWHPSHUDWXUEHWUXJ*UDG&HOVLXVLP0LWWHO'DPLWZDUNODU GDHLQ*URWHLOGHUYRQGHU6RQQHDEJHVWUDKOWHQ(QHUJLHJDUQLFKWLQGLH $WPRVSKlUHJHODQJWHVRQGHUQYRQGHULQ3ODQHWHQQlKHQRFKGHXWOLFK YRUKDQGHQHQ:RONHQPDWHULHDEVRUELHUWZXUGH 'LH6WUXNWXUWDVWHU]HLJWHQHLQHQlXHUVWJHULQJHQ)HVWODQGDQWHLODQ5XQG 3UR]HQWGHV3ODQHWHQZDUHQYRQ:DVVHUEHGHFNW .HLQH$Q]HLFKHQYRQ/HEHQ 9HUHLQ]HOWUDJWHQZLQ]LJH,QVHOQDXVGHUEODXJUQHQ:DVVHUIOlFKHDXI .RUDOOHQULIIH]HLJWHQDXVJHGHKQWH6FKDXPVWUHLIHQ'HUHLQ]LJHJU|HUH .RQWLQHQWODQJJH]RJHQXQGYRQ)MRUGHQXQGWLHIHQ%XFKWHQ]HUNOIWHWEHIDQG VLFKLQbTXDWRUQlKH%HLMHGHU6WXUPIOXWIRUGHUWHGDV0HHUVHLQHQ7ULEXWELV HLQHVIHUQHQ7DJHVGDV/DQGHQGJOWLJXQWHUJHKHQZUGH 0LWJHULQJHU*HVFKZLQGLJNHLWEHUIORJGLH.&GLH.VWHQOLQLH'DV /DQGHVLQQHUHZDUEHUZLHJHQGHEHQ'LHKRKH/XIWIHXFKWLJNHLWWUXJPLWEHL ]XP:DFKVWXPHLQHUSSLJHQ)ORUD7URSLVFKHU'VFKXQJHOEHU]RJGDV/DQG Ä:LUODQGHQLQ.VWHQQlKHHQWVFKLHG7VFKDL.XOX 'LH$Q]HLJHGHU0DVVHRUWXQJHUIROJWHXQHUZDUWHWHLQNOHLQHV0HWDOOYRUNRPPHQ DQGHU2EHUIOlFKHDEHUYRP8UZDOGEHUZXFKHUW'LH7DVWHU]HLJWHQ /HJLHUXQJHQDQGLHDXINHLQHQ)DOOQDWUOLFKZDUHQXQGGLH2UWXQJEHVFKUlQNWH VLFKDXIHLQNUHLVI|UPLJHV*HELHWYRQUXQG]ZHLKXQGHUWXQGIQI]LJ0HWHUQ 'XUFKPHVVHU Ä'DVLVWHLQHDOWHDXIJHJHEHQH6WDWLRQRGHUHWZDVbKQOLFKHVEHPHUNWH3RH .DODQL 'DQQEHUVFKOXJVLFKGDV*HVFKHKHQ (WZD]HKQ.LORPHWHUZHLWGUDXHQDP5DQGHGHV)HVWODQGVRFNHOVHQWVWDQGHQ HQHUJHWLVFKH(PLVVLRQHQ²DOVZUGHQELVODQJEUDFKOLHJHQGH.RQYHUWHUMlK

KRFKJHIDKUHQ 7VFKDL.XOXEHVFKOHXQLJWHGLH.RUYHWWHDEHUGDV6FKLIIJHZDQQYLHO]XODQJVDP DQ+|KH(LQ6FKZDUPVLOEULJJOlQ]HQGHUVFKODQNHU)OXJN|USHUVWLHJDXVGHP 0HHUDXI6LHQlKHUWHQVLFKPLWPHKUIDFKHU6FKDOOJHVFKZLQGLJNHLW 'LH(QHUJLHGHUH[SORGLHUWHQ5DNHWHQUHLFKWHDXVXP6WUXNWXUOFNHQLP 6FKXW]VFKLUPDXI]XEUHFKHQ,QGHUQlFKVWHQ6HNXQGHZXUGHGLH.&YRQ HLQHU7LWDQHQIDXVWJHWURIIHQXQGELVLQGLHLQQHUVWHQ9HUElQGHHUVFKWWHUW'DV .UHLVFKHQEHUVWHQGHUUHLHQGHU6WDKOSODWWHQEHUW|QWHDOOHVDQGHUH 7VFKDL.XOXNRQQWHGHP$EVWXU]GHU.RUYHWWHQXUQRFKHLQHQP|JOLFKVWIODFKHQ :LQNHOJHEHQ0LWVWRWWHUQGHQ,PSXOVWULHEZHUNHQHLQHQJUHOOHUZHUGHQGHQ 6FKZHLILRQLVLHUWHU*DVHKLQWHUVLFKKHU]LHKHQGUDVWHVLHTXHUEHUGHQKDOEHQ .RQWLQHQWKLQZHJ 6FKQHOONDPGHU8UZDOGQlKHU 'DQQEUDFKGDV&KDRVEHUGLH.RUYHWWHKHUHLQ6HOEVWJURH$JJUHJDWHZXUGHQ DXVLKUHQ9HUDQNHUXQJHQJHULVVHQXQGGXUFKEUDFKHQ*HVFKRVVHQJOHLFKGLH 7UHQQZlQGH'DV6SOLWWHUQ%HUVWHQXQG.UDFKHQVFKLHQQLFKWHQGHQ]XZROOHQ 'LH+LW]HZXUGHVFKLHUXQHUWUlJOLFKVLHEUDFKWH'RQ0DVWHUVLQV%HZXWVHLQ ]XUFNXQG]ZDQJLKQGLH$XJHQ]X|IIQHQ$OOHUGLQJVNRQQWHHUQLFKWPHKUDOV YHUVFKZRPPHQH8PULVVHXQGWDQ]HQGHEXQWH6FKDWWHQHUNHQQHQ -HGH)DVHUVHLQHV.|USHUVVFKPHU]WH6W|KQHQGUDQJDQVHLQ2KU/DXWHGLHHU VHOEVWSURGX]LHUWH /DQJVDPZXUGHVHLQ6HKYHUP|JHQNODUHU'LH.RQWXUHQYHUGLFKWHWHQVLFK ]QJHOQGH)ODPPHQYHUGUlQJWHQGLH6FKDWWHQ ,QGHU=HQWUDOHEUDQQWHHVDQYLHOHQ6WHOOHQ'LH/|VFKYRUULFKWXQJKDWWHYHUVDJW 9HUPXWOLFKVDKHVQLUJHQGZRDQ%RUGDQGHUVDXV-HGHQ$XJHQEOLFNNRQQWHGDV 6FKLIIH[SORGLHUHQ0LWKXQGHUWPDOJHEWHP*ULIIO|VWH'RQGLH*XUWHGLHLKQ LP.RQWXUVHVVHOIHVWKLHOWHQ'LH6FKZHUNUDIW]RJLKQODQJVDPQDFKYRUQHZDV EHGHXWHWHGDGLH.&VFKUlJDXIGHU6HLWHODJ 'DV*HUlXVFKHLQHUVFKZDFKHQ'HWRQDWLRQKDOOWHGXUFKV6FKLII'RQKDWWHGDV *HIKOGDGLH+RUL]RQWDOHVLFKOHLFKWYHUlQGHUWH 6FKZDQNHQGNDPGHU*DODNWRSV\FKRORJHDXIGLH%HLQH'LH=HQWUDOHKDWWHVLFK LQHLQ7UPPHUIHOGYHUZDQGHOWGDVXQVFKZHUHUNHQQHQOLHGDGLH.&QLH ZLHGHUIOLHJHQZUGH Ä:HQQ6LHHQGOLFKZDFKVLQG0DVWHUVKHOIHQ6LHPLU:LUPVVHQKLHUUDXV XQGP|JOLFKVWZHLWZHJ'DVZDU7VFKDL.XOXV6WLPPH ,UJHQGZRLQGHP*HZLUUDXV.RQVROHQ:DQGYHUNOHLGXQJXQG KHUDEJHEURFKHQHQ'HFNHQWUlJHUQEHIDQGVLFKGHU0DMRU'HUGLFKWH4XDOP VFKPRUHQGHU,VROLHUXQJHQXQGEUHQQHQGHU.XQVWVWRIIHEHKLQGHUWHGLH6LFKW ]XVlW]OLFK$XHUGHPPDFKWHGHUEHLHQGH*HUXFKMHGHQ$WHP]XJ]XU4XDO 7VFKDL.XOXEHPKWHVLFKYHUJHEOLFKGHQXQWHUHLQHP6FKDOWSXOW HLQJHNOHPPWHQ%RUGDU]W]XEHIUHLHQ'RQ0DVWHUVJHODQJHVGLHVFKZHUH .RQVROHJHUDGHVRZHLWDQ]XKHEHQGDGHU0DMRU5DGHF]LQGDUXQWHUKHUYRU]LH KHQNRQQWH'DGHU%RUGDU]WQLFKWLQGHU/DJHZDUDXI]XVWHKHQVWW]WHQVLHLKQ

Ä0HLQUHFKWHV6FKLHQEHLQLVWJHEURFKHQVWLH0HQF5DGHF]LQJHSUHWKHUYRU Ä$EHUGDVZLUGZLHGHU:DVLVWPLWGHQDQGHUHQ" Ä0DKRQXQG.DODQLKDEHQQXU6FKUDPPHQDEEHNRPPHQVDJWHGHU0DMRUÄ6LH YHUVXFKHQKHUDXV]XILQGHQZDVPLW6LPRQXQGGHU-LQJXLVHPLVW Ä,FKEUDXFKHPHLQH,QVWUXPHQWH Ä6SlWHU'RF=XHUVWLVWZLFKWLJGDZLUDOOHKHLOGDV6FKLIIYHUODVVHQ 0HQF5DGHF]LQVFKLHQ]LHPOLFKH6FKPHU]HQ]XKDEHQ6FKZHLSHUOWHDXIVHLQHU 6WLUQÄ:LUVLQGDXIHLQHUIUHPGHQ:HOWJHVWUDQGHWXQGKDEHQNHLQH$KQXQJ ZHOFKH.UDQNKHLWVHUUHJHUDXIXQVZDUWHQVWLHHUJHSUHWKHUYRUÄ2KQHPHLQH $XVUVWXQJVLQGZLUDXIJHVFKPLVVHQ(UZROOWHVLFKORVPDFKHQYHUWUDWVLFK GDEHLXQJOFNOLFKGHQ)XXQGVFKULHDXI'DQDFKOLHHUVLFKRKQH:LGHUVSUXFK IKUHQ 'LH.&ZDUQXUPHKUHLQ:UDFN*DQ]H5XPSIVHJPHQWHZDUHQGXUFKGHQ $XISUDOOKHUDXVJHULVVHQZRUGHQXQGODJHQNLORPHWHUZHLWYHUVWUHXW(LQHEUHLWH 6FKQHLVHWHLOWHGHQ8UZDOG'LH.RUYHWWHKDWWHVLFKLQV(UGUHLFKKLQHLQJHZKOW XQGHLQHQKRKHQ:DOODXIJHZRUIHQ$QHLQLJHQ6WHOOHQORGHUWHQ)HXHUGRFKLQ GHUGDPSIHQGHQ)HXFKWLJNHLWIDQGHQGLH)ODPPHQZHQLJQHXH1DKUXQJ 'HU5XPSIGHU.RUYHWWHHUZDFKWH]XVHOWVDPHP(LJHQOHEHQ'LHODQJVDP DENKOHQGHQ3ODWWHQNQLVWHUWHQXQGNQDFNWHQXQGJHOHJHQWOLFKKXVFKWHQJUHOOH (QWODGXQJHQEHU7UlJHUXQG9HUVWUHEXQJHQZHLOYLHOHGHUDXVGHQ%UXFKVWHOOHQ KHUYRUTXHOOHQGHQ.DEHOQRFK(QHUJLHIKUWHQ (LQHWUEH'lPPHUXQJODJEHUGHP/DQGZDVDOOHUGLQJVZHQLJHUGDUDXI ]XUFN]XIKUHQZDUGDGLH6RQQHVLFKGHP$EHQG]XQHLJWHDOVYLHOPHKU GDUDXIGDGLH'XQNHOZRONHHLQHQ7HLOGHU/LFKWZHOOHQDEVRUELHUWH'HU 6WUDKOXQJVGUXFNGHV0XWWHUJHVWLUQVZDU]XVFKZDFKXPGDV6\VWHPYRQGHU :RONHQPDWHULHIUHL]XKDOWHQ ,QGLHVHP=ZLHOLFKWQXUVFKZHU]XHUNHQQHQWXUQWH&KLDM$PPLWHLQHU *HVFKLFNOLFKNHLWXQG6FKQHOOLJNHLWEHUGLH7UPPHUGHV6FKLIIHVGD7VFKDL .XOXXQZLOONUOLFKGHU$WHPVWRFNWH(LQHLQ]LJHU)HKOWULWWZUGHVLH XQZHLJHUOLFKDEVWU]HQODVVHQ.XOX0DVWHUVXQG5DGHF]LQVFKOHSSWHQVLFK LPPHUKLQLQJXW]ZDQ]LJ0HWHU+|KHGDKLQ Ä,FKKHOIH,KQHQULHIGLH-LQJXLVHPÄ,FKKRIIH6LHKDEHQNHLQHVFKOLPPHUHQ 9HUOHW]XQJHQGDYRQJHWUDJHQ Ä.PPHUQ6LHVLFKXPGLHDQGHUHQ7VFKDL.XOXZHKUWHDEÄ'LHPVVHQQRFK LUJHQGZRLP:UDFN Ä6LHVLQGGLHOHW]WHQ,FKKHOIH,KQHQZHQQ6LHHLQYHUVWDQGHQVLQG Ä1DWUOLFKVDJWH'RQ0DVWHUVÄ'DQNH&KLDM$P *HPHLQVDPEUDFKWHQVLH0HQF5DGHF]LQVLFKHUQDFKXQWHQ'DGHU$EVWXU] NHLQH7RWHQJHIRUGHUWKDWWHPXWHWHZLHHLQ:XQGHUDQ9RUDOOHPZHQQPDQ YRP%RGHQDXVGLHWUDXULJHQhEHUUHVWHGHU.RUYHWWHXQGGLH6SXUGHU 9HUQLFKWXQJEHWUDFKWHWH *HJHQGHQ3URWHVWGHV%RUGDU]WHVEHIDKO7VFKDL.XOXGHQZHLWHUHQ5FN]XJ %HYRUGDV:UDFNQLFKW]XU5XKHNDPEHVWDQGGLH*HIDKUKHIWLJHU([SORVLRQHQ 'LH.RQYHUWHUZUGHQGDEHLGLH6SUHQJNUDIWPHKUHUHU.LORWRQQHQ717

HQWZLFNHOQ Ä9LHOOHLFKWZlUHHVVRJDUEHVVHUVREHPHUNWH(UZLQ6LPRQÄ:DVKDEHQZLU GHQQ]XHUZDUWHQ":LUVLW]HQDXIHLQHPOlFKHUOLFKNOHLQHQ.RQWLQHQWDXIHLQHU :DVVHUZHOWIHVWLQHLQHUIUHPGHQ*DOD[LVXQGRKQHMHGH$XVVLFKWMHPDOVGLH 0LOFKVWUDH]XHUUHLFKHQ ÄRKQH)UDXHQKDEHQ6LHYHUJHVVHQHUJlQ]WH'RQ0DVWHUVÄ*ODXEHQ6LH GD,KU6HOEVWPLWOHLGLUJHQGHWZDVlQGHUW"6RODQJHZLUOHEHQGUIHQZLUKRIIHQ :LUZDUHQVFKRQVFKOLPPHUGUDQ 0HKUDOVGUHL.LORPHWHUYRP:UDFNHQWIHUQWDP5DQGGHUZLHXPJHSIOJW ZLUNHQGHQ6FKQHLVHOLH.XOXODJHUQ0HQF5DGHF]LQOHJHVLFKVHOEVWDXV VWDUNHQbVWHQXQGHLQHULQ6WUHLIHQJHULVVHQHQ8QLIRUPMDFNHHLQHSURYLVRULVFKH %HLQVFKLHQHDQ 'LHVLFKHUOLFKYRUKDQGHQH7LHUZHOWVFKZLHJXQWHUGHP(LQGUXFNGHVYRP +LPPHOKHUDEJHIDOOHQHQPRQVWU|VHQ*HELOGHV,PPHU|IWHUKXVFKWHQEOHQGHQGH /HXFKWHUVFKHLQXQJHQEHUGLH.RUYHWWHRGHUVFKOXJHQ(QWODGXQJVEOLW]H NUDFKHQGLQV(UGUHLFK Ä'LH6SHLFKHUElQNHVLQGQRFKDNWLYIROJHUWH*HRUJH0DKRQÄ:LUPVVHQ ZDUWHQ:HQQZLU3HFKKDEHQHWOLFKH7DJH 'LH7HPSHUDWXUJHVWDOWHWHGHQ$XIHQWKDOWLP)UHLHQGXUFKDXVDQJHQHKP1XU GLHKRKH/XIWIHXFKWLJNHLWPDFKWHGHQ7HUUDQHUQ]XVFKDIIHQ Ä,FKJHEHXQVHLQHGXUFKDXVUHHOOH&KDQFHGDZLUGLHVH:HOWZLHGHUYHUODVVHQ N|QQHQHUNOlUWHGHU0DMRUDOVVLFKQDFKHLQLJHQ6WXQGHQHLQHGHXWOLFKH 1LHGHUJHVFKODJHQKHLWEUHLWPDFKWH Ä:ROOHQ6LH]XGHQ%XUVFKHQJHKHQGLHXQVDEJHVFKRVVHQKDEHQXQGVDJHQ 3DWDXI)UHXQGHVRJHKWGDVQLFKWMHW]WKHOIWXQVJHIlOOLJVWYRQKLHU ZHJ]XNRPPHQ"IUDJWH6LPRQELVVLJ Ä6RXQJHIlKUVWHOOHLFKPLUGDVYRU7VFKDL.XOXQLFNWHEHLIlOOLJÄ1XUZHUGHQ GLH8QEHNDQQWHQXQVDXIVXFKHQ,FKZDUWHHLJHQWOLFKVFKRQVHLWJHUDXPHU=HLW GDUDXI Ä1DWUOLFKNRPPHQVLHVDJWH'RQ0DVWHUVÄ:HQQDXFKQXUXPVLFK]X EHU]HXJHQGDZLUWRWVLQG6HLQH2EHUDUPZXQGHGLHHUVLFKEHLGHQ0RRJKV DXI2UGDQ]XJH]RJHQKDWWHZDUEHLP$EVWXU]ZLHGHUDXIJHEURFKHQ %OlXOLFKURWH5HIOH[LRQHQJHLVWHUWHQEHUGHQ+LPPHODOVGLH6RQQHVLFK DQVFKLFNWHKLQWHUGHP+RUL]RQW]XYHUVLQNHQ (LQYHUKDOWHQHVIHUQHV6XPPHQNQGLJWHGLH)OXJVFKHLEHQDQ6LHGXUFKPDHQ NDXPPHKUDOVIQI]LJ=HQWLPHWHUZDUHQOLQVHQI|UPLJXQGK|FKVWHQVGUHLLJ =HQWLPHWHUKRFK'DVLHDQQlKHUQGGLH)lUEXQJGHV+LPPHOVEHVDHQZXUGHQ VLHYRQGHQ0lQQHUQHUVWVHKUVSlWHQWGHFNW,KU=LHOZDUGDV:UDFNGHU .RUYHWWH Ä)HUQJHVWHXHUWRGHUHLQIDFKH5RERWHUYHUPXWHWH7VFKDL.XOX 1DKH]XHLQHKDOEH6WXQGHYHUJLQJGDQQNHKUWHQGLH)OXJVFKHLEHQ]XUFN 'LHVPDOQlKHUWHQVLHVLFKGHQ0lQQHUQ.OHLQH7HQWDNHOVFKREHQVLFKDXVGHP ZXOVWLJYHUGLFNWHQ5DQGKHUYRU (LQHGHU6FKHLEHQYHUKDUUWHGLFKWYRU'RQV*HVLFKW(UNRQQWHHUNHQQHQGDVLH

WDWVlFKOLFKKDOEWUDQVSDUHQWZDU,Q)OVVLJNHLWHLQJHEHWWHWKLQJHQNXJHOI|UPLJH 6FKDOWHLQKHLWHQ]ZLVFKHQPHFKDQLVFKHQ%DXWHLOHQ 'RQ0DVWHUVOLHHVVLFKQRFKJHIDOOHQGDGLH7HQWDNHOLKQDEWDVWHQGRFKDOV HLQVNDOSHOODUWLJHV*HELOGHVHLQH+DXWULW]WHVFKOXJHU]X 'LH6FKHLEHJHULHWLQV7UXGHOQ,PQlFKVWHQ0RPHQWEOLFNWH'RQLQGLH 0QGXQJHLQHVPLQLDWXULVLHUWHQ *HVFKW]HV,QVWLQNWLYZDUIHUVLFK]X%RGHQXQGULVHLQHQ6WUDKOHUKRFK$EHU GDVURERWLVFKH*HELOGHEHDFKWHWHLKQVFKRQQLFKWPHKU6XPPHQGVWLHJHVLQGLH +|KHXQGVFKZHEWHGDYRQ]XUFNLQGLH5LFKWXQJDXVGHUDXFKGLH.RUYHWWH DQJHIORJHQZDU'LHDQGHUHQ)OXJVFKHLEHQIROJWHQLKU Ä'HU$QIDQJLVWJHPDFKWVDJWH3RH.DODQLÄ'LH)UDJHLVWQXUZHOFKHQ (LQGUXFNGLH)UHPGHQYRQXQVKDEHQ Ä$EZDUWHQULHW5DGHF]LQÄ,FKGHQNHGLH5RERWHUNRPPHQZLHGHU 'DHVOHLFKW]XUHJQHQEHJDQQ]RJHQGLH0lQQHUXQGGLH-LQJXLVHPVLFKXQWHU GLHHUVWHQ%lXPH]XUFN&KLDM$PEHZLHVKDQGZHUNOLFKHV*HVFKLFNLQGHPVLH 6FKOLQJSIODQ]HQXQG%OlWWHU]XHLQHPGLFKWHQ5HJHQGDFKIORFKWXQWHUGHPGLH 7HUUDQHULP7URFNHQHQVDHQ 7VFKDL.XOXWHLOWHGLH:DFKHLP'UHL6WXQGHQ5K\WKPXVHLQ&KLDM$PILHO GDEHLGHU3DUW]XGHQGHUYHUOHW]WH5DGHF]LQQLFKWDXVEHQNRQQWH ,QGLHVHU1DFKWJHVFKDKMHGRFKQLFKWVPHKUZDVHUZlKQHQVZHUWJHZHVHQZlUH =XP0RUJHQKLQNODUWHGDV:HWWHUDXI'HU8UZDOGGDPSIWHXQGGLFKWHU1HEHO EHVFKUlQNWHGLH6LFKWDXIZHQLJHKXQGHUW0HWHU 'DVEOLHEGHQJDQ]HQ7DJEHUVR'LH0lQQHUDHQ1DKUXQJVNRQ]HQWUDWHGLH 3RH.DODQLYRQ%RUGJHUHWWHWKDWWH$XIJHIDQJHQHV5HJHQZDVVHUKDOIJHJHQGHQ 'XUVWXQGQLHPDQGK|UWHDXI5DGHF]LQVVFKZlFKHUZHUGHQGHQ3URWHVW$Q%RUG GHU.RUYHWWH]XUFN]XNHKUHQXPVHLQHPHGL]LQLVFKH$XVUVWXQJ]XEHVRUJHQ ZDUQRFK]XJHIlKUOLFK6WlQGLJDXIORGHUQGH(QHUJLHIDKQHQKXVFKWHQZLH (OPVIHXHUEHUGDV:UDFN 'LH]ZHLWH1DFKWYHUOLHIVRUXKLJZLHGLHHUVWH(LQHJU|HUH$UWHQYLHOIDOWVFKLHQ HVDXIGHU:DVVHUZHOWQLFKW]XJHEHQ=XPLQGHVWQLFKWDQ/DQG ,QHLQHP$QIOXJJXWJHPHLQWHU,URQLHJDE'RQ0DVWHUVGHU:HOWGHQ1DPHQ :DWHUVWDWLRQ'DEHLEOLHEHVGDQQDXFK .XU]QDFK0LWWHUQDFKWHUVFKWWHUWHHLQHKHIWLJH([SORVLRQGLH*HJHQGUXQGXP GDV:UDFN(LQHJUHOOH6WLFKIODPPHVFKRPHKUHUHKXQGHUW0HWHUKRFKLQGHQ 1DFKWKLPPHOXQGEOLHEIDVWGUHLLJ0LQXWHQODQJVWDELOHKHVLHIODFNHUQGLQVLFK ]XVDPPHQILHO'LH(OPVIHXHUWUDWHQGDQDFK]ZDULPPHUQRFKDXIYHUORUHQDEHU UDVFKDQ,QWHQVLWlWXQGHUORVFKHQLQGHQIUKHQ9RUPLWWDJVVWXQGHQJDQ] 7VFKDL.XOX'RQ0DVWHUVXQG*HRUJH0DKRQEUDFKHQDXIXPMHQH'LQJHDXV GHP:UDFN]XEHUJHQGLHIUGHQOlQJHUHQ$XIHQWKDOWDXI:DWHUVWDWLRQ XQHQWEHKUOLFKHUVFKLHQHQ 'LH-LQJXLVHPOLHHVVLFKQLFKWQHKPHQGLHGUHL0lQQHU]XEHJOHLWHQ1LFKW ]XOHW]WGXUFKLKUH.OHWWHUNQVWHHUZLHVVLHVLFKDOVZHUWYROOH8QWHUVWW]XQJ ,P%HUHLFKGHV0DVFKLQHQUDXPVKHUUVFKWHQRFKHLQHGHUDUWLJH+LW]HGDHLQ %HWUHWHQGHVEHWUHIIHQGHQ'HFNVXQP|JOLFKZXUGH'LHNOHLQH*UXSSHZDU

JH]ZXQJHQDXHQDP:UDFNHPSRU]XNOHWWHUQ$XFKDXIGHP+DXSWGHFN VFKLHQHQK|KHUH7HPSHUDWXUHQJHKHUUVFKW]XKDEHQDEHUGHUJHVDPWHREHUH 3ROEHUHLFKGHU.RUYHWWHZDUQXULQJHULQJHP8PIDQJLQ0LWOHLGHQVFKDIW JH]RJHQZRUGHQ 1HEHQGHK\GULHUWHQ1DKUXQJVPLWWHOQGLHQXUHLQVHKUJHULQJHV9ROXPHQ EHDQVSUXFKWHQWUXJHQGLH0lQQHU0HQF5DGHF]LQVPHGL]LQLVFKH 1RWIDOODXVUVWXQJXQG:DIIHQ]XVDPPHQ$OOHVZXUGHLQ]ZHLOXIWGLFKWHQ &RQWDLQHUQYHUVWDXW0LW+LOIHYRQ$QWLJUDYJHUlWHQNRQQWHGHUHQ7UDQVSRUW UHODWLYOHLFKWEHZHUNVWHOOLJWZHUGHQ ,QVJHVDPWVLHEHQPDOOHJWHQGLH0lQQHUDQGLHVHPXQGGHPIROJHQGHQ7DJGHQ :HJYRPSURYLVRULVFKHQ/DJHU]XU.RUYHWWH]XUFN'DQQKDWWHQVLHDOOHV JHKROWZDVHV]XKROHQJDE.XSSHOQDXV.XQVWVWRIIMHGHJHQJHQG3ODW]IU YLHU3HUVRQHQELHWHQG.RQ]HQWUDWHIUEHLQDKHGUHL0RQDWH:DVVHUXQG *HWUlQNHLQNKOHQGHQ6SH]LDOEHKlOWHUQ7KHUPRVWUDKOHUXQG6FKRFNHU %OHQGJUDQDWHQHEHQVRZLH6SUHQJODGXQJHQPLWPRGLIL]LHUEDUHU6WlUNH ,PPHUKLQH[LVWLHUWHDXI:DWHUVWDWLRQHLQHWHFKQLVFKKRFKVWHKHQGH0DFKWGLH HUVWVFKRXQGGDQQ)UDJHQVWHOOWH'DGLH)OXJVFKHLEHQVLFKZlKUHQGGHU NXU]HQ%HJHJQXQJIULHGOLFKYHUKDOWHQKDWWHQlQGHUWHGDUDQKHU]OLFKZHQLJ Ä:LUEOHLEHQYRUHUVWKLHUEHVWLPPWH7VFKDL.XOXÄ:HQLJVWHQVVRODQJHELV 5DGHF]LQV%HLQZLHGHULQ2UGQXQJLVW %LV]XU.VWHXQGGDPLWLQGLH1lKHGHUYHUPXWHWHQ6WDWLRQZDUHQJXW .LORPHWHUTXHUGXUFKGHQ8UZDOG]XUFN]XOHJHQ(LQVROFKHU0DUVFKZUGH DOOHVDQGHUHDOVHLQ6SD]LHUJDQJZHUGHQ Ä:HQQLFKHLQHQ$QWLJUDYEHQXW]HNDQQLFKVHKUZRKO6FKULWWKDOWHQ SURWHVWLHUWH5DGHF]LQÄ$OOHVLVWQXUHLQH)UDJHGHU*HZ|KQXQJ6HLQUHFKWHV %HLQKDWWHHULQ]ZLVFKHQYRP.Q|FKHOELVEHUV.QLHPLWHLQHP+HLOYHUEDQG JHVFKLHQWGHUQLFKWQXUGHQ.QRFKHQHODVWLVFKVWW]WHVRQGHUQ]XJOHLFKEHUGLH +DXW]HOOZLUNVDPH6XEVWDQ]HQDEJDEGLHGHQ+HLOXQJVSUR]HEHVFKOHXQLJWHQ 6FKlW]XQJVZHLVH]ZHL:RFKHQZUGHVHLQGRSSHOWHU6FKLHQEHLQEUXFK EHQ|WLJHQXPNRPSOLNDWLRQVORV]XVDPPHQ]XZDFKVHQ Ä:DUXPKDEHQ6LHHVVRHLOLJ"IUDJWH(UZLQ6LPRQÄ,FKSHUV|QOLFKIUFKWH GDZLUXQVHUHQHXH+HLPDWJHIXQGHQKDEHQ1LFKWVOlXIWXQVGDYRQ Ä8QVYLHOOHLFKWQLFKWEHVWlWLJWH0DVWHUVÄ$EHUKDEHQ6LHVLFKVFKRQPDO *HGDQNHQJHPDFKWZDVDXV6KLSSLXQG0RUHQRZLUGZHQQZLUGHQ0RRJKV QLFKWVHKUEDOGXQVHUH$XIZDUWXQJPDFKHQ" Ä*ODXEHQ6LHLP(UQVWGDUDQGDGLHEHLGHQQRFKOHEHQ"'LH%HVWLHQZLVVHQ OlQJVWGDZLUYHUVDJWKDEHQ Ä*HUDGHGDQQVLQG6LHLKUOHW]WHU7UXPSI1HLQ6LPRQHLQHXQPLWWHOEDUH *HIDKUEHVWHKWQLFKWLFKP|FKWHDEHU]XJHUQHZLVVHQZHOFKHQ3ODQGLH 0RRJKVQXQYHUIROJHQXPGLH6FKODJNUDIWGHU&5(67XQGGHU+DOXWHUVFKLIIH IUVLFK]XJHZLQQHQ'HU*DODNWRSV\FKRORJHKDWWHQDWUOLFKNHLQH$KQXQJ ZDVVLFKXQJHIlKU]XPVHOEHQ=HLWSXQNW7DXVHQGHYRQ/LFKWMDKUHQHQWIHUQW DEVSLHOWH=ZLVFKHQLKPXQGGHPNOHLQHQPDVVLJHQ6HUJHDQW6WDQ6]\SLQVNL KDWWH]ZDULPPHUHLQEHVRQGHUHV9HUKlOWQLVEHVWDQGHQDEHUQLFKWVZDVVLFK

HQWIHUQWPLW7HOHSDWKLHRGHUPLW9RUDKQXQJKlWWHXPVFKUHLEHQODVVHQ 6KLSSLVHLQXQGDOOHVZDUHLQH7XUX0DXVJHZHVHQHLQEXQWJHILHGHUWHV *HVFK|SIYRQGHU*U|HHLQHV3DSDJHLVPLWGHP*HVLFKWHLQHVbIIFKHQV 'LHVHVGXUFKDXVLQWHOOLJHQWH:HVHQPLWHLQLJHQYHUEOIIHQGHQ)lKLJNHLWHQKDWWH GHU6HUJHDQWDXIGHQ)OXJGHU.&PLWJHQRPPHQ'HU7XUX0DXVZDUGDQQ GLHUHFKW]HLWLJH(QWGHFNXQJGHU6\QWKRELRORJLVFKHQ0HWDPRUSKRVHXQGGDPLW GLH5HWWXQJGHU&5(67,9]XYHUGDQNHQJHZHVHQ 'HUVWlQGLJH8PJDQJPLWGHU0DXVHLQHlXHUVWXQ]XWUHIIHQGH%H]HLFKQXQJ IUGDVSRVVLHUOLFKH*HVFK|SI KDWWHDEHUDXFKIU6WDQ6]\SLQVNL)ROJHQ 9HUlQGHUXQJHQVHLQHU+LUQDNWLYLWlWHQYRQGHQHQHUELV]XU*HIDQJHQVFKDIWEHL GHQ0RRJKVKHU]OLFKZHQLJDKQWH 6HLQHSV\FKLVFKH%HHLQIOXEDUNHLWZDUDXIHLQ0LQLPXPUHGX]LHUW'DV EHPHUNWHHUVHOEVWHUVWPDOVLQIROJHGHU*HKLUQZlVFKHGXUFKGLH0RRJKVXQG ]ZDUQDFKGHP6WDUWGHU.&YRQ2UGDQ,2EZRKOGLH%HVWLHQDEN|PPOLQJH LKQHQMHGH%HZHJXQJVIUHLKHLWQDKPHQXQGVLHWDJHODQJVLFKVHOEVWEHUOLHHQ VFKZlUPWH-RKQ0RUHQR]XQHKPHQGYRQHLQHP%QGQLV]ZLVFKHQ0RRJKVXQG 7HUUDQHUQ,PJOHLFKHQ0DZXFKV6KLSSLV$EOHKQXQJELVLKPNODUZXUGH ZHOFKHV=LHOGLH%HVWLHQWDWVlFKOLFKYHUIROJWHQ9RQGDDQVDQQHUDXI$EKLOIH 7DJHYHUJLQJHQLQTXlOHQGHU(LQW|QLJNHLW$QGHUHUVHLWVZDUGHU6HUJHDQWIURK GDHUQLFKWHLQPDO8UPDW]]X*HVLFKWEHNDPGHQQGLH%HVWLHQZLGHUWHQLKQDQ (UJODXEWHQLFKWGDGDV*HIlQJQLVDEJHK|UWZXUGHZHLOGLH0RRJKVVLFKYLHO ]XVHKUDXILKUHXQJHKHXUHN|USHUOLFKH6WlUNHYHUOLHHQ=ZHLZDIIHQORVH 7HUUDQHUZDUHQIUVLH8QJH]LHIHUGDVPDQQDFK%HOLHEHQ]ZLVFKHQGHQ)LQJHUQ ]HUTXHWVFKWH6]\SLQVNLJDEVLFKGHVKDOEDOOH0KH-RKQ0RUHQRYRQGHQ 5HDOLWlWHQ]XEHU]HXJHQ $Q%RUGGHU&5(67,9VFKULHEPDQ-XOLGHV-DKUHVDOV6KLSSLUHVLJQLHUWH (UKDWWHJHWDQZDVLQVHLQHU0DFKWVWDQGGRFKOHLGHURKQH(UIROJ'D DXHUGHPMHGHV/HEHQV]HLFKHQYRQGHU.RUYHWWHIHKOWHHUVFKLHQLKPDOV GHQNEDUVFKOHFKWHV2PHQ9HUPXWOLFKOHEWHQ7VFKDL.XOXXQGVHLQH0DQQVFKDIW QLFKWPHKU'DVLHLKU+HLOLQGHU)OXFKWJHVXFKWKDWWHQXQG0RUHQRXQGLKQ LKUHP6FKLFNVDOEHUOLHHQZROOWHHUQLFKWJODXEHQ $QGLHVHP3XQNWDQJHODQJWKlWWH6KLSSLYLHOIUHLQH:DIIHJHJHEHQ(VZDU ZRKOEHVVHUVHOEVWHLQ(QGH]XPDFKHQDOVGXUFKGLH+lQGHGHU%HVWLHQ]X VWHUEHQ=XJOHLFKEH]ZHLIHOWHGHU6HUJHDQWGDHUZLUNOLFKGLHQ|WLJH (QWVFKORVVHQKHLWDXIEULQJHQZUGH(UVFKOXJVLFK]XQHKPHQGPLW SKLORVRSKLVFKHQ3UREOHPHQKHUXPXQGEHJDQQ6HOEVWJHVSUlFKH]XIKUHQ$XI GLHVH:HLVHIOFKWHWHHUVLFKLQHLQHEHJLQQHQGHJHLVWLJH=HUULVVHQKHLWGLHLKQ GLH7URVWORVLJNHLWGHV*HIDQJHQHQGDVHLQVYHUJHVVHQOLH :HQLJH7DJHVSlWHUNDP8UPDW] Ä,KUH)UHXQGHZXUGHQYRQGHQ'XPIULHVDXIJHEUDFKWXQGYHUQLFKWHWHU|IIQHWH HUÄ'DPLWKDWGLH6ROGDWHQNDVWHZLHGHUHLQPDOLKUHZDKUH*HVLQQXQJ EHZLHVHQ Ä:HQQZLU,KQHQKHOIHQN|QQHQZHUGHQZLUHVJHUQHWXQVDJWH-RKQ0RUHQR Ä6LHN|QQHQ]X3HUU\5KRGDQ.RQWDNWDXIQHKPHQ

2EZRKO8UPDW]%HWRQXQJVLFKNDXPHLQH1XDQFHYHUlQGHUWHZXUGH6KLSSL KHOOK|ULJÄ8QVHUH.RUYHWWHEHJDQQHUDEHUGHU0RRJKOLHLKQJDUQLFKW HUVW]X:RUWNRPPHQ Ä6LHHUKDOWHQHLQVFKQHOOHVXQGZHQGLJHV.XULHUERRWGHU.RQVWUXNWHXUHGHV =HQWUXPVGU|KQWH8UPDW]Ä6ROFKH6FKLIIHZHUGHQEHLZLFKWLJVWHQ0LVVLRQHQ EHQXW]W,FKELQVLFKHUGDQLHPDQG6LHDXIKDOWHQNDQQ 6KLSSLXQWHUGUFNWHGLH)UDJHZLHGLH%HVWLHQ]XGHP.XULHUERRWJHODQJW ZDUHQ'LH$QWZRUWODJDXIGHU+DQG Ä:DQQVWDUWHQZLU"IUDJWHHUVWDWWGHVVHQ Ä%DOGHU|IIQHWHGHU0RRJK 6WDQ6]\SLQVNLEOLHEJHQJHQG=HLWXPEHUGLH0RWLYHGHU0RRJKV QDFK]XGHQNHQ(UJHODQJWH]XGHP6FKOXGDVLHHVNHLQHVZHJVHKUOLFK PHLQWHQ'DVLHGLH&5(67,9JHIXQGHQKDWWHQNODQJXQZDKUVFKHLQOLFK 'LH(UOHXFKWXQJNDPLKPDOVHUGDV.XULHUERRWVDK(VEHVDGLHIU0 W\SLVFKH:DO]HQIRUPZDUDEHUQXU]ZDQ]LJ0HWHUODQJXQGGXUFKPD K|FKVWHQVIQI0HWHU'LHVHLWOLFKDQJHIODQVFKWHQ=XVDW]WULHEZHUNHYHUGHXW OLFKWHQ6FKQHOOLJNHLWXQG:HQGLJNHLW 'LHVHV%RRWZDUYRQGHQ0RRJKVDXIJHEUDFKWXQGVHLQH%HVDW]XQJ ZDKUVFKHLQOLFKJHW|WHWZRUGHQ8QGJHQDXGLHVHQhEHUIDOOZROOWHQGLH %HVWLHQDEN|PPOLQJHQXQGHQ7HUUDQHUQLQGLH6FKXKHVFKLHEHQ 'LH9HUPXWXQJZXUGH]XU*HZLKHLWDOV6KLSSLGLH=LHONRRUGLQDWHQHUKLHOWGLH QDKHGHPJDODNWLVFKHQ=HQWUXPODJHQ'DGLH&5(67DXVJHUHFKQHWYRUGHQ $XJHQGHV*HJQHUV=XIOXFKWVXFKWHHUVFKLHQXQZDKUVFKHLQOLFK 9LHU+lQGHJHQJWHQXPGDV.XULHUERRW]XIOLHJHQXQGVlPWOLFKH)XQNWLRQHQ DXFKGLH:DIIHQOHLWNRQWUROOH]XEHGLHQHQ6WDQV(QWVFKOXVWDQGIHVWVHLWHUGDV %RRWEHWUHWHQKDWWH*HGDQNHQYHUORUHQOHKQWHHUVLFKLP6HVVHOGHV3LORWHQ ]XUFN'LHNXU]HQ6WDUWYRUEHUHLWXQJHQGDV$EKHEHQYRP%RGHQGHV XQWHULUGLVFKHQ+DQJDUVDOOHVOLHIZLHHLQ)LOPYRULKPDEDQGHPHUOHGLJOLFK DOV=XVFKDXHUEHWHLOLJWZDU Ä:LUZHUGHQGLH&5(67ZLHGHUVHKHQ-RKQ0RUHQRVWUDKOWHEHUVJDQ]H *HVLFKWDOVGDV%RRWYRQ7UDNWRUVWUDKOHQJHWUDJHQ]XU2EHUIOlFKHGHV3ODQHWHQ HPSRUVWLHJ(UODFKWHDXFKQRFKDOV6HUJHDQW6WDQ6]\SLQVNLXQKHLOYROO YHUNQGHWHGDVLHVWHUEHQZUGHQ *OHLHQGHV6RQQHQOLFKWXPILQJGDV.XULHUERRW$XIGHQ6FKLUPHQGHU $XHQEHREDFKWXQJGXUFK)LOWHUJHGlPSIWHQWVWDQGHLQH]HUNOIWHWH .UDWHUODQGVFKDIW 6KLSSLVFKDOWHWHNRQ]HQWULHUWDEHUPLWHLQHUZDFKVHQGHQ:XWLP%DXFK(V PDFKWHLKPQLFKWVPHKUDXVGDLQZHQLJHQ6HNXQGHQQXUQRFKGHU7RGDXILKQ ZDUWHWH'LH(UGHZUGHHURKQHKLQQLFKWZLHGHUVHKHQ8QG-RKQ0RUHQRZDU QLFKWPHKUHUVHOEVWGLH%HVWLHQKDWWHQDXVLKPHLQZLOOHQORVIXQNWLRQLHUHQGHV :HUN]HXJJHPDFKW 'UHL.LORPHWHU+|KHYLHUIQI'DV%RRWVWLHJEHUGLH*LSIHOGHU K|FKVWHQ.UDWHUKLQDXV$XIGHP+HFNELOGVFKLUPZDUHQGLHVLFKVFKOLHHQGHQ )HOVSODWWHQGHXWOLFK]XHUNHQQHQ

,QGHP0RPHQWEHJDQQHQGUHL9LHUWHODOOHU.RQWUROOHQKHNWLVFK]XEOLQNHQ'HU 5HDNWRUGHV6FKLIIHVZXUGHNULWLVFKGLH6SHLFKHUElQNHZDUHQELV]XP%HUVWHQ DXIJHODGHQ 6WDQ6]\SLQVNLVFKDOWHWHDXIYROOHQ*HJHQVFKXE :LHHLQ6WHLQILHOGDV.XULHUERRW]XUFN'HU+DQJDUKDWWHVLFKQRFKLPPHU QLFKWYROOVWlQGLJJHVFKORVVHQ 'DQQUDVWHGHU'RQQHUHLQHUYHUKHHUHQGHQ([SORVLRQEHUGLHVH5HJLRQGHV 3ODQHWHQ6HNXQGHQODQJYHUEODWHVRJDUGLH6RQQHKLQWHUGHPHQWVWHKHQGHQ *OXWEDOOGHUVLFKNLORPHWHUZHLWDXVGHKQWH 6HOEVW+XQGHUWH0HWHUYRP=HQWUXPGHV(QHUJLHDXVEUXFKVHQWIHUQWYHUZDQGHOWH GLHHQRUPH+LW]HHQWZLFNOXQJ)HOVHQLQ]lKIOVVLJHQ%UHL 'HUXQWHULUGLVFKH+DQJDUEOLHEXQEHVFKlGLJW'HQQGDV.XULHUERRWZDUJHJHQ HLQHQ6FKXW]VFKLUPJHSUDOOWGHUVLFKLQQXU]ZHLKXQGHUW0HWHU+|KHEHUGHU $QODJHZ|OEWH =ZHL:RFKHQ1LFKWVWXQGDV:UDFNGHU.&YRU$XJHQZLUNWHQVHOEVWDXI GDVVWlUNVWH*HPWGHSULPLHUHQG'LH)OXJVFKHLEHQZDUHQQLFKW ZLHGHUJHNRPPHQ:HULPPHUVLHORVJHVFKLFNWKDWWHLQWHUHVVLHUWHVLFKZRKO QLFKWIUGLHVFKLIIEUFKLJHQ7HUUDQHU0HQF5DGHF]LQV*HQHVXQJPDFKWH )RUWVFKULWWH,Q]ZLVFKHQNRQQWHHUZLHGHUODXIHQRKQHVLFKDEVWW]HQ]XPVVHQ 9HUELVVHQWUDLQLHUWHHUZHLWHU Ä2KQHPLFKKlWWHWLKUGLHVHQ3ODQWHQOlQJVWYHUODVVHQ'LHVH3KUDVHHQWZLFNHOWH VLFK]XVHLQHP/LHEOLQJVVSUXFKGHQHUVWHWVGDQQYHUZHQGHWHZHQQHUVLFKYRQ GHQDQGHUHQEHREDFKWHWIKOWH8QG7VFKDL.XOXSIOHJWHPLWGHUVHOEHQ 5HJHOPlLJNHLW]XHUZLGHUQGDVLHQXUJHPHLQVDPHLQH&KDQFHEHVlHQÄ:LU PVVHQDXVGHU1RWHLQH7XJHQGPDFKHQVDJWHHUÄ:LHGLH3IODQ]HQDXIGHP NOHLQHQ0RQGGLHHLQHV7DJHVDEVWHUEHQZHUGHQZHQQGLH$WPRVSKlUHVLFK ZHLWHUYHUIOFKWLJW :DVQLHPDQGIUP|JOLFKJHKDOWHQKlWWHZDUHLQJHWUHWHQ6HLW7DJHQJUQWHXQG EOKWHHVULQJVXPGDV:UDFNGHU.RUYHWWHXQGVRJDUDXIGHQDXVJHJOKWHQ 6WDKOSODWWHQZXU]HOWHQGLHH[RWLVFKHQ3IODQ]HQhEHU/LFKWMDKUHKLQZHJKDWWH GHU%OXWHQVWDXEDQGHU.RUYHWWHJHKDIWHWXQGVHLQH.HLPIlKLJNHLWEHKDOWHQ'D GLH%OXPHQVLFKJHJHQGLHDQJHVWDPPWH9HJHWDWLRQGXUFKVHW]HQZUGHQZDU DQ]XQHKPHQ$QGHUHUVHLWVKDWWHGHUWURSLVFKH8UZDOGOlQJVWEHJRQQHQGLHYRQ GHUDEVWU]HQGHQ.RUYHWWHKLQWHUODVVHQH6FKQHLVH]XUFN]XHUREHUQ $PVHFK]HKQWHQ7DJLKUHV$XIHQWKDOWVDXI:DWHUVWDWLRQEUDFKHQGLH7HUUDQHU XQGGLH-LQJXLVHPDXIXPGLH6WDWLRQ]XVXFKHQ'DV)XQNJHUlWGDVVLHEHLVLFK WUXJHQVFKZLHJDXIVlPWOLFKHQ)UHTXHQ]HQ$EHUQRFKKDWWHGDVZHQLJ]X EHGHXWHQ 'HU8UZDOGZXUGHGLFKWHUMHZHLWHUGLH0lQQHUQDFK6GHQNDPHQ2IWJHQXJ PXWHQVLHLKUH7KHUPRVWUDKOHUHLQVHW]HQXPEHUKDXSWHLQHQ:HJ]XILQGHQ 'LHKHUUVFKHQGH)HXFKWLJNHLWHUVWLFNWHMHGHV)HXHUVFKRQLP.HLP]XVDPPHQ PLWGHUEHNOHPPHQGHQ6FKZOH]HKUWHVLHDEHUDXFKDQGHQ.UlIWHQ0HKUDOV HLQH7DJHVOHLVWXQJYRQ]HKQ.LORPHWHUQZDUQLFKW]XVFKDIIHQ 7URW]GHVSSLJHQ1DKUXQJVDQJHERWVKLHOWGLH=DKOGHU7LHUHVLFKLQ*UHQ]HQ

'LHJU|WHQ([HPSODUHGLH7VFKDL.XOXXQGVHLQH0DQQHQ]X*HVLFKWEHNDPHQ ZDUHQXQJHIlKUHLQHQ0HWHUJURXQGHULQQHUWHQDQ3RQ\V1XUGLH7DWVDFKH GDVLHVHFKV%HLQHEHVDHQZDUEH]HLFKQHQGIU0'LHKDUPORVHQ 3IODQ]HQIUHVVHUNDQQWHQNHLQH6FKHX Ä9HUKXQJHUQZHUGHQZLUMHGHQIDOOVQLFKWVWHOOWH3RH.DODQLIHVW1LHPDQGJLQJ GDUDXIHLQ6RODQJH.RQ]HQWUDWHYRUKDQGHQZDUHQZDUMHGH6RUJHEHUIOVVLJ 8QGVSlWHU%LVGDKLQZUGH:DWHUVWDWLRQKRIIHQWOLFKQXUQRFKHLQ 0HLOHQVWHLQDXIGHP:HJGXUFKGLHIUHPGH*DOD[LVVHLQ 7DJHXQG1lFKWHYHUOLHIHQLPVWHWVJOHLFKEOHLEHQGHQ5K\WKPXV'HU3ODQHW EHVDNHLQ0DJQHWIHOGGDVHLQH2ULHQWLHUXQJHUP|JOLFKWKlWWH8QGGLH6RQQH YHUVFKZDQGKlXILJKLQWHUGLFKWHQ'XQVWVFKZDGHQXQGZDUGDQQQXUPHKUDOV )OHFNIDKOHU+HOOLJNHLW]XDKQHQ $OVGLH0lQQHUVLFKQDFKDFKW]HKQ7DJHQLPPHUQRFKGXUFKGLFKWHQ8UZDOG VFKOXJHQZXUGHDOOPlKOLFKNODUGDVLHGLH5LFKWXQJYHUORUHQKDWWHQ7URW]GHP PXWHQVLHZHLWHU(LQHQVFKPDOHQ:DVVHUODXINDXPEUHLWHUDOVIQI]LJ0HWHU DEHU]LHPOLFKUHLHQGEHUZDQGHQVLHPLW+LOIHGHU$QWLJUDYJHUlWH $P0RUJHQGHVEHUQlFKVWHQ7DJHVHUUHLFKWHQGLH0lQQHUGDV0HHUGDVVLFK JUDXJUQXQGVFKHLQEDUHQGORVYRULKQHQDXVEUHLWHWHhEHUJDQJVORV|IIQHWHVLFK GHU8UZDOG]XHLQHPEUHLWHQ)HOVVWUDQG Ä8QGMHW]W"IUDJWH'RQ0DVWHUV Ä:LUPDUVFKLHUHQQDFK:HVWHQHQWVFKLHGGHU0DMRUÄ:HQQPLFKPHLQ*HIKO QLFKWWlXVFKWVLQGZLUEDOGDP=LHO 'HQQRFKYHUJLQJHQGLHVHU7DJXQGGHUQlFKVWH 3O|W]OLFKZDUHQGLH)OXJVFKHLEHQZLHGHUGD6LHNDPHQYRP0HHUKHUJHJHQGHQ DEODQGLJZHKHQGHQ:LQGXQGLKU6XPPHQILHOHUVWYLHO]XVSlWDXI .RPSURPLORVHU|IIQHWHQVLHGDV)HXHU Ä'HFNXQJEUOOWH7VFKDL.XOX (LQ1HW]VFKDUIJHEQGHOWHU7KHUPRVWUDKOHQVWDQGMlKEHUGHP6WUDQG (UZLQ6LPRQUHDJLHUWH]XVSlW9RQ]ZHL6FKVVHQJHWURIIHQEUDFKHU ]XVDPPHQ(UKDWWHJHUDGHQRFKVHLQHQ%ODVWHU]LHKHQN|QQHQ 'LHYHUVWUHXWOLHJHQGHQJURHQ)HOVEO|FNHERWHQDXVUHLFKHQGHQ6FKXW]'LH 0lQQHUIHXHUWHQ]XUFN'UHLGHU5RERWHUZXUGHQJHWURIIHQXQGYHUJOKWHQLQ KHIWLJHQ6WLFKIODPPHQGDQQlQGHUWHQGLHDQGHUHQLKUH7DNWLNXQGIlFKHUWHQDXI Ä+DOWHQ6LHPLUGLH%LHVWHUYRP/HLEULHI0DVWHUVGHPQXUZHQLJH0HWHU QHEHQLKPNDXHUQGHQ0DMRU]X7VFKDL.XOXYHUVWDQG$OVHU6FKXXP6FKX DXVVHLQHP%ODVWHUMDJWHVSUDQJGHU3V\FKRORJHDXIXQGKHW]WHLP=LFN]DFNEHU GHQ6WUDQG1HEHQXQGKLQWHULKPOLHHQ7KHUPRVWUDKOHQGHQ%RGHQDXIJOKHQ 'RQZDUIVLFKQHEHQ&KLDM$PLQ'HFNXQJ Ä+LHUHUUHLFKWHGHU-LQJXLVHPHLQHQ%ODVWHUÄ6LHPVVHQVLFKYHUWHLGLJHQ 'DV%LHQHQZHVHQZDUPLWGHU)XQNWLRQGHU:DIIHVFKQHOOYHUWUDXWDOOHUGLQJV ODJHQVHLQH6FKVVHPHWHUZHLWGDQHEHQ Ä1LFKWPLWYLHU+lQGHQDP*ULIIIHVWNODPPHUQULHW'RQÄ1XUHLQH+DQG² XQGPLWGHP=LHOPLWJHKHQ&KLDM$PVWLHHLQH5HLKH]LUSHQGHU/DXWHDXV6LH HU]LHOWHLKUHQHUVWHQ$EVFKXGHUDEHUDXFKLKUHLQ]LJHUEOLHE

'LH%HZHJXQJHQGHU$QJUHLIHUZLUNWHQ]HLWZHLOLJXQNRQWUROOLHUWDOVDUEHLWHWHQ GLH6WDELOLVLHUXQJVV\VWHPHLKUHUKDOEWUDQVSDUHQWHQ5PSIHQLFKWLPPHU ]XIULHGHQVWHOOHQG/HW]WOLFKEUDFKWHGDVGLH(QWVFKHLGXQJ]XJXQVWHQGHU 7HUUDQHUXQGDOV3RH.DODQLPLWHLQHU6SUHQJJUDQDWHJOHLFK]ZHLGHU5RERWHU DXVGHU/XIWKROWHZDUGHU.DPSIVRJXWZLHDXVJHVWDQGHQ (UZLQ6LPRQ:DIIHQOHLWRIIL]LHUGHU.&ZDUWRW(LQ0DQQPHKUGHULQ HLQHUIUHPGHQ*DOD[LVVHLQ/HEHQJHODVVHQKDWWH 6HLQH*HIlKUWHQWUXJHQLKQ]XP:DOGUDQGXQGVFKLFKWHWHQ6WHLQHEHULKPDXI 6LHDUEHLWHWHQVFKZHLJHQGDEHULPPHUZLHGHUJLQJHQLKUH%OLFNHDXIGHU6XFKH QDFKZHLWHUHQ)OXJVFKHLEHQEHUGHQ6WUDQGXQGGDV0HHU 7VFKDL.XOXVWHOOWHHLQSURYLVRULVFKHV+RO]NUHX]]ZLVFKHQGHQ6WHLQHQDXIXQG VSUDFKHLQLJH:RUWHGLHLKPVLFKWOLFKVFKZHUILHOHQ(UYHUPLHGHVGLH&5(67 ,9GLH%2;XQGGLHEHLGHQ+DOXWHUVFKLIIH]XHUZlKQHQ&KLDM$PVWDQG VWXPPGDQHEHQ$OVGHU0DMRUVFKORZLHGHUKROWHVLHPLWGHQDQGHUHQVHLQ Ä$PHQ.XOXKDWWHLKU]XOLHEHQLFKW,QWHUNRVPRVRQGHUQGDV=HQWUXPVLGLRP EHQXW]W Ä:DUXPKDEHQGLH5RERWHUDQJHJULIIHQ"ZROOWH0HQF5DGHF]LQVFKOLHOLFK ZLVVHQ Ä:HLOVLHGLH6WDWLRQYHUWHLGLJHQDQWZRUWHWH'RQ0DVWHUVÄ'DVLVWGLH VFKOVVLJVWH(UNOlUXQJ 'HU%RUGDU]WQLFNWH Ä:HQQZLU3HFKKDEHQODXIHQZLULQHLQHQ$EZHKUPHFKDQLVPXVKLQHLQGHP ZLUQLFKWJHZDFKVHQVLQG Ä+DWMHPDQGHLQHQEHVVHUHQ9RUVFKODJ"ZROOWH.XOXZLVVHQ 'DVZDUQLFKWGHU)DOO$OVRVHW]WHQGLH0lQQHULKUHQ:HJIRUW'LHLQGHU)HUQH DXIWDXFKHQGH]HUNOIWHWH.VWHQOLQLHKDWWHQVLHVFKRQYRQ%RUGGHU.RUYHWWHDXV JHVHKHQ 7VFKDL.XOXGHXWHWHDXIGHQ:DOGÄ=ZHLRGHUGUHL.LORPHWHUQRFKVDJWHHU ÄGDQQZHUGHQZLUZLVVHQZRUDQZLUVLQG 'HUULQJI|UPLJHJXW]HKQ0HWHUKRKH(UGZDOOSDWHQLFKWLQGLH/DQGVFKDIW(U ZDUPLW%XVFKZHUNXQG%lXPHQGLFKWEHZDFKVHQXQGVHLQ'XUFKPHVVHUEHWUXJ VFKlW]XQJVZHLVHPHKUDOV]ZHLKXQGHUWIQI]LJ0HWHU 'DV,QQHUHGHV.UDWHUVZXUGHYRQHLQHUJOHLFKPlLJJHUXQGHWHQ(UKHEXQJ DXVJHIOOWGLHNHLQHVIDOOVQDWUOLFKHQ8UVSUXQJVZDU,P9HUODXIHLQHV YHUPXWOLFKVHKUODQJHQ=HLWUDXPVKDWWHVLFK(UGHDQJHVDPPHOWGLHGHQ YHUVFKLHGHQVWHQ3IODQ]HQ+DOWXQG1DKUXQJJDE $EHUDQHLQLJHQ6WHOOHQVFKLPPHUWHQRFKWLHIURWHV0HWDOO Ä(LQH6WDWLRQLVWGDVNDXPYHUPXWHWH'RQ0DVWHUV Ä,FKNDQQPLUYRUVWHOOHQGDGDV'LQJWLHILP%RGHQVWHFNWHUZLGHUWH7VFKDL .XOXÄ0|JOLFKHUZHLVHEHVLW]WHV.XJHOIRUP Ä8QZDKUVFKHLQOLFKVDJWH3RH.DODQLGHUGLHOHW]WHQ:RUWHZlKUHQGVHLQHV $XIVWLHJVPLWEHNRPPHQKDWWHÄ,QQHUKDOEYRQ0EHKHUUVFKWGLH:DO]HQIRUP GHQ6FKLIIVEDX'RFKGDQQVWXW]WHHUDOVHUGDVURWHOHXFKWHQGH0HWDOOVDK Ä0RPHQWPDO'DVGDVZlUH

Ä6SUHFKHQ6LHHVUXKLJDXVIRUGHUWH.XOXLKQDXI 'HU=ZHLWH2IIL]LHUVFKWWHOWHGHQ.RSIÄ'DVLVW]XSKDQWDVWLVFK Ä'DHVVLFKXPHLQSHUOLDQVFKHV5DXPVFKLIIKDQGHOQN|QQWH":DUXP HLJHQWOLFKQLFKW" 3RH.DODQLDWPHWHPHKUPDOVWLHIGXUFK Ä$OOHVSDW]XVDPPHQIXKU7VFKDL.XOXXQEHHLQGUXFNWIRUWÄ'LH3HUOLDQVGLH ZLULP*HELHWGHU0DJHOODQVFKHQ:RONHQNHQQHQJHOHUQWKDEHQVLQG/XQJHQ XQG.LHPHQDWPHU:LUZLVVHQGDVLHYRQ:DVVHUOHEHZHVHQDEVWDPPHQ8QG ZLUEHILQGHQXQVDXIHLQHU:DVVHUZHOW 'LH.|USHUGHU'ULWWNRQGLWLRQLHUWHQVLQGGXUFKVLFKWLJVLHODVVHQGHXWOLFK$GHUQ 1HUYHQV\VWHPXQG*HKLUQPDVVHHUNHQQHQ0XLFK6LHQRFKDQGLH )OXJVFKHLEHQHULQQHUQ" .DODQLVFKZLHJEHWUHWHQ Ä'DV5DXPVFKLIIOLHJWYHUPXWOLFKVHLW-DKUWDXVHQGHQKLHUVDJWH0HQF 5DGHF]LQÄ$EHUYHUJHVVHQZLUQLFKWGLH6WDWLRQGUDXHQLP0HHU9LHOOHLFKW OHEHQGRUW3HUOLDQV Ä'DQQKlWWHQQLFKWQXUHLQSDDU)OXJVFKHLEHQDQJHJULIIHQPHLQWHGHU0DMRU Ä,FKJODXEHHKHUGDDOOHVURERWJHVWHXHUWDEOLHI'LHOHW]WHQQRFK IXQNWLRQLHUHQGHQ:DIIHQZXUGHQHLQJHVHW]W1XQVLQGZLUDP=XJ Ä.DQQLFK,KQHQKHOIHQ"HUNXQGLJWH&KLDM$PVLFKJHIOLVVHQWOLFK Ä%HVWLPPWVDJWH.XOX Ä6LHZROOHQLQGDV6FKLIIHLQGULQJHQ"YHUPXWHWH'RQ0DVWHUV Ä%OHLEWXQVHLQHDQGHUH:DKO"9LHOOHLFKWEHNRPPHQZLUHLQ%HLERRWNODU =XQlFKVWVHW]WHGLHEHJLQQHQGH1DFKWLKUHQ%HPKXQJHQHLQ(QGH,QGHU 'XQNHOKHLWOHXFKWHWHGDV5RWGHVSHUOLDQVFKHQ.XJHOUDXPHUVQRFKLQWHQVLYHU 'LH*HUlWVFKDIWHQGLHGLH7HUUDQHUEHLVLFKWUXJHQUHLFKWHQLPPHUKLQIUGLH )HVWVWHOOXQJDXVGDLP6FKLIIVLQQHUQQRFK(QHUJLHJHVSHLFKHUWZDU'DV ZHFNWH+RIIQXQJHQ 0LWGHU0RUJHQGlPPHUXQJPDFKWHQGLH0lQQHUVLFKDQV:HUN(VZDUHLQH PKVHOLJH$UEHLWGLH6FKLIIVKOOHYRP3IODQ]HQZXFKVXQGGHQ$EODJHUXQJHQ ]XEHIUHLHQ'LHZLOGHVWHQ6SHNXODWLRQHQEHUGLH3HUOLDQVNDPHQGDEHLDXI$P JODXEZUGLJVWHQHUVFKLHQ'RQV%HKDXSWXQJGDGLH'ULWWNRQGLWLRQLHUWHQDXI :DWHUVWDWLRQ=XIOXFKWJHVXFKWKDWWHQ,P/DXIHHLQLJHU*HQHUDWLRQHQZDUHQGLH 3HUOLDQVGDQQDXVJHVWRUEHQ 'LH.XJHON|USHULKUHU5DXPVFKLIIHZDUHQY|OOLJJODWW)ROJOLFKJDEHVNHLQH VRIRUWHUNHQQEDUHQ+LQZHLVHDXI=XJlQJH 'LH0lQQHUOHJWHQPHKUDOVGLH+lOIWHGHVYRQREHQKHU]XJlQJOLFKHQ7HLOVGHU 6FKLIIVKOOHIUHLELVVLHHQGOLFKDXIHLQH0DQQVFKOHXVHVWLHHQ'LH$EPHVVXQJ HQWVSUDFKGHQJHZRKQWHQ0DHQGHQQEHLHLQHU.|USHUJU|HYRQELV]X]ZHL 0HWHUQZDUHQGLH3HUOLDQVVFKODQNH:HVHQ 'HUgIIQXQJVPHFKDQLVPXVIXQNWLRQLHUWHQLFKW7VFKDL.XOXEOLHENHLQHDQGHUH :DKODOVPLW:DIIHQJHZDOWHLQ]XGULQJHQ$XI3XQNWZLUNXQJHLQJHVWHOOWH *UDQDWHQ]HUVFKPRO]HQGHQ0HFKDQLVPXVXQGHUP|JOLFKWHQHVGDV$XHQVFKRWW DXI]XZXFKWHQ

Ä(QHUJLHHPLVVLRQVWHLJWPHOGHWH3RH.DODQLDXIJUXQGGHU$Q]HLJHQVHLQHU 0HJHUlWH $XJHQEOLFNHVSlWHUIODPPWHGLH6FKOHXVHQEHOHXFKWXQJDXI'DVOLHGLH +RIIQXQJZDFKVHQGDV6FKLIIVHLZHLWJHKHQGXQYHUVHKUW 7VFKDL.XOXXQG'RQ0DVWHUVGUDQJHQDOOHLQHLQ$OOHVZLUNWHVRDOVZlUHGHU 5DXPHUHUVWYRUNXU]HPYHUODVVHQZRUGHQ1LUJHQGVZDUHQ6FKlGHQRGHUJDU GLH6SXUHQHLQHV.DPSIHV]XILQGHQ$QGHUHUVHLWVODJHQGLH6HNWLRQHQPLWGHQ ZLUNOLFKOHEHQVZLFKWLJHQ)XQNWLRQHQHUVWDXIGHQPLWWOHUHQ'HFNV 'DVHQHUJHWLVFKH3RWHQWLDOVWLHJVWHWLJDQ'LH$QWLJUDYVFKlFKWHIXQNWLRQLHUWHQ ZLHGHUWURW]GHPEHQXW]WHQ.XOXXQG0DVWHUVDXV6LFKHUKHLWVJUQGHQQXUGLH YRUKDQGHQHQ1RWWUHSSHQ 6LHOLHHQVLFK=HLWXQWHU]RJHQGLH0DQQVFKDIWVTXDUWLHUHGDV2EVHUYDWRULXP XQGHWOLFKH5lXPHXQGHILQLHUEDUHU%HVWLPPXQJHLQHUJHQDXHQ,QVSHNWLRQ /HLGHUIDQGHQVLHDXHU6WHUQHQNDUWHQQLFKWVZDVHLQH$OWHUVEHVWLPPXQJGHV 6FKLIIHVHUP|JOLFKWKlWWH'LH.DUWHQNRQQWHQP|JOLFKHUZHLVH$XIVFKOXJHEHQ GRFKZDUHQ9HUJOHLFKHPLWGHQ.RQVWHOODWLRQHQLQ0KLHUXQGMHW]WQLFKW GXUFKIKUEDU 8QWHUKDOEHLQHV=ZLVFKHQGHFNVPLW:HUNVWlWWHQXQG/DJHUUlXPHQJDEHVNHLQ :HLWHUNRPPHQPHKU6FKRQ]XYRUKDWWHVLFKHLQHVWlUNHUZHUGHQGH)HXFKWLJNHLW DQGHQ:lQGHQQLHGHUJHVFKODJHQ'DV6FKLIIZXUGHJHIOXWHWXQGGHU :DVVHUSHJHOVWLHJVFKQHOO:RP|JOLFKZDUHUVWGXUFKGDVJHZDOWVDPH (LQGULQJHQGHU,PSXOVIUGDV|IIQHQGHU7DQNVJHJHEHQZRUGHQ'HQ7HUUDQHUQ ZDUEHNDQQWGDGLH,QQHQUlXPHMHGHVSHUOLDQVFKHQ5DXPVFKLIIVHQWVSUHFKHQG GHP0HWDEROLVPXVGHU'ULWWNRQGLWLRQLHUWHQPLWZDUPHP:DVVHUJHIOXWHW ZHUGHQNRQQWHQ Ä0DMRUPHOGHWH3RH.DODQLVLFKEHU$UPEDQGIXQNÄ:DVLVWORVEHL,KQHQ" Ä:DVVROOVFKRQVHLQHUZLGHUWH.XOXÄ:LUJHKHQEDGHQ 2IIHQEDUYHUVWDQG.DODQLGHQ+LQZHLVQLFKWÄ,FKHPSIDQJHVHLWNQDSS]ZHL 0LQXWHQJHULFKWHWH+\SHUIXQNLPSXOVH'LH,QWHQVLWlWOlWGDUDXIVFKOLHHQGD GHU(PSIlQJHULUJHQGZRDXHUKDOEGHU'XQNHOZRONH]XVXFKHQLVW RGHU]XVXFKHQZDUHUJlQ]WHGHU0DMRUÄ+LHUOlXIWHLQDXWRPDWLVFKHV 3URJUDPPDEGDVDXIGLH5FNNHKUGHU3HUOLDQVLQLKU6FKLIIDEJHVWHOOWLVW Ä,QGHU7DW6LU6LHN|QQWHQUHFKWKDEHQ,PPHUPHKU$JJUHJDWHHUZDFKHQ]XP /HEHQ Ä1DWUOLFKKDEHLFKUHFKWHUZLGHUWH.XOXÄ8QVVWHKWGDV:DVVHUEHUHLWVELV ]XP+DOV )QI0LQXWHQVSlWHUVFKZDSSWHGDV1DVFKRQYRUGHPLQQHUHQ6FKOHXVHQVFKRWW XQGNDPJOHLFKGDUDXI]XP6WLOOVWDQG0LW]HUNQLUVFKWHQ0LHQHQYHUOLHHQ 7VFKDL.XOXXQG'RQ0DVWHUVGLH0DQQVFKOHXVH Ä2KQH5DXPDQ]JHNRPPHQZLUGDQLFKWPHKUKLQHLQVWHOOWHGHU0DMRUIHVW Ä0LW$Q]JHQJHQDXVRZHQLJEHKDXSWHWH.DODQLÄ:HQQGLH$Q]HLJHQ VWLPPHQZHUGHQVlPWOLFKH=XJlQJHYRQ6FKLUPIHOGHUQEORFNLHUW2IIHQEDUKDW GDV%RUGJHKLUQUHJLVWULHUWGD8QEHIXJWHHLQJHGUXQJHQVLQG Ä:DVLVWPLWGHP+\SHUIXQN"

Ä'LH6HQGXQJOlXIWQDFKZLHYRU 7VFKDL.XOX]XFNWHPLWGHQ6FKXOWHUQÄ:LUN|QQHQQLFKWVGDJHJHQWXQVDJWH HU 6LHEOLHEHQQRFKHLQLJHHUHLJQLVORVH7DJHLQGHU1lKHGHV3HUOLDQUDXPHUVEHYRU VLHVLFKDQGLH.VWH]XUFN]RJHQ1LHPDQGYHUVSUWHYRUHUVWGDV%HGUIQLVGDV :UDFNGHU.&ZLHGHU]XVHKHQ %ORFNKWWHQHQWVWDQGHQDP5DQGGHV8UZDOGV:DVVHUVSHLFKHUZXUGHQDQJHOHJW XQG%RRWHJHEDXW.DWDPDUDQHPLW6HJHOQDXV%ODWWJHIOHFKWGLHVLFKWDWVlFKOLFK DOVVHHWFKWLJHUZLHVHQ 7VFKDL.XOXW|UQWHPHKUPDOVPLWZHFKVHOQGHU0DQQVFKDIW]XGHQ5LIIHQKLQDXV XQGVRJDUQRFKHLQ6WFNDXIGLHRIIHQH6HH$EHUYRQGHQ*HVFKW]VWHOOXQJHQ GLHGLH.RUYHWWHDEJHVFKRVVHQKDWWHQIDQGHUNHLQH6SXU$XFKNHLQ3HUOLDQ WDXFKWHDXI1XUULHVLJH)LVFKVFKZlUPHWXPPHOWHQVLFKLPNVWHQQDKHQ *HZlVVHU 'DQQNDPGLH6WXUPIOXWGLHGLH%RRWH]HUVFKOXJGLH+WWHQ]HUVW|UWHXQGHLQHQ 7HLOGHU.VWHYHUVFKODQJ'HU8UZDOGUHLFKWHSO|W]OLFKELVXQPLWWHOEDUDQV :DVVHU ,QGHQIROJHQGHQ1lFKWHQEHREDFKWHWHQGLH0lQQHUGD7LHUHVLFKZLH /HPPLQJHLQV0HHUVWU]WHQXQGYRQGHU6WU|PXQJDEJHWULHEHQZXUGHQ 9LHOOHLFKWVRYHUPXWHWH'RQ0DVWHUVVSUWHQVLHGDVQDKHQGH(QGHGHV.RQWL QHQWV 'LH0HQVFKHQXQGDXFKGLH-LQJXLVHPEHVDHQNHLQHQ6LQQIUVROFKH (PSILQGXQJHQ6LHEDXWHQZLHGHUDXIZDVGLH1DWXUYHUQLFKWHWKDWWHGHQQVLH ZXWHQGDVLH]XPLQGHVWIUNXU]H=HLWGLH6LHJHUEOHLEHQZUGHQ1XU PDQFKPDOEOLFNWHQVLHLQGHQUHJQHULVFKHQ1lFKWHQ]XPVFKZDU]HQ)LUPDPHQW HPSRUDQGHPQLHPDOVHLQ6WHUQHUVFKLHQ'DQQVFKLFNWHQVLHLKUH*HGDQNHQ XQG7UlXPHDXIGLHHQGORVH5HLVH]ZLVFKHQGHQ6WHUQHQLQVHOQ 'HU+\SHUVHQGHUGHV3HUOLDQUDXPHUVDUEHLWHWHXQXQWHUEURFKHQ'RFKVFKLHQHV LQGHQ:HLWHQYRQ0QLHPDQGHQ]XJHEHQGHUGLH1DFKULFKWYHUVWDQG $FKWSODQHWDUH:RFKHQYHUJLQJHQ²MHGHHWZDVOlQJHUDOVHLQH:RFKHQDFK WHUUDQLVFKHU=HLWUHFKQXQJ'DV'DWXPLQWHUHVVLHUWHQLHPDQGHQPHKUHVZXUGH HUVWZLHGHUZLFKWLJDOVGUHL6WHUQHLQGHU'lPPHUXQJHUVFKLHQHQXQGLKUH IODPPHQGHQ6SXUHQEHUGHQ+LPPHO]RJHQ6LHYHUKDUUWHQKRFKEHUGHQ 5LIIHQ $OVVFKOLHOLFK%UHLWVHLWHQDXVVFKZHUHQ7KHUPRJHVFKW]HQGDV0HHU]XP .RFKHQEUDFKWHQXQGHLQH5HLKHKHIWLJHU([SORVLRQHQJLJDQWLVFKH:DVVHUVlXOHQ LQGLH+|KHMDJWHQZXWHQGLH6FKLIIEUFKLJHQZRUDQVLHZDUHQ5LHVLJXQG GURKHQGVFKZHEWHQGLH.DPSIVFKLIIHGHU'XPIULHVKHUDQ'HU3HUOLDQUDXPHU YHUJOKWHXQWHULKUHP$QJULII 'DQQVFKZlUPWHQGLH%HLERRWHDXV 1DWUOLFKKDWWHQGLH'XPIULHVDXFKGDV:UDFNGHU.&JHRUWHWXQG]RJHQGLH ULFKWLJHQ6FKOVVHGDUDXV2EGLH0lQQHUXP7VFKDL.XOXLQGHQ'VFKXQJHO IORKHQRGHUEHLLKUHQ+WWHQEOLHEHQVSLHOWHNHLQH5ROOHPHKU =ZHLGHU5DXPJOHLWHUODQGHWHQDXIGHUJHURGHWHQ)OlFKHYLHUZHLWHUHYHUKDUUWHQ

UHJXQJVORVEHUGHP8UZDOG(VJHK|UWHQLFKWYLHO3KDQWDVLHGD]XVLFK DXV]XPDOHQGDLQMHGHPGHU%HLERRWHHLQ'XPIULHYRUGHQ)HXHUOHLWNRQWUROOHQ VDXQGVHLQH)LQJHUDXIGHQEHWUHIIHQGHQ.Q|SIHQUXKWHQ $XVGHQJHODQGHWHQ5DXPJOHLWHUQTXROOHQ6FKDUHQEHZDIIQHWHU'XPIULHV KHUYRU6LHZLUNWHQZLHYLHUDUPLJHDXIUHFKWJHKHQGH.U|WHQPLWZXFKWLJHQIDVW TXDGUDWLVFKHP.|USHUEDX$XINXU]HQ+lOVHQUXKWHQLKUHGUHLHFNLJHQ6FKlGHO PLWGHQVHLWOLFKDQJHRUGQHWHQKHUYRUTXHOOHQGHQ)URVFKDXJHQ,KUVFKZHUHU NULVWDOOLQHU.|USHUSDQ]HUVFKLPPHUWHLQPHWDOOLVFKHP6LOEHUEUDXQ Ä(LQEHDFKWOLFKWHU$XIZDQGZHJHQXQVVSRWWHWH7VFKDL.XOX(LQLJHVHLQHU 0lQQHUJULQVWHQ (LQEHVRQGHUVPUULVFKGUHLQEOLFNHQGHU'XPIULHWUDWDXIGLH0lQQHU]X'HQ .RPELVWUDKOHUKLHOWHULP$QVFKODJ6HLQ%OLFNJOLWWYRQHLQHP]XPDQGHUHQXQG EOLHEVFKOLHOLFKDXIGHU-LQJXLVHPKlQJHQ Ä:HUVLQG6LH"VFKQDUUWHHU Ä6FKLIIEUFKLJHDQWZRUWHWH7VFKDL.XOX Ä'LH,GHQWLIL]LHUXQJOlXIW6LHKDEHQVLFKDOV*HIDQJHQH]XEHWUDFKWHQ(LQ DQGHUHU'XPIULHWUDWQlKHUGLHEHLGHQZHFKVHOWHQHLQLJHNXU]H:RUWH PLWHLQDQGHUGDQQKHUUVFKWHGHU%HIHKOVKDEHU.XOXDQ Ä6LHVLQG7HUUDQHU Ä'DVLVWULFKWLJEHVWlWLJWH.XOX 'HU'XPIULHYROOIKUWHHLQHXQZLOOLJH%HZHJXQJ Ä:LHKHLW,KU6FKLII" Ä(VZDUGLH.& 'LH:DIIHGHV'XPIULHVUXFNWHKHUXP,PVHOEHQ0RPHQWDOVHUGHQ$XVO|VHU EHWlWLJWHVSUDQJ&KLDM$PPLWHLQHP$XIVFKUHLYRUXP7VFKDL.XOX]X VFKW]HQ'HUW|GOLFKH7KHUPRVWUDKOWUDIGLH5LHVHQELHQHPLWWHQLQGLH%UXVW 'LH'XPIULHVNPPHUWHQVLFKQLFKWGDUXPÄ$EIKUHQEUOOWHLKU$QIKUHU 8QVDQIWZXUGHQGLH0lQQHULQGLH*OHLWHUJHWULHEHQ'DVOHW]WHZDVVLHYRQ :DWHUVWDWLRQ]XVHKHQEHNDPHQZDUHQGLHLQ)ODPPHQDXIJHKHQGHQ+WWHQ (LQ]HOQZXUGHQVLHDQ%RUGHLQHVGHU5DXPVFKLIIHHLQJHVSHUUW'DQDFKIROJWHQ HQGORVH9HUK|UH 7VFKDL.XOXPXWHWDJHODQJ5HGHXQG$QWZRUWVWHKHQ'DEHLNRQQWHHUPLW YLHOHQ)UDJHQQLFKWVDQIDQJHQ6LHHUJDEHQHLQIDFKNHLQHQ6LQQ8QGPDQFKH %HJULIIHYRQGHQHQGLH5HGHZDUKDWWHHUQLH]XYRUJHK|UW$EHUGLH'XPIULHV JODXEWHQLKPQLFKW(UVWDOVHUYRU(UVFK|SIXQJ]XVDPPHQEUDFKEUDFKWHQVLH LKQLQVHLQH.DELQH 'LH7RUWXUJLQJZHLWHUDOVGHU0DMRUKDOEZHJVZLHGHUEHL.UlIWHQZDU(U PXWHHUNHQQHQGDGLH'XPIULHVGDV:UDFNGHU.RUYHWWHDQ%RUGJHQRPPHQ KDWWHQ Ä:DVLVWPLWGHQ'DWHQ" Ä:HOFKH'DWHQ" ÄhEHU0RQROXQGGHQ,QWHUQUDXP,KU7HUUDQHUKDEWXQVEHWURJHQXQGEHORJHQ 'LH.&VROOWHDWRPDUJHVSUHQJWZHUGHQ 7VFKDL.XOXYHUVWDQGEHUKDXSWQLFKWVPHKU$EHUHUJDE*OHLFKHVPLW

*OHLFKHP]XUFN Ä'HU'UXLVDQW.LERVK%DLZRIILVWHLQ0HLVWHULP/JHQXQG%HWUJHQVDJWHHU Ä0DJVHLQGDZLUYRQLKPJHOHUQWKDEHQ 0LWHLQHP$XIVFKUHLVWU]WHGHU'XPIULHVLFKDXILKQ7VFKDL.XOXYHUVXFKWH YHUJHEOLFKGHQ$QJUHLIHUDE]XZHKUHQ $OVHUZLHGHUHUZDFKWHVDKHU0HQF5DGHF]LQVEHVRUJWEOLFNHQGHV*HVLFKWEHU VLFK(UZROOWHDXIVSULQJHQGRFKGHU$U]WGUFNWHLKQVDQIW]XUFN Ä6LHKDEHQHLQHOHLFKWH*HKLUQHUVFKWWHUXQJHUOLWWHQ0DMRU:HQQ6LHLQGHP 7HPSRZHLWHUPDFKHQOLHJHQ6LHVRIRUWZLHGHUIODFK Ä:DVKDEHQ6LHGHQ%XUVFKHQHU]lKOW6LU"ZROOWH3RH.DODQLZLVVHQ Ä*UXQGORVKHEHQGLHXQVHUH(LQ]HOKDIWQLFKWDXI Ä1LFKWVVDJWH7VFKDL.XOXJHGHKQWDOVPVVHHUVLFKGHU*HVFKHKQLVVHHUVW ZLHGHUNODUZHUGHQÄ,FKKDEHQLFKWHLQPDOHLQH$KQXQJZDVGLHYRQPLU ZROOWHQ,UJHQGZLHPXHVPLWGHU.RUYHWWH]XWXQKDEHQ'DV:UDFNOLHJW KHUPHWLVFKDEJHULHJHOWLQHLQHP+DQJDU Ä'LH=XVDPPHQKlQJHVLQGJDQ]HLQIDFKZDQGWH'RQ0DVWHUVHLQGHUELVODQJ JHVFKZLHJHQKDWWH Ä:HQQPDQVLHNHQQWVSRWWHWH*HRUJH0DKRQ ÄRGHUZHQQPDQHVYHUVWHKWGHQ6SLHXP]XGUHKHQ'RQJULQVWHEUHLWÄ,FK GHQNHLFKKDEHYRQGHQ'XPIULHVPHKUHUIDKUHQDOVVLHYRQPLU Ä*DODNWRSV\FKRORJHPWHPDQVHLQ0HQF5DGHF]LQVHXI]WH'DV/DFKHQLQ GDVGLH0lQQHUHLQVWLPPWHQZLUNWH]XPLQGHVWIUGHQ$XJHQEOLFNEHIUHLHQG Ä'LH%HVDW]XQJGHU&5(67LVWLQGLH0LOFKVWUDH]XUFNJHNHKUWVDJWH'RQ 0DVWHUV6HLQH(U|IIQXQJVFKOXJZLHHLQH%RPEHHLQÄ3HUU\5KRGDQKDW HUIROJUHLFKJHEOXIIWPLWXQVXQGGHU.&(UKDWGHQ'XPIULHVHLQJHUHGHW GDZLU*HKHLPGDWHQEHU0RQROXQGGHQ,QWHUQUDXPZDVLPPHUGDVVHLQPDJ GHQ0RRJKVJHEHQZUGHQ=XVDPPHQPLWHLQHPDQJHGURKWHQ$WRPEUDQGDXI GHU=HQWUDOZHOWGHU.RQVWUXNWHXUHGHV=HQWUXPVZDUGDV*UXQGJHQXJIUGLH hEHUJDEH]ZHLHU3DUDWURQNRQYHUWHU8QVHU3HFKGDHUGLH9HUQLFKWXQJGHU .&VDPWDQJHEOLFKHU'DWHQYHUVSURFKHQKDW'LH'XPIULHVJODXEHQMHW]WVLH ZlUHQKHUHLQJHOHJWZRUGHQ Ä5KRGDQNRQQWHQLFKWZLVVHQGDZLUQRFKOHEHQEHWRQWH.XOXÄ$EHUHVLVW VFK|Q]XZLVVHQGDHUHVJHVFKDIIWKDW 'LH0lQQHUVFKZLHJHQ-HGHUKLQJVHLQHQHLJHQHQ*HGDQNHQQDFKGLHVLFKLQ LUJHQGHLQHU:HLVHPLWGHUQXQHQGJOWLJXQHUUHLFKEDUJHZRUGHQHQ+HLPDWEH IDWHQ Ä:DVP|JHQGLH'XPIULHVPLWXQVYRUKDEHQ"ZROOWH*HRUJH0DKRQQDFKHLQHU :HLOHZLVVHQ Ä.HLQH$KQXQJVDJWH7VFKDL.XOXÄ$EHUHVVSLHOWEHUKDXSWNHLQH5ROOH PHKU /DQJVDPEOLHEGDV6FKODFKWVFKLII]XUFN'LHJURHQ)URQWVFKHLEHQGHV 5DXPJOHLWHUVOLHHQHLQHQXQJHKLQGHUWHQ$XVEOLFNDXIGLHZRONHQYHUKDQJHQH :HOW]XDXIGHUGLH7HUUDQHUDEJHVHW]WZHUGHQVROOWHQ

Ä:RKLQEULQJWPDQXQV"=XPZLHGHUKROWHQ0DOHYHUVXFKWH7VFKDL.XOXGLH 'XPIULHV]XHLQHU$XVNXQIW]XEHZHJHQ'LH$QJHK|ULJHQGHU6ROGDWHQNDVWH VFKZLHJHQEHKDUUOLFK 'HU*OHLWHUWDXFKWHLQGLH:RONHQGHFNHHLQ0LQXWHQODQJZDUHQQXUGLFKWH VFKPXW]LJJUDXH6FKOHLHU]XVHKHQ (LQGVWHUHU+LPPHOVSDQQWHVLFKEHUHLQHUHEHQVRGVWHUHQWURVWORVZLUNHQGHQ /DQGVFKDIW9RQ+RUL]RQW]X+RUL]RQWHUVWUHFNWHQVLFKULHVLJH )DEULNDWLRQVDQODJHQHLQJHWHLOWLQUHFKWHFNLJH6HJPHQWH]ZLVFKHQGHQHQ PHKUHUH5DXPKlIHQODJHQ(QWIHUQXQJHQZDUHQLQGHPKHUUVFKHQGHQ=ZLHOLFKW VFKZHU]XVFKlW]HQ Ä(LQ,QGXVWULHSODQHWVWHOOWH'RQ0DVWHUVXQQ|WLJHUZHLVHIHVW 'HU5DXPJOHLWHUODQGHWHDXIHLQHPGHU+lIHQ=ZHLGLFNEDXFKLJH)UDFKWHU ZXUGHQVRHEHQEHODGHQ$OOHVOLHIZHLWJHKHQGDXWRPDWLVLHUWDE9RQ%RUGGHV *OHLWHUVDXVZDUHQQXUZHQLJH:HVHQ]XVHKHQGLHVLFKXPGLH)UDFKW NPPHUWHQ=ZHL'XPIULHVLQLKUHU1lKHEHUZDFKWHQGHQ9RUJDQJ (LQJHSROWHV$QWLJUDYIHOGEXJVLHUWHGLH7HUUDQHULQV)UHLH8QPLWWHOEDUKLQWHU LKQHQVWLHJGDV%HLERRWODXWORVZLHGHUDXI Ä:REOHLEWGDV(PSIDQJVNRPLWHH"9HUOHJHQJULQVHQGEOLFNWH3RH.DODQLXP VLFK Ä:LUZXUGHQQLFKWDQJHPHOGHWEHPHUNWH7VFKDL.XOXÄ8QGOHLGHUNRPPHQ ZLURKQHUDXPIOXJIlKLJHQ8QWHUVDW]KLHUQLFKWZLHGHUZHJ 9RQGHQEHLGHQ)UDFKWHUQKHUHUNODQJ6LUHQHQJHKHXO*OHLFKGDUDXIILHOHQ 6FKVVH'LH'XPIULHVYHUIROJWHQHLQHVGHU:HVHQGLHPLWGHQ9HUODGHDUEHLWHQ EHVFKlIWLJWJHZHVHQZDUHQ Ä1LHPDQGKDWXQVEHIRKOHQKLHU]XZDUWHQEHWRQWH'RQ0DVWHUVÄ:DUXP VHKHQZLUQLFKWQDFKZDVORVLVW" 6LHNDPHQQLFKWZHLW(LQERGHQJHEXQGHQHV)DKU]HXJVFKQLWWLKQHQGHQ:HJDE 'HU(LQVWLHJ|IIQHWHVLFK Ä)ROJHQZLUGHUIUHXQGOLFKHQ(LQODGXQJ"ZROOWH0DKRQZLVVHQ Ä1DWUOLFKWXQZLUGDVVDJWH7VFKDL.XOXÄ2GHUZROOHQ6LHGDHVXQVZLH GHP%HGDXHUQVZHUWHQGRUWGUEHQHUJHKW"(UGHXWHWH]XGHQ)UDFKWHUQKLQEHU Ä$XIGHU)OXFKWHUVFKRVVHQPXUPHOWH'RQ0DVWHUVÄ:HQLJVWHQVZLVVHQZLU ZDVXQVHUZDUWHW 'DV)DKU]HXJUXFNWHDQVREDOGVLHDOOHDQ%RUGZDUHQ1XUZHQLJH0LQXWHQ YHUJLQJHQELVGDV6FKRWWVLFKZLHGHU|IIQHWH(LQVFKPDOHU7XQQHOVFKREVLFK KHUDQ Ä'LH+\JLHQHNRQWUROOHHLQ]HOQEHWUHWHQEHIDKOHLQHPHFKDQLVFKH6WLPPH 7VFKDL.XOXJLQJDOVHUVWHU$OV'RQ0DVWHUVLKPIROJHQZROOWHEDXWHVLFKHLQ IOLUUHQGHV(QHUJLHIHOGYRULKPDXI'HU*DODNWRSV\FKRORJHOLHIPLWWHQKLQHLQ(V ZDUJHUDGH]XJHVSHQVWLVFKDQ]XVHKHQZLHHUPLWXQNRQWUROOLHUW]XFNHQGHQ *OLHGPDHQ]XVDPPHQEUDFK Ä6LHPVVHQOHUQHQ%HIHKOH]XEHIROJHQPHOGHWHVLFKGLH5RERWVWLPPH ZLHGHU 1DFK$WHPULQJHQGJHEUDXFKWH'RQ0DVWHUVGDVEHUKPWH=LWDW*|W]YRQ

%HUOLFKLQJHQV'DUDXIZDUGDV5HFKHQJHKLUQQLFKWSURJUDPPLHUWÄ*HKHQ6LH MHW]WIRUGHUWHHV 'RQOLHVLFKNHLQ]ZHLWHV0DOELWWHQ,PQlFKVWHQ0RPHQWVHW]WHVLFKGHU %RGHQXQWHULKPLQ%HZHJXQJ(UKDWWHGDV*HIKOGDHUYHUVFKLHGHQHQ 6WUDKOXQJHQDXVJHVHW]WZXUGH-HGHV+DDUDQVHLQHP.|USHUVFKLHQVLFK]X VWUlXEHQ $XJHQEOLFNHVSlWHUVDKHUVLFKHLQHP'XPIULHJHJHQEHUÄ:LOONRPPHQDXI 0HHWULQDVDJWHGHU)URVFKDUWLJHYHUlFKWOLFK Ä,FKYHUODQJHPLW'UXLVDQW.LERVK%DLZRII]XVSUHFKHQHUNOlUWH'RQIUHL KHUDXV 'HU'XPIULHSUDOOWHI|UPOLFK]XUFNVHLQH*OXEVFKDXJHQTXROOHQQRFKZHLWHU DXVLKUHQ+|KOHQKHUYRUÄ'XEHVLW]WGLH8QYHUIURUHQKHLWGHQ1DPHQGHV 'UXLVDQWLQGHQ0XQG]XQHKPHQlFK]WHHUPLWNQDUUHQGHU6WLPPH Ä:LUVLQGDOWH)UHXQGHYHUVHW]WH'RQÄ(UZLUGVLFKDQGHQ7HUUDQHU'RQ 0DVWHUVHULQQHUQ'HU*DODNWRSV\FKRORJHEOLHEZHLWHUKLQEHLP6LHREZRKOGHU 'XPIULHLKQPLWJHULQJVFKlW]LJHU%HWRQXQJGX]WH/HLGHUHUZLHVGHU%XUVFKH VLFKDOVZHQLJPLWWHLOVDP(UJDE'RQHLQH3ODNHWWHDOV,GHQWLILNDWLRQVQDFKZHLV XQGVFKLFNWHLKQZHLWHU ,QHLQHP:DUWHUDXPWUDIHQGLHIQI0lQQHUZLHGHU]XVDPPHQ$QVFKOLHHQG EUDFKWHHLQ*OHLWIDKU]HXJVLH]XLKUHU8QWHUNXQIWVRIHUQPDQGLHVH KRFKWUDEHQGH%H]HLFKQXQJIUGDV/RFKPLWGHQKDUWHQ3ULWVFKHQYHUZHQGHQ NRQQWH=HLWVLFKLKUHQHXH8PJHEXQJDQ]XVHKHQEOLHELKQHQQLFKW(LQ VHFKVJOLHGULJHVHFKVHQDUWLJHV*HVFK|SIIKUWHVLH]XU6WlWWHLKUHVNQIWLJHQ :LUNHQV%LV]XP(LQJDQJGHUULHVLJHQ3URGXNWLRQVKDOOHZDUHQNDXPWDXVHQG 0HWHU]XUFN]XOHJHQ 'DV(FKVHQZHVHQZDUHEHQVR*HIDQJHQHUZLHGLH7HUUDQHU'RQ0DVWHUV HQWGHFNWH]LHPOLFKVFKQHOOGLH3ODNHWWHGLHHVDQHLQHP+DQGJHOHQNWUXJ 7URW]GHP]HLJWHHVVLFKUHFKWHLQVLOELJXQGEHVFKUlQNWHVLFKGDUDXIGHQ 0lQQHUQLKUHNQIWLJH7lWLJNHLW]XHUNOlUHQGLHVLFKGDULQHUVFK|SIWH ZUIHOI|UPLJH$JJUHJDWHPLWYRUJHIHUWLJWHQ6FKDOWXQJHQ]XEHVWFNHQ ,UJHQGZDQQZDU(VVHQV]HLW'UHLLJ*HIDQJHQHZXUGHQLQHLQHP1HEHQJHElXGH PLWV\QWKHWLVFKHP%UHLYHUSIOHJWGHU]ZDUQlKUVWRIIUHLFKVHLQPRFKWHIU PHQVFKOLFKH*DXPHQDEHUNHLQHVZHJVZRKOVFKPHFNHQGZDU:HUVHLQH3ODNHWWH LQHLQ$EWDVWJHUlWHLQVFKREHUKLHOWHLQH3RUWLRQ0HKUDOOHUGLQJVQLFKW 2EHUOHXWQDQW3RH.DODQLYHUVXFKWHHVXQGZXUGHDEJHZLHVHQ ,QGHQIROJHQGHQ7DJHQJHZ|KQWHQGLH0lQQHUVLFKDQGHQJOHLFKEOHLEHQGHQ 5K\WKPXVVLHEHQ6WXQGHQ$UEHLWGUHLLJ0LQXWHQ(VVHQVSDXVHXQGZLHGHU VLHEHQ6WXQGHQLQGHU)HUWLJXQJVKDOOH'HU5HVWGHVDXI0HHWULQDQXU ]ZHLXQG]ZDQ]LJ6WXQGHQGDXHUQGHQ7DJHVJDOWDOV)UHL]HLW7VFKDL.XOXV 9HUVXFKGLH)ROJHQHLQHU$UEHLWVYHUZHLJHUXQJKHUDXV]XILQGHQHQGHWHGDPLW GD]ZHL'XPIULHVLKQJHZDOWVDPLQGLH+DOOHVFKOHSSWHQXQGHU]ZHL7DJHODQJ RKQH(VVHQDXVNRPPHQPXWH =XHLQHP=HLWSXQNWDOVQLHPDQGGDPLWUHFKQHWHHUVFKLHQHLQH'XPIULH (VNRUWH'LH7HUUDQHUZXUGHQ]XP5DXPKDIHQJHOHLWHW(LQJHZDOWLJHV

:DO]HQVFKLIIZDUJHODQGHW'UHLWDXVHQG0HWHUODQJIQIKXQGHUW0HWHU GXUFKPHVVHQGPLWWULFKWHUI|UPLJJHZHLWHWHP+HFNEHUUDJWHHVVlPWOLFKH %DXWHQLQGHU8PJHEXQJXPHLQ9LHOIDFKHV(VZDUHLQ6FKLIIZLHMHQHVLQGHP GHU'UXLVDQWGLH0lQQHUGHU.&HPSIDQJHQKDWWH Ä%DLZRII"IUDJWH0HQF5DGHF]LQNQDSS Ä'DVKDOWHLFKIUXQZDKUVFKHLQOLFK'RQ0DVWHUV]XFNWHPLWGHQ6FKXOWHUQ .XU]H=HLWVSlWHUVWDQGHQVLHHLQHP6WW]SXQNWLQJHQLHXUJHJHQEHU'LH'UXLV GXUFKVFKQLWWOLFK]ZHL0HWHUJURPLWHLQHU6FKXOWHUEUHLWHYRQ0HWHU lKQHOWHQZLHYLHOH*HVFK|SIHGLHVHU*DOD[LVGHQ+DOXWHUQ1XUEHVDLKU KDOENXJHOI|UPLJHU.RSIYLHUJHOEOLFKVFKLPPHUQGHJURH$XJHQXQGLKUH+DXW ZDUIDVWEOWHQZHLPLWXQUHJHOPlLJHQ)OHFNHQDXIGHU%DXFKVHLWH$OV =HLFKHQLKUHVKRKHQ5DQJHVEHVDHQ6WW]SXQNWLQJHQLHXUHMHZHLOV]ZDQ]LJPLW GHU%UXVWKDXWYHUZDFKVHQHEODXOHXFKWHQGH6WHLQH +LQWHUGHP'UXLVGHUGLH0lQQHUGXUFKGULQJHQGIL[LHUWHVWDQGHLQGXUFKDXV KXPDQRLGHV:HVHQ'HU )UHPGHZDUVFKODQNPLWWHOJURXQGWUXJHLQHHLQIDFKH.RPELQDWLRQRKQH 5DQJDE]HLFKHQ,PHUVWHQ0RPHQWPDQLHPDQGLKPGLH%HGHXWXQJ]XGLHLKP RIIHQEDU]XNDP(UVWDOVHUGDV:RUWHUJULIIHUNDQQWHQGLH7HUUDQHUGDHU DOOHP$QVFKHLQQDFKEHUGHP6WW]SXQNWLQJHQLHXUVWDQG Ä,FKELQ(\QFK=LJXORUVDJWHHUPLWZRKONOLQJHQGHU6WLPPHÄ'HU'UXLVKHLW ,UPDQ0HWROLQXQGLVWIUGHQ6WUDISODQHWHQ]XVWlQGLJ6LHZLVVHQZHVKDOELFK 6LH]XPLUNRPPHQOLH" Ä(KUOLFKJHVDJWQHLQHUZLGHUWH7VFKDL.XOX7lXVFKWHHUVLFKRGHUKXVFKWH WDWVlFKOLFK9HUZXQGHUXQJEHU(\QFK=LJXORUV*HVLFKW" Ä'DV:UDFN,KUHV6FKLIIHVZXUGHYRQ6SH]LDOLVWHQJHQDXHVWHQVXQWHUVXFKWIXKU GHU+XPDQRLGHIRUWÄ:LUIDQGHQDEJHVWRUEHQH(UUHJHUGHU6HXFKHGLHRKQHKLQ YLHU:RFKHQQDFKLKUHU)UHLVHW]XQJLQDNWLYZHUGHQXQGPHKUHUH7RWH Ä'HU'UXLVDQWEHJDQQ7VFKDL.XOXZXUGHDEHUXQWHUEURFKHQ Ä,FKZHLZDVJHVFKHKHQLVWVDJWH(\QFK=LJXORUÄ2EHLQVROFKHV9RUJHKHQ PHLQH%LOOLJXQJJHIXQGHQKlWWHVWHKWMHGRFKQLFKW]XU'HEDWWH:LFKWLJVLQG DOOHLQGLH$QWZRUWHQDXIGLH)UDJHQZHVKDOEXQGZLH6LHGLH6HXFKH EHUZXQGHQXQGRE6LHHQWJHJHQMHGHU9HUHLQEDUXQJGLH,QIRUPDWLRQHQEHU 0RQROXQGGHQ,QWHUQUDXPDQGLH%HVWLHQZHLWHUJHJHEHQKDEHQ Ä6LHZHUGHQXQVQLFKWJODXEHQGDZLUQLHVROFKH,QIRUPDWLRQHQEHVHVVHQ KDEHQYHUPXWHWH'RQ0DVWHUV$XVGHQVSlUOLFKHQ$XVNQIWHQGLHHUELVKHU HUKDOWHQKDWWHNRQQWHHUVLFKHLQLJHV]XVDPPHQUHLPHQ3HUU\5KRGDQV%OXII GURKWHIUGLH0lQQHUGHU.&]XP%XPHUDQJ]XZHUGHQ6DJWHQVLHGLH :DKUKHLWZUGHQVLHGHU.ROODERUDWLRQPLWGHQ%HVWLHQEH]LFKWLJWZHUGHQ²LQ GHU%H]LHKXQJZDUHQGLH6WW]SXQNWLQJHQLHXUHPLWHLQHP8UWHLOVHKUVFKQHOO]XU +DQG9HUVXFKWHQVLHVLFKKHUDXV]XUHGHQVSUDFKGLH7DWVDFKHJHJHQVLHGDGLH .RUYHWWHQLFKWDWRPDUYHUQLFKWHWZRUGHQZDU8QGZLHVROOWHGLH(UNOlUXQJ DXVVHKHQGDDXVJHUHFKQHWIQI7HUUDQHULQ0]XUFNJHEOLHEHQZDUHQ"'LH =HQWUXPVNRQVWUXNWHXUHPXWHQXQZHLJHUOLFKPHKUGDKLQWHUYHUPXWHQ:HURGHU ZDVZDUHQGLHJHKHLPQLVYROOHQ%HKHUUVFKHUYRQ0EHUKDXSW")OFKWLJ

VSLHOWH'RQPLWGHP*HGDQNHQ=LJXORUN|QQWH]XLKQHQJHK|UHQ(UYHUZDUI GLHVHhEHUOHJXQJDEHUHEHQVRVFKQHOOZLHGHU 'HU*DODNWRSV\FKRORJHVDKDXIDOVHU(\QFK=LJXORUV%OLFNDXIVLFKUXKHQ IKOWH Ä1DWUOLFKZXUGHQGLH'DWHQVSHLFKHUGHU.&XQWHUVXFKWVDJWHGHU +XPDQRLGHÄ'RFKOHLGHULVWQXUHLQYHUVFKZLQGHQGJHULQJHU%UXFKWHLOGHU *HVDPWNDSD]LWlWHUKDOWHQ Ä:HUWHQ6LHGLHVHQ5HVWDXVVFKOXJ7VFKDL.XOXYRU =LJXORUZHFKVHOWHHLQLJH:RUWHPLWGHP'UXLVLQHLQHU6SUDFKHGLHGLH7HUUDQHU QLFKWYHUVWDQGHQ$OVHUVLFKGDQQZLHGHUGHQ0lQQHUQ]XZDQGWHKDWWHVLFKHLQ KDUWHU=XJXPVHLQH0XQGZLQNHOHLQJHJUDEHQ Ä'LH7HFKQLNHUEHKDXSWHQGDGLH'DWHQVSHLFKHULQIROJHGHV$EVWXU]HV JHO|VFKWZRUGHQVHLQN|QQHQ'HQNEDULVWDEHUHEHQVRJXWHLQHJH]LHOWH 0DQLSXODWLRQXPGHQ.XUVGHV6FKLIIHVXQGDQGHUH'LQJH]XYHUVFKOHLHUQ,FK PXDOVRGDYRQDXVJHKHQGD6LHOJHQXP,KUH+DXW]XUHWWHQ Ä'DVLVWZHQLJVWHQVHLQRIIHQHV:RUWVDJWH'RQ0DVWHUVÄ'DUILFKDQQHKPHQ GD6LHQDFKGHP*UXQGVDW]KDQGHOQLP=ZHLIHOIUGHQ$QJHNODJWHQ" Ä1LFKWZHQQHVGDEHLXPGLH%HVWLHQJHKW Ä+|UHQ6LH=LJXORUEHJDQQ7VFKDL.XOXGHQ9HUVXFKHLQHU(UNOlUXQJ Ä.LERVK%DLZRIIKDWIQIWDXVHQG7HUUDQHUXQGHLQLJH)UHPGZHVHQW|WHQZROOHQ XPVLFKDXIGLHVH:HLVHHLQ3UREOHPYRP+DOV]XVFKDIIHQ:LUDOOHDQ%RUG GHU.&ZXUGHQYRQGHU6HXFKHEHIDOOHQGLHZLUDOV6\QWKRELRORJLVFKH 0HWDPRUSKRVHEH]HLFKQHQ'LHUHFKW]HLWLJH(QWGHFNXQJGHU(UUHJHUYHUKLQGHUWH HLQhEHUJUHLIHQDXIGDV0XWWHUVFKLII'DZLU]XMHQHP=HLWSXQNWQRFKQLFKW ZLVVHQNRQQWHQREZLUGLH6HXFKHEHVLHJHQZUGHQ]RJHQZLUXQVPLWGHU.& LQGHQ5DXP]XUFN9LHOHYRQXQVVWDUEHQEHYRUZLUHVVFKDIIWHQGHQ .UDQNKHLWVYHUODXILPOHW]WHQ6WDGLXP]XVWRSSHQXQGQDFKHLQLJHQ:RFKHQ XQVHUHU=HLWUHFKQXQJVRJDUGLH6\PSWRPHUFNJlQJLJ]XPDFKHQ,QGLHVHU=HLW IORJHQZLUPHKURGHUZHQLJHU]LHOORVXPKHU$OVZLUHQGOLFKZLHGHULQGHU/DJH ZDUHQQDFKGHU&5(67]XVXFKHQZXUGHQZLUYRQ'XPIULHVEHVFKRVVHQ JHULHWHQLQGLH'XQNHOZRONHXQGVWU]WHQDE'HU5HVWGUIWH,KQHQEHNDQQW VHLQ (\QFK=LJXORUOLHVLFKNHLQH5HJXQJDQPHUNHQÄ'DVLVWHLQ7HLOGHU *HVFKLFKWHVWHOOWHHUIHVWÄ,FKQHKPHDQ6LHVLQGGDPLWHLQYHUVWDQGHQVLFK HLQHUPHGL]LQLVFKHQ8QWHUVXFKXQJ]XXQWHU]LHKHQ:LUZLVVHQGDHLQ0LWWHO JHJHQGLH6HXFKH H[LVWLHUW6HLQH$QZHQGXQJOlWVLFKQDFKZHLVHQ Ä,FKYHUVWHKHQLFKWZRUDXI6LHKLQDXVZROOHQVDJWH7VFKDL.XOX Ä'DV0LWWHOZXUGHQLFKWYRQXQVHUHQ:LVVHQVFKDIWOHUQHUIXQGHQ$EHUELWWH HU]lKOHQ6LHZHLWHU Ä,FKELQDXI6SHNXODWLRQHQDQJHZLHVHQEHWRQWHGHU0DMRUÄ2EZRKOZLU HLQLJHVYRQGHQ'XPIULHVHUIDKUHQKDEHQGLHXQVDXIGLHVHQ6WUDISODQHWHQ EUDFKWHQ 3HUU\5KRGDQVFKHLQWDXV*UQGHQGLHZLUQLFKWNHQQHQ]XHLQHP%OXII JH]ZXQJHQJHZHVHQ]XVHLQ9HUPXWOLFKXPLQGHQ%HVLW]GHUEHQ|WLJWHQ

3DUDWURQNRQYHUWHU]XJHODQJHQ'DZLUDOVYHUVFKROOHQJDOWHQXQGHUDQQHKPHQ PXWHZLUVHLHQGHU6HXFKH]XP2SIHUJHIDOOHQJULIIHUNXU]HUKDQGDXIGLH.& ]XUFNXQGGURKWHGDPLWGDZLU,QIRUPDWLRQHQDQGLH%HVWLHQEHUJHEHQ ZUGHQ(UVSLHOWHHLQHQ7UXPSIDXVGHQHULQ:LUNOLFKNHLWQLHEHVHVVHQKDW YHUVWHKHQ6LH" (\QFK=LJXORUQLFNWHQDFKGHQNOLFKÄ:LUZHUGHQGLH:DKUKHLWKHUDXVILQGHQ VDJWHHUÄ6ROOWHVLFKDOOHUGLQJV]HLJHQGD6LHLQ9HUELQGXQJ]XGHQ%HVWLHQ VWHKHQGDQQNDQQLFK,KQHQQLFKWPHKUKHOIHQ 'LH8QWHUVXFKXQJHQGLHGLHIQI7HUUDQHUEHUVLFKHUJHKHQOLHHQ]RJHQVLFK ]ZHL7DJHKLQ$QVFKOLHHQGZXUGHQVLHLQLKUH8QWHUNXQIWDXHUKDOEGHV JURHQ5DXPVFKLIIV]XUFNJHEUDFKW1LHPDQGWHLOWHLKQHQGDV(UJHEQLVPLW$OV GDVJURH6FKLIIVWDUWHWHZXUGHLKQHQNODUGDLKUH&KDQFHQGHQ6WUDISODQHWHQ LQDEVHKEDUHU=HLWYHUODVVHQ]XN|QQHQSUDNWLVFKDXI1XOOJHVXQNHQZDUHQ Ä9RUEHLGHU7UDXPHLQHU9HUVWlQGLJXQJPLWGHQ'UXLVRGHUJDUGHQ 6WW]SXQNWLQJHQLHXUHQVDJWH*HRUJH0DKRQEHGUFNWÄ'LHOHW]WHQEHLHQGLH +XQGHGDVZDULPPHUVRXQGGDUDQKDWVLFKELVKHXWHQLFKWVJHlQGHUW Ä6LHVLQG]XSHVVLPLVWLVFKZHKUWH'RQ0DVWHUVDEÄ6FKRQGLH7DWVDFKHGD ZLUXQEHKHOOLJWEOHLEHQZHUWHLFKDOVJXWHV2PHQ0DQNDQQXQVGHPQDFKNHLQH 9HUELQGXQJ]XGHQ0RRJKVQDFKZHLVHQ9LHOOHLFKWYHUKDOWHQVLFKGLH $QWLN|USHUJHJHQGLH6HXFKHLQXQVHUHP%OXWDQGHUVDOVEHLGHQ %HVWLHQDEN|PPOLQJHQ'DVLVWVRJDUZDKUVFKHLQOLFK6LHZHUGHQVLFK]HUVHW]W KDEHQ 'HQNHQ6LHGDUDQ0DKRQ$EMHW]WDUEHLWHWGLH=HLWIUXQV 'DV-DKUQHLJWHVLFKVHLQHP(QGHHQWJHJHQRKQHGDHLQH9HUlQGHUXQJ HLQJHWUHWHQZlUH$UEHLWHQHVVHQXQGVFKODIHQEOLHEHQGHUPRQRWRQH5K\WKPXV GHULQ]ZLVFKHQGDV/HEHQEHVWLPPWH$P'H]HPEHUIODPPWHGDV VFKZHOHQGH+HLPZHKHUQHXWDXI6HOEVW'RQ0DVWHUVKlWWHQLFKWJHJODXEWGD GLH:HLKQDFKWVJHVFKLFKWHGLHHULQGHU)UHL]HLWDXVGHP*HGlFKWQLVYRUWUXJ HLQHGHUDUWEHUXKLJHQGH:LUNXQJDXVEHQZUGHZLHGLHVWDWVlFKOLFKGHU)DOO ZDU)DVWVFKLHQHVDOVH[LVWLHUHSO|W]OLFKHLQ6WFN+HLPDWDXIGHP 6WUDISODQHWHQ1LFKWVXQGQLHPDQGNRQQWHGHQ0lQQHUQGLH(ULQQHUXQJQHKPHQ $XFKDQ%RUGGHU&5(67ZDU:HLKQDFKWHQVWHWVDOVHLQ)HVWGHU)UHXGHXQG GHV9HUVWlQGQLVVHVJHIHLHUWZRUGHQ:LHEHUKDXSWDXIMHGHP6FKLIIGHU6RODUHQ )ORWWH 'DQQEUDFKGDVQHXH-DKUDQÄ0|JHQVLFKDOOHXQVHUH:QVFKHHUIOOHQVDJWH 7VFKDL.XOXÄ6RODQJHZLU XQVHUH*HVXQGKHLWEHKDOWHQGUIHQZLUKRIIHQ1XUZHUUHVLJQLHUWGHUJLEWVLFK VHOEVWDXI hEHUDOOZR0HQVFKHQOHEWHQZUGHQVLHMHW]WGLH*OlVHUKHEHQXQGDXIGDVQHXH -DKUDQVWRHQ'LHIQIhEHUOHEHQGHQGHU.&KDWWHQQXU6\QWKREUHL$EHU NHLQHU]ZHLIHOWHGDUDQGDGDV,PSHULXPGHU0HQVFKKHLWQRFKH[LVWLHUWH'LH +HLPNHKUGHV*URDGPLQLVWUDWRUVKDWWHGHP:LGHUVWDQGJHJHQGLH 6FKZLQJXQJVZlFKWHUPLWLKUHQ'RODQVZRKOQHXH,PSXOVHYHUPLWWHOW 6LHVWU]WHQVLFKLQGLH$UEHLW

'HU-DQXDUYHUJLQJ,QGLHVHP0RQDWKDWWHDXI7HUUDLPPHU6FKQHHJHOHJHQ² DXIGHU6WUDIZHOW0HHWULQDJDEHVNHLQH-DKUHV]HLWHQ'LHJOHLFKEOHLEHQGHQ 7HPSHUDWXUHQOLHHQYHUPXWHQGDGDV.OLPDJHVWHXHUWZXUGH 0LWWH)HEUXDUHUVFKLHQHQ'XPIULHVLQGHU)DEULNKDOOHÄ6LHZHUGHQDQDQGHUH $UEHLWVSOlW]HYHUVHW]WHU|IIQHWHQVLHGHQEHUUDVFKWHQ0lQQHUQ Ä:LFKWLJHUH3URGXNWLRQHQ"YHUPXWHWH'RQ0DVWHUV Ä$OOH1HXDQN|PPOLQJHZHUGHQHUVWDXILKUH/HLVWXQJHQKLQEHUSUIW DQWZRUWHWHHLQHUGHU6ROGDWHQDXVZHLFKHQG Ä:DQQN|QQHQZLUQRFKPDOVPLW(\QFK=LJXORUVSUHFKHQ"ZROOWH7VFKDL.XOX ZLVVHQ Ä'DVZLUGGHU=HQWUXPVNRQVWUXNWHXUVHOEVWHQWVFKHLGHQ $OVRGRFK'LH9HUPXWXQJHQEHUGLH,GHQWLWlWGHV+XPDQRLGHQZDUHQULFKWLJ JHZHVHQ/HLGHUQXW]WHGLHVHV:LVVHQQLFKWYLHO 'LHQHXHQ8QWHUNQIWHZDUHQJHUlXPLJHUZHQQDXFKRIIHQVLFKWOLFKDXIGLH %HGUIQLVVHJU|HUHU:HVHQNRQ]LSLHUWXQGGHUQHXH$UEHLWVEHUHLFKXPIDWH HLQZDKUKDIWULHVLJHV*HOlQGH'LH0lQQHUEHNDPHQHLQ]HOQH)HUWL JXQJVDEVFKQLWWH]XJHWHLOW$XIGLHVH:HLVHJHODQJWHQVLHVRJDUUDVFK]XHLQHP XPIDVVHQGHQhEHUEOLFN $XIEUHLWHQ%DQGVWUDHQZXUGHQYRUJHIHUWLJWHJURH)RUPHQDXVHLQHU 6SH]LDOOHJLHUXQJVRZLH7HLOHGHVVSlWHUHQ,QQHQOHEHQVDQJHOLHIHUW *XWDFKW]LJ3UR]HQWGHU]XHUOHGLJHQGHQ7lWLJNHLWHQIKUWHQ5RERWHUDXVGHUHQ hEHUZDFKXQJSHO]LJHQVHFKVJOLHGULJHQ*HVFK|SIHQREODJ7VFKDL.XOXXQG VHLQHQ0lQQHUQEOLHEGLHVFKZHLWUHLEHQGH+DQGDUEHLWGLHPLWGHU%HIHVWLJXQJ XQGGHP(LQEDXVFKHQNHOGLFNHU(QHUJLHOHLWHUEHJDQQXQGEHLHOHNWURQLVFKHQ %DXWHLOHQIUGLH6FKDOWEHUZDFKXQJHQGHWH 'DVIHUWLJH3URGXNWZDUHLQHNHVVHODUWLJH.RQVWUXNWLRQYRQ]ZDQ]LJ0HWHUQ 'XUFKPHVVHU(QHUJLHDEJlQJH6SHLVXQJVSROHXQGDQGHUH$QVFKOVVHEHIDQGHQ VLFKDXIGHU2EHUVHLWHGHVOHLFKWJHZ|OEWHQ$EVFKOXGHFNHOV=XPLQGHVW7VFKDL .XOXXQG3RH.DODQLNRQQWHQGLH*HELOGHDOV.RQYHUWHULGHQWLIL]LHUHQ Ä,FKYHUZHWWHHLQH:RFKHQUDWLRQGDIUGDHVVLFKXP3DUDWURQNRQYHUWHU KDQGHOWERWGHU0DMRUDQÄ'DVLVWHLQHGHU,URQLHQGHV6FKLFNVDOVGLHGDV /HEHQVRVHKUYHUVHQ 0LWGHP$QJHERWGHV'UXLVDQW]ZHL3DUDWURQNRQYHUWHUIUGHQ5FNIOXJLQGLH 0LOFKVWUDH]XU9HUIJXQJ]XVWHOOHQKDWWHDOOHVEHJRQQHQ8QGQXQEDXWHQ DXVJHUHFKQHW7HUUDQHUDOOH]ZHL7DJHHLQHQVROFKHQ.RQYHUWHU]XVDPPHQXQG NRQQWHQKHU]OLFKZHQLJGDPLWDQIDQJHQ Ä,FKKlWWHQLFKWEHO/XVWGHQJDQ]HQ/DGHQKLHULQGLH/XIW]XMDJHQ VFKQDXEWH0DKRQ Ä'DPLWZlUHXQVVHOEVWDPDOOHUZHQLJVWHQJHGLHQWZHKUWH.XOXDE6LH PDFKWHQZHLWHUZLHELVKHUVLHVFKPLHGHWHQ)OXFKWSOlQHXQGYHUZDUIHQGLHVH ZLHGHU$OOH]ZHL:RFKHQODQGHWHHLQ)UDFKWHUGHUGLHIHUWLJJHVWHOOWHQ .RQYHUWHUDQ%RUGQDKP$EJHVHKHQGDYRQGDHVNHLQH0|JOLFKNHLWJDEVLFK LQHLQHUGHU.RQVWUXNWLRQHQHLQ]XVFKPXJJHOQZHLOGLHVHZlKUHQGGHV 9HUODGHYRUJDQJVHLQH'HWHNWRUVSHUUHGXUFKOLHIHQZUGHHLQ)OXFKWYHUVXFK

SUDNWLVFKHLQ6FKXOGHLQJHVWlQGQLVGDUVWHOOHQ 'HU-XQLEUDFKWHGLHHUVWH9HUlQGHUXQJ'HU6WW]SXQNWLQJHQLHXU,UPDQ 0HWROLQIRUGHUWHHLQH9HUGRSSHOXQJGHU3URGXNWLRQ6lPWOLFKH.UlIWHDXI 0HHWULQDVROOWHQIUGLH+HUVWHOOXQJYRQ3DUDWURQNRQYHUWHUQHLQJHVHW]WZHUGHQ 7VFKDL.XOXXQGVHLQH0lQQHUHUKLHOWHQ8QWHUVWW]XQJGXUFKQHXH*HIDQJHQH VLHEHQ6NRDUV$QJHK|ULJHGHUHKHPDOLJHQ6ROGDWHQNDVWHYRQ0GHUHQ 6WDWXVLQ]ZLVFKHQGLH'XPIULHVEHUQRPPHQKDWWHQ'LH(ULQQHUXQJDQ GUHLKXQGHUWXQGDFKW]LJGLHVHUYLHUDUPLJHQ*HVFK|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|WLJWZXUGHQZDUGDPLWKLQUHLFKHQG JHNOlUW Ä(LQ$QJULIIDXI:HOWHQGHU0RRJKVZlUHPLWHLQIDFKHQ/LQHDUWULHEZHUNHQ GXUFK]XIKUHQ(VJDENHLQHQDQGHUHQ6FKOXDOVGHQGHQ7VFKDL.XOX DXVVSUDFKÄ'HPQDFKOLHJWGDV=LHODXHUKDOEYRQ0GLH.RQVWUXNWHXUHGHV =HQWUXPVUVWHQ]XU2IIHQVLYHJHJHQGLH0LOFKVWUDH'LH)XUFKWYRUGHQ %HVWLHQXQGGLH+DOXWHUZHUGHQIUVLHQLHHWZDVDQGHUHVVHLQWUHLEWVLH]X GLHVHUHQRUPHQ$QVWUHQJXQJ Ä'DVLVWXQVHUH&KDQFHEHKDXSWHWH3RH.DODQLÄ/LHEHUVWHUEHLFKEHLGHP 9HUVXFKLQGLH0LOFKVWUDHO]XUFN]XNHKUHQDOVQRFKOlQJHUHLQHUYDJHQ +RIIQXQJ_QDFK]XKlQJHQ.HLQHUYRQXQVKDWYLHO]XYHUOLHUHQ ,P/DXIGHUIROJHQGHQ:RFKHQHQWVWDQGHLQ3ODQGHUHLQHUHHOOH&KDQFHERW 0HHWULQDNRQQWHPDQQXUDQ%RUGHLQHVGHU)UDFKWHUYHUODVVHQGLHQXQKlXILJHU ODQGHWHQ$OOHVPXWHMHGRFKVRSUl]LVHZLHHLQ8KUZHUNDEODXIHQ'DVJU|WH 5LVLNRVWHOOWHGLH'HWHNWRUVSHUUHGDUVLH]XGHDNWLYLHUHQEHGHXWHWH$ODUP DXV]XO|VHQ$OVRPXWHHLQ$EOHQNXQJVPDQ|YHUHUIROJHQ:LHJURMHGRFKGLH %HVDW]XQJGHU)UDFKWHUZDUXQGEHUZHOFKH6LFKHUKHLWVYRUULFKWXQJHQVLH YHUIJWHQZXWHQLHPDQG 0HKUDOVDFKW:RFKHQEHQ|WLJWHQ7HUUDQHUXQG6NRDUVXPXQEHPHUNWDOOH (LQ]HOKHLWHQDXV]XIRUVFKHQ:lKUHQGGLHVHU=HLWDUEHLWHWHQVLHZLHGLH %HVHVVHQHQ 'DQQQDKPGHU3ODQ*HVWDOWDQ 'UHL7DJHEOLHEHQELV]XU/DQGXQJGHVQlFKVWHQ)UDFKWHUVDOV7VFKDL.XOXGLH 5HSDUDWXUVFKlFKWHGHVHUVWHQ3DUDWURQNRQYHUWHUVSUlSDULHUWH'DV$JJUHJDW EHVWDQGGHQ3UREHODXIWURW]GHUHLQJHEDXWHQ6ROOEUXFKVWHOOHQLQGHU9HUDQNHUXQJ

HLQ]HOQHU%DXWHLOH8QPLWWHOEDUQDFK:HJQDKPHGHU7HVWHQHUJLHILHOHQ 6WUXNWXUZDQGOHUXQG*OHLFKULFKWHULQVLFK]XVDPPHQXQGKLQWHUOLHHQHLQHQ ]XVlW]OLFKHQ+RKOUDXPYRQPHKUHUHQ.XELNPHWHUQ*U|H'LH%HUHFKQXQJHQ GHUPLW3DUDWURQNRQYHUWHUQYHUWUDXWHQ6NRDUVHUZLHVHQVLFKGHPQDFKDOV ]XWUHIIHQG (LQ]ZHLWHU.RQYHUWHUZXUGHDXIGLHJOHLFKH:HLVHYHUlQGHUW7URW]GHPZDUGHU YRUKDQGHQH3ODW]NDXPDXVUHLFKHQG$EHUVROFKH1HEHQVlFKOLFKNHLWHQZDUHQ XQHUKHEOLFK)UHLQLJH6WXQGHQZUGHQGLH%HGLQJXQJHQVLFKHUWUDJHQODVVHQ 'LHGUHL7DJHYHUJLQJHQZLHLP)OXJ$XVJHUHFKQHWGLHVPDOODQGHWHGHU )UDFKWHUHLQHKDOEH6WXQGHHKHUDOVIUJHZ|KQOLFK0LWGHUVHOEHQ=HLWGLIIHUHQ] EHJDQQGDV9HUODGHQ $OVGLH7UDQVSRUWElQGHUDQOLHIHQ]RJHQ6NRDUVXQG7HUUDQHUVLFKLQV,QQHUHGHU .RQYHUWHU]XUFN/HGLJOLFK7VFKDL.XOXXQGGHU:RUWIKUHUGHU9LHUDUPLJHQ ULVNLHUWHQLKUH(QWGHFNXQJLQGHPVLHPHKUHUH6FKDOWXQJHQDXIGHQQHXHQ =HLWDEODXIXPVWHOOWHQ(UIDKUXQJVJHPlIKUWHQGLH'XPIULHVZlKUHQGGHU 9HUODGHYRUJlQJHYHUVWlUNW.RQWUROOHQGXUFK'HQQRFKGXUIWHQGLH)OFKWOLQJH QLFKWULVNLHUHQGDEHLGHQ3URGXNWLRQVVWlWWHQHUVWXPGUHLLJ0LQXWHQ]XVSlW GLH+|OOHORVEUDFK,POHW]WHQ0RPHQWVFKDIIWHQGHU0DMRUXQGGHU6NRDUGHQ 5FNVSXUW]XGHQEHLGHQ.RQYHUWHUQ 'DQQEHJDQQGHUXQDQJHQHKPVWH7HLOGHU)OXFKWGDV:DUWHQLQY|OOLJHU +LOIORVLJNHLW=XZLVVHQGDPDQQLFKWVPHKUWXQNRQQWH]HKUWHVWlUNHUDQGHQ 1HUYHQDOVGDVVWHWH9HUVWHFNVSLHOZlKUHQGGHU9RUEHUHLWXQJHQ (LQLJHXQVDXEHUDXVJHIKUWH6FKZHLQlKWHOLHHQHLQHQEHJUHQ]WHQ%OLFNQDFK DXHQ]X'HU5DXPKDIHQNDPVFKQHOOQlKHU 9|OOLJXQSURJUDPPJHPlYHU]|JHUWHGDV7UDQVSRUWEDQG'XPIULHV SDWURXLOOLHUWHQYRUEHL 1DFKQLFKWHLQPDOVHFK]LJ6HNXQGHQJLQJHVPLWHUK|KWHU*HVFKZLQGLJNHLW ZHLWHU7VFKDL.XOXXQGVHLQH0lQQHUZDUHQVFKZHLJHEDGHW6LHEHVDHQNHLQH HLQ]LJH:DIIHXPVLFKLP)DOOGHV)DOOHVLKUHU+DXW]XZHKUHQ Ä1RFK]HKQ.RQYHUWHUYRUXQVGDQQVLQGZLUGUDQ7VFKDL.XOXEOLFNWHDXI VHLQ$UPEDQGFKURQRPHWHUDOVN|QQHHUGLHLP6HNXQGHQUK\WKPXVZHFKVHOQGH $Q]HLJHDXIGLHVH:HLVHEHHLQIOXVVHQ 'HU'HWHNWRUNDPLQ6LFKW6FKZHUEHZDIIQHWH6ROGDWHQVWDQGHQ]XEHLGHQ6HLWHQ GHVKRFKDXIUDJHQGHQ*HUlWV 'HUOHW]WH.RQYHUWHUYRUGHQ7HUUDQHUQVWRSSWHYRUGHQJLWWHUI|UPLJHQ $EWDVWHUQ=HKQ6HNXQGHQYHUJLQJHQEHYRUGDV%DQGZLHGHUDQUXFNWH 7UDNWRUVWUDKOHQJULIIHQQDFKGHP7ULHEZHUNVDJJUHJDWXQGVHW]WHQHVLQGHU RIIHQHQ/DGHVFKOHXVHGHV5DXPVFKLIIVDE Ä-HW]WPXUPHOWH7VFKDL.XOX-HGHQ0RPHQWPXWHQGLH'XPIULHVGLH )OFKWOLQJHHQWGHFNHQ'LH'HWHNWRUJLWWHUZDUHQVFKRQ]XP*UHLIHQQDKH (LQGXPSIHVODQJDQKDOWHQGHV*UROOHQZLHYRQHLQHPIHUQHQ*HZLWWHUUROOWH KHUDQ6HNXQGHQVSlWHUZDUVRJDUHLQHVFKZDFKH(UVFKWWHUXQJ]XVSUHQ ,QNXU]HQ$EVWlQGHQKLQWHUHLQDQGHUH[SORGLHUWHQNLORPHWHUZHLWHQWIHUQWGUHL 3DUDWURQNRQYHUWHU=XJOHLFK

EUDFKGLH(QHUJLHYHUVRUJXQJ]ZLVFKHQGHP7HVWJHOlQGHXQGGHP5DXPKDIHQ ]XVDPPHQGLHDXFKGHQ'HWHNWRUXPIDWH/HGLJOLFKGDV7UDQVSRUWEDQGZDU GDYRQQRFKQLFKWEHWURIIHQ 'LH'XPIULHVUHDJLHUWHQYHUVW|UW6LHVDKHQGLH*OXWElOOHGHU([SORVLRQHQ ZXWHQDEHUQLFKWZDVJHVFKHKHQZDU6HNXQGHQODQJKLQJGDV6FKLFNVDOGHU 6NRDUVXQG7HUUDQHUDPVSULFKZ|UWOLFKVHLGHQHQ)DGHQ'DQQHQWVFKORVVHQGLH 6ROGDWHQVLFKGHQZHLWHUHQ9HUODGHYRUJDQJQLFKW]XEHHLQIOXVVHQ]XPDO RKQHKLQQXUPHKUGUHL3DUDWURQNRQYHUWHUDXIGHP%DQGVWDQGHQ 7VFKDL.XOXDWPHWHDXIDOVHLQVDQIWHU5XFNDQ]HLJWHGDGHU7UDNWRUVWUDKO ZLUNVDPZXUGH$XFKGLHEHLGHQOHW]WHQ.RQYHUWHUZXUGHQDQ%RUGGHV )UDFKWHUVJHKLHYW 1LHPDQGUHGHWH'D]XZDUHVQRFK]XIUK$EHUGLH(UOHLFKWHUXQJZDU XQYHUNHQQEDU1DFKPHQVFKOLFKHP(UPHVVHQNRQQWHQXQQLFKWVPHKU JHVFKHKHQ 'DVDQIlQJOLFKOHLFKWH9LEULHUHQVWHLJHUWHVLFK]XHLQHPGXPSIHQ5DXQHQGDV DQ]HLJWHGDGHU)UDFKWHUGHQIUHLHQ:HOWUDXPHUUHLFKWKDWWHXQGEHVFKOHXQLJWH ,P*HJHQVDW]]XGHQ7HUUDQHUQKDWWHQGLH6NRDUVNHLQHVZHJVGLH$EVLFKWGHQ )OXJGHV)UDFKWHUVELV]XP(QGHPLW]XPDFKHQ6LHZROOWHQDXI,KUH+HLPDWZHOW ]XUFNNHKUHQ 7URW]GHPRGHUJHUDGHGHVZHJHQJDOWHVVFKQHOO]XKDQGHOQ1LHPDQGKLHOWVLFK LP/DGHUDXPDXIDOVGLH)OFKWOLQJHGLH3DUDWURQNRQYHUWHUYHUOLHHQ Ä)UDFKWHUGLHVHV7\SVIOLHJHQOHGLJOLFKPLWHLQHU]HKQN|SILJHQ%HVDW]XQJ EHKDXSWHWHQGLH6NRDUVÄ:LUEUDXFKHQ:DIIHQGDQDFKNDQQXQVQLHPDQGPHKU JHIlKUOLFKZHUGHQ +HFNZlUWVDQGLH/DGHUlXPHDQVFKLHHQGODJHQGLH0DVFKLQHQUlXPH'UHL GRUWGLHQVWWXHQGH$QJHK|ULJHHLQHVGHQ7HUUDQHUQQRFKXQEHNDQQWHQ9RONHV ZXUGHQYRQGHQ6NRDUVUHJHOUHFKWEHUUXPSHOW6LHIDQGHQNHLQH=HLW$ODUP DXV]XO|VHQ 0LWGHQHUEHXWHWHQ.RPELVWUDKOHUQVWUPWHQGLH6NRDUV5LFKWXQJ=HQWUDOH=HKQ 0LQXWHQVSlWHUEHIDQGVLFKGHU)UDFKWHUIHVWLQQHXHU+DQG Ä'DVZDUIDVW]XHLQIDFKEHPHUNWH3RH.DODQL Ä1LHPDQGUHFKQHWHPLWHLQHPVROFKHQhEHUIDOOZLGHUVSUDFK7VFKDL.XOX Ä8QGZHQQZLUJURHV*OFNKDEHQKlOWPDQXQVDXI0HHWULQDIUWRW XPJHNRPPHQLQGHQ([SORVLRQHQGHU.RQYHUWHU 9LHUXQG]ZDQ]LJ6WXQGHQEOLHEHQGHQ7HUUDQHUQVLFKGLHZLFKWLJVWHQ )XQNWLRQHQGHV)UDFKWHUVYRQGHQ6NRDUVHUNOlUHQ]XODVVHQ'DQQZDUGDVHUVWH =LHOHUUHLFKW'HU$EVFKLHGILHONXU]DXV]HXJWHDEHUGHQQRFKYRQHLQHU JHZLVVHQ=XQHLJXQJXQG$FKWXQJGLHMHGHUIUGHQDQGHUHQHPSIDQG =ZHL/LFKWVWXQGHQYRQLKUHU:HOWHQWIHUQWVWLHJHQGLH6NRDUVLQGDVHLQ]LJH %HLERRWXPGDV0LQXWHQVSlWHUQXUQRFKDOVZLQ]LJHU6WHUQXQWHUYLHOHQ DXV]XPDFKHQZDU 1DFKHLQHUNXU]HQ%HVFKOHXQLJXQJVSKDVHOHLWHWH7VFKDL.XOXGHQhEHUOLFKWIOXJ HLQ'LH6WXQGHQLP/LQHDUUDXPQXW]WHHUXPGLH6SHLFKHUGHV%RUGUHFKQHUV]X

VLFKWHQ:LHQLFKWDQGHUVHUZDUWHWZDUDXVUHLFKHQGHV%LOGPDWHULDOEHUGLH )ORWWHQNRQ]HQWUDWLRQYRUKDQGHQ'LH$XIQDKPHQZUGHQGHQ0RRJKVDXI 2UGDQGLH%HGURKXQJGHXWOLFKYRU$XJHQIKUHQ 1DWUOLFKZXWH7VFKDL.XOXZHOFKHV5LVLNRHUHLQJLQJ6RZRKOLQEH]XJDXI GLH0RRJKVDOVDXFKKLQVLFKWOLFKGHVZHLWHUHQ)OXJHVGHV)UDFKWHUV2EHLQ 0DVFKLQHQVFKDGHQDOV(UNOlUXQJIUGDVYHUVSlWHWH(LQWUHIIHQEHUGHP XUVSUQJOLFKHQ=LHOSODQHWHQJHQJWHZUGHVLFKKHUDXVVWHOOHQ$EHUNHLQHUGHU 0lQQHUKDWWHQXUHLQHQ/LGVFKODJODQJJH]|JHUWDOVHVGDUXPJLQJ6WDQ 6]\SLQVNLXQG-RKQ0RUHQRDXVGHU*HZDOWGHU0RRJKV]XEHIUHLHQ+RIIHQWOLFK OHEWHQGLHEHLGHQEHUKDXSWQRFK 0HKUHUH2ULHQWLHUXQJVPDQ|YHUYHUOLHIHQRKQH=ZLVFKHQIlOOH'LH2UWXQJHQGHV )UDFKWHUVUHLFKWHQQXUZHQLJHWDXVHQG/LFKWMDKUHZHLW6LHZDUHQ]XVFKZDFK XPGLHZRKODXFKLQGHQ5DQGVHNWRUHQYRQ0HUIROJHQGHQ 6FKLIIVEHZHJXQJHQDXI]X]HLJHQ (QGOLFKVWDQGGLHZHLH6RQQH2UGDQDOV=LHOVWHUQLP=HQWUXPGHV )DGHQNUHX]HVhEHU5LFKWVWUDKOVHW]WH7VFKDL.XOXHLQHQYRUEHUHLWHWHQ )XQNVSUXFKDE'LH0RRJKVVROOWHQLQIRUPLHUWVHLQEHYRUGHU)UDFKWHULKQHQYRU GLH*HVFKW]HNDP 'LH/LQHDUVSHUUHEHHQGHWHGHQ)OXJPLWhEHUOLFKWJHVFKZLQGLJNHLW]ZLVFKHQGHQ 3ODQHWHQ'UHLVFKZDU]H:DO]HQUDXPVFKLIIHZDUHQVRIRUW]XU6WHOOH 'HU)XQNHPSIDQJVSUDFKDQ Ä/DQGHHUODXEQLVYRUHUVWYHUZHLJHUW+DOWHQ6LHVLFKEHUHLWHLQ 8QWHUVXFKXQJVNRPPDQGRDQ%RUG]XQHKPHQ Ä$XFKJXWPHLQWH'RQ0DVWHUVOHLFKWKLQÄ:LUN|QQHQHVXQVRKQHKLQQLFKW DXVVXFKHQ 9LHU0RRJKVNDPHQLQHLQHPWURSIHQI|UPLJHQ5DXPJOHLWHU1DWUOLFKIKUWHQ VLHVLFKDXIZLHGLH$[WLP:DOGH7VFKDL.XOXZDUIURKGDOHGLJOLFK8UPDW] GLH=HQWUDOHEHWUDW Ä:LUKDEHQ6LHIUKHU]XUFNHUZDUWHW2EZRKOGHU0RRJKOHLVHVSUDFK GU|KQWHQGHQ0lQQHUQGLH7URPPHOIHOOHÄ:DUXPKDEHQ6LH,KUHQ$XIWUDJQLFKW DXVJHIKUW":DVLVWPLW,KUHPNOHLQHQ5DXPVFKLII" Ä6LHZLVVHQGDLQ=HQWUXPVQlKHHLQHJLJDQWLVFKH)ORWWH]XVDPPHQJH]RJHQ ZLUG"VWHOOWH7VFKDL.XOXGLH*HJHQIUDJHÄ%LVKHUEHUVFKZHUH .DPSIVFKLIIH:LUKDEHQ]ZDUNHLQH$KQXQJZDQQGLHVH)ORWWHHLQJHVHW]W ZHUGHQVROODEHUZLUNHQQHQLKUH%HVWLPPXQJ9HUQLFKWXQJVlPWOLFKHU %HVWLHQDEN|PPOLQJHLQ0 (UEUDFKWHVLFKJHUDGHQRFKPLWHLQHPEOLW]VFKQHOOHQ6SUXQJ]XU6HLWHLQ 6LFKHUKHLWZHLOHULUJHQGZLH8UPDW]5HDNWLRQYRUDXVJHVHKHQKDWWH'LH 3UDQNHQGHV0RRJKV]XFNWHQEOLW]VFKQHOOYRUXQG]HUPDOPWHQHLQ6FKDOWSXOW Ä'DVLVWQLFKWZDKUGU|KQWH8UPDW] Ä:LUZROOHQ,KQHQKHOIHQULHI'RQ0DVWHUVÄ:LUKDEHQPHKUPDOVXQVHU /HEHQULVNLHUWXPGHQ0RRJKVEHL]XVWHKHQhEHU]HXJHQ6LHVLFKVHOEVW ,QHLQHU'3URMHNWLRQHUVFKLHQHQGLH%LOGHUGHUJLJDQWLVFKHQ)ORWWHLQGHU 0LWWHGHU=HQWUDOH6FKZHLJHQGYHUIROJWH8UPDW]GHQ$EODXI

Ä(VJLEWNHLQ9RONLQGLHVHU*DOD[LVGDVHLQHQVROFKHQ$XIZDQGUHFKWIHUWLJHQ ZUGHEHWRQWH7VFKDL.XOXÄ$XHUGHQ0RRJKVQDWUOLFK 8UPDW]EDOOWHGLH)lXVWHXQGVFKOXJVLFKVHOEVWDQGLH%UXVWÄ8QVHU9RONLVW QRFKQLFKWVRZHLWHLQHUVROFKHQ2IIHQVLYHVWDQG]XKDOWHQ1DWUOLFKZHUGHQGLH 'XPIULHNRPPDQGDQWHQNHLQHVZHJVDOOH6WW]SXQNWHDXIVSUHQ$EHUXQVHUH (QWZLFNOXQJZLUGWURW]GHPXP-DKUWDXVHQGH]XUFNJHZRUIHQZHUGHQ Ä'DVLVWPLUNODUVDJWHGHU0DMRUXQHUVFKURFNHQ 8UPDW]VWDUUWHLKQGURKHQGDQÄ:LUEHQ|WLJHQPHKU,QIRUPDWLRQHQ1XUHLQHU *HIDKUGLHPDQNHQQWNDQQPDQDQJHPHVVHQEHJHJQHQ/DQGHQ6LHDXI2UGDQ , Ä*ODXEHQ6LHQLFKWGDHVEHVVHUZlUHZHQQZLUVRIRUW" Ä/DQGHQEUOOWH8UPDW]XQEHKHUUVFKWGDGLH%LOGVFKLUPHNOLUUWHQXQGGLH 7HUUDQHUDQVFKOLHHQGPLQXWHQODQJEHUKDXSWQLFKWVPHKUK|UWHQÄ6LHHUKDOWHQ GLH$XVUVWXQJGLH6LHEUDXFKHQXPZHLWHUH,QIRUPDWLRQHQHLQ]XKROHQ 7VFKDL.XOXEUDFKWHGHQ)UDFKWHUVLFKHUGXUFKGHQ(LQIOXJVFKDFKWLQGHQ VXESODQHWDUHQ+DQJDU%HVRQGHUVZRKOZDULKPGDEHLQLFKW]XPXWHGRFKLKP EOLHENHLQHDQGHUH:DKO:DV6HUJHDQW6WDQ6]\SLQVNLXQG-RKQ0RUHQR DQEHWUDIKDWWH8UPDW]WDXEH2KUHQ'DVOLHGDV6FKOLPPVWHEHIUFKWHQ'HU 0DMRUVFKZLHJGDQQDOOHUGLQJVDXI'RQ0DVWHUV$QUDWHQGLH0RRJKVVROOWHQ NHLQHQ*UXQGHUKDOWHQDQGHU:LUNVDPNHLWLKUHU*HKLUQZlVFKH]X]ZHLIHOQ :lKUHQGGHU)UDFKWHUQHXDXVJHUVWHWZXUGHPLWHLQHU9HUVWlUNXQJGHU 2UWXQJHQPLWHLQHUK\SHUIUHTXHQWHQ$EK|UDQODJHIUGHQ)ORWWHQNRGHGHU 'XPIULHVXQG]XVlW]OLFKHU%HZDIIQXQJ HUWHLOWH8UPDW]VHLQH$QZHLVXQJHQ 'LH7HUUDQHUKDWWHQQLFKWVDQGHUHV]XWXQDOVGLHXUVSUQJOLFKHQ =LHONRRUGLQDWHQGHV)UDFKWHUVDQ]XIOLHJHQGLH3DUDWURQNRQYHUWHUIDOOVP|JOLFK EHVWLPPXQJVJHPlDXV]XODGHQXQGLPEULJHQ$XJHQXQG2KUHQ RIIHQ]XKDOWHQ6lPWOLFKH$XI]HLFKQXQJHQGHUQHXLQVWDOOLHUWHQ*HUlWHNRQQWHQ GXUFK.QRSIGUXFNPLW5DIIHULPSXOVQDFK2UGDQEHUPLWWHOWZHUGHQ1DWUOLFK PDFKWHQGLH0RRJKVVLFKDXFKDQGHQ3DUDWURQNRQYHUWHUQ]XVFKDIIHQ%HLGHU HUVWHQ,QEHWULHEQDKPHZUGHQGLH$JJUHJDWH]XKRFKEULVDQWHQ%RPEHQZHUGHQ Ä:LUEHQ|WLJHQDXHUGHP5DXPDQ]JHXQG:DIIHQVDJWH7VFKDL.XOXÄ)U GHQ)DOOGDHLQLJHYRQXQVGHQ)UDFKWHUYHUODVVHQPVVHQ 'LH0RRJKVVFKDIIWHQGDV*HZQVFKWHHUVWDXQOLFKVFKQHOOKHUEHL$QVFKHLQHQG KDQGHOWHHVVLFKGDEHLXP.RQVWUXNWLRQHQGHU%ODXHQ'LH$Q]JHSDWHQ OHLGOLFK Ä6LHN|QQHQVLFKGDULQXQEHVRUJWEHZHJHQVDJWH8UPDW]Ä:LUKDEHQHLQHQ hEHU]XJDXIJHEUDFKWGHUQRUPDOH2UWXQJVVWUDKOHQDEVRUELHUW/HLGHU YHUIOFKWLJHQVLFKGLH0ROHNOHGLHVHU%HVFKLFKWXQJLQQHUKDOEZHQLJHU7DJH Ä'DVLVWEHVVHUDOVJDUQLFKWVVDJWH'RQ0DVWHUVÄ%HYRUZLU2UGDQYHUODVVHQ ZROOHQZLUDEHUQRFKPLWXQVHUHQ.DPHUDGHQVSUHFKHQ,FKQHKPHDQ6]\SLQVNL XQG0RUHQRZXUGHQLQ]ZLVFKHQYRQXQVHUHU$QNXQIWXQWHUULFKWHW Ä6LHVLQGWRWVDJWH8UPDW]RKQHMHGHV0LWJHIKOÄ6LHKDWWHQGHQ$XIWUDJPLW HLQHP.XULHUERRWGLH&5(67DQ]XIOLHJHQ9HUPXWOLFKHLQ'HIHNWLQGHU 6WHXHUXQJGHV%RRWHVZDUVFKXOGGDUDQGDVLHEHU2UGDQDEVWU]WHQ

'HU$XIHQWKDOWKDWWHQLFKWPHKUDOVGUHLLJ6WXQGHQLQ$QVSUXFKJHQRPPHQ GDQDFKEHIDQGGLH'(67,1<ZLHGLH0lQQHULQHLQKHOOLJHUhEHUHLQVWLPPXQJ GHQ)UDFKWHUJHWDXIWKDWWHQVLFKLPGLUHNWHQ$QIOXJDXIGDVJDODNWLVFKH =HQWUXP 1DFKGHU]HKQWHQ/LQHDUHWDSSH]HLFKQHWHVLFKQLFKWQXUGDV6\VWHPHLQHU EODXZHLHQ6RQQHDXIGHQ2UWXQJHQDEVRQGHUQDXFKHLQHVFKLHU XQEHUVFKDXEDUH)ORWWHULHVLJHU5DXPVFKLIIH Ä'DVVLQG7DXVHQGHVWHOOWH3RH.DODQLEHHLQGUXFNWIHVWÄ8QGZHLWDXVGLH 0HKU]DKOYRQLKQHQPLWGUHL.LORPHWHU Ä$UPHV6RODUHV,PSHULXPVDJWH7VFKDL.XOXÄ(VZLUGQLFKWOHLFKWVHLQGLHVHU *HJQHU+HUU]XZHUGHQ²QLFKWQDFKGHQ$QJULIIHQGHU6FKZLQJXQJVZlFKWHU XQGLKUHU'RODQV 'LHOHW]WHhEHUOLFKWHWDSSHEUDFKWHGLH'(67,1

DXI]XO|VHQ9RQGHUSODQHWDUHQ.RQWUROOVWHOOHNDPGLH/DQGHHUODXEQLV ,PQlFKVWHQ0RPHQWEHJDQQHQPHKUHUH6\PERODQ]HLJHQKHNWLVFK]XEOLQNHQ Ä9HUGDPPWHQWIXKUHV.DODQL Ä:DVLVWORV" 2IIHQEDUHLQ.RGHVLJQDODXIVSH]LHOOHU)UHTXHQ]GDV]XVDPPHQPLWGHP 3HLOVWUDKOJHVHQGHWZLUG:LUPVVHQGDUDXIDQWZRUWHQ Ä0DFKVFKRQGUlQJWHGHU0DMRUGHQ9LHUDUPLJHQ $EHUGDVGUUH:HVHQGDFKWHQLFKWGDUDQÄ:HQQGHU$QWZRUWLPSXOVDXVEOHLEW ZHUGHQZLUYHUQLFKWHWVWHOOWHHVWULXPSKLHUHQGIHVWÄ:HUPLWGHQ%HVWLHQ SDNWLHUWKDWGHQ7RGYHUGLHQW )U7VFKDL.XOXJDEHVNHLQHQ*UXQGDQGLHVHU$XVVDJH]X]ZHLIHOQ Ä'LH5DXPDQ]JHDQXQGUDXVKLHUNRPPDQGLHUWHHU $XIGHQ2UWXQJVVFKLUPHQZDU]XHUNHQQHQGD]ZHL6FKODFKWVFKLIIHDXIGHQ 2UELWGHV)UDFKWHUVHLQVFKZHQNWHQ 'LH0lQQHUEHJDQQHQ]XODXIHQ)QI]LJ0HWHUYRQGHU=HQWUDOHHQWIHUQWODJ HLQH0DQQVFKOHXVH9LHO]XODQJVDPHUIROJWHGHU'UXFNDXVJOHLFK$OVGDV lXHUH7RUVLFKHQGOLFK|IIQHWHUDVWHQKHIWLJH(UVFKWWHUXQJHQGXUFKGHQ )UDFKWHU.RPSURPLORVKDWWHQGLH6FKODFKWVFKLIIH]XIHXHUQEHJRQQHQ'DV 'U|KQHQGHU(LQVFKOlJHNDPQlKHUYHUPLVFKWHVLFKPLW([SORVLRQHQLP 7ULHEZHUNVEHUHLFK 'HU(QHUJLHDXVIDOOVWRSSWHGDV6FKRWWGRFKGLHHQWVWDQGHQHgIIQXQJZDUJUR JHQXJGDGLH0lQQHUVLFKHLQ]HOQKLQGXUFK]ZlQJHQNRQQWHQ3RH.DODQLJLQJ DOVHUVWHU0DKRQIROJWHLKPGDQQNDP5DGHF]LQ'RQ0DVWHUV]|JHUWHHLQHQ $XJHQEOLFNZROOWHGHP0DMRUGHQ9RUWULWWODVVHQXQGJHQDXGLHVH6HNXQGH UHWWHWHLKPGDV/HEHQ 'HU)UDFKWHU]HUEUDFK4XDGUDWPHWHUJURH6WDKOSODWWHQZXUGHQXQWHU JHZDOWLJHP'UXFNZLH*HVFKRVVHQDFKDOOHQ6HLWHQGDYRQNDWDSXOWLHUW(LQHV GLHVHU7UPPHUVWFNHNUDFKWHXQPLWWHOEDUQHEHQGHU6FKOHXVHJHJHQGLH 6FKLIIVZDQGXQJ'RQVWLHHLQHQHUVWLFNWHQ$XIVFKUHLDXVXQGZDQGWHVLFKXP -HJOLFKHV%OXWZDUDXVVHLQHP*HVLFKWJHZLFKHQ Ä6LHVLQGWRWVDJWHHUWRQORVÄ.DODQL0DKRQXQG5DGHF]LQ=HUVFKPHWWHUW 7VFKDL.XOXYHUVWDQGQLFKWZHLOGHU+HOPIXQNDXV6LFKHUKHLWVJUQGHQ DEJHVFKDOWHWZDU$EHUHUEUDXFKWHGHQ3V\FKRORJHQQXUDQ]XVHKHQXPGHVVHQ (QWVHW]HQ]XHUNHQQHQ 6FKQHOONDPGLH3ODQHWHQREHUIOlFKHQlKHU'LH7UPPHUGHV)UDFKWHUVZUGHQ LQGHQGLFKWHUHQ6FKLFKWHQGHU$WPRVSKlUHYHUJOKHQ )U7UDXHUEOLHENHLQH=HLW7VFKDL.XOXXQG'RQ0DVWHUVYHUOLHHQGLH 6FKOHXVHQNDPPHUGLH%HVWDQGWHLOHLQHVHWZDIQI]LJ0HWHUPHVVHQGHQ :UDFNWHLOVZDU'XUFKNXU]HQ*HJHQVFKXEDXVGHQ7RUQLVWHUDJJUHJDWHQ YHUODQJVDPWHQVLHLKUHQ$EVWXU]XQGPDQ|YULHUWHQVLFKDXVGHP%HUHLFKGHV 7UPPHUUHJHQVGHUHUVWHIHXULJH6SXUHQKLQWHUVLFKKHU]RJ (LQDXVJHGHKQWHU.RQWLQHQWGUHKWHVLFKXQWHULKQHQKLQZHJ*URH%LQQHQVHHQ OHXFKWHWHQZLHHLQ0RVDLNLP6RQQHQOLFKW$QLKUHQ8IHUQZDUHQ 6FKODFKWVFKLIIHJHODQGHWGLHLKUHQHQRUPHQ)ULVFKZDVVHUEHGDUIEHUPlFKWLJH

5RKUOHLWXQJHQXQG3XPSV\VWHPHVWLOOWHQ'LH6NRDUVKDWWHQGDYRQJHVSURFKHQ XQGGHQ:HJGXUFKGLHVH5RKUHDOVHLQ]LJH0|JOLFKNHLWEH]HLFKQHWXQEHPHUNW DQ%RUGHLQHVGHU6FKLIIH]XJHODQJHQ 'LHEHLGHQ7HUUDQHUYHUWUDXWHQGHP2UWXQJVVFKXW]GHU0RRJKV$EHUVHOEVW ZHQQVLHYRQLUJHQGZHOFKHQ7DVWHUQHUIDWZXUGHZUGHQGLH'XPIULHVVLH ZRKODOVQLFKWYHUJOKWHhEHUUHVWHGHU:UDFNWHLOHDQVHKHQ 6LHODQGHWHQLQHLQHP:DOGNQDSS]HKQ.LORPHWHUYRP8IHUGHVQlFKVWHQ6HHV HQWIHUQW:lKUHQGGHUIROJHQGHQ6WXQGHQKLHOWHQVLHVLFKYHUERUJHQXQG PDUVFKLHUWHQHUVWORVDOVGLH'lPPHUXQJKHUHLQEUDFK'HU+LPPHOZDUHUIOOW YRQUDVFKGDKLQ]LHKHQGHQ6WHUQHQ$OOHSDDU0LQXWHQODQGHWHRGHUVWDUWHWH LUJHQGZRHLQ5DXPVFKLII 8QEHKHOOLJWHUUHLFKWHQ'RQ0DVWHUVXQG7VFKDL.XOXGHQ6HHGHVVHQ :DVVHUVSLHJHOVLFKVFKRQXPUXQG]ZHL0HWHUJHVHQNWKDWWH:HLWYRULKQHQLP JOHLHQGHQ6WHUQHQVFKHLQGHVJDODNWLVFKHQ=HQWUXPVXQVFKZHU]XHUNHQQHQ HUKREVLFKHLQHGHUPlFKWLJHQ3XPSVWDWLRQHQ5RKUEQGHOVFKREHQVLFKZHLWLQ GLH6HHPLWWHKLQDXV 'LH3XPSHQZXUGHQQLFKWEHUZDFKW'HU9RUJDQJGHV%HODGHQVPLW )ULVFKZDVVHUHUIROJWHYROODXWRPDWLVFKXQGP|JOLFKH)UHPGN|USHUZXUGHQ GXUFKHLQDXVJHNOJHOWHV)LOWHUV\VWHPIHUQJHKDOWHQ9RQGHQ6WDWLRQHQDXV VFKRGDVOHEHQVQRWZHQGLJH1DDOOHUGLQJVXQJHEUHPVWGXUFKGLH]ZHL0HWHU GXUFKPHVVHQGHQ5RKUH (LQH6WXQGHDQJHVWUHQJWHU$UEHLWYHUJLQJELVGLHEHLGHQ7HUUDQHUHLQHQ .RQWUROOVFKDFKWJH|IIQHWXQGVLFKDQGHPYLHOIlOWLJHQ,QVWUXPHQWDULXP]XU $XIEHUHLWXQJYRUEHLJH]ZlQJWKDWWHQ6LHVWDQGHQDXIHLQHPVFKPDOHQ3RGHVW XQPLWWHOEDUEHUGHQ:DVVHUPDVVHQ,KUH5DXPKHOPHKDWWHQVLHJHVFKORVVHQ 0LW=HLJHILQJHUXQG0LWWHOILQJHUPDFKWH7VFKDL.XOXGDV9=HLFKHQ *HPHLQVDPVSUDQJHQVLH'HUMlKDXIVLHHLQZLUNHQGH'UXFNUDXEWHLKQHQIDVW GLH%HVLQQXQJ+DOWORVZXUGHQVLHXPKHUJHZLUEHOWYHUORUHQMHGH.RQWUROOH EHUXQWHQXQGREHQ'DQQZXUGHGLH%HZHJXQJODQJVDPHU =ZHLODQJH7DJHYHUEUDFKWHQ'RQ0DVWHUVXQG7VFKDL.XOXLQQHUKDOEGHV :DVVHUWDQNVDQ%RUGGHV6FKODFKWVFKLIIVELVGLH0HJHUlWHLKUHU5DXPDQ]JH EHZLHVHQGDGDV6FKLII)DKUWDXIQDKPXQGZHQLJVSlWHULQGHQ/LQHDUUDXP EHUWUDW +DWWHGLHODQJH5HLVHEHUHLQH(QWIHUQXQJYRQ0LOOLRQHQ/LFKWMDKUHQ EHJRQQHQ" 'HU0DMRUNRQQWHQLFKWVDJHQGDHVLUJHQGHWZDVJDEZDVLKQPLW0 YHUEDQG'LH0lQQHUXQG)UDXHQGHU.&ZDUHQYRQ$QIDQJDQ 7RGHVNDQGLGDWHQJHZHVHQWURW]GHPKlWWHQLHPDQGGDPLWJHUHFKQHWGDQXU ]ZHLYRQHLQXQG]ZDQ]LJHLQHV7DJHVGLH+HLPUHLVHDQWUHWHQZUGHQ 'HU:DVVHUWDQNEHVDHLQHEUHLWH(LQVWLHJ|IIQXQJGLHDOOHUGLQJVYRQDXHQ YHUULHJHOWZDU0LWHLQHP'HVLQWHJUDWRU]HUVW|UWH7VFKDL.XOXGDV6FKOR (QGOLFKNRQQWHQVLHGLH'UXFNKHOPH]XUFNNODSSHQXQGVLFKZLHGHUQRUPDO PLWHLQDQGHUYHUVWlQGLJHQ Ä:LHVWHOOHQZLUIHVWREGLH)ORWWHVLFKVFKRQ]ZLVFKHQGHQ*DOD[LHQEHZHJW

RGHUQRFKLPPHULP=HQWUXPVJHELHWYRQ0"ZROOWH'RQ0DVWHUVZLVVHQ Ä,QGHPZLUXQVLQGLH%RUGNRPPXQLNDWLRQHLQVFKDOWHQHUNOlUWHGHU0DMRU 'UHLULHVLJH:DVVHUWDQNVEHKHUUVFKWHQGLHVHQ7HLOGHV6FKLIIHVGHUYRQ 0DQQVFKDIWVPLWJOLHGHUQZRKOVHKUVHOWHQEHVXFKWZXUGHZLHGLH$EODJHUXQJHQ EHUDOOEHZLHVHQ'HQEHLGHQ0lQQHUQNRQQWHGDVQXUUHFKWVHLQ(QJH:HJH IKUWHQ]ZLVFKHQGHQ7DQNVKLQGXUFKXQGLQJXW]HKQ0HWHUQ+|KHJDEHVHLQH XPODXIHQGH*DOHULH7VFKDL.XOXPXWHQLFKWODQJHVXFKHQXPGLH6SUHFKVWHOOH GHU%RUGNRPPXQLNDWLRQ]XILQGHQ:LHGHUEHQXW]WHHUGHQ'HVLQWHJUDWRU 1DFKGHPHUGLH0RQWDJHSODWWHJHO|VWKDWWHZDUHVHLQOHLFKWHV6HQGHXQG (PSIDQJVWHLOYRQHLQDQGHU]XWUHQQHQ 9LHO:LVVHQVZHUWHVNDPQLFKWEHUGLH/HLWXQJ'DVlQGHUWHVLFKDXFKZlKUHQG GHUIROJHQGHQ7DJHQLFKW7VFKDL.XOXXQG'RQ0DVWHUVKLHOWHQDEZHFKVHOQG :DFKHDEHUHLQHQUXKLJHUHQ3ODW]DOVLP6FKDWWHQGHV:DVVHUWDQNVKlWWHQVLH ZRKOQLUJHQGZRILQGHQN|QQHQ (QGOLFKNDPGLHHUVHKQWH0HOGXQJGHU5FNVWXU]LP=HQWUXPGHU*DOD[LVGHU %HVWLHQVWDQGXQPLWWHOEDUEHYRU hEHUJDQJVORVZXUGHQ%LOGHUHLQHVIXQNHOQGHQ6WHUQHQPHHUVHLQJHEOHQGHW Ä:LUVLQGIDVW]X+DXVHVDJWH'RQ0DVWHUVDQGlFKWLJÄ$OOHVZDVZLUMHW]W QRFKEUDXFKHQLVWHLQ%HLERRW Ä8QGHLQWHUUDQLVFKHV6FKLIILQXQVHUHU1lKHEHWRQWH7VFKDL.XOX$EHUPDOV DOVKlWWHGHU0DMRUHVJHUDGH]XKHUDXIEHVFKZRUHQZHFKVHOWHGLH:LHGHUJDEH DXIGHP0RQLWRU'DV*HVLFKWHLQHV0HQVFKHQHUVFKLHQ Ä/HLFKWHU.UHX]HUGHV6RODUHQ,PSHULXPV3$1723($+LHUVSULFKWGHU .RPPDQGDQW0DMRU6KXNHQWR6LHZQVFKHQPLFK]XVSUHFKHQ2NHIHQRNHH" Ä:RUDXIZDUWHQZLUQRFK"MXEHOWH'RQ0DVWHUVÄ,UJHQGZRLQGHU1lKHVLQG 7HUUDQHU1DFKDOOGHQ(QWEHKUXQJHQGLHVLHGXUFKJHPDFKWKDWWHQOLHHU SO|W]OLFKMHGH9RUVLFKWYHUPLVVHQ7VFKDL.XOXUHDJLHUWH]XVSlWXPLKQ ]XUFN]XKDOWHQ ,P/DXIVFKULWWKHW]WH'RQGXUFKGHQ:DO]HQUDXPHUGHVVHQZDKUH3URSRUWLRQHQ LKPHUVWMHW]WULFKWLJGHXWOLFKZXUGHQ$QIDQJVKDWWHHU*OFNXQGVWLHQXUDXI OHHUH.RUULGRUHXQG$QWLJUDYVFKlFKWH(UIROJWHGHQ/HLWOLQLHQIU1RWIlOOHZHLO VLHORJLVFKHUZHLVH]XGHQ+DQJDUVIKUWHQ 8PHLQ+DDUZlUHHUPLW]ZHL'XPIULHV]XVDPPHQJHSUDOOWGLHDKQXQJVORVDXV HLQHP6HLWHQNRUULGRUNDPHQ'LHEHLGHQZDUHQPLQGHVWHQVHEHQVREHUUDVFKW ZLH'RQ²VLHKDWWHQLKUH:DIIHQVFKRQIDVWLP$QVFKODJDOVVLHGLHYROOH 6FKRFNHQHUJLHVHLQHVDXI/lKPXQJJHVFKDOWHWHQ.RPELVWUDKOHUVHUZLVFKWH 'HU$ODUPKHXOWHDXIDOVGLH7HUUDQHUHLQHQNOHLQHQ%HLERRWKDQJDUHUUHLFKWHQ /HGLJOLFKGUHL0HWHU5DXPJOHLWHUVWDQGHQKLHU'LHPLW:DUWXQJVDUEHLWHQ EHVFKlIWLJWHQ:HVHQUHDJLHUWHQ]XVSlWXPGHQ/lKPVWUDKOHQ]XHQWJHKHQ 8QWHUGHP6FKRWWEOLHEGHU*DODNWRSV\FKRORJHNXU]VWHKHQ(UZDUIHLQHQ NOHLQHQKDQGOLFKHQ:UIHOLQGHQ.RUULGRUGHQDQUFNHQGHQ'XPIULHV HQWJHJHQ Ä:DVVROOGHU8QVLQQ"7VFKDL.XOXEORFNLHUWHGHQgIIQXQJVPHFKDQLVPXVGHV 6FKRWWHVPLWPHKUHUHQ7KHUPRVFKVVHQNDXPGDHVVLFKJHVFKORVVHQKDWWH

Ä'HU:UIHO"IUDJWH'RQ0DVWHUVÄ'DVZDUQXUHLQ'DWHQVSHLFKHUYRQ%RUG GHV)UDFKWHUV(UHQWKlOWGLH.RRUGLQDWHQGHV2UGDQ6\VWHPV'LH'XPIULHV ZHUGHQVLFKGDUEHUIUHXHQXQGKRIIHQWOLFKHUNHQQHQGDZLUPLWGHQ%HVWLHQ QLFKWVJHPHLQVDPKDEHQ 7VFKDL.XOXGHXWHWHDXIGLHJHOlKPWHQ$UEHLWHUÄ:HQQZLUGDV$XHQVFKRWW |IIQHQVWHUEHQVLH'DEHLN|QQHQVLHDPDOOHUZHQLJVWHQGDIU 'RQZDUIHLQHQUDVFKHQ%OLFN]XP,QQHQVFKRWW9LHO=HLWEOLHELKQHQQLFKW :DKUVFKHLQOLFKZUGHQGLH'XPIULHVVHKUVFKQHOOVFKZHUHV*HUlWDXIIDKUHQXP LQGHQEORFNLHUWHQ+DQJDUHLQ]XGULQJHQ6FKRQZDUYRP.RUULGRUKHUGDV FKDUDNWHULVWLVFKH)DXFKHQYRQ7KHUPRZDIIHQ]XYHUQHKPHQ ,QDOOHU(LOHVFKOHSSWHQGLHEHLGHQ0lQQHUGLH*HOlKPWHQLQGLH6FKOHXVHHLQHV GHU%HLERRWH%LVVLHGHQ9HUVFKOXPHFKDQLVPXVEHWlWLJHQNRQQWHQJOKWHGDV +DQJDUVFKRWWEHUHLWV-HGHQ$XJHQEOLFNNRQQWHGLH:DQGEHUVWHQXQGGHQ DQVWUPHQGHQ'XPIULHVGHQ:HJIUHLJHEHQ Ä%HHLOXQJULHI.XOXZHLOGHU*DODNWRSV\FKRORJHVLFKQRFKHLQPDOXPZDQGWH 'LH0HWHU5DXPJOHLWHUZDUHQHLQIDFK]XIOLHJHQ'HU0DMRUZDUIVLFK I|UPOLFKKLQWHUGLH.RQWUROOHQ7ULHEZHUN6FKXW]VFKLUP:DIIHQ²DOOHVZDU EHUVLFKWOLFKLQHLQHU.RQVROHDQJHRUGQHW 'DV$XHQVFKRWWGHV+DQJDUVOLHVLFKQLFKWPHKU|IIQHQ²HLQH]ZDQJVOlXILJH )ROJHGHVYRQGHQ'XPIULHVDXVJHO|VWHQ,QWHUQDODUPV Ä(VPXHLQHPDQXHOOH6WHXHUXQJJHEHQYHUPXWHWH'RQ0DVWHUVÄ,FK NPPHUHPLFKGDUXP Ä%LVWGXZDKQVLQQLJ"'LUEOHLEWDXINHLQHQ)DOOPHKUJHQXJ=HLWXPDQ%RUG]X NRPPHQ6HLWVLHVLFKLQQHUKDOEGHV6FKODFKWVFKLIIVEHIDQGHQYHU]LFKWHWHQVLH DXIGDVI|UPOLFKH6LH6FKOLHOLFKZDUHLQHUDXIGHQDQGHUHQDQJHZLHVHQÄ:HQQ ZLUQRFKOlQJHU]|JHUQYHUDQVWDOWHQGLHGUDXHQHLQ7RQWDXEHQVFKLHHQDXI XQVIJWH7VFKDL.XOXKLQ]XÄ:LUPDFKHQGDVDXIPHLQH$UW 'DVVFKZHUH7KHUPRJHVFKW]LP%XJGHV%HLERRWVEHJDQQ]XIHXHUQ 6SUXQJKDIWVFKQHOOWHGLH7HPSHUDWXULP+DQJDULQGLH+|KH 'HU0DMRUDNWLYLHUWHGHQ6FKXW]VFKLUP6HNXQGHQEUXFKWHLOHVSlWHUEUDFKGLH 7UHQQZDQG]XP.RUULGRU4XDGUDWPHWHUJURHJOKHQGH7UPPHUVWFNHZXUGHQ YRQHLQHUKHIWLJHQ'HWRQDWLRQQDFKLQQHQJHZLUEHOW'XPIULHVLQVFKZHUHQ .DPSIDQ]JHQVWUPWHQKHUHLQXQGHU|IIQHWHQVRIRUWGDV)HXHU $XJHQEOLFNHVSlWHUEUDFKGDV$XHQVFKRWW'HUSO|W]OLFKH'UXFNYHUOXVWZLUNWH VLFKYHUKHHUHQGDXV:LH3XSSHQZXUGHQGLH'XPIULHVYRP6RJGHU HQWZHLFKHQGHQ$WPRVSKlUHHUIDWXQGPLWJHULVVHQ 9LUWXRVVSLHOWH7VFKDL.XOXDXIGHU)HXHURUJHO,QQHUKDOEYRQ6HNXQGHQMDJWHHU ZHLWHUH7KHUPRVFKVVHLQGLHhEHUUHVWHGHV$XHQVFKRWWVXQGYHUJU|HUWHGLH HQWVWDQGHQHgIIQXQJXPHWOLFKH4XDGUDWPHWHU1RFKKLHOWGHU6RJGHU 'HNRPSUHVVLRQDQREZRKOVLFKZDKUVFKHLQOLFKDOOH'UXFNVFKRWWHLQ +DQJDUQlKHJHVFKORVVHQKDWWHQ 'LHYROOH6FKXENUDIWNDWDSXOWLHUWHGHQ5DXPJOHLWHUDXVGHP+DQJDU,QHLQHP LUUVLQQLJHQ0DQ|YHUUL7VFKDL.XOXGDV%HLERRWKHUXPXQGUDVWHLQK|FKVWHQV ]ZHLWDXVHQG0HWHUQ$EVWDQGDP0XWWHUVFKLIIHQWODQJ,P6FKDWWHQGHU

WULFKWHUI|UPLJHQ+HFNHUZHLWHUXQJEHIDQGHUVLFKDXHUKDOEGHU5HLFKZHLWHGHU *HVFKW]H 'HU:HOWUDXPZLPPHOWHYRQ6FKLIIHQ0LWVWHWLJZDFKVHQGHU*HVFKZLQGLJNHLW MDJWHGHU0DMRUGDV%HLERRW]ZLVFKHQLKQHQKLQGXUFK2KQHGLH+LOIHGHV %RUGUHFKQHUVZlUHGLHVHV0DQ|YHUDEHUVFKRQQDFKZHQLJHQ0LQXWHQ]XU .DWDVWURSKHJHZRUGHQ 1LFKWHLQ6FKXILHO:DKUVFKHLQOLFKZXWHQGLH'XPIULHVEHUKDXSWQRFK QLFKWZHUVLFKGHV%HLERRWVEHPlFKWLJWKDWWH Ä:LHZHUGHQVLHUHDJLHUHQZHQQVLHKHUDXVILQGHQGD]ZHL7HUUDQHUDQ%RUG ZDUHQ"ZROOWH.XOXZLVVHQ Ä'HU'DWHQZUIHOGUIWHVLHYHUV|KQOLFKVWLPPHQVDJWH'RQÄ$OOHUGLQJV JODXEHLFKGDZLULP0RPHQWJlQ]OLFKXQEHGHXWHQGVLQG1LHPDQGKDW=HLW VLFKPLWXQV]XEHIDVVHQ 'LHKHUHLQNRPPHQGHQ2UWXQJVLPSXOVHQDKPHQNHLQ(QGH(LQHIOFKWLJH +RFKUHFKQXQJHUJDEPLQGHVWHQV6FKODFKWVFKLIIH(LQHJLJDQWLVFKH $UPDGD 7VFKDL.XOXYHUODQJWHGHP%HLERRWGDVOHW]WHDEDOVHUYLHO]XIUKLQGHQ /LQHDUUDXPJLQJ'LHXQJHZRKQWHQHQHUJHWLVFKHQ9HUKlOWQLVVHLQQHUKDOEGHV JDODNWLVFKHQ=HQWUXPVWDWHQHLQEULJHVGDGHU5FNVWXU]VFKRQQDFK]ZDQ]LJ /LFKWMDKUHQHUIROJWH 1XUZHQLJH/LFKWPLQXWHQHQWIHUQWVWDQGHLQ5DXPVFKLII'LH,GHQWLILNDWLRQ HUIROJWHLP9HUODXIGHUZHLWHUHQ$QQlKHUXQJ(VKDQGHOWHVLFKXPGLH 1$7+$1HLQHQ6FKZHUHQ.UHX]HUGHU7(55$.ODVVHGHUDQWULHEVORVLP 5DXPKLQJ )XQNNRQWDNWNDPQLFKW]XVWDQGH'XUFK6FKOLQJHUEHZHJXQJHQGHV%HLERRWV VLJQDOLVLHUWH7VFKDL.XOXVHLQ9HUODQJHQDQ%RUG]XNRPPHQ-HGHU3LORWGHU 6RODUHQ)ORWWHYHUVWDQGVROFKH=HLFKHQ 7DWVlFKOLFK|IIQHWHVLFKJOHLFKGDUDXIHLQ+DQJDUGHV0HWHU.UHX]HUV )QI0LQXWHQVSlWHUVWDQGHQ7VFKDL.XOXXQG'RQ0DVWHUVGHP.DSLWlQGHU 1$7+$1JHJHQEHU'HU0DQQZLUNWHPLWUDXLVFK6HLQH5HFKWHODJ GHPRQVWUDWLYDXIGHP*ULIIGHV%ODVWHUV6LFKYRU]XVWHOOHQKLHOWHURIIHQEDU QLFKWIUDQJHEUDFKW Ä6LHNRPPHQYRQGHU)ORWWHGHU,QYDVRUHQVDJWHHUVFKURIIÄ:HUVLQG6LHXQG ZDVKDEHQ6LHYRU" Ä%HVWHQ'DQNIUGHQIUHXQGOLFKHQ(PSIDQJHUZLGHUWH'RQ0DVWHUVLURQLVFK Ä:LUKDEHQGLHKHLPLVFKHQ8PJDQJVIRUPHQVHKUYHUPLW Ä%LWWHODVVHQ6LHHLQH)XQNYHUELQGXQJ]XU*URDGPLQLVWUDWLRQKHUVWHOOHQEDW 7VFKDL.XOX 0LELOOLJHQG]RJGHU.DSLWlQGLH%UDXHQ]XVDPPHQÄ'LH+\SHUIXQNDQODJHLVW WDXEXQGGHU.DOXSDXVJHEUDQQWVDJWHHUÄ'LHYRQGHU'XPIULHVIORWWH DXVJHO|VWHQ+\SHUVFKRFNZHOOHQKDEHQIUHLQLJHQ:LUEHOJHVRUJW:HQQZLU 3HFKKDEHQKlQJHQZLUPRQDWHODQJKLHUKHUXP(U]RJGHQ%ODVWHUÄ%HYRUZLU ZHLWHUUHGHQZLOOLFKZLVVHQZHU6LHVLQG .XOXJULQVWHEUHLW

Ä0DMRU7VFKDL.XOXYRQGHU&5(67,9VDJWHHUÄ0HLQ%HJOHLWHULVW'RNWRU 'RQ0DVWHUV*DODNWRSV\FKRORJH8QGQXQVRUJHQ6LHELWWHGDIUGDZLUHWZDV 9HUQQIWLJHV]ZLVFKHQGLH=lKQHEHNRPPHQ:LUKDEHQ0LOOLRQHQ /LFKWMDKUHKLQWHUXQVGDVPDFKWKXQJULJ$XHUGHPZUGHQZLUOLHEHQGJHUQH HUIDKUHQZLHHVQDFK]ZDQ]LJ0RQDWHQ2G\VVHHLQGHU+HLPDWDXVVLHKW (1'(