Das unsichtbare Visier

2WWR%RQKRII+HUEHUW6FKDXHU'DVXQVLFKWEDUH9LVLHU (UVWHU%DQGDXVGHU6HULH 'DVXQVLFKWEDUH9LVLHU $XIODJH...

Author: Bonhoff O | Schauer H

53 downloads 625 Views 1MB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form

DOWNLOAD PDF

2WWR%RQKRII+HUEHUW6FKDXHU'DVXQVLFKWEDUH9LVLHU (UVWHU%DQGDXVGHU6HULH 'DVXQVLFKWEDUH9LVLHU $XIODJH 0LOLWlUYHUODJGHU'HXWVFKHQ'HPRNUDWLVFKHQ5HSXEOLN 9(% %HUOLQ /L]HQ]1U 3ULQWHGLQWKH*HUPDQ'HPRFUDWLF5HSXEOLF 6DW]2VWVHH'UXFN5RVWRFN 'UXFNXQG%LQGHQ'UXFNHUHLGHV0LQLVWHULXPVI U1DWLRQDOH9HUWHLGLJXQJ 9(% %HUOLQ /HNWRUHQ:LHEDFK:DOWHU 8PVFKODJJHVWDOWXQJ3HWHU0X]HQLHN 7\SRJUDSKLH*QWHU+HQQHUVGRUI /69 %HVWHOOQXPPHU ''50

'HU0DQQVLHKWDXVGHP)HQVWHU(LQH9RUIUKOLQJVODQGVFKDIW ]LHKWYRUEHUJUDXLQJUDX'LH:RONHQKlQJHQWLHIEHUHLQHU IODFKHQIDVWNRQWXUHQORVHQ(EHQHDXVGHUQXUGLH7HOHJUDIHQ PDVWHQXQPLWWHOEDUDQGHU6WUHFNHVWHLODXIVWHLJHQ'LH.US SHONLHIHUQ]ZLVFKHQGHQ)HOGHUQVFKHLQHQVLFKDXIGLH(UGH]X GXFNHQXQGYHUVFKZLPPHQPLWLKU6FKPXW]LJJUQH:LHVHQ EUDXQVFKZDU]HbFNHU,QGHQ5LQQHQDXVJHIDKUHQHU)HOG ZHJHVFKODPPLJHV:DVVHU0LWVHOWVDPVFKZHUHP)OJHO VFKODJVWUHLFKHQ.UlKHQEHUGHQ=XJKLQZHJ9LHOOHLFKW VFKUHLHQVLHDEHULKUHKHLVHUHQ6WLPPHQYHUOLHUHQVLFKLPPR QRWRQHQ5K\WKPXVGHUUROOHQGHQ5lGHULPbFK]HQXQG6W|K QHQGHUDOWHQ:DJHQXQGLPWUlJHQ6LQJHQGHU0lQQHULPKLQ WHUHQ7HLOGHV=XJHV6LHZLHGHUKROHQLPPHUGDVJOHLFKH/LHG YRQGHQ9|JOHLQLP:DOGHGLHVRZXQGHUVFK|QVLQJHQXQG YRQGHU+HLPDWLQGHUHVHLQ:LHGHUVHKHQJLEW'DKLQWHQLVW GLH6WLPPXQJJXW 6FKOHXGHUQGQLPPWGHU=XJHLQH.XUYH-HW]WELHWHWHUGLH %UHLWVHLWHYROOGHP5HJHQGDUGHULQVFKUlJHQ6WUlKQHQGDV *HVLFKWGHV0DQQHVSHLWVFKW(UZHQGHWVLFKDE ,P$EWHLOVSLHOHQVLHXQHUPGOLFK6NDWPLWDEJHJULIIHQHQ .DUWHQGLHVLHEHU.ULHJXQG*HIDQJHQVFKDIWJHUHWWWHWKDEHQ 0lQQHUMHGHQ$OWHUVLQDEJHWUDJHQHQ]XVDPPHQJHVWRSSHO WHQXQGYLHOIDFKJHIOLFNWHQ8QLIRUPHQDOOHU:DIIHQJDWWXQJHQ GHUJHVFKODJHQHQIDVFKLVWLVFKHQ:HKUPDFKW)HOGJUDXLVWGD

QHEHQYHUZDVFKHQHP0DULQHEODXGLHNXU]HQVFKZDU]HQ-DN NHQGHU3DQ]HUYHUElQGHVLQGGDXQGGLHHUGEUDXQHQ0RQWXUHQ GHU2UJDQLVDWLRQ7RGWGHV$UEHLWVGLHQVWHV)OLHJHUEODXWUlJW QXUHLQHUGHU0DQQGHUDP)HQVWHUVWHKW9RQGHQ8QLIRU PHQGHU+HLPNHKUHUVLQGGHUIDVFKLVWLVFKH$GOHUXQGGLH5DQJ DE]HLFKHQHQWIHUQW1XUGLH6LOEHUSDVSHOLHUXQJGHV.UDJHQV XQGGLH4XDOLWlWGHV7XFKVYHUUDWHQHLQHHKHPDOLJH2IIL]LHUV XQLIRUP'HUHKHPDOLJH/XIWZDIIHQRIIL]LHUVLHKWEHGUFNWDXV 8QIURK(UVWHKWDXHUKDOEGHUJHODVVHQHQ)U|KOLFKNHLWGHU DQGHUHQGLHQXQVFKRQ:HWWHQDEVFKOLHHQZLHODQJHGLHVHU YHUIOXFKWH=XJQRFKEUDXFKHQZLUGVLHQDFK+DXVH]XEULQJHQ 'HU0DQQVHW]WVLFKVLHVLW]HQGLFKWJHGUlQJWYLHO]XYLHOH /HXWHLQHLQHPVRNOHLQHQ$EWHLOXQGVFKOLHWGLH$XJHQ(U ]ZLQJWVLFKZHQLJVWHQVlXHUOLFKUXKLJ]XZLUNHQ,Q:DKUKHLW LVWHUDOOHVDQGHUHDOVGDV:DVZLUGLKQHUZDUWHQ" )UGLHEULJHQLVWGDVHLQHXQSUREOHPDWLVFKH)UDJH6LHNHK UHQQDFK-DKUHQLQV]LYLOH/HEHQ]XUFN)ULKQEHJLQQWHLQJH IlKUOLFKHU(LQVDW](UVHLQHQ(QWODVVXQJVSDSLHUHQ]XIROJHGHU 2EHUOHXWQDQWGHU)OLHJHU$FKLP'HWMHQLVWDQGLHVHP9RUIUK OLQJVWDJGHV-DKUHVDXIGHP:HJDQGLH)URQW (LQHUNRPPWYRP.ORVHWW(UEDKQWVLFKVHLQHQ:HJGXUFK *HSlFNXQGEHUDXVJHVWUHFNWH%HLQHNLHELW]WLP9RUEHLJHKHQ EHLGHQ6NDWVSLHOHUQXQGVFKWWHOWGHQ.RSIZHLOHLQHUGDV6SLHO DEJLEWREZRKOHUGRFKHLQHODQJH)DUEHXQGGHQ6FKHOOHQEXEHQ KDWXQGTXHWVFKWVLFKDXIVHLQHQ3ODW]'HWMHQJHJHQEHU*UR JHZDFKVHQLVWGLHVHU0DQQLQ)HOGJUDXEUHLWVFKXOWULJ(LQKDU WHVHQHUJLVFKHV*HVLFKWNDOWHJUDXH$XJHQ(UNUDPWHLQ3lFN FKHQ0DFKRUNDDXVGHU7DVFKHGD]XHLQNOHLQHV6WFN=HL WXQJVSDSLHUGHVVHQ5DQGHUPLWGHQ=lKQHQNDXWGDPLWHV NOHEW'HU*URJHZDFKVHQHGUHKWHLQ5|KUFKHQNQLIIWGDVHLQH (QGH]XXQGIOOWYRQGHUDQGHUHQ6HLWHKHU0DFKRUNDHLQ VHKUGDUDXIEHGDFKWQLFKWHLQHQ.UPHO]XYHUVFKWWHQ6HLQ +DQWLHUHQYHUUlWhEXQJ(USDFNWVHLQª=XEHK|U©QRFKQLFKW HLQHUVW|W'HWMHQDQXQGKlOWLKPGDV5|KUFKHQKLQ 'HU)OLHJHUVFKUHFNWDXVVHLQHQ*HGDQNHQDXIVFKWWHOWGHQ .RSIª'DQNH%RUQ,FKPDJQLFKW©

'DUDXIKLQOHJW%RUQGDV5|KUFKHQEHKXWVDPDXIV)HQVWHU EUHWWGDPLWQLFKWVKHUDXVIlOOWSDFNWGDV3DSLHULQGLHHLQHGLH 0DFKRUNDWWHLQGLHDQGHUH%UXVWWDVFKHXQG]QGHWHUVWGDQQ GLH6HOEVWJHGUHKWHDQGLHPHKUHLQHP=LJDULOORDOVHLQHU=LJD UHWWHlKQHOW6RIRUWYHUEUHLWHWVLFKGHU*HUXFKGHVZU]LJHQ7D EDNVLP$EWHLO(LQ]ZHL=JHODQJJHQLHWLKQ%RUQRKQHGHQ %OLFNYRQ'HWMHQ]XODVVHQ'DQQEHXJWHUVLFKYRU ª0HQVFKHQVNLQG'HWMHQ6LHPDFKHQHLQ*HVLFKW8QG GDEHLVLQGZLUHQGOLFKZLHGHU]X+DXVH:LUKDEHQGLH(OEHKLQ WHUXQVVLQGLQGHU%XQGHVUHSXEOLN:DVZROOHQ6LHPHKU"© ª$OOHVULFKWLJ,FKIUHXHPLFKMDDXFK© %RUQPXVWHUWLKQ'HU)OLHJHUKDWQDFKGHQNOLFKH$XJHQ JUQEUDXQHLJHQWOLFKYRQXQEHVWLPPWHU)DUEHGLHDQLKPYRU EHUVHKHQ(LQHKRKHNDQWLJH6WLUQHLQHIOHLVFKLJH1DVH$P DXVJHSUlJWHQ.LQQHLQHIODPPHQGURWH1DUEH ª.OLQJWQLFKWJHUDGHEHJHLVWHUW1DLFKZHLZRUDQGX GHQNVW,FKZHLHVVHKUJHQDX©%RUQOlWVLFK]XUFNIDOOHQ OHKQWGHQ.RSIDQGDVKHOOJHOEH(LFKHQKRO]GHVUDWWHUQGHQXQG VFKDXNHOQGHQ3HUVRQHQZDJHQVª1DWUOLFKZLUGGHUQHXH$Q IDQJVFKZHU$EHUGDV/HEHQJHKWZHLWHU.RSIKRFKDOWHU-XQ JH© )UGHQ%UXFKWHLOHLQHU6HNXQGHEHJHJHQHQVLFKLKUH%OLFNH ª'XZLUVWYRP%DKQKRIDEJHKROW:LUVWHUZDUWHW8QGLFK"© 'HWMHQDWPHWWLHIª$XIPLFKZDUWHWQLHPDQG1DFKVRYLHOHQ -DKUHQNRPPWPDQQDFK+DXVHXQGKDWNHLQ=XKDXVH© %RUQEOlVWGHQ5DXFKJHJHQGLH'HFNHª'DVUHQNWVLFKDOOHV HLQ8QGZHQQGXJDUQLFKWZHLWZRKLQ©HUVFKOlJW'HWMHQDXI GLH6FKXOWHUªGDQQNRPPVWGX]XPLU)UHLQHQDOWHQ.DPH UDGHQKDEHLFKLPPHUHLQ'DFK© (VLVWLKPHUQVWPLWVHLQHQ:RUWHQ(UEULQJWHLQHQ%OHLVWLIW VWXPPHODXVGHU+RVHQHLQ]HUIOHGHUWHVDOWHV1RWL]EXFKDXVGHU *HVlWDVFKHXQGNULW]HOWHLQH$GUHVVHDXIHLQ%ODWWGDVHUKHU DXVUHLWª+LHUPHLQH+HLPDWDQVFKULIW6WHFNVLHHLQ© 'HWMHQEHKlOWGHQ=HWWHOHLQHQ$XJHQEOLFNLQGHU+DQG(V VLHKWIDVWDXVDOVOHUQHHUGLH$GUHVVHDXVZHQGLJDEHUGDUDXI DFKWHW%RUQQLFKW

ª'DQNH%RUQ,PlXHUVWHQ1RWIDOO:HLWGXLFKP|FKWH QLHPDQGHP]XU/DVWIDOOHQ© 'HP*URJHZDFKVHQHQWXWVHLQ*HJHQEHUOHLG'HVKDOE VDJWHUEHWRQWIRUVFKª4XDWVFK'XEHVXFKVWGLH*UlEHUGHL QHU$QJHK|ULJHQGDQQVHW]WGXGLFKZLHGHUDXIGLH%DKQXQG PDUVFKLHUVW]XPLUZHQQGXJDUQLFKWVPLWGLUDQ]XIDQJHQ ZHLW© 'HWMHQODFKWELWWHUDXIª+RIIHQWOLFKNRPPHLFKEHUKDXSW ELVDQGLH*UlEHU© %RUQVFKQLSSWGLH$VFKHDXIGHQ)XERGHQª)QI-DKUH QDFK.ULHJVHQGHZHUGHQVLHHVGRFKZRKOVFKDIIHQGLH=JH ZLHGHUSQNWOLFKIDKUHQ]XODVVHQ8QGKRIIHQWOLFKPLWPHKU .RPIRUWDOVGHU,ZDQIUXQVDOWH)URQWVFKZHLQHEULJKDW 'HLQ+DPEXUJ7RUGHU:HOW© 'HU)OLHJHUZLQNWDE(UZHQGHWVLFKDEHUPDOV]XP)HQVWHU 'LH/DQGVFKDIWLVWXQYHUlQGHUW(LQZLQ]LJHV'RUIWDXFKWDXI IOLHJWYRUEHUXQGZLUNWY|OOLJXQEHOHEW(LQJDQ]HV6WFNKLQ JHKWHLQDOWHU%DXHUKLQWHUGHP3IOXJGHQHUPLWEHLGHQ)lXVWHQ KlOW'LH/HLQHKlQJWLKPXPGHQ+DOVVHLQEUDXQHV3IHUGFKHQ ZLUNWHEHQVRDOWZLHHU'LH+XIHGHV7LHUVXQGGLH*XPPLVWLH IHOGHV0DQQHVVLQNHQWLHILQGHQVFKZHUHQ/HKPERGHQHLQ6LH SIOJHQPLWHLQHU$UWYHUELVVHQHU(QWVFKORVVHQKHLW $XFK%RUQVLHKWGHQ%DXHUQ(UEHXJWVLFKZLHGHUYRULVWPLW VHLQHP*HVLFKW'HWMHQQDKXQGVSULFKWOHLVHUª:DUXPZHLFKVW GXDXV"+DVWGX QHQGXQNOHQ3XQNW"'UHFNDP6WHFNHQ"© (LQHPHUNZUGLJH9HUZDQGOXQJJHKWPLWGHP)OLHJHUYRU (UVWUDIIWVLFKXQGVHLQH$XJHQVFKOLW]HZHUGHQVFKPDOHUª:DV KHLW'UHFNDP6WHFNHUQ© (VLVWHLQHGHXWOLFKH=XUFNZHLVXQJDEHU%RUQODFKWª1HK PHQZLUPDODQHVZlUHVR'DQQVWHKWIHVWGDGHU,ZDQQLFKWV GDYRQZHL6RQVWZlUVWGXQLFKWLQGLHVHP=XJ© 'HWMHQORFNHUWVLFK(UQLPPW%RUQV7RQDXIª'LH5XVVHQ KDEHQQXUJHZXWGDLFKQDFKYLHU]HKQ7DJHQ)URQWHLQVDW] DEJHVFKRVVHQZRUGHQELQ(LQH-DNURW]WHPLUGLH0KOHYROO© 6HLQ*HJHQEHUDQDO\VLHUWZHLWHUª$KD8QGZRZDUVWGX YRUKHU")UDQNUHLFK",WDOLHQ"2GHULP1RUGHQ"©

ª)UDQNUHLFK© 'DVVFKHLQW%RUQ]XEHIULHGLJHQ(UJODXEWGLH=XVDPPHQ KlQJH]XHUNHQQHQª$OVR)UDQNUHLFK'DVJHK|UW]XGHQ$O OLLHUWHQXQGLQGHUHQ0DFKWEHUHLFKVLQGZLUMHW]W© 'HU)OLHJHUQLFNWª-DHEHQ© 'HU*URJHZDFKVHQHLVWJDQ]VDFKOLFKª'XQLPPVWDQGD GXDXIHLQHU/LVWHVWHKVW'XIUFKWHVWGDGHU3RLOXGLFKKRFK ]LHKW© ª$QGHUHV7KHPD%RUQ,FKKDEHPHLQH3IOLFKWJHWDQGLH QHQQHQHVZDKUVFKHLQOLFKDQGHUV'LH.RQVHTXHQ]HQPXLFK DOOHLQWUDJHQ© 0LWGLHVHU0HLQXQJVWHKWHUDOOHLQ:DVHUHEHQVDJWHKDWRI IHQNXQGLJGLHXQYHUKRKOHQH6\PSDWKLHGHVbOWHUHQIULKQQRFK HUK|KW%RUQNRPPWQlKHUXQGQLPPWLKQDP.UDJHQGDPLWHU QLFKWDXVZHLFKHQNDQQª1XQK|UPDOJXW]XPHLQ-XQJH:LU KDEHQGUEHQEHU*RWWXQGGLH:HOWXQGMHGHQ6FKHLGUHFN JHUHGHWDEHUYRQGLHVHU6DFKHKDVWGXQLHHWZDVJHVDJW© 'HWMHQVLHKWLKQQLFKWDQª:DUXPVROOWHLFKGLFKGDPLWEHOD VWHQ©HUZLGHUWHUWRQORV ª0HUNHGLUHLQV:HQQDOOHVLQ6FKHUEHQIlOOWXQVHUH.DPH UDGVFKDIWEOHLEW©(UNQHWHWVLFKGDV.LQQEHUOHJWGHQNWQDFK ª9LHOOHLFKWKlWWHLFKGLUKHOIHQN|QQHQ*DQ]VLFKHUVRJDU ZHQQLFKHVUHFKW]HLWLJJHZXWKlWWH$EHUMHW]W6RGLFKWDP =LHO9HUGDPPW© 'HU=XJLVWZLUNOLFKVHLQHP=LHOQDKH:LHGHUKROWJHOOWGLH 'DPSISIHLIHGHU/RNRPRWLYHGLH:DJHQVFKOLQJHUQEHU:HL FKHQ6LJQDOHVLQGVLFKWEDU'LH'DXHUVNDWHUEUHFKHQPLWWHQLP 6SLHODEHLQJDQ]XQJHZ|KQOLFKHU9RUJDQJGHUGHQQRFK KHXWHQLHPDQGYHUEOIIW$OOHVGUlQJWDQGLH)HQVWHUXQGGLH (LIULJVWHQVFKXOWHUQVFKRQLKU*HSlFN/DXWHUXQGDXFKIUHXGL JHUZLUGGHU*HVDQJLQGHQKLQWHUHQ:DJJRQVGHU*HVDQJYRQ GHQ9|JOHLQLP:DOGHXQGYRQGHU+HLPDWLQGHUHVHQGOLFKHLQ :LHGHUVHKHQJLEW 'LH6WXQGHGHV:LHGHUVHKHQVLVWJHNRPPHQ 'LH6WXQGHGHV:LHGHUVHKHQV9RUGHPXQDQVHKQOLFKHQ

NOHLQHQ%DKQKRIGHUGLH6SXUHQGHV.ULHJHVQRFKQLFKWJDQ] DEJHVWUHLIWKDWIDKUHQ0LOLWlUIDKU]HXJHDXI$XVHLQHUPLW EXQWVFKHFNLJHP7DUQDQVWULFKYHUVHKHQHQ/LPRXVLQHVWHLJWHLQ IUDQ]|VLVFKHU&DSLWDLQHPLWJUDXHQ6FKOlIHQ(LQMXQJHU/HXW QDQWVFKOLHWKLQWHULKPGLH7UXQGWUlJWGLH$NWHQWDVFKH9RQ ]ZHL-HHSVVSULQJHQURWEHPW]WHEULWLVFKHXQGDPHULNDQLVFKH 0LOLWlUSROL]LVWHQPLWGHPZHLHQª03©DP+HOP$XFKKLHU VLQG2IIL]LHUHGDEHLPDQNHQQWXQGEHJUWVLFKXQGVWHKWQRFK HLQHQ$XJHQEOLFNEHLHLQDQGHU1LHPDQGYHUVFKZHQGHWHLQHQ %OLFNDQGLH8PJHEXQJGLHLVWYHUWUDXW6RRIWHLQ+HLPNHKUHU WUDQVSRUWDQJHNQGLJWLVWYHUVDPPHOQVLHVLFKKLHU,QOHW]WHU =HLWVLQGLKUH%HJHJQXQJHQLPPHUVHOWHQHUGLHPHLVWHQ .ULHJVJHIDQJHQHQVLQGOlQJVW]XUFN'LHMHW]WQRFKNRPPHQ KDEHQIULKUH%HIHKOHXQG+DQGOXQJHQZlKUHQGGHVIDVFKLVWL VFKHQhEHUIDOOVDXIGLH6RZMHWXQLRQGXUFKGLH0LWKLOIHEHLP :HJUlXPHQGHU7UPPHUHLQHQ7HLOLKUHU6FKXOGVKQHQPV VHQ ª:LOONRPPHQLQGHU+HLPDW:LUKDEHQHXFKQLFKWYHUJHV VHQ©VWHKWDXIGHQ7UDQVSDUHQWHQGLHYRUGHUVFKZDU]JH WHHUWHQ%DUDFNHHQWUROOWZHUGHQGLHGHP%DKQKRIJHJHQEHU VWHKW6LHGLHQW]XU$EZLFNOXQJGHU(QWODVVXQJVIRUPDOLWlWHQ 'DVZLQ]LJH%DKQKRIVJHElXGHE|WHGD]XQLFKWJHQXJ3ODW]9RU GHQNOHLQHQ)HQVWHUQGHU%DUDFNHJLEWHVEXQWJHVWULFKHQH%OX PHQNlVWHQGRFKVLHYHUP|JHQGDVWULVWH%LOGQLFKWDXI]XORN NHUQXPVRZHQLJHUGDHVLPPHUQRFKUHJQHW=ZDUKDWGHU 5HJHQHWZDVQDFKJHODVVHQDEHUGHU+LPPHOEOHLEWJUDXYRQ WLHIKlQJHQGHQ:RONHQYHUVFKOHLHUW 'LH0lQQHUGHU%ODVNDSHOOHLQGHQ8QLIRUPHQGHU)UHLZLOOL JHQ)HXHUZHKUVFKDXHQSUIHQGQDFKREHQXQGUHLEHQPLWGHQ bUPHOQGLH,QVWUXPHQWHWURFNHQ$XFK1HXJLHULJHILQGHQVLFK HLQXQG.LQGHUPLW%OXPHQ1DJHOQHXH5RWNUHX]ZDJHQELHJHQ HLQXQGKDOWHQVLFKHWZDVDEVHLWV ª=HW]ZRKXQGHUWGUHLXQG]ZDQ]LJZLUIWVHLQH6FKDWWHQYRU DXV©VDJWLQGHU%DUDFNHHLQMXQJHU0DQQGHUDP)HQVWHU VWHKW6HLQH6SUDFKHKDWHWZDV1HUY|VHVXQGGDVSDWHLJHQW OLFKQLFKW]XVHLQHUDWKOHWLVFKHQ6WDWXUª'LH6FKQIIOHUVLQG VFKRQGD©

'HUbOWHUHDP6FKUHLEWLVFKHLQDUPLJKDJHUXQGJHEHXJW JHKWQLFKWGDUDXIHLQª'HU=XJKDW QHKDOEH6WXQGH9HUVSl WXQJ©ZLUIWHUKLQXQGRUGQHW3DSLHUHDXIVHLQHP6FKUHLEWLVFK 'HU-QJHUHEHREDFKWHWGLHIUHPGHQ2IIL]LHUHGLHDXIGLH %DUDFNH]XNRPPHQª8QGKHXWHLQJURHU%HVHW]XQJ©IKUW HUVHLQHQ)DGHQZHLWHUª&DSWDLQ-RQHVIUGLH%ULWHQ0DMRU *UHHQIU$PHULNDXQGGLH)UDQ]RVHQVFKLFNHQLKUHQVFKlUI VWHQ+XQG&DSLWDLQH5HQDUG+DWGDVHLQHQEHVRQGHUHQ *UXQG+HUU/DFKPDQQ"© 'HP$QJHUHGHWHQSDWGLHVHU7RQQLFKWDEHUHUEHVFKUlQNW VLFKDXIGLHVDFKOLFKH$QWZRUWª(VLVWGLHVPDOHLQVHKUJURHU 7UDQVSRUW+HUU6FKU|GHU6FKRQEHLNOHLQHUHQJDEHVIDVWLP PHU/HXWHGLHIUGLH$OOLLHUWHQLQWHUHVVDQWZDUHQ© 6FKU|GHUQLPPWHLQHDPHULNDQLVFKH=LJDUHWWHDXVGHU3DN NXQJXQGOlWVHLQ)HXHU]HXJVFKQDSSHQª'DNRPPHQGLHDU PHQ6FKZHLQHQDFK-DKUHQDXVGHU*HIDQJHQVFKDIWVLQGIURK GDVLHEHUOHEWKDEHQXQGZHQQVLHHQGOLFKZLHGHULQGHU +HLPDWVLQG© 'HU(LQDUPLJHDP6FKUHLEWLVFKXQWHUEULFKWLKQPLWHLQHP $QIOXJYRQ6FKlUIHª/LHEHU+HUU6FKU|GHU:HQQ6LHVHLWJH VWHUQKLHUZlUHQZUGHLFK6LHYHUVWHKHQ$EHULQ]ZLVFKHQ PWHQ6LHZLUNOLFKJHPHUNWKDEHQGDMHGHUGHUVLFKLQGLH VHP.ULHJQLFKWV]XVFKXOGHQNRPPHQOLHXQJHVFKRUHQEOHLEW 8QGPLWGHQDQGHUHQZHUGHQ6LHVLFKZRKOQLFKWVROLGDULVLHUHQ ZROOHQ© 6FKU|GHUZHQGHWVLFKYRP)HQVWHULQGHQ5DXP]XUFNª,FK NHQQH,KUH(LQVWHOOXQJ+HUU/DFKPDQQ©EHPHUNWHUQLFKW RKQHhEHUKHEOLFKNHLWª:DVPLFKDQJHKW©XQGHUEHWRQWGLH VHVªPLFK©JDQ]EHVRQGHUVªLFKEULQJHHVQRFKQLFKWIHUWLJ]ZL VFKHQ'HXWVFKHQXQG'HXWVFKHQ]XXQWHUVFKHLGHQ©(LQH$QW ZRUWZDUWHWHUQLFKWDEHUQLPPWHLQHQ6FKQHOOKHIWHUXQGJHKW KLQDXV /DFKPDQQVLHKWLKPNRSIVFKWWHOQGQDFK'DQQVWHKWHUDXI XQG|IIQHWGLH7ULQV1HEHQ]LPPHUª6LQGGLH4XDUWLHUHNODU *LVHOD"©HUNXQGLJWHUVLFK 'DVEORQGH0lGFKHQGDVVLFKYRUGHQ.DUWHLNlVWHQQRFKXQ

JHQLHUWGLH)LQJHUQlJHOPDQLNUWDQWZRUWHWRKQHVHLQH7lWLJ NHLW]XXQWHUEUHFKHQª=ZHL'XW]HQGVLQGQRFKGD]XJHNRP PHQ+HUU/DFKPDQQ©)UHXQGOLFKXQGDOVZROOHVLHVHLQHP|J OLFKHQ6RUJHQ]HUVWUHXHQIJWVLHKLQ]Xª:LUN|QQHQDOOHXQ WHUEULQJHQGLHKHXWHQLFKWPHKUZHLWHUIDKUHQ© 'HU(LQDUPLJHQLFNWLKU]Xª'DQNH©(UNHKUWDQVHLQHQ 6FKUHLEWLVFK]XUFN

'LHDOWH/RNVW|WSIHLIHQG'DPSIDXVDOOHQ9HQWLOHQ,QHLQH TXLUOHQGH:RONHJHKOOWIlKUWVLHLQGHQ%DKQKRIHLQGLH %UHPVHQTXLHWVFKHQXQGVSUKHQ)XQNHQXQGREZRKOGLH0D VFKLQHJHQDXDP+DOWHSXQNWVWHKWUHLFKWGHU%DKQVWHLJQLFKW DXV'DVOHW]WH'ULWWHOGHV=XJHVVWHKWDXHUKDOEGHUhEHUGD FKXQJ 6FKRQGU|KQWGHU/DXWVSUHFKHUª'LH%XQGHVUHSXEOLN 'HXWVFKODQGKHLW6LHKHU]OLFKZLOONRPPHQ,Q,KUHPHLJHQHQ ,QWHUHVVHELWWHQZLU6LHXQVGLH(UOHGLJXQJGHUQRWZHQGLJHQ )RUPDOLWlWHQGXUFKGLV]LSOLQLHUWHV9HUKDOWHQ]XHUOHLFKWHUQ 'DPLW6LH,KUhEHUEUFNXQJVJHOGXQGGLHEHQ|WLJWHQ)DKUDXV ZHLVHVRZLH,KUHYRUOlXILJHQ.HQQNDUWHQHQWJHJHQQHKPHQ N|QQHQZROOHQ6LHVLFKYRUGHU%DUDFNHDXIGHP%DKQKRIVYRU SODW]HLQILQGHQ$P(LQJDQJU|PLVFKHLQVZHUGHQGLH%XFKVWD EHQ$GROIELV*XVWDYDP(LQJDQJU|PLVFK]ZHLGLH%XFKVWDEHQ +HLQULFKELV3DXOXQGDP(LQJDQJU|PLVFKGUHLGLH%XFKVWDEHQ 4XHUXODQWELV=HSSHOLQDEJHIHUWLJW,FKZLHGHUKROH© 6FKPHWWHUQGVHW]WGLH%ODVPXVLNHLQª$OWH.DPHUDGHQ©ZLH JHKDEWª6FKZDU]EUDXQLVWGLH+DVHOQX©LPPHUQRFKXQG LPPHUQRFKSIHLIWGHU:LQGHLVNDOWXPGHQ:HVWHUZDOG9RU GHQ:DJJRQVLVWHLQHLQ]LJHV6WRHQXQG'UlQJHQHLQ5HQQHQ XQG5XIHQ-HGHUP|FKWHGHUHUVWHVHLQXQGVLFKGLH:DUWH]HLW DQGHU%DUDFNHDENU]HQ$XIHLQPDOKDWNHLQHUPHKU=HLWDXI HLQPDOVROOHVJDQ]VFKQHOOJHKHQ'UHL5HLKHQELOGHQVLFKYRU GHQ(LQJlQJHQGHU%DUDFNH$GROIELV*XVWDY+HLQULFKELV 3DXO4XHUXODQWELV=HSSHOLQ8QGGLH5HLKHQUHLFKHQVFKRQELV ]XGHQ/DGHUDPSHQDOVLPPHUQRFK0lQQHUDXVGHQ:DJJRQV TXHOOHQ

8QYHUGURVVHQVSLHOWGLH)HXHUZHKUNDSHOOH'LH7UDQVSD UHQWHGHU%DUDFNHVLQGUHJHQVFKZHUXQGKlQJHQUHJORV 8QWHUGHQHQGLHNHLQH(LOHKDEHQXQGJHPlFKOLFKGHQ%DKQ VWHLJHQWODQJJHKHQVLQG%RUQXQG'HWMHQ'HUbOWHUHILQGHW GDV9HUKDOWHQGHV)OLHJHUVYHUVWlQGOLFKGHUZLOOHUVWHLQPDO VHKHQZDVORVLVWVRQGLHUHQP|JOLFKH*HIDKUDEVFKlW]HQ 'HWMHQGHQNWEHU%RUQGHUVHLZRKONUDIWHKHPDOLJHQ'LHQVW JUDGHV]XVHKUJHZRKQWYRUEHLXQGQDFKYRUQJHODVVHQ]XZHU GHQXPQDFKHLQHPJXWHQ3ODW]]XUHQQHQ+PKLHUJHKWLKP NHLQHUDXVGHP:HJ (LQHUDXVLKUHP$EWHLOHKHPDOLJHU*HELUJVMlJHUEHUKROW VLHXQGNORSIW'HWMHQDXIGLH6FKXOWHUª* VFKZLQGJ VFKZLQG $FKLP©GUlQJWHUª*HKHQPLUVDQGDPDUHFKWVFKQHOOKHU DXVNXPPDDXVGHP1HVWGHPYHUPDOHGHLWHQ©(LQH$QWZRUW ZDUWHWHUQLFKWDEXQGVWUPWZHLWHU %RUQQLPPW'HWMHQDP$UPª$OVR.RSIKRFK(VZLUG VFKRQVFKLHIJHKHQ©'DEHLQLFNWHULKPDXIPXQWHUQG]X (VNOLQJWQDFKHLQHU9HUDEVFKLHGXQJ'DUEHUZXQGHUWVLFK 'HWMHQª:LUPVVHQ]XPVHOEHQ6FKDOWHU© 'HUbOWHUHVFKPXQ]HOWXQGGHXWHWPLWHLQHU.RSIEHZHJXQJ ]XGHPEHZXWHQ+lXVFKHQKLQEHUGHVVHQ7UPLWHLQHP +HU]FKHQXQGHLQHPª0©JH]LHUWLVWª+DOWPLU QHQ3ODW]IUHL ,FKNRPPHJOHLFKQDFK© (VJLEWNHLQ+lQGHVFKWWHOQGRFK$FKLP'HWMHQEHJUHLIW GD%RUQLQGLHVHP$XJHQEOLFNDXVVHLQHP*HVLFKWVNUHLV VFKHLGHW(UEHLWGLH=lKQH]XVDPPHQ6RZDUGDVHLJHQWOLFK QLFKWJHGDFKW,VWGDVEHUHLWVGHUHUVWH0LHUIROJ",PPHUKLQHU KDWGLH$GUHVVHXQG]ZHLIHOWQLFKWGDUDQGDVLHHFKWLVW%RUQ JDEVLHLKPIUHLZLOOLJ+lWWHHU'HWMHQ%RUQJHJHQEHULP=XJ RGHUYLHOOHLFKWVFKRQLP/DJHURIIHQHUVHLQVROOHQPLWWHLOVDPHU" (UYHUZLUIWGLHVHQ*HGDQNHQHUKlWWHVLFKHKHUYHUGlFKWLJJH PDFKWDOV9HUWUDXHQJHZRQQHQ%RUQMHW]WQDFK]XJHKHQVLFK DQLKQ]XKlQJHQGDVNRPPWEHUKDXSWQLFKWLQ)UDJH=ZDU ZLUGQXQDOOHVNRPSOL]LHUWHUVHLQDEHUZDVKLOIWHVHUPXGHQ :HJVRRGHUVRJHKHQ 6RWURWWHWHUZHLWHULP6WURPGHU+HLPNHKUHU]XU%DUDFNHQ

WUU|PLVFKHLQV$GROIELV*XVWDYUHLKWVLFKLQGLH6FKODQJHHLQ XQGZDUWHW(VJHKWQXUODQJVDPYRUZlUWV8QGGLH.DSHOOHIlOOW LKPDXIGLH1HUYHQ $XIGHP:HJ]XU7UPLWGHPª0©GUHKWVLFK%RUQQRFKHLQ PDOXPJHZRKQKHLWVPlLJ$FKLP'HWMHQQLPPWHUQLFKW PHKUZDKUXQGGDVHLQ]LJH)OLHJHUEODXGDVHUHQWGHFNWJHK|UW ]XHLQHP0DQQGHUHLQH*DVPDVNHQEULOOHWUlJWHLQHPYRQGHU )ODN+lWWHDXFKQLFKW]XGHP2EHUOHXWQDQWJHSDWLKP]X IROJHQ0DFKWHHLQHQVRJHUDGHQ(LQGUXFN6FKDGHGDHU GDV0DXOQLFKWHKHUDXIPDFKWH (LQJXWHV'XW]HQG0HWHUQHEHQGHUEUDXQHQª0©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|IIHUFKHQVWHKWGDKHUXPGHUZRKODXILUJHQG HLQHQ$QVFKOXZDUWHW %RUQEHWULWWGLH7RLOHWWH*OHLFKKLQWHULKPNODSSWGLH7U QRFKHLQPDO'HU=LYLOLVWPLWGHP.|IIHUFKHQVWHKWUHFKWVQH EHQ%RUQXQGZlKUHQGVLHEHLGHSLQNHOQEHXJWVLFKGHU0DQQ DXVGHP+HLPNHKUHU]XJHLQZHQLJYRUXQGHQWGHFNWLP0DQWHO UHYHUVLP.QRSIORFKGHV+LQ]XJHWUHWHQHQHLQH.XQVWEOXPH HLQNOHLQHVZlFKVHUQHV9HUJLPHLQQLFKW'DDWPHW%RUQWLHI HLQXQGOlFKHOWDOVHUVDJWª$FKJLEWHVGHQQMHW]W9HUJLPHLQ QLFKW"© 'HUDQGHUHKDJHUYRQVFKOHFKWHU+DOWXQJXQGPLWHLQHP VFKDUIJHVFKQLWWHQHQ9RJHOJHVLFKWOlFKHOWDXFKª'DVGDZHONW QLHZLVVHQ6LH$XVGHU6FKLHEXGH© %RUQWULWWYRQGHU5LQQH]XUFN1RFKZlKUHQGHUVHLQH.OHL

GXQJRUGQHWVDJWHUª1D*RWWVHL'DQN,FKKHLH%RUQ© 8PGLH0XQGZLQNHOGHV+DJHUHQ]XFNWHVª,FKZHL.RP PHQ6LH©

(VQLHVHOWLPPHUQRFK'DVWUEWGLHJXWH/DXQHGHUHKHPDOL JHQ6ROGDWHQQLFKW:HUHLQ6WFN=HOWSODQHKDWKlQJWHVEHU GHQ.RSI,PEULJHQVLQGDOOHPLWGHQ*HVFKHQNSlFNFKHQEH VFKlIWLJWGLHYRQMXQJHQKEVFKHQ0lGFKHQYHUWHLOWZHUGHQ (LQHJDQ]H/DVWZDJHQODGXQJVROFKHU3lFNFKHQLVWDQJHIDKUHQ ZRUGHQ'LH0lGFKHQYHUWHLOHQGLH*HVFKHQNHPLWIUHXQGOL FKHP/lFKHOQVLQGHLQHP6FKZDW]LP9RUEHUJHKHQQLFKWDE JHQHLJWXQG]X$XVNQIWHQJHUQEHUHLW6LHVLQGHVJHZRKQWGD .ULHJVJHIDQJHQHGLHODQJHLQHLQHUDXVVFKOLHOLFKHQ0lQQHU JHPHLQVFKDIWZDUHQLKQHQJHJHQEHUVHOWVDPEHIDQJHQXQGHLQ ZHQLJKLOIORVVLQG $XFK$FKLP'HWMHQHUKlOWZlKUHQGGLH6FKODQJHXQHQGOLFK ODQJVDPLQGLH%DUDFNHKLQHLQNULHFKWHLQ3lFNFKHQXQG|IIQHW HV'LH*HVFKHQNHJOHLFKHQHLQVGHPDQGHUHQDXIV+DDUVLH VLQGVHULHQPlLJJHSDFNW0LWHLQHP$QIOXJYRQ6SRWWGHQNW GHU)OLHJHUGDGLH5HNODPHPLWGLHVHQ3lFNFKHQNHLQVFKOHFK WHU6FKDFK]XJLVW'LHVHª/LHEHVJDEHQ©EHVWHKHQDXVVFKOLHOLFK DXV:HUEHWUlJHUQ'LHPLW+DOORDXIJHQRPPHQHQ=LJDUHWWHQ VWHFNHQLQ=HKQHUSDFNXQJHQPLWGHP$XIGUXFNª&RPSOLPHQ WDU\3DFNDJH©ª(PSIHKOXQJVSDFNXQJ© GLHHLQVFKOlJLJH,Q GXVWULHYHUWHLOWVLHJUDWLV'DV6WUHLFKKRO]EULHIFKHQGD]X5H NODPHDXIGUXFNYRQHLQHU*UREUDXHUHL'HUELOOLJH.XJHO VFKUHLEHUHLQEHNDQQWHU%HNOHLGXQJVNRQ]HUQEHUUHLFKWLKQ GD]XJOHLFKHLQ1RWL]EXFKGDVDXIGHU8PVFKODJVHLWHVlPWOLFKH )LOLDOHQGHV8QWHUQHKPHUVDXI]lKOW8QEHUVHKEDUGHU+LQ ZHLVGDPDQVLFKLQDOOHQIUELOOLJHV*HOGHOHJDQWXQGPRGHUQ HLQNOHLGHQNDQQ8QGZLHVLHKLHUVWHKHQP|FKWHQVLHDOOHVR VFKQHOOZLHP|JOLFKDXVGHQDOWHQ:HKUPDFKWVNODPRWWHQKHU DXV 6LHNDXHQ6FKRNRODGHXQGGHQLKQHQY|OOLJQHXHQ&KHZLQJ JXPXQGILQGHQGDVDOOHVZXQGHUYROODXIUHJHQGXQGDXIPHUN VDP$XFK&RFD&RODZLUGYHUWHLOW

'HU)ODN0DQQPLWGHU*DVPDVNHQEULOOHKDWGLH3UR]HGXULQ GHU%DUDFNHVFKRQKLQWHUVLFKXQGJHKWDQGHU6FKODQJHYRUEHU ]XP%DKQKRI(UKDWHVHLOLJ]XPDOGDV*HUlXVFKHLQHVHLQIDK UHQGHQ=XJHV]XK|UHQLVW ª:LHLVWGHQQGDVGDGULQ"©UXIWLKQ'HWMHQDQ'DGHU)UD JHQGHGLHVHOEH:DIIHQIDUEHWUlJWZLHHUEOHLEWGHU$EJHIHU WLJWHHLQHQ$XJHQEOLFNVWHKHQ(U]HLJWGLHQHXH.HQQNDUWH HLQHQKLHUDXVJHVWHOOWHQ(QWODVVXQJVVFKHLQGHU]XUNRVWHQORVHQ %HQXW]XQJGHU%DKQEHUHFKWLJWXQGhEHUEUFNXQJVJHOGLQXQ JHEUDXFKWHQNQLVWHUQGHQ6FKHLQHQ:LHHVLQGHU%DUDFNHDE OlXIWVFKLOGHUWHULQZHQLJHQ6lW]HQ :LHGHUJHKWHVHLQHQ6FKULWWQlKHUDQGHQ(LQJDQJU|PLVFK HLQV$GROIELV*XVWDYKHUDQ'HWMHQLVW]XU*HZLKHLWJHZRU GHQGDHUPLW%RUQQLFKWPHKU]XUHFKQHQEUDXFKW'DVKHLW GDHUGHU)OLHJHUGDV*HVSUlFKLP=XJDEWHLOIDOVFKYHUVWDQ GHQKDW$OVHUVDJWH%RUQZHUGHJHZLDEJHKROWKDWWHHUGDV DXIGHVVHQ+HLPDWEDKQKRIXQGVHLQH$QJHK|ULJHQEH]RJHQ GRFK%RUQEH]RJGLH)UDJHDXIGHQ$QNXQIWVEDKQKRILQGHU %XQGHVUHSXEOLN(ULVWLKPJODWWGXUFKGLH/DSSHQJHJDQJHQ 'HWMHQVFKLHEWVHLQH]HUNQDXWVFKWH)HOGPW]HZHLWLQGHQ1DN NHQª'DVIlQJWJXWDQZDV"©GHQNWHUODXW 6HLQ1HEHQPDQQEHVWlWLJWGDVXQGNDXWDQHLQHUKDOEHQ7DIHO 6FKRNRODGHGLHGHU.RQ]HUQª$OSHQODQG©]XGHQ3lFNFKHQ EHLVWHXHUWH,QGHU1HEHQUHLKHEOKWEHUHLWVGHU7DXVFKKDQGHO =LJDUHWWHQJHJHQ.DXJXPPL6FKRNRODGHJHJHQ+DXWFUH PH3UREHG|VFKHQ'DVVLHKWEHVRQGHUVKEVFKDXVGDVZlUH HLQ0LWEULQJVHO(VZLUGKDUWQlFNLJJHIHLOVFKW'HU.XUV VFKZDQNWQRFK'LH9HUZHJHQVWHQYHUVXFKHQHLQ]ZHLWHV 3lFNFKHQ]XªRUJDQLVLHUHQ© 'HWMHQVLHKW]XU%DUDFNH:DVHUYRQGHPPLWGHU*DVPDV NHQEULOOHJHK|UWKDWVWLPPWLKQQLFKWJHUDGHIU|KOLFK(UZHL MHW]WZLHHVGULQQHQDEOlXIW(UZHLGDGLH0LOLWlUSROL]LVWHQ GHU$OOLLHUWHQQLFKW]XU9HU]LHUXQJDQZHVHQGVLQG 1DFKGHP3DVVLHUHQGHU(LQJlQJHJHODQJHQGLH+HLPNHKUHU LQHLQH$UW:DUWHUDXPGHUHWZDGLH+lOIWHGHU%DUDFNHHLQ QLPPW(LQHUQDFKGHPDQGHUHQWULWWDQGHQ6FKUHLEWLVFKHLQHV

HLQDUPLJHQ0DQQHVQDPHQV/DFKPDQQKHUDQ ª,KUHQ(QWODVVXQJVVFKHLQELWWH©VDJWHU (VVWHKWJHUDGHGHU*HELUJVMlJHUGDGHU'HWMHQYRUKLQ]XU (LOHHUPDKQWH(UVFKLHEW/DFKPDQQGHQVRZMHWLVFKHQ(QWODV VXQJVVFKHLQKLQHLQHQ9LHUWHOERJHQ'XUFKVFKODJSDSLHUZH QLJH6FKUHLEPDVFKLQHQ]HLOHQ6WHPSHOXQG8QWHUVFKULIWDOOHV LQUXVVLVFKDXFKGHU1DPHGHV(QWODVVHQHQLQN\ULOOLVFKHQ %XFKVWDEHQ ª(EHUPH\HU$ORLV©UDVVHOWGHUHKHPDOLJH*HELUJVMlJHU KHUXQWHUª)QI]HKQWHU0lU]DFKW]HKQ.HWWHUVKDXVHQ 0QFKQHU6WUDH]Z|OI© /DFKPDQQIOOWHLQH.DUWHLNDUWHDXVDQGLHHUGHQ(QWODV VXQJVVFKHLQNODPPHUW2EZRKOHUGDVDOOHVPLWGHUOLQNHQ+DQG WXWJHKWHVVFKQHOOXQGJHVFKLFNW ª6LHZHUGHQDXIJHUXIHQ+HUU(EHUPH\HU%OHLEHQ6LHLP :DUWHUDXP© 8QZLOONUOLFK]LHKWGHU%D\HUGLH+DFNHQ]XVDPPHQª-D ZRKO+HUU© ª/DFKPDQQHLQIDFK/DFKPDQQ©DQWZRUWHWGHU(LQDUPLJH 'HU0DQQDXV.HWWHUVKDXVHQWULWW]XUFN$QGHQ]LYLOHQ 8PJDQJVWRQPXHUVLFKHUVWZLHGHUJHZ|KQHQ ª'HU1lFKVWH©8QGJOHLFKª,KUHQ(QWODVVXQJVVFKHLQ 'LH3HUVRQDOLHQ© (LQ*UDXNRSIª)ULHGULFK.DUO'UHLXQG]ZDQ]LJVWHUHOIWHU IQI+DWWLQJHQ5XKU:LOKHOPVWUDH]Z|OI© ª6LHZHUGHQDXIJHUXIHQ+HUU)ULHGULFK%OHLEHQ6LHLP:DU WHUDXP'HU1lFKVWHELWWH© 'LH.DUWHLNDUWHPLWDQKlQJHQGHP(QWODVVXQJVVFKHLQZLUG GXUFKHLQ:DQGIHQVWHULQV1HEHQ]LPPHUJHUHLFKW+LHUEHU WUlJW*LVHODGLH$QJDEHQDXIHLQHQ9RUGUXFNPLWPHKUHUHQ 'XUFKVFKOlJHQ(LQHQGDYRQHUKlOWGHULKUJHJHQEHUVLW]HQGH 6FKU|GHUGHUGLHEODQNRJHVWHPSHOWHXQGXQWHUVFKULHEHQH ,GHQWLWlWVNDUWHDXVIOOWGHUHQ*OWLJNHLWQDFKYLHU]HKQ7DJHQ HUOLVFKW,QQHUKDOEGLHVHV=HLWUDXPVPXVLFKGHU+HLPNHKUHU EHLGHU]XVWlQGLJHQKHLPLVFKHQ3ROL]HLGLHQVWVWHOOHJHPHOGHW KDEHQ(LQHQ'XUFKVFKODJGLH2ULJLQDONDUWHXQGGHQ(QWODV

VXQJVVFKHLQUHLFKW*LVHODGXUFKHLQZHLWHUHV:DQGIHQVWHULQGDV =LPPHUGHUDOOLLHUWHQ2IIL]LHUHGDVJDQ]YRQHLQHPUXQGHQ 7LVFKEHKHUUVFKWZLUG 0DMRU*UHHQDXV86$HUKlOWGLH8QWHUODJHQ]XHUVWHUVLW]W GHP)HQVWHUDPQlFKVWHQ(UVXFKWGHQ1DPHQLQLKPYRUOLH JHQGHQ/LVWHQVDJWª2ND\©ZHQQGHU1DPHEHLLKPQLFKWDXI WDXFKWPDFKWHLQHQ6LFKWYHUPHUNXQGJLEWGLH3DSLHUHDQVHL QHQIUDQ]|VLVFKHQ.ROOHJHQZHLWHU:HQQDXFKGLHVHUNHLQ,Q WHUHVVHEHNXQGHWZDVHUPLWHLQHPª5LHQ©]XYHUVWHKHQJLEW XQGVHLQHQ6LFKWYHUPHUNPDFKWZDQGHUQGLH3DSLHUHZHLWHU]X &DSWDLQ-RQHVDXV*UREULWDQQLHQGHUGLHhEHUSUIXQJPLWHL QHPª1RWKLQJ©DE]XVFKOLHHQSIOHJW'DQDFKJHKHQGLH8Q WHUODJHQ]X6FKU|GHU]XUFN6FKU|GHUVHLQHUVHLWVJHKWZHQQHU PHKUHUH(QWODVVXQJHQ]XVDPPHQKDWLQGHQ:DUWHUDXPKLQDXV UXIWGLH%HWUHIIHQGHQDXIOlWVLHGHQ(PSIDQJLKUHU3DSLHUH XQGGHVYRUEHUHLWHWHQ*HOGHVTXLWWLHUHQXQGEHJLQQWGDQQYRQ YRUQ(VLVWHLQVWUDIIRUJDQLVLHUWHUSUl]LVHDEODXIHQGHU9RU JDQJ6RODQJVDPZLHHVYRQDXHQGHQ(LQGUXFNKDWUROOWHU QLFKWDE 8QGDXFKVRHWZDVJHVFKLHKWSUl]LVHXQGVFKQHOO(LQ0DQQ GHUDXIVHLQH3DSLHUHZDUWHWZLUGDXIJHUXIHQXQGVREDOGHUVLFK PHOGHWGUlQJHQGUHLEDXPODQJHURWEHPW]WH0LOLWlUSROL]LVWHQ PLWZHLHP.RSSHO]HXJXQGZHLHQ3LVWROHQWDVFKHQKHUHLQ XQGYHUIUDFKWHQGHQhEHUUDVFKWHQLQLKUHP-HHSYRUGHP+LQ WHUHLQJDQJGHU%DUDFNHHKHGLH8PVWHKHQGHQUHFKWZLVVHQ ZDVJHVFKLHKW&DSWDLQ-RQHVKDWLQVHLQHU/LVWHGHQVHOEHQ1D PHQHQWGHFNWGHQ*LVHODHEHQWLSSWH'DVEHGHXWHWGDPDQ DXIGLHVHQ0DQQJHZDUWHWKDW(VVSULFKWVLFKQDWUOLFKVRIRUW ELVQDFKGUDXHQKHUXPGDPDQHLQHQªKRFKJH]RJHQ©KDW XQG'HWMHQVWLPPWGLHVH1DFKULFKWQLFKWIUHXQGOLFKHU9HU GDPPWVRKDWWHGLH,QIRUPDWLRQEHUGHQ$EODXIDXIGHP=LHO EDKQKRIQLFKWJHODXWHW-HW]WNRPPWHVQLFKWQXUDXIVHLQH HLJHQH,QLWLDWLYHDQMHW]WNDQQHUQXUDXIHWZDV*OFNKRIIHQ $XFK%RUQEHREDFKWHWGLH0LOLWlUSROL]LVWHQGLHHLQHQ0DQQLQ LKUHQ-HHSVWRHQXQGPLWLKPDEIDKUHQ(UEHREDFKWHWVLHYRP

)RQGHLQHVDOWHQ2SHODXVGHUXQVFKHLQEDUXQGXQDXIIlOOLJLQ HLQHUGHU6WUDHQSDUNWGLHDXIGHQ%DKQKRIVYRUSODW]IKUHQ 'HU0DQQPLWGHP9HUJLPHLQQLFKW.DLVHUGHUGLH.XQVW EOXPHEULJHQVLQ]ZLVFKHQHQWIHUQWKDWVHW]WVLFK]XP)DKUHU ª/lWVLFKGDVQLFKWYHUKLQGHUQ"©IUDJW%RUQXQJHKDOWHQPLW HLQHU.RSIEHZHJXQJLQ5LFKWXQJGHVDEIDKUHQGHQ-HHSV 'HU+DJHUHPLWGHP9RJHOJHVLFKWZHQGHWVLFKQDFKKLQWHQ ª(VLVWYHUGDPPWVFKZHU-HGHPN|QQHQZLUDXFKQLFKWKHOIHQ :LUKDEHQDOOH+lQGHYROO]XWXQZHQLJVWHQVXQVHUHZLFKWLJ VWHQ/HXWHLQ6LFKHUKHLW]XEULQJHQ/HLGHUNODSSWHVDXFKPLW GHU9RUDQPHOGXQJQLFKWLPPHU©(UILQJHUWHLQH3DFNXQJ ª*ROG'ROODU©DXVGHU7DVFKHVFKQLSSWHLQH=LJDUHWWHKDOE KHUDXVXQG]LHKWVLHPLWGHQ/LSSHQDXVGHP3lFNFKHQ'HU )DKUHUUHLFKWLKPEHIOLVVHQ)HXHUª:LHRIWVWHKHLFKPLWPHL QHP9HUJLPHLQQLFKWXPVRQVWGDDP6FKHLKDXV$OOHLQVHLW ZLU6LH]XUFNHUZDUWHQPLQGHVWHQV]ZHLGXW]HQGPDO$EHU MHW]WVLQG6LHMDGD©.DLVHU]LHKWHLQ.XYHUWDXVGHP0DQWHO XQGUHLFKWHV%RUQª3DSLHUH*HOGXQGVRZHLWHUIDOOVHVXQ WHUZHJV QH.RQWUROOHJLEW$OOHVLQEHVWHU2UGQXQJ© %RUQVLHKWVHKUYHUlQGHUWDXV'DQNGHP.|IIHUFKHQYRQ .DLVHUHULQQHUWVFKRQQLFKWVPHKUDQGHQ0DQQDXVGHP+HLP NHKUHU]XJ'LHDEJHWUDJHQH8QLIRUPLVWYHUVFKZXQGHQ(LQ]L YLOHU0DQWHOXQGHLQ6FKDOYHUlQGHUQGDV(UVFKHLQXQJVELOG YROONRPPHQ(U]lKOWGLH*HOGVFKHLQH'LH+|KHGHU6XPPH EHIULHGLJWLKQ .DLVHUV*HGDQNHQVLQGQRFKEHLGHP-HHSXQGHUQXW]WGLH *HOHJHQKHLWGHQ$QN|PPOLQJDXVGHU*HIDQJHQVFKDIWJOHLFK PLWHLQHP6WFNEXQGHVGHXWVFKHU:LUNOLFKNHLWYHUWUDXW]XPD FKHQª(LQ*XWHVKDWHVWURW]DOOHPZHQQJHOHJHQWOLFKHLQSDDU 66/HXWHJHVFKQDSSWZHUGHQ'LH3UHVVHPDFKWHLQJURHV*H VFKUHLXQGGLHgIIHQWOLFKNHLWLVWEHUXKLJW2KQHGLHVH2SWLN ZlUHJDUQLFKWV]XPDFKHQ6RN|QQHQZLUZHQLJVWHQVGLH(OLWH UHWWHQ© (LQHKDOEH6WXQGHVSlWHUVWHKW%RUQLQHLQHPXQVFKHLQEDUHQ (LQIDPLOLHQKDXVDP6WDGWUDQGYRUGHP6SLHJHOXQGELQGHWVLFK

GLH.UDZDWWH-HW]WLVWHUUDVLHUWXQGJHEDGHWXQGYRQ.RSIELV )XQHXHLQJHNOHLGHW:LHHUGDVWHKWN|QQWHHUHLQVHUL|VHU *HVFKlIWVPDQQVHLQHLQ%DQNNDXIPDQQRGHUGHU9HUWUHWHUHL QHUDQJHVHKHQHQ9HUVLFKHUXQJVJHVHOOVFKDIW(UJHQLHWGLH 9HUZDQGOXQJHUIKOWVLFKDXVJHVSURFKHQZRKOSK\VLVFKZH QLJVWHQV$OOH%HGHQNHQKDWHUQRFKLPPHUQLFKWDEJHVWUHLIW .DLVHUKRFNWNUXPPZLHHLQ)UDJH]HLFKHQDXIGHU6HLWHQ OHKQHHLQHVDOWHQ6HVVHOVXQGVLHKWLKP]X(VLVWHLQH$QJH ZRKQKHLWYRQ.DLVHUVHOWHQGHQEUHLWNUHPSLJHQJUDXHQ)LO]DE ]XVHW]HQ(UYHUVXFKWJHGXOGLJGLH9RUEHKDOWHVHLQHV*DVWHV]X ]HUVWUHXHQ ª.HLQH%DQJH+HUU%RUQ%LVMHW]WKDWDOOHVJHNODSSWXQGHV LVWGDIU6RUJHJHWUDJHQGD6LHDXFKZHLWHUKLQXQEHKHOOLJW EOHLEHQ© :LHVFKQHOOPDQYHUOHUQHQNDQQHLQHQ6FKOLSV]XELQGHQ GHQNW%RUQXQGIlQJWQRFKHLQPDOYRQYRUQDQ'DEHLVDJWHU]X .DLVHUGHQHUYRUVLFKLP6SLHJHOVLHKWª*DQ]HKUOLFK,Q5X ODQGKDEHLFKPLFKQLFKWVREHNORPPHQJHIKOWZLHKHXWHDOV LFKGLHDOOLLHUWHQ*UHLIHUHUEOLFNWH© ª,FKELQMD:HU© ª8PPLFKDXVGHP/DQGH]XEULQJHQKRIIHLFK© 6RDEVROXWXQGIRUGHUQGGDVNOLQJW.DLVHUVFKWWHOWGHQ .RSIª1HLQ©(UVWUDIIWVLFKHLQZHQLJHKHHUIRUWIlKUWª2EHU VWXUPEDQQIKUHU)ULWVFKKDWDQJHRUGQHWGD6LHLQGHU%XQ GHVUHSXEOLNEOHLEHQ© 'DVZLGHUVSULFKWDOOHQ(UZDUWXQJHQ%RUQGUHKWVLFKXPXQG VXFKWGHQ%OLFNGHVDQGHUHQª,VWHUVLFKGDUEHULPNODUHQGD LFKYRQGHQ1RUZHJHUQJHVXFKWZHUGH"'LH5HTXLULHUXQJHQLQ &KULVWLDQVDQG© 'LHVLPSRQLHUW.DLVHUJDUQLFKWª6LHZHUGHQDEVROXWVLFKHU XQWHUJHEUDFKW1LHPDQGZLUG6LHILQGHQQLHPDQGZLUG,KQHQ HLQ+DDUNUPPHQ'DIUEUJHLFK© %RUQ]LHKWHLQZHQLJGLH%UDXHQKRFK'LHVHXQVROGDWLVFKH )LJXU9RUGHP.ULHJHKDWPDQVRZDVLQ*DQJVWHUILOPHQDXV $PHULNDNHQQHQJHOHUQW$EHUHUEHKlOWGDVIUVLFKHUJUHLIW QDFKGHP6DNNRDXIGHU6WXKOOHKQH]LHKWHVEHUXQGODQJW

QDFKGHU%ULHIWDVFKHDXIGHP7LVFK 'DULQLVWHLQJOWLJHU3HUVRQDODXVZHLVNHLQHYRUOlXILJH,GHQ WLWlWVNDUWH ª$OVRGHVKDOEKHLHLFKQXQ)HOJHQNDPS%O|GHU1DPHE ULJHQV8QGPHLQH)DPLOLH"© 'HU9RJHONRSIVFKHLQWDXIMHGH)UDJHYRUEHUHLWHW]XVHLQ(U DQWZRUWHWPLWJOHLFKEOHLEHQGPRQRWRQHU6WLPPHXQGPHUN ZUGLJHUZHLVHIO|WGLHV%RUQDXIGLH'DXHU9HUWUDXHQ]X.DL VHUHLQ ª)U,KUH.LQGHUVLQG6LHYRUHUVWLP2VWHQYHUVFKROOHQ,KUH )UDXZHL%HVFKHLGXQGZLUG6LHLQ*UQIHOVEHVXFKHQ© ª:ROLHJWGLHVHV1HVW"© ª*UQIHOVEHL1HXPQVWHU)ULWVFKZLOO6LHLQVHLQHU1lKH KDEHQ© %RUQZLHJWGLH%ULHIWDVFKHLPPHUQRFKDXIGHU+DQGª6RLVW GDV'DV.RQWRLQ=ULFK© $XFKGDUEHULVW.DLVHULP%LOGHª'LH2UJDQLVDWLRQEUDXFKW HVGULQJHQG1LFKWDOOHVDXIHLQPDODEHUHVPXGLVSRQLEHOVHLQ 8QG6LHVLQGHLQHUGHUEHLGHQ=HLFKQXQJVEHUHFKWLJWHQ6LH N|QQHQVLFKQLFKWYRUVWHOOHQZLHVHKQOLFKZLUDXI6LHJHZDUWHW KDEHQ© ª9HUVWHKH© 1XQGDGHU6DFKYHUKDOWNODUXQGRIIHQDXVJHVSURFKHQZXUGH LVW)HOJHQNDPSDOLDV%RUQY|OOLJUXKLJ-HW]WIKOWHUVLFKDEVROXW VLFKHU6LHZHUGHQLKQLQ:DWWHSDFNHQZLHHLQURKHV(LXQG VRUJVDPGDUEHUZDFKHQGDLKPQLFKWVJHVFKLHKW1LFKWVHLQHU VFK|QHQ$XJHQZHJHQRQHLQGRFKGDUDXINRPPWHVMDDXFK QLFKWDQ6LHEUDXFKHQLKQZHLOVHLQH8QWHUVFKULIWGHU6FKOVVHO ]XHLQHPGHUXQ]lKOLJHQ*HKHLPNRQWHQMHGHU*U|HEHLGHQ %DQNKlXVHUQLQGHU=ULFKHU%DKQKRIVWUDHLVWGLHLQGHQHLQ WUlJOLFKHQ]Z|OIXQGLQVRQGHUKHLWZlKUHQGGHUOHW]WHQ.ULHJV MDKUHYRUDXVVFKDXHQGDQJHOHJWZXUGHQ7HLOHGHV66 6FKDW]HV%RUQOlFKHOW .DLVHUVSULFKWVFKRQZHLWHUª,FKJDUDQWLHUHGDHV,KQHQLQ *UQIHOVDQQLFKWVIHKOW+HUU)HOJHQNDPS(LQKHUUOLFKJHOHJH QHV-DJGKDXV*HK|UWHLQHP)UHLKHUUQYRQ.QRVSH8QVHU 0DQQ©

'LH%ULHIWDVFKHYHUVFKZLQGHWLP6DNNR(LQSO|W]OLFKHU :DQGHOYROO]LHKWVLFKLQ%RUQV*HVLFKW'DV/lFKHOQHUOLVFKW(V JLEWXQYHUKRKOHQHU6RUJH5DXPª,FKKDEHHLQHQ)HKOHUJH PDFKW©VWHOOWHUDEUXSWIHVW .DLVHULVWVRIRUWYRQVHLQHU6HVVHOOHKQHKHUXQWHUXQGNRPPW PLWGUHL6FKULWWHQDXIODXWORVHQ.UHSSVRKOHQDQGHQ7LVFK ª-D"©IUDJWHUXQGVHLQH6WLPPHNOLQJWQLFKWPHKUPRQRWRQ ª,FKKDEHHLQHPPHLQH$GUHVVHJHJHEHQGLH+HLPDWDGUHV VHGLHPHLQHU)UDX=XGXPP© ª:HP"© ª(LQHP)OLHJHU:LUZDUHQLP/DJHU]XVDPPHQ3ULWVFKHDQ 3ULWVFKH© ª0XWHGDVVHLQ"© 'LHVH)UDJHLVW%RUQXQDQJHQHKPª1LFKWLUJHQGHLQHP© UHFKWIHUWLJWHUVLFKª(LQHP-DJGIOLHJHU2EHUOHXWQDQW© ª:DUXP"© 6HNXQGHQODQJP|FKWHGHU0DQQGHUMHW]W)HOJHQNDPSKHLW DXIEUDXVHQ:DVHUODXEWVLFKGLHVHV:UVWFKHQGLHVHU$EKROHU YRP'LHQVW'RFKHUZDJWDXIHLQPDOQLFKWODXW]XZHUGHQ 'DVLVWGHUDOWH7RQGHV6LFKHUKHLWVGLHQVWHVGHV6'LKPZRKO EHNDQQWXQGLQVHLQHU)XQNWLRQLVWGHUKDJHUH.HUOPLWGHP 9RJHOJHVLFKWZRKOEHUHFKWLJWVR]XIUDJHQ ª(UIXKUPLWJHPLVFKWHQ*HIKOHQQDFK+DXVH)UFKWHWH VLFKYRUhEHUSUIXQJHQ+DWWHZRKODXFKNHLQH$QJHK|ULJHQ PHKUXQGDXHUGHPQLFKWVJHOHUQWDOV]XIOLHJHQ,FKGDFKWHHV N|QQWHQLFKWVVFKDGHQZHQQLKPPHLQH)UDXPLWLKUHQ,QGX VWULHYHUELQGXQJHQHLQELFKHQXQWHUGLH$UPHJUHLIHQZUGH -HW]WQDWUOLFK© ª:DVKDWGHU+HUU2EHUOHXWQDQWDXIGHP.HUEKRO]"© %RUQKHEWGLH6FKXOWHUQª(VPXHLQHJDQ]H0HQJHVHLQ GHQ$QGHXWXQJHQQDFK© 'LH$QWZRUWEHIULHGLJWH.DLVHUQLFKWª*HQDXHUHV"© ª(EHQQLFKW(UZDUVHKU]XUFNKDOWHQGIDVWEHUYRUVLFKWLJ 'HVKDOEJODXEHLFKGDHWZDVGUDQLVW© ª:HLHUZHU6LHZLUNOLFKVLQG"© ª1HLQ©

ª+DWHUYHUVXFKWVLFKDQ6LHKHUDQ]XPDFKHQ"© ª'D]XZDUHU]XVHKUPLWVLFKVHOEVWEHVFKlIWLJW,QNHLQHU :HLVHDXIGULQJOLFKZHQQ6LHGDVPHLQHQ© .DLVHUHQWVSDQQWVLFKVDFNWZLHGHU]XVDPPHQXQGKDWHUQHXW HLQHVFKOHFKWH+DOWXQJª,FKIUFKWHWHVFKRQPDQKlWWHMHPDQG DXI6LHDQJHVHW]W'LH5XVVHQ6LHVLQGVHKUKDUWQlFNLJZHQQ HVGDUXPJHKWXQV]XYHUIROJHQ© %RUQJHKWEHUHLWZLOOLJDXIGHQOHLFKWHUHQ7RQHLQª'DIULVW HUQLFKWGHU7\S'LH$QGHXWXQJHQYRQGHQHQLFKVSUDFKKDEH LFKLKPEXFKVWlEOLFKDXVGHU1DVHJH]RJHQ'HU2EHUOHXWQDQW LVWHFKWVRZDKULFK%RUQKHLH© ª)HOJHQNDPS©YHUEHVVHUW.DLVHUWURFNHQXQGVLHVFKPXQ ]HOQEHLGH 'DQDFKLVWHV%RUQGHUQXQHLQHQVFKlUIHUHQ7RQDQVFKOlJW ª,FKYHUODQJHYRQ,KQHQGDGHU0DQQQLFKWDXIPHLQH6SXU NRPPHQNDQQ8QWHUJDUNHLQHQ8PVWlQGHQ$QJHVLFKWVGHU Y|OOLJYHUlQGHUWHQ/DJH+DEHQZLUXQVYHUVWDQGHQ"© 2KQHHLQH0LHQH]XYHU]LHKHQKROWGHUPLWGHP9RJHOJH VLFKWDXVVHLQHQ7DVFKHQHLQHQ.XJHOVFKUHLEHUXQGHLQ1RWL] EXFKGHUVHOEHQ$UWZLHVLHGHQ+HLPNHKUHUQLP*HVFKHQN SlFNFKHQEHUUHLFKWZXUGHQª:LHKHLWGHU0DQQ"©

+DFNHQNODSSHQDEJH]LUNHOWH9HUEHXJXQJZLHLP2IIL]LHUVND VLQRHLQHV)OLHJHUKRUVWGHUIDVFKLVWLVFKHQ/XIWZDIIHª,FKKHLH 'HWMHQ$FKLP'HWMHQ© (LQVFKQHOOHU5XQGEOLFNLP=LPPHUOlWHVLKPDQJHPHVVHQ HUVFKHLQHQVLFKDXIGLHVH:HLVHYRU]XVWHOOHQ'HQQGDKlQJW HLQJHUDKPWHV)RWRDQGHU:DQGHLQH)RWRJUDILHPLW VFKZDU]HP7UDXHUIORU6LH]HLJWHLQHQ0DMRUGHVHKHPDOLJHQ +HHUHVXQGGDV0lGFKHQGDV'HWMHQKHUHLQJHIKUWKDWLVWLKP ZLHDXVGHP*HVLFKWJHVFKQLWWHQ'LH7RFKWHU8WD5DGHPD FKHUKDW'HWMHQDQGHU:RKQXQJVWULQ(PSIDQJJHQRPPHQ

'HU)OLHJHUJHK|UW]XGHQHQGLHLQGHU%DUDFNHKHXWHQLFKW PHKUDEJHIHUWLJWZHUGHQXQGEHUQDFKWHQPVVHQ(UHUKLHOW HLQHQ4XDUWLHUVFKHLQGHULKQLQGLHVHV+DXVLQGHU.OHLVWVWUDH IKUWH1XQQDFKGHPHUVRJXWZLHP|JOLFK7RLOHWWHJHPDFKW KDWVWHKW$FKLP)UDX5DGHPDFKHUJHJHQEHU6LHWUlJW 6FKZDU]XQGLKUZHLHV+DDUELOGHWHLQHQDXIIDOOHQGHQ.RQ WUDVWGD]X 6LHNRPPWLKPHQWJHJHQEHJUWLKQXQGLVWDXIHLQHDOWHU WPOLFKH:HLVHGDPHQKDIW'DPLWSDWVLHJHQDXLQGHQ5DK PHQGLHVHVJXWEUJHUOLFKHQ:RKQ]LPPHUVDXVGHU9RUNULHJV ]HLW'LHEHKlELJH6LWXLHUWKHLWGHUVFKZHUHQ3RUWLHUHQGHU KRFKOHKQLJHQXQEHTXHPHQ6WKOHXPGHQ$XV]LHKWLVFKPLWGHQ NORW]LJHQ%HLQHQGHUJODVSHUOHQIOLPPHUQGHQ'HFNHQODPSH XQGGHU7DSHWHPLWUHPEUDQGWVFKHQ%UDXQW|QHQZLUGQXUHLQ PDOJHEURFKHQ'DVWHKWHLQQFKWHUQHUEURPlLJHU 6FKUHLEPDVFKLQHQWLVFKXQGVRZHLWGLHª5KHLQPHWDOO©GDUDXI 3ODW]OlWVWDSHOQVLFKDXIGHU3ODWWH:|UWHUEFKHUXQGHQJOL VFKH=HLWXQJHQ(VVLQGDXFK,OOXVWULHUWHGDEHLXQGGHUHQEH WRQWPRGHUQH)RWRVXQWHUVWUHLFKHQGHQ*HJHQVDW]$QVRQVWHQ VFKHLQWKLHUGLH=HLWVWHKHQJHEOLHEHQ]XVHLQDQVRQVWHQKDWGDV DOOHVHLQHQ$QVWULFKYRQPXVHDOHU:HKPXW ª%LWWH+HUU'HWMHQ©VDJWGLHDOWH'DPHXQGIKUWLKQ]XP 7LVFKDXIGHP.HU]HQEUHQQHQXQGGHUQLFKWSSLJDEHUIHVW OLFKJHGHFNWLVW%HOHJWH%URWH.DUWRIIHOVDODWXQGHLQH7HUULQH PLW:LHQHU:UVWFKHQ'DVªJXWH*HVFKLUU©]ZHLIHOORVEODQN SROLHUWH*OlVHU ª6LHKDEHQHLQ)DPLOLHQIHVW©PXWPDW$FKLPHLQZHQLJYHU OHJHQª8QGLFKSODW]HGDVRKLQHLQ© ª:RKHUGHQQ.RPPHQ6LHQXU©HUPXQWHUWLKQGLH6WLPPH GHU:HLKDDULJHQIUHXQGOLFKª+LHULVW,KU3ODW]6LHVROOHQVLFK ZRKOIKOHQ'LHVLVW,KUHUVWHU$EHQG]X+DXVHQDFKVRYLHOHQ -DKUHQ,FKNDQQPLUYRUVWHOOHQZLH,KQHQ]XPXWHLVW© (UZLUGVRJHVHW]WGDHUGLH0XWWHU]XU/LQNHQ]XU5HFKWHQ GLH7RFKWHUKDWVLHQHKPHQLKQJOHLFKVDPLQGLH0LWWHXQGEH ]LHKHQLKQGDPLWHLQLQLKUH+lXVOLFKNHLW$OVZROOWHQVLHLKPHLQ ELFKHQ:lUPHJHEHQHLQHQ+DXFKKHLPLVFKHQ*HERUJHQ VHLQV

ª$OOHVPHLQHWZHJHQ"© )UDX5DGHPDFKHUZLQNWDEª:DVLVWGDVVFKRQ6FKOLHOLFK VLQG6LHIUXQVGDGUDXHQJHZHVHQ©6LHOHJWLKP6DODWXQG :UVWFKHQDXI8WDVFKHQNW:HLQHLQª9LHOHYHUJHVVHQGDV +HUU'HWMHQ$XIHLQPDOP|FKWHQVLHDOOHVQLFKWPHKUZDKUKD EHQP|FKWHQGDV*HVWHUQ!DEOHJHQZLHHLQHQDOWHQ0DQWHO,FK NDQQGDVQLFKW© 8QZLOONUOLFKVLHKW'HWMHQQRFKHLQPDO]XGHP)RWRPLWGHP 7UDXHUIORU)UDX5DGHPDFKHUIROJWVHLQHP%OLFN ª8QVHU9DWL©,QLKUHU6WLPPHVFKZLQJWGLH(ULQQHUXQJª(U LVWYRU0RVNDXJHIDOOHQ©6LHZHQGHWVLFK]XUFNª:LUQHKPHQ LPPHU+HLPNHKUHUDXIZHQQ7UDQVSRUWHNRPPHQ,FKGHQNH VWHWVHUKlWWHDXFKHLQHV7DJHVYRUHLQHUIUHPGHQ7UVWHKHQ N|QQHQ0LWOHHUHQ+lQGHQ9RUGHP1LFKWV©8QYHUPLWWHOW ZHFKVHOWVLHGDV7KHPDXQGJUHLIW]XP*ODVª$XI,KUH+HLP NHKU+HUU'HWMHQ© :LHYRQVHOEVWVWHOOWVLFKIUGHQ)OLHJHUGLH1RWZHQGLJNHLW KHUGLH+DOWXQJPLWGHUHUHLQWUDWEHL]XEHKDOWHQGDV.UHX] GXUFK]XGUFNHQXQGGDV*ODVPLWDQJHZLQNHOWHP$UPH[DNW ELVLQGLH+|KHGHV]ZHLWHQ8QLIRUPNQRSIHV]XKHEHQ'DGDV DOOHVPDNDEHUVHLXQGGDHUVLFKJDUQLFKWZRKOIKOHGHQNWHU $POLHEVWHQZUGHHUPLWGHU)UDXEHKXWVDP]XVSUHFKHQEH JLQQHQXQGLKUVDJHQGDHVZHGHULKUVHOEVWQRFKDQGHUHQ QXW]WGLH9HUJDQJHQKHLWXQJHZHUWHWPLW+DUWQlFNLJNHLW]XEH ZDKUHQVRQGHUQGDHVDQGHU=HLWVHLVLH]XEHUZLQGHQXQG VLFKGHU*HJHQZDUWDXI]XVFKOLHHQ$XFKXPGHU7RFKWHUZLO OHQDXFKGDPLWQLFKWGHUHQNQIWLJHU0DQQVRVLQQORVIUHLQH VFKOHFKWH6DFKHVWLUEWZLHGHU0DMRUYRU0RVNDX'DVLFKHEHQ GLHVZLHGHUKROHQNDQQJLOWHVKHXWHXQGKLHU]XYHUKLQGHUQ $FKLP'HWMHQVFKZHLJW6R]XVSUHFKHQKLHHDXVGHU5ROOH]X IDOOHQ'DVNDQQHUQLFKWRKQHDOOHV]XJHIlKUGHQXQGGLH6D FKHPLW%RUQLVWRKQHKLQVFKRQLQV$XJHJHJDQJHQ 8WDEHPKWVLFKGLHXQYHUVHKHQVJHWUDJHQH6WLPPXQJDXI ]XORFNHUQ6LHVFKZDW]WPXQWHUGUDXIORVª0XWWLKDWEHUHLWVJH IUFKWHWGHUJDQ]H7UDQVSRUWZUGHKHXWHDEJHIHUWLJWZHUGHQ XQGGLH$EJHIHUWLJWHQIDKUHQLPPHUJOHLFKZHLWHU©

'HWMHQLVWLKUGDQNEDU(UZHQGHWVLFKGHP0lGFKHQ]X8WD ]XEHWUDFKWHQPDFKW)UHXGH$FKW]HKQRGHUQHXQ]HKQLVWVLH JURXQGNUlIWLJJHZDFKVHQPLWHLQHUOXVWLJHQ6WXSVQDVHXQG PLWWHOEORQGHP+DDU(LQ%DQGKlOWHV]XVDPPHQLQGHPGDV 6FKRWWHQPXVWHULKUHV.OHLGHVZLHGHUNHKUW(LQKHOOHVRIIHQHV IU|KOLFKHV*HVLFKW$FKLPGHQNWGD8WDGLH0HLQXQJLKUHU 0XWWHU]ZDUXQZLGHUVSURFKHQOlWVLHDEHUJHZLQLFKWLQDOOHQ 3XQNWHQWHLOW ª(VLVWQXUHLQNOHLQHU6FKXEEULJJHEOLHEHQ,FKZDUXQWHU GHQ/HW]WHQ(VZLUGPRUJHQQLFKWODQJHGDXHUQ© 8WDVLHKWLKQPLWXQEHIDQJHQHU1HXJLHUDQª,KUH$QJHK|UL JHQKDEHQVRODQJHJHZDUWHWXQGQXQYHUJHKWLPPHUQRFKHLQH 1DFKW6FKHXOLFKMD"© 'HU)OLHJHUEOLFNWDXIV%HVWHFNª$XIPLFKZDUWHWQLHPDQG© HUNOlUWHUEHLQDKHVFKURII'DVHLQH:RUWH6FKZHLJHQXQGYHU ZXQGHUWH%OLFNHDXVO|VHQIlKUWHU]XUFNKDOWHQGIRUWª,FKELQ DXV+DPEXUJ0HLQH(OWHUQVLQGEHLHLQHP%RPEHQDQJULIIXP JHNRPPHQXQGVRQVWKDEHLFKQLHPDQGHQ© 8WDV8QEHIDQJHQKHLWLVWZLHZHJJHZLVFKW,QLKUHQ$XJHQ VWHKWVRYLHO0LWOHLGGD'HWMHQLKUHP%OLFNDXVZHLFKW ª0HLQ0DQQLVWDXIGHP9RUPDUVFKJHIDOOHQPLWGHP*ODX EHQDQGHQ6LHJ©IKUW)UDX5DGHPDFKHUGDV*HVSUlFKZHLWHU 5HFKWJHVFKLFNWOHQNWVLHHVYRQLKUHV*DVWHV,QWLPVSKlUHZHJ ª'DVZDVZLUKHXWHHUOHEHQLVWLKPHUVSDUWJHEOLHEHQ'LH 5XVVHQLQ%HUOLQ(LQ7HLOXQVHUHV9DWHUODQGHVXQWHUGHU+HUU VFKDIWGHU.RPPXQLVWHQ8QG%ULWHQXQG$PHULNDQHUVHKHQ WDWHQORV]X6LHMDJHQGLH0lQQHUGLHLKQHQ9RUELOGHULP .DPSIJHJHQGLH*HIDKUDXVGHP2VWHQVHLQVROOWHQ© 8WDZHLZDVMHW]WNRPPWXQGVLHYHUVXFKW]XEUHPVHQ ª%LWWH0XWWL©IOHKWVLH )UDX5DGHPDFKHUVXFKWLQGHP)OLHJHUHLQHQ9HUEQGHWHQ ª+DEHLFKQLFKWUHFKW"© $FKLPZLUGOHEKDIW8WDNDQQQLFKWZLVVHQGDLKUJXWJH PHLQWHU9HUVXFKLKPHLQHVROFKH'HEDWWH]XHUVSDUHQLKP PHKUVFKDGHQDOVQXW]HQZUGH(UNRPPWDXVHLQHPZHLWHQW IHUQWHQ.ULHJVJHIDQJHQHQODJHUHUNHQQWGLHJURHQ(QWZLFN

OXQJVOLQLHQGHU1DFKNULHJVJHVFKLFKWHDEHUHUKDWKLHU]XPHU VWHQPDOGLH0|JOLFKNHLWVLFKPLWGHQ'HQNZHLVHQHLQHUYHU JOHLFKVZHLVHDOOWlJOLFKHQ)DPLOLHLQGHU%XQGHVUHSXEOLNYHU WUDXW]XPDFKHQXQGVLFKGDUDXIHLQ]XVWHOOHQ-HJUQGOLFKHUHU GDVWXWXPVREHVVHU ª,FKEH]ZHLIOHDXFKGDGDVLP6LQQHGHUZHVWOLFKHQ5HJLH UXQJLVW©NQSIWHUEHUHLWZLOOLJDQ)UDX5DGHPDFKHUV:RUWH DQª$EHUEHGHQNHQ6LHLKUH$UPHHQKDEHQJHJHQ+LWOHUJH NlPSIWKDEHQ2SIHUJHEUDFKW'DZUGHQHVLKUH9|ONHUZRKO NDXPYHUVWHKHQZHQQPDQLKQHQMHW]WPLWGHUJOHLFKHQ3DUROH YRP.DPSIJHJHQGHQ%ROVFKHZLVPXVNlPHPLWGHUZLUORVJH ]RJHQVLQG© *HKWHUGDPLWVFKRQ]XZHLW"'RFK)UDX5DGHPDFKHUEH WUDFKWHWGDVDOVHLQUHLQWKHRUHWLVFKHV3UREOHP ª'DVNDQQQXUHLQH)UDJHGHU=HLWVHLQ© ª*ODXEHQ6LH"© 'LH0DMRUVZLWZHLVWGDYRQEHU]HXJWª9RQGHQ5XVVHQ WUHQQHQXQV:HOWHQ'DVLH]XGHQ6LHJHUQJHK|UHQZDVEH GHXWHWGDV0LW$PHULNDDQXQVHUHU6HLWH© 'HWMHQGHQNWGDGDVJHIlKUOLFKH8QWHUQHKPHQDXIGDVHU VLFKHLQJHODVVHQKDWXQGGHVVHQ$XVJDQJQRFKY|OOLJXQJHZL LVWQRWZHQGLJZXUGHXQG]XPULFKWLJHQ=HLWSXQNWEHJLQQW ª'LH*HVFKLFKWHNRUULJLHUHQ"© ª-D8QG*RWWVHL'DQNZHUGHQGLH)lGHQVFKRQJHNQSIW 6HLHQ6LHQXUHUVWHLQSDDU:RFKHQKLHUGDQQZHUGHQ6LHHVVH KHQ,FKDUEHLWHDOV'ROPHWVFKHULQLUJHQGHWZDVPXPDQMD WXQ©)UDX5DGHPDFKHUWXSIWVLFKPLWGHU6HUYLHWWHGHQ0XQG DEJHKW]XP6FKUHLEPDVFKLQHQWLVFKKLQEHUXQGNHKUWPLWHL QHU1XPPHUGHVDPHULNDQLVFKHQ1DFKULFKWHQPDJD]LQV ª861HZVDQG:RUOG5HSRUW©]XUFN(VLVWNHLQQHXHV+HIW $FKLPVLHKWGDV'DWXPYRP2NWREHU(UHUIlKUWVR IRUWZDUXPGLH*DVWJHEHULQGLHVH1XPPHUDXIKHEWª+LHUGDV KDEHLFKPLU]XU6HLWHJHOHJW'DKHLWHV©6LHEHUVHW]W IOLHHQGª0LOLWlULVFKH)KUHUGHU86$EHIUZRUWHQHLQVWDU NHV'HXWVFKODQG6LHVHKHQLQ'HXWVFKODQGHLQPLOLWlULVFKHV 3RWHQWLDOGDVYLHOJU|HULVWDOVGDVLPEULJHQ(XURSD:R]X

EUDXFKWHQVLHGHXWVFKH6ROGDWHQZHQQVLHPLWGHQ9HUEQGH WHQYRQJHVWHUQ+DQGLQ+DQGJHKHQZROOWHQ"© 8WDLVWGDV7KHPDDXVJHVSURFKHQXQEHKDJOLFKª:ROOWHQZLU QLFKW$EHQGEURWHVVHQ0XWWL"© (LQVWUDIHQGHU%OLFNWULIIWVLHª'XELVWVWLOO,FKELQEHU ]HXJWGDGDV+HUUQ'HWMHQEUHQQHQGLQWHUHVVLHUW1LFKW ZDKU"© ª-DVHKU©DQWZRUWHWHU(VHQWVSULFKWGHU:DKUKHLW 6REHVWlWLJWIlKUWGLH0DMRUVZLWZHIRUWª1DWUOLFKPX +HUU$GHQDXHUHUVWHLQPDOGDVYHUVWlQGOLFKH0LWUDXHQGHU$O OLLHUWHQEHUZLQGHQ(UZLUGHVVFKDIIHQ]lKZLHGHUDOWH+HUU LVW© 'HWMHQVFKQHLGHWHLQHZHLWHUH:XUVWNOHLQª(LQH)UDJHGLH PLFKDOV+HLPNHKUHUQXQQDWUOLFKEHZHJW.DQQPDQ,KUH (LQVWHOOXQJYHUDOOJHPHLQHUQJQlGLJH)UDXGHQNHQDOOHVR"© 6LHVFKHQNWLKP:HLQQDFKª9LHOH:DVPHLQH.UHLVHDQEH ODQJWVHKUYLHOH'LHDQGHUHQ'DPDFKWPDQVLFKOHLGHUZH QLJ*HGDQNHQEHUGLH=XNXQIW/HEHQZROOHQVLH-DJGQDFK GHP0DPPRQ*XWHVVHQXQGWULQNHQ$QVFKDIIHQ:HUGD XQGZLHHUUHJLHUWLVWLKQHQJOHLFKJOWLJZHQQQXUGLH/RKQWWH SUDOOJHIOOWLVW6LHVLQGLPPHUPLWJHODXIHQVLHODXIHQDXFKZHL WHUPLW'LHVH0DVVHOlWVLFKPDQLSXOLHUHQZLHHKXQGMH© 8WDVHXI]W(LQELFKHQDQGHUVKDWVLHVLFKGDV$EHQGHVVHQ YRUJHVWHOOWLQGHPLKUHUVHLWVYLHO0KHVWHFNWGLHVQRFKGD]X DXI.RVWHQGHU9RUEHUHLWXQJIUHLQH0DWKHPDWLNDUEHLW6SKl ULVFKH7ULJRQRPHWULH'DYRUJUDXWLKUVRZLHVR6LHNDQQVLFK QLFKWYRUVWHOOHQGDGHP)OLHJHUGLHVHU$EHQGJHIlOOW:DKU VFKHLQOLFKLVWHUEOR]XK|IOLFKGHU0XWWHUHLQHQDQGHUHQ*H VSUlFKVVWRIIDXI]X]ZLQJHQ (QHUJLVFKVWHKWVLHDXIXQGJHKW]XGHUDOWHUWPOLFKHQ0XVLN WUXKH6LHKlWWHJDQ]JHUQHLQHLKUHUIORWWHQ7DQ]SODWWHQDXIJH OHJWGRFKGDVWUDXWVLHVLFKQLFKW6RVFKDOWHWVLHGHQ5DGLRVXSHU HLQª,FKPDFKHHUVWHLQPDOHLQELFKHQ0XVLN©-HW]WLVWVLHHQW VFKORVVHQGHPIUVLHODQJZHLOLJHQ*HVSUlFKHLQH:HQGH]X JHEHQ:lKUHQGVLHYRUGHP$SSDUDWKRFNWXQGGDUDXIZDUWHW GDGLH5|KUHQZDUPZHUGHQIUDJWVLHEHUGLH6FKXOWHUª:DV

ZHUGHQ6LHMHW]WDQIDQJHQ+HUU'HWMHQ"%HVWLPPWKDEHQ6LH 3OlQH© (UNQOOWGLH3DSLHUVHUYLHWWHXQGOHKQWVLFK]XUFNª,FKZHL HVQLFKW)UlXOHLQ8WD,FKKDEHQLFKWVJHOHUQWDXHU]XIOLHJHQ 0DOVHKHQ© 8QZLOONUOLFKWDVWHW$FKLPQDFKVHLQHU%UXVWWDVFKH'LH $GUHVVHYRQ%RUQ(UPXZLHGHULQGLH1lKHGLHVHV0DQQHV JHODQJHQNRVWHHVZDVHVZROOH

(VLVWDOVREGLH/LFKWEDKQHQGLHDXVGHP%DKQKRIVJHElXGH XQGHLQLJHQ)HQVWHUQGHU%DUDFNHIOLHHQGDQDFKVWUHEHQLQ GHU0LWWHGHV9RUSODW]HV]XVDPPHQ]XWUHIIHQ'RFKVLHHUUHL FKHQHLQDQGHUQLFKW8PGLHVH=HLWEHUHLWHWVLFKGLH.OHLQVWDGW YRUVFKODIHQ]XJHKHQ1XUZHQLJH5HLVHQGHVLQGPLWGHPOHW] WHQ=XJJHNRPPHQHLQPLJHODXQWHU%DKQSROL]LVWIKUWHLQHQ HEHQVRYHUGURVVHQHQ6FKlIHUKXQGKHUXPXQGGHU%ULHINDVWHQ YRUGHP%DKQKRIZLUGJHOHHUW6FKRQ]LHKWGHU%HDPWHGHQOH GHUQHQ3RVWVDFNDXVGHQ6FKLHQHQXQGNQDOOWGLH%RGHQNODSSH LQV6FKQDSSVFKOR(UGUHKWPLWGHP9LHUNDQWGHQ7HUPLQGHU QlFKVWHQ/HHUXQJDXIGHU$Q]HLJHWDIHOHKHHU]XGHPNDQD ULHQJHOEHQ(OHNWURZDJHQ]XUFNNHKUWPLWGHPHLQ.ROOHJH PRUJHQIUKXPDFKWZLHGHUKLHUHUVFKHLQHQZLUG'LH6FKHLQ ZHUIHUVWUDKOHQGHVIUHXQGOLFKVXUUHQGHQª6XSSHQWULHVHOV© VWUHLFKHQEHLP$QIDKUHQXQG:HQGHQEHUGHQ3ODW]6LHHUIDV VHQ0lGFKHQGLHPLWDPHULNDQLVFKHQ%HVDW]XQJVVROGDWHQ]X VDPPHQVWHKHQXQGGHQHQGDVSO|W]OLFKHKHOOH/LFKWJHQLHUOLFK LVWXQGJOHLWHQEHUHLQHQLP'XQNHOQSDUNHQGHQDOWHQ2SHO KLQZHJ'HUKlOW]LHPOLFKQDKHEHLGHU%DUDFNH .DLVHUGDV9RJHOJHVLFKWVLW]WQHEHQGHP)DKUHUVFKQLSSW YRQ=HLW]X=HLWHLQHQ=LJDUHWWHQUHVW]XHLQHP)HQVWHUVSDOW KLQDXVXQGJLEWVLFKNHLQH0KHVHLQH8QJHGXOG]XYHUEHUJHQ (UDWPHWK|UEDUDXIDOVVLFKGLH%DUDFNHQWU|IIQHW/DFKPDQQ XQGGLH6HNUHWlULQ*LVHODWUHWHQKHUDXVYHUDEVFKLHGHQVLFKXQG JHKHQLQYHUVFKLHGHQH5LFKWXQJHQ*LVHODZLUGDEJHKROWHLQ 0DQQPLW.OHLQPRWRUUDGKlOWSO|W]OLFKQHEHQLKUXQGVLHNW LKQHKHVLHKLQWHULKPDXIVLW]W/DFKPDQQJHKWVWDGWHLQZlUWV

XQVFKHLQEDUHLQZHQLJJHEHXJWPGH(UVLHKWVLFKQLFKWXP -HW]WVWHLJW.DLVHUDXVXQGOlXIW]XU%DUDFNHKLQEHUGLHHU RKQH8PVFKZHLIHEHWULWW(UNHQQWVLFKKLHUDXVGXUFKTXHUW GHQ:DUWHUDXPXQG|IIQHWGLH7UKLQWHUGHUHU6FKU|GHUZHL XQGGXUFKGLH/LFKWVFKLPPHUW/DXWORVDXIVHLQHQ.UHSSVRK OHQVWHKWHUVRXQYHUPLWWHOLP=LPPHUGD6FKU|GHUHUVFKURN NHQ]XVDPPHQIlKUW ª%LVWGXYHUUFNWJHZRUGHQ"©VFKLPSIWHUGDQQPLWXQWHU GUFNWHU6WLPPHª,FKKDEHGLUKXQGHUWPDOJHVDJWGDGXQLFKW KLHUKHU© 'HU%HVXFKHUPLWGHPJUDXHQEUHLWNUHPSLJHQ)LO]OlWLKQ QLFKWDXVUHGHQª0DFKGLUEORQLFKWLQGLH+RVHQ©VSRWWHWHU XQGVFKOLHWKLQWHUVLFKGLH7Uª'HU+HUU*HQRVVHLVWZHJ 6HLQH7LSSPLH]HDXFK8QVVW|UWNHLQHU© ª:DVZLOOVWGX"© .DLVHUVLW]WDXIGHU6FKUHLEWLVFKNDQWHVFKLHEWGHQ+XWPLWHL QHPOHLFKWHQ6WRZHLWHULQGHQ1DFNHQXQGEDXPHOWPLWGHQ %HLQHQª(UVWHQV©EHJLQQWHUPLWJHZRKQWHU0RQRWRQLH ª+DEWLKUHLQHQ'HWMHQ$FKLPDEJHIHUWLJW",VWDXV+DPEXUJ© 'HUDQGHUHDWPHWDXI:HQQHVZHLWHUQLFKWVLVWª'HWMHQPLW 'RUD"©IUDJWHU]XUFNXQG]LHKWEHUHLWZLOOLJHLQHQ.DUWHLND VWHQ]XVLFKKHUDQ ª0LW'RUD©EHVWlWLJWGDV9RJHOJHVLFKW 6FKU|GHUOlWGLH.DUWHLNDUWHQGXUFKVHLQH)LQJHUJOHLWHQ ª'HUZDUQRFKQLFKWKLHU©EHGDXHUWHUª=ZHLKXQGHUWHWZD VLQGEULJJHEOLHEHQXQGNRPPHQPRUJHQGUDQ© ª'DQQ]ZHLWHQV:RKDEWLKU'HWMHQPLW'RUDXQWHUJH EUDFKW"© ª'DNDQQLFKGLUQLFKWKHOIHQ'LH/LVWHKDW/DFKPDQQLQVHL QHU$NWHQWDVFKH© .DLVHUVFKQLSSWHLQHª*ROG'ROODU©DXVVHLQHU3DFNXQJXQG QLPPWVLHPLWGHQ/LSSHQDXI6HLQH/LGHUVLQGKDOEJHVFKORV VHQHUEHUOHJW3O|W]OLFKUXWVFKWHUYRQGHU6FKUHLEWLVFKNDQWH =LHOVWUHELJEHZHJWHUVLFKDXIGLH7U]XGLHLQGHQ$UEHLWV UDXPGHUDOOLLHUWHQ.RQWUROORIIL]LHUHIKUWOHJWGLH+DQGDXIGLH .OLQNHXQGEHILHKOWª6FKOLHDXI©

'HU.DUWHLIKUHUZHLJHUWVLFKª'DVNDQQPLFK.RSIXQG .UDJHQNRVWHQ© 'DV9RJHOJHVLFKWVLHKWLKQDQZLHGLH6FKODQJHHLQ.DQLQ FKHQDQVFKDXWGDVVLHJOHLFKIUHVVHQZLUGª:LUKDEHQGLFK QLFKWKLHUKHUHLQJHEUDFKWGDPLWGXGLUGHQ$UVFKZlUPVW© ]LVFKWHULKQDQª'XELVWKLHUDOVYRUJHVFKREHQHU3RVWHQGHV .DPHUDGHQKLOIVZHUNV$XIPDFKHQ©6HLQH6WLPPHLVWVFKDUI XQGVFKQHLGHQG 'HUKQHQKDIWH6FKU|GHUPDFKWVLFKNOHLQ(UGHUDQ*U|H XQG%UHLWHGDV'RSSHOWHYRQ.DLVHULVWZLQVHOWª:HQQMHW]W HLQHUUHLQNRPPWLVWHVPLWPLUDXV(VLVWVRVFKRQVFKZHUJH QXJIUPLFK'XNHQQVW/DFKPDQQQLFKWGLHVHQ6R]L© 'DUDXIHUIROJWNHLQH$QWZRUW.DLVHUVLHKWLKQQXUDQGLH +DQGLPPHUQRFKDXIGHU.OLQNHXQGZDUWHW'D]LHKW6FKU| GHUZWHQGGLH6FKUHLEWLVFKODGHDXIQLPPWHLQH6WDKONDVVHWWH KHUDXVXQGDXVGLHVHUZLHGHUXPHLQHQ6LFKHUKHLWVVFKOVVHO0LW LKP|IIQHWHUGLH7U ª,VW'HWMHQHLQHUYRQXQV"©ZLOOHUQHEHQKHUZLVVHQ :LHGHUEOHLEWHURKQH$QWZRUW'DVW|WHUGHQ)OJHODXI .DLVHUWULWWLQGHQGXQNOHQ5DXPGHUYRP/LFKWVFKHLQDXV 6FKU|GHUV=LPPHUVSlUOLFKHUKHOOWZLUGª'XKDVWPDOJHVDJW VLHODVVHQPDQFKPDOLKUH/LVWHQKLHUZHQQHVDPQlFKVWHQ7DJ ZHLWHUJHKW:R"© ª'RUWLP5HJDO$EHUEHHLOHGLFKLFKIOHKHGLFKDQ© 'DV9RJHOJHVLFKWLJQRULHUWLKQ.DLVHUKDWHLQHZLQ]LJH7D VFKHQODPSH]XU+DQGGLHHUHLQVFKDOWHWXQG]ZLVFKHQGLH =lKQHQLPPWXPGLH+lQGHIUHL]XKDEHQ7DWVlFKOLFKOLHJHQ GLHJHVXFKWHQ/LVWHQLP5HJDO(VVLQGHLJHQWOLFK6DPPOXQJHQ YRQORVHQ%OlWWHUQGLHLQ/HLW]2UGQHUQYRQ2NWDYIRUPDW]X VDPPHQJHIDWZXUGHQ 'LHVH/LVWHQJOHLFKHQDXIV+DDUSROL]HLOLFKHQ)DKQGXQJVE FKHUQ 'LHIULVFKH/XIWDPZHLWJH|IIQHWHQ)HQVWHUWXW$FKLP'HWMHQ JXWXQGEHOHEWLKQ(UVLHKWKLQDXVDXIHLQHQlFKWOLFKGXQNOH PHQVFKHQOHHUH6WUDHXQGIKOWZLHJDQ]ODQJVDPGLH(UUH

JXQJGLHVHV7DJHVLQLKPDENOLQJW'HQKDWHUHUVWHLQPDOEHU VWDQGHQ(UGHKQWVLFKZRKOLJXQGZHQGHWVLFKLQV=LPPHU 8WDYHUZDQGHOWGLH&RXFKLQHLQ%HWWXQGHVPDFKW6SD]X VHKHQZLHJHVFKLFNWXQGXPVLFKWLJVLHGDVWXW'DV+DDUIlOOWLKU HLQZHQLJLQV*HVLFKW$FKLPV%OLFNIROJWGHU/LQLHYRQ8WDV 5FNHQXQGHQWGHFNWQLFKWRKQH:RKOJHIDOOHQGLHJXWJHIRUP WHQVFKODQNHQ%HLQHGHV0lGFKHQV'HUZHLWVFKZLQJHQGHZD GHQDQJH5RFNªQHZORRN©QHQQWVLFKGLHVH0RGHOlWQLFKW DOO]XYLHOGDYRQVHKHQDEHULPPHUKDW9HUKOOXQJPHKUJHORFNW DOV(QWKOOXQJ6HLWGLH=HLWGHU.OHLGHUNDUWHQXQGGHU%HZLUW VFKDIWXQJYRUEHULVWVFKZHOJHQGLH6FKQHLGHUHUVWHLQPDOLQ 6WRII ª,FKZHLQLFKWZLH6LHGD]XVWHKHQ©VDJW8WDXQGVFKWWHOW HLQ.LVVHQDXIª6LHLVWHEHQVFKRQODQJHDOOHLQXQGYHUELWWHUW $OVGLHDPHULNDQLVFKHQ)OXJ]HXJH7DJIU7DJEHUGLH6WDGW IORJHQKDWVLHJH]LWWHUWZLHDOOHDQGHUHQXQGJHVDJWVLHZROOH OLHEHUELVDQLKU/HEHQVHQGHWURFNHQHV%URWHVVHQDOVGDVQRFK HLQPDO]XHUOHEHQ'RFKMHW]WHUVFKHLQWLKUGDVZDVZDUVFK|Q ZHLO9DWLQRFKOHEWH6LHGHQNWDQGLHVH=HLWZLHDQHWZDV*UR HV© 'HWMHQVWHPPWGLH+lQGHKLQWHUVLFKDXIV)HQVWHUEUHWWª8QG 6LH)UlXOHLQ8WD"© 6LH]XSIWGLH%HWWGHFNHJHUDGHREZRKOGLHY|OOLJJHUDGHOLHJW ª,FKP|FKWHNHLQHQ.ULHJPHKUHUOHEHQ1LFKWDXFKHLQHV7DJHV VRDOOHLQVHLQZLH0XWWL©6LHULFKWHWVLFKDXIXQGOlFKHOWHLQZH QLJYHUOHJHQª(LQJXWHV$ELYLHOOHLFKWVWXGLHUHQKHLUDWHQ .LQGHUKDEHQXQGIULHGOLFKOHEHQ© ª6SUHFKHQ6LHGDUEHUPLW,KUHU)UDX0XWWHU"© 8WDWULWW]XLKP:LHDOWH%HNDQQWHKRFNHQVLHQHEHQHLQDQ GHUDXIGHP)HQVWHUEUHWWª:DUXPIUDJHQ6LH"© $FKLPVXFKWLKUHQ%OLFNª1XUVR)U,KUH)UDX0XWWHULVW ZRKOGHU.ULHJQRFKQLFKW]X(QGH"© ª:DVYRUKLQDP7LVFKJHVDJWZXUGH1HKPHQ6LHHVHLQ IDFKQLFKWHUQVW,FKWXHHVDXFKQLFKW©6LHVSULFKWOHLVHUª$EHU GDVEOHLEWXQWHUXQVKP"© (UNDQQVLFKHLQHV/lFKHOQVQLFKWHUZHKUHQª1DWUOLFK©(U

PXYRP)HQVWHUEUHWWKHUXQWHUGHQQVLHZLOOGDV)HQVWHU VFKOLHHQ1XQVWHKWHUKLQWHULKUXQGEHREDFKWHWDOV8WDQDFK GHQ5LHJHOQJUHLIWGDV6SLHOLKUHU6FKXOWHUEOlWWHUXQWHUGHP .OHLGHUVWRII ª,FKZQVFKH,KQHQYRQJDQ]HP+HU]HQGD6LHEDOGZLHGHU HLQ=XKDXVHILQGHQXQGDOOHVYHUJHVVHQZDVKLQWHU,KQHQOLHJW© VDJWVLHSO|W]OLFKPLWXQHUZDUWHWHU:lUPHXQG+HU]OLFKNHLWXQG GUHKWVLFKXP ª.DQQPDQGDV"©]ZHLIHOWHU 8WDYHUVXFKWLQVHLQHP*HVLFKW]XOHVHQLQGLHVHP*HVLFKW LQGHPGLH.ULHJVMDKUHLKUH6SXUHQKLQWHUODVVHQKDEHQGDVHLQH JHZLVVH+lUWHEHVLW]WXQGGRFKRIIHQXQGYHUWUDXHQHUZHFNHQG ZLUNW'LHVHU)OLHJHUZLUGLKUGLH:DKUKHLWVDJHQª:DUHVVHKU VFKOLPPEHLGHQ5XVVHQ"©IUDJWVLH]|JHUQG ª,FKKDE VEHUOHEW©*DQ]SO|W]OLFKVLHKWHUVLFKQHXHUOLFKDQ VHLQH5ROOHHULQQHUWXQGVWHKWLQLKU 'LH$QWZRUWJHQJWLKUQLFKWª6LHKDEHQJHKXQJHUWMD"© (UZLHJWGHQ.RSIª:LHGLH5XVVHQVHOEVW6LHKDEHQGDV /DQGQLFKWJHVHKHQ)UlXOHLQ8WD:RODQJHJHNlPSIWZXUGH KDEHQZLUNHLQHQ6WHLQDXIGHPDQGHUHQJHODVVHQGLH6WRSSHO KRSVHUVRZHQLJZLHZLU)OLHJHU'DUDQJHPHVVHQVLQGZLUDQ VWlQGLJEHKDQGHOWZRUGHQ© 6LHYHUVFKUlQNWGLH$UPHXQWHUGHUKRKHQIHVWHQ%UXVW ª0XWHQ6LHVFKZHUDUEHLWHQ"© ª,FKPXWHQLFKWLFKELQ2IIL]LHU$EHULFKKDEHHVIUHLZLOOLJ JHWDQ$UEHLWKLOIWHLQHPEHUYLHOHVKLQZHJZLVVHQ6LH,FK KlWWHHVQLFKWDXVJHKDOWHQVRKHUXP]XVLW]HQ(VVLQGKHUUOL FKH:lOGHU,QVROFKHU:HLWHEHNRPPHQ6LHVLHKLHUQLH]XVH KHQ© :LHGHUZLUGLKUH6WLPPHOHLVHU6LHVLHKWDXIGLH)XVSLW]HQ ZlKUHQGVLHIUDJWª:XWHQ6LHGDVFKRQGDLQ+DP EXUJ"© ª-D© 6HKUXQJHVFKLFNWVLHZLUGVRJDUURWGDEHLVWUHFNWVLHGLH +DQGDXVXQGEHUKUWVHLQHQ$UPPLWHLQHUVWUHLFKHOQGHQ*H VWHª6LHWXQPLUVROHLG,FKZUGH,KQHQJHUQHLQH)UHXGHPD

HEHQ:HQQLFKQXUZWHZLH"© :LHOHLFKWHVZlUHGLHVH6LWXDWLRQDXV]XQXW]HQ:HQQHUVLH HLQIDFKLQGLH$UPHQlKPH$FKLP'HWMHQOLHJWHVIHUQLKUH ZDUPKHU]LJH)UDXOLFKNHLW]XPLEUDXFKHQ(UEOHLEWVWHKHQZR HUVWHKW 6LH]LHKWGLH+DQG]XUFNª:HQQ6LHP|JHQ©VDJWVLHYHU ZLUUWXQGLVWLKPGRFK]XJOHLFKGDQNEDUªGDQQVFKUHLEHQ6LH XQVPDO0LU,FKZUGHPLFKIUHXHQ©6LHLVWJDUQLFKWHQW WlXVFKW,P*HJHQWHLOVHLQ9HUKDOWHQIO|WLKU9HUWUDXHQHLQ ,P.RUULGRUQlKHUQVLFKGLH6FKULWWHGHU0XWWHUª8WD©UXIW VLHª+HUU'HWMHQPXWRGPGHVHLQXQGGXVFKZDW]WXQG VFKZDW]W© ,P+DXVDP6WDGWUDQGVLW]W%RUQKLQWHUYHUKlQJWHQ)HQVWHUQ XQGOLHVW=HLWXQJHQ6W|HYRQ=HLWXQJHQMHGHUSROLWLVFKHQ 5LFKWXQJ$OV.DLVHUKHUHLQNRPPWVFKDXWHUDXIª(WZDVHU UHLFKW"© 'DV9RJHOJHVLFKWOHJWGHQ0DQWHODEXQGVFKLHEWGHQ+XWLQ GHQ1DFNHQª-DXQGQHLQ)HVWVWHKWGD,KU'HWMHQLQGHU IUDQ]|VLVFKHQ/LVWHYHUHZLJWLVW© ª(LQ]HOKHLWHQ"© 'HU+DJHUHKHEWGLH6FKXOWHUQª.HLQHQlKHUHQ$QJDEHQ 1XUGLH3HUVRQDOLHQ'DV*DQ]HXQWHUGHU5XEULN.ULHJVYHU EUHFKHQ!© %RUQQLFNW)DVWZLUNWHU]XIULHGHQª,FKKDEHMDLPPHUJH VDJW'HU0DQQLVWHFKW:RVWHFNWHU"© ª'XUFKGLH.RQWUROOHJLQJHUQRFKQLFKW(UKlOWVLFKLQGHU 6WDGWDXI'LHPRUJHQGUDQNRPPHQVLQGDOOHLQ3ULYDWTXDUWLH UHQXQWHUJHEUDFKW$GUHVVHXQVHUHUVHLWVQLFKWIHVWVWHOOEDU:LU N|QQHQLKQEHVWHQIDOOVPRUJHQIUKHUZLVFKHQ© ª8QGZHQQHUEHU1DFKWYHUVFKZLQGHW"© ª:LHGHQQ"2KQH3DSLHUHRKQH*HOG"(UNRPPWQLFKWZHLW 6LHVDJWHQGRFKHUKDEHQLHPDQGHQ© %RUQVWHKWDXIXQGOlXIWGXUFKV=LPPHUª/lWHVVLFKPD FKHQGDVHLQH3DSLHUHGHQDOOLLHUWHQ6FKQIIOHUQQLFKWYRUJH OHJWZHUGHQ"©

.DLVHUVFKQLSSWZLHGHUHLQHª*ROG'ROODU©DXVGHP3lFN FKHQª8QP|JOLFK6RODQJHGLHVHU/DFKPDQQGDVLW]W© ª:HU"© 'DV9RJHOJHVLFKWIOHJHOWVLFKDXIGHQ6HVVHOUDQGXQGOlWVHLQ )HXHU]HXJVFKQDSSHQª'HU&KHIGHU7UXSSHLQGHU%DUDFNH $OWHU6R]LDOGHPRNUDWELVDXIGLH.QRFKHQ+DWXQVHUHLQHQ ZLHGLH3HVW(LQSDDU-DKUH6FKXW]KDIW.=XQGVRZHLWHU© %RUQEOHLEWVWHKHQZLSSWDXIGHQ=HKQVSLW]HQXQGVFKWWHOW IDVVXQJVORVGHQ.RSIª8QGGDVOlWPDQVLFKELHWHQ"© .DLVHUJULQVWª6LHPVVHQVLFKHUVWDQGLHQHXHQ9HUKlOWQLVVH JHZ|KQHQ+HUU)HOJHQNDPS.|QQHQ6LHVLFKEHUKDXSWYRU VWHOOHQZLHYLHOH/HXWHGLH6FKQDX]HYROOKDEHQXQGMHW]WGHQHQ YHUWUDXHQGLHJHJHQXQVZDUHQ"6LHKDEHQGRFKHEHQJHOHVHQ© XQGHUGHXWHWDXIGHQ=HLWXQJVEHUJªZHOFKHV(FKRGLHVHU 6WRFNKROPHU$SSHOOKDWbFKWXQJGHU$WRPERPEHXQGVRZHL WHUXQGVRZHLWHU:HQQHVDXFKZHKWXW+HUU)HOJHQNDPSZLU PVVHQOHLVHWUHWHQ(VJLEWVLFKDOOHVZLHGHUDXFKZHQQHVELV MHW]WQLFKWVRDXVVLHKW© ª(VVLHKWYHUGDPPWQLFKWVRDXV© ª9HUJHVVHQ6LHQLFKWGDHV]ZHLGHXWVFKH6WDDWHQJLEW'LH GUEHQODVVHQQLFKWORFNHUXQGGDVVWlUNWEHLXQVGLH3RVLWLRQ VROFKHU/HXWHZLHGLHVHV/DFKPDQQ6REDOGZLUZLHGHULQGHQ 6DWWHONRPPHQVFKLHHQZLUVLHDEGRFKKHXWH© %RUQJHKW]XP7LVFK]XUFNQLPPWQXQDXFKVHLQHUVHLWVHLQH =LJDUHWWHPDFKWHLQHQ=XJXQGGUFNWGLH*OXWJOHLFKZLHGHU DXV'LH8PVWHOOXQJYRQ0DFKRUNDDXIGHQVWDUNJHVRWHQV HQNDOLIRUQLVFKHQ7DEDNLVWLKPQRFKQLFKWJHOXQJHQª=XUFN ]XP7KHPD,FKGHQNHLKUKDEWLQGHU%DUDFNHHLQHQ*H ZlKUVPDQQ"© 'HUDQGHUHZLHJWDXIVHLQHU6HVVHOOHKQHª6FKRQEOR(U GDUIVLFKLQNHLQHU:HLVHH[SRQLHUHQ'DV0lGFKHQGDVLKP JHJHQEHUVLW]WVFKZ|UWDXI/DFKPDQQ3DSLHUHYHUVFKZLQGHQ ]XODVVHQGDVLVWGRUWQLFKWGULQ© ª+LPPHO+HUUJRWW$EHUHVPXHWZDVJHVFKHKHQ©(UOXSIW HLQZHQLJGLH*DUGLQHXQGVLHKWKLQDXVLQGLH1DFKWGLHGXUFK HLQHQE|LJHQ:LQGXQUXKLJLVW'LH%lXPHLP9RUJDUWHQ

lFK]HQXQGJUHLIHQXQVLFKHUPLWQDFNWHQbVWHQLQV/HHUHª=X JHJHEHQLFKKDEHPLFKYRQPHLQHQ*HIKOHQIUHLQHQ.DPH UDGHQKLQUHLHQODVVHQGRFKZHQQLFKMHW]WZLGHU(UZDUWHQ KLHUEOHLEHQXQGXQWHUGHP1DPHQ)HOJHQNDPSOHEHQPXLFK VDJWHVFKRQGDLFKGLHVHQ1DPHQEO|GILQGHGDQQYHU GDPPWQRFKPDOZLOOLFKVLFKHUVHLQGDLFKQLFKWLPXQSDV VHQGVWHQ$XJHQEOLFNPLW%RUQ!DQJHUHGHWZHUGH,VWGDVNODU"© (UIJWHUNOlUHQGKLQ]Xª(VPXYHUPLHGHQZHUGHQGD'HW MHQLQGHQQlFKVWHQ7DJHQRGHU:RFKHQEHLPHLQHU)UDXDXI NUHX]WXQGGLH.LQGHUDXIVFKHXFKWIUGLHLFKMDDQJHEOLFKYHU VFKROOHQELQ© 'HP9RJHOJHVLFKWLVWDOOHVNODU:LH]XU%HVWlWLJXQJQLFNWHU PHKUIDFK ª'HU0DQQPXZHJ©VDJW%RUQOHLVHXQGHQGJOWLJ

:LHGHUVWHKHQGUHL6FKODQJHQHKHPDOLJHU/DQGVHUYRUGHU%D UDFNHZLHGHUKHUUVFKWDXIGHP3ODW]PlLJHU.OHLQVWDGWYHU NHKUXQGZLHGHUVLQGGLHDOOLLHUWHQ0LOLWlUIDKU]HXJHGDGLH -HHSVGHU%ULWHQXQG$PHULNDQHUXQGGLHEXQWVFKHFNLJH/L PRXVLQHGHU)UDQ]RVHQ ª(LQH%XPPHOHLLVWGDV,FKZROOWHOlQJVW]X+DXVHVHLQ© VFKLPSIWHLQHUGLFKWYRU'HWMHQ(UPXDXVHLQHPODQGZLUW VFKDIWOLFKHQ*HELHWVWDPPHQGHQQHUVSULFKWZHLWHUª$OVHU VWHVZLUGHLQ6FKZHLQJHVFKODFKWHWXQGGDQQIUHVVHLFKPLFK YROOELVLFKQLFKWPHKUNDQQ© (LQbOWHUHUUXIWLKQ]XU2UGQXQJª5HGHNHLQHQ6WX%HYRU GX]XGHLQHP6FKZHLQNRPPVWQHKPHQGLHGLFK]HKQPDOKRSS 2KQH3DSLHUHELVWGXQLFKWV2KQH6WHPSHOJODXEHQVLHQLFKW HLQPDOGDGXGDELVW:LUPVVHQKLHUGXUFKGDKLOIWQLFKWV© (UZLQNWPGHDEª:LUKDEHQVRYLHOEHUVWDQGHQGDVEHU VWHKHQZLUDXFK© 6FKULWWXP6FKULWWUFNWGLH6FKODQJHYRU

ª%LQJHU%HUWKROG6LHEHQWHU]HKQWHUIQI]HKQ'VVHOGRUI $P$QJHUGUHLXQG]ZDQ]LJ© /DFKPDQQNODPPHUWGHQ(QWODVVXQJVVFKHLQDQGLH.DUWHL NDUWHXQGUHLFKWEHLGHV]X*LVHODGXUFKª8QGGHQhEHUQDFK WXQJVVFKHLQ+HUU%LQJHU6LHPVVHQDXIGHU5FNVHLWHTXLWWLH UHQ'DVLVWZHJHQGHU9HUUHFKQXQJ'DQNH%OHLEHQ6LHLP :DUWHUDXP6LHZHUGHQDXIJHUXIHQ©(UKHEWGHQ.RSIª'HU 1lFKVWHELWWH© 'HWMHQVWHKWYRUGHP7LVFK ª'HWMHQ$FKLP(LQXQG]ZDQ]LJVWHU]ZHLWHUQHXQ]HKQ +DPEXUJ*U|QLQJHUVWUDHYLHU© (UJUHLIWJOHLFKQDFKGHP%OHLVWLIWGHQLKP/DFKPDQQUHLFKW XQGXQWHUVFKUHLEWGHQhEHUQDFKWXQJVVFKHLQ'DEHLHQWGHFNW HUGDVHLQH+lQGHVFKZHLQDVLQG-HW]WEHUVLHKWHUGHQ 0RGXVVLHKWGXUFKGLHHUVWH'XUFKUHLFKHHLQ0lGFKHQXQGHL QHQMQJHUHQ0DQQXQGGXUFKGDV]ZHLWH:DQGIHQVWHUGLHDOOL LHUWHQ8QLIRUPHQEULWLVFKHV.KDNLDPHULNDQLVFKHV2OLYJUQ XQGGLH6DQGIDUEHIUDQ]|VLVFKHU)HOGXQLIRUPHQ$XIHLQHP5H JDOOLHJHQGLH6FKLUPPW]HQGHU(QJOlQGHUXQG$PHULNDQHU HLQWUlFKWLJQHEHQGHQKRKHQ.lSSLVGHU)UDQ]RVHQ'HU)OLHJHU IKOWVLFKJDUQLFKWZRKOLQGHU+DXWGLHHUWUlJW(UJlEHHWZDV GDUXPVFKRQZLHGHUGUDXHQ]XVHLQ ª'DQNH%OHLEHQ6LHLP:DUWHUDXP+HUU'HWMHQ6LHZHU GHQDXIJHUXIHQ'HU1lFKVWHELWWH© $FKLPV.DUWHZDQGHUWQDFKQHEHQDQ*LVHODUDWWHUWGLH$Q JDEHQLQLKUH6FKUHLEPDVFKLQHRKQHDXI]XEOLFNHQJHZRKQ KHLWVPlLJ(LQ'XUFKVFKODJODQGHWDXIGHP6FKUHLEWLVFK 6FKU|GHUVGDVEULJH0DWHULDOKDW*LVHODVFKRQLQGHU+DQG XPHVZHLWHU]XUHLFKHQDOV6FKU|GHUSO|W]OLFKVDJWª'HWMHQ $FKLP0RPHQWPDO© 'DV0lGFKHQKlOWPLWWHQLQGHU%HZHJXQJLQQH(LQHGHUDU WLJH8QWHUEUHFKXQJGHVJHZRKQWHQ5K\WKPXVLVWVRXQJH Z|KQOLFKGDVLHJODXEWVLFKYHUVFKULHEHQ]XKDEHQª,VWHWZDV QLFKWLQ2UGQXQJ"© ª'RFKGRFK©EHUXKLJW6FKU|GHUª,FKZLOOPDOVHKHQ0DFK VFKRQZHLWHU©8QGZlKUHQG*LVHODLKUH0DVFKLQHQHXEH

VFKLFNWEHUOHJWGHUEORQGH+QHILHEHUKDIWZLHHUGHQ.RQ WUROOHXUHQQHEHQDQGLHVH8QWHUODJHQYRUHQWKDOWHQNDQQ(UOHJW VLHHLQIDFKZHJDOVGDV0lGFKHQGLHQlFKVWH.DUWHHPSIlQJW XQGEHDUEHLWHW:HQQGDVQXUJXWJHKW (VJHKWQLFKWJXW*LVHODJLEW]ZDUGLHQHXHQ8QWHUODJHQZHL WHUVWUHFNWDEHUGDQQIRUGHUQGGLH+DQGEHUGHQ7LVFK ª.RPPNRPP'DIHKOWHQRFKHLQ6LFKWYHUPHUN© 'HU6FKQHOOVWHLP'HQNHQLVW6FKU|GHUQLHJHZHVHQ+LOIORV XQGPLWHLQHUJHPXUPHOWHQ(QWVFKXOGLJXQJ]LHKWHU'HWMHQV 3DSLHUHZLHGHUKHUYRUXQGUHLFKWVLHGHP0lGFKHQ

0DMRU*UHHQEOHLEWJOHLFKJOWLJª2ND\© ª1RWKLQJ©YHUNQGHW&DSWDLQ-RQHV &DSLWDQH5HQDUGVWXW]WYHUJOHLFKWHLQ]ZHLWHV0DOXQGZHQ GHWVLFK]XVHLQHP/HXWQDQW(LQHSO|W]OLFKH(UUHJXQJEHPlFK WLJWVLFKGHV2IIL]LHUVPLWGHQJUDXHQ6FKOlIHQ'HUIUDQ]|VLVFKH +DXSWPDQQKDWWURW]YRUJHVFKULWWHQHQ$OWHUVQRFKHLQHWDGHO ORVH+DOWXQJ'LHJXWJHVFKQLWWHQH8QLIRUPXQWHUVWUHLFKWVHLQH VFKODQNH]LHUOLFKJHEOLHEHQH)LJXUREZRKOHUNHLQHVZHJVGHU 7\SGHV7UXSSHQRIIL]LHUVLVW1LFKWYRUVWHOOEDUGDHUDXIHLQHP .DVHUQHQKRIKHUXPEUOOW(UKDWHLQVFKPDOHVNOXJHV*HVLFKW HLQ*HOHKUWHQJHVLFKWVR]XVDJHQXQGGLHEOLW]HQGHQ%ULOOHQJOl VHULPVFKPDOHQ*ROGUDKPHQYHUWLHIHQGLHVHQ(LQGUXFN6HLQH 6WLPPHEOHLEWVHKU]LYLODOVVLFK5HQDUG]XVHLQHP%HJOHLWHU ZHQGHW ª(LQH)HVWQDKPH©EHILHKOWHUNQDSSª'HWMHQ$FKLP 9HUVWlQGLJHQ6LHGDV.RPPDQGR© 'HU/HXWQDQWVWHKWDXIXQGJUHLIWQDFKVHLQHP.lSSLª2XL PRQFDSLWDLQH©(UZLHGHUKROWGHQ1DPHQª'HWMHQ$FKLP© 'DQQWULWWHUDQV)HQVWHUXQG|IIQHWHLQHQ)OJHO'LH)HQVWHU GLHVHV=LPPHUVVLQGDQGHU5FNVHLWHGHU%DUDFNH*HQDXGDYRU SDUNHQGLH-HHSVGHU0LOLWlUSROL]HL]XGHQHQVLFKQXQDXFKHLQ IUDQ]|VLVFKHU.EHOZDJHQJHVHOOWKDW'LH/LPRXVLQHLVWGHQ 2IIL]LHUHQYRUEHKDOWHQ(LQHUGHU(QJOlQGHUPDFKWGLHIUDQ]| VLVFKHQ.DPHUDGHQDXILKUHQ2IIL]LHUDXIPHUNVDPVLHVHKHQ]X LKPKLQXQGDOVHUGLH+DQGKHEWVWDUWHQVLHLKUHQ:DJHQXQG IDKUHQ]XP9RUGHUHLQJDQJ

6FKU|GHUKDQGHOWXQHUZDUWHWVFKQHOO6FKRQDOVHUGHQ/HXW QDQWQDFKVHLQHP.lSSLJUHLIHQVLHKW]LHKWHVLKQI|UPOLFKYRP 6WXKOKRFK:LHHLQH0DULRQHWWHGLHHLQIUHPGHU:LOOHQDFK %HOLHEHQWDQ]HQOlWQLPPWHUGLHEHUHLWV]XUFNJHNRPPHQHQ 3DSLHUHQHEVW,GHQWLWlWVNDUWHQXQGhEHUEUFNXQJVJHOGXQG JHKWLQGHQ:DUWHUDXP6RIRUWLVW*HGUlQJHXPLKQQLHPDQG ZLOOVHLQHQ$XIUXIYHUSDVVHQ 'HUEORQGH+QHUXIWQLFKWJOHLFK(UVDJWJDQ]OHLVHª'HW MHQ$FKLP©XQGDOVGHURKQHKLQDXIVlXHUVWHJHVSDQQWXQG KHOOZDFKDXJHQEOLFNOLFKGDLVWIOVWHUWHULKPJHSUHW]Xª+DX DE5XIVSlWHUDQ6FKU|GHU©8QGODXWª%LQJHU%HUWKROG $QGHUV*XQGROI*HUVWQHU3DXO© 'HU)OLHJHUKDWNHLQH6HNXQGHYHUORUHQKDWDXIGHP$EVDW] NHKUWJHPDFKWXQGGLH%DUDFNHYHUODVVHQ(UJHKWRKQH+DVW JDQ]JHODVVHQJHQDXZLHHLQHUYRQGHQHQGLHLP%HVLW]LKUHU (QWODVVXQJVSDSLHUHVLQGXQGPLWGHPQlFKVWHQ=XJGLHVHV.DII YHUODVVHQZROOHQ'HWMHQZHQGHWVLFKQLFKWXPDOVGHUIUDQ]|VL VFKH.EHOZDJHQPLWUDGLHUHQGHQ5HLIHQVFKDUIXPGLH%DUDN NHQHFNHELHJWXQGYRUGHP(LQJDQJKlOW'DVDOOHVVFKHLQWLKQ QLFKWVPHKUDQ]XJHKHQ $XVGHP=LPPHUGHU2IIL]LHUHNRPPWGHU*HKLOIH&DSLWDLQH 5HQDUGVXQGWULWW]X6FKU|GHU(UEHUJLEWLKPGLH.DUWHXQG VDJWª5XIHQ6LHDXI0RQVLHXU6FKU|GHU'HWMHQ$FKLP© 'HUEORQGH+QHZLUNWMHW]WJDQ]UXKLJ,PDOOJHPHLQHQ*H GUlQJHNDQQHUQLFKWIHVWVWHOOHQRE'HWMHQGLH%DUDFNHYHUODV VHQKDWLVWHUQLFKWUDXVVLW]WHUQXQLQGHU)DOOHGHQQGHQ(LQ JDQJKDEHQGLH0LOLWlUSROL]LVWHQEHVHW]WXQGGLH7UQDFKGHU DQGHUHQ6HLWHYHUVWHOOWGHU/HXWQDQWDEHUZHQQ'HWMHQGLH .XUYHQRFKJHNULHJWKDWEHGHXWHWMHGH6HNXQGHZHLWHUHQ9RU VSUXQJIULKQª:LHZDUGHU1DPH+HUU/HXWQDQW"© ª$XGLDEOH'HWMHQ$FKLP© ª'HWMHQ$FKLP©UXIW6FKU|GHUVHKUODXWXQGGLHQVWEHIOLVVHQ XQGEOLFNWVLFKVXFKHQGXP 1LHPDQGWULWWYRU.HLQHUDQWZRUWHW

(LQH6SXUYRQ7ULXPSKJOLPPWLQGHQ$XJHQ.DLVHUVDOVHUGHQ 7HOHIRQK|UHULQGLH*DEHO]XUFNOHJWª/RVORV0HQVFK© GUlQJWHUGHQ)DKUHUGHV2SHOª:DJHQDQODVVHQKRSSKRSS© ª:DUGDV6FKU|GHU"©HUNXQGLJWVLFKGHU0DQQXQGQLPPW VHLQH-RSSHYRP+DNHQ 'DV9RJHOJHVLFKWQLFNWª+DWHQGOLFKPDOJHVSXUW+DWXQVH UHQ0DQQLQOHW]WHU0LQXWHUDXVJHNULHJW© 6LHJHKHQ]XU7Uª'HWMHQKDWLQGHU.OHLVWVWUDH]Z|OI EHUQDFKWHW%HLHLQHU)UDX5DGHPDFKHU'DKLQIDKUHQZLU MHW]W© 'HU)DKUHUVFKQHLGHWHLQH*ULPDVVHª*ODXEHQ6LHGDHU GRUWKLQ]XUFNNHKUW"© ª:RKLQVROOHUVRQVW".HQQWNHLQHQKDWNHLQ*HOG,FKKDOWH GDVGXUFKDXVIUHLQH0|JOLFKNHLW'UFNDXIV*DV'LH)UDQ ]RVHQKDEHQGLH$GUHVVHQDWUOLFKDXFK© ,PPHUGDUDXIEHGDFKWP|JOLFKVWªXQVLFKWEDU©]XEOHLEHQQl KHUWVLFK$FKLP'HWMHQGHP5DGHPDFKHUVFKHQ+DXV(UVFKHXW VLFKGHQ+DXSWHLQJDQJGHVPHKUVW|FNLJHQ0LHWVJUXQGVWFNV DXVGHU*UQGHU]HLW]XEHQXW]HQHUYHUVXFKWGLH+LQWHUIURQW ]XHUUHLFKHQ,QVROFKDOWHQ*HElXGHQJLEWHVLPPHUHLQHQª/LH IHUDQWHQDXIJDQJ©(LQH/LJXVWHUKHFNHELHWHWLKP'HFNXQJ 'XUFKVLHJHVFKW]WNDQQHUGLH6WUDHEHUVHKHQRKQHVHOEVW ZDKUJHQRPPHQ]XZHUGHQ(LQXQEHVWLPPWHV*HIKOPDKQW LKQ]XU9RUVLFKWOlWLKQ]|JHUQ(UHUVWDUUWDOVVLFKMlKGDV*H UlXVFKYRQ.UDIWIDKU]HXJHQQlKHUWXQGGDVDXFKQRFKYRQEHL GHQ6HLWHQ'HWMHQGXFNWVLFKKLQWHUGHU+HFNH =XHUVWHUVFKHLQWHLQHEXQWVFKHFNLJH/LPRXVLQHGHUGLFKWDXI HLQ-HHSGHUIUDQ]|VLVFKHQ0LOLWlUSROL]HLIROJW%HLGH:DJHQ KDOWHQYRU1XPPHU]Z|OI$XVHQWJHJHQJHVHW]WHU5LFKWXQJ NRPPWHLQDOWHU2SHO$FKLPKDW]XQlFKVWGHQ(LQGUXFNGD DXFKGHUUHFKWVUDQIDKUHQP|FKWHGRFKDEUXSWJLEWGHU)DKUHU *DVXQGIlKUWYRUEHL'HU)OLHJHUN|QQWHHVQLFKWEHJUQGHQ GRFKHUDKQWHLQHQ=XVDPPHQKDQJ(U]ZHLIHOWQLFKWHLQH6H NXQGHGDHUGLH:DUQXQJLQGHU%DUDFNH%RUQ]XYHUGDQNHQ KDW(LQ+RIIQXQJVVFKLPPHU9LHOOHLFKWKDWHU'HWMHQGLH

7UHQQXQJGRFKHLQZHQLJEHUHLOWDOVYROO]RJHQEHWUDFKWHW1XU LQGLH+lQGHGHU)UDQ]RVHQGDUIHUMHW]WXPJDUNHLQHQ3UHLVIDO OHQ $XVGHUEXQWVFKHFNLJHQ/LPRXVLQHVWHLJHQ]ZHL2IIL]LHUH GHQHQVLFK]ZHL0LOLWlUSROL]LVWHQDXVGHP-HHSDQVFKOLHHQ $OOHYLHUEHWUHWHQGDV+DXV 'HWMHQ]LHKWVLFKYRUVLFKWLJ]XUFN$P(QGHGHU.OHLVW VWUDHEHJLQQWHLQNOHLQHU3DUNGHQHUDXIVXFKWXQGGHVVHQ.R QLIHUHQKHFNHQLKQIUVHUVWHGHQ%OLFNHQYHUEHUJHQ-HW]W N|QQWHHUVLFKRKUIHLJHQGDHUYRQ)UDX5DGHPDFKHUVIUHXQG OLFKHP$QJHERW*HEUDXFKPDFKWHVHLQHEHVFKHLGHQH+DEHELV ]XU(UOHGLJXQJGHU)RUPDOLWlWHQLQGHU:RKQXQJ]XODVVHQ(U NDQQGLHVH6DFKHQQLFKWLP6WLFKODVVHQVLHVLQGXQHUOlOLFKH XQGXQHUVHW]OLFKH5HTXLVLWHQVHLQHU5ROOHVLHOHJLWLPLHUHQLKQ XQGPDFKHQLKQJODXEZUGLJHU :LGHUVWUHEHQGOlW)UDX5DGHPDFKHUGLHIUHPGHQ2IIL]LHUHLQ LKUH:RKQXQJHLQWUHWHQ6LHKDWEHUHLWVJHVDJW+HUU'HWMHQ KDOWHVLFKKLHUQLFKWDXIDEHUGHU&DSLWDLQHEHVWHKWPLWK|IOL FKHU8QEHLUUEDUNHLWGDUDXIVLFKVHOEVW]XEHU]HXJHQ'HU /HXWQDQWJHKWPLWHLQHPGHU0LOLWlUSROL]LVWHQGXUFKGLH=LP PHU ª6NDQGDO|V©VDJW)UDX5DGHPDFKHUPLWXQYHUKRKOHQHU )HLQGVHOLJNHLWª'DNRPPWHLQ0DQQQDFK+DXVHGHUQXUVHLQH 3IOLFKWJHWDQKDW©,KUH6WLPPH]LWWHUW6LHEULFKWDE &DSLWDLQH5HQDUG]LHKWHLQZHQLJGLH%UDXHQKRFK,QIHKOHU ORVHP'HXWVFKPLWOHLVHP$N]HQWHUZLGHUWHUª/HXWHGLHZLH 6LHVDJHQ0DGDPHQXULKUH3IOLFKWJHWDQKDEHQ!VWHKHQQLFKW DXIGHU.ULHJVYHUEUHFKHUOLVWH© 'DPLWEHWULWWHUGDV:RKQ]LPPHUXQGVFKDXWVLFKXP(U WUlJWMHW]WHLQHQODQJHQWDLOOLHUWHQ8QLIRUPPDQWHOXQGZLUNW GDGXUFKQRFKVFKODQNHUXQGJU|HU(UVLHKWGDV+RO]N|IIHU FKHQGDV'HWMHQVWHKHQOLHKHEWHVRKQHZHLWHUHVDXIHLQHQ 6WXKOXQG|IIQHWHVRKQHGLH+DQGVFKXKHDE]XOHJHQ(UVRUWLHUW GHQEHVFKHLGHQHQ,QKDOWHLQ3lFNFKHQ0DFKRUNDHLQ6lFN FKHQPLWVHOEVWJHVFKQLW]WHQ6FKDFKILJXUHQHLQHDEJHJULIIHQH

%ULHIWDVFKHPLWDOWHQ)DPLOLHQIRWRV'HU&DSLWDLQHOHJWVLH ]XUFNQDFKGHPHUNHLQH$XIQDKPHHLQHV0DQQHVLQ)OLHJHU XQLIRUPGDUXQWHUIDQG'LHEUFKLJJHZRUGHQHQXQG]HUOHVHQHQ )HOGSRVWEULHIHGLHDOOHGHQ$EVHQGHUVWHPSHOª+DPEXUJ©WUD JHQUKUWHUQLFKWDQ(LQ3DDUVDXEHUH6WUPSIHXQGGUHLJH IDOWHWH7DVFKHQWFKHUKHEWHUQXUIOFKWLJDQ 'HU/HXWQDQWKDWVHLQHQ5XQGJDQJEHHQGHWXQGPHOGHWGD GLH6XFKHYHUJHEOLFKZDU ª$EHUHUZLUG]XUFNNHKUHQ©HUNOlUWGHU&DSLWDLQHPLWHLQHU .RSIEHZHJXQJ]XP.|IIHUFKHQª:HQQMHPDQGGDVVRODQJH PLWVLFKKHUXPJHWUDJHQKDWWUHQQWHUVLFKQLFKWPHKUGDYRQ6LH ZDUWHQKLHUXQGQHKPHQLKQLQ(PSIDQJ© 'HU/HXWQDQWKHEWGLH+DQGDQV.lSSLª2XLPRQ&DSLWDLQH© ª8QG6LH0DGDPH©ZHQGHWVLFK5HQDUG]X)UDX5DGHPD FKHUªPXLFKELWWHQGDV+DXVYRUHUVWQLFKW]XYHUODVVHQ© (UZDUWHWNHLQH$QWZRUWDEOHJWPLWGHP$QIOXJHLQHU9HU EHXJXQJGLH5HFKWHDQGLH.RSIEHGHFNXQJXQGJHKW6HLQ*H KLOIHXQGGLH0LOLWlUSROL]LVWHQEOHLEHQEHL)UDX5DGHPDFKHU]X UFN'UDXHQIDKUHQGLHEHLGHQ0LOLWlUIDKU]HXJHDE'DV 7HPSREHVFKOHXQLJHQG]LHKHQVLHDQHLQHPDOWHQ2SHOYRU EHUGHUJHGUHKWXQGLQGHU1HEHQVWUDHJHSDUNWKDW .DLVHUEOLFNWLKQHQIOFKWLJQDFKª(UVWHQV©EHPHUNWHULQ VHLQHUPRQRWRQHQ6SUHFKZHLVHª8QVHU0DQQLVWQLFKWGD =ZHLWHQV6LHKDEHQHLQH)DOOHJHVWHOOW9LHUJLQJHQUHLQHLQHU NDPUDXV$OVRVLQGGUHL]XUFNJHEOLHEHQ© ª8QGQXQ"©ZLOOGHU)DKUHUZLVVHQ 'DV9RJHOJHVLFKWDQJHOWQDFKVHLQHQª*ROG'ROODU©ª1XQ EOHLEHQZLU©RUGQHWHUWURFNHQDQª:HQQHUNRPPWVHKHQZLU LKQHKHUDOVGLH6FKQIIOHU© 'HU)DKUHUUXWVFKWDXIVHLQHP6LW]QDFKYRUQVRGDHUGHQ .RSIDQOHKQHQNDQQXQG]LHKWGLH0W]HEHUGLH$XJHQ6R ULFKWHWHUVLFKDXIHLQHOlQJHUH:DUWH]HLWHLQ 'LH%LUQHLQHLQHUGHUVFKPLHGHHLVHUQHQ/DWHUQHQEHUGHP +DXSWHLQJDQJGHV/\]HXPVHLQHPVFKZHUHQ(LFKHQSRUWDO PXDXVJHZHFKVHOWZHUGHQ'HU+DXVPHLVWHUVWHKWDXIGHU/HL

WHUXQGEHVRUJWGDVPLWDOOGHUJHODVVHQHQ:UGHVHLQHV$PWHV XQGGHP*HVLFKWHLQHV0DQQHVGHUYLHO=HLWKDW%HUHLWZLOOLJ VFKLHEWHUHLQHQ6WDXEODSSHQLQGLH7DVFKHVHLQHVEODXHQ$U EHLWVMDFNHWWVXQGEHXJWVLFK]XGHP0DQQHKHUDEGHULQDEJH WUDJHQHUDOWHU)OLHJHUXQLIRUPDP)XHGHU/HLWHUVWHKW ª-DLFKELQGHU3HGHOO©EHVWlWLJWHUª:RUXPJHKWHVGHQQ"© ª*LEWHVKLHUQRFKHLQDQGHUHV/\]HXP"© 'HU$OWHVFKWWHOWGHQ.RSIª6RJURLVWXQVHUH6WDGWQXQ DXFKZLHGHUQLFKW6LHVXFKHQMHPDQGHQQLFKWZDKU"© 'LH$QWZRUW'HWMHQVNRPPWHLQZHQLJ]|JHUQGª-D© ª(LQ0LWJOLHGXQVHUHV.ROOHJLXPV"© $FKLPQLPPWGLH]HUNQDXWVFKWH0W]HDEXQGUHLEWVLFKGLH 6WLUQª1HLQQLFKWVRKRFKKLQDXV(LQH6FKOHULQ© 'HU3HGHOOPXVWHUWLKQWHLOQDKPVYROOª-HW]WHUVWJHNRP PHQ"©(UZDUWHWNHLQH%HVWlWLJXQJDEPDQVLHKWHVMD6WDWW GHVVHQVWHLJWHUYRQVHLQHU/HLWHUKHUXQWHUª:HULVWHVGHQQ"© ª8WD5DGHPDFKHU©(VKDWNHLQHQ6LQQZLHGLH.DW]HXP GHQKHLHQ%UHL]XJHKHQ ª2EHUSULPD"© ª6LFKHU©*HQDXZHLHUHVQLFKW ª:ROOHQ6LHKLHUZDUWHQ"© 'DVVFKHLQWZHGHUEOLFKQRFKHUZQVFKW]XVHLQGHVKDOEEH HLOWVLFK$FKLP]XHUNOlUHQHUZlUHQXUHLQSDDU6WXQGHQLQGHU 6WDGW,PEULJHQIDOOVGDVGDGUEHQHLQ&DIHVHLZUGHHU ª&DIH-XVWHV ©EHVWlWLJWGHU3HGHOOª,FKVFKLFNH,KQHQGLH 8WDUEHU(VLVWVRZLHVRJOHLFKJURH3DXVH© 'HWMHQEHGDQNWVLFK ª/DVVHQ6LHQXU©'HU3HGHOOZLQNWDE (VLVWHLQ&DIHLP6WLOGHU-DKUKXQGHUWZHQGHYRQDOWPRGLVFKHU *HPWOLFKNHLW=ZHLVSLHJHOEHOHJWH3IHLOHUVLQGPHKU'HFNHQ VWW]HDOV=LHUDW$XIHLQHU6HLWHZXUGHQGXUFK7UHQQZlQGH GUHL1LVFKHQJHVFKDIIHQGHUHQ%HJUHQ]XQJHQHEHQVRJH VFKZXQJHQVLQGZLHGLH7LVFKXQG6WXKOEHLQHGLH6FKHLEHQGHU )OJHOWUHQ]XU6WUDHKLQDXVXQG]XHLQHPZHLWHUHQ*DVW]LP PHUGDVZRKOGHQ2UWVYHUHLQHQYRUEHKDOWHQLVW ,QGHUKLQWHUVWHQ1LVFKHQLPPW'HWMHQ3ODW](UVHW]WVLFKVR

GDHUZHQQHUVLFKHWZDVYRUEHXJWLQHLQHPGHU6lXOHQVSLHJHO GHQ(LQJDQJVLHKWVHOEVWDEHUQLFKWJHVHKHQZHUGHQNDQQ(U EHVWHOOWVLFKHLQHQ7HHXQGLVWQXQ)UDX5DGHPDFKHUYRQ+HU ]HQGDQNEDUIUGLH]HKQ0DUNGLHVLHLKPKHXWHIUKEHLP9HU ODVVHQGHU:RKQXQJDXIGUlQJWH(LQ0DQQRKQH*HOGVHLXQ P|JOLFKPHLQWHVLHXQGHUN|QQHHVLKUMDYRPhEHUEUN NXQJVJHOG]XUFNJHEHQ 8PGLHVH6WXQGHLVW&DIHª-XVWXV©NDXPEHOHEW(LQLJH +DXVIUDXHQVLQGGDGLHVLFKYRQGHQ$QVWUHQJXQJHQGHV(LQ NDXIVPLW7RUWHQXQG6DKQHSRUWLRQHQHUKROHQ'LH.HOOQHULQ KDWZHQLJ]XWXQVLHOHKQWDQGHU7KHNHXQGVLHKW]XZLHGHU ,QKDEHUVHOEVWPLWEHGlFKWLJHP6FKQLWW7RUWHQWHLOW(LQ5DGLR LVWHLQJHVFKDOWHWXQGSOlWVFKHUWGLHDOWKHUJHEUDFKWHQ6DORQ VWFNHLQV&DIH=ZLVFKHQPXVLNHQ6XLWHQ3KDQWDVLHQ 'LH=HLWYHUJHKWTXlOHQGODQJVDP'HWMHQWURPPHOWPLWGHQ )LQJHUNXSSHQDXIGLH7LVFKGHFNHZLUGVLFKDEHUVHLQHU1HUYR VLWlWEHZXWXQG]ZLQJWVLFKHLQHQUXKLJHQ(LQGUXFN]XPD FKHQ :LHGHU|IIQHWVLFKGLH6FKZLQJWUXQGHLQ%OLFNLQGHQ6SLH JHOOlW'HWMHQLQGLHKLQWHUVWH(FNHGHU1LVFKH]XUFNUXWVFKHQ (LQIUDQ]|VLVFKHU2IIL]LHUJUDXH6FKOlIHQ*ROGUDQGEULOOH WULWWLQ%HJOHLWXQJHLQHV=LYLOLVWHQLQGDV*DVW]LPPHUOHJWVHLQH $NWHQWDVFKHLQGLH1DFKEDUQLVFKHXQGWULWWDQGHQ*DUGH UREHQVWlQGHU0DQWHOXQG.lSSLDE]XOHJHQ'HU=LYLOLVWKlQJW VHLQH%DVNHQPW]HXQGHLQHDXVDOWHQ$UPHHEHVWlQGHQVWDP PHQGH.XWWHGDQHEHQ$FKLPNDQQGDVDOOHVJXWEHREDFKWHQ 'HU=LYLOLVWLVWHLQJDQ]DQGHUHU7\SDOVGHU&DSLWDLQH(ULVW YRQJHGUXQJHQHUNUlIWLJHU6WDWXUXQGKDWHLQGHUEHVEHLQDKH HLQ%DXHUQJHVLFKW:DKUVFKHLQOLFKVWDPPWHUDXVGHU%UHWDJQH 6HLQDVFKEORQGHV+DDULVW]XHLQHUH[WUHPNU]HQ%UVWHJH VFKRUHQXQGHUOLHEWHVZRKOEHUKDXSWVLFKHLQELFKHQDPHUL NDQLVFK]XJHEHQ'DIUVSUHFKHQDXFKGLHEODXJUDXHQ1LHWKR VHQXQGGHUDXVGHPJOHLFKHQ0DWHULDOJHIHUWLJWHNXU]H/XP EHUMDFN'LHVH0RGHIlQJWHEHQHUVWDQVLFKLQ(XURSDGXUFK ]XVHW]HQ'LHJURIRUPDWLJH.DPHUDPLWHLQHP%OLW]JHUlWJH NRSSHOWXQGHLQH8PKlQJHWDVFKHPLW)RWRXWHQVLOLHQODVVHQ

DXIGHQ%HUXIGHVMXQJHQ0DQQHVVFKOLHHQ(LQ5HSRUWHU GHQNW'HWMHQ$FKLPZDJWVLFKQLFKWPHKUDXVVHLQHU1LVFKH KHUDXV :RKORGHUEHOPXVLFKGLH.HOOQHULQYRQGHU7KHNHO|VHQ 6LHQLPPWDQGHU1HEHQQLVFKH]ZHL0RNNDEHVWHOOXQJHQHQWJH JHQXQGJHKWPLWZLHJHQGHQ+IWHQ]XU.FKH 1XUGXUFKGHQVFKPDOHQ5DXPWHLOHUYRQ'HWMHQJHWUHQQW XQWHUKDOWHQVLFKGLHEHLGHQ)UDQ]RVHQ6LHVSUHFKHQLQLKUHU 0XWWHUVSUDFKHPLWHLQDQGHUGLH$FKLPQLFKWYHUVWHKW(UEH NRPPWJHUDGHPLWGDGHU&DSLWDLQH5HQDUGKHLWXQGGHU MXQJH0DQQª0RQVLHXU$QGUH©DQJHUHGHWZLUG'HU)OLHJHU ZUGHVLFKQRFKXQZRKOHULQVHLQHU+DXWIKOHQZHQQHUGHP *HVSUlFKIROJHQN|QQWH(VJHQJWLKPGDVHLQ1DPHIlOOW ª'DKDEHQ6LHGLH%XQGHVUHSXEOLNJOHLFKZLHLFKVLHLPPHU ZLHGHUHUOHEH0RQVLHXU$QGUH©VDJWGHU2IIL]LHUª1LFKWVYRQ EHZlOWLJWHU9HUJDQJHQKHLW(LQ0DQQGHQZLUVXFKHQLVWGD XQGLVWDXFKQLFKWGD'LHVHU'HWMHQNDQQYHUVFKZLQGHQ© ª8QGGDVRKQH)DOOWUXQGGRSSHOWHQ%RGHQ©ZLUIWGHU5H SRUWHUWURFNHQHLQXQGOHJWPLW*HZRKQKHLWVJHVWH%ORFNXQG .XJHOVFKUHLEHUYRUVLFKKLQ ª$EHUHUKDW6SLHJHVHOOHQ©IlKUW5HQDUGIRUWª8QGGDVLVW GDV3UREOHP©

'DV.ODSSHQGHU6FKZLQJWUOlW$FKLPZLHGHULQGHQ6SLHJHO VFKDXHQ8WD5DGHPDFKHUHUVFKHLQW6LHNHQQWGDV&DIHVLH YHUOLHUWNHLQH=HLWPLWGHPIUXFKWORVHQ9HUVXFKGHQ*HVXFKWHQ YRP(LQJDQJKHU]XHQWGHFNHQ6LHJHKWLQGHQ5DXPXQGEOLFNW LQGLH1LVFKHQ/HEKDIWNRPPWVLHDXIGHQ)OLHJHU]X$OVVLHLKQ DQVSUHFKHQZLOOOHJWHUGHQ)LQJHUDXIGHQ0XQG'DV0lGFKHQ YHUVWHKWEHUKDXSWQLFKWVGRFKVLHVHW]WVLFK]XLKPXQGIO VWHUWª:DVLVWJHVFKHKHQ"© /HLVHDQWZRUWHWHUPLWHLQHU.RSIEHZHJXQJ]XU0LWWHOQLVFKH ª'LH)UDQ]RVHQVLQGKLQWHUPLUKHU,FKNDQQKLHUQLFKWUDXV :UGHQ6LHIUPLFKWHOHIRQLHUHQ"© 8WDQLFNWHLIULJª*HUQ© ª5XIHQ6LHGLH%DUDFNHDP%DKQKRIDQ9HUODQJHQ6LHHLQHQ

0DQQQDPHQV6FKU|GHU:HQQ6LHLKQQLFKWNULHJHQYHUVXFKHQ 6LHHVVSlWHUQRFKHLQPDO)DOOVHUVLFKPHOGHWVDJHQ6LHLKP GD6LHIUPLFKDQUXIHQXQGGDLFKDXIHLQH1DFKULFKWYRQLKP ZDUWH© ª*XW©6LHVWHKWVRIRUWDXIXQGZHQGHWVLFK]XP|IIHQWOLFKHQ )HUQVSUHFKHUGLFKWDQGHU6FKZLQJWU(QGOLFKVHUYLHUWGLH .HOOQHULQGHQ7HHXQG]ZHL6FKHLEHQ=LWURQHGD]X=XFNHU VWHKWDXIGHP7LVFK'DQQOlXIWVLHZHLWHU]XU1DFKEDUQLVFKH 6LHKDWGHQ0RNNDDXIGHPVHOEHQ7DEOHWWYHUPXWOLFKKDWVLH XQQ|WLJH:HJH 8QWHUGHVVHQJHKHQGLH+DXVIUDXHQ(LQH*UXSSH7HLOQHK PHUDQHLQHU%HHUGLJXQJNRPPWKHUHLQ)UVLHZLUGGHU9RU KDQJ]XP]ZHLWHQ*DVW]LPPHUJH|IIQHW,QGHPDQGHUHQ5DXP ZLUGHLQ,PELDQJHULFKWHW)ODVFKHQXQG*OlVHUVWHKHQEHUHLW $OOHZHQGHQGLH.|SIHDOVHLQIUDQ]|VLVFKHU$UPHH.UDG IDKUHUHUVFKHLQW,QVHLQHU/HGHUPRQWXUXQGGHPIODFKHQ6WDKO KHOPVW|UWHUGDV]LYLOH%LOGGLHVXPVRPHKUGDHUVLFKZLHLQ HLQHU.DVHUQHEHZHJW(UHUVSlKWGHQ&DSLWDLQHEDXWVLFKYRU GHVVHQ7LVFKDXINQDOOWGLH+DFNHQ]XVDPPHQJUWXQGHQW QLPPWVHLQHU0HOGHWDVFKHHLQ3lFNFKHQ ª0RQ&DSLWDLQHOHVSDSLHUV©(UNOlUHQGIJWHUKLQ]X ª- HWDLVGDQVODEDUDTXH0RQVLHXU/DFKPDQQDYDLWO DPDELOLWH P DFFRPSDJQHU©(UEHUJLEWGDV3lFNFKHQª6 LOYRXVSODLW PRQ&DSLWDLQH© ,QGHU7DWKDW/DFKPDQQGLH)UHXQGOLFKNHLWEHVHVVHQGHQ .UDGIDKUHU]XEHJOHLWHQ)DVWXQEHPHUNWLVWHUKLQWHUGHP6RO GDWHQKHUHLQJHWUHWHQXQGVWHKWQXQPLWGHP+XWLQGHU+DQG QHEHQLKP5HQDUGHUKHEWVLFKLKQ]XEHJUHQ ª0HUFL©ZHQGHWHUVLFKDQGHQ0HOGHUª6RUWH]©8QGZlK UHQGVLFKGHU.UDGIDKUHUPLWVFKDUIHU'UHKXQJHQWIHUQWQLPPW GHU2IIL]LHU/DFKPDQQ]XYRUNRPPHQGGHQ0DQWHODEXQG VWHOOWGDEHLYRUª0RQVLHXU$QGUHYRP-RXUQDO3DULVLHPHLQ DOWHU%HNDQQWHU©'HU-RXUQDOLVWVWHKWDXIYHUEHXJWVLFKXQG GUFNW/DFKPDQQV+DQGª'DV0RQVLHXU$QGUpLVW+HUU /DFKPDQQ(LQHUGHUZHQLJHQ'HXWVFKHQKLHU]XODQGHGLHGDV 3RWVGDPHU$ENRPPHQHUQVWQHKPHQ©

'HWMHQOHKQWGHQ.RSIDQGLH7UHQQZDQG-HW]WZLUGQHEHQDQ GHXWVFKJHVSURFKHQMHW]WNDQQHUIROJHQ'HU2IIL]LHUEH KHUUVFKWGLH6SUDFKHIOLHHQGGHP5HSRUWHUEHUHLWHWHV0KH VLFKLQLKUDXV]XGUFNHQª,FKKRIIHGLHVH*HVFKLFKWHLVWQLFKW GHUHUVWH(LQGUXFNGHQ6LHYRQXQVHUHP/DQGHHUKDOWHQ(VLVW PLUYROONRPPHQXQNODUZLHGLHVHU'HWMHQYHUVFKZLQGHQNRQQ WH©VDJW/DFKPDQQ ª0DQPXLKQJHZDUQWKDEHQ©PHLQWGHU&DSLWDLQH ª-HPDQGGHUGLHIUDQ]|VLVFKHQ)DKQGXQJVOLVWHQNHQQW© SUl]LVLHUW$QGUHª:HUNRPPWGDLQ)UDJH"© ª1HQQHQ6LHXQEHVRUJW1DPHQ+HUU/DFKPDQQ(VEOHLEW XQWHUXQV© 'DV(UVFKHLQHQ8WDVKLQGHUW'HWMHQGHP*HVSUlFKZHLWHU ]XIROJHQ%LVMHW]WKDWHUHVHLQHUVHLWVEHNORPPHQDQGHUHUVHLWV QLFKWRKQH6\PSDWKLHIU/DFKPDQQYHUIROJW 8WDEHGDXHUWLQGHU%DUDFNHQLHPDQGHUUHLFKW]XKDEHQ6LH EOHLEWVWHKHQ$FKLPQLPPWVLHDP$UPXQG]LHKWVLHQHEHQ VLFKZHLOGLH.HOOQHULQHVPHUNZUGLJILQGHQN|QQWHGDGHU 0DQQVLW]HQEOHLEW1HEHQDQZQVFKWDXFK/DFKPDQQ0RNND ]XWULQNHQ ª)UPLFKQLFKWV©VDJW8WDDOVGLH.HOOQHULQ]XLKQHQNRPPW GRFK'HWMHQEHVWLPPWª(LQHQ7HHELWWH©(UZDUWHWELVGLH ZLHJHQGHQ+IWHQIRUWJHVFKDXNHOWVLQGXQGGULQJWGDQQLQ 8WDª,FKEUDXFKHPHLQH6DFKHQ8QGIUDJHQ6LH,KUH)UDX 0XWWHUREVLFK'HXWVFKHQDFKPLUHUNXQGLJWKDEHQ9LHOOHLFKW KDWVLFKGLHVHU+HUU6FKU|GHUVFKRQJHPHOGHWYLHOOHLFKWVRJDU HWZDVKLQWHUODVVHQ(LQHDQGHUH7HOHIRQQXPPHU]XP%HLVSLHO RGHUHLQH$GUHVVH:ROOHQ6LHGDVIUPLFKWXQ"© ª1DWUOLFK©6LHLVWYROOHU(LIHULKP]XKHOIHQVLHZLOOVRIRUW DXIVWHKHQGRFKHUKlOWVLHIHVW ª%OHLEHQ6LHQRFK(VN|QQWHDXIIDOOHQZHQQ6LHVLFKJOHLFK ZLHGHUHQWIHUQHQ$XHUGHPPVVHQ6LH,KUHQ7HHWULQNHQ© $XFKGDUDXIJHKWVLHHLQ6LHOHKQWVLFK]XUFNYHUVFKUlQNW GLH+lQGHLP6FKRXQGVLHKW$FKLPSUIHQGDQ'DVNRPPW LKUDOOHVUHFKWJHKHLPQLVYROOXQGXQGXUFKVLFKWLJYRUXQGXQ ZLOONUOLFKODXVFKWQXQDXFKVLHGHP*HVSUlFKLQGHU0LWWHOQL VFKH

ª'HU0DQQLVWIUHPGXQGPLWWHOORV©EHWRQW/DFKPDQQJHUD GHª(UNRPPWQLFKWZHLW© 'DLVW5HQDUGQLFKWVRVLFKHUª'LHDOWHQ.DPHUDGHQ'LH DOWHEUDXQH3HVW8QGXQVHUHWHXUHQ9HUEQGHWHQDXVhEHU VHHVHKHQ]X© $QGUHVXFKWHLQH(QWVFKXOGLJXQJIUGLHVH+DOWXQJª,QGHQ 6WDDWHQKDWHVNHLQHIDVFKLVWLVFKH%HVDW]XQJJHJHEHQ© ª.DQQLFK,KQHQLUJHQGZLHEHKLOIOLFKVHLQ"©IUDJW/DFKPDQQ 'HU2IIL]LHUDQWZRUWHWª,KUH3ROL]HLPXLQGLH)DKQGXQJ HLQJHVFKDOWHWZHUGHQ9LHO+RIIQXQJKDEHLFKQLFKWDEHUZLU ZROOHQQLFKWVXQYHUVXFKWODVVHQ© 8WDKDWGHQ7HHGHULQ]ZLVFKHQJHEUDFKWZXUGH]XU+lOIWH DXVJHWUXQNHQ,KUH8QUXKHLVWXQYHUNHQQEDU'DVDJW'HWMHQ MHW]WZUGHHVQLFKWPHKUDXIIDOOHQZHQQVLHVLFKHQWIHUQW6LH ZLOOJHKRUVDPDXIVWHKHQDOVQHEHQDQ$QGUHVLFKHUNXQGLJW ZHVVHQ5HQDUGGHQRPLQ|VHQ)OFKWOLQJ'HWMHQEHVFKXOGLJH 'DV0lGFKHQJOHLWHWDXIGLH3ROVWHUEDQN]XUFN(VZLOOGLH $QWZRUWK|UHQ ª'HV0RUGHV©DQWZRUWHWGHU2IIL]LHUªGHV0RUGHVDQ HLQHP:HKUORVHQ,FKKDEHPLUYRQXQVHUHP6WDEGLH8QWHUOD JHQNRPPHQODVVHQ©.QLVWHUQYRQ3DSLHUYHUUlWGDV|IIQHQ GHV3lFNFKHQVª1DFK.ULHJVHQGHEHUJDEHLQ)LOPDPDWHXU DXV5RXHQGLHVHQ6WUHLIHQXQVHUHQ*HULFKWHQ(UKDWWHLP-XQL QHXQ]HKQKXQGHUWYLHU]LJHLQHQ/XIWNDPSIDXIJHQRPPHQGHQ HUYRP'DFKIHQVWHUVHLQHV+DXVHVDXVEHREDFKWHQNRQQWH,Q GLHVHP/XIWNDPSIZXUGHHLQHUXQVHUHU-lJHUDEJHVFKRVVHQ QXQHVZDU.ULHJ$EHUZDVGDQQIROJWH$XVGHP$PDWHXUILOP VLQG)RWRVJH]RJHQZRUGHQ:LH6LHVHKHQYHUOLHGHU3LORWXQ VHUHU%ORFKHLQKXQGHUW]ZHLXQGIQI]LJVHLQHEUHQQHQGH0D VFKLQHPLWGHP)DOOVFKLUP:lKUHQGHUQLHGHUVFKZHEWHJULII LKQGHUGHXWVFKH-lJHUHUQHXWDQ(LQH$UW6FKHLEHQVFKLHHQ 8QVHU3LORWZDUWRWDOVHUGHQ%RGHQHUUHLFKWH,FKPX,KQHQ QLFKWVDJHQGDGLHVHV6FKLHHQDXIHLQHQ:HKUORVHQJHJHQMH GHV.ULHJVUHFKWYHUVW|W©(UJLEWVHLQHU6WLPPHHLQHQVDFKOL FKHQ.ODQJDOVHUZHLWHUEHULFKWHWª'LHVH$XIQDKPHQZDUHQ ]XQlFKVWDOOHVZDVZLU]XU9HUIROJXQJGHV.ULHJVYHUEUHFKHQVLQ

GHU+DQGKLHOWHQ'HU7\SGHVGHXWVFKHQ-DJGIOXJ]HXJVLVW OHLFKW]XLGHQWLIL]LHUHQ(VKDQGHOWVLFKXPHLQH0HKXQGHUW QHXQGHQ6WDQGDUGW\SGHUIDVFKLVWLVFKHQ-DJGIOXJ]HXJH'HXW OLFK]XHUNHQQHQLVWKLHUGDVWDNWLVFKH=HLFKHQGHU0DVFKLQH XQGGDHLQ*HVFKZDGHUDE]HLFKHQ'ULWWHQVVHKHQ6LHDP/HLW ZHUNVHQNUHFKWVWHKHQGHZHLH6WULFKH6LHJHEHQGDUEHU $XVNXQIWLQZLHYLHOHQ/XIWNlPSIHQGHUGHXWVFKH)OLHJHUJH VLHJWKDW$OVGHU6HUYLFHGHGRFXPHQWDWLRQH[WHULHXUHWGH FRQWUHHVSLRQDJHGHU6'(&(PLWGHU)HVWVWHOOXQJGHV0RUG VFKW]HQEHDXIWUDJWZXUGHKDEHQPHLQH.DPHUDGHQ]XQlFKVW DOWH$XINOlUXQJVXQWHUODJHQEHUGLH9HUElQGHGHUIDVFKLVWL VFKHQ/XIWZDIIHXQGLKUH6WDQGRUWHZlKUHQGGHU.ULHJVKDQG OXQJHQJHVLFKWHW:HUWYROOH+LQZHLVHEHNDPHQZLUYRQHKHPD OLJHQ.lPSIHUQGHU5HVLVWDQFHDEHUDXFKYRQ)UDXHQXQG0lQ QHUQGLHZlKUHQGGHU%HVDW]XQJGLHQVWYHUSIOLFKWHWZXUGHQ6R VWHOOWHQZLU]ZHLIHOVIUHLIHVWGDHVVLFKXPHLQH0DVFKLQHYRP -DJGJHVFKZDGHU,PPHOPDQQJHKDQGHOWKDW,QGLHVHP9HUEDQG KDWWH]XUIUDJOLFKHQ=HLWQXUHLQHUGLHDP/HLWZHUNDEOHVEDUH =DKOYRQ$EVFKVVHQGHU/HXWQDQW$FKLP'HWMHQ© 8WDLVWEODJHZRUGHQ6LHVFKOXFNWVFKZHU:LHXPVLH]XEH UXKLJHQJUHLIW$FKLPQDFKLKUHU+DQGGRFKVLH]LHKWVLHKDVWLJ ]XUFNDOVIUFKWHVLHVLFKYRQLKPEHUKUW]XZHUGHQ0LW 6FKDXGHUQGHQNWVLHGDUDQGDVLHJHVWHUQGDUDXIJHZDUWHWKDW HUP|JHVLHLQGLH$UPHQHKPHQXQGGDVLHYROOXQGJDQ]EH UHLWZDUVLFKLKPDQ]XYHUWUDXHQ'LHVHP0RUGVFKW]HQ /DFKPDQQV6WLPPHLVW]XK|UHQª+DEHQ6LHHLQ)RWRYRQ LKP"©2IIHQVLFKWOLFK]HLJW5HQDUGGHPDQGHUHQHLQ)RWRGHQQ HUVDJW ª'DVLVW)OLHJHUOHXWQDQW$FKLP'HWMHQ© $FKLP'HWMHQLQGHU1DFKEDUQLVFKHVLHKWDXIVHLQ7HHJODV QLHGHU6HLQH0LHQHEOHLEWDXVGUXFNVORV(UXQWHUGUFNWGDV /lFKHOQGDVVLFKKHUYRUGUlQJHQZLOO(UNHQQWMHQHV)RWRJH QDXXQGZHLGDLKQPLWGHVVHQ+LOIHNHLQ0HQVFKLGHQWLIL]LH UHQNDQQ'HQQGDV%LOG]HLJWHLQHQDQGHUHQ$FKLP'HWMHQ 1XUPLWJXWHP:LOOHQN|QQWHPDQHLQHJHZLVVHbKQOLFKNHLW KHUDXVOHVHQ

ª'DV)RWRLVW]HKQ-DKUHDOW©VDJW/DFKPDQQª(UVWDQGYRU PLUDEHULFKN|QQWH,KQHQQLFKWVDJHQREHUHVZDU,FKN|QQWH LKQDXFKQLFKWEHVFKUHLEHQ'LHYLHOHQ*HVLFKWHU© 8QGZLHGHU5HQDUGV6WLPPH ª$XFKIUGHQ6'(&(NRPPWGDV$XIWDXFKHQGLHVHV'HWMHQ Y|OOLJEHUUDVFKHQG'DV-DJGJHVFKZDGHU,PPHOPDQQHVKDW VHLQHQ1DPHQQDFKHLQHP)OLHJHU$VGHVHUVWHQ:HOWNULHJHV ZXUGHEDOGQDFK+LWOHUVhEHUIDOODXIGLH6RZMHWXQLRQDQGLH 2VWIURQWYHUOHJW:LUKDEHQVHLQHQ:HJYHUIROJW'HQYRUOLH JHQGHQ0DWHULDOLHQ]XIROJHLVW'HWMHQODXWXQVHUHQ5HFKHU FKHQDPGUHLLJVWHQ0DLQHXQ]HKQKXQGHUW]ZHLXQGYLHU]LJLP GDPDOLJHQ0LWWHODEVFKQLWWGHU)URQWDEJHVFKRVVHQZRUGHQ,Q VHLQHU+HLPDWVWDGW+DPEXUJKDEHQZLUIHVWJHVWHOOWGDHURIIL ]LHOYHUPLW!JHPHOGHWZXUGHYRP)HLQGIOXJQLFKW]XUFNJH NHKUW!(VLVWHLQ=XIDOOGD'HWMHQEHUKDXSWQRFKLQGHU )DKQGXQJVOLVWHVWHKW© (LQHNOHLQH3DXVHHQWVWHKWGDQQVDJW$QGUHª'DQNHPRQ &DSLWDLQH+DEHLFK6LHYRUKLQULFKWLJYHUVWDQGHQ"6LHKDOWHQ GDV9HUVFKZLQGHQHLQHVVROFKHQ0DQQHVDXVHLQHP.ULHJVJH IDQJHQHQWUDQVSRUWXQGVHLQHZXQGHUVDPH5HWWXQJ!YRUGHU 0LOLWlUSROL]HLIUW\SLVFKZDVGLH9HUKlOWQLVVHLQGHU%XQGHV UHSXEOLNDQJHKW"© ª(VLVWQLFKWGHUHLQ]LJH)DOO©XPJHKW5HQDUGHLQHNODUH $QWZRUWª,FK]DKOH0DGHPRLVHOOH©UXIWHUXQGIlKUWIRUW ª,FKJODXEH6LHYHUVWHKHQGDLFK,KQHQGLHVH*HVFKLFKWHQLFKW LP%URHU]lKOHQNRQQWH$EHU6LHPVVHQVLHNHQQHQ©'LH .HOOQHULQNDVVLHUWGLHGUHL0lQQHUEHJHEHQVLFK]XP.OHLGHU VWlQGHUGDQQYHUODVVHQGLHGDV&DIHª-XVWXV© 'HWMHQDWPHWHUOHLFKWHUWDXI(UGUHKWVLFK]X8WD5DGHPD FKHUPLWHLQHPHQWVSDQQWHQ/lFKHOQGDVVLHQLFKWHUZLGHUW ª,VWGDVZDKU"©IUDJWVLH $FKLPN|QQWHPLWJXWHP*HZLVVHQªQHLQ©VDJHQDEHUHU GDUIHVQLFKW(UDQWZRUWHWPLWHLQHU*HJHQIUDJHª7UDXHQ6LH PLUGDV]X"©8QGGDKLQHLQOHJWHUDOOHQ&KDUPHGHQHULQGLH VHU6LWXDWLRQDXI]XEULQJHQYHUPDJ 'DVSUDOOWYRQLKUDE'D]XVLW]WLKUHMlKH(UQFKWHUXQJ]X

WLHI6LHKDWWHVLFKGRFKHLQUHFKWURPDQWLVFKHV%LOG]XVDPPHQ JH]LPPHUWYRQHLQHP0DQQGHUQDFKODQJHQVFKZHUHQ-DKUHQ QDFK+DXVHNRPPWXQGHLQVDPLVW ª,FKZHLHVQLFKW©HUZLGHUWVLHKLOIORVª$EHUZHQQ6LHHV JHWDQKDEHQ© ,QLKUHQ:RUWHQVFKZLQJWHWZDV'URKHQGHV6RVHKULKPJH IlOOWZLHVDXEHUXQGDQVWlQGLJGLHVHV0lGFKHQDXIGLH:DKU KHLWEHU$FKLP'HWMHQUHDJLHUWHUPXVLHGD]XEULQJHQLKP ]XVHLQHQ8QWHUODJHQ]XYHUKHOIHQ]XGLHVHQ5HTXLVLWHQVHLQHU 5ROOHGLHHUGULQJHQGEHQ|WLJW6RHQWVFKOLHWHUVLFK]XHLQHU (UNOlUXQJGLHGHQ6DFKYHUKDOWWULIIWXQGGLHHUGRFKQRWIDOOVPLW /HLFKWLJNHLWDOV1RWOJHGLVTXDOLIL]LHUHQNDQQ ª(VZDUPHLQH0DVFKLQH8WDDEHULFKVDQLFKWGULQ,FK NDQQ,KQHQGDVMHW]WXQGKLHUQLFKWHUNOlUHQGRFK6LHPVVHQ PLUJODXEHQ© 6LHVLHKWVHLQEHVRUJWHV*HVLFKW'DKDWVLHGRFKZLHGHU0LW OHLGPLWLKPXQGHVNDQQMDDXFKVHLQGDHVVLFKVRYHUKLHOW ZLHHUVDJWGDGLH)UDQ]RVHQQLFKWDOOHVZLVVHQ 8WD5DGHPDFKHUVWHKWODQJVDPDXI )U)UDX5DGHPDFKHUEHGDUIHVNHLQHU'LVNXVVLRQ'LH=ZHL IHOGLHLKUH7RFKWHUTXlOHQWHLOWVLHQLFKWHLQHQ$XJHQEOLFN6LH LVWHLQGHXWLJXQGRKQH]X]|JHUQIU'HWMHQXQGEHUHLWDOOHV]X WXQGHQ)OLHJHUGHP=XJULIIGHUªIUHPGHQ6FKQIIOHU©]XHQW ]LHKHQ ,QGHU.FKHPLWHLQDQGHUIOVWHUQGHQWZHUIHQGLHEHLGHQ )UDXHQHLQHQ3ODQ'LH0XWWHUZLUGVLFKJHEHQDOVVHKHVLHGLH 1RWZHQGLJNHLWGHUPLOLWlUSROL]HLOLFKHQ$NWLRQHLQVLHZLUG .DIIHHNRFKHQXQGGLHGUHL)UDQ]RVHQ]XHLQHP,PELKHUEHU ELWWHQ8QWHUGHVVHQNDQQ8WDXQJHVW|UWGLH6DFKHQ]XVDPPHQ SDFNHQXQGVLHDXVGHU:RKQXQJVFKPXJJHOQ 'LHEHLGHQ0LOLWlUSROL]LVWHQVLQGYRQGHU(LQODGXQJGXUFK DXVDQJHWDQ]ZHLDUJORVHMXQJH0lQQHUGLHNHLQH+LQWHUJH GDQNHQYHUPXWHQ8QGVRJXWLVWGLH9HUSIOHJXQJLQIUDQ]|VL VFKHQ.DVHUQHQQLFKWGDHLQHGHUDUWLJH(LQODGXQJQLFKWORFNW $XFKGHU/HXWQDQWOHKQWQLFKWDEQXUPDFKWHUPLWHLQHP

HLQ]LJHQ6DW]GHQ3ODQGHU'DPHQ5DGHPDFKHU]XQLFKWH(U YHUIJWGDVHLQH%HJOHLWHUQDFKHLQDQGHUHVVHQVROOHQXQGGD LPPHUHLQHULP.RUULGRUGLH:RKQXQJVWUEHZDFKW,PEUL JHQOlWHUZLVVHQHUVWUHFNHVLFKGHUYRQ&DSLWDLQH5HQDUG YHUKlQJWH+DXVDUUHVWVHOEVWYHUVWlQGOLFKDXFKDXI0DGH PRLVHOOH

6FKU|GHUZHLQLFKWUHFKWZLHHUVLFK%RUQJHJHQEHUYHUKDOWHQ VROO'HUZDUXQGLVWQRFKHLQªJURHV7LHU©XQGZHQQHULP $XJHQEOLFNDXFKNHLQHPDJHVFKQHLGHUWHVFKZDU]H8QLIRUP PLWHKUIXUFKWJHELHWHQGHQJROGXPUDQGHWHQ6SLHJHOQWUlJWGHU EORQGH+QHKlOWHVIUUDWVDPVLFK]DFNLJ]XJHEHQXQGHLQHQ ªJXWHQ(LQGUXFN©]XPDFKHQ.DLVHUGHU]XVDKZLHVLFK%RUQ ZXVFKXQGXP]RJKDW6FKU|GHUJULQVHQGDXIHLQH*HPHLQVDP NHLW]ZLVFKHQLKPXQGGHPHKHPDOLJHQ66)KUHUKLQJHZLHVHQ ZLHGXUFKHLQ:XQGHUKDEHQEHLGHGLHJOHLFKH.ULHJVYHUOHW ]XQJHLQHQ6WUHLIVFKXXQWHUGHPOLQNHQ$UPGHUDXVJH UHFKQHWGLH+DXWZHJJHIHW]WKDWZRGLH%OXWJUXSSHWlWRZLHUW ZDU1XUKDW%RUQGLHVH9HUOHW]XQJVFKRQ]LHPOLFKDP$QIDQJ GHV.ULHJHVHUOLWWHQVLHZXUGHIDFKPlQQLVFKLQHLQHP666D QDWRULXPDXVJHIKUWJDUDQWLHUWVFKPHU]ORVXQGPLWHLQHP 9HUZXQGHWHQDE]HLFKHQEHORKQWZlKUHQG6FKU|GHUVLHVLFK DXIGHU)OXFKWYRUGHU6RZMHWDUPHHLQSDQLVFKHU$QJVWVHOEVW PLWHLQHUNUDFKHQGHQ$UPHHSLVWROH]XIJWH'DV:LVVHQXP GLHVH*HPHLQVDPNHLWEHKlOW6FKU|GHUKLHULP+DXVDP6WDGW UDQGYRUVLFKWVKDOEHUIUVLFK (UKDW%RUQVRHEHQXQWHUULFKWHWGDQXQDXHUGHU0LOLWlU SROL]HLDXFKGLHGHXWVFKH3ROL]HL-DJGDXI'HWMHQPDFKW=XGLH VHP=ZHFNKDW&DSLWDLQH5HQDUGYRP6'(&(VHLQH8QWHUOD JHQGHP]XVWlQGLJHQ.ULPLQDONRPPLVVDULDW]XU9HUIJXQJJH VWHOOW ª:LUPVVHQGHQ0DQQKDEHQVRQVWVWHKWDOOHVLQ)UDJH©EH WRQW%RUQQRFKHLQPDO 6FKU|GHUPDFKWGLH%HZHJXQJGHV3LVWROHQVFKLHHQVª9LHO OHLFKWJHOLQJWHVXQVLKQUHFKW]HLWLJDXV]XVFKDOWHQ,FKKDEH JDQ]JXWH%H]LHKXQJHQ]XU3ROL]HLLFKNDQQHVRUJDQLVLHUHQ

GDLFK]XJHJHEHQHU=HLWHLQHQ7LSEHNRPPH© 'HUHKHPDOLJH66)KUHUKHEWDEZHKUHQGGLH+DQGª.HLQ $XIVHKHQ(LQHVLVWPLUGUEHQNODUJHZRUGHQ0LWGHQDOWHQ 0HWKRGHQHUUHLFKHQZLUQLFKWVPHKU:LUEUDXFKHQHOHJDQWHUH /|VXQJHQ6FKU|GHU(VWlWHPLUVRJDUOHLGXPGHQ0DQQ'LHVH *HVFKLFKWHLQ5RXHQGDVKlWWHQZLUVHLQN|QQHQ6ROFKH 0lQQHUEUDXFKHQZLUQRFK$XHUGHPZDVNlPHGHQQKHU DXVZHQQPDQ'HWMHQV/HLFKHLP6WDGWZDOGIlQGH"'LHVHU2UW VWQGHLP0LWWHOSXQNWGHV|IIHQWOLFKHQ,QWHUHVVHVXQGPLW6L FKHUKHLWJlEHHVMHPDQGHQGHUGLH7KHRULHYRP)HPHPRUG KRFKVSLHOHQZUGH'LH*D]HWWHQ]HKUWHQZRFKHQODQJGDYRQ 5HSRUWHULQ0DVVHQ$OOHV'LQJHGLHZLUYHUPHLGHQZROOHQ /DVVHQ6LH,KUH0XVNHOQDXVGHP6SLHOXQGYHUVXFKHQ6LHDXV QDKPVZHLVHPDOPLWGHP.RSI]XDUEHLWHQ© %HOHLGLJWLVW6FKU|GHUQLFKWLP*HJHQWHLOHUKlOW%RUQIUHL QHQJURHQ6WUDWHJHQ

hEHUGHU6WDGWOLHJWGLH1DFKW,QGHU.OHLVWVWUDHEUHQQHQGLH *DVODWHUQHQ,KUWUEHV/LFKWHUKHOOWVLHNDXP(VLVWVWLOO*DQ] VHOWHQHLQPDO)XJlQJHUJHOHJHQWOLFKHLQ)DKU]HXJ'LHHU OHXFKWHWHQ)HQVWHUVWHOOHQJHOEOLFKH5HFKWHFNHLQGLH'XQNHO KHLW 'LHXQJHQJHQGH%HOHXFKWXQJGHU6WUDHLVW'HWMHQZLOO NRPPHQ9RP6WDGWSDUNKHUQlKHUWHUVLFKGHP5DGHPDFKHU VFKHQ+DXV6HLQH6LWXDWLRQLVWYHUIDKUHQ'DVLFK8WDQLFKW DPYHUHLQEDUWHQ7UHIISXQNWHLQIDQGEHWUDFKWHWHUDOV%HZHLV GDIUGDGLH)UDQ]RVHQLPPHUQRFKLQGHU:RKQXQJVLQGXQG QXQDXFKGDV0lGFKHQGRUWIHVWKDOWHQ$FKLPLVWVLFKY|OOLJNODU GDUEHUZLHJHZDJWHVLVWJOHLFKVDPLQGLH+|KOHGHV/|ZHQ]X JHKHQ(UKDWNHLQHDQGHUH0|JOLFKNHLW,P*UXQGHLVWLKPVR JDUXQNODUZDVHULQGHU.OHLVWVWUDH]XHUUHLFKHQKRIIW3DSLHUH XQG*HOGGDUXPJHKWHV$FKLPLVWVLFKEHZXWGDHUPLWGHQ ]HKQ0DUNYRQ)UDX5DGHPDFKHUXQWHU8PVWlQGHQODQJHDXV NRPPHQPXHUZLUWVFKDIWHWVRVSDUVDPZLHP|JOLFK6HLQH 0LWWDJVPDKO]HLWEHVWDQGKHXWHDXVGUHLWURFNHQHQ6HPPHOQ 5XQGDFKW0DUNKDWHUQRFKLQGHU7DVFKH2EHUGDPLWELV]X

%RUQVNRPPW",KPZLUGQLFKWVEULJEOHLEHQDOVSHU$QKDOWHU ]XUHLVHQDXFKDXIGLH*HIDKUKLQGDGLH/NZVXQWHUZHJVLQ 3ROL]HLNRQWUROOHQJHUDWHQ$QV$XIJHEHQGHQNWHUQLFKW(UKDW GLHVH$XIJDEHEHUQRPPHQXQGLVWPLW1DFKGUXFNGDUDXIKLQ JHZLHVHQZRUGHQZLHJHIlKUOLFKXQGNRPSOL]LHUWVLHLVWHU ZLUGGLH)UHXQGHQLFKWHQWWlXVFKHQZLUGVLFKGXUFKEHLHQVR JXWHVJHKW $FKLP'HWMHQKlOWVLFKGLFKWDQGHQ+lXVHUZlQGHQXQG EOHLEWLQLKUHP6FKDWWHQ:R9RUJlUWHQVLQGELHWHQLKPGLH% VFKHPLWLKUHP*HVWUSSQRWGUIWLJH'HFNXQJ'LH=lXQH ZlKUHQGGHV.ULHJHVHLQJHVFKPRO]HQZXUGHQELVKHUQXULQ ZHQLJHQ)lOOHQHUQHXHUW 'HP+DXV1XPPHU]Z|OIJHJHQEHUWULWWHULQHLQHQ(LQ JDQJ1XULQHLQLJHQ:RKQXQJHQEUHQQW/LFKW/HGLJOLFKGLH 5DGHPDFKHUVFKH(WDJHLVWKHOOHUOHXFKWHWXQGGDVGHXWHWGHU )OLHJHUDOV:DUQXQJIULKQª.HLQH/DQGHHUODXEQLV©VR]XVD JHQ 'HU0DQQLP6FKDWWHQOlWVLFK=HLW(UEHREDFKWHWVRUJIlO WLJ(UUXIWVLFKGHQ6FKQLWWGHU:RKQXQJLQV*HGlFKWQLVYHU VXFKWGLH/DJHGHU=LPPHU]XUHNRQVWUXLHUHQ6FKZHU]XVDJHQ ZRVLFKGLH0LOLWlUSROL]LVWHQDXIKDOWHQ(UNODXEWHLQ6WHLQFKHQ DXIXPHVDQHLQH6FKHLEH]XZHUIHQKLQWHUGHU)UDX5DGHPD FKHURGHU8WDVHLQN|QQWHQHUOlWHVVRIRUWZLHGHUIDOOHQ9LHO ]XULVNDQW (UVWHKWXQGZDUWHW(LQHKDOEH6WXQGHHLQHJDQ]H(LQH .LUFKWXUPXKUVFKOlJWGLHHOIWH6WXQGH(VLVWNDOW(LQOHLVHU :LQGNRPPWDXIXQGPDFKWGDV*HVWUSSUDVFKHOQ'HWMHQ VFKOlJWGLH$UPHXPGHQ/HLEXQGWULWWYRQHLQHP%HLQDXIVDQ GHUHVWHOOWGHQNXU]HQ.UDJHQKRFK(UOlWNHLQHQ%OLFNYRQ GHU5DGHPDFKHUVFKHQ(WDJH0LWHLQHP$QIOXJYRQ6HOEVWLUR QLHGHQNWHUGDHUVFKRQ|IWHUYRUIUHPGHQ+lXVHUQJHIURUHQ KDWDOOHUGLQJVXQWHUDQGHUHQ9RUDXVVHW]XQJHQ'DZDUHUGHU -lJHU *HJHQKDOE]Z|OIZLUGREHQHLQ)HQVWHUJH|IIQHW8WD6LHLVW PLW6LFKHUKHLWDOOHLQLP=LPPHUHVVLHKWDXVDOVZROOWHVLHJH UDGH6FKODIHQJHKHQ(UHUEOLFNWQDFNWH6FKXOWHUQXQGHQWEO|WH

$UPH:DKUVFKHLQOLFKVFKOlIWVLHLPPHUEHLRIIHQHP)HQVWHU 8WD5DGHPDFKHUOlWVLFKYLHO=HLWPLWGHU%HIHVWLJXQJGHU )OJHO8QYHUNHQQEDUVFKDXWVLHGLH6WUDHKLQDXIXQGKLQDE DOVVXFKHVLHHWZDV =XODQJHUhEHUOHJXQJEOHLEWNHLQH=HLW'HWMHQWULWWDXVVHL QHU'HFNXQJXQGVWHKWHLQHQ$XJHQEOLFNLP/LFKWHLQHUGHU/D WHUQHQKHEWGLH+DQGWULWWZLHGHU]XUFN 8WDPXLKQJHVHKHQKDEHQDEHUVLHJHKWYRP)HQVWHUZHJ LQV=LPPHU'DV/LFKWHUOLVFKWIODPPWZLHGHUDXIHUOLVFKWQHX HUOLFK (UZDUWHW 8WDHUVFKHLQWZLHGHU1XUXQGHXWOLFKQLPPWHUVLHLPGXQN OHQ8PULGHV)HQVWHUVZDKU(UJODXEWLKUH+lQGH]XVHKHQ GLHLUJHQGHWZDV'XQNOHVKDOWHQ'LHVHV'XQNOHIlOOWIl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lXVHUHQWIHUQWVWHKWDXFKHLQ 0DQQLQHLQHP+DXVHLQJDQJOlQJHUVFKRQDOVHUXQGQLFKWZH QLJHUJHGXOGLJHLQKDJHUHU0DQQPLWHLQHP9RJHOJHVLFKWHL QHPWLHILQGLH6WLUQJH]RJHQHQJUDXHQ)LO]GLH+lQGHLQGHQ 7DVFKHQGHVGXQNOHQ8OVWHUV(VlUJHUWLKQMHW]WGDHUGHQ )OLHJHUQLFKWNRPPHQVDK *DQ]ODQJVDPQLPPW.DLVHUGLH+lQGHDXVGHQ7DVFKHQXQG JUHLIWPLWGHU5HFKWHQXQWHUGDV6DNNR0HWDOOLVFKNDOWOLHJWGHU *ULIIHLQHU:DOWKHULQVHLQHU)DXVW $KQXQJVORVOlXIW'HWMHQYRUEHU6FKRQLVW.DLVHUDXIODXWOR

VHQ.UHSSVRKOHQKLQWHULKPXQGGUFNWLKPGLH3LVWROHQPQ GXQJXQWHUV6FKXOWHUEODWW ª*HKHQ6LHODQJVDPZHLWHU'HWMHQ©VDJWHUOHLVHª%OR NHLQHQ.UDZDOO'LHQlFKVWH4XHUVWUDHOLQNV© $FKLPLVW]XVDPPHQJH]XFNWLVWZLUNOLFKEHUUDVFKW8QG WURW]GHVXQDQJHQHKPHQ'UXFNVYRQKLQWHQHUOHLFKWHUW'D GDVNHLQHVIDOOV3ROL]HLVHLGHQNWHUGHQQGLH3ROL]HLVFKHXWGHQ .UDZDOOQLFKW$XFKZlUHVLHNDXPPLWHLQHPHLQ]LJHQ0DQQLQ $NWLRQJHWUHWHQ'DVVHOEHJLOWIUGLH)UDQ]RVHQDXFKVLHVLQG QLFKW]XU,OOHJDOLWlWJH]ZXQJHQ,OOHJDOMHGRFKLVWGLHVHª)HVW QDKPH©JDQ]HLQGHXWLJ :HQQHUZROOWHN|QQWHHUVLHVRIRUWDXIKHEHQ0DQKDWLKQ DXFKDXIVROFKH6LWXDWLRQHQYRUEHUHLWHWXQGHUEHKHUUVFKWGLH NRPSOL]LHUWHQ-XGRJULIIH]XU$EZHKUGHUDUWLJHU3LVWROHQGUR KXQJHQ(LQH6FKXZDIIHKDWLKPVHLQ7UDLQHUHLQJHVFKlUIWLVW QXUGDQQJHIlKUOLFKZHQQVLHVLFKDXHUKDOEGHUHLJHQHQ 5HLFKZHLWHEHILQGHW'HU0DQQKLQWHULKPKlWWHNHLQH&KDQFH 'HWMHQEHUOHJWNDOW:DVHUZDUWHWGHU.HUOGDKLQWHULKP" 0DFKWHVLKQ$FKLPYHUGlFKWLJZHQQHUVLFKQLFKWZHKUW"$O OHUGLQJVGDHUGLH0|JOLFKNHLWGD]XKlWWHGDV7UDLQLQJYRU DOOHPZHLGHUPLWGHU3LVWROHNHLQHVIDOOV(LQH$XVELOGXQJLQ GHUªVDQIWHQ.XQVW©GHU6HOEVWYHUWHLGLJXQJJHK|UWHQLFKW]XP /HKUSURJUDPPDQGHQ-DJGIOLHJHUVFKXOHQGHUIDVFKLVWLVFKHQ /XIWZDIIH$QGHUHUVHLWVZHQZUGHGHU2EHUOHXWQDQW$FKLP 'HWMHQGDKLQWHUVLFKJODXEHQ"'HUZWHQLFKWGDGLH $GUHVVHLQVHLQHU7DVFKHGLHHLQHVHKHPDOLJHQKRKHQ66)K UHUVLVWGHUVHLQH9HUWUDXHQVVHOLJNHLWLQ]ZLVFKHQEHUHXHQXQG EHVFKORVVHQKDEHQN|QQWHHLQHQ0LWZLVVHUDXV]XVFKDOWHQ ,KPGHUKLHULQGHU.OHLVWVWUDHYRUHLQHU3LVWROHJHKWLVWEH NDQQWGDEHVDJWHU+HUU%RUQGHQEHUGDV5RWH.UHX]ODX IHQGHQ%ULHIZHFKVHODXVGHP*HIDQJHQHQODJHU]XUhEHUPLW OXQJYHUVFKOVVHOWHU1DFKULFKWHQEHQXW]WH(UKDWWHDXIGLHVH :HLVHVHLQ$EKROHQYHUDQODWXQGNRQQWHQXUGHVKDOEVRIRUW QDFKGHP(LQODXIHQGHV=XJHVVSXUORVYHUVFKZLQGHQ'D]X EUDXFKWHHU/HXWH/HXWHYRPª.DPHUDGHQKLOIVZHUN©=ZHL IHOORVJHK|UWGHU3LVWROHQKHOG]XLKQHQ'DVEHGHXWHWGDGLH

EHUHLWVDEJHULVVHQJHJODXEWH9HUELQGXQJ]X%RUQZLHGHUKHU JHVWHOOWLVW9|OOLJXQJHNOlUWEOHLEW]XZHOFKHP=ZHFN'LH 9HUPXWXQJHLQHUª$XVVFKDOWXQJ©LVWVRDEZHJLJQLFKW$XFK GLHVHV5LVLNRZDUYRUVHLQHP(LQVDW]LP*HVSUlFK 'HU)OLHJHU$FKLP'HWMHQLVWVLFKHUQLFKWGHU0DQQVLFKZLH HLQJHGXOGLJHV6FKDILQV8QJHZLVVHIKUHQ]XODVVHQ(UEOHLEW VWHKHQª:DVZROOHQ6LHYRQPLU"© 'HU'UXFNGHU3LVWROHQPQGXQJYHUVWlUNWVLFKª6LQG6LH VFKZHUYRQ%HJULII"/RVJHKHQ6LHXQGPDFKHQ6LHPLUNHLQH 6FKHUHUHLHQ© ,QGHU1HEHQVWUDHVWHKWGHUDOWH2SHO

$FKLP'HWMHQYHUPXWHWGDLQGLHVHP+DXVDP6WDGWUDQG DXFK%RUQGLH.OHLGXQJJHZHFKVHOWKDW(LQ,QWHULPVTXDUWLHU PLW]XVDPPHQJHZUIHOWHP0RELOLDUOLHEORV]XVDPPHQJHVWHOOW QXU]ZHFNPlLJQLFKWDQKHLPHOQG(LQZHQLJYHUORUHQVWHKW GHU)OLHJHUPLWWHQLQGHPXQJDVWOLFKHQ5DXP 'DV9RJHOJHVLFKWOHJWGHQ0DQWHODEXQGEHKlOWGHQ+XWDXI 'DQQGHXWHWHUDXIGLH=LYLONOHLGXQJGLHEHUHLQHU6WXKOOHKQH OLHJWª:HJPLWGHQ0LOLWlUNODPRWWHQ=LHKHQ6LHGDVGDDQ(V ZLUGSDVVHQ1XQPDFKHQ6LHVFKRQ© 'HWMHQUKUWVLFKQLFKWYRP)OHFNª'HQ7HXIHOZHUGHLFK WXQ©EUDXVWHUDXI .DLVHUKRFNWZLHGHUDXIVHLQHUJHOLHEWHQ6HVVHOOHKQHª,FK EHVWLPPHZDVKLHUJHVFKLHKW©VDJWHUIULHGIHUWLJª8QGNHLQH 'XPPKHLWHQ)UHXQGFKHQ©)OFKWLJVFKOlJWHUGDV6DNNRDXI XQGOlWGLH:DIIHLP6FKXOWHUKDOIWHUVHKHQª8P]LHKHQKDEH LFKJHVDJW© $FKLP]XFNWGLH6FKXOWHUQXQGJHKRUFKW,PPHUKLQXPLKQ XP]XOHJHQZUGHQVLHLKQVFKZHUOLFKHUVWHLQNOHLGHQ'LHVH 7\SHLVWLKP]ZDU]XWLHIVW]XZLGHUDEHUHVKDWNHLQHQ=ZHFN VLFK]XVWUlXEHQ(UOlWVLFK=HLWXQGEHREDFKWHWGHQ3LVWROHQ

KHOGHQDXVGHQ$XJHQZLQNHOQ'HUKDWVLFKEHUVHLQ%QGHO KHUJHPDFKWXQGªILO]W©GDQQDXFKGLH7DVFKHQGHUDEJHOHJWHQ 8QLIRUPWHLOH,QGHU%UXVWWDVFKHILQGHWHU%RUQV=HWWHO2KQH HLQ:RUW]XVDJHQOlWHUVHLQ)HXHU]HXJVFKQDSSHQKlOWGLH )ODPPHDQV3DSLHUELVGLHVHVOLFKWHUORKEUHQQWXQGOHJWHV GDQQEHKXWVDPLQGHQ$VFKHU 'HP)OLHJHUZHUGHQ=XVDPPHQKlQJHNODU'LHVHU=HWWHO GUIWHGDVDXVO|VHQGH0RPHQWIUGLH-DJGDXILKQJHZHVHQ VHLQ6RXQUHFKWKDWWHHUDOVRQLFKWPLWVHLQHU9HUPXWXQJ 7URW]GHPKlOWHUHVIUJHUDWHQDXI]XEHJHKUHQª:DVVROO GDV"© ª6FKQDX]H©ZHLVWLKQGDV9RJHOJHVLFKW]XUHFKWª:HQQHL QHUIUDJWELQLFKGDV©8QGGDQQIlQJWHUDQ]XIUDJHQ'D]X UXWVFKWHUYRQVHLQHU6HVVHOOHKQHXQGEHJLQQWGXUFKV=LPPHU ]XJHKHQ'HWMHQJOHLFKVDP]XXPNUHLVHQª6LHKHLHQ"© ª:DVJHKW6LHGDVDQ"© ª,PPHUKLQKDEHLFK6LHYRUHLQHPKDQGIHVWHQIUDQ]|VLVFKHQ 6WULFNEHZDKUW© ª:DUXP"©ERKUW'HWMHQ(LQH$QWZRUWHUZDUWHWXQGHUKlOW HUQLFKW ª6LHKHLHQ"© 'DVPXZRKOVRVHLQ6ROOHUGRFKVHLQHQ:LOOHQKDEHQ $FKLPLVWIUVROFKH9HUK|UHEHVWHQVSUlSDULHUW$XIGLHVHU 6WUHFNHIKOWHUVLFKVLFKHU ª'HWMHQ$FKLP(LQXQG]ZDQ]LJVWHU]ZHLWHUQHXQ]HKQ +DPEXUJ*U|QLQJHUVWUDHYLHU6RQVWQRFKZDV"© ª,QZHOFKHP*HVFKZDGHUKDEHQ6LHJHGLHQW"© ª-DJGJHVFKZDGHU,PPHOPDQQ© ª:DQQLQUXVVLVFKH*HIDQJHQVFKDIWJHNRPPHQ"© ª'UHLLJVWHU0DL]ZHLXQGYLHU]LJ,P0LWWHODEVFKQLWW© ª,KUOHW]WHU*HVFKZDGHUFKHI"© ª.U|VLQJ2EHUVW*QWHU.U|VLQJ© ª:LHKLH,KU9DWHU"© ª-HQV© ª:RZXUGHQ6LHDXVJHELOGHW"© ª,Q/LHJQLW]©

ª*HEXUWVWDJGHU0XWWHU"© ª=ZDQ]LJVWHU]Z|OIWHUDFKW]HKQKXQGHUWIQIXQGQHXQ]LJ© ª,KU9RUQDPH"© ª2OJD© ª:LHNRPPWPDQLQ+DPEXUJ]XU*U|QLQJHUVWUDH"© 6FKODJDXI6FKODJNRPPHQGLH)UDJHQSDXVHQORV'HUVWlQ GLJH7KHPHQZHFKVHOGDV+LQXQG+HUVSULQJHQXQGGLH0H WKRGHDOOHVRKQH8QWHUVFKLHGPLWGHPJOHLFKHQJHODQJZHLOWHQ 7RQ]XIUDJHQYHUUDWHQ5RXWLQH'LHVHUXQDQVHKQOLFKHKDJHUH 0HQVFKLVWJHIlKUOLFK(UEHKHUUVFKWGLH7HFKQLNHLQHQ9HU QRPPHQHQDOOPlKOLFK]XYHUXQVLFKHUQDXVGHPIIXQGGLH7DW VDFKHGDHUQLFKWVPLWVFKUHLEWXQGVLFKJDQ]DXIVHLQ*HGlFKW QLVYHUOlWEHUXKLJWDXFKQLFKWJHUDGHREZRKOHUGDPLWJHZL HUUHLFKHQZLOOGDVHLQ*HJHQEHUVLFKJHKHQOlWXQGVLFKLQ :LGHUVSUFKHYHUZLFNHOW 'HWMHQOlWVLFKQLFKWJHKHQ'LH+RVHQQRFKLQGHU+DQG EHDQWZRUWHWHUGLH)UDJHQDFKGHP:HJ]XU*U|QLQJHUVWUDH PLWGHUVDFKOLFKHQ%HPHUNXQJª.RPPWGDUDXIDQDXVZHOFKHU 5LFKWXQJ© ª6DJHQZLUYRQGHU6WDDWVELEOLRWKHNKHU© $FKLPVWHLJWHUVWLQGDVHLQHXQGGDQQLQGDVDQGHUH+RVHQ EHLQª'DLVWHVQLFKWZHLWhEHUGHQ)LVFKPDUNWGDQQNRPPW

QH%UFNH6LHJHKHQHLQ6WFNGLH%UDQGVWZLHWHKLQXQWHU'LH HUVWH6WUDHUHFKWVLVWGLH*U|QLQJHU$OOHV$OWVWDGW© (UKlWWHDXFKVDJHQN|QQHQZLHGLH%UFNHKHLWGRFKGDV YHUNQLIIHUVLFK6RJHQDXZLHHU+DPEXUJYRQ)RWRVXQGGXUFK .DUWHQVWXGLXPNHQQWNHQQWQLHPDQGVHLQH+HLPDWVWDGW(VLVW JXWDOOHV]XZLVVHQDEHUHLQHOFNHQORVH$XI]lKOXQJZlUHYHU GlFKWLJ:HULVWGHQQVFKRQHLQZDQGHOQGHV/H[LNRQ" ª:RHUKLHOWHQ6LH,KUH)OLHJHUDXVELOGXQJ"© ª,Q/LHJQLW]$EHUGDVKDEHLFKVFKRQJHVDJW© ª8QGDP=LHJHQWHLFK%LHUJHWUXQNHQ"© ª,QGHU=LHJHQWHLFKEDXGH6RKHLWHVJHQDX© ª:LHKLH,KUH)UHXQGLQ"© ª%ULJLWWH6DXHU$EHUGDVDOOHVJHKW6LHHLQHQ'UHFNDQ©1XQ KDWHUGLH+RVHQGLHIULVFKJHUHLQLJWXQGJXWJHEJHOWVLQGDQ

XQGGDIKOWHUVLFKZRKOHUª:ROOHQ6LHPLUQLFKWHQGOLFKVD JHQ© =XPHUVWHQPDOEOHLEWGDV9RJHOJHVLFKWVWHKHQZLSSWDXIGHQ =HKHQVSLW]HQXQGVLHKW$FKLPDQª6LHVLQGVLFKGDUEHUNODU GDLFKMHGH,KUHU$QJDEHQQDFKSUIHQZHUGH"© 'HWMHQVWUHLIWGHQ3XOORYHUEHUª9RQPLUDXV© ª:HQQ6LHYHUVXFKWKDEHQPLUHLQHQ%lUHQDXI]XELQGHQ VLQG6LHHLQWRWHU0DQQ© ª1DGDQQZHUGHLFKWDXVHQG-DKUHDOW© .DLVHUNRPPWQRFKHLQHQKDOEHQ6FKULWWQlKHUª6ROOWHVLFK KHUDXVVWHOOHQPHLQ%HVWHUGD6LHVLFKKLHUHLQJHVFKOLFKHQKD EHQ0DQQ:LUNULHJHQDOOHVKHUDXV:HQQHVVRHWZDVLVW UHGHQ6LHOLHEHUJOHLFK1RFKN|QQWHLFK6LHPLW QHPEODXHQ $XJHODXIHQODVVHQ© 'DGLHVHU7ULFNDOOHVDQGHUHDOVQHXVHLGHQNWGHU)OLHJHU 0LWGLHVHU0LVFKXQJDXVEUXWDOHU'URKXQJXQG$XJHQ]ZLQNHUQ KDWVHLQHU]HLWVFKRQ-RVHSK)RXFKH+HU]RJYRQ2WUDQWRXQG EHUFKWLJWHU*HKHLPGLHQVWFKHI1DSROHRQ%RQDSDUWHVRSH ULHUW8QG/HXWHZLHGLHVHU.DLVHUHLQ:HVWHQWDVFKHQ)RXFKH RGHU)RXFKH9HUVFKQLWWKDEHQ'HXWVFKODQGDXFKGDPLW]Z|OI -DKUHODQJLQ)XUFKWXQG6FKUHFNHQJHKDOWHQ$FKLP'HWMHQ PDFKWVHLQXQEHIDQJHQVWHV*HVLFKWª:RYRQUHGHQ6LHHLJHQW OLFK"© 'DV9RJHOJHVLFKWQLPPWVHLQH:DQGHUXQJZLHGHUDXIª1D VFK|Q(U]lKOHQ6LHPDOHLQELFKHQYRQ5RXHQ+HUU2EHU OHXWQDQW:LHKLH,KU0HFKDQLNHU"© ª3DXOH8QWHURIIL]LHU3DXO/HKPDQQ© ª'LHYLHUWH6WDIIHO"© ª1HLQ'LHYRQ+DXSWPDQQ6DQGHUV'LH]ZHLWH© ªhEHU5RXHQKDEHQ6LHGLHVHQ3RLOXKHUXQWHUJHKROW"© 'HWMHQKHEWGDV.LQQVWUDIIWVLFKXQGKDWHLQKRFKPWLJHV HLQªHKHUQHV©*HVLFKWª'DV-DJGJHVFKZDGHU,PPHOPDQQ© HUZLGHUWHUEHWRQWªZDUEHUKPWIUVHLQH+lUWHJHJHQGHQ )HLQG8QGVHOEVWZHQQ6LHKXQGHUWPDOHLQEHVRQGHUVJH VFKLFNWHU6SLW]HOGHU)UDQ]RVHQZlUHQ,FKEHUHXHQLFKWV,FK KDEHPHLQH3IOLFKWJHWDQXQGZUGHVLHZHQQHVVHLQPWH PRUJHQZLHGHUWXQ©

3O|W]OLFKEHOHEWVLFKGDV9RJHOJHVLFKW'HU0DQQEOHLEWVWH KHQPXVWHUWGHQ)OLHJHUEHUUDVFKWYRQ.RSIELV)XXQGKDW HLQODXWORVHVVHKUDPVLHUWHV/DFKHQª,FKDOVIUDQ]|VLVFKHU 6SLW]HO©HUGHKQWJHQLHHULVFKGLH:RUWHª'DVLVWPDO QHX©.RSIVFKWWHOQGJHKWHU]XP6FKUDQNXQGQLPPWDPHUL NDQLVFKHV%FKVHQELHUKHUDXVGDVHUYRU'HWMHQDXIGHQ7LVFK VWHOOWª)UDQ]|VLVFKHU6SLW]HOGDVKDWPLUQRFKQLHPDQGXQWHU JHVFKREHQ%LHULQ%OHFKLVWQRFKXQJHZRKQWZLH"6LHZHUGHQ VLFKGDUDQJHZ|KQHQ©(UIlOOWVRJOHLFKLQGHQJHZRKQWHQ7RQ ]XUFNª6LHGUIHQGLHVHV=LPPHUQLFKWYHUODVVHQ,FKJHKH MHW]W,KUH$QJDEHQ]XEHUSUIHQ1DFKKHUVHKHQZLUZHLWHU ,KUH3DSLHUHQHKPHLFKPLWELVDXIGLHVHQ%ULHI'HULVWZRKO QHXHUHQ'DWXPV© (VLVWHLJHQWOLFKNHLQ%ULHIGHQHUGDLQGHU+DQGKlOW:H QLJH=HLOHQLQHLQHUJURHQXQDXVJHVFKULHEHQHQVDXEHUHQ 6FKULIW ª6FKUHLEHQ6LHPLUQXUZHQQ6LHGDV*HJHQWHLOEHZHLVHQ N|QQHQ8WD© 6LHOHVHQJOHLFK]HLWLJ ª$KD©VSRWWHWGDV9RJHOJHVLFKWª+HUU2EHUOHXWQDQWKDEHQ HLQ.|SIFKHQYHUGUHKWXQGGDQQNDPHQGLH)UDQ]RVHQXQGHU ]lKOWHQYRQ+HUUQ2EHUOHXWQDQWV+HOGHQWDWHQ©(UODFKW ZLHGHUDXIVHLQHODXWORVH:HLVHª:LUVLQGHLQH]DUWIKOHQGH 6HHOHVFKHLQWHV(KHLFKHVYHUJHVVH'RUWDXIGHP7LVFKEH ILQGHWVLFK6FKUHLE]HXJ%LVLFK]XUFNELQN|QQHQ6LHHLJHQW OLFKPDO]X3DSLHUEULQJHQZR6LHLQ5XODQGZDUHQXQGZHOFKH (LQGUFNH6LHKDWWHQ'LHVHV+DXVZLUGEULJHQVVFKDUIEH ZDFKW© ª$OVRZREUHQQWHV"© ,QVSHNWRU0DUXQVHYRP.ULPLQDONRPPLVVDULDWGHUNOHLQHQ 6WDGWLVWHLQPDVVLJHU0DQQ$QIDQJIQI]LJ(UZLUNWQRFKPDV VLJHUGXUFKGHQ]XHQJHQ7UHQFKFRDWGHQHUWUlJWXQGGXUFK GHQJUQHQ+XWGHU]XQLHGOLFKIUVHLQHQVWLHUQDFNLJHQ.RSI LVW'LH)UDJHPLWGHUVLFK0DUXQVHLQ/DFKPDQQV:RKQXQJ JHZLFKWLJDXIHLQHQ6WXKOQLHGHUVHQNWHLVWHLQH*HZRKQKHLWV

IUDJH(UEHJLQQWMHGHV*HVSUlFKVR'LHLKQNHQQHQZLVVHQ GDVVRDXFKGHUVFKPDOVFKXOWULJH.ULPLQDODVVLVWHQWLQVHLQHU :LOGOHGHUMDFNHGHUGHQª&KHI©XP+DXSWHVOlQJHEHUUDJW(U ILQGHWQLFKWVGDEHLGD/DFKPDQQGDVDXFKZHLXQGPLWHLQHU *HJHQIUDJHDQWZRUWHW ª+DEWLKUGLHVHQ'HWMHQVFKRQ"© 0DUXQVHNUDPWDXVGHUHLQHQ0DQWHOWDVFKHHLQHª)|UVWHU SIHLIH©PLW6I|UPLJHP6WLHODXVGHUDQGHUHQHLQHQDEJHJULIIH QHQ7DEDNVEHXWHO%HLGHVYHUVFKZLQGHWLQVHLQHQ3UDQNHQ ª1RFKQLFKW©EHGDXHUWHUZlKUHQGHUVWRSIWª(ULVWZLHYRP (UGERGHQYHUVFKOXFNWXQGGDVVHLWQXQPHKUYLHU7DJHQ© /DFKPDQQLQHLQHUJUDXHQ6WULFNMDFNHJHKW]XP2IHQ QLPPWGLH.DIIHHNDQQHKHUXQWHUXQGIOOWGLH7DVVHQGLHHU VFKRQEHUHLWJHVWHOOWKDWWHª'DHUXQWHUXQVHUHQ$XJHQWU PHQNRQQWH©EHPHUNWHUEHUGLH6FKXOWHUªOlWPLUNHLQH 5XKH,FKKDEHKLQXQGKHUEHUOHJW(VJLEWQXUHLQH(UNOlUXQJ HUPXHLQHQ:LQNEHNRPPHQKDEHQ© ª,P*UXQGHNRQQWHQQXUGUHLZLVVHQZDVJHVSLHOWZXUGH© 'HU,QVSHNWRUVSULFKWHLQZHQLJXQGHXWOLFK(UKDWJHUDGHGHQ 3IHLIHQVWLHO]ZLVFKHQGHQ=lKQHQXQGKlOWGDV6WUHLFKKRO]EHU GHQ%UX\HUH.RSIª'LH)UDQ]RVHQDXVJHQRPPHQGXGLH 6HNUHWlULQXQGGHLQ0LWDUEHLWHU6FKU|GHU'XVFKHLGHVWDXV %OHLEHQ]ZHL© 6HLQ$VVLVWHQWEHXJWVLFKHLQZHQLJYRUª:HQQ6LHHUODXEHQ +HUU,QVSHNWRU'HU9RUJDQJLVWJHQDXUHNRQVWUXLHUWZRUGHQ 1DFKDOOHQ$XVVDJHQZLFKGLH$EIHUWLJXQJGLHVHV'HWMHQYRQ GHU1RUPDE'LHDQGHUHQHUKLHOWHQLKUH8QWHUODJHQLQGHU5HL KHQIROJHLQGHUVLHDQ+HUUQ/DFKPDQQV7LVFKWUDWHQ'HWMHQ PXWHZDUWHQ/HXWHGLHLQGHU6FKODQJHKLQWHULKPJHVWDQGHQ KDWWHQZXUGHQYRUJH]RJHQ'DVHUNOlUWVLFKHLQIDFKGDUDXV GDGLHIUDQ]|VLVFKHQ+HUUHQVHLQH3DSLHUH]XUFNKLHOWHQ YHUPXWOLFKHUVWGDUEHUVSUDFKHQGDQQHWZDV=HLWEUDXFKWHQ LKUH0LOLWlUSROL]LVWHQLQGLH%DUDFNH]XGLULJLHUHQ,FKJODXEH GDHVNHLQHUZHLWHUHQ:DUQXQJEHGXUIWH'HU0DQQKDWHWZDV DXIGHP.HUEKRO](UZDUYROOHU0LWUDXHQ:LUZLVVHQGDDP 9RUWDJGLH%ULWHQHLQHQ0DQQZHJEUDFKWHQ9LHOOHLFKWKDWHU

GDVEHPHUNW'DGXUFKZXFKVVHLQ0LWUDXHQZHLWHU1DFKPHL QHU$QVLFKWKDWVFKRQGLH$EZHLFKXQJYRQGHU1RUPJHQJW GHQ0DQQ]XU)OXFKW]XYHUDQODVVHQ$OVHUDXIJHUXIHQZXUGH LVWHUYHUPXWOLFKJDUQLFKWPHKULQGHU%DUDFNHJHZHVHQ© 0DUXQVHV3IHLIHEUHQQW*HQOLFKUDXFKHQGOHKQWHUVLFK]X UFNXQGGHQNWQDFK'DQQZLHJWHUGHQ.RSIª(LQH+\SRWKH VHGLHYLHOHVIUVLFKKDW$EHUNHLQ%HZHLV© /DFKPDQQVWUHLFKWPLWGHUOLQNHQ+DQGGDV7XFKDXIGHPRYD OHQ7LVFKJODWWª'DJLEWHVQRFKHWZDV0HUNZUGLJHV©VHW]WHU QHXDQª,FKKDEHKHXWHIUKGLH%LODQ]GHVOHW]WHQ7UDQVSRUWV JH]RJHQ0LWGHP7UDQVSRUW=HW]ZRKXQGHUWGUHLXQG]ZDQ]LJ VLQGYLHUKXQGHUWIQI]LJ0lQQHUJHNRPPHQ6RGHU%HJOHLW VFKHLQGHUVRZMHWLVFKHQ0LOLWlUEHK|UGHQ9LHUKXQGHUWIQI]LJ %HLXQVGXUFKJHODXIHQVLQGQXUYLHUKXQGHUWQHXQXQGYLHU]LJ© ª8QG'HWMHQ©ZLOO0DUXQVHSUl]LVLHUHQ 'HU(LQDUPLJHVFKWWHOWGHQ.RSIª'HQKDEHLFKVFKRQPLW JH]lKOW'HPQDFKYHUVFKZDQGHQ]ZHL© ª6LFKHUHLQ)HKOHULQGHQ%HJOHLWSDSLHUHQ©EDJDWHOOLVLHUWGHU $VVLVWHQWDFKVHO]XFNHQGª9LHOOHLFKWPXWHHLQHULQOHW]WHU0L QXWHLQV/D]DUHWWJHEUDFKWZHUGHQ6RZDVNRPPWYRU0DQKDW GDV]XlQGHUQYHUJHVVHQ© /DFKPDQQYHUQHLQWGLHVH0|JOLFKNHLWª'LH$QJDEHQDXV GHP2VWHQVLQGLPPHUVHKUH[DNW+HUU5LHVHO© 'HU,QVSHNWRUVFKOLHWVLFKNRPPHQWDUORV/DFKPDQQV%H WUDFKWXQJVZHLVHDQª'XJODXEVWGDVLFKHLQHUGHU.RQWUROOH JDUQLFKWHUVWXQWHU]RJ"© ª-D(UNDPDQXQGYHUVFKZDQG© ª8QGGDVRKQH*HOGXQG3DSLHUH:LUNOLFKPHUNZUGLJ© 0DUXQVHSDIIWJHZDOWLJH:RONHQª,UJHQGZHUPXLKQLQ(PS IDQJJHQRPPHQKDEHQ,FKJODXEHGRFKZLUVHKHQXQVGHLQH /HXWHPDOQlKHUDQ5LHVHO© ª+HUU,QVSHNWRU"© ª6LHKDEHQHVJHK|UW6WlWWHQ6LH+HUUQ6FKU|GHUXQGGHU6H NUHWlULQHLQHQ%HVXFKDEXQGNORSIHQ6LHHLQELFKHQDXIGHQ %XVFK©1DFKGHPVLFKVHLQ$VVLVWHQWHQWIHUQWKDWVDJWHUXQ YHUPLWWHOWª,FKEHUOHJHRELFKGLH6DFKHDQV/.$DEJHEHQ

VROO,FKKDEHIUVRZDV]XZHQLJ/HXWH© /DFKPDQQVXFKWVHLQHQ%OLFNª,FKZHLGHUJOHLFKHQOLHEHULQ GHLQHQ+lQGHQ:HQQVLHHVLP/DQGHVNULPLQDODPWJOHLFK]X GHQ$NWHQOHJHQHUIDKUHQZLUHVQLFKWHLQPDO© 'DVOlWGHU,QVSHNWRUXQZLGHUVSURFKHQ(UJLEWOHGLJOLFK]X YHUVWHKHQZLHVFKZLHULJHLQHVROFKH8QWHUVXFKXQJIULKQLVW ª1DFKGHQ5HJHOQGHU.XQVWPWHPDQMHW]WIHVWVWHOOHQRE GLHVHU'HWMHQXQGGHUDQGHUH9HUVFKZXQGHQHLP/DJHURGHULP 7UDQVSRUW]XJ.RQWDNWPLWHLQDQGHUKDWWHQ$XIGLHVH:HLVH OLHHVLFKHUPLWWHOQZHUGHUDQGHUHZDU'DVKHLWPDQPWH YLHUKXQGHUWDFKWXQGYLHU]LJLQDOOH:LQGH]HUVWUHXWH+HLPNHK UHUIUDJHQGLHDOOHIURKVLQGGDVLHHVKLQWHUVLFKKDEHQXQGGLH HVVRVFKQHOOZLHP|JOLFKYHUJHVVHQZROOHQ:HQQLFKLKPGDV ]XPXWHWLSSWVLFKPHLQ.ULPLQDOGLUHNWRUEORDQGLH6WLUQ'HU DQGHUH:HJZlUHLQGLHVRZMHWLVFKH/DJHUOLVWH(LQVLFKW]X QHKPHQ'D]XEHVLW]HLFKNHLQH+DQGKDEH'DVPWHEHUGLH DOOLLHUWHQ0LOLWlUPLVVLRQHQJHKHQ'LHQVWZHJHVLQGODQJXQG NRPSOL]LHUWXQGDXILKQHQJHKWYLHOHVYHUORUHQ© /DFKPDQQOHKQWVLFK]XUFNXQGVFKOlJWGLH%HLQHEHUHLQ DQGHUª.|QQWHPDQGHLQHKRFKZRKOO|EOLFKH.ULPLQDOGLUHN WLRQQLFKWLUJHQGZLHEHUVSLHOHQ"(VPXGRFKQRFKDQGHUH 0|JOLFKNHLWHQJHEHQ© 'HU,QVSHNWRUVWHKWDXIXQGVWDPSIWVFKZHUGXUFKGDVNOHLQH =LPPHU'LH'LHOHQlFK]HQXQWHUVHLQHP*HZLFKWLQGHU9L WULQHNOLUUHQOHLVHGLH6FKHLEHQª)UPLFKQLFKW©VDJW0DUXQ VHªDEHUZHQQGXPLWPDFKVW'XN|QQWHVW]XP%HLVSLHO&D SLWDLQH5HQDUGYRQXQVHUHQZHLVHQhEHUOHJXQJHQLQ.HQQWQLV VHW]HQ6RDOVNlPHQVLHGLUJHUDGHLQGHP$XJHQEOLFN5HQDUG LVWHLQDXVJH]HLFKQHWHU0DQQXQGYLHOHQJDJLHUWHUDOVVHLQHDPH ULNDQLVFKHQXQGEULWLVFKHQ.ROOHJHQ© 6HLQ*HJHQEHUVWLPPW]Xª6FKDGHGDZLUGDQQPLWGHP 1DPHQQLFKWDXFKJOHLFKGHQ0DQQKDEHQ© ª0HLQOLHEHU)UHXQG©VHXI]WGHU3IHLIHUDXFKHUXQGVFKDXW DXVGHU+|KHDXIGHQ6LW]HQGHQQLHGHUª:LUKDEHQHLQHJDQ]H 5HLKHYRQ0lQQHUQQLFKWGHUHQ1DPHQZLUNHQQHQXQGGHUHQ ZLUKDEKDIWZHUGHQP|FKWHQ'LHPHLVWHQYRQLKQHQVLQGDXV

HQJOLVFKHUXQGDPHULNDQLVFKHU.ULHJVJHIDQJHQVFKDIWJHNRP PHQ,KUH$QNXQIWZXUGHQRFKUHJLVWULHUWXQGGDQQVSXUORV YHUVFKZXQGHQ'DV9HUVFKZLQGHQHLQLJHUGDYRQO|VWHHLQHQ 6NDQGDODXV'HU2SWLNZHJHQZXUGHVSHNWDNXOlUQDFKLKQHQ JHIDKQGHW0LWYLHO3UHVVHJHVFKUHLXQGODQJHQ.RPPXQLTXHV© 'DUDQHULQQHUWVLFK/DFKPDQQJXW-HQH9RUIlOOHZDUHQRIW *HJHQVWDQGYRQ*HVSUlFKHQGLHHUPLWHKHPDOLJHQ*HIlKUWHQ DXVGHPJHPHLQVDPHQ.DPSIJHJHQ+LWOHUIKUWHELWWHUHQ*H VSUlFKHQGDUEHUZLHVFKOHFKWGLH%XQGHVUHSXEOLNGLH&KDQFH ]XP1HXEHJLQQQXW]WGLHLKUGLH=HUVFKODJXQJGHV)DVFKLVPXV ERW'DVLW]HQLQGHQ3ROL]HLEURVGHQHQGLH)DKQGXQJQDFK GHQ9HUVFKZXQGHQHQREOLHJW]XYLHOHYRQGHUHQJHVWULJHQ .XPSDQHQGDDUEHLWHWQRFKGHUJDQ]HDOWH%HDPWHQVWDPPGD JHKWLQVJHKHLPXQGDOOHQ6FKZUHQDXIGLH'HPRNUDWLH]XP 7URW]QDFKZLHYRUGHU*HLVWGHVªWDXVHQGMlKULJHQ5HLFKHV© XP0DQKDWQLHDXIJHK|UWIHVWLP6DWWHO]XVLW]HQ 0DUXQVHVHW]WVLFKZLHGHU(UUDXFKW(UHU]lKOWZLHEHLOlXILJ ª,QGHU6RQGHUNRPPLVVLRQZDUHLQJXWHU)UHXQGYRQPLU)UDQ] (Q]LQJHU:lKUHQGGHUYHUJDQJHQHQ]Z|OI-DKUHZXUGHHU HEHQVRNDOWJHVWHOOWZLHLFK(UPHOGHWHVLFKIUHLZLOOLJLQGLH .RPPLVVLRQXQGHUQDKPVHLQH$XIJDEHHUQVW0DQ]RJLKQWRW DXVGHU,VDU1RWL]HQRGHUDQGHUH8QWHUODJHQIDQGPDQQLFKW DEHUMHGHUNRQQWHVLFKGHQNHQGDHLQHKHLH6SXU(Q]LQJHU QDFK0QFKHQJHIKUWKDWWH,FKZHQQGXPLFKIUDJVWJODXEH GDGHU:HJDXIGHPLUJHQGHLQH*HKHLPRUJDQLVDWLRQLKUH /HXWHLQV$XVODQGVFKOHXVWEHU0QFKHQIKUW(VVROOWHPLFK QLFKWZXQGHUQZHQQGHU0RUGIOLHJHU'HWMHQXQG1XPPHU YLHUKXQGHUWXQGIQI]LJMHW]WOlQJVWLQGHUED\ULVFKHQ0HWURSROH VLQG© /DFKPDQQQLPPWVLFKQRFKPDOV.DIIHH0DUXQVHKDWELVKHU QLFKWJHWUXQNHQª'DYRQKDVWGXQLHJHVSURFKHQ+DEWLKUGHQ )DOO(Q]LQJHUQLFKWXQWHUVXFKW"© 'HU,QVSHNWRUQLPPWHLQHQNOHLQHQ6FKOXFN(UKlOWGLH7DVVH VHKU]LHUOLFKLQVHLQHQJURHQ+lQGHQª'LH6RQGHUNRPPLVVLRQ KDWLQ0QFKHQQLFKWVJHIXQGHQ0DQHLQLJWHVLFKVFKOLHOLFK GDUDXIHVVHLHLQ8QIDOO!JHZHVHQ'DEHLJHK|UWHQGHU.RP

PLVVLRQODXWHU.RU\SKlHULDQGDUXQWHU.ULPLQDOUlWHGLH VFKRQLP'ULWWHQ5HLFK!DOVZDKUH0HLVWHUGHWHNWLYHJDOWHQ© ª(EHQ©PXUPHOW/DFKPDQQ 0DUXQVHVWRFKHUWLQVHLQHU3IHLIHKHUXPGLHVFKOHFKWEUHQQW ª,FKVDJHGDVQXUGDPLWGXEHJUHLIVWZLHVFKZLHULJGLH6DFKH LVW©

'LHhEHUSUIXQJYRQ$FKLP'HWMHQV$QJDEHQGLH.DLVHUDQ GURKWHVDKVRDXVGDGDV9RJHOJHVLFKWHLQH(WDJHWLHIHUJLQJ VLFKDXIHLQH&RXFKIOHJHOWHHLQHª*ROG'ROODU©QDFKGHUDQGH UHQUDXFKWHXQGLQHLQHP0DJD]LQYROOEXVLJH%ORQGLQHQEHVLFK WLJWH9RUDOOHP0DU\OLQ0RQURHGLHª6H[ERPEH1XPPHUO© PDGHLQ+ROO\ZRRG $OOHVZDV.DLVHUHUQVWKDIWNRQWUROOLHUHQNRQQWHZDUHQGLH hEHUHLQVWLPPXQJYRQ'HWMHQV$QJDEHQPLWGHQ'DWHQGHV IUDQ]|VLVFKHQ)DKQGXQJVEODWWVXQG'HWMHQV$XIHQWKDOWLQ /LHJQLW]7DWVlFKOLFKZDUGLH=LHJHQWHLFKEDXGHHLQQLFKWQXU EHLGHQ)OXJVFKOHUQEHOLHEWHU7UHIISXQNWDEHUPLWKRKHU :DKUVFKHLQOLFKNHLWNDQQWHQVLHQXU2UWVNXQGLJH'DV9RJHOJH VLFKWLVWDXFKHLQPDOGDJHZHVHQ'DVZDULQVHLQHU6'=HLWGD KDWHULQ/LHJQLW]PLW8QWHUVWW]XQJHLQHVGRUWLJHQ*HVWDSR .RPPLVVDUV)U|KOLFKUHFKHUFKLHUW(LQH:LGHUVWDQGVJUXS SH]XGHUDXFKNLUFKOLFKH.UHLVHJHK|UWHQ,KP.DLVHULVWGD PDOVVHKUYHUEHOWZRUGHQGDVLFKHLQKRKHUJHLVWOLFKHU:U GHQWUlJHUVHLQHU9HUKDIWXQJGXUFKHLQHQ6SUXQJYRQGHU6W 3HWHUXQG3DXO.LUFKHHQW]LHKHQNRQQWH=LHPOLFKH6FKHUH UHLHQ9RUEHL :DVQXQPLW$FKLP'HWMHQJHVFKDKZDUHLQEORHUSV\FKR ORJLVFKHU7HVW0DOVHKHQREHULP+LQEOLFNDXIGLHYHUKHL HQHhEHUSUIXQJGLH1HUYHQYHUOLHUHQZUGH".DLVHUKLHOW GDVIUXQZDKUVFKHLQOLFKXQGGHU)DOOWUDWDXFKWDWVlFKOLFK QLFKWHLQ 'HU0DQQLVWHFKWHUKDWQLFKWV]XIUFKWHQ .DLVHUJODXEW'HWMHQXQEHVRUJWDQGLH0QFKQHU=HQWUDOH ZHLWHUUHLFKHQ]XN|QQHQ

(VLVWHLQVFKPXFNHU.OHLQWUDQVSRUWHUGHU]LHOVWUHELJGXUFK 0QFKHQV6WUDHQUROOW$XIGHPVFKQHHZHLHQ/DFNSUDQJW GDV%LOGHLQHU%DQDQHQVWDXGHSUDQJWLQJURHU6FKULIWGHU)LU PHQQDPHª6G,PSRUW*PE+©1HEHQGHP)DKUHUVLW]W GHQJUDXHQ)LO]LP1DFNHQGDV9RJHOJHVLFKW 0LWGLHVHP.OHLQWUDQVSRUWHUQDFK0QFKHQLPSRUWLHUWZLUG $FKLP'HWMHQGHUKLQWHQLP/DGHUDXPUHFKWJHPWOLFKDXIHL QHU/XIWPDWUDW]HOLHJW6RJDUHLQ.RSINLVVHQLVWYRUKDQGHQ DXFK:ROOGHFNHQIHKOHQQLFKWXQGGHU)OLHJHUQXW]WGLH ª6FKODIZDJHQUHLVH©9HUVlXPWHVQDFK]XKROHQ'DGLH+HFN WUGHV)DKU]HXJVGHFNHQKRFKPLWOHHUHQ2EVWVWLHJHQYHUEDXW ZXUGHVW|UWLKQQLFKW'DVLVWHLQH9RUVLFKWVPDQDKPHHV KlWWHMDHLQH.RQWUROOHVWDWWILQGHQN|QQHQ(VJDEDEHUNHLQH $FKLPLVW]XIULHGHQPLWVLFK-HW]WOlXIWDOOHVIDVWVRZLHVLH VLFKGHQ*DQJGHU*HVFKLFKWHYRUJHVWHOOWKDEHQ)DVWGHQQXU VSUQJOLFKKDWWHQVLHVLFKDXVJHUHFKQHWGDHUGXUFK%RUQ=X JDQJ]XGHU*HKHLPRUJDQLVDWLRQILQGHQZUGHLQGLHHLQ]X GULQJHQVHLQ$XIWUDJLVWGD%RUQSHUV|QOLFKLKQPLWQHKPHQ ZUGH1XQVWHKW%RUQLP+LQWHUJUXQGXQVLFKWEDUDEHUDOV 'UDKW]LHKHUGHU'LQJHGLHPLWLKP'HWMHQJHVFKHKHQ 9RQDXHQNOLQJHQ*URVWDGWJHUlXVFKHKHUHLQ6WUDHQ EDKQNOLQJHOQGHUYHUZRUUHQH0RWRUHQOlUPYLHOHU)DKU]HXJH 'HU:DJHQKlOWRIWYHUPXWOLFKDQ.UHX]XQJHQPLW$PSHOUHJH OXQJ 'RFKMHW]WLVWHUZRKODP=LHO(LQHHQJH5HFKWVNXUYHDQ VWHLJHQGH)DKUVWUHFNHGLH%UHPVH]LHKWDQGHU0RWRUZLUG DXVJHVFKDOWHW9RUQNODSSHQGLH7UHQ'DQQZLUGKLQWHQJH |IIQHW.DLVHUXQGGHU)DKUHUUlXPHQGLH2EVWVWLHJHQZHJXQG GDV9RJHOJHVLFKWVDJWJXWJHODXQWª0QFKHQDOOHVDXVVWHLJHQ© (LQZHQLJVWHLIEHLQLJNOHWWHUW$FKLPKLQDXVNQHLIWJHEOHQGHW GLH$XJHQ]XVDPPHQZHLOGLH6RQQHYRQHLQHPZRONHQORVHQ +LPPHOVFKHLQWXQGGHKQWVLFK'HU.OHLQWUDQVSRUWHUVWHKWLP +RIHLQHU9LOODDXVGHU*UQGHU]HLWHLQHVSURW]LJHQ*HElXGHV

PLWYLHOHQ(UNHUQXQG7UPFKHQPLWJRWLVFKHQ)HQVWHUQXQG %XW]HQVFKHLEHQLQGHUHUVWHQ(WDJH(LQHVFKQHHZHLH)DVVDGH 'DV*ODVGDFKGDVGHQ1HEHQHLQJDQJYRUGHPGHU:DJHQ VWHKWYRU:HWWHUXQELOGHQVFKW]WZLUGYRQHLQHUYHUVSLHOWJH VWDOWHWHQ(LVHQNRQVWUXNWLRQJHKDOWHQ.DLVHUVFKHLQWVLFKKLHU JXWDXV]XNHQQHQHUJHKWRKQH8PVFKZHLIHDXIGLH7U]XXQG QLPPW'HWMHQDP$UPPLW (LQH9RUGLHOH0DUPRUIXERGHQVFKZDU]XQGZHLZLHHLQ 6FKDFKEUHWW:LHGHU7UHQ(LQH+DOOHPDQPWHZRKOEHV VHUHQJOLVFKªKDOO©VDJHQ6LHYHUPLWWHOWHLQHQ(LQGUXFNYRQGHU *U|HGHV+DXVHV$XFKYRP5HLFKWXPVHLQHV%HVLW]HUV+LHU PXHLQ6DPPOHUZRKQHQHLQOHLGHQVFKDIWOLFKHU/LHEKDEHU IHUQ|VWOLFKHU.XOWXU'DVWHKWJULPPLJDQ]XVFKDXHQGLH(L FKHQKRO]UVWXQJHLQHVMDSDQLVFKHQ5LWWHUVHLQHV6DPXUDL:DU HVQLFKW-DSDQZRGLH5LWWHU]ZHL6FKZHUWHUWUXJHQHLQNXU]HV XQGHLQOlQJHUHV"$XV-DSDQVWDPPHQGDQQZRKODXFKGLHIDU EHQSUlFKWLJHQ6HLGHQWDSHWHQPLWLKUHQ%OXPHQRUQDPHQWHQ GLHVFKZHUHQ%URQ]HYDVHQPLWGHUHUKDEHQHQ$EELOGXQJYRQ %OWHQ]ZHLJHQXQG9|JHOQVWDPPHQGLHVHHLJHQDUWLJHQ]LHUOL FKHQ6FKUlQNHPLWGHQ/DFNPDOHUHLHQXQGGLH:DQGELOGHUPLW )LVFKHQ5HLKHUQ/RWRVEOXPHQ,QHLQHU9LWULQHHLQZXQGHUEDU PLQXWL|VJHDUEHLWHWHV6FKLIIVPRGHOOHLQH'VFKXQNH +lWWHGLH$XWRIDKUWOlQJHUJHGDXHUW$FKLPN|QQWHVLFKHLQ ELOGHQLPIHUQHQª/DQGGHUDXIJHKHQGHQ6RQQH©DXVJHVWLHJHQ ]XVHLQ'DV9RJHOJHVLFKWEOHLEWY|OOLJXQEHHLQGUXFNWXQG VFKQLSSWGLH$VFKHVHLQHU=LJDUHWWHLQHLQHGHUKHUUOLFKHQ%URQ ]HYDVHQ %DQDXVHGHQNW$FKLP ª+DWWHQ6LHHLQHDQJHQHKPH5HLVH"©NOLQJWHVYRQREHQDXI LKQKHUDEXQGDOVHUVLFKXPZHQGHWVFKUHLWHWHLQNRUSXOHQWHU 0DQQGLHJHVFKZXQJHQH7UHSSHKHUDE ª'HQ8PVWlQGHQHQWVSUHFKHQG©HUZLGHUW'HWMHQPLWVHLQHU VFK|QVWHQ2IIL]LHUVYHUEHXJXQJª'HWMHQ© ª/DXWHUEDFKHU©VWHOOWVLFKGHU.RUSXOHQWHYRUXQGUHLFKW HLQHPDQLNUWHULQJJHVFKPFNWH5HFKWHª(LQHQ$XVVLFKWV ZDJHQPLW9ROOVLFKWVFKHLEHQNRQQWHQZLU,KQHQQLFKWELHWHQ

DEHUMHGHQIDOOVVLQG6LHHUVWHLQPDOXQEHKHOOLJWLQ0QFKHQ DQJHNRPPHQ© ª8QGZDVZLUGQXQ"6REDOGLFKKLQDXVJHKHKDEHQVLHPLFK :DKUVFKHLQOLFKVWHKHLFKLQMHGHP)DKQGXQJVEXFK© 'HU.RUSXOHQWHVLOEHUJUDXH:HVWH]XPVWDKOEODXHQ0D DQ]XJVWUDKOW:RKOZROOHQDXV6HLQH6WLPPHNOLQJW|OLJXQG ZLVFKWMHGHV3UREOHPKLQZHJª:HUVDJWGD6LHKLQDXVJHKHQ VROOHQ")UVHUVWHN|QQHQ6LHGDV+DXVQLFKWYHUODVVHQOLHEHU +HUU'HWMHQ+LHUVLQG6LHVLFKHUZLHLQ$EUDKDPV6FKR©(U VSULFKWPLWHLQHPNDXPPHUNOLFKHQED\ULVFKHQ$N]HQWREZRKO HUVLFKPKWNHLQHVZHJVDOV%DMXZDUH]XZLUNHQ'HVVHQXQJH DFKWHWYHUPDJVLFK$FKLPGLHVHQ0DQQVHKUZRKOLQ.UDFKOH GHUQHQXQGPLW:DGHQVWXW]HQYRU]XVWHOOHQHLQ*OREXVPLW %HLQHQ'HWMHQVFKLHEWGHQ*HGDQNHQVRIRUWYRQVLFK%OR QLFKWOHLFKWVLQQLJXQGEHUPWLJZHUGHQ (UQLPPWGHQIUHXQGOLFKHQ7RQGHV+DXVKHUUQQLFKWDXI ª$OVRYRQHLQHU*HIDQJHQVFKDIWLQGLHDQGHUH©EHPHUNWHUELW WHU /DXWHUEDFKHUVLHKWLKQYHUVWlQGQLVYROODQPLWIKOHQG .DLVHUJODXEWGLH+DOWXQJ'HWMHQVHUNOlUHQ]XPVVHQª(U LVWHLQELFKHQDQJHVFKODJHQZLVVHQ6LH'LH-DKUHLP 2VWHQ© 6LHKPDODQGHQNW$FKLP-HW]WLVWGHUVRJDUPHLQ)UVSUH FKHU 'HU.RUSXOHQWHEUHLWHWGLH$UPHDXV1LFKWV0HQVFKOLFKHV LVWLKPIUHPGª9HUVWHKHLFKYHUVWHKHLFK*HIDQJHQVFKDIW HLQHVFKOHFKWH9RNDEHO+LHUVLQG6LHQLFKWJHIDQJHQ+HUU'HW MHQVRQGHUQLQHLQHP]XYHUOlVVLJHQ9HUVWHFN(LQHUKHEOLFKHU 8QWHUVFKLHGZLHLFKPHLQH©(UZHQGHWVLFKDQGDV9RJHOJH VLFKWª6LHEUDXFKHLFKQLFKWPHKU+HUU.DLVHU*XWH+HLP IDKUWª'DVLVWQLFKWGLH9HUELQGOLFKNHLWPLWGHUHU$FKLPEH JHJQHW'DVLVWHLQ%HIHKO 6RIDWHV.DLVHUDXFKDXI(UNODSSWGLH+DFNHQ]XVDPPHQ XQGJHKW-HW]WHUVWQLPPW'HWMHQPLW9HUZXQGHUXQJZDKUGD GDV9RJHOJHVLFKWPLWGHP)LO]LQGHU+DQGYRU/DXWHUEDFKHU VWDQG'DVJHVWDWWHW5FNVFKOVVHDXIGHVVHQ3RVLWLRQ

'HU.RUSXOHQWHOHJWGHP)OLHJHUMRYLDOGHQ$UPXPGLH 6FKXOWHUXQGIKUWLKQPLWVDQIWHP'UXFN]XHLQHU6LW]P|EHOHN NHHLQHUZXFKWLJHQ/HGHUJDUQLWXU ª1LFKWYRQMDSDQLVFKHU=LHUOLFKNHLW©EHPHUNW'HWMHQ]ZHL GHXWLJPLWHLQHPYHUVWRKOHQHQ%OLFNDXIGLH7DLOOHGHV+DXV KHUUQ 'HQ:LW]EHUK|UW/DXWHUEDFKHUª,KQHQJHIlOOWPHLQHEH VFKHLGHQH6DPPOXQJ"©IUDJWHUHUIUHXWª:HQQHV6LHLQWHUHV VLHUWPHLQH%LEOLRWKHNVWHKW,KQHQ]XU9HUIJXQJ,FKKDEH KHUUOLFKH6WHUHRIRWRVDXV-DSDQ-DSDQLVFKHV7KHDWHU]XP%HL VSLHO© (VNDQQQLFKWVFKDGHQPHKUEHUGHQ0DQQ]XZLVVHQ $FKLPPDFKW.RQYHUVDWLRQª$FK",FKGDUIDQQHKPHQGD6LH OlQJHUH=HLWLP)HUQHQ2VWHQJHZHVHQVLQG"© %UHLWOLHJW/DXWHUEDFKHULQGHPVFKZHUHQ6HVVHOª(VZDU HLQHVFK|QH=HLW7RNLR6HKUDQJHQHKPH+DQGHOVSDUWQHU GLH+HUUHQ-DSDQHU©'DVHUVWDXQWH*HVLFKWGHV)OLHJHUVOlW LKQVFKPXQ]HOQª6WRHQ6LHVLFKQLFKWDQGHP1DPHQPHLQHU )LUPD*RWWPDQLVWYDULDEHO(VPVVHQQLFKWLPPHU6G IUFKWHVHLQ©'HXWOLFKHUZLUGHUQLFKW(UNHKUWZLHGHU]XVHL QHQ6WHUHRIRWRV]XUFNXQG]XPMDSDQLVFKHQ7KHDWHU6HKU NHQQWQLVUHLFKYHUJOHLFKWHUHLQHMDSDQLVFKH$XIIKUXQJYRQ 7DNHGD,]XPLV+HOGHQGUDPDª5RQLQ©PLWHLQHULQ%HUOLQ GLHWURW]KHUYRUUDJHQGHU%HVHW]XQJGDVMDSDQLVFKH0LOLHXZLH HUEHGDXHUWQXUUHFKWXQJHQDXJHWURIIHQKDEH(UPXZLUN OLFKKHUYRUUDJHQGH9HUELQGXQJHQEHVHVVHQKDEHQGHQQHU NRQQWHDXFKLQ%HUOLQ6WHUHRIRWRVDQIHUWLJHQ 8QPHUNOLFKOlW'HWMHQVNRQ]HQWULHUWH6WLPPXQJQDFK'DV LVWZLUNOLFKQXU.RQYHUVDWLRQHLQ=XUVFKDXVWHOOHQGHUHLJHQHQ 3HUVRQ$FKLP]ZLQJWVLFKZDFKVDP]XEOHLEHQ'LHVHV 6FKZHOJHQLQIHUQ|VWOLFKHQ(ULQQHUXQJHQZLUGQLFKWHQGORVDQ GDXHUQ 6FKRQNRPPWHLQH)DQJIUDJHDEUXSWJHVWHOOWXQGLPJOHLFKHQ 7RQYRUJHWUDJHQª:RKHUZXWHQ6LHYRP7RG,KUHU$QJHK| ULJHQ+HUU'HWMHQ"$OV,KUH(OWHUQVWDUEHQZDUHQ6LHGRFK ZLHZLUZLVVHQEHUHLWVLQ*HIDQJHQVFKDIW"©

'HU)OLHJHUEHKlOWVHLQHHQWVSDQQWH+DOWXQJEHLEHZDKUW DXFKGDVYHUELQGOLFKH/lFKHOQª,FKKDEHHVHUVWLP/DJHUHU IDKUHQ© ª6FKULHEPDQ,KQHQGHQQ"6LHZDUHQGRFKYHUVFKROOHQ"© =ZHLWHU7HLOGHVYRQ.DLVHUEHJRQQHQHQ9HUK|UVGHQNW $FKLPUXKLJ/DXWVDJWHUXQGHVNOLQJWDOVZXQGHUHHUVLFK EHUHLQHVRQDLYH)UDJHª'DVLVWJDUNHLQ:LGHUVSUXFK1DFK QHXQ]HKQKXQGHUWIQIXQGYLHU]LJNRQQWHQZLUQDFK+DXVH VFKUHLEHQ'DV,QWHUQDWLRQDOH5RWH.UHX]RUJDQLVLHUWHGDV,FK KDEHODQJHDXI$QWZRUWJHZDUWHW:HLOPHLQH(OWHUQQLFKW PHKUOHEWHQKDWWHGLH3RVWPHLQH.DUWHXQVHUHP+HUUQ3IDUUHU EHUJHEHQ9RQLKPHUIXKULFKDOOHV©(UQLPPWRKQH+DVW VHLQH%ULHIWDVFKHKHUDXVZLOOGHQ%ULHIGHV3IDUUDPWHV]HLJHQ /DXWHUEDFKHUZLQNWDEª(QWVFKXOGLJHQ6LHGDVZDUPLUHQW IDOOHQ© ª(LJHQWOLFK©VSULFKW'HWMHQPLWIUHLPWLJHU2IIHQKHLWZHLWHU ªZROOWHLFK]XHUVWQDFK+DPEXUJIDKUHQ'LH*UlEHU© ª'DVJHKWQLFKW©IlOOWLKPGHU.RUSXOHQWHLQV:RUW ª6ROOLFKHZLJKLHUEHL,KQHQKHUXPVLW]HQ"© ª.HLQHVZHJV© ª6RQGHUQ"© 6FKULWWHDXIGHU7UHSSHHQWKHEHQ/DXWHUEDFKHUGHU$QWZRUW 6LHVHKHQEHLGHKLQ(LQHMXQJH)UDXNRPPWKHUXQWHUXQGWUlJW HLQ7DEOHWWPLWMDSDQLVFKHQ7HHVFKDOHQNUDSSODFNEHPDOWHV KDXFKGQQHVGXUFKVFKHLQHQGHV3RU]HOODQ'LHMXQJH)UDXLVW VFKODQNHLQVSRUWOLFKHU7\SXQGJHQDXGDVZDVGLH5DVVHQ WKHRUHWLNHUGHU1D]LVDOVª0XVWHUELOGGHUQRUGLVFKHQ)UDX©EH ]HLFKQHWHQ1DWUOLFKEORQGXQGEODXlXJLJ(LQRYDOHVHLQZH QLJVWUHQJHV*HVLFKW'LHKHOOH+DXWIDVWVRGXUFKVFKHLQHQGZLH GDVMDSDQLVFKH3RU]HOODQ'LHMXQJH)UDXLVWEHWRQWVFKOLFKWDQ JH]RJHQHLQHKRFKJHVFKORVVHQHZHLH%OXVHPLWNOHLQHP .UDJHQDP+DOVPLWHLQHU%URVFKHLQ)RUPGHUDOWJHUPDQL VFKHQ%URQ]HILEHOQJHVFKORVVHQHLQKDXWHQJHUVFKZDU]HU)XW WHUDOURFN8QGVHKUVFK|QHVFKODQNH%HLQHYRQGHQKRFKKDN NLJHQ6FKXKHQEHVRQGHUV]XU*HOWXQJJHEUDFKW/DXWHUEDFKHU VWHOOW'HWMHQYRUª8QGGDVLVW6LONH%UlXHUhEULJHQVDXV +DPEXUJ©

1HLQHUKDWGLHVFKOLPPVWH.OLSSHQRFKNHLQHVZHJVJHQRP PHQ.DLVHUZDUQXUGDV9RUVSLHOGLHVFKZHUHUHQ*HVFKW]H ZHUGHQMHW]WDXIJHIDKUHQ1XQEORQLFKWLQGLH'HIHQVLYH GUlQJHQODVVHQ ª$XV+DPEXUJ"©IUDJWHUIUHXGLJª:RKHUGHQQGD"© 6LONHVHW]WGLH7DVVHQDEª$OWRQD/HVVHUVWUDH© $FKLPLVWQDWUOLFKDXIJHVWDQGHQ6LONHV+DQGLVWNKOJODWW XQGIHVW(UVLHKWVLHQLFKWHUVLHKWGHQ6WDGWSODQGHU+DQVH VWDGW6WUDHQ%UFNHQ3OlW]Hª/HVVHUVWUDH",VWGDVQLFKW DP6WDGWWKHDWHU"© 6LHQLFNWXQGODFKWª-DGLH4XHUVWUDH© 6HLQ)LQJHUVW|WDXIVLH]Xª'LH.|QLJVWUDHKLQXQWHUQLFKW ZDKU"© ª*HQDX©,KUHZDUPH6WLPPHPLOGHUWGLH+HUEKHLWGHV*H VLFKWVª1DGDQQ+XPPHO+XPPHO+HUU'HWMHQ© ª0RUVPRUV©LVWGDV(FKR-HW]WVFKPXQ]HOQVLHEHLGHXQG /DXWHUEDFKHUV0LHQHVWUDKOWHLWHO:RKOZROOHQDXV ª6HKHQ6LH+HUU'HWMHQ6RJDQ]IUHPGVLQG6LHVFKRQQLFKW PHKU©VDJWHUZLHHLQHJWLJH0DWURQH'HWMHQYHUJOHLFKWLKQ DOOHUGLQJVPHKUPLWGHPGLFNElXFKLJHQ%XGGKDGHUJROGJH ODFNWDXIHLQHU.RQVROHWKURQW $FKLPVSLHOWVHLQH5ROOHNRQVHTXHQWZHLWHUª6LQG6LHLQOHW] WHU=HLWPDOLQGHU*U|QLQJHUVWUDHJHZHVHQ)UlXOHLQ6LONH"© ª,QGHU$OWVWDGW"1HLQGDZHLLFKOHLGHUJDUQLFKW%HVFKHLG© EHGDXHUWVLH 'DV*HVLFKWGHV)OLHJHUVVSLHJHOWHFKWH(QWWlXVFKXQJ ª6FKDGH© 6LHQLFNWLKPIUHXQGOLFK]XXQGJHKWZLHGHUQDFKREHQJHKW VWUDIIXQGRKQHGLHZLHJHQGH/lVVLJNHLWPDQFKHU0lGFKHQ 0LWHLQHU+DQGEHZHJXQJIRUGHUWGHU.RUSXOHQWH$FKLPDXI ZLHGHU3ODW]]XQHKPHQ(UKHEWHLQHGHU7HHVFKDOHQDXIXQG VHW]WGDV*HVSUlFKSUl]LVHGDIRUWZRHVYRUKLQXQWHUEURFKHQ ZXUGH ª:LUKDEHQPLW,KQHQVHKUYLHOYRU+HUU'HWMHQ,FKNHQQH ,KUH*HVFKLFKWHXQGLFKKDEH,KUHUXVVLVFKHQ,PSUHVVLRQHQ VFKRQYRU,KUHP(UVFKHLQHQPLW,QWHUHVVHJHOHVHQ

6LHKDQGHQNW'HWMHQ'HU.XULHUGLHQVWIXQNWLRQLHUW /DXWHUEDFKHUIlKUWIRUWª,FKVWLPPH,KQHQY|OOLJ]X:LUKD EHQGLH+HUUHQDXVGHP2VWHQWRWDOXQWHUVFKlW]W(LQHUGHU IXUFKWEDUVWHQXQGIROJHQVFKZHUVWHQ)HKOHUGHVGHXWVFKHQ*H QHUDOVWDEHV1XQQLFKWZDKUZLUZHUGHQLKQQLFKWZLHGHUKR OHQ©(UWULQNWGLH6FKDOHPLWDEJHVSUHL]WHPNOHLQHP)LQJHU KDOWHQGHLQHQ6FKOXFNª0lQQHUZLH6LHZHUGHQJHEUDXFKW .ODUHU.RSI.DOWEOWLJNHLWXQG+lUWH+DEHQ6LHDOOHVJH]HLJW ,KUH=HLWNRPPWZLHGHU+HUU'HWMHQ© ª(LQELFKHQVFKZHUGDUDQ]XJODXEHQ©SURYR]LHUW$FKLP ª:DVN|QQHQZLUWXQ"0LFKYHUVWHFNHQ1LFKWVHKUEHU]HX JHQG© 'HU+DXVKHUUZLHJWGHQ.RSIhEHUKDXSWVFKHLQWZlKUHQG GHV*HVSUlFKVGHU.RSIGDVHLQ]LJ%HZHJOLFKHDQLKP]XVHLQ 'HUVFKZHUH.|USHUUXKWUHJORVLP6HVVHOZLUNWYHUZDFKVHQPLW LKP1XUGHU.RSIJHKWKLQXQGKHUª:LUKDEHQGLH0|JOLFK NHLW0HQVFKHQLQ6LFKHUKHLW]XEULQJHQDQGHQHQXQVOLHJWLK QHQGLH0|JOLFKNHLW]XJHEHQQLFKWQXU]XEHUOHEHQ'DVLVW GRFKYLHOIUGHQ$QIDQJ6LHVLQG]XQHXLQXQVHUHP/DQGHXP ]XEHUVHKHQZDVKLHUORVLVW©(UZXFKWHWVLFKDXVGHP6HVVHO KRFKXQGJHKW]XP.DPLQXPYRQGHVVHQ6LPVHLQ/DFNNlVW FKHQYROOHU=LJDUUHQ]XKROHQ$XIGHP5DXFKWLVFKDQGHPVLH VLW]HQVWHKWHLQH.HU]HGLHHUDQ]QGHW'HU)OLHJHUGHQNWDQ XQGIUVLFKPWHQQXQDXFKQRFK5lXFKHUVWlEFKHQ]HOHEULHUW ZHUGHQ 'HQVFKZHUHQ=LJDUUHQIKOWVLFK$FKLPQLFKWJHZDFKVHQHU OHKQWGDQNHQGDE ª6HKHQ6LH©/DXWHUEDFKHUEOlVWEHKDJOLFK5DXFKULQJHLQGLH /XIWª:LUKDEHQQDWUOLFKDOVGLHVHV(QGHVLFKDE]HLFKQHWH IUGLH=XNXQIWYRUJHVRUJW2SHUDWLRQ$GOHUIOXJ!6DJW,KQHQ GDVHWZDV"© ª1HLQ© ª:RKHUDXFK-HGHQIDOOVLVWXQVHUH5FNNHKUYRUEHUHLWHW 'LHQRWZHQGLJHQ)KUXQJVNUlIWHVLQGYRUKDQGHQ%HZlKUWH DOWHXQG1DFKZXFKV'D]XP|FKWHLFK6LHJHUQ]lKOHQ© :LHGHUHLQPDOLVWHVDQGHU=HLWGLH+DFNHQ]XNODSSHQXQG

HLQH9HUEHXJXQJDQ]XGHXWHQ'DVZLUGLQGLHVHQ.UHLVHQJHUQ JHVHKHQª/HLGHUNDQQLFKPLUXQWHUZLU!QLFKWVYRUVWHOOHQ6LH KDEHQPLFKYRUGHQ)UDQ]RVHQEHZDKUWKDEHQPLFKKLHUKHU JHEUDFKWDEHUZHUZLU!LVW© 'HU.RUSXOHQWHKHEWGLH+DQG:LHGHUZLHJWHUJ|QQHUKDIW GHQ.RSIª1HKPHQZLUDQGDZLUHLQH2UJDQLVDWLRQVLQGGLH VLFKGLH$XIJDEHJHVWHOOWKDWDOWH.DPHUDGHQ]XXQWHUVWW]HQ GHUHQ7UHXH]X'HXWVFKODQGYRQGHQ6LHJHUQVFKOHFKWKRQRULHUW ZLUG'LHVH0lQQHUGHP9DWHUODQG]XHUKDOWHQLVWXQVHUHYRU QHKPVWH3IOLFKW© 'HWMHQLVWJDQ]PLWGHU7HHVFKDOHEHVFKlIWLJWª8QGZLH"© ª$EZDUWHQ+HUU'HWMHQDEZDUWHQ(UKROHQ6LHVLFKHUVW HLQPDOYRQGHQ$XIUHJXQJHQGHUOHW]WHQ7DJH©

0QFKHQOLHJWLKP]X)HQ(UEOLFNWKLQDXVDXIGDV/LFKWHU PHHUPLWGHPYLHOIDUELJHQ6SLHOGHU/HXFKWUHNODPHQXQGZHQ GHWVLFKGDQQLQGLH0DQVDUGH]XUFN+LHUREHQXQWHUGHP 'DFKGHU*UQGHU]HLWYLOODILQGHWVLFKNHLQ+LQZHLVDXIGLHMD SDQLVFKHQ/LHEKDEHUHLHQGHV+DXVKHUUQ'HU5DXPZXUGHLP 5RNRNRVWLOHLQJHULFKWHWPLW]LHUOLFKHQ0|EHOQLQZHLHP 6FKOHLIODFNPLWZHLQURWHQ6HLGHQSROVWHUQ'DVJOHLFKH5RW NHKUWLQGHQ6WUHLIHQGHU7DSHWHWHZLHGHUXQGLQGHU'HFNHGLH DXIGHP%HWWOLHJW'LH3HWUROHXPODPSHQPLWLKUHQ6HLGHQ VFKLUPHQVLQGHOHNWULIL]LHUWSDVVHQVLFKMHGRFKDXFKVRHLQLQGLH +DUPRQLHGHVNOHLQHQ=LPPHUV ª:lKUHQGGHU%RPEHQDQJULIIHELQLFKQLFKWLQ+DPEXUJJH ZHVHQ©HU]lKOW6LONH%UlXHU6LHOHKQWGLH%HLQHEHUHLQDQGHU JHVFKODJHQDQGHP7LVFKXQGVSLHOWPLWGHP.RJQDNVFKZHQ NHUª,FKZDUPLWXQVHUHP6WDELQ6NDQGLQDYLHQ© 'HWMHQVFKHQNWVLFK.RJQDNQDFK'XOLHEHU+LPPHOGHQNW HU1XQDXFKQRFKHLQ%OLW]PlGHO(UVLHKWVLHZLHGHUYRUVLFK GLHZHLEOLFKHQ1DFKULFKWHQHLQKHLWHQGHU/XIWZDIIHGHUHQ2IIL ]LHUHJHPHLQKLQVW|KQWHQLKUH7UXSSHVHLVFKZHUHU]XKWHQDOV HLQ6DFN)O|KH$EHUHUVDJWDOVIUHXHHUVLFKª/XIWZDIIHQ KHOIHULQ")OLHJHUEODXPX,KQHQJURDUWLJVWHKHQ© 6LHVFKU]WGLH/LSSHQDOVVHLGLHVH8QWHUVWHOOXQJXQWHULKUHU

:UGHª6LFKHUKHLWVGLHQVW©NRUULJLHUWVLH ª+lWWHMDVHLQN|QQHQ©HQWVFKXOGLJWHUVLFKXQGYHU]LHKW NHLQH0LHQH:HQQGLHVHVª6LFKHUKHLWVGLHQVW©NHLQ6FKUHFN VFKXVHLQVROOLVWHVXQJHVFKLFNWYRQGHP0lGFKHQ)DUEH]X ]HLJHQ(UWULQNWXQGVFKZHLJWZLUNWJDQ]DQLUJHQGZHOFKHWUDX ULJHQ*HGDQNHQYHUORUHQ 6LONH%UlXHUEH]LHKWGDVYRUDOOHPDXIGDVYRUKHUJHJDQJHQH *HVSUlFKEHU+DPEXUJª1XQTXlOHQ6LHVLFKGRFKQLFKW© VDJWVLHª:LUKDEHQDOOHHWZDVZRPLWZLUIHUWLJZHUGHQPV VHQ:LUPVVHQGDUEHUKLQZHJVRRGHUVR© $FKLPOlWGHQ.RJQDNLP*ODVNUHLVHQ1lFKVWHU3XQNWGHU hEHUSUIXQJPHLQHU:HQLJNHLWGHQNWHU0LW+LOIHGHU6HH OHQPDVVDJH/DXWVDJWHUª'DVLVWJXWJHPHLQW,FKVFKHQNH ,KQHQQDFKMD"©0LWGHU)ODVFKHLQGHU+DQGJHKWHU]XLKUXQG IOOWLKU*ODVª:DUXPVLQG6LHQLFKW]X+DXVH"© ,KU%OLFNKlOWGHQVHLQHQIHVWª,FKZDUWH© ª:RUDXI"©VS|WWHOWHUª$XIGHQ6FKQHHYRPYRULJHQ-DKU"© ª'DUDXIGDHVZLHGHUDQGHUVZLUG(VNDQQQLFKWDOOHV]X (QGHVHLQ© 'DV*HIlKUOLFKHLVWGDGXGDYRQZDKUVFKHLQOLFKVRJDUIHVW EHU]HXJWELVWGHQNW'HWMHQ(UPXMHW]WDXIK|UHQ]XWULQ NHQHUGDUIQLFKWYHUJHVVHQGDGHU2EHUOHXWQDQW'HWMHQMDK UHODQJLQ*HIDQJHQVFKDIWZDUXQGDQ$ONRKROQLFKWPHKUJH Z|KQWLVW=XPLQGHVWPXHUPGHZHUGHQ$FKLPJHKW]XP %HWWXQGOlWVLFKUFNZlUWVGDUDXIIDOOHQª)UPLFKLVWGDVDO OHVZDKQVLQQLJVFKZHU]XEHJUHLIHQ©VDJWHULQGLHVWLOOH0DQ VDUGHKLQHLQ(UZHLJHQDXZDVHUVSULFKWHUVFKOLHWQLFKWDXV GDHVLUJHQGZRHLQYHUERUJHQHQV0LNURIRQJLEWª(UVWGLH*H IDQJHQVFKDIWQDVFK|Q$EHUGDQQ'HXWVFKODQGJHWHLOW$XV OlQGLVFKH7UXSSHQEHUDOO8QGLQGHU%DUDFNH'HXWVFKHGLH JHVWHUQYHUIROJWZXUGHQXQGKHXWH9HUIROJHUVLQG$XJHXP $XJH=DKQXP=DKQ:RKHUQHKPHQ6LH,KUH=XYHUVLFKW"© 6LHVWHPPWGLH+lQGHKLQWHUVLFKDXIGLH7LVFKSODWWHª'HQ 0XWYHUORUHQ"© (UYHUVFKUlQNWGLH$UPHXQWHUGHQ.RSIª:HUUHGHWYRQ PLU",P/DJHUGRUWGUEHQGDLQ7DPERZDQGHU%DKQOLQLH

0RVNDX6DUDWRZKDEHLFKJHK|UWZDVGLHDQGHUHQUHGHWHQ (VZXUGHYLHOJHUHGHWLQGHQODQJHQ-DKUHQ=XHUVWQXUYRP )UHVVHQ'DQQDOVHVGDYRQJHQXJJDEYRQ0lGFKHQ0DQ VSULFKWLPPHUYRQGHPZDVPDQQLFKWKDW8QGQDWUOLFKGD YRQZDVZHUGHQVROO© 6LHVLHKWYRQREHQDXILKQQLHGHUª8QGZLHGDFKWHQ6LH VLFK V"© $FKLPUHGH]XU'HFNHHPSRUª$QGHUVJDQ]DQGHUV.HLQHU YRQXQVZROOWHZLHGHUVRHLQHQ.ULHJXPV9HUUHFNHQQLFKW 8QGGLHPHLVWHQEHPKWHQVLFKHLQHQQHXHQ:HJ]XILQGHQ6LH OLHIHQ]XGLHVHP1DWLRQDONRPLWHHRGHUGUFNWHQGLH%lQNHGHU $QWLID6FKXOHQQLFKWHWZDZHLOHVGDEHVVHU]XIUHVVHQJHJH EHQKlWWH2E6LH VJODXEHQRGHUQLFKW6LONH6LHVXFKWHQHKU OLFKHLQH/|VXQJ© ª6LHDXFK"© (UODFKWE|VHDXIXQGZHQGHWGHQ.RSIGDPLWHUVLHVHKHQ NDQQª,FK"6LHZLVVHQZDVPLUDQKlQJW,FKNRQQWHHVPLUQLFKW HUODXEHQLUJHQGZLHDXI]XIDOOHQ+DEH6FKQDX]HJHKDOWHQ :HQQLFKGDUDQGHQNHZLHYLHOHGUEHQDQGHUVJHZRUGHQ VLQG©(UVWHPPWVLFKDXIGLH(OOHQERJHQJHVWW]WKRFK ª5HFKQHQ6LHVLFKZLUNOLFKHLQH&KDQFHDXV"© 6LONHVWHOOOWGHQ.RJQDNVFKZHQNHUEHLVHLWHª$UPHU)OLHJHU KHOG6LHKDEHQ]XODQJHEORGLHDQGHUH6HLWHJHK|UW(LQ0DQQ ZLH6LHXQGGDQQGDV'DVPX6LHDXIJHULHEHQKDEHQ© $FKLPOlWVLFKZLHGHU]XUFNIDOOHQª5HGHQZLUQLFKWPHKU GDYRQ©1DFKHLQHUNOHLQHQ3DXVHIJWHUGLHKEVFKH0DQ VDUGHPLWHLQHP5XQGEOLFNHUIDVVHQGYHUVRQQHQKLQ]Xª6R ZDVKDEHLFKPLULPPHUZLHGHUYRUJHVWHOOW(LQ=LPPHUZLH GLHVVFK|QHLQJHULFKWHWXQGIUPLFKDOOHLQHLQ0lGFKHQ'D ZHUGHQ6HOEVWYHUVWlQGOLFKNHLWHQ]X:XQGHUQ© 6LHO|VWVLFKYRP7LVFKXQGNRPPWODQJVDPDXILKQ]X'LFKW YRUGHP%HWWEOHLEWVLHVWHKHQª'DVDOOHVKDEHQ6LHMHW]W©HU ZLGHUWVLHPLWJURHU6HOEVWYHUVWlQGOLFKNHLW 'HP0DQQGHUGDOLHJWIlKUWGXUFKGHQ.RSIGDGHU)OLH JHU$FKLP'HWMHQHQGORVODQJHNHLQH)UDXJHKDEWKDEHQGDUI DXIGHQ)HOGIOXJSOlW]HQQLFKWXQGHUVWUHFKWQLFKWLQGHU*HIDQ

JHQVFKDIWGDHUVHKQVFKWLJXQGYROOHU8QJHGXOGVHLQPX /DXWHUEDFKHUVLW]WGHQ.RSILQEHLGH+lQGHJHVW]WDQVHL QHPEUHLWHQ(PSLUH6FKUHLEWLVFKXQGEOLFNWDXIGHQ/DXWVSUH FKHUQLHGHUGHULQHLQNOHLQHV6FKDOWSXOWPLWYLHOHQ.Q|SIHQ HLQJHDUEHLWHWLVW(LQJHVFKDOWHWZXUGHGDV0LNURIRQLQGHU 0DQVDUGHHLQ+RFKOHLVWXQJVJHUlWGDVDXFKQRFKIHLQVWH*H UlXVFKHDXIQLPPW:DVHUMHW]WK|UWDPVLHUWGHQ+DXVKHUUQ (UKDWHLQEUHLWHVJHQOLFKHV*ULQVHQ'DGLHEHLGHQGDREHQ HLQKEVFKHV3DDUVHLHQXQGJXW]XHLQDQGHUSDVVHQGHQNWHU 0HLQ*RWWGLHVHU'HWMHQPXGRFKZLHDXVJHKXQJHUWVHLQ 1HLQGDHQWVWHKWNHLQ%UXFKLQGHP%LOGGDVHU/DXWHUEDFKHU YRQGHP0DQQHKDW (LQH/DPSHOHXFKWHWDXI'HU.RUSXOHQWHGUHKWGHQ7RQGHV /DXWVSUHFKHUV]XUFNXQGQLPPWGHQ7HOHIRQK|UHUDE ª6G,PSRUW*PE+©PHOGHWHUVLFKGXUFKDXVJH VFKlIWVPlLJª$P$SSDUDW-DGLH6DFKHLVWNODU(LQDEVROXW LQWHJUHU0DQQ,FKELQGDIULKQVRVFKQHOOZLHP|JOLFKUDXV ]XEULQJHQ©

'HU0RUJHQJUDXW0LOFKLJHVGLIIXVHV/LFKWGULQJWLQGLH0DQ VDUGHHLQH'XQVWJORFNHOLHJWEHUGHU6WDGW'LHLPLWLHUWH3H WUROHXPODPSHDXIGHP1DFKWWLVFKEUHQQW.HLQHUKDWGDUDQJH GDFKWVLHDXV]XVFKDOWHQ 6LONH%UlXHULVWZDFK6LHGUHKWVLFKHLQELFKHQKHUXP'HW MHQ]XGHUDXIGHP%DXFKOLHJWXQGGHQ.RSILQGLH$UPEHXJH JHEHWWHWKDW6HLQHWLHIHQJOHLFKPlLJHQ$WHP]JHK|UWVLH DEHU$FKLPKDWVFKRQGLH$XJHQRIIHQ*DQ]EHUIOVVLJHU ZHLVHGHQNWHUEHUGDV0lGFKHQQDFKGDVVFKPDOKIWLJXQG VFKODQNQHEHQLKPOLHJW,QGLHVHP8QJHZLVVHQ0RUJHQOLFKWKDW LKUH+DXWGHQPDWWHQ6FKLPPHUYRQ(OIHQEHLQ 'DHVHLJHQWOLFKVFKDGHXPVLHVHLGHQNWHUPGHXQGYHU VXFKWVLFKDXV]XPDOHQZDVXQWHUDQGHUHQ9RUDXVVHW]XQJHQ XQG8PVWlQGHQDXV6LONHKlWWHZHUGHQN|QQHQRKQHGLHVHQ VFKRQIDVWK\VWHULVFKHQXQGLQMHGHP)DOOHEOLQGHQ)DQDWLVPXV PLWGHPVLHDQHLQHUVFKOHFKWHQ6DFKHIHVWKlOW'DVLHLKUHLQ PDOYHUILHO"$XFKNOJHUH.|SIHDOVVLHVLQGGHQJOHLVQHULVFKHQ

9HUKHLXQJHQGHU*RHEEHOVSURSDJDQGDHUOHJHQ$EHUYLHOH YRQGHQHQKDEHQGLH.UDIWJHIXQGHQLKUMlKHV(UZDFKHQXP ]XPQ]HQLQGHQ:LOOHQ]XUhEHUZLQGXQJGHU9HUJDQJHQKHLW ]XHLQHP1HXEHJLQQXQWHUEHVVHUHQ9RU]HLFKHQ6LONHGDJH JHQ6LHWUDXHUWGHQ-DKUHQLPJHIUFKWHWHQ0DFKWDSSDUDW GHVª5HLFKVIKUHUV66XQG&KHIVGHUGHXWVFKHQ3ROL]HL©QDFK VLHNDQQGLH=HLWQLFKWYHUJHVVHQLQGHUVLHJHZL0HQVFKHQYRU VLFK]LWWHUQVDK'DVZDUGDVª(UIROJVHUOHEQLV©LKUHV/HEHQVVLH NRQQWHVLFKHLQELOGHQKRFKEHUDQGHUHQ]XVWHKHQXQGVLH P|FKWHVLFKGLHVHQª*ODQ]©]XUFNKROHQ:LHLKQVLFKZRKO DXFKGHUHKHPDOLJH662EHUVWXUPEDQQIKUHU%RUQ]XUFNKR OHQP|FKWH'HWMHQPDFKWVLFKNHLQH,OOXVLRQHQ7URW]DOOHU IUDXOLFKHQ=lUWOLFKNHLWGLHLKP6LONHHQWJHJHQEUDFKWHVLHLVW EHLLKPXPLKQDXV]XKRUFKHQ(VLVWGRFKNHLQ=XIDOOGDPDQ LKPDXVJHUHFKQHWHLQH+DPEXUJHULQLQV%HWWJHOHJWKDW ª6FKOlIVWGX"©IUDJWVLHOHLVH 'HU)OLHJHUVFKWWHOWGHQ.RSI ª6FKDGH©IlKUWVLHIRUWªGDGXPRUJHQDEHQGQLFKWPHKUGD ELVW,FKN|QQWHPLFKVROHLFKWDQGLFKJHZ|KQHQ© (UGUHKWVLFK]XLKUIDWQDFKLKUVWUHLFKHOWLKUH6FKXOWHUQ XQGLKUH%UVWHª:RZHUGHLFKGHQQPRUJHQVHLQ"©$FKLP VHXI]Wª,FKJODXEHLFKELQKLHUGHUHLQ]LJHGHUQLFKWZHLZDV PLWPLUJHVFKLHKW© ª/DGLFKEHUUDVFKHQ©'DQQEULQJWVLHLKUHQ0XQGJDQ] QDKDQVHLQ2KUXQGUDXQWLKP]Xª,FKGDUIHVQLFKWVDJHQ©'DV QLPPWLKQZLUNOLFKIUVLHHLQ6RNDOWXQGDEJHEUKWLVWVLHDOVR GRFKQLFKWGLH=lUWOLFKNHLWHQGHU1DFKWJLQJHQQLFKWVSXUORVDQ LKUYRUEHU :RUWORVGUHKWHUVLFKDXIGHQ5FNHQXQGVLHKW]XU'HFNH 6LHZUGHZRKOJHUQVSUHFKHQGRFKVLHIUFKWHWGDVXQVLFKWEDU LP5DXPYHUVWHFNWH0LNURIRQ6LONHNDQQQLFKWUHGHQ 6LONHEHUKUWVHLQH6FKXOWHUXQGDOVHUVLFKZLHGHU]XLKUZHQ GHWOHJWVLHGHQ)LQJHUDXIGHQ0XQG'DQQVWHKWVLHDXIXQG JHKWDXI=HKHQVSLW]HQ]XP%FKHUERUG9RQGDQLPPWVLHHLQ %XFKPLWGHPVLHLQV%HWW]XUFNNHKUW (LQ3UDFKWEDQGPLW*ROGVFKQLWWLQEUDXQHV6DIILDQOHGHUJH

EXQGHQ6LH]HLJW$FKLPGHQ7LWHOª-RKDQQ:ROIJDQJYRQ *RHWKH©GDVIDNVLPLOLHUWH$XWRJUDPP'DUXQWHULQJU|H UHQ%XFKVWDEHQJHSUlJWª,WDOLHQLVFKH5HLVH©

,PGLDPDQWEODXHQ9:.lIHUIDKUHQVLHGXUFK0QFKHQ6LONH VLW]WDP/HQNUDGQHEHQLKUHLQ+HUU5RWK$XIGLHVHQ1DPHQ ODXWHWGHU3HUVRQDODXVZHLVGHQ'HWMHQLQGHU7DVFKHKDW 'LHVPDOLVWHUEHUGDV)DKU]LHOLQIRUPLHUW.LHIHUQIHOGHHLQ 2UWQDKHGHU|VWHUUHLFKLVFKHQ*UHQ]H'LH6LFKHUKHLWPLWGHU 6LONH%UlXHUGHQ:DJHQGXUFKGLHED\ULVFKH0HWURSROHOHQNW YHUUlW/RNDONHQQWQLV6LHLVWDOVRRIWKLHUXQGPDFKWVRHLQHQ 7UDQVSRUWQLFKW]XPHUVWHQ0DOH 6LHVFKHLQHQQRFKYLHO=HLW]XKDEHQ6LONHWU|GHOWGXUFKGLH ,QQHQVWDGWPDFKWDXI6HKHQVZUGLJNHLWHQDXIPHUNVDPXQG EHGDXHUWGHQ9HUOXVWDQGHUHUGLHGDV2SIHUYRQ%RPEHQXQG /XIWPLQHQZXUGHQ0DQFKPDOVWHLJHQVLHDXVXQGJHKHQHLQ 6WFNXQGGDQQPDFKWHVVRJDU6SDGDPDQVLFKQDFKLKQHQ XPGUHKW'DVJLOWYRUQHKPOLFKGHPEORQGHQ0lGFKHQLPZHL HQ7UHQFKFRDWXQGVFKZDU]HQ+DQGVFKXKHQGRFKDXFK+HUU 5RWKNDQQVLFKVHKHQODVVHQ1DJHOQHXH%HUJVFKXKHEODXH .HLOKRVHHLQGRWWHUIDUEHQHU$QRUDN %LVKHUJHODQJHV'HWMHQQLFKWVHLQH%HJOHLWHULQDXFKQXUIU HLQHQ$XJHQEOLFNDE]XVFKWWHOQ1XQIDKUHQVLHZLHGHUXQGGD VDJWHUSO|W]OLFKª+DOWHELWWHPDODQ'DGUEHQLVWHLQ=LJDUHW WHQODGHQ(LQELFKHQ9RUUDWIUXQWHUZHJVZlUHQLFKW VFKOHFKW© ª,QPHLQHU7DVFKH1LPPGLUGRFK© (UODFKWXQEHIDQJHQXQGWLSSWDXILKUH1DVHª+HUU5RWKKDW *HOG'HVKDOEZQVFKWHUVHLQHHLJHQHQ=LJDUHWWHQ]XUDX FKHQ© 6LONHLVWRKQH$UJZRKQ6LHIlKUWDQGHQ%RUGVWHLQKHUDQXQG KlOWª(LQJHZLVVHU$FKLP'HWMHQKDWPLUYLHOEHVVHUJHIDOOHQ DOVGLHVHUDUURJDQWH+HUU5RWK1DJHKVFKRQ© (UVWHLJWDXVXQGEHUTXHUWGLH6WUDH6LONH%UlXHUOHKQWVLFK ]XUFNXQGVLHKWLKPQDFK6LHVLHKWLKQLQGHQ=LJDUHWWHQODGHQ WUHWHQDQHLQHU/LWIDVlXOHYRUEHUGLHYRUZLHJHQGGHU5H

NODPHHLQHV:DVFKPLWWHOVGLHQW $XFK'HWMHQKDWGLH/LWIDVlXOH]XU.HQQWQLVJHQRPPHQ )U6LONHLP9:YHUELUJWVLHGHQ(LQJDQJHLQHV'HOLNDWHVVHQ JHVFKlIWHVQHEHQGHP7DEDNODGHQXQGGDPLWDXFKGHQ%ULHIND VWHQGHUQHEHQGHQEHLGHQ*HVFKlIWHQDQGHU+DXVZDQGKlQJW ª*U*RWW©VDJWGHUlOWHUH0DQQKLQWHUGHP/DGHQWLVFK ª:DVKlWWHQZLUJHUQ"© 'HWMHQEOLFNWGXUFKV6FKDXIHQVWHU]XUFN]XP9:6LONH NPPHUWVLFKQLFKWXPLKQVLHVLHKWLQGHQ6SLHJHOLKUHU3XGHU GRVHXQGKDQWLHUWPLWGHU4XDVWH:lKUHQGHU=LJDUHWWHQYHU ODQJWKDWHUEHUHLWVGHQ.XJHOVFKUHLEHUDXVGHU*HVFKHQNSDN NXQJGHV%HNOHLGXQJVNRQ]HUQVLQGHU+DQG$XVGHP$Q VLFKWVNDUWHQVWlQGHU]LHKWHUHLQEXQWHV0QFKQHU0RWLY(U VFKUHLEWKDVWLJHLQSDDU=HLOHQVLHKWPLW*HQXJWXXQJGDHLQH 0DUNHDXIJHNOHEWLVWVWHFNWGLH=LJDUHWWHQHLQ]DKOWXQGLVW VFKRQZLHGHUGUDXHQ 6LONHVFKLHEWGLH3XGHUGRVHLQGLH7DVFKH6LHVFKDXW]XP7D EDNODGHQKLQEHUXQGGXUFKGDV6FKDXIHQVWHUKLQHLQ 'HU/DGHQLVWOHHUYRQ$FKLP'HWMHQZHLWXQGEUHLWQLFKWV]X VHKHQ 6LHHUVFKULFNW:DVVROOGHQQGDV"6LHVWDUWHWGHQ0RWRUXQG OlWGHQ9:ODQJVDPDP%RUGVWHLQHQWODQJUROOHQ,QGLHVHP $XJHQEOLFNNRPPWGHU)OLHJHUVWUDKOHQGDXVGHP'HOLNDWHV VHQJHVFKlIWXQGVLW]WJOHLFKGDUDXIZLHGHULP:DJHQ(UOHJW HLQHJURH%RQERQQLHUHLQ6LONHV6FKRª0DUVFKYHUSIOH JXQJ©VDJWHUODNRQLVFK 6LHOlFKHOWLKP]Xª6REHOLVW+HUU5RWKQXQDXFKQLFKW© HUNOlUWVLHXQGJLEW*DV 'HU:LQGKHXOWEHUGLH6FKLHQHQIlQJWVLFKXQWHUGHP'DFK GHV%DKQZlUWHUKlXVFKHQVXQGOlWGLH'UlKWHGHU7HOHJUDIHQ OLQLHHQWODQJGHU%DKQVWUHFNHVFKZLUUHQ,QGHU'XQNHOKHLWVWH KHQGLHYHUVFKLHGHQDUWLJHQ/LFKWHUGHU:HLFKHQVLJQDOH5HFKW HFNH.UHLVH4XHUVWUHLIHQ(LQ5DQJLHUEDKQKRILVWQDKHVHLQH /LFKWHUNHWWHQJUHQKHUEHUXQGGHU:LQGWUlJWGLH*HUlX VFKHYHUZRUUHQKHUDQ3ILIIHYRQ5DQJLHUHUQYRQGHQ/RNRPR WLYHQHUZLGHUW

6LONH%UlXHUVWHOOWIU|VWHOQGGHQ0DQWHONUDJHQKRFKXQGKlOW LKQDP+DOV]XVDPPHQ6LHVHKQWVLFKHLQZHQLJQDFKGHU*H ERUJHQKHLWLQLKUHPGLDPDQWEODXHQ:DJHQGHUDXIGHU6WUDH DP5DQGHGHV%DKQJHOlQGHVSDUNW6LHZLUGQDFKKHUGLH+HL ]XQJJOHLFKYROODXI]LHKHQ+LHULVWGDV.OLPDUDXKHUDOVLQ0Q FKHQ 'HWMHQ]HUUWGLH3XGHOPW]HEHUGLH2KUHQ %HL6LONHXQG$FKLPVWHKWHLQ(LVHQEDKQHUlOWHUHLQELFKHQ JHEHXJWZRUWNDUJ'LH$UWXQG:HLVHZLHHU6LONH%UlXHUEH JUWHVHKUGHYRWPLWKQGLVFKHU(UJHEHQKHLWOLH'HWMHQ GDUDXIVFKOLHHQGDGLH%ORQGHLKUHQ9:VFKRQ|IWHUGDGU EHQSDUNWHXQGGDGHU(LVHQEDKQHUJHZRKQWLVWKLHULUJHQG ZHOFKH0lQQHULQ(PSIDQJ]XQHKPHQ'LHVHQ(LQGUXFNYHU VWlUNWGLH5RXWLQHPLWGHUHUGHQ)OLHJHUHLQZHLVW(UWXWHVPLW GHU*HODVVHQKHLWHLQHV)UHPGHQIKUHUVGHU7DJXP7DJGHQ VHOEHQ7H[WHU]lKOW ª:HQQGHU=XJNRPPWJHEHLFKHLQ=HLFKHQPLWGHU/DPSH (UKlOWQLFKWHUIlKUWQXUJDQ]ODQJVDP$PIQIWHQ:DJHQLVW YRUQHLQ%UHPVHUKlXVFKHQGDPVVHQ6LHUHLQ© ª,Q2UGQXQJ© 0LWHLQHP1LFNHQYHUOlWGHU(LVHQEDKQHUGHQ:LQGVFKDWWHQ GHV:lUWHUKlXVFKHQVXQGVWHOOWVLFKPLWWHQ]ZLVFKHQGLH6FKLH QHQGHVYRUEHLIKUHQGHQ*OHLVN|USHUV5HJORVVWHKWHUGDHLQH VFKZDU]H6LOKRXHWWH6HLQHEUHQQHQGH.DUELGODPSHKlOWHU KLQWHUGHP5FNHQ 9RP5DQJLHUEDKQKRIKHUQlKHUWVLFKHLQHULHVHQKDIWH 'DPSIZRONHDXVGHU]ZHLVWDUUH$XJHQJORW]HQ6FKRQYLEULH UHQGLH6FKLHQHQ 'HWMHQVLHKW6LONHDQXQG6LONHLKQ=XVDJHQKDEHQVLHVLFK QLFKWVHVZDUQXUHLQH(SLVRGHIOFKWLJHLQ=ZLVFKHQDXIHQW KDOW ª*HK]XLKP©6LHGHXWHWDXIGHQ(LVHQEDKQHUª'XPXW DXIGLHDQGHUH6HLWH©8QGPLWHLQHPOHW]WHQOHLVHQ$QIOXJYRQ =lUWOLFKNHLWª*LEDFKWZHQQGXDXIVSULQJVW© (LQIOFKWLJHU+lQGHGUXFNLQ+DQGVFKXKHQGDQQOlXIW $FKLPKLQEHU$OVHUVLFKQRFKHLQPDOXPZHQGHWVWHKW6LONH

EHUHLWVEHLLKUHP:DJHQ'HUZHLH7UHQFKFRDW]HLFKQHWVLFK YRQGHPGXQNOHQ/DFNGHU.DURVVHGHXWOLFKDE 'HU0DQQGHUMHW]W5RWKKHLWZHQGHWVHLQHXQJHWHLOWH $XIPHUNVDPNHLWGHP]LVFKHQGHQXQGIDXFKHQGHQ8QJHWP ]XGDVLPPHUQlKHUNRPPWXQGGHP(LVHQEDKQHUGHUQXQGLH /DWHUQHQDFKYRUQQLPPW(UGUHKWVLHHLQIDFKPHKUPDOVXQG GDVPXIUGHQ/RNIKUHUVRZLUNHQDOVPDFKHVLHGHU6WH KHQGHHLQXQGDXV'LH'DPSISIHLIHVFKULOOWNXU]$QWZRUW EHUODXWLQGHU1DFKW 'HU(LVHQEDKQHUIDW'HWMHQDP$UPXQGVWHOOWLKQJHZLV VHUPDHQ]XUHFKWª1LFKWDXVGHP6WDQGDXIVSULQJHQ©EUXPPW HUª0LWODXIHQ*HVWlQJHSDFNHQGDQQ© 'LH/RNlFK]WYRUEHUGHU7HQGHUIROJW/DXW]lKOWGHU(L VHQEDKQHUGLH:DJHQª(LQV]ZHLGUHL$FKWXQJ/RV© $OVVLFKGHUYLHUWH:DJHQ]XU+lOIWHYRUEHUJHVFKREHQKDW EHJLQQW$FKLP]XUHQQHQ(UKDWGLHJOHLFKH*HVFKZLQGLJNHLW ZLHGHUODQJVDPIDKUHQGH=XJDOVGLHVFKPDOH7UHSSH]XP %UHPVHUKlXVFKHQPLWLKPDXIJOHLFKHU+|KHLVW(USDFNWGDV (LVHQJHOlQGHUXQGVFKZLQJWVLFKKRFK2KQH9HU]|JHUXQJWULWW HUVRJOHLFKLQGDVª6FKZDOEHQQHVW©PLWGHPVFKPDOHQ.ODSSVLW] VFKOLHWKLQWHUVLFKGLH7UXQGKRFNWVLFKDXIGHQ)XERGHQ GDPLWGHU:LQG]XJGXUFKV)HQVWHUORFKEHULKQKLQZHJJHKW6R KDWHUJXWH'HFNXQJXQGZHQQZLUNOLFKLUJHQGZRDQGHU 6WUHFNH%DKQSROL]HLVWHKWHVPWHPLWGHP7HXIHO]XJHKHQ ZHQQVLHLKQZDKUQLPPW 6FKQHOOHUZLUGGLH)DKUWLQUDVFKHUHP5K\WKPXVIROJHQHLQ DQGHUGLH6FKLHQHQVW|H8QGZLHGHUHLQH5HLVHLQV8QJHZLV VH1DFKHLQHU:HLOHZLUEHOQ6FKQHHIORFNHQKHUHLQ(VZLUG QRFKNlOWHU8QGGHU)OLHJHUZLUGGDV*HIKOQLFKWORVGDGHU =XJXQHQWZHJWEHUJDXIIlKUW *XWDXVJHUXKWXQGIULVFKVLW]W6LONH+HUUQ/DXWHUEDFKHUDP )UKVWFNVWLVFKJHJHQEHU6LHEHQLPPWVLFKDOVREVLHGLH 'DPHGHV+DXVHVZlUHVFKHQNWDXIPHUNVDP.DIIHHHLQXQG VRUJWGDIUGDHVLKUHP*HJHQEHUDQQLFKWVPDQJHOW'HU +DXVKHUUWUlJWKHXWHPRUJHQHLQHQURWHQ.LPRQRXQGlKQHOWVR

PHKUGHQQMHGHUIHLVWHQ%XGGKDVWDWXHDXIGHU.RQVROH6LONH %UlXHUEHUVLHKWGDV 'HU.RUSXOHQWHYHU]HKUWPLWJURHP$SSHWLWXQJHKHXUH 0HQJHQ%HLOlXILJQXUHUNXQGLJWHUVLFKª+DWDOOHVJHNODSSW"© ª-D3URJUDPPJHPl©6LHN|SIWHLQ(Lª1DFK/DJHGHU 'LQJHPWHHUEDOGLQ0DWUH\VHLQ© ª:DQQIlKUVWGXQDFK+DPEXUJ]XUFN"©

'DLVWHLQ%URLUJHQGZRLQGHU+DXSWVWDGWGHU'HXWVFKHQ'H PRNUDWLVFKHQ5HSXEOLNHLQ]ZHFNPlLJXQGVDFKOLFKHLQJH ULFKWHWHV%URPLWHLQHP6FKUHLEWLVFKJHJHQGHVVHQ/lQJVVHLWH HLQ.RQIHUHQ]WLVFKJHVWHOOWZXUGH(LQHVIlOOWDXIHVJLEWYLHOH %OXPHQLP=LPPHUXQGVLHVLQGOLHEHYROOJHSIOHJW $XIGHP6FKUHLEWLVFKOLHJWGLH3RVWNDUWHGLH$FKLP'HWMHQ LQ0QFKHQVFKULHE'LH$QVFKULIWGLHVLHWUlJWLVWQLFKWGLH SRVWDOLVFKHGHV+DXVHVLQGHPVLFKGDV%UREHILQGHW 'HU0DQQLP6FKUHLEWLVFKVHVVHOEUHLWVFKXOWULJPLWHLQHP NOXJHQUXKLJHQ%DXHUQJHVLFKWXQGVFKWWHUHP+DDUQLFNW GHPMQJHUHQ0LWDUEHLWHU]XGHUYRULKPVWHKW ª:HUQHU%UHGHEXVFKKDWGLHHUVWH+UGHJHQRPPHQ©VDJW HUPLWVSUEDUHU(UOHLFKWHUXQJª%LVMHW]WKDWDOOHVJHNODSSW 0DQKDWLKQQDFK0QFKHQJHEUDFKWXQGQXQJHKWHVZHLWHU QDFK,WDOLHQ(ULVWDXIGHP5|PLVFKHQ:HJ!© (LQ6FKXSHLWVFKW'LHKRKHQ%HUJHZHUIHQGDV(FKRKXQGHUW IDFK]XUFN(V]HUIHW]WGLHHUKDEHQH6WLOOHGHUVFKQHHEHGHFN WHQ%HUJHGLHEHUGLH:RONHQHPSRULQHLQHQJODVNODUHQ +LPPHOVWRHQ 6LHVLQGQLFKWVRDOOHLQZLHVLHJHGDFKWKDEHQ$FKLP'HWMHQ XQGGHU%HUJIKUHUGHUGHQ$XIWUDJKDW+HUUQ5RWKVLFKHU EHUGLH|VWHUUHLFKLVFKLWDOLHQLVFKH*UHQ]H]XEULQJHQ%LVKHU LVWDOOHVJXWJHJDQJHQGRFKQXQ"

'HU0DQQLQ]QIWLJHQOHGHUQHQ.QLHKRVHQSDFNWGHQ)OLHJHU DP$UP]HUUWLKQKLQWHUVLFKKHUGXUFKNQLHWLHIHQ6FKQHHXQG PDFKWQLFKWKDOWELVVLHXQWHUHLQHU)HOVQDVH]ZLVFKHQKRKHQ 6FKQHHZHKHQYHUERUJHQVLQG1XQDWPHQVLHVFKZHU6FKRQGHU $XIVWLHJKDWYLHO.UDIWJHNRVWHWXQGMHW]WQRFKGDV6LHOHKQHQ EHLGHNHXFKHQGDP)HOVHQ ª:DVLVW"©IUDJW'HWMHQª6LQGZLUHQWGHFNW"© 'HUDQGHUHVFKWWHOWGHQ.RSIª'DVJDOWQLFKWXQV©HUZLGHUW HULQVWHLULVFKHP'LDOHNWª'LH6FKPXJJOHUVLQGXQWHUZHJV© ª6W|UWXQVGDV"© ª'LH'RJDQLHULKDEHQLKUH6FKQIIOHUEHUDOO8QGVLHNHQ QHQGLH%HUJHZLHLKUH:HVWHQWDVFKH'DVKLHULVWGDVJHIlKU OLFKVWH6WFNYRQGHU*UHQ]HELV]XGHQHUVWHQ'|UIHUQ:LUVW GLH)HGHUKWHJOHLFKVHKHQ©,KQVHOEVWVFKHLQWGDVQLFKWDXVGHU )DVVXQJ]XEULQJHQ*HODVVHQQLPPWHUPLWNODPPHQ)LQJHUQ VHLQH)HOGIODVFKHXQGVFKUDXEWVLHDXIª0DJVWGX"*XWJHJHQ GLH.lOWH© 'HWMHQJUHLIWGDQNHQG]XWULQNWXQGVFKWWHOWVLFK+P.DI IHHLVWGDVQLFKW(UWLSSWDXI(Q]LDQ(LQHHQWVSUHFKHQGH)UDJH EOHLEWLKPLP+DOVHVWHFNHQGHQQGHU%HUJIKUHUGUFNWLKQMlK XQVDQIWLQGHQ6FKQHH.HLQH6HNXQGH]XIUK(UK|UWGDV VFKOHLIHQGH*HUlXVFKGDVVFKQHOOJOHLWHQGH6NLHUYHUXUVDFKHQ XQGVLHKWGDQQEHUHLQH:HKHKLQZHJ+WHPLWZLSSHQGHQ )HGHUQYRUEHUVDXVHQ-HGHV.LQGZHLGDGLHLWDOLHQLVFKHQ =|OOQHUVROFKH+WHWUDJHQ-HQVHLWVGHV6FKQHHZDOOVGHUGLH EHLGHQ0lQQHUYHUELUJWZLUGHWZDVLQLWDOLHQLVFKHU6SUDFKHJH UXIHQ$FKLPK|UWEHNDQQWH:RUWHKHUDXVª3UHVWRSUHVWR© (UQHXWIDOOHQ6FKVVHMHW]WGHU)HXHUVWRHLQHU03L8QGGLH %HUJHYHUYLHOIDFKHQ*DQ]XQYHUNHQQEDUNQDOOWHVDXFKLQ HLQLJHU(QWIHUQXQJ'LH6FKPXJJOHUVLQGEHZDIIQHWXQGZHK UHQVLFK ª:RIUVFKODJHQGLHVLFK"©HUNXQGLJWVLFK$FKLPXQGKDWGDV *HIKOGXUFKDXVHLQHQ6DFKYHUVWlQGLJHQYRUVLFK]XKDEHQ :HQQHUVHLQHQ%HUJIKUHUDQVFKDXWGHUGUIWHQLFKWIUHPG VHLQLQGLHVHP*HZHUEH ª.DIIHH=LJDUHWWHQ6WULFNZDUHQDXV:LHQ©NOLQJWHVVRIRUW

]XUFNª%HL6WULFNZDUHQLVWYLHOGULQ'LHKDEHQ:HOWUXIXQG GLH,WDOLDQRVGRQQHUQKRKHQ=ROOGDUDXI(LQJXWHV*HVFKlIW GRFKGRFK©(UVFKLHEWVLFKYRUVLFKWLJVRZHLWYRUGDHULQV7DO KLQDEEOLFNHQNDQQ'DQQZLQNWHU'HWMHQ]XVLFKª1DDOVR 0DQRLQDOWR© ª'DVKHLW"© ª+lQGHKRFK6RYLHO,WDOLHQLVFKYHUVWHKHQDXFKXQVHUH 6FKPXJJOHU© 6LHEHREDFKWHQEHLGHZLHGLH'RJDQLHULLQGHP7DOLQGDVVLH KLQXQWHUEOLFNHQHLQH.RORQQHLQLKUH0LWWHQHKPHQ'LH 6LFKWLVWQLFKWJXW0HKUDOV0lQQHUPLWVFKZHUHQ5XFNVlFNHQ XQI|UPLJH3XQNWHLP:HLGHU6FKQHHODQGVFKDIWXQGDQGHUH PLW)HGHUKWHQXQG0DVFKLQHQSLVWROHQNDQQ'HWMHQNDXPXQ WHUVFKHLGHQ'DVDOOHVEHZHJWVLFKQXQZHLWHUWDODEGHUQlFK VWHQ=ROOVWDWLRQ]XZLUGNOHLQHUXQGNOHLQHUXQGYHUOLHUWVLFK 'DVLHQRFKHLQHQ$XJHQEOLFNZDUWHQPWHQQXU]XU6L FKHUKHLWVDJWGHU%HUJIKUHUXQGUHLFKW$FKLPQRFKHLQPDOGLH )HOGIODVFKH ª0DFKVWGX|IWHUVROFKH:HJHPLW/HXWHQZLHPLU"©HUNXQ GLJWVLFKGHU)OLHJHUZLHEHLOlXILJ 'HU%HUJIKUHUQLPPWGLH)HOGIODVFKH]XUFNXQGVFKUDXEW ODQJVDPGHQ9HUVFKOX]Xª,FKKDEHHLQVFKOHFKWHV*HGlFKW QLVZHLWGX©HUZLGHUWHUIDUEORVXQGZHFKVHOWVRIRUWGDV7KH PDª:HQQLFKGLFK]X/XLJLJHEUDFKWKDEHUHLVWGXZHLWHUZLH HLQIHLQHU+HUUPLWLWDOLHQLVFKHQ3DSLHUHQWLSSWRSS© =\SUHVVHQEHJUHQ]HQGLHRIIHQH6HLWHGHVJHZ|OEWHQ*DQJHV 'LHKRKHQVFKODQNHQ%lXPHJOHLFKHQJUQHQ6lXOHQGLHLQHL QHQOLFKWEODXHQ)UKOLQJVKLPPHOKLQHLQJUHLIHQ1LFKWZHLWHQW IHUQWSOlWVFKHUWGHU7LEHUGDKLQ(LQ0RWRUERRWWXFNHUWVWURP DXI(LQIULHGYROOHVHLQEHKDJOLFKHV%LOG9RQKLHUDXVVFKZHLIW GHU%OLFNEHUGHQ6WURPKLQZHJ]XU3RUWD3RUWHVH9RQGHU 6WDGW5RPVHOEVWKDW$FKLP'HWMHQQRFKVRJXWZLHJDUQLFKWV JHVHKHQZHGHUGDV&RORVVHXPQRFKGLH9DWLNDQVWDGWPLWGHP 3HWHUVGRPXQGGHUPLWWHODOWHUOLFKNRVWPLHUWHQ6FKZHL]HU *DUGHGLHLPPHUQRFK6WXUPKDXEHQ%UXVWSDQ]HU3OXGHUKR

VHQ/DQGVNQHFKWVVFKZHUWHUXQG+HOOHEDUGHQWUlJW6HLQH .HQQWQLVYRQ5RPEHVFKUlQNWVLFKDXIGHQ%DKQKRIXQGGHQ IOXFKWLJHQ%OLFNDXIHLQLJH6WUDHQGXUFKGLHGHU)LDWGHV0DQ QHVUROOWHGHULKQDXIGHP%DKQVWHLJLQ(PSIDQJQDKP'LHVHU 0DQQJHKWDXFKMHW]WQHEHQGHP)OLHJHUXQGVLHVHKHQQXQ JOHLFKHUPDHQDQGHUVXQGVLFKVHOEVWIUHPGDXV%HUHLWVLP:D JHQOHJWHQVLHEHLGH0|QFKVNXWWHQDQGHUHQ.DSX]HQVLHWLHILQ GLH*HVLFKWHU]RJHQ1LFKWVXQWHUVFKHLGHWVLHlXHUOLFKYRQGHU *UXSSHDQGHUHQ(QGHVLHGHQJHZ|OEWHQ.ORVWHUJDQJKLQXQ WHUVFKUHLWHQ 'LH0|QFKHVLQJHQODWHLQLVFKH3VDOPHQVLHVLQJHQVLHPHKU VWLPPLJXQGIHLHUOLFKJHWUDJHQEULFKWVLFKLKU*HVDQJDQGHU 'HFNHGHV.UHX]JHZ|OEHV'DVDOOHVLVWIU$FKLPXQJHZRKQW XQGEHIUHPGOLFK6HLQ%HJOHLWHUKDWLKPNHLQH$XVNXQIWEHU :HJXQG=LHOJHJHEHQXQGDXFKDXIGLH)UDJHJHVFKZLHJHQZDV QXQPLWLKPJHVFKHKHQZHUGH'HU0DQQ]XFNWHGLH6FKXOWHUQ DOVYHUVWHKHHULKQQLFKWDEHU'HWMHQZXUGHGDV*HIKOQLFKW ORVGDHUMHGHV:RUWEHJULII(UVWDXQOLFKDXFKZLH]LHOVWUHELJ GHU0DQQDXIGHP%DKQKRIDXILKQ]XVWHXHUWHXQGLKQPLWGHP 1DPHQDQVSUDFKGHQHUKLHUWUlJW'LH2UJDQLVDWLRQLVWEHlQJ VWLJHQGJXW 'HU0DQQ]XSIW$FKLPDPbUPHOYHUODQJVDPWGHQ6FKULWW 6REOHLEHQVLHEDOGHLQJXWHV6WFNKLQWHUGHP0|QFKV]XJ]X UFN'LH.XWWHQWUlJHUZHQGHQVLFKQLFKWXP0LWJHQHLJWHQ .|SIHQJHKHQVLHXQGVLQJHQ 'HU%HJOHLWHU]LHKW'HWMHQLQHLQHQ4XHUJDQJKLQHLQ 6FKPXFNORVH7UHQUHLKHQVLFKKLHUDQHLQDQGHUGLH=HOOHQGHU 0|QFKHGHQNW'HWMHQMDKUKXQGHUWHDOW'LH6DQGVWHLQTXD GHUQVLQGDXVJHWUHWHQ*HQHUDWLRQHQIURPPHU3DWUHVKDEHQDXI LKQHQLKUH6SXUHQKLQWHUODVVHQ 9RUHLQHUGHU7UHQEOHLEWGHU0DQQVWHKHQ|IIQHWXQG PDFKWHLQHHLQODGHQGH+DQGEHZHJXQJª3URQWR6LJQRUH© 8QGVFKOLHWGLH7UYRQDXHQNDXPGD$FKLPVLHSDVVLHUW KDW (ULVWDOOHLQVWHKWLQHLQHUNKOHQVSDUWDQLVFKHLQJHULFKWHWHQ =HOOH(LQHPHKUDOVHLQIDFKH%HWWVWDWWHLQ7LVFKFKHQDXVUR

KHP+RO]HLQ6FKHPHOGD]X8QGLQGHU(FNHEHUHLQHP%HW SXOWHLQVFKOLFKWHVKRO]JHVFKQLW]WHV%LOGQLVGHU0DGRQQDPLW GHP-HVXVNLQG$XIGHP%HWSXOWOLHJWDXIJHVFKODJHQHLQ%UH YLHU'HWMHQVLHKWGDUDXIDEHUGHULQHLQHUDQWLNLVLHUWHQJRWL VFKHQ6FKULIWJHGUXFNWHODWHLQLVFKH7H[WVDJWLKPQLFKWV (LQZLQ]LJHV)HQVWHULVWGDEHUPDQQVKRFKDQJHRUGQHW $FKLPPXKRFKVSULQJHQXPKLQDXVVFKDXHQ]XN|QQHQ=\ SUHVVHQDXFKKLHUNHLQ2ULHQWLHUXQJVSXQNW'DGLHVHLQHXQ EHKDJOLFKH%OHLEHVHLGHQNW'HWMHQ.HLQH+HL]XQJQLFKWHLQ PDOHOHNWULVFKHV/LFKW$XIGHP7LVFKVWHKWHLQHKDOEQLHGHUJH EUDQQWH.HU]H$FKZLHJHPWOLFKZDUHVGDJHJHQLQGHU9LO OHQPDQVDUGHGHVMDSDQEHVHVVHQHQ+HUUQ/DXWHUEDFKHU6REH WUDFKWHWKDWHUVLFKGXUFKDXVYHUVFKOHFKWHUW'LH$ENHKUYRQ DOOHP,UGLVFKHQGLHGLH0|QFKHSIOHJHQLVWQLFKWMHGHUPDQQV 6DFKH $QGHU6HLWHQZDQGQHEHQGHPHLQIDFKHQ+RO]WLVFKNQDUUW HLQH7UGLH'HWMHQELVKHUQLFKWZDKUJHQRPPHQKDW*HQDX EHWUDFKWHWEHZHJWVLFKGDHLQ6WFN0DXHUZHUN :LHGHULVWHLQH0|QFKVNXWWHGDHLQHWLHILQGLH6WLUQJH]R JHQH.DSX]H'DQQGLHGHXWVFKHQ:RUWHª.RPPHQ6LH©'DV LVWGLH6WLPPHHLQHU)UDXHLQHKHUULVFKHEHIHKOVJHZRKQWH 6WLPPH $FKLPIROJWLKUXQGKROWQXQGRFKWLHI$WHP6LHKPDODQ 'LHVHU5DXPKDWGLH*U|HYRQGUHLGHUQRUPDOHQ=HOOHQXQG ZHQQHUHVQLFKWJHQDXZWHGDQQZUGHHUQLFKWJODXEHQ QRFKLP.ORVWHU]XVHLQ+LHUKHUUVFKW.RPIRUW'LFNH7HSSL FKHPLOGHUQGLH.KOHGHU6DQGVWHLQTXDGHUQHLQHOHNWULVFKHU .DPLQLVWGDXQGLQ%HWULHEXQGHLQHOX[XUL|VH6LW]P|EHOJDUQL WXUPLWDXVODGHQGHQ6HVVHOQXQGHLQHUEUHLWHQ&RXFKXPHLQHQ 5DXFKWLVFKPLWPHVVLQJJHKlPPHUWHU3ODWWHVFKDIIHQ%HKDJOLFK NHLW(LQ%DURFN%FKHUVFKUDQNHLQ6FKUHLEWLVFKJOHLFKHQ6WLOV XQGGDKLQWHUHLQHJXWH.RSLHGHUEHUKPWHQ6L[WLQLVFKHQ0D GRQQD'HU5DXPLVWGHUYROONRPPHQH*HJHQVDW]]XUDQVWR HQGHQ0|QFKV]HOOHMDHLJHQWOLFKHLQH9HUK|KQXQJGHV*H OEGHV]X$UPXWXQGLQQHUHU(LQNHKUGDVDOOHQ0|QFKVRUGHQ JHPHLQVDPLVW

'LH)UDXGLHLKQKHUHLQJHEHWHQKDWZLUIWGLH.DSX]HDE6LH LVWQLFKWPHKUMXQJDEHUJHSIOHJWHLQHHUIROJUHLFKH*HVFKlIWV IUDXP|FKWHPDQGHQNHQ ª+HU]OLFKZLOONRPPHQLQGHU(ZLJHQ6WDGW+HUU'HWMHQ© VDJWVLHWURFNHQª/HJHQ6LHDE© ª,FKKHLHMHW]W© 6LHZLQNWDEª0HLQ1DPHLVW.UJHU/DVVHQ6LHGHQ0XP PHQVFKDQ]+HUU/DXWHUEDFKHUKDWPLFKEHUDOOHVXQWHUULFK WHW0DFKHQ6LHHVVLFKEHTXHP&LQ]DQR"©6LHHQWVFKHLGHW JOHLFKVHOEVWª1DWUOLFK© -HW]WVWHOOWVLFKKHUDXVGDHLQ7HLOGHV%DURFN%FKHU VFKUDQNVHLQHQ.KOVFKUDQNYHUELUJW(LVZUIHONOLUUHQLQHLQ JURHV*ODV&LQ]DQRZLUGHLQJHJRVVHQ )UDX.UJHUUHLFKW$FKLPGDV*HWUlQNª,QGLHVHQKHLOLJHQ 0DXHUQVXFKW6LHQLHPDQG(UKROHQ6LHVLFKHLQELFKHQVFKOD IHQ6LHVLFKDXV,FKHUOHGLJHLQ]ZLVFKHQDOOHV1RWZHQGLJH© 'HWMHQQLPPWLQHLQHPGHU.OXEVHVVHO3ODW]ª:LHODQJH EOHLEHLFKKLHU"© (UHUKlOWVDFKOLFKH$QWZRUW ª=ZHLGUHL7DJHZHUGHQGLH3DIRUPDOLWlWHQLQ$QVSUXFK QHKPHQ'LH6HQRUHVLQGHUDUJHQWLQLVFKHQ%RWVFKDIWJHK|UHQ QLFKWHEHQ]XUVFKQHOOVWHQ7UXSSH©)UDX.UJHUVHW]WVLFKDQ LKUHQ6FKUHLEWLVFK ª'LHDUJHQWLQLVFKH%RWVFKDIW"©ZLHGHUKROW$FKLPYRUVLFKWLJ ª6LHKDEHQULFKWLJJHK|UW,FKELQDPHULNDQLVFKH6WDDWVEU JHULQ+HUU'HWMHQXQGIU'ROODUVLVWYLHOHVNlXIOLFK© 'HWMHQODFKWª$EHUGDVNRVWHWHLQ9HUP|JHQZLH"©(UKDW GDV*HIKOGDHUEHL)UDX.UJHUXPVRPHKUHUUHLFKWPLWMH JU|HUHU2IIHQKHLWHU*HKHLPQLVVHZLHVHOEVWYHUVWlQGOLFKDQ VSULFKW ª1LFKWPHLQHVhEULJHQVJDQ]RIIL]LHOO,FKYHUWUHWHHLQH9HU HLQLJXQJGLHVLFKGLH8QWHUVWW]XQJKLOIVEHGUIWLJHU'HXWVFKHU ]XU$XIJDEHJHVWHOOWKDW'D]X]lKOHQ6LHMDZRKODXFK© ª:HL*RWW©EHVWlWLJWHULP%UXVWWRQGHUhEHU]HXJXQJ ª'LHIUDQ]|VLVFKH0LOLWlUSROL]HLLVWKLQWHUPLUKHU© ª6RQVWZlUHQ6LHNDXPYRQ+HUUQ/DXWHUEDFKHUDQPLFK

YHUZLHVHQZRUGHQ6HLHQ6LHXQEHVRUJWDXIGHP6HVVHOGDKD EHQYRU,KQHQVFKRQJDQ]DQGHUH/HXWHJHVHVVHQ© ª8QGHVJDEQLHHLQH3DQQH"© ª,FKYHUVWHKH,KUH%HVRUJQLV©VDJWVLHIDVWPLWOHLGLJPLWJH VFKU]WHQ/LSSHQª*HQJWHV,KQHQZHQQLFKVDJHGDLFK GLHVH3RVLWLRQVFKRQYLHUXQGYLHU]LJEHUQRPPHQKDEH"© ª1RFKEHYRUGLH$PHULNDQHUKLHU"© ª.XU]GDQDFK©YHUUlWVLHEHUHLWZLOOLJ (UOHKQWVLFK]XUFNXQGVFKOlJWGLH%HLQHEHUHLQDQGHU ª$OOH$FKWXQJ'DVQHQQHLFK6WUDWHJLH© ª(LQ]XJURHV:RUWIUHLQZHQLJ9RUDXVVFKDX©6LHLVWQLFKW HLQHQ$XJHQEOLFNXQWlWLJZlKUHQGGLHVHV*HVSUlFKV6LHRUGQHW 3DSLHUHOLHVWPDQFKHDQXQGOHJWVLHQDFKHLQHPEHVWLPPWHQ 6\VWHPDE'HVVHQXQJHDFKWHWKDW$FKLPZHGHUGDV*HIKOGD VLH%HVFKlIWLJXQJQXUYRUWlXVFKWRGHUPLWKDOEHP2KU]XK|UW 6LHIlKUWIRUWª1DFKKHUNRPPWHLQ)RWRJUDIXPGLHQ|WLJHQ 3DELOGHU]XPDFKHQ©)UDX.UJHUQLPPW)RUPXODUHXQG WULWWGDPLWDQGHQ5DXFKWLVFKª+LHUIOOHQ6LHGLHVH$QWUDJV IRUPXODUHIUGHQ3DDXV:DV6LHHLQWUDJHQPVVHQLVWDXI GLHVHP%ODWWYRUJHVFKULHEHQ6LHPVVHQHVHLJHQWOLFKQXUGHU +DQGVFKULIWZHJHQEHUWUDJHQ'HU)RWRJUDIQLPPWGDVPLW XPDOOHV:HLWHUHNPPHUHLFKPLFK© ª'DQNH© 6LHVLHKWLKQIUHXQGOLFKDQª,QIQI7DJHQVLQG6LHDQ%RUG GHU5LR*UDQGHGHO1RUWH!XQGGDPLWVFKRQDXIDUJHQWLQLVFKHP %RGHQ©9RP6HKUHLEWLVFKQLPPWVLHHLQ%XFKXQGUHLFKWHV GHP*DVWª'DPLW6LHVLFKLQ,KUHU=HOOHQLFKWODQJZHLOHQ© 'DVLVWNHLQ%UHYLHU'DVLVWHLQ/HKUEXFKª6SDQLVFKLP 6HOEVWXQWHUULFKW© :LHDXVJHVWRUEHQZLUNWGLH%DUDFNHJHJHQEHUGHP*UHQ] EDKQKRIZHQQQLFKWJHUDGHHLQHUGHULPPHUVHOWHQHUZHUGHQ GHQ+HLPNHKUHU]JHNRPPW'DQQOHLVWHQ/DFKPDQQXQG VHLQH0LWDUEHLWHUDOOWlJOLFKH%URDUEHLW6WDWLVWLNHQVLQGDQ]X IHUWLJHQ%HULFKWH]XVFKUHLEHQ8QGEHUMHGHQ3IHQQLJ*HOG LVW5HFKHQVFKDIW]XJHEHQ(LQXPIDQJUHLFKHU3DSLHUNULHJ'DV

LVWGLHHLQH6HLWHhEHUGLHVHUVFKHLQHQKLHUYLHOH.RPPLVVLR QHQ6LHNRPPHQDXV%RQQHU0LQLVWHULHQYRQGHU=HQWUDOHGHV 5RWHQ.UHX]HVLQ+DPEXUJYRQGHQ6XFKGLHQVWHQXQGQLFKW VHOWHQDXFK*HKHLPGLHQVWOHXWHDXV3XOODFKEHL0QFKHQ'DV VLQG/DFKPDQQGLHXQOLHEVDPHQ*lVWH :HQQHUDQV)HQVWHUWULWWVFKUlQNWGHU%DKQKRIGLH6LFKWHLQ (UNDQQGLH*OHLVHGDKLQWHUQLFKWVHKHQXQGQLFKWGHQ)OXGHU VLFKEUHLWXQGJHPlFKOLFKGXUFKGLHHEHQH/DQGVFKDIWZLQGHW -HW]WVLQGGLH:DVVHUEUDXQJHOEXQGWUEGDVPDFKWGLH 6FKQHHVFKPHO]H'DXQGGRUWVLQGGLH8IHUZLHVHQEHU VFKZHPPW'HU6WURPXPVSOWGLH6WlPPHYRQ(UOHQXQG :HLGHQXQGOHFNWELVDQGLH:HJHGHUNOHLQHQ3DUNDQODJHKHU DQ $XIGHP'DPPGHUGHQ%DKQDQODJHQ6FKXW]JHZlKUWJHKW &DSLWDLQH5HQDUGPLWGHP-RXUQDOLVWHQ&KDUOHV$QGUH*HOH JHQWOLFKNRPPHQVLHDQ$QJOHUQYRUEHUGLHGLFNYHUPXPPW DP:DVVHUVWHKHQXQGGLHVFKZHUHQURWHQ3RVHQQLFKWDXVGHQ $XJHQODVVHQ6LHKRIIHQDXINDSLWDOH+HFKWH'HUWUlJHIOLH HQGH)OXWUHLEWGLH3RVHQDQV8IHUGDQQKROHQVLHGLH-QJHU 3HWULHLQKHEHQVLHKHUDXVSUIHQGHQ6LW]GHVª'ULOOLQJV©LP 5FNHQGHUVLOEULJJOlQ]HQGHQ.|GHUILVFKHOHJHQGLH6FKQXU ]XUHFKWXQGZHUIHQLQKRKHP%RJHQGDV*HVFKLUUVWURPDXI ZlUWVQHXDXV(LQLPPHUZLHGHUNHKUHQGHU9RUJDQJ ª8QVVLQGGLH+lQGHJHEXQGHQ©VDJW5HQDUGª:LUEHILQ GHQXQVKLHUZHGHULQ)UDQNUHLFKQRFKLQGHUIUDQ]|VLVFKHQ%H VDW]XQJV]RQH©(UZHQGHWVLFK$QGUHIOFKWLJ]Xª:LVVHQ6LH QLFKWZLHOD[(QJOlQGHUXQG$PHULNDQHUGLHVHV7KHPDEHKDQ GHOQ"=ZHL5FNNHKUHUDXVUXVVLVFKHU*HIDQJHQVFKDIWVLQGYHU VFKZXQGHQQDXQG"© $QGUHKHEWHLQHQ6WHLQDXIXQGZLUIWLKQLQZHLWHP%RJHQLQV :DVVHUª,PPHUKLQOlXIWGLH)DKQGXQJ© ª:HLOHV]XP*OFNHLQSDDUXQEHTXHPH*HLVWHUZLHGLHVHQ /DFKPDQQJLEW(UKDWPLFKLQIRUPLHUWXQGLFKKDEHHVZHLWHU JHJHEHQ0LWGHP(LQYHUVWlQGQLVGHU+HUUHQ.DPHUDGHQYRQ GHUEULWLVFKHQ,QVHOXQGDXVhEHUVHH6LHNRQQWHQVFKOHFKW QHLQ!VDJHQZHUZLOOVFKRQJHUQGDV*HVLFKWYHUOLHUHQ"$EHU

DQHLQHQ(UIROJJODXEHLFKQLFKW© ª:DV/DFKPDQQEHUGLHVHQ,QVSHNWRU0DUXQVHVDJWHGDV KDWNHLQHQVFKOHFKWHQ(LQGUXFNDXIPLFKJHPDFKWPRQ&DSL WDLQH© 5HQDUGVFKLHEWVHLQH%ULOOHPLWGHUEHKDQGVFKXKWHQ5HFKWHQ K|KHUDXIGHQ1DVHQUFNHQª(UEHJLQJJOHLFKDP$QIDQJHL QHQHQWVFKHLGHQGHQ)HKOHU©XUWHLOWHUVDFKOLFKª/LH6FKU|GHU GXUFKVHLQHQ$VVLVWHQWHQEHIUDJHQ,FKEH]ZHLIOHQLFKWGDGHU MXQJH0DQQGHQEHVWHQ:LOOHQKDWWHXQGMHGHUPXMDPDODQ IDQJHQEORXQWHUVWHOOHQZLUHLQPDO6FKU|GHUKDEHPLWGHU 6DFKH]XWXQ'DQQKDWPDQIUGLHVH)XQNWLRQHLQHQVRPLWDO OHQ:DVVHUQJHZDVFKHQHXQGPLWGHQ3ROL]HLSUDNWLNHQGHUPD HQYHUWUDXWHQ0DQQJHZlKOWGDLKPVHOEVWHLQHUIDKUHQHU .ULPLQDOLVWPLWGHQKHUN|PPOLFKHQ0HWKRGHQQLFKWEHLNRP PHQZUGH)ROJHULFKWLJKDW6FKU|GHUGHQ$VVLVWHQWHQEHU ]HXJWHUKDEHPLWGHU*HVFKLFKWHQLFKWV]XWXQ$XVJHWULFNVW ZHQQ6LHVRZROOHQ(UHUUHLFKWHJHQDXGDV*HJHQWHLOYRQGHP ZDV0DUXQVHEHDEVLFKWLJWHHUZDUQWHGLH%XUVFKHQ© &KDUOHV$QGUHQLPPWGLH%DVNHQPW]HDEXQGVWUHLFKWEHU VHLQHNXU]H%UVWHª'DVDOOHVNDQQLFKLQPHLQHU=HLWXQJQLFKW VFKUHLEHQ1DWUOLFKN|QQWHLFKHV]X3DSLHUEULQJHQDEHUGLH 3DULVHU5HGDNWLRQZUGHGHQ$UWLNHOPLW6LFKHUKHLWLQLKUHQ JURHQ3DSLHUN|UEHQYHUVFKZLQGHQODVVHQ,FKNDQQGDVVRJDU YHUVWHKHQZLHVWQGHQGLH:HVWPlFKWHGDQDFKGHPLFKJH UDGHDXV0RVNDXEHULFKWHWKDEHZLHHUQVWPDQVROFKH'LQJH GRUWQLPPW© 5HQDUGEOHLEWVWHKHQXQGVFKDXWLQGHQIOLHHQGHQ6WURPª,Q 2VWGHXWVFKODQGLVWHVDXFKDQGHUV.HLQ0DUVKDOOSODQXQGNHLQH %DQDQHQDEHUVDXEHUH9HUKlOWQLVVH© ª6LHZDUHQGRUW"©HUNXQGLJWVLFKGHU-RXUQDOLVWVRIRUWLQWHU HVVLHUW 'HU&DSLWDLQHQLFNWª0LOLWlUPLVVLRQLQ3RWVGDP© $QGUHVFKLHEWGHQ5LHPHQVHLQHU.DPHUDWDVFKHDXIGHU 6FKXOWHU]XUHFKWª:UGHQ6LHEHMDKHQGDHVJHUDGHLQGHU DPHULNDQLVFKHQ%HVDW]XQJV]RQH.DQlOHJLEWLQGHQHQEHOD VWHWH1D]LVXQWHUWDXFKHQXQGYHUVFKZLQGHQN|QQHQ"©

ª-D'DVLVWHLJHQWOLFKVFKRQVHLWODQJHPEHNDQQW:HQQ6LH HLQHQ%HZHLVEUDXFKHQ*ODXEHQ6LHGD%RUQXQG'HWMHQLQ GHUIUDQ]|VLVFKHQ%HVDW]XQJV]RQHOlQJHUDOVHLQSDDU6WXQGHQ DXIIUHLHP)XJHZHVHQZlUHQ"© 'LHVH0|JOLFKNHLWLVWIUGHQ-RXUQDOLVWHQVRXQYRUVWHOOEDU GDHUOlFKHOWª1HLQ© 5HQDUGVHW]WGLH:DQGHUXQJDXIGHP'DPPIRUWª6LHZU GHQVLFKYHUGLHQWPDFKHQOLHEHU$QGUHZHQQ6LHHLQSDDU5H FKHUFKHQKLQVLFKWOLFKGHUGXQNOHQ.DQlOHDQVWHOOWHQ'HQ=HL WXQJVOHXWHQVLQGGDQNGHUEHLXQVYHUIDVVXQJVUHFKWOLFKJDUDQ WLHUWHQ3UHVVHIUHLKHLWGLH+lQGHZHQLJHUJHEXQGHQDOVPLU8Q VHUH+LHUDUFKLHGLH'LHQVWYRUVFKULIWHQXQHLQVLFKWLJH0LQL VWHU© &KDUOHV$QGUHEHZHJWHLQZHQLJGLH6FKXOWHUQXQWHUQHK PXQJVOXVWLJVLHKWGDVDXVª,FKKDEHVFKRQGDUDQJHGDFKW©8Q YHUPLWWHOWIRUPXOLHUWHU)UDJHQGLHVHLQHU8QWHUVXFKXQJ]X JUXQGHOLHJHQN|QQWHQª(LQ0DQQNRPPWDQ:HULVWHU":DV ZLUGDXVLKP":HUNPPHUWVLFKXPLKQ":RKLQZLUGHUODQ FLHUW"9RQZHP"0LWZHOFKHU=LHOVWHOOXQJ":HQQPDQGLHVHQ )DGHQKlWWHGDVZlUHHLQ6FKULWWYRUZlUWV© 'HU&DSLWDLQHKDWDXIPHUNVDP]XJHK|UW(UQLFNWGHXWHW GDQQMHGRFKPLWHLQHU.RSIEHZHJXQJDXIHLQHQ$QJOHUª,KQ NPPHUQXQVHUH6RUJHQQLFKW(ULVWIURKGDGHU.ULHJYRUEHL LVWHUGHQNWYLHOOHLFKW1LHZLHGHUZHQLJVWHQVQLFKWJOHLFK! XQGLVWIURKGDHU)LVFKHIDQJHQNDQQ$OOHVDQGHUH©5H QDUGZHQGHWVLFKQHXHUOLFKVHLQHP*HVSUlFKVSDUWQHU]Xª:R PLWZHUGHQ6LHEHJLQQHQ"© ª0LWHLQHP)RWRYRQ'HWMHQ©HUZLGHUW$QGUHODNRQLVFK ª6LHKDWWHQGRFKQHXOLFKHLQV© 5HQDUG|IIQHWGLHVFKPDOH$NWHQPDSSHGLHHUEHLVLFKKDW ª/HLGHUGDUILFKHV,KQHQQLFKWJHEHQ© 'HU-RXUQDOLVWQLPPWEHUHLWVGHQgEMHNWLYGHFNHOVHLQHUJUR IRUPDWLJHQ.DPHUDDEª$EHUKDOWHQN|QQHQ6LHHVGRFKHLQHQ $XJHQEOLFN© ª-DGDVNDQQLFK©HQWJHJQHWGHU&DSLWDLQHRKQHHLQH 0LHQH]XYHU]LHKHQXQGKlOWGLH$XVVFKQLWWYHUJU|HUXQJDXV

GHU$XIQDKPHYRUHLQHU0HVRGDVLHJXWHV/LFKWKDW ª8QGZRVHW]HQ6LHDQ"© $QGUHO|VWGHQ9HUVFKOXDXVª:LVVHQ6LHPRQ&DSLWDLQH© VDJWHUQHEHQKHUªLFKEHVFKlIWLJHPLFKPLWGLHVHQ'LQJHQ VFKRQHLQHJDQ]H:HLOH,QPHLQHPNOHLQHQ$UFKLYJLEWHV]XP %HLVSLHOHLQLJH$JHQWXUPHOGXQJHQYRP6HSWHPEHUYLHUXQG YLHU]LJ'DULQKHLWHVHLQLJH1D]LJU|HQKlWWHQLQ6GDPHULND *URJUXQGEHVLW]HUZRUEHQEHL%DKLD%LDQFDEHLVSLHOVZHLVH (VLVWGDDXFKYRQHLQHP8QWHUVHHERRWGLH5HGHGDVXQWHUGHP %HIHKOHLQHV.DSLWlQOHXWQDQWV/GWLQ*GLQJHQEHUHLWOLHJHQ VROOWHXPIOXFKWEHUHLWH1D]LJU|HQQDFK6GDPHULNDEHU]X VHW]HQ(KUOLFKJHVDJWVWDQGLFKGLHVHQ0HOGXQJHQVHKUVNHS WLVFKJHJHQEHU-HW]WVHKHLFKGDVDOOHVLQHLQHPDQGHUHQ/LFKW ,FKIUDJHPLFKDXFKZRKLQGLHYLHUPRWRULJHQ&RQGRQ)OXJ ]HXJHVWDUWHQZROOWHQGLHLQ%HUOLQEHUHLWVWDQGHQDOVGLH6WDGW VFKRQYRQGHQVRZMHWLVFKHQ7UXSSHQHLQJHVFKORVVHQZDU$UWLO OHULHEHVFKXPDFKWHGHQ6WDUWXQP|JOLFKMHGRFK:RKlW WHQVLHGHQQQRFKXQWHUNULHFKHQN|QQHQ",Q(XURSD"©(U VFKWWHOWGHQ.RSIª,FKELQNHLQ)OXJ]HXJQDUUPRQ&DSLWDLQH DEHUIUGLHVH0DVFKLQHKDEHLFKPLFKLQWHUHVVLHUW*DQ]DXI VFKOXUHLFK]XZLVVHQGDVLHEHUHLWVQHXQ]HKQKXQGHUWXQGDFKW XQGGUHLLJDXIGHQ6WUHFNHQ%HUOLQ1HZ

Das unsichtbare Visier

Das unsichtbare Visier

Das unsichtbare Netz

Das unsichtbare Netz

Im Visier des Mörders

Ein Planet im Visier

Im Visier des Mörders

Handelsstern im Visier

Handelsstern im Visier

Handelsstern im Visier

Ein Planet im Visier

Ein Planet im Visier

Im Visier der Lu'cen

Unsichtbare Augen

Unsichtbare Augen

Unsichtbare Herrscher

Unsichtbare Feinde

Unsichtbare Spuren

Unsichtbare Siganesen

Unsichtbare Spuren

Unsichtbare Krafte

Unsichtbare Spuren

Unsichtbare Siganesen

Unsichtbare Parasiten

Der Unsichtbare

Der Unsichtbare

Der Unsichtbare

Unsichtbare Siganesen

Unsichtbare Feinde

Der Unsichtbare

Unsichtbare Parasiten

Das unsichtbare Visier