Der programmierte Attentфter

'HUSURJUDPPLHUWH$WWHQWlWHU 3HUU\5KRGDQ7DVFKHQEXFK :OD 5XSSHWV +HUNXQIW YHUOLHUW VLFK LP 'XQNHO ...

10 downloads 530 Views 360KB 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

'HUSURJUDPPLHUWH$WWHQWlWHU 3HUU\5KRGDQ7DVFKHQEXFK

:OD 5XSSHWV +HUNXQIW YHUOLHUW VLFK LP 'XQNHO GHU *HVFKLFKWH 0DQFKH 4XHOOHQ GHXWHQ GDUDXI KLQ GD HU JDU QLFKW DXI GHU (UGH VRQGHUQ XQWHU GHP 1DPHQ $OZ 7HSSXU DXI GHU .RORQLDOZHOW 1HPEDU JHERUHQ ZXUGH DQGHUH +LVWRULNHU YHUWUHWHQ GLH $XIIDVVXQJ GD HU ]ZDU YRQ 7HUUD VWDPPW DEHU GHU 1DPH XQWHU GHP HU EHNDQQW JHZRUGHQ LVW QXU HLQ $QDJUDPPELOGHWGDVYLHOOHLFKWDXIVHLQHZDKUH$EVWDPPXQJKLQZHLVW =ZHLIHOVIUHL IHVW VWHKW OHGLJOLFK GD 5XSSHW $QJHK|ULJHU XQG QDFK GHP 7RG VHLQHV 9RUJlQJHUV5XGLJD.DUGH2EHUKDXSWGHV.RQYHQWLNHOV([SDQGHUHXQLYHUVDOLVZDUGDVGDV =LHO DQVWUHEWH GLH JHVDPWH *DOD[LV PLW 0HQVFKHQ ]X EHVLHGHOQ 6HOEVW LP -DKUKXQGHUW ZLGHUVSUDFKGLHVH(LQVWHOOXQJGHURIIL]LHOOHQ+DOWXQJGHV6RODUHQ,PSHULXPVXQGVRNDQQ PDQHVQXUDOVNRQVHTXHQWEH]HLFKQHQGDGLH0LWJOLHGHUGHUUHOLJL|VNRQVHUYDWLYHQ6HNWH LP-DKULKUJHVDPWHVZHOWOLFKHV+DEXQG*XWYHUlXHUWHQHLQNDXPQRFKIOXJIlKLJHV 5DXPVFKLII HUVWDQGHQ HV PLW DOOHP DXVUVWHWHQ ZDV VLH ]XP $XIEDX HLQHU .RORQLH ]X EHQ|WLJHQ JODXEWHQ HV QDFK LKUHP 3UlVHV 5833(7 QDQQWHQ XQG LKU +HLO DXI HLQHP XQEHVLHGHOWHQ3ODQHWHQVXFKWHQGHQVLHHEHQIDOOV 5XSSHWWDXIWHQ 0LNDLO7\VVHQ.DLV+UVJ (QF\FORSDHGLD8QLYHUVDOLD(LQWUDJ5XSSHW:OD$XV]XJ 1HPEDU9HUODJ+'6I 1HUYDO5RGULN (LQHHKHUEHVFKHLGHQH.XQGJHEXQJ 'LH6LWXDWLRQHVNDOLHUWHXQDXIKDOWVDP $XI GHP JURHQ 3ODW] LP =HQWUXP YRQ 5XSSHW &LW\ DXI GHP VLFK GLH VWUDKOI|UPLJ YHUODXIHQGHQ VHFKV +DXSWGXUFKJDQJVVWUDHQ NUHX]WHQ ZDUHQ GLH 3UDOOIHOGHU XQWHU GHP $QVWXUP GHU 0HQJH ]XVDPPHQJHEURFKHQ 9LHOOHLFKW KDWWHQ GLH 2UGQXQJVNUlIWH VLH DXFK YRUVRUJOLFKDXVJHVFKDOWHWXPLPOHW]WHQ$XJHQEOLFN]XYHUKLQGHUQGDGLH'HPRQVWUDQWHQ LQGLH(QHUJLHIHOGHUOLHIHQXQGVLFKYHUOHW]WHQRGHUJDUVHOEVWW|WHWHQ'RUWLP6(.725 GHP KLVWRULVFKHQ 6WDGWNHUQ YHUOLHIHQ VlPWOLFKH )DKUEDKQHQ QXU DXI HLQHP 1LYHDX GHU %RGHQHEHQH 'HVKDOE ZXUGH GLHVHU %H]LUN DXFK RIW XQG JHUQ IU .XQGJHEXQJHQ EHQXW]W GHQQ ZDV KDOI HV GHQ 3URWHVWLHUHQGHQ GLH DXFK GXUFK LKUH EORH $Q]DKO EHHLQGUXFNHQ ZROOWHQZHQQVLHEHUGLHHUVWHELVYLHUWH6WUDHQHEHQH]RJHQXQGPDQVLHDXVGHU/XIWJDU QLFKWZDKUQHKPHQNRQQWH" 1HUYDO 5RGULN EHWUDFKWHWH GLH 0DVVHQ YRQ 5XSSHWHUQ GLH VLFK XQDXIKDOWVDP DXIHLQDQGHU ]XEHZHJWHQ :LH HLQH DOOHV QLHGHUZDO]HQGH VFKODPPLJH )OXW QDFK HLQHP 'DPPEUXFK NDPHQ VLH LKP YRU ª,FK KlWWH QLFKW JHGDFKW GD HV VR YLHOH VLQG© VDJWH HU HKHU ]X VLFK VHOEVW DOV ]X VHLQHP 6WDDWVVHNUHWlU RGHU JDU GHP *OHLWHUSLORWHQ YRP 6LFKHUKHLWVGLHQVW ª6FKlW]XQJVZHLVH HLQKXQGHUW]ZDQ]LJWDXVHQG 'HPRQVWUDQWHQ DXI GHU HLQHQ HLQKXQGHUWGUHLLJWDXVHQG DXI GHU DQGHUHQ 6HLWH© VDJWH GHU 3LORW QDFK HLQHP NXU]HQ %OLFN DXIVHLQH&RFNSLWNRQWUROOHQª(LQHHKHUEHVFKHLGHQH.XQGJHEXQJ:RKOHLQHVSRQWDQH,FK IUDJH PLFK ZLH VLH EHUKDXSW ]XVWDQGH JHNRPPHQ LVW -HGHQIDOOV KDW NHLQH GHU EHLGHQ 3DUWHLHQGD]XDXIJHUXIHQ'DKDEHQZLUVFKRQZHVHQWOLFK6FKOLPPHUHVHUOHEW© 5RGULNK|UWHGHQXQWHUVFKZHOOLJHQ9RUZXUIDXVGHU6WLPPHGHV3LORWHQKHUDXV'XKDVWMD NHLQH $KQXQJ ZROOWH GHU 0DQQ LKP VDJHQ 'X VLW]W GHQ JDQ]HQ 7DJ PLW GHP $UVFK LQ GHLQHPJHUlXPLJHQ%URDEHUZLUZLUVWHKHQKLHUGUDXHQDQGHU)URQWXQGPVVHQXQV LPPHU]XPLW$XIZLHJOHUQ.RQYHUWLWHQXQG,PSHULDOLVWHQEHIDVVHQ

(U VDK VHLQHQ 6WHOOYHUWUHWHU IUDJHQG DQ 'LGMHK )RKUWXKQ ]XFNWH PLW GHQ $FKVHOQ 'LH %HZHJXQJ GURKWH GLH 1lKWH VHLQHV $Q]XJV ]X VSUHQJHQ ª'LH 2UGQXQJVNUlIWH VLQG JDQ] DQGHUHVJHZRKQWDOVZLU:LUNRPPHQMDQLHDXVXQVHUHQ%URVUDXVXQGVHKHQLPPHUQXU =DKOHQXQG6WDWLVWLNHQ©EHVWlWLJWHHULQGLUHNWGLH:RUWHGHV3LORWHQª6RULFKWLJYRUVWHOOHQ NDQQPDQVLFKGDVQXUZHQQPDQHVJHVHKHQKDW8QGZHQQLFKJDQ]HKUOLFKELQLFKNDQQ PLUQRFKLPPHUQLFKWHUNOlUHQZLHVR6LHGDVXQEHGLQJWVHKHQZROOHQ© ª'DV PVVHQ 6LH VLFK GRFK GHQNHQ N|QQHQ© VDJWH 5RGULN EDUVFK :HQQ HU VLFK YRU GHP 3LORWHQ YRP 6WDDWVVHNUHWlU XQJHVWUDIW WDGHOQ OLH NRQQWH HU JOHLFK VHLQH 'HPLVVLRQ HLQ UHLFKHQ ª$QJHVLFKWV GHV EHYRUVWHKHQGHQ 6WDDWVEHVXFKV LVW GLHVH 'HPRQVWUDWLRQ HLQ 6LFKHUKHLWVULVLNRGDVGLH5HJLHUXQJDXINHLQHQ)DOOKLQQHKPHQNDQQ© +DWWH )RKUWXKQ LQ OHW]WHU =HLW QXU QRFK EUHLWJHWUHWHQHQ 4XDUN LP .RSI" 'LH *HJHQZDUW VHLQHV 6WHOOYHUWUHWHUV NDP LKP EHUDXV XQJHOHJHQ $EHU GDV *HVXFK XP .RQWDNWDXIQDKPH ZDU VR NXU]IULVWLJ HUIROJW GD HU GHQ VFKRQ ODQJH JHSODQWHQ JHPHLQVDPHQ ,QVSHNWLRQVIOXJ QLFKW KDWWH DEVDJHQ N|QQHQ RKQH VWDUNHQ XQG DXFK EHJUQGHWHQ 9HUGDFKW ]X HUUHJHQ 8QG QXQ EUDFKWH GLHVH XQJHQHKPLJWH 'HPRQVWUDWLRQ VHLQH VRZLHVR VFKRQ LPSURYLVLHUWHQ 3OlQH YROOHQGVGXUFKHLQDQGHU$QGHUHUVHLWVERWVLHLKPYLHOOHLFKWGLH0|JOLFKNHLWVLFKXQDXIIlOOLJ YRQ )RKUWXKQ ]X WUHQQHQ ª.|QQHQ 6LH GHQ 7RQ ]XVFKDOWHQ"© ZDQGWH 5RGULN VLFK DQ GHQ 3LORWHQ ª-DZRKO+HUU0LQLVWHU.HLQ3UREOHP6LU©DQWZRUWHWHGHU0DQQVHUYLO(UVFKLHQ5RGULNV *HUHL]WKHLW ]X VSUHQ XQG EHWlWLJWH VFKQHOO HLQHQ 6FKDOWHU ZlKUHQG HU GHQ *OHLWHU HLQH ZHLWHUH5XQGHEHUGLH,QQHQVWDGWXQGGLH3URWHVWOHUGUHKHQOLH$XJHQEOLFNOLFKHUIOOWHHLQ VRRKUHQEHWlXEHQGHV*HW|VHGLH.DELQH GHV $QWLJUDY6FKZHEHUV GD GLH $XHQZlQGH ]X YLEULHUHQVFKLHQHQª/HLVHU©EUOOWH1HUYDO 'HU 3LORW JHKRUFKWH 'LH /DXWVWlUNH ZXUGH DXI HLQ HLQLJHU PDHQ HUWUlJOLFKHV 0D ]XUFNJHIDKUHQ 1XQ NRQQWH 5RGULN DXVHLQDQGHUKDOWHQ ZDV GLH EHLGHQ 'HPRQVWUDQWHQJUXSSHQ VNDQGLHUWHQ ª5KRRRGDKQ 5KRRRGDKQ 5KRRR GDKQ© LQWRQLHUWH GLH HLQH ODQJJH]RJHQ ZlKUHQG GLH DQGHUH VWDNNDWRKDIW GDV NXU]H ª:OD :OD :OD© DQVWLPPWH ª:DQQZHUGHQVLHDXIHLQDQGHUWUHIIHQ"©IUDJWH5RGULNPLVVPXWLJª8QGZDUXP]XU3LOOH QRFKPDOKDEHQGLH6LFKHUKHLWVNUlIWHGHQ(QHUJLHVFKLUPDXVJHVFKDOWHWGHUVLHYRQHLQDQGHU WUHQQW"© (LQ6FKXVVYHUKLQGHUWHGD)RKUWXKQRGHUGHU3LORWLKPDQWZRUWHQNRQQWHQ(UZDUPLWHLQHU (QHUJLHZDIIHDEJHJHEHQZRUGHQGRFKGHU6WUDKOKDWWHVLFKLQGHU+|KHLQGHUGHU*OHLWHU NUHLVWHVRVWDUNDEJHVFKZlFKWGDHUZHQQEHUKDXSWQXUPLQLPDOH%HVFKlGLJXQJHQDQGHU $XHQKOOH KHUYRUULHI 'HU *OHLWHU VWDPPWH DXV WHUUDQLVFKHU 3URGXNWLRQ ZDU GHVKDOE GHQ HLQKHLPLVFKHQ)DKU]HXJHQZHLWEHUOHJHQ(VJDEQXUZHQLJHVROFKHU0RGHOOHDXI5XSSHW YRQ GHQHQ GLH PHLVWHQ GHU 5HJLHUXQJ ]XU 9HUIJXQJ VWDQGHQ XQG 5RGULN DOV 6LFKHUKHLWVPLQLVWHUNRQQWHQLFKWQXUDXIHLQHSHUPDQHQWH)DKUEHUHLWVFKDIWVRQGHUQDXFKDXI HLQVGLHVHUEHJHKUWHQ9HKLNHO]XUFNJUHLIHQ$XIGHU3ODQHWHQREHUIOlFKHJHULHW%HZHJXQJLQ GLH0DVVHQ-HQH6WDIIHOQGHU6LFKHUKHLWVNUlIWHGLHELVODQJQLFKWDNWLYYHUVXFKWKDWWHQHLQHQ GLUHNWHQ =XVDPPHQVWR GHU 'HPRQVWUDQWHQ ]X YHUKLQGHUQ VRQGHUQ GLH VR XQDXIIlOLJ ZLH P|JOLFK LP +LQWHUJUXQG JHEOLHEHQ ZDUHQ JULIIHQ QXQ HLQ XQG GUDQJHQ JHRUGQHW GXUFK GLH 0DVVH GHU 3URWHVWLHUHQGHQ YRU hEHU LKU =LHO EHVWDQG QLFKW GHU JHULQJVWH =ZHLIHO 6LH YHUVXFKWHQGHV6FKW]HQKDEKDIW]XZHUGHQ'HU%HVLW]YRQ:DIIHQZDUDXI5XSSHWVWUHQJ XQWHU VDJW 6ROOWH GHU 'HOLQTXHQW HUJULIIHQ ZHUGHQ GURKWH LKP HLQH OHEHQVOlQJOLFKH +DIWVWUDIH 'LH 9HUQLFKWXQJ YRQ IRUWSIODQ]XQJVIlKLJHP /HEHQ YHUVWLH JHJHQ DOOHV ZDV .DUGHJHOHKUWXQG5XSSHWYHUZLUNOLFKWKDWWHXQGZDUXQEDUPKHU]LJ]XDKQGHQ 5RGULN KHJWH QLFKW GHQ JHULQJVWHQ =ZHLIHO GDUDQ GD MHPDQG DXV GHQ 5HLKHQ GHU ,PSHULDOLVWHQJHVFKRVVHQKDWWHDXFKZHQQHVVLFKEHLLKQHQZLHGLH6SUHFKFK|UHEHZLHVHQ KDXSWVlFKOLFK RGHU DXVVFKOLHOLFK XP 5KRGDQLVWHQ KDQGHOWH 'LHVH 5XSSHWHU GLH GHQ $QVFKOXVV DQV 6RODUH ,PSHULXP IRUGHUWHQ ZDUHQ LQ GHU :DKO LKUHU 0LWWHO ZHVHQWOLFK

]XUFNKDOWHQGHU DOV GLHMHQLJHQ GLH GHQ &DUVXDOVFKHQ %XQG RGHU GDV ,PSHULXP 'DEULID IDYRULVLHUWHQ 9HUGDPPWH3LOOHGDFKWH5RGULN'DGLH'HPRQVWUDWLRQQXQJHZDOWWlWLJH=JHDQ]XQHKPHQ GURKWHJHIlKUGHWHVHLQHLJHQWOLFKHV9RUKDEHQPDFKWHHVYLHOOHLFKWVRJDUXQP|JOLFK'RFKHU ZDUQRFKQLFKWEHUHLWMHW]WVFKRQDXI]XJHEHQª:LUJHKHQUXQWHU©EHIDKOHUª'HQ.HUOZLOO LFKPLUSHUV|QOLFKVFKQDSSHQ© ª$EHU6LU©SURWHVWLHUWH'LGMHK)RKUWXKQª6LHN|QQHQGRFKQLFKW© 5RGULN ZDUI LKP HLQHQ VFKDUIHQ %OLFN ]X XQG )RKUWXKQ YHUVWXPPWH DXJHQEOLFNOLFK 'HU 6WDDWVVHNUHWlUZXWHJHQDXGDVHLQH3RVLWLRQLP$XJHQEOLFNQLFKWGLHEHVWHZDUhEHULKQ KlXIWHQ VLFK GLH %HVFKZHUGHQ :LFKWLJH .RUUHVSRQGHQ] EOLHE XQHUOHGLJW GULQJHQGH (QWVFKHLGXQJHQ ZXUGHQ DXIJHVFKREHQ :HQQ )RKUWXKQ QLFKW VFKOLFKW XQG HLQIDFK KRIIQXQJVORVEHUIRUGHUWRGHUGXUFKGLH0KHQVHLQHV$PWVDEJHQXW]WZDUYHUVFKZHQGHWH HUDXIMHGHQ)DOOPLWSULYDWHQ%HODQJHQ]XYLHO$XIPHUNVDPNHLWXQG(QHUJLH'LHVHU=XVWDQG ZDUDXI'DXHUQLFKWKDOWEDU 'HU 3LORW KDWWH NXU] JH]|JHUW DEHU DOV )RKUWXKQ YHUVWXPPWH XQG VHLQHQ (LQZDQG QLFKW ]X (QGHEUDFKWHJHKRUFKWHHUXQGJLQJODQJVDPWLHIHU=X5RGULNVhEHUUDVFKXQJKLHOWHUQLFKW DXI GLH %DOOXQJ GHU 5KRGDQLVWHQ ]X VRQGHUQ DXI GLH (8V GLH $QKlQJHU GHV ([SDQGHUH XQLYHUVDOLVRGHU:ODZLVWHQZLHVLHQDFKGHP*URHQ5XSSHWDXFKJHQDQQWZXUGHQª'HU 6FKX%ZXUGHQLFKWYRQHLQHP5KRGDQLVWHQDEJHJHEHQ"©IUDJWH5RGULNYHUZLUUW ª1HLQ 6LU© HUZLGHUWH GHU 3LORW ª,FK ELQ PLU JDQ] VLFKHU 'LH (QHUJLHRUWHU ODVVHQ NHLQHQ =ZHLIHO XQG GLH %RUGSRVLWURQLN KDW HLQGHXWLJ HLQH *UXSSH YRQ DFKW]HKQ ,QGLYLGXHQ DXVJHPDFKWYRQGHQHQHLQVGHQ6FKXDEJHJHEHQKDW© :HUZDU1HUYDOGDHUGHUWHUUDQLVFKHQ7HFKQLNPLWUDXWHRGHU]XPLQGHVWGHUGHV6RODUHQ ,PSHULXPV GHQQ ZHU NRQQWH VFKRQ JHQDX VDJHQ DXI ZHOFKHU :HOW GHU *OHLWHU KHUJHVWHOOW ZRUGHQZDU"8QGGLHVHP,PSHULXPVFKLHQHQMD+XQGHUWHGDYRQDQ]XJHK|UHQDXFKZHQQHV VLFK YRU NXU]HP JHVSDOWHQ KDWWH XQG GDV ,PSHULXP 'DEULID GDYRQ DEJHIDOOHQ ZDU XQG GHU &DUVXDOVFKH%XQGXQG 5RGULNVFKWWHOWHGHQ.RSI)UHLQH$XIIULVFKXQJVHLQHV&UDVKNXUVHVEHUGLH(QWZLFNOXQJ GHU 0HQVFKKHLW LQ GHQ OHW]WHQ -DKUHQ YRQ GHQHQ GLH 5XSSHWHU EHU YHU VlXPW KDWWHQEOLHEMHW]WZLUNOLFKNHLQH=HLW(UPXWHVLFKHQGOLFKYRQ)RKUWXKQORVHLVHQXQGGDV LQ$QJULIIQHKPHQZHVKDOEHUWDWVlFKOLFKKLHUKHUJHNRPPHQZDU $QGHUHUVHLWVGLHVH6DFKHNRQQWHHYHQWXHOOZDUWHQGHU6WDDWVEHVXFKGHV*URDGPLQLVWUDWRUV GHV 6RODUHQ ,PSHULXPV QLFKW 'HVVHQ $QNXQIW VWDQG 5RGULN ZDUI HLQHQ %OLFN DXI VHLQ &KURQRPHWHUHVZDUNXU]QDFK0LWWDJLQZHQLJHUDOVYLHUXQG]ZDQ]LJ6WXQGHQEHYRU8QG GDUDQZDUQLFKWPHKU]XUWWHOQ ª(VPXHLQ$JHQWSURYRFDWHXUVHLQ©VDJWHHUª-HPDQGGHUVLFKEHLGHQUHJLHUXQJVWUHXHQ 'HPRQVWUDQWHQHLQJHVFKOLFKHQKDWXQGVLHLQ0LNUHGLWEULQJHQZLOO6HW]HQ6LHPLFKVRQDK EHLGHU*UXSSHDEZLH6LHN|QQHQ© ª,FK PX ZLUNOLFK SURWHVWLHUHQ 6LU© ZDQGWH )RKUWXKQ HLQ ª'DV LVW YLHO ]X JHIlKUOLFK (V KDQGHOW VLFK XP HLQH XQJHQHKPLJWH 'HPRQVWUDWLRQ 'DV *HZDOWSRWHQWLDO GHU $XIUKUHU LVW QLFKW]XXQWHUVFKlW]HQ© 'HU6WDDWVVHNUHWlUKDWWHUHFKWGHVVHQZDU5RGULNVLFKQXUDOO]XJXWEHZXW$EHUHUZUGH GLH 3LOOH WXQ XQG YHUVXFKHQ GHQ 6FKW]HQ SHUV|QOLFK ]X VWHOOHQ 'DIU ZDUHQ VHLQH 6LFKHUKHLWVNUlIWH GD 1HLQ HU PXWH )RKUWXKQ DEVFKWWHOQ XQG IU HLQ SDDU 0LQXWHQ XQWHUWDXFKHQ ZROOWH HU HLQH &KDQFH KDEHQ GDV DQGHUH ZHVHQWOLFK JHIlKUOLFKHUH 6LFKHUKHLWVULVLNRQRFKYRUGHP6WDDWVEHVXFKGHV*URDGPLQLVWUDWRUVDXV]XVFKDOWHQ 8QG HU PXWH HV VHOEVW WXQ :HP NRQQWH HU LQ GLHVHU 6LWXDWLRQ QRFK YHUWUDXHQ" (U WDVWHWH QDFK GHP QLFKW PDO ILQJHUNXSSHQJURHQ ,PSXOVJHEHU GHQ HU DXI GLH )OlFKH VHLQHU OLQNHQ +DQGJHNOHEWXQGPLW7KHDWHUVFKPLQNHEHUGHFNWKDWWH'DVZLQ]LJH*HUlWZDUVRJXWZLH QLFKW]XHQWGHFNHQXQGNRQQWHDNWLYLHUWZHUGHQLQGHPHUHVPLWGHP0LWWHOILQJHUGHUVHOEHQ +DQGNXU]XQGNUlIWLJEHUKUWH

ª/DQGHQ6LHHQGOLFK©VDJWHHU]XGHP3LORWHQ 5RGULN NRQQWH QXU KRIIHQ GD VHLQ .RQWDNWPDQQ LKQ PLW +LOIH GLHVHV *HUlWV WDWVlFKOLFK DXIVSUHQNRQQWH(UZUGHVLFK]ZDU]XUULFKWLJHQ=HLWDPULFKWLJHQ2UWEHILQGHQDEHUGD HVKLHU]XHLQHUXQJHQHKPLJWHQ'HPRQVWUDWLRQNDPGDVKDWWHZLUNOLFKNHLQHUDKQHQN|QQHQ 9LHOOHLFKW VROOWH HU GLH JDQ]H $NWLRQ OLHEHU DEEODVHQ XQG VWDWW GHVVHQ GDV JHVDPWH IU 5KRGDQV6LFKHUKHLW]XVWlQGLJH3HUVRQDODXVWDXVFKHQ"1HLQGDVOLHVLFKLQGHUNXU]HQ=HLW QLFKWPHKUEHZHUNVWHOOLJHQ]XPDOHUPLWNHLQHUYHUQQIWLJHQ(UNOlUXQJDXIZDUWHQNRQQWH ª,FKNDQQQLFKWLQXQPLWWHOEDUHU1lKHGHU0HQJHUXQWHUJHKHQ©VDJWHGHU3LORWª,FKZUGH GLH6LFKHUKHLWGHU/HXWHJHIlKUGHQ©,KPZDUGHXWOLFKDQ]XPHUNHQGDLKPOHGLJOLFKDQGHU 8QYHUVHKUWKHLWVHLQHVNRVWEDUHQ*OHLWHUVJHOHJHQZDU ª/DVVHQ6LHPLFKGDUDXVZR6LHN|QQHQ©EHIDKO1HUYDOª$EHUPDFKHQ6LHVFKRQ© 'HU3LORWVSUWHGLHZDFKVHQGH8QJHGXOGGHV6LFKHUKHLWVPLQLVWHUVXQG]RJHVYRUVLFKDXI NHLQHQ)DOOVHLQHQ8QPXW]X]X]LHKHQ6ROOWH5RGULNLKQDXVGHU$EWHLOXQJ)DKUEHUHLWVFKDIW HQWODVVHQ ZUGH HU GLYHUVHU 9HUJQVWLJXQJHQ YHUOXVWLJ JHKHQ GLH GDV /HEHQ DQJHQHKPHU PDFKWHQXQGDQGLHPDQVLFKVHKUVFKQHOOJHZ|KQHQNRQQWH(UOLHGHQ*OHLWHUVHQNUHFKW VLQNHQ GXUFKDXV EHKXWVDP ZLH 1HUYD,V (UIDKUXQJ LKP YHUULHW )U GLH 'HPRQVWUDQWHQ LQ QlFKVWHU1lKHPXWHGHU9RUJDQJGHQQRFKEHGURKOLFKZLUNHQ6RYLHOH*OHLWHUJDEHVDXI 5XSSHWQRFKQLFKWGDVLHDOOWlJOLFKZDUHQXQGDXFKZHQQVLFKNHLQIHXHUVSHLHQGHU'UDFKH PLW PlFKWLJHQ 6FKZLQJHQVFKOlJHQ DXV GHP +LPPHO VHQNWH PRFKWHQ VLH HV GRFK PLW GHU $QJVW ]X WXQ EHNRPPHQ YRQ GHP 9HKLNHO HLQIDFK ]HUTXHWVFKW ]X ZHUGHQ 6LH VWREHQ DXVHLQDQGHU LPPHUKLQ NDP HV ]X NHLQHU3DQLN'DIUZDUHQGLH5XSSHWHUHLQIDFK]XVHKU GDUDQ JHZ|KQW VLFK LQ JURHQ 0DVVHQ ]X EHZHJHQ XQG GHP 6WURP DQ]XSDVVHQ RGHU JDU VHLQH5LFKWXQJ]XEHHLQIOXVVHQ 5RGULN VSUDQJ DXV GHP )DKU]HXJ NDXP GD HV DXIJHVHW]W XQG GHU 3LORW GLH 7U JH|IIQHW KDWWH'LH6FKHXGHU0HQJHKDWWHVLFKEHUHLWVJHOHJWQXUZHQLJH6FKULWWHXQGGDVDXFKLKP QRFKVHKUYHUWUDXWH*HIKO6FKXW]LQGHU0DVVH]XILQGHQVWHOOWHVLFKZLHGHUHLQ (LQ ZHLWHUHU %OLFN DXI GDV &KURQRPHWHU YHUULHW LKP GD HV K|FKVWH =HLW ZDU (U NUPPWH GHQOLQNHQ0LWWHOILQJHUXQGEHUKUWHGLHNOHLQH.XQVWVWRIIVFKHLEHDXIGHU+DQGIOlFKH1XQ NRQQWH HU QXU QRFK KRIIHQ GD GHU LP 0LOOLVHNXQGHQWDNW ZLHGHUKROWH 3HLOVWUDKO DXFK HPSIDQJHQZXUGH (LQ%OLFNEHUGLH6FKXOWHUYHUULHWLKPGD'LGMHK)RKUWXKQGHQ*OHLWHUHEHQIDOOVYHUODVVHQ KDWWHXQGLKPIROJWH 'DV KDWWH LKP JHUDGH QRFK JHIHKOW 6HLQ 6WDDWVVHNUHWlU YHUVWLH GDPLW JHJHQ DXVGUFNOLFKH $QZHLVXQJHQ:DVZDUQXUORVPLWGHP0DQQ"'DKDWWHHULQGHU9HUVDQGVWHOOHDQJHIDQJHQ GDQDFK MDKUHODQJ DOV $XHQDJHQW (UIDKUXQJHQ JHZRQQHQ ZDU GDQQ LQ GHQ SROLWLVFKHQ ,QQHQGLHQVW YHUVHW]W ZRUGHQ KDWWH GLH .DUULHUHOHLWHU IDVW ]X ]JLJ HUNORPPHQ XQG MHW]W HUODXEWHHUVLFKHLQHQ)HKOHUQDFKGHPDQGHUHQ6RNRQQWHHVQLFKWZHLWHUJHKHQ 'RFKDXFK5RGULNZDUQLFKWYRQLUJHQGZRKHU6LFKHUKHLWVPLQLVWHUYRQ5XSSHWJHZRUGHQ(U KDWWHHLQHlKQOLFKH/DXIEDKQKLQWHUVLFKXQGZDUVHLQHQ8QWHUJHEHQHQQDFKZLHYRUHLQHQ 6FKULWWYRUDXV =XPLQGHVWKRIIWHHUGDV 9LHU]LJ 6HNXQGHQ VSlWHU KDWWH HU GHQ %HZHLV HUEUDFKW =ZHL UDVFKH 'UHKXQJHQ GDV (LQWDXFKHQ LQ GLH TXHU YHUODXIHQGH %HZHJXQJ HLQHV 6WURPV YRQ 'HPRQVWUDQWHQ HLQH SO|W]OLFKH.HKUWZHQGXQJXQGGDV$XVQXW]HQGHUGDUDXVUHVXOWLHUHQGHQNXU]HQ9HUZLUUXQJ XQGHUKDWWH)RKUWXKQDEJHVFKWWHOW 6HLQHQ6HNUHWlUYLHOOHLFKWDEHUQLFKWGLH3HUVRQGLHSO|W]OLFKGLH+DQGDXIVHLQH6FKXOWHU OHJWH ª1LFKW XPGUHKHQ© IOVWHUWH HLQH WLHIH 6WLPPH 'DUDXV VFKOR 5RGULN LP HUVWHQ $XJHQEOLFNGDHVVLFKXPHLQHQ0DQQKDQGHOWHNRUULJLHUWHVLFKDEHUVRIRUWZLHGHU(VJDE 0|JOLFKNHLWHQ HLQH 6WLPPH ]X YHU]HUUHQ GXPSIHU NOLQJHQ ]X ODVVHQ 8QG ZHQQ HU VLFK GXUFK GHQ .RSI JHKHQ OLH ZHOFKH 0|JOLFKNHLWHQ VHLQHQ .ROOHJHQ YRQ GHQ JDODNWLVFKHQ ,PSHULHQ ]XU 9HUIJXQJ VWHKHQ PRFKWHQ ZXUGH LKP JDQ] VFKZLQGOLJ XQG HU KlWWH VHLQHQ

-RE DP OLHEVWHQ DQ GHQ 1DJHO JHKlQJW 'LH +DQG JHOHLWHWH LKQ XQDXIIlOOLJ XQG JHVFKLFNW %LQQHQZHQLJHU0LQXWHQKDWWHQVLHGHQ5DQGGHU0HQVFKHQPHQJHHUUHLFKWGLHQXQIRUWYRP KLVWRULVFKHQ 6WDGW]HQWUXP VWUHEWH XQG 6(.725 VR VFKQHOO ZLH P|JOLFK YHUODVVHQ ]X ZROOHQVFKLHQ$QVFKHLQHQGKDWWHQVHLQH6LFKHUKHLWVNUlIWHDXIGHP5XSSHW3ODW]GRUWZR GLHEHLGHQ'HPRQVWUDQWHQIUDNWLRQHQDXIHLQDQGHUJHVWRHQXQGGLHVLHWUHQQHQGHQ3UDOOIHOGHU ]XVDPPHQJHEURFKHQ ZDUHQ HQGOLFK GXUFKJHJULIIHQ XQG GLH $XIO|VXQJ GHV *HZLPPHOV HLQJHOHLWHW ª:RKLQJHKHQZLU"©IUDJWHGHU0LQLVWHU ª:LUVLQGIDVWGD©DQWZRUWHWHGLH6WLPPH'LH+DQGWULHELKQQRFKHLQSDDU6FKULWWHZHLWHU VFKORVLFKGDQQIHVWHUXPVHLQH6FKXOWHUXQGGUHKWHLKQ]XU6HLWH 1HUYDO5RGULNVFKDXWHDXIHLQVGHU*HElXGHGLHPDQDXIJDQ]5XSSHWQXUQRFKLPHUKDOWHQ JHEOLHEHQHQKLVWRULVFKHQ6WDGWNHUQIDQG.HLQ:RKQVLORPLWPLQGHVWHQVIQIXQG]ZDQ]LJ 6WRFNZHUNHQXQGGHQ$XVPDHQHLQHVJDQ]HQ*HElXGHEORFNVVRQGHUQHLQGUHLJHVFKRVVLJHV +DXVLQHLQHUJDQ]HQ5HLKHVROFKHU%DXZHUNH6FKRQGLHVRUJIDOWLJUHVWDXULHUWH)DVVDGHXQG GLHPRGHUQHQ)HQVWHUYHUULHWHQMHGRFKGDHVVLFKXPDOOHVDQGHUHDOVHLQ0XVHXPKDQGHOWH $XFKZHQQGHU$OWVWDGWNHUQHUKDOWHQJHEOLHEHQZDUDXI5XSSHWNRQQWHPDQVLFKGHQ/X[XV QLFKWOHLVWHQZHUWYROOHQ5DXP]XYHUVFKHQNHQ6HOEVWYHUVWlQGOLFKZXUGHGDV*HElXGH EHZRKQWRGHUGRFK]XPLQGHVWJHZHUEOLFKJHQXW]W0DQKDWWHLKU(LQWUHIIHQEHPHUNW'LH +DXVWUZXUGHHLQHQ6SDOWEUHLWJH|IIQHW5RGULNZXUGHYRQGHP8QEHNDQQWHQKLQWHULKP JHJHQGLH+DXVZDQGJHGUFNWGDPLWHUGHQVFKLHUHQGORVHQ6WURPGHUYRP 'HPRQVWUDWLRQVRUW)OLHKHQGHQQLFKWEHKLQGHUWHRGHUJDUPLWJHULVVHQZXUGH ª*HKHQ6LHKLQHLQ©VDJWHGLH6WLPPH (U]|JHUWHª8QGGDULQILQGHLFK©(UYROOHQGHWHGHQ6DW]QLFKW'DVZDUDXFKQLFKWQ|WLJ ª'DULQ ILQGHQ 6LH GLH %HZHLVH GLH GLH XQGLFKWH 6WHOOH LQ ,KUHU 2UJDQLVDWLRQ ]ZHLIHOVIUHL LGHQWLIL]LHUHQ© 5RGULN ]|JHUWH (U KDWWH VHLQH (UIDKUXQJHQ (U ZDU QLFKW YRQ JHVWHUQ $XFK ZHQQ GHU ,QIRUPDQW GHU LKQ KLHU KHUEHVWHOOW KDWWH ELVODQJ LPPHU ]XYHUOlVVLJ JHZHVHQ ZDU GLH VHOWVDPHQ 8PVWlQGH LKUHV 7UHIIHQV URFKHQ QDFK HLQHU )DOOH 'RFK 5KRGDQV EHYRUVWHKHQGH $QNXQIWOLHLKPNHLQH:DKO(UPXWHGDV6LFKHUKHLWVULVLNRDXVVFKDOWHQ (UJDEVLFKHLQHQ5XFNVFKULWW]XU7UXQGJULIIQDFKGHP.QDXI ,QGLHVHP$XJHQEOLFNEHZHJWHGLH7UVLFKXQGHUYHUQDKPHLQKRKHV6LUUHQ(LQ6FKX GDFKWHHUQRFKGDQQZXUGHDOOHVGXQNHOXPLKQ ª6LH KDEHQ LKQ .D(LQV© VDJWH %ULGJHW 0lUFKWHKQ OHLVH DXI LQWHUNRVPR 'DEHL VHQNWH VLH ZHGHU GHQ .RSI QRFK GUHKWH VLH LKQ ]XU 6HLWH 'DV DXI LKUH 6WLPPH JHHLFKWH KRFK HPSILQGOLFKH5LFKWPLNURSKRQHQWVWDPPWHQLFKWHLQPDOVLJDQHVLVFKHU+HUVWHOOXQJVROFKHLQ $XIZDQG ZlUH EHL GLHVHP (LQVDW] ZDKUKDIWLJ EHUWULHEHQ XQG EHL GHP VWlQGLJHQ %XGJHWPDQJHO DXFK QLFKW ]X UHFKWIHUWLJHQ JHZHVHQ 'HQQRFK QDKP HV EHL GHU YRQ LKU JHZlKOWHQ (LQVWHOOXQJ OHGLJOLFK LKUH 6WLPPH DXI ILOWHUWH VlPWOLFKH VW|UHQGHQ 1HEHQJHUlXVFKHDXVXQGEHUWUXJLKUH:RUWHJHUDIIWXQG]XZHQLJHQ0LNURVHNXQGHQODQJHQ ,PSXOVHQJHEQGHOWDEK|UVLFKHU]XLKUHPSODQHWDUHQ6WW]SXQNWYRQZRDXVVLHEHL%HGDUI SUDNWLVFK RKQH =HLWYHUOXVW XQG VHOEVWYHUVWlQGOLFK EHUOLFKWVFKQHOO ]X YHUVFKLHGHQHQ %DVHQ DXHUKDOEGHV0DUQHE6\VWHPVZHLWHUJHOHLWHWZHUGHQNRQQWHQ ª%LVODQJ LVW DOOHV SODQPlLJ YHUODXIHQ"© YHUJHZLVVHUWH VLFK LKU )KUXQJVRIIL]LHU .RQWDNW (LQVXQQ|WLJHUZHLVHZLH%ULGJHWIDQGGHQQDQGHUQIDOOVKlWWHVLHOlQJVW0HOGXQJJHPDFKW ª-D© %HLGH ZXWHQ ZDV GDV EHGHXWHWH -HW]W ZXUGH HV HUVW ULFKWLJ NRPSOL]LHUW :DV QXQ IROJWH ZDU XQWHU GHU 'DWHL *OFNVVDFKH DE]XVSHLFKHUQ :LH YLHOH 3RVLWURQLNHQ DXFK LPPHU 6LPXODWLRQHQGXUFKJHIKUWXQG+RFKUHFKQXQJHQYRUJHQRPPHQKDWWHQEHLHLQHUVRNQDSSHQ =HLWVSDQQH JDE HV HLQIDFK ]X YLHOH 8QVLFKHUKHLWVIDNWRUHQ DOV GD PDQ H[DNWH $EOlXIH IHVWOHJHQ NRQQWH (LQH HLQ]LJH ]|JHUOLFKH %HZHJXQJ HLQ $QVFKOX GHU QLFKW KDIWHQEOLHE

HLQ 6WROSHUQ =HLWIDNWRUHQ YRQ MHZHLOV HLQHU ]HKQWHO ELV GUHL 6HNXQGHQ 'DXHU DOVR UXQG DQGHUWKDOELP'XUFKVFKQLWWDXIHLQHQ=HLWUDXPYRQPD[LPDOYLHU0LQXWHQPXOWLSOL]LHUWPLW GUHL ELV IQI %HWHLOLJWHQ DFKWKXQGHUW 8QVLFKHUKHLWVIDNWRUHQ LQ ]ZHLKXQGHUWYLHU]LJ 6HNXQGHQ]ZHLKXQGHUWSUR0LQXWHGDVEHUIRUGHUWHVRJDUGLHPRGHUQVWHQ*HUlWH6HOEVW GHU EHJQDGHWH 9RVV ZDU EHL ([WUDSRODWLRQHQ GLHVHU *U|HQRUGQXQJ KRIIQXQJVORV EHUIRUGHUW 1DWUOLFKGDXHUWHGLHHLJHQWOLFKH$NWLRQGLHQXQDQVWDQGZHVHQWOLFKOlQJHUDOVYLHU0LQXWHQ DEHU GDV ZDU GLH NULWLVFKH =HLWVSDQQH GLH EHU (UIROJ RGHU 0LHUIROJ HQWVFKLHG ,KUH 6WRSSXKU OLHI (LQH KRFKPRGHUQH DEHU LQ HLQ *HKlXVH HLQJHODVVHQ GDV NHLQHP 5XSSHWHU DXIJHVWRHQZlUH $XHUGHPVHW]WH%ULGJHWLKUHQ*HGDQNHQJDQJIRUWNRQQWHLKUH3ODQXQJVRSHUIHNWVHLQZLH PDQ HV VLFK QXU ZQVFKHQ NRQQWH GD ZDU LPPHU QRFK GLH *HJHQVHLWH XQG ZHQQ GLH DXIPHUNVDP ZXUGH ZDU LKU 3ODQ HQGJOWLJ JHVFKHLWHUW (V ZDU VFKRQ VHKU EHUXKLJHQG WU|VWHWH VLH VLFK GD NHLQ EHUZlOWLJHQGHU 6FKDGHQ HQWVWHKHQ NRQQWH ZHQQ GLHVHU (LQVDW VFKHLWHUWH(UZDUVR]XVDJHQGLH7DUU]XP4XLOLEHUGDV6DKQHKlXEFKHQDXIGHPDQUHJHQGHQ +HLJHWUlQNGLH.U|QXQJHLQHUYRQODQJHU+DQGYRUEHUHLWHWHQ$NWLRQ 1DWUOLFKVWDQGHQGLYHUVH/HEHQDXIGHP6SLHOQLFKW]XOHW]WDXFKGDVLKUH$EHUHLQHUVHLWV KDWWHVLHJHZXWZDVVLHWDWDOVVLHLKUH%HUXIVZDKOJHWURIIHQKDWWHDQGHUHUVHLWVZDUVLHGD]X DXVJHELOGHWZRUGHQLKU/HEHQHIIHNWLY]XVFKW]HQ 6LHWUDWQlKHUDQGLH+DXVZDQGXPYRP6RJGHU5XSSHWHUQLFKWPLWJH]RJHQ]XZHUGHQ)U VLH DOV 7HUUDQHULQ ZDU HV LPPHU ZLHGHU HUVWDXQOLFK ZLH JHVLWWHW VLFK GLHVHV 9RON DXFK LQ 0DVVHQDQVDPPOXQJHQEHQDKP $XI 7HUUD KlWWH HLQH 'HPRQVWUDWLRQ GLHVHU *U|HQRUGQXQJ PLW LPPHUKLQ EHU ]ZHLKXQGHUWWDXVHQG7HLOQHKPHUQXQGGDVXQDQJHPHOGHWRKQHGD=HLWJHZHVHQZlUHVLFK GDUDXI YRU]XEHUHLWHQ ]X PLWWOHUHQ 1HUYHQ]XVDPPHQEUFKHQ GHU YHUDQWZRUWOLFKHQ 6LFKHUKHLWVNUlIWH JHIKUW 'LH 5XSSHWHU KLQJHJHQ ZDUHQ YRQ .LQG DQ JHZRKQW VLFK LQ 0HQJHQ ]X EHZHJHQ XQG GLH (KUIXUFKW YRU IRUWSIODQ]XQJVIlKLJHP /HEHQ GLH GLH WKHRNUDWLVFKH ZHQQ DXFK GHPRNUDWLVFK JHZlKOWH 5HJLHUXQJ DXI LKUH )ODJJHQ JHVFKULHEHQ KDWWHZDUPHKUDOVHLQ/LSSHQEHNHQQWQLV'LH%HZRKQHUGLHVHV3ODQHWHQKDWWHQGLH/HKUHQ LKUHV5HOLJLRQVVWLIWHUVLQ)OHLVFKXQG%OXWXPJHVHW]W'DUDQKLHOWHQVLFKDXFKGLHMHQLJHQGLH LP=XJGHV.XOWXUVFKRFNVQDFKGHU:LHGHUHQWGHFNXQJGHU:HOWGXUFKGDV6RODUH,PSHULXP IULKUH9HUKlOWQLVVHUDGLNDOH3RVLWLRQHQHLQJHQRPPHQKDWWHQXQGGLH$QJOLHGHUXQJGHU:HOW DQHLQHGHUJDODNWLVFKHQ*HPHLQVFKDIWHQIRUGHUWHQ %ULGJHW KlWWH VLFK JHZQVFKW GLH YRQ LKUHQ +LOIVNUlIWHQ ODQFLHUWH XQJHQHKPLJWH 'HPRQVWUDWLRQKlWWHQRFKZHLWPHKU9HUZLUUXQJJHVWLIWHWDEHUHVZDUVLQQORVXQHUIOOEDUHQ :QVFKHQ QDFK]XKlQJHQ ,PPHUKLQ ERWHQ DXFK GLHVH 0HQVFKHQPDVVHQ HLQH JHZLVVH 7DUQXQJLKUHU$NWLRQ -HGH1HUYRVLWlWILHOYRQLKUDEDOVVLH.D(LQV 6WLPPHZLHGHULQGHPLQLKUHU2KUPXVFKHO EHIHVWLJWHQ6HQGHUK|UWHª(VJHKWORV8QVHUH/HXWHKDEHQ3RVLWLRQEH]RJHQ©'DPLWKDWWH HUGHQHQWVFKHLGHQGHQ%HIHKOJHJHEHQQLFKWQXUIULKU(LQVDW]WHDPVRQGHUQDXFKIUEHU HLQ 'XW]HQG ZHLWHUH GLH ]HLWJOHLFK LQIRUPLHUW ZXUGHQ XQG DQ YHUVFKLHGHQHQ 2UWHQ DXI 5XSSHWLP0DUQHE6\VWHPXQGLQGHU0LOFKVWUDH]XVFKOXJHQ %ULGJHW VHW]WH VLFK LQ %HZHJXQJ OLH VLFK YRQ GHQ DXV GHP 6WDGW]HQWUXP GUlQJHQGHQ 0DVVHQ HLQ 6WFN PLW]LHKHQ 8QZLOONUOLFK KLHOW VLH $XVVFKDX QDFK GHQ DQJHKHXHUWHQ +HOIHUQ XQG XQWHUJHRUGQHWHQ $JHQWHQ GLH VLFK LQ GHP *HZLPPHO DXIKLHOWHQ GRFK GHUHQ 7DUQXQJ ZDU YRQ JHZRKQWHU 4XDOLWlW :HQQ QLFKW PDO VLH VLH HUNDQQWH ZUGHQ VLH DXFK NHLQHQ5XSSHWHUQDXIIDOOHQ :HQLJH6FKULWWHQXUXQGVLHPDFKWHGDV=LHOREMHNWYRUVLFKDXV'LH7UGHV*HElXGHVZDU JH|IIQHW1XQZXUGHVLHHLQLJHU.ROOHJHQJHZDKUGHQHQHVJHODQJVLFKDQVFKHLQHQGY|OOLJ XQDXIIlOOLJ PLW GHP 6WURP GHU 0DVVH ]X EHZHJHQ JOHLFK]HLWLJ DEHU NHLQHQ 6FKULWW DEJHWULHEHQ]XZHUGHQXQGLQVWHWVJOHLFKEOHLEHQGHU1lKH]XP=LHOREMHNW]XYHUZHLOHQ6LH

VFKDXWH KRFK 6KHXUHQ EHVWlWLJWH LKU PLW HLQHP 1LFNHQ GD VHLQH 2UWXQJHQ QLFKWV HUJHEHQ KDWWHQ'LH$NWLRQNRQQWHDQODXIHQ %ULGJHW JULII LQ LKUH 7DVFKH WUDW LQ GLH 0LWWH GHV 5LQJV LKUHU 0LWDUEHLWHU VFKULWW LQ GHUHQ 'HFNXQJ]XU7UXQGZDUIPLWHLQHUIOLHHQGHQ%HZHJXQJGHQ6SUHQJVDW]LQV+DXV'DEHL KDQGHOWH HV VLFK NHLQHVZHJV XP HLQH :DIIH DXI WKHUPLVFKHU %DVLV VRQGHUQ XP HLQH GLH 6FKDOO XQG /LFKWHPLVVLRQHQ HU]HXJWH 'LH (PLVVLRQHQ EHUDXEWHQ GLH 2SIHU NXU]IULVWLJ MHJOLFKHU:DKUQHKPXQJVIlKLJNHLWXQGPDFKWHQVLHGDPLWY|OOLJRULHQWLHUXQJVXQGZHKUORV 'LHHLQ]LJH+LW]HGLHIUHLJHVHW]WZXUGHGLHQWHGD]XGLHNOHLQH*UDQDWH]XHLQHQ+lXIFKHQ 6FKODFNH]XYHUEUHQQHQQDFKGHPVLHLKU8QKHLODQJHULFKWHWKDWWH'DVZLHGHUXPKDWWHGHQ 9RU]XJ GD PDQ NHLQH 5FNVFKOVVH DXI LKUH +HUNXQIW PHKU ]LHKHQ NRQQWH =XP (LQVDW] NDP VLH LPPHU GDQQ ZHQQ PDQ DXI GHQ *HEUDXFKYRQ3DUDO\VDWRUHQXQGGLHGDQDFKGRFK OlQJHU DQKDOWHQGHQ /lKPXQJVHUVFKHLQXQJHQ GHU %HWURIIHQHQ YHU]LFKWHQ ZROOWH RGHU PXWH ZDVKLHUGHU)DOOZDU 'HQQRFKKLHOW%ULGJHWDOVVLHGDV*HElXGHEHWUDWDOV5FNYHUVLFKHUXQJHLQHVROFKH:DIIHLQ GHU +DQG ,KUH 9RUVLFKW PDFKWH VLFK EH]DKOW $XV GHQ $XJHQZLQNHOQ QDKP VLH HLQH ]LHOJHULFKWHWH'UHKXQJZDKU6LHVFKRVRIRUWZXWHDEHULPVH,EHQ0RPHQWGDVLHQLFKW JHWURIIHQ KDWWH 'LH %HZHJXQJ VWDPPWH YRQ HLQHU PLQGHVWHQV ]ZHL 0HWHU JURHQ XQG XQSURSRUWLRQDOGUUHQ*HVWDOWGLHJHUDGHHLQHQ1HEHQUDXPYHUODVVHQZROOWHDOVGLH*UDQDWH H[SORGLHUW ZDU =XPLQGHVW NHKUWH GLH *HVWDOW QXQ LQ GLHVHQ 5DXQ ]XUFN XQG UL GLH 7U KLQWHUVLFK]X$XFKHLQ]ZHLWH6FKXJLQJIHKO %ULGJHW OLHI ]X GHU 7U ZlKUHQG LKUH .ROOHJHQ VLFK QLFKW XP GHQ )OFKWLJHQ NPPHUWHQ VRQGHUQVLFKLKUHQMHZHLOLJHQ$XIJDEHQZLGPHWHQ'DPLWEHIROJWHQVLFKQXUGLHHLQGHXWLJHQ $QZHLVXQJHQVFKOLHOLFKNDPHVDXIMHGHQ6HNXQGHQEUXFKWHLODQ'LH$JHQWLQ]HUUWHDQGHU 7UGRFKVLHZDUYRQGHUDQGHUHQ6HLWHDXVYHUULHJHOWZRUGHQ )OXFKHQGVWHFNWH%ULGJHWGHQ3DUDO\VDWRUHLQXQG]RJVWDWWGHVVHQGHQ7KHUPRVWUDKOHU'DV JHEQGHOWH/LFKWDXVGHQIUGDVPHQVFKOLFKH$XJHQLFKWVLFKWEDUHQOQIUDURWEHUHLFKYHUOLH GHQ/DXIGHU:DIIHDOVXOWUDKHLHU6WUDKOXQGVFKPRO]MHQHQNOHLQHQ7HLOGHU7UDQGHPVLH DPVFKZlFKVWHQZDUGDV6FKORVV(LQZXFKWLJHU7ULWWXQGGLH7UIORJLQGHQEHQDFKEDUWHQ 5DXPDXI)DVWJOHLFK]HLWLJVSUDQJ%ULGJHWJHNUPPWKLQGXUFKUROOWHVLFKDXIGHP%RGHQDE XQGVFKQHOOWHZLHGHUKRFKPLWGHPVFKXVVEHUHLWHQ7KHUPRVWUDKOHULQHLQHU.UHLVEHZHJXQJ VLFKHUQG (UVWQDFKGHPVLHVLFKDXIGLHVH:HLVHEHU]HXJWKDWWHGDVLFKWDWVlFKOLFKQLHPDQGPHKULQ GHPNOHLQHQ1HEHQUDXPDXIKLHOWVDKVLHHVDOVJHJHEHQDQGDGHU)OFKWLJHGDV*HElXGH GXUFK HLQH 7U LQ GHU JHJHQEHUOLHJHQGHQ :DQG YHUODVVHQ KDWWH 6LH IKUWH DXI HLQH NXU]H K|FKVWHQV ]ZDQ]LJ 0HWHU ODQJH *DVVH ZLH %ULGJHW DXIJUXQG LKUHV (LQVDW]EULHILQJV ZXWH GLHDQEHLGHQ(QGHQDXIJU|HUH4XHUVWUDHQGHU+DXSWGXUFKJDQJVVWUHFNHQLP6(.725 PQGHWH (VNRVWHWHVLHZHUWYROOH6HNXQGHQVLHPXWHGLHJHERWHQH9RUVLFKWZDOWHQODVVHQGRFKHV EOLHE LKU QLFKWV DQGHUHV EULJ DOV VLFK GDYRQ ]X EHU]HXJHQ GD GHU HYHQWXHOO EHZDIIQHWH )OFKWLJHQLFKWDXIGHUDQGHUHQ6HLWHGHU+LQWHUWUGDUDXIODXHUWHVLHDQJUHLIHQ]XN|QQHQ 'LH *DVVH ZDU LQ EHLGHQ 5LFKWXQJHQ YHUODVVHQ hEHU GLH GDKLQWHU OLHJHQGHQ 6WUDHQ HLOWHQ 5XSSHWHUGLH%ULGJHWQLFKWGLHJHULQJVWH%HDFKWXQJVFKHQNWHQ6LHEHZHJWHQVLFKKHNWLVFKHU DOVYRUNXU]HPRIIHQEDUJULIIHQGLH6LFKHUKHLWVNUlIWHDXIGHP5XSSHW3ODW]QXQHQHUJLVFKHU GXUFK XQG GLH 'HPRQVWUDQWHQ ZROOWHQ VLFK VR VFKQHOO ZLH P|JOLFK DXV GHU *HIDKUHQ]RQH EULQJHQ %ULGJHW ]RJ GHQ .RSI ZLHGHU ]XUFN XQG VFKDXWH VLFK LQ GHP 1HEHQUDXP XP =ZHL GUHL %OLFNH YHUULHWHQ LKU ZDV KLHU JHVFKHKHQ ZDU :lKUHQG VLH QRFK QDFK GHP )OFKWLJHQ JHVFKDXWKDWWHZDUHQLKUH.ROOHJHQZLHJHSODQWYRUJHJDQJHQXQGKDWWHQDOOHV1|WLJHLQGLH :HJHJHOHLVWHW6LHDUEHLWHWHQVFKQHOODEHUVRUJIlOWLJMHGHU+DQGJULIIVD

ª6HTXHVWHU©ULHILKU6WHOOYHUWUHWHUVLHPLWGHPIUGLHVHQ(LQVDW]YHUHLQEDUWHQ.RGHQDPHQ ª6FKQHOO:LUEUDXFKHQGHQ&RPSXWHU'LH=HLWUDVWXQVGDYRQ:LUKDEHQK|FKVWHQVQRFK GUHL0LQXWHQ© 6LH]RJGDV0LQLJHUlWKHUYRUXQGGUFNWHHVLKPLQGLH+DQG2EZRKOLKU6WHOOYHUWUHWHUQXU UXGLPHQWlUH&RPSXWHUNHQQWQLVVHKDWWHPDFKWHVLHVLFKXPGLHVHQ7HLOLKUHU$XIJDEHNHLQH 6RUJHQ$XI-HUHPD\9RVVGHUGDV3URJUDPPJHVFKULHEHQKDWWHGDVQXQ]XP(LQVDW]NDP ZDUDEVROXWHU9HUODHUZDULQVWXQGHQODQJHQ*HVSUlFKHQVlPWOLFKH0|JOLFKNHLWHQPLWLKU GXUFKJHJDQJHQXPLKU]XEHZHLVHQGDHUDXFKGLHXQZDKUVFKHLQOLFKVWHQ6FKZLHULJNHLWHQ LQ%HWUDFKWJH]RJHQKDWWH ,QWHUIDFHV 3URJUDPPVSHUUHQ 3DZ|UWHU IU LKQ ZDU QLFKWV XQEHUZLQGOLFK *DQ] GDYRQ DEJHVHKHQ GD GLH SULPLWLYHQ &RPSXWHU GHU 5XSSHWHU HLQHU WHUUDQLVFKHQ 3RVLWURQLN VR XQWHUOHJHQ ZDUHQ ZLH HLQ )DXVWNHLO HLQHP 7KHUPRVWUDKOHU 'RFK DXFK *HUlWH DXV DQGHUHU 3URGXNWLRQNRQQWHQ-HUHPD\QLFKWODQJH:LGHUVWDQGOHLVWHQ %ULGJHW NHKUWH LQ GHQ 1HEHQUDXP ]XUFN XQWHUVXFKWH GLH GRUW XQWHUJHEUDFKWHQ *HUlWH XQG VRQVWLJHQ *HJHQVWlQGH JHQDXHU XQG ]HUVW|UWH VLH GDQQ PLW GUHL JH]LHOWHQ 6FKVVHQ LKUHV 7KHUPRVWUDKOHUV$OVVLHLQGHQ+DXSWUDXP]XUFNNHKUWHKRELKU6WHOOYHUWUHWHUEHVWlWLJHQG GLH+DQGª)HUWLJ©ULHIHUª(VYHUOLHIDOOHVQDFK3ODQ© 0LWHLQHP%OLFNQDKPVLHZDKUGDLKUH$JHQWHQGLHGUHL0lQQHUXQGGLH)UDXGLHYRQGHU 6FKDOOJUDQDWH DXHU *HIHFKW JHVHW]W ZRUGHQ ZDUHQ JHUDGH KLQDXVIKUWHQ 6LH NRQQWH VLFK GDUDXI YHUODVVHQ GD LKUH /HXWH VLH GXUFKVXFKW HQWZDIIQHW XQG DOOHU WHFKQLVFKHQ *HUlWH EHUDXEW KDWWHQ 'HV ZHLWHUHQ KDWWHQ VLH LKQHQ ,QMHNWLRQHQ YHUSDVVW GLH LKUH GHU ]HLWLJH JHLVWLJH9HUZLUUXQJDXIUHFKWKDOWHQZUGHQELVVLHHLQ*HJHQPLWWHOYHUDEUHLFKWEHNDPHQ6LH VROOWHQYRQGHQUXSSHWLVFKHQ6LFKHUKHLWVNUlIWHQJHIDVVWDEHUHUVWQDFK9HUDEUHLFKXQJGLHVHU 6XEVWDQ] ZLUNXQJVYROO YHUK|UW ZHUGHQ N|QQHQ DXV GLHVHP *UXQG KDWWHQ VLH DXFK DXI GHQ (LQVDW] YRQ 3DUDO\VDWRUHQ YHU]LFKWHW ]XPDO PLW +LOIH GHU *UDQDWH DOOH JOHLFK]HLWLJ DXHU *HIHFKWJHVHW]WZRUGHQZDUHQ $OOH ELV DXI GHQMHQLJHQ GHP GLH )OXFKW JHOXQJHQ ZDU %ULGJHW NQLUVFKWH ZWHQG PLW GHQ =lKQHQ $EHU GHU 6FKDGHQ KLHOW VLFK LQ *UHQ]HQ GLHVH 3HUVRQ ZUGH VLFK NDXP DQ GLH UXSSHWLVFKHQ6LFKHUKHLWVNUlIWHZHQGHQ(VJDOWQXU]XYHUKLQGHUQGDVLH.RQWDNWPLWLKUHP )KUXQJVRIIL]LHUDXIQHKPHQNRQQWH 0LW GUHL ZHLWHUHQ 6FKVVHQ ]HUVW|UWH VLH GHQ *URWHLO GHU *HUlWVFKDIW LP +DXSWUDXP RGHU PDFKWHLKQ]XPLQGHVWXQEUDXFKEDU 1XQZDUQXUQRFKHLQV]XWXQ:lKUHQGLKUH.ROOHJHQGHQ+DXSWUDXPUlXPWHQJDEVLHGHU EHZXVVWORVHQ *HVWDOW EHU GLH VLH PHKUPDOV JHVWLHJHQ ZDU GLH YRUEHUHLWHWH ,QMHNWLRQ XQG VFKOHLIWH VLH GDQDFK EHU GHQ %RGHQ ELV VLH DXI GHU 6FKZHOOH ]X OLHJHQ NDP 'DQQ QRFK ZHQLJH 6FKULWWH XQG VLH WDXFKWH LQ GHU 0HQJH GHU 5XSSHWHU XQWHU 'HU HUVWH 7HLO GHV (LQVDW]HV ZDU EHHQGHW 'DQN -HUHPD\V DXVJHNOJHOWHU 3ODQXQJ KDWWH GHU JDQ]H 6SXN WDWVlFKOLFKNDXP IQI 0LQXWHQ 5HFKQHU]HLW XQG LQVJHVDPW JHVHKHQQLFKWPDOGLHJHSODQWHQ ]ZDQ]LJ0LQXWHQJHGDXHUW 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ ª3HUU\5KRGDQW|WHQ©PXUPHOWHHUª3HUU\5KRGDQW|WHQ3HUU\5KRGDQW|WHQ©'HUNXU]H 6DW]VFKLHQQLFKWQXUGDV=HQWUXPVHLQHU([LVWHQ]]XVHLQVRQGHUQVHLQJHVDPWHV8QLYHUVXP VHLQHQ LGLRV NRVPRV DXV]XIOOHQ (V ZDU ZHQLJHU HLQH $QHLQDQGHUUHLKXQJ YRQ :RUWHQ DOV HLQH7DWVDFKHIHVWXQXPVW|OLFKXQZLGHUUXIOLFK3HUU\5KRGDQW|WHQ (U IKOWH VLFK XQJODXEOLFK HUVFK|SIW GRFK GDV 'LNWXP JDE LKP VHLQH .UDIW UDVHQG VFKQHOO ]XUFN +lWWH HU HV YRU 6HNXQGHQ QRFK IU XQP|JOLFK JHKDOWHQ VLFK ]X EHZHJHQ HUKRE HU VLFK QXQ PKHORV $EJHVHKHQ YRQ HLQHP OHLFKWHQ =LHKHQ LQ VHLQHP .RSI IKOWH HU VLFK DXVJH]HLFKQHW (U VFKDXWH DQ VLFK KLQDE 'HU $Q]XJ GHQ HU WUXJ ZDU WHXHU JHZHVHQ GDV VDK HU DXI GHQ HUVWHQ %OLFN (U VD ZLH DQJHJRVVHQ ZDU ]ZHLIHOORV PDJHVFKQHLGHUW (LQLJH KHOOH )OHFNH

EHVHLWLJWHHUIDVWYROOVWlQGLJLQGHPHUOHLFKWDXIGHQ6WRIINORSIWHDXFKGDVVSUDFKIUGLH 4XDOLWlWGHV0DWHULDOV6HLQH6FKXKHZDUHQPRGLVFKXQGVDKHQHEHQIDOOVQLFKWELOOLJDXV (U KlWWH GLH ,QVSHNWLRQ VHLQHU 3HUVRQ JHUQ IRUWJHVHW]W GRFK LUJHQG HWZDV WULHE LKQ DQ VLFK XPJHKHQG]XHQWIHUQHQHLQHJHZLVVH'LVWDQ]]ZLVFKHQVLFKXQGGHQ2UW]XEULQJHQDQGHP HU HUZDFKW ZDU 8QG VR JHUQ HU GLHVH VHLQH 8PJHEXQJ JHQDXHU HUNXQGHW KlWWH HLJHQWOLFK XQWHUVXFKHQ PXWH XP VLFK GULQJHQG EHQ|WLJWH ,QIRUPDWLRQHQ ]X YHUVFKDIIHQ VR JHQDX ZXWH HU GD HU PLW DOOHP VFKHLWHUQ ZUGH ZRUDQ LKP ODJ ZHQQ HU QRFK OlQJHU KLHU YHUZHLOWH(VZDUK|FKVWH=HLWHUPXWHIRUWYRQKLHU (U VFKDXWH QRFK HLQPDO NXU] ]XUFN PDFKWH HLQHQ EHWUlFKWOLFKHQ :LUUZDUU GHU =HUVW|UXQJ DXV XQG YHUVXFKWH VLFK GDV DOOJHPHLQH %LOG XQG HLQLJH ZHQLJH (LQ]HOKHLWHQ HLQ]XSUlJHQ $XFKGHQ:HJGHQHUQDKPPHUNWHHUVLFKJHQDX9LHOOHLFKWNRQQWHHU]XHLQHPVSlWHUHQ =HLWSXQNW ZHQQ HU VLFK YRQ GHU *HIDKUORVLJNHLW GHV 8QWHUQHKPHQV EHU]HXJW KDWWH QRFK HLQPDOKLHUKHU]XUFNNHKUHQ$EHU]XHUVWPXWHHUHWZDV:LFKWLJHUHVHUOHGLJHQ 3HUU\5KRGDQW|WHQ $XIGHQ6WUDHQKHUUVFKWHGLFKWHV*HGUlQJH:LUNOLFKPKHORVY|OOLJLQVWLQNWLYDOVKlWWHHU VHLQ /HEHQ ODQJ QLFKWV DQGHUHV JHWDQ PLVFKWH HU VLFK XQWHU GLH 0HQJH OLH VLFK YRQ LKU PLW]LHKHQ YHUVFKPRO] PLW LKU XQG JLQJ LQ LKU DXI (U EHJLQJ QLFKW GHQ )HKOHU EHU GLH 6FKXOWHU ]XUFN ]XVFKDXHQ RE LKP MHPDQG IROJWH OLH VLFK VWDWW GHVVHQ DQ GHQ 5DQG GHV 0HQVFKHQVWURPV WUHLEHQ ZR HU XQDXIIlOOLJ LQ HLQH DQGHUH 6WUDH DEELHJHQ NRQQWH (U ZLHGHUKROWHGLHVHV0DQ|YHUGUHLRGHUYLHUPDOJLQJ]JLJRKQHGXUFKDOO]XJURH(LOHDXI VLFK DXIPHUNVDP ]X PDFKHQ XQG KDWWH QDFK ]ZDQ]LJ 0LQXWHQ XQEHKHOOLJW EHU ]ZHL .LORPHWHU]XUFNJHOHJW 1XQOLHHUHVJHPlFKOLFKHUDQJHKHQVFKOHQGHUWHIDVWERJLQHLQHEUHLWH*HVFKlIWVVWUDHHLQ EOLHELPPHUZLHGHUYRU6FKDXIHQVWHUIURQWHQVWHKHQ+LHUDP5DQGGHV6(.7256,JDEHV VHLW GHU 5HVWDXULHUXQJ GHV KLVWRULVFKHQ 6WDGWNHUQV ZLHGHU GH]HQWUDOLVLHUWH /DGHQORNDOH NRQQWH PDQ QRFK EXPPHOQ ZHQQ DXFK QLFKW XQEHGLQJW ]X GHQ 6WR]HLWHQ QDFK GHQ 6FKLFKWZHFKVHOQ:lKUHQGHUVRWDWDOVZUGHHUGLH$XVODJHQEHWUDFKWHQKLHOWHULP*ODV $XVVFKDX QDFK 6SLHJHOXQJHQ YRQ 3HUVRQHQ GLH VWHKHQEOLHEHQ ZHQQ HU VWHKHQEOLHE XQG ZHLWHUJLQJHQZHQQHUZHLWHUJLQJ(UNRQQWHNHLQHDXVPDFKHQ (UZXUGHQLFKWYHUIROJW,P$XJHQEOLFNEHIDQGHUVLFKLQUHODWLYHU6LFKHUKHLW 6LFKHUKHLWZRYRU" ,KP ZXUGH NODU GD HU EHU VHLQH /DJH QDFKGHQNHQ PXWH 'LH LKP RIIHQVWHKHQGHQ 0|JOLFKNHLWHQHU|UWHUQ(QWVFKHLGXQJHQEHUVHLQZHLWHUHV9RUJHKHQWUHIIHQ :DVZROOWHHUEHUKDXSW" 3HUU\5KRGDQW|WHQVWHOOWHGHU*HGDQNHVLFKXQHLQJHODGHQEHLLKPHLQ%HLGHU$QNXQIWDXI GHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ $OVRJXWZRERWVLFKLKP*HOHJHQKHLWIUXQJHVW|UWH.RSIDUEHLW"(UVFKDXWHVLFKNXU]XP PDFKWHGDVJUHOOH1HRQUHNODPHVFKLOGHLQHU6LQJOHEDUDXVZLHHVVLHEHUDOODXI5XSSHWJDE +LHUWUDIHQVLFKGLH$OOHLQVWHKHQGHQGLHRKQHIHVWHQRGHUGLHPLWXQZLOOLJHP3DUWQHUGLHGHQ 'UDQJYHUVSUWHQGHP*HERWGHV*URHQ5XSSHW]XIROJHQ*HKHWKLQXQGYHUPHKUHWHXFK GDFKWHHU=XGLHVHU=HLWDPVSlWHQ9RUPLWWDJZDULQGHQ%DUVQLFKWYLHOORVGLHMHQLJHQGLH LQ GHU 1DFKWVFKLFKW DUEHLWHWHQ XQG GDQDFK $QVFKOX VXFKWHQ KDWWHQ LKQ VFKRQ OlQJVW JHIXQGHQXQGGLHGLHYRU%HJLQQGHU6SlWVFKLFKWLKUHQ7HLO]XU9HUPHKUXQJGHU5XSSHWHU EHLWUDJHQZROOWHQPXWHQVLFKHEHQIDOOVVFKRQVRJXWZLHHLQLJVHLQZHQQVLHQRFKSQNWOLFK ]XU$UEHLWHUVFKHLQHQZROOWHQ (UEHWUDWGLH%DU:LHHUHVVLFKJHGDFKWKDWWHZDUVLHNDXPEHVXFKWXQGGLHZHQLJHQ*lVWH GLHVLFKLQLKUDXIKLHOWHQKDWWHQVLFKVFKRQSDDUZHLVHJHIXQGHQ(UVWHXHUWHHLQHQGHUHWZD IQI]HKQXQEHVHW]WHQ7LVFKHDQXQGQDKP3ODW] .DXPKDWWHHUGHQREHUVWHQ.QRSIVHLQHV+HPGHVJHORFNHUWDOVDXFKVFKRQHLQH.HOOQHULQ QHEHQ LKP VWDQG MXQJ JHUDGH PDO IQIXQG]ZDQ]LJ HLQ EORQGHU NXU]JHVFKQLWWHQHU 3DJHQNRSI GHU NXQVWYROO DXI XQIULVLHUW JHWULPPW ZDU HLQ IU VHLQHQ *HVFKPDFN ]X YROOHU

%XVHQXQWHUHLQHUZHLHQ%OXVHGLHHQJXPGLHVFKPDOH7DLOOHODJHLQVFKZDU]HU5RFNXP HLQODGHQGH +IWHQ GHU DQGHUWKDOE +DQGEUHLW EHU GHQ .QLHQ HQGHWH VFKZDU]H 6WUPSIH KRFKKDFNLJH 6FKXKH $UEHLWVNOHLGXQJ VLFKHU DEHU HU EH]ZHLIHOWH GD GHU %HVLW]HU RGHU *HVFKlIWVIKUHUGHU%DUYRQLKUYHUODQJWHGLHREHUVWHQGUHL.Q|SIHGHU%OXVHRIIHQ]XODVVHQ XQGHLQHQVRNXU]HQ5RFNXQGVRXQIDOOWUlFKWLJHV6FKXKZHUN]XWUDJHQ 6LHJDELKPGLH.DUWHXQGHUZDUIHLQHQNXU]HQ%OLFNGDUDXI'DVhEOLFKHVQGKDIWWHXUHV 0LQHUDOZDVVHU JDUDQWLHUW QDWUOLFKHU +HUNXQIW HWZDV ELOOLJHUH YLWDPLQVWURW]HQGH 6lIWH PLW HLQHP JHZLVVHQ (FKWIUXFKWDQWHLO ZHVHQWOLFK ELOOLJHUH 6RIW 'ULQNV PLW QDWXULGHQWLVFKHQ VSULFK NQVWOLFKHQ $URPDVWRIIHQ DXV DXIEHUHLWHWHP :DVVHU VRZLH OHW]WHUHV SXU XQG IDVW XPVRQVW $OVHUDXIEOLFNWHEHPHUNWHHUGDGLH.HOOQHULQQRFKQHEHQVHLQHP7LVFKVWDQGXQGLKQIDVW YHUVRQQHQ OlFKHOQG DQVDK 1RUPDOHUZHLVH KlWWH VLH VFKRQ DP QlFKVWHQ 7LVFK IU 8PVDW] JHVRUJW XQG VLFK ]XP $EVFKOX LKUHU 5XQGH QDFK VHLQHQ :QVFKHQ HUNXQGLJW 'D VLH ZDUWHWHNRQQWH]ZHLHUOHLEHGHXWHQ(QWZHGHUODQJZHLOWHVLHVLFKZHLOVRZHQLJ]XWXQZDU RGHU HU JHILHO LKU )DVW HUVFKURFNHQ VWHOOWH HU IHVW GD HU EHLQDKH VHOEVWYHUVWlQGOLFK YRP OHW]WHUHQDXVJLQJ (UGUHKWHGHQ.RSI]XP)HQVWHUXQGEHWUDFKWHWHVHLQ6SLHJHOELOGGDULQ(LQEUDXQHUZHJHQ GHU UDVFKHQ )OXFKW DXI QDWUOLFKH :HLVH LQ 8QRUGQXQJ JHUDWHQHU +DDUVFKRSI HLQ HEHQPlLJHV ZHQQ DXFK DOOHV DQGHUH DOV PDUNDQWHV JHVFKZHLJH GHQQ NDQWLJPDVNXOLQHV *HVLFKW (U ZXWH GD VHLQ .|USHU GXUFKWUDLQLHUW XQG DQ %HODVWXQJHQ JHZ|KQW ZDU DEHU QLFKWV DQ LKP NQGHWH YRP EHUPlLJHQ %HVXFK MHQHU 6WXGLRV LQ GHQHQ GLH EHGDXHUQVZHUWHQ 0HQVFKHQ GLH DXVVFKOLHOLFK HLQHU VLW]HQGHQ 7lWLJNHLW QDFKJLQJHQ GHQ (LQGUXFN ]X HUZHFNHQ YHUVXFKWHQ VLH ZUGHQ ]ZDQ]LJ 6WXQGHQ DP 7DJ DQ +RFK|IHQ DUEHLWHQXQGGLHUHVWOLFKHQYLHUHLQKDOELP%R[ULQJVWHKHQ 'HU *HGDQNH OLH LKQ OlFKHOQ (U NRQQWH GLHVH %RG\EXLOGLQJ)DQDWLNHU QLFKW DXVVWHKHQ $XVQDKPHQ EHVWlWLJWHQ GLH 5HJHO (LQHQ NDQQWH HU GHP HU QLFKW QXU SURIHVVLRQHOOH +RFKDFKWXQJHQWJHJHQEUDFKWHHUKLHOWLKQLP3ULQ]LSDXFKIUHLQHQQHWWHQ.HUO:LHKLHHU QRFK")H)X)D ª(V IUHXW PLFK GD HV ,KQHQ EHL XQV VR JXW JHIlOOW© UL GLH .HOOQHULQ LKQ DXV VHLQHQ *HGDQNHQªDEHUWURW]GHPZWHLFKJHUQZDVLFK,KQHQ]XWULQNHQEULQJHQGDUI© 9HUZLUUWVDKHUVLHDQ'DQQEHJULIIHU6LHKDWWHVHLQ/lFKHOQY|OOLJPLYHUVWDQGHQ .DUWRIIHO .DUWRIIHO VFKLPSIWH HU VLFK ª(LQ 0LQHUDOZDVVHU© EHVWHOOWH HU DXWRPDWLVFK ª-HQQ\V'HOLJKWELWWH© ª$EHU JHUQ© VDJWH GLH .HOOQHULQ EOLQ]HOWH HLQPDO ]XYLHO XQG EHZHJWH LKUH XQEHVWULWWHQ ODQJHQ %HLQH PLW HLQHU VFKLHU XQQDWUOLFKHQ 6LFKHUKHLW DXI GHP KRFKKDFNLJHQ 6FKXKZHUN GDYRQ (UNRQQWHQLFKWOHXJQHQGDLKPGHU$QEOLFNJHILHO:LHMHGHPHFKWHQ5XSSHWHUGDFKWHHU *HKHWKLQXQGYHUPHKUHWHXFK 'RFKHUKDWWHLP$XJHQEOLFNDQGHUH6RUJHQ=XU3LOOHZLHKLHGLHVHU%RG\EXLOGHUJOHLFK QRFK")H)X(UZXWHHVQLFKWPHKU 'DIU ZXUGH LKP SO|W]OLFK NODU GD HU GDV QDWXUUHLQVWH XQG GHPHQWVSUHFKHQG EHVWH XQG WHXHUVWH*HWUlQNDXIGHU.DUWHEHVWHOOWKDWWH8QGQLFKWPDOZXWHREHUEHUKDXSW*HOGEHL VLFKKDWWH (LQHUDVFKH'XUFKVXFKXQJVHLQHU7DVFKHQHUJDE]XVHLQHU%HUXKLJXQJGDGHPVRZDU,Q GHQ)XWWHUDOHQVHLQHU+RVHQIDQGHUQLFKWVDEHULQGHU,QQHQWDVFKHGHU$Q]XJMDFNHVWHFNWH HLQH%ULHIWDVFKHXQGDOVHUVLHKHUDXVJHKROWXQGJH|IIQHWKDWWHVWHOOWHHUIHVWGDVLFK]HKQ =HKQ5XGLJD6FKHLQHLQLKUEHIDQGHQ 'LH .HOOQHULQ KDWWH HUQHXW HLQHQ KDOVEUHFKHULVFKHQ *DQJ DQJHWUHWHQ XQG NHKUWH ]X VHLQHU hEHUUDVFKXQJGLUHNWYRP%DUWUHVHQDQVHLQHQ7LVFK]XUFN2IIHQEDUZDUZLUNOLFKQLFKWYLHO ]X WXQ XQG HU KDWWH VHLQ $XVVHKHQ RGHU VHLQ &KDULVPD JHZDOWLJ EHUVFKlW]W ª,UJHQGZLH NRPPHQ6LHPLUEHNDQQWYRU©VDJWHVLH

(LQH NODVVLVFKH *HVSUlFKVHU|IIQXQJ (U NRUULJLHUWH VLFK 6HLQH &KDQFHQ ZDUHQ VSUXQJKDIW JHVWLHJHQ(UPXWHVLFKHLQJHVWHKHQGDHU5XSSHWV'RJPDJHUQPLWLKUHUIOOWKlWWH /HLGHU KDWWH HU HWZDV DQGHUHV ]X WXQ 3HUU\ 5KRGDQ W|WHQ 3HUU\ 5KRGDQ W|WHQ EHL GHU $QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ hEHUUDVFKWVWHOOWHHUIHVWGDHVLKPDOOHVDQGHUHDOVVFKZHUILHOHLQ/lFKHOQDXIVHLQH=JH ]X ]DXEHUQ (LQH JHEWH *HVWH WDXVHQGPDO ZLHGHUKROW MHGHU]HLW DEUXIEDU ª6LH PLU DXFK© VDJWHHUJODWW ª1HLQLP(UQVW,FKKDE 6LHLUJHQGZRVFKRQPDOJHVHKHQ© 'LH $QWZRUW NDP EHU VHLQH /LSSHQ RKQH GD HU JURDUWLJ QDFKGHQNHQ PXWH ª0DQ YHUZHFKVHOWPLFKRIW©VDJWHHUª'DVSDVVLHUWPLUQLFKW]XPHUVWHQPDO$EHUOHLGHUKDEHLFK QRFKQLFKWKHUDXVILQGHQN|QQHQPLWZHP© 6LHLJQRULHUWHVHLQHQ6FKHU]QLFKWPDOª1HLQZLUNOLFK©+LOIORV]XFNWHVLHPLWGHQ$FKVHOQ ª 9LHOOHLFKW IlOOW V PLU MD ZLHGHU HLQ 'DV PDFKW DFKWXQGQHXQ]LJ 5XGLJD© VDJWH VLH ª:LU VLQG DQJHKDOWHQ VRIRUW ]X NDVVLHUHQ© IJWH VLH KLQ]X XQG YHUGUHKWH HQWVFKXOGLJHQG GLH $XJHQ $FKWXQGQHXQ]LJ 5XGLJD )DVW VHLQH JHVDPWH %DUVFKDIW ª1DWUOLFK© EHUJLQJ HU VHLQ (QWVHW]HQJHZDQGWª.HLQ3UREOHP,FKNHQQHGDV0DQFKPDOKDEHQ,KUH*lVWHHVVRHLOLJ GDV /RNDO ]X YHUODVVHQ GD VLH ]X EH]DKOHQ YHUJHVVHQ ZUGHQ KlWWHQ 6LH QLFKW VRIRUW DENDVVLHUW© ª-D JHQDX© VDJWH VLH XQG HUQHXHUWH LKU VWUDKOHQGHV /lFKHOQ ª,FK KDEH EULJHQV HUVW XP ]ZDQ]LJ 8KU 'LHQVWVFKOX :LU DUEHLWHQ ]XU =HLW ]X ]ZHLW LQ GUHL 6FKLFKWHQ 8QVHUH GULWWH .ROOHJLQ KDW 0XWWHUVFKDIWVXUODXE XQG LFK WHLOH PLU LKUHQ 'LHQVW PLW GHU YRQ GHU 1DFKWVFKLFKW6HFKVOLQJHKDWGHU$U]WEHVWlWLJW'LH6FKZDQJHUVFKDIWYHUOlXIWY|OOLJQRUPDO 'LH*OFNOLFKH©(UQHXWGDV9HUGUHKHQGHU$XJHQGLHVPDOQRFKEHUWULHEHQHUª,FKEHQHLGH VLH ZLUNOLFK +HXWH $EHQG KDEH LFK QRFK QLFKWV YRU XQG PRUJHQ LVW PHLQ IUHLHU 7DJ 8QG EHUPRUJHQ IlQJW GLH $XVKLOIVNUDIW DQ XQG ZLU KDEHQ ZLHGHU XQVHUHQ QRUPDOHQ $FKWVWXQGHQWDJLQGUHL6FKLFKWHQ© :DUGDVHLQHEORH,QIRUPDWLRQRGHUHLQH(LQODGXQJ"'LH.HOOQHULQYHUZLUUWHLKQ(UKDWWH GHQ(LQGUXFNVROFKH*HVSUlFKHQRUPDOHUZHLVHQLFKW]XIKUHQDEHUGLH6LWXDWLRQWURW]GHP SUREOHPORVKDQG]XKDEHQ(U|IIQHWHGLH%ULHIWDVFKHZLHGHUXQGUHLFKWHLKUGLH6FKHLQH ª6WLPPWVR©VDJWHHU (UPXWHVLFKHLQJHVWHKHQVLHJHILHOLKP(UNRQQWHVLFKNHLQHQ5HLPGDUDXIPDFKHQREVLH XQJODXEOLFKQDLYZDURGHUQXUPHKURGHUZHQLJHUJHVFKLFNWPLWLKPDQ]XElQGHOQYHUVXFKWH $QGHUHUVHLWVVW|UWHVLHLKQ(UKDWWHNHLQH=HLWPLWLKU]XIOLUWHQ(UPXWHQDFKGHQNHQKDWWH JDQ]DQGHUH3UREOHPH 3HUU\5KRGDQW|WHQ ª8P]ZDQ]LJ8KU©VDJWHHUª*XWGDV]XZLVVHQ© ª,FKKHLH.DUD©VDJWHVLH ª8QGLFKELQ©(UYHUVWXPPWH=XU3LOOHQRFKPDOZHUZDUHU" (UZXWHHVQLFKW (UZXWHQLFKWZHUHUZDU (UZXWHQXUHLQV 3HUU\5KRGDQW|WHQ 5XSSHW LVW GHU GULWWH 3ODQHW GHU 6RQQH 0DUQHE 6LH LVW GHP .XJHOVWHUQKDXIHQ 7XFDQL YRUJHODJHUWGHUDXFKDOV1*&EHNDQQWLVWHWZD/LFKWMDKUHLQ5LFKWXQJ.OHLQHU 0DJHOODQVFKHQ:RONHYRP6ROV\VWHPHQWIHUQW(VKDQGHOWVLFKGDEHLXPHLQH6WHUQHQEDOOXQJ lOWHUHU *HQHUDWLRQ ZDV EHGHXWHW GD PDQ GRUW EHU GXUFKVFKQLWWOLFK YLHOH DOWH 6RQQHQ

ILQGHW KDXSWVlFKOLFK 5RWH 5LHVHQ GLH QXU VHOWHQ EHZRKQEDUH 3ODQHWHQ KDEHQ $XIJUXQG GLH VHV8PVWDQGVXQGGHU7DWVDFKHGDGLH=HQWUDOUHJLRQGHV.XJHOVWHUQKDXIHQVHLQHHQRUP KRKH 6WHUQHQGLFKWH DXIZHLVW GLH GHQ 5DXPYHUNHKU ]XU GDPDOLJHQ =HLW ZHVHQWOLFK VWlUNHU EHKLQGHUWHDOVHVKHXWHGHU)DOOLVWEOLHEGLH=DKOGHU6FKLIIHGLH]ZHFNV(UNXQGXQJLQLKQ HLQIORJHQ HKHU JHULQJ 1*& ZXUGH QLHPDOV RIIL]LHOO EHVLHGHOW RE VLFK GRUW ZHLWHUH ªYHUORUHQH© .RORQLHQ ZLH 5XSSHW EHILQGHQ LVW DXFK KHXWH QRFK XQEHNDQQW 'DV 0DUQHE 6\VWHP YHUIJW EHU DFKW 3ODQHWHQ XQG lKQHOW GDPLW YHUEOIIHQG GHP 6ROV\VWHP YRQ ]ZHL $XVQDKPHQ DEJHVHKHQ GHP HLQJHIDQJHQHQ QHXQWHQ 3ODQHWHQ 3OXWR XQG GHP $VWHURLGHQJUWHO ]ZLVFKHQ 0DUV XQG -XSLWHU 'HQ YLHU LQQHUHQ ªVFKZHUHQ© VFKOLHHQ VLFK YLHU lXHUH ªOHLFKWH© 3ODQHWHQ DQ 5XSSHW LVW GHU GULWWH XQG HLQ]LJ EHZRKQEDUH 3ODQHW GHV 6\VWHPVGLH:HOWHQXQG,VLQG*OXWK|OOHQ,9LVW]XNOHLQXQG]XNDOWIUHLQH%HVLHGOXQJ GXUFK 0HQVFKHQ 9 ELV 9,,, VLQG *DVULHVHQ HLQH ZHLWHUH hEHUHLQVWLPPXQJ PLW GHP 6ROV\VWHP 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 7XFDQL EHZRKQEDUH :HOWHQ$XV]XJ 1HPEDU9HUODJ+'6I 'LGMHK)RKUWXKQ (LQ3DUDGLHVIU$JHQWHQ ,Q VHLQHP .RSI EHPKWH GLH +lOIWH GHU %HY|ONHUXQJ VLFK JOHLFK]HLWLJ 5XSSHWV *HERW JHUHFKW]XZHUGHQXQGLKUH%HZHJXQJHQHU]HXJWHQGDEHL6FKZLQJXQJHQGLHVLFKGXUFKDOOH 6(.725(1 YRQ 5XSSHW &LW\ DXVEUHLWHWHQ 'DEHL ELOGHWHQ VLH ,QWHUIHUHQ]HQ GLH GHQ 3ODQHWHQ DXVHLQDQGHU]XUHLHQ VFKLHQHQ GDQQ DEHU LP OHW]WHQ $XJHQEOLFN YRQ GLHVHP 9RUKDEHQDEOLHHQXQGVLFKVWDWWGHVVHQLQHEHQVHLQHP*HKLUQ]XVDPPHQIDQGHQ $OVHUGLH$XJHQ|IIQHWHVDKHULQ'LGMHK)RKUWXKQV*HVLFKW(VZDUYHUVFKZRPPHQDEHU XQYHUNHQQEDU1DFKZHQLJHQ6HNXQGHQKDWWHVHLQ%OLFNVLFKVRZHLWJHNOlUWGDHUDXFKGLH EUHLWHQ 6FKXOWHUQ PXVNXO|VHQ $UPH XQG GHQ PDVVLJHQ DEHU DOOHV DQGHUH DOV IHWWHQ 2EHUN|USHUDXVPDFKHQNRQQWH ª:LH KDEHQ 6LH PLFK JHIXQGHQ"© NQXUUWH HU ª,FK ZDU EHU]HXJW 6LH DEJHVFKWWHOW ]X KDEHQ© ª'DVKDEHQ6LHDXFK6LU©EHVWlWLJWH)RKUWXKQª$EHUGDQQVLQG6FKVVHJHIDOOHQXQGLFK ELQ HLQIDFK LQ GLH 5LFKWXQJ JHODXIHQ LQ GHU LFK VLH JHVHKHQ KDEH XQG GDQQ IDQG LFK 6LH KLHU© 1HUYDO5RGULNVFKWWHOWHVLFK(UNRQQWHQXUNXU]RKQPlFKWLJJHZHVHQVHLQXQGDXFKNHLQH JUDYLHUHQGHQ RGHU GDXHUQGHQ 6FKlGHQ GDYRQJHWUDJHQ KDEHQ GHQQ VHLQ *HKLUQ DUEHLWHWH EHUHLWVZLHGHUQRUPDOª*HVHKHQ"©VDJWHHUª6LHKDEHQ6FKVVHJHVHKHQXQGQLFKWJHK|UW"© ª-D6LU.HLQHHLQKHLPLVFKHQ:DIIHQVRQGHUQ7KHUPRVWUDKOHU© ª7KHUPRVWUDKOHU© ZLHGHUKROWH 1HUYDO $OOPlKOLFK HUIDWH HU GLH 6LWXDWLRQ LP JU|HUHQ hEHUEOLFN(LQXQJXWHV*HIKOVWHOOWHVLFKHLQ1LFKWQXUGDGLHJHKHLPH.RQWDNWDXIQDKPH MlPPHUOLFKJHVFKHLWHUWZDUPDQKDWWHLKQEHZXVVWORVJHVFKRVVHQXQGGDQQZDUDXFKQRFK HLQ7KHUPRVWUDKOHUDXVJHO|VWZRUGHQ 'DV XQJXWH *HIKO HQWZLFNHOWH VLFK VSUXQJKDIW ]X NDOWHP *UDXHQ 3DUDO\VDWRUHQ XQG 7KHUPRVWUDKOHU :DIIHQ GLH DXI 5XSSHW JHQDXVR VHOWHQ ZDUHQ ZLH *OHLWHU XQG 9XUJX]] 6HLWGHP HLQ 6FKLII GHU ([SORUHU)ORWWH VLFK LP 9RUIHOG GHV .XJHOVWHUQKDXIHQV 7XFDQL XPJHVFKDXW KDWWH XQG GDEHL ]XIlOOLJ DXI GLH YRU HWZD IQIHLQKDOE -DKUKXQGHUWHQ ªYHUORUHQJHJDQJHQH .RORQLH© 5XSSHW JHVWRHQ ZDU KDWWH HV ]ZDU HLQHQ JHZLVVHQ HKHU HLQVHLWLJHQ $XVWDXVFK YRQ 7HFKQRORJLH JHJHQ 5RKVWRIIH JHJHEHQ GRFK GLH JDODNWLVFKHQ ,PSHULHULKLHOWHQVLFKGDEHLVHKU]XUFN 1HUYDONRQQWHHVLKQHQHLJHQWOLFKDXFKQLFKWYHUGHQNHQ$OOH6WDDWHQEQGHGLHPLWWOHUZHLOH LQ.RQWDNWPLW5XSSHWVWDQGHQGDV6RODUH,PSHULXPGHU&DUVXDOVFKH%XQGGDV,PSHULXP

'DEULIDGLH=HQWUDO*DODNWLVFKH8QLRQOHJWHQJURHQ:HUWGDUDXIGDGLH:HOWVLFKLKQHQ DQVFKORGRFK QRFKZDUGLH0HKUKHLWGHU%HY|ONHUXQJHQWVFKORVVHQ5XSSHWV*HERWH]XEHIROJHQXQGHLQHQ HLJHQHQ :HJ ]X JHKHQ 7URW]GHP ZDU HV QDFK EHU IQIKXQGHUW -DKUHQ ]XU %LOGXQJ HLQHU 2SSRVLWLRQ JHNRPPHQ GLH GHQ $QVFKOX DQ GLH JDODNWLVFKH *HPHLQVFKDIW IRUGHUWH XQG UDVDQWH=XZDFKVUDWHQDXIZLHV 'DEHLNRQQWHGLHDPWLHUHQGHXQGGHPRNUDWLVFKJHZlKOWH 5HJLHUXQJ YRQ *OFN VDJHQ GD GLH $QGHUVGHQNHQGHQ XQWHUHLQDQGHU XQYHUV|KQOLFK ]HUVWULWWHQ ZDUHQ GLH $QKlQJHU GHV 6RODUHQ,PSHULXPVYHUDEVFKHXWHQGLHGHUEHLGHQDQGHUHQ0DFKWJHELOGHPHKUDOVGLH/HKUHQ 5XSSHWV ZDV HEHQVR XPJHNHKUW JDOW 'DKHU VWHOOWH GLH 5XSSHW3DUWHL LP 3DUODPHQW GLH 0HKUKHLW DEHU NHLQH DEVROXWH 6LH KDWWH HWZD HLQ 'ULWWHO GHU :lKOHUVWLPPHQ DXI VLFK YHUHLQLJWJHQDXZLHGLH)UDNWLRQGLHGHQ$QVFKOXDQV6RODUH,PSHULXPIRUGHUWHXQGZDU EHL *HVHW]HVYRUODJHQ DXI VWHWV ZHFKVHOQGH .RDOLWLRQHQ PLW HLQHU GHU DQGHUHQ 3DUWHLHQ DQJHZLHVHQ 'LH 5HJLHUXQJVIlKLJNHLW EOLHE HLQ]LJ XQG DOOHLQ GHVKDOE JHJHEHQ ZHLO GLH DQGHUHQ )UDNWLRQHQ GLH 'DEULILVWHQ 8QLRQLVWHQ XQG &DUVXDOLVWHQ HKHU GHU $XIO|VXQJ GHU (KH XQG GHP SIOLFKWZHLVHQ YLHUPDOLJHQ %HLVFKODI SUR 7DJ ]XJHVWLPPW KlWWHQ DOV HLQHP *HVHW]HVDQWUDJGHU6RODULVWHQ:lUHQGLH,PSHULDOLVWHQGLH%H]HLFKQXQJIUDOOH$QKlQJHU GHU gIIQXQJ JHJHQEHU HLQHP GHU JDODNWLVFKHQ 5HLFKH VLFK HLQPDO HLQLJ PWH HU YRQ 6WXQGDQPLWVLHE]LJ3UR]HQWVHLQHU%H]JHLQGHQ5XKHVWDQGJHKHQ $QGHUHUVHLWV N|QQWH HU GDQQ GLYHUVH GHU LKP LPPHU ZLHGHU DQJHERWHQHQ %HUDWHUYHUWUlJH DN]HSWLHUHQ IU JURH .RQ]HUQH WlWLJ ZHUGHQ XQG VLFK HLQH :RKQXQJ LP 'LSORPDWHQYLHUWHOOHLVWHQGLH]HKQPDOJU|HUZDUDOVGLHGLHHUMHW]WEHVD ª6LH VLQG YHUOHW]W 6LU© VDJWH )RKUWXKQ GHU VHLQ ODQJH DQKDOWHQGHV 6FKZHLJHQ RIIHQEDU Y|OOLJIDOVFKLQWHUSUHWLHUWKDWWHª,FKUXIHHLQH$PEXODQ]© ª8QVLQQ©1HUYDOUDSSHOWHVLFKDXIª7KHUPRVWUDKOHU©ZLHGHUKROWHHUª8QG3DUDO\VDWRUHQ© (U YHUPXWHWH PLW HLQHU VROFKHQ :DIIH EHWlXEW ZRUGHQ ]X VHLQ ª'DV EHGHXWHW © (U YHUVWXPPWH 6R JDQ] ZDU VHLQ 'HQNYHUP|JHQ RIIHQEDU QRFK QLFKW ZLHGHUKHUJHVWHOOW 'LH ZHQLJH +LJK 7HFK GLH 5XSSHW LPSRUWLHUHQ NRQQWH EHIDQG VLFK LQ +lQGHQ GHU 5HJLHUXQJ RGHU ZHQLJHU VXSHUUHLFKHU,QGXVWULHOOHU$QVRQVWHQEHKLHOWHQGLHJDODNWLVFKHQ5HLFKHVRZRKOLKUH7HFKQLN DOVDXFKLKUH.HQQWQLVVHIUVLFK(UJLQJQLFKWGDYRQDXVGDLUJHQGZHOFKH.RQ]HUQFKHIV LKQLQGLHVH)DOOHJHORFNWKDWWHQDOV6LFKHUKHLWVPLQLVWHUKlWWHHUHVHLJHQWOLFKZLVVHQPVVHQ ZHQQ5HJLHUXQJVHLQKHLWHQKLHUDNWLYZDUHQ ª'DV EHGHXWHW© QDKP HU GHQ )DGHQ ZLHGHU DXI ªGD KLHU $XHQZHOWOHU DP :HUN VHLQ PVVHQ$EHUGDVVWDQGMDVFKRQIHVWDOVXQVHU*OHLWHUEHVFKRVVHQZXUGH© ª:DVZROOWHQ6LHEHUKDXSWKLHU6LU"©IUDJWH)RKUWXKQ 1HUYDO ODFKWH LP *HLVWH NXU] DXI (U ZUGH GLH 3LOOH WXQ XQG VHLQHP 6WDDWVVHNUHWlU GLH :DKUKHLW VDJHQ $EHU HU PXWH LKP LUJHQGHLQH SODXVLEOH (UNOlUXQJ IU VHLQ ]XJHJHEHQHU PDHQXQJHZ|KQOLFKHVXQGEHIUHPGOLFKHV9HUKDOWHQJHEHQ ª,FKKDEHHLQHQ+LQZHLVEHNRPPHQ©VW|KQWHHUJHVSLHOWJHTXlOWXPLPPHUZLHGHU3DXVHQ HLQOHJHQXQGVRQRFKHWZDVZHUWYROOH=HLWJHZLQQHQ]XN|QQHQª$XVHLQHUQRUPDOHUZHLVH JXWXQWHUULFKWHWHQ4XHOOH.RQNUHWH9HUGDFKWVPRPHQWH-HPDQGSODQWHLQ$WWHQWDWDXI3HUU\ 5KRGDQ© ª(LQ $WWHQWDW DXI 5KRGDQ"© HFKRWH )RKUWXKQ IDVVXQJVORV RGHU ]XPLQGHVW JXW JHVSLHOW ª8QGGDJHKHQ6LHDXIHLJHQH)DXVWYRUDQVWDWW$ODUPVWXIHHLQVDXV]XO|VHQ"© 'HU (LQZDQG GHV 0DQQHV ZDU Y|OOLJ JODXEKDIW XQG EHUHFKWLJW ,P 3ULQ]LS ZDU 'LGMHK )RKUWXKQ HLQ ]XYHUOlVVLJHU 0DQQ HLQ .|QQHU DXI VHLQHP *HELHW GRFK VHLW HWZD HLQHP KDOEHQ-DKUZDUHUDXHU5DQGXQG%DQG5RGULNJODXEWHGHQ%HJLQQVHLQHU9HUlQGHUXQJ VRJDU JHQDX ORNDOLVLHUHQ ]X N|QQHQ $QJHIDQJHQ KDWWH HV EHL HLQHU 7UDLQLQJVHLQKHLW 1DKNDPSI PLW 0HVVHUQ EHL GHU 'LGMHK LKQ XQDEVLFKWOLFK YHUOHW]W KDWWH .HLQH

VFKZHUZLHJHQGH :XQGH 5XSSHW EHZDKUH DEHU VLH KDWWH VWDUN JHEOXWHW XQG HLQHP 3URIL KlWWHVRHWZDVQLHPDOVSDVVLHUHQGUIHQ'LGMHKVFKLHQGLH.RQWUROOHEHUVLFKYHUORUHQ]X KDEHQ XQG GLH 1DFKOlVVLJNHLWHQ KDWWHQ VLFK GDQDFK IRUWJHVHW]W ZHQQ QLFKW VRJDU QRFK YHUVWlUNW ª'D]X LVW QRFK =HLW JHQXJ© HUZLGHUWH HU XQG WDVWHWH VLFK VFKQHOO DE (U ZDU LQ GHU 7DW XQYHUOHW]WDXFKGHU7KHUPRVWUDKOHUDXVGHU3URGXNWLRQGHV6RODUHQ,PSHULXPVPLWGHPHU DOV6LFKHUKHLWVPLQLVWHUVHOEVWYHUVWlQGOLFKDXVJHUVWHWZDUVWHFNWHQRFKDQ2UWXQG6WHOOH(U NRQQWHDOVRQXUIUZHQLJH0LQXWHQRGHUJDUQXU6HNXQGHQGDV%HZXVVWVHLQYHUORUHQKDEHQ 'DV ZLGHUVSUDFK DOOHUGLQJV GHQ .HQQWQLVVHQ GLH HU EHU GLH :LUNXQJVZHLVH YRQ 3DUDO\VDWRUHQKDWWH 'DUEHU NRQQWH HU VLFK VSlWHU *HGDQNHQ PDFKHQ -HW]W JDOW HV GHQ 6FKDGHQ ]X EHJUHQ]HQ XQGJOHLFK]HLWLJ)RKUWXKQVHYHQWXHOOHV0LVVWUDXHQ]X]HUVWUHXHQ 5RGULN]RJVHLQH:DIIH'LH7UGHV+DXVHVDXIGHUHQ6FKZHOOHHUDXHU*HIHFKWJHVHW]W ZRUGHQZDUVWDQGQRFKLPPHURIIHQ=ZDUZDUGDPLW]XUHFKQHQGDGLHhEHOWlWHUOlQJVW DXVJHIORJHQZDUHQIDOOVVLHVLFKEHUKDXSWLQGLHVHP*HElXGHEHIXQGHQKDWWHQGRFKHU PXWHDXI1XPPHU6LFKHUJHKHQª,FKVHKHQDFKZDVGDORVLVW©VDJWHHUªXQG6LHNHKUHQ ]XP*OHLWHU]XUFNXQGDODUPLHUHQGLH6LFKHUKHLWVNUlIWH© =X VHLQHU hEHUUDVFKXQJ VFKWWHOWH )RKUWXKQ HQHUJLVFK GHQ .RSI ª'D]X LVW VSlWHU =HLW JHQXJ©ZLHGHUKROWHHUVHLQH:RUWHª,FKEHJOHLWH6LH© ª$XINHLQHQ)DOO©VDJWH1HUYDOXQGWUDWQHEHQGLH7U ª,FK KDEH VFKRQ PDO ,KUH %HIHKOH EHIROJW XQG 6LH DOOHLQ ]LHKHQ ODVVHQ© ZDQGWH VHLQ 6WHOOYHUWUHWHU HLQ (U KDWWH HEHQIDOOV VHLQH :DIIH JH]RJHQ 'HU IDVW YHUVLHJWH 6WURP GHU 'HPRQVWUDQWHQ GLH DXV GHU ,QQHQVWDGW GUlQJWHQ ZDU LQV 6WRFNHQ JHUDWHQ ,PPHU PHKU 5XSSHWHU EOLHEHQ VWHKHQ XQG VFKDXWHQ QHXJLHULJ ]X LKQHQ KHUEHU ª:LU EHLGH ZLVVHQ ZDV VLFKGDUDXVHQWZLFNHOWKDW6ROOVLFKVRHWZDVZLHGHUKROHQ"9LHOOHLFKWNRPPHQ6LHGLHVPDO QLFKWVRELOOLJGDYRQ© 5RGULNQLFNWHNQDSSVWLHGLH7UYROOHQGVDXIXQGGUHKWHVLFKLQGHQGDKLQWHUEHILQGOLFKHQ 5DXP GHQ VFKXVVEHUHLWHQ 7KHUPRVWUDKOHU LQ EHLGHQ +lQGHQ ,KP ERW VLFK HLQ %LOG GHU =HUVW|UXQJ GDV LKQ LP $XJHQEOLFN MHGRFK QLFKW VRQGHUOLFK LQWHUHVVLHUWH (LQH ZHLWHUH 7U IKUWH LQ HLQHQ +LQWHUUDXP DXFK GLHVHU ZDU ZLH GHU YRUGHUH YHUODVVHQ XQG YHUZVWHW ZRUGHQ 'XUFK GLH HEHQIDOOV JH|IIQHWH +LQWHUWU NRQQWH PDQ HLQH VFKPDOH *DVVH EHWUHWHQ DXI GHU VLFK QLHPDQG DXIKLHOW 6HLQH 9HUPXWXQJ KDWWH VLFK DOV ULFKWLJ HUZLHVHQ ZHU DXFK LPPHULKQEHUIDOOHQKDWWHHUKDWWHGDV:HLWHJHVXFKW(UNHKUWHLQGHQ+DXSWUDXP]XUFN GHU QRFK YRQ )RKUWXKQ JHVLFKHUW ZXUGH ª.HLQH XQPLWWHOEDUH *HIDKU© VDJWH HU ª+LHU LVW QLHPDQGPHKU© 6HLQ6WHOOYHUWUHWHUOLHGHQ6WUDKOHUVLQNHQª8QGZDV©IUDJWHHUªZHQQGHU5DXPPLWHLQHP 6SUHQJVDW]JHVLFKHUWJHZHVHQZlUHGHUEHLP(LQGULQJHQ8QEHIXJWHUH[SORGLHUW":LUKlWWHQ 9HUVWlUNXQJUXIHQVROOHQ6LHVLQGXQYHUDQWZRUWOLFKOHLFKWVLQQLJYRUJHJDQJHQ© 1HUYDONQLIIGLH$XJHQ]XVDPPHQ:ROOWH)RKUWXKQLKQKHUDXVIRUGHUQKDWWHHUHVDXIVHLQHQ -REDEJHVHKHQ"2GHUQDKPHUGDV9RUJHKHQVHLQHV9RUJHVHW]WHQDOV$QODYRQGHQ3DW]HUQ DE]XOHQNHQGLHLKPLQOHW]WHU=HLWXQWHUODXIHQZDUHQ" 2GHU KDWWH HU VLFK VFKOLFKWZHJ ZLHGHU JHIDQJHQ XQG GLH 6LWXDWLRQ PLW HLQHU NDOWHQ 3URIHVVLRQDOLWlWDQDO\VLHUWDQGHU5RGULNHVLP$XJHQEOLFN]XPDQJHOQVFKLHQ" 'HU 6LFKHUKHLWVPLQLVWHU QLFNWH HUQHXW (U ZDU QLFKW VR GXPP VLFK DXI HLQH 'LVNXVVLRQ HLQ]XODVVHQ LQ GHU HU XQKDOWEDUH 3RVLWLRQHQ KlWWH YHUWHLGLJHQ PVVHQ 8QG HU GXUIWH )RKUWXKQQLFKWGHQZDKUHQ*UXQGIUVHLQH$QZHVHQKHLWDQGLHVHP2UWYHUUDWHQ ,KPODJHQ]ZHLIHOVIUHLH+LQZHLVHYRUGDHVLQVHLQHP0LQLVWHULXPLQKRKHU3RVLWLRQHLQH XQGLFKWH 6WHOOH JDE (LQHQ 9HUUlWHU GHU PLW HLQHP GHU JDODNWLVFKHQ 0DFKWEO|FNH ]XVDPPHQDUEHLWHWH 6HLQ XQEHNDQQWHU .RQWDNWPDQQ GHU LKP VFKRQ |IWHU ,QIRUPDWLRQHQ ]XJHVSLHOWKDWWHGLHVLFKELVODQJVWHWVDOV]XYHUOlVVLJHUZLHVHQKDWWHQKDWWHVLFKKLHUPLWLKP

WUHIIHQZROOHQXPLKPGLH,GHQWLWlWGHV6SLW]HOV]XYHUUDWHQ(UZDUQXUGDUDXIHLQJHJDQJHQ ZHLOHUHLQHQ=XVDPPHQKDQJPLWGHPDQVWHKHQGHQKRKHQ6WDDWVEHVXFKYHUPXWHWH 'D PDQ LKQ LQ HLQH )DOOH JHORFNW KDWWH ZDU LKP PLWWOHU ZHLOH NODU 1XU YHUVWDQG HU GLH 1DWXUGLHVHU)DOOHQRFKQLFKW8QG'LGMHK)RKUWXKQGXUIWHQLFKWVYRQGLHVHQ+LQWHUJUQGHQ HUIDKUHQ VFKOLHOLFK ZDU QLFKW DXVJHVFKORVVHQ GD HV VLFK EHL LKP XP GHQ hEHUOlXIHU KDQGHOWH 2GHU KDWWH PDQ LKQ HWZD OHGLJOLFK KLHUKHUEHVWHOOW XP LKQ PLW GHU 1DVH DXI GLH JHKHLPH $QODJHLP,QQHUHQGLHVHV+DXVHV]XVWRHQ"$EHUZHUZUGHVRHWZDVWXQ"8QG]XZHOFKHP =ZHFN" ª6LH KDEHQ UHFKW© JHVWDQG HU VHLQHP 6WHOOYHUWUHWHU HLQ +LHU ZDU ZLUNOLFK HWZDV REHUIDXO 6FKRQ GLH IOFKWLJHQ %OLFNH GLH HU DXI GLH *HUlWH LQ GHQ EHLGHQ 5lXPHQ JHZRUIHQ KDWWH YHUULHWHQ LKP GD VLH QLFKW RGHU ]XPLQGHVW ]XP *URWHLO QLFKW DXV UXSSHWLVFKHU )DEULNDWLRQ VWDPPWHQ =ZDU HUVFKZHUWH GHU 8PVWDQG GD VLH PHKU RGHU ZHQLJHU ULJRURV ]HUVW|UW ZRUGHQ ZDUHQ HLQH VRIRUWLJH (UNHQQWQLV EHU LKUHQ 6LQQ XQG =ZHFN DEHU LKUH DOOJHPHLQH+HUNXQIWZDUHLQGHXWLJ6LHVWDPPWHQDXVHLQHPGHUJDODNWLVFKHQ5HLFKH )RKUWXKQKDWWHHVHEHQIDOOVHUNDQQWª+LHUKDEHQ)UHPGZHOWOHULKU6SSFKHQJHNRFKW©VDJWH HU ª,QGHU7DW©VWLPPWHGHU0LQLVWHU]X ª:DV YHUPXWHQ 6LH"© IUDJWH GHU 6WDDWVVHNUHWlU ª6LQG ZLU KLHU DXI HLQH 6SLRQDJH]HQWUDOH HLQHVGHUJDODNWLVFKHQ5HLFKHJHVWRHQ"© 7lXVFKWH 1HUYDO VLFK RGHU PDFKWH HU WDWVlFKOLFK 0LVVWUDXHQ LQ )RKUWXKQV $XJHQ DXV" $UJZRKQ GDUEHU GD VHLQ 9RUJHVHW]WHU Y|OOLJ XQSURIHVVLRQHOO YRUJHJDQJHQ ZDU XQG GLH 9HUIROJXQJ HLQHV 6WUDIWlWHUV DXIJHQRPPHQ KDWWH VWDWW GLHV GHQ 6LFKHUKHLWVNUlIWHQ ]X EHUODVVHQ YRQ GHQHQ HV LQ GHU QlKHUHQ 8PJHEXQJ JHUDGH]X ZLPPHOWH XQG GDEHL Y|OOLJ ]XIlOOLJEHUGLHJHWDUQWH%DVLVHLQHUIUHPGHQ0DFKWJHVWRHQZDU" ª(VVLHKWVRDXV©VDJWH5RGULN ª5XSSHWLVWZLUNOLFKHLQ3DUDGLHVIU$JHQWHQ©VDJWH)RKUWXKQOHLFKWNQLUVFKHQG 1HUYDOZXWHZDVHUGDPLWPHLQWH$OOHLQDXIJUXQGGHUWHFKQLVFKHQhEHUOHJHQKHLWGHU )UHPGZHOWOHUNRQQWHQ6SLRQHGHUJDODNWLVFKHQ5HLFKHDXI5XSSHWQDKH]XXQJHVW|UWVFKDOWHQ XQGZDOWHQZLHHVLKQHQEHOLHEWH0LWGHUJHULQJHQ7HFKQRORJLHGLH5XSSHWLPSRUWLHUWH NRQQWHPDQLKQHQQLFKW3DUROLELHWHQ/HGLJOLFKGHU8PVWDQGGDDOOH0DFKWEO|FNHGDV JOHLFKH=LHOYHUIROJWHQGHQ$QVFKOXGHV3ODQHWHQDQLKUMHZHLOLJHV,PSHULXPXQG DXIPHUNVDPEHUGLH$NWLYLWlWHQGHUDQGHUHQZDFKWHQXQGVLHQDFK0|JOLFKNHLW]X GXUFKNUHX]HQYHUVXFKWHQYHUOLHKVHLQHU$UEHLWEHUKDXSWQRFKHLQHUXGLPHQWlUH$XVVLFKWDXI (UIROJ 1HLQHVJDEQLFKWVGDUDQ]XUWWHOQXQGZHGHUHUQRFKGLH5HJLHUXQJGHUHUDQJHK|UWH PDFKWHQVLFKHWZDVYRU,KU3ODQHWZDULQGHU7DWHLQ3DUDGLHVIU$JHQWHQ (UULHIVLFK]XU2UGQXQJ(U]DXGHUWHXQGKLQJVHLQHQ*HGDQNHQQDFKVWDWWGLHQRWZHQGLJHQ 6FKULWWHHLQ]XOHLWHQ'LHVHV9HUKDOWHQZDUY|OOLJDW\SLVFKIULKQVRJLQJHVQLFKWZHLWHU(U PXWHHQGOLFKKDQGHOQ ª.HKUHQ6LH]XP*OHLWHU]XUFNXQGVFKODJHQ6LH$ODUP©EHIDKOHUVHLQHP6WHOOYHUWUHWHU ª5XIHQ6LHGLH6LFKHUKHLWVVWXIHHLQVDXV© 0LWHLQHPVFKZDFKHQ/lFKHOQJULII)RKUWXKQLQGLH,QQHQWDVFKHVHLQHU$Q]XJMDFNHKROWHHLQ )XQNJHUlWKHUYRUVFKDOWHWHHVHLQXQGUHLFKWHHVVHLQHP9RUJHVHW]WHQª+LHU=HQWUDOH© HUNODQJGLHPHWDOOLVFKVFKHSSHUQGH6WLPPHGHV(LQVDW]OHLWHUVDXVGHPNOHLQHQ/DXWVSUHFKHU ª+LHU5RGULN©VDJWHHUª9RQVRIRUWDQJLOW6LFKHUKHLWVVWXIHHLQV*HKHQ6LHQDFK3ODQ'HOWD YRU%HYROOPlFKWLJXQJ$SVR/KDVD-HQQ\HLQV© ª9HUVWDQGHQ©EHVWlWLJWHGHU(LQVDW]OHLWHUXQGZLHGHUKROWHGDQQVHLQH$QZHLVXQJXPMHGHV 0LYHUVWlQGQLVDXV]XVFKOLHHQª6LFKHUKHLWVVWXIHHLQV3ODQ'HOWD%HYROOPlFKWLJXQJ$SVR /KDVD-HQQ\HLQV©

$XIJUXQG GHV EHYRUVWHKHQGHQ 6WDDWVEHVXFKV VFKOLHOLFK ZXUGH NHLQ JHULQJHUHU *DVW DOV 3HUU\5KRGDQSHUV|QOLFKHUZDUWHWGHU*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPVXQGGDPLW GHV EHGHXWHQGVWHQ JDODNWLVFKHQ 5HLFKV NRQQWH 1HUYDO GLHVH GXUFKJUHLIHQGH $QRUGQXQJ YHUWUHWHQ 9RQ GLHVHP $XJHQEOLFN DQ OLHIHQ DOOH 5lGFKHQ GHV 6LFKHUKHLWVPLQLVWHULXPV DXI +RFKWRXUHQ 6LFKHUKHLWVVWXIH HLQV EHGHXWHWH GLH 0RELOLVLHUXQJ VlPWOLFKHU HLJHQWOLFK GLHQVWIUHLHU (LQKHLWHQ GHV 6LFKHUKHLWVPLQL VWHULXPV GLH $EVFKRWWXQJ GHV 5DXPKDIHQV XQG GLH $EULHJHOXQJ GHV 6(.7256 (V ZDU VFKOLFKWZHJ XQP|JOLFK VlPWOLFKH 5XSSHWHU DXI]XJUHLIHQGLH6(.725YHUODVVHQRGHUEHWUHWHQZROOWHQGRFKGLH(LQVDW]NUlIWHKDWWHQ $QZHLVXQJ VlPWOLFKH 3HUVRQHQ GLH VLFK LQ LUJHQGHLQHU +LQVLFKW DXIIlOOLJ EHQDKPHQ IHVW]XQHKPHQ XQG IU GLH JHVHW]OLFK ]XOlVVLJH 'DXHU PD[LPDO YLHUXQG]ZDQ]LJHLQ KDOE 6WXQGHQDXFKIHVW]XKDOWHQ ª6FKLFNHQ 6LH ]ZHL +XQGHUWVFKDIWHQ KLHUKHU© IXKU HU IRUW XQG QDQQWH GLH $GUHVVH ª%HYRU]XJWHU *OHLWHUHLQVDW] 'LH HUVWH ULHJHOW GHQ (LQVDW]RUW DXI IQIXQG]ZDQ]LJ 0HWHU KHUPHWLVFKDE'LH*OHLWHUVROOHQXQPLWWHOEDUYRUGHP+DXVODQGHQ'LH]ZHLWHKlOWVlPWOLFKH 3HUVRQHQIHVWGLHVLFKLP8PNUHLVYRQHLQKXQGHUW0HWHUQDXIKDOWHQ©(UEH]ZHLIHOWH]ZDU DXIGLHVH:HLVHGHU3HUVRQHQKDEKDIW]XZHUGHQGLHVLFKLQGLHVHP%HUHLFKDXIJHKDOWHQXQG LKQ DXHU *HIHFKW JHVHW]W KDWWHQ NRQQWH VLFK LQ VHLQHU MHW]LJHQ 6LWXDWLRQ DEHU NHLQ SRWHQWLHOOHV9HUVlXPQLVPHKUOHLVWHQ .DXPKDWWHHUVHLQH$QZHLVXQJHQHUWHLOWDOVVLFKHLQHVHOWVDPH.lOWHGXUFKVHLQHQ.|USHU DXV]XEUHLWHQ XQG LKP MHJOLFKH .UDIW ]X UDXEHQ VFKLHQ (U VFKOR GLH $XJHQ XQG VW|KQWH GLHVPDO QLFKW JHVSLHOW JHTXlOW DXI $OV HU VFKRQ JODXEWH VHLQH %HLQH ZUGHQ XQWHU LKP QDFKJHEHQYHUVFKZDQGGDV*HIKOVRDEUXSWZLHGHUZLHHVDXIJHWUHWHQZDU 2IIHQVLFKWOLFK KDWWHQ GLH (UHLJQLVVH LKQ GRFK VWlUNHU PLWJHQRPPHQ DOV HU HV )RKUWXKQ HLQJHVWDQGHQKDWWH ª:LU ZDUWHQ ELV ]XP (LQWUHIIHQ GHU *OHLWHU© HQWVFKLHG HU ª6SUHFKHQ 6LH GHUZHLO ,KUHQ %HULFKW DXI %DQG 'DQQ JHKHQ ZLU UHLQ XQG VHKHQ XQV PDO JHQDXHU DQ ZRUDXI ZLU KLHU JHVWRHQVLQG© %ULGJHW 0lUFKWHKQ OLH GHQ %OLFN NXU] DXV GHP )HQVWHU GHV 5DXPV LQ GHU WHUUDQLVFKHQ %RWVFKDIW VFKZHLIHQ LQ GHP VLH VLFK ]XU (LQVDW]EHVSUHFKXQJ ]XVDPPHQJHIXQGHQ KDWWHQ ,UJHQGZRGRUWGUDXHQZDU8U[0R[LYDDXIGHU)OXFKW 'DV%RWVFKDIWVJHElXGHGDVYROOVWlQGLJYRP6RODUHQ,PSHULXPDQJHPLHWHWZRUGHQZDUZDU HLQVYRQHWZDHLQHP'XW]HQG+RFKKlXVHULQGLHVHP9LHUWHO$OOHUGLQJVKDQGHOWHHVVLFKQDFK UXSSHWLVFKHP 0DVWDE GDEHL XP HKHU NOHLQH MD IDVW VFKRQ ]LHUOLFKH %DXZHUNH GLH NHLQHQ 9HUJOHLFK PLW GHQ ULHVLJHQ :RKQNO|W]HQ ]XOLHHQ GLH DQVRQVWHQ GDV %LOG GHV 3ODQHWHQ EHVWLPPWHQ 'HQQRFK ILHOHQ VLH LP %RWVFKDIWVYLHUWHO DXI HLQHP GHU JDQ] ZHQLJHQ 6(.725(1 LQ GHQHQ VLFK :RKQEORFNV PRGHUDWHU +|KH PLW IUHLVWHKHQGHQ 9LOOHQ DEZHFKVHOWHQ XQG GLH 6WUDHQ OHGLJOLFK HEHQHUGLJ YHUOLHIHQ XQGQLFKW YLHU ELV VHFKVEDKQLJ EHUHLQDQGHUHUULFKWHWZDUHQ $XIJUXQGGLHVHV8PVWDQGVJDOWGDV'LSORPDWHQYLHUWHOGDVHUVWQDFKGHU:LHGHUHQWGHFNXQJ GHV3ODQHWHQ]XHLQHPVROFKHQJHPDFKWZRUGHQZDUDOVHLQVGHUH[NOXVLYVWHQDXI5XSSHW EHUKDXSW .HLQH )UDJH GD DXFK GHU &DUVXDOVFKH %XQG GLH =*8 XQG GDV ,PSHULXP 'DEULID LKUH %RWVFKDIWHQ LQ +RFKKlXVHUQ LQ GLHVHP 6(.725 XQWHUKLHOWHQ VLH ZRKQWHQ SUDNWLVFK7UDQ7UZlKUHQGHLQLJHZHQLJHDQGHUHJDODNWLVFKH9|ONHUGLH*DWDVHUXQG 6ZRRQV HWZD ZHVHQWOLFK EHVFKHLGHQHUH 9HUWUHWXQJHQ LQ 9LOOHQ XQWHUKLHOWHQ 8QG %ULGJHW ZDU QDWUOLFK EHNDQQW GD DXFK GLH DQGHUHQ JURHQ 9HUWUHWXQJHQ LQ LKUHQ %RWVFKDIWHQ 6SLRQDJH]HQWUHQEHVDHQLQGHQHQVLHLKUH$NWLYLWlWHQDXI5XSSHWNRRUGLQLHUWHQ $OV VLH VLFK ZLHGHU YRP )HQVWHU DEZDQGWH HUKDVFKWH VLH GLH 5HIOH[LRQ LKUHV *HVLFKWV DXI GHP*ODV6LHWUXJGLH+DDUHJDQ]NXU]JHVFKQLWWHQ-HW]WZlKUHQGHLQHV(LQVDW]HVZLHVHQ VLHLKUHQDWUOLFKHGXQNHOEORQGHLQV+HOOEUDXQHJHKHQGH)lUEXQJDXI]ZLVFKHQ$XIWUlJHQ

RGHU LQ LKUHU )UHL]HLW WUXJ VLH GLH +DDUH JHUQ EXQW JHVSUD\W 0LW LKUHU 1DVH ZDU VLH QLFKW ]XIULHGHQ VLH ZDU GHU $QVLFKW VLH KDEH HLQHQ +DNHQ ZHQQ DXFK QXU HLQHQ JDQ] OHLFKWHQ ,PPHUKLQ ZDU VLH ]LHUOLFK ZLH HV LKUHP JHVDPWHQ .|USHUEDX HQWVSUDFK %ULGJHW ZDU QXU HLQHQ 0HWHU XQG IQIXQGIQI]LJ JUR XQG EUDFKWH NQDSS VLHEHQXQGYLHU]LJ .LOR DXI GLH :DDJH:HUVLHGHVKDOEXQWHUVFKlW]WHZXUGHLP%HGDUIVIDOOVFKQHOOHLQHV%HVVHUHQEHOHKUW 6LH ZDU LQ ]DKOUHLFKHQ .DPSIVSRUW DUWHQ DXVJHELOGHW XQG ]XPLQGHVW EHVFKHLQLJWH LKUH 3HUVRQDODNWH LKU GLHV HLQH HQHUJLVFKH 3HUV|QOLFKNHLW GLH PDQFKPDO HWZDV ]X EHVWLPPHQG XQGEHKDUUOLFKXQG]XZHQLJGLSORPDWLVFKZDU ª'DV LVW GDV *HOWXQJVEHGUIQLV QLFKW JHUDGH EHVRQGHUV JUR JHZDFKVHQHU 0HQVFKHQ© ]RJ LKU)KUXQJVRIIL]LHUVLHJHUQXQGUHJHOPlLJDXI0DQFKH.ROOHJHQQDQQWHQVLHQLFKWPDO]X LKUHP/HLGZHVHQKLQWHULKUHP5FNHQRGHUDXFKJDQ]RIIHQª+DNHQQDVH©'HUHLQ]LJHGHU HV HLQPDO JHZDJW KDWWH VLH DOV ª*LIW]ZHUJ© XQG ªODXIHQGHU 0HWHU© ]X EH]HLFKQHQ KDWWH GLHVHQ $XVGUXFN QLH ZLHGHU LQ GHQ 0XQG JHQRPPHQ QDFKGHP HU DXI GHU .UDQNHQVWDWLRQ HUZDFKWZDUXQG6WHLQXQG%HLQVFKZRUHUVHLYRQHLQHPZHVHQWOLFK]XNOHLQXQG]XVFKPDO JHUDWHQHQ=ZHUJKDOXWHUXPJHUDQQWZRUGHQ 'LH 7U ZXUGH JH|IIQHW XQG LKU )KUXQJVRIIL]LHU EHWUDW DOV OHW]WHU 7HLOQHKPHU GHU (LQVDW]EHVSUHFKXQJGHQ5DXP(UZDUKRFKJHZDFKVHQVFKODQNXQGKDWWHGXQNOHV+DDU=XU =HLW lKQHOWH HU LP $XVVHKHQ HLQ ZHQLJ LKUHP REHUVWHQ &KHI *DOEUDLWK 'HLJKWRQ GRFK GDV NRQQWH VLFK VFKRQ EDOG ZLH GHU lQGHUQ .D(LQV EHYRU]XJWH HV VHLQ bXHUHV PHKU RGHU ZHQLJHUUHJHOPlLJRSHUDWLYYHUlQGHUQ]XODVVHQ ª(QWVFKXOGLJHQ6LHGLH9HUVSlWXQJ,FKKDEHJHUDGHPLW7HUUDQLDJHVSURFKHQ3HUU\5KRGDQV )OXJ YHUOlXIW SODQPlLJ 'LH :85,8 6(1*8 NUHX]W EHUHLWV LQ 7XFDQL XQG ZLUG GHQ .XJHOVWHUQKDXIHQ EDOG ZLHGHU YHUODVVHQ© VDJWH HU QDKP 3ODW] XQG NDP GDQQ VRIRUW ]XU 6DFKHª(VJLEW6FKZLHULJNHLWHQ"© ª'LH $NWLRQ ZDU NHLQ YROOHU (UIROJ .D(LQV© EHVWlWLJWH VLH LKUHP 9RUJHVHW]WHQ ª8U[ 0R[LYDKLHOWVLFKLP=LHOREMHNWDXIXQGNRQQWHIOLHKHQ©7URW]LJVFKREVLHLKUHQ.RSIYRU ª%HLVHLQHUhEHUZDFKXQJPXHLQ)HKOHUXQWHUODXIHQVHLQ© ª'HQ 6LH QLFKW ]X YHUDQWZRUWHQ KDEHQ© EHVWlWLJWH .D(LQV LKUH XQWHUVFKZHOOLJH 5HFKWIHUWLJXQJª.DQQHUHLQHQ7UDQVPLWWHUEHQXW]WKDEHQ"© 'HU IU GLH RUWXQJVWHFKQLVFKH hEHUZDFKXQJ ]XVWlQGLJH 6KHXUHQ VFKWWHOWH GHQ .RSI :DU GLH +DNHQQDVH IU GHQ ODQJZHLOLJHQ 'XUFKVFKQLWW HWZDV ]X NXU] JHUDWHQ VWHOOWH HU GDV JHQDXH *HJHQWHLO GDU (U ZDU JUR XQG VR VFKODQN GD HLQ XQYRUHLQJHQRPPHQHU %HREDFKWHUEHIUFKWHQNRQQWHHUZUGH]HUEUHFKHQZHQQHUVLFKDOO]XUDVFKEHZHJWH'LH EHLGHQ DUEHLWHWHQ VHKU KlXILJ ]XVDPPHQ XQG PDQ PXQNHOWH GD 6KHXUHQ HV GDUDXI DEJHVHKHQ KDWWH QLFKW YRQ %ULGJHW 0lUFKWHKQ JHWUHQQW ]X ZHUGHQ XQG GHVKDOE %HI|UGHUXQJHQ RGHU 9HUVHW]XQJHQ JH]LHOW WRUSHGLHUWH $QGHUHUVHLWV ZDU HU HLQ 0DQQ GHU NHLQ%ODWWYRUGHQ0XQGQDKP6HLQHQOHW]WHQ%HI|UGHUXQJVVWRSKDWWHHUVLFKHLQJHIDQJHQ DOVHUHLQHPVHLQHU0HLQXQJQDFKQLFKWEHVRQGHUVIlKLJHQ9RUJHVHW]WHQXQWHUVWHOOWKDWWHHU VHL LPVWDQGH DXV ([NUHPHQWHQ HU KDWWH HLQ ZHVHQWOLFK XQIHLQHUHV :RUW EHQXW]W ª)ULNDGHOOHQ ]X PDFKHQ© ZDV JOHLFK]HLWLJ DXI VHLQH 9RUOLHEH IU GLH HLQIDFKH DEHU NODVVLVFKHWHUUDQLVFKH.FKHKLQZLHV ª :LU KDEHQ NHLQHUOHL (PLVVLRQHQ IHVWJHVWHOOW© VDJWH HU QXQ ª$XFK HLQ 'HIOHNWRUVFKLUP VFKHLGHWDXV:LUKlWWHQHVDXIMHGHQ)DOODQJHPHVVHQ© ª$XHUGHPKDEHQZLULP=LHOREMHNWNHLQHQ7UDQVPLWWHUJHIXQGHQ©IJWH%ULGJHWKLQ]X ª6LQG6LHVLFKHUGDHVVLFKEHLGHP)OFKWLJHQXP8U[0R[LYDJHKDQGHOWKDW"©IUDJWH.D (LQVVHLQH$JHQWLQ %ULGJHW]XFNWHPLWGHQ$FKVHOQª(UKDWVLFKQLFKWDXVJHZLHVHQ©VDJWHVLHDXIGLHLKUHLJHQH VFKQLSSLVFKH $UW ª,FK KDEH HLQH EHU ]ZHL 0HWHU JURH VHKU KDJHUH XQG IHLQJOLHGULJH *HVWDOWPLWIDVWIDUEORVHU+DXWDXVJHPDFKWGLHGDV=LHOREMHNWIOXFKWDUWLJYHUOLHXQGN|QQWH EHVFKZ|UHQ GD HV HLQ $UD ZDU 8QVHUHV :LVVHQV LVW 8U[0R[LYD ]XU =HLW GHU HLQ]LJH 9HUWUHWHU GLHVHU 6SH]LHV DXI 5XSSHW 8QG HU DUEHLWHW IU GDV ,PSHULXP 'DEULID XQG KDW

HQWVFKHLGHQGHQ $QWHLO DQ GHUHQ 2SHUDWLRQ 'DV VLQG PLU HLQLJH =XIlOOH ]XYLHO :HQQ VHLQH hEHUZDFKXQJIXQNWLRQLHUWKlWWH© ª'LH$XI]HLFKQXQJVJHUlWHKDEHQLKQQLFKWHUIDW©ZDUI6KHXUHQHLQZRPLWHUHLQHUVHLWVGLH QlFKVWH )UDJH GHV )KUXQJVRIIL]LHUV YRUZHJQDKP XQG DQGHUHUVHLWV YHUKLQGHUWH GD VHLQH .ROOHJLQ HUQHXW DXI GHP OHLGLJHQ 7KHPD KHU XPULWW ª%ULGJHW KDW GHQ 5DXP DOV HUVWH EHWUHWHQ$XHULKUKDWLKQNHLQHUJHVHKHQ© ª6HLQHhEHUZDFKXQJKDWIXQNWLRQLHUW©PHOGHWH1HUJH1DXVLFK]X:RUW'HUHWZDVHFK]LJ -DKUHDOWHXQGHLJHQWOLFKYLHO]XIUKHUJUDXWHHWZDVVFKZHUIlOOLJZLUNHQGH.ROOHJHZDUIU GLH 2EVHUYDWLRQ GHU *HJHQVHLWH YHUDQWZRUWOLFK ª(U LVW QLFKW LQ GHU 1lKH GHV =LHOREMHNWV DXVJHPDFKW ZRUGHQ 'DIU OHJH LFK PHLQH +DQG LQ GHQ .RQYHUWHU $OOHUGLQJV© JHVWDQG HU HLQEHYRUPDQLKQGDUDXIDQVSUHFKHQNRQQWHªKDEHQPHLQH/HXWHLKQNQDSSHLQH6WXQGHYRU %HJLQQGHU$NWLRQDXVGHQ$XJHQYHUORUHQ© ª+DW HU EHPHUNW GD HU EHVFKDWWHW ZXUGH"© IUDJWH .D(LQV 1DX VFKWWHOWH GHQ .RSI XQG YHUGUHKWH GLH $XJHQ ª(LQ 9HUNHKUVVWDX© VDJWH HU ª(U KDW HLQH $PSHO JHVFKDIIW XQVHUH /HXWHQLFKWPHKU'DQDFKJLQJQLFKWVPHKU6LHKlQJHQQRFKLPPHUIHVW(LQH$XVZLUNXQJ GHUYRQ.ROOHJLQ0lUFKWHKQV$EWHLOXQJLQV]HQLHUWHQXQJHQHKPLJWHQ'HPRQVWUDWLRQ©NRQQWH HUVLFKHLQHQNOHLQHQ6HLWHQKLHEQLFKWYHUNQHLIHQ )U 5XSSHW HLQ JDQ] QRUPDOHU 9RUJDQJ EHIDQG %ULGJHW DOOHUGLQJV *HJHQ GLH DEVROXW FKDRWLVFKHQ 9HUNHKUVYHUKlOWQLVVH DXI GHP 3ODQHWHQ ZDUHQ DOOH PDFKWORV 6LH ZUGHQ VLFK ZRKOQLHPDOVDQGLHVH=XVWlQGHJHZ|KQHQN|QQHQZlKUHQGVLHIUGLH5XSSHWHUQDWXUJHPl Y|OOLJDOOWlJOLFKZDUHQ ª:LH GHP DXFK VHL© ULHI .D(LQV VLH ]XU 2UGQXQJ XQG EHHQGHWH GDPLW GHQ NOHLQHQ =ZLVW XQWHUGHQ.ROOHJHQªGDV.LQGLVWLQGHQ%UXQQHQJHIDOOHQ:DVQXQ"© ª'HU]HLWOLFKH5DKPHQLVWYRUJHJHEHQ©VDJWH6KHXUHQ ª1DFK5KRGDQV$EIOXJNDQQ8U[0R[LYDVRODXW=HWHUXQG0RUGLRVFKUHLHQZLHHUZLOO(U ZLUGHVDEHUQLFKWWXQ'DQQPWHGDV,PSHULXP'DEULIDQlPOLFKHLQJHVWHKHQDXI5XSSHW HLQHYHUGHFNWH$NWLRQGXUFKJHIKUW]XKDEHQXQGGLH5XSSHWHUYHUVWHKHQLQGLHVHU+LQVLFKW NHLQHQ6SD'LH'HOHJDWLRQPWHPLWGHU$XVZHLVXQJUHFKQHQ*DQ]DEJHVHKHQYRQGHP JDODNWRSROLWLVFKHQ 6NDQGDO GD GDV ,PSHULXP 'DEULID WDWVlFKOLFK YHUVXFKW KDW GHQ *URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPV]XHUPRUGHQ© .D(LQV QLFNWH $Q GLHVH XQJHVFKULHEHQHQ *HVHW]H KLHOWHQ VLFK VlPWOLFKH $EZHKUGLHQVWH $OOH XQWHUQDKPHQ VROFKH $NWLRQHQ XQG GLH 'LHQVWH DOOHU DQGHUHQ 5HLFKH ZXWHQ GDYRQ QXUHUZLVFKHQODVVHQGXUIWHPDQVLFKQLFKW ª,FK VHKH HV lKQOLFK 'DV HLQ]LJH 3UREOHP VLQG GLH QlFKVWHQ© HU VFKDXWH DXI GDV &KURQRPHWHUªJXWGUHLLJ6WXQGHQ© ª8U[0R[LYDZLUGYHUVXFKHQVHLQH.ROOHJHQ]XZDUQHQ©VDJWH1HUJH1DX ª'DYRQN|QQHQZLUDXVJHKHQ©JDE%ULGJHWLKPUHFKWª'LH*HJHQVHLWHZHLOlQJVWGDVLH LKUHQ 3ODQ QLFKW ZLH YRUJHVHKHQ GXUFK]LHKHQ NDQQ XQG LKUH $NWLRQ LQ K|FKVWHP 0D JHIlKUGHW LVW 6LH ZHL DOOHUGLQJV QLFKW JHQDX ZDV LQ GHP /DERU JHVFKHKHQ LVW $EHU IU MHGZHGH.RUUHNWXUHQLVWHV]XVSlW6LHNDQQQXUGDUDXIKRIIHQGDGHU$WWHQWlWHUVHLQ=LHO HUUHLFKW XQG ZLUG VLFK GDUDXI EHVFKUlQNHQ DOOH 6SXUHQ ]X YHUZLVFKHQ IDOOV HU GRFK VFKHLWHUQXQGHUJULIIHQZHUGHQVROOWH6RJHVHKHQLVWGLH$QZHVHQKHLWXQG)OXFKWGHV$UDV NHLQ%HLQEUXFK© ª=XPDOZLUVHLW%HJLQQGHU$NWLRQGLH)UHTXHQ]VW|UHQDXIGHUGHU)XQNYHUNHKU]ZLVFKHQ GHU 'DEULID(LQVDW]]HQWUDOH XQG LKUHQ $XHQDJHQWHQ DEJHZLFNHOW ZLUG© ZDUI 6KHXUHQ HLQ ª'DV ELHWHW ]ZDU NHLQH DEVROXWH 6LFKHUKHLW DEHU ]XPLQGHVW $QOD ]XU +RIIQXQJ GD 8U[ 0R[LYD QLFKW HLQIDFK HLQHQ )XQNVSUXFK DEVWUDKOHQ NDQQ 1XU GLHVH )UHTXHQ] LVW JHVLFKHUW DXI DOOHQ DQGHUHQ N|QQWH MHGHU PLWK|UHQ XQG GDV LVW GHP $UD ]X ULVNDQW (U ZLUG HV ]XPLQGHVW QLFKW ZDJHQ LQV 'HWDLO ]X JHKHQ $EHU GX YHUJLW XQVHUHQ 0DXOZXUI© IJWH HU KLQ]X ª(U EHILQGHW VLFK DQ YRUGHUVWHU )URQW XQG LVW EHU GDV *HVFKHKHQ YROOVWlQGLJ LQIRUPLHUW©

ª5RGULN KDW GLH 6LFKHUKHLWVVWXIH HLQV DXVJHO|VW© KLHOW %ULGJHW GDJHJHQ ª(V GUIWH GHP 0DXOZXUI VFKZHUIDOOHQ VLFK XQWHU GLHVHQ 8PVWlQGHQ DQ XQV RGHU GLH 'DEULID $EZHKU ]X ZHQGHQIUGLHHUHEHQIDOOVWlWLJLVW© ª*HUDGH GLHVH 8PVWlQGH HUOHLFKWHUQ HV LKP .RQWDNW PLW VHLQHQ $XIWUDJJHEHUQ DXI]XQHKPHQ© ZLGHUVSUDFK 6KHXUHQ ª'LH *HJHQVHLWH ZLUG YHUVXFKHQ ]X UHWWHQ ZDV ]X UHWWHQ LVW© VDJWH .D(LQV ª6LH PX DNWLY ZHUGHQ XQG DOOHV GDUDQVHW]HQ GHQ XUVSUQJOLFK YRQ LKU KHUEHLJHIKUWHQ =XVWDQG ZLHGHUKHU]XVWHOOHQ 'DV LVW XQVHUH &KDQFH :LU KDEHQ JHQDXH .HQQWQLVVH EHU 6WUXNWXU XQG 9RUJHKHQVZHLVH GHU JHJQHULVFKHQ 2UJDQLVDWLRQ 1DX 6LH YHUVWlUNHQ GLH hEHUZDFKXQJ GHU IHLQGOLFKHQ $JHQWHQ XQG VHW]HQ DOOHV GDUDQ MHGH .RUQPXQLNDWLRQ ]ZLVFKHQ LKQHQ GHP 0DXOZXUI XQG 8U[0R[LYD ]X YHUKLQGHUQ 6KHXUHQ 6LH XQG ,KUH /HXWH KDOWHQ GHQ 0DXOZXUI XQWHU %HREDFKWXQJ XQG YHUVXFKHQ GHQ $UD ]X ILQGHQ9HUKLQGHUQ6LHXQWHUDOOHQ8PVWlQGHQGDGHU0DXOZXUIXQG8U[0R[LYD.RQWDNW PLW'DEULID$JHQWHQDXIQHKPHQ© ª8QGZDVZHQQZLU8U[0R[LYDILQGHQ"© %ULGJHW 0lUFKWHKQ EHGDFKWH LKQ PLW HLQHP VWUDKOHQGHQ /lFKHOQ ª0HLQ /LHEHU GDQQ OLTXLGLHUVWGXLKQNXU]XQGVFKPHU]ORV9HUGLHQWKDWHUHVDOOHPDO© (UOLHVLFKYRQGHU0HQJHWUHLEHQEHPKWHVLFKHLQHUVHLWVVRXQDXIIlOOLJZLHP|JOLFK]X ZLUNHQ XQG DQGHUHUVHLWV IHVW]XVWHOOHQ RE HU YHUIROJW ZXUGH $XV LUJHQGHLQHP *UXQG WDW HU GLHV JDQ] DXWRPDWLVFK DOV ZlUH HV LKP LQ )OHLVFK XQG %OXW EHUJHJDQJHQ DOV ZLGPHWH HU VHLQHU8PJHEXQJVWHWVPHKU$XIPHUNVDPNHLWDOVHLQ1RUPDOVWHUEOLFKHUHVWDW$EHUHVEOLHE EHL GHP 9HUVXFK HU NRQQWH VLFK QLFKW GDUDXI NRQ]HQWULHUHQ 6HLQH *HGDQNHQ JDOWHQ HWZDV JDQ]DQGHUHP3HUU\5KRGDQW|WHQ 6HLQHUPHKUDOVQXUPHUNZUGLJHQ6LWXDWLRQ %HLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (UUHNDSLWXOLHUWH]XPIQI]LJVWHQ0DOLQJHQDXVRYLHOHQ0LQXWHQRKQHDXFKQXUHLQHQ6FKULWW ZHLWHUJHNRPPHQ]XVHLQ(UZXWHZRHUZDU,Q6(.725,YRQ5XSSHW&LW\(UKDWWHLKQ VRHEHQYHUODVVHQKLHOWVLFKQXQLPEHQDFKEDUWHQ6(.725DXI(UNDQQWHVLFKDOVRKLHUDXV GLH6WDGWZDULKPYHUWUDXW $EHUHUZXWHQLFKWZHUHUZDU(UNDQQWHVHLQHQ1DPHQQLFKWHUZXWHQLFKWREHU YHUKHLUDWHWZDUZLHYLHOH.LQGHUHUKDWWHZRPLWHUVLFKVHLQHQ/HEHQVXQWHUKDOWYHUGLHQWHZR HUZRKQWH$OOHSHUV|QOLFKHQ'DWHQVFKLHQHQDXVVHLQHP*HGlFKWQLVJHO|VFKWZRUGHQ]XVHLQ 2GHUKDWWHHVVROFKH'DWHQQLHJHJHEHQ"1LFKWHLQPDOGDVZDULKPEHNDQQW (UNQLIIGLH/LGHU]XVDPPHQDOVVLFKHLQHZHLWHUH:HOOHYRQ.RSIVFKPHU]HQDQNQGLJWH(V EHJDQQVWHWVPLWHLQHPVFKZDFKHQ3RFKHQLUJHQGZRLQVHLQHP+LQWHUNRSIGDVGDQQVFKQHOO DQ6WlUNHXQG,QWHQVLWlWJHZDQQXQGVLFKDXVGHKQWHELVHVVHLQH$XJHQHUUHLFKWHXQGHU JODXEWHDOOHVGRSSHOW]XVHKHQ :DUHUYHUOHW]WZRUGHQ"+DWWHHUHLQHQ6FKODJDXIGHQ.RSIDEEHNRPPHQ"(LQHQ6FKRFN HUOLWWHQ":DUVHLQHSDUWLHOOH$PQHVLH)ROJHHLQHV8QIDOOV":DVZDUJHVFKHKHQ" 'LH$QWZRUWEOLHEGLHJOHLFKH(UZXWHHVQLFKW :DVZXWHHU" 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ 'LH.RSIVFKPHU]HQOLHHQDOOPlKOLFKZLHGHUQDFK (U ZDU LUJHQGZR ]X VLFK JHNRPPHQ KDWWH HLQH 6LQJOHEDU EHWUHWHQ DXWRPDWLVFK HLQ VHKU WHXUHV *HWUlQN EHVWHOOW JHUDGH QRFK VR YLHOH 5XGLJD EHL VLFK JHKDEW GD HU VHLQH =HFK EH]DKOHQNRQQWHVRQVWDEHUQLFKWVZLHHUPLWWOHUZHLOHIHVWJHVWHOOWKDWWH'LH%ULHIWDVFKHZDU ELV DXI GLH *HOGVFKHLQ OHHU JHZHVHQ KDWWH ZHGHU HLQH ,GHQWLFDUG QRFK DQGHUH 'RNXPHQWH HQWKDOWHQ(UWUXJQLFKWVEHLVLFKZDVLKP]XHLQHU,GHQWLIL]LHUXQJYHUKHOIHQNRQQWHHUKDWWH VLFK DX HLQHU |IIHQWOLFKHQ 7RLOHWWH LQ HLQHU .DELQH HLQJHVFKORVVHQ XQG ELV DXI GLH +DXW DXVJH]RJHQ VHLQHQ .|USHU DEJHVXFKW (U KDWWH DXI 7lWRZLHUXQJHQ JHKRIIW DEHU QXU EHUGXUFKVFKQLWWOLFK YLHOH 1DUEHQ HQWGHFNW XQG DQVRQVWHQ IHVWJHVWHOOW GD HU ]ZDU

GXUFKWUDLQLHUW XQG DWKOHWLVFK ZDU NHLQ*UDPP)HWWDP/HLE]XYLHOKDWWHDEHUQLFKWJHUDGH DXIIlOOLJPXVNXO|VZDU 'DQQKDWWHHUVLFKVHLQH.OHLGXQJYRUJHQRPPHQ)HVWJHVWHOOWKDWWHHUOHGLJOLFKGDVLHYRQ H[TXLVLWHU 4XDOLWlW XQG GHPHQWVSUHFKHQG NRVWVSLHOLJ ZDU DEHU QLFKW GHQ JHULQJVWHQ )LQJHU]HLJDXILKUH+HUVWHOOXQJERW6LHZDUPDJHVFKQHLGHUWXQGLKPZDUDXIJHIDOOHQGD PDQ HLQ (WLNHWW HQWIHUQW KDWWH (U NRQQWH DOOHUGLQJV QLFKW VDJHQ RE GLHV URXWLQHPlLJ JHVFKHKHQZDURGHUPDQDXIGLHVH:HLVHYHUKLQGHUQZROOWHGDHUGHQ6FKQHLGHUDXIVSUHQ XQGVR+LQZHLVHDXIVHLQH,GHQWLWlWEHNRPPHQNRQQWH .DXPKDWWHHUGLH7RLOHWWHZLHGHUYHUODVVHQDOVHUEHUGLHZLHVHOEVWYHUVWlQGOLFKH0HWKRGLN JHVWDXQW KDWWH PLW GHU HU YRUJHJDQJHQ ZDU 6HLQH )lKLJNHLW ]XP DQDO\WLVFKHQ ORJLVFKHQ 'HQNHQ ZDU JHVFKlUIW XQG GDV ZDU GLH HUVWH HFKWH XQG UHOHYDQWH ,QIRUPDWLRQ EHU VHLQH 3HUVRQGLHLKPYLHOOHLFKWZHLWHUKDOI $QVRQVWHQ /HHUH 1XU HLQV GUlQJWH VLFK LPPHU ZLHGHU LQ GHQ 9RUGHUJUXQG VHLQHV (PSILQGHQV REZRKO HU QLFKW GDUXP JHEHWHQ KDWWH XQG DXFK QLFKW UHFKW HWZDV GDPLW DQ]XIDQJHQZXWH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (UZXWHZHU3HUU\5KRGDQZDUGHU*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPV(LQ6FKLII GHU ([SORUHU)ORWWH GLHVHV 0DFKWJHIJHV KDWWH 5XSSHW ZLHGHUHQWGHFNW EHU IQIHLQKDOE -DKUKXQGHUWH QDFKGHP %HZRKQHU GLHVHV 5HLFKV DXIJHEURFKHQ ZDUHQ GLHVH .RORQLH JHJUQGHWKDWWHQGDQDFKLQ9HUJHVVHQKHLWJHUDWHQZDUHQXQGVLFKRKQH%HHLQIOXVVXQJYRQ DXHQ KDWWHQ HQWZLFNHOQ N|QQHQ GHP *URHQ 5XSSHW VHL V JHGDQNW .XU] QDFK GLHVHU %HJHEHQKHLW ZDUHQ DXFK DQGHUH JDODNWLVFKH 5HLFKH YRUVWHOOLJ JHZRUGHQ GLH HLQ ,QWHUHVVH KDWWHQ GD GLH HLJHQWOLFK Y|OOLJ XQEHGHXWHQGH :HOW VLFK LKQHQ DQVFKOR ,PPHUKLQ ZDU 5XSSHW]XPLQGHVWQDFKGHPDNWXHOOHQ:LVVHQVVWDQGGLHHLQ]LJH:HOWLPZHLWHQ8PIHOG GHV5DXPVHNWRUV7XFDQLGLHYRQ0HQVFKHQDEN|PPOLQJHQEHVLHGHOWZDU:HUVLHVHLQHP 0DFKWJHIJH DQVFKOLHHQ NRQQWH EHKHUUVFKWH DXWRPDWLVFK GHQ .XJHOVWHUQKDXIHQ RGHU YHUIJWH]XPLQGHVWEHUHLQH%DVLVXPGHQ$QVSUXFKDOOHUDQGHUHQ.RQNXUUHQWHQZLUNVDP ]XUFN]XZHLVHQ $OOHUGLQJVYHUVSUWHGLH0HKU]DKOGHU5XSSHWHUQRFKQLFKWGDVJHULQJVWH,QWHUHVVHGDUDQ VLFK HLQHP 0DFKWEORFN DQ]XVFKOLHHQ GHU QLFKW EHUHLW ZDU GLH UHOLJL|VH hEHU]HXJXQJ GHU 5XSSHWHU]XEHUQHKPHQ6FKOLHOLFKKDWWHQLKUHUDOOHU9RUIDKUHQGDVGDPDOLJH(LQIOXJHELHW GHU0HQVFKKHLWYHUODVVHQXPGDV*HERW*HKHWKLQXQGYHUPHKUHWHXFK]XYHUZLUNOLFKHQ (UZXWHZRGHU5DXPKDIHQODJZHLWHQWIHUQWJDQ]DP(QGHYRQ5XSSHW&LW\(LQHUVHLWV ZDU GLHVHU 6WDQGRUW JHZlKOW ZRUGHQ XP GHQ *URWHLO GHU 6WDGW YRQ GHP /lUP ]X YHUVFKRQHQGHUEHLGHU/DQGXQJXQGGHP6WDUWYRQ5DXPVFKLIIHQHLQHU*U|HHQWVWDQGGLH GHQ 5XSSHWHUQ QRFK LPPHU VFKOLFKW DOV ZXQGHUVDP YRUNDP $QGHUHUVHLWV KDWWH GLH ,QIUDVWUXNWXU GHU 6WDGW JDU NHLQH DQGHUH 0|JOLFKNHLW ]XJHODVVHQ XQG GULWWHQV XQG GDV ZDU GHUDXVVFKODJJHEHQGH)DNWRUJHZHVHQDXFKZHQQHUQLFKWZXWHZLHVRHUGLHVZXWHKDWWH GLHGDPDOLJH5HJLHUXQJJDUNHLQHDQGHUH0|JOLFKNHLWJHKDEWDOVVLFKIUGLHVHQ6WDQGRUW]X HQWVFKHLGHQ 'DPDOV DOV GLH (QWVFKHLGXQJ DQVWDQG HLQHQ 5DXPKDIHQ ]X HUEDXHQ ZDUHQ JHUDGH VlPWOLFKH *HElXGH GLHVHV 6(.7256 DEJHULVVHQ ZRUGHQ XP :RKQEORFNV ]X HUULFKWHQ GLH GRSSHOW VR KRFK ZDUHQ ZLH GLH GLH VLFK ]X GLHVHP =HLWSXQNW GRUW EHIDQGHQ NHLQDQGHUHV*HOlQGHKDWWH]XU9HUIJXQJJHVWDQGHQ 'LH%HZRKQHUGLHVHV6(.7257HLOVZDUHQNXU]HUKDQGDXI DQGHUH6(.725(1YHUWHLOWZRUGHQ (U ZXWH HU KlWWH GHQ 5DXPKDIHQ PLW GHU 6XPPH LQ VHLQHU %ULHIWDVFKH EHTXHP PLW |IIHQWOLFKHQ 9HUNHKUVPLWWHOQ HUUHLFKHQ N|QQHQ KlWWH HU VLFK LQ GHU 6LQJOHEDU QLFKW GDV WHXHUVWH *HWUlQN DXI GHU .DUWH EHVWHOOW 'LH 4XDOLWlW VHLQHU .OHLGXQJ XQG VHLQH .RQVXPJHZRKQKHLWHQYHUULHWHQLKPGDHUQRUPDOHUZHLVHQLFKWGDUDXIDFKWHQPXWHZLH YLHO5XGLJDHUDXVJDE

8QGHUZXWHGD3HUU\5KRGDQDPPRUJLJHQ7DJXP]Z|OI8KUPLWWDJVPLWVHLQHP6FKLII DXIGHP5DXPKDIHQODQGHQXQGGLHRIIL]LHOOH%HJUXQJXQPLWWHOEDUGDUDXI VWDWWILQGHQZUGH $EHULKPSDWHJDUQLFKWGHUOHW]WHRGHUYLHOPHKUHUVWH%HVWDQGWHLOGHU*HGDQNHQGLHLKP VWlQGLJGXUFKGHQ.RSI JLQJHQ 3HUU\5KRGDQW|WHQ 0LW(UVFKUHFNHQKDWWHHUIHVWJHVWHOOWGDLKPGHU*HGDQNHHLQHQ0HQVFKHQ]XW|WHQQLFKW IUHPG VRQGHUQ YHUWUDXWHU ZDU DOV LKP OLHE VHLQ NRQQWH (U KHJWH QLFKW GHQ JHULQJVWHQ =ZHLIHO GDUDQ VFKRQ HLQPDO |IWHU VHOEVW JHW|WHW RGHU GHQ 7RG DQGHUHU 0HQVFKHQ DQJHRUGQHW RGHU ]XPLQGHVW JHELOOLJW ]X KDEHQ 8QG VRVHKU HU LQ VLFK KLQHLQKRUFKWH HU HPSIDQGNHLQ(QWVHW]HQGDUEHU 8QGGLHVHU8PVWDQGHUIOOWHLKQQLFKWPDOPLW(QWVHW]HQ :HUZDUHUGDHURKQH%HGDXHUQJHW|WHWKDWWH"8QGEHUHLWZDUZLHGHU]XW|WHQ" 'HQQ HU KDWWH EHUHLWV IHVWJHVWHOOW GD VHLQH DQDO\WLVFKH 'HQNIlKLJNHLW VHKU JXW HQWZLFNHOW ZDU%HVVHUHQWZLFNHOWDOVEHLDQGHUHQ0HQVFKHQRGHU5XSSHWHUQZHOFKH%H]HLFKQXQJDXFK LPPHU PDQ YRU]RJ (U ZDU QLFKW GXPP MHGHQIDOOV QLFKW VR GXPP QLFKW VFKRQ QDFK HLQHU NXU]HQ:HLOHEHPHUNW]XKDEHQGDLKQHWZDVJHUDGH]X]XP5DXPKDIHQWULHE(WZDVGD GLHVHXQQDWUOLFKHQ.RSIVFKPHU]HQLQLKPDXVO|VWHEHLGHQHQMHGHUQHXH$QIDOOVFKOLPPHU ZDUDOVGHUYRUKHULJH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (U VDK HLQ GD HU NHLQH DQGHUH :DKO KDWWH DOV VLFK ]XP 5DXPKDIHQ ]X EHJHEHQ 'DPLW JHVWDQG HU VLFK QRFK ODQJH QLFKW HLQ GD HU EHUHLW ZDU WDWVlFKOLFK HLQ $WWHQWDW DXI GHQ *URDGPLQLVWUDWRU]XXQWHUQHKPHQ$EHUHUZDUEHU]HXJWGDGHU5DXPKDIHQGHU2UWZDU DQGHPHUDPHKHVWHQ$QWZRUWDXIGLHEUHQQHQGH)UDJHHUKDOWHQZUGHGLHLP$XJHQEOLFN VHLQHJHVDPWH([LVWHQ]EHVWLPPWH :HUZDUHU" 8P GLH OHW]WH *HZLKHLW ]X EHNRPPHQ ZDQGWH HU VLFK QRFK HLQPDO JHJHQ GHQ 6WURP GHU 0HQJH'LH.RSIVFKPHU]HQZXUGHQDXJHQEOLFNOLFKVWlUNHU (UGUHKWHVLFKXPXQGOLHVLFKWUHLEHQ'DV3RFKHQ]ZLVFKHQVHLQHQ$XJHQOLHQDFK (U KDWWH GHQ 5DQG GHV 6(.7256 HUUHLFKW 9RU LKP JDEHOWH VLFK GLH EUHLWH 'XUFKJDQJVVWUDH(UNRQQWHVLFKHQWVFKHLGHQREHUVLFKQXQLQ5LFKWXQJ6(.725RGHU ZHQGHQZROOWH(UHQWVFKLHGVLFKIUGHQOHW]WHUHQEHL6(.725KDQGHOWHHVVLFKXP GDV'LSORPDWHQYLHUWHOXQGGRUWZDUGLHhEHUZDFKXQJGXUFKGLH6LFKHUKHLWVNUlIWHZHVHQWOLFK VRUJIlOWLJHU XQG JHQDXHU DOV LQ GHP EHQDFKEDUWHQ :RKQVHNWRU 'DV %RWVFKDIWVYLHUWHO ZDU HLJHQWOLFKVRHWZDVZLHHLQHJUQH2DVHLQYHUKlOWQLVPlLJHU1lKHGHUKLVWRULVFKHQ$OWVWDGW YRQ 5XSSHW &LW\ XQG GHU ULQJI|UPLJ GDUXP DQJHRUGQHWHQ *HVFKlIWV6(.725(1 ELV 'RUWZUGHHUVFKQHOOHUDXIIDOOHQDOVLQGHQ:RKQVLORVXQGIQIVW|FNLJHQ6WUDHQHEHQHQGHV 6(.7256 (UZXWHQLFKWYLHOEHUVLFKDEHUHUZXWHHLQV(UPXWH]XP5DXPKDIHQNRVWHHVZDVHV ZROOH ,P*HJHQVDW]]XU(UGHEHLGHU/DQGXQG:DVVHUHWZDLP9HUKlOWQLVYRQ]XDXIJHWHLOW VLQG PDFKHQ GLH /DQGPDVVHQ DXI 5XSSHW QXU HOI 3UR]HQW GHU 3ODQHWHQREHUIOlFKH DXV hEHUGLHV ZHLVW 5XSSHW ]DKOUHLFKH WRSRJUDSKLVFKH %HVRQGHUKHLWHQ DXI 'LH /DQGPDVVH EHVWHKW SUDNWLVFK DXV HLQHP HLQ]LJHQ .RQWLQHQW ]DKOUHLFKH ZLQ]LJH ,QVHOQ NDQQ PDQ SUR]HQWXHOO YHUQDFKOlVVLJHQ XQG JHK|UHQ VRZLHVR VHLW -DKUKXQGHUWHQ ]XP 3ULYDWEHVLW] GHU ILQDQ]LHOOHQ(OLWHGHV3ODQHWHQ 'XUFKGLHXQJHZ|KQOLFKVFKQHOOHQXQGVWDUNHQ%HZHJXQJHQ

GHUWHNWRQLVFKHQ3ODWWHQ5XSSHWVNDPHVDXIGHPHLQ]LJHQ.RQWLQHQW]XHLQHUEHWUlFKWOLFKHQ $XIIDOWXQJGLHHLQNUHLVI|UPLJHV*HELUJVPDVVLYHU]HXJWHGHVVHQ*LSIHOHLQH+|KHYRQELV]X IQI]HKQWDXVHQG 0HWHUQ HUUHLFKHQ 'DPLW NRPPHQ JXW VHFK]LJ 3UR]HQW GHU /DQGPDVVH IU HLQH %HVLHGOXQJ QLFKW LQ )UDJH 'LH EHZRKQEDUH )OlFKH GHV 3ODQHWHQ EHVFKUlQNW VLFK DXI HLQHQDOOHUGLQJVPHKUHUHKXQGHUW.LORPHWHUEUHLWHQ6WUHLIHQDQGHU.VWHGHV.RQWLQHQWV $OV GLH 5833(7 PLW NQDSS HLQWDXVHQG .RORQLVWHQ DQ %RUG DXI GHP 3ODQHWHQ ODQGHWH VDK PDQ HLQH P|JOLFKH hEHUY|ONHUXQJ OHGLJOLFK DOV HLQH NDXP YRUVWHOOEDUH ([WUDSRODWLRQ GHV NXU] YRU GHP $XVIDOO VWHKHQGHQ %RUGUHFKQHUVDQ 1DWUOLFK ZDU GHU ERGHQVWlQGLJH ,PSXOV QRFKY|OOLJXQEHNDQQW'RFKVHOEVWZHQQPDQLKQKlWWHDQPHVVHQN|QQHQZlUHHLQ6WDUWYRQ 5XSSHW QLFKW PHKU P|JOLFK JHZHVHQ GDV 5DXPVFKLII GHV .RQYHQWLNHOV ZDU VFKOLFKW XQG HLQIDFK QLFKW PHKU IOXJIlKLJ 'DV HUNOlUW DXFK ZLHVR GLH 5XSSHWHU VLFK QLFKW IU HLQHQ DQ /DQGPDVVHQ UHLFKHUHQ 3ODQHWHQ LQ 7XFDQL HQWVFKLHGHQ KDEHQ LKQHQ EOLHE JDU QLFKWV DQGHUHVEULJDOVDXIGHU:HOW]XEOHLEHQDXIGLHVLHPHKURGHUZHQLJHUDEJHVWU]WZDUHQ 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 5XSSHW 3ODQHW $XV]XJ 1HPEDU9HUODJ+'62M 9LQ]HQ]9HUPRO $PSHOVFKRFN 'LH1DFKULFKWNDPLP/RNDOIXQN6(.725XQGOLHQLFKWGHQJHULQJVWHQ=ZHLIHOEULJ ª$PSHOVFKRFN© VFKLPSIWH 9LQ]HQ] 9HUPRO 8QG GDV JXW HLQH 6WXQGH YRU %HJLQQ VHLQHU )DKUVFKLFKW 'DUDQ WUXJ GLHVH YHUSLOOWH XQJHQHKPLJWH 'HPRQVWUDWLRQ LP KLVWRULVFKHQ =HQWUXP GLH 6FKXOG EHU GLH VlPWOLFKH )HUQVHK XQG +|UIXQNVHQGHU XQXQWHUEURFKHQ EHULFKWHWHQ 6LH ZDU XQWHU (LQVDW] YRQ *HZDOW DXIJHO|VW ZRUGHQ XQG GLH DXV 6(. 725 IOLHKHQGHQ 5XSSHWHU KDWWHQ GDV KRFKHPSILQGOLFKH XQG JHQDX DXVEDODQFLHUWH *OHLFKJHZLFKW GHU9HUNHKUVIKUXQJQDFKKDOWLJHUJHVW|UWDOVGDV6\VWHPHVYHUNUDIWHQNRQQWH (UIXKUPLWGHU+DQGGXUFKGHQ%DUWXPGHQ6LW]GHU$WHPPDVNH]XEHUSUIHQGLHHUVWHWV XPJHVFKQDOOW DEHU QLFKW DXIJHVHW]W KDWWH ZHQQ HU %HUHLWVFKDIW KDWWH RGHU ZHQQ VLFK GHU %HJLQQ VHLQHU 6FKLFKW QlKHUWH XQG VSXUWHWH ]XU (LQJDQJVWU GHU JHUlXPLJHQ $QGHUWKDOE =LPPHU:RKQXQJ (UZDUQLFKWGHUHLQ]LJHGHUGLH5XQGIXQNZDUQXQJPLWEHNRPPHQKDWWHXQGDXFKQLFKWGHU VFKQHOOVWH $XI GHP EUHLWHQ .RUULGRU ZLPPHOWH HV YRQ 5XSSHWHUQ GLH DOOHVDPW DXI GLH )DKUVWKOH ]XKLHOWHQ 'HU $QGUDQJ ZDU VR JUR GD HU VLFK QXU PLW NQDSSHU 0KH LQ GLH .DELQH]ZlQJHQNRQQWHXQGGDQDFKGHQ(LQGUXFNKDWWHQLFKWPHKUYHUQQIWLJGXUFKDWPHQ ]XN|QQHQ $OVRPXWHHVZLUNOLFKVHKUHQJVHLQ%LV]XVHLQHUOHW]WHQ%HI|UGHUXQJKDWWHHUPLWVHLQHU )DPLOLH LQ HLQHP YLHUVWHOOLJHQ 6(.725 JHOHEW DOVR LQ HLQHP ZHVHQWOLFK VFKOHFKWHUHQ GD GLFKWHU EHZRKQWHQ 9LHUWHO XQG GLH 0DVVHQ DQ 5XSSHWHUQ GLH VLFK QRUPDOHUZHLVH KLHU GUlQJWHQNRQQWHQLKPQLFKWPDOHLQVFKZDFKHV/lFKHOQDEJHZLQQHQ,P9HUJOHLFK]XUDOWHQ +HLPDWZDUGLHVHU6(.725GLHUHLQVWH/DQGSDUWLH (U KDWWH JDQ] DXWRPDWLVFK ZLH MHGHVPDO ZHQQ HU GDV +DXV YHUOLH HLQHQ GHU )DKUVWKOH JHZlKOWGLHGLUHNW]XUGULWWHQ)DKUEDKQHEHQHIXKUHQ$OVHUGHQ:RKQEORFNYHUOLH EHQ|WLJWHHUHLQHQ$XJHQEOLFNXPVLFK]XRULHQWLHUHQ9RUVRUJOLFKVFKREHUGLH)LOWHUPDVNH KRFKELVVLH0XQGXQG1DVHEHGHFNWHXQGDNWLYLHUWHVLH $XIGHU6WUDHGHUPLWWOHUHQYRQLQVJHVDPWIQIKRUL]RQWDOHQ)DKUVSXUHQVWDQGHQGLH&LW\ )OLW]HUYRUXQGQHEHQHLQDQGHUVRZHLWGDV$XJHUHLFKWHDXIDOOHQIQI3DUDOOHOIDKUEDKQHQ HLQVFKOLHOLFK GHU EHLGHQ 3DUNVSXUHQ GLH GLH $EVFKOHSSZDJHQ HUVW YRU VHFKV 6WXQGHQ JHVlXEHUWKDWWHQ:LHEHLDOOHQ)DKUZHJHQHUVWHU.DWHJRULHLQ6(.725KDQGHOWHHVVLFK XP (LQEDKQVWUDHQ 'LH XQJHUDGHQ (EHQHQ IKUWHQ DXV GHP 6(.725 KLQDXV GLH JHUDGHQ KLQHLQ DEHU GHU 9HUNHKUVIOX NRQQWH YRP 6(.725 /HLWZHUN QDFK %HGDUI JHVWHXHUW ZHUGHQMHQDFKGHPZLHHUVLFKHQWZLFNHOWH

h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lWGHU$XVIDOOVWUDHEORFNLHUHQHLQXQDEVHKEDUHV&KDRVZlUHGLH)ROJH8QGHVJDE LPPHU ZLHGHU 8QYHUEHVVHUOLFKH RGHU DQ )DKU]HXJHQ WUDWHQ 6FKlGHQ DXI XQG VLH EOLHEHQ HLQIDFK OLHJHQ 'HVKDOE SDWURXLOOLHUWHQ EHUHLWV DQGHUWKDOE 6WXQGHQ YRU GHU GUHLPDO WlJOLFK DXIWUHWHQGHQ 5XVKKRXU XQG GDPLW GHP %HJLQQ GHV ]HLWOLFK EHJUHQ]WHQ +DOWHYHUERWV 3ROL]HLIDKU]HXJHGXUFKDOOHEHWURIIHQHQ6WUDHQXQGOLHHQMHGHV)DKU]HXJDEVFKOHSSHQGDV JHJHQGDV*HERWGHU6FKLOGHUYHUVWLH (LQHQ $XJHQEOLFN ODQJ DUEHLWHWH GLH )LOWHUPDVNH YRU 9LQ]HQ] 0XQG XQG 1DVH DXI +RFKWRXUHQ GDQQ KDWWHQ GLH 6HQVRUHQ GLH GHQ *UDG GHU /XIWYHUXQUHLQLJXQJ PDHQ IHVWJHVWHOOWGDGLH:HUWHLP1RUPEHUHLFKODJHQXQGNHLQHXQPLWWHOEDUH*HIDKUGURKWH'DV $UEHLWVJHUlXVFKGHU0DVNHZXUGHJHGlPSIWHUYHUZDQGHOWHVLFKYRQHLQHPKRKHQ6LUUHQLQ HLQGXPSIHV5DVVHOQDOVZUGHGLUHNWYRUVHLQHP0XQGHLQDQGHUHU0HQVFKPLW6PRJKXVWHQ RGHU$VWKPDDXVXQGHLQDWPHQ (VZLUG=HLWGDGXGHQ)LOWHUZHFKVHOVWPDKQWHHUVLFK $XIGHQ%UJHUVWHLJHQZLPPHOWHHVYRQKDVWHQGHQ0HQVFKHQGHUHQ)DKUVFKLFKWJHQDXZLH EHLLKPLQ.U]HEHJDQQXQGGLHQXQLKUH:DJHQVXFKWHQ$EHUHVYHUZXQGHUWHLKQQLFKW GDGLH$WHPPDVNHGLHHLQVWU|PHQGH/XIWPLWKDOEHU.UDIWDXIEHUHLWHQXQGYRQGHQ$EJDVHQ EHIUHLHQ NRQQWH 'LH PHLVWHQ )DKUHU KDWWHQ GLH 0RWRUHQ LKUHU &LW\IOLW]HU DEJHVFKDOWHW XQG GLH)DKU]HXJHNXU]YHUODVVHQXPVLFKGLH%HLQH]XYHUWUHWHQRGHUHLQHQNOHLQHQ3ODXVFKPLW LKUHU$EO|VXQJ]XKDOWHQ 9LQ]HQ]HQWGHFNWHGHQ:DJHQNDXP]ZHLKXQGHUW0HWHUHQWIHUQWHLQJUDXHV.RPSDNWPRGHOO ]ZHLXQGYLHU]LJ.:DEHUHLQ9LHUVLW]HUPLWEHVRQGHUVJURHPXQGIDPLOLHQIUHXQGOLFKHP .RIIHUUDXP XQG PLW DOOHP /X[XV DXVJHVWDWWHW $XFK ZHQQ HU VLFK NDXP YRQ GHQ DQGHUHQ &LW\IOLW]HUQ XQWHUVFKLHG GLH GLH 6WUDH NLORPHWHUZHLW YHUVWRSIWHQ ZDU HU VWRO] DXI LKU )DKU]HXJ -DVKRKDWWHHVDOVRIDVWELVQDFK+DXVHJHVFKDIIWDOVLKQGHU$PSHOVFKRFNHUHLOWH$XFKHU KDWWHGHQ:DJHQYHUODVVHQXQGKLHOWEHUHLWVQDFKGHU$EO|VXQJ$XVVFKDX 6LHEHJUWHQVLFKZLHMHGHQ:HUNWDJPLWNXU]HP+DQGVFKODJ'DVZDUNHLQ$XVGUXFNYRQ )UHXQGVFKDIW VRQGHUQ HKHU HLQHUVHLWV HLQHU GHU (UOHLFKWHUXQJ GDUEHU HV ZLHGHU RKQH =ZLVFKHQIlOOHJHVFKDIIW]XKDEHQXQGDQGHUHUVHLWVGHU%HJOFNZQVFKXQJGD]X6LHZXWHQ JHQDX VLH ZDUHQ DXIHLQDQGHU DQJHZLHVHQ RKQH HLQH )DKUJHPHLQVFKDIW NDP LQ GLHVHP 6(.725NHLQHUPHKUDXVGHUVLFKQRFKHLQHQ5HVWYRQ3ULYDWOHEHQEHZDKUHQZROOWH,QGHQ 5DQG6(.725(1PRFKWHHVYLHOOHLFKWDQJHKHQDEHUKLHUQLFKW ª$OOHVNODU"©IUDJWH9LQ]HQ] ª$OOHV NODU© VDJWH -DVKR XQG QLFNWH EHNUlIWLJHQG 'LHVHV 5LWXDO ZDU NHLQH EORH )ORVNHO VRQGHUQGHU$XVWDXVFKH[LVWHQ]ZLFKWLJHU,QIRUPDWLRQHQ1LFKWDXV]XGHQNHQZDVDXVLKQHQ ZHUGHQ VROOWH ZHQQ LKU )DKU]HXJ OLHJHQEOLHE ª'X PXW WDQNHQ VRQVW VFKDIIW /DVDSR HV PRUJHQ YLHOOHLFKW QLFKW PHKU ELV ]XP %URSDUNKDXV 8QG SUIH YRUVLFKWVKDOEHU GHQ 5HLIHQGUXFNXQGGHQgOVWDQG© ª0DFK LFK© VDJWH 9LQ]HQ] OHLFKW SLNLHUW (U ZDU GRFK NHLQ $QIlQJHU ª6LQG ZHUWYROOH 0LQXWHQ©VDJWHHU -DVKRVFKWWHOWHGHQ.RSIª,FKJODXEHHUEUDXFKWZLUNOLFKgO© ª0LVW©VDJWH9LQ]HQ] ª+DVWGXJHQXJ*HOGGDEHL"©9LQ]HQ]QLFNWH

ª1D JXW +RO GLU GLH 5XGLJD DXV GHU *HPHLQVFKDIWVNDVVH ]XUFN© -HGH )DKUJHPHLQVFKDIW VFKPL IU GLH QRWZHQGLJH :DUWXQJ LKUHV )DKU]HXJV ]XVDPPHQ XQG ELOGHWH 5FNODJHQ IU GLH$QVFKDIIXQJHLQHVQHXHQª$OVRGDQQ©-DVKR]|JHUWHª6HLPLUQLFKWE|VHDEHULFKPX JOHLFK ZHJ 'DEUD ZLOO KHXWH XQEHGLQJW LQV .LQR 6LH VSULFKW VFKRQ VHLW 7DJHQ GDYRQ XQG UHLW PLU GHQ .RSI DE ZHQQ LFK QLFKW SQNWOLFK ]XP (VVHQ NRPPH 6LH KDW PLFK H[WUD ]ZHLPDOLP%URDQJHUXIHQXPPLU]XVDJHQGDGHU%DE\VLWWHUSQNWOLFKNRPPHQZLUG 3HFKGDVPLWGHP$PSHOVFKRFN$XVJHUHFKQHWMHW]WGDGHLQH6FKLFKWDQIlQJW1DYLHOOHLFKW KDVW GX MD *OFN XQG GHU 6WDX O|VW VLFK VFKQHOO ZLHGHU DXI© ª 9LHOOHLFKW© VDJWH 9LQ]HQ] DEZHLVHQG(UEH]ZHLIHOWHHV 'URKWHGHU9HUNHKUDXIJUXQGXQYRUKHUVHKEDUHU6W|UXQJHQZLHGLHVHYHUSLOOWH'HPRQVWUDWLRQ HLQHZDUHQGJOWLJ]XVDPPHQ]XEUHFKHQEOLHEGHP6(.725/HLWZHUNQLFKWVDQGHUHVEULJ DOV VlPWOLFKH $PSHOQ LP 6(.725 DXI 5RW ]X VFKDOWHQ GHP 9HUNHKUVOHLWV\VWHP SUDNWLVFK HLQHQ JH]LHOWHQ 6FKRFN ]X YHUVHW]HQ 'DQDFK NRQQWH HV VFKULWWZHLVH ZLHGHU KRFKJHIDKUHQ ZHUGHQ GRFK HV GDXHUWH VHLQH =HLW ELV GLH FRPSXWHUJHVWHXHUWHQ XQG JHQDX DXIHLQDQGHU DEJHVWLPPWHQ $PSHOVFKDOWXQJHQ ZLHGHU YROOVWl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|JOLFKHQQDWUOLFKDXFKDXIVRHLQHQ9HUNHKUVJDXYRUEHUHLWHW -DVKR QLFNWH LKP DXIPXQWHUQG ]X XQG VHW]WH VLFK LQ 0DUVFK (U ZRKQWH LQ GHP %ORFN LQ GHPDXFK9LQ]HQ]9HUPROPLWVHLQHU)DPLOLH8QWHUNXQIWJHIXQGHQKDWWHXQGLQGHPLKQHQ DOV IQIN|SILJHU )DPLOLH LPPHUKLQ DQGHUWKDOE =LPPHU SOXV .FKH'XVFKH%DG ]XU 9HUIJXQJ VWDQGHQ 9LQ]HQ] KDWWH -DVKR LQ GHU )LUPD NHQQHQJHOHUQW XQG GDQQ QDFK GHP -REVKDULQJDXFKGHP)DKUVKDULQJ]XJHVWLPPW'LH,QLWLDWLYHZDUYRQ9LQ]HQ]DXVJHJDQJHQ GRFK-DVKRKDWWHVLFKVRIRUWHLQYHUVWDQGHQHUNOlUWGLH9RUWHLOHGLHVLFKGXUFKGLH%LOGXQJ HLQHU)DKUJHPHLQVFKDIWDXVGUHL)DPLOLHQHUJDEHQODJHQDXIGHU+DQG )UKHU KDWWH VLFK -DVKR YRQ VHLQHU )UDX 'DEUD DEO|VHQ ODVVHQ DEHU LKU (KHOHEHQ KDWWH GDUXQWHUJHOLWWHQGDVLHVLFKLPPHUZHQLJHUVDKHQZHLOGHUHLQHLQGHQYLHU:lQGHQKRFNWH RGHU VFKOLHI ZlKUHQG GHU DQGHUH XQWHUZHJV ZDU RGHU DUEHLWHWH 'D VLH DXI GLHVH :HLVH 5XSSHWV *HERW QLFKW PHKU EHIROJHQ NRQQWHQ KDWWHQ VLH NXU] YRU GHU 7UHQQXQJ JHVWDQGHQ OHGLJOLFK GXUFK GLH %LOGXQJ GHU )DKUJHPHLQVFKDIW ZDU LKUH (KH JHUHWWHW ZRUGHQ XQG QXQ HUZDUWHWH'DEUD]XPGULWWHQPDO1DFKZXFKV(VZDUEDOGVRZHLW 9LQ]HQ] NRQQWH QLFKW EHJUHLIHQ ZLHVR GLH ,GHH GHV )DKUVKDULQJV VLFK LQ GHQ QLHGULJHUHQ 6(.725(1 QRFK QLFKW VR VWDUN GXUFKJHVHW]W KDWWH ZLH LQ GHQ K|KHUHQ 9LHOOHLFKW ZHLO HV GRUWWURW]DOOHUJHJHQWHLOLJHU9HUVLFKHUXQJHQGHU5HJLHUXQJWDWVlFKOLFKPHKU3DUNUDXPJDE DOVLQGHQHQPLWKRKHU=LIIHU'RUWZRHUIUKHUJHZRKQWKDWWHZDUHVGXUFKDXVEOLFKGD PDQYLHUIQI6WXQGHQGXUFKGHQ6(.725NXUYHQPXWHELVPDQHQGOLFKHLQHQ3DUNSODW] IDQG 8QG LQ GHQ lUPVWHQ 6(.725(1 GDV EHKDXSWHWHQ ]XPLQGHVW JODXEKDIWH *HUFKWH ZDU JDU NHLQ 3DUNUDXP PHKU YRUKDQGHQ 'RUW PXWHQ GLH $XWRV XQDEOlVVLJ LQ %HZHJXQJ JHKDOWHQZHUGHQGRUWZDUDXFKGLH,GHHGHU)DKUJHPHLQVFKDIWHQJHERUHQZRUGHQ:HQQPDQ VLFK]XGULWWHLQ)DKU]HXJWHLOWHZDUPDQDXFKQXUMHGHQGULWWHQ7DJGDIUYHUDQWZRUWOLFKHV ]XSDUNHQ 6HOEVWZHQQPDQNHLQHQ3DUNSODW]IDQGXQGHVGLHJHVDPWH)UHLVFKLFKWEHUEHZHJHQPXWH EOLHEHQHLQHPGLH)UHLVFKLFKWHQDQGHQEHLGHQDQGHUHQ7DJHQHUKDOWHQ /DVDSRZDUGHU'ULWWHLQLKUHP%XQGH(UZRKQWHLPVHOEHQ%ORFNXQGDUEHLWHWHLPVHOEHQ *HElXGHZLHVLH6HLWHUVLFKLKUHQDQJHVFKORVVHQKDWWHVWDQGHVLQLKUHUDOOHU(KHQZLHGHU VHKUJXW8QGQLFKWQXULQGHQ(KHQ

9LQ]HQ]EOLFNWHVLFKQDFK0HOOLFLQWXPNRQQWHVLHDEHUQRFKQLFKWDXVPDFKHQ0LVWGDFKWH HU:DKUVFKHLQOLFKKDWWHGHU$PSHOVFKRFNVLHEHUUDVFKWXQGVLHKLQJLUJHQGZRIHVWRKQH DXFKQXUHLQHQ0HWHUYRUDQ]XNRPPHQ2GHULKUH$EO|VXQJKDWWHVLFKYHUVSlWHWXQGVLHNDP QLFKWDXVLKUHP:DJHQUDXV6FKOLHOLFKNRQQWHVLHLKQMDQLFKWHLQIDFKPLWWHQDXIGHU6WUDH VWHKHQODVVHQ1DFKGHPGHU$PSHOVFKRFNVLFKDXIJHO|VWKDWWHZUGHHULKUHQYHUHLQEDUWHQ 7UHIISXQNWDQIDKUHQXQGVLHGRUWYLHOOHLFKWDQ%RUGQHKPHQN|QQHQ )DOOVGHU6FKRFNLQDFKW6WXQGHQEHUKDXSWVFKRQEHVHLWLJWVHLQVROOWH$EHUVRODQJHGDXHUWH HVKLHULQGLHVHP6(.7258PIHOGQXUVHOWHQ9HUPROHQWVDQQVLFKQXUDQHLQHQHLQ]LJHQ =ZLVFKHQIDOO DQ HLQHP :LQWHUWDJ NXU] YRU GHP 5XSSHWIHVW YRU ]ZHL -DKUHQ DQ GHP DOOH %HZRKQHU GHU QlKHUHQ XQG IHUQHUHQ 6(.725(1 JOHLFK]HLWLJ ]XP 6(. 725 DXIJHEURFKHQ ]X VHLQ VFKLHQHQ XP MD UHFKW]HLWLJ DXI GHP 5XSSHW3ODW] ]X VHLQ XQG GHQ %HJLQQ GHU MlKUOLFKHQ =HUHPRQLH QLFKW ]X YHUVlXPHQ 'DPDOV KDWWH 9LQ]HQ] GHQ :DJHQ ZlKUHQG HLQHV $PSHOVFKRFNV EHUQRPPHQ XQG ZlKUHQG GHV JOHLFKHQ 6FKRFNV ZLHGHU DEJHJHEHQ8QGEHLGLHVHPELVGDKLQ]XPLQGHVWIULKQHLQPDOLJHQ(UHLJQLVKDWWHHU0HOOL NHQQHQJHOHUQW6LHKDWWHQQHEHQHLQDQGHULP6WDXJHVWDQGHQ (UJULQVWH1DFK]ZHL6WXQGHQLP*HVSUl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gO PXWH LQ GHU 7DW QDFKJHIOOW ZHUGHQ XQG %HQ]LQ ZDU IU VHLQH )DKUVFKLFKW QRFK JHQJHQG YRUKDQGHQ DEHU GDQQZUGHHVPRUJHQZLUNOLFKNQDSSIU/DVDSR$XHUGHU$PSHOVFKRFNKLHOWWDWVlFKOLFK DFKW 6WXQGHQ DQ XQG HU YHUEUDXFKWH ZlKUHQG VHLQHU 6FKLFKW NHLQ %HQ]LQ 'DQQ ZUGH /DVDSRHVEHTXHP]XP%URXQGDXFKZLHGHU]XUFNVFKDIIHQXQG-DVKRNRQQWHDXIVHLQHU )DKUVFKLFKWWDQNHQ'DQQZUGHHUJDQ]VFK|QZWHQGVHLQ 'DQDFK EHUSUIWH 9HUPRO GHQ 3HJHOVWDQG GHU =XVDW]EDWWHULH 0XWH DXFK PDO ZLHGHU DXIJHODGHQZHUGHQ5HLFKWHDEHUDXFKLP6WDQGY|OOLJDXVIUGLH*UXQGDXVVWDWWXQJDOVRGHQ )HUQVHKHUGLH)HQVWHUDEEOHQGXQJGLH.KOER[XQGGDV/HVHOLFKW:DVZROOWHHUPHKU" $OV HU GHQ %HLIDKUHUVLW] ]XUFNNODSSWH XP GLH GDUXQWHUOLHJHQGH FKHPLVFKH 7RLOHWWH ]X EHUSUIHQ VFKOXJ LKP HLQ OHLFKW PRGULJHU *HUXFK HQWJHJHQ :DUXP ZHFKVHOWHQ GLH %XUVFKHQGLH)LOWHULPPHUVRVSlW"'DVN|QQWHLKPQLFKWSDVVLHUHQ(UNODSSWHGLH7RLOHWWH ZLHGHU]XXQGEHVFKOR/DVDSR]XELWWHQHLQHQ=HKQHUSDFN)LOWHUPLW]XEULQJHQ8QGGLUHNW DXFKZHOFKHIUGLH$WHPPDVNHQGDFKWHHU (LQ.ORSIHQJHJHQGLH)HQVWHUVFKHLEHOLH9LQ]HQ]DXIVFKUHFNHQ(UVFKDXWHKRFKXQGVDK 0HOOLFLQWVNXU]JHVFKQLWWHQHQURWHQ+DDUVFKRSI6LHEOLQ]HOWHLKP]XXQG|IIQHWHEHUHLWVGLH 7UZlKUHQGVLFKQRFKHLQHUIUHXWHV/lFKHOQDXIVHLQ*HVLFKWOHJWH ª*HUDGHQRFKJHVFKDIIW©IOVWHUWHVLHZlKUHQGVLHVLFKDXIGHQ%HLIDKUHUVLW]VFKREXQGGLH 7UZLHGHU]X]RJ'DQQGUFNWHVLHVLFKJHJHQLKQXQGZlKUHQGHUVLHLQGLH$QQHQDKP VSUWH HU ZLH LKUH ZDUPH +DQG LQ +|KH VHLQHV %DXFKQDEHOV HLQHQ .QRSI VHLQHV +HPGV |IIQHWHXQGNUHLVHQGWLHIHUZDQGHUWHLPPHUWLHIHU (UULFKWHWHVLFKDEUXSWDXIDOVHUGLH)HQVWHUDEEOHQGXQJDNWLYLHUHQZROOWHXQGGDEHL]XIlOOLJ LQ GHQ 5FNVSLHJHO VFKDXWH $XI GHP %UJHUVWHLJQlKHUWHVLFKHLQPLWHLQHU+DQGKHNWLVFK ZLQNHQGHU-DVKRGHP:DJHQPLWGHUDQGHUHQVWW]WHHUVHLQH)UDX'DEUDGHUHQ*HVLFKWYRU 6FKPHU]YHU]HUUWZDU ª$FKGX3LOOH©IOXFKWHHUXQG]HUUWH0HOOLV+DQGDXVVHLQHP+HPGKHUYRUª'DNRPPHQ -DVKRXQG'DEUD©HUNOlUWHHUVHLQHU*HOLHEWHQª:HQQVLHGLFKKLHUVHKHQZHLVSlWHVWHQV ]X%HJLQQGHUQlFKVWHQ)UHLVFKLFKWPHLQH)UDXYRQXQV©

ª)UHPGZHOWOHU© VDJWH 'LGMHK )RKUWXKQ ª'LH KLHU YHUZHQGHWH 7HFKQLN OlW QLFKW GHQ JHULQJVWHQ=ZHLIHO]X9RQ5XSSHWVWDPPWGLHVHV=HXJMHGHQIDOOVQLFKW© 1HUYDO 5RGULN JDE LKP UHFKW 0HKU QRFK 6LH NRQQWHQ VLFK EHL GHP *URWHLO GHU KLHU DXIJHIXQGHQHQ *HUlWH QLFKW PDO HLQHQ 5HLP GDUDXI PDFKHQ ZHOFKHP =ZHFN VLH GLHQWHQ )RKUWXKQYHUVXFKWHLKQ]XUFN]XKDOWHQDEHUGHU0LQLVWHUVFKREGHQ:DFKWSRVWHQYRUGHP +DXVHLQJDQJHLQIDFK]XU6HLWHXQGZDUIHLQHQ%OLFNLQGDV*HElXGH'LH)HXHUZHUNHUXQG /DERUWHFKQLNHUGHU6SXUHQVLFKHUXQJZDUHQQRFKDQGHU$UEHLW (V ZDU GDV MDKU]HKQWHDOWH 3UREOHP JHVWDQG 5RGULN VLFK HLQ 1DFK GHU :LHGHUHQWGHFNXQJ 5XSSHWV GXUFK GDV 6RODUH ,PSHULXP KDWWHQ LKUH 9RUIDKUHQ RGHU EHVVHU JHVDJW GHUHQ 1DFKNRPPHQLKQHQVRIRUWDQJHERWHQVLFKGHP0DFKWJHIJHDQ]XVFKOLHHQXQGVlPWOLFKH 9RUWHLOH HWZD 7HFKQRORJLHWUDQVIHU DEHU DXFK 3IOLFKWHQ LQ HUVWHU /LQLH HLQHQ 6LFKHUKHLWVEHLWUDJ VSULFK GLH 6WDWLRQLHUXQJ YRQ )ORWWHQHLQKHLWHQ DXI 5XSSHW HLQHU 0LWJOLHGVZHOW LQ $QVSUXFK ]X QHKPHQ bKQOLFKH 9RUVFKOlJH KDWWHQ DXFK GLH DQGHUHQ JDODNWLVFKHQ,PSHULHQXQWHUEUHLWHWGHQHQGLH([LVWHQ]5XSSHWVQLFKWPHKUODQJHYHUERUJHQ JHEOLHEHQZDU 'LH 5XSSHWHU KDWWHQ GDPDOV VlPWOLFKH GLHVHU 9RUVFKOlJH EHL 9RONVEHIUDJXQJHQ PLW EHUZlOWLJHQGHU0HKUKHLWDEJHOHKQW,QGHU)ROJHKDWWHGLH%HUHLWVFKDIWGHUJURHQ5HLFKH 5XSSHW EHL GHU %HZlOWLJXQJ VHLQHU ]DKOUHLFKHQ 3UREOHPH ]X XQWHUVWW]HQ VSUXQJKDIW DEJHQRPPHQ$XWDUNLHXQG1LFKWHLQPLVFKXQJODXWHWHQQXQGLHEHYRU]XJWHQ6FKODJZRUWHGHU )UHPGZHOWOHU 'D GLH 5XSSHWHU EHUKDXSW GHQ .XOWXUVFKRFN GHU %HJHJQXQJ PLW WHFKQLVFK ZHVHQWOLFK ZHLWHUHQWZLFNHOWHQIUHPGHQ:HOWHQPLWYHUKlOWQLVPlLJJHULQJHQ6FKl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lQJLJHUSROLWLVFKHU3DUWHLHQJHIKUWKDWWHGLHQXQGLH7UHQQXQJYRQ6WDDWXQG.LUFKH XQGGHQ$QVFKOXDQGDVLKUMHZHLOV QDKHVWHKHQGHJDODNWLVFKH5HLFKIRUGHUWHQ 1HUYDOZDU5XSSHWHUHUZDUPLWGHQ/HKUHQGHV*URHQ5XSSHWDXIJHZDFKVHQXQGKDWWHVLH YHULQQHUOLFKW0HKUQRFKHUZDUDOVMXQJHU0DQQ]XP6LFKHUKHLWVGLHQVWJHJDQJHQXQGKDWWH VLFK ELV DQ GHVVHQ 6SLW]H KRFKJHDUEHLWHW ZRPLW LKP DXWRPDWLVFK GLH 3RVLWLRQ GHV 6LFKHUKHLWVPLQLVWHUV]XVWDQGXQGJHZlKUWZXUGH'HQQRFKZDUHUZHGHUGXPPQRFKEOLQG HUHUNDQQWHGLHVFKLHUXQEHUZLQGOLFKHQ3UREOHPHGLHVLFKYRUGHQ5XSSHWHPDXIWDWHQ8QG QXQ DXVJHUHFKQHW ]XU )HLHU GHV VHFKVKXQGHUWMlKULJHQ %HVWHKHQV HLQHU PHQVFKOLFKHQ =LYLOLVDWLRQ DXI GLHVHU :HOW PHOGHWH GHU JHUDGH]X OHJHQGlUH 3HUU\ 5KRGDQ VLFK ]X HLQHP 6WDDWVEHVXFK DQ (V ZXUGH JHPXQNHOW HU KDEH HLQ *HUlW LP *HSlFN GDV GHQ HUVW YRU ZHQLJHQ-DKU]HKQWHQHQWGHFNWHQERGHQVWlQGLJHQ,PSXOVXQGGDPLWGDVGULQJOLFKVWH3UREOHP GHU 5XSSHWHU HLQIDFK VR EHVHLWLJHQ NRQQWH 9RUDXVJHVHW]W QDWUOLFK 5XSSHW JHODQJ HV HQWZHGHUHLJHQVWlQGLJGLHEHUOLFKWVFKQHOOH5DXPIDKUW]XHQWZLFNHOQRGHUGLH:HOW VFKORVLFKHLQHPGHUJDODNWLVFKHQ,PSHULHQDQ 'RFKWURW]DOOGHU3UREOHPHGHUHQ1HUYDOVLFKGXUFKDXVEHZXWZDUDOV6LFKHUKHLWVPLQLVWHU JHK|UWH HV VFKOLFKW XQG HLQIDFK ]X VHLQHQ 3IOLFKWHQ EHU GDV 6HOEVWEHVWLPPXQJVUHFKW GHU 5XSSHWHU]XZDFKHQXQG]XYHUKLQGHUQGD )UHPGZHOWOHU GLH %HY|ONHUXQJ PLW YHUGHFNWHQ $NWLRQHQ PDQLSXOLHUWHQ RGHU (QWZLFNOXQJHQ LQ YRQ LKQHQ JHZQVFKWH %DKQHQ OHQNWHQ :HJHQGHUWHFKQLVFKHQhEHUOHJHQKHLWLKUHU9HUZDQGWHQYRQDQGHUHQ3ODQHWHQVWDQG5RGULN

GDEHLYRUHLQHU6LV\SKXVDUEHLWZLH)RKUWXKQJDQ]ULFKWLJHUNDQQWKDWWHPXWHGHQ$JHQWHQ GHU IUHPGHQ XQG KDXVKRFK EHUOHJHQHQ 0lFKWH 5XSSHW DXIJUXQG VHLQHV LQ LKUHQ $XJHQ ]XUFNJHEOLHEHQHQ WHFKQLVFKHQ (QWZLFNOXQJVVWDQGV WDW VlFKOLFK ZLH GDV UHLQVWH 3DUDGLHV YRUNRPPHQ (LQ)HXHUZHUNHUYHUOLHGDV+DXVXQGWUDW]XLKPª.HLQHXQPLWWHOEDUH*HIDKUPHKU6LU© ª$OVRKDEHQ6LHNHLQH6SUHQJVlW]HJHIXQGHQ"©IUDJWH5RGULN ª'RFK6LU$EHUVLHVLQGHQWVFKlUIWZRUGHQ© ª(QWVFKlUIW"©ZDUI)RKUWXKQHLQª9RQZHP"© 'HU )HXHUZHUNHU ]XFNWH PLW GHQ $FKVHOQ ª)DFKNXQGLJH $UEHLW PHKU NDQQ LFK GD]X QLFKW VDJHQ© 1HUYDO QLFNWH XQG EHWUDW JHPHLQVDP PLW )RKUWXKQ GDV +DXV 6LH EHWUDFKWHWHQ GLH IUHPGDUWLJHQ*HUlWHJHQDXHUGDVZDVYRQLKQHQQRFKEULJZDU'LHPHLVWHQZDUHQIDFK NXQGLJXQGVRKDWWHHUGHQ(LQGUXFNJH]LHOW]HUVW|UWZRUGHQ0DQVROOWHHUNHQQHQGDHV VLFKXP(LQULFKWXQJHQKDQGHOWHGLHQLFKWYRQ5XSSHWVWDPPWHQDEHUQLFKWZHOFKHP=ZHFN VLHGLHQWHQ'LH6FKVVHDXVGHP7KHUPRVWUDKOHUKDWWHQGLHVHQ=ZHFNHUIOOW ª'DV KLHU LVW LQWHUHVVDQW© )RKUWXKQ GHXWHWH DXI HLQHQ *HJHQVWDQG GHQ GLH /DERUWHFKQLNHU JHUDGH YRQ DOOHQ 6HLWHQ IRWRJUDILHUWHQ (U KDWWH ]ZDU HEHQIDOOV HLQHQ 6FKX DEEHNRPPHQ DEHUPDQNRQQWHLKQXQVFKZHUDOVhEHUUHVWHLQHV+HOPVHUNHQQHQ6HOWVDPGDUDQZDUHQQXU PHKUHUH .RQWDNWH (OHNWURGHQ lKQOLFK GLH GXUFK .DEHO PLW LKP YHUEXQGHQ ZDUHQ (LQ ZHLWHUHVGLFNHUHV.DEHOIKUWH]XHLQHU.RQVROHGLHHLQHQ&RPSXWHUEHKHUEHUJWKDWWH 1HUYDOVFKULWWGXUFKGHQ+DXSWUDXPXQG]lKOWHLQVJHVDPWIQIVROFKHU&RPSXWHUJHKlXVHPLW ]HUVW|UWHP,QQHQOHEHQ ª+LHUKDWMHPDQGMHGH0HQJH5HFKQHUNDSD]LWlWHLQJHVHW]W©VSUDFK'LGMHK)RKUWXKQVHLQHQ *HGDQNHQ DXV ª$EHU ]X ZHOFKHP =ZHFN" 'LHVHV JHSODQWH $WWHQWDW DXI 5KRGDQ ZROOWH MHPDQG XQVHUH 6(.7255HFKQHU EHUQHKPHQ XQG HLQ 9HUNHKUVFKDRV DXVO|VHQ XP HV ]XU )OXFKW]XQXW]HQRGHUGDV$WWHQWDWEHUKDXSWHUVWVWDUWHQ]XN|QQHQ"© 'HU6LFKHUKHLWVPLQLVWHUODFKWHLQQHUOLFKDXI'DV$WWHQWDWDXI5KRGDQKDWWHHUVLFKDXVGHQ )LQJHUQ JHVRJHQ XP )RKUWXKQ NHLQHQ UHLQHQ :HLQ HLQVFKHQNHQ ]X PVVHQ $EHU ZHQQ HU GLHVHQ 5DXP EHWUDFKWHWH ZDU HV P|JOLFK GD HU ]XIlOOLJ WDWVlFKOLFK DXI SRWHQWLHOOH $WWHQWlWHU JHVWRHQ ZDU" -HGHQIDOOV EHJOFNZQVFKWH HU VLFK LP QDFKKLQHLQ ]X GHP (QWVFKOXGLH6LFKHUKHLWVVWXIHHLQVDXVJHUXIHQ]XKDEHQ ªhEHUSUIHQ6LHGDV©VDJWHHU]XVHLQHP6WHOOYHUWUHWHUª7HFKQLNHUVROOHQGLH=HQWUDOUHFKQHU XQWHUVXFKHQ XQG IHVWVWHOOHQ RE VLH DQJH]DSIW RGHU LKUH 6LFKHUKHLWVVSHUUHQ EHU ZXQGHQ ZXUGHQ 8QG GLH /DERUWHFKQLNHU VROOHQ QDFK HLQHP ,QWHUIDFH VXFKHQ GDV HYHQWXHOO DXV GLHVHP+DXVIKUW© :lKUHQG )RKUWXKQVHLQH$QZHLVXQJHQZHLWHUJDEWUDW5RGULNLQGHQ1HEHQUDXP(UVWMHW]W EHPHUNWHHUGDGHU%RGHQPLWHLQHUGQQHQ:DVVHUVFKLFKWEHU]RJHQZDU(UJLQJLQGLH +RFNH IXKU PLW GHQ 6SLW]HQ YRQ 'DXPHQ XQG =HLJHILQJHU EHU GLH )OLHVHQ XQG ULHE VLH DQHLQDQGHU'LH6XEVWDQ]ZDUNOHEULJ(UKDWWHYRUVFKQHOOJHXUWHLOWXP:DVVHUKDQGHOWHHV VLFKGDEHLMHGHQIDOOVQLFKWª$QDO\VLHUHQ6LHGLHVH)OVVLJNHLW©ZLHVHUHLQHQ/DERUWHFKQLNHU DQ'HU0DQQQLFNWHXQG|IIQHWHVHLQH7DVFKH =DKOUHLFKH )UDJPHQWH HLQHU JODVlKQOLFKHQ 6XEVWDQ] LKUH *U|H YDULLHUWH YRQ ZLQ]LJHQ 6SOLWWHUQELVKLQ]XPHKUHUHQ6FKHUEHQYRQGHQHQHLQLJHHLQHQ'XUFKPHVVHUYRQHWZDHLQHP KDOEHQ 4XDGUDWPHWHU KDWWHQ YHUULHWHQ LKP GD VLFK LQ GLHVHP 5DXP HLQ ULHVLJHU RGHU PHKUHUH QLFKW JDQ] VR JURH %HKlOWHU EHIXQGHQ KDWWHQ $XFK VLH ZDUHQ GXUFK 6FKVVH DXV HLQHP7KHUPRVWUDKOHU]HUVW|UWZRUGHQ(UYHUPXWHWHGDVLH)OVVLJNHLWHQWKDOWHQKDWWHGLH GXUFK GLH VWDUNH +LW]H YHUGDPSIW ZDU OHGLJOLFK HLQ ZLQ]LJHU 5HVW ZDU DQ GHQ 6FKHUEHQ KDIWHQ XQG VRPLW HUKDOWHQ JHEOLHEHQ XQG KDWWH VLFK GDQDFK ODQJVDP LQ GHP 5DXP DXVJHEUHLWHW(UNRQQWHVLFKQLFKWHQWVLQQHQGLH)OVVLJNHLWEHPHUNW]XKDEHQDOVHUHLQHQ %OLFNLQGHQ5DXPJHZRUIHQKDWWHQDFKGHPHUJHUDGHZLHGHU]XVLFKJHNRPPHQZDU

ª8QGQHKPHQ6LHVLFKDXFKGLHVHV0DWHULDOGDYRU©VDJWHHU]XGHP7HFKQLNHUXQGGHXWHWH DXIHLQH6FKHUEHª,FKPXZLVVHQZRKHUHVVWDPPW© (U ZXWH GD HU GDPLW IDVW 8QP|JOLFKHV IRUGHUWH 'HQ JDODNWLVFKHQ ,PSHULHQ VWDQGHQ QDKH]XXQHQGOLFKH5HVVRXUFHQ]XU9HUIJXQJ(UNRQQWHGRFKQLFKWDOOHQ(UQVWHVHUZDUWHQ GDVLFKPLWGHQLKUHQ/DERUDWRULHQ]XU9HUIJXQJVWHKHQGHQ0LWWHOQHLQ+LQZHLVDXIGLH +HUNXQIW GLHVHU 2EMHNWH ILQGHQ OLH YLHOOHLFKW VRJDU HLQ +HUVWHOOHUQDFKZHLV ª .RQ]HUQ %D\HU*HVFKlIWVIKUHU56KHSKDUG7HUUDQLD©" (U IXKU ]XVDPPHQ DOV HU XQPLWWHOEDU KLQWHU VLFK )RKUWXKQV 6WLPPH YHUQDKP (LQHQ $XJHQEOLFN ODQJ VFKLHQ VLFK ZLH GHU GLHVH XQKHLPOLFKH .lOWH LQ LKP DXV]XGHKQHQ DOV ZlUHQ VHLQH .|USHU]HOOHQ VFKOLFKWZHJ EHUIRUGHUW GHQ %HWULHE DXIUHFKW]XKDOWHQ XQG ZUGHQLKUH:lUPHXQG(QHUJLHYHUOLHUHQ'RFKGDV*HIKOYHUJLQJVFKQHOOZLHGHU ª:DV LVW KLHU JHVFKHKHQ"© IUDJWH )RKUWXKQ ª:HU KDW GLHVH $QODJH HUULFKWHW XQG ]X ZHOFKHP=ZHFN"8QGZHUKDWVLH]HUVW|UW"© 5RGULNGUHKWHVLFK]XLKPXPª8QGZHOFKHQ=ZHFNYHUIROJWGLHVH]ZHLWHXQVELVKHUQRFK XQEHNDQQWH3DUWHLZRKOGDPLW"©VSDQQHUGHQ)DGHQZHLWHU ª0HLQHQ6LHQLFKWHVVHLDQGHU=HLWPLFKEHUGLH+LQWHUJUQGH]XLQIRUPLHUHQ"©IUDJWH VHLQ6WHOOYHUWUHWHUª9RQZHPVWDPPWGHU+LQZHLVDXIGDV$WWHQWDWDXI5KRGDQ":HUKDW 6LHKLHUKHUJHORFNW"© -DZHUKDWPLFKKLHUKHUJHORFNW"GDFKWH5RGULN(LQPLUQLFKWEHNDQQWHU,QIRUPDQWGHVVHQ +LQZHLVH VLFK ELVODQJ DXVQDKPVORV DOV ULFKWLJ HUZLHVHQ KDEHQ $EHU HV JLQJ QLFKW XP HLQ $WWHQWDWDXIGHQ*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPVVRQGHUQXPHLQHXQGLFKWH6WHOOH LQPHLQHP0LQLVWHULXPXPHLQHQ9HUUlWHU 'LH6DFKHZXUGHLPPHUXQGXUFKVLFKWLJHU$OOPlKOLFKEHNDPHUHVPLWGHU$QJVW]XWXQGD VLHLKPEHUGHQ.RSIZDFKVHQN|QQWH $EHUHUOLHVLFKVHLQH8QVLFKHUKHLWQLFKWDQPHUNHQª'DVZHUGHQZLUKHUDXVILQGHQ©VDJWH HUHQHUJLVFKRKQHDXI)RKUWXKQV)UDJHQHLQ]XJHKHQª6WHOOHQ6LHIHVWZHPGLHVHV*HElXGH JHK|UW 2GHU DQ ZHQ GLHVH 5lXPH YHUPLHWHW ZXUGHQ /DVVHQ 6LH GLH MHZHLOLJHQ 3HUVRQHQ VRIRUW YHUKDIWHQ XQG ]XP 9HUK|U LQ GLH =HQWUDOH EULQJHQ +ROHQ 6LH GLH (UJHEQLVVH GHU 5LQJIDKQGXQJHLQGLHEHL$XVUXIXQJGHU6LFKHUKHLWVVWXIHHLQVDXWRPDWLVFKDXVJHO|VWZXUGH ,FKZLOO(UJHEQLVVHVHKHQ© )RKUWXKQ EHWUDFKWHWH VHLQHQ 9RUJHVHW]HQ PLW HLQHU 0LVFKXQJ ZLH 5RGULN XQZLOONUOLFK GDFKWHDXV0LWUDXHQ9HUZXQGHUXQJXQG6SRWW'RFKHUYHUNQLIIVLFKMHGH%HPHUNXQJXQG QLFNWHª1DWUOLFK6LU©VDJWHHUGDQQª(UJHEQLVVH© ª8QGZHQQXQVGDVQLFKWZHLWHUKLOIW©IJWH1HUYDO5RGULNDXVHLQHP*UXQGKLQ]XGHULKP VHOEVWQLFKWNODUZDUªZHUGHQZLUHEHQ]XXQJHZ|KQOLFKHQ0DQDKPHQJUHLIHQXQGGLH3LOOH PLWGHP.RQGRPDXVWUHLEHQ© 9LQ]HQ] 9HQQRO GUFNWH 0HOOLFLQWV.RSIDXIVHLQHQ6FKRKLQDEXQGKRIIWHGD-DVKRGLH ]ZHLWH 3HUVRQ LP :DJHQ QRFK QLFKW EHPHUNW KDWWH 8P 'DEUD PDFKWH HU VLFK ZHQLJHU 6RUJHQ VLH VFKLHQ QLFKW PHKU LPVWDQGH ]X VHLQ LKUHU 8PJHEXQJ JURH %HDFKWXQJ ]X VFKHQNHQ 6LH KDWWH VRJDU GLH $XJHQ JHVFKORVVHQ ZLH 9LQ]HQ] EHL HLQHP ZHLWHUHQ UDVFKHQ %OLFN LQ GHQ 5FNVSLHJHO IHVWVWHOOWH ZlKUHQG VLH DXI LKUHQ 0DQQ JHVWW]W PKVDP XQG VFKZHUIlOOLJHLQHQ)XYRUGHQDQGHUHQVHW]WH 1RUPDOHUZHLVHKlWWH0HOOLLKQLQVROFKHLQHP$XJHQEOLFNJODWWXPGHQ9HUVWDQGJHEUDFKW GRFK QXQ JDOWHQ VHLQH *HGDQNHQ HLQ]LJ XQG DOOHLQ GHP 3UREOHP ZLH HU GLH MXQJH )UDX XQEHPHUNWDXVGHP:DJHQKLQDXVEHNDP+HNWLVFK]HUUWHHUDP*ULIIGHU)DKUHUWU(QGOLFK JHODQJHVLKPVLH]X|IIQHQXQGHUVFKRE0HOOLGLHQRFKLPPHUQLFKWJDQ]PLWEHNRPPHQ ]XKDEHQVFKLHQZRUXPHVJLQJEHUVHLQH2EHUVFKHQNHOXQGGHQ8QWHUOHLEKLQ]XU7U )DVWKDWWHHUGHQ(LQGUXFNGDVLHGDVDOOHVIUHLQQHXHV6SLHOKLHOWXQGVLFKDXIUHL]HQGDQ LKPULHEGRFKGDQQZXUGHLKUHQGOLFKNODUZRUXPHVJLQJXQGUXWVFKWHVFKQHOOHLQ6WFN ZHLWHUª'HLQH)UDX"©IUDJWHVLHª'HLQH)UDXLVWGD"©6LHZROOWHVLFKDXIULFKWHQ

(UGUFNWHLKUHQ.RSIZLHGHUKLQDEª8QWHQEOHLEHQ©]LVFKWHHUXQGYHU]LFKWHWHGDUDXILKU ]XHUNOlUHQGDQLFKWVHLQH)UDXVLFKGHP:DJHQQlKHUWHVRQGHUQHLQ$UEHLWVNROOHJHPLW GHVVHQKRFKVFKZDQJHUHU*DWWLQZDVDEHUOHW]WOLFKDXIGDVVHOEHKLQDXVOLHI$XFK-DVKRXQG 'DEUD JHK|UWHQ GHQ .RQYHQWLRQDOLVWHQ DQ XQG ZUGHQ LKUH .HQQWQLVVH DXI NHLQHQ )DOO IU VLFKEHKDOWHQ (LQ ZHLWHUHU %OLFN LQ GHQ 5FNVSLHJHO YHUULHW LKP GD GLH EHLGHQ GHQ :DJHQ IDVW HUUHLFKW KDWWHQ,QGLHVHP$XJHQEOLFNNDPLKPGHUVRKRIIWHHU]XPLQGHVWUHWWHQGH(LQIDOO(UKLHE PLWGHUIODFKHQ+DQGDXIGHQ6FKDOWHUPLWGHPHUGLH)HQVWHUDEEOHQGXQJHLQVFKDOWHWHXQG VRIRUWZXUGHHVGXQNHOLP:DJHQ 'LHVH$EEOHQGXQJJHK|UWHNHLQHVZHJV]XU6WDQGDUGDXVVWDWWXQJHLQHVQRUPDOHQ&LW\)OLW]HUV VRQGHUQILHOHLQGHXWLJXQWHUGHQ2EHUEHJULIIª/X[XV©$OOHLQKlWWHHUVLHVLFKQLHPDOVOHLVWHQ N|QQHQ GRFK GLH )DKUJHPHLQVFKDIW PLW -DVKR XQG /DVDSR IKUWH QDWUOLFK ]X HLQHU 'UHLWHLOXQJGHU.RVWHQXQGHUP|JOLFKWHLKQHQVLFKGDVHLQHRGHUDQGHUH([WUD]XOHLVWHQ'LH $EEOHQGYRUULFKWXQJ VSLHJHOWH GLH 6FKHLEHQ LQ HLQH 5LFKWXQJ PDQ NRQQWH XQJHKLQGHUW KLQDXVDEHUQLFKWPHKUKLQHLQVHKHQ'DVZDUEHUDXVSUDNWLVFKZHQQPDQVWXQGHQODQJLP 6WDXVWDQGXQG]XP%HLVSLHOGLHFKHPLVFKH7RLOHWWHEHQXW]HQRGHUHVVHQRGHUIHUQVHKHQRGHU VLFKRKQHEHREDFKWHWZHUGHQ]XN|QQHQDXIDQGHUH$UWXQG:HLVHEHVFKlIWLJHQZROOWH]XP %HLVSLHOPLW0HOOLFLQW 7lXVFKWHHUVLFKRGHUKDWWHVLFKZHLWYRULKPGHU9HUNHKUZLHGHULQ%HZHJXQJJHVHW]W"8P LKQKHUXPVWDQGMHGHQIDOOVQRFKDOOHV(UVFKRE0HOOLYROOHQGVDXIGLH)DKUEDKQ6LHODQGHWH DXI +lQGHQ XQG )HQ ª 9HUVFKZLQGH VFKQHOO © IOVWHUWH HU LKU ]X ª,FK KRO GLFK ]XU EOLFKHQ=HLWDP7UHIISXQNWDE© 6LH KDWWH HQGJOWLJ EHJULIIHQ *HGXFNW VFKOLFK VLH YRUQ XP GHQ :DJHQ KHUXP OLHI GDQQ KLQWHUGHQQlFKVWHQ'HVVHQ)DKUHUEHWUDFKWHWHVLHHLQHQ$XJHQEOLFNODQJNRSIVFKWWHOQGXQG ZDQGWHGDQQGHVLQWHUHVVLHUWGHQ%OLFNDE(UVDKLKUQLFKWPHKUQDFKDOVVLHVLFKKLQWHUGHP QlFKVWHQ)DKU]HXJHUKREXQGDXIGHQ%UJHUVWHLJWUDW 9LQ]HQ]DWPHWHDXI'DVZDUNQDSSJHZHVHQ(UPXWHLQ=XNXQIWYRUVLFKWLJHUVHLQGXUIWH VLFK PLW 0HOOL QLFKW PHKU LQ XQPLWWHOEDUHU 1lKH VHLQHV :RKQEORFNV WUHIIHQ :HOFKH 3LOOH KDWWHLKQGDQXUJHULWWHQ" (U ]RJ GLH )DKUHUWU ]X XQG VFKDOWHWH GLH $EEOHQGXQJ DE 'DQQ |IIQHWH HU VFKQHOO GLH %HLIDKUHUWUXQGEHXJWHVLFKKLQDXV(UEHUOHJWHILHEHUKDIWXPVLFKHLQH$XVUHGHHLQIDOOHQ ]XODVVHQIDOOV-DVKRGRFKHLQH]ZHLWH3HUVRQLP:DJHQJHVHKHQKDWWHRGHULKQIUDJHQVROOWH ZLHVRHUSO|W]OLFKGLH6FKHLEHQYHUVSLHJHOWKDWWH6HLQ.ROOHJHJLQJZHGHUGDUDXIHLQQRFK VFKHQNWH HU GHP 8PVWDQG %HDFKWXQJ GD 9LQ]HQ] PLW IDKULJHQ %HZHJXQJHQ +HPG XQG +RVH]XNQ|SIWH'HU*UXQGGDIUZXUGH9HUPROLPQlFKVWHQ$XJHQEOLFNNODU ª%HL 'DEUD LVW HV VRZHLW© VDJWH -DVKR DWHPORV ª:LU PVVHQ VLH VRIRUW LQV .UDQNHQKDXV EULQJHQ© 9LQ]HQ]ULGLH$XJHQDXIXQGVFKQDSSWHWLHIQDFK/XIWª$EHU©0LWHLQHUKLOIORVHQ*HVWH GHXWHWHHUXPVLFKª+LHUWXWVLFKQLFKWV:LUN|QQHQQRFKVWXQGHQODQJLP6WDXVWHKHQ5XI GRFKHLQHQ.UDQNHQZDJHQ© -DVKR DFKWHWH QLFKW DXI VHLQHQ (LQZDQG XQG |IIQHWH GLH KLQWHUH 7U ª8QG ZLH VROO HLQ .UDQNHQZDJHQ KLHU GXUFKNRPPHQ GX $WPOHXFKWHU"© NRQWHUWH HU ZlKUHQG HU 'DEUD XPVWlQGOLFK DXI GHQ 6LW] KDOI 'LH )UDX VW|KQWH VFKZDFK DXI XQG GUHKWH VLFK GDPLW LKU (KHPDQQLKUH%HLQHDXIGHU5FNEDQNKRFKOHJHQNRQQWH ª'DQQ HEHQ HLQHQ *OHLWHU© VDJWH 9LQ]HQ] ª(LQ 1RWWUDQVSRUW (V JHKW GRFK XP © (U ]|JHUWH ZXWH HV LQ GHU $XIUHJXQJ QLFKW PHKU JHQDX ª XP YLHU QHXH 5XSSHWHU 'D ZHUGHQVLHGRFKZRKOHLQHQ)OXJZDJHQVFKLFNHQ© ª8PIQI©NRUULJLHUWH-DVKRLKQ(UVFKORGLHKLQWHUH7U|IIQHWHGLHYRUGHUHXQGQDKP QHEHQ9HUPRO3ODW]ª*ODXEVWGXHWZDLFKKlWWHQLFKWDQJHUXIHQ",QGHU:DUWHVFKOHLIHGHV PHGL]LQLVFKHQ 1RWGLHQVWV KDWWH LFK 3RVLWLRQ ]ZHLWDXVHQGDFKWXQGGUHLLJ $EHU VLH VFKDOWHQ

GLH 6WUDHQ ZLHGHU IUHL (V NDP LP 5DGLR 8QVHUH LVW EHL GHQ HUVWHQ (V NDQQ QLFKW PHKU ODQJHGDXHUQ© :HQQGHU&RPSXWHUGHV6(.725/HLWZHUNVQLFKWZLHGHU]XVDPPHQEULFKWGDFKWH9LQ]HQ] PLWZDFKVHQGHU9HU]ZHLIOXQJ'DQQVWDQGHQVLHPRUJHQIUKQRFKKLHU1DWUOLFKKDWWHHU GHQREOLJDWRULVFKHQ.XUVLQ*HEXUWVKLOIHPLWJHPDFKWDEHUGDVZDUVFKRQ-DKUHKHUXQGHU KDWWH VHLQH WKHRUHWLVFKHQ .HQQWQLVVH QLHPDOV LQ GLH 3UD[LV XPVHW]HQ PVVHQ XQG GLH $XIIULVFKXQJVNXUVH1DMDLUJHQGZLHZDULPPHUHWZDVGD]ZLVFKHQJHNRPPHQXQG 'LHVPDOZDUHUVLFKHUGDHUVLFKQLFKWWlXVFKWH9RULKPHUNODQJODXWHV+XSHQ'HU6WDX O|VWHVLFKDXI'HU$PSHOVFKRFNZDUEHUZXQGHQ ª1DZDVKDE LFKJHVDJW"©(LQWULXPSKLHUHQGHV*ULQVHQOHJWHVLFKDXI-DVKRV=JHª$XI XQVHU/HLWZHUNLVW9HUOD©(UUHGHWH%O|GVLQQDEHUGDVQDKP9LQ]HQ]LKPQLFKWEHO=X JURZDUGLHEHLGHUVHLWLJH(UOHLFKWHUXQJGD'DEUDQXQQRFKPLWIDFKNXQGLJHU+LOIHLKUHQ %HLWUDJ ]XU %HIROJXQJ YRQ 5XSSHWV *HERW OHLVWHQ NRQQWH VRZRKO GLH VHLQH DOV DXFK GLH -DVKRV ª'D YRP© VDJWH VHLQ .ROOHJH XQG ZHGHOWH KHNWLVFK PLW GHQ $UPHQ ª'D JHKW HV ZHLWHU 6LHKVWGX"'DIDKUHQVLHVFKRQ© 9LQ]HQ] NQLII GLH $XJHQ ]XVDPPHQ XQG HUNDQQWH LQ GHU 7DW GD %HZHJXQJ LQ GLH 5HLKHQ GHU&LW\IOLW]HUJHNRPPHQZDU-HW]WJLQJHVJDQ]VFKQHOOPDQPXWHIDVWJOHLFK]HLWLJPLW GHP9RUGHUPDQQDQIDKUHQN|QQHQZHQQPDQGLH)DKUSUIXQJEHVWHKHQZROOWH ª$XIJHKW V©VDJWH9LQ]HQ]XQGGUHKWHGHQ=QGVFKOVVHO0LWGHPJHZRKQWHQ]XIULHGHQ VFKQXUUHQGHQ*HUlXVFKVSUDQJGHU0RWRUDQ 9LQ]HQ]QDKPGHQ*DQJVFKDOWHUDXVGHU3DUNVWHOOXQJXQGOHJWHLKQHLQ1XQKLHOWQXUQRFK VHLQ)XDXIGHU%UHPVHGHQ:DJHQDQ2UWXQG6WHOOH6HOEVWYHUVWlQGOLFKYHUIJWHLKU&LW\ IOLW]HUEHUHLQKRFKPRGHUQHV$XWRPDWLNJHWULHEH$XIGHU5FNEDQNZXUGH'DEUDV6W|KQHQ ODXWHUª1XQPDFKVFKRQIDKU]X©GUlQJWH-DVKRXQJHGXOGLJ:HUZROOWHHVLKPYHUGHQNHQ" ª,PPHU PLW GHU 5XKH© PXUUWH 9LQ]HQ] .RQ]HQWULHUW VFKDXWH HU QDFK YRUQ 'HU ]HKQWH )OLW]HUYRULKPVHW]WHVLFKLQ%HZHJXQJGHUIQIWHGHUGULWWH 9HUPRO QDKP GHQ )X YRQ GHU %UHPVH XQG VHQNWH LKQ VRIRUW ZLHGHU DOV GLH %HLIDKUHUWU DXIJHULVVHQZXUGH+LQWHULKPHUNODQJ*HKXSH(VZDUOlFKHUOLFKDEHU9LQ]HQ]NDPHVYRP HUVWHQ$XJHQEOLFNDQZWHQGYRU (QWJHLVWHUWGUHKWHHUGHQ.RSI]XU6HLWH:HUZDJWHHVHLQIDFKEHLP$QIDKUHQYRQDXHQGLH 7U]X|IIQHQ":HUZDJWHHVEHUKDXSWLKUHQ&LW\)OLW]HUDQ]XIDVVHQ" :DUHVHWZD0HOOLFLQWGLHQLFKWZDUWHQNRQQWHXQG]XLKP]XUFNJHNHKUWZDUREZRKOHULKU HLQJHVFKlUIWKDWWH 1HLQHVZDUQLFKW0HOOLFLQW(VZDUEHUKDXSWNHLQH)UDXVRQGHUQHLQ0DQQ*URVFKODQN GXUFKWUDLQLHUW EUDXQHV +DDU XQDXIIlOOLJHV *HVLFKW JXW JHNOHLGHW PHKU NRQQWH HU LQ GHU .U]HGHU=HLWQLFKWHUNHQQHQ'HU0DQQSDFNWH-DVKREHLGHQ6FKXOWHUQXQG]HUUWHLKQPLW HLQHU PKHORV DQPXWHQGHQ %HZHJXQJ YRP 6LW] KRFK %HYRU 9LQ]HQ] .ROOHJH UHDJLHUHQ NRQQWHODJHUDXIGHP5FNHQDXIGHP%UJHUVWHLJXQGVWUDPSHOWHPLW$UPHQXQG%HLQHQ $XIGHU5FNEDQNVWLH'DEUDHLQHQKRKHQHQWVHW]WHQ6FKUHLDXV'HU(LQGULQJOLQJVFKDXWH QDFK KLQWHQ 9LQ]HQ] JODXEWH NXU] ,UULWDWLRQ XQG HLQ JHZLVVHV =|JHUQ LQ VHLQHP %OLFN DXV]XPDFKHQDOVHUGLH6FKZDQJHUHVDK'DQQGUHKWHHUGHQ.RSIZLHGHU]X9HUPRO ª5DXVDXVGHP:DJHQ©EHIDKOHU ª:DVVROOGDV"©IUDJWH9LQ]HQ]ª:DVHUODXEHQ6LHVLFK"6LHN|QQHQGRFKQLFKWHLQIDFK© (UVDKGHQ6FKODJJDUQLFKWNRPPHQGHULKQLQGLH0DJHQJUXEHWUDIGRFKHUWULHELKPGLH /XIW DXV GHQ /XQJHQ 9LQ]HQ] KlWWH QLH JHGDFKW GD 6FKPHU]HQ VR VWDUN VHLQ N|QQWHQ 6WlUNHU DOV HU HV VLFK MH KDWWH WUlXPHQ ODVVHQ (U NUPPWH VLFK ]XVDPPHQ XQG QDKP XQZLOONUOLFKGHQOLQNHQ)XYRP%UHPVSHGDO 'HU:DJHQPDFKWHHLQHQ6DW]QDFKYRP'DV+XSHQKLQWHULKQHQZXUGHODXWHUXQGVWHLJHUWH VLFKLQVHLQHU(LQELOGXQJ]XHLQHP&UHVFHQGR9LQ]HQ]VWUHFNWHGDVOLQNH%HLQZLHGHUDXV XQGWUDWGDV3HGDOVRWLHIGXUFKZLHHVLKPP|JOLFKZDU*OHLFK]HLWLJEHUKUWHVHLQZLOGXP

VLFK WUHWHQGHU UHFKWHU )X GDV *DVSHGDO XQG GHU 0RWRU NUHLVFKWH SURWHVWLHUHQG DXI 'HU &LW\)OLW]HU YLEULHUWH KHIWLJ GLH 5HLIHQ GUHKWHQ DXI GHP %RGHQEHODJ GXUFK XQG LQ VHLQHP (QWVHW]HQGDUEHUZDVHUGHPJHOLHEWHQ)DKU]HXJDQWDWQDKP9LQ]HQ]GHQ)XZLHGHUYRP 3HGDO /HLGHUGHQIDOVFKHQ'HQOLQNHQ 'HQYRP%UHPVSHGDO 'HU&LW\)OLW]HUVFKRPLWHLQHP$XIElXPHQYRUXQGSUDOOWHJHJHQGHQYRULKPVWHKHQGHQ :DJHQGHU]ZDUVFKRQ)DKUWDXIJHQRPPHQKDWWHDEHUEHLZHLWHPQLFKWPLWHLQHUVROFKHQ %HVFKOHXQLJXQJZLHGHUGLH9LQ]HQ] XQIUHLZLOOLJH$NWLRQEHZLUNWKDWWH(LQ6FKHLQZHUIHU ]HUEUDFK0HWDOOlFK]WHXQGGLH0RWRUKDXEHVSUDQJPLWHLQHP*HUlXVFKDXIGDVLP)DKUHU HLVNDOWHV(QWVHW]HQDXVO|VWH ,KU&LW\)OLW]HU,KU/X[XVPRGHOO :HQLJVWHQV LVW GLH :LQGVFKXW]VFKHLEH QLFKW ]HUEURFKHQ GDFKWH 9LQ]HQ] :HQLJVWHQV EOLHE LKQHQGLHVDXWHXUH5HSDUDWXUGHV6SLHJHOJODVHVHUVSDUW 'HU0RWRUVWRWWHUWHXQGVHW]WHGDQQDXV (U KDWWH HLQHQ 8QIDOO JHEDXW 8QG GDV XQPLWWHOEDU QDFK HLQHP $PSHOVFKRFN :HJHQ LKP NDP GHU 9HUNHKU DXI GHU )DKUVSXU KLQWHU LKP QXQ ]XP (UOLHJHQ XQG GDV PRFKWH DXV UHLFKHQ XP GLH %HPKXQJHQ GHV 6(.725/HLWZHUNV ]XQLFKWH ]X PDFKHQ XQG HLQHQ )ROJHVFKRFNDXV]XO|VHQ(UZDUHUOHGLJW'LH)DKUJHPHLQVFKDIWZUGHLKQUDXVZHUIHQXQG HUZUGHVLFKGHVKDOEHLQHQDQGHUHQ-REVXFKHQPVVHQXQG ,KP ZXUGH GLH $EVXUGLWlW VHLQHU *HGDQNHQ EHZXW 'DV LVW GHU 6FKRFN VDJWH HU VLFK (U GUHKWHVLFKQDFKGHP)UHPGHQXPGHUGHQ8QIDOOGXUFKVHLQ(LQGULQJHQYHUVFKXOGHWKDWWH 'RFKGLH:XFKWGHV$XISUDOOVKDWWHGHQ0DQQ DXVGHP:DJHQJHVFKOHXGHUW9LQ]HQ]VDK GD GHU DQGHUH VLFK EHUHLWV DXI GHP %UJHUVWHLJ DXIUDSSHOWH NXU] XPVFKDXWH XQG GDQQ GDV :HLWHVXFKWHRKQHGDLUJHQGMHPDQGLKQDXIKLHOW ª9HUGDPPWH 3LOOH© IOXFKWH HU $EHU HV JDE =HXJHQ IU GHQ 8QIDOO GLH 0HQVFKHQ LQ GHQ )DKU]HXJHQ XQPLWWHOEDU KLQ WHU LKP ZlKUHQG GLH DXI GHQ YLHU DQGHUHQ 6SXUHQ DQ LKP YRUEHLUDXVFKWHQDOVVHLJDUQLFKWVJHVFKHKHQ'LH9HUVLFKHUXQJZUGHDOVRHLQWUHWHQXQGGHQ 6FKDGHQHUVHW]HQ $EHUGLHYHUJQJOLFKH)DKUVFKLFKWPLW0HOOLFLQWNRQQWHHUVLFKDXVGHP.RSIVFKODJHQ8QG -DVKRXQG'DEUDLKUHQ.LQREHVXFK 'DEUD (LQJHOOHQGHUGXUFK0DUNXQG%HLQJHKHQGHU6FKUHLDXIGHP5FNVLW]PDFKWHLKPNODUGD HUZLUNOLFKNHLQH=HLWGDPLWYHUVFKZHQGHQNRQQWHEHU6FKlIHUVWQGFKHQRGHU.LQREHVXFKH QDFK]XGHQNHQ %HZLUNW GHU JHQYHUlQGHUQGH (LQIOX HLQHU GHU6WUDKOXQJVNRPSRQHQWHQ YRQ *ODGRUV 6WHUQ GD MHGH QHXJHERUHQH *HQHUDWLRQ YRQ .RORQLVWHQ DXI GHVVHQ 3ODQHWHQ 6LJD N|USHUOLFK NOHLQHU XQG ODQJOHELJHU DOV GLH YRUDQJHJDQJHQH LVWVR O|VW HLQH lKQOLFKH .RPSRQHQWH GHU 6RQQH0DUQHEGHQERGHQVWlQGLJHQ,PSXOVDXV'DEHLNDQQPDQGXUFKDXVGHQ%HJULII6XFKW YHUZHQGHQ ZLH JHZLVVH 6XEVWDQ]HQ ]X HLQHU VWDUNHQ $EKlQJLJNHLW XQG EHL (QW]XJ ]X 6FKPHU]HQ ZHQQ QLFKW JDU GHP YROOVWlQGLJHQ N|USHUOLFKHQ =XVDPPHQEUXFK IKUHQ UXIW DXFK GHU ERGHQVWlQGLJH ,PSXOV HLQH PHGL]LQLVFK HLQGHXWLJ QDFKZHLVEDUH *HZ|KQXQJ KHUYRU 'LH NRPSOH[HQ FKHPLVFKHQ $EOlXIH LP .|USHU NRQQWHQ ELV KHXWH QLFKW YROOVWlQGLJ JHNOlUW ZHUGHQ :DV ZHQLJHU DQ GHU /HLVWXQJVIlKLJNHLW GHU *DODNWRPHGL]LQHU OLHJW DOV DQ GHU ,VRODWLRQGHU5XSSHWHUXQGGHUQDFKIROJHQGHQ:HLJHUXQJVLFKLQGLHVHU+LQVLFKWKHOIHQ]X ODVVHQ )HVW VWHKW MHGRFK GD GLHVH 6WUDKOXQJVNRPSRQHQWH GHU 6RQQH LQ GLH +RP|RVWDVH

GHV PHQVFKOLFKHQ .|USHUV HLQJUHLIW XQG VLH NDOLEULHUW %HL XQWHU GHP /LFKW GLHVHU 6RQQH *HERUHQHQEORFNLHUHQGLH1HXURWUDQVPLWWHUEHVWLPPWH5H]HSWRUHQLP/LPELVFKHQ6\VWHP /HGLJOLFKGLHQDWUOLFKDXIJHQRPPHQH6WUDKOXQJ0DUQHEVKHEWGLHVH1HUYHQEORFNDGHZLHGHU DXI 9HUVXFKHVLHNQVWOLFK]XEHVHLWLJHQVLQGELVODQJJHVFKHLWHUW(LQKHLPLVFKHGLHLKUHQ 3ODQHWHQ YHUODVVHQ OHLGHQ GHPHQWVSUHFKHQG ]ZDQJVOlXILJ XQWHU (QW]XJVHUVFKHLQXQJHQ GHUHQ 6SHNWUXP YRQ EHUDXV VWDUNHQ .UlPSIHQ EHU YROOVWlQGLJH N|USHUOLFKH %HZHJXQJVXQIlKLJNHLWELVKLQ]XP7RGUHLFKW(VYHUZXQGHUWGDKHUQLFKWGDGLH5XSSHWHU HVYRU]LHKHQDXILKUHU+HLPDWZHOW]XYHUEOHLEHQ =DKOUHLFKH ,QGL]LHQ ZHLVHQ GDUDXI KLQ GD 6WUDKOXQJVNRPSRQHQWHQ YRQ 6RQQHQ GLH GDV JHQHWLVFKH(UEJXWYHUlQGHUQPLW9RUOLHEHSDDUZHLVHDXIWUHWHQ'LH6LJDQHVHQZXUGHQQLFKW QXUNOHLQHUVRQGHUQDXFKODQJOHELJHUGLH5XSSHWHUZXUGHQQLFKWQXUEXFKVWlEOLFKYRQLKUHU 6RQQH DEKlQJLJ VRQGHUQ DXFK IUXFKWEDUHU %HUHLWV QDFK IQI *HQHUDWLRQHQ ZDUHQ 'ULOOLQJVJHEXUWHQGLH5HJHOXQG6HFKVOLQJVJHEXUWHQNHLQH$XVQDKPHPHKO 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 6WUDKOXQJVNRPSRQHQWHQ $XV]XJ 1HPEDU9HUODJ+'6-222I 3LRWD3LFKDUG (LQVFK|QHU7DJDP6HH ª3DSL3DSL©NUHLVFKWH7LPRGXUFKGLH)LOWHUPDVNHXQGVWDPSIWHPLWGHP*XPPLVWLHIHODXI GD GLH .XQVWKHFNH ]XP 1DFKEDUJUXQGVWFN HU]LWWHUWH 6HLQ *HVLFKW ZDU ]RUQHVURW DQJHODXIHQ ª'X KDVW PLU YHUVSURFKHQ ZLU IDKUHQ ]XP *HEXUWVWDJ DQ GHQ 6HH 7LPR ZLOO ]XP6HH© 7LND XQG 7LZH ILHOHQ DXWRPDWLVFK LQ GDV *HEUOO HLQ :HQQ HLQHU GHU 'ULOOLQJH HWZDV GXUFKVHW]HQZROOWHHUNOlUWHQGLHEHLGHQDQGHUHQVLFKVRIRUWVROLGDULVFKDXFKZHQQVLHVLFK VRQVWVWULWWHQGDGLH)HW]HQIORJHQ 8QG GDV DP IUKHQ 0RUJHQ 'HU +LPPHO EHU 6(.725 ZDU QRFK URW JHIlUEW 1RUPDOHUZHLVH KlWWHQ GLH .LQGHU VLFK LQ LKUHP )HUQVHK]LPPHU GDUEHU JHVWULWWHQ ZHOFKHV 3URJUDPPVLHYHUIROJHQZROOWHQXQGGLH(OWHUQHLQ:HLOFKHQVFKODIHQRGHU5XSSHWV*HERW EHIROJHQ ODVVHQ GRFK GHU 8PVWDQG GD KHXWH LKU *HEXUWVWDJ ZDU EUDFKWH DOOHV GXUFKHLQDQGHU ª1DWUOLFK KDEH LFK GDV JHVDJW© UlXPWH 3LRWD 3LFKDUG VFKQHOO HLQ DOV HU VDK GD 7LPR ZLHGHUGLH/XIWDQKLHOW %HLPOHW]WHQ:XWDQIDOOZDUGHU-XQJHEODXDQJHODXIHQXQGHLQIDFKXPJHNLSSW'HUHLOHQGV KHUEHLJHUXIHQH1RWDU]WGHUKLHULP'LSORPDWHQYLHUWHOWDWVlFKOLFKXPJHKHQG]XU6WHOOHZDU KDWWHHLQHQ0DQJHODQURWHQ%OXWN|USHUFKHQGLDJQRVWL]LHUWXQGHLQ0HGLNDPHQWYHUVFKULHEHQ GDV ZHGHU 7LPRV :XWDQIDOOH QRFK GHQ 0DQJHO EHVHLWLJWH GDIU DEHU YRQ GHU VRZLHVR EDQNURWWHQ *HVXQGKHLWVIUVRUJH QLFKW DQHUNDQQW ZXUGH XQG DXV HLJHQHU 7DVFKH EH]DKOW ZHUGHQPXWH,P6(.725ZDUGDVEOLFK:HUKLHUHLQ+DXVEHVDNRQQWHVLFKDXFK $U]QHLHQ OHLVWHQ YRQ GHUHQ ([LVWHQ] GLH EHUZlOWLJHQGH 0HKUKHLW GHU %HY|ONHUXQJ QLFKW HLQPDOHWZDVDKQWH 'DGLHVWDDWOLFKH*HVXQGKHLWVIUVRUJHNXU]YRUGHP=XVDPPHQEUXFKVWDQGZXWH3LFKDUG DOV 6WDDWVVHNUHWlU LP *HVXQGKHLWVPLQLVWHULXP ZRKO DP EHVWHQ (U KDWWH GDQN

Der programmierte Attentфter

Der programmierte Mann

Der programmierte Mann

Der programmierte Mensch

Der programmierte Untergang

Der programmierte Untergang

Der programmierte Untergang

Der programmierte Mensch

Der programmierte Mensch

Der programmierte Mann

Der programmierte Mann

Der programmierte Untergang

Der programmierte Untergang

Kein Platz für Menschen. Der programmierte Selbstmord

Zwischenprufungstraining Bankfachklasse: Programmierte Aufgaben mit Losungen, 7. Auflage

Bankwirtschaft 1: Programmierte Aufgaben mit Lösungen 5. Auflage (Prüfungsbuch)

Die letzte Jagd. Die programmierte Ausrottung der Yanomami-Indianer und die Vernichtung des Regenwaldes

Zwischenprufungstraining Bankfachklasse: Programmierte Aufgaben mit Losungen, 9. Auflage

Wirtschaft, Arbeit und Soziales. Offene und programmierte Aufgaben mit Lösungen, 3. Auflage

Der Sand der Seele

Der Fluch der Meerjungfrau

Der Gott der Mar'osianer

Der Schläfer der Zeiten

Der Sand der Seele

Der Stern der Gewalt

Der Fall der Muschel

Der Fluch der Opale

Der Fluch der Kosmokratin

Der Fluch der Meerjungfrau

Der Tempel der Ewigkeit

Der Kerker der Wölfe

Der programmierte Attentфter

Der programmierte Mann

Der programmierte Mann

Der programmierte Mensch

Der programmierte Untergang

Der programmierte Untergang

Der programmierte Untergang

Der programmierte Mensch

Der programmierte Mensch

Der programmierte Mann

Der programmierte Mann

Der programmierte Untergang

Der programmierte Untergang

Kein Platz für Menschen. Der programmierte Selbstmord

Zwischenprufungstraining Bankfachklasse: Programmierte Aufgaben mit Losungen, 7. Auflage

Bankwirtschaft 1: Programmierte Aufgaben mit Lösungen 5. Auflage (Prüfungsbuch)

Die letzte Jagd. Die programmierte Ausrottung der Yanomami-Indianer und die Vernichtung des Regenwaldes

Zwischenprufungstraining Bankfachklasse: Programmierte Aufgaben mit Losungen, 9. Auflage

Wirtschaft, Arbeit und Soziales. Offene und programmierte Aufgaben mit Lösungen, 3. Auflage

Der Sand der Seele

Der Fluch der Meerjungfrau

Der Gott der Mar'osianer

Der Schläfer der Zeiten

Der Sand der Seele

Der Stern der Gewalt

Der Fall der Muschel

Der Fluch der Opale

Der Fluch der Kosmokratin

Der Fluch der Meerjungfrau

Der Tempel der Ewigkeit

Der Kerker der Wölfe

Recommend Documents