Der schreckliche Jфger

8570$+5 '(56&+5(&./,&+(-b*(5 352/2* 'LH .DOHQGHU GHU 0LOFKVWUDH VRZHLW VLH VLFK QDFK GHU YRP *DOD...

126 downloads 632 Views 472KB 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

.8570$+5

'(56&+5(&./,&+(-b*(5

352/2* 'LH .DOHQGHU GHU 0LOFKVWUDH VRZHLW VLH VLFK QDFK GHU YRP *DODNWLNXP DN]HSWLHUWHQ $OOJHPHLQHQ=HLWULFKWHQ]HLJHQGDV-DKU(VLVWYLHU-DKUHKHUVHLW6RWKR7\J,DQ YRQ GHQ 7HUUDQHUQ 6W\JLDQ JHQDQQW VHLQHQ (LQ]XJ KLHOW XQG VLFK DOV DOOHLQEHYROOPlFKWLJWHU 9HUWUHWHU GHU 6XSHULQWHOOLJHQ] (67$578 +HUULQ EHU GDV 0LOOLRQHQ/LFKWMDKUHHQWIHUQWH5HLFKGHU=Z|OI*DOD[LHQSUlVHQWLHUWH (VLVW]ZHL-DKUHKHUVHLW6RWKR7\J,DQVHLQ9HUVSUHFKHQ3HVVLPLVWHQQHQQHQHVHLQH 'URKXQJ ZDKU PDFKWH GHU 0LOFKVWUDH HLQ HVWDUWLVFKHV :XQGHU ]X VFKHQNHQ 6HLW ]ZHL-DKUHQJOKWEHUGHU0LOFKVWUDHDOOHUGLQJVELVODQJQXULPK\SHUHQHUJHWLVFKHQ %HUHLFK VLFKWEDU GLH )DXVW GHV .ULHJHUV DXI 6RWKDON *XPH 6KXMDD 'DV :XQGHU LVW HLQH DFKWWDXVHQG /LFKWMDKUH KRKH DP REHUHQ (QGH YHUGLFNWH 6lXOH DXV SVLRQLVFKHU (QHUJLH GLH DXV GHU +DXSWHEHQH GHU 0LOFKVWUDH HPSRUUDJW XQG LQ HUVWHU 1lKHUXQJ WDWVlFKOLFK HLQHU KXPDQRLGHQ )DXVW lKQHOW 'LH )DXVW ZHLVW LQ 5LFKWXQJ GHU 0lFKWLJNHLWVEDOOXQJ (67$578 LQ 5LFKWXQJ GHV 5HLFKHV GHU =Z|OI *DOD[LHQ YRQ ZR GHQ LQ DWDYLVWLVFKHP ,UUJODXEHQ EHIDQJHQHQ *DODNWLNHUQ (UOHXFKWXQJ EH]JOLFK GHU :HLVKHLW GHV 'ULWWHQ :HJHV XQG GHU :DKUKHLW GHU /HKUH YRP 3HUPDQHQWHQ .RQIOLNW NRPPHQVROOVRZHQLJVWHQVVLHKWHVGHU6RWKR (LQNRVPLVFKHV/HXFKWIHXHUQHQQW6W\JLDQYROOHU6WRO]VHLQ:HUN8QGLQGHU7DW:HU DXV GHP LQWHUJDODNWLVFKHQ 5DXP NRPPHQG VLFK GHU 0LOFKVWUDH QlKHUW VLHKW GLH )DXVW GHV .ULHJHUV PLW +LOIH VHLQHU K\SHUHQHUJHWLVFKHQ 1DFKZHLVJHUlWH EHU HLQH (QWIHUQXQJYRQ0LOOLRQHQYRQ/LFKWMDKUHQ%H]JOLFKHLQHVDQGHUHQ(IIHNWVPDFKW6RWKR 7\J ODQ ZHQLJHU $XIKHEHQV 'LH )DXVW GHV .ULHJHUV LVW GDV =HQWUXP HLQHU SVLRQLVFKHQ (QHUJLHEDOOXQJ GLH GLH 0LOFKVWUDH YRP 3VLRQLVFKHQ 1HW] DEVFKQHLGHW :HLO DEHU GLH =LYLOLVDWLRQHQ GHU 0LOFKVWUDH ZHGHU (QHUSVL5DXPIDKUW EHWUHLEHQ QRFK YLHO PLW GHQ *l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gIIHQWOLFKNHLW ZLUG 6RWKR 7\J ODQ HKHU DOV OlVWLJ GHQQ JHIlKUOLFK HPSIXQGHQ(UZLGPHWVLFKPLWJURHP(LIHUGHU9HUEUHLWXQJGHU/HKUHYRP3HUPDQHQWHQ .RQIOLNW ULFKWHW EHUDOO 8SDQLVKDGD HLQ MHQH 6FKXOHQ DOVR LQ GHQHQ .RQIOLNWJOlXELJH VLFK ]X 0HLVWHUVFKOHUQ MD VRJDU /HKUHUQ 3DQLVKD DXVELOGHQ ODVVHQ N|QQHQ XQG NPPHUW VLFK LP EULJHQ ZHQLJ XP GLH LQWHUQHQ %HODQJH GHU JDODNWLVFKHQ 9|ONHU 0LW GHP*DODNWLNXPGDVGLH=LYLOLVDWLRQHQGHU0LOFKVWUDHLQLKUHU*HVDPWKHLWUHSUlVHQWLHUW VWHKWHUDXIIUHXQGOLFKXQYHUELQGOLFKHP)X+LHUXQGGDXQWHUEUHLWHWHUGDV$QJHERW GDV HLQH RGHU DQGHUH 3URGXNW GHU HVWDUWLVFKHQ 7HFKQLN GLH GHU JDODNWLVFKHQ XP HLQLJHV EHUOHJHQ LVW ]XU 9HUIJXQJ ]X VWHOOHQ (V OlW VLFK ZLUNOLFK NHLQ *UXQG HUNHQQHQ VR GHQNHQGLHPHLVWHQZDUXPPDQVLFKYRU6W\JLDQIUFKWHQVROOH 'DV 0LWUDXHQ GDV HLQLJH ZHQLJH GHP 6RWKR JHJHQEHU DQ GHQ 7DJ OHJHQ HUVFKHLQW ZHQQ PDQ HV XQWHU GLHVHP %OLFNZLQNHOEHWUDFKWHWVFKL]RSKUHQ:DV]XGHQNHQJLEWLVW

GDHVVLFKEHLGLHVHQZHQLJHQDXVQDKPVORVXP:HVHQPLWXPIDQJUHLFKHU(UIDKUXQJXQG SROLWLVFKHP 6FKDUIEOLFN KDQGHOW XP +RPHU * $GDPV GHQ (UVWHQ 6SUHFKHU GHU .RVPLVFKHQ +DQVH XP -XOLDQ 7LIIORU GHQ IUKHUHQ (UVWHQ 7HUUDQHU GHU LQ GHU 9HUVHQNXQJYHUVFKZXQGHQLVWXP9HHOLHhGHQ9RUVLW]HQGHQGHV5HJLHUHQGHQ5DWHVYRQ *DWDV XP *DOEUDLWK 'HLJKWRQ GHQ HKHPDOLJHQ 6LFKHUKHLWVFKHI GHV 6RODUHQ ,PSHULXPVXP:D\ORQ-DYLHUGHQ.RPPDQGDQWHQGHUOHJHQGHQXPZREHQHQ%$6,6 :HOFKH.HQQWQLVVHEHVLW]HQVLHGLH0LWUDXLVFKHQGLHGHUEUHLWHQgIIHQWOLFKNHLWHQWJHKHQ" :RUDXVQlKUWVLFKLKU0LWUDXHQ" ³3DJXWDXI3LWWHUVDJWHGHUVFKODQNHKRFKJHZDFKVHQH0DQQ³,FKZHUGHHLQH=HLWODQJ IRUWVHLQXQGZHQQLFK]XUFNNRPPHZLOOLFKDOOHVVRYRUILQGHQZLHHVMHW]WLVW ³'X NDQQVW GLFK DXI PLFK YHUODVVHQ *DOEUDLWK DQWZRUWHWH GLH IUHXQGOLFKH 6WLPPH GHV +DXVURERWHUV³,FKELQGHUEHVWH$XISDVVHUGHQHVJLEW:LHODQJHZLUVWGXIRUWVHLQ" ³,FKZHLHVQLFKW3LWWHU *DOEUDLWK'HLJKWRQWUDWYRUGHQ6SLHJHOGHUDQGHU6HLWHQZDQGGHVJHUlXPLJHQ)OXUVKLQJ XQG YRP %RGHQ ELV ]XU 'HFNH UHLFKWH (U PXVWHUWH VHLQ (EHQELOG 8QDXIIlOOLJ ZLH LPPHU GDFKWHHUPLWHLQHP$QIOXJYRQ6DUNDVPXV(LQVQHXQ]LJHLQKXQGHUWVLHE]LJ3IXQGEUDXQH $XJHQGXQNHOEUDXQHV+DDU%HVRQGHUH0HUNPDOHNHLQH+DOWGRFK²HLQHVXQWHUEUDFK HUVLFKDPVLHUW:LUNWDXIYHUGlFKWLJH:HLVHGXUFKVFKQLWWOLFKXQGXQDXIIlOOLJ ³0HLQ HPRWLRVWUXNWXUHOOHU $QDO\VDWRU WHLOW PLU PLW VDJWH 3LWWHU ³GD GX PLW HLQHU JHZLVVHQ:HKPXWVSULFKVW 'DV ZDU 6SRWW 3LWWHU ZDU HLQH KRFKZHUWLJH 6\QWURQLN PLW ELRWURQLVFKHU 6WW]XQJ 6HLQH 6HQVRUHQXQG3UR]HVVRUHQZDUHQEHUGDVJDQ]H+DXVYHUWHLOW(UEHGXUIWHNHLQHV³HPRWLR VWUXNWXUHOOHQ$QDO\VDWRUVXP*DOEUDLWK'HLJKWRQV6WLPPXQJ]XHUNHQQHQ ³(V WXW PLU OHLG GD LFK IRUWJHKHQ PX EHVWlWLJWH 'HLJKWRQ ³,FK ZlUH JHUQH KLHUJHEOLHEHQ $EHU GLH /DJH LVW QLFKW VR GD LFK PLFK QDFK PHLQHQ 1HLJXQJHQ ULFKWHQ NDQQ ³'DVWXWZLHGHUXPPLUOHLGVDJWH3LWWHU³,FKZQVFKHGLUDOOHV*XWH/HEZRKO ³'XDXFKDQWZRUWHWH*DOEUDLWK'HLJKWRQ 'DQQ WUDW HU GXUFK GLH 7U GLH YRP )OXU LQ GLH *DUDJH IKUWH 'HU HLQ ZHQLJ EXOOLJ JHEDXWH XQG GHQQRFK DHURG\QDPLVFK SHUIHNWH *OHLWHU YRP 7\S *DYLODQ ,, EHJUWH LKQ IUHXQGOLFK ³*XWHQ7DJ*DOEUDLWK:RKLQVROO VGHQQJHKHQ" 'DV /XN VFKZDQJ DXI 'HLJKWRQ PDFKWH HV VLFK LQ GHP ZHLW DXVODGHQGHQ 9RUGHUVLW] EHTXHP ³=XP3RORFOXEVDJWHHU ³$DKPDFKWHGHU$XWRSLORW³+HXWHLVW'LHQVWDJKHXWHZLUG3RORJHVSLHOW ³6RLVWHVEHVWlWLJWH'HLJKWRQ 'DV /XN VFKOR VLFK GDIU IXKU GDV *DUDJHQWRU DXI +HOOHU )UKMDKUVVRQQHQVFKHLQ ODJ EHU GHU /DQGVFKDIW 'HU *OHLWHU JHZDQQ UDVFK DQ +|KH XQG IlGHOWH VLFK LQ HLQHQ GHU IXQNJHVWHXHUWHQ /XIWYHUNHKUVZHJH HLQ 'DV 7ULHEZHUNDUEHLWHWHJHUlXVFKORV9RQ:HVWHQ KHU JUWH GLH JOLW]HUQGH :DVVHUIOlFKH GHV *RVKXQ6HHV (V JLQJ DXI 8KU ,P 6GHQ UDJWHQGLH7UPHGHU,QQHQVWDGWDXI'DV)DKU]HXJQDKP.XUVQDFK1RUGRVW'HU3RORFOXE ODJ ZHLW DXHUKDOE GHU 6WDGWJUHQ]HQ ,P GQQEHVLHGHOWHQ *HELHW Q|UGOLFK YRQ 7HUUDQLD

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³+HXWH LVW 'LHQVWDJ KHXWH ZLUG 3ROR JHVSLHOW KDWWH GHU $XWRSLORW JHVDJW ,Q GHU 7DW VR KDWWH *DOEUDLWK 'HLJKWRQ VLFK VHLQ /HEHQ HLQJHULFKWHW PRQWDJV 6FKZLPPHQ GLHQVWDJV 3ROR PLWWZRFKV *ROI GRQQHUVWDJV 4XHUHWH HLQ YRQ 3ORSKRV LPSRUWLHUWHV NURFNHWlKQOLFKHV 5DVHQVSLHO IUHLWDJV 7HQQLSOD\ YRQ 7HQQLV DEJHOHLWHW ,QIROJH GLHVHU ]DKOUHLFKHQ $NWLYLWlWHQGHQHQHUVLFKPLW)OHLXQG*HZLVVHQKDIWLJNHLWZLGPHWHZDUHUQLFKWQXULQ DXVJH]HLFKQHWHUSK\VLVFKHU9HUIDVVXQJHVZXWHDXFKMHGHUPDQQLQVHLQHUQlKHUHQXQG ZHLWHUHQ8PJHEXQJZR*DOEUDLWK'HLJKWRQQDVDJHQZLUDP'LHQVWDJDEHQGXP 8KU]XILQGHQZDU 8QGGDUDXINDPHVLKPDQ 6HLW MHQHP 7DJ NXU] QDFK -DKUHVEHJLQQ DOV HU EHLP $QVFKDOWHQ VHLQHV 6\QWURQ $QVFKOXVVHV LQ GHP IU LKQ UHVHUYLHUWHQ 6SHLFKHUEHUHLFK GLH 1DFKULFKW YRUJHIXQGHQ KDWWH ³9RUVLFKW'HU6RWKRPDFKW-DJGDXILOOXVWUH.|SIH (U VWHOOWH GHQ *OHLWHU LQ GHU XQWHULUGLVFKHQ *DUDJH DE XQG VFKZHEWH GXUFK GHQ $QWLJUDYVFKDFKW LQV &OXEKDXV KLQDXI 'LH JURH +DOOH ZDU OHHU (LQHU MHGRFK KDWWH 'HLJKWRQV $QNXQIW EHPHUNW +HNNQHU 7DUDZD\ GHU +DXVPHLVWHU +HNNQHU OLHEWH IDUEHQSUlFKWLJH 0RQWXUHQ +HXWH WUXJ HU HLQH .RPELQDWLRQ GLH LQ JUHOOHP PHWDOOLVFKHP %ODX JOlQ]WH $XI GLH OLQNH %UXVW KDWWH HU VLFK HLQ 6FKLOG JHNOHEWGDV PLWURWHQ/HXFKWEXFKVWDEHQYHUNQGHWHGDHUGHU+$860(,67(5VHL (VHUIROJWHGLHEOLFKH%HJUXQJ'DQQVDJWH7DUDZD\ ³(VLVWDOOHVDUUDQJLHUWZLHYHUDEUHGHW ³,FK GDQNH DQWZRUWHWH *DOEUDLWK 'HLJKWRQ ³:HQQ GX QDFKVHKHQ ZLOOVW LFK ZDUWH KLHU 7DUDZD\ZLQNWHDE ³.RPPW QLFKW LQ )UDJH :HQQ LFK *DOEUDLWK 'HLJKWRQ QLFKW PHKU WUDXHQ NDQQ ZHP VRQVW" 'HLJKWRQOlFKHOWH ³)UHXWPLFK]XK|UHQ+HNNQHUVDJWHHU 'HLJKWRQ GXUFKTXHUWH GHQ $XIHQWKDOWVUDXP EHJUWH HLQLJH &OXEPLWJOLHGHU GLH GRUW GLH =HLWELV]XP%HJLQQGHV6SLHOV EHL 8QWHUKDOWXQJ XQG *HWUlQNHQYHUEUDFKWHQXQGVXFKWH VHLQH3ULYDWNDELQHDXI(UOLHVLFK=HLW]XP8PNOHLGHQ(VJHQJWHZHQQHULQOHW]WHU 0LQXWHDXIGHP6SLHOIHOGHUVFKLHQ'DVKHXWLJH6SLHOZUGHQLFKWVWDWWILQGHQ 6HLQ3IHUGEHJUWHHUPLWGHQ:RUWHQ ³.HLQH$QJVWDOWHU-XQJH'XKDVWPLFKGDVOHW]WHPDOJHWUDJHQ 'DV 7LHU VSUWH GLH $EQHLJXQJ GHV 0DQQHV (V VWHOOWH VLFK VW|UULVFK DOV HU HV DXV GHP 9HUVFKODJIKUHQZROOWH ³:DVPDFKVWGXPLU6FKZLHULJNHLWHQ"VDJWHHULQVDQIWHPEHUXKLJHQGHP7RQIDOO³1RFK

HLQHKDOEH6WXQGHXQGZLUVLQGJHVFKLHGHQH/HXWH (U ODFKWH EHU GHQ HLJHQHQ 6FKHU] 'DV 3IHUG EHUXKLJWH VLFK 'HLJKWRQ IDWH GHQ =JHO IHVWHU XQGIKUWHHVDXVGHP6WDOODQGHQ5DQGGHV6SLHOIHOGV'LH0DQQVFKDIWGHV5ROOLQJ 3ROR&OXE7HUUDQLDZDUEHUHLWVYROO]lKOLJYHUVDPPHOWGLHGHV*HJQHUVPLWLKUHQZHLJROG EODXHQ 7ULNRWV HEHQIDOOV 'LH EHLGHQ 6SLHOIKUHU YHUKDQGHOWHQ DXI GHU 0LWWH GHV )HOGHV PLWGHQ6FKLHGVULFKWHUQ ³+HKGXNRPPVWVSlWZXUGH*DOEUDLWK'HLJKWRQEHJUW 'HU =XUXI NDP YRQ 9ODQ )ODPEHUW HLQHP 0DQQ $QIDQJ GHU 'UHLLJHU GHU HEHQVR ZLH 'HLJKWRQ GHP &OXE HUVW VHLW ZHQLJHQ 0RQDWHQ DQJHK|UWH (U EHWULHE GHQ 6SRUW DXV %HJHLVWHUXQJ XQG ZDU WURW] VHLQHV 0DQJHOV DQ (UIDKUXQJ HLQ DXVJH]HLFKQHWHU 3RORVSLHOHU *DOEUDLWK 'HLJKWRQ HPSIDQG HLQH JHZLVVH 6\PSDWKLH IU LKQ ZHLO HU GLH $XIULFKWLJNHLW VSUWHGLH9ODQ)ODPEHUWEHVHHOWH (UEHJUWHLKQPLW+DQGVFKODJ ³6LHSURELHUHQGLH5ROODQODJHDXVVDJWH9ODQYROOHU(UZDUWXQJ (LQHU GHU 6FKLHGVULFKWHU UHFNWH GHQ UHFKWHQ $UP VWHLO LQ GLH +|KH 'LH 6SLHOHU DP 5DQG GHV )HOGHV VDKHQ JHVSDQQW DXI GLH 6SLHOIOlFKH 5ROOLQJ 3ROR ZXUGH DXI EHZHJWHP %RGHQ JHVSLHOW8QWHUGHP.XQVWUDVHQEHIDQGVLFKHLQHDXVJHGHKQWH$QODJHGLHGDIUVRUJWHGD GLH 5DVHQIOlFKH ZlKUHQG GHV 6SLHOHV :HOOHQ VFKOXJ VDQIWH RGHU ZHQLJHU VDQIWH MH QDFKGHPLQZHOFKH6FKZLHULJNHLWVNDWHJRULHGDV6SLHODEILHO 'DV 6SLHOIHOG UKUWH VLFK QLFKW 'HU 6FKLHGVULFKWHU VFKZHQNWH GHQ HUKREHQHQ $UP XQG EOLFNWHQHUY|VLQ5LFKWXQJGHV7XUPHVYRQGHPDXVGLH5ROODQODJHJHVWHXHUWZXUGH(LQH 0LQXWHYHUVWULFK'DQQEHJDQQGHU,QWHUNRP]XEO|NHQ ³5ROOV\VWHPLVWDXHU%HWULHE:LUXQWHUVXFKHQGHQ6FKDGHQ ³0LVW VFKLPSIWH 9ODQ )ODPEHUW ³'DEHL ZROOWHQ ZLU KHXWH QDFK K|FKVWHP 6FKZLHULJNHLWVJUDGVSLHOHQ 6LHZDUWHWHQXQJHGXOGLJXQGXQ]XIULHGHQ)QI0LQXWHQVSlWHUPHOGHWHVLFKGHU,QWHUNRP YRQQHXHP ³'HU6FKDGHQLVWHUKHEOLFK:LUHQWVFKXOGLJHQXQVEHLGHQ6SRUWVIUHXQGHQYRP3ROR5ROO &OXE1HZ'HOKLDEHUGDVJHSODQWH6SLHONDQQQLFKWVWDWWILQGHQ6HOEVWYHUVWlQGOLFKHUKHEHQ ZLUNHLQHQ(LQZDQGGDGDV6SLHOIUXQVDOVYHUORUHQJHZHUWHWZLUG ³9HUGDPPWH 6FKHLH IOXFKWH 9ODQ )ODPEHUW ³:LU KlWWHQ VLH LQ *UXQG XQG %RGHQ JHVSLHOW 9ODQ VDK ]X *DOEUDLWK 'HLJKWRQ DXI ³:DV IDQJHQ ZLU PLW GHP DQJHEURFKHQHQ $EHQGDQ"ZROOWHHUZLVVHQ 'HLJKWRQUHFNWHVLFK ,FK KDEH HLQHQ DQVWUHQJHQGHQ 7DJ KLQWHU PLU

VDJWH HU ³,FK JODXEH LFK PDFKH PLU LQ PHLQHU.DELQHHLQHWURSLVFKH/DQGVFKDIWXQGDDOHPLFKHLQSDDU6WXQGHQODQJLQ:DVVHUXQG 6RQQH ³+|UWVLFKJXWDQPHLQWH9ODQ³.|QQWHLFKDXFKJHEUDXFKHQ6HKHLFKGLFKKHXWHQRFK" ³1LFKWYRU]ZDQ]LJ8KUZHQQGXGDQQQRFKGDELVW ³0DO VHKHQ VDJWH 9ODQ XQG ]RJ VHLQ 3IHUG LQ 5LFKWXQJ GHV 6WDOOHV *DOEUDLWK 'HLJKWRQ IROJWHLKP(UJDEGHP7LHUHLQHQ.ODSVDXIGLH.UXSSHXQGEHUOLHHVGHQ6WDOOZlUWHUQ HV DE]XVFKLUUHQ 'DQQ VXFKWH HU VHLQH 3ULYDWNDELQH DXI ,P %DGHUDXP WUXJ HU GHP &OXEV\QWURQ DXI HLQH WURSLVFKH /DQGVFKDIW ]X VFKDIIHQ 6]HQH PLW OHLFKWHP 'VFKXQJHO 6DQGVWUDQGNOHLQHU:HLKHU:DVVHUWHPSHUDWXU*UDG'HU&RPSXWHUPDFKWHVLFKVRIRUW DQGLH$UEHLW,QGUHL0LQXWHQVHLGLH6]HQHIHUWLJPHLQWHHU *DOEUDLWK 'HLJKWRQ NOHLGHWH VLFK DQ ,Q HLQHP NOHLQHQ 5DXP GHU ELVKHU XQJHQXW]W

JHEOLHEHQZDUVWDQGHLQSRUWDEOHU7UDQVPLWWHU'HLJKWRQDNWLYLHUWHLKQ(UVDKDXIGLH8KU (VZDU(USUIWHGLH/|VFKDXWRPDWLNGHV6WHXHUJHUlWV6LHZDUGDUDXISURJUDPPLHUW GLH 9HNWRULHUXQJVGDWHQ GHV *HUlWV QDFK HLQPDOLJHP *HEUDXFK DXV]XUDGLHUHQ 1LHPDQG ZUGH VSlWHU EHL GHU 8QWHUVXFKXQJ GHV 7UDQVPLWWHUV HUPLWWHOQ N|QQHQ ZRKLQ *DOEUDLWK 'HLJKWRQVLFKDEJHVHW]WKDWWH 'HU OHXFKWHQGH %RJHQ GHV 7UDQVSRUWIHOGV IODPPWH DXI 'HLJKWRQ WUDW KLQGXUFK XQG VSUWH GHQVDQIWHQ(QWPDWHULDOLVLHUXQJVVFKPHU] ³:LHLVWGHLQ1DPH" 'LH*HVWDOWGHV(OIDKGHUVLQHLQHQ]ZHL0HWHUKRKHQ3DQ]HUDXVEHUQVWHLQIDUEHQHP0HWDOO JHKOOW VWDQG VWDUU ZLH HV GLH (KUIXUFKW HUIRUGHUWH 'HU NOHLQH UXQGH 5DXP ZDU YRQ JHOEOLFKJUQHP /LFKW HUIOOW (V JDE NHLQH (LQULFKWXQJ %RGHQ :lQGH 'HFNH ZDUHQ NDKO 'LH 6WLPPH KDWWH DXV GHP 1LFKWV JHVSURFKHQ DEHU GHP (OIDKGHU ZDU NODU GD GLH :RUWHDXVGHP0XQGGHV6RWKRJHNRPPHQZDUHQ ³:LQGDMLHUODXFKWHU+HUU ³'DV LVW NHLQ 1DPH :LQGDML KHLW -lJHU +DW GLU GHLQ bOWHUEUXGHU EHL GHLQHU (QWVWHKXQJ NHLQHQ1DPHQJHJHEHQ" ³,FKKDEHLKQYHUJHVVHQ+HUUDQWZRUWHWHGHU(OIDKGHU³,FKZLOO:LQGDMLKHLHQZHLOLFK PHLQ /HEHQ GHP 'LHQVW DQ GHU KHUUOLFKHQ (67$578 YHUVFKULHEHQ KDEH ,FK ZLOO LKUH *HJQHUXQG9HUlFKWHUMDJHQXQG]XU6WUHFNHEULQJHQ ³,FKKDEHYLHOYRQGLUJHK|UW:LQGDMLVDJWHGLH6WLPPHGHV6RWKRV ³,FKJODXEHIHVWDQGLH*HERWHGHV.DPSIHVGHV*HKRUVDPVXQGGHU(KUH,FKKRIIHGX KDVWQLFKWV*HJHQWHLOLJHVJHK|UWHUODXFKWHU+HUU ³1HLQ$EHUYRQJURHP(LIHUKDEHLFKJHK|UW8QGGDYRQGDGXMHGHQ$XIWUDJGHQGLU HLQ.ULHJHUHUWHLOW]X(QGHIKUVW ³'DVLVWPHLQ/HEHQVZHUN+HUU (VHQWVWDQGHLQH3DXVH+LQWHUGHP*LWWHUGDVGDV9LVLHULP+HOPGHU5VWXQJGDUVWHOOWH IXQNHOWHQ]ZHLJUQH/HXFKWSXQNWH ³,FKKDEHHLQH$XIJDEHIUGLFK:LQGDMLVDJWHGHU6RWKRVFKOLHOLFK ³1HQQVLHPLUR+HUUEDWGHU(OIDKGHU³,FKZHUGHVLHDXVIKUHQ ³6LH LVW JUR VLH LVW XPIDQJUHLFK VLH LVW VFKZLHULJ 'HU 6RWKR KLHOW LQQH DOV ZDUWH HU GDUDXI GD :LQGDML LKP LP hEHUHLIHU LQV :RUW IDOOH $EHU GHU (OIDKGHU ZXWH ZDV VLFK HLQHP6RWKRJHJHQEHUJHK|UWVWDQGGRFKGHU6RWKRQRFKXPHLQH6WXIHEHUGHQ(ZLJHQ .ULHJHUQ ² XQG (ZLJHQ .ULHJHUQ KDWWH HU VFKRQ PHKUHUHQ JHGLHQW ³-H QlKHU LFK GHU 9HUZLUNOLFKXQJPHLQHV3ODQHVNRPPHIXKU6RWKR7\J,DQVFKOLHOLFKIRUW³GHVWRJU|HU ZLUG GLH :DKUVFKHLQOLFKNHLW GD GLH *DODNWLNHU :LGHUVWDQG OHLVWHQ :LGHUVWDQG DEHU HQWVWHKWQLFKWYRQVHOEVW(UEHGDUIHLQHV.ULVWDOOLVDWLRQVNHUQVXPGHQHUVLFKIRUPHQNDQQ 9HUVWHKVWGXZHOFKHVGLH.ULVWDOOLVDWLRQVNHUQHVHLQN|QQHQ" ³(V VLQG GLH GLH 0DFKW XQG (LQIOX EHVLW]HQ +HUU 'LHMHQLJHQ DXI GLH GDV 9RON K|UW :HQQVLHGHLQH3OlQHHUNHQQHQXQG]XP:LGHUVWDQGDXIUXIHQZLUGPDQLKQHQIROJHQ 'XXUWHLOVWULFKWLJ:LQGDML:HQQDEHUZLUNOLFK:LGHUVWDQGHQWVWHKWGDQQULFKWHWHUVLFK JHJHQHLQH0DFKWGLHPLWZHLWEHUOHJHQHU7HFKQLNDXVJHVWDWWHWLVW'HQQGHPZRPLWXQV (67$578 DXVJHVWDWWHW KDW KDEHQ GLH *DODNWLNHU QLFKWV DQQlKHUQG *OHLFKZHUWLJHV JHJHQEHU]XVWHOOHQ *HZL ZHQQ HV ZLUNOLFK ]X HLQHU ZHLWJUHLIHQGHQ :LGHUVWDQGVEHZHJXQJ NRPPHQ VROOWH VLQG VLH ]DKOHQPlLJ LQ GHU hEHUPDFKW $EHU VLH ZHUGHQGHQQRFKDXIHLQHVVHKUEHGDFKWVHLQ:RUDXI:LQGDML" ³'HLQHQWHFKQLVFKHQ9RUVSUXQJDXI]XKROHQJURHU6RWKRDQWZRUWHWHGHU(OIDKGHURKQH

=|JHUQ³6LHEUDXFKHQGLH0lFKWLJHQXQG(LQIOXUHLFKHQGHQ:LGHUVWDQG]XOHLWHQXQGGLH EHJDEWHVWHQ:LVVHQVFKDIWOHUXPGLHWHFKQLVFKH(QWZLFNOXQJYRUDQ]XWUHLEHQ ³'HLQ6FKDUIVLQQLVWEHDFKWHQVZHUW-lJHUOREWHGHU6RWKR³,FKZLOOGLU]HLJHQZLHLFK PLFKJHJHQGHQ$XIVWDQGGHU*DODNWLNHUJHZDSSQHWKDEH 'DVJHOEOLFKJUQH/LFKWHUORVFK9RU:LQGDMLHQWVWDQGHLQHKRORJUDSKLVFKH3URMHNWLRQGHU 0LOFKVWUDH 'XUFK GHQ :LUUZDUU GHU 6WHUQH ]RJHQ VLFK GLH OHXFKWHQGHQ /LQLHQ GHV 6W\JLVFKHQ 1HW]HV 'RUW ZR GLH )lGHQ GHV 1HW]HV HLQDQGHU NUHX]WHQ ZR VLH .QRWHQ ELOGHWHQ VWUDKOWHQ URWH 3XQNWH (V JDE HLQH YHUZLUUHQGH )OOH VROFKHU 3XQNWH PHKUHUH 7DXVHQG ³'DVVDJWH6RWKR7\J,DQ³VLQGGLH+WHUGHV:HJHV)HUHVK7RYDDULQGHU6SUDFKHGHU .ULHJHU(VJLEWLKUHUPHKUDOVDFKWWDXVHQG:HLWHUHZHUGHQJHEDXW'LH)HUHVK7RYDDU GLHQHQ QLFKW QXU GHU 6WDELOLVLHUXQJ GHV 1HW]HV VLH VLQG DXHUGHP :HOWUDXPIRUWV PLW XPIDVVHQGHU NDPSIWHFKQLVFKHU $XVVWDWWXQJ 9RQ GLHVHQ )HVWXQJHQ DXV ZLOO LFK JHJHQ GLH 5HYROXWLRQ GHU *DODNWLNHU DQNlPSIHQ -HGHV :HOWUDXPIRUW HUKlOW HLQH NDPSIVWDUNH %HVDW]XQJ :R DXFK LPPHU GLH *DODNWLNHU VLFK JHJHQ PLFK HUKHEHQ EHUDOO ZLUG HLQ )HUHVK 7RYDDU LQ XQPLWWHOEDUHU 1lKH VHLQ XQG VHLQH %HVDW]XQJ DXI GHP 6SUXQJ VWHKHQ GHQIUHYHOKDIWHQhEHUPXWGHU$XINOlUHU]XEHVWUDIHQ 7ULXPSK UHJWH VLFK LQ :LQGDMLV YHUKlUWHWHU 6HHOH (U KDWWH QLFKW EHUWULHEHQ DOV HU DXVVDJWH VHLQ /HEHQ VHL GHP 'LHQVW DQ (67$578 YHUVFKULHEHQ 'LH /HKUH GHV 3HUPDQHQWHQ.RQIOLNWVZDULKP/HEHQVLQKDOW(UEHGXUIWHNHLQHUDQGHUHQ$XIJDEHDOV GLH KHKUHQ 3ULQ]LSLHQ GHV .ULHJHUNXOWV ]X YHUEUHLWHQ XQG GLHMHQLJHQ ]X YHUQLFKWHQ GLH VLFKJHJHQVHLQHQ*ODXEHQVWUlXEWHQ :DV HU VDK EHZLHV LKP GD GHU 6RWKR VWUHQJ JHPl GHQ *ODXEHQVJUXQGVlW]HQ GHU .RQIOLNWOHKUH KDQGHOWH (U EUDFKWH VLFK LQ HLQH 3RVLWLRQ LQ GHU HU XQEHVLHJEDU ZDU *OHLFK]HLWLJ YHUKHLPOLFKWH HU VHLQH 6WlUNH 'LH *DODNWLNHU ZXWHQ QLFKWV YRQ GHU ([LVWHQ] GHU )HUHVK 7RYDDU 6RWKR 7\J ,DQ JLQJ GHP .DPSI QLFKW DXV GHP :HJ $KQXQJVORV EH]JOLFK LKUHU 8QWHUOHJHQKHLW ZUGHQ GLH *DODNWLNHU ]XP $XIVWDQG DQWUHWHQ²XQGVRKDUWDXIGDV+DXSWJHVFKODJHQEHNRPPHQGDLKQHQGLH=ZHLIHODQ GHU:HLVKHLWGHU.ULHJHUOHKUHHLQIUDOOHPDOYHUJLQJHQ ³'X KDQGHOVW PLW XQEHVFKUHLEOLFKHU :HLVKHLW ZLH VLH QXU HLQ 6RWKR HQWZLFNHOW VDJWH GHU-lJHUHKUIUFKWLJ³'HU6LHJLVWGHLQHUODXFKWHU+HUU ³$EHU QLFKW RKQH $QVWUHQJXQJ ZDUQWH GHU 6RWKR ³(V EHGDUI GHU :DFKVDPNHLW DXI XQVHUHU 6HLWH ,FK KDEH GLH *HVFKLFKWH GHU *DODNWLNHU VWXGLHUW (V JLEW 9|ONHU XQWHU LKQHQ²LFKQHQQHDOV%HLVSLHOGLH7HUUDQHUXQGGLHPLWLKQHQYHUZDQGWHQ$UNRQLGHQ $NRQHQ XQG 6SULQJHU ² GLH HLQH JHIlKUOLFKH ,QLWLDWLYH HLQHQ HUVFKUHFNHQGHQ (LQIDOOVUHLFKWXP HQWZLFNHOQ $XI GLHVH PVVHQ ZLU HLQ EHVRQGHUHV $XJHQPHUN KDEHQ 'D]XKDEHLFKGLFKDXVHUVHKHQ ³0LFKR+HUU"IUDJWH:LQGDMLYHUZXQGHUW ³'LFK'XQHQQVWGLFK-lJHU'LH7UXSSHGLHLFKGLUXQWHUVWHOOHZLOOLFKGLH)XDWD-HVKL QHQQHQ GLH %ULJDGH GHLQHV *HIROJHV 0LW LKU ZLUVW GX GLH $XIJDEH O|VHQ GLH LFK GLU ]XJHGDFKWKDEH 'HU6WRO]GHV.ULHJHUVIORGXUFKGLHDPRUSKHQ.|USHUVWUlQJHGHV(OIDKGHUV ³,FK JHKRUFKH +HUU VDJWH HU PLW GHU DXI NUlIWLJ PRGXOLHUWHQ 6WLPPH VHLQHV KDOERUJDQLVFKHQ6\QWKHVL]HUV³'XOlWPLUJURH(KUH]XWHLOZHUGHQ ³'LH (LQKHLWHQ GHU )XDWD -HVKL IXKU GHU 6RWKR XQJHUKUW IRUW ³VLQG EHU GLH PHKU DOV DFKWWDXVHQG5DXPIRUWVYHUWHLOW0LWGHP.RPPDQGREHUGLH)XDWD-HVKLEHUQLPPVWGX

DXFKGHQ2EHUEHIHKOEHUGLH)HUHVK7RYDDU 'DZDU:LQGDML]XPXWHDOVPVVHLKPGLH/XIWDXVJHKHQREZRKOGHU0HWDEROLVPXVGHV (OIDKGHUV LP DOOJHPHLQHQ PLW JHULQJHQ 6DXHUVWRIIPHQJHQ DXVNRPPW 1LFKW LQ VHLQHQ ZLOGHVWHQ 7UlXPHQ KDWWH HU JHDKQW GD HU HLQHV VROFK JHZDOWLJHQ $XIWUDJV ZHJHQ ]XP (PSIDQJHLQHUGHUDUWXQJODXEOLFKHQ(KUXQJDXIGDV5DXPVFKLIIGHV6RWKRVEHVWHOOWZRUGHQ ZDU (V GDXHUWH HLQH :HLOH ELV HU VLFK VRZHLW JHIDW KDWWH GD HU ZLHGHU ]XVDPPHQKlQJHQG VSUHFKHQNRQQWH ³'LH (KUH HUODXFKWHU +HUU GLH PLU ]XWHLO ZLUG LVW QRFK ZHLWDXV JU|HU DOV LFK ]XHUVW DQQDKPVDJWHHU³,FKZLOOVLHGLUGDQNHQPLWDEVROXWHP*HKRUVDP,FKZLOOGHLQ6NODYH VHLQ JURHU 6RWKR 8QG LP .DPSI ZLOO LFK GLU EHZHLVHQ GD GX GLH ULFKWLJH :DKO JHWURIIHQKDVW ³'DV VLQG GLH :RUWH GLH LFK K|UHQ ZLOO DQWZRUWHWH GHU 6RWKR LQ HLQHP 7RQIDOO GHU VHLQ :RKOZROOHQ]XP$XVGUXFNEUDFKWH³'XKDVWHLQHJURH$XIJDEHLQGLHGXKLQHLQZDFKVHQ PXW $EHU GDV PX VFKQHOO JHKHQ =ZHL 3UREOHPH PVVHQ XQPLWWHOEDU DQJHJDQJHQ ZHUGHQ ³1HQQHVLHPLUR+HUUXQGLFKZHUGHVRIRUWEHJLQQHQ ³(VJLEWVROFKHXQWHUGHQ*DODNWLNHUQ²XQGZLHGHUXPLQVEHVRQGHUHXQWHUGHQ7HUUDQHUQ GLH]XZLVVHQJODXEHQGDLFKQDFKGHU0DFKWLQGLHVHU*DOD[LVVWUHEH ³'LHGLUYRQ5HFKWVZHJHQ]XVWHKW+HUUEHHLOWH:LQGDMLVLFKKLQ]X]XIJHQ ³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lFKWHWHQ ]XP 7RVKLQ HUNOlUW ZRUGHQ 9RQ GHQ .|SIHQ GHU WHUUDQLVFKHQ *HVHOOVFKDIW VLQG QXU QRFK ]ZHL JUHLIEDU+RPHU$GDPVXQG*DOEUDLWK'HLJKWRQ 'LH 1DPHQ ZDUHQ :LQGDML YHUWUDXW (U NDQQWH DOOHV ZDV 5DQJ XQG 1DPHQ KDWWH (U NDQQWH DXFK GLH /HJHQGHQ GLH VLFK XP *HVFK|SIH ZLH 3HUU\ 5KRGDQ $WODQ 5HJLQDOG %XOO *HRIIU\ :DULQJHU XQG -XOLDQ 7LIIORU UDQNWHQ 8QG HU EHJULII GD 6RWKR 7\J ,DQ GLHVH:HVHQXQVFKlGOLFKPDFKHQPXWHEHYRUHUHUQVWKDIWGDUDQJHKHQNRQQWHVLFKGLH 0DFKWEHUGLH0LOFKVWUDHDQ]XHLJQHQ ³+RPHU$GDPVODVVHQZLUJHZlKUHQIXKUGHU6RWKRIRUW³(UEHVFKlIWLJWVLFKPLWGHU (LQIXKU YRQ 3DUDWDX DXV )RUQD[6\VWHP XQG OLHIHUW XQV PDQFKHQ ZHUWYROOHQ +LQZHLV DXI XQVHUH :LGHUVDFKHU ² RKQH HV ]X ZROOHQ (U ]HLJW DXFK NHLQH 1HLJXQJ VHLQHQ 3RVWHQ DXI]XJHEHQ XQG VLFK XQVLFKWEDU ]X PDFKHQ $QGHUV VWHKW HV PLW *DOEUDLWK 'HLJKWRQ'HU0DQQLVWJHIlKUOLFK(UZDUIUKHUGHU/HLWHUGHU6RODUHQ$EZHKUHLQHU GHU JHIlKUOLFKVWHQ $QWLVSLRQDJHRUJDQLVDWLRQHQ GHU 9HUJDQJHQKHLW 'HLJKWRQ KDW NHLQ RIIL]LHOOHV$PW(UZLUGVLFKEHLHUVWHU*HOHJHQKHLWDXVGHP6WDXEPDFKHQ ³,FKZHUGHLKQJUHLIHQEHYRULKPGDVJHOLQJWYHUVLFKHUWH:LQGDML ³'DVLVWHLQHGHLQHU$XIJDEHQDQWZRUWHWH6RWKR7\J,DQ³$EHUGXPXWEHKXWVDP]X :HUNH JHKHQ :HQQ *DOEUDLWK 'HLJKWRQ YHUVFKZLQGHW GDUI QLHPDQG DKQHQ GD GHU 6RWKR GDIU YHUDQWZRUWOLFK LVW -HGHV 4XDQW 0LWUDXHQ GDV ZLU YRU]HLWLJ HU]HXJHQ

PDFKWXQVHUH$XIJDEHVFKZHUHU ³,FK ELQ LP YHUVFKZLHJHQHQ .DPSI JHEW KRKHU 6RWKR HUNOlUWH GHU -lJHU ³'X NDQQVW GLFKDXIPLFKYHUODVVHQ ³,FK VDJWH HLQH GHLQHU $XIJDEHQ VDJWH 6RWKR 7\J ,DQ ³XQG LFK VSUDFK YRQ ]ZHL 3UREOHPHQ'LH)XQNWLRQHLQHUV\PEROLVFKHQ+DQGOXQJLVWGLUEHNDQQW" ³6HKU JXW +HUU (LQH V\PEROLVFKH +DQGOXQJ LVW HLQH VROFKH GLH QXU HLQH JHULQJIJLJH 6DFKZLUNXQJ HU]LHOW LP %HZXWVHLQ GHU =HXJHQ MHGRFK HLQHQ QDFKKDOWLJHQ (LQGUXFN KLQWHUOlW XQG PLWXQWHU DOV 9RUERWH JURHU XQG HLQVFKQHLGHQGHU (UHLJQLVVH LQWHUSUHWLHUW ZLUG ³,FK VHKH PDQ KDW DXI GHLQHU 8SDQLVKDG QLFKW YHUVlXPW GLFK LQ GHU 3KLORVRSKLH GHV .RQIOLNWV]XXQWHUULFKWHQDQWZRUWHWHGHU6RWKRPLWK|UEDUHP:RKOJHIDOOHQ³(LQHVROFKH V\PEROLVFKH+DQGOXQJZLUVWGXLQPHLQHP$XIWUDJYROO]LHKHQ(VJLEWGDHLQ5DXPVFKLII XPGDVVLFK6DJHQXQG/HJHQGHQUDQNHQ(VLVW-DKUKXQGHUWHDOWMHGRFKDXIGDVPRGHUQVWH XPJHUVWHW (V GLHQWH HLQVW GHQ 7HUUDQHUQ DOV )ODJJVFKLII LKUHU )ORWWH KDW LP $XJHQEOLFN MHGRFKNHLQHRIIL]LHOOH)XQNWLRQ ³,FKNHQQHHVR+HUUVDJWH:LQGDMLHLOLJDOVGHU6RWKRHLQHNOHLQH3DXVHPDFKWH³(VLVW GLH%$6,6 ³5LFKWLJ,FKKDEHHLQHQ3ODQ,FKZLOOGHQ7HUUDQHUQHLQ$QJHERWPDFKHQGDVVLHQLFKW DEOHKQHQN|QQHQ :D\ORQ-DYLHUZDUQLFKWEHLGHU6DFKH(UK|UWH6DQGUD%RXJHDNOLVVDJHQ ³(VLVWXQQDWUOLFKGDHLQ)DKU]HXJZLHGDVXQVHUHRKQH=LHOXQG$XIJDEHLQGHU*HJHQG XPKHUIODWWHUW'LH:RONHQNRPPHQGHQ8QKHLOVWUPHQVLFKDP+RUL]RQWDEHUGLH%$6,6 WXWVRDOVVlHQZLULPWLHIVWHQ)ULHGHQ $EHUGLH:RUWHVDQNHQQLFKWHLQ(UPXVWHUWHGDV*HZLPPHOGHU$VWHURLGHQDXIGHUJURHQ %LOGIOlFKHXQGIUDJWHVLFKZLHODQJHHVKHUVHLQPRFKWHVHLWHUGDVOHW]WHPDO)XDXIGLH 2EHUIOlFKHHLQHV3ODQHWHQJHVHW]WKDWWH(UZXWHHVQLFKWPHKU(VODJ]XZHLW]XUFN ³:DVVDJVWGX:D\ORQ"ZROOWH6DQGUD%RXJHDNOLVZLVVHQ :D\ORQ-DYLHUVDKDXI6DQGUDPHLQWHHVHUQVWGDVPHUNWHPDQLKUDQ,KU*HVLFKWZLUNWH NQ|FKHUQHUDOVVRQVW0DQPWHLKUEHLEULQJHQ|IWHU]XODFKHQGDFKWH:D\ORQ]HUVWUHXW 'DQQZlUHVLHDXVJHVSURFKHQDWWUDNWLY ³'X KDVW HLQH VFK|QH SRHWLVFKH 6SUDFKH 6DQGUD VDJWH HU ³'DV PLW GHQ :RONHQ DP +RUL]RQWLFKNDQQVLHULFKWLJVHKHQ 6DQGUDV0LHQHZXUGHQRFKXPHLQH1XDQFHGVWHUHU ³0DQVROOWHGLUGHLQ.RPPDQGDQWHQSDWHQWDEQHKPHQHUNOlUWHVLHELWWHU³'XKDVWNHLQHUOHL *HIKOIUJHIlKUOLFKH(QWZLFNOXQJHQ :D\ORQ DQJHWDQ PLW HLQHU .RUGKRVH XQGHILQLHUEDUHU )DUEH HLQHP YHUEOLFKHQHQ 5ROONUDJHQSXOORYHU XQG HLQHP VSHFNLJHQ .LWWHO EOLFNWH LQ GLH .XQGH +HUWK WHQ 9DU GHU $UDZDKUWHVHLQHVWHLQHUQH0LHQH,KQEUDFKWHVRUDVFKQLFKWVDXVGHP*OHLFKJHZLFKW/HR 'UNGHU:DIIHQPHLVWHUVFKPXQ]HOWHYRUVLFKKLQ(UZLUNWHZLHGHU7\SGHVJXWPWLJHQ *URYDWHUV :HU LKQ VR VDK GHU NRQQWH VLFK NDXP YRUVWHOOHQ GD HU VLFK LQ .ULVHQVLWXDWLRQHQ]XP(QHUJLHEQGHOHQWZLFNHOWH 'HQHLGH +RUZLNRZV /lFKHOQ KDWWH HWZDV 6IILVDQWHV 6LH IUHXWH VLFK GDUEHU ZHQQ 6DQGUD %RXJHDNOLV VLFK DXIUHJWH 'HQHLGH -DKUH DOW ZDU QRFK LPPHU GHU 6FKZDUP DOOHU0lQQHUDQ%RUGGHU%$6,6,KUH6FK|QKHLWZDULP/DXIGHUYHUJDQJHQHQ]HKQ-DKUH JHUHLIW :D\ORQ HUWDSSWH VLFK EHL GHP *HGDQNHQ 0LW ZHP VLH ZRKO VFKOlIW" 'HQHLGH

ZDQGWH GHQ .RSI XQG VDK LKQ DQ (U VHQNWH UDVFK GHQ %OLFN ZLH HLQ HUWDSSWHU 6FKXOMXQJH6DQGUD%RXJHDNOLVZDUGDVNOHLQH=ZLVFKHQVSLHOQLFKWHQWJDQJHQ ³'X VROOWHVW GHLQHQ +RUPRQVSLHJHO EHUSUIHQ ODVVHQ EHPHUNWH VLH VDUNDVWLVFK ³:HQQ HV YRQ GHLQHU .RQ]HQWUDWLRQVIlKLJNHLW QLFKW ]XYLHO YHUODQJW LVW KlWWH LFK JHUQH HLQH (QWVFKHLGXQJYRQGLU0DFKHQZLUVRZHLWHUZLHELVKHURGHUULFKWHQZLUXQVDXVHLJHQHP (QWVFKOXDXIGLHQHXH/DJHHLQ" :LGHUZLOOLJ ULHI :D\ORQ -DYLHU VHLQH *HGDQNHQ ]XU 2UGQXQJ (U ZDU 6DQGUD HLQH $QWZRUWVFKXOGLJ,PPHUKLQKDWWHVLHGHQ5DQJHLQHU6WHOOYHUWUHWHQGHQ.RPPDQGDQWLQ ³:LU EOHLEHQ YRUOlXILJ KLHU YRU $QNHU VDJWH HU XQG PDFKWH HLQH YDJH *HVWH DXI GDV *HZLUU GHU )HOVEURFNHQ GDV DXI GHU %LOGIOlFKH ]X VHKHQ ZDU ³'LH %$6,6 JHK|UW ODXW hEHUHLQNRPPHQ GHU .RVPLVFKHQ +DQVH $OVR LVW +RPHU * $GDPV XQVHU &KHI $GDPV KDWXQVNHLQHVSH]LHOOHQ$QZHLVXQJHQJHJHEHQDXHUGHPLVWHUQLFKW]X+DXVH$OVRZDUWHQ ZLUKLHUELVHU]XUFNNRPPW ³$XFKZHQQLQ]ZLVFKHQGLH0LOFKVWUDH]XEUHQQHQDQIlQJW :D\ORQ VWDQG DXI (U KDWWH GDV 'HEDWWLHUHQ VDWW (U EUDXFKWH 5XKH (U EUDXFKWH HLQHQ VWHLIHQ'ULQNGDPLWHUDXIDQGHUH*HGDQNHQNDP ³'XPDOVW]XYLHOH7HXIHODQGLH:DQG6DQGUDVDJWHHU³:LUDOOHPLWUDXHQ6W\JLDQVR ZLH ZLU 6WDONHU PLWUDXW KDEHQ $EHU QRFK JLEW HV NHLQ $Q]HLFKHQ GD HU HWZDV 'UDVWLVFKHVSODQW:LUZDUWHQKLHUELVZLUYRQ$GDPVK|UHQ (WZDVVFKQHOOHUDOVPDQHVYRQLKPJHZ|KQWZDUVFKULWWHU]XP$XVJDQJ =XU 5XKH VROOWH :D\ORQ -DYLHU IUHLOLFK VR UDVFK QLFKW NRPPHQ $Q %RUG GHU %$6,6 KHUUVFKWH GD VLH VLFK QLFKW LP DNWLYHQ (LQVDW] EHIDQG GHU EOLFKH +HOO'XQNHO7DNW ]Z|OI6WXQGHQ7DJ]Z|OI6WXQGHQ1DFKW (V JLQJ DXI 8KU DOV :D\ORQ VLFK GHQ HUVWHQ 'ULQN PL[WH XQG GHQ IHVWHQ (QWVFKOX IDWHGHPHUVWHQZHQLJVWHQVQRFKGUHLZHLWHUHIROJHQ]XODVVHQ'LH6FKDWWHQGHV$EHQGV ILHOHQ EHU GLH /DQGVFKDIW MHQVHLWV GHU VLPXOLHUWHQ )HQVWHU 6HLQHU 8QWHUNXQIW 'HU 6\QWURQHUNXQGLJWHVLFKREHUGLH=LPPHUEHOHXFKWXQJHLQVFKDOWHQVROOH ³:DUWHQRFKEUXPPWH:D\ORQOLHVLFKLQHLQHQEHTXHPHQ6HVVHOIDOOHQXQGQDKPGHQ HUVWHQ6FKOXFN ,QJHZLVVHP6LQQEHUOHJWHHUKDWWH6DQGUDUHFKW1LFKWGDGLH0LOFKVWUDHPRUJHQRGHU LQ HLQHU :RFKH ]X EUHQQHQ DQIDQJHQ ZUGH DEHU GLH 8QJHZLKHLW XQG GDV 1LFKWVWXQ ZDUHQQLFKWJXWIUGLH0DQQVFKDIWGHU%$6,6(VPXWHHLQH$XIJDEHIUGDV6FKLIIXQG VHLQH%HVDW]XQJJHIXQGHQZHUGHQ :D\ORQ-DYLHUOHHUWHGHQ%HFKHUXQGIOOWHLKQZLHGHU'DVZDUGHU$XJHQEOLFNLQGHPGHU 6XPPHUHUW|QWH ³6DWR$PEXVKZQVFKWGLFK]XVSUHFKHQHUNOlUWHGHU6\QWURQ :D\ORQ-DYLHUKRUFKWHDXI'HU3DUDUHDOLVWNDPVHOWHQRKQHJXWHQ*UXQG0HLVWHQVYHUJUXE HUVLFKLQVHLQHP/DERU(UKDWWHZHQLJ.RQWDNWHXQWHUGHU%HVDW]XQJ ³,FKIUHXHPLFKEHUVHLQHQ%HVXFKVDJWH:D\ORQXQGZDUIGHUJROGHQEUDXQHQ)OVVLJNHLW LQVHLQHP%HFKHUHLQHQEHGDXHUQGHQ%OLFN]X 'LH 7U |IIQHWH VLFK 6DWR $PEXVK WUDW HLQ (U ZDU HLQ VFKPlFKWLJHU 0DQQ HWZD HLQVVHFK]LJ JUR 6FKRQ YRU HWOLFKHQ -DKUHQ KDWWH HU HV VLFK DEJHZ|KQW GLH DQ %RUG EOLFKH XQLIRUPlKQOLFKH .RPELQDWLRQ ]X WUDJHQ XQG NOHLGHWH VLFK VWDWW GHVVHQ LQ HLQHQ .LPRQR GHU ELV EHU GLH )H UHLFKWH XQG PLW ODQJHQ ZHLWHQ bUPHOQ DXVJHVWDWWHW ZDU *HJUWHW ZDU GDV *HZDQG PLW HLQHP HLQIDFKHQ 6WULFN YRQ GHVVHQ HLQHP (QGH HLQ PHWDOOHQHV 2UQDPHQW LQ GHU )RUP GHV JULHFKLVFKHQ %XFKVWDEHQ 6LJPDQ EDXPHOWH 'LH

6LJPD.UDIW VSLHOWH LQ 6DWR $PEXVKV hEHUOHJXQJHQ ]XU 7KHRULH GHU SDUDOOHOHQ :LUNOLFKNHLWHQHLQHZLFKWLJH5ROOH ³7ULWW QlKHU 6DWR IRUGHUWH :D\ORQ -DYLHU GHQ 3DUDUHDOLVWHQ DXI ³XQG WHLOH PLW PLU GHQ /DEHWUXQNGHV$EHQGV 6DWR$PEXVKYHUQHLJWHVLFKOlFKHOQG ³(VIUHXWPLFKGLFKLQSRHWLVFKHU6WLPPXQJ]XILQGHQVDJWHHU³:HQQGXHLQZHQLJ6DNH KlWWHVWZlUHLFKLQGHU7DWQLFKWDEJHQHLJWPLFKGLUDQ]XVFKOLHHQ ³6DNH6DNHPXUPHOWH-DYLHU ³6FKRQEHVRUJWPHOGHWHVLFKGHU6\QWURQ³7HPSHUDWXU]ZHLXQGYLHU]LJ*UDG ³$KDXVJH]HLFKQHWPXUPHOWH6DWR$PEXVKXQGVDKLQWHUHVVLHUW]XZLHHLQVFKZHEHQGHU 0LQLURERW3RU]HOODQNDQQHXQGEHFKHUDXIHLQHPNOHLQHQ7LVFKDEVHW]WH (UQDKP3ODW]XQGVFKHQNWHVLFKXPVWlQGOLFKHLQ(UQDKPGHQ%HFKHUPLWEHLGHQ+lQGHQ XQGZ|OEWHGLH+DQGIOlFKHQXPVHLQH5XQGXQJDOVZROOHHUVLFKDQGHP*HIlHUZlUPHQ 'DQQQDKPHUVFKOUIHQGHLQHQWLHIHQ6FKOXFNXQGVDJWH ³$XIGHLQH*HVXQGKHLWPHLQ)UHXQGXQGGDGHU%HVXFKHLQIUHXQGOLFKHUVHLQP|JH :D\ORQ-DYLHUWDW%HVFKHLG ³:DVIUHLQ%HVXFK"IUDJWHHU³+DVWGXZLHGHULQGLH=XNXQIWJHEOLFNW" ³'XWXVWPHLQHU6HHOHZHKEHNODJWHVLFK6DWR$PEXVK³,FKELQZHGHUHLQ3URSKHWQRFK HLQ :DKUVDJHU ,FK XQWHUVXFKH OHGLJOLFK SDUDOOHOH (EHQHQ GHU :LUNOLFKNHLW XQG DXI HUVWDXQOLFK YLHOHQ ILQGH LFK GHXWOLFKH +LQZHLVH GDUDXI GD GX LQ .U]H %HVXFK HUKDOWHQ ZLUVW'LH:DKUVFKHLQOLFKNHLWHUUHFKQHWVLFK]XGUHLXQGDFKW]LJ3UR]HQW ³%HVXFKYRQZHP"ZROOWH-DYLHUZLVVHQ ³,FKQHKPHDQYRQHLQHP$EJHVDQGWHQGHV6RWKRV ³:DVN|QQWHHUYRQPLUZROOHQ" 6DWR$PEXVK]RJGLHGQQHQ%UDXHQLQGLH+|KH ³0HLQ )UHXQG VDJWH HU ³GLH :LVVHQVFKDIW GHV 3DUDUHDOLVPXV EHVFKlIWLJW VLFK PLW 9RUJlQJHQ LQ GHU PDWHULHOOHQ :HOW *HGDQNHQ OHVHQ NDQQ VLH QLFKW $EHU ZDU HV QLFKW DOOPlKOLFKDQGHU=HLWGDGHU6RWKRVLFKXPGLHVHV6FKLIINPPHUWH" 6HXI]HQGVHW]WH:D\ORQ-DYLHUGHQOHHUHQ%HFKHUDEbKQOLFKH*HGDQNHQKDWWHQLKQVFKRQ PHKUPDOVLQGHU9HUJDQJHQKHLWEHZHJW'LH%$6,6ZDUHLQ6\PERO6LHZDUHLQ'HQNPDO WHUUDQLVFKHU 0DFKW PHQVFKOLFKHQ ([SDQVLRQVGUDQJV :HQQ 6RWKR 7\J ,DQ ZLUNOLFK EHDEVLFKWLJWH VLFK ]XP +HUUQ GHU 0LOFKVWUDH DXI]XVFKZLQJHQ GDQQ GXUIWH HU VROFKH 6\PEROHQLFKWZHLWHUH[LVWLHUHQODVVHQ ³:DKUVFKHLQOLFK KDVW GX UHFKW DQWZRUWHWH HU ZLGHUZLOOLJ ³(V JLEW NHLQHQ +LQZHLV GD GHU%HVXFKVLFKLQIHLQGVHOLJHU$EVLFKWQlKHUW" ³.HLQHQ EHVWlWLJWH GHU 3DUDUHDOLVW ³(U NRPPW LQ HLQHP NOHLQHQ 5DXPERRW GDV HLQHQ XQEHZDIIQHWHQ(LQGUXFNPDFKW(UKDWDOVRQLFKWGLH$EVLFKWGLH%$6,6DQ]XJUHLIHQIDOOV GHLQH)UDJHGDUDXIDEJH]LHOWKDEHQVROOWH ³*XWEUXPPWH-DYLHU³:HQQHUQXUPLWXQVUHGHQZLOO (U ZXUGH XQWHUEURFKHQ (LQ KHOOHU 3IHLIWRQ HUVFKROO GUHLPDO KLQWHUHLQDQGHU 'DV ZDU GDV $ODUPVLJQDO'HU,QWHUNRPPHOGHWHVLFK ³8QLGHQWLIL]LHUWHV2EMHNWZDKUVFKHLQOLFK5DXPERRWQlKHUWVLFKXQVHUHP6WDQGRUW :D\ORQ-DYLHUPXVWHUWHVHLQ*HJHQEHUPLWODQJHPQDFKGHQNOLFKHP%OLFN ³0DQFKPDOVDJWHHU³ELVWGXPLUDXVJHVSURFKHQXQKHLPOLFK6DWR$PEXVK 'DV:HVHQLQGHUEHUQVWHLQJHOEHQ5VWXQJPLWGHP*LWWHUYLVLHUKDWWHGDV$QJHERWHLQHU 6LW]JHOHJHQKHLW GDQNHQG DEJHOHKQW $XFK VHLQH %HJOHLWHU HLQ 3WHUXV XQG HLQ $UNRQLGH

EHLGH LQ 6KDQWV JHNOHLGHW ZLH 8SDQLVKDG6FKOHU VLH WUXJHQ EOLHEHQ VWHKHQ +LQWHU GHP *LWWHUYLVLHU ZDU HV ILQVWHU 1XU ]ZHL JUQH /HXFKWSXQNWH IODFNHUWHQ ZLH ,UUOLFKWHU ,KUH %HZHJXQJHQ ZDUHQ YLHO ]X KDVWLJ XQG ]X JURUlXPLJ DOV GD VLH $XJHQ LP KHUN|PPOLFKHQ6LQQKlWWHQVHLQN|QQHQ ,QGHU0LOFKVWUDHZXWHPDQZHQLJEHUGDV9RONGHU(OIDKGHUGHPGDV*HVFK|SILQGHU JHOEHQ 5VWXQJ DQJHK|UWH 'LH (OIDKGHU EHVDHQ DQJHEOLFK DPRUSKH .|USHU GHQHQ GHU 3DQ]HU DOV ([RVNHOHWW GLHQWH 'LH 7lWLJNHLW LKUHU 6LQQHVRUJDQH ZXUGH GXUFK 6HUYRPHFKDQLVPHQ JHVWW]W GLH ]XU $XVVWDWWXQJ GHU 5VWXQJ JHK|UWHQ 6SUDFKH HU]HXJWHQ GLH(OIDKGHUPLWWHOVHLQHVKDOERUJDQLVFKHQPHQWDOJHVWHXHUWHQ6\QWKHVL]HUV$XVGHP9RON GHU (OIDKGHU JLQJHQ GLH *HQHUlOH GHU (ZLJHQ .ULHJHU KHUYRU GLH EHU GLH *DOD[LHQ GHU 0lFKWLJNHLWVEDOOXQJ (67$578 KHUUVFKWHQ $XFK GLHVHU (OIDKGHU KLHU VFKLHQ LQ GHU +LHUDUFKLH GHV 6RWKRV HLQH ZLFKWLJH 5ROOH ]X VSLHOHQ $OV HU VHLQ LQ HLQHP $XHQKDQJDU JHGRFNWHV5DXPERRWYHUOLHKDWWHHUYHUNQGHW ³,FKELQ:LQGDMLDXVGHP9RONGHU(OIDKGHUXQGLFKNRPPHLP$XIWUDJGHVZHLVHQXQG XQEHUZLQGOLFKHQ6RWKRV7\J,DQ 'DHUVLFKGHU6SUDFKH6RWKDONEHGLHQWHXQGVRPLWDOVVHOEVWYHUVWlQGOLFKYRUDXVVHW]WHGD MHGHU GLH 6SUDFKH GHU .ULHJHU EHKHUUVFKWH KDWWH LKP XQWHU VHLQHQ =XK|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³:DVKDWGHU6RWKRXQV]XVDJHQ"IUDJWH:D\ORQ-DYLHU ³'HU KRKH 6RWKR HUNHQQW GLH KHUYRUUDJHQGH 5ROOH DQ GLH GLHVHV 6FKLII LQ GHU 9HUJDQJHQKHLW GHU JDODNWLVFKHQ 9|ONHU JHVSLHOW KDW HU|IIQHWH :LQGDML ZUGHYROO ³(U VLHKW LQ GHU %$6,6 HLQ KLVWRULVFKHV 6\PERO GDV GHQ 9|ONHUQ GLHVHU *DOD[LV XQWHU DOOHQ 8PVWlQGHQHUKDOWHQEOHLEHQVROO -DYLHUQLFNWH ³'DVVLQGIUHXQGOLFKH*HGDQNHQGLHZLU]XVFKlW]HQZLVVHQVDJWHHUDXI6RWKDON³$EHU LFKQHKPHDQGHU6RWKRKDWGLFKQLFKWQXUJHVFKLFNWGDPLWGXXQVVHLQH+RFKDFKWXQJIU XQVHU6FKLII]XP$XVGUXFNEULQJVW ³'X YHUPXWHVW ULFKWLJ HUZLGHUWH GHU (OIDKGHU VWHLI ³:HQQ GLH %$6,6 DOV KLVWRULVFKHV 6\PERO HUKDOWHQ EOHLEHQ VROO GDQQ PX VLH LQ HLQHQ 6WDQG YHUVHW]W ZHUGHQ GHU LKUHU :UGHHQWVSULFKW ³$KD8QGGDVKHLW" ³'DV$QJHERWGDVGHU6RWKRHXFKXQWHUEUHLWHWLVWVRKRFKKHU]LJGDVHOEVWPLUGHU$WHP VWRFNWH DOV LFK GDYRQ HUIXKU 8P GLH %$6,6 GHU 1DFKZHOW LQ ZUGHYROOHU )RUP ]X HUKDOWHQ ZLOO GHU 6RWKR VLH YRQ *UXQG DXV DXI HVWDUWLVFKH 7HFKQLN XPUVWHQ YRQ GHQ &RPSXWHUV\VWHPHQ EHU GLH %HZDIIQXQJ ELV ]XP $QWULHE (XHU 6FKLII ZLUG HLQ (QHUSVL 7ULHEZHUNHUKDOWHQ ³+ROD'DVZDUDOOHVZDV:D\ORQ-DYLHUIUVHUVWHVDJWH (UPDFKWHNHLQHQ+HKOGDUDXVGDHUEHHLQGUXFNWZDU'DV$QJHERWHUVFKLHQDXIGHQHUVWHQ %OLFNJUR]JLJVRJUR]JLJGDGHUPLWUDXLVFKH0HQVFKVLFKVRIRUW]XIUDJHQEHJDQQ

ZHOFKH 7HXIHOHL GHU 6RWKR LP 6FKLOG IKUH 'LH ZHLW EHUOHJHQH HVWDUWLVFKH 7HFKQLN ]X HUIRUVFKHQ LKUH 3ULQ]LSLHQ ]X HUNHQQHQ XQG VLH VLFK ]XP HLJHQHQ 1XW]HQ JHIJLJ ]X PDFKHQZDUVHLWODQJHPHLQ$QOLHJHQGHUJDODNWLVFKHQ:LVVHQVFKDIWOHUXQG7HFKQLNHU%RW VLFKKLHUHLQH0|JOLFKNHLW" 8QZDKUVFKHLQOLFK HQWVFKLHG GHU ZDFKH 9HUVWDQG 6RWKR 7\J ,DQ JDE VHLQH *HKHLPQLVVH QLFKWKHURKQHGDHUHLQH*HJHQOHLVWXQJGDIUHUKLHOW:HOFKH*HJHQOHLVWXQJ"'HU6RWKR ZDU QLFKW VHQWLPHQWDO GDV ZXWH PDQ $OOHLQ GHU 5XKP GDV OHJHQGlUH )ODJJVFKLII GHU 6RODUHQ)ORWWHDXIVPRGHUQVWHXPJHUVWHWXQGDOVKLVWRULVFKHV'HQNPDOHUKDOWHQ]XKDEHQ EHGHXWHWHLKPQLFKWV(UZROOWHPHKU$EHUZDV" ³(VLVWHLQZDKUKDIWJURHV$QJHERWVDJWH-DYLHUVFKOLHOLFK³%HULFKWHGHP6RWKRYRQ XQVHUHP6WDXQHQ$EHUVDJLKPDXFKGDQLFKWZLUHVVLQGGLHEHUVROFKJHZDOWLJH'LQJH HQWVFKHLGHQ N|QQHQ :LU VLQG QXU GLH 0DQQVFKDIW GHV 6FKLIIHV 'LH %$6,6 JHK|UW GHQ 0HQVFKHQ GHU (UGH 'X PXW GHLQH %RWVFKDIW GHQ %HK|UGHQ LQ 7HUUDQLD YRUWUDJHQ ,FK ]ZHLIOHQLFKWGDPDQGLUGRUWPLWGHUQ|WLJHQ$FKWXQJEHJHJQHQZLUG ³'XNDQQVWGDV$QJHERWQLFKWDQQHKPHQ"'HU(OIDKGHUVFKLHQYHUZLUUW³%LVWGXQLFKWGHU .RPPDQGDQWGHV6FKLIIHV" ³'HU ELQ LFK ,FK KDEH GHQ %HIHKO EHU GLH 0DQQVFKDIW XQG GLH 2SHUDWLRQHQ GHU %$6,6 $EHULFKELQQLFKWEHIXJWbQGHUXQJHQDQGHU6WUXNWXURGHUGHU$XVVWDWWXQJGHV6FKLIIHV YRUQHKPHQ]XODVVHQ 6RVFKQHOOZROOWH:LQGDMLVLFKQLFKWDEZLPPHOQODVVHQ ³(VVWHKWDOOHVEHUHLWVDJWHHU³,FKKDEHDOOHVPLWJHEUDFKWZDVGHUJURH6RWKRLQVHLQHU +RFKKHU]LJNHLW HXFK ]XU 9HUIJXQJ VWHOOHQ ZLOO 'LH $UEHLWHQ N|QQWHQ QRFK LQ GLHVHU 6WXQGHEHJLQQHQ0HLQH7UDQVSRUWVFKLIIHVWHKHQLQQHUKDOEGHU0DUVEDKQ ³(VWXWPLUOHLGDQWZRUWHWH:D\ORQ-DYLHU³,FKELQEHU]HXJWGDDXFKGHP6RWKRGDUDQ OLHJW PLW VHLQHP XPIDQJUHLFKHQ $QJHERW GHQ ULFKWLJHQ :HJ ]X JHKHQ 'HU ULFKWLJH :HJ DEHUIKUWEHUGLH%HK|UGHQ7HUUDV (LQH 6HNXQGH ODQJ VWDQGHQ GLH JOKHQGHQ /HXFKWSXQNWH KLQWHU GHP *LWWHU LQ :LQGDMLV +HOP VWLOO 0HUNZUGLJHUZHLVH JHZDQQ :D\ORQ -DYLHU JHUDGH GDUDXV GHQ (LQGUXFN GD GHU(OIDKGHUVLFKLP=XVWDQGK|FKVWHU(UUHJXQJEHIDQG ³*XW VDJWH :LQGDML PLW VFKZHUHU 6WLPPH ³,FK JHKH QDFK 7HUUD XQG OHJH GHQ %HK|UGHQ GRUW GDV $QJHERW GHV ZHLVHQ XQG XQEHUZLQGOLFKHQ 6RWKRV YRU 9LHOOHLFKW ILQGH LFK GRUW PHKU *HK|U DOV KLHU 6ROOWH LFK DEHU IHVWVWHOOHQ GD GX VHKU ZRKO EHUHFKWLJW ELVW EHU GLH $QQDKPH GHV $QJHERWV ]X HQWVFKHLGHQ XQG PLFK QXU IRUWJHVFKLFNW KDVW XP =HLW ]X JHZLQQHQ GDQQ ZHKH GLU 'HU -lJHU LVW NHLQ %RWHQJlQJHU GHQ PDQ KLQ XQG KHU VFKLFNW 0HLQH 5DFKH ZUGH GLFK WUHIIHQ 'DV *HERWGHU(KUHYHUODQJWHGDQQGDLFKGLFK]XP=ZHLNDPSIIRUGHUH /DQJVDP ZDU :D\ORQ -DYLHUV 7HPSHUDPHQW EHLP =XK|UHQ DXI 7RXUHQ JHNRPPHQ bXHUOLFKUXKLJDEHULQQHUOLFKYRU=RUQNRFKHQGDQWZRUWHWHHUDXI6RWKDON ³1LPP GHLQHQ OlFKHUOLFKHQ =ZHLNDPSI XQG VWHFN LKQ GLU DQ GHQ +XW =XYRU DEHU WUDFKWH GDQDFK GD GX GLFK PLWVDPW GHLQHQ %HJOHLWHUQ XQG GHLQHP EHUKHEOLFKHQ 0DXODXIVVFKQHOOVWHDXVPHLQHP6FKLIIHQWIHUQVW *DOEUDLWK 'HLJKWRQ QDKP VLFK =HLW VLFK XP]XVHKHQ 'HU NOHLQH +|KOHQUDXP NDP LKPYHUWUDXWYRUREZRKOHULKQHUVWHLQPDO]X*HVLFKWEHNRPPHQKDWWHGDPDOVDOV HUPLW+LOIHHLQHV5RERWHUVGHQNOHLQHQ7UDQVPLWWHUKLHULQVWDOOLHUWKDWWH

'LH +|KOHQPQGXQJ JLQJ QDFK :HVWHQ :lKUHQG GHU OHW]WHQ 6WXQGHQ GHV 7DJHV KDWWH VLFK GLH +LW]H LQGHPNOHLQHQ)HOVHQUDXPJHIDQJHQ(VZDUXQJHPWOLFKZDUP 8QPLWWHOEDU QHEHQ GHP .DVWHQ GHU GLH .RQWUROOHQ GHV 7UDQVPLWWHUV HQWKLHOW VWDQG HLQ 3ODVWLNEHKlOWHU 'HLJKWRQ |IIQHWHLKQXQGOHJWHLKQYRUVLFKWLJDXIGLH6HLWHVRGD GLHLQGHP%HKlOWHUEHILQGOLFKH)OVVLJNHLWDXVODXIHQNRQQWH(UVDK]XZLHVLHDXIGHQ %RGHQ WURSIWH XQG GDV *HVWHLQ LQ VLFK DXI]XVDXJHQ EHJDQQ VR GD HLQ ]lKIOVVLJHU %UHLHQWVWDQG'LH0DVVHZUGHVLFKDXVEUHLWHQELVVLHLQGHQKLQWHUVWHQ:LQNHOGHU +|KOHYRUJHGUXQJHQZDU$OOHVZDVLKULP:HJVWDQGZUGHVLHEHLVHLWHVFKLHEHQXQG ]HUPDOPHQDOOHVDXHUGHU:DQGXQJGHU+|KOHVHOEVW(LQSDDU6WXQGHQODQJZUGHGHU ³ODXWORVH 6SUHQJVWRII ZLH LKQ GLH 7HFKQLNHU QDQQWHQ GLH +|KOH ELV LQ GLH OHW]WH 5LW]H HUIOOHQXQGGDQQDOOPlKOLFK]X6WDXE]HUIDOOHQ:HUPRUJHQIUKKLHUKHUNDPGHUIDQG QXU QRFK GHQ 6WDXE XQG LQ LKQ YHUPHQJW VHOEVW PLW GHQ HPSILQGOLFKVWHQ $QDO\VHJHUlWHQ QLFKWPHKULGHQWLIL]LHUEDUGLHhEHUUHVWHGHU7UDQVPLWWHUVWHXHUXQJ *DOEUDLWK'HLJKWRQWUDWDXVGHU+|KOH(LQZHQLJ7DJHVOLFKWZDUQRFKYRUKDQGHQ)HOVHQ HUKREHQ VLFK ULQJVXP *UlVHU XQG 0RRVH IULVWHWHQ HLQ NPPHUOLFKHV 'DVHLQ DXI GHP VGZHVWOLFKHQ+DQJGHU6D\KDQ%HUJH'LHWHUUDQLVFKHgNRSODQXQJKDWWHVFKRQYRUODQJHU =HLW EHVFKORVVHQ GLHVH *HJHQG DQQlKHUQG LQ LKUHP XUVSUQJOLFKHQ =XVWDQG ]X EHODVVHQ 0DQ KDWWH QLFKW DXIJHIRUVWHW GLH MlKUOLFKH 5HJHQPHQJH ZDU EHL GHQ YRQ GHU 1DWXU YRUJHJHEHQHQ IQI =HQWLPHWHUQ EHODVVHQ ZRUGHQ (V VDK KLHU DOOHV QRFK VR DXV ZLH YRU -DKUWDXVHQGHQDOVVLFKGHU6DQGGHU:VWH*RELXPGLH)HGHU%HUJHGUlQJWH(VZUGH ZRKOPRUJHQIUKQLHPDQGNRPPHQXPQDFKGHU+|KOH]XVHKHQDXFKQLFKWEHUPRUJHQ RGHULQHLQHU:RFKH(VNDPQXUVHOWHQYRUGDVLFKHLQHULQGLH(LQVDPNHLWGHV6D\KDQ YHULUUWH 'UXQWHQ JOlQ]WHQ GLH /LFKWHU GLH GHQ 9HUODXI GHV +DXSWYHUNHKUVNDQDOVYRQ7VFKLWDEHU 8ODDQEDDWDU QDFK 7HUUDQLD PDUNLHUWHQ :LH 6FKDWWHQ JOLWWHQ 6FKZHEHIDKU]HXJH EHU GLH OHXFKWHQGH7UDVVHKLQZHJVLFKHUJHVWHXHUWYRQGHQ0RGXOHQGHV)XQNVLFKHUXQJVV\VWHPVGLH HQWODQJ GHU 6WUHFNH LQVWDOOLHUW ZDUHQ 'DV VDQIWH 6XPPHQ GHU 7ULHEZHUNH GUDQJ ELV GRUW KLQDXIZR*DOEUDLWK'HLJKWRQVWDQGXQGGDV%LOGDXIVLFKHLQZLUNHQOLH =XU OLQNHQ +DQG DOVR LQ VGZHVWOLFKHU 5LFKWXQJ ZDU HLQ NOHLQHV YRQ DXHQ EHVWUDKOWHV *HElXGH]XHUNHQQHQGDVHLQSDDU'XW]HQG0HWHUDEVHLWVGHU7UDVVHQPDUNLHUXQJHQODJ(V ZDU LP 6WLO HLQHU FKLQHVLVFKHQ 3DJRGH JHEDXW hEHU GHP VSLW]JLHEOLJHQ 'DFK VFKZHEWH HLQH JUQH /HXFKWNXJHO GLH GDV %DXZHUN DOV 6WUHFNHQPHLVWHUHL DXVZLHV 'RUW IDQG GHU 5HLVHQGH LP 1RWIDOO 8QWHUNXQIW XQG 3URYLDQW 9RQ GRUW DXV NRQQWHQ DXFK 0LHWIDKU]HXJH KHUEHLJHUXIHQZHUGHQ 'HLJKWRQ |IIQHWH VHLQ *HZDQG 8P GHQ /HLE WUXJ HU HLQHQ *UWHO DQ GHP HLQ NOHLQHV *HUlW EHIHVWLJW ZDU :HQQ HU HV HLQVFKDOWHWH JDE HV PLWWHOIUHTXHQWH K\SHUHQHUJHWLVFKH 6WUDKOXQJ YRQ VLFK GLH DQQlKHUQG GLHVHOEH 6WUXNWXU EHVD ZLH GLH QDWUOLFKH (PLVVLRQ VHLQHV.|USHUJHZHEHV)DOOVHUZLUNOLFKYHUIROJWZXUGHZUGHQGLH9HUIROJHUYHUVXFKHQ LKQDQKDQGVHLQHU*HZHEHHPLVVLRQ]XLGHQWLIL]LHUHQ'HQQHVZDUOHLFKWSVHXGRRUJDQLVFKH 5RERWHU ]X NRQVWUXLHUHQ GLH ZLH *DOEUDLWK 'HLJKWRQ DXVVDKHQ XQG PLW NHLQHP KHUN|PPOLFKHQ0LWWHOYRQGHPHFKWHQ*DOEUDLWK'HLJKWRQXQWHUVFKLHGHQZHUGHQNRQQWHQ 'LHHLQGHXWLJH,GHQWLIL]LHUXQJZDUQXUDQKDQGGHU0LWRVHVWUDKOXQJP|JOLFK'LH(PLVVLRQ GHV 0LNURJHUlWV EHUODJHUWH GLHVH 6WUDKOXQJ XQG PDFKWH VLH XQLGHQWLIL]LHUEDU 'DUDXI ZHQLJVWHQVEDXWH'HLJKWRQ:HQQWDWVlFKOLFK-DJGDXILKQJHPDFKWZXUGHGDQQPXWHHU GDYRQDXVJHKHQGDGLH-lJHUPLW6WDWHRIWKH$UW7HFKQLNDXVJHUVWHWZDUHQ(UGXUIWH NHLQH9RUVLFKWVPDQDKPHDXHUDFKWODVVHQ

(USUHWHGLH)LQJHUNXSSHDXIGLH2EHUIOlFKHGHV*HUlWVXQGVHW]WHHVGDGXUFKLQ*DQJ 'DQDFKRUGQHWHHUVHLQH.OHLGXQJ(UJULIILQGLH7DVFKHXQG]RJGLHNOHLQH$OO]ZHFN,' 0DUNH KHUYRU GLH LKQ DOV 2UYLOOH * 7UDFKWPDQ LGHQWLIL]LHUWH 'HU *HEUDXFK HLQHU JHIlOVFKWHQ ,'0DUNH JDOW QDFK WHUUDQLVFKHP *HVHW] DOV HLQ 9HUJHKHQ HUVWHQ 5DQJHV 'HLJKWRQ ZDU VLFK GHVVHQ DXI SHLQOLFKH :HLVH EHZXW $QGHUHUVHLWV KLHOW HU GLH 1RWZHQGLJNHLW VLFK GHP JHJQHULVFKHQ =XJULII ]X HQW]LHKHQ IU HLQH 6DFKH YRQ JOREDOHU %HGHXWXQJ (LQ 5LFKWHU ZUGH IDOOV HU HUWDSSW ZXUGH JOLPSIOLFK PLW LKP YHUIDKUHQ $XHUGHPZDUGDQRFKGLH)UDJHREGLH0DUNHZLUNOLFKLP6LQQHGHV*HVHW]HVDOVJHIlOVFKW EHWUDFKWHWZHUGHQN|QQH6LHZDUQlPOLFKDXIGLHVHOEH:HLVHKHUJHVWHOOWZRUGHQZLHGLH RIIL]LHOOHQ UHFKWVJOWLJHQ 0DUNHQ XQG VHOEVW GDV HPSILQGOLFKVWH 3UIJHUlW KlWWH QLFKW IHVWVWHOOHQ N|QQHQ GD HV HLQHQ %UJHU GHU /LJD )UHLHU 7HUUDQHU QDPHQV 2UYLOOH * 7UDFKWPDQJHERUHQDP1RYHPEHU:RKQVLW]6DYDQQDKLP*HELHW1RUGDPHULND 6HNWLRQ6GRVW%H]LUN*HRUJLDEHUKDXSWQLFKWJDE (U VFKRE GLH 0DUNH ZLHGHU LQ GLH 7DVFKH XQG PDFKWH VLFK DXI GHQ :HJ %LV ]XU 6WUHFNHQPHLVWHUHL KDWWH HU HWZD HLQH KDOEH 6WXQGH ]X JHKHQ (V JLQJ DXI DFKW]HKQ 8KU +HNNQHU 7DUDZD\ ZUGH VLFK LQ]ZLVFKHQ DEJHVHW]W KDEHQ *DOD[ KDWWHQ DXVJHUHLFKW DXV LKP HLQHQ ]XYHUOlVVLJHQ 9HUEQGHWHQ ]X PDFKHQ +HNNQHU WUlXPWH VHLW -DKUHQ YRQ HLQHU )DUP DXI GHP 3ODQHWHQ =DULMDK HLQHU SORSKRVLVFKHQ .RORQLDOZHOW UXQG /LFKWMDKUH YRQ 7HUUD HQWIHUQW $OV +DXVPHLVWHU GHV 5ROOLQJ 3ROR &OXE 7HUUDQLD YHUGLHQWH HU ]ZDU JXWHV *HOG DEHU VLFK DXI =DULMDK DQ]XNDXIHQ ZDU HLQH WHXUH $QJHOHJHQKHLW XQG RKQH *DOEUDLWK 'HLJKWRQV +LOIH Kl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³QRUPDOHQ &OXEIUHXQG *DOEUDLWK 'HLJKWRQ JHIDKUHQ ZDU EHL LKP ]X +DXVH QDFKIRUVFKHQ XQG VFKOLHOLFKHLQH9HUPLWHQPHOGXQJDXIJHEHQ(VZUGHJHK|ULJHV$XIVHKHQHUUHJHQGD *DOEUDLWK'HLJKWRQYHUVFKZXQGHQZDU 0LW DFKWKXQGHUWWDXVHQG *DOD[ XQG HLQ SDDU /JHQ KDWWH HU VLFK HLQHQ 9RUVSUXQJ YRQ ]ZHLHLQKDOE 6WXQGHQ HUNDXIW :DU HV GLH 0KH ZHUW" 'DV NDP GDUDXI DQ :DUHQ GLH +lVFKHUGHV6RWKRVVFKRQKLQWHULKPKHUGDQQKDWWHHUGLHEHVWH,QYHVWLWLRQVHLQHV/HEHQV JHWlWLJW+DWWHGLH-DJGQRFKQLFKWEHJRQQHQGDQQZDUHQGDV*HOGXQGGLH.UDIWGLHHVLKQ JHNRVWHWKDWWHHLQHQ)UHXQGDQ]XOJHQ]XP)HQVWHUKLQDXVJHZRUIHQ $OV HU GLH 6WUHFNHQPHLVWHUHL HUUHLFKWH ZDU HV YROOHQGV GXQNHO JHZRUGHQ (U ULHI HLQ 0LHWIDKU]HXJGDVZHQLJH0LQXWHQVSlWHUYRUGHP*HElXGHODQGHWH(UEH]HLFKQHWHDOVVHLQ =LHOGDV]HQWUDOH(PSIDQJVJHElXGHGHV5DXPKDIHQV7HUUDQLDXQGZXUGHNXU]QDFK8KU GRUW DEJHVHW]W 8P 8KU HUOHGLJWH HU GLH OHW]WHQ )RUPDOLWlWHQ DP 6FKDOWHU GHU

)5((0$1 ,17(567(//$5 DXI GHUHQ 6FKLII 726&$ HU HLQH 3DVVDJH QDFK 'XUJHQ JHEXFKW KDWWH (U YHUJHZLVVHUWH VLFK GD VHLQ *HSlFN DQ %RUG JHEUDFKW ZRUGHQ ZDU 8P 8KUEHVWLHJHUGLH)lKUHGLHLKQ]XP3DUNRUELWGHU726&$EUDFKWH8P8KU JLQJHUDQ%RUGGHV6FKLIIHVXQGQDKPGHQLKP]XJHZLHVHQHQ3ODW]HLQ 'LH 726&$ JLQJ SODQPlLJ XP 8KU DXI )DKUW 'DV 6FKLII ZDU PLW PRGHUQVWHQ 0HWDJUDYWULHEZHUNHQ DXVJHVWDWWHW XQG EHVFKOHXQLJWH PLW KRKHQ :HUWHQ $XI GHU JURHQ %LOGIOlFKH LP 3DVVDJLHUUDXP VDK *DOEUDLWK 'HLJKWRQ GHQ ZHLEODXHQ %DOO GHV 3ODQHWHQ (UGHNOHLQHUZHUGHQXQG]XHLQHPZLQ]LJHQJUHOOHQ/LFKWSXQNWVFKUXPSIHQ'HU$QEOLFN WDWLKPZHK ³,FKNRPPHEDOGZLHGHUPXUPHOWHHU 'LHUHLQH0HWDJUDYIOXJ]HLWGHU726&$ZDUDXI6WXQGHQDQJHVHW]W'LH726&$JDOW DOV 0LWWHOVWUHFNHQ3DVVDJLHUVFKLII XQG ZDU GHPHQWVSUHFKHQG DXVJHVWDWWHW (V JDE NHLQH .DELQHQVWDWWGHVVHQEHTXHPH6LW]JUXSSHQPLW6HUYR$XWRPDWLNHQXQG6HVVHOQGLHVLFKLQ GHU)RUPGHQMHZHLOLJHQ:QVFKHQGHV)DKUJDVWVDQSDWHQVRGDPDQLQLKQHQDXFKHLQ NOHLQHV 1LFNHUFKHQ PDFKHQ NRQQWH ,Q ]ZHL 1HEHQUl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lIWLJHQ 7HLQW DOV KlWWH HU GLH YHUJDQJHQHQ GUHL 0RQDWH DXI HLQHU WURSLVFKHQ ,QVHO YHUEUDFKW 6HLQH JUDXHQ $XJHQEOLW]WHQYRU8QWHUQHKPXQJVOXVWXQGZHQQHUVLFKEHZHJWHJHVFKDKHVDXIHLQH$UW DOV ZUGHQ VHLQH *OLHGPDHQ YRQ KDUW JHVSDQQWHQ )HGHUQ DQJHWULHEHQ (U KLH +XJRW 3HUYHLOOLQ ZLH GDV 1DPHQVVFKLOG DXI VHLQHP 6HVVHO DXVZLHV XQG VR VHKU VLFK *DOEUDLWK 'HLJKWRQDXFKEHPKWHLKPDXVGHP:HJ]XJHKHQHUKDWWHGDPLWNHLQHQ(UIROJGHQQ +XJRWHUZLHVVLFKDOVGLFNKlXWLJHU.RQWDNWPDFKHU ³*HVFKlIWOLFK XQWHUZHJV QDFK 'XUJHQ" HUNXQGLJWH HU VLFK QDFKGHP HU VHLQHQ HUVWHQ 'ULQNJHOHHUWXQGGLH726&$GHQ(LQWULWWLQGHQ+\SHUUDXPYROO]RJHQKDWWH ³1HLQVDJWH*DOEUDLWK'HLJKWRQ ³+lWWHPLFKDXFKJHZXQGHUWPHLQWH+XJRW3HUYHLOOLQ³(VJLEWQLFKWYLHO*HVFKlIWOLFKHV ZDV PDQ DXI 'XUJHQ HUOHGLJHQ NDQQ 3DUDGLHVLVFKH :HOW DEHU VWLQNODQJZHLOLJ :DUVW GX VFKRQPDOGRUW" ³-DVDJWH*DOEUDLWK'HLJKWRQ +XJRW3HUYHLOOLQKDWWHVLFKLQ]ZLVFKHQYRP6HUYRHLQHQ]ZHLWHQ'ULQNDXIIDKUHQODVVHQ (UQDKPGHQ%HFKHU]XU+DQGXQGEHXJWHVLFKEHUGHQ7LVFKQDFKYRUQH ³:HQQ LFK GLU ]XYLHO UHGH VDJWH HU ³OD HV PLFK QXU ZLVVHQ ,FK PDFKH PHLQH HUVWH 5DXPIDKUWXQGELQHLQELFKHQQHUY|VZHLWGX"(VLVWDOOHVJDQ]XQJHIlKUOLFKVDJHQVLH $EHUPDQZHLQLH (U ]XFNWH PLW GHQ 6FKXOWHUQ XQG QDKP HLQHQ WLHIHQ 6FKOXFN *DOEUDLWK 'HLJKWRQ ZDU HQWZDIIQHW(UKDWH$XIGULQJOLFKNHLWDEHUHLQHQGHUGDV*HVSUlFKVXFKWZHLOHU$QJVWYRU GHP:HOWUDXPIOXJKDWNDQQPDQQLFKW]XUFNZHLVHQ ³6SULFKQXUIRUGHUWHHU+XJRW3HUYHLOOLQOlFKHOQGDXI³'HU)OXJLVWZLUNOLFKXQJHIlKUOLFK 'X VROOWHVW LKQ JHQLHHQ :RKHU ZHLW GX VR JXW EHU 'XUJHQ %HVFKHLG ZHQQ GLHV GHLQH

HUVWH5DXPUHLVHLVW" +XJRWZLQNWHDE ³$OOHVJHOHVHQ8QGJHK|UW,FKKDEHJXWHGUHL'XW]HQG9LGHRVEHU'XUJHQVWXGLHUW ³'RQQHUZHWWHU VWDXQWH 'HLJKWRQ ³,FK KlWWH QLFKW JHGDFKW GD HV VR YLHOH 8QWHUODJHQ EHU'XUJHQJLEW ³)U6FKDW]VXFKHUVFKRQQLFNWH+XJRW3HUYHLOOLQJHZLFKWLJ(UKDWWHLQ]ZLVFKHQVHLQHQ ]ZHLWHQ%HFKHUJHOHHUWXQG*DOEUDLWK'HLJKWRQJHZDQQGHQ(LQGUXFNGDHUVLFKIDOOVHU :HUW GDUDXI OHJWH PLW HLQHP QFKWHUQHQ 5HLVHJHQRVVHQ ]X NRQYHUVLHUHQ ZHUGH EHHLOHQ PVVHQ ³$KD6FKDW]VXFKHUVDJWHHU³'XJHKVWQDFK'XUJHQXPHLQHQ6FKDW]]XVXFKHQ" ³1LFKW HLQHQ6FKDW] +XJRW 3HUYHLOOLQ VFKZHQNWH GHQ DXVJHVWUHFNWHQ=HLJHILQJHUXPDXI GLH:LFKWLJNHLWVHLQHU$XVVDJHKLQ]XZHLVHQ³'HQ6FKDW].LKQP\GHQVROOEHLVHLQHP7RG HLQHQ +RUW ZHUWYROOHQ WHFKQLVFKHQ *HUlWV KLQWHUODVVHQ KDEHQ *HQHUDWLRQHQ YRQ 1HXJLHULJHQKDEHQVFKRQGDQDFKJHVXFKWRKQH(UIROJ *DOEUDLWK 'HLJKWRQ HULQQHUWH VLFK .LKQP\GHQ ZDU GHU NDX]LJH DUNRQLGLVFKH )RUVFKHU GHU YRUIDVW-DKUHQYRUGHU:LHGHUDXIHUVWHKXQJGHU+RUGHQYRQ*DUEHVFKJHZDUQWKDWWH(U KDWWH VHLQH )RUVFKXQJHQ DXI 'XUJHQ EHWULHEHQ XQG ZDU DXFK GRUW JHVWRUEHQ :LH GDV *HUFKWHQWVWDQGHQZDUGHUVFKUXOOLJH$OWHKlWWHHLQHQ6FKDW]KLQWHUODVVHQGDVDOOHUGLQJV NRQQWH'HLJKWRQVLFKQLFKWHUNOlUHQ(UKDWWHDXFKQRFKQLHGDYRQJHK|UW ³$EHUGXZLUVWLKQILQGHQ" ³,FKILQGHLKQHQWZHGHUDQWZRUWHWH+XJRW3HUYHLOOLQPLWJURHU6HOEVWVLFKHUKHLW³RGHUHV JLEWLKQQLFKW,FKKDEHPLFKEHU]HKQ-DKUHODQJPLWGHU0DWHULHEHVFKlIWLJW:LHODQJH ZLUVWGXDXI'XUJHQEOHLEHQ" ³=ZHL GUHL :RFKHQ YLHOOHLFKW VDJWH 'HLJKWRQ ³,FK KDEH PLU HLQ JDQ]HV -DKU 8UODXE ]XVDPPHQJHVSDUW(VJLEWHLQH0HQJH'LQJHGLHLFKPLUDQVHKHQZLOO 3HUYHLOOLQKDWWHVLFKVHLQHQ%HFKHUPLWWOHUZHLOH]XPGULWWHQPDOIOOHQODVVHQ(UNQLIIGLH $XJHQ HLQ ZHQLJ ]XVDPPHQ XQG EHPHUNWH ³,UJHQGZLH VLHKVW GX *DOEUDLWK 'HLJKWRQ lKQOLFK%LVWGX VYLHOOHLFKW" 'HLJKWRQODFKWHKHOODXI ³'DVK|UHLFKQLFKW]XPHUVWHQPDO1HLQLFKELQQLFKW'HLJKWRQXQGDXFKQLFKWPLWLKP YHUZDQGW (UGHXWHWHDXIGDV1DPHQVVFKLOGDQVHLQHP6HVVHO ³1DMDZDUMDDXFKQXUHLQH,GHHVDJWH3HUYHLOOLQ³$XIMHGHQ)DOOZHQQGXOlQJHUDOV]HKQ 7DJH DXI 'XUJHQ ELVW ZLUVW GX YLHOOHLFKW LQ GHQ 1DFKULFKWHQ K|UHQ GD LFK IQGLJ JHZRUGHQELQ ³'DVVROOWHPLFKIUHXHQOlFKHOWH*DOEUDLWK'HLJKWRQ 9RQGDDQZXUGHGLH8QWHUKDOWXQJ]XQHKPHQGHLQVHLWLJHU+XJRW3HUYHLOOLQJHQHKPLJWHVLFK HLQHQ 'ULQN QDFK GHP lQGHUQ 'LH =XQJH ZXUGH LKP LPPHU VFKZHUHU ELV HU VHOEVW GLH HLQIDFKVWHQ :RUWH QXU QRFK PLW 6FKZLHULJNHLW DXVVSUHFKHQ NRQQWH *DOEUDLWK 'HLJKWRQ HQWVFKXOGLJWH VLFK XQG VXFKWH GDV +RORJUDSKLH7KHDWHU DXI $OV HU GUHL 6WXQGHQ VSlWHU ]XUFNNHKUWH ZDU 3HUYHLOOLQ HLQJHVFKODIHQ (U ZDFKWH DXFK QLFKW DXI DOV GLH 726&$ EHU 'XUJHQ LQ GHQ 3DUNRUELW JLQJ XQG GLH /DQGHIlKUH DQOHJWH 'LH )lKUHQ GLH GHP 5DXPKDIHQ *RVWDEDDU ]XU 9HUIJXQJ VWDQGHQ ZDU NOHLQ (V EHGXUIWH LKUHU GUHL XP GLH 726&$ ]X OHHUHQ 'HLJKWRQ QDKP GLH HUVWH +XJRW 3HUYHLOOLQ EHNDP HU QLFKW PHKU ]X VHKHQ :HQLJVWHQVIUGHQ$XJHQEOLFNQLFKW

'LH (LQUHLVHNRQWUROOH ZDU XPVWlQGOLFK XQG ODQJZLHULJ 0DQ ZDU VWUHQJ GDUDXI EHGDFKW GHQ5XIHLQHV3DUDGLHVHV]XZDKUHQXQGDFKWHWHGDUDXIGDQLHPDQGHLQUHLVWHYRQGHP]X EHIUFKWHQVWDQGGDHU8QUXKHLQGLHKHLWHUH*HODVVHQKHLWGHV'XUJHQHU$OOWDJVEULQJHQ ZUGH 'HLJKWRQV *HSlFN ZXUGH QDFK DOOHQ 5HJHOQ GHU .XQVW GXUFKOHXFKWHW (U VHOEVW KDWWH HLQHP 5RERWHU 5HGH XQG $QWZRUW ]X VWHKHQ 1DFKGHP HU VHLQH ,'0DUNH YRUJHOHJW KDWWH ZXUGHHUJHIUDJW ³:DVJHGHQNVWGXDXI'XUJHQ]XWXQ2UYLOOH*7UDFKWPDQ" ³,FKKDEHYRUPLUHLQ+DXV]XNDXIHQXQGPLFKKLHUQLHGHU]XODVVHQ ³$XI 'XUJHQ VLQG *UXQG XQG %RGHQ WHXHU ZDUQWH GHU 5RERW ³%HVLW]W GX GLH )LQDQ]PLWWHOGLH]XU9HUZLUNOLFKXQJGHLQHU3OlQHHUIRUGHUOLFKVLQG" ³'X KDVW PHLQH 0DUNH VDJWH 'HLJKWRQ ³,FK HUODXEH GLU PHLQH %DQNYHUELQGXQJHQ ]X EHUSUIHQ 'LH0DUNHZDUYRP7\S,QWHUVWHOODU,ZDVEHGHXWHWHGD'DWHQEHULKUHQ%HVLW]HUDXI DOOHQ ]LYLOLVLHUWHQ :HOWHQ GHU 0LOFKVWUDH DP 2UW YRUODJHQ 'LH $EIUDJH GDXHUWHGDKHU QXUZHQLJH6HNXQGHQ ³'X ELVW TXDOLIL]LHUW 2UYLOOH * 7UDFKWPDQ HUNOlUWH GHU 5RERWHU ³:LOONRPPHQ DXI 'XUJHQ:LUIUHXHQXQVGDGXEHDEVLFKWLJVWGLFKDXIXQVHUHU:HOWQLHGHU]XODVVHQ 'DV ZLHGHUXP KLHOW *DOEUDLWK 'HLJKWRQ IU NLWVFKLJ :DV YHUVWDQG HLQ 5RERWHU YRQ )UHXGH"(LQZHQLJlUJHUOLFKVDJWHHU ³6FKRQ UHFKW 0DQ EUDXFKW RIIHQEDU QXU JHQXJ *HOG PLW]XEULQJHQ GDQQ LVW PDQ DXI 'XUJHQJHUQJHVHKHQ 'HU5RERWHUJDEGLH0DUNH]XUFN'HLJKWRQJODXEWHGHU'LVNXUVVHLGDPLWEHHQGHW=X VHLQHUhEHUUDVFKXQJVDJWHGHU5RERW ³'HLQ 6DUNDVPXV LVW XQEHUHFKWLJW ,FK KDEH QLFKW QXU GHLQH ILQDQ]LHOOHQ 9HUKlOWQLVVH EHUSUIW'LH(PLVVLRQGHLQHV*HZHEHVVDJWPLUGDGXHLQYHUWUlJOLFKHV:HVHQELVWYRQ DXVJHJOLFKHQHP &KDUDNWHU XQG GD GHLQH (LQUHLVH HLQHQ *HZLQQ IU GLH 'XUJHQHU *HVHOOVFKDIWGDUVWHOOW ³'RQQHUZHWWHUVWDXQWH*DOEUDLWK'HLJKWRQ $XI GHP :HJ ]XU 9HUODGHUDPSH ZR HU GHQ $EWUDQVSRUW VHLQHV *HSlFNV ]X EHUZDFKHQ JHGDFKWH EUWHWH HU EHU GHQ PHUNZUGLJHQ =XIDOO GHU ]X HLQHU VR EHUDXV SRVLWLYHQ %HXUWHLOXQJ VHLQHV &KDUDNWHUV JHIKUW KDWWH 'LH 3V\FKRSK\VLN ZDU VLFK QLFKW HLQLJ RE GLH 0LWRVHHPLVVLRQ WDWVlFKOLFK ]XU $QDO\VH GHU XQWHUEHZXWHQ (PRWLRQDOVSKlUH ZR GDV VFKZHU ]X GHILQLHUHQGH 'LQJ QDPHQV ³&KDUDNWHU VHLQHQ 6LW] KDWWH ]X JHEUDXFKHQ ZDU (V JDE XQWHUVFKLHGOLFKH $QVLFKWHQ +\SRWKHVHQ XQG 7KHRULHQ $XI 'XUJHQ QHLJWH PDQ RIIHQEDU ]X GHU 0HLQXQJ GLH *HZHEHVWUDKOXQJ VHL HLQ ]XYHUOlVVLJHU ,QGLNDWRU $EHU ZDV IU HLQHQ &KDUDNWHU KDWWH PDQ GD DQDO\VLHUW 'LH 6WUDKOXQJ GLH YRQ *DOEUDLWK 'HLJKWRQ DXVJLQJ ZDU HLQ *HPLVFK DXV VHLQHU QDWUOLFKHQ *HZHEHHPLVVLRQ XQG GHQ NQVWOLFKHQ UDQGRPLVLHUWHQ ,PSXOVVHULHQ GHV 0LNURJHUlWV GDV HU DXI GHP /HLE WUXJ 'DV .XQVWZHVHQ 2UYLOOH * 7UDFKWPDQ KlWWH ZHQQ PDQ HV DXI GHU %DVLV VHLQHU *HZHEHVWUDKOXQJ DQDO\VLHUWH HLQ *HVFK|SI PLW KRIIQXQJVORV ]HUUWWHWHP ,QQHQOHEHQ VHLQ PVVHQ 6WDWW GHVVHQ ZDU HV DOV FKDUDNWHUOLFK HLQZDQGIUHL DOV HLQ *HZLQQ IU GLH 'XUJHQHU *HVHOOVFKDIWLGHQWLIL]LHUWZRUGHQ ³0DQ PX GLH 'LQJH QHKPHQ ZLH VLH NRPPHQ PXUPHOWH *DOEUDLWK 'HLJKWRQ YRU VLFK KLQ³%HVRQGHUVGLHSRVLWLYHQ

(U EUDXFKWH ]ZHL 'XUJHQ7DJH XP HLQ $QZHVHQ ]X ILQGHQ GDV LKP ]XVDJWH 'HU 3UHLV ZDU KRFK *DOD[ (U EH]DKOWH RKQH PLW GHU :LPSHU ]X ]XFNHQ XQG VHW]WH VLFK GDGXUFKEHLGHP0DNOHUPLWGHPHUGDV*HVFKlIWWlWLJWHLQJURHV$QVHKHQ(UKDWWHHLQ 7ULFKWHUKDXV DUNRQLGLVFKHQ 6WLOV HUVWDQGHQ GDV DXI HLQHP *UXQGVWFN YRQ P DP 5DQG HLQHU NOHLQHQ 6LHGOXQJ QDPHQV 6DDGUD VHFKVKXQGHUW .LORPHWHU YRQ GHU +DXSWVWDGW *RVWDEDDU HQWIHUQW LQ GHQ %HUJHQ ODJ (U HUVWDQG LP +DQGXPGUHKHQ HLQ OHLVWXQJVIlKLJHV *OHLWIDKU]HXJXQGYHUHLQEDUWHPLWHLQHUGHU]DKOUHLFKHQ5DXPKDIHQVSHGLWLRQHQGDPDQVHLQ *HSlFNDQGHQQHXHQ:RKQRUWOLHIHUWH:lKUHQGGHU]ZHL7DJHGLHHULQHLQHPQDKHGHP 5DXPKDIHQ JHOHJHQHQ +RWHO YHUEUDFKWH YHUIROJWH HU GLH 6HQGXQJHQ GHV 'XUJHQHU 1DFKULFKWHQNDQDOVVRRIWVLFKLKP*HOHJHQKHLWGD]XERW$OOHUGLQJVZDUHQGLH'XUJHQHUHLQ UHFKWHLQJHELOGHWHV9|ONFKHQGDVDOOHVIUXQZLFKWLJKLHOWZDVVLFKDXHUKDOEVHLQHU:HOW HUHLJQHWH (V GDXHUWH ODQJH ELV 'HLJKWRQ ZlKUHQG HLQHU ]ZHLPLQWLJHQ (LQEOHQGXQJ LQWHUVWHOODUHU 1DFKULFKWHQ ]X K|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|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|OOQHU5RERW JHJHQEHU DEJHJHEHQ KDWWH SODQWH *DOEUDLWK 'HLJKWRQ NHLQHVZHJV VLFK DXI 'XUJHQ KHLPLVFK QLHGHU]XODVVHQ ,Q VHLQHP XPIDQJUHLFKHQ *HSlFN EHIDQGHQ VLFK GLH %HVWDQGWHLOH HLQHU OHLVWXQJVIl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lKH YRQ 6DDGUD DEVHLWV LQ GHQ %HUJHQJHOHJHQEHIDQGVLFKHLQHGHU+\SHUWURS=DSIVWDWLRQHQGLHGLH(QHUJLHYHUVRUJXQJ GHV 3ODQHWHQ EHWULHEHQ 'LH 6WDWLRQ DUEHLWHWH YROODXWRPDWLVFK 0DQ NDP OHLFKW DQ VLH KHUDQ 'LH 6LFKHUKHLWVYRUNHKUXQJHQ HQWVSUDFKHQ GHP JDODNWLVFKHQ 6WDQGDUG XQG ZDUHQ OHLFKW ]X XPJHKHQ 'HU +\SHUWURS ZUGH *DOEUDLWK GLH /HLVWXQJ OLHIHUQ GLH HU EUDXFKWH

XP VLFK YRQ 'XUJHQ DE]XVHW]HQ :DU LKP GDV JHOXQJHQ GDQQ ZDU VHLQH 6SXU HQGJOWLJ YHUZLVFKW 'LH 'XUJHQHU ZUGHQ QLFKWV GDYRQ PHUNHQ GD HU LKU 1HW] DQ]DSIWH 2K VLFKHU GHQ 1DFKZHLVJHUlWHQ DP +\SHUWURS ZUGH GLH $Q]DSIXQJ QLFKW HQWJHKHQ $EHU GLH 6DFKH GDXHUWH LQVJHVDPW QXU HLQ SDDU 6HNXQGHQ (LQH *HIDKU IU GDV 6WURPQHW] HQWVWDQG GDEHL QLFKW $P0RUJHQVHLQHVGULWWHQ7DJHVDXI'XUJHQYHUOLHHUGDV+RWHOEHVWLHJVHLQHQ*OHLWHUXQG PDFKWHVLFKDXIGLH)DKUWQDFK6DDGUD 'DV$XVUlXPHQXQG(LQULFKWHQZDUVFKQHOOEHVRUJW=XU$XVVWDWWXQJGHV+DXVHVJHK|UWHQ GUHL $UEHLWVURERWHU GHQHQ HU UDVFK EHLJHEUDFKW KDWWH ZDV HU YRQ LKQHQ HUZDUWHWH 'DV +DXVZDUNOHLQHEHQJHUlXPLJJHQXJIUHLQHQ(LQ]HOVWHKHQGHQGHUGDPLWUHFKQHWHGDHU DEXQG]XHLQHNOHLQH=DKOYRQ*lVWHQEHKHUEHUJHQZUGH'HUQlFKVWH 1DFKEDU ZRKQWH IDVW HLQHQ .LORPHWHU HQWIHUQW 'LH /HXFKWVSXU HLQHU )XQNVLFKHUXQJVVWUHFNH ]RJ VLFK YRQ 6DDGUDKHUDXIELVDQGHQ)XGHU%HUJHXQGYHUVFKZDQGMHQVHLWVGHV+DXVHVLP'LFNLFKW GHV5HJHQERJHQGVFKXQJHOV 'LH K|KHUHQWZLFNHOWHQ 3IODQ]HQ DXI 'XUJHQ EHVDHQ HLQH VHOWVDPH (LJHQVFKDIW 6LH VSHLFKHUWHQ GDV 6RQQHQOLFKW XQG JDEHQ MHQHQ %HWUDJ GHQ VLH QLFKW IU GLH =ZHFNH GHU 3KRWRV\QWKHVH EHQ|WLJWHQ PLW 9HU]|JHUXQJ ZLHGHU YRQ VLFK 'DV DEJHVWUDKOWH /LFKW ZXUGH LQ HLQ]HOQH 6SHNWUDOEHUHLFKH ]HUJOLHGHUW VR GD HV QLFKW DOV HLQIDUELJ ZHLH +HOOLJNHLW ZLHGHU ]XWDJH WUDW VRQGHUQ LQ EXQW VFKLOOHUQGHP )DUEHQZHFKVHO GHU YRP WLHIHQ 9LROHWW ELV ]XP JOKHQGHQ 5RW UHLFKWH 'LH )DUE XQG /LFKWHIIHNWH GLH GDEHL DXIWUDWHQZDUHQVRYLHOIlOWLJGDVLHGHQXQHUIDKUHQHQ%HWUDFKWHUYHUZLUUWHQ *DOEUDLWK 'HLJKWRQ JHQR GDV 6FKLOOHUQ XQG )XQNHOQ GDV XQDEOlVVLJH %OLW]HQ GHQ VWUDKOHQGHQ*ODQ]GHU)DUEHQYRQGHUREHUVWHQ7HUUDVVHVHLQHV+DXVHVDXV)ULKQZDUHV HLQH6\PSKRQLHGHV/LFKWVXQGZHQQHUHLQZHQLJPHKU0XVLNYHUVWlQGQLVEHVHVVHQKlWWH GDQQZl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|ONHUWVHLQNHLQHU YRQ LKQHQ PHKU DOV /LFKWMDKUH HQWIHUQW XQG GLH +HOOLJNHLWGHU1DFKWZUGHVLFKYRQ GHUGHV7DJHVNDXPXQWHUVFKHLGHQ (U IXKU GLH /HXFKWVSXU HQWODQJ GLH KDQJDXIZlUWV LQ GHQ IXQNHOQGHQ 'VFKXQJHO IKUWH $EHUHUKDWWHGHQ:DOGUDQGQRFKQLFKWHUUHLFKWDOVLKPHLQ*HGDQNHNDP(UZUGHVLFK QLFKW ODQJH LQ 6DDGUD DXIKDOWHQ :HQQ VHLQ 3ODQ VLFK VR YHUZLUNOLFKHQ OLH ZLH HU HV GDFKWH EOLHE HU QLFKW OlQJHU DOV GUHL 7DJH KLHU 7URW]GHP ZDU HV YRQ 9RUWHLO VLFK DQ GDV +HUJHEUDFKWH ]X KDOWHQ (U ZUGH DOV XQK|IOLFK JHOWHQ ZHQQ HU VHLQHP 1DFKEDUQ QLFKW

ZHQLJVWHQVHLQHQNXU]HQ%HVXFKDEVWDWWHWH (U ZHQGHWH GHQ *OHLWHU XQG EHIUDJWH GDV ,QIRUPDWLRQVV\VWHP ]X GHP GHU $XWRSLORW HLQH 9HUELQGXQJ KHUVWHOOWH 'HU 1DFKEDU KLH &KDU\E WXU /RPEDDQ $QGHUH +DXVEHZRKQHU ZXUGHQ QLFKW JHQDQQW /RPEDDQ ZDU RIIHQEDU HLQ (LQ]HOJlQJHU HEHQVR ZLH VHLQ QHXHU 1DFKEDU2UYLOOH*7UDFKWPDQ'LH)ORVNHO³WXUZDUHLQDOWHVDUNRQLGLVFKHV$GHOVSUlGLNDW (VZDUDQ]XQHKPHQGD/RPEDDQDXI)RUPDOLWlWHQ:HUWOHJWH hEHU5DGLRNRPVHW]WHHUHLQHQNXU]HQ$QUXIDE'HU5XIEHGXUIWHNHLQHU(UZLGHUXQJ2UYLOOH * 7UDFKWPDQ NQGLJWH DQ GD HU GLH $EVLFKW KDEH GLH 5HVLGHQ] VHLQHV JHVFKlW]WHQ 1DFKEDUQ&KDU\EWXU/RPEDDQELQQHQGUHLLJ0LQXWHQDXI]XVXFKHQ'HP(PSIlQJHUGHV 5XIHV ZXUGH NHLQHUOHL 9HUSIOLFKWXQJ DXIHUOHJW :HQQ GHU %HVXFKHU GHQ +DXVKHUUQ QLFKW YRUIDQGZUGHHUXPNHKUHQXQGHLQDQGHUPDOZLHGHUNRPPHQ 'HU $XWRSLORW EHGXUIWH NHLQHU ZHLWHUHQ $QZHLVXQJHQ (U KDWWH GLH .RRUGLQDWHQ GHV /RPEDDQVFKHQ :RKQVLW]HV GHQ 'DWHQ GHV ,QIRUPDWLRQVV\VWHPV HQWQRPPHQ XQG VFKOXJ VHOEVWlQGLJGHQULFKWLJHQ.XUVHLQ &KDU\E WXU /RPEDDQ ]HLJWH VLFK DOV GDV 8UELOG GHV DUNRQLGLVFKHQ $ULVWRNUDWHQ KRFKJHZDFKVHQ VR VFKODQN GD HU IDVW VFKRQ ]HUEUHFKOLFK ZLUNWH YRQ PDNHOORV ZHLHU +DXWIDUEH PLW ODQJHQ VLOEHUQHQ +DDUHQ XQG DOELQRLGU|WOLFKHQ $XJHQ (U WUXJ HLQ HOHJDQWHVOLFKWEODXHV*HZDQGDXVHLQHPPHWDOOLVFKVFKLPPHUQGHQ0DWHULDO 6R W\SLVFK DUNRQLGLVFK ZLUNWH /RPEDDQ GD GHU %HVXFKHU VLFK XQZLOONUOLFK EHU GLH $QODJHVHLQHV+DXVHVZXQGHUWH(VZDUQLFKWLPKHUN|PPOLFKHQ7ULFKWHUEDXVWLOHUULFKWHW VRQGHUQ EHVD HLQH JlQ]OLFK XQDUNRQLGLVFKH UHFKWZLQNOLJH *OLHGHUXQJ (V EHVWDQG DXV 'XW]HQGHQ YRQ LQHLQDQGHU XQG EHUHLQDQGHU YHUVFKDFKWHOWHQ 7HUUDVVHQ *lUWHQ XQG 3ODWWIRUPHQ XQG GHU %HWUDFKWHU JHZDQQ GHQ (LQGUXFN HV PVVH VHOEVW GHP +DXVKHUUQ VFKZHUIDOOHQVLFKLQGLHVHP*HZLUU]XUHFKW]XILQGHQ &KDU\EWXU/RPEDDQZDU]XU6WHOOHDOV*DOEUDLWK'HLJKWRQV*OHLWHUDXIGHPIUHLHQ3ODW] YRUGHP+DXVODQGHWH ³,FK IUHXH PLFK HLQHQ QHXHQ 1DFKEDUQ ]X KDEHQ VDJWH HU ³,FK KRIIH ZLU ZHUGHQ YLHO YRQHLQDQGHUVHKHQ(VZXUGHDOOPlKOLFKHLQVDPKLHUGUDXHQ ³(VLVWPLUHLQH(KUHGHU1DFKEDUHLQHV0LWJOLHGVGHUDUNRQLGLVFKHQ$ULVWRNUDWLH]XVHLQ DQWZRUWHWH'HLJKWRQXQGGHXWHWHGDEHLHLQH9HUEHXJXQJDQ³:HQQGLUPHLQH*HVHOOVFKDIW JHQHKPLVWZHUGHQZLUXQVJHJHQVHLWLJRIWEHVXFKHQ 'DPLW ZDUHQ GLH )RUPDOLWlWHQ IUV HUVWH EHHQGHW &KDU\E WXU /RPEDDQ WUDW LQV +DXV XQG IKUWH VHLQHQ *DVW ]X HLQHP $QWLJUDYVFKDFKW GHU GDV *HElXGH LQ VHLQHU JDQ]HQ +|KH GXUFKTXHUWH6LHVFKZHEWHQELV]XUREHUVWHQ(WDJHXQGJHODQJWHQDXIHLQH3ODWWIRUPGLHDOV *DUWHQ KHUJHULFKWHW ZDU ,QPLWWHQ GHU EOKHQGHQ GXIWHQGHQ 3IODQ]HQ ODJ HLQH NOHLQH 5DVHQIOlFKH GLH GHQ 6WDQGRUW HLQHU EHTXHPHQ 6LW]JUXSSH ELOGHWH 'UHL 6HVVHO XPUDKPWHQ HLQHQ QLHGULJHQ 7LVFK DXI GHP GHU DXIPHUNVDPH +DXVKHUU GHQ :LOONRPPHQVWUXQN EHUHLWJHVWHOOWKDWWH,QGUHLIXQNHOQGHQ3RNDOHQDXV'XUJHQHU3RODUNULVWDOOVFKLPPHUWHGDV WLHIH 5RW VFKZHUHQ DUNRQLGLVFKHQ :HLQHV &KDU\E WXU /RPEDDQ KRE VHLQHQ %HFKHU XQG SURVWHWHGHP*DVWDXIWHUUDQLVFKH:HLVH]X*DOEUDLWK'HLJKWRQWDW%HVFKHLG /RPEDDQPXWHVHLQHQIUDJHQGHQ%OLFNEHPHUNWKDEHQ(UEHHLOWHVLFK]XHUNOlUHQ ³,FK KDEH HLQHQ +DXVJDVW (U LVW LQ EHVRQGHUHP $QOLHJHQ KLHU ,FK ELWWH LKQ YRUHUVW ]X HQWVFKXOGLJHQ(UZLUGVLFKXQVLQZHQLJHQ0LQXWHQDQVFKOLHHQ (VHQWZLFNHOWHVLFKGLHW\SLVFKH8QWHUKDOWXQJ]ZHLHU:HVHQGLHHLQDQGHU]XPHUVWHQPDO EHJHJQHQXQGVLFKEHUHLQDQGHULQIRUPLHUHQZROOHQ²QLFKWLP'HWDLOVRQGHUQJHUDGHVR ZHLWGDGHUHLQHVLFKYRPDQGHUHQHLQ%LOGPDFKHQNRQQWH*DOEUDLWK'HLJKWRQEHVFKULHE

VLFK GDV KHLW 2UYLOOH * 7UDFKWPDQ DOV 3ULYDWLHU GHU GHV +HUXPUHLVHQV PGH JHZRUGHQ ZDU XQG QXQ VHKDIW ZHUGHQ ZROOWH $XV VHLQHU 'DUVWHOOXQJ JLQJ KHUYRU RKQH GDHUHVMHPDOVGLUHNWDXVGUFNWHGDHUYHUP|JHQGZDUXQGGDVVFKLHQGHP$UNRQLGHQ]X JHIDOOHQ 5HLFKH 1DFKEDUQ ZDUHQ LKP RIIHQEDU OLHEHU DOV DUPH &KDU\E WXU /RPEDDQ KDWWH IUKHU LQ GHU DUNRQLGLVFKHQ 5HJLRQDOYHUZDOWXQJ 'LHQVW JHWDQ XQG ZDU PLW 6WDQGDUGMDKUHQ LQ GHQ 5XKHVWDQG JHWUHWHQ 'D VHLQH )DPLOLH VHLW *HQHUDWLRQHQ XPIDQJUHLFKHQ*UXQGEHVLW]DXI'XUJHQKDEHVHLHU]XGHP(QWVFKOXJHNRPPHQVLFK KLHUQLHGHU]XODVVHQ ³,Q 6DDGUD QHQQW PDQ PLFK GHQ YHUUFNWHQ $UNRQLGHQ OlFKHOWH HU ³'DV OLHJW DQ PHLQHP +DXV ,FK KDEH HV QDFK HLJHQHQ 3OlQHQ HUULFKWHQ ODVVHQ %|VDUWLJH =XQJHQ EHKDXSWHQ HV KlWWH VLFK LQ GLHVHP +DXV VFKRQ PDQFKHU YHULUUW XQG VHL QLH PHKU ]XP 9RUVFKHLQJHNRPPHQ *DOEUDLWK 'HLJKWRQ ODFKWH GH]HQW ZLH HV GLH 6LWWH JHERW (V UDVFKHOWH LQ GHQ EOWHQEHGHFNWHQ%VFKHQ/RPEDDQZDQGWHVLFKXP ³$DKGDNRPPWPHLQ+DXVJDVWULHIHUHUIUHXW 'DV %XVFKZHUN WHLOWH VLFK XQG HLQH *HVWDOW NDP ]XP 9RUVFKHLQ EHL GHUHQ $QEOLFN 'HLJKWRQVHLQHhEHUUDVFKXQJNDXPYHUEHUJHQNRQQWH(UVWDQGDXI ³+XJRW3HUYHLOOLQVDJWHHU³,FKVWDXQH:LOOVWGXGHLQH6XFKHQDFK.LKQP\GHQV6FKDW] YRQKLHUDXVEHWUHLEHQ" (LQH6WXQGHVSlWHUZDUHUZLHGHUXQWHUZHJV,Q]ZLVFKHQZDUGLH6RQQHXQWHUJHJDQJHQ XQG GDV 6WHUQHQKHHU GHV JURHQ .XJHOVWHUQKDXIHQV VWUDKOWH LQ YROOHU 3UDFKW 'DV )DUEHQVSLHO GHU 3IODQ]HQ ZDU YHUKDOWHQHU JHZRUGHQ DEHU DXI GHQ GHU VLFK VHLQHU %HWUDFKWXQJRKQH9RUEHKDOWKLQJDEZLUNWHHVVRVLQQYHUZLUUHQGZLH]XYRU 'LH XQHUZDUWHWH %HJHJQXQJ PLW +XJRW 3HUYHLOOLQ JLQJ 'HLJKWRQ QLFKW DXV GHP .RSI (U KDWWH HLQ *HVSU IU =XIlOOH HU NRQQWH XQWHUVFKHLGHQ ZDQQ VLH HFKW XQG ZDQQ VLH YRUJHWlXVFKW ZDUHQ 3HUYHLOOLQV $XIWDXFKHQ LP +DXVH GHV $UNRQLGHQ VFKLHQ LKP LQ GLH OHW]WH .DWHJRULH ]X IDOOHQ (U IUDJWH VLFK RE HV P|JOLFK VHL GD +XJRW 3HUYHLOOLQ LP $XIWUDJGHV6RWKRVDUEHLWHWH+DWWHHULKQYRQ7HUUDELVKLHUKHUYHUIROJWXPLKQLQGHU $EJHVFKLHGHQKHLWYRQ'XUJHQXQVFKlGOLFK]XPDFKHQ" 'DV 3UREOHP YHUZLUUWH LKQ :HQQ 3HUYHLOOLQ ZLUNOLFK HLQ -lJHU ZDU GDQQ YHUKLHOW HU VLFKPHUNZUGLJ(UKlWWHVHLQHQ*DVWJHEHUJHZLGD]XEHUUHGHQN|QQHQGDHUVHLQH $QZHVHQKHLW YRU 'HLJKWRQ JHKHLPKLHOW 'DV KDWWH HU DEHU QLFKW JHWDQ (U KDWWH VLFK IUHLZLOOLJ JH]HLJW 9RQ GHU 8QVLFKHUKHLW GLH LKP DQJHEOLFK )XUFKW YRU 5DXPIOJHQ HLQIO|WH XQG GLH HU PLW $ONRKRO ]X EHUEUFNHQ VXFKWH ZDU NHLQH 6SXU PHKU DQ LKP ]XEHPHUNHQ(UZLUNWHLP*HJHQWHLOVRVHOEVWVLFKHUGD*DOEUDLWK'HLJKWRQJHQHLJWZDU ]XJODXEHQHUKlWWHGHQ%HWUXQNHQHQDQ%RUGGHU726&$QXUJHVSLHOW ,P /DXI GHU 8QWHUKDOWXQJ KDWWH VLFK KHUDXVJHVWHOOW GD &KDU\E WXU /RPEDDQ VR HWZDV ZLH HLQ 6SH]LDOLVW IU 'XUJHQHU *HVFKLFKWH ZDU XQG REHQGUHLQ QRFK DUFKlRORJLVFKH 1HLJXQJHQ EHVD (V VFKLHQ DOVR GXUFKDXV QRUPDO GD HLQHU GHU QDFK .LKQP\GHQV OHJHQGlUHP 6FKDW] VXFKWH EHL GHP $UNRQLGHQ 4XDUWLHU IDQG :HQQ DEHU +XJRW 3HUYHLOOLQ GLH 6FKDW]VXFKH QXU DOV 9RUZDQG EHQW]WH GDQQ HUKRE VLFK GLH )UDJH RE &KDU\EWXU/RPEDDQLQVHLQHZDKUH$EVLFKWHLQJHZHLKWZDURGHUQLFKW -H OlQJHU 'HLJKWRQ EHU GHQ )DOO QDFKGDFKWH GHVWR XQVLFKHUHU ZXUGH HU 3HUYHLOOLQV 9HUKDOWHQ HUJDE EHUKDXSW NHLQHQ 6LQQ (V PRFKWH VHLQ GD HU LQ JHKHLPHU 6DFKH XQWHUZHJV ZDU GLH 6DFKH DEHU PLW *DOEUDLWK 'HLJKWRQ JDU QLFKWV ]X WXQ KDWWH (V EHVWDQGDXFKGLH0|JOLFKNHLWGD=XVDPPHQKlQJHH[LVWLHUWHQGLH'HLJKWRQEHUVDK

=X JXWHU /HW]W HQWVFKOR HU VLFK GLH *HGDQNHQ DQ +XJRW 3HUYHLOOLQ EHLVHLWH ]X VFKLHEHQ 8QQ|WLJH 9HUZLUUXQJ NRQQWH HU VLFK LP $XJHQEOLFN QLFKW OHLVWHQ (LQHQ HLQVDP LP 'VFKXQJHOJHOHJHQHQ+\SHUWURSDQ]X]DSIHQZDU]ZDUNHLQVFKZLHULJHV8QWHUIDQJHQZHQQ PDQ ZXWH ZLH PDQ YRU]XJHKHQ KDWWH DEHU EHL DXVUHLFKHQGHU $EOHQNXQJ XQWHUOLHI HLQHPOHLFKWHLQ)HKOHU8QGHLQ)HKOHULP8PJDQJPLWGHQULHVLJHQ(QHUJLHPHQJHQGLH HLQ+\SHUWURS]XU9HUIJXQJVWHOOWHNRQQWHVHKUZRKOW|GOLFKDXVJHKHQ *DOEUDLWK 'HLJKWRQ KDWWH GHQ =LHOVXFKHU HLQJHVFKDOWHW XQG EHREDFKWHWH DXI HLQHU NOHLQHQ %LOGIOlFKHZLHVLFKGHUEOLQNHQGH5HIOH[VHLQHV*OHLWHUVGHPLP%LOG]HQWUXPPDUNLHUWHQ =LHO QlKHUWH ,Q GHU REHUHQ OLQNHQ (FNH GHV %LOGHV]HLJWHHLQH/HXFKW]LIIHUGLHMHZHLOLJH (QWIHUQXQJDQ$OVGHU:HUWELVDXI]ZHL.LORPHWHUJHVXQNHQZDUODQGHWH'HLJKWRQGDV )DKU]HXJDP5DQGGHU7UDVVHGLHGHQ9HUODXIGHU)XQNOHLWVWUHFNHPDUNLHUWH1lKHUGXUIWH HU VLFK QLFKW KHUDQZDJHQ ZHQQ HU QLFKW GDV 5LVLNR HLQJHKHQ ZROOWH GD LUJHQGHLQ DXWRPDWLVFKHV 2UWHUV\VWHP GHQ *OHLWHU HUIDWH XQG $ODUP DXVO|VWH 'DV %HWUHWHQ GHV +\SHUWURS*HOlQGHVZDUZHJHQGHUGDPLWYHUEXQGHQHQ*HIDKUVWUHQJYHUERWHQ (UVFKODQJVLFKGLH7DVFKHEHUGLH6FKXOWHULQGHUHUVHLQH*HUlWHYHUVWDXWKDWWHVLFKHUWH GDV )DKU]HXJ XQG PDFKWH VLFK DXI GHQ :HJ 'HU %RGHQ ZDU DEVFKVVLJ 'LH +\SHUWURS 6WDWLRQ ODJ LQ HLQHP WLHI HLQJHVFKQLWWHQHQ 7DO 'LH HLJHQWOLFKH =DSIYRUULFKWXQJ ZDU HLQ HLQKXQGHUW 0HWHU KRKHU 7XUP GHU YRP /DQGHSODW] GHV *OHLWHUV DXV KlWWH VLFKWEDU VHLQ PVVHQ ZHQQ QLFKW GLH KRKH :DQG GHV 'VFKXQJHOV JHZHVHQ ZlUH GLH GHQ $XVEOLFN YHUVSHUUWH (VZDUZLHHLQ*DQJGXUFKHLQHQ0lUFKHQZDOG'LH3IODQ]HQZDUHQYRQEHHLQGUXFNHQGHU 0DVVLYLWlW %DXPVWlPPH YRQ PHKU DOV IQI 0HWHUQ 'XUFKPHVVHU GLH DXVVDKHQ DOV EHVWQGHQ VLH DXV JHVFKOLIIHQHP 0HWDOO XQG LQ DWHPEHUDXEHQGHQ )DUEZHFKVHO GDV JHVSHLFKHUWH 6RQQHQ XQG 6WHUQHQOLFKW ZLHGHUJDEHQ ZDUHQ NHLQH 6HOWHQKHLW 5LHVLJH %OlWWHU lKQOLFK ZLH GLH :HGHO YRQ %DQDQHQVWDXGHQ JHIRUPW VFKXIHQ HLQ JHVFKORVVHQHV 'DFKDXVGHP/LFKWNDVNDGHQKHUDEUHJQHWHQ(VJDEIDVWNHLQ8QWHUKRO]GDVHUOHLFKWHUWHGDV 9RUZlUWVNRPPHQ$EHUGLHXQJHKHXUH)DUEHQSUDFKWGLHYRQDOOHQ6HLWHQDXIGLHYHUZLUUWHQ $XJHQ HLQVWU|PWH PDFKWH GLH 2ULHQWLHUXQJ VFKZHU 6FKRQ QDFK GHQ HUVWHQ HLQKXQGHUW 6FKULWWHQ KlWWH *DOEUDLWK 'HLJKWRQ VLFK HLQHQ .RPSD JHZQVFKW 6R EOLHE LKP QLFKWV DQGHUHVEULJDOVMHZHLOVGHU5LFKWXQJGHUJU|WHQ1HLJXQJ]XIROJHQXQG]XKRIIHQGDHU DXIGLHVH:HLVHDPVFKQHOOVWHQDQV=LHOJHODQJWH (UVSUWHHLQHQXQDQJHQHKPHQ'UXFNDXIGHP6FKlGHO(UKLHOWDQXQGVFKORGLH$XJHQXP ZHQLJVWHQV HLQ SDDU 6HNXQGHQ ODQJ GDV YHUZLUUHQGH )DUEHQVSLHO GHV :DOGHV QLFKW PLWDQVHKHQ ]X PVVHQ $EHU HV VFKLHQ DOV OHXFKWHWHQ LKP VFKDUIIRNXVVLHUWH %QGHO DXV URWHPJHOEHPJUQHPXQGEODXHP/LFKWZLH/DVHUVWUDKOHQELVLQV*HKLUQ,UJHQGZRLP +LQWHUJUXQGVHLQHV%HZXWVHLQVHQWVWDQGGHU9HUGDFKWHVJLQJHKLHUQLFKWDOOHVPLWUHFKWHQ 'LQJHQ ]X 1LH KDWWH LKP GDV /LFKWHUVSLHO GHV :DOGHV VR ]XJHVHW]W ZLH LQ GLHVHP $XJHQEOLFN (U |IIQHWH GLH $XJHQ 'LH :HOW VFKLHQ VLFK XP LKQ ]X GUHKHQ (U VSUWH GD HU VHLQ 9RUKDEHQZHUGHDEEUHFKHQPVVHQ7DXPHOQGZDQGWHHUVLFKXP(UVDKGHQ%RGHQQLFKW PHKU (U VFKZHEWH KDOWORV LQ HLQHP YRQ XQDXIK|UOLFKHQ JUHOOEXQWHQ %OLW]HQ HUIOOWHQ 1LFKWV (U QHLJWH VLFK QDFK YRUQH XQG EHWDVWHWH PLW GHQ +DQGIOlFKHQ GHQ ZHLFKHQ %RGHQ $EHU VHLQ *OHLFKJHZLFKWVVLQQ ZDU LQ 8QRUGQXQJ JHUDWHQ (U NRQQWH QLFKW PHKU XQWHUVFKHLGHQZRHVDXIZlUWVXQGZRHVDEZlUWVJLQJ 'HU 6FKPHU] LP 6FKlGHO ZXUGH XQHUWUlJOLFK 7UlQHQ VFK|VVHQ LKP LQ GLH $XJHQ 1RFK ZLOGHUZLUEHOWHQXQGWDQ]WHQMHW]WGLH)DUEHQ

(U ILHO VHLWZlUWV (U EHJDQQ ]X UROOHQ (U SUDOOWH JHJHQ JOlVHUQH %DXPVWlPPH ZXUGH KHUXPJHZLUEHOWXQGUROOWHZHLWHU(UVFKULHYRU6FKPHU]XQGGHU:DOGZDUIGDV(FKRVHLQHU 6FKUHLH ]XUFN GD HV VLFK DQK|UWH ZLH K|KQLVFKHV *HOlFKWHU (LQPDO JODXEWH HU LP 6FKHLQGHUWHXIOLVFKHQ%OLW]HHLQHULHVLJKRKHVFKODQNH6WUXNWXUYRUVLFKDXIWDXFKHQ]X VHKHQ 'DV PXWH GHU +\SHUWURS7XUP VHLQ (U YHUVXFKWH VHLQHQ 6WXU] ]X EUHPVHQ (U VWUHFNWHGLH$UPHDXVLQGHUYHU]ZHLIHOWHQ+RIIQXQJLUJHQGZRHLQ+LQGHUQLV]XILQGHQDQ GHPHUVLFKIHVWKDOWHQNRQQWH (U ZDU QXU QRFK KDOE EHL %HZXWVHLQ DOV HU DP 5DQG GHU 7DOVRKOH JHJHQ HLQHQ HLQ]HOQ VWHKHQGHQ)HOVEURFNHQSUDOOWH 'DQDFKZDUQLFKWVPHKU ³'X KDVW YRU]JOLFKH $UEHLW JHOHLVWHW :LQGDML VDJWH GLH 6WLPPH GHV 6RWKRV ³,FK KDWWH QLFKW GDPLW JHUHFKQHW GD HV GLU VR UDVFK JHOLQJHQ ZUGH GHQ 7HUUDQHU *DOEUDLWK 'HLJKWRQLQGLH+DQG]XEHNRPPHQ 'LHVPDOZDUGHP(OIDKGHUZHQLJHUEHNORPPHQ]XPXWH(UVHOEVWKDWWHGLHVHV*HVSUlFKLQGLH :HJHJHOHLWHWLQGHPHUGDVYHUHLQEDUWH5XI]HLFKHQDXIJDEXQG]ZHLWHQVEHIDQGHUVLFK LQ YHUWUDXWHU 8PJHEXQJ LQ VHLQHP 3ULYDWTXDUWLHU DQ %RUG VHLQHV HLJHQHQ 6FKLIIHV GHU *20%$1$ ³'DV 9HUGLHQVW LVW QLFKW PHLQHV DOOHLQ HUODXFKWHU +HUU DQWZRUWHWH HU EHVFKHLGHQ ³'HU =XIDOO KDOI PLU 'HU 7HUUDQHU KDWWH XPIDQJUHLFKH 9RUEHUHLWXQJHQ JHWURIIHQ (U ZlUH PLU HQWZLFKHQ(VZDUGHU'LHQHUGHUPLU]XP(UIROJYHUKDOI ³(V JHUHLFKW GLU ]XU (KUH GD GX PHLQ /RE ]XUFNZHLVW VDJWH GHU 6RWKR ³'D GX GLU UHFKW]HLWLJGHQ'LHQHUJULIIVWZDUNOXJYRQGLU ³$QGHUHUVHLWVR+HUUZDQGWH:LQGDMLHLQ³LVWHVPLUQRFKQLFKWJHOXQJHQGLH7HUUDQHU ]XU$QQDKPHGHLQHVJUR]JLJHQ*HVFKHQNVIULKU)ODJJVFKLII]XEHZHJHQ ³'DVLVWQLFKWGHLQH6FKXOGEHUXKLJWHLKQGHU6RWKR³'LH7HUUDQHUVLQGQLFKWVLFKHURE GLH $QQDKPH GHV *HVFKHQNV LQ LKUHP ,QWHUHVVH OLHJW =ZDU KlWWHQ VLH JHUQH GHQ (QHUSVL $QWULHEXQGGLHHVWDUWLVFKH:DIIHQWHFKQLN6LHIUFKWHQDEHULFKZHUGHLKQHQGLHVH'LQJH QLFKW ]XP IUHLHQ *HEUDXFK EHUODVVHQ VRQGHUQ %HVFKUlQNXQJHQ DXIHUOHJHQ 'HVZHJHQ YHU]|JHUQVLHGLH6DFKH6LHEHUXIHQVLFKGDUDXIGDGLH%$6,6UHFKWOLFKGHU.RVPLVFKHQ +DQVH JHK|UW XQG GD ]X PHLQHP 9RUVFKODJ PHKUHUH +DQVH6SUHFKHU JHK|UW ZHUGHQ PWHQGLHLP$XJHQEOLFNQLFKWJUHLIEDUVLQG ³,FKKDEHPHLQH)DKU]HXJHLQ3RVLWLRQJHEUDFKWKRKHU6RWKRHUNOlUWH:LQGDML³0LWGHQ $UEHLWHQ NDQQ EHJRQQHQ ZHUGHQ VREDOG GLH 7HUUDQHU VLFK ]X HLQHU (QWVFKHLGXQJ GXUFKULQJHQ ³'X KDVW JXW YRUJHVRUJW OREWH GHU 6RWKR ³,FK VHOEVW ZHUGH PLFK LQ .U]H DXI 7HUUD DXIKDOWHQ9RQGHU+RKHQ6FKXOH7VFKRPROXQJPDDXVZHUGHLFKHLQZHQLJ'UXFNDXVEHQ DXIGLH0HQVFKHQDXIGLHHVDQNRPPW ³,FK ZDUWH DXI GHLQ 6LJQDO R +HUU VDJWH GHU (OIDKGHU ³,Q GHU =ZLVFKHQ]HLW ELWWH LFK XP GHLQH$QZHLVXQJZDVPLW*DOEUDLWK'HLJKWRQJHVFKHKHQVROO ³(U PX XQVFKlGOLFK JHPDFKW ZHUGHQ XQG ]ZDU VR GD QLFKW GHU 6FKDWWHQ HLQHV 9HUGDFKWVDXIXQVIlOOW ³1LHPDQGZLUGXQVYHUGlFKWLJHQHUODXFKWHU+HUUVDJWH:LQGDML³'HU7HUUDQHUKDWVLFK LQGHQ:lOGHUQ'XUJHQVYHULUUW'LH/LFKWHIIHNWHGRUWVLQGVREHVFKDIIHQGDVLHVHOEVWGHQ NUlIWLJVWHQ 9HUVWDQG YHUZLUUHQ (V VLQG VFKRQ YLHOH LP 5HJHQERJHQGVFKXQJHO YHUVFKZXQGHQ

³'HU2UWLVWJHVFKLFNWJHZlKOWHUNOlUWHGLH6WLPPHGHV6RWKRV³$EHUEHYRUGX'HLJKWRQ EHVHLWLJVWPDJVWGXLKPQRFKHLQSDDU)UDJHQVWHOOHQ ³,KQYHUK|UHQR+HUU":LQGDMLV,QWHUHVVHZDUJHZHFNW ³,FKELQGDVGDUILFKLQ%HVFKHLGHQKHLWVDJHQHLQ0HLVWHUGHV9HUK|UV:RUEHUVROOGHU 7HUUDQHUDXVVDJHQ" ³0HLQH .XQGVFKDIWHU KDEHQ HUIDKUHQ GD GLH *DODNWLNHU GHQ :LGHUVWDQG ]X RUJDQLVLHUHQEHJLQQHQDQWZRUWHWHGHU6RWKR³(VJLEWHLQHJHKHLPH9HUHLQLJXQJGLHVLFK *URXS2UJDQLF,QGHSHQGHQFHQHQQWDEJHNU]W*2,,FKQHKPHDQGD'HLJKWRQYRQ GLHVHU9HUHLQLJXQJZHL0HLQH.XQGVFKDIWHUKDEHQQLFKWHUIDKUHQZRVLHLKUHQ6LW] KDEHQ:HQQGHU7HUUDQHUHVZHLVROOHUHVGLUYHUUDWHQ ³'DV ZLUG HU JDQ] EHVWLPPW (V VFKZDQJHQ )UHXGH XQG 7ULXPSK LQ :LQGDMLV 6WLPPH³$OOHVZLUGHUPLUVDJHQKRKHU6RWKR ³,FK ELQ GDUDQ LQWHUHVVLHUW GLH ,QIRUPDWLRQ DXI GHP VFKQHOOVWHQ :HJ ]X HUKDOWHQ HUNOlUWH GHU 6RWKR ³:HQQ VLFK WDWVlFKOLFK :LGHUVWDQG ELOGHW PX HU VFKRQ LP .HLP ]HUWUPPHUWZHUGHQ ³,FKPHOGHPLFKVREDOGLFK'HLJKWRQYHUK|UWKDEHVDJWH:LQGDMLYROOHU(LIHU³:LH VROOLFKGDQDFKPLWGHQEHLGHQ7HUUDQHUQYHUIDKUHQ" ³1DFKGHLQHP*XWGQNHQDQWZRUWHWHGHU6RWKR³,FKEHUODVVHHVGLUDXIZHOFKHP :HJHGXVLHXQVFKlGOLFKPDFKVW :D\ORQ-DYLHUVWDUUWHPLPXWLJDXIGLHJURH%LOGIOlFKHGLHGLH+DPLOOHU7XEHEHU GHU JURHQ .RPPDQGRNRQVROH LP .RQWUROOUDXP GHU %$6,6 DXIJHVSDQQW KDWWH 'DV %LOGZDUVLPXOLHUW(V]HLJWHGLH)HOVEURFNHQGHV$VWHURLGHQJUWHOVXQGGD]ZLVFKHQ GLH 5HIOH[H YRQ PHKU DOV DFKW]LJ IUHPGHQ 5DXPVFKLIIHQ GLH VLFK VR SRVWLHUW KDWWHQ GD PDQ RKQH EHVRQGHUV YLHO 3KDQWDVLH VDJHQ NRQQWH VLH KlWWHQ GDV )ODJJVFKLII HLQJHNHVVHOW ³6HLW IQI 7DJHQ KlQJHQ VLH VFKRQ GD PXUPHOWH -DYLHU ³'HU 6RWKR OlW YRQ VHLQHP 9RUKDEHQQLFKWDE ³:DV K|UW PDQ DXV 7HUUDQLD" IUDJWH 6DQGUD %RXJHDNOLV GLH QHEHQ -DYLHU DQ GHQ .RQWUROOHQGHU.RQVROHVD ³1LFKWV 1HXHV 'LH (UVWH 7HUUDQHULQ WUDXW GHP )ULHGHQ QLFKW 6LH LVW GHU $QVLFKW GD GHU 6RWKR XQV $XIODJHQ PDFKHQ ZLUG VREDOG GLH %$6,6 XPJHUVWHW LVW 0DQ YHUVXFKW ]X HUIDKUHQ ZHOFKHU $UW GLHVH $XIODJHQ VHLQ N|QQWHQ ,Q GHU =ZLVFKHQ]HLW UHGHW PDQ VLFK GDUDXI KLQDXV GD GDV 6FKLII GH MXUH GHU .RVPLVFKHQ +DQVH JHK|UW XQG +RPHU$GDPVDXI'LHQVWUHLVHXQWHUZHJVLVW ³:LHODQJHNDQQGDVJXWJHKHQ"IUDJWH6DQGUD%RXJHDNOLVJUEHOQG ³1LFKW ODQJH %HVRQGHUV GD PDQ K|UW GD 6RWKR 7\J ,DQ VHLQHQ %HVXFK DXI 7HUUD DQJHNQGLJWKDW0DQZLUGGLH6DFKHQLFKWOlQJHUKLQDXV]|JHUQN|QQHQRKQHGHQ6RWKR]X EUVNLHUHQ 8QG ZLHYLHO $QJVW PDQ YRU HLQHU %UVNLHUXQJ GHV HUODXFKWHQ %HYROOPlFKWLJWHQGHU6XSHULQWHOOLJHQ](67$578KDWGDVZHLWGXVHOEVW 6DQGUDQLFNWH%HYRUVLHHWZDVVDJHQNRQQWHIXKU:D\ORQ-DYLHUIRUW ³'X KDVW UHFKW JHKDEW DOV GX PLU QHXOLFK YRUZDUIVW LFK KlWWH NHLQ *HIKO IU JHIlKUOLFKH (QWZLFNOXQJHQ VDJWH HU ³0LU JLQJHQ ]XP HUVWHQPDO GLH $XJHQ DXI DOV LFK HV PLW GLHVHP DXIJHEODVHQHQ3RSDQ]GHP(OIDKGHU]XWXQEHNDP6REHUKHEOLFKJLEWVLFKQXUHLQHUGHU JHQDXZHLGD HU GLH /DJH XQWHU .RQWUROOH KDW 6LH KDEHQ UHFKW LQ 7HUUDQLD 'HU 6RWKR ZLOO XQV NHLQ *HVFKHQN PDFKHQ (U P|FKWH GLH %$6,6 LPPRELOLVLHUHQ :HQQ VLH PLW

(QHUSVL$QWULHE DXVJHVWDWWHW LVW NDQQ VLH QXU QRFK HQWODQJ GHU .UDIWIHOGOLQLHQ GHV 6W\JLVFKHQ1HW]HVUHLVHQ'DVZlUHHLQ9HUOXVWGHQZLU]XU1RWKLQQHKPHQN|QQWHQZHQQ ZLU GDIU GDV *HKHLPQLV GHV (QHUSVL7ULHEZHUNV HUIKUHQ $EHU LFK NDQQ PLU QLFKW YRUVWHOOHQ GD GHU 6RWKR VHLQH 7UPSIH VR OHLFKW KHUJLEW 6REDOG GHU QHXH $QWULHE HLQJHEDXW LVW VFKLFNW HU XQV ZDKUVFKHLQOLFK HLQH 0DQQVFKDIW DQ %RUG GLH HU PLW GHU :DUWXQJ GHV 7ULHEZHUNV EHDXIWUDJW 8QG GDPLW DOOH 1HXJLHULJHQ YRP 7ULHEZHUNVVHNWRU IHUQ]XKDOWHQ ³'DVZlUHHLQ$IIURQWJHJHQEHU7HUUDQLDPHLQWH6DQGUD%RXJHDNOLV ³8QGZDVZLOOVWGXGDJHJHQXQWHUQHKPHQ"VSRWWHWH-DYLHU³:HQQGDV'LQJHUVWHLQPDO HLQJHEDXWLVWNUlKWNHLQ+DKQPHKUQDFKXQVHUHQ*HIKOHQ,FKKDEHPDOHLQHQYRQGHU QRUPDWLYHQ.UDIWGHV)DNWLVFKHQUHGHQK|UHQ*HQDXGDVLVWHVZRUDXI6W\JLDQDE]LHOW 6DQGUDVDKLKQDXIPHUNVDPDQVRODQJHELVHUXQUXKLJZXUGH ³:DVVROOGDV"IUDJWHHUlUJHUOLFK³hEVWGXGLFKLP*HGDQNHQOHVHQ"

³,FKZROOWHLFKN|QQWHHVVDJWH6DQGUDQDFKGHQNOLFK³'XEHZHJVWHLQHQ3ODQLQGHLQHP 9HUVWDQGDEHUGXOlWGLFKQLFKWGDUEHUDXV:DVKDVWGXYRU" ³'LH%$6,6LVWGDV)ODJJVFKLIIGHU(UGHDQWZRUWHWH-DYLHUQDFKNXU]HP=|JHUQ³6LHKDW HLQH $XIJDEH ]X HUIOOHQ 'HU 6RWKR EHJLQQW VHLQ ZDKUHV *HVLFKW ]X ]HLJHQ :HQQ GLH 9|ONHU GHU 0LOFKVWUDH IUHL XQG XQDEKlQJLJEOHLEHQZROOHQPVVHQVLHVLFKJHJHQ6W\JLDQ ZHKUHQ:RPLWDEHU",P*DODNWLNXPLVWVFKZHU(LQLJXQJ]XHU]LHOHQXQGGLHHVWDUWLVFKH 7HFKQLN LVW GHU XQVHUHQ ZHLW EHUOHJHQ 0DQ ZLUG QLFKW RIIL]LHOO )URQW JHJHQ GHQ 6RWKR PDFKHQ 'HU :LGHUVWDQG PX DXV GHP *HKHLPHQ NRPPHQ (U KDW DEHU NHLQH &KDQFH ZHQQHVQLFKWJHOLQJW6W\JLDQVWHFKQLVFKHQ9RUVSUXQJZHQLJVWHQV]XP7HLODXI]XKROHQ (UPDFKWHHLQH3DXVH ³6ROFKH XQG lKQOLFKH *HGDQNHQ JHKHQ PLU VFKRQ VHLW ODQJHP GXUFK GHQ .RSI VDJWH 6DQGUD ³(EHQOlFKHOWHHU³,P'HQNHQELVWGXPLULPPHUHLQSDDU6FKULWWHYRUDXV ,UULWLHUWVDK6DQGUDDXI6LHYHUPXWHWH6SRWWKLQWHU-DYLHUV:RUWHQ$EHUVHLQ*HVLFKWZDU HUQVW(UPHLQWHZDVHUVDJWH ³(VPXDOVR)RUVFKXQJEHWULHEHQZHUGHQIXKUHUIRUW³hEHUDOOLQGHU0LOFKVWUDHJLEWHV IlKLJH :LVVHQVFKDIWOHU XQG 7HFKQLNHU $EHU HV VLQG LQ GHQ YHUJDQJHQHQ -DKUHQ DXFK EHUDOO GLH 0LWWHO IU )RUVFKXQJ XQG (QWZLFNOXQJ JHNU]W ZRUGHQ (V JLEW NHLQHQ WHFKQLVFKHQ )RUWVFKULWW PHKU DXVJHUHFKQHW ]X HLQHU =HLW GD ZLU LKQ DP GULQJHQGVWHQ EUDXFKHQ 'HU :LGHUVWDQG PX RUJDQLVLHUW ZHUGHQ 'D]X EUDXFKHQ ZLU .|SIH PLW SROLWLVFKHU (UIDKUXQJ 'XW]HQGH YRQ :HVHQ 0HQVFKHQ XQG DQGHUH VLQG LQ GHU 9HUVHQNXQJ YHUVFKZXQGHQZHLOVLHGHQ+lVFKHUQGHV6RWKRVQLFKWLQGLH+lQGHIDOOHQZROOHQ'HQQGHU 6RWKR ZHL HEHQVRJXW ZLH LFK GD VLFK RUJDQLVLHUWHU :LGHUVWDQG RKQH GLH GLH VLFK DXIV )KUHQYHUVWHKHQQLFKWELOGHQNDQQ (UVDK6DQGUD%RXJHDNOLVDQ(LQ]XYHUVLFKWOLFKHV/lFKHOQODJDXIVHLQHP*HVLFKW ³6LHKVWGX"VDJWHHU³'DLVWXQVHUH$XIJDEH ³:R"IUDJWH6DQGUDXQGWDWVRDOVKlWWHVLHQLFKWYHUVWDQGHQ ³'LH %$6,6 JHKW DXI .DSHUIDKUW DQWZRUWHWH HU ³6LH LVW QLFKW DXI 6FKlW]H DXV VRQGHUQ DXI *HVFK|SIH GLH ZLVVHQVFKDIWOLFKWHFKQLVFKH )RUVFKXQJ EHWUHLEHQ N|QQHQ XQG DXI VROFKH GLH HLQHQ ZLUNVDPHQ :LGHUVWDQG ]X RUJDQLVLHUHQ YHUVWHKHQ :LU VXFKHQ QDFK -XOLDQ 7LIIORU XQG *DOEUDLWK 'HLJKWRQ XQG DOO GHQ DQGHUHQ GLH LQ GHU 9HUVHQNXQJ YHUVFKZXQGHQ VLQG :LU VXFKHQ QDFK :LVVHQVFKDIWOHUQ XQG 7HFKQLNHUQ $Q %RUG GHU

%$6,6ELHWHQZLULKQHQHLQHQ2UWDQGHPVLHVLFKEHWlWLJHQN|QQHQ8QVHU6FKLIIYHUIJW EHU DOOH 0LWWHO GLH HLQ :LVVHQVFKDIWOHU EUDXFKW XP VLQQYROO ]X DUEHLWHQ :LU KDEHQ .RPPXQLNDWLRQVPLWWHO PLW GHQHQ GLH 2UJDQLVDWRUHQ GHV :LGHUVWDQGV GLH JHVDPWH 0LOFKVWUDHEHVWUHLFKHQN|QQHQ(VIHKOWXQVDQQLFKWVXQGZHQQZLUGRFKHLQHQ0DQJHO IHVWVWHOOHQGDQQEHKHEHQZLULKQLQGHPZLUEHVFKDIIHQZDVJHEUDXFKWZLUG'LH%$6,6 LVW HLQ ZHKUKDIWHV 6FKLII 'HU 6RWKR PDJ XQV PLW VHLQHU 7HFKQLN EHUOHJHQ VHLQ $EHU VRODQJHZLUDEVHLWVGHU(QHUJLHVWUlQJHGHV6W\JLVFKHQ1HW]HVRSHULHUHQNDQQHUXQVQLFKW DOO]XYLHODQKDEHQ 6DQGUDV$XJHQOHXFKWHWHQ ³,FKKDEHRIWGDYRQJHWUlXPWGDGXHLQHV7DJHVVRVSUHFKHQZUGHVWVDJWHVLH³'XKDVW UHFKWGDVLVWXQVHU3URJUDPP 6LH VWDQG DXI XQG ZXUGH XQYHUPLWWHOW HUQVW 0LW DXVJHVWUHFNWHP $UP ZLHV VLH DXI GDV 6LPXODWLRQVELOG GDV GLH +DPLOOHU7XEH SURML]LHUWH ,KU =HLJHILQJHU UXFNWH YRQ HLQHP GHU IUHPGHQ)DKU]HXJH]XPDQGHUHQ ³$EHUGDVDJWHVLH³GDPVVHQZLUHUVWGXUFK :D\ORQ-DYLHUZROOWHDQWZRUWHQ$EHUGLH+DPLOOHU7XEHNDPLKP]XYRU ³(LQH0HOGXQJDXV7HUUDQLD6LUVDJWHVLHPLWZRKOPRGXOLHUWHU6WLPPH ³*LEVLHKHUYHUODQJWH-DYLHU ³=XQlFKVW PX LFK EHPHUNHQ GD VLH DXI JHKHLPHP :HJ NDP 6LU HUNOlUWH GLH 7XEH ³=HUVWFNHOWJHUDIIWXQGGXUFKPHKUHUH.DQlOHEHUWUDJHQ0DQOHJWRIIHQVLFKWOLFK:HUW GDUDXIGDGLH6HQGXQJYRQQLHPDQGDEJHK|UWZLUG :D\ORQ-DYLHUVHXI]WHHUJHEHQ ³'DQNH +DPLOOHU VDJWH HU ³(V ZLUG ZRKO HWZDV VHLQ ZDV DXHU XQV QLHPDQG ZLVVHQ GDUI ³'DVLVWULFKWLJ6LUDEHU :D\ORQ-DYLHUYHUORUGLH*HGXOG ³'HQ7H[W]XP'RQQHUZHWWHUVFKULHHU ³(V JLEW NHLQHQ *UXQG VLFK ]X HUUHJHQ 6LU EHPHUNWH GLH +DPLOOHU7XEH LQ WDGHOQGHP 7RQIDOO³'LH1DFKULFKWLVW ]ZDU JHKHLP DEHU QLFKW HLOLJ 'HU 7H[W ODXWHW 'LH 5HJLHUXQJ GHU /LJD )UHLHU 7HUUDQHU KDW NHLQH $XVZHLFKP|JOLFKNHLWHQ PHKU ]XU 9HUIJXQJ 6W\JLDQ LVW LQ GHU 7VFKRPROXQJPD HLQJHWURIIHQ XQG EW 'UXFN DXV :LU N|QQHQ LKQ QLFKW PHKU OlQJHUKLQKDOWHQ'LH,QLWLDWLYHLVWEHLHXFK:LUZQVFKHQHXFK*OFN(QGHGHU1DFKULFKW +DPLOOHUVFKZLHJ:D\ORQ-DYLHUKDWWHGHQ%OLFNJHVHQNW 6FKOLHOLFK VDK HU DXI 6HLQ %OLFN VXFKWH GLH 5HIOH[H GHU 6RWKR6FKLIIH DXI GHU JURHQ %LOGIOlFKH ³-DVDJWHHU³'DPVVHQZLUGXUFK 'D ZDU HLQ XQDEOlVVLJHV 'U|KQHQ XQG 3RFKHQ DOV ZlUHQ HLQWDXVHQG 3UHOXIWKlPPHU LQ VHLQHP *HKLUQ DQ GHU $UEHLW XQG GHU 6FKPHU] ZDU VR ZLOG GD HU LKP GHQ 6FKlGHO ]X VSUHQJHQGURKWH (U|IIQHWHGLH/LGHUHLQHQ6SDOWZHLW*UHOOHV/LFKWGUDQJLKPLQGLH$XJHQ(UVFKORVLH VRIRUW ZLHGHU 'HU 6FKPHU] ZDU VR LQWHQVLY GD HU LKP hEHONHLW YHUXUVDFKWH 'DUDXI PXWH HU VLFK DOV HUVWHV NRQ]HQWULHUHQ (U OHHUWH GHQ *HLVW (U YHUJD GHQ /lUP GHU +lPPHU(UEHPKWHVLFKDQEHUKDXSWQLFKWV]XGHQNHQ'DVKDOI'DV*HIKOGHUhEHONHLW YHUVFKZDQG*DOEUDLWK'HLJKWRQEOLHEHLQH=HLWODQJOLHJHQRKQHVLFK]XUKUHQ(UVSUWH

HLQH OHLFKW JHIHGHUWH 8QWHUODJH XQWHU GHP 5FNHQ (LQ =XJ NKOHU /XIW VWULFK EHU LKQ KLQZHJXQGEUDFKWHLKQ]XP)U|VWHOQ (U ZDU WHLOZHLVH HQWNOHLGHW GDV IKOWH HU 'HU 6FKlGHOVFKPHU] UKUWH YRQ VHLQHP 6WXU] KHU(UPXWHJHJHQHWZDV+DUWHVJHSUDOOWVHLQGDUDQEHVWDQGNHLQ=ZHLIHO 1DFK HLQHU =HLWVSDQQH GHUHQ 'DXHU HU DXI HLQH 9LHUWHOVWXQGH VFKlW]WH |IIQHWH HU HLQ ]ZHLWHVPDO GLH $XJHQ 'DV NDOWH ZHLEODXH /LFKW LUULWLHUWH LKQ QRFK LPPHU DEHU HU EHUZDQGVHLQHQ:LGHUZLOOHQ(UGUHKWHGHQ.RSIHLQZHQLJ]XU6HLWHXQGVDKHLQHNDKOH :DQGDXVHLQHPPDWWVFKLPPHUQGHQKHOOJUDXHQ0DWHULDOZDKUVFKHLQOLFK3RO\PHUPHWDOO 'LH OLQNH +DQG HUWDVWHWH GHQ 5DQG HLQHU SULPLWLYHQ /LHJH XQG WLHIHU JOHLWHQG GLH NDOWH JODWWH2EHUIOlFKHGHV%RGHQV (U WHVWHWH VHLQH 0XVNHOQ 6LH VFKLHQHQ LQ 2UGQXQJ +LHU XQG GD VFKPHU]WH GLH +DXW :DKUVFKHLQOLFK KDWWH HU VLFK EHLP 6WXU] HLQH 5HLKH REHUIOlFKOLFKHU :XQGHQ ]XJH]RJHQ $UPHXQG%HLQHOLHHQVLFKEHZHJHQ'LH*HOHQNHZDUHQQLFKWYHUOHW]W/DQJVDPULFKWHWHHU VLFKDXI 'HU5DXPLQGHPHUVLFKEHIDQGZDUUHFKWHFNLJXQGKDWWHHLQHQ*UXQGULYRQ]ZHLPDO YLHU0HWHU(UZDUY|OOLJNDKOELVDXIGLH/LHJHXQGHLQHHLQ]LJHJUHOOH/HXFKWSODWWHLQGHU 'HFNH :DKUVFKHLQOLFK JDE HV LQ HLQHU GHU EHLGHQ 6FKPDOVHLWHQ HLQH 7U DEHU VLH YHUULHW LKUH $QZHVHQKHLW GXUFK QLFKWV 'DV JDE LKP ]X GHQNHQ ,Q *HElXGHQ KHUN|PPOLFKHQ 9HUZHQGXQJV]ZHFNVJDEPDQVLFKJHZ|KQOLFKNHLQH0KH7UHQVRJHQDX]XDUEHLWHQGD VLHIXJHQORVLQGHQ5DKPHQSDWHQ6ROFKH6RUJIDOWHUZDUWHWHPDQHKHULQ6WUXNWXUHQGLH VLFK LQ HLQHU JHIlKUOLFKHQ 8PJHEXQJ EHIDQGHQ ]XP %HLVSLHO DXI GHU 2EHUIOlFKH HLQHV DWPRVSKlUHORVHQ +LPPHOVN|USHUV RGHUHLQHV 3ODQHWHQ PLW *LIWDWPRVSKlUH $XFK DQ %RUG YRQ5DXPIDKU]HXJHQYHUZHQGHWHPDQHUKHEOLFKH0KHDXIOXIWGLFKWVFKOLHHQGH(LQXQG $XVJlQJH (U ODJ VWLOO XQG KRUFKWH )U GHQ (UIDKUHQHQ JLEW MHGHV 5DXPIDKU]HXJ GDV VLFK LQ %HZHJXQJ EHILQGHW XQWHUVFKZHOOLJH *HUlXVFKH YRQ VLFK DXV GHQHQ HU DXI GHQ %HZHJXQJV]XVWDQGVFKOLHHQNRQQWH$EHUKLHULQGHU]ZHLPDOYLHU0HWHUJURHQ=HOOH KHUUVFKWHDEVROXWH6WLOOH:HQQHUVLFKZLUNOLFKDQ%RUGHLQHV)DKU]HXJVEHIDQGGDQQODJ HVYRU$QNHU (UVWDQGDXI,Q]ZLVFKHQKDWWHHUIHVWJHVWHOOWGDHUQXU QRFK 8QWHUZlVFKH WUXJ 'HU 5HVW VHLQHU .OHLGXQJ ZDU VSXUORV YHUVFKZXQGHQ ZHQLJVWHQV EHIDQG HU VLFK QLFKW KLHU LQ GHU =HOOH$XFKGLH8KUKDWWHPDQLKPDEJHQRPPHQ(VOLHVLFKQLFKWIHVWVWHOOHQZLHODQJH HU VLFK VFKRQ KLHU EHIDQG $Q $UPHQ XQG %HLQHQ KDWWH HU $EVFKUIXQJHQ 6LH KDWWHQ JHEOXWHW DEHU GDV %OXW ZDU LQ]ZLVFKHQ YHUNUXVWHW :HU LPPHU LKQ KLHU XQWHUJHEUDFKW KDWWHKDWWHVLFKQLFKWGLH0KHJHPDFKWGLH:XQGHQ]XEHKDQGHOQ (U WDVWHWH GLH :lQGH DE 6LH HUVFKLHQHQ LKP VROLGH %HLP .ORSIHQ HQWVWDQG QXU HLQ KHOOHV HFKRORVHV*HUlXVFK,Q%RGHQQlKHHQWGHFNWHHUDQGHU/lQJVZDQGGLHGHU/LHJHJHJHQEHU ODJHLQH1XWGLHHLQTXDGUDWLVFKHV6WFN:DQGIOlFKHXPVFKULHE'DV4XDGUDWKDWWHHLQH 6HLWHQOlQJHYRQDFKW]LJ=HQWLPHWHUQ'DVDOVRNRQQWHGLH7UQLFKWVHLQ(UYHUVXFKWHGDV :DQGVWFN]XEHZHJHQDEHUHVUKUWHVLFKQLFKW (UKRFNWHVLFKDXIGHQ5DQGGHU/LHJH:LHZDUHUKLHUKHUJHNRPPHQ"(UZXWHMHW]WGD HV QLFKW GDV IODFNHUQGH /HXFKWHQ GHV 5HJHQERJHQZDOGV DOOHLQ JHZHVHQ ZDU GDV LKP GHQ 9HUVWDQG YHUZLUUW KDWWH ,UJHQGHLQ ZHLWHUHU (IIHNW ZDU KLQ]XJHNRPPHQ HLQ SVLRQLVFKHU (LQIOX GHP HU WURW] GHU VFKW]HQGHQ :LUNXQJ GHU 0HQWDOVWDELOLVLHUXQJ QLFKW KDWWH VWDQGKDOWHQN|QQHQ(UNRQQWHHVVLFKDXVPDOHQ-HPDQGGHUEHUGDVJHHLJQHWHSVLRQLVFKH *HUlW YHUIJWH ZDU LKP JHIROJW (U KDWWH HLQ PHQWDOHV .UDIWIHOG HU]HXJW XQWHU GHVVHQ

(LQIOX*DOEUDLWK'HLJKWRQV9HUVWDQG]XVDPPHQEUDFK +XJRW3HUYHLOOLQNDPLKPLQGHQ6LQQDEHUGDOLHVLFKLPPHUQRFKNHLQ=XVDPPHQKDQJ HUNHQQHQ GHP DXFK QXU HLQH 6SXU YRQ /RJLN LQQHZRKQWH hEHUDXV VFKODX ZDU GHU &RXS MHGHQIDOOV HLQJHIlGHOW ZRUGHQ 'LH VLQQYHUZLUUHQGH :LUNXQJ GHV 5HJHQERJHQGVFKXQJHOV ZDUEHNDQQW0DQZUGHDQQHKPHQGD2UYLOOH*7UDFKWPDQHLQHQ6SD]LHUJDQJLP:DOG XQWHUQRPPHQ XQG VLFK GDEHL YHULUUW KDEH :HQQ HV DXFK QXU GHQ JHULQJVWHQ +LQZHLV JlEH ZHOFKHQ :HJ GHU 8QJOFNOLFKH HLQJHVFKODJHQ KDWWH ZUGH PDQ HLQH 6XFKDNWLRQ YHUDQVWDOWHQ $EHU GHU KHLPWFNLVFKH $WWHQWlWHU ZDU VLFKHU VFKODX JHQXJ JHZHVHQ GHQ *OHLWHUHQWZHGHUYHUVFKZLQGHQ]XODVVHQRGHULKQDQHLQHUZHLWHQWIHUQWHQ6WHOOH]XSDUNHQ 'DPLWJDEHVNHLQH+RIIQXQJPHKUGDGHU9HULUUWHMHJHIXQGHQZUGH :HU LPPHU IU GHQ $QVFKODJ YHUDQWZRUWOLFK ZDU GHU ZXWH GD VLFK KLQWHU GHP %UJHU 2UYLOOH * 7UDFKWPDQ GHU HKHPDOLJH 6LFKHUKHLWVFKHI GHU .RVPLVFKHQ +DQVH *DOEUDLWK 'HLJKWRQYHUEDUJ:DVKDWWHHUIDOVFKJHPDFKW":RPLWKDWWHHUVLFKYHUUDWHQ" ³'XKDVWJHQXJJHJUEHOWVDJWHHLQH6WLPPHGLHDXVGHU:DQG]XNRPPHQVFKLHQ³$XI GHLQH)UDJHQJLEWHVUHFKWHLQIDFKHXQGHLQOHXFKWHQGH$QWZRUWHQ:LOOVWGXVLHK|UHQ" 'HLJKWRQ ZDU QLFKW VRQGHUOLFK EHUUDVFKW (U KDWWH VLFK GHQNHQ N|QQHQ GD HU EHREDFKWHW ZXUGH ³-DDQWZRUWHWHHU ³'DQQNRPP]XPLUVDJWHGLH6WLPPH *DOEUDLWK 'HLJKWRQ VWDQG DXI (U HUZDUWHWH GD VLFK QXQ GLH PLW VR JURHU 6RUJIDOW YHUERUJHQH7U|IIQHQZUGH$EHUHVJHVFKDKHWZDVDQGHUHV(LQH6WHOOHGHU/lQJVZDQG JHUDGH GRUW ZR HU YRUKLQ GLH 1XW HQWGHFNW KDWWH EHJDQQ ]X OHXFKWHQ (LQ /LFKWNHJHO EUDFKDXVGHU:DQGKHUYRUXQGXPIDWHGHQ7HUUDQHU ,PQl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lFKWLJNHLWVEDOOXQJ (67$578PLWJHEUDFKWKDWWHQ(UZXWHGDHUHLQHQ9HUWUHWHUGHV9RONHVGHU(OIDKGHU YRUVLFKKDWWH(UZXWHDXFKGDGLH(OIDKGHUGLHLQGHQ'LHQVWGHU(ZLJHQ.ULHJHUWUDWHQ LQGHUHQ+LHUDUFKLHJHZ|KQOLFKKRKH3RVWHQHLQQDKPHQ ³,FK ELQ :LQGDML GHU %HDXIWUDJWH GHV HUOHXFKWHWHQ 6RWKRV 7\J ,DQ GUDQJ HV DXV GHP +HOP KHUYRU 'LH 6WLPPH LQ GHU =HOOH KDWWH ,QWHUNRVPR JHVSURFKHQ 'HU (OIDKGHU GDJHJHQVSUDFK6RWKDON³'XKDVW)UDJHQ" 'LH /XIW ZDU ZDUP XQG PLW )HXFKWLJNHLW JHVlWWLJW *DOEUDLWK 'HLJKWRQ DQ GLH .KOH VHLQHU =HOOH JHZ|KQW EHJDQQ ]X VFKZLW]HQ (U QDKP HLQHQ *HUXFK ZDKU GHU LKP HLQH 0LVFKXQJ DXV 0RGHU XQG 1DSKWKDOLQ ]X VHLQ VFKLHQ 9HUPXWOLFK ZDU HV GLH .|USHUDXVGQVWXQJGHV(OIDKGHUV ³,FKKDEH)UDJHQEHVWlWLJWHHUDXI,QWHUNRVPR ³'XEHKHUUVFKVWPHLQH6SUDFKHQLFKW"HUNXQGLJWHVLFKGHU(OIDKGHUDXI6RWKDON ³'RFK $EHU VLH LVW PLU QLFKW VR JHOlXILJZLHGLHPHLQHVDJWH 'HLJKWRQ ³:HQQ GX PHLQH

6SUDFKHYHUVWHKVWGDQQZLUGHVGLUQLFKWVDXVPDFKHQGDLFKPLFKLKUHUEHGLHQH ³*HQHKPLJW :LQGDMLKDWWHHLQHKRKH6WLPPHXQGVSUDFKPLWHLQHPHLJHQDUWLJVLQJHQGHQ7RQIDOO ³,FKP|FKWHZLVVHQZRLFKKLHUELQZDUXPLFKKLHUELQXQGZDUXPPDQPLFKHQWNOHLGHW KDWVDJWH'HLJKWRQ ³'X ELVW KLHU LQ PHLQHP 3ULYDWTXDUWLHU DQWZRUWHWH GHU (OIDKGHU ³0DQ IDQG GLFK EHZXWORV LP :DOG XQG EUDFKWH GLFK ]X PLU 'X ZXUGHVW HQWNOHLGHW ZHLO PDQ GLFK XQWHUVXFKHQXQGGHLQH:XQGHQEHKDQGHOQZROOWH *DOEUDLWK'HLJKWRQKREGHQOLQNHQ$UPVRGD:LQGDMLHLQHEOXWYHUNUXVWHWH6FKZlUHVHKHQ NRQQWHDQGHUHQ5lQGHUQ:DOGHUGHNOHEWH ³'DVKDWPDQDEHUQLFKWJHWDQVWHOOWHHUIHVW ³1RFKQLFKWDQWZRUWHWHGHU(OIDKGHU³:HUELVWGX" ³,FKQHKPHDQGDGXPHLQH,GHQWLIL]LHUXQJVPDUNHJHIXQGHQKDVWVDJWH'HLJKWRQ³,FK ELQHLQ%UJHUGHU/LJD)UHLHU7HUUDQHUXQGQHQQHPLFK2UYLOOH*7UDFKWPDQ ³-DVRQHQQVWGXGLFKZRKOGUDQJHVDXVGHP+HOP³$EHUGXELVWHVQLFKW ³'DVLVWHLQH%HKDXSWXQJGLHGXZRKONDXPEHZHLVHQNDQQVWVDJWH'HLJKWRQ 'HU EHUQVWHLQJHOEH +HOP GUHKWH VLFK HLQ ZHQLJ XQG VFKRE VLFK ]ZLVFKHQ GHQ 6FKXOWHUQ GHV 3DQ]HUV KHUYRU 'DEHL VDK 'HLJKWRQ GD HU DXI HLQHP WHOHVNRSDUWLJHQ RIIHQEDU lXHUVWIOH[LEOHQ+DOVJHODJHUWZDU ³'HUDQGHUH7HUUDQHUVROONRPPHQVDJWHGHU(OIDKGHU (LQJUHOOHV/LFKWEOLW]WHDXIXQGEHYRU'HLJKWRQV$XJHQVLFKYRQGHP6FKRFNHUKROWKDWWHQ ZDU ]ZHL 0HWHU YRU LKP HLQH KXPDQRLGH *HVWDOW VFKHLQEDU DXV GHP 1LFKWV HQWVWDQGHQ 'DV*HVLFKWZDU]XHLQHU*ULPDVVHGHU$QJVWYHU]HUUW,QGHQ$XJHQJORPPGDV(QWVHW]HQ ³+HNNQHU7DUDZD\VDJWH*DOEUDLWK'HLJKWRQHUVFKWWHUW³:DVKDVWGXKLHU]XVXFKHQ" 7DUDZD\ VDQN LQ GLH .QLH (U ZDU HEHQVR ZLH *DOEUDLWK 'HLJKWRQ QXU KDOE EHNOHLGHW 6FKZHL VWDQG LKP DXI GHU 6WLUQ 'LH $XJHQ ZDUHQ ZHLW DXIJHULVVHQ (U KRE GLH +lQGH XQGOHJWHVLHZLHLP*HEHWPLWGHQ+DQGIOlFKHQDQHLQDQGHU ³,FKNDQQQLFKWVGDIUMDPPHUWHHU³,FKZROOWHHVQLFKW6LHIDWHQPLFKDEDOVLFKJHUDGH DXI GHP :HJ ]XP 5DXPKDIHQ ZDU ,FK ZROOWH GLFK QLFKW YHUUDWHQ $EHU VLH KDEHQ VLH KDEHQ 'HLJKWRQ EFNWH VLFK (U IDWH 7DUDZD\ XQWHU GHQ 6FKXOWHUQ XQG KRE LKQ DXI GLH )H 'HU 0DQQ VFKORWWHUWH (U SODSSHUWH XQDXIK|UOLFK YRU VLFK KLQ VLQQORVH XQYHUVWlQGOLFKH 'LQJH 'HLJKWRQZDQGWHVLFKDQGHQ(OIDKGHU ³:DVKDVWGXPLWLKPJHPDFKW"IUDJWHHU ³,FK KDEH LKQ DXVJHIUDJW ODXWHWH GLH $QWZRUW ³%HKDXSWHVW GX QRFK LPPHU 2UYLOOH * 7UDFKWPDQ]XVHLQ" ³1HLQ,FKELQ*DOEUDLWK'HLJKWRQ ³*XW 0HKUVDJWHGHU(OIDKGHUQLFKW-HW]WGDHULKQYRQGHU6HLWHKHUEHWUDFKWHWHVDK*DOEUDLWK 'HLJKWRQ]XPHUVWHQPDOGDGHU5FNHQVHLQHU5VWXQJPLWVWDFKHOlKQOLFKHQ$XVZFKVHQ JHVSLFNWZDU'LH6WDFKHOQGLHDXVGHPVHOEHQ0DWHULDOEHVWDQGHQZLHGHU3DQ]HUVHOEVW KLQJHQVFKODIIKHUDEXQGEHZHJWHQVLFKEDXPHOQGZHQQGHU(OIDKGHUVLFKEHZHJWH (LQHGHU6WDFKHOQKDWWHVLFKMHGRFKDXIJHULFKWHW6LH]HLJWHDXI+HNNQHU7DUDZD\ ³(UKDWGLUJHVDJWZDVGXZLVVHQZROOWHVWVDJWH'HLJKWRQ³/DLKQODXIHQ ³(UPDJODXIHQZHQQHUNDQQVDJWHGHU(OIDKGHU

(LQ JUHOOHV (QHUJLHEQGHO VWDFK NQDOOHQG XQG IDXFKHQG GXUFK GHQ .DXP (V NDP DXV GHU 6SLW]H GHV 6WDFKHOV )DVVXQJVORV YRU (QWVHW]HQ VDK 'HLJKWRQ ZLH +HNNQHU 7DUDZD\ LQ HLQHQ0DQWHODXVORGHUQGHP)HXHUJHKOOWZXUGH'DVHQWVHW]WH*HVLFKWGHV0DQQHVVHLQH YRQW|GOLFKHU$QJVWHUIOOWHQ$XJHQGDV+DDUGDVXQWHUGHUP|UGHULVFKHQ+LW]H]XJUDXHP 6WDXEYHUILHOGLH%UDQGEODVHQDXIGHP*HVLFKWGDVDOOHVYHUEDQGVLFK]XHLQHP%LOGGDV *DOEUDLWK'HLJKWRQELVDQV(QGHVHLQHV/HEHQVQLFKWYHUJHVVHQZUGH +HNNQHU 7DUDZD\ VWDUE PLW HLQHP ODQJJH]RJHQHQ 6FKUHL GHU YRQ GHQ NDKOHQ :lQGHQ KDOOWH *DOEUDLWK 'HLJKWRQ ZDU XQZLOONUOLFK PHKUHUH 6FKULWWH ]XUFNJHZLFKHQ ZHLO GLH WHXIOLVFKH *OXW LKP GLH +DXW YHUVHQJWH 'DV NQDWWHUQGH )DXFKHQ GHU 7KHUPRVWUDKOZDIIH HUVWDUE SO|W]OLFK (LQ XQHUWUlJOLFKHU *HVWDQN KLQJ LQ GHU /XIW 'HU 5DXP KDWWH VLFK PLW 4XDOPJHIOOW 5HJORVXQGYROOHU(QWVHW]HQVWDUUWH'HLJKWRQDXIGLH6WHOOHDQGHUYRUZHQLJHQ0LQXWHQ +HNNQHU7DUDZD\QRFKJHVWDQGHQKDWWH-HW]WZDUQXUQRFKHLQDUPVHOLJHV+lXIFKHQ$VFKH YRQLKPEULJ*DOEUDLWK'HLJKWRQKDWWHHLQ:UJHQLP+DOV'HU0DJHQUHEHOOLHUWH /DQJVDPXQGVFKZHUIlOOLJZDQGWHHUVLFKXP ³'XELVWHLQ6FKHXVDOVDJWHHUPLWGXPSIHU6WLPPH ³2ELWWHZLUZROOHQHLQDQGHUNHLQH.RPSOLPHQWHPDFKHQK|KQWHGHU(OIDKGHU³,FKWXH PHLQHQ'LHQVW0HLQ*HELHWHULVWGHU6RWKR*HKRUVDPLVWPHLQHUVWHV*HERW ³(KUH LVW HLQHV HXUHU *UXQGSULQ]LSLHQ SUHWH *DOEUDLWK 'HLJKWRQ KHUYRU (V NRVWHWH LKQ 0KH GLH :RUWH LQ KDOEZHJV QRUPDOHP 7RQIDOO ]X IRUPHQ ³:LHYLHO (KUH OLHJW GDULQ HLQHQ:HKUORVHQXP]XEULQJHQ" ³0HLQH(KUHLVWHVGHP6RWKR]XGLHQHQXQGVHLQH%HIHKOH]XEHIROJHQHUNOlUWH:LQGDML ³$OOHV DQGHUH LVW ]ZHLWUDQJLJ 'HU %HIHKO GHV HUOHXFKWHWHQ 6RWKR ODXWHW YRQ GLU DOOHV LQ (UIDKUXQJ]XEULQJHQZDVGXEHUGLH*URXS2UJDQLF,QGHSHQGHQFHZHLW *DOEUDLWK'HLJKWRQKRUFKWHDXI*URXS2UJDQLF,QGHSHQGHQFH²ZDVZDUGDV"'HU1DPH JDE]XGHQNHQ(UVWDPPWHDXVGHP7HUUDQLVFKHQ ³1XQ"VDJWHGHU(OIDKGHU ³1LFKWVZHLLFKDQWZRUWHWH*DOEUDLWK'HLJKWRQ ³,FKK|UHGHQ1DPHQ]XPHUVWHQPDO ³'XKDVW=HLWGLFK]XHULQQHUQVDJWH:LQGDML³1LFKWYLHODOOHUGLQJV'DUXPHULQQHUHGLFK UDVFK (LQ /LFKW EOLW]WH DXI 1RFK LP VHOEHQ $XJHQEOLFN EHIDQG 'HLJKWRQ VLFK ZLHGHU LQ VHLQHU =HOOH 9RQ HLQHP 0DQQ GHVVHQ /HEHQVDOWHU PHKU DOV -DKUH ]lKOW HUZDUWHW PDQ LP DOOJHPHLQHQGDLKQVROHLFKWQLFKWVHUVFKWWHUQNDQQ(UKDWDOOHVJHVHKHQZDVGLH:HOW ]X ELHWHQ KDW YRP 6FK|QVWHQ ELV ]XP +lOLFKVWHQ YRP (UKHEHQGVWHQ ELV ]XP 1LHGHUVFKPHWWHUQGVWHQ)ULKQJLEWHVQLFKWVPHKU1HXHV 'DV PRFKWH ZRKO VR VHLQ DEHU *DOEUDLWK 'HLJKWRQ EUDXFKWH HLQ SDDU 6HNXQGHQ ELV HU ZLHGHUNODUGHQNHQNRQQWH(UKDWWH.ULHJHPLWHUOHEWLQGHQHQRUJDQLVFKH:HVHQVWDUEHQ VLQQORV ]X +XQGHUWHQ ]X 7DXVHQGHQ $EHU GHU .ULHJ ZDU HLQ DQRQ\PHU 0|UGHU 0DQ NRQQWHLKQYHUDEVFKHXHQDEHUQLFKWKDVVHQ'HU.ULHJZDUHLQH0DVFKLQHNHLQGHQNHQGHV *HVFK|SI (LQNDOWHU6FKDXGHUOLHI'HLJKWRQEHUGHQ5FNHQZHQQHUDQGLH6]HQH]XUFNGDFKWH GLHVLFKLQGHPTXDGUDWLVFKHQ5DXPDEJHVSLHOWKDWWH1RFKQLH]XYRUKDWWHHUHLQHQGHUDUW NDOWEOWLJHQ 0RUG HUOHEW +HNNQHU 7DUDZD\ ZDU GDV 2SIHU HLQHU WHXIOLVFKHQ /DXQH JHZRUGHQXQGGHU7HXIHOZDU:LQGDMLGHU(OIDKGHU

1XU DOOPlKOLFK JHODQJ HV 'HLJKWRQ GLH *HGDQNHQ YRQ GHP IUFKWHUOLFKHQ (UOHEQLV DE]XZHQGHQ(VZDU=HLWGDHUDQVLFKVHOEVWGDFKWH'HU(OIDKGHUKDWWHLKPHLQH)UDJH JHVWHOOW(UZXWHGLH$QWZRUWQLFKW$EHUZLHZROOWHHU:LQGDMLGDVNODUPDFKHQ" 'LH/|VXQJVFKLHQHLQIDFK(VJDE'URJHQXQGSV\FKRSK\VLVFKH0HWKRGHQPLWGHQHQVLFK GDV :LVVHQ HLQHV 0HQVFKHQ EOROHJHQ OLH *DOEUDLWK 'HLJKWRQ N|QQWH VLFK ]X HLQHU HQWVSUHFKHQGHQ %HKDQGOXQJ EHUHLW HUNOlUHQ XQG GHU (OIDKGHU ZUGH IHVWVWHOOHQ GD HU WDWVlFKOLFKNHLQH,QIRUPDWLRQHQEHUGLH*URXS2UJDQLF,QGHSHQGHQFHEHVD (VZDUHQ]ZHL)HKOHULQGLHVHUhEHUOHJXQJ(UVWHQV6REDOGIHVWVWDQGGDHUQLFKWZXWH ZDV:LQGDMLLQ(UIDKUXQJEULQJHQZROOWHZDUHUIUGLHVHQZHUWORVXQGZUGHYHUPXWOLFK GDVVHOEH6FKLFNVDOHUOHLGHQZLH+HNNQHU7DUDZD\=ZHLWHQV'HU(OIDKGHUZDUHLQ6DGLVW DQVWDWW HLQGHXWLJH 0HWKRGHQ ]X ZlKOHQ GLH DXI GHP JHUDGHVWHQ :HJ ]XP =LHO IKUWHQ ZUGHHUOLHEHUTXlOHQ 'HLJKWRQV .RSIVFKPHU] ZDU LQ]ZLVFKHQ YHUVFKZXQGHQ 'DV JUDXVLJH (UOHEQLV KDWWH LKQ ZHJJHZLVFKW'DIUILHOLKPGDV$WPHQSO|W]OLFKVFKZHU'LH/XQJHNlPSIWHJHJHQHLQHQ E|VDUWLJHQ'UXFNGHUVLH]XVDPPHQSUHVVHQZROOWH(VZDUNKOLQGHUNOHLQHQNDKOHQ=HOOH WURW]GHPWUDWLKPGHU6FKZHLDXVGHQ3RUHQ 'LH 6\PSWRPH ZDUHQ LKP JXW JHQXJ EHNDQQW (U DWPHWH YHUEUDXFKWH /XIW (U KDWWH DQJHQRPPHQGHU5DXPZUGHDXIGLHEOLFKH$UWXQG:HLVHEHOIWHWGXUFKPLNURVNRSLVFK NOHLQH .DQlOH GLH ]X +XQGHUWWDXVHQGHQ GLH :lQGH GXUFK]RJHQ XQG PLW HLQHP ]HQWUDOHQ .OLPDV\VWHP LQ 9HUELQGXQJ VWDQGHQ (U KDWWH VLFK JHWlXVFKW 6HLQH =HOOH HUKLHOW NHLQH )ULVFKOXIW:DVKDWWHGHU(OIDKGHUPLWLKPYRU":ROOWHHULKQHUVWLFNHQODVVHQ" (V ZDU IDVW DOV N|QQH :LQGDML VHLQH *HGDQNHQ OHVHQ 'LH KHOOH VLQJHQGH 6WLPPH GUDQJ XQPLWWHOEDUDXVGHU:DQG ³*HKWGLUGLH/XIWDXV"IUDJWHVLHVS|WWLVFK³%HHLOHGLFKGHLQ*HKLUQDQ]XVWUHQJHQ8QWHU 6DXHUVWRIIDEVFKOXIXQNWLRQLHUWQlPOLFKGHU9HUVWDQGQLFKWPHKU *DOEUDLWK'HLJKWRQJDEHLQ]RUQLJHV.QXUUHQYRQVLFK ³'LULVWQRFKQLFKWVHLQJHIDOOHQ"HUNXQGLJWHVLFKGLH6WLPPH³9LHOOHLFKWEUDXFKVWGXHLQHQ $QUHL],FKZLOOGLUHLQHQJHEHQ8QGYHUJLQLFKW6REDOGGXGLH$QWZRUWDXIPHLQH)UDJH ZHLWPHOGHGLFK=|JHUHQLFKWHVN|QQWHVRQVW]XVSlWIUGLFKVHLQ (LQ EOHU *HUXFK YHUEUHLWHWH VLFK SO|W]OLFK LQ GHU =HOOH *DOEUDLWK 'HLJKWRQ VFKUDN DXI 6FKZHIHOZDVVHUVWRII ³'X1DUUVFKULH'HLJKWRQYROOHU:XW³:HLWGXQLFKWGDGDV*DVIUPHQVFKOLFKH /XQJHQJLIWLJLVW" ³1DWUOLFKZHLLFKGDVDQWZRUWHWHGLH6WLPPHJHODVVHQ³*ODXEVWGXLFKZROOWHHVGLU EHTXHPPDFKHQGDPLWGXPLUGLH$QWZRUWP|JOLFKVWODQJHYHUZHLJHUQNDQQVW")UFKWH GLFK QLFKW 7|GOLFK ZLUNW GDV *DV QXU LQ K|KHUHQ .RQ]HQWUDWLRQHQ ,FK KDEH QLFKW GLH $EVLFKWGLFKXP]XEULQJHQ 1RFK QLFKW GDFKWH *DOEUDLWK 'HLJKWRQ 'HU *HVWDQN QDFK IDXOHQ (LHUQ ZDU IDVW XQHUWUlJOLFK (U UL VLFK GDV OHLFKWH 7ULNRW YRP /HLE XQG SUHWH HV VLFK JHJHQ GDV *HVLFKW (U EHPKWH VLFK VR IODFK ZLH P|JOLFK ]X DWPHQ $EHU HV KDOI QLFKWV 'DV KHLPWFNLVFKH *DV OLH VLFK QLFKW DXVILOWHUQ (U VSUWH HLQ .UDW]HQ DP +DOV (V ZXUGH LKP VFKZLQGOLJ (U OLH VLFK DXI GLH /LHJH IDOOHQ 'LH /HXFKWSODWWH LQ GHU 'HFNH YROOIKUWH HLQHQ ZLOGHQ 7DQ] +HLHXQGNDOWH:HOOHQOLHIHQLKPGXUFKGHQ.|USHU(U GUHKWHVLFKDXIGLH6HLWHXQGEHUJDEVLFK ³:HLWGXQRFKLPPHUQLFKWV"IUDJWHGLH6WLPPHK|KQLVFK ³*HKGRFK]XP7HXIHOVFKULH'HLJKWRQPLWDOOHUOHW]WHU.UDIW

'DQQYHUORUHUGDV%HZXWVHLQ :LQGDML HUVFKUDN DOV GDV 5XIVLJQDO GHV 6RWKRV HUW|QWH :DU GHU HUODXFKWH +HUU XQJHGXOGLJ JHZRUGHQ" :UGH HU LKP 9RUZUIH PDFKHQ GD HU GLH JHZQVFKWHQ ,QIRUPDWLRQHQQRFKQLFKWEHVFKDIIWKDWWH" ³,FKK|UHR+HUUVDJWHHUHKUIUFKWLJ ³:DVKDWGHU7HUUDQHUDXVJHVDJW" 'LH 6WLPPH VFKLHQ PLWWHQ LP 5DXP ]X HQWVWHKHQ 6LH K|UWH VLFK DQ DOV EHIlQGH VLFK 6RWKR7\J,DQNHLQH]ZHL6FKULWWHYRQ:LQGDMLHQWIHUQW ³1RFKQLFKWV+HUUDQWZRUWHWHGHU(OIDKGHU³(UEHKDXSWHWYRQGLHVHU*UXSSHQRFKQLH JHK|UW]XKDEHQ ³'DVLVWQLFKWXQP|JOLFKVDJWHGHU6RWKR³'LH,QIRUPDWLRQHQGLHLFKHUKDOWHQKDEH ODVVHQ VLFK DXI YLHOHUOHL :HLVH LQWHUSUHWLHUHQ (V LVW RIIHQEDU VR GD GLH *2, DXI VWUHQJVWH *HKHLPKDOWXQJ DFKWHW (V NDQQ VHLQ GD *DOEUDLWK 'HLJKWRQ QLFKWV YRQ LKU ZHL ³/DPLFKLKQWURW]GHPZHLWHUYHUK|UHQHUODXFKWHU+HUUEDW:LQGDML³:HQQHUQXUGHQ 8QZLVVHQGHQVSLHOWZHUGHLFKHVIHVWVWHOOHQ ³'X KDVW GLH HQWVSUHFKHQGHQ 0LWWHO DQWZRUWHWH GLH 6WLPPH GHV 6RWKRV ³:HQGH VLH DQ :LU PVVHQ EDOGLJVW %HVFKHLG ZLVVHQ 9LHO =HLW GDUIVW GX PLW GHP 7HUUDQHU QLFKW PHKU YHUEULQJHQ(VZDUWHWHLQHDQGHUH$XIJDEHDXIGLFK ³:HOFKHR+HUU" ³,FKKDEHGHU5HJLHUXQJGHU/LJD)UHLHU7HUUDQHUXQGGHP*UHPLXPGHU+DQVH6SUHFKHU HLQ8OWLPDWXPJHVWHOOW(QWZHGHUVLHJHEHQELQQHQHLQHV6WDQGDUGWDJHVLKUH(LQZLOOLJXQJ ]XU 8PUVWXQJ GHU %$6,6 RGHU 6RWKR 7\J ,DQ VLHKW VLFK JH]ZXQJHQ GLH +DOWXQJ GHU 7HUUDQHU DOV IHLQGVHOLJ ]X EHWUDFKWHQ ,FK UHFKQH GDPLW GD VLH HLQOHQNHQ $QGHUQIDOOV VHW]H LFK GLH 8PUVWXQJ PLW *HZDOW GXUFK ,FK EUDXFKH GLFK DQ 2UW XQG 6WHOOH %LVW GX MHGHU]HLWDXIEUXFKEHUHLW" 0LW HLQHU GHUDUW UDVFKHQ (QWZLFNOXQJ KDWWH :LQGDML QLFKW JHUHFKQHW 'DV $QOLHJHQ GHV 6RWKRVEUDFKWHLKQLQ9HUOHJHQKHLW ³,FKELQDXI'XUJHQVRYRUJHJDQJHQHUODXFKWHU+HUUGDXQVHUH$NWLYLWlWDXINHLQHQ)DOO HQWGHFNWZHUGHQNDQQHUNOlUWHHU³0HLQ4XDUWLHUEHILQGHWVLFKLQHLQHP5DXPWUDQVSRUW &RQWDLQHU GHQ LFK YRU NXU]HP HUZRUEHQ KDEH XP LKQ DQJHEOLFK PLW *WHUQ ]X EHODGHQ XQG]XP$EWUDQVSRUWIHUWLJ]XPDFKHQ ³0LWDQGHUHQ:RUWHQGHU&RQWDLQHUPWHDXIRUGQXQJVJHPlHP:HJ]XP5DXPKDIHQ JHEUDFKW XQG GRUW DXI HLQ 6FKLII YHUODGHQ ZHUGHQ" 'LH 6WLPPH GHV 6RWKRV NODQJ PLW HLQHPPDO XQJHGXOGLJ ³8QG ZHQQ GHLQ &RQWDLQHU QDFK $EODXI HLQHU JHZLVVHQ )ULVW QLFKW HLQJHWURIIHQLVWZLUGPDQPLWUDXLVFKXQGEHJLQQWQDFK]XIRUVFKHQ" ³6RLVWHV+HUUDQWZRUWHWH:LQGDML ³'DV KDVW GX QLFKW EHVRQGHUV NOXJ DQJHVWHOOW WDGHOWH GHU 6RWKR ³:HQQ GX VRIRUW GLH Q|WLJHQ$XIWUlJHHUWHLOVWZLHUDVFKNDQQVWGXDQ%RUGHLQHV6FKLIIHVVHLQGDVLQ5LFKWXQJ 7HUUDIOLHJW" ³=ZDQ]LJ6WDQGDUGVWXQGHQ+HUUVDJWHGHU(OIDKGHU ³'DQQ KDQGHOH VRIRUW EHIDKO GHU 6RWKR ³'X KDVW GLH Q|WLJHQ 9HUELQGXQJHQ VR GD GX QLFKWVHOEVWLQ(UVFKHLQXQJ]XWUHWHQEUDXFKVW" ³6HOEVWYHUVWlQGOLFK HUODXFKWHU +HUU :LQGDML HPSIDQG (UOHLFKWHUXQJ ³(V LVW DOOHV VR DUUDQJLHUWGDQLHPDQGMHDXIGLH,GHHNRPPHQZLUGHVVHLHQ%HDXIWUDJWHGHVJURHQ6RWKRV DXI'XUJHQJHZHVHQ

³*XWVDJWH7\J,DQ³6LHK]XGDGXDXIGHPVFKQHOOVWHQ:HJHYRUPLUHUVFKHLQVW/D GHQ &RQWDLQHU HQWVSUHFKHQG GHNODULHUHQ (U ZLUG DP 5DXPKDIHQ 7HUUDQLD DEJHKROW ZHUGHQ ³(VLVWZLFKWLJ/HRVDJWH:D\ORQ-DYLHU³:HQQZLU:LVVHQVFKDIWOHUXQG3ROLWLNHULQGHU 0LOFKVWUDHDXIVDPPHOQZROOHQGDQQPVVHQZLUGLH:HOWZLVVHQODVVHQGDZLUVROFKHV YRUKDEHQ:LUPVVHQ5HNODPHPDFKHQ'LHGLHZLUDXIVDPPHOQZROOHQPVVHQZLVVHQ ZRVLHXQVILQGHQN|QQHQ 'HU:DIIHQPHLVWHUPDFKWHHLQH8QJHZLVVH*HVWHPLWGHUUHFKWHQ+DQG ³:LFKWLJEHVWLPPWEUXPPWHHU³$EHUZDUXPDXVJHUHFKQHWLFK" ³&RPSXWHUSURILODQWZRUWHWH'HQHLGH+RUZLNRZ³'LH+DPLOOHU7XEHKDWGLFKDXVJHVXFKW )U GLHVH $XIJDEH ZLUG HLQ 0HQVFK YRQ JDQ] EHVWLPPWHQ FKDUDNWHUOLFKHP =XVFKQLWW JHEUDXFKW ³$KDXQGGLHVHU0HQVFKELQLFK"VDJWH/HR'UN 'HQHLGHQLFNWH ³'XNRPPVWGHP,GHDOELOGDPQlFKVWHQ ³8QGGDVGDUIVWGXPLUVDJHQNQXUUWH/HR³ZHLOLFKYRQGHLQHP&KDUPHVRKLQJHULVVHQ ELQGDPLU:LGHUVSUXFKHUVWJDUQLFKWLQGHQ6LQQNRPPW ³5HGNHLQHQ4XDWVFKHUHLIHUWHVLFK6DQGUD%RXJHDNOLV³+LHUJHKW VVDFKOLFK]X ³$OVRJXW/HR'UNVWLH/XIWDXVDOVKlWWHHUHLQH=HLWODQJGHQ$WHPDQJHKDOWHQ³'HU (LQVDW]SODQQHKPHLFKDQLVWVFKRQDXVJHDUEHLWHW" ³'X ILQGHVW LKQ LP %RUGFRPSXWHUV\VWHP GHU $5,$1( EHVWlWLJWH :D\ORQ -DYLHU ³:LU KDEHQ HLQ SDDU :RFKHQ LP YRUDXV JHSODQW :DV GDQDFK NRPPW PXW GX GLU VHOEVW DXVGHQNHQ ³'LH $5,$1( ZLH" PDFKWH /HR 'UN XQG ]RJ DQHUNHQQHQG GLH %UDXHQ LQ GLH +|KH ³+RFKOHLVWXQJVPHWDJUDYWULHEZHUN HUVWNODVVLJH %HZDIIQXQJ DXVJHVXFKWH %HVDW]XQJ" +|UWVLFKVFKRQEHVVHUDQ:LHODQJHPHLQWLKUZHUGHLFKXQWHUZHJVVHLQ" ³(LQSDDU-DKUH/HRDQWZRUWHWH-DYLHU ³(LQSDDU'HP:DIIHQPHLVWHUYHUVFKOXJHVGLH6SUDFKH ³'XZLUVWYRUVLFKWLJ]X:HUNHJHKHQPVVHQ/HRVDJWH-DYLHU³'XNDQQVWQLFKW]XP %HLVSLHO DXI $UNRQ ODQGHQ XQG YRP JU|WHQ 5DXPKDIHQ DXV GHLQH %RWVFKDIW LQ DOOH :HOW SRVDXQHQ 'X IOLHJVW DXI 6FKOHLFKZHJHQ 'X QLPPVW KLHU XQG GD .RQWDNW DXI XQG VRUJVW GDIU GD GLH Q|WLJHQ ,QIRUPDWLRQHQ YHUEUHLWHW ZHUGHQ 'HU 6RWKR ZLUG :LQG YRQ GHLQHU 0LVVLRQ EHNRPPHQ XQG GLFK MDJHQ ODVVHQ 'X PXW DXI GHU +XW VHLQ :HQQ GLU HWZDV SDVVLHUWN|QQHQZLUGLHJDQ]H0LOFKVWUDHDEIOLHJHQXQGNHLQHLQ]LJHUNRPPW]XXQVDQ %RUG ³:LH LVW GDV PLW GHP 6WDQGRUW GHU %$6,6" ZROOWH GHU :DIIHQPHLVWHU ZLVVHQ ³:LH VROO LFKGHQ/HXWHQNODUPDFKHQZRKLQVLHVLFK]XZHQGHQKDEHQ" ³:LU VLQG VWlQGLJ PLWHLQDQGHU LQ 9HUELQGXQJ /HR HUNOlUWH :D\ORQ -DYLHU ³'X ZLUVW LPPHUZLVVHQZRGLH%$6,6VLFKEHILQGHW:HQQGXHLQH*UXSSHYRQ:LVVHQVFKDIWOHUQ XQG 3ROLWLNHUQ ]XVDPPHQ KDVW JLEVW GX XQV HLQ 6LJQDO :LU YHUDEUHGHQ GDQQ HLQHQ 7UHIISXQNW ³+PPDFKWH/HR'UNXQGVWDUUWHJHUDGHDXVYRUVLFKKLQ ³'HLQH$EUHLVHPLWGHU$5/$1(HUIOOWHLQHQGRSSHOWHQ=ZHFN ³'DV%HVWHKDWHUGLUQRFKQLFKWJHVDJW/HRVDJWH6DQGUD%RXJHDNOLV ³'DVYHUVWHKLFKQLFKWHUNOlUWH/HR³'DVPWLKUPLUHUNOlUHQ

³6HOEVWYHUVWlQGOLFKVDJWH:D\ORQ-DYLHU³:LUKDEHQXQVIROJHQGHVDXVJHGDFKW ³0DFKW HXFK VFKQHOOVWP|JOLFK DXV GHP 6WDXE ODV :D\ORQ -DYLHU PXUPHOQG XQG EHWUDFKWHWHPLWUDXLVFKGLH+DUGFRS\DXIGHUHUVLFKGHQVRHEHQHPSIDQJHQHQ)XQNVSUXFK KDWWHDXVJHEHQODVVHQ³8QGGDQQGDV(LVSODQHW6\VWHP%HWD$OELUHR (UVDKDXIXQGEOLFNWHGHU5HLKHQDFK6DQGUD'HQHLGHXQG+HUWKWHQ9DUDQDOVHUZDUWH HUYRQLKQHQ$XVNXQIW]XHUKDOWHQ ³:DVVROOGDV"IUDJWHHU ³-HPDQGUlWXQVYHUVXFKWHGHU0HGLNHU]XLQWHUSUHWLHUHQ³DXIGHPVFKQHOOVWHQ:HJYRQ KLHU]XYHUVFKZLQGHQXQGGDV6\VWHP%HWD&\JQLDQ]XIOLHJHQ ³8QVLQQ EUXPPWH -DYLHU ³,P &\JQXV6HNWRU XQWHU KlOW GHU 6RWKR HLQH 5HLKH YRQ 6WW]SXQNWHQ5LVVHQZLUGRUWKLQDXVNlPHQZLUYRP5HJHQLQGLH7UDXIH ³:LHNDPGHU6SUXFKKHUHLQ"ZROOWH6DQGUD%RXJHDNOLVZLVVHQ³2IIHQ" ³1HLQ'HQHLGH+RUZLNRZVFKWWHOWHGHQ.RSI³3lFNFKHQ)RUPDWEHU]Z|OIYHUVFKLHGHQH .DQlOH 9HUVFKOVVHOW QDFK HLQHP XQVHUHU lOWHUHQ .RGHV 1LFKW JDQ] DEK|UVLFKHU DEHU LPPHUKLQPLWHLQHP$EK|UULVLNRYRQZHQLJHUDOV]HKQ3UR]HQW ³9RQHLQHPGHUVLFKLQXQVHUHQ.RGHV\VWHPHQDXVNHQQWZUGHVWGXVDJHQ" ³-D$OOHUGLQJVKDWHUGLH.RGHHQWZLFNOXQJGHUYHUJDQJHQHQ]ZHL-DKUHQLFKWPLWYHUIROJW ³$OVRHLQ)UHXQGVFKOR6DQGUD³GHUVHLW]ZHL-DKUHQNHLQHQ.RQWDNWPHKUJHKDEWKDW 6LH ZDQGWH VLFK DQ -DYLHU ³'X ELVW VLFKHU GD 6W\JLDQ LP $EVFKQLWW &\JQXV 6WW]SXQNWHXQWHUKlOW" ³$EVROXW,FKNHQQHGLH.DUWHIDVWDXVZHQGLJ ³'DQQ PX GHU =XVDW] HWZDV DQGHUHV EHGHXWHQ HUNOlUWH 6DQGUD ³(U LVW NHLQH :HJHDQZHLVXQJ(UZLOOXQVHWZDVPLWWHLOHQ$EHUZDV" :D\ORQ-DYLHUIXKUVLFKPLWGHU+DQGEHUGHQNDKOHQ6FKlGHO ³'DZDUGRFKPDOZDVPXUPHOWHHU'DQQUHFNWHHUGHQ+DOVXQGULHI ³+DPLOOHU" ³+LHU 6LU DQWZRUWHWH GLH 6WLPPH GHU +DPLOOHU7XEH DXV HLQHP XQVLFKWEDUHQ $XGLR 6HUYR ³6WLFKZRUW%HWD$OELUHRVDJWH-DYLHU³:DVZHLWGXGDUEHU" ³'RSSHOVRQQH LP 6WHUQELOG &\JQXV DQWZRUWHWH +DPLOOHU ³(LQH JHOEH HLQH EODXH .RPSRQHQWH =XVDPPHQ GLH ]ZHLWKHOOVWH /LFKWTXHOOH GHU .RQVWHOODWLRQ GDKHU GHU 1DPH %HWD&\JQL'LH%H]HLFKQXQJ%HWD$OELUHRLVWHLJHQWOLFKIDOVFKGHQQ ³,FK EUDXFKH NHLQH 9RUOHVXQJ EHU KLVWRULVFKH $VWURQRPLH HUNOlUWH -DYLHU XQJHGXOGLJ ³,FKZLOOZLVVHQRELQGLHVHP6\VWHPMHPDOVHWZDV%HGHXWXQJVYROOHVJHVFKDK ³2 MD 6LU VDJWH GLH +DPLOOHU7XEH ³'LH 'ULWWH 0DFKW HUUDQJ GRUW HLQHQ HQWVFKHLGHQGHQ 6LHJEHUGLH)ORWWHGHU6SULQJHU'DVZDULP-DKUDOWHU=HLWUHFKQXQJ(LQHUGHUYLHU 3ODQHWHQGHV6\VWHPVZXUGHGXUFKHLQH6SULQJHU%RPEHYHUQLFKWHW(VKDQGHOWHVLFKXPHLQH ZLUWVFKDIWOLFKEHGHXWXQJVORVHXQEHZRKQWH(LVZHOW ³$KDPDFKWH:D\ORQ-DYLHU³-HW]WNRPPHQZLUGHU6DFKHQlKHU:HUZDUDQGHU$NWLRQ EHWHLOLJW" ³/DXWHUEHNDQQWH1DPHQ6LU5KRGDQ1\VVHQ'HULQJKRXVH ³5KRGDQLVWZHLWZHJGLHDQGHUHQVLQGWRWEUXPPWH-DYLHU³:HLWHU:HUQRFK" ³.DGHWWHQGHUWHUUDQLVFKHQ5DXPDNDGHPLH6LU6LHVSLHOWHQVRJDUGLHHQWVFKHLGHQGH5ROOH EHLGHU ³1DPHQVFKULH-DYLHU ³=ZHL ZHLEOLFKH .DGHWWHQ 6LU .HUJRQHQ )HOLFLWD XQG 2UVRQV 0LOGUHG :HLWHUKLQ GUHL

PlQQOLFKH(EHUKDUGW.ODXVVRZLH+LILHOG+XPSU\XQG7LIIORU-XOLDQ ³7LIIORU'HU6FKUHLNDPDXVGUHL.HKOHQ]XJOHLFK 6LHVWDUUWHQHLQDQGHUDQ ³,FK VDJWH HV GRFK EUDFK 6DQGUD %RXJHDNOLV VFKOLHOLFK GDV 6FKZHLJHQ ³(V LVW NHLQH :HJHDQZHLVXQJ-XOLDQ7LIIORUKDWXQVHLQ/HEHQV]HLFKHQJHJHEHQ 6DWR$PEXVKHPSILQJVHLQHQ%HVXFKHUPLWHLQHPIUHXQGOLFKHQ/lFKHOQ ³,FKKDEHGLFKHUZDUWHWVDJWHHU ³+DVWGXZLHGHULQSDUDOOHOHQ:LUNOLFKNHLWHQJHOHVHQ"HUNXQGLJWHVLFK:D\ORQ-DYLHU ³'LHVPDO QLFKW DQWZRUWHWH GHU 3DUDUHDOLVW ³,FK KDEH ]ZHL XQG ]ZHL ]XVDPPHQJH]lKOW 'XEHILQGHVWGLFKLQHLQHUVFKZLHULJHQ/DJH$POLHEVWHQZlUHGLUHLQ:XQGHUGDVDOOH GHLQH 3UREOHPH PLW HLQHP 6FKODJ O|VWH :XQGHU JLEWHVKHXW]XWDJHNHLQHPHKUXQGGDV 1lFKVWEHVWHLVWGLH3DUDUHDOLVWLN+DVWGXQLFKWHWZDVRJHGDFKW" :D\ORQ -DYLHU QLFNWH (U VDK VLFK XP (V ZDU GDV HUVWHPDO GD HU 6DWR $PEXVK 3ULYDWEHUHLFK DXIVXFKWH (U KDWWH KDOE XQG KDOE HUZDUWHW HLQ GXQNOHV *HOD YROOHU *HKHLPQLVVH]XILQGHQHLQH$OFKLPLVWHQNFKHYROOEURGHOQGHU)OVVLJNHLWHQ6WDWWGHVVHQ IDQGHUVLFKLQHLQHPKHOOHUOHXFKWHWHQPRGHUQHLQJHULFKWHWHQ/DERU6DWR$PEXVKKDWWH HVQLFKWPLWGHU&KHPLH'LH$XVVWDWWXQJGHV/DERUVZLHVGDUDXIKLQGDHUVLFKDXIGHP *HELHWGHU3K\VLNEHVFKlIWLJWH ³'LH %$6,6 XQG GLH $5,$1( EUDXFKHQ +LOIH VDJWH -DYLHU ³,FK ZROOWH K|UHQ RE YLHOOHLFKWGXXQVEHLVWHKHQNDQQVW ³,FK ZLOO GLU NHLQH +RIIQXQJHQ PDFKHQ DQWZRUWHWH GHU 3DUDUHDOLVW ³'LH $XVVLFKWHQ VLQG VFKOHFKW$EHUODPLFK]XHUVWGHLQHQ3ODQK|UHQ (UVFKREGHP.RPPDQGDQWHQHLQHQ/DERUVWXKOKLQXQGQDKPVHOEVW3ODW]:D\ORQ-DYLHU HUOlXWHUWHLKPVHLQ9RUKDEHQ ³,FKELQEHU]HXJWGDXQVGDV$EOHQNXQJVPDQ|YHUJHOLQJWVFKORHU³:DVPLU6RUJH PDFKW LVW GLH WHFKQLVFKH hEHUOHJHQKHLW GHV *HJQHUV 0LW VHLQHQ *UDYHQ7ULHEZHUNHQ EHVFKOHXQLJW HU PLQGHVWHQV HEHQVR VFKQHOO ZLH GLH %$6,6 :LU EUDXFKHQ VHFKV ELV VLHEHQ 0LQXWHQ XP LP +\SHUUDXP XQWHU]XWDXFKHQ ,Q GLHVHU =HLWVSDQQH NDQQ YLHO SDVVLHUHQ 6DWR$PEXVKVDKODQJH=HLWQDFKGHQNOLFKYRUVLFKKLQ6FKOLHOLFKKREHUGHQ%OLFN ³,FKZROOWHLFKN|QQWHGLUKHOIHQ:D\ORQ-DYLHUVDJWHHUHUQVW³'LUXQGXQVDOOHQ$EHU QRFKLVWPHLQH:LVVHQVFKDIWQLFKWVRZHLWJHGLHKHQGDVLHSDUDOOHOH:LUNOLFKNHLWHQVR ZLH GX VLH EUDXFKVW HUVFKDIIHQ N|QQWH 'LH 3DUDUHDOLVWLN LVW LP $XJHQEOLFN QRFK HLQH NRQWHPSODWLYH 'LV]LSOLQ 'LH EHVFKHLGHQHQ ([SHULPHQWH GLH LFK PDFKH VLQG YRQ NOHLQHP 0DVWDE :DV GX EUDXFKVW ZDV GLH %$6,6 EUDXFKW LVW HLQH JURPDVWlEOLFKH 9HUVFKLHEXQJ GHU :LUNOLFKNHLW 8QG GDV PHLQ )UHXQG NDQQ LFK GLU LP $XJHQEOLFN QRFK QLFKWELHWHQ ,Q:D\ORQ-DYLHUV*HVLFKWKDWWHVLFKNHLQH0LHQHYHUlQGHUW ³$EHU GX KDVW 3HUU\ 5KRGDQ KHOIHQ N|QQHQ GDPDOV DP %HUJ GHU 6FK|SIXQJ VDJWH HU ³'XKDVWLKPEHLJHVWDQGHQJHJHQGHQ$EJHVDQGWHQGHU0DFKWGHV1LFKWV $PEXVKOlFKHOWH ³'HU 3LRQLHU OHLGHW GDUXQWHU GD QLHPDQG HLQH 9RUVWHOOXQJ KDW YRQ GHP *HELHW GDV HU ]X HUIRUVFKHQ VXFKW 'LH +LOIH GLH LFK 3HUU\ 5KRGDQ GDPDOV OHLVWHWH ZDU JHULQJIJLJ ,FK EUDXFKWH GD]X NHLQH *HUlWH QXU GLH .UDIW GHV .L GLH PLU YRQ 1DWXU DXV LQQHZRKQW $XHUGHP KDWWH LFK +LOIH QlPOLFK GHQ $EJHVDQGWHQ VHOEVW (U KDQWLHUWH XP VHLQ=LHO]X HUUHLFKHQ PLW HEHQ GHQ .UlIWHQ LFK QHQQH VLH 6LJPD.UlIWH GLH

:LUNOLFKNHLWVYHUVFKLHEXQJHQ EHZLUNHQ ,FK QDKP GLH (QHUJLH GLH YRQ LKP DXVJLQJ XQG YHUZHQGHWHVLHIUPHLQH=ZHFNH ³'X ZLUVW HLQHV 7DJHV VRZHLW VHLQ GD GX VHOEVW 6LJPD.UlIWH HU]HXJHQ NDQQVW" IUDJWH :D\ORQ-DYLHU ³,FK KRIIH HV DQWZRUWHWH 6DWR $PEXVK ³'LH HQWVSUHFKHQGHQ 9HUVXFKH KDEH LFK EHUHLWV XQWHUQRPPHQ$EHUVLHVLQGZLHLFKVDJWHNOHLQPDVWlEOLFK ³:DVLVWGDVHLJHQWOLFKHLQHYHUVFKREHQH:LUNOLFKNHLW" 6DWR $PEXVK VD PLW XQWHUJHVFKODJHQHQ $UPHQ :HQQ HU VSUDFK EOLHEHQ VHLQH +lQGH Y|OOLJUXKLJ ³(VLVW]XQlFKVWHLQPDOHLQ%HJULIIGHUYHUVXFKWYRQ1DWXUDXV8QEHJUHLIOLFKHVKDOEZHJV DQVFKDXOLFK ]X PDFKHQ :LU YHUVWHKHQ DOV REMHNWLYH :LUNOLFKNHLW GLH LFK 6WDPPZLUNOLFKNHLW QHQQH GLH $EIROJH YRQ (UHLJQLVVHQ GLH ZLU PLW ZDFKHQ 6LQQHQ HUOHEHQ XQG GHUHQ 5HDOLWlW ZLU XQV YRQ DQGHUHQ EHVWlWLJHQ ODVVHQ N|QQHQ ZHLO VLH VLH HEHQIDOOVHUOHEWKDEHQ (V JLEW DEHU XQ]lKOLJH VROFKHU 6WDPPZLUNOLFKNHLWHQ QlPOLFK HEHQVR YLHOH ZLH HV 3DUDOOHOXQLYHUVHQ JLEW 'LH :LVVHQVFKDIW GHU 3DUDUHDOLVWLN EHIDW VLFK PLW GHU NXU]IULVWLJHQ DXINOHLQHUDXP]HLWOLFKH$XVGHKQXQJEHVFKUlQNWHQhEHUODSSXQJ]ZHLHUHQJEHQDFKEDUWHU 3DUDOOHOXQLYHUVHQ 'LH EHLGHQ 6WDPPZLUNOLFKNHLWHQ YHUPLVFKHQ VLFK PLWHLQDQGHU XQG ZDV GHU %HREDFKWHU DOV REMHNWLYH :LUNOLFKNHLW HPSILQGHW KlQJW YRQ GHU *U|H XQG GHU 5LFKWXQJGHU6LJPD.UDIWDE :LFKWLJ IU GHQ 3DUDUHDOLVWHQ LVW GLH HQJH %HJUHQ]XQJ GHU hEHUODSSXQJ (V ILQGHW EHL SDUDUHDOLVWLVFKHQ3KlQRPHQHQNHLQZLUNOLFKHUhEHUWULWWLQHLQDQGHUHV8QLYHUVXPVWDWW(V NRPPW ZLUNOLFK QXU ]XU hEHUVFKQHLGXQJ ]ZHLHU 6WDPPZLUNOLFKNHLWHQ ZREHL GDV hEHUZLHJHQ GHU HLQHQ RGHU DQGHUHQ GXUFK *U|H XQG 5LFKWXQJ GHV 6LJPD9HNWRUV EHVWLPPWZLUG ³+PPDFKWH:D\ORQ-DYLHU (UVDKQLFKWVHKUJOFNOLFKDXVXQGZHULKQLQVHLQHP]HUVFKOLVVHQHQ.LWWHOXQGGHPDOWHQ 5ROONUDJHQSXOORYHU GD VLW]HQ VDK GHU PRFKWH PHLQHQ HU KlWWH YRQ 6DWR $PEXVKV XPVWlQGOLFKHU (UNOlUXQJ NHLQ :RUW YHUVWDQGHQ 'DPLW WlWH HU GHP .RPPDQGDQWHQ GHU %$6,6MHGRFK8QUHFKW:D\ORQ-DYLHUZDUXQEHVFKDGHWVHLQHVElXHULVFKHQbXHUHQHLQHU GHUEULOODQWHVWHQ*HLVWHUVHLQHU=HLW -DYLHUVWDQGDXI ³(V WXW PLU OHLG EHJDQQ 6DWR $PEXVK DEHU -DYLHU XQWHUEUDFK VHLQH %HWHXHUXQJ PLW HLQHU+DQGEHZHJXQJ ³'LUEUDXFKWQLFKWVOHLG]XWXQ6DWRVDJWHHU³'LH=HLWLVWHEHQQRFKQLFKWUHLI:HQQ LFK GLH *HOHJHQKHLW KlWWH ZUGH LFK ZDUWHQ ELV GX GHQ HUVWHQ 6LJPD *HQHUDWRU JHEDXW KDVW$EHUPLUEOHLEHQQXUQRFKHLQSDDU6WXQGHQ,FKPXHVRKQHGHLQH+LOIHULVNLHUHQ ³:LQGDML KLHU VSULFKW :D\ORQ -DYLHU .RPPDQGDQW GHV 5DXPVFKLIIV %$6,6 :LU KDEHQ GHQ $XIWUDJ HUKDOWHQ GDV XPIDQJUHLFKH $QJHERW GHV 6RWKRV ]X DN]HSWLHUHQ (LQH $ERUGQXQJ YRQ 7HFKQLNHUQ VWHKW EHUHLW GLH (LQ]HOKHLWHQ GHU 8PUVWXQJ PLW GLU ]X GLVNXWLHUHQ:LUVWGXVLHHPSIDQJHQ" -DYLHU VD DQ GHU JURHQ .RPPDQGRNRQVROH ,P +DOENUHLV XP LKQ VWDQGHQ HQWZHGHU DXIUHFKWRGHUYRUQEHUJHEHXJWGLH+lQGHDXIGHQ.RQVROHQUDQGJHVWHPPWGLH0LWJOLHGHU GHU LQQHUHQ )KUXQJVJUXSSH :D\ORQ-DYLHUEOLFNWHQDFKGHQNOLFKDXIGHQVFKLPPHUQGHQ (QHUJLHULQJGHV0LNURSKRQVGHUYRULKPLQGHU/XIWVFKZHEWH

³+DPLOOHULVWGDVGHUULFKWLJH,QIRUPDWLRQVNRGHHLQHEUDXFKEDUH)UHTXHQ]" ³(VLVWGHU.RGHGHQGLH7UXSSHQGHV6RWKRVYHUZHQGHQDQWZRUWHWHGLH+DPLOOHU7XEH ³XQG HLQH GHU )UHTXHQ]HQ PLW GHQHQ VLH DUEHLWHQ ZHQQ VLH VLFK SHU +\SHUIXQN PLWHLQDQGHUYHUVWlQGLJHQ -DYLHUZDUIHLQHQ%OLFNDXIGHQ=HLWPHVVHU=ZHL0LQXWHQZDUHQYHUJDQJHQVHLWHUGHQ 6SUXFKDXIJHJHEHQKDWWH ³$OVR YHUVXFKHQ ZLU V QRFK PDO EUXPPWH HU UlXVSHUWH VLFK XQG EHJDQQ PLW NUlIWLJHU 6WLPPH ³:LQGDMLKLHUVSULFKW:D\ORQ-DYLHU.RPPDQGDQWGHV ³:LUK|UHQGLFK:D\ORQ-DYLHUZXUGHHUXQWHUEURFKHQ(LQH9LGHRIOlFKHPDWHULDOLVLHUWH DXVGHP1LFKWV'HU.RSIHLQHV3WHUXVZDU]XVHKHQ³:LQGDMLLVWQLFKWDQZHVHQG,FKELQ VHLQ6WHOOYHUWUHWHUXQGEHUHFKWLJWPLWGLUEHUGLH8PUVWXQJ]XYHUKDQGHOQ:DVKDVWGX ]XVDJHQ" -DYLHU PXVWHUWH GDV *HVLFKW DXI GHU %LOGIOlFKH 3WHUXV ZDUHQ VFKZHU YRQHLQDQGHU ]X XQWHUVFKHLGHQ EHVRQGHUV ZHQQ PDQ QXU VHOWHQ PLW LKQHQ ]X WXQ KDWWH 'HU DXI GHP %LOG PRFKWH GHUVHOEH VHLQ GHU :LQGDML EHL MHQHP GHQNZUGLJHQ HUVWHQ =XVDPPHQWUHIIHQ EHJOHLWHWKDWWH$EHUVLFKHUZDU-DYLHUVHLQHU6DFKHQLFKW ³,FKQHKPHDQGLH8PUVWXQJLVWHLQXPIDQJUHLFKHVXQGODQJZLHULJHV8QWHUIDQJHQVDJWH HU ³0LU VLQG JHZLVVH $XIODJHQ EH]JOLFK GHU VWlQGLJHQ (LQVDW]EHUHLWVFKDIW GHV 6FKLIIHV JHPDFKW ,FK ZLOO PLFK YHUJHZLVVHUQ GD GLH 8PUVWXQJ RKQH ODQJGDXHUQGH XQG QDFKKDOWLJH%HHLQWUlFKWLJXQJGHV%RUGEHWULHEVYRUVLFKJHKHQNDQQ 'HU3WHUXV|IIQHWHGHQEUHLWHQKRUQOLSSLJHQ0XQG(VIXQNHOWHLQGHQJHOEHQ$XJHQGLHLQ GUHLHFNLJHQ+|KOHQVDHQ ³8P GLH 8PUVWXQJ EUDXFKW GLH KHUN|PPOLFKH %HVDW]XQJ GHV 6FKLIIHV VLFK QLFKW ]X NPPHUQ:D\ORQ-DYLHUNDPGLH$QWZRUW³6LHZLUGYRQXQVHUHQ6SH]LDOLVWHQEHVRUJW 'LH%$6,6ZLUGLKUH(LQVDW]EHUHLWVFKDIWK|FKVWHQVIUGLH'DXHUYRQGUHL6WDQGDUGVWXQGHQ HLQEHQPHKUQLFKW :D\ORQ -DYLHU VDK DXI XQG EHJHJQHWH 6DQGUD %RXJHDNOLV %OLFN $Q LKUHU 0LHQH HUNDQQWH HU GD 6DQGUD YHUVWDQGHQ KDWWH ,KUH %HIUFKWXQJHQ EHZDKUKHLWHWHQ VLFK 'HU 6RWKR KDWWH QLFKW YRU VLH DQ GHU 8PUVWXQJ WHLOQHKPHQ ]X ODVVHQ 6RWKR 6SH]LDOLVWHQ ZUGHQ GLH $UEHLWHQ HUOHGLJHQ 0DQ ZUGH GHU %$6,6 HLQ SDDU %ODFN %R[HV LQ GHQ /HLE PRQWLHUHQ PLW GHQHQ NHLQ 7HUUDQHU NHLQ $UNRQLGH NHLQ %OXH HWZDVDQIDQJHQNRQQWH ³,FK EUDXFKH HLQHQ 9RUJHKHQVSODQ EHKDUUWH :D\ORQ -DYLHU ³0HLQH ([SHUWHQ VLQG EHUHLWPLWGHQGHLQHQ]XVSUHFKHQ6DJPLUZRKLQVLHVLFKZHQGHQVROOHQ 'HU3WHUXV]|JHUWH ³(LQH%HVSUHFKXQJLVWHLJHQWOLFKQLFKWQ|WLJEHJDQQHUDEHUGDNDPHUEHL-DYLHUDQ GHQ)DOVFKHQ ³(V WXW PLU OHLG VDJWH GHU 7HUUDQHU ³,FK KDEH 9RUVFKULIWHQ QDFK GHQHQ LFK PLFK ULFKWHQ PX 7X PLU GLHVHQ *HIDOOHQ GDQQ JHKHQ GLH $UEHLWHQ VSlWHU XP VR UHLEXQJVORVHU ³(LQYHUVWDQGHQDQWZRUWHWHGHU3WHUXV³,FKEHILQGHPLFKDQ%RUGGHV)ODJJVFKLIIV GHU *20%$1$ 'HLQH )DFKOHXWH P|JHQ KLHUKHU NRPPHQ ,FK HPSIDQJH VLH MHGHU]HLW ³,VW GDV GDV )DKU]HXJ GDV DXV ]HKQ NXJHOI|UPLJHQ 6HJPHQWHQ EHVWHKW HUNXQGLJWH VLFK-DYLHU

³'DV LVW GLH *20%$1$ EHVWlWLJWH GHU 3WHUXV ³(LQ )DKU]HXJ HOIDKGLVFKHQ %DXPXVWHUV:LUVHQGHQHLQ/HLWVLJQDO ³*XW VDJWH -DYLHU ³=XP $EVFKOX QRFK 6DJ PLU GHLQHQ 1DPHQ :HQQ LFK PLW MHPDQGYHUKDQGHOHGDQQZHLLFKJHUQHZLHHUKHLW ³0HLQ 1DPH LVW $GLPX DQWZRUWHWH GHU 3WHUXV LQ HLQHP 7RQIDOO DOV HUZLHVH HU GHP 7HUUDQHUHLQHXQYHUGLHQWH(KUH ³,FKJUHGLFK$GLPX-DYLHUV6WLPPHNODQJXQJHZRKQWIHLHUOLFK³0HLQH([SHUWHQ PDFKHQVLFKLQZHQLJHQ0LQXWHQDXIGHQ:HJ 'LH 9LGHRIOlFKH HUORVFK :D\ORQ -DYLHU VDK HLQ SDDU 6HNXQGHQ ODQJ VWDUU YRU VLFK KLQ 'DQQ HUKRE HU VLFK PLW HLQHP 5XFN (U VWDQG YRU /HR 'UN XQG GHU DOWH :DIIHQPHLVWHUHUZLGHUWHVHLQHQ%OLFNPLWVWHLQHUQHU0LHQH ³-HW]W NRPPW V DXI GLFK DQ /HR VDJWH -DYLHU XQG UHLFKWH GHP $OWHQ GLH +DQG ³0DFKGHLQH6DFKHJXW/DGLFKQLFKWHUZLVFKHQ (LQ*ULQVHQVWDKOVLFKDXI/HR'UNVEUHLWIOlFKLJHV*HVLFKW ³.HLQH 6RUJH :D\ORQ DQWZRUWHWH HU ³,FK ZHUGH GLHVHP $GLPX HLQ (L LQV 1HVW OHJHQ DQ GHP HU QRFK LP -HQVHLWV EUWHQ NDQQ 6HKW QXU LKU ]X GD LKU GLH 9HUIROJHU DEVFKWWHOW (U HUZLGHUWH -DYLHUV +lQGHGUXFN GDQQ ZDQGWH HU VLFK DE VFKULWW GLH GUHL IODFKHQ 6WXIHQGHV.RQVROHQSRGHVWVKLQXQWHUXQGQDKP.XUVDXIGLH7UDQVPLWWHUQLVFKHDQGHU :DQGGHV.RQWUROOUDXPV :D\ORQ -DYLHUV %OLFN KDWWH VLFK DQ GHU %LOGIOlFKH IHVWJHVRJHQ 0LW VWDUUHP %OLFN YHUIROJWHQ GLH $XJHQ GHQ )OXJ GHV OHXFKWHQG ZHLHQ 5HIOH[HV GHU GLH $5,$1( GDUVWHOOWH ,Q IDKOHP %ODX VFKLPPHUWHQ GLH NRVPLVFKHQ )HOVEURFNHQ GLH GHQ $VWHURLGHQULQJ GHV 6ROV\VWHPV EHY|ONHUWHQ *UHOOURW ]HLFKQHWH GHU &RPSXWHU GLH 6FKLIIH GHV 6RWKRV GLH LQ ZHLWHP $EVWDQG XP GLH 3RVLWLRQ GHU %$6,6 YHUWHLOW VWDQGHQ ³'LVWDQ]YLHU]LJ*HVFKZLQGLJNHLWQXOO.RPPDGUHLVDJWHGLH6WLPPHGHU+DPLOOHU 7XEH³/HLWVLJQDOGHU*20%$1$ZLUGHPSIDQJHQ $QJDEHQ]X(QWIHUQXQJXQG*HVFKZLQGLJNHLWZDUHQLQ0HJDPHWHUQE]Z0HJDPHWHUQ SUR6HNXQGH'LH$5,$1(EHVFKOHXQLJWHPLWJHULQJHU.UDIW$GLPXV0LWUDXHQGXUIWH QLFKWJHZHFNWZHUGHQ 'LH $5,$1( ZDU HLQ JURHV 6FKLII NXJHOI|UPLJ PLW HLQHP 'XUFKPHVVHU YRQ 0HWHUQ (LQHQ 6FKODFKWNUHX]HU KlWWH PDQ HV LQ IUKHUHQ -DKUHQ JHQDQQW )U GLH $XIJDEH GLH /HR 'UN EHUQRPPHQ KDWWH ZXUGH HLQ VROFKHV )DKU]HXJ JHEUDXFKW 'LH )UDJH ZDU QXU ZLH $GLPX GDUDXI UHDJLHUHQ ZUGH GD GLH +DQGYROO 7HFKQLNHU GLH PLW VHLQHQ ([SHUWHQ HLQ DQ XQG IU VLFK EHODQJORVHV *HVSUlFK IKUHQ VROOWH LQ HLQHPJURHQ)HUQUDXPVFKLIIDQUFNWH 'LHURWHQ/LFKWSXQNWHGHU6RWKR6FKLIIHEHZHJWHQVLFKQLFKW6LHKDEHQNHUQH$KQXQJZDV DXI VLH ]XNRPPW GDFKWH :D\ORQ -DYLHU 6R VDK HV DXV XQG HU KlWWH VLFK GDUEHU IUHXHQ VROOHQ:HQQGLHhEHUUDVFKXQJJHODQJZDUHQ$5,$1(XQG%$6,6LQ6LFKHUKHLW $EHUHUHPSIDQGNHLQH)UHXGH(UWDWHWZDVGDVJHWDQZHUGHQPXWH(UWDWHV]XP:RKO GHU 0HQVFKKHLW XQG GHU EULJHQ JDODNWLVFKHQ 9|ONHU DEHU HU WDW HV JHJHQ GLH 5HJHOQ ]LYLOLVLHUWHQ 9HUKDOWHQV (U EHUILHO HLQHQ $KQXQJVORVHQ 'DEHL VSLHOWH HV HLQH XQWHUJHRUGQHWH5ROOHGDGHU$KQXQJVORVHGHU5HSUlVHQWDQWHLQHV8VXUSDWRUVZDUGHUGLH 0DFKWEHUGLHJHVDPWH0LOFKVWUDHDQVLFKUHLHQZROOWH -HGHU*HJQHUPRFKWHHUQRFKVREHUPlFKWLJVHLQ9RUKDEHQQRFKVRXQJHUHFKWVHLQKDWWH

QDFK GHQ XQJHVFKULHEHQHQ *HVHW]HQ GLH ]LYLOLVLHUWH :HVHQ VLFK DXIHUOHJHQ HLQHQ $QVSUXFKGDUDXIYRUHLQHP$QJULIIJHZDUQW]XZHUGHQ :DVZUGHJHVFKHKHQGDFKWH:D\ORQ-DYLHUVDUNDVWLVFKZHQQLFK$GLPXZDUQWH" hEHU GLH $QWZRUW EUDXFKWH PDQ QLFKW ODQJH QDFK]XGHQNHQ 'LH .UlIWH GHV 6RWKRV ZUGHQ ]XVFKODJHQ EHYRU GHU $QJULII VWDWWILQGHQ NRQQWH 'LH HVWDUWLVFKH 7HFKQLN ZDU GHU JDODNWLVFKHQ EHUOHJHQ 'LH 5DXPVFKLIIH GHV 6RWKRV EHVDHQ 6FKXW]VFKLUPH GLH QXU PLW XQJHKHXUHP (QHUJLHDXIZDQG GXUFKGUXQJHQ ZHUGHQ NRQQWHQ 6LH ZDUHQ DXI GHU DQGHUHQ 6HLWHPLW2IIHQVLYZDIIHQDXVJHVWDWWHWGHQHQGLH6FKLUPIHOGHUJDODNWLVFKHU5DXPVFKLIIHQXU NXU]H =HLW VWDQGKLHOWHQ 6LH EHVDHQ DXHUGHP SVLRQLVFKH :DIIHQ GLH 9HUZLUUXQJ LQV %HZXWVHLQGHV*HJQHUVWUXJHQXQGLKQGHU)lKLJNHLWVLFK]XZHKUHQEHUDXEWHQ (U KDWWH NHLQH DQGHUH :DKO 'HU 7HXIHO PRFKWH GLH *HERWH GHU 5LWWHUOLFKNHLW KROHQ 'DV 5HFKWGHU9|ONHUGHU0LOFKVWUDHGHQ:HJGHU(QWZLFNOXQJQDFKHLJHQHP*XWGQNHQ]X JHKHQVLFKIUHLYRQIUHPGHP(LQIOX]XHQWIDOWHQPXWHEHUDOOHQ5HJHOQ9RUVFKULIWHQ XQG .RQYHQWLRQHQ VWHKHQ 6R VDK HU GLH 6DFKH 'LH *HVFKLFKWH ZUGH EHU LKQ XUWHLOHQ 0RFKWHVLH(UZUGHLKUH(QWVFKHLGXQJDN]HSWLHUHQZLHDXFKLPPHUVLHDXVILHO ³'LVWDQ] ]ZDQ]LJ *HVFKZLQGLJNHLW QXOO .RPPD IQI VDJWH GLH +DPLOOHU7XEH ³7 PLQXVGUHLLJ :D\ORQ -DYLHU EOLFNWH DXI GLH $Q]HLJHQ GHU .RQVROH 'LH %$6,6 ZDU VWDUWEHUHLW 'LH $JJUHJDWHGHV7ULHEZHUNV\VWHPVZDUHQYRUZHQLJHQ0LQXWHQ]XP%OLW]VWDUWDQJHODXIHQ $Q %RUG GHU 6RWKR6FKLIIH UHJLVWULHUWH PDQ GLH HQHUJHWLVFKH 7lWLJNHLW GHV $QWULHEVVHNWRUVGDUDQJDEHVNHLQHQ=ZHLIHO 'LH )UDJH ZDU ZLH GLH 6RWKR7UXSSHQ GDUDXIUHDJLHUWHQ6FK|SIWH$GLPX9HUGDFKW" ³7 PLQXV ]ZDQ]LJ VDJWH GLH +DPLOOHU7XEH ³$FKWXQJ +LHU NRPPW .RPPXQLNDWLRQ YRQGHU*20%$1$ $GLPXVDXIJHUHJWH6WLPPHZXUGHEHUJDQJVORVHLQJHEOHQGHW(UVSUDFK6RWKDON ³WHUUDQLVFKHV6FKLII$5,$1(/HLWVLJQDOZLUGDXVJHEOHQGHW'DV6FKLIILVWVRIRUW]X VWRSSHQ ³:LH VROO LFK GDQQ PHLQH 7HFKQLNHU ]X GLU DQ %RUG EULQJHQ" K|UWH PDQ /HR 'UN IUDJHQ ³3HU%HLERRWDQWZRUWHWH$GLPX³,FKZLHGHUKROH'LH$5,$1(KDWVRIRUW]XVWRSSHQ ³-DMDZLUEUHPVHQVFKRQEUXPPWH/HR'UN ³7PLQXV]HKQ6HNXQGHQVDJWHGLH+DPLOOHU7XEH ³6WDUWYRUEHUHLWXQJ OlXIW ULHI :D\ORQ -DYLHU ³%OLW]VWDUW LQ ZHQLJHQ 6HNXQGHQ )HXHUNRQWUROOH" ³.RRUGLQLHUWXQGHLQVDW]EHUHLWDQWZRUWHWHGLH+DPLOOHU7XEH³7PLQXVIQI :D\ORQ -DYLHUV +DQG VFKZHEWH EHU GHU URWHQ .RQWDNWIOlFKH GLH HU ]X EHUKUHQ KDEHQ ZUGH ZHQQ HWZDV VFKLHIJLQJ 6RODQJH DOOHV QDFK 3ODQ YHUOLHI OHLWHWH +DPLOOHU GDV 8QWHUQHKPHQ (U ZDU VFKQHOOHU VLFKHUHU XQG YLHOVHLWLJHU DOV MHGHU 0HQVFK $EHU IDOOVGLH$5,$1(LKUHQ$XIWUDJQLFKWDXVIKUHQNRQQWHRGHUZHQQGHU*HJQHUYRUGHP NULWLVFKHQ =HLWSXQNW ]X UHDJLHUHQ EHJDQQ ZUGH -DYLHU GDV 9RUKDEHQ DEEUHFKHQ PVVHQ (WZDVYHUZXQGHUWEHWUDFKWHWHHUVHLQHUHFKWH+DQGDOVVlKHHUGHQOLFKWHQEOlXOLFKHQ 6FKLPPHUGHUYRQLKUDXVJLQJ]XPHUVWHQPDO.LUOLDQ+lQGHKDWWHPDQVHLQH+lQGH JHQDQQW VHLWGHP VLH GXUFK MHQHQ /DERUXQIDOO YRU YLHOHQ -DKUHQ LQ LKUHU ELRWLVFKHQ 6WUXNWXUYHUlQGHUWZRUGHQZDUHQ ³1XOOVDJWHGLH+DPLOOHU7XEH

)U GHQ %UXFKWHLO HLQHU 6HNXQGH EOlKWH GHU EOHQGHQGZHLH 5HIOH[ GHU $5,$1( VLFK DXI:HQLJH=HQWLPHWHUYRULKULP0DVWDEGHV%LOGHVEHIDQGVLFKGHUURWH/HXFKWSXQNW GHU *20%$1$ (U ZDU SO|W]OLFK YHUVFKZXQGHQ EHUGHFNW YRQ HLQHP ZHLEODXHQ *OXWEDOO GHU VLFK EOLW]VFKQHOO DXVGHKQWH 'HU 5HIOH[ GHU $5,$1( VFKR VHLWZlUWV GDYRQ 'DV 6FKLII EHVFKOHXQLJWH PLW +|FKVWZHUWHQ 'HU ZHLEODXH *OXWEDOO KDWWH GDV 0D[LPXP VHLQHU $XVGHKQXQJ HUUHLFKW (U YHUORU DQ /HXFKWNUDIW XQG VDQN LQ VLFK ]XVDPPHQ ,QVWLQNWLY VSUWH :D\ORQ -DYLHU GDV OHLFKWH 9LEULHUHQ GHU .RQVROH 'LH %$6,6 EHVFKOHXQLJWH PLW GHU JHEDOOWHQ .UDIW LKUHV 0HWDJUDYWULHEZHUNV ,Q MHGHU 6HNXQGH JHZDQQ VLH NQDSS NP6HN DQ *HVFKZLQGLJNHLW 'LH %HKDUUXQJVDEVRUEHU ZDUHQ YROOEHODVWHW'DV%LOGDXIGHU9LGHRIOlFKHYHUVFKREVLFKODQJVDP ³*HJQHULVFKH 5HDNWLRQ YHUKDOWHQ PHOGHWH GLH +DPLOOHU7XEH ³(UVWH ,QGLNDWLRQHQ ZHLVHQGDUDXIKLQGDGLH*20%$1$YHUQLFKWHWZXUGH *XW JHPDFKW /HR JLQJ HV :D\ORQ -DYLHU GXUFK GHQ 6LQQ 'LH $5,$1( KDWWH GHQ $XIWUDJ JHKDEW DXV P|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lWWHGLH$5,$1(HVJHVFKDIIW:D\ORQ-DYLHUVDKLKUHQZHLHQ5HIOH[ PLWZDFKVHQGHU*HVFKZLQGLJNHLWGHPREHUHQ5DQGGHV%LOGIHOGV]XVWUHEHQ (U NRQ]HQWULHUWH VHLQH $XIPHUNVDPNHLW DXI GLH QlKHUH 8PJHEXQJ 'HU $QJULII DXI GLH *20%$1$ZDUZLFKWLJJHZHVHQZHLOYRQGRUWDXVGLH$NWLRQHQGHUJHJQHULVFKHQ6FKLIIH JHVWHXHUW ZXUGHQ ,KUHV %HIHKOVKDEHUV EHUDXEW ZUGHQ GLH .RPPDQGDQWHQ GHU EULJHQ (LQKHLWHQZHQLJVWHQVHLQSDDU6HNXQGHQODQJQLFKWZLVVHQZDVVLH]XWXQKDWWHQ 'HU &RXS ZDU JHOXQJHQ (V ZDU 7 SOXV ]HKQ -HW]W HUVW VHW]WHQ VLFK GLH 6FKLIIH GHV 6RWKRVLQ%HZHJXQJ,KU*UDYHQ$QWULHEZDUHEHQVROHLVWXQJVIlKLJZLHGDV7ULHEZHUNGHU %$6,6 $EHU GLH %$6,6 KDWWH ]HKQ 6HNXQGHQ 9RUVSUXQJ 'LH 0HKU]DKO GHU 6RWKR 6FKLIIH ZDU ZHLW DEJHVFKODJHQ XQG KDWWH NHLQH &KDQFH PHKU GHQ IOLHKHQGHQ 7HUUDQHU HLQ]XKROHQ 'HU .XUV GHU %$6,6 ZDU YRQ YRUQKHUHLQ VR EHUHFKQHW ZRUGHQ GD HU GHQ (LQVFKOLHXQJVULQJ DQ GHU GQQVWHQ 6WHOOH GXUFKVWLH *HIlKUOLFK ZHUGHQ NRQQWHQ QXU ]ZHL (LQKHLWHQ GHUHQ 6WDQGRUW VHLWZlUWV GHV :HJHV ODJ GHQ GLH %$6,6 ]X QHKPHQ JHGDFKWH (LQURWHU5HIOH[VFKREVLFKPLWEHPHUNHQVZHUWHU*HVFKZLQGLJNHLWDXIGHQ0LWWHOSXQNW GHV%LOGHV]X ³)HXHUEHLZLUNVDPHP$EVWDQGVDJWH:D\ORQ-DYLHU³)HXHUOHLVWXQJZLHYRUJHVHKHQ (U ]XFNWH ]XVDPPHQ DOV GDV %LOG YRU LKP SO|W]OLFK EOD ZXUGH 'DV PlFKWLJH 6FKLII VFKWWHOWH VLFK ,Q GHU 7LHIH GHV JLJDQWLVFKHQ /HLEHV KHXOWHQ GLH $JJUHJDWH GHU (QHUJLHYHUVRUJXQJ 6LH ZDUHQ ELV ]XP .RQWUROOUDXP QLFKW ]X K|UHQ DEHU LKU 7RVHQ EHUWUXJVLFKDXIGLHPHFKDQLVFKHQ6WUXNWXUHQXQGEUDFKWHGLH:lQGH]XP=LWWHUQ

³'HU*HJQHUKDWGDV)HXHUHU|IIQHWEHULFKWHWH+DPLOOHU %XQWH6FKOLHUHQKXVFKWHQEHUGDV%LOG'HU)HOGVFKLUPGHU%$6,6ZHKUWHVLFKJHJHQGHQ $XISUDOONRQ]HQWULHUWHU(QHUJLHVWU|PH 'DV JHJQHULVFKH 6FKLII ZDU NOHLQ HLQ =ZHUJLP 9HUJOHLFKPLWGHU%$6,6$EHUVHLQH:DIIHQZDUHQ3URGXNWHGHU7HFKQLN(67$5786 6LH ZDUHQ JHIlKUOLFKHU DOV DOOHV ZRJHJHQ GLH %$6,6 VLFK ELVKHU ]X ZHKUHQ JHKDEW KDWWH ³)HXHUHLQVVDJWH+DPLOOHU8QGHLQH6HNXQGHGDUDXIIROJWHGLH$QNQGLJXQJ³)HXHU ]ZR :D\ORQ-DYLHUEHREDFKWHWHGHQURWHQ/HXFKWIOHFNGHUGHQ0LWWHOSXQNWGHV%LOGHVIDVW HUUHLFKW KDWWH =ZHL /LFKWSXQNWH HUVFKLHQHQ LQ VHLQHU XQPLWWHOEDUHQ 1lKH XQG VWUDKOWHQPLWHLQHU,QWHQVLWlWGLHGHQ$XJHQZHKWDW'HUURWH/HXFKWIOHFNYHUVFKZDQG KLQWHU HLQHU :DQG DXV ZHLEODXHP )HXHU 'LH EXQWHQ 6FKOLHUHQ ]RJHQ GDYRQ 'DV %LOGZDUZLHGHUNODU ³9ROOWUHIIHUPHOGHWH+DPLOOHU³'DVJHJQHULVFKH6FKLIIH[LVWLHUWQLFKWPHKU 'LH)HXHUZDQGYHUEODWH(LQZHLWHUHUURWHU5HIOH[VWUHEWHYRQGHU6HLWHKHUDXIGLH %$6,6 ]X -DYLHU YHUVXFKWH VLFK DXV]XUHFKQHQ RE GHU *HJQHU HLQH &KDQFH KDWWHELV DXINULWLVFKH6FKXZHLWHKHUDQ]XNRPPHQ$EHUGLH+DPLOOHU7XEHZDUVFKQHOOHU ³9HUIROJHUIDOOHQ]XUFNPHOGHWHVLH³'HU'XUFKEUXFKLVWYROO]RJHQ :D\ORQ -DYLHU VSUWH SO|W]OLFK GD LKP GDV UHFKWH +DQGJHOHQN ZHK WDW 6HLW GHQ $XJHQEOLFNHQ XQPLWWHOEDU YRU GHP 6WDUW KDWWH HU GLH +DQG XQEHZHJOLFK EHU GHU URWHQ .RQWDNWIOlFKH JHKDOWHQ (U ]RJ GHQ $UP ]XUFN XQG OHKQWH VLFK WLHI LQ VHLQHQ 6HVVHO8QWHQLPZHLWHQ5XQGGHV.RQWUROOUDXPVZDUHVPHUNZUGLJVWLOO$XIVFKUHLH GHU%HJHLVWHUXQJZLHPDQVLHZRKOKlWWHHUZDUWHQP|JHQJDEHVQLFKW -DYLHUVHOEVWIKOWHVLFKZLHDXVJHODXJW(UZDUVFKZHLEHGHFNW'LH.OHLGXQJNOHEWH LKPDP.|USHU(UVDKDXIGHQ=HLWPHVVHU.QDSS]ZHL0LQXWHQELV]XP(LQWULWWLQ GHQ +\SHUUDXP $XI GHU 9LGHRIOlFKH ZDU MHW]W GHXWOLFK ]X VHKHQ GD GLH 9HUIROJHU NHLQH&KDQFHPHKUKDWWHQGHU%$6,6JHIlKUOLFK]XZHUGHQ ³(LQ)XQNVSUXFKYRQGHU$5,$1(6LUVDJWHGLH+DPLOOHU7XEH ³7H[W"NUlFK]WH:D\ORQ-DYLHU ³9LNWRU9LNWRU 'DGUFNWHHUVLFKQRFKWLHIHULQV3ROVWHUGHV6HVVHOVXQGVFKORGLH$XJHQ8QWHQZR +DPLOOHUV6WLPPHHEHQIDOOVJHK|UWZRUGHQZDUZXUGHQHLQ]HOQH$XVUXIHXQG+lQGH NODWVFKHQODXW³9LNWRU9LNWRUZDUGHUYHUHLQEDUWH.RGH /HR 'UN VROOWH LKQ HUVW GDQQ DEVWUDKOHQ ZHQQ HU VLFKHU ZDU GD VLFK GLH $5,$1( HQGJOWLJYRQGHQ9HUIROJHUQJHO|VWKDWWH 9RU:D\ORQ-DYLHUVLQQHUHP%OLFNWDXFKWHGDV*HVLFKWGHV3WHUXVDXIPLWGHPHUQRFK YRU ZHQLJHQ 0LQXWHQ JHVSURFKHQ KDWWH $GLPX ZDU WRW ]X JOKHQGHP 3ODVPD ]HUEODVHQ YRP ([SORVLRQVGUXFN HLQHV 7UDQVIRUPJHVFKR PLW *LJDWRQQHQ NRQYHQWLRQHOOHU6SUHQJZLUNXQJ 3O|W]OLFK JLQJ HV ZLH HLQ 5XFN GXUFK -DYLHUV %HZXWVHLQ (V ZXUGH LKP LQ DOOHU 'HXWOLFKNHLW NODU ZDV HU JHWDQ KDWWH (U KDWWH ]ZHL 6FKLIIH GHV 6RWKRV YHUQLFKWHW GDUXQWHU HLQHV GDV VHLQHP %HYROOPlFKWLJWHQ :LQGDML JHK|UWH (U KDWWH GLH HUVWH IHLQGVHOLJH +DQGOXQJ JHJHQ EHU GHP 6RWKR VHLW GHVVHQ $QNXQIW YRU YLHU 6WDQGDUGMDKUHQEHJDQJHQ (U ZXWH QLFKW ZLH 6RWKR 7\J ,DQ GHQ 9RUJDQJ GHXWHQ ZUGH RE HU LKQ DOV .ULHJVHUNOlUXQJ7HUUDVEHWUDFKWHWHRGHUVLFKEHUHLWIDQGLKPHLQHJHULQJHUH%HGHXWXQJ

EHL]XPHVVHQ $EHU HLQHV VWDQG IHVW 'LH %$6,6 XQG GLH $5,$1( ZDUHQ YRQ GLHVHP $XJHQEOLFNDQ*HMDJWH6W\JLDQZUGHGLHVH6FKODSSHQLFKWHLQIDFKKLQQHKPHQ(UZDU HVVHLQHP5XIXQGVHLQHU3KLORVRSKLHVFKXOGLJ5DFKH]XQHKPHQ (V ZUGH NHLQH 5XKH PHKU JHEHQ 9RQ MHW]W DQ EHIDQG VLFK GLH %$6,6 LQ VWlQGLJHU *HIHFKWVEHUHLWVFKDIW 6RHOHQGKDWWH*DOEUDLWK'HLJKWRQVLFKLPJDQ]HQ/HEHQQRFKQLFKWJHIKOW'LH=XQJH NOHEWH LKP DP *DXPHQ 'HU 5DFKHQ ZDU DXVJHG|UUW (WZDV GDV VLFK VR VFKZHU XQG PDVVLYDQIKOWHZLHGHU)HOVHQYRQ*LEUDOWDUODJLKPLP0DJHQ'LH$XJHQEUDQQWHQ(U KDWWH0KH]XDWPHQXQGZHQQHUQXUHLQHNOHLQH%HZHJXQJPDFKWHWDQ]WHQLKPEXQWH 5LQJHYRUGHQ$XJHQ $EHUHUVSUWHZLHGLH/LHJH]LWWHUWHXQGGDVPDFKWHLKPDXIJDQ]XQGJDULUUDWLRQDOH :HLVH+RIIQXQJ'DV'LQJLQGHPHUVLFKEHIDQGZDULQ%HZHJXQJ 'DV NRQQWH GRFK VR PHLQWH HU ZHQLJVWHQV QXU EHGHXWHQ GD HV LQ :LQGDMLV 3OlQHQ HLQHbQGHUXQJJHJHEHQKDWWH8UVSUQJOLFKZDUHURKQH=ZHLIHOGHU$EVLFKWJHZHVHQGLH %HIUDJXQJ VHLQHV *HIDQJHQHQ IRUW]XVHW]HQ ELV HU HQWZHGHU HLQH $QWZRUW DXI VHLQH )UDJH EHNDP RGHU GHU 9HUK|UWH WRW ]XVDPPHQEUDFK (LQ 6WDQGRUWZHFKVHO KDWWH QLFKW ]X VHLQHP 3ODQ JHK|UW (V PXWH DOVR HWZDV JHVFKHKHQ VHLQ GDV LKQ YHUDQODWH HLQHQ DQGHUHQ 2UW DXI]XVXFKHQ 'HU PHQVFKOLFKH .|USHU LVW HLQ HLJHQDUWLJHV ,QVWUXPHQW (U UHDJLHUW DXI HLQH SRVLWLYH %HZXWVHLQVKDOWXQJHEHQVR]XYHUOlVVLJZLHDXIHLQULFKWLJDQJHZHQGHWHV0HGLNDPHQW.DXP KDWWH'HLJKWRQ+RIIQXQJ]XVFK|SIHQEHJRQQHQGDIKOWHHUVLFKVFKRQZHVHQWOLFKEHVVHU 9RQQHXHPPDFKWHHUVLFKDQGLH8QWHUVXFKXQJGHU=HOOH0RFKWHHV=XIDOOVHLQRGHUGLH *HZLKHLWGDLKPGHU7RGVLFKHUZDUZHQQHVLKPQLFKWJHODQJHWZDV(QWVFKHLGHQGHV ]XU 9HUEHVVHUXQJ VHLQHU /DJH ]X WXQ GLHVPDO KDWWH HU (UIROJ (U IDQG HLQH 6WHOOH DQ GHU IUHLHQ /lQJVZDQG XQPLWWHOEDU XQWHU GHU 'HFNH DQ GHU GDV 0DWHULDO GHU :DQG YRQ DQGHUHU %HVFKDIIHQKHLW ]X VHLQ VFKLHQ DOV DQGHUVZR 0DQ VDK HV QXU ZHQQ PDQ LQ HLQHP JDQ]EHVWLPPWHQIODFKHQ:LQNHOGLH:DQGHQWODQJEOLFNWH (UVFKREGLH/LHJHYRQGHUDQGHUHQ:DQGKHUEHUZHLOHUGLH6WHOOHVRQVWQXUPLW0KH KlWWH HUUHLFKHQ N|QQHQ $OV HU GHQ )OHFN EHWDVWHWH VWHOOWH HU IHVW GD HU DXV ZHLFKHP QDFKJLHELJHP0DWHULDOEHVWDQG(UJULIIPLWGHQ)LQJHUQlJHOQ]XXQGKDWWHDOVEDOGHLQHQ )HW]HQVFKZDPPDUWLJHQ3ODVWLNPDWHULDOVLQGHU+DQG (U XQWHUVXFKWH GLH VFKZDPPLJH 6XEVWDQ] XQG VWHOOWH IHVW GD VLH DXV 7DXVHQGHQ YRQ KDXFKGQQHQ ]XVDPPHQJHULQJHOWHQ /LFKWOHLWHUQ EHVWDQG (U EUDXFKWH VLFK EHU VHLQHQ )XQG QLFKW ODQJH GHQ .RSI ]X ]HUEUHFKHQ ,UJHQGZR KLQWHU GHP 6FKZDPP VWHFNWH GDV *HUlW PLW GHP :LQGDML VHLQH =HOOH EHREDFKWHWH 'LH /LFKWOHLWHU QDKPHQ GLH RSWLVFKHQ (LQGUFNH DXI GLH LQ GHU =HOOH HQWVWDQGHQXQGOHLWHWHQVLHDQHLQH$UW.DPHUDZHLWHUGLH GLH 6LJQDOH VRUWLHUWH VLH ]X HLQHP %LOG IRUPWH XQG GDV %LOG DQ :LQGDMLV (PSIlQJHU ZHLWHUOHLWHWH 'HLJKWRQ KLHOW LQQH (U SUIWH GLH $WHPOXIW 6LH HUVFKLHQ LKP UHLQ 9RQ GHP 6FKZHIHOZDVVHUVWRII*HVWDQN GHU LKP VR ]XJHVHW]W KDWWH ZDU QLFKWV PHKU ]X VSUHQ :LQGDML PXWH UHFKW]HLWLJ HUNDQQW KDEHQ GD HU GLH 7RUWXU QLFKW EHUWUHLEHQ GXUIWH 9RQ HLQHP WRWHQ *HIDQJHQHQ EHNDP HU QRFK ZHQLJHU $XVNXQIW DOV YRQ HLQHP YHUVWRFNWHQ'LH=HOOHEHVDDOVRHLQHRUGHQWOLFKH%HOIWXQJ1XUKDWWHGHU(OIDKGHUVLH VR PDQLSXOLHUW GD HU QDFK %HOLHEHQ YHUVFKLHGHQH *DVH HLQEODVHQ NRQQWH XP GHQ

=HOOHQLQVDVVHQXQWHU'UXFN]XVHW]HQ 'HLJKWRQ ZDU VLFK GDUEHU LP NODUHQ GD HU HLQ 5LVLNR HLQJLQJ ZHQQ HU PLW VHLQHU 8QWHUVXFKXQJ IRUWIXKU (V PRFKWH :LQGDML MHGHQ $XJHQEOLFN HLQIDOOHQ QDFK LKP ]X VHKHQ :LH GHU (OIDKGHU UHDJLHUHQ ZUGH ZHQQ HU IHVWVWHOOWH GD GHU *HIDQJHQH VLFK PLW GHQ LQ GHU :DQG YHUERUJHQHQ *HUlWHQ EHVFKlIWLJWH ZDU XQJHZL $EHU 'HLJKWRQ HULQQHUWH VLFK GDUDQ ZLH +HNNQHU 7DUDZD\ JHVWRUEHQ ZDU XQG NDP ]X GHP 6FKOX GDHUQLFKWV]XYHUOLHUHQKDEH 'HU VFKDXPLJH 6WRII ZDU OHLFKW ]X HQWIHUQHQ ,Q GHU :DQG HQWVWDQG HLQ /RFK YRQ =HQWLPHWHUQ'XUFKPHVVHUXQG=HQWLPHWHUQ7LHIH,P+LQWHUJUXQGGHV/RFKHVEHIDQG VLFK HLQ ]\OLQGULVFKHV *HUlW PLW HLQHU +OOH DXV JUDXHP 3RO\PHUPHWDOO (LQH 6FKLFKW GHV VFKZDPPLJHQ /LFKWOHLWHUPDWHULDOV ZDU XQPLWWHOEDU DXI GLH 2EHUIOlFKH GHU +OOH JHNOHEW 'HLJKWRQ PDFKWH VLFK QLFKW GLH 0KH VLH ]X HQWIHUQHQ (U WUDFKWHWH YLHOPHKU GDQDFKGDV*HUlWDXVGHP/RFKKHUYRU]XKROHQ 'DVJHODQJLKPPLWHLQLJHU$QVWUHQJXQJ9HUEOIIWVWHOOWHHUIHVWGDDQGHU5FNVHLWH GHV =\OLQGHUV GHU HLQH /lQJH YRQ =HQWLPHWHUQ KDWWH PHKUHUH 'UlKWH HQGHWHQ 'LH 'UlKWH NDPHQ DXV HLQHP 6FKDFKW GHU YRQ GHU 6HLWH KHU LQ GLH gIIQXQJ LQ GHU :DQG PQGHWH 6LH OLHHQ VLFK EHOLHELJ QDFK]LHKHQ 'HU ]XVWlQGLJH (OHNWULNHU KDWWH GDIU JHVRUJWGDJHQXJ'UDKWPDWHULDOYRUKDQGHQZDU 'LH PRGHUQH 7HFKQLN KDWWH GDV 3ULQ]LS GHU GUDKWJHIKUWHQ (OHNWUL]LWlW OlQJVW DEJHVFKDIIW )HOGOHLWHU EHVRUJWHQ GHQ 7UDQVSRUW HOHNWULVFKHQ 6WURPHV HEHQVR ZLH HOHNWURQLVFKHU SRVLWURQLVFKHU RGHU V\QWURQLVFKHU ,PSXOVH *DOEUDLWK 'HLJKWRQV (QWGHFNXQJEHGHXWHWHHQWZHGHUGDGLH$XVVWDWWXQJGHV'LQJHVLQGHPHUVLFKEHIDQG HWOLFKH-DKUKXQGHUWHDOWZDURGHUGDGLHWHFKQLVFKH(LQULFKWXQJLQDOOHU(LOHXQGPLWQXU JHULQJHU$XVZDKODQYHUIJEDUHP0DWHULDOKDWWHKHUJHVWHOOWZHUGHQPVVHQ(UQHLJWH]X GHUOHW]WHUHQ'HXWXQJ 6HLQ (LIHU ZDU JHZHFNW :R LQ (LOH JHDUEHLWHW ZLUG GD ZHUGHQ )HKOHU JHPDFKW XQG ZR )HKOHU JHPDFKW ZHUGHQ GD IXQNWLRQLHUHQ GLH 'LQJH QLFKW VR ZLH VLH IXQNWLRQLHUHQ VROOHQ *DOEUDLWK'HLJKWRQXQWHUVXFKWHGLH'UDKWYHUELQGXQJHQDQGHU5FNZDQGGHV]\OLQGULVFKHQ *HUlWV XQG IDQG HLQH 5HLKH HLQIDFKHU 6FKUDXENRQWDNWH (V IHKOWH LKP GDV :HUN]HXJ GLH 6FKUDXEHQ ]X O|VHQ DEHU GXUFK JHGXOGLJHV +LQ XQG +HUZDFNHOQ EUDFKWH HU VFKOLHOLFK HLQHQGHU'UlKWH]XP$EEUHFKHQ0LWGHPORVHQ'UDKWHQGHEHUKUWHHUGHU5HLKHQDFKGLH EULJHQ .RQWDNWSXQNWH (U ZXWH LQ :LUNOLFKNHLW QLFKW ZDV HU WDW ZHLO LKP GLH )XQNWLRQVZHLVHGHV*HUlWVLP,QQHUQGHV=\OLQGHUVXQEHNDQQWZDU$EHUHUKDWWHHUVW]ZHL .RQWDNWHEHUKUWDOVHUSO|W]OLFKHLQH6WLPPHK|UWH6LHVSUDFK,QWHUNRVPR YRU$EODXIYRQ]ZHL:RFKHQNHLQ6FKLIIPHKUQDFK7HUUD'HLQHHLQ]LJH&KDQFHLVWGLH &,5&8,7 75$'(5 6WDUW LQ YLHU 6WXQGHQ DFKWXQGYLHU]LJ 0LQXWHQ $EHU GLH &,5&8,7 75$'(5LVWYROOEHODGHQ6LHQLPPWQXUQRFK)UDFKWDQGLHDOV([SUHJXWGHNODULHUWLVW ³'DV LVW PLU JOHLFKJOWLJ (OHNWULVLHUW IXKU 'HLJKWRQ DXI 'DV ZDU :LQGDMLV KHOOH VLQJHQGH 6WLPPH ³'LH )UDFKW PX GULQJHQG QDFK 7HUUD ,FK QHKPH GLH &,5&8,7 75$'(5 ³%LVWGXGLUEHUGLH.RVWHQLPNODUHQ"HUNXQGLJWHVLFKGLHHUVWH6WLPPH³([SUHJXWLVW JXWXQGJHUQDFKWPDOVRWHXHU ³'LH.RVWHQVSLHOHQNHLQH5ROOHVFKQLWW:LQGDMLGHQ(LQZDQGDE ³$OVR JXW ,FK EXFKH GHLQH )UDFKW HLQHQ *URFRQWDLQHU DOV ([SUHJXW DXI GHU &,5&8,7 75$'(5(VIROJWHHLQH3DXVH*DOEUDLWK'HLJKWRQKDWWHGHQ(LQGUXFNGHUXQVLFKWEDUH 6SUHFKHUPVVHEHUHWZDVQDFKGHQNHQ³6DJPDOEHJDQQGLH6WLPPHYRQQHXHP³+DVW

GXHLQHQJXWHQ*UXQGGHLQ*HVLFKWYHUVWHFNW]XKDOWHQ" 'HLJKWRQ NRQQWH VLFK GLH 6]HQH YRUVWHOOHQ :LQGDML VSUDFK PLW GHP 8QEHNDQQWHQ YHUPXWOLFK HLQHP )UDFKWDJHQWHQ DP 5DXPKDIHQ EHU 5DGLRNRP (U KDWWH GLH %LOGEHUWUDJXQJDXVJHEOHQGHW'DVPDFKWHGHQ$JHQWHQPLWUDXLVFK ³(V JHKW XP *HOG XQG :DUH DQWZRUWHWH GHU (OIDKGHU ³,FK KDEH EHLGHV *HVLFKWHU VLQG XQLQWHUHVVDQW ³:LH GX ZLOOVW VDJWH GHU $JHQW ³$XI MHGHQ )DOO EUDXFKH LFK HLQH $Q]DKOXQJ YRQ ]Z|OIWDXVHQG *DOD[ XQG ]ZDU MHW]W DXI GHU 6WHOOH VRQVW NDQQ LFK GHQ )UDFKWUDXP GHU &,5&8,775$'(5QLFKWIUGLFKKDOWHQ 'HU (PSIlQJHU EHUWUXJ HLQ SDDU XQGHILQLHUEDUH *HUlXVFKH 'DQQ K|UWH PDQ :LQGDML VDJHQ ³6RGDKDVWGXGHQ%HWUDJ ³'UHLLJWDXVHQG VWDXQWH GHU $JHQW ³'DV LVW IQIWDXVHQG PHKU DOV GLH )UDFKW DXVPDFKHQ ZLUGYRUDXVJHVHW]WGXKDVWPLUGHLQHQ&RQWDLQHUULFKWLJEHVFKULHEHQ ³'LH 'LIIHUHQ] JHK|UW GLU VDJWH GHU (OIDKGHU ³'HU &RQWDLQHU LVW DXI GHP :HJ ]XP 5DXPKDIHQ 6LHK ]X GD HU RUGHQWOLFK YHUODGHQ ZLUG (U PX QRFK KHXWH QDFK 7HUUD DEJHKHQ ³'XKDVWPHLQ:RUWYHUVLFKHUWHGHU$JHQW³'HLQH*UR]JLJNHLWVHLJHSULHVHQ $QGLHVHU6WHOOHZXUGHGLH9HUELQGXQJDQVFKHLQHQGXQWHUEURFKHQ0DWWH*HUlXVFKHZDUHQ ]XK|UHQGDQQDXIHLQPDOHLQHODXWHHUUHJWH6WLPPH ³:DVLVWGDV":DVZROOHQVLHYRQXQV" (VZDUQLFKW:LQGDMLV6WLPPH=ZHL6HNXQGHQYHUJLQJHQGDQQZDUGHU(OIDKGHU]XK|UHQ ³0DFKWHXFKEHUHLW0DQJUHLIWXQVDQ:HFKVHOWGHQ.XUV+|FKVWJHVFKZLQGLJNHLW ³0HKUPDFKWGHUDOWH*OHLWXQWHUVDW]QLFKWZXUGHLKPJHDQWZRUWHW³(ULVWQLFKWIUKRKH *HVFKZLQGLJNHLWHQDXVJHOHJW 'LH 8QWHUKDOWXQJ ZXUGH DXI 6RWKDON JHIKUW $Q %RUG GLHVHV MD ZDV ZDU HV" :DKUVFKHLQOLFK GHU &RQWDLQHU YRQ GHP :LQGDML JHVDJW KDWWH HU PVVH XQEHGLQJW QRFK KHXWH QDFK 7HUUD YHUODGHQ ZHUGHQ 'HU &RQWDLQHU ZXUGH YRQ HLQHP 7UDQVSRUWXQWHUVDW] EHI|UGHUW$Q%RUGGHV&RQWDLQHUVEHIDQGHQVLFKDXHUGHP(OIDKGHURIIHQEDUQRFKDQGHUH ².RGH[JOlXELJHRKQH=ZHLIHOGDVLHDN]HQWIUHL6RWKDONVSUDFKHQ ³'DQQODQGHWEHIDKO:LQGDML³:HQQ :HLWHU NDP HU QLFKW (V JDE HLQHQ ODXWHQ .QDOO (LQ P|UGHULVFKHU 5XFN VFKOHXGHUWH *DOEUDLWK 'HLJKWRQ YRQ GHU/LHJH(UVWU]WH]X%RGHQ'HU$XISUDOOSUHWHLKPGLH /XIW DXV GHQ /XQJHQ 6HNXQGHQODQJ NlPSIWH HU JHJHQ GLH 2KQPDFKW 'HQ =\OLQGHU KDWWH HU ORVODVVHQ PVVHQ $Q GHQ 'UlKWHQ KlQJHQG EDXPHOWH HU DQ GHU :DQG 'HU .RQWDNW ZDU XQWHUEURFKHQ'HU(PSIlQJHUJDENHLQHQ0XFNVPHKUYRQVLFK 'HLJKWRQUDIIWHVLFKDXI(UZDUGRFKQRFKLPPHUQLFKWEHL.UlIWHQGDVVSUWHHUGHXWOLFK 'DVJLIWLJH*DVGDVHUKDWWHDWPHQPVVHQKDWWHVHLQH6SXUHQKLQWHUODVVHQ(UVSUDQJDXI GLH /LHJH XQG YHUVXFKWH ILHEHUKDIW GLH 9HUELQGXQJ ZLHGHUKHU]XVWHOOHQ GLH LKP ]XYRU HUP|JOLFKWKDWWH:LQGDMLV*HVSUlFKH]XEHODXVFKHQ 'LH +lQGH ]LWWHUWHQ 'LH =HOOH EHIDQG VLFK LQ VFKDXNHOQGHU %HZHJXQJ (V URFK SO|W]OLFK QDFK 4XDOP 6FKDEHQGH NUDW]HQGH *HUlXVFKH ZDUHQ ]X K|UHQ JDQ] QDKH DOV VWUHLIWH %XVFKZHUN DQ GHQ :lQGHQ HQWODQJ (LQPDO QRFK EHNDP 'HLJKWRQ GHQ ULFKWLJHQ .RQWDNW ]XVWDQGH(UK|UWH:LQGDMLVFKUHLHQ ³VLHDOOH.HLQHUGDUIHQWNRPPHQ'HQNWGDUDQ(VJLEWNHLQHK|KHUHQ*HERWHDOVGHQ .DPSIXQGGHQ*HKRUVDP

0HKU ZDU QLFKW ]X K|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|UWH*HUlXVFKH,UJHQGZRHQWOXG VLFKHLQH6WUDKOZDIIH-HPDQGVFKULH+DVWLJH6FKULWWHZDUHQ]XK|UHQ (UVFKREVLFKGLH/LHJHVR]XUHFKWGDHUVLHDOV.OHWWHUKLOIHEHQW]HQNRQQWH0LWLKUHU +LOIHJHODQJWHHUVRZHLWGDHUGLH5lQGHUGHV5LVVHVLQGHUYRUGHUHQ:DQG]XIDVVHQEHNDP 'HU 5L ZDU YLHO ]X VFKPDO DOV GD HU LKP DOV )OXFKWZHJ KlWWH GLHQHQ N|QQHQ *DOEUDLWK 'HLJKWRQ ]RJ VLFK LQ GLH +|KH ELV VHLQ *HVLFKW JDQ] QDKH DQ GHU gIIQXQJ ZDU 'DQQ EHJDQQHU]XVFKUHLHQ 9RQ GUDXHQ ZDUHQ YRUVLFKWLJH WDSSHQGH 6FKULWWH ]X K|UHQ 'HU 4XDOP ZXUGH LPPHU GLFKWHU(UZUJWH'HLJKWRQLQGHU.HKOH ³9RUVLFKW]XUFNEOHLEHQULHIMHPDQGDXI,QWHUNRVPR *DOEUDLWK'HLJKWRQUXWVFKWHGHQVFKUlJHQ%RGHQKLQDEELVGLH/LHJHLKQDXIKLHOW'UDXHQ JDEHVHLQIDXFKHQGHV=LVFKHQ*UHOOHV/LFKWVSLHOWHXPGLH5lQGHUGHV5LVVHV'LH:DQG YHUIlUEWH VLFK =XHUVW ZXUGH VLH EUDXQ GDQQ EHJDQQ VLH URW ]X JOKHQ 'HU 5L ZXUGH ZHLWHU (WZDV*URHV6FKZHUHVNDPKHUHLQJHIORJHQ'HLJKWRQILQJHVDXI ³=LHKGLUGLH0RQWXUDQULHIHVYRQGUDXHQ³(VJHKWKLHU]LHPOLFKEUHQ]OLJ]X 'DVOLHHUVLFKQLFKW]ZHLPDOVDJHQ(UVWUHLIWHVLFKGLH.RPELQDWLRQEHUXQGVFKORGHQ +HOP,QWLHIHQ=JHQDWPHWHHUGLHIULVFKHNKOH/XIWGLHGDV.OLPDV\VWHPLKPDQERW /LQNV REHQ DXI GHU ,QQHQVHLWH GHU +HOPVFKHLEH HUVFKLHQHQ =LIIHUQ XQG =HLFKHQ LQ RUDQJHIDUEHQHU/HXFKWVFKULIW(LQHXQSHUV|QOLFKH6WLPPHVDJWH ³.DPSIV\VWHP%HWDYLHU]HKQHLQVDW]EHUHLW *DOEUDLWK 'HLJKWRQ NDP QLFKW GD]X VLFK GDUEHU ]X ZXQGHUQ GD PDQ LKP HLQHV GHU PRGHUQVWHQ 3URGXNWH GHU JDODNWLVFKHQ 0LOLWlUWHFKQLN ]XJHZRUIHQ KDWWH (V JDE VR VDJWH PDQ DXHU GHP 6(581 NHLQ OHLVWXQJVIlKLJHUHV .DPSI XQG hEHUOHEHQVJHUlW 1XU DP 5DQGH QDKP *DOEUDLWK 'HLJKWRQ GDV ]XU .HQQWQLV (U KDWWH ]X WXQ 'D GUDXHQ ZDU LUJHQGZR:LQGDMLGHU(OIDKGHU'DV6FKHXVDOGXUIWHQLFKWHQWNRPPHQ (U DNWLYLHUWH GDV *UDYR3DN GDV ]XU WHFKQLVFKHQ $XVVWDWWXQJ GHU .RPELQDWLRQ JHK|UWH XQG JOLWW EHU GHQ VFKUlJHQ %RGHQ HPSRU ELV ]X GHP 5L LQ GHU :DQG (U ]ZlQJWH VLFK GXUFKGLHgIIQXQJ(LQNXU]HU%HIHKOJHQJWHGHQ)HOGVFKLUP]XDNWLYLHUHQ'LHWDVWHQGH +DQG EHNDP GHQ .ROEHQ HLQHU VFKZHUHQ .RPELZDIIH ]X IDVVHQ *DOEUDLWK 'HLJKWRQ PDFKWHVLHIHXHUEHUHLW(UZlKOWHGHQ,PSXOVVWUDKO0RGXV 'DV+HOPIXQN6\VWHPZDULQ7lWLJNHLW6WLPPHQZDUHQ]XK|UHQ ³%HVDW]XQJPLQGHVWHQVIQI0DQQ=ZHLGDYRQKDEHQZLU ³EUDXFKHQGHQ$QIKUHU:RVWHFNWHU"'HU&RQWDLQHULVWDXVJHOHJWZLHHLQ/DE\ULQWK ³,VW'HLJKWRQIUHL" ³,FK KDEH LKP HLQH gIIQXQJ JHVFKRVVHQ XQG HLQH %HWDYLHU]HKQ ]XJHZRUIHQ (U PWH

HLJHQWOLFK ³%HL PLU LVW DOOHV LQ 2UGQXQJ VDJWH *DOEUDLWK 'HLJKWRQ ³$FKWHW DXI GHQ (OIDKGHU (U WUlJWHLQHEHUQVWHLQJHOEH5VWXQJ ³$OOHVNODUZXUGHHUXQWHUEURFKHQ³:LUKDEHQGLH$EVWXU]VWHOOHXP]LQJHOW(UHQWNRPPW XQVQLFKW 'LH6WLPPHNDP'HLJKWRQEHNDQQWYRU$EHUHUKDWWHNHLQH=HLWGDUEHUQDFK]XGHQNHQ 9RU LKP ODJ HLQ VFKPDOHU .RUULGRU 'LH 'HFNHQOHXFKWHQ IODFNHUWHQ 'LH (QHUJLHYHUVRUJXQJ GHV &RQWDLQHUV ZDU DQJHVFKODJHQ 9RQ YRUQH NDP GDV GU|KQHQGH *HUXPSHO HLQHU ([SORVLRQ 6FKZDGHQ EODXVFKZDU]HQ 4XDOPV WULHEHQ DXI GHQ *DQJ XQG YHUVSHUUWHQGLH6LFKW 'HLJKWRQ VSXUWHWH GHQ .RUULGRU HQWODQJ (U KDWWH GDV *UDYR3DN GHDNWLYLHUW ,Q GLHVHU YHUZLUUHQGHQ 8PJHEXQJ ZDU HU ]X )X EHZHJOLFKHU (U NDP DQ HLQHU 7U YRUEHL GLH VFKUlJLQGHQ$QJHOQKLQJ(LQH6WLPPHJHOOWHLQVHLQHP+HOPHPSIlQJHU ³'HLJKWRQ+LQWHUGLU ,QVWLQNWLYOLHHUVLFKIDOOHQ1RFKLP6WXU]ZLUEHOWHHUKHUXP9LHU0HWHUHQWIHUQWZLHDXV GHP1LFKWVHQWVWDQGHQZDUHLQHKXPDQRLGH*HVWDOWNDXPPHKUDOVHLQ6FKHPHQLQGHQ TXLUOHQGHQ 'XQVWZRONHQ 'DV /LFKW GHU 'HFNHQODPSHQ UHIOHNWLHUWH PDWW YRQ GHU VLOEULJHQ 2EHUIOlFKH HLQHV 6KDQW (LQ 6WUDKOVFKX IDXFKWH GXUFK GHQ .RUULGRU 'HLJKWRQV )HOGVFKLUP IODPPWH DXI ,P VHOEHQ $XJHQEOLFN IHXHUWH DXFK HU 'HU .RGH[WUHXH KDWWH NHLQH &KDQFH ,P +LQWHUJUXQG HQWOXG VLFK NQDWWHUQG HLQ ,QWHUYDOO 1DGOHU 'DV :HVHQ LP 6KDQW VWDQG ]ZLVFKHQ ]ZHL )HXHUQ (V ORGHUWH DXI XQG VDQN LQ VLFK]XVDPPHQ ³0DFKWGUHLVDJWHHLQHXQEHWHLOLJWH6WLPPH *DOEUDLWK 'HLJKWRQ VWHPPWH VLFK JHJHQ GLH 7U 'LH PHFKDQLVFKH :LUNXQJ GHV 6FKXW]VFKLUPVDGGLHUWHVLFK]X'HLJKWRQV0XVNHONUDIW.UDFKHQGXQGVSOLWWHUQGIORJGLH 7UEHLVHLWH'HLJKWRQJLQJLQGLH.QLHXQGKHFKWHWHVHLWZlUWVYRQGHU7U|IIQXQJIRUW 'LH 9RUVLFKW ZDU QLFKW XPVRQVW (LQ DUPGLFNHU (QHUJLHVWUDKO VWDFK GXUFK GHQ 4XDOP XQGYHUZDQGHOWHGLH:DQGULQJVXPGLH7ULQHLQ*OXWPHHU 'DV JUHOOH /LFKW GHV (QHUJLHEQGHOV YHUULHW GHQ 6WDQGRUW GHV 6FKW]HQ 0HKU QRFK 'HLJKWRQKDWWHHVLP:LGHUVFKHLQLQKHOOHP%HUQVWHLQJHOEDXIOHXFKWHQVHKHQ'RUWYRU LKPLUJHQGZRLP'XQVWZDU:LQGDML (UVFKDOWHWHGHQ+HOPIXQNDEXPYRP*HZLUUGHU6WLPPHQQLFKWDEJHOHQNW]XZHUGHQ 9RUVLFKWLJVFKREHUVLFKDQGHU:DQGGHVTXDOPHUIOOWHQ5DXPHVHQWODQJ'HU(OIDKGHU VFKR QLFKW PHKU (U VFKLHQ PLW :LFKWLJHUHP EHVFKlIWLJW 'HLJKWRQ K|UWH HLQ 6SOLWWHUQ XQG.QDUUHQDOVZUGHHLQHDXV%UHWWHUQEHVWHKHQGH:DQGHLQJHULVVHQ 3O|W]OLFK OLFKWHWH VLFK GHU 4XDOP :LQGDML KDWWH HLQH gIIQXQJ JHVFKDIIHQ 'UDXHQ OHXFKWHWH HV EXQW LQ XQDXIK|UOLFKHP )DUEHQZHFKVHO 'DV ZDUHQ GLH /HXFKWHIIHNWH GHV 5HJHQERJHQZDOGV 'HU (OIDKGHU ODJ IODFK DXI GHP %RGHQ 9RU LKP ZDU GLH :DQG ]HUVSOLWWHUW(UVFKREVLFKDXIGLHgIIQXQJ]X *DOEUDLWK 'HLJKWRQ GUFNWH DE 'HU ,PSXOVVWUDKOHU HQWOXG VLFK PLW ]RUQLJHP 6XPPHQ 'HU (OIDKGHU UXFNWH LQ GLH +|KH (LQH 6HNXQGH ODQJ ZDU HU LQ HLQHQ IHXULJHQ 0DQWHO JHKOOW 6HLQ )HOGVFKLUP KDWWH GHU 0D[LPDOOHLVWXQJ GHV 6WUDKOHUV QLFKW VWDQGJHKDOWHQ $OV :LQGDML LQ VLFK ]XVDPPHQVDQN ZDU VHLQH 5VWXQJ HLQ VFKPXW]LJHV DQJHNRKOWHV 6FKZDU]EUDXQ(UUKUWHVLFKQLFKWPHKU *DOEUDLWK 'HLJKWRQ ZDUWHWH HLQ SDDU 6HNXQGHQ ]XU VRIRUWLJHQ 5HDNWLRQ EHUHLW IDOOV HLQHU GHU YHUUlWHULVFKHQ 6WDFKHOQ VLFK EHZHJHQ VROOWH $EHU HV JHVFKDK QLFKWV

/DQJVDPXQGYRUVLFKWLJQlKHUWHHUVLFKGHP5HJORVHQGHULQGHUgIIQXQJKLQJ 'HLJKWRQSDFNWHGHQ+HOPXQGGUHKWHLKQVRGDGDV*LWWHUYLVLHUVLFKWEDUZXUGH'LH ]ZHLJUQHQ/HXFKWSXQNWHZDUHQHUORVFKHQ(UQDKPHVDOV=HLFKHQGDGHU(OIDKGHU QLFKWPHKUOHEWH 'DK|UWHHUHLQHLJHQWPOLFKHV*HUlXVFK(VNODQJZLHGDV7URSIHQHLQHVQLFKWULFKWLJ JHVFKORVVHQHQ :DVVHUKDKQV $EHU GLH )OVVLJNHLW ZDU NHLQ :DVVHU 6LH K|UWH VLFK VFKZHUHU XQG ]lKHU DQ (U EHJDQQ ]X VXFKHQ (U NDP GHP *HUlXVFK QlKHU XQG VFKOLHOLFKHQWGHFNWHHUVHLQHQ8UVSUXQJ $QGHU6FKXOWHUGHUEHUQVWHLQIDUEHQHQ5VWXQJZDUHLQHgIIQXQJHQWVWDQGHQ$XVLKU WURSIWH ODQJVDP XQG WUlJH HLQH GLFNH VFKOHLPLJH ZHLH )OVVLJNHLW .OHEULJH )lGHQ KLQJHQ DXV GHU 5VWXQJ YHUGLFNWHQ VLFK DP (QGH XQG VDQGWHQ JOLW]HUQGH 7URSIHQ LQ GLH7LHIH'LH7URSIHQILHOHQNODWVFKHQGDXIGDVJURHIOHLVFKLJH%ODWWHLQHV%XVFKHV XQGUDQQHQYRQGRUWDXIGHQ%RGHQ (LQ 6FKDXGHU OLHI *DOEUDLWK 'HLJKWRQ EHU GHQ 5FNHQ :DV HU VDK ZDU GLH .|USHUVXEVWDQ] GHV (OIDKGHUV (OIDKGHU ZDUHQ DPRUSKH *HVFK|SIH 'LH HLQHU KXPDQRLGHQ *HVWDOW QDFKJHELOGHWH 5VWXQJ GLHQWH GD]X GHP IRUPORVHQ .|USHU +DOW ]X JHEHQ 2E ]X GHU :DKO GHU *HVWDOW UHLQHV =ZHFNPlLJNHLWVGHQNHQ JHIKUW KDWWH RGHUREHVLUJHQGZDQQLQGHU9HUJDQJHQKHLWGHVHOIDKGLVFKHQ9RONHVHLQ(UHLJQLVJDE GDV GLH ELV\PPHWULVFKH .|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³'HU$QIKUHULVWDXVJHVFKDOWHW ³$OVRZlUHQZLUIHUWLJDQWZRUWHWHGLH6WLPPHGLHHUVFKRQHLQPDOJHK|UWKDWWH 'HU &RQWDLQHU LQ GHP *DOEUDLWK 'HLJKWRQ JHIDQJHQJHKDOWHQ ZRUGHQ ZDU KDWWH GHQ 8PIDQJ HLQHV PLWWHOJURHQ (LQIDPLOLHQKDXVHV 'HU *UXQGUL EHWUXJ [ 0HWHU GLH +|KH0HWHU'DV*HELOGHUXKWHDXIHLQHP6FKZHUODVWWUDQVSRUWHUPLW$QWLJUDYDQWULHE 'HU 7UDQVSRUW ZDU YHUPXWOLFK LQ %DXPZLSIHOK|KH XQG PLW JHULQJHU *HVFKZLQGLJNHLW YRU VLFK JHJDQJHQ 'HQ $QJUHLIHUQ KDWWH GLH .RPELQDWLRQ YRQ 7UDQVSRUWHU XQG &RQWDLQHU HLQ =LHO JHERWHQGDV VLH XQP|JOLFK YHUIHKOHQ NRQQWHQ 'HU 7UDQVSRUWHU ZDU DEJHVWU]W GDV XQI|UPLJH *HELOGH KLQJ YHUNDQWHW PLW GHP +HFN QDFK REHQ LQ GHQ OHXFKWHQGHQ3IODQ]HQPDVVHQGHV'VFKXQJHOV *DOEUDLWK 'HLJKWRQ KDWWH GLH gIIQXQJ HUZHLWHUW GXUFK GLH :LQGDML KDWWH HQWNRPPHQ ZROOHQ XQG ZDU PLW +LOIH VHLQHV *UDYR3DNV KHUDEJHVFKZHEW 'HQ +HOP KDWWH HU OlQJVWJH|IIQHW6HLQ%OLFNJOLWWDQGHPODQJHQIHQVWHUORVHQ&RQWDLQHUHQWODQJ(UIUDJWH VLFK ZHOFKHV :LQGDMLV 3OlQH JHZHVHQ ZDUHQ (U KDWWH *DOEUDLWK 'HLJKWRQ IDQJHQ ZROOHQ GHQ HKHPDOLJHQ 6LFKHUKHLWVFKHI GHU .RVPLVFKHQ +DQVH 0LWJOLHG GHV HQJHUHQ .UHLVHV XP 3HUU\ 5KRGDQ XQG GDPLW SRWHQWLHOOHU :LGHUVDFKHU GHV 6RWKRV 7\J ,DQ (U KDWWHVHLQHP2SIHUHLQH)DOOHJHVWHOOWXQGHVLP5HJHQERJHQZDOGYRQ'XUJHQLQVHLQH *HZDOWJHEUDFKW(UKDWWH]ZHL=LHOHJHKDEW²HUVWHQV*DOEUDLWK'HLJKWRQXQVFKlGOLFK

]X PDFKHQ ZDV RKQH =ZHLIHO JOHLFKEHGHXWHQG PLW GHU 7|WXQJ GHV *HIDQJHQHQ JHZHVHQ ZlUH XQG ]ZHLWHQV YRQ 'HLJKWRQ HWZDV EHU HLQH 2UJDQLVDWLRQ QDPHQV *URXS2UJDQLF,QGHSHQGHQFH]XHUIDKUHQ )U HLQ 9RUKDEHQ GLHVHU $UW KDWWH HU VLFK HLQHQ 8QWHUVFKOXSI YRQ GHU *U|H HLQHV :RKQKDXVHV JHVFKDIIHQ" (U KDWWH HLQHQ &RQWDLQHU JHPLHWHW XQG GLHVHQ LUJHQGZR LP 'VFKXQJHODEJHVWHOOW(UKDWWHGHQ&RQWDLQHUPLWXPIDQJUHLFKHU7HFKQLNDXVJHVWDWWHW QXU XP HLQHQ *HIDQJHQHQ ]X YHUK|UHQ" ,P OHW]WHQ $XJHQEOLFN PXWH LKP HWZDV GD]ZLVFKHQJHNRPPHQ VHLQ 'HU KDVWLJH $XIEUXFK GDV 9HUODGHQ GHV &RQWDLQHUV DXI HLQ QDFK 7HUUD EHVWLPPWHV 6FKLII GDV DOOHV KDWWH ZRKO XUVSUQJOLFK QLFKW LQ :LQGDMLV $EVLFKW JHOHJHQ 0DQ ZUGH YLHOOHLFKW LQ (UIDKUXQJ EULQJHQ ZDV LKQ VR SO|W]OLFK DXIJHVFKHXFKW KDWWH 9LHOOHLFKW JDE HV $XI]HLFKQXQJHQ $EHU PLW GHP JURHQ &RQWDLQHU PXWH HU PHKU YRUJHKDEW KDEHQ 'HQ KDWWH HU VLFK QLFKW QXU EHVFKDIIW XP *DOEUDLWK'HLJKWRQGDULQXQWHU]XEULQJHQ (V UDXVFKWH LP *HVWUSS GHV :DOGHV 'HLJKWRQ ZDQGWH VLFK XP (LQH *UXSSH YRQ 0lQQHUQ LQ .DPSIDQ]JHQ DOOHV 7HUUDQHU ZLH LKP DXI GHQ HUVWHQ %OLFN VFKLHQ EDKQWHQ VLFK HLQHQ :HJ GXUFK GDV 'LFNLFKW 6LH ZLQNWHQ 'HLJKWRQ ]X XQG HLQHU YRQ LKQHQULHI ³$OOHVLQ2UGQXQJ" 'HLJKWRQ PDFKWH HLQH EHMDKHQGH *HVWH XQG ZDUWHWH ELV VLH DXI QRUPDOH 6SUHFKZHLWH KHUDQ ZDUHQ 6LH KDWWHQ DOOH LKUH +HOPH JH|IIQHW 'HU GHU LKP GLH )UDJH ]XJHUXIHQ KDWWH ]HLFKQHWH VLFK GXUFK HLQHQ GLFKWHQXQGXQRUGHQWOLFKHQ+DDUVFKRSIDXV'HLJKWRQ NDQQWHNHLQHQYRQLKQHQ ³:LHNDPWLKUDXIPHLQH6SXU"ZROOWHHUZLVVHQ³:RKHUZXWHWLKUYRQPLU" ³8QVHU&KHIZHLDOOHVDQWZRUWHWHGHU5RWKDDULJH ³(XHU&KHI":HUVHLGLKU"*HK|UWLKUHLQHU2UJDQLVDWLRQDQ" 'HU5RWKDDULJHUHFNWHGHQ$UP ³'RUWNRPPWHUVDJWHHU³)UDJLKQVHOEVW *DOEUDLWK 'HLJKWRQ GUHKWH VLFK ODQJVDP XP 0lQQHU XQG )UDXHQ LQ .DPSIDQ]JHQ YRP 7\S %HWD TXROOHQ GXUFK GLH gIIQXQJ LQ GHU LPPHU QRFK :LQGDMLV JHOEH 5VWXQJ ODJ XQG VHJHOWHQ ODQJVDP KHUDE $Q GHU 6SLW]H GHU *UXSSH EHIDQG VLFK HLQ NUlIWLJ JHEDXWHU MXQJHU 0DQQ PLW JHEUlXQWHP *HVLFKW $OV HU *DOEUDLWK 'HLJKWRQ HUEOLFNWH ODFKWH HU IU|KOLFK DXI XQG OLH GDEHL ]ZHL 5HLKHQ EOHQGHQGZHLHU =lKQH VHKHQ 'HLJKWRQHUNDQQWHLKQVRIRUW (VZDU+XJRW3HUYHLOOLQ ³:LU KDEHQ VHLW ODQJHP HLQ $XJH DXI HXFK VDJWH 3HUYHLOOLQ ³$Q HXFK VDJW PDQ KlQJWGLH=XNXQIWGHU0LOFKVWUDH 'HLJKWRQ XQG 3HUYHLOOLQ VWDQGHQ DOOHLQ DP 5DQG GHU /LFKWXQJ GLH GHQ 2UW GHV $EVWXU]HV PDUNLHUWH 6HLQH %HJOHLWHU ZDUHQ LQ GHQ &RQWDLQHU ]XUFNJHNHKUW XP GDV 0DWHULDO ]X VLFKWHQ GDV :LQGDML KLQWHUODVVHQ KDWWH 'HU 5RWKDDULJH XQG VHLQH 0lQQHU KDWWHQVLFKLKQHQDQJHVFKORVVHQ ³:HULVWZLU"IUDJWH'HLJKWRQ ³:LUGLH*2,DQWZRUWHWH3HUYHLOOLQ³1RFKQLHGDYRQJHK|UWZDV" ³'RFKVDJWH'HLJKWRQ³:LQGDMLZROOWHPLFKGDQDFKDXVKRUFKHQ ³'HQ 7HXIHO DXFK 3HUYHLOOLQV 6FKUHFN ZDU HFKW ³+DW GHU /XPSHQKXQG DXFK VFKRQ GDYRQHUIDKUHQ"

³6DJPLU:HULVWGLH*2,"EDW*DOEUDLWK'HLJKWRQ +XJRW 3HUYHLOOLQ PDFKWH HLQH %HZHJXQJ PLW .RSI XQG 6FKXOWHUQ DOV NUDW]H LKQ HWZDV LP1DFNHQ'LH)UDJHVFKLHQLKPQLFKWDQJHQHKP ³/D PLFK VR DQWZRUWHQ VDJWH HU ³'LH *2, LVW HLQ =XVDPPHQVFKOX JDODNWLVFKHU %UJHUGLH]XGHU(LQVLFKWJHNRPPHQVLQGGD6RWKR7\J,DQXQGVHLQH3KLORVRSKLHGHV 3HUPDQHQWHQ .RQIOLNWV YHUGHUEOLFK IU GLH 0LOFKVWUDH VLQG 'LH *2, KDW VLFK YRUJHQRPPHQ GHQ 6RWKR XQG VHLQ *HIROJH GRUWKLQ ]X VFKLFNHQ ZRKLQ VLH JHK|UHQ QlPOLFKLQGHQ+DGHV ³8QGVDJWH'HLJKWRQ³KDWVLH$XVVLFKWDXI(UIROJ" ³'DV ZHL PDQ QLFKW DQWZRUWHWH 3HUYHLOOLQ ³:LU JHEHQ XQV 0KH DEHU ZLU KDEHQ QRFKHLQHQODQJHQ:HJYRUXQV'DZLUGLFKKDEHQUHWWHQN|QQHQLVWHLQ6FKULWWLQGLH 5LFKWXQJGLHZLU]XJHKHQJHGHQNHQ ³,FK ZLOO GLU NHLQH )UDJHQ VWHOOHQ GLH GX QLFKW EHDQWZRUWHQ NDQQVW VDJWH 'HLJKWRQ ³$EHUZHU ³9HUVWHKPLFKQLFKWIDOVFKZXUGHHUYRQ3HUYHLOOLQXQWHUEURFKHQ³'XZlUVWGHUOHW]WH GHPGLH*2,PLWUDXW$EHUGXKDVW:LQGDMLDPHLJHQHQ/HLEHUIDKUHQ)UGLFKVHOEVW LVWHVEHVVHUZHQQGXNHLQHXQQ|WLJHQ,QIRUPDWLRQHQ PLW GLU KHUXPVFKOHSSVW VRODQJH GXGLFKQLFKWLQ6LFKHUKHLWEHILQGHVW ³9HUVWDQGHQVDJWH'HLJKWRQ³*HK|UW]XU*2,MHPDQGGHQLFKNHQQH" ³-XOLDQ7LIIORU]XP%HLVSLHO *DOEUDLWK'HLJKWRQDWPHWHWLHI ³,FK GDFKWH HV PLU IDVW (LQ 0DQQ ZLH 7LII YHUVFKZLQGHW QLFKW VSXUORV LQ GHU 9HUVHQNXQJ:HQQHUVLFKXQVLFKWEDUPDFKWGDQQWXWHUHVDXVHLQHPJXWHQ*UXQG(U KLQJGHP*HGDQNHQHLQH=HLWODQJQDFKGDQQZHFKVHOWHHUDXIHLQDQGHUHV7KHPD³'X EHREDFKWHVWPLFKDOVRVFKRQVHLWJHUDXPHU=HLW"ZROOWHHUZLVVHQ ³'XZLUVWVHLWJHUDXPHU=HLWEHREDFKWHWNRUULJLHUWH3HUYHLOOLQ³,FKZDUQXU]XIlOOLJ DXI3RVWHQDOVGXGHQHQWVFKHLGHQGHQ6FKULWWWDWHVW ³:DUXPKDEWLKUPLFKQLFKWJHZDUQW" ³'DVKDEHQZLUJHWDQ$QIDQJGHV-DKUHVHUKLHOWHVWGXHLQH1DFKULFKW ³'DV PHLQH LFK QLFKW $OV LFK DXI 'XUJHQ ODQGHWH ZDU :LQGDML VFKRQ KLQWHU PLU KHU ,FK KDWWH PHLQH )OXFKW VRUJIlOWLJ JHSODQW DEHU GDPLW GD VLFK GHU (OIDKGHU GHQ +DXVPHLVWHUGHV3ROR&OXEVJUHLIHQZUGHKDWWHLFKQLFKWUHFKQHQN|QQHQ$OVLFKDXI 'XUJHQDQNDPZXWHWLKUEHUHLWVGD:LQGDMLPLUGLFKWDXIGHQ)HUVHQZDU:DUXP VDJWHVWGXQLFKWV" ³7DNWLN DQWZRUWHWH 3HUYHLOOLQ ³:LU ZDUHQ VLFKHU GD ZLU GLFK ZUGHQ EHVFKW]HQ N|QQHQ ,PPHUKLQ JLEW HV DXI 'XUJHQ HLQH VWDUNH XQG JXW DXVJHUVWHWH *2, 1LHGHUODVVXQJ 8QWHU GLHVHQ 8PVWlQGHQ GDFKWHQ ZLU N|QQWHQ ZLU HV XQV OHLVWHQ :LQGDML]XVFKODJHQ]XODVVHQ8PVRJU|HUZDUXQVHUH&KDQFHLKQ]XIDVVHQ ³'HVZHJHQPXWH+HNNQHU7DUDZD\VWHUEHQVDJWH'HLJKWRQELWWHU +XJRW3HUYHLOOLQNQLIIGLH/LSSHQ]XVDPPHQXQGDQWZRUWHWHQLFKWVRIRUW ³'DPLW NRQQWHQ ZLU QLFKW UHFKQHQ HUNOlUWH HU VFKOLHOLFK ³:LU ZXWHQ GD GHU (OIDKGHU ]LHPOLFK IUHL YRQ 6NUXSHOQ ZDU $EHU GD HU 7DUDZD\ HLQIDFK EHU GHQ +DXIHQ VFKLHHQ ZUGH ZHQQ HU LKQ QLFKW PHKU EUDXFKWH (U KRE GLH 6FKXOWHUQ ³:LUZLVVHQQRFKLPPHUQLFKWZLH:LQGDMLQDFK'XUJHQJHODQJWH(UPXVLFKKHLPOLFK YRQ HLQHP VHLQHU )DKU]HXJH KDEHQ DEVHW]HQ ODVVHQ 'LH HUVWH 6SXU IDQGHQ ZLU DOV HLQ EHUJURHU &RQWDLQHU YRQ 8QEHNDQQW JHPLHWHW XQG PLWWHQ LP 'VFKXQJHO DXIJHVWHOOW

ZXUGH :LU ZDUHQ QLFKW HLQPDO VLFKHU GD 7DUDZD\ LQ GHP &RQWDLQHU JHIDQJHQJHKDOWHQ ZXUGH/RPEDDQPHLQWH ³&KDU\EWXU/RPEDDQ"IUDJWH'HLJKWRQYHUZXQGHUW ³-DHUJHK|UWDXFK]XXQV(UPHLQWH:LQGDMLZUGHVLFKQLFKWXQQ|WLJPLW*HIDQJHQHQ DEVFKOHSSHQ GLH HU QLFKW ZLUNOLFK EUDXFKWH $EHU DQVFKHLQHQG EHUHLWHWH HV LKP HLQH VDGLVWLVFKH)UHXGHGLUGHQ0DQQ]X]HLJHQGHPGXGHLQ6FKLFNVDOYHUGDQNVW ³8QGPLFK]XVHKHQ]XODVVHQZLHHULKQXPEUDFKWHQLFNWH'HLJKWRQ³-DGDVZDULKP ZRKOGLH0KHZHUW/DVVHQZLUGDV:LQGDMLLVWWRW(UZLUGVHLQHQ6DGLVPXVDQQLHPDQG PHKUDXVWREHQN|QQHQ ³%LVWGXVLFKHU"IUDJWH+XJRW3HUYHLOOLQPLWUDXLVFK ³,FK KDEH LKQ JHWURIIHQ 6HLQ 6FKXW]VFKLUP EUDFK ]XVDPPHQ (U UKUWH VLFK QLFKW PHKU 6HLQH.|USHUVXEVWDQ]OLHIDXV 'HLJKWRQ JLQJ DXI GLH 6WHOOH ]X DQ GHU GHU %XVFK VWDQG DXI GHVVHQ %ODWW HU GLH ZHLH NOHEULJH)OVVLJNHLWKDWWHWURSIHQVHKHQ'LH:DQGGHV&RQWDLQHUVUDJWHEHULKPDXI,Q ]ZHL0HWHUQ+|KHKLQJ:LQGDMLVYHUUXWH5VWXQJDXVGHP/RFK ³+LHUZDUHVVDJWH'HLJKWRQ³,FKVDKGHXWOLFK (UVWXW]WH9RQGHUNOHEULJHQ0DVVHZDUQLFKWVPHKU]XVHKHQ ³6LHUDQQYRP%ODWWKHUXQWHUVDJWHHU(UKREGDV%ODWWDQXQGXQWHUVXFKWHGHQ%RGHQ ³+LHULVWVLHYHUVLFNHUW 3HUYHLOOLQEHWDVWHWHGLH6WHOOHPLWGHQ)LQJHUVSLW]HQ ³6SXUORV YHUVFKZXQGHQ VDJWH HU ³$EHU VRODQJH GX GLH .|USHUVXEVWDQ] KDVW DXVODXIHQ VHKHQVLQGZLUXQVHUHU6DFKHVLFKHU (UZLVFKWHVLFKGLH+DQGDP+RVHQEHLQVHLQHU0RQWXUDEXQGEOLFNWH]XGHUYHUEUDQQWHQ 5VWXQJKLQDXI ³(UZLUGXQVNHLQH6FKZLHULJNHLWHQPHKUPDFKHQPXUPHOWHHU³7URW]DOOHP(VZlUH PLUOLHEHUZHQQLFKZHQLJVWHQVQRFKHLQSDDU*UDPPYRQGHP=HXJJHIXQGHQKlWWH (LQ SDDU :RFKHQ JLQJHQ LQV /DQG (V ZDU HLQH XQUXKLJH =HLW 9RQ GHU 8SDQLVKDG 7VFKRPROXQJPD DXV SURWHVWLHUWH 6RWKR 7\J ,DQ JHJHQ GLH 9HUQLFKWXQJ ]ZHLHU VHLQHU 5DXPVFKLIIHGXUFKGLHWHUUDQLVFKHQ(LQKHLWHQ%$6,6XQG$5,$1((UYHUODQJWHVWUHQJVWH %HVWUDIXQJ GHU 6FKXOGLJHQ $XV 7HUUDQLD ZXUGH LKP GDUDXI JHDQWZRUWHW EHLGH 6FKLIIH KlWWHQRKQH$XIWUDJJHKDQGHOWXQGLKUH%HVDW]XQJHQVHLHQDOV0HXWHUHU]XEHWUDFKWHQ 0DQ JLQJ LQ 7HUUDQLD ]ZDU QLFKW VRZHLW GHQ 6RWKR ]XU 0LWKLOIH EHL GHU 6XFKH QDFK GHQ EHLGHQ)DKU]HXJHQDXI]XIRUGHUQDEHUPDQHUNOlUWHZ|UWOLFK ³6ROOWHQ 6RWKR 7\J ,DQ ,QIRUPDWLRQHQ EHU GHQ 9HUEOHLE GHU (LQKHLWHQ %$6,6 XQGRGHU $5,$1( ]XNRPPHQ ZlUH LKP GLH 5HJLHUXQJ GHU /LJD )UHLHU 7HUUDQHU ]X 'DQN YHUSIOLFKWHWZHQQHUGLHVHDQGLH]XVWlQGLJHQ%HK|UGHQDXI7HUUDZHLWHUOHLWHQZROOWH 6W\JLDQEHWUDFKWHWHVROFKHVDOV$XJHQZLVFKHUHLXQGSURWHVWLHUWHZHLWHU'LHJDQ]H=HLW EHU ODJHQ VHLQH 7HFKQLNHU DXI GHU /DXHU XQG ZDUWHWHQ GDUDXI GD VLFK HQWZHGHU GLH %$6,6RGHUGLH$5,$1(DXVGHQ7LHIHQGHV$OOVPHOGHWHQXQGLUJHQGHLQHQ)XQNVSUXFKDQ GLHWHUUDQLVFKHQ%HK|UGHQDEVHW]WHQGHQHUDOV%HZHLVGHU.RPSOL]LWlWYHUZHQGHQNRQQWH (V NDP MHGRFK NHLQ VROFKHU )XQNVSUXFK XQG GLH 9HUDQWZRUWOLFKHQ LQ 7HUUDQLD ZXUGHQ GHV HQGORVHQ 3URWHVWLHUHQV DXV GHU 7VFKRPROXQJPD DOOPlKOLFK PGH ,KUH OHW]WH 0LWWHLOXQJODXWHWH ³)HUQ VHL HV XQV GHP DOOVHLWV JHDFKWHWHQ 6RWKR 7\J ,DQ GDV *DVWUHFKW DXI GHU (UGH YHUZHLJHUQ ]X ZROOHQ $EHU ZHQQ HU IRUWIlKUW GXUFK GHQ :RUWODXW VHLQHU 3URWHVWH GLH 5HJLHUXQJGHU/LJD)UHLHU7HUUDQHULPSOL]LWGHU/JH]XEHVFKXOGLJHQGDQQP|FKWHPDQ

LKPGRFKUDWHQVLFKHLQHQDQGHUHQ$XIHQWKDOWVRUW]XVXFKHQ 6RWKR 7\J ,DQ ZXWH ZDQQ HU ]XUFN]XVWHFNHQ KDWWH (U EHVD NHLQHQ %HZHLV GD GLH 5HJLHUXQJ GHU /LJD PLW %$6,6 XQG $5,$1( XQWHU HLQHU 'HFNH VWHFNWH (U ZDU EHU]HXJWGDYRQGDHVVLFKVRYHUKLHOWDEHUDXIJUXQGHLQHUhEHU]HXJXQJDOOHLQNRQQWH HUQLFKWJHJHQGLH7HUUDQHUYRUJHKHQ $OVREHVFKUlQNWHHUVLFKGDUDXIGHP5DW7HUUDQLDV]XIROJHQXQGGLH(UGHIUVHUVWH]X YHUODVVHQ(UYHUDEVFKLHGHWHVLFKPLWGHQDQ7HUUDQLDJHULFKWHWHQ:RUWHQ ³6RWKR 7\J ,DQ KDW NHLQH DQGHUH :DKO DOV GLH +DOWXQJ GHU 5HJLHUXQJ GHU /LJD )UHLHU 7HUUDQHUDOVXQIUHXQGOLFK]XEHWUDFKWHQ(U YHUOlW7HUUDLQGHUhEHU]HXJXQJGDGLH $QVLFKW GHU 5HJLHUXQJ QLFKW GLH 0HLQXQJ GHU WHUUDQLVFKHQ %HY|ONHUXQJ UHIOHNWLHUW 6RWKR7\J,DQZLUGHLQHV7DJHVQDFK7HUUD]XUFNNHKUHQXQGPLWGHQ6HJQXQJHQGHU HZLJZDKUHQ/HKUHGHV3HUPDQHQWHQ.RQIOLNWVGLHMHQLJHQEHJOFNHQGLHLKPLQGLHVHU VFKZHUHQ6WXQGHZHQLJVWHQVLQ*HGDQNHQ]XU6HLWHVWHKHQ ,Q7HUUDQLDZXWHPDQQLFKWZDVPDQGDYRQKDOWHQVROOWH(QWKLHOWHQ6W\JLDQV:RUWH HLQH 'URKXQJ" 0DQ YHUJHZLVVHUWH VLFK GD GHU 6RWKR LQ GHU 7DW DEJHUHLVW ZDU GDQQ NHKUWHPDQ]XGHQ6RUJHQGHV$OOWDJV]XUFN=XGLHVHQ6RUJHQJHK|UWHQVHLWMQJVWHP JHZLVVH*HUFKWHGLHDXI7HUUDXQGDXFKVRQVWZRLP8PODXIZDUHQ 9RQ GHP *URHQ %UXGHU ZDU GDULQ GLH 5HGH :HU GHU *URH %UXGHU ZDU ZXWH QLHPDQG 6HLQH ,GHQWLWlW ZDKUWH HU DOV *HKHLPQLV 6HLQH $EVLFKWHQ JDE HU GDIU XP VR EHUHLWZLOOLJHUSUHLV ³9LHOH XQWHU HXFK KLH HV LQ HLQHU GHU XQWHU GHU +DQG LQ 8PODXI JHEUDFKWHQ 0LWWHLOXQJHQ³VHKQHQVLFKQDFKGHP)ULHGHQGHU6HOEVWlQGLJNHLWGHP$QVWDQG9LHOH YRQ HXFK VLQG GHV DQGHUHQ 7ULRV YRQ *UXQGSULQ]LSLHQ PGH GDV YRQ :HVHQ GHUHQ 0HQWDOLWlWXQVIUHPGLVWWDJDXVWDJHLQJHSUHGLJWZLUG.DPSI*HKRUVDP(KUH 'HU *URH %UXGHU NDQQ HXFK KHOIHQ (U NDQQ HXFK HLQIKUHQ LQ GHQ .UHLV GHUHU GLH GHP.DPSIGHP*HKRUVDPXQGGHUYHUORJHQHQ(KUHGHQQZDKUH(KUHLVWHVQLFKWGLH HXFK GD JHSUHGLJW ZLUG HLQH $EVDJH HUWHLOW KDEHQ (U KlOW $XIJDEHQ EHUHLW DQ GHUHQ /|VXQJLKU]XP:RKOGHU0LOFKVWUDHPLWDUEHLWHQN|QQW'HU*URH%UXGHUJLEWHXUHP /HEHQZLHGHU6LQQXQG=LHO :HQGHWHXFKDQGHQ*URHQ%UXGHUVREDOGVLFK*HOHJHQKHLWGD]XHUJLEW 0DQ ZXWH QLFKW ZRKHU GLH 0LWWHLOXQJHQ NDPHQ $EHU HLQHV VWHOOWH VLFK LP /DXI GHU =HLWKHUDXV'HU*URH%UXGHUVXFKWHQLFKWQDFK8Q]XIULHGHQHQVFKOHFKWKLQ(UVXFKWH QDFK VROFKHQ GLH DXIJUXQG LKUHU )lKLJNHLWHQ LKUHU $XVELOGXQJ RGHU (UIDKUXQJ EHVRQGHUV JHHLJQHW ZDUHQ ³DQ GHP %ROOZHUN PLW]XEDXHQ GDV ZLU JHJHQ GLH JHIlKUOLFKH ,UUOHKUH HUULFKWHQ 6R KLH HV HLQ ZHQLJ WKHDWUDOLVFK LQ HLQHU GHU 8QWHUJUXQGNRPPXQLNDWLRQHQ *HVXFKW ZXUGHQ LQ HUVWHU /LQLH 1DWXUZLVVHQVFKDIWOHU XQG7HFKQLNHUDEHUDXFKVROFKH:HVHQGLHDXIGHP*HELHWGHU3ROLWLNGHU9HUZDOWXQJ GHU0LOLWlUZLVVHQVFKDIWHQ.DUULHUHJHPDFKWKDWWHQ(VODJDXIGHU+DQGZDVGHU*URH %UXGHU ZROOWH HLQH :LGHUVWDQGVRUJDQLVDWLRQ VFKDIIHQ GLH JHJHQ GHQ 6RWKR XQG VHLQH 3KLORVRSKLHGHV3HUPDQHQWHQ.RQIOLNWVDQJHKHQVROOWH 0DQNDQQGHU5HJLHUXQJGHU/LJD)UHLHU7HUUDQHUQLFKWYRUZHUIHQGDVLHGHP$QOLHJHQ GHV*URHQ%UXGHUVRKQH6\PSDWKLHJHJHQEHUJHVWDQGHQKDEH6RUJHPDFKWHVLHVLFK QLFKWZHJHQGHV*URHQ%UXGHUVVHOEVWVRQGHUQZHJHQGHU)ROJHQGLHVHLQHJHKHLPH $NWLYLWlW QDFK VLFK ]LHKHQ PXWH :HQQ GHU 6RWKR ]X GHP 6FKOX NDP GD GHU *URH %UXGHUHLQH*HIDKUIULKQGDUVWHOOWHGDQQZUGHHUGDJHJHQYRUJHKHQ'DVEHGHXWHWH JHVWHLJHUWH $NWLYLWlW GHU 6RWKR$JHQWHQ YHUPHKUWH SURSDJDQGLVWLVFKH 7lWLJNHLW GHU

8SDQLVKDGD %HGURKXQJ GHUMHQLJHQ GLH VLFK HQWVFKORVVHQ GHP 5XI GHV *URHQ %UXGHUV]XIROJHQ'LH/LJD)UHLHU7HUUDQHUGLHDOV0LWJOLHGGHV*DODNWLNXPVPLWGHP 6RWKR ZHQLJVWHQV QDFK DXHQ KLQ DXI IUHXQGVFKDIWOLFKHP )X VWDQG VDK VLFK JH]ZXQJHQVHOEVWQDFKGHP*URHQ%UXGHU]XIRUVFKHQ²LQGHUHUNOlUWHQ$EVLFKWLKP GDV+DQGZHUN]XOHJHQ'DVLHGDVQLFKWPLWJURHP(LIHUWDWYHUVWHKWVLFKYRQVHOEVW $EHU GLH 0KH XQG GHU $XIZDQG ZDUHQ WURW]GHP YRUKDQGHQ XQG VLH ZUGHQ QRFK ZHVHQWOLFK JU|HU ZHUGHQ VREDOG GHU 6RWKR ]X UHDJLHUHQ EHJDQQ 6R LVW HV QLFKW YHUZXQGHUOLFK GD HV LP 5HJLHUXQJVYLHUWHO YRQ 7HUUDQLD PDQFKHQ JDE GHU GHP *URHQ%UXGHU]ZDUDOOHV*XWHZQVFKWHDEHUJOFNOLFKJHZHVHQZlUHZHQQHUVHLQH 7lWLJNHLWZRDQGHUVKLQYHUODJHUWKlWWH (LQHV7DJHVDEHUZDUDOOHV*HUHGHEHUGHQ*URHQ%UXGHUSO|W]OLFKYHUVWXPPW'DV ZDU GHU 7DJ DQ GHP GLH +LREVERWVFKDIW YRQ 'XUJHQ HLQWUDI $XI 'XUJHQ KDWWH HLQH UlWVHOKDIWH ([SORVLRQ VWDWWJHIXQGHQ XQG HLQH 6LHGOXQJ GLH LQ GHU +DXSWVDFKH YRQ ZRKOKDEHQGHQ 5XKHVWlQGOHUQ EHZRKQW ZXUGH Y|OOLJ DXVJHO|VFKW 'LH =DKO GHU 7RGHVRSIHU EHWUXJ EHU GUHLWDXVHQG 'LH 5HJLHUXQJ GHU $XWRQRPHQ 5HSXEOLN 'XUJHQ HUVXFKWHEHIUHXQGHWH1DWLRQHQXP+LOIHEHLGHU$XINOlUXQJGHU.DWDVWURSKH$XVGHU$UW XQG :HLVH ZLH PDQ GDV +LOIHJHVXFK LQ *RVWDEDDU IRUPXOLHUWH JLQJ KHUYRU GD GLH 9HUDQWZRUWOLFKHQGDV8QJOFNIUEHZXWKHUEHLJHIKUWKLHOWHQ 'LH 6LHGOXQJ KLH EULJHQV 6DDGUD XQG HLQHU GHU 3URPLQHQWHVWHQ XQWHU GHQ 7RGHVRSIHUQ ZDU &KDU\E WXU /RPEDDQ HLQ LP 5XKHVWDQG OHEHQGHU $GPLQLVWUDWRU GHU K|FKVWHQDUNRQLGLVFKHQ%HDPWHQNODVVH 7DXVHQGH YRQ ([SHUWHQ JDEHQ VLFK LQ GHQ IROJHQGHQ :RFKHQ DXI 'XUJHQ HLQ 6WHOOGLFKHLQ 'LH 8QJOFNVVWlWWH ZXUGH YRQ HLQHP (QGH ELV ]XP lQGHUQ DEJHNlPPW 6SXUHQ ZXUGHQ JHVLFKHUW $WPRVSKlUHSUREHQ DQDO\VLHUW 5HVWOLFKW XQG 5HVWZlUPHDXI]HLFKQXQJHQ YRQ &RPSXWHUQ DQDO\VLHUW =ZDQ]LJWDXVHQG 'XUJHQHU ZXUGHQ YHUK|UW GDV 3HUVRQDO GHV 5DXPKDIHQV *RVWDEDDU VRJDU PLW :DKUKHLWVVHUHQ EHKDQGHOW (VZDUDOOHVXPVRQVW(VJDENHLQHQ+LQZHLVGDUDXIGDGHU8QWHUJDQJGHU6LHGOXQJ 6DDUGDGDV5HVXOWDWHLQHV$QVFKODJVZDU'DPDQDEHUHLQHVRJHZLFKWLJH6DFKHQLFKW HLQIDFKLQGHU/XIWKlQJHQODVVHQNDQQZXUGHGLH.DWDVWURSKHVFKOLHOLFKRIIL]LHOO]XP 1DWXUHUHLJQLV GHNODULHUW XQG HLQH 7KHRULH JHIXQGHQ PLW GHU VLFK GLH 9HUQLFKWXQJ YRQ 6DDGUDHUNOlUHQOLH ,Q GHU JDODNWLVFKHQ gIIHQWOLFKNHLW HUODKPWH GDV ,QWHUHVVH DQ GHU .DWDVWURSKH YRQ 'XUJHQ EDOG 'LH DPWOLFKH (UNOlUXQJ ZXUGH DN]HSWLHUW YRQ YLHOHQ DXV JHLVWLJHU %HTXHPOLFKNHLW 'DIUNDPHQGLH*HUFKWHXPGHQ*URHQ%UXGHUZLHGHULQ*DQJ'HU*URH%UXGHU KDWWH LQ]ZLVFKHQ LP 6FKDWWHQ GHU (UHLJQLVVH DXI 'XUJHQ RIIHQEDU JDQ]H $UEHLW JHOHLVWHW $XV YLHOHQ %HUHLFKHQ GHU 0LOFKVWUDH ZDU ]X K|UHQ GD EHNDQQWH :LVVHQVFKDIWOHU XQG 3ROLWLNHU QLFKW PHKU DXI]XILQGHQ VHLHQ 6LH ZDUHQ EHU 1DFKW YHUVFKZXQGHQ ³(U KDW JHJHQ GDV *HERW GHU (KUH YHUVWRHQ (U KDW ZHKUORVH 8QVFKXOGLJH JHW|WHW 6FKOLPPHUQRFK(UKDWYHUVDJW 6RWKR 7\J ,DQ VSUDFK GLH :RUWH JHODVVHQ 'DV 6FKLFNVDO VHLQHU 8QWHUOLQJH HUUHJWH LKQ QLFKW'HU6RWKRZDUHLQHLPSRVDQWH*HVWDOW(UZDULQHLQHQJROGHQHQ6KDQWJHNOHLGHW 3VLRQLVFKH (IIHNWH ZLH VLH GLH (ZLJHQ .ULHJHU KlXILJ EHQW]WHQ XP VLFK JHZDOWLJHU XQG HKUIXUFKWJHELHWHQGHU GDU]XVWHOOHQ DOV VLH LQ :LUNOLFKNHLW ZDUHQ YHUDEVFKHXWH HU

(UEHQW]WHVLHZHQQHVGLH6LWXDWLRQHUIRUGHUWH$EHUDQVRQVWHQ]RJHUHVYRUVLFKLQ VHLQHUQDWUOLFKHQ*HVWDOW]X]HLJHQ (UZDU]ZHL0HWHUJUR'DVJROGHQH0DWHULDOGHV6KDQWEHGHFNWHGLHVHKQLJHQ$UPH XQG %HLQH GHUHQ 0XVNHOVSLHO VRQVW GXUFK GLH WUDQVSDUHQWH +DXW KLQGXUFK ]X VHKHQ JHZHVHQ ZlUH 'HU 6FKlGHO PLW GHU IOLHKHQGHQ6WLUQGHUZHLWDXVODGHQGHQ0LWWHOSDUWLH XQGGHPEUHLWHQLQNUlIWLJHQDFKYRUQUDJHQGH.LHIHUHLQJHEHWWHWHQ0XQGYHUULHWGLH OD]HUWRLGH $EVWDPPXQJ 7\J ,DQV $XJHQ VDHQ LQ GUHLHFNLJHQ +|KOHQ 6LH ZDUHQ YRQ HLJHQWPOLFKJHOEHU)lUEXQJ,KU%OLFNYHUULHW6HOEVWEHZXWVHLQ0LWXQWHUEHJDQQHQVLH DXFK]XOHXFKWHQXQG]XVWUDKOHQXQGPDQVDJWHGDLKQHQGDQQHLQHK\SQRWLVFKH.UDIW LQQHZRKQWH 'HU 6RWKR VD LQ EHTXHPHU +DOWXQJ LQ HLQHP WKURQlKQOLFKHQ 6HVVHO GHU DXV 2EVLGLDQ JHIHUWLJW VFKLHQ %LV DXI GHQ 7KURQVHVVHO ZDU GHU JURH UXQGH 5DXP NDKO 8QG GHQQRFKNRPPDQGLHUWH6RWKR7\J,DQYRQKLHUDXVVHLQ)ODJJVFKLIIGLH*2067$5,Q GHU /XIW VFKZHEWHQ XQVLFKWEDU 'XW]HQGH YRQ 6HUYRPHFKDQLVPHQ GLH MHGHQ VHLQHU %HIHKOH DXIQDKPHQ XQG VRIRUW DQ GHQ ]HQWUDOHQ 6\QWURQ ZHLWHUOHLWHWHQ GHU VHLQHUVHLWV GLH $XVIKUXQJ GHV %HIHKOV EHZLUNWH +LHU ZDU HVWDUWLVFKH 7HFKQLN DP :HUN HLQH 7HFKQLN GHU GLH *DODNWLNHU YRUOlXILJ QRFK QLFKWV *OHLFKZHUWLJHV HQWJHJHQ]XVHW]HQ KDWWHQ 7\J ,DQV :RUWH ZDUHQ DQ HLQ ]ZHUJHQKDIWHV *HVFK|SI JHULFKWHW GDV LQ GHU .DQWH ]ZLVFKHQ :DQG XQG %RGHQ NDXHUWH (V ZDU XQEHNOHLGHW XQG ZLUNWH DXI GHQ HUVWHQ %OLFN ZLH HLQ YHUNOHLQHUWHV $EELOG GHV 6RWKRV (V EHVD GLHVHOEH OD]HUWRLGH 6FKlGHOIRUP GLH JOHLFKH WUDQVSDUHQWH +DXW (UVW EHL QlKHUHP +LQVHKHQ HUNDQQWH PDQ GD GDV NOHLQH :HVHQ PLW HLQHP 6FKZDQ] DXVJHVWDWWHW ZDU 'LHVHQ KDWWH HV ]XVDPPHQJHULQJHOW XQG XQWHU GHQ OLQNHQ $UP JHNOHPPW VR GD HU QLFKW VRIRUW DXIILHO ³'LH (KUH LVW HLQ VHOWVDPHV 'LQJ DQWZRUWHWH GLH ]ZHUJHQKDIWH .UHDWXU QDFKGHQNOLFK ³:R]X VROOWH VLH JXW VHLQ ZHQQ VLH GHQ .lPSIHU GD]X ]ZLQJW GHQ 8QWHUOHJHQHQ ]X VFKRQHQ" :HQQ GX GLH (KUH VR LQWHUSUHWLHUVW N|QQWHVW GX QLH HLQHQ.DPSIJHZLQQHQ,QGHP$XJHQEOLFNLQGHPGHU*HJQHUVLFKXQWHUOHJHQ]HLJW PWHVWGXDXIK|UHQ]XNlPSIHQ 7\J,DQKDWWHDXIPHUNVDP]XJHK|UW ³(LQ LQWHUHVVDQWHU $VSHNW VDJWH HU ³:LH ZUGHVW GX GHQ %HJULII (KUH LQWHUSUHWLHUHQ" 'HU=ZHUJQLHPDQGDQGHUVDOV.UDOVKGHU$QLPDWHXUGHV6RWKRVDQWZRUWHWHRKQH =|JHUQ ³'LH)ROJHLQGHUGLHGUHL*UXQGSULQ]LSLHQGHV3HUPDQHQWHQ.RQIOLNWVEOLFKHUZHLVH DXIJH]lKOWZHUGHQZHLVWLKQHQRKQH=ZHLIHOGHQHQWVSUHFKHQGHQ6WHOOHQZHUW]X'HU .DPSI LVW GDV :LFKWLJVWH HU LVW GLH 6HHOH GHV .RQIOLNWV 'HU *HKRUVDP VWHKW DQ ]ZHLWHU6WHOOHGHQQHLQVLQQYROOHU.DPSILVWRKQH*HKRUVDPQLFKWP|JOLFK'LH(KUH QLPPWGHQOHW]WHQ3ODW]HLQ(KUHQKDIWLVWZHUGHP*HERWJHKRUFKWXQGNlPSIWXQG LP.DPSIVHLQHP$QIKUHU*HKRUVDP]ROOW ³6RKDEHLFKHVQRFKQLHGDUVWHOOHQK|UHQVDJWH7\J,DQ ³6RPXHVDEHUGDUJHVWHOOWZHUGHQEHNUlIWLJWH.UDOVK³'XZHLWGDDXVPLU (67$5786:HLVKHLWXQPLWWHOEDUVSULFKW ³6RZHLLFKGDV"VSRWWHWH7\J,DQ ³:HQQGXHVQLFKWZWHVWWDXJWHVWGXQLFKW]XP6RWKRDQWZRUWHWH.UDOVK

'HP6RWKRVFKLHQHVJHUDWHQGDVLQWHQVLYH7KHPDEHLVHLWH]XODVVHQ ³'XHUJUHLIVWDOVR:LQGDMLV3DUWHLVDJWHHU ³0HLQH0HLQXQJEHUGLH(KUHKDVWGXVFKRQJHK|UWHUNOlUWH.UDOVK³:LQGDMLVLHKW VHLQH(KUHGDULQGDHUGLUJHKRUFKW XQG VLFK LP .DPSI EHZlKUW 'DUDQ LVW QLFKWV DXV]XVHW]HQ(UKDWYHUVDJWJHZL$EHUZDUXP":HLOHUDXI'XUJHQHLQHU.RORQLH GHU*2,EHJHJQHWH'DYRQNRQQWHHUQLFKWVZLVVHQ(VZlUHGHLQH$XIJDEHJHZHVHQLKQ GDUEHU]XLQIRUPLHUHQ ³,FKZXWHVHOEVWQLFKWVGDYRQYHUWHLGLJWHVLFK7\J,DQHUNDQQWHMHGRFKVRIRUWGDHU VLFKPLWGLHVHUbXHUXQJLQHLQH)DOOHPDQ|YULHUWKDWWH ³$KDULHI.UDOVK³(VZlUHDEHUGHLQH$XIJDEHJHZHVHQGDUEHU]XZLVVHQ$OVRKDVW GXDXFKYHUVDJW ³'DVVLQG6SLW]ILQGLJNHLWHQVDJWHGHU6RWKRlUJHUOLFK³1DFKGHPGXPLU:LQGDMLVRZDUP DQV+HU]JHOHJWKDVWZDVKDVWGXPLWLKPYRU" ³(ULVWKLHUXQGELWWHWYRUGLUHUVFKHLQHQ]XGUIHQ 7\J,DQIXKUDXI ³+LHU"$Q%RUGGLHVHV6FKLIIHV" ³-D ³:HUKDWLKQDQ%RUGJHODVVHQ" ³,FK 'DEHJDQQHQGHV6RWKRVJHOEH$XJHQ]XVWUDKOHQ(LQ*ODQ]EUDFKGDUDXVKHUYRUDOVZROOH HU GHQ $QLPDWHXU YHUEUHQQHQ $EHU .UDOVK ZDU XQJHUKUW (U ZDUWHWH HLQH KDOEH0LQXWH ELVVLFK7\J,DQV(UUHJXQJZLHGHU]XOHJHQEHJDQQ ³2GHUKlWWHVWGXHWZDVGDJHJHQHLQ]XZHQGHQ"HUNXQGLJWHVLFK.UDOVK ³1HLQHUZLGHUWHGHU6RWKRVFKURII 'XUFKGLHEUHLWHgIIQXQJGHV6FKRWWHVJOLWWHLQHVLOEHUQJOlQ]HQGH6FKHLEH6LHEHVDHLQHQ 'XUFKPHVVHU YRQ GUHL 0HWHUQ XQG ZXUGH YRQ HLQHP MHQHU DOWHUWPOLFK JHIRUPWHQ 5RERWHU JHWUDJHQGLHQXUIU]HUHPRQLHOOH=ZHFNHYHUZHQGHWZXUGHQXQGGHUHQ*HVWDOWGLHHLQHV 3WHUXVQDFK]XDKPHQYHUVXFKWH 'HU5RERWHUWUDWELVIQI6FKULWWHDQGHQ2EVLGLDQ7KURQKHUDQ'DQQVHW]WHHUGLH6FKHLEH EHKXWVDP DE $XI GHU 6FKHLEH VFKZDSSWHQ XQG YLEULHUWHQ HWZD ]ZDQ]LJ /LWHU HLQHU NOHEULJHQ ZHLHQ )OVVLJNHLW $Q GHQ 5lQGHUQ GHU 6FKHLEH ZDUHQ PHKUHUH NOHLQH *HUlWH PRQWLHUW XQG HV JDE GQQH )lGHQ GHU VFKOHLPLJHQ 6XEVWDQ] GLH PLW GHQ *HUlWHQ LQ 9HUELQGXQJVWDQGHQ 6RWKR7\J,DQYHUIROJWHGHQ$XIWULWWQLFKWRKQHHLQHJHZLVVH$EVFKHX(UZXWHZLHGLH (OIDKGHU N|USHUOLFK EHVFKDIIHQ ZDUHQ DEHU DPRUSKH .|USHU EHKDJWHQ LKP QLFKW 6LH ZLGHUVSUDFKHQ VHLQHU 9RUVWHOOXQJ GD GHU .|USHU GHV .lPSIHUV KDUW PXVNXO|V XQG EHODVWEDUVHLQPVVH ³:DVZLOOVWGXDOVR"IUDJWHHUXQZLOOLJ³'XKDVWHV.UDOVK]XGDQNHQGDGXEHUKDXSW KLHUELVW,FKKDEHNHLQH9HUZHQGXQJIUGLHGLHYHUVDJHQ6SULFKZDVGX]XVDJHQKDVW 'DQQEHIUHLHPLFKYRQGHLQHP$QEOLFN (LQSDDU6HNXQGHQYHUJLQJHQ'DQQNDPDXVHLQHPGHUNOHLQHQ*HUlWHHLQHXQSHUV|QOLFKH HPRWLRQVORVH6WLPPH ³,FKKDEHYHUVDJWHUODXFKWHU+HUUZHLOLFKLQHLQH/DJHJHULHWGHUHQ(LQ]HOKHLWHQPLUQLFKW DXVUHLFKHQG EHNDQQW ZDUHQ ,FK ZLOO PLFK QLFKW KHUDXVUHGHQ ,FK KDEH YHUVDJW :HQQ GX PLFKIUXQZUGLJHUNOlUVWLQGHLQHQ'LHQVWHQ]XVWHKHQZHUGHLFKPLFKVRIRUWHQWIHUQHQ XQGQLHPDQGZLUGMHZLHGHUYRQ:LQGDMLK|UHQ

$EHU EHGHQNH GLHV R +HUU $XI 'XUJHQ JDE HV HLQH 1LHGHUODVVXQJ GHU *URXS 2UJDQLF ,QGHSHQGHQFH 'LHVH 1LHGHUODVVXQJ ZDU PLW KRFKHQWZLFNHOWHU7HFKQLN UHLFKOLFK YHUVRUJW ,KU6WDQGRUWODJQDKHGHP=HQWUXPGHV.XJHOVWHUQKDXIHQV0GUHL]HKQGHULQDOOHQGHLQHQ hEHUOHJXQJHQZHJHQGHUJURHQ9|ONHUGLFKWHRKQH=ZHLIHOHLQHNULWLVFKH5ROOHVSLHOW'HU 6WW]SXQNWGHU*2,KlWWHGRUWXQHUPHOLFKHQ6FKDGHQDQULFKWHQN|QQHQ 'HU 6WW]SXQNW H[LVWLHUW QLFKW PHKU HUOHXFKWHWHU 6RWKR ,FK KDEH LKQ YHUQLFKWHW 8QG LFK KDEH NHLQH 6SXU KLQWHUODVVHQ 'LH 5HJLHUXQJ GHU 5HSXEOLN 'XUJHQ VHOEVW KDW VLFK ]X GHU )HVWVWHOOXQJEHTXHPHQPVVHQGDHVVLFKEHLGHU9HUQLFKWXQJGHU6LHGOXQJ6DDGUDXPHLQ 1DWXUHUHLJQLVKDQGHOWH ³:DVGXDXV5DFKHJHWDQKDVWNDQQVWGXGLUQLFKWDOV9HUGLHQVWDQUHFKQHQVDJWH7\J,DQ ³,FK UHFKQH PLU QLFKWV DQ +HUU NDP HV DXV GHP NOHLQHQ .DVWHQ³*HZLLFKKDEHDXV 5DFKH JHKDQGHOW 1DFKGHP LFK PLFK DXV GHP :UDFN GHV &RQWDLQHUV GDYRQJHVFKOLFKHQ KDWWHLQGHPGHU7HUUDQHUPLFKJHW|WHW]XKDEHQJODXEWHLQIRUPLHUWHLFKPLFKEHUGLH/DJH DXI'XUJHQ,FKKDWWHDFKWRGHU]HKQ6SLW]HOGHU*2,GRUW]XILQGHQHUZDUWHW6WDWWGHVVHQ HQWGHFNWH LFK HLQH JDQ]H .RORQLH PLW 7DXVHQGHQ YRQ (LQZRKQHUQ ,FK KDWWH PLFK DXI 'XUJHQ HLQULFKWHQ ZROOHQ XP GLH $JHQWHQ GHU *2, GHU 5HLKH QDFK ]X IDVVHQ XQG ]X YHUK|UHQ'D*DOEUDLWK'HLJKWRQVHLQHQ.XUVHEHQIDOOVQDFK'XUJHQULFKWHWHZDUQLFKW PHKUDOVHLQ=XIDOODOOHUGLQJVHLQJOFNOLFKHU ,FK HUIXKU MHW]W HUVW GD GLH *2,6SLW]HO PLFK YRP HUVWHQ $XJHQEOLFN PHLQHU $QZHVHQKHLW DXI 'XUJHQ DQ EHREDFKWHW KDWWHQ $OV LFK 'HLJKWRQ LQ PHLQH *HZDOW EUDFKWHZDUHVLKQHQHLQH.OHLQLJNHLWPLFKDQ]XJUHLIHQXQGGHQ7HUUDQHU]XEHIUHLHQ -D+HUULFKGUVWHWHQDFK5DFKH,FKGHQVLHIUWRWKLHOWHQZROOWHVLHIUGDVEHVWUDIHQ ZDV VLH PLU DQJHWDQ KDWWHQ 6LH KDWWHQ PLFK ]XP 9HUVDJHU JHPDFKW 6LH KDWWHQ PHLQH 5VWXQJ]HUVW|UWVRGDLFKDOVJOLHGORVHVDPRUSKHV*HVFK|SIGXUFKGLH:lOGHUNULHFKHQ PXWH6LHKDWWHQPLFKHUQLHGULJW $EHU LFK EHVLW]H PHLQH 9HUELQGXQJHQ 6HLWGHP GX PLFK ]XP %HIHKOVKDEHU GHU )XDWD -HVKL JHPDFKW KDVW KDEH LFK DXI DOOHQ ZLFKWLJHQ :HOWHQ PHLQH 9HUWUDXHQVOHXWH VLW]HQ 8QGYRQ GHQ2UWHQDXVDQGHQHQVLHNHLQHQVWlQGLJHQ6LW]KDEHQNDQQLFKRKQH0KH9HUELQGXQJ PLWLKQHQDXIQHKPHQ ,FK OLH PHLQH )lGHQ VSLHOHQ (LQ SDDU :RFKHQ GDXHUWH HV GDQQ ZDU LFK VRZHLW 'LH 6SLW]HO GHU *2, ZXUGHQ LP 6FKODI EHUUDVFKW .HLQHU YRQ LKQHQ VDK GHQ QlFKVWHQ 6RQQHQDXIJDQJ PHKU 0HLQ 'XUVW QDFK 5DFKH ZDU JHVWLOOW XQG LFK VRQQWH PLFK LQ GHU +RIIQXQJGDPHLQ+HUUPLUGLH7DW]XGDQNHQZHUGHQZLVVH 'HU 6RWKR VD UHJORV (U DQWZRUWHWH QLFKW 'HP $QLPDWHXU GDXHUWH GDV 6FKZHLJHQ ]X ODQJH ³6SULFKVFKRQVDJWHHUlUJHUOLFK³6DJGDGXEHHLQGUXFNWELVW ³,FKELQEHHLQGUXFNWVDJWH7\J,DQ ³,FKGDQNHGLUR+HUUDQWZRUWHWHGHU(OIDKGHU³,FKELQGHLQ:HUN]HXJ,FKNHQQHNHLQHQ :LOOHQ DXHU GHLQHP ,Q GHQ :RFKHQ LQ GHQHQ LFK XQWHUZHJV ZDU KDEH LFK *DOEUDLWK 'HLJKWRQV6SXUJHVXFKW,FKELQVRJXWZLHVLFKHUGDLFKVLHJHIXQGHQKDEH $XFKGDUDXIUHDJLHUWH7\J,DQQLFKW ³(ULVWGHU]XYHUOlVVLJVWH'LHQHUGHQGXILQGHQNDQQVW]HWHUWH.UDOVK³/RV:LQGDMLVDJ LKPZDVGXGLUVRQVWQRFKDXVJHGDFKWKDVW ³1XUPLWGHVPlFKWLJHQ+HUUQ(UODXEQLVDQWZRUWHWHGHU(OIDKGHU ³,FKHUODXEHHVGLUVDJWH7\J,DQ ³'XKDVWYRQGHP'LQJJHK|UWGDVVLHGHQ*URHQ%UXGHUQHQQHQR+HUU"

³'LQJ"IUDJWHGHU6RWKRYHUZXQGHUW³,VWHVHLQ'LQJ" ³0X HV VHLQ HUODXFKWHU +HUU DQWZRUWHWH :LQGDML ³:HQLJH 7DJH QDFKGHP GDV )ODJJVFKLIIGHU7HUUDQHUXQVDXIVRKHLPWFNLVFKH:HLVHHQWZLFKHQZDUWDXFKWHQGLHHUVWHQ *HUFKWH EHU GHQ *URHQ %UXGHU DXI 'HU *URH %UXGHU VDPPHOW :LVVHQVFKDIWOHU 3ROLWLNHUEHNDQQWH)LJXUHQGHV|IIHQWOLFKHQ/HEHQV8QGVLHODXIHQLKP]XGDVZLVVHQZLU :RZLOOGHU*URH%UXGHUVLHXQWHUEULQJHQ"$QHLQHPIHVWHQ2UWGHUEHUNXU]RGHUODQJ YRQGHLQHQ6SlKHUQJHIXQGHQZHUGHQZLUG"'LH$XIUKUHUJODXEHQQLFKWDQGLH:HLVKHLW GHU/HKUHYRP3HUPDQHQWHQ.RQIOLNW,QGLHVHU+LQVLFKWVLQGVLHYHUVWRFNWDEHUDQVRQVWHQ VLQG VLH QLFKW GXPP 'HU 2UW DQ GHP GLH $XIJHVDPPHOWHQ XQWHUJHEUDFKW ZHUGHQ PX EHZHJOLFK VHLQ 1XU VR KDW HU HLQH &KDQFH GHU $XIPHUNVDPNHLW GHLQHU 6SlKHU ]X HQWJHKHQ ,FK VDJH GLU HUOHXFKWHWHU 6RWKR 1LHPDQG DQGHUV DOV GLH %$6,6 LVW GHU *URH %UXGHU 8QG LKU +HUROG GHU GLH *HUFKWH LQ GLH :HOW VHW]W LVW GDV NOHLQHUH 5DXPVFKLII GLH$5/$1(MHQHVGDVDQJHEOLFKWHFKQLVFKH([SHUWHQ]XU%HVSUHFKXQJGHU8PUVWXQJ DQ%RUGGHU*20%$1$EULQJHQZROOWH ³'XELVWQLFKWQXUHUVWDXQOLFKJXWLQIRUPLHUW:LQGDMLVDJWHGHU6RWKRDQHUNHQQHQG³GHLQH *HGDQNHQYHUODXIHQHQWODQJGHUVHOEHQ%DKQHQZLHPHLQH,FKKDEHGHQVHOEHQ9HUGDFKW ³,FKELQYROOHU(KUIXUFKWYHUVLFKHUWHGHU(OIDKGHU³(VPXGLH*QDGH(67$5786VHLQ GLH PLU GLHVHOEHQ *HGDQNHQ HLQJLEW ZLH GHP PlFKWLJHQ 6RWKR 'DQQ ZLUVW GX VLFKHUOLFK DXFKVFKRQDQGLHVHVJHGDFKWKDEHQHUODXFKWHU+HUU*DOEUDLWK'HLJKWRQLVWHLQEHNDQQWHU XQG HUIDKUHQHU 3ROLWLNHU 6LFKHUKHLWVH[SHUWH REHQGUHLQ (U LVW HLQHU GHU ZLFKWLJVWHQ XQWHU GHQHQGLHGHU*URH%UXGHUDXIVDPPHOQZLOO 6RWKR7\J,DQEHXJWHVLFKQDFKYRUQH(UZDUHUUHJWGDVVDKPDQDP)XQNHOQGHU$XJHQ ³:HLWHUGUlQJWHHU³6SULFKZHLWHU:LQGDML ³,FKKDEH*DOEUDLWK'HLJKWRQV6SXUJHIXQGHQKRKHU+HUUVDJWHGHU(OIDKGHU³,FKNDQQ PLFKDXILKQNRQ]HQWULHUHQ:HQQHUPLWGHP*URHQ%UXGHU.RQWDNWDXIQLPPWEUDXFKH LFKQXU]X]XVFKODJHQGDQQKDEHLFKEHLGH'HLJKWRQXQGGHQ*URHQ%UXGHU 'HU6RWKRJOLWWZLHGHULQEHTXHPH+DOWXQJ]XUFN ³'XELVWHLQJHWUHXHU'LHQHU:LQGDMLVDJWHHU³'XHUNHQQVWPHLQH*HGDQNHQEHYRULFK VLHLQ:RUWHIDVVH,FKVHW]HGLFKKLHUPLWLQGHLQIUKHUHV$PWZLHGHUHLQ'XELVWGHU+HUU GHU)XDWD-HVKLXQGGHLQH$XIJDEHLVWHV*DOEUDLWK'HLJKWRQXQGGHQ*URHQ%UXGHU]X IDVVHQXQGDQPLFKDXV]XOLHIHUQ 'DZXUGHHVSO|W]OLFKJDQ]VWLOO1LFKWHLQPDO.UDOVKKDWWHHLQ:RUW]XVDJHQ(LQH0LQXWH YHUJLQJGDQQNDP]DJKDIWGLH6WLPPHGHV(OIDKGHUVDXVHLQHPGHUNOHLQHQ*HUlWHDP5DQG GHU6FKVVHO ³'HLQH*QDGHEHUZlOWLJWPLFKR+HUU,FKKDWWHQLFKWGDPLWJHUHFKQHWGDGXPLUGLHVHOEH $XIJDEH EHL GHU LFK HLQPDO YHUVDJWH HLQ ]ZHLWHVPDO EHUWUDJHQ ZUGHVW ,FK ELQ GHLQ :HUN]HXJHUOHXFKWHWHU6RWKRLFKVDJWHHVEHUHLWV,FKKDEHGDV*HZDQGGHU(OIDKGHUQLFKW JHWUDJHQVHLWGHPLFKDXVGHP&RQWDLQHUNULHFKHQPXWHLQGHPGLH6SLW]HOGHU*2,PLFK EHUUDVFKWHQ ,FK KDEH QLFKW GLH $EVLFKW GLH 5VWXQJ PHLQHV 9RONHV MHPDOV ZLHGHU DQ]XOHJHQ,FKEHQXW]HPHLQHQ.|USHUXPDOOHU:HOW]X]HLJHQGDLFKGHV6RWKRV6NODYH ELQXQGGDLFKGDV9RONGHU3WHUXVYHUHKUHDXVGHPGHUPlFKWLJH6RWKRVWDPPW (WZDV (LJHQDUWLJHV JHVFKDK 'LH PLOFKLJZHLH )OVVLJNHLW GLH ELVKHU EHU GLH 2EHUIOlFKH GHU VLOEHUQHQ 6FKHLEH DXVJHEUHLWHW JHZHVHQ ZDU ]RJ VLFK ]XVDPPHQ ,Q GHU 0LWWH GHU 6FKHLEHHQWVWDQGHLQH(UKHEXQJDXVZHLHU6XEVWDQ]GLHXPVRPHKULQGLH+|KHZXFKVMH PHKUYRQGHUJHULQQHQGHQ)OVVLJNHLWVLHLQVLFKDXIQDKP'LHGQQHQ)lGHQO|VWHQVLFK YRQ GHQ *HUlWHQ DP 5DQG GHU 6FKHLEH XQG YHUVFKZDQGHQ LQ GHP ZHLHQ *HELOGH GDV

]XHUVW GLH )RUP HLQHU URKHQ XQEHKDXHQHQ 6lXOH KDWWH VHLQH *HVWDOW MHGRFK UDVFK YHUlQGHUWH 0LW XQYHUKRKOHQHP 6WDXQHQ VDK GHU 6RWKR ]X ZLH DXV GHU IRUPORVHQ 0DVVH HLQ YHUWUDXWHU 8PUL HQWVWDQG 'LH ODQJHQ $UPH GLH VFKODQNHQ DEHU PXVNXO|VHQ %HLQH GDV ZDUHQ XQYHUNHQQEDUH $UWPHUNPDOH VHLQHV HLJHQHQ 9RONHV 2EHQ DXV GHP ZHLHQ *HELOGH ZXFKV HLQ 6FKlGHO PLW IODFKHU 6WLUQ ZHLW DXVODGHQG LQ GHU 0LWWH PLW YRUJHVFKREHQHU 0XQGSDUWLH 'UHLHFNLJH $XJHQK|KOHQ HQWVWDQGHQ XQG GDULQ SXSLOOHQORVH$XJlSIHODXVUHLQVWHP:HL 'LH0HWDPRUSKRVHZDUDEJHVFKORVVHQ$XVGHUDPRUSKHQ6XEVWDQ]GHV(OIDKGHUVZDU GDV$EELOGHLQHV3WHUXVJHZRUGHQ'HUIHUWLJH.|USHUZDUQLFKWPHKUVFKOHLPLJRGHU NOHEULJ(UEHVWDQGDXVIHVWHU0DVVH(UVFKUHFNHQGZDUQXUGLHPDNHOORVZHLH)DUEH GHU %OLFN GHU VFKHLQEDU EOLQGHQ $XJHQ 'LH +DXW GHV LPLWLHUWHQ 3WHUXV.|USHUV ZDU QLFKW GXUFKVLFKWLJ 0DQ VDK GLH 0XVNHOQ XQG 6HKQHQ QLFKW DXFK GDV NQRUSHOLJH 6NHOHWWQLFKW$EHUDQVRQVWHQZDUGLH1DFKELOGXQJYROONRPPHQ 'HUEOHLFKH0XQG|IIQHWHVLFKXQGHLQHIHVWH6WLPPHVSUDFK ³'X KRKHU +HUU KDVW MHW]W HLQ *HKHLPQLV HUIDKUHQ GDV VHOEVW $\DQQHK GHP +HUUVFKHUYRQ$EVDQWKD6KDGYHUERUJHQLVW'HU.|USHUGHV(OIDKGHUVLVWEHOLHELJHU 9HUZDQGOXQJ IlKLJ ,FK KDEH GLHVH *HVWDOW DQJHQRPPHQ XP GLU PHLQH 9HUHKUXQJ ]X ]HLJHQ 'LHVHU .|USHU GHU )RUP HLQHV 3WHUXV QDFKJHELOGHW LVW YROONRPPHQ IXQNWLRQVIlKLJ,FKNDQQK|UHQVHKHQIKOHQXQGULHFKHQ(VLVWHLQZLGHUVWDQGVIlKLJHU .|USHUGHUHLQHP0HLVWHUVFKOHUNHLQH6FKDQGHPDFKW 'HU6RWKRKDWWHVLFKHUKREHQ ³'HLQH *HVWH :LQGDML ZHUGH LFK QLFKW YHUJHVVHQ HUNOlUWH HU IHLHUOLFK ³,FK ZLHGHUKROH 'X ELVW LQ GHLQ IUKHUHV $PW ZLHGHUHLQJHVHW]W 'X ELVW PHLQ 9HUWUDXWHU XQG HPSIlQJVW GHLQH %HIHKOH YRQ QLHPDQG DQGHUHP DOV PLU 'X KDVW DXI 'XUJHQ XQWHU%HZHLVJHVWHOOWZLHGHUZDKUH.lPSIHUVLFK]XUlFKHQZHL'HLQ1DPHOHJW XQ]XUHLFKHQGHV =HXJQLV YRQ GHLQHQ )lKLJNHLWHQ DE 'X ELVW HLQ -lJHU JHZL DEHU HLQHUYRUGHPPHLQH)HLQGHGDV)UFKWHQOHUQHQVROOHQ,FKJHEHGLUHLQHQ%HLQDPHQ (OIDKGHU 'X ZLUVW IRUWDQ QLFKW PHKU :LQGDML VHLQ VRQGHUQ :LQGDML .XWLVKD GHU 6FKUHFNOLFKH-lJHU (UVWDXQW EHWUDFKWHWH *DOEUDLWK 'HLJKWRQ GHQ 7H[W GHU LKP YRQ GHU 9LGHRIOlFKH HQWJHJHQOHXFKWHWH ³6XFKVW GX GHQ *URHQ %UXGHU" VWDQG GD ³:HQQ GX GHU VHHOHQYHUJLIWHQGHQ /HKUH YRP 3HUPDQHQWHQ .RQIOLNW EHUGUVVLJ ELVW ZHQQ GHLQH $XVELOGXQJ (UIDKUXQJ GLFK EHIlKLJHQ DXI QDWXUZLVVHQVFKDIWOLFKHP RGHU WHFKQLVFKHP *HELHW 8QJHZ|KQOLFKHV ]X OHLVWHQ RGHU ZHQQ GX GLFK DXI GHP *HELHW GHU :HVHQIKUXQJ DXVNHQQVW GLU YLHOOHLFKW VRJDU LP SROLWLVFKHQ /HEHQ HLQHQ 1DPHQ JHPDFKW KDVW '$11 68&+67 '8 '(1 *5266(1%58'(5 1RUPDOHUZHLVH KlWWH *DOEUDLWK 'HLJKWRQ DQ GLHVHU 6WHOOH DXIJHK|UW ]X OHVHQ (U OLHEWH HVQLFKWZHQQ8QEHNDQQWHLKP1DFKULFKWHQ]XVFKLFNWHQPLWGHQHQHUQLFKWVDQIDQJHQ NRQQWH=XGHPYHUPLWWHOWHLKPGHU=XVFKQLWWGHV7H[WHVGHQ(LQGUXFNGDHVVLFKKLHU XP HLQH 6WUHXVHQGXQJ KDQGHOWH XP HLQH 0LWWHLOXQJ DOVR GLH ZDKOORV DQ +XQGHUWH 7DXVHQGH YLHOOHLFKW VRJDU =HKQWDX VHQGH YRQ 'DWHQDQVFKOVVHQ YHUVFKLFNW ZRUGHQ ZDU

$EHU GHU 7H[W VSUDFK LKQ DQ =XGHP KDWWH HU LQ GHQ YHUJDQJHQHQ 7DJHQ GHV |IWHUHQ YRP *URHQ %UXGHU JHK|UW $XI *DWDV VSUDFK PDQ GDYRQ GD HV VLFK XP HLQH 0DFKW KDQGHOH GLH VLFK DQVFKLFNH JHJHQ 6RWKR 7\J ,DQ ]X NlPSIHQXQGGHU0LOFKVWUDHGLH 8QDEKlQJLJNHLW ]XUFN ]XJHEHQ (U ZXWH YRQ GHU *2, 'HU *HGDQNH ODJ QDKH GD GLH *2, PLW GHP *URHQ %UXGHU LGHQWLVFK VHL $EHU 'HLJKWRQ KDWWH +XJRW 3HUYHLOOLQ JHEHWHQ GDIU ]X VRUJHQ GD PDQ VLFK YRQ VHLWHQ GHU *2, PLW LKP LQ 9HUELQGXQJ VHW]H:UGHPDQGDVDXIGLHVH:HLVHWXQ" (UODVZHLWHU ³:LH IUDJVW GX VROO LFK GHQ *URHQ %UXGHU ILQGHQ" 'X NDQQVW GLU YRUVWHOOHQ GD GLH 0lFKWH GHV .RQIOLNWV KLQWHU GHP *URHQ %UXGHU KHU VLQG (U PX DOVR YRUVLFKWLJ VHLQ 'HQQRFK ZLUG HV GLU QLFKW DOO]X VFKZHUIDOOHQ .RQWDNW PLW LKP DXI]XQHKPHQ /|VFKH GLHVHQ (LQWUDJ LQ GHLQHP SULYDWHQ 'DWHQEHUHLFK (U ZLUG LQ .U]H HLQ ]ZHLWHVPDO HUVFKHLQHQ /|VFKVW GX LKQ GDQQ DEHUPDOV XQG ]ZDU ELQQHQ HLQHU )ULVW YRQ ]HKQ 6WDQGDUGPLQXWHQ GDQQ HQWQHKPH LFK GDUDXV GD GX DQ HLQHP *HVSUlFK PLW GHP *URHQ%UXGHULQWHUHVVLHUWELVW/lWGXGHQ(LQWUDJGDJHJHQVWHKHQGDQQZHLLFKGDGX YRP *URHQ %UXGHU YRUOlXILJ QRFK QLFKWV K|UHQ ZLOOVW 9RUOlXILJ VDJH LFK PLW %HGDFKW 'HQQHVNDQQQLFKWPHKUODQJHGDXHUQGDQQZHUGHQDOOHQ%UJHUQGHU*DOD[LVGLH$XJHQ JH|IIQHWZHUGHQXQGVLHZHUGHQHUNHQQHQZHOFKXQKHLPOLFKH*HIDKUGLH3KLORVRSKLHGHV 3HUPDQHQWHQ.RQIOLNWVGDUVWHOOW'DQQPDJVWGXDQGHUHQ6LQQHVZHUGHQ'DQQJHEHQZLUGLU QRFKHLQPDO*HOHJHQKHLWPLWGHP*URHQ%UXGHULQ9HUELQGXQJ]XWUHWHQ 'HP OHW]WHQ :RUW IROJWH GDV (QGRI7H[W=HLFKHQ 'LH 1DFKULFKW EHJDQQ PLW GHP 6WHUQFKHQV\PERO GDV 6WDUWRI7H[W VLJQDOLVLHUWH *DOEUDLWK 'HLJKWRQ ]|JHUWH HLQ SDDU 6HNXQGHQ'DQQJDEHUGHP&RPSXWHUGHQ$XIWUDJDOOHVZDV]ZLVFKHQ627XQG(27ODJ ]XO|VFKHQ'HU7H[WYHUVFKZDQGDXJHQEOLFNOLFK $EHU]HKQ6HNXQGHQVSlWHUZDUHUZLHGHUGD'DVVHOEH)RUPDWGHUVHOEH:RUWODXWDOVKlWWH GHU &RPSXWHU YRQ VLFK DXV GLH /|VFKXQJ ZLGHUUXIHQ 'LHVPDO ]|JHUWH 'HLJKWRQ QLFKW PHKU(UJDEGHQ]ZHLWHQ/|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lFKHQ 'DV )HQVWHU HUKHOOWH VLFK HLQ ZHQLJ 'LH 6FKDWWHQ GHU 3LQLHQEVFKH ZDUHQ OlQJHU JHZRUGHQ 'LH 6RQQH 9HUWK QHLJWH VLFK GHP +RUL]RQW HQWJHJHQ %DOG ZUGH GLH 6LHGOXQJ9LLQ7DDOH]XP/HEHQHUZDFKHQ (UWUDWQlKHUDQV)HQVWHU(UZRKQWHZLHHVVLFKIUHLQHQUHLFKHQ$XVVLHGOHUYRQ3ORSKRV JHK|UWH(UZDUQLFKWPHKU2UYLOOH*7UDFKWPDQYRQ7HUUD6HLQ1DPHODXWHWHMHW]W/DYRQ 3HUWK(UWUXJQRFKLPPHUGHQNOHLQHQ,PSXOVJHEHUDXIGHP/HLEGHQHUGDPDOV]XVDPPHQ PLW GHP 5HVW VHLQHU +DEVHOLJNHLWHQ DXV :LQGDMLV &RQWDLQHU JHERUJHQ KDWWH (V ZDU VFKOLHOLFKQLFKWGLH6FKXOGGHV*HUlWVJHZHVHQGDHUGHP(OIDKGHULQGLH)DOOHJHJDQJHQ ZDU'LH(PLVVLRQGHV,PSXOVJHEHUVZDUHLQZHQLJYHUlQGHUWZRUGHQ²IUGHQ)DOOGD

GLH+lVFKHUGHV6RWKRVHLQH$XI]HLFKQXQJGHUXUVSUQJOLFKHQ,PSXOVIROJHEHVDHQ /DYRQ3HUWKZDUDXI3ORSKRVGDVJHZHVHQZDVPDQHLQHQ,QGXVWULHOOHQQDQQWH(UKDWWH GHQ JU|WHQ 7HLO VHLQHU /LHJHQVFKDIWHQ YHUIOVVLJW GHQ (UO|V LQ OHLFKW NRQYHUWLHUEDUHQ 3DSLHUHQDQJHOHJWXQG3ORSKRVYHUODVVHQZHLO LKP GLH -QJHU GHV 3HUPDQHQWHQ .RQIOLNWV GHQ1DFNHQKLQDEDWPHWHQZLHHUVLFKDXVGUFNWH)UHLQHQ0DQQVHLQHU*HVLQQXQJZDU HV YHUVWlQGOLFK GD HU VLFK HLQ QHXHV 'RPL]LO LQ GHU (DVWVLGH GHU 0LOFKVWUDH VXFKWH LQ MHQHP %HUHLFK GHQ GLH ]DKOUHLFKHQ 9|ONHU GHU %OXHV LKUH +HLPDW QDQQWHQ 'LH %OXHV QlPOLFK ZDUHQ YRQ GHU 3KLORVRSKLH GHV 3HUPDQHQWHQ .RQIOLNWV QDFK YLHU -DKUHQ XQXQWHUEURFKHQHU SURSDJDQGLVWLVFKHU %HULHVHOXQJ QRFK LPPHU VR XQEHHLQGUXFNW ZLH DP HUVWHQ7DJ'LH/HKUHUGLHGHQ.ULHJHUNXOWYHUNQGHQZROOWHQZDUHQLQGHU(DVWVLGHQLFKW ZLOONRPPHQ 6R KDWWH HV DXFK /DYRQ 3HUWK KLHUKHUJH]RJHQ XQG HV ZDU GHP HKHPDOLJHQ ,QGXVWULHOOHQJHOXQJHQHLQVWDQGHVJHPlHV$QZHVHQDXIHLQHPGHUQHXQ+JHOYRQ9LLQ 7DDOH]XJQVWLJHQ%HGLQJXQJHQ]XHUZHUEHQ 'HU%OLFNGXUFKGDVKDOEZHJVGHSRODULVLHUWH)HQVWHUJLQJGHQ+DQJKLQDEELV]XUHLQ]LJHQ GXUFKJHKHQGHQ 6WUDH YRQ 9LLQ7DDOH 'DV :RUWSDDU ZDU GLH 7UDQVVNULSWLRQ HLQHV %OXHV %HJULIIV GHU VRYLHO ZLH ³1HVW GHU )UHXQGH EHGHXWHWH $OV )UHXQGH EH]HLFKQHWHQ GLH *DWDVHU DOOH GLHMHQLJHQ GLH DXV GHU :HVWVLGH GHU 0LOFKVWUDH ]XJHZDQGHUW ZDUHQ ZHLO LKQHQ GLH $XIGULQJOLFKNHLW GHV 6RWKRV QLFKW EHKDJWH 'LHVHQ KDWWH PDQ DXI *DWDV XQG DQGHUHQ %OXHV:HOWHQ HLQHQ EHJHLVWHUWHQ (PSIDQJ EHUHLWHW 0DQ KDWWH LKQHQ HLJHQH 6LHGOXQJHQHUULFKWHWLQGHUHQ 1DPHQ RKQH $XVQDKPH GDV %OXHV:RUW9LL³)UHXQGHLQ LUJHQGHLQHU)RUPYRUNDP ,Q VROFKHQ 6LHGOXQJHQ OHEWHQ GLH )UHPGHQ GDV /HEHQ YRQ ([LOWHUUDQHUQ ([LODUNRQLGHQ ([LOWRSVLGHUQ RGHU ZR VLH VRQVW DXFK LPPHU KHUNRPPHQ PRFKWHQ (V JDE QLFKW YLHO $XIUHJXQJNDXP$EZHFKVOXQJ0DQYHUVXFKWHVLFK]XDNNRPRGLHUHQ 7DJVEHU ZDU 9LLQ7DDOH VR JXW ZLH WRW 'LH 6LHGOXQJ ODJ ZHLW DEVHLWV DOOHU EOXHVVFKHQ =LYLOLVDWLRQV]HQWUHQLQKJHOLJHP*HELHWDPSRODUQDKHQ5DQGGHUQ|UGOLFKHQJHPlLJWHQ =RQH$EHU9HUWKGLHULHVLJHEODXZHLH6RQQHGHVJOHLFKQDPLJHQ6\VWHPVEUDQQWHDXFK KLHU QRFK PLW XQEDUPKHU]LJHU *OXW XQG HU]HXJWH 7DJHVWHPSHUDWXUHQ ]ZLVFKHQ XQG *UDG&HOVLXV(UVWZHQQGLH6FKDWWHQOlQJHUZXUGHQGDQQNDPHQGLH([LOLHUWHQDXVLKUHQ +lXVHUQ XQG ZHQQ GLH 'XQNHOKHLW KHUHLQEUDFK EHJDQQ GDV JHVHOOVFKDIWOLFKH /HEHQ LQ 9LLQ7DDOH *DOEUDLWK'HLJKWRQVDKDXIGLH8KU(VZDU=HLWGDHUVLFKIUGHQDEHQGOLFKHQ$XVJDQJ KHUULFKWHWH (QWODQJ GHU +DXSWVWUDH GHU 6LHGOXQJ UHLKWHQ VLFK GLH NOHLQHQ /lGHQ LQ GHQHQ GLH ([LOEUJHU LKUH (LQNlXIH WlWLJWHQ GLH 7KHDWHU GLH 6SLHOVDORQV 5HVWDXUDQWV XQG .QHLSHQ XQG HLQLJH ZHQLJH (WDEOLVVHPHQWV GHUHQ $QJHERWH HLQ ZHQLJ DXI GHU DQUFKLJHQ 6HLWH ODJHQ $OV *DOEUDLWK 'HLJKWRQ JHNOHLGHW LQ HLQH %OXVH DXV VLOEHUPHWDOOLVFKHP 6WRII HLQH QDFKWEODXH +RVH PLW GD]X SDVVHQGHQ 6WLHIHOQ GD]X DQJHWDQ PLW HLQHP SXUSXUURWHQ EROHURlKQOLFKHQ8PKDQJGHQ+DQJKHUDENDPZDUGLH6RQQHVFKRQXQWHUJHJDQJHQ'LH +DXSWVWUDHEHOHEWHVLFK'HLJKWRQJUWH%HNDQQWHXQGZXUGHZLHGHUJHJUW=LHOVWUHELJ KLHOWHUDXIGDV/RNDO]XGHPHUJHZ|KQOLFKXPGLHVH7DJHV]HLWVHLQHQ%HVXFKDEVWDWWHWH 'HU6FKZDU]H6FKZDQZDUDXIQRVWDOJLVFKKHUJHULFKWHW'HU(LJHQWPHU'XQJR6ZDQHLQ 7HUUDQHU ]HQWUDODIULNDQLVFKHU +HUNXQIW PDFKWH NHLQHQ +HKO GDUDXV GD HU VLFK QDFK GHU (UGHVHKQWH'LH:DQGGHNRUDWLRQHQVWHOOWHQLQGHU+DXSWVDFKHWHUUDQLVFKH6]HQHQGDU'LH 7LVFKHLP%ODFN6ZDQZDUHQNOHLQNDXPHLQHUGHUPHKUDOVVHFKV3HUVRQHQ3ODW]ERW'LH

7LVFKSODWWHQ UXKWHQ DXI GLFNEDXFKLJHQ LPLWLHUWHQ )lVVHUQ LQ GHUHQ ,QQHUHP VLFK GLH NRPSOL]LHUWH 0HFKDQLN GHU 6HUYLHUDXWRPDWLN EHIDQG )U GLH %HTXHPOLFKNHLW GHU *lVWH GLHLKUH%HLQHDXVVWUHFNHQZROOWHQZDUHQ1LVFKHQLQGDV)DJHVFKQLWWHQ *DOEUDLWK 'HLJKWRQV 6WDPPSODW] EHIDQG VLFK XQWHU GHP %LOG GDV HLQHQ YRQ 0DQJURYHQ XQG 3DOPHQ JHVlXPWHQ :DVVHUODXI GDUVWHOOWH 'LH :DVVHUREHUIOlFKH ZDU LQ %HZHJXQJ (LQ0LWJOLHGGHU6SH]LHV7ULFKHFKXVPDQDWXVHLQHNDULELVFKH6HHNXKWDXFKWHVRHEHQ]XP /XIWKROHQDXI 6RRUQH $QJHUVWDQ XQG 4XDOLN 1XUU ZDUHQ EHUHLWV DQZHVHQG $QJHUVWDQ ZDU HLQ 6SULQJHUDEN|PPOLQJHKHPDOVXQDEKlQJLJHU+lQGOHUDXI*DWDVJHVWUDQGHWZHLOLKPGDV +DQGHOQNHLQHQ6SDPHKUPDFKWH'LH,QVSHNWHXUHGHV6RWKRVKlWWHQLKP]XVFKDUIDXI GLH )LQJHU JHVHKHQEHKDXSWHWHHU6HLQHU+HUNXQIWHQWVSUHFKHQGNOHLGHWHHUVLFKJHUQH DXIIlOOLJ $XFK GHU ]X ]DKOORVHQ =|SIFKHQ JHIORFKWHQH PLW EXQWHP 6FKQLFNVFKQDFN EHKDQJHQH %DUW IHKOWH QLFKW 6RRUQH $QJHUVWDQ ZDU NORELJ YRQ *HVWDOW XQG SROWHUQG LQ VHLQHP %HQHKPHQ $EHU KLQWHU GHU YLHOIDFK JHIXUFKWHQ 6WLUQ EHIDQG VLFK HLQ ZDFKHU 9HUVWDQG 4XDOLN 1XUU NDP YRQ 7RSVLG :HOFKHQ %HUXI HU HLQVW DXVJHEW KDWWH GDV ZDU ELVODQJ QLFKW LQ (UIDKUXQJ JHEUDFKW ZRUGHQ 'LH WRSVLGLVFKH *HVHOOVFKDIW EHVD HLQH JUXQGOHJHQG DQGHUH 6WUXNWXU DOV GLH KXPDQRLGHU :HVHQ $XI 7RSVLG JDE HV %HUXIH GLH DXI GHQ +XPDQRLGZHOWHQNHLQbTXLYDOHQWEHVDHQ4XDOLN1XUUZDUDQGLH]ZHL0HWHUJUR(U EHVDHLQHQEUHLWHQ6FKlGHOPLWNRQLVFKQDFK YRUQH UDJHQGHU 0XQGSDUWLH $Q .OHLGXQJ WUXJ HU QLFKW PHKU DOV GLH JXWH 6LWWH HUIRUGHUWH 'HQ 6FKZDQ] KDWWH HU VLFK NXSLHUHQ ODVVHQ GHU %HTXHPOLFKNHLW KDOEHU ZLH HU VDJWH (U OLVSHOWH ZHQQ HU ,QWHUNRVPR VSUDFK XQG ZDU GDV OHEHQGH %HLVSLHO GDIU GD 'XQJR 6ZDQV WHUUDQLVFKH 1RVWDOJLH DXFK GLH $QJHK|ULJHQIUHPGHU.XOWXUNUHLVHDQ]XORFNHQYHUPRFKWH *DOEUDLWK'HLJKWRQZXUGHEHJUW.DXPKDWWHHU3ODW]JHQRPPHQGDTXlNWHGLH6WLPPH GHU6HUYLHUDXWRPDWLN ³:DVVROOHVVHLQZHUWHU*DVW" ³'DVEOLFKHDQWZRUWHWH'HLJKWRQ 0DQ JDOW LP %ODFN 6ZDQ DOV 6WDPPJDVW ZHQQ HLQHQ GLH $XWRPDWLN DQ GHU 6WLPPH HUNDQQWH XQG VLFK DQ GDV JHZQVFKWH *HWUlQN HULQQHUWH 9RU 'HLJKWRQ |IIQHWH VLFK HLQH .ODSSHXQGHLQDOWPRGLVFKHV*ODVPLWGUHL)LQJHUKRFKJROGEUDXQHP6RXU0DVKXQG ]ZHL(LVZUIHOQNDP]XP9RUVFKHLQ(UUFNWHGDV*ODVEHLVHLWH'LH.ODSSHVFKORVLFK ZLHGHU'LH6WLPPHGHU$XWRPDWLNVDJWH ³,FKKDE VDXIGHLQH5HFKQXQJJHVFKULHEHQ/DYRQ3HUWK 'HLJKWRQKREGDV*ODVDQGLH/LSSHQXQGQDKPHLQHQYRUVLFKWLJHQ6FKOXFN ³:DVJLEW V1HXHVLQ*UR9LLQ7DDOH"HUNXQGLJWHHUVLFK (VZDUMHGHQ$EHQGGDVVHOEH(UNDPLQGHQ%ODFN6ZDQ6RRUQH$QJHUVWDQXQG4XDOLN 1XUUVDHQEHUHLWVDP7LVFKHUEHVWHOOWHQDKPHLQHQ6FKOXFNXQGHUNXQGLJWHVLFKQDFKGHQ OHW]WHQ 1HXLJNHLWHQ ZRKO ZLVVHQG GD HV NHLQH JDE 8QG 4XDOLN 1XUU DQWZRUWHWH PLW LUJHQGHLQHU%HODQJORVLJNHLW ³,FKEHUOHJHPLURELFKPLFKEHLP*URHQ%UXGHUPHOGHQVROO 9HUZXQGHUWVDK'HLJKWRQDXI:DVZDUGDV"9RQ%HODQJORVLJNHLWZDUNHLQH6SXU:LGHU DOOHU*HZRKQKHLWKDWWHGHU7RSVLGHUVLFKHQWVFKORVVHQHLQEULVDQWHV7KHPD]XU6SUDFKH]X EULQJHQ6RRUQH$QJHUVWDQKDWWHJHUDGHVHLQHQ+XPSHQ]XU+DQG1LHPDQGZXWHZDVHU GDUDXVWUDQNDEHUHVPXWHHLQUHFKWNUlIWLJHV*HWUlQNVHLQGHQQPDQFKPDOZHQQ6RRUQH DXV +|IOLFKNHLW /HGH 7HUPD\Q JHJHQEHU DNRQLVFK ]X VSUHFKHQ EHJDQQ QDFKGHP HU GHQ

+XPSHQPHKUDOV]ZHLPDOJHOHHUWKDWWHNDPHUPLWGHU=XQJHQLFKWPHKUVRJDQ]]XUHFKW 6RRUQH $QJHUVWDQ DOVR VHW]WH VHLQHQ +XPSHQ PLW ODXWHP .QDOO ZLHGHU DXI GHQ 7LVFK ]XUFNRKQHGDUDXVJHWUXQNHQ]XKDEHQXQGJUROOWH ³hEHU VROFKH 'LQJH lXHUW PDQ VLFK QLFKW HLQPDO LP 6HOEVWJHVSUlFK JHVFKZHLJH GHQQ LQGHUgIIHQWOLFKNHLW 4XDOLN1XUUOLHVLFKQLFKWEHHLQGUXFNHQ ³1XQ JDQ] VR |IIHQWOLFK VLQG ZLU KLHU GRFK QLFKW PHLQWH HU ³,FK QHKPH DQ LKU KDEW KHXWHQDFKPLWWDJDOOHGHQ$XIUXIGHV*URHQ%UXGHUHUKDOWHQ,P$XJHQEOLFNJHKWHVXQV KLHUMDQRFKJXW$EHUZDVJHVFKLHKWZHQQGHU6RWKRGLH(DVWVLGHDQJUHLIW":RKLQVROOHQ ZLUXQVGDQQYHUNULHFKHQ" ³:DV GX PLW GHP $XIUXI GHV *URHQ %UXGHUV DQIlQJVW LVW GHLQH 6DFKH VDJWH 6RRUQH $QJHUVWDQ³,FKMHGHQIDOOVELQGHU$QVLFKW :HOFKHU $QVLFKW HU ZDU HUIXKU GLH .XQGH ]XQlFKVW QLFKW /HGH 7HUPD\Q WUDW DXI GHQ 7LVFK ]X XQG ZHQQ /HGH 7HUPD\Q HUVFKLHQ EOLHE MHGHP 0DQQ RE 6SULQJHU RGHU 7HUUDQHU HUVW HLQPDO GDV :RUW LP +DOVH VWHFNHQ /HGLJOLFK 4XDOLN 1XUU PDFKWH GD HLQH $XVQDKPH6HLQH,GHDOHZHLEOLFKHU6FK|QKHLWZDUHQQDWXUJHPlYRQDQGHUHU$UW *DOEUDLWK 'HLJKWRQ VWDQG DXI (U VDK HUVW MHW]W GD GLH VFK|QH $NRQLQ HLQHQ %HJOHLWHU PLWEUDFKWH HLQHQ 0DQQ YRQ NHLQHVZHJV DQ]LHKHQGHP bXHUHQ RIIHQEDU WHUUDQLVFKHU +HUNXQIW 'DV LUULWLHUWH 'HLJKWRQ :HQQ HU JDQ] WLHI LQ VLFK JLQJ XQG VLFK VHOEVW 5HFKHQVFKDIW DEOHJWH GDQQ PXWH HU VLFK HLQJHVWHKHQ GD HU LP *UXQGH JHQRPPHQ QXU ZHJHQ/HGH7HUPD\QMHGHQ$EHQGLQGHQ%ODFN6ZDQNDP'LH$NRQLQIDV]LQLHUWHLKQ(U ZDUQLFKWVLFKHUREHUMHPDOVLP/HEHQHLQHVFK|QHUH)UDXJHVHKHQKDWWH,KUH+DXWZDU HLQ VDPWHQHV 6FKZDU] PLW HLQHU VFKZHU ]X EHVFKUHLEHQGHQ %HLPLVFKXQJ YRQ JOlQ]HQGHP 6PDUDJGJUQ'DVIHXHUURWH+DDUWUXJVLHLQZHLFKHQ/RFNHQGLHELVDXIGLH6FKXOWHUILHOHQ 'HU6FKQLWWLKUHV*HVLFKWVZDUNODVVLVFKPLW$EZHLFKXQJHQGHU0XQGHWZDV]XEUHLWGLH :DQJHQNQRFKHQ ]X NUlIWLJ DXVJHSUlJW GLH JURHQ GXQNOHQ $XJHQ HLQ ZHQLJ ]X VFKUlJ JHVHW]W ³'HQ6HJHQGHV$EHQGVZQVFKHLFKHXFKVDJWHVLHDXIDNRQLVFKXQGIXKUGDQQVRJOHLFKDXI ,QWHUNRVPR IRUW ³,FK KDEH HV JHZDJW HLQHQ 1HXOLQJ PLW]XEULQJHQ (U LVW ]LHPOLFK YLHO KHUXPJHNRPPHQXQGZHLHLQH0HQJH]XHU]lKOHQ,KUZHUGHWHXUHQ6SDDQLKPKDEHQ (U KHLW 0DPERL $ULN XQG ZDU ]XOHW]W DXI )HUURO DQVlVVLJ ,FK KRIIH HU LVW HXFK ZLOONRPPHQ 6RRUQH$QJHUVWDQXQG4XDOLN1XUUPDFKWHQHLQODGHQGH*HVWHQ'HU1HXDQN|PPOLQJQLFNWH NXU]XQGQDKP3ODW](UPRFKWHHLQVVLHE]LJJURVHLQKDWWHZHLWDXVODGHQGH6FKXOWHUQXQG +lQGHVRJURZLH6FKDXIHOQ6HLQ*HVLFKWZDUJUREJHVFKQLWWHQ(UKDWWHZXOVWLJH/LSSHQ XQGNOHLQHEHUDXVEHZHJOLFKH$XJHQ(UZDU$QIDQJGHU)QI]LJHU'DVKHOOEUDXQH+DDU KDWWHVLFKEHUHLWV]XOLFKWHQEHJRQQHQ /HGH 7HUPD\Q VHW]WH VLFK QHEHQ 'HLJKWRQ GHU VLFK LQ]ZLVFKHQ HEHQIDOOV ZLHGHU QLHGHUJHODVVHQKDWWH(UIKOWHVLFKXQEHKDJOLFKXQGDQVHLQHP8QEHKDJHQZDUGHU0DQQ VFKXOG GHQ GLH $NRQLQ PLWJHEUDFKW KDWWH (U ZDU $QJHUVWDQ XQG 1XUU GDQNEDU GD VLH 0DPERL$ULNVRIRUWLQHLQ*HVSUlFKYHUZLFNHOWHQ/HGH7HUPD\QKDWWHLQ]ZLVFKHQEHVWHOOW HLQ URVDURWHV PLW )UFKWHQ GHNRULHUWHV *HWUlQN GDV LQ HLQHP JURHQ *ODVNHOFK VHUYLHUW ZXUGH'HLJKWRQWUDQNLKU]XXQGIUDJWH ³:RKHUKDVWGXLKQ" ³0DPERL",FKIDQGLKQREHQDP1RUGHQGHGHU6LHGOXQJ'LH$NRQLQKDWWHHLQ/lFKHOQ GDV*DOEUDLWK'HLJKWRQELVDXIGHQ*UXQGGHU6HHOHGUDQJ(UVSUWHZLHVHLQ3XOVHLQSDDU

6FKOlJH]XOHJWH³(ULUUWH]LHPOLFKKLOIORVKLQXQGKHUZDURIIHQEDUQHXDP2UW,FKVSUDFK LKQ DQ :LU NDPHQ LQV *HVSUlFK (U ZLOO VLFK LQ 9LLQ7DDOH DQVLHGHOQ ,FK KDEH LKP 8QWHUNXQIWDQJHERWHQ,FKPHLQHLQPHLQHP+DXVLVWJHQXJXQJHQW]WHU3ODW] 'HLJKWRQ PRFKWH GD]X ZRKO NHLQ DOO]X JOFNOLFKHV *HVLFKW JHPDFKW KDEHQ GHQQ /HGH EHHLOWHVLFKKLQ]X]XIJHQ ³2KQLFKWZDVGXPHLQVW6LHODFKWHKHOODXI³:RIUKlOWVWGXPLFK"6LHKGLUGHQ0DQQDQ 0HLQVWGXZLUNOLFKHUZlUHPHLQ*HVFKPDFN" *DOEUDLWK'HLJKWRQQLSSWHDQVHLQHP*HWUlQN'HU6RXU0DVKUDQQLKPKHLGXUFKGLH.HKOH )U GHQ $XJHQEOLFN ZHQLJVWHQV ZDU GLH :HOW ZLHGHU LQ 2UGQXQJ $XI GHU DQGHUHQ 6HLWH GHV7LVFKHVKDWWHVLFKGLH8QWHUKDOWXQJLQ]ZLVFKHQZLHGHUGHP*URHQ%UXGHU]XJHZDQGW 'DV ZDU HLQ 7KHPD GDV 4XDOLN 1XUU RIIHQEDU DP +HU]HQ ODJ 1XU VSUDFK HU MHW]W GD HLQ )UHPGHULQGHU5XQGHVDQLFKWPHKUGDUEHUGDHUVHOEVWVLFK*HGDQNHQGDUEHUPDFKH REHUGHP5XIGHV*URHQ%UXGHUVIROJHQVROOH(UZROOWHKHUDXVILQGHQVRVFKLHQHVZDV GLHDQGHUHQEHUGHQJHKHLPQLVYROOHQ$XIUXIGDFKWHQ ³,FK ZHL QLFKW ZDV PDQ YRQ GHP *URHQ %UXGHU KDOWHQ VROO VDJWH 0DPERL $ULN ³0DQ VSULFKWEHUDOOYRQLKP (U JLEW VLFK DOV :RKOWlWHU DXV $EHU LVW HU GDV ZLUNOLFK" 0DQK|UWGDHUQXUQDFKHLQHU JDQ] EHVWLPPWHQ $UW YRQ :HVHQ VXFKW :HQQ LKU RGHU LFK XQV EHL LKP PHOGHQ ZROOWHQ EHNlPHQZLUZDKUVFKHLQOLFK]XK|UHQ1HLQGDQNHHXFKEUDXFKHQZLUQLFKW(VJHKWGHP *URHQ %UXGHU XP :LVVHQVFKDIWOHU XQG 3ROLWLNHU XQWHU GHQ OHW]WHUHQ KDXSWVlFKOLFK XP VROFKHGLHVLFKHLQHQ1DPHQJHPDFKWKDEHQ'HU*URH%UXGHUDUEHLWHWIUVHLQHHLJHQHQ =LHOH,FKPHLQHPDQPXLKPPLW9RUVLFKWEHJHJQHQ (UVSUDFKKDVWLJVSLHMHZHLOVHLQH*UXSSHYRQ:RUWHQKHUYRUXQGPDFKWHGDQQHLQH3DXVH %HLP 6SUHFKHQ JHVWLNXOLHUWH HU PLW GHQ ULHVLJHQ KlOLFKHQ +lQGHQ XQG ]ZDU VR XQJHVFKLFNWGDHUXPHLQ+DDU6RRUQH$QJHUVWDQV+XPSHQXPJHVWRHQKlWWH1HLQGHU 0DQQZDU*DOEUDLWK'HLJKWRQQLFKWV\PSDWKLVFK ³.ODU VDJWH 6RRUQH $QJHUVWDQ ³HU ZLOO HLQH :LGHUVWDQGVRUJDQLVDWLRQ DXIEDXHQ 'D]X EUDXFKWPDQ.DSD]LWlWHQDXILKUHQ*HELHWHQ ³:LGHUVWDQG JHJHQ ZHQ" VSRWWHWH 0DPERL $ULN ³*HJHQ 6RWKR 7\J ,DQ" 0LW HLQHU KRIIQXQJVORVXQWHUOHJHQHQ7HFKQLN"'DVVROOHUVLFKOLHEHUDXVGHP.RSIVFKODJHQ (V VW|UWH *DOEUDLWK 'HLJKWRQ ZLH DEIlOOLJ $ULN EHU GLH YHUPXWOLFKHQ 3OlQH GHV *URHQ %UXGHUVVSUDFK(VGUlQJWHLKQ]XZLGHUVSUHFKHQ$EHUGDEHLKlWWHHUVLFKZDKUVFKHLQOLFK LQ(LIHUJHUHGHWXQGGDUDQODJLKPQLFKWVVRODQJH/HGH7HUPD\QLQGHU1lKHZDU 'DV 7KHPD ZDU GDQQ DXFK EDOG HUVFK|SIW GD DXHU 4XDOLN 1XUU XQG 0DPERL $ULN VLFK QLHPDQG GDIU ]X LQWHUHVVLHUHQ VFKLHQ 'DV *HVSUlFK ZDQGWH VLFK DQGHUHQ 'LQJHQ ]X *DOEUDLWK 'HLJKWRQ NRQVXPLHUWH VHLQH EOLFKHQ ]ZHL 'ULQNV XQG ZROOWH VLFK GDQQ YHUDEVFKLHGHQ%HYRUHUMHGRFKDXIVWHKHQNRQQWHKLHOW/HGH7HUPD\QLKQDQGHU+DQGIHVW 'UEHQDXIGHUDQGHUHQ6HLWHGHV7LVFKHVZDUHQ$ULN1XUUXQG$QJHUVWDQLQHLQHODXW VWDUNH'LVNXVVLRQEHUGLH5ROOHGHUQLFKWKXPDQRLGHQ9|ONHULP*DODNWLNXPYHUZLFNHOW /HGHVSUDFKVROHLVHGDGLHDQGHUHQVLHQLFKWK|UHQNRQQWHQ ³+DVWGXKHXWHQDFKW=HLWIUPLFK"IUDJWHVLH³,FKP|FKWHGLFKHWZDVIUDJHQXQGHWZDV PLWGLUEHVSUHFKHQ8QWHUYLHU$XJHQ *DOEUDLWK'HLJKWRQQLFNWHEHGlFKWLJ ³)UGLFKKDEHLFKLPPHU=HLWVDJWHHU³,FKZHUGHGDVHLQ 'DQQYHUDEVFKLHGHWHHUVLFKHQGJOWLJ =X +DXVH QDKP HU DOV HUVWHV GHQ 'DWHQDQVFKOX LQ %HWULHE (U GXUFKVXFKWH GLH

YHUVFKLHGHQHQ 6SHLFKHUEHUHLFKH GLH LKP DOV 3ULYDWEHQXW]HU ]XJHWHLOW ZDUHQ IDQG MHGRFK QLFKWV$XHUJHZ|KQOLFKHV'HU*URH%UXGHUKDWWHVLFKDOVRDXIGLHVHP:HJQRFKQLFKW ZLHGHUJHPHOGHW ,QGHU)HQVWHUQLVFKHGHV:RKQ]LPPHUVPDFKWHHUHVVLFKLQ HLQHP 6HVVHO EHTXHP XQG WUXJ GHP +DXVFRPSXWHU DXI GLH %HOHXFKWXQJ ]X O|VFKHQ 'UXQWHQ DP )X GHV +DQJHV JOLW]HUWHQ GLH /LFKWHU GHU 6LHGOXQJ (V ZDU HLQ IULHGOLFKHV %LOG JDQ] GD]X DQJHWDQ GHQ PLJHQ%HREDFKWHULQHLQHHQWVSDQQWH6WLPPXQJ]XYHUVHW]HQ 'HU*URH%UXGHUZUGHVLFKDXIGHP:HJEHUGHQ'DWHQDQVFKOXQLFKWPHKUPHOGHQ EHUOHJWH 'HLJKWRQ 'LH 6DFKH ZDU ]X ULVNDQW =ZDU JDOWHQ SULYDWH 'DWHQEHUHLFKH LP 6SHLFKHU GHV NRPPXQDOHQ 6\QWURQV DOV VLFKHU JHJHQEHU GHP $EJULII GXUFK 8QEHIXJWH $EHUGDVJDOWQXUVRODQJHHVVLFKEHLGHQ8QEHIXJWHQXP'LOHWWDQWHQKDQGHOWH6HLWGHQ 7DJHQ GHU +DFNHU LP VSlWHQ -DKUKXQGHUW KDWWH GDV LQWHOOLJHQWH :HVHQ LPPHU ZLHGHU :HJHXQG0HWKRGHQJHIXQGHQ&RPSXWHUVSHUUHQ]XXPJHKHQ'LH1DFKULFKWGHV*URHQ %UXGHUV VHOEVW ZDU HLQ SHUIHNWHV %HLVSLHO GDIU ZLH OHLFKW HV ILHO GLH 6SHUUHQ ]X QHXWUDOLVLHUHQ :LH VRQVW Zl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|JOLFKH ]X 'HU PHQVFKOLFKH 9HUVWDQGUHFKWIHUWLJWVHLQHLQVWLQNWLYH$EQHLJXQJLQGHPHUGHP2EMHNWGHU$EQHLJXQJEOH 0RWLYHDQGLFKWHW:DU0DPERL$ULNHLQ6SLRQGHV6RWKRV" 'LH)UDJHZDUIDOVFKJHVWHOOW.RQQWHGHU6RWKREHUKDXSWZLVVHQZR*DOEUDLWK'HLJKWRQ VLFK DXIKLHOW" 0LW +XJRW 3HUYHLOOLQV +LOIH ZDU HV 'HLJKWRQ JHOXQJHQ VLFK XQDXIIlOOLJ YRQ 'XUJHQ ]X HQWIHUQHQ (U KDWWH *DWDV QLFKW GLUHNW DQJHIORJHQ VRQGHUQ PHKUHUH =ZLVFKHQVWDWLRQHQ JHPDFKW ² HLQLJH GDUXQWHU GLH =HKQWDXVHQGH YRQ /LFKWMDKUHQ ZHLW YRPJHUDGHQ:HJDEODJHQ8QWHUZHJVKDWWHHUVLFKDOOPlKOLFKYRQ2UYLOOH*7UDFKWPDQLQ /DYRQ3HUWKYHUZDQGHOW(VZDUQDKH]XXQGHQNEDUGD6W\JLDQV6SLRQHLKQKlWWHQGLUHNW YHUIROJHQ N|QQHQ :lUH LKQHQ GDV P|JOLFK JHZHVHQ KlWWHQ VLH RKQHKLQ VFKRQ OlQJVW ]XJHVFKODJHQ (LQHVQXUPDFKWHLKP6RUJHQ'LH2UJDQLVDWLRQGHV6RWKRVZXWHXPGLHZDKUH,GHQWLWl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|JOLFK VlPWOLFKH JHVFKlIWOLFKHQ 9RUJlQJH GLH VLFK ]ZLVFKHQ GHQ

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|JOLFKNHLW LQ %HWUDFKW JH]RJHQ GD GHU (OIDKGHU GHQ $QJULII DXI GHQ &RQWDLQHU EHUOHEW KDEHQN|QQHXQGVHOEVWGHU5lFKHUVHL$EHUGLHVHQ*HGDQNHQVFKREHUUDVFKZLHGHUEHLVHLWH =XGHXWOLFKHULQQHUWHHUVLFKQRFKGHUVFKOHLPLJHQZHLHQ)OVVLJNHLWZLHVLHGXUFKGDV /RFKLQGHU6FKXOWHUGHU5VWXQJWURSIWH 1HLQ :LQGDML ZDU WRW 8P LKQ EUDXFKWH HU VLFK NHLQH 6RUJHQ PHKU ]X PDFKHQ $EHU :LQGDML ZDU QXU HLQHU YRQ 0LOOLRQHQ YRQ +lVFKHUQ JHZHVHQ 'HU 6RWKR ZUGH GLH -DJG QDFK *DOEUDLWK 'HLJKWRQ QLFKW DXIJHEHQ QXU ZHLO HLQHU VHLQHU 6SLRQH GDEHL GHQ 7RG JHIXQGHQKDWWH$QGHUHZDUHQDXI'HLJKWRQV6SXUJHKHW]WZRUGHQ 0DPERL$ULN]XP%HLVSLHO" :DUXP ULFKWHWH VLFK VHLQ 9HUGDFKW DXVJHUHFKQHW DXI $ULN" :HLO HU DP VHOEHQ 7DJ DXIJHWDXFKW ZDU DQ GHP GHU *URH %UXGHU VHLQHQ $XIUXI HUODVVHQ KDWWH :DU GDV HLQ DXVUHLFKHQGHU *UXQG GHQ 0DQQ ]X YHUGlFKWLJHQ" :RKO NDXP :HQQ 'HLJKWRQ ZLUNOLFK YRQ 6W\JLDQV 6FKQIIOHUQ EHVSLW]HOW ZXUGH GDQQ PRFKWH HU HEHQVRJXW HLQHV GHU EULJHQ 0LWJOLHGHUGHU7DIHOUXQGHLP9HUGDFKWKDEHQ6RRUQH$QJHUVWDQ]XP%HLVSLHOHUZDUHLQ SDDU7DJHQDFK'HLJKWRQDXI*DWDVJHODQGHWXQGKDWWHVLFKDXIIlOOLJXPGLH$XIQDKPHLQ GHQ DEHQGOLFKHQ =LUNHO EHZRUEHQ 2GHU 4XDOLN 1XUU 'HU 7RSVLGHU ZDU DOOHUGLQJV VFKRQ KLHU JHZHVHQDOV'HLJKWRQQDFK9LLQ7DDOH]RJXQGVLFKYRQ/HGH7HUPD\QLQGLH5XQGH HLQIKUHQ OLH GDV VFKLHQ LKQ ZHQLJHU YHUGlFKWLJ ]X PDFKHQ 2GHU HWZD /HGH 7HUPD\Q VHOEVW" 'HU VFK|QHQ $NRQLQ KDIWHWH GLH $XUD GHV *HKHLPQLVYROOHQ DQ 1LHPDQG ZXWH ZHOFKHU%HVFKlIWLJXQJVLHQDFKJHJDQJHQZDUEHYRUVLHDXI*DWDV$V\OVXFKWH6LHVSUDFK QLFKWEHULKUH9HUJDQJHQKHLW:DUVLHHLQH 6SLRQLQ GHV 6RWKRV" $XFK VLH KDWWH VFKRQ LQ 9LLQ7DDOHJHOHEWDOV*DOEUDLWK'HLJKWRQKLHUDQNDP *DOEUDLWK'HLJKWRQVFKORGLH$XJHQXQGIXKUVLFKPLWGHU+DQGEHUGLH6WLUQ:HQQHU QLFKW DXIK|UWH ]X VSHNXOLHUHQ ZUGH HU EDOG *HVSHQVWHU VHKHQ 'LH 6FKZLHULJNHLW VHLQHU 6LWXDWLRQ ODJ GDULQ GD HU GLH 3OlQH GHV 6RWKRV VRZHLW VLH VLFK DXI VHLQH 3HUVRQ EH]RJHQQLFKWNDQQWH:ROOWH6W\JLDQLKQQXUEHVHLWLJHQ"'DQQZlUH%HVSLW]HOXQJQLFKW QRWZHQGLJJHZHVHQ2GHUYHUPXWHWHHULQ'HLJKWRQGHQ%HVLW]HUYRQ,QIRUPDWLRQHQGLHIU LKQ GHQ 6RWKR YRQ %HGHXWXQJ ZDUHQ" 'DV 9HUKDOWHQ GDV :LQGDML DQ GHQ 7DJ JHOHJW KDWWHOLHVROFKHVYHUPXWHQ'DQQDOOHUGLQJVZDUGLH/DJHJDQ]DQGHUV'LH+lVFKHUGHV 6RWKRV ZUGHQ :HUW GDUDXI OHJHQ GHQ JHIlKUOLFKHQ 7HUUDQHU RKQH $XIVHKHQ EHLVHLWH ]X VFKDIIHQGDPLWVLHLKQDQHLQHPVLFKHUHQ2UWDXVIUDJHQNRQQWHQ (UJDEVLFKHLQHQ5XFNXQGVWDQGDXI*HQXJGHV*UEHOQV(VJDEHLQHQVLFKHUHQ:HJ GHUQHUYHQ]HUUHLEHQGHQ8QJHZLKHLW]XHQWULQQHQ'HU*URH%UXGHUPXWHVLFKZLHGHU PHOGHQ(VZDUHWZDVDQGHP:RUWODXWRGHU GHU )RUPXOLHUXQJ GHV $XIUXIV JHZHVHQ GDV *DOEUDLWK'HLJKWRQLQWXLWLYHV0LWUDXHQHLQIO|WH ³)HQVWHU]XXQG/LFKWDQWUXJHUGHP+DXVFRPSXWHUDXI ³:LUG JHPDFKW DQWZRUWHWH GLH IUHXQGOLFKH ZRKOPRGXOLHUWH 6WLPPH GHV 6\QWURQV 'LH

/LFKWHU GHU 6LHGOXQJ HUORVFKHQ GLH 'HFNHQEHOHXFKWXQJ IODPPWH DXI ³hEULJHQV -HPDQG QlKHUWVLFKGHU+DXVWU(VLVWHLQH)UDX /HGH 7HUPD\Q WUXJ HLQH UDIILQLHUW JHVFKQLWWHQH $EHQGUREH DXV JOlQ]HQGYLROHWWHP 6HLGHQVWRII,QV+DDUKDWWHVLHHLQHQ6WUDQJNOHLQHUOHXFKWHQGJUQHU%OWHQJHIORFKWHQGLH GHUVHOWHQHQXQGNRVWEDUHQ6SH]LHV;HQRPDOD[LVDQJHK|UWHQ 0HLQ*RWWVLHZLOOPLFKYHUIKUHQGDFKWH*DOEUDLWK'HLJKWRQYHUZLUUW(UZDUGXUFKDXV YHUWUDXW PLW GHU DNRQLVFKHQ 6LWWH ZRQDFK DOOHLQVWHKHQGH )UDXHQ GXUFK %OXPHQVFKPXFN LP+DDUVLJQDOLVLHUWHQGDVLHDXI$EHQWHXHUVXFKHVHLHQ'DVlTXLYDOHQWHPlQQOLFKH6LJQDO GUFNWHVLFKLQHLQHUJHZLVVHQ:DKOGHU.OHLGXQJXQGLKUHU)DUEJHEXQJDXV ³:HQQ LFK DNRQLVFKH .OHLGXQJ EHVlH VDJWH 'HLJKWRQ ]XU %HJUXQJ ³KlWWH LFK HLQHQ JHOEHQ6SHQ]HUDQJH]RJHQ8QWHUDQGHUHPYHUVWHKWVLFK 6LH QDKP ]XU .HQQWQLV GD HU PLW GHU DNRQLVFKHQ 6LWWH YHUWUDXW ZDU XQG EHZLHV LKUH .ODVVHLQGHPVLHVLFKGLHJHULQJVWH6SXUYRQ9HUOHJHQKHLWHUNHQQHQOLH *DOEUDLWK'HLJKWRQIKUWHVLHLQV:RKQ]LPPHU(UNDQQWH/HGHV*HVFKPDFNXQGJDEGHP 6HUYR GHQ HQWVSUHFKHQGHQ $XIWUDJ (LQ 6FKZHEHWDEOHWW EUDFKWH ]ZHL NXU]VWLHOLJH EDXFKLJH*OlVHUGLHPLWHLQHU|OLJHQEODWUNLVIDUEHQHQ)OVVLJNHLWJHIOOWZDUHQ/HGH 7HUPD\QVFKOXJYRU%HJHLVWHUXQJGLH+lQGH]XVDPPHQ ³%HUJZHLQYRQ'URUDKULHIVLH³'XYHUVWHKVWHVHLQH$NRQLQ]XEHZLUWHQ *DOEUDLWK 'HLJKWRQ IOR GDV %OXW HLQ ZHQLJ UDVFKHU GXUFK GLH $GHUQ (U IKOWH HLQH DQJHQHKPH HUZDUWXQJVYROOH :lUPH GLH DQ GHQ 1HUYHQEDKQHQ HQWODQJJOLWW XQG GHQ .|USHU ELV LQ GHQ KLQWHUVWHQ :LQNHO HUIOOWH 'DV ZDU NHLQHVZHJV GLH :LUNXQJ GHU EHLGHQ 6RXU0DVKGLHHULP%ODFN6ZDQJHWUXQNHQKDWWH'LHYHUJDQJHQHQ:RFKHQZDUHQHLQVDP JHZHVHQGHU/DJHGHU'LQJHHQWVSUHFKHQGQLFKWVHLQHPHLJHQHQ:XQVFK/HGHV$QEOLFN HUUHJWHLKQ 6LHWUDQNHQHLQDQGHU]X/HGHVFKORGLH$XJHQXQGOHKQWHVLFKWLHILQGHQ6HVVHO]XUFN ZlKUHQGVLHGHQVFKZHUHQ:HLQDXIGHU=XQJH]HUJHKHQOLH'DQQVHW]WHVLHVLFKDXIUHFKW ,KU%OLFNZDUXQYHUPLWWHOWHUQVWJHZRUGHQ ³=XHUVWGDV(UQVWKDIWHVDJWHVLH³'XKDVW4XDOLN1XUUKHXWHDEHQGUHGHQK|UHQ" ³-D DQWZRUWHWH *DOEUDLWK 'HLJKWRQ YRQ GHP XQHUZDUWHWHQ 6WLPPXQJVXPVFKZXQJ HLQ ZHQLJEHUUDVFKW ³(UNDQQWHQXUHLQ7KHPDGHQ*URHQ%UXGHU'XKDVWGHQ$XIUXIDXFKHUKDOWHQ" ³-D 'DV :RUW UXWVFKWH LKP HLQIDFK VR KHUDXV EHYRU VHLQ 0LWUDXHQ VLFK UHJHQ NRQQWH ³,FKKDEHLKQEHNRPPHQ /HGHJULIIHLQ]ZHLWHVPDOQDFKLKUHP*ODV6LHIKUWHHVDQGHQ0XQGWUDQNMHGRFKQLFKW VRQGHUQVDK'HLJKWRQEHUGHQ5DQGGHV*ODVHVKLQZHJDQ ³,FKP|FKWHGDZLUEHLGH]XVDPPHQXQVDQGHQ*URHQ%UXGHUZHQGHQVDJWHVLH³(U VROOXQVDXIQHKPHQ (V ZDU PHUNZUGLJ (U GHU VLFK VHLQ /HEHQ ODQJ PLW 3UREOHPHQ GHU 6LFKHUKHLW GHU 6SLRQDJHDEZHKU XQG GHV ,QIRUPDWLRQHQVDPPHOQVKHUXPJHVFKODJHQKDWWHHUGHPDXIJUXQG GLHVHU %HVFKlIWLJXQJ LP /DXI GHU -DKUKXQGHUWH HLQ VHFKVWHU 6LQQ JHZDFKVHQ ZDU GHU LKQ YRU *HIDKUHQ ZDUQWH HU KlWWH LQ GLHVHP $XJHQEOLFN YROOHU 0LWUDXHQ VHLQ VROOHQ $ODUPJORFNHQ KlWWHQ LQ VHLQHP %HZXWVHLQ OlXWHQ PVVHQ GHQQ ZHQQ GHP 6RWKR ZLUNOLFKGDUDQJHOHJHQZDUHLQHQ0DQQ]XIDQJHQGHUZRFKHQODQJZLHHLQ0|QFKJHOHEW KDWWH KlWWH HU GDQQ HLQH EHVVHUH )DOOH NRQVWUXLHUHQ N|QQHQ DOV HLQH LQ GHU HLQH VFK|QH $NRQLQVD $EHUQLFKWVUKUWHVLFK.HLQH*ORFNHOlXWHWH

³6DJPLUGHLQH*UQGHIRUGHUWH*DOEUDLWK'HLJKWRQVHLQ*HJHQEHUDXI ³:LUEHLGHVLQGLQ*HIDKUDQWZRUWHWH/HGHRKQH]X]|JHUQ³'XELVWQLFKWGHUIUGHQ GXGLFKDXVJLEVW,FKNHQQHGHLQHZDKUH,GHQWLWlWQLFKW$EHUGXELVWNHLQ,QGXVWULHOOHUGHU VHLQJDQ]HV/HEHQLP5DXPVHNWRU3ORSKRV]XJHEUDFKWKDW,FKEHREDFKWHGLFKVHLWGHPHLQ IUHXQGOLFKHU =XIDOO XQV ]XVDPPHQIKUWH 'X ELVW ZHLVH ZHLW EHU GHLQ $OWHU KLQDXV 'X PDFKVW GLU GLH 0KH GLH 5ROOH HLQHV DQGHUHQ ]X VSLHOHQ 'X ELVW KLHU DXI *DWDV $OVR EHWUDFKWHVWGXGLFKDOV*HIlKUGHWHQ0HKU]lKOWLP$XJHQEOLFNQLFKW,FKKHLHQLFKW/HGH 7HUPD\Q0HLQ1DPHLVW

Der schreckliche Jфger

Der Schreckliche

Der schreckliche Korporal

Conan der Schreckliche

Conan der Schreckliche

Conan der Schreckliche

Conan der Schreckliche

El Gordo, der Schreckliche

Hägar der Schreckliche: Eheglück

Conan der Schreckliche

Conan der Schreckliche

Der schreckliche Korporal

Der Schreckliche aus dem Totenbrunnen

Der Schreckliche aus dem Totenbrunnen

Hägar der Schreckliche: Gut gegeben!

Die Schreckliche Deutsche Sprache

Schreckliche Stunden in Soho

Buddhas schreckliche Botschaft

Buddhas schreckliche Botschaft

Der Schreckliche aus dem Totenbrunnen (Xantilon-Zyklus Teil 6)

Der Schreckliche aus dem Totenbrunnen (Xantilon-Zyklus Teil 6)

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 schreckliche Jфger