Die Schatten des Kristallenen Todes

+$16.1(,)(/ ',(6&+$77(1'(6.5,67$//(1(172'(6 (UVWDUUWH5XKHKHUUVFKWH 5HJXQJVORV XQG PLW W|GOLFKHP...

Author: Kneifel Hans

25 downloads 470 Views 551KB 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

+$16.1(,)(/

',(6&+$77(1'(6.5,67$//(1(172'(6

(UVWDUUWH5XKHKHUUVFKWH 5HJXQJVORV XQG PLW W|GOLFKHP *OLW]HUQ EOLFNWHQ GLH IUHPGHQ NULVWDOOHQHQ 6WHUQH LQ GHQ 5DXP 7DXVHQGHXQGDEHU7DXVHQGH6LHVWDQGHQGLFKWJHGUlQJWDXIGHQ5XQGXPVFKLUPHQEOLFNWHQVWDUUDXV HLQHU ]ZHL 4XDGUDWPHWHU JURHQ YLHUHFNLJHQ 9HUJU|HUXQJVIOlFKH XQG VFKZDQJHQ VLFK LQ MHQHU ODQJJHVWUHFNWHQ 6SLUDOH XQWHU GHP 5DXP KLQ VFKLHQHQ PLW GHU 8QHQGOLFKNHLW GHV VFKZDU]HQ +LQWHUJUXQGHV]XYHUVFKPHO]HQ .RQWUROOLFKWHU+HEHO.Q|SIH7DVWHQ6FKDOWHUXQG3DQHHOHDXIGHQHQ=DKOHQNRORQQHQUDVHQGVFKQHOO YRUEHUOLHIHQ HLQH KDOEJHIOOWH 7DVVH .DIIHH GLH 9HUVDOLHQ &&+ DXI GHP 3RU]HOODQ XQG GHU 5DXFKHLQHU=LJDUHWWHDXVGHP$VFKHQEHFKHU $XI HLQHU IUHLHQ )OlFKH GHV 3XOWHV ODJ HLQ %ORFN HLQHU ZLH LKQ GLH 1DYLJDWRUHQ RGHU 3LORWHQ EUDXFKWHQ XP VLFK 1RWL]HQ ]X PDFKHQ ,Q NDQWLJHQ 'UXFNEXFKVWDEHQ VWDQGHQ GUHL :RUWH GDUDXI GDKLQWHUMHZHLOVGLH=DKOHQIUHLQHQ'DWHQUHFKQHU 3RRQJDKEXUP7VKHQQDK1JDUGPDXQ (LQ *HUlXVFK (LQHU GHU EHLGHQ 0lQQHU EHZHJWH VLFK KRE GLH =LJDUHWWH DQ GLH /LSSHQ XQG GUFNWH GDQQGHQ5HVWDXV(LQHPGH6WLPPHVDJWHª6LHDKQHQ]ZHLIHOORVGDLFKQLFKWGHUELQIUGHQLFK PLFKDXVJDEQLFKWZDKU"© &KXWH 6DVDNL VFKDOWHWH GLH /DPSH EHU VHLQHP 5HFKHQSXOW DQ GUHKWH GLH /LFKWVWlUNH GHV 9HUJU|HUXQJVVFKLUPV]XUFNXQGEHZHJWHGDQQGHQ6HVVHOLP'UHKODJHU'LHVFKZDU]HQ$XJHQGHV 0DQQHVWlXVFKWHQEHUVHLQZLUNOLFKHV$OWHU6DVDNLZDUHLQ0DQQGHUVHLQHQPLWXQHUVFKWWHUOLFKHU 5XKH YHUPLVFKWHQ 6NHSWL]LVPXV VHLW ]ZDQ]LJ -DKUHQ LQ GHU +DQGHOVVFKLIIDKUW VWUDSD]LHUWH 1lFKVWHV -DKU ZUGH GHU 0DQQ VHLQ HLJHQHV .RPPDQGR EHNRPPHQ KDEHQ ZHQQ GLH 9$1(66$ ]XUFNNHKUWH ª,FKGDFKWHHVPLU.DSLWlQ©VDJWHHUXQGYHU]RJVHLQ*HVLFKWLQGHUVSlUOLFKHQ%HOHXFKWXQJZLUNWH HVZLHGDV*ULQVHQHLQHV7RWHQVFKlGHOVª:DVLFKELVKHUEHUPLFKDXVIKUWHVWLPPW© ª$XFKGDVDKQWHLFK,FK]ZHLIHOWHQLFKWDQGHPZDV6LHVDJWHQ.lSWHQ6LHNRQQWHQQXUHLQIDFKYLHO ]XYLHOIUHLQHQHLQIDFKHQ.DSLWlQHLQHVHLQIDFKHQ)UDFKWHUV$EHU²ZDVVLQG6LHZLUNOLFK"© ª,FKELQ6H\PRXU$OFROD\D%LVKHUSDVVLYHU$JHQWXQG5DXPKDIHQOHLWHUYRQ6KDQG RQJ-HW]WDNWLYHU $JHQWGHU*DODNWLVFKHQ$EZHKU=XIULHGHQ"© &KXWH6DVDNLVFKWWHOWHVHLQHQJURHQNDQWLJHQ.RSIª1HLQ© 6H\PRXUHUZLGHUWHª,FKGDFKWHHV+|UHQ6LHJXW]X0HLQ&KHI HLQ=HOODNWLYDWRUWUlJHU PLW1DPHQ $OODQ ' 0HUFDQW 6RODUPDUVFKDOO JDE PLU GHQ $XIWUDJ .DSLWlQ GLHVHV 6FKLIIHV ]X ZHUGHQ $XI GHU 5RXWH YRQ 3UDHVHSH XQG GHUHQ +DQGHOVQLHGHUODVVXQJHQ QDFK GHQ 3OHMDGHQ YHUVFKZDQGHQ ELVKHU VHFK]HKQ)UDFKWVFKLIIH8QVHUH9$1(66$ZDUGDVVLHE]HKQWH6FKLII© *ULPPLJVDJWH6DVDNL ª*HQDXGDVLVWHVZDVGLH0DQQVFKDIWXQGPLFKVRJOFNOLFKPDFKW© ª,FK IUHXH PLFK DXFK GDUEHU© VDJWH 6H\PRXU XQG OlFKHOWH NDOW ª,FK KDEH DEHU EHYRU LFK GLHVHV .RPPDQGR DQQDKP PLU VHOEVW HLQH )ULVW JHVHW]W (LQH )ULVW YRQ LQVJHVDPW VLHE]LJ 7DJHQ QDFK GHU ZLUDXI7HUUDQLDODQGHQZHUGHQ8QGLFKEHDEVLFKWLJHDOOHQ(UQVWHVGLHVH)ULVWHLQ]XKDOWHQ6LHGUIHQ DOVRGDPLWUHFKQHQLQUXQGIQI]LJ7DJHQPLWGHU9$1(66$QHEHQGHU2XWHU6SDFH+DOO]XVWHKHQ© &KXWHODFKWHLQGHU'XQNHOKHLW6HLQH6WLPPHNODQJVDUNDVWLVFKDOVHUDQWZRUWHWH ª,FKEHQHLGH6LHXP,KUHQ2SWLPLVPXV.lSWHQ© 6H\PRXUV*HVLFKWZXUGHZLHGHUKDUWXQGYHUVFKORVVHQª8QVLQQ©VDJWHHUNXU]DQJHEXQGHQXQGVWDQG DXI ª,FK KDEH LQ GHQ ELVKHU YLHU]LJ -DKUHQ PHLQHV /HEHQV DOOHV HUUHLFKW ZDV LFK PLU YRUJHQRPPHQ KDEH²XQZHVHQWOLFKH'LQJHDXVJHQRPPHQ,FKKDEHNHLQHQ*UXQG]XGHU$QQDKPHGDPLUGLHVHV .RPPDQGRPLJOFNW'DVLVWHV© (U VWDQG LQ GHU 0LWWH GHU =HQWUDOH GHU 9$1(66$ GLH HEHQ DXV GHU /LQHDUIDKUW DXVJHWUHWHQ ZDU XP HLQH 2UWXQJ YRU]XQHKPHQ (LQH VFKODQNH JURH *HVWDOW LQ HLQH DQOLHJHQGH 8QLIRUP JHNOHLGHW 'LH JUQHQ$XJHQVFKLHQHQ]XEUHQQHQZHQLJVWHQVVDKHVLQGHU%HOHXFKWXQJVRDXV ª$XFKXPGLHVH=XYHUVLFKWEHQHLGHLFK6LH0LVWHU$OFROD\D8QGZHQQ6LHGLHVHV0DOQLFKWULFKWLJ JHWLSSWKDEHQ"©

ª'DV ZHUGHQ ZLU PHUNHQ© HUZLGHUWH 6H\PRXU QDFKGHQNOLFK ªZHQQ DOOHV YRUEHL LVW 1LFKW IUKHU $EHULFKJODXEHHVZLUG=HLWGDLFKXQVHUHU0DQQVFKDIWGLH:DKUKHLWVDJH© ª,FKZROOWH,KQHQJHUDGHGLHVHQ5DWJHEHQ.lSWHQ©VDJWH6DVDNLª:LUKDEHQQXUQRFK6WXQGHQELV ]XGHU6RQQH"© ª)QI6WXQGHQODXW,QVWUXPHQWHQDQJDEH'LH3DGGOHUQDQQWHQGLHVH6RQQH1RUR\DK© &KXWHKREGLH%UDXHQª8QGGHUGULWWH3ODQHWLVW3RRQJDKEXUUX©²ª6RLVWHV© 'DV 6FKLII JLQJ ZLHGHU LQ GHQ /LQHDUUDXP 'LH =HLW ZXUGH EHGHXWXQJVORV GLH /LFKWMDKUH DGGLHUWHQ VLFKUDVHQGVFKQHOODXI $OV6H\PRXUHLQWUDWVDKHQLKQGLH0lQQHUDQXQGZLGPHWHQVLFKGDQQZLHGHULKUHQ%HVFKlIWLJXQJHQ 6H\PRXUVFKREGLH7UKLQWHUVLFK]XXQGEOLFNWHXPVLFKGUHLXQG]ZDQ]LJ0DQQVDHQGDXQGZDUHQ EHVFKlIWLJW 9RUHLQLJHQ0lQQHUQVWDQGHQKHOOJUDXH3ODVWLNZUIHOGHUHQREHUVWH3ODWWHGLH*HVLFKWHUHUKHOOWHXQWHU HLQHU*ODVVFKHLEHXQGYRUHLQHU/XSH]RJHQGLH6HLWHQGHU/HVHVSXOHQYRUEHL $QGHUHVSLHOWHQ.DUWHQ =ZHL0lQQHUDHQQRFKVLHKDWWHQ7HOOHUXQG3ODWWHQULQJVXPVLFKDXIGHP7LVFKDXIJHEDXW+RJMDZ OHKQWH KLQWHU VHLQHU (VVHQVDXVJDEH HLQHP UHFKWHFNLJHQ 'XUFKOD ]ZLVFKHQ 0HVVHUDXP XQG .FKH XQGVWDSHOWH7HOOHULQGLH6SH]LDOKDOWHUXQJDXVGHUVLHQLFKWKHUDXVIDOOHQNRQQWHQ(VURFKQDFK(VVHQ 5DXFKXQGQDFK.DIIHH6H\PRXUJLQJ]XU.DIIHHPDVFKLQHOLHHLQHGHUGLFNHQ7DVVHQYROODXIHQWDW =XFNHUXQG0LOFKKLQHLQUKUWHODQJHXPXQGOHKQWHVLFKGDQQQHEHQGHU0DVFKLQHDQGLHKHOODFNLHUWH :DQG *UHJDO ZDU VFKRQ DXV GHP .UDQNHQ]LPPHU HQWODVVHQ ZRUGHQ ² HU VD PLWWHQ LQ HLQHU GHU GLVNXWLHUHQGHQ*UXSSHQ6FKXOWHUXQG2EHUDUPZDUHQQRFKXQWHUGLFNHQ%LQGHQYHUERUJHQ (LQHJXWH0DQQVFKDIWGDFKWH6H\PRXU 6LH KDWWHQ LKQ EHVRQGHUV QDFK GHU /DQGXQJ DXI % DWDUF XQG ZlKUHQG GHU $NWLRQ JHJHQ GLH 3DGGOHUSODWWIRUPZRUWORVDXIJHQRPPHQ9LHUXQG]ZDQ]LJ0lQQHUHLQVFKOLHOLFK6DVDNLGHUREHQLQ GHU =HQWUDOH VD WHLOZHLVH VFKRQ ELV ]X ]ZDQ]LJ -DKUHQ LQ GHU +DQGHOVVFKLIIDKUW 'DV $OWHU GHU 0lQQHU VFKZDQNWH ]ZLVFKHQ IQIXQG]ZDQ]LJ XQG YLHU]LJ HEHQIDOOV VFKZDQNWHQ GLH %HJDEXQJHQ $EHU VLH VFKlW]WHQ XQG PRFKWHQ VLFK JHJHQVHLWLJ ELOGHWHQ HWZDV ZLH HLQH KRPRJHQH *UXSSH GHUHQ =LHO HV ZDU PLW P|JOLFKVW YLHOHQ 3UlPLHQ XQG HLQHU JXWHQ +HXHU XQWHU HLQHP YHUQQIWLJHQ .DSLWlQ GXUFKGDV$OO]XIOLHJHQ 6LHZROOWHQIUHPGH+lIHQVHKHQXQGIUHPGH6WHUQH:DVGHQOHW]WHQ:XQVFKDQJLQJVRZDUHULKQHQ HUIOOWZRUGHQNRQVHTXHQWHUNRQQWHPDQHVQLFKWPDFKHQ6H\PRXUJULQVWHLQQHUOLFK $EHUGDZDUHLQ3UREOHP'LHVH0lQQHUNDQQWHQGDV$OOXQGGHVVHQ*HVHW]PlLJNHLWHQ6LHNDQQWHQ GLH .UDIW XQG GLH 5HLFKZHLWH LKUHU 0DVFKLQHQ XQG ZXWHQ GHPQDFK GD GLH 9$1(66$ ]ZDU $QGURPHGD HUUHLFKW KDWWH DEHU DXV HLJHQHU .UDIW QLHPDOV ZLHGHU GLH KHLPDWOLFKH *DOD[LV HUUHLFKHQ NRQQWH 1LHPDOV 6LHZXWHQGDVLHKLHULP+DORGHU$QGURPHGDVSLUDOHJHIDQJHQZDUHQ6LHZXWHQGDLKU.DSLWlQ HLQ KHUYRUUDJHQGHU 0DQQ ZDU DEHU DXFK GHU EHVWH 0DQQ NRQQWH NHLQ 6FKLII YRQ HLQHU *DOD[LV ]XU DQGHUHQ EULQJHQ 6LH ZDUHQ ZHGHU YHU]ZHLIHOW QRFK DP 5DQGH GHU 3DQLN DEHU VLH IKOWHQ VLFK XQEHKDJOLFK 9RUUlWH(QHUJLHXQG:DVVHUUHLFKWHQ²QRWIDOOVHLQKDOEHV-DKUODQJ:HQQPDQ3ODQHWHQ IDQGDXI GHQHQ PDQODQGHQNRQQWHXQG GLHDQQlKHUQG HUGJOHLFKZDUHQUHLFKWHQVLH OlQJHU 'DV ZDU QLFKWGDV 3UREOHP 'DV3UREOHPZDU:DVJHVFKDKZHLWHU" 6H\PRXU WUDQN ODQJVDP HLQHQ ODQJHQ 6FKOXFN VFKZHQNWH GLH 7DVVH HWZDV XQG UlXVSHUWH VLFK GDQQ :LHDXIHLQ6LJQDOKLQGUHKWHQVLFKDOOH.|SIHLQVHLQH5LFKWXQJ ª0lQQHU©VDJWH6H\PRXUXQGPDFKWHHLQYHUELQGOLFKHV*HVLFKWªLFKKDEHHXFKHWZDV]XVDJHQGDV QLFKWXQZLFKWLJLVW© ª5XKH²GHU.lSWHQZLOOHWZDVVDJHQ© ª=ZHLIHOORVNQGLJWHUXQVGLH+HLPUHLVHDQ© ª8QVLQQ'LH0DVFKLQHQPDFKHQ VQLFKWPHKU© 9HUVFKLHGHQH 6WLPPHQ UHGHWHQ GXUFKHLQDQGHU 6H\PRXU ZDUWHWH HLQLJH 6HNXQGHQ GDQQ KRE HU GLH

+DQGGHU/lUPYHUVWXPPWH ª,KU ZLW GD DXI XQVHUHU 5RXWH ² DOVR 3OHMDGHQ QDFK 3UDHVHSH ² NXU] KLQWHUHLQDQGHU VHFK]HKQ 6FKLIIH YHUORUHQJHJDQJHQ VLQG 1LHPDQG ZHL ZDV PLW LKQHQ JHVFKDK (V ZDUHQ DOOHV )UDFKWVFKLIIH ZLH XQVHUH 9$1(66$ :LU VLQG GDV VLHE]HKQWH 6FKLII ZLU ZLVVHQ MHW]W DXFK ZHOFKHV 6FKLFNVDO XQVHUH9RUJlQJHUKDWWHQ© ª6LHVLQGDOOHLQGLHDQGHUH*DOD[LVJHEUDFKWZRUGHQ"© ª0LWJU|WHU:DKUVFKHLQOLFKNHLW©HUZLGHUWH6H\PRXUUXKLJ ª'D ZLU DXFK ZLVVHQ ZDUXP ZLU HQWIKUW ZXUGHQ N|QQHQ ZLU GDUDXV VFKOLHHQ GD DXFK XQVHUH 9RUJlQJHUlKQOLFKH$XIJDEHQ]XO|VHQKDWWHQ6LFKHUKDEHQYLHOH6FKLIIHGLHVH$XIJDEHJHO|VWHLQLJH KDEHQ GDV HUVFKHLQW PLU HEHQVR VLFKHU YHUVDJW XQG ZXUGHQ YHUQLFKWHW $EHU GDV VLQG $QQDKPHQ HV JLEWNHLQH%HZHLVH© ª8QGZLHNRPPHQZLU]XUFNQDFK,6+7$5"©IUDJWH*UHJDOXQGKREVHLQHQJHVXQGHQ$UP ª1DFKGHU5HLKH©VDJWHGHU.DSLWlQª'LH*DODNWLVFKH$EZHKUEHNDPYRQGHU6DFKH:LQGXQGOLH GLH )UDFKWHU GXUFK .ULHJVVFKLIIH EHJOHLWHQ 6REDOG .RQYRLV JHIORJHQ ZXUGHQ EOLHEHQ GLH 6FKLIIH XQDQJHWDVWHW )ORJHQ VLH ZLHGHU DOOHLQ YHUVFKZDQGHQ VLH 1LFKW DOOH ² HLQIDFK ZLOONUOLFK (QGOLFK EHVFKOR PDQ GD HV NHLQH 3LUDWHQ PHKU JDE HLQHQ 9HUVXFK ]X XQWHUQHKPHQ 0DQ VWHFNWH HLQHQ $JHQWHQLQHLQH.DSLWlQVXQLIRUPXQGZLHVLKQDQGLH3UREHDXIV([HPSHO]XPDFKHQ3URPSWZXUGH VHLQ6FKLIIHQWIKUW(VLVWXQVHU6FKLII© 5RRWKDUGQRFKLPPHUVHLQH.DUWHQ]ZLVFKHQGHQ)LQJHUQIUDJWH ª'DQQVLQG6LH.lSWHQDOVRGLHVHU$EZHKUDJHQW"© ª*HQDX5RRWKDUG©VDJWH6H\PRXUª,FKELQ$EZHKUDJHQW,FKKDEHGLH$XIJDEHEHUQRPPHQ/LFKW LQ GLHVH $QJHOHJHQKHLW ]X EULQJHQ 'LH +lOIWH GLHVHV $XIWUDJV KDEHQ ZLU EHUHLWV KLQWHU XQV :LU ZLVVHQZHUXQVHQWIKUWKDW© ª(LQ LQWHOOLJHQWHU 1HEHO GHU VFKQHOOHU GXUFK GHQ /LQHDUUDXP IOLHJHQ NDQQ DOV GDV VFKQHOOVWH 6FKLII ZHQQLFKUHFKWKDEH©VDJWH5RRWKDUGXQGEOLFNWH6H\PRXUHWZDVEHXQUXKLJWDQ ª6LHKDEHQUHFKW/DGHPHLVWHU©VDJWH6H\PRXUXQGSUHWHGLH/LSSHQ]XVDPPHQª8QGGLHVHU1HEHO NDP ² GDV LVW PHLQH IHVWH hEHU]HXJXQJ ² QLFKW YRQ DOOHLQ ]X GHU $XIIDVVXQJ WHUUDQLVFKH 6FKLIIH N|QQWHQDPEHVWHQGLH*HIDKUHQGHU3DGGOHUSODWWIRUPHQEHNlPSIHQ'DVWHFNWHWZDVGDKLQWHUDEHULFK ZHLQRFKQLFKWZDV© ª:LU N|QQHQ DOVR DQQHKPHQ GD DXFK GLH DQGHUHQ 6FKLIIH GLHVH RGHU lKQOLFKH $XIJDEHQ HUKDOWHQ KDEHQ"©IUDJWH*UHJDOEHNPPHUW ª6LFKHU:LUZHUGHQGLHVHQ1HEHOLUJHQGZDQQWUHIIHQ(UZLUGXQVXQGGDIUZHUGHLFKPLFKELV]XP OHW]WHQ%OXWVWURSIHQHLQVHW]HQDXFKZLHGHUGRUWKLQEULQJHQZRKHUHUXQVJHKROWKDW© ª,QXQVHUH*DOD[LV"© ª-D²DQGLHJOHLFKH6WHOOH© 6H\PRXU]XFNWHGLH6FKXOWHUQ'DQQVFKDXWHHUGLH0lQQHUPLWVHLQHQJUQHQDXIPHUNVDPHQ$XJHQ IHVWDQ ª,FK ZHWWH MHGHQ %HWUDJ GD HV XQV JHOLQJHQ ZLUG LQQHUKDOE GHU QlFKVWHQ IQI]LJ 7DJH ZLHGHU LQ 7HUUDQLD]XVHLQRGHUZHQLJVWHQVLQGHU1lKH,FKZHLGDLFKHLQHWDGHOORVH0DQQVFKDIWKDEHDXI GLHLFKPLFKYHUODVVHQNDQQ:LUKDEHQGUHLQHXH=LHOH ,FK IDQG GLH 1DPHQ XQG GLH .RRUGLQDWHQ LQ GHQ $UFKLYHQ GHU 3DGGOHU 'RUW ZHUGHQ ZLU GUHL DQGHUH 3ODWWIRUPHQ WUHIIHQ XQG VLH HEHQVR ]ZLQJHQ LKU 9RUKDEHQ DXI]XJHEHQ ZLH GLH HUVWH ,FK KRIIH LKU ZHUGHWHEHQVRWFKWLJVHLQHEHQVRJXWNlPSIHQ:LHJHVDJW)QI]LJ7DJH9LHOOHLFKWHQWGHFNHQZLU DXFKHLQHQ3ODQHWHQDXIGHPVLFKMDJHQXQGILVFKHQOlWGDQQEHVVHUWVLFKPLW+RJMDZV/DXQHDXFK XQVHU6SHLVH]HWWHO+DEHLFKUHFKW.FKHQPHLVWHU"© +RJMDZQLFNWHILQVWHUª:LHLPPHU&KHI:LHLPPHU© ª*LEWHVVRQVWQRFK)UDJHQ"©HUNXQGLJWHVLFK6H\PRXU'LH0lQQHU]|JHUWHQQLHPDQGVFKLHQHWZDV IUDJHQ]XZROOHQ ª,Q ZHQLJHQ 6WXQGHQ HUUHLFKHQ ZLU GHQ GULWWHQ 3ODQHWHQ GHU 6RQQH 1RUY\DK 3RRQJDKEXUUX 'RUW ZHUGHQZLUQDFKHLQHUZHLWHUHQ3ODWWIRUPVXFKHQ© ª8QGZLHJHKWHVGDQQZHLWHU"©IUDJWH5RRWKDUGZLHGHU ª1RFK]ZHL3ODQHWHQ7VKHQQDKXQG1JDUGPDXQ'DQQKDEHQZLUJHWDQZDVZLUNRQQWHQXQGPXWHQ GDQQZLUGXQVHU3UREOHPH[LVWHQW$EHUELVGRUWKLQZHUGHQZLUPHKUZLVVHQ*XW²LKUZLWDOVR %HVFKHLG© 6H\PRXUWUDQNGHQ.DIIHHDXVXQGYHUOLHGLH0HVVH (V JDE ZHGHU HLQHQ $XIVWDQG QRFKHLQH 3DQLN ² GLH %HVDW]XQJ JODXEWH DQ GLH :RUWH GHV .DSLWlQV

6H\PRXU EOLHE ZHQLJH 6HNXQGHQ YRU GHU 7U VWHKHQ XQG KRUFKWH QLFKWV %HIULHGLJW JLQJ HU ]XP $QWLJUDYVFKDFKWXQGOLHVLFKQDFKREHQLQGLH=HQWUDOHEULQJHQ ª1XQ ZLH ZDU HV" :ROOWH PDQ 6LH O\QFKHQ .lSWHQ"© IUDJWH 6DVDNL XQG PDFKWH HLQ QHXJLHULJHV *HVLFKW6H\PRXUJULQVWHQLHGHUWUlFKWLJXQGHUZLGHUWH ª6LH ZHUGHQ QRFK HLQPDO DQ ,KUHU 6NHSVLV HUVWLFNHQ &KXWH 1HKPHQ 6LH VLFK HLQ %HLVSLHO DQ GHU 0DQQVFKDIW ² VLH JODXEHQ ZDV LFK LKQHQ VDJWH 'DV LVW LQVRIHUQ NHLQ %HWUXJ ZHLO LFK VHOEVW GDUDQ JODXEH© 5HVLJQLHUHQGEHPHUNWH6DVDNL ª,FKJODXEHDXFKGDLFK,KQHQJODXEH© ª6LH JHZLQQHQ ]XVHKHQGV© VDJWH 6H\PRXU XQG VHW]WH VLFK ª,FK ZQVFKH YRQ ,KQHQ QXU GDQQ LQ PHLQHP 6FKODI JHVW|UW ]X ZHUGHQ ZHQQ XQVHU 0HLOHU EHUNRFKW RGHU VLFK HLQH 3ODWWIRUP ]HLJW $XI DOOH)lOOHDEHUGDQQZHQQZLUEHU3RRQJDKEXUUXVWHKHQ6LQG6LHVRQHWW"© ª,FKZHUGHPLFKEHPKHQ,KUHQKRKHQ$QVSUFKHQ]XJHQJHQ.lSWHQ©DQWZRUWHWHGHU1DYLJDWRU ª6FKODIHQ6LHZRKO© 6H\PRXU JlKQWH XQG NODSSWH VHLQHQ 6HVVHO QDFK KLQWHQ JlKQWH ZLHGHU XQG OHJWH VLFK ]XU 6HLWH GDV *HVLFKWYRQGHU/DPSHZHJJHGUHKW

(UHUZDFKWHDOVLKQ6DVDNLUWWHOWH 'DV 6FKLII ZDU ZLHGHU LP 1RUPDOUDXP XQG MDJWH DXI GHQ 3ODQHWHQ ]X /LQNV YRQ LKQHQ JOKWH JHOE HLQH6RQQHGHU7\SZDUQDKH]XHUGJOHLFK*HOEZHLHV/LFKWIOLUUWHDXIGHQ6FKLUPHQXQGEHUVWUDKOWH GLH6WHUQH(LQGXQNHOURWHU.UHLVWDXFKWHYRULKQHQDXI²GHUGULWWH3ODQHW(UEHVDGDVNRQQWHVFKRQ MHW]WHUNDQQWZHUGHQHLQHQEOHLFKHQZHLHQ0RQGGHUZLHHLQHSROLHUWH.XJHOQHEHQGHPURWHQ%DOO KLQJXQGNDOWGDV6RQQHQOLFKWUHIOHNWLHUWH ª'DKDEHQ6LH,KUHQ3ODQHWHQ.lSWHQ©VDJWH6DVDNLVHXI]HQGª(LQSUlFKWLJHU%XUVFKH6LHKWIDVWZLH GHU0DUVDXVEHYRUHUEHVLHGHOWZXUGH5RWOHHUXQGWURVWORV© 6H\PRXUVWDUUWHDXIGLH7HLOYHUJU|HUXQJGLHMHW]WDXIGHPNOHLQHUHQ6FKLUPGLFKWYRULKPDXIWDXFKWH ª,FKQHKPHDQGDGLH3ODWWIRUPJHQDXYRPJOHLFKHQ7\SLVWZLHGLHVWlKOHUQH6FKHLEHEHU% DWDUF© 'LH9$1(66$EUHPVWHODQJVDPDEXQG6H\PRXUVHW]WHVLFKYRUGLH+DQGVWHXHUXQJ(UHUUHLFKWHGLH 7DVWDWXU GHV .RPSXWHUV ]RJ VLH DP 6FKZHQNDUP ]X VLFK KHUDQ XQG HUUHFKQHWH GLH 'DWHQ IU HLQHQ 2UELWGHU]HKQWDXVHQG.LORPHWHUEHUGHP3ODQHWHQVWDQG ª:HQQLFKGDUDQGHQNHZHOFKHUHQW]FNHQGHQDOWJULHFKLVFKHQ6DJHGLHVHU 1HEHOKLHUVHLQHQ1DPHQ YHUGDQNW NDQQ LFK PLU QLFKW YRUVWHOOHQ GD KLHU DXFK *HIDKUHQ ODXHUQ N|QQWHQ© VDJWH 6H\PRXU YHUGURVVHQXQGEHWlWLJWHGHQ8PVFKDOWNQRSIPLWGHPZLHGHUGHU$XWRSLORWGDV6FKLIIEHUQDKP ª:HOFKH6DJHPHLQHQ6LH.lSWHQ"©IUDJWH6DVDNLEHOXVWLJW ª'LHMHQLJHGHUGDV6WHUQELOG$QGURPHGDVHLQH(UILQGXQJYHUGDQNW8QGPLWLKPGHU1HEHOEHUGHP ZLUXQVMHW]WEHILQGHQ© ª.HQQHQ6LHGLH*HVFKLFKWH"© 6H\PRXU VDK DXI GLH 8KU XQG QLFNWH ª'LH =HLW UHLFKW QRFK (LQ 0DQQ QDPHQV 3HUVHXV IORJ HLQHV 7DJHV EHU GDV 0HHU HUEOLFNWH GRUW HLQH -XQJIUDX GLH DQ HLQHQ )HOVHQ JHVFKPLHGHW ZDU XQG HLQHP 8QWLHU ]XP )UD YRUJHZRUIHQ ZHUGHQ VROOWH 'LH DOWHQ *ULHFKHQ ZDUHQ QLFKW GLH VFKOHFKWHVWHQ .DYDOLHUHXQGGLHVHU%XUVFKH3HUVHXVEUDFKWHQDWUOLFKGDV7LHUXPEHIUHLWHGLH-XQJIUDXXQGGXUIWH VLH]XU6WUDIHGDIUKHLUDWHQ$QOlOLFKGHU)HLHUOLFKNHLWHQHUVFKOXJHUGDQQQRFKVHLQHQ1HEHQEXKOHU ²HLQHZLOGH6WRU\+RPHUZUGHLQVHLQHU8UQHDOV:LQGKRVHURWLHUHQK|UWHHU PHLQH9HUVLRQGHU $QGURPHGDVDJH$EHUVRlKQOLFKLVWGLH*HVFKLFKWH© ª6LHVFKHLQHQJXWH/DXQH]XKDEHQ.lSWHQ©VDJWH6DVDNL ª:DUXPQLFKW"© 'DV 6FKLII VFKZHQNWH MHW]W LQ GHQ 2UELW HLQ =HKQWDXVHQG .LORPHWHU EHU GHU URWHQ 2EHUIOlFKH 3RRQJDKEXUUXV]RJGLH9$1(66$LKUH.UHLVH'LH*HUlWHGHV6FKLIIHVYHUVXFKWHQGLH2EHUIOlFKH]X DQDO\VLHUHQ 'HU .RPSXWHU VSXFNWH XQDXIK|UOLFK GLH KDOEYHUVFKOVVHOWHQ (UJHEQLVVH DXV XQG GHU 1DYLJDWRUHQW]LIIHUWHVLHYROONRPPHQ ª(WZD PDUVJUR ² ZLH LFK VFKRQ VDJWH© (U VFKDOWHWH PLW HLQHU HLQ]LJHQ %HZHJXQJ GHQ 6FKLUP IU GLH0HVVHDXIGLH/HLWXQJXQWHQNRQQWHQMHW]WGLH0lQQHUVHKHQZHOFKH:HOWGDV6FKLIIDQIORJ ª6HKU ZHQLJ &KORURSK\OO ² DOVR ZHQLJ 3IODQ]HQZXFKV 2IIHQVLFKWOLFK DOOHV YHUVWHSSW RGHU ZVWHQlKQOLFK(LQLJH+|KHQUFNHQGLHVLFKYRQ3RO]X3ROKLQ]LHKHQXQGHLQIODFKHVQDKH]XUXQGHV

0HHU²HVPXVFKRQVHKUIODFKVHLQVHKHQ6LHGLH)DUEH"© 'LH %LOGHU ]RJHQ DXI GHP 9HUJU|HUXQJVVFKLUP YRUEHL ,Q GHU WURFNHQHQ /XIW ZDUHQ QXU ZHQLJH VFKOHLHUDUWLJH:RONHQ]XVHKHQ ª+DOW©VDJWH6H\PRXUª,FKVDKKLHUHLQH%HZHJXQJ© $XJHQEOLFNOLFK XQWHUEUDFK 6DVDNL VHLQHQ 9RUWUDJ ULFKWHWH GLH /LQVH DXI HWZDV ZDV HU QXU QRFK VFKZDFK HUNDQQWH XQG PDQLSXOLHUWH DQ GHU (LQVWHOOXQJ ² HV ZDU HWZDV :HLHV JHZHVHQ %HUJI|UPLJHV (QGOLFKIDWHQGLH/LQVHQDEHULQHLQHPIODFKHUHQ:LQNHO ª0DQQ©VDJWH6DVDNLYROOHU%HZXQGHUXQJª'DVLVWHWZDV© 'LH*HIDKU YRQ GHU VLH HEHQ JHVSURFKHQ KDWWHQZDUGD6LHNDPUDVHQGVFKQHOO DXIGDV 5DXPVFKLII ]X6H\PRXUVSUDQJDXI *HOOHQGVXPPWHGHU$ODUPGXUFKGDV6FKLII 'DV 0HWDOO GHV 5XPSIHV XQGGHU 6FKRWWHQVFKLHQ PLW]XYLEULHUHQXQG GXPSIHU /lUPNDP GXUFK GHQ $QWLJUDYVFKDFKW LQ GLH =HQWUDOH 6DVDNL JULII LQ VHLQH 7DVWHQ XQG EDXWH XP GDV 6FKLII GHQ VWDUNHQ $EZHKUVFKLUPDXI ª5DNHWHQ© VW|KQWH HU QRFK LPPHU QLFKW JDQ] EHJUHLIHQG ª(LQ ULHVLJHV 5XGHO YRQ 5DNHWHQ 'LHVHU :VWHQSODQHWEHJUWXQVPLW5DNHWHQ© (LQLJH6HNXQGHQYHUVWULFKHQHUHLJQLVORV $XV GHQ )HOGSURMHNWRUHQ VSDQQWHVLFK GHUEOlXOLFKIOLPPHUQGH YROOGXUFKVLFKWLJH 6FKLUP XQG XPJDE GLH9$1(66$+DVWLJIUDJWH6H\PRXU ª:HULVWDP3ROJHVFKW]DXVJHELOGHW"© ª5RRWKDUG© 'HU .DSLWlQ GUFNWH GLH 7DVWH GHV .RPPXQLNDWRUV XQG EUOOWH LQ GLH 0HVVH KLQXQWHU ª5RRWKDUG ² VRIRUW LQ GLH =HQWUDOH :LU ZHUGHQ DQJHJULIIHQ $OOH 0lQQHU DQ LKUH 3RVWHQ .DPSIDQ]XJ DQ]LHKHQ 5RRWKDUG6LHPVVHQKLQWHUGDV3ROJHVFKW]© 'DQQEHJDQQHUUDVHQGVFKQHOO]XKDQGHOQ 6HLQH +lQGH IORJHQ EHU GDV %HGLHQXQJVSXOW 2KQH EHZXW ]X GHQNHQ LQ UHLQHQ 5HIOH[KDQGOXQJHQ VFKDOWHWHHUGHQ$XWRSLORWHQDXVQDKPVRIRUW)DKUWDXIXQGEHREDFKWHWHGDEHLGHQ+HFNVFKLUP1RFK LPPHUMDJWHQGLHPLQGHVWHQVIQI]LJ5DNHWHQKLQWHUGHP6FKLIIKHU)QI]LJVFKODQNHVLOEHUJOlQ]HQGH 3URMHNWLOHDXIODQJHQ5DXFKZRONHQVLHZXUGHQJU|HUNDPHQLPPHUQlKHU -HW]WEHVFKOHXQLJWHGDV6FKLIIUXFNDUWLJXQGVFKRDXVGHU.UHLVEDKQLQHLQH*HUDGHEHUZHFKVHOQG ]XUFN LQ GHQ 5DXP 5RRWKDUG NDP LQ GLH =HQWUDOH ZDUI HLQHQ NXU]HQ %OLFN DXI GHQ 9HUJU|HUXQJVVFKLUPXQGVDJWHª'DV6FKLIIPXJHGUHKWZHUGHQLFKHUUHLFKHGLH5DNHWHQQLFKW© 5RRWKDUGUDVWHORVXQGZlKUHQGVLFKGDV6FKLIIGUHKWHKRFNWHHUVLFKEHUHLWVLQGLH.XQVWVWRIIVFKDOH KLQWHUGHU=LHORSWLNGHV*HVFKW]HV/DQJVDPHUZlUPWHQVLFKGLH5|KUHQ]XODQJVDP (QGOLFKZDUGDV6FKLIIVWDELOLVLHUWXQGGDV3ROJHVFKW]ZDUIHXHUEHUHLW'LH9$1(66$MDJWHGDYRQ GLH 9HUIROJHU KLQWHU VLFK KHU]LHKHQG 'LH 5DNHWHQ NLSSWHQ PLW GHU 9ROONRPPHQKHLW HLQHV 7DXEHQVFKZDUPHV JOHLFK]HLWLJ DXV GHU %DKQ ULFKWHWHQ GLH QDGHOIHLQHQ 6SLW]HQ ZLHGHU DXI GLH .XJHO YRULKQHQXQGIORJHQZHLWHU ª)HXHU©ULHI6H\PRXUODXW (LQ7HVWVFKLUPEHUWUXJGDV%LOGGDVREHQLQGHU2SWLNHUVFKLHQDXIGDV6FKDOWSXOW $XVGHP*HVFKW]IXKUHQGLHHUVWHQ6WUDKOHQEQGHO =ZHLGHU5DNHWHQGHWRQLHUWHQXQG]ZHLZHLWHUHIORJHQLQGHQ*OXWEDOOKLQHLQ(LQ]ZHLWHUOHXFKWHQGHU )OHFN EUHLWHWH VLFK DXV 'HU 5HVW GHV 6FKZDUPHV NDP LPPHU QlKHU HV ZDUHQ QLFKW PHKU DOV IQI .LORPHWHUGLHGDV6FKLIIYRQLKQHQWUHQQWHQ 5RRWKDUGVFKRSDXVHQORV 6HLQH JH]LHOWHQ VRUJIlOWLJ SOD]LHUWHQ 6FKVVH WUDIHQ MHGHVPDO 'LH .HWWH GHU GHWRQLHUWHQ 3URMHNWLOH EUHLWHWHVLFKKLQWHUGHP6FKLIIDXVZLH3HUOHQGLHYRQGHU6FKQXUJHIDOOHQZDUHQ$EHULPPHUQRFK IHJWHGHU+DXSWWHLOGHV6FKZDUPHVKLQWHUGHU9$1(66$KHU ª9HUGDPPW©VDJWH6H\PRXU'DQQª$FKWXQJ5RRWKDUGLFKVFKODJHHLQHQ+DNHQ© 'DV)UDFKWVFKLIIZDUNHLQHUGHUPRGHUQHQ.UHX]HU'LHWHFKQLVFKHQXQGPDVFKLQHOOHQ0|JOLFKNHLWHQ ZDUHQEHJUHQ]W6H\PRXUVWRSSWHGLH0DVFKLQHQGUHKWHGDV6FKLIIODQJVDPLQHLQHQDQGHUHQ:LQNHO VHW]WH GDQQ GLH %UHPVHQ HLQ XQG EHVFKOHXQLJWH DEUXSW 'LH 7UlJHU XQG 9HUELQGXQJHQ EHJDQQHQ ]X NOLQJHQDOVVLFKGDV0HWDOOXQWHUGHUXQJHZ|KQOLFKHQ%HODVWXQJJHULQJIJLJYHUIRUPWH,QHLQHUVHKU HQJHQ .XUYH VFKHUWH GHU )UDFKWHU DXV GHP *HUDGHDXVNXUV XQG WDXFKWH ZLHGHU KLQXQWHU DXIGHQ URWHQ 3ODQHWHQ

0HKUHUH 5DNHWHQ NDPHQ DXV GHP .XUV 5RRWKDUG YHUQLFKWHWH VLH PLW KHUUOLFKHQ )HUQVFKVVHQ (LQ 3URMHNWLOWUXGHOWHSO|W]OLFKVWDELOLVLHUWHGDQQZLHGHUXQGSUDOOWHJHJHQVHLQHQ1DFKEDUQ :LHGHUEOKWHHLQ)HXHUEDOOLQGHU6FKZlU]HDXI 5RRWKDUG VFKR VFKR XQG EHUVDK HLQH HLQ]LJH 5DNHWHQEDKQ 6LH IKUWH QHEHQ GHP 6FKZlUP HQWODQJ WDXFKWH GDQQ ZHJ XQG QRFK HKH GDV 5RKU PLW GHP 5DGDUYLVLHU KHUXPJHVFKZXQJHQ ZHUGHQ NRQQWHVFKOXJGLHVH5DNHWHHLQ 6LHWUDIHLQHOHHUH)UDFKWNDPPHUXQGHQWIHVVHOWHGRUWHLQH*OXWK|OOH'LH0lQQHUNODSSWHQGLH+HOPH ]X VFKO|VVHQ QRFK HLQ]HOQH 6FKRWWV XQG UDVWHQ GDQQ KLQXQWHU 6LH NDPHQ ]X VSlW GDV 6FKLII ZDU EHVFKlGLJW 'LH %HVDW]XQJ NRQQWH QLFKW PHKU WXQ DOV .XU]VFKOVVH ]X EHVHLWLJHQ XQG PLW GHQ /|VFKJHUlWHQGLHHQWVWDQGHQHQ%UlQGHEHNlPSIHQ(LQHUGHU0lQQHUOLHVLFKLP5DXPDQ]XJLQGHQ /DGHUDXPHLQVFKOLHHQXQGHQWIHUQWHGLH6SXUHQ ,QGHU:DQGXQJGHU9$1(66$NODIIWHHLQ/RFK]HKQ0HWHUKRFKXQUHJHOPlLJJH]DFNWXQGHVPD DQ GHU EUHLWHVWHQ 6WHOOH GUHL 0HWHU 'LH 5lQGHU ZDUHQ YHUVHQJW JHVFKPRO]HQ XQG EHU GHQ 6FKLUP WDQ]WHQDXIGHU,QQHQVHLWHIHXULJH)XQNHQXQGVW|UWHQPLQXWHQODQJGLH6FKLUPH (EHQVFKR5RRWKDUGGLHOHW]WH5DNHWHDE ª0HOGXQJ DQ =HQWUDOH 'H5DJJ LQ /DGHUDXP 9LHU 'LH 5DNHWH LVW KLHU HLQJHVFKODJHQ XQG KDW HLQ ULHVLJHV /RFK LQ GLH $XHQZDQG JHULVVHQ 'LH 5DNHWH LVW YHUJOKW HOHNWULVFKH $QVFKOVVH VLQG DEJHNOHPPWGHU5DXPLVWOXIWOHHU© 6H\PRXUDQWZRUWHWHEHUGLH+HOPIXQNYHUELQGXQJ ª7DGHOORV'H5DJJ=LHKHQ6LHVLFK]XUFNXQGEHUODVVHQ 6LHGHQ5HVW,KUHQ.DPHUDGHQ5RRWKDUG NRPPWJOHLFKKLQXQWHU:LUODQGHQHUVWGDQQEHVVHUQZLUGDV6FKLIIDXV'DQNH© ª9HUVWDQGHQ.lSWHQ© 5RRWKDUG NDP DXV GHU 7U XQG VWHOOWH VLFK QHEHQ 6H\PRXU 'HU .DSLWlQ VDK DXI XQG EHJHJQHWH GHP %OLFN GHV /DGHPHLVWHUV ]RUQLJ XQG JOHLFK]HLWLJ HUVFKURFNHQ 5RRWKDUG EUHLWHWH GLH $UPH DXV XQG VDJWHHQWVFKXOGLJHQG ª,FKNRQQWHQLFKWPHKUWXQDOVSDXVHQORVVFKLHHQ(VWXWPLUOHLG© ª,Q2UGQXQJ%LOO©VDJWH6H\PRXUª(VLVWSUDNWLVFKQLFKWVJHVFKHKHQ(LQ/RFKLQHLQHP/DGHUDXP GHU]XGHPQRFKOHHUZDU-HGHQIDOOVZHUGHQZLUHQWVSUHFKHQGKDUW]XUFNVFKODJHQ© ª,FK KDEH GHQ 6WDUWRUW GHU 5DNHWHQ DQJHPHVVHQ XQG ZHUGH LKQ DXI GHQ )RWRV DXFK ZLHGHUHUNHQQHQ .lSWHQ©VDJWH6DVDNL6H\PRXUQLFNWHHUIUHXWXQGVDJWH ª:LUZHUGHQMHW]WKLHUDXIGHU1DFKWVHLWHGLHVHU:HOWHLQWDXFKHQXQGGDQQ]XUFNIOLHJHQ'LFKWEHU GHU2EHUIOlFKHGHQQGDQQVLQGZLUNDXP]XRUWHQ,KUH*HUlWH ZHUGHQXQVQLFKWHUIDVVHQ8QGGDQQ XQWHUQHKPHQZLUHLQHQ9RUVWR© ª,FKJODXEHGDVLVWGDV%HVWH²IOLHJHQ6LHVHOEVW"© ª-D©DQWZRUWHWH6H\PRXUKDOEODXW(UIXKUVHLQHQ6HVVHO]XUFNXPIDWHGDQQGLH/HKQHQPLWHLQHP *ULII GHU GLH .Q|FKHO VHLQHU )LQJHU ZHL ZHUGHQ OLH XQG VWDUUWH PLW VWHLQHUQHP *HVLFKW DXI GLH 6FKLUPHª,FKKDEHPLFKGDUDQJHZ|KQW.DSLWlQ]XVHLQ$EHULFKPHUNHGDLFKMHW]WZLHGHU$JHQW VHLQ PX ,P (UQVW ,FK IOLHJH JHUQ XQG LFK ELQ DXFK DOV .DGHWW JHUQ JHIORJHQ ,FK KDEH QLFKWV YHUJHVVHQDXFKGLHDQGHUHQ'LQJHQLFKWGLHPDQEHLGHU$EZHKUOHUQW 5RRWKDUG"© ª-D"© ª*HKHQ 6LH ELWWH QDFK XQWHQ XQG VHKHQ 6LH VLFK GDV /RFK DQ :LU ZHUGHQ HV EHVHLWLJHQ VREDOG ZLU JHODQGHWVLQG+DEHQZLUJHQJHQG:HUN]HXJDQ%RUG"© ª-DQDWUOLFK:LUN|QQHQHLQHJDQ]H0HQJHYRQ5HSDUDWXUHQDXVIKUHQ© ª*XW:lKUHQGGDV6FKLIIUHSDULHUWZLUGJUHLIHQZLUDQ© 5RRWKDUGJLQJNRSIVFKWWHOQG]XP/LIWVFKDFKWXQGVFKZHEWHQDFKXQWHQ(UILQJHLQHQEH]HLFKQHQGHQ %OLFNYRQ6DVDNLDXIQLFNWHXQGYHUVFKZDQG 'LH 9$1(66$ ZHQGHWH ZLHGHU GLHVHV 0DO XQGUDPDWLVFK ODQJVDP XQG QDFK JHQDXHP .XUV 'DV 6FKLIIJLQJWLHIHUVHQNWHVLFKGXUFKGLHDXIKHXOHQGH/XIWKOOH3RRQJDKEXUUXVLQGLH1DFKWXQGEOLHE LQ HLQHU +|KH YRQ GUHLKXQGHUW .LORPHWHUQ 6DVDNL QDKP GLH )LOPUROOH DXV GHU .DPHUD XQG JLQJ GLH %LOGHU]XHQWZLFNHOQ 'DV6FKLIIMDJWHQDFK:HVWHQNQDSSEHUGUHL0DFKVFKQHOO6H\PRXUZXWHQLFKWREHV:HVWHQZDU DEHU MHGHQIDOOV VWHXHUWH HU LQ GLH 5LFKWXQJ LQ GHU GLH 6RQQH XQWHUJLQJ 9LHU 6WXQGHQ ODQJ IORJ GDV 6FKLII LQ HLQHU DEVROXWHQ *HUDGHQ (V EHUIORJ GXQNOH :VWHQ HLQHQ VFKZDU]HQ %HUJUFNHQ XQG HLQ XQEHZHJWHV0HHUDXVGHP6FKLOILQVHOQRGHU,QVHOQDXVlKQOLFKHQ*HZlFKVHQKHUYRUVWDFKHQLQIUDURWH $XIQDKPHQ]HLJWHQHV'DQQNDPGLH/LFKWJUHQ]HLQ6LFKWGHU0RQGNLSSWHKLQWHUGHQ+RUL]RQWXQG

HLQHXQHQGOLFKHURVWURWH:VWHEUHLWHWHVLFKDXV6LHVFKLHQNHLQ(QGH]XQHKPHQ 'DV6FKLIIODQGHWHLQHLQHU6FKOXFKWGLH]ZLVFKHQ]ZHL)HOVHQNODIIWHXQGPHKUDOVIQIKXQGHUW0HWHU WLHIZDU:LHHVVFKLHQVWHOOWHGLHVH6FKOXFKWGDVEHVWHXQGHLQ]LJH9HUVWHFNGHV3ODQHWHQGDU 'DV5ROOHQGHUDEJHVWHOOWHQ7ULHEZHUNHYHUVWXPPWH6LHZDUHQDXI3RRQJDKEXUUX %OHFKHZXUGHQJHKROW XQG LQGLH )RUP]XUHFKWJHVFKQLWWHQLQGHU PDQ VLH EUDXFKWH'DVNUHLVFKHQGH *HUlXVFK GHU +RFKOHLVWXQJVVlJHQ KDOOWH ]ZLVFKHQ GHQ )HOVHQ GDQQ IODPPWHQ GLH EODXZHLHQ )ODPPHQGHU6FKZHLJHUlWHDXI6LHHQWIHUQWHQGLHDXVJHJOKWHQYHUEUDQQWHQ5HVWHGHU+OOH 6WlKOHUQH .ODPPHUQ KLHOWHQ GLH %OHFKH IHVW 'DQQ YHUVFKPRO] PDQ GLH 5lQGHU PLW GHU +OOH 5RWLHUHQGH 6FKHLEHQ 7HUNRQLWGHULYDWH LQ .XQVWVWRII HLQJHVFKPRO]HQ KREHOWHQ GLH 6FKZHLQlKWH JODWW,PPHUPHKU7HLOHZXUGHQYRQGHU0DQQVFKDIWGLHDQJHVHLOWDXVGHQ]ZHL6FKOHXVHQGLHVHU6HLWH KLQJ DQJHEUDFKW XQG IHVWJHVFKZHLW 1RFK ZlKUHQG DXHQ GLH 1lKWH DENKOWHQ EUDFKWH PDQ LQQHQ GLH9HUVWUHEXQJHQDQ²6WDKOElQGHUPLW/|FKHUQXQG7I|UPLJH7UlJHUHOHPHQWH 'DV0HWDOOZXUGHGXUFKHLQHOHNWULVFKHV)HOGHUKLW]W,QQHQIDXFKWHQGLHWUDJEDUHQ.RPSUHVVRUHQXQG VSULW]WHQ VFKDOOVFKOXFNHQGHV XQG LVROLHUHQGHV 0DWHULDO DXI DXHQ VSUKWH HLQ 0DQQ PLW GHU 6SULW]SLVWROH HLQHQ ZHLHQ 1HEHO DXI GHVVHQ )DUESLJPHQWH PLW 0HWDOOVXVSHQVLRQHQ YHUVHW]W ZDUHQ %LQQHQHLQHU9LHUWHOVWXQGHEUDQQWHVLFKGHUZHLH/DFNHLQXQGHLQH6WXQGHVSlWHUZDUGLH5HSDUDWXU DXVJHIKUW 'DV 6FKLII ZDU ZLHGHU YROO HLQVDW]IlKLJ 8QWHU GHU .RQWUROOH YRQ 5RRWKDUG ZXUGHQ GLH :HUN]HXJHZHJJHUlXPWXQGGLHGUHL)UHLZLOOLJHQ]RJHQVLFKXPXQGPDFKWHQVLFKIHUWLJ 'HUVFKZHUH*OHLWHUVWDQGIOXJIHUWLJLQGHU6FKOHXVH 6H\PRXU]RJVLFKDQ(UVWDQGLQVHLQHU.DELQHKDWWHGLH7UGHVVWlKOHUQHQ6FKUDQNHVJH|IIQHWXQG VSUDFKPLWGHP7HFNR'HU9HUVWlUNHUNOHEWHKLQWHUVHLQHPUHFKWHQ2KU ª'XELVWZLHGHUDXI.ULHJVSIDG7HUUDQHU"©IOVWHUWH$PRR 6H\PRXU VFKOSIWH LQ GLH HQJH VFKZDU]H +RVH DQ GHUHQ .QLHQ GDV 7HUNRQLWJHZHEH VFKLPPHUWH VHW]WHVLFKDXIGHQ%HWWUDQGXQG]RJGLHOHGHUQHQ6WLHIHODQGLHHUDXV6KDQG RQJPLWJHEUDFKWKDWWH ª-D8QGGLHVPDOLVWHVELWWHUHU(UQVW6LHKDEHQXQVDQJHJULIIHQXQGZHQQPHLQHhEHUOHJXQJHQQLFKW DOO]X IDOVFK VLQG ILQGHQ ZLU DXI 3RRQJDKEXUUX QRFK HLQ 6FKLII VLFKHU HLQ ]HUVW|UWHV WHUUDQLVFKHV +DQGHOVVFKLII© ª9LHOOHLFKW:LHVWHOOVWGXGLUHLJHQWOLFKGLH5FNNHKUYRU"© 'DV 7LHUFKHQ VD ]ZLVFKHQ ]ZHL %XFKVSXOHQ DXI GHP NOHLQHQ 6FKUHLEEUHWW XQG KDWWH HLQH DQJHNQDEEHUWH.DRULQXLQGHQ3IRWHQ ª:HLLFKMHW]WQRFKQLFKW(LQ3UREOHPQDFKGHPDQGHUHQ© ª6R²EUDXFKVWGXPLFKQLFKW"© ª1LFKWMHW]W$PRR© 6H\PRXU VFKOR GHQ *UWHO XQG YHUJHZLVVHUWH VLFK RE DOOH VWDKOYHUVWlUNWHQ 7DVFKHQ JHIOOW ZDUHQ 'DQQ ]RJ HU GLH -DFNH DQ HEHQIDOOV HQJ XQG VFKZDU] (U OLH VLH RIIHQ OXG GHQ 6WUDKOHU QDFK XQG VWHFNWH LKQ LQ GDV 6FKXOWHUKDOIWHU 'DQQ EHWUDFKWHWH HU HLQLJH 6HNXQGHQ ODQJ GHQ JOlVHUQHQ 5LQJ 1NDOD\VXQG]RJGLHVFKZDU]HQ+DQGVFKXKHGDUEHUNQ|SIWHVLHDP+DQGJHOHQN]X(UQLFNWHVHLQHP 6SLHJHOELOG ]X VDK GHQ GUHLHFNLJHQ 6FKLOG DQ VHLQHU %UXVW DXIVFKLPPHUQ XQG VDK GHQ 5DFKHQ GHV 3DQWKHUVPLWGHQJHOEHQ/LFKWHUQ ª9LHO*OFN7HUUDQHU©ZLVSHUWHGLH6WLPPHGHV7HFNRVLQVHLQHQ*HGDQNHQ ª,FKZHUGHHVEUDXFKHQIUFKWHLFK1RFKQHXQXQGYLHU]LJ7DJHGDQQVLQGZLULQ7HUUDQLD.OHLQHU© ª5HFKWVR²2SWLPLVPXVLVWZLFKWLJHUDOV:DVVHU7HUUDQHU© 6H\PRXUQDKPGHQ9HUVWlUNHUDEXQGEHIHVWLJWHLKQDXIGHP6FKUHLEEUHWW'DQQYHUOLHHUGLH.DELQH XQG YHUJD QLFKW GLH 7U ]ZHL )LQJHU EUHLW RIIHQVWHKHQ ]X ODVVHQ YLHOOHLFKW ZROOWH GHU 7HFNR LP 6FKLIIKHUXPVSD]LHUHQ ,QGHU=HQWUDOHZDUWHWHEHUHLWV6DVDNL 6DVDNL JUR XQG ZXFKWLJ VFKLHQ ]X ]LWWHUQ (U VWDQG YRU GHP .DUWHQWLVFK GHU PLW QRFK IHXFKWHQ IRWRJUDILVFKHQ $XIQDKPHQ $E]JHQ XQG 9HUJU|HUXQJHQ EHGHFNW ZDU XQG NODPPHUWH VLFK DQ GLH 5DQGOHLVWHQ6HLQ$WHPJLQJVWRZHLVH 1HEHQLKPVWDQGVFKZHLJHQGHUVWDUUWXQGPLWZHLHP*HVLFKW5RRWKDUG ª6HKHQ6LHVLFKGDVDQ&KHI©VDJWHHUKHLVHU (U ZLHV DXI HLQH GHU ]DKOUHLFKHQ 9HUJU|HUXQJHQ 6H\PRXU VDK NXU] DXI GLH 6FKLUPH GLH DXI HLQHU 6HLWHGLH:VWHDXIGHQDQGHUHQGUHL6HLWHQGHQURWHQVFKZDU]JHlGHUWHQ)HOV]HLJWHQXQGVDJWHGDQQ ª6LHKDEHQHLQ]HUVW|UWHV7HUUD6FKLIIJHIXQGHQQLFKWZDKU"©(UJULIIQDFKGHU9HUJU|HUXQJ 'LH0lQQHUIXKUHQKHUXPXQGVWDUUWHQLKQIDVVXQJVORVDQ ª:RKHU"©IUDJWH6DVDNL6H\PRXUODFKWHJULPPLJXQGVDJWHª$XFKJHZLVVH.RPELQDWLRQHQOHUQW

PDQLQODQJHQ-DKUHQEHLGHU$EZHKU-D²KLHULVWHV1LFKWQXUHLQVVRQGHUQ]ZHL,FKKDWWHUHFKW DEHULFKZQVFKWHGDGLHVH6FKLIIHQLFKWKLHUJHODQGHWZlUHQ'DVLVWHLQZHLWHUHU3OXVSXQNWIUXQV ZHQQZLUXQVHUHQ(QWIKUHUILQGHQ© (UEHWUDFKWHWHGLH$XIQDKPH6LH]HLJWHGLHVHV*HELUJH'HU6FKDWWHQGHUJDQ]OLQNVLP%LOGVLFKWEDU ZDUVWHOOWHGLH6FKOXFKWGDULQGHUGLH9$1(66$VWDQG'HU)HOVUFNHQ]RJVLFKELVIDVWLQGLH0LWWH GHU$XIQDKPHKLQVLH]HLJWHHLQHQ$XVVFKQLWWYRQ]ZHLWDXVHQG.LORPHWHUQGHUbTXDWRULDOJHJHQGGHV 3ODQHWHQ =ZHL VFKZDU]H .UHLVH PLW )HWWVWLIW NHQQ]HLFKQHWHQ GLH EHLGHQ 6FKLIIH 6LH ZDUHQ DXIJHVFKODJHQ XQG ZHLWHUJHUDVW DXI GHU VDQGLJHQ 2EHUIOlFKH GLHVHU :HOW JHUROOW 7LHIH 6SXUHQ GLH GXUFKGLH6FKDWWHQVLFKWEDUJHPDFKWZXUGHQNHQQ]HLFKQHWHQGLH6WHOOHQ ª+LHUVLQGGLH$XVVFKQLWWYHUJU|HUXQJHQ©VDJWH6DVDNLXQGKRE]ZHLNOHLQHUH%OlWWHUDXI6LH]HLJWHQ GLH6FKLIIH 6H\PRXUPXVWHUWHVLHHLQJHKHQG ª'LH 6FKLIIH VLQG LQ HLQHP IODFKHQ :LQNHO DXI GLH 2EHUIOlFKH GHV 3ODQHWHQ DXI JHWURIIHQ© VDJWH HU KDOEODXW ª6LH VFKOXJHQ DXI YHUVXFKWHQ ZRKO QRFK ]X EUHPVHQ XQG KDWWHQ GLH /DQGHVWW]HQ DXVJHIDKUHQ'DQQSUDOOWHQVLHDXIXQGEHJDQQHQ]XUROOHQ,FKNDQQPLUQLFKWYRUVWHOOHQGDDQ%RUG DXFK QXU HLQH HLQ]LJH 3HUVRQ EHUOHEW KDW 9HUPXWOLFK VLQG GLH 6FKLIIH ]X VFKQHOO LQ GLH /XIWKOOH HLQJHIORJHQ XQG ZXUGHQ YRQ GHQ 5DNHWHQ YROO JHWURIIHQ (LQ :XQGHU GD QRFK HWZDV EULJ LVW© (U VFKWWHOWGHQ.RSI ª+DEHQ6LHGHQ6WDQGRUWGHU3ODWWIRUPDXVPDFKHQN|QQHQ"©6DVDNLYHUQHLQWHª:LUKDEHQQLFKWGHQ JHVDPWHQ 3ODQHWHQ EHUIORJHQ VR GD ZLU QLFKW YRQ GHU JDQ]HQ 2EHUIOlFKH )RWRV KDEHQ $EHU LFK ZHLZRVLHXQJHIlKUVFKZHEHQPWH© ª9HUPXWOLFK MHQVHLWV GLHVHU :VWH © 6H\PRXU GHXWHWH DXI GLH NOHLQHQ )LOPDXIQDKPHQ GLH GHQ WDWVlFKOLFKHQ$XIQDKPHQHQWVSUDFKHQª'RUWDOVRZRGLHVHV)RWRDXIK|UW© ª*HQDX© ª:LU IOLHJHQ ]XHUVW ]X GHP QlKHUJHOHJHQHQ :UDFN 9LHOOHLFKW ILQGHQ ZLU HWZDV $XIVFKOXUHLFKHV 6LQG6LHIHUWLJ5RRWKDUG"© ª1DWUOLFK/DQJZ\QKDWGLH$XIQDKPHQ²HUZHLDOVRZRKLQZLUIOLHJHQPVVHQ© ª:HULVWQRFKGDEHL"©IUDJWH6H\PRXU ª:LOO'H5DJJ© ª*XW)OLHJHQZLU8QG6LH6DVDNLVLQGIUGDV6FKLIIYHUDQWZRUWOLFK%HREDFKWHQ6LHELWWHJHQDXGHQ +LPPHO:LUN|QQHQQLFKWULVNLHUHQQRFKHLQPDOJHWURIIHQ]XZHUGHQ© 6DVDNL QLFNWH ZLH HLQ 0DQQ GHU PLW DOOHP UHFKQHW HLQVFKOLHOLFK GHU 0|JOLFKNHLW KLHU VWHUEHQ ]X PVVHQ (U EOLFNWH DXVJHVSURFKHQ XQJOFNOLFK XQG 6H\PRXU JULQVWH (U VDJWH ZlKUHQG HU ODQJVDP ]XP$QWULJDYVFKDFKWJLQJ ª:DV,KQHQY|OOLJIHKOW&KXWHLVWGLH*HODVVHQKHLWGHV*HLVWHV/HVHQ6LH6HQHFDGDVKLOIW© 6DVDNLYHUVWDQGQLFKWVª:LH"©IUDJWHHUHQWJHLVWHUW ª6HQHFD(VLVWHLQ3KLORVRSKGHUWHUUDQLVFKHQ)UK]HLW© ª$FKVR²LFKGDFKWHVFKRQHUVHLLQGHU%RUGELEOLRWKHN© ª.DXP© HUZLGHUWH 6H\PRXU WURFNHQ ª.RPPHQ 6LH 5RRWKDUG ODVVHQ ZLU GLHVHQ ,JQRUDQWHQ DOOHLQ :DFKHKDOWHQXQGVHKHQZLUXQVGHQ3ODQHWHQ3RRQJDKEXUUXDQ© 6LHJLQJHQ

'LH (LQ|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lW HLQJHVFKDOWHW ZDU 'LH 0lQQHU ZXWHQ GD GLH 9HUELQGXQJPLWGHP6FKLIIZLFKWLJZDU ª/RV© VDJWH 6H\PRXU QXU XQG VFKZDQJ VLFK DXI VHLQHQ 3ODW] :RUWORV IROJWH LKP 5RRWKDUG 'DV 9HUGHFN EOLHE DQJHVLFKWV GHU GUDXHQ ]X HUZDUWHQGHQ +LW]H JH|IIQHW EHUHLWV MHW]W VSUWH PDQ GHQ 6FKZDOOKHLHU/XIWGXUFKGLH6FKOHXVHHLQGULQJHQ'HU*OHLWHUKREVLFKXQGVFKZHEWHYRUVLFKWLJQDFK YRUQGDQQVDFNWHHUHLQHQKDOEHQ0HWHUDEXQGKXVFKWHGDYRQ

ª(LQWDXVHQG .LORPHWHU .lSWHQ© VDJWH /DQJZ\Q ODXW RKQH VLFK XP]XGUHKHQ (U JLQJ WLHI KLQXQWHU XQGVWHXHUWHGHQVFKZHUHQ*OHLWHUPLWVWlQGLJZDFKVHQGHU*HVFKZLQGLJNHLWEHUGLH(EHQHHWZD]HKQ 0HWHUKRFK 'HU 3LORW IORJ LQ HLQHU ZHLWDXVKROHQGHQ .XUYH DXI GDV :UDFN ]X (U IROJWH HLQHU $QZHLVXQJ GHV .DSLWlQV GHU P|JOLFKVW YLHO YRQ GHU /DQGVFKDIW VHKHQ ZROOWH (V VFKLHQ UlWVHOKDIW ZDV GLH *HQ 0RGXODWRUHQKLHU]XVXFKHQKDWWHQ²JDEHVEHUKDXSW/HEHQLQGLHVHU:VWH" 1LFKW HLQ /IWFKHQ UHJWH VLFK (V JDE NHLQH 6WDXEZRONH NHLQH 2DVH NHLQHQ )OX ² QXU GLHVHV *HELUJH GDV DXI HLQHU 6HLWH DQVWLHJ ZLH HLQH PlFKWLJH 2]HDQZHOOH DXI GHU DQGHUHQ 6HLWH VHQNUHFKW DEILHOZLHHLQ.DWDUDNW *UDVEVFKHO HLQPDO GLFKWHU GDQQ ZLHGHU ]HUVWUHXW (LQ NDNWXVlKQOLFKHV *HZlFKV ZXUGH VLFKWEDU ZHLO HV HLQHQ ODQJHQ 6FKDWWHQ ZDUI 'HU )OXJ JLQJ ZHLWHU PLW HLQHU 6WXQGHQJHVFKZLQGLJNHLW YRQ IQIKXQGHUW.LORPHWHUQ5XQG]ZHL6WXQGHQYHUJLQJHQ 'DV0HWDOOGHV*OHLWHUVZXUGHWURW]GHV)DKUWZLQGHVLPPHUKHLHUGLH.XQVWOHGHUSROVWHUJOKWHQ'LH XQEDUPKHU]LJH 6RQQH YHUEUDQQWH DOOHV 1RFK HLQ -DKUKXQGHUW XQG GLHVHU 3ODQHW ZDU HQGJOWLJ WRW GDFKWH6H\PRXU'LH0RGXODWRUHQZDUHQEHUIOVVLJ$EHUVRVFKUlQNWHHUHLQHUNDQQWHQXUGLHVHQ $EVFKQLWWXQGHLQLJH)RWRVHVNRQQWHDQGHUH%H]LUNHJHEHQZHLWHUDQGHQ3ROHQDQGHQHQHVZHQLJHU KHLZDU 'DQQNDPGDV5DXPVFKLIILQ6LFKW ª$FKWXQJDXI6SXUHQ©VDJWH6H\PRXUODXW6HLQH/HXWHQLFNWHQ 'HU *OHLWHU XPNUHLVWH GHQ JUDXHQKDIW ]XJHULFKWHWHQ 5XPSI GHV 6FKLIIHV GUHLPDO 'LH ODQJHQ YHUEUDQQWHQ/|FKHUXQGGLHWLHIHQ%HXOHQZDUHQQLFKWGDV6FKOLPPVWHGLHDEJHULVVHQHQ/DQGHVWW]HQ XQG GLH DXIJHULVVHQHQ JHSODW]WHQ 6FKOHXVHQWRUH GLH VFKLHI XQG YHUERJHQ LQ GHQ VWlKOHUQHQ $QJHOQ KLQJHQ ERWHQ HLQHQ VFKOLPPHUHQ $QEOLFN 'DV 6FKLII ZDU GUHLKXQGHUW 0HWHU ZHLW JHUROOW HKH HV HQGJOWLJ OLHJHQJHEOLHEHQ ZDU XQG GDV EHL HLQHU JHVFKlW]WHQ /DQGHJHVFKZLQGLJNHLW YRQ GUHL ELV YLHUKXQGHUW 6WXQGHQNLORPHWHUQ 6HOWVDPHUZHLVH VWDQG HV DXIUHFKW GD JHQDX DXI GHU ]HUVW|UWHQ 3ROVFKOHXVH XQG GHQ 6WPSIHQ GHU K\GUDXOLVFKHQ /DQGHVWW]HQ 7UPPHU VlXPWHQ GHQ :HJ DEJHULVVHQH5|KUHQ/DGHWHOOHUXQG%OHFKIHW]HQJURZLHHLQ0DQQ ª'LHVH9HUEUHFKHU© NQXUUWH5RRWKDUGQHEHQ6H\PRXUª(V JHQJWLKQHQQLFKWGDVLHGHQ3ODQHWHQ HQGJOWLJLQHLQH:VWHYHUZDQGHOQVRQGHUQVLHPVVHQDXFKQRFKZHKUORVH6FKLIIHDEVFKLHHQ© ª6ROOLFKODQGHQ.lSWHQ"©IUDJWH/DQJZ\Q 6H\PRXUQLFNWHª-D/DQGHQ6LH²DEHULP6FKDWWHQ© 'DVYLHUKXQGHUW0HWHUPHVVHQGH6FKLIIZDUIHLQHQUXQGHQ6FKDWWHQGHUYLHU]LJ0HWHUWLHIZDU'RUW DP,QQHQUDQGGHVGXQNOHQ.UHLVHVVHW]WH/DQJZ\QGHQ*OHLWHUDE 'LH0lQQHUVWLHJHQDXV (V ZDU XQYHUNHQQEDU HLQ WHUUDQLVFKHV 6FKLII 7URW] GHU =HUVW|UXQJ NRQQWH PDQ QRFK GLH %XFKVWDEHQ XQGGDV:DSSHQHUNHQQHQ(VZDUHLQ6FKLIIGHU*2/'(1*$7(/,1(GLH1257+(51/,*+76 6LH ZDU ]ZHLPDO DXI 6KDQG RQJ JHODQGHW ZXWH 6H\PRXU XQG GLH :XW EHUNDP LKQ $XFK GLHVHV 6FKLIIZDUYRQGHPLQWHOOLJHQWHQ1HEHOHQWIKUWXQGKLHUKHUJHEUDFKWZRUGHQ 'LH 6FKOHXVH EHU GHP 5LQJZXOVW GHV $QWULHEV VWDQG RIIHQ GDV VFKZHUH $XHQSRUWDO ODJ XQWHU GHP 6FKLII LP )OXJVDQG HLQJHJUDEHQ 1HEHQ GHU 3ROVFKOHXVH NODIIWH HLQ 5L GXUFK GHQ EHTXHP GUHL 0lQQHUQHEHQHLQDQGHUJHKHQNRQQWHQ ª:LU JHKHQ KLQHLQ XQG VHKHQ QDFK RE QRFK LUJHQG HWZDV ]X UHWWHQ LVW ,FK JODXEH QLFKW DEHU ZLU EUDXFKHQ*HZLKHLW+DEWLKU/DPSHQ"© 'LH 0lQQHU JLQJHQ XP GDV 6FKLII KHUXP ZDJWHQ VLFK KLQDXV LQ GLH JUHOOH VFKPHU]HQGH 6RQQH XQG VWHPPWHQ VLFK KLQDXI 7HG /DQJZ\Q YHUVFKZDQG ]XHUVW LQ GHU 'XQNHOKHLW GDQQ NQLUVFKWH GHU 6DQG DOV VLFK 6H\PRXU DEVWLH ² 'H 5DJJ XQG 5RRWKDUG IROJWHQ 6LH VWROSHUWHQ EHU 7UPPHU YRQ )UDFKWNLVWHQ 'DV 6FKLII KDWWH )OHLVFK JHODGHQ XQG GLH +LW]H KDWWH GLH )OVVLJNHLW VFKRQ VR ZHLW HQW]RJHQ GD HV QLFKW HLQPDO VWDQN 'LH %UHWWHU XQG GLH JHSODW]WHQ 'RVHQ YHUXUVDFKWHQ GU|KQHQGH KDOOHQGH*HUlXVFKH'DV:UDFNVFKLHQYRQODXWHU+DPPHUVFKOlJHQJHWURIIHQ]XZHUGHQ /LFKWVWUDKOHQIODPPWHQDXIXQGGLH.UHLVHGHU/DPSHQZLHVHQGHQ0lQQHUQHLQHQ:HJ,QHLQHU(FNH ODJXQWHU.LVWHQEHJUDEHQHLQH/HLFKH6LHWUXJQRFKGLH)HW]HQHLQHV6FKLIIVRYHUDOOVXQGGLH+DXW GHV HKHPDOLJHQ +DQGHOVVFKLIIHUV VSDQQWH VLFK ZLH VWUDIIHV 3HUJDPHQW EHU GHQ .QRFKHQ 6H\PRXU OHXFKWHWHGDV*HVLFKWDEXQGOLHGDQQGHQ6FKHLQZDQGHUQ +LHU LP 6FKLII KHUUVFKWH HLQH GXPSIH YRQ PDQQLJIDFKHQ *HUFKHQ GXUFKVHW]WH +LW]H /RVH .DEHO EDXPHOWHQ YRQ GHU 'HFNH XQG VFKOXJHQ GHQ 0lQQHUQ LQV *HVLFKW XQG LQ HLQHP :LQNHO QHEHQ GHP 6FKRWW GDV GHQ /DGHUDXP YRQ GHU/HLWHU QHEHQ GHP $QWLJUDYVFKDFKW WUHQQWH ZDUHQ HLQLJH %FKVHQ

XQG.LVWHQVRUJIlOWLJDXIJHVWDSHOW ª+LHUOHEWQRFKMHPDQG©VDJWH/DQJZ\QWRQORVª(UKDWVLFKGLH'RVHQDXIJHVWDSHOW© 6H\PRXUULHIª,VWKLHUQRFKMHPDQGDP/HEHQ":LUVLQG7HUUDQHU© 'DV(FKREUDFKVLFKLQGHPOHHUHQ6FKLII ª.HLQH$QWZRUW©VDJWH5RRWKDUG ª+|KHUKLQDXI9LHOOHLFKWKDWHUVLFKLQHLQH.DPPHURGHULQGLH=HQWUDOH]XUFNJH]RJHQ© 6LH NOHWWHUWHQ QDFKHLQDQGHU GLH /HLWHU KLQDXI GLH DQ GHQ EHDQVSUXFKWHQ 6WHOOHQ JODWW XQG JOlQ]HQG JHVFKOLIIHQZDUhEHUDOOVDKHQGLH0lQQHUGHU9$1(66$]ZHLHUOHL6SXUHQ -HPDQG KDWWH IOFKWLJ YHUVXFKW GDV &KDRV DXI]XUlXPHQ (V ZDUHQ HLQ]HOQH 6WDSHO JHPDFKW ZRUGHQ ZRKOXPVLFKHLQHQ:HJ]XEDKQHQRGHUGLHEUDXFKEDUHQ7HLOHGHU/DGXQJYRQGHQXQEUDXFKEDUHQ]X WUHQQHQ 8QG²EHUDOOZDUHQGLH7RWHQ 6LH ZDUHQ EHUUDVFKW ZRUGHQ 1LHPDQG EHIDQG VLFK LP .DPSIDQ]XJ QLHPDQG KDWWH HLQH :DIIH EHL VLFK RGHU LQ HUUHLFKEDUHU 1lKH 'LH DXVJHG|UUWHQ 7RWHQ VWDUUWHQ GLH 0lQQHU DXV $XJHQ DQ GLH ZLH YHUWURFNQHWH,QVHNWHQLQ6SLQQHQQHW]HQDXVVDKHQ6FKDXGHUQGZDQGWHVLFK'H5DJJDE ª9HUGDPPWH3DGGOHU©IOVWHUWHHU 6LH HUUHLFKWHQ GHQ 5DXP XQWHU GHU =HQWUDOH DOVR GHQ IUHLHQ 3ODW] YRU GHU 0HVVH XQG GHQ 4XDUWLHUHQ GHU0DQQVFKDIW3O|W]OLFKHUW|QWHQ*HUlXVFKH ª+DOW©VDJWH6H\PRXUODXWª9RUVLFKW© 6LH HQWVLFKHUWHQ LKUH :DIIHQ 9RU 6H\PRXU NDP HLQ 3DGGOHU GXUFK GLH :DQG XQG VWDUE VRIRUW 'DV 0HWDOO GXUFK GDV HU VLFK EHZHJW KDWWH JOKWH DXI YRQ GHP 6FKX GHV $JHQWHQ 8QG SO|W]OLFK ZLPPHOWH HV YRQ GHQ NOHLQHQ VFKZDU]KlXWLJHQ *HVWDOWHQ 6LH GUDQJHQ DXV GHP %RGHQ DXV GHQ :lQGHQXQGDXVDOOHQ(FNHQ6H\PRXUGUHKWHVLFKXPXQGVDKGDDOOHV]XVSlWZDU ª1LFKWVFKLHHQ©VFKULHHUJHOOHQGª1LFKWZHKUHQ© $XI GLH YLHU 7HUUDQHU ZXUGHQ PLQGHVWHQV KXQGHUW /lXIH YRQ JOLW]HUQGHQ :DIIHQ JHULFKWHW VLH EHIDQGHQVLFKLQHLQHPXQGXUFKGULQJEDUHQ5LQJYRQURVDJHNOHLGHWHQ0RGXODWRUHQ 6H\PRXUGDFKWH 1LHPDQGGDUIPLGLVHKHQ (U VDK GD GLH $XJHQ GHU 3DGGOHU VLFK DXI GLH GUHL .DPHUDGHQ ULFKWHWHQ 'LH 0lQQHU KDWWHQ NHLQH )XUFKW DEHU LQ LKUHQ *HVLFKWHUQ VWDQG +D 6LH ZUGHQ ZHQQ PDQ LKQHQ *HOHJHQKHLW ERW ZLH GLH 5DXEWLHUHZHUGHQ ª+|UW ]X© VDJWH 6H\PRXU ªLFK ZHUGH HXFK KHUDXVKROHQ 'LH 3DGGOHU N|QQHQ PLFK QLFKW HQWGHFNHQ LFK KDEH VLH K\SQRWLVLHUW 7XW DOVR ZDV VLH ZROOHQ 7RW QW]W LKU QLHPDQGHP ² ZHGHU HXFK QRFK DQGHUHQ6LHZHUGHQHXFKYHUPXWOLFKJHIDQJHQQHKPHQXQGDXIGLH3ODWWIRUPEULQJHQ© 'LH 3DGGOHU GLH QHEHQ LKP VWDQGHQ GUHKWHQ VLFK XP XQG VDKHQ VLFK JHJHQVHLWLJ DQ GLH .UDIW GHV 5LQJHVZLUNWHRIIHQVLFKWOLFKQXUEHUGLHRSWLVFKHQ%H]LUNHGHV+LUQV6LHVDKHQQLHPDQGHQXQGDOV 6H\PRXUVFKZLHJZLGPHWHQVLHVLFKZLHGHUGHQ*HIDQJHQHQ(LQHUYRQLKQHQVWHFNWHVHLQH:DIIHLQ GHQ2YHUDOOXQGGHXWHWHQDFKXQWHQ ª+DEW LKU YHUVWDQGHQ"© IUDJWH 6H\PRXU KDOEODXW :LHGHU IXKUHQ HLQLJH 3DGGOHU KHUXP XQG VWLHHQ GDQQDXIJHUHJWH/DXWHDXV ª1LFNWELWWH²XQGNHLQH8QEHVRQQHQKHLWHQ©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|IIQHWHVDKHUGLH$XVUVWXQJVJHJHQVWlQGHGDULQQHQ *HZHEH.DQLVWHUXQG3DNHWHGLHYHUPXWOLFK1DKUXQJVPLWWHOHQWKLHOWHQHLQLJHYLHUHFNLJH'LQJHYRQ GHQHQ HU NHLQH 9RUVWHOOXQJ KDWWH XQG HLQ ODQJHV 6HLO (U VFKlW]WH GLH *U|H GHV ,QQHQUDXPV DE XQG ZDUI LQ JU|WHU (LOH GHQ ,QKDOW LQ HLQH (FNH GHU 6FKOHXVH (LQLJH %UHWWHU XQG DQGHUH 7UPPHU YHUGHFNWHQGLH*HJHQVWlQGH 6H\PRXUGDFKWH1LHPDQGGDUIPLGLVHKHQ

8QGVWLHJLQGHQ5DXPKLQHLQ0KVDPXQGXQEHTXHPZDUHVIULKQDEHUGHU'HFNHOOLHVLFKJDQ] JXWVFKOLHHQ (UZDUWHWHHLQH0LQXWH 'DQQ NDPHQ VLH 6HLQHQ 0lQQHUQ KDWWH PDQ GLH +lQGH PLW HLQHP EODXVFKLPPHUQGHQ 0DWHULDO ]XVDPPHQJHEXQGHQHVVDKDXVZLHHLQHOHEHQGH6FKODQJHVFKLHQDEHUHLQH$UWPDJQHWLVFKHU6WDKO]X VHLQGHUVLFKQLFKWDXVHLQDQGHUVFKLHEHQOLH'LHGUHL7HUUDQHUZXUGHQLQGHQ*OHLWHUJHVWRHQHLQLJH ]HKQ 3DGGOHU VHW]WHQ VLFK GHQ *HUlXVFKHQ XQG GHQ (UVFKWWHUXQJHQ QDFK ]X XUWHLOHQ GD]X XQG LP ,QQHUQGHU6FKDOHHUZDFKWHHLQH0DVFKLQH'HU*OHLWHUEHJDQQ]XVFKZHEHQ $Q GHU $UW ZLH 6H\PRXU LQ GLH YHUVFKLHGHQHQ (FNHQ JHSUHW ZXUGH ZLH VLFK GHU $QGUXFN YHUPLQGHUWH RGHU YHUVWl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|UUWHQ (LQ .UHLV YRQ UXQG ]HKQ .LORPHWHU GDFKWH 6H\PRXU JULPPLJ XQG HU ZXWH SO|W]OLFK ZRKHU GHU 6FKDWWHQNDP6LHZDUHQKLHUDQGHU6WHOOHDQJHODQJWEHUGHUDXJHQEOLFNOLFKGLHULHVLJH3ODWWIRUPLQ GHU/XIWVWDQG(LQHUGHU%HGLHQXQJVPDQQVFKDIWEUDXFKWHQXUZlKUHQGGHV7DJHVGLH(LQVWHOOXQJGHU 3URMHNWRUHQJHULQJIJLJ]XlQGHUQXQGGLHVHU)OHFNKLHUEOLHEIDVWJDQ]WlJLJLP6FKDWWHQDEJHVHKHQ YRQGHQNKOHUHQ0RUJHQVWXQGHQXQGGHU$EHQG]HLW ª5DIILQLHUW©PXUPHOWHHUXQGEOLFNWHQDFKUHFKWV +LHU VWDQGHQ ]HOWDUWLJH *HELOGH (V ZDUHQ JURH YLHUHFNLJH 3ODQHQ GLH PLW 0HWDOOVWDQJHQ JHVSDQQW XQG GXUFK 'UlKWH JHKDOWHQ ZXUGHQ 'DUXQWHU VDK 6H\PRXU 7LVFKH XQG 6LW]H VHOWVDPH *HUlWH XQG DQGHUH *OHLWHU QHEHQ GHQHQ EOLW]HQGH 'LQJH VWDQGHQ 'LQJH PLW $UPHQ XQG URWJOKHQGH $XJHQ 5RERWHU 'HU5LQJVFKW]WHLKQQLFKWYRUGHQ5RERWHUQ0DVFKLQHQNRQQWHQQLFKWEHHLQIOXWZHUGHQ'DV/DJHU ZXUGHYRQNULVWDOOHQHQ PDQQVKRKHQ%VFKHQ XPVWDQGHQ GLHZHL XQG VFKLPPHUQG DXVGHP %RGHQ ZXFKVHQ GHU JDUDQWLHUW XQIUXFKWEDU ZDU XQG GLHVH %VFKH QLFKW HUQlKUHQ NRQQWH $OVR ]FKWHWHQ VLH KLHULUJHQGZHOFKH'LQJH 'DV/DJHUZLPPHOWHYRQ3DGGOHUQ (V ZDUHQ PLQGHVWHQV GUHLKXQGHUW 3DGGOHU GLH VLFK KLHU EHVFKlIWLJWHQ 'LH GUHL *HIDQJHQHQ ZXUGHQ EHVWDXQW XQGDQJHVWDUUW DEHU DOVVLH YRU HLQHQVFKZDU]HQ )UHPGHQ NDPHQ GHU HLQHQ 7UDQVODWRU WUXJ YHUOLHIHQVLFKGLHGLFKWHQ*UXSSHQGLHVLFKEHUDOOJHELOGHWKDWWHQ6H\PRXUJLQJYRUVLFKWLJXPGHQ *OHLWHU KHUXP ]RJ VHLQH :DIIH XQG HQWVLFKHUWH VLH ,Q GHP 0RPHQW GD HLQHU GHU 3DGGOHU VLFK DQ VHLQHQ.DPHUDGHQYHUJUHLIHQZUGHOLHIHU$PRNGDVVFKZRUHUVLFKLQGLHVHP$XJHQEOLFN 2IIHQVLFKWOLFKVROOWHQVLHYHUK|UWZHUGHQ 'LH 5RERWV ZDUHQ PLQGHVWHQV ]ZHLKXQGHUW 0HWHU HQWIHUQW DOVR NRQQWH 6H\PRXU HWZDV ULVNLHUHQ (U OLHI ]ZLVFKHQ HLQLJHQ )UHPGHQ XQWHU HLQHV GHU 6RQQHQVHJHO GRUW KDWWH HU HLQH 3\UDPLGH DXV JOLW]HUQGHQ:DIIHQJHVHKHQ(U]lKOWHGLH*OHLWHUHVZDUHQVHFKV6WFNHLQHUGDYRQVFKRQIDVWHLQ NOHLQHV 5DXPVFKLII :HQQ HU UHFKW KDWWH GDQQ IXQNWLRQLHUWHQ GLHVH 6WUDKOHU lKQOLFK ZLH GLH WHUUDQLVFKHQVLHHQWKLHOWHQ0DJD]LQHGLHLKUH(QHUJLHGRVLHUWDEJDEHQ6H\PRXUVFKOHSSWHHLQHQ$UP YROOHU6WUDKOHU]XUFNXQGOHJWHMH]ZHLYRQLKQHQXQWHUHLQHQ*OHLWHUGHQ5HVWYHUWHLOWHHUXQWHUKDOE GHVVFKZHUHQ)OXJDSSDUDWV ª$FKWXQJ©ULHIHUODXWª1|WLJHQIDOOVLQ'HFNXQJJHKHQ© 'LH3DGGOHUVWXW]WHQJULIIHQ]XLKUHQ:DIIHQHQWGHFNWHQDEHUQLHPDQGHQ6LHVFKLHQHQGHU5XKHQLFKW ]XWUDXHQXQGVLHVHW]WHQGLH5RERWVHLQ 9LHUGHUEOLW]HQGH'LQJHUVHW]WHQVLFKLQ%HZHJXQJXQGOLHIHQXPGLH*UHQ]HQGHV/DJHUV6H\PRXU OHKQWH VLFK DQ HLQH GHU =HOWVWDQJHQ KRE GHQ OLQNHQ $UP QDFK REHQ XQG OLH LKQ OHLFKW DQJHZLQNHOW ZLHGHU KHUXQWHU (U ]LHOWH VHKU JHQDX XQG VWW]WH GHQ UHFKWHQ $UP PLW GHU OLQNHQ +DQG GHU HUVWH 6FKXO|VWHVLFKXQGWUDIHLQHVGHU:DIIHQPDJD]LQH(VGHWRQLHUWHPLWHLQHURUDQJHIDUEHQHQ)ODPPH

6DQGVSULW]WHQDFKDOOHQ6HLWHQGHUHUVWH*OHLWHUILQJ)HXHU²QDFKGUHL6HNXQGHQGHWRQLHUWHHWZDVLQ LKP 'LH 3DGGOHU VSUDQJHQ LQ 'HFNXQJHQ YHUNURFKHQ VLFK KLQWHU GHQ XPJHZRUIHQHQ .LVWHQ XQG 7LVFKHQ XQGQXUGLH7HUUDQHUVWDQGHQGDXQGVDKHQ]X 1LHPDQGGDUIPLFKVHKHQ 6H\PRXUVFKRODQJVDPZRKOEHUOHJWXQGVHKUJHQDX(UVFKRVlPWOLFKH%RRWHLQ%UDQGQLFKWHLQ HLQ]LJHU )HKOVFKX ZDU GDEHL 'LH 3DQLN IKUWH GD]X GD VLFK GLH 3DGGOHU LQ GHQ KLQWHUHQ 7HLO GHV ODQJJHVWUHFNWHQ /DJHUV ]XUFN]RJHQ XQG 6H\PRXU VWDQG MHW]W IUHL GD 6RIRUW PDFKWH LKQ HLQHU GHU 5RERWHUDXVILQGLJ (LQH0DVFKLQHQLFKWK|KHUDOVHLQ0HWHUNDPDXILKQ]XJHUDQQWOLHILQHLQHQ9ROOWUHIIHUKLQHLQXQG NUDFKWH LQ GHQ 6DQG ,KU ,QQHUHV YHUVFKPRUWH XQG VWDQN HUElUPOLFK 6H\PRXU GUHKWH VLFK VFKQHOO XP VHLQH $FKVH YLVLHUWH HLQHQ DQGHUHQ 5RERW DQ XQG VFKR HLQ ]ZHLWHV 0DO 'HU .RSI HLQH .XJHO PLW YHUVFKLHGHQHQ )RUWVlW]HQ XQG .XJHODQWHQQHQ ]LVFKWH DXI XQG UROOWH LQ GHQ 6DQG (LQH 6FKDOWXQJ EHZLUNWHGDVLFKGLH(QHUJLHGHV:DIIHQDUPVHQWOXG (LQHVGHU6RQQHQVHJHOILQJ)HXHU 8QGGDQQQDKPHQLKQ]ZHLGHU0DVFKLQHQXQWHU%HVFK.HLQ0HQVFKUHDJLHUWHVRVFKQHOOZLHHLQ 5RERWHUDEHUHVJHODQJ6H\PRXUHLQHQGHUEHLGHQ0HWDOOGLHQHU]X]HUVFKLHHQ'HUDQGHUHKREHLQHQ $UPXQGVFKRRKQH]X]LHOHQ²6H\PRXUVSUDQJHLQH9LHUWHOVHNXQGH]XVSlW(UVSUDQJXQGZXUGH PLWWHQLP6SUXQJJHWURIIHQ (U UROOWH VLFK KLQWHU HLQHU OlQJOLFKHQ .LVWH LQ 'HFNXQJ 6DQG VSULW]WH DXI 6H\PRXU VSUWH DP 2EHUVFKHQNHO HLQHQ ZWHQGHQ KDUWHQ 6FKPHU] (U NDP ZLHGHU DXI GLH %HLQH IOFKWHWH KLQWHU HLQH *UXSSH3DGGOHUGLHLKQQLFKWVDKHQXQGUDQQWHZHLWHU(UEHIDQGVLFKVWHWVLP6FKXW]GHU)UHPGHQVR GDGHU5RERWHUQLFKW]XVFKLHHQZDJWH 6H\PRXUEOLHEVWHKHQXQGRULHQWLHUWHVLFK 9RU LKP ZDO]WH HLQ UHFKWHFNLJHU 5RERW GXUFK GLH UDXFKHQGHQ XQG EUHQQHQGHQ 7HLOH GHV /DJHUV OLHI ]ZLVFKHQ HLQ]HOQHQ 3DGGOHUJUXSSHQ KLQGXUFK XQG QlKHUWH VLFK 6H\PRXUV 6WDQGRUW :LHGHU ]LHOWH 6H\PRXUVRUJIlOWLJ =ZHLOHXFKWHQGH.XJHOQ]HUVW|UWHQGHQ5RERW =ZHL )HUQVFKVVH IDXFKWHQ EHU LKQ KLQZHJ DOV HU VHLQHQ 6WDQGRUW YHUOLH XQG ZHLWHU LQ GLH :VWH KLQDXVUDQQWH 'HU OHW]WH 5RERW GHU ELVKHU GDV DQGHUH (QGH GHV /DJHUV JHVLFKHUW KDWWH VFKLHQ LKQ EHPHUNW ]X KDEHQ XQG UDVWH LQ K|FKVWHP 7HPSR TXHU GXUFK GLH =HOWH XQG *UXSSHQ 6H\PRXU YHUEL GLH 6FKPHU]HQ XQG ]LHOWH HUQHXW :LHGHU UXFNWH GHU /DXI VHLQHU ODQJHQ YHU]LHUWHQ :DIIH KRFK KXQGHUW 0HWHU ZHLWHU ]HUVFKPRO] GHU OHW]WH 5RERWHU :HLWHU DOV GLHVH 'LVWDQ] WUXJ HLQH 6WUDKOZDIIH QLFKW 6H\PRXUIORKHQGJOWLJDOVHUGLH UHQQHQGHQXQGVFKLHHQGHQ3DGGOHUVDK6LHKDWWHQVLFKYRQLKUHU hEHUUDVFKXQJHUKROWXQGKDWWHQEHUOHJW6LHZXWHQGDKLHUKHLPOLFKMHPDQGKHUXPVFKOLFKGHQVLH QLFKWVHKHQNRQQWHQ:DVVLHVDKHQZDUHQGLH6SXUHQGHU6FKVVHXQGGLH5LFKWXQJLQGHUGLH5RERWV JHIHXHUWKDWWHQ'LHVH6WHOOHQQDKPHQVLHMHW]WXQWHUZWHQGHV)HXHU6LHVFK|VVHQKLQWHU6H\PRXUKHU DEHUQLFKWQXUPLWGHQOHLFKWHQ+DQGVWUDKOHUQVRQGHUQPLWVFKZHUHQ0DVFKLQHQZDIIHQ 6H\PRXUUDQQWHZHLWHU 6HLQ 6FKHQNHO VFKPHU]WH ZLH UDVHQG XQG GLH +DXW VHLQHV .|USHUV YHUVWHLIWH VLFK ZXUGH NDOW 'XUVW EUDQQWHLQGHU.HKOHGHU$WHPJLQJU|FKHOQG+LQWHULKPVFKPRO]HQGLH6WUDKOHQEDKQHQWLHIH6SXUHQ LQGHQ:VWHQVDQGOLHHQGLHZHQLJHQ*UDVEVFKHODXIIODPPHQ*OXWElOOHGHWRQLHUWHQSDXVHQORVXQG GLH+LW]HZHOOHQZDEHUWHQXPLKQKHUXP 1LHPDQGGDUIPLGLVHKHQ 6DQGIDKQHQ YRQ GHQ ZWHQGHQ (LQVFKOlJHQ KRFKJHZRUIHQ VDQNHQ ODQJVDP ZLHGHU ]XVDPPHQ GLH 6FKZHUNUDIWZDUHLQZHQLJJHULQJHUDOVHLQH(UGQRUP 'DV/DJHUEUDQQWHDQPLQGHVWHQVYLHU6WHOOHQXQGGLHGUHLJHIDQJHQHQ7HUUDQHUVWDQGHQPLWWHQGDULQ UXKLJ XQG PLWHLQDQGHU UHGHQG 6LH KDWWHQ HEHQ HLQHQ $QJULII 6H\PRXU $OFROD\DV JHVHKHQ GHU GHQ %HLQDPHQª3DQWKHU©WUXJ (V KDOI QLFKWV ² 6H\PRXU ZXWH GD HU QXU ]ZHL 0|JOLFKNHLWHQ KDWWH (U PXWH ]XP 5DXPVFKLII ]XUFN RGHU ]XP *OHLWHU GHU EHL GHU 1257+(51 /,&+76 VWDQG (U JLQJ QRFK ]ZHLKXQGHUW 0HWHU ZHLWHUGDQQPDFKWHLKQGHU6FKPHU]IDVWEHVLQQXQJVORV(UEOLHEVWHKHQXQGVDKDQVLFKKHUXQWHU 'HU6FKXGHV5RERWVKDWWHLKQQLFKWYROOJHWURIIHQHUZUGHVRQVWQLFKWKLHUVWHKHQN|QQHQ$EHUGHU 6WUDKO ZDU QXU ]HKQ =HQWLPHWHU YRQ VHLQHP 6FKHQNHO HQWIHUQW GXUFK GLH /XIW JHIDXFKW XQG KDWWH GHQ 6WRIIGHU+RVHYHUEUDQQWGLH7HUNRQLWJHZHEHJOKHQGJHPDFKWXQGGLH+DXWYRP.QLHELVIDVW]XP

*UWHO YHUEUDQQW *URH %ODVHQ EHGHFNWHQ GLHVHQ 7HLO 6WRIIHW]HQ NOHEWHQ GDUDQ XQG ZlULJHV *HULQVHO OLHI KHUXQWHU 6H\PRXU KRFNWH VLFK LQ GHQ 6DQG XQG EL GLH =lKQH DXIHLQDQGHU VR GD GLH .LHIHUVFKPHU]WHQ (UNODSSWHHLQHVGHU.lVWFKHQVHLQHV*UWHOVDXI'DULQZDUHLQHKDXFKGQQH %LQGHHWZDKDQGEUHLW ,QQHQ WUXJ VLH HLQH UHJHQHULHUHQGH 6DOEH DXHQ HLQHQ DQWLVHSWLVFKHQ 6FKXW] GHU NHLQH /XIW DQ GLH YHUOHW]WH +DXW KHUDQOLH (LQH ]ZHLWH 7DVFKH |IIQHWH VLFK 6H\PRXU YHUVXFKWH HLQ PLJOFNWHV /lFKHOQ(LQ3ODVWLNIOlVFKHQYLHUHFNLJJHIRUPWHQWKLHOW7DX6VDJLVVHLQHQOHW]WHQ9RUUDW =XHUVW VSUKWH 6H\PRXU GLH ZDVVHUKHOOH )OVVLJNHLW DXI GLH +DXW (V ZDU DQJHQHKP NKO GDQQ ZLFNHOWH HU ODQJVDP XQG NRQ]HQWULHUW GLH %LQGH GDUEHU 9RUVLFKWLJ HQWIHUQWH HU PLW VSLW]HQ )LQJHUQ GLH6WRIIUHVWH(QGOLFKVDGLH%LQGHIHVWXQG6H\PRXUKDNWHGLHPHWDOOHQH.OHWWHLQGDV*HZHEH'LH ZWHQGHQERKUHQGHQ6FKPHU]HQKDWWHQQDFKJHODVVHQDOV7DXDXIGLH+DXWJHVSUKWZRUGHQZDU ª)U GLH QlFKVWHQ .LORPHWHU ZLUG HV KDOWHQ© VDJWH HU KDOEODXW XQG EOLFNWH VLFK QRFK HLQPDO XP 9LHUKXQGHUW 0HWHU ODJHQ MHW]W ]ZLVFKHQ GHP /DJHU XQG LKP XQG HU EHIDQG VLFK QRFK LPPHU LP 6FKDWWHQGHU3ODWWIRUPLP6FKDWWHQGHVEHUGHP3ODQHWHQVFKZHEHQGHQ7RGHV ,P 6DXP GHU VFKZDU]HQ -DFNH |IIQHWHQ GLH )LQJHU GHV $JHQWHQ HLQHQ UHFKWHFNLJHQ $EVFKQLWW GHV 6DXPHV HLQH ZLQ]LJH VFKZDU]H 3LOOH ILHO KHUDXV LQ HLQHQ *HODWLQHEORFN HLQJHVFKPRO]HQ 'LHVHU %ORFN HQWKLHOW KRFKZHUWLJHV .DORULHQNRQ]HQWUDW XQG GLH 3LOOH ZDU HLQ 0LWWHO GDV VFKPHU]VWLOOHQG ZLUNWHXQGXQHPSILQGOLFKPDFKWH6H\PRXUEOLHEUHJXQJVORVLP6FKDWWHQGHVVWlKOHUQHQ5DGHVVLW]HQ XQG ZDUWHWH ELV VHLQ 6SHLFKHO GLH 3LOOH UHVWORV DXIJHO|VW KDWWH $OV 6H\PRXU DXIVWDQG IKOWH HU VLFK VWDUNJHQXJXPGHQ0DUVFKGXUFKGLH:VWHDQ]XWUHWHQ

6H\PRXU ZDU NHLQ *HQLH NHLQ hEHUPHQVFK DEHU HU EHVD HLQHV GHVVHQ HU VLFKHU ZDU VHLQHQ :LOOHQ6HLWGUHLLJ-DKUHQOHEWHHUGDYRQVHLWGUHLLJ-DKUHQKDWWHLKQGLHVHV,QVWUXPHQWQLHPDOVLP 6WLFKJHODVVHQVHLWMHQHU)ULVWVHW]WHHULQVHLQHQ:LOOHQHLQXQHQGOLFKHV9HUWUDXHQ (UEHUOHJWH:RKLQPXWHHUJHKHQ",QZHOFKH5LFKWXQJ" 1RFKLPPHUEHIDQGHUVLFKLP6FKDWWHQ (UOLHVLFKDXIGLH+DFNHQQLHGHUXQG]HLFKQHWHHLQLJH3XQNWHLQGHQ6DQG'DQQEHUOHJWHHUZLHGLH )RWRVDXVJHVHKHQKDWWHQGLHHULQGHQ)LQJHUQJHKDOWHQKDWWHEHUOHJWHIHUQHULQZHOFKHP:LQNHOGLH 9$1(66$ GHQ 3ODQHWHQ DQJHIORJHQ KDWWH YHUJHJHQZlUWLJWH VLFK GLH /DJH GHV Q|UGOLFKHQ 3ROHV VFKlW]WH YHUVFKLHGHQH (QWIHUQXQJHQ DE XQG YHUEDQG GLH 3XQNWH GHUHQ /DJH HU PHKUHUH 0DOH YHUlQGHUWHGXUFKGQQH/LQLHQ .RQWUROOH" (U]RJDXVVHLQHP*UWHOHLQHIHLQH1DGHODQGHUHLQHZLQ]LJHgVHDQJHEUDFKWZDU²LQGHU0LWWHGHV 6WlEFKHQV $Q HLQHP (QGH EHIDQG VLFK HLQ URWJHIlUEWHV 'UHLHFN 6H\PRXU UL DXV GHP 6WRII VHLQHU ]HUIUDQVWHQ+RVHHLQHQ)DGHQIlGHOWHLKQPLW]LWWHUQGHQ)LQJHUHLQXQGVWW]WHGDQQGHQ(OOHQERJHQLQ GHQ6DQG'LHGQQH1DGHOKLQJYLEULHUHQGLQVHLQHQ)LQJHUQXQGSHQGHOWHOHLFKWDQGHP)DGHQ6LH GUHKWHVLFKODQJVDPQDFKOLQNVGDQQQDFKUHFKWVVFKOXJPHKUHUH0DOHDXVVWDELOLVLHUWHVLFKGDQQ² XQGZLHVQDFK1RUGHQ (U RULHQWLHUWH GLH SURYLVRULVFKH .DUWH QDFK 1RUGHQ XQG VDK GDQQ GD HU UXQG HLQKXQGHUW .LORPHWHU ]XUFN]XOHJHQKDWWH6HLQ6FKLIIGLH9$1(66$ZDUQlKHUDOVGDV:UDFNGHU1257+(51/,&+76 ª(LQKXQGHUW.LORPHWHU²]ZDQ]LJ6WXQGHQ©IOVWHUWHHU (UVDKVLFKXPGDV/DJHUZXUGHJHO|VFKWILHEHUKDIWUDQQWHQGLH3DGGOHUKHUXPXQGVSUKWHQZHLHQ 6FKDXPDXIGLHhEHUUHVWHGHU*OHLWHUXQGGLHVFKZHOHQGHQ/HLQZDQGIHW]HQ 'LH6RQQHVWDQGLP1DFKPLWWDJ 6H\PRXUVWDQGDXIXQGIL[LHUWH6RQQHQVWDQGXQGVHLQH8KU]X5DWH]LHKHQGHLQHQZLQ]LJHQ3XQNWLQ GHU )HUQH (V ZDU HLQ JU|HUHV *UDVEVFKHO (U JLQJ ORV XQG HULQQHUWH VLFK GHU 0DUVFKYRUVFKULIW IU ODQJH:DQGHUXQJHQXQWHUHUVFKZHUWHQ%HGLQJXQJHQ =XHUVWHLQHEHVWLPPWH=HLWVFKQHOOUHQQHQ GDQQGLHJOHLFKH=HLWVSDQQHODQJVDPJHKHQ HLQHQOHLFKWHQORFNHUHQ7UDEHLQVFKODJHQXQG VFKQHOODXVVFKUHLWHQ (UVHW]WHGLH,QWHUYDOOHDXI]HKQ0LQXWHQIHVW]RJVHLQH-DFNHDXVXQGEDQGVLHVLFKDXIGHP.RSIIHVW VWHFNWHGLH+DQGVFKXKHLQGLH-DFNHXQGUDQQWHGDQQORV=HKQ0LQXWHQODQJOLHIHUELVHUGHQ5DQG GHV6FKDWWHQVHUUHLFKWHXQGGLH+LW]HLKQEHUILHO6H\PRXUZLFNHOWHGLH-DFNHZLHGHUDXIIDQGHLQHQ

VFKPDOHQ 6WUHLIHQ GXQNOHU )ROLH LQ HLQHU GHU PDJQHWLVFKHQ 7DVFKHQ XQG EHIHVWLJWH GLH EHLGHQ 'UXFNNQ|SIHJHJHQHLQDQGHU'DQQVFKREHUGLHSURYLVRULVFKH6RQQHQEULOOHEHUGHQ.RSIORFNHUWHVLH HWZDVEHUGHP1DVHQEHLQXQGVHW]WHGHQVFKZDU]HQ7XUEDQZLHGHUDXI(UJLQJODQJVDPZHLWHU]HKQ 0LQXWHQODQJ 'DQQ ILHO HU IU ]HKQ 0LQXWHQ LQ HLQHQ OHLFKWHQ 7UDE OLHI PLW DQJHZLQNHOWHQ $UPHQ XQG YHUVXFKWH LPPHUZLHGHUQLFKWYRQGHU5LFKWXQJDE]XNRPPHQ 'DQQILHOHUDXVGHP7UDELQHLQHQVFKQHOOHQ6FKULWW 6RYHUJLQJHLQH6WXQGH

'LH6SXUIKUWHVFKQXUJHUDGHGXUFKGLH:VWH 6H\PRXU WDXPHOWH ZHLWHU ZLH HLQ GHIHNWHU 5RERWHU (U KDWWH QXU HLQ HLQ]LJHV =LHO GDV 6FKLII (U PXWHHVHUUHLFKHQ9RU]ZHL6WXQGHQZDUHUORVPDUVFKLHUWVHLWHLQKXQGHUW]ZDQ]LJ0LQXWHQOLHIJLQJ WUDEWH XQG UDQQWH HU EHU GHQ YHUEUDQQWHQ %RGHQ XQG KLQWHUOLH HLQH NDXP ZDKUQHKPEDUH 6SXU GLH DXV $EGUFNHQ EHVWDQG XQG DXV HLQHU OHLFKWHQ 6WDXEZRONH 'LH *UDVEVFKHO VFKLHQHQ XQWHU VHLQHQ 7ULWWHQ]X$VFKH]X]HUIDOOHQ6HLQ:LOOHXQGGDV%HZXWVHLQOHW]WHQ(QGHV7HUUDQLV]XHUUHLFKHQ HUUHLFKHQ]XPVVHQHUUHLFKHQ]XZROOHQVHLQH*HGDQNHQYHUORUHQVLFKLP8QGHXWOLFKHQ $EHUQXUHLQHQ0RPHQWODQJ 'LH JUDXVDPH 6RQQH WURFNQHWH ]XHUVW VHLQHQ .|USHU DXV GDQQ VHLQHQ *HLVW 'HU XQHUWUlJOLFKH 'XUVW XQWHUK|KOWHVHLQH.UlIWHOLHLKQGHOLULHUHQ(U]ZDQJVLFKGD]XVHLQH*HGDQNHQDXV]XULFKWHQ6HQHFD ILHO LKP HLQ 6WRLVFK JLQJ HU ZHLWHU XQG KlWWH LKQ MHPDQG EHWUDFKWHQ N|QQHQ ZlUH LKP DXIJHIDOOHQ GDGHU0DQQNHU]HQJHUDGHJLQJVFKHLQEDUXQJHEURFKHQXQGYROOHU.UDIW6FKPHU]HQXQGGLH$QJVW GDV6FKLIIXQGGLH0DQQVFKDIWQLFKW]XHUUHLFKHQ7HUUDQLDQLFKW]XHUUHLFKHQKLQJHQZLHGLH6FKQUH ORFNHUHU )HVVHOQ YRQ LKP .HLQ :LQG UHJWH VLFK QLFKW GHU VFKZlFKVWH +DXFK ² QLFKW GDV JHULQJVWH 5DVFKHP (LQ 6DQGVWXUP ZlUH 6H\PRXU LP $XJHQEOLFN OLHEHU JHZHVHQ DOV GLHVHV KHLH VLQQHQYHUZLUUHQGHDEVRUELHUHQGH1LFKWV (UJLQJZHLWHU 'LH6RQQHEHUKUWHPLWLKUHPXQWHUHQ5DQGGHQ+RUL]RQW6LHOHXFKWHWH6H\PRXUYRQGHU6HLWHDQHU ZDUIHLQHQ6FKDWWHQGHULUJHQGZRJDQ]UHFKWVYHUVFKZDQGXQGGHVVHQ(QGHQLFKWPHKUVLFKWEDUZDU :LHGHU UDQQWH 6H\PRXU HU ZXWH GD DOOHV MHW]W QXU QRFK YRQ LKP DEKLQJ (U NDQQWH GLH =XVDPPHQKlQJH HU KDWWH GLH 9HUDQWZRUWXQJ (U GXUIWH QLFKW YHUVDJHQ 8QG ZLHGHU PRELOLVLHUWH HU VHLQHQ :LOOHQ GDV LQWDNWH 8KUZHUN VHLQHV *HLVWHV %LV GLH 6RQQH KLQWHU GHU PDWKHPDWLVFK HEHQHQ /LQLHGHU:VWHYHUVDQNKDWWHHUZHLWHUHIQI.LORPHWHU]XUFNJHOHJW hEHUJDQJVORV ZXUGH HV GXQNHO 'LH 1DFKW GHV 3ODQHWHQ 3RRQJDKEXUUX VDQN KHUDE ZLH HLQ UXLJHV 6FKZHUW $OOH .UDIW YHUOLH 6H\PRXU XQG HU WDXPHOWH ILQJ VLFK ZLHGHU EHKHUUVFKWH VLFK XQG JLQJ QRFK]HKQ0HWHUZHLWHU 'DQQILHOHU]X%RGHQ (UILQJVLFKLPOHW]WHQ0RPHQWERKUWHVHLQH+lQGHLQGHQKHLHQ6DQGXQGVWW]WHVLFKZLHGHUKRFK VDQN DEHUPDOV QLHGHU (U ZDU ² GDV HUNDQQWH HU ZlKUHQG HLQHU ODQJHQ DQJVWHUIOOWHQ 0LQXWH ² DP (QGHVHLQHU.UlIWH (UGUHKWHVLFKDXIGHQ5FNHQXQGVDKPLW$XJHQYRUGHQHQHVIOLPPHUWHYRUGHQHQVLFKYLHOIDUELJH %lQGHU6WUHLIHQXQGGXQNOH%DONHQLQHLQDQGHUYHUIORFKWHQGHUHQ1HW]KlXWHVFKPHU]WHQDOVKDEHPDQ 6lXUH GDUEHUJHWUlXIHOW VDK PLW GLHVHQ $XJHQ KLQDXI LQ GLH 6FKZlU]H GLH VWlQGLJ LQWHQVLYHU ZXUGH 6H\PRXU VFKOR GLH $XJHQ XQG JHQR IU ODQJH 0LQXWHQ GDV 'XQNHO (V ZDU JQlGLJ XQG JHIlKUOLFK ]XJOHLFKJHIlKUOLFKZHLOHUVFKODIHQZROOWH²VFKODIHQPXWH'DQQ|IIQHWHHUGLH$XJHQZLHGHUXQG VDK GHQ +LPPHO 6WHUQH HUVFKLHQHQ DOV VFKDOWH PDQ LQ ZHLWHU )HUQH %DWWHULHQ YRQ /DPSHQ DQ 'HU EHNDQQWH $VW GHU IUHPGHQ *DOD[LV ELOGHWH VLFK KHUDXV GLH HEHQIDOOV EHNDQQWH 'XQNHOZRONH PLW GHQ KHOOHQ]HU]DXVWHQ5lQGHUQXQGGHPSXUSXUQHQ6FKLPPHUGDKLQWHUIDUEYHUlQGHUWGXUFKGLH/XIWKOOH GLHKHLH/XIW3RRQJDKEXUUDV 6H\PRXUDWPHWHPHKUHUH0DOHWLHIHLQXQGDXVGDQQZlO]WHHUVLFKDXIGHQ%DXFKIKOWHHLQHQODQJHQ 0RPHQW GLH 6FKPHU]HQ GHU YHUEUDQQWHQ +DXW XQG ZXWH GD LKQ GLHVHU 6FKPHU] GDYRU EHZDKUWH XQYHUQQIWLJ]XZHUGHQ (LQH:LOOHQVDQVWUHQJXQJEUDFKWHLKQGD]XVLFKDXI]XVHW]HQ :HLH6SLUDOHQURWLHUWHQYRULKPLKPZDUVWHUEHQVEHO =LWWHUQGH VFKZHLQDVVH )LQJHU WDVWHWHQ QDFK GHU -DFNH 6LH ZDU YRP .RSI JHUROOW XQG ODJ MHW]W LP

6DQG 6H\PRXU EHIUHLWH ]ZHL GHU VFKZDU]HQ 3LOOHQ DXV GHP 6DXP VWHFNWH VLH LQ GHQ 0XQG XQG YHUVXFKWHDXVYHUGRUUWHQ6SHLFKHOGUVHQ)HXFKWLJNHLWKHUYRU]X]DXEHUQ(VJHODQJZDVLKPZLHGHU EHZLHV GD VHLQ =XVWDQG ]X ]ZHL 'ULWWHOQ DXV ,OOXVLRQHQ EHVWDQG -H PHKU YRQ GHU *HODWLQH VLFK DXIO|VWHGHVWREHVVHUIKOWHVLFK6H\PRXU$OVHUQXUQRFKGHQPHWDOOLVFKHQELWWHUHQ*HVFKPDFNDXI GHU=XQJHIKOWHKDWWHHUVLFKZLHGHUHUKROW'D]XNDPGDHLQVHKUOHLFKWHU:LQG]XZHKHQEHJDQQ (UWURFNQHWHELQQHQNXU]HU=HLWGHQ6FKZHLDE$FKW8KUDEHQGV²WHUUDQLVFKH=HLW6FKLIIV]HLW 6HFKV6WXQGHQODQJZDUHUGXUFKGLH:VWHPDUVFKLHUW 6H\PRXUVWDQGDXI(UNODPPHUWHVLFKDQVHLQ=LHONDPDXIGLH%HLQHXQGIKOWHGLH$Q]HLFKHQHLQHV 0XVNHONUDPSIHV PDVVLHUWH VHLQH :DGHQ XQG JLQJ ODQJVDP ZHLWHU -HW]W NRQQWH HU VLFK QDFK GHQ 6WHUQHQRULHQWLHUHQ(UJLQJXQGJLQJ 'LH1DFKWYHUVWULFK(VZXUGHHPSILQGOLFKNDOWLKQIU|VWHOWH'XUFKEHVFKOHXQLJWH*DQJDUWYHUVXFKWH HUVLFKZDUP]XKDOWHQ(U]RJGLH-DFNHDQXQG]RJGLH0DJQHWVlXPH]XGLH6RQQHQEOHQGHVFKREHU LQGLH6WLUQ'DV*HZLFKWGHU:DIIHGUFNWHLKQDXIHLQHU6HLWHKHUXQWHUGHU6WDKOVFKLHQDQLKP]X ]HUUHQ(LQELOGXQJOGDGLWHHUYHU]ZHLIHOWQDKPGDQQDEHUGLHZHLFKHQ5LHPHQGHU:DIIHQWDVFKHDE XQGKlQJWHVLHVLFKXPGHQ+DOV ,Q GLHVHU 1DFKW VFKDIIWH HU QRFK YLHUXQGGUHLLJ .LORPHWHU GDQQ EUDFK HU HQGJOWLJ ]XVDPPHQ (V JHVFKDKGLHVLQGHU1lKHHLQHU*UXSSHYRQUlWVHOKDIWHQ3IODQ]HQ:lKUHQG6H\PRXUWDXPHOWHKLQXQG KHU VFKZDQNWH ZLH HLQ VWXUPEHZHJWHU %DXP HUIDWH HU HLQ OHW]WHV 0DO GLH 8PJHEXQJ 'LH ZHLH 6LFKHO HLQHV ]XQHKPHQGHQ 0RQGHV VFKLHQ DP +LPPHO ]X WDQ]HQ VLH ZDUI HLQ ]LWWHUQGHV /LFKW DXI DOOHV 6SXUHQYHUOLHIHQLP6DQG 6SXUHQ"6LHVDKHQDXVDOVREKLHU7LHUHJHJDQJHQZlUHQ(LQIHVWHUHLQJHWUHWHQHU3IDGQLFKWEUHLWHU DOV ]ZHL DXVJHVWUHFNWH $UPH 8QG DP 5DQG GLHVHV NQVWOLFKHQ :HJHV ZXFKVHQ 'LQJH GLH DXVVDKHQ ZLH%VFKH DXV 6WDKO 6H\PRXU JLQJPLWNOHLQHQ ]|JHUQGHQ 6FKULWWHQQlKHU VDKGDHVPDQQVKRKH *HZlFKVHZDUHQGLHDQZDFKVHQGH.ULVWDOOHDXVGXQNHOEODXHP0DWHULDOHULQQHUWHQ(VZDUHQ6WlEH GLH DQ GHU 6SLW]H NOHLQH ZHLH .XJHOQ WUXJHQ DXV GHQHQ ZLHGHU 6WlEH ZXFKVHQ GLH ZLHGHUXP LQ .XJHOQDXVOLHIHQXQGVRIRUW 6H\PRXU JLQJ XP GLH *UXSSH KHUXP GUDQJ GDQQ ]ZLVFKHQ ]ZHL GHU QDFKJLHELJHQ 3IODQ]HQJUXSSHQ HLQXQGZXUGHEHZXWORV(UODJGDDOVKDEHLKQHLQULHVLJHU+DPPHU]X%RGHQJHVFKPHWWHUWXQGGLH 1DFKW YHUJLQJ JDQ] ODQJVDP 8QPHUNOLFK GlPPHUWH HLQ 6WUHLIHQ DP +RUL]RQW 6HNXQGHQ VSlWHU IODPPWH GHU +LPPHO DXI GLH 6RQQH 1RUY\DK HUVFKLHQ XQG EDGHWH GLH :VWH LQ LKU XQEDUPKHU]LJHV /LFKW =ZLVFKHQGHQ3IODQ]HQODJHLQHYHUNUPPWH*HVWDOW (V ZDU 9RUPLWWDJ DOV 6H\PRXU ZLHGHU HUZDFKWH 'LH (UVFK|SIXQJ KDWWH VLFK HWZDV JHOHJW ² GHU 6FKPHU] GHU YHUEUDQQWHQ +DXW KDWWH GHQ 0DQQ JHZHFNW (U IKOWH VLFK YHU]ZHLIHOW VFKZDFK ]X VFKZDFKXPVLFKEHUKDXSWEHZHJHQ]XN|QQHQ:LHGHUVFKDIIWHHVVHLQXQEHXJVDPHU:LOOHGDHU VLFKDXIVHW]HQXQGVLFKDQGHQJODWWHQ6FKDIWHLQHU3IODQ]HOHKQHQNRQQWH(UEHZHJWHGHQ.RSIXQG EOLFNWHVLFKXPGLH$XJHQEHJDQQHQ]XWUlQHQ6FKPHU]]HQWUHQQLVWHWHQLQDOOHQ7HLOHQGHV.|USHUV 1DGHOVWLFKHQ JOHLFK UDVWHQ ZHOOHQI|UPLJH 6FKDXHU EHU GLH +DXW 6FKZDFKH YHUZHKWH (LQGUFNH ZDUHQULQJVXPLP6DQGYHUORUHQXQVLFKHUXQGXQGHXWOLFK9LHOOHLFKW:VWHQWLHUHDEHU6H\PRXU ZXWHQLFKWVEHUGLHVHQ3ODQHWHQ'DQQVDKHUGDV0HWDOO (UYHUVXFKWHGLH+DQGDXV]XVWUHFNHQ 0KVDP WDVWHWH HU XP VLFK YHUVFKlW]WH VLFK ]ZHLPDO ² VHLQ $UP VFKLHQ HLQ VHOEVWlQGLJHV 'LQJ ]X VHLQ GDV VLFK RKQH VHLQH %HIHKOH EHZHJHQ ZROOWH ² XQG JULII QDFK GHP 6WFN GDV DXV GHP %RGHQ UDJWH (U ]HUUWH HWZDV GDUDQ NQLII GLH $XJHQ ]X XQG ]RJ ZLHGHU KDWWH HV VFKOLHOLFK LQ GHU +DQG 0KVDPIKUWHHUHVDQGLH$XJHQ(VZDUHLQ6WFNEHDUEHLWHWHQ0HWDOOVHWZDKDQGWHOOHUJUR .XSIHU (V WUXJ GLH 6SXUHQ YRQ 6FKOlJHQ PLW GHQHQ HV LQ GLH )RUP JHEUDFKW ZRUGHQ ZDU (LQ QRFK IXQNWLRQLHUHQGHU:LQNHOVHLQHV+LUQVVDJWH6H\PRXUGDGLHVHV0HWDOONDOWJHVFKPLHGHWZRUGHQZDU (V VFKLHQ HLQH +DFNH JHZHVHQ ]X VHLQ GHQQ HV WUXJ GLH WOOHQI|UPLJH +|KOXQJ LQ GHU YLHOOHLFKW HLQ 6WFN+RO]JHVWHFNWKDWWH'DV.XSIHUZDUHWZDVJUQVSDQEHGHFNWQXUDQGHU6FKQHLGHZDUHVIULVFK XQG DEJHVFKUIW DOV KDEH PDQ YRU QRFK QLFKW DOO]XODQJHU =HLW GDPLW JHDUEHLWHW 6H\PRXU GUHKWH XQG ZHQGHWHGDV0HWDOOVWFNKHUXPEHWUDFKWHWHHVVRUJIlOWLJXQGZDUIHVGDQQYRQVLFK(VILHOUDVFKHOQG ]ZLVFKHQGLH1DGHOQGHUVHOWVDPHQ*HZlFKVH6H\PRXUVWHOOWHIHVWGDHULP6FKDWWHQODJLQHLQHP 6FKDWWHQGHUDXVHLQHP*LWWHU]XEHVWHKHQVFKLHQ 'LH6RQQH]DXEHUWHHLQYHUZLUUHQGHV0XVWHUDXIGHQ6DQGGLH.XJHOQXQG6WlEH]HLFKQHWHQVLFKDE

GD]ZLVFKHQ ODXWHU VSLW]ZLQNOLJH 'UHLHFNH DXV /LFKW 6H\PRXU ]RJ GLH .QLH DQ EHWDVWHWH VHLQH VFKPHU]HQGHQ 0XVNHOQ XQG VFKOXFNWH GDQQ ZLHGHU ]ZHL GHU *HODWLQHNDSVHOQ (U KDWWH JURH 6FKZLHULJNHLWHQ VLH ]X VFKOXFNHQ *DXPHQ =XQJH XQG 5DFKHQK|KOH VFKLHQHQ JOHLFK]HLWLJ JHVFKZROOHQ GLFN XQI|UPLJ XQG DXVJHWURFNQHW ]X VHLQ =ZDQ]LJ 0LQXWHQ VSlWHU KDWWH GHU .UHLVODXI GLH6WLPXODQWLDDXIJHQRPPHQXQGWUDQVSRUWLHUW6H\PRXUVWDQGDXI ,&+0866'$66&+,))(55(,&+(19$1(66$6$6$.,',(0b11(5 (U]ZDQJVLFKDQGDV1DKHOLHJHQGH]XGHQNHQ 8QGJLQJYRUZlUWV (U EHUTXHUWH GLH 6SXU RKQH VLH EHUKDXSW ZDKU]XQHKPHQ RULHQWLHUWH VLFK ZLHGHU XQG OLHI ORV GHP 6FKLIIHQWJHJHQ3DQLVFKH)XUFKWIODFNHUWHHLQHQ$XJHQEOLFNODQJDXIXQGZXUGHQLHGHUJHNl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lUHHLQH6FKODQJHGXUFKGLH:VWHJHNURFKHQ (UWUDEWHZHLWHU 'DQQ HUVWDUUWH HU EOLHE ZLHGHU VWHKHQ ]RJ GLH 6RQQHQEOHQGH EHU GLH $XJHQ XQG EOLFNWH QDFK YRUQ 6HLQH HQW]QGHWHQ URWHQ /LGHU VFKO|VVHQ VLFK ]X VFKPDOHQ 6FKOLW]HQ :DV HU VDK NRQQWH HV QLFKW JHEHQ(UKDWWHEHUHLWV+DOOX]LQDWLRQHQ 'D ZDU GLH ZDDJHUHFKWH /LQLH GHV +RUL]RQWV GLH /LQLH ZXUGH XQWHUEURFKHQ YRQ HLQHP %XFNHO HLQHUKDOELHUWHQ(OOLSVH'LHVH(OOLSVHZDUGXQNHOJUQXQGVWDUU²HLQOHLFKWHU1HEHOVFKLHQEHULKU ]XVFKZHEHQZLHHLQDXVJHVSDQQWHVJHOEHV7XFK )DWD0RUJDQD 6H\PRXU ODFKWH EOHFKHUQ DXI HUVFKUDN YRU GHP .ODQJ VHLQHU HLJHQHQ 6WLPPH IKOWH GD DOOHV XQZLUNOLFK ZDU XQG JLQJ ZHLWHU 6FKULWW XP 6FKULWW 'LH 0HWHU VXPPLHUWHQ VLFK GHU $EVWDQG ZXUGH JHULQJHU'LH:RONHYHUJU|HUWHVLFKZXUGH]XHLQHPZHLHQVSKlULVFKHQ*HELOGH'LH(OOLSVHO|VWH VLFK LQ HLQ]HOQH %HVWDQGWHLOH DXI GLH 6WlPPH YRQ %lXPHQ ]HLFKQHWHQ VLFK DE %lXPH PLW ]ZHL GXQNHOURWHQ bVWHQ XQG IULVFKHP KHOOHP *UQ )ORFNLJH %ODWWEVFKHO 6H\PRXU EHVFKOR GLHVH 2DVH ]XLJQRULHUHQZDQGWHVLFKDEXQGJLQJZHLWHUZLHHLQH0DVFKLQHGLHDE]XVWHOOHQMHPDQGYHUJHVVHQ KDWWH6FKULWWIU6FKULWWWDXPHOWHHUYRUZlUWV 1LFKW]XPHUVWHQPDOLQVHLQHP/HEHQHUIXKUHUGLHSHLQLJHQGHQ*HIKOHDEVROXWHU(LQVDPNHLW$OOHV ZDVVLFKLQLKPXQGXPLKQEHIDQGZDUQRFKWDWVlFKOLFK²GLH6LQQHVWlXVFKXQJGRUWDXVJHQRPPHQ $EHUGDV/LFKWGDVGLH*HGDQNHQGXUFKJOKWHZLH*ODVEHVDHLQHQZWHQGHQ6FKLPPHU$XVGUXFN GHV :DKQVLQQV$OOHVYHUlQGHUWHVLFKZXUGHXPJHVHW]WXQGYHUORUDQ'HXWOLFKNHLW (WZDV JULII QDFK 6H\PRXU ZLH HLQ 6WUDKO GHU VHLQHQ :LOOHQ HLQKOOWH XQG LKQ ]ZDQJ GLH 2DVH EHWUHWHQ]XPVVHQ(VZDUHLQHHUELWWHUWH$XVHLQDQGHUVHW]XQJ]ZLVFKHQGHP IUHPGHQXQG6H\PRXUV OHW]WHQ.UlIWHQ :LGHU:LOOHQlQGHUWHVLFKGLH6SXU 6LH ZDU HLQH HLQ]LJH 6FKODQJHQOLQLH JHZHVHQ GLH VLFK XP HLQH *HUDGH ULQJHOWH HLQ %LOG GHV bVNXODSVWDEHV LP 6DQG 3RRQJDKEXUUXV 6H\PRXU NLFKHUWH K\VWHULVFK HU IUHXWH VLFK NLQGLVFK EHU GLHVHQ H[]HOOHQWHQ 9HUJOHLFK 6HLQH 6SXU EHVFKULHE MHW]W ]X GHU *HUDGHQ HLQHQ :LQNHO YRQ YLHU]LJ *UDGXQGIKUWHGLUHNWDXIGLH2DVH]X(UZROOWHVLFKHLQH=LJDUHWWHDQ]QGHQXQGVLFKDQGHQ7LVFK VHW]HQXPPLW6DVDNLHWZDV]XWULQNHQDEHU+RJMDZNDPPLW&DUVGHHQXQGVDJWHGDHVKHXWHNHLQH 6XSSHJlEH =ZHL3DGGOHUNDPHQDXILKQ]XWUXJHQHLQ%XFKLQGHQ+lQGHQHLQHQULHVLJHQ)ROLDQWHQVFKOXJHQLKQ DXIXQGEHJDQQHQODXW]XGHNODPLHUHQ 'HUHLQHVDJWH ª%HVRQGHUVGLH(U]lKOXQJHQGHU5DXPVFKLIIHUEHGUIHQGHUVWUHQJHQhEHUSUIXQJ*DUPDQFKHVZDV RIIHQVLFKWOLFKHUORJHQLVWDOVR*DUQGHU)UDFKWHUOHXWHVWHOOWVLFKDOVZDKUKHUDXV© 'HUDQGHUHDQWZRUWHWH ª'LH *HVFKLFKWH GHV JHOEJUQHQ 5DXPKXQGHV LVW HLQ VROFKHV %HLVSLHO ,FK K|UWH VLH ]XZHLOHQ YRQ 5DXPVFKLIIHUQ ZHQQ LFK ]XVDPPHQ]lKOH LQ ZLH YLHOHQ 9HUVLRQHQ LFK VLH NHQQH VR LVW HLQ UXQGHV 'XW]HQGQLFKWEHUWULHEHQ©

0LWHLQHPEHUODQJHQ=HLJHILQJHUGHQHULQGLH/XIWUHFNWHXQGGDQQGDPLWDXI6H\PRXU]HLJWHVDJWH GHUDQGHUH3DGGOHU ª%HVRQGHUVGLH(U]lKOXQJHQGLHVLFKXP6H\PRXU$OFROD\DUDQNHQVLQGVFKLHUHU8QVLQQ'HU0DQQ KDWQLHPDOVJHOHEW© 'HUDQGHUH ª'DVLVWDXVGHP!9DGHPHFXPIUGHQJHELOGHWHQ6WHUQHQUH\VHQGHQ© 6H\PRXUODFKWHGU|KQHQGXQGZHLJHUWHVLFKGLH:LUNOLFKNHLWIUUHDO]XKDOWHQZHLJHUWHVLFKIHUQHU VHLQH 6LQQH DXI]XIRUGHUQ GLHVHQ VFKUDQNHQORVHQ 8QVLQQ ]X NOlUHQ (U EOLHE VWHKHQ XQG JHZDQQ ODQJVDP ZLHGHU GLH .RQWUROOH EHU VLFK (U HUNDQQWH GD HU ODQJVDP DEHU XQUHWWEDU GHP :DKQVLQQ YHUILHOXQGDNWLYLHUWHVHLQHOHW]WHQ.UlIWH'LH.XJHO]ZLVFKHQVHLQHQ:LUEHOQVFKLHQ]XJOKHQXQG ZLHGHUZDUHQHVGLH6FKPHU]HQGLHLKQ]X%HVLQQXQJEUDFKWHQ (UVWDQGHLQKXQGHUW0HWHUYRUGHU2DVH -HW]WHUNDQQWHHUGDVLHZLUNOLFKZDU(UVDK*HVWDOWHQNOHLQXQGURWEUDXQVRZHLWHUGLH+DXWVHKHQ NRQQWH (LQH OHW]WH .UDIWUHVHUYH EHZLUNWH GD HU GLH KXQGHUW 0HWHU ZLH HLQH 0DVFKLQH ]X UHQQHQ EHJDQQ XQG ]XVDPPHQILHO DOV HU GDV HUVWH JUQH *UDVEVFKHO YRU VLFK VDK (U EHPHUNWH HLQHQ 5LQJ YRQURWEUDXQHQ=ZHUJHQEHUVLFKULQJVXPVLFK|IIQHWHGLHULVVLJHQYHUWURFNQHWHQ/LSSHQXQGVDJWH LQYLHU6SUDFKHQ ª:DVVHU:DVVHU:DVVHU:DVVHU© (U ZXWH QLFKWGD HU 7HUUDQLVFK,QWHUNRVPR6KDQG RQJ XQG% DWDUFJHVSURFKHQKDWWHGHQQHU ZDU HQGJOWLJ EHZXWORV 'DV OHW]WH GHU YLHU :|UWHU YHUVWDQGHQ GLH =ZHUJH 6HOEVW ZHQQ VLH HV QLFKW EHJULIIHQ KlWWHQ ² DOV %HZRKQHU GLHVHV P|UGHULVFKHQ 3ODQHWHQ ZXWHQ VLH VHKU JHQDX ZDV GHP )UHPGHQIHKOWH:DVVHUXQG6FKODI 'LH4XHOOHZDUYRQHLQHPYLHUHFNLJHQ%HFNHQHLQJHIDW'DV:DVVHUGDVKLHUNRFKHQGKHLDXVGHU 7LHIH GHU (UGNUXVWH 3RRQJDKEXUUXV DXIVSUXGHOWH EUHLWHWH VLFK UDVFK DXV XQG OLHI GXUFK HLQH VFKPDOH /FNH GHV HUVWHQ %DVVLQV LQ HLQ ]ZHLWHV NKOWH GRUW QRFK PHKU DE GXUFKIOR YLHU]LJ 4XDGUDWPHWHU HLQHV 6DQGEHFNHQV LQ GHP KHOOJUQH *UlVHU ZXFKVHQ IOR YRQ GRUW ZHLWHU ² LQVJHVDPW GXUFK ]ZHLXQG]ZDQ]LJYLHUHFNLJH%HFNHQ 'LH 2DVH ZDU UXQG XQG GXUFKPD YLHUKXQGHUW 0HWHU 6LH VWDQG DXI GHP 6DQG GHU :VWH DEHU YHUPRGHUQGH 3IODQ]HQ KDWWHQ HLQH GLFNH 6FKLFKW +XPXV HU]HXJW 'LH 4XHOOH ZDU QRFK QLH YHUVLHJW XQG MHGHV -DKU ZXFKV GLH 2DVH XP HLQLJH 0HWHU ,Q HLQLJHQ -DKUWDXVHQGHQ ZHQQ QLFKW HLQ XQWHULUGLVFKHV%HEHQGLH4XHOOHYHUVFKWWHWHZUGHGLH2DVHGLH:VWHDXIJH]HKUWKDEHQ$EHUGDQQ OHEWHNHLQHUGHU%HZRKQHUPHKU 'LH *HVWDOW VD UHJXQJVORV GD 'HU 1RPDGH ZDU QLFKW JU|HU DOV GUHL (OOHQ HU ZDU HLQ NOHLQHU VFKODQNHU0DQQPLWVFKXOWHUODQJHPVFKZDU]HP+DDUGDVYRQHLQHP%DQGDXVSROLHUWHP.XSIHUDXV GHU6WLUQJHKDOWHQZXUGH=ZHLPDOVRJURZLHGHU1RPDGHZDUGLH*HVWDOWGLHUHJXQJVORVQHEHQLKP ODJ 'LH PDWWH 'XQNHOKHLW GHU 6WHLQKWWH ZDU HUIOOW YRQ GHQ $WHP]JHQ GHU EHLGHQ :HVHQ XQG YRQ GHP3OlWVFKHUQGHV:DVVHUVGDVKLHUGXUFKHLQHQUHFKWHFNLJHQIODFKHQ7URJIOR.DQWLJH6WHLQHPLW /HKP XQG 6FKODPP YHUIXJW ELOGHWHQ HLQH +WWH GLH HLQ 'DFK DXV GLFNHQ %OlWWHUEQGHOQ EHVD XQG VHFK]HKQ4XDGUDWPHWHUJURZDU'HU%RGHQEHVWDQGDXVJHVWDPSIWHP/HKPXQGZDUSHLQOLFKVDXEHU (LQVDFKWHU:LQGUDVFKHOWHPLWGHQWURFNHQHQ%OlWWHUQGHU6FKHUHQElXPHGLHZLHHLQJUQHUOHEHQGHU :DOOGLH 2DVH XPVWDQGHQVLH DEJUHQ]WHQXQGPLWGHQ%OlWWHUEVFKHOQ GLHJOKHQGH +LW]H GHV7DJHV DEVFKLUPWHQ+LHULQGHU6WHLQKWWHZDUHVNKOGlPPULJXQGVWLOO (LQ 6WDPP GHU 3RRQJDK KDWWH VHLQ /DJHU LQ GLHVHU 2DVH DXIJHVFKODJHQ 'LH NOHLQH +HUGH ZHLGHWH ]ZLVFKHQGHQYLHU]LJ+WWHQXQGGHP:VWHQUDQGVDQGIDUEHQH7LHUHGLHZLFKWLJHUZDUHQDOVDOOHV² :DVVHUDXVJHQRPPHQ 'LH*HVWDOWQHEHQGHP1RPDGHQEHZHJWHVLFK=XHUVWKREVLFKHLQ$UPDXVGHP:DVVHUGDQQVFKOXJ GHU JURH IUHPGH 0DQQ GLH $XJHQ DXI (U OLH GHQ %OLFN XPKHULUUHQ GDQQ NRQ]HQWLHUWHQ VLFK GLH VHOWVDPHQ$XJHQDXIGHQ1RPDGHQ 6H\PRXUEOLFNWHGDQQDQVLFKKHUXQWHUXQGEHPHUNWHGDHUQDFNWZDUXQGLQHLQHP7URJODJ:DVVHU ZDU ULQJV XP LKQ (U YHUVXFKWH VLFK DXI]XULFKWHQ ² HV JHODQJ ,Q VHLQHQ *OLHGHUQ VSUWH HU HLQH ZRKOLJH(QWVSDQQXQJHLQHDQJHQHKPHVFKPHU]ORVH0GLJNHLW 8QGHUKDWWHSO|W]OLFK+XQJHU ª:R ELQ LFK"© IUDJWH HU XQG YHUVXFKWH GLH $XIPHUNVDPNHLW GHV 1RPDGHQ DXI VHLQHQ =XVWDQG ]X OHQNHQ'HUDOWH0DQQQHEHQLKPGHVVHQURVWURWHU$UPUHJXQJVORVLP6FKRODJVWDQGDXIXQGEHXJWH VLFKEHU6H\PRXU 6H\PRXU YHUVWDQG GLH $QWZRUW GLH 6SUDFKH ZDU IDVW JOHLFK MHQHU GLH HU YRU ]ZHL :RFKHQ JHOHUQW

KDWWH % DWDUF 1XU JHZLVVH bQGHUXQJHQ GHXWHWHQ GDUDXI KLQ GD HU VLFK KLHU DXI HLQHP DQGHUHQ 3ODQHWHQEHIDQGPHKUDOV]ZDQ]LJ/LFKWMDKUHYRQ% DWDUFHQWIHUQW ª'XELVWLQGHU2DVH5RWDURDGXELVW*DVWGHV6WDPPHV$ZHRT© /DQJVDPEHJDQQVLFK6H\PRXUDQGDV]XHULQQHUQZDVKLQWHULKPODJ ª:LHODQJHELQLFKKLHU"©IUDJWHHUXQGZDUHUVWDXQWZLHQRUPDOVHLQH6WLPPHNODQJ ª(LQH6RQQHHLQHQ0RQGXQGHLQHKDOEH6RQQH© (UYHUVWDQGHLQHLQKDOE7DJH ª'HU6WDPP$ZHRTEHZRKQWGLHVH2DVH"©IUDJWHHUZLHGHUXQGULFKWHWHVLFKYROONRPPHQDXIVHW]WH VLFK DQ GHQ 5DQG GHV 7URJHV XQG VWHOOWH GLH QDVVHQ %HLQH DXI GHQ %RGHQ 'LH :DVVHUODFKH EUHLWHWH VLFKDXIGHP/HKPDXV ª1HLQZLUVLQG1RPDQGHQ©VDJWHGHU$OWHª,FKELQGHU5LFKWHUGHV6WDPPHV:LHLVWGHLQ1DPH"© 6H\PRXUEHWUDFKWHWHMHGHQ=ROOGHU*HVWDOWGLHDXIHLQHPVDWWHOlKQOLFKHQ6WXKOQHEHQLKPVD ª6H\PRXU $OFROD\D© VDJWH HU XQG OlFKHOWH OHLFKW 'LH *HVLFKWVPXVNHOQ VFKPHU]WHQ QLFKW PHKU 'HU 1RPDGH ZDU UXQG HLQHQ 0HWHU JUR WUXJ HLQ .OHLGXQJVVWFN DXV JUREHU :ROOH GXQNHOEODX XQG IXODQJ (LQ *UWHO DXV JHVFKPLHGHWHP .XSIHU WHLOWH GDV *HZDQG HLQ .XSIHUDUPEDQG XQG GHU 6WLUQUHLI ZDUHQ DXV GHP JOHLFKHQ 0DWHULDO 'DV +DDU KLQJ EHU GLH 6FKXOWHU HV ZDU EODXVFKZDU] ² HLQLJHJHOEH6WUlKQHQVFKLHQHQGDV$OWHUGHV6WDPPHVULFKWHUVDQ]XGHXWHQ ª,FKELQ3LNR\©VDJWHGHU$OWHª:LUIDQGHQGLFKKDOEWRWYRUGHU2DVH:RKHUNRPPVWGX"© 6H\PRXUQDKPGDVJUREH7XFKGDVLKPGHU1RPDGHUHLFKWHXQGEHJDQQVLFKDE]XWURFNQHQ$XI]ZHL 6SHHUHQGLHDXIHLQHU6HLWHLQHLQHPVFKLHDUWHQlKQOLFKHQ/RFKGHU+WWHDXIGHUDQGHUHQ6HLWHDXI HLQHP JHJDEHOWHQ 6WHFNHQ UXKWHQ HQWGHFNWH HU VHLQH .OHLGXQJVVWFNH 6LH ZDUHQ VDXEHU JHZDVFKHQ XQGJHUHLQLJWZRUGHQZlKUHQGHURKQPlFKWLJLQ:DVVHUODJ :LHGHUEHUILHOHQLKQ+XQJHUXQG'XUVW ª,FKNRPPHYRQGHQ6WHUQHQXQGVXFKHKLHUHWZDV(WZDVZDVHXFK]XP6WHUEHQYHUXUWHLOWKDW8QG LFK WUDI HV ]HUVW|UWH HWZDV XQG PXWH IOLHKHQ ,FK NRPPH YRQ GHP 6FKLII GDV ]HUEURFKHQ LQ GHU :VWHOLHJW.HQQVWGXHV"© 'HU1RPDGHQLFNWHIHLHUOLFKª,FKNHQQHHVDEHUHVLVWIUXQVWDEX© ª0DQIORJ]XGHPJURHQ6FKDWWHQLQGHU:VWHYRQGRUWELQLFK]X)XELVKLHUKHUJHODXIHQ© 'LH $XJHQ GHV $OWHQ ZXUGHQ VWDUU ª.FKH\ RPHDK IOVWHUWH HU HQWVHW]W ª:LU EUDXFKHQ ]X GHU JOHLFKHQ6WUHFNHYLHU1lFKWH8QGZLUZDQGHUQPLWXQVHUHQ7LHUHQGLHXQVWUDJHQXQGXQVHU*HSlFN WUDQVSRUWLHUHQ'XZDUVWKDOEWRW6H\PRXU© 6H\PRXUQLFNWHXQGVFKORGHQ*UWHOª,FKIKOWHPLFKDXFKQLFKWYLHODQGHUV©VDJWHHU0LW6WDXQHQ PHUNWHHUGDGLH)UDXHQGHV6WDPPHVVHLQH+RVHDXVJHEHVVHUWKDWWHQ'HU6FKPHU]DXIGHU+DXWGHV 6FKHQNHOVZDUYHUJDQJHQDOVHUDXVGHP:DVVHUJHNOHWWHUWZDUKDWWHHUJHVHKHQGDQXUHLQLJHJURH )OlFKHQ URWHQ JHVXQGHQ )OHLVFKHV VLFK GRUW EHIDQGHQ ZR YRU ]ZHL 7DJHQ QRFK %UDQGZXQGHQ JHZHVHQZDUHQ6HOEVWGLH%HUKUXQJPLWGHP6WRIIVFKPHU]WHQLFKWPHKU ª8QVHUH)UDXHQKDEHQGHLQH.OHLGHUJHUHLQLJWXQGDXVJHEHVVHUW©HUNOlUWHGHU$OWHXQGNODWVFKWHLQGLH +lQGH ª,FKVHKHHVXQGGDQNHGDIU,FKKDEHQLFKWVDOV*DVWJHVFKHQNIUGHQ6WDPP3LNR\© 'HU1RPDGHVFKWWHOWHGHQ.RSI ª6SlWHU'XKDVW+XQJHUXQG'XUVW9RUVLFKWLJLXQGWULQNLQNOHLQHQ3RUWLRQHQ'HLQ0DJHQZLUG VFKZDFKVHLQ© (LQH 3RRQJDK NDP KHUHLQ 6LH WUXJ DXI HLQHP +RO]EUHWW HLQH $Q]DKO YRQ %OlWWHUQ DXI GHQHQ NOHLQH +DXIHQ YHUVFKLHGHQHU 6SHLVHQ DXIJHWUPW ZDUHQ 'D]X HLQHQ %HFKHU DXV GHP HV GDPSIWH 6H\PRXU KlQJWHVLFKGLH-DFNHEHUGLH6FKXOWHUXQGOHJWHGLH:DIIHQHEHQVLFKDXIGHQ/HKPERGHQ =ZHLDQGHUH0lGFKHQEUDFKWHQVFKZHLJHQGHLQHQZLQ]LJHQ6WXKOXQGHLQHQHEHQVROFKHQ7LVFKKHUHLQ (V ZDUHQ .RQVWUXNWLRQHQ DXV +RO] XQG /HGHU VHKU OHLFKW XQG ]XP =XVDPPHQVWHNNHQ JHDUEHLWHW ,PPHUKLQ JHK|UWHQ VLHLQV *HSlFNGHV 1RPDGHQ XQG LQJHZLVVHQ6LWXDWLRQHQZDUMHGHV .LORJUDPP HLQH%HODVWXQJ 6H\PRXUGDQNWHOlFKHOQGVHW]WHVLFKKLQXQGWUDQNHLQHQ6FKOXFN(VZDUHWZDVGDVHQWIHUQWDQKHLH 0LOFKHULQQHUWHDEHUZHVHQWOLFKVWUHQJHUVFKPHFNWH 'D]XJDEHV'|UUIOHLVFKGDVJHZlVVHUWZRUGHQ ZDUXQGGDQQLQ)HWWJHEUDWHQHLQHQWURFNHQHQ)ODGHQDXV*HWUHLGHN|UQHUQGHU]ZHLIHOORVDXIHLQHP NXSIHUQHQ *LWWHU JHU|VWHW ZRUGHQ ZDU VHKU IHWWHQ .lVH XQG HLQLJH NXJHODUWLJH ELWWHUH )UFKWH 6H\PRXUDVHKUODQJVDPNDXWHVRUJIlOWLJXQGVSOWHGDQQGLH%LVVHQPLWNOHLQHQ6FKOXFNHQKLQXQWHU 'HU%HFKHUZDUDXHQJOlQ]HQGZHQQPDQ.XSIHUPLW6DO]XQG6DQGUHLQLJWHEHKLHOWHVGHQIHXULJHQ *ODQ],QQHQEHIDQGVLFKHLQH6FKLFKWDXVVFKZDU]HP/DFN

ª'LH )UFKWH© VDJWH 3LNR\ ODQJVDP XQG ODFKWH ªZDFKVHQ LQ GLHVHU 2DVH $OOHV DQGHUH NRPPW YRQ HLQHP HLQ]LJHQ 7LHU :LU KDOWHQ GLHVH 7LHUH GLH HLQ]LJHQ *URWLHUH GLHVHU :HOW DOV +HUGHQ :LU EUDXFKHQ LKUH :ROOH ² XQVHUH .OHLGXQJ ZLUG GDUDXV JHZHEW XQG GDV +DQGWXFK PLW GHP GX GLFK DEJHWURFNQHWKDVW© 6H\PRXUQLFNWHXQGDZHLWHU ª'LH+|UQHUGLHQHQGD]X$UPEUVWHKHU]XVWHOOHQGLH6HKQHQVLQGGLH6DLWHQGLHVHU%|JHQ$XV*UDV GDV LQ GHQ 2DVHQ ZlFKVW PDFKHQ ZLU GLH %RO]HQ XQG OHLPHQ VLH PLW JHNRFKWHP JHVFKPRO]HQHP +|UQ'DV)HXHUPLWGHPZLUGDV+|UQVFKPHO]HQZLUGPLWGHPWURFNHQHQ.RWGHU7LHUHJHQlKUW,KU )OHLVFKZLUGHQWZHGHUIULVFKYHU]HKUWRGHUJHWURFNQHWGXKDVWGDYRQJHJHVVHQ'LH0LOFKVWDPPWYRQ GHQ ZHLEOLFKHQ 7LHUHQ 'DV )HWW ZLUG DXV GHQ IHWWHQ 6FKZlQ]HQ GHU 0HFFHFK JHVFKPRO]HQ XQG VFKOLHOLFK WUDJHQ GLHVH 7LHUH XQV XQVHU *HSlFN XQG DOOHV DQGHUH 'X VLHKVW ZLU VLQG DUP XQG JHQJVDPDEHUZLUN|QQHQOHEHQ© 6H\PRXU EHHQGHWH VHLQH 0DKO]HLW XQG IKOWH VLFK ZLHGHU ZLH QHXJHERUHQ GLH 6FKUHFNHQ GHU 9HUJDQJHQKHLWVFKLHQHQXQHQGOLFKZHLW]XUFN]XOLHJHQ ª3LNR\©VDJWHHUODXWªLFKGDQNHGLUIUDOOHV'DIUGDGXPLUGDV/HEHQJHUHWWHWKDVWGDGXGLFK XPPLFKJHNPPHUWKDVW,FKGHQNHGDLFKGLUWURW]GHPQLFKWVVFKXOGLJEOHLEHQZHUGH'DQNH© 3LNR\ QLFNWH XQG ODFKWH ZLHGHU ª%HL XQV LVW GLH *DVWIUHXQGVFKDIW OHEHQVQRWZHQGLJ 'X NHQQVW GLH :VWH²MHGHUYRQXQVLVWDXIGLH+LOIHDQGHUHUDQJHZLHVHQIUKHURGHUVSlWHU8QGMHGHUKLOIWMHGHP +DVWGXDOOHVEHNRPPHQZDVGXEUDXFKWHVW"© 6H\PRXUUFNWHYRUVLFKWLJGHQZLQ]LJHQ7LVFKZHJXQGVWDQGDXI(UVWLHIDVWDQGLH'HFNHGHU+WWH ª8QGLKU]LHKWYRQ2DVH]X2DVH²GLH+WWHQEOHLEHQVWHKHQIUGHQGHUQDFKHXFKNRPPW"©IUDJWH HU 3LNR\ QLFNWH ª-D VR LVW HV 'LH +WWHQ EOHLEHQ VWHKHQ GLH $EIlOOH ² IDOOV HV ZHOFKH JLEW ² ZHUGHQYHUJUDEHQXQGGDV*HVFKLUUXQGGDV:HUN]HXJEOHLEHQHEHQIDOOVKLHU6LFKHUYHUVWHKVWGXGDV ZLUEUDXFKHQGDQQQLFKWVRYLHOPLWXQV]XWUDJHQ(VLVW*HVHW]DXIGLHVHU:HOW© 6H\PRXU JLQJ DXV GHU +WWH KLQDXV LQ GDV /LFKW (V ZXUGH GXUFK GLH %DXPNURQHQ JHILOWHUW XQG ZDU MHW]W QLFKW PHKU W|GOLFK XQG JUHOO VRQGHUQ PLOG XQG JHOEOLFK 'HU 6WDPP XPIDWH ZLH LKP 3LNR\ HUNOlUWHUXQGIQIXQG]ZDQ]LJ)DPLOLHQ 6H\PRXUEOLFNWHGHQ1RPDGHQDQXQGIUDJWH ª)QIXQG]ZDQ]LJ)DPLOLHQ²XQGNHLQH.LQGHUQLFKWZDKU3LNR\"© 'HUDOWH1RPDGH5LFKWHUVHLQHV6WDPPHVQLFNWHVFKZHU ª-D©HUZLGHUWHHUWRQORVª6HLWEHUVLHEHQWDXVHQG6RQQHQ© ª'DUEHU©YHUVSUDFK6H\PRXUHEHQVROHLVHªZHUGHQZLUXQVEDOGXQWHUKDOWHQ)KUVWGXPLFKHWZDV KHUXPLQGHLQHP6WDPP"© ª*HUQ$EHULFKEHVWHKHGDUDXIGHLQHQ6WDPPDXFK]XVHKHQ© 6H\PRXUODFKWHXQGIXKUEHUVHLQNUDW]HQGHV.LQQ(UQDKPDXVGHU+DQGHLQHV0lGFKHQVGDVQHEHQ LKP VD HLQHQ NXSIHUQHQ KRFKSROLHUWHQ 6SLHJHO XQG EOLFNWH KLQHLQ XQG ZDV HU VDK OLH LKQ HUVFKUHFNHQ(LQKRKOHV*HVLFKWIDVWVFKZDU]JHEUDQQWVWRSSHOLJXQGYHUZLOGHUWDEHUNODUH$XJHQXQG GLH+DXWGHU1DVHGLHVLFKVFKlOWH ª0HLQHQ6WDPPVLHKVWGXDXFK²VSlWHU$EHUGXZLUVWHUVFKUHFNHQ© ª.DXP©VDJWH3LNR\WURFNHQª,FKELQDOW© ª'LHVH 0HFFHFK ² ZR VLQG GLH 7LHUH"© IUDJWH 6H\PRXU 3LNR\ IKUWH LKQ ]ZLVFKHQ GHQ +WWHQ KLQGXUFK DXI HLQH NOHLQH /LFKWXQJ GHU 2DVH 'RUW ZHLGHWHQ GLH 7LHUH VLH ZDUHQ DOOH ]DKP $XFK VLH ZDUHQ DXI GDV )UHVVHQ KLHU DQJHZLHVHQ XQG GLH *HIDKU GD VLH KLQDXV LQ GLH :VWH UDQQWHQ ZDU JHULQJ 'LH 0HFFHFK ZDUHQ 7LHUH VR JUR ZLH GLH 1RPDGHQ VHOEVW DP :LGHUULVW JHPHVVHQ 9LHUILJ YRQ IDV]LQLHUHQGHU (OHJDQ] XQG 6FKQHOOLJNHLW GHU %HZHJXQJHQ 'DV $XIIDOOHQGVWH DQ LKQHQ ZDUHQ GLH PHWHUODQJHQ JHERJHQHQ +|UQHU JHIRUPW ZLH GLH WHUUDQLVFKHU $QWLORSHQ (LQH 0lKQH GHUHQ OlQJVWH +DDUHELVDXIGHP%RGHQVFKOHLIWHQZDUYRQIHXHUURWHU)DUEH'LH7LHUHZDUHQVRQVWVDQGIDUEHQXQG EHVDHQHLQHQNXU]HQVHKUIOHLVFKLJHQ6FKZHLI 'LH +HUGH GLH KLHU ZHLGHWH ZDU QLFKW YLHO NOHLQHU DOV KXQGHUW 6WFN DEHU EHUDOO ]ZLVFKHQ GHQ 6FKHUHQElXPHQZHLGHWHQDQGHUH7LHUH ª:LUUHLWHQDXILKQHQZLUEHSDFNHQVLHPLWXQVHUHQ=HOWHQPLWGHQ*HUlWHQXQGGHQ6lFNHQXQGVLH IROJHQXQVZLOOLJ6RLVWHVVFKRQVHLWDOWHU=HLW©HUNOlUWH3LNR\ 6H\PRXU YHUVXFKWH ]ZLVFKHQ LKP XQG GHQ % DUWDUF HLQH bKQOLFKNHLW ]X HQWGHFNHQ 'LH *U|H ZDU HWZD JOHLFK HLQH .OHLQLJNHLW ZDUHQ GLH % DWDUF JU|HU 'DV +DDU NRQQWH HLQH (UVFKHLQXQJ VHLQ GLH LKUH8UVDFKHLQGHU$QSDVVXQJKDWWH²YHUPXWOLFKEUDXFKWHQGLH3RRQJDKGDV+DDU6LHUDVLHUWHQVLFK

PLWNXSIHUQHQ0HVVHUQGDVNRQQWHHUVHKHQ =ZLVFKHQ HLQLJHQ +WWHQ HUVFKROO KHOOHV +lPPHUQ 6H\PRXU HULQQHUWH VLFK DQ GDV .XSIHU DQ GHQ )XQGGHQHUGUDXHQLQGHU:VWH]ZLVFKHQGHQVHOWVDPHQ3IODQ]HQJHPDFKWKDWWHXQGIUDJWH ª'DV0HWDOOKLHU©HUGHXWHWHDXIGHQ$UPUHLIGHV5LFKWHUVªKROWLKUDXV%HUJZHUNHQDXVGHU(UGH"© 3LNR\VFKWWHOWHGHQ.RSIª1HLQ©HUZLGHUWHHUODQJVDPª(VOLHJWLQJHZDOWLJHQ$GHUQDQJHZLVVHQ 6WHOOHQGLFKWXQWHUGHP6DQG(LQLJHXQVHUHU0lQQHUVFKUIHQHVXQGEHDUEHLWHQHVNDOWRKQH)HXHU 1XUPLW+lPPHUQDXVGHPVFKZDU]HQ6WHLQ$OOHV:HUN]HXJGDVZLUEHVLW]HQXQGGLH:DIIHQVLQG DXVGLHVHP0HWDOO:LUQHQQHQHV+DDSD\© 6LH JLQJHQ HLQPDO GXUFK GDV JHVDPWH /DJHU GDQQ EOLHE 6H\PRXU VWHKHQ VHW]WH VLFK DXI GHQ 5DQG HLQHUGHU]DKOUHLFKHQ=LVWHUQHQXQGVDJWH]X3LNR\ ª,FK NDQQ PLFK VFKZDFK HULQQHUQ© HU OlFKHOWH GHQ $OWHQ DQ ªGD LQ GHP $XJHQEOLFN DOV LFK GLHVH 2DVH KLHU VDK HWZDV LQ PLU VDJWH .RPP KLHUKHU (V PX HLQH VHKU VWDUNH .UDIWJHZHVHQVHLQ GHQQ LFK KDEH HLQHQ VHKU KDUWHQ :LOOHQ (LJHQVLQQ VDJHQ PDQFKH GLH PLFK NHQQHQ 'LH 3RRQJDK KDEHQ GLHVH)lKLJNHLWQLFKWZDKU"© /DQJVDPQLFNWH3LNR\ ª-D©VDJWHHUªZLUKDEHQVLHLP/DXIHGHUYLHOHQKXQGHUWWDXVHQG6RQQHQXQG0RQGHHQWZLFNHOW:LU EUDXFKWHQVLHXPKLHU]XEHUOHEHQ:LUN|QQWHQXQVHUH7LHUHEHHLQIOXVVHQVRHWZD© 6H\PRXUK|UWHHLQ0XUPHOQGDQQYHUVDQNULQJVXPLKQGLH2DVH (UVWDQGPLWWHQLQHLQHUHQJHQNDKOHQ6FKOXFKWXQGJLQJODQJVDPYRUZlUWV'DV(FKRVHLQHU6FKULWWH UROOWH]ZLVFKHQGHQ:lQGHQKLQXQGKHU(VURFKEHWlXEHQGQDFKZLOGHQ3IODQ]HQ1HEHQLKPZDUHQ IUHPGH6FKULIW]HLFKHQRGHUHLQHXQEHNDQQWH$UWYRQ%LOGHUQLQGHQ)HOVJHVFKODJHQ(UEOLHEVWHKHQ GDV (FKR YHUVWXPPWH MlK (U EHWUDFKWHWH LQWHUHVVLHUW GLH )LJXUHQ GLH VLFK LKP ]HLJWHQ (V ZDUHQ NOHLQH URVWURWH 0lQQHU XQG )UDXHQ GLH LQ HLQHU IHLHUOLFKHQ 3UR]HVVLRQ DXI HLQHP )ULHV ]X VHKHQ ZDUHQ DOOHUOHL :HUN]HXJH XQG .LVWHQ WUXJHQ XQG PLW VLFK 0HFFHFKKHUGHQ IKUWHQ DXI GHQHQ WXUPDUWLJH%DXWHQEHIHVWLJWZDUHQ (LQ6FKUHL]LWWHUWH]ZLVFKHQGHQ)HOVHQDXI 6H\PRXUIXKUKHUXPXQGVDKGDJDQ]REHQLQGHPHUNHQQEDUHQ6SDOWHLQH+HUGHUDVHQGHU0HFFHFK DXIJHWDXFKWZDU'DV/HLWWLHUHLQ%XOOHPLWHLQHUZHKHQGHQ0lKQHKDWWHLKQJHVHKHQXQGQDKPLKQ DQ'LHODQJHQJHNUPPWHQ+|UQHUVWLHHQZLHJHERJHQHQ'ROFKHDXILKQ]XGLFKWEHUGHP%RGHQ UXQGGUHLLJ=HQWLPHWHU6H\PRXUJULIIQDFKVHLQHU:DIIH²VLHZDUQLFKWXQWHUGHU6FKXOWHU (U GUHKWH VLFK XQG EHJDQQ ]X ODXIHQ (U UDVWH ]ZLVFKHQ GHQ )HOVZlQGHQ KLQGXUFK XQG VWHLJHUWH VHLQ 7HPSR DOV HU KLQWHU VLFK GDV 7UDPSHOQ GHU +XIH K|UWH (U GUHKWH VLFK HLQPDO XP XQG VDK GD GLH +|UQHUGHV%XOOHQNHLQH+DQGEUHLWPHKUYRQVHLQHP5FNHQHQWIHUQWZDUHQ'HU%XOOHZDUIVLFKMHW]W VHLWZlUWVKROWHLQHLQHUVFKOHXGHUQGHQ%HZHJXQJDXVXQGVWLH]X 6H\PRXU URFK GDV 7LHU K|UWH GLH *HUlXVFKH GDV (FKR VHLQHQ HLJHQHQ $WHP XQG ZXWH GD HU KLHU VWHUEHQ ZUGH ,P JOHLFKHQ $XJHQEOLFN VWROSHUWH HU XQG ILHO HLQ VFKDUINDQWLJHU )HOVHQ UL GLH +DXW VHLQHU $UPH DXI GDV %OXW WURSIWH VRIRUW DXI GHQ 6WHLQ 'LFKW EHU VHLQHP *HVLFKW ZDUHQ GLH 6SLW]HQ GHU +|UQHU XQG VLH NDPHQ QlKHU 6H\PRXU JULII GDQDFK IKOWH ZLH HLQHV GHU +|UQHU VHLQH +DQG GXUFKVWLH XQG ZHKUWH GHQ $QJULII DE 'DV +|UQ NUDFKWH JHJHQ GHQ 6WHLQ 'HU 6FKlGHO GHV 7LHUHV UDPPWHLKQXQGHUILHO]XU6HLWH0KVDPVWDQGHUZLHGHUDXIGLH+|UQHULQGHQ+lQGHQ$QHLQHP +|UQOLHI%OXWKHUXQWHUXQGILHODOV7URSIHQLQGDV*UDVGHU2DVHXQG3LNR\VDJWH ª6RXQJHIlKU6H\PRXU© 6H\PRXU ZDU VFKZHLEHUVWU|PW 6HLQH .QLH ]LWWHUWHQ XQG VHLQ /DFKHQ ZDU VHKU XQHFKW DOV HU DQWZRUWHWH ª0HLQ*RWW²GDVLVWWHXIOLVFKVRHFKWZLHGLH:LUNOLFKNHLW© 3LNR\ODFKWHQLFKWDOVHUHUZLGHUWHª(VJLEWNHLQH:DIIHGHQQZLUZHQGHQHVQLHPDOVJHJHQVHLWLJDQ K|FKVWHQVLP6FKHU]8QGGDVQXUVHOWHQ²GXVLHKVWGDPDQMHPDQGHQGDPLW]X7RGHHUVFKUHFNHQ NDQQ:LUEHQXW]HQGLHVH,OOXVLRQXPGLH7LHUHDE]XULFKWHQ© ª,KUKDEWGDPLWHLQHW|GOLFKH:DIIH3LNR\©VDJWHHU]XP5LFKWHUª8QGLKUZHUGHWVLHDQZHQGHQ© ª1LHPDOV6H\PRXU© ª'RFK,FKKDEHHEHQHLQHQYHUUFNWHQ3ODQJHIDWDEHUHUZLUGIXQNWLRQLHUHQGHQNHLFK,FKP|FKWH QXU HLQHV ZLVVHQ :LH YLHOH (LQ]HOSHUVRQHQ NDQQ HLQ HUZDFKVHQHU 3RRQJDK EHHLQIOXVVHQ ZLH YLHOHQ NDQQHUGLHVH,OOXVLRQYRUJDXNOHQ"© ª6RYLHOWDXVHQGHQ©VDJWH3LNR\XQGKLHOWVHLQH+DQGKRFK6LHZDUQLFKWJU|HUDOVHLQH.LQGHUKDQG EHVDEUHLWH1lJHOYRQVFKZDU]HU)DUEHXQGIQI)LQJHU ª(LQ 3RRQJDK JHJHQ IQIWDXVHQG 3DGGOHU© VDJWH 6H\PRXU EHUOHJHQG ª,FK P|FKWH MHW]W JOHLFK PLW

GHQ)DPLOLHQYlWHUQVSUHFKHQXQGHLQH9HUVDPPOXQJDEKDOWHQXQWHUGHLQHP9RUVLW]©IJWHHUVFKQHOO KLQ]Xª(UIOOVWGXPLUGLH%LWWH"© ª:R]X"© 6H\PRXU VHW]WH VLFK ZLHGHU DXI GHQ VWHLQHUQHQ 5DQG GHV :DVVHUEHFNHQV XQG ZLQNWH 3LNR\ DQ VHLQH 6HLWH (U VSUDFK HLQGULQJOLFK XQG YHUVXFKWH LQ GHU XQYROONRPPHQ JHOHUQWHQ 6SUDFKH GHU % DWDUF DXV]XGUFNHQZDVHUZROOWH ª'XVLHKVWLQGHU1DFKWGLH.ULVWDOOHDP+LPPHOGLH6WHUQH"© ª8LMDVFKDPD²6WHUQH-DLFKVHKHVLH© ª(LQH=DKOGLHVHU6WHUQHPHKUDOVZLUEHLGH]lKOHQN|QQHQVHOEVWZHQQZLUVWHLQDOWZHUGHQZUGHQ VLH HUJLEW HLQH *UXSSH GLH ZLU *DOD[LV QHQQHQ (LQHQ ULHVLJHQ 6WHUQHQKDXIHQ 'XQNHO JURHV 'XQNHO +LHU HLQ +DXIHQ /LFKWHU GRUW HLQ +DXIHQ /LFKWHU 'D]ZLVFKHQ (QWIHUQXQJHQ KXQGHUWWDXVHQGPDO KXQGHUWWDXVHQG :VWHQZDQGHUXQJHQ 9HUVWHKVW GX GDV NDQQVW GX GLU GDV YRUVWHOOHQ"© 3LNR\EHUOHJWHHLQH:HLOHGDQQQLFNWHHU ª:LU ZXUGHQ© VDJWH 6H\PRXU ODQJVDP ªYRU ]ZDQ]LJ 7DJHQ HQWIKUW :LU NRPPHQ DXV HLQHP 6WHUQHQKDXIHQGHUXQHQGOLFKZHLWYRQKLHUHQWIHUQWLVW:LUODQGHWHQKLHUZHLOZLUZXWHQ GDKLHU GHU7RGODXHUW© 3LNR\QLFNWHZLHGHU ª6HLWODQJHQ-DKUHQ© ª%HULFKWH© ª:LUVWHUEHQDXV8QVHUH.LQGHUNRPPHQWRW]XU:HOW:LUEHJUDEHQVLHGUDXHQLQGHU:VWH8QG QDFK-DKUHQZDFKVHQGRUW3IODQ]HQGLHZLUQLFKWNHQQHQ© ª0RPHQW© ZDUI 6H\PRXU HUVFKURFNHQ HLQ ªVR JUR 6WlEH PLW NOHLQHQ .XJHOQ GDUDQ DXV GHQHQ ZLHGHU VWlEFKHQI|UPLJH 1DGHOQ ZDFKVHQ ZLHGHU PLW .XJHOQ GDUDQ DXV GHQHQ ZLHGHU 1DGHOQ KHUDXVZDFKVHQVLQGGDVGLH3IODQ]HQGLHGXPHLQVW"© ª-D6H\PRXU.HQQVWGXVLH"© ª,FKKDEHXQWHULKQHQJHVFKODIHQDOVLFKGXUFKGLH:VWHNDP© ª'XKDVW©3LNR\EUDFKDE ª-D© VDJWH 6H\PRXU KDUW ª,FK NRPPH YRQ HLQHU DQGHUHQ :HOW GLH IDVW GLH JOHLFKH 6SUDFKH KDW ZLH GLH 3RRQJDK 'HVZHJHQ NDQQ LFK PLFK DXFK PLW GLU XQWHUKDOWHQ ,FK NDQQ GLH 6SUDFKH GHU 3RRQJDK QLFKWJHOHUQWKDEHQHKHLFKPLWGLU]XVDPPHQWUDIQLFKWZDKU"© ª'DVLVWULFKWLJVFKHLQWPLU© ª0LU DXFK 8QG GLHVH :HOW KDWWH JHQDX GDV JOHLFKH 3UREOHP ZLH GLH 3RRQJDK :LU HUNDQQWHQ GHQ *HJQHU XQG ]ZDQJHQ LKQ GLHVH 5DVVH ZLHGHU ]XP /HEHQ ]X EULQJHQ :LU JLQJHQ KDUW YRU DEHU ZLU VFKDIIWHQHV:LOOVWGX%HZHLVH"© 3LNR\QLFNWH ª6SlWHU©VDJWH6H\PRXUXQGGHXWHWHLQGHQ+LPPHOEHULKQHQª,FKPX]XHUVW]XPHLQHP6WDPP ]XUFNNHKUHQ'RUWKDEHLFK%LOGHUXQGDQGHUH0lQQHUGLHVFKZ|UHQN|QQHQZDVJHVFKHKHQLVW8QG GDUXPZLOOLFKHLQH9HUVDPPOXQJ,FKZHUGHPHLQHQ3ODQHUNOlUHQ© ª*XW© VDJWH GHU 6WDPPHVULFKWHU XQG NODWVFKWH ]ZHLPDO LQ GLH NOHLQHQ +lQGH (LQ %XUVFKH HWZD IQIXQGVLHE]LJ =HQWLPHWHU JUR NDP KHUEHL XQG 3LNR\ UHGHWH DXI LKQ HLQ (U VSUDFK VR VFKQHOO GD 6H\PRXU QXU MHGHV GULWWH :RUW YHUVWDQG $EHU HU K|UWH KHUDXV GD VLFK GLH 3DWULDUFKHQ HLQHU MHGHQ )DPLOLHLQGHQ.UHLVGHV*HULFKWVEHJHEHQVROOWHQ ª.RPP6H\PRXU©VDJWH3LNR\XQGJLQJYRUDQª*HKHQZLU]XLKQHQ© 6LHYHUOLHHQGDV=HQWUXPGHU2DVHXQGJLQJHQ]ZLVFKHQGHQ7LHUHQHLQHU0HFFHFKKHUGHKLQGXUFKDXI HLQHUXQGH6WHLQPDXHU]XGLHYRQGHP:RRY\*UDVIDVWYROOVWlQGLJEHUZXFKHUWZDU

6HFKVXQG]ZDQ]LJ :HVHQ VDHQ LQ GHQ 6WHLQVHVVHOQ GHV 7KLQJNUHLVHV hEHU GHQ 6WHLQHQ ZDU *UDV JHZDFKVHQ PDQ VD VHKU ZHLFK ,Q GHU 0LWWH VWDQG HLQ %ORFN DXV URWHP 6WHLQ GDUDXI ODJ HLQ VWLOLVLHUWHV %HLO DXV .XSIHU ² MDKUKXQGHUWHDOW Y|OOLJ YRQ *UQVSDQ EHU]RJHQ DEHU GHQQRFK HLQGUXFNVYROO 3LNR\ VSUDFK (U UHGHWH ODQJVDP GHQQ HU ZDU K|IOLFK XQG ZROOWH GD 6H\PRXU P|JOLFKVW DOOHV YHUVWDQG (U HUNOlUWH LQ VHLQHQ :RUWHQ LQ GHQ 9HUJOHLFKHQ HLQHV 1RPDGHQYRONHV GLH 6LWXDWLRQ GLH LKP6H\PRXUJHVFKLOGHUWKDWWH(UVSUDFKODQJHXQGLQDXVJHVXFKWHQ6lW]HQ

(LQHNXU]H:LHGHUKROXQJGHU5DVVHQJHVFKLFKWH (LQH .XJHO NDP GDULQ YRU GLH DXV GHP +LPPHO JHIDOOHQ ZDU ZLH HLQ 6WHLQ GHU EHU GLH :VWH VSULQJW 8QG DXI MHGHU :HOW KDWWH VLH HLQLJH 6DPHQ IDOOHQ ODVVHQ DXV GHQHQ 0HQVFKHQ JHZRUGHQ ZDUHQ (V ZDU HLQ ODQJHU )OXJ GDFKWH 6H\PRXU XQG RIIHQVLFKWOLFK HLQ JURHV 6LHGOHUVFKLII GDV GLH 3ODQHWHQ GLHVHU 6WHUQHQEDOOXQJ LP +DOR GHU $QGURPHGDJDOD[LV EHVLHGHOW KDWWH 'LH % DWDUF XQG GLH 3RRQJDKZDUHQQXU]ZHL5DVVHQGLHYRQJHPHLQVDPHQ$KQHQDEVWDPPWHQ (VVFKLHQLQZDKUOLFKJUDXHU9RU]HLWJHZHVHQ]XVHLQ 'DQQ GLH 6LWXDWLRQ GHU WRWJHERUHQHQ .LQGHU GLH VSlWHU ZLH DXI % DWDUF ]X %lXPHQ ZXUGHQ ]X UlWVHOKDIWHQ1DGHOJHZlFKVHQ 'LHDXVVWHUEHQGH5DVVH 'DQQ ZLHV 3LNR\ DXI LKQ ª'LHVHU 0DQQ YRQ GHQ 6WHUQHQ© VDJWH HU XQG PDFKWH HLQH XPIDVVHQGH *HVWHªKDWHLQHQ3ODQ(UKDWHLQHQ3ODQZLHZLU]XVDPPHQPLWLKPXQGVHLQHP6WDPPGLH*HIDKUHQ EHVHLWLJHQN|QQHQ'LH*HIDKUHQGLHXQVLFKWEDUEHUXQVVFKZHEHQXQGYRQGHUHQ9RUKDQGHQVHLQZLU QXU GHQ 6FKDWWHQ HUNHQQHQ N|QQHQ ² GHQ 6FKDWWHQ GHV 7RGHV 'HU 7RG XQVHUHU .LQGHU LVW HLQ 9HUEUHFKHQNHLQH.UDQNKHLWVDJWGLHVHU0DQQYRQGHQ6WHUQHQGHUXQVHU*DVWLVW8QVHU*DVWZLUG XQVQLFKWEHWUJHQGHQQVRQVWYHUOLHUWHUVHLQ*HVLFKW6HLQ*HVLFKWDEHUNDQQHUQLFKWYHUOLHUHQGHQQ VRQVWGDUIHUGLH+WWHVHLQHV6WDPPHVQLFKWEHWUHWHQ 6HLQ6WDPPZLUGLKPXQGXQVKHOIHQ +LOIHEUDXFKWHUR\KK+LOIHYRQXQV(UKDWHLQHQ3ODQ'HQ3ODQGHQHUXQVMHW]WVDJHQZLUG'HQQHU ZLUGGLH:DKUKHLWVDJHQXQVHU*DVWYRQGHQ6WHUQHQ© ª2\KK© PXUPHOWHQ GLH 3DWULDUFKHQ 6H\PRXU VWDQG DXI JLQJ LQ GLH 0LWWH GHV 7KLQJNUHLVHV VWW]WH VLFKPLWGHU+DQGDXIGDV=HUHPRQLHQEHLOXQGEHJDQQ]XVSUHFKHQ ª3DWULDUFKHQGHV6WDPPHV$ZHRT© 6SlWHVWHQV VHLW VHLQHQ HLQVDPHQ -DKUHQ LQ . WLQ 1JHFL EHVD HU ZDV JHZLVVH 5LWHQ RGHU =HUHPRQLHQ EHWUDIGLH5RXWLQHGHV*HEWHQ 8QGGDQQEHJDQQHUVHLQHQ3ODQ]XHQWZLFNHOQ (U VSUDFK XQXQWHUEURFKHQ HLQH 6WXQGH ODQJ ª2\KK© PXUPHOWHQ GLH 3DWULDUFKHQ HQGOLFK )QI YRQ LKQHQGDUXQWHUGHU6WDPPHVULFKWHUZXUGHQDXVJHZlKOW $OV6H\PRXUHQGHWHZDUGHU3ODQSHUIHNW$EHULKQWUHQQWHQQRFKYLHU]LJ.LORPHWHU:VWHXQGYLHOH 6WXQGHQ YRQ GHU $XVIKUXQJ 6H\PRXU ZDU ]XIULHGHQ XQG ZlUH QRFK ]XIULHGHQHU JHZHVHQ KlWWH HU HLQH=LJDUHWWHEHLVLFKJHKDEW

6H\PRXU EOLHE QHEHQ GHP NOHLQHQ =XJ VWHKHQ XQG EHJDQQ ]X ODFKHQ (V ZDU GHU %HJLQQ HLQHU ([SHGLWLRQ LQ GLH *HIDKU DEHU QLFKWVGHVWRZHQLJHU VDK HV PHUNZUGLJ DXV $FKW GHU VWlUNVWHQ 0HFFHFKEXOOHQ ZDUHQ DXVJHVXFKW ZRUGHQ 6HFKV YRQ LKQHQ WUXJHQ GLH KRFKOHKQLJHQ 6lWWHO GHU 1RPDGHQ XQG GLH YLHUHFNLJHQ YROOJHVWRSIWHQ 6DWWHOWDVFKHQ GDKLQWHU GLH GLFNHQ :ROOGHFNHQ XQG GLH :DVVHUVlFNH =ZHL 0HFFHFK ZDUHQ ]XVDPPHQJHNRSSHOW XQG LQ GHU 0LWWH ]ZLVFKHQ LKUHQ .|USHUQ EHIDQGVLFKHLQH.RQVWUXNWLRQDXIGHU6H\PRXUVLW]HQVROOWH )QI GHU 3DWULDUFKHQ VDHQ EHUHLWV LP 6DWWHO XQG -XQJHQ GLH DOOHUGLQJV EHUHLWV lOWHU DOV VFKlW]XQJVZHLVHIQIXQG]ZDQ]LJ3ODQHWHQMDKUHZDUHQKLHOWHQGLH7LHUHIHVW 'LH 0HFFHFK ZDUHQ GRPHVWL]LHUW DEHU EOLHEHQ HEHQ :VWHQWLHUH 6LH ZDUHQ VFKQHOO XQG JHKRUVDP DEHUVLHPXWHQPLWVWDUNHU+DQGJHIKUWZHUGHQ 6H\PRXUEHWUDFKWHWHGDVIDUEHQSUlFKWLJH%LOG 6DQGIDUEHQH7LHUN|USHUVFKZDU]HV*HK|UQXQGIHXHUURWHODQJH0lKQHQGDUEHUVFKZDU]H6lWWHODXV /HGHUXQG:ROOHIHVWJHKDOWHQGXUFKEUHLWJHIORFKWHQH6HKQHQJUWHO'LH1RPDGHQWUXJHQJOlQ]HQGHQ .XSIHUVFKPXFN KDWWHQ GLH NOHLQHQ XQJHKHXHU VWDUNHQ $UPEUVWH DXI GHQ 5FNHQ JHVFKQDOOW EHU ODQJHQGXQNHOEODXHQ:ROOPlQWHOQ6H\PRXUZXQGHUWHVLFKHLQHQ0RPHQWODQJGDFKWHGDQQDEHUDQ GLHDXVJHVWRUEHQHQ7XDUHJGHUWHUUDQLVFKHQ:VWHQGLHQLFKWYLHODQGHUVJHNOHLGHWZDUHQ'LH%OlWWHU GHU6FKHUHQElXPHYHUPLVFKW PLWGHP $EVXG GHUDOWHUQGHQ5LQGH HUJDEHQHLQH OLFKWHFKWH )DUEHYRQ HLQHP LQWHQVLYHQ PHWDOOLVFKHQ %ODX PLW GHP PDQ 0lQWHO XQG 7XUEDQH IlUEWH 'LH 7XUEDQH IDVW ]\OLQGULVFKH7FKHUXPHLQ*HVWHOODXVGXQHQbVWHQVDHQWLHILQGHU6WLUQXQGLQGHQ+lQGHQKLHOWHQ GLH3DWULDUFKHQGLH+DDU]JHOGLHLQ+RO]ULQJHQHQGHWHQ 'LH5LQJHZDUHQGXUFKGLH1DVHQVFKHLGHZDQGGHU0HFFHFKJHWULHEHQXQGGHU=XJDQGHQ6FKQUHQ ZDUVFKPHU]KDIW²VRZXUGHQGLH7LHUHJHOHQNW

ª:LUN|QQHQDXIEUHFKHQ©VDJWH3LNR\]X6H\PRXU3LNR\VDLP6DWWHOXQGEOLFNWHMHW]WGLUHNWLQGLH $XJHQGHV7HUUDQHUVRKQHDXIVHKHQ]XPVVHQ'LHEHLGHQ:HVHQODFKWHQVLFK]XVLHYHUVWDQGHQVLFK ZRUWORV ª*XW©VDJWH6H\PRXUJLQJYRQYRUQ]ZLVFKHQVHLQHQEHLGHQ7UlJHUWLHUHQKLQGXUFKXQGVHW]WHVLFKLQ GHQ6DWWHOGHUDXV/HGHUJXUWHQEHVWDQGDXVHLQLJHQ6HKQHQVFKQUHQXQG]ZHLDUPGLFNHQ+RO]ERKOHQ GLH GLH .RQVWUXNWLRQ WUXJHQ 6H\PRXU QDKP GHQ YHUNQRWHWHQ 'RSSHO]JHO LQ GLH +DQG VFKRE GLH 6RQQHQEOHQGHEHUGLH$XJHQXQGGUFNWHªVHLQHQ©7XUEDQLQGLH6WLUQ ª1LPPGDV7XFK²HVZLUG6WDXEJHEHQ7HUUDQHU©VDJWHHLQHUGHU3DWULDUFKHQ6H\PRXUJULIIQDFK GHP(QGVWFNGHV7XUEDQVZLFNHOWHHVXPVHLQ.LQQXQGKREGLH+DQGª2\KK© 'DV5HQQHQEHJDQQ'LH7LHUHZDUHQDXVJHUXKWXQGVDWWXQGVLHZDUHQEHUPWLJ6LHVWREHQORVXQG GHURUWVNXQGLJH3LNR\DQGHU6SLW]HGHV=XJHVZLQNWH 6H\PRXUJDEGHQ=JHOIUHLVHLQH7LHUHUDQQWHQHEHQIDOOVORV(VZDUHQ3DJlQJHUXQGVLHUDQQWHQLQ HLQHPPHUNZUGLJHQ7UDEEHUGHQ6DQGGHUVLFKZLHHLQH6FKOHSSHKLQWHUGHU*UXSSHHUKREXQGGLH 6LFKW DXI GLH 2DVH YHUKLQGHUW 6H\PRXU IKOWH VLFK LUJHQGZLH ZRKO HV JLQJ LQ 5LFKWXQJ GHU )HOVHQVSDOWHGLHGHU$OWHQDWUOLFKNDQQWH 'LH 7LHUH NRQQWHQ WDWVlFKOLFK UXQGH KXQGHUW 6WXQGHQNLORPHWHU ODXIHQ HU KlWWH GLHV IU 1RPDGHQHU]lKOXQJHQ JHKDOWHQ DEHU MHW]W PHUNWH HU HV VHOEVW ,KP ZDU HUNOlUW ZRUGHQ GD GLHV GLH 6SLW]HQJHVFKZLQGLJNHLW HLQHV IOLHKHQGHQ 0HFFHFK ZDU GLH QRUPDOH *DQJDUW EHWUXJ HWZD GLH +lOIWH GLHVHV7HPSRV (LQH6WXQGHODQJUDVWHGHU7UXSSGXUFKGLH:VWHZLUEHOWHHLQH8QPHQJHYRQ6DQGDXIXQGHUUHLFKWH GDQQGDV*HELUJH.XU]GUDXIVDKHQVLHGDV6FKLII6H\PRXU]RJDQVHLQHQ=JHOQXQGGLH.|SIHGHU 7LHUHZXUGHQKHUXQWHUJH]HUUW'LH*UXSSHNDPLQPLWWHQHLQH6DQGZRONH]XP6WHKHQ 8QWHU GHP6FKLIIVWDQG&KXWH 6DVDNL LP .DPSIDQ]XJXQGKLHOW GLHVFKZHUVWH 0DVFKLHQZDIIHLQGHQ +lQGHQ GLH DQ %RUG YRUKDQGHQ ZDU 6H\PRXU EDQG GLH =JHO VWUDII XQG NOHWWHUWH DXV GHP 6LW] GHU WDWVlFKOLFKGDV*HZLFKWGHV7HUUDQHUVDXVJHKDOWHQKDWWH ª.HLQH $QJVW© EUOOWH HU XQG HLQ 0HFFHFK NHLOWH HUVFKURFNHQ QDFK KLQWHQ DXV XQG ZDUI HLQHP 3DWULDUFKHQHLQH6DQGODGXQJLQV*HVLFKW ª,FK ELQ HV &KXWH ² GHU .lSWHQ SHUV|QOLFK 1DFK YLHOHUOHL $EHQWHXHUQ PLW (UVDW]PDQQVFKDIW ]XU 6WHOOH© &KXWH OLH ZRUWORV GLH :DIIH IDOOHQ XQG UDQQWH DXI LKQ ]X 6H\PRXU ERW HLQHQ DEHQWHXHUOLFKHQ $QEOLFNGLH$XJHQEOHQGHXQGGHU7XUEDQXQGHLQNXSIHUQHV%HLOGDVLQVHLQHP*UWHOVWHFNWH'LH 0lQQHUVFKWWHOWHQVLFKGLH+lQGH ª'DV LVW PHLQ 6WHOOYHUWUHWHU 3DWULDUFKHQ© VDJWH 6H\PRXU ODXW XQG GHXWHWH DXI 6DVDNL GHU VHKU GHXWOLFKH=HLFKHQHLQHUHOHPHQWDUHQ(UOHLFKWHUXQJ]HLJWHª8QGGDVVLQG0lQQHUDXVGHP6WDPPHGHU $ZHRT© :UGLJ VWLHJHQ GLH 3DWULDUFKHQ DXV GHQ 6lWWHOQ UFNWHQ LKUH :DIIHQ ]XUHFKW XQG JHVWDWWHWHQ &KXWH LKQHQGLH+lQGH]XVFKWWHOQ3LNR\WUDWQHEHQ6H\PRXUXQGVDJWH ª8QGGDHV]XP3ODQJHK|UWGDZLUPLWGHLQHPZHLHQ6WHUQHQ0HFFHFKUHLVHQVROOHQZHUGHQZLU XQVHUHNRVWEDUHQ7LHUH]XUFNVFKLFNHQ©(UGUHKWH VLFKXPJDEGHPVHFKVWHQ0DQQHLQHQ%HIHKOLQ VFKQHOOHU6SUDFKHXQGZDQGWHVLFKGDQQZLHGHUDQGLHEHLGHQ7HUUDQHU ª:LUVLQGEHUHLW© 6H\PRXU ODFKWH XQG JLQJ LQ GLH .QLH XP 3LNR\ LQV *HVLFKW VHKHQ ]X N|QQHQ 'DQQ VDJWH HU ª/DQJVDP²VRVFKQHOOJHKWGDVQLFKW,FKP|FKWHQRFKVHKHQZLHXQVHUH7LHUH]XUFNUHQQHQ© 'HU VHFKVWH 0DQQ VD UXKLJ LQ HLQHP 6DWWHO ZlKUHQG GLH DQGHUHQ GLH .RQVWUXNWLRQ GHV 7HUUDQHUV DXINQRWHWHQ XQG DXI LKUHQ HLJHQHQ 6lWWHOQ IHVWVFKQDOOWHQ 'DQQ KREHQ VLH GLH SUDOOJHIOOWHQ 7DVFKHQ KHUXQWHUZDUIHQVLHVLFKEHUGLH6FKXOWHUQXQGOLHHQGLH7LHUHIUHL'HUMHQLJH3RRQJDKGHU]XU2DVH ]XUFNUHLWHQVROOWHEOLHEVWDUUVLW]HQXQGGDQQVSUWHQGLHEHLGHQ0lQQHUZLHLQLKQHQGHU:XQVFK HUZDFKWH ]XU 2DVH ]X JHODQJHQ 'DQQ ]RJ VLFK GLHVH 9RUVWHOOXQJ DXV LKUHQ +LUQHQ ]XUFN 'LH 0HFFHFK ZDUIHQ GLH.|SIH KRFK XQG UDQQWHQORV VHLWOLFKYRQLKQHQULWW GHUVHFKVWH 0DQQ (U GUHKWH VLFKODFKHQGXPZLQNWHNXU]XQGVFKULHª2\KK© ,Q HLQHU 6DQGZRONH YHUVFKZDQGHQ GLH 7LHUH UDVHQG VFKQHOO LQ GHU :VWH GLH :RONH YHUVFKPRO] PLW GHUMHQLJHQ GLH VLFK LPPHU QRFK QLFKW JDQ] JHVHQNW KDWWH :RUWORV EOLFNWH &KXWH VHLQHQ .DSLWlQ DQ 6H\PRXUQLFNWHHUQVWXQGVDJWH ª-D 6LH KDEHQ UHFKW PLW GHP ZDV 6LH MHW]W GHQNHQ &KXWH 'LHVH IQI 0lQQHU KLHU VLQG DXHUJHZ|KQOLFK JXWH 6XJJHVWRUHQ XQG 7HLO HLQHV 3ODQHV GHU KLHU RKQH MHGH *HIDKU IU XQV GLH 3DGGOHUGD]X]ZLQJHQZLUGGLH(UEDQODJHQGLHVHU5DVVHZLHGHU]XQRUPDOLVLHUHQ©

ª0HLQH )UHXQGH© VDJWH HU GDQQ ªGLHV LVW PHLQ 6WHUQHQUHLWWLHU 9LHOHV ZLUG HXFK GDULQ IUHPG YRUNRPPHQ DEHU HUVFKUHFNW ELWWH QLFKW (V LVW DOOHV ]X HUNOlUHQ ,FK GDUI HXFK ELWWHQ *DVW PHLQHU )DPLOLH]XVHLQ²DEHUPHLQH)DPLOLHEHVWHKWDXVODXWHUVROFKULHVLJHQ6|KQHQZLHGLHVHP0HQVFKHQ KLHUOHLGHULVWNHLQH)UDXLQPHLQHUUXQGHQ+WWH$EHUXQVHUH*DVWIUHXQGVFKDIWLVWJHQDXVRKHU]OLFK ZLHHXUH²ELWWH© (UNOHWWHUWHLKQHQYRUDQGLH/HLWHUGHU3ROVFKOHXVHHPSRU

,QQHUKDOE HLQHU KDOEHQ 6WXQGH KDWWHQ GLH 3RRQJDK YRP 6FKLII LQ HLQHU :HLVH %HVLW] HUJULIIHQ DOV ZUGHQ VLH MHGHQ 7DJ LQ WHUUDQLVFKHQ )UDFKWHUQ NDPSLHUHQ 6LH EUHLWHWHQ VLFK EHUDOO GRUW DXV ZR HV LKQHQJHILHO3LNR\VFKOXJVHLQH'HFNHQLQHLQHU(FNHGHU=HQWUDOHDXIREZRKOGLHVHLQUXQGHU5DXP ZDU VFKXI HU HLQH (FNH LQGHP HU HLQH 6FKUDQNWU |IIQHQ OLH GDV 0HWDOO PLW HLQHP K|O]HUQHQ .HLO IHVWVWHOOWH XQG GDKLQWHU VHLQH 6FKlW]H DXVEUHLWHWH 'LH $UPEUXVW KlQJWH HU DQ HLQHQ 'RSSHOKDNHQ DQ GHP JHZ|KQOLFK GLH 5HSDUDWXUDQOHLWXQJ GHU 3XOWYHUGUDKWXQJ EDXPHOWH 'LH 6DWWHOWDVFKHQ OHKQWHQ DQ GHP6FKUlQNFKHQLQGHPGLH%RUGDSRWKHNHZDUXQGGHU7XUEDQODJDXIGHU.DQWHGHV6WHXHUSXOWHV 'LH DQGHUHQ 3RRQJDK NDPSLHUWHQ LQ GXQNOHQ (FNHQ GHU .RUULGRUH LQ GHU 0HVVH XQG LQ 6H\PRXUV .DELQH 6LHEHOlVWLJWHQGLH%HVDW]XQJGDGXUFKGDVLHVWXQGHQODQJ)UDJHQVWHOOWHQ8QGGLH0lQQHUGLHHLQLJH %URFNHQ % DWDUF NRQQWHQ EHJDQQHQ ]X VFKZLW]HQ DEHU VLH WHLOWHQ GHQ =ZHUJHQ EHUHLWZLOOLJ PLW ZDV VLH ZXWHQ 6H\PRXU IUHXWH VLFK (V ZDU HLQH KHUYRUUDJHQGH =XVDPPHQDUEHLW XQG VLH ZUGH QRFK EHVVHUZHUGHQ'LH8UVDFKHODJWLHIHUXQGZDUZHVHQWOLFKHUQVWHU 'LH 1RPDGHQ ZDUHQ HLQ 9RON GDV GLHVHP NDUJHQ 3ODQHWHQ DOOHV DEJHWURW] KDWWH XQG GLHV ZDU XQWHU KRKHQ SHUV|QOLFKHQ 2SIHUQ XQG (LQVDW] JHVFKHKHQ 'DV .DOWVFKPLHGHQ YRQ .XSIHU GLH UHVWORVH XQG GXUFKGDFKWH 9HUDUEHLWXQJ GHU 7LHUH GDV VWUHQJH *HVHW] GDV GLH 2DVHQ VDXEHU XQG IU MHGHUPDQQ JHEUDXFKVIHUWLJ HUKLHOW GHU VWUHQJH XQG KRFKPRUDOLVFKH .RGH[ VLH ZDUHQ IU LKUH 9HUKlOWQLVVH ZDKUH:LVVHQVFKDIWOHU8QGGDKHULQWHUHVVLHUWHQVLHVLFKIUDOOHV8QGMHW]W²GDVNDPQRFKGD]X² PHUNWHQ VLH GD LKQHQ MHPDQG KHOIHQ ZUGH GDV ]HQWUDOH 3UREOHP LKUHU ([LVWHQ] ]X O|VHQ )UHXQGVFKDIWPLWMHGHU*HVWHZDUGLHHLQ]LJP|JOLFKH)ROJH 6H\PRXU VD QHEHQ +RJMDZ LQ GHU .FKH DXI HLQHP +RFNHU UDXFKWH XQG KDWWH HLQ JURHV *ODV YROO &DPDQDLQGHU+DQG'HU.RFKVDKLKQPLELOOLJHQGDQXQGSROLHUWHGDV%HVWHFN ª+RJMDZ:HHGPDQ©VDJWH6H\PRXUEOLFNWHGHQ.RFKDQXQGVWHOOWHGDV*ODVDEªLFKZXQGHUHPLFK EHU6LH²ZLVVHQ6LHGDV"©²ª6FKRQP|JOLFK²ZDUXP"© ª6LH VLQG HLQ IDV]LQLHUHQG JXWHU .RFK DEHU 6LH UHGHQ VR HQWVHW]OLFK XQJHUQ :RKHU ELWWH NRPPW GDV"© :HHGPDQVDJWHJHUHL]Wª:HUYLHOUHGHWNRFKWVFKOHFKW.lSWHQ1HKPHQ]XP%HLVSLHOGLHVH)UDXHQ © 9HUVRQQHQZDUI6H\PRXUHLQª,FKKDWWHGDVLVWVFKRQ-DKUH]XUFNHLQH)UHXQGLQ2EZRKOVLHUHGHWH ZLHHLQ:DVVHUIDOONRFKWHVLHUHFKWSDVVDEHO© ª9HUPXWOLFK.DIIHHXQGKDUWH(LHU©VDJWH+RJMDZELVVLJª(ULQQHUQ6LHVLFKQLFKW"© ª7DWVlFKOLFK© JDE 6H\PRXU ]X ª6LH KDEHQ UHFKW$EHU XP ,KQHQ HLQH )UHXGH ]X PDFKHQ KDEHQ PLU GLH 3RRQJDK ]XJHVLFKHUW VLH ZUGHQ HLQLJH 0HFFHFK VFKODFKWHQ VR GD 6LH GDV )OHLVFK LQ GLH 7LHINKODQODJH ZHUIHQ XQG XQV QLFKW QXU 6XSSHQ VRQGHUQ DXFK HLQLJH 6WHDNV EUDWHQ N|QQHQ ,VW GDV QLFKWV"© ª'RFK©VDJWH:HHGPDQªDEHULFKKlWWHGLH7LHUHDXFKVFKODFKWHQXQGDXVEHLQHUQN|QQHQVFKOLHOLFK ELQ LFK DXVJHELOGHWHU )OHLVFKHU 'RUW ZR LFK KHUNRPPH PDFKW PDQ GDV QRFK PLW GHU +DQG ,FK ELQ QLFKWHLQHUYRQGLHVHQ!'RVHQN|FKHQ'DVVROOWHQ6LHZLVVHQ.lSWHQ© ª1DWUOLFKLFKZHLHVDOOHDQ%RUGZLVVHQHV:RKHUNRPPHQ6LH"© ª9RQ)52'1(&&2/3© 6H\PRXUZDUEHUUDVFKWª$XVGHP6\VWHP6&$;"© ª-D.HQQHQ6LH V"© ª,FK ZDU GRUW HLQPDO VWDWLRQLHUW ZlKUHQG PHLQHU .DGHWWHQ]HLW 'DQQ DOOHUGLQJV ZLUG PLU YLHOHV YHUVWlQGOLFKHU-HGHQIDOOVEHNRPPHQ6LHGDV)OHLVFKEHYRUZLUDEIOLHJHQ© ª(VVROOWHPLFKIUHXHQ©VDJWH+RJMDZ:HHGPDQ 'LHIQI3DWULDUFKHQ6DVDNLXQG6H\PRXUZDUHQLQGHU=HQWUDOHYHUVDPPHOW'LH3RRQJDKVDHQDXI LKUHQ6DWWHOWDVFKHQXQGEOLFNWHQDXI6H\PRXUGHUVSUDFK

ª,KU NHQQW DOVR JHQDX HXUH $XIJDEH" 'HQNW GDUDQ GD YRQ HXFK DOOHLQ GHU )RUWEHVWDQG HXUHU 5DVVH DEKlQJW,FKZHLGDLKU+DJHJHQEHUGLHVHQ3DGGOHUQHPSILQGHWDEHUHVVLQGQRFKGUHL0lQQHU PHLQHU )DPLOLH DXI GHU 3ODWWIRUP :LU PVVHQ VLH ]XHUVW KHUDXVKROHQ GDQQ ZHUGHW LKU GLH ,OOXVLRQ DXIVWHOOHQ²GHU5HVWLVWEHNDQQW© 3LNR\QLFNWHª:LUZLVVHQHVJHQDX:DVDOVRJHVFKLHKWMHW]WDOVQlFKVWHV"© 6H\PRXU GHXWHWH DXI GHQ 9HUJU|HUXQJVVFKLUP GHU HLQHQ GXQNOHQ )OHFN LQ GHU :VWH ]HLJWH XQHQGOLFK ZHLW HQWIHUQW ª:LH ODQGHQ PLW GHP 5DXPVFKLII DXI GHU 3ODWWIRUP 'LHVH 3DGGOHU KDQGHOQ DXI %HIHKO YRQ :HVHQ GLH VLH DOV LKUH !+HUUHQ EH]HLFKQHQ :LU WDXFKHQ DXI VSLHOHQ GLH 5ROOH GHU +HUUHQXQGRUGQHQDQZDVJHVFKLHKW,KUKDEWGLHVH3ODWWIRUPQLHPDOVJHVHKHQQLFKWZDKU"© ª1HLQ© HUZLGHUWH 3LNR\ ª:LU VDKHQ QXU KLQ XQG ZLHGHU IOLHJHQGH 6FKDOHQ PLW VFKZDU]KlXWLJHQ *HVWDOWHQGDULQVRQVWQLFKWV© hEULJHQV© ZDUI 6DVDNL HLQ ªLFK KDEH QDFKJHVHKHQ 'LH %OlWWHU GHU 6FKHUHQElXPH VLQG HUGIDUEHQ 8QG GD GLH 2DVHQ EHL GHP KRKHQ 6WDQG GHU 6RQQH NHLQHUOHL 6FKDWWHQ ZHUIHQ VLQG VLH DXI XQVHUHQ )RWRVDXFKQLFKWVLFKWEDUMHGHQIDOOVNRQQWHLFKGLH2DVHQQLFKWDOVVROFKHLGHQWLIL]LHUHQ© 6H\PRXUQLFNWHª$OOHVNODU"©ª2\KK©VDJWHGLH3DWULDUFKHQVFKDU ª*XW²VWDUWHQZLU© %UOOHQG HUKRE VLFK GLH 9$1(66$ DXV GHU )HOVVSDOWH 6LH ZLUEHOWH GHQ 6DQG DXI VWLHJ VHQNUHFKW KRFK 'DQQ JLQJ VLH DXI 6GZHVWNXUV GRUWKLQ ZR 6H\PRXU EHU GHP 6FKDWWHQ LQ GHU :VWH GLH 3ODWWIRUPYHUPXWHWH(LQH9LHUWHOVWXQGHODQJVWHXHUWHHUGDV6FKLIIGDQQWDXFKWHGDVVWlKOHUQH*HELOGH DXIGHP9HUJU|HUXQJVVFKLUPDXI ª9LHUKXQGHUW.LORPHWHU.lSWHQ©VDJWH6DVDNLGLH0HVVXQJGXUFK ª:HQQ ZLU QDKH JHQXJ KHUDQJHIORJHQ VLQG© IKUWH 6H\PRXU DXV XQG PHLQWH GDPLW GLH 3RRQJDK ªGDQQ VWHOOW LKU GLH ,OOXVLRQ DXI ,FK VWHLJH DXV DEHU LFK EOHLEH IU GLH 3DGGOHU QLFKW VLFKWEDU© (U EHWUDFKWHWH GHQ 5LQJ DQ VHLQHP )LQJHU ª,FK YHUVXFKH PHLQH GUHL 0lQQHU ]X ILQGHQ XQG ZHUGH VLH ZLHGHU LQV 6FKLII EULQJHQ )U GLH 3DGGOHU PX GHU (LQGUXFN HQWVWHKHQ DOV ZlUHQ GLH!+HUUHQ DQZHVHQG JHZHVHQ KlWWHQ %HIHKOH HUWHLOW XQG ZlUHQ ZLHGHU DEJHIORJHQ 6HKW DOVR ]X GD LKU GLH JHVDPWH%HVDW]XQJHUUHLFKW© ª:LUZHUGHQVLHWUHLEHQZLHHLQH0HFFHFKKHUGH7HUUDQHU©VDJWH3LNR\UXKLJª:LUKDEHQ3KDQWDVLH JHQXJXPHLQHYROONRPPHQH,OOXVLRQDXI]XULFKWHQ© ª*XW©VDJWH6H\PRXUXQGGHXWHWHDXIGLH5XQGXPVFKLUPHDXIGHQHQGLHPDWWJUDXH6FKHLEH]XVHKHQ ZDU6LHZDUZLHVFKRQGLH3DGGOHUSODWWIRUPDXI% DUWDFIQI]HKQ.LORPHWHUJURXQGIQI.LORPHWHU GLFN XQG VDK ELV DXI GLH )DUEHQ GHU %DXWHQ JOHLFK DXV 'LH .XEHQ XQG .XSSHOQ ZDUHQ KLHU WUDQVSDUHQW ª)DQJWDQ©VDJWH6H\PRXUODXWª:LUODQGHQLQZHQLJHQ0LQXWHQ© 'DV 6FKLII EUHPVWH HV IORJ JHJHQZlUWLJ LQ ]Z|OI .LORPHWHU +|KH XQG EHIDQG VLFK HLQ SDDU KXQGHUW 0HWHUEHUGHU3ODWWIRUP ª,FKEUDXFKHGHQNOHLQHQ*OHLWHU©VDJWH6H\PRXUª:HUNDQQGLH0DVFKLQHIOLHJHQ"© ª2OLYHU.lSWHQ© ª+HOIHQ6LHLKPDOOHVYRU]XEHUHLWHQ6DVDNL"© ª-DJHUQ(LQHQ0RPHQW© 6DVDNL VWDQG DXI XQG HQWIHUQWH VLFK GXUFK GHQ $QWLJUDYVFKDFKW 'LH IQI 3DWULDUFKHQ GHU 3RRQJDK VDHQ VWLOO GD ZLH HUVWDUUW XQG KDWWHQ GLH $XJHQ JHVFKORVVHQ 6LH ]LHOWHQ PLW LKUHQ IUHPGDUWLJHQ VXJJHVWLYHQ *HGDQNHQ KLQXQWHU DXI GLH 3ODWWIRUP XQG NQGHWHQ LQ HLQHU XPIDVVHQGHQ ,OOXVLRQ GLH $QNXQIWGHUHUEDUPXQJVORVHQ+HUUHQDQ:DVVLHGDFKWHQ²XQGZDVGLH3DGGOHUVDKHQXQG]XVHKHQ JODXEWHQ ² GDV HUNDQQWH 6H\PRXU QLFKW $EHU HU VDK GD QLFKW HLQH HLQ]LJH 5DNHWH LKQHQ HQWJHJHQUDVWH VDK NHLQHV GHU *HVFKW]URKUH VLFK DXI GDV 6FKLII ULFKWHQ XQG EUHPVWH GLH 9$1(66$ ZHLWHUDE 'DV 6FKLII VDQN DXI GLH UXQGH VLOEHUQH /DQGHIOlFKH XQG NDP ]XP 6WLOOVWDQG 'DV 'U|KQHQ GHU 3ODVPDWULHEZHUNH YHUVWXPPWH XQG GLH /DQGHEHLQH SUHWHQ VLFK JHJHQ GHQ %RGHQ GLH 3ODWWIRUP VFKZDQNWHQLFKWHLQPDO $OOHVODJZLHDXVJHVWRUEHQ 6H\PRXUZDUIHLQHQODQJHQ%OLFNDXIGLHUHJXQJVORVHQ3RRQJDKVDKGDVLHLPPHUQRFK]XWUlXPHQ VFKLHQHQ IXUFKWEDUH HQWVHW]OLFKH 7UlXPH ZDUHQ HV IU GLH 3DGGOHU GLHVHU *HQ 0RGXODWRUHQSODWWIRUP XQG VFKDOWHWH GDV 3XOW DE 'DQQ YHUOLH HU VFKQHOO GLH =HQWUDOH |IIQHWH GLH 6FKOHXVHQWU XQG OLH VLFK YRQ 6DVDNL LQ GHQ 5DXPDQ]XJ KHOIHQ 'HU QHXH 3LORW VD EHUHLWV YRU GHQ .RQWUROOHQKDWWHHLQHQOHLFKWHQ5DXPDQ]XJDQXQGVFKDOWHWHGHQ$QWULHEHLQ

ª:LUIOLHJHQGRUWKLQZRVLFKGDVYLHUHFNLJH/RFKLP%RGHQEHILQGHWYHUVWDQGHQ"© ª9HUVWDQGHQ.lSWHQ©NDPHVGXUFKGHQ/DXWVSUHFKHULP+HOP 6H\PRXU YHUJHZLVVHUWH VLFK GD GHU 7HFNR QLFKW HLQJHNOHPPW ZXUGH GDV 7LHUFKHQ VD QHEHQ GHP %JHOGHV0LNURSKRQVLQQHUKDOEGHV+HOPHV²GHU9HUVWlUNHUNOHEWHKLQWHU6H\PRXUV2KU .XU]GDFKWHHUDQGHQ5LQJGDFKWH1LHPDQGGDUIXQVVHKHQ ª6FKOHXVH DXI© VDJWH HU XQG KRE GHQ $UP 6DVDNL ]RJ VLFK LQV 6FKLII ]XUFN XQG |IIQHWH GDQQ GLH lXHUH6FKOHXVHQWU'HU*OHLWHUHUKREVLFKPDFKWHHLQHQODQJHQJOHLWHQGH6DW]XQGVHQNWHVLFKGLFKW EHU GHQ %RGHQ GHU 3ODWWIRUP 'RUW ZR 6H\PRXUV +DQG KLQGHXWHWH EHIDQG VLFK GLH YLHUHFNLJH gIIQXQJGDKLQWHUVDKPDQGLH6FKUlJIOlFKH ª7HFNR© VDJWH HU OHLVH ªGX PXW LQ GHQ *HGDQNHQ GHU 3DGGOHU IRUVFKHQ ZR VLFK XQVHUH 0lQQHU EHILQGHQ 6RIRUW ZHQQ GX HV ZHLW ]HLJVW GX PLU GHQ :HJ © 6H\PRXU KDWWH GDV )XQNJHUlW DXVJHVFKDOWHW -HW]W GUHKWH HU GHQ .QRSI ZLHGHU XQG K|UWH GLH 6WLPPH $PRRV LQ VHLQHQ *HGDQNHQ ZLVSHUQ ª,Q2UGQXQJ²ZDUWHQRFKHWZDV© ª+LQXQWHU2OLYHU©VDJWH6H\PRXUDOVGHU*OHLWHUEHUGHUgIIQXQJVFKZHEWH5HLKHQZHLVHZDUHQGLH 3DGGOHUDQJHWUHWHQDEHU]ZLVFKHQLKQHQXQGGHU$XHQZHOWIOLPPHUWHHWZDVYHUPXWOLFKHLQ6FKLUP GHU GLH GLFKWH /XIW QLFKW DXVVWU|PHQ OLH 'DV VSLW]H 3URMHNWLO VFKR EHU GLH 6FKUlJIOlFKH LQ HLQHQ UXQGHQ5DXPKLQHLQEOLHEGRUWVWHKHQ ª,Q GHP $XJHQEOLFN GD6LH )HLQGVHOLJNHLWHQ EHREDFKWHQ UDVHQ 6LH ]XP 6FKLII XQG VDJHQ 6DVDNL HU VROOHVWDUWHQ.ODU"© ª(UZDUWHQ6LHGHUDUWLJH$QJULIIH.lSWHQ"©IUDJWH2OLYHU]XUFN ª1HLQHLJHQWOLFKQLFKW© 6H\PRXUYHUOLHGHQ*OHLWHUQDKPGLH:DIIHLQGLHUHFKWH+DQGXQGIUDJWHOHLVHGHQ7HFNRª:R"© ª$XJHQEOLFN©'DV7LHUFKHQIRUVFKWHLQGHQ*HGDQNHQGHU3DGGOHU ª:R$PRR"© 6H\PRXU ZDUWHWH XQVFKOVVLJ PLWWHQ LQ GHU +DOOH 'LH 3DGGOHU VWDQGHQ DQ GHQ :lQGHQ XQG HUOHEWHQ JHUDGH GHQ %HVXFK LKUHU +HUUHQ (LQLJH YRQ LKQHQ XPVWDQGHQ LQ HLQHP GLFKWHQ .UHLV HLQH QLFKWH[LVWHQWH*UXSSHYRQ%HVXFKHUQDQGHUHZLHGHUXQWHUKLHOWHQVLFKOHLVHDEHUHLQHXQYHUNHQQEDUH 1HUYRVLWlW HLQH $QJVW IDVW ODJ EHU GHU 6]HQH 'LH ,QWHQVLWlW GHU ,OOXVLRQ ZDU YRQ EUXWDOHU :LUNVDPNHLW ª'HQ$QWLJUDYVFKDFKWKLQXQWHU6H\PRXU© 6H\PRXUOLHI]XP6FKDFKWVFKZDQJVLFKKLQHLQXQGVDQNVFKQHOODEZlUWV:LHGHUJOLWWHQGLH:lQGHDQ LKP YRUEHL QDFK REHQ GLH DEJHUXQGHWHQ EUHLWHQ $XVJlQJH OLHHQ ZHFKVHOQGHV /LFKW LQ GHQ 6FKDFKW IDOOHQ ª'HQQlFKVWHQ$XVVWLHJ© 6H\PRXU VFKZDQJ VLFK KLQDXV XQG GDQQ UDQQWH HU HLQHQ *DQJ HQWODQJ ZLH HV LKP GHU 7HFNR VDJWH 9RULKPWDXFKWHHLQ3DGGOHUDXIXQGJLQJVFKQHOOGXUFKGLH:DQG ª(U KDW GHQ %HIHKO EHNRPPHQ GLH *HIDQJHQHQ QDFK REHQ ]X EULQJHQ© ZLVSHUWH GHU 7HFNR ª'LH 3DWULDUFKHQOHLVWHQJDQ]H$UEHLWPHLQ)UHXQG6LHVLQGUHFKWNOXJ© 6H\PRXUOlFKHOWHPDWWXQGOLHIGHQ.RUULGRUHQWODQJª+LHU© 'HU3DGGOHUQDKPMHW]WGHQ*HIDQJHQHQGLH)HVVHOQDEXQGWH|IIQHWHGLH7UXQGVDJWHHWZDV]XGHQ GUHL*HIDQJHQHQ6H\PRXUJLQJZHLWHUXQGSUHWHVLFKGLFKWDQGLH:DQGGHV*DQJHV 'HU3DGGHUOQDKPMHW]WGHQ*HIDQJHQHQGLH)HVVHOQDEXQGZDUIGLHPHWDOOLVFKHQ6FKQUHLQHLQ)DFK GHV =LPPHUV GDQQ GHXWHWH HU QDFK GUDXHQ PDQ VDK VHLQH VFKZDU]HQ )LQJHU =XHUVW HUVFKLHQ 5RRWKDUG GDQQ 'H5DJJ XQG /DQJZ\Q 6LH IROJWHQ GHP 3DGGOHU GHU VLFK DQ GLH 6SLW]H VHW]WH 6H\PRXUZDUWHWHHLQLJH6HNXQGHQGDQQJLQJHUKLQWHULKQHQKHU|IIQHWHNXU]VHLQHQ+HOPXQGVDJWH OHLVH ª1LFKWXPGUHKHQ,FKELQKLQWHUHXFK© 'LH 0lQQHU YHUULHWHQ VLFK QLFKW 1XU /DQJZ\Q PDFKWH PLW GHQ )LQJHUQ VHLQHU +DQG HLQH HQWVSUHFKHQGH*HVWH5RRWKDUGVWLH'H5DJJDQ ª,KU ZHUGHW REHQ LQ GHP EHNDQQWHQ UXQGHQ 5DXP LQ GHQ *OHLWHU VWHLJHQ XQG DXI PLFK ZDUWHQ .PPHUWHXFKELWWHXPQLFKWV© 'DQQEHZHJWHQVLHVLFK]XVDPPHQQDFKREHQ ª)RUVFKHQDFK©VDJWH6H\PRXU]X$PRRQDFKGHPHUVHLQHQ+HOPZLHGHUQDFKYRUQJHNODSSWXQGGLH )XQNDQODJHDXVJHVFKDOWHWKDWWHªZLHODQJHHVGDXHUQZLUGELVGLH3RRQJDKZLHGHUQRUPDOHOHEHQGH .LQGHU]XU:HOWEULQJHQ©

ª-D6H\PRXUZDUWH© (VGDXHUWH]LHPOLFKODQJHELVGHU7HFNRLQGHQ*HGDQNHQGHU3DGGOHUJHIXQGHQKDWWHZDV6H\PRXU VXFKWH'DQQIOVWHUWHGLH6WLPPHª(VLVWGLH=HLWGLHHWZDHLQHPWHUUDQLVFKHQ0RQDWHQWVSULFKW© 6H\PRXU EOLHE EHUUDVFKW ]ZLVFKHQ GHP $QWLJUDYVFKDFKW XQG GHP *OHLWHU VWHKHQ 'LH GUHL *HIDQJHQHQVWLHJHQJHUDGHHLQXQGHUGDFKWHLQWHQVLY 1LHPDQGGDUIGLH*UXSSHXPGHQ*OHLWHUVHKHQ ª:DV"©IUDJWHHUODXWXQGVHLQH.DPHUDGHQK|UWHQHVPLWªVRNXU]H=HLW"© ª-D 6LH ]LWWHUQ YRU GHU :XW GHU +HUUHQ 6LH KDEHQ GLH YHUJDQJHQHQ ]ZDQ]LJ -DKUH GDPLW YHUEUDFKW ]XHUVW GLH *HQH ]X DQDO\VLHUHQ GHQ ELRORJLVFKHQ *HVDPWSODQ GHU 3IODQ]HQ ]X HQWZHUIHQ XQG KDEHQ QDFK HLQHP -DKU GHU $UEHLW PLW GHQ 6WUDKOHQ EHJRQQHQ GLH GHQ 3RRQJDK GHQ 8QWHUJDQJ EULQJHQ VROOWHQ -HW]W ZLVVHQ VLH DOOHV XQG N|QQHQ GLH :LUNXQJ HQWVSUHFKHQG GRVLHUHQ 'LH PXWLHUWHQ *HQH ZHUGHQ LQQHUKDOE YRQ GUHLLJ 6RQQHQZHFKVHOQ ZLHGHU ]XUFNPXWLHUW ² DEHU VLH JHEUDXFKHQ DQGHUH $XVGUFNHGDIU© ª$PRR© VDJWH 6H\PRXU XQG VFKDOWHWH VHLQH $QODJH DXV 'LH DQGHUHQ YLHU 7HUUDQHU ZLQNWHQ LKP EHUHLWVª(VLVWXQJHKHXHUZLFKWLJ,VWGLH8PZDQGOXQJWDWVlFKOLFKVRVFKQHOOGXUFKIKUEDU":HLWGX GLHVJHQDX"© ª-D,FKOHVHGLH*HGDQNHQGHV/DERUOHLWHUVGHUGRUWVWHKW© 6H\PRXUHPSILQJHLQHQ*HGDQNHQLPSXOVGHUVHLQHQ.RSILQHLQHEHVWLPPWH5LFKWXQJGUHKWH'RUWLQ HLQHU GHU NOHLQHQ ULQJI|UPLJHQ *UXSSHQ VWDQG HLQ DOWHU 3DGGOHU GHU HLQ PHUNZUGLJHV =HLFKHQ DQ VHLQHPKHOOURWHQ2YHUDOOWUXJ ª(U YHUVLFKHUW JHUDGH GHQ +HUUHQ GD HV DXI NHLQHQ )DOO ODQJVDPHU JHKHQ ZUGH 6LH HUKDOWHQ HEHQ GHQ$XIWUDJGLH8PZDQGOXQJQDFKEHVWHQ.UlIWHQ]XJHVWDOWHQVRQVWZUGHQVLHYHUQLFKWHWZHUGHQ 8QGVLHHUKDOWHQIHUQHUGHQ$XIWUDJGDV*UDVGHU:VWHQGDV:RRY\*UDVPXWLHUHQ]XODVVHQGDPLW HVVFKQHOOHU ZlFKVWZLGHUVWDQGVIlKLJHUZLUGGHQVHOWHQHQ5HJHQ EHVVHU VSHLFKHUWXQGVLFK VFKQHOOHU DXVGHKQW 'LH 3DWULDUFKHQVLQG JDQ]KEVFK JHULVVHQ7HUUDQHU $EHU MHW]W HUIDKUH LFKQLFKWVPHKU VLHYHUVXFKHQGHQ+HUUHQLKUHY|OOLJH%HUHLWZLOOLJNHLW]XYHUVLFKHUQLPPHUZLHGHU© 6H\PRXUZDUHUOHLFKWHUW(UUDQQWHORVVFKDOWHWHVHLQ*HUlWZLHGHUHLQXQGVSUDQJLQGHQ*OHLWHU ª/RVZLUVLQGIHUWLJ©ULHIHU /DQJZ\Q KDWWH GDV 6WHXHU EHUQRPPHQ (U UDVW PLW GHP *OHLWHU ]ZLVFKHQ ]ZHL 3DGGOHUQ KLQGXUFK NLSSWH QDFK REHQ GXUFKVWLH GHQ (QHUJLHYRUKDQJ XQG IDXFKWH EHU GLH 6FKUlJIOlFKH :HQLJH 6HNXQGHQVSlWHUEUHPVWHHUGHQ)OXJDSSDUDWYRUVLFKWLJLQGHU6FKOHXVHGHU9$1(66$DE 'DV6FKOHXVHQWRUUROOWH]XGLH0lQQHUUDQQWHQDXVHLQDQGHU 6H\PRXUXQG5RRWKDUGKDVWHWHQQDFKREHQXQGVWDUWHWHQGDV6FKLII(VGU|KQWHORVHUKREVLFKLQGLH /XIW XQG LQ HLQHU ZHLWJHVFKZXQJHQHQ /DQGHNXUYH UDVWH GLH .XJHO KLQXQWHU DXI GHQ %RGHQ 3RRQJDKEXUUXV ODQGHWH GLFKW QHEHQ GHU 2DVH 5RWDURD 'LH :LSIHO GHU 6FKHUHQElXPH ]LWWHUWHQ XQWHU GHP6WXUPGHQGLH0DVFKLQHQHU]HXJWHQ6DQGIORJDXIXQGSUDVVHOWHLQGLFKWHQ6FKOHLHUQJHJHQGLH %OlWWHU(LQLJH0HFFHFKJLQJHQGXUFKUDVWHQLQGLH:VWHKLQDXV 'DQQHUVWDUEHQGLH*HUlXVFKH 6H\PRXUVWDQGDXINDXHUWHVLFKQHEHQ3LNR\DXIGHQ%RGHQGHU=HQWUDOHXQGUWWHOWHGHQ3DWULDUFKHQ OHLFKW DQ GHU 6FKXOWHU 'HU )RNXV GHU ,OOXVLRQ VFKLHQ VLFK SO|W]OLFK JHULQJIJLJ ]X YHUlQGHUQ XQG 6H\PRXU HPSILQJ XQGHXWOLFK HLQH 6SXU GHV 6FKUHFNHQV GHQ GLH 3RRQJDK DXI GHU 3ODWWIRUP YHUEUHLWHWHQ 'HU 7HUUDQHU YHUORU GHQ +DOW YHUVXFKWH PLW GHQ $UPHQ GDV *OHLFKJHZLFKW ZLHGHU]XHUODQJHQ XQG VWW]WH VLFK DXI GHQ %RGHQ :LH GLH 'URKXQJ GHV QDFNWHQ 7RGHV GLH 9HUN|USHUXQJ DOOHU 6FKUHFNHQ KDWWHLKQGLH,OOXVLRQEHUKUWHUVFKDXGHUWH ª3LNR\©VDJWHHUKDOEODXWª$OOHVLVWYRUEHL:LUKDEHQJHVLHJW© 3LNR\|IIQHWHGLH$XJHQXQGVDJWHVFKOlIULJª7HUUDQHU6H\PRXU²ZLUKDEHQJHVLHJW2\KK© ª2\KK© VDJWH 6H\PRXU XQG QLFNWH ª(V LVW YRUEHL© 'LH /lKPXQJ XQG GLH 9HUVW|UWKHLW ZLFKHQ YRQ LKP XQG HU EHNDP VLFK ZLHGHU LQ GLH *HZDOW ª'LH 3DGGOHU ZHUGHQ DOOHV WXQ GDPLW VLH GLH 8QWDWHQ UFNJlQJLJPDFKHQN|QQHQ3LNR\© ª,FKZHL'LH,OOXVLRQZDUYROONRPPHQ6LQGGHLQH6|KQHDQ%RUG"© ª-D©HUZLGHUWH6H\PRXUHUQVWªPHLQH)DPLOLHLVWYROONRPPHQ© 'LH DQGHUHQ 3DWULDUFKHQ HUZDFKWHQ DXV LKUHU 7UDQFH XQG EOLFNWHQ VLFK XP 6LH VFKLHQHQ HQWVHW]OLFK PGH ]X VHLQ 6LH ZUGLJWHQ GLH 7HUUDQHU NHLQHV HLQ]LJHQ %OLFNHV EUHLWHWHQ LKUH GLFNHQ 0HFFHFKKDDUGHFNHQ DXV XQG VFKOXJHQ VLH XP VLFK OHJWHQ VLFK ]XU 6HLWH XQG VFKOLHIHQ HLQ (LQLJH 6HNXQGHQ VSlWHU VFKQDUFKWHQ VLH QLFKW JHUDGH OHLVH IU LKUH *U|H IDQG 6DVDNL GHU ]XVDPPHQ PLW

6H\PRXUXQG5RRWKDUGGLH=HQWUDOHYHUOLH ª6LHKDEHQ HLQ EHZXQGHUQVZUGLJHV *HVFKLFN PLWIUHPGHQ ,QWHOOLJHQ]HQXP]XJHKHQ.lSWHQ/HUQW PDQGDVDXI6KDQG RQJ"©IUDJWH5RRWKDUG ª1LFKWQXU DEHUXQWHU DQGHUHP DXFKGRUW6LH N|QQWHQ HV HEHQVR© HUZLGHUWH6H\PRXU DOV VLHGXUFK GHQ6FKDFKWILHOHQª(VZLUGQLFKWVYRUDXVJHVHW]WQXU5XKHHLQHJHZLVVH%HREDFKWXQJVJDEHXQGYLHO /lFKHOQ 'DPLW YHUVWlQGLJW PDQ VLFK LQ GHU JHVDPWHQ *DOD[LV XQG ZLH ZLU VHKHQ N|QQHQ DXFK LQ DQGHUHQ0LOFKVWUDHQ$EHLQHUJHZLVVHQbKQOLFKNHLWVLQGDOOH:HVHQIlKLJVLFKDXIHLQHUQRUPDOHQ %DVLV]XYHUVWlQGLJHQ© 6DVDNLVDJWHª:DVZLUHEHQEHZLHVHQKDEHQ© 6LH WUDWHQ LQ GLH 0HVVH ª=XHUVW© EHUVFKULH 6H\PRXU ODXW GHQ /lUP GHU YRQ GHQ 0DQQVFKDIWHQ HU]HXJW ZXUGH ªIUHXHQ ZLU XQV GD XQVHUH GUHL /HXWH ZLHGHU DQ %RUG VLQG RIIHQVLFKWOLFK RKQH 6FKDGHQ DQ /HLE XQG 6HHOH ZHQQ DXFK XQUDVLHUW 6FK|Q GD LKU ZLHGHU EHL XQV VHLG ,KUN|QQW MHW]W PDFKHQ ZDV LKU ZROOW 8QWHQ LQ GHU 2DVH VWHKHQ HXFK DOOH +HU]HQ RIIHQ /HJW HXFK LQ GLH 6RQQH VFKlNHUW PLW GHQ NOHLQHQ 0lGFKHQ HV JLEW KLHU NHLQH 0LQGHUMlKULJHQ KHOIW GHQ 0lQQHUQ RGHU VHKW]XZDVXQVHU.RFKPLWGHP)ULVFKIOHLVFKDQVWHOOW'DVZlUHHVLFKZHLQRFKQLFKWJHQDXZDQQ ZLUZLHGHUDEIOLHJHQDEHUHLQLJH7DJHEOHLEHQZLUKLHU© 'HU/lUPZXUGHZRP|JOLFKQRFKJU|HUDEHU6H\PRXUZLQNWHJULQVHQGDE ª8QG LFKVFKODJH MHGHQ PLWPHLQHP 6SH]LDOKDQGVFKXK]X %RGHQ GHUPLFKMHW]W LQ PHLQHQ =LPPHUQ VW|UW,FKP|FKWHQXUHLQHV© ª6FKODIHQ6LU"©IUDJWH5RRWKDUGXQGNUDW]WHVLFKDP.LQQ ª0LWHUVFKUHFNHQGHU'HXWOLFKNHLWVSUDFKHQ6LHHVDXV©VDJWH6H\PRXUJULIIQDFKVHLQHP7HFNRXQG ZDUIGLH7UKLQWHUVLFK]X(UKDWWH6FKODIQ|WLJIDQGHU

(LQHLQ]HOQHV&KURPRVRPHQWKlOW7DXVHQGHYRQ(UEHLJHQVFKDIWHQ (VLVWDXVUXQGHLQHU0LOOLRQ$WRPHQDXIJHEDXWXQGGLH0RGXODWRUHQKDWWHQVHLW-DKUKXQGHUWHQQLFKWV DQGHUHV JHWDQ DOV GLHVH *HVHW]PlLJNHLWHQ ]X HUIRUVFKHQ GDPLW ]X PDQLSXOLHUHQ XQG PLW GHU KRFKRUJDQLVLHUWHQ7HFKQLNGHU3ODWWIRUPHQ9RUJlQJHP|JOLFK]XPDFKHQGLHVLFKGHPUHLQHQ:XQGHU QlKHUWHQ 6LH VFKXIHQ 6WUDKOHQ XQG *HUlWH PLW GHQHQ GLHVH 6WUDKOHQ HLQJHVWHOOW ZHUGHQ NRQQWHQ 'LH 6WUDKOHQ GXUFKVFKOXJHQ GLH HLQ]HOQHQ $WRPH XQG YHUlQGHUWHQ VLH GLH 5LFKWXQJ DXV]XUHFKQHQ H[SHULPHQWHOO GXUFK]XSURELHUHQGDXHUWHYROOH]ZHL-DKUWDXVHQGH'LH$WRPHZXUGHQYRQLKUHP3ODW]JHULVVHQXQG YHUVHW]W 'LH .HWWHQ ZXUGHQ DXIJHO|VW DQ DQGHUHU 6WHOOH XQG ]X DQGHUHQ 0XVWHUQ ZLHGHU ]XVDPPHQJHVHW]W $XV HLQHP *HQ GDV GLH bKQOLFKNHLW GHU )ROJHJHQHUDWLRQ VLFKHUWH ZXUGH VR HLQ HQWDUWHWHV *HQ (V NRQQWH JHVFKHKHQ GD VLFK GLH .LQGHU VHKU HUKHEOLFK YRQ GHQ (OWHUQ XQWHUVFKLHGHQ 8QGGDVYROOEUDFKWHQGLH3DGGOHU 6LHHQWZLFNHOWHQQDFKGHPVLHHLQHQELRORJLVFKHQ*HVDPWSODQDXIJHVWHOOWKDWWHQ7UlJHUHOHPHQWHGLH DXI 2UELWDOHQ %DKQHQ XP GLH 3ODQHWHQ VFKZLUUWHQ XQG GLH 6WUDKOHQ DXVVDQGWHQ SDXVHQORV MHGH 6HNXQGH 8QG MHGHV :HVHQ GDV LQ GHQ %HUHLFK GLHVHU W|GOLFKHQ 6WUDKOHQ JHULHW PXWLHUWH *HQDXHUJHVDJWPXWLHUWHQGLH=HOOHQGDV6SHUPDXQGGLH(L]HOOHQ%HLP=HXJXQJVDNWYHUEDQGHQVLH VLFKPLWHLQDQGHU8QGEUDFKWHQHWZDVKHUYRUGDVGLH3ODQHWDULHUPLW(QWVHW]HQHUIOOWH'DV.LQG² RGHU ZDV LPPHU HV ZDU ² EOLHE OHEHQVXQIlKLJ XQG DXV GHQ *UlEHUQ ZXFKVHQ 3IODQ]HQ GLH HV DXI MHQHQ3ODQHWHQQLHPDOVJHJHEHQKDWWH'LH5DVVHZDU]XP$XVVWHUEHQYHUXUWHLOW 'LH0HLVWHUGHU0XWDWLRQODXHUWHQDXILKUHQVFKZHEHQGHQ3ODWWIRUPHQXQGHUIOOWHQGLH%HIHKOHLKUHU +HUUHQ9HUEUHFKHQXP9HUEUHFKHQJHVFKDKDXIGHQ3ODQHWHQGHV$QGURPHGDQHEHOVXQGGRUWZRKLQ VLFKGLH3DGGOHUJHIOFKWHWKDWWHQ$XFKDXI3RRQJDKEXUUX 8QG GLHVHU JHVDPWH 3UR]H OLHI MHW]W UFNZlUWV DE 'LH .XJHOQ ZXUGHQ HLQJHKROW VFKQHOO XQG H[DNW ZXUGH GLH *HUl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

:VWH YRQ 3RRQJDKEXUUX DXI GHQ )HOVHQ XQG GHU 6HH YRQ ,VFKHQQDK XQG GHQ VFKZDU]HQ 5LQJJHELUJHQ1JDUGPDXQVYHUORUVHLQHQ6FKUHFNHQ 'LH6FKDWWHQGHVNULVWDOOHQHQ7RGHVZUGHQGDV/HEHQEULQJHQ $EHUDXFKDQGHUH'LQJHJHVFKDKHQ

6H\PRXU VFKOR PLW GHQ 3DWULDUFKHQ HLQHQ 9HUWUDJ DE (U VD ODQJH PLW 3LNR\ XQG GHVVHQ 0lQQHUQ QHEHQ GHP %UXQQHQ XQG GLVNXWLHUWHXQG GUHL 7DJH VSlWHU HUNOlUWHQ VLFK GLH 3RRQJDK EHUHLW PLW GHQ QlFKVWHQ(LQVDW]PLW]XIOLHJHQ 'LH%HVDW]XQJVPLWJOLHGHUGHU9$1(66$YHUWULHEHQVLFKGLH=HLWDXILKUH$UW6LHJDEHQGHQ3RRQJDK JXWH 5DWVFKOlJH VDKHQ EHL GHQ YHUVFKLHGHQHQ $UEHLWHQ ]X IRWRJUDILHUWHQ XQG EUDFKWHQ LKQHQ HLQLJH :HUN]HXJHGLHGDV6FKLIIHQWEHKUHQNRQQWH 6LHEDGHWHQLQGHP NOHLQHQ%HFNHQODJHQLQGHU 6RQQH XQGOLHHQVLFK YRQGHQNOHLQHQ NLFKHUQGHQ 0lGFKHQ EHGLHQHQ YHUVXFKWHQ DXI 0HFFHFK ]X UHLWHQ XQG WULHEHQ QRFK DQGHUH 6FKHU]H +RJMDZ :HHGPDQ]HUOHJWHHLQLJHJHVFKODFKWHWH7LHUHXQGVXFKWHYHUJHEHQVQDFKHLQHP+HOIHUXQGVRWUXJHU JUROOHQGGLH9LHUWHOLQV6FKLIIYHUSDFNWHVLHLQ3ODVWLNXQGVFKLFKWHWHVLHLQGLH7LHINKODQODJH6HLQH /DXQHZXUGHGDGXUFKQLFKWJHUDGHEHVVHU 9LHU7DJHODQJEOLHEGLH9$1(66$QHEHQGHU2DVH5RWDURDVWHKHQ 'DQQVWDUWHWHVLH'DV=LHOKLH7VKHQQDK 9RU -DKUWDXVHQGHQ KDWWHQ HLQVFKODJHQGH 0HWHRUH GLHVH :HOW LQ HLQH JLJDQWLVFKH .UDWHUODQGVFKDIW YHUZDQGHOW $XHUKDOE GHU .UDWHU EOKWH XQG JUQWH GLH 9HJHWDWLRQ LQ GHQ .UDWHUQ ZXFKVHQ QXU %lXPHNOHLQXQGUXQG,QGHQ.UDWHUQVWDQGHQGLH+lXVHUYRQGHQHQGLHPHLVWHQOHHUZDUHQ²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²VLHKDEHQVLFKDXVJH]HLFKQHWYHUKDOWHQXQGJHQDXGDVJHWDQZDVZLU²GXXQGLFK²ZROOWHQ 6LHZHUGHQEDOGKLHUVHLQ:DVGDQQ" 'HUDQGHUHGDFKWHZLHGHU:LUKDEHQVLHXQGDQGHUHLQHLQH/DJHJHEUDFKWGLHVLHPHLVWHUQZHUGHQ ZHLOVLHJHPHLVWHUWZHUGHQNDQQ$EHUGHQOHW]WHQ$EVFKQLWWGHU$NWLRQHQN|QQHQVLHPLWHLJHQHU.UDIW XQGLKUHQEHVFKHLGHQHQ0|JOLFKNHLWHQQLFKWVFKDIIHQ ,FKKHOIHJHUQ 'LFKWULIIWGLH+DXSWDUEHLW8QGJHQDXXPGDVELWWHLFKGLFKMHW]WVFKRQHKHGDV3UREOHPDNXWZLUG 6LHK²8QVFKXOGLJHVLQGGDULQYHUZLFNHOW(LQLJHYRQLKQHQJLQJHQ]XJUXQGH,QVRIHUQKDEHQZLUHLQH 6FKXOG DXI XQV JHQRPPHQ GLH ZLU QLFKW LJQRULHUHQ N|QQHQ JOHLFKJOWLJ ZHOFKHV SKLORVRSKLVFKH 6FKHPD ZLU DQZHQGHQ ,FK JODXEH GD GLH HLQ]LJH 0|JOLFKNHLW GHV $XVJOHLFKHV GDULQ OLHJW GD GX WXVWZRUXPLFKGLFKJHEHWHQKDEH :LHGHUHUVFKLHQHLQNULVWDOONODUHU*HGDQNH ,FKKDEHGLFKXQGGLH'HLQHQKLHUKHUJHEUDFKWEHUHLQHXQHUPHOLFKH(QWIHUQXQJKLQZHJGLHGXPLW GHLQHQ0LWWHOQQLHPDOVEHUZXQGHQKlWWHVW $QWZRUW 'DV LVW ULFKWLJ 'DIU KDEH LFK JHGDQNW GDIU KDEH LFK GLU HLQ SKLORVRSKLVFKHV 6\VWHP YHUPLWWHOWDQGHPGXKHXWHQRFKKHUXPUlWVHOVW *HGDQNHQNODUXQGDXVVFKOLHOLFK ,FKZHL'XEUDXFKWHVWHWZDVZDVLFKGLUEHVFKDIIHQNRQQWH(VLVWOHLGHU²DXV*UQGHQGLHZLU]XU

*HQJHNHQQHQ²XQYROOHQGHWXQGVWHKWYRUGLU,FKEUDXFKWHHWZDVXQGGXYHUVFKDIIWHVWHVPLU$EHU GLH2UGQXQJGHV.RVPRVZLUGJHVW|UWZHQQVLHQLFKWKLHUEOHLEHQVRQGHUQZLHGHUYHUVFKZLQGHQ $QWZRUW (V JLEW 0LWWHO XQG :HJH GLHV ]X YHUKLQGHUQ (V +HJW ]XGHP LQ GHLQHQ 0|JOLFKNHLWHQ hEHUOHJHGLUHWZDVGDVZLUDQZHQGHQN|QQHQ,FKELQEHU]HXJWGDXQVHWZDVHLQIDOOHQZLUG:DQQ ZHUGHQVLHNRPPHQ" *HGDQNHQ ,Q HWZD GUHLLJ 7DJHQ 1LFKWV KlOW VLH DXI 'HU 0DQQ GHU VLH DQIKUW LVW VFKQHOO JHULVVHQ XQG DQJULIIVOXVWLJ(ULVWGLUVHKUlKQOLFK /HLFKWHVDPVLHUWHV/DFKHQ 8QGGDQQ" *HGDQNHQ'DQQVHKHQZLUZHLWHU,FKELQLPPHUQRFKDEJHQHLJWGHLQH)RUGHUXQJHQ]XHUIOOHQ ,Q YROOHQGHWHU JHRPHWULVFKHU 6FK|QKHLW IXQNHOWH GDV JHZDOWLJH 3ULVPD LQ GHU 0RQWDJHKDOOH (V VFKZHEWHODXWORVXQGVWDUUEHUGHUUXQGHQ)OlFKHEHUGHQ6FKDWWHQGHUPHUNZUGLJHQ.RQVWUXNWLRQ GDQHEHQGLHVLFKHLQKXQGHUWGUHLLJ0HWHULQGLH+|KHHUVWUHFNWH(VZDUHLQ7HWUDHGHUGHVVHQ.DQWHQ DXVVDKHQDOVZlUHQVLHPLW'LDPDQWVWDXEEHVHW]W ,FKJHKHXP]XVHKHQ 'LH PHVVHUVFKDUIHQ /LQLHQ YHUlQGHUWHQ VLFK $XV GHP 7HWUDHGHU ELOGHWHQ VLFK HLQ]HOQH 6FKOHLHU ZLUEHOWHQXPKHUIXKUHQ]XVDPPHQGDQQVWDELOLVLHUWHVLFKHLQHODQJJHVWUHFNWH6SLQGHO(LQH/DQ]HDXV 6WHUQHQPDWHULHEOLW]WHHPSRU]XP'DFKXQGYHUVFKZDQGLP'XQNHO 'LHVFKODQNH*HVWDOWEOLHEHLQLJH6HNXQGHQXQEHZHJWVWHKHQGDQQGUHKWH VLHVLFKXP XQGJLQJEHU GLH OHLFKWH 6WXIH DXI GHQ +DOOHQERGHQ KLQXQWHU $XI GHU JROGHQHQ +DXW VSLHOWHQ GLH 5HIOH[H GHU WDXVHQG 6FKHLQZHUIHU GLH QDFK XQWHQ VWUDKOWHQ XQG GLH +DOOH EHOHXFKWHWHQ 'LH *HVWDOW ZDU Y|OOLJ PHQVFKOLFK XQG QLFKW JDQ] HLQKXQGHUWDFKW]LJ =HQWLPHWHU JUR 6LH WUXJ HLQHQ HQJDQOLHJHQGHQ YROONRPPHQ GXUFKVLFKWLJHQ 6FKXW]DQ]XJGHU VLFK ZLH *ODV DQ GLH .RQWXUHQGHV .|USHUV VFKPLHJWH hEHU GHQ $XJHQ ODJ HLQ VLFKHOI|UPLJHU GXQNOHU 6FKLUP XQG GLH 2KUHQ ZDUHQ YRQ WURSIHQI|UPLJHQ 6FKDOHQ XPJHEHQ hEHU GHQ *HOHQNHQ GHV KDXFKIHLQHQ $Q]XJV EHIDQGHQ VLFK NOHLQH :OVWH (LQH 6WLPPHVFKDOOWHGXUFKGLH0RQWDJHKDOOHª-DUHG"© 'LHJROGHQH*HVWDOWEOLHEVWHKHQXQGULHI]XUFNª-D"© ª:LUZDUWHQDXIGLFK© ª,FKNRPPH© 'LH JROGHQH *HVWDOW JLQJ XQWHU GHP JOHLHQGHQ /LFKW HLQH $XUD IXQNHOQGHU 5HIOH[H XP VLFK YHUEUHLWHQGDXIHLQH.XSSHO]XGLHLQHLQHU(FNHGHU+DOOHDQJHEUDFKWZDU 'UDXHQ KHUUVFKWH GLH 'XQNHOKHLW PRQGORV XQG VWHUQHQDUP :LHGHU KDWWH VLFK 6WDXE LQ GHU $WPRVSKlUH JHODJHUW ZLHGHU ZDUHQ GLH 6WHUQH QXU VFKZDFK VLFKWEDU $XHUKDOE GHV 5LQJNUDWHUV LQ GHPVLFKGLH5DXPVFKLIIVZHUIWEHIDQGEUHLWHWHVLFKGHU'VFKXQJHODXVLQGHPGLHOHW]WHQDOWHUQGHQ %HZRKQHUGHU:HOWVLFKYHUVWHFNWHQXP]ZLVFKHQGHQ3IODQ]HQ]XVWHUEHQ 'DVQDFKWVFKZDU]H]HUNOIWHWH/DQGVFKLHQOHEHQGLJ]XZHUGHQ%DXPNURQHQUHFNWHQVLFK]LWWHUQGLQ GHQ+LPPHO'HU6FKUHLLUJHQGHLQHV1DFKWWLHUHVHUNODQJ:RONHQZDUHQDP)LUPDPHQW5HJHQWURSIHQ ILQJHQ ]X IDOOHQ DQ VLH IXKUHQ ZLH 6WHLQH GXUFK GLH /XIW GDKLQ 'DV 'DFK GHU +DOOH EHJDQQ ZLH HLQ 8KUZHUN]XWLFNHQ'DQQWHLOWHVLFKGHU1HEHOGHU5HJHQOLHQDFKXQGK|UWHDXI :LHHLQ%OLW]UDVWHHLQH6SLQGHODXVVFKPHU]HQGJUHOOHU0DWHULHGXUFKGLH$WPRVSKlUHKLQDXI]XGHQ 6WHUQHQXQG]ZLVFKHQLKQHQKLQGXUFK $QHLQHPDQGHUHQ2UWZHLWHQWIHUQWDEHU]XUJOHLFKHQ6HNXQGH 'LH 7ULHEZHUNH GHU 9$1(66$ ILQJHQ ]X GU|KQHQ DQ ODQJH )ODPPHQ VWDFKHQ LQ GHQ 6DQG QHEHQ 5RWDURD 'DV 6FKLII HUKRE VLFK LQ GHQ DXIEOLW]HQGHQ 0RUJHQ GHV 3ODQHWHQ 3RRQJDKEXUUX KLQHLQ VFKOHXGHUWH6DQGZRONHQQDFKDOOHQ5LFKWXQJHQXQGJHZDQQVFKQHOODQ+|KH

-HW]WEUDQQWHQDFKEHUVLHE]LJ/LFKWMDKUHQ)OXJHLQHEODXH5LHVHQVRQQHYRULKQHQ'HU1DPHGLHVHV *HVWLUQV ZDU 7RQDWLXKXQG GDV ZDU GHU D]WHNLVFKH 6RQQHQJRWW ZLH 6H\PRXU ZXWH 'LH 6RQQH ZDU ULHVLJXQGGHUVHFKVWH3ODQHWGLHVHV6\VWHPVZDU7VKHQQDK$OOHGLHVH'DWHQVWDPPWHQDXVGHP+LUQ GHV3DGGOHUVPLWGHP6H\PRXUDXI% DWDUFGHQ9HUWUDJJHVFKORVVHQKDWWH 'DV5DXPVFKLIIJLQJWLHIHU 6DVDNL]RJHLQHQODQJHQ6WUHLIHQDXVVHLQHP*HUlWXQGODVODXWYRU ª(LQH:DVVHUZHOWGLHHLQHQbTXDWRUGXUFKPHVVHUYRQ]Z|OIWDXVHQGVHFKVKXQGHUW.LORPHWHUQDXIZHLVW

HWZD DFKW =HKQWHO GHU (UGPDVVH EHVLW]W XQG HLQH 'LFKWH YRQ 9LHU .RPPD VHFKV 'LH 7HPSHUDWXU EHWUlJWSOXVDFKWXQGGUHLLJ*UDG=XIULHGHQ"© ª,Q HWZD© VDJWH 6H\PRXU XQG EOLFNWH DXI GLH 6FKLUPH 'LH 9$1(66$ IORJ VHKU YRUVLFKWLJ LQ GLH /XIWKOOHHLQGHQQPDQKDWWHYRQGHP5DNHWHQDQJULIIGHU3DGGOHUJHOHUQW ª2EHUIOlFKHQVFKZHUNUDIW"© IUDJWH 6H\PRXU NQDSS XQG EHWUDFKWHWH GHQ 6WDPPHVULFKWHU GHU DQ GHU /HKQHYRQ6H\PRXUV6WXKOVWDQGXQGDXIPHUNVDPGLH)LQJHUGHV.DSLWlQVEHWUDFKWHWH ª$FKWHLQKDOE=HKQWHO]X7HUUDQRUPDO© ª:LHNRPPWGHU6WHUQ]XGLHVHPWHUUDQLVFKHQ1DPHQ.lSWHQ":LVVHQ6LHGDV"©IUDJWH5RRWKDUGXQG GHXWHWHDXIGLH6RQQHGLHKLQWHULKQHQYRQGHQ6FKLUPHQEUDQQWH ª1HLQLFKZHLHVQLFKW$EHULFKKDEHGDVGXQNOH*HIKOGDGHUWHUUDQLVFKHQ5DVVHZHQQVLHQDFK $QGURPHGD YRUVW|W QLFKW QXU HLQ *HKHLPQLV EOHLEW 'HQNHQ 6LH DQ GLH 3DGGOHU GHQNHQ 6LH DQ GLH ]DKOORVHQ7KHRULHQGLHVLFKXP$WODQWLVUDQNHQGHQNHQ6LHDQGLH,QNDVDQGLH$]WHNHQLUJHQGZLH NDQQDOOHVPLWHLQDQGHU]XVDPPHQKlQJHQ© ª-HGHQIDOOV WUHQQW XQV ZHQQ ZLU GLHVHV 3UREOHP KLHU KLQWHU XQV JHEUDFKW KDEHQ QXU QRFK HLQH :HOW YRQGHU5FNNHKUQDFK,KUHU7KHVH.lSWHQ©VDJWH6DVDNLZLHJHZRKQWVNHSWLVFK ª-D(VLVW1JDUGPDXQ²ZDUWHQ6LHDE&KXWH© ª7HUUDQHU"©IUDJWH3LNR\XQGGHXWHWHDXIGHQ6FKLUP ª-D5LFKWHU"©IUDJWH6H\PRXU]XUFNªZDVLVW"© ª'LHVHV6FKLPPHUQGHGRUWXQWHQGDV$XVJHGHKQWHZDVVROOGDVVHLQ"© ª'DVLVW:DVVHU ZLHHVDXV HXUHQ %UXQQHQ NRPPW 3LNR\© HUZLGHUWH6DVDNL ª'LHVHJDQ]H :HOWLVW HLQHLQ]LJHV0HHUPLWYLHOHQNOHLQHQ,QVHOQ© 3LNR\]RJVLFKLQGLH0LWWHGHU=HQWUDOH]XUFNXQGVWDUUWHDXIGLHDXVJHGHKQWHQ0HHUHGLHVLFKDXI GHP%LOGHUVWUHFNWHQ6LHEHGHFNWHQWDWVlFKOLFKGHQJHVDPWHQ3ODQHWHQNHLQHUOHL3ROHRGHUPDUNDQWH )RUPDWLRQHQYRQ/DQGRGHU:lOGHUQZDUHQ]XVHKHQ ª,FK KDEH $QJVW 6H\PRXU :LU 3RRQJDK VFKlW]HQ ]ZDU GDV :DVVHU DEHU QLFKW LQ HLQHU VR JURHQ 0HQJH© 6H\PRXUGUHKWHGHQ6WXKOKHUXPXQGVDKGHQNOHLQHQ3RRQJDKDQª:LUZHUGHQXQVKWHQDXIGHP 0HHU]XODQGHQ:LUVXFKHQXQVHLQH,QVHOYRQGHUDXVZLURSHULHUHQZHUGHQ'XEUDXFKVWDOVRNHLQH )XUFKW]XKDEHQ²DEHUZDVKDEHQGLHDQGHUHQ3DWULDUFKHQ"© 3LNR\HUZLGHUWHRKQHVLFKXP]XGUHKHQª6LHKDEHQGLH3ODWWIRUPJHIXQGHQXQGHUVWHOOHQJHUDGHHLQH ,OOXVLRQ 6LH GDFKWHQ DQ GLH *HVFKRVVH GLH HXFK DXI 3RRQJDKEXUUX HQWJHJHQIORJHQ XQG ZROOWHQ YHUKWHQGDHVKLHUDXFKJHVFKLHKW6LHKDEHQHVPLUJHVDJW© ª:LU N|QQHQ DOVR ODQGHQ RKQH HWZDV EHIUFKWHQ ]X PVVHQ© PXUPHOWH 6DVDNL ª6HKHQ 6LH GRUW GLH ,QVHO6H\PRXU'RUWN|QQWHQZLUGLH9$1(66$KLQVWHOOHQ© ,QPLWWHQGHV0HHUHVVDKHQGLH/LQVHQGHU6FKLUPHHLQHNUHLVI|UPLJH%DUULHUHDXVNOHLQHQ)HOVHQXP GLHPDQGLH:HOOHQVHKHQNRQQWHGLHVLFKEUDFKHQXQGVFKlXPWHQ'HU5LQJZDUPLQGHVWHQVKXQGHUW .LORPHWHU LP 'XUFKPHVVHU 'DKLQWHU ODJ HLQ 7DIHOEHUJ GHVVHQ .DQWHQ EHU KXQGHUW 0HWHU DXV GHP 0HHU DXIUDJWHQ 'HU %HUJ ZDU ZLH YRQ HLQHP ULHVLJHQ 0HVVHU DEJHVFKQLWWHQ Y|OOLJ IODFK XQG GXQNHOJUQ ª:LUODQGHQGRUW©HQWVFKLHG6H\PRXU 'DV6FKLIIJLQJWLHIHUXQGVHW]WHVFKOLHOLFKDXI'LH/DQGHWHOOHUYHUVDQNHQLQJUQHQ0RRVSROVWHUQ ª'LH/XIWDQDO\VHKDWHEHQGLH:HUWHGXUFKJHJHEHQ.DSLWlQ©VDJWH5RRWKDUGYRQVHLQHP3ODW] ª*QVWLJ"©IUDJWH6H\PRXULQWHUHVVLHUW ª$XHURUGHQWOLFK :LU N|QQHQ GDV 6FKLII RKQH 6FKXW]DQ]JH YHUODVVHQ GLH /XIW LVW DWHPEDU XQG HQWKlOWQLFKWVZDVXQVVFKDGHQN|QQWH© 6H\PRXU ZDQGWH VLFK ZLHGHU VHLQHQ *lVWHQ ]X 'LH YLHU 3DWULDUFKHQ HUZDFKWHQ DXV LKUHU 6WDUUH XQG GHUWUlXPHQGH%OLFNGHUNOHLQHQURVWURWHQ0lQQHUZXUGHIHVW3LNR\GHXWHWHDXIGLH6LFKWVFKLUPHXQG EHUILHOVHLQH0lQQHUPLWHLQHUODQJHQZRUWUHLFKHQ(UNOlUXQJDXVGHU6H\PRXUPKVDPKHUDXVK|UHQ NRQQWHGDNHLQ*UXQG]XU$QJVWJHJHEHQVHL'DV6FKLIIVDJWH3LNR\VWHKHDXIHLQHUIHVWHQIHOVLJHQ ,QVHOXQGGDV0HHUGDV:DVVHUVHLVHKUZHLWHQWIHUQW ª:LUZHUGHQGLFKXQGGHLQH.OXJKHLWDXIGHUQlFKVWHQ5DWVYHUVDPPOXQJXQVHUHV*HELHWHVVFKLOGHUQ 3LNR\©VDJWHHLQHUGHU3DWULDUFKHQª'XZLUVWVLFKHULQGHQ5DWGHV3ODQHWHQEHUXIHQZHUGHQ© :HJZHUIHQG PHLQWH 3LNR\ ª,FK ELQ DOW XQG .OXJKHLW LVW NHLQ 9HUGLHQVW $XHUGHP OLHJW PLU QLFKWV GDUDQLFKKDEHNHLQH/XVW© 6H\PRXU VFKDOWHWH GLH 0DVFKLQHQ DXV XQG VLFKHUWH GDV 3XOW GDQQ GUHKWH HU VLFK QDFK 3LNR\ XP XQG IUDJWHQHXJLHULJ

ª,KUKDEWHLQH5DWVYHUVDPPOXQJ"© ª-D© DQWZRUWHWH 3LNR\ ZUGHYROO XQG HUNOlUWH ª$XI 3RRQJDKEXUUX OHEHQ HLQHLQKDOE 0LOOLRQHQ YRQ XQV -HGHQ 8PODXI WUHIIHQ VLFK GLH HLQ]HOQHQ 6WDPPHVULFKWHU GHU HQWVSUHFKHQGHQ *HELHWH HV VLQG GHUHQ YLHUXQG]ZDQ]LJ 8QG DOOH ]HKQ 8POlXIH ILQGHW HLQ 5DW GHV 3ODQHWHQ VWDWW ]X GHP VlPWOLFKH 6WDPPHVULFKWHUNRPPHQPVVHQ© ª'DQQ ZLUVW GX 3LNR\© VDJWH 6H\PRXU ODQJVDP XQG QDFKGUFNOLFK ªGDIU 6RUJH WUDJHQ GD DOOH GHLQH 5DVVHJHQRVVHQ HUIDKUHQ ZDV DXI 3RQJDKEXUUX JHVFKHKHQ LVW ZLH HXFK GLH 7HUUDQHU JHKROIHQ KDEHQXQGZLHLKUGHQ7HUUDQHUQJHKROIHQKDEW0HUNWHXFKXQVHUH1DPHQXQGZHQQLQYLHOHQ-DKUHQ HLQPDO XQVHUH 6FKLIIH NRPPHQ GDQQ HU]lKOW LKQHQ GD YRU LKQHQ VFKRQ 7HUUDQHU DXI HXUHU :HOW ZDUHQ:LUVWGXGDIUVRUJHQ"© ª6HOEVWYHUVWlQGOLFK7HUUDQHU6H\PRXU©VDJWH3LNR\XQGQLFNWH ª2\KK©ULHIHQGLH3DWULDUFKHQ ª:LUN|QQHQEHJLQQHQ©VDJWH6H\PRXUª:RLVWGLH3ODWWIRUP"© (LQ3DWULDUFKDQWZRUWHWHª'RUW²©HU]HLJWHDXIGHQ6FKLUPLQGLH5LFKWXQJLQGHUDXI7HUUD1RUGHQ JHZHVHQZlUH ª:LHZHLW"© ª1LFKWZHLW,KUN|QQWPLWGHPNOHLQHQ)OXJVFKLIIGRUWKLQIOLHJHQ$EHUN|QQHQZLUQLFKWZLHGHUPLW XQVHUHU%HJDEXQJKHOIHQ"© 6H\PRXUQLFNWHXQGEHUOHJWHª,FKGHQNHGDLKUXQVZLHGHUKHOIHQPW$EHUVHKHQZLU]XHUVWZLH GLH%HZRKQHU7VKHQQDKVDXVVHKHQ© %HZHJXQJVORVXQGUXKLJVWDQGGLH9$1(66$DXIGHPIHGHUQGHQ0RRVXQG3ODWHDXV'LH,QVHOKDWWH HLQHQ 'XUFKPHVVHU YRQ UXQG KXQGHUW .LORPHWHUQ XQG LQ HLQHP YROONRPPHQHQ .UHLV VWDQG *LVFKW GDUXP (LQ XQWHUVHHLVFKHU =DXQ DXV ZHLHQ )HOVHQ WUHQQWH HLQH /DJXQH YRQ GHP $WROO 'DV EODXOHXFKWHQGH:DVVHU]ZLVFKHQGHQ5LIIHQXQGGHU,QVHOZDUVWLOONODUXQGGXUFKVLFKWLJELVDXIGHQ *UXQG 'LH0DQQVFKDIWEHWUDWGHQ3ODQHWHQ 'LH0lQQHUXQG]ZLVFKHQLKQHQGLHYLHU3DWULDUFKHQGHV:VWHQVWDPPHVNOHWWHUWHQGLH/HLWHUKLQXQWHU XQG JLQJHQ EHU GLH GLFNHQ )lGHQ GHV GXQNHOJUQHQ 0RRVHV VRZHLW GDV $XJH EOLFNHQ NRQQWH ZDU QLFKWHLQHLQ]LJHU%DXP]XVHKHQ 3LNR\EOLHEPLW6H\PRXULQGHU=HQWUDOH(UKDWWHYRUHLQLJHQ0LQXWHQHLQHQHLJHQWPOLFKHQ%OLFNGHV 7HUUDQHUV DXIJHIDQJHQ XQG GDFKWH GD HV EHVVHU VHL ]X UHGHQ 6H\PRXU JULII QDFK GHU =LJDUHWWHQVFKDFKWHOGLHDXIGHP3XOWODJXQGEUDQQWHVLFKHLQH=LJDUHWWHDQ ª3LNR\© VDJWH HU EHKXWVDP XQG KDOEODXW ªLFK KDWWH YRUKLQ GHQ (LQGUXFN GD VLFK GLH 3RRQJDK YRU GHPYLHOHQ:DVVHUIUFKWHQ+DEHLFKUHFKW":LHZHLWNDQQGLHVH)XUFKWJHKHQ"© 0LW HLQHU ZLOGHQ %HZHJXQJ VFKOHXGHUWH GHU 3RRQJDK VHLQ ODQJHV +DDU LQ GHQ 1DFNHQ ]XUFN GDQQ VDJWHHUIDVWYHUlFKWOLFK ª*UXQGVlW]OLFKIUFKWHQZLUQLFKWVXQGQLHPDQGHQ²GXKDVWHVJHVHKHQEHLXQVHUHP$QJULIIDXIGLH 3ODWWIRUP $EHUZLUVLQG:VWHQEHZRKQHU %HZRKQHUHLQHUSODQHWHQZHLWHQ:VWH'XNHQQVWGLH*HIDKUHQ:LUZHUGHQDOOHVWXQVFKRQXPXQVHU *HVLFKW QLFKW ]X YHUOLHUHQ XP GLHVH $QJVW DE]XOHJHQ RGHU ]X XQWHUGUFNHQ $EHU LFK NDQQ QLFKW YHUVSUHFKHQ GD ZLU MHGHU]HLW LQ GHU /DJH VHLQ ZHUGHQ GLHVH VHKU DXVJHGHKQWHQ :DVVHUPDVVHQ ]X LJQRULHUHQRGHUQLFKW]XVHKHQ© 6H\PRXUVFKWWHOWHGHQ.RSIXQGJLQJLQGHU=HQWUDOHDXIXQGDE ª+LOIW HXFK GDV %HZXWVHLQ DXI HLQHU IHVWHQ ,QVHO ]X VHLQ RGHU LQ HLQHP DEJHVFKORVVHQHQ VLFKHUHQ 5DXPVFKLII"©(UEOLFNWHXQVLFKHULQGLHGXQNOHQ$XJHQGHV3RRQJDK ª9LHOOHLFKW,FKZHUGHGLFKZDUQHQZHQQHWZDV$XHUJHZ|KQOLFKHVJHVFKLHKW7HUUDQHU6H\PRXU© 6H\PRXUKLHOWLQVHLQHU:DQGHUXQJLQQHª*HKHQZLUKLQDXVVHKHQZLUXQVXP.RPPVWGXPLW"© ª-D©VDJWHGHU5LFKWHUXQGJLQJKLQWHU6H\PRXUKHU]XP$QWLJUDYVFKDFKW

:DVVHUHQGORVVLOEHUQXQGKHOOEODX =ZLVFKHQ GHU ,QVHO XQG GHP 5LII ]RJ VLFK GLFKWXQWHU GHU :DVVHUREHUIOlFKH HLQ JOlVHUQHV 5RKU KLQ XQGYHUORUVLFKLQGHU:HLWHGHU6HH 'LH /XIW ZDU IDKOEODX VWlQGLJ YRQ VLOEHUQHQ 1HEHOVWUHLIHQ GXUFK]RJHQ GHU *OXWEDOO GHU 6RQQH

7RQDWLXKVWDQGDP+LPPHO %ODXHV)HXHUNDOWXQGOHXFKWHQGODJEHUDOOHPXQGVSLHJHOWHVLFKLQGHU:DQGXQJGHV5DXPVFKLIIHV ª(LQHXQJHVXQGH7HPSHUDWXU©VDJWH6DVDNLGHUQHEHQ6H\PRXUJHWUHWHQZDUXQGMHW]WODQJVDPDQGLH .DQWHGHV)HOVHQVKHUDQJLQJ (VZDUVFKZOZDUPXQGIHXFKW'LH/XIWHUIOOWPLWHLQHPIHLQHQ6DO]ZDVVHUQHEHOGHUGHQ*HUXFK QDFK7DQJXQG)LVFKHQPLWVLFKEUDFKWH ª8QGLFKZHWWHGDGLH3ODQHWDULHUKLHUHEHQIDOOVHWZDVVSUHFKHQGDVVHKUVWDUNDQ% DWDUFHULQQHUW© &KXWHQLFNWH]XVWLPPHQG $OVVLHQDKHJHQXJDP5DQGGHU,QVHOVWDQGHQVDKHQVLHGDV%DXZHUN(VZDUQLFKWVDQGHUHVDOVHLQH 6FKOHXVHYRQGHUDXVHLQJOlVHUQHV5RKUVFKUlJQDFKXQWHQIKUWHGLHZHLH%DUULHUHGXUFKVWLHXQG LP 0HHU YHUVFKZDQG 6SLHOHULVFK MDJWH HLQH 6FKXOH )LVFKH YRUEHL ZHQGHWH XQG WDXFKWH DOV GLH 6FKDWWHQ GHU 7HUUDQHU DXI GDV :DVVHU ILHOHQ (LQH JOlVHUQH 7UHSSH IKUWH LQ HLQHU JUR]JLJ JHVFKZXQJHQHQ6SLUDOHYRQGHU.DQWHGHU6FKOHXVHKLHUKHUDXI ª+PP© VDJWH 6H\PRXU XQG EOLFNWH 6DVDNL DQ ª:LU VFKHLQHQ LQVWLQNWVLFKHU DQ HLQHP GHU ZHQLJHQ .QRWHQSXQNWH]ZLVFKHQ/DQGXQG:DVVHUJHODQGHW]XVHLQ2EVLHDXFK5DXPIDKUWKDEHQ"© 6DVDNL ]XFNWH VWXPP PLW GHQ 6FKXOWHUQ ª0|JOLFK© VDJWH HU YHUGURVVHQ ªLVW JUXQGVlW]OLFK DOOHV 0HLQH(QNHOZHUGHQ-DKU]HKQWHODQJYRQPHLQHQ(U]lKOXQJHQ]HKUHQ© ª:LUEUDXFKHQ.RQWDNWH©VDJWH6H\PRXUª,FKZHUGHMHW]WPHLQH$XVJHKXQLIRUPDQOHJHQXQGGRUWDQ GHU6FKOHXVHQSIRUWHNORSIHQ*HKHQ6LHPLW"© ª$OV9HUWUHWHUGHV.DSLWlQV"© 6H\PRXU ]XFNWH PLW GHQ $FKVHOQ ª,FK JODXEHQLFKW GD ZLUKLHU PLW *HIDKUHQUHFKQHQPVVHQ ,FK ZHUGHGLHVH:HVHQ GDYRQEHU]HXJHQGDHVXQVHUH0LVVLRQLVWGLH 3DGGOHU]XEHNHKUHQ.RPPHQ 6LHPLW"© ª*XW©VDJWH6DVDNLª0DFKHQZLUXQVIHLQ© 6LH JLQJHQ LQV 6FKLII ]XUFN 6H\PRXU GHU PLW VHLQHU $JHQWHQKRVH QLFKW PHKU YLHO 6WDDW PDFKHQ NRQQWH IlGHOWH GHQ 6SH]LDOJUWHO LQ GLH 6FKODXIHQ GHU .DSLWlQVKRVH ]RJ GLH VFKZDU]H -DFNH DQ QDFKGHPHUGDV6FKXOWHUKDOIWHUPLWGHU:DIIHXPJHVFKQDOOWKDWWHVWHFNWHGHQ7HFNRLQGLH%UXVWWDVFKH XQGNOHEWHGHQ9HUVWlUNHUKLQWHUGDV2KU'DQQJLQJHUZLHGHU]X3ROVFKOHXVHXQGZDUWHWHDXI&KXWH 6DVDNL ª:LU YHUVXFKHQ© VDJWH HU ]XU 0DQQVFKDIW ªPLW GHQ 7VKHQQDK .RQWDNW ]X EHNRPPHQ (V ZLUG XQV QLFKWVJHVFKHKHQ:DUWHWELWWHDOOHKLHU©6DVDNLNDPDXFKHUZDUEHZDIIQHW 6LHJLQJHQGXUFKGDVIOHLVFKLJH0RRVELV]XU.DQWHGHV$EKDQJVXQGWUDWHQGDQQDXI GLH HUVWH6WXIH GHU 7UHSSH GLH JHZXQGHQ QDFK XQWHQ IKUWH 'DV JODVDUWLJH 0DWHULDO NODQJ EHL MHGHP 6FKULWW DXI IHGHUWH OHLFKW XQG VFKLHQ XQJHKHXHU VWUDSD]LHUIlKLJ ]X VHLQ 6FKHQNHOGLFNH 6WDKOERO]HQ ZDUHQ GXUFK ]ZHL JOlVHUQH %O|FNH JHWULHEHQ XQG KLHOWHQ GLH 7UHSSH DP )HOVHQ IHVW 'LH 2EHUIOlFKH ZDU HWZDV SRU|VDXIJHUDXKWXQGPDQJLQJVHKUEHTXHPRKQH]XUXWVFKHQ'HU6DO]ZDVVHUJHUXFKVFKOXJZLHGHU LQGLH1DVHQGHU0lQQHU 6LH HUUHLFKWHQ QDFK ]HKQ 0LQXWHQ $EVWLHJ GLH 6FKOHXVH (V ZDU HLQ NXJHOI|UPLJHU 5DXP XQG 6H\PRXU VDJWH ª8QG LFK ZHWWH IHUQHU GD VLFK XQWHU GHP :DVVHU GLHVHV 3ODQHWHQ 6WlGWH EHILQGHQ K\GURSRQLVFKH*lUWHQXQG)DEULNHQ6LHN|QQHQVRJDU6WDKOHU]HXJHQ© ª,FKZHUGHPLFKKWHQ©HUZLGHUWH6DVDNLªJHJHQPHLQHQ.DSLWlQ]XZHWWHQ²GDIlOOWPLUHLQGD LFKMD,KQHQQRFKGHQ,QKDOWHLQHU)ODVFKHVFKXOGH© ª,FKKROHLKQPLUVFKRQ©YHUVLFKHUWHLKP6H\PRXUJULPPLJª:RLVWKLHUGLH*ORFNH"© 'LH6FKOHXVHZDUHLQH.XJHOGXUFKVLFKWLJXQGHWZD]HKQ0HWHUGXUFKPHVVHQG9RQLKUIKUWHMHQHV 5RKU ZHJ DQ LKUHU :DQG ZDU HLQH NOHLQH 3ODWWIRUP PLW JOlVHUQHP *HOlQGHU DQJHEUDFKW (V ZDU XQQ|WLJ QRFK HWZDV ]X XQWHUQHKPHQ GHQQ YLHU 7VKHQQDK VWDQGHQ LQ GHU .XJHO XQG EOLFNWHQ ]X GHQ 7HUUDQHUQHPSRU 6H\PRXUPDFKWHGLH*HVWHHLQHUVLFK|IIQHQGHQ7U 'LH5LHVHQ XQWHU LKPYHUVWDQGHQ(LQHU YRQ LKQHQ ]RJ DQ HLQHP +HEHO DQ GHU.XJHOLQQHQZDQGXQG YRU 6H\PRXU XQG 6DVDNL KRE VLFK GHFNHLI|UPLJ HLQ $EVFKQLWW GHU 6FKOHXVH (LQH EUHLWH JOlVHUQH 7UHSSHIKUWHIUHLWUDJHQGQDFKXQWHQDXIHLQHQJOlVHUQHQ5RVW 6H\PRXUEOLHEVWHKHQEOLFNWH]XGHQYLHU5LHVHQKRFKXQGVDJWHODQJVDPDXI% DWDUF ª:LUNRPPHQYRQGHQ6WHUQHQXQGP|FKWHQPLWHXUHP+HUUVFKHUVSUHFKHQ,VWGDVP|JOLFK"© $OVGDV/lFKHOQGHV9HUVWHKHQVEHUGLHEUHLWHQ*HVLFKWHUJOLWWOlFKHOWHDXFK6H\PRXUGDQQGUHKWHHU VLFKKHUXPXQG6DVDNLVDJWH ª*XWGDLFKQLFKWJHZHWWHWKDEH©

ª,KUNRPPWYRQGHQ6WHUQHQ"© $XFKGLH*HJHQIUDJHZXUGHLQHLQHPDOOHUGLQJVPRGXOLHUWHQ%DWDUFJHVWHOOW:DUGLH$XVVSUDFKHEHL GHQ3RRQJDKHWZDVKlUWHUNDQWLJHUXQGNHKOLJHUVFKLHQVLHKLHUGXUFK.XOWXUXQGODQJHQLQWHQVLYHQ *HEUDXFKDEJHVFKOLIIHQ]XVHLQ6LHZDUZHLFKHUXQGDQJHQHKPHU6H\PRXU]RJVRIRUWHLQH6HULHYRQ )ROJHVFKOVVHQ VHLQ *HLVW EHVFKlIWLJWH VLFK URXWLQHPlLJ PLW GHQ NXOWXUSV\FKRORJLVFKHQ 0|JOLFKNHLWHQGDUDXV ª-D:LUNRPPHQYRQGHQ6WHUQHQDXVVHKUZHLWHU(QWIHUQXQJ:LUKDEHQGLH'DWHQGLHVHU6RQQHXQG GLHVHV3ODQHWHQ²7RQDWLXKXQG7VKHQQDK²YRQHXUHP)HLQG© 6FKZHLJHQGQLFNWHQGLHYLHU3ODQHWDULHU ª.|QQHQZLUHXUHQ+HUUVFKHUVSUHFKHQ"©IUDJWH6H\PRXUZHLWHU ª:LUKDEHQQLFKWHLQHQHLQ]HOQHQ+HUUVFKHUVRQGHUQZHUGHQUHJLHUWYRQGUHL]HKQ7ORNH1DKZDNH© ª6HOEVWYHUVWlQGOLFK©VDJWH6H\PRXUXQGEHJULIIQLFKWVª:HURGHUZDVVLQGMHQH7ORNH"© ª(LQH*UXSSHYRQNOXJHQ)UDXHQGLHVLFKGXUFKEHVRQGHUVJURH)UXFKWEDUNHLWDXV]HLFKQHQ© 6H\PRXUQLFNWHHUQVWXQGNRUULJLHUWHª$XV]HLFKQHWHQ© ª6RLVWHV:RKHUZLWLKUGDV"© ª:LUVLQG7HUUDQHU©VDJWH6H\PRXUEHVFKHLGHQªXQG7HUUDQHUZLVVHQDOOHV²RGHUIDVWDOOHV%ULQJW LKUXQVELWWH]XGHQ)UDXHQDXFKHLQHZUGHXQVVFKRQJHQJHQ© ª.DSLWlQ© VDJWH 6DVDNL YRUZXUIVYROO 6H\PRXU EHUK|UWH GHQ (LQZDQG XQG ZDUI HLQHQ %OLFN QDFK REHQ'XUFKGDVJOlVHUQH0DWHULDOGHU6FKOHXVHVDKHUGLH.|SIHYRQ%HVDW]XQJVPLWJOLHGHUQGLHLKQ XQG GLH DQGHUHQ :HVHQ KLHU EHREDFKWHWHQ (U JOLWW QDFKGHP GLH 7VKHQQDK YRUDXVJHJDQJHQ ZDUHQ GXUFK HLQ /RFK LQ GHU .XJHOZDQG 8P HLQHQ JOlVHUQHQ =DSIHQ GUHKWH VLFK HLQH 6FKHLEH GLH GHU NRQYH[HQ:DQGIOlFKHGHU.XJHODQJHSDWZDUHQ'RUWZRGDV5RKUPQGHWHZDUGLH,QQHQZDQGLQ GHUDQGHUHQ5LFKWXQJJHZ|OEW +LQWHULKPGUHKWHGHU 7VKHQQDK ZLHGHUGLH 3ODWWH ]X XQG 6H\PRXUVDK GD VLHGRSSHOVHLWLJ ZDU ,Q LKU ZDU HLQ UXQGHV /RFK GDV VLFK PLW GHU gIIQXQJ GHU :DQGXQJ GHFNWH 9HUVFKRE PDQ GLH 3ODWWH EHGHFNWH JODWWHV XQG XQGXUFKOlVVLJHV 0DWHULDO GHQ (LQJDQJ (V ZDU HLQH NOXJH XQG VHKU HLQIDFKH 0HWKRGH:DVVHUHLQEUFKH]XYHUKLQGHUQ ,QGHU5|KUHVWDQGHLQ)DKU]HXJ (V EHVWDQG DXV GUHL 6WHO]HQ GLH DXI .XJHOODJHUQ OLHIHQ XQG DQ GUHL YHUVFKLHGHQHQ 6WHOOHQ MHZHLOV HLQKXQGHUW]ZDQ]LJ *UDG YHUVHW]W GLH :DQG GHU 5|KUH EHUKUWHQ HLQHP ODQJHQ XQG WURSIHQI|UPLJHQ .|USHULQGHU0LWWHLQGHPJOlVHUQH6LW]H]XHUNHQQHQZDUHQXQGHLQHP'RSSHOSURSHOOHUDQMHGHP (QGH ª%LWWH©VDJWHGHUHLQH7VKHQQDKXQGGHXWHWHDXIGLHOHHUHQ6LW]H 6DVDNLNOHWWHUWHKLQHLQXQGVHW]WHVLFKGDQQIROJWHQGLHGUHL7VKHQQDKVFKOLHOLFKVHW]WHVLFK6H\PRXU QHEHQGHQYLHUWHQ ª(XHU $QIOXJLVWEHREDFKWHW ZRUGHQXQGZLUZXUGHQDXVJHVFKLFNW XPHXFK ]X GHQ 7ORNH 1DKZDNH ]X EULQJHQ (V GDXHUW ]LHPOLFK ODQJH ELV ZLU GLH 5HVLGHQ]VWDGW HUUHLFKHQ 0DFKW HV HXFK ELWWH EHTXHP© 6H\PRXUQLFNWHVFKZHLJHQGXQGEHWUDFKWHWHGHQ7VKHQQDK (V ZDUHQ 5LHVHQ YRQ NQDSS ]ZHLHLQKDOE 0HWHUQ *U|H 6LH ZDUHQ XQYHUNHQQEDU GHP /HEHQ XQWHU :DVVHU DQJHSDW XQG EHVDHQ HLQH IHVWH VLOEHUJUDXH +DXW 'LH 0lQQHU KLHU KDWWHQ NXU]HV ZHLFKHV +DDUHEHQIDOOVIDVWVLOEHUQ'LH$XJHQZDUHQEODXXQGVHKULQWHOOLJHQW$XIIDOOHQGZDUHQGLH+lQGH 'LH ODQJHQ ZRKOJHIRUPWHQ )LQJHU ZDUHQ PLW 6FKZLPPKlXWHQ YHUEXQGHQ GLH DEHU QLFKW DOO]X JUR DXVJHIDOOHQ ZDUHQ YHUPXWOLFK EHUHLWV LQ GHU 5FNELOGXQJ EHJULIIHQ 'LHVH YLHU 0lQQHU WUXJHQ GUHLHFNLJH +RVHQ XQGGQQH VFKZDU]H 6FKXKH $XI GHQ PlFKWLJHQ0XVNHOQ GHU2EHUDUPH SUDQJWHQ GLFNHJOlVHUQH5HLIHQPLWHLQJHlW]WHQ/LQLHQDXVYHUVFKLHGHQHU)DUEH +HXOHQG HUZDFKWH GLH KLQWHUH 'RSSHOVFKUDXEH XQG EHJDQQ GHQ 7URSIHQ QDFK YRUQ ]X VFKLHEHQ $OV VLFK GLH *HUlXVFKH ZLHGHU QRUPDOLVLHUW KDWWHQ IHJWH GDV VHOWVDPH )RUWEHZHJXQJVPLWWHO PLW UXQGHQ ]ZHLKXQGHUW6WXQGHQNLORPHWHUQGXUFKGLHQDFKXQWHQIKUHQGH5|KUHXQGHVZXUGHLPPHUGXQNOHU (LQPDWWHVEODXHV/LFKWKHUUVFKWHKLHU 'LH6FKUDXEHQYHUPLQGHUWHQLKUH8PGUHKXQJHQXQGGLH*HUlXVFKHJHVWDWWHWHQHLQH8QWHUKDOWXQJ ª.HQQWHXHU9RONGLH5DXPIDKUW"©IUDJWH6H\PRXU ª1HLQ²ZLUNHQQHQGLH6WHUQHPDFKHQ%HREDFKWXQJHQXQGUHFKQHQGLH%HZHJXQJHQDXVDEHUZLU EDXHQNHLQ5DXPVFKLIIH'LHVLVWXQVHUH:HOWXQGZLUEUDXFKHQVLHQLFKW]XYHUODVVHQ© ª,KUHUQlKUWHXFKDXVGHP0HHU"©IUDJWH6DVDNLLQWHUHVVLHUW ª-DDXVVFKOLHOLFK$OJHQXQWHUVHHLVFKH)DUPHQGHUXQJHKHXUH5HLFKWXPDQDOOHQ$UWHQYRQ)LVFKHQ

ZLUOHEHQJXW© 'LH)DKUWJLQJZHLWHU -HW]W IKUWH GLH 5|KUH ZLHGHU OHLFKW DXIZlUWV JOLWW GDQQ LQ HLQH +RUL]RQWDOH EHU XQG PDFKWH HLQH OHLFKWH.XUYH 9RQ=HLW]X=HLWZDUVLHYHUVWlUNW DEHUZLHGLH(OHPHQWHDXVVDKHQNRQQWHEHLGLHVHU *HVFKZLQGLJNHLWQLFKWHUNDQQWZHUGHQ ª,KUKDEW,QVWUXPHQWH PLW GHQHQLKUGLH6WHUQHEHREDFKWHQN|QQW,VWHXFKQRFKQLHPDOVHLQGXQNOHU )OHFNNUHLVI|UPLJDP+LPPHODXIJHIDOOHQ"© ª'RFK²HVLVWGHU6FKDWWHQGHV7RGHV© 6H\PRXU XQG 6DVDNL ZDUIHQ VLFK HLQHQ ODQJHQ %OLFN ]X ª:DV EHGHXWHW GLHVHU $XVGUXFN"© IUDJWH 6H\PRXU ª:LUVLQGVHLW]HKQ-DKUHQNLQGHUORV:LUVLQGXQIUXFKWEDUJHZRUGHQ8QGVHLWHWZDVEHUGLHVHU=HLW VWHKW GLHVHU GXQNOH OLFKWORVH .UHLV ]ZLVFKHQ GHQ 6WHUQHQ :LU ZLVVHQ QLFKW RE HLQ =XVDPPHQKDQJ EHVWHKWDEHUZLUYHUPXWHQHLQHQ=XVDPPHQKDQJ© 6DVDNL VDJWH JDQ] ODQJVDP DEHU WDGHOORV IDVW RKQH WHUUDQLVFKHQ $N]HQW ª,KU KDEW PLW GLHVHU 9HUPXWXQJ YROONRPPHQ UHFKW :LU KDEHQ ELVKHU ]ZHL GLHVHU 3ODWWIRUPHQ ² GHQQ HV VLQG UDXPVFKLIIlKQOLFKH 0HWDOOSODWWIRUPHQ ² JH]ZXQJHQ LKU :HUN HLQ]XVWHOOHQ XQG UFNJlQJLJ ]X PDFKHQ'LHVZLUGGLHGULWWHVHLQ(VVLQG9HUEUHFKHU© 6H\PRXUVDJWHYHUZXQGHUWª&KXWH²ZDQQKDEHQVLH% DWDUFJHOHUQW"© &KXWH JULQVWH ª,FK ZROOWH QXU VHKHQ RE PHLQ +LUQ QRFK DXIQDKPHIlKLJ JHQXJ LVW :HQQ PDQ VLFK EHPKW© ª1DWUOLFK 0DFKHQ 6LH ZHLWHU VR GDQQ VWHOOW VLH 3HUU\ 5KRGDQ IDOOV HU MHPDOV GLHVH 6RQQHQ KLHU HUUHLFKHQVROOWHDOV&KHI.RQWDNWHUHLQ:lUHHLQHVWHLOH.DUULHUHLQGHU)ORWWHQLFKWVIU6LH"© ª'DQNH© HUZLGHUWH 6DVDNL ªNHLQHQ %HGDUI 'LH KDEHQ JHQJHQG +HOGHQ XQG VROFKH GLH VLFK IU +HOGHQKDOWHQ© ª6LHKDEHQQLFKWXQUHFKW6LQGZLUVFKRQGD"© 'LH)UDJHJDOWVHLQHP1DFKEDUQGHUHLQLJH+HEHOYRUVLFKKDWWHXQGGLH)DKUWGHVJOlVHUQHQ7URSIHQV YHUULQJHUWH'HU7VKHQQDKVFKWWHOWHGHQ.RSI ª1HLQ+LHULVWQXUHLQ.QRWHQSXQNW©(UEUHPVWH'DV)DKU]HXJVFKZHQNWHLQHLQHUHQJHQ.XUYHHLQ IXKUDQGHU$XHQVHLWHHLQHUVHKUKHOOHQXQGJURHQ.XJHOHQWODQJUDWWHUWHPLWGHQ.XJHOODJHUQEHU GLH:HLFKHQXQGJOLWWLQHLQDQGHUHV5RKU$XJHQEOLFNOLFKEHVFKOHXQLJWHGHU)DKUHUZLHGHU ª:ROLHJW7HUUD"©IUDJWHHUVFKDUIVLQQLJ(UKDWWHYRQGHP:RUW7HUUDQHUGLH+HLPDWZHOWDEJHOHLWHW ª.HQQVWGXGHQ%HJULIIHLQHV/LFKWMDKUV"©IUDJWH6H\PRXU]XUFNª-D© ª(WZD]ZHL0LOOLRQHQ/LFKWMDKUHHQWIHUQWYRQKLHU²LQHLQHUDQGHUHQ0LOFKVWUDH© 'HU )DKUHU GUHKWH VLFK KDOE KHUXP EOLFNWH 6H\PRXU YRQ GHU 6HLWH VHKU HUVWDXQW DQ XQG VDJWH ODXW ª'DVJODXEHLFKQLFKW© ª:DUWH ELV ZLU GLH (UVWHQ 'DPHQ GHLQHV 9RONHV JHVSURFKHQ KDEHQ :LU KDEHQ HLQH LQWHUHVVDQWH *HVFKLFKWH ]X HU]lKOHQ :DUXP KDEW LKU QLHPDOV YHUVXFKW GLHVHQ GXQNOHQ )OHFN GHQ 6FKDWWHQ GHV 7RGHV]XHQWUlWVHOQ"© ª:RPLW"© ª(WZD PLW HLQHP )OXJ]HXJ (LQHU 0DVFKLQH GLH KRFK JHQXJ IOLHJHQ NDQQ GD VLH GLHVHV 'LQJ GRUW HUUHLFKHQ N|QQWH" ,KU KDEW KLHU XQWHQ HLQH KRFKHQWZLFNHOWH 7HFKQLN .XQVWVWRII 0DVFKLQHQ 6WlGWH XQGNLORPHWHUODQJH5|KUHQV\VWHPH²HVZlUHHXFKVLFKHUQLFKWVFKZHUJHIDOOHQ© ª$EHUZLUNHQQHQNHLQHUOHLWHFKQLVFKH0|JOLFKNHLWGLH/XIW]XEHKHUUVFKHQ:LUEHZHJHQXQVLP :DVVHU ZLU VFKZDPPHQ XQG VFKZLPPHQ QRFK JHUQ ZLU WDXFKHQ ODQJH DEHU ZLU N|QQHQ XQV QLFKW YRUVWHOOHQZLHPDQVLFKGXUFKGLH/XIWEHZHJW.DQQVWGXHVGHQQ"© &KXWHEHXJWHVLFKYRUª0LWHWZDV0KH1DFKGHQNHQXQGHLQHUJXWDXVJHUVWHWHQ:HUNVWDWWN|QQWHQ ZLUHLQ)OXJ]HXJEDXHQ(VZUGHJHQDXVRDQJHWULHEHQZHUGHQZLHGLHVHU7URSIHQKLHU,FKZHLDEHU ZDUXPLKUQLHPDOVYHUVXFKWKDEW²XQGQLHPDOVYHUVXFKHQZHUGHWGLH/XIW]XEHKHUUVFKHQ© 6H\PRXUPHLQWHLP6FKHU]ª(WZDVZLH$HURSKRELH"© ª6LH KDEHQ UHFKW .lSWHQ $HURSKRELH QXU HLQH PLOGH )RUP GHQQ VLH EUDXFKHQ GHQ 6DXHUVWRII ]XP /HEHQ$EHUVRZLHHLQHUXQVHUHUNOHLQHQ3RRQJDKQLHPDOVGLH$QJVWYRUGHP:DVVHUYHUOLHUHQZLUG VRZHUGHQGLH7VKHQQDKVLFKNRQVWDQWZHLJHUQGHQ)DNWRU/XIWDOV0HGLXP]XEHJUHLIHQ 'LH NOHLQHQ URWEUDXQHQ 0lQQHU KDEHQ LQ GHU JHVDPWHQ *HQHVLV LKUHU :HOW QLHPDOV HLQHQ JURHQ 6HH JHVHKHQ 8QG HEHQVR ZLUG PDQ KLHU NHLQH 6WDUWEDKQHQ IU )OXJ]HXJH HUULFKWHQ ² VLH VFKHXHQ VLFK GDYRU© 'LHYLHU7VKHQQDKGLHDWHPORVGHQ$XVIKUXQJHQGHV1DYLJDWRUVJHIROJWZDUHQQLFNWHQODQJH

ª6RLVWHV© ª)DKUHQZLUQRFKODQJH"©IUDJWH6H\PRXU ª1HLQZLUVLQGJOHLFKLQGHU5HJLHUXQJVVWDGW© 'DVELHJVDPH5RKUZXUGHMHW]WQDFKREHQJHNUPPWXQGYRQYRUQVDKPDQHLQPLOFKLJHVJHOEOLFKHV /HXFKWHQ NXJHOI|UPLJ 8QG HV NDP LPPHU QlKHU XQG VFKOLHOLFK VDK PDQ HWZDV GDV KLHU HLQHP %DKQKRIHQWVSUDFK*DQ]H%DWWHULHQYRQRIIHQHQDQJHVFKQLWWHQHQ5|KUHQUDJWHQDXVGHQ:lQGHQZLH GLH (QGHQ YRQ 2UJHOSIHLIHQ 'DV 5RKU ZXUGH JHKREHQ RGHU JHVHQNW JOlVHUQH %O|FNH VFKO|VVHQ VLFK NXU]GDUXPXQGDXIGLHVH$UWHQWVWDQGHQ:HLFKHQ *OlVHUQH 0HFKDQLVPHQ GUHKWHQMHW]W GLH5|KUH GXUFKGLH GHU7URSIHQUDVWH NXSSHOWHQ GDV(QGHPLW HLQHPURWJHNHQQ]HLFKQHWHQ5RKU]XVDPPHQXQGEHUGHQIHLQHQ6SDOWUDWWHUWHGHU7URSIHQZHLWHULQ HLQJOlVHUQHV/DE\ULQWKGHVVHQ/LQLHQXQG'XUFKPHVVHUGXUFKHLQDQGHUVFKLPPHUWHQXQGHLQHQZLUUHQ (LQGUXFNVFKXIHQGDQQVFKZDQJVLFKGLHVHV5RKUGXUFKGLHGLFNH:DQGXQJHLQHU6WDGWKLQGXUFKLQV /LFKW'LH6WDGWZDUHLQH.XJHOYRQUXQGGUHL.LORPHWHU ª'DVQHQQHLFKXQWHUVHHLVFKH%DXZHLVH©HQWIXKUHVHUVWDXQWGHP1DYLJDWRU 'LH5|KUHVFKZDQJVLFKEHUJOlVHUQH%DXWHQGLHDEHUQLFKWEHUDOOGXUFKVLFKWLJZDUHQ²NOHLQHYRQ KLHU DXV YHUVFKZRPPHQ XQG ZLQ]LJ DXVVHKHQGH 9LHUHFNH YHUVFKLHGHQHU )DUEHQ GHXWHWHQ GLH :lQGH YRQ5lXPHQDQ6H\PRXUGDFKWHHLQHQ$XJHQEOLFNDQGLHDXIJHJHQVHLWLJH%HREDFKWXQJHLQJHVWHOOWH *HVHOOVFKDIWVIRUPGHU% DWDUFVRUDGLNDOVFKLHQPDQVLFKDXI7VKHQQDKQLFKWHQWZLFNHOW]XKDEHQ $OOHVZDUVHKUYHUZLUUHQG 'LH.XJHOGLHVHUXQWHUVHHLVFKHQ6WDGWZDULQGHU6HQNUHFKWHQGXUFK]RJHQYRQGUHLHFNLJHQJOlVHUQHQ %DXWHQ GHUHQ $XVVHKHQ DQ 6WDODJPLWHQ HULQQHUWH 6WHJH YRQ YHUZLUUHQGHU )HLQKHLW XQG YHUWLNDOH %UFNHQ YHUEDQGHQ GLH .RQVWUXNWLRQHQ PLWHLQDQGHU JHVFKZXQJHQH 7UHSSHQVSLUDOHQ XQG GQQH 5|KUHQ IKUWHQ ]ZLVFKHQ GHQ %DXWHQ KLQ XQG KHU $P DXIIDOOHQGVWHQ ZDU HLQH 6lXOH GLH YRQ GHU 'HFNHELV]XP%RGHQUHLFKWH ,P REHUHQ 'ULWWHO WUXJ GLHVH 6lXOH HLQHQ ]\OLQGULVFKHQ .|USHU GHU DQ HLQH GHU 3DGGOHUSODWWIRUPHQ HULQQHUWH 'LHVHU =\OLQGHU VFKLHQ ORVJHO|VW XQG DOOHQ *HVHW]HQ GHU 6FKZHUNUDIW VSRWWHQG LQ GHU PLOFKLJHQJHOEHQ/LFKWIOXW]XVFKZHEHQXQGHLQHHLQ]HOQH5|KUHIKUWHYRP5DQGGHU.XJHOKLQHLQ GLHMHQLJHLQGHUVLFKGHUJOlVHUQH7URSIHQPLWGHQEHLGHQ7HUUDQHUQEHZHJWH ª'LHVH3ODWWIRUPLVWGHU3DODVWGHU7ORNH©VDJWHHLQHUGHU%HJOHLWHU]X6H\PRXU 6LHGXUFKUDVWHQGLHOHW]WH.XUYHXQGEUHPVWHQVWDUNDE'DV6DXVHQGHVURWLHUHQGHQ3URSHOOHUVZXUGH LPPHU OHLVHU VFKOLHOLFK YHUVWXPPWH HV 'DV )DKU]HXJ NDP ]XP 6WHKHQ +LHU YHUEUHLWHUWH VLFK GLH 5|KUH LQGHP VLH QXU XQWHQ GLH JHZRKQWH )RUP EHKLHOW REHQ DEHU DXVHLQDQGHUNODIIWH ,Q HLQHU IOLHHQGHQ.RQVWUXNWLRQZXUGHDXVGHP0DWHULDOGHU'HFNHHLQ%DKQVWHLJGHUHLQH:HLOHQHEHQGHP 5RKUGDKLQ]RJXPVLFKGDQQZLHGHU]XVFKOLHHQXQGHLQHYROONRPPHQH:|OEXQJ]XELOGHQ +LHUZDUYRP*UXQGVDW]GHU'XUFKVLFKWLJNHLWDEJHJDQJHQZRUGHQGLHHLQ]HOQHQ%DXHOHPHQWHZLUNWHQ ZLH JHIlUEWHV *ODV 6LH EHVWDQGHQ DXV YHUVFKLHGHQHQ 3DVWHOOIDUEHQ KDUPRQLVFK DXIHLQDQGHU DEJHVWLPPW'LH7HUUDQHUZXUGHQHUZDUWHWGDVNRQQWHPDQVHKHQ6H\PRXUVDKVLFKVFKQHOOXP +LHU KHUUVFKWH 5XKH DOOHV VFKLHQ VLFK ]X EHZHJHQ ZLH =DKQUlGHU LP gOEDG JHUlXVFKORV DXIHLQDQGHUHLQJHVSLHOWXQGPLWZHQLJVLFKWEDUHQ5HJXQJHQ(LQHGLFNH6FKLFKWGHU.RQYHQWLRQDOLWlW EHU]RJ DOOHV 'LH ]ZDQ]LJ 0lGFKHQ GLH LQ ]ZHL 5HLKHQ QHEHQ GHU $QNXQIWVWDWLRQ VWDQGHQ ZDUHQ ]ZHLIHOORVKEVFKJHK|UWHQVLFKHUOLFK]XU:DFKHGHUGUHL]HKQ'DPHQDEHUVLHOLHHQMHJOLFKH)ULVFKH YHUPLVVHQ ª$XVJHUHFKQHW GUHL]HKQ )UDXHQ UHJLHUHQ GLHVHQ 3ODQHWHQ© VDJWH 6H\PRXU OHLVH ]X &KXWH 6DVDNL ª*HKHQZLUPDQZDUWHWVFKRQ©(UEHWUDFKWHWHGLH0lGFKHQ ª(VLVWQLFKWGLH=HLW.lSWHQXPDEHUJOlXELVFK]XZHUGHQ©VDJWH6DVDNL 6LHJLQJHQKLQWHUGHUKRFKJHZDFKVHQHQ$QIKUHULQKHUGLHMHQHYLHU0lQQHUDEJHO|VWKDWWH1LHPDQG ZHFKVHOWH HLQ :RUW 'LH )UDXHQ YRQ 7VKHQQDK ZDUHQ REMHNWLY JHVHKHQ XQJHPHLQ OLHEOLFK LKUH VLOEHUQH +DXW VFKLPPHUWH YHUORFNHQG LQ GHP JHOEHQ /LFKW GDV KLHU VlPWOLFKH :lQGH DXVVWUDKOWHQ /DQJHV VHLGLJHV +DDU HEHQIDOOV VLOEHUQ ILHO ELV DXI GLH 6FKXOWHUQ *OlVHUQH 2KUULQJH SHQGHOWHQ LP 6FKULWWUK\WKPXVKLQXQGKHU(VZDUHQNXU]JHIRUPWH7URSIHQGLHPLWIDUELJHQ/LQLHQYHU]LHUWZDUHQ XQGPLWHLQJHOHJWHQGXQNHOOHXFKWHQGHQ3XQNWHQ (VJLQJHLQHQEUHLWHQ.RUULGRUHQWODQJLQGHVVHQ:lQGHQUXQGHGUHL0HWHUKRKH/|FKHUZDUHQKLQWHU LKQHQVDKPDQGLHVFKZHUHQ)DOWHQYRQ9RUKlQJHQ(LQNULVWDOOHQHV*LWWHUZHUNZDUXQWHUGHQ)HQ ZLH HLQ ZLQ]LJHU OHXFKWHQGHU 5DVWHU 1HEHQ MHGHU gIIQXQJ VWDQG HEHQIDOOV HLQ 0lGFKHQ QXU XQWHUVFKLHGHQVLHVLFKLQGHU.OHLGXQJ'LHVHEHVWDQGDXVHLQHPlUPHOORVHQ6WFN6WRIIlKQOLFKHLQHU 7XQLND$XVVFKQLWWXQGXQWHUHU5DQGZDUHQPLW0lDQGHUQDXVYHUVFKLHGHQHQ)DUEHQJHVFKPFNW(V

VFKLHQHQLUJHQGZHOFKH5DQJDE]HLFKHQ]XVHLQ 1XU²GLH0lGFKHQZDUHQHEHQVRJURZLHGLH0lQQHU²IDVW]ZHLHLQKDOE0HWHU6H\PRXUGHUZHLW GDYRQ HQWIHUQW ZDU *HIKOH GHU 0LQGHUZHUWLJNHLW ]X HQWZLFNHOQ VDK EHGDXHUQG DXI GLH JODWWHQ VFKODQNHQ5FNHQXQGGLH%HLQHGLHLQIODFKHQZHLHQ6FKXKHQVWHFNWHQ 'DV KLHU ZDU HLQH :HOW GHU )UDXHQ XQG PDQ HUNDQQWH HV EHL MHGHP 6FKULWW 'HU .RUULGRU PLW GHQ YLHOHQ(LQJlQJHQPDFKWHMHW]WHLQHQVFKDUIHQ.QLFN PQGHWHLQHLQHJHVFKORVVHQH(LQJDQJVFKOHXVH YRUGHUHQ(LQJDQJ0lGFKHQVWDQGHQXQGGLHgIIQXQJDXIGUHKWHQVLHKLQWHU6H\PRXUXQGGHQDQGHUHQ YLHU 0lGFKHQ ZLHGHU YHUVFKORVVHQ 6LH GXUFKVFKULWWHQ GLH 6FKOHXVH EHWUDWHQ HLQHQ QRFK EUHLWHUHQ .RUULGRUGXUFKGHQ$XVJDQJXQGVDKHQGDQQGDV3RUWDOGHVJURHQ6DDOHV ª'RUWLQGLHVHP 6DDOHUZDUWHWHXFK GLH5HJLHUXQJGHV3ODQHWHQ©VDJWHHLQHVGHU0lGFKHQEHUGLH 6FKXOWHU]X6H\PRXU6LHEHDFKWHWHLKQQLFKWZHLWHU ª3HUOH DOOHU VXEPDULQHQ 6WlGWH GHV 3ODQHWHQ© VDJWH 6H\PRXU ODXW XQG DN]HQWXLHUW ªGHLQH /LHEHQVZUGLJNHLW OlW GDV *ODV GHU .XSSHOQ VFKPHO]HQ :LU GDQNHQ GLU 6LQG GLH 7ORNH YRQ HEHQVROFKHUYHUZLUUHQGHQ+|IOLFKNHLW"© 'DV 0lGFKHQ EOLHE VWHKHQ DOV VHL VLH JHJHQ HLQH 0DXHU JHSUDOOW 6LH GUHKWH VLFK ODQJVDP XP XQG EHWUDFKWHWH6H\PRXUPLWHLQHPVS|WWLVFKHQ/lFKHOQGDV]ZHL5HLKHQNUHLGHZHLHU=lKQHHQWEO|WH ª6HLW ZDQQ KDEHQ© IUDJWH VLH ZlKUHQG VLFK LKUH VLOEHUQHQ $XJHQEUDXHQ VWHLO HPSRUZ|OEWHQ ªHLQIDFKH0lQQHUJHJHQEHUGHU*DUGHGHU7ORNHHWZDV]XVDJHQRGHU]XIRUGHUQ"© 6DVDNL ODFKWH ODXW DXI ZDV RIIHQVLFKWOLFK PHKU DOV XQJHK|ULJ ZDU GHP HLVLJHQ %OLFN GHU ULHVLJHQ 6FK|QKHLW QDFK ]X XUWHLOHQ ,Q 6H\PRXU EUDQQWH HLQH 6HNXQGH ODQJ HLQH KHLH ZWHQGH )ODPPH HU EHKHUUVFKWHVLFKMHGRFKHKHGLH5HDNWLRQGXUFKJHGUXQJHQZDUXQGVDJWHOLHEHQVZUGLJ ª7RFKWHU GHU 6HH GDV 3UREOHP OLHJW HWZDV WLHIHU DOV HV GHLQ VLFKHUOLFK H[]HOOHQWHU 9HUVWDQG LP $XJHQEOLFNVLHKW© ª8QGVHLWZDQQKDEHQ0lQQHU3UREOHPH"©IUDJWHVLHYHUlFKWOLFK 6H\PRXUODFKWHª+RFKQlVLJNHLW+HUULQGHU)LVFKHLVWHLQH7XJHQGGLHDXVVFKOLHOLFKGHQ'XPPHQ HLJHQLVW:LOOVWGXGLFKDXIGLHVHV1LYHDXKHUXQWHUEHJHEHQ"© 6LH VFKZLHJ MHW]W SO|W]OLFK VFKLHQ HLQ UHLQ ZLVVHQVFKDIWOLFKHV ,QWHUHVVH IU GLHVHV PHUNZUGLJH PlQQOLFKH :HVHQ YRU LKU ]X HUZDFKHQ 6DVDNL VFKZDQNWH ]ZLVFKHQ %HOXVWLJXQJ XQG bUJHU HU EOLHE VWHKHQ XQG EHWUDFKWHWH DOV 5HDNWLRQ VRUJIlOWLJ XQG YROONRPPHQ XQJHQLHUW GLH .OHLGHU XQG GHQ 6FKPXFNVHLQHU%HJOHLWHULQQHQ ª'DV 3UREOHP LVW GDV© VDJWH 6H\PRXU XQG ODFKWH QRFK LPPHU DEHU VHLQH JUQHQ $XJHQ EUDQQWHQ ªGDLKUDOOH7ORNHZLH*DUGHVlPWOLFKHZHLEOLFKHQ:HVHQGLHVHU:HOWYRQPLUDEKlQJLJVHLG© 'LHª7RFKWHUGHU6HH©VFKQDSSWHQDFK/XIWª:LH"© ª-D²VRLVWHVGXZDQGHOQGHV0HHUHVOHXFKWHQ:LUVLQGJHNRPPHQXPHXFKGHQHLQ]LJHQ=ZHFN]X VLFKHUQ]XGHPLKU]XYHUZHQGHQVHLG© (V ZDU VFKZLHULJ GLH *HVLFKWV]JH IUHPGHU :HVHQ ULFKWLJ ]X GHXWHQ DEHU 6H\PRXU ZDU IDVW EHU]HXJW GDYRQ GD VLFK GLH VLOEHUQH 6FK|QKHLW YRU LKP VHKU lUJHUWH ,KUH EODXHQ $XJHQ VFKLHQHQ )XQNHQ]XVFKOHXGHUQ ª(UNOlUHHV²)UHPGHU© 6H\PRXU GHXWHWH DXI GLH 3RUWDOH GLH GLFKW YRU LKQHQ ZDUHQ (V KDQGHOWH VLFK XP VFKZHUH JOlVHUQH 9LHUHFNHGHUHQ.OLQNHQDXVJOlVHUQHQ0HHUHVXQJHKHXHUQEHVWDQGHQNXQVWYROOJHDUEHLWHW ª'HLQH GUHL]HKQ 9RUJHVHW]WHQ ZDUWHQ VLFKHU DXI GLH ZLFKWLJHQ %HVXFKHU .DQQVW GX GDV PLW GHLQHP 5DQJYHUHLQEDUHQ"© ª'LHVGDUIVWGXJHWURVWPLUEHUODVVHQ0DQQYRQGHQ6WHUQHQ© ª*HVSLHOLQGHU:HOOHQ©EHJDQQ6H\PRXUªGXEHJLQQVWPLU]XJHIDOOHQ6SULFKZHLWHUGHLQH:RUWH VLQGZLH%UDQGXQJLQPHLQHQ2KUHQ© 6DVDNLNLFKHUWHXQG6H\PRXUZDUILKPHLQHQYHUZHLVHQGHQ%OLFN]X ª:LHLVWGHLQ1DPH)UHPGHU"©IUDJWHGLH:DFKH ª0DQ QHQQW PLFK 6H\PRXU $OFROD\D GHQ =DXEHUHU© VDJWH 6H\PRXU WRGHUQVW ª8QG ZLH ODXWHW GHLQ 1DPH)UDX"© ª;DVVLDK)UHPGHU© ª;DVVLDK©VDJWH6H\PRXU ODQJVDP ª(LQ DWHPEHUDXEHQGVFK|QHU1DPH LFKOLHEHLKQ:HQQ GX PLU YHUVSULFKVWDXIPHUNVDP]X]XK|UHQZHQQZLUPLWGHQ+HUUVFKHULQQHQVSUHFKHQZHUGHLFKGLUPHLQH )UHXQGVFKDIWDQELHWHQ© ª9HUPXWOLFK OLHJW GLHV XQWHU PHLQHU :UGH© VDJWH ;DVVLDK XQG GHXWHWH QDFK YRUQ ª*HKHQ ZLU KLQHLQ©

ª1DFK GLU 6WUXGHO GHU 7LHIH© DQWZRUWHWH 6H\PRXU PLW EHUWULHEHQHU +|IOLFKNHLW 'DV 0lGFKHQ EL VLFK GLH /LSSHQ GHQQ VLH KDWWH HEHQ HUNHQQHQ PVVHQ GD GLHVH )UHPGHQ KLHU DQGHUV ZDUHQ DOV GLH HLJHQHQ0lQQHU²XQGLQWHUHVVDQWHU 'LH3RUWDOHVFKZDQJHQDXI :lUPH XQG DXJHQYHUZLUUHQGHU *ODQ] VFKOXJHQ GHQ EHLGHQ 7HUUDQHUQ HQWJHJHQ (LQ YROONRPPHQ UXQGHU 5DXP GHVVHQ :lQGH PLW 'DUVWHOOXQJHQ DXV GHU 6WDGWJHVFKLFKWH EHGHFNW ZDUHQ $OOHV VFKLHQ DXVMHQHPJODVl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ª+HUUVFKHULQQHQGLHVHV3ODQHWHQZLUJUHQHXFK© 'UHL]HKQ VFKZHUH IDOWLJH .|SIH QLFNWHQ GDV .OLQJHQ GHU *ODVSHUOHQ HUIOOWH GHQ 5DXP 'LH MXQJH *DUGLVWLQJLQJODQJVDPDQGHUUHFKWHQ:DQGHQWODQJXQGVWHOOWHVLFKGLUHNWYRU6H\PRXUDEHUKLQWHU HLQHUGHU7ORNHDXI6LHEHWUDFKWHWHGHQ)UHPGHQXQDXVJHVHW]W ª:LUJUHQHXFK©IXKU6H\PRXUIRUWªXQGZLUKDEHQHWZDVDOV*DVWJHVFKHQNPLWJHEUDFKWGDVHXUH +HU]HQPLW)UHXGHHUIOOHQZLUG6LHZHUGHQVFKQHOOHUVFKODJHQDOVGLHNOHLQHQ:HOOHQGHV6WUDQGHV ZHQQLKUHUIDKUWZDVZLUPLWEUDFKWHQ© ª6SULFK©VDJWHHLQH7ORNHPLWNUlFK]HQGHU6WLPPH ª:LUVLQGVHLWGUHLLJ7DJZHFKVHOQKLHULQGLHVHP*HELHW]ZLVFKHQGHQ6RQQHQHXUHU6\VWHPH:LU EHNDPHQHLQH$XIJDEH]XJHZLHVHQGLHZLUHUIOOHQPVVHQXPGDIUEHORKQW]XZHUGHQ:LUZHUGHQ GLHVH$XIJDEHO|VHQ© (LQHDQGHUH+HUUVFKHULQVDJWHQLFKWPLQGHUPLW|QHQG ª'X UHGHVW ZLH DOOH 0lQQHU /DQJZHLOLJ KRFKWUDEHQG XQG OHHU 'LHV KLHU LVW HLQH :HOW GHU )UDXHQ 6SULFKDEHUUHGHZHQLJHU© 'LH6WLPPHGHV7HFNRVZLVSHUWHLQVHLQHQ*HGDQNHQ ª6LH KDOWHQ GLFK IU HLQHQ 6FKZlW]HU PHLQ WHUUDQLVFKHU )UHXQG 6LH VLQG YRQ HLQHU JHUDGH]X NRVPLVFKHQ(LQJHELOGHWKHLWXQGGXZLUVWHVVFKZHUKDEHQVLH]XEHU]HXJHQ© ,Q 6H\PRXU NRFKWH GLH :XW QRFK EURGHOWH VLH DXI NOHLQHU )ODPPH DEHU YHUPXWOLFK VFKlXPWH VLH ELQQHQ NXU]HU =HLW EHU (U EOLHE UHJXQJVORV VWHKHQ XQG EOLFNWH VLFK XP 1HEHQ LKP VWDQG &KXWH 6DVDNL XQG IUHXWH VLFK GD HU PLW VHLQHU VNHSWLVFKHQ %HWUDFKWXQJ UHFKW JHKDEW KDWWH 9LHU]HKQ %HZRKQHULQQHQ 7VKHQQDKV ZDUHQ DQZHVHQG XQG EHVDHQ DOOH 1DFKWHLOH JURHU :HVHQ GLH VLFK HUODXEHQ NRQQWHQ DXI NOHLQHUH KHUDE]XVHKHQ 6H\PRXU EHVFKOR KLHU HLQH NOHLQH 3UREH GHVVHQ ]X JHEHQZDVPDQDOV'LDOHNWLNEH]HLFKQHWHHUZROOWHSURYR]LHUHQ ª)DOOHQ 6LH QLFKW XP &KXWH© VDJWH HU KDOEODXW ªZHQQ 6LH HWZDV EHPHUNHQ ZDV ,KQHQ XQJHZRKQW HUVFKHLQW,FKP|FKWHQXUVLFKHUVWHOOHQGDPDQXQVIUGHUKLQHUQVWQLPPW.ODU"© ª,FKELQQHXJLHULJ.lSWHQ© 'LH3DXVHGDXHUWHGHQ7ORNHHWZDV]XODQJH(LQHYRQLKQHQGUHKWHVLFKlFK]HQG]XU 1DFKEDULQXP 6LHVDJWHVRGDHV6H\PRXUGHXWOLFKYHUVWHKHQNRQQWH ª0lQQHU©(LQ%HUJYRQ9HUDFKWXQJODVWHWHDXIGHP:RUW ª$XFKHUGHUYRQGHQ6WHUQHQ]XNRPPHQEHKDXSWHWLVWQXUHLQ0DQQ:DVNDQQHU8QVLQQLJUHGHQ 6ROOHQZLULKQQRFKOlQJHUDQK|UHQ"© 6H\PRXUJLQJKLQWHUVHLQHP6WXKOKHUYRUXQGQDFKOLQNV (UEOLHEYRUGHUHUVWHQ+HUUVFKHULQVWHKHQ PXVWHUWH VLH GXUFKGULQJHQG XQG EHWUDFKWHWH VLH YRQ REHQ QDFK XQWHQ 'DV QlPOLFKH WDW HU EHL GHU 1DFKEDULQXQGHUEHPHUNWHZLHVLFKGLHVFKODIIHQ*HVLFKWHUlUJHUOLFK]XVDPPHQ]RJHQ ª,KU DOOH© VDJWH HU VFKOLHOLFK ªVHLG QLFKWV DQGHUHV DOV QXW]ORVH DOWH :HLEHU ,KU VLW]W KLHU NRPPDQGLHUW GLHVH EH]DXEHUQGHQ 0lGFKHQ GHU *DUGH KHUXP © HU ZDUI ;DVVLDK HLQHQ ZDUPHQ KHU]OLFKHQ %OLFN ]X ª XQG KDEW QLFKW HLQPDO PHKU GDV ZRPLW LKU HXFK DQ GLH 6SLW]H GHV 6WDDWHV JHEUDFKW KDEW ,FK PHLQH HXUH )UXFKWEDUNHLW (V LVW DOVR HLQH ULHVHQJURH *QDGH YRQ PLU PHLQH NRVWEDUHQ:RUWHDQHXFK]XYHUVFKZHQGHQ© 6HLW UXQG HLQHP -DKUWDXVHQG ZDUHQ LQ GLHVHP 6DDO VROFKH :RUWH QLFKW PHKU DXVJHVSURFKHQ ZRUGHQ

0DQVSUWHGLHNDOWH:RONHGHV6FKUHFNHQVGLHVLFKDXVEUHLWHWH5HJXQJVORVXQGVSUDFKORVVDHQGLH GUHL]HKQ7ORNHGD ª'UHL]HKQ DOWH :HLEHU© VDJWH 6H\PRXU ª,KU VHLG ZHGHU EHVRQGHUV NOXJ GHQQ VRQVW ZUGHW LKU ]XPLQGHVWZLVVHQGDPDQ)UHPGHPLWJHEKUHQGHU+|IOLFKNHLWHPSIlQJW 9RQHXUHU6FK|QKHLW]XUHGHQHUEULJWVLFKYROOHQGVVHKWLQHXUHVLOEHUQHQ6SLHJHOQXQGHUNHQQWZDV LKUVHLG(XUH+DXWLVWYHUZHONWXQGYROOHU)DOWHQGLH$XJHQWUlQHQXQGGLH+lQGH]LWWHUQOHLFKW'LH *HGDQNHQVLQGGXPPXQGGHU6FKPXFNGHQLKUWUDJWLVWYRQDXVJHVXFKWHU*HVFKPDFNORVLJNHLW© (LQ 5DXQHQ GHU 9HUZXQGHUXQJ JLQJ GXUFK GHQ +DOENUHLV (LQH GHU 7ORNH VFKULH PLW|QHQG ª(U EHOHLGLJWXQVW|WHLKQ;DVVLDK© 6H\PRXU EOLHE YRU ;DVVLDK VWHKHQ GLH HLQHQ VFKZDU]HQ 6WDE DXV GHP *UWHO ]RJ XQG GDQQ DXI LKQ ULFKWHWH(UWDVWHWHQDFKGHP5LQJ1NDOD\VXQGGDFKWH 1LHPDQGGDUIPLFKVHKHQXQGYHUVFKZDQG 9RULKPGUHKWHQGLH7ORNHLKUH.|SIHXQG YHUVXFKWHQLKQ]XHQWGHFNHQ;DVVLDKZDUYHUZLUUW HEHQ QRFKKDWWHHUGLUHNWYRULKUJHVWDQGHQQXU GUHL0HWHUHQWIHUQW-HW]WZDUHU IRUW :LHKDWWH HUJHVDJW =DXEHUHU6H\PRXU$OFROD\D"(VVFKLHQ]XVWLPPHQ 6LHKDWWHHVLKU/HEHQODQJQXUPLW0lQQHUQ]XWXQJHKDEWGLHLQGHP*HVHOOVFKDIWVV\VWHPGHU7ORNH DXIJHZDFKVHQ ZDUHQ 'LHVH 0lQQHU ZDUHQ QLFKWV DQGHUHV DOV $UEHLWHU 6LH KDWWHQ LQ MDKUKXQGHUWHODQJHU $UEHLW DOOHV HUULFKWHW ZDV GLH 7ORNH DQJHUHJW KDWWHQ DEHU QRFK QLHPDOV KDWWH HLQ 0DQQ HLQH ,GHH JHKDEW HLQHQ (LQIDOO RGHU DXFK QXU GHQ :XQVFK HLQHQ (LQIDOO ]X KDEHQ 6LH ZDUHQ $UEHLWHUQLFKWVVRQVW 'XPPZLOOLJXQGQXU]XU=HXJXQJ]XJHEUDXFKHQ8QGGDVVHLW-DKUHQDXFKQLFKWPHKU 6H\PRXUHUVFKLHQZLHGHUHUVDMHW]WEHTXHPLQHLQHPGHUEHLGHQ6HVVHOXQGKDWWHHWZDVLQGHU+DQG HVVFKLHQHLQH:DIIH]XVHLQ ª;DVVLDK©VDJWHHUOlFKHOQGª6FKZHVWHUGHU%UDQGXQJ²LFKP|FKWHGLFKZDUQHQ'DVKLHULVWHLQH :DIIH XQG QRFK EHYRU GX DXI PLFK ]LHOVW ZHUGH LFK GHLQHQ VFKODQNHQ 6LOEHUDUP GDPLW ]HUIHW]HQ PVVHQ6WHFNHDOVRGHLQHQ6WDEZHJ© /lKPHQGHV (QWVHW]HQ OHJWH VLFK EHU GLH 9HUVDPPOXQJ 'DV ZDV KLHU JHVFKDK ZDU GHUDUWLJ XQJHKHXHUOLFK GD GHQ +HUUVFKHULQQHQ GLH 6SUDFKH YHUVDJWH 6LH KRFNWHQ GD VWDUUWHQ MHQHQ XQEHJUHLIOLFKHQ)UHPGHQDQXQGEHJDQQHQLKQ]XIUFKWHQ ª1XQ ]X HXFK 0WWHU GHU 'XQNHOKHLW© VDJWH 6H\PRXU ª,FK ELQ KLHU *DVW DXI HXUHU :HOW ,FK KDEH QLFKWGDPLWEHJRQQHQXQK|IOLFK]XVHLQZLUKDEHQHXFKDXFKNHLQHQ*UXQGJHJHEHQXQK|IOLFKXQG DXVIDOOHQG]XZHUGHQ:ROOWLKUYHUVXFKHQPLFKDQ]XK|UHQXQGGDQQGDUEHUQDFK]XGHQNHQ"© 'LHMHQLJH)UDXGLHYRULKPVDVDJWHVFKOHSSHQG ª-D²VSULFK© ª6HLW]HKQSODQHWDUHQ-DKUHQZHUGHQDXI7VKHQQDKNHLQH.LQGHUPHKUJHERUHQ6HLW]HKQ-DKUHQVHLG LKUDOOH0lQQHUXQG)UDXHQXQIUXFKWEDU,VWGDVULFKWLJ"© ª-D(VZLUGYRUEHUJHKHQ©VDJWHHLQHGHU7ORNH 6H\PRXUQLFNWHJULPPLJª6LFKHU²DOOHVJHKWHLQPDOYRUEHU$EHUHVJHKWQXUGHVKDOEYRUEHUZHLO HXUH5DVVHDXVVWLUEW+DEWLKUGDUEHUQDFKJHGDFKW"© ª'XUHGHVWYRP$XVVWHUEHQ+DVWGX%HZHLVH"© 6H\PRXUIUDJWHEOLW]VFKQHOOª,KUKDEWXQVHU6FKLIIEHLP$QIOXJDXIGLHVHQ3ODQHWHQEHREDFKWHW:DQQ ZDUGDV"© ª9RU]ZHLHLQKDOE6WXQGHQ6H\PRXU©VDJWH;DVVLDK ª,VWHVP|JOLFKGDLFKLQQHUKDOEGLHVHUNXU]HQ=HLWGLH6SUDFKHGLHVHU:HOWHUOHUQHQNDQQ"© ª'DV N|QQWH YLHOOHLFKW HLQH )UDX DEHU HLQ 0DQQ ZUGH GDV QLHPDOV VFKDIIHQ© VDJWH HLQH GHU 0DWURQHQGLHJDQ]UHFKWVVDXQG6H\PRXUMHW]WDQVWDUUWHZLHHLQH6FKODQJH ª:RKHUDOVRVROOWHLFKGDQQHXUH6SUDFKHVSUHFKHQN|QQHQ"© 6FKZHLJHQ ª,FKIORJ7VKHQQDKDOVGULWWHQ3ODQHWHQDQ'LH]ZHL3ODQHWHQGLHLFKYRUKHUEHVXFKWHKLHHQ% DWDUF XQG3RRQJDKEXUUX6LHKDWWHQGDVJOHLFKH3UREOHPZLH7VKHQQDK$XFKVLHZUGHQDXVJHVWRUEHQVHLQ ZHQQQLFKWZLUPLWXQVHUHP6FKLIIHLQJHJULIIHQKlWWHQ$OOHGUHL 5DVVHQVWDPPHQYRQJHPHLQVDPHQ 9RUIDKUHQDEGDKHUlKQHOQVLFKGLH6SUDFKHQ,FKOHUQWHGLH6SUDFKHDXI% DWDUF'DVLVWGHV5lWVHOV /|VXQJ© ,UJHQGZLH PXWH GHU GHXWOLFKH +LQZHLV DXI GLH 8QIUXFKWEDUNHLW GLH 7ORNH 1DKZDNH DXV LKUHU EHUKHEOLFKHQ7HLOQDKPVORVLJNHLWJHULVVHQKDEHQ6LHK|UWHQ6H\PRXU]XXQGHUNRQQWHHUNHQQHQGD VLHEHUGLH:RUWHQDFKGDFKWHQ

ª-HW]WLVWDOVRGLH)UDJHJHNOlUWZDUXPGXXQVHUH6SUDFKHVSUHFKHQNDQQVW©VDJWHHLQH GHUGUHL]HKQ +HUUVFKHULQQHQ (LQH DQGHUH VDJWH QLFKW PHKU JDQ] VR EHUKHEOLFK ª8QG MHW]W EHULFKWH XQV ELWWH ZLH GX ]X GHQ .RRUGLQDWHQ XQVHUHV 3ODQHWHQ JHNRPPHQ ELVW GHQQ DXFK XQVHUH (QWVWHKXQJVJHVFKLFKWH VSULFKW YRQ HLQHP 6FKLII GDV XQV XQG GUHL DQGHUH 5DVVHQ DXI YHUVFKLHGHQHQ :HOWHQ DEJHVHW]W KDEHQ VROO²YRU XQGHQNEDUODQJHU=HLW© 6H\PRXU QLFNWH XQG VSUDFK ªhEHU GHQ ]ZHL DQGHUHQ :HOWHQ VFKZHEWHQ )HLQGH (V VLQG NOHLQH VFKZDU]H 0lQQHU GLH HLQH HUVWDXQOLFKH N|USHUOLFKH )lKLJNHLW KDEHQ VLH N|QQHQ GXUFK IDVW MHGH $UW YRQ0DWHULDOVFKUHLWHQ(VVLQG6WUXNWXUOlXIHU 6LHKDEHQDXFKHUVWDXQOLFKHJHLVWLJHXQGWHFKQLVFKH0|JOLFKNHLWHQ6LHYHUZDQGHOWHQDXI%HIHKOHLQHU 0DFKW GLH VLH LKUH +HUUHQ QHQQHQ GLH (UEDQODJHQ GLHVHU 5DVVHQ 'LH % DWDUF EHNDPHQ OHEHQVXQWFKWLJH .LQGHU GLH QDFKGHP PDQ VLH EHJUDEHQ KDWWH ]X JURHQ URWEOlWWULJHQ *HZlFKVHQ ZXUGHQ(VJDEDXI%DWDUFHLQHVHKUJURH$Q]DKOYRQGLHVHQ:lOGHUQ 'LH3RRQJDKEUDFKWHQWRWH.LQGHU]XU:HOW $XV LKQHQ ZXUGHQ VWDFKHOLJH GXQNHOJUQH :VWHQSIODQ]HQ :LU KDEHQ IQI %HZRKQHU YRQ 3RRQJDKEXUUXDQ%RUGVLHN|QQHQHVEHVWlWLJHQ,QEHLGHQ)lOOHQHQWGHFNWHQZLUEHUGHP3ODQHWHQ VFKZHEHQGHLQH3ODWWIRUPGHUVFKZDU]HQ6WUXNWXUOlXIHU6LHYHUQLFKWHWHQGLH(UEPDVVHGHU5DVVHQXQG YHUXUWHLOWHQVLH]XPODQJVDPHQ$XVVWHUEHQ 6RZLHKLHU7ORNH1DKZDNH $XFK EHU 7VKHQQDK VFKZHEW HLQH VROFKH 3ODWWIRUP 6LH EHILQGHW VLFK GRUW ZR HXUH $VWURQRPLQQHQ GHQ 6FKDWWHQ IHVWJHVWHOOW KDEHQ GHQ 6FKDWWHQ GHV 7RGHV 'LHVHU 6FKDWWHQ YHUZDQGHOW GLH ZLQ]LJHQ .ULVWDOOH HXUHU (UEDQODJHQ GLH *HQH XQG HU PDFKW HXFK XQIUXFKWEDU (V LVW WDWVlFKOLFK HLQ 6FKDWWHQ GHV 7RGHV ,KU ZHUGHW HUVFKUHFNHQ ZHQQ GLHVH 3ODWWIRUP JHODQGHW LVW VLH LVW YLHO JU|HU DOV HLQH 8QWHUZDVVHUVWDGW *ODXEWLKUPLU7ORNH"© 'LH )UDXHQ WXVFKHOWHQ PLWHLQDQGHU ZDUIHQ GHP 7HUUDQHU XQG VHLQHP %HJOHLWHU XQVLFKHUH %OLFNH ]X GDQQVDJWHHLQHYRQLKQHQODQJVDPXQGQDFKGHQNOLFK ª:LUJODXEHQGLU$EHUZLUN|QQHQXQVQLFKWGHQNHQGDGXXQVKHOIHQZLOOVWREZRKOZLUGLFKQLFKW JHEHWHQKDEHQ:DVYHUODQJVWGXGDIU"© ª0XWWHU GHU 9HUQXQIW© VDJWH 6H\PRXU HUOHLFKWHUW ªQLFKWV YHUODQJH LFK DXHU HWZDV +|IOLFKNHLW XQG (QWJHJHQNRPPHQ:LUEHNRPPHQXQVHUHQ/RKQYRQHLQHUDQGHUHQ0DFKW© :DV 6H\PRXU MHW]W K|UHQ PXWH HUVWDXQWH LKQ ]XWLHIVW *OHLFK]HLWLJ EHGHXWHWH HV HLQHQ 6LHJ IU LKQ 2IIHQVLFKWOLFK KDWWH HU GHQ :DOO DXI 0LWUDXHQ XQG hEHUKHEOLFKNHLW GXUFKGUXQJHQ XQG GLH GUHL]HKQ )UDXHQ ZDUHQ DOVR EHU]HXJW GD HU NHLQ KDOWORVHU 6FKZlW]HU ZDU VRQGHUQ HLQ *DVW GHU HLQ GULQJHQGHV3UREOHPNODUHUNDQQWKDWWH ª7HUUDQHU6H\PRXU©VDJWH HLQH GHU 7ORNHªHV VFKHLQW DOVKDEHVW GXPLWHLQLJHQ GHLQHU:RUWH UHFKW JHKDEWZLUKDEHQGDV3UREOHPYHUNDQQW:DVN|QQHQZLUWXQXPGHLQHQbUJHU]XEHVlQIWLJHQ"© 6H\PRXUODFKWHª(VJHK|UWQLFKWYLHOGD]X:LUZHUGHQGLHVH3ODWWIRUPYHUPXWOLFK]ZLQJHQPVVHQ DXIGLHVHP3ODQHWHQ]XODQGHQ*LEWHVDQHLQHU6WHOOHHXUHU0HHUHHLQHQ3ODW]ZRVLFKHLQH3ODWWIRUP IQIPDOVRJURZLHGLHVH8QWHUZDVVHUVWDGWKLQDEVHQNHQNDQQ"© 'LH)UDXHQEHUOHJWHQHLQH:HLOHGDQQVDJWHHLQHYRQLKQHQ ª1HLQ8QVHUH)DEULNHQVLQGDQGHQEHLGHQ3ROHQGHV3ODQHWHQXQWHUJHEUDFKW:LUEUDXFKHQVLHGHQQ GRUWZHUGHQ5|KUHQ6WDKOHU]HXJUXVVHXQG0DVFKLQHQKHUJHVWHOOWXQGXQVHUH1DKUXQJ 'DLVWGLHVH,QVHODXIGHUHXHU6FKLIIVWHKW 'RUWN|QQWLKUGLH3ODWWIRUPDEVHW]HQ.|QQWLKUGDVHUP|JOLFKHQ"© 6DVDNL XQG 6H\PRXU YHUVWlQGLJWHQ VLFK PLW HLQHP %OLFN GDQQ QLFNWH 6H\PRXU XQG VDJWH ª-D LFK JODXEHGDZLUHVVFKDIIHQ,FKZHLDOOHUGLQJVQRFKQLFKWZDVJHVFKHKHQZLUG8QVHUH9HUEQGHWHQ GLH %HZRKQHU YRQ 3RRQJDKEXUUX KHOIHQ XQV GDEHL XQG VLH KDEHQ HLJHQH ,GHHQ ² REZRKO VLH QXU 0lQQHUVLQG© ª,KU PWXQVYHUVWHKHQ©VDJWHHLQHGHUGUHL]HKQ+HUUVFKHULQQHQªZLUKDEHQYRQXQVHUHQ0lQQHUQ DXIHXFKJHVFKORVVHQ6LHKDEHQNHLQHSHUV|QOLFKH,QLWLDWLYH6LH]ZLQJHQXQVVHLW-DKUWDXVHQGHQGLH 0DFKW]XEHKDOWHQXQGHVLVWJDQ]JXWVRVFKlW]HQZLU© ª,FKEHJUHLIHHXFK)UDXHQ©VDJWH6H\PRXUªDEHUZLU7HUUDQHUVLQGDQGHUV:LUVLQGMXQJXQGZLOG XQGZLUEHVLHJHQGDVZDVZLUDOV:LGHUVWlQGHHUNHQQHQ 8QGGHVKDOEZHUGHQZLUHXFKKHOIHQ,FKEUDXFKHQXUHLQHV© ª:DVLPPHUGXZLOOVW©VDJWHHLQH7ORNH

ª8QWHUVWW]XQJ:LUPVVHQYRQXQVHUHP6FKLIIDXVYRUJHKHQXQGGLH3DGGOHUEHNlPSIHQ+DEHQZLU GLH0|JOLFKNHLWXQVPLWHXFK]XYHUVWlQGLJHQ"© :LHGHUEHUOHJWHQGLH)UDXHQZLHGHUPDFKWHVLFKHLQH]XU6SUHFKHULQXQGVDJWHODQJVDP ª:LUZHUGHQHXFK;DVVLDKXQGHLQLJHYRQLKUHQ0lGFKHQPLWJHEHQPLWHQWVSUHFKHQGHQ,QVWUXPHQWHQ XQG*HUlWHQ)UGLH=HLWHXUHV.DPSIHVZLUGDXV GHU6WDGWNXJHOHLQH$QWHQQHDXVJHIDKUHQZHUGHQ XQGGDV0lGFKHQKDWGDQQGLH0|JOLFKNHLWPLWXQV]XVSUHFKHQ© :LHGHUEOLFNWHQVLFK6DVDNLXQG6H\PRXUYLHOVDJHQGDQ ª9HUJHWQLFKW+HUUVFKHULQQHQGDZLUHLQ6FKLIIYROOHU0lQQHUVLQG© (WZDVNKOXQGLQGLJQLHUWVDJWHHLQH7ORNH ª9HUJL QLFKW GD ZLU KLHU GLH +HUUVFKHULQQHQ VLQG 0HLQH 0lGFKHQ ² GLH *DUGH GHU 1DKZDNH ² ZHUGHQVLFK]XEHQHKPHQZLVVHQ© ª*XW©VDJWH6H\PRXUªZLUZHUGHQXQVHU%HVWHVWXQ© ª(LQH )UDJH QRFK 7HUUDQHU© ZDUI HLQH GHU +HUUVFKHULQQHQ HLQ ªZLH NRPPW HV GD LKU KLHU ODQGHW XQG XQV GDV $QJHERW PDFKW XQV ]X KHOIHQ *HK|UW HV ]X HXUHQ 3IOLFKWHQ JHJHQ GLHVH *HIDKUHQ DQ]XNlPSIHQ"© 6H\PRXUVWDQGDXIGDQQVDJWHHU ª$Q VLFK QLFKW :LU KDEHQ YRQ HLQHU XQEHNDQQWHQ 0DFKW HLQH $XIJDEH JHVWHOOW EHNRPPHQ GLH ZLU O|VHQPVVHQ8QGGDZLU HLQPDODQIDQJHQPDFKHQZLUHVJUQGOLFK:LUHUKDOWHQ²GDVDOOHUGLQJV JHK|UWQRFK]XPHLQHQ3UREOHPHQ²GDIUHLQHQ/RKQGHUHXFKHWZDVNPPHUOLFKYRUNRPPHQZLUG IUXQVDEHUHQWVFKHLGHQGLVW:LUZHUGHQLQXQVHUH+HLPDW]XUFNJHEUDFKW© 'LH 7ORNH QLFNWHQ ª:LU YHUVWHKHQ :LU GDFKWHQ ]XHUVW GD XQVHU *HEXUWHQUFNJDQJ HLQH QDWUOLFKH 8UVDFKH KlWWH 'DQQ DEHU VDKHQ XQVHUH ,QVWUXPHQWH GHQ 6FKDWWHQ ]ZLVFKHQ GHQ 6WHUQHQ XQG ZLU IKOWHQRKQHHVDXVGUFNHQ]XN|QQHQGDGLH*HIDKUYRQGRUWNDP$EHUZLUKDWWHQQLFKWVZDVZLU GDJHJHQVHW]HQNRQQWHQ:LUKlWWHQJHUQHWZDVJHWDQDEHUZDV"© ª,FK YHUVWHKH 0HLQH 0lQQHU ZHUGHQ LQ]ZLVFKHQ XQUXKLJ ZHUGHQ ² LKU HUODXEW GD ZLU XQV ZLHGHU ]XP6FKLII]XUFN]LHKHQ"© (VZXUGHLKPJHVWDWWHWª:DUWHWELWWHHLQH=HLWODQJGHQQGLH0lGFKHQZHUGHQHXFKEHJOHLWHQ:HUGHQ IQI0lGFKHQUHLFKHQ"© 6H\PRXU JULQVWH QLHGHUWUlFKWLJ XQG YHUVLFKHUWH ª,FK JODXEH GD VLH Y|OOLJ DXVUHLFKHQ ZHUGHQ ,FK KlWWHSHUV|QOLFKJHUQ;DVVLDKEHLLKQHQGHQQLFKKDEHLKUHLQ9HUVSUHFKHQJHJHEHQXQGVLHZLOOLKUHV YHUPXWOLFKDXFKKDOWHQ2GHULUUHLFK/LHEOLQJGHU'QXQJ"© 8QEHZHJWHQ*HVLFKWHVJDE;DVVLDK]XUFNª:LHNDQQVWGXLUUHQ=DXEHUHU6H\PRXU$OFROD\D"© ª6RLVWHV©EUXPPWH&KXWH6DVDNLª2\KK©6H\PRXUODFKWH 9LHU]HKQ 0LQXWHQ VSlWHU EHIDQGHQ VLH VLFK DXI GHP :HJ ]XU ,QVHO VLH VDHQ LQ ]ZHL GHU JOlVHUQHQ 7URSIHQ GLH GXUFK GLH 5|KUHQ XQWHU GHP 0HHU MDJWHQ ,Q]?YLVFKHQ ZDU HV GXQNOHU JHZRUGHQ GHU $EHQGEUDFKDQ

:lUH6H\PRXUPLWHLQHU +HUGH]DKPHU5LHVHQKDLH JHNRPPHQKlWWHGLH9HUZXQGHUXQJQLFKWJU|HU VHLQN|QQHQ(UVWDQGYRUGHP6FKLIIQHEHQVLFK&KXWHGHUVLFKYRU/DFKHQQLFKWPHKUKDOWHQNRQQWH XQGZLHHLQ6WDQGELOGZDU5RRWKDUGYHUVWHLQHUWPLWWHQDXIGHU/HLWHUGHU3ROVFKOHXVH ª.lSWHQ©VWRWWHUWHHUª:HQRGHUZDVEULQJHQ6LHKLHULQV6FKLII"© ª9HUVXFKHQ6LHHVJHQDX]XHUNHQQHQ8QGOHUQHQ6LH% DWDUF© 6H\PRXU GUHKWH VLFK ]X GHQ IQI 0lGFKHQ KHUXP XQG VDJWH ª7RFKWHU GHV 0HHUHV LKU ZHUGHW MHW]W 0lQQHUVHKHQ0lQQHUZLHHVVLHDXIHXUHU:HOWOHLGHUQLFKWJLEW(UVFKUHFNWELWWHQLFKWZHQQLKUDXFK NOHLQH URWKlXWLJH 0lQQHU DQWUHIIW HV VLQG %HZRKQHU YRQ 3RRQJDKEXUUX GLH HXFK XQG XQV KHOIHQ ZHUGHQ:LUJHKHQMHW]WKLQDXILQGLH=HQWUDOHGHV6FKLIIHVXQGZHUGHQEHUOHJHQZLHZLUEHJLQQHQ N|QQHQ© 'LH 6WLPPH GHV 7HFNRV ZLVSHUWH LQ VHLQHQ *HGDQNHQ 6LH VDJWH ª6LH EHWUDFKWHQ GLFK XQG GHLQH 0lQQHU DOV GLH 5HWWXQJ GHV JHVDPWHQ 3ODQHWHQ ,KUH (KUIXUFKW LVW NDXP PHKU ]X EHUELHWHQ ² LP (UQVW© ª'DVLVWHLQHVHKUHUIUHXOLFKH(QWZLFNOXQJ©DQWZRUWHWH6H\PRXUODXW 6DVDNLGUHKWHVLFKDXIGHU/HLWHUXQGXQGIUDJWHª6DJWHQ6LHHWZDV"© ª1HLQ©HUZLGHUWH6H\PRXUª6HOEVWJHVSUlFKH© 6LHHUNOlUWHQGHQ0lGFKHQZlKUHQGVLHVLFKGXUFKGDV6FKLIIEHZHJWHQGHQ:HJXQGHLQHQ7HLOGHU

(LQULFKWXQJ6WXPPXQGPLWIOLQNHQ$XJHQJLQJHQRGHUVFKZHEWHQGLH7VKHQQDKQHEHQLKQHQ(QGOLFK ZDUHQVLHLQGHU=HQWUDOH ª2\KK©VDJWH3LNR\XQGOHJWHGHQ.RSILQGHQ1DFNHQª5LHVLQQHQ© 'LH 3RRQJDK GLH IQI NOHLQHQ 0lQQHU PLW GHP ODQJHQ +DDU GLH IQI VLOEHUKlXWLJHQ 5LHVLQQHQ GLH GHQ 5DXP DXI HLQH PHUNZUGLJH :HLVH ]X EHKHUUVFKHQ VFKLHQHQ XQG GLH GUHL 0lQQHU YRQ 7HUUD 6H\PRXU 5RRWKDUG XQG &KXWH 6DVDNL ² VLH DOOH VWDQGHQ LQ GHU =HQWUDOH XPKHU XQG UHGHWHQ ZLOG GXUFKHLQDQGHU $PRRVSUDQJDXIVHLQHQ6WDPPSODW]KLQWHUGHP3XOWUHFKQHUXQGNDXWHDQHLQHU.DRULQX 6H\PRXUEHHQGHWH GHQ /lUP LQGHPHUGLH +DQG KREXQGLQVHLQHQ .RPPXQLNDWRU VSUDFK (U VDJWH ª+RJMDZ ELWWH VDJHQ 6LH HLQLJHQ 0lQQHUQ GD VLH 6WKOH DXV GHU 0HVVH KLHU LQ GLH =HQWUDOH KHUDXI VFKDIIHQVROOHQ© ª0DFKHLFK.lSWHQ0|JHQ6LHQRFKHLQNDOWHV6WHDN",FKKDEHQRFKZHOFKHEULJ© ª6SlWHU:HHGPDQ©HUZLGHUWH6H\PRXU 'DV*HUlWNQDFNWH 6H\PRXUVHW]WHVLFKLQGHQGUHKEDUHQ3LORWHQVHVVHOEOLFNWHQDFKHLQDQGHUGLHYHUVFKLHGHQHQ*HVLFKWHU DQXQGVDKVFKZHLJHQG]XZLHGLH0HVVHVWKOHJHEUDFKWXQGDXIJHVWHOOWZXUGHQ/DQJVDPELOGHWHVLFK HLQ.UHLVLQGHPQHEHQHLQDQGHU$QJHK|ULJHYRQGUHL5DVVHQVDHQ ª8QVHU3UREOHPLVWHUNDQQW©VDJWH6H\PRXUª:LU PVVHQYHUVXFKHQGHQ3DGGOHUQGLHVHU3ODWWIRUP QDKH]XEULQJHQGLH8QIUXFKWEDUNHLWGHU7VKHQQDKUFNJlQJLJ]XPDFKHQ'DVDOVRVWHKWIHVW8QVLFKHU DEHULVWXQVHU:HJ+DVWGXHLQHQ9RUVFKODJ3LNR\"© 'HUDOWH6WDPPHVULFKWHUQLFNWHXQGNUHX]WHGLH%HLQHDXIVHLQHU6DWWHOWDVFKHª-D© ª'DQQEHULFKWHXQVGDUEHU6SULFKELWWHODQJVDPGHQQGLH7VKHQQDKXQGPHLQHEHLGHQ0lQQHUKLHU YHUVWHKHQGLH6SUDFKHQRFKQLFKWVRJXW© 'HU 3RRQJDK VDJWH ª:LU VWDUWHQ PLW GHP 6FKLII :LU HUUHLFKHQ GLH 3ODWWIRUP GDQQ VWHOOHQ ZLU HLQH ,OOXVLRQDXI:LUVDJHQGHQ3DGGOHUQGDLKUH+HUUHQLKQHQEHIHKOHQVRIRUWDE]X]LHKHQ© ª'DV LVW QLFKW JXW© ZDUI 6H\PRXU HLQ ª6LH PVVHQ ]XHUVW GLH 7VKHQQDK ZLHGHU ]X YROOZHUWLJHQ :HVHQPDFKHQ3LNR\© ª'DQQHLQDQGHUHU3ODQ©VDJWH3LNR\ª:LUVDJHQLKQHQGDVLHDXIGHU,QVHOODQGHQVROOHQQDFKGHP VLHLKUHP$QWULHEXQEUDXFKEDUPDFKWHQ9RQKLHUDXVN|QQHQVLHHEHQIDOOVDUEHLWHQ© ;DVVLDKEHXJWHVLFKQDFKYRUQª:LUZROOHQDXIXQVHUHU:HOWNHLQH)UHPGHQGLHZLUQLFKWHLQJHODGHQ KDEHQ©VDJWHVLHDXIJHUHJWª8QGGLHVHª²ª3DGGOHU©KDOILKU6H\PRXUDXV ª-D 3DGGOHU KDEHQ ZLU JDQ] JHZL QLFKW HLQJHODGHQ :LU ZUGHQ ZHQQ VLH ODQGHQ GLH ,QVHO YHUVLQNHQODVVHQXQGVLHHUWUlQNHQ© 6H\PRXU YHUQHLQWH HQHUJLVFK ª'LHVH 3DGGOHU VLQG QLFKW E|VDUWLJ VRQGHUQ VLH KDEHQ )XUFKW 6LH IUFKWHQ HEHQVR XP LKU /HEHQ ZLH LKU ;DVVLDK 6LH lQJVWLJHQ VLFK ZHLO VLH JODXEHQ QXU GXUFK LKU IUHYHOKDIWHV7XQ*QDGHYRULKUHQ+HUUHQ]XILQGHQ(VLVWDOVRQLFKWJHUHFKWZHQQZLUVLHDXVGLHVHP *UXQG]XP7RGYHUXUWHLOHQ(VJHQJWZHQQZLUVLHYHUMDJHQ© 3LNR\QLFNWHHUQVWª'XKDVWNOXJJHVSURFKHQ7HUUDQHU(LQDQGHUHU3ODQ:LUJDXNHOQLKQHQYRUGD GLH +HUUHQ HUVFKHLQHQ :LU VDJHQ LKQHQ GD VLH LQ GHU 1lKH GHV =HQWUXPV GLHVHU 0LOFKVWUDH JHEUDXFKW ZHUGHQ 6LH VROOHQ GLHV KLHU UFNJlQJLJ PDFKHQ XQG ZHQQ GDV JHVFKHKHQ LVW VROOHQ VLH DEIOLHJHQ*HIlOOWGLUGHU9RUVFKODJ"© 6H\PRXU QLFNWH IUDJWH DEHU GHQQRFK ª*ODXEVW GX GD HXUH ,OOXVLRQ VR QDFKKDOWLJ ZLUNHQ ZLUG GD VLHVLFK]ZLVFKHQ]HLWOLFKQLFKWHLQHVDQGHUHQEHVLQQHQ"© 3LNR\QLFNWHXQGHLQHUEDUPXQJVORVHU$XVGUXFNNDPLQVHLQ*HVLFKW ª'X NDQQVW GLFK GDUDXI YHUODVVHQ GD XQVHUH ,OOXVLRQ GLH :LUNOLFKNHLW EHL ZHLWHP EHUVWHLJHQ ZLUG 'LH3DGGOHUZHUGHQ]LWWHUQXQGWXQZDVZLULKQHQEHIHKOHQ© 6H\PRXUGUHKWHVLFKXPXQGVDK;DVVLDKDQ ª*ODXEVWGXGDGLHVHUOHW]WH9RUVFKODJGLH%LOOLJXQJGHLQHUGUHL]HKQ+HUUVFKHULQQHQILQGHW"© ª-D©HUZLGHUWH;DVVLDKªLFKELQVLFKHU© 6H\PRXU GHXWHWH DXI HLQHV GHU JOlVHUQHQ *HUlWH KLQWHU GHUHQ 'HFNHOQ XQ]lKOLJH %DXHOHPHQWH HLQHV 6HQGHUVKHUYRUOHXFKWHWHQXQGVDJWHª'DQQYHUVWlQGLJHGLFKPLWGHLQHQ7ORNH© ª)XQNZHOOHQ &KHI GULQJHQ QLFKW GXUFK 6LH PX GDV ,QVWUXPHQW YRU GHP 6FKLII DXI GHU ,QVHO DXIVWHOOHQVRQVWIXQNWLRQLHUWGLHhEHUWUDJXQJQLFKW©VFKUlQNWH5RRWKDUGHLQ ª6DVDNL"© ª.DSLWlQ"© ª6LH EHKHUUVFKHQ GLH 6SUDFKH HLQLJHUPDHQ )KUHQ 6LH ;DVVLDKV %HJOHLWHULQQHQ LQ GLH 0HVVH XQG

YHUVXFKHQ6LHHLQHQEXQWHQ$EHQG]XRUJDQLVLHUHQ© &KXWHVSUDQJVHQNUHFKWDXVVHLQHP6HVVHOXQGULHIª,FK"© 6H\PRXUODFKWHª1DWUOLFK,P(UQVW²]HLJHQ6LHGHQ7VKHQQDKGDV6FKLII3URELHUHQ6LHGXUFKZDV GHQ0lGFKHQVFKPHFNWXQGVDJHQ6LH+RJMDZGDHUQLFKWNOHLQOLFKVHLQVROO8QGEHPKHQ6LHVLFK ELWWHGDVDUFKHW\SLVFKH%LOGYRP0DQQHHWZDV]XNRUULJLHUHQ.ODU"©ª,FKZHLQLFKW.lSWHQ© ª'DVLVWHLQ%HIHKO&KXWH© 'LH EHLGHQ 0lQQHU VDKHQ VLFK DQ XQG VFKOLHOLFK VWDQG &KXWH DXI XQG EDW VRZRKO GLH 3RRQJDK DOV DXFK GLH 7VKHQQDK KLQXQWHU LQ GLH 0HVVH 0DQ VDK GHXWOLFK ZLH VFKZHU HU DQ GLHVHU /DVW WUXJ 6H\PRXUJULQVWHHLQLJH6HNXQGHQODQJPDFKWHGDQQZLHGHUHLQGLHQVWOLFKHV*HVLFKWXQGZDQGWHVLFK DQ;DVVLDK ª*HKHQZLUKLQXQWHUDXIGLH,QVHOXQGYHUVXFKHQZLUGLH7ORNH1DKZDNH]XLQIRUPLHUHQ,FKWUDJHGDV ,QVWUXPHQW%UDXFKVWGXVRQVWQRFKHWZDV6FKZHVWHUGHU:LQGH"© 6LHVFKWWHOWHVWXPPGHQ.RSI0HUNZUGLJGDFKWH6H\PRXUHLQHQNXU]HQ0RPHQWODQJVHOEVWKLHU ZDUHQGLH%HZHJXQJHQlKQOLFKZLHDXI7HUUD1LFNHQXQG.RSIVFKWWHOQEHGHXWHWHQGDVJOHLFKH 6LHVWDQGHQLP0RRV]ZDQ]LJ0HWHUYRQGHU3ROVFKOHXVHHQWIHUQW,QGHPJOlVHUQHQ.DVWHQOHXFKWHWH HLQHPDWWEODXH/DPSH(LQH$QWHQQHVWDFKLQGHQQlFKWOLFKHQ+LPPHO (LQHKHOOH6WLPPHPHOGHWHVLFK ;DVVLDK VHW]WH VLFKJUD]L|VQHEHQ GDV )XQNJHUlW QlKHUWHVLFK PLWGHQ/LSSHQHLQHP 0LNURSKRQ XQG VDJWHZDVVLHJHK|UWXQGYHUVWDQGHQKDWWH'DQQGUHKWHVLHVLFK]X6H\PRXUXPXQGIUDJWH ª:DQQIUDJHQGLH7ORNHZLUGGDV6FKLIIVWDUWHQ"© ª6REDOG HV KHOO ZLUG© HUZLGHUWH 6H\PRXU XQG VDK ]X ZLH VLH PLW VFKODQNHQ )LQJHUQ GLH 7DVWHQ EHGLHQWH'DQQQLFNWH;DVVLDKXQGVFKDOWHWHGDV)XQNJHUlWDE ª7HUUDQHU©VDJWHVLH]|JHUQGªKDVWGX$QJVWYRUXQV7VKHQQDK"© ª1HLQ©HUZLGHUWH6H\PRXUªJHQDXGDV*HJHQWHLOLVWGHU)DOO:HVZHJHQIUDJVWGX"© ª1XUVR,FKP|FKWHPLWGLUVSUHFKHQ© ª1LHPDQGZLUGYHUVXFKHQGLFKGDUDQ]XKLQGHUQ;DVVLDK© ª,FKP|FKWHGLFKHWZDVIUDJHQ7HUUDQHU© ª%LWWH;DVVLDK© ª'XKDVWHLQH0HQJHYRQ1DPHQIUPLFKJHEUDXFKWGLHLFKQRFKQLHPDOVJHK|UWKDEH6LHJHIDOOHQ PlU:RKHUKDVWGXVLH"© 6H\PRXUODFKWHOHLVHª,FKKDEHVLHHUIXQGHQJHQDXLQGHP0RPHQWGDLFKVLHEUDXFKWH8QGZLHLFK VHKHKDEHQVLHLKUHQ=ZHFNQDKH]XHUIOOW6LHVROOWHQGLU]HLJHQGDQLFKWDOOH0lQQHUVRVLQGZLH GLHGLHGXNHQQVW© ª1HLQ© PHLQWH VLH QDFKGHQNOLFK XQG VWUHLFKHOWH EHU GDV 0RRV 'LH YHUNPPHUWHQ 6FKZLPPKlXWH ]ZLVFKHQLKUHQ)LQJHUQEUHLWHWHQVLFKDXV]RJHQVLFK]XVDPPHQ ª8QVHUH0lQQHUVLQGJDQ]DQGHUV6LHGHQNHQNDXP(VJHIlOOWLKQHQVLFKDOOHVVDJHQ]XODVVHQ6LH VLQG WFKWLJH $UEHLWHU JHZL DEHU DXFK QLFKW PHKU ,FK JODXEH IDVW GD VLH XQJHKHXHU GHJHQHULHUW VLQG© ª6FKRQP|JOLFK$EHULFKEHPHUNWHGDGLH)UDXHQVLFKQLFKWJHUDGHGDQDFKVHKQHQHQWVFKORVVHQH WDWNUlIWLJH0lQQHU]XKDEHQGLHGHQ3ODQHWHQDXIGHQ.RSIVWHOOHQXQG*URHVOHLVWHQ2GHULUUHLFK"© 6LH VFKZLHJ HLQH :HLOHXQG EHWUDFKWHWHQDFKGHQNOLFKGHQ 5LQJDQ6H\PRXUV +DQG ª:DV LVW GDV IU HLQ5LQJ7HUUDQHU"© ª(EHQHLQ5LQJQLFKWVZHLWHU© ª:HLWGXGDGHU7URSIHQGDV=HLFKHQGLHVHV3ODQHWHQLVW"© 6H\PRXU QLFNWH ª.HLQ :XQGHU 7VKHQQDK LVW VFKOLHOLFK HLQH :DVVHUZHOW %HVWHKW HLQ =XVDPPHQKDQJ]ZLVFKHQGLHVHP5LQJXQGGLHVHP3ODQHWHQ"© ª,FKJODXEHQLFKW©VDJWHVLHDFKVHO]XFNHQGª:DVJHVFKLHKWMHW]WZHLWHU"© ª:LU ZHUGHQ LQV 6FKLII ]XUFNNHKUHQ GRUW ZHUGHQ ZLU HWZDV HVVHQ ZHQLJVWHQV LFK KDEH +XQJHU hEULJHQV:LHHUQlKUWVLFKHXUH5DVVH"© ª:LU KDEHQ XQWHU GHP 3ROPHHUHQ ULHVLJH )DEULNHQ 6LH SURGX]LHUHQ DXV ZLOGZDFKVHQGHQ $OJHQ GLH IHLQVWHQ *HULFKWH (LQH KDOEDXWRPDWLVFKH )lQJHUIORWWH LVW VWlQGLJ XQWHUZHJV XQG ILVFKW IU XQV 6FKOLHOLFKKDEHQZLUQRFKGLHXQWHUVHHLVFKHQ*lUWHQGLHXQV)UFKWHOLHIHUQXQGDOOHUOHLDQGHUHV© ª,FK KDWWH GHQ (LQGUXFN ;DVVLDK GD HXUH 5DVVH GLH 0|JOLFKNHLW ELQQHQ HLQLJHU -DKU]HKQWH DXV]XVWHUEHQVHKUJHIDWDXIJHQRPPHQKDW,VWGLHVHU(LQGUXFNULFKWLJ"© 6LHVFKWWHOWHGHQ.RSIGDGLHVLOEHUQHQ+DDUHIORJHQ ª1LHPDOV© VDJWH VLH ª:LU ZDUHQ YRQ SDQLVFKHU )XUFKW HUIOOW :LU KDEHQ YHU]ZHLIHOW QDFK GHU

8UVDFKHJHIRUVFKWXQGKDWWHQNHLQHQ(UIROJ$EHUZLUVLQGVWRO]XQGZLUZROOWHQXQVHXFKJHJHQEHU NHLQH%O|HJHEHQ'DKHUDXFKGDVEHIUHPGHQGH%HQHKPHQGHUGUHL]HKQ+HUUVFKHULQQHQ© ª'D²©VDJWH;DVVLDKªZDVLVWGDV"© 6H\PRXUEOLFNWHQDFKREHQ ª/DQJVDPNRPPHLFKDXIGLHOHW]WHQ*HKHLPQLVVH©VDJWH6H\PRXUª(VLVWJXWVR© =ZLVFKHQGHQ6WHUQHQDEHUEHUHLWVJHIlKUOLFKQDKHHUVFKLHQHLQH)ODPPHQVSXU)UHLQHQ0HWHRUZDU GLH *HVFKZLQGLJNHLW ]X JHULQJ 'DV /LFKW NDP QlKHU (U UDVWH EHU GDV 6FKLII KLQZHJ VFKOXJ EOLW]VFKQHOO HLQHQ +DNHQ XQG 6H\PRXU VSUDQJ DXI XQG JULII QDFK GHU :DIIH 'LH )XUFKW YRU HWZDV )HLQGOLFKHPKDWWHLKQHUIDW 'DV/LFKWNDPQlKHU :LH HLQH ODQJJH]RJHQH 6SLQGHO UDVWH HV XPV 6FKLII KHUXP HLQPDO ]ZHLPDO GDQQ IXKU HV DXI 6H\PRXU ]X YHUKDUUWH NXU] XQG GHU 7HUUDQHU VDK GD HV HLQH ZHLJOKHQGH 6SXU KLQWHUOLH (V VDK DXV ZLH HLQH 6SHHUVSLW]H 'DQQ EOlKWH HV VLFK NXU] DXI IXKU VHQNUHFKW QDKH DQ 6H\PRXU XQG GHP VLOEHUQHQ0lGFKHQYRUEHLXQGMDJWHZLHGHU]XUFN%LQQHQ6HNXQGHQZDUHVQXUQRFKHLQ/LFKWSXQNW XQWHUGHQ6WHUQHQGDQQYHUVFKZDQGHU ª:DVZDUGDV7HUUDQHU"© ª,FK ZHL HV QLFKW ;DVVLDK (WZDV GDV LFK QRFK QLHPDOV JHVHKHQ KDEH DEHU LFK KDEH GDYRQ JHWUlXPW(VNDQQQLFKWV)HLQGOLFKHVVHLQ© 6H\PRXUVWHFNWHGLH:DIIHZLHGHU]XUFNXQGJULIIQDFKGHP$UPGHV0lGFKHQVª.RPP©VDJWHHU KDOEODXWª*HKHQZLU]XUFNLQV6FKLIIXQGVHKHQZLUQDFKREVLFKGHLQH0lGFKHQULFKWLJEHQHKPHQ© 6LHJLQJHQQHEHQHLQDQGHU]XU3ROVFKOHXVH'LH7VKHQQDKZDUPHKUDOVHLQHQKDOEHQ0HWHUJU|HUDOV 6H\PRXUXQGEOLHEWURW]GHPUHL]YROOJHQXJXPLKQPHUNZUGLJ]XEHUKUHQ8QGVLHZXWHHVKDWWH HVPLWGHP,QVWLQNWHLQHUGXUFK-DKUWDXVHQGHKHUUVFKHQGHQ*HVHOOVFKDIWVIRUPJHVSUW6LHODFKWHOHLVH LQGHU'XQNHOKHLW ª:DUXPODFKVWGX"© ª:HLOLFKGHLQH*HGDQNHQNHQQH6H\PRXU© 6H\PRXUVWLHJDXIGLHXQWHUVWH6SURVVHGHUVWlKOHUQHQ/HLWHUª,FKJODXEHDEHUGDGXGLHVPDOLUUVW© HUZLGHUWHHUUXKLJ (LQKXQGHUWDFKW]LJ 0LQXWHQ VSlWHU $OOHV ZDU UXKLJ XQG GXQNHO 'LH IQI 3DWULDUFKHQ YRQ 3RRQJDKEXUUX KDWWHQ JHUlXVFKYROO HLQHQ 'XVFKUDXP JHVWUPW XQG MHW]W VFKOLHIHQ VLH DXI LKUHQ 3DFNWDVFKHQ HLQJHZLFNHOW LQ GLH GLFNHQ 7FKHU DXV GHU :ROOH YRQ 0HFFHFKIHOOHQ ,KU 6FKQDUFKHQ HUIOOWHGLH=HQWUDOH'LHJURHQ)OJHOGHV9HQWLODWRUVKLQWHUHLQHPHOHNWURVWDWLVFKHQ6WDXEIDQJJLWWHU VFKQXUUWHQOHLVH 'LH 0HVVH ZDU DXIJHUlXPW ZRUGHQ GUHL 0DQQ KDWWHQ +RJMDZ KHOIHQ PVVHQ 'LH 0lQQHU GHU 9$1(66$KDWWHQHLQHQVHKUSRVLWLYHQ(LQGUXFNKLQWHUODVVHQ6LHKDWWHQVLFKYHUKDOWHQZLHHLQH6FKDU VFKFKWHUQHU .DGHWWHQ KDWWHQ DEHU LKUHQ JHVDPWHQ &KDUPH DQ GHQ 0lGFKHQ DXVSURELHUW 6RJDU +RJMDZGHUPHLVWPUULVFKXQGNUDW]EUVWLJZDUKDWWHVLFKEHUZXQGHQ 'LH0lGFKHQVFKOLHIHQGRUWZRHVODQJH6HVVHOJDE 'UHLYRQLKQHQEHOHJWHQGLH%HWWHQGHUNOHLQHQ.UDQNHQVWDWLRQGLHPDQ]XNRPSOL]LHUWHQ/DJHUVWlWWHQ ]XVDPPHQJHVFKREHQ KDWWH (LQH 7VKHQQDK ODJ DXI HLQHP /DJHU DXV HLQHP *URWHLO DOOHU DQ %RUG YHUIJEDUHQ 'HFNHQ XQG .LVVHQ LP /DGHUDXP 9, HLQHP .OHLQODGHUDXP IU 6RQGHUIUDFKWHQ LQ GHP VLFK HLQ PDQQVKRKHU 6DIH EHIDQG LQ GHP DXJHQEOLFNOLFK YLHU 9HQWLOVlW]H IU GLH 5DXPDQ]XJV 6DXHUVWRIIODVFKHQODJHQ 'LHIQIWH7VKHQQDK 'HU7HFNRVFKOLHI]ZLVFKHQGHQ)DOWHQYRQ6H\PRXUV-DFNH,QGHU.DELQHGHV.DSLWlQVZDUHVUXKLJ QXUHLQNOHLQHV%DQGJHUlWVSLHOWHXQGGHU/DXWVSUHFKHUDP.RSIHQGHGHVHLQJHEDXWHQ/DJHUVJDEOHLVH GLH 0XVLN ZLHGHU HLQ 2UFKHVWHUVWFN GHV OHJHQGlUHQ 3HWHU *UD\ GHV .RPSRQLVWHQ GHU 6DYDQQHQJUlVHUXQGGHV/LHGHVGHUJUDXHQ1HEHO6H\PRXUOHKQWHVLFKDQGLH0HWDOOZDQGKDWWHHLQ .LVVHQLP5FNHQXQGODVLPª9DGHPHFXP© ª/DXVFKW PDQ© VR ODV HU JHUDGH ªGHQ (U]lKOXQJHQ GHU )UDFKWHUNDSLWlQH VR K|UHW PDQ RIW GLH VHOWVDPVWHQ *HVFKLFKWHQ %HVRQGHUV ZHQQ YRQ DQGHUHQ 5DVVHQ GLH 5HGH LVW ZHOFKH PDQ XQWHUZHJV DQJHWURIIHQKDEHQZLOO'HU6WHUQHQUH\VHQGHHUIlKUWKLHUZDKUH:XQGHUGLQJ ,FKHQWVLQQHPLFKYRQ HLQHP VRQVW UHFKW YHUQQIWLJHQ 0DDW JHK|UW ]X KDEHQ ZLH HLQH %HZRKQHULQ YRQ 0(5(', ,9 LQ GHQ 3OHMDGHQHLQGXQNHOKlXWLJHVJUD]LOHV*HVFK|SIFKHQLQKH\HU/LHE]XLKPHQWEUDQQWVROOVH\Q© 'UDXHQZDUHQ6WLPPHQ]XK|UHQ-HPDQGVDJWHQLFKWJHUDGHK|IOLFK ª:DVEHLP5DXPKXQGVXFKHQlKVXFKVWGXKLHU0lGFKHQ"©(VZDUGLH6WLPPH/DQJZ\QV

GHU:DFKHKDWWH 'DQQHLQHDQGHUH6WLPPHª,FKZLOOGHQ.DSLWlQVSUHFKHQ© ª'DVJHKWMHW]WQLFKW0lGFKHQVHLYHUQQIWLJ'HU.DSLWlQVFKOlIWXQGEUDXFKW5XKH©(VNORSIWH 6H\PRXU GDFKWH :HQQ LFK MHW]W GLH 7U YHUVSHUUH YHUVFKDIIW VLH VLFK HLQ .QDOOJDVJHEOlVH XQG VFKZHLW GLH 5LHJHQ DXI (U ]RJ GLH 'HFNH ELV DQV .LQQ VWHOOWH GDV %XFK VRUJIlOWLJ ]ZLVFKHQ GLH HODVWLVFKHQ+DOWHNODPPHUQXQGVDJWHª-D²ZDVLVWORV"© ª+LHULVW;DVVLDK6LHZLOO]X,KQHQ.lSWHQ© ª'LHQVWOLFKRGHUSULYDW"©IUDJWH6H\PRXU /DQJZ\QUlXVSHUWHVLFKª9HUPXWOLFKOHW]WHUHV© ª,FKVFKODIH©VDJWH6H\PRXUODXW ª,FKIUFKWHGDLFKVLHPLW*HZDOWGDUDQKLQGHUQPX© 'LH 7U JLQJ DXI ;DVVLDK EFNWH VLFK XQG NDP KHUHLQ ª,FK PX GLU HWZDV :LFKWLJHV VDJHQ 6H\PRXU© VDJWH VLH /DQJZ\Q VWUHFNWH GHQ .RSI KHUHLQ XQG YROOIKUWH HLQH $Q]DKO EHVFKZ|UHQGHU *HVWHQ6H\PRXUVDJWHUXKLJ ª(LQHXQJHZ|KQOLFKH=HLWDEHUZDVLVWVFKRQDQXQVHUHU)DKUWJHZ|KQOLFK"(VLVWJXW/DQJZ\Q6LH EUDXFKHQNHLQH(LQWUDJXQJLP/RJEXFK]XPDFKHQ© %HKXWVDP VFKOR /DQJZ\Q GLH 7U XQG HQWIHUQWH VLFK 6H\PRXU YHUVFKUlQNWH GLH $UPH KLQWHU GHP .RSIXQGEOLFNWHVFKZHLJHQGGLH7VKHQQDKDQ6LHVWDQGYRUVHLQHP/DJHUXQGVDJWH ª,FKJODXEHLFKKDEHYHUJHVVHQGLUHWZDVPLW]XWHLOHQ6H\PRXU© ª8QGGDVZlUH"© ª:LU7VKHQQDKN|QQHQEHLY|OOLJHU'XQNHOKHLWQLFKWVFKODIHQ8QVHUH6WlGWHVLQGQDFKWVDXFKHUKHOOW 8QGLFKVDKGDEHLGLUQRFKHLQH/DPSHEUDQQWH© 6H\PRXU HUZLGHUWH DXVGUXFNVORV ª,FK JODXEH GLU NHLQ HLQ]LJHV :RUW ;DVVLDK :DV ZLOOVW GX ZLUNOLFK"© ª0LW GLU VSUHFKHQ© DQWZRUWHWH VLH 6H\PRXU UlXPWH VFKZHLJHQG RKQH GHQ 7HFNR ]X ZHFNHQ VHLQH .OHLGHUYRQGHP6HVVHOXQGGHXWHWHGDQQGDUDXI ª%OHLEHKLHUVLW]HQHUIUHXHGLFKGHVPLOGHQ/LFKWHVXQGGHU0XVLNXQGUHGHPLWPLU© (UOHKQWHVLFK]XUFN

%ODXHV)HXHUORGHUWHDXIXQGEHUVFKWWHWHGDV0RRVGHU,QVHOXQGGDV:DVVHUPLW6WUDKOHQ7RQDWLXK JLQJDXI'LH7HPSHUDWXUZDUQRFKQLHGULJHVZDUDQJHQHKPNKO6H\PRXUVWDQGQHEHQ;DVVLDKXQG K|UWH ]X ZLH VLH GHQ +HUUVFKHULQQHQ GHQ 6WDUW GHU 9$1(66$ DQNQGLJWH 'DQQ VFKDOWHWH VLH GDV *HUlWDXVVWDQGDXIXQGEOLHEVWHKHQ ª:LHODQJHEOHLEWGDV6FKLIIDXI7VKHQQDK"©IUDJWHVLHIDVWWRUGRV ª+HXWHXQGQRFK]ZHL7DJH©VDJWH6H\PRXU ª,FK VROO GLH JHVDPWH 0DQQVFKDIW PLWVDPW GHQ 3RRQJDK LQ GLH 6WDGW GHU +HUUVFKHULQQHQ HLQODGHQ© VDJWH ;DVVLDK ª8QG XP GLFK VDJWH GLH 7ORNH VROO LFK PLFK SHUV|QOLFK NPPHUQ ,FK YHUVSUDFK HV LKQHQ²JHUQ© 6H\PRXUOlFKHOWHXQGGLHNOHLQHQ)DOWHQDQVHLQHQ$XJHQOlFKHOWHQPLWª,FKGDQNHLKQHQ©VDJWHHU ODQJVDPªXQGGLU© 6LH JLQJ YRU LKP KHU ]XP 6FKLII VHOEVWVLFKHU NKO XQG HQWVFKORVVHQ 6LH KDWWH JHWUHX GHU $QRUGQXQJHQLKUHU+HUULQQHQJHWDQZDVVLHWXQNRQQWH8QGGDVZDUQLFKWZHQLJJHZHVHQ (LQH0LQXWHVSlWHUVWDUWHWHGLH9$1(66$ 6H\PRXU VWHXHUWH 'LH 5LFKWXQJ ZDU JHNOlUW ZRUGHQ GLH 3DGGOHUSODWWIRUP JHIXQGHQ ,QVJHVDPW ]ZHLXQG]ZDQ]LJ.LORPHWHUEHIDQGVLFKGLH2EHUIOlFKHGHVVWlKOHUQHQ5DGHVYRQGHQ:HOOHQGHU:HOW HQWIHUQW 'DV 5DXPVFKLII VWLHJ ]XQlFKVW DXI GLHVH +|KH XQG IORJ GDQQ QLFKW DOO]X VFKQHOO DXI GLH DQJHPHVVHQH 6WHOOH ]X 'LH IQI 3RRQJDK VDHQ LQ GHU =HQWUDOH XQG EHREDFKWHWHQ JHVSDQQW GHQ 9HUJU|HUXQJVVFKLUP DXI GHP GLH 3ODWWIRUP DXIWDXFKHQ PXWH 1HEHQ 6H\PRXU VWDQG HLQ 6WXKO DXV GHU0HVVHGDUDXIVD;DVVLDKXQGEHREDFKWHWHLKUHUVHLWVMHGHQ+DQGJULIIGHV7HUUDQHUV ª-HW]W3LNR\©VDJWH6H\PRXUKDOEODXW 'HU 6WDPPHVULFKWHU QLFNWH XQG VFKOR GLH $XJHQ (U KDWWH GLH PDWWJUDXH 3ODWWIRUP JHVHKHQ XQG HU XQGVHLQHYLHU3DWULDUFKHQHUVWHOOWHQGLH,OOXVLRQ (LQHQ.LORPHWHUYRUGHU3ODWWIRUP 'DV6FKLIIVFKZHEWHODQJVDPEHUGHQ5DQGYHUKDUUWHNXU]XQGEHZHJWHVLFKGDQQDXIGLHJOlQ]HQGH

/DQGHIOlFKH]X'LH/DQGHVWW]HQIXKUHQNQLUVFKHQGDXVGHP5XPSIGLH7HOOHUSUHWHQVLFKDXIGHQ %HODJXQGGDV6FKLIIODQGHWH8QGGLH3RRQJDKHQWIHVVHOWHQGHQZLOGHQ=DXEHUHLQHUQLFKWH[LVWHQWHQ :HOW GLH DXV *HUFKHQ RSWLVFKHQ :DKUQHKPXQJHQ *HGDQNHQ GLH ZLH *HVSUlFKH ZLUNWHQ XQG DXV *HUlXVFKHQEHVWDQG6H\PRXUKDWWHGHQ7HFNRYRUVLFKXQGGHQ9HUVWlUNHUDP2KU2KQHGDMHPDQG HV PHUNWH IOVWHUWH LKP GDV 7LHUFKHQ ]X ZDV GLH 3DGGOHU GDFKWHQ (U HQWQDKP QXU $XVVFKQLWWH GUHLWDXVHQGHUZDFKVHQH3DGGOHUGDFKWHQJOHLFK]HLWLJYLHO ª6LHEHPHUNHQGDV.RPPHQHLQHV6FKLIIHVVLHZLVVHQGDHVHLQ6FKLIIGHU6|OGQHUWUXSSHQLVW MHQH6FKLIIHPVVHQlKQOLFKDXVVHKHQ 6LHHUVFKUHFNHQZHLOGLH+HUUHQVHOEVWDXVGHP6FKLIIWUHWHQ 6LHNRPPHQ]XVDPPHQXPGLH+HUUHQ]XEHJUHQVLHKDEHQHLQHXQIDEDUH$QJVWYRULKQHQXQG JHKRUFKHQLKQHQEOLQGOLQJVVLHUHGHQPLWGHQ+HUUHQ 6LHK|UHQGLH%HIHKOH 6LHYHUVSUHFKHQGDVbXHUVWH]XWXQ6LHVXFKHQDXVGHQ$UFKLYHQGLH.RRUGLQDWHQHLQHU:HOWKHUYRU GLHQDKHGHU=HQWUXPVVWHUQHOLHJW'HU1DPH" 9LUFKR 6LHHUNOlUHQGDHVQLFKWOlQJHUDOVYLHU]LJ7DJHGDXHUQZLUGGHQ:HVHQGRUWXQWHQGLH)UXFKWEDUNHLW ZLHGHU]XJHEHQ 'DQQ ZHUGHQ VLH GLH 6HQGHU ZLHGHU HLQ]LHKHQ XQG VLFK VR VFKQHOO ZLH P|JOLFK QDFK 9LUFKREHJHEHQ 6LHYHUVSUHFKHQHVPHKUHUH0DOH 6LH IKUHQ MHW]W GLH +HUUHQ LQ GLH /DERUV 6LH KDEHQ $QJVW GLH PLU IDVW GLH %HVLQQXQJ UDXEW 6H\PRXU© ª'DQNH©VDJWH6H\PRXUKDOEODXWª(VJHQJW© (U GUHKWH VLFK XP XQG VDK GD GLH IQI 3RRQJDK LQ 7UDQFH ZDUHQ EHPHUNWH GHQ %OLFN GHU MXQJHQ 7VKHQQDKGLHHEHQIDOOVGLHNOHLQHQ0lQQHUDQVDK(LQ5DQGVWUDKOGHULOOXVLRQlUHQ*HGDQNHQVWUHLIWH LKQXQGHUZXUGHIDVWRKQPlFKWLJ(UNODPPHUWHVLFKDQGHU6HVVHOOHKQHIHVWDWPHWHPHKUHU0DOHWLHI GXUFKXQGIKOWHZLHGHU6FKRFNYRQLKPZLFK (LQHKDOEH6WXQGHZDUWHWHGLH9$1(66$ 'DQQ ZDFKWH 3LNR\ DXI XQG VDK 6H\PRXU VFKOlIULJ DQ (U QLFNWH 6H\PRXU VFKDOWHWH GLH 0DVFKLQHQ ZLHGHUDXI9ROODVWXQGKREDE'DV6FKLIIHQWIHUQWHVLFKYRQGHU3ODWWIRUPXQGJLQJLQHLQHPUDVHQGHQ 6WXU]IOXJ QLHGHU 'LH ,QVHO NDP DXI GHP 9HUJU|HUXQJVVFKLUP GDQQ DXIGHQ DQGHUHQ 6FKLUPHQ VHKU VFKQHOOQlKHUXQG6H\PRXUVVWUHFNWHGLH+DQGDXVXPGLH9HU]|JHUXQJHLQ]XVWHOOHQ ,UJHQGHWZDVVWLPPWHQLFKW 'DV0RRVGHU,QVHOZDUEHUHLWVGHXWOLFKHUNHQQEDU6H\PRXUODQGHWHXQGVFKDOWHWHGLH0DVFKLQHQDE XP GDV 6FKLII ]X YHUODVVHQ JHPHLQVDP PLW ;DVVLDK GLH LKUH +HUUVFKHULQQHQ EHQDFKULFKWLJHQ VROOWH 6H\PRXU VWDQG DXI HUJULII GDV 0lGFKHQ EHL GHU +DQG XQG OLH VLFK GXUFK GHQ 6FKDFKW QDFK XQWHQ IDOOHQ (U VWDQG LQ GHU 3ROVFKOHXVH DOV GLH 6WLPPH $PRRV ]X ZLVSHUQ EHJDQQ HLQGULQJOLFK GUlQJHQG ª6H\PRXUH²GDV6FKLII'XXQWHUOLHJVWHLQHU,OOXVLRQ© 6H\PRXUJULIIJHUDGHQDFKGHP+HEHOIUGLH6FKOHXVHQWUª'DV6FKLII]HUVFKHOOW(VIlOOW6H\PRXU 6H\PRXUHUNDQQWHGLHIXUFKWEDUH:DKUKHLW(UVFKQHOOWHKHUXPOLHGDV0lGFKHQVWHKHQXQGKHFKWHWH LQGHQ$XIZlUWVVFKDFKW(UHUJULIIGLH6WDQJHQXQGVWLHPLWDOOHU.UDIWDE:LHHLQ6FKZLPPHUVWLHJ HU VHQNUHFKW KLQDXI ZDUI VLFK DXV GHU gIIQXQJ XQG EHU GDV 3XOW 6HLQH )LQJHU JULIIHQ QDFK GHP %HVFKOHXQLJXQJVKHEHO VFKOXJHQ LKQ ]XUFN HLQ DQGHUHU +HEHO ZXUGH QDFK YRUQ JHVFKREHQ XQG GLH 0DVFKLQHQEHJDQQHQ]XNUHLVFKHQ 'DV 6FKLII ZXUGH JOHLFK]HLWLJ DEJHEUHPVW EHVFKOHXQLJW XQG LQ HLQH DQGHUH 5LFKWXQJ JHULVVHQ 'HU $QWLJUDY VFKDOWHWH VLFK HLQ 'LH WUlJH 0DVVH GHV 6FKLIIHV YLHUKXQGHUW 0HWHU 'XUFKPHVVHQ ILHO LQ HLQHU 6WHLONXUYH DXI GLH )HOVHQ GHU ,QVHO ]X ZXUGH DEJHIDQJHQ XQG IHJWH EHU GDV 0RRV 'DV 6FKLII VWULFKXP+DDUHVEUHLWHEHUGLH3ODWWIRUPJLQJLQHLQH6WHLJNXUYHEHUXQGJHZDQQDQ+|KH 'LH,OOXVLRQZLFK ª3LNR\©VFKULH6H\PRXUª,KUKlWWHWXQVDOOHW|WHQN|QQHQ© 3LNR\ VFKOLHI ]ZLVFKHQ VHLQHQ 'HFNHQ (U ULFKWHWH VLFK DXI EOLQ]HOWH XQG HUZLGHUWH ª:DV ZLOOVW GX ZLVVHQ6H\PRXU"© 'DV 6FKLII ZXUGH DEHUPDOV DEJHEUHPVW DXFK 6DVDNL XQG 5RRWKDUG HUNDQQWHQ ZDV JHVFKHKHQ ZDU /DQJVDP XQHQGOLFK EHKXWVDP JOLWW GLH 9$1(66$ DXI GLH ,QVHO ]X VFKZHEWH DXI GHQ KRFKWRXULJ ODXIHQGHQ$QWLJUDYWULHEZHUNHQQLHGHUXQGIXKUGLH/DQGHVWW]HQDXV'DQQODQGHWHVLHZLUNOLFK'DV

6XPPHQGHU0DVFKLQHQK|UWHDXI 6H\PRXUYHUULHJHOWHGDV6WHXHUSXOWXQGVWDQGDXI ª3DWULDUFKHQ©VDJWHHUªLFKYHUVWHKHHXUH)XUFKWYRUGHP:DVVHUXQGGLH6HKQVXFKWQDFK/DQG$EHU ZLUVLQGQXUXPGHQ%UXFKWHLOHLQHU6HNXQGHGHP7RGHQWURQQHQ© 6LHVHQNWHQEHVFKlPWGLH.|SIH 6H\PRXU ]LWWHUWH DQ DOOHQ *OLHGHUQ 6DVDNL XQG 5RRWKDUG KDWWHQ QRFK QLFKW JDQ] HUIDW ZLH QDK GLH 9$1(66$GDUDQJHZHVHQZDUKLHUDXI7VKHQQDK]X]HUVFKQHOOHQ 6H\PRXUQDKPYRUVLFKWLJGHQ7HFNRLQGLH+DQG'DV7LHUNODPPHUWHVLFKEHEHQGDQVHLQH)LQJHU ª:HQQ ZLU KHLO DXI 7HUUDQLD DQNRPPHQ© VDJWH 6H\PRXU ODXW ªGDQQ KDEHQ ZLU HV QXU GLHVHP %XUVFKHQKLHU]XYHUGDQNHQ© $PRRV6WLPPHIOVWHUWHª,FKELQQLFKW]XEHHLQIOXVVHQ,FKKDEHQLFKWVYRQGHU,OOXVLRQJHPHUNW© ª6FKRQJXWPHLQ.OHLQHU©VDJWH6H\PRXUXQGVWUHLFKHOWHPLWGHU.XSSHVHLQHV)LQJHUVGHQZLQ]LJHQ .RSI'DQQVWHFNWHHUGHQ7HFNRLQGLH%UXVWWDVFKHXQGVFKZDQJVLFKLQGHQ$EZlUWVFKDFKW(UVWLHJ LQ GHU 3ROVFKOHXVH DXV NOHWWHUWH GLH /HLWHU KHUXQWHU XQG KDOI GHP 0lGFKHQ GDV 0RRV GHU ,QVHO ]X EHWUHWHQ(UEOLHEXQWHUGHP6FKLIIVWHKHQXQGGUHKWHVLFKXP (LQEUHLWHU6WUHLIHQIKUWHQDFK6GHQ (UJLQJQlKHUKHUDQ %ODQNHU)HOV 0LW]LWWHUQGHQ)LQJHUQYHUVXFKWH6H\PRXUVLFKHLQH=LJDUHWWHDQ]X]QGHQVLHEUDQQWHHUVWQDFKGHP IQIWHQ9HUVXFK/DQJVDPJLQJ6H\PRXUDQGHQ6WUHLIHQKHUDQ(UZDU]HKQ0HWHUEUHLWXQGOlQJHUDOV KXQGHUW 0HWHU 'DV 6FKLII ZDU DXV GHP 1RUGHQ KHUDEVWU]HQG ZLH HLQ %OLW] VR NQDSS EHU GLH ,QVHOREHUIOlFKHKLQZHJJHIHJWGDGHU/XIWVRJGDV0RRVDEJHULVVHQXQGGDYRQJHVFKOHXGHUWKDWWH 'HU.DSLWlQJLQJPLWKlQJHQGHU6FKXOWHUKLQEHU]X;DVVLDKXQGOLHVLFKLQV0RRVIDOOHQVHLQH.QLH ]LWWHUWHQGHUDUWGDHUQLFKWPHKUVWHKHQNRQQWH 6LHOLHYHUZLUUWGLH5XIWDVWHORVª'X]LWWHUWHVW6H\PRXUZDVLVWJHVFKHKHQ"© 6H\PRXUV6WLPPHNODQJKHLVHUDOVHUDQWZRUWHWH ª'DV 6FKLII ZlUH EHLQDKH DXV EHU IQI]HKQ .LORPHWHUQ +|KH JHQDX DXI GLHVH ,QVHO JHSUDOOW $OOHV ZlUHEHLQDKH]HUVFKPHWWHUWZRUGHQ²QLFKWVYRQXQVDOOHQZlUHEULJJHEOLHEHQ© 6LHEHJDQQ]lUWOLFKVHLQ+DDU]XVWUHLFKHOQWURW]GHU.lOWHGHU+DXWVSUWHVLHGHQ6FKZHLª1RFKQLH ZDUHQZLUDXIGLHVHUPHUNZUGLJHQ)DKUGHU9HUQLFKWXQJVRQDKH'LHVHYHUGDPPWH,OOXVLRQ© 6LHEOLHEHQVFKZHLJHQGVLW]HQELV&KXWH6DVDNLDXVGHP6FKLIINDP (U EHPHUNWH VFKRQ YRQ GHU /HLWHU DXV GHQ KHOOHQ NDKOHQ )HOVVWUHLIHQ &KXWH KLHOW LQ GHU %HZHJXQJ LQQHNOHWWHUWHGDQQGLHUHVWOLFKHQ6SURVVHQKLQXQWHUXQGNDXHUWHVLFKQHEHQGHU1DUEHDXIGHU,QVHODXI GLH+DFNHQQLHGHU6HLQH)LQJHUVWULFKHQEHUGDV0RRVGDVIODFKJHGUFNWQHEHQGHP)HOVODJHVZDU Y|OOLJDXVJHGRUUWXQGNQLVWHUWH /DQJVDPPLWOHLFKHQIDKOHP*HVLFKWNDPGHU1DYLJDWRU]X6H\PRXUXQGGHP7VKHQQDKPlGFKHQOLH VLFK QHEHQ GHP .DSLWlQ IDOOHQ XQG VWDUUWH HLQH :HLOH YRU VLFK KLQ (QGOLFK EUDFK HU VHLQ GVWHUHV 6FKZHLJHQ ª'DVZDUW|GOLFKNQDSS&KHI©VDJWHHUOHLVH6H\PRXUQLFNWH ª'LHVH ,OOXVLRQ HLQH WHXIOLVFKH 6DFKH 2EZRKO ZLU HV DKQWHQ ZXUGHQ ZLU EHHLQIOXW :LU DOOH GDFKWHQ GDGLH 9$1(66$ VFKRQVWHKH 1XU GHU 7HFNRZXWH ª (U XQWHUEUDFKVLFKVWDUUWH ]XHUVW ;DVVLDKDQXQGGDQQ6H\PRXUEOLFNWHZLOGDXIGLH6HHKLQDXVXQGVFKWWHOWHGDQQGHQ.RSI ª+DEHQ6LHQRFKHLQH=LJDUHWWHIUPLFK.lSWHQ"©IUDJWHHU]|JHUQG 6H\PRXUQLFNWHVFKZHLJHQGXQGKROWHGLH6FKDFKWHOKHUYRU'DV)HXHU]HXJNOLFNWHPHKUPDOVHKHGLH =LJDUHWWHEUDQQWH6LHVFKZLHJHQXQGZDUWHWHQGDUDXIGDHWZDVJHVFKlKH 6WLOOHXQG/LFKW 'LH 9$1(66$ VFKZDQJ VLFK DXV GHP /LQHDUUDXP KLQDXV XQG HUVFKLHQ VHFKV 6WXQGHQ HQWIHUQW YRU GHP6\VWHPLPQRUPDOHQ:HOWDOO6LHKDWWHGDV=LHODQYLVLHUWXQGZDUQLFKWYRP.XUVDEJHNRPPHQ H[DNW VFKDOWHWHQ GLH *HUlWH $OOHV DQ %RUG VFKOLHI DXFK GLH IQI :HVHQ YRQ 3RRQJDKEXUUX 1XU 6H\PRXUVDLP3LORWHQVHVVHOZDFKXQGDXIPHUNVDP 'DV 6FKLII ZDU VWLOO ² QLFKWV UKUWH VLFK 'LH *HGDQNHQ GHV .DSLWlQV EHJDQQHQ LQ GHU 6WLOOH ]XUFN]XZDQGHUQ 9LHU :HOWHQ VROOWH GLH 9$1(66$ DQIOLHJHQ GDV *HVFKHKHQ GHU NRPPHQGHQ

-DKUKXQGHUWH ZDU DXI GUHL :HOWHQ DOOHLQ YRQ GHQ 0lQQHU GLHVHV 6FKLIIHV DEKlQJLJ JHZRUGHQ ² YRQ LKUHQ$QJULIIHQDXIGLH3ODWWIRUPHQ % DWDUF3RRQJDKEXUUX7VKHQQDK hEHUDOO KDWWH HV 9HUZLUUXQJ JHJHEHQ GDQQ 9HUVWlQGQLV XQG VFKOLHOLFK KDWWHQ VLH JHPHLQVDP JHKDQGHOW 'D ZDU 0ERRUD JHZHVHQ GDV NOHLQH QHUY|VH *HVFK|SI PLW GHU ]ZLWVFKHUQGHQ 6WLPPH 3LNR\ GHU KLQWHU 6H\PRXU LQ GHU 'XQNHOKHLW VFKOLHI HU KDWWH HUNDQQW ZDV MHQHU VWDXEEHGHFNWHQ YHUGXUVWHWHQ *HVWDOWKHOIHQZUGHGLHLKPDXVGHUURVWURWHQ:VWH3RRQJDKEXUUXVHQWJHJHQWDXPHOWH ;DVVLDK²6H\PRXUOlFKHOWHVLHZDUHQW]FNHQGJHZHVHQ6LHZDUMXQJXQGVHKUOHUQEHJLHULJXQGDOV VLHVLFKWUHQQWHQKDWWHVLHLKPYHUVLFKHUWGDVLHGLH(UNHQQWQLVVHYHUZHQGHQZUGHGLHLKUYRQGHQ 7HUUDQHUQ EHUPLWWHOW ZRUGHQ ZDUHQ 6H\PRXU GDFKWH DQ GLH GUHL 7DJH LQ GHQHQ HU PLW ;DVVLDK LQ LKUHP 5HLFK XPKHUJHZDQGHUW ZDU LQ GHU ZDUPHQ IHXFKWHQ 7UHLEKDXVOXIW GHU XQWHUVHHLVFKHQ 6WlGWH 7VKHQQDKV 8QGMHW]WHLOWHGDV6FKLIIHLQZLQ]LJHU/LFKWIXQNHQLP$OOGXUFKGLH6FKZlU]HDXIMHQHQ6WHUQ]XGHU VLFKYRULKQHQDXVGHP+LQWHUJUXQGKHUDXVVFKlOWHXQG]XOHXFKWHQEHJDQQ (QL%DUDUD (LQGXQNHOURWHU6WHUQGHVVHQGUHL%HJOHLWHU3ODQHWHQZDUHQGLHPLWHLQHU$XVQDKPHNHLQ/HEHQPHKU EHVDHQ.lOWHJHU|OOHUIOOWH:VWHQRKQH/XIWKOOH1DFNWWRWXQGXQZLGHUUXIOLFKGDKLQ%LVDXIGLH ]ZHLWH:HOW(QL%DUDUDVHVZDU1JDUGPDXQ'LHOHW]WH:HOWGHUHQ'DWHQPDQGHQ*HGDQNHQGHU 3DGGOHU HQWQHKPHQ NRQQWH 'DV NRVPLVFKH %ROOZHUN GDV LKQ 6H\PRXU $OFROD\D YRQ 7HUUDQLD WUHQQWH 1JDUGPDXQ GDFKWH 6H\PRXU 'HU 1DPH NOLQJW QDFK 'VWHUQLV QDFK 9HUQLFKWXQJ XQG 7RG :LHGHU OHEWH HLQH 5DVVH LQ GHQ OHW]WHQ =JHQ ]XP $XVVWHUEHQ YHUXUWHLOW GXUFK :HVHQ GLH QLHPDQG NDQQWH XQGGLHXPNHLQH.RQNXUUHQ]GXOGHQ]XPVVHQDQGHUH5DVVHQVNUXSHOORVDXVO|VFKHQOLH :HUZDUHQMHQH+HUUHQ" ª6LQQORV©VDJWH6H\PRXUWRQORVªGDVZHUGHLFKQLHPDOVKHUDXVILQGHQN|QQHQVHOEVWZHQQLFKZROOWH ,FKZLOOQXUHLQHV,QZHQLJHQ7DJHQGLH9$1(66$XQEHVFKlGLJWDXI7HUUDQLDDEVHW]HQ©

'XQNHOKHLW ODJ EHU GLHVHU 6HLWH 1JDUGPDXQV DOV GLH 9$1(66$ HLQIORJ 'LH 3RRQJDK ZDUHQ ZDFK XQG EHUHLW MHGH 6HNXQGH PLW HLQHU ,OOXVLRQ ]X EHJLQQHQ GLH HLQHQ %HVFK GHV 6FKLIIHV YRQ GHU W|GOLFKHQ 3ODWWIRUP DXVVFKOR 1LFKWV JHVFKDK ² GLH 9$1(66$ ZDU QLFKW JHRUWHW ZRUGHQ +LQWHU GHP6FKLIIGDVMHW]WLQGHQ6FKODJVFKDWWHQ1JDUGPDXQVWUDWXQGGLHUDVHQGH)DKUWYHUULQJHUWHHUORVFK VFKODJDUWLJGDVGVWHUH/LFKW(QL%DUDUDV ª,FKKDEHHEHQHLQH(QHUJLHPLVVLRQJU|HUHQ$XVPDHVDQJHPHVVHQ©VDJWH6DVDNLYRQVHLQHP3ODW] DXV XQG WlWLJWH HLQLJH 6FKDOWXQJHQ 'LH ,QIUDURWJHUlWH QDKPHQ MHW]W HLQ %LOG DXI XQG WDVWHWHQ GHQ 3ODQHWHQXQWHULKQHQDE ª6FKDOWHQ 6LH LKUH /LQVHQ DXI GHQ 7HVWVFKLUP &KXWH© VDJWH 6H\PRXU XQG VFKRE GHQ )DKUWKHEHO ODQJVDP]XUFN ª+LHU© $XIGHP6FKLUPGHUELVKHUDOV9HUJU|HUXQJVVFKLUPJHGLHQWKDWWHHUVFKLHQHQVFKZDFKHOHXFKWHQGH /LQLHQ 6LH IRUPLHUWHQ VLFK ]X HLQHP YROONRPPHQHQ .UHLV LQ GHVVHQ 0LWWH PHKUHUH XQUHJHOPlLJ JURH5HFKWHFNHGLFKWQHEHQHLQDQGHUVWDQGHQ ª(VVFKHLQWHLQ:HUN]XVHLQHLQH$QODJHGLHLQ%HWULHELVW 9LHOOHLFKWHLQH8P]lXQXQJXQGGDULQQHQHLQLJH%DXWHQ©VDJWH&KXWH6DVDNLDFKVHO]XFNHQGª6RQVW KDEH LFK DXI GLHVHU JDQ]HQ :HOW QLFKWV IHVWVWHOOHQ N|QQHQ .OHLQH 6HHQ )OVVH GLFKWH :lOGHU XQG ZHQLJRGHUNHLQH7HFKQLN© ª.HLQHDQGHUHQ(QHUJLHDXVVW|H"© ª1HLQ©VDJWH&KXWHª1LFKWV© 6H\PRXUJLQJWLHIHUXQGVFKZHEWHEHUGDVGXQNOH/DQG:HGHUGDV/LFKWGHV0RQGHVQRFKGDVGHU 6WHUQHHUKHOOWHGHQ%RGHQLQGHU/XIWZDUHLQH0HQJH6WDXEGHUGDV%LOGXQGHXWOLFKPDFKWHXQGLQ JURHU+|KHGDV6WHUQHQOLFKWDEVRUELHUWH ª,FKZHUGHGRUWQHEHQGLHVHQ%DXWHQODQGHQRGHUQHEHQGHU)DEULN²ZDVLPPHUHVLVW0LUVFKHLQW GDKLHUDXI1JDUGPDXQGLH9HUKlOWQLVVHHWZDVNRPSOL]LHUWHUVLQG© &KXWH QLFNWH ]X 6H\PRXU KLQEHU XQG HUZLGHUWH ª'LHVHV *HIKO KDWWH LFK VFKRQ DOV LFK GLH

GXQNHOURWH6RQQHVDK© 'DV 6FKLII JLQJ WLHIHU EOLHE HLQKXQGHUW 0HWHU EHU GHP %RGHQ XQG VFKZHEWH LQ GLH 5LFKWXQJ GHV JURHQ .UHLVHV 'LH PlFKWLJHQ /DQGHVFKHLQZHUIHU ZXUGHQ HLQJHVFKDOWHW XQG EHUVFKWWHWHQ GDV *HOlQGH PLW HLQHU JUHOOHQ /LFKWIOXW (LQ 'VFKXQJHO DXV HUOHXFKWHWHQ )OlFKHQ XQG WLHIVFKZDU]HQ 6FKDWWHQ]HLFKQHWHVLFKDXIGHQ6FKLUPHQDEª8UZDOG©VDJWH6DVDNL (LQ+DQJNDPQlKHUUHFNWHVLFKLPPHUVWHLOHUQDFKREHQXQG6H\PRXU]RJGDV6FKLIIZLHGHUK|KHU (UEHUIORJHLQHQ*UDWXQGSO|W]OLFKYHUORUHQVLFKGLH/LFKWVWUDKOHQLQHLQHUGlPPHULJHQ7LHIH'DV 6FKLIIJLQJZLHGHUQlKHU]XP%RGHQKLQXQWHUZLHGHUHUIDWHQGLH/LFKWHU%DXPZXFKVXQG6WUlXFKHU DEHU ZHVHQWOLFK ZHQLJHU *UDVIOlFKHQ ODJHQ GD]ZLVFKHQ 'DQQ ² GLH GXQNOH :DQG HLQHV *HElXGHV WDXFKWHYRULKQHQDXI'LH9$1(66$YHUKDUUWHDXIGHU6WHOOHVHQNWHVLFKXQGDOVVLFKLQGHU:DQG HLQH 7U |IIQHWH HLQ KHOOHV 9LHUHFN LQ GHU 6FKZlU]H HUVFKLHQ ODQGHWH GDV 6FKLII 'DV (FKR GHU 7ULHEZHUNHKDOOWHQDFK ª:LHLVWGLH/XIW"©IUDJWH6H\PRXU ª$WHPEDU ² ZLH DXI DOOHQ GUHL 3ODQHWHQ YRUKHU (V VFKHLQW DOV ZUGHQ VLFK GLH 3DGGOHU DXI HUGlKQOLFKH6DXHUVWRIIZHOWHQEHVFKUlQNHQ© 6H\PRXU VFKDOWHWH GLH 0DVFKLQHQ DE EHWUDFKWHWH QDFKGHQNOLFK GDV 9LHUHFN LQ GHU :DQG YRU LKP XQWHUKDOE GHV 6FKLIIHV ² GUHLKXQGHUW 0HWHU HQWIHUQW ,Q GHU +HOOLJNHLW VWDQG HLQH *HVWDOW GLH KXPDQRLGZDU &KXWHEHPHUNWHVHLQHQ%OLFNVDKHEHQIDOOVDXIGHQ6FKLUPXQGIUDJWH ª6LH JODXEHQ ZLH LFK GD ZLU KLHU DXI GLH OHW]WHQ QRFK OHEHQGHQ :HVHQ GLHVHU :HOW JHVWRHQ VLQG QLFKWZDKU.lSWHQ"© 6H\PRXUQLFNWHª(VVLHKWIDVWVRDXV.RPPHQ6LHPLW²ZLUJHKHQGRUWKLQ1HKPHQ6LHGLH:DIIH PLW© 6H\PRXU]ZlQJWHVHLQHQ.RSIGXUFKGLH*XUWHGHV6FKXOWHUKDOIWHUV]RJVHLQHHQJH-DFNHDQXQGVWDQG DXI&KXWHQLFNWHLKP]XXQGVFKREVHLQHQ6WUDKOHULQGHQ*UWHO 6LH YHUOLHHQ GDV 6FKLII $XI HLQHU 6HLWH GHU ULHVLJHQ .XJHO EUDQQWHQ GLH /DQGHVFKHLQZHUIHU XQG EHOHXFKWHWHQ GDV *HELHW ]ZLVFKHQ GHU KRKHQ 0DXHU XQG GHP JHZ|OEWHQ ZHLHQ 5XPSI 'LH 3ROVFKOHXVHJOLWWDXIGLH0HWDOOHLWHUIHGHUWHDXIGHQ%RGHQKLQXQWHU ª:DVZLUGXQVKLHUHUZDUWHQ.lSWHQ"©IUDJWH6DVDNL ª&KXWH²LFKZHLHVQLFKW,FKZHLQXUGDGLHVHU3ODQHWXQVYRQ7HUUDQLDWUHQQW)UDJHQ6LHPLFK QLFKW© 6LHWUDWHQKLQWHUHLQDQGHULQV)UHLH6LHYHUVDQNHQELV]XGHQ+IWHQLQKRKHP*UDVPLWVFKLOIDUWLJHQ KDUWHQ+DOPHQ 6LHEOLHEHQVWHKHQXQGVWDUUWHQKLQEHU]XP*HElXGH 'UHLKXQGHUW0HWHUWUHQQWHQVLHYRQGHPYLHUHFNLJHQ/LFKW'LH*HVWDOWGLHLQGHP9LHUHFNVWDQGKRE ODQJVDPHLQHQ$UPXQGVFKZHQNWHLKQEHUGHP.RSI ª(UZLQNWXQV©VDJWH6H\PRXUª*HKHQZLU© 6LH NlPSIWHQ VLFK HLQH VFKPDOH *DVVH GXUFK GLH *HZlFKVH HV UDVFKHOWH XQG NQDFNWH DOV OLHIH HLQH $UPHHNOHLQHU7LHUHXQWHULKUHQ6WLHIHOQGDYRQ/DQJVDPEHUZDQGHQGLHEHLGHQ0lQQHUGHU.DSLWlQ XQGGHU1DYLJDWRUGLH6WUHFNH'DV9LHUHFNNDPQlKHUXQGRIIHQEDUWHVLFKDOV7U|IIQXQJ 6LH JLQJHQQlKHUGDV/LFKWEOHQGHWHVLH6H\PRXUWDVWHWH HWZDV QHUY|VQDFKVHLQHU:DIIH'DQQDOV GDV:HVHQYRQLKQHQHLQLJH6FKULWWH]XUFNWUDWEOLHEHQEHLGHZLHHUVWDUUWVWHKHQ'LHVHU)UHPGHKLHU ZDUHLQ0HQVFK²XQ]ZHLIHOKDIW(LQ7HUUDQHU ª'DVLVWXQP|JOLFK©VDJWH&KXWH6DVDNL 6H\PRXUJLQJZHLWHUHUUHLFKWHGLH6FKZHOOHXQGWUDWEHUGHQ5DKPHQLQGDV,QQHUHGHV%DXZHUNV(V ZDU HLQ NDKOHV OHHUHV =LPPHU PLW HLQHU ZHLOHXFKWHQGHQ 'HFNH 'DQQ EHWUDFKWHWH HU GHQ )UHPGHQ GHUYRULKPVWDQG (LQ0HQVFKVRJURZLH6H\PRXUXQGHEHQVRVFKODQNXQGVHKQLJDEHUVFKRQZHVHQWOLFKlOWHU$EHU HUZDUQLFKWHLQIDFKHLQ7HUUDQHUREZRKOHUVlPWOLFKH0HUNPDOHGLHVHU5DVVHWUXJ(VZDUHLQ0DQQ GHUXQWHUGHUKDXFKGQQHQGXUFKVLFKWLJHQ)ROLHHLQHV5DXPDQ]XJHVHLQHJROGHQH+DXWKDWWH (LQJROGHQHU0HQVFK 'HU GQQH $Q]XJ ZDU JHVFKORVVHQ EHU GHP .RSI EHIDQG VLFK HLQ NOHLQHU +HOP PLW HLQHP VLFKHOI|UPLJHQ 6FKXW] EHU GHQ $XJHQ (U ZDU KHUXQWHUJHNODSSW XQG PDQ NRQQWH GLH $XJHQ QXU DKQHQ ª:HUELVWGX"©IUDJWH6H\PRXUOHLVHDXIWHUUDQLVFK 'HU*ROGKlXWLJHODFKWHKDOEODXWXQGVS|WWLVFK

ª,FKELQ-DUHG&ROQ© 'HU1DPHZDU6H\PRXUHLQ%HJULIIDEHUHUZXWHQLFKWZRHULKQJHK|UWRGHUJHOHVHQKDWWH ª'XELVW7HUUDQHU"©IUDJWHHUXQGEOLQ]HOWHLQGHU*UHOOH ª,FKZDU7HUUDQHU© ª,FKYHUVWHKHQLFKWVRGHUQXUZHQLJ:LUKDEHQLQGLUHNW$QZHLVXQJHUKDOWHQDXIGLHVHP3ODQHWHQ]X ODQGHQXQGHLQH3DGGOHUSODWWIRUP]XEHNlPSIHQ:DVKDVWGXGDPLW]XWXQ"© :LHGHUODFKWHGHU*ROGKlXWLJH'LH6WLPPHNODQJYHUlQGHUWVLHVFKXIGHQ(LQGUXFNGHV)UHPGHQXQG 8QEHNDQQWHQ(VZDUQLFKWVRVHKUGLHJROGHQH+DXWVRQGHUQGLHVH6WLPPH(VZDUHLQH6WLPPHGLH JHZRKQWZDUQFKWHUQXQGYRQVHKUKRKHU:DUWHDXV]XVSUHFKHQ 6LHVDJWHª,FKZDUHVGHUGHLQ6FKLIIKROHQOLH© 6H\PRXU EHUOHJWH 'LHVHU 7HUUDQHU KLHU KDWWH DOVR VR EHKDXSWHWH HU HEHQ GLH (QWIKUXQJ GHU 9$1(66$YHUDQODW'LH8QNODUKHLWHQKlXIWHQVLFKXQG6H\PRXUVDJWH ª,FK KDEHGHQ(LQGUXFN DOVREGX HLQHUHFKWDEVHLWLJH$XIIDVVXQJ YRQ6FKHU]RGHU +XPRUKDVW,FK ILQGHDQDOOHPZHQLJZRUEHUPHLQH0lQQHUXQGLFKODFKHQN|QQHQ$XHUGHPVFKlW]HLFKGDGX PLUHLQH(UNOlUXQJVFKXOGLJELVW© 6DVDNL WUDW HLQ (U KDWWH LP 7UUDKPHQ JHVWDQGHQ XQG EHREDFKWHWH GLH EHLGHQ :HVHQ YRU LKP GHQ IUHPGHQ *ROGKlXWLJHQ XQG VHLQHQ .DSLWlQ -HW]W EOLHE HU QHEHQ 6H\PRXU VWHKHQ XQG IUDJWH ª(LQH PHUNZUGLJH6LWXDWLRQ:LUVXFKHQGDKLQVLHFKHQGH(LQJHERUHQHXQGILQGHQ7HUUDQHU© ,Q GHQ JROGHQHQ 0HQVFKHQ NDP HQGOLFK %HZHJXQJ (U JLQJ HLQLJH 6FKULWWH DXI GLH EHLGHQ 5DXPVFKLIIHU]XVWUHFNWHGLH+DQGDXVXQGVDJWHRKQHMHGH%HWRQXQJ ª,FKJODXEHZLUVLQGDOWXQGYHUQQIWLJJHQXJXPPLWHLQDQGHU]XUHGHQ%HVWLPPHQ6LHGHQ2UWZLU N|QQHQHVKLHULQGLHVHQ5lXPHQWXQ²DEHULFKIROJHLKQHQDXFKJHUQDXIGDV6FKLIIXQGHUNOlUHGRUW DOOHV (V LVW HLQH VHKU ODQJH VHKU NRPSOL]LHUWH *HVFKLFKWH XQG HLQ LQWHUHVVDQWHV SV\FKRORJLVFKHV 3UREOHP© 6H\PRXU QLFNWH VFKZHLJHQG ª:LU VROOWHQ GDV NRQYHQWLRQHOOH 6LH ZHJODVVHQ PHLQH LFK :LU EOHLEHQ KLHUGHQQPHLQH0lQQHUXQGXQVHUH*lVWHZUGHQYHUPXWOLFKHUVFKUHFNHQZHQQGXPLWXQVNRPPHQ ZUGHVW$EHULFKKDEHJHUQHLQHJHPWOLFKHUH$WPRVSKlUHHVVSULFKWVLFKIUHLHU© 'HU*ROGKlXWLJHODFKWHXQGVFKWWHOWH6H\PRXUV+DQG'DQQZDQGWHHUVLFKDQ6DVDNLXQGVDJWHDXFK GHVVHQ+DQGHUJUHLIHQGª6LHGXELVW&KXWH6DVDNLGHU1DYLJDWRUGHU9$1(66$"© ª-D©HUZLGHUWH&KXWHªXQGHLQDXHUJHZ|KQOLFKQHXJLHULJHU0HQVFK© ª.RPPWPLW©VDJWH&ROQXQGJLQJLKQHQYRUDXV6LHWUDWHQGXUFKGLHDQGHUH7UGLHVHV=LPPHUVXQG EHIDQGHQ VLFK LQ HLQHP 5DXP GHU VHKU HLQIDFK HLQJHULFKWHW ZDU HLQ NOHLQHV =LPPHU PLW PHWDOOHQHQ :lQGHQLQGHPHLQULHVLJHU7HSSLFKODJ$XILKPVWDQGHQHLQUXQGHUIODFKHU7LVFKXQGHLQLJH6HVVHO $XIGHU7LVFKSODWWHODJHLQHOHXFKWHQGH.XJHOKHOOHVPLOFKLJJHOEHV/LFKW ª%LWWHVHW]WHXFK© &ROQJLQJ]XHLQHPZHLFKIOLHHQGHQ9RUKDQJVFKRELKQ]XU6HLWHXQG|IIQHWHGDKLQWHUHLQHZXFKWLJH *ODVSODWWH6LHUXKWHLQVFKZHUHQVWlKOHUQHQ)DVVXQJHQXQGWUXJNDQWLJH*ULIIHXQG6FKDUQLHUH2KQH HLQ:RUW]XVDJHQZLQNWH&ROQLQGHQ5DXPKLQHLQXQGNDP]XUFN]XP7LVFK6H\PRXUXQG6DVDNL VDHQ LQ GHQ 6HVVHOQ EHWUDFKWHWHQ GLH HLQ]HOQHQ *HJHQVWlQGH XQG YHUVXFKWHQ 2UGQXQJ LQ LKUH *HGDQNHQ]XEULQJHQ=ZHLDQGHUH*ROGKlXWLJHNDPHQKHUHLQ ª'DV© VDJWH -DUHG &ROQ ªLVW PHLQH )UDX 9HQGD 0HLQ 6RKQ 5HJLQDOG 'LHVH EHLGHQ 0lQQHU VLQG .DSLWlQXQG1DYLJDWRUGHV6FKLIIHV9$1(66$GDVGHQ%HZRKQHUQGLHVHU:HOWXQGGDPLWDXFKXQV KHOIHQVROO© 'LH*ROGKlXWLJHQXQGGLH7HUUDQHUEHJUWHQVLFKGDQQVHW]WHQVLHVLFKZLHGHU)QI3HUVRQHQVDHQ XP GHQ UXQGHQ 7LVFK KHUXP XQG ]ZHL YRQ LKQHQ ZDUHQ XQIlKLJ HLQHQ NODUHQ *HGDQNHQ ]X IDVVHQ GHQQ VLH NRQQWHQ QLFKWV DQGHUHV WXQ DOV GLHVH IUHPGDUWLJHQ XQJHZ|KQOLFK DXVVHKHQGHQ :HVHQ DQ]XVWDUUHQ'HU6RKQ5HJLQDOGZDUUXQGGUHLLJ-DKUHDOWGLH)UDXVFKLHQQLFKWYLHOlOWHU]XVHLQ ZLHGHUHLQH8QNODUKHLW ª6H\PRXU©EHJDQQ-DUHG&ROQªLFKGDUIGLFKGRFKVRDQUHGHQ"© ª-D©VDJWH6H\PRXU]HUVWUHXWªQDWUOLFK© ª,FKYHUPXWHGDHVDPEHVWHQLVWLFKJHEH]XQlFKVWHLQHQNOHLQHQhEHUEOLFNEHUGLH9RUJHVFKLFKWH 'DQQ ZHUGHW LKU VFKODJDUWLJ YHUVWHKHQ ZDV EHL GHUDUWLJ DXHUJHZ|KQOLFKHQ 0lQQHUQ VHOEVWYHUVWlQGOLFKHUVFKHLQW© 6H\PRXUOlFKHOWHXQPHUNOLFKXQGHUZLGHUWHª'XVFKHLQVWHLQH6FKLIIVELEOLRWKHN JHIXQGHQ]XKDEHQ $EHULFKZUGHPLFKDQGHLQHU6WHOOHPHKUXP.RVPRJRQLHJHNPPHUWKDEHQDOVXP2VFDU:LOGH© -DUHGODFKWHª*XWJHNRQWHUWH3DQWKHU©

0UULVFKHQWJHJQHWH6H\PRXUª,FKZHL© 'DV HQWVWHKHQGH *HOlFKWHU NDP ]XU UHFKWHQ =HLW HV ORFNHUWH GLH 6SDQQXQJ GLH EHU GHP JHVFKHKHQ ODJ ª'X VFKHLQVW ZLH LFK GHU 0HLQXQJ ]X VHLQ DOOHV ]X ZLVVHQ QLFKW ZDKU"© IUDJWH 6H\PRXU ZHLWHU ª1DPHQ$GUHVVHQ'DWHQXQGVRZHLWHU'DVOlWVLFKDXI]XYHUOlVVLJH,QIRUPDWLRQHQQLFKWDEHUDXI HLQYRU]JOLFKHV+LUQVFKOLHHQ$XHUGHPLVW,URQLHQLFKWXQEHGLQJW3ULYDWEHVLW]²ZLUKDEHQDXFK HWZDV]XJHWHLOWEHNRPPHQ© =XIULHGHQVHW]WHHUVLFK]XUHFKWXQGOHKQWHVLFKDQª6SULFK-DUHG&ROQ©VDJWHHUOlFKHOQG ª.OJVWHU DOOHU 9lWHU© VDJWH GHU 6RKQ GHU ELVKHU JHVFKZLHJHQ KDWWH ªKLHU LQ GHQ XQHUPHOLFKHQ :HLWHQ GHV .RVPRV ELVW GX ZLH HV VFKHLQW DXI HLQHQ ZUGLJHQ *HJQHU JHVWRHQ 0XWWHU ² GHLQ *HPDKOHUKlOWHLQH/HNWLRQ© 9HQGDOlFKHOWHXQWHULKUHU0DVNHDXFKDXILKUHP*HVLFKWWDQ]WHGDV/LFKWXQGVFKXIJROGHQH:HOOHQ ª(UKDWVHLWUXQGYLHU]LJ-DKUHQWlJOLFK/HNWLRQHQHUKDOWHQRKQHHV]XPHUNHQKLHUPHUNWHUHV'DV LVW GHU 8QWHUVFKLHG $EHU EHYRU ZLU XQV LQ HLQ 'XHOO PLW =LWDWHQ XQG 6SLW]ILQGLJNHLWHQ HLQODVVHQ VROOWHQZLUGLH*HGXOGXQVHUHU*lVWHQLFKWOlQJHUVWUDSD]LHUHQª)DQJDQ-DUHG© -DUHG&ROQQLFNWH ª(VEHJLQQWGDPLWGDDPHOIWHQ-XOLHLQDOWHV6SULQJHUVFKLIILQGHQ5DXPVWDUWHWHGDVYRQHLQHU *UXSSHYRQYLHU]LJ6WXGHQWHQUDXPWFKWLJJHPDFKWZRUGHQZDU(VZDUPLWWHQLQHLQHU7UDQVLWLRQDOV HLQH6WRZHOOHGDV6FKLIIWUDIXQGLQGHQ1HEHOGHU-DJGKXQGHVFKOHXGHUWH© 6H\PRXUEHXJWHVLFKQDFKYRUQ ª'DVLVWHLQHDQGHUH*DOD[LVZLHGHU$QGURPHGDQHEHOKLHU© ª5LFKWLJ:LUKDEHQHLQHQ$U]WDQ%RUGJHKDEW²'U6WXDUW5XVKEURRN(UZDQGHOWHXQVXPLQGLHVH *HVWDOW GLH LKU KLHU EHZXQGHUQ N|QQW HV ZDU GDV SUDNWLVFKH (UJHEQLV VHLQHU 6WXGLHQDUEHLW :LU NRQQWHQ HLQHQ MXSLWHUlKQOLFKHQ 3ODQHWHQ QDPHQV &+52081' EHVLHGHOQ 'UHL (UGVFKZHUHQ XQG 6WLFNVWRIIDWPRVSKlUH GDIU VLQG ZLU DXVJHUVWHW XQG DXV GLHVHP *UXQG PVVHQ ZLU GLHVH XQSUDNWLVFKHQ$Q]JHWUDJHQZHQQZLUXQVLQQHUKDOEHLQHUQRUPDOHQ6DXHUVWRIIOXIWKOOHEHZHJHQ© ª6WLFNVWRII YHUPXWOLFK LVW HXHU 0HWDEROLVPXV DQGHUV YHUPXWOLFK VLQG DXFK GLH 6LQQH LUJHQGZLH YHUlQGHUW"©IUDJWH6H\PRXUODXW ª5LFKWLJ© HUZLGHUWH -DUHG &ROQ ª:LU K|UHQ VHKHQ XQG VSUHFKHQ DQGHUV GDKHU DXFK GLH )LOWHU XQG (QW]HUUHU 'DUEHU VSlWHU PHKU 1DFK HLQLJHU =HLW PDFKWHQ ZLU GLH %HNDQQWVFKDIW GHV JDUDQWLHUW PHUNZUGLJVWHQ:HVHQVGDVGHU.RVPRVNHQQW (V LVW HLQ LQWHOOLJHQWHU 1HEHO PLW HUVWDXQOLFKHQ )lKLJNHLWHQ ,FK WDXIWH LKQ $[KDODLVRP 1HEHO 'XQVW (U ZDU HV GHU XQV YRQ &+52081' ]XHUVW QDFK 7HUUD EUDFKWH GRUW HQWIKUWH LFK 9HQGD 'DQQNDPHQZLUZLHGHUQDFK&+52081']XUFNXQGEOLHEHQGRUWHLQH=HLWODQJ'HU=XVWDQGDEHU ZDUJHVSDQQWXQGVFKULHZHQLJVWHQVIUXQVQDFKHLQHUbQGHUXQJ© 6H\PRXUWUDIEOLW]VFKQHOOHLQLJH)HVWVWHOOXQJHQXQGVDKMHW]WHWZDVNODUHU(UEHVDQQVLFKMHGRFKXQG IUDJWHQXUªbQGHUXQJ²LQZHOFKHU5LFKWXQJ-DUHG"© ª,FK ZROOWH VWHWV HLQ 5DXPVFKLII KDEHQ HLQ 6FKLII EDXHQ XP GDPLW KHUXP]XUHLVHQ XQG PHLQHU /HLGHQVFKDIW ]X IU|QHQ GHQ 6WHUQHQ $XI &+52081' IDQG LFK QLFKW JHQJHQG 0LWDUEHLWHU DXFK IHKOWHQ XQV 0DVFKLQHQ XQG VRQVWLJH 0|JOLFKNHLWHQ 8QG VR EDW LFK EHL VHLQHP QlFKVWHQ %HVXFK XQVHUHQDOWHQ)UHXQG$[KDODLVRQXP5DW (UVDJWHPLUGDHVKLHUHLQHQYHUJHVVHQHQOHHUHQ3ODQHWHQJlEHDXIGHPHLQHKRFKWHFKQLVLHUWH5DVVH ODQJVDPGDKLQVWDUE6LHEDXWHQ5DXPVFKLIIHGLHVRJXWXQGVFKQHOOVLQGGDVLHIDVWMHQVHLWVXQVHUHV %HJUHLIHQVOLHJHQ ,FKEDWLKQPHLQH)DPLOLHXQGPLFKKLHUKHU]XEULQJHQ²XQGGDVLQGZLU6HLWYLHU-DKUHQOHEHQZLU KLHU:LUEDXHQDQXQVHUHP5DXPVFKLIIKHUXPXQGIUHXHQXQVGDUEHU8QGGDQQ© 6H\PRXUQLFNWHJULPPLJª8QGGDQQNDPGLHVHU1HEHOHLQHV7DJHVXQGVDJWH!6LHKPlFKWLJHUXQG NOXJHU7HUUDQHU'DJLEWHV3ODQHWHQEHUGHQHQ3ODWWIRUPHQVFKZHEHQ'LHVH3ODWWIRUPHQDQJHIOOW PLWYLHUHFNLJHQVFKZDU]HQ0lQQOHLQLQURWHQ2YHUDOOVVLQGWHXIOLVFKH'LQJHVLHYHUZDQGHOQGLH*HQH GHUEHWUHIIHQGHQ(LQJHERUHQHQXQGPDFKHQVLHXQIUXFKWEDU 'X7HUUDQHUELVWGDV8UELOGGHVHGOHQ0HQVFKHQ0DFKHGLFKDXIXQGXQWHUQLPPHWZDV 8QG GX VDJWHVW !:DV VROO LFK PDFKHQ LFK ELQ KLOIORV ,FK KDEH ZHGHU :DIIHQ QRFK 6FKLIIH ,FK EUDXFKH9HUVWlUNXQJ© ª6H\PRXU© VDJWH -DUHG YROOHU %HJHLVWHUXQJ ªGX VSULFKVW XQJHKHXHU NOXJH :RUWH 6R ZDU HV :LU NDPHQEHUHLQGDGLHVHQ5DVVHQJHKROIHQZHUGHQPXWH$[KDODLVRPNDQQYLHOHVDEHUHUNDQQQLFKW PDQLSXOLHUHQ ,FK NDQQ DXFK HLQLJHV DEHU LFK YHUPRFKWH QLFKWV JHJHQ GLH 3ODWWIRUPHQ DXV]XULFKWHQ

:LUEUDXFKWHQDOVR+LOIH8QGVRKROWH$[KDODLVRPDXVGHU1DFKEDUJDOD[LVHLQLJH© ª6LHE]HKQ6WFNJHQDX-DUHG©VDJWH6H\PRXUXQGKREGLH+DQG ª6LHE]HKQ 6FKLIIH :LU KROWHQ NHLQH )ORWWHQVFKLIIH GHQQ ZLU EUDXFKWHQ /LVW QLFKW 0DFKW 'LH 3ODWWIRUPHQ KlWWHQZLUVHOEVWKHUXQWHUKROHQRGHU]HUVW|UHQN|QQHQ DEHUGHQ %HZRKQHUQ YRQ % DWDUF 3RRQJDKEXUUXXQG7VKHQQDKZlUHGDPLWQLFKWJHKROIHQJHZHVHQDXFKQLFKWGHQZHQLJHQ:HVHQYRQ 1JDUGPDXQ :LUKROWHQXQV)UDFKWHU 'LHVH 6FKLIIH PHLVW XQWHU DXHUJHZ|KQOLFK IlKLJHQ .DSLWlQHQ KDEHQ XQV YLHO JHKROIHQ (LQLJH VLQG OHLGHUYHUQLFKWHWZRUGHQ© 6DVDNLVDJWH VFKDUI ª:LU VDKHQ DOOHLQ DXI3RRQJDKEXUUX ]ZHLVROFKHDXVJHEUDQQWHQ:UDFNV(V ZDU HLQHUVFKWWHUQGHU$QEOLFNGHU]XYHUPHLGHQJHZHVHQZlUH© -DUHG&ROQEOLFNWH&KXWH6DVDNLHLQHQ0RPHQWODQJVFKZHLJHQGDQGDQQHUZLGHUWHHUHUQVWª,FKZHL ²DEHUGDUEHUDXFKVSlWHU©ª:HLWHU©EDW6H\PRXU ª'LH DQGHUHQ VLQG QRFK EHVFKlIWLJW GLH 3DGGOHU XP]XVWLPPHQ 6LH OHJHQ EHDFKWOLFKHV *HVFKLFN DQ GHQ 7DJ :HQQ DOOH VROFKH .DSLWlQH KlWWHQ ZLH GLH 9$1(66$ ZUGHQ ZLU GLHVHQ 6WHUQEH]LUN GHV +DORVVFKRQUHVWORVJHVlXEHUWKDEHQ© ª=X JWLJ© DQWZRUWHWH 6H\PRXU WURFNHQ ªDEHU LFK ZHL VHOEVW ZLH JXW LFK ELQ $XHUGHP ELQ LFK QLFKWHLQIDFK.DSLWlQVRQGHUQ$JHQWGHU*DODNWLVFKHQ$EZHKUXQWHU$OODQ'0HUFDQW© ª'DVlQGHUWGLH9RUDXVVHW]XQJHQ©VDJWH-DUHG ª$EHUNHLQHVZHJVGLH/DJH© ª1HLQ GDV QLFKW $EHU LFK EUDXFKH PLU HWZDV ZHQLJHU 6RUJHQ ]X PDFKHQ ,PPHUKLQ LVW HLQ $JHQW EHVVHUIUGLHVH$XIWUlJHJHUVWHWDOVHLQHLQIDFKHU+DQGHOVNDSLWlQ© ª'LH1DPHQKDVWGXYHUPXWOLFKYRQGHLQHPQHEHOKDIWHQ)UHXQGGHUDXFKDOV/LFKWEOLW]EHUGHU,QVHO DXI7VKHQQDK]XVHKHQZDU+DEHLFKUHFKWRGHUJLEWHVHLQHDQGHUH0|JOLFKNHLW"© -DUHG &ROQ QLFNWH ]XVWLPPHQG (U PXWH GHP 'DWXP QDFK ]X XUWHLOHQ GLH 6HFK]LJ EHUVFKULWWHQ KDEHQ$EHUHUVDKMQJHUDXVVFKODQNHUXQGVHKQLJHU6HLQH)UDXZDUHLQH6FK|QKHLW ª(VJDEXQGJLEWNHLQHDQGHUH0|JOLFKNHLW$[KDODLVRPLVWXQVHUEHVWHU9HUEQGHWHUXQGWXWZDVHU NDQQ8QGHUNDQQVHKUYLHO© 6DVDNLVFKDOWHWHVLFKHLQ ª6RILQGHQIDVWDOOHGHUPHUNZUGLJHQ'LQJHXQG(UOHEQLVVHGLHZLUYRQGHU9$1(66$KDWWHQRGHU VDKHQ HLQH JODXEKDIWH DEHU QLFKWVGHVWRZHQLJHU DWHPEHUDXEHQGH (UNOlUXQJ :LU ZHUGHQ VSlWHU QRFK YLHOGDUEHU]XUHGHQKDEHQ-DUHG'XVDJVWGDGHLQH)DPLOLHXQGGXDQHLQHP5DXPVFKLIIEDXHQ .|QQHQZLUGDV6FKLIIVHKHQ"© ª6HOEVWYHUVWlQGOLFK© HUZLGHUWH 5HJLQDOG &ROQ GHU 6RKQ GHV *ROGHQHQ ª$EHU HV JLEW VLFKHU QRFK )UDJHQJHQXJ© ª-D©VDJWH6H\PRXUª8QG]ZDUQXUVROFKHYRUOlXILJGLHPLWGHQ3DGGOHUQ]XVDPPHQKlQJHQ:RKHU NRPPHQGLHVH:HVHQ"© ª$XV GHP =HQWUXP YRQ $QGURPHGD 6LH IORJHQ GRUW VHLW -DKUWDXVHQGHQ XPKHU XQG DUEHLWHWHQ IU %H]DKOXQJ6LHZDUHQHKHGLH+HUUHQVLHLQLKUH'LHQVWHSUHWHQHLQH5DVVHGLHPDQEHUDOOJHUQVDK 'DVKDWVLFKJHlQGHUW© 6H\PRXUQLFNWHª'DVZHLLFKEHUHLWV:LHLVWGLH6LWXDWLRQDXI1JDUGPDXQ"© ª6HKUNRPSOL]LHUW.DSLWlQ© ª:LHNRPSOL]LHUW"©IUDJWH6H\PRXU ª+LHU OHEHQ QXU QRFK UXQG ]ZDQ]LJWDXVHQG 1JDUGPDXQ (V VLQG IDVW KXPDQRLGH :HVHQ PLW HLQHP KRKHQ VFKPDOHQ 6FKlGHO XQG HLQHP HLQ]LJHQ $XJH GDV DEHU ZLH HLQ EUHLWHV %DQG EHU GLH 9RUGHUVHLWHGHV6FKlGHOVOlXIW 6LH VLQG VHLW IQI]HKQ 7HUUD-DKUHQ XQWHU GHP %HVFK GHU 3DGGOHUVWUDKOXQJ 8QG GD VLH HLQH /HEHQVHUZDUWXQJ YRQ UXQG VHFK]LJ 1JDUGPDXQ-DKUHQ KDEHQ ZDV HWZD YLHU]LJ 7HUUD-DKUHQ HQWVSULFKWWULIIWHVVLHEHVRQGHUVKDUW$OWH1JDUGPDXQEHNRPPHQNHLQH.LQGHUPHKUXQGHVLVWQLFKW PHKUYLHO=HLW 6LH ZXUGHQ Y|OOLJ NRSIORV XQG IORKHQ KLQDXV LQ GLH :LOGQLV 'HU 3ODQHW LVW YRU -DKUKXQGHUWHQ YRQ HLQHP JHZDOWLJHQ 6FKDXHU YRQ 5LHVHQPHWHRUHQ KHLPJHVXFKW ZRUGHQ XQG ]ZLVFKHQ GHQ HLQ]HOQHQ .UDWHUQ GLH GHQ 3ODQHWHQ EHUDOO EHGHFNHQ LVW GLFKWHU 'VFKXQJHO 1XU LQQHUKDOE GHU 5LQJZlOGHU HQWVWDQGHQGLH6LHGOXQJHQ'LHVH]ZDQ]LJWDXVHQG1JDUGPDXQZDUWHQDXIGHQ7RG8QGZLUVHKHQ]X XQGN|QQHQQLFKWVEXFKVWlEOLFKQLFKWVGDJHJHQWXQ'DVLVWHLQHPHKUDOVVFKHXOLFKH6LWXDWLRQ© 6H\PRXU QLFNWH ZLHGHU XQG VDJWH PGH ª,FK ZHL 1LFKWV LVW VR VFKOLPP ZLH GDV *HIKO GHU

2KQPDFKWGHV1LFKWKHOIHQN|QQHQV:DVVROOHQZLUWXQ"© ª'DVJOHLFKHZLHDXI7VKHQQDK© ª*HQDXGDVJOHLFKH"© ª-D (LQH 6WHLJHUXQJ GHU )UXFKWEDUNHLW XQG VRIRUWLJHQ $EIOXJ :LU N|QQHQ GLHVH 3DGGOHU QLFKW EUDXFKHQ© ª8QGGDQQ"© ª:DV²GDQQ"©IUDJWH-DUHG ª:LUNRPPHQYRQ7HUUDYHUJLGDVQLFKW8QGZLUKDEHQQLFKWGLHJHULQJVWH/XVWKLHULP1HEHOGHU $QGURPHGDXQVHUH=HOWHIUGHQ5HVWGHVNXU]HQ/HEHQVDXI]XVFKODJHQ,FKKDEHHLQH9HUDEUHGXQJLQ 7HUUDQLD:LUZROOHQ]XUFN© ª'DVLVWVFKZLHULJ© ª+LHUVWHKW$UEHLWJHJHQ/RKQ.HLQ5FNIOXJNHLQH+LOIHJHJHQGLH3DGGOHU© ª'DVKlQJWHLQ]LJXQGDOOHLQYRQ$[KDODLVRPDE©VDJWH-DUHGEHNPPHUWª,FKZHLQLFKWRELFKLKQ XPVWLPPHQNDQQ9HUVXFKHQZHUGHLFKHVELV]XPlXHUVWHQLFKNHQQHGLH3UREOHPH© ª-DUHG© VDJWH 6H\PRXU ªZLU JHKHQ MHW]W ]XP 6FKLII ]XUFN GHQQ VRQVW ZHUGHQ XQVHUH 0lQQHU XQJHGXOGLJ :LU VFKHLGHQ RKQH *UROO GHQQ ZLU KDEHQ QRFK JHQJHQG =HLW XQV EHU DOOHV ]X XQWHUKDOWHQ ,FK ODGH HXFK IU PRUJHQ IUK LQV 6FKLII HLQ ,FK ZHUGH PHLQH /HXWH HQWVSUHFKHQG YRUEHUHLWHQ XQG PHLQH *lVWH ZHUGHQ VLFK VLFKHUOLFK EHGDQNHQ ZROOHQ GHQQ VFKOLHOLFK KDEHQ VLH HV HXFK]XYHUGDQNHQGDLKUH5DVVHQLFKWDXVJHO|VFKWZXUGH:HUGHWLKUNRPPHQ"© 'LH*ROGKlXWLJHQQLFNWHQ ª1DWUOLFK JHUQ 6HKU JHUQ hEULJHQV GHU $XIHQWKDOW DXI 1JDUGPDXQ LVW IU XQV XQG IU HXFK YROONRPPHQ XQJHIlKUOLFK :LU PVVHQ QDWUOLFK ZHLO 6DXHUVWRII IU XQV *LIW LVW XQVHUH $Q]JH EHKDOWHQDEHUZLUEUDXFKHQNHLQHUOHLJHQHWLVFKH6FKlGHQ]XEHIUFKWHQ© 5HJLQDOG&ROQVDJWHVHLQHQ9DWHUXQWHUEUHFKHQGª*HKWDEHUELWWHQLFKWLQGLH'VFKXQJHO© ª'VFKXQJHO"©IUDJWH6DVDNLXQGEOLHEVWHKHQ ª-D'LH7LHUHDXHUKDOEGHU5LQJZlOOHKDEHQHLQHXQHUNOlUOLFKH6FKHXYRUGHU,QQHQVHLWH6LHEOHLEHQ GUDXHQDEHULQLKUHQHLJHQHQ%HUHLFKHQVLQGVLHVHKUJHIlKUOLFK© ª,Q2UGQXQJ©HUZLGHUWH6H\PRXUªZLUZHUGHQXQVGDUDQKDOWHQ© ª:LHODQJHGDXHUWQRFKGLH1DFKWDXI1JDUGPDXQ"©IUDJWH6DVDNL ª1RFKYROOHVLHEHQWHUUDQLVFKH6WXQGHQ© 6H\PRXUEOLFNWHDXIVHLQH3LORWHQXKUª*XW,FKVHKHHXFKGUHLDOVRXPQHXQ8KULP6FKLII-HW]WLVWHV ]ZHL8KUQDFKWVLQXQVHUHU6FKLIIV]HLWDOVR7HUUD1RUPDO© ª:LUZHUGHQNRPPHQ©6LHVFKWWHOWHQVLFKGLH+lQGH 'LH JROGHQHQ 0HQVFKHQ EHJOHLWHWHQ GLH ]ZHL 7HUUDQHU KLQDXV XQG JLQJHQ GHQ KDOEHQ :HJ ELV ]XP 6FKLII PLW 'DQQ NOHWWHUWHQ 6H\PRXU XQG 6DVDNL GLH /HLWHU KRFK XQG WUDIHQ LQ GHU 6FKOHXVH DXI /DQJZ\QGHUPLWHLQHU0DVFKLQHQZDIIHLP$UPDP6FKOHXVHQUDQGVDXQG:DFKHKLHOW ª0RUJHQ XP DFKW 8KU WULIIW VLFK DOOHV LQ GHU 0HVVH /DQJZ\Q :LU KDEHQ HLQH DXIVHKHQHUUHJHQGH (QWGHFNXQJJHPDFKW2GHUQHXH)UHXQGHJHIXQGHQZLHPDQHVDXVGUFNHQZLOO© ª,FKZHUGHHVYHUDQODVVHQ.lSWHQ6RQVWNHLQH9RUNRPPQLVVH© 6H\PRXUGHXWHWHHLQHQ*UXDQXQGVSUDQJQHEHQ6DVDNLLQGHQ$QWLJUDYVFKDFKW6LHVWLHJHQREHQLQ GHU =HQWUDOH DXV XQG VHW]WHQ VLFK LQ LKUH 6HVVHO 6LH EOLFNWHQ VLFK ODQJH VFKZHLJHQG DQ GDQQ VDJWH 6H\PRXU ª,FK HQWVLQQH PLFK GXQNHOYRU HLQLJHQ-DKUHQ HWZDV EHUGLH JROGHQHQ 0HQVFKHQJHOHVHQ ]XKDEHQ (VZDUHLQH'RNXPHQWDWLRQGLHVLFKPLWGHU$QSDVVXQJEHVFKlIWLJWH6LHVFKLOGHUWHGHQ9RUJDQJGHU VLFKDXI&+52081'DEJHVSLHOWKDEHQPX8QGJHUDGHZLUWUHIIHQKLHU²PHKUDOV]ZHL0LOOLRQHQ /LFKWMDKUHYRQ7HUUDHQWIHUQW²DXIGLHJROGHQHQ0HQVFKHQ© ª(VLVWXQJODXEOLFK©DQWZRUWHWH6DVDNL 6LHNDPHQ (LQH6WDKOSODWWHLQGHU6HLWHGHVUHFKWHFNLJHQ*HElXGHV|IIQHWHVLFKODQJVDP'UHL*HVWDOWHQWUDWHQLQ GDV /LFKW KHUDXV GDV LKQHQ URW HQWJHJHQIOXWHWH (QL %DUDUD OHXFKWHWH ZLH HLQ GLIIXVHU URWEUHQQHQGHU 6FKHLQZHUIHU'LH6RQQHHUKREVLFKEHUGLH=LQQHQGHV5LQJZDOOHVHLQHVWUDKOHQGH.XJHOPLWHLQHP IHLQHQ ZHLHQ +RI GDUXP 'LH 6LOKRXWWH GHV 6FKLIIHV ² JURWHVNLQ HLQH (OOLSVH YHUZDQGHOW ² OHJWH VLFK EHU GLH KIWKRKHQ *UlVHU GLH .XJHOEVFKH XQG GLH SDOPHQlKQOLFKHQ %lXPH GHV 5LQJNUDWHUV 7DX]LWWHUWHIXQNHOQGDXI6SLW]HQXQG+DOPHQ 'LH*ROGKlXWLJHQVFKULWWHQDXIGLH9$1(66$]X -DUHG &ROQ HLQ 0DQQ YRQ UXQG IQIXQGVHFK]LJ -DKUHQ GHU WURW] VHLQHV $OWHUV HUVWDXQOLFK MXQJ

JHEOLHEHQZDU1XUGLH/LQLHQGHV*HVLFKWVKDWWHQVLFKYHUWLHIW 'DQHEHQJLQJVHLQ6RKQ5HJLQDOG(UZDUHWZDGUHLLJMlKULJXQGVDK-DUHGHUVWDXQOLFKlKQOLFK²HLQH MQJHUH9HUVLRQVHLQHV9DWHUV)UGLH)UDXQHEHQLKQHQVFKLHQGLH=HLWHUVWDUUW]XVHLQ6LHNRQQWHQXU ZHQLJH-DKUHMQJHUVHLQDOV-DUHGVDKDEHUZLHHLQH)QIXQGGUHLLJMlKULJHDXV6RNDPHQVLHGXUFK GDV*UDVDXIGDV6FKLII]X 6H\PRXU6DVDNL 5RRWKDUG XQG /DQJZ\Q VWDQGHQ XQWHU GHU RIIHQHQ 3ROVFKOHXVH 'HU 5HVW GHU 0DQQVFKDIWVDLQGHU0HVVHYRUGHPJURHQ6FKLUPDXIGHPGLH$QNXQIWEHREDFKWHWZHUGHQNRQQWH =ZLVFKHQ GHQ 7HUUDQHUQ VDHQ GLH NOHLQHQ 3DWULDUFKHQ GHV :VWHQVWDPPHV (LQH HUZDUWXQJVYROOH 6SDQQXQJKDWWHVLFKDXVJHEUHLWHW 'LH/DQGVFKDIWZXUGHMHW]WPLWHUVFKUHFNHQGHU3O|W]OLFKNHLWOHEHQGLJ 'LH +LW]H GHV NRPPHQGHQ 7DJHV HQWORFNWH GHQ 3IODQ]HQ *HUFKH XQG *HUlXVFKH *HUFKH VLH GUDQJHQ ]ZLVFKHQ +DOPHQ XQG %OlWWHUQ KHUYRU XQG EUDFKWHQ 0RGHU IULVFKHQ 3IODQ]HQDWHP XQG GLH VFKDUIH $XVGQVWXQJ YHUZHONHQGHU %OWHQWHLOH PLW VLFK 'LH 7LHUH HUZDFKWHQ XQG UHLKWHQ VLFK HLQ LQ GHQ .UHLVODXI 6LH HUIOOWHQ GLH /XIW PLW %UXPPHQ PLW PHFNHUQGHQ 6FKUHLHQ XQG PLW HLQHP IRUWZlKUHQGHQ.QDFNHQ6FKPDW]HQXQG=LUSHQ ª+LHU VLQG ZLU© VDJWH -DUHG &ROQ 'LH 7HUUDQHU VFKWWHOWHQ VLFK GLH +lQGH XQG EHWUDFKWHWHQ VLFK JHJHQVHLWLJLQGHPYHUVFKOHLHUWHQ/LFKWGHU6RQQHYRQ1JDUGPDXQ ª8QVHUH0lQQHUVLQGVFKRQLQGHU0HVVHXQGZDUWHQDXIHXFK©VDJWH6H\PRXUXQGHUJULIIGLH6SURVVH GHU/HLWHU1DFKHLQDQGHUVFKZHEWHQVLHGXUFKGHQ$QWLJUDYVFKDFKWKRFK 'DQQ VWDQGHQ VLH VLFK LQ GHU 0HVVH JHJHQEHU 7HUUDQHU XQG 7HUUDQHU 1RUPDOH 5DXPVFKLIIHU GLH ]ZLVFKHQGHQUHODWLYEHNDQQWHQ*UHQ]HQGHUHLJHQHQ*DOD[LVDXIJHZDFKVHQZDUHQXQG7HUUDQHUGHUHQ XQIDEDUHV6FKLFNVDOVLH]XIUHPGHQXQGXQJHZ|KQOLFKHQ(UVFKHLQXQJHQKDWWHZHUGHQODVVHQ 'LH 6WLPPH -DUHG &ROQV HUIOOWH SO|W]OLFK GLH 0HVVH PLW HLQHP 7RQ GHU DQ VFKZLUUHQGH 6WDKOVDLWHQ HULQQHUWH ª0lQQHUGHU 9$1(66$©VDJWHHUKDOEODXWªYHUPXWOLFK ZHUGHWLKUHUVWDXQWVHLQXQVKLHU]XVHKHQ 'DHXHU.DSLWlQEHUHLWVHU]lKOWKDWDXVZHOFKHQ*UQGHQZLUVRDXVVHKHQZLHZLUDXVVHKHQHUEULJW VLFKHLQHODQJH%HULFKWHUVWDWWXQJ,FKP|FKWHHXFKGDQNHQGDLKUXQVVRJHKROIHQKDEW :LUGUHLKLHUVLQGGDUDQVFKXOGGDGLH9$1(66$HQWIKUWZXUGH ,FKJODXEHGDLFKGLH*UQGHGDIUNODUOHJHQPX²LFKELQHVHXFKVFKXOGLJ© 6HOEVW6H\PRXUGHUEHUHLQUHLFKKDOWLJHV9RNDEXODUPHQVFKOLFKHU$XVGUXFNVP|JOLFKNHLWHQXQGEHU HLQHQSV\FKRORJLVFKJHVFKXOWHQ9HUVWDQGYHUIJWHZDULP%DQQGLHVHU6WLPPH-DUHG&ROQZDUZHQQ HVVRHWZDVJDEHLQ9LUWXRVH $WHPORVH(UZDUWXQJODJEHUGHU6]HQH -DUHGDQJHOWHVLFKHLQHQ6WXKOGUHKWHLKQKHUXPXQGVWW]WHGLH$UPHDXIGLH/HKQH 'DQQVSUDFKHUZHLWHU ª:LU DOOH VLQG 7HUUDQHU $OV PHLQ )UHXQG GLHVHU LQWHOOLJHQWH 1HEHO $[KDODLVRP PLU GLH 1DFKULFKW EHU GLH 3DGGOHUSODWWIRUPHQ EUDFKWH EHVFKOR LFK GHQ EHGURKWHQ 5DVVHQ ]X KHOIHQ $EHU LFK PXWH VFKRQQDFKHUVWHQhEHUOHJXQJHQHLQVHKHQGDLFKQLFKWVWXQNRQQWH²EXFKVWlEOLFKQLFKWV 6LFKHU ² ZLU NRQQWHQ GLH 3ODWWIRUPHQ ]HUVW|UHQ :LU NRQQWHQ DEHU LQ NHLQHU :HLVH GLH 3DGGOHU ]ZLQJHQHWZDV]XWXQRGHUGDV*HJHQWHLO]XODVVHQ'DVVDKHQZLUHLQ(LQ-DKUODQJGLVNXWLHUWHQZLU 0|JOLFKNHLWHQ YHUZDUIHQ VLH ZLHGHU HUIDQGHQ DQGHUH :HJH VFKOLHOLFK EOLHE GLH ELWWHUH (UNHQQWQLVGDZLUQLFKWKHOIHQNRQQWHQ1LFKWV1LHPDQGHQ© 6H\PRXU GHU GHQ 7HFNR LQ GHU %UXVWWDVFKH XQG GHQ 9HUVWlUNHU DP 6FKlGHONQRFKHQ WUXJ PXWH DQHUNHQQHQ GD GLHVH VFKLOOHUQGH 3HUVRQ KLHU YRU LKP GLH UHLQH :DKUKHLW VSUDFK ² GDV ZLVSHUQGH 6WLPPFKHQGHV7HFNRVYHUULHWHV (UEOLFNWHVLFKXPZlKUHQG-DUHGZHLWHUVSUDFKXQGGLH7HUUDQHULQVHLQHUJHLVWLJHQ)HVVHOKLHOW 9HQGDXQG5HJLQDOGVWDQGHQQHEHQ6H\PRXU2KQHMHGHV*HUlXVFKKROWH6H\PRXU]ZHL0HVVHVWKOH VFKREVLHQHEHQHLQDQGHUXQGGHXWHWHGDUDXI ª'DQNH© ª:LU EUDXFKWHQ 9HUEQGHWH RGHU +HOIHU 8QG GD ZLU HLQH VHKU KRKH 0HLQXQJ YRQ GHP (LQIDOOVUHLFKWXP XQG GHP 0XW GHU 7HUUDQHU KDEHQ QLFKW ]X 8QUHFKW ZLH VLFK UDVFK ]HLJWH GDFKWHQ ZLUDQ+HOIHUYRQ7HUUD.ULHJVVFKLIIHVFKLHGHQDXVGHQQVLHKlWWHQQXU]HUVW|UHQN|QQHQ:LUPXWHQ MD GLH 3DGGOHU GD]X ]ZLQJHQ GLH *HQ0XWDWLRQHQ UFNJlQJLJ ]X PDFKHQ XQG GHQ )RUWEHVWDQG GHU EHGURKWHQ5DVVHQ]XVLFKHUQ $OVRGDFKWHQZLUDQ)UDFKWVFKLIIH :LU KROWHQ KLQWHUHLQDQGHU VLHE]HKQ 6FKLIIH YRQ GHU 5RXWH ]ZLVFKHQ 3UDHVHSH XQG GHQ 3OHMDGHQ XQG

EUDFKWHQ VLH LQ GUHL YHUVFKLHGHQH 6WHUQEDOOXQJHQ GHV $QGURPHGDQHEHOV =ZHL GHU 6FKLIIH YHUXQJOFNWHQDXI3RRQJDKEXUUHLQHVZXUGHEHU1RKWHOSDGDEJHVFKRVVHQ'LHEULJHQDEHUEHJULIIHQ VHKU VFKQHOO ZDV ZLU ZROOWHQ XQG ULFKWHWHQ VLFK GDQDFK 6LH HUP|JOLFKWHQ GXUFK $NWLRQHQ GLH PDQ VLFK HLQIDOOVUHLFKHU RIW QLFKW YRUVWHOOHQ NDQQ GD LQVJHVDPW VLHEHQXQGYLHU]LJ 3ODQHWHQ YRU GHP $XVVWHUEHQEHZDKUWZHUGHQNRQQWHQ© ª:LHYLHOH"©IUDJWH6DVDNL-DUHGGUHKWHVLFKNXU]XPXQGVDJWHª6LHEHQXQGYLHU]LJ© 'LH IDV]LQLHUHQGH 6WLPPH VSUDFK ZHLWHU ª:LH YLHOH 0LOOLDUGHQ YRQ )UHPGHQ ZLU GDGXUFK JHUHWWHW KDEHQOlWVLFKQLFKWPHKUIHVWVWHOOHQXQGLVWOHW]WHQ(QGHVDXFKYROONRPPHQJOHLFKJOWLJ :LFKWLJ LVW GD ZLU PLW XQVHUHQ 0|JOLFKNHLWHQ HLQHV GHU XQJHKHXHUOLFKVWHQ 9HUEUHFKHQ JHVWRSSW KDEHQ GDV MH EHJDQJHQ ZHUGHQ NDQQ ² GHQ JH]LHOWHQ $UWHQWRG 8QG LFK JODXEH GD DOOHLQ GLHVHV %HZXWVHLQMHGHQ(LQVDW]ZHUWZDU+DWMHPDQGGD]XHLQH)UDJH"© (LQ5DXPPDWURVHPHOGHWHVLFK ª:LHKDEWLKUHUIDKUHQZDVDXIGHQEHGURKWHQ3ODQHWHQYRUVLFKJLQJXQGZLHNRQQWHWLKUGLH6FKLIIH NDSHUQ"© ª,FK VDJWH VFKRQ GD ZLU HLQHQ EHUDXV PlFKWLJHQ )UHXQG KDEHQ (V LVW HLQ 1HEHO GHU NRVPLVFKHQ 8UVSUXQJVLVW6WHUQHQPDWHULHDEHUKRFKLQWHOOLJHQW(UKDWQXUHLQHQHLQ]LJHQ/HEHQV]ZHFN(UUDVW GXUFKGLH:HLWHQGHV$OOVXP]XVHKHQXQG]XEHREDFKWHQ(UNDPHLQHV7DJHV]XXQVHUHU+HLPDW² &+52081' ² XQG EHULFKWHWHXQVYRQGHQ 3DGGOHUSODWWIRUPHQ *OHLFK]HLWLJ EHULFKWHWH HU PLU GD KLHUDXI 1JDUGPDXQ HLQXQIHUWLJHV5DXPVFKLII VWHKH 0HLQ 7UDXP LVWHVGLHVHV 6FKLII IHUWLJ]XEDXHQ XQGGDPLW:HOWHQ]XEHVXFKHQGLHPLFKLQWHUHVVLHUHQ© ª:LHNDPWLKU²XQGZLHNDPHQGLH6FKLIIHKLHUKHU"© ª'HU 1HEHO KDW GLH )lKLJNHLW *HJHQVWlQGH DXI ]ZHLHUOHL $UWHQ ]X WUDQVSRUWLHUHQ (QWZHGHU HU YHUZDQGHOWVLHLQVHLQHHLJHQH0DWHULHXQGZlFKVWI|UPOLFKPLWLKQHQ]XVDPPHQXQGXPJHNHKUWRGHU HUXPVSLQQWGLH*HJHQVWDQGVXQGUHLWVLHLQGHQ=XVWDQGVUDXPLQGHPHUVLFKEHILQGHW'LHVJHVFKDK PLW GHQ 6FKLIIHQ 'DEHL NDQQ HU XQHUPHOLFK ZHLWH 6WUHFNHQ LQ VHKU NXU]HU =HLW EHUZLQGHQ (U LVW DXFK ZlKUHQG GLHVHU 5HWWXQJVDNWLRQ VWlQGLJ XQWHUZHJV ² HV VLQG IU LKQ NOHLQH 6SD]LHUIOJH VR VFKQHOOLVWHU²XQGEHREDFKWHWDOOHVXPPLU]XEHULFKWHQ© ª,FKYHUVWHKH©VDJWHGHU5DXPPDWURVH 3LNR\ GHU 6WDPPHVULFKWHU YRQ 3RRQJDKEXUUX ULFKWHWH VLFK DXI XQG VDJWH ]X 6H\PRXU DXI % DWDUF ª)UDJHLKQZLHHUVLFKGDV9RUJHKHQDXI1JDUGPDXQYRUVWHOOW"© 6H\PRXUEHUVHW]WHVFKQHOOXQGZDUWHWHGDQQDXIGLH$QWZRUW ª(VZLUGGDV%HVWHVHLQZHQQLKUGLH6XJJHVWRUHQGHQ3DGGOHUQEHIHKOWGDVLHGLH)UXFKWEDUNHLWGHU OHW]WHQ 1JDUGPDXQ HUK|KHQ GHQQ HV JLEW QLFKW PHKU VHKU YLHOH =HXJXQJVIlKLJH XQWHU LKQHQ 8QG VREDOG GLHVH $NWLRQ DEJHVFKORVVHQ LVW ² VRIRUWLJHU 5FNIOXJ LQ GDV =HQWUXP GHV $QGURPHGDQHEHOV .|QQWLKUGDVVFKDUIHQ"© 3LNR\ QLFNWH ª:LU N|QQHQ HV :HQQ GLH 3DGGOHU GDV YHUP|JHQ ZDV GX YHUODQJVW ZHUGHQ GLH 1JDUGPDXQOHEHQ²ZLHZLU© 6H\PRXUEHUVHW]WHZLHGHU'DQQVWW]WHHUVHLQHQ)XDXIGHQ6LW]GHV6WXKOHVYRULKPXQGZDQGWH VLFKDQ-DUHG&ROQ ª'DV.DUGLQDOSUREOHPDEHULVWQRFKQLFKWJHO|VW :LUN|QQHQQDWUOLFKGLHIQI3DWULDUFKHQQDFK3RRQJDKEXUUX]XUFNIOLHJHQGDVZHUGHQZLUDXFKWXQ VREDOGZLUPLWGHQ3DGGOHUQIHUWLJVLQG:LUN|ULQHQDEHUQLFKWDXVHLJHQHU.UDIWLQGLHHLJHQH*DOD[LV ]XUFNNHKUHQ $OVR PVVHQ ZLU DXI GHP QlPOLFKHQ :HJ ]XUFNJHEUDFKW ZHUGHQ ZLH ZLU JHKROW ZRUGHQVLQG© ª'XUFKGLHVHQ1HEHO$[KDODLVRP©HUJlQ]WH&KXWH6DVDNL ª'DUDXIPVVHQZLUEHVWHKHQ(VNDQQXQGGDEHLPXWGXXQVUHFKWJHEHQQLFKWGHU6LQQGHU$NWLRQ VHLQ GD ZLU KLHU ]XJUXQGH JHKHQ %HL DOOHU 7ROHUDQ] ² GDJHJHQ JLEW HV QLFKW QXU JHIKOVPlLJH *UQGHVRQGHUQHLQH0HQJHVDFKOLFKHU$UJXPHQWH© -DUHG&ROQJULQVWH ª1DWUOLFK'DV3UREOHPKDWWHQZLUEHUHLWVHKHZLUGLH6FKLIIHKROWHQ$[KDODLVRPNDQQQDWUOLFKGLH 6FKLIIHMHGHU]HLW]XUFNEULQJHQDEHUHUZLOOHVQLFKWWXQ© 6H\PRXUVHW]WHVLFKXQGVWDUUWH-DUHGDQ ª'DV LVW QLFKW PL]XYHUVWHKHQ© VDJWH HU WURFNHQ ª(U ZLOO DOVR QLFKW 8QG PLW ZHOFKHU %HJUQGXQJ ZLOOHUQLFKW"© -DUHG &ROQ VDJWH ]XU 0DQQVFKDIW JHZDQGW ª'HU 1HEHO KDW HLQ DXVJHVSURFKHQ KRKHV *HUHFKWLJNHLWVHPSILQGHQ(UVDJWJDQ]ULFKWLJGDGLHJURH2UGQXQJDOOHU'LQJHJHVW|UWZUGH

,PPHUKLQPDFKWVLFKGLH0HQVFKKHLWEDOGDXIGHQ:HJQDFK$QGURPHGD:HQQLKU]XUFNNRPPWXQG EHULFKWHW ZHOFKH *HIDKUHQ DXI GLH 7HUUDQHU ZDUWHQ VR LVW GLHV HWZDV ZDV GLH NRVPLVFKH 2UGQXQJ VW|UW1XUDOOHLQDXVGLHVHP*UXQGZLOO$[KDODLVRPGLH6FKLIIHQLFKW]XUFNEULQJHQ© ª'DV LVW YHUVWlQGOLFK DEHU HV WU|VWHW XQV QLFKW 6FKOLHOLFK VLQG ZLU HV GLH PLW LKUHP /HEHQ GDIU EH]DKOHQPVVHQ0DQYHUODQJWYRQXQVGDZLUXQVYLHOOHLFKWPLWDUWIUHPGHQ:HVHQ]XVDPPHQDXI HLQHP 3ODQHWHQ QLHGHUODVVHQ GHU QLFKWXQVHUH +HLPDW LVW (UZLHVHQHUPDHQ LVW GHU )RUWEHVWDQG HLQHU 5DVVH QXU VHKU VFKZLHULJ ]X VLFKHUQ ZHQQ HLQ WRWDOHU 0DQJHO DQ )UDXHQ KHUUVFKW 'DV N|QQHQ QLFKW HLQPDOGLH3DGGOHUlQGHUQ© -DUHG ODFKWH OHLFKW ª+XPRU LVW HLQH VFK|QH (LJHQVFKDIW .DSLWlQ $OFROD\D %HVRQGHU LQ YHUIDKUHQHQ 6LWXDWLRQHQ© 6H\PRXU JDE ]XUFN ª:HQQ GX ZWHVW ZLH ZHQLJ OXVWLJ ZLU GLHV DOOHV ILQGHQ ZUGHVW GX HUVFKUHFNHQ© ª,PPHUKLQLVW5HVLJQDWLRQQLFKWGLHULFKWLJH*HLVWHVKDOWXQJHLQHV$JHQWHQGHU$EZHKUDXFKZHQQHU LQ GHU 5ROOH HLQHV .DSLWlQV DJLHUW© IXKU -DUHG IRUW ªHV LVW XQVLQQLJ GDUEHU]X GLVNXWLHUHQ (V ZLUG XQV VLFKHU JHOLQJHQ $[KDODLVRP ]X EHU]HXJHQ ,FK VHOEVW ZHUGH PLWNlPSIHQ DOV RE HV XP PLFK JLQJH :HQQHVJHOLQJWGLH9$1(66$]XUFN]XEULQJHQLVWDXFKGDV6FKLFNVDOGHUDQGHUHQ6FKLIIHJHNOlUW $EHU HV ZLUG VFKZLHULJ VHLQ 'HU 1HEHO LVW QLFKW KLHU DEHU HU ZLUG NRPPHQ XP ]X EHULFKWHQ 9HUPXWOLFKLQHLQLJHQ7DJHQ'DQQZHUGHQ6H\PRXUXQGLFKPLWLKPVSUHFKHQ© *ULPPLJQLFNWH6H\PRXUª'DVZHUGHLFKWXQ© ª+DVWGXGHQJHQDXHQ6WDQGRUWGHU3ODWWIRUP"©IUDJWH6DVDNLGHQJROGHQHQ0HQVFKHQ ª5HJLQDOG© 5HJLQDOG&ROQEHUJDEGHP1DYLJDWRUHLQ]XVDPPHQJHUROOWHV6WFNDXV3ODVWLNIROLHGDVHUELVKHULQ GHQ+lQGHQJHKDOWHQKDWWHHLQH.HJHOSURMHNWLRQGHV3ODQHWHQ1JDUGPDXQZDUGDUDXIJH]HLFKQHWXQG GLH %HUHFKQXQJHQ EHU GHQ 6WDQG GHU 3ODWWIRUP 6LH VFKZHEWH ]ZHL .LORPHWHU EHU HLQHP ULHVLJHQ 5LQJNUDWHUDXIGHUDQWLSRGLVFKHQ6HLWHGHV3ODQHWHQ 6DVDNLEHUIORJGLH=HLFKQXQJQLFNWHXQGZDQGWHVLFKDQ5HJLQDOG ª:LH NRPPVW GX ]X GHP 9RUQDPHQ GHQ XQVHU 9L]HDGPLQLVWUDWRU WUlJW"© 5HJLQDOG ODFKWH ª0HLQH (OWHUQVLQGGDUDQVFKXOG© 9HQGDVDJWHª%HQLPPGLFKELWWH5HJ© ª,Q 2UGQXQJ )UDX 0XWWHU 0HLQH (OWHUQ KDEHQ GLH /|VXQJ LKUHU SHUV|QOLFKHQ 3UREOHPH 9L]HDGPLQLVWUDWRU%XOO]XYHUGDQNHQ$OVOHEHQGHV'HQNPDOWUDJHLFKMHW]WGLHVHQ1DPHQ²YHUJLHV ELWWHQLFKWDXV]XULFKWHQIDOOVGXDXI7HUUDODQGHVW6H\PRXU© 6H\PRXUODFKWHª0DFKHLFK© ª,FKZUGHYRUVFKODJHQGDZLUGLH3UREOHPHDXVGHU:HOWVFKDIIHQ:LUZDUWHQHLQLJH6WXQGHQELV EHUGHU3ODWWIRUPGLH6RQQHVFKHLQWXQGVWDUWHQGDQQ'DUILFKPLWIOLHJHQ"© -DUHGEOLFNWH 6H\PRXUDQ XQGKDWWHGLHVLFKHOI|UPLJH0DVNHEHUGHQ$XJHQ KRFKJHNODSSW9LROHWWH $XJHQEOLFNWHQ6H\PRXUDQKLQWHUGLHVHP%OLFNODJGLHJHEDOOWH.UDIWYRQ-DUHGV3HUV|QOLFKNHLW(V ZDU HLQ VWDUNHU *HLVW GHU QLHPDOV NDSLWXOLHUHQ ZUGH (U VFKDIIWH 'LQJH GLH DQGHUHQ 0HQVFKHQ XQP|JOLFK VFKLHQHQ XQG 6H\PRXU ZDU EHU]HXJW GD HLQHV 7DJHV GLHVHV VHOWVDPH 5DXPVFKLII GHU 1JDUGPDXQIHUQH3ODQHWHQHUUHLFKHQZUGH ª1DWUOLFK -DUHG© VDJWH HU ª:LU ZDUWHQ IQI 6WXQGHQ GDQQ VWDUWHQ ZLU :HUGHW LKU XQV ZLHGHU KHOIHQ3RRQJDK"© 3LNR\GHU6SUHFKHUVHLQHU3DWULDUFKHQHUZLGHUWHLQ% DWDUF ª6HOEVWYHUVWlQGOLFK:LUKHOIHQMHGHPGHUXQVVRJHKROIHQKDWZLHLKUHVWDWHW©6H\PRXUEHUVHW]WH XQG-DUHGJLQJDXIGHQNOHLQHQURWEUDXQHQ0DQQ]XXQGGUFNWHDXFKGHVVHQ+DQG ª0lQQHU© VDJWH HU GDQQ ODXW ª:LU KDEHQ ELV ]XP 6WDUW QRFK IQI 6WXQGHQ =HLW 'DUI LFK HXFK HLQODGHQ GDV IUHPGH 6FKLII LQ GHU 0RQWDJHKDOOH DQ]XVHKHQ YLHOOHLFKW NDQQ PLU MHPDQG VRJDU HLQHQ 5DWJHEHQ'DQQVWDUWHQZLU]XVDPPHQ]XPOHW]WHQ(LQVDW]GHU9$1(66$© 'DV6FKLIIOHHUWHVLFKVFKODJDUWLJ

'LH0RQWDJHKDOOHGHU1JDUGPDXQZDUHLQJLJDQWLVFKHU.ORW] 'DV 'DFK EHVWDQG DXV *ODV U|WOLFKHV /LFKW ZXUGH JHILOWHUW XQG HUIOOWH GLH ZHLH +DOOH YHUPLVFKWH VLFKPLWGHPKDUWHQJUHOOHQ/HXFKWHQGHU7LHIVWUDKOHU)UHPGDUWLJH*HUlWHXQG0DVFKLQHQVWDQGHQDQ

GHQ:lQGHQDEHUGHU=ZHFNZDULQMHGHP)DOO]XHUNHQQHQ+LHUVWDQGHLQHYROOURERWLVFKH'UHKEDQN KLHU HLQH 7LHI]LHKSUHVVH IU YDULDEOH *U|HQ XQG )RUPHQ KLHU 'UDKW]LHKPDVFKLQHQ RGHU :HUN]HXJNlVWHQ 8QGLQGHU0LWWH²GDV6FKLII $XI GHP JODWWHQ %RGHQ GHU +DOOH EHIDQG VLFK HLQH YLHUHFNLJH HWZD GUHL 0HWHU KRKH (UKHEXQJ VLH EHVWDQG DXV VFKZDU]HP 0HWDOO 'DUDXI VWDQG GDV 5DXPVFKLII GHU IUHPGHQ 5DVVH (V ZDU HLQ .RQJORPHUDWDXVVlPWOLFKHQP|JOLFKHQJHRPHWULVFKHQ)RUPHQ 'UHLHFNH VSKlULVFK JHZ|OEW ZDUHQ GXUFK VWURPOLQLHQI|UPLJH 9HUELQGXQJHQ DQ GDV VFKODQNH ODQJH 6WDKOURKUJHIHVVHOW'DQHEHQVWDQGHQ.XJHOQLQGHU/XIWVFKHLQEDUVFKZHUHORVGXUFKGQQH5RKUHPLW GHP6FKDIWGHV6FKLIIHVYHUEXQGHQ $XVVFKQLWWH DXV .HJHOQ 7HLOH YRQ =\OLQGHUQ DOOHV ZDU IODFK XQG JHVFKZXQJHQ XQUHJHOPlLJ JHIRUPWXQGEHUHLQDQGHUDQJHRUGQHWZLHGLH%OlWWHUHLQHUH[RWLVFKHQ3IODQ]H6WUHEHQ9HUElQGHXQG /HLWHUQPLWVFKUlJHQ6SURVVHQYHUEDQGHQGLHHLQ]HOQHQ7HLOHPLWHLQDQGHU8QGVlPWOLFKH7HLOHZDUHQ YRQHLQHPVWXPSIHQ6FKZDU] $QHLQHPK\GUDXOLVFKHQ*HUlWKLQJYRP+DOOHQGDFKHLQ7HLOKHUXQWHUDXFKGHVVHQ)RUPXQG=ZHFN ZDUHQXQHUJUQGOLFK ,Q HLQHP ZHLWHQ .UHLV XPVWDQGHQ GLH 0lQQHU GLHVHV YHUZLUUHQGH %LOG 6LH EHJULIIHQ GD GLHVHV LQHLQDQGHUYHUVFKDFKWHOWHEL]DUUH'LQJHLQ6FKLIIZDUDEHUPHKUZDUQLFKW]XEHJUHLIHQ ª'DV LVW HLQ $OSWUDXP HLQHV 5DXPVFKLIIV -DUHG© VDJWH 6H\PRXU GHU HLQPDO XP GDV *HZLUU KHUXPJHJDQJHQZDU ª,FK KDEH ELVKHU ² VHLW -DKUHQ DUEHLWHQ ZLU GDUDQ ² HUVW HLQHQ 7HLO GHV NRPSOL]LHUWHQ ,QQHQOHEHQV JHO|VW'HU$QWULHEGHQGLH$QKlQJVHOGRUWREHQEHUQRPPHQKDEHQLVWNODU$EHUIDVWGLHJHVDPWH ,QQHQHLQULFKWXQJPXQRFKJHWHVWHWZHUGHQ© ª'LH%RUGNRPPXQLNDWLRQXQGGLHVH'LQJH"© ª-D 0LW GLHVHP $QWULHE NDQQ LFK ZHQQ LFK HUVW IHUWLJ ELQ YRQ 0LOFKVWUDH ]X 0LOFKVWUDH IOLHJHQ QLFKW QXU YRQ 6\VWHP ]X 6\VWHP (V ZLUG DOOHV VFKODJHQ ZDV LFK ELVKHU NDQQWH VHOEVW GLH *HVFKZLQGLJNHLW$[KDODLVRPV© ª:DUXP©IUDJWH6DVDNLLQWHUHVVLHUWªKROVWGXQLFKWHLQHQGHU(LQJHERUHQHQDXVGHP'VFKXQJHOXQG OlWGLUGLH)XQNWLRQHQHUNOlUHQ"© -DUHGODFKWH ª,FK KDEHGLH 1JDUGPDXQ ZRFKHQODQJJHMDJW 6LHVLQGVR YHUVW|UWGDVLHVLFK YRUDOOHP YHUVWHFNHQ XQG YRU MHGHP (V LVW GLH W\SLVFKH )OXFKWUHDNWLRQ 6LH IOLHKHQ QDFK LQQHQ LQ GLH 'XQNHOKHLW LQ GLH +RKOUlXPH ]ZLVFKHQ GHQ 3IODQ]HQ ,FK KDEH PHKUHUH 0DOH HLQHQ GHU %HZRKQHU ]X *HVLFKW EHNRPPHQDEHUQLHHLQ:RUWVSUHFKHQN|QQHQ*OFNOLFKHUZHLVHJHODQJHV$[KDODLVRPXQGPLUHLQ (QHUJLHZHUNLQ*DQJ]XEULQJHQXQGGLHHQWVSUHFKHQGHQ:RKQUlXPHDXV]XEDXHQ© ª8QGGXUHFKQHVWGLUJXWH&KDQFHQDXVGLHVHV=HUUELOGHLQHV5DXPVFKLIIVLQ*DQJ]XEULQJHQ"© ª-D ² QDWUOLFK ,Q HLQLJHQ -DKUHQ VLQG ZLU GDPLW IHUWLJ 9LHOOHLFKW JHOLQJW HV GRFK QRFK HLQHQ 1JDUGPDXQ]XU0LWDUEHLW]XEHZHJHQ© 6H\PRXUKDWWHHLQH,GHHVFKZLHJDEHU(UZUGHVLHYLHOOHLFKWDQDQGHUHU6WHOOHEUDXFKHQN|QQHQ (U OlFKHOWH XQG JLQJ DXI GLH 7UHSSH ]X GLH DXV HLQHP IHGHUQGHQ .XQVWVWRII ]XVDPPHQJHVFKZHLW GHQ%RGHQPLWHLQHURYDOHQgIIQXQJLP6FKLIIVUXPSIYHUEDQGª.|QQHQZLUKLQHLQ"©IUDJWHHU ª-D$EHUPDQNDQQVLFKYHULUUHQLFKEUDXFKWHDQIDQJV]ZHL6WXQGHQXPGDV6FKLIIZLHGHUYHUODVVHQ ]XN|QQHQ,FKKDEH3IHLOHDQGLH:lQGHNOHEHQPVVHQ© -DUHG XQG 6H\PRXU NOHWWHUWHQ LQ GLH 6FKOHXVH GLH HLQGHXWLJ IU NOHLQHUH :HVHQ JHEDXW ZDU DOV HV 7HUUDQHU ZDUHQ .KOHV LQWHQVLYHV %ODXOLFKW HPSILQJ VLH $XFK KLHU YHUZLUUHQGH 7HFKQLN (V ZDUHQ HQJH JHZXQGHQH *lQJH GLH HLQHQ ODE\ULQWKLVFKHQ (LQGUXFN PDFKWHQ 6LH EHZHJWHQ VLFK ZLH GLH *lQJH PDWKHPDWLVFK SODQHQGHU 5DXSHQ GXUFK GDV 6FKLII ² JHUDGHDXV GDQQ LQ HLQHP VFKDUIHQ .QLFN XP HLQH (FNH XQG VR IRUW .OHLQH .DPPHUQ YROOHU UlWVHOKDIWHU ,QVWUXPHQWH XQG (LQULFKWXQJVJHJHQVWlQGH |IIQHWHQ VLFK LQ GHQ $XVEXFKWXQJHQ QHEHQ GHQ *lQJHQ hEHUDOO ODJ EODXHV /LFKW 8QGVRJLQJHVZHLWHU-HGHVHLQ]HOQH(OHPHQWGLHVHVIUHPGDUWLJHQ5DXPVFKLIIVZDUYRQDXVJHVXFKWHU 9HUZRUUHQKHLW1LFKWVZDUGDZRUDQPDQHLQH)XQNWLRQHUNHQQHQNRQQWH1XUHLQH5DVVHPLWHLQHP IDVW DEVWUDNWHQ +LUQ NRQQWH HLQ VROFKHV 5DXPVFKLII EDXHQ 8QG GHU 9HUVXFK -DUHGV EHZLHV GD HU JHVRQQHQZDUGLHVHDEVWUDNWHQ*HGDQNHQJlQJHQDFK]XYROO]LHKHQ 6LHYHUOLHHQGDV6FKLIIZLHGHU ª0HKUDOVXQYHUVWlQGOLFK-DUHG©VDJWH6H\PRXUª,FKKDEH]ZDUQDFKGHUYROOHQGHWHQ6FKDXGLHGX

LQGHU0HVVHJHERWHQKDVWNHLQHQ*UXQG]XU$QQDKPHGDGXHWZDVQLFKWVFKDIIHQN|QQWHVWDEHU GDVKLHUEHUVWHLJWVHOEVWGHLQH)lKLJNHLWHQ© -DUHGVDJWHHLQIDFKª$[KDODLVRPZLUGXQVKHOIHQ© ª'DQQ GUIWH GDV 3URMHNW JHOLQJHQ© HUZLGHUWH 6H\PRXU ª,FK JODXEH ZLU JHKHQ ]XUFN ]XP 6FKLII XQGYHUVXFKHQXQVHUHQ7HLO]XU%HIUHLXQJGHU3ODQHWHQ]XYROOHQGHQ©

%DOG QDFK GHP K|FKVWHQ 6RQQHQVWDQG VWDUWHWH GLH 9$1(66$ (LQLJH 6WXQGHQ VSlWHU HUUHLFKWH VLH GLFKWEHUGHQ'VFKXQJHOQYRQ1JDUGPDXQIOLHJHQGHLQHQULHVLJHQ5LQJNUDWHUGHUHLQHQ6HHHQWKLHOW (LQHQGHUZHQLJHQ6HHQDXI1JDUGPDXQ ,QGHP6HHVSLHJHOWHVLFKGLH3ODWWIRUP 'LHHKHPDOLJHQ8IHUMHW]WPLW3IODQ]HQEHUZXFKHUWKDWWHQHLQPDO6WHJHXQG+WWHQJHWUDJHQ$XFK KLHUKDWWHGHU'VFKXQJHO)XJHIDWKDWWHDOOHVEHUZXFKHUW3DUNV*lUWHQXQG5DVHQIOlFKHQDOOHV ZDU XQWHU GHP %OlWWHUZHUN YRQ 5DQNHQ XQG %VFKHQ YHUVFKZXQGHQ $OOHV ZDU UHWWXQJVORV ]XJHZDFKVHQ 1XU KLHU XQG GRUW VFKLPPHUWH QRFK GLH 6SXU YRQ ZHLHQ 'lFKHUQ GXUFK GDV *UQ 'VWHUHV5RWOLFKWODJEHUDOOHP ª6RVLHKWHVEHUDOODXV²SODQHWHQZHLW1RFKLVWGHU3ODQHW]XUHWWHQDEHUHVGXUIWHQLFKWPHKUYLHO =HLWYHUVWUHLFKHQ©'LHVH:RUWHYRQ-DUHG&ROQNODQJHQZLHHLQH:DKUVDJXQJ ,Q GHU =HQWUDOH KDWWHQ VLFK -DUHG 6H\PRXU 6DVDNL XQG GLH IQI 3DWULDUFKHQ YHUVDPPHOW 'DV 6FKLII VWLHJ K|KHU IORJ GLH 3ODWWIRUP DQ XQG NUHLVWH HLQH YROOH 6WXQGH ODQJ XP GDV VWlKOHUQH 5DG GHU *HQ 0RGXODWRUHQ (LQH YROOH 6WXQGH SUDVVHOWHQ GLH 'URKXQJHQ HLQHV W|GOLFKHQ 7UDXPHV EHU GLH 3DGGOHU KHUHLQ :LH VFKRQ YRUKHU 3DQLN XQG 7HUURU XQG )XUFKW SHLQLJWHQ GLH 0RGXODWRUHQ 6LH HUOHEWHQ DOOHV LQ HLQHUJHQDXHQ6FKLOGHUXQJLQGHUVLHQLFKWVDOV$QJVWHPSIDQGHQ 6LHHUOHEWHQGHQ%HVXFKGHU+HUUHQ 6LHVFKZRUHQLKQHQ7UHXHXQGEHGLQJXQJVORVHQ*HKRUVDP 6LHK|UWHQGLHXQYHUKOOWHQZLOGHQ7RGHVGURKXQJHQMHQHUXQEHNDQQWHQ0DFKWXQGVFKZRUHQDOOHV]X WXQ 6LH ZXUGHQ GDUDQ HULQQHUW GD LKUH 5DVVH IDVW DXVJHVWRUEHQ ZDU ZHLO GLH +HUUHQ VLH YRU -DKUKXQGHUWHQJHW|WHWKDWWHQ 6LHYHUVSUDFKHQLQQHUKDOENU]HVWHU=HLWDOOHV]XWXQ 6HFK]LJ6RQQHQZHFKVHO 'DQQ ZDU GLH ,OOXVLRQ EHHQGHW 'LH DFKWXQGYLHU]LJVWH 5DVVH LP +DOR GHV $QGURPHGDQHEHOV ZDU YRU GHP7RGEHZDKUWZRUGHQ'LH3DGGOHUSODWWIRUPZUGHQDFKVHFK]LJ7DJHQXQG1lFKWHQDEIOLHJHQLQV =HQWUXPGHU$QGURPHGDJDOD[LV 'LH9$1(66$HLOWHGDYRQ

ª+LHU XQWHQ© VDJWH -DUHG XQG GHXWHWH DXI HLQHQ NOHLQHQ YROONRPPHQ ]XJHZDFKVHQHQ 5LQJNUDWHU ªKDEHLFKPHKUHUH0DOH1JDUGPDXQJHVHKHQ8QGVWHWVGDQQZHQQLFKPHLQHQ*OHLWHUJHODQGHWKDWWH IDQG LFK VLH QLFKW PHKU 0lQQHU XQG )UDXHQ ² DOOH IORKHQ VLH LQ GHQ 'VFKXQJHO :HQQ QXU HLQ HLQ]LJHU]XUFNNlPH© 3LNR\ YHUVWlQGLJWH VLFK PLW 6H\PRXU GXUFK HLQHQ ODQJHQ %OLFN 'DQQ QLFNWH GHU NOHLQH 6WDPPHVULFKWHU'DV6FKLIIJLQJWLHIHUXQGPLQXWHQODQJKDOOWHGHU'RQQHUGHU7ULHEZHUNHGXUFKGLH 'VFKXQJHO 6FKOLHOLFK EHVFKOHXQLJWH 6H\PRXU ZLHGHU XQG ODQGHWH GDV 6FKLII ZLHGHU GRUW ZR HV JHVWDQGHQ KDWWH 6LH ZUGHQ VREDOG GLH )UDJH GHU 5FNNHKU JHNOlUW ZDU ]XUFN QDFK 3RRQJDKEXUUX VWDUWHQ 8QGVlPWOLFKH%HVDW]XQJVPLWJOLHGHUZDUWHWHQJHVSDQQWDXIGHQNRVPLVFKHQ9DJDEXQGHQ6LHVHW]WHQ LKUH+RIIQXQJHQDXILKUHQ.DSLWlQGHUPLW$[KDODLVRPUHGHQZUGH 6RQVWNRQQWHQVLHQLFKWVWXQ6LHZDUWHWHQ'LH1DFKWNDPEHUGLHVH6HLWH1JDUGPDXQV 6H\PRXUYHUOLHGDV6FKLIINXU]QDFKGHP-DUHGZHJJHJDQJHQZDU 0LW VWHLIHQ 6FKULWWHQ JLQJ HU YRP 5DXPVFKLII IRUW XQG ZDQGWH VLFK QDFK 2VWHQ (U GXUFKTXHUWH ODQJVDPGDV*UDVVFKREGLHIHGHUQGHQbVWHYRQ%VFKHQXQGSHLWVFKHQGH5DQNHQYRQ/LDQHQ]XUFN XQGJLQJ]XU$QK|KH(UNOHWWHUWHHLQLJH0LQXWHQGDQQZDUHUDP5DQGGHV5LQJNUDWHUVDQJHODQJW

(LQLJH 0HWHU ZHLW WDVWHWH HU VLFK QDFK UHFKWV GDQQ IDQG HU HLQHQ JURHQ 6WHLQEURFNHQ DXI GHP HU VLW]HQNRQQWH(U]RJGLH%HLQHDQXPIDWHGLH.QLHPLWGHQ+lQGHQXQGUDXFKWHODQJVDP8QWHULKP ODJGHU'VFKXQJHO =ZHL WHUUDQLVFKH 0RQDWH ODQJ ZDU GLH 9$1(66$ MHW]W XQWHUZHJV JHZHVHQ GLH )ULVW GLH HU VLFK JHVWHOOWKDWWHOLHIGHP(QGH]X (UPXWH$UJXPHQWHVDPPHOQXPGHPNRVPLVFKHQ9DJDEXQGHQJHJHQEHUWUHWHQ]XN|QQHQ(VKLQJ YRQLKPDEREYLHU]HKQWHUUDQLVFKH+DQGHOVVFKLIIH]XUFNNHKUWHQRGHUIUHZLJYHUVFKROOHQEOLHEHQ 'DV /LFKW GDV GLH KRFKOLHJHQGHQ :RONHQ ZLGHUVSLHJHOWHQ VFKLHQ GLH JUQH (LQ|GH KLHU YRU VHLQHQ $XJHQ ]X GXUFKGULQJHQ (QL %DUDUD ZDU XQWHUJHJDQJHQ DEHU GLH 6WDXEVFKLFKWHQ LQ GHU $WPRVSKlUH ZXUGHQQRFKEHOHXFKWHW'XQNOHV5RWYHUZDQGHOWHGLH'VFKXQJHOLQHLQHP\VWLVFKH/DQGVFKDIW (VZDUHQQLFKWGLH*HIDKUHQJHZHVHQQLFKWGLHIUHPGHQ:HVHQXQGGLHIUHPGHQNDXPYHUVWlQGOLFKHQ .XOWXUHQGLHVLHYHUlQGHUWKDWWHQ(VZDUGLH=HLW6LHKDWWHGLH0lQQHUXQGLKQ6H\PRXULUJHQGZLH YHUZDQGHOWVLHZDUHQDQGHUVJHZRUGHQ1LFKWVFKOHFKWHUQLFKWEHVVHU²HEHQDQGHUV9LHOOHLFKW YHUVWlQGQLVYROOHUXQGNOJHU 6H\PRXUIKOWHVLFKEHIUHLW²YRQVHLQHQ$XIJDEHQHQWEXQGHQ $OVREGLHVHV/LFKWEHJRQQHQKlWWHLQLKQHLQ]XVLFNHUQLQVHLQHQ9HUVWDQG(VZDUQXUHLQZLQ]LJHU )XQNHQDEHUHUJHQJWHXPDOOHV]XHUKHOOHQ$OOHVZUGHVLFKMHW]WYHUlQGHUWKDEHQMHGHU*HGDQNH XQGMHGH+DQGOXQJIULKQXQGVHLQH0lQQHU6H\PRXUOlFKHOWHXQGZDUIGHQ5HVWVHLQHU=LJDUHWWH LQ HLQHP KRKHQ %RJHQ KLQXQWHU DXI GLH 'VFKXQJHOJHZlFKVH .QLVWHUQG ]HUVWlXEWH VLH LQ NOHLQHQ )XQNHQ (UZXWHMHW]WZDVHUVDJHQZUGH =XVDPPHQPLW-DUHG&ROQMHQHUJROGHQHQ/HJHQGHGHUWHUUDQLVFKHQ*HVFKLFKWHZUGHHUEHU]HXJHQ N|QQHQ'HU:HJQDFK7HUUDQLDZDUIUHL 6H\PRXU EOLFNWH QDFK REHQ (LQ VFKPDOHU /LFKWEOLW] IXKU ]ZLVFKHQ GHQ YHUVFKOHLHUWHQ 6WHUQHQ KHUXQWHU ZLVFKWH EHU GLH 5LQJNUDWHU XQG ]XFNWH HLQHQ 6HNXQGHQEUXFKWHLO ODQJ EHU 6H\PRXU 'DQQ YHUVFKZDQG GHU ODQJJH]RJHQH VSLQGHOI|UPLJH .|USHU LQ GHU 0LWWH GHV 5LQJNUDWHUV LQ GHQ NDQWLJHQ ZHLHQ%DXWHQ6H\PRXUNDQQWHMHQHQ%OLW]GHUNRVPLVFKH9DJDEXQG $[KDODLVRPZDU]XUFNJHNRPPHQ 6H\PRXUVWDQGDXINOHWWHUWHGHQ$EKDQJKLQXQWHUXQGJLQJ(UEUDXFKWHHLQHJXWHKDOEH6WXQGHELVHU DQ GLH 0HWDOOSODWWH GHV NOHLQHUHQ *HElXGHV NORSIHQ NRQQWH 'LH 6FKOlJH VHLQHU )DXVW KDOOWHQ XQG NXU]H=HLWVSlWHU|IIQHWHVLFKGLH7U9HQGDKDWWHJH|IIQHW ª,FKELQHV6H\PRXU© ª.RPPKHUHLQ²$[KDODLVRPLVWGD© ª'HVZHJHQELQLFKKLHU© 'LH7UVFKORVLFKXQG9HQGDEUDFKWH6H\PRXUGXUFKGHQ.RUULGRULQGLHJURH0RQWDJHKDOOH'RUW EUDQQWHQGLH6FKHLQZHUIHUHVZDUPHUNZUGLJ²MHQHGUHLJROGHQHQ0HQVFKHQGLHLKUHSHUV|QOLFKH 6HKQVXFKW EHU MHGH $UW PHQVFKOLFKHU *HPHLQVFKDIW VWHOOWHQ PXWHQ KLHU 6FKXW]DQ]JH WUDJHQ REZRKOVLHKLHUPHKUXQGOlQJHU]XWXQKDWWHQDOV6H\PRXU9HQGDEOLHEQHEHQGHU7UVWHKHQGHXWHWH DXIGLH6]HQHXQGVDJWH ª'RUWYRUQ9LHO*OFN3DQWKHU©6LHOlFKHOWH 6H\PRXUQLFNWHVFKZHLJHQGGDQQHUZLGHUWHHUPLWHLQHPVFKZHU]XGHXWHQGHQ/DFKHQª'DQNH,FK JODXEHZLUZHUGHQGHQ:LGHUVWDQGGHV1HEHOVEUHFKHQN|QQHQ© 'DQQZDUHQVLHDOOHLQ-DUHG&ROQ$[KDODLVRPXQG6H\PRXU$OFROD\D 6FKZHLJHQ6WLOOHNQLVWHUQGH6SDQQXQJ 6H\PRXU QDKP DOOHV DQGHUH QXU DXV GHP $XJHQZLQNHO ZDKU DEHU HU ZUGH VLFK QRFK QDFK -DKUHQ JHQDXDQGDVHULQQHUQN|QQHQZDVKLHUYRUJLQJDQMHQH+DOOHDQMHGHHLQ]HOQH1DKWGHU0HWDOOHXQG MHGH6FKUDXEH1HEHQGHU0RQWDJHSODWWIRUPZDUHLQ.UHLVLQGHQ%RGHQHLQJHODVVHQLQQHUKDOEGLHVHV .UHLVHV VWDQGHQ HLQ JURHU 7LVFK XQG HLQ 6HVVHO $XI GHU 7LVFKSODWWH ODJHQ XQ]lKOLJH 3DSLHUH XQG DXVJHEDXWH(OHPHQWHGHV5DXPVFKLIIHVGDVZLHHLQVFKZDU]HU0RQROLWKQHEHQLKQHQDXIUDJWH1HEHQ GHP7LVFKVWDQGVFKODQNVFKPDOXQGHUUHJW-DUHG 9RULKPDEHU6H\PRXUVFKOXFNWHXQGJLQJODXWORVXPGHQ7LVFKKHUXP $[KDODLVRP GHU LQWHOOLJHQWH 1HEHO XQG GHU NRVPLVFKH 9DJDEXQG )UHXQG -DUHGV XQG GHU 6HLQHQ %HREDFKWHULQGHQ0LOFKVWUDHQXQGVFKQHOOHUDOVGDV/LFKWZLH6H\PRXUZXWH(UKDWWHVHLQH*HVWDOW JHZHFKVHOW (LQ7HWUDHGHUVFKZHEWHYRU-DUHG 'UHL)XEHUGHP%RGHQGHU+DOOHVFKZHEWHHLQHYROONRPPHQHJHRPHWULVFKH)LJXUHWZDHLQHLQKDOE

0HWHUODQJ'LH.DQWHQXQG(FNHQJOLW]HUWHQDOVEHIlQGHQVLFK'LDPDQWVSOLWWHUGDUDXIGHU.|USHUZDU YRQHLQHPUHLQHQ:HLZLHHLQNRQGHQVLHUWHU1HEHO ª'DV DOVR LVW $[KDODLVRP© VDJWH 6H\PRXU OHLVH ª'HU 1HEHO GHU PHLQ 6FKLII HQWIKUWH XQG VLFK ZHLJHUWHVZLHGHU]XUFN]XEULQJHQ© -DUHGPDFKWHHLQH+DQGEHZHJXQJ ª'XPXWDQLKQGHQNHQXQGDQGDVZDVGXVDJHQZLOOVW'LH9HUVWlQGLJXQJHUIROJWODXWORV© ª'DQNH© 6H\PRXUGDFKWH'XKDVWDOVRGLH9$1(66$XQGGLHVHFK]HKQDQGHUHQ6FKLIIHDXVXQVHUHU*DOD[LV JHKROW (LQGUl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lWVHOGHUYHUVFKZXQGHQHQ6FKLIIH]XO|VHQ )UDJHQXQG$QWZRUWHQZHFKVHOWHQLQ6HNXQGHQEUXFKWHLOHQGHU9RUJDQJYHUOLHIDEVROXWODXWORV :LHLVWHVGHQDQGHUHQ6FKLIIHQHUJDQJHQ1HEHO" 6LH EHILQGHQ VLFK DXI GHQ HQWVSUHFKHQGHQ :HOWHQ ²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lUH HU 0LWWHOSXQNW HLQHU 'DUVWHOOXQJLQ=HQWUDOSHUVSHNWLYH ,FKNHQQHGHQ*UXQGGHLQHU$QZHVHQKHLWGDFKWH$[KDODLVRP 1DWUOLFK 6H\PRXUVDKGDV%LOGHLQHU9$1(66$GLHDOVQHEOLJH.XJHOGXUFKGHQXQHQGOLFKHQ/HHUUDXPMDJWH XQG DXI 7HUUDQLD ]XVFKR 3O|W]OLFK EHQHLGHWH HU -DUHG JOKHQG XP GLHVH 9ROONRPPHQKHLW GHU 6SUDFKH GHU (PSILQGXQJHQ ² MHGHV *HVSUlFK ]ZLVFKHQ 0HQVFKHQ ZUGH LQ =XNXQIW VFKDO EOHLEHQ XQG XQYROONRPPHQ 'DQQ HULQQHUWH HU VLFK DQ GHQ =ZHFN VHLQHU 0LVVLRQ XQG GDFKWH HLQHQ HQWVSUHFKHQGHQ6DW]

'DV$OO²HLQGXQNOHU6HHJHZDOWLJXQGHQGORV 'DULQ ZLH ,QVHOQ *DOD[LHQ 8QG LQQHUKDOE DOOHU LKUHU 7HLOH GHU 6SLUDODUPH GHU 'XQNHOZRONHQ XQG GHU *OREXOHQ GHU YHUVFKLHGHQHQ 6RQQHQ GHU XQHQGOLFK YDULDEOHQ 3ODQHWHQ XQG GHUHQ 0RQGH GHU .RPHWHQ 0HWHRULWHQ XQG0HWHRUH GHU LQWHUSODQHWDULVFKHQ 0DWHULH XQG 1RYDH DOOHV GDV EHZHJWH VLFK ]XHLQDQGHU LQ HLQHU 2UGQXQJ GLH LQ HLQHP HUVFKUHFNHQGHQ 0D ORJLVFK ZDU .ODU XQG ORJLVFK NHLQ-RWDIHKOWHDQGHU9ROONRPPHQKHLW 1LFKWVGXUIWHMHQH2UGQXQJVW|UHQ :HGHU 3DGGOHU QRFK 7HUUDQHU ,QQHUKDOE HLQHU ZLQ]LJHQ LQ 3UR]HQWHQ QLFKW PHKU DXVGUFNEDUHQ 6SDQQHNRQQWHQ*HVFKHKQLVVHYDULLHUWZHUGHQQLFKWPHKU 'LH 0HQVFKHQ YRQ 7HUUD NDQQWHQ GLHVH *DOD[LV QLFKW ² VLH ZDUHQ HUVW DXI GHP :HJ GRUWKLQ -HGHU 6FKULWW MHGHV HLQ]HOQH /LFKWMDKU GHU (QWIHUQXQJ PXWH HUNlPSIW XQG EH]DKOW ZHUGHQ -HGH HLQ]HOQH (LQVLFKWXQGMHGH(UNHQQWQLVZDUYRQXQHQGOLFKYLHOHQ)DNWRUHQDEKlQJLJ8QGGLH7HUUDQHUZUGHQ GLHVH(UNHQQWQLVVHVDPPHOQPVVHQZlKUHQGGHUODQJHQ)DKUWLQGDV=HQWUXPGLHVHU0LOFKVWUDH 1LFKWYRUKHU

.HKUWHQXUHLQHV GHU6FKLIIH]XUFN ZXWH HV HLQH 0HQJH$EJHVHKHQ YRQ DOO GHQ 'DWHQGLH VLFK LQ GHQ 6SHLFKHUQ GHU 0DVFKLQHQ EHIDQGHQ XQG LQ GHQ 6DPPOHUEO|FNHQ GHU 3RVLWURQLNHQ NDQQWHQ GLH 0lQQHUGLH'LQJH =lKOHVLH]XVDPPHQDGGLHUHVLH²]XYLHO (V VW|UW GLH NRVPLVFKH 2UGQXQJ GHU 'LQJH ZHQQ GLH *HVFKHKQLVVH QLFKW LKUHQ YRUJHVFKULHEHQHQ QRUPDOHQ:HJJLQJHQVRQGHUQPLWGHP:LVVHQGHU0lQQHUYRQYLHU]HKQ6FKLIIHQEHODVWHWZDUHQ(LQ 1DFKWHLO IU MHGHQ GHU VLFK GHQ 7HUUDQHUQ HQWJHJHQVWHOOWH 'LH 0HQVFKHQ GHU *DOD[LV EHU GHUHQ ZHLWH7HLOHVLFKGDV,PSHULXP3HUU\5KRGDQVHUVWUHFNWHGXUIWHQQLFKWVZLVVHQ (V ZDU KDUW IU VLH DEHU XQXPJlQJOLFK 6LH GXUIWHQ QLFKW PLW GLHVHP :LVVHQ ]XUFNNHKUHQ QDFK 7HUUDQLD'DV%LOGYRQ7HUUDQLDWDXFKWHDXIXQG6H\PRXUHPSIDQGHLQHQVWHFKHQGHQ6FKPHU] 'DUXPNDQQLFKHXFKQLFKW]XUFNEULQJHQ

'DVZDUHQGLH*HGDQNHQGLHGDV1HEHOZHVHQ6H\PRXULQQHUKDOEYRQGUHL6HNXQGHQEHUPLWWHOWKDWWH =XJOHLFK ZDUHQ %LOGHU HUVFKLHQHQ XQG (LQGUFNH XQG GLH 6FKZHUH GLH UFNKDOWORVH .ODUKHLW GHU *HGDQNHQOLH6H\PRXU]ZHLIHOQ (VVFKLHQDOVKDEHGHU1HEHOUHFKW :DVEHGHXWHWHGDV"'LH5FNNHKUQDFK7HUUDZDUXQP|JOLFK 6H\PRXU VWW]WH VLFK DXI GLH .DQWH GHV 7LVFKHV IXKU PLW GHU +DQG EHU VHLQ VFKZHLQDVVHV *HVLFKW XQG EOLFNWH lXHUOLFK UXKLJ DXI GDV 1HEHOZHVHQ GDV QRFK LPPHU UHJXQJVORV QHEHQ GHP 7LVFK KLQJ XQGMHW]WPLW-DUHGNRUUHVSRQGLHUWH 6H\PRXU KROWH LQ *HGDQNHQ DXV XP VHLQHQ OHW]WHQ 6FKODJ DQ]XEULQJHQ =X PHKU UHLFKWH GLH .UDIW QLFKWPHKU-HW]WZUGHHVVLFKHQWVFKHLGHQZHUJHZDQQ(URGHUGHU1HEHO )QIXQG]ZDQ]LJ0lQQHUHLQ6FKLII²PXOWLSOL]LHUWPLWYLHU]HKQ 3DQWKHUGDFKWH6H\PRXUYHU]ZHLIHOW:HQQLFKQXUIQI6HNXQGHQODQJGLH)lKLJNHLWHQMHQHV7LHUHV KlWWHIQI6HNXQGHQ 'DQQZXUGHVHLQ*HLVWZLHGHUNODUXQGHUULFKWHWHVHLQH*HGDQNHQDXI$[KDODLVRP

9LHU]HKQ6FKLIIHVFKZHEWHQLQGHUJUlOLFKHQ/HHUHGHVgGUDXPHV]ZLVFKHQGHQEHLGHQ0LOFKVWUDHQ ,KUH0DVFKLQHQUlXPHZDUHQHLQ&KDRVDXVYHUEUDQQWHQ0RWRUHQXQGYHUVFKPRUWHQ.DEHOQ'LH6WLOOH LQGHQ6FKLIIHQZDUW|GOLFK²HVZDUGLH6WLOOHGHV7RGHV 'LH 0lQQHU YHUKXQJHUWHQ XQG YHUGXUVWHWHQ ,KUH DEJHPDJHUWHQ *HVWDOWHQ ODJHQ DSDWKLVFK EHUDOO KHUXP1LHPDQGKDWWHPHKUGLH.UDIW]XU%HZHJXQJ(LQ)XQNJHUlWGDVYRQHLQHULPPHUVFKZlFKHU ZHUGHQGHQ %DWWHULH YHUVRUJW ZXUGH KlPPHUWH LPPHU ZLHGHU GHQ JOHLFKHQ 7H[W LQ GHQ +\SHUUDXP /DQJVDPVWDUEVFKOLHOLFKMHGHV/HEHQHLQLJHZXUGHQYRUKHUZDKQVLQQLJXQGPXWHQJHW|WHWZHUGHQ ²RIWKDWWHDXFKGD]XQLHPDQGPHKUGLH.UDIW 6FKPHU]HQGH 6WLOOH 7RG 9HUQLFKWXQJ ² /RKQ GDIU GD 3ODQHWHQ JHUHWWHW ZRUGHQ ZDUHQ VLHEHQXQGYLHU]LJ3ODQHWHQDFKWXQGYLHU]LJ3ODQHWHQ" ,VWGDV)DLUQH*HUHFKWLJNHLW" (LQH :DDJH HUVFKLHQ HLQ 4XHUEDONHQ PLW =HLJHU XQG ]ZHL 6FKDOHQ 'LH HLQH 6FKDOH VHQNWH VLFK WLHI QDFKXQWHQUHFKWVODJHQGLH$UJXPHQWHGHV1HEHOVGDUDXIXQG]RJHQQDFKXQWHQ'LH*HGDQNHQEHU GLHWRWHQ6FKLIIHZXUGHQLQGLHDQGHUH:DDJVFKDOHJHOHJW/HLFKWEHJDQQGHU%DONHQ]XVFKDXNHOQGHU =HLJHU]X]LWWHUQ $OOH GLHVH 0lQQHU ZDUHQ MHW]W WRW 8QG VLH ZDUHQ JHVWRUEHQ ZHLO MHPDQG JHKDQGHOW KDWWH RKQH PRUDOLVFK]XVHLQ(UNDQQWHGLH'LQJHQLFKWKDWWHQXUGDV:LGHUDEHUQLFKWGDV)UEHUOHJW:HU ZDUGHU5LFKWHU :HUGXUIWHULFKWHQ" :HUJDEGHP9ROOVWUHFNHUGLH*HZDOWEHU3ODQHWHQXQG 6FKLIIH :RKHUKDWWHGHU9ROOVWUHFNHUGHQ$XIWUDJ" 1LHPDQG JDE VLH LKP 'LH 6FK|SIXQJ YRQ GHU HLQ NOHLQHU 7HLO JHUHWWHW ZRUGHQ ZDU JHK|UWH HLQHP :HVHQ GDV DXFK $[KDODLVRP KHUYRUJHEUDFKW KDWWH (LQ *OHLFKUDQJLJHU HQWVFKLHG DOVR RE *OHLFK UDQJLJHVWDUEHQ

'DVJHK|UWHQLFKWLQGLH2UGQXQJGHU'LQJH'DVVW|UWHGLH2UGQXQJ'DVZDUVDFKOLFKQLFKWULFKWLJ )UHXQGHODVVHQ)UHXQGHVWHUEHQ" 'HU%HJULIILVWKRKOZHLOHUKLHUYHU]HUUWDQJHZDQGWZLUG(VNDQQQLFKW6LQQXQG,QKDOWGHUK|KHUHQ 2UGQXQJVHLQGLHHLQHQ]XUHWWHQXQGGLH5HWWHU]XVWUDIHQ:HUJDEGLU$[KDODLVRPGLH0DFKWXQG GHQ $XIWUDJ XQV ]X W|WHQ" 9LHU]HKQ 6FKLIIH PLW IQIXQG]ZDQ]LJ 0lQQHUQ GLH MHGHU IU VLFK QLFKW PHKUQLFKWZHQLJHUVLQGDOVGX6LHVLQGQXUDQGHUVXQGKDEHQQLFKWGHLQH0|JOLFKNHLWHQ'XELVWGHU 6WlUNHUH GHU 6FKQHOOHUH GHU %HVVHUH 'LHVH 6WHOOXQJ YHUSIOLFKWHW 6LH YHUSIOLFKWHW ]XU *HUHFKWLJNHLW XQG]XP0LWOHLGGHQQGLH3IOLFKWGHV6LHJHUVLVW0LWOHLG $XVGLHVHP*UXQGPXWGXXQV]XUFNEULQJHQQDFK7HUUD

'DV ZDUHQ GLH *HGDQNHQ 6H\PRXUV GLH HU GUHL 0LQXWHQ ODQJ GHP 1HEHOZHVHQ EHUPLWWHOWH $OV HU DXIK|UWH IKOWH HU VLFK KDOEWRW 'LH (QHUJLH GLH HU LQ SODVWLVFKH %LOGHU XQG VFKOVVLJH 9HUJOHLFKH JHOHJWKDWWHKDWWHQLKQDXVJH]HKUW 3O|W]OLFK 6H\PRXU IKOWH ZLH HLQEUHLWHU 6WURP LKQHUJULIIXQGIRUWWUXJ (UIKOWH VLFKVHOWVDPOHLFKW GRFK DOV GLH*HGDQNHQNDPHQVFKDXGHUWHHU6LHZDUHQHLQIDFKDEHUYRQEHVWHFKHQGHU%ULOODQ]9HUJOHLFKEDU GHQ1DWXUJHZDOWHQ 'LH:DDJHEHJDQQHUQHXW]X]LWWHUQ$OOHGUHL:HVHQVWDQGHQXQWHUGHP%DQQGHU6XJJHVWLRQ 3LNR\ GDFKWH 6H\PRXU PLW HLQHP *HIKO JUHQ]HQORVHU 'DQNEDUNHLW 'HU NOHLQH 6WDPPHVULFKWHU GHU LKPGDV/HEHQJHUHWWHWKDWWHVFKDOWHWHVLFKHLQXQGHUKlPPHUWHLQ5LFKWXQJDXI$[KDODLVRPZLHHU HVJHJHQGLH3DGGOHUJHWDQKDWWH

=HOWH LQ URVWURWHU :VWH 2DVHQ YROOHU 6FKHUHQElXPH XQG :DVVHU ZLOGH 0HFFHFK NOHLQH *HVWDOWHQ GLH WUDXHUQG HLQ WRWJHERUHQHV .LQG EHWUDFKWHQ HLQH ZWHQGH :RJH EUHQQHQGHQ 6FKPHU]HVKLOIORV]LWWHUQGHQ=RUQHVEHUVFKZHPPWHGLHGUHL*HKLUQHZLHHLQ6WURP/DYD .OHLQH URVWURWH *HVWDOWHQ PLW ODQJHP VFKZDU]HP +DDU GLH LQ VFKZHLJHQGHU .DUDZDQH GXUFK GLH :VWH]LHKHQYHUVHQJWYRQGHQ6WUDKOHQGHU6RQQHGDQQGLH7HUUDQHUGLHZLHULHVLJHKLOIUHLFKH *|WWHU HUVFKHLQHQ 6H\PRXU GHU WRUNHOQG XQG VWDXEEHGHFNW EHU GLH :VWH JHKW XQG YRU GHU 2DVH ]XVDPPHQEULFKWGDQQGHU(LQVDW]JHJHQGLH3DGGOHUXQGGLHJHZDOWLJH3ODWWIRUP :LU$UPHXQZLVVHQGH:VWHQEHZRKQHU 'LH 7HUUDQHU +LOIUHLFKH 5LHVHQ PHQVFKOLFK XQG YROOHU ZDUPHU $QWHLOQDKPH 'DQQ GHU (LQVDW] GHU PLWlXHUVWHU.DOWEOWLJNHLWGXUFKJHIKUWZXUGH 6LH'LH7VKHQQDK²GXPPWUlJHQLFKWPLQGHUYHU]ZHLIHOW 6LH'LH1JDUGPDXQ²YHUVWHFNWQHXURWLVFKNOHLQXQG]LWWHUQG $[KDODLVRP.DOWXQGKHUUOLFKZLHHLQ*RWWGHQPHQVFKOLFKHV/HLGQLFKWHUUHLFKW8QEDUPKHU]LJXQG DEVWUDNWRKQH:lUPH 'DQQ HLQ 6DW] (,1 *(6&+(1. '$6 1,&+7 $86 :$50(0 +(5=(1 .2007 ,67 1,&+76 :(57 :,5 :(5'(1 $/62 62%$/' :,5 0,7 '(5 9$1(66$ $8) 3221*$+%8558 /$1'(1 ',( 3/$77)250 =(567g5(1 /$66(1 81' $8667(5%(1 /,(%(5 $8) ',(6( :(,6($8667(5%(1$/6(,1*(6&+(1.921',5$1=81(+0(1$;+$/$,620 )LQVWHUQLV(QGH 'LH *HGDQNHQSURMHNWLRQ GHV 6WDPPHVULFKWHUV ZDU YRQ GHUDUWLJHU 6FKlUIH XQG .ODUKHLW GD MHGH HLQ]HOQH+LUQ]HOOH6H\PRXUV]XVFKPHU]HQEHJDQQ(UVDKQXUQRFKHLQHLQ]LJHV%LOG 'LH :DDJH $XI VHLQHU 6H\PRXUV 6HLWH VHQNWH VLFK UDVHQG VFKQHOO GLH 6FKDOH 8QG HLQ HLQ]LJHU *HGDQNHGHV1HEHOZHVHQVVWDQGEUHQQHQGLQGHQ+LUQHQGHU]ZHL7HUUDQHU ,FKZHUGHGLH6FKLIIH]XUFNEULQJHQ

6H\PRXUNDPZLHGHU]XVLFKDOVVLFK6DVDNLEHULKQEHXJWHXQGGDVNDOWH+DQGWXFKYRQVHLQHU6WLUQ QDKP 6H\PRXU EOLQ]HOWH XQG VDK VLFK XP (U EHIDQG VLFK ZLHGHU LQ MHQHP =LPPHU LQ GHP HU PLW -DUHGDPHUVWHQ$EHQGJHVSURFKHQKDWWH-HW]WODJHUDXIHLQHUJURHQ/LHJHPDQKDWWHVLHLQDOOHU(LOH

KHUHLQJHVFKDIIW$XHULKPZDUHQYLHU3HUVRQHQLP5DXP²GLH&ROQVXQG&KXWH-DUHGNDXHUWHVLFK QHEHQLKQDXIGHQ%RGHQJULIIQDFK6H\PRXUV +DQGXQGVDJWH ª'HU 1HEHO XQG LFK VLQG HLQH JHGDQNOLFKH (LQKHLW JHZHVHQ GLH JDQ]H =HLW EHU ,FK KDEH DOOHV PLWHUOHEW²DOOHV'XZDUVWVRYHUGDPPWJXWGDLFKEHUUDVFKWELQ© 0GHEOLFNWHLKQ6H\PRXUDQGDQQYHUVXFKWHHU]XOlFKHOQ ª'X NDQQVW VWRO] DXI GHLQHQ .DSLWlQ VHLQ 1DYLJDWRU© VDJWH -DUHG XQG VWLH &KXWH DQ ª(U KDW JHNlPSIW ZLH HLQ 3DQWKHU YHUVFKODJHQ JULPPLJ XQG XQJHPHLQ JHULVVHQ %LV ]XP OHW]WHQ 0RPHQW VHLQHV%HZXWVHLQV© ª6FKRQJXW©PXUPHOWH6H\PRXU ª$[KDODLVRP KDW DXVULFKWHQ ODVVHQ GD HU GLFK XQG GHLQ 6FKLII LQ JHQDX HLQKXQGHUWVLHE]LJ 6WXQGHQ %RUG]HLWYRQ3RRQJDKEXUUXDEKROHQZLUG,FKVROOGLUVDJHQGDHUYRQGLUGHLQHQ$UJXPHQWHQXQG GHLQ (QWVFKOX GHU 3RRQJDK EHHLQGUXFNW ZDU (U VDJWH GLHV ZHLO HU VLFK VFKlPWH VRIHUQ VLFK $[KDODLVRPVFKlPHQNDQQ,FKKDEHZHLWHUHUIDKUHQGDHUQDFKXQGQDFKDOOH6FKLIIHLQGHQ5DXP ]ZLVFKHQ3UDHVHSHXQGGLH3OHMDGHQ]XUFNEULQJHQZLUG© 6H\PRXUQLFNWH ª:LHODQJHEUDXFKWHLQ1JDUGPDXQXPYRP6HHGHQZLUEHUIORJHQKLHUKHU]XZDQGHUQ"© -DUHGV 6LFKHOVFKXW] UXFNWH KRFK XQG UDVWHWH HLQ hEHUUDVFKWH YLROHWWH $XJHQ EOLFNWHQ 6H\PRXU DQ ª:HVKDOE"©ª,FKKDEHJHIUDJW© ª9LHOOHLFKWYLHUIQI:RFKHQLFKZHLHVQLFKWJHQDX(VNRPPWDXIGLH8PVWlQGHDQ© ª0HLQH 9HUEQGHWHQ KDEHQ HLQLJH 1JDUGPDXQ JHIXQGHQ XQG LKQHQ QDFK GHP $QJULII DXI GLH 3ODWWIRUPVXJJHULHUWGXEUDXFKWHVWLKUH+LOIH'LHVH3ODQHWDULHUZLVVHQYRQLKUHP*OFNDEHUQXUVLH (VLVWDOVRGHLQH6DFKHLKUH6SUDFKH]XOHUQHQXQGGLFKPLWLKQHQ]XYHUVWlQGLJHQ$EHUGXZLUVWHV VFKDIIHQZLHDOOHVELVKHU© -DUHGZDUEHUUDVFKWXQG]HLJWHGLHVDXFKª0DQQ©VDJWHHUEHJHLVWHUWª'DVZDUHLQH0|JOLFKNHLWDQ GLHLFKQLFKWJHGDFKWKDEH&KXWHJLELKPHWZDVDXVGHU)ODVFKH© 6H\PRXU ZXUGH YRQ 9HQGD XQG 5HJLQDOG DXIJHVWW]W XQG VDK WHLOQDKPVORV ]X ZLH 6DVDNL HLQ *ODV QDKPXQGDXVHLQHUYROOHQYLHUHFNLJHQ)ODVFKHHLQH0HQJHKHUDXVVFKWWHWH(UVHW]WHGDV*ODVDQGLH /LSSHQ GHV .DSLWlQV VWHOOWH PLW GHU DQGHUHQ +DQG LUJHQGZRKLQ GLH )ODVFKH DE XQG ]ZDQJ 6H\PRXU GDV=HXJ]XWULQNHQ(VVFKPHFNWHZLHIOVVLJHV*ODV ª&KXWH ZLOOVW GX PLFK UHVWORV XPEULQJHQ"© (U NHXFKWH XQG ZUJWH 'LH 7UlQHQ WUDWHQ LKP LQ GLH $XJHQXQG HU VDQNNUDIWORVQDFK KLQWHQ &KXWHVWDQG GD XQG ODFKWHODXWORV ,Q 6H\PRXUEHJDQQ VLFK HLQKHLHU6WURPDXV]XEUHLWHQXQGELQQHQHLQHU)ULVWYRQ]ZHL0LQXWHQIKOWHHUVLFKIlKLJZLHGHU]X VSUHFKHQDXI]XVWHKHQXQGQDFK)HXHU]XYHUODQJHQ ª'DV&KHI©VDJWH&KXWHOLVWLJªZDUGHUHUVWH6FKOXFNDXVGHU)ODVFKHGLH6LHHLJHQWOLFKJHZRQQHQ KDEHQ*XWGDLFKGLHVH&DPDQDQRFKKDWWH,FKIUHXHPLFKGDHV,KQHQZLHGHUJXWJHKW.lSWHQ© 6H\PRXUNQXUUWHª/DGHQ8QIXJ1DYLJDWRU© ª,Q2UGQXQJ'HQNHQZLUDOVRXP'LH5FNNHKUVDJWHMHQHU0HQVFKKLHULVWJHVLFKHUW"© ª-D 'X GDUIVW PLFK ]XP 6FKLII EULQJHQ© VDJWH 6H\PRXU XQG VWLH GHQ 5DXFK DXV ª(V HLOW (LQKXQGHUWVLHE]LJ6WXQGHQNRPPHQZLUELVGDKLQQDFK3RRQJDKEXUUX"© 'HU1DYLJDWRUQLFNWHª-D$EHUZLUPVVHQELQQHQ]ZHLHU6WXQGHQLQGHU/XIWVHLQ© 6H\PRXU EOLHE YRU GHP 7LVFK VWHKHQ XQG ZXUGH ZLHGHU HUQVW ª'DV LVW HLQ GHXWOLFKHV =HLFKHQ IU $EVFKLHG -DUHG &ROQ© VDJWH HU HUQVW ª:LU EHGDXHUQ HV ,FK KlWWH PLFK QRFK JHUQ HWZDV OlQJHU PLW HXFK XQWHUKDOWHQ XQG GHLQHP 6RKQ GDV 9DWHULPDJR HWZDV NRUULJLHUW 'X ZLUVW VRQVW ]X DUURJDQW -HGHQIDOOVZHUGHWLKUMHW]WPLW]XU9$1(66$NRPPHQXQGDOOHQGLH+lQGHVFKWWHOQ.ODU"© ª6HOEVWYHUVWlQGOLFK.lSWHQ© 6LH VWDQGHQ DXI XQG YHUOLHHQ ]XVDPPHQ GHQ 5DXP 'UDXHQ KHUUVFKWH 'XQNHOKHLW XQG GLH 0DQQVFKDIW VFKOLHI LP 6FKLII 'LH 1DFKW ZDU NKO XQG 6H\PRXU DWPHWH WLHI HLQ XQG DXV DEHU GHU 1HEHOGHV$ONRKROVZLFKQLFKWVFKQHOODXVVHLQHP.RSI ª:HKHGLUZHQQGX$ONRKRODQUKUVW©VDJWH6H\PRXU]X&KXWHª'XPXWIOLHJHQ© ª,FKZHUGHGDV6FKLIIVRVFK|QVWDUWHQDOVVlHVWGXLP6WHXHUVHVVHO© 6LH HUUHLFKWHQ GDV 6FKLII NOHWWHUWHQ GLH /HLWHU KRFK XQG NDPHQ LQ GHU 6FKOHXVH DQ 5RRWKDUG KDWWH :DFKH HU EHJOHLWHWH VLH QDFK REHQ 8QG GDQQ VDK HU HUVWDXQW ]X ZLH 6H\PRXU ]X JULQVHQ EHJDQQ HWZDV ZLH ª7HUUDQLD© PXUPHOWH XQG VLFK PLW GHU IODFKHQ+DQGDXIVlPWOLFKH .Q|SIHVWW]WHGLHDXI GHU /HKQH VHLQHV 6HVVHOV DQJHEUDFKW ZDUHQ (V KDQGHOWH VLFK XP .RPPXQLNDWLRQ DXI DOOH 5lXPH 'DWLHUDODUP0HWHRULWHQZDUQXQJ5HDNWRUDODUPXQGHLQLJH]HKQDQGHUH:DUQXQJHQ6LHJHOOWHQGXUFK

GDV6FKLIIXQGHQWIHVVHOWHQHLQHQ*HUlXVFKRUNDQ ª+H©VDJWHGHU1DYLJDWRUª:R]XGDV"© 6H\PRXUVDJWHVWHLIª0HLQH0lQQHUVROOHQVLFKKLHUYHUVDPPHOQXQGXQVHUH)UHXQGHYHUDEVFKLHGHQ *OHLFK]HLWLJ VROOHQ VLH HUIDKUHQ GD ZLU XQV ]XP +HLPIOXJ UVWHQ 6LH VROOHQ EHUHLWV DQIDQJHQ VLFK (QWVFKXOGLJXQJHQIU(KHIUDXHQXQG%UlXWHDXV]XGHQNHQ$ODDDDUP© 6HLQH %RWVFKDIW GUDQJ YRQ NOLUUHQGHQ /DXWVSUHFKHUQ KHUDXVJHEUOOW LQ GHQ KLQWHUVWHQ :LQNHO GHV XQWHUVWHQ/DGHUDXPHV6DVDNLGUFNWH6H\PRXULQGHQ1DYLJDWRUHQVHVVHOGUHKWHLKQKHUXPVRGDHU PLW GHP *HVLFKW ]XU 5DXPPLWWH VD XQG O|VFKWH GLH $ODUPNQ|SIH 'LH 0DQQVFKDIW NDP LQ DOOHQ 6WDGLHQGHV$QJH]RJHQVHLQVLQGLH=HQWUDOH 'HU$EVFKLHGGDXHUWHHLQH6WXQGH (U ZDU VHKU ODXW VHKU KHU]OLFK XQG PLW HLQHP $XIZDQGJHWULHEHQ DOV YHUUHLVH HLQH )DPLOLH PLW DFKW .LQGHUQ 'LH 0lQQHU WUDQNHQ 6DVDNLV &DPDQD DXV ZHFNWHQ GLH 3DWULDUFKHQ DXI WUDNWLHUWHQ VLH PLW $ONRKRO XQG .DIIHH VFKWWHOWHQ -DUHG XQG VHLQHP 6RKQ SDXVHQORV GLH +lQGH YHUEHXJWHQ VLFK YRU 9HQGDXQ]lKOLJH0DOHXQG ZXUGHQVFKOLHOLFKYRQ5RRWKDUG XQG 6DVDNLJHZDOWVDPDXV GHU =HQWUDOH HQWIHUQW $OV ZLHGHU 5XKH KHUUVFKWH |IIQHWH 6H\PRXU GLH $XJHQ XQG VDJWH PLW EHUUDVFKHQGHU 'HXWOLFKNHLWª,FKJODXEHLFKKDEHYRQ,KUHP6FKQDSVHWZDV]XYLHOHUZLVFKW6DVDNL:LUVROOWHQXQV DQVWlQGLJ YRQ GHQ &ROQV YHUDEVFKLHGHQ© (U ZDU VHKU YHUZXQGHUW EHU GDV *HOlFKWHU 6FKOLHOLFK EHU]HXJWHVLHHLQ%OLFNDXIGLH8KUGDHVZLUNOLFKK|FKVWH=HLWZXUGH6H\PRXUYHUDEVFKLHGHWHVLFK XQG]ZDQJ-DUHG]X GHU9HUVLFKHUXQJ PLWGHPKRIIHQWOLFKEDOGIOLHJHQGHQ6FKLII7HUUD DQ]XIOLHJHQ 'DQQ ZXUGHQ GLH 6FKLUPH DQJHVFKDOWHW XQG VLH VDKHQ ]X ZLH GLH GUHL JROGHQHQ 0HQVFKHQ ]X GHQ *HElXGHQJLQJHQGLH*DVVHLP*UDVZDULQ]ZLVFKHQEUHLWXQGQLHGHUJHWUHWHQ'DV6FKLIIVWDUWHWHXQG DOV OHW]WHU (LQGUXFN EOLHE DXI GHP 9HUJU|HUXQJVVFKLUP HLQ KHOOHV 9LHUHFN LQ GHP GUHL *HVWDOWHQ VWDQGHQXQGZLQNWHQ 'DV6FKLIIVFKRLQUDVHQGHU)DKUWYRP3ODQHWHQZHJJLQJLQGHQ/LQHDUUDXP6H\PRXUVDGDXQG VDK6DVDNL]XXQGDOVVLFKGDV*UDXDXIGHQ6FKLUPHQDXVEUHLWHWHVDJWHHU ª:HUGHLFKQRFKJHEUDXFKW&KXWH"© 'HU 1DYLJDWRU VDJWH HUQVW ª1HLQ GDQNH .lSWHQ 6LH VHKHQ VHKU PGH DXV ² JHKHQ 6LH QDFK XQWHQ :HQQHWZDVJHVFKHKHQVROOWHZHUGHQ6LHJHZHFNWQLFKWHKHU© ª,Q 2UGQXQJ© HUZLGHUWH 6H\PRXU GHQ MHW]W GLH ]ZHLWH 0GLJNHLWVZHOOH EHUILHO ª,FK GDQNH ,KQHQ EHLGHQIUGLH+LOIH6DJHQ6LH²ZDULFKHWZDHWZDVXQVLFKHULQPHLQHP%HQHKPHQ"© ª.HLQHVIDOOV.lSWHQ©YHUVLFKHUWHLKP6DVDNL %HUXKLJW JLQJ 6H\PRXU QDFK XQWHQ XQG OHJWH VLFK LQV %HWW (U VFKOLHI HLQ ZlKUHQG QRFK GDV /LFKW EUDQQWH$OOHVZDUYRUEHLGDFKWHHUZlKUHQGHUHLQVFKOLHI 'HU $XIHQWKDOW ZDU VHKU NXU] :DV HV ]X VDJHQ JDE ZXUGH YRUKHU JHVDJW XQG VR ODQGHWH GDV 6FKLII ZLHGHUQHEHQGHU2DVH5RWDURDXQGOLHGLH/HLWHUKLQXQWHU6H\PRXUVSUDQJLQGHQ6WDXEGHU:VWH ILQJGLHKHUXQWHUJHZRUIHQHQ6DWWHOWDVFKHQXQG'HFNHDXIXQGJLQJKLQEHU]XU2DVH,KPIROJWHQGLH IQI3DWULDUFKHQ 'DV *HSlFNVWDSHOWH VLFK QHEHQLKQHQXQGGLHHUVWHQ%HGXLQHQNDPHQKHUDQXQGEOLHEHQVWHKHQDOV 3LNR\HLQH+DQGEHZHJXQJPDFKWH ª7HUUDQHU 6H\PRXU© VDJWH 3LNR\ ZlKUHQG 6H\PRXU YRU LKP DXI GHQ +DFNHQ NDXHUWH ª:RUWH VLQG VLQQORV:LUKDEHQGLU]XGDQNHQDEHULFKGHQNHZLUKDEHQHLQLJHVJXWPDFKHQN|QQHQ*HKHMHW]W© 6LHVFKWWHOWHQVLFKGLH+lQGH ª9LHOOHLFKWNRPPHQ7HUUDQHUHLQHV7DJHVKLHUDQ3LNR\©VDJWH6H\PRXUHQGJOWLJª6DJHLKQHQZDV JHVFKHKHQLVW,FKKDEHQGHQ9HUGDFKWDOVZUGHQZLUQLFKWVVDJHQN|QQHQ²RGHUGUIHQ©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

(LQ7DJYHUJLQJLQVFKOHLFKHQGHU(LQW|QLJNHLW=X%HJLQQGHV]ZHLWHQ7DJHVVSUWHQGLH0lQQHUZLH VLFK HLQH VHOWVDPH 0GLJNHLW LKUHU EHPlFKWLJWH 6LH VXFKWHQ XQDXIJHIRUGHUW LKUH .DELQHQ DXI XQG OHJWHQVLFKKLQXQGMHGHUYRQLKQHQVFKOLHIHLQREZRKOQLHPDQGPGHZDU 6WLOOHEUHLWHWHVLFKLQGHU9$1(66$DXVZLHVFKOHLFKHQGH.lOWH 'LH 6WXQGHQ YHUJLQJHQ ODQJVDP ZlKUHQG GHU 1HEHO $[KDODLVRP GDV 6FKLII GXUFK GHQ |GHQ 5DXP VFKOHSSWH 'LH IQIXQG]ZDQ]LJ 0lQQHU VFKOLHIHQ WLHI XQG WUDXPORV 8QG ZlKUHQG VLH VFKOLHIHQ JHVFKDKHWZDVPLWLKQHQ6LHYHUORUHQLKUH(ULQQHUXQJ 6WFNZHLVHO|VFKWHVLH$[KDODLVRPDXV(U]RJVLFK]XVDPPHQIXKUDOV%OLW]GXUFKHLQHQ3URMHNWRULQV 6FKLII XQG EHUQDKP GLH +LUQH GHU 7HUUDQHU 9RQ GHP $XJHQEOLFN DQ GD GDV 6FKLII ]XP HUVWHQPDO YRQGHPZHLHQ6FKOHLHUXPJHEHQZDUELVMHW]WHQWIHUQWHGHUNRVPLVFKH9DJDEXQGGLH(ULQQHUXQJHQ OHHUWHGHQ6SHLFKHU 'LH.XQVWVWRIIEOlWWHUGHV/RJEXFKHVYHUNRKOWHQ 'LH 6SHLFKHUElQNH GHU %RUGSRVLWURQLN PLW VlPWOLFKHQ 'DWHQ IU GHQ )OXJ ]ZLVFKHQ GHQ 6RQQHQ GHV +DORJHELHWHVZXUGHQHQWOHHUWXPJHVFKDOWHW6lPWOLFKH1RWL]HQZXUGHQYHUQLFKWHW $[KDODLVRP OHLVWHWH JDQ]H $UEHLW (U GXUFKVW|EHUWH GLH +LUQH GHU 0lQQHU XQG ULFKWHWH GRUW HLQH 9HUZVWXQJDQGLHDEHUQLFKWIUGDXHUQGZDU(VVWDQGIULKQIHVWGDNHLQHUGHU0lQQHUEHUGLH *HVFKHKQLVVHGHUOHW]WHQVLHE]LJ7DJHHWZDVDXVVDJHQNRQQWH6LHZXWHQ]ZDUZHQQVLHDXIZDFKWHQ GDLKQHQYROOHVLHE]LJ7DJHIHKOWHQKDWWHQDEHUGHQ,QKDOWGLHVHU=HLWQLFKWPHKU $OOHVDQGHUHZUGHZLHGHUNRPPHQ²VWFNZHLVHQDFKXQGQDFK 'LH9$1(66$UDVWHZHLWHU

=ZHLXQGVLHE]LJ7DJHZDUHQYHUJDQJHQ 9RU GLHVHU=HLWVSDQQH ZDU 6H\PRXUEHUGHQ%HWRQ GHV5DXPKDIHQVYRQ. WLQ 1JHFL JHJDQJHQXQG ZDULQGLH*2/'(1+$00(5HLQJHVWLHJHQ-HW]WZDFKWHHUDXIXQGHUVFKUDN (U KDWWH HLQHQ 'XUVW GHU LKQ HUVFKUHFNWH XQG HLQHQ+XQJHU GHU VFKPHU]WH /DQJVDP ULFKWHWH HU VLFK DXI XQG VDK VLFK XP (U ODJ LQ HLQHU 5DXPVFKLIINDELQH XQGNDQQWH VLH QLFKW (U VDQN ZLHGHU ]XUFN EHUOHJWH XQG IKOWH HLQH %HUKUXQJ QHEHQ VHLQHP 2KU 'DQQ GUFNWH VLFK HLQ NOHLQHU KDUWHU *HJHQVWDQG DQ GHQ 6FKlGHONQRFKHQ 6H\PRXUV +DQG IXKU KLQDXI XQG WDVWHWH GDQDFK HLQH NOHLQH +DOENXJHO 9LHOOHLFKW KDWWH HV 6LQQ ZDV MHPDQG GD PLW LKP WDW -HGHQIDOOV PXWH HU MHW]W HWZDV WULQNHQ $EHU HWZDVVW|UWHLKQXQGHUZXWHGDGLH'LQJHQLFKWVWLPPWHQ 7ULQNHQ6H\PRXULQGHU0HVVH(LQNODUHU*HGDQNH (UIROJWHLKP(U]RJVHLQH+RVHDQXQGJLQJEDUIX]XP6FKDFKWGHUQDFKXQWHQIKUWH'RUWZRGLH HQWVSUHFKHQGHQ =HLFKHQ DQJHEUDFKW ZDUHQ VFKZDQJ VLFK 6H\PRXU DXV GHU gIIQXQJ VFKRE DXWRPDWLVFKHLQH7U]XU6HLWHXQGJLQJLQGLH0HVVH/LFKWEUDQQWH$OOHVOHHU*HUXFKQDFK(VVHQ 7ULQNHQ6H\PRXU²HVLVWQ|WLJ (U JLQJGXUFK HLQH VFKPDOH6FKZLQJWU KLQGXUFKK|UWHGDV 6FKQDSSHQGHV 6FKORVVHV HVZDULPPHU QRFK QLFKW UHSDULHUW ZRUGHQ GDFKWH HU XQG |IIQHWH HLQHQ 9RUUDWVVFKUDQN 'RUW VWDQGHQ ODQJH 5HLKHQ YRQ 'RVHQ PLW EXQWHQ (WLNHWWHQ (U QDKP HLQH KHUDXV |IIQHWH VLH PLW GHP 6SH]LDOVFKOVVHO XQG VFKWWHWHGHQ,QKDOWLQHLQ*ODVGDVHUPLWVLFKHUHP*ULIIDXVGHP*OlVHUVFKUDQNKROWH(LQH0HQJH XQJHVSOWHV*HVFKLUUVWDQGKHUXPZHQQ+RJMDZDXIZDFKWHVHLQH*HGDQNHQYHUORUHQVLFKZLHGHU XQGHUWUDQNGDV*ODVOHHU(VVFKPHFNWHJXWO|VFKWHGHQ'XUVWXQGHUWUDQNQRFKGUHLZHLWHUH'RVHQ DXV :LHGHUIDQGHUHWZDVODVHUVWDXQWGLH%H]HLFKQXQJ|IIQHWHGLH'RVHXQGHUKLW]WHGHQ,QKDOW²HVZDU HLQHNUlIWLJVFKPHFNHQGH6XSSH(UIKOWHVLFKMHW]WEHVVHUXQGJHVlWWLJWDEHULUJHQGZLHKRKOXQGOHHU 6HLQ 9HUVWDQG DUEHLWHWH DXI YROOHQ 7RXUHQ DEHU HU OLHI OHHU GXUFK $OOHV ZDV HU WDW WDW 6H\PRXU DXWRPDWLVFKXQGPDVFKLQHQKDIW1XUGLHVH6WLPPHZDUGDXQGVDJWHLKPZDVHUWXQPXWH-HGHVPDO ZHQQ VLH HWZDV VDJWH NDPHQ (ULQQHUXQJHQ ]XUFN =XUFN" 6WFNZHLVH ZLH HLQ 0RVDLN VWHOOWH VLFK HLQ%LOG]XVDPPHQ,QLKPNODIIWHQULHVLJH/FNHQGLHHUQLFKWDXIIOOHQNRQQWH =LJDUHWWH $XFK GDV HUOHGLJWH HU PLW DXWRPDWHQKDIWHQ %HZHJXQJHQ -HW]W VDK HU VFKRQ HWZDV NODUHU (U EHIDQG VLFKLQQHUKDOEHLQHV5DXPVFKLIIHVGDVHUJXWNDQQWH (UZDUHEHQHUZDFKW$OVRKDWWHHUJHVFKODIHQ 'LH DQGHUHQ 0lQQHU" 6LH VFKOLHIHQ YHUPXWOLFK HEHQIDOOV 'DV ZDU XQZLFKWLJ GHQQ HU PXWH ]XHUVW VLFK]XUHFKWILQGHQ'LHVH6WLPPH

ª:HU ELVW GX GHU LPPHU PLW PLU IOVWHUW"© IUDJWH HU ODXW 6HLQH 6WLPPH KDOOWH GXUFK GLH 0HVVH GHV 5DXPVFKLIIHV ,FK ELQ GHU 7HFNR $PRR GHLQ )UHXQG 'X ELVW GHU $JHQW GHU *DODNWLVFKHQ $EZHKU GLFK KDW PDQ HLQJHVHW]WXPGLHVHV5DXPVFKLIIVLFKHUZLHGHU]XODQGHQ :LHGHUEHUIOXWHWHQQHXHDOWH(UNHQQWQLVVHGLH*HGDQNHQGHV0DQQHV(UYHUVWDQGZLHHUKLHUKHUNDP ZDVHU]XWXQKDWWHXQGZRKHUHUNDP:DVYRUJHIDOOHQZDUZXWHHUQLFKW1RFKQLFKW ª:LHKHLHLFK"© 6H\PRXU$OFROD\DPLWGHP%HLQDPHQ3DQWKHU ª'X ELVW NOXJ :LU ZHUGHQ HV LQ GHQ IROJHQGHQ 6WXQGHQ VR PDFKHQ GD LFK GLFK IUDJH XQG GX PLU DQWZRUWHVWNODU"© -D$EHUQLPPPLFK]XHUVWLQGLH+DQG,FKVWHKHQHEHQGLUDXIGHP%RUG 6H\PRXU GUHKWH VLFK XP HUNDQQWH GDV 7LHUFKHQ XQG QDKP HV YRUVLFKWLJ LQ GLH +DQG 'DQQ VHW]WH HU VLFK DXI $QRUGQXQJ GHV .OHLQHQ LQ %HZHJXQJ XQG JLQJ ZLHGHU KLQDXI LQ GLH HLJHQH .DELQH ,Q LKU KHUUVFKWH HLQHXQEHVFKUHLEOLFKH8QRUGQXQJXQGHUZXWHSO|W]OLFKGDHUODQJHJHVFKODIHQKDWWHLQ GHQ3DXVHQGD]ZLVFKHQDEHULPPHUZLHGHUJHWUXQNHQXQGJHJHVVHQKDWWH +LHUVLQGGHLQH6DFKHQ=LHKHGLFK]XQlFKVWDQVRUJIlOWLJ'DQQVWHFNHPLFKLQGLH%UXVWWDVFKHGLHVHU VFKZDU]HQ-DFNH 0LWMHGHP6WFNGDV6H\PRXUDQ]RJHUZDFKWHZLHGHUHLQNOHLQHU$EVFKQLWWVHLQHV*HGlFKWQLVVHV]X QHXHP /HEHQ (U ]RJ 6RFNHQ DQ VFKOR GHQ EUHLWHQ *UWHO XQG EHPHUNWH GLH DXIIDOOHQGHQ .DSLWlQVVWUHLIHQDQGHU+RVH'DQQVFKOSIWHHULQHLQHQKHOOJUDXHQ3XOORYHUGHUKHUXPODJIDQGHLQHQ *XUW PLW HLQHU :DIIH XQG EHIHVWLJWH GLH /HGHUWDVFKH ULFKWLJ XQWHU GHU $FKVHO (U ]RJ GDUEHU HLQH VFKZDU]H-DFNHLQGHU$XVZHLVHVWHFNWHQXQGHLQH%ULHIWDVFKHYROOHU6RODU 'LH +DQGVFKXKH GLH KHUXPODJHQ VWHFNWH HU DFKWORV LQ GLH 7DVFKH XQG EOLFNWH GDQQ LQ GHQ 6SLHJHO 8QJHSIOHJWHV+DDUODQJJHZDFKVHQXQGHLQVWDFKHOLJHU%DUWZDUHQGLHDXIIDOOHQGVWHQ0HUNPDOHGLHVHV =HUUELOGHVGD]XNDPHQ$XJHQGLHLQWLHIHQ+|KOHQODJHQXQGEOXWXQWHUODXIHQZDUHQ'DV*HVLFKWZDU HUVFKUHFNHQGIDKOXQGPDJHU +LQDXILQGLH=HQWUDOH²GDV6FKLIIODQGHQ (U QLFNWH VDJWH ª'DQNH $PRR© XQG JLQJ GLH ZHQLJHQ 6WXIHQ ]XU =HQWUDOH KLQDXI (U EOLFNWH VLFK DXIPHUNVDPXPXQGEHWUDFKWHWHGLHHLQ]HOQHQ,QVWUXPHQWHGLH$Q]HLJHQXQGGLH6FKDOWHUUHLKHQ8QG PLWMHGHP4XDGUDW]HQWLPHWHUNDPHQPHKUXQGPHKU(ULQQHUXQJHQ]XUFN 6H\PRXUV+DQGVFKDOWHWHGLH6FKLUPHHLQ 'DQQOLHIHQGLH0DVFKLQHQDQ 'DQQNODSSHUWHGHU5HFKHQDXWRPDW6H\PRXUODVDE ª:LUVWHKHQEHUHLQHP3ODQHWHQ©VDJWHHUODXWª,FKPXODQGHQ© (UEHZHJWH HLQHQ+HEHOXQGGHU$XWRPDWVFKQXUUWHHLQH=DKOHQNRORQQHKHUXQWHU6H\PRXUEHUWUXJ VLH DXI GHQ $XWRSLORWHQ GDEHL VWLH HU GDV /RJEXFK YRP 3XOW (V ZDU DXIJHVFKODJHQ DEHU HLQLJH 6HLWHQZDUHQ]XVDPPHQJHVFKPRO]HQXQGKDWWHQVFKZDU]H5lQGHU 'XVWHKVWEHU7HUUDQLDDXI7HUUD6H\PRXU/DQGHDXIGHP=LYLOUDXPKDIHQO +XQGHUWPDO KDWWH 6H\PRXU HUIROJUHLFKH 6WDUWV XQG /DQGXQJHQ GXUFKJHIKUW XQG PLW GLHVHP IXQNHOQGHQJXWHQ6FKLIIZDUHVNHLQHUOHL5LVLNR(UHPSILQJXQGEHDQWZRUWHWHHLQHQ)XQNVSUXFKGHU LKQ XP $EIOXJKDIHQ XQG /DQGXQJ VRZLH XP ,GHQWLILNDWLRQ EDW 6H\PRXU VDJWH DOV KDEH HU HV DXVZHQGLJJHOHUQW ª6FKLII9$1(66$GHU&251(/,$&/,9(+2/',1*6WDUWKDIHQ,6+7$5HUELWWHW/DQGHHUODXEQLV /DGXQJEHVWHKWDXV5RKPHWDOOXQGHOHNWURQLVFKHQ)HUWLJEDXWHLOHQ© 'LH%HVWlWLJXQJOLHQLFKWODQJHDXIVLFKZDUWHQª/DQGHQ6LHELWWHDXI3ODW]QXPPHU:DUWHQ6LH ELVGDV)DKU]HXJGHU+DIHQPHLVWHUHL]X,KQHQNRPPW'DQNH²ZLOONRPPHQLQ7HUUDQLD© 6H\PRXUODFKWHXQGEUDFKWHGDV6FKLIIDXIGHU1XPPHU]XP6WHKHQ'DQQVFKDOWHWHHUQDFKHLQDQGHU VlPWOLFKH0DVFKLQHQDXVELVDXIGDV9HUVRUJXQJVDJJUHJDWXQGIUDJWHODXWª:DVLVWMHW]W"© ª'X YHUOlW GDV 6FKLII XQG JHKVW ]XP QlFKVWHQ 9LVLSKRQ 'RUW ZlKOVW GX GLH *HKHLPQXPPHU GHU $EZHKUXQGYHUODQJVW$OODQ'0HUFDQW1HQQHGHLQHQ1DPHQ© 6H\PRXU]RJGLH+DQGVFKXKHDQODFKWHZLHGHUXQGVFKZDQJVLFKLQGHQ$EZlUWVVFKDFKW(UYHUOLH LKQLQGHU3ROVFKOHXVHEHWUDFKWHWHHLQLJH6HNXQGHQODQJGHQ7HFNRLQVHLQHU%UXVWWDVFKHXQGPDFKWH HV GHP 7LHU HWZDV EHTXHPHU 'DQQ |IIQHWH HU GXUFK ]ZHL .QRSIGUFNH GLH 6FKOHXVH XQG OLH GLH /HLWHUKHUXQWHU 6H\PRXUNOHWWHUWHKLQDXVDWPHWH/XIWHLQGLHQDFK7UHLEVWRII:lUPHXQG0HWDOOURFKXQGVFKLUPWH VHLQH $XJHQ DE 'RUW GUEHQ ZDU GDV +DIHQJHElXGH HLQ ODQJHU DXIIDOOHQG VFK|QHU XQG VFKQLWWLJHU

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lQH DXV DOOHQ :LQNHOQ GHU *DOD[LV (U VDK DXFK GLH ODQJH 5HLKH GHU JODVYHUNOHLGHWHQ 9LVLSKRQH (U JLQJ PLWWHQ GXUFK GLH 0DVVHQ KLQGXUFK NUDFKWH PLW YROOHU :XFKW JHJHQ GHQ 5FNHQ HLQHV5RERWVHQWVFKXOGLJWHVLFKJHLVWHVDEZHVHQGXQGULGLH7UDXI 'UHLLJ6ROL²LQGHLQHU%ULHIWDVFKH (U IDQG GLH 0Q]HQ EHWUDFKWHWH GDV %LOG HLQHV XQEHNDQQWHQ 0DQQHV GDUDXI XQG GLH -DKUHV]DKO GHU $XVJDEH GLH =LIIHU =HKQ XQG ZDUI GDQQ GLH GUHL 0Q]HQ LQ HLQHQ 6FKOLW] (LQ JUQHV 9LHUHFN OHXFKWHWHEHUGHP6FKOLW]DXI'DQQHQWVDQQHUVLFKGHU*HKHLPQXPPHUGLHHUVRODQJHQLFKWPHKU JHEUDXFKWKDWWH(UZlKOWHODQJVDPXQGNRQ]HQWULHUW ²²²²²²²² (U ZDUWHWH QLFKW ODQJH 'HU 6FKLUP HUKHOOWH VLFK VFKODJDUWLJ XQG HLQ VHKU KEVFKHV 0lGFKHQ ZDU GDUDXI]XVHKHQ6LHEOLFNWH6H\PRXUOlFKHOQGDQXQGVDJWH ª$EZHKU9HUPLWWOXQJ:HLVHQ6LHVLFKDXV© ª,FKLFKELQ3DQWKHU6H\PRXU$OFROD\D©(UZLHVVWRO]DXIGDVGUHLHFNLJH6FKLOGDXIVHLQHU%UXVW ª,FKP|FKWH$OODQ'0HUFDQWVSUHFKHQ© 'DV 0lGFKHQ EHWUDFKWHWH LKQ VFKZHLJHQG XQG LQWHUHVVLHUW HWZD HLQH YLHUWHO 0LQXWH ODQJ :lKUHQGGHVVHQO|VWHQLKUH)LQJHUHLQHQ$ODUPDXVGHUVRIRUWYLHU0lQQHUXQGYLHU9LVLSKRQHDXVGHU $UEHLWULHLQH)UHLOHLWXQJHUVWHOOWHXQGGDQQXPVFKDOWHWH (LQ GXQNHOKDDULJHU 0DQQ HUVFKLHQ MHW]W DXI GHP 6FKLUP XQG VDJWH UXKLJ ª:HLVHQ 6LH VLFK PLW .RGHQXPPHUDXV$JHQW$OFROD\D© ª1XPPHU6WULFKS© (LQUDVFKHU%OLFNDXIHWZDVGDVDXHUKDOEGHV%LOGEHUHLFKHVODJXQGGHU0DQQQLFNWHª,Q2UGQXQJ 3DQWKHU6LHN|QQHQUHGHQ+LHULVW:DFKH.HHQDQ5XHUF:DVKDEHQ6LH]XVDJHQ"© 6H\PRXUODFKWHLQGLHJUDXHQ$XJHQGHV0DQQHVYRULKPKLQHLQXQGOHKQWHVLFKOHLFKWJHJHQGLH7U GHU =HOOH (U GDFKWH GDUEHU QDFK ZDUXP HU HLJHQWOLFK DQJHUXIHQ KDWWH 'DQQ K|UWH HU GLH )OVWHUVWLPPHLQVHLQHQ*HGDQNHQ ª:DUXP KDEH LFK HLJHQWOLFK DQJHUXIHQ"© PXUPHOWH HU XQG GDQQ VDJWH HU ODXW ª,FK PHOGH PLFK ]XU 6WHOOH 5LFKWHQ6LH GHP $UFKLYOHLWHUXQG0HUFDQWDXVGDGLH 9$1(66$HEHQ LQ7HUUDQLDJHODQGHW LVW²ZRKOEHKDOWHQ-DGDVZDUHV.DPHUDG'DQNH© (U WDVWHWH GDV *HVSUl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ª:RKLQMHW]W7HFNR"© (LQ 0DQQ GHU PLW HLQHP NDULHUWHQ .RIIHU VHLQHQ :HJ NUHX]WH EOLHE VWHKHQ PXVWHUWH 6H\PRXU XQG IUDJWHGDQQª:DVPHLQWHQ6LH"© 6H\PRXUEOLFNWHLKQYHUlFKWOLFKDQXQGVDJWHª'DVJHKW6LHQLFKWVDQMXQJHU0DQQ© 6H\PRXUJLQJZHLWHU(UJLQJPLWGHQ%HZHJXQJHQHLQHV0DQQHVGHUPLWVHLQHQ*OLHGPDHQQLFKWV DQ]XIDQJHQZHLXQGVLFKGDUDXIYHUOlWGDVLH]XIULHGHQVWHOOHQGIXQNWLRQLHUHQ'HU6WUHLW]ZLVFKHQ VHLQHU DXINRPPHQGHQ (ULQQHUXQJ XQG GHP %HZXWVHLQ GD GLHV DOOHV QLFKW ULFKWLJ ZDU OLH VHLQHQ 9HUVWDQGLQHLQHU$XVZHLFKUHDNWLRQQLFKWYROODUEHLWHQHUWUHQQWH:LFKWLJHVQLFKWYRP8QZLFKWLJHQ =ZLVFKHQGHU+DOOHXQGHLQHPDQGHUHQJLJDQWLVFKHQ*HElXGHEHIDQGVLFKHLQH3HUJRODHLQJHGHFNWHU *DQJLQGHPPDQEHL5HJHQGLHEHLGHQNOHLQHQ3OlW]HEHUTXHUHQNRQQWHRKQHQD]XZHUGHQ =HKQ0HWHUYRULKPZDUGLHgIIQXQJ]XU2XWHU6SDFH+DOOGDJHVFKDKHV (LQNOHLQHUVLOEHUQHU*OHLWHUVHQNWHVLFKVFKQHOODXIGHQ3ODW]XQGODQGHWHJHVFKLFNW]ZLVFKHQHLQLJHQ 3DVVDQWHQ=ZHL0lQQHUVSUDQJHQKHUDXVXQGJLQJHQDXI6H\PRXU]X6LHVFKOlQJHOWHQVLFKGXUFKGLH

0HQJHUFNWHQDXIXQGVHW]WHQVLFKUHFKWVXQGOLQNVDQGLH6HLWHQGHV0DQQHV ª$OFROD\D©VDJWHGHU0DQQUHFKWVYRQLKPªNRPPHQ6LHELWWHPLWXQV:LUEULQJHQ6LH]XP&KHI© ª/DVVHQ6LHPLFKLQ5XKH©VDJWH6H\PRXUJOHLFKJOWLJXQGJLQJZHLWHU6HLQ*HVLFKWZDUlUJHUOLFK XQGGLH0HQVFKHQEHWUDFKWHWHQLKQQXUNXU]HKHVLHZHJEOLFNWHQHUVDKUHLFKOLFKXQJHSIOHJWDXVXQG ERWLQVHLQHP]HUNQLWWHUWHQVFKPXW]LJHQ$Q]XJNHLQHQHUIUHXOLFKHQ$QEOLFN ª%OHLEHQ6LHUXKLJ.DPHUDG©VDJWHGHU0DQQOLQNVXQGSDFNWH6H\PRXUV$UPPLWHLQHPHLVHQKDUWHQ *ULII6H\PRXUEOLFNWHQDFKOLQNVXQGVDKLQHLQHQWVFKORVVHQHVNDQWLJHV*HVLFKW:RKHUNDQQWHHUHV" 5HFKWVGHUJOHLFKH$QEOLFN ª6LHEHOlVWLJHQPLFKPHLQH+HUUHQ©VDJWHHUVWHLI 6LH ]RJHQ LKQ XQWHU GHP hEHUJDQJ KHUDXV ]XHUVW ODQJVDP XQG XQDXIIlOOLJ GDQQ VWlUNHU 8QG LQ 6H\PRXU VWLHJ SO|W]OLFK GLH :XW KRFK (U OLH VLFK IDOOHQ UROOWH VLFK DE XQG IHGHUWH GDQQ KRFK HU IKOWH ZLH VLFK GLH 7HLOH VHLQHV .|USHUV ]X HLQHP *DQ]HQ ]XVDPPHQIDQGHQ HLQHP VHKU JXW IXQNWLRQLHUHQGHQ *DQ]HQ (U VFKOXJ HLQHQ +DNHQ KROWH DXV XQG VFKPHWWHUWH GHP HLQHQ GHU EHLGHQ $JHQWHQGLH+DQGLQGHP6SH]LDOKDQGVFKXKJHJHQGHQ2EHUDUPXQGHLQH*HUDGHLQGLH+HU]JHJHQG OLHGHQ0DQQ]X%RGHQJHKHQ 'HU]ZHLWHNDPKHUDQKROWHNXU]PLWGHP.ROEHQVHLQHU:DIIHDXVXQG6H\PRXUUHDJLHUWHEOLW]DUWLJ (U ERJ VHLQHQ.|USHU]XU6HLWHILQJGHU 6FKODJPLWGHU +DQGNDQWHDXI XQG VFKOXJGHP $JHQWHQ GLH :DIIHDXVGHU+DQG6LHIORJVLFKEHUVFKODJHQGXQWHUGLH/HXWH-HPDQGVFKULHODXWXQGKHOO 'DQQQDKP6H\PRXUGHQ$JHQWHQLQHLQHP-XGRJULIIXQGVFKOXJLKQLQV*HQLFN'HU$JHQWNUDFKWH]X %RGHQXQGEOLHEUHaJXQVJORVOLHJHQ6H\PRXUGUHKWHVLFKXPERJXQWHUGHP'DFKKHUYRUEHUTXHUWH VFKQHOO GHQ NOHLQHQ 3ODW] XQG VWHXHUWH DXI GHQ 7D[LVWDQG ]X (U ZLQNWH HLQHU 0DVFKLQH XQG VLH EUHPVWHGLFKWYRULKP6H\PRXUVWLHJHLQª:RKLQ0DF"©IUDJWHGHU3LORW 6H\PRXU OHKQWH VLFK LQ GLH 3ROVWHUXQJ ]XUFN XQG EOLFNWH DXIPHUNVDP HLQHP 0lGFKHQ QDFK GDV QHEHQ GHP *OHLWHU HQWODQJJLQJ XQG GDQQ LQ GLH +DOOH DEERJ ª-D© VDJWH HU KDOEODXW ªGDV LVW PHLQ 3UREOHP:RKLQVROOLFKHLJHQWOLFKIDKUHQ"© ª0DFKHQ6LHNHLQH6FKHU]H0DF²ZLUVLQGKLHUQLFKWDXIHLQHP.RORQLDOSODQHWHQ© 9HUZDOWXQJVJHElXGHGHU0DUDQGSKDUP6H\PRXUZLVSHUWHGLH6WLPPH$PRRV 6H\PRXUIUDJWHODQJVDPª.HQQHQ6LHGDV9HUZDOWXQJVJHElXGHGHU0DUDQGSKDUP"© ª1DWUOLFK0DF:ROOHQ6LHGRUWKLQ"© ª-D© HUZLGHUWH 6H\PRXU HLQVLOELJ XQG VSUWH ZLH GHU *OHLWHU DQUXFNWH XQG VLFK ODQJVDP LQ GLH /XIW KRE 'LH /HXWH XQWHU LKQHQ ZXUGHQ NOHLQHU GHU 3ODW] ]HLJWH VLFK LQ VHLQHU JDQ]HQ *U|H XQG GHU *OHLWHU]RJKRFK ª'DVLVWGRUWGUDXHQLQGHU1lKHGHU&UHVW3OD]D0DF©HUNOlUWHGHU*OHLWHUSLORWXQGEHVFKOHXQLJWHLQ HLQHUVDQIWHQ.XUYHELVHU VLFKLQ HLQHGHU]DKOUHLFKHQ)OXJVFKQHLVHQHLQUHLKHQNRQQWH(UIORJ QDFK 6GHQ(UVFKDOWHWHGHQ$XWRSLORWHQHLQXQGGUHKWHVLFKQDFKOlVVLJXP ª'DV LVW HLQH VWLQNIHLQH *HJHQG GRUW GUDXHQ 7ROOH /HXWH XQG VWHLQUHLFKH )LUPHQ 6XFKHQ 6LH GRUW HWZDV0DF"© 6H\PRXUEOLFNWHDXVGHP)HQVWHUXQGZXQGHUWHVLFKLUJHQGZLHGDHUGLHVH6WDGWDQVFKHLQHQGNDQQWH DEHUQLFKWZLHGHUHUNDQQWHREZRKOVLFKQLFKWVYHUlQGHUWKDWWH6HLQH*HGDQNHQVDJWHQLKPGDHUMHW]W HLJHQWOLFK ORVJHO|VW YRQ DOOHP GRUW XQWHQ KHUXPVFKOHQGHUQ PWH IDVW WUXQNHQ YRQ GHU 6FK|QKHLW DEHUHUIKOWHQLFKWV$EVROXWQLFKWV ª6LHVROOHQIOLHJHQQLFKWUHGHQ©VDJWHHUXQZLUVFK *HUHL]W GUHKWH VLFK GHU 3LORW ZLHGHU XP XQG EOLFNWH GDQQ JHUDGHDXV 'LH )DKUW JLQJ ZHLWHU 0DQ EHUIORJ GLH EHUKPWHQ %UFNHQ GHQ JURHQ 9LDGXNW XQG HLQHQ $XVOlXIHU HLQHV GHU XUDOWHQ 3DUNV 'DQQVHQNWHVLFKGDV)OXJ]HXJZLHGHUVFKHUWHDXVGHU.RORQQHDXVXQG VXUUWH]ZLVFKHQGHQ%DXWHQ KLQXQWHUDXIHLQH/DQGHSODWWIRUP 'HU3LORWVWLHJDXV|IIQHWHGLH7UXQGVDJWHNXU]ª0DFKWGUHL6RODU]ZDQ]LJ© 6H\PRXU JULII LQ GLH %UXVWWDVFKH XQG KROWH GLH %ULHIWDVFKH KHUDXV ]RJ PLW GHP +DQGVFKXK HLQHQ =ZDQ]LJ6RODU6FKHLQKHUYRUXQGJDELKQGHP3LORWHQ ª6WLPPW© VDJWHHU ªGDQNH .DXIHQ 6LH,KUHQ.LQGHUQ HLQLJHJXWH%FKHU© (U GUHKWHVLFKXP VWLHJ GLH6WXIHQYRQGHU/DQGHSODWWIRUPKHUXQWHUXQGJLQJDXIGHQ(LQJDQJGHV+RFKKDXVHV]X/DQJHVWDQG HUGDXQGVWXGLHUWHKDOEEOLQGGLH6FKLOGHUQHEHQGHP(LQJDQJ(QGOLFKIDQGHUHV0DUDQGSKDUP ELV6WRFNZHUN ª$PRR© IUDJWH HU KDOEODXW ª:DUXP ELQ LFK KLHU" :DUWHW MHPDQG DXI PLFK" 6ROO LFK MHPDQGHQ EHVXFKHQ"© 'LH6WLPPHIOVWHUWH(LQ0lGFKHQ'XKDVWLKUYHUVSURFKHQVLH]XEHVXFKHQVREDOGGXKLHUODQGHVW

6LHLVWLQGHU/DJHGHLQHQ=XVWDQG]XYHUVWHKHQXQGGLU*HOHJHQKHLW]XJHEHQGLFKDXV]XUXKHQ 6H\PRXU QLFNWH XQG IKOWH ZLH VLFK HLQH 6WXU]IOXW QHXHU *HGDQNHQ LQ VHLQ +LUQ HUJR GRUW DQGHUH (ULQQHUXQJHQIRUWVFKZHPPWHXQGVLFKDXVEUHLWHWH²HLQZHLWHUHV&KDRVZDUGLH)ROJH/DQJVDPJLQJ HUDXIGLH7U]X|IIQHWHVLHXQGJLQJQDFKLQQHQVDKGHQ6FKDFKWGHV6FKQHLOLIWVXQGEHZHJWHVLFK EHUHLQHQGLFNHQNRVWEDUHQ7HSSLFKKLQZHJGDUDXI]X'HU/LIWVFKRKRFKXQGKLHOWLPVHFK]LJVWHQ 6WRFNZHUNDQ6H\PRXU ZDUWHWH ELV GLH7UHQ VLFKKLQWHU LKPJHVFKORVVHQ KDWWHQ XQGJLQJGDQQ DXI HLQHQ7LVFK]XKLQWHUGHPHLQ0DQQVDXQGLKQDQVWDUUWH(UVWDQGDXIDOV6H\PRXUQlKHUNDP (VZDUHLQIQI]LJMlKULJHU0DQQPLWHLQHPJHEUlWLQWHQ*HVLFKWDXVGHP]ZHLKHOOH$XJHQYHUZXQGHUW DXI 6H\PRXU UXKWHQ (LQ VFKDUIUDVLHUWHU %DUW ]RJ VLFK XP HLQ EUHLWHV .LQQ KHUXP XQG GLH 0DQVFKHWWHQNQ|SIHGHVWHXUHQ+HPGHVZDUHQDXVJHKlPPHUWHP*ROG ª:DVZQVFKHQ6LH"©IUDJWHHUPLWHLQHUJHVFKXOWHQDXVGUXFNVORVHQ6WLPPH ª,VW&RULQQD0DUDQGHUDLP+DXV"©IUDJWH6H\PRXU]XUFN ª9HU]HLKHQ6LHPHLQHQ6LH'RNWRU0DUDQGHUD"© ª0|JOLFK,VWVLHGD"© ª-D$EHULFKJODXEHQLFKWGDLFK6LHDQPHOGHQGDUI© 6H\PRXUV 7RQ JHILHO GHP (PSIDQJVFOHUN QLFKW 6H\PRXUV $XI]XJ JHILHO LKP QRFK YLHO ZHQLJHU (U VHW]WH VLFKZLHGHUEHWUDFKWHWH 6H\PRXU YRQ REHQQDFK XQWHQ ]RJGLH %UDXHQ LQ GLH +|KH XQG VDJWH VFKOLHOLFK ª,FKJODXEHGDLFK6LHQLFKWDQPHOGHQZHUGH6FKOLHOLFKLVWXQVHUH)LUPDNHLQ© (UNDPQLFKWGD]XGHQ6DW]]XEHHQGHQ6H\PRXUEHXJWHVLFKYRUVWUHFNWHHLQH+DQGLPVFKZDU]HQ ]HUVFKUDPPWHQ +DQGVFKXK DXV XQG ]RJ GHQ 0DQQ DXV GHP 6LW] (U ]HUUWH LKQ EHU GLH 7LVFKSODWWH GUHKWHGDQQGLH+DQGXPDFKW]LJ*UDGKHUXPXQGUXLQLHUWHGLH5HYHUVGHVWHXUHQ$Q]XJV'HU0DQQ NODPPHUWHVLFKDQGHQ7LVFKXQG6H\PRXUVDJWHODQJVDPXQGVHKUOHLVH ª:RILQGHLFK&RULQQD"© ª)QIXQGVHFK]LJ© 6H\PRXUORFNHUWHGHQ*ULIIXQGIUDJWHª/LIW"© ª+LHU© 'LH +DQG GHXWHWH DXI HLQHQ ]ZHLWHQ /LIW GHU QXU GLH IQI (WDJHQ GLHVHU )LUPD PLWHLQDQGHU YHUEDQG 6H\PRXU OLH GHQ &OHUN ORV XQG JLQJ DXIGHQ /LIW ]X (U UL GLH 7UDXI VWHOOWH VLFK KLQHLQ XQG VDK GHVLQWHUHVVLHUW ]X ZLH GHU (PSIDQJVFKHI HLQHQ .QRSI GUFNWH XQG KLHOW DQ 'LH 7U JLQJ DXI (LQ 0lGFKHQ PLW HLQHU 0DSSH LQ GHQ +lQGHQ VWDQG GDYRU XQG HUVFKUDN DOV 6H\PRXU DXI VLH ]XWUDW ª.HLQH$QJVW©VDJWHHUPDWWªZRILQGHLFK&RULQQD0DUDQGHUD"© 6LHGHXWHWHDXIHLQH+RO]WUª'RUWGDKLQWHU6LHNRPPHQGXUFK]ZHL9RU]LPPHU:DV"© ª'DQNH© 6H\PRXU OLH VLH VWHKHQ GUHKWH VLFK XP XQG JLQJ DXI GLH 7U ]X (U GUFNWH VLH DXI JLQJ DQ ]ZHL 6HNUHWlULQQHQYRUEHLXQG|IIQHWHGLHQlFKVWH7URKQHDXIGLHSURWHVWLHUHQGHQ5XIH]XK|UHQRKQHVLH EHUKDXSW ZDKU]XQHKPHQ (U IKOWH GD HU QLFKW PHKU ODQJH GXUFKKDOWHQ ZUGH :RKHU HU GLHVHV :LVVHQ KDWWH ZXWH HU QLFKW 'LH GULWWH 7U ZXUGH DXIJHULVVHQ XQG 6H\PRXU VWDQG LP %UR GHU &KHILQ 6LH UHGHWH PLW HLQHP 0lGFKHQ GDV HWZDV QRWLHUWH 6H\PRXU PDFKWH GLH 7U ZLHGHU DXI XQG VDJWH PKVDPª:UGHQ6LHXQVELWWHDOOHLQODVVHQJQlGLJHV)UlXOHLQ"©'DQQOHKQWHHUVLFKPLWGHP5FNHQ JHJHQGLH:DQGXQGEHWUDFKWHWHGLH)UDXGLHYRULKPVWDQG 6LHZDULKPIUHPG)UHPGZLHDOOHVKLHU ª&RULQQD"©IUDJWHHU 6LHQLFNWHVWXPPXQGZXWHQLFKWZDVKLHUYRUJLQJ'HU0DQQGDYRULKUNDPLKUEHNDQQWYRUDEHU VLH HUNDQQWH LKQ QLFKW 8QUDVLHUW VFKPXW]LJ LQ HLQHU XQEHNDQQWHQ 8QLIRUP GD HUEOLFNWH VLH GDV GUHLHFNLJH:DSSHQPLWGHP5DFKHQGHVDQJUHLIHQGHQ3DQWKHUVGLHJHOEHQ/LFKWHUGHU5DXENDW]H 6LHNDPODQJVDPQlKHUGDVGXUIWHHVQLFKWJHEHQ,KUH+lQGHKLQJHQDQGHQ6HLWHQKHUXQWHUDOVREVLH LKUQLFKWJHK|UWHQ6LHNDPQRFKQlKHUXQGEOLFNWHLQGLH*OlVHUGHU6RQQHQEULOOH 6H\PRXUPHUNWHGDVLFKLKUH+DQGKREXQGLKPGLH%ULOOHDEQDKP(UZDJWHQLFKWGLH+lQGHYRQ GHU :DQG ]X QHKPHQ ZHLO HU XP]XIDOOHQ IUFKWHWH ,Q VHLQHP .RSI YROOIKUWHQ GLH *HGDQNHQ HLQHQ ZLOGHQ7DQ] ª6H\PRXU©VDJWHVLHª'XELVW6H\PRXU$OFROD\DQLFKWZDKU"© ª-D©PXUPHOWHHUXQGHXWOLFKª,FKHUNHQQHGLFKQLFKWZHUELVWGX"© ª0HLQ*RWW©VDJWHVLHªLFKELQ&RULQQD(ULQQHUVWGXGLFKQLFKW"© (UVFKWWHOWHODQJVDPGHQ.RSIXQGIKOWHZLHLKQGLH6SDQQXQJYHUODVVHQZROOWH6LHVWDQGYRULKP

HLQHQ0HWHUHQWIHUQWXQGHUNDQQWHVLHQLFKW(UNDQQWHGDV%LOGZXWHGDHUHVNHQQHQPXWHDEHU YHUPRFKWHHVQLFKW]XLGHQWLIL]LHUHQ :LHZDUGLH(ULQQHUXQJ" (LQ VFKPDOHV DXVJHZRJHQHV *HVLFKW ZLH PLW HLQHP %DURFNVFKQ|UNHO YRQ PDWWEORQGHP +DDU XPUDKPW JUDXEODXH $XJHQ PLW :LPSHUQ GLH IDVW ELV DQ GLH %UDXHQ UHLFKWHQ 'LH +DXW ZDU EURQ]HIDUEHQ YRQ GHU 6RQQH XQG GDV 0lGFKHQ NRQQWH HV VLFK OHLVWHQ DXI NRVPHWLVFKH 0LWWHO ]X YHU]LFKWHQ'LH+lQGH6FKODQNJHSIOHJWXQGPLWVLOEHUQODFNLHUWHP1lJHOQXQGDXFKKLHUXQWHUVWULFK QXUHLQ5LQJDXV3ODWLQILOLJUDQGLH:LUNXQJ 'HU5HVWHLQHKHUHWZDV]XVFKODQNHU.|USHUZDUHEHQIDOOVGDV(UJHEQLVYRQ$XVOHVH 6KDQG RQJGHU%DVDUXQG4XDWWDJKDQVª6NDSKDQGHU©(ULQQHUXQJHQ (U O|VWHHLQH +DQG]ZLVFKHQVHLQHP5FNHQXQGGHU:DQGXQGVWUHFNWH VLH DXV(U OHJWHVLH DXI GLH 6FKXOWHU GHV 0lGFKHQV XQG XPIDWH GHQ .RSI XQG HULQQHUWH VLFK SO|W]OLFK (U OlFKHOWH VFKPHU]OLFK XQGIUDJWHOHLVH ª(OLVDEHWK&RULQQDQLFKWZDKU"© 6LHQLFNWHLQLKUHQ$XJHQHUNDQQWHHUGLH6SXUHQYRQ7UlQHQ'DQQVDJWHHUZLHGHUª,FKJODXEHGD LFK DQ *HGlFKWQLVVFKZXQG OHLGH %LWWH UXIH 0HUFDQW DQ XQG VDJH LKP HU VROO KHUNRPPHQ 1LHPDQG VRQVW1XUHU,FKEUDXFKH5XKH© ª6H\PRXU©VDJWHVLHWRQORVªZRKHUNRPPVWGX":DVLVWSDVVLHUW"© 6HLQH .QLH JDEHQ QDFK XQG HU ILQJ VLFK ZLHGHU DXI &RULQQD IDWH VHLQHQ $UP OHJWH LKQ XP LKUH 6FKXOWHUQ XQG YHUVXFKWH GHQ .|USHU 6H\PRXUV YRQ GHU :DQG ]X EHZHJHQ (U PDFKWH QHEHQ LKU HLQ SDDUKLOIORVH6FKULWWHXQGEUDFKJHQDXEHUGHU/LHJH]XVDPPHQGLHKLQWHUHLQHP3DUDYHQWVWDQG6LH KRE VHLQHQ 2EHUN|USHU LQ GLH ULFKWLJH /DJH ]HUUWH GDQQ GLH )H DXI GLH /LHJH XQG HQWGHFNWH GHQ 7HFNRGHUDXVGHU%UXVWWDVFKHNURFKª$PRR©VDJWHVLHª.OHLQHUZDVLVWORVHU]lKOHHVPLU©'LH $QWZRUWNRQQWHVLHQLFKWYHUVWHKHQGHQQVLHWUXJNHLQHQ9HUVWlUNHU6LHEHUOHJWHHLQH6HNXQGHXQG JLQJ GDQQ KLQWHU GHQ 6FKUHLEWLVFK 'LH 7DVWH GHV 5XIJHUlWHV VFKQHOOWH KLQXQWHU XQG VLH VDJWH ª6\JULG"© ª'RNWRU0DUDQGHUD"© ª,FK EUDXFKH VRIRUW HLQHQ $U]W 6FKLFNHQ 6LH ELWWH QDFK 'RNWRU 6KHSKHUG (U VROO VLFK IU HLQHQ )DOO YRQ*HGlFKWQLVVFKZXQGDXVUVWHQ-DVRIRUW(VLVWGULQJHQG© 'DQQVHW]WHVLHVLFKXQGZlKOWHGLH+DXV9HUPLWWOXQJ(LQH0LQXWHVSlWHUKDWWHVLHDXIGHP6FKLUP GHULQDXVJHVFKDOWHWHP=XVWDQGGDV*HPlOGH.XSIHUVRQQHYRQ%URRN]HLJWHGDV%LOGHLQHV0DQQHV GHU VLH HUQVW DQEOLFNWH XQG LKU JXW EHNDQQW ZDU ² VLH ZDU YRU -DKUHQ PLW LKP DXI 6KDQG RQJ ]XVDPPHQJHWURIIHQ ª,FK P|FKWH 6LH ELWWHQ KLHUKHU ]X NRPPHQ 6H\PRXU OLHJW KLHU (U EDW DXVGUFNOLFK GD QXU 6LH NlPHQ'DUILFKPLW,KQHQUHFKQHQ"© 0HUFDQW QLFNWH ª6HOEVWYHUVWlQGOLFK ,FK ZlUH RKQHKLQ JHNRPPHQ DEHU GDV HUNOlUH LFK ,KQHQ QDFKKHU© 'DV%LOGHUVFKLHQZLHGHU

(VZDUHLQODQJHU6FKODIHLQGXQNOHU7UDXPXQGHLQHWLHIH)LQVWHUQLV(UIOOWZDUVLHYRQ%LOGHUQGLH HLQDQGHU LQ UDVHQGHP 7HPSR DEO|VWHQ 6WLPPHQ HUW|QWHQ YRQ GHQHQ HU QLFKW ZXWH RE VLH LQ GLH 7UlXPHJHK|UWHQRGHUYRQDXHUKDOENDPHQ'DQQVDKHU]ZHL*HVLFKWHUEHUVLFK $OODQ'0HUFDQWVDJWHª6H\PRXU²LFKZXWHHV,FKZHUGHQLFKWZHLWHUIUDJHQ+|UHQ6LHPLFK"© (UQLFNWHVWXPPXQGEOLQ]HOWH ª:LU KDEHQ GDV 6FKLII JHIXQGHQ XQG GLH VFKODIHQGHQ 0lQQHU :LU ZLVVHQ DXFK ZDV JHVFKHKHQ LVW (LQ ]ZHLWHV 6FKLII LVW VRHEHQ JHODQGHW :LU DOOH VLQG VHKU VHKU VWRO] DXI 6LH 3DQWKHU :HUGHQ 6LH P|JOLFKVWEDOGJHVXQGLFKJHKHMHW]W6LHVLQGLQGHQEHVWHQ+lQGHQGLHLFKNHQQH8QGLQGHQ KEVFKHVWHQ© 0HUFDQW NORSIWH 6H\PRXU NXU] JHJHQ GLH :DQJH GDQQ IDWH HU QDFK GHU +DQG XQG GUFNWH VLH 0LW LKP]XVDPPHQYHUOLHHLQHZHLJHNOHLGHWH*HVWDOWGDV=LPPHU 'DV]ZHLWH*HVLFKW&RULQQD 6LHVDJWHQXUª6H\PRXULFKELQJOFNOLFKGDGXEHLPLUELVW%OHLEVWGXKLHU"©(UQLFNWH 6LHQDKPVHLQ*HVLFKWLQEHLGH+lQGHXQGNWHLKQOHLFKWGDQQOHJWHVLHLKUHQ.RSIQHEHQVHLQHQDXI GDV .LVVHQ 8QG HKH GLH 'XQNHOKHLW ZLHGHU EHU LKQ NDP NRQQWH HU HLQHQ *HGDQNHQ JDQ] NODU

IRUPXOLHUHQGHQHUVWHQHLQHUODQJHQ.HWWHGLHIROJHQZUGH :DVLPPHUJHVFKHKHQZDUGHU(LQVDW]KDWWHVLFKJHORKQW(UZDUKLHUHUXQGVHLQH0lQQHUOHEWHQ HLQ]LJGLH=XNXQIWZUGH]lKOHQ(UVFKOLHIHLQXQGOlFKHOWHGDEHL (1'(

Die Schatten des Kristallenen Todes

Perry Rhodan. Die Schatten des kristallenen Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Schatten des Todes

Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Die Arena des Todes

Die Handschrift des Todes

Die Schwingen des Todes

Die Wurzeln des Todes

Die Gilde des Todes

Die Erfinder des Todes

Die Saat Des Todes

Die Küsten des Todes

Die Wuste des Todes

Die Fratze des Todes

Die Liebhaber des Todes

Die Handschrift des Todes

Die Handschrift des Todes

Die Chemie des Todes

Die Erfinder des Todes

Die Fratze des Todes

Die Küsten des Todes

Die Gilde des Todes

Die Kraft des Todes

Die Schatten des Kristallenen Todes

Perry Rhodan. Die Schatten des kristallenen Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Schatten des Todes

Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Im Schatten des Todes

Die Arena des Todes

Die Handschrift des Todes

Die Schwingen des Todes

Die Wurzeln des Todes

Die Gilde des Todes

Die Erfinder des Todes

Die Saat Des Todes

Die Küsten des Todes

Die Wuste des Todes

Die Fratze des Todes

Die Liebhaber des Todes

Die Handschrift des Todes

Die Handschrift des Todes

Die Chemie des Todes

Die Erfinder des Todes

Die Fratze des Todes

Die Küsten des Todes

Die Gilde des Todes

Die Kraft des Todes

Recommend Documents