Ignaz Denner

(7$+RIIPDQQ ,JQD]'HQQHU (UVWGUXFN 3')HGLQ E\=RREHVXFKHU (7$+RIIPDQQ +RIIPDQQZXUGHDP...

Author: Hoffmann E T A

16 downloads 412 Views 465KB 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

(7$+RIIPDQQ

,JQD]'HQQHU (UVWGUXFN

3')HGLQ E\=RREHVXFKHU

(7$+RIIPDQQ

+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ-XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQGLQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ

9RUDOWHUOlQJVWYHUIORQHU=HLWOHEWHLQHLQHPZLOGHQHLQVDPHQ )RUVWGHV)XOGDLVFKHQ*HELHWVHLQZDFNUHU-lJHUVPDQQ$QGUHV PLW1DPHQ(UZDUVRQVW/HLEMlJHUGHV+HUUQ*UDIHQ$OR\VYRQ 9DFKJHZHVHQGHQHUDXIZHLWHQ5HLVHQGXUFKGDVVFK|QH :HOVFKODQGEHJOHLWHWXQGHLQPDODOVVLHDXIGHQXQVLFKHUQ :HJHQLQGHP.|QLJUHLFK1HDSHOYRQ6WUDHQUlXEHUQDQJHIDOOHQ ZXUGHQGXUFKVHLQH.OXJKHLWXQG7DSIHUNHLWDXVJURHU /HEHQVJHIDKUJHUHWWHWKDWWH,QGHP:LUWVKDXVH]X1HDSHOZR VLHHLQJHNHKUWZDUHQEHIDQGVLFKHLQDUPHVELOGVFK|QHV 0lGFKHQGLHYRQGHP+DXVZLUWGHUVLHDOVHLQH:DLVH DXIJHQRPPHQJDUKDUWEHKDQGHOWXQG]XGHQQLHGULJVWHQ $UEHLWHQLQ+RIXQG.FKHJHEUDXFKWZXUGH$QGUHVVXFKWHVLH VRJXWHUVLFKLKUYHUVWlQGOLFKPDFKHQNRQQWHPLWWURVWUHLFKHQ :RUWHQDXI]XULFKWHQXQGGDV0lGFKHQIDWHVROFKH/LHEH]XLKP GDVLHVLFKQLFKWPHKUYRQLKPWUHQQHQVRQGHUQPLW]LHKHQ ZROOWHQDFKGHPNDOWHQ'HXWVFKODQG'HU*UDIYRQ9DFKJHUKUW YRQ$QGUHV %LWWHQXQG*LRUJLQDV7UlQHQHUODXEWHGDVLHVLFK]X GHPJHOLHEWHQ$QGUHVDXIGHQ.XWVFKERFNVHW]HQXQGVRGLH EHVFKZHUOLFKH5HLVHPDFKHQGXUIWH6FKRQHKHVLHEHUGLH *UHQ]HQYRQ,WDOLHQKLQDXVJHNRPPHQOLHVLFK$QGUHVPLWVHLQHU *LRUJLQDWUDXHQXQGDOVVLHGDQQQXQHQGOLFK]XUFNJHNHKUW ZDUHQDXIGLH*WHUGHV*UDIHQYRQ9DFKJODXEWHGLHVHUGHQ WUHXHQ'LHQHUUHFKW]XEHORKQHQGDHULKQ]XVHLQHP5HYLHUMlJHU HUQDQQWH0LWVHLQHU*LRUJLQDXQGHLQHPDOWHQ.QHFKW]RJHULQ GHQHLQVDPHQUDXKHQ:DOGGHQHUVFKW]HQVROOWHZLGHUGLH )UHLMlJHUXQG+RO]GLHEH6WDWWGHVJHKROWHQ:RKOVWDQGHVGHQLKP GHU*UDIYRQ9DFKYHUKHLHQIKUWHHUDEHUHLQEHVFKZHUOLFKHV PKVHOLJHVGUIWLJHV/HEHQXQGJHULHWEDOGLQ.XPPHUXQG (OHQG'HUNOHLQH/RKQDQEDUHP*HOGGHQHUYRQGHP*UDIHQ HUKLHOWUHLFKWHNDXPKLQVLFKXQGVHLQH*LRUJLQD]XNOHLGHQGLH JHULQJHQ*HIlOOHGLHLKPEHL+RO]YHUNlXIHQ]XNDPHQZDUHQ VHOWHQXQGXQJHZLXQGGHQ*DUWHQDXIGHVVHQ%HEDXXQJXQG %HQXW]XQJHUDQJHZLHVHQYHUZVWHWHQRIWGLH:|OIHXQGGLH ZLOGHQ6FKZHLQHHUPRFKWHPLWVHLQHP.QHFKWDXIGHU+XWVHLQ ZLHHUZROOWHVRGDELVZHLOHQLQHLQHU1DFKWGLHOHW]WH+RIIQXQJ GHV/HEHQVXQWHUKDOWVYHUHLWHOWZDUG'DEHLZDUVHLQ/HEHQVWHWV EHGURKWYRQ GHQ+RO]GLHEHQXQG)UHLVFKW]HQ-HGHU/RFNXQJ ZLGHUVWDQGHUDOVHLQZDFNUHUIURPPHU0DQQGHUOLHEHUGDUEHQ DOVXQJHUHFKWHV*XWDQVLFKEULQJHQZROOWHXQGYHUZDOWHWHVHLQ $PWJHWUHXOLFKXQGWDSIHUGHVKDOEVWHOOWHQVLHLKPQDFKDXI

JHIlKUOLFKH:HLVHXQGQXUVHLQHWUHXHQ'RJJHQVFKW]WHQLKQYRU QlFKWOLFKHPhEHUIDOOGHV5DXEJHVLQGHOV*LRUJLQDGHV.OLPDVXQG GHU/HEHQVZHLVHLQGHPZLOGHQ)RUVWJDQ]XQJHZRKQWZHONWH ]XVHKHQGVKLQ,KUHEUlXQOLFKH*HVLFKWVIDUEHYHUZDQGHOWHVLFKLQ IDKOHV*HOELKUHOHEKDIWHQEOLW]HQGHQ$XJHQZXUGHQGVWHUXQG LKUYROOHUSSLJHU:XFKVPDJHUWHPLWMHGHP7DJHPHKUDE2IW HUZDFKWHVLHLQPRQGKHOOHU1DFKW6FKVVHNUDFKWHQLQGHU)HUQH GXUFKGHQ:DOGGLH'RJJHQKHXOWHQOHLVHHUKREVLFKGHU0DQQ YRP/DJHUXQGVFKOLFKPLWGHP.QHFKWPXUPHOQGKLQDXVLQGHQ )RUVW'DQQEHWHWHVLHLQEUQVWLJ]X*RWWXQG]XGHQ+HLOLJHQ GDVLHXQGLKUWUHXHU0DQQHUUHWWHWZHUGHQP|FKWHQDXVGLHVHU VFKUHFNOLFKHQ(LQ|GHXQGDXVGHUVWHWHQ7RGHVJHIDKU'LH*HEXUW HLQHV.QDEHQZDUI*LRUJLQDHQGOLFKDXIGDV.UDQNHQODJHUXQG LPPHUVFKZlFKHUXQGVFKZl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|UWHQLFKWGDV bFK]HQGHV.QDEHQGHUQDKUXQJVORVYHUVFKPDFKWHQZROOWH'HU .QHFKWJLQJVFKRQDPIUKHQ0RUJHQQDFK)XOGDXPIUGDV OHW]WH(UVSDUQLVHLQLJH(UTXLFNXQJIUGLH.UDQNH KHUEHL]XVFKDIIHQ.HLQPHQVFKOLFKHVWU|VWHQGHV:HVHQZDUZHLW XQGEUHLW]XILQGHQQXUGHU6WXUPKHXOWHLQVFKQHLGHQGHQ7|QHQ GHVHQWVHW]OLFKHQ-DPPHUVGXUFKGLHVFKZDU]HQ7DQQHQXQGGLH 'RJJHQZLQVHOWHQZLHLQWURVWORVHU.ODJHXPGHQXQJOFNOLFKHQ +HUUQ'DK|UWH$QGUHVDXIHLQPDOHVYRUGHP+DXVH GDKHUVFKUHLWHQZLHPHQVFKOLFKH)XWULWWH(UJODXEWHHVZlUH GHU]XUFNNHKUHQGH.QHFKWXQHUDFKWHW HULKQQLFKWVRIUK HUZDUWHQNRQQWHDEHUGLH+XQGHVSUDQJHQKHUDXVXQGEHOOWHQ KHIWLJ(VPXWHHLQ)UHPGHUVHLQ$QGUHVJLQJVHOEVWYRUGLH7U GDWUDWLKPHLQODQJHUKDJHUHU0DQQHQWJHJHQLQJUDXHP 0DQWHOGLH5HLVHPW]HWLHILQV*HVLFKWJHGUFNWª(L©VDJWHGHU )UHPGHªZLHELQLFKGRFKKLHULP:DOGHVRLUUHJHJDQJHQ'HU 6WXUPWREWYRQGHQ%HUJHQKHUDEZLUEHNRPPHQHLQVFKUHFNOLFK

:HWWHU0|FKWHW,KUQLFKWHUODXEHQOLHEHU+HUUGDLFKLQ(XHU +DXVHLQWUHWHQXQGPLFKYRQGHPEHVFKZHUOLFKHQ:HJH HUKROHQ XQGHUTXLFNHQGUIWH]XUZHLWHUQ5HLVH"© ª$FK+HUU©HUZLGHUWH GHUEHWUEWH$QGUHVª,KUNRPPWLQHLQ+DXVGHU1RWXQGGHV (OHQGVXQGDXHUGHP6WXKODXIGHP,KUDXVUXKHQN|QQW YHUPDJLFKNDXP(XFKLUJHQGHLQH(UTXLFNXQJDQ]XELHWHQ PHLQHPDUPHQNUDQNHQ:HLEHPDQJHOWHVVHOEVWGDUDQXQGPHLQ .QHFKWGHQLFKQDFK)XOGDJHVFKLFNWZLUGHUVWDPVSlWHQ$EHQG HWZDV]XU/DEXQJKHUEHLEULQJHQ©8QWHUGLHVHQ:RUWHQZDUHQVLH LQGLH6WXEHJHWUHWHQ'HU)UHPGHOHJWHVHLQH5HLVHPW]HXQG VHLQHQ0DQWHODE XQWHUGHPHUHLQ)HOOHLVHQXQGHLQ.LVWFKHQ WUXJ(U]RJDXFKHLQ6WLOHWWXQGHLQSDDU7HU]HUROHKHUYRUGLHHU DXIGHQ7LVFKOHJWH$QGUHVZDUDQ*LRUJLQDV%HWWJHWUHWHQVLH ODJLQEHZXWORVHP=XVWDQGH'HU)UHPGHWUDWHEHQIDOOVKLQ]X VFKDXWHGLH.UDQNHODQJHPLWVFKDUIHQEHGlFKWLJHQ%OLFNHQDQ XQGHUJULIILKUH+DQGGHQ3XOVVRUJOLFKHUIRUVFKHQG$OVQXQ $QGUHVYROO9HU]ZHLIOXQJDXVULHIª$FK*RWWQXQVWLUEWVLHZRKO© GDVDJWHGHU)UHPGHª0LWQLFKWHQOLHEHU)UHXQGVHLGJDQ] UXKLJ(XHUP:HLEHIHKOWQLFKWVDOVNUlIWLJHJXWH1DKUXQJXQG YRUGHU+DQGZLUGLKUHLQ0LWWHOGDV]XJOHLFKUHL]WXQGVWlUNWGLH EHVWHQ'LHQVWHWXQ,FKELQ]ZDUNHLQ$U]WVRQGHUQYLHOPHKUHLQ .DXIPDQQDOOHLQGRFKLQGHU$U]QHLZLVVHQVFKDIWQLFKWXQHUIDKUHQ XQGEHVLW]HDXVXUDOWHU=HLWKHUPDQFKHV$UFDQXPZHOFKHVLFK PLWPLUIKUHXQGDXFKZRKOYHUNDXIH©'DPLW|IIQHWHGHU)UHPGH VHLQ.LVWFKHQKROWHHLQH3KLROHKHUDXVWU|SIHOWHYRQGHPJDQ] GXQNHOURWHQ/LTXRUHWZDVDXI=XFNHUXQGJDEHVGHU.UDQNHQ 'DQQKROWHHUDXVGHP)HOOHLVHQHLQHNOHLQHJHVFKOLIIHQH)ODVFKH N|VWOLFKHQ5KHLQZHLQVXQGIO|WHGHU.UDQNHQHLQSDDU/|IIHOYROO HLQ'HQ.QDEHQEHIDKOHUQXUGLFKWDQGHU0XWWHU%UXVWJHOHKQW LQV%HWWH]XOHJHQXQGEHLGHGHU5XKH]XEHUODVVHQ'HP$QGUHV ZDUHV]XPXWHDOVVHLHLQ+HLOLJHUKHUDEJHVWLHJHQLQGLH(LQ|GH LKP7URVWXQG+OIH]XEULQJHQ$QIDQJVKDWWHLKQGHUVWHFKHQGH IDOVFKH%OLFNGHV)UHPGHQDEJHVFKUHFNWMHW]WZXUGHHUGXUFKGLH VRUJOLFKH7HLOQDKPHGXUFKGLHDXJHQVFKHLQOLFKH+OIHGLHHUGHU DUPHQ*LRUJLQDOHLVWHWH]XLKPKLQJH]RJHQ(UHU]lKOWHGHP )UHPGHQXQYHUKRKOHQZLHHUHEHQGXUFKGLH*QDGHGLHLKPVHLQ +HUUGHU*UDIYRQ9DFKDQJHGHLKHQODVVHQZROOHQLQ1RWXQG (OHQGJHUDWHQVHLXQGZLHHUZRKO=HLWVHLQHV/HEHQVQLFKWDXV GUFNHQGHU$UPXWXQG'UIWLJNHLWNRPPHQZHUGH'HU)UHPGH WU|VWHWHLKQGDJHJHQXQGPHLQWHZLHRIWHLQXQYHUKRIIWHV*OFN

GHP+RIIQXQJVORVHVWHQDOOH*WHUGHV/HEHQVEULQJHXQGGD PDQZRKOHWZDVZDJHQPVVHGDV*OFNVHOEVWVLFKGLHQVWEDU]X PDFKHQª$FKOLHEHU+HUU©HUZLGHUWH$QGUHVªLFKYHUWUDXH*RWW XQGGHU)UVSUDFKHGHU+HLOLJHQ]XGHQHQZLULFKXQGPHLQ WUHXHV:HLEMHGHQ7DJPLW,QEUXQVWEHWHQ:DVVROOLFKGHQQWXQ XPPLU*HOGXQG*XW]XYHUVFKDIIHQ",VWHVPLUQDFK*RWWHV :HLVKHLWQLFKWEHVFKLHGHQVRZlUHHVMDVQGOLFKGDUQDFK]X WUDFKWHQVROOLFKDEHUQRFKLQGLHVHU:HOW]X*WHUQJHODQJHQ ZHOFKHVLFKPHLQHVDUPHQ:HLEHVKDOEHUZQVFKHGLHLKU VFK|QHV9DWHUODQGYHUODVVHQXPPLULQGLHVHZLOGH(LQ|GH]X IROJHQVRNRPPWHVZRKORKQHGDLFK/HLEXQG/HEHQZDJHXP VFKQ|GHVZHOWOLFKHV*XW©'HU)UHPGHOlFKHOWHEHLGLHVHQ5HGHQ GHVIURPPHQ$QGUHVDXIJDQ]VHOWVDPH:HLVHXQGZDULP%HJULII HWZDV]XHUZLGHUQDOV*LRUJLQDPLWHLQHPWLHIHQ6HXI]HUDXVGHP 6FKODILQGHQVLHYHUVXQNHQHUZDFKWH6LHIKOWH VLFK ZXQGHUEDUOLFKJHVWlUNWDXFKGHU.QDEHOlFKHOWHKROGXQGOLHEOLFK DQLKUHU%UXVW$QGUHVZDUDXHUVLFKYRU)UHXGHHUZHLQWHHU EHWHWHHUMXEHOWHGXUFKGDV+DXV'HU.QHFKWZDULQGHVVHQ ]XUFNJHNRPPHQXQGEHUHLWHWHVRJXWHUHVYHUPRFKWHYRQGHQ PLWJHEUDFKWHQ/HEHQVPLWWHOQGDV0DKODQGHPQXQGHU)UHPGH WHLOQHKPHQVROOWH'HU)UHPGHNRFKWHVHOEVWHLQH.UDIWVXSSHIU *LRUJLQDXQGPDQVDKGDHUDOOHUOHL*HZU]XQGDQGHUH ,QJUHGLHQ]LHQKLQHLQZDUIGLHHUEHLVLFKJHWUDJHQ(VZDUVSlWHU $EHQGZRUGHQGHU)UHPGHPXWHGDKHUEHLGHP$QGUHV EHUQDFKWHQXQGHUEDWGDPDQLKPLQGHUVHOEHQ6WXEHZR $QGUHVXQG*LRUJLQDVFKOLHIHQHLQ6WURKODJHUEHUHLWHQP|JH'DV JHVFKDK$QGUHVGHQGLH%HVRUJQLVXP*LRUJLQDQLFKWVFKODIHQ OLHEHPHUNWHZLHGHU)UHPGHEHLQDKHEHLMHGHPVWlUNHUHQ $WHP]XJH*LRUJLQDVDXIIXKUZLHHUVWQGOLFKDXIVWDQGOHLVHVLFK LKUHP%HWWHQlKHUWHLKUHQ3XOVHUIRUVFKWHXQGLKU$U]QHL HLQWU|SIHOWH $OVGHU0RUJHQDQJHEURFKHQZDU*LRUJLQDZLHGHU]XVHKHQGV EHVVHUJHZRUGHQ$QGUHVGDQNWHGHP)UHPGHQGHQHUVHLQHQ 6FKXW]HQJHOQDQQWHDXVGHU)OOHVHLQHV+HU]HQV$XFK*LRUJLQD lXHUWHZLHLKQZRKODXILKULQEUQVWLJHV*HEHW*RWWVHOEVW JHVHQGHWKDEH]XLKUHU5HWWXQJ'HP)UHPGHQVFKLHQHQGLHVH OHEKDIWHQ$XVEUFKHGHV'DQNVLQJHZLVVHU$UWEHVFKZHUOLFK]X IDOOHQHUZDUVLFKWOLFKYHUOHJHQXQGlXHUWHHLQ0DOEHUGDV DQGHUHZLHHUMDHLQ8QPHQVFKVHLQPVVHZHQQHUQLFKWGHU

.UDQNHQPLWVHLQHU.HQQWQLVXQGGHQ$U]QHLPLWWHOQGLHHUEHL VLFKIKUHKDEHEHLVWHKHQVROOHQhEULJHQVVHLQLFKW$QGUHV VRQGHUQHU]XP'DQNYHUSIOLFKWHWGDPDQLKQGHU1RW XQHUDFKWHWGLHLP+DXVHKHUUVFKHVRJDVWOLFKDXIJHQRPPHQ XQGHUZROOHDXFKNHLQHVZHJVGLHVH3IOLFKWXQHUIOOWODVVHQ(U]RJ HLQHQZRKOJHIOOWHQ%HXWHOKHUYRUXQGQDKPHLQLJH*ROGVWFNH KHUDXVGLHHUGHP$QGUHVKLQUHLFKWHª(L+HUU©VDJWH$QGUHV ªZLHXQGZRIUVROOWHLFKGHQQVRYLHOHV*HOGYRQ(XFK DQQHKPHQ"(XFKLQPHLQHP+DXVH]XEHKHUEHUJHQGD,KU(XFK LQGHPZLOGHQZHLWOlXILJHQ)RUVWYHULUUWKDWWHWGDVZDUMD &KULVWHQSIOLFKWXQGGQNWH(XFKGDVLUJHQGHLQHV'DQNHVZHUW VRKDEW,KUPLFKMDEHUUHLFKMDPHKUDOVLFKHVQXUPLW:RUWHQ VDJHQPDJGDGXUFKEHORKQWGD,KUDOVHLQZHLVHU NXQVWHUIDKUQHU0DQQPHLQOLHEHV:HLEYRPDXJHQVFKHLQOLFKHQ 7RGHUHWWHWHW$FK+HUUZDV,KU DQPLUJHWDQZHUGHLFK(XFK HZLJOLFKQLFKWYHUJHVVHQXQG*RWWP|JHHVPLUYHUOHLKHQGDLFK GLHHGOH7DW(XFKPLWPHLQHP/HEHQXQG%OXWORKQHQN|QQH©%HL GLHVHQ:RUWHQGHVZDFNHUQ$QGUHVIXKUHVZLHHLQUDVFKHU IXQNHOQGHU%OLW]DXVGHQ$XJHQGHV)UHPGHQª,KUPWEUDYHU 0DQQ©VSUDFKHUªGXUFKDXVGDV*HOGDQQHKPHQ,KUVHLGGDV VFKRQ(XHUP:HLEHVFKXOGLJGHU,KUGDPLWEHVVHUH 1DKUXQJVPLWWHOXQG3IOHJHYHUVFKDIIHQN|QQWGHQQGLHVHUEHGDUI VLHQXQPHKURXPQLFKWZLHGHULQLKUHQYRULJHQ=XVWDQG ]XUFN]XIDOOHQXQG(XHUP.QDEHQ1DKUXQJJHEHQ]XN|QQHQ© ª$FK+HUU©HUZLGHUWH$QGUHVªYHU]HLKWHVDEHUHLQHLQQHUH 6WLPPHVDJWPLUGDLFK(XHUXQYHUGLHQWHV*HOGQLFKWQHKPHQ GDUI'LHVHLQQHUH6WLPPHGHULFKZLHGHUK|KHUQ(LQJHEXQJ PHLQHV6FKXW]KHLOLJHQLPPHUYHUWUDXWKDWPLFKELVKHUVLFKHU GXUFKGDV/HEHQJHIKUWXQGPLFKEHVFKW]WYRUDOOHQ*HIDKUHQ GHV/HLEHVXQGGHU6HHOH:ROOW,KUJURPWLJKDQGHOQXQGDQPLU $UPHQHLQEULJHVWXQVRODWPLUHLQ)OlVFKOHLQYRQ(XUHU ZXQGHUYROOHQ$U]QHL]XUFNGDPLWGXUFKLKUH.UDIWPHLQ:HLE JDQ]JHQHVH©*LRUJLQDULFKWHWHVLFKLP%HWWHDXIXQGGHU VFKPHU]YROOHZHKPWLJH%OLFNGHQVLHDXI$QGUHVZDUIVFKLHQ LKQDQ]XVHKHQGLHVPDOQLFKWVRVWUHQJHDXIVHLQLQQHUHV :LGHUVWUHEHQ]XDFKWHQVRQGHUQGLH*DEHGHVPLOGWlWLJHQ 0DQQHVDQ]XQHKPHQ'HU)UHPGHEHPHUNWHGDVXQGVSUDFK ª1XQZHQQ,KUGHQQGXUFKDXVPHLQ*HOGQLFKWDQQHKPHQZROOW VRVFKHQNHLFKHV(XHUPOLHEHQ:HLEHGLHPHLQHQJXWHQ:LOOHQ (XFKDXVGHUELWWHUQ1RW]XUHWWHQQLFKWYHUVFKPlKHQZLUG©

'DPLWJULIIHUQRFKHLQPDOLQGHQ%HXWHOXQGVLFKGHU*LRUJLQD QlKHUQGJDEHULKUZRKOQRFKHLQPDOVRYLHO*HOGDOVHUYRUKLQ GHP$QGUHVDQJHERWHQKDWWH*LRUJLQDVDKGDVVFK|QHIXQNHOQGH *ROGPLWYRU)UHXGHOHXFKWHQGHQ$XJHQVLHNRQQWHNHLQ:RUWGHV 'DQNVKHUDXVEULQJHQGLHKHOOHQ7UlQHQVFKRVVHQLKUGLH:DQJHQ KHUDE'HU)UHPGHZDQGWHVLFKVFKQHOOYRQLKUZHJXQGVSUDFK ]X$QGUHVª6HKWOLHEHU0DQQ,KUN|QQHWPHLQH*DEHJHWURVW DQQHKPHQGDLFKQXUHWZDVYRQJURHPhEHUIOX(XFKPLWWHLOH *HVWHKHQZLOOLFK(XFKGDLFKGDVQLFKWELQZDVLFKVFKHLQH 1DFKPHLQHUVFKOLFKWHQ.OHLGXQJXQGGDLFKZLHHLQGUIWLJHU ZDQGHUQGHU.UlPHU]X)XUHLVHJODXEW,KUJHZLGDLFKDUP ELQXQGPLFKQXUNPPHUOLFKYRQNOHLQHP9HUGLHQVWDXI0HVVHQ XQG-DKUPlUNWHQQlKUHLFKPX(XFKMHGRFKVDJHQGDLFK GXUFKJOFNOLFKHQ+DQGHOPLWGHQWUHIIOLFKVWHQ.OHLQRGLHQGHQLFK VHLWYLHOHQ-DKUHQWUHLEHHLQVHKUUHLFKHU0DQQJHZRUGHQXQG QXUGLHHLQIDFKH/HEHQVZHLVHDXVDOWHU*HZRKQKHLWEHLEHKDOWHQ KDEH,QGLHVHPNOHLQHQ )HOOHLVHQXQGGHP.LVWFKHQEHZDKUHLFK -XZHOHQXQGN|VWOLFKH]XP7HLOQRFKLPJUDXHQ$OWHUWXP JHVFKQLWWHQH6WHLQHZHOFKHYLHOHYLHOH7DXVHQGHZHUWVLQG,FK KDEHGLHVPDOLQ)UDQNIXUWVHKUJOFNOLFKH*HVFKlIWHJHPDFKWVR GDGDVZRKOQRFKODQJHQLFKWGHUKXQGHUWVWH7HLOGHV*HZLQQV VHLQPDJZDVLFK(XHUPOLHEHQ:HLEHVFKHQNWHhEHUGHPJHEH LFK(XFKGDV*HOGNHLQHVZHJVXPVRQVWVRQGHUQYHUODQJHYRQ (XFKGDIUDOOHUOHL*HIlOOLJNHLWHQ,FKZROOWHZLHJHZ|KQOLFKYRQ )UDQNIXUWQDFK.DVVHOJHKHQXQGNDPYRQ6FKOFKWHUQDXVYRP ULFKWLJHQ:HJHDE,QGHVVHQKDEHLFKJHIXQGHQGDGHU:HJ GXUFKGLHVHQ)RUVWGHQVRQVWGLH5HLVHQGHQVFKHXHQJHUDGHIU HLQHQ)XJlQJHUUHFKWDQPXWLJLVWZHVKDOELFKGHQQNQIWLJDXI JOHLFKHU5HLVHLPPHUGLHVH6WUDHHLQVFKODJHQXQGEHL(XFK HLQVSUHFKHQZLOO,KUZHUGHWGDKHUPLFKMlKUOLFK]ZHLPDOEHL(XFK HLQWUHIIHQVHKHQQlPOLFK]X2VWHUQZHQQLFKYRQ)UDQNIXUWQDFK .DVVHOZDQGHUHXQGLPVSlWHQ+HUEVWZHQQLFKYRQGHU /HLS]LJHU0LFKDHOLVPHVVHQDFK)UDQNIXUWXQGYRQGRUWQDFKGHU 6FKZHL]XQGZRKODXFKQDFK:HOVFKODQGJHKH'DQQVROOW,KU PLFKIUJXWH%H]DKOXQJ HLQHQ ]ZHLDXFKZRKOGUHL7DJHEHL (XFKEHKHUEHUJHQXQGGDVLVWGLHHUVWH*HIlOOLJNHLWXPGLHLFK (XFKHUVXFKH )HUQHUELWWHLFK(XFKGLHVHVNOHLQH.LVWFKHQZRULQ:DUHQVLQG GLHLFKLQ.DVVHOQLFKWEUDXFKHXQGGDVPLUEHLP:DQGHUQ

KLQGHUOLFKLVW]XEHKDOWHQELVLFKNQIWLJHQ+HUEVWZLHGHUEHL (XFKHLQVSUHFKH1LFKWYHUKHKOHQZLOOLFKGDGLH:DUHQYLHOH 7DXVHQGHZHUWVLQGDEHULFKPDJ(XFKGHVKDOEGRFKNDXP JU|HUH6RUJOLFKNHLWHPSIHKOHQGDLFKQDFKGHU7UHXHXQG )U|PPLJNHLWGLH,KUDQGHQ7DJOHJW(XFK]XWUDXHGD,KUDXFK GDV*HULQJVWHZDVLFK(XFK]XUFNOLHHVRUJIlOWLJDXIEHZDKUHQ ZUGHW]XPDOZHUGHW,KUGDVEHL6DFKHQYRQVROFKJURHP :HUWHDOVGLHVLQGZHOFKHLQGHP.LVWFKHQYHUVFKORVVHQ VLFKHUOLFKWXQ6HKWGDVLVWGHU]ZHLWH'LHQVWGHQLFKYRQ(XFK IRUGHUH'DV'ULWWHZDVLFKYHUODQJHZLUG(XFKZRKODP VFKZHUVWHQIDOOHQXQHUDFKWHWHVPLUMHW]WDPQ|WLJVWHQWXW,KU VROOW(XHUOLHEHV:HLE QXUDXIGLHVHQ7DJYHUODVVHQXQGPLFKDXV GHP)RUVWELVDXIGLH6WUDHQDFK+LUVFKIHOGJHOHLWHQZRLFKEHL %HNDQQWHQHLQVSUHFKHQXQGGDQQPHLQH5HLVHQDFK.DVVHO IRUWVHW]HQZLOO'HQQDXHUGHPGDLFKGHV:HJHVLP)RUVW QLFKWUHFKWNXQGLJELQXQGPLFKGDKHU]XP]ZHLWHQPDOYHULUUHQ N|QQWHRKQHYRQHLQHPVRZDFNHUQ0DQQZLH,KUHVVHLG DXIJHQRPPHQ]XZHUGHQLVWHVDXFKLQGHU*HJHQGQLFKWUHFKW JHKHXHU(XFKDOVHLQHP-lJHUVPDQQDXVGHU*HJHQGZLUGPDQ QLFKWVDQKDEHQDEHULFKDOVHLQVDPHU:DQGHUHUN|QQWHZRKO JHIlKUGHWZHUGHQ0DQVSUDFKLQ)UDQNIXUWGDYRQGDHLQH 5lXEHUEDQGHGLHVRQVWGLH*HJHQGYRQ6FKDIIKDXVHQXQVLFKHU PDFKWHXQGVLFKELVQDFK6WUDEXUJKHUDXIDXVGHKQWHQXQPHKU VLFKLQV)XOGDLVFKHJHZRUIHQKDEHQVROOGDGLHYRQ/HLS]LJQDFK )UDQNIXUWUHLVHQGHQ.DXIOHXWHLKQHQUHLFKHUHQ*HZLQVW YHUVSUDFKHQDOVVLHGRUWILQGHQNRQQWHQ:LHOHLFKWZlUHV P|JOLFKGDVLHPLFKVFKRQYRQ)UDQNIXUWDXVDOVUHLFKHQ -XZHOHQKlQGOHUNHQQWHQ+DELFKDOVRMDGXUFKGLH5HWWXQJ(XUHV :HLEHV'DQNYHUGLHQWVRN|QQW,KUPLFKGDGXUFKUHLFKOLFK ORKQHQGD,KUDXVGLHVHP)RUVWHPLFKDXI:HJXQG6WHJOHLWHW© $QGUHVZDUPLW)UHXGHQEHUHLWDOOHV]XHUIOOHQZDVPDQYRQ LKPYHUODQJWHXQGPDFKWHVLFKJOHLFKZLHHVGHU)UHPGH ZQVFKWH]XU:DQGHUXQJIHUWLJLQGHPHUVHLQH-lJHUXQLIRUP DQ]RJVHLQH'RSSHOEFKVHXQGVHLQHQWFKWLJHQ+LUVFKIlQJHU XPVFKQDOOWHXQGGHP.QHFKWEHIDKO]ZHLYRQGHQ'RJJHQ DQ]XNXSSHOQ'HU)UHPGHKDWWHXQWHUGHVVHQGDV.LVWFKHQ JH|IIQHWXQGGLHSUlFKWLJVWHQ*HVFKPHLGH+DOVNHWWHQ 2KUULQJH 6SDQJHQKHUDXVJHQRPPHQGLHHUDXI*LRUJLQDV%HWWH DXVEUHLWHWHVRGDVLHLKUH9HUZXQGHUXQJXQG)UHXGHJDUQLFKW EHUJHQNRQQWH$OVQXQDEHUGHU)UHPGHVLHDXIIRUGHUWHGRFK

HLQHGHUVFK|QVWHQ+DOVNHWWHQXP]XKlQJHQGLHUHLFKHQ6SDQJHQ DXILKUHZXQGHUVFK|QJHIRUPWHQbUPH]XVWUHLIHQXQGLKUGDQQ HLQHQNOHLQHQ7DVFKHQVSLHJHOYRUKLHOWZRULQVLHVLFKQDFK +HU]HQVOXVWEHVFKDXHQNRQQWHVRGDVLHLQNLQGLVFKHU/XVW DXIMDXFK]WHGDVDJWH$QGUHV]XGHP)UHPGHQª$FKOLHEHU+HUU ZLHP|JHW,KUGRFKLQPHLQHPDUPHQ:HLEHVROFKH/VWHUQKHLW HUUHJHQGDVLHVLFKPLW'LQJHQSXW]WGLHLKUQLPPHUPHKU ]XNRPPHQXQGDXFKJDUQLFKWDQVWHKHQ1HKPWPLUHVQLFKW EHO+HUUDEHUGLHHLQIDFKHURWH.RUDOOHQVFKQXUGLHPHLQH *LRUJLQDXPGHQ+DOVJHKlQJWKDWWHDOVLFK VLH]XPHUVWHQPDOLQ 1HDSHOVDKLVWPLUWDXVHQGPDOOLHEHUDOVGDVIXQNHOQGHEOLW]HQGH *HVFKPHLGHGDVPLUUHFKWHLWHOXQGWUJHULVFKYRUNRPPW© ª,KU VHLGDXFKJDU]XVWUHQJH©HUZLGHUWHGHU)UHPGHK|KQLVFK OlFKHOQGªGD,KU(XHUP:HLEHQLFKWHLQPDOLQLKUHU.UDQNKHLW GLHXQVFKXOGLJH)UHXGHODVVHQZROOWVLFKPLWPHLQHQVFK|QHQ *HVFKPHLGHQKHUDXV]XSXW]HQGLHNHLQHVZHJVWUJHULVFK VRQGHUQZDKUKDIWHFKWVLQG:LW,KUGHQQQLFKWGDHEHQGHQ :HLEHUQVROFKH'LQJHUHFKWH)UHXGHYHUXUVDFKHQ"8QGZDV,KUGD VDJWGDVROFKHU3UXQN(XUHU*LRUJLQDQLFKW]XNRPPHVRPX LFKGDV*HJHQWHLOEHKDXSWHQ(XHU:HLELVWKEVFKJHQXJVLFKVR KHUDXV]XSXW]HQXQG,KUZLWMDQLFKWREVLHQLFKWHLQPDODXFK QRFKUHLFKJHQXJVHLQZLUGGHUJOHLFKHQ6FKPXFNVHOEVW]X EHVLW]HQXQG]XWUDJHQ©$QGUHVVSUDFKPLWVHKUHUQVWHP QDFKGUFNOLFKHQ7RQª,FKELWWH(XFK+HUUIKUWQLFKWVROFKH JHKHLPQLVYROOHYHUIlQJOLFKH5HGHQ:ROOW,KUGHQQPHLQDUPHV :HLEEHW|UHQGDVLHYRQHLWOHP*HOVWQDFKVROFKHPZHOWOLFKHQ 3UXQNXQG6WDDWQXUGUFNHQGHUXQVHUH$UPXWIKOHXQGXPDOOH /HEHQVUXKHXPDOOH+HLWHUNHLWJHEUDFKWZHUGH"3DFNWQXU(XUH VFK|QH6DFKHQHLQOLHEHU+HUULFKZLOOVLH(XFKWUHXOLFK EHZDKUHQELV,KU]XUFNNRPPW$EHUVDJWPLUQXQZHQQZLHHV GHU+LPPHOYHUKWHQP|JH(XFKXQWHUGHVVHQHLQ8QJOFN ]XVWRHQVROOWHVRGD,KUQLFKWPHKU]XUFNNHKUWHWLQPHLQ +DXVZRKLQVROOLFKGDQQGDV.LVWFKHQDEOLHIHUQXQGZLHODQJH VROOLFKDXI(XFKZDUWHQHKHLFKGLH-XZHOHQGHP HLQKlQGLJH GHQ,KUPLUQHQQHQZHUGHWVRZLHLFK(XFK MHW]WXP(XHUQ 1DPHQELWWH"© ª,FKKHLH©HUZLGHUWHGHU)UHPGHª,JQD] 'HQQHUXQGELQZLH,KUVFKRQZLVVHW.DXI XQG+DQGHOVPDQQ ,FKKDEHZHGHU:HLEQRFK.LQGHUXQGPHLQH9HUZDQGWHZRKQHQ LP:DOOLVHU/DQGH'LH NDQQLFKDEHUNHLQHVZHJVOLHEHQXQG DFKWHQGDVLHVLFKDOVLFKQRFKDUPXQGEHGUIWLJZDUXPPLFK

JDUQLFKWJHNPPHUWKDEHQ6ROOWHLFKLQGUHL-DKUHQPLFKQLFKW VHKHQODVVHQVREHKDOWHWGDV.LVWFKHQUXKLJDQ(XFKXQGGDLFK ZRKOZHLGDEHLGH,KUXQG*LRUJLQD(XFKVWUlXEHQZHUGHW GDVUHLFKH9HUPlFKWQLVYRQPLUDQ]XQHKPHQVRVFKHQNHLFKLQ MHQHP)DOOGDV.lVWFKHQPLW.OHLQRGLHQ(XHUP.QDEHQGHPLFK ZHQQ,KULKQILUPHOQODWGHQ1DPHQ,JQDWLXVEHL]XJHEHQELWWH ©$QGUHVZXWHLQGHU7DWQLFKWZDVHUDXVGHUVHOWHQHQ )UHLJHELJNHLWXQG*URPXWGHVIUHPGHQ0DQQHVPDFKHQVROOWH(U VWDQGJDQ]YHUVWXPPWYRULKPLQGHV*LRUJLQDLKPIUVHLQHQ JXWHQ:LOOHQGDQNWHXQGYHUVLFKHUWH]X*RWWXQGGHQ+HLOLJHQ IOHLLJEHWHQ]XZROOHQGDVLHLKQDXIVHLQHQZHLWHQ EHVFKZHUOLFKHQ5HLVHQEHVFKW]HQXQGLKQVWHWVJOFNOLFKLQLKU +DXV]XUFNIKUHQP|FKWHQ'HU)UHPGHOlFKHOWHVRZLHHVVHLQH $UWZDUDXIVHOWVDPH:HLVHXQGPHLQWHGDZRKOGDV*HEHW HLQHUVFK|QHQ)UDXPHKU.UDIWKDEHQP|JHDOVGDVVHLQLJH'DV %HWHQZROOHHUGDKHULKUEHUODVVHQXQGEULJHQVVHLQHP NUlIWLJHQDEJHKlUWHWHQ.|USHUXQGVHLQHQJXWHQ:DIIHQ YHUWUDXHQ 'HPIURPPHQ$QGUHVPLILHOGLHVHbXHUXQJGHV)UHPGHQ K|FKOLFKLQGHVVHQYHUVFKZLHJHUGDVZDVHUGDUDXI]XHUZLGHUQ VFKRQLP%HJULIIVWDQGXQGWULHEYLHOPHKUGHQ)UHPGHQDQMHW]W GLH:DQGHUXQJGXUFKGHQ)RUVW]XEHJLQQHQGDHUVRQVWHUVWLQ VSlWHU1DFKWLQVHLQ+DXV]XUFNNHKUHQXQGVHLQH*LRUJLQDLQ )XUFKWXQG$QJVWVHW]HQZUGH 'HU)UHPGHVDJWHEHLP$EVFKLHGQRFK*LRUJLQHQGDHU DXVGUFNOLFKLKUHUODXEHVLFK ZHQQHVLKU9HUJQJHQPDFKHPLW VHLQHQ*HVFKPHLGHQ]XVFKPFNHQGDHVLKUMDRKQHGLHVLQ GLHVHPHLQVDPHQZLOGHQ)RUVWDQMHGHU%HOXVWLJXQJPDQJOH *LRUJLQDHUU|WHWHYRULQQHUP9HUJQJHQGDVLHIUHLOLFKGLHLKUHU 1DWLRQHLJQH/XVWDQJOlQ]HQGHP6WDDWXQGYRU]JOLFKDQ NRVWEDUHQ6WHLQHQQLFKWXQWHUGUFNHQNRQQWH 1XQVFKULWWHQ 'HQQHUXQG$QGUHVUDVFKYRUZlUWVGXUFKGHQILQVWHUQ|GHQ:DOG ,QGHPGLFNVWHQ*HEVFKVFKQXSSHUWHQGLH'RJJHQXPKHUXQG NODIIWHQGHQ+HUUQPLWNOXJHQEHUHGWHQ$XJHQDQVFKDXHQGª+LHU LVWHVQLFKWJHKHXHU©VSUDFK$QGUHVVSDQQWHGHQ+DKQVHLQHU %FKVHXQGVFKULWWPLWGHQ+XQGHQEHGlFKWLJYRUGHPIUHPGHQ .DXIPDQQKHU2IWZDUHVLKPDOVUDXVFKHHVLQGHQ%lXPHQXQG EDOGHUEOLFNWHHULQGHU)HUQHILQVWUH*HVWDOWHQGLHJOHLFKZLHGHU LQGHP*HEVFKYHUVFKZDQGHQ(UZROOWHVHLQH'RJJHQ

ORVNXSSHOQª7XWGDVQLFKWOLHEHU0DQQ©ULHI'HQQHUªGHQQLFK NDQQ(XFKYHUVLFKHUQGDZLUQLFKWGDVPLQGHVWH]XIUFKWHQ KDEHQ©.DXPKDWWHHUGLHVH:RUWHJHVSURFKHQDOVQXUZHQLJH 6FKULWWHYRQLKQHQHLQJURHUVFKZDU]HU.HUOPLWVWUXSSLJHQ +DDUHQXQGJURHP.QHEHOEDUWHLQH%FKVHLQGHU+DQGDXV GHP*HEVFKKHUDXVWUDW$QGUHVPDFKWHVLFKVFKXIHUWLJ ªVFKLHWQLFKWVFKLHWQLFKW©ULHI'HQQHUGHUVFKZDU]H.HUO QLFNWHLKPIUHXQGOLFK]XXQGYHUORUVLFKLQGHQ%lXPHQ(QGOLFK ZDUHQVLHDXVGHP:DOGHKHUDXVDXIGHUOHEKDIWHQ/DQGVWUDH ª1XQGDQNHLFK(XFKKHU]OLFKIU(XHU*HOHLWH©VSUDFK'HQQHU ªNHKUWQXUMHW]WLQ(XUH:RKQXQJ]XUFNVROOWHQ(XFKZLHGHU VROFKH*HVWDOWHQDXIVWRHQZLHZLUVLHJHVHKHQVR]LHKWUXKLJ (XUH6WUDHIRUWRKQH(XFKGDUXP]XNPPHUQ7XWDOVZHQQ ,KUJDUQLFKWVEHPHUNWHWEHKDOWHW(XUH'RJJHQDP6WULFN,KU ZHUGHWRKQHDOOH*HIDKU(XUH:RKQXQJHUUHLFKHQ©$QGUHVZXWH QLFKWZDVHUYRQGHPDOOHQXQGYRQGHPZXQGHUOLFKHQ.DXIPDQQ GHQNHQVROOWHGHUZLHHLQ*HLVWHUEHVFKZ|UHUGHQ)HLQG]X EDQQHQXQGYRQVLFKDE]XKDOWHQVFKLHQ(UNRQQWHQLFKW EHJUHLIHQZDUXPHUGHQQHUVWVLFKKDEHGXUFKGHQ:DOGJHOHLWHQ ODVVHQ*HWURVWVFKULWW$QGUHVGXUFKGHQ)RUVW]XUFNHVVWLH LKPGXUFKDXVQLFKWV9HUGlFKWLJHVDXIXQGHUNDPZRKOEHKDOWHQLQ VHLQ+DXVZRLKPVHLQH*LRUJLQDGLHVLFKPXQWHUXQGNUlIWLJDXV GHP%HWWHJHPDFKWYROO)UHXGHLQGLH$UPHILHO 'XUFKGLH)UHLJHELJNHLWGHVIUHPGHQ.DXIPDQQVEHNDPGLHNOHLQH +DXVKDOWXQJGHV$QGUHVHLQHJDQ]DQGHUH*HVWDOW.DXPZDU QlPOLFK*LRUJLQDJDQ]JHQHVHQDOVHUPLWLKUQDFK)XOGDJLQJ XQGDXHUGHQQ|WLJVWHQ%HGUIQLVVHQQRFKPDQFKHV6WFN HLQNDXIWHGDVLKUHUKlXVOLFKHQ(LQULFKWXQJDEJLQJXQGZRGXUFK GLHVHGDV$QVHKHQHLQHVJHZLVVHQ:RKOVWDQGHVHUKLHOW'D]X NDPGDVHLWGHP%HVXFKGHV)UHPGHQGLH)UHLMlJHUXQG +RO]GLHEHDXVGHU*HJHQGJHEDQQWVFKLHQHQXQG$QGUHVVHLQHP 3RVWHQUXKLJYRUVWHKHQNRQQWH$XFKVHLQ-DJGJOFNZDU ZLHGHUJHNHKUWVRGDHUZLHVRQVWEHLQDKHQLHPDOVHLQHQ )HKOVFKXWDW'HU)UHPGHVWHOOWHVLFK]X0LFKDHOLVZLHGHUHLQXQG EOLHEGUHL7DJH'HUKDUWQlFNLJHQ:HLJHUXQJGHU:LUWVOHXWH XQHUDFKWHWZDUHUGRFKZLHGHUVRIUHLJHELJZLHGDVHUVWHPDO(U YHUVLFKHUWHHVVHLQXQHLQPDOVHLQH$EVLFKWVLHLQ:RKOVWDQG]X YHUVHW]HQXQGVRVLFKVHOEVWGDV$EVWHLJHTXDUWLHULP:DOGH IUHXQGOLFKHUXQGDQJHQHKPHU]XPDFKHQ

1XQNRQQWHGLHELOGKEVFKH*LRUJLQDVLFKEHVVHUNOHLGHQVLH JHVWDQGGHP$QGUHVGDVLHGHU)UHPGHPLWHLQHU]LHUOLFK JHDUEHLWHWHQJROGQHQ1DGHOZLHVLHGLH0lGFKHQXQG:HLEHULQ PDQFKHU*HJHQG,WDOLHQVGXUFKGDVLQ=|SIHQ ]XVDPPHQJHIORFKWHQHDXIJHZLUEHOWH+DDU]XVWHFNHQSIOHJHQ EHVFKHQNWKDEH$QGUHV]RJHLQILQVWUHV*HVLFKWDEHULQGHP $XJHQEOLFNZDU*LRUJLQD]XU7UKHUDXVJHVSUXQJHQXQGQLFKW ODQJHGDXHUWHHVVRNHKUWHVLH]XUFNJDQ]VRJHNOHLGHWXQG JHVFKPFNWZLH$QGUHVVLHLQ1HDSHOJHVHKHQKDWWH'LHVFK|QH JROGQH1DGHOSUDQJWHLQGHPVFKZDU]HQ+DDULQGDVVLHPLW PDOHULVFKHP6LQQEXQWH%OXPHQJHIORFKWHQXQG$QGUHVPXWH VLFKQXQVHOEVW JHVWHKHQGDGHU)UHPGHVHLQ*HVFKHQNUHFKW VLQQLJJHZlKOWKDWWHXPVHLQH*LRUJLQDZDKUKDIW]XHUIUHXHQ $QGUHVlXHUWHGLHVXQYHUKRKOHQXQG*LRUJLQDPHLQWHGDGHU )UHPGHZRKOLKU6FKXW]HQJHOVHLGHUVLHDXVGHUWLHIVWHQ 'UIWLJNHLW]XP:RKOVWDQGHHUKHEHXQGGDVLHJDUQLFKW EHJUHLIHZLH$QGUHVVRZRUWNDUJVRYHUVFKORVVHQJHJHQGHQ )UHPGHQXQGEHUKDXSWVRWUDXULJVRLQVLFKJHNHKUWEOHLEHQ N|QQHª$FKOLHEHV+HU]HQVZHLE©VSUDFK$QGUHVªGLHLQQHUH 6WLPPHZHOFKHPLUGDPDOVVRODXWVDJWHGD LFKGXUFKDXVQLFKWV YRQGHP)UHPGHQDQQHKPHQGUIHGLHVFKZHLJWELVMHW]W NHLQHVZHJV,FKZHUGHRIWYRQLQQHUQ9RUZUIHQJHPDUWHUWHVLVW PLUDOVREPLWGHP*HOGHGHV)UHPGHQXQUHFKWHV*XWLQPHLQ +DXVJHNRPPHQVHLXQGGHVKDOENDQQPLFKQLFKWVUHFKWIUHXHQ ZDVGDIUDQJHVFKDIIWZXUGH,FKNDQQPLFKMHW]WZRKO|IWHUPLW HLQHUNUlIWLJHQ6SHLVHPLWHLQHP*ODVH:HLQHUODEHQJODXEHPLU DEHUOLHEH*LRUJLQDZDUHLQPDOHLQJXWHU+RO]YHUNDXIYRUJHIDOOHQ XQGKDWWHPLUGHUOLHEH*RWWHLQSDDUHKUOLFKYHUGLHQWH*URVFKHQ PHKUEHVFKHUWDOVJHZ|KQOLFKGDQQVFKPHFNWHPLUHLQ*ODV JHULQJHQ:HLQVYLHOEHVVHUDOVMHW]WGHUJXWH:HLQGHQGHU )UHPGHXQVPLWEULQJW,FKNDQQPLFKPLWGLHVHPVRQGHUEDUHQ .DXIPDQQGXUFKDXVQLFKWEHIUHXQGHQMDHVLVWPLULQVHLQHU *HJHQZDUWRIWJDQ]XQKHLPOLFK]XPXWH+DVWGXZRKOEHPHUNW OLHEH*LRUJLQDGDHUQLHPDQGHQIHVWDQ]XVFKDXHQYHUPDJ"8QG GDEHLEOLW]WHV]XZHLOHQDXVVHLQHQWLHIOLHJHQGHQNOHLQHQ$XJHQVR VRQGHUEDUKHUDXVXQGGDQQNDQQHUEHLXQVHUQVFKOLFKWHQ5HGHQ RIWVR EELVFKP|FKWLFKVDJHQODFKHQGDHVPLFKHLVNDOW EHUOlXIW $FKP|FKWHQQXUQLFKWPHLQHLQQHUQ*HGDQNHQZDKU ZHUGHQDEHURIWLVWHVPLUDOVOLHJHDOOHUOHLVFKZDU]HV8QKHLOLP

+LQWHUJUXQGHGDVQXQGHU)UHPGHPLWHLQHPPDOKHUYRUUXIHQ ZHUGHQDFKGHPHUXQVLQVHLQHQNQVWOLFKHQ6FKOLQJHQ JHIDQJHQ© *LRUJLQDVXFKWHLKUHP0DQQGLHVFKZDU]HQ9RUVWHOOXQJHQ DXV]XUHGHQLQGHPVLHYHUVLFKHUWHZLHVLHRIWLQLKUHP9DWHUODQGH XQGYRU]JOLFKEHLLKUHQ3IOHJHHOWHUQLP:LUWVKDXVH3HUVRQHQ NHQQHQJHOHUQWGHUHQ bXHUHVQRFKYLHOZLGULJHUJHZHVHQVHL XQHUDFKWHWHVDP(QGHJUXQGJXWH0HQVFKHQZDUHQ$QGUHV VFKLHQJHWU|VWHWLP,QQHUQEHVFKORHUDEHUDXIGHU+XW]XVHLQ 'HU)UHPGHVSUDFKEHL$QGUHVZLHGHUHLQDOVVHLQ.QDEHHLQ ZXQGHUVFK|QHV.LQGJDQ]GHU0XWWHU(EHQELOGJHUDGHQHXQ 0RQDWHDOWJHZRUGHQ(VZDU*LRUJLQDV1DPHQVWDJVLHKDWWHGHQ .OHLQHQIUHPGDUWLJXQGVRQGHUEDUKHUDXVJHSXW]WVLFKVHOEVWLQ LKUHOLHEHQHDSROLWDQLVFKH7UDFKWJHZRUIHQXQGHLQEHVVHUHV0DKO DOVJHZ|KQOLFKEHUHLWHWZR]XGHU)UHPGHHLQH)ODVFKHN|VWOLFKHQ :HLQVDXVGHP)HOOHLVHQKHUJDE$OVVLHQXQIU|KOLFKEHL7LVFKH VDHQXQGGHUNOHLQH.QDEHPLWVROFKZXQGHUEDUYHUVWlQGLJHQ $XJHQXPKHUEOLFNWHKXEGHU)UHPGHDQª(XHU.LQGYHUVSULFKWLQ GHU7DWPLWVHLQHPEHVRQGHUQ:HVHQVFKRQ MHW]WUHFKWYLHOXQGHV LVWVFKDGHGDLKUQLFKWLPVWDQGHVHLQZHUGHWHVJHK|ULJ]X HU]LHKHQ,FKKlWWHHXFKZRKOHLQHQ9RUVFKODJ]XWXQLKUZHUGHW LKQDEHUYHUZHUIHQZROOHQXQHUDFKWHWLKUEHGHQNHQP|FKWHWGD HUQXUHXHU*OFNHXHUQ:RKOVWDQGEH]ZHFNW,KUZLWGDLFK UHLFKXQGRKQH.LQGHUELQLFKIKOHHLQHJDQ]EHVRQGHUH/LHEH XQG=XQHLJXQJ]XHXHUP.QDEHQ *HEWPLULKQ ,FKEULQJHLKQ QDFK6WUDEXUJZRHUYRQHLQHU)UHXQGLQYRQPLUHLQHUDOWHQ HKUEDUHQ)UDXDXIGDVEHVWHHU]RJHQZHUGHQXQGPLUVRZLHHXFK JURH)UHXGHPDFKHQVROO,KUZHUGHWPLWHXHUP.LQGHHLQHU JURHQ/DVWIUHLGRFKPWLKUHXHUQ(QWVFKOXVFKQHOOIDVVHQ GDLFKJHQ|WLJWELQQRFKKHXWHDEHQGDE]XUHLVHQ$XIPHLQHQ $UPHQWUDJHLFKGDV.LQGELVLQGDVQlFKVWH'RUIGRUW QHKPHLFK GDQQHLQ)XKUZHUN©%HLGLHVHQ:RUWHQGHV)UHPGHQUL*LRUJLQD GDV.LQGGDVHUDXIVHLQHQ.QLHQJHVFKDXNHOWKDWWHKDVWLJIRUW XQGGUFNWHHVDQLKUHQ%XVHQLQGHPLKUGLH7UlQHQLQGLH$XJHQ WUDWHQª6HKWOLHEHU+HUU©VSUDFK$QGUHVªZLHPHLQH)UDX(XFK DXI(XHUQ9RUVFKODJDQWZRUWHWXQGHEHQVRELQDXFKLFKJHVLQQW (XUH$EVLFKWPDJUHFKWJXWVHLQDEHUZLHP|JHW,KUGRFKXQV GDV/LHEVWHUDXEHQZROOHQGDVZLUDXI(UGHQEHVLW]HQ"ZLHP|JHW ,KUGRFKGDVHLQH/DVWQHQQHQZDVXQVHU/HEHQDXIKHLWHUQ

ZUGHZlUHQZLUDXFKQRFKLQGHUWLHIVWHQ'UIWLJNHLWDXVGHU XQV(XUH*WHJHULVVHQ"6HKWOLHEHU+HUU,KUVDJWHWVHOEVWGD ,KURKQH)UDXXQGRKQH.LQGHUZlUHW(XFKLVWGDKHUZRKOGLH 6HOLJNHLWIUHPGGLHJOHLFKVDPDXVGHU*ORULHGHVRIIQHQ +LPPHOUHLFKVKHUDEVWU|PWDXI0DQQXQG:HLEEHLGHU*HEXUW HLQHV.LQGHV(VLVWMDGLHUHLQVWH/LHEHXQG+LPPHOVZRQQH VHOEVWYRQGHUGLH(OWHUQHUIOOWZHUGHQZHQQVLHLKU.LQG VFKDXHQGDVVWXPPXQGVWLOODQGHU0XWWHU%UXVWOLHJHQGGRFK PLWJDUEHUHGWHQ=XQJHQYRQLKUHU/LHEHYRQLKUHPK|FKVWHQ /HEHQVJOFNVSULFKW 1HLQOLHEHU+HUUVRJURDXFKGLH :RKOWDWHQVLQGGLH,KUXQVHU]HLJWKDEWVRZLHJHQVLHGRFKODQJH QLFKWGDVDXIZDVXQVXQVHU.LQGZHUWLVWGHQQZRJlEHHV 6FKlW]HGHU:HOWGLHGLHVHP %HVLW]JOHLFK]XVWHOOHQ"6FKHOWHWXQV GDKHUQLFKWXQGDQNEDUOLHEHU+HUUGDZLU(XFK(XHU$QVLQQHQ VRJDQ]XQGJDUDEVFKODJHQ:lUHW,KUVHOEVW9DWHUVREHGUIWH HVZHLWHUJDUNHLQHU(QWVFKXOGLJXQJIUXQV© ª1XQQXQ© HUZLGHUWHGHU)UHPGHLQGHPHUILQVWHUVHLWZlUWVEOLFNWHªLFK JODXEWH(XFKZRKO]XWXQLQGHPLFK(XHUQ6RKQUHLFKXQG JOFNOLFKPDFKWH6HLGLKUQLFKWGDPLW]XIULHGHQVRLVWGDYRQ ZHLWHUQLFKWGLH5HGH© *LRUJLQDNWHXQGKHU]WHGHQ.QDEHQ DOVVHLHUDXVJURHU*HIDKUHUUHWWHWXQG LKUZLHGHUJHJHEHQ ZRUGHQ'HU)UHPGHVWUHEWHVLFKWOLFKZLHGHUXQEHIDQJHQXQG KHLWHU]XVFKHLQHQPDQPHUNWHHVLQGHVVHQGRFKQXU]XGHXWOLFK ZLHVHKULKQGLH:HLJHUXQJVHLQHU:LUWVOHXWHLKPGHQ.QDEHQ]X JHEHQYHUGURVVHQKDWWH6WDWWZLHHUJHVDJWQRFKGHQVHOEHQ $EHQGIRUW]XUHLVHQEOLHEHUZLHGHUGUHL7DJHLQZHOFKHQHU MHGRFKQLFKWVRZLHVRQVWEHL*LRUJLQDYHUZHLOWHVRQGHUQPLW $QGUHVDXIGLH-DJG]RJXQGVLFKEHLGLHVHU*HOHJHQKHLWYLHOYRQ GHP*UDIHQ$OR\VYRQ9DFKHU]lKOHQOLH$OVLQGHU)ROJH,JQD] 'HQQHUZLHGHUEHLVHLQHP)UHXQGH$QGUHVHLQVSUDFKGDFKWHHU QLFKWPHKUDQVHLQHQ3ODQGHQ.QDEHQPLWVLFK]XQHKPHQ(U ZDUQDFKVHLQHU$UWIUHXQGOLFKZLHYRUKHUXQGIXKUIRUW*LRUJLQD UHLFKOLFK]XEHVFKHQNHQGLHHUQRFKEHUGHPZLHGHUKROW DXIIRUGHUWHVRRIWVLH/XVWKDEHVLFKPLWGHQ-XZHOHQDXVGHP .LVWFKHQGDVHU$QGUHVLQ9HUZDKUXQJJHJHEHQ]XVFKPFNHQ ZHOFKHVVLHDXFKZRKOGDQQXQGZDQQKHLPOLFKWDW2IWZROOWH 'HQQHUZLHVRQVWPLWGHP.QDEHQVSLHOHQGLHVHUVWUlXEWHVLFK DEHUXQG ZHLQWHGXUFKDXVPRFKWHHUQLFKWPHKU]XGHP )UHPGHQJHKHQDOVZLVVHHUHWZDVYRQGHPIHLQGOLFKHQ$QVFKODJ LKQVHLQHQ(OWHUQ]XHQWIKUHQ =ZHL-DKUHKLQGXUFKKDWWHGHU

)UHPGHQXQDXIVHLQHQ:DQGHUXQJHQGHQ$QGUHVEHVXFKWXQG =HLWXQG*HZRKQKHLWKDWWHQGLH6FKHXGDV0LWUDXHQZLGHU 'HQQHUHQGOLFKEHUZXQGHQVRGD$QGUHVVHLQHQ:RKOVWDQG UXKLJXQGKHLWHUJHQR,P+HUEVWGHVGULWWHQ-DKUHVDOVGLH=HLW LQGHU'HQQHUJHZ|KQOLFKHLQ]XVSUHFKHQSIOHJWHVFKRQYRUEHU ZDUSRFKWHHVLQHLQHUVWUPLVFKHQ1DFKWKDUWDQ$QGUHV 7U XQGPHKUHUHUDXKH6WLPPHQULHIHQVHLQHQ1DPHQ(UVFKURFNHQ VSUDQJHUDXVGHP%HWWHDOVHUDEHU]XP)HQVWHUKHUDXVIUXJ ZHULKQLQILQVWUHU1DFKWVRVW|UHXQGZLHHUJOHLFKVHLQH'RJJHQ ORVODVVHQZHUGHXPVROFKHXQJHEHWHQH*lVWHZHJ]XKHW]HQGD VDJWHHLQHUHUP|JHQXUDXIPDFKHQHLQ)UHXQGVHLGDXQG $QGUHVHUNDQQWH'HQQHUV6WLPPH$OVHUQXQPLWGHP/LFKWLQGHU +DQGGLH+DXVWU|IIQHWHWUDWLKP'HQQHUDOOHLQHQWJHJHQ $QGUHVlXHUWHZLHHVLKPYRUJHNRPPHQDOVREPHKUHUH 6WLPPHQVHLQHQ1DPHQJHUXIHQKlWWHQ'HQQHUPHLQWHGDJHJHQ GDGHQ$QGUHVGDV+HXOHQGHV:LQGHVJHWlXVFKWKDEHQPVVH $OVVLHLQGLH6WXEHWUDWHQHUVWDXQWH$QGUHVQLFKWZHQLJDOVHU GHQ'HQQHUQlKHUEHWUDFKWHWHXQGVHLQHQJDQ]YHUlQGHUWHQ $Q]XJJHZDKUZXUGH6WDWWGHUJUDXHQVFKOLFKWHQ.OHLGXQJXQG GHV0DQWHOVWUXJHUHLQGXQNHOURWHV:DPVXQGHLQHQEUHLWHQ OHGHUQHQ*XUWLQGHPHLQ6WLOHWWXQGYLHU3LVWROHQVWDNHQ DXHUGHPZDUHUQRFKPLWHLQHP6lEHOEHZDIIQHWVHOEVWGDV *HVLFKWVFKLHQYHUlQGHUWLQGHPDXIGHUVRQVWJODWWHQ6WLUQQXQ EXVFKLFKWH$XJHQEUDXHQODJHQXQGHLQVWDUNHUVFKZDU]HU%DUW VLFKEHU/LSSHXQG:DQJHQ]RJª$QGUHV©VSUDFK'HQQHU LQGHPHULKQPLWVHLQHQIXQNHOQGHQ$XJHQDQEOLW]WHª$QGUHVDOV LFKYRUEHLQDKHGUHL-DKUHQGHLQ:HLEYRP7RGHHUUHWWHWKDWWHGD ZQVFKWHVWGXGD*RWWHVGLUYHUOHLKHQP|JHPLUGLHGLU HU]HLJWH:RKOWDWPLWGHLQHP%OXWXQG/HEHQORKQHQ]XN|QQHQ 'HLQ:XQVFKLVWHUIOOWGHQQHVLVWQXQPHKUGHU$XJHQEOLFN JHNRPPHQLQGHPGXPLUGHLQH'DQNEDUNHLWGHLQH7UHXH EHZHLVHQNDQQVW.OHLGHGLFKDQQLPPGHLQH%FKVHXQGNRPPH PLWPLUQXUZHQLJH6FKULWWHYRQGHLQHU:RKQXQJVROOVWGXGDV EULJHHUIDKUHQ©$QGUHVZXWHQLFKWZDVHUYRQ'HQQHUV =XPXWXQJKDOWHQVROOWHGHU:RUWHGLHHULKPYRUKLHOWLQGHVVHQ ZRKOHLQJHGHQNYHUVLFKHUWHHUZLHHUEHUHLWVHLDOOHVQXU P|JOLFKHIULKQ]XXQWHUQHKPHQVREDOGHVQLFKWGHU 5HFKWVFKDIIHQKHLW7XJHQGXQG5HOLJLRQ]XZLGHUODXIHª'DUEHU NDQQVWGXJDQ]UXKLJVHLQ©ULHI'HQQHULQGHPHULKPOlFKHOQG DXIGLH6FKXOWHUNORSIWHXQGGDHUEHPHUNWHGD*LRUJLQD

DXIJHVSUXQJHQZDUXQGYRU$QJVW]LWWHUQGXQGEHEHQGLKUHQ 0DQQXPNODPPHUWHQDKPHUVLHEHLGHQ$UPHQXQGVSUDFKVLH VDQIW]XUFN]LHKHQGª/DW(XHUQ0DQQQXULPPHUPLWPLU ]LHKHQLQZHQLJHQ6WXQGHQLVWHUZLHGHUJHVXQGEHL(XFKXQG EULQJW(XFKYLHOOHLFKWZDV6FK|QHVPLW+DELFKHVGHQQMHPDOV E|VHPLWHXFKJHPHLQW"+DEHLFKVHOEVWGDQQZHQQLKUPLFK YHUNDQQWHWQLFKWLPPHUHXFK*XWHVHU]HLJW":DKUKDIWLJLKUVHLG UHFKWEHVRQGHUHPLWUDXLVFKH/HXWH©$QGUHV]DXGHUWHQRFK LPPHUVLFKDQ]XNOHLGHQGDZDQGWH'HQQHUVLFK]XLKPXQG VSUDFKPLW]RUQLJHP%OLFNª,FKKRIIHGXZLUVWGHLQH=XVDJH KDOWHQGHQQHVJLOWQXQPHKUGDV]XEHZHLVHQPLWGHU7DWZDV GXJHVSURFKHQ©6FKQHOOZDUQXQ$QGUHVDQJHNOHLGHWXQGLQGHP HUPLW'HQQHU]XU7UHKHUDXVVFKULWWVSUDFKHUQRFKHLQPDO ª$OOHVOLHEHU+HUUZLOOLFKIU(XFKWXQGRFKHWZDV8QUHFKWHV ZHUGHW,KUZRKOYRQPLUQLFKWIRUGHUQGDLFKDXFKGDV.OHLQVWH ZDVZLGHUPHLQ*HZLVVHQOLHIHQLFKWYROOEULQJHQZUGH©'HQQHU DQWZRUWHWHQLFKWVVRQGHUQVFKULWWUDVFKYRUZlUWV6LHZDUHQ GXUFKGDV'LFNLFKWJHGUXQJHQELVDXIHLQHQ]LHPOLFKJHUlXPLJHQ 5DVHQSODW]GDSILII'HQQHUGUHLPDOGDGHU7RQULQJVXPKHUDXV GHQVFKDXULJHQ.OIWHQZLGHUKDOOWHXQGEHUDOOLQGHQ%VFKHQ IODFNHUWHQ:LQGOLFKWHUDXIXQGHVUDXVFKWHXQGNOLUUWHLQGHQ GXQNOHQ*lQJHQELVVLFKVFKZDU]HJUlOLFKH*HVWDOWHQ JHVSHQVWLVFKKHUYRUGUlQJWHQXQGGHQ'HQQHULP.UHLVH XPULQJWHQ(LQHUDXVGHP.UHLVHWUDWKHUYRUXQGVSUDFKDXI $QGUHVKLQGHXWHQGª'DVLVWMDZRKOXQVHUQHXHU*HVHOOHQLFKW ZDKU+DXSWPDQQ"© ª-D©DQWZRUWHWH'HQQHUªLFKKDELKQDXV GHP%HWWHJHKROWHUVROOVHLQ3UREHVWFNPDFKHQHVNDQQQXQ JOHLFKYRUZlUWVJHKHQ©$QGUHVHUZDFKWHEHLGLHVHQ:RUWHQZLH DXVGXPSIHU%HWlXEXQJNDOWHU6FKZHLVWDQGLKPDXIGHU6WLUQH DEHUHUHUPDQQWHVLFKXQGULHIKHIWLJª:DVGXVFKlQGOLFKHU %HWUJHUIUHLQHQ.DXIPDQQJDEVWGXGLFKDXVXQGWUHLEVWHLQ K|OOLVFKHVYHUUXFKWHV*HZHUEHXQGELVWHLQYHUZRUIHQHU5lXEHU" 1LPPHUPHKUZLOOLFKGHLQ*HVHOOHVHLQXQGWHLOQHKPHQDQGHLQHQ 6FKDQGWDWHQ]XGHQHQGXPLFKZLHGHU6DWDQVHOEVWDXI NQVWOLFKHKlPLVFKH:HLVHYHUORFNHQZROOWHVW" /DPLFKJOHLFK IRUWGXIUHYHOLFKHU%|VHZLFKWXQGUlXPHPLWGHLQHU5RWWHGLHV *HELHWVRQVWYHUUDWHLFKGHLQH6FKOXSIZLQNHOGHU2EULJNHLWXQG GXEHNRPPVWGHQ/RKQIUGHLQH6FKDQGWDWHQGHQQQXQZHLLFK HVZRKOGDGXVHOEVWGHUVFKZDU]H,JQD]ELVWGHUPLWVHLQHU %DQGHDQGHU*UHQ]HJHKDXVHWXQGJHUDXEWXQGJHPRUGHWKDW

*OHLFKODVVHPLFKIRUWLFKZLOOGLFKQLHPHKUVFKDXHQ©'HQQHU ODFKWHODXWDXIª:DVGXIHLJHU%XEH"©VSUDFKHUªGX XQWHUVWHKVWGLFKPLU]XWURW]HQGLFKPHLQHP:LOOHQPHLQHP 0DFKWZRUWHQW]LHKHQ]XZROOHQ"%LVWGXQLFKWOlQJVWVFKRQXQVHU *HVHOOH"OHEVWGXQLFKWVFKRQVHLWEHLQDKHGUHL-DKUHQYRQXQVHUP *HOGH"VFKPFNWVLFKGHLQ:HLEQLFKWPLWXQVHUP5DXEH"1XQ VWHKVWGXXQWHUXQVXQGZLOOVWQLFKWDUEHLWHQGDIUZDVGX JHQRVVHQ")ROJVWGXXQVQXQQLFKW]HLJVWGXGLFKQLFKWJOHLFKDOV XQVHUQUVWLJHQ.XPSDQVRODVVHLFKGLFKJHEXQGHQLQXQVHUH +|KOHZHUIHQXQGPHLQH*HVHOOHQ]LHKHQQDFKGHLQHU:RKQXQJ ]QGHQVLHDQXQGHUPRUGHQGHLQ:HLEXQGGHLQHQ.QDEHQ'RFK LFKZHUGHZRKOGLHVH0DUHJHOGLHQXUHLQH)ROJHGHLQHU +DOVVWDUULJNHLWVHLQZUGHQLFKWHUJUHLIHQGUIHQ1XQ ZlKOH HVLVW=HLWZLUPVVHQIRUW© $QGUHVVDKQXQZRKOHLQGDGLH PLQGHVWH:HLJHUXQJVHLQHUJHOLHEWHQ*LRUJLQDXQGGHP.QDEHQ GDV/HEHQNRVWHQZUGHGHQYHUUlWHULVFKHQEELVFKHQ'HQQHU LP,QQHUQ]XU+|OOHYHUIOXFKHQGEHVFKORHUGDKHULQVHLQHQ :LOOHQVLFKVFKHLQEDU]XIJHQUHLQYRQ'LHEVWDKOXQG0RUG]X EOHLEHQXQGGDVWLHIHUH(LQGULQJHQLQGLH6FKOXSIZLQNHOGHU%DQGH QXUGD]X]XEHQXW]HQEHLGHUHUVWHQJQVWLJHQ*HOHJHQKHLWLKUH $XIKHEXQJXQG(LQ]LHKXQJ]XEHZLUNHQ1DFKGLHVHPLPVWLOOHQ JHIDWHQ(QWVFKOXHUNOlUWHHUGHP'HQQHUZLHWURW]VHLQHV LQQHUQ:LGHUVWUHEHQVGRFKGLH'DQNEDUNHLWIU*LRUJLQDV5HWWXQJ LKQYHUSIOLFKWHHWZDV]XZDJHQXQGHUZROOHGDKHUGLH ([SHGLWLRQPLWPDFKHQZREHLHUQXUELWWHLKQDOVHLQHQ1HXOLQJ VRYLHOP|JOLFKPLWGHPWlWLJHQ$QWHLOGDUDQ]XYHUVFKRQHQ 'HQQHUOREWHVHLQHQ(QWVFKOXLQGHPHUKLQ]XIJWHZLHHU NHLQHVZHJVYHUODQJHGDHUI|UPOLFK]XU%DQGHEHUWUHWHQVROOH YLHOPHKUPVVHHU5HYLHUMlJHUEOHLEHQGHQQVRZlUHHULKPXQG GHU%DQGHVFKRQMHW]WYRQJURHP1XW]HQJHZHVHQZDVGHQQ DXFK NQIWLJGHU)DOOVHLQZUGH (VZDUDXIQLFKWV*HULQJHUHVDEJHVHKHQDOVGLH:RKQXQJHLQHV UHLFKHQ3DFKWHUVGLHYRQGHP'RUIHDEJHOHJHQXQIHUQGHP :DOGHVWDQG]XEHUIDOOHQXQGDXV]XSOQGHUQ0DQZXWHGD GHU3DFKWHUDXHUGHPYLHOHQ*HOGHXQGGHQ.RVWEDUNHLWHQGLHHU EHVDHEHQMHW]WIUYHUNDXIWHV*HWUHLGHHLQHVHKUEHGHXWHQGH 6XPPHHLQJHQRPPHQKDWWHGLHHUEHLVLFKEHZDKUWHXQGXPVR PHKUYHUVSUDFKHQVLFKGLH5lXEHUHLQHQUHLFKHQ)DQJ'LH :LQGOLFKWHUZXUGHQDXVJHO|VFKWXQGVWLOO]RJHQGLH5lXEHUGXUFK

GLHHQJHQ6FKOHLFKZHJHELVVLHGLFKWDQGHP*HElXGHVWDQGHQ ZHOFKHVHLQLJHYRQGHU%DQGHXPULQJWHQ$QGHUHGDJHJHQVWLHJHQ EHUGLH0DXHUXQGVSUHQJWHQYRQLQQHQGDV+RIWRUHLQLJH ZXUGHQDXI:DFKHDXVJHVWHOOWXQGXQWHUGLHVHQEHIDQGVLFK $QGUHV%DOGK|UWHHUZLHGLH5lXEHUGLH7UHQHUEUDFKHQXQG LQV+DXVVWUPWHQHUYHUQDKPLKU)OXFKHQLKU*HVFKUHLGDV *HKHXOGHU*HPLKDQGHOWHQ(VILHOHLQ6FKXGHU3DFKWHUHLQ EHKHU]WHU0DQQPRFKWHVLFK]XU:HKUHVHW]HQ GDQQZXUGHHV VWLOOHU DXIJHVSUHQJWH6FKO|VVHUNOLUUWHQ5lXEHUVFKOHSSWHQ .LVWHQ]XP+RIWRUKHUDXV(LQHUYRQGHV3DFKWHUV/HXWHQPXWH LQGHU)LQVWHUQLVHQWZLVFKWXQGLQV'RUIJHUDQQWVHLQGHQQDXI HLQPDOW|QWHGLH6WXUPJORFNHGXUFKGLH1DFKWXQGEDOGGDUDXI VWU|PWHQ+DXIHQPLW KHOODXIORGHUQGHQ/LFKWHUQGLH6WUDHKHUDXI QDFKGHU3DFKWHUZRKQXQJ1XQILHO6FKXDXI6FKXGLH5lXEHU VDPPHOWHQVLFKLP+RIHXQGVWUHFNWHQDOOHVQLHGHUZDVVLFKGHU 0DXHUQlKHUWH6LHKDWWHQLKUH:LQGIDFNHOQDQJH]QGHW$QGUHV GHUDXIHLQHU$QK|KHVWDQGNRQQWHDOOHVEHUVHKHQ0LW (QWVHW]HQHUEOLFNWHHUXQWHUGHQ%DXHUQ-lJHULQGHU/LYHUHL VHLQHV+HUUQGHV*UDIHQYRQ9DFK :DVVROOWHHUWXQ" 6LFK]X LKQHQ]XEHJHEHQZDUXQP|JOLFKQXUGLHVFKQHOOVWH)OXFKW NRQQWHLKQUHWWHQDEHUZLHIHVWJH]DXEHUWVWDQGHUGDKLQVWDUUHQG LQGHQ3DFKWHUKRIZRGDV*HIHFKWLPPHUP|UGHULVFKHUZXUGH GHQQGXUFKHLQHNOHLQH3IRUWHDQGHUDQGHUQ6HLWHZDUHQGLH 9DFKVFKHQ-lJHUJHGUXQJHQXQGPLWGHQ5lXEHUQKDQGJHPHLQ JHZRUGHQ'LH5lXEHUPXWHQ]XUFNVLHGUlQJWHQ VLFKIHFKWHQG GXUFKGDV7RUQDFKGHU*HJHQGKLQZR$QGUHVVWDQG(UVDK 'HQQHUQGHUXQDXIK|UOLFKOXGXQGVFKRXQGQLHPDOVIHKOWH(LQ MXQJHUUHLFKJHNOHLGHWHQ0DQQYRQ9DFKVFKHQ-lJHUQXPJHEHQ VFKLHQGHQ$QIKUHU]XPDFKHQDXILKQOHJWH'HQQHUDQDEHU QRFKHKHHUDEGUFNWHVWU]WHHUYRQHLQHU.XJHOJHWURIIHQPLW HLQHPGXPSIHQ6FKUHLQLHGHU'LH5lXEHUIORKHQ VFKRQVWU]WHQ GLH9DFKVFKHQ-lJHUKHUEHLGDVSUDQJZLHYRQXQZLGHUVWHKOLFKHU 0DFKWJHWULHEHQ$QGUHVKHUEHLXQGUHWWHWH'HQQHUQGHQHU VWDUNZLHHUZDUDXIGLH6FKXOWHUQZDUIXQGVFKQHOOIRUWHLOWH 2KQHYHUIROJW]XZHUGHQHUUHLFKWHHUJOFNOLFKGHQ:DOG1XU HLQ]HOQH6FKVVHILHOHQKLQXQGZLHGHUXQGEDOGZXUGHHVJDQ] VWLOOHLQ=HLFKHQGDHVGHQ5lXEHUQGLHQLFKWYHUZXQGHWDXI GHP3ODW]HOLHJHQJHEOLHEHQJHJOFNWZDULQGHQ:DOG]X HQWNRPPHQXQGGDHVGHQ-lJHUQXQG%DXHUQQLFKWUDWVDP VFKLHQLQGDV'LFNLFKWHLQ]XEUHFKHQª6HW]HPLFKQXUQLHGHU

$QGUHV©VSUDFK'HQQHUªLFKELQLQGHQ)XYHUZXQGHWXQG YHUGDPPWGDLFKXPVWU]WHGHQQXQHUDFKWHWPLFKGLH:XQGH VHKUVFKPHU]WJODXELFKGRFKQLFKWHLQPDOGDVLHEHGHXWHQG LVW©$QGUHVWDWHV'HQQHUKROWHHLQHNOHLQH3KLROHDXVGHU 7DVFKHXQGDOVHUVLH|IIQHWHVWUDKOWHHLQKHOOHV/LFKWKHUDXVEHL GHP$QGUHVGLH:XQGHJHQDXXQWHUVXFKHQNRQQWH'HQQHUKDWWH UHFKWQXUHLQVWDUNHU6WUHLIVFKXKDWWHGHQUHFKWHQ)X JHWURIIHQGHUVWDUNEOXWHWH$QGUHVYHUEDQGGLH:XQGHPLW VHLQHP6FKQXSIWXFK'HQQHUOLHVHLQH3IHLIHHUW|QHQDXVGHU )HUQHZXUGHJHDQWZRUWHWXQGQXQEDWHUGHQ$QGUHVLKQVDFKWH GHQVFKPDOHQ:DOGZHJKHUDXI]XIKUHQGHQQEDOGZUGHQVLHDQ 2UWXQG6WHOOHVHLQ:LUNOLFKGDXHUWHHVDXFKQLFKWODQJHVR VDKHQVLHGHQ6FKHLQYRQ:LQGOLFKWHUQGXUFKGDVGXQNOH*HEVFK EUHFKHQXQGKDWWHQMHQHQ5DVHQSODW]HUUHLFKWYRQGHPVLH DXVJHJDQJHQXQGZRVLHGLHEULJJHEOLHEHQHQ5lXEHUEHUHLWV YHUVDPPHOWIDQGHQ$OOHMDXFK]WHQYRU)UHXGHDXIDOV'HQQHU XQWHUVLHWUDWXQGUKPWHQGHQ$QGUHVGHUWLHILQVLFKJHNHKUW NHLQ:RUWYRU]XEULQJHQYHUPRFKWH(VIDQGVLFKGDEHUGLH +lOIWHGHU%DQGHWRWRGHUKDUWYHUZXQGHWDXIGHP3ODW]HOLHJHQ JHEOLHEHQZDULQGHVVHQKDWWHQHLQLJHYRQGHQ5lXEHUQGLHGD]X EHVWLPPWZDUHQGHQ5DXELQ6LFKHUKHLW]XEULQJHQPLWWHQLP *HIHFKWZLUNOLFKPHKUHUH.LVWHQPLWNRVWEDUHP*HUlWVRZLHHLQH DQVHKQOLFKH6XPPH*HOGIRUW]XVFKDIIHQJHZXWVRGD XQHUDFKWHWGDV8QWHUQHKPHQVFKOLPPDXVJHJDQJHQGRFKGLH %HXWHDQVHKQOLFKEOLHE$OVQXQGDV1|WLJHEHVSURFKHQZDQGWH VLFK'HQQHUGHQPDQXQWHUGHVVHQRUGHQWOLFKYHUEXQGHQKDWWH XQGGHUNDXPLUJHQGHLQHQ6FKPHU]PHKU]XIKOHQVFKLHQ]X $QGUHVXQGVSUDFKª,FKKDEHGHLQ:HLEYRP7RGHHUUHWWHWGX KDVWPLFKLQGLHVHU1DFKWGHU*HIDQJHQVFKDIWHQW]RJHQXQGPLFK IROJOLFKDXFKYRQGHPPLUJHZLVVHQ7RGHEHIUHLWZLUVLQGTXLWW GXNDQQVWLQGHLQH:RKQXQJ]XUFNNHKUHQ,QGHQQlFKVWHQ 7DJHQYLHOOHLFKWVFKRQPRUJHQYHUODVVHQZLUGLH*HJHQGGX PDJVWGDKHUJDQ]UXKLJGDUEHUVHLQGDZLUGLUbKQOLFKHVVR ZLHKHXWH]XPXWHQZHUGHQ'XELVWMDVRHLQJRWWHVIUFKWLJHU 1DUUXQGXQVQLFKWEUDXFKEDU(VLVWLQGHVVHQELOOLJGDGXWHLO DPKHXWLJHQ5DXEHQHKPHVWXQGEHUGHPIUPHLQH5HWWXQJ EHORKQWZHUGHVW1LPPGDKHUGLHVHQ%HXWHOPLW*ROGXQGEHKDOWH PLFKLQJXWHP$QGHQNHQGHQQEHUV-DKUKRIIHLFKEHLGLU HLQ]XVSUHFKHQ© ª*RWWGHU+HUUVROOPLFKEHKWHQ©HUZLGHUWH $QGUHVKHIWLJªGDLFKDXFKQXUHLQHQ3IHQQLJYRQ(XUHP

VFKlQGOLFKHQ5DXEHQHKPHQVROOWH+DEW,KUPLFKGRFKQXUGXUFK GLHDEVFKHXOLFKVWHQ'URKXQJHQJH]ZXQJHQPLW]XJHKHQZHOFKHV LFKHZLJOLFKEHUHXHQZHUGH:RKOPDJHV6QGHJHZHVHQVHLQ GDLFKGLFKGXVFKlQGOLFKHU%|VHZLFKWGHUJHUHFKWHQ6WUDIH HQW]RJHQKDEHDEHU*RWWLP+LPPHOPDJHVPLUQDFKVHLQHU /DQJPXWYHU]HLKHQ(VZDUDOVIOHKHLQGHP$XJHQEOLFNPHLQH *LRUJLQDXPGHLQ/HEHQGDGXGDVLKULJHHUUHWWHWXQGLFKNRQQWH QLFKWDQGHUVDOVGDLFKGLFKPLW*HIDKUPHLQHV/HEHQVXQG PHLQHU(KUHMDGDV:RKOXQG:HKPHLQHV:HLEHVXQGPHLQHV .LQGHVDXIV6SLHOVHW]HQGGHU*HIDKUHQWUL'HQQVSULFKZDV ZlUHDXVPLUZHQQPDQPLFKYHUZXQGHWMDZDVZlUHDXV PHLQHPDUPHQ:HLEHPHLQHP.QDEHQJHZRUGHQZHQQPDQ PLFKHUVFKODJHQXQWHUGHLQHUYHUUXFKWHQ0|UGHUEDQGHJHIXQGHQ KlWWH" $EHUVHLEHU]HXJWGDZHQQGXGLH*HJHQGQLFKW YHUOlVVHVWZHQQQXUHLQHLQ]LJHUKLHUJHVFKHKHQHU5DXERGHU 0RUGPLUNXQGZLUGLFKDXJHQEOLFNOLFKQDFK)XOGDJHKHXQGGHU 2EULJNHLWGHLQH6FKOXSIZLQNHOYHUUDWH© 'LH5lXEHUZROOWHQEHU GHQ$QGUHVKHUIDOOHQXPLKQIUVHLQH5HGHQ]X]FKWLJHQ 'HQQHUYHUERWHVLKQHQMHGRFKLQGHPHUVDJWHª/DWGRFKGHQ DOEHUQHQ.HUOVFKZDW]HQZDVWXWGDVXQV" $QGUHV©IXKU 'HQQHUIRUWªGXELVWLQPHLQHU*HZDOWVRZLHGHLQ:HLEXQGGHLQ .QDEH'XVRZRKODOVGLHVHVROOHQDEHUXQJHIlKUGHWEOHLEHQ ZHQQGXPLUYHUVSULFKVWGLFKUXKLJLQGHLQHU:RKQXQJ]XKDOWHQ XQGEHUGHLQH0LWZLVVHQVFKDIWYRQGHP9RUIDOOGLHVHU1DFKW JlQ]OLFK]XVFKZHLJHQ'DVOHW]WHUDWHLFKGLUXPVRPHKUDOV PHLQH5DFKHGLFKIXUFKWEDUWUHIIHQXQGEHUGHPGLH2EULJNHLWGLU VHOEVWZRKOGHLQH+OIHEHLGHU7DWVRZLHGDGXVFKRQODQJH YRQPHLQHP5HLFKWXPJHQRVVHVWQLFKWVRKLQJHKHQODVVHQ ZUGH'DJHJHQYHUVSUHFKHLFKGLUQRFKHLQPDOGDLFKGLH *HJHQGJlQ]OLFKUlXPHQZLOOXQGZHQLJVWHQVYRQPLUXQGPHLQHU %DQGHKLHUNHLQ8QWHUQHKPHQPHKUDXVJHIKUWZHUGHQVROO© 1DFKGHP$QGUHVQRWJHGUXQJHQGLHVH%HGLQJXQJHQGHV 5lXEHUKDXSWPDQQVHLQJHJDQJHQZDUXQGIHLHUOLFKYHUVSURFKHQ KDWWH]XVFKZHLJHQZXUGHHUYRQ]ZHL5lXEHUQGXUFK ZLOGYHUZDFKVQH)XVWHLJHDXIGHQEUHLWHQ:DOGZHJJHIKUWXQG HVZDUOlQJVWKHOOHU0RUJHQZRUGHQDOVHULQVHLQ+DXVWUDWXQG GLHYRU6RUJHXQG$QJVWWRWHQEOHLFKH*LRUJLQDXPDUPWH(UVDJWH LKUQXU LPDOOJHPHLQHQGDVLFKLKP'HQQHUDOVGHUYHUUXFKWHVWH %|VHZLFKWRIIHQEDUWXQGHUGDKHUDOOH*HPHLQVFKDIWPLWLKP DEJHEURFKHQKDEHQLHVROOHHUPHKUVHLQH6FKZHOOHEHWUHWHQ

ª$EHUGDV-XZHOHQNlVWFKHQ"©XQWHUEUDFKLKQ*LRUJLQD'DILHOHV GHP$QGUHVZLHHLQHVFKZHUH/DVWDXIV+HU]$QGLH.OHLQRGLHQ GLH'HQQHUEHLLKP]XUFNJHODVVHQKDWWHHUQLFKWJHGDFKWXQG XQHUNOlUOLFKVFKLHQHVLKPGD'HQQHUQDXFKQLFKWHLQ:RUW GDUEHUHQWIDOOHQZDU(UJLQJPLWVLFK]X5DWHZDVHUZRKOPLW GLHVHP.lVWFKHQDQIDQJHQVROOH=ZDUGDFKWHHUGDUDQHVQDFK )XOGD]XEULQJHQXQGGHU2EULJNHLW]XEHUJHEHQZLHVROOWHHU DEHUGHQ%HVLW]GHVVHOEHQEHVFK|QLJHQRKQHVLFKZHQLJVWHQV GULQJHQGHU*HIDKUDXV]XVHW]HQGDVGHP'HQQHUHLQPDO JHJHEHQH:RUW]XEUHFKHQ"(UEHVFKORHQGOLFKGLHVHQ6FKDW] JHWUHXOLFK]XEHZDKUHQELVGHU=XIDOOLKP*HOHJHQKHLWGDUELHWHQ ZUGHHV'HQQHUQZLHGHU]X]XVWHOOHQRGHUEHVVHUQRFKHV RKQHVHLQ:RUW]XEUHFKHQDQGLH2EULJNHLW]XEULQJHQ 'HUhEHUIDOOGHU3DFKWHUZRKQXQJKDWWHQLFKWJHULQJHQ6FKUHFNLQ GHUJDQ]HQ*HJHQGYHUXUVDFKWGHQQHVZDUGDVNKQVWH :DJHVWFNGDVGLH5lXEHUVHLW-DKUHQXQWHUQRPPHQXQGHLQ VLFKUHU%HZHLVGDGLH%DQGHZHOFKHVLFKHUVWGXUFKJHPHLQH 'LHEHUHLHQGDQQGXUFKGDV$QKDOWHQXQG%HUDXEHQHLQ]HOQHU 5HLVHQGHQNXQGWDW>VLFK@EHGHXWHQGYHUVWlUNWKDEHQPXWH1XU GHP=XIDOOGDGHU1HIIHGHV*UDIHQYRQ9DFKYRQPHKUHUHQ /HXWHQVHLQHV2KHLPVEHJOHLWHWHEHQLQGHP'RUIHGDVXQIHUQ GHU3DFKWHUZRKQXQJODJEHUQDFKWHWHXQGDXIGHQHUVWHQ/lUP GHQ%DXHUQGLHJHJHQGLH5lXEHUDXV]RJHQ]X+OIHHLOWHKDWWH GHU3DFKWHUGLH5HWWXQJVHLQHV/HEHQVXQGGHVJU|WHQ7HLOV VHLQHU%DUVFKDIW]XYHUGDQNHQ'UHLYRQGHQ5lXEHUQGLHDXI GHP3ODW]JHEOLHEHQZDUHQOHEWHQQRFKGHQDQGHUQ7DJXQG JDEHQ+RIIQXQJYRQLKUHQ:XQGHQ]XJHQHVHQ0DQKDWWHVLH VRUJIlOWLJYHUEXQGHQXQGLQGDV'RUIJHIlQJQLVJHVSHUUWDOVPDQ LQGHVVHQDPIUKHQ0RUJHQGHVGULWWHQ7DJHVVLHDEIKUHQZROOWH IDQGPDQVLHGXUFKYLHOH6WLFKHHUPRUGHWRKQHGDPDQKlWWH HUUDWHQN|QQHQZLHGDV]XJHJDQJHQ-HGH+RIIQXQJGHU *HULFKWHYRQGHQ*HIDQJHQHQQlKHUHQ$XIVFKOXEHUGLH%DQGH ]XHUKDOWHQZDUGDKHUYHUHLWHOW$QGUHVVFKDXGHUWHLP,QQHUQDOV HUGDVDOOHVHU]lKOHQK|UWHDOVHUYHUQDKPZLHPHKUHUH%DXHUQ XQG-lJHUGHV*UDIHQYRQ9DFK]XP7HLOJHW|WHW]XP7HLOVFKZHU YHUZXQGHWZRUGHQ 6WDUNH3DWURXLOOHQYRQ)XOGDLVFKHQ5HLWHUQ GXUFKVWUHLIWHQGHQ:DOGXQGVSUDFKHQ|IWHUVEHLLKPHLQMHGHQ $XJHQEOLFNPXWH$QGUHVEHIUFKWHQGDPDQ'HQQHUQVHOEVW RGHUZHQLJVWHQVHLQHQYRQGHU%DQGHHLQEULQJHQXQGGLHVHULKQ

GDQQDOV*HQRVVHMHQHUNKQHQ)UHYHOWDWHUNHQQHQXQGDQJHEHQ ZHUGH=XPHUVWHQPDOLQVHLQHP/HEHQIKOWHHUGLHIROWHUQGH 4XDOGHVE|VHQ*HZLVVHQVXQGGRFKKDWWHLKQQXUGLH/LHEH]X VHLQHP:HLEH]XGHP.QDEHQJH]ZXQJHQGHPIUHYHOLFKHQ $QVLQQHQ'HQQHUVQDFK]XJHEHQ $OOH1DFKIRUVFKXQJHQEOLHEHQIUXFKWORVHVZDUXQP|JOLFKGHQ 5lXEHUQDXIGLH6SXU]XNRPPHQXQG$QGUHVEHU]HXJWHVLFK EDOGGD'HQQHU:RUWJHKDOWHQXQGGLH*HJHQGPLWVHLQHU%DQGH YHUODVVHQKDWWH'DV*HOGZHOFKHVHUQRFKYRQ'HQQHUV *HVFKHQNHQEULJEHKDOWHQVRZLHGLHJROGHQH1DGHOOHJWHHU]X GHQ.OHLQRGLHQLQGDV.LVWFKHQGHQQHUZROOWHQLFKWQRFKPHKU 6QGHDXIVLFKODGHQXQGYRQJHUDXEWHP*HOGHVLFKJWOLFKWXQ 6RNDPHVGHQQGD$QGUHVEDOGZLHGHULQGLHYRULJH'UIWLJNHLW XQG$UPXWJHULHWDEHULPPHUPHKUHUKHLWHUWHVLFKVHLQ,QQHUHV MHOlQJHUH=HLWYHUVWULFKRKQHGDLUJHQGHWZDVVHLQUXKLJHV /HEHQYHUVW|UWKlWWH1DFK]ZHL-DKUHQJHEDULKPVHLQ:HLEQRFK HLQHQ.QDEHQRKQHMHGRFKZLHGDVHUVWHPDO]XHUNUDQNHQ ZLHZRKOVLHVLFKKHU]OLFKQDFKMHQHUEHVVHUQ.RVWXQG3IOHJH VHKQWHGLHLKUGDPDOVVRZRKOJHWDQ$QGUHVVDHLQVWLQGHU $EHQGGlPPHUXQJWUDXOLFKPLWVHLQHP:HLEH]XVDPPHQGLHGHQ MQJVWJHERUQHQ.QDEHQDQGHU%UXVWKDWWHZlKUHQGGHUlOWHUH VLFKPLWGHPJURHQ+XQGHKHUXPEDOJWHGHUDOV/LHEOLQJVHLQHV +HUUQZRKOLQGHU6WXEHVHLQGXUIWH'DNDPGHU.QHFKWKLQHLQ XQGVDJWHZLHHLQ0HQVFKGHULKPJDQ]YHUGlFKWLJYRUNRPPH VFKRQVHLWEHLQDKHHLQHU6WXQGHXPGDV+DXVKHUXPVFKOHLFKH $QGUHVZDULP%HJULIIPLWVHLQHU%FKVHKLQDXV]XJHKHQDOVHU YRUGHP+DXVHVHLQHQ1DPHQUXIHQK|UWH(U|IIQHWHGDV)HQVWHU XQGHUNDQQWHDXIGHQHUVWHQ%OLFNGHQYHUKDWHQ,JQD]'HQQHU GHUVLFKZLHGHULQGHQJUDXHQ.DXIPDQQVKDELWJHZRUIHQKDWWH XQGHLQ)HOOHLVHQXQWHUGHP $UPHWUXJª$QGUHV©ULHI'HQQHU ªGXPXWPLUGLHVH1DFKW+HUEHUJHJHEHQLQGHLQHP+DXVH PRUJHQ]LHKHLFKZHLWHU© ª:DV"'XXQYHUVFKlPWHUYHUUXFKWHU %|VHZLFKW"©ULHI$QGUHVLQYROOHP=RUQªGXZDJVWHVGLFKZLHGHU KLHUVHKHQ]XODVVHQ"+DEHLFKGLUQLFKWWUHXOLFK:RUWJHKDOWHQ QXUGDPLWGXGHLQ9HUVSUHFKHQHUIOOHQXQGDXILPPHUGLHVH *HJHQGYHUODVVHQVROOWHVW"'XGDUIVWQLFKWPHKUPHLQH6FKZHOOH EHWUHWHQ HQWIHUQHGLFKVFKQHOORGHULFKVFKLHHGLFK P|UGHULVFKHQ%XEHQQLHGHU 'RFKZDUWHLFKZLOOGLUGHLQ*ROG GHLQ*HVFKPHLGHZRPLWGX6DWDQPHLQ:HLEYHUEOHQGHQZROOWHVW

KLQDEZHUIHQGDQQPDJVWGXVFKQHOOIRUWHLOHQ,FKODVVHGLUGUHL 7DJH=HLWVSUHLFKDEHUGDQQQXUDXILUJHQGHLQH:HLVHGHLQH XQGGHLQHU%DQGH*HJHQZDUWVRHLOHLFKVFKQHOOQDFK)XOGDXQG HQWGHFNHDOOHVZDVLFKZHLGHU2EULJNHLW0DJVWGXQXQGHLQH 'URKXQJHQJHJHQPLFKXQGPHLQ:HLEHUIOOHQZROOHQLFK YHUODVVHPLFKDXIGHQ%HLVWDQG*RWWHVXQGZHUGHGLFK%|VHZLFKW PLWPHLQHPJXWHQ*HZHKU]XWUHIIHQZLVVHQ©1XQKROWH$QGUHV VFKQHOOGDV.lVWFKHQKHUEHLXPHVKLQDE]XZHUIHQDOVHUDEHU DQV)HQVWHUWUDWZDU'HQQHUYHUVFKZXQGHQXQGXQHUDFKWHWGLH 'RJJHQGLHJDQ]H*HJHQGULQJVXPV+DXVGXUFKVSUHQPXWHQ ZDUHVGRFKQLFKWP|JOLFKLKQDXI]XILQGHQ$QGUHVVDKQXQZRKO HLQZLH HU'HQQHUV%RVKHLWDXVJHVHW]WQXQLQJURHU*HIDKU VFKZHEHHUZDUGDKHUDOOQlFKWOLFKDXIVHLQHU+XWLQGHVVHQEOLHE DOOHVUXKLJXQG$QGUHVEHU]HXJWHVLFKGD'HQQHUQXUDOOHLQGHQ :DOGGXUFKVWULFKHQKDWWH8PLQGHVVHQVHLQHQlQJVWOLFKHQ =XVWDQG]XHQGHQMDXPVHLQ*HZLVVHQ]XEHUXKLJHQGDVLKQPLW 9RUZUIHQTXlOWHEHVFKORHUQXQQLFKWOlQJHU]XVFKZHLJHQ VRQGHUQGHP5DWLQ)XOGDVHLQJDQ]HVXQYHUVFKXOGHWHV9HUKlOWQLV PLW'HQQHU]XEHULFKWHQXQG]XJOHLFKGDV.LVWFKHQPLWGHQ .OHLQRGLHQDE]XOLHIHUQ$QGUHVZXWHZRKOGDHURKQH6WUDIH QLFKWDENRPPHQZUGHMHGRFKYHUOLHHUVLFKDXIVHLQUHXLJHV %HNHQQWQLVHLQHV)HKOWULWWV]XGHPLKQGHUYHUUXFKWH,JQD] 'HQQHUZLHGHU6DWDQVHOEVWYHUORFNWXQGJH]ZXQJHQVRZLHDXI GLH)UVSUDFKHVHLQHV+HUUQGHV*UDIHQYRQ9DFKGHUGHP WUHXHQ'LHQHUHLQJQVWLJHV=HXJQLVQLFKWYHUVDJHQNRQQWH(U KDWWHPLWVHLQHP.QHFKWHPHKUPDOVGHQ:DOGGXUFKVWUHLIWXQG QLHZDULKPHWZDV9HUGlFKWLJHVDXIJHVWRHQIUVHLQ:HLEZDU GDKHUMHW]WNHLQH*HIDKUYRUKDQGHQXQGHUZROOWHQXQXQJHVlXPW QDFK)XOGDJHKHQXPVHLQHQ9RUVDW]DXV]XIDKUHQ$QGHP 0RUJHQDOVHUVLFK]XU5HLVHEHUHLWJHPDFKWNDPHLQ%RWHYRQ GHP*UDIHQYRQ9DFKGHULKQDXJHQEOLFNOLFKDXIGDV6FKOR VHLQHV+HUUQPLWJHKHQKLH6WDWWQDFK)XOGDZDQGHUWHHUDOVR IRUWPLWGHP%RWHQQDFKGHP6FKORQLFKWRKQH%DQJLJNHLWZDV ZRKOGLHVHUJDQ]XQJHZ|KQOLFKH5XIVHLQHV+HUUQ]XEHGHXWHQ KDEHQZHUGH$OVHULQGHP6FKORDQJHNRPPHQPXWHHUJOHLFK LQGDV=LPPHUGHV*UDIHQWUHWHQª)UHXHGLFK$QGUHV©ULHI GLHVHULKPHQWJHJHQªGLFKKDWHLQJDQ]XQHUZDUWHWHV*OFN JHWURIIHQ(ULQQHUVWGXGLFKZRKOQRFKXQVHUVDOWHQPUULVFKHQ +DXVZLUWVLQ1HDSHOGHV3IOHJHYDWHUVGHLQHU*LRUJLQD"'HULVW JHVWRUEHQDEHUDXIGHP6WHUEHEHWWHKDWWHLKQQRFKGDV

*HZLVVHQJHUKUWZHJHQGHUDEVFKHXOLFKHQ%HKDQGOXQJGHV DUPHQYHUZDLVWHQ.LQGHVXQGGHVKDOEKDWHULKU]ZHLWDXVHQG 'XNDWHQYHUPDFKWGLHEHUHLWVLQ:HFKVHOEULHIHQLQ)UDQNIXUW DQJHNRPPHQVLQGXQGGLHGXEHLPHLQHP%DQNLHUKHEHQNDQQVW :LOOVWGXGLFKJOHLFKQDFK)UDQNIXUWDXIPDFKHQVRODVVHLFKGLU DXIGHU6WHOOHGDVQ|WLJH=HUWLILNDWDXVIHUWLJHQGDPLWGLUGDV*HOG RKQH$QVWDQGDXVJH]DKOWZHUGH©'HQ$QGUHVPDFKWHGLH)UHXGH VSUDFKORVXQGGHU*UDIYRQ9DFKHUJ|W]WHVLFKQLFKWZHQLJDQ GHP(QW]FNHQVHLQHVWUHXHQ'LHQHUV$QGUHVEHVFKORDOVHU VLFKJHIDWKDWWHVHLQHP:HLEHHLQHXQYHUPXWHWH)UHXGH]X EHUHLWHQHUQDKPGDKHUVHLQHV+HUUQJQlGLJHV$QHUELHWHQDQ XQGPDFKWHVLFKQDFKGHPHUGLH8UNXQGH]XVHLQHU/HJLWLPDWLRQ HUKDOWHQDXIGHQ:HJQDFK)UDQNIXUW 6HLQHP:HLEHOLHHUVDJHQZLHLKQGHU*UDIPLWZLFKWLJHQ $XIWUlJHQYHUVFKLFNWKDEHXQGHUGDKHUHLQLJH7DJHDXVEOHLEHQ ZHUGH $OVHULQ)UDQNIXUWDQJHNRPPHQZLHVLKQGHU%DQNLHU GHV*UDIHQEHLGHPHUVLFKPHOGHWHDQHLQHQDQGHUQ.DXIPDQQ GHUPLWGHU$XV]DKOXQJGHV/HJDWVEHDXIWUDJWVHLQVROOWH$QGUHV IDQGLKQHQGOLFKXQGHUKLHOWGLHDQVHKQOLFKH6XPPHZLUNOLFK DXVJH]DKOW,PPHUQXUDQ*LRUJLQDGHQNHQGLPPHUGDUQDFK WUDFKWHQGLKUH)UHXGHUHFKWYROONRPPHQ]XPDFKHQNDXIWHHU IUVLHDOOHUOHLVFK|QH6DFKHQXQGDXFKHLQHJROGHQH1DGHOGHU JDQ]JOHLFKZHOFKHLKU'HQQHUJHVFKHQNWKDWWHXQGGDHUQXQ GDVVFKZHUH)HOOHLVHQQLFKWZRKODOV)XJlQJHUIRUWEULQJHQ NRQQWHYHUVFKDIIWHHUVLFKHLQ3IHUG6RWUDWHUQXQQDFKGHPHU VHFKV7DJHDEZHVHQGJHZHVHQZRKOJHPXWVHLQH5FNUHLVHDQ %DOGKDWWHHUGHQ)RUVWXQGVHLQH:RKQXQJHUUHLFKW(UIDQGGDV +DXVIHVWYHUVFKORVVHQ/DXWULHIHUGHQ.QHFKWVHLQH*LRUJLQD QLHPDQGDQWZRUWHWHGLH+XQGHZLQVHOWHQLP+DXVHHLQJHVSHUUW 'DDKQHWHHUJURHV8QJOFNXQGVFKOXJKHIWLJDQGLH7UXQG VFKULHODXWª*LRUJLQD *LRUJLQD© 1XQUDXVFKWHHVDP %RGHQIHQVWHU*LRUJLQDVFKDXWHKHUDXVXQGULHI ª$FK*RWW $FK *RWW$QGUHVELVWGXHV"*HSULHVHQVHLGLH0DFKWGHV+LPPHOV GDGXQXUZLHGHUGDELVW©$OV$QGUHVQXQGXUFKGLHJH|IIQHWH 7UHLQWUDWILHOLKPVHLQ:HLEWRWHQEOHLFKXQGODXWKHXOHQGLQGLH $UPH5HJXQJVORVVWDQGHUGDHQGOLFKIDWHHUVHLQ:HLEGLHPLW HUVFKODIIWHQ*OLHGHUQ]X%RGHQVLQNHQZROOWHXQGWUXJVLHLQGLH 6WXEH$EHUZLHPLWHLVLJHQ.UDOOHQSDFNWHLKQGDV(QWVHW]HQEHL GHPJUlOLFKHQ$QEOLFN'LHJDQ]H6WXEHYROOHU%OXWIOHFNHDQGHP

%RGHQDQGHQ:lQGHQVHLQMQJVWHU.QDEHPLW]HUVFKQLWWHQHU %UXVWWRWDXIVHLQHP%HWWFKHQ ª:RLVW*HRUJHZRLVW*HRUJH"© VFKULH$QGUHVHQGOLFKDXILQZLOGHU9HU]ZHLIOXQJDEHULQGHP $XJHQEOLFNK|UWHHUZLHGHU.QDEHGLH7UHSSHKHUDEWULSSHOWHXQG QDFKGHP9DWHUULHI =HUEURFKHQH*OlVHU)ODVFKHQ7HOOHUODJHQ XPKHU'HUJURHVFKZHUH7LVFKVRQVWDQGHU:DQGVWHKHQG ZDULQGLH0LWWHGHV=LPPHUVJHUFNWHLQHVRQGHUEDU JHIRUPWH .RKOSIDQQHPHKUHUH3KLROHQXQGHLQH6FKVVHOPLWJHURQQHQHP %OXWVWDQGHQDXIGHPVHOEHQ$QGUHVQDKPVHLQDUPHV.QlEOHLQ DXVGHP%HWWH*LRUJLQDYHUVWDQGLKQVLHKROWH7FKHUKHUEHLLQ GLHVLHGHQ/HLFKQDPZLFNHOWHQXQGLP*DUWHQEHJUXEHQ$QGUHV VFKQLWWHLQNOHLQHV.UHX]DXV(LFKHQKRO]XQGVHW]WHHVDXIGHQ *UDEKJHO.HLQ:RUWNHLQ/DXWHQWIORKGHQ/LSSHQGHU XQJOFNOLFKHQ(OWHUQ,QGXPSIHPGVWHUHP6FKZHLJHQKDWWHQVLH GLH$UEHLWYROOHQGHWXQGVDHQQXQYRUGHP+DXVHLQGHU $EHQGGlPPHUXQJGHQVWDUUHQ%OLFNLQGLH)HUQHJHULFKWHW(UVW GHQDQGHUQ7DJNRQQWH*LRUJLQDGHQ9HUODXIGHVVHQZDVVLFKLQ $QGUHV $EZHVHQKHLW]XJHWUDJHQHU]lKOHQ$PYLHUWHQ7DJH QDFKGHP$QGUHVVHLQ+DXVYHUODVVHQKDWWHGHU.QHFKW]XU 0LWWDJV]HLWZLHGHUDOOHUOHLYHUGlFKWLJH*HVWDOWHQGXUFKGHQ:DOG ZDQNHQJHVHKHQXQG*LRUJLQDGHVKDOEGHV0DQQHV5FNNHKU KHU]OLFKJHZQVFKW0LWWHQLQGHU1DFKWZXUGHVLHGXUFKODXWHV 7REHQXQG6FKUHLHQGLFKWYRUGHP+DXVHDXVGHP6FKODIH JHZHFNWGHU.QHFKWVWU]WHKHUHLQXQGYHUNQGHWHYROOHU 6FKUHFNGDGDVJDQ]H+DXVYRQ5lXEHUQXPULQJWXQGDQHLQH *HJHQZHKUJDUQLFKW]XGHQNHQVHL'LH'RJJHQZWHWHQDEHU EDOGVFKLHQHVDOVZUGHQVLHEHVFKZLFKWLJWXQGPDQULHIODXW ª$QGUHV $QGUHV© 'HU.QHFKWIDWHVLFKHLQ+HU]|IIQHWH HLQ )HQVWHUXQGULHIKHUDEGDGHU5HYLHUMlJHU$QGUHVQLFKW]X +DXVHVHLª1XQHVWXWQLFKWV©DQWZRUWHWHHLQH6WLPPHYRQ XQWHQKHUDXIª|IIQHQXUGLH7UGHQQZLUPVVHQEHLHXFK HLQNHKUHQ$QGUHVZLUGEDOGQDFKIROJHQ©:DVEOLHEGHP.QHFKW EULJDOV GLH7U]X|IIQHQGDVWU|PWHGHUKHOOH+DXIHGHU 5lXEHUKHUHLQXQGEHJUWH*LRUJLQDDOVGLH)UDXLKUHV .DPHUDGHQGHPGHU+DXSWPDQQ)UHLKHLWXQG/HEHQ]XGDQNHQ KDEH6LHYHUODQJWHQGD*LRUJLQDLKQHQHLQWFKWLJHV(VVHQ EHUHLWHQP|JHZHLOVLHQDFKWVHLQVFKZHUHV6WFN$UEHLW YROOEUDFKWGDVDEHUKHUUOLFKJHOXQJHQVHL=LWWHUQGXQGEHEHQG PDFKWH*LRUJLQDLQGHU.FKHHLQJURHV)HXHUDQXQGEHUHLWHWH GDV0DKOZR]XVLH:LOGSUHW:HLQXQGDOOHUOHLDQGHUH

,QJUHGLHQ]LHQYRQHLQHPGHU5lXEHUHPSILQJGHUGHU.FKHQ XQG.HOOHUPHLVWHUGHU%DQGH]XVHLQVFKLHQ'HU.QHFKWPXWH GHQ7LVFKGHFNHQXQGGDV*HVFKLUUKHUEHLEULQJHQ(UQDKPGHQ $XJHQEOLFNZDKUXQGVFKOLFKVLFKIRUW]XVHLQHU)UDXLQGLH.FKH ª$FKZLW,KUZRKO©ILQJHUYROOHU(QWVHW]HQDQªZDVIUHLQH 7DWGLH5lXEHULQGLHVHU1DFKWYHUEWKDEHQ"1DFKODQJHU $EZHVHQKHLWXQGQDFKODQJHU9RUEHUHLWXQJKDEHQVLHYRUHWOLFKHQ 6WXQGHQGDV6FKORGHV+HUUQ*UDIHQYRQ9DFKEHUIDOOHQXQG QDFKWDSIHUHU*HJHQZHKUPHKUHUHVHLQHU/HXWHXQGLKQVHOEVW JHW|WHWGDV6FKORDEHUDQJH]QGHW©*LRUJLQDVFKULH XQDXIK|UOLFKª$FKPHLQ0DQQZHQQPHLQ0DQQQXUDXIGHP 6FKORVVHJHZHVHQZlUH $FKGHUDUPH+HUU© 'LH5lXEHU WREWHQXQGVDQJHQXQWHUGHVVHQLQGHU6WXEHXQGOLHHQVLFKGHQ :HLQZRKOVFKPHFNHQELVLKQHQ GDV0DKODXIJHWUDJHQZXUGH 'HU0RUJHQILQJVFKRQDQ]XGlPPHUQDOVGHUYHUKDWH'HQQHU HUVFKLHQQXQZXUGHQGLH.LVWHQXQG)HOOHLVHQGLHVLHDXILKUHQ 3DFNSIHUGHQPLWJHEUDFKWKDWWHQJH|IIQHW*LRUJLQDK|UWHZLHVLH YLHOHV*HOG]lKOWHQXQGZLHGLH6LOEHUJHVFKLUUHNOLUUWHQHVVFKLHQ DOOHVYHU]HLFKQHW]XZHUGHQ(QGOLFKDOVHVVFKRQ/LFKWHU7DJ JHZRUGHQEUDFKHQGLH5lXEHUDXIQXU'HQQHUEOLHE]XUFN(U QDKPHLQHIUHXQGOLFKHOHXWVHOLJH0LHQHDQXQGVSUDFK]X *LRUJLQDª,KUVHLGZRKOUHFKWHUVFKUHFNWZRUGHQOLHEH)UDX GHQQ(XHU0DQQVFKHLQW(XFKQLFKWJHVDJW]XKDEHQGDHU VFKRQVHLWJHUDXPHU=HLWXQVHU.DPHUDGJHZRUGHQ(VWXWPLULQ GHU7DWOHLGGDHUQLFKW]X+DXVHJHNRPPHQLVWHUPXHLQHQ DQGHUQ:HJHLQJHVFKODJHQXQGXQVYHUIHKOWKDEHQ(UZDUPLW XQVDXIGHP6FKORVVHGHV%|VHZLFKWVGHV*UDIHQYRQ9DFKGHU XQVYRU]ZHL-DKUHQDXIDOOHQXUP|JOLFKH:HLVHYHUIROJWKDWXQG DQGHPLQYRULJHU1DFKWZLU5DFKHQDKPHQ (UILHONlPSIHQG YRQ(XUHV0DQQHV+DQG%HUXKLJW(XFKQXUOLHEH)UDXXQGVDJW GHP$QGUHVGDHUPLFKQXQVREDOGQLFKWZLHGHUVHKHQZUGH GDGLH%DQGHVLFKDXIHLQLJH=HLWWUHQQW+HXWHDEHQGYHUODVVHLFK (XFK ,KUKDEWODXWHUKEVFKH.LQGHUOLHEH)UDX'DVLVWMD ZLHGHUHLQKHUUOLFKHU.QDEH©0LWGLHVHQ:RUWHQQDKPHUGHQ .OHLQHQYRQ*LRUJLQDV$UPXQGZXWHPLWLKPVRIUHXQGOLFK]X VSLHOHQGDGDV.LQGODFKWHXQGMDXFK]WHXQGJHUQEHLLKPEOLHE ELVHUHVZLHGHUGHU0XWWHU]XUFNJDE6FKRQZDUHV$EHQG JHZRUGHQDOV'HQQHU]X*LRUJLQDVDJWHª,KUPHUNWZRKOGD LFKXQHUDFKWHWLFKNHLQ:HLEXQGNHLQH.LQGHUKDEHZHOFKHVPLU PDQFKPDOUHFKWQDKHJHKWGRFKJDU]XJHUQPLWNOHLQHQ.LQGHUQ

VSLHOHXQGWlQGOH*HEWPLUGRFK(XHUQ.OHLQHQDXIGLHZHQLJHQ $XJHQEOLFNHGLHLFKQRFKEHL(XFK]XEULQJH1LFKWZDKU"GHU .OHLQHLVWMHW]WJHUDGHQHXQ:RFKHQDOW©*LRUJLQDEHMDKWHGDV XQGJDEMHGRFKQLFKWRKQHLQQHUHV:LGHUVWUHEHQGHQNOHLQHQ .QDEHQ'HQQHUQKLQGHUVLFKPLWLKPYRUGLH+DXVWUVHW]WHXQG *LRUJLQDEDWLKPQXQGDV$EHQGHVVHQ]XEHUHLWHQZHLOHULQ HLQHU6WXQGHIRUWPWH.DXPZDU*LRUJLQDLQGLH.FKH JHWUHWHQDOVVLHVDKZLH'HQQHUPLWGHP.LQGHDXIGHP$UPLQ GLH6WXEHJLQJ%DOGGDUDXIYHUEUHLWHWHVLFKHLQVHOWVDP ULHFKHQGHU'DPSIGXUFKGDV+DXVGHUDXVGHU6WXEH]XTXLUOHQ VFKLHQ*LRUJLQDZXUGHYRQXQEHVFKUHLEOLFKHU$QJVWHUJULIIHQVLH OLHIVFKQHOOQDFKGHU6WXEHXQGIDQGGLH7UYRQLQQHQYHUULHJHOW (VZDULKUDOVK|UHVLHGDV.LQGOHLVHZLPPHUQª5HWWHUHWWH PHLQ.LQGDXVGHQ.ODXHQGHV%|VHZLFKWV©VRVFKULHVLHHLQH JUlOLFKH7DWDKQHQGGHP.QHFKWHQWJHJHQGHUHEHQLQGDV +DXVWUDW'LHVHUHUJULIIVFKQHOOGLH$[WXQGVSUHQJWHGLH7U 'LFNHUVWLQNHQGHU'DPSIVFKOXJLKQHQHQWJHJHQ0LWHLQHP 6SUXQJHZDU*LRUJLQDLP=LPPHUGHU.QDEHODJQDFNWEHUHLQHU 6FKVVHOLQGLHVHLQ%OXWWU|SIHOWH6LHVDKQXUQRFKZLHGHU .QHFKWPLWGHU$[WDXVKROWHXPGHQ'HQQHU]XWUHIIHQZLH GLHVHUGHP6FKODJHDXVZLFKGHQ.QHFKWXQWHUOLHIXQGPLWLKP UDQJ(VZDULKUDOVK|UHVLHMHW]WPHKUHUH6WLPPHQGLFKWYRU GHQ)HQVWHUQEHZXWORVVDQNVLH]X%RGHQ$OVVLHZLHGHU HUZDFKWHZDUHVILQVWUH1DFKWZRUGHQDEHUJDQ]EHWlXEW YHUPRFKWHVLHQLFKWGLHHUVWDUUWHQ*OLHGHU]XUHJHQ(QGOLFK ZXUGHHV7DJXQGQXQVDKVLHPLW(QWVHW]HQZLHGDV%OXWLP =LPPHUVFKZDPP6WFNHYRQ'HQQHUV.OHLGHUQODJHQEHUDOO XPKHU HLQDXVJHULVVHQHU6FKRSIYRQGHV.QHFKWV+DDUHQ GLH $[WEOXWLJGDQHEHQ GHU.QDEHYRP7LVFKHKHUDEJHVFKOHXGHUW PLW]HUVFKQLWWHQHU%UXVW$XIVQHXHZXUGH*LRUJLQDRKQPlFKWLJ VLHJODXEWH]XVWHUEHQDEHUVLHHUZDFKWHZLHDXVGHP 7RGHVVFKOXPPHUDOVHVVFKRQ0LWWDJJHZRUGHQ6LHUDIIWHVLFK PKVDPDXIVLHULHIODXWGHQ*HRUJDEHUDOVQLHPDQG DQWZRUWHWHJODXEWHVLHDXFK*HRUJVHLHUPRUGHW'LH 9HU]ZHLIOXQJJDELKU.UlIWHVLHIORKDXVGHP=LPPHULQGHQ+RI XQGVFKULHODXWª*HRUJ *HRUJ©'DDQWZRUWHWHHVPLWPDWWHU NOlJOLFKHU6WLPPHYRP%RGHQIHQVWHUKHUDEª0XWWHUDFKOLHEH 0XWWHUELVWGXGHQQGD".RPPKHUDXI]XPLUPLFKKXQJHUW VHKU© 6FKQHOOVSUDQJMHW]W*LRUJLQDKLQDXIXQGIDQGGHQ .OHLQHQGHUYRU$QJVWEHLGHP/lUPLP+DXVHLQGLH

%RGHQNDPPHUJHNURFKHQZDUXQGQLFKWJHZDJWKDWWH KHUDXV]XNRPPHQ0LW(QW]FNHQGUFNWH*LRUJLQDGHQ.OHLQHQDQ GLH%UXVW6LHYHUVFKORGDV+DXVXQGZDUWHWHQXQYRQ6WXQGH]X 6WXQGHLQGHU%RGHQNDPPHUDXI$QGUHVGHQVLHDXFKYHUORUHQ JODXEWH'HU.QDEHKDWWHYRQREHQKHUDEJHVHKHQZLHPHKUHUH 0lQQHULQV+DXVJLQJHQXQGPLW'HQQHUQHLQHQWRWHQ0HQVFKHQ KHUDXVWUXJHQ (QGOLFKEHPHUNWHDXFK*LRUJLQDGDV*HOGXQGGLH VFK|QHQ6DFKHQGLH$QGUHVPLWJHEUDFKWKDWWHª$FKVRLVWHV GRFKZDKU"©VFKULHVLHHQWVHW]WDXIªVRELVWGXGRFK ©$QGUHV OLHVLHQLFKWDXVUHGHQVRQGHUQHU]lKOWHDXVIKUOLFKZHOFKHV *OFNVLHEHWURIIHQXQGZLHHULQ)UDQNIXUWJHZHVHQVHLZRHU VLFKLKUH(UEVFKDIWKDEHDXV]DKOHQODVVHQ'HU1HIIHGHV HUPRUGHWHQ*UDIHQYRQ9DFKZDUQXQ%HVLW]HUGHU*WHUZRUGHQ EHLGLHVHPZROOWHVLFK$QGUHVPHOGHQJHWUHXOLFKDOOHV *HVFKHKHQHHU]lKOHQ'HQQHUV6FKOXSIZLQNHOHQWGHFNHQXQG ELWWHQLKQVHLQHV'LHQVWHV]XHQWODVVHQGHULKPVRYLHO1RWXQG *HIDKUEULQJH*LRUJLQDGXUIWHPLWGHP.QDEHQLP+DXVHQLFKW ]XUFNEOHLEHQ$QGUHVEHVFKORGDKHUVHLQHEHVWHQOHLFKW IRUW]XVFKDIIHQGHQ6DFKHQDXIHLQHQNOHLQHQ/HLWHUZDJHQ]X SDFNHQGDV3IHUGYRU]XVSDQQHQXQGVRPLWVHLQHP:HLEHXQG .LQGHHLQH*HJHQGDXILPPHU]XYHUODVVHQGLHLKPQXUGLH VFKUHFNOLFKVWHQ(ULQQHUXQJHQHUUHJHQXQG EHUGHPQLHPDOV5XKH XQG6LFKHUKHLWJHZlKUHQNRQQWH'HUGULWWH7DJZDU]XU$EUHLVH EHVWLPPWXQGHEHQSDFNWHQVLHHLQHQ.DVWHQDOVHLQVWDUNHV 3IHUGHJHWUDSSHOLPPHUQlKHUXQGQlKHUNDP$QGUHVHUNDQQWH GHQ9DFKVFKHQ)|UVWHUGHUEHLGHP6FKORVVHZRKQWH KLQWHULKP ULWWHLQ.RPPDQGR)XOGDLVFKHU'UDJRQHUª1XQGDILQGHQZLUMD GHQ%|VHZLFKWJHUDGHEHLGHU$UEHLWVHLQHQ5DXELQ6LFKHUKHLW]X EULQJHQ©ULHIGHU.RPPLVVDULXVGHV*HULFKWVGHUPLWJHNRPPHQ $QGUHVHUVWDUUWHYRU6WDXQHQXQG6FKUHFN*LRUJLQDZDUKDOE RKQPlFKWLJ6LHILHOHQEHULKQKHUEDQGHQLKQXQGVHLQ:HLE PLW6WULFNHQXQGZDUIHQVLHDXIGHQ/HLWHUZDJHQGHUVFKRQYRU GHP+DXVHVWDQG*LRUJLQDMDPPHUWHODXWXPGHQ.QDEHQXQG IOHKWHXP*RWWHVZLOOHQGDPDQLKQLKUPLWJHEHQP|JHª'DPLW GXGHLQH%UXWDXFKQRFKLQVK|OOLVFKH9HUGHUEHQEULQJHQNDQQVW"© VSUDFKGHU.RPPLVVDULXVXQGULGHQ.QDEHQPLW*HZDOWDXV *LRUJLQDV$UPHQ6FKRQVROOWHHVIRUWJHKHQGDWUDWGHUDOWH )|UVWHUHLQUDXKHUDEHUELHGHUHU0DQQQRFKHLQPDODQGHQ :DJHQXQGVDJWH ª$QGUHV$QGUHVZLHKDVWGXGLFKGHQQYRQ GHP6DWDQYHUORFNHQODVVHQVROFKH)UHYHOWDWHQ]XEHJHKHQ"

,PPHUZDUVWGXMDVRQVWVRIURPPXQGHKUOLFK© ª$FKOLHEHU +HUU©VFKULH$QGUHVDXILPK|FKVWHQ-DPPHUªVRZDKU*RWWLP +LPPHOOHEWVRZLHLFKGHUHLQVWVHOLJ]XVWHUEHQKRIIHLFKELQ XQVFKXOGLJ,KUKDEWPLFKMDJHNDQQWYRQIUKHU-XJHQGKHUZLH VROOWHLFKGHULFKQLHPDOV8QUHFKWHVJHWDQVROFKHLQ DEVFKHXOLFKHU%|VHZLFKWJHZRUGHQVHLQ" GHQQLFKZHLZRKO GD,KUPLFKIUHLQHQYHUUXFKWHQ5lXEHUXQG7HLOQHKPHUDQGHU )UHYHOWDWKDOWHWGLHDXIGHP6FKORVVHPHLQHVJHOLHEWHQ XQJOFNOLFKHQ+HUUQYHUEWZRUGHQLVW$EHULFKELQXQVFKXOGLJ EHLPHLQHP/HEHQXQGPHLQHU6HOLJNHLW© ª1XQ©VDJWHGHUDOWH )|UVWHUªZHQQGXXQVFKXOGLJELVWVRZLUGGDVDQGHQ7DJ NRPPHQPDJDXFKQRFKVRYLHOZLGHUGLFKVSUHFKHQ'HLQHV .QDEHQXQGGHV%HVLW]WXPVZDVGX]XUFNOlVVHVWZLOOLFKPLFK JHWUHXOLFKDQQHKPHQVRGDZHQQGHLQHXQGGHLQHV:HLEHV 8QVFKXOGHUZLHVHQGXGHQ-XQJHQIULVFKXQGPXQWHUXQGGHLQH 6DFKHQXQYHUVHKUWZLHGHUILQGHQVROOVW©'DV*HOGQDKPGHU .RPPLVVDULXVGHV*HULFKWVLQ%HVFKODJ8QWHUZHJHVIUXJ$QGUHV *LRUJLQHQZRVLHGHQQGDV.lVWFKHQYHUZDKUWKDEHVLHJHVWDQG ZLHHVLKUMHW]WOHLGWXHGDVLHHVGHP'HQQHUEHUOLHIHUWGDHV MHW]WGHU2EULJNHLWKlWWHEHUJHEHQZHUGHQN|QQHQ,Q)XOGD WUHQQWHPDQGHQ$QGUHVYRQVHLQHP:HLEHXQGZDUILKQLQHLQ WLHIHVILQVWUHV*HIlQJQLV1DFKHLQLJHQ7DJHQZXUGHHU]XP 9HUK|UJHIKUW0DQEHVFKXOGLJWHLKQGHU7HLOQDKPHDQGHPLP 9DFKVFKHQ6FKORVVHYHUEWHQ5DXEPRUGHXQGHUPDKQWHLKQGLH :DKUKHLW]XJHVWHKHQGDVFKRQDOOHVZLGHULKQVRJXWDOV DXVJHPLWWHOWVHL$QGUHVHU]lKOWHQXQJHWUHXOLFKDOOHVZDVVLFK PLWLKP]XJHWUDJHQYRQGHPHUVWHQ(LQWULWWGHVDEVFKHXOLFKHQ 'HQQHUVLQVHLQ+DXVELV]XGHP$XJHQEOLFNVHLQHU9HUKDIWXQJ(U NODJWHVLFKVHOEVWYROO5HXHGHVHLQ]LJHQ9HUJHKHQVDQGDHU XP:HLEXQG.LQG]XUHWWHQEHLGHU3OQGHUXQJGHV3DFKWHUV ]XJHJHQZDUXQGGHQ'HQQHUYRQGHU*HIDQJHQQHKPXQJ EHIUHLWHXQGEHWHXHUWHVHLQHJlQ]OLFKH8QVFKXOGUFNVLFKWVGHV OHW]WHQYRQGHU'HQQHUVFKHQ%DQGHYHUEWHQ5DXEPRUGHVGDHU ]XHEHQGHUVHOEHQ=HLWLQ)UDQNIXUWJHZHVHQVHL-HW]W|IIQHWHQ VLFKGLH7UHQGHV*HULFKWVVDDOVXQGGHUDEVFKHXOLFKH'HQQHU ZXUGHKHUHLQJHIKUW$OVHUGHQ$QGUHVHUEOLFNWHODFKWHHUDXI LQ WHXIOLVFKHP+RKQXQGVSUDFKª1XQ.DPHUDGKDVWGXGLFKDXFK HUZLVFKHQODVVHQ"+DWGLUGHLQHV:HLEHV*HEHWGHQQQLFKW KHUDXVJHKROIHQ"©'LH5LFKWHUIRUGHUWHQ'HQQHUQDXIVHLQ %HNHQQWQLVUFNVLFKWVGHV$QGUHV]XZLHGHUKROHQXQGHUVDJWH

DXVGDHEHQGHU9DFKVFKH5HYLHUMlJHU$QGUHVGHUMHW]WYRULKP VWHKHVFKRQVHLWIQI-DKUHQPLWLKPYHUEXQGHQXQGGDV -lJHUKDXVVHLQEHVWHUXQGVLFKHUVWHU6FKOXSIZLQNHOJHZHVHQVHL $QGUHVKDEHLPPHUGHQLKPJHEKUHQGHQ$QWHLOYRP5DXEH HUKDOWHQZLHZRKOHUQXU]ZHLPDOWlWLJEHLGHQ5lXEHUHLHQ PLWJHZLUNW(LQPDOQlPOLFKEHLGHU%HUDXEXQJGHV3DFKWHUVZR HULKQGHQ'HQQHUDXVGHUGULQJHQGVWHQ*HIDKUHUUHWWHWXQG GDQQEHLGHP8QWHUQHKPHQJHJHQGHQ*UDIHQ$OR\VYRQ9DFK GHUHEHQGXUFKHLQHQJOFNOLFKHQ6FKXGHV$QGUHVJHW|WHW ZRUGHQVHL $QGUHVJHULHWLQ:XWDOVHUGLHVHVFKlQGOLFKH/JH K|UWHª:DV"©VFKULHHUªGXYHUUXFKWHUWHXIOLVFKHU%|VHZLFKWGX ZDJVWHVPLFKGHU(UPRUGXQJPHLQHVOLHEHQDUPHQ+HUUQ DQ]XNODJHQGLHGXVHOEVWYHUEW" -DLFKZHLHVQXUGXVHOEVW ELVWVROFKHU7DWIlKLJDEHUGHLQH5DFKHYHUIROJWPLFKZHLOLFK DOOHU*HPHLQVFKDIWPLWGLUHQWVDJWKDEHZHLOLFKGURKWHGLFKDOV HLQHQYHUUXFKWHQ5lXEHUXQG0|UGHUQLHGHU]XVFKLHHQVRZLHGX PHLQH6FKZHOOHEHWUHWHQZUGHVW'DUXPKDVWGXPLWGHLQHU %DQGHPHLQ+DXVEHUIDOOHQDOVLFKDEZHVHQGZDUGDUXPKDVW GXPHLQDUPHVXQVFKXOGLJHV.LQGXQGPHLQHQEUDYHQ.QHFKW HUPRUGHW $EHUGXZLUVWGHUVFKUHFNOLFKHQ6WUDIHGHVJHUHFKWHQ *RWWHVQLFKWHQWJHKHQVROOWHLFKDXFKGHLQHU%RVKHLW XQWHUOLHJHQ© 1XQZLHGHUKROWH$QGUHVVHLQYRULJHV%HNHQQWQLV XQWHUGHQKHLOLJVWHQ%HWHXUXQJHQGHU:DKUKHLWDEHU'HQQHU ODFKWHK|KQLVFKXQGPHLQWHZDUXPHUGHQQDXVDOO]XJURHU )XUFKWYRUGHP7RGHQRFKHUVWGDV*HULFKW]XEHOJHQVLFK XQWHUIDQJHXQGGDHVVLFKVFKOHFKWPLWGHU)U|PPLJNHLWYRQ GHUHUVRYLHO$XIKHEHQVPDFKHYHUHLQEDUHGDHU*RWWXQGGLH +HLOLJHQ]XU%HNUlIWLJXQJVHLQHUIDOVFKHQ$XVVDJHQDQUXIH'LH 5LFKWHUZXWHQLQGHU7DWQLFKWZDVVLHYRQGHP$QGUHVGHVVHQ 0LHQHXQG6SUDFKHGLH:DKUKHLWVHLQHU$XVVDJH]XEHVWlWLJHQ VFKLHQVRZLHYRQ'HQQHUVNDOWHU)HVWLJNHLWGHQNHQVROOWHQ 1XQ ZXUGH*LRUJLQDYRUJHIKUWGLHLQQDPHQORVHP-DPPHUODXW ZHLQHQGDXIGHQ0DQQ]XVWU]WH6LHZXWHQXU 8Q]XVDPPHQKlQJHQGHV]XHU]lKOHQXQGXQHUDFKWHWVLHGHQ 'HQQHUGHVHQWVHW]OLFKHQ0RUGHVLKUHV.QDEHQDQNODJWHVFKLHQ 'HQQHUGRFKNHLQHVZHJVHQWUVWHWVRQGHUQEHKDXSWHWHZLHHU VFKRQIUKHUJHWDQGD*LRUJLQDQLHHWZDVYRQGHQ 8QWHUQHKPXQJHQLKUHV0DQQHVJHZXWKDEHVRQGHUQJDQ] XQVFKXOGLJVHL$QGUHVZXUGHLQVHLQ*HIlQJQLV]XUFNJHIKUW

(LQLJH7DJHQDFKKHUVDJWHLKPGHU]LHPOLFKJXWPWLJH *HIDQJHQZlUWHUGDVHLQ:HLEGDVRZRKO'HQQHUDOVGLH EULJHQ5lXEHUIRUWZlKUHQGLKUH8QVFKXOGEHKDXSWHWVRQVWDXFK QLFKWVZLGHUVLHDXVJHPLWWHOWZRUGHQGHU+DIWHQWODVVHQ VHL'HU MXQJH*UDIYRQ9DFKHLQHGHOPWLJHU+HUUGHUVRJDUDQVHLQHU GHV$QGUHV6FKXOG]X]ZHLIHOQVFKHLQHQKDEH.DXWLRQJHVWHOOW XQGGHUDOWH)|UVWHU*LRUJLQHQLQHLQHPVFK|QHQ:DJHQDEJHKROW 9HUJHEHQVKDEH*LRUJLQDJHEHWHQLKUHQ0DQQVHKHQ]XGUIHQ GDVVHLLKUYRP*HULFKWJlQ]OLFKDEJHVFKODJHQZRUGHQ'HQ DUPHQ$QGUHVWU|VWHWHGLHVH1DFKULFKWQLFKWZHQLJGDPHKUDOV VHLQ8QJOFNLKPVHLQHV:HLEHVHOHQGHU=XVWDQGLP*HIlQJQLV]X +HU]HQJLQJ6HLQ3UR]HYHUVFKOLPPHUWHVLFKLQGHVVHQYRQ7DJH ]X 7DJH(VZDUHUZLHVHQGDHEHQZLH'HQQHUHVDQJHJHEHQ VHLWIQI-DKUHQ$QGUHVLQHLQHQJHZLVVHQ:RKOVWDQGJHULHW GHVVHQ4XHOOHQXUGLH7HLOQDKPHDQGHQ5lXEHUHLHQVHLQNRQQWH )HUQHUJHVWDQG$QGUHVVHOEVWVHLQH$EZHVHQKHLWYRQ+DXVH ZlKUHQGGHUDXIGHP9DFKVFKHQ6FKORVVHYHUEWHQ7DWXQG VHLQH$QJDEHZHJHQVHLQHU(UEVFKDIWXQGVHLQHV$XIHQWKDOWVLQ )UDQNIXUWEOLHEYHUGlFKWLJZHLOHUGHQ1DPHQGHV.DXIPDQQV YRQGHPHUGDV*HOGDXVJH]DKOWHUKDOWHQKDEHQZROOWHGXUFKDXV QLFKWDQ]XJHEHQZXWH'HU%DQNLHUGHV*UDIHQYRQ9DFKVRZLH GHU+DXVZLUWLQ)UDQNIXUWEHLGHP$QGUHVHLQJHNHKUWZDU YHUVLFKHUWHQHLQVWLPPLJZLHVLHVLFKGHVEHVFKULHEHQHQ 5HYLHUMlJHUVJDUQLFKWHULQQHUQN|QQWHQGHU*HULFKWVKDOWHUGHV *UDIHQYRQ9DFKGHUGDV=HUWLILNDWIUGHQ$QGUHVDXVJHIHUWLJW KDWWHZDUJHVWRUEHQXQGQLHPDQGYRQGHQ9DFKVFKHQ'LHQHUQ ZXWHHWZDVYRQGHU(UEVFKDIWGDGHU*UDIQLFKWVGDYRQ JHlXHUW$QGUHVDEHUDXFKGDYRQJHVFKZLHJHQZHLOHUDXV )UDQNIXUW]XUFNNHKUHQGVHLQ:HLEPLWGHP*HOGHEHUUDVFKHQ ZROOWH6REOLHEDOOHVZDV$QGUHVYRUEUDFKWHXPQDFK]XZHLVHQ GDHU]XU=HLWGHV5DXEHVLQ)UDQNIXUWJHZHVHQXQGGDV*HOG HKUOLFKHUZRUEHQVHLXQDXVJHPLWWHOW'HQQHUEOLHEGDJHJHQEHL VHLQHUIUKHUQ%HKDXSWXQJXQGLKPVWLPPWHQVlPWOLFKH5lXEHU GLHHLQJHIDQJHQZRUGHQLQDOOHPEHL$OOHVGLHVHVKlWWHDEHUGLH 5LFKWHUQRFKQLFKWVRYRQGHU6FKXOGGHVXQJOFNOLFKHQ$QGUHV EHU]HXJWDOVGLH$XVVDJHYRQ]ZHL9DFKVFKHQ-lJHUQGLHEHL GHP6FKHLQGHU)ODPPHQJDQ]JHQDXGHQ$QGUHVHUNDQQWXQG JHVHKHQKDEHQZROOWHQZLHYRQLKPGHU*UDIQLHGHUJHVWUHFNW ZXUGH1XQZDU$QGUHVLQGHQ$XJHQGHV*HULFKWVHLQYHUVWRFNWHU KHXFKOHULVFKHU%|VHZLFKWXQGJHVWW]WDXIGDV5HVXOWDWDOOHUMHQHU

$XVVDJHQXQG%HZHLVHZXUGHLKPGLH7RUWXU]XHUNDQQWXP VHLQHQVWDUUHQ6LQQ]XEHXJHQXQGLKQ]XP*HVWlQGQLV]X EULQJHQ6FKRQEHUHLQ-DKUVFKPDFKWHWH$QGUHVLP.HUNHUGHU *UDPKDWWHVHLQH.UlIWHDXIJH]HKUWXQGVHLQVRQVWUREXVWHU VWDUNHU.|USHUZDUVFKZDFKXQGRKQPlFKWLJJHZRUGHQ'HU VFKUHFNOLFKH7DJDQGHPGLH3HLQLKPGDV*HVWlQGQLVHLQHU7DW ZHOFKHHUQLHPDOVEHJDQJHQDEGULQJHQVROOWHNDPKHUDQ0DQ IKUWHLKQLQGLH)ROWHUNDPPHUZRGLHHQWVHW]OLFKHQPLW VLQQUHLFKHU*UDXVDPNHLWHUIXQGHQHQ,QVWUXPHQWHODJHQXQGGLH +HQNHUVNQHFKWHVLFKEHUHLWHWHQGHQ8QJOFNOLFKHQ]XPDUWHUQ 1RFKPDOVZXUGH$QGUHVHUPDKQWGLH7DWGHUHQHUVRGULQJHQG YHUGlFKWLJMDGHUHQHUGXUFKGDV=HXJQLVMHQHU-lJHUEHUIKUW ZRUGHQ]XJHVWHKHQ(UEHWHXHUWHZLHGHUXPVHLQH8QVFKXOGXQG ZLHGHUKROWHDOOH8PVWlQGHVHLQHU%HNDQQWVFKDIWPLW'HQQHUQLQ GHQVHOEHQ:RUWHQZLHHUHVLPHUVWHQ9HUK|UJHWDQ'DHUJULIIHQ LKQGLH.QHFKWHEDQGHQLKQPLW6WULFNHQXQGPDUWHUWHQLKQ LQGHPVLHVHLQH*OLHGHUDXVUHQNWHQXQG6WDFKHOQHLQERKUWHQLQ GDVJHGHKQWH)OHLVFK$QGUHVYHUPRFKWHQLFKWGLH4XDO]X HUWUDJHQYRP6FKPHU]JHZDOWVDP]HUULVVHQGHQ7RG ZQVFKHQGJHVWDQGHUDOOHVZDVPDQZROOWHXQGZXUGH RKQPlFKWLJLQGHQ.HUNHU]XUFNJHVFKOHSSW0DQVWlUNWHLKQZLH HVQDFKHUOLWWHQHU7RUWXUJHZ|KQOLFKPLW:HLQXQGHUILHOLQHLQHQ ]ZLVFKHQ:DFKHQXQG6FKODIHQKLQEUWHQGHQ=XVWDQG'DZDUHV LKPDOVO|VWHQVLFKGLH6WHLQHDXVGHU0DXHUXQGDOVILHOHQVLH NUDFKHQGKHUDEDXIGHQ%RGHQGHV.HUNHUV(LQEOXWURWHU 6FKLPPHUGUDQJGXUFKXQGLQLKPWUDWHLQH*HVWDOWKLQHLQGLH XQHUDFKWHWVLH'HQQHUV=JHKDWWHLKPGRFKQLFKW'HQQHU]X VHLQVFKLHQ*OKHQGHUIXQNHOWHQGLH$XJHQVFKZlU]HUVWDUUWH GDVVWUXSSLJH+DDUDXIGHU6WLUQHPSRUXQGWLHIHUVHQNWHQVLFK GLHILQVWHUQ$XJHQEUDXHQLQGLHGLFNH0XVNHOKHUDEGLHEHUGHU NUXPPJHERJHQHQ+DELFKWVQDVHODJ$XIJUlOLFKVHOWVDPH:HLVH ZDUGDV*HVLFKWYHUVFKUXPSIWXQGYHU]HUUWXQGGLH.OHLGXQJ IUHPGXQGDEHQWHXHUOLFKZLHHU'HQQHUQQLHPDOVJHVHKHQ(LQ IHXHUURWHUPLW*ROGVWDUNYHUEUlPWHUZHLWHU0DQWHOKLQJLQ EDXVFKLFKWHQ)DOWHQGHU*HVWDOWEHUGLH6FKXOWHUQHLQEUHLWHU QLHGHUJHNUHPSWHUVSDQLVFKHU+XWPLWKHUDEKlQJHQGHUURWHU)HGHU VDVFKLHIDXIGHP.RSIHHLQODQJHU6WRGHJHQKLQJDQGHU 6HLWHXQGXQWHUGHPOLQNHQ$UPWUXJGLH*HVWDOWHLQNOHLQHV .LVWFKHQ6RVFKULWWGHUJHVSHQVWLVFKH8QKROGDXI$QGUHV]XLQ KRKOHPGXPSIHQ7RQHVSUHFKHQGª1XQ.DPHUDGZLHKDWGLUGLH

)ROWHUJHVFKPHFNW"'XKDVWGDVDOOHVEORGHLQHP(LJHQVLQQ]X YHUGDQNHQKlWWHVWGXGLFKDOV]XU%DQGHJHK|ULJEHNDQQWVR ZlUVWGXQXQVFKRQJHUHWWHW9HUVSULFKVWGXDEHUGLFKPLUXQG PHLQHU/HLWXQJJDQ]]XHUJHEHQXQGJHZLQQVWGXHVEHUGLFK YRQGLHVHQ7URSIHQ]XWULQNHQGLHDXVGHLQHV.LQGHV+HU]EOXW JHNRFKWVLQGVRELVWGXDXJHQEOLFNOLFKDOOHU4XDOHQWOHGLJW'X IKOVWGLFKJHVXQGXQGNUlIWLJXQGIUGHLQHZHLWHUH5HWWXQJZLOO LFKGDQQVRUJHQ© $QGUHVNRQQWHYRU6FKUHFN$QJVWXQG (UPDWWXQJQLFKWVSUHFKHQHUVDKZLHVHLQHV.LQGHV%OXWLQGHU 3KLROHGLHLKPGLH*HVWDOWKLQKLHOWLQURWHQ)OlPPFKHQVSLHOWH LQEUQVWLJEHWHWHHU]X*RWWXQGGHQ+HLOLJHQGDVLHLKQUHWWHQ P|FKWHQDXVGHQ.ODXHQ GHV6DWDQVGHULKQYHUIROJHXQGXPGLH HZLJH6HOLJNHLWEULQJHQZROOHGLHHU]XHUODQJHQKRIIHVROOWHHU DXFKHLQHVVFKLPSIOLFKHQ7RGHVVWHUEHQ1XQODFKWHGLH*HVWDOW GDHVLP.HUNHUZLGHUJHOOWHXQGYHUVFKZDQGLPGLFNHQ'DPSI $QGUHVHUZDFKWHHQGOLFKDXVGXPSIHU%HWlXEXQJHUYHUPRFKWH VLFKDXI]XULFKWHQYRP/DJHUDEHUZLHZDUGLKPDOVHUVDKGD GDV6WURKZDVXQWHUVHLQHP+DXSWHJHOHJHQVLFKVWlUNHUXQG VWlUNHU]XUKUHQEHJDQQXQGHQGOLFKZHJJHVFKREHQZXUGH(U JHZDKUWHGDHLQ6WHLQDXVGHP)XERGHQYRQXQWHQ KHUDXVJHGUlQJWZRUGHQXQGK|UWHPHKUPDOVVHLQHQ1DPHQOHLVH UXIHQ(UHUNDQQWH'HQQHUV6WLPPHXQGVSUDFKª:DVZLOOVWGX YRQPLU"/DPLFKUXKHQLFKKDEHPLWGLUQLFKWV]XVFKDIIHQ© ª$QGUHV©VSUDFK'HQQHUªLFKELQGXUFKPHKUHUH*HZ|OEH JHGUXQJHQXPGLFK]XUHWWHQGHQQZHQQGXDXIGHQ5LFKWSODW] NRPPVWYRQGHPLFKHUUHWWHWZXUGHELVWGXYHUORUHQ%ORXP GHLQHV:HLEHVZLOOHQGLHPLUPHKUDQJHK|UWDOVGXZRKOGHQNHQ PDJVWKHOIHLFKGLU'XELVWHLQPXWORVHU)HLJOLQJ:DVKDWGLU QXQGHLQHUElUPOLFKHV/HXJQHQJHIUXFKWHW"%ORGDGXYRP 9DFKVFKHQ6FKORQLFKW]XUHFKWHU=HLWQDFK+DXVH ]XUFNNHKUWHVWXQGLFKPLFK]XODQJHEHLGHLQHP:HLEHDXIKLHOW LVWVFKXOGGDPDQPLFKDXIILQJ'DQLPPGLH)HLOHXQGGLH 6lJHEHIUHLHGLFKLQ NQIWLJHU1DFKWYRQGHQ.HWWHQXQG GXUFKVDJHGDV6FKORGHU.HUNHUWUHVFKOHLFKHGXUFKGHQ*DQJ 'LHlXHUH7UOLQNHU+DQGZLUGRIIHQVWHKQXQGGUDXHQZLUVW GXHLQHQYRQXQVILQGHQGHUGLFKZHLWHUJHOHLWHW+DOWHGLFKJXW© $QGUHVQDKPGLH6lJHXQGGLH)HLOHGLHLKP'HQQHUKLQHLQUHLFKWH XQGKREGDQQGHQ6WHLQZLHGHULQGLHgIIQXQJ(UZDU HQWVFKORVVHQGDV ]XWXQZR]XLKQGLHLQQHUH6WLPPHGHV *HZLVVHQVDXIIRUGHUWH $OVHV7DJJHZRUGHQXQGGHU

*HIDQJHQZlUWHUKLQHLQWUDWGDVDJWHHUZLHHUVHKQOLFKZQVFKH YRUGHQ5LFKWHUJHIKUW]XZHUGHQLQGHPHU:LFKWLJHV]X HQWGHFNHQKDEH1RFKDQGHPVHOEHQ9RUPLWWDJHZXUGHVHLQ 9HUODQJHQHUIOOWZHLOPDQQLFKWDQGHUVJODXEWHDOVGD$QGUHV QHXHELVKHUQRFKXQEHNDQQWJHEOLHEHQH)UHYHOWDWHQGHU%DQGH JHVWHKHQZHUGH$QGUHVEHUUHLFKWHGHQ5LFKWHUQGLHYRQ 'HQQHUQHUKDOWHQHQ,QVWUXPHQWHXQGHU]lKOWHGHQ9RUJDQJGHU 1DFKWª8QHUDFKWHWLFKJHZLXQGZDKUKDIWLJXQVFKXOGLJOHLGHVR VROOPLFKGRFK*RWWEHKWHQGDLFKGDUQDFKWUDFKWHQVROOWH PHLQH)UHLKHLWDXI XQHUODXEWH:HLVH]XHUODQJHQGHQQGDVZUGH PLFKMDGHPYHUUXFKWHQ'HQQHUGHUPLFKLQ6FKDQGHXQG7RG JHVWU]WKDWLQGLH+lQGHOLHIHUQXQGLFKGDQQHUVWGXUFKPHLQ VQGOLFKHVIUHYHOLFKHV8QWHUQHKPHQGLH6WUDIHYHUGLHQHQGLHLFK MHW]WXQVFKXOGLJOHLGHQZHUGH©6REHVFKOR$QGUHVVHLQHQ 9RUWUDJ'LH5LFKWHUVFKLHQHQHUVWDXQWXQGYRQ0LWOHLGIUGHQ 8QJOFNOLFKHQGXUFKGUXQJHQZLHZRKOVLHGXUFKGLHPDQQLJIDFKHQ 7DWVDFKHQGLHZLGHULKQVSUDFKHQ]XVHKUYRQVHLQHU6FKXOG EHU]HXJWZDUHQXPVHLQMHW]LJHV %HQHKPHQQLFKWDXFKIU ]ZHLIHOKDIW]XKDOWHQ'LH$XIULFKWLJNHLWGHV$QGUHVXQGYRU]JOLFK GHU8PVWDQGGDQDFKMHQHU$Q]HLJHGHUYRQ'HQQHU EHDEVLFKWLJWHQ)OXFKWLQGHU6WDGWXQG]ZDULQGHUQlFKVWHQ 8PJHEXQJGHV*HIlQJQLVVHVZLUNOLFKQRFKHLQLJHYRQGHU%DQGH HUWDSSWXQGDXIJHJULIIHQZXUGHQKDWWHMHGRFKGHQZRKOWlWLJHQ (LQIOXDXILKQGDHUDXVGHPXQWHULUGLVFKHQ.HUNHULQGHQHU JHVSHUUWJHZHVHQKHUDXVJHQRPPHQZXUGHXQGHLQHOLFKWH *HIlQJQLVVWXEHQHEHQGHU:RKQXQJGHV*HIDQJHQZlUWHUVHUKLHOW 'DEUDFKWHHUVHLQH=HLWPLW*HGDQNHQDQVHLQWUHXHV:HLEDQ VHLQHQ.QDEHQXQGPLWJRWWVHOLJHQ%HWUDFKWXQJHQKLQXQGEDOG IKOWHHUVLFKHUPXWLJWGDV/HEHQDXFKDXIVFKPHU]OLFKH:HLVH ZLHHLQH%UGHDE]XZHUIHQ1LFKWJHQXJNRQQWHVLFKGHU *HIDQJHQZlUWHUEHUGHQIURPPHQ9HUEUHFKHUZXQGHUQXQGHU PXWHQRWJHGUXQJHQEHLQDKHDQVHLQH8QVFKXOGJODXEHQ (QGOLFKQDFKGHPEHLQDKHQRFKHLQ-DKUYHUIORVVHQZDUGHU VFKZLHULJHYHUZLFNHOWH3UR]HZLGHU'HQQHUXQGVHLQH 0LWVFKXOGLJHQJHVFKORVVHQ(VKDWWHVLFKJHIXQGHQGDGLH%DQGH ELVDQGLH*UHQ]HYRQ,WDOLHQDXVJHEUHLWHWZDUXQGVFKRQVHLW JHUDXPHU=HLWEHUDOOUDXEWHXQGPRUGHWH'HQQHUVROOWH JHKlQJWXQGGDQQVHLQ.|USHUYHUEUDQQWZHUGHQ$XFKGHP XQJOFNOLFKHQ$QGUHVZDUGHU6WUDQJ]XHUNDQQWVHLQHU5HXH

KDOEHUXQGGDHUGXUFKGDV%HNHQQWQLVGHULKPYRQ'HQQHU JHUDWHQHQ)OXFKWGLH(QWGHFNXQJGHV$QVFKODJVGHU%DQGH GXUFK]XEUHFKHQYHUDQODWKDWWHGXUIWHMHGRFKVHLQ.|USHU KHUDEJHQRPPHQXQGDXIGHU*HULFKWVVWlWWHYHUVFKDUUWZHUGHQ 'HU0RUJHQDQGHP'HQQHUXQG$QGUHVKLQJHULFKWHWZHUGHQ VROOWHQZDUDQJHEURFKHQGDJLQJGLH7UGHV*HIlQJQLVVHVDXI XQGGHUMXQJH*UDIYRQ9DFKWUDWKLQHLQ]XP$QGUHVGHUDXIGHQ .QLHQODJXQGVWLOOEHWHWHª$QGUHV©VSUDFKGHU*UDIªGXPXW VWHUEHQ(UOHLFKWHUHGHLQ*HZLVVHQQRFKGXUFKHLQRIIQHV *HVWlQGQLV6DJHPLUKDVWGXGHLQHQ+HUUQJHW|WHW"%LVWGX ZLUNOLFKGHU0|UGHUPHLQHV2KHLPV"© 'DVWU]WHQGHP$QGUHV GLH7UlQHQDXVGHQ$XJHQXQGHUZLHGHUKROWHQRFKPDOVDOOHV ZDVHUYRU*HULFKWDXVJHVDJWHKHLKPGLHXQOHLGOLFKH4XDOGHU 7RUWXUHLQH/JHDXVSUHWH(UULHI*RWWXQGGLH+HLOLJHQDQGLH :DKUKHLWVHLQHU$XVVDJHXQGVHLQHJlQ]OLFKH8QVFKXOGDQGHP 7RGHGHVJHOLHEWHQ+HUUQ]XEHNUlIWLJHQ ª6RLVWKLHU©IXKUGHU*UDIYRQ9DFKIRUWªHLQXQHUNOlUOLFKHV *HKHLPQLVLP6SLHOH,FKVHOEVW$QGUHVZDUYRQGHLQHU8QVFKXOG EHU]HXJWXQHUDFKWHWYLHOHVZLGHUGLFKVSUDFKGHQQLFKZXWH MDGDGXYRQ-XJHQGDXIGHUWUHXVWH'LHQHUPHLQHV2KHLPV JHZHVHQELVWXQGLKQVHOEVWHLQPDOLQ1HDSHOPLW*HIDKUGHLQHV /HEHQVDXV 5lXEHUKlQGHQJHUHWWHWKDVW$OOHLQQXUQRFKJHVWHUQ KDEHQPLUGLHEHLGHQDOWHQ-lJHUPHLQHV2KHLPV)UDQ]XQG 1LNRODXVJHVFKZRUHQGDVLHGLFKOHLEKDIWLJXQWHUGHQ5lXEHUQ JHVHKHQXQGJHQDXEHPHUNWKlWWHQZLHGXVHOEVWPHLQHQ2KHLP QLHGHUVWUHFNWHVW©$QGUHVZXUGHYRQGHQSHLQOLFKVWHQ VFKUHFNOLFKVWHQ*HIKOHQGXUFKERKUWHVZDULKPDOVZHQQGHU 6DWDQVHOEVWVHLQH*HVWDOWDQJHQRPPHQKDEHXPLKQ]X YHUGHUEHQGHQQDXFK'HQQHUKDWWHMDVRJDULP.HUNHUGDYRQ JHVSURFKHQGDHUGHQ$QGUHVZLUNOLFKJHVHKHQXQGVRVFKLHQ VHOEVWGLHIDOVFKH%HVFKXOGLJXQJYRU*HULFKWDXILQQHUHUZDKUHU hEHU]HXJXQJ]XEHUXKHQ$QGUHVVDJWHGLHVDOOHVXQYHUKRKOHQ LQGHPHUKLQ]XVHW]WHGDHUVLFKGHU6FKLFNXQJGHV+LPPHOV HUJHEHQDFKZHOFKHUHUGHQVFKPlKOLFKHQ7RGHLQHV9HUEUHFKHUV VWHUEHQVROOHGDDEHUVHLHVDXFKODQJH=HLWQDFKKHUVHLQH 8QVFKXOGJHZLDQGHQ7DJNRPPHQZHUGH'HU*UDIYRQ9DFK VFKLHQWLHIHUVFKWWHUWHUNRQQWHNDXPQRFKGHP$QGUHVVDJHQ GDQDFKVHLQHP:XQVFKHGHU7DJGHU+LQULFKWXQJVHLQHP XQJOFNOLFKHQ:HLEHYHUVFKZLHJHQJHEOLHEHQVHLXQGGDVLHVLFK

QHEVWGHP.QDEHQEHLGHPDOWHQ)|UVWHUDXIKDOWH'LH 5DWKDXVJORFNHHUNODQJGXPSIXQGVFKDXHUOLFKLQDEJHPHVVHQHQ 3XOVHQ$QGUHVZXUGHDQJHNOHLGHWXQGGHU=XJJLQJPLWGHQ JHZ|KQOLFKHQ)HLHUOLFKNHLWHQXQWHUGHP=XVWU|PHQXQ]lKOLJHQ 9RONVQDFKGHU5LFKWVWlWWH$QGUHVEHWHWHODXWXQGUKUWHGXUFK VHLQIURPPHV%HWUDJHQDOOHGLHLKQVDKHQ'HQQHUKDWWHGLH 0LHQHGHVWURW]LJHQYHUVWRFNWHQ%|VHZLFKWV(UVFKDXWHPXQWHU XQGNUlIWLJXPVLFKXQGODFKWHRIWGHQDUPHQ$QGUHVWFNLVFK XQGVFKDGHQIURKDQ$QGUHVVROOWH]XHUVWKLQJHULFKWHWZHUGHQHU EHVWLHJJHIDWPLWGHP+HQNHUGLH/HLWHUGDNUHLVFKWHHLQ:HLE DXIXQGVDQNRKQPlFKWLJHLQHPDOWHQ0DQQLQGLH$UPH$QGUHV EOLFNWHKLQHVZDU*LRUJLQDODXWHUIOHKWHHUYRP+LPPHO)DVVXQJ XQG6WlUNHª'RUWGRUWVHKHLFKGLFKZLHGHUPHLQDUPHV XQJOFNOLFKHV:HLELFKVWHUEHXQVFKXOGLJ©ULHIHULQGHPHUGHQ %OLFNVHKQVXFKWVYROO]XP+LPPHOHUKRE'HU5LFKWHUULHIGHP +HQNHU]XHUP|JHVLFKI|UGHUQGHQQHVHQWVWDQGHLQ0XUUHQ XQWHUGHP9RONHXQGHVIORJHQ6WHLQHQDFK'HQQHUQGHU HEHQIDOOVVFKRQGLH/HLWHUEHVWLHJHQKDWWHXQGGLH=XVFKDXHU YHUK|KQWHRELKUHV0LWOHLGVPLWGHPIURPPHQ$QGUHV'HU+HQNHU OHJWHGHP$QGUHVGHQ6WULFNXPGHQ+DOVGDVFKROOHVDXVGHU )HUQHKHUª+DOW KDOW XP&KULVWXVZLOOHQKDOW 'HU0DQQLVW XQVFKXOGLJ LKUULFKWHWHLQHQ8QVFKXOGLJHQKLQ© ª+DOW KDOW© VFKULHHQWDXVHQG6WLPPHQXQGNDXPYHUPRFKWHGLH:DFKH]X VWHXHUQGHP9RONGDVKLQ]XGUDQJXQGGHQ$QGUHVYRQGHU/HLWHU KHUDEUHLHQZROOWH1l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ª'LH+LQULFKWXQJGHV$QGUHVNDQQ NHLQHVZHJVJHVFKHKHQGHQQGLHVHUK|FKVWZLFKWLJH8PVWDQG EHZHLVHWZHQQHUDXVJHPLWWHOWZLUGGLHY|OOLJH8QVFKXOGGHV $QJHNODJWHQ0DQIKUHLKQVRJOHLFKQDFKGHP*HIlQJQLVVH ]XUFN©'HQQHUKDWWHDOOHVYRQGHU/HLWHUKHUDEUXKLJ DQJHVHKHQDOVDEHUGHU5LFKWHUGLHVH:RUWHJHVSURFKHQGD

UROOWHQVHLQHJOKHQGHQ$XJHQHUNQLUVFKWHPLWGHQ=lKQHQHU KHXOWHLQZLOGHU9HU]ZHLIOXQJGDHVJUlOLFKZLHGHUQDPHQORVH -DPPHUGHVZWHQGHQ:DKQVLQQVGXUFKGLH/IWHKDOOWHª6DWDQ 6DWDQGXKDVWPLFKEHWURJHQ ZHKPLUZHKPLUHVLVWDXV DXV DOOHVYHUORUHQ©0DQEUDFKWHLKQYRQGHU/HLWHUKHUDEHUILHO ]X%RGHQXQGU|FKHOWHGXPSIª,FKZLOODOOHVEHNHQQHQ LFKZLOO DOOHVEHNHQQHQ©$XFKVHLQH +LQULFKWXQJZXUGHYHUVFKREHQXQG HULQV*HIlQJQLV]XUFNJHIKUWZRLKPMHGHV(QWVSULQJHQ XQP|JOLFKJHPDFKWZRUGHQ'HU+DVHLQHU:lFKWHUZDUGLH EHVWH6FKXW]ZHKUJHJHQGLH6FKODXKHLWVHLQHU9HUEQGHWHQ :HQLJH$XJHQEOLFNHQDFKKHUDOV$QGUHVEHLGHP *HIDQJHQHQZlUWHUDQJHNRPPHQODJ*LRUJLQDLQVHLQHQ$UPHQ ª$FK$QGUHV$QGUHV©ULHIVLHªQXQKDEHLFKGLFKJDQ]ZLHGHU GDLFKZHLGDGXXQVFKXOGLJELVWGHQQDXFKLFKKDEHDQGHLQHU 5HGOLFKNHLWDQGHLQHU)U|PPLJNHLWJH]ZHLIHOW© 8QHUDFKWHWPDQ *LRUJLQHQGHQ7DJGHU+LQULFKWXQJYHUVFKZLHJHQZDUVLHGRFK YRQXQEHVFKUHLEOLFKHU$QJVWYRQVHOWVDPHU$KQXQJJHWULHEHQ QDFK)XOGDJHHLOWXQGJHUDGHDXIGLH5LFKWVWlWWHJHNRPPHQDOV LKU0DQQGLHYHUKlQJQLVYROOH/HLWHUEHVWLHJGLHLKQ]XP7RGH IKUHQVROOWH'HU.DXIPDQQZDUGLHJDQ]HODQJH=HLWGHU 8QWHUVXFKXQJEHUDXI5HLVHQLQ)UDQNUHLFKXQG,WDOLHQJHZHVHQ XQGMHW]WEHU:LHQXQG3UDJ]XUFNJHNHKUW'HU=XIDOORGHU YLHOPHKUHLQHEHVRQGHUH6FKLFNXQJGHV+LPPHOVZROOWHGDHU JHUDGHLQGHPHQWVFKHLGHQGVWHQ$XJHQEOLFNDXIGHP5LFKWSODW]H DQNDPXQGGHQDUPHQ$QGUHVYRQGHPVFKPlKOLFKHQ7RGHGHV 9HUEUHFKHUVUHWWHWH,P*DVWKRIHHUIXKUHUGLHJDQ]H*HVFKLFKWH GHV$QGUHVXQGHVILHOLKPJOHLFKVFKZHUDXIV+HU]GD$QGUHV ZRKOGHUVHOEH5HYLHUMlJHUVHLQN|QQHGHUYRU]ZHL-DKUHQHLQH (UEVFKDIWGLHVHLQHP:HLEHYRQ1HDSHODXV]XJHIDOOHQHUKRE 6FKQHOOHLOWHHUIRUWXQGEHU]HXJWHVLFKDOVHUQXU$QGUHVVDK VRJOHLFKYRQGHU:DKUKHLWVHLQHU9HUPXWXQJ'XUFKGLHHLIULJHQ %HPKXQJHQGHVZDFNHUQ.DXIPDQQVXQGGHVMXQJHQ*UDIHQYRQ 9DFKZXUGH$QGUHV $XIHQWKDOWLQ)UDQNIXUWELVDXIGLH6WXQGH DXVJHPLWWHOWGDGXUFKDEHUVHLQHY|OOLJH8QVFKXOGDQGHP 5DXEPRUGHGDUJHWDQ'HQQHUVHOEVWJHVWDQGQXQGLH5LFKWLJNHLW GHU$QJDEHGHV$QGUHVEHUGDV9HUKlOWQLVPLWLKPXQGPHLQWH QXUGHU6DWDQPVVHLKQJHEOHQGHWKDEHQGHQQLQGHU7DWKlWWH HUJHJODXEW$QGUHVIHFKWHDXIGHP9DFKVFKHQ6FKORDQVHLQHU 6HLWH)UGLHHU]ZXQJHQH7HLOQDKPHDQGHU$XVSOQGHUXQJGHV 3DFKWHUKRIHVVRZLHIUGLHJHVHW]ZLGULJH5HWWXQJ'HQQHUVKDWWH

QDFKGHP$XVVSUXFKGHU5LFKWHU$QGUHVJHQXJJHEWGXUFKGDV ODQJHKDUWH*HIlQJQLVXQGGXUFKGLHDXVJHVWDQGHQH0DUWHUXQG 7RGHVDQJVWHUZXUGHGDKHUGXUFK8UWHOXQG5HFKWYRQMHGHU ZHLWHUHQ6WUDIHIUHLJHVSURFKHQXQGHLOWHPLWVHLQHU*LRUJLQDDXI GDV9DFKVFKH6FKORZRLKPGHUHGOHZRKOWlWLJH*UDILP 1HEHQJHElXGHHLQH:RKQXQJHLQUlXPWHYRQLKPQXUGLH JHULQJHQ-DJGGLHQVWHIRUGHUQGGLHGHV*UDIHQSHUV|QOLFKH /LHEKDEHUHLQRWZHQGLJPDFKWH$XFKGLH*HULFKWVNRVWHQEH]DKOWH GHU*UDIVRGD$QGUHVXQG*LRUJLQDLQGHPXQJHNUlQNWHQ%HVLW] LKUHV9HUP|JHQVEOLHEHQ 'HU3UR]HZLGHUGHQYHUUXFKWHQ,JQD]'HQQHUQDKPMHW]WHLQH JDQ]DQGHUH:HQGXQJ'LH%HJHEHQKHLWDXIGHU*HULFKWVVWlWWH VFKLHQLKQJDQ]XPJHZDQGHOW]XKDEHQ6HLQK|KQHQGHU WHXIOLVFKHU6WRO]ZDUJHEHXJWXQGDXVVHLQHP]HUNQLUVFKWHQ ,QQHUQEUDFKHQ*HVWlQGQLVVHKHUYRUGLHGHQ5LFKWHUQGDV+DDU VWUlXEWHQ'HQQHUNODJWHVLFKVHOEVWPLWDOOHQ=HLFKHQWLHIHU5HXH GHV%QGQLVVHVPLWGHP6DWDQDQGDVHUYRQVHLQHUIUKHQ -XJHQG]HLWXQWHUKDOWHQXQGVRZXUGHYRU]JOLFKKLHUDXIGLH IHUQHUH8QWHUVXFKXQJPLWGHP=XWULWWGD]XYHURUGQHWHU *HLVWOLFKNHLWJHULFKWHWhEHUVHLQHIUKHUHQ/HEHQVYHUKlOWQLVVH HU]lKOWH'HQQHUVRYLHO6RQGHUEDUHVGDPDQHVIUGDV (U]HXJQLVZDKQVLQQLJHUhEHUVSDQQXQJKlWWHKDOWHQPVVHQ ZHQQQLFKWGXUFKGLH(UNXQGLJXQJHQGLHPDQLQ1HDSHOVHLQHP DQJHEOLFKHQ*HEXUWVRUWHLQ]LHKHQOLHDOOHVEHVWlWLJWZRUGHQ ZlUH(LQ$XV]XJDXVGHQYRQGHPJHLVWOLFKHQ*HULFKWLQ1HDSHO YHUKDQGHOWHQ$NWHQHUJDEEHU'HQQHUV+HUNXQIWIROJHQGH PHUNZUGLJH8PVWlQGH 9RUODQJHQ-DKUHQOHEWHLQ1HDSHOHLQDOWHUZXQGHUOLFKHU'RNWRU 7UDEDFFKLRPLW1DPHQGHQPDQVHLQHUJHKHLPQLVYROOHQVWHWV JOFNOLFKHQ.XUHQZHJHQLQVJHPHLQGHQ:XQGHUGRNWRU]XQHQQHQ SIOHJWH(VVFKLHQDOVZHQQGDV$OWHUQLFKWVEHULKQYHUP|JH GHQQHUVFKULWWUDVFKXQGMXJHQGOLFKGDKHUXQHUDFKWHWPHKUHUH (LQJHERUQHLKPQDFKUHFKQHQNRQQWHQGDHUDQGLHDFKW]LJ-DKUH DOWVHLQPWH6HLQ*HVLFKWZDUDXIHLQHVHOWVDPHJUDXVLJH :HLVHYHU]HUUWXQGYHUVFKUXPSIWXQGVHLQHQ%OLFNNRQQWHPDQ NDXPRKQHLQQHUQ6FKDXHUHUWUDJHQZLHZRKOHURIWGHQ.UDQNHQ ZRKOWDWVRGDPDQVDJWHEORGXUFKGHQVFKDUIDXIGHQ .UDQNHQJHKHIWHWHQ%OLFNKHLOHHURIWPDOVVFKZHUHKDUWQlFNLJH hEHOhEHUVHLQHQVFKZDU]HQ$Q]XJZDUIHUJHZ|KQOLFKHLQHQ

ZHLWHQURWHQ0DQWHOPLWJROGQHQ7UHVVHQXQG7URGGHOQXQWHU GHVVHQEDXVFKLFKWHQ)DOWHQGHUODQJH6WRGHJHQKHUYRUUDJWH6R OLHIHUPLWHLQHU.LVWHVHLQHU$U]QHLHQGLHHUVHOEVWEHUHLWHWH GXUFKGLH6WUDHQYRQ1HDSHO]XVHLQHQ.UDQNHQXQGMHGHUZLFK LKPVFKHXDXV1XULQGHUK|FKVWHQ1RWZDQGWHPDQVLFKDQLKQ DEHUQLHPDOVVFKOXJHUHVDXVHLQHQ.UDQNHQ]XEHVXFKHQKDWWH HUGDEHLDXFKQLFKWVRQGHUOLFKHQ*HZLQQ]XKRIIHQ0HKUHUH :HLEHUVWDUEHQLKPVFKQHOOLPPHUZDUHQVLHDXVQHKPHQGVFK|Q XQGLQVJHPHLQ/DQGGLUQHQJHZHVHQ(UVSHUUWHVLHHLQXQG HUODXEWHLKQHQQXUXQWHU%HJOHLWXQJHLQHUDOWHQHNHOKDIW KlOLFKHQ)UDXGLH0HVVH]XK|UHQ'LHVH$OWHZDUXQEHVWHFKOLFK MHGHUQRFKVROLVWLJDQJHOHJWH9HUVXFKMXQJHU/VWOLQJHGHQ VFK|QHQ)UDXHQGHV'RNWRU7UDEDFFKLRQlKHU]XNRPPHQEOLHE IUXFKWORV8QHUDFKWHW'RNWRU7UDEDFFKLRYRQ5HLFKHQVLFKJXW EH]DKOHQOLHVRVWDQGGRFKVHLQH(LQQDKPHPLWGHP5HLFKWXP DQ*HOGXQG.OHLQRGLHQGHQHULQVHLQHP+DXVHDXIJHKlXIWKDWWH XQGGHQHUQLHPDQGHQYHUKHKOWHLQNHLQHP9HUKlOWQLV'DEHLZDU HU]X=HLWHQIUHLJHELJELV]XU9HUVFKZHQGXQJXQGKDWWHGLH *HZRKQKHLWMHGHVPDOZHQQLKPHLQH)UDXJHVWRUEHQHLQ *DVWPDKO]XJHEHQGHVVHQ$XIZDQGZRKOGRSSHOWVRYLHOEHWUXJ DOVGLHUHLFKVWH(LQQDKPHGLHLKPVHLQH3UD[LVHLQJDQ]HV-DKU KLQGXUFKYHUVFKDIIWH0LWVHLQHUOHW]WHQ)UDXKDWWHHUHLQHQ6RKQ HU]HXJWGHQHUHEHQVRHLQVSHUUWHZLHVHLQH:HLEHUQLHPDQG EHNDPLKQ]XVHKHQ1XUEHLGHP*DVWPDKOGDVHUQDFKGHP 7RGHGLHVHU)UDXJDEVDGHUNOHLQHGUHLMlKULJH.QDEHDQVHLQHU 6HLWHXQGDOOH*lVWHZDUHQEHUGLH6FK|QKHLWXQGGLH.OXJKHLW GHV.LQGHV>YHUZXQGHUW@GDVPDQYHUULHWVHLQN|USHUOLFKHV $QVHKHQQLFKWVHLQ$OWHUVHLQHP%HQHKPHQQDFK ZHQLJVWHQVIU ]Z|OIMlKULJKlWWHKDOWHQN|QQHQ(EHQEHLGLHVHP*DVWPDKO lXHUWHGHU'RNWRU7UDEDFFKLRGDGDQXQPHKUVHLQ:XQVFK HLQHQ6RKQ]XKDEHQHUUHLFKWVHLHUQLFKWPHKUKHLUDWHQZHUGH 6HLQEHUPlLJHU5HLFKWXPDEHUQRFKPHKUVHLQJHKHLPQLVYROOHV :HVHQVHLQHZXQGHUEDUHQ.XUHQGLHELVLQV8QJODXEOLFKH JLQJHQGDEORHLQLJHQYRQLKPEHUHLWHWHQXQGHLQJHIO|WHQ 7URSIHQMDRIWEORVHLQHU%HWDVWXQJVHLQHP%OLFNGLH KDUWQlFNLJVWHQ.UDQNKHLWHQZLFKHQJDEHQHQGOLFK$QOD]X DOOHUOHLVHOWVDPHQ *HUFKWHQGLHVLFKLQ1HDSHOYHUEUHLWHWHQ0DQ KLHOWGHQ'RNWRU7UDEDFFKLRIUHLQHQ$OFK\PLVWHQIUHLQHQ 7HXIHOVEHVFKZ|UHUMDPDQJDELKPHQGOLFKVFKXOGGDHUPLW GHP6DWDQLP%QGQLVVWHKH'LHOHW]WH6DJHHQWVWDQGDXVHLQHU

VHOWVDPHQ%HJHEHQKHLW GLHVLFKPLWHLQLJHQ(GHOOHXWHQLQ1HDSHO ]XWUXJ'LHVHNHKUWHQHLQVWVSlWLQGHU1DFKWYRQHLQHP*DVWPDKO ]XUFNXQGJHULHWHQGDVLHLP:HLQUDXVFKGHQ:HJYHUIHKOWLQ HLQHHLQVDPHYHUGlFKWLJH*HJHQG'DUDXVFKWHXQGUDVFKHOWHHV YRULKQHQXQGVLHZXUGHQPLW(QWVHW]HQJHZDKUGDHLQJURHU OHXFKWHQGURWHU+DKQHLQ]DFNLFKW+LUVFKJHZHLKHDXIGHP.RSIH WUDJHQGPLWDXVJHEUHLWHWHQ)OJHOQGDKHUVFKULWWXQGVLHPLW PHQVFKOLFKHQIXQNHOQGHQ$XJHQDQVWDUUWH6LHGUlQJWHQVLFKLQ HLQH(FNHGHU+DKQVFKULWWYRUEHUXQGLKPIROJWHHLQHJURH )LJXULPJOlQ]HQGHQJROGYHUEUlPWHQ0DQWHO6RZLHGLH*HVWDOWHQ YRUEHUZDUHQVDJWHHLQHUYRQGHQ(GHOOHXWHQOHLVHª'DVZDU GHU:XQGHUGRNWRU7UDEDFFKLR©$OOHQFKWHUQJHZRUGHQGXUFK GHQHQWVHW]OLFKHQ6SXNHUPXWLJWHQVLFKXQGIROJWHQGHP DQJHEOLFKHQ'RNWRUPLWGHP+DKQGHVVHQ/HXFKWHQGHQ JHQRPPHQHQ:HJ]HLJWH6LHVDKHQZLHGLH*HVWDOWHQZLUNOLFK DXIGDV+DXVGHV'RNWRUVGDVDXIHLQHPIHUQHQOHHUHQ|GHQ 3ODW]HVWDQG]XVFKULWWHQ9RUGHP+DXVHDQJHNRPPHQUDXVFKWH GHU +DKQLQGLH+|KHXQGVFKOXJPLWGHQ)OJHOQDQGDVJURH )HQVWHUEHUGHP%DONRQGDVVLFKNOLUUHQG|IIQHWHGLH6WLPPH HLQHVDOWHQ:HLEHVPHFNHUWHª.RPPW NRPPWQDFK+DXV NRPPWQDFK+DXV ZDUPLVWGDV%HWWXQG/LHEFKHQZDUWHWODQJH VFKRQ ODQJHVFKRQ©'DZDUHVDOVVWLHJHGHU'RNWRUDXIHLQHU XQVLFKWEDUHQ/HLWHUHPSRUXQGUDXVFKHQDFKGHP+DKQGXUFK GDV)HQVWHUZHOFKHV]XJHVFKODJHQZXUGHGDHVGLHHLQVDPH 6WUDHHQWODQJNOLUUWHXQGGU|KQWH$OOHVZDULPVFKZDU]HQ 'XQNHOGHU1DFKWYHUVFKZXQGHQXQGGLH(GHOOHXWHVWDQGHQ VWXPPXQGVWDUUYRU*UDXVHQXQG(QWVHW]HQ'LHVHU6SXNGLH hEHU]HXJXQJGHU(GHOOHXWHGDGLH*HVWDOWGHUGHUWHXIOLVFKH +DKQYRUOHXFKWHWHQLHPDQGDQGHUVDOVGHUYHUUXIHQH'RNWRU 7UDEDFFKLRJHZHVHQZDUIUGDVJHLVWOLFKH*HULFKWGHPDOOHV]X 2KUHQNDPJHQXJGHPVDWDQLVFKHQ:XQGHUPDQQVRUJOLFKLQ DOOHU6WLOOHQDFK]XVSUHQ0DQEUDFKWHLQGHU7DWKHUDXVGDLQ GHQ=LPPHUQGHV'RNWRUVVLFKRIWHLQURWHU+DKQEHIDQGPLWGHP HUDXIZXQGHUOLFKH:HLVH]XVSUHFKHQXQG]XGLVSXWLHUHQVFKLHQ DOVVSUlFKHQ*HOHKUWHEHU]ZHLIHOKDIWH*HJHQVWlQGHLKUHV :LVVHQV'DVJHLVWOLFKH*HULFKWZDULP%HJULIIGHQ'RNWRU 7UDEDFFKLRHLQ]X]LHKHQDOVHLQHQYHUUXFKWHQ+H[HQPHLVWHUDEHU GDVZHOWOLFKH*HULFKWNDPGHPJHLVWOLFKHQ]XYRUXQGOLHGHQ 'RNWRUGXUFKGLH6ELUUHQDXIKHEHQXQGLQV*HIlQJQLVVFKOHSSHQ GDHUHEHQYRQGHP%HVXFKHLQHV.UDQNHQKHLPNHKUWH'LH$OWH

ZDUVFKRQIUKHUDXVGHP+DXVHJHKROWZRUGHQGHQ.QDEHQ KDWWHPDQQLFKWILQGHQN|QQHQ'LH7UHQGHU=LPPHUZXUGHQ YHUVFKORVVHQXQGYHUVLHJHOW:DFKHQULQJVXPGDV+DXVJHVWHOOW )ROJHQGHVZDUGHU*UXQGGLHVHVJHULFKWOLFKHQ9HUIDKUHQV6HLW HLQLJHU=HLWVWDUEHQPHKUHUHDQJHVHKHQH3HUVRQHQLQ1HDSHOXQG LQGHUXPOLHJHQGHQ*HJHQGXQG]ZDUQDFKGHUbU]WH HLQVWLPPLJHP8UWHLODQ*LIW'LHV KDWWHYLHOH8QWHUVXFKXQJHQ YHUDQODWGLHIUXFKWORVEOLHEHQELVHQGOLFKHLQMXQJHU0DQQLQ 1HDSHOHLQEHNDQQWHU/VWOLQJXQG9HUVFKZHQGHUGHVVHQ2KHLP YHUJLIWHWZRUGHQGLHJUlOLFKH7DWPLWGHP=XVDW]HLQJHVWDQG GDHUGDV*LIWYRQGHPDOWHQ:HLEHGHU+DXVKlOWHULQ 7UDEDFFKLRVJHNDXIWKDEH0DQVSUWHGHU$OWHQQDFKXQG HUWDSSWHVLHDOVVLHHEHQHLQIHVWYHUVFKORVVHQHVNOHLQHV.LVWFKHQ IRUWWUDJHQZROOWHLQGHPPDQNOHLQH3KLROHQIDQGGLHPLWGHP 1DPHQYRQDOOHUOHL$U]QHLPLWWHOQYHUVHKHQZDUHQXQHUDFKWHWVLH IOVVLJHV*LIWHQWKLHOWHQ'LH$OWHZROOWHQLFKWVHLQJHVWHKHQDOV PDQLKULQGHVVHQPLWGHU7RUWXUGURKWHGDEHNDQQWHVLHGDGHU 'RNWRU7UDEDFFKLRVFKRQVHLWYLHOHQ-DKUHQMHQHVNQVWOLFKH*LIW GDVXQWHUGHP1DPHQ$TXD7RIIDQDEHNDQQWVHLEHUHLWHXQGGD GHUJHKHLPH9HUNDXIGLHVHV*LIWVGHUGXUFKVLHEHZLUNWZRUGHQ EHVWl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|VWOLFKH7URSIHQEHUHLWHWGLHMHGHU6LHFKKHLW NUlIWLJZLGHUVWlQGHQ'LH:HLEHUKlWWH7UDEDFFKLREDOGQDFKKHU DXIGLHVHRGHUMHQHKHLPOLFKH:HLVHJHW|WHWVRGDGHUVFKlUIVWH %OLFNGHV$U]WHVZRKOQLHDXFKGLHNOHLQVWH6SXUGHU(UPRUGXQJ KDEHDXIILQGHQN|QQHQ1XU7UDEDFFKLRVOHW]WHV:HLEGLHLKP HLQHQ6RKQJHERUHQGHUQRFKOHEHVHLGHVQDWUOLFKHQ7RGHV JHVWRUEHQ

'HU'RNWRU7UDEDFFKLRJHVWDQGDOOHVXQYHUKRKOHQHLQXQGVFKLHQ HLQH)UHXGHGDUDQ]XILQGHQGDV*HULFKWPLWGHQVFKDXHUOLFKHQ (U]lKOXQJHQVHLQHU8QWDWHQXQGYRU]JOLFKGHUQlKHUQ8PVWlQGH VHLQHVHQWVHW]OLFKHQ%QGQLVVHVPLWGHP6DWDQLQ9HUZLUUXQJ]X VHW]HQ'LH*HLVWOLFKHQZHOFKHGHP*HULFKWEHLZRKQWHQJDEHQ VLFKDOOHQXUHUVLQQOLFKH0KHGHQ'RNWRU]XU5HXHXQG]XU (UNHQQWQLVVHLQHU6QGHQ]XEULQJHQDEHUHVEOLHEYHUJHEHQVGD 7UDEDFFKLRVLHQXUYHUK|KQWHXQGYHUODFKWH%HLGHGLH$OWHXQG 7UDEDFFKLRZXUGHQ]XP6FKHLWHUKDXIHQYHUXUWHLOW 0DQKDWWH XQWHUGHVVHQGDV+DXVGHV'RNWRUVXQWHUVXFKWXQGDOOHVHLQH 5HLFKWPHUKHUYRUJHKROWGLHQDFK$E]XJGHU*HULFKWVNRVWHQDQ GLH+RVSLWlOHUYHUWHLOWZHUGHQVROOWHQ,Q7UDEDFFKLRV%LEOLRWKHN IDQGPDQQLFKWHLQHLQ]LJHVYHUGlFKWLJHV%XFKXQGQRFKYLHO ZHQLJHUJDEHV*HUlWVFKDIWHQGLHDXIGLHVDWDQLVFKH.XQVWGLH GHU'RNWRUJHWULHEHQKlWWHQKLQGHXWHQVROOHQ1XUHLQ YHUVFKORVVHQHV*HZ|OEHGHVVHQYLHOHGXUFKGLH0DXHU KHUDXVUDJHQGH5|KUHQGDV/DERUDWRULXPYHUULHWHQZLGHUVWDQG DOVPDQHV|IIQHQZROOWHDOOHU.XQVWXQGDOOHU*HZDOW-DZHQQ 6FKORVVHUXQG0DXUHUXQWHUGHU$XIVLFKWGHV*HULFKWVVLFKHLIULJ EHPKWHQHQGOLFKGXUFK]XEUHFKHQVRGDZRKOGHU=ZHFN HUUHLFKWZRUGHQZlUHGDNUHLVFKWHQLP,QQHUQGHV*HZ|OEHV HQWVHW]OLFKH6WLPPHQHVUDXVFKWHDXIXQGQLHGHUZLHPLW HLVNDOWHQ)OJHOQVFKOXJHVDQGLH*HVLFKWHUGHU$UEHLWHUXQGHLQ VFKQHLGHQGHU=XJZLQGSILIILQJHOOHQGHQJUlOLFKHQ7|QHQGXUFK GHQ*DQJVRGDYRQ*UDXVHQXQG(QWVHW]HQHUJULIIHQDOOH IORKHQXQGDP(QGHQLHPDQGPHKUVLFKDQGLH7UGHV*HZ|OEHV ZDJHQZROOWHDXV)XUFKWZDKQVLQQLJ]XZHUGHQYRU$QJVWXQG 6FKUHFNHQ'HQ*HLVWOLFKHQGLHVLFKGHU7UQDKWHQJLQJHVQLFKW EHVVHUXQGHVEOLHEQLFKWVEULJDOVGLH$QNXQIWHLQHVDOWHQ 'RPLQLNDQHUVDXV3DOHUPR]XHUZDUWHQGHVVHQ6WDQGKDIWLJNHLW XQG)U|PPLJNHLWELVKHUDOOH.QVWHGHV6DWDQVZHLFKHQPXWHQ $OVGLHVHU0|QFKVLFKQXQLQ1HDSHOEHIDQGZDUHUEHUHLWGHQ WHXIOLVFKHQ6SXNLQ7UDEDFFKLRV*HZ|OEH]XEHNlPSIHQXQG YHUIJWHVLFKKLQDXVJHUVWHWPLW.UHX]XQG:HLKZDVVHU EHJOHLWHWYRQPHKUHUHQ*HLVWOLFKHQXQG*HULFKWVSHUVRQHQGLH DEHUZHLWYRQGHU7UHQWIHUQWEOLHEHQ'HUDOWH'RPLQLNDQHUJLQJ EHWHQGDXIGLH7UORVDEHUGDHUKREVLFKKHIWLJHUGDV5DXVFKHQ XQG%UDXVHQXQGGLHHQWVHW]OLFKHQ6WLPPHQYHUZRUIHQHU*HLVWHU ODFKWHQJHOOHQGKHUDXV'HU*HLVWOLFKHOLHVLFKMHGRFKQLFKWLUUH PDFKHQHUEHWHWHNUlIWLJHUGDV.UX]LIL[HPSRUKDOWHQGXQGGLH

7UPLW:HLKZDVVHUEHVSUHQJHQGª0DQJHEHPLUHLQ %UHFKHLVHQ©ULHIHUODXW]LWWHUQGUHLFKWHHVLKPHLQ 0DXUHUEXUVFKHKLQDEHUNDXPVHW]WHHVGHUDOWH0|QFKDQGLH 7UHDOVVLHPLWIXUFKWEDUHUVFKWWHUQGHP.QDOODXIVSUDQJ%ODXH )ODPPHQOHFNWHQEHUDOODQGHQ:lQGHQGHV*HZ|OEHVKHUDXI XQGHLQHEHWlXEHQGHHUVWLFNHQGH+LW]HVWU|PWHDXVGHP,QQHUQ 'HPXQHUDFKWHWZROOWHGHU'RPLQLNDQHUKLQHLQWUHWHQGDVWU]WH GHU%RGHQGHV*HZ|OEHVHLQGDGDVJDQ]H+DXVHUGU|KQWHXQG )ODPPHQSUDVVHOWHQDXVGHP$EJUXQGHKHUYRUGLHZWHQGXP VLFKJULIIHQXQGDOOHVULQJVXPKHUHUIDWHQ6FKQHOOPXWHGHU 'RPLQLNDQHUPLWVHLQHU%HJOHLWXQJIOLHKHQXPQLFKW]X YHUEUHQQHQRGHUYHUVFKWWHW]XZHUGHQ.DXPZDUHQVLHDXIGHU 6WUDHDOVGDVJDQ]H+DXVGHV'RNWRU7UDEDFFKLRLQ)ODPPHQ VWDQG'DV9RONOLHI]XVDPPHQXQGMDXFK]WHXQGMXEHOWHDOVHV GHVYHUUXFKWHQ+H[HQPHLVWHUV:RKQXQJEUHQQHQVDKRKQHDXFK QXUGDVPLQGHVWH]XU5HWWXQJ]XWXQ6FKRQZDUGDV'DFK HLQJHVWU]WGDVLQZHQGLJH+RO]ZHUNIODPPWH]XGHQ:lQGHQ KHUDXVXQGQXUGLHVWDUNHQ%DONHQGHVREHUQ6WRFNV ZLGHUVWDQGHQQRFKGHU*HZDOWGHV)HXHUV$EHUYRU(QWVHW]HQ VFKULHGDV9RONDXIDOVHV7UDEDFFKLRV]Z|OIMlKULJHQ6RKQPLW HLQHP.LVWFKHQXQWHUGHP$UPHLQHQGLHVHUJOLPPHQGHQ%DONHQ HQWODQJVFKUHLWHQVDK1XUHLQHQ0RPHQWGDXHUWHGLHVH (UVFKHLQXQJVLHYHUVFKZDQGSO|W]OLFKLQGHQKRFKDXIVFKODJHQGHQ )ODPPHQ 'HU'RNWRU7UDEDFFKLRVFKLHQVLFKKHU]LQQLJOLFK]X IUHXHQDOVHUGLHVH%HJHEHQKHLWHUIXKUXQGJLQJPLWYHUZHJHQHU )UHFKKHLW]XP7RGH$OVPDQLKQDQGHQ3IDKOEDQGODFKWHHUKHOO DXIXQGVDJWH]XGHP+HQNHUGHULKQPRUGOXVWLJUHFKWIHVW DQVFKQUWHª6LHKGLFKYRU*HVHOOHGDGLHVH6WULFNHQLFKWDQ GHLQHQ)lXVWHQEUHQQHQ©'HP0|QFKGHUVLFKLKP]XOHW]WQRFK QDKHQZROOWHULHIHUPLWIUFKWHUOLFKHU6WLPPH]Xª)RUW ]XUFN YRQPLU*ODXEVWGXGHQQGDLFKVRGXPPVHLQZHUGHHXFK]X *HIDOOHQHLQHQVFKPHU]OLFKHQ7RG]XOHLGHQ" QRFKLVWPHLQH 6WXQGHQLFKWJHNRPPHQ© 1XQILQJGDVDQJH]QGHWH+RO]DQ]X SUDVVHOQNDXPHUUHLFKWHDEHUGLH)ODPPHGHQ7UDEDFFKLRDOVHV KHOODXIORGHUWHZLH6WURKIHXHUXQGYRQHLQHUIHUQHQ$QK|KHHLQ JHOOHQGHV+RKQJHOlFKWHUVLFKK|UHQOLH$OOHVVFKDXWHKLQXQG *UDXVHQHUJULIIGDV9RONDOV>HV@GHQ 'RNWRU7UDEDFFKLROHLEKDIWLJ LQGHPVFKZDU]HQ.OHLGHGHPJROGYHUEUlPWHQ0DQWHOGHQ 6WRGHJHQDQGHU6HLWHGHQQLHGHUJHNUHPSWHQVSDQLVFKHQ+XW PLWGHUURWHQ)HGHUDXIGHP.RSIHGDV.LVWFKHQXQWHUGHP$UP

JDQ]ZLHHUVRQVWGXUFKGLH6WUDHQYRQ1HDSHO]XODXIHQSIOHJWH HUEOLFNWH5HLWHU6ELUUHQKXQGHUWDQGHUHDXVGHP9RONVWU]WHQ KLQQDFKGHP+JHODEHU7UDEDFFKLRZDUXQGEOLHE YHUVFKZXQGHQ'LH$OWHJDELKUHQ*HLVWDXIXQWHUGHQ HQWVHW]OLFKVWHQ4XDOHQXQWHUGHQJUlOLFKVWHQ9HUZQVFKXQJHQ LKUHVYHUUXFKWHQ+HUUQPLWGHPVLHXQ]lKOLJH9HUEUHFKHQJHWHLOW 'HUVRJHQDQQWH,JQD]'HQQHUZDUQXQNHLQDQGHUHUDOVHEHQGHU 6RKQGHV'RNWRUVGHUVLFKGDPDOVGXUFKGLHK|OOLVFKHQ.QVWH VHLQHV9DWHUVPLWHLQHP.LVWFKHQGHUVHOWHQVWHQXQG JHKHLPQLVYROOVWHQ.RVWEDUNHLWHQDXVGHQ)ODPPHQUHWWHWH6FKRQ VHLWGHUIUKHVWHQ-XJHQGXQWHUULFKWHWHLKQGHU9DWHULQGHQ JHKHLPHQ:LVVHQVFKDIWHQXQGVHLQH6HHOHZDUGHP7HXIHO YHUVFKULHEHQQRFKHKHHUVHLQYROOHV%HZXWVHLQHUODQJW$OV PDQGHQ'RNWRU7UDEDFFKLRLQV*HIlQJQLVZDUIEOLHEGHU.QDEH LQGHPJHKHLPQLVYROOHQYHUVFKORVVHQHQ*HZ|OEHXQWHUGHQ YHUZRUIHQHQ*HLVWHUQGLHGHV9DWHUVK|OOLVFKHU=DXEHU KLQHLQJHEDQQWGDDEHUHQGOLFKGLHVHU=DXEHUGHU0DFKWGHV 'RPLQLNDQHUVZHLFKHQPXWHOLHGHU.QDEHGLHYHUERUJHQHQ PHFKDQLVFKHQ.UlIWHZLUNHQXQG)ODPPHQHQW]QGHWHQVLFKGLH LQZHQLJHQ0LQXWHQGDVJDQ]H+DXVLQ%UDQGVWHFNWHQZlKUHQG GHU.QDEHVHOEVWXQYHUVHKUWGXUFKGDV)HXHUIRUW]XP7RUH KLQDXVLQGHQ:DOGHLOWHGHQLKPGHU9DWHUEH]HLFKQHWKDWWH 1LFKWODQJHGDXHUWHHVVRHUVFKLHQDXFK'RNWRU7UDEDFFKLRXQG IORKVFKQHOOPLWGHP6RKQHELVVLHZRKODQGUHL7DJHUHLVHQYRQ 1HDSHOLQGLH5XLQHQHLQHVDOWHQU|PLVFKHQ*HElXGHVNDPHQZR GHU(LQJDQJ]XHLQHUZHLWHQJHUlXPLJHQ+|KOHYHUVWHFNWODJ+LHU ZXUGHGHU'RNWRU7UDEDFFKLRYRQHLQHU]DKOUHLFKHQ5lXEHUEDQGH PLWGHUHUOlQJVWLQ9HUELQGXQJJHVWDQGHQXQGGHUHUGXUFK VHLQHJHKHLPH:LVVHQVFKDIWGLHZHVHQWOLFKVWHQ'LHQVWHJHOHLVWHW PLWODXWHP-XEHOHPSIDQJHQ'LH5lXEHUZROOWHQLKQPLWQLFKWV *HULQJHUHPORKQHQDOVPLWGHU.U|QXQJ]XP5lXEHUN|QLJH ZRGXUFKHUVLFK]XP2EHUKDXSWDOOHU%DQGHQGLHLQ,WDOLHQXQG GHPVGOLFKHQ'HXWVFKODQGYHUEUHLWHWZDUHQDXIJHVFKZXQJHQ KlWWH'HU'RNWRU7UDEDFFKLRHUNOlUWHGLHVH:UGHQLFKW DQQHKPHQ]XN|QQHQGDHUGHUEHVRQGHUQ .RQVWHOODWLRQZHJHQ GLHEHULKQZDOWHQXQPHKUHLQJDQ]XQVWHWHV/HEHQIKUHQ PVVHXQGYRQNHLQHP9HUKlOWQLVJHEXQGHQZHUGHQN|QQHGRFK ZHUGHHUQRFKLPPHUGHQ5lXEHUQPLWVHLQHU.XQVWXQG :LVVHQVFKDIWEHLVWHKQXQGVLFKGDQQXQGZDQQVHKHQODVVHQ'D

EHVFKORVVHQGLH5lXEHUGHQ]Z|OIMlKULJHQ7UDEDFFKLR]XP 5lXEHUN|QLJH]XZlKOHQXQGGDPLWZDUGHU'RNWRUK|FKOLFK ]XIULHGHQVRGDGHU.QDEHYRQ6WXQGDQXQWHUGHQ5lXEHUQ EOLHEXQGDOVHUIXQI]HKQ-DKUDOWZRUGHQVFKRQDOVZLUNOLFKHV 2EHUKDXSWPLWLKQHQDXV]RJ6HLQJDQ]HV/HEHQZDUYRQQXQDQ HLQ*HZHEHYRQ*UHXHOWDWHQXQG7HXIHOVNQVWHQLQZHOFKHLKQ GHU9DWHUGHUVLFKRIWPDOVEOLFNHQOLHXQG]XZHLOHQZRFKHQODQJ HLQVDPPLWVHLQHP6RKQHLQGHU+|KOHEOLHELPPHUPHKU HLQZHLKWH'LHNUlIWLJHQ0DUHJHOQGHV.|QLJVYRQ1HDSHOJHJHQ GLH5lXEHUEDQGHQGLHLPPHUNHFNHUXQGYHUZHJHQHUZXUGHQ QRFKPHKUDEHUGLHHQWVWDQGHQHQ=ZLVWLJNHLWHQGHU5lXEHUKREHQ HQGOLFKGDVJHIlKUOLFKH%QGQLVXQWHUHLQHP 2EHUKDXSWHDXIXQG GHQ7UDEDFFKLRVHOEVWGHUVLFKGXUFKVHLQHQ6WRO]XQGGXUFK VHLQH*UDXVDPNHLWYHUKDWJHPDFKWKDWWHNRQQWHQVHLQHYRP 9DWHUHUOHUQWH7HXIHOVNQVWHQLFKWYRUGHQ'ROFKHQVHLQHU 8QWHUJHEHQHQVFKW]HQ(UIORKQDFKGHU6FKZHL]JDEVLFKGHQ 1DPHQ,JQD]'HQQHUXQGEHVXFKWHDOVUHLVHQGHU.DXIPDQQGLH 0HVVHQXQG-DKUPlUNWHLQ'HXWVFKODQGELVVLFKDXVGHQ ]HUVWUHXWHQ*OLHGHUQMHQHUJURHQ%DQGHHLQHNOHLQHUHELOGHWHGLH GHQYRUPDOLJHQ5lXEHUN|QLJ]XLKUHP2EHUKDXSWZlKOWH 7UDEDFFKLRYHUVLFKHUWHZLHVHLQ9DWHUQRFK]XU6WXQGHOHEHLKQ QRFKLP*HIlQJQLVEHVXFKWXQG5HWWXQJYRQGHU*HULFKWVVWlWWH YHUVSURFKHQKDEH1XUGDGXUFKGDZLHHUQXQZRKOHLQVHKH J|WWOLFKH6FKLFNXQJGHQ$QGUHVYRP7RGHHUUHWWHWVHLGLH0DFKW VHLQHV9DWHUVHQWNUlIWHWZRUGHQXQGHUZROOHQXQDOVUHXLJHU 6QGHUDOOHQ7HXIHOVNQVWHQDEVFKZ|UHQXQGJHGXOGLJGLH JHUHFKWH7RGHVVWUDIHHUOHLGHQ $QGUHVGHUDOOHVGLHVHVDXVGHP0XQGHGHV*UDIHQYRQ9DFK HUIXKU]ZHLIHOWHNHLQHQ$XJHQEOLFNGDHVZRKOHEHQ 7UDEDFFKLRV%DQGHJHZHVHQGLHHKHPDOVLP1HDSROLWDQLVFKHQ VHLQHQ+HUUQ DQILHOVRZLHHUEHU]HXJWZDUGDGHUDOWH'RNWRU 7UDEDFFKLRVHOEVWLP*HIlQJQLVLKPZLHGHUOHLEKDIWLJH6DWDQ HUVFKLHQXQGYHUORFNHQZROOWH]XPE|VHQ%HJLQQHQ1XQVDKHU HUVWUHFKWHLQLQZHOFKJURHU*HIDKUHUJHVFKZHEWKDWWHVHLWGHU =HLWDOV7UDEDFFKLRLQVHLQ+DXVJHWUHWHQZLHZRKOHUQRFK LPPHUQLFKWEHJUHLIHQNRQQWHZDUXPHVGHQQGHU9HUUXFKWHVR JDQ]XQGJDUDXILKQXQGVHLQ:HLEJHPQ]WKDWWHGDGHU 9RUWHLOGHQHUDXVVHLQHP$XIHQWKDOWLQGHP-lJHUKDXVH]RJ QLFKWVREHGHXWHQGVHLQNRQQWH

$QGUHVEHIDQGVLFKQDFKGHQHQWVHW]OLFKHQ6WUPHQQXQLQ UXKLJHUJOFNOLFKHU/DJHDOOHLQ]XHUVFKWWHUQGKDWWHQMHQH 6WUPHJHWREWXPQLFKWLQVHLQHPJDQ]HQ/HEHQGXPSI QDFK]XKDOOHQ$XHUGHPGD$QGUHVVRQVWHLQVWDUNHUNUlIWLJHU 0DQQGXUFKGHQ*UDPGXUFKGDVODQJH*HIlQJQLVMDGXUFKGHQ XQVlJOLFKHQ6FKPHU]GHU7RUWXUN|USHUOLFK]XJUXQGHJHULFKWHW VLHFKXQGNUDQNGDKHUVFKZDQNWHXQGNDXPQRFKGLH-DJGWUHLEHQ NRQQWHVRZHONWHDXFK*LRUJLQDGHUHQVGOLFKH1DWXUYRQGHP *UDPHYRQGHU$QJVWYRQ GHP(QWVHW]HQZLHYRQEUHQQHQGHU *OXWDXIJH]HKUWZXUGH]XVHKHQGVKLQ.HLQH+OIHZDUIUVLH PHKUYRUKDQGHQVLHVWDUEZHQLJH0RQDWHQDFKLKUHV0DQQHV 5FNNHKU$QGUHVZROOWHYHU]ZHLIHOQXQGQXUGHUZXQGHUVFK|QH NOXJH.QDEHGHU0XWWHUJHWUHXHV(EHQELOGYHUPRFKWHLKQ]X WU|VWHQ8PGLHVHVZLOOHQWDWHUDOOHVVHLQ/HEHQ]XHUKDOWHQXQG VLFKVRYLHODOVP|JOLFK]XNUlIWLJHQVRGDHUQDFK9HUODXIYRQ EHLQDKH]ZHL-DKUHQZRKODQ*HVXQGKHLW]XJHQRPPHQXQG PDQFKHQOXVWLJHQ-lJHUJDQJLQGHQ)RUVWXQWHUQHKPHQNRQQWH 'HU3UR]HZLGHUGHQ7UDEDFFKLRKDWWHHQGOLFKVHLQ(QGHHUUHLFKW XQGHUZDUVRZLHYRUDOWHU=HLWVHLQ9DWHU]XP7RGHGXUFKV )HXHUYHUGDPPWZRUGHQGHQHULQZHQLJHU=HLWHUOHLGHQVROOWH $QGUHVNDPHLQHV7DJHVDOVGLH$EHQGGlPPHUXQJVFKRQ HLQJHEURFKHQPLWVHLQHP.QDEHQDXVGHP)RUVW]XUFNVFKRQ ZDUHUGHP6FKORVVHQDKHDOVHUHLQNOlJOLFKHV*HZLPPHU YHUQDKPGDVDXVGHPLKPQDKHQDXVJHWURFNQHWHQ)HOGJUDEHQ]X NRPPHQVFKLHQ(UHLOWHQlKHUXQGHUEOLFNWHHLQHQ0HQVFKHQGHU LQHOHQGHVFKPXW]LJH/XPSHQJHKOOWLP*UDEHQODJXQGXQWHU JURHQ6FKPHU]HQGHQ*HLVWDXIJHEHQ]XZROOHQVFKLHQ$QGUHV ZDUI)OLQWHXQG%FKVHQVDFNDEXQG]RJPLW0KHGHQ 8QJOFNOLFKHQKHUDXVDEHUDOVHUQXQGHP0HQVFKHQLQV*HVLFKW EOLFNWHHUNDQQWHHUPLW(QWVHW]HQGHQ7UDEDFFKLR =XUFNVFKDXGHUQGOLHHUYRQLKPDEDEHUGDZLPPHUWH 7UDEDFFKLRGXPSIª$QGUHV$QGUHVELVWGXHV"XPGHU %DUPKHU]LJNHLW*RWWHVZLOOHQGHULFKPHLQH6HHOHHPSIRKOHQ KDEH0LWOHLGPLWPLU:HQQGXPLFKUHWWHVWUHWWHVWGXHLQH6HHOH YRQHZLJHU9HUGDPPQLVGHQQEDOGHUHLOWPLFKMDGHU7RGXQG QRFKQLFKWYROOHQGHWLVWPHLQH%XH© ª9HUGDPPWHU+HXFKOHU© VFKULH$QGUHVDXIª0|UGHUPHLQHV.LQGHVPHLQHV:HLEHVKDW GLFKQLFKWGHU6DWDQZLHGHUKHUJHIKUWGDPLWGXPLFKYLHOOHLFKW QRFKYHUGHUEHVW",FKKDEHPLWGLUQLFKWV]XVFKDIIHQ6WLUEXQG

YHUPRGHUHZLHHLQ$DV9HUUXFKWHU©$QGUHVZROOWHLKQ ]XUFNVWRHQLQGHQ*UDEHQGDKHXOWH7UDEDFFKLRLQZLOGHP -DPPHUª$QGUHVGXUHWWHVWGHQ9DWHUGHLQHV:HLEHVGHLQHU *LRUJLQDGLHIUPLFKEHWHWDP7KURQHGHV+|FKVWHQ©$QGUHV VFKDXGHUWH]XVDPPHQPLW*LRUJLQDV1DPHQIKOWHHUVLFKYRQ VFKPHU]OLFKHU:HKPXWHUJULIIHQ0LWOHLGPLWGHP0|UGHUVHLQHU 5XKHVHLQHV*OFNVGXUFKGUDQJLKQHUIDWHGHQ7UDEDFFKLROXG LKQPLW0KHDXIXQGWUXJLKQQDFK VHLQHU:RKQXQJZRHULKQ PLWVWlUNHQGHQ0LWWHOQHUTXLFNWH%DOGHUZDFKWH7UDEDFFKLRDXV GHU2KQPDFKWLQGLHHUYHUVXQNHQ ,QGHU1DFKWYRUGHU+LQULFKWXQJHUJULIIGHQ7UDEDFFKLRGLH HQWVHW]OLFKVWH7RGHVDQJVWHUZDUEHU]HXJWGDLKQQLFKWVPHKU YRQGHUQDPHQORVHQ0DUWHUGHV)HXHUWRGHVUHWWHQZUGH'D IDWHXQGUWWHOWHHULQZDKQVLQQLJHU9HU]ZHLIOXQJGLH(LVHQVWlEH GHV*LWWHUIHQVWHUVXQG]HUEU|FNHOWEOLHEHQVLHLQVHLQHQ+l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|USHUXQGVWDFKHQXQGOHFNWHQVHLQ%OXWRKQHGDHUVLH DEZHKUHQNRQQWH6REUDFKWHHUHLQHQPDUWHUYROOHQ7DJKLQ(UVW GHV1DFKWVJHODQJHVLKPZHLWHU]XNULHFKHQXQGHUZDUJOFNOLFK JHQXJDQHLQH6WHOOH]XNRPPHQZRVLFKHWZDV5HJHQZDVVHU JHVDPPHOWKDWWHZHOFKHVHUEHJLHULJHLQVFKOUIWH(UIKOWHVLFK JHVWlUNWXQGYHUPRFKWHPKVDPKLQDQ]XNOLPPHQXQGVLFK IRUW]XVFKOHLFKHQELVHUGHQ)RUVWHUUHLFKWHGHUXQIHUQYRQ)XOGD DQKREXQGVLFKEHLQDKHELVDQGDV9DFKVFKH6FKORHUVWUHFNWH 6RZDUHUELVLQGLH*HJHQGJHNRPPHQZRLKQ$QGUHVPLWGHP 7RGHULQJHQGIDQG'LHHQWVHW]OLFKH$QVWUHQJXQJGHUOHW]WHQ.UDIW KDWWHLKQJDQ]HUVFK|SIWXQGZHQLJH0LQXWHQVSlWHUKlWWHLKQ $QGUHVVLFKHUOLFKWRWJHIXQGHQ2KQHGDUDQ]XGHQNHQZDV NQIWLJPLWGHP7UDEDFFKLRGHUGHU2EULJNHLWHQWIORKHQZHUGHQ VROOWHEUDFKWHLKQ$QGUHVLQHLQHLQVDPHV=LPPHUXQGSIOHJWHLKQ

DXIDOOHQXUP|JOLFKH:HLVHDEHUVREHKXWVDPJLQJHUGDEHL]X :HUNHGDQLHPDQGGLH$QZHVHQKHLWGHV)UHPGHQDKQWHGHQQ VHOEVWGHU.QDEHJHZRKQWGHP9DWHUEOLQGOLQJV]XJHKRUFKHQ YHUVFKZLHJJHWUHXOLFKGDV*HKHLPQLV$QGUHVIUXJQXQGHQ 7UDEDFFKLRREHUGHQQJHZLXQGZDKUKDIWLJ*LRUJLQDV9DWHUVHL ª$OOHUGLQJVELQLFKGDV©HUZLGHUWH7UDEDFFKLRª,QGHU*HJHQG YRQ1HDSHOHQWIKUWHLFKHLQVWHLQELOGVFK|QHV0lGFKHQGLHPLU HLQH7RFKWHUJHEDU1XQZHLWGXVFKRQ$QGUHVGDHLQHVGHU JU|WHQ.XQVWVWFNHPHLQHV9DWHUVGLH%HUHLWXQJMHQHVN|VWOLFKHQ ZXQGHUVDPHQ/LTXRUVZDUZR]XGDV+DXSWLQJUHGLHQ]GDV +HU]EOXWYRQ.LQGHUQLVWGLHQHXQ:RFKHQQHXQ0RQDWHRGHU QHXQ-DKUHDOWXQGYRQGHQ(OWHUQGHP/DERUDQWHQIUHLZLOOLJ DQYHUWUDXWVHLQPVVHQ-HQlKHUGLH.LQGHUPLWGHP/DERUDQWHQ LQ%H]LHKXQJVWHKHQGHVWRZLUNXQJVYROOHUHQWVWHKWDXVLKUHP +HU]EOXW /HEHQVNUDIWVWHWH9HUMQJXQJMDVHOEVWGLH%HUHLWXQJ GHVNQVWOLFKHQ*ROGHV'HVKDOEVFKODFKWHWHPHLQ9DWHUVHLQH .LQGHUXQGLFKZDUIURKGDV7|FKWHUOHLQGDVPLUPHLQ:HLE JHERUHQDXIVROFKHYHUUXFKWH:HLVHK|KHUHQ=ZHFNHQRSIHUQ]X N|QQHQ1RFKNDQQ LFKQLFKWEHJUHLIHQDXIZHOFKH:HLVHPHLQ :HLEGLHE|VH$EVLFKWDKQWHDEHUVLHZDUYRU$EODXIGHUQHXQWHQ :RFKHYHUVFKZXQGHQXQGHUVWQDFKPHKUHUQ-DKUHQHUIXKULFK GDVLHLQ1HDSHOJHVWRUEHQVHLXQGLKUH7RFKWHU*LRUJLQDEHL HLQHPJUlPOLFKHQJHL]KDOVLJHQ*DVWZLUWHU]RJHQZUGH(EHQVR ZXUGHPLULKUH9HUKHLUDWXQJPLWGLUXQGGHLQ$XIHQWKDOWEHNDQQW 1XQNDQQVWGXGLUHUNOlUHQ$QGUHVZDUXPLFKGHLQHP:HLEH JHZRJHQZDUXQGZDUXPLFKJDQ]HUIOOWYRQPHLQHQYHUUXFKWHQ 7HXIHOVNQVWHQGHLQHQ.LQGHUQVRQDFKVWHOOWH $EHUGLU$QGUHV GLUDOOHLQXQGGHLQHUZXQGHUEDUHQ5HWWXQJGXUFK*RWWHV$OOPDFKW YHUGDQNHLFKPHLQHWLHIH5HXHPHLQHLQQHUH=HUNQLUVFKXQJ hEULJHQVLVWGDV.LVWFKHQPLW.OHLQRGLHQGDVLFKGHLQHP:HLEH JDEGDVMHQLJHZHOFKHVLFKDXIGHV9DWHUV*HKHLDXVGHQ )ODPPHQUHWWHWHGXNDQQVWHVJHWURVWDXIEHZDKUHQIUGHLQHQ .QDEHQ© ª'DV.LVWFKHQ©ILHO$QGUHVHLQªKDW(XFKMD*LRUJLQD ZLHGHUJHJHEHQDQMHQHPVFKUHFNOLFKHQ7DJGD,KUGHQ JUlOLFKHQ0RUGYHUEWHW"© ª$OOHUGLQJV©HUZLGHUWH7UDEDFFKLRªDOOHLQRKQHGDHV*LRUJLQD ZXWHNDPHVZLHGHULQ(XHUQ%HVLW]6HKWQXUQDFKLQGHU JURHQVFKZDU]HQ7UXKHGLHLQ(XHUP+DXVIOXUVWHKWGDZHUGHW ,KUGDV.LVWFKHQDXIGHP%RGHQILQGHQ©$QGUHVVXFKWHLQGHU

7UXKHXQGIDQGGDV.LVWFKHQZLUNOLFKJDQ]LQGHP=XVWDQGH ZLHGHUZLHHUHVGDPDOV]XPHUVWHQPDOYRQ7UDEDFFKLRLQ 9HUZDKUXQJHUKDOWHQ $QGUHVIKOWHLQVLFKXQKHLPOLFKHQ8QPXWMDHUNRQQWHVLFKGHV :XQVFKHVQLFKWHUZHKUHQGD7UDEDFFKLRWRWJHZHVHQVHLQ P|JHDOVHULKQLP*UDEHQIDQG)UHLOLFKVFKLHQ7UDEDFFKLRV5HXH XQG%XHZDKUKDIW]XVHLQGHQQRKQHVHLQH.ODXVH]XYHUODVVHQ EUDFKWHHUVHLQH=HLWQXUGDPLWKLQLQDQGlFKWLJHQ%FKHUQ]X OHVHQXQGVHLQHHLQ]LJH(UJ|W]OLFKNHLWZDUGLH8QWHUKDOWXQJPLW GHPNOHLQHQ*HRUJGHQHUEHUDOOHV]XOLHEHQVFKLHQ$QGUHV EHVFKORLQGHVVHQGRFKDXIVHLQHU+XW]XVHLQXQGHU|IIQHWHEHL HUVWHU*HOHJHQKHLWGDVJDQ]H*HKHLPQLVGHP*UDIHQYRQ9DFK GHUEHUGDVVHOWHQH6SLHOGHV6FKLFNVDOVQLFKWZHQLJYHUZXQGHUW ZDU6RYHUJLQJHQHLQLJH0RQDWHGHU6SlWKHUEVWZDUHLQJHWUHWHQ XQG$QGUHVPHKUDXIGHU-DJGDOVVRQVW'HU.OHLQHEOLHE JHZ|KQOLFKEHLGHP*URYDWHUXQGHLQHPDOWHQ-lJHUGHUXPGDV *HKHLPQLVZXWH(LQHV$EHQGVZDU$QGUHVYRQGHU-DJG ]XUFNJHNHKUWDOVGHUDOWH-lJHUKLQHLQWUDWXQGQDFKVHLQHU WUHXKHU]LJHQ:HLVHDQILQJª+HUU,KUKDEWHLQHQE|VHQ.XPSDQ LP+DXVH=XGHPNRPPWGHU*RWWVHLEHLXQVGXUFKV)HQVWHUXQG JHKWZLHGHUDELQ5DXFKXQG'DPSI©'HP$QGUHVZXUGHHVEHL GLHVHU5HGH]XPXWDOVKlWWLKQHLQ%OLW]VWUDKOJHWURIIHQ(UZXWH QXU]XJHQDXZDVGDV]XEHGHXWHQKDWWHDOVLKPGHUDOWH-lJHU ZHLWHUHU]lKOWHZLHHUVFKRQPHKUHUH7DJHKLQWHUHLQDQGHULQ VSlWHU$EHQGGlPPHUXQJLQ7UDEDFFKLRV=LPPHUVHOWVDPH 6WLPPHQJHK|UWGLHZLHLP=DQNGXUFKHLQDQGHUJHSODSSHUWXQG KHXWH]XP]ZHLWHQPDOKDEHHVLKPLQGHPHU7UDEDFFKLRV7UH VFKQHOOJH|IIQHWJHVFKLHQHQDOVUDXVFKHHLQH*HVWDOWLPURWHQ JROGYHUEUlPWHQ0DQWHO]XP)HQVWHUKLQDXV,QYROOHP=RUQHLOWH $QGUHVKHUDXI]XP7UDEDFFKLRKLHOWLKPYRUZDVVHLQ-lJHU DXVJHVDJWXQGNQGLJWHLKPDQGDHUVLFK VJHIDOOHQODVVHQ PVVHLQV6FKORJHIlQJQLVJHVSHUUW]XZHUGHQZHQQHUQLFKW DOOHQE|VHQ7ULWWHQHQWVDJH7UDEDFFKLREOLHEUXKLJXQGHUZLGHUWH LPZHKPWLJHQ7RQª$FKOLHEHU$QGUHVQXU]XZDKULVWHVGD PHLQ9DWHUGHVVHQ6WQGOHLQQRFKLPPHUQLFKWJHNRPPHQPLFK DXIXQHUK|UWH:HLVHSHLQLJWXQGTXlOW(UZLOOGDLFKPLFKLKP ZLHGHU]XZHQGHXQGGHU)U|PPLJNHLWGHP+HLOPHLQHU6HHOH HQWVDJHDOOHLQLFKELQVWDQGKDIWJHEOLHEHQXQGJODXEHQLFKWGD HUZLHGHUNHKUHQZLUGGDHUJHVHKHQGDHUQLFKWPHKUEHU

PLFK0DFKWKDW%OHLEHUXKLJOLHEHU6RKQ$QGUHVXQGODPLFK EHLGLUDOVHLQIURPPHU&KULVWYHUV|KQWPLW*RWWVWHUEHQ©,QGHU 7DWVFKLHQDXFKGLHIHLQGOLFKH*HVWDOWDXV]XEOHLEHQLQGHVVHQZDU HVDOVZUGHQ7UDEDFFKLRV$XJHQZLHGHUJOKHQGHUHUOlFKHOWH ]XZHLOHQVRVHOWVDPK|KQLVFKZLHVRQVW:lKUHQGGHU%HWVWXQGH GLH$QGUHVMHGHQ$EHQGPLWLKP]XKDOWHQSIOHJWHVFKLHQHURIW NUDPSIKDIW]XHU]LWWHUQ]XZHLOHQVWULFKHLQHVHOWVDPSIHLIHQGH =XJOXIWGXUFKGDV=LPPHUZHOFKH GLH%OlWWHUGHU*HEHWEFKHU UDVFKHOQGXPVFKOXJMDGLH%FKHUVHOEVWGHP$QGUHVDXVGHQ +lQGHQZDUIª*RWWORVHU7UDEDFFKLRYHUUXFKWHU6DWDQ'X ELVW HVGHUKLHUK|OOLVFKHQ6SXNWUHLEW:DVZLOOVWGXYRQPLU"KHEH GLFKZHJGHQQGXKDVWNHLQH0DFKWEHUPLFK KHEHGLFKZHJ© 6RULHI$QGUHVPLWVWDUNHU6WLPPH'DODFKWHHVK|KQLVFKGXUFK GDV=LPPHUKLQXQGVFKOXJZLHPLWVFKZDU]HQ)LWWLJHQDQGDV )HQVWHU8QGGRFKZDUHVQXUGHU5HJHQGHUDQGDV)HQVWHU JHVFKODJHQXQGGHU+HUEVWZLQGGHUGXUFKGDV=LPPHUJHKHXOW ZLH7UDEDFFKLRPHLQWHDOVGDV8QZHVHQZLHGHUHLQPDOUHFKWDUJ ZDUXQG*HRUJYRU$QJVWZHLQWH ª1HLQ©ULHI$QGUHVª(XHUJRWWORVHU9DWHUN|QQWHKLHUQLFKWVR KHUXPVSXNHQZHQQ,KUDOOHUXQGMHGHU*HPHLQVFKDIWPLWLKP HQWVDJWKlWWHW,KUPWIRUWYRQPLU(XUH:RKQXQJLVW(XFK OlQJVWEHUHLWHW,KUPWIRUWLQV6FKORJHIlQJQLVGRUWP|JHW,KU (XHUQ6SXNWUHLEHQZLH,KUZROOW©7UDEDFFKLRZHLQWHKHIWLJHU EDWXPDOOHU+HLOLJHQZLOOHQLKQLP+DXVH]XGXOGHQXQG*HRUJ RKQH]XEHJUHLIHQZDVGDVDOOHVZRKOEHGHXWHVWLPPWHLQVHLQH %LWWHQHLQª6REOHLEWGHQQQRFKPRUJHQKLHU©VDJWH$QGUHVªLFK ZLOOVHKHQZLHHVPLWGHU%HWVWXQGHJHKHQZLUGZHQQLFK KHLPNRPPHYRQGHU-DJG©$PDQGHUQ7DJHJDEHVKHUUOLFKHV +HUEVWZHWWHUXQG$QGUHVYHUVSUDFKVLFKHLQHUHLFKH%HXWH$OVHU YRQGHP$QVWDQG]XUFNNHKUWHZDUHVJDQ]ILQVWHUJHZRUGHQ(U IKOWHVLFKLPLQQHUVWHQ*HPWEHVRQGHUVEHZHJWVHLQH PHUNZUGLJHQ6FKLFNVDOH*LRUJLQDV%LOGVHLQHUPRUGHWHU.QDEH WUDWHQLKPVROHEHQGLJYRU$XJHQGDHUWLHILQVLFKJHNHKUW LPPHUODQJVDPHUXQGODQJVDPHUGHQ-lJHUQQDFKVFKOHQGHUWHELV HUVLFKHQGOLFKXQYHUVHKHQGVDXIHLQHP1HEHQZHJHDOOHLQLP )RUVWEHIDQG,P%HJULII]XUFN]XNHKUHQLQGHQEUHLWHQ:DOGZHJ ZXUGHHUHLQEOHQGHQGHV/LFKWJHZDKUZHOFKHVGXUFKGDVGLFNVWH *HEVFKIODFNHUWH'DHUJULIILKQHLQHZXQGHUEDUHYHUZRUUHQH $KQXQJJURHU*UHXHOWDWGLHYHUEWZHUGHHUGUDQJGXUFKGDV

'LFNLFKWHUZDUGHP)HXHUQDKHGDVWDQGGHVDOWHQ7UDEDFFKLR *HVWDOWLPJROGYHUEUlPWHQ0DQWHOGHQ6WRGHJHQDQGHU6HLWH GHQQLHGHUJHNUHPSWHQ+XWPLWURWHU)HGHUDXIGHP.RSIHGDV $U]QHLNLVWFKHQXQWHUP$UP0LWJOKHQGHQ$XJHQEOLFNWHGLH *HVWDOWLQGDV)HXHUGDVZLHLQURWXQGEODXIODPPHQGHQ 6FKODQJHQXQWHUHLQHU5HWRUWHKHUYRUORGHUWH9RUGHP)HXHUODJ *HRUJQDFNW DXVJHEUHLWHWDXIHLQHU$UW5RVWXQGGHUYHUUXFKWH 6RKQGHVVDWDQLVFKHQ'RNWRUVKDWWHKRFKGDVIXQNHOQGH0HVVHU HUKREHQ]XP7RGHVVWR$QGUHVVFKULHDXIYRU(QWVHW]HQDEHU VRZLHGHU0|UGHUVLFKXPEOLFNWHVDXVWHVFKRQGLH.XJHODXV $QGUHV %FKVHXQG7UDEDFFKLRVWU]WHPLW]HUVFKPHWWHUWHP *HKLUQEHUGDV)HXHUKLQGDVLP$XJHQEOLFNHUORVFK'LH*HVWDOW GHV'RNWRUVZDUYHUVFKZXQGHQ$QGUHVVSUDQJKLQ]XVWLHGHQ /HLFKQDPEHLVHLWHEDQGGHQDUPHQ*HRUJORVXQGWUXJLKQ VFKQHOOIRUWELVLQV+DXV'HP.QDEHQ IHKOWHQLFKWVQXUGLH 7RGHVDQJVWKDWWHLKQRKQPlFKWLJJHPDFKW'HQ$QGUHVWULHEHV KHUDXVLQGHQ:DOGHUZROOWHVLFKYRQ7UDEDFFKLRV7RGH EHU]HXJHQXQGGHQ/HLFKQDPJOHLFKYHUVFKDUUHQHUZHFNWH GDKHUGHQDOWHQ-lJHUGHULQWLHIHQZDKUVFKHLQOLFKYRQ 7UDEDFFKLREHZLUNWHQ6FKODIJHVXQNHQXQGEHLGHJLQJHQPLW /DWHUQH+DFNHXQG6SDWHQDQGLHQLFKWZHLWHQWOHJHQH6WHOOH'D ODJGHUEOXWLJH7UDEDFFKLRDEHUVRZLH$QGUHVVLFKQlKHUWH ULFKWHWHHUVLFKPLWKDOEHP/HLEHDXIVWDUUWHLKQJUlOLFKDQXQG U|FKHOWHGXPSIª0|UGHU0|UGHUGHV9DWHUVGHLQHV:HLEHVDEHU PHLQH7HXIHOVROOHQGLFKTXlOHQ© ª)DKUH]XU+|OOHGX VDWDQLVFKHU%|VHZLFKW©VFKULH$QGUHVGHUGHP(QWVHW]HQGDV LKQEHUPDQQHQZROOWHZLGHUVWDQGªIDKUHKLQ]XU+|OOHGXGHU GXGHQ7RGKXQGHUWIlOWLJYHUGLHQWKDVWGHPLFKGHQ7RGJDEZHLO HUYHUVXFKWHQ0RUGDQPHLQHP.LQGHDQGHP.LQGHVHLQHU 7RFKWHUYHUEHQZROOWH'XKDVWQXU%XHXQG)U|PPLJNHLW JHKHXFKHOWXPVFKlQGOLFKHQ9HUUDWVZLOOHQDEHUQXQEHUHLWHWGHU 6DWDQPDQFKH4XDOGHLQHU6HHOHGLHGXLKPYHUNDXIW©'DVDQN 7UDEDFFKLRKHXOHQG]XUFNXQGLPPHUGXPSIHUXQGGXPSIHU ZLPPHUQGJDEHUVHLQHQ*HLVWDXI1XQJUXEHQGLHEHLGHQ 0lQQHUHLQWLHIHV/RFKLQGDVVLH7UDEDFFKLRV.|USHUZDUIHQ ª6HLQ%OXWNRPPHQLFKWEHUPLFK©VSUDFK$QGUHVªDEHULFK NRQQWHQLFKWDQGHUVLFKZDUGD]XDXVHUVHKHQYRQ*RWWPHLQHQ *HRUJ]XUHWWHQXQGKXQGHUWIlOWLJH)UHYHO]XUlFKHQ'RFKZLOOLFK IUVHLQH6HHOHEHWHQXQGHLQNOHLQHV.UHX]DXIVHLQ*UDE VWHOOHQ©$OVDQGHUQ7DJHV$QGUHVGLHVHV9RUKDEHQDXVIDKUHQ

ZROOWHIDQGHUGLH(UGHDXIJHZKOWGHU/HLFKQDPZDU YHUVFKZXQGHQ2EGDVQXQYRQZLOGHQ7LHUHQRGHUZLHVRQVW EHZLUNWEOLHELQ=ZHLIHO$QGUHVJLQJPLWVHLQHP.QDEHQXQG GHPDOWHQ-lJHU]XP*UDIHQYRQ9DFKXQGEHULFKWHWHWUHXOLFKGLH JDQ]H%HJHEHQKHLW'HU*UDIYRQ9DFKELOOLJWHGLH7DWGHV$QGUHV GHU]XU5HWWXQJVHLQHV6RKQHVHLQHQ5lXEHUXQG0|UGHU QLHGHUJHVWUHFNWKDWWHXQGOLHGHQJDQ]HQ9HUODXIGHU6DFKH QLHGHUVFKUHLEHQXQGLP$UFKLYGHV6FKORVVHVDXIEHZDKUHQ 'LHVFKUHFNOLFKH%HJHEHQKHLWKDWWHGHQ$QGUHVWLHILP,QQHUVWHQ HUVFKWWHUWXQGZRKOPRFKWHHUVLFKGHVKDOEZHQQGLH1DFKW HLQJHEURFKHQVFKODIORVDXIGHP/DJHUZlO]HQ$EHUZHQQHUVR ]ZLVFKHQ:DFKHQXQG7UlXPHQKLQEUWHWHGDK|UWHHUHVLP =LPPHUNQLVWHUQXQGUDXVFKHQXQGHLQURWHU6FKHLQIXKU KLQGXUFKXQGYHUVFKZDQGZLHGHU6RZLHHUDQILQJ]XKRUFKHQXQG ]XVFKDXHQGDPXUPHOWHHVGXPSIª1XQELVWGX0HLVWHU GX KDVWGHQ6FKDW] GXKDVWGHQ6FKDW] JHEHXWEHUGLH.UDIWVLH LVWGHLQ© 'HP$QGUHVZDUHVDOVZROOHHLQXQEHNDQQWHV*HIKO JDQ]HLJQHU:RKOEHKDJOLFKNHLWXQG/HEHQVOXVWLQLKPDXIJHKHQ DEHUVRZLHGLH0RUJHQU|WHGXUFKGLH)HQVWHUEUDFKGDHUPDQQWH VLFK$QGUHVXQGEHWHWHZLHHUHV]XWXQJHZRKQWNUlIWLJXQG LQEUQVWLJ]XGHP+HUUQGHUVHLQH6HHOHHUOHXFKWHWHª,FKZHL ZDVQXQQRFKPHLQHV$PWVXQG%HUXIVLVWXPGHQ9HUVXFKHU]X EDQQHQXQGGLH6QGHDE]XZHQGHQYRQPHLQHP+DXVH© 6R VSUDFK$QGUHVQDKP7UDEDFFKLRV.LVWFKHQXQGZDUIHVRKQHHV ]X|IIQHQLQHLQHWLHIH%HUJVFKOXFKW1XQJHQR$QGUHVHLQHV UXKLJHQ KHLWHUQ$OWHUVGDVNHLQHIHLQGOLFKH0DFKW]X]HUVW|UHQ YHUPRFKWH (QGH

Ignaz Denner

Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close