Pique Dame

'DVQHXH$EHQWHXHU

$OH[DQGHU3XVFKNLQ3LTXH'DPH 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH

7LWHOGHVUXVVLVFKHQ2ULJLQDOVIbdh\Zy>ZfZ ,QV'HXWVFKHEHUWUDJHQYRQ0LFKDHO3IHLIIHU 0LW,OOXVWUDWLRQHQYRQ8ZH+lQWVFK )UGLHGHXWVFKHhEHUVHW]XQJ ‹$XIEDX9HUODJ%HUOLQXQG:HLPDU )UGLH,OOXVWUDWLRQHQ ‹9HUODJ1HXHV/HEHQ%HUOLQ /L]HQ]1U /69 8PVFKODJ8ZH+lQWVFK 7\SRJUDILH:DOWHU/HLSROG 6FKULIWS([FHOVLRU *HVDPWKHUVWHOOXQJ 'UXFNHUHL1HXHV'HXWVFKODQG%HUOLQ %HVWHOO1U ''50

3LTXH'DPHEHGHXWHWKHLPOLFKHVhEHOZROOHQ 1HXHVWHV7UDXPEXFK



:DUHQGLH7DJHWUE 1DKPHQVLHYRUOLHE 0LWGHP6SLHO 6HW]WHQ²*RWWVHLåVJHNODJW² ,PPHUVHKUJHZDJW 8QGVHKUYLHO 6FKULHEHQPLW.UHLGHKLQ 'HQ9HUOXVWXQG*HZLQQ 2KQH]XZDUWHQ 6RZHQQGLH7DJHWUE :DULKQHQGLH$UEHLWOLHE 0LWGHQ.DUWHQ

%HLGHP*DUGHNDYDOOHULVWHQ1DUXPRZVSLHOWHPDQHLQHV $EHQGV .DUWHQ 'LH ODQJH :LQWHUQDFKW ZDU XQEHPHUNW YRUEHUJHJDQJHQ]XP$EHQGHVVHQVHW]WHPDQVLFKJHJHQ IQI8KUPRUJHQV'LH*HZLQQHUD‰HQPLWJUR‰HP$SSH WLWGLHEULJHQVD‰HQ]HUVWUHXWYRULKUHQOHHUHQ*HGHFNHQ 'RFK DOV GHU &KDPSDJQHU JHEUDFKW ZXUGH OHEWH GLH 8Q WHUKDOWXQJDXIXQGDOOHQDKPHQDQLKUWHLO Ä:LHLVWHVGLUHUJDQJHQ6XULQ"³IUDJWHGHU*DVWJHEHU Ä,FK KDEH YHUORUHQ ZLH JHZ|KQOLFK ,FK PX‰ JHVWHKHQ GD‰LFKNHLQ*OFNKDEH,FKVSLHOH0LUDQGROHUHJHPLFK QLHPDOVDXIQLFKWVEULQJWPLFKDXVGHU)DVVXQJXQGGRFK YHUOLHUHLFKLPPHU³ Ä8QG GX KDVW GLFK NHLQ HLQ]LJHV 0DO KLQUHL‰HQ ODVVHQ" .HLQ HLQ]LJHV 0DO DXI 5RXWH JHVHW]W" 'HLQH 6WDQGKDIWLJ

NHLWZXQGHUWPLFK³ Ä:DV VDJW LKU DEHU HUVW ]X +HUPDQQ"³ PHLQWH HLQHU GHU *lVWH XQG ZLHV DXI GHQ MXQJHQ *HQLHRIIL]LHU Ä1RFK QLH KDW HU HLQH .DUWH LQ GLH +DQG JHQRPPHQ QRFK QLH HLQ 3DUROL JHERWHQ XQG VLW]W ELV IQI 8KU PLW XQV ]XVDPPHQ XQGVLHKWGHP6SLHO]X³ Ä'DV 6SLHO LQWHUHVVLHUW PLFK VHKU³ VDJWH +HUPDQQ ÄGRFK LFK ELQ QLFKW LQ GHU /DJH 8QHQWEHKUOLFKHV ]X RS IHUQLQGHU+RIIQXQJhEHUIOVVLJHV]XHUZHUEHQ³ Ä+HUPDQQLVWHLQ'HXWVFKHU²HULVWEHUHFKQHQGGDVLVW DOOHV³EHPHUNWH7RPVNLÄ$EHUZHQQLFKMHPDQGHQQLFKW YHUVWHKH VR LVW HV PHLQH *UR‰PXWWHU GLH *UlILQ $QQD )HGRWRZQD³ Ä:LH":DV"³ULHIHQGLH*lVWH Ä,FK NDQQ HLQIDFK QLFKW EHJUHLIHQ³ IXKU 7RPVNL IRUW ÄZDUXPHLQHDFKW]LJMlKULJH)UDXQLFKWSRLQWLHUW³ Ä,KUZL‰WDOVRQLFKWVEHUVLH"³Ä1HLQ:LUZLVVHQZLUN OLFKQLFKWV³ Ä2K K|UW DOVR ]X ,KU P‰W ZLVVHQ GD‰ PHLQH *UR‰ PXWWHUYRUHWZDVHFK]LJ-DKUHQQDFK3DULVIXKUXQGGRUWLQ JUR‰HU 0RGH ZDU $OOH OLHIHQ LKU QDFK XP OD 9pQXV PRVFRYLWH ]X VHKHQ 5LFKHOLHX PDFKWH LKU GHQ +RI XQG GLH*UR‰PXWWHUYHUVLFKHUWGD‰HUVLFKZHJHQLKUHU8QQDK EDUNHLWEHLQDKHUVFKRVVHQKlWWH 'DPDOV VSLHOWHQ GLH 'DPHQ 3KDUDR %HL +RI YHUORU VLH HLQPDO DXI (KUHQZRUW VHKU YLHO DQ GHQ +HU]RJ YRQ 2UOH DQV$OVGLH*UR‰PXWWHU]X+DXVHDQJHNRPPHQZDUO|VWH VLH GLH 6FK|QKHLWVSIOlVWHUFKHQ YRP *HVLFKW VFKQUWH GHQ 5HLIURFN ORV WHLOWH GDEHL GHP *UR‰YDWHU LKUH 6SLHOVFKXOG PLWXQGEHIDKOVLH]XEHJOHLFKHQ 'HUVHOLJH*UR‰YDWHUZDUVRZHLWLFKPLFKHULQQHUHHLQH $UW +DXVKRIPHLVWHU EHL GHU *UR‰PXWWHU (U IUFKWHWH VLH

ZLH GDV )HXHU DOV HU MHGRFK YRQ VROFK HLQHU HQWVHW]OLFK KRKHQ 6SLHOVFKXOG K|UWH JHULHW HU DX‰HU VLFK EUDFKWH GLH 5HFKQXQJHQEHZLHVLKUGD‰VLHLQHLQHPKDOEHQ-DKUHLQH KDOEH0LOOLRQYHUEUDXFKW KlWWHQ GD‰ VLFK EHL 3DULV ZHGHU LKUH 0RVNDXHU QRFK 6DUDWRZHU '|UIHU EHIlQGHQ XQG OHKQWHHLQH=DKOXQJUXQGZHJDE'LH*UR‰PXWWHUJDELKP HLQH 2KUIHLJH XQG OHJWH VLFK ]XP =HLFKHQ LKUHU 8QJQDGH DOOHLQVFKODIHQ $PQlFKVWHQ7DJOLH‰VLHLKUHQ0DQQUXIHQLQGHU+RII QXQJGD‰GLHKlXVOLFKH6WUDIHQLFKWRKQH:LUNXQJJHEOLH EHQ VHL GRFK HU ZDU XQHUVFKWWHUOLFK =XP HUVWHQPDO LP /HEHQOLH‰VLHVLFKPLWLKPLQ(U|UWHUXQJHQXQG(UNOlUXQ JHQHLQVLHZROOWHLKPLQV*HZLVVHQUHGHQEHZLHVKHUDE ODVVHQG GD‰ 6FKXOG QLFKW JOHLFK 6FKXOG VHL XQG GD‰ HV HLQHQ 8QWHUVFKLHG ]ZLVFKHQ HLQHP 3ULQ]HQ XQG HLQHP 6WHOOPDFKHU JlEH ² 9HUJHEOLFK 'HU *UR‰YDWHU UHEHO OLHUWH 1HLQ XQG DEHUPDOV QHLQ 'LH *UR‰PXWWHU ZX‰WH QLFKWZDVVLHWXQVROOWH 6LH ZDU IOFKWLJ PLW HLQHP DX‰HUJHZ|KQOLFKHQ 0DQQ EHNDQQW ,KU KDEW DOOH YRP *UDIHQ 6DLQW*HUPDLQ JHK|UW YRQ GHP PDQ VLFK VR YLHO :XQGHUEDUHV HU]lKOW ,KU ZL‰W GD‰HUVLFKIUGHQ(ZLJHQ-XGHQDXVJDEIUGHQ(UILQGHU GHV/HEHQVHOL[LHUVGHV6WHLQVGHU:HLVHQXQGGHUJOHLFKHQ 0DQODFKWHEHULKQZLHEHUHLQHQ6FKDUODWDQXQG&DVD QRYD VDJW YRQ LKP LQ VHLQHQ 0HPRLUHQ HU VHL HLQ 6SLRQ WURW] VHLQHV JHKHLPQLVYROOHQ :HVHQV KDWWH 6DLQW*HUPDLQ EULJHQV HLQ VHKU ZUGLJHV $XVVHKHQ XQG ZDU LQ *HVHOO VFKDIW HLQ lX‰HUVW OLHEHQVZUGLJHU 0HQVFK 0HLQH *UR‰ PXWWHU LVW QRFK KHXWH YRQ LKP EHJHLVWHUW XQG ZLUG E|VH ZHQQ PDQ YRQ LKP DEIlOOLJ VSULFKW 0HLQH *UR‰PXWWHU ZX‰WH GD‰ 6DLQW*HUPDLQ EHU JUR‰H 6XPPHQ YHUIJHQ NRQQWH 6LH EHVFKOR‰ VLFK DQ LKQ ]X ZHQGHQ 6LH VFKULHE

LKPHLQ%LOOHWWXQGEDWLKQVLHVRIRUW]XEHVXFKHQ 'HU DOWH 6RQGHUOLQJ HUVFKLHQ XQYHU]JOLFK XQG IDQG VLH LQWLHIHP.XPPHUYRU6LHVFKLOGHUWHLKPGLHEDUEDULVFKH *UDXVDPNHLW LKUHV 0DQQHV LQ GHQ VFKZlU]HVWHQ )DUEHQ XQG VDJWH VFKOLH‰OLFK GD‰ VLH LKUH JDQ]H +RIIQXQJ DXI VHLQH)UHXQGVFKDIWXQG/LHEHQVZUGLJNHLWVHW]H

6DLQW*HUPDLQGDFKWHQDFK ,FK N|QQWH ,KQHQ PLW GLHVHU 6XPPH GLHQHQå VDJWH HU GRFKLFKZHL‰GD‰6LHNHLQH5XKHILQGHQ ZHUGHQEHYRU 6LHPLUGDV*HOG]XUFNJHJHEHQKDEHQLFKP|FKWH,KQHQ DEHU QHXH 8QJHOHJHQKHLWHQ HUVSDUHQ (V JLEW HLQ DQGHUHV 0LWWHO6LHN|QQHQGLH6FKXOGLP6SLHO ]XUFNJHZLQQHQå ²$EHUOLHEHU*UDIDQWZRUWHWHGLH*UR‰PXWWHULFKVDJH ,KQHQGRFKZLUKDEHQNHLQHUOHL*HOGå ²*HOGLVWKLHUEHL QLFKW Q|WLJå HQWJHJQHWH 6DLQW*HUPDLQ K|UHQ 6LH PLFK ELWWHDQå 8QGHUHU|IIQHWHLKUHLQ*HKHLPQLVIUGDVMHGHU YRQXQVYLHOJHEHQZUGH«³ 'LH MXQJHQ 6SLHOHU YHUGRSSHOWHQ LKUH $XIPHUNVDPNHLW

7RPVNL]QGHWHVLFKHLQH3IHLIHDQWDWHLQHQ=XJXQGIXKU IRUW Ä$PVHOEHQ$EHQGHUVFKLHQGLH*UR‰PXWWHULQ9HUVDLOOHV DXMHXGHOD5HLQH'HU+HU]RJYRQ2UOHDQVKLHOWGLH%DQN GLH *UR‰PXWWHU EDW IOFKWLJ XP (QWVFKXOGLJXQJ GD‰ VLH LKUH6FKXOGQLFKWJOHLFKPLWJHEUDFKWKDEHHUIDQG]XLKUHU 5HFKWIHUWLJXQJ HLQH NOHLQH *HVFKLFKWH XQG EHJDQQ JHJHQ LKQ]XSRLQWLHUHQ6LHZlKOWHGUHL.DUWHQVHW]WHHLQHQDFK GHU DQGHUHQ $OOH GUHL JHZDQQHQ 6RQLND XQG GLH *UR‰ PXWWHUKDWWHDOOHVZLHGHU]XUFNJHZRQQHQ³ Ä=XIDOO³VDJWHHLQHUGHU*lVWH Ä(LQ0lUFKHQ³EHPHUNWH+HUPDQQ Ä9LHOOHLFKW ZDUHQ HV JH]LQNWH .DUWHQ"³ PHLQWH HLQ GULW WHU Ä,FKJODXEHQLFKW³DQWZRUWHWH7RPVNLHUQVW Ä:LH³ VDJWH 1DUXPRZ ÄGX KDVW HLQH *UR‰PXWWHU GLH GUHL .DUWHQ KLQWHUHLQDQGHU WULIIW XQG KDVW YRQ LKU GLHVHV *HKHLPQLVQRFKQLFKWHUIDKUHQN|QQHQ"³ Ä'HQ 7HXIHO DXFK³ DQWZRUWHWH 7RPVNL Ä6LH KDWWH YLHU 6|KQH HLQHU YRQ LKQHQ ZDU PHLQ 9DWHU $OOH YLHU ZDUHQ OHLGHQVFKDIWOLFKH6SLHOHUXQGNHLQHPYRQLKQHQKDWVLHLKU *HKHLPQLV PLWJHWHLOW REZRKO GDV IU VLH ² XQG VRJDU DXFK IU PLFK ² QLFKW VFKOHFKW JHZHVHQ ZlUH 'RFK IROJHQGHV KDW PLU PHLQ 2QNHO *UDI ,ZDQ ,OMLWVFK HU]lKOW XQG EHL VHLQHU (KUH YHUVLFKHUW GD‰ HV ZDKU VHL 'HU YHU VWRUEHQH 7VFKDSOL]NL GHUVHOEH GHU 0LOOLRQHQ GXUFKJH EUDFKW KDWWH XQG DOV %HWWOHU JHVWRUEHQ ZDU KDWWH LQ VHLQHU -XJHQGHLQPDOGUHLKXQGHUWWDXVHQGLFKJODXEHDQ6RULWVFK LP6SLHOYHUORUHQ(UZDUYHU]ZHLIHOW'HU*UR‰PXWWHUGLH VLFK 6WUHLFKHQ MXQJHU /HXWH JHJHQEHU LPPHU VWUHQJ YHU KLHOWWDW7VFKDSOL]NLOHLG6LHQDQQWHLKPGUHL.DUWHQDXI GLH HU QDFKHLQDQGHU VHW]HQ VROOWH XQG OLH‰ VLFK VHLQ (K

UHQZRUWJHEHQLQ=XNXQIWQLHPHKU]XVSLHOHQ7VFKDSOL] NLHUVFKLHQEHLVHLQHP%HVLHJHUXQGVLHEHJDQQHQPLWGHP 6SLHO7VFKDSOL]NLVHW]WHDXIGLHHUVWH.DUWHIQI]LJWDXVHQG XQGJHZDQQ6RQLNDHUERW3DUROL3DUROLSpJHZDQQDOOHV ZLHGHUXQGKDWWHQRFKHLQHQ*HZLQQ« 'RFK HV LVW =HLW VFKODIHQ ]X JHKHQ (V LVW VFKRQ GUHL 9LHUWHOVHFKV³7DWVlFKOLFKZXUGHHVVFKRQKHOOGLHMXQJHQ /HXWHWUDQNHQLKUH*OlVHUDXVXQGIXKUHQQDFK+DXVH

 Ä,OSDUDvLWTXHPRQVLHXUHVWGpFLGpPHQWSRXUOHVVXL YDQWHV"³ Ä4XHYRXOH]YRXVPDGDPH"(OOHVVRQWSOXV IUDvFKHV³ *HVSUlFKLQGHUYRUQHKPHQ*HVHOOVFKDIW

'LH DOWH *UlILQ « VD‰ LQ LKUHP $QNOHLGH]LPPHU YRU GHP 6SLHJHO 'UHL 0lGFKHQ XPULQJWHQ VLH 'LH HLQH KLHOW HLQ 1lSIFKHQ PLW 6FKPLQNH LQ GHU +DQG GLH DQGHUH HLQH 6FKDFKWHO PLW 1DGHOQ GLH GULWWH HLQH KRKH +DXEH PLW IHXHUURWHQ %lQGHUQ 'LH *UlILQ NRQQWH QLFKW PHKU GHQ JHULQJVWHQ $QVSUXFK DXI 6FK|QKHLW HUKHEHQ GLH OlQJVW YHUJDQJHQ ZDU GRFK EHKLHOW VLH DOOH *HZRKQKHLWHQ LKUHU -XJHQGEHLNOHLGHWHVLFKJHQDXQDFKGHU0RGHGHUVLHE]L JHU-DKUHXQGPDFKWHHEHQVRODQJHXQGVRUJIlOWLJ7RLOHWWH ZLH YRU VHFK]LJ -DKUHQ $P )HQVWHU VD‰ DQ HLQHP 6WLFN

UDKPHQHLQMXQJHV)UlXOHLQLKUH3IOHJHWRFKWHU Ä*XWHQ7DJJUDQGåPDPDQ³VDJWHGHUMXQJH2IIL]LHUGHU HLQJHWUHWHQZDUÄ%RQMRXUPDGHPRLVHOOH/LVH *UDQGåPD PDQLFKNRPPHPLWHLQHU%LWWH]X,KQHQ³ Ä:DVLVW3DXO"³ Ä*HVWDWWHQ6LHGD‰LFK,KQHQHLQHQPHLQHU)UHXQGHYRU VWHOOHXQGLKQDP)UHLWDJ]X,KUHP%DOOPLWEULQJH³ Ä%ULQJ LKQ GLUHNW ]XP %DOO XQG GRUW VWHOOVW GX LKQ PLU DXFKYRU%LVWGXJHVWHUQEHL«JHZHVHQ"³ Ä1DWUOLFK (V ZDU VHKU OXVWLJ ELV IQI 8KU ZXUGH JH WDQ]W:LHVFK|QGLH-HOH]NDMDZDU³ Ä$FKPHLQ/LHEHU:DVLVWDQLKUVFK|Q":DVLVWVLHLP 9HUJOHLFK ]X LKUHU *UR‰PXWWHU GHU )UVWLQ 'DUMD 3H WURZQD" hEULJHQV LFK QHKPH DQ VLH LVW VFKRQ VHKU JHDO WHUWGLH)UVWLQ'DUMD3HWURZQD"³ Ä:LH JHDOWHUW"³ DQWZRUWHWH 7RPVNL ]HUVWUHXW Ä6LH LVW GRFKVFKRQYRUVLHEHQ-DKUHQJHVWRUEHQ³ 'DV )UlXOHLQ KRE GHQ .RSI XQG PDFKWH GHP MXQJHQ 0DQQ HLQ =HLFKHQ (U HULQQHUWH VLFK GD‰ PDQ GHU DOWHQ *UlILQGHQ7RGLKUHU$OWHUVJHQRVVLQQHQYHUKHLPOLFKWHXQG EL‰ VLFK DXI GLH /LSSHQ 'RFK GLH *UlILQ QDKP GLH LKU QHXH1DFKULFKWPLWJUR‰HP*OHLFKPXWDXI Ä6LH LVW JHVWRUEHQ³ VDJWH VLH Ä8QG LFK KDEH HV QLFKW HLQPDO JHZX‰W :LU VLQG EHLGH ]XVDPPHQ ]X +RIGDPHQ HUQDQQW ZRUGHQ XQG DOV ZLU XQV YRUVWHOOWHQ GD VDJWH GLH .DLVHULQ«³ 8QGGLH*UlILQHU]lKOWHGHP(QNHO]XPKXQGHUWVWHQPDO LKUH$QHNGRWH Ä1XQ 3DXO³ VDJWH VLH GDQQ ÄVHL PLU EHLP $XIVWHKHQ EHKLOIOLFK/LVDQNDZRLVWPHLQH7DEDWLHUH"³ 8QG GLH *UlILQ JLQJ PLW LKUHQ 0lGFKHQ KLQWHU GHQ :DQGVFKLUP XP LKUH 7RLOHWWH ]X EHHQGHQ 7RPVNL EOLHE

PLWGHP)UlXOHLQDOOHLQ Ä:HQZROOHQ6LHYRUVWHOOHQ"³IUDJWHOHLVH/LVDZHWD,ZD QRZQD Ä1DUXPRZ.HQQHQ6LHLKQ"³ Ä1HLQ,VWHU2IIL]LHURGHU=LYLOLVW"³ Ä2IIL]LHU³ Ä*HQLHRIIL]LHU"³ Ä1HLQ.DYDOOHULVW$EHUZDUXPKDEHQ6LH JHGDFKWGD‰ HU*HQLHRIIL]LHULVW"³ 'DV)UlXOHLQODFKWHXQGJDENHLQH$QWZRUW Ä3DXO³ULHIGLH*UlILQKLQWHUGHP:DQGVFKLUPÄVFKLFNH PLU LUJHQGHLQHQ QHXHQ 5RPDQ DEHU ELWWH NHLQHQ PRGHU QHQ³ Ä:LHVROOLFKGDVYHUVWHKHQJUDQGåPDPDQ"³ Ä,FK PHLQH HLQHQ 5RPDQ LQ GHP GHU +HOG ZHGHU GHQ 9DWHU QRFK GLH 0XWWHU HUZUJW XQG LQ GHP HV NHLQH (U WUXQNHQHQJLEW,FKIUFKWHPLFKHQWVHW]OLFKYRU:DVVHUOHL FKHQ³ Ä6ROFKH 5RPDQH JLEW HV KHXW]XWDJH QLFKW 2GHU ZROOHQ 6LHHWZDUXVVLVFKHKDEHQ"³ Ä*LEWHVGHQQUXVVLVFKH5RPDQH"6FKLFNHVLHPLUPHLQ /LHEHUELWWHVFKLFNHVLHPLU³ Ä/HEHQ6LHZRKOJUDQGåPDPDQLFKKDEHHVHLOLJ«/H EHQ6LHZRKO/LVDZHWD,ZDQRZQD:DUXPKDEHQ6LHQXU JHGDFKWGD‰1DUXPRZ*HQLHRIIL]LHULVW"³ 8QG7RPVNLYHUOLH‰GDV$QNOHLGH]LPPHU /LVDZHWD ,ZDQRZQD EOLHE DOOHLQ ]XUFN 6LH K|UWH PLW LKUHU$UEHLWDXIXQG VDK ]XP )HQVWHU KLQDXV %DOG GDUDXI NDP DXI GHU DQGHUHQ 6WUD‰HQVHLWH KLQWHU HLQHP (FNKDXV HLQ MXQJHU 2IIL]LHU KHUYRU 7LHIH 5|WH EHU]RJ LKUH :DQ JHQVLHQDKPLKUH$UEHLWZLHGHUDXIXQGEHXJWHGHQ.RSI EHU GLH 6WLFNHUHL ,Q GLHVHP $XJHQEOLFN WUDW GLH *UlILQ

YROOVWlQGLJDQJHNOHLGHWHLQ Ä/LVDQND³VDJWHVLHÄOD‰DQVSDQQHQZLUZHUGHQVSD]LH UHQIDKUHQ³ /LVDQNDHUKREVLFKKLQWHULKUHP6WLFNUDKPHQXQGUlXPWH LKUH$UEHLWIRUW

Ä:DV KDVW GX PHLQH %HVWH %LVW GX HWZD WDXE"³ VFKULH GLH*UlILQÄ/D‰VRIRUWDQVSDQQHQ³ Ä*OHLFK³ DQWZRUWHWH GDV )UlXOHLQ OHLVH XQG OLHI LQ GDV 9RU]LPPHU (LQ 'LHQHU WUDW KHUHLQ XQG EHUUHLFKWH GHU *UlILQ%FKHUYRP)UVWHQ3DZHO$OH[DQGURZLWVFK Ä*XW,FKODVVHGDQNHQ³VDJWHGLH*UlILQÄ/LVDQND/L VDQND:ROlXIVWGXGHQQKLQ"³ Ä0LFKDQ]LHKHQ³ Ä'DV HLOW QLFKW PHLQH %HVWH 6HW] GLFK KHU 6FKODJ GHQ HUVWHQ%DQGDXIOLHVPLUYRU«³ 'DV)UlXOHLQQDKPGDV%XFKXQGODVHLQLJH=HLOHQYRU Ä/DXWHU³ VDJWH GLH *UlILQ Ä:DV LVW PLW GLU PHLQH %H VWH"+DVWGXGHLQH6WLPPHYHUORUHQ":DUWHUFNPLUGHQ

6FKHPHOKHUDQQlKHU«1XQ³ /LVDZHWD,ZDQRZQDODVQRFK]ZHL6HLWHQYRU'LH*UlILQ JlKQWH Ä+|UPLWGLHVHP%XFKDXI³VDJWHVLHÄ:DVIUHLQ8Q VLQQ6FKLFNGDVDQGHQ)UVWHQ3DZHO]XUFNXQGOD‰LKP GDQNHQ«:REOHLEWGHQQGLH.XWVFKH"³ Ä'LH .XWVFKH VWHKW EHUHLW³ DQWZRUWHWH /LVDZHWD ,ZD QRZQDQDFKGHPVLHDXIGLH6WUD‰HJHJXFNWKDWWH Ä:DUXPELVWGXGHQQQLFKWDQJH]RJHQ"³IUDJWHGLH*Ul ILQ Ä,PPHU PX‰ PDQ DXI GLFK ZDUWHQ 'DV LVW XQHUWUlJ OLFKPHLQH%HVWH³ /LVDOLHILQLKU=LPPHU.HLQH]ZHL0LQXWHQZDUHQYHU JDQJHQDOVGLH*UlILQPLWDOOHU.UDIW]XNOLQJHOQEHJDQQ 'UHL 0lGFKHQ NDPHQ GXUFK GLH HLQH 7U KHUHLQJHODXIHQ XQGHLQ.DPPHUGLHQHUGXUFKGLHDQGHUH Ä+|UW LKU GHQQ VFKOHFKW"³ VDJWH GLH *UlILQ ]X LKQHQ Ä6DJW/LVDZHWD,ZDQRZQDGD‰LFKDXIVLHZDUWH³ /LVDZHWD,ZDQRZQDWUDWLQ+XWXQG0DQWHOKHUHLQ Ä(QGOLFKPHLQH%HVWH³VDJWHGLH*UlILQÄ:DVIUHLQH $XIPDFKXQJ :R]X GDV" :HQ ZLOOVW GX EH]DXEHUQ" 8QG ZLHLVWGDV:HWWHU"(VVFKHLQWZLQGLJ]XVHLQ³ Ä'XUFKDXV QLFKW (XHU (UODXFKW (V LVW YROONRPPHQ ZLQGVWLOO³DQWZRUWHWHGHU.DPPHUGLHQHU Ä,KUUHGHWLPPHUZDVHXFKJHUDGHLQGHQ.RSINRPPW 0DFKWPDOGLH)HQVWHUNODSSHDXI:LH LFK HV JHVDJW KDEH ² :LQG 8QG QRFK GD]X HLVLJNDOWHU /D‰W DXVVSDQQHQ /LVDQNDZLUIDKUHQQLFKW'XKDVWGLFKXPVRQVWKHUDXVJH SXW]W³ 8QG GDV LVW QXQ PHLQ /HEHQ GDFKWH /LVDZHWD ,ZD QRZQD /LVDZHWD ZDU ZLUNOLFK HLQ lX‰HUVW XQJOFNOLFKHV *H VFK|SI )UHPGHV %URW VFKPHFNW ELWWHU VDJW 'DQWH XQG

VFKZHUIlOOWHVGLH7UHSSHHLQHVIUHPGHQ+DXVHVKRFK]X VWHLJHQ XQG ZHU NDQQWH GLH %LWWHUQLV GHU $EKlQJLJNHLW EHVVHU DOV GLH DUPH 3IOHJHWRFKWHU GHU DOWHQ $ULVWRNUDWLQ" 'LH *UlILQ « KDWWH QDWUOLFK NHLQ VFKOHFKWHV +HU] GRFK DOV HLQH YRQ GHU *HVHOOVFKDIW YHUZ|KQWH )UDX ZDU VLH ODXQLVFK ]XGHP JHL]LJ XQG YRQ HLQHP NDOWHQ (JRLVPXV GXUFKGUXQJHQZLHDOOHDOWHQ/HXWHGLH]XLKUHU=HLWJHOHEW KDEHQXQGGHUKHXWLJHQIUHPGJHJHQEHUVWHKHQ6LHQDKP DQDOOHQ=HUVWUHXXQJHQGHUJUR‰HQ:HOWWHLOVFKOHSSWHVLFK DXI %lOOH ZR VLH JHVFKPLQNW XQG DOWPRGLVFK JHNOHLGHW ZLH HLQH Kl‰OLFKH XQG QRWZHQGLJH 9HU]LHUXQJ GHV %DOO VDDOHVLQGHU(FNHVD‰XQWHUWLHIHQ9HUEHXJXQJHQQlKHUWHQ VLFKLKUZLHQDFKHLQHPYRUJHVFKULHEHQHQ=HUHPRQLHOOGLH HLQWUHIIHQGHQ*lVWHXQGGDQQNPPHUWHVLFKNHLQHUPHKU XP VLH %HL VLFK ]X +DXVH HPSILQJ VLH GLH JDQ]H 6WDGW EHREDFKWHWH GDEHL GLH VWUHQJVWH (WLNHWWH XQG HUNDQQWH QLHPDQGHQ ,KUH ]DKOUHLFKH 'LHQHUVFKDIW GLH LQ LKUHP 9RU]LPPHU XQG LQ LKUHU 0lGFKHQVWXEH GLFN XQG JUDX JHZRUGHQZDUWDWZDVLKUJHILHOXQGEHVWDKOGLHVWHUEHQ GH$OWHXPGLH:HWWH/LVDZHWD,ZDQRZQDZDUGLH0lUW\ UHULQ GHV +DXVHV 6LH VFKHQNWH 7HH HLQ XQG PX‰WH VLFK ZHJHQGHV DOO]XKRKHQ=XFNHUYHUEUDXFKV9RUZUIH DQK| UHQVLHODVDXV5RPDQHQYRUXQGZDUDQDOOHQ)HKOHUQGHV $XWRUVVFKXOGVLHEHJOHLWHWHGLH*UlILQDXI6SD]LHUIDKUWHQ XQGZDUIU:HWWHUXQG6WUD‰HQSIODVWHUYHUDQWZRUWOLFK,KU ZDU HLQ *HKDOW EHVWLPPW GDV VLH QLHPDOV YROO DXVJH]DKOW EHNDPXQGGDEHLYHUODQJWHPDQYRQLKUGD‰VLH DQJH]R JHQVHLZLHDOOHGDVKHL‰WZLHVHKUZHQLJH,QGHU*HVHOO VFKDIW VSLHOWH VLH GLH EHGDXHUQVZHUWHVWH 5ROOH $OOH NDQQ WHQVLHGRFKQLHPDQGDFKWHWHVLHDXI%lOOHQWDQ]WHVLHQXU ZHQQHLQ9LVDYLVIHKOWHXQGGLH'DPHQQDKPHQVLHLPPHU GDQQ XQWHU GHQ $UP ZHQQ VLH LQ GLH *DUGHUREH PX‰WHQ

XP HWZDV DQ LKUHU 7RLOHWWH LQ 2UGQXQJ ]X EULQJHQ 6LH EHVD‰ HLQ DXVJHSUlJWHV (KUJHIKO HPSIDQG OHEKDIW LKUH /DJHXQGVDKVLFKLQXQJHGXOGLJHU(UZDUWXQJQDFKHLQHP %HIUHLHU XP 'RFK GLH MXQJHQ LQ LKUHU OHLFKWVLQQLJHQ (LWHONHLW EHUHFKQHQGHQ 0lQQHU VFKHQNWHQ LKU NHLQH $XI PHUNVDPNHLW REZRKO /LVDZHWD ,ZDQRZQD KXQGHUWPDO OLHEUHLFKHUZDU DOVGLHIUHFKHQ XQGNKOHQ%UlXWHGLHVLH XPZDUEHQ :LH RIW KDWWH VLH GHQ ODQJZHLOHQ XQG SUXQN YROOHQ 6DDO XQEHPHUNW YHUODVVHQ XQG ZDU XP ]X ZHLQHQ DXILKU=LPPHUJHJDQJHQLQGHPHLQPLW7DSHWHEHNOHEWHU :DQGVFKLUP HLQH .RPPRGH HLQ 6SLHJHO XQG HLQ DQJH VWULFKHQHV %HWW VWDQGHQ XQG ZR HLQ 7DOJOLFKW GVWHU LQ HLQHPNXSIHUQHQ/HXFKWHUEUDQQWH (LQHV 7DJHV ² GLHV JHVFKDK ]ZHL 7DJH QDFK GHP $EHQGGHQZLU]X%HJLQQGHU(U]lKOXQJEHVFKULHEHQXQG HLQH :RFKH YRU GHU 6]HQH EHL GHU ZLU VWHKHQEOLHEHQ ² HLQHV7DJHVDOV/LVDZHWD,ZDQRZQDDP)HQVWHUYRULKUHP 6WLFNUDKPHQVD‰EOLFNWHVLH]XIlOOLJDXIGLH6WUD‰HKLQDXV XQG EHPHUNWH HLQHQ MXQJHQ 2IIL]LHU GHU XQEHZHJOLFK GDVWDQG XQG XQYHUZDQGW ]X LKUHP )HQVWHU KLQDXIEOLFNWH 6LHVHQNWHGHQ.RSIXQGEHVFKlIWLJWHVLFKZLHGHUPLWLKUHU $UEHLW QDFK IQI 0LQXWHQ VDK VLH YRQ QHXHP KLQDXV ² GHU 2IIL]LHU VWDQG DXI GHUVHOEHQ 6WHOOH 'D VLH QLFKW GLH *HZRKQKHLW KDWWH PLW YRUEHUJHKHQGHQ 2IIL]LHUHQ ]X NRNHWWLHUHQEOLFNWHVLHEHUKDXSWQLFKWPHKUDXIGLH6WUD ‰H XQG VWLFNWH XQJHIlKU ]ZHL 6WXQGHQ RKQH DXI]XVHKHQ 'DV 0LWWDJHVVHQ ZXUGH DXIJHWUDJHQ 6LH HUKRE VLFK UlXPWH GHQ 6WLFNUDKPHQ ]XU 6HLWH ZDUI ]XIlOOLJ HLQHQ %OLFNDXIGLH6WUD‰HXQGVDKZLHGHUGHQ2IIL]LHU'LHVNDP LKU K|FKVW VHOWVDP YRU 1DFK GHP (VVHQ WUDW VLH PLW GHP *HIKO HLQHU JHZLVVHQ 8QUXKH DQ GDV )HQVWHU GRFK GHU 2IIL]LHUZDUQLFKWPHKUGD²XQGVLHYHUJD‰LKQ«

1DFKHWZD]ZHL7DJHQDOVVLHPLWGHU*UlILQKLQDXVJLQJ XP VLFK LQ GLH .XWVFKH ]X VHW]HQ VDK VLH LKQ ZLHGHU (U VWDQG XQPLWWHOEDU QHEHQ GHU $XIIDKUW VHLQ *HVLFKW ZDU YRQHLQHP%LEHUSHO]NUDJHQYHUGHFNWXQGVHLQHVFKZDU]HQ $XJHQ IXQNHOWHQ XQWHU GHP +XW /LVDZHWD ,ZDQRZQD HUVFKUDN²VLHZX‰WHVHOEVWQLFKWZRYRU²XQGQDKPLQ XQEHVFKUHLEOLFKHU$XIUHJXQJLQGHU.XWVFKH3ODW] $OVVLH]XUFNJHNHKUWZDUOLHIVLHVRIRUW]XP)HQVWHU² GHU 2IIL]LHU VWDQG DQ GHU IUKHUHQ 6WHOOH XQG KLHOW VHLQH $XJHQ DXI VLH JHULFKWHW VLH WUDW ]XUFN YRQ 1HXJLHU JH SHLQLJW XQG YRQ HLQHP *HIKO HUUHJW GDV LKU Y|OOLJ QHX ZDU 6HLWGHPYHUJLQJNHLQ7DJDQGHPGHUMXQJH0DQQQLFKW ]X EHVWLPPWHU 6WXQGH XQWHU GHQ )HQVWHUQ LKUHV +DXVHV HUVFKLHQHQZlUH=ZLVFKHQLKPXQGLKUELOGHWHQVLFKRKQH MHJOLFKH 9HUDEUHGXQJ JHZLVVH %H]LHKXQJHQ KHUDXV :HQQ VLHDXILKUHP3ODW]EHLGHU$UEHLWVD‰GDQQVSUWHVLHVHLQ 1DKHQ²VLHKREGHQ.RSIXQGVDKYRQ7DJ]X7DJOlQJHU

KLQXQWHU 'HU MXQJH 0DQQ ZDU LKU VR VFKLHQ HV GDIU GDQNEDU0LWGHPVFKDUIHQ$XJHGHU-XJHQGEHPHUNWHVLH ZLH MHGHVPDO HLQH VFKQHOOH 5|WH VHLQH EOHLFKHQ :DQJHQ EHU]RJZHQQVLFK LKUH %OLFNH WUDIHQ 1DFK HLQHU :RFKH OlFKHOWHVLHLKP]X« $OV 7RPVNL XP GLH (UODXEQLV EDW GHU *UlILQ VHLQHQ )UHXQG YRUVWHOOHQ ]X GUIHQ VFKOXJ GHP DUPHQ 0lGFKHQ GDV+HU]ELV]XP+DOV'RFKDOVVLHHUIXKUGD‰1DUXPRZ NHLQ *HQLHRIIL]LHU ZDU VRQGHUQ *DUGHNDYDOOHULVW EHGDX HUWHVLH GXUFK HLQH XQEHVFKHLGHQH )UDJH GHP OHLFKWVLQQL JHQ7RPVNLLKU*HKHLPQLVYHUUDWHQ]XKDEHQ +HUPDQQ ZDU GHU 6RKQ HLQHV ]XP 5XVVHQ JHZRUGHQHQ 'HXWVFKHQGHULKPHLQNOHLQHV.DSLWDOKLQWHUODVVHQKlWWH 9RQGHU1RWZHQGLJNHLWVHLQH8QDEKlQJLJNHLW]XIHVWLJHQ ]XWLHIVW EHU]HXJW UKUWH +HUPDQQ QLFKW HLQPDO GLH =LQ VHQDQOHEWHQXUYRP*HKDOWXQGJHVWDWWHWHVLFKQLFKWGHQ JHULQJVWHQ /X[XV (U ZDU EULJHQV YHUVFKORVVHQ XQG HKU JHL]LJ XQG VHLQH .DPHUDGHQ KDWWHQ VHOWHQ *HOHJHQKHLW VLFK EHU VHLQH EHUWULHEHQH 6SDUVDPNHLW OXVWLJ ]X PD FKHQ(UZDUVHKUOHLGHQVFKDIWOLFKXQGKDWWHHLQHJOKHQGH 3KDQWDVLH GRFK VHLQH )HVWLJNHLW VFKW]WH LKQ YRU GHQ EOLFKHQ 9HULUUXQJHQ GHU -XJHQG 6R QDKP HU ]XP %HL VSLHO REZRKO HU YRQ 1DWXU HLQ 6SLHOHU ZDU QLHPDOV HLQH .DUWHLQGLH+DQGGDHUVLFKDXVJHUHFKQHWKDWWHGD‰VHLQ 9HUP|JHQ LKP QLFKW HUODXEH ZLH HU ]X VDJHQ SIOHJWH  8QHQWEHKUOLFKHV]XRSIHUQLQGHU+RIIQXQJhEHUIOVVLJHV ]XHUZHUEHQ²VD‰DEHUJDQ]H1lFKWHDQGHQ6SLHOWLVFKHQ XQG IROJWH LQ ILHEHUKDIWHU (UUHJXQJ GHP ZHFKVHOKDIWHQ 9HUODXIGHV6SLHOV 'LH *HVFKLFKWH YRQ GHQ GUHL .DUWHQ EHVFKlIWLJWH VHLQH 3KDQWDVLH VWDUN XQG JLQJ LKP GLH JDQ]H 1DFKW QLFKW DXV GHP .RSI :DV ZlUH GDFKWH HU DP $EHQG GHV QlFKVWHQ

7DJHV DOV HU LQ 3HWHUVEXUJ XPKHUVFKOHQGHUWH ZHQQ GLH DOWH *UlILQ PLU LKU *HKHLPQLV HQWGHFNWH 2GHU PLU LKUH GUHL VLFKHUHQ .DUWHQ QHQQWH :DUXP VROO LFK PHLQ *OFN QLFKWYHUVXFKHQ"«,FKODVVHPLFKYRUVWHOOHQHUZHUEHLKU 9HUWUDXHQ « YLHOOHLFKW ZHUGH LFK LKU /LHEKDEHU ² GRFK DOO GDV EUDXFKW VHLQH =HLW XQG VLH LVW VLHEHQXQGDFKW]LJ -DKUHDOWVLHNDQQLQHLQHU:RFKHVWHUEHQ²LQ]ZHL 7D JHQ VFKRQ « 8QG GLH *HVFKLFKWH VHOEVW" « .DQQ PDQ LKUJODXEHQ"«1HLQ%HUHFKQXQJ6SDUVDPNHLWXQG)OHL‰ GDVVLQGPHLQHGUHLVLFKHUHQ.DUWHQGDVLVWHV ZDV PHLQ .DSLWDOYHUGUHLIDFKHQYHUVLHEHQIDFKHQZLUGXQGPLU5XKH XQG8QDEKlQJLJNHLWJLEW :lKUHQG HU GLHVH hEHUOHJXQJHQ DQVWHOOWH ZDU HU DXI HLQH GHU +DXSWVWUD‰HQ 3HWHUVEXUJV JHNRPPHQ XQG VWDQG SO|W]OLFK YRU HLQHP +DXV DOWHU %DXDUW 'LH 6WUD‰H ZDU YROOHU (TXLSDJHQ XQG HLQH .XWVFKH QDFK GHU DQGHUHQ UROOWHDQGHUHUOHXFKWHWHQ$XIIDKUWYRU$XVGHQ.XWVFKHQ VWUHFNWH VLFK DOOH $XJHQEOLFNH EDOG GDV VFKODQNH %HLQ HLQHUMXQJHQ6FK|QKHLWEDOG HLQ NQDUUHQGHU .DQRQHQVWLH IHOEDOGHLQJHVWUHLIWHU6WUXPSIXQGHLQ'LSORPDWHQVFKXK 3HO]H XQG 8PKlQJH HLOWHQ DQ GHP PDMHVWlWLVFKHQ 3RUWLHU YRUEHU+HUPDQQEOLHEVWHKHQ Ä:HPJHK|UWGLHVHV+DXV"³IUDJWHHUGHQ:lFKWHUDQGHU (FNHÄ'HU*UlILQ«³DQWZRUWHWHGHU:lFKWHU +HUPDQQJHULHWLQ(UUHJXQJ'LHZXQGHUEDUH*HVFKLFKWH HUVWDQG HUQHXW LQ VHLQHU 3KDQWDVLH (U JLQJ YRU GHP +DXV DXIXQGDEGDFKWHDQGHVVHQ+HUULQXQGLKUHZXQGHUEDUH )lKLJNHLW (UVW VSlW NHKUWH HU LQ VHLQ EHVFKHLGHQHV +HLP ]XUFN ODQJH NRQQWH HU QLFKW HLQVFKODIHQ XQG DOV GHU 6FKODI LKQ EHUZlOWLJW KDWWH WUlXPWH HU YRQ .DUWHQ GHP JUQHQ 6SLHOWLVFK *HOGVFKHLQEQGHOQ XQG +DXIHQ YRQ *ROGPQ]HQ (U VHW]WH HLQH .DUWH QDFK GHU DQGHUHQ ERJ

HQWVFKORVVHQGLH(FNHQJHZDQQXQDXIK|UOLFKVFKDUUWHGDV *ROGDQVLFKXQGVWHFNWHGLH*HOGVFKHLQHLQGLH7DVFKH(U ZDFKWHVSlWDXIVHXI]WHEHUGHQ9HUOXVWVHLQHVSKDQWDVWL VFKHQ 5HLFKWXPV VFKOHQGHUWH YRQ QHXHP LQ GHU 6WDGW XPKHUXQGEHIDQGVLFKZLHGHUYRUGHP+DXVGHU*UlILQ« (LQH XQVLFKWEDUH .UDIW ]RJ LKQ VR VFKLHQ HV ]X LKP KLQ (UEOLHEVWHKHQXQGVDK]XGHQ )HQVWHUQKLQDXI ,QHLQHP YRQLKQHQVDKHUHLQVFKZDU]KDDULJHV.|SIFKHQGDVZDKU VFKHLQOLFK EHU HLQ %XFK RGHU HLQH +DQGDUEHLW JHEHXJW ZDU 'HU .RSI HUKRE VLFK +HUPDQQ VDK HLQ IULVFKHV *H VLFKW XQG VFKZDU]H $XJHQ 'LHVHU $XJHQEOLFN HQWVFKLHG EHUVHLQ6FKLFNVDO

 9RXVPåpFULYH]PRQDQJHGHVOHWWUHVGH TXDWUHSDJHVSOXVYLWHTXHMHQHSXOVOHVOLUH $XVHLQHP%ULHIZHFKVHO

.DXP KDWWH /LVDZHWD ,ZDQRZQD 0DQWHO XQG +XW DEJH OHJW DOV GLH *UlILQ QDFK LKU VFKLFNWH XQG YRQ QHXHP DQ VSDQQHQ OLH‰ 6LH JLQJHQ KLQXQWHU XP HLQ]XVWHLJHQ ,Q GHP $XJHQEOLFN DOV ]ZHL 'LHQHU GLH *UlILQ KRFKKREHQ XQGLKUGXUFKGHQ:DJHQVFKODJKDOIHQHUEOLFNWH/LVDZHWD ,ZDQRZQD XQPLWWHOEDU DP 5DG LKUHQ *HQLHRIIL]LHU HU HUJULII LKUH +DQG VLH ZX‰WH QLFKW ZDV WXQ YRU 6FKUHFN GHU MXQJH 0DQQ YHUVFKZDQG XQG OLH‰ HLQHQ %ULHI LQ LKUHU +DQG]XUFN6LH YHUVWHFNWH LKQ LQ LKUHP +DQGVFKXK XQG VDKXQGK|UWHZlKUHQGGHVJDQ]HQ:HJHVQLFKWVPHKU'LH *UlILQ KDWWH LQ GHU .XWVFKH GLH *HZRKQKHLW DOOH $XJHQ EOLFNH )UDJHQ ]X VWHOOHQ :HU LVW XQV GD HQWJHJHQJHNRP

PHQ" :LH KHL‰W GLHVH %UFNH" :DV VWHKW GRUW DXI GHP 6FKLOG" /LVDZHWD ,ZDQRZQD DQWZRUWHWH GLHVHV 0DO IDOVFK XQGZDVLKUJHUDGHLQGHQ.RSINDPXQGYHUlUJHUWHGDPLW GLH*UlILQÄ:DVLVWPLWGLUPHLQH%HVWH,VWGHLQ9HUVWDQG VWHKHQJHEOLHEHQRGHUZDV"(QWZHGHUK|UVWGXPLFKQLFKW RGHUGXYHUVWHKVWPLFKQLFKW«*RWWVHL'DQNVSUHFKHLFK GHXWOLFKXQGKDEHQRFKQLFKWGHQ9HUVWDQGYHUORUHQ³ /LVDZHWDK|UWHQLFKWDXIGDVZDVVLHVDJWH1DFK+DXVH ]XUFNJHNHKUWOLHIVLHDXILKU=LPPHUXQGKROWHGHQ%ULHI DXV GHP +DQGVFKXK (U ZDU QLFKW YHUVLHJHOW /LVDZHWD ,ZDQRZQD ODV LKQ 'HU %ULHI HQWKLHOW HLQH /LHEHVHUNOl UXQJ 6LH ZDU YROOHU =lUWOLFKNHLW XQG (KUHUELHWXQJ XQG :RUWIU:RUWHLQHPGHXWVFKHQ5RPDQHQWQRPPHQ$EHU /LVDZHWD,ZDQRZQDYHUVWDQGNHLQ'HXWVFKXQGZDUPLWLKU VHKU]XIULHGHQ 'RFKGHU%ULHIGHQVLHDQJHQRPPHQKDWWHEHXQUXKLJWH VLH DX‰HURUGHQWOLFK =XP HUVWHQPDO WUDW VLH LQ JHKHLPH HQJH%H]LHKXQJHQ]XHLQHPMXQJHQ0DQQ6HLQH.KQKHLW HQWVHW]WH VLH 6LH ZDUI VLFK LKU XQYRUVLFKWLJHV %HQHKPHQ YRU XQG ZX‰WH QLFKW ZDV WXQ 6ROOWH VLH DXIK|UHQ DP )HQVWHU ]X VLW]HQ XQG GXUFK 1LFKWEHDFKWHQ GHP MXQJHQ 2IIL]LHU GLH /XVW DQ ZHLWHUHQ 9HUIROJXQJHQ QHKPHQ" 6ROOWH VLH GHQ %ULHI ]XUFNVFKLFNHQ" 6ROOWH VLH NKO HQW VFKORVVHQ DQWZRUWHQ" 6LH KDWWH QLHPDQGHQ PLW GHP VLH VLFK EHUDWHQ NRQQWH VLH EHVD‰ ZHGHU HLQH )UHXQGLQ QRFK HLQH9HUWUDXWH/LVDZHWD,ZDQRZQDEHVFKOR‰]XDQWZRUWHQ 6LHVHW]WHVLFKDQLKUHQNOHLQHQ6FKUHLEWLVFKQDKP)HGHU XQG3DSLHU²XQGYHUILHOLQ1DFKGHQNHQ6LHEHJDQQGHQ %ULHIPHKUHUH0DOH²XQG]HUUL‰LKQLPPHUZLHGHU%DOG HUVFKLHQHQ LKU GLH $XVGUFNH ]X KHUDEODVVHQG EDOG ]X KDUW6FKOLH‰OLFKJHODQJHQLKUHLQLJH=HLOHQPLWGHQHQVLH ]XIULHGHQ ZDU Ä,FK ELQ EHU]HXJW³ VFKULHE VLH ÄGD‰ 6LH

HKUOLFKH$EVLFKWHQKDEHQXQGPLFKGXUFK,KUHXQEHGDFKWH 7DW QLFKW EHOHLGLJHQ ZROOWHQ GRFK XQVHUH %HNDQQWVFKDIW KlWWH QLFKW DXI GLHVH :HLVH EHJLQQHQ GUIHQ ,FK VHQGH ,KQHQ ,KUHQ %ULHI ]XUFN XQG KRIIH GD‰ LFK LQ =XNXQIW NHLQHQ*UXQGKDEHQZHUGHPLFKEHUXQYHUGLHQWHQ0DQ JHODQ$FKWXQJ]XEHNODJHQ³ $OV/LVDZHWD,ZDQRZQDDPQlFKVWHQ7DJ+HUPDQQV1D KHQEHPHUNWHVWDQGVLHYRQLKUHU6WLFNHUHLDXIJLQJLQGHQ 6DDO|IIQHWHGDV)HQVWHUXQGZDUIGHQ%ULHIDXIGLH6WUD ‰HVLFKDXIGLH%HKHQGLJNHLWGHVMXQJHQ2IIL]LHUVYHUODV VHQG +HUPDQQ HLOWH KHU]X KRE LKQ DXI XQG WUDW LQ HLQH .RQ GLWRUHL HLQ $OV HU GDV 6LHJHO HUEURFKHQ KDWWH IDQG HU VHLQHQ %ULHI XQG GLH $QWZRUW /LVDZHWD ,ZDQRZQDV 'LHV KDWWHHUDXFKHUZDUWHWXQGHUNHKUWH VHKU EHVFKlIWLJW PLW VHLQHU,QWULJHQDFK+DXVH]XUFN 'UHL 7DJH GDQDFK EUDFKWH HLQH MXQJH IOLQNlXJLJH 0DP VHOO DXV HLQHP 0RGHJHVFKlIW /LVDZHWD ,ZDQRZQD HLQ %ULHIFKHQ /LVDZHWD ,ZDQRZQD |IIQHWH HV YROOHU 8QUXKH GDVLH*HOGIRUGHUXQJHQYHUPXWHWHXQG HUNDQQWH SO|W]OLFK GLH +DQGVFKULIW +HUPDQQV Ä6LH KDEHQ VLFK JHLUUW PHLQH /LHEH³VDJWHVLHÄGLHVHU%ULHILVWQLFKWIUPLFK³ Ä1HLQ HU LVW IU 6LH³ DQWZRUWHWH GDV NHFNH 0lGFKHQ RKQH HLQ YHUVFKPLW]WHV /lFKHOQ ]X YHUEHUJHQ Ä/HVHQ 6LH LKQELWWH³ /LVDZHWD ,ZDQRZQD EHUIORJ GHQ %ULHI +HUPDQQ IRU GHUWHHLQH=XVDPPHQNXQIW Ä'DVNDQQQLFKWVHLQ³VDJWH/LVDZHWD,ZDQRZQDGLHGLH +DVW GHU )RUGHUXQJ HUVFKUHFNWH XQG DXFK GLH $UW XQG :HLVH ZLH HU VLH YRUEUDFKWH Ä'LHVHU %ULHI LVW EHVWLPPW QLFKW DQ PLFK JHULFKWHW³ 8QG VLH ]HUUL‰ LKQ LQ NOHLQH 6WFNFKHQ

Ä:HQQGHU%ULHIQLFKWIU6LHEHVWLPPWLVWZDUXPKDEHQ 6LHLKQGDQQ]HUULVVHQ"³IUDJWHGLH0DPVHOOÄ,FKKlWWHLKQ GHPMHQLJHQ GHU LKQ JHVFKLFNW KDW ZLHGHU ]XUFNJH EUDFKW³ Ä%LWWHPHLQH/LHEH³VDJWH/LVDZHWD,ZDQRZQDGLHEHL GLHVHU%HPHUNXQJ URWJHZRUGHQZDUÄ%ULQJHQ6LHPLULQ =XNXQIWNHLQH%ULHIHPHKU8QGVDJHQ6LHGHPMHQLJHQGHU 6LHJHVFKLFNWKDWGD‰HUVLFKVFKlPHQVROOWH«³ $EHU+HUPDQQJDEQLFKWDXI/LVDZHWD,ZDQRZQDHUKLHOW MHGHQ7DJDXIGLHHLQHRGHUDQGHUH:HLVHHLQHQ%ULHIYRQ LKP 6LH ZDUHQ VFKRQ QLFKW PHKU DXV GHP 'HXWVFKHQ EHUVHW]W +HUPDQQ VFKULHE VLH YRQ /HLGHQVFKDIW JHWULH EHQ XQG VSUDFK GLH LKP HLJHQH 6SUDFKH ,Q LKQHQ NDPHQ GLH (QWVFKORVVHQKHLW VHLQHU :QVFKH XQG GHU :LUUZDUU VHLQHU XQJH]JHOWHQ 3KDQWDVLH ]XP $XVGUXFN /LVDZHWD ,ZDQRZQD GDFKWH JDU QLFKW PHKU GDUDQ VLH ZHJ]XVFKLN NHQ6LHEHUDXVFKWHVLFKDQLKQHQVLHEHDQWZRUWHWHVLH² XQG LKUH %ULHIH ZXUGHQ VWQGOLFK OlQJHU XQG ]lUWOLFKHU 6FKOLH‰OLFKZDUIVLHLKPIROJHQGHQ%ULHIDXVGHP)HQVWHU +HXWH LVW %DOO EHL GHP «LVFKHQ *HVDQGWHQ 'LH *UlILQ ZLUG GRUW VHLQ :LU ZHUGHQ ELV JHJHQ ]ZHL 8KU EOHLEHQ 'DV LVW HLQH *HOHJHQKHLW IU 6LH PLFK DOOHLQ DQ]XWUHIIHQ 6RZLH GLH *UlILQ IRUWJHIDKUHQ LVW ZHUGHQ LKUH /HXWH ZDKUVFKHLQOLFKDOOHZHJJHKHQLP9RUUDXPEOHLEW]ZDUGHU 3RUWLHU GRFK DXFK HU JHKW JHZ|KQOLFK LQ VHLQH /RJH .RPPHQ 6LH XP KDOE ]Z|OI *HKHQ 6LH JHUDGHDXV GLH 7UHSSH KLQDXI )DOOV ,KQHQ LP 9RU]LPPHU MHPDQG EHJHJ QHQ VROOWH VR IUDJHQ 6LH LKQ RE GLH *UlILQ ]X +DXVH VHL 0DQZLUGHVYHUQHLQHQ²XQGGDQQLVWQLFKWV]XPDFKHQ 6LH PVVHQ XPNHKUHQ :DKUVFKHLQOLFK WUHIIHQ 6LH DEHU QLHPDQGHQ 'LH 0lGFKHQ KDOWHQ VLFK DOOH LQ LKUHU 6WXEH DXI $XV GHP 9RU]LPPHU JHKHQ 6LH QDFK OLQNV XQG GDQQ

LPPHU JHUDGHDXV ELV ]XP 6FKODI]LPPHU GHU *UlILQ ,P 6FKODI]LPPHU VHKHQ 6LH KLQWHU GHP :DQGVFKLUP ]ZHL NOHLQH7UHQGLHUHFKWHIKUWLQV.DELQHWWGDVGLH*UlILQ QLHPDOV DXIVXFKW GLH OLQNH LQ GHQ .RUULGRU XQG GRUW EH ILQGHWVLFKDXFKGLHVFKPDOH:HQGHOWUHSSH²VLHIKUWLQ PHLQ=LPPHU +HUPDQQ ]LWWHUWH ZLH HLQ 7LJHU ZlKUHQG HU GLH IHVWJH VHW]WH=HLWHUZDUWHWH'HV$EHQGVXP ]HKQ 8KU VWDQG HU VFKRQYRUGHP+DXVGHU*UlILQ'DV:HWWHUZDUDEVFKHX OLFK 'HU :LQG KHXOWH IHXFKWHU 6FKQHH ILHO LQ JUR‰HQ )ORFNHQ KHUQLHGHU WUEH EUDQQWHQ GLH /DWHUQHQ XQG GLH 6WUD‰HQ ZDUHQ OHHU 'DQQ XQG ZDQQ WUDEWH YRQ HLQHU GUUHQ 0lKUH JH]RJHQ HLQH 'URVFKNH YRUEHL XQG GHU .XWVFKHU VFKDXWH QDFK HLQHP VSlWHQ )DKUJDVW DXV +HU PDQQ KDWWH QXU VHLQHQ 5RFN DQ XQG VSUWH ZHGHU :LQG QRFK6FKQHH6FKOLH‰OLFKIXKUGLH.XWVFKHGHU*UlILQYRU +HUPDQQ VDK ZLH ]ZHL 'LHQHU GLH LQ HLQHQ =REHOSHO] JHKOOWHJHEHXJWH$OWHXQWHUJHID‰WKLQDXVIKUWHQXQGZLH LKU GLH 3IOHJHWRFKWHU LQ OHLFKWHP 0DQWHO XQG PLW IULVFKHQ %OXPHQLP+DDUHLOLJIROJWH'HU:DJHQVFKODJNODSSWH]X 6FKZHUIlOOLJ UROOWH GLH .XWVFKH DXI GHP ORFNHUHQ 6FKQHH GDKLQ 'HU 3RUWLHU VFKOR‰ GLH 7U 'LH )HQVWHU ZXUGHQ GXQNHO+HUPDQQVSD]LHUWHYRUGHPYHUODVVHQHQ+DXV DXI XQGDE(UJLQJ]XHLQHU/DWHUQHXQGVDKDXIGLH8KU²HV ZDU]ZDQ]LJ0LQXWHQQDFKHOI(UEOLHEXQWHUGHU/DWHUQH VWHKHQGLH$XJHQDXIGHQ8KU]HLJHUJHULFKWHWXQGZDUWHWH GLHUHVWOLFKHQ0LQXWHQDE 3XQNW KDOE ]Z|OI VFKULWW HU GLH JUlIOLFKH )UHLWUHSSH HPSRU XQG WUDW LQ GHQ KHOO HUOHXFKWH WHQ 9RUUDXP HLQ 'HU 3RUWLHU ZDU QLFKW GD +HUPDQQ OLHI GLH 7UHSSH KLQDXI |IIQHWH GLH 7U ]XP 9RU]LPPHU XQG HUEOLFNWH XQWHU GHU /DPSH HLQHQ 'LHQHU GHU LQ HLQHP DOWHQIOHFNLJHQ6HVVHOVFKOLHI0LWOHLFKWHPXQGVLFKHUHP

6FKULWWJLQJ+HUPDQQDQLKPYRUEHL6DDOXQG(PSIDQJV ]LPPHUZDUHQGXQNHO6LHZXUGHQVFKZDFKYRQGHU/DP SH DXV GHP 9RU]LPPHU HUKHOOW +HUPDQQ WUDW LQ GDV 6FKODI]LPPHU 9RU HLQHP PLW DOWHQ +HLOLJHQELOGHUQ DQJH IOOWHQ 6FKUHLQ EUDQQWH HLQ JROGHQHV gOOlPSFKHQ 6HVVHO XQG6RIDVPLWYHUVFKRVVHQHQ%H]JHQ'DXQHQNLVVHQXQG DEJHEOlWWHUWHU 9HUJROGXQJ VWDQGHQ LQ WUDXULJHU 6\PPHWULH DQGHQ:lQGHQGLHFKLQHVLVFKH7DSHWHQEHGHFNWHQ =ZHL 3RUWUlWVKLQJHQDQGHU:DQGGLH0DGDPH/HEUXQLQ3DULV JHPDOW KDWWH $XI HLQHP ZDU HLQ 0DQQ YRQ HWZD YLHU]LJ -DKUHQ URWZDQJLJ XQG YROO LQ KHOOJUQHU 8QLIRUP PLW HLQHP 2UGHQVVWHUQ DXI GHU %UXVW GDUJHVWHOOW DXI GHP DQGHUHQ HLQH MXQJH 6FK|QKHLW PLW $GOHUQDVH KRFKJH NlPPWHP6FKOlIHQKDDUXQGHLQHU 5RVH LQ GHU JHSXGHUWHQ )ULVXU,QDOOHQ(FNHQVWDQGHQ3RU]HOODQKLUWHQ6WDQGXKUHQ GHV EHUKPWHQ /HUR\ 6FKlFKWHOFKHQ 5RXOHWWHVFKHLEHQ )lFKHU XQG DOOHUOHL 6SLHO]HXJ IU 'DPHQ GDV (QGH GHV YRULJHQ-DKUKXQGHUWV]XVDPPHQPLWGHP%DOORQGHU %U GHU 0RQWJROILHU XQG GHP 0HVPHUVFKHQ 0DJQHWLVPXV HUIXQGHQ ZRUGHQ ZDU +HUPDQQ WUDW KLQWHU GHQ :DQG VFKLUP'RUWVWDQGHLQNOHLQHVHLVHUQHV%HWWUHFKWVEHIDQG VLFKHLQH7UGLHLQGDV.DELQHWWIKUWHOLQNVHLQHDQGHUH GLH DXI GHQ .RUULGRU JLQJ +HUPDQQ |IIQHWH VLH XQG HU EOLFNWH GLH VFKPDOH :HQGHOWUHSSH GLH ]XP =LPPHU GHU DUPHQ3IOHJHWRFKWHUIKUWH«'RFKHUNHKUWHXPXQGJLQJ LQGDVGXQNOH.DELQHWW 'LH =HLW YHUJLQJ ODQJVDP $OOHV ZDU VWLOO ,P *DVW]LP PHUVFKOXJHV]Z|OILQDOOHQ=LPPHUQVFKOXJHQGLH8KUHQ QDFKHLQDQGHU ]Z|OI 8KU ² XQG DOOHV ZDU ZLHGHU VWLOO +HUPDQQ VWDQG DQ HLQHQ NDOWHQ 2IHQ JHOHKQW VHLQ +HU] VFKOXJJOHLFKPl‰LJZLHEHLHLQHP0HQVFKHQGHUVLFK]X HWZDV*HIlKUOLFKHPDEHU1RWZHQGLJHP HQWVFKORVVHQKDW

'LH 8KUHQ VFKOXJHQ GLH HUVWH XQG GDQQ GLH ]ZHLWH 0RU JHQVWXQGH ² XQG HU K|UWH YRQ IHUQ GDV 5ROOHQ GHU .XW VFKH (LQH XQZLOONUOLFKH $XIUHJXQJ EHUNDP LKQ 'LH .XWVFKH IXKU YRU XQG KLHOW (U K|UWH GDV )DOOHQ GHV :D JHQWULWWV ,P +DXV ZXUGH HV OHEHQGLJ 0HQVFKHQ OLHIHQ XPKHU6WLPPHQHUW|QWHQXQGGDV+DXVZXUGHKHOO,QGDV 6FKODI]LPPHU NDPHQ GUHL DOWH =RIHQ JHODXIHQ GLH *UlILQ WUDWPHKUWRWDOVOHEHQGLJHLQXQGVDQNLQHLQHQ9ROWDLUH VHVVHO +HUPDQQ VDK GXUFK HLQHQ 6SDOW /LVDZHWD ,ZD QRZQD JLQJ DQ LKP YRUEHU +HUPDQQ K|UWH LKUH HLOLJHQ 6FKULWWHDXIGHQ7UHSSHQVWXIHQ,QVHLQHP+HU]HQHPSIDQG HU HWZDV bKQOLFKHV ZLH *HZLVVHQVELVVH GLHVH 5HJXQJ JLQJDEHUEDOGYRUEHU(UVWDQGDOVZlUHHUYRQ6WHLQ 'LH *UlILQ EHJDQQ VLFK YRU GHP 6SLHJHO ]X HQWNOHLGHQ 'LH PLW 5RVHQ YHU]LHUWH +DXEH ZXUGH ORVJHVWHFNW GLH JHSXGHUWH 3HUFNH YRQ LKUHP JUDXHQ NXU]JHVFKRUHQHQ .RSIHQWIHUQW(LQ5HJHQYRQ1DGHOQJLQJDXIGHQ%RGHQ QLHGHU'DVJHOEHPLW6LOEHUEHVWLFNWH.OHLGVDQN]XLKUHQ JHVFKZROOHQHQ )‰HQ +HUPDQQ ZDU =HXJH GHU DEVWR‰HQ GHQ*HKHLPQLVVHLKUHU7RLOHWWHVFKOLH‰OLFKVWDQGGLH*Ul ILQ LQ 1DFKWMDFNH XQG 6FKODIPW]H GD ² LQ GLHVHP $XI ]XJGHULKUHP$OWHUPHKUHQWVSUDFKHUVFKLHQVLHZHQLJHU VFKUHFNOLFKXQGKl‰OLFK :LH DOOH DOWHQ /HXWH OLWW GLH *UlILQ DQ 6FKODIORVLJNHLW $OVVLHDXVJH]RJHQZDUVHW]WHVLHVLFKLQGHQ/HKQVWXKODQ GDV)HQVWHUXQGVFKLFNWHGLH =RIHQ IRUW'LH.HU]HQZXU GHQ KLQDXVJHWUDJHQ GDV =LPPHU ZDU ZLHGHUXP QXU YRQ GHP gOOlPSFKHQ HUKHOOW *DQ] JHOE VD‰ GLH *UlILQ GD EHZHJWHGLH KHUDEKlQJHQGHQ /LSSHQ XQG VFKZDQNWH QDFK UHFKWVXQGOLQNV,QLKUHQWUEHQ$XJHQGUFNWHVLFKY|OOL JH *HLVWHVDEZHVHQKHLW DXV ZHQQ PDQ VLH DQVDK NRQQWH PDQ GHQNHQ GD‰ GDV 6FKZDQNHQ GHU IXUFKWEDUHQ $OWHQ

QLFKW DXI LKUHQ :LOOHQ VRQGHUQ DXI HLQHQ YHUVWHFNWHQ *DOYDQLVPXV]XUFN]XIKUHQVHL 3O|W]OLFK YHUlQGHUWH VLFK GLHVHV WRWH *HVLFKW LQ XQEH VFKUHLEOLFKHU:HLVH'LH/LSSHQK|UWHQDXIVLFK]XEHZH JHQ GLH $XJHQ EHOHEWHQ VLFK 9RU GHU *UlILQ VWDQG HLQ XQEHNDQQWHU0DQQ

Ä(UVFKUHFNHQ6LHQLFKWXP+LPPHOVZLOOHQHUVFKUHFNHQ 6LHQLFKW³VDJWHHU PLW HLQGULQJOLFKHU XQG OHLVHU 6WLPPH Ä,FKKDEHQLFKWGLH$EVLFKW,KQHQ6FKDGHQ]X]XIJHQLFK ELQJHNRPPHQ6LHXPHLQH*QDGHDQ]XIOHKHQ³ 'LH$OWHVDKLKQVFKZHLJHQGDQXQGVFKLHQLKQQLFKW]X K|UHQ+HUPDQQNDPDXIGHQ*HGDQNHQGD‰VLHWDXEVHL EHXJWH VLFK XQPLWWHOEDU DQ LKU 2KU XQG ZLHGHUKROWH GDV VHOEHQRFKHLQPDO'LH$OWHVFKZLHJZHLWHUKLQ Ä6LHN|QQHQPLFK³IXKU+HUPDQQIRUWÄIUPHLQJDQ]HV /HEHQ JOFNOLFK PDFKHQ XQG GLHV NRVWHW 6LH QLFKWV ,FK ZHL‰ GD‰ 6LH KLQWHUHLQDQGHU GUHL .DUWHQ HUUDWHQ N|QQHQ «³

+HUPDQQ YHUVWXPPWH 'LH *UlILQ VR VFKLHQ HV KDWWH EHJULIIHQZDVPDQYRQLKUZROOWHVLHVFKLHQQDFK:RUWHQ IULKUH$QWZRUW]XVXFKHQ Ä'DVZDUHLQ6FKHU]³VDJWHVLHVFKOLH‰OLFKÄ,FKVFKZ| UHHV,KQHQ'DVZDUHLQ6FKHU]³ Ä'DPLW VFKHU]W PDQ QLFKW³ HQWJHJQHWH +HUPDQQ lUJHU OLFKÄ(ULQQHUQ6LHVLFK DQ 7VFKDSOL]NL GHP 6LH JHKROIHQ KDEHQ]XJHZLQQHQ³ 'LH *UlILQ ZDU VLFKWOLFK EHVWU]W ,KUH =JH GUFNWHQ HLQH KHIWLJH LQQHUH (UUHJXQJ DXV GRFK EDOG YHUILHO VLH ZLHGHULQLKUHYRUKHULJH/HWKDUJLH Ä.|QQHQ6LHPLU³IXKU+HUPDQQIRUWÄGLHVHGUHLVLFKH UHQ.DUWHQQHQQHQ"³ 'LH*UlILQVFKZLHJ+HUPDQQIXKUIRUWÄ)UZHQKWHQ 6LHLKU*HKHLPQLV")UGLH(QNHO"'LHVLQGDXFKRKQHGLHV UHLFK]XGHPNHQQHQVLHGHQ:HUWGHV*HOGHVQLFKW(LQHP 9HUVFKZHQGHU KHOIHQ ,KUH GUHL .DUWHQ QLFKW :HU GDV YlWHUOLFKH (UEH QLFKW ]X KWHQ YHUVWHKW VWLUEW LQ $UPXW WURW]DOOHUQRFKVRGlPRQLVFKHQ%HPKXQJHQ,FKELQNHLQ 9HUVFKZHQGHU LFK NHQQH GHQ :HUW GHV *HOGHV ,KUH GUHL .DUWHQVLQGEHLPLUJXWDXIJHKREHQ1XQ«³ (U KLHOW LQQH XQG HUZDUWHWH ]LWWHUQG LKUH $QWZRUW 'LH *UlILQVFKZLHJ+HUPDQQNQLHWHQLHGHU Ä:HQQ,KU+HU]MHPDOVGDV*HIKOGHU/LHEHHPSIXQGHQ KDW³ VDJWH HU ÄZHQQ 6LH VLFK GLHVHU :RQQHQ HULQQHUQ ZHQQ6LHQXUHLQHLQ]LJHV0DOEHLP:HLQHQ ,KUHVQHXJH ERUHQHQ 6RKQHV JHOlFKHOW KDEHQ ZHQQ VLFK MHPDOV HWZDV 0HQVFKOLFKHV LQ ,KUHU %UXVW JHUHJW KDW VR EHVFKZ|UH LFK 6LHEHLGHQ*HIKOHQGHU*DWWLQGHU*HOLHEWHQGHU0XWWHU ²EHLDOOHPZDVKHLOLJLVWLP/HEHQ²VFKODJHQ6LHPLU PHLQH %LWWH QLFKW DE (QWGHFNHQ 6LH PLU ,KU *HKHLPQLV :DV OLHJW ,KQHQ GDUDQ" « 9LHOOHLFKW LVW HV PLW HLQHU HQW

VHW]OLFKHQ 6QGH YHUEXQGHQ PLW GHP 9HUOXVW GHU HZLJHQ 6HOLJNHLW PLW HLQHP 7HXIHOVSDNW « hEHUOHJHQ 6LH 6LH VLQG DOW 6LH KDEHQ QLFKW PHKU ODQJH ]X OHEHQ ² LFK ELQ EHUHLW ,KUH 6QGHQ DXI PLFK ]X QHKPHQ (QWGHFNHQ 6LH PLUQXU,KU*HKHLPQLV%HGHQNHQ6LHGD‰VLFKGDV*OFN HLQHV 0HQVFKHQ LQ ,KUHQ +lQGHQ EHILQGHW GD‰ QLFKW QXU LFKVRQGHUQDXFKPHLQH.LQGHUPHLQH(QNHOXQG8UHQNHO ,KU $QGHQNHQ VHJQHQ XQG YHUHKUHQ ZHUGHQ ZLH HLQ +HL OLJWXP«³ 'LH$OWHDQWZRUWHWHPLWNHLQHP:RUW +HUPDQQHUKREVLFK Ä$OWH+H[H³VDJWHHUXQGEL‰GLH=lKQH]XVDPPHQÄ6R ZHUGHLFKGLFK]ZLQJHQ]XDQWZRUWHQ«³ 0LWGLHVHQ:RUWHQ]RJHUHLQH3LVWROHDXVGHU7DVFKH %HLP $QEOLFN GHU 3LVWROH JHULHW GLH *UlILQ ]XP ]ZHL WHQPDO LQ KHIWLJH (UUHJXQJ 6LH ZDFNHOWH PLW GHP .RSIH XQGKREGHQ$UPKRFKDOVZROOWHVLHVLFKYRUGHP6FKX‰ VFKW]HQ«'DQQ UROOWH VLH DXI GHQ 5FNHQ « XQG EOLHE XQEHZHJOLFKOLHJHQ Ä+|UHQ 6LH PLW GHU .LQGHUHL DXI³ VDJWH +HUPDQQ XQG HUJULII LKUH +DQG Ä,FK IUDJH 6LH ]XP OHW]WHQPDO :ROOHQ 6LHPLU,KUHGUHL.DUWHQQHQQHQ"-DRGHUQHLQ"³ 'LH *UlILQ DQWZRUWHWH QLFKW +HUPDQQ VDK GD‰ VLH WRW ZDU

 0DLO +RPPHVDQVP°XUVHWVDQVUHOLJLRQ $XVHLQHP%ULHIZHFKVHO

/LVDZHWD ,ZDQRZQDVD‰LQLKUHP=LPPHUVLHKDWWHQRFK LKU %DOONOHLG DQ XQG ZDU WLHI LQ *HGDQNHQ YHUVXQNHQ $OV VLH QDFK +DXVH JHNRPPHQ ZDU KDWWH VLH HV HLOLJ GDV YHU VFKODIHQH 0lGFKHQ IRUW]XVFKLFNHQ GDV LKU ZLGHUVWUHEHQG VHLQH'LHQVWHDQERW²VLHVDJWHGD‰VLHVLFKVHOEVWDXV]LH KHQ ZHUGH JLQJ ]LWWHUQG DXI LKU =LPPHU KRIIWH GDEHL +HUPDQQ DQ]XWUHIIHQ XQG ZQVFKWH HV DXFK ZLHGHU QLFKW $XI GHQ HUVWHQ %OLFN VDK VLH GD‰ HU QLFKW GD ZDU XQG GDQNWHGHP6FKLFNVDOGD‰HVHLQH=XVDPPHQNXQIWYHUKLQ GHUW KDWWH 6LH VHW]WH VLFK RKQH VLFK DXV]X]LHKHQ XQG ULHI VLFKGLH8PVWlQGHLQ(ULQQHUXQJ]XUFNGLHVLHLQVRNXU ]HU =HLW VR ZHLW JHIKUW KDWWHQ 1LFKW HLQPDO GUHL :RFKHQ ZDUHQ YHUJDQJHQ VHLW MHQHP 7DJH DQ GHP VLH GHQ MXQJHQ 0DQQ]XPHUVWHQPDOYRQLKUHP)HQVWHUDXVJHVHKHQKDWWH XQGVFKRQVWDQGVLHLP%ULHIZHFKVHOPLWLKP²XQGVFKRQ KDWWHHULKU(LQYHUVWlQGQLV]XHLQHUQlFKWOLFKHQ=XVDPPHQ NXQIW HUODQJW 6LH NDQQWH VHLQHQ 1DPHQ QXU ZHLO HLQLJH %ULHIHYRQLKPXQWHUVFKULHEHQZDUHQVLHKDWWHQLHPLWLKP JHVSURFKHQVHLQH6WLPPHQLFKWYHUQRPPHQQLHPDOVHWZDV EHULKQ JHK|UW « ELV ]X GLHVHP $EHQG 6HOWVDP $XVJH UHFKQHW DQ GLHVHP $EHQG VFKPROOWH 7RPVNL DXI GHP %DOO PLW3ULQ]H‰3ROLQD«ZHLOVLHJHJHQLKUH*HZRKQKHLWQLFKW PLWLKPNRNHWWLHUWHXQGJDEVLFKDXV5DFKHJOHLFKJOWLJ(U IRUGHUWH /LVDZHWD ,ZDQRZQD DXI XQG WDQ]WH PLW LKU HLQH HQGORVH0D]XUND:lKUHQGGHUJDQ]HQ=HLWVFKHU]WHHUEHU LKUH9RUOLHEHIU*HQLHRIIL]LHUHEHWHXHUWHGD‰HUEHGHXWHQG

PHKUZ‰WHDOVVLHDKQHXQGHLQLJHVHLQHU6FKHU]HZDUHQ VR JHVFKLFNW DQJHEUDFKW GD‰ /LVDZHWD ,ZDQRZQD PHKUHUH 0DOHGDFKWHHUZ‰WHYRQLKUHP*HKHLPQLV Ä9RQZHPZLVVHQ6LHGLHVDOOHV"³IUDJWHVLHODFKHQG Ä9RQ GHP )UHXQG HLQHU ,KQHQ EHNDQQWHQ 3HUVRQ³ JDE LKU7RPVNL]XU$QWZRUWÄ(ULVWHLQDX‰HURUGHQWOLFKEHPHU NHQVZHUWHU0HQVFK³ Ä8QGZHULVWGLHVHUEHPHUNHQVZHUWH0HQVFK"³ Ä(UKHL‰W+HUPDQQ³ /LVDZHWD ,ZDQRZQD DQWZRUWHWH QLFKWV GRFK LKUH +lQGH XQG)‰HHUVWDUUWHQ]X(LV« Ä'LHVHU+HUPDQQ³IXKU7RPVNLIRUWÄLVWHLQHFKWHU5R PDQKHOG (U KDW GDV 3URILO HLQHV 1DSROHRQ XQG GLH 6HHOH HLQHV0HSKLVWRSKHOHV ,FK VFKlW]H GD‰ HU PLQGHVWHQV GUHL 9HUEUHFKHQ DXI VHL QHP*HZLVVHQKDW:LHEOD‰6LHJHZRUGHQVLQG³ Ä,FK KDEH .RSIVFKPHU]HQ « 8QG ZDV KDW ,KQHQ +HU PDQQRGHUZLHHUKLH‰JHVDJW"³ Ä+HUPDQQ LVW VHKU XQ]XIULHGHQ PLW VHLQHP )UHXQG HU VDJW DQ VHLQHU 6WHOOH ZUGH HU JDQ] DQGHUV YRUJHKHQ « ,FK QHKPH VRJDU DQ GD‰ HU VHOEVW HLQHQ %OLFN DXI 6LH JHZRUIHQKDWMHGHQIDOOVLVWHUGXUFKDXVQLFKWJOHLFKJOWLJ ZHQQHUGLHYHUOLHEWHQ5HGHQVHLQHV)UHXQGHVK|UW³ Ä:RVROOHUPLFKGHQQJHVHKHQKDEHQ"³ Ä,Q GHU .LUFKH YLHOOHLFKW RGHU EHLP 6SD]LHUHQJHKHQ « :HL‰ GHU +LPPHO 9LHOOHLFKW LQ ,KUHP =LPPHU DOV 6LH VFKOLHIHQ(UEULQJWDOOHVIHUWLJ«³ 'UHL 'DPHQ WUDWHQ PLW GHU )UDJH Ä2XEOL RX UHJUHW"³ DQ VLHKHUDQXQGXQWHUEUDFKHQGDV*HVSUlFKGDVIU/LVDZHWD ,ZDQRZQDYRQSHLQLJHQGHP,QWHUHVVH]XZHUGHQEHJDQQ 'LH'DPHGLHVLFK7RPVNLHUZlKOWKDWWHZDU3ULQ]H‰« VHOEVW(VJHODQJLKUVLFKPLWLKPDXV]XV|KQHQLQGHPVLH

PLW LKP HLQH ]XVlW]OLFKH 7RXU WDQ]WH XQG GD]X QRFK YRU LKUHP6WXKOHLQHQ.UHLVEHVFKULHE$OV7RPVNLDXIVHLQHQ 3ODW]]XUFNNHKUWH GDFKWH HU ZHGHU DQ +HUPDQQ QRFK DQ /LVDZHWD ,ZDQRZQD 6LH ZROOWH XQEHGLQJW GDV XQWHUEUR FKHQH*HVSUlFKZLHGHUDXIQHKPHQGRFKGLH0D]XUNDJLQJ ]X (QGH XQG EDOG GDUDXI IXKU GLH DOWH *UlILQ IRUW 'LH :RUWH 7RPVNLV ZDUHQ QLFKWV DQGHUHV DOV HLQH ZlKUHQG HLQHU 0D]XUND EOLFKH 8QWHUKDOWXQJ GRFK VLH KDWWHQ EHL GHU MXQJHQ 7UlXPHULQ HLQHQ WLHIHQ (LQGUXFN KLQWHUODVVHQ 'DV 3RUWUlW GDV 7RPVNL HQWZRUIHQ KDWWH lKQHOWH GHP %LOGGDVVLHVLFKVHOEVWYRQLKPJHPDFKWKDWWHXQGGDQN GHQ QHXHQ 5RPDQHQ VFKUHFNWH GLHVHU EHLQDKH VFKRQ ED QDOH 0HQVFK LKUH (LQELOGXQJVNUDIW XQG QDKP VLH JOHLFK ]HLWLJJHIDQJHQ6LHVD‰GDGLHQDFNWHQ$UPHNUHX]ZHLVH YHUVFKUlQNWGHQQRFKPLW%OXPHQJHVFKPFNWHQ.RSIDXI GLHHQWEO|‰WH%UXVWJHVHQNW«3O|W]OLFKJLQJGLH7UDXI XQG+HUPDQQWUDWKHUHLQ6LHHUEHEWH« Ä:R ZDUHQ 6LH JHZHVHQ"³ IUDJWH VLH PLW lQJVWOLFKHP )OVWHUQ Ä,P 6FKODI]LPPHU EHL GHU DOWHQ *UlILQ³ DQWZRUWHWH +HUPDQQÄ,FKNRPPHJHUDGHYRQLKU'LH*UlILQLVWWRW³ Ä0HLQ*RWW«:DVVDJHQ6LHGD"³ Ä8QGHVVFKHLQW³IXKU+HUPDQQ IRUW ÄLFK ELQ DQ LKUHP 7RGVFKXOG³ /LVDZHWD,ZDQRZQDVDKLKQDQXQGVLHK|UWHZLHGHUGLH :RUWH 7RPVNLV 'LHVHU 0HQVFK KDW PLQGHVWHQV GUHL 9HU EUHFKHQDXIVHLQHP*HZLVVHQ+HUPDQQVHW]WHVLFKQHEHQ VLHDXIGDV)HQVWHUEUHWWXQGHU]lKOWHDOOHV /LVDZHWD ,ZDQRZQD K|UWH LKP YROO (QWVHW]HQ ]X 'LHVH OHLGHQVFKDIWOLFKHQ %ULHIH GLHVH JOKHQGHQ )RUGHUXQJHQ GLHVHNKQHXQG KDUWQlFNLJH 9HUIROJXQJ DOO GDV ZDU DOVR NHLQH /LHEH *HOG ² GDV ZDU HV ZRQDFK VHLQH 6HHOH

OHFK]WH 6LH NRQQWH VHLQH :QVFKH QLFKW EHIULHGLJHQ XQG LKQ JOFNOLFK PDFKHQ 'LH DUPH 3IOHJHWRFKWHU ZDU QLFKWV DQGHUHVDOVGDVEOLQGH:HUN]HXJHLQHV5lXEHUVGHV0|U GHUV LKUHU DOWHQ :RKOWlWHULQ %LWWHUH 7UlQHQ ZHLQWH VLH LQ VSlWHU TXDOYROOHU 5HXH +HUPDQQ EHWUDFKWHWH VLH VFKZHL JHQG $XFK HU OLWW 4XDOHQ GRFK ZHGHU GLH 7UlQHQ GHV DUPHQ 0lGFKHQV QRFK GHU HUVWDXQOLFKH /LHEUHL] LKUHV 6FKPHU]HV EHUKUWHQ VHLQ NDOWHV +HU] (U HPSIDQG NHLQH *HZLVVHQVELVVHEHLP*HGDQNHQDQGLHWRWH*UHLVLQ(LQHV HQWVHW]WHLKQGHUXQZLHGHUEULQJOLFKH9HUOXVWGHV*HKHLP QLVVHVYRQGHPHU%HUHLFKHUXQJHUZDUWHWH

Ä6LH VLQG HLQ 8QJHKHXHU³ VDJWH VFKOLH‰OLFK /LVDZHWD ,ZDQRZQD Ä,FK ZROOWH QLFKW LKUHQ 7RG³ DQWZRUWHWH +HUPDQQ Ä0HLQH3LVWROHLVWQLFKWJHODGHQ³ %HLGHVFKZLHJHQ 'HU 0RUJHQ EUDFK DQ /LVDZHWD ,ZDQRZQD O|VFKWH GLH IDVW QLHGHUJHEUDQQWH .HU]H DXV IDKOHV /LFKW HUOHXFKWHWH

GDV =LPPHU 6LH ZLVFKWH VLFK GLH 7UlQHQ DXV GHQ $XJHQ XQGKREGHQ%OLFN]X+HUPDQQ(UVD‰GLH$UPHJHNUHX]W XQG PLW ILQVWHUHP %OLFN DXI GHP )HQVWHUEUHWW ,Q GLHVHU +DOWXQJHULQQHUWHHUHUVWDXQOLFKDQGDV3RUWUlW1DSROHRQV 'LHVHbKQOLFKNHLWYHUEOIIWHVRJDU/LVDZHWD,ZDQRZQD Ä:LH NRPPHQ 6LH QXQ DXV GHP +DXV KHUDXV"³ VDJWH HQGOLFK /LVDZHWD ,ZDQRZQD Ä,FK KDWWH YRU 6LH EHU GLH *HKHLPWUHSSH ]X IKUHQ GRFK GD PX‰ PDQ DQ GHP 6FKODI]LPPHUYRUEHLXQGLFKIUFKWHPLFK³ Ä6DJHQ6LHPLUZLHGLH*HKHLPWUHSSH]XILQGHQLVWXQG LFKJHKH³ /LVDZHWD ,ZDQRZQD VWDQG DXI QDKP DXV GHU .RPPRGH HLQHQ6FKOVVHOUHLFKWHLKQ+HUPDQQXQGJDELKPJHQDXH $QZHLVXQJHQ +HUPDQQ GUFNWH LKUH NDOWH XQEHZHJOLFKH +DQGN‰WHVLHDXIGHQJHVHQNWHQ.RSIXQGJLQJKLQDXV (U JLQJ GLH :HQGHOWUHSSH KLQDE XQG WUDW ZLHGHU LQ GDV 6FKODI]LPPHUGHU*UlILQ'LHWRWH$OWHVD‰ZLHYHUVWHLQHUW GDLKU*HVLFKWGUFNWHWLHIH5XKHDXV+HUPDQQEOLHEYRU LKUVWHKHQXQGVDKVLHODQJHDQDOVZROOWHHUVLFKYRQGHU HQWVHW]OLFKHQ :DKUKHLW EHU]HXJHQ VFKOLH‰OLFK JLQJ HU LQ GDV .DELQHWW IDQG GRUW DQ GHU 7DSHWH WDVWHQG HLQH 7U XQGJLQJHLQHILQVWHUH7UHSSHKLQXQWHUZREHLLKQVHOWVDPH *HIKOHEHZHJWHQ'LHVHJOHLFKH7UHSSHVRGDFKWH HULVW YLHOOHLFKW ]X GLHVHU 6WXQGH YRU VHFK]LJ -DKUHQ HLQ MXQJHU *OFNVSLO] LQ EHVWLFNWHP 5RFN j OåRLVHDX UR\DO IULVLHUW XQG GHQ 'UHLVSLW] DQ VHLQ +HU] JHSUH‰W LQ GLHVHV JOHLFKH 6FKODI]LPPHU KRFKJHVFKOLFKHQ HU LVW VFKRQ ODQJH LQ VHLQHP*UDEYHUPRGHUWXQGGDV+HU]VHLQHUKRFKEHWDJWHQ *HOLHEWHQKDWKHXWHDXIJHK|UW]XVFKODJHQ« 8QWHUKDOEGHU7UHSSHIDQG+HUPDQQHLQH7UGLHHUPLW GHP JOHLFKHQ 6FKOVVHO |IIQHWH XQG JHODQJWH LQ HLQHQ GXUFKJHKHQGHQ.RUULGRUGHUDXIGLH6WUD‰HIKUWH

 ,QGLHVHU1DFKWHUVFKLHQPLUGLHVHOLJH%DURQHVVHYRQ :«6LHZDUJDQ]LQ:HL‰XQGVDJWH]XPLU Ä*XWHQ7DJ+HUU5DW³ 6ZHGHQERUJ

'UHL 7DJH QDFK GHU YHUKlQJQLVYROOHQ 1DFKW XP QHXQ 8KU PRUJHQV PDFKWH VLFK +HUPDQQ DXI GHQ :HJ ]XP .ORVWHU « ZR GDV 7RWHQDPW IU GLH YHUVWRUEHQH *UlILQ DEJHKDOWHQ ZHUGHQ VROOWH (U HPSIDQG NHLQH 5HXH GRFK NRQQWH HU GLH 6WLPPH VHLQHV *HZLVVHQV GLH LKP VWlQGLJ ZLHGHUKROWH 'X ELVW GHU 0|UGHU GHU $OWHQ QLFKW YROO NRPPHQ ]XP 6FKZHLJHQ EULQJHQ (FKWHQ *ODXEHQ EHVD‰ HUNDXP GRFK ZDU HU VHKU DEHUJOlXELVFK (U JODXEWH GD‰ GLH WRWH *UlILQ HLQHQ VFKlGOLFKHQ (LQIOX‰ DXI VHLQ /HEHQ DXVEHQ N|QQH ² XQG EHVFKOR‰ EHL LKUHP %HJUlEQLV ]X HUVFKHLQHQXPVLHXP9HUJHEXQJ]XELWWHQ

'LH.LUFKHZDUEHUIOOW+HUPDQQGUlQJWHVLFKQXUPLW 0KH GXUFK GLH 0HQVFKHQPHQJH 'HU 6DUJ VWDQG DXI HLQHPNRVWEDUHQ.DWDIDONXQWHUHLQHP6DPWEDOGDFKLQ'LH 9HUVWRUEHQH ODJ GDULQ PLW DXI GHU %UXVW JHNUHX]WHQ +lQ GHQ LQ HLQHU 6SLW]HQKDXEH XQG HLQHP ZHL‰HQ $WODVNOHLG 5LQJVKHUXPVWDQGGDV+DXVJHVLQGHGLH'LHQHULQVFKZDU ]HQ 5|FNHQ PLW :DSSHQElQGHUQ XP GLH 6FKXOWHU XQG .HU]HQLQGHU+DQGXQGGLH9HUZDQGWHQ².LQGHU(QNHO XQG 8UHQNHO ² LQ WLHIHU 7UDXHU 1LHPDQG ZHLQWH 7UlQHQ ZlUHQ XQH DIIHFWDWLRQ JHZHVHQ 'LH *UlILQ ZDU VR DOW JHZRUGHQGD‰LKU7RGQLHPDQGPHKUEHUUDVFKHQNRQQWH XQG LKUH 9HUZDQGWHQ VLH VFKRQ OlQJVW DOV HLQH 'DKLQJH JDQJHQH EHWUDFKWHW KDWWHQ (LQ MXQJHU %LVFKRI KLHOW GLH *UDEUHGH ,Q HLQIDFKHQ XQG ]X +HU]HQ JHKHQGHQ :RUWHQ VFKLOGHUWHHUGDVIULHGOLFKH+LQVFKHLGHQGHU*HUHFKWHQIU GLHVRYLHOH-DKUHHLQHVWLOOHXQGHUJUHLIHQGH9RUEHUHLWXQJ DXILKUFKULVWOLFKHV(QGHJHZHVHQ VHLHQ Ä'HU 7RGHVHQJHO IDQGVLH³VDJWHGHU5HGQHUÄLQJXWHQ*HGDQNHQZDFKHQG XQG LQ (UZDUWXQJ GHV PLWWHUQlFKWLJHQ %UlXWLJDPV³ 'HU *RWWHVGLHQVWVFKOR‰PLWWUDXULJHU:UGH 'LH 9HUZDQGWHQ QDKPHQ DOV HUVWH YRQ GHU 7RWHQ $EVFKLHG 'DQQ QlKHUWH VLFK GLH 9LHO]DKO GHU *lVWH XP VLFK YRU GHUMHQLJHQ ]X YHUQHLJHQ GLH VR ODQJH DQ LKUHQ HLWOHQ 9HUJQJXQJHQ WHLOJHQRPPHQ KDWWH ,KQHQ IROJWHQ DOOH GLH ]XP +DXVH JHK|UWHQ 6FKOLH‰OLFK WUDW HLQH DOWH %HVFKOLH‰HULQ KHUDQ HLQH $OWHUVJHQRVVLQ GHU 9HUVWRUEHQHQ =ZHL MXQJH 0lG FKHQ VWW]WHQ VLH 6LH ZDU ]X VFKZDFK XP VLFK ELV ]XU (UGH]XYHUQHLJHQXQGVLHDOOHLQYHUJR‰HLQLJH7UlQHQDOV VLH GLH NDOWH +DQG LKUHU +HUULQ N‰WH 1DFK LKU HQWVFKOR‰ VLFK+HUPDQQDQGHQ6DUJ]XWUHWHQ(UYHUEHXJWHVLFKELV ]XU(UGHXQGODJHLQLJH0LQXWHQDXIGHPNDOWHQPLW7DQ QHQ]ZHLJHQ EHGHFNWHQ %RGHQ 6FKOLH‰OLFK HUKRE HU VLFK

EOHLFKZLHGLH7RWHWUDWDXIGLH6WXIHQGHV.DWDIDONV XQG EHXJWH VLFK YRU « ,Q GLHVHP $XJHQEOLFN VFKLHQ HV LKP GD‰ LKQ GLH 7RWH EHOXVWLJW DQVDK XQG GDEHL HLQ $XJH ]X NQLII +HUPDQQ ZLFK MlK ]XUFN WUDW IHKO XQG ILHO UFN OLQJV DXI GHQ %RGHQ 0DQ KRE LKQ DXI =XU VHOEHQ =HLW WUXJ PDQ GLH RKQPlFKWLJH /LVDZHWD ,ZDQRZQD DXV GHU .LUFKH 'LHVHU 9RUIDOO VW|UWH IU HLQLJH $XJHQEOLFNH GLH )HLHUOLFKNHLW GHU GVWHUHQ 7UDXHU]HUHPRQLH 8QWHU GHQ %HVXFKHUQ HUKRE VLFK HLQ GXPSIHV *HPXUPHO XQG HLQ KDJHUHU.DPPHUKHUUHLQQDKHU9HUZDQGWHUGHU9HUVWRUEH QHQ IOVWHUWH GHP QHEHQ LKP VWHKHQGHQ (QJOlQGHU LQV 2KU GD‰ GHU MXQJH 2IIL]LHU LKU XQHKHOLFKHU 6RKQ VHL ZRUDXIGHU(QJOlQGHUNKOHUZLGHUWHÄ2K"³ 'HQJDQ]HQ7DJEHUZDU+HUPDQQDX‰HURUGHQWOLFKYHU VWLPPW (U D‰ LQ HLQHP DEJHOHJHQHQ *DVWKDXV ]X 0LWWDJ XQGWUDQN JHJHQVHLQH*HZRKQKHLWVHKUYLHOLQGHU+RII QXQJVHLQHLQQHUH (UUHJXQJ ]X EHWlXEHQ 'RFK GHU :HLQ HUKLW]WHVHLQH(LQELOGXQJVNUDIWQRFKPHKU$OVHU]X+DXVH DQJHODQJW ZDU ZDUI HU VLFK XQDXVJH]RJHQ DXIV %HWW XQG VFKOLHIIHVWHLQ (UZDFKWHHUVWLQGHU1DFKWDXI'HU0RQGVFKLHQLQVHLQ =LPPHU(UVDKDXIGLH8KUHVZDUGUHL9LHUWHOGUHL6HLQH 0GLJNHLW ZDU YHUIORJHQ HU VHW]WH VLFK DXI GDV %HWW XQG GDFKWHDQGDV%HJUlEQLVGHU*UlILQ ,QGLHVHP$XJHQEOLFNVDKMHPDQGYRQGHU6WUD‰H]XVHL QHP )HQVWHU KHUHLQ ² XQG WUDW VRIRUW ]XUFN +HUPDQQ VFKHQNWHGHPNHLQHUOHL%HDFKWXQJ*OHLFKGDUDXIK|UWHHU ZLH GLH 7U LP 9RU]LPPHU JH|IIQHW ZXUGH +HUPDQQ JODXEWHHVVHLVHLQ%XUVFKHGHUZLHJHZ|KQOLFKEHWUXQ NHQYRQHLQHPQlFKWOLFKHQ%XPPHO]XUFNNHKUWH'RFKHU YHUQDKP HLQHQ XQEHNDQQWHQ 6FKULWW -HPDQG QDKWH OHLVH PLW GHQ 3DQWRIIHOQ VFKOXUIHQG 'LH 7U |IIQHWH VLFK XQG

HLQH )UDX LQ HLQHP ZHL‰HQ .OHLG WUDW HLQ +HUPDQQ KLHOW VLH IU VHLQH DOWH $PPH XQG ZXQGHUWH VLFK ZDV VLH XP GLHVH6WXQGH]XLKPJHIKUWKDEHQNRQQWH'RFKGLHZHL‰H )UDX JOLWW QlKHU KHUDQ VWDQG SO|W]OLFK YRU LKP ² XQG +HUPDQQHUNDQQWHGLH*UlILQ Ä,FKELQZLGHU PHLQHQ :LOOHQ ]X GLU JHNRPPHQ³ VDJWH VLH PLW IHVWHU 6WLPPH ÄGRFK PLU LVW DXIJHWUDJHQ ZRUGHQ GHLQH%LWWH]XHUIOOHQ0LWGHU'UHLGHU6LHEHQXQGGHP $V ZLUVW GX KLQWHUHLQDQGHU JHZLQQHQ ² GRFK XQWHU GHU %HGLQJXQJ GD‰ GX QLFKW PHKU DOV HLQH .DUWH LQ YLHUXQG ]ZDQ]LJ 6WXQGHQ VHW]W XQG GDQDFK GHLQ JDQ]HV /HEHQ QLFKW PHKU VSLHOVW ,FK YHUJHEH GLU PHLQHQ 7RG XQWHU GHU %HGLQJXQJ GD‰ GX PHLQH 3IOHJHWRFKWHU /LVDZHWD ,ZD QRZQDKHLUDWHVW«³ 0LW GLHVHQ :RUWHQ GUHKWH VLH VLFK ODXWORV XP JLQJ ]XU 7U XQG YHUVFKZDQG PLW LKUHQ 3DQWRIIHOQ VFKOXUIHQG +HUPDQQ K|UWH ZLH GLH 7U LQ GHU 'LHOH ]XVFKOXJ XQG VDKGD‰MHPDQGHUQHXW]XP)HQVWHUKHUHLQJXFNWH /DQJH NRQQWH +HUPDQQ QLFKW ]XU %HVLQQXQJ NRPPHQ (U JLQJ LQ HLQ DQGHUHV =LPPHU 6HLQ %XUVFKH VFKOLHI DXI GHP )X‰ERGHQ +HUPDQQ NRQQWH LKQ QXU PLW 0KH ZHN NHQ:LHJHZ|KQOLFKZDUGHU%XUVFKHEHWUXQNHQ9RQLKP ZDU QLFKWV ]X HUIDKUHQ 'LH 7U ]XU 'LHOH ZDU YHUULHJHOW +HUPDQQJLQJLQVHLQ=LPPHU]XUFN]QGHWHHLQH.HU]H DQXQGVFKULHEVHLQH9LVLRQDXI



Ä$WWHQGH]³ Ä:LHN|QQHQ6LHHVZDJHQ]XPLUDWWHQGH]]X VDJHQ"³ Ä(XHU+RFKZRKOJHERUHQLFKVDJWHDWWHQGH] PHLQ+HUU³

=ZHL IL[H ,GHHQ N|QQHQ LQ GHU VLWWOLFKHQ 1DWXU HEHQVR ZHQLJ QHEHQHLQDQGHU H[LVWLHUHQ ZLH ]ZHL .|USHU LQ GHU SK\VLVFKHQ:HOWHLQXQGGHQVHOEHQ3ODW]HLQQHKPHQN|Q QHQ'LH'UHLGLH6LHEHQXQGGDV$VYHUGUlQJWHQLQ+HU PDQQV 3KDQWDVLH EDOG GDV %LOG GHU WRWHQ $OWHQ 'LH 'UHL GLH 6LHEHQ XQG GDV $V JLQJHQ LKP QLFKW DXV GHP .RSI XQGVHLQH/LSSHQIOVWHUWHQVWlQGLJGLHVH1DPHQ:HQQHU HLQ MXQJHV 0lGFKHQ VDK VDJWH HU Ä:LH VFKODQN VLH LVW (LQHULFKWLJH&°XU'UHL³:HQQPDQLKQIUDJWHÄ:LHVSlW LVWHV"³VRDQWZRUWHWHHUÄ)QI0LQXWHQYRUGHU6LHEHQ³ -HGHU GLFNH 0DQQ HULQQHUWH LKQ DQ HLQ $V 'LH 'UHL GLH 6LHEHQXQGGDV$VYHUIROJWHQLKQLP6FKODIZREHLVLHDOOH P|JOLFKHQ )RUPHQ DQQDKPHQ 'LH 'UHL EOKWH SSLJ ZLH HLQH JUR‰H %OXPH GLH 6LHEHQ HUVFKLHQ LKP DOV HLQ JRWL VFKHV 7RU XQG GDV $V DOV HLQH 5LHVHQVSLQQH $OOH VHLQH *HGDQNHQ ZDUHQ QXU DXI GDV HLQH JHULFKWHW ² VLFK GDV *HKHLPQLV GDV LKP VR WHXHU ]X VWHKHQ JHNRPPHQ ZDU ]XQXW]H ]X PDFKHQ (U GDFKWH GDUDQ VHLQHQ $EVFKLHG ]X QHKPHQXQG]XUHLVHQ(UZROOWHLQGHQ|IIHQWOLFKHQ6SLHO KlXVHUQ YRQ 3DULV GHU EH]DXEHUQGHQ )RUWXQD GHQ 6FKDW] HQWUHL‰HQ$OOHLQGHU=XIDOOHQWOHGLJWHLKQDOOHU6RUJHQ ,Q 0RVNDX KDWWH VLFK HLQH *HVHOOVFKDIW UHLFKHU 6SLHOHU XQWHU GHP 9RUVLW] GHV EHUKPWHQ 7VFKHNDOLQVNL JHELOGHW GHU VHLQ JDQ]HV /HEHQ EHLP .DUWHQVSLHO ]XJHEUDFKW XQG HLQVW0LOOLRQHQJHZRQQHQKDWWHZREHLHU:HFKVHOJHZDQQ

XQGEDUHV*HOGYHUORU'XUFKVHLQH ODQJMlKULJH (UIDKUXQJ HUZDUEHUVLFKGDV9HUWUDXHQVHLQHU)UHXQGHZlKUHQGVHLQ JDVWIUHXQGOLFKHV +DXV VHLQ DXVJH]HLFKQHWHU .RFK VHLQH /LHEHQVZUGLJNHLW XQG )U|KOLFKNHLW LKP GLH $FKWXQJ GHV 3XEOLNXPV JHZDQQHQ (U NDP QDFK 3HWHUVEXUJ 'LH -X JHQGVWU|PWHLKP]XVLHYHUJD‰GLH%lOOHEHUGHQ.DUWHQ XQG ]RJ GLH 5HL]H GHV 3KDUDR GHQ 9HUVXFKXQJHQ HLQHU 8PZHUEXQJYRU1DUXPRZEUDFKWH+HUPDQQ]XLKP 6LH GXUFKVFKULWWHQ HLQH 5HLKH SUXQNYROOHU =LPPHU LQ GHQHQ YLHOH K|IOLFKH 'LHQHU KHUXPVWDQGHQ (LQLJH *HQH UlOH XQG *HKHLPUlWH VSLHOWHQ :KLVW GLH MXQJHQ /HXWH VD‰HQ EHTXHP DXI GHQ 6DPWVRIDV D‰HQ +DOEJHIURUHQHV XQG UDXFKWHQ LKUH 3IHLIHQ ,P *DVW]LPPHU VD‰ GHU +DXV KHUUDQHLQHPODQJHQ7LVFKXPGHQVLFKXQJHIlKU]ZDQ]LJ 6SLHOHUGUlQJWHQXQGKLHOWGLH%DQN(UZDUHLQ0DQQYRQ HWZDVHFK]LJ-DKUHQXQGVHKU ZUGHYROOHPbX‰HUHQVHLQ +DXSW EHGHFNWH VLOEHUQHV +DDU VHLQ YROOHV XQG IULVFKHV *HVLFKW GUFNWH *XWPWLJNHLW DXV VHLQH $XJHQ JOlQ]WHQ XQGZXUGHQYRQHLQHPLPPHUZlKUHQGHQ/lFKHOQEHGHFNW 1DUXPRZVWHOOWHLKP+HUPDQQYRU7VFKHNDOLQVNLGUFNWH LKPIUHXQGVFKDIWOLFKGLH+DQGEDWVLFKQLFKW]XJHQLHUHQ XQGIXKUIRUWGLH%DQN]XKDOWHQ 'LH7DLOOHGDXHUWHODQJH$XIGHP7LVFKODJHQPHKU DOV GUHL‰LJ.DUWHQ 7VFKHNDOLQVNLKLHOWQDFKMHGHP:XUILQQHXPGHQ6SLH OHUQ =HLW ]X JHEHQ LKUH $QRUGQXQJHQ ]X WUHIIHQ VFKULHE GLH 9HUOXVWH DXI K|UWH K|IOLFK DXI LKUH )RUGHUXQJHQ XQG VWULFKQRFKK|IOLFKHUHLQHEHUIOVVLJH(FNHJODWWGLHHLQH ]HUVWUHXWH +DQG HLQJHERJHQ KDWWH (QGOLFK ZDU GLH 7DLOOH EHHQGHW 7VFKHNDOLQVNL PLVFKWH GLH .DUWHQ XQG EHUHLWHWH VLFKDXIGLHQlFKVWHYRU Ä*HVWDWWHQ6LHPLUHLQH.DUWH]XVHW]HQ³VDJWH+HUPDQQ

XQGVWUHFNWHVHLQH+DQGKLQWHUHLQHPGLFNHQ+HUUQKHUYRU GHU GRUW JHUDGH SRLQWLHUWH 7VFKHNDOLQVNL OlFKHOWH XQG YHUEHXJWHVLFKVFKZHLJHQG]XP=HLFKHQVHLQHVHUJHEHQHQ (LQYHUVWlQGQLVVHV1DUXPRZJUDWXOLHUWH+HUPDQQODFKHQG ]XU%HHQGLJXQJVHLQHVODQJMlKULJHQ)DVWHQVXQGZQVFKWH LKPHLQHQJOFNOLFKHQ$QIDQJ Ä%LWWH³VDJWH+HUPDQQXQGVFKULHEPLW.UHLGHHLQHKR KH6XPPHEHUVHLQH.DUWH Ä:LHYLHO"³ IUDJWH GHU %DQNKDOWHU XQG NQLII GLH $XJHQ ]XVDPPHQ Ä(QWVFKXOGLJHQ 6LH LFK NDQQ HV QLFKW HUNHQ QHQ³ Ä6LHEHQXQGYLHU]LJWDXVHQG³DQWZRUWHWH+HUPDQQ %HLGLHVHQ:RUWHQIXKUHQDOOH.|SIHMlKKHUXPXQGGLH $XJHQDOOHUULFKWHWHQVLFKDXI+HUPDQQ(ULVWZDKQVLQQLJ JHZRUGHQGDFKWH1DUXPRZ Ä*HVWDWWHQ 6LH PLU ]X EHPHUNHQ³ VDJWH 7VFKHNDOLQVNL PLW XQYHUlQGHUOLFKHP /lFKHOQ ÄGD‰ ,KU 6SLHO VHKU KRFK LVW +LHU KDW QRFK QLHPDQG PHKU JHVHW]W DOV ]ZHLKXQGHUW IQIXQGVLHE]LJVLPSOH³ Ä1XQ XQG"³ HQWJHJQHWH +HUPDQQ Ä1HKPHQ 6LH GDV 6SLHODQRGHUQLFKW"³ 7VFKHNDOLQVNL YHUEHXJWH VLFK PLW GHUVHOEHQ 0LHQH HUJH EHQHQ(LQYHUVWlQGQLVVHV Ä,FKZROOWH6LHQXUGDUDXIKLQZHLVHQ³VDJWHHUÄGD‰LFK GD PLFK PHLQH )UHXQGH LKUHV 9HUWUDXHQV ZUGLJHQ QXU JHJHQEDUHV*HOGVSLHOHQNDQQ,FKPHLQHUVHLWVELQQDWU OLFKEHU]HXJWGD‰,KU:RUWJHQJWGRFKXPGHU2UGQXQJ EHLP 6SLHO XQG EHLP 5HFKQHQ ZLOOHQ ELWWH LFK 6LH GDV *HOGDXIGLH.DUWH]XOHJHQ³ +HUPDQQ QDKP DXV VHLQHU 7DVFKH HLQH %DQNQRWH XQG UHLFKWHVLH7VFKHNDOLQVNLGHUVLHIOFKWLJEHVDKXQGDXIGLH .DUWH+HUPDQQVOHJWH

(U EHJDQQ ]X VSLHOHQ 5HFKWV ILHO HLQH 1HXQ OLQNV HLQH 'UHL Ä*HZRQQHQ³VDJWH+HUPDQQXQG]HLJWHVHLQH.DUWH 8QWHU GHQ 6SLHOHUQ HUKRE VLFK HLQ )OVWHUQ 7VFKHNDOLQ VNL ]RJ GLH %UDXHQ ]XVDPPHQ GRFK GDV /lFKHOQ NHKUWH VRIRUWDXIVHLQ*HVLFKW]XUFN Ä*HVWDWWHQ6LHGD‰LFK ,KQHQGDV*HOG JHEH"³ IUDJWH HU +HUPDQQ Ä6HLHQ6LHVRIUHXQGOLFK³ 7VFKHNDOLQVNL]RJHLQLJH%DQNQRWHQDXVGHU7DVFKHXQG UHFKQHWH PLW LKP DE +HUPDQQ QDKP VHLQ *HOG LQ (PS IDQJ XQG JLQJ YRP 7LVFK IRUW 1DUXPRZ NRQQWH VLFK LPPHU QRFK QLFKW IDVVHQ +HUPDQQ WUDQN HLQ *ODV /LPR QDGHXQGPDFKWHVLFKDXIGHQ+HLPZHJ $P $EHQG GHV QlFKVWHQ 7DJHV HUVFKLHQ HU ZLHGHU EHL 7VFKHNDOLQVNL'HU+DXVKHUUKLHOWGLH%DQN+HUPDQQWUDW DQGHQ7LVFKKHUDQGLH6SLHOHUPDFKWHQLKPVRIRUW3ODW] 7VFKHNDOLQVNLYHUEHXJWHVLFKOLHEHQVZUGLJYRULKP +HUPDQQ ZDUWHWH HLQH QHXH 7DLOOH DE VHW]WH HLQH .DUWH XQGOHJWHVHLQHVLHEHQXQGYLHU]LJWDXVHQGXQGGHQJHVWULJHQ *HZLQQGDUDXI 7VFKHNDOLQVNL EHJDQQ ]X VSLHOHQ 'HU %XEH ILHO QDFK UHFKWVGLH6LHEHQQDFKOLQNV +HUPDQQGHFNWHGLH6LHEHQDXI $OOH VWLH‰HQ HLQHQ 6FKUHL DXV 7VFKHNDOLQVNL ZDU VLFKW OLFK EHWURIIHQ (U ]lKOWH YLHUXQGQHXQ]LJWDXVHQG DE XQG JDE VLH +HUPDQQ +HUPDQQ QDKP VLH NDOWEOWLJ HQWJHJHQ XQGHQWIHUQWHVLFKLPVHOEHQ$XJHQEOLFN $P IROJHQGHQ $EHQG HUVFKLHQ +HUPDQQ ZLHGHU DP 6SLHOWLVFK $OOH HUZDUWHWHQ LKQ *HQHUlOH XQG *HKHLPUlWH YHUOLH‰HQLKUHQ:KLVWXPGLHVHVXQJHZ|KQOLFKH6SLHO]X VHKHQ 'LH MXQJHQ 2IIL]LHUH VSUDQJHQ YRQ GHQ 6RIDV DXI

VlPWOLFKH'LHQHUYHUVDPPHOWHQVLFKLQGHP*lVWH]LPPHU $OOHXPULQJWHQ+HUPDQQ'LHEULJHQ6SLHOHUVHW]WHQLKUH .DUWHQ QLFKW XQG ZDUWHWHQ YROOHU 8QJHGXOG DXI GHQ $XV JDQJ GHV 6SLHOV +HUPDQQ VWDQG DP 7LVFK XQG EHUHLWHWH VLFK GDUDXI YRU DOOHLQ JHJHQ GHQ EOHLFKHQ GRFK VWlQGLJ OlFKHOQGHQ 7VFKHNDOLQVNL ]X SRLQWLHUHQ -HGHU |IIQHWH HLQ .DUWHQVSLHO 7VFKHNDOLQVNL PLVFKWH +HUPDQQ KRE DE VHW]WH VHLQH .DUWH XQG EHGHFNWH VLH PLW HLQHP %QGHO %DQNQRWHQ (V VDK DXV ZLH HLQ =ZHLNDPSI 7LHIHV 6FKZHLJHQ KHUUVFKWH ULQJVXP 7VFKHNDOLQVNL EHJDQQ ]X VSLHOHQ VHLQH +lQGH ]LWWHUWHQ 5HFKWVILHOHLQH'DPHOLQNVHLQ$V Ä$V KDW JHZRQQHQ³ VDJWH +HUPDQQ XQG GHFNWH VHLQH .DUWHDXIÄ,KUH'DPHLVWJHVFKODJHQ³VDJWH7VFKHNDOLQVNL OLHEHQVZUGLJ +HUPDQQIXKUDXI,QGHU7DWVWDWWGHV$VVHVODJYRULKP GLH3LTXH'DPH(UWUDXWHVHLQHQ$XJHQQLFKWHUYHUVWDQG QLFKWZLHHUVLFKKDWWHLUUHQN|QQHQ ,Q GLHVHP $XJHQEOLFN VFKLHQ LKP GD‰ GLH 3LTXH 'DPH HLQ$XJH]XNQLIIXQGK|KQLVFKOlFKHOWH 'LH XQJHZ|KQOL FKHbKQOLFKNHLWYHUEOIIWHLKQ« Ä'LH$OWH³VFKULHHUYROOHU(QWVHW]HQ 7VFKHNDOLQVNLVWULFKGLH YHUORUHQHQ %DQNQRWHQ HLQ +HU PDQQ VWDQG XQEHZHJOLFK GD $OV HU YRP 7LVFK IRUWJLQJ HUKREVLFKHLQHODXWH8QWHUKDOWXQJÄ+HUUOLFKSRLQWLHUWKDW HU³ VDJWHQ GLH 6SLHOHU 7VFKHNDOLQVNL PLVFKWH YRQ QHXHP GLH.DUWHQ'DV6SLHOQDKPVHLQHQ)RUWJDQJ

(SLORJ

+HUPDQQ LVW ZDKQVLQQLJ JHZRUGHQ (U VLW]W LP 2EXFKRZ.UDQNHQKDXV =LPPHU  DQWZRUWHW DXI NHL QHUOHL )UDJHQ XQG PXUPHOW XQJHZ|KQOLFK VFKQHOO Ä'UHL 6LHEHQ$V'UHL6LHEHQ'DPH«³ /LVDZHWD ,ZDQRZQD KDW HLQHQ VHKU QHWWHQ MXQJHQ 0DQQ JHKHLUDWHW HU GLHQW LUJHQGZR XQG KDW HLQ RUGHQWOLFKHV 9HUP|JHQ(ULVWGHU6RKQGHVHKHPDOLJHQ9HUZDOWHUVGHU *UlILQ%HL/LVDZHWD,ZDQRZQDZLUGHLQHDUPH9HUZDQGWH HU]RJHQ 7RPVNLLVW]XP5LWWPHLVWHUEHI|UGHUWZRUGHQXQGKHLUD WHWH3ULQ]H‰3ROLQD

+HIW .DUO+HLQ]7XVFKHO ([SHULPHQW$QWLPDWHULH

3LW +ROODQG /HLWHQGHU ,QVSHNWRU GHV QHXHQ 6HNWRUV :LV VHQVFKDIWOLFKH$UEHLWHQLQGHU ,QVSHNWLRQ5DXPVLFKHUKHLW VWHOOW HUVFKURFNHQ IHVW GD‰ VHLQH $VVLVWHQWLQ -DQD LQ HLQH lX‰HUVWJHIlKUOLFKH6LWXDWLRQJHUDWHQLVWDOVVLHGLHVLFKHU KHLWVWHFKQLVFKHhEHUZDFKXQJGHU9HUVXFKHPLW$QWLPDWH ULHEHUQRPPHQKDW(UVWDUWHWPLWHLQHP %HUJXQJVVFKLII XPGDV6FKOLPPVWH]XYHUKWHQ0HQVFKHQOHEHQ]XUHWWHQ XQG GHQ )RUWJDQJ GHU ([SHULPHQWH ]X HUP|JOLFKHQ GRFK GLH=HLWELV]XUGURKHQGHQ.DWDVWURSKHLVWNQDSSEHPHVVHQ «