Spion über den Wolken

'DVQHXH$EHQWHXHU

8OULFK:DOGQHU6SLRQEHUGHQ:RONHQ 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH

&RS\ULJKW E\ 9HUODJ 1HXHV /HEHQ %HUOLQ  ‡ /L]HQ] 1U 8PVFKODJ]HLFKQXQJXQG,OOXVWUDWLRQHQ(UKDUG6FKUHLHU 'UXFN+2 1HXHV'HXWVFKODQG%HUOLQ1‡ (6'

'HU 3RVWHQ EHWUDW GLH 2IIL]LHUVXQWHUNXQIW XQG EOLHE YRU GHU 7U PLW GHP 6FKLOG Ä2EHUOHXWQDQW *UDVVLQ 0H‰RIIL ]LHU³ VWHKHQ (U EHUSUIWH GHQ 6LW] VHLQHU 8QLIRUP VFKDXWHQRFKHLQPDO]XU8KUXQGNORSIWHDQ1LFKWVUKUWH VLFK(UZDUWHWHHLQ:HLOFKHQXQGNORSIWHHLQ]ZHLWHVXQG VFKOLH‰OLFK HLQ GULWWHV 0DO 'DQQ |IIQHWH HU GLH 7U XQG JLQJ LQV =LPPHU .HLQ :XQGHU GDFKWH HU XQG VDK YRQ GHP IULHGOLFK VFKODIHQGHQ 2EHUOHXWQDQW KLQEHU ]X GHP 0RGHOOLHUVWXKO XQWHU GHU /DPSH +DW HU ZLHGHU GLH KDOEH 1DFKW JHVHVVHQ XQG DQ GHU QHXHQ 3ODVWLN JHDUEHLWHW %H KXWVDP WUDW HU HLQHQ 6FKULWW QlKHU $XI GHU 'UHKVFKHLEH GHV'UHLEHLQVVWDQGQRFKURKLQGHQ )RUPHQ HLQ IUHFKHV 3RQ\XQGDXIGHP3RQ\ULWWHLQ0lGFKHQÄ:LHVFK|QGDV LVW³GHU3RVWHQNQLIIGLH$XJHQ]XVDPPHQXQGGDFKWHGLH 3ODVWLN]X(QGH'DV0lGFKHQOlFKHOW²JDQ]JHZL‰ZLUG HV OlFKHOQ (V IUHXW VLFK VHLQHU -XJHQG HV IUHXW VLFK EHU GLH 6RQQH XQG GLH %OXPHQ XQG LVW JOFNOLFK PLW VHLQHP 3RQ\(VOLHEWGDV3RQ\8QGGDV3RQ\OLHEWGDV0lGFKHQ JDQ] JHZL‰ LVW GDV VR 'HQQ HV Ol‰W VLFK LQ GHU 0lKQH ]LHKHQRKQHGDV0lGFKHQDE]XZHUIHQ%HLDOOHU)UHFKKHLW VFKHLQWHVYHUQQIWLJ]XVHLQXQGNOXJ 'HU 6ROGDW WUDW ]XUFN -D GDV DOOHV ZUGH GLH 3ODVWLN DXVVDJHQZHQQVLHYROOHQGHWZDU(UVWUDIIWHVLFKPDFKWH )URQW ]XP %HWW XQG EHWUDFKWHWH YROO VWLOOHU %HZXQGHUXQJ GHQVFKODIHQGHQ2EHUOHXWQDQW1LFKWQXUHLQJXWHU2IIL]LHU XQG HLQ DXVJH]HLFKQHWHU 0DWKHPDWLNHU ZDU GLHVHU 0DQQ QHLQ HLQ .QVWOHU QRFK GD]X 'HQ .QVWOHU VROOWH PDQ HLJHQWOLFK VFKODIHQ ODVVHQ GHQ 2IIL]LHU DEHU PX‰WH PDQ ZHFNHQ 'HU 6ROGDW UlXVSHUWH VLFK Ä*HQRVVH 2EHUOHXW QDQW³ *UDVVLQIXKUKRFKXQGUL‰GLH$XJHQDXI Ä(VLVWIQI8KU6LHPVVHQGLH:DFKHEHUQHKPHQ,FK

KDEHJHNORSIWDEHU6LHK|UWHQPLFKQLFKW³ 2EHUOHXWQDQW *UDVVLQ OlFKHOWH HQWVFKXOGLJHQG Ä6FKRQ JXW³VDJWHHUÄ6LHN|QQHQJHKHQ*HQRVVH³ (LQHKDOEH6WXQGHVSlWHUYHUOLH‰HUIULVFKJHZDVFKHQXQG UDVLHUWGLH8QWHUNXQIW9RULKPLP /LFKWGHU 0RUJHQVRQ QH ODJ GLH %DWWHULH +DOE HLQJHJUDEHQ GLH 0DQQVFKDIWV XQWHUNQIWH HLQ 6WFN HQWIHUQW YRQ LKQHQ GHU NUHLVHQGH 6SLHJHO GHV 5DGDUJHUlWV GHU .RPPDQGREXQNHU XQG GLH 5DNHWHQDEVFKX‰UDPSHQ 7DUQQHW]H EHGHFNWHQ GLH VWlKOHU QHQ *LWWHUNRQVWUXNWLRQHQ 'LH )HXHUVWHOOXQJ VDK KDUPORV DXV XQG XQJHIlKUOLFK $XI HLQHP ELUNHQEHVWDQGHQHQ +HL GHKJHO JHOHJHQ YRQ .LHIHUQZDOG XPVlXPW JOLFK VLH HLQHP DVWURSK\VLNDOLVFKHQ )RUVFKXQJVODJHU 8QWHU GHU (UGH MHGRFK GHP $XJH XQVLFKWEDU XQG GXUFK PHWHUGLFNH %HWRQZlQGH JHVFKW]W VWDQGHQ XQJHKHXUH .UlIWH EHUHLW MHGHQ $QJUHLIHU DXV GHU /XIW ]X YHUQLFKWHQ 'LH %DWWHULH JHK|UWH]XP/XIWYHUWHLGLJXQJVJUWHO8UDOXQGEHIDQGVLFK ZHLWDE GHU JUR‰HQ $XWRVWUD‰HQ XQG (LVHQEDKQOLQLHQ LP 9RUIHOGGHV6ZHUGORZVNHU,QGXVWULHUHYLHUV 2EHUOHXWQDQW*UDVVLQDWPHWHWLHIGLHNKOHZU]LJH/XIW (V URFK QDFK (UGH XQG MXQJHP *UQ 'XQVWVFKOHLHU VWLH JHQ YRP 0RRU DXI YHUGLFKWHWHQ VLFK ]X HLQHU ZRJHQGHQ 1HEHOVFKLFKWXQGZXUGHQYRQGHU6RQQHDXVHLQDQGHUJHULV VHQ 6WUDKOHQG EODX RKQH MHGH :RONH Z|OEWH VLFK GLH +LPPHOVNXSSHO 7HPSHUDWXUHQ EHU  *UDG KDWWH GHU :HWWHUGLHQVWYRUDXVJHVDJW'HU0DLYHUVSUDFKHLQ ZXQGHUVFK|QHU7DJ]XZHUGHQ /DQJVDPJLQJGHUMXQJH2IIL]LHU]XU.DQWLQHKLQEHU(U ZDU PLWWHOJUR‰ XQG EORQG 6HLQ IUHXQGOLFKHV RYDOHV *H VLFKWPLWGHQJUR‰HQJUDXHQ$XJHQZLUNWHGXUFKDXVQLFKW NULHJHULVFK(UVDJWHYRQVLFKGD‰HULQIULHGOLFKHQ=HLWHQ 0DWKHPDWLNSURIHVVRUJHZRUGHQZlUHGRFKZLHGLH'LQJH

QXQHLQPDOODJHQLQGHU:HOWKLHOWHUHVIUULFKWLJVHLQH PDWKHPDWLVFKHQ.HQQWQLVVHDOV0H‰RIIL]LHULQGHQ 'LHQVW GHU/DQGHVYHUWHLGLJXQJ]XVWHOOHQ'D‰HVLKPDQ0XWXQG $XVGDXHUDQN|USHUOLFKHU*HZDQGWKHLWXQG(QWVFKOX‰NUDIW LQ HQWVFKHLGHQGHQ 6LWXDWLRQHQ QLFKW IHKOWH KDWWH HU RIW JHQXJ EHZLHVHQ Ä3URIHVVRU LQ 8QLIRUP³ VDJWHQ VHLQH 6ROGDWHQXQGVLHVDJWHQHVUHVSHNWYROOXQGDQHUNHQQHQG 'HU(‰UDXPIU2IIL]LHUHZDUOHHU2EHUOHXWQDQW*UDVVLQ XQG GLH 0lQQHU GLH IU GLH QlFKVWHQ DFKW 6WXQGHQ GLH :DFKHDQGHQ*HUlWHQEHUQDKPHQZDUHQIUKHUJHZHFNW ZRUGHQ 'HU .RFK HLQ MXQJHU GUDKWLJHU *HRUJLHU PLW NRKO VFKZDU]HQ$XJHQEUDFKWH7HH%UDWNDUWRIIHOQXQG)OHLVFK 'HU2EHUOHXWQDQWEHJDQQ]XHVVHQ (U KlWWH VLFK PLW GHP .RFK XQWHUKDOWHQ N|QQHQ DEHU HU VFKZLHJ XQG VDK DXV GHP)HQVWHU'LHEODXHQ6FKDWWHQDPZHVWOLFKHQ+RUL]RQW GDV ZDU GHU 8UDO 'HU 'XQVWVFKOHLHU GDYRU GDV N|QQWH 6ZHUGORZVN VHLQ XQG LQ KDOEHU (QWIHUQXQJ GDYRQ HWZDV QDFK6GHQJHUFNWGRUWOLHJW'XNRZDGDV'RUILQGHP HUJHERUHQZXUGH6HOWVDPIDVWHLQ-DKUZDUHUKLHULQGHU )HXHUVWHOOXQJLPPHUKDWWHHUVLFKJHZQVFKWHLQPDOQDFK +DXVH ]X IDKUHQ GLH DOWHQ %HNDQQWHQ ]X EHJU‰HQ XQG GXUFKGLH )HOGHU]XZDQGHUQ(UKDWWH HV VLFK JHZQVFKW DEHUGHQ9HU]LFKWGDUDXIYHUVFKPHU]HQN|QQHQ+HXWHZDU HVDQGHUVKHXWHZUGHHU]XJHUQLQ'XNRZDVHLQ Ä6FKPHFNW HV QLFKW *HQRVVH 2EHUOHXWQDQW"³ IUDJWH GHU .RFKGHULKQZLHHUYHUPHLQWHRKQHMHGHQ$SSHWLWHVVHQ VDK Ä2 GRFK GDQNH ² LFK GHQNH QXU DQ ]X +DXVH ZLVVHQ 6LH³ 'HU.RFKZDU]XIULHGHQ(UQLFNWHYHUVWlQGQLVYROOÄ$P  0DL P|FKWH PDQ ]X +DXVH VHLQ³ VHXI]WH HU Ä0HLQH

1DWDVFKDKDWDXV0RVNDXJHVFKULHEHQRELFKQLFKWZLHGHU DXI 8UODXE NlPH ,P YHUJDQJHQHQ -DKU KDW HV JHUDGH JHNODSSWXQGQXQPHLQWVLHHVP‰WHZLHGHUNODSSHQ-D VRVLQGGLH0lGFKHQ6LHKDW JDQ] JUR‰H $XJHQ JHPDFKW YRU *OFN XQG JHVFKQXUUW ZLH HLQH .DW]H :LU VLQG EHU GHQ 5RWHQ 3ODW] PDUVFKLHUW VLH ]HLJWH PLFK DOOHQ .ROOH JLQQHQGDQQKDEHQZLUJHWDQ]WXQGDEHQGVZDUHQZLUEHL )UHXQGHQHLQJHODGHQ³ 'HU .RFK 6RORWlQ]HU XQG 6SD‰PDFKHU GHU %DWWHULH VFKZDQJ GDV )OHLVFKPHVVHU GXUFK GLH /XIW XQG EHJDQQ VLFKLQGHQ+IWHQZLHJHQGUK\WKPLVFKPLWGHQ)‰HQ]X VWDPSIHQ Ä$EHUZDVUHGHLFKVRYLHO³XQWHUEUDFKHUVLFKSO|W]OLFK Ä6LHKDEHQHLQH)UDXXQG]ZHL.LQGHULQ.LHZ6LHKlWWHQ ZHLWPHKU$QUHFKWGDUDXIQDFK+DXVH]XIDKUHQ³ Ä,FKGDFKWHQLFKWDQ .LHZ³VDJWHGHU 2EHUOHXWQDQW XQG VSLH‰WH EHGlFKWLJ JROGJHOEH .DUWRIIHOVFKHLEHQ DXI GLH *DEHO Ä,FK ELQ LQ 'XNRZD JHERUHQ VLHE]LJ .LORPHWHU YRQKLHU³(UNDXWHODQJVDPXQGPLW*HQX‰ZLHGHU.RFK HUIUHXWEHPHUNWHÄ-DVRJHKWHVHLQHP6ROGDWHQ³IXKUHU IRUWÄ0DQZLUGYRQ.LHZKLQWHUGHQ8UDOYHUVHW]WLQGLH DOWH +HLPDW XQG GDQQ NRPPW PDQ QLFKW GD]X GDV '|UIFKHQ ]X EHVXFKHQ 9RU ]HKQ -DKUHQ DOV LFK QRFK DXI GHU $NDGHPLH ZDU KDEH LFK HV ]XP OHW]WHQPDO JHVHKHQ 0HLQH (OWHUQ VLQG WRW LFK KDEH NHLQH 9HUZDQGWHQ PHKU GRUW XQG WURW]GHP «³ (U VFKDXWH QDFK GHU 6RQQH Ä8P GLHVH=HLWKDWWH*ULJRULVHLQHQ.ZD‰JHWUXQNHQGHQWUDQN HU LPPHU DXI QFKWHUQHQ 0DJHQ 'DV HUKlOW JHVXQG XQG PDFKW $SSHWLW VDJWH HU ² *ULJRUL LVW GHU 'LUHNWRU GHU 6RZFKRVHPVVHQ6LHZLVVHQHLQ3UDFKWNHUONOHLQXQWHU VHW]WXQGHUKDW%lUHQNUlIWH(UVFKOXJHLQHQ2FKVHQGHU ZLOG ZXUGH PLW GHU EOR‰HQ )DXVW ]X %RGHQ *ULJRUL ZDU

GHU)UHXQGPHLQHV9DWHUV³ 'HU 2EHUOHXWQDQW VFKRE JHGDQNHQYHUVXQNHQ HLQ 6WFN %URWLQGHQ0XQGXQGVSOWHHVPLWHLQHP6FKOXFNVDXUHU 0LOFK KLQXQWHU Ä-D QDFKGHP HU VHLQHQ .ZD‰ JHWUXQNHQ KDWWH³IXKUHUIRUWÄWUDWHUDXIGHQ+RIXQGVDKQDFKGHP :HWWHU 'DQQ ]RJ HU GDV +HPG DXV XQG VWHFNWH GHQ .RSI LQGHQ:DVVHUHLPHU'DVHUKlOWGLFKIULVFKIUGHQJDQ]HQ 7DJµ VDJWH HU PLU VFKWWHOWH GDV /|ZHQKDXSW GD‰ GLH 7URSIHQIORJHQXQGVFKQDXIWH]XIULHGHQ,FKOLHEWH*ULJRUL XQGVFKOLHIRIWEHLLKP]X+DXVH6HLQH(KHZDUNLQGHUORV DEHUDOOH.LQGHUKDWWHQLKQJHUQH'DEHLNRQQWHHUE|VDUWLJ VHLQ ZHQQ HU VLFK lUJHUWH QD MD HU lUJHUWH VLFK QLH RKQH *UXQG ² :HQQ HU VLFK JHZDVFKHQ KDWWH IUKVWFNWH HU +DPPHOIOHLVFKPLW =ZLHEHOQ %URW XQG 6SHFN *HZDOWLJH 0HQJHQ(UD‰PHKUDOVLFK³'HU2EHUOHXWQDQWVFKREGHQ 7HOOHU PLW GHQ OHW]WHQ %UDWNDUWRIIHOQ ]XUFN Ä1DFK GHP (VVHQ NDPHQ GLH )UHXQGH ]X %HVXFK 6LH WUDQNHQ HLQ *OlVFKHQ:RGND ² *XUNHQ XQG HLQJHOHJWH 3LO]H VWDQGHQ DXI GHP 7LVFK ² XQG VSUDFKHQ GDV 3URJUDPP IU GHQ )HVWWDJGXUFK'UDX‰HQEHJDQQGLH0XVLN]XVSLHOHQXQG GDV JDQ]H 'RUI YHUVDPPHOWH VLFK (V ZXUGH JHWDQ]W XQG JHVXQJHQ HLQ =XJ IRUPLHUWH VLFK XQG ZLU PDUVFKLHUWHQ EHUGLH)HOGHU-D²³GHU2EHUOHXWQDQWEUDQQWHVLFKHLQH =LJDUHWWHDQÄZHQQLFKDQGLH0DLIHLHUQLQ'XNRZDGHQ NH ZLUG PHLQH JDQ]H .LQGKHLW OHEHQGLJ (V LVW VR DOV OLH‰H VLH VLFK LQ DFKW]HKQ 7DJH ]XVDPPHQIDVVHQ $FKW ]HKQPDO KDEH LFK GHQ 0DL LQ 'XNRZD JHIHLHUW UHFKQHQ ZLU GLH HUVWHQ -DKUH DE XQG GHQ .ULHJ  IHLHUWHQ ZLU ZLHGHU ² RKQH 0lQQHU ]ZDU QRFK GRFK VFKRQ LQ 9RU IUHXGH DXI GHQ 6LHJ 8QG (QGH GHV 0RQDWV NDP *ULJRUL QDFK +DXVH ,FK ZHUGH HV QLH YHUJHVVHQ (V ZDU HLQ 7DJ ZLHKHXWHVRQQLJXQGNODUIUXQVDEHUIUPHLQH0XWWHU

XQG PLFK ZDU HV HLQ 7UDXHUWDJ *ULJRUL EUDFKWH XQV GLH 1DFKULFKW GD‰ PHLQ 9DWHU LQ %HUOLQ JHIDOOHQ ZDU 6HLW GHP³ HU GUFNWH GLH =LJDUHWWH DXV XQG ]HUULHE VLH LP $VFKEHFKHU ÄVHLWGHP HULQQHUW HU DQ MHGHP  0DL ZHQQ VLFK GLH )UHXQGH EHL LKP YHUVDPPHOW KDEHQ DQ GHQ 7RG PHLQHV 9DWHUV ,FK KDOWH HV QLFKW IU ULFKWLJ DEHU PHLQ 9DWHU ZDU VHLQ EHVWHU .ULHJVNDPHUDG 0DQ PX‰ *ULJRUL YHUVWHKHQ (V LVW HLQH 9HUSIOLFKWXQJ ZLVVHQ 6LH HLQH $UW GHV*HGHQNHQVXQGZRKODXFKHLQH0DKQXQJDQGLHMXQJH *HQHUDWLRQ³ 'HU 2EHUOHXWQDQW VWDQG DXI ]RJ GHQ 8QL IRUPURFNJODWWXQGVDKKLQEHU]XGHQEODXHQ6FKDWWHQGHV 8UDOJHELUJHV Ä,FK PX‰ JHKHQ³ VDJWH HU VLFK GHP .RFK ]XZHQGHQG (U OlFKHOWH ZLHGHU Ä(V KDW JXW JHVFKPHFNW *HQRVVH 7VFKXULQ XQG ODVVHQ ZLU XQV QLFKW GHQ 7DJ YHU GHUEHQGXUFKDOWH(ULQQHUXQJHQ8QVHUH)HLHULQGHU%DWWH ULH ZLUG QLFKW JDQ] VR JUR‰DUWLJ VHLQ ZLH GLH LQ 0RVNDX DEHU LFK GHQNH ZDV GLH 6WLPPXQJ DQEHODQJW GD ZHUGHQ ZLUVLHEHUWUHIIHQDXFKRKQH1DWDVFKD³ Ä'DVZLOOLFKPHLQHQ³VDJWHGHU.RFK8QGDOV*UDVVLQ KLQDXVJLQJ GDFKWH HU (LQ IHLQHU .HUO GHU 2EHUOHXWQDQW 1XUYHUVWHKHLFKQLFKWHUKlWWHGRFKXPHLQHQ7DJ8UODXE ELWWHQ N|QQHQ :DV NDQQ VFKRQ SDVVLHUHQ DQ HLQHP 7DJ %LV 'XNRZD LVW HV HLQ .DW]HQVSUXQJ $OOHUGLQJV LVW GLH 9HUELQGXQJ VFKOHFKW 0DQ P‰WH HLQHQ +XEVFKUDXEHU KDEHQ HLQHQ +XEVFKUDXEHU IU .XU]XUODXEHU ² (U EH VFKOR‰GLHVHQ*HGDQNHQKXPRULVWLVFKDXVJHVFKPFNWLQ VHLQH&RQIHUHQFHDP$EHQGPLWDXI]XQHKPHQ

=XU JOHLFKHQ =HLW DOV 2EHUOHXWQDQW *UDVVLQ GLH .DQWLQH YHUOLH‰ ZXUGH DXI GHP SDNLVWDQLVFKHQ )OXJSODW] 3HVFKD ZDU  .LORPHWHU YRQ 6ZHUGORZVN HQWIHUQW HLQ )OXJ ]HXJVWDUWNODUJHPDFKW(VZDUHLQHHLJHQDUWLJH0DVFKLQH

PHVVHUGQQH ZHLWDXVKROHQGH 7UDJIOlFKHQ LQ GHU 0LWWH GHV 5XPSIHV DQJHVHW]W VFKODQNHU NXU]HU 5XPSI PLW HLQJHEDXWHP 6WUDKOWULHEZHUN YRUJH]RJHQHU QDGHOVSLW]HU %XJ ZLQ]LJH 3LORWHQNDQ]HO XQG PlFKWLJHV +|KHQ XQG 6HLWHQOHLWZHUN 'DV )OXJ]HXJ ZDU GLVSURSRUWLRQLHUW HV KDWWH QLFKWV YRQ GHU KDUPRQLVFKHQ (OHJDQ] QRUPDOHU 6LOEHUY|JHO8QGDOVREHVVLFKGHVKDOEVFKlPWHVWDQGHV ZHLWDEYRQGHQ)OXJKDIHQJHElXGHQLQGHUlX‰HUVWHQ(FNH GHV5ROOIHOGHV(VWUXJNHLQH(UNHQQXQJV]HLFKHQXQGGHU EODXJUDXH 7DUQDQVWULFK GD]X EHVWLPPW 5DGDUZHOOHQ ]X DEVRUELHUHQ YHUVWlUNWH GHQ (LQGUXFN GHU 8QDQ VHKQOLFKNHLW 3HVFKDZDU LVW HLQ 6WW]SXQNW GHU DPHULNDQLVFKHQ /XIW ZDIIH (LQ JHKHLPHU 6WW]SXQNW 'LH ,QVWUXNWHXUH XQG )OXJ]HXJPHFKDQLNHU GLH 5DGDU XQG &,$6SH]LDOLVWHQ IKUHQ LP *HJHQVDW] ]X LKUHQ .ROOHJHQ LQ DQGHUHQ /lQ GHUQ HLQ ]XUFNJH]RJHQHV EHVFKHLGHQHV 'DVHLQ XQG LQ DOOHU6WLOOHEHJDQQHQVLHDXFKLQGHQ0RUJHQVWXQGHQGHV 0DLGLH6WDUWYRUEHUHLWXQJHQHLQHULKUHU0DVFKLQHQhEHU SUIXQJ GHV PlFKWLJHQ 6WUDKOWULHEZHUNV PLW VHLQHQ ]ZHL .RPSUHVVRUHQ GHQ %UHQQNDPPHUQ XQG GHU *DVWXUELQH HLQHU 8Q]DKO YRQ =XOHLWXQJHQ XQG HOHNWULVFKHU $QVFKOV VH)XQNXQG)RWRVSH]LDOLVWHQNURFKHQGXUFK&RFNSLWXQG 5XPSI &DSWDLQ 3RZHUV GUHL‰LJ -DKUH DOW JUR‰ XQG PXVNXO|V PLWEUHLWHPGHUENQRFKLJHP*HVLFKWXQGNXU]HP%UVWHQ KDDU VD‰ GHP 0DMRU GHV *HKHLPGLHQVWHV JHJHQEHU 'HU 0DMRUVFKODQNXQGEOD‰HLQH1LFNHOEULOOHDXIGHUGQQHQ 1DVHEHWUDFKWHWHLKQPLWGHU6RUJIDOWHLQHV1HUYHQDU]WHV 9RQ3RZHUV)OXJKLQJYLHODE(UZDUVHLW0RQDWHQYRUEH UHLWHWZRUGHQELVLQGLHOHW]WH(LQ]HOKHLW'LH5DGDUVWDOLR QHQ OlQJV GHU VRZMHWLVFKHQ 6GRVWJUHQ]H KDWWHQ GLH

VFKZDFKH6WHOOHLPVRZMHWLVFKHQ$EZHKUV\VWHPHQWGHFNW 3DWURXLOOHQIOXJ]HXJH ZDUHQ HLQJHVHW]W ZRUGHQ :HWWHU PHOGXQJHQ ZXUGHQ DEJHK|UWYHUJOLFKHQ XQG DXVJHZHUWHW HLQ6WDEHUIDKUHQHUKRFKEH]DKOWHU)DFKOHXWHKDWWH7DJXQG 1DFKWJHDUEHLWHWXQGQXQVD‰LKP&DSWDLQ3RZHUVJHJHQ EHUJOHLFKPWLJJHODVVHQDOVKDQGHOWHHVVLFKXPHLQHQ 7ULS QDFK )ORULGD 'DV DOVR ZDU GDV $V GHU /IWH GHU 0DQQ GHU VLFK LQ .RUHD HLQH $XV]HLFKQXQJ QDFK GHU DQGHUHQ JHKROW KDWWH XQG MHW]W ]X GHQ EHUKPWHVWHQ 6SLR QDJHIOLHJHUQ ]lKOWH 9RU ]ZHL 7DJHQ DOV HU PLW VHLQHU 0DVFKLQHDXVGHU7UNHLNRPPHQGLQ3HVFKDZDUODQGHWH KDWWH LKQ GHU 0DMRU ]XP HUVWHQPDO JHVHKHQ (LQ LQWHOOL JHQWHU -XQJH GLHVHU 3RZHUV 8PIDVVHQGH .HQQWQLVVH UDVFKH $XIIDVVXQJVJDEH DOOHV RND\ DP YHUEOIIHQGVWHQ DEHU VHLQH .DOWVFKQlX]LJNHLW :HU HV IHUWLJEULQJW DQ VHL QHP9RUJHVHW]WHQYRUEHLDXVGHP)HQVWHU]XVFKDXHQXP ]X VHKHQ ZDV GLH 0HFKDQLNHU PLW VHLQHU 0DVFKLQH DQ VWHOOHQ ZHU GDEHL QRFK YHUQQIWLJH $QWZRUWHQ JLEW XQG ZHQQHUPHLQWGD‰HVJHQXJVHLYRQVHLQHQ:LQGKXQGHQ ]XHU]lKOHQGHULVWZHUWGD‰PDQLKQLQ*ROGIDVVHQOl‰W Ä6R :LQGKXQGH VLQG ZDVVHUVFKHX"³ IUDJWH GHU 0DMRU ]HUVWUHXWXQGVDKGDEHLDXIGLH8KU Ä:LU KDEHQ QRFK IQI 0LQXWHQ³ EHUXKLJWH LKQ 3RZHUV XQGKROWHHLQ)RWRDXVGHU7DVFKHÄ'DVLVW+HUPHV³VDJWH HU VWRO] ÄGHU HLQ]LJH :LQGKXQG GHU )LVFKH IlQJW ,FK QDKPLKQPLW]XP$QJHOQ(USD‰WHJXWDXIXQGODQJVDP NULHJWHHUVSLW]ZRUDXIHVDQNDP'DEL‰HLQH0HHUIRUHOOH DQ,FKGULOOWHVLHDQV%RRW+HUPHVVWDQG²VRZLHHUKLHU VWHKW ² VSUXQJEHUHLW PLW KlQJHQGHU =XQJH XQG KRFKJH ]RJHQHQ /HI]HQ (U YHUIROJWH PHLQHQ .DPSI PLW GHP )LVFKGDQQZDUHVVRZHLW,FKJULIIQDFKGHP.HVFKHU² SO|W]OLFK HLQ +RFKVFKQHOOHQ XQG .ODWVFKHQ 'LH )RUHOOH

KDWWHVLFKIUHLJHPDFKWXQGHKHLFKGHQNHQNRQQWHVFKR‰ +HUPHV EHU %RUG JULII ]X VFKWWHOWH GHQ )DQJ WDXFKWH XQWHU NlPSIWH XQG VFKQDXEWH ² HLQ +XQG LVW MD NHLQ :DVVHUWLHU ² XQG GDQQ DSSRUWLHUWH HU GLH SUlFKWLJVWH )RUHOOHGLHLFKMHLP/HEHQJHIDQJHQKDWWH²,FKGHQNH HVLVWVRZHLW³&DSWDLQ3RZHUVHUKREVLFKVWHFNWHGDV%LOG ZLHGHUHLQXQG]RJGHQ5HL‰YHUVFKOX‰VHLQHU)OLHJHUNRP ELQDWLRQ ]X Ä$OOHV NODU 0DMRU 0RUJHQ QDFKW KDEHQ 6LH 0HOGXQJ DXV 1RUZHJHQ VR ORQJ³ (U JU‰WH QDFKOlVVLJ XQGOLH‰VLFKYRP-HHS]XU0DVFKLQHEULQJHQ 'LH 0HFKDQLNHU HUZDUWHWHQ LKQ 3RZHUV JLQJ DQ GLH VWDUWNODUH8KHUDQ%HKXWVDPIDVW]lUWOLFKVWULFKHUEHU GLH3ODVWLNKDXWGHV5XPSIHV'DQQEHJDQQHUGLH0DVFKL QH ]X EHUSUIHQ =XQlFKVW 7ULHEZHUN XQG )DKUZHUN VRZLHDOOHYRQDX‰HQ]XHUUHLFKHQGHQ7HLOHÄ,Q2UGQXQJ³ HU VFKOXJ GHP HUVWHQ 0HFKDQLNHU DQHUNHQQHQG DXI GLH 6FKXOWHUXQGOLH‰VLFKYRQLKPEHLP(LQVWLHJLQGDV&RFN SLW KHOIHQ 'LH $XVUVWXQJ EHKLQGHUWH LKQ (U WUXJ EHU HLQHP KHOOHQ 2YHUDOO PLW 5HL‰YHUVFKOX‰WDVFKHQ GLH HOHN WULVFK KHL]EDUH KHUPHWLVFK DEVFKOLH‰HQGH .RPELQDWLRQ GHU +|KHQIOLHJHU GLH GXUFK HLQ $WHPJHUlW XQG HLQH LP 6FKXW]KHOP XQWHUJHEUDFKWH )XQNVSUHFKYRUULFKWXQJ YHU YROOVWlQGLJW ZXUGH (U ZDU DXI GLHVH $XVUVWXQJ QLFKW DQJHZLHVHQ .OLPDDQODJH XQG 'UXFN]HOOH GHV )OXJ]HXJV VFKW]WHQ LKQ YRU GHU $X‰HQWHPSHUDWXU YRQ ²  *UDG XQG GHP H[WUHP QLHGULJHQ /XIWGUXFN 'RFK GLH .DELQH NRQQWH XQGLFKW ZHUGHQ GLH .OLPDDQODJH NRQQWH YHUVDJHQ « 3RZHUV VHW]WH VLFK DXI VHLQHP 3ODW] ]XUHFKW XQG EHU SUIWH GLH ,QVWUXPHQWH XQG HOHNWULVFKHQ $QODJHQ (U ZDU ]XIULHGHQPLWGHU)XQNWLRQVSUREHÄ,Q2UGQXQJ³VDJWHHU ZLHGHU 'LH .DELQH ZXUGH JHVFKORVVHQ 'UXFNEHOIWXQJV

DQODJH XQG .OLPDDQODJH EHJDQQHQ ]X DUEHLWHQ 7HPSHUD WXUXQG'UXFNPHVVHU]HLJWHQGLHQRUPDOHQ:HUWH&DSWDLQ 3RZHUVVWOSWHVLFKGHQZHL‰HQ3ODVWLNKHOPPLWGHUIOH[L EOHQ 9ROOVLFKWVFKHLEH EHU XQG VFKDOWHWH GLH 6SUHFKIXQN DQODJHHLQ(VNQDFNWHLQGHQ.RSIK|UHUQÄ+DOOR1² K|UWLKUPLFK"²(LQV]ZHLGUHL³ 1  KDWWH JHK|UW 'LH *HJHQSUREH HUIROJWH 3RZHUV ZLQNWH GHQ 0lQQHUQ YRP %RGHQSHUVRQDO 'DV $Q OD‰DJJUHJDWZXUGHKHUDQJHIDKUHQXQG PLW GHP 7ULHEZHUN YHUEXQGHQ(VZDUVHFKV8KU1RFKPDOVHLQ:LQNPLWGHU +DQGGDV$JJUHJDWKHXOWHDXIGLH7XUELQHQZHOOHEHJDQQ VLFK ]X GUHKHQ VFKQHOOHU XQG VFKQHOOHU 'HU 'UHK]DKODQ ]HLJHUNOHWWHUWHKDWWHGLH0DUNHHUUHLFKW3RZHUVVFKDOWHWH XPDXIHLJHQH.UDIWVFKREGHQ/HLVWXQJVKHEHOQDFKYRUQ 2KUHQEHWlXEHQGHV +HXOHQ XQG 'RQQHUQ ]HUUL‰ GLH /XIW 'HUKHL‰H*DVVWUDKOIDFKWH6WDXEZRONHQDXIYHUVHQJWHGDV *UDV 'DV $JJUHJDW ZDU ]XUFNJHIDKUHQ 'LH 0lQQHU VFKZHQNWHQGLH0W]HQ3RZHUVO|VWHGLH%UHPVHQ/DQJ VDP UROOWH GLH 0DVFKLQH DQ NXUYWH VFKZHUIlOOLJ HLQ ]XU 3LVWH KLHOW LQ +|KH GHV .RQWUROOWXUPV  8KU ZDU HV LQ]ZLVFKHQ JHZRUGHQ ²  « 3RZHUV JDE GLH EORN NLHUWHQ 5lGHU IUHL 'LH 8 VWDUWHWH 'UHLKXQGHUW 0HWHU IQIKXQGHUW0HWHUVFKQHOOHUZXUGHGLH)DKUWDFKWKXQGHUW 0HWHU²HU]RJGHQ6WHXHUNQSSHODQXQGGLH0DVFKLQH KRE VLFK YRP 5RGHQ DE 1DFK GHU EOLFKHQ 3ODW]UXQGH JLQJHUDXI.XUV*UDG1RUGQRUGZHVW'LH8VFKR‰ LQVWHLOHP:LQNHOQDFKREHQ (LQ6WUDKOIOXJ]HXJVRVFKQHOOZLHP|JOLFKDXIGLHHUIRU GHUOLFKH XQG JOHLFK]HLWLJ DXFK ZLUWVFKDIWOLFKVWH +|KH ]X EULQJHQ LVW HLQ NRPSOL]LHUWHU 9RUJDQJ -HGHV $EZHLFKHQ YRP YRUJHVFKULHEHQHQ $XIVWLHJVZLQNHO XQG YRQ GHU LKP

DQJHSD‰WHQ6WHLJJHVFKZLQGLJNHLWEHGHXWHW0HKUYHUEUDXFK DQ 7UHLEVWRII /XIWGUXFN XQG $X‰HQWHPSHUDWXU GLH GLH /HLVWXQJ GHV 7ULHEZHUNHV YHUlQGHUQ PVVHQ VWlQGLJ EHREDFKWHW XQG EHUFNVLFKWLJW ZHUGHQ 0LW ]XQHKPHQGHU +|KH5HGX]LHUXQJGHU*HVFKZLQGLJNHLW.XUVRULHQWLHUXQJ RKQH +RUL]RQW =DKOHQ :HUWH 5HFKQXQJHQ XQG 9HUJOHL FKH ² IU &DSWDLQ 3RZHUV HLQH 5RXWLQHDUEHLW (LQHP 0DQQGHUGLH3DWHQWHIUGLH6WHXHUXQJDOOHU)OXJ]HXJW\ SHQ GHU 86 $LUIRUFH EHVLW]W GHU XQ]lKOLJH 0DOH XQWHU VFKZLHULJVWHQ%HGLQJXQJHQJHVWDUWHWLVWXQGVLFKDXVNHQQW PLWGHUNOHLQVWHQ 5HJXQJ GHU 0DVFKLQH EHUHLWHW HLQ 6WDUW XQWHU JHUDGH]X LGHDOHQ 9HUKlOWQLVVHQ NHLQHUOHL 6FKZLHULJ NHLWHQ &DSWDLQ 3RZHUV IDQG VRJDU =HLW ]X UHLQ SULYDWHQ hEHUOHJXQJHQ 6HLQH )UDX KDWWH VLFK EHLP 6FKLODXIHQ LQ GHQWUNLVFKHQ%HUJHQHLQ%HLQJHEURFKHQ=XGXPPGD‰ HUQLFKWEHLLKUEOHLEHQNRQQWH'HU0DMRUKDWWHJHVDJWHU VROOH VLFK NHLQH 6RUJHQ PDFKHQ 'HU 0DMRU KDWWH JXW UH GHQ6HLQH)UDXPDFKWHLKPPHKU6RUJHQDOVGLHVHU )OXJ :DVZDUVFKRQ GDEHL" 1LFKW HLQPDO GLH SULFNHOQGH 6SDQ QXQJGLHHUIUKHUYRUMHGHP6RQGHUHLQVDW]YHUVSUWKDWWH EHILHO LKQ 'HU HLQH IOLHJW GHU DQGHUH ElFNW %U|WFKHQ GDFKWH HU QXU ZLUG GDV )OLHJHQ EHVVHU EH]DKOW 'HU +| KHQPHVVHU VWDQG DXI  (U GUFNWH GLH 0DVFKLQH LQ 1RUPDOIOXJODJH NRQWUROOLHUWH GLH 8KU]HLW XQG VWHOOWH GHQ .XUVUHJOHUHLQ*UDG1RUGQRUGZHVW 'LH (UGH ERW VLFK LKP DOV HQGORVH OHLFKW JHZ|OEWH 6FKHLEH GDU (LQ JHRJUDSKLVFKHV 5HOLHI PLW ZLOG ]HU NOIWHWHQEUDXQJUDXHQ%HUJNHWWHQIODFKHQ:VWHQVWULFKHQ XQGZHQLJHQIUHXQGOLFKJUQHQ2DVHQ6HLW]HKQ0LQXWHQ IORJ GLH 0DVFKLQH EHU DIJKDQLVFKHP +RKHLWVJHELHW 3RZHUV RULHQWLHUWH VLFK :HLW LP 2VWHQ HUKRE VLFK GDV 3DPLUSODWHDX YRU LKP TXHU ]XU )OXJEDKQ GLH LQ 2VW

:HVW5LFKWXQJ VWUHLFKHQGHQ .HWWHQ GHV +LQGXNXVFK 'LH 6LFKWZDUNODU'LHWLHIVWHKHQGH6RQQHIOOWHGLH7lOHUPLW VFKZDU]YLROHWWHQ 6FKDWWHQ OLH‰ GLH 6FKQHHKlXSWHU GHU KDUPORV ZLUNHQGHQ 6HFKVWDXVHQG0HWHU5LHVHQ LQ EOHQ GHQGHP:HL‰HUVWUDKOHQXQG]HLFKQHWH)OVVHXQG6WU|PH DOVVLOEHUJOLW]HUQGH)lGHQLQGDV3DQRUDPD'HUIUHPGDUWL JH5HL]GHUHLQVDPHQ:HOWGRUWXQWHQEHUKUWHLKQZHQLJ (UKDWWH0HHUHXQG.RQWLQHQWHEHUIORJHQXQGIHVWJHVWHOOW GD‰GLH(UGHDXV 0HWHU+|KHJHVHKHQYHUGDPPW ZHQLJ$EZHFKVOXQJELHWHW'D‰VLFKGLH6RQQHDOVSODVWL VFKHU =HLFKQHU EHWlWLJWH GD‰ VLH +|KHQ XQG 7LHIHQ KHU YRUKREZDUHLQ]LJXQGDOOHLQZLFKWLJIUGLH$XVZHUWXQJ VHLQHU/XIWDXIQDKPHQ 'LH2ULHQWLHUXQJZDUVSLHOHQGOHLFKW9RQ3HVFKDZDUDXV ZDUHUGHP /DXIGHV.DEXOJHIROJW-HW]WZLFKGHU6WURP LQ DXVODGHQGHU .UPPXQJ QDFK :HVWHQ ]XUFN VHLQHP 4XHOOJHELHW ]X 0LW IHLQHU *HVFKZLQGLJNHLW YRQ  0H WHUQ LQ GHU 6HNXQGH IORJ GLH 8 ZHLWHU LKUHQ JHUDGHQ .XUV %DOG ZUGH VLH GHQ 2EHUODXI GHV $PX'DUMD HUUHL FKHQ GHQ QlFKVWHQ :HJZHLVHU JHZDOWLJHU DOV .DEXO XQG 2KLR ]XVDPPHQJHQRPPHQ  .LORPHWHU ZHLW IKUW HU VHLQH :DVVHUPDVVHQ LQ GHQ $UDOVHH GDV HUVWH ORKQHQGH =LHO IU &DSWDLQ 3RZHUV 9RP $UDOVHH VWDUWHQ YHUPXWOLFK GLH VRZMHWLVFKHQ :HOWUDXPUDNHWHQ $Q VHLQHQ 8IHUQ VROO GDV JHKHLPQLVYROOH =HQWUXP GHU VRZMHWLVFKHQ 5D NHWHQLQGXVWULHOLHJHQ (LQZHQLJHUVFKUHFNWXQGYHUZXQGHUWVWHOOWHHUIHVWGD‰ LKQ OHLFKWH 8QUXKH EHILHO ,Q HLQHU KDOEHQ 6WXQGH ZUGH GHU $PX'DUMD DXIWDXFKHQ HLQ VFKPDOHV 6LOEHUEDQG GDV VLFK DP 1RUGKDQJ GHV +LQGXNXVFK KLQ]LHKW LQ HLQHU KDO EHQ 6WXQGH EHUIORJ HU DOVR GLH *UHQ]H GHU 6RZMHWXQLRQ :DV ZUGH JHVFKHKHQ" +DWWH PDQ ZLUNOLFK HLQH ZHLFKH

6WHOOH LP $EZHKUULQJ GHU 6RZMHWV JHIXQGHQ" 5HLFKWHQ +RO]NRQVWUXNWLRQXQG7DUQIDUEHDXVLKQJHJHQGLH6WUDK OHQGHU5DGDUJHUlWH]XLPPXQLVLHUHQ" 'LH6RZMHWVKDWWHQ5DNHWHQ6LHEHVD‰HQ-lJHUGLH 0HWHUK|KHUVWHLJHQNRQQWHQDOVHUPLWVHLQHU8 (V ZDU QLFKW XQDQJHQHKP GLHVHV OHLFKWH 3ULFNHOQ ]X VSUHQ(VHULQQHUWHLKQDQ.RUHDDQGLHHUVWHQ)HLQGIOJH XQGDQJHIlKUOLFKH6RQGHUHLQVlW]H ZHLW LQV ,QQHUH &KLQDV KLQHLQ 'RFK GDV *HIKO GHU 8QVLFKHUKHLW GHU 6SDQQXQJ XQG (UZDUWXQJ ZlKUWH QXU ZHQLJH $XJHQEOLFNH (V HU ORVFKVFKQHOOHUDOVHVDXIJHNRPPHQZDU3RZHUVOlFKHOWH :DV QW]WHQ 5DNHWHQ XQG +|KHQMlJHU" 0LW RSWLVFKHQ *HUlWHQ ZDU GLH 8 NDXP ]X HUIDVVHQ XQG GLH LQ GHP 7DUQDQVWULFK HQWKDOWHQHQ 6WRIIH YHUVFKOXFNHQ VR YLHO GHU HYHQWXHOODXIWUHIIHQGHQ5DGDULPSXOVHGD‰HLQH%RGHQVWD WLRQ VFKRQ *OFN KDEHQ PX‰WH LKQ ]X HQWGHFNHQ 'DV ZX‰WH HU JHQDX (V ZUGH DOVR HLQ 7DJ VHLQ ZLH MHGHU DQGHUH DXFK 0DFK GLU QLFKWV YRU DOWHU -XQJH GHQNW HU VS|WWLVFK 'X ELVW HLQ DEJHEUKWHU +XQG XQG ZQVFKVW HLQHQ NOHLQHQ 1HUYHQNLW]HO ² YHU]LFKWH GUDXI XQG OLHV GHLQHQ.ULPL]X(QGH (UKROWHWDWVlFKOLFKHLQHQ]HUOHVHQHQ5HL‰HUDXVGHU6HL WHQWDVFKHXQGEOlWWHUWHGDULQ$X‰HUGHPIHLHUQGLH5XVVHQ GHQ  0DL VDJW HU VLFK XQG GHU *HGDQNH GDUDQ VWLPPWH LKQ YHUV|KQOLFKHU JHJHQEHU GHQ 2VWH[SHUWHQ GHV &,$ 0DJ HV XQDQJHQHKPH .HUOH GDUXQWHU JHEHQ ZLH GHQ 0DMRU ]XP %HLVSLHO ² HLQHV PX‰WH PDQ LKQHQ ODVVHQ 'XPP VLQG VLH QLFKW $P  0DL IHLHUQ GLH 5XVVHQ 6LH ZHUGHQ ZHQLJ =HLW KDEHQ DQ &DSWDLQ 3RZHUV ]X GHQNHQ 6LHWDQ]HQXQGVLQJHQXQGWULQNHQ:RGND Ä1DVGDURZMH³*ULJRULDXIGHU6FKZHOOHVHLQHV+DXVHV

VWHKHQG KRE GDV *ODV Ä7ULQNHQ ZLU )UHXQGH DXI GHQ KHXWLJHQ0DLGHQLQWHUQDWLRQDOHQ.DPSIXQG)HLHUWDJ DOOHU :HUNWlWLJHQ ² YRUZlUWV ]X QHXHQ (UIROJHQ³ 0LW ]ZHL JUR‰HQ 6FKOXFNHQ OHHUWH HU GDV *ODV 'LH 0lQQHU WDWHQHVLKPQDFK 'DV :HWWHU ZDU VR VFK|Q GD‰ VLFK GDV 0DLNRPLWHH YRU *ULJRULV +DXV YHUVDPPHOW KDWWH (LQ 'XW]HQG %DXHUQ MXQJH XQG DOWH 'LH -XQJHQ LQ VWlGWLVFKHU .OHLGXQJ GLH $OWHQ LQ ZHL‰HQ UXVVLVFKHQ %DXHUQKHPGHQ 3OXGHUKRVHQ XQG 6WLHIHOQ $OH[DQGHU 6WHSDQRZLWVFK HLQ HLVJUDXHU 9HWHUDQ PLW IDOWLJHP /HGHUJHVLFKW GLH %UXVW PLW GHQ $XV]HLFKQXQJHQ]ZHLHU.ULHJHJHVFKPFNWVWDQG*ULJRUL DP QlFKVWHQ (U KLHOW GDV OHHUH *ODV LQ GHQ +lQGHQ ZLVFKWH VLFK JHQLH‰HULVFK GHQ 6FKQDX]EDUW XQG PHLQWH QDFK GHU )ODVFKH VFKLHOHQG Ä*ULJRUL PHLQ 6|KQFKHQ HV LVW HLQH JUR‰DUWLJH 6DFKH GHQ  0DL ]X IHLHUQ GRFK PLW HLQHP :RGND LP /HLE PDUVFKLHUW HV VLFK VFKOHFKW 'LH bFNHUVWHKHQJXWJHZL‰²XQGPDQP|FKWHDOOHVHKHQDP KHXWLJHQ 7DJ ² QXU PDUVFKLHUW HV VLFK VFKOHFKW «³ (U OLHI GUHL 6FKULWW XQG ]RJ GDV OLQNH %HLQ QDFK Ä« GHP UHFKWHQ JHKW V JXW QXU GDV OLQNH ZLH GX VLHKVW HV IKOW VLFK]XUFNJHVHW]W³ 'LH 0lQQHU ODFKWHQ $XFK *ULJRUL ODFKWH Ä$OH[DQGHU 6WHSDQRZLWVFK³ VDJWH HU QDKP GLH )ODVFKH XQG HQWIKUWH VLH DXV VHLQHU 1lKH Ä'X ELVW PLW DQGHUHQ .HUOHQ IHUWLJ JHZRUGHQDOVPLWGHP+LQNHWHXIHOLQGHLQHPOLQNHQ%HLQ 3ODJLKQQXUHLQEL‰FKHQZLUZHUGHQXQVDOOHIUHXHQZHQQ GX LKQ RUGHQWOLFK EHNlPSIVW 'HU :RGND LVW UXVVLVFKH 0HGL]LQ³ZDQGWHHUVLFKDQDOOHÄ(LQ*OlVFKHQDPIUKHQ 0RUJHQQDFKGHPPDQ.ZD‰JHWUXQNHQXQGJHJHVVHQKDW LVW JHVXQG XQG PDFKW $SSHWLW ² VHOEVW 1LNLWD 6HUJHMH ZLWVFK ZUGH HV VLFKHU QLFKW YHUVFKPlKHQ :DV DEHU

ZUGHHUVDJHQZHQQHUXQVVFKZDQNHQGEHUGLH)HOGHU ZDQGHUQVlKH"²$OOHUGLQJV³HUEOLQ]HOWHGHP$OWHQ]X ÄHLQ KLQNHQGHU $OH[DQGHU 6WHSDQRZLWVFK ZlUH DXFK NHLQ HUIUHXOLFKHU$QEOLFNIULKQ(UZUGHVDJHQ :DVZROOWLKU*HQRVVHQ'HU)HOGEDXEULJDGLHULVWVWDUNH 0HGL]LQ JHZ|KQW ² JHEW LKP GDV ]ZHLWH *OlVFKHQ HU OHFK]WGDQDFK²:DVPHLQWLKUZUGHHUHVVDJHQ"³ 6LH VWLPPWHQ]X *ULJRUL IOOWH GDV *ODV GHV $OWHQ XQG $OH[DQGHU 6WHSDQRZLWVFK WUDQN DXI GDV :RKO &KUXVFKWVFKRZV Ä*HQRVVHQ³HUJULII*ULJRULHUQHXWGDV:RUWÄ:LUIHLHUQ KHXWH XQVHUHQ )HVWWDJ LQ HLQHU $WPRVSKlUH GHU IUHXGLJHQ (UZDUWXQJ 'DV -DKU  YHUVSULFKW HLQ JXWHV -DKU ]X ZHUGHQ'LHLQWHUQDWLRQDOH/DJHKDWVLFKGDQNGHQ%HP KXQJHQ XQVHUHU 5HJLHUXQJ YHUEHVVHUW 'LH 9|ONHU KRIIHQ DXI (QWVSDQQXQJ XQG IULHGOLFKHV =XVDPPHQOHEHQ VLH EOLFNHQ HUZDUWXQJVYROO QDFK 3DULV :LU KDEHQ *UXQG RSWLPLVWLVFK ]X VHLQ *HQRVVHQ ² XQG PLW 2SWLPLVPXV DUEHLWHWPDQEHVVHU-DNRPPWQXUQlKHUZLUKDEHQNHLQH +HLPOLFKNHLWHQ³(UZLQNWHHLQLJH%XUVFKHQXQG0lGFKHQ KHUDQGLHQHXJLHULJDXIGHP+RIVWDQGHQ1RFKQLHKDWWH GDV 0DLNRPLWHH DP IUKHQ 0RUJHQ XQWHU IUHLHP +LPPHO JHWDJW 6WHWV KDWWHQ VLFK GLH )UHXQGH LP +DXVH *ULJRULV JHWURIIHQ 'LH -XQJHQ QHXJLHULJ DXI GHQ +RI JHNRPPHQ WUDWHQ QlKHU %UHLWEHLQLJ VWDQG *ULJRUL DXI GHU REHUVWHQ 7UHSSHQVWXIH 'DV EUDXQH 0LOLWlUKHPG VSDQQWH VLFK EHU GHU PlFKWLJHQ %UXVW Ä'DV 0DLNRPLWHH KDW JXW YRUJHDU EHLWHW³ HUNOlUWH HU GHQ -XQJHQ KXPRUYROO Ä'DV )HVW SURJUDPP LVW JHVLFKHUW :LU VLQG QXU QRFK ]XVDPPHQJH NRPPHQ XP HLQ *OlVFKHQ :RGND ]X WULQNHQ HLQJHOHJWH *XUNHQ]XHVVHQXQGXQVHLQZHQLJ]XXQWHUKDOWHQ'DVLVW HLQH DOWH 7UDGLWLRQ HLQH JXWH 7UDGLWLRQ $EHU PDQ GDUI

QLFKWQXUIHLHUQPDQPX‰DXFKZLVVHQZDUXPPDQIHLHUW :LUKDWWHQJUR‰H(UIROJHLPYHUJDQJHQHQ-DKU²DEHUZLU ZHUGHQ QRFK PHKU OHLVWHQ :LU KDEHQ QHXH 0DVFKLQHQ EHNRPPHQ EHVVHUH 0DVFKLQHQ ² ZLU ZHUGHQ LQ GLHVHP -DKU YLHOH 7RQQHQ :HL]HQ EHU GHQ 3ODQ HUQWHQ XQG MHGH 7RQQH:HL]HQEHUGHQ3ODQMHGHU+HNWROLWHU0LOFKLVWHLQ %DXVWHLQIUGHQ.RPPXQLVPXV³(UZXUGHGXUFKVWUPL VFKHQ%HLIDOOXQWHUEURFKHQ Ä1RFKHLQV³HUQDKPGLH+DFNHQ]XVDPPHQXQGUFNWH GDV .RSSHO ]XUHFKW 6HLQH VFKDUIEOLFNHQGHQ NOHLQHQ $X JHQ VDKHQ YRQ HLQHP ]XP DQGHUHQ Ä:HQQ ZLU KHXWH XQ VHUH)HOGHUQDFKGHQQHXHVWHQ0HWKRGHQYRQ:LVVHQVFKDIW XQG 7HFKQLN EHVWHOOHQ GDQQ GUIHQ ZLU QLFKW YHUJHVVHQ GD‰ ,ZDQ 3HWURZLWVFK *UDVVLQ PHLQ EHVWHU )UHXQG XQG .ULHJVNDPHUDGGDPLWEHJRQQHQKDW:DVZX‰WHQZLUYRU GUHL‰LJ-DKUHQYRQ%RGHQXQWHUVXFKXQJHQ)UXFKWIROJHXQG =ZLVFKHQVDDW" :LU KDWWHQ JXWH (UQWHQ LQ XQVHUHP 6RZ FKRV XQG VFKHUWHQ XQV GHQ 7HXIHO XP *UDVVLQ GHU $JUR QRP JHZRUGHQ ZDU XQG XQV HU]lKOHQ ZROOWH GD‰ GUHL *UDPP %RU RGHU $OXPLQLXP MH +HNWDU GLH (UQWH YHUEHV VHUQ :LU ODFKWHQ LKQ DXV ZHLO ZLU NHLQH $KQXQJ KDWWHQ YRQ GHQ 6SXUHQHOHPHQWHQ :LU ODFKWHQ LKQ DXV DEHU HU KDWWH VLFK GXUFKJHVHW]W :LU ZDUHQ *HJQHU XQG ZXUGHQ )UHXQGHGLHEHVWHQ)UHXQGHGLHPDQVLFKGHQNHQNDQQ³ 1DFK HLQHU NXU]HQ 3DXVH VDJWH HU PLW YHUlQGHUWHU HLQ GULQJOLFKHU6WLPPHÄ*HVWHUQYRUIQI]HKQ-DKUHQLVW,ZDQ 3HWURZLWVFK JHIDOOHQ (V ZDU LQ %HUOLQ 9RU GHP 6WXUP VDJWHHU]XPLU*ULJRULGHQQlFKVWHQ0DLIHLHUQZLU]X +DXVH:LUWUHIIHQXQVLQDOOHU )UKHEHLGLUXQGHV ZLUG VRVHLQZLHHVLPPHUZDUµ'DVVDJWHHUXQGGDQQJLQJHQ ZLUYRU$XVHLQHP.HOOHULQGHPQRFK)UDXHQXQG.LQGHU VD‰HQIHXHUWHHLQVFKZHUHV0DVFKLQHQJHZHKU:LUKlWWHQ

HLQH3DQ]HUJUDQDWHLQ GHQ .HOOHU VHW]HQ N|QQHQ ² KDEHQ GHQQ GLH )DVFKLVWHQ XQVHUH )UDXHQ XQG .LQGHU JHVFKRQW" $EHU ,ZDQ 3HWURZLWVFK HUOHGLJWH GLH 0*%HGLHQXQJ PLW GUHL 5HYROYHUVFKVVHQ 9LHOOHLFKW GDFKWH HU DQ VHLQHQ 6RKQDOVHUDXIVSUDQJLFKZHL‰HVQLFKW(UHUUHLFKWHGLH +DXVZDQG XQG DUEHLWHWH VLFK YRU DQ GDV .HOOHUORFK :LU KLHOWHQ GHQ $WHP DQ ² XQG GDQQ NQDOOWHQ GLH 6FKVVH 'DV0*VFKZLHJ(LQHZHL‰H)DKQHZXUGHDXVGHP)HQ VWHUJHVFKREHQ8QWHUGHU)DKQHDEHUODJ,ZDQ3HWURZLWVFK 'LHOHW]WH*DUEHKDWWHLKPGHQ+DOV]HUIHW]W³ (VZDUVWLOODXIGHP+RI 8QGLQ GLH 6WLOOH KLQHLQ W|QWH SO|W]OLFKIU|KOLFKVFKPHWWHUQGH0DUVFKPXVLN'LH.DSHOOH KDWWHVLFK]HLWLJHUHLQJHIXQGHQDOVHUZDUWHWXQGEHJDQQPLW GHP)UKNRQ]HUW'LH0lQQHUGUHKWHQVLFKXP]XU6WUD‰H lUJHUOLFKEHUGLH6W|UXQJÄ/D‰WQXU³EHVFKZLFKWLJWHVLH *ULJRULÄHVKDWDOOHVVHLQH5LFKWLJNHLW,FKZLOOQXUQLFKW GD‰ ZLU ,ZDQ 3HWURZLWVFK YHUJHVVHQ 'LH 0XVLN GD ZlUH GXUFKDXV LQ VHLQHP 6LQQ ² 8QG QXQ JHKW VLQJW XQG WDQ]W ,FK ZQVFKH HXFK VFK|QH 6WXQGHQ³ 'LH MXQJHQ /HXWHZDUHQQLFKWVHKUIU|KOLFKDOVVLHGHQ+RIYHUOLH‰HQ Ä'XKDVWLKQHQGLH6WLPPXQJYHUGRUEHQ³VDJWH$OH[DQ GHU 6WHSDQRZLWVFK Ä6LHK QXU ZLH VLFK GLH 0DGFKHQ GLH $XJHQZLVFKHQ³ Ä$FK ZDV³ *ULJRUL NDP GLH ]ZHL 6WXIHQ KHUXQWHU XQG VFKOXJ GHP $OWHQ IUHXQGVFKDIWOLFK DXI GLH 6FKXOWHU Ä,Q HLQHU6WXQGHODFKHQVLHZLHGHU'LH-XJHQGYHUJL‰WVFKQHOO XQGHWZDV%HVLQQXQJNDQQQLFKWVFKDGHQ³ 6LHEUDFKHQDXIXPQDFK]XVHKHQREGLH%KQHYRUGHP .XOWXUKDXVKHUJHULFKWHWZDUIUGLH.QVWOHUDXVGHU6WDGW Ä(VLVWVFKDGH³VDJWH*ULJRULDOVVLHEHUGLH'RUIVWUD‰H JLQJHQÄ,ZDQ3HWURZLWVFKV6RKQZlUHEHVWLPPWHLQJXWHU $JURQRP JHZRUGHQ (U KDW GLH 5HLIHSUIXQJ PLW $XV

]HLFKQXQJEHVWDQGHQ1XQLVWHU2IIL]LHU²0H‰RIIL]LHULQ HLQHU 5DNHWHQHLQKHLW³ (U VFKQDXIWH E|VH GXUFK GLH 1DVH Ä« DEHU GD‰ HU VLFK QLFKW HLQPDO EHL XQV VHKHQ Ol‰W GDV PDFKWLKPNHLQH(KUHGHPMXQJHQ+HUUQ³

8P  8KU KHXOHQ LQ GHU %DWWHULH GLH $ODUPVLUHQHQ (LQODQJJH]RJHQHUXQXQWHUEURFKHQHU7RQ*HIHFKWVEHUHLW VFKDIW LQ  6HNXQGHQ 'LH 6ROGDWHQ VLQG DXI GHP :HJ ]XU.DQWLQH'DV+HXOHQUHL‰WVLHDXVLKUHUXQEHVFKZHUWHQ DXVJHODVVHQHQ6WLPPXQJ6LHEOHLEHQVWHKHQYHUGXW]WXQG HUVFKURFNHQ GDQQ ODXIHQ VLH DXVHLQDQGHU EOLW]VFKQHOO MHGHU]XVHLQHP*HUlW+XQGHUWIDFKJHEWLVWMHGHU6FKULWW XQG MHGHU *ULII 'LH 7DUQQHW]H IOLHJHQ YRQ GHQ $EVFKX‰ UDPSHQ(OHNWURDJJUHJDWHEUXPPHQDXIGLH7UHQ]XGHQ 0XQLWLRQVEXQNHUQ|IIQHQVLFKXQG DXIHLVHUQHQ6FKLHQHQ UROOW GHU 6FKOLWWHQ PLW GHP HUVWHQ *HVFKR‰ DQV *HVFKW] 1HUYLJH )DXVWH SDFNHQ ]X 'LH *UHLIHU GHU $XWRPDWLN VFKZHQNHQDXVHLQ]ZHLPDOLJHVNXU]HV.ODSSHQ)HXHUEH UHLW 'LH 5LFKWNDQRQLHUH VWDUUHQ DXI GLH $Q]HLJHJHUlWH 6HL WHQZHUW'LH7RGHVILQJHUGHU%DWWHULHVFKZHQNHQQDFK 6GRVW KHEHQ VLFK DXI  *UDG =LWWHUQG YHUKDUUHQ GLH $Q]HLJHQDGHOQ'HU*HVFKW]IKUHUVLHKWDXIGLH8KUÄ 6HNXQGHQ³VDJWHUÄGHU&KHINDQQ]XIULHGHQVHLQ³ 0DMRU :RURQRZ Ol‰W VLFK DXI GHP *HIHFKWVVWDQG YRQ 2EHUOHXWQDQW *UDVVLQ %HULFKW HUVWDWWHQ Ä8P  8KU %HIHKO YRP 5HJLPHQW 8QEHNDQQWHV )OXJ]HXJ KDW YRQ $IJKDQLVWDQ NRPPHQG LQ JUR‰HU +|KH GLH 6WDDWVJUHQ]H EHUIORJHQ =LHOEHZHJW VLFK PLW .XUV 1RUGZHVW LQ 5LFK WXQJ $UDOVHH )HXHUEHUHLWVFKDIW IU VlPWOLFKH %DWWHULHQ *HVFKR‰DUW7*HIHFKWV]QGHU³ 'LH 0HOGXQJHQ GHU HLQ]HOQHQ *HUlWH ODXIHQ HLQ 'HU

0DMRU VLHKW DXI GLH 8KU (U LVW JUR‰ XQG KDJHU HLQ DOWHU )ODNRIIL]LHU 'DV EUDXQH NQRFKLJH *HVLFKW PLW GHU YRU VSULQJHQGHQ 1DVH XQG GHQ GXUFKGULQJHQGHQ $XJHQ LVW XQEHZHJOLFKÄ6HNXQGHQ²6HNXQGHQ²(LQHJXWH =HLW³(UJUHLIW]XP7HOHIRQÄ=ZHLWH%DWWHULHIHXHUEHUHLW³ PHOGHW HU GHP 5HJLPHQW 'DQQ VLHKW HU 2EHUOHXWQDQW *UDVVLQ DQ Ä:DV KDOWHQ 6LH GDYRQ³ IUDJW HU PLW VFKOHS SHQGHU6WLPPHÄ(LQH$ODUPEXQJPLW7XQG *HIHFKWV ]QGHUQ"³ %HYRU *UDVVLQ DQWZRUWHQ NDQQ NQDFNW GLH 6SUHFKIXQN DQODJH Ä.RPPDQGHXU DQ DOOH %DWWHULHFKHIV³ PHOGHW VLFK GHU6SUHFKHU*OHLFKGDUDXIHUW|QWXQYHUNHQQEDUGLHVRQR UH 6WLPPH GHV 2EHUVWHQ Ä5HJLPHQW ZDU DOV HUVWHV JH IHFKWVEHUHLW6SUHFKHQ6LHDOOHQ6ROGDWHQ PHLQH $QHUNHQ QXQJ DXV ,FK HUZDUWH ZHLWHUKLQ JHZLVVHQKDIWH 3IOLFKWHU IOOXQJ )DOOV QRFK =ZHLIHO EHVWHKHQ 'HU HLQJHGUXQJHQH +|KHQDXINOlUHU ZLUG ODXIHQG YHUIROJW XQG DQJHSHLOW (V KDQGHOW VLFK XP HLQH HLQVWUDKOLJH VHKU NOHLQH 0DVFKLQH )OXJK|KH  *HVFKZLQGLJNHLW QDKH GHU 6FKDOOJUHQ]H (VEHVWHKWGLH0|JOLFKNHLW GD‰ ZLU )HXHUEHIHKO HUKDOWHQ 8QWHUULFKWHQ 6LH GLH 0DQQVFKDIW HQWVSUHFKHQG ² ,FK GDQNH,KQHQ³ Ä,FKJODXEHHVJLEWNHLQH)UDJHQPHKU³VDJWGHU0DMRU UXKLJ XQG 2EHUOHXWQDQW *UDVVLQ PHOGHW VLFK DE XP GLH /HLWXQJGHV3HLOHQV]XEHUQHKPHQ $XI GHP :HJ ]XP 5DGDUJHUlW NRPPW LKP LQ VHLQHU EOWHQZHL‰HQ 0RQWXU GHU .RFK HQWJHJHQ Ä:DV ZLUG DXV GHP )UKVWFN *HQRVVH 2EHUOHXWQDQW"³ IUDJW HU YHUVW|UW Ä6LH KDEHQ QRFK QLFKWV LP 0DJHQ GLH -XQJHQ :HQQ GLH hEXQJ OlQJHU GDXHUW ZHUGHQ VLH PLU XPIDOOHQ YRU +XQ JHU³

Ä(V LVW NHLQH hEXQJ³ VDJW *UDVVLQ HUQVW Ä(LQ IHLQGOL FKHV )OXJ]HXJ ZXUGH JHPHOGHW ZLU VLQG JHIHFKWVEHUHLW³ :LGHU :LOOHQ PX‰ HU OlFKHOQ DOV HU GDV HQWJHLVWHUWH *H VLFKW 7VFKXULQV VLHKW Ä0DFKHQ 6LH IU GLH %HGLHQXQJV PDQQVFKDIWHQ 3RUWLRQHQ XQG 7HH ]XUHFKW³ PXQWHUW HU LKQ DXI 'HU .RFK KDW YHUVWDQGHQ Ä-DZRKO *HQRVVH 2EHUOHXW QDQW³EHVWlWLJWHUODXW(UPDFKWNHKUWXQGOlXIW]XUFNLQ GLH.FKH (EHQ KDEH LFK PLFK PLW LKP QRFK EHU 'XNRZD XQWHU KDOWHQ GHQNW GHU 2EHUOHXWQDQW DOV HU DXI GHQ LQ 6GRVW ULFKWXQJ GUHKHQGHQ 6SLHJHO GHV 5DGDUJHUlWHV ]XJHKW ,FK ZROOWH VR JHUQH ZLHGHU HLQPDO ]X +DXVH VHLQ DP  0DL 1XQLVWHVJXWGD‰LFKLQGHU%DWWHULHJHEOLHEHQELQ $OVHUGHQ3HLOUDXPEHWULWWK|UHQGLH6ROGDWHQLP.RSI K|UHU GLH 1DFKULFKW GHV 5HJLPHQWVNRPPDQGHXUV $Q MHGHP *HUlW EHUDOO LQ GHU %DWWHULH ZLVVHQ GLH 0lQQHU MHW]WZRUXPHVJHKW

&DSWDLQ 3RZHUV KDW GLH 5HLKHQELOGNDPHUDV HLQJHVFKDO WHW'UHLGHULQVJHVDPW]Z|OI$SSDUDWHDUEHLWHQ4XHU]XU )OXJULFKWXQJ DQJHEUDFKW IRWRJUDILHUHQ VLH HLQHQ  .LORPHWHU EUHLWHQ *HOlQGHVWUHLIHQ hEHUVLFKWVDXIQDKPHQ IUGDV3HQWDJRQ(LQ(LVHQEDKQ]XJVFKPLO]W]XU6WHFNQD GHOJU|‰H]XVDPPHQ (LQ]HOKHLWHQ VLQG QLFKW ]X HUNHQQHQ DEHUYRQ0HUZGHU:VWHQVWDGWDQGHUSHUVLVFKHQ*UHQ]H ELVZHLWEHU7DVFKNHQWKLQDXVLQV$ODWDX*HELUJHUHLFKW GHU%OLFNGHU )RWRDXJHQ6WlGWHLQLKUHU$XVGHKQXQJ XQG ,QGXVWULHDQODJHQ (LVHQEDKQOLQLHQ XQG :DVVHUNUDIWZHUNH ZHUGHQ IHVWJHKDOWHQ =LHOH IU GDV 6WUDWHJLVFKH %RPEHU NRPPDQGR Ä8QV LQWHUHVVLHUW DOOHV³ KDWWH GHU 0DMRU JH VDJW Ä6LH KDEHQ  0HWHU )LOP DQ %RUG³ 8QG GLH

/LFKWVLJQDOHGLH3RZHUVDQHQWVSUHFKHQGHQ6WHOOHQGDUDXI DXIPHUNVDPPDFKHQGLH .DPHUDHLQ]XVFKDOWHQIODPPHQ VFKRQZlKUHQGGHVHUVWHQ7HLOVGHV)OXJHVLQNXU]HU)ROJH DXI(VLVWDOOHVVRHLQIDFK'LH)OXJURXWHLVWIHVWJHOHJW(U VWHOOW GHQ .XUVUHJOHU YRQ QHXHP HLQ EHUOl‰W GLH 6WHXH UXQJGHU$XWRPDWLN,Q0HWHU+|KHKHUUVFKWY|OOLJH :LQGVWLOOH (V JLEW NHLQH $EGULIW NHLQHQ *HVFKZLQGLJ NHLWVYHUOXVW GXUFK *HJHQZLQG (LQH 1DYLJDWLRQ HUEULJW VLFKNHLQH%HUHFKQXQJHQNHLQ.XUVYHUJOHLFKHUPX‰QXU DXI *HVFKZLQGLJNHLW XQG 8KU]HLW DFKWHQ 3QNWOLFK ]XU IHVWJHOHJWHQ 0LQXWH EHUIOLHJW GLH 8 GDV YRUJHVHKHQH =LHO'LH /LFKWHUIODPPHQ DXI HLQ 'UXFN DXI GHQ .QRSI GLH.DPHUDVVXUUHQ %HL 6WDOLQDEDG XQG LQ GHU 1lKH YRQ .LWDE VWUDWHJLVFK LQWHUHVVDQWHQ 2UWHQ EHGHXWHW JUQHV 6LJQDO (LQVFKDOWHQ GHU H[WUHP ODQJEUHQQZHLWLJHQ 2EMHNWLYH 'HU DXIJHQRP PHQH%LOGVWUHLIHQLVWQXUQRFK.LORPHWHUEUHLW*HJHQ VWlQGHYRQ]HKQ0HWHU'XUFKPHVVHUDEJHVWHOOWH)OXJ]HX JH (LVHQEDKQZDJJRQV ZHUGHQ VLFKWEDU JHPDFKW 'LH .DPHUDV VLQG YRQ EHVWHU 4XDOLWlW VLH HUP|JOLFKHQ 'RS SHODXIQDKPHQ PLW 6WHUHRHIIHNW %LV DXI GHQ 0HWHU JHQDX Ol‰W VLFK GLH +|KH HLQHV +DXVHV EHVWLPPHQ ([SHUWHQ VFKlW]HQGLH7UDJIlKLJNHLWGHU%UFNHQHLQ 8QWHU GHU %DFNERUGIOlFKH SDUDOOHO ]XP .XUV GHU 0D VFKLQH VFKOlQJHOW VLFK GDV 6LOEHUEDQG GHV $PX'DUMD GDKLQ:HLWGHKQWVLFKGLH:VWH.DUDNXPLP:HVWHQGLH :VWHGHUVFKZDU]HQ6DQGGQHQ&DSWDLQ3RZHUVKDW GLH $SSDUDWXUHQ DEJHVWHOOW 6DPDUNDQG XQG %XFKDUD VLQG GLH QlFKVWHQ 2EMHNWH :DV ZHL‰ HU YRQ GLHVHQ 6WlGWHQ" 9RU ]ZHL-DKUHQKDWHUHLQHQDOWHQ%XFKDUDWHSSLFKJHNDXIW(LQ ZXQGHUYROOHV5RWPLWZHL‰HP0XVWHU(USD‰WJXW]XGHQ PRGHUQHQ 0|EHOQ GHV $UEHLWV]LPPHUV HU LVW DXFK WHXHU

JHQXJ JHZHVHQ  'ROODU IDVW HLQ 0RQDWVJHKDOW 1XQ ZLUG HU %XFKDUD EHUIOLHJHQ 'RFK ZDV VROO GDV VFKRQ" (LQH6WDGWZLH6WDOLQDEDGYLHOOHLFKW(LQZHL‰HU)OHFNYRQ *lUWHQ XQG )HOGHUQ XPJHEHQ LQ GHU 8VEHNHQVWHSSH (UVWDXQOLFKQXUGLH*U|‰HGLHVHU6WlGWH'LH5XVVHQEDXHQ ZLHGLH7HXIHOGHQNWGHU&DSWDLQNODSSWGLH6FKHLEHVHL QHV +HOPV ]XUFN XQG QLPPW HLQHQ 6FKOXFN DXV GHU )UXFKWVDIWIODVFKH (LQ 0LVFKJHWUlQN PLW 7UDXEHQ]XFNHU *OXWDPDWXQG9LWDPLQHQDQJHUHLFKHUW 3RZHUV ZHL‰ QLFKW GD‰ HU EHU KLVWRULVFKHP %RGHQ IOLHJWEHUNODVVLVFKHP%RGHQGHU*HVFKLFKWH+LHU]RJHQ GLH+HHUH$OH[DQGHUVGHV*UR‰HQHLQKHUKLHUUDXEWHQXQG PRUGHWHQ GLH 5HLWHUVFKDUHQ 'VFKLQJLV.KDQV :DIIHQJH NOLUUXQG6FKODFKWHQOlUPHUIOOWHGLH /XIW$XIGHU 6WUD‰H YRQ 7HKHUDQ EHU 0HVFKKHG QDFK 0HUZ XQG %XFKDUD KDWWHQ;HU[HVXQG'DULXVGLHHUVWH3RVWYHUELQGXQJHLQJH ULFKWHW XQG ]X 7DPHUODQV =HLWHQ ZDUHQ GLH +DOWHVWHOOHQ DXIGHQHQGLH.XULHUHGHV.|QLJVLKUH3IHUGHZHFKVHOWHQ GLH JOHLFKHQ ZLH MHW]W $XI GLHVHU 6WUD‰H KROWH $OH[DQGHU GHQ IOLHKHQGHQ 'DULXV HLQ +DUXQ DO5DVFKLG GHU .DOLI YRQ%DJGDGGHP6FKHKHUH]DGHLQWDXVHQGXQGHLQHU1DFKW GLH VFK|QVWHQ *HVFKLFKWHQ HU]lKOWH ]RJ EHU VLH KLQ XQG 7DXVHQGHPGHU3LOJHU &DSWDLQ 3RZHUV LVW XQEHODVWHW YRQ DOOHGHP 8KU XQG 0DFKPHWHU /LFKWVLJQDOH XQG 5DGDUJHUlWH EHJUHQ]HQ LKP GHQ+RUL]RQW,QHLQHU)OXJVWXQGHZLUGHU&KLZDDP$PX 'DUMDHUUHLFKHQ,P-DKUHZXUGH7LPXULQGHQ0DX HUQ GLHVHU 6WDGW JHERUHQ GHU 0DQQ GHU 3HUVLHQ 6\ULHQ XQG GDV =ZLVFKHQVWURPODQG HUREHUWH ,Q VHLQHU -XJHQG PX‰WH HU DXV &KLZD IOLHKHQ (U GXUFKVWUHLIWH GLH :VWH .DUDNXP EHVWDQG JHIlKUOLFKH $EHQWHXHU ZXUGH YHUZXQ GHW XQG ODKPWH VHLWGHP 7LPXU/HQN GHU /DKPH QDQQWH

PDQLKQVSlWHUZXUGHÄ7DPHUODQ³GDUDXV 6HLQH 5HVLGHQ] ZDU 6DPDUNDQG (U OLH‰ 3UDFKWEDXWHQ HUULFKWHQ GLH QRFK KHXWH GDV $XJH GHV %HWUDFKWHUV HQW ]FNHQ 6FKQHHZHL‰H 0RVFKHHQ PLW WUNLVHQHQ .XSSHOQ VFKODQNH 0LQDUHWWH PLW OHXFKWHQGHQ )D\HQFHQ EHUVlW XQG ZLHGHU .XSSHOQ LQ VFKLPPHUQGHP *UQ (LQH 2DVH GHU 6FK|QKHLW EOKHQGH *lUWHQ LQPLWWHQ WURVWORVHU +XQ JHUVWHSSH 8QWHUHLQHUGLHVHU .XSSHOQUXKW7DPHUODQ²1DFKGHP HU 'HOKL JHSOQGHUW XQG DXI JHUDXEWHQ (OHIDQWHQ VDJHQ KDIWH 6FKlW]H KHLPJHIKUW QDFKGHP HU GHQ EHVLHJWHQ 7UNHQVXOWDQ%DMD]HWLQHLVHUQHP.lILJ]XU6FKDXJHVWHOOW XQGVLFKGHQJHVDPWHQ2ULHQWXQWHUZRUIHQKDWWHZROOWHHU PLW HLQHP JHZDOWLJHQ +HHU GDV 5HLFK GHU 0LWWH HUREHUQ 'HU6LHE]LJMlKULJHNDPQXUEHUGHQ6\U'DUMD$XIGHP 0DUVFKYHUVWDUEHUDP6FKODJIOX‰ (UZXUGHPLW0RVFKXVXQG5RVHQ|OHLQEDOVDPLHUWXQGLQ HOIHQEHLQHUQHP 6DUJ EHLJHVHW]W (LQ JODVJUQHU 1HSKULW PRQROLWKGLHNRVWEDUVWH*UDESODWWHGLHMHHLQ.|QLJVJUDE EHGHFNWHVFKOLH‰WGLH*UXIW$QGHU:DQGGDKLQWHUVLQGLQ $ODEDVWHU JHKDXHQ GLH :RUWH ]X OHVHQ Ä:HQQ LFK QRFK OHEWHZUGHQGLH0HQVFKHQEHEHQ³² 'DV JUQH /LFKWVLJQDO EOLQNW DXI &DSWDLQ 3RZHUV EH GLHQWGLH.DPHUDV'HPDPHULNDQLVFKHQ*HKHLPGLHQVWLVW ZHQLJDQRULHQWDOLVFKHU*HVFKLFKWHJHOHJHQ(ULQWHUHVVLHUW VLFK ZHLW PHKU IU GDV ZDV GLH 6RZMHWV DXV 0LWWHODVLHQ JHPDFKW KDEHQ 6DPDUNDQG LVW GLH ]ZHLWJU|‰WH 6WDGW GHU 8VEHNLVFKHQ 665 HLQH 5LHVHQVWDGW PLW DXVJHGHKQWHQ ,Q GXVWULHDQODJHQ HLQ ZLFKWLJHU 3XQNW DQ GHU 7UDQVNDVSLVFKHQ(LVHQEDKQ 8QG QRFK ZLFKWLJHU LVW $UDOVN DQ GHU 1RUGRVWHFNH GHV $UDOVHHV 'RUW YHUPXWHW PDQ GDV VRZMHWLVFKH 5D

NHWHQYHUVXFKV]HQWUXP 'LH8KDWHLQLJH.DPHUDVDQ %RUGGLH )DUEILOPHPLW FKORURSK\OOHPSILQGOLFKHQ 6FKLFKWHQ YHUZHQGHQ .QDOOURW HUVFKHLQWDXIGHQ%LOGHUQGDV*UQGHU%OlWWHUXQG1DGHOQ PDWWJUDX GDJHJHQ GLH NQVWOLFKH )DUEH GHU 7DUQDQODJH $XFK GLHVH .DPHUDV ZHUGHQ HLQJHVHW]W 0DQ HUKRIIW VLFK $XINOlUXQJEHU$UWXQG8PIDQJGHUVRZMHWLVFKHQ5DNH WHQLQGXVWULH&DSWDLQ3RZHUVKDWDXIGHQQlFKVWHQ)OXJNL ORPHWHUQYROODXI]XWXQ

'LH=HLWGHV:DUWHQVLVWXQHUWUlJOLFK1XUVSlUOLFKODXIHQ YRP5HJLPHQWQHXH0HOGXQJHQHLQ'LH6ROGDWHQILHEHUQ :DV ZLUG JHVFKHKHQ" :LUG GHU +LPPHOVVSLRQ YRP $UDO VHH ZHLWHU QDFK :HVWHQ DEGUHKHQ XP GDV /DQG LQ 5LFK WXQJ 0RVNDX YLHOOHLFKW DXFK ZHLWHU VGOLFK LQ 5LFKWXQJ 6WDOLQJUDG &KDUNRZ .LHZ ]X EHUIOLHJHQ ² RGHU DEHU EOHLEWHUDXIVHLQHPQ|UGOLFKHQ.XUVXQGVWHXHUWGHQ8UDO DQ"'LHQ|UGOLFKH5RXWHPLWHLQHPHYHQWXHOOHQ/DQGHSODW] LQ 6FKZHGHQ RGHU 1RUZHJHQ LVW HWZDV NU]HU 2EHU OHXWQDQW *UDVVLQ PDFKW VHLQHQ 6ROGDWHQ +RIIQXQJ (LQH HLQVWUDKOLJH 0DVFKLQH NDQQ QLFKW XP GLH KDOEH (UGH IOLH JHQ ,KU 7UHLEVWRIIYRUUDW LVW EHJUHQ]W 6LH ZLUG RKQHGLHV VFKRQ PLW =XVDW]WDQNV DXVJHUVWHW VHLQ Ä:DUWHW DE VLH ZLUGLQXQVHUH1lKHNRPPHQ³VDJWHU (U VROO UHFKW EHKDOWHQ 8P  8KU ]ZHL 6WXQGHQ XQG ]ZDQ]LJ 0LQXWHQ QDFK GHP $ODUP JLEW 0DMRU :RURQRZ YRP %HIHKOVVWDQG EHNDQQW Ä=LHO KDW $UDOVN EHUIORJHQ QlKHUW VLFK DXI UHLQHP 1RUGNXUV GHP 8UDOJHELHW *H VFKZLQGLJNHLWXP6WXQGHQNLORPHWHU³ 'LH 0lQQHU VFKODJHQ VLFK DXI GLH 6FKXOWHUQ XQG XPDU PHQ VLFK Ä6ROO HU NRPPHQ GHU 3LUDW ZHQQ ZLU %HIHKO HUKDOWHQ KROHQ ZLU LKQ UXQWHU VR KRFK HU DXFK IOLHJW XQG

VRVLFKHUHUVLFKIKOW:HQQHUGDV7HPSREHLEHKlOWPX‰ HULQHLQHUJXWHQ6WXQGHEHU6ZHUGORZVNVHLQ³ *OHLFK GDUDXI ZLUG HUK|KWH *HIHFKWVEHUHLWVFKDIW EHIRK OHQ6FKZHLJHQGVLW]HQGLH0lQQHUDXILKUHQ3OlW]HQ'LH %UDXQVFKHQ5|KUHQGHV)XQNPH‰JHUlWVVSUKHQJUQOLFK SKRVSKRUHV]LHUHQGHV /LFKW :DQQ ZLUG VLFK DXI GHP /LFKWEDQG GHU HUVWH $XVVFKODJ ]HLJHQ GDV HUVWH =HLFKHQ GHUYRP=LHOUHIOHNWLHUWHQ,PSXOVH" ,Q NXU]HQ $EVWlQGHQ IROJHQ QHXH 0HOGXQJHQ Ä=LHO EH KlOW .XUV YHUOLHUW DQ +|KH³ ² Ä=LHO EHKlOW .XUV )OXJ K|KHQXUQRFK³'DV5DGDUV\VWHPDUEHLWHWYRUELOG OLFK :HQLJH 0LQXWHQ VSlWHU ZLUG IHVWJHVWHOOW GD‰ GLH 0DVFKLQHZLHGHUVWHLJW Ä$FKWXQJ³ HUW|QW 0DMRU :RURQRZV 6WLPPH LQ GHQ .RSIK|UHUQ Ä=LHO QlKHUW VLFK XQVHUHP $XIIDV VXQJVEHUHLFK³ 2EHUOHXWQDQW *UDVVLQ IKOW ZLH VHLQ +HU] ]X NORSIHQ EHJLQQW -HW]W NRPPW GLH %HZlKUXQJ -HW]W ZLUG HV VLFK HUZHLVHQREVHLQH$XVELOGXQJJXWZDU Ä=ZLVFKHQ  XQG  *UDG ODQJVDP DEVXFKHQ³ EH ILHKOWHU 'HU *HIUHLWH -DJXVFKNLQ EHWlWLJW GLH 6WHXHUXQJ GHV 5D GDUJHUlWV /DQJVDP NDXP PHUNOLFK GUHKW VLFK GLH JH VFKORVVHQH.DELQHQDFKOLQNV(VLVWGXQNHOLQGHPZLQ]L JHQ 5DXP 1XU GLH 6NDOHQ GHU ,QVWUXPHQWH JOKHQ 'DV VFKZDFKH )ODFNHUQ GHU %UDXQVFKHQ 5|KUHQ Ol‰W GLH *H VLFKWHUGHU6ROGDWHQJHLVWHUKDIWEOHLFKHUVFKHLQHQ.RQ]HQ WULHUWUXKLJXQGVDFKOLFKDUEHLWHQVLH 'LH YRP 6HQGHU DXVJHVWUDKOWHQ 0LNURZHOOHQLPSXOVH WDVWHQ DXVJHULFKWHW ZLH HLQ 6FKHLQZHUIHUVWUDKO GHQ +LP PHODE/DQJVDPEHZHJWVLFKGLH.DELQH]XUFNODQJVDP KHEW XQG VHQNW VLFK GHU 6SLHJHO (V LVW QLFKW HLQIDFK LQ

ELV0HWHU+|KHHLQHQ3XQNW]XHQWGHFNHQ Ä=LHO DXIJHID‰W³ UXIW GHU *HIUHLWH -DJXVFKNLQ SO|W]OLFK 6HLQH6WLPPHNOLQJWEHKHUUVFKWPDQVSUWQLFKWGLH(UUH JXQJGLHGHQMXQJHQ6ROGDWHQSDFNW,QGHU.DELQHLVWHV WRWHQVWLOO Ä=LHODXIJHID‰W³PHOGHWDXFKGHU0DQQDP+|KHQULFKW JHUlW2EHUOHXWQDQW*UDVVLQEHXJWVLFKYRU$XIGHU%UDXQ VFKHQ5|KUHPLWGHU=LHOPDUNHLQGHU0LWWHLVWHLQVFKZD FKHU/LFKWSXQNW]XHUNHQQHQ(LQZLQ]LJHV=HLFKHQVSUKW DXVGHPJODWWHQ6WULFK'DVLVWGDV)OXJ]HXJ 2EHUOHXWQDQW *UDVVLQ JLEW GLH 0HOGXQJ ]XP %HIHKOV VWDQGZHLWHUÄ(QWIHUQXQJ.LORPHWHU³ 1XU VFKZDFK ZHUGHQ GLH ,PSXOVH UHIOHNWLHUW 'LH 0D VFKLQHLVWVHKUNOHLQRGHUVLHKDW*HUlWHDQ %RUGGLHGDV $QSHLOHQ GXUFK 5DGDU HUVFKZHUHQ VROOHQ 'LH 0lQQHU KDEHQ 0KH GHQ /LFKWSXQNW IHVW]XKDOWHQ ,PPHU ZLHGHU YHUVFKZLQGHQGLH=HLFKHQ'LHhEHUVHW]XQJVJHWULHEHVLQG DXI)HLQWULHEJHVWHOOWKDXFK]DUWHZHLFKH.RUUHNWXUHQVLQG Q|WLJ 8QG GHU /LFKWSXQNW EOHLEW ZDQGHUW ZHLWHU LQ GLH 0LWWHGHU5|KUHDXIGLH=LHOPDUNH]X (LQHXQKHLPOLFKHODXWORVH%HZHJXQJLVW LQ GLH %DWWHULH JHNRPPHQ ,Q 6HNXQGHQEUXFKWHLOHQ UHFKQHW GDV (OHNWUR QHQJHKLUQ GLH YRP 0H‰JHUlW HLQODXIHQGHQ :HUWH XP HU PLWWHOW6HLWHQXQG+|KHQYRUKDOWJLEW6FKLH‰ZHUWHZHLWHU ]XP%HIHKOVVWDQGXQG]XGHQ$EVFKX‰UDPSHQ:LHGXUFK =DXEHUKDQG EHZHJHQ VLFK GLH 1DGHOQ DXI GHQ $Q ]HLJHJHUlWHQ GUHKHQ VLFK GLH JHOEHQ 5DNHWHQN|SIH LQ LKUHQVWlKOHUQHQ*OHLWVFKLHQHQYRQ6GQDFK6GVGZHVW 8QPHUNOLFK QXU ]HQWLPHWHUZHLVH XQG ODQJVDP ZLUG LKU $QVWHOOZLQNHOJU|‰HUGDEHL'DV =LHO NRPPW QlKHU 1RFK LVW HV DX‰HUKDOE GHU 6FKX‰HQWIHUQXQJ DEHU HV OHJW LQ GHU 0LQXWH.LORPHWHU]XUFNXQGZLHVFKQHOOYHUJHKHQGLH

0LQXWHQ 0DMRU :RURQRZ KDW GLH 0W]H LQV *HQLFN JHVFKREHQ (LQH DOWH $QJHZRKQKHLW YRQ LKP :lKUHQG GHV .ULHJHV KDWWH HU IUHLH 6LFKW JHEUDXFKW DXI GHP .RPPDQGRVWDQG +HXWH LVW GLH .ULHJIKUXQJ DQGHUV JHZRUGHQ 0DQ VLHKW GHQ *HJQHU QLFKW PHKU PLW EOR‰HP $XJH LQ GHU /XIW 5DGDUJHUlWH PVVHQ KHU XQG KRFKZHUWLJH RSWLVFKH ,QVWUX PHQWH 'HU0DMRUDEHUVFKLHEWWURW]GHPGLH0W]HQDFKKLQWHQ (UIKOWVLFKZLHGHU]XUFNYHUVHW]WLQGLH=HLWHQGDGHXW VFKH %RPEHU GLH 6WlGWH DQIORJHQ XQG VHLQH %DWWHULH LP (LQVDW] VWDQG (U KDWWH JHKRIIW XQG JHZQVFKW GD‰ VLFK GLHVH )HXHUQlFKWH GLHVH 7DJH YROOHU 5DXFK XQG 3XOYHU TXDOP QLH PHKU ZLHGHUKROHQ P|FKWHQ 'RFK QXQ IORJHQ VLHZLHGHU(LQHHLQ]HOQH0DVFKLQHQXUXQGNHLQHGHXWVFKH ZDKUVFKHLQOLFK YLHOOHLFKW HLQH DPHULNDQLVFKH RGHU HLQH HQJOLVFKHDEHUVLHNDPHQXP]XVSLRQLHUHQXQGYRU]XEH UHLWHQ 0DMRU:RURQRZLVWIURKGD‰HUXPJHOHUQWXQGVLFKYHU YROONRPPQHW KDW GD‰ HU GLH PRGHUQVWH .ULHJVWHFKQLN ]X PHLVWHUQ YHUVWHKW 0KH XQG 6FKZHL‰ GXUFKDUEHLWHWH 1lFKWH VLQG YHUJHVVHQ LQ GLHVHQ 0LQXWHQ (U ZQVFKW QLFKWVVHKQOLFKHUDOV]XEHZHLVHQGD‰VLFKGLH+HLPDWDXI LKQXQGVHLQH6ROGDWHQYHUODVVHQNDQQ:HU DEHU YRQ GHQ $QJHK|ULJHQ GHU EHUHLWV EHUIORJHQHQ %DWWHULHQ KDW GDV QLFKWJHZQVFKW"9LHOOHLFKWGDUIDXFK HUQXU]XVHKHQXQG PX‰ XQWlWLJ EOHLEHQ YLHOOHLFKW ZLOO PDQ GHQ /XIWSLUDWHQ DEVLFKWOLFK ZHLW LQV ,QQHUH GHV /DQGHV YRUGULQJHQ ODVVHQ XP XQZLGHUOHJOLFK EHZHLVHQ ]X N|QQHQ GD‰ HV VLFK XP HLQH $JJUHVVLRQ XQG QLFKW XP HLQHQ Ä,UUWXP³ GHV 3LORWHQ KDQGHOW

'DV 7HOHIRQ NOLQJHOW :RURQRZ QLPPW GHQ +|UHU DE Ä*HQRVVH 0DMRU³ GHU 5HJLPHQWVNRPPDQGHXU LVW DP $SSDUDW ÄZLU KDEHQ %HIHKO GDV HLQJHGUXQJHQH )OXJ]HXJ

DE]XVFKLH‰HQ³'HU2EHUVWOHJWHLQH3DXVHHLQÄ,FKHUWHLOH ,KUHU%DWWHULHGHQ$XIWUDJGD]X*HQRVVH0DMRU,FKEUDX FKHQLFKW]XVDJHQGD‰GDVHLQH$XV]HLFKQXQJLVW³ :RURQRZ LVW VLFK NODU GDUEHU XQG LQ VHLQHU VRQVW VR JHODVVHQHQ6XPPHVFKZLQJWIUHXGLJH(UUHJXQJPLWDOVHU GHQ%HIHKOZLHGHUKROW *OHLFK GDUDXI ZHL‰ GLH %DWWHULH ZHOFKH 9HUDQWZRUWXQJ LKUEHUWUDJHQZRUGHQLVW ,QGHU.DELQH GHV )XQNPH‰JHUlWV ZlFKVW GLH 6SDQQXQJ PLWMHGHU6HNXQGH$XI.LORPHWHULVWGHU)HLQGKHUDQ JHNRPPHQ 6HLQ .XUV IKUW LKQ ZHVWOLFK GHU %DWWHULH YRUEHLQDFK6ZHUGORZVN'UHL0LQXWHQEOHLEHQQRFK 'LH 0DVFKLQH LVW ZLHGHU DXI   0HWHU JHNOHWWHUW 1RFK LPPHU ZHUGHQ GLH 5DGDUZHOOHQ VHKU VFKZDFK UH IOHNWLHUW'DPHOGHWGHU%HREDFKWHUSO|W]OLFKÄ=LHORSWLVFK DXIJHID‰W³8QGMHW]WJHKWDOOHVVHKUVFKQHOO,P%OLFNIHOG GHV RSWLVFKHQ *HUlWV LVW GLH 0DVFKLQH GHXWOLFK ]X HUNHQ QHQ 'RFK GDV %LOG ZLUG XQVFKDUI LP QlFKVWHQ $XJHQ EOLFNYHUZLVFKWXQGYHUVFKZLPPW/XIWVSLHJHOXQJHQRGHU DQGHUH6W|UXQJHQ(VEOHLEWNHLQH=HLW]XP1DFKGHQNHQ 'HU 0DMRU KDW GLH $XJHQ DP 2NXODU Ä(UVWHV *HVFKW] IHUWLJ]XP$EVFKX‰³NRPPDQGLHUWHU 'HU (QWIHUQXQJVPHVVHU LQ GHU )XQNNDELQH OLHVW GLH :HUWH DE Ä ²  ²  «³ 2EHUOHXWQDQW *UDVVLQ EHUZDFKW GLH /HXFKWVNDOHQ +|KH 6HLWH (QWIHUQXQJ hEHUDOO ZHUGHQ GLH IODFNHUQGHQ 3QNWFKHQ GXUFK GLH =LHOPDUNHQDEJHGHFNW IJ«³*OHLFKI|UPLJNRPPHQGLH:HUWH 0DMRU:RURQRZKDWGLH0DVFKLQHZLHGHUNODULP%OLFN IHOG Ä ²  ²  «³ Ä)HXHU³ EHILHKOW GHU 0DMRU 'LH /XIW HU]LWWHUW XQWHU GHP $EVFKX‰ (LQ )HXHU VWUDKO IHJW EHU GLH (UGH 4XDOP ZDOOW DXI =LVFKHQG XQG

JXUJHOQG MDJW GDV *HVFKR‰ LQ GHQ +LPPHO 'LH 0lQQHU VFKDXHQ LKP QDFK 5DVHQG VFKQHOO YHUNOHLQHUW VLFK GHU )HXHUVFKHLQGHU$XVVWR‰GVH 'LH7LVWDXIGHP:HJ]XP=LHO,QLKUHP.RSIEHILQ GHW VLFK HLQ ZLQ]LJHV 5DGDUJHUlW (V SHLOW GLH 0DVFKLQH DXI GHP OHW]WHQ 7HLO GHU 6WUHFNH DQ XQG OHQNW GLH 5DNHWH DXIV=LHO'DQQPX‰GHU$EVWDQGV]QGHUIXQNWLRQLHUHQ 'LH 0lQQHU KDOWHQ GHQ $WHP DQ 'LH 5DNHWH NDQQ GLH )OXJEDKQ NRUULJLHUHQ DEHU VLH LVW NHLQ =DXEHUPLWWHO (V NRPPW GDUDXI DQ LKUHQ )OXJZHJ PLW JU|‰WHU 3Ul]LVLRQ YRUDXV]XEHVWLPPHQ

&DSWDLQ 3RZHUV OLHVW LQ VHLQHP .ULPLQDOURPDQ (U KDW HLQH ODQJH |GH 6WUHFNH KLQWHU VLFK $UDOVN ZXUGH SQNW OLFK EHUIORJHQ ² ZROOH *RWW GD‰ GLH /XIWDXIQDKPHQ HWZDV KHUJHEHQ GLH (UIROJVSUlPLH KlQJW GDYRQ DE ² XQG QDFK $UDOVN NDP GLH .LUJLVHQVWHSSH 9LHO =HLW ]XP hEHUOHJHQKDWWH HU :LH PDJ HV GHU )UDX JHKHQ LP .UDQ NHQKDXV":LUGGHU +DXVEDX NODSSHQ LQ )ORULGD" 8QG PLW ZHP PDJ 0DULO\Q IOLUWHQ GLH NOHLQH 6lQJHULQ DXV GHU Ä/LRQ%DU³"(LJHQWOLFKELQLFKHLQJXWHU(KHPDQQGDFKWH HU XQG GHU *HGDQNH GDUDQ ZDU JHQDXVRZHQLJ LQWHUHVVDQW ZLHDOOGLHDQGHUHQ (LQ 0HQVFK DOOHLQ ODQJZHLOW VLFK (LQ .ULPL ELHWHW $E ZHFKVOXQJXQG(QWVSDQQXQJ(UEOlWWHUWGLH6HLWHXP Ä'ROO\HUJULIIGLH6FKHUH'DQQZDUIVLHPLWHLQHP5XFN LKUODQJHVJROGHQHV+DDUQDFKYRUQXQGVFKQLWWHVDE'DV LVW GLH 5HWWXQJµ IOVWHUWH VLH XQG LKUH $XJHQ OHXFKWHWHQ 0DUFLDQR DQ 6LH QDKP HLQH GHU 6FKDXIHQVWHUSXSSHQ XQG EHIHVWLJWH DXI GHUHQ EODQNHP 6FKlGHO NXQVWYROO GDV OLFKW JROGHQH+DDU (UKD‰WPLFKµVDJWHVLHGDEHLHUKDWPLFK JHOLHEWXQG

ZHL‰ GD‰ HU PLFK YHUORUHQ KDW QXQ KD‰W HU PLFK XQHU JUQGOLFK(UZLOOPLFKW|WHQ,FKELQLKPZLFKWLJHUDOVGX 8QGHUZLUGVFKLH‰HQZHQQHUPHLQ+DDUVLHKWLFKZHL‰ GD‰ HU HV ZLUG HU ZLUG VFKLH‰HQ XQG WUHIIHQ ² DEHU LFK ZHL‰ DXFK GD‰ HU QXU QRFK HLQH .XJHO LP /DXI KDW LFK KDEH PLWJH]lKOWµ IJWH VLH 0DUFLDQR PLW GHQ %OLFNHQ OLHENRVHQGKLQ]X 0DUFLDQRYHUVWDQG 'DUOLQJµ IOVWHUWH HU GX ELVW JUR‰ DUWLJ'DUOLQJLFKOLHEHGLFKµ /D‰ GLH KEVFKH .XJHOVSULW]H IDOOHQ PHLQ -XQJHµ IRU GHUWHLQGLHVHP$XJHQEOLFNHLQHHLVNDOWH 6WLPPH YRQ GHU 7U 0DUFLDQR HUVWDUUWH 'HQ %UXFKWHLO HLQHU 6HNXQGH EHU OHJWH HU +HUXPZLUEHOQ XQG DXI GHQ $E]XJ GUFNHQ" ² =ZHFNORV0LNH7RGGZDUVFKQHOOHUDOVHU0LNH7RGGZDU GHU EHVWH .XQVWVFKW]H $PHULNDV 0DUFLDQR OLH‰ GLH 0D VFKLQHQSLVWROH ]X %RGHQ IDOOHQ XQG GUHKWH VLFK XP 6FKLH‰µVDJWHHUOlVVLJ 0LNH7RGGOlFKHOWHLURQLVFK(U]HLJWHPLWGHP/DXIGHU 3LVWROHDXIGLH.XJHOVSULW]H6FKLHEGDV'LQJHWZDVQlKHU PLWGHP)X‰«³ &DSWDLQ3RZHUVOlFKHOWHDXFK (U VLHKW DXI GLH %RUGXKU (LQSDDU0LQXWHQEOHLEHQLKPQRFKELVGLH6LJQDOODPSHQ DXIOHXFKWHQ XQG 6ZHUGORZVN HUUHLFKW LVW (V ORKQW VLFK QRFK HLQPDO EHTXHP ]X VHW]HQ XP ]X VHKHQ ZDQQ GHU $XWRU VHLQHQ HUVWHQ )HKOHU EHJHKW (LQHQ )HKOHU PDFKHQ VLHDOOHXQGHVLVW3RZHUV+REE\VLHKHUDXV]XILQGHQ (U OLHVW ZHLWHU Ä0LNH 7RGG VSLHOWH PLW GHP )LQJHU DP $E]XJ 'DQQ QDKP HU GLH 03L DXI GLH 0DUFLDQR LKP ]XVFKREXQGVDJWH3HFKPHLQ-XQJHLFKKDWWHQLFKWPDO PHKUGLHOHW]WHZLHLKUDQJHQRPPHQKDEWLFKKDWWHEHU KDXSW NHLQH .XJHO PHKU LP /DXI $EHU LFK ELQ HLQ DOWHU

0DQQ XQG LFK J|QQH GLU 'ROO\ ² QXU HLQV YHUODQJH LFK ,FKEUDXFKHHLQHQ*HKLOIHQYHUVWHKVWGX«³ &DSWDLQ 3RZHUV ]XFNW ]XVDPPHQ GLH IODFKH +DQG DXI GHP%XFK6RHLQ%O|GVLQQ-HW]WVROOLKP0DUFLDQREHLP %DQNHLQEUXFKKHOIHQ1HLQPHLQ +HUU $XWRU VR JHKW GDV QLFKW (LQ HFKWHU 0LNH KlWWH VFKRQ OlQJVW JHVFKRVVHQ :DUXPVFKLH‰WHUGHQQQLFKW" &DSWDLQ3RZHUV]XFNW]XVDPPHQ'DV7ULHEZHUNNQDOOW (LQ OHLFKWHU 5XFN JHKW GXUFK GDV )OXJ]HXJ (U ZLUIW GHQ 6FKP|NHU ZHJ VFKDXW DXI GDV ,QVWUXPHQWHQEUHWW $OOHV QRUPDO'DV7ULHEZHUNDUEHLWHW JOHLFKPl‰LJ ZHLWHU 'RFK GDQQ GXUFKIlKUW HV LKQ KHL‰ 'LH 0DVFKLQH EHJLQQW ]X IODWWHUQ (U JUHLIW ]XU 6WHXHUVlXOH NRUULJLHUW PLW OHLFKWHQ 5XGHUDXVVFKOlJHQ²YHUJHEOLFK(UEOLFNWDXVGHU.DELQH ]XUFNQDFKGHQ7UDJIOlFKHQXQGGDVLHKWHU/|FKHULQGHU UHFKWHQ 6FKZLQJH IDXVWJUR‰H ]DFNLJH /|FKHU 6HLQH hEHUOHJXQJHQIROJHQEOLW]VFKQHOODXIHLQDQGHU'HUVFKZD FKH.QDOOYRUKLQZDUGLH'HWRQDWLRQHLQHV*HVFKRVVHV(U ZDUOHLVHUDOVHLQH)ODNJUDQDWH'LH)ODNJUDQDWHQNHQQWHU DXV.RUHD]XU*HQJH(UNHQQWDXFKGLH6SOLWWHUZLUNXQJ LQ)OlFKHQXQG5XPSIXQGZLHVRRIWLQ.RUHDYHUVXFKW HU GLH 0DVFKLQH DE]XIDQJHQ XQG LQ QRUPDOH )OXJODJH ]X EULQJHQ (U PX‰ HV VFKDIIHQ  .LORPHWHU QRFK ELV %RG| GHP QRUZHJLVFKHQ /DQGHSODW] 'LH 0DVFKLQH YHU OLHUW DQ +|KH (U VFKLHEW GHQ /HLVWXQJVKHEHO QDFK YRUQ 'DV Ä3UDWW  :KLWQH\³7ULHEZHUN KHXOW DXI  .LOR SRQG WRVHQ XQG OlUPHQ VWR‰HQ GLH 8 QDFK YRUQ /DQJ VDP UFNW GLH 6FKQDX]H QDFK REHQ DEHU GDQQ LVW HV DXV 'HU Ä3UDWW  :KLWQH\³ EHJLQQW ]X ERFNHQ =ZHL GUHL 6W|‰H HUVFKWWHUQ GLH 0DVFKLQH 'LH 7UHLEVWRII]XIXKU LVW XQWHUEURFKHQ'LH8IlOOWXQDXIKDOWVDP6LHKDEHQPLFK DEJHVFKRVVHQGHQNW3RZHUV6LHPVVHQ5DNHWHQEDWWHULHQ

XP 6ZHUGORZVN SRVWLHUW KDEHQ 9HUGDPPW PX‰ HU GDV JHUDGHMHW]WGHQNHQ(U KDW 0KH GLH 0DVFKLQH YRU GHP 7UXGHOQ]XEHZDKUHQVLHLP*OHLWIOXJ]XKDOWHQ8QG]XP HUVWHQPDO VHLWGHP HV JHNQDOOW KDW VLHKW HU ]XU (UGH 6LH NRPPWVFKUlJDXILKQ]X:LHVHQIOlFKHQXQG:lOGHUNDQQ HUHUNHQQHQGHQODQJJH]RJHQHQ .DPPGHV 8UDOJHELUJHV 6WlGWHGDYRUXQG ,QGXVWULHDQODJHQ ,FK VROOWH 6ZHUGORZVN EHUIOLHJHQ GHQNW HU LQ ELVVLJHU 6HOEVWLURQLH YRQ HLQHU /DQGXQJKDWPDQPLUQLFKWVJHVDJW(LQH/DQGXQJLVWXQ P|JOLFK 'DV :RUW KDW HU ]X VWUHLFKHQ DXV VHLQHP 9RND EXODUÄ,P)DOOHGHU*HIDKULVWGLH0DVFKLQH]X]HUVW|UHQ &DSWDLQ3RZHUV²,PPHUXQGLQMHGHP)DOOHGHQNHQ6LH GDUDQ³ =XP 7HXIHO PLW GHP GXPPHQ *HUHGH (U VLW]W LQ GHU 0DVFKLQHHUJDQ]DOOHLQ8QGHUNlPSIWVRODQJH HUNDQQ XQG VR JXW HU NDQQ $EHU HU LVW NHLQ 0lUW\UHU =XP 6HOEVWP|UGHU ELQ LFK QLFKW JHERUHQ ZROOWH HU GHP 0DMRU PLW GHU 1LFNHOEULOOH VDJHQ DOV GHU LKP HPSIDKO GHQ 6FKOHXGHUVLW]]XEHQXW]HQ8QWHUGHP6LW]VLQGDQGHUWKDOE .LORJUDPP6SUHQJVWRIIEHIHVWLJW JXW YHUSDFNW XQG SORP ELHUW(UUHLFKWXPGDV)OXJ]HXJLQGHU/XIW]X]HUVW|UHQ XQG HU ZLUG JH]QGHW VREDOG GHU .DWDSXOWVLW] DXV GHP )OXJ]HXJ VFKQHOOW Ä9|OOLJ XQJHIlKUOLFK³ KDWWH GHU 0DMRU JHVDJWÄ'LH%UHQQGDXHUGHV =QGHUVEHWUlJWIQI 6HNXQ GHQ³,QIQI6HNXQGHQUDVWGLHVWHXHUORVH0DVFKLQH 0HWHUIRUWYRQLKPXQGVHLQHP)DOOVFKLUP'DVLVWJXW² 'RFK ZHU VDJW GD‰ GHU =QGHU IQI 6HNXQGHQ EUHQQW" %LVKHU VLQG GUHL 8 YRP +LPPHO JHIDOOHQ 0DVFKLQHQ VFKDGHQ LQ MHGHP )DOO 8QG LQ DOOHQ )lOOHQ ZDUHQ GLH 3L ORWHQ XQDXIILQGEDU JHZHVHQ 0DQ KDWWH QLFKWV YRQ LKQHQ ]ZLVFKHQ GHQ 7UPPHUQ JHVHKHQ $QGHUWKDOE .LOR 6SUHQJVWRII KDEHQ HLQH HQRUPH :LUNXQJ ZHQQ VLH GLUHNW

XQWHUP+LQWHUQH[SORGLHUHQ 3RZHUV YHU]LFKWHW DXI GHQ 6FKOHXGHUVLW] (U ZLUG DXFK RKQHLKQIHUWLJ(UYHUVXFKW GDV)OXJ]HXJ]X KDOWHQ XQG ZHQGHW DOOH .QLIIH XQG .QVWH DQ XQG GHU )OXJ ZLUG UXKLJHU (V PX‰ GRFK ]XVFKDIIHQVHLQ]XP7HXIHO QRFK HLQV 8PVFKDOWHQ DXI GHQ KLQWHUHQ =XVDW]WDQN 'LH *DVWXUELQH VSULQJW DQ GUHKW GLH .RPSUHVVRUHQ GXUFK (V NUDFKW XQG VSOLW WHUW DQ GHU UHFKWHQ )OlFKH 'LH (UGH GUHKW VLFK VWHKW SO|W]OLFK EHU LKP GUHKW VLFK QRFK HLQPDO XP HLQH LPDJLQlUH $FKVH ² GDQQ KDW HU *HJHQUXGHU JHJHEHQ XQG GLH %UHPVZLUNXQJ DXVJHJOLFKHQ 1LFKW HLQH 6HNXQGH KDW HU GLH %HKHUU VFKXQJ YHUORUHQ 6HLQH *HGDQNHQ VLQG Y|OOLJ NODU (U NRQWUROOLHUW MHGH VHLQHU +DQGOXQJHQ 'DV ZLFKWLJVWH LVW ZHLWHU GHQ *OHLWIOXJ ]X KDOWHQ 'HU EDURPHWULVFKH +|KHQPHVVHU LVW QRFK LQ WDNW0HWHUVLQGHVELV ]XU (UGH %HL  ZLUG HU

DXVVWHLJHQ :HQQ HU HV VFKDIIW VR ZHLW 'DV 6DXHUVWRIIJH UlW GLH HOHNWULVFKH +HL]XQJ LQ GHU .RPELQDWLRQ DUEHLWHQ HLQZDQGIUHL:LHZHUWYROOHUSO|W]OLFKJHZRUGHQLVWGLHVHU VRXQEHTXHPHSUDOOJHIOOWH5DXPDQ]XJ (UJUHLIWQDFKGHP %HKlOWHUPLWGHU 1RWDXVUVWXQJ /H EHQVPLWWHO :DVVHUYRUUDW HU KDW DOOHV ZDV HU EUDXFKW (LQHQ=LYLODQ]XJXQGHLQUXVVLVFKHV0LOLWlUKHPGJROGHQH 8KUHQ 3LVWROHQ XQG 'ROFKH Ä&DSWDLQ 3RZHUV )OXFKW DXV 6LELULHQ³ HV N|QQWH GDV *HVFKlIW VHLQHV /HEHQV ZHUGHQ (U PX‰ JULQVHQ ZHQQ HU GDUDQ GHQNW ZLH HV ZlUH ]X +DXVH DP .DPLQ ]X VLW]HQ XQG %FKHU ]X VFKUHLEHQ ,Q 0HWHU+|KHEHUHLWHWHLFKPHLQHQ$XVVWLHJYRUZU GHHUEHULFKWHQ'LH0DVFKLQHZDUZDLGZXQGJHVFKRVVHQ (VEUDXFKWHGLH(UIDKUXQJHLQHV)OLHJHUOHEHQVVLHYRUGHP $EVFKPLHUHQ ]X EHZDKUHQ ,FK EHUOHJWH DOOHV JHQDX :HQQLFKGLH*ODVNXSSHOGHV(LQVWHLJHOXNVDEZDUIZUGH GHU )DKUWZLQG ZLH HLQH JLJDQWLVFKH 9DNXXPSXPSH ZLU NHQ 0LW 5LHVHQIlXVWHQ PX‰WH HU PLFK DXV GHU 0DVFKLQH UHL‰HQ ² XQG GDV ZDU Q|WLJ GHQQ GDV /HLWZHUN HLQHU Ä/RRNKHHG 8³ LVW KlUWHU DOV HLQ 3LORWHQVFKlGHO ,FK PX‰WHDP/HLWZHUNYRUEHLXQGUHFKQHWHDXIGHQ6RJ« 3RZHUV UHFKQHW ZLUNOLFK PLW GHP 6RJ (U VLHKW DXI +| KHQ XQG 6WDXGUXFNPHVVHU  0HWHU  6WXQ GHQNLORPHWHU 1LFKW PHKU ODQJH KlOW GLH 0DVFKLQH GXUFK (U VWHKW DXI DWPHW HLQPDO WLHI XQG |IIQHW GDV *ODVGDFK (LQVDXJHQGHU.QDOO(LQ:LUEHOVWXUPSDFNWLKQ(UJUHLIW QDFKGHP /XNHQUDQGVW|‰WVLFKDEXQGZLUGKLQDXVJHULV VHQ(UVLHKWGDV6HLWHQOHLWZHUNKDXVKRFKDXIVLFK]XMDJHQ VSUW GHQ /XIW]XJ EHUVFKOlJW VLFK ]ZHL GUHLPDO XQG IlOOW /DQJVDP ]lKOW HU GLH 6HNXQGHQ  0HWHU (U EHWlWLJW GHQ $XVO|VHNQRSI .QDWWHUQG |IIQHW VLFK GLH 6HL GH(LQ5XFNXQGHUKlQJWLQGHQ*XUWHQhEHULKPLQGHU

6RQQH OHXFKWHW GHU URWZHL‰ JHVWUHLIWH 6FKLUP 6FKZHU IlOOLJ WUXGHOW GLH 8 ]XU (UGH ZLH HLQ PGHV ZHONHV %ODWW (LQH )OlFKH O|VW VLFK YRP 5XPSI GLH ]ZHLWH ² HUOHGLJW)DKUZRKODOWHU9RJHO6FKODJHDXIXQGYHUEUHQ QH 'X KDVW EHODVWHQGHV 0DWHULDO DQ %RUG .DPHUDV XQG EHOLFKWHWH )LOPH )XQNPH‰DSSDUDWXUHQ XQG PLW 6LJQDOHQ VRZMHWLVFKHU 5DGDUVWDWLRQHQ EHVSLHOWH 0DJQHWWRQElQGHU 'LH 5XVVHQ ZHUGHQ ZLOG ZHQQ VLH GDV ILQGHQ GHQNW 3R ZHUV (U YHUIROJW GLH IDOOHQGHQ 7UPPHU 'HU 5XPSI VFKOlJW]XHUVWDXI*HOEURWH)ODPPHQORGHUQZHUGHQYRP DXIVWHLJHQGHQ 5DXFKSLO] YHUGHFNW 'DQQ ZHLWHU HQWIHUQW GDYRQWDXPHOQGLH)OlFKHQ]X%RGHQ 3RZHUV LVW ]XIULHGHQ 6HLQH $XIPHUNVDPNHLW NDQQ HU MHW]WGHP*HOlQGHZLGPHQ'XQNOH .LHIHUQZlOGHU HUZDU WHQ LKQ GRUW XQWHQ DXVJHGHKQWH )HOGHU )OVVH XQG 6HHQ (LQ LGHDOHV )OXFKWJHOlQGH ² QXU GDV 'RUI GUIWH QLFKW VHLQ (U YHUVXFKW GXUFK LQWHQVLYH 3HQGHOEHZHJXQJHQ GLH 5LFKWXQJ ]X lQGHUQ DEHU GHU )DOOVFKLUP WUHLEW ZHLWHU DXI GDV 'RUI ]X XQDXIKDOWVDP 1lKHU NRPPHQ GLH +lXVHU 0HQVFKHQVWHKHQGDYRUVHKHQ]XLKPDXIXQGZLQNHQ6LH EHJLQQHQ ]X ODXIHQ XQG MHW]W YHUOl‰W HLQ /.: GDV 'RUI VDXVWEHUGLH /DQGVWUD‰H ELHJW DE XQG KROSHUW TXHU EHU bFNHU XQG )HOGHU DXI GLH 6WHOOH ]X ZR HU DXINRPPHQ PX‰ (V ZLUG QLFKWV DXV GHP %XFK XQG GHP *HVFKlIW GHQNW 3RZHUV HLQH )OXFKW LVW XQP|JOLFK 8QG IU VROFKH )DOOHKDWPDQLKPHLQH *LIWQDGHOEHUJHEHQHLQH ,QMHNWL RQVVSULW]HHQPLQLDWXUH(UEUDXFKWQXUGHQ5HL‰YHUVFKOX‰ GHU OLQNHQ bUPHOWDVFKH ]X |IIQHQ GLH 6FKXW]NDSSH GHU 6SULW]H ]X HQWIHUQHQ XQG VLFK LUJHQGZRKLQ LQ GHQ $UP RGHULQGHQ6FKHQNHO]XVWHFKHQ(VVWLUEWVLFKVFKQHOOXQG JDUDQWLHUW VFKPHU]ORV GDQDFK 'DV 9DWHUODQG YHUODQJW GDV YRQ LKP $EHU 3RZHUV LVW *HVFKlIWVPDQQ 'HQ WRWDOHQ

%DQNURWWKDWHUQRFKQLHHLQNDONXOLHUW =XP *UHLIHQ QDK VLQG GLH %lXPH (LQH +RFKVSDQ QXQJVOHLWXQJ WUHLEW LKP HQWJHJHQ (U UXGHUW YHU]ZHLIHOW XPYRQLKUZHJ]XNRPPHQVLHKWGHQ/DVWZDJHQKHUDQIDK UHQ ² GDQQ VHW]W HU DXI 'LH %HLQH NQLFNHQ LKP ZHJ HU IlOOWDXIGHQ5FNHQXQGYHUOLHUWGDV%HZX‰WVHLQ

,Q'XNRZDKDWWHGDV)UKNRQ]HUWGLH0HQVFKHQDXVGHQ +lXVHUQ JHORFNW 8P DFKW 8KU OHJWHQ GLH 0XVLNHU HLQH 3DXVH HLQ GHU )HVW]XJ IRUPLHUWH VLFK XQG HLQH 9LHU WHOVWXQGH VSlWHU JLQJ HV KLQDXV DXI GLH )HOGHU (LQ IURKHU $XIWDNW IU GHQ  0DL 8P KDOE ]HKQ ZDUHQ DOOH ZLHGHU ]XUFN'LFKWJHGUlQJWVWDQGHQVLHYRUGHU%KQHDP.XO WXUKDXV*ULJRULXQGGHU3DUWHL6HNUHWlUNOHWWHUWHQDXIGDV %UHWWHUJHUVW GLH RIIL]LHOOH )HLHUVWXQGH EHJDQQ XQG GD QDFK]HUVWUHXWHQVLFKGLH/HXWH'LH)UDXHQEHUHLWHWHQGDV (VVHQ YRU PDQ K|UWH GLH hEHUWUDJXQJ DXV 0RVNDX EOLHE DXI GHU 6WUD‰H XQWHUKLHOW VLFK XQG IUHXWH VLFK DXI GHQ %HJLQQGHU9HUDQVWDOWXQJHQDP1DFKPLWWDJ'DV'RUIZDU LQ )HVWVWLPPXQJ *ULJRUL KDWWH YRQ GHU $QVWUHQJXQJ GHV 7DJHV $SSHWLW EHNRPPHQ (U EHVXFKWH VHLQH )UDX LQ GHU .FKHSURELHUWHGHQ /DPPEUDWHQXQGNRVWHWHGHQ .ULP ZHLQ $OV HU GDV *ODV DXI GHQ 7LVFK VWHOOWH NQDOOWH HV GUDX‰HQ(UKREGHQ.RSIXQGODXVFKWHHLQH6HNXQGH(LQ )HXHUZHUN" 'DYRQ ZX‰WH HU GRFK JDU QLFKWV (U OLHI KLQ DXV VHLQH )UDX OLH‰ GLH 7|SIH LP 6WLFK XQG IROJWH LKP 9LHOH 0HQVFKHQ ZDUHQ DXI GHU 6WUD‰H XQG LQ GHQ *lUWHQ 6LH ]HLJWHQ QDFK REHQ Ä'RUW VLHK *ULJRUL³ (LQ ZHL‰HV 5DXFK :|ONFKHQ VWDQG DP +LPPHO VHKU KRFK XQG VHKU NOHLQ 1XU GLH EOHQGHQGHQ 6RQQHQVWUDKOHQ GLH GDUDXI ILHOHQ PDFKWHQ HV VLFKWEDU /DQJVDP ]HUWHLOWH VLFK GHU :DWWHEDXVFK XQG HKH PDQ VLFK NODUZHUGHQ NRQQWH ZDV

GRUW REHQ JHVFKHKHQ ZDU VFKR‰ VHQNUHFKW HLQ )OXJ ]HXJUXPSI ]XU (UGH =XQlFKVW QXU HLQ VFKPDOHU 6WULFK GDQQDEHUGHXWOLFK]XHUNHQQHQGHUQDGHOVFKDUIH%XJGDV ZHLWDXVKROHQGH +|KHQ XQG 6HLWHQOHLWZHUN /DQJVDPHU NUHLVHOWHQ GLH 7UDJIOlFKHQ KLQWHUKHU 'HU 5XPSI VFKOXJ DXIHLQ5DXFKSLO]HUKREVLFKXQGGHU'RQQHUGHU([SOR VLRQ UROOWH KHUDQ :LH HUVWDUUW VWDQGHQ DOOH (UVW GHU URW ZHL‰H )DOOVFKLUP GHU ZHQLJ VSlWHU VLFKWEDU ZXUGH EUDFKWHVLHLQ%HZHJXQJ Ä(U LVW DEJHVSUXQJHQ³ ULHI $OH[DQGHU 6WHSDQRZLWVFK Ä6HKWQXUZLHHU]XU(UGHVFKZHEW³Ä+XUUD³VFKULHQGLH -XQJHQ XQG VFKZHQNWHQ GLH 0W]HQ 'LH 0DVFKLQH ZDU HUVHW]EDUGHU3LORWDEHUZDUHLQ0HQVFKZLHGXXQGLFKHU ZDUQXU HLQPDO DXI GHU :HOW XQG HU OHEWH KLQJ VLFKHU DQ GHP6HLGHQVFKLUP (LQ$XWRIXKUKHUDQ:ODGLPLU6XULQGHU.UDIWIDKUHUGHV 6RZFKRV VWHXHUWH HV LP +|OOHQWHPSR GLH 'RUIVWUD‰H HQWODQJ (U KXSWH XQHQWZHJW XQG GLH 0HQVFKHQ OLHIHQ DXVHLQDQGHU 9RU *ULJRULV +DXV KLHOW HU DQ Ä.RPP ZLU PVVHQLKQUHWWHQ³ULHIHULKP]X*ULJRULVWLHJHLQ6XULQ JDE *DV XQG UDVWH ZHLWHU Ä'X EHREDFKWHVW XQG ZHLVW PLU GLH5LFKWXQJ³VDJWHHUNQDSSXQGVDFKOLFK $XV HLQHU JODWWHQ )DKUW ZXUGH QLFKWV 'HU )DOOVFKLUP WULHEDEEHUGLH)HOGHUDXIGHQ:DOGUDQG]XÄ:LUPVVHQ UXQWHUYRQGHU6WUD‰H³ 6XULQ ZDU HLQ DOWHU 3DQ]HUIDKUHU GHV OHW]WHQ .ULHJHV (U ]RJGLH6WLUQNUDXVXQGNQLIIGLH$XJHQ]XVDPPHQDEHUHU EHUOHJWHQLFKWODQJH'HUVFKZHUHÄ6,0³GXUFKTXHUWHGHQ 6WUD‰HQJUDEHQ 6XULQ VFKDOWHWH JDE *DV XQG EHU GLH MXQJH6DDWUROOWHGHU:DJHQDXIGHQ:DOGUDQG]XÄ:HLWHU QDFKUHFKWV]XU+RFKVSDQQXQJUEHU³6XULQEHIROJWHGHQ +LQZHLVEOLFNWHHLQHQ0RPHQWDXVGHP)DKUHUKDXV QDFK

GHP URWZHL‰HQ 6FKLUP Ä:HQQ HU VLFK LQ GHQ 'UlKWHQ YHUIlQJWVWHKWHVVFKOHFKWXPLKQ³VDJWHHUVRUJHQYROO 'HU 3LORW KDWWH *OFN (U NDP YRU GHU +RFKVSDQQXQJV OHLWXQJ ]X %RGHQ 'LH 0lQQHU VDKHQ ZLH HU DXIVHW]WH QDFK KLQWHQ XPILHO XQG YRP WUHLEHQGHQ 6FKLUP EHU GHQ +HLGHERGHQLQ5LFKWXQJGHV:DOGHVJHVFKOHLIWZXUGH'HU Ä6,0³ GXUFKIXUFKWH GHQ (QWZlVVHUXQJVJUDEHQ NOHWWHUWH PLWKHXOHQGHP0RWRUDPDQGHUHQ8IHUHPSRUXQGVFKDX NHOWH KDOVEUHFKHULVFK EHU GHQ +HLGHERGHQ *LQVWHU XQG :DFKROGHUEVFKH ZDO]WH HU QLHGHU XQG IXKU DQ GHQ WUHL EHQGHQ 6FKLUP KHUDQ *ULJRUL VSUDQJ DE KDVWHWH DXI GDV VWUDII JHEOlKWH 6HJHO ]X XQG ZDUI VLFK PLW GHP YROOHQ *HZLFKWVHLQHV.|USHUVGDUDXI 6XULQ NDP KLQ]X NDSSWH PLW VHLQHP 0HVVHU GLH +DOWH OHLQHQXQGEHXJWHVLFKEHUGHQ0DQQÄ(ULVWEHZX‰WORV³ VDJWHHU]X*ULJRULGHUQHEHQLKQWUDW 'HU )OLHJHU ODJ DXI GHP 5FNHQ ,Q VHLQHP KHUPHWLVFK DEJHVFKORVVHQHQ +|KHQDQ]XJ JOLFK HU HLQHP )DEHOZHVHQ YRQ HLQHU DQGHUHQ :HOW 6LH QDKPHQ LKP GHQ ZHL‰HQ .XQVWVWRIIKHOPPLWGHUJHZ|OEWHQ*ODVVFKHLEHDEEHIUHL WHQ LKQ YRQ GHU $WHPPDVNH XQG GHU VFKZHUHQ HOHNWULVFK EHKHL]WHQ.RPELQDWLRQ 'HU )OLHJHU VFKOXJ GLH $XJHQ DXI XQG EOLHE OLHJHQ (U EOLFNWHYRQ*ULJRUL]X6XULQXQGGDQDFKVDKHUJHUDGHDXV LQGHQ+LPPHOÄ'XELVWJHUHWWHW³VDJWH*ULJRUL ODFKHQG Ä(V LVW DOOHV JXW JHJDQJHQ 'X KDVW JUR‰HV *OFN JHKDEW PHLQ-XQJH³(UID‰WH]XXQGKDOILKPEHLP$XIVWHKHQ 'HU 0DQQ VDJWH QRFK LPPHU QLFKWV (U ZDU JUR‰ XQG NUlIWLJ HWZD GUHL‰LJ -DKUH DOW 6HLQ GXQNOHV +DDU ZDU OHLFKW HUJUDXW DQ GHQ 6FKOlIHQ *ULJRUL XQG 6XULQ ZXQ GHUWHQVLFK Ä9LHOOHLFKW HLQ 6FKRFN³ VDJWH 6XULQ OHLVH Ä(V NDQQ

YRUNRPPHQ GD‰ PDQ QDFK VROFKHQ (UOHEQLVVHQ YRUEHU JHKHQG GLH 6SUDFKH YHUOLHUW :LU ZROOHQ LKQ LQ 5XKH ODV VHQGDVZLUGGDVEHVWHVHLQ³ (LQH HLQOHXFKWHQGH (UNOlUXQJ 6LH VDJWHQ DXI GHQ :D JHQ GHXWHQG Ä1HKPHQ 6LH GRFK 3ODW] LQ]ZLVFKHQ³ XQG EHJDQQHQGLH$XVUVWXQJVVWFNHDXI]XODGHQ*ULJRULOHJWH GHQ )DOOVFKLUP ]XVDPPHQ ,Q HLQHU (FNH HQWGHFNWH HU HLQHQYLHUHFNLJHQ )LUPHQVWHPSHO'DVZDU GRFK (QJOLVFK RGHU $PHULNDQLVFK" 6RYLHO YHUVWDQG HU DXFK YRQ 6SUDFKH XQG6FKULIW:LHNDPHLQDPHULNDQLVFKHU)DOOVFKLUPKLHU KHUQDFK'XNRZD"*ULJRULNQLHWHDP%RGHQXQGVDKVLFK YRUVLFKWLJ QDFK GHP VRQGHUEDUHQ 3LORWHQ XP 'HU VWDQG QHEHQ 6XULQ DP /.: 6XULQ ZDUI GLH .RPELQDWLRQ EHU GLH %RUGZDQG XQG GHU )UHPGH KDWWH GLH +DQG DQ GHU +IWWDVFKH *ULJRUL VSUDQJ DXI XQG WUDW YRU LKQ KLQ 'HU

0DQQ OLH‰ GLH +DQG VLQNHQ (U WD[LHUWH PLW VHLQHP DXV GUXFNVORVHQ%OLFNGLHJHEDOOWH.UDIWGHVEHGHXWHQGNOHLQH UHQ5XVVHQ *ULJRUL]RJ DXV GHU +IWWDVFKH GHV 3LORWHQ HLQH 3LVWROH HV ZDU HLQ LKP XQEHNDQQWHV 0RGHOO PLW 6FKDOOGlPSIHU XQG ODQJHP 0DJD]LQ 6XULQ ZDU EOD‰ JHZRUGHQ 6HLQ IUHXQGOLFKHV UXQGHV *HVLFKW YHUILQVWHUWH VLFK (U NQLII ZLHGHUGLH$XJHQ]XVDPPHQXQG]RJGLH6WLUQNUDXV 1RFK LPPHU VFKZLHJ GHU 0DQQ :LGHUVWDQGVORV OLH‰ HU VLFKHLQHQ'ROFKDXVGHUVFKPDOHQ6HLWHQWDVFKHDP2EHU VFKHQNHO]LHKHQ6LHID‰WHQLKQXQWHUGHQ$UPXQGIKUWHQ LKQ ]XP :DJHQ (U VD‰ WHLOQDKPVORV ]ZLVFKHQ LKQHQ 6XULQ VWHXHUWH HLQHQ )HOGZHJ HQWODQJ ERJ DXI GLH 6WUD‰H HLQXQGIXKU]XUFN]XP'RUI,KUH)HVWWDJVVWLPPXQJZDU YHUIORJHQ 6LH VSUDFKHQ NHLQ :RUW DEHU EHLGHQ ZDU NODU GD‰ GHU XQKHLPOLFKH )DKUJDVW LQ LKUHU 0LWWH LP $XIWUDJ HLQHUIUHPGHQ0DFKWJHIORJHQZDUGD‰HU%HIHKOKDWWH]X VFKZHLJHQ $XVGHP'RUIOLHIHQLKQHQ.LQGHUHQWJHJHQ6LHZLQNWHQ XQG VFKULHQ ZROOWHQ GHQ JHUHWWHWHQ )OLHJHU EHJU‰HQ XQG PLWIDKUHQ DXI GHP OHW]WHQ 6WFN GHV :HJHV *ULJRUL YHU ZHKUWH HV LKQHQ %HWURIIHQ VWDQGHQ VLH XQG VFKDXWHQ GHP :DJHQQDFK'HQ(UZDFKVHQHQGLHDP(LQJDQJGHV'RU IHVZDUWHWHQHUJLQJHVlKQOLFKÄ(VLVWHLQ$XVOlQGHU³ULHI *ULJRULLKQHQ]X 6XULQKLHOWYRUGHP6RZFKRVNRQWRU6LHVWLHJHQDXVXQG IKUWHQ GHQ 3LORWHQ LQV %UR $OH[DQGHU 6WHSDQRZLWVFK GHU 3DUWHLVHNUHWlU XQG HLQLJH DQGHUH 0lQQHU JLQJHQ PLW LKQHQ 'HU )UHPGH VHW]WH VLFK DXI GHQ LKP DQJHERWHQHQ 6WXKO XQG EHGHXWHWH GD‰ HU ]X WULQNHQ ZQVFKWH (LQ MXQJHU7UDNWRULVWKROWHHLQ*ODV:DVVHU8QGZlKUHQGGHU )UHPGHWUDQNKLHOWGUDX‰HQHLQ*HOlQGHZDJHQGHU$UPHH

(LQ +DXSWPDQQ XQG HLQ 2EHUOHXWQDQW VWLHJHQ DXV 6LH OLH‰HQ VLFK %HULFKW HUVWDWWHQ 'DQQ ZHQGHWHQ VLH VLFK LQ HQJOLVFKHU 6SUDFKH DQ GHQ 3LORWHQ (U KRE GLH 6FKXOWHUQ

XQG VFKWWHOWH GHQ .RSI $XFK 'HXWVFK XQG )UDQ]|VLVFK YHUVWDQG HU QLFKW $OV DEHU GHU +DXSWPDQQ LQ JDQ] QRU PDOHP 5XVVLVFK VDJWH Ä+LHU ZLUG QLFKW JHUDXFKW³ VFKRE HUGHQ$VFKHQEHFKHUGHQHUDXIGHP7LVFKKHUDQJH]RJHQ KDWWH VFKOHXQLJVW ]XUFN (U YHUVWDQG DOVR GLH UXVVLVFKH 6SUDFKH1XQJXW'HU+DXSWPDQQEDWLKQDXI]XVWHKHQ(U GXUFKVXFKWH GLH YLHOHQ 7DVFKHQ GHV 2YHUDOOV *ROGHQH $UPEDQGXKUHQ XQG 5XEHOSDNHWH KROWH HU KHUDXV HLQH ZDVVHUIHVWH.DUWHGHU6RZMHWXQLRQXQGHLQH1DGHOGLHLQ HLQHU 6FKXW]KOOH VWHFNWH 'RUIEHZRKQHU EUDFKWHQ HLQHQ IODFKHQ %HKlOWHUDXV /HLFKWPHWDOOXQG JDEHQLKQ DE 0DQ KDWWHLKQLQGHU1lKHGHV/DQGHSODW]HVJHIXQGHQ(UZXU GH JH|IIQHW XQG HQWKLHOW 0HVVHU =DQJHQ HLQH ]ZHLWH 3LVWROH $QJHOJHUlW XQG YHUVFKLHGHQH .OHLGXQJVVWFNH HLQH YROOVWlQGLJH )OXFKWDXVUVWXQJ Ä.RPPHQ 6LH ELWWH³ VDJWH GHU +DXSWPDQQ (U EHGDQNWH VLFK EHL *ULJRUL XQG GHQ 'RUIEHZRKQHUQ IU LKU XPVLFKWLJHV 9HUKDOWHQ 'HU 3LORWZDUDXIJHVWDQGHQXQG JLQJPLW]XP:DJHQ(U IXKU GXUFKHLQ6SDOLHUVFKZHLJHQGHU0HQVFKHQ6LHVFKLPSIWHQ QLFKWXQGGURKWHQQLFKWVLHVDKHQLKQQXU DQ XQG HV ZDU VFKDGHGD‰&DSWDLQ3RZHUVNHLQH*HOHJHQKHLWPHKUKDWWH GHQ2VWH[SHUWHQGHV&,$VHLQH(LQGUFNHYRQGHU+DOWXQJ GHUVRZMHWLVFKHQ0HQVFKHQ]XVFKLOGHUQ

'HU $XWREXV QDFK 6ZHUGORZVN ZDU YROO EHVHW]W 7URW] GHPKLHOWGHU)DKUHUXP GHQ MXQJHQ 2EHUOHXWQDQW PLW]X QHKPHQ GHU DXI GHU &KDXVVHH VWDQG XQG ZLQNWH ,Q 'X NRZD VWLHJ GHU 2EHUOHXWQDQW DXV 'DV 'RUI ODJ HLQ 6WFN DEVHLWV GHU &KDXVVHH HLQJHEHWWHW LQ :LHVHQ XQG )HOGHU 'LH ZHL‰JHWQFKWHQ URKUJHGHFNWHQ +lXVHU JU‰WHQ IUHXQGOLFK KHUEHU ,Q GHQ )HQVWHUVFKHLEHQ VSLHJHOWH VLFK GLH$EHQGVRQQH

2EHUOHXWQDQW *UDVVLQ VWHOOWH GHQ .RIIHU DE -D GDV ZDU 'XNRZD 6R KDWWH HU HV LQ (ULQQHUXQJ 'HU )OX‰ PLW GHQ :HLGHQGLHGXQNOH:DOGNXOLVVHGDV+XQGHJHEHOOXQGGDV %UXPPHQ GHU .KH (U QDKP GHQ .RIIHU DXI XQG JLQJ ODQJVDPGLH%LUNHQDOOHHHQWODQJDXIGLH+lXVHU]X $OH[DQGHU6WHSDQRZLWVFKZDUGHUHUVWHGHULKQHUNDQQWH Ä:DVVLOL³ULHIHUXQGOLHIHLQH+HUGH*lQVHDXVHLQDQGHU MDJHQGDXILKQ]XÄ6|KQFKHQGD‰GXKHLPJHIXQGHQKDVW LQVDOWH'XNRZD³(UXPDUPWHLKQKHIWLJXQGVDKLKQVLFK GHQ6FKQDX]EDUWZLVFKHQGPLWEODQNHQ$XJHQDQ,P1X ZDUHQ VLH YRQ HLQHU 6FKDU .LQGHU XQG YRQ 0lQQHUQ XQG )UDXHQXPULQJW Ä6HKW LKQ HXFK DQ³ VDJWH $OH[DQGHU 6WHSDQRZLWVFK VWRO] 8QG SO|W]OLFK EUOOWH HU GD‰ GLH 8PVWHKHQGHQ ]X VDPPHQIXKUHQÄ*ULJRUL:DVVLOLLVWKLHU:LOOVWGXHLQHQ 2EHUOHXWQDQWZDUWHQODVVHQ³ *ULJRUL VFKQDXIWH YRU $XIUHJXQJ DOV HU YRU :DVVLOL VWDQG Ä7DWVlFKOLFK³ VDJWH HU Ä,ZDQ 3HWURZLWVFKV 6RKQ $P0DLVDJWHLFKQRFK(UIKOWVLFK]XIHLQGHUMXQJH +HUU ² XQG QXQ VWHKW HU KLHU :LH JHKW HV GLU" +DVW GX JHK|UW YRQ XQVHUHP 5XKP" ,Q DOOHQ =HLWXQJHQ KDW HV JHVWDQGHQZLH ZLUGHQDPHULNDQLVFKHQ )OLHJHU JHIDQJHQ QDKPHQ-DGDVWDXQVWGXZDVVLFKLQ'XNRZDWXW³ 2EHUOHXWQDQW*UDVVLQOlFKHOWHÄ,FKZHL‰³VDJWHHUÄ,FK KDEH DOOHV JHOHVHQ XQG JHK|UW (LQ NOHLQ ZHQLJ KDEH LFK DEHU DXFK GDUDQ WHLOJHKDEW ² HV P‰WH PRUJHQ LQ GHU .RPVRPROVNDMD3UDZGDµVWHKHQ«³ Ä:DVGHQQKDVWGX²KDEWLKU«³*ULJRULZDJWHQLFKW GHQ6DW]]XYROOHQGHQ :DVVLOLQLFNWHÄ:LUKDEHQLKQKHUXQWHUJHKROW³ 'LH %HJHLVWHUXQJ ZROOWH NHLQ (QGH QHKPHQ 6LH GUFN WHQ LKP GLH +lQGH VLH XPDUPWHQ LKQ XQG N‰WHQ LKQ

Ä1HLQ QHLQ³ *ULJRUL ZLVFKWH VLFK PLW GHU +DQG EHU GLH $XJHQÄGD‰,ZDQ3HWURZLWVFKGDVQLFKWHUOHEHQGXUIWH³ 6LHOXGHQLKQHLQGHQ6RQGHUXUODXELP'RUI]XYHUEULQ JHQÄ'HLQH)UDXXQGGLH.LQGHUNRPPHQKLHUKHU³EHIDKO $OH[DQGHU 6WHSDQRZLWVFK Ä(LQ 7HOHJUDPP JHKW QDFK .LHZ VLH VWHLJHQ LQ GLH 78  XQG PRUJHQ YRUPLWWDJ KROVWGXVLHDELQ6ZHUGORZVN³ 'HU %HLIDOO GHQ VHLQH :RUWH IDQGHQ WDW LKP ZRKO (U GUHKWH VLFK QDFK DOOHQ 6HLWHQ XQG VHLQ )DXQVJHVLFKW VWUDKOWHÄ'LH7HFKQLNKDWYLHO*XWHV³VDJWHHUÄ9RUKXQ GHUW -DKUHQ KlWWHVW GX UHLWHQ PVVHQ PHLQ 6|KQFKHQ XP GHLQH )UDX ]X VHKHQ KHXWH EULQJW PDQ VLH GLU PLW GHP )OXJ]HXJLQV+DXV²XQGPLW GHP :DJHQ GHV 6RZFKRV YRUVLW]HQGHQ YHUVWHKW VLFK :DV ZLOOVW GX QRFK PHKU" ,VW HVQLFKWVFK|QVR]XOHEHQ"³

,Q+HIW

-RKQ %HQQHWW GHU 6RKQ HLQHV QDFK .HQLD DXVJHZDQGHU WHQ (QJOlQGHUV LVW ]XU $UPHH HLQEHUXIHQ ZRUGHQ (LQHV 7DJHV HUKlOW VHLQH (LQKHLW GHQ %HIHKO GHQ (LQJHERUH QHQIKUHU %ODFN %LOO JHIDQJHQ]XQHKPHQ 'LH (QJOlQGHU KDEHQ HUIDKUHQ LQ ZHOFKHP *HELHW HU VLFK DXIKlOW XQG VFKLFNHQ HLQH /DVWZDJHQNRORQQH LQ GHQ 8UZDOG %HQQHWW LVWYRQGLHVHP9RUKDEHQJDQ]XQGJDUQLFKWEHJHLVWHUW(U KDWNHLQ9HUVWlQGQLVIUGHQ1HJHUKD‰KDWHUVLFKGRFKELV MHW]WPLWDOOHQ1HJHUQGLHHUNHQQHQOHUQWHJXWYHUVWDQGHQ $P =LHO DQJHNRPPHQ YHUEHUJHQ VLFK GLH .RORQLDO VROGDWHQ-RKQ%HQQHWWEH]LHKWPLW&DSWDLQ+LVFR[3RVWHQ KLQWHUHLQHP)HOV'DWDXFKWYRULKQHQHLQH*UXSSH(LQJH ERUHQHU DXI DQJHIKUW YRQ HLQHP NUlIWLJHQ 1HJHU -RKQ GHU GLH 6SUDFKH GHU .LNX\XV YHUVWHKW Ol‰W SO|W]OLFK VHLQ *HZHKU VLQNHQ XQG DOV +LVFR[ PLW GHU 3LVWROH DXI GHQ $QIKUHU VFKLH‰HQ ZLOO VFKOlJW HU LKP GLH :DIIH DXV GHU +DQG+DW%HQQHWWGXUFKGLHVH7DWGLH(LQJHERUHQHQUHWWHQ N|QQHQ":HUGHQ QLFKW &DSWDLQ +LVFR[ XQG /HXWQDQW 7DU ODQGHUHQ9HUIROJXQJDXIQHKPHQ"8QGZDVZLUGPLW-RKQ %HQQHWWJHVFKHKHQ"'DVHUIlKUW,KULQ $QQHWWH6WUHOD $P5DQGHGHU*HLVWHUVFKOXFKW