Der programmierte Attentфter

'HUSURJUDPPLHUWH$WWHQWlWHU 3HUU\5KRGDQ7DVFKHQEXFK :OD 5XSSHWV +HUNXQIW YHUOLHUW VLFK LP 'XQNHO ...

10 downloads 532 Views 360KB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

'HUSURJUDPPLHUWH$WWHQWlWHU 3HUU\5KRGDQ7DVFKHQEXFK

:OD 5XSSHWV +HUNXQIW YHUOLHUW VLFK LP 'XQNHO GHU *HVFKLFKWH 0DQFKH 4XHOOHQ GHXWHQ GDUDXI KLQ GD HU JDU QLFKW DXI GHU (UGH VRQGHUQ XQWHU GHP 1DPHQ $OZ 7HSSXU DXI GHU .RORQLDOZHOW 1HPEDU JHERUHQ ZXUGH DQGHUH +LVWRULNHU YHUWUHWHQ GLH $XIIDVVXQJ GD HU ]ZDU YRQ 7HUUD VWDPPW DEHU GHU 1DPH XQWHU GHP HU EHNDQQW JHZRUGHQ LVW QXU HLQ $QDJUDPPELOGHWGDVYLHOOHLFKWDXIVHLQHZDKUH$EVWDPPXQJKLQZHLVW =ZHLIHOVIUHL IHVW VWHKW OHGLJOLFK GD 5XSSHW $QJHK|ULJHU XQG QDFK GHP 7RG VHLQHV 9RUJlQJHUV5XGLJD.DUGH2EHUKDXSWGHV.RQYHQWLNHOV([SDQGHUHXQLYHUVDOLVZDUGDVGDV =LHO DQVWUHEWH GLH JHVDPWH *DOD[LV PLW 0HQVFKHQ ]X EHVLHGHOQ 6HOEVW LP -DKUKXQGHUW ZLGHUVSUDFKGLHVH(LQVWHOOXQJGHURIIL]LHOOHQ+DOWXQJGHV6RODUHQ,PSHULXPVXQGVRNDQQ PDQHVQXUDOVNRQVHTXHQWEH]HLFKQHQGDGLH0LWJOLHGHUGHUUHOLJL|VNRQVHUYDWLYHQ6HNWH LP-DKULKUJHVDPWHVZHOWOLFKHV+DEXQG*XWYHUlXHUWHQHLQNDXPQRFKIOXJIlKLJHV 5DXPVFKLII HUVWDQGHQ HV PLW DOOHP DXVUVWHWHQ ZDV VLH ]XP $XIEDX HLQHU .RORQLH ]X EHQ|WLJHQ JODXEWHQ HV QDFK LKUHP 3UlVHV 5833(7 QDQQWHQ XQG LKU +HLO DXI HLQHP XQEHVLHGHOWHQ3ODQHWHQVXFKWHQGHQVLHHEHQIDOOV 5XSSHWWDXIWHQ 0LNDLO7\VVHQ.DLV+UVJ (QF\FORSDHGLD8QLYHUVDOLD(LQWUDJ5XSSHW:OD$XV]XJ 1HPEDU9HUODJ+'6I 1HUYDO5RGULN (LQHHKHUEHVFKHLGHQH.XQGJHEXQJ 'LH6LWXDWLRQHVNDOLHUWHXQDXIKDOWVDP $XI GHP JURHQ 3ODW] LP =HQWUXP YRQ 5XSSHW &LW\ DXI GHP VLFK GLH VWUDKOI|UPLJ YHUODXIHQGHQ VHFKV +DXSWGXUFKJDQJVVWUDHQ NUHX]WHQ ZDUHQ GLH 3UDOOIHOGHU XQWHU GHP $QVWXUP GHU 0HQJH ]XVDPPHQJHEURFKHQ 9LHOOHLFKW KDWWHQ GLH 2UGQXQJVNUlIWH VLH DXFK YRUVRUJOLFKDXVJHVFKDOWHWXPLPOHW]WHQ$XJHQEOLFN]XYHUKLQGHUQGDGLH'HPRQVWUDQWHQ LQGLH(QHUJLHIHOGHUOLHIHQXQGVLFKYHUOHW]WHQRGHUJDUVHOEVWW|WHWHQ'RUWLP6(.725 GHP KLVWRULVFKHQ 6WDGWNHUQ YHUOLHIHQ VlPWOLFKH )DKUEDKQHQ QXU DXI HLQHP 1LYHDX GHU %RGHQHEHQH 'HVKDOE ZXUGH GLHVHU %H]LUN DXFK RIW XQG JHUQ IU .XQGJHEXQJHQ EHQXW]W GHQQ ZDV KDOI HV GHQ 3URWHVWLHUHQGHQ GLH DXFK GXUFK LKUH EORH $Q]DKO EHHLQGUXFNHQ ZROOWHQZHQQVLHEHUGLHHUVWHELVYLHUWH6WUDHQHEHQH]RJHQXQGPDQVLHDXVGHU/XIWJDU QLFKWZDKUQHKPHQNRQQWH" 1HUYDO 5RGULN EHWUDFKWHWH GLH 0DVVHQ YRQ 5XSSHWHUQ GLH VLFK XQDXIKDOWVDP DXIHLQDQGHU ]XEHZHJWHQ :LH HLQH DOOHV QLHGHUZDO]HQGH VFKODPPLJH )OXW QDFK HLQHP 'DPPEUXFK NDPHQ VLH LKP YRU ª,FK KlWWH QLFKW JHGDFKW GD HV VR YLHOH VLQG© VDJWH HU HKHU ]X VLFK VHOEVW DOV ]X VHLQHP 6WDDWVVHNUHWlU RGHU JDU GHP *OHLWHUSLORWHQ YRP 6LFKHUKHLWVGLHQVW ª6FKlW]XQJVZHLVH HLQKXQGHUW]ZDQ]LJWDXVHQG 'HPRQVWUDQWHQ DXI GHU HLQHQ HLQKXQGHUWGUHLLJWDXVHQG DXI GHU DQGHUHQ 6HLWH© VDJWH GHU 3LORW QDFK HLQHP NXU]HQ %OLFN DXIVHLQH&RFNSLWNRQWUROOHQª(LQHHKHUEHVFKHLGHQH.XQGJHEXQJ:RKOHLQHVSRQWDQH,FK IUDJH PLFK ZLH VLH EHUKDXSW ]XVWDQGH JHNRPPHQ LVW -HGHQIDOOV KDW NHLQH GHU EHLGHQ 3DUWHLHQGD]XDXIJHUXIHQ'DKDEHQZLUVFKRQZHVHQWOLFK6FKOLPPHUHVHUOHEW© 5RGULNK|UWHGHQXQWHUVFKZHOOLJHQ9RUZXUIDXVGHU6WLPPHGHV3LORWHQKHUDXV'XKDVWMD NHLQH $KQXQJ ZROOWH GHU 0DQQ LKP VDJHQ 'X VLW]W GHQ JDQ]HQ 7DJ PLW GHP $UVFK LQ GHLQHPJHUlXPLJHQ%URDEHUZLUZLUVWHKHQKLHUGUDXHQDQGHU)URQWXQGPVVHQXQV LPPHU]XPLW$XIZLHJOHUQ.RQYHUWLWHQXQG,PSHULDOLVWHQEHIDVVHQ

(U VDK VHLQHQ 6WHOOYHUWUHWHU IUDJHQG DQ 'LGMHK )RKUWXKQ ]XFNWH PLW GHQ $FKVHOQ 'LH %HZHJXQJ GURKWH GLH 1lKWH VHLQHV $Q]XJV ]X VSUHQJHQ ª'LH 2UGQXQJVNUlIWH VLQG JDQ] DQGHUHVJHZRKQWDOVZLU:LUNRPPHQMDQLHDXVXQVHUHQ%URVUDXVXQGVHKHQLPPHUQXU =DKOHQXQG6WDWLVWLNHQ©EHVWlWLJWHHULQGLUHNWGLH:RUWHGHV3LORWHQª6RULFKWLJYRUVWHOOHQ NDQQPDQVLFKGDVQXUZHQQPDQHVJHVHKHQKDW8QGZHQQLFKJDQ]HKUOLFKELQLFKNDQQ PLUQRFKLPPHUQLFKWHUNOlUHQZLHVR6LHGDVXQEHGLQJWVHKHQZROOHQ© ª'DV PVVHQ 6LH VLFK GRFK GHQNHQ N|QQHQ© VDJWH 5RGULN EDUVFK :HQQ HU VLFK YRU GHP 3LORWHQ YRP 6WDDWVVHNUHWlU XQJHVWUDIW WDGHOQ OLH NRQQWH HU JOHLFK VHLQH 'HPLVVLRQ HLQ UHLFKHQ ª$QJHVLFKWV GHV EHYRUVWHKHQGHQ 6WDDWVEHVXFKV LVW GLHVH 'HPRQVWUDWLRQ HLQ 6LFKHUKHLWVULVLNRGDVGLH5HJLHUXQJDXINHLQHQ)DOOKLQQHKPHQNDQQ© +DWWH )RKUWXKQ LQ OHW]WHU =HLW QXU QRFK EUHLWJHWUHWHQHQ 4XDUN LP .RSI" 'LH *HJHQZDUW VHLQHV 6WHOOYHUWUHWHUV NDP LKP EHUDXV XQJHOHJHQ $EHU GDV *HVXFK XP .RQWDNWDXIQDKPH ZDU VR NXU]IULVWLJ HUIROJW GD HU GHQ VFKRQ ODQJH JHSODQWHQ JHPHLQVDPHQ ,QVSHNWLRQVIOXJ QLFKW KDWWH DEVDJHQ N|QQHQ RKQH VWDUNHQ XQG DXFK EHJUQGHWHQ 9HUGDFKW ]X HUUHJHQ 8QG QXQ EUDFKWH GLHVH XQJHQHKPLJWH 'HPRQVWUDWLRQ VHLQH VRZLHVR VFKRQ LPSURYLVLHUWHQ 3OlQH YROOHQGVGXUFKHLQDQGHU$QGHUHUVHLWVERWVLHLKPYLHOOHLFKWGLH0|JOLFKNHLWVLFKXQDXIIlOOLJ YRQ )RKUWXKQ ]X WUHQQHQ ª.|QQHQ 6LH GHQ 7RQ ]XVFKDOWHQ"© ZDQGWH 5RGULN VLFK DQ GHQ 3LORWHQ ª-DZRKO+HUU0LQLVWHU.HLQ3UREOHP6LU©DQWZRUWHWHGHU0DQQVHUYLO(UVFKLHQ5RGULNV *HUHL]WKHLW ]X VSUHQ XQG EHWlWLJWH VFKQHOO HLQHQ 6FKDOWHU ZlKUHQG HU GHQ *OHLWHU HLQH ZHLWHUH5XQGHEHUGLH,QQHQVWDGWXQGGLH3URWHVWOHUGUHKHQOLH$XJHQEOLFNOLFKHUIOOWHHLQ VRRKUHQEHWlXEHQGHV*HW|VHGLH.DELQH GHV $QWLJUDY6FKZHEHUV GD GLH $XHQZlQGH ]X YLEULHUHQVFKLHQHQª/HLVHU©EUOOWH1HUYDO 'HU 3LORW JHKRUFKWH 'LH /DXWVWlUNH ZXUGH DXI HLQ HLQLJHU PDHQ HUWUlJOLFKHV 0D ]XUFNJHIDKUHQ 1XQ NRQQWH 5RGULN DXVHLQDQGHUKDOWHQ ZDV GLH EHLGHQ 'HPRQVWUDQWHQJUXSSHQ VNDQGLHUWHQ ª5KRRRGDKQ 5KRRRGDKQ 5KRRR GDKQ© LQWRQLHUWH GLH HLQH ODQJJH]RJHQ ZlKUHQG GLH DQGHUH VWDNNDWRKDIW GDV NXU]H ª:OD :OD :OD© DQVWLPPWH ª:DQQZHUGHQVLHDXIHLQDQGHUWUHIIHQ"©IUDJWH5RGULNPLVVPXWLJª8QGZDUXP]XU3LOOH QRFKPDOKDEHQGLH6LFKHUKHLWVNUlIWHGHQ(QHUJLHVFKLUPDXVJHVFKDOWHWGHUVLHYRQHLQDQGHU WUHQQW"© (LQ6FKXVVYHUKLQGHUWHGD)RKUWXKQRGHUGHU3LORWLKPDQWZRUWHQNRQQWHQ(UZDUPLWHLQHU (QHUJLHZDIIHDEJHJHEHQZRUGHQGRFKGHU6WUDKOKDWWHVLFKLQGHU+|KHLQGHUGHU*OHLWHU NUHLVWHVRVWDUNDEJHVFKZlFKWGDHUZHQQEHUKDXSWQXUPLQLPDOH%HVFKlGLJXQJHQDQGHU $XHQKOOH KHUYRUULHI 'HU *OHLWHU VWDPPWH DXV WHUUDQLVFKHU 3URGXNWLRQ ZDU GHVKDOE GHQ HLQKHLPLVFKHQ)DKU]HXJHQZHLWEHUOHJHQ(VJDEQXUZHQLJHVROFKHU0RGHOOHDXI5XSSHW YRQ GHQHQ GLH PHLVWHQ GHU 5HJLHUXQJ ]XU 9HUIJXQJ VWDQGHQ XQG 5RGULN DOV 6LFKHUKHLWVPLQLVWHUNRQQWHQLFKWQXUDXIHLQHSHUPDQHQWH)DKUEHUHLWVFKDIWVRQGHUQDXFKDXI HLQVGLHVHUEHJHKUWHQ9HKLNHO]XUFNJUHLIHQ$XIGHU3ODQHWHQREHUIOlFKHJHULHW%HZHJXQJLQ GLH0DVVHQ-HQH6WDIIHOQGHU6LFKHUKHLWVNUlIWHGLHELVODQJQLFKWDNWLYYHUVXFKWKDWWHQHLQHQ GLUHNWHQ =XVDPPHQVWR GHU 'HPRQVWUDQWHQ ]X YHUKLQGHUQ VRQGHUQ GLH VR XQDXIIlOLJ ZLH P|JOLFK LP +LQWHUJUXQG JHEOLHEHQ ZDUHQ JULIIHQ QXQ HLQ XQG GUDQJHQ JHRUGQHW GXUFK GLH 0DVVH GHU 3URWHVWLHUHQGHQ YRU hEHU LKU =LHO EHVWDQG QLFKW GHU JHULQJVWH =ZHLIHO 6LH YHUVXFKWHQGHV6FKW]HQKDEKDIW]XZHUGHQ'HU%HVLW]YRQ:DIIHQZDUDXI5XSSHWVWUHQJ XQWHU VDJW 6ROOWH GHU 'HOLQTXHQW HUJULIIHQ ZHUGHQ GURKWH LKP HLQH OHEHQVOlQJOLFKH +DIWVWUDIH 'LH 9HUQLFKWXQJ YRQ IRUWSIODQ]XQJVIlKLJHP /HEHQ YHUVWLH JHJHQ DOOHV ZDV .DUGHJHOHKUWXQG5XSSHWYHUZLUNOLFKWKDWWHXQGZDUXQEDUPKHU]LJ]XDKQGHQ 5RGULN KHJWH QLFKW GHQ JHULQJVWHQ =ZHLIHO GDUDQ GD MHPDQG DXV GHQ 5HLKHQ GHU ,PSHULDOLVWHQJHVFKRVVHQKDWWHDXFKZHQQHVVLFKEHLLKQHQZLHGLH6SUHFKFK|UHEHZLHVHQ KDXSWVlFKOLFK RGHU DXVVFKOLHOLFK XP 5KRGDQLVWHQ KDQGHOWH 'LHVH 5XSSHWHU GLH GHQ $QVFKOXVV DQV 6RODUH ,PSHULXP IRUGHUWHQ ZDUHQ LQ GHU :DKO LKUHU 0LWWHO ZHVHQWOLFK

]XUFNKDOWHQGHU DOV GLHMHQLJHQ GLH GHQ &DUVXDOVFKHQ %XQG RGHU GDV ,PSHULXP 'DEULID IDYRULVLHUWHQ 9HUGDPPWH3LOOHGDFKWH5RGULN'DGLH'HPRQVWUDWLRQQXQJHZDOWWlWLJH=JHDQ]XQHKPHQ GURKWHJHIlKUGHWHVHLQHLJHQWOLFKHV9RUKDEHQPDFKWHHVYLHOOHLFKWVRJDUXQP|JOLFK'RFKHU ZDUQRFKQLFKWEHUHLWMHW]WVFKRQDXI]XJHEHQª:LUJHKHQUXQWHU©EHIDKOHUª'HQ.HUOZLOO LFKPLUSHUV|QOLFKVFKQDSSHQ© ª$EHU6LU©SURWHVWLHUWH'LGMHK)RKUWXKQª6LHN|QQHQGRFKQLFKW© 5RGULN ZDUI LKP HLQHQ VFKDUIHQ %OLFN ]X XQG )RKUWXKQ YHUVWXPPWH DXJHQEOLFNOLFK 'HU 6WDDWVVHNUHWlUZXWHJHQDXGDVHLQH3RVLWLRQLP$XJHQEOLFNQLFKWGLHEHVWHZDUhEHULKQ KlXIWHQ VLFK GLH %HVFKZHUGHQ :LFKWLJH .RUUHVSRQGHQ] EOLHE XQHUOHGLJW GULQJHQGH (QWVFKHLGXQJHQ ZXUGHQ DXIJHVFKREHQ :HQQ )RKUWXKQ QLFKW VFKOLFKW XQG HLQIDFK KRIIQXQJVORVEHUIRUGHUWRGHUGXUFKGLH0KHQVHLQHV$PWVDEJHQXW]WZDUYHUVFKZHQGHWH HUDXIMHGHQ)DOOPLWSULYDWHQ%HODQJHQ]XYLHO$XIPHUNVDPNHLWXQG(QHUJLH'LHVHU=XVWDQG ZDUDXI'DXHUQLFKWKDOWEDU 'HU 3LORW KDWWH NXU] JH]|JHUW DEHU DOV )RKUWXKQ YHUVWXPPWH XQG VHLQHQ (LQZDQG QLFKW ]X (QGHEUDFKWHJHKRUFKWHHUXQGJLQJODQJVDPWLHIHU=X5RGULNVhEHUUDVFKXQJKLHOWHUQLFKW DXI GLH %DOOXQJ GHU 5KRGDQLVWHQ ]X VRQGHUQ DXI GLH (8V GLH $QKlQJHU GHV ([SDQGHUH XQLYHUVDOLVRGHU:ODZLVWHQZLHVLHQDFKGHP*URHQ5XSSHWDXFKJHQDQQWZXUGHQª'HU 6FKX%ZXUGHQLFKWYRQHLQHP5KRGDQLVWHQDEJHJHEHQ"©IUDJWH5RGULNYHUZLUUW ª1HLQ 6LU© HUZLGHUWH GHU 3LORW ª,FK ELQ PLU JDQ] VLFKHU 'LH (QHUJLHRUWHU ODVVHQ NHLQHQ =ZHLIHO XQG GLH %RUGSRVLWURQLN KDW HLQGHXWLJ HLQH *UXSSH YRQ DFKW]HKQ ,QGLYLGXHQ DXVJHPDFKWYRQGHQHQHLQVGHQ6FKXDEJHJHEHQKDW© :HUZDU1HUYDOGDHUGHUWHUUDQLVFKHQ7HFKQLNPLWUDXWHRGHU]XPLQGHVWGHUGHV6RODUHQ ,PSHULXPV GHQQ ZHU NRQQWH VFKRQ JHQDX VDJHQ DXI ZHOFKHU :HOW GHU *OHLWHU KHUJHVWHOOW ZRUGHQZDU"8QGGLHVHP,PSHULXPVFKLHQHQMD+XQGHUWHGDYRQDQ]XJHK|UHQDXFKZHQQHV VLFK YRU NXU]HP JHVSDOWHQ KDWWH XQG GDV ,PSHULXP 'DEULID GDYRQ DEJHIDOOHQ ZDU XQG GHU &DUVXDOVFKH%XQGXQG 5RGULNVFKWWHOWHGHQ.RSI)UHLQH$XIIULVFKXQJVHLQHV&UDVKNXUVHVEHUGLH(QWZLFNOXQJ GHU 0HQVFKKHLW LQ GHQ OHW]WHQ -DKUHQ YRQ GHQHQ GLH 5XSSHWHU EHU YHU VlXPW KDWWHQEOLHEMHW]WZLUNOLFKNHLQH=HLW(UPXWHVLFKHQGOLFKYRQ)RKUWXKQORVHLVHQXQGGDV LQ$QJULIIQHKPHQZHVKDOEHUWDWVlFKOLFKKLHUKHUJHNRPPHQZDU $QGHUHUVHLWVGLHVH6DFKHNRQQWHHYHQWXHOOZDUWHQGHU6WDDWVEHVXFKGHV*URDGPLQLVWUDWRUV GHV 6RODUHQ ,PSHULXPV QLFKW 'HVVHQ $QNXQIW VWDQG 5RGULN ZDUI HLQHQ %OLFN DXI VHLQ &KURQRPHWHUHVZDUNXU]QDFK0LWWDJLQZHQLJHUDOVYLHUXQG]ZDQ]LJ6WXQGHQEHYRU8QG GDUDQZDUQLFKWPHKU]XUWWHOQ ª(VPXHLQ$JHQWSURYRFDWHXUVHLQ©VDJWHHUª-HPDQGGHUVLFKEHLGHQUHJLHUXQJVWUHXHQ 'HPRQVWUDQWHQHLQJHVFKOLFKHQKDWXQGVLHLQ0LNUHGLWEULQJHQZLOO6HW]HQ6LHPLFKVRQDK EHLGHU*UXSSHDEZLH6LHN|QQHQ© ª,FK PX ZLUNOLFK SURWHVWLHUHQ 6LU© ZDQGWH )RKUWXKQ HLQ ª'DV LVW YLHO ]X JHIlKUOLFK (V KDQGHOW VLFK XP HLQH XQJHQHKPLJWH 'HPRQVWUDWLRQ 'DV *HZDOWSRWHQWLDO GHU $XIUKUHU LVW QLFKW]XXQWHUVFKlW]HQ© 'HU6WDDWVVHNUHWlUKDWWHUHFKWGHVVHQZDU5RGULNVLFKQXUDOO]XJXWEHZXW$EHUHUZUGH GLH 3LOOH WXQ XQG YHUVXFKHQ GHQ 6FKW]HQ SHUV|QOLFK ]X VWHOOHQ 'DIU ZDUHQ VHLQH 6LFKHUKHLWVNUlIWH GD 1HLQ HU PXWH )RKUWXKQ DEVFKWWHOQ XQG IU HLQ SDDU 0LQXWHQ XQWHUWDXFKHQ ZROOWH HU HLQH &KDQFH KDEHQ GDV DQGHUH ZHVHQWOLFK JHIlKUOLFKHUH 6LFKHUKHLWVULVLNRQRFKYRUGHP6WDDWVEHVXFKGHV*URDGPLQLVWUDWRUVDXV]XVFKDOWHQ 8QG HU PXWH HV VHOEVW WXQ :HP NRQQWH HU LQ GLHVHU 6LWXDWLRQ QRFK YHUWUDXHQ" (U WDVWHWH QDFK GHP QLFKW PDO ILQJHUNXSSHQJURHQ ,PSXOVJHEHU GHQ HU DXI GLH )OlFKH VHLQHU OLQNHQ +DQGJHNOHEWXQGPLW7KHDWHUVFKPLQNHEHUGHFNWKDWWH'DVZLQ]LJH*HUlWZDUVRJXWZLH QLFKW]XHQWGHFNHQXQGNRQQWHDNWLYLHUWZHUGHQLQGHPHUHVPLWGHP0LWWHOILQJHUGHUVHOEHQ +DQGNXU]XQGNUlIWLJEHUKUWH

ª/DQGHQ6LHHQGOLFK©VDJWHHU]XGHP3LORWHQ 5RGULN NRQQWH QXU KRIIHQ GD VHLQ .RQWDNWPDQQ LKQ PLW +LOIH GLHVHV *HUlWV WDWVlFKOLFK DXIVSUHQNRQQWH(UZUGHVLFK]ZDU]XUULFKWLJHQ=HLWDPULFKWLJHQ2UWEHILQGHQDEHUGD HVKLHU]XHLQHUXQJHQHKPLJWHQ'HPRQVWUDWLRQNDPGDVKDWWHZLUNOLFKNHLQHUDKQHQN|QQHQ 9LHOOHLFKW VROOWH HU GLH JDQ]H $NWLRQ OLHEHU DEEODVHQ XQG VWDWW GHVVHQ GDV JHVDPWH IU 5KRGDQV6LFKHUKHLW]XVWlQGLJH3HUVRQDODXVWDXVFKHQ"1HLQGDVOLHVLFKLQGHUNXU]HQ=HLW QLFKWPHKUEHZHUNVWHOOLJHQ]XPDOHUPLWNHLQHUYHUQQIWLJHQ(UNOlUXQJDXIZDUWHQNRQQWH ª,FKNDQQQLFKWLQXQPLWWHOEDUHU1lKHGHU0HQJHUXQWHUJHKHQ©VDJWHGHU3LORWª,FKZUGH GLH6LFKHUKHLWGHU/HXWHJHIlKUGHQ©,KPZDUGHXWOLFKDQ]XPHUNHQGDLKPOHGLJOLFKDQGHU 8QYHUVHKUWKHLWVHLQHVNRVWEDUHQ*OHLWHUVJHOHJHQZDU ª/DVVHQ6LHPLFKGDUDXVZR6LHN|QQHQ©EHIDKO1HUYDOª$EHUPDFKHQ6LHVFKRQ© 'HU3LORWVSUWHGLHZDFKVHQGH8QJHGXOGGHV6LFKHUKHLWVPLQLVWHUVXQG]RJHVYRUVLFKDXI NHLQHQ)DOOVHLQHQ8QPXW]X]X]LHKHQ6ROOWH5RGULNLKQDXVGHU$EWHLOXQJ)DKUEHUHLWVFKDIW HQWODVVHQ ZUGH HU GLYHUVHU 9HUJQVWLJXQJHQ YHUOXVWLJ JHKHQ GLH GDV /HEHQ DQJHQHKPHU PDFKWHQXQGDQGLHPDQVLFKVHKUVFKQHOOJHZ|KQHQNRQQWH(UOLHGHQ*OHLWHUVHQNUHFKW VLQNHQ GXUFKDXV EHKXWVDP ZLH 1HUYD,V (UIDKUXQJ LKP YHUULHW )U GLH 'HPRQVWUDQWHQ LQ QlFKVWHU1lKHPXWHGHU9RUJDQJGHQQRFKEHGURKOLFKZLUNHQ6RYLHOH*OHLWHUJDEHVDXI 5XSSHWQRFKQLFKWGDVLHDOOWlJOLFKZDUHQXQGDXFKZHQQVLFKNHLQIHXHUVSHLHQGHU'UDFKH PLW PlFKWLJHQ 6FKZLQJHQVFKOlJHQ DXV GHP +LPPHO VHQNWH PRFKWHQ VLH HV GRFK PLW GHU $QJVW ]X WXQ EHNRPPHQ YRQ GHP 9HKLNHO HLQIDFK ]HUTXHWVFKW ]X ZHUGHQ 6LH VWREHQ DXVHLQDQGHU LPPHUKLQ NDP HV ]X NHLQHU3DQLN'DIUZDUHQGLH5XSSHWHUHLQIDFK]XVHKU GDUDQ JHZ|KQW VLFK LQ JURHQ 0DVVHQ ]X EHZHJHQ XQG GHP 6WURP DQ]XSDVVHQ RGHU JDU VHLQH5LFKWXQJ]XEHHLQIOXVVHQ 5RGULN VSUDQJ DXV GHP )DKU]HXJ NDXP GD HV DXIJHVHW]W XQG GHU 3LORW GLH 7U JH|IIQHW KDWWH'LH6FKHXGHU0HQJHKDWWHVLFKEHUHLWVJHOHJWQXUZHQLJH6FKULWWHXQGGDVDXFKLKP QRFKVHKUYHUWUDXWH*HIKO6FKXW]LQGHU0DVVH]XILQGHQVWHOOWHVLFKZLHGHUHLQ (LQ ZHLWHUHU %OLFN DXI GDV &KURQRPHWHU YHUULHW LKP GD HV K|FKVWH =HLW ZDU (U NUPPWH GHQOLQNHQ0LWWHOILQJHUXQGEHUKUWHGLHNOHLQH.XQVWVWRIIVFKHLEHDXIGHU+DQGIOlFKH1XQ NRQQWH HU QXU QRFK KRIIHQ GD GHU LP 0LOOLVHNXQGHQWDNW ZLHGHUKROWH 3HLOVWUDKO DXFK HPSIDQJHQZXUGH (LQ%OLFNEHUGLH6FKXOWHUYHUULHWLKPGD'LGMHK)RKUWXKQGHQ*OHLWHUHEHQIDOOVYHUODVVHQ KDWWHXQGLKPIROJWH 'DV KDWWH LKP JHUDGH QRFK JHIHKOW 6HLQ 6WDDWVVHNUHWlU YHUVWLH GDPLW JHJHQ DXVGUFNOLFKH $QZHLVXQJHQ:DVZDUQXUORVPLWGHP0DQQ"'DKDWWHHULQGHU9HUVDQGVWHOOHDQJHIDQJHQ GDQDFK MDKUHODQJ DOV $XHQDJHQW (UIDKUXQJHQ JHZRQQHQ ZDU GDQQ LQ GHQ SROLWLVFKHQ ,QQHQGLHQVW YHUVHW]W ZRUGHQ KDWWH GLH .DUULHUHOHLWHU IDVW ]X ]JLJ HUNORPPHQ XQG MHW]W HUODXEWHHUVLFKHLQHQ)HKOHUQDFKGHPDQGHUHQ6RNRQQWHHVQLFKWZHLWHUJHKHQ 'RFKDXFK5RGULNZDUQLFKWYRQLUJHQGZRKHU6LFKHUKHLWVPLQLVWHUYRQ5XSSHWJHZRUGHQ(U KDWWHHLQHlKQOLFKH/DXIEDKQKLQWHUVLFKXQGZDUVHLQHQ8QWHUJHEHQHQQDFKZLHYRUHLQHQ 6FKULWWYRUDXV =XPLQGHVWKRIIWHHUGDV 9LHU]LJ 6HNXQGHQ VSlWHU KDWWH HU GHQ %HZHLV HUEUDFKW =ZHL UDVFKH 'UHKXQJHQ GDV (LQWDXFKHQ LQ GLH TXHU YHUODXIHQGH %HZHJXQJ HLQHV 6WURPV YRQ 'HPRQVWUDQWHQ HLQH SO|W]OLFKH.HKUWZHQGXQJXQGGDV$XVQXW]HQGHUGDUDXVUHVXOWLHUHQGHQNXU]HQ9HUZLUUXQJ XQGHUKDWWH)RKUWXKQDEJHVFKWWHOW 6HLQHQ6HNUHWlUYLHOOHLFKWDEHUQLFKWGLH3HUVRQGLHSO|W]OLFKGLH+DQGDXIVHLQH6FKXOWHU OHJWH ª1LFKW XPGUHKHQ© IOVWHUWH HLQH WLHIH 6WLPPH 'DUDXV VFKOR 5RGULN LP HUVWHQ $XJHQEOLFNGDHVVLFKXPHLQHQ0DQQKDQGHOWHNRUULJLHUWHVLFKDEHUVRIRUWZLHGHU(VJDE 0|JOLFKNHLWHQ HLQH 6WLPPH ]X YHU]HUUHQ GXPSIHU NOLQJHQ ]X ODVVHQ 8QG ZHQQ HU VLFK GXUFK GHQ .RSI JHKHQ OLH ZHOFKH 0|JOLFKNHLWHQ VHLQHQ .ROOHJHQ YRQ GHQ JDODNWLVFKHQ ,PSHULHQ ]XU 9HUIJXQJ VWHKHQ PRFKWHQ ZXUGH LKP JDQ] VFKZLQGOLJ XQG HU KlWWH VHLQHQ

-RE DP OLHEVWHQ DQ GHQ 1DJHO JHKlQJW 'LH +DQG JHOHLWHWH LKQ XQDXIIlOOLJ XQG JHVFKLFNW %LQQHQZHQLJHU0LQXWHQKDWWHQVLHGHQ5DQGGHU0HQVFKHQPHQJHHUUHLFKWGLHQXQIRUWYRP KLVWRULVFKHQ 6WDGW]HQWUXP VWUHEWH XQG 6(.725 VR VFKQHOO ZLH P|JOLFK YHUODVVHQ ]X ZROOHQVFKLHQ$QVFKHLQHQGKDWWHQVHLQH6LFKHUKHLWVNUlIWHDXIGHP5XSSHW3ODW]GRUWZR GLHEHLGHQ'HPRQVWUDQWHQIUDNWLRQHQDXIHLQDQGHUJHVWRHQXQGGLHVLHWUHQQHQGHQ3UDOOIHOGHU ]XVDPPHQJHEURFKHQ ZDUHQ HQGOLFK GXUFKJHJULIIHQ XQG GLH $XIO|VXQJ GHV *HZLPPHOV HLQJHOHLWHW ª:RKLQJHKHQZLU"©IUDJWHGHU0LQLVWHU ª:LUVLQGIDVWGD©DQWZRUWHWHGLH6WLPPH'LH+DQGWULHELKQQRFKHLQSDDU6FKULWWHZHLWHU VFKORVLFKGDQQIHVWHUXPVHLQH6FKXOWHUXQGGUHKWHLKQ]XU6HLWH 1HUYDO5RGULNVFKDXWHDXIHLQVGHU*HElXGHGLHPDQDXIJDQ]5XSSHWQXUQRFKLPHUKDOWHQ JHEOLHEHQHQKLVWRULVFKHQ6WDGWNHUQIDQG.HLQ:RKQVLORPLWPLQGHVWHQVIQIXQG]ZDQ]LJ 6WRFNZHUNHQXQGGHQ$XVPDHQHLQHVJDQ]HQ*HElXGHEORFNVVRQGHUQHLQGUHLJHVFKRVVLJHV +DXVLQHLQHUJDQ]HQ5HLKHVROFKHU%DXZHUNH6FKRQGLHVRUJIDOWLJUHVWDXULHUWH)DVVDGHXQG GLHPRGHUQHQ)HQVWHUYHUULHWHQMHGRFKGDHVVLFKXPDOOHVDQGHUHDOVHLQ0XVHXPKDQGHOWH $XFKZHQQGHU$OWVWDGWNHUQHUKDOWHQJHEOLHEHQZDUDXI5XSSHWNRQQWHPDQVLFKGHQ/X[XV QLFKWOHLVWHQZHUWYROOHQ5DXP]XYHUVFKHQNHQ6HOEVWYHUVWlQGOLFKZXUGHGDV*HElXGH EHZRKQWRGHUGRFK]XPLQGHVWJHZHUEOLFKJHQXW]W0DQKDWWHLKU(LQWUHIIHQEHPHUNW'LH +DXVWUZXUGHHLQHQ6SDOWEUHLWJH|IIQHW5RGULNZXUGHYRQGHP8QEHNDQQWHQKLQWHULKP JHJHQGLH+DXVZDQGJHGUFNWGDPLWHUGHQVFKLHUHQGORVHQ6WURPGHUYRP 'HPRQVWUDWLRQVRUW)OLHKHQGHQQLFKWEHKLQGHUWHRGHUJDUPLWJHULVVHQZXUGH ª*HKHQ6LHKLQHLQ©VDJWHGLH6WLPPH (U]|JHUWHª8QGGDULQILQGHLFK©(UYROOHQGHWHGHQ6DW]QLFKW'DVZDUDXFKQLFKWQ|WLJ ª'DULQ ILQGHQ 6LH GLH %HZHLVH GLH GLH XQGLFKWH 6WHOOH LQ ,KUHU 2UJDQLVDWLRQ ]ZHLIHOVIUHL LGHQWLIL]LHUHQ© 5RGULN ]|JHUWH (U KDWWH VHLQH (UIDKUXQJHQ (U ZDU QLFKW YRQ JHVWHUQ $XFK ZHQQ GHU ,QIRUPDQW GHU LKQ KLHU KHUEHVWHOOW KDWWH ELVODQJ LPPHU ]XYHUOlVVLJ JHZHVHQ ZDU GLH VHOWVDPHQ 8PVWlQGH LKUHV 7UHIIHQV URFKHQ QDFK HLQHU )DOOH 'RFK 5KRGDQV EHYRUVWHKHQGH $QNXQIWOLHLKPNHLQH:DKO(UPXWHGDV6LFKHUKHLWVULVLNRDXVVFKDOWHQ (UJDEVLFKHLQHQ5XFNVFKULWW]XU7UXQGJULIIQDFKGHP.QDXI ,QGLHVHP$XJHQEOLFNEHZHJWHGLH7UVLFKXQGHUYHUQDKPHLQKRKHV6LUUHQ(LQ6FKX GDFKWHHUQRFKGDQQZXUGHDOOHVGXQNHOXPLKQ ª6LH KDEHQ LKQ .D(LQV© VDJWH %ULGJHW 0lUFKWHKQ OHLVH DXI LQWHUNRVPR 'DEHL VHQNWH VLH ZHGHU GHQ .RSI QRFK GUHKWH VLH LKQ ]XU 6HLWH 'DV DXI LKUH 6WLPPH JHHLFKWH KRFK HPSILQGOLFKH5LFKWPLNURSKRQHQWVWDPPWHQLFKWHLQPDOVLJDQHVLVFKHU+HUVWHOOXQJVROFKHLQ $XIZDQG ZlUH EHL GLHVHP (LQVDW] ZDKUKDIWLJ EHUWULHEHQ XQG EHL GHP VWlQGLJHQ %XGJHWPDQJHO DXFK QLFKW ]X UHFKWIHUWLJHQ JHZHVHQ 'HQQRFK QDKP HV EHL GHU YRQ LKU JHZlKOWHQ (LQVWHOOXQJ OHGLJOLFK LKUH 6WLPPH DXI ILOWHUWH VlPWOLFKH VW|UHQGHQ 1HEHQJHUlXVFKHDXVXQGEHUWUXJLKUH:RUWHJHUDIIWXQG]XZHQLJHQ0LNURVHNXQGHQODQJHQ ,PSXOVHQJHEQGHOWDEK|UVLFKHU]XLKUHPSODQHWDUHQ6WW]SXQNWYRQZRDXVVLHEHL%HGDUI SUDNWLVFK RKQH =HLWYHUOXVW XQG VHOEVWYHUVWlQGOLFK EHUOLFKWVFKQHOO ]X YHUVFKLHGHQHQ %DVHQ DXHUKDOEGHV0DUQHE6\VWHPVZHLWHUJHOHLWHWZHUGHQNRQQWHQ ª%LVODQJ LVW DOOHV SODQPlLJ YHUODXIHQ"© YHUJHZLVVHUWH VLFK LKU )KUXQJVRIIL]LHU .RQWDNW (LQVXQQ|WLJHUZHLVHZLH%ULGJHWIDQGGHQQDQGHUQIDOOVKlWWHVLHOlQJVW0HOGXQJJHPDFKW ª-D© %HLGH ZXWHQ ZDV GDV EHGHXWHWH -HW]W ZXUGH HV HUVW ULFKWLJ NRPSOL]LHUW :DV QXQ IROJWH ZDU XQWHU GHU 'DWHL *OFNVVDFKH DE]XVSHLFKHUQ :LH YLHOH 3RVLWURQLNHQ DXFK LPPHU 6LPXODWLRQHQGXUFKJHIKUWXQG+RFKUHFKQXQJHQYRUJHQRPPHQKDWWHQEHLHLQHUVRNQDSSHQ =HLWVSDQQH JDE HV HLQIDFK ]X YLHOH 8QVLFKHUKHLWVIDNWRUHQ DOV GD PDQ H[DNWH $EOlXIH IHVWOHJHQ NRQQWH (LQH HLQ]LJH ]|JHUOLFKH %HZHJXQJ HLQ $QVFKOX GHU QLFKW KDIWHQEOLHE

HLQ 6WROSHUQ =HLWIDNWRUHQ YRQ MHZHLOV HLQHU ]HKQWHO ELV GUHL 6HNXQGHQ 'DXHU DOVR UXQG DQGHUWKDOELP'XUFKVFKQLWWDXIHLQHQ=HLWUDXPYRQPD[LPDOYLHU0LQXWHQPXOWLSOL]LHUWPLW GUHL ELV IQI %HWHLOLJWHQ DFKWKXQGHUW 8QVLFKHUKHLWVIDNWRUHQ LQ ]ZHLKXQGHUWYLHU]LJ 6HNXQGHQ]ZHLKXQGHUWSUR0LQXWHGDVEHUIRUGHUWHVRJDUGLHPRGHUQVWHQ*HUlWH6HOEVW GHU EHJQDGHWH 9RVV ZDU EHL ([WUDSRODWLRQHQ GLHVHU *U|HQRUGQXQJ KRIIQXQJVORV EHUIRUGHUW 1DWUOLFKGDXHUWHGLHHLJHQWOLFKH$NWLRQGLHQXQDQVWDQGZHVHQWOLFKOlQJHUDOVYLHU0LQXWHQ DEHU GDV ZDU GLH NULWLVFKH =HLWVSDQQH GLH EHU (UIROJ RGHU 0LHUIROJ HQWVFKLHG ,KUH 6WRSSXKU OLHI (LQH KRFKPRGHUQH DEHU LQ HLQ *HKlXVH HLQJHODVVHQ GDV NHLQHP 5XSSHWHU DXIJHVWRHQZlUH $XHUGHPVHW]WH%ULGJHWLKUHQ*HGDQNHQJDQJIRUWNRQQWHLKUH3ODQXQJVRSHUIHNWVHLQZLH PDQ HV VLFK QXU ZQVFKHQ NRQQWH GD ZDU LPPHU QRFK GLH *HJHQVHLWH XQG ZHQQ GLH DXIPHUNVDP ZXUGH ZDU LKU 3ODQ HQGJOWLJ JHVFKHLWHUW (V ZDU VFKRQ VHKU EHUXKLJHQG WU|VWHWH VLH VLFK GD NHLQ EHUZlOWLJHQGHU 6FKDGHQ HQWVWHKHQ NRQQWH ZHQQ GLHVHU (LQVDW VFKHLWHUWH(UZDUVR]XVDJHQGLH7DUU]XP4XLOLEHUGDV6DKQHKlXEFKHQDXIGHPDQUHJHQGHQ +HLJHWUlQNGLH.U|QXQJHLQHUYRQODQJHU+DQGYRUEHUHLWHWHQ$NWLRQ 1DWUOLFKVWDQGHQGLYHUVH/HEHQDXIGHP6SLHOQLFKW]XOHW]WDXFKGDVLKUH$EHUHLQHUVHLWV KDWWHVLHJHZXWZDVVLHWDWDOVVLHLKUH%HUXIVZDKOJHWURIIHQKDWWHDQGHUHUVHLWVZDUVLHGD]X DXVJHELOGHWZRUGHQLKU/HEHQHIIHNWLY]XVFKW]HQ 6LHWUDWQlKHUDQGLH+DXVZDQGXPYRP6RJGHU5XSSHWHUQLFKWPLWJH]RJHQ]XZHUGHQ)U VLH DOV 7HUUDQHULQ ZDU HV LPPHU ZLHGHU HUVWDXQOLFK ZLH JHVLWWHW VLFK GLHVHV 9RON DXFK LQ 0DVVHQDQVDPPOXQJHQEHQDKP $XI 7HUUD KlWWH HLQH 'HPRQVWUDWLRQ GLHVHU *U|HQRUGQXQJ PLW LPPHUKLQ EHU ]ZHLKXQGHUWWDXVHQG7HLOQHKPHUQXQGGDVXQDQJHPHOGHWRKQHGD=HLWJHZHVHQZlUHVLFK GDUDXI YRU]XEHUHLWHQ ]X PLWWOHUHQ 1HUYHQ]XVDPPHQEUFKHQ GHU YHUDQWZRUWOLFKHQ 6LFKHUKHLWVNUlIWH JHIKUW 'LH 5XSSHWHU KLQJHJHQ ZDUHQ YRQ .LQG DQ JHZRKQW VLFK LQ 0HQJHQ ]X EHZHJHQ XQG GLH (KUIXUFKW YRU IRUWSIODQ]XQJVIlKLJHP /HEHQ GLH GLH WKHRNUDWLVFKH ZHQQ DXFK GHPRNUDWLVFK JHZlKOWH 5HJLHUXQJ DXI LKUH )ODJJHQ JHVFKULHEHQ KDWWHZDUPHKUDOVHLQ/LSSHQEHNHQQWQLV'LH%HZRKQHUGLHVHV3ODQHWHQKDWWHQGLH/HKUHQ LKUHV5HOLJLRQVVWLIWHUVLQ)OHLVFKXQG%OXWXPJHVHW]W'DUDQKLHOWHQVLFKDXFKGLHMHQLJHQGLH LP=XJGHV.XOWXUVFKRFNVQDFKGHU:LHGHUHQWGHFNXQJGHU:HOWGXUFKGDV6RODUH,PSHULXP IULKUH9HUKlOWQLVVHUDGLNDOH3RVLWLRQHQHLQJHQRPPHQKDWWHQXQGGLH$QJOLHGHUXQJGHU:HOW DQHLQHGHUJDODNWLVFKHQ*HPHLQVFKDIWHQIRUGHUWHQ %ULGJHW KlWWH VLFK JHZQVFKW GLH YRQ LKUHQ +LOIVNUlIWHQ ODQFLHUWH XQJHQHKPLJWH 'HPRQVWUDWLRQKlWWHQRFKZHLWPHKU9HUZLUUXQJJHVWLIWHWDEHUHVZDUVLQQORVXQHUIOOEDUHQ :QVFKHQ QDFK]XKlQJHQ ,PPHUKLQ ERWHQ DXFK GLHVH 0HQVFKHQPDVVHQ HLQH JHZLVVH 7DUQXQJLKUHU$NWLRQ -HGH1HUYRVLWlWILHOYRQLKUDEDOVVLH.D(LQV 6WLPPHZLHGHULQGHPLQLKUHU2KUPXVFKHO EHIHVWLJWHQ6HQGHUK|UWHª(VJHKWORV8QVHUH/HXWHKDEHQ3RVLWLRQEH]RJHQ©'DPLWKDWWH HUGHQHQWVFKHLGHQGHQ%HIHKOJHJHEHQQLFKWQXUIULKU(LQVDW]WHDPVRQGHUQDXFKIUEHU HLQ 'XW]HQG ZHLWHUH GLH ]HLWJOHLFK LQIRUPLHUW ZXUGHQ XQG DQ YHUVFKLHGHQHQ 2UWHQ DXI 5XSSHWLP0DUQHE6\VWHPXQGLQGHU0LOFKVWUDH]XVFKOXJHQ %ULGJHW VHW]WH VLFK LQ %HZHJXQJ OLH VLFK YRQ GHQ DXV GHP 6WDGW]HQWUXP GUlQJHQGHQ 0DVVHQ HLQ 6WFN PLW]LHKHQ 8QZLOONUOLFK KLHOW VLH $XVVFKDX QDFK GHQ DQJHKHXHUWHQ +HOIHUQ XQG XQWHUJHRUGQHWHQ $JHQWHQ GLH VLFK LQ GHP *HZLPPHO DXIKLHOWHQ GRFK GHUHQ 7DUQXQJ ZDU YRQ JHZRKQWHU 4XDOLWlW :HQQ QLFKW PDO VLH VLH HUNDQQWH ZUGHQ VLH DXFK NHLQHQ5XSSHWHUQDXIIDOOHQ :HQLJH6FKULWWHQXUXQGVLHPDFKWHGDV=LHOREMHNWYRUVLFKDXV'LH7UGHV*HElXGHVZDU JH|IIQHW1XQZXUGHVLHHLQLJHU.ROOHJHQJHZDKUGHQHQHVJHODQJVLFKDQVFKHLQHQGY|OOLJ XQDXIIlOOLJ PLW GHP 6WURP GHU 0DVVH ]X EHZHJHQ JOHLFK]HLWLJ DEHU NHLQHQ 6FKULWW DEJHWULHEHQ]XZHUGHQXQGLQVWHWVJOHLFKEOHLEHQGHU1lKH]XP=LHOREMHNW]XYHUZHLOHQ6LH

VFKDXWH KRFK 6KHXUHQ EHVWlWLJWH LKU PLW HLQHP 1LFNHQ GD VHLQH 2UWXQJHQ QLFKWV HUJHEHQ KDWWHQ'LH$NWLRQNRQQWHDQODXIHQ %ULGJHW JULII LQ LKUH 7DVFKH WUDW LQ GLH 0LWWH GHV 5LQJV LKUHU 0LWDUEHLWHU VFKULWW LQ GHUHQ 'HFNXQJ]XU7UXQGZDUIPLWHLQHUIOLHHQGHQ%HZHJXQJGHQ6SUHQJVDW]LQV+DXV'DEHL KDQGHOWH HV VLFK NHLQHVZHJV XP HLQH :DIIH DXI WKHUPLVFKHU %DVLV VRQGHUQ XP HLQH GLH 6FKDOO XQG /LFKWHPLVVLRQHQ HU]HXJWH 'LH (PLVVLRQHQ EHUDXEWHQ GLH 2SIHU NXU]IULVWLJ MHJOLFKHU:DKUQHKPXQJVIlKLJNHLWXQGPDFKWHQVLHGDPLWY|OOLJRULHQWLHUXQJVXQGZHKUORV 'LHHLQ]LJH+LW]HGLHIUHLJHVHW]WZXUGHGLHQWHGD]XGLHNOHLQH*UDQDWH]XHLQHQ+lXIFKHQ 6FKODFNH]XYHUEUHQQHQQDFKGHPVLHLKU8QKHLODQJHULFKWHWKDWWH'DVZLHGHUXPKDWWHGHQ 9RU]XJ GD PDQ NHLQH 5FNVFKOVVH DXI LKUH +HUNXQIW PHKU ]LHKHQ NRQQWH =XP (LQVDW] NDP VLH LPPHU GDQQ ZHQQ PDQ DXI GHQ *HEUDXFKYRQ3DUDO\VDWRUHQXQGGLHGDQDFKGRFK OlQJHU DQKDOWHQGHQ /lKPXQJVHUVFKHLQXQJHQ GHU %HWURIIHQHQ YHU]LFKWHQ ZROOWH RGHU PXWH ZDVKLHUGHU)DOOZDU 'HQQRFKKLHOW%ULGJHWDOVVLHGDV*HElXGHEHWUDWDOV5FNYHUVLFKHUXQJHLQHVROFKH:DIIHLQ GHU +DQG ,KUH 9RUVLFKW PDFKWH VLFK EH]DKOW $XV GHQ $XJHQZLQNHOQ QDKP VLH HLQH ]LHOJHULFKWHWH'UHKXQJZDKU6LHVFKRVRIRUWZXWHDEHULPVH,EHQ0RPHQWGDVLHQLFKW JHWURIIHQ KDWWH 'LH %HZHJXQJ VWDPPWH YRQ HLQHU PLQGHVWHQV ]ZHL 0HWHU JURHQ XQG XQSURSRUWLRQDOGUUHQ*HVWDOWGLHJHUDGHHLQHQ1HEHQUDXPYHUODVVHQZROOWHDOVGLH*UDQDWH H[SORGLHUW ZDU =XPLQGHVW NHKUWH GLH *HVWDOW QXQ LQ GLHVHQ 5DXQ ]XUFN XQG UL GLH 7U KLQWHUVLFK]X$XFKHLQ]ZHLWH6FKXJLQJIHKO %ULGJHW OLHI ]X GHU 7U ZlKUHQG LKUH .ROOHJHQ VLFK QLFKW XP GHQ )OFKWLJHQ NPPHUWHQ VRQGHUQVLFKLKUHQMHZHLOLJHQ$XIJDEHQZLGPHWHQ'DPLWEHIROJWHQVLFKQXUGLHHLQGHXWLJHQ $QZHLVXQJHQVFKOLHOLFKNDPHVDXIMHGHQ6HNXQGHQEUXFKWHLODQ'LH$JHQWLQ]HUUWHDQGHU 7UGRFKVLHZDUYRQGHUDQGHUHQ6HLWHDXVYHUULHJHOWZRUGHQ )OXFKHQGVWHFNWH%ULGJHWGHQ3DUDO\VDWRUHLQXQG]RJVWDWWGHVVHQGHQ7KHUPRVWUDKOHU'DV JHEQGHOWH/LFKWDXVGHQIUGDVPHQVFKOLFKH$XJHQLFKWVLFKWEDUHQOQIUDURWEHUHLFKYHUOLH GHQ/DXIGHU:DIIHDOVXOWUDKHLHU6WUDKOXQGVFKPRO]MHQHQNOHLQHQ7HLOGHU7UDQGHPVLH DPVFKZlFKVWHQZDUGDV6FKORVV(LQZXFKWLJHU7ULWWXQGGLH7UIORJLQGHQEHQDFKEDUWHQ 5DXPDXI)DVWJOHLFK]HLWLJVSUDQJ%ULGJHWJHNUPPWKLQGXUFKUROOWHVLFKDXIGHP%RGHQDE XQGVFKQHOOWHZLHGHUKRFKPLWGHPVFKXVVEHUHLWHQ7KHUPRVWUDKOHULQHLQHU.UHLVEHZHJXQJ VLFKHUQG (UVWQDFKGHPVLHVLFKDXIGLHVH:HLVHEHU]HXJWKDWWHGDVLFKWDWVlFKOLFKQLHPDQGPHKULQ GHPNOHLQHQ1HEHQUDXPDXIKLHOWVDKVLHHVDOVJHJHEHQDQGDGHU)OFKWLJHGDV*HElXGH GXUFK HLQH 7U LQ GHU JHJHQEHUOLHJHQGHQ :DQG YHUODVVHQ KDWWH 6LH IKUWH DXI HLQH NXU]H K|FKVWHQV ]ZDQ]LJ 0HWHU ODQJH *DVVH ZLH %ULGJHW DXIJUXQG LKUHV (LQVDW]EULHILQJV ZXWH GLHDQEHLGHQ(QGHQDXIJU|HUH4XHUVWUDHQGHU+DXSWGXUFKJDQJVVWUHFNHQLP6(.725 PQGHWH (VNRVWHWHVLHZHUWYROOH6HNXQGHQVLHPXWHGLHJHERWHQH9RUVLFKWZDOWHQODVVHQGRFKHV EOLHE LKU QLFKWV DQGHUHV EULJ DOV VLFK GDYRQ ]X EHU]HXJHQ GD GHU HYHQWXHOO EHZDIIQHWH )OFKWLJHQLFKWDXIGHUDQGHUHQ6HLWHGHU+LQWHUWUGDUDXIODXHUWHVLHDQJUHLIHQ]XN|QQHQ 'LH *DVVH ZDU LQ EHLGHQ 5LFKWXQJHQ YHUODVVHQ hEHU GLH GDKLQWHU OLHJHQGHQ 6WUDHQ HLOWHQ 5XSSHWHUGLH%ULGJHWQLFKWGLHJHULQJVWH%HDFKWXQJVFKHQNWHQ6LHEHZHJWHQVLFKKHNWLVFKHU DOVYRUNXU]HPRIIHQEDUJULIIHQGLH6LFKHUKHLWVNUlIWHDXIGHP5XSSHW3ODW]QXQHQHUJLVFKHU GXUFK XQG GLH 'HPRQVWUDQWHQ ZROOWHQ VLFK VR VFKQHOO ZLH P|JOLFK DXV GHU *HIDKUHQ]RQH EULQJHQ %ULGJHW ]RJ GHQ .RSI ZLHGHU ]XUFN XQG VFKDXWH VLFK LQ GHP 1HEHQUDXP XP =ZHL GUHL %OLFNH YHUULHWHQ LKU ZDV KLHU JHVFKHKHQ ZDU :lKUHQG VLH QRFK QDFK GHP )OFKWLJHQ JHVFKDXWKDWWHZDUHQLKUH.ROOHJHQZLHJHSODQWYRUJHJDQJHQXQGKDWWHQDOOHV1|WLJHLQGLH :HJHJHOHLVWHW6LHDUEHLWHWHQVFKQHOODEHUVRUJIlOWLJMHGHU+DQGJULIIVD

ª6HTXHVWHU©ULHILKU6WHOOYHUWUHWHUVLHPLWGHPIUGLHVHQ(LQVDW]YHUHLQEDUWHQ.RGHQDPHQ ª6FKQHOO:LUEUDXFKHQGHQ&RPSXWHU'LH=HLWUDVWXQVGDYRQ:LUKDEHQK|FKVWHQVQRFK GUHL0LQXWHQ© 6LH]RJGDV0LQLJHUlWKHUYRUXQGGUFNWHHVLKPLQGLH+DQG2EZRKOLKU6WHOOYHUWUHWHUQXU UXGLPHQWlUH&RPSXWHUNHQQWQLVVHKDWWHPDFKWHVLHVLFKXPGLHVHQ7HLOLKUHU$XIJDEHNHLQH 6RUJHQ$XI-HUHPD\9RVVGHUGDV3URJUDPPJHVFKULHEHQKDWWHGDVQXQ]XP(LQVDW]NDP ZDUDEVROXWHU9HUODHUZDULQVWXQGHQODQJHQ*HVSUlFKHQVlPWOLFKH0|JOLFKNHLWHQPLWLKU GXUFKJHJDQJHQXPLKU]XEHZHLVHQGDHUDXFKGLHXQZDKUVFKHLQOLFKVWHQ6FKZLHULJNHLWHQ LQ%HWUDFKWJH]RJHQKDWWH ,QWHUIDFHV 3URJUDPPVSHUUHQ 3DZ|UWHU IU LKQ ZDU QLFKWV XQEHUZLQGOLFK *DQ] GDYRQ DEJHVHKHQ GD GLH SULPLWLYHQ &RPSXWHU GHU 5XSSHWHU HLQHU WHUUDQLVFKHQ 3RVLWURQLN VR XQWHUOHJHQ ZDUHQ ZLH HLQ )DXVWNHLO HLQHP 7KHUPRVWUDKOHU 'RFK DXFK *HUlWH DXV DQGHUHU 3URGXNWLRQNRQQWHQ-HUHPD\QLFKWODQJH:LGHUVWDQGOHLVWHQ %ULGJHW NHKUWH LQ GHQ 1HEHQUDXP ]XUFN XQWHUVXFKWH GLH GRUW XQWHUJHEUDFKWHQ *HUlWH XQG VRQVWLJHQ *HJHQVWlQGH JHQDXHU XQG ]HUVW|UWH VLH GDQQ PLW GUHL JH]LHOWHQ 6FKVVHQ LKUHV 7KHUPRVWUDKOHUV$OVVLHLQGHQ+DXSWUDXP]XUFNNHKUWHKRELKU6WHOOYHUWUHWHUEHVWlWLJHQG GLH+DQGª)HUWLJ©ULHIHUª(VYHUOLHIDOOHVQDFK3ODQ© 0LWHLQHP%OLFNQDKPVLHZDKUGDLKUH$JHQWHQGLHGUHL0lQQHUXQGGLH)UDXGLHYRQGHU 6FKDOOJUDQDWH DXHU *HIHFKW JHVHW]W ZRUGHQ ZDUHQ JHUDGH KLQDXVIKUWHQ 6LH NRQQWH VLFK GDUDXI YHUODVVHQ GD LKUH /HXWH VLH GXUFKVXFKW HQWZDIIQHW XQG DOOHU WHFKQLVFKHQ *HUlWH EHUDXEW KDWWHQ 'HV ZHLWHUHQ KDWWHQ VLH LKQHQ ,QMHNWLRQHQ YHUSDVVW GLH LKUH GHU ]HLWLJH JHLVWLJH9HUZLUUXQJDXIUHFKWKDOWHQZUGHQELVVLHHLQ*HJHQPLWWHOYHUDEUHLFKWEHNDPHQ6LH VROOWHQYRQGHQUXSSHWLVFKHQ6LFKHUKHLWVNUlIWHQJHIDVVWDEHUHUVWQDFK9HUDEUHLFKXQJGLHVHU 6XEVWDQ] ZLUNXQJVYROO YHUK|UW ZHUGHQ N|QQHQ DXV GLHVHP *UXQG KDWWHQ VLH DXFK DXI GHQ (LQVDW] YRQ 3DUDO\VDWRUHQ YHU]LFKWHW ]XPDO PLW +LOIH GHU *UDQDWH DOOH JOHLFK]HLWLJ DXHU *HIHFKWJHVHW]WZRUGHQZDUHQ $OOH ELV DXI GHQMHQLJHQ GHP GLH )OXFKW JHOXQJHQ ZDU %ULGJHW NQLUVFKWH ZWHQG PLW GHQ =lKQHQ $EHU GHU 6FKDGHQ KLHOW VLFK LQ *UHQ]HQ GLHVH 3HUVRQ ZUGH VLFK NDXP DQ GLH UXSSHWLVFKHQ6LFKHUKHLWVNUlIWHZHQGHQ(VJDOWQXU]XYHUKLQGHUQGDVLH.RQWDNWPLWLKUHP )KUXQJVRIIL]LHUDXIQHKPHQNRQQWH 0LW GUHL ZHLWHUHQ 6FKVVHQ ]HUVW|UWH VLH GHQ *URWHLO GHU *HUlWVFKDIW LP +DXSWUDXP RGHU PDFKWHLKQ]XPLQGHVWXQEUDXFKEDU 1XQZDUQXUQRFKHLQV]XWXQ:lKUHQGLKUH.ROOHJHQGHQ+DXSWUDXPUlXPWHQJDEVLHGHU EHZXVVWORVHQ *HVWDOW EHU GLH VLH PHKUPDOV JHVWLHJHQ ZDU GLH YRUEHUHLWHWH ,QMHNWLRQ XQG VFKOHLIWH VLH GDQDFK EHU GHQ %RGHQ ELV VLH DXI GHU 6FKZHOOH ]X OLHJHQ NDP 'DQQ QRFK ZHQLJH 6FKULWWH XQG VLH WDXFKWH LQ GHU 0HQJH GHU 5XSSHWHU XQWHU 'HU HUVWH 7HLO GHV (LQVDW]HV ZDU EHHQGHW 'DQN -HUHPD\V DXVJHNOJHOWHU 3ODQXQJ KDWWH GHU JDQ]H 6SXN WDWVlFKOLFKNDXP IQI 0LQXWHQ 5HFKQHU]HLW XQG LQVJHVDPW JHVHKHQQLFKWPDOGLHJHSODQWHQ ]ZDQ]LJ0LQXWHQJHGDXHUW 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ ª3HUU\5KRGDQW|WHQ©PXUPHOWHHUª3HUU\5KRGDQW|WHQ3HUU\5KRGDQW|WHQ©'HUNXU]H 6DW]VFKLHQQLFKWQXUGDV=HQWUXPVHLQHU([LVWHQ]]XVHLQVRQGHUQVHLQJHVDPWHV8QLYHUVXP VHLQHQ LGLRV NRVPRV DXV]XIOOHQ (V ZDU ZHQLJHU HLQH $QHLQDQGHUUHLKXQJ YRQ :RUWHQ DOV HLQH7DWVDFKHIHVWXQXPVW|OLFKXQZLGHUUXIOLFK3HUU\5KRGDQW|WHQ (U IKOWH VLFK XQJODXEOLFK HUVFK|SIW GRFK GDV 'LNWXP JDE LKP VHLQH .UDIW UDVHQG VFKQHOO ]XUFN +lWWH HU HV YRU 6HNXQGHQ QRFK IU XQP|JOLFK JHKDOWHQ VLFK ]X EHZHJHQ HUKRE HU VLFK QXQ PKHORV $EJHVHKHQ YRQ HLQHP OHLFKWHQ =LHKHQ LQ VHLQHP .RSI IKOWH HU VLFK DXVJH]HLFKQHW (U VFKDXWH DQ VLFK KLQDE 'HU $Q]XJ GHQ HU WUXJ ZDU WHXHU JHZHVHQ GDV VDK HU DXI GHQ HUVWHQ %OLFN (U VD ZLH DQJHJRVVHQ ZDU ]ZHLIHOORV PDJHVFKQHLGHUW (LQLJH KHOOH )OHFNH

EHVHLWLJWHHUIDVWYROOVWlQGLJLQGHPHUOHLFKWDXIGHQ6WRIINORSIWHDXFKGDVVSUDFKIUGLH 4XDOLWlWGHV0DWHULDOV6HLQH6FKXKHZDUHQPRGLVFKXQGVDKHQHEHQIDOOVQLFKWELOOLJDXV (U KlWWH GLH ,QVSHNWLRQ VHLQHU 3HUVRQ JHUQ IRUWJHVHW]W GRFK LUJHQG HWZDV WULHE LKQ DQ VLFK XPJHKHQG]XHQWIHUQHQHLQHJHZLVVH'LVWDQ]]ZLVFKHQVLFKXQGGHQ2UW]XEULQJHQDQGHP HU HUZDFKW ZDU 8QG VR JHUQ HU GLHVH VHLQH 8PJHEXQJ JHQDXHU HUNXQGHW KlWWH HLJHQWOLFK XQWHUVXFKHQ PXWH XP VLFK GULQJHQG EHQ|WLJWH ,QIRUPDWLRQHQ ]X YHUVFKDIIHQ VR JHQDX ZXWH HU GD HU PLW DOOHP VFKHLWHUQ ZUGH ZRUDQ LKP ODJ ZHQQ HU QRFK OlQJHU KLHU YHUZHLOWH(VZDUK|FKVWH=HLWHUPXWHIRUWYRQKLHU (U VFKDXWH QRFK HLQPDO NXU] ]XUFN PDFKWH HLQHQ EHWUlFKWOLFKHQ :LUUZDUU GHU =HUVW|UXQJ DXV XQG YHUVXFKWH VLFK GDV DOOJHPHLQH %LOG XQG HLQLJH ZHQLJH (LQ]HOKHLWHQ HLQ]XSUlJHQ $XFKGHQ:HJGHQHUQDKPPHUNWHHUVLFKJHQDX9LHOOHLFKWNRQQWHHU]XHLQHPVSlWHUHQ =HLWSXQNW ZHQQ HU VLFK YRQ GHU *HIDKUORVLJNHLW GHV 8QWHUQHKPHQV EHU]HXJW KDWWH QRFK HLQPDOKLHUKHU]XUFNNHKUHQ$EHU]XHUVWPXWHHUHWZDV:LFKWLJHUHVHUOHGLJHQ 3HUU\5KRGDQW|WHQ $XIGHQ6WUDHQKHUUVFKWHGLFKWHV*HGUlQJH:LUNOLFKPKHORVY|OOLJLQVWLQNWLYDOVKlWWHHU VHLQ /HEHQ ODQJ QLFKWV DQGHUHV JHWDQ PLVFKWH HU VLFK XQWHU GLH 0HQJH OLH VLFK YRQ LKU PLW]LHKHQ YHUVFKPRO] PLW LKU XQG JLQJ LQ LKU DXI (U EHJLQJ QLFKW GHQ )HKOHU EHU GLH 6FKXOWHU ]XUFN ]XVFKDXHQ RE LKP MHPDQG IROJWH OLH VLFK VWDWW GHVVHQ DQ GHQ 5DQG GHV 0HQVFKHQVWURPV WUHLEHQ ZR HU XQDXIIlOOLJ LQ HLQH DQGHUH 6WUDH DEELHJHQ NRQQWH (U ZLHGHUKROWHGLHVHV0DQ|YHUGUHLRGHUYLHUPDOJLQJ]JLJRKQHGXUFKDOO]XJURH(LOHDXI VLFK DXIPHUNVDP ]X PDFKHQ XQG KDWWH QDFK ]ZDQ]LJ 0LQXWHQ XQEHKHOOLJW EHU ]ZHL .LORPHWHU]XUFNJHOHJW 1XQOLHHUHVJHPlFKOLFKHUDQJHKHQVFKOHQGHUWHIDVWERJLQHLQHEUHLWH*HVFKlIWVVWUDHHLQ EOLHELPPHUZLHGHUYRU6FKDXIHQVWHUIURQWHQVWHKHQ+LHUDP5DQGGHV6(.7256,JDEHV VHLW GHU 5HVWDXULHUXQJ GHV KLVWRULVFKHQ 6WDGWNHUQV ZLHGHU GH]HQWUDOLVLHUWH /DGHQORNDOH NRQQWH PDQ QRFK EXPPHOQ ZHQQ DXFK QLFKW XQEHGLQJW ]X GHQ 6WR]HLWHQ QDFK GHQ 6FKLFKWZHFKVHOQ:lKUHQGHUVRWDWDOVZUGHHUGLH$XVODJHQEHWUDFKWHQKLHOWHULP*ODV $XVVFKDX QDFK 6SLHJHOXQJHQ YRQ 3HUVRQHQ GLH VWHKHQEOLHEHQ ZHQQ HU VWHKHQEOLHE XQG ZHLWHUJLQJHQZHQQHUZHLWHUJLQJ(UNRQQWHNHLQHDXVPDFKHQ (UZXUGHQLFKWYHUIROJW,P$XJHQEOLFNEHIDQGHUVLFKLQUHODWLYHU6LFKHUKHLW 6LFKHUKHLWZRYRU" ,KP ZXUGH NODU GD HU EHU VHLQH /DJH QDFKGHQNHQ PXWH 'LH LKP RIIHQVWHKHQGHQ 0|JOLFKNHLWHQHU|UWHUQ(QWVFKHLGXQJHQEHUVHLQZHLWHUHV9RUJHKHQWUHIIHQ :DVZROOWHHUEHUKDXSW" 3HUU\5KRGDQW|WHQVWHOOWHGHU*HGDQNHVLFKXQHLQJHODGHQEHLLKPHLQ%HLGHU$QNXQIWDXI GHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ $OVRJXWZRERWVLFKLKP*HOHJHQKHLWIUXQJHVW|UWH.RSIDUEHLW"(UVFKDXWHVLFKNXU]XP PDFKWHGDVJUHOOH1HRQUHNODPHVFKLOGHLQHU6LQJOHEDUDXVZLHHVVLHEHUDOODXI5XSSHWJDE +LHUWUDIHQVLFKGLH$OOHLQVWHKHQGHQGLHRKQHIHVWHQRGHUGLHPLWXQZLOOLJHP3DUWQHUGLHGHQ 'UDQJYHUVSUWHQGHP*HERWGHV*URHQ5XSSHW]XIROJHQ*HKHWKLQXQGYHUPHKUHWHXFK GDFKWHHU=XGLHVHU=HLWDPVSlWHQ9RUPLWWDJZDULQGHQ%DUVQLFKWYLHOORVGLHMHQLJHQGLH LQ GHU 1DFKWVFKLFKW DUEHLWHWHQ XQG GDQDFK $QVFKOX VXFKWHQ KDWWHQ LKQ VFKRQ OlQJVW JHIXQGHQXQGGLHGLHYRU%HJLQQGHU6SlWVFKLFKWLKUHQ7HLO]XU9HUPHKUXQJGHU5XSSHWHU EHLWUDJHQZROOWHQPXWHQVLFKHEHQIDOOVVFKRQVRJXWZLHHLQLJVHLQZHQQVLHQRFKSQNWOLFK ]XU$UEHLWHUVFKHLQHQZROOWHQ (UEHWUDWGLH%DU:LHHUHVVLFKJHGDFKWKDWWHZDUVLHNDXPEHVXFKWXQGGLHZHQLJHQ*lVWH GLHVLFKLQLKUDXIKLHOWHQKDWWHQVLFKVFKRQSDDUZHLVHJHIXQGHQ(UVWHXHUWHHLQHQGHUHWZD IQI]HKQXQEHVHW]WHQ7LVFKHDQXQGQDKP3ODW] .DXPKDWWHHUGHQREHUVWHQ.QRSIVHLQHV+HPGHVJHORFNHUWDOVDXFKVFKRQHLQH.HOOQHULQ QHEHQ LKP VWDQG MXQJ JHUDGH PDO IQIXQG]ZDQ]LJ HLQ EORQGHU NXU]JHVFKQLWWHQHU 3DJHQNRSI GHU NXQVWYROO DXI XQIULVLHUW JHWULPPW ZDU HLQ IU VHLQHQ *HVFKPDFN ]X YROOHU

%XVHQXQWHUHLQHUZHLHQ%OXVHGLHHQJXPGLHVFKPDOH7DLOOHODJHLQVFKZDU]HU5RFNXP HLQODGHQGH +IWHQ GHU DQGHUWKDOE +DQGEUHLW EHU GHQ .QLHQ HQGHWH VFKZDU]H 6WUPSIH KRFKKDFNLJH 6FKXKH $UEHLWVNOHLGXQJ VLFKHU DEHU HU EH]ZHLIHOWH GD GHU %HVLW]HU RGHU *HVFKlIWVIKUHUGHU%DUYRQLKUYHUODQJWHGLHREHUVWHQGUHL.Q|SIHGHU%OXVHRIIHQ]XODVVHQ XQGHLQHQVRNXU]HQ5RFNXQGVRXQIDOOWUlFKWLJHV6FKXKZHUN]XWUDJHQ 6LHJDELKPGLH.DUWHXQGHUZDUIHLQHQNXU]HQ%OLFNGDUDXI'DVhEOLFKHVQGKDIWWHXUHV 0LQHUDOZDVVHU JDUDQWLHUW QDWUOLFKHU +HUNXQIW HWZDV ELOOLJHUH YLWDPLQVWURW]HQGH 6lIWH PLW HLQHP JHZLVVHQ (FKWIUXFKWDQWHLO ZHVHQWOLFK ELOOLJHUH 6RIW 'ULQNV PLW QDWXULGHQWLVFKHQ VSULFK NQVWOLFKHQ $URPDVWRIIHQ DXV DXIEHUHLWHWHP :DVVHU VRZLH OHW]WHUHV SXU XQG IDVW XPVRQVW $OVHUDXIEOLFNWHEHPHUNWHHUGDGLH.HOOQHULQQRFKQHEHQVHLQHP7LVFKVWDQGXQGLKQIDVW YHUVRQQHQ OlFKHOQG DQVDK 1RUPDOHUZHLVH KlWWH VLH VFKRQ DP QlFKVWHQ 7LVFK IU 8PVDW] JHVRUJW XQG VLFK ]XP $EVFKOX LKUHU 5XQGH QDFK VHLQHQ :QVFKHQ HUNXQGLJW 'D VLH ZDUWHWHNRQQWH]ZHLHUOHLEHGHXWHQ(QWZHGHUODQJZHLOWHVLHVLFKZHLOVRZHQLJ]XWXQZDU RGHU HU JHILHO LKU )DVW HUVFKURFNHQ VWHOOWH HU IHVW GD HU EHLQDKH VHOEVWYHUVWlQGOLFK YRP OHW]WHUHQDXVJLQJ (UGUHKWHGHQ.RSI]XP)HQVWHUXQGEHWUDFKWHWHVHLQ6SLHJHOELOGGDULQ(LQEUDXQHUZHJHQ GHU UDVFKHQ )OXFKW DXI QDWUOLFKH :HLVH LQ 8QRUGQXQJ JHUDWHQHU +DDUVFKRSI HLQ HEHQPlLJHV ZHQQ DXFK DOOHV DQGHUH DOV PDUNDQWHV JHVFKZHLJH GHQQ NDQWLJPDVNXOLQHV *HVLFKW (U ZXWH GD VHLQ .|USHU GXUFKWUDLQLHUW XQG DQ %HODVWXQJHQ JHZ|KQW ZDU DEHU QLFKWV DQ LKP NQGHWH YRP EHUPlLJHQ %HVXFK MHQHU 6WXGLRV LQ GHQHQ GLH EHGDXHUQVZHUWHQ 0HQVFKHQ GLH DXVVFKOLHOLFK HLQHU VLW]HQGHQ 7lWLJNHLW QDFKJLQJHQ GHQ (LQGUXFN ]X HUZHFNHQ YHUVXFKWHQ VLH ZUGHQ ]ZDQ]LJ 6WXQGHQ DP 7DJ DQ +RFK|IHQ DUEHLWHQXQGGLHUHVWOLFKHQYLHUHLQKDOELP%R[ULQJVWHKHQ 'HU *HGDQNH OLH LKQ OlFKHOQ (U NRQQWH GLHVH %RG\EXLOGLQJ)DQDWLNHU QLFKW DXVVWHKHQ $XVQDKPHQ EHVWlWLJWHQ GLH 5HJHO (LQHQ NDQQWH HU GHP HU QLFKW QXU SURIHVVLRQHOOH +RFKDFKWXQJHQWJHJHQEUDFKWHHUKLHOWLKQLP3ULQ]LSDXFKIUHLQHQQHWWHQ.HUO:LHKLHHU QRFK")H)X)D ª(V IUHXW PLFK GD HV ,KQHQ EHL XQV VR JXW JHIlOOW© UL GLH .HOOQHULQ LKQ DXV VHLQHQ *HGDQNHQªDEHUWURW]GHPZWHLFKJHUQZDVLFK,KQHQ]XWULQNHQEULQJHQGDUI© 9HUZLUUWVDKHUVLHDQ'DQQEHJULIIHU6LHKDWWHVHLQ/lFKHOQY|OOLJPLYHUVWDQGHQ .DUWRIIHO .DUWRIIHO VFKLPSIWH HU VLFK ª(LQ 0LQHUDOZDVVHU© EHVWHOOWH HU DXWRPDWLVFK ª-HQQ\V'HOLJKWELWWH© ª$EHU JHUQ© VDJWH GLH .HOOQHULQ EOLQ]HOWH HLQPDO ]XYLHO XQG EHZHJWH LKUH XQEHVWULWWHQ ODQJHQ %HLQH PLW HLQHU VFKLHU XQQDWUOLFKHQ 6LFKHUKHLW DXI GHP KRFKKDFNLJHQ 6FKXKZHUN GDYRQ (UNRQQWHQLFKWOHXJQHQGDLKPGHU$QEOLFNJHILHO:LHMHGHPHFKWHQ5XSSHWHUGDFKWHHU *HKHWKLQXQGYHUPHKUHWHXFK 'RFKHUKDWWHLP$XJHQEOLFNDQGHUH6RUJHQ=XU3LOOHZLHKLHGLHVHU%RG\EXLOGHUJOHLFK QRFK")H)X(UZXWHHVQLFKWPHKU 'DIU ZXUGH LKP SO|W]OLFK NODU GD HU GDV QDWXUUHLQVWH XQG GHPHQWVSUHFKHQG EHVWH XQG WHXHUVWH*HWUlQNDXIGHU.DUWHEHVWHOOWKDWWH8QGQLFKWPDOZXWHREHUEHUKDXSW*HOGEHL VLFKKDWWH (LQHUDVFKH'XUFKVXFKXQJVHLQHU7DVFKHQHUJDE]XVHLQHU%HUXKLJXQJGDGHPVRZDU,Q GHQ)XWWHUDOHQVHLQHU+RVHQIDQGHUQLFKWVDEHULQGHU,QQHQWDVFKHGHU$Q]XJMDFNHVWHFNWH HLQH%ULHIWDVFKHXQGDOVHUVLHKHUDXVJHKROWXQGJH|IIQHWKDWWHVWHOOWHHUIHVWGDVLFK]HKQ =HKQ5XGLJD6FKHLQHLQLKUEHIDQGHQ 'LH .HOOQHULQ KDWWH HUQHXW HLQHQ KDOVEUHFKHULVFKHQ *DQJ DQJHWUHWHQ XQG NHKUWH ]X VHLQHU hEHUUDVFKXQJGLUHNWYRP%DUWUHVHQDQVHLQHQ7LVFK]XUFN2IIHQEDUZDUZLUNOLFKQLFKWYLHO ]X WXQ XQG HU KDWWH VHLQ $XVVHKHQ RGHU VHLQ &KDULVPD JHZDOWLJ EHUVFKlW]W ª,UJHQGZLH NRPPHQ6LHPLUEHNDQQWYRU©VDJWHVLH

(LQH NODVVLVFKH *HVSUlFKVHU|IIQXQJ (U NRUULJLHUWH VLFK 6HLQH &KDQFHQ ZDUHQ VSUXQJKDIW JHVWLHJHQ(UPXWHVLFKHLQJHVWHKHQGDHU5XSSHWV'RJPDJHUQPLWLKUHUIOOWKlWWH /HLGHU KDWWH HU HWZDV DQGHUHV ]X WXQ 3HUU\ 5KRGDQ W|WHQ 3HUU\ 5KRGDQ W|WHQ EHL GHU $QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ hEHUUDVFKWVWHOOWHHUIHVWGDHVLKPDOOHVDQGHUHDOVVFKZHUILHOHLQ/lFKHOQDXIVHLQH=JH ]X ]DXEHUQ (LQH JHEWH *HVWH WDXVHQGPDO ZLHGHUKROW MHGHU]HLW DEUXIEDU ª6LH PLU DXFK© VDJWHHUJODWW ª1HLQLP(UQVW,FKKDE 6LHLUJHQGZRVFKRQPDOJHVHKHQ© 'LH $QWZRUW NDP EHU VHLQH /LSSHQ RKQH GD HU JURDUWLJ QDFKGHQNHQ PXWH ª0DQ YHUZHFKVHOWPLFKRIW©VDJWHHUª'DVSDVVLHUWPLUQLFKW]XPHUVWHQPDO$EHUOHLGHUKDEHLFK QRFKQLFKWKHUDXVILQGHQN|QQHQPLWZHP© 6LHLJQRULHUWHVHLQHQ6FKHU]QLFKWPDOª1HLQZLUNOLFK©+LOIORV]XFNWHVLHPLWGHQ$FKVHOQ ª 9LHOOHLFKW IlOOW V PLU MD ZLHGHU HLQ 'DV PDFKW DFKWXQGQHXQ]LJ 5XGLJD© VDJWH VLH ª:LU VLQG DQJHKDOWHQ VRIRUW ]X NDVVLHUHQ© IJWH VLH KLQ]X XQG YHUGUHKWH HQWVFKXOGLJHQG GLH $XJHQ $FKWXQGQHXQ]LJ 5XGLJD )DVW VHLQH JHVDPWH %DUVFKDIW ª1DWUOLFK© EHUJLQJ HU VHLQ (QWVHW]HQJHZDQGWª.HLQ3UREOHP,FKNHQQHGDV0DQFKPDOKDEHQ,KUH*lVWHHVVRHLOLJ GDV /RNDO ]X YHUODVVHQ GD VLH ]X EH]DKOHQ YHUJHVVHQ ZUGHQ KlWWHQ 6LH QLFKW VRIRUW DENDVVLHUW© ª-D JHQDX© VDJWH VLH XQG HUQHXHUWH LKU VWUDKOHQGHV /lFKHOQ ª,FK KDEH EULJHQV HUVW XP ]ZDQ]LJ 8KU 'LHQVWVFKOX :LU DUEHLWHQ ]XU =HLW ]X ]ZHLW LQ GUHL 6FKLFKWHQ 8QVHUH GULWWH .ROOHJLQ KDW 0XWWHUVFKDIWVXUODXE XQG LFK WHLOH PLU LKUHQ 'LHQVW PLW GHU YRQ GHU 1DFKWVFKLFKW6HFKVOLQJHKDWGHU$U]WEHVWlWLJW'LH6FKZDQJHUVFKDIWYHUOlXIWY|OOLJQRUPDO 'LH*OFNOLFKH©(UQHXWGDV9HUGUHKHQGHU$XJHQGLHVPDOQRFKEHUWULHEHQHUª,FKEHQHLGH VLH ZLUNOLFK +HXWH $EHQG KDEH LFK QRFK QLFKWV YRU XQG PRUJHQ LVW PHLQ IUHLHU 7DJ 8QG EHUPRUJHQ IlQJW GLH $XVKLOIVNUDIW DQ XQG ZLU KDEHQ ZLHGHU XQVHUHQ QRUPDOHQ $FKWVWXQGHQWDJLQGUHL6FKLFKWHQ© :DUGDVHLQHEORH,QIRUPDWLRQRGHUHLQH(LQODGXQJ"'LH.HOOQHULQYHUZLUUWHLKQ(UKDWWH GHQ(LQGUXFNVROFKH*HVSUlFKHQRUPDOHUZHLVHQLFKW]XIKUHQDEHUGLH6LWXDWLRQWURW]GHP SUREOHPORVKDQG]XKDEHQ(U|IIQHWHGLH%ULHIWDVFKHZLHGHUXQGUHLFKWHLKUGLH6FKHLQH ª6WLPPWVR©VDJWHHU (UPXWHVLFKHLQJHVWHKHQVLHJHILHOLKP(UNRQQWHVLFKNHLQHQ5HLPGDUDXIPDFKHQREVLH XQJODXEOLFKQDLYZDURGHUQXUPHKURGHUZHQLJHUJHVFKLFNWPLWLKPDQ]XElQGHOQYHUVXFKWH $QGHUHUVHLWVVW|UWHVLHLKQ(UKDWWHNHLQH=HLWPLWLKU]XIOLUWHQ(UPXWHQDFKGHQNHQKDWWH JDQ]DQGHUH3UREOHPH 3HUU\5KRGDQW|WHQ ª8P]ZDQ]LJ8KU©VDJWHHUª*XWGDV]XZLVVHQ© ª,FKKHLH.DUD©VDJWHVLH ª8QGLFKELQ©(UYHUVWXPPWH=XU3LOOHQRFKPDOZHUZDUHU" (UZXWHHVQLFKW (UZXWHQLFKWZHUHUZDU (UZXWHQXUHLQV 3HUU\5KRGDQW|WHQ 5XSSHW LVW GHU GULWWH 3ODQHW GHU 6RQQH 0DUQHE 6LH LVW GHP .XJHOVWHUQKDXIHQ 7XFDQL YRUJHODJHUWGHUDXFKDOV1*&EHNDQQWLVWHWZD/LFKWMDKUHLQ5LFKWXQJ.OHLQHU 0DJHOODQVFKHQ:RONHYRP6ROV\VWHPHQWIHUQW(VKDQGHOWVLFKGDEHLXPHLQH6WHUQHQEDOOXQJ lOWHUHU *HQHUDWLRQ ZDV EHGHXWHW GD PDQ GRUW EHU GXUFKVFKQLWWOLFK YLHOH DOWH 6RQQHQ

ILQGHW KDXSWVlFKOLFK 5RWH 5LHVHQ GLH QXU VHOWHQ EHZRKQEDUH 3ODQHWHQ KDEHQ $XIJUXQG GLH VHV8PVWDQGVXQGGHU7DWVDFKHGDGLH=HQWUDOUHJLRQGHV.XJHOVWHUQKDXIHQVHLQHHQRUP KRKH 6WHUQHQGLFKWH DXIZHLVW GLH GHQ 5DXPYHUNHKU ]XU GDPDOLJHQ =HLW ZHVHQWOLFK VWlUNHU EHKLQGHUWHDOVHVKHXWHGHU)DOOLVWEOLHEGLH=DKOGHU6FKLIIHGLH]ZHFNV(UNXQGXQJLQLKQ HLQIORJHQ HKHU JHULQJ 1*& ZXUGH QLHPDOV RIIL]LHOO EHVLHGHOW RE VLFK GRUW ZHLWHUH ªYHUORUHQH© .RORQLHQ ZLH 5XSSHW EHILQGHQ LVW DXFK KHXWH QRFK XQEHNDQQW 'DV 0DUQHE 6\VWHP YHUIJW EHU DFKW 3ODQHWHQ XQG lKQHOW GDPLW YHUEOIIHQG GHP 6ROV\VWHP YRQ ]ZHL $XVQDKPHQ DEJHVHKHQ GHP HLQJHIDQJHQHQ QHXQWHQ 3ODQHWHQ 3OXWR XQG GHP $VWHURLGHQJUWHO ]ZLVFKHQ 0DUV XQG -XSLWHU 'HQ YLHU LQQHUHQ ªVFKZHUHQ© VFKOLHHQ VLFK YLHU lXHUH ªOHLFKWH© 3ODQHWHQ DQ 5XSSHW LVW GHU GULWWH XQG HLQ]LJ EHZRKQEDUH 3ODQHW GHV 6\VWHPVGLH:HOWHQXQG,VLQG*OXWK|OOHQ,9LVW]XNOHLQXQG]XNDOWIUHLQH%HVLHGOXQJ GXUFK 0HQVFKHQ 9 ELV 9,,, VLQG *DVULHVHQ HLQH ZHLWHUH hEHUHLQVWLPPXQJ PLW GHP 6ROV\VWHP 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 7XFDQL EHZRKQEDUH :HOWHQ$XV]XJ 1HPEDU9HUODJ+'6I 'LGMHK)RKUWXKQ (LQ3DUDGLHVIU$JHQWHQ ,Q VHLQHP .RSI EHPKWH GLH +lOIWH GHU %HY|ONHUXQJ VLFK JOHLFK]HLWLJ 5XSSHWV *HERW JHUHFKW]XZHUGHQXQGLKUH%HZHJXQJHQHU]HXJWHQGDEHL6FKZLQJXQJHQGLHVLFKGXUFKDOOH 6(.725(1 YRQ 5XSSHW &LW\ DXVEUHLWHWHQ 'DEHL ELOGHWHQ VLH ,QWHUIHUHQ]HQ GLH GHQ 3ODQHWHQ DXVHLQDQGHU]XUHLHQ VFKLHQHQ GDQQ DEHU LP OHW]WHQ $XJHQEOLFN YRQ GLHVHP 9RUKDEHQDEOLHHQXQGVLFKVWDWWGHVVHQLQHEHQVHLQHP*HKLUQ]XVDPPHQIDQGHQ $OVHUGLH$XJHQ|IIQHWHVDKHULQ'LGMHK)RKUWXKQV*HVLFKW(VZDUYHUVFKZRPPHQDEHU XQYHUNHQQEDU1DFKZHQLJHQ6HNXQGHQKDWWHVHLQ%OLFNVLFKVRZHLWJHNOlUWGDHUDXFKGLH EUHLWHQ 6FKXOWHUQ PXVNXO|VHQ $UPH XQG GHQ PDVVLJHQ DEHU DOOHV DQGHUH DOV IHWWHQ 2EHUN|USHUDXVPDFKHQNRQQWH ª:LH KDEHQ 6LH PLFK JHIXQGHQ"© NQXUUWH HU ª,FK ZDU EHU]HXJW 6LH DEJHVFKWWHOW ]X KDEHQ© ª'DVKDEHQ6LHDXFK6LU©EHVWlWLJWH)RKUWXKQª$EHUGDQQVLQG6FKVVHJHIDOOHQXQGLFK ELQ HLQIDFK LQ GLH 5LFKWXQJ JHODXIHQ LQ GHU LFK VLH JHVHKHQ KDEH XQG GDQQ IDQG LFK 6LH KLHU© 1HUYDO5RGULNVFKWWHOWHVLFK(UNRQQWHQXUNXU]RKQPlFKWLJJHZHVHQVHLQXQGDXFKNHLQH JUDYLHUHQGHQ RGHU GDXHUQGHQ 6FKlGHQ GDYRQJHWUDJHQ KDEHQ GHQQ VHLQ *HKLUQ DUEHLWHWH EHUHLWVZLHGHUQRUPDOª*HVHKHQ"©VDJWHHUª6LHKDEHQ6FKVVHJHVHKHQXQGQLFKWJHK|UW"© ª-D6LU.HLQHHLQKHLPLVFKHQ:DIIHQVRQGHUQ7KHUPRVWUDKOHU© ª7KHUPRVWUDKOHU© ZLHGHUKROWH 1HUYDO $OOPlKOLFK HUIDWH HU GLH 6LWXDWLRQ LP JU|HUHQ hEHUEOLFN(LQXQJXWHV*HIKOVWHOOWHVLFKHLQ1LFKWQXUGDGLHJHKHLPH.RQWDNWDXIQDKPH MlPPHUOLFKJHVFKHLWHUWZDUPDQKDWWHLKQEHZXVVWORVJHVFKRVVHQXQGGDQQZDUDXFKQRFK HLQ7KHUPRVWUDKOHUDXVJHO|VWZRUGHQ 'DV XQJXWH *HIKO HQWZLFNHOWH VLFK VSUXQJKDIW ]X NDOWHP *UDXHQ 3DUDO\VDWRUHQ XQG 7KHUPRVWUDKOHU :DIIHQ GLH DXI 5XSSHW JHQDXVR VHOWHQ ZDUHQ ZLH *OHLWHU XQG 9XUJX]] 6HLWGHP HLQ 6FKLII GHU ([SORUHU)ORWWH VLFK LP 9RUIHOG GHV .XJHOVWHUQKDXIHQV 7XFDQL XPJHVFKDXW KDWWH XQG GDEHL ]XIlOOLJ DXI GLH YRU HWZD IQIHLQKDOE -DKUKXQGHUWHQ ªYHUORUHQJHJDQJHQH .RORQLH© 5XSSHW JHVWRHQ ZDU KDWWH HV ]ZDU HLQHQ JHZLVVHQ HKHU HLQVHLWLJHQ $XVWDXVFK YRQ 7HFKQRORJLH JHJHQ 5RKVWRIIH JHJHEHQ GRFK GLH JDODNWLVFKHQ ,PSHULHULKLHOWHQVLFKGDEHLVHKU]XUFN 1HUYDONRQQWHHVLKQHQHLJHQWOLFKDXFKQLFKWYHUGHQNHQ$OOH6WDDWHQEQGHGLHPLWWOHUZHLOH LQ.RQWDNWPLW5XSSHWVWDQGHQGDV6RODUH,PSHULXPGHU&DUVXDOVFKH%XQGGDV,PSHULXP

'DEULIDGLH=HQWUDO*DODNWLVFKH8QLRQOHJWHQJURHQ:HUWGDUDXIGDGLH:HOWVLFKLKQHQ DQVFKORGRFK QRFKZDUGLH0HKUKHLWGHU%HY|ONHUXQJHQWVFKORVVHQ5XSSHWV*HERWH]XEHIROJHQXQGHLQHQ HLJHQHQ :HJ ]X JHKHQ 7URW]GHP ZDU HV QDFK EHU IQIKXQGHUW -DKUHQ ]XU %LOGXQJ HLQHU 2SSRVLWLRQ JHNRPPHQ GLH GHQ $QVFKOX DQ GLH JDODNWLVFKH *HPHLQVFKDIW IRUGHUWH XQG UDVDQWH=XZDFKVUDWHQDXIZLHV 'DEHLNRQQWHGLHDPWLHUHQGHXQGGHPRNUDWLVFKJHZlKOWH 5HJLHUXQJ YRQ *OFN VDJHQ GD GLH $QGHUVGHQNHQGHQ XQWHUHLQDQGHU XQYHUV|KQOLFK ]HUVWULWWHQ ZDUHQ GLH $QKlQJHU GHV 6RODUHQ,PSHULXPVYHUDEVFKHXWHQGLHGHUEHLGHQDQGHUHQ0DFKWJHELOGHPHKUDOVGLH/HKUHQ 5XSSHWV ZDV HEHQVR XPJHNHKUW JDOW 'DKHU VWHOOWH GLH 5XSSHW3DUWHL LP 3DUODPHQW GLH 0HKUKHLW DEHU NHLQH DEVROXWH 6LH KDWWH HWZD HLQ 'ULWWHO GHU :lKOHUVWLPPHQ DXI VLFK YHUHLQLJWJHQDXZLHGLH)UDNWLRQGLHGHQ$QVFKOXDQV6RODUH,PSHULXPIRUGHUWHXQGZDU EHL *HVHW]HVYRUODJHQ DXI VWHWV ZHFKVHOQGH .RDOLWLRQHQ PLW HLQHU GHU DQGHUHQ 3DUWHLHQ DQJHZLHVHQ 'LH 5HJLHUXQJVIlKLJNHLW EOLHE HLQ]LJ XQG DOOHLQ GHVKDOE JHJHEHQ ZHLO GLH DQGHUHQ )UDNWLRQHQ GLH 'DEULILVWHQ 8QLRQLVWHQ XQG &DUVXDOLVWHQ HKHU GHU $XIO|VXQJ GHU (KH XQG GHP SIOLFKWZHLVHQ YLHUPDOLJHQ %HLVFKODI SUR 7DJ ]XJHVWLPPW KlWWHQ DOV HLQHP *HVHW]HVDQWUDJGHU6RODULVWHQ:lUHQGLH,PSHULDOLVWHQGLH%H]HLFKQXQJIUDOOH$QKlQJHU GHU gIIQXQJ JHJHQEHU HLQHP GHU JDODNWLVFKHQ 5HLFKH VLFK HLQPDO HLQLJ PWH HU YRQ 6WXQGDQPLWVLHE]LJ3UR]HQWVHLQHU%H]JHLQGHQ5XKHVWDQGJHKHQ $QGHUHUVHLWV N|QQWH HU GDQQ GLYHUVH GHU LKP LPPHU ZLHGHU DQJHERWHQHQ %HUDWHUYHUWUlJH DN]HSWLHUHQ IU JURH .RQ]HUQH WlWLJ ZHUGHQ XQG VLFK HLQH :RKQXQJ LP 'LSORPDWHQYLHUWHOOHLVWHQGLH]HKQPDOJU|HUZDUDOVGLHGLHHUMHW]WEHVD ª6LH VLQG YHUOHW]W 6LU© VDJWH )RKUWXKQ GHU VHLQ ODQJH DQKDOWHQGHV 6FKZHLJHQ RIIHQEDU Y|OOLJIDOVFKLQWHUSUHWLHUWKDWWHª,FKUXIHHLQH$PEXODQ]© ª8QVLQQ©1HUYDOUDSSHOWHVLFKDXIª7KHUPRVWUDKOHU©ZLHGHUKROWHHUª8QG3DUDO\VDWRUHQ© (U YHUPXWHWH PLW HLQHU VROFKHQ :DIIH EHWlXEW ZRUGHQ ]X VHLQ ª'DV EHGHXWHW © (U YHUVWXPPWH 6R JDQ] ZDU VHLQ 'HQNYHUP|JHQ RIIHQEDU QRFK QLFKW ZLHGHUKHUJHVWHOOW 'LH ZHQLJH +LJK 7HFK GLH 5XSSHW LPSRUWLHUHQ NRQQWH EHIDQG VLFK LQ +lQGHQ GHU 5HJLHUXQJ RGHU ZHQLJHU VXSHUUHLFKHU,QGXVWULHOOHU$QVRQVWHQEHKLHOWHQGLHJDODNWLVFKHQ5HLFKHVRZRKOLKUH7HFKQLN DOVDXFKLKUH.HQQWQLVVHIUVLFK(UJLQJQLFKWGDYRQDXVGDLUJHQGZHOFKH.RQ]HUQFKHIV LKQLQGLHVH)DOOHJHORFNWKDWWHQDOV6LFKHUKHLWVPLQLVWHUKlWWHHUHVHLJHQWOLFKZLVVHQPVVHQ ZHQQ5HJLHUXQJVHLQKHLWHQKLHUDNWLYZDUHQ ª'DV EHGHXWHW© QDKP HU GHQ )DGHQ ZLHGHU DXI ªGD KLHU $XHQZHOWOHU DP :HUN VHLQ PVVHQ$EHUGDVVWDQGMDVFKRQIHVWDOVXQVHU*OHLWHUEHVFKRVVHQZXUGH© ª:DVZROOWHQ6LHEHUKDXSWKLHU6LU"©IUDJWH)RKUWXKQ 1HUYDO ODFKWH LP *HLVWH NXU] DXI (U ZUGH GLH 3LOOH WXQ XQG VHLQHP 6WDDWVVHNUHWlU GLH :DKUKHLW VDJHQ $EHU HU PXWH LKP LUJHQGHLQH SODXVLEOH (UNOlUXQJ IU VHLQ ]XJHJHEHQHU PDHQXQJHZ|KQOLFKHVXQGEHIUHPGOLFKHV9HUKDOWHQJHEHQ ª,FKKDEHHLQHQ+LQZHLVEHNRPPHQ©VW|KQWHHUJHVSLHOWJHTXlOWXPLPPHUZLHGHU3DXVHQ HLQOHJHQXQGVRQRFKHWZDVZHUWYROOH=HLWJHZLQQHQ]XN|QQHQª$XVHLQHUQRUPDOHUZHLVH JXWXQWHUULFKWHWHQ4XHOOH.RQNUHWH9HUGDFKWVPRPHQWH-HPDQGSODQWHLQ$WWHQWDWDXI3HUU\ 5KRGDQ© ª(LQ $WWHQWDW DXI 5KRGDQ"© HFKRWH )RKUWXKQ IDVVXQJVORV RGHU ]XPLQGHVW JXW JHVSLHOW ª8QGGDJHKHQ6LHDXIHLJHQH)DXVWYRUDQVWDWW$ODUPVWXIHHLQVDXV]XO|VHQ"© 'HU (LQZDQG GHV 0DQQHV ZDU Y|OOLJ JODXEKDIW XQG EHUHFKWLJW ,P 3ULQ]LS ZDU 'LGMHK )RKUWXKQ HLQ ]XYHUOlVVLJHU 0DQQ HLQ .|QQHU DXI VHLQHP *HELHW GRFK VHLW HWZD HLQHP KDOEHQ-DKUZDUHUDXHU5DQGXQG%DQG5RGULNJODXEWHGHQ%HJLQQVHLQHU9HUlQGHUXQJ VRJDU JHQDX ORNDOLVLHUHQ ]X N|QQHQ $QJHIDQJHQ KDWWH HV EHL HLQHU 7UDLQLQJVHLQKHLW 1DKNDPSI PLW 0HVVHUQ EHL GHU 'LGMHK LKQ XQDEVLFKWOLFK YHUOHW]W KDWWH .HLQH

VFKZHUZLHJHQGH :XQGH 5XSSHW EHZDKUH DEHU VLH KDWWH VWDUN JHEOXWHW XQG HLQHP 3URIL KlWWHVRHWZDVQLHPDOVSDVVLHUHQGUIHQ'LGMHKVFKLHQGLH.RQWUROOHEHUVLFKYHUORUHQ]X KDEHQ XQG GLH 1DFKOlVVLJNHLWHQ KDWWHQ VLFK GDQDFK IRUWJHVHW]W ZHQQ QLFKW VRJDU QRFK YHUVWlUNW ª'D]X LVW QRFK =HLW JHQXJ© HUZLGHUWH HU XQG WDVWHWH VLFK VFKQHOO DE (U ZDU LQ GHU 7DW XQYHUOHW]WDXFKGHU7KHUPRVWUDKOHUDXVGHU3URGXNWLRQGHV6RODUHQ,PSHULXPVPLWGHPHU DOV6LFKHUKHLWVPLQLVWHUVHOEVWYHUVWlQGOLFKDXVJHUVWHWZDUVWHFNWHQRFKDQ2UWXQG6WHOOH(U NRQQWHDOVRQXUIUZHQLJH0LQXWHQRGHUJDUQXU6HNXQGHQGDV%HZXVVWVHLQYHUORUHQKDEHQ 'DV ZLGHUVSUDFK DOOHUGLQJV GHQ .HQQWQLVVHQ GLH HU EHU GLH :LUNXQJVZHLVH YRQ 3DUDO\VDWRUHQKDWWH 'DUEHU NRQQWH HU VLFK VSlWHU *HGDQNHQ PDFKHQ -HW]W JDOW HV GHQ 6FKDGHQ ]X EHJUHQ]HQ XQGJOHLFK]HLWLJ)RKUWXKQVHYHQWXHOOHV0LVVWUDXHQ]X]HUVWUHXHQ 5RGULN]RJVHLQH:DIIH'LH7UGHV+DXVHVDXIGHUHQ6FKZHOOHHUDXHU*HIHFKWJHVHW]W ZRUGHQZDUVWDQGQRFKLPPHURIIHQ=ZDUZDUGDPLW]XUHFKQHQGDGLHhEHOWlWHUOlQJVW DXVJHIORJHQZDUHQIDOOVVLHVLFKEHUKDXSWLQGLHVHP*HElXGHEHIXQGHQKDWWHQGRFKHU PXWHDXI1XPPHU6LFKHUJHKHQª,FKVHKHQDFKZDVGDORVLVW©VDJWHHUªXQG6LHNHKUHQ ]XP*OHLWHU]XUFNXQGDODUPLHUHQGLH6LFKHUKHLWVNUlIWH© =X VHLQHU hEHUUDVFKXQJ VFKWWHOWH )RKUWXKQ HQHUJLVFK GHQ .RSI ª'D]X LVW VSlWHU =HLW JHQXJ©ZLHGHUKROWHHUVHLQH:RUWHª,FKEHJOHLWH6LH© ª$XINHLQHQ)DOO©VDJWH1HUYDOXQGWUDWQHEHQGLH7U ª,FK KDEH VFKRQ PDO ,KUH %HIHKOH EHIROJW XQG 6LH DOOHLQ ]LHKHQ ODVVHQ© ZDQGWH VHLQ 6WHOOYHUWUHWHU HLQ (U KDWWH HEHQIDOOV VHLQH :DIIH JH]RJHQ 'HU IDVW YHUVLHJWH 6WURP GHU 'HPRQVWUDQWHQ GLH DXV GHU ,QQHQVWDGW GUlQJWHQ ZDU LQV 6WRFNHQ JHUDWHQ ,PPHU PHKU 5XSSHWHU EOLHEHQ VWHKHQ XQG VFKDXWHQ QHXJLHULJ ]X LKQHQ KHUEHU ª:LU EHLGH ZLVVHQ ZDV VLFKGDUDXVHQWZLFNHOWKDW6ROOVLFKVRHWZDVZLHGHUKROHQ"9LHOOHLFKWNRPPHQ6LHGLHVPDO QLFKWVRELOOLJGDYRQ© 5RGULNQLFNWHNQDSSVWLHGLH7UYROOHQGVDXIXQGGUHKWHVLFKLQGHQGDKLQWHUEHILQGOLFKHQ 5DXP GHQ VFKXVVEHUHLWHQ 7KHUPRVWUDKOHU LQ EHLGHQ +lQGHQ ,KP ERW VLFK HLQ %LOG GHU =HUVW|UXQJ GDV LKQ LP $XJHQEOLFN MHGRFK QLFKW VRQGHUOLFK LQWHUHVVLHUWH (LQH ZHLWHUH 7U IKUWH LQ HLQHQ +LQWHUUDXP DXFK GLHVHU ZDU ZLH GHU YRUGHUH YHUODVVHQ XQG YHUZVWHW ZRUGHQ 'XUFK GLH HEHQIDOOV JH|IIQHWH +LQWHUWU NRQQWH PDQ HLQH VFKPDOH *DVVH EHWUHWHQ DXI GHU VLFK QLHPDQG DXIKLHOW 6HLQH 9HUPXWXQJ KDWWH VLFK DOV ULFKWLJ HUZLHVHQ ZHU DXFK LPPHULKQEHUIDOOHQKDWWHHUKDWWHGDV:HLWHJHVXFKW(UNHKUWHLQGHQ+DXSWUDXP]XUFN GHU QRFK YRQ )RKUWXKQ JHVLFKHUW ZXUGH ª.HLQH XQPLWWHOEDUH *HIDKU© VDJWH HU ª+LHU LVW QLHPDQGPHKU© 6HLQ6WHOOYHUWUHWHUOLHGHQ6WUDKOHUVLQNHQª8QGZDV©IUDJWHHUªZHQQGHU5DXPPLWHLQHP 6SUHQJVDW]JHVLFKHUWJHZHVHQZlUHGHUEHLP(LQGULQJHQ8QEHIXJWHUH[SORGLHUW":LUKlWWHQ 9HUVWlUNXQJUXIHQVROOHQ6LHVLQGXQYHUDQWZRUWOLFKOHLFKWVLQQLJYRUJHJDQJHQ© 1HUYDONQLIIGLH$XJHQ]XVDPPHQ:ROOWH)RKUWXKQLKQKHUDXVIRUGHUQKDWWHHUHVDXIVHLQHQ -REDEJHVHKHQ"2GHUQDKPHUGDV9RUJHKHQVHLQHV9RUJHVHW]WHQDOV$QODYRQGHQ3DW]HUQ DE]XOHQNHQGLHLKPLQOHW]WHU=HLWXQWHUODXIHQZDUHQ" 2GHU KDWWH HU VLFK VFKOLFKWZHJ ZLHGHU JHIDQJHQ XQG GLH 6LWXDWLRQ PLW HLQHU NDOWHQ 3URIHVVLRQDOLWlWDQDO\VLHUWDQGHU5RGULNHVLP$XJHQEOLFN]XPDQJHOQVFKLHQ" 'HU 6LFKHUKHLWVPLQLVWHU QLFNWH HUQHXW (U ZDU QLFKW VR GXPP VLFK DXI HLQH 'LVNXVVLRQ HLQ]XODVVHQ LQ GHU HU XQKDOWEDUH 3RVLWLRQHQ KlWWH YHUWHLGLJHQ PVVHQ 8QG HU GXUIWH )RKUWXKQQLFKWGHQZDKUHQ*UXQGIUVHLQH$QZHVHQKHLWDQGLHVHP2UWYHUUDWHQ ,KPODJHQ]ZHLIHOVIUHLH+LQZHLVHYRUGDHVLQVHLQHP0LQLVWHULXPLQKRKHU3RVLWLRQHLQH XQGLFKWH 6WHOOH JDE (LQHQ 9HUUlWHU GHU PLW HLQHP GHU JDODNWLVFKHQ 0DFKWEO|FNH ]XVDPPHQDUEHLWHWH 6HLQ XQEHNDQQWHU .RQWDNWPDQQ GHU LKP VFKRQ |IWHU ,QIRUPDWLRQHQ ]XJHVSLHOWKDWWHGLHVLFKELVODQJVWHWVDOV]XYHUOlVVLJHUZLHVHQKDWWHQKDWWHVLFKKLHUPLWLKP

WUHIIHQZROOHQXPLKPGLH,GHQWLWlWGHV6SLW]HOV]XYHUUDWHQ(UZDUQXUGDUDXIHLQJHJDQJHQ ZHLOHUHLQHQ=XVDPPHQKDQJPLWGHPDQVWHKHQGHQKRKHQ6WDDWVEHVXFKYHUPXWHWH 'D PDQ LKQ LQ HLQH )DOOH JHORFNW KDWWH ZDU LKP PLWWOHU ZHLOH NODU 1XU YHUVWDQG HU GLH 1DWXUGLHVHU)DOOHQRFKQLFKW8QG'LGMHK)RKUWXKQGXUIWHQLFKWVYRQGLHVHQ+LQWHUJUQGHQ HUIDKUHQ VFKOLHOLFK ZDU QLFKW DXVJHVFKORVVHQ GD HV VLFK EHL LKP XP GHQ hEHUOlXIHU KDQGHOWH 2GHU KDWWH PDQ LKQ HWZD OHGLJOLFK KLHUKHUEHVWHOOW XP LKQ PLW GHU 1DVH DXI GLH JHKHLPH $QODJHLP,QQHUHQGLHVHV+DXVHV]XVWRHQ"$EHUZHUZUGHVRHWZDVWXQ"8QG]XZHOFKHP =ZHFN" ª6LH KDEHQ UHFKW© JHVWDQG HU VHLQHP 6WHOOYHUWUHWHU HLQ +LHU ZDU ZLUNOLFK HWZDV REHUIDXO 6FKRQ GLH IOFKWLJHQ %OLFNH GLH HU DXI GLH *HUlWH LQ GHQ EHLGHQ 5lXPHQ JHZRUIHQ KDWWH YHUULHWHQ LKP GD VLH QLFKW RGHU ]XPLQGHVW ]XP *URWHLO QLFKW DXV UXSSHWLVFKHU )DEULNDWLRQ VWDPPWHQ =ZDU HUVFKZHUWH GHU 8PVWDQG GD VLH PHKU RGHU ZHQLJHU ULJRURV ]HUVW|UW ZRUGHQ ZDUHQ HLQH VRIRUWLJH (UNHQQWQLV EHU LKUHQ 6LQQ XQG =ZHFN DEHU LKUH DOOJHPHLQH+HUNXQIWZDUHLQGHXWLJ6LHVWDPPWHQDXVHLQHPGHUJDODNWLVFKHQ5HLFKH )RKUWXKQKDWWHHVHEHQIDOOVHUNDQQWª+LHUKDEHQ)UHPGZHOWOHULKU6SSFKHQJHNRFKW©VDJWH HU ª,QGHU7DW©VWLPPWHGHU0LQLVWHU]X ª:DV YHUPXWHQ 6LH"© IUDJWH GHU 6WDDWVVHNUHWlU ª6LQG ZLU KLHU DXI HLQH 6SLRQDJH]HQWUDOH HLQHVGHUJDODNWLVFKHQ5HLFKHJHVWRHQ"© 7lXVFKWH 1HUYDO VLFK RGHU PDFKWH HU WDWVlFKOLFK 0LVVWUDXHQ LQ )RKUWXKQV $XJHQ DXV" $UJZRKQ GDUEHU GD VHLQ 9RUJHVHW]WHU Y|OOLJ XQSURIHVVLRQHOO YRUJHJDQJHQ ZDU XQG GLH 9HUIROJXQJ HLQHV 6WUDIWlWHUV DXIJHQRPPHQ KDWWH VWDWW GLHV GHQ 6LFKHUKHLWVNUlIWHQ ]X EHUODVVHQ YRQ GHQHQ HV LQ GHU QlKHUHQ 8PJHEXQJ JHUDGH]X ZLPPHOWH XQG GDEHL Y|OOLJ ]XIlOOLJEHUGLHJHWDUQWH%DVLVHLQHUIUHPGHQ0DFKWJHVWRHQZDU" ª(VVLHKWVRDXV©VDJWH5RGULN ª5XSSHWLVWZLUNOLFKHLQ3DUDGLHVIU$JHQWHQ©VDJWH)RKUWXKQOHLFKWNQLUVFKHQG 1HUYDOZXWHZDVHUGDPLWPHLQWH$OOHLQDXIJUXQGGHUWHFKQLVFKHQhEHUOHJHQKHLWGHU )UHPGZHOWOHUNRQQWHQ6SLRQHGHUJDODNWLVFKHQ5HLFKHDXI5XSSHWQDKH]XXQJHVW|UWVFKDOWHQ XQGZDOWHQZLHHVLKQHQEHOLHEWH0LWGHUJHULQJHQ7HFKQRORJLHGLH5XSSHWLPSRUWLHUWH NRQQWHPDQLKQHQQLFKW3DUROLELHWHQ/HGLJOLFKGHU8PVWDQGGDDOOH0DFKWEO|FNHGDV JOHLFKH=LHOYHUIROJWHQGHQ$QVFKOXGHV3ODQHWHQDQLKUMHZHLOLJHV,PSHULXPXQG DXIPHUNVDPEHUGLH$NWLYLWlWHQGHUDQGHUHQZDFKWHQXQGVLHQDFK0|JOLFKNHLW]X GXUFKNUHX]HQYHUVXFKWHQYHUOLHKVHLQHU$UEHLWEHUKDXSWQRFKHLQHUXGLPHQWlUH$XVVLFKWDXI (UIROJ 1HLQHVJDEQLFKWVGDUDQ]XUWWHOQXQGZHGHUHUQRFKGLH5HJLHUXQJGHUHUDQJHK|UWH PDFKWHQVLFKHWZDVYRU,KU3ODQHWZDULQGHU7DWHLQ3DUDGLHVIU$JHQWHQ (UULHIVLFK]XU2UGQXQJ(U]DXGHUWHXQGKLQJVHLQHQ*HGDQNHQQDFKVWDWWGLHQRWZHQGLJHQ 6FKULWWHHLQ]XOHLWHQ'LHVHV9HUKDOWHQZDUY|OOLJDW\SLVFKIULKQVRJLQJHVQLFKWZHLWHU(U PXWHHQGOLFKKDQGHOQ ª.HKUHQ6LH]XP*OHLWHU]XUFNXQGVFKODJHQ6LH$ODUP©EHIDKOHUVHLQHP6WHOOYHUWUHWHU ª5XIHQ6LHGLH6LFKHUKHLWVVWXIHHLQVDXV© 0LWHLQHPVFKZDFKHQ/lFKHOQJULII)RKUWXKQLQGLH,QQHQWDVFKHVHLQHU$Q]XJMDFNHKROWHHLQ )XQNJHUlWKHUYRUVFKDOWHWHHVHLQXQGUHLFKWHHVVHLQHP9RUJHVHW]WHQª+LHU=HQWUDOH© HUNODQJGLHPHWDOOLVFKVFKHSSHUQGH6WLPPHGHV(LQVDW]OHLWHUVDXVGHPNOHLQHQ/DXWVSUHFKHU ª+LHU5RGULN©VDJWHHUª9RQVRIRUWDQJLOW6LFKHUKHLWVVWXIHHLQV*HKHQ6LHQDFK3ODQ'HOWD YRU%HYROOPlFKWLJXQJ$SVR/KDVD-HQQ\HLQV© ª9HUVWDQGHQ©EHVWlWLJWHGHU(LQVDW]OHLWHUXQGZLHGHUKROWHGDQQVHLQH$QZHLVXQJXPMHGHV 0LYHUVWlQGQLVDXV]XVFKOLHHQª6LFKHUKHLWVVWXIHHLQV3ODQ'HOWD%HYROOPlFKWLJXQJ$SVR /KDVD-HQQ\HLQV©

$XIJUXQG GHV EHYRUVWHKHQGHQ 6WDDWVEHVXFKV VFKOLHOLFK ZXUGH NHLQ JHULQJHUHU *DVW DOV 3HUU\5KRGDQSHUV|QOLFKHUZDUWHWGHU*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPVXQGGDPLW GHV EHGHXWHQGVWHQ JDODNWLVFKHQ 5HLFKV NRQQWH 1HUYDO GLHVH GXUFKJUHLIHQGH $QRUGQXQJ YHUWUHWHQ 9RQ GLHVHP $XJHQEOLFN DQ OLHIHQ DOOH 5lGFKHQ GHV 6LFKHUKHLWVPLQLVWHULXPV DXI +RFKWRXUHQ 6LFKHUKHLWVVWXIH HLQV EHGHXWHWH GLH 0RELOLVLHUXQJ VlPWOLFKHU HLJHQWOLFK GLHQVWIUHLHU (LQKHLWHQ GHV 6LFKHUKHLWVPLQL VWHULXPV GLH $EVFKRWWXQJ GHV 5DXPKDIHQV XQG GLH $EULHJHOXQJ GHV 6(.7256 (V ZDU VFKOLFKWZHJ XQP|JOLFK VlPWOLFKH 5XSSHWHU DXI]XJUHLIHQGLH6(.725YHUODVVHQRGHUEHWUHWHQZROOWHQGRFKGLH(LQVDW]NUlIWHKDWWHQ $QZHLVXQJ VlPWOLFKH 3HUVRQHQ GLH VLFK LQ LUJHQGHLQHU +LQVLFKW DXIIlOOLJ EHQDKPHQ IHVW]XQHKPHQ XQG IU GLH JHVHW]OLFK ]XOlVVLJH 'DXHU PD[LPDO YLHUXQG]ZDQ]LJHLQ KDOE 6WXQGHQDXFKIHVW]XKDOWHQ ª6FKLFNHQ 6LH ]ZHL +XQGHUWVFKDIWHQ KLHUKHU© IXKU HU IRUW XQG QDQQWH GLH $GUHVVH ª%HYRU]XJWHU *OHLWHUHLQVDW] 'LH HUVWH ULHJHOW GHQ (LQVDW]RUW DXI IQIXQG]ZDQ]LJ 0HWHU KHUPHWLVFKDE'LH*OHLWHUVROOHQXQPLWWHOEDUYRUGHP+DXVODQGHQ'LH]ZHLWHKlOWVlPWOLFKH 3HUVRQHQIHVWGLHVLFKLP8PNUHLVYRQHLQKXQGHUW0HWHUQDXIKDOWHQ©(UEH]ZHLIHOWH]ZDU DXIGLHVH:HLVHGHU3HUVRQHQKDEKDIW]XZHUGHQGLHVLFKLQGLHVHP%HUHLFKDXIJHKDOWHQXQG LKQ DXHU *HIHFKW JHVHW]W KDWWHQ NRQQWH VLFK LQ VHLQHU MHW]LJHQ 6LWXDWLRQ DEHU NHLQ SRWHQWLHOOHV9HUVlXPQLVPHKUOHLVWHQ .DXPKDWWHHUVHLQH$QZHLVXQJHQHUWHLOWDOVVLFKHLQHVHOWVDPH.lOWHGXUFKVHLQHQ.|USHU DXV]XEUHLWHQ XQG LKP MHJOLFKH .UDIW ]X UDXEHQ VFKLHQ (U VFKOR GLH $XJHQ XQG VW|KQWH GLHVPDO QLFKW JHVSLHOW JHTXlOW DXI $OV HU VFKRQ JODXEWH VHLQH %HLQH ZUGHQ XQWHU LKP QDFKJHEHQYHUVFKZDQGGDV*HIKOVRDEUXSWZLHGHUZLHHVDXIJHWUHWHQZDU 2IIHQVLFKWOLFK KDWWHQ GLH (UHLJQLVVH LKQ GRFK VWlUNHU PLWJHQRPPHQ DOV HU HV )RKUWXKQ HLQJHVWDQGHQKDWWH ª:LU ZDUWHQ ELV ]XP (LQWUHIIHQ GHU *OHLWHU© HQWVFKLHG HU ª6SUHFKHQ 6LH GHUZHLO ,KUHQ %HULFKW DXI %DQG 'DQQ JHKHQ ZLU UHLQ XQG VHKHQ XQV PDO JHQDXHU DQ ZRUDXI ZLU KLHU JHVWRHQVLQG© %ULGJHW 0lUFKWHKQ OLH GHQ %OLFN NXU] DXV GHP )HQVWHU GHV 5DXPV LQ GHU WHUUDQLVFKHQ %RWVFKDIW VFKZHLIHQ LQ GHP VLH VLFK ]XU (LQVDW]EHVSUHFKXQJ ]XVDPPHQJHIXQGHQ KDWWHQ ,UJHQGZRGRUWGUDXHQZDU8U[0R[LYDDXIGHU)OXFKW 'DV%RWVFKDIWVJHElXGHGDVYROOVWlQGLJYRP6RODUHQ,PSHULXPDQJHPLHWHWZRUGHQZDUZDU HLQVYRQHWZDHLQHP'XW]HQG+RFKKlXVHULQGLHVHP9LHUWHO$OOHUGLQJVKDQGHOWHHVVLFKQDFK UXSSHWLVFKHP 0DVWDE GDEHL XP HKHU NOHLQH MD IDVW VFKRQ ]LHUOLFKH %DXZHUNH GLH NHLQHQ 9HUJOHLFK PLW GHQ ULHVLJHQ :RKQNO|W]HQ ]XOLHHQ GLH DQVRQVWHQ GDV %LOG GHV 3ODQHWHQ EHVWLPPWHQ 'HQQRFK ILHOHQ VLH LP %RWVFKDIWVYLHUWHO DXI HLQHP GHU JDQ] ZHQLJHQ 6(.725(1 LQ GHQHQ VLFK :RKQEORFNV PRGHUDWHU +|KH PLW IUHLVWHKHQGHQ 9LOOHQ DEZHFKVHOWHQ XQG GLH 6WUDHQ OHGLJOLFK HEHQHUGLJ YHUOLHIHQ XQGQLFKW YLHU ELV VHFKVEDKQLJ EHUHLQDQGHUHUULFKWHWZDUHQ $XIJUXQGGLHVHV8PVWDQGVJDOWGDV'LSORPDWHQYLHUWHOGDVHUVWQDFKGHU:LHGHUHQWGHFNXQJ GHV3ODQHWHQ]XHLQHPVROFKHQJHPDFKWZRUGHQZDUDOVHLQVGHUH[NOXVLYVWHQDXI5XSSHW EHUKDXSW .HLQH )UDJH GD DXFK GHU &DUVXDOVFKH %XQG GLH =*8 XQG GDV ,PSHULXP 'DEULID LKUH %RWVFKDIWHQ LQ +RFKKlXVHUQ LQ GLHVHP 6(.725 XQWHUKLHOWHQ VLH ZRKQWHQ SUDNWLVFK7UDQ7UZlKUHQGHLQLJHZHQLJHDQGHUHJDODNWLVFKH9|ONHUGLH*DWDVHUXQG 6ZRRQV HWZD ZHVHQWOLFK EHVFKHLGHQHUH 9HUWUHWXQJHQ LQ 9LOOHQ XQWHUKLHOWHQ 8QG %ULGJHW ZDU QDWUOLFK EHNDQQW GD DXFK GLH DQGHUHQ JURHQ 9HUWUHWXQJHQ LQ LKUHQ %RWVFKDIWHQ 6SLRQDJH]HQWUHQEHVDHQLQGHQHQVLHLKUH$NWLYLWlWHQDXI5XSSHWNRRUGLQLHUWHQ $OV VLH VLFK ZLHGHU YRP )HQVWHU DEZDQGWH HUKDVFKWH VLH GLH 5HIOH[LRQ LKUHV *HVLFKWV DXI GHP*ODV6LHWUXJGLH+DDUHJDQ]NXU]JHVFKQLWWHQ-HW]WZlKUHQGHLQHV(LQVDW]HVZLHVHQ VLHLKUHQDWUOLFKHGXQNHOEORQGHLQV+HOOEUDXQHJHKHQGH)lUEXQJDXI]ZLVFKHQ$XIWUlJHQ

RGHU LQ LKUHU )UHL]HLW WUXJ VLH GLH +DDUH JHUQ EXQW JHVSUD\W 0LW LKUHU 1DVH ZDU VLH QLFKW ]XIULHGHQ VLH ZDU GHU $QVLFKW VLH KDEH HLQHQ +DNHQ ZHQQ DXFK QXU HLQHQ JDQ] OHLFKWHQ ,PPHUKLQ ZDU VLH ]LHUOLFK ZLH HV LKUHP JHVDPWHQ .|USHUEDX HQWVSUDFK %ULGJHW ZDU QXU HLQHQ 0HWHU XQG IQIXQGIQI]LJ JUR XQG EUDFKWH NQDSS VLHEHQXQGYLHU]LJ .LOR DXI GLH :DDJH:HUVLHGHVKDOEXQWHUVFKlW]WHZXUGHLP%HGDUIVIDOOVFKQHOOHLQHV%HVVHUHQEHOHKUW 6LH ZDU LQ ]DKOUHLFKHQ .DPSIVSRUW DUWHQ DXVJHELOGHW XQG ]XPLQGHVW EHVFKHLQLJWH LKUH 3HUVRQDODNWH LKU GLHV HLQH HQHUJLVFKH 3HUV|QOLFKNHLW GLH PDQFKPDO HWZDV ]X EHVWLPPHQG XQGEHKDUUOLFKXQG]XZHQLJGLSORPDWLVFKZDU ª'DV LVW GDV *HOWXQJVEHGUIQLV QLFKW JHUDGH EHVRQGHUV JUR JHZDFKVHQHU 0HQVFKHQ© ]RJ LKU)KUXQJVRIIL]LHUVLHJHUQXQGUHJHOPlLJDXI0DQFKH.ROOHJHQQDQQWHQVLHQLFKWPDO]X LKUHP/HLGZHVHQKLQWHULKUHP5FNHQRGHUDXFKJDQ]RIIHQª+DNHQQDVH©'HUHLQ]LJHGHU HV HLQPDO JHZDJW KDWWH VLH DOV ª*LIW]ZHUJ© XQG ªODXIHQGHU 0HWHU© ]X EH]HLFKQHQ KDWWH GLHVHQ $XVGUXFN QLH ZLHGHU LQ GHQ 0XQG JHQRPPHQ QDFKGHP HU DXI GHU .UDQNHQVWDWLRQ HUZDFKWZDUXQG6WHLQXQG%HLQVFKZRUHUVHLYRQHLQHPZHVHQWOLFK]XNOHLQXQG]XVFKPDO JHUDWHQHQ=ZHUJKDOXWHUXPJHUDQQWZRUGHQ 'LH 7U ZXUGH JH|IIQHW XQG LKU )KUXQJVRIIL]LHU EHWUDW DOV OHW]WHU 7HLOQHKPHU GHU (LQVDW]EHVSUHFKXQJGHQ5DXP(UZDUKRFKJHZDFKVHQVFKODQNXQGKDWWHGXQNOHV+DDU=XU =HLW lKQHOWH HU LP $XVVHKHQ HLQ ZHQLJ LKUHP REHUVWHQ &KHI *DOEUDLWK 'HLJKWRQ GRFK GDV NRQQWH VLFK VFKRQ EDOG ZLH GHU lQGHUQ .D(LQV EHYRU]XJWH HV VHLQ bXHUHV PHKU RGHU ZHQLJHUUHJHOPlLJRSHUDWLYYHUlQGHUQ]XODVVHQ ª(QWVFKXOGLJHQ6LHGLH9HUVSlWXQJ,FKKDEHJHUDGHPLW7HUUDQLDJHVSURFKHQ3HUU\5KRGDQV )OXJ YHUOlXIW SODQPlLJ 'LH :85,8 6(1*8 NUHX]W EHUHLWV LQ 7XFDQL XQG ZLUG GHQ .XJHOVWHUQKDXIHQ EDOG ZLHGHU YHUODVVHQ© VDJWH HU QDKP 3ODW] XQG NDP GDQQ VRIRUW ]XU 6DFKHª(VJLEW6FKZLHULJNHLWHQ"© ª'LH $NWLRQ ZDU NHLQ YROOHU (UIROJ .D(LQV© EHVWlWLJWH VLH LKUHP 9RUJHVHW]WHQ ª8U[ 0R[LYDKLHOWVLFKLP=LHOREMHNWDXIXQGNRQQWHIOLHKHQ©7URW]LJVFKREVLHLKUHQ.RSIYRU ª%HLVHLQHUhEHUZDFKXQJPXHLQ)HKOHUXQWHUODXIHQVHLQ© ª'HQ 6LH QLFKW ]X YHUDQWZRUWHQ KDEHQ© EHVWlWLJWH .D(LQV LKUH XQWHUVFKZHOOLJH 5HFKWIHUWLJXQJª.DQQHUHLQHQ7UDQVPLWWHUEHQXW]WKDEHQ"© 'HU IU GLH RUWXQJVWHFKQLVFKH hEHUZDFKXQJ ]XVWlQGLJH 6KHXUHQ VFKWWHOWH GHQ .RSI :DU GLH +DNHQQDVH IU GHQ ODQJZHLOLJHQ 'XUFKVFKQLWW HWZDV ]X NXU] JHUDWHQ VWHOOWH HU GDV JHQDXH *HJHQWHLO GDU (U ZDU JUR XQG VR VFKODQN GD HLQ XQYRUHLQJHQRPPHQHU %HREDFKWHUEHIUFKWHQNRQQWHHUZUGH]HUEUHFKHQZHQQHUVLFKDOO]XUDVFKEHZHJWH'LH EHLGHQ DUEHLWHWHQ VHKU KlXILJ ]XVDPPHQ XQG PDQ PXQNHOWH GD 6KHXUHQ HV GDUDXI DEJHVHKHQ KDWWH QLFKW YRQ %ULGJHW 0lUFKWHKQ JHWUHQQW ]X ZHUGHQ XQG GHVKDOE %HI|UGHUXQJHQ RGHU 9HUVHW]XQJHQ JH]LHOW WRUSHGLHUWH $QGHUHUVHLWV ZDU HU HLQ 0DQQ GHU NHLQ%ODWWYRUGHQ0XQGQDKP6HLQHQOHW]WHQ%HI|UGHUXQJVVWRSKDWWHHUVLFKHLQJHIDQJHQ DOVHUHLQHPVHLQHU0HLQXQJQDFKQLFKWEHVRQGHUVIlKLJHQ9RUJHVHW]WHQXQWHUVWHOOWKDWWHHU VHL LPVWDQGH DXV ([NUHPHQWHQ HU KDWWH HLQ ZHVHQWOLFK XQIHLQHUHV :RUW EHQXW]W ª)ULNDGHOOHQ ]X PDFKHQ© ZDV JOHLFK]HLWLJ DXI VHLQH 9RUOLHEH IU GLH HLQIDFKH DEHU NODVVLVFKHWHUUDQLVFKH.FKHKLQZLHV ª :LU KDEHQ NHLQHUOHL (PLVVLRQHQ IHVWJHVWHOOW© VDJWH HU QXQ ª$XFK HLQ 'HIOHNWRUVFKLUP VFKHLGHWDXV:LUKlWWHQHVDXIMHGHQ)DOODQJHPHVVHQ© ª$XHUGHPKDEHQZLULP=LHOREMHNWNHLQHQ7UDQVPLWWHUJHIXQGHQ©IJWH%ULGJHWKLQ]X ª6LQG6LHVLFKHUGDHVVLFKEHLGHP)OFKWLJHQXP8U[0R[LYDJHKDQGHOWKDW"©IUDJWH.D (LQVVHLQH$JHQWLQ %ULGJHW]XFNWHPLWGHQ$FKVHOQª(UKDWVLFKQLFKWDXVJHZLHVHQ©VDJWHVLHDXIGLHLKUHLJHQH VFKQLSSLVFKH $UW ª,FK KDEH HLQH EHU ]ZHL 0HWHU JURH VHKU KDJHUH XQG IHLQJOLHGULJH *HVWDOWPLWIDVWIDUEORVHU+DXWDXVJHPDFKWGLHGDV=LHOREMHNWIOXFKWDUWLJYHUOLHXQGN|QQWH EHVFKZ|UHQ GD HV HLQ $UD ZDU 8QVHUHV :LVVHQV LVW 8U[0R[LYD ]XU =HLW GHU HLQ]LJH 9HUWUHWHU GLHVHU 6SH]LHV DXI 5XSSHW 8QG HU DUEHLWHW IU GDV ,PSHULXP 'DEULID XQG KDW

HQWVFKHLGHQGHQ $QWHLO DQ GHUHQ 2SHUDWLRQ 'DV VLQG PLU HLQLJH =XIlOOH ]XYLHO :HQQ VHLQH hEHUZDFKXQJIXQNWLRQLHUWKlWWH© ª'LH$XI]HLFKQXQJVJHUlWHKDEHQLKQQLFKWHUIDW©ZDUI6KHXUHQHLQZRPLWHUHLQHUVHLWVGLH QlFKVWH )UDJH GHV )KUXQJVRIIL]LHUV YRUZHJQDKP XQG DQGHUHUVHLWV YHUKLQGHUWH GD VHLQH .ROOHJLQ HUQHXW DXI GHP OHLGLJHQ 7KHPD KHU XPULWW ª%ULGJHW KDW GHQ 5DXP DOV HUVWH EHWUHWHQ$XHULKUKDWLKQNHLQHUJHVHKHQ© ª6HLQHhEHUZDFKXQJKDWIXQNWLRQLHUW©PHOGHWH1HUJH1DXVLFK]X:RUW'HUHWZDVHFK]LJ -DKUHDOWHXQGHLJHQWOLFKYLHO]XIUKHUJUDXWHHWZDVVFKZHUIlOOLJZLUNHQGH.ROOHJHZDUIU GLH 2EVHUYDWLRQ GHU *HJHQVHLWH YHUDQWZRUWOLFK ª(U LVW QLFKW LQ GHU 1lKH GHV =LHOREMHNWV DXVJHPDFKW ZRUGHQ 'DIU OHJH LFK PHLQH +DQG LQ GHQ .RQYHUWHU $OOHUGLQJV© JHVWDQG HU HLQEHYRUPDQLKQGDUDXIDQVSUHFKHQNRQQWHªKDEHQPHLQH/HXWHLKQNQDSSHLQH6WXQGHYRU %HJLQQGHU$NWLRQDXVGHQ$XJHQYHUORUHQ© ª+DW HU EHPHUNW GD HU EHVFKDWWHW ZXUGH"© IUDJWH .D(LQV 1DX VFKWWHOWH GHQ .RSI XQG YHUGUHKWH GLH $XJHQ ª(LQ 9HUNHKUVVWDX© VDJWH HU ª(U KDW HLQH $PSHO JHVFKDIIW XQVHUH /HXWHQLFKWPHKU'DQDFKJLQJQLFKWVPHKU6LHKlQJHQQRFKLPPHUIHVW(LQH$XVZLUNXQJ GHUYRQ.ROOHJLQ0lUFKWHKQV$EWHLOXQJLQV]HQLHUWHQXQJHQHKPLJWHQ'HPRQVWUDWLRQ©NRQQWH HUVLFKHLQHQNOHLQHQ6HLWHQKLHEQLFKWYHUNQHLIHQ )U 5XSSHW HLQ JDQ] QRUPDOHU 9RUJDQJ EHIDQG %ULGJHW DOOHUGLQJV *HJHQ GLH DEVROXW FKDRWLVFKHQ 9HUNHKUVYHUKlOWQLVVH DXI GHP 3ODQHWHQ ZDUHQ DOOH PDFKWORV 6LH ZUGHQ VLFK ZRKOQLHPDOVDQGLHVH=XVWlQGHJHZ|KQHQN|QQHQZlKUHQGVLHIUGLH5XSSHWHUQDWXUJHPl Y|OOLJDOOWlJOLFKZDUHQ ª:LH GHP DXFK VHL© ULHI .D(LQV VLH ]XU 2UGQXQJ XQG EHHQGHWH GDPLW GHQ NOHLQHQ =ZLVW XQWHUGHQ.ROOHJHQªGDV.LQGLVWLQGHQ%UXQQHQJHIDOOHQ:DVQXQ"© ª'HU]HLWOLFKH5DKPHQLVWYRUJHJHEHQ©VDJWH6KHXUHQ ª1DFK5KRGDQV$EIOXJNDQQ8U[0R[LYDVRODXW=HWHUXQG0RUGLRVFKUHLHQZLHHUZLOO(U ZLUGHVDEHUQLFKWWXQ'DQQPWHGDV,PSHULXP'DEULIDQlPOLFKHLQJHVWHKHQDXI5XSSHW HLQHYHUGHFNWH$NWLRQGXUFKJHIKUW]XKDEHQXQGGLH5XSSHWHUYHUVWHKHQLQGLHVHU+LQVLFKW NHLQHQ6SD'LH'HOHJDWLRQPWHPLWGHU$XVZHLVXQJUHFKQHQ*DQ]DEJHVHKHQYRQGHP JDODNWRSROLWLVFKHQ 6NDQGDO GD GDV ,PSHULXP 'DEULID WDWVlFKOLFK YHUVXFKW KDW GHQ *URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPV]XHUPRUGHQ© .D(LQV QLFNWH $Q GLHVH XQJHVFKULHEHQHQ *HVHW]H KLHOWHQ VLFK VlPWOLFKH $EZHKUGLHQVWH $OOH XQWHUQDKPHQ VROFKH $NWLRQHQ XQG GLH 'LHQVWH DOOHU DQGHUHQ 5HLFKH ZXWHQ GDYRQ QXUHUZLVFKHQODVVHQGXUIWHPDQVLFKQLFKW ª,FK VHKH HV lKQOLFK 'DV HLQ]LJH 3UREOHP VLQG GLH QlFKVWHQ© HU VFKDXWH DXI GDV &KURQRPHWHUªJXWGUHLLJ6WXQGHQ© ª8U[0R[LYDZLUGYHUVXFKHQVHLQH.ROOHJHQ]XZDUQHQ©VDJWH1HUJH1DX ª'DYRQN|QQHQZLUDXVJHKHQ©JDE%ULGJHWLKPUHFKWª'LH*HJHQVHLWHZHLOlQJVWGDVLH LKUHQ 3ODQ QLFKW ZLH YRUJHVHKHQ GXUFK]LHKHQ NDQQ XQG LKUH $NWLRQ LQ K|FKVWHP 0D JHIlKUGHW LVW 6LH ZHL DOOHUGLQJV QLFKW JHQDX ZDV LQ GHP /DERU JHVFKHKHQ LVW $EHU IU MHGZHGH.RUUHNWXUHQLVWHV]XVSlW6LHNDQQQXUGDUDXIKRIIHQGDGHU$WWHQWlWHUVHLQ=LHO HUUHLFKW XQG ZLUG VLFK GDUDXI EHVFKUlQNHQ DOOH 6SXUHQ ]X YHUZLVFKHQ IDOOV HU GRFK VFKHLWHUQXQGHUJULIIHQZHUGHQVROOWH6RJHVHKHQLVWGLH$QZHVHQKHLWXQG)OXFKWGHV$UDV NHLQ%HLQEUXFK© ª=XPDOZLUVHLW%HJLQQGHU$NWLRQGLH)UHTXHQ]VW|UHQDXIGHUGHU)XQNYHUNHKU]ZLVFKHQ GHU 'DEULID(LQVDW]]HQWUDOH XQG LKUHQ $XHQDJHQWHQ DEJHZLFNHOW ZLUG© ZDUI 6KHXUHQ HLQ ª'DV ELHWHW ]ZDU NHLQH DEVROXWH 6LFKHUKHLW DEHU ]XPLQGHVW $QOD ]XU +RIIQXQJ GD 8U[ 0R[LYD QLFKW HLQIDFK HLQHQ )XQNVSUXFK DEVWUDKOHQ NDQQ 1XU GLHVH )UHTXHQ] LVW JHVLFKHUW DXI DOOHQ DQGHUHQ N|QQWH MHGHU PLWK|UHQ XQG GDV LVW GHP $UD ]X ULVNDQW (U ZLUG HV ]XPLQGHVW QLFKW ZDJHQ LQV 'HWDLO ]X JHKHQ $EHU GX YHUJLW XQVHUHQ 0DXOZXUI© IJWH HU KLQ]X ª(U EHILQGHW VLFK DQ YRUGHUVWHU )URQW XQG LVW EHU GDV *HVFKHKHQ YROOVWlQGLJ LQIRUPLHUW©

ª5RGULN KDW GLH 6LFKHUKHLWVVWXIH HLQV DXVJHO|VW© KLHOW %ULGJHW GDJHJHQ ª(V GUIWH GHP 0DXOZXUI VFKZHUIDOOHQ VLFK XQWHU GLHVHQ 8PVWlQGHQ DQ XQV RGHU GLH 'DEULID $EZHKU ]X ZHQGHQIUGLHHUHEHQIDOOVWlWLJLVW© ª*HUDGH GLHVH 8PVWlQGH HUOHLFKWHUQ HV LKP .RQWDNW PLW VHLQHQ $XIWUDJJHEHUQ DXI]XQHKPHQ© ZLGHUVSUDFK 6KHXUHQ ª'LH *HJHQVHLWH ZLUG YHUVXFKHQ ]X UHWWHQ ZDV ]X UHWWHQ LVW© VDJWH .D(LQV ª6LH PX DNWLY ZHUGHQ XQG DOOHV GDUDQVHW]HQ GHQ XUVSUQJOLFK YRQ LKU KHUEHLJHIKUWHQ =XVWDQG ZLHGHUKHU]XVWHOOHQ 'DV LVW XQVHUH &KDQFH :LU KDEHQ JHQDXH .HQQWQLVVH EHU 6WUXNWXU XQG 9RUJHKHQVZHLVH GHU JHJQHULVFKHQ 2UJDQLVDWLRQ 1DX 6LH YHUVWlUNHQ GLH hEHUZDFKXQJ GHU IHLQGOLFKHQ $JHQWHQ XQG VHW]HQ DOOHV GDUDQ MHGH .RUQPXQLNDWLRQ ]ZLVFKHQ LKQHQ GHP 0DXOZXUI XQG 8U[0R[LYD ]X YHUKLQGHUQ 6KHXUHQ 6LH XQG ,KUH /HXWH KDOWHQ GHQ 0DXOZXUI XQWHU %HREDFKWXQJ XQG YHUVXFKHQ GHQ $UD ]X ILQGHQ9HUKLQGHUQ6LHXQWHUDOOHQ8PVWlQGHQGDGHU0DXOZXUIXQG8U[0R[LYD.RQWDNW PLW'DEULID$JHQWHQDXIQHKPHQ© ª8QGZDVZHQQZLU8U[0R[LYDILQGHQ"© %ULGJHW 0lUFKWHKQ EHGDFKWH LKQ PLW HLQHP VWUDKOHQGHQ /lFKHOQ ª0HLQ /LHEHU GDQQ OLTXLGLHUVWGXLKQNXU]XQGVFKPHU]ORV9HUGLHQWKDWHUHVDOOHPDO© (UOLHVLFKYRQGHU0HQJHWUHLEHQEHPKWHVLFKHLQHUVHLWVVRXQDXIIlOOLJZLHP|JOLFK]X ZLUNHQ XQG DQGHUHUVHLWV IHVW]XVWHOOHQ RE HU YHUIROJW ZXUGH $XV LUJHQGHLQHP *UXQG WDW HU GLHV JDQ] DXWRPDWLVFK DOV ZlUH HV LKP LQ )OHLVFK XQG %OXW EHUJHJDQJHQ DOV ZLGPHWH HU VHLQHU8PJHEXQJVWHWVPHKU$XIPHUNVDPNHLWDOVHLQ1RUPDOVWHUEOLFKHUHVWDW$EHUHVEOLHE EHL GHP 9HUVXFK HU NRQQWH VLFK QLFKW GDUDXI NRQ]HQWULHUHQ 6HLQH *HGDQNHQ JDOWHQ HWZDV JDQ]DQGHUHP3HUU\5KRGDQW|WHQ 6HLQHUPHKUDOVQXUPHUNZUGLJHQ6LWXDWLRQ %HLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (UUHNDSLWXOLHUWH]XPIQI]LJVWHQ0DOLQJHQDXVRYLHOHQ0LQXWHQRKQHDXFKQXUHLQHQ6FKULWW ZHLWHUJHNRPPHQ]XVHLQ(UZXWHZRHUZDU,Q6(.725,YRQ5XSSHW&LW\(UKDWWHLKQ VRHEHQYHUODVVHQKLHOWVLFKQXQLPEHQDFKEDUWHQ6(.725DXI(UNDQQWHVLFKDOVRKLHUDXV GLH6WDGWZDULKPYHUWUDXW $EHUHUZXWHQLFKWZHUHUZDU(UNDQQWHVHLQHQ1DPHQQLFKWHUZXWHQLFKWREHU YHUKHLUDWHWZDUZLHYLHOH.LQGHUHUKDWWHZRPLWHUVLFKVHLQHQ/HEHQVXQWHUKDOWYHUGLHQWHZR HUZRKQWH$OOHSHUV|QOLFKHQ'DWHQVFKLHQHQDXVVHLQHP*HGlFKWQLVJHO|VFKWZRUGHQ]XVHLQ 2GHUKDWWHHVVROFKH'DWHQQLHJHJHEHQ"1LFKWHLQPDOGDVZDULKPEHNDQQW (UNQLIIGLH/LGHU]XVDPPHQDOVVLFKHLQHZHLWHUH:HOOHYRQ.RSIVFKPHU]HQDQNQGLJWH(V EHJDQQVWHWVPLWHLQHPVFKZDFKHQ3RFKHQLUJHQGZRLQVHLQHP+LQWHUNRSIGDVGDQQVFKQHOO DQ6WlUNHXQG,QWHQVLWlWJHZDQQXQGVLFKDXVGHKQWHELVHVVHLQH$XJHQHUUHLFKWHXQGHU JODXEWHDOOHVGRSSHOW]XVHKHQ :DUHUYHUOHW]WZRUGHQ"+DWWHHUHLQHQ6FKODJDXIGHQ.RSIDEEHNRPPHQ"(LQHQ6FKRFN HUOLWWHQ":DUVHLQHSDUWLHOOH$PQHVLH)ROJHHLQHV8QIDOOV":DVZDUJHVFKHKHQ" 'LH$QWZRUWEOLHEGLHJOHLFKH(UZXWHHVQLFKW :DVZXWHHU" 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ 'LH.RSIVFKPHU]HQOLHHQDOOPlKOLFKZLHGHUQDFK (U ZDU LUJHQGZR ]X VLFK JHNRPPHQ KDWWH HLQH 6LQJOHEDU EHWUHWHQ DXWRPDWLVFK HLQ VHKU WHXUHV *HWUlQN EHVWHOOW JHUDGH QRFK VR YLHOH 5XGLJD EHL VLFK JHKDEW GD HU VHLQH =HFK EH]DKOHQNRQQWHVRQVWDEHUQLFKWVZLHHUPLWWOHUZHLOHIHVWJHVWHOOWKDWWH'LH%ULHIWDVFKHZDU ELV DXI GLH *HOGVFKHLQ OHHU JHZHVHQ KDWWH ZHGHU HLQH ,GHQWLFDUG QRFK DQGHUH 'RNXPHQWH HQWKDOWHQ(UWUXJQLFKWVEHLVLFKZDVLKP]XHLQHU,GHQWLIL]LHUXQJYHUKHOIHQNRQQWHHUKDWWH VLFK DX HLQHU |IIHQWOLFKHQ 7RLOHWWH LQ HLQHU .DELQH HLQJHVFKORVVHQ XQG ELV DXI GLH +DXW DXVJH]RJHQ VHLQHQ .|USHU DEJHVXFKW (U KDWWH DXI 7lWRZLHUXQJHQ JHKRIIW DEHU QXU EHUGXUFKVFKQLWWOLFK YLHOH 1DUEHQ HQWGHFNW XQG DQVRQVWHQ IHVWJHVWHOOW GD HU ]ZDU

GXUFKWUDLQLHUW XQG DWKOHWLVFK ZDU NHLQ*UDPP)HWWDP/HLE]XYLHOKDWWHDEHUQLFKWJHUDGH DXIIlOOLJPXVNXO|VZDU 'DQQKDWWHHUVLFKVHLQH.OHLGXQJYRUJHQRPPHQ)HVWJHVWHOOWKDWWHHUOHGLJOLFKGDVLHYRQ H[TXLVLWHU 4XDOLWlW XQG GHPHQWVSUHFKHQG NRVWVSLHOLJ ZDU DEHU QLFKW GHQ JHULQJVWHQ )LQJHU]HLJDXILKUH+HUVWHOOXQJERW6LHZDUPDJHVFKQHLGHUWXQGLKPZDUDXIJHIDOOHQGD PDQ HLQ (WLNHWW HQWIHUQW KDWWH (U NRQQWH DOOHUGLQJV QLFKW VDJHQ RE GLHV URXWLQHPlLJ JHVFKHKHQZDURGHUPDQDXIGLHVH:HLVHYHUKLQGHUQZROOWHGDHUGHQ6FKQHLGHUDXIVSUHQ XQGVR+LQZHLVHDXIVHLQH,GHQWLWlWEHNRPPHQNRQQWH .DXPKDWWHHUGLH7RLOHWWHZLHGHUYHUODVVHQDOVHUEHUGLHZLHVHOEVWYHUVWlQGOLFKH0HWKRGLN JHVWDXQW KDWWH PLW GHU HU YRUJHJDQJHQ ZDU 6HLQH )lKLJNHLW ]XP DQDO\WLVFKHQ ORJLVFKHQ 'HQNHQ ZDU JHVFKlUIW XQG GDV ZDU GLH HUVWH HFKWH XQG UHOHYDQWH ,QIRUPDWLRQ EHU VHLQH 3HUVRQGLHLKPYLHOOHLFKWZHLWHUKDOI $QVRQVWHQ /HHUH 1XU HLQV GUlQJWH VLFK LPPHU ZLHGHU LQ GHQ 9RUGHUJUXQG VHLQHV (PSILQGHQV REZRKO HU QLFKW GDUXP JHEHWHQ KDWWH XQG DXFK QLFKW UHFKW HWZDV GDPLW DQ]XIDQJHQZXWH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (UZXWHZHU3HUU\5KRGDQZDUGHU*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPV(LQ6FKLII GHU ([SORUHU)ORWWH GLHVHV 0DFKWJHIJHV KDWWH 5XSSHW ZLHGHUHQWGHFNW EHU IQIHLQKDOE -DKUKXQGHUWH QDFKGHP %HZRKQHU GLHVHV 5HLFKV DXIJHEURFKHQ ZDUHQ GLHVH .RORQLH JHJUQGHWKDWWHQGDQDFKLQ9HUJHVVHQKHLWJHUDWHQZDUHQXQGVLFKRKQH%HHLQIOXVVXQJYRQ DXHQ KDWWHQ HQWZLFNHOQ N|QQHQ GHP *URHQ 5XSSHW VHL V JHGDQNW .XU] QDFK GLHVHU %HJHEHQKHLW ZDUHQ DXFK DQGHUH JDODNWLVFKH 5HLFKH YRUVWHOOLJ JHZRUGHQ GLH HLQ ,QWHUHVVH KDWWHQ GD GLH HLJHQWOLFK Y|OOLJ XQEHGHXWHQGH :HOW VLFK LKQHQ DQVFKOR ,PPHUKLQ ZDU 5XSSHW]XPLQGHVWQDFKGHPDNWXHOOHQ:LVVHQVVWDQGGLHHLQ]LJH:HOWLPZHLWHQ8PIHOG GHV5DXPVHNWRUV7XFDQLGLHYRQ0HQVFKHQDEN|PPOLQJHQEHVLHGHOWZDU:HUVLHVHLQHP 0DFKWJHIJH DQVFKOLHHQ NRQQWH EHKHUUVFKWH DXWRPDWLVFK GHQ .XJHOVWHUQKDXIHQ RGHU YHUIJWH]XPLQGHVWEHUHLQH%DVLVXPGHQ$QVSUXFKDOOHUDQGHUHQ.RQNXUUHQWHQZLUNVDP ]XUFN]XZHLVHQ $OOHUGLQJVYHUVSUWHGLH0HKU]DKOGHU5XSSHWHUQRFKQLFKWGDVJHULQJVWH,QWHUHVVHGDUDQ VLFK HLQHP 0DFKWEORFN DQ]XVFKOLHHQ GHU QLFKW EHUHLW ZDU GLH UHOLJL|VH hEHU]HXJXQJ GHU 5XSSHWHU]XEHUQHKPHQ6FKOLHOLFKKDWWHQLKUHUDOOHU9RUIDKUHQGDVGDPDOLJH(LQIOXJHELHW GHU0HQVFKKHLWYHUODVVHQXPGDV*HERW*HKHWKLQXQGYHUPHKUHWHXFK]XYHUZLUNOLFKHQ (UZXWHZRGHU5DXPKDIHQODJZHLWHQWIHUQWJDQ]DP(QGHYRQ5XSSHW&LW\(LQHUVHLWV ZDU GLHVHU 6WDQGRUW JHZlKOW ZRUGHQ XP GHQ *URWHLO GHU 6WDGW YRQ GHP /lUP ]X YHUVFKRQHQGHUEHLGHU/DQGXQJXQGGHP6WDUWYRQ5DXPVFKLIIHQHLQHU*U|HHQWVWDQGGLH GHQ 5XSSHWHUQ QRFK LPPHU VFKOLFKW DOV ZXQGHUVDP YRUNDP $QGHUHUVHLWV KDWWH GLH ,QIUDVWUXNWXU GHU 6WDGW JDU NHLQH DQGHUH 0|JOLFKNHLW ]XJHODVVHQ XQG GULWWHQV XQG GDV ZDU GHUDXVVFKODJJHEHQGH)DNWRUJHZHVHQDXFKZHQQHUQLFKWZXWHZLHVRHUGLHVZXWHKDWWH GLHGDPDOLJH5HJLHUXQJJDUNHLQHDQGHUH0|JOLFKNHLWJHKDEWDOVVLFKIUGLHVHQ6WDQGRUW]X HQWVFKHLGHQ 'DPDOV DOV GLH (QWVFKHLGXQJ DQVWDQG HLQHQ 5DXPKDIHQ ]X HUEDXHQ ZDUHQ JHUDGH VlPWOLFKH *HElXGH GLHVHV 6(.7256 DEJHULVVHQ ZRUGHQ XP :RKQEORFNV ]X HUULFKWHQ GLH GRSSHOW VR KRFK ZDUHQ ZLH GLH GLH VLFK ]X GLHVHP =HLWSXQNW GRUW EHIDQGHQ NHLQDQGHUHV*HOlQGHKDWWH]XU9HUIJXQJJHVWDQGHQ 'LH%HZRKQHUGLHVHV6(.7257HLOVZDUHQNXU]HUKDQGDXI DQGHUH6(.725(1YHUWHLOWZRUGHQ (U ZXWH HU KlWWH GHQ 5DXPKDIHQ PLW GHU 6XPPH LQ VHLQHU %ULHIWDVFKH EHTXHP PLW |IIHQWOLFKHQ 9HUNHKUVPLWWHOQ HUUHLFKHQ N|QQHQ KlWWH HU VLFK LQ GHU 6LQJOHEDU QLFKW GDV WHXHUVWH *HWUlQN DXI GHU .DUWH EHVWHOOW 'LH 4XDOLWlW VHLQHU .OHLGXQJ XQG VHLQH .RQVXPJHZRKQKHLWHQYHUULHWHQLKPGDHUQRUPDOHUZHLVHQLFKWGDUDXIDFKWHQPXWHZLH YLHO5XGLJDHUDXVJDE

8QGHUZXWHGD3HUU\5KRGDQDPPRUJLJHQ7DJXP]Z|OI8KUPLWWDJVPLWVHLQHP6FKLII DXIGHP5DXPKDIHQODQGHQXQGGLHRIIL]LHOOH%HJUXQJXQPLWWHOEDUGDUDXI VWDWWILQGHQZUGH $EHULKPSDWHJDUQLFKWGHUOHW]WHRGHUYLHOPHKUHUVWH%HVWDQGWHLOGHU*HGDQNHQGLHLKP VWlQGLJGXUFKGHQ.RSI JLQJHQ 3HUU\5KRGDQW|WHQ 0LW(UVFKUHFNHQKDWWHHUIHVWJHVWHOOWGDLKPGHU*HGDQNHHLQHQ0HQVFKHQ]XW|WHQQLFKW IUHPG VRQGHUQ YHUWUDXWHU ZDU DOV LKP OLHE VHLQ NRQQWH (U KHJWH QLFKW GHQ JHULQJVWHQ =ZHLIHO GDUDQ VFKRQ HLQPDO |IWHU VHOEVW JHW|WHW RGHU GHQ 7RG DQGHUHU 0HQVFKHQ DQJHRUGQHW RGHU ]XPLQGHVW JHELOOLJW ]X KDEHQ 8QG VRVHKU HU LQ VLFK KLQHLQKRUFKWH HU HPSIDQGNHLQ(QWVHW]HQGDUEHU 8QGGLHVHU8PVWDQGHUIOOWHLKQQLFKWPDOPLW(QWVHW]HQ :HUZDUHUGDHURKQH%HGDXHUQJHW|WHWKDWWH"8QGEHUHLWZDUZLHGHU]XW|WHQ" 'HQQ HU KDWWH EHUHLWV IHVWJHVWHOOW GD VHLQH DQDO\WLVFKH 'HQNIlKLJNHLW VHKU JXW HQWZLFNHOW ZDU%HVVHUHQWZLFNHOWDOVEHLDQGHUHQ0HQVFKHQRGHU5XSSHWHUQZHOFKH%H]HLFKQXQJDXFK LPPHU PDQ YRU]RJ (U ZDU QLFKW GXPP MHGHQIDOOV QLFKW VR GXPP QLFKW VFKRQ QDFK HLQHU NXU]HQ:HLOHEHPHUNW]XKDEHQGDLKQHWZDVJHUDGH]X]XP5DXPKDIHQWULHE(WZDVGD GLHVHXQQDWUOLFKHQ.RSIVFKPHU]HQLQLKPDXVO|VWHEHLGHQHQMHGHUQHXH$QIDOOVFKOLPPHU ZDUDOVGHUYRUKHULJH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (U VDK HLQ GD HU NHLQH DQGHUH :DKO KDWWH DOV VLFK ]XP 5DXPKDIHQ ]X EHJHEHQ 'DPLW JHVWDQG HU VLFK QRFK ODQJH QLFKW HLQ GD HU EHUHLW ZDU WDWVlFKOLFK HLQ $WWHQWDW DXI GHQ *URDGPLQLVWUDWRU]XXQWHUQHKPHQ$EHUHUZDUEHU]HXJWGDGHU5DXPKDIHQGHU2UWZDU DQGHPHUDPHKHVWHQ$QWZRUWDXIGLHEUHQQHQGH)UDJHHUKDOWHQZUGHGLHLP$XJHQEOLFN VHLQHJHVDPWH([LVWHQ]EHVWLPPWH :HUZDUHU" 8P GLH OHW]WH *HZLKHLW ]X EHNRPPHQ ZDQGWH HU VLFK QRFK HLQPDO JHJHQ GHQ 6WURP GHU 0HQJH'LH.RSIVFKPHU]HQZXUGHQDXJHQEOLFNOLFKVWlUNHU (UGUHKWHVLFKXPXQGOLHVLFKWUHLEHQ'DV3RFKHQ]ZLVFKHQVHLQHQ$XJHQOLHQDFK (U KDWWH GHQ 5DQG GHV 6(.7256 HUUHLFKW 9RU LKP JDEHOWH VLFK GLH EUHLWH 'XUFKJDQJVVWUDH(UNRQQWHVLFKHQWVFKHLGHQREHUVLFKQXQLQ5LFKWXQJ6(.725RGHU ZHQGHQZROOWH(UHQWVFKLHGVLFKIUGHQOHW]WHUHQEHL6(.725KDQGHOWHHVVLFKXP GDV'LSORPDWHQYLHUWHOXQGGRUWZDUGLHhEHUZDFKXQJGXUFKGLH6LFKHUKHLWVNUlIWHZHVHQWOLFK VRUJIlOWLJHU XQG JHQDXHU DOV LQ GHP EHQDFKEDUWHQ :RKQVHNWRU 'DV %RWVFKDIWVYLHUWHO ZDU HLJHQWOLFKVRHWZDVZLHHLQHJUQH2DVHLQYHUKlOWQLVPlLJHU1lKHGHUKLVWRULVFKHQ$OWVWDGW YRQ 5XSSHW &LW\ XQG GHU ULQJI|UPLJ GDUXP DQJHRUGQHWHQ *HVFKlIWV6(.725(1 ELV 'RUWZUGHHUVFKQHOOHUDXIIDOOHQDOVLQGHQ:RKQVLORVXQGIQIVW|FNLJHQ6WUDHQHEHQHQGHV 6(.7256 (UZXWHQLFKWYLHOEHUVLFKDEHUHUZXWHHLQV(UPXWH]XP5DXPKDIHQNRVWHHVZDVHV ZROOH ,P*HJHQVDW]]XU(UGHEHLGHU/DQGXQG:DVVHUHWZDLP9HUKlOWQLVYRQ]XDXIJHWHLOW VLQG PDFKHQ GLH /DQGPDVVHQ DXI 5XSSHW QXU HOI 3UR]HQW GHU 3ODQHWHQREHUIOlFKH DXV hEHUGLHV ZHLVW 5XSSHW ]DKOUHLFKH WRSRJUDSKLVFKH %HVRQGHUKHLWHQ DXI 'LH /DQGPDVVH EHVWHKW SUDNWLVFK DXV HLQHP HLQ]LJHQ .RQWLQHQW ]DKOUHLFKH ZLQ]LJH ,QVHOQ NDQQ PDQ SUR]HQWXHOO YHUQDFKOlVVLJHQ XQG JHK|UHQ VRZLHVR VHLW -DKUKXQGHUWHQ ]XP 3ULYDWEHVLW] GHU ILQDQ]LHOOHQ(OLWHGHV3ODQHWHQ 'XUFKGLHXQJHZ|KQOLFKVFKQHOOHQXQGVWDUNHQ%HZHJXQJHQ

GHUWHNWRQLVFKHQ3ODWWHQ5XSSHWVNDPHVDXIGHPHLQ]LJHQ.RQWLQHQW]XHLQHUEHWUlFKWOLFKHQ $XIIDOWXQJGLHHLQNUHLVI|UPLJHV*HELUJVPDVVLYHU]HXJWHGHVVHQ*LSIHOHLQH+|KHYRQELV]X IQI]HKQWDXVHQG 0HWHUQ HUUHLFKHQ 'DPLW NRPPHQ JXW VHFK]LJ 3UR]HQW GHU /DQGPDVVH IU HLQH %HVLHGOXQJ QLFKW LQ )UDJH 'LH EHZRKQEDUH )OlFKH GHV 3ODQHWHQ EHVFKUlQNW VLFK DXI HLQHQDOOHUGLQJVPHKUHUHKXQGHUW.LORPHWHUEUHLWHQ6WUHLIHQDQGHU.VWHGHV.RQWLQHQWV $OV GLH 5833(7 PLW NQDSS HLQWDXVHQG .RORQLVWHQ DQ %RUG DXI GHP 3ODQHWHQ ODQGHWH VDK PDQ HLQH P|JOLFKH hEHUY|ONHUXQJ OHGLJOLFK DOV HLQH NDXP YRUVWHOOEDUH ([WUDSRODWLRQ GHV NXU] YRU GHP $XVIDOO VWHKHQGHQ %RUGUHFKQHUVDQ 1DWUOLFK ZDU GHU ERGHQVWlQGLJH ,PSXOV QRFKY|OOLJXQEHNDQQW'RFKVHOEVWZHQQPDQLKQKlWWHDQPHVVHQN|QQHQZlUHHLQ6WDUWYRQ 5XSSHW QLFKW PHKU P|JOLFK JHZHVHQ GDV 5DXPVFKLII GHV .RQYHQWLNHOV ZDU VFKOLFKW XQG HLQIDFK QLFKW PHKU IOXJIlKLJ 'DV HUNOlUW DXFK ZLHVR GLH 5XSSHWHU VLFK QLFKW IU HLQHQ DQ /DQGPDVVHQ UHLFKHUHQ 3ODQHWHQ LQ 7XFDQL HQWVFKLHGHQ KDEHQ LKQHQ EOLHE JDU QLFKWV DQGHUHVEULJDOVDXIGHU:HOW]XEOHLEHQDXIGLHVLHPHKURGHUZHQLJHUDEJHVWU]WZDUHQ 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 5XSSHW 3ODQHW $XV]XJ 1HPEDU9HUODJ+'62M 9LQ]HQ]9HUPRO $PSHOVFKRFN 'LH1DFKULFKWNDPLP/RNDOIXQN6(.725XQGOLHQLFKWGHQJHULQJVWHQ=ZHLIHOEULJ ª$PSHOVFKRFN© VFKLPSIWH 9LQ]HQ] 9HUPRO 8QG GDV JXW HLQH 6WXQGH YRU %HJLQQ VHLQHU )DKUVFKLFKW 'DUDQ WUXJ GLHVH YHUSLOOWH XQJHQHKPLJWH 'HPRQVWUDWLRQ LP KLVWRULVFKHQ =HQWUXP GLH 6FKXOG EHU GLH VlPWOLFKH )HUQVHK XQG +|UIXQNVHQGHU XQXQWHUEURFKHQ EHULFKWHWHQ 6LH ZDU XQWHU (LQVDW] YRQ *HZDOW DXIJHO|VW ZRUGHQ XQG GLH DXV 6(. 725 IOLHKHQGHQ 5XSSHWHU KDWWHQ GDV KRFKHPSILQGOLFKH XQG JHQDX DXVEDODQFLHUWH *OHLFKJHZLFKW GHU9HUNHKUVIKUXQJQDFKKDOWLJHUJHVW|UWDOVGDV6\VWHPHVYHUNUDIWHQNRQQWH (UIXKUPLWGHU+DQGGXUFKGHQ%DUWXPGHQ6LW]GHU$WHPPDVNH]XEHUSUIHQGLHHUVWHWV XPJHVFKQDOOW DEHU QLFKW DXIJHVHW]W KDWWH ZHQQ HU %HUHLWVFKDIW KDWWH RGHU ZHQQ VLFK GHU %HJLQQ VHLQHU 6FKLFKW QlKHUWH XQG VSXUWHWH ]XU (LQJDQJVWU GHU JHUlXPLJHQ $QGHUWKDOE =LPPHU:RKQXQJ (UZDUQLFKWGHUHLQ]LJHGHUGLH5XQGIXQNZDUQXQJPLWEHNRPPHQKDWWHXQGDXFKQLFKWGHU VFKQHOOVWH $XI GHP EUHLWHQ .RUULGRU ZLPPHOWH HV YRQ 5XSSHWHUQ GLH DOOHVDPW DXI GLH )DKUVWKOH ]XKLHOWHQ 'HU $QGUDQJ ZDU VR JUR GD HU VLFK QXU PLW NQDSSHU 0KH LQ GLH .DELQH]ZlQJHQNRQQWHXQGGDQDFKGHQ(LQGUXFNKDWWHQLFKWPHKUYHUQQIWLJGXUFKDWPHQ ]XN|QQHQ $OVRPXWHHVZLUNOLFKVHKUHQJVHLQ%LV]XVHLQHUOHW]WHQ%HI|UGHUXQJKDWWHHUPLWVHLQHU )DPLOLH LQ HLQHP YLHUVWHOOLJHQ 6(.725 JHOHEW DOVR LQ HLQHP ZHVHQWOLFK VFKOHFKWHUHQ GD GLFKWHU EHZRKQWHQ 9LHUWHO XQG GLH 0DVVHQ DQ 5XSSHWHUQ GLH VLFK QRUPDOHUZHLVH KLHU GUlQJWHQNRQQWHQLKPQLFKWPDOHLQVFKZDFKHV/lFKHOQDEJHZLQQHQ,P9HUJOHLFK]XUDOWHQ +HLPDWZDUGLHVHU6(.725GLHUHLQVWH/DQGSDUWLH (U KDWWH JDQ] DXWRPDWLVFK ZLH MHGHVPDO ZHQQ HU GDV +DXV YHUOLH HLQHQ GHU )DKUVWKOH JHZlKOWGLHGLUHNW]XUGULWWHQ)DKUEDKQHEHQHIXKUHQ$OVHUGHQ:RKQEORFNYHUOLH EHQ|WLJWHHUHLQHQ$XJHQEOLFNXPVLFK]XRULHQWLHUHQ9RUVRUJOLFKVFKREHUGLH)LOWHUPDVNH KRFKELVVLH0XQGXQG1DVHEHGHFNWHXQGDNWLYLHUWHVLH $XIGHU6WUDHGHUPLWWOHUHQYRQLQVJHVDPWIQIKRUL]RQWDOHQ)DKUVSXUHQVWDQGHQGLH&LW\ )OLW]HUYRUXQGQHEHQHLQDQGHUVRZHLWGDV$XJHUHLFKWHDXIDOOHQIQI3DUDOOHOIDKUEDKQHQ HLQVFKOLHOLFK GHU EHLGHQ 3DUNVSXUHQ GLH GLH $EVFKOHSSZDJHQ HUVW YRU VHFKV 6WXQGHQ JHVlXEHUWKDWWHQ:LHEHLDOOHQ)DKUZHJHQHUVWHU.DWHJRULHLQ6(.725KDQGHOWHHVVLFK XP (LQEDKQVWUDHQ 'LH XQJHUDGHQ (EHQHQ IKUWHQ DXV GHP 6(.725 KLQDXV GLH JHUDGHQ KLQHLQ DEHU GHU 9HUNHKUVIOX NRQQWH YRP 6(.725 /HLWZHUN QDFK %HGDUI JHVWHXHUW ZHUGHQMHQDFKGHPZLHHUVLFKHQWZLFNHOWH

h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lWGHU$XVIDOOVWUDHEORFNLHUHQHLQXQDEVHKEDUHV&KDRVZlUHGLH)ROJH8QGHVJDE LPPHU ZLHGHU 8QYHUEHVVHUOLFKH RGHU DQ )DKU]HXJHQ WUDWHQ 6FKlGHQ DXI XQG VLH EOLHEHQ HLQIDFK OLHJHQ 'HVKDOE SDWURXLOOLHUWHQ EHUHLWV DQGHUWKDOE 6WXQGHQ YRU GHU GUHLPDO WlJOLFK DXIWUHWHQGHQ 5XVKKRXU XQG GDPLW GHP %HJLQQ GHV ]HLWOLFK EHJUHQ]WHQ +DOWHYHUERWV 3ROL]HLIDKU]HXJHGXUFKDOOHEHWURIIHQHQ6WUDHQXQGOLHHQMHGHV)DKU]HXJDEVFKOHSSHQGDV JHJHQGDV*HERWGHU6FKLOGHUYHUVWLH (LQHQ $XJHQEOLFN ODQJ DUEHLWHWH GLH )LOWHUPDVNH YRU 9LQ]HQ] 0XQG XQG 1DVH DXI +RFKWRXUHQ GDQQ KDWWHQ GLH 6HQVRUHQ GLH GHQ *UDG GHU /XIWYHUXQUHLQLJXQJ PDHQ IHVWJHVWHOOWGDGLH:HUWHLP1RUPEHUHLFKODJHQXQGNHLQHXQPLWWHOEDUH*HIDKUGURKWH'DV $UEHLWVJHUlXVFKGHU0DVNHZXUGHJHGlPSIWHUYHUZDQGHOWHVLFKYRQHLQHPKRKHQ6LUUHQLQ HLQGXPSIHV5DVVHOQDOVZUGHGLUHNWYRUVHLQHP0XQGHLQDQGHUHU0HQVFKPLW6PRJKXVWHQ RGHU$VWKPDDXVXQGHLQDWPHQ (VZLUG=HLWGDGXGHQ)LOWHUZHFKVHOVWPDKQWHHUVLFK $XIGHQ%UJHUVWHLJHQZLPPHOWHHVYRQKDVWHQGHQ0HQVFKHQGHUHQ)DKUVFKLFKWJHQDXZLH EHLLKPLQ.U]HEHJDQQXQGGLHQXQLKUH:DJHQVXFKWHQ$EHUHVYHUZXQGHUWHLKQQLFKW GDGLH$WHPPDVNHGLHHLQVWU|PHQGH/XIWPLWKDOEHU.UDIWDXIEHUHLWHQXQGYRQGHQ$EJDVHQ EHIUHLHQ NRQQWH 'LH PHLVWHQ )DKUHU KDWWHQ GLH 0RWRUHQ LKUHU &LW\IOLW]HU DEJHVFKDOWHW XQG GLH)DKU]HXJHNXU]YHUODVVHQXPVLFKGLH%HLQH]XYHUWUHWHQRGHUHLQHQNOHLQHQ3ODXVFKPLW LKUHU$EO|VXQJ]XKDOWHQ 9LQ]HQ]HQWGHFNWHGHQ:DJHQNDXP]ZHLKXQGHUW0HWHUHQWIHUQWHLQJUDXHV.RPSDNWPRGHOO ]ZHLXQGYLHU]LJ.:DEHUHLQ9LHUVLW]HUPLWEHVRQGHUVJURHPXQGIDPLOLHQIUHXQGOLFKHP .RIIHUUDXP XQG PLW DOOHP /X[XV DXVJHVWDWWHW $XFK ZHQQ HU VLFK NDXP YRQ GHQ DQGHUHQ &LW\IOLW]HUQ XQWHUVFKLHG GLH GLH 6WUDH NLORPHWHUZHLW YHUVWRSIWHQ ZDU HU VWRO] DXI LKU )DKU]HXJ -DVKRKDWWHHVDOVRIDVWELVQDFK+DXVHJHVFKDIIWDOVLKQGHU$PSHOVFKRFNHUHLOWH$XFKHU KDWWHGHQ:DJHQYHUODVVHQXQGKLHOWEHUHLWVQDFKGHU$EO|VXQJ$XVVFKDX 6LHEHJUWHQVLFKZLHMHGHQ:HUNWDJPLWNXU]HP+DQGVFKODJ'DVZDUNHLQ$XVGUXFNYRQ )UHXQGVFKDIW VRQGHUQ HKHU HLQHUVHLWV HLQHU GHU (UOHLFKWHUXQJ GDUEHU HV ZLHGHU RKQH =ZLVFKHQIlOOHJHVFKDIIW]XKDEHQXQGDQGHUHUVHLWVGHU%HJOFNZQVFKXQJGD]X6LHZXWHQ JHQDX VLH ZDUHQ DXIHLQDQGHU DQJHZLHVHQ RKQH HLQH )DKUJHPHLQVFKDIW NDP LQ GLHVHP 6(.725NHLQHUPHKUDXVGHUVLFKQRFKHLQHQ5HVWYRQ3ULYDWOHEHQEHZDKUHQZROOWH,QGHQ 5DQG6(.725(1PRFKWHHVYLHOOHLFKWDQJHKHQDEHUKLHUQLFKW ª$OOHVNODU"©IUDJWH9LQ]HQ] ª$OOHV NODU© VDJWH -DVKR XQG QLFNWH EHNUlIWLJHQG 'LHVHV 5LWXDO ZDU NHLQH EORH )ORVNHO VRQGHUQGHU$XVWDXVFKH[LVWHQ]ZLFKWLJHU,QIRUPDWLRQHQ1LFKWDXV]XGHQNHQZDVDXVLKQHQ ZHUGHQ VROOWH ZHQQ LKU )DKU]HXJ OLHJHQEOLHE ª'X PXW WDQNHQ VRQVW VFKDIIW /DVDSR HV PRUJHQ YLHOOHLFKW QLFKW PHKU ELV ]XP %URSDUNKDXV 8QG SUIH YRUVLFKWVKDOEHU GHQ 5HLIHQGUXFNXQGGHQgOVWDQG© ª0DFK LFK© VDJWH 9LQ]HQ] OHLFKW SLNLHUW (U ZDU GRFK NHLQ $QIlQJHU ª6LQG ZHUWYROOH 0LQXWHQ©VDJWHHU -DVKRVFKWWHOWHGHQ.RSIª,FKJODXEHHUEUDXFKWZLUNOLFKgO© ª0LVW©VDJWH9LQ]HQ] ª+DVWGXJHQXJ*HOGGDEHL"©9LQ]HQ]QLFNWH

ª1D JXW +RO GLU GLH 5XGLJD DXV GHU *HPHLQVFKDIWVNDVVH ]XUFN© -HGH )DKUJHPHLQVFKDIW VFKPL IU GLH QRWZHQGLJH :DUWXQJ LKUHV )DKU]HXJV ]XVDPPHQ XQG ELOGHWH 5FNODJHQ IU GLH$QVFKDIIXQJHLQHVQHXHQª$OVRGDQQ©-DVKR]|JHUWHª6HLPLUQLFKWE|VHDEHULFKPX JOHLFK ZHJ 'DEUD ZLOO KHXWH XQEHGLQJW LQV .LQR 6LH VSULFKW VFKRQ VHLW 7DJHQ GDYRQ XQG UHLW PLU GHQ .RSI DE ZHQQ LFK QLFKW SQNWOLFK ]XP (VVHQ NRPPH 6LH KDW PLFK H[WUD ]ZHLPDOLP%URDQJHUXIHQXPPLU]XVDJHQGDGHU%DE\VLWWHUSQNWOLFKNRPPHQZLUG 3HFKGDVPLWGHP$PSHOVFKRFN$XVJHUHFKQHWMHW]WGDGHLQH6FKLFKWDQIlQJW1DYLHOOHLFKW KDVW GX MD *OFN XQG GHU 6WDX O|VW VLFK VFKQHOO ZLHGHU DXI© ª 9LHOOHLFKW© VDJWH 9LQ]HQ] DEZHLVHQG(UEH]ZHLIHOWHHV 'URKWHGHU9HUNHKUDXIJUXQGXQYRUKHUVHKEDUHU6W|UXQJHQZLHGLHVHYHUSLOOWH'HPRQVWUDWLRQ HLQHZDUHQGJOWLJ]XVDPPHQ]XEUHFKHQEOLHEGHP6(.725/HLWZHUNQLFKWVDQGHUHVEULJ DOV VlPWOLFKH $PSHOQ LP 6(.725 DXI 5RW ]X VFKDOWHQ GHP 9HUNHKUVOHLWV\VWHP SUDNWLVFK HLQHQ JH]LHOWHQ 6FKRFN ]X YHUVHW]HQ 'DQDFK NRQQWH HV VFKULWWZHLVH ZLHGHU KRFKJHIDKUHQ ZHUGHQ GRFK HV GDXHUWH VHLQH =HLW ELV GLH FRPSXWHUJHVWHXHUWHQ XQG JHQDX DXIHLQDQGHU DEJHVWLPPWHQ $PSHOVFKDOWXQJHQ ZLHGHU YROOVWl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|JOLFKHQQDWUOLFKDXFKDXIVRHLQHQ9HUNHKUVJDXYRUEHUHLWHW -DVKR QLFNWH LKP DXIPXQWHUQG ]X XQG VHW]WH VLFK LQ 0DUVFK (U ZRKQWH LQ GHP %ORFN LQ GHPDXFK9LQ]HQ]9HUPROPLWVHLQHU)DPLOLH8QWHUNXQIWJHIXQGHQKDWWHXQGLQGHPLKQHQ DOV IQIN|SILJHU )DPLOLH LPPHUKLQ DQGHUWKDOE =LPPHU SOXV .FKH'XVFKH%DG ]XU 9HUIJXQJ VWDQGHQ 9LQ]HQ] KDWWH -DVKR LQ GHU )LUPD NHQQHQJHOHUQW XQG GDQQ QDFK GHP -REVKDULQJDXFKGHP)DKUVKDULQJ]XJHVWLPPW'LH,QLWLDWLYHZDUYRQ9LQ]HQ]DXVJHJDQJHQ GRFK-DVKRKDWWHVLFKVRIRUWHLQYHUVWDQGHQHUNOlUWGLH9RUWHLOHGLHVLFKGXUFKGLH%LOGXQJ HLQHU)DKUJHPHLQVFKDIWDXVGUHL)DPLOLHQHUJDEHQODJHQDXIGHU+DQG )UKHU KDWWH VLFK -DVKR YRQ VHLQHU )UDX 'DEUD DEO|VHQ ODVVHQ DEHU LKU (KHOHEHQ KDWWH GDUXQWHUJHOLWWHQGDVLHVLFKLPPHUZHQLJHUVDKHQZHLOGHUHLQHLQGHQYLHU:lQGHQKRFNWH RGHU VFKOLHI ZlKUHQG GHU DQGHUH XQWHUZHJV ZDU RGHU DUEHLWHWH 'D VLH DXI GLHVH :HLVH 5XSSHWV *HERW QLFKW PHKU EHIROJHQ NRQQWHQ KDWWHQ VLH NXU] YRU GHU 7UHQQXQJ JHVWDQGHQ OHGLJOLFK GXUFK GLH %LOGXQJ GHU )DKUJHPHLQVFKDIW ZDU LKUH (KH JHUHWWHW ZRUGHQ XQG QXQ HUZDUWHWH'DEUD]XPGULWWHQPDO1DFKZXFKV(VZDUEDOGVRZHLW 9LQ]HQ] NRQQWH QLFKW EHJUHLIHQ ZLHVR GLH ,GHH GHV )DKUVKDULQJV VLFK LQ GHQ QLHGULJHUHQ 6(.725(1 QRFK QLFKW VR VWDUN GXUFKJHVHW]W KDWWH ZLH LQ GHQ K|KHUHQ 9LHOOHLFKW ZHLO HV GRUWWURW]DOOHUJHJHQWHLOLJHU9HUVLFKHUXQJHQGHU5HJLHUXQJWDWVlFKOLFKPHKU3DUNUDXPJDE DOVLQGHQHQPLWKRKHU=LIIHU'RUWZRHUIUKHUJHZRKQWKDWWHZDUHVGXUFKDXVEOLFKGD PDQYLHUIQI6WXQGHQGXUFKGHQ6(.725NXUYHQPXWHELVPDQHQGOLFKHLQHQ3DUNSODW] IDQG 8QG LQ GHQ lUPVWHQ 6(.725(1 GDV EHKDXSWHWHQ ]XPLQGHVW JODXEKDIWH *HUFKWH ZDU JDU NHLQ 3DUNUDXP PHKU YRUKDQGHQ 'RUW PXWHQ GLH $XWRV XQDEOlVVLJ LQ %HZHJXQJ JHKDOWHQZHUGHQGRUWZDUDXFKGLH,GHHGHU)DKUJHPHLQVFKDIWHQJHERUHQZRUGHQ:HQQPDQ VLFK]XGULWWHLQ)DKU]HXJWHLOWHZDUPDQDXFKQXUMHGHQGULWWHQ7DJGDIUYHUDQWZRUWOLFKHV ]XSDUNHQ 6HOEVWZHQQPDQNHLQHQ3DUNSODW]IDQGXQGHVGLHJHVDPWH)UHLVFKLFKWEHUEHZHJHQPXWH EOLHEHQHLQHPGLH)UHLVFKLFKWHQDQGHQEHLGHQDQGHUHQ7DJHQHUKDOWHQ /DVDSRZDUGHU'ULWWHLQLKUHP%XQGH(UZRKQWHLPVHOEHQ%ORFNXQGDUEHLWHWHLPVHOEHQ *HElXGHZLHVLH6HLWHUVLFKLKUHQDQJHVFKORVVHQKDWWHVWDQGHVLQLKUHUDOOHU(KHQZLHGHU VHKUJXW8QGQLFKWQXULQGHQ(KHQ

9LQ]HQ]EOLFNWHVLFKQDFK0HOOLFLQWXPNRQQWHVLHDEHUQRFKQLFKWDXVPDFKHQ0LVWGDFKWH HU:DKUVFKHLQOLFKKDWWHGHU$PSHOVFKRFNVLHEHUUDVFKWXQGVLHKLQJLUJHQGZRIHVWRKQH DXFKQXUHLQHQ0HWHUYRUDQ]XNRPPHQ2GHULKUH$EO|VXQJKDWWHVLFKYHUVSlWHWXQGVLHNDP QLFKWDXVLKUHP:DJHQUDXV6FKOLHOLFKNRQQWHVLHLKQMDQLFKWHLQIDFKPLWWHQDXIGHU6WUDH VWHKHQODVVHQ1DFKGHPGHU$PSHOVFKRFNVLFKDXIJHO|VWKDWWHZUGHHULKUHQYHUHLQEDUWHQ 7UHIISXQNWDQIDKUHQXQGVLHGRUWYLHOOHLFKWDQ%RUGQHKPHQN|QQHQ )DOOVGHU6FKRFNLQDFKW6WXQGHQEHUKDXSWVFKRQEHVHLWLJWVHLQVROOWH$EHUVRODQJHGDXHUWH HVKLHULQGLHVHP6(.7258PIHOGQXUVHOWHQ9HUPROHQWVDQQVLFKQXUDQHLQHQHLQ]LJHQ =ZLVFKHQIDOO DQ HLQHP :LQWHUWDJ NXU] YRU GHP 5XSSHWIHVW YRU ]ZHL -DKUHQ DQ GHP DOOH %HZRKQHU GHU QlKHUHQ XQG IHUQHUHQ 6(.725(1 JOHLFK]HLWLJ ]XP 6(. 725 DXIJHEURFKHQ ]X VHLQ VFKLHQHQ XP MD UHFKW]HLWLJ DXI GHP 5XSSHW3ODW] ]X VHLQ XQG GHQ %HJLQQ GHU MlKUOLFKHQ =HUHPRQLH QLFKW ]X YHUVlXPHQ 'DPDOV KDWWH 9LQ]HQ] GHQ :DJHQ ZlKUHQG HLQHV $PSHOVFKRFNV EHUQRPPHQ XQG ZlKUHQG GHV JOHLFKHQ 6FKRFNV ZLHGHU DEJHJHEHQ8QGEHLGLHVHPELVGDKLQ]XPLQGHVWIULKQHLQPDOLJHQ(UHLJQLVKDWWHHU0HOOL NHQQHQJHOHUQW6LHKDWWHQQHEHQHLQDQGHULP6WDXJHVWDQGHQ (UJULQVWH1DFK]ZHL6WXQGHQLP*HVSUl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gO PXWH LQ GHU 7DW QDFKJHIOOW ZHUGHQ XQG %HQ]LQ ZDU IU VHLQH )DKUVFKLFKW QRFK JHQJHQG YRUKDQGHQ DEHU GDQQZUGHHVPRUJHQZLUNOLFKNQDSSIU/DVDSR$XHUGHU$PSHOVFKRFNKLHOWWDWVlFKOLFK DFKW 6WXQGHQ DQ XQG HU YHUEUDXFKWH ZlKUHQG VHLQHU 6FKLFKW NHLQ %HQ]LQ 'DQQ ZUGH /DVDSRHVEHTXHP]XP%URXQGDXFKZLHGHU]XUFNVFKDIIHQXQG-DVKRNRQQWHDXIVHLQHU )DKUVFKLFKWWDQNHQ'DQQZUGHHUJDQ]VFK|QZWHQGVHLQ 'DQDFK EHUSUIWH 9HUPRO GHQ 3HJHOVWDQG GHU =XVDW]EDWWHULH 0XWH DXFK PDO ZLHGHU DXIJHODGHQZHUGHQ5HLFKWHDEHUDXFKLP6WDQGY|OOLJDXVIUGLH*UXQGDXVVWDWWXQJDOVRGHQ )HUQVHKHUGLH)HQVWHUDEEOHQGXQJGLH.KOER[XQGGDV/HVHOLFKW:DVZROOWHHUPHKU" $OV HU GHQ %HLIDKUHUVLW] ]XUFNNODSSWH XP GLH GDUXQWHUOLHJHQGH FKHPLVFKH 7RLOHWWH ]X EHUSUIHQ VFKOXJ LKP HLQ OHLFKW PRGULJHU *HUXFK HQWJHJHQ :DUXP ZHFKVHOWHQ GLH %XUVFKHQGLH)LOWHULPPHUVRVSlW"'DVN|QQWHLKPQLFKWSDVVLHUHQ(UNODSSWHGLH7RLOHWWH ZLHGHU]XXQGEHVFKOR/DVDSR]XELWWHQHLQHQ=HKQHUSDFN)LOWHUPLW]XEULQJHQ8QGGLUHNW DXFKZHOFKHIUGLH$WHPPDVNHQGDFKWHHU (LQ.ORSIHQJHJHQGLH)HQVWHUVFKHLEHOLH9LQ]HQ]DXIVFKUHFNHQ(UVFKDXWHKRFKXQGVDK 0HOOLFLQWVNXU]JHVFKQLWWHQHQURWHQ+DDUVFKRSI6LHEOLQ]HOWHLKP]XXQG|IIQHWHEHUHLWVGLH 7UZlKUHQGVLFKQRFKHLQHUIUHXWHV/lFKHOQDXIVHLQ*HVLFKWOHJWH ª*HUDGHQRFKJHVFKDIIW©IOVWHUWHVLHZlKUHQGVLHVLFKDXIGHQ%HLIDKUHUVLW]VFKREXQGGLH 7UZLHGHU]X]RJ'DQQGUFNWHVLHVLFKJHJHQLKQXQGZlKUHQGHUVLHLQGLH$QQHQDKP VSUWH HU ZLH LKUH ZDUPH +DQG LQ +|KH VHLQHV %DXFKQDEHOV HLQHQ .QRSI VHLQHV +HPGV |IIQHWHXQGNUHLVHQGWLHIHUZDQGHUWHLPPHUWLHIHU (UULFKWHWHVLFKDEUXSWDXIDOVHUGLH)HQVWHUDEEOHQGXQJDNWLYLHUHQZROOWHXQGGDEHL]XIlOOLJ LQ GHQ 5FNVSLHJHO VFKDXWH $XI GHP %UJHUVWHLJQlKHUWHVLFKHLQPLWHLQHU+DQGKHNWLVFK ZLQNHQGHU-DVKRGHP:DJHQPLWGHUDQGHUHQVWW]WHHUVHLQH)UDX'DEUDGHUHQ*HVLFKWYRU 6FKPHU]YHU]HUUWZDU ª$FKGX3LOOH©IOXFKWHHUXQG]HUUWH0HOOLV+DQGDXVVHLQHP+HPGKHUYRUª'DNRPPHQ -DVKRXQG'DEUD©HUNOlUWHHUVHLQHU*HOLHEWHQª:HQQVLHGLFKKLHUVHKHQZHLVSlWHVWHQV ]X%HJLQQGHUQlFKVWHQ)UHLVFKLFKWPHLQH)UDXYRQXQV©

ª)UHPGZHOWOHU© VDJWH 'LGMHK )RKUWXKQ ª'LH KLHU YHUZHQGHWH 7HFKQLN OlW QLFKW GHQ JHULQJVWHQ=ZHLIHO]X9RQ5XSSHWVWDPPWGLHVHV=HXJMHGHQIDOOVQLFKW© 1HUYDO 5RGULN JDE LKP UHFKW 0HKU QRFK 6LH NRQQWHQ VLFK EHL GHP *URWHLO GHU KLHU DXIJHIXQGHQHQ *HUlWH QLFKW PDO HLQHQ 5HLP GDUDXI PDFKHQ ZHOFKHP =ZHFN VLH GLHQWHQ )RKUWXKQYHUVXFKWHLKQ]XUFN]XKDOWHQDEHUGHU0LQLVWHUVFKREGHQ:DFKWSRVWHQYRUGHP +DXVHLQJDQJHLQIDFK]XU6HLWHXQGZDUIHLQHQ%OLFNLQGDV*HElXGH'LH)HXHUZHUNHUXQG /DERUWHFKQLNHUGHU6SXUHQVLFKHUXQJZDUHQQRFKDQGHU$UEHLW (V ZDU GDV MDKU]HKQWHDOWH 3UREOHP JHVWDQG 5RGULN VLFK HLQ 1DFK GHU :LHGHUHQWGHFNXQJ 5XSSHWV GXUFK GDV 6RODUH ,PSHULXP KDWWHQ LKUH 9RUIDKUHQ RGHU EHVVHU JHVDJW GHUHQ 1DFKNRPPHQLKQHQVRIRUWDQJHERWHQVLFKGHP0DFKWJHIJHDQ]XVFKOLHHQXQGVlPWOLFKH 9RUWHLOH HWZD 7HFKQRORJLHWUDQVIHU DEHU DXFK 3IOLFKWHQ LQ HUVWHU /LQLH HLQHQ 6LFKHUKHLWVEHLWUDJ VSULFK GLH 6WDWLRQLHUXQJ YRQ )ORWWHQHLQKHLWHQ DXI 5XSSHW HLQHU 0LWJOLHGVZHOW LQ $QVSUXFK ]X QHKPHQ bKQOLFKH 9RUVFKOlJH KDWWHQ DXFK GLH DQGHUHQ JDODNWLVFKHQ,PSHULHQXQWHUEUHLWHWGHQHQGLH([LVWHQ]5XSSHWVQLFKWPHKUODQJHYHUERUJHQ JHEOLHEHQZDU 'LH 5XSSHWHU KDWWHQ GDPDOV VlPWOLFKH GLHVHU 9RUVFKOlJH EHL 9RONVEHIUDJXQJHQ PLW EHUZlOWLJHQGHU0HKUKHLWDEJHOHKQW,QGHU)ROJHKDWWHGLH%HUHLWVFKDIWGHUJURHQ5HLFKH 5XSSHW EHL GHU %HZlOWLJXQJ VHLQHU ]DKOUHLFKHQ 3UREOHPH ]X XQWHUVWW]HQ VSUXQJKDIW DEJHQRPPHQ$XWDUNLHXQG1LFKWHLQPLVFKXQJODXWHWHQQXQGLHEHYRU]XJWHQ6FKODJZRUWHGHU )UHPGZHOWOHU 'D GLH 5XSSHWHU EHUKDXSW GHQ .XOWXUVFKRFN GHU %HJHJQXQJ PLW WHFKQLVFK ZHVHQWOLFK ZHLWHUHQWZLFNHOWHQIUHPGHQ:HOWHQPLWYHUKlOWQLVPlLJJHULQJHQ6FKl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lQJLJHUSROLWLVFKHU3DUWHLHQJHIKUWKDWWHGLHQXQGLH7UHQQXQJYRQ6WDDWXQG.LUFKH XQGGHQ$QVFKOXDQGDVLKUMHZHLOV QDKHVWHKHQGHJDODNWLVFKH5HLFKIRUGHUWHQ 1HUYDOZDU5XSSHWHUHUZDUPLWGHQ/HKUHQGHV*URHQ5XSSHWDXIJHZDFKVHQXQGKDWWHVLH YHULQQHUOLFKW0HKUQRFKHUZDUDOVMXQJHU0DQQ]XP6LFKHUKHLWVGLHQVWJHJDQJHQXQGKDWWH VLFK ELV DQ GHVVHQ 6SLW]H KRFKJHDUEHLWHW ZRPLW LKP DXWRPDWLVFK GLH 3RVLWLRQ GHV 6LFKHUKHLWVPLQLVWHUV]XVWDQGXQGJHZlKUWZXUGH'HQQRFKZDUHUZHGHUGXPPQRFKEOLQG HUHUNDQQWHGLHVFKLHUXQEHUZLQGOLFKHQ3UREOHPHGLHVLFKYRUGHQ5XSSHWHPDXIWDWHQ8QG QXQ DXVJHUHFKQHW ]XU )HLHU GHV VHFKVKXQGHUWMlKULJHQ %HVWHKHQV HLQHU PHQVFKOLFKHQ =LYLOLVDWLRQ DXI GLHVHU :HOW PHOGHWH GHU JHUDGH]X OHJHQGlUH 3HUU\ 5KRGDQ VLFK ]X HLQHP 6WDDWVEHVXFK DQ (V ZXUGH JHPXQNHOW HU KDEH HLQ *HUlW LP *HSlFN GDV GHQ HUVW YRU ZHQLJHQ-DKU]HKQWHQHQWGHFNWHQERGHQVWlQGLJHQ,PSXOVXQGGDPLWGDVGULQJOLFKVWH3UREOHP GHU 5XSSHWHU HLQIDFK VR EHVHLWLJHQ NRQQWH 9RUDXVJHVHW]W QDWUOLFK 5XSSHW JHODQJ HV HQWZHGHUHLJHQVWlQGLJGLHEHUOLFKWVFKQHOOH5DXPIDKUW]XHQWZLFNHOQRGHUGLH:HOW VFKORVLFKHLQHPGHUJDODNWLVFKHQ,PSHULHQDQ 'RFKWURW]DOOGHU3UREOHPHGHUHQ1HUYDOVLFKGXUFKDXVEHZXWZDUDOV6LFKHUKHLWVPLQLVWHU JHK|UWH HV VFKOLFKW XQG HLQIDFK ]X VHLQHQ 3IOLFKWHQ EHU GDV 6HOEVWEHVWLPPXQJVUHFKW GHU 5XSSHWHU]XZDFKHQXQG]XYHUKLQGHUQGD )UHPGZHOWOHU GLH %HY|ONHUXQJ PLW YHUGHFNWHQ $NWLRQHQ PDQLSXOLHUWHQ RGHU (QWZLFNOXQJHQ LQ YRQ LKQHQ JHZQVFKWH %DKQHQ OHQNWHQ :HJHQGHUWHFKQLVFKHQhEHUOHJHQKHLWLKUHU9HUZDQGWHQYRQDQGHUHQ3ODQHWHQVWDQG5RGULN

GDEHLYRUHLQHU6LV\SKXVDUEHLWZLH)RKUWXKQJDQ]ULFKWLJHUNDQQWKDWWHPXWHGHQ$JHQWHQ GHU IUHPGHQ XQG KDXVKRFK EHUOHJHQHQ 0lFKWH 5XSSHW DXIJUXQG VHLQHV LQ LKUHQ $XJHQ ]XUFNJHEOLHEHQHQ WHFKQLVFKHQ (QWZLFNOXQJVVWDQGV WDW VlFKOLFK ZLH GDV UHLQVWH 3DUDGLHV YRUNRPPHQ (LQ)HXHUZHUNHUYHUOLHGDV+DXVXQGWUDW]XLKPª.HLQHXQPLWWHOEDUH*HIDKUPHKU6LU© ª$OVRKDEHQ6LHNHLQH6SUHQJVlW]HJHIXQGHQ"©IUDJWH5RGULN ª'RFK6LU$EHUVLHVLQGHQWVFKlUIWZRUGHQ© ª(QWVFKlUIW"©ZDUI)RKUWXKQHLQª9RQZHP"© 'HU )HXHUZHUNHU ]XFNWH PLW GHQ $FKVHOQ ª)DFKNXQGLJH $UEHLW PHKU NDQQ LFK GD]X QLFKW VDJHQ© 1HUYDO QLFNWH XQG EHWUDW JHPHLQVDP PLW )RKUWXKQ GDV +DXV 6LH EHWUDFKWHWHQ GLH IUHPGDUWLJHQ*HUlWHJHQDXHUGDVZDVYRQLKQHQQRFKEULJZDU'LHPHLVWHQZDUHQIDFK NXQGLJXQGVRKDWWHHUGHQ(LQGUXFNJH]LHOW]HUVW|UWZRUGHQ0DQVROOWHHUNHQQHQGDHV VLFKXP(LQULFKWXQJHQKDQGHOWHGLHQLFKWYRQ5XSSHWVWDPPWHQDEHUQLFKWZHOFKHP=ZHFN VLHGLHQWHQ'LH6FKVVHDXVGHP7KHUPRVWUDKOHUKDWWHQGLHVHQ=ZHFNHUIOOW ª'DV KLHU LVW LQWHUHVVDQW© )RKUWXKQ GHXWHWH DXI HLQHQ *HJHQVWDQG GHQ GLH /DERUWHFKQLNHU JHUDGH YRQ DOOHQ 6HLWHQ IRWRJUDILHUWHQ (U KDWWH ]ZDU HEHQIDOOV HLQHQ 6FKX DEEHNRPPHQ DEHUPDQNRQQWHLKQXQVFKZHUDOVhEHUUHVWHLQHV+HOPVHUNHQQHQ6HOWVDPGDUDQZDUHQQXU PHKUHUH .RQWDNWH (OHNWURGHQ lKQOLFK GLH GXUFK .DEHO PLW LKP YHUEXQGHQ ZDUHQ (LQ ZHLWHUHVGLFNHUHV.DEHOIKUWH]XHLQHU.RQVROHGLHHLQHQ&RPSXWHUEHKHUEHUJWKDWWH 1HUYDOVFKULWWGXUFKGHQ+DXSWUDXPXQG]lKOWHLQVJHVDPWIQIVROFKHU&RPSXWHUJHKlXVHPLW ]HUVW|UWHP,QQHQOHEHQ ª+LHUKDWMHPDQGMHGH0HQJH5HFKQHUNDSD]LWlWHLQJHVHW]W©VSUDFK'LGMHK)RKUWXKQVHLQHQ *HGDQNHQ DXV ª$EHU ]X ZHOFKHP =ZHFN" 'LHVHV JHSODQWH $WWHQWDW DXI 5KRGDQ ZROOWH MHPDQG XQVHUH 6(.7255HFKQHU EHUQHKPHQ XQG HLQ 9HUNHKUVFKDRV DXVO|VHQ XP HV ]XU )OXFKW]XQXW]HQRGHUGDV$WWHQWDWEHUKDXSWHUVWVWDUWHQ]XN|QQHQ"© 'HU6LFKHUKHLWVPLQLVWHUODFKWHLQQHUOLFKDXI'DV$WWHQWDWDXI5KRGDQKDWWHHUVLFKDXVGHQ )LQJHUQ JHVRJHQ XP )RKUWXKQ NHLQHQ UHLQHQ :HLQ HLQVFKHQNHQ ]X PVVHQ $EHU ZHQQ HU GLHVHQ 5DXP EHWUDFKWHWH ZDU HV P|JOLFK GD HU ]XIlOOLJ WDWVlFKOLFK DXI SRWHQWLHOOH $WWHQWlWHU JHVWRHQ ZDU" -HGHQIDOOV EHJOFNZQVFKWH HU VLFK LP QDFKKLQHLQ ]X GHP (QWVFKOXGLH6LFKHUKHLWVVWXIHHLQVDXVJHUXIHQ]XKDEHQ ªhEHUSUIHQ6LHGDV©VDJWHHU]XVHLQHP6WHOOYHUWUHWHUª7HFKQLNHUVROOHQGLH=HQWUDOUHFKQHU XQWHUVXFKHQ XQG IHVWVWHOOHQ RE VLH DQJH]DSIW RGHU LKUH 6LFKHUKHLWVVSHUUHQ EHU ZXQGHQ ZXUGHQ 8QG GLH /DERUWHFKQLNHU VROOHQ QDFK HLQHP ,QWHUIDFH VXFKHQ GDV HYHQWXHOO DXV GLHVHP+DXVIKUW© :lKUHQG )RKUWXKQVHLQH$QZHLVXQJHQZHLWHUJDEWUDW5RGULNLQGHQ1HEHQUDXP(UVWMHW]W EHPHUNWHHUGDGHU%RGHQPLWHLQHUGQQHQ:DVVHUVFKLFKWEHU]RJHQZDU(UJLQJLQGLH +RFNH IXKU PLW GHQ 6SLW]HQ YRQ 'DXPHQ XQG =HLJHILQJHU EHU GLH )OLHVHQ XQG ULHE VLH DQHLQDQGHU'LH6XEVWDQ]ZDUNOHEULJ(UKDWWHYRUVFKQHOOJHXUWHLOWXP:DVVHUKDQGHOWHHV VLFKGDEHLMHGHQIDOOVQLFKWª$QDO\VLHUHQ6LHGLHVH)OVVLJNHLW©ZLHVHUHLQHQ/DERUWHFKQLNHU DQ'HU0DQQQLFNWHXQG|IIQHWHVHLQH7DVFKH =DKOUHLFKH )UDJPHQWH HLQHU JODVlKQOLFKHQ 6XEVWDQ] LKUH *U|H YDULLHUWH YRQ ZLQ]LJHQ 6SOLWWHUQELVKLQ]XPHKUHUHQ6FKHUEHQYRQGHQHQHLQLJHHLQHQ'XUFKPHVVHUYRQHWZDHLQHP KDOEHQ 4XDGUDWPHWHU KDWWHQ YHUULHWHQ LKP GD VLFK LQ GLHVHP 5DXP HLQ ULHVLJHU RGHU PHKUHUH QLFKW JDQ] VR JURH %HKlOWHU EHIXQGHQ KDWWHQ $XFK VLH ZDUHQ GXUFK 6FKVVH DXV HLQHP7KHUPRVWUDKOHU]HUVW|UWZRUGHQ(UYHUPXWHWHGDVLH)OVVLJNHLWHQWKDOWHQKDWWHGLH GXUFK GLH VWDUNH +LW]H YHUGDPSIW ZDU OHGLJOLFK HLQ ZLQ]LJHU 5HVW ZDU DQ GHQ 6FKHUEHQ KDIWHQ XQG VRPLW HUKDOWHQ JHEOLHEHQ XQG KDWWH VLFK GDQDFK ODQJVDP LQ GHP 5DXP DXVJHEUHLWHW(UNRQQWHVLFKQLFKWHQWVLQQHQGLH)OVVLJNHLWEHPHUNW]XKDEHQDOVHUHLQHQ %OLFNLQGHQ5DXPJHZRUIHQKDWWHQDFKGHPHUJHUDGHZLHGHU]XVLFKJHNRPPHQZDU

ª8QGQHKPHQ6LHVLFKDXFKGLHVHV0DWHULDOGDYRU©VDJWHHU]XGHP7HFKQLNHUXQGGHXWHWH DXIHLQH6FKHUEHª,FKPXZLVVHQZRKHUHVVWDPPW© (U ZXWH GD HU GDPLW IDVW 8QP|JOLFKHV IRUGHUWH 'HQ JDODNWLVFKHQ ,PSHULHQ VWDQGHQ QDKH]XXQHQGOLFKH5HVVRXUFHQ]XU9HUIJXQJ(UNRQQWHGRFKQLFKWDOOHQ(UQVWHVHUZDUWHQ GDVLFKPLWGHQLKUHQ/DERUDWRULHQ]XU9HUIJXQJVWHKHQGHQ0LWWHOQHLQ+LQZHLVDXIGLH +HUNXQIW GLHVHU 2EMHNWH ILQGHQ OLH YLHOOHLFKW VRJDU HLQ +HUVWHOOHUQDFKZHLV ª .RQ]HUQ %D\HU*HVFKlIWVIKUHU56KHSKDUG7HUUDQLD©" (U IXKU ]XVDPPHQ DOV HU XQPLWWHOEDU KLQWHU VLFK )RKUWXKQV 6WLPPH YHUQDKP (LQHQ $XJHQEOLFN ODQJ VFKLHQ VLFK ZLH GHU GLHVH XQKHLPOLFKH .lOWH LQ LKP DXV]XGHKQHQ DOV ZlUHQ VHLQH .|USHU]HOOHQ VFKOLFKWZHJ EHUIRUGHUW GHQ %HWULHE DXIUHFKW]XKDOWHQ XQG ZUGHQLKUH:lUPHXQG(QHUJLHYHUOLHUHQ'RFKGDV*HIKOYHUJLQJVFKQHOOZLHGHU ª:DV LVW KLHU JHVFKHKHQ"© IUDJWH )RKUWXKQ ª:HU KDW GLHVH $QODJH HUULFKWHW XQG ]X ZHOFKHP=ZHFN"8QGZHUKDWVLH]HUVW|UW"© 5RGULNGUHKWHVLFK]XLKPXPª8QGZHOFKHQ=ZHFNYHUIROJWGLHVH]ZHLWHXQVELVKHUQRFK XQEHNDQQWH3DUWHLZRKOGDPLW"©VSDQQHUGHQ)DGHQZHLWHU ª0HLQHQ6LHQLFKWHVVHLDQGHU=HLWPLFKEHUGLH+LQWHUJUQGH]XLQIRUPLHUHQ"©IUDJWH VHLQ6WHOOYHUWUHWHUª9RQZHPVWDPPWGHU+LQZHLVDXIGDV$WWHQWDWDXI5KRGDQ":HUKDW 6LHKLHUKHUJHORFNW"© -DZHUKDWPLFKKLHUKHUJHORFNW"GDFKWH5RGULN(LQPLUQLFKWEHNDQQWHU,QIRUPDQWGHVVHQ +LQZHLVH VLFK ELVODQJ DXVQDKPVORV DOV ULFKWLJ HUZLHVHQ KDEHQ $EHU HV JLQJ QLFKW XP HLQ $WWHQWDWDXIGHQ*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPVVRQGHUQXPHLQHXQGLFKWH6WHOOH LQPHLQHP0LQLVWHULXPXPHLQHQ9HUUlWHU 'LH6DFKHZXUGHLPPHUXQGXUFKVLFKWLJHU$OOPlKOLFKEHNDPHUHVPLWGHU$QJVW]XWXQGD VLHLKPEHUGHQ.RSIZDFKVHQN|QQWH $EHUHUOLHVLFKVHLQH8QVLFKHUKHLWQLFKWDQPHUNHQª'DVZHUGHQZLUKHUDXVILQGHQ©VDJWH HUHQHUJLVFKRKQHDXI)RKUWXKQV)UDJHQHLQ]XJHKHQª6WHOOHQ6LHIHVWZHPGLHVHV*HElXGH JHK|UW 2GHU DQ ZHQ GLHVH 5lXPH YHUPLHWHW ZXUGHQ /DVVHQ 6LH GLH MHZHLOLJHQ 3HUVRQHQ VRIRUW YHUKDIWHQ XQG ]XP 9HUK|U LQ GLH =HQWUDOH EULQJHQ +ROHQ 6LH GLH (UJHEQLVVH GHU 5LQJIDKQGXQJHLQGLHEHL$XVUXIXQJGHU6LFKHUKHLWVVWXIHHLQVDXWRPDWLVFKDXVJHO|VWZXUGH ,FKZLOO(UJHEQLVVHVHKHQ© )RKUWXKQ EHWUDFKWHWH VHLQHQ 9RUJHVHW]HQ PLW HLQHU 0LVFKXQJ ZLH 5RGULN XQZLOONUOLFK GDFKWHDXV0LWUDXHQ9HUZXQGHUXQJXQG6SRWW'RFKHUYHUNQLIIVLFKMHGH%HPHUNXQJXQG QLFNWHª1DWUOLFK6LU©VDJWHHUGDQQª(UJHEQLVVH© ª8QGZHQQXQVGDVQLFKWZHLWHUKLOIW©IJWH1HUYDO5RGULNDXVHLQHP*UXQGKLQ]XGHULKP VHOEVWQLFKWNODUZDUªZHUGHQZLUHEHQ]XXQJHZ|KQOLFKHQ0DQDKPHQJUHLIHQXQGGLH3LOOH PLWGHP.RQGRPDXVWUHLEHQ© 9LQ]HQ] 9HQQRO GUFNWH 0HOOLFLQWV.RSIDXIVHLQHQ6FKRKLQDEXQGKRIIWHGD-DVKRGLH ]ZHLWH 3HUVRQ LP :DJHQ QRFK QLFKW EHPHUNW KDWWH 8P 'DEUD PDFKWH HU VLFK ZHQLJHU 6RUJHQ VLH VFKLHQ QLFKW PHKU LPVWDQGH ]X VHLQ LKUHU 8PJHEXQJ JURH %HDFKWXQJ ]X VFKHQNHQ 6LH KDWWH VRJDU GLH $XJHQ JHVFKORVVHQ ZLH 9LQ]HQ] EHL HLQHP ZHLWHUHQ UDVFKHQ %OLFN LQ GHQ 5FNVSLHJHO IHVWVWHOOWH ZlKUHQG VLH DXI LKUHQ 0DQQ JHVWW]W PKVDP XQG VFKZHUIlOOLJHLQHQ)XYRUGHQDQGHUHQVHW]WH 1RUPDOHUZHLVHKlWWH0HOOLLKQLQVROFKHLQHP$XJHQEOLFNJODWWXPGHQ9HUVWDQGJHEUDFKW GRFK QXQ JDOWHQ VHLQH *HGDQNHQ HLQ]LJ XQG DOOHLQ GHP 3UREOHP ZLH HU GLH MXQJH )UDX XQEHPHUNWDXVGHP:DJHQKLQDXVEHNDP+HNWLVFK]HUUWHHUDP*ULIIGHU)DKUHUWU(QGOLFK JHODQJHVLKPVLH]X|IIQHQXQGHUVFKRE0HOOLGLHQRFKLPPHUQLFKWJDQ]PLWEHNRPPHQ ]XKDEHQVFKLHQZRUXPHVJLQJEHUVHLQH2EHUVFKHQNHOXQGGHQ8QWHUOHLEKLQ]XU7U )DVWKDWWHHUGHQ(LQGUXFNGDVLHGDVDOOHVIUHLQQHXHV6SLHOKLHOWXQGVLFKDXIUHL]HQGDQ LKPULHEGRFKGDQQZXUGHLKUHQGOLFKNODUZRUXPHVJLQJXQGUXWVFKWHVFKQHOOHLQ6WFN ZHLWHUª'HLQH)UDX"©IUDJWHVLHª'HLQH)UDXLVWGD"©6LHZROOWHVLFKDXIULFKWHQ

(UGUFNWHLKUHQ.RSIZLHGHUKLQDEª8QWHQEOHLEHQ©]LVFKWHHUXQGYHU]LFKWHWHGDUDXILKU ]XHUNOlUHQGDQLFKWVHLQH)UDXVLFKGHP:DJHQQlKHUWHVRQGHUQHLQ$UEHLWVNROOHJHPLW GHVVHQKRFKVFKZDQJHUHU*DWWLQZDVDEHUOHW]WOLFKDXIGDVVHOEHKLQDXVOLHI$XFK-DVKRXQG 'DEUD JHK|UWHQ GHQ .RQYHQWLRQDOLVWHQ DQ XQG ZUGHQ LKUH .HQQWQLVVH DXI NHLQHQ )DOO IU VLFKEHKDOWHQ (LQ ZHLWHUHU %OLFN LQ GHQ 5FNVSLHJHO YHUULHW LKP GD GLH EHLGHQ GHQ :DJHQ IDVW HUUHLFKW KDWWHQ,QGLHVHP$XJHQEOLFNNDPLKPGHUVRKRIIWHHU]XPLQGHVWUHWWHQGH(LQIDOO(UKLHE PLWGHUIODFKHQ+DQGDXIGHQ6FKDOWHUPLWGHPHUGLH)HQVWHUDEEOHQGXQJHLQVFKDOWHWHXQG VRIRUWZXUGHHVGXQNHOLP:DJHQ 'LHVH$EEOHQGXQJJHK|UWHNHLQHVZHJV]XU6WDQGDUGDXVVWDWWXQJHLQHVQRUPDOHQ&LW\)OLW]HUV VRQGHUQILHOHLQGHXWLJXQWHUGHQ2EHUEHJULIIª/X[XV©$OOHLQKlWWHHUVLHVLFKQLHPDOVOHLVWHQ N|QQHQ GRFK GLH )DKUJHPHLQVFKDIW PLW -DVKR XQG /DVDSR IKUWH QDWUOLFK ]X HLQHU 'UHLWHLOXQJGHU.RVWHQXQGHUP|JOLFKWHLKQHQVLFKGDVHLQHRGHUDQGHUH([WUD]XOHLVWHQ'LH $EEOHQGYRUULFKWXQJ VSLHJHOWH GLH 6FKHLEHQ LQ HLQH 5LFKWXQJ PDQ NRQQWH XQJHKLQGHUW KLQDXVDEHUQLFKWPHKUKLQHLQVHKHQ'DVZDUEHUDXVSUDNWLVFKZHQQPDQVWXQGHQODQJLP 6WDXVWDQGXQG]XP%HLVSLHOGLHFKHPLVFKH7RLOHWWHEHQXW]HQRGHUHVVHQRGHUIHUQVHKHQRGHU VLFKRKQHEHREDFKWHWZHUGHQ]XN|QQHQDXIDQGHUH$UWXQG:HLVHEHVFKlIWLJHQZROOWH]XP %HLVSLHOPLW0HOOLFLQW 7lXVFKWHHUVLFKRGHUKDWWHVLFKZHLWYRULKPGHU9HUNHKUZLHGHULQ%HZHJXQJJHVHW]W"8P LKQKHUXPVWDQGMHGHQIDOOVQRFKDOOHV(UVFKRE0HOOLYROOHQGVDXIGLH)DKUEDKQ6LHODQGHWH DXI +lQGHQ XQG )HQ ª 9HUVFKZLQGH VFKQHOO © IOVWHUWH HU LKU ]X ª,FK KRO GLFK ]XU EOLFKHQ=HLWDP7UHIISXQNWDE© 6LH KDWWH HQGJOWLJ EHJULIIHQ *HGXFNW VFKOLFK VLH YRUQ XP GHQ :DJHQ KHUXP OLHI GDQQ KLQWHUGHQQlFKVWHQ'HVVHQ)DKUHUEHWUDFKWHWHVLHHLQHQ$XJHQEOLFNODQJNRSIVFKWWHOQGXQG ZDQGWHGDQQGHVLQWHUHVVLHUWGHQ%OLFNDE(UVDKLKUQLFKWPHKUQDFKDOVVLHVLFKKLQWHUGHP QlFKVWHQ)DKU]HXJHUKREXQGDXIGHQ%UJHUVWHLJWUDW 9LQ]HQ]DWPHWHDXI'DVZDUNQDSSJHZHVHQ(UPXWHLQ=XNXQIWYRUVLFKWLJHUVHLQGXUIWH VLFK PLW 0HOOL QLFKW PHKU LQ XQPLWWHOEDUHU 1lKH VHLQHV :RKQEORFNV WUHIIHQ :HOFKH 3LOOH KDWWHLKQGDQXUJHULWWHQ" (U ]RJ GLH )DKUHUWU ]X XQG VFKDOWHWH GLH $EEOHQGXQJ DE 'DQQ |IIQHWH HU VFKQHOO GLH %HLIDKUHUWUXQGEHXJWHVLFKKLQDXV(UEHUOHJWHILHEHUKDIWXPVLFKHLQH$XVUHGHHLQIDOOHQ ]XODVVHQIDOOV-DVKRGRFKHLQH]ZHLWH3HUVRQLP:DJHQJHVHKHQKDWWHRGHULKQIUDJHQVROOWH ZLHVRHUSO|W]OLFKGLH6FKHLEHQYHUVSLHJHOWKDWWH6HLQ.ROOHJHJLQJZHGHUGDUDXIHLQQRFK VFKHQNWH HU GHP 8PVWDQG %HDFKWXQJ GD 9LQ]HQ] PLW IDKULJHQ %HZHJXQJHQ +HPG XQG +RVH]XNQ|SIWH'HU*UXQGGDIUZXUGH9HUPROLPQlFKVWHQ$XJHQEOLFNNODU ª%HL 'DEUD LVW HV VRZHLW© VDJWH -DVKR DWHPORV ª:LU PVVHQ VLH VRIRUW LQV .UDQNHQKDXV EULQJHQ© 9LQ]HQ]ULGLH$XJHQDXIXQGVFKQDSSWHWLHIQDFK/XIWª$EHU©0LWHLQHUKLOIORVHQ*HVWH GHXWHWHHUXPVLFKª+LHUWXWVLFKQLFKWV:LUN|QQHQQRFKVWXQGHQODQJLP6WDXVWHKHQ5XI GRFKHLQHQ.UDQNHQZDJHQ© -DVKR DFKWHWH QLFKW DXI VHLQHQ (LQZDQG XQG |IIQHWH GLH KLQWHUH 7U ª8QG ZLH VROO HLQ .UDQNHQZDJHQ KLHU GXUFKNRPPHQ GX $WPOHXFKWHU"© NRQWHUWH HU ZlKUHQG HU 'DEUD XPVWlQGOLFK DXI GHQ 6LW] KDOI 'LH )UDX VW|KQWH VFKZDFK DXI XQG GUHKWH VLFK GDPLW LKU (KHPDQQLKUH%HLQHDXIGHU5FNEDQNKRFKOHJHQNRQQWH ª'DQQ HEHQ HLQHQ *OHLWHU© VDJWH 9LQ]HQ] ª(LQ 1RWWUDQVSRUW (V JHKW GRFK XP © (U ]|JHUWH ZXWH HV LQ GHU $XIUHJXQJ QLFKW PHKU JHQDX ª XP YLHU QHXH 5XSSHWHU 'D ZHUGHQVLHGRFKZRKOHLQHQ)OXJZDJHQVFKLFNHQ© ª8PIQI©NRUULJLHUWH-DVKRLKQ(UVFKORGLHKLQWHUH7U|IIQHWHGLHYRUGHUHXQGQDKP QHEHQ9HUPRO3ODW]ª*ODXEVWGXHWZDLFKKlWWHQLFKWDQJHUXIHQ",QGHU:DUWHVFKOHLIHGHV PHGL]LQLVFKHQ 1RWGLHQVWV KDWWH LFK 3RVLWLRQ ]ZHLWDXVHQGDFKWXQGGUHLLJ $EHU VLH VFKDOWHQ

GLH 6WUDHQ ZLHGHU IUHL (V NDP LP 5DGLR 8QVHUH LVW EHL GHQ HUVWHQ (V NDQQ QLFKW PHKU ODQJHGDXHUQ© :HQQGHU&RPSXWHUGHV6(.725/HLWZHUNVQLFKWZLHGHU]XVDPPHQEULFKWGDFKWH9LQ]HQ] PLWZDFKVHQGHU9HU]ZHLIOXQJ'DQQVWDQGHQVLHPRUJHQIUKQRFKKLHU1DWUOLFKKDWWHHU GHQREOLJDWRULVFKHQ.XUVLQ*HEXUWVKLOIHPLWJHPDFKWDEHUGDVZDUVFKRQ-DKUHKHUXQGHU KDWWH VHLQH WKHRUHWLVFKHQ .HQQWQLVVH QLHPDOV LQ GLH 3UD[LV XPVHW]HQ PVVHQ XQG GLH $XIIULVFKXQJVNXUVH1DMDLUJHQGZLHZDULPPHUHWZDVGD]ZLVFKHQJHNRPPHQXQG 'LHVPDOZDUHUVLFKHUGDHUVLFKQLFKWWlXVFKWH9RULKPHUNODQJODXWHV+XSHQ'HU6WDX O|VWHVLFKDXI'HU$PSHOVFKRFNZDUEHUZXQGHQ ª1DZDVKDE LFKJHVDJW"©(LQWULXPSKLHUHQGHV*ULQVHQOHJWHVLFKDXI-DVKRV=JHª$XI XQVHU/HLWZHUNLVW9HUOD©(UUHGHWH%O|GVLQQDEHUGDVQDKP9LQ]HQ]LKPQLFKWEHO=X JURZDUGLHEHLGHUVHLWLJH(UOHLFKWHUXQJGD'DEUDQXQQRFKPLWIDFKNXQGLJHU+LOIHLKUHQ %HLWUDJ ]XU %HIROJXQJ YRQ 5XSSHWV *HERW OHLVWHQ NRQQWH VRZRKO GLH VHLQH DOV DXFK GLH -DVKRV ª'D YRP© VDJWH VHLQ .ROOHJH XQG ZHGHOWH KHNWLVFK PLW GHQ $UPHQ ª'D JHKW HV ZHLWHU 6LHKVWGX"'DIDKUHQVLHVFKRQ© 9LQ]HQ] NQLII GLH $XJHQ ]XVDPPHQ XQG HUNDQQWH LQ GHU 7DW GD %HZHJXQJ LQ GLH 5HLKHQ GHU&LW\IOLW]HUJHNRPPHQZDU-HW]WJLQJHVJDQ]VFKQHOOPDQPXWHIDVWJOHLFK]HLWLJPLW GHP9RUGHUPDQQDQIDKUHQN|QQHQZHQQPDQGLH)DKUSUIXQJEHVWHKHQZROOWH ª$XIJHKW V©VDJWH9LQ]HQ]XQGGUHKWHGHQ=QGVFKOVVHO0LWGHPJHZRKQWHQ]XIULHGHQ VFKQXUUHQGHQ*HUlXVFKVSUDQJGHU0RWRUDQ 9LQ]HQ]QDKPGHQ*DQJVFKDOWHUDXVGHU3DUNVWHOOXQJXQGOHJWHLKQHLQ1XQKLHOWQXUQRFK VHLQ)XDXIGHU%UHPVHGHQ:DJHQDQ2UWXQG6WHOOH6HOEVWYHUVWlQGOLFKYHUIJWHLKU&LW\ IOLW]HUEHUHLQKRFKPRGHUQHV$XWRPDWLNJHWULHEH$XIGHU5FNEDQNZXUGH'DEUDV6W|KQHQ ODXWHUª1XQPDFKVFKRQIDKU]X©GUlQJWH-DVKRXQJHGXOGLJ:HUZROOWHHVLKPYHUGHQNHQ" ª,PPHU PLW GHU 5XKH© PXUUWH 9LQ]HQ] .RQ]HQWULHUW VFKDXWH HU QDFK YRUQ 'HU ]HKQWH )OLW]HUYRULKPVHW]WHVLFKLQ%HZHJXQJGHUIQIWHGHUGULWWH 9HUPRO QDKP GHQ )X YRQ GHU %UHPVH XQG VHQNWH LKQ VRIRUW ZLHGHU DOV GLH %HLIDKUHUWU DXIJHULVVHQZXUGH+LQWHULKPHUNODQJ*HKXSH(VZDUOlFKHUOLFKDEHU9LQ]HQ]NDPHVYRP HUVWHQ$XJHQEOLFNDQZWHQGYRU (QWJHLVWHUWGUHKWHHUGHQ.RSI]XU6HLWH:HUZDJWHHVHLQIDFKEHLP$QIDKUHQYRQDXHQGLH 7U]X|IIQHQ":HUZDJWHHVEHUKDXSWLKUHQ&LW\)OLW]HUDQ]XIDVVHQ" :DUHVHWZD0HOOLFLQWGLHQLFKWZDUWHQNRQQWHXQG]XLKP]XUFNJHNHKUWZDUREZRKOHULKU HLQJHVFKlUIWKDWWH 1HLQHVZDUQLFKW0HOOLFLQW(VZDUEHUKDXSWNHLQH)UDXVRQGHUQHLQ0DQQ*URVFKODQN GXUFKWUDLQLHUW EUDXQHV +DDU XQDXIIlOOLJHV *HVLFKW JXW JHNOHLGHW PHKU NRQQWH HU LQ GHU .U]HGHU=HLWQLFKWHUNHQQHQ'HU0DQQSDFNWH-DVKREHLGHQ6FKXOWHUQXQG]HUUWHLKQPLW HLQHU PKHORV DQPXWHQGHQ %HZHJXQJ YRP 6LW] KRFK %HYRU 9LQ]HQ] .ROOHJH UHDJLHUHQ NRQQWHODJHUDXIGHP5FNHQDXIGHP%UJHUVWHLJXQGVWUDPSHOWHPLW$UPHQXQG%HLQHQ $XIGHU5FNEDQNVWLH'DEUDHLQHQKRKHQHQWVHW]WHQ6FKUHLDXV'HU(LQGULQJOLQJVFKDXWH QDFK KLQWHQ 9LQ]HQ] JODXEWH NXU] ,UULWDWLRQ XQG HLQ JHZLVVHV =|JHUQ LQ VHLQHP %OLFN DXV]XPDFKHQDOVHUGLH6FKZDQJHUHVDK'DQQGUHKWHHUGHQ.RSIZLHGHU]X9HUPRO ª5DXVDXVGHP:DJHQ©EHIDKOHU ª:DVVROOGDV"©IUDJWH9LQ]HQ]ª:DVHUODXEHQ6LHVLFK"6LHN|QQHQGRFKQLFKWHLQIDFK© (UVDKGHQ6FKODJJDUQLFKWNRPPHQGHULKQLQGLH0DJHQJUXEHWUDIGRFKHUWULHELKPGLH /XIW DXV GHQ /XQJHQ 9LQ]HQ] KlWWH QLH JHGDFKW GD 6FKPHU]HQ VR VWDUN VHLQ N|QQWHQ 6WlUNHU DOV HU HV VLFK MH KDWWH WUlXPHQ ODVVHQ (U NUPPWH VLFK ]XVDPPHQ XQG QDKP XQZLOONUOLFKGHQOLQNHQ)XYRP%UHPVSHGDO 'HU:DJHQPDFKWHHLQHQ6DW]QDFKYRP'DV+XSHQKLQWHULKQHQZXUGHODXWHUXQGVWHLJHUWH VLFKLQVHLQHU(LQELOGXQJ]XHLQHP&UHVFHQGR9LQ]HQ]VWUHFNWHGDVOLQNH%HLQZLHGHUDXV XQGWUDWGDV3HGDOVRWLHIGXUFKZLHHVLKPP|JOLFKZDU*OHLFK]HLWLJEHUKUWHVHLQZLOGXP

VLFK WUHWHQGHU UHFKWHU )X GDV *DVSHGDO XQG GHU 0RWRU NUHLVFKWH SURWHVWLHUHQG DXI 'HU &LW\)OLW]HU YLEULHUWH KHIWLJ GLH 5HLIHQ GUHKWHQ DXI GHP %RGHQEHODJ GXUFK XQG LQ VHLQHP (QWVHW]HQGDUEHUZDVHUGHPJHOLHEWHQ)DKU]HXJDQWDWQDKP9LQ]HQ]GHQ)XZLHGHUYRP 3HGDO /HLGHUGHQIDOVFKHQ'HQOLQNHQ 'HQYRP%UHPVSHGDO 'HU&LW\)OLW]HUVFKRPLWHLQHP$XIElXPHQYRUXQGSUDOOWHJHJHQGHQYRULKPVWHKHQGHQ :DJHQGHU]ZDUVFKRQ)DKUWDXIJHQRPPHQKDWWHDEHUEHLZHLWHPQLFKWPLWHLQHUVROFKHQ %HVFKOHXQLJXQJZLHGHUGLH9LQ]HQ] XQIUHLZLOOLJH$NWLRQEHZLUNWKDWWH(LQ6FKHLQZHUIHU ]HUEUDFK0HWDOOlFK]WHXQGGLH0RWRUKDXEHVSUDQJPLWHLQHP*HUlXVFKDXIGDVLP)DKUHU HLVNDOWHV(QWVHW]HQDXVO|VWH ,KU&LW\)OLW]HU,KU/X[XVPRGHOO :HQLJVWHQV LVW GLH :LQGVFKXW]VFKHLEH QLFKW ]HUEURFKHQ GDFKWH 9LQ]HQ] :HQLJVWHQV EOLHE LKQHQGLHVDXWHXUH5HSDUDWXUGHV6SLHJHOJODVHVHUVSDUW 'HU0RWRUVWRWWHUWHXQGVHW]WHGDQQDXV (U KDWWH HLQHQ 8QIDOO JHEDXW 8QG GDV XQPLWWHOEDU QDFK HLQHP $PSHOVFKRFN :HJHQ LKP NDP GHU 9HUNHKU DXI GHU )DKUVSXU KLQWHU LKP QXQ ]XP (UOLHJHQ XQG GDV PRFKWH DXV UHLFKHQ XP GLH %HPKXQJHQ GHV 6(.725/HLWZHUNV ]XQLFKWH ]X PDFKHQ XQG HLQHQ )ROJHVFKRFNDXV]XO|VHQ(UZDUHUOHGLJW'LH)DKUJHPHLQVFKDIWZUGHLKQUDXVZHUIHQXQG HUZUGHVLFKGHVKDOEHLQHQDQGHUHQ-REVXFKHQPVVHQXQG ,KP ZXUGH GLH $EVXUGLWlW VHLQHU *HGDQNHQ EHZXW 'DV LVW GHU 6FKRFN VDJWH HU VLFK (U GUHKWHVLFKQDFKGHP)UHPGHQXPGHUGHQ8QIDOOGXUFKVHLQ(LQGULQJHQYHUVFKXOGHWKDWWH 'RFKGLH:XFKWGHV$XISUDOOVKDWWHGHQ0DQQ DXVGHP:DJHQJHVFKOHXGHUW9LQ]HQ]VDK GD GHU DQGHUH VLFK EHUHLWV DXI GHP %UJHUVWHLJ DXIUDSSHOWH NXU] XPVFKDXWH XQG GDQQ GDV :HLWHVXFKWHRKQHGDLUJHQGMHPDQGLKQDXIKLHOW ª9HUGDPPWH 3LOOH© IOXFKWH HU $EHU HV JDE =HXJHQ IU GHQ 8QIDOO GLH 0HQVFKHQ LQ GHQ )DKU]HXJHQ XQPLWWHOEDU KLQ WHU LKP ZlKUHQG GLH DXI GHQ YLHU DQGHUHQ 6SXUHQ DQ LKP YRUEHLUDXVFKWHQDOVVHLJDUQLFKWVJHVFKHKHQ'LH9HUVLFKHUXQJZUGHDOVRHLQWUHWHQXQGGHQ 6FKDGHQHUVHW]HQ $EHUGLHYHUJQJOLFKH)DKUVFKLFKWPLW0HOOLFLQWNRQQWHHUVLFKDXVGHP.RSIVFKODJHQ8QG -DVKRXQG'DEUDLKUHQ.LQREHVXFK 'DEUD (LQJHOOHQGHUGXUFK0DUNXQG%HLQJHKHQGHU6FKUHLDXIGHP5FNVLW]PDFKWHLKPNODUGD HUZLUNOLFKNHLQH=HLWGDPLWYHUVFKZHQGHQNRQQWHEHU6FKlIHUVWQGFKHQRGHU.LQREHVXFKH QDFK]XGHQNHQ %HZLUNW GHU JHQYHUlQGHUQGH (LQIOX HLQHU GHU6WUDKOXQJVNRPSRQHQWHQ YRQ *ODGRUV 6WHUQ GD MHGH QHXJHERUHQH *HQHUDWLRQ YRQ .RORQLVWHQ DXI GHVVHQ 3ODQHWHQ 6LJD N|USHUOLFK NOHLQHU XQG ODQJOHELJHU DOV GLH YRUDQJHJDQJHQH LVWVR O|VW HLQH lKQOLFKH .RPSRQHQWH GHU 6RQQH0DUQHEGHQERGHQVWlQGLJHQ,PSXOVDXV'DEHLNDQQPDQGXUFKDXVGHQ%HJULII6XFKW YHUZHQGHQ ZLH JHZLVVH 6XEVWDQ]HQ ]X HLQHU VWDUNHQ $EKlQJLJNHLW XQG EHL (QW]XJ ]X 6FKPHU]HQ ZHQQ QLFKW JDU GHP YROOVWlQGLJHQ N|USHUOLFKHQ =XVDPPHQEUXFK IKUHQ UXIW DXFK GHU ERGHQVWlQGLJH ,PSXOV HLQH PHGL]LQLVFK HLQGHXWLJ QDFKZHLVEDUH *HZ|KQXQJ KHUYRU 'LH NRPSOH[HQ FKHPLVFKHQ $EOlXIH LP .|USHU NRQQWHQ ELV KHXWH QLFKW YROOVWlQGLJ JHNOlUW ZHUGHQ :DV ZHQLJHU DQ GHU /HLVWXQJVIlKLJNHLW GHU *DODNWRPHGL]LQHU OLHJW DOV DQ GHU ,VRODWLRQGHU5XSSHWHUXQGGHUQDFKIROJHQGHQ:HLJHUXQJVLFKLQGLHVHU+LQVLFKWKHOIHQ]X ODVVHQ )HVW VWHKW MHGRFK GD GLHVH 6WUDKOXQJVNRPSRQHQWH GHU 6RQQH LQ GLH +RP|RVWDVH

GHV PHQVFKOLFKHQ .|USHUV HLQJUHLIW XQG VLH NDOLEULHUW %HL XQWHU GHP /LFKW GLHVHU 6RQQH *HERUHQHQEORFNLHUHQGLH1HXURWUDQVPLWWHUEHVWLPPWH5H]HSWRUHQLP/LPELVFKHQ6\VWHP /HGLJOLFKGLHQDWUOLFKDXIJHQRPPHQH6WUDKOXQJ0DUQHEVKHEWGLHVH1HUYHQEORFNDGHZLHGHU DXI 9HUVXFKHVLHNQVWOLFK]XEHVHLWLJHQVLQGELVODQJJHVFKHLWHUW(LQKHLPLVFKHGLHLKUHQ 3ODQHWHQ YHUODVVHQ OHLGHQ GHPHQWVSUHFKHQG ]ZDQJVOlXILJ XQWHU (QW]XJVHUVFKHLQXQJHQ GHUHQ 6SHNWUXP YRQ EHUDXV VWDUNHQ .UlPSIHQ EHU YROOVWlQGLJH N|USHUOLFKH %HZHJXQJVXQIlKLJNHLWELVKLQ]XP7RGUHLFKW(VYHUZXQGHUWGDKHUQLFKWGDGLH5XSSHWHU HVYRU]LHKHQDXILKUHU+HLPDWZHOW]XYHUEOHLEHQ =DKOUHLFKH ,QGL]LHQ ZHLVHQ GDUDXI KLQ GD 6WUDKOXQJVNRPSRQHQWHQ YRQ 6RQQHQ GLH GDV JHQHWLVFKH(UEJXWYHUlQGHUQPLW9RUOLHEHSDDUZHLVHDXIWUHWHQ'LH6LJDQHVHQZXUGHQQLFKW QXUNOHLQHUVRQGHUQDXFKODQJOHELJHUGLH5XSSHWHUZXUGHQQLFKWQXUEXFKVWlEOLFKYRQLKUHU 6RQQH DEKlQJLJ VRQGHUQ DXFK IUXFKWEDUHU %HUHLWV QDFK IQI *HQHUDWLRQHQ ZDUHQ 'ULOOLQJVJHEXUWHQGLH5HJHOXQG6HFKVOLQJVJHEXUWHQNHLQH$XVQDKPHPHKO 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 6WUDKOXQJVNRPSRQHQWHQ $XV]XJ 1HPEDU9HUODJ+'6-222I 3LRWD3LFKDUG (LQVFK|QHU7DJDP6HH ª3DSL3DSL©NUHLVFKWH7LPRGXUFKGLH)LOWHUPDVNHXQGVWDPSIWHPLWGHP*XPPLVWLHIHODXI GD GLH .XQVWKHFNH ]XP 1DFKEDUJUXQGVWFN HU]LWWHUWH 6HLQ *HVLFKW ZDU ]RUQHVURW DQJHODXIHQ ª'X KDVW PLU YHUVSURFKHQ ZLU IDKUHQ ]XP *HEXUWVWDJ DQ GHQ 6HH 7LPR ZLOO ]XP6HH© 7LND XQG 7LZH ILHOHQ DXWRPDWLVFK LQ GDV *HEUOO HLQ :HQQ HLQHU GHU 'ULOOLQJH HWZDV GXUFKVHW]HQZROOWHHUNOlUWHQGLHEHLGHQDQGHUHQVLFKVRIRUWVROLGDULVFKDXFKZHQQVLHVLFK VRQVWVWULWWHQGDGLH)HW]HQIORJHQ 8QG GDV DP IUKHQ 0RUJHQ 'HU +LPPHO EHU 6(.725 ZDU QRFK URW JHIlUEW 1RUPDOHUZHLVH KlWWHQ GLH .LQGHU VLFK LQ LKUHP )HUQVHK]LPPHU GDUEHU JHVWULWWHQ ZHOFKHV 3URJUDPPVLHYHUIROJHQZROOWHQXQGGLH(OWHUQHLQ:HLOFKHQVFKODIHQRGHU5XSSHWV*HERW EHIROJHQ ODVVHQ GRFK GHU 8PVWDQG GD KHXWH LKU *HEXUWVWDJ ZDU EUDFKWH DOOHV GXUFKHLQDQGHU ª1DWUOLFK KDEH LFK GDV JHVDJW© UlXPWH 3LRWD 3LFKDUG VFKQHOO HLQ DOV HU VDK GD 7LPR ZLHGHUGLH/XIWDQKLHOW %HLPOHW]WHQ:XWDQIDOOZDUGHU-XQJHEODXDQJHODXIHQXQGHLQIDFKXPJHNLSSW'HUHLOHQGV KHUEHLJHUXIHQH1RWDU]WGHUKLHULP'LSORPDWHQYLHUWHOWDWVlFKOLFKXPJHKHQG]XU6WHOOHZDU KDWWHHLQHQ0DQJHODQURWHQ%OXWN|USHUFKHQGLDJQRVWL]LHUWXQGHLQ0HGLNDPHQWYHUVFKULHEHQ GDV ZHGHU 7LPRV :XWDQIDOOH QRFK GHQ 0DQJHO EHVHLWLJWH GDIU DEHU YRQ GHU VRZLHVR EDQNURWWHQ *HVXQGKHLWVIUVRUJH QLFKW DQHUNDQQW ZXUGH XQG DXV HLJHQHU 7DVFKH EH]DKOW ZHUGHQPXWH,P6(.725ZDUGDVEOLFK:HUKLHUHLQ+DXVEHVDNRQQWHVLFKDXFK $U]QHLHQ OHLVWHQ YRQ GHUHQ ([LVWHQ] GLH EHUZlOWLJHQGH 0HKUKHLW GHU %HY|ONHUXQJ QLFKW HLQPDOHWZDVDKQWH 'DGLHVWDDWOLFKH*HVXQGKHLWVIUVRUJHNXU]YRUGHP=XVDPPHQEUXFKVWDQGZXWH3LFKDUG DOV 6WDDWVVHNUHWlU LP *HVXQGKHLWVPLQLVWHULXP ZRKO DP EHVWHQ (U KDWWH GDQN

ª9HUVSURFKHQLVWYHUVSURFKHQ©QXVFKHOWH7LPR:HQLJVWHQVDWPHWHUZLHGHUGXUFKGDFKWH 3LFKDUG HUOHLFKWHUW XQG ]XFNWH ]XVDPPHQ DOV GLH /XIWILOWHUPDVNH YRU 7LPRV 0XQG EHLP QlFKVWHQ$WHP]XJDXVLKPXQHUILQGOLFKHQ*UQGHQEHVRQGHUVODXWUDVVHOWH :LH HU GLHVH IUHLHQ 7DJH KDWH .|QQWH HU GRFK LQ VHLQHP $PW YHUVXFKHQ XQO|VEDUH 3UREOHPH]XO|VHQXQGGLH(U]LHKXQJGHU.LQGHUZLHVRQVWDXFKVHLQHU)UDXEHUODVVHQ ª'HU-XQJHKDWUHFKW©VDJWH

ª$XIHLQ©VFKULH7LPRª:LUIDKU Q]XP6HHZLUIDKU Q]XP6HH©(UVFKULHVRODXWGDLKU 1DFKEDU3DQWHKOKLQWHUGHU.XQVWKHFNHDXIWDXFKWHGLHGLHEHLGHQ*UXQGVWFNHYRQHLQDQGHU WUHQQWH XP QDFK GHP 5HFKWHQ ]X VHKHQ (U QLFNWH LKQHQ IUHXQGOLFK ]X 3DQWHKO ZDU HLQ HKHPDOLJHU /HKUHU GHU LP %LOGXQJVPLQLVWHULXP .DUULHUH JHPDFKW XQG ZLH PDQ LQ GHU 1DFKEDUVFKDIW IOVWHUWH DQJHEOLFK HLQ SDDU %FKHU JHVFKULHEHQ KDWWH GHUHQ (UO|VH LP GHQ .DXI VHLQHU 9LOOD HUVW HUP|JOLFKW KDWWHQ 3DQWHKO KDWWH GLHVHQ %ORFN GHV 6(.7256 VHLW PHKUHUHQ-DKUHQQLFKWPHKUYHUODVVHQGLHKLHVLJH9HUVRUJXQJV]HQWUDOHERWLKPDOOHVZDVHU EUDXFKWHXQGVLFKPLWVHLQHU5HQWHOHLVWHQNRQQWH 3LRWD ]XFNWH ]XVDPPHQ XQG OlFKHOWH OHLFKW VlXHUOLFK DOV 3DQWHKO LKP XQEHIOHFNW YRQ MHJOLFKHU6DFKNHQQWQLVHLQHQVFK|QHQ7DJZQVFKWH (UZDUHEHQHLQ5XSSHWHUGHUDOWHQ6FKXOHZlKUHQG3LRWDVLFKIUDJWHZDVDQHLQHP7DJGHQ PDQPLWGUHL.LQGHUQYHUEULQJHQPXWHVFK|QVHLQNRQQWH ª$XI JHKW V .LQGHU© VDJWH 3LFKDUG PLW IDOVFKHU )U|KOLFKNHLW XQG GLH VRZLHVR VFKRQ DXIEUXFKEHUHLWH)DPLOLHPDUVFKLHUWHJHVFKORVVHQORV (V YHUJLQJHQ NHLQH GUHL 0LQXWHQ DOV 7LPR VLFK VFKRQ PHOGHWH ª0LU WXQ GLH )H ZHK© PDXOWHHU ª:ROOWH LFK DQ GHQ 6HH RGHU GX"© IUDJWH 3LFKDUG KlPLVFK ª3LRWD© VDJWH

$EVFKOHSSXQWHUQHKPHQHLQHQ9HUWUDJJHVFKORVVHQ(LQ$QUXIJHQJWHXQGGDV8QWHUQHKPHQ HQWIHUQWH GHQ 3DUNVQGHU ZRUDXIKLQ HV GHQ NRQILV]LHUWHQ :DJHQ PHLVW YHUVWLHHQ GLH %HVLW]HU GLHVHU ZLGHUOLFKHQ NOHLQHQ &LW\)OLW]HU JHJHQ EHVWHKHQGHV 5HFKW HUVW QDFK %H]DKOXQJ GHU VWDDWOLFK YRUJHVFKULHEHQHQ $XIZDQGVHQWVFKlGLJXQJ IUHLJDE 3LFKDUG EHNDP IQI]HKQ 3UR]HQW GHU GDEHL DQIDOOHQGHQ 6XPPHQ DXI VHLQ .RQWR EHUZLHVHQ ZDV GLH 3DUNSODW]JHEKUHQIDVWZLHGHUHLQEUDFKWH 6R JHVHKHQ ZDU HV HLQ *OFN GD HU GDPDOV ]X %HJLQQ LKUHU (KH NHLQHQ :LGHUVSUXFK HUKREHQ KDWWH DOV

YRU (U ZXWH DOOHUGLQJV QLFKW ZLH ODQJH GHU 0DQQ ZLUNOLFK LP 6WDX JHVWHFNW KDWWH VFKRQ GDPDOVKDWWHQ*LEDV6RUJHQLKQQLFKWGLH3LOOHLQWHUHVVLHUW ª-D©VDJWH3LRWDODXWXQGVFKOXJVLFKLP*HLVWDXIGLH6FKXOWHUZHLOHUGHQ0LHWYHUWUDJIU GLH3DUNQLVFKHHUVWYRUNXU]HPYHUOlQJHUWKDWWH6FKRQYRQZHLWHPVDKHUGHQ3DUNSODW](U ZDUGLHHLQ]LJHXQEHEDXWH)OlFKHLQLKUHP%ORFNHLQDXIJUXQGGHUXQWHUVFKLHGOLFKHQ)DUEHQ GHUKLHUDEJHVWHOOWHQ:DJHQ EXQWHU.OHFNVLQPLWWHQJOHLFKJURHULQJOHLFKHP6WLOEHEDXWHU *UXQGVWFNHDXIGHQHQJOHLFKJURHJOHLFKKRKH+lXVHUPLWJOHLFKHQ7UHQ)HQVWHUQXQG VRJDU$QVWULFKHQVWDQGHQ 3LFKDUG KDWWH QLH EHJULIIHQ ZDUXP GHU 3DUNSODW]EHVLW]HU QLFKW VFKRQ OlQJVW HLQ PHKUVW|FNLJHV 3DUNKDXV HUULFKWHW KDWWH -HGHU *UXQGVWFNVEHVLW]HU EHNDP YRQ GHQ %DQNHQ VFKLHUXQEHJUHQ]WHQ.UHGLWYRUDOOHPZHQQHU3DUNKlXVHUHUULFKWHQZROOWH .HLQH HLQ]LJH 1LVFKH GHV $UHDOV ZDU XQEHVHW]W ,Q MHGHU VWDQGHQ $XWRV GLH PHLVWHQ PLW |UWOLFKHQ DEHU DXFK ]DKOUHLFKH PLW IUHPGHQ .HQQ]HLFKHQ RGHU 'LSORPDWHQVFKLOGHUQ 6(.725 ZDU UHFKW H[NOXVLY QLFKW XPVRQVW VWDQGHQ KLHU GLH %RWVFKDIWHQ GHU $XHQZHOWHQ $OOH 3DUNQLVFKHQ ZDUHQ PLW NOHLQHQ 6FKLOGHUQ YHUVHKHQ DXI GHQHQ GLH YRP 0LHWHU DQJHJHEHQH 1XPPHU YHUPHUNW ZDU PDQFKH OLHHQ VLFK PLW NQ|FKHOKRKHQ 6FKUDQNHQ YHUVSHUUHQ GHUHQ (GHOVWDKOGRPHQ MHGHQ DEHU DXFK MHGHQ QRFK VR JXW JHVFKW]WHQ 5HLIHQ ]HUIHW]HQZUGHQ 3LFKDUGVFKWWHOWHGHQ.RSI'LH/HXWHGLHGLHVH6SHUUHQDQEUDFKWHQPXWHQ]XZHQLJ=HLW XQG ]XYLHO *HOG KDEHQ 6LH NRQQWHQ ]ZDU GDUDXI YHUWUDXHQ GD LKUH 3DUNQLVFKH OHHU ZDU ZHQQ VLH GHQ :DJHQ GDUDXI DEVWHOOHQ ZROOWHQ DEHU GDIU YHU]LFKWHWHQ VLH DXFK DXI GLH 9HUWUDJVSUlPLHQ GLH GHU MHZHLOLJH $EVFKOHSSGLHQVW ]DKOWH 8QG GHU NOHLQH =HLWYHUOXVW GDV $EVFKOHSSXQWHUQHKPHQ DQ]XUXIHQ XQG ]X ZDUWHQ ELV GHU 3DUNVQGHU JHEKUHQSIOLFKWLJ HQWIHUQWZRUGHQZDUZDU3LFKDUGGLH3URYLVLRQDOOHPDOZHUW ,P VLFKHUHQ 9HUWUDXHQ EHL VHLQHU 5FNNHKU HLQH ZHLWHUH 3UlPLH NDVVLHUHQ ]X N|QQHQ OXG 3LFKDUG VHLQH )DPLOLH LQ GHQ :DJHQ HLQ &LW\/LQHU QLFKW ]X YHUJOHLFKHQ PLW GHQ HNHOKDIW NOHLQHQ )OLW]HUQ NQDSS ]ZHL -DKUH DOW XQG HUVW VHFK]LJWDXVHQG JHODXIHQ WLSSWH GHQ =QGVLFKHUXQJVNRGHHLQXQGOLHGHQ0RWRUDQVSULQJHQ ª-XFKKHL©VFKULH7LPRDXIGHP5FNVLW]ª:LUPDFKHQXQVHUQ$XVIOXJ© ª(VZLUGEHVWLPPWHLQVFK|QHU7DJ©VDJWH

DXI GDVVHOEH KLQDXVOLHI (U NRQQWH YRQ *OFN VDJHQ GHQ 7DWRUW XQEHVFKDGHW YHUODVVHQ ]X KDEHQ (V EHUUDVFKWH LKQ PLW ZHOFKHU %UXWDOLWlW HU YRUJHJDQJHQ XQG ZLH OHLFKW HV LKP JHIDOOHQ ZDU GLH EHLGHQ 0lQQHU DXV ]XVFKDOWHQ :lUH GLH )UDX QLFKW JHZHVHQ (U NRQQWH RIIHQVLFKWOLFK DXI .DPSIWHFKQLNHQ ]XUFNJUHLIHQ YRQ GHQHQ HU JDU QLFKW ZXWH GD HU LQ LKQHQ JHEW ZDU %HUXKWHQ VLH DXI ODQJMlKULJHU (UIDKUXQJ RGHU KDWWH PDQ VLH LKP HLQIDFK SURJUDPPLHUW":DUHUHLQSURJUDPPLHUWHU$WWHQWlWHU" 3HUU\5KRGDQW|WHQ *OHLFK]HLWLJ EHVWU]WH LKQ ZLH NDOWEOWLJ HU YRUJHJDQJHQ ZDU (U KHJWH NHLQHQ =ZHLIHO GDUDQ GD HU QRWIDOOV UFNVLFKWVORV JHW|WHW KlWWH XP VLFK LQ GHQ %HVLW] GHV )DKU]HXJV ]X VHW]HQZlUHHVQLFKWGXUFKGHQ=XVDPPHQVWREHVFKlGLJWZRUGHQ=XPLQGHVWJDOWGDVIU GLHEHLGHQ0lQQHU:DVGLHZHKUORVH)UDXEHWUDIVRKRIIWHHUHVQLHPDOVKHUDXVILQGHQ]X PVVHQ 'RFKLUJHQGZLHEHIUFKWHWHHUGDGLHVH+RIIQXQJVHKUWUJHULVFKZDU (V ZDU LKP QLFKW VFKZHUJHIDOOHQ LQ GHP *HZLPPHO XQWHU]XWDXFKHQ GDV DXI GHQ %UJHUVWHLJHQKHUUVFKWH=ZDUO|VWHHVVLFKPLWGHP(QGHGHV$PSHOVFKRFNVYHUKlOWQLVPlLJ VFKQHOODXIGRFKDXIGHQ6WUDHQ5XSSHWVKHUUVFKWHDXFKXQWHUQRUPDOHQ9HUKlOWQLVVHQHLQ VROFKHU $QGUDQJ GD HU LKP 'HFNXQJ ERW 8P HWZDLJH 9HUIROJHU DE]XVFKWWHOQ KDWWH HU NXU]IULVWLJHLQ*HElXGHEHWUHWHQHVDEHUVFKQHOOZLHGHUYHUODVVHQDOVHUIHVWVWHOOWHGDLP (UGJHVFKR HLQ UXQG XP GLH 8KU JH|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|UWKHLWIUVHLQ9RUKDEHQ 9LHOOHLFKWZDUHVGRFKEHVVHUHLQIDFKHLQ)DKU]HXJ]XVWHKOHQXPGDPLW]XP5DXPKDIHQ ]XJHODQJHQVWDWWHV]XUDXEHQXQGGDEHLJHJHQGHQ%HVLW]HUWlWOLFKZHUGHQ]XPVVHQ8QG LPEHQDFKEDUWHQ6(.725GHP'LSORPDWHQYLHUWHOZDUHQGLH$XVVLFKWHQXQEHPHUNWHLQ VWHKHQGHV)DKU]HXJ]XILQGHQJU|HUDXFKZHQQGRUWZHVHQWOLFKPHKU6LFKHUKHLWVNUlIWH]XU hEHUZDFKXQJ GHU 9HUWUHWXQJHQ GHU JDODNWLVFKHQ 5HLFKH HLQJHVHW]W ZDUHQ :HQQ HU XPVLFKWLJ YRUJLQJ PWH HV LKP JHIDKUORV P|JOLFK VHLQ HLQHQ JHSDUNWHQ &LW\)OLW]HU ]X NQDFNHQ XQG ZHQQ LKP HUVW PDO HLQ )DKU]HXJ ]XU 9HUIJXQJ VWDQG ZUGH HU GHQ 5DXPKDIHQ ]HLWLJ HUUHLFKHQ XQG *HOHJHQKHLW KDEHQ YRU 5KRGDQV $QNXQIW GLH /DJH ]X VRQGLHUHQ (UIUDJWHVLFKZLHVRLKPGHU8QWHUVFKLHG]ZLVFKHQ'LHEVWDKOXQG5DXEVRYHUWUDXWZDUGHU YRP*URWHLOGHU%HY|ONHUXQJHLJHQWOLFKHKHUDOVHLQUHLQMXULVWLVFKHUDQJHVHKHQZXUGH(U IUDJWH VLFK ZLHVR HU DOV JDQ] VHOEVWYHUVWlQGOLFK YRUDXVVHW]WH GD HU GLH gUWOLFKNHLWHQ DXVNXQGVFKDIWHQPXWHEHYRUHUKDQGHOQGXUIWH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ $EHU DOO GLHVH )UDJHQ IKUWHQ OHW]WOLFK QXU ]X HLQHU HLQ]LJHQ GHU HQWVFKHLGHQGHQ :HU ZDU HU" 'LH .RSIVFKPHU]HQ ZXUGHQ ZLHGHU VWlUNHU (U EH]ZHLIHOWH QLFKW PHKU GD VLH LQ HLQHP XUVlFKOLFKHQ=XVDPPHQKDQJPLWVHLQHUSDUWLHOOHQ$PQHVLHVWDQGHQRGHULKQ]XPLQGHVWGD]X WUHLEHQVROOWHQVHLQH$XIJDEH]XHUIOOHQ 'RFKZHUZDULPVWDQGHLKPGHUPDHQEHOPLW]XVSLHOHQ"8QGZDVZDUPLWLKP JHVFKHKHQ" )UDJHQDXIGLHHUZHQQEHUKDXSWGLH$QWZRUWZRKOQXUDP5DXPKDIHQILQGHQZUGH8QG HUZDUNHLQHVZHJVEHU]HXJWGDGLHVH$QWZRUWLKPJHIDOOHQZUGH

$EHUYRUKHUPXWHHUVLFKHLQ7UDQVSRUWPLWWHOEHVRUJHQ ª:DJ HV MD QLFKW PLU 9RUZUIH ]X PDFKHQ© VDJWH

3LRWDJULQVWHGLHJDQ]H=HLWEHUXQHQWZHJWYRUVLFKKLQZlKUHQG

$QOlVVHQLPPHULQVLFKKLQHLQVFKPLHQGOLFKHLQ]XVHW]HQGHQQVLHOlFKHOWHLKQWDWVlFKOLFK DQXQGVDJWHª(LJHQWOLFKLVWGHU7DJGRFKVHKUVFK|QJHZHVHQPHLQVWGXQLFKWDXFK"© 3LFKDUGNQXUUWHHWZDV8QYHUVWlQGOLFKHVXQGVFKWWHOWHVLFKª/DXQVVFKRQPDODXVVWHLJHQ© VDJWHHUª'HU$EVFKOHSSGLHQVWPWHMHGHQ$XJHQEOLFNNRPPHQ© $XVUHLQHU0DFKWGHU*HZRKQKHLWDNWLYLHUWHHUGLH=QGVLFKHUXQJ'DQQZDUWHWHHUELV

ZDUHQVRJDUIULKQVHOEVWXQYHUVWlQGOLFKXQGVHLQ*HJHQEHUZUGHZRKOQXUHLQDEVWUXVHV 1XVFKHOQYHUQHKPHQ ,QGHU)HPHHUNODQJHLQH6LUHQH 'LH 3ROL]HL GDFKWH HU HOHNWULVLHUW -HPDQG KDW GHQ hEHUIDOO EHREDFKWHW XQG JHPHOGHW XQG HQGOLFKNDPHQGLH6LFKHUKHLWVNUlIWHDQJHUROOW'DVZXUGHDXFKK|FKVWH=HLW $EHU QHLQ (U HUNDQQWH GDV *HUlXVFK (V ZDU GLH 6LUHQH GHV YRQ LKP EHVWHOOWHQ $EVFKOHSSZDJHQVGHUGHQ)UHPGSDUNHUYRQVHLQHP3DUNSODW]HQWIHUQHQVROOWH+DQGHOWHHV VLFK EHL GHP $QJUHLIHU HWZD XP GHQ %HVLW]HU GHV YRQ LKP ]XJHSDUNWHQ VFKlELJHQ &LW\ )OLW]HUV" :ROOWH GLHVHU 9HUEUHFKHU HWZD OHGLJOLFK GHQ &LW\/LQHU EHLVHLWH IDKUHQ GDPLW HU GHQ 3DUNSODW] GDQDFK XQJHKLQGHUW YHUODVVHQ NRQQWH RKQH GLH $EVFKOHSSJHEKUHQ ]X EH]DKOHQ" 'LHVHU7RXUZUGHHULKPYHUPDVVHOQ 3LFKDUG OLH GDV .LQG XQVDQIW IDOOHQ XQG VWU]WH VLFK QRFK LPPHU IDVW EOLQG PLW HLQHP $XIVFKUHL DXI GHQ 3DUNVQGHU (UVW LP OHW]WHQ $XJHQEOLFN VDK HU GLH +DQGNDQWH GLH VLFK VHLQHP *HVLFKW QHLQ VHLQHP +DOV QlKHUWH 'DQQ EUDFK VHLQ 7XQQHOEOLFN YROOHQGV ]XVDPPHQ XQG DOV HU HLQH 6HNXQGH RGHU HLQH (ZLJNHLW VSlWHU ZLHGHU ]X VLFK NDP VDK HU

%ULGJHW0lUFKWHKQ 8QVHU0DQQLQ7HUUDQLD 1HUYDO 5RGULN IKOWH VLFK ZHVHQWOLFK ZRKOHU 'LH VHOWVDPH .lOWH XQG .UDIWORVLJNHLW GLH 8QHQWVFKORVVHQKHLW XQG GDV =DXGHUQ ZDUHQ QXQ GD GLH 0DVFKLQHULH VHLQHU 2UJDQLVDWLRQ DQJHODXIHQZDUVFKODJDUWLJYRQLKPDEJHIDOOHQ(UZDULQVHLQHP(OHPHQW 2GHU ODJ HV QXU GDUDQ GD GLHVH 0DVFKLQHULH HLQPDO LQ %HZHJXQJ JHVHW]W IDVW YRQ DOOHLQ OLHI" 6LHKLHOWHQVLFKQRFKLPPHUEHLGHPPLWWOHUZHLOHJURIOlFKLJDEJHVSHUUWHQ*HElXGHDXILQ GHP HLQH IUHPGH XQG OHLGHU QRFK XQEHNDQQWH 0DFKW HLQH $UW /DERU HUULFKWHW KDWWH 'HQQ ZHQLJVWHQV GDV VWDQG QXQ IHVW ,P +LQWHUUDXP KDWWHQ VLFK WDWVlFKOLFK PHKUHUH %HKlOWHU PLW GHQ .DQWHQOlQJHQ ]ZHL PDO HLQHQ 0HWHU EHIXQGHQ GD]X ]DKOUHLFKH &RPSXWHU XQG ZHLWHUH *HUlWH$XFKGHU9RUGHUUDXPKDWWHEHUHLQHEHWUlFKWOLFKH5HFKQHUSRZHUYHUIJWEHYRUHU GHU=HUVW|UXQJVZXWGHU8QEHNDQQWHQDQKHLPJHIDOOHQZDUhEHU6LQQXQG=ZHFNGHU*HUlWH UlW VHOWHQ GLH ([SHUWHQ QRFK LPPHU GDV VFKOR DXFK GHQ VHOWVDPHQ +HOP LP 9RUGHUUDXP HLQ )HVW VWDQG QXU 6LH VWDPPWHQ QLFKW YRQ 5XSSHW :LH 1HUYDO MHGRFK EHIUFKWHW KDWWH ZDUHQ VHLQH /DERUWHFKQLNHU ELVODQJ QLFKW LPVWDQGH JHZHVHQ GLH +HUNXQIW GHU *HUlWH ]X EHVWLPPHQXQGHUEH]ZHLIHOWHGDLKQHQGLHVLQ%lOGHJHOLQJHQZUGH =XPLQGHVWQLFKWLQGHQHUVFKDXWHDXIGDV&KURQRPHWHUMHW]WQRFKJXWDFKW]HKQ6WXQGHQ ELV]X3HUU\5KRGDQV$QNXQIW $EHUZHQLJVWHQVKDWWHQVLHLQDQGHUHU+LQVLFKWHUVWH(UIROJHHU]LHOW1HUYDOVFKDXWH]XHLQHP )DFKPDQQ YRQ GHU 6SXUHQVLFKHUXQJ KLQEHU GHU GHQ .RSI VFKWWHOWH XP LKP DQ]XGHXWHQ GDQRFKNHLQHQHXHQ(UNHQQWQLVVHYRUODJHQXQGYHUOLHGHQ+DXSWUDXPPLWGHQJHVFKlIWLJ ZLUNHQGHQ /DERUWHFKQLNHUQ ZLHGHU (U NQLII NXU] GLH $XJHQ JHJHQ GLH WLHIVWHKHQGH URWH 6RQQH ]XVDPPHQ XQG VFKULWW ]X GHU PRELOHQ (LQVDW]]HQWUDOH HLQHP .DVWHQZDJHQ GHU PLW GHQ PRGHUQVWHQ .RPPXQLNDWLRQVJHUlWHQ DXVJHUVWHW ZDU GLH GLH UXSSHWLVFKH 7HFKQLN ]X ELHWHQKDWWH 'HU 3RVWHQ WUDW UHVSHNWYROO ]XU 6HLWH DOV 5RGULN GLH GUHL 6WXIHQ HUNORPP GLH ]XP :DJHQ KLQDXIIKUWHQ,QGHPZLQ]LJHQ,QQHQUDXPDUEHLWHWHQGUHLVHLQHU/HXWH]XVDPPHQRKQHVLFK EHL MHGHU %HZHJXQJ DQ]XUHPSHOQ 'DV OLH VLFK YRQ 'LGMHK )RKUWXKQ QLFKW VDJHQ VHLQ 6WHOOYHUWUHWHU VWDQG GLH $UPH HQJ DQ GHQ SUlFKWLJ JHVW\OWHQ .|USHU JHGUFNW PLWWHQ LP 5DXP XPJHEHQ YRQ &RPSXWHUQ )XQN XQG )D[JHUlWHQ XQG VRQVWLJHP LQ GLH :lQGH HLQJHEDXWHQ ,QVWUXPHQWDULXP XQG ZDJWH VLFK QLFKW ]X UKUHQ XP GLH .ROOHJHQ QLFKW ]X VW|UHQ )U IQI 3HUVRQHQ ZDU GLH PRELOH =HQWUDOH HQWVFKLHGHQ ]X NOHLQ EHIDQG 5RGULN (U JDE )RKUWXKQHLQ=HLFKHQXQGYHUOLHGHQ:DJHQZLHGHU 6HLQ 6WHOOYHUWUHWHU NDP NXU] GDUDXI PLW HLQHP GLFNHQ 6WDSHO 3DSLHU XQWHU GHP $UP ]XP 9RUVFKHLQ(UVFKLHQHUOHLFKWHUWDXI]XDWPHQZLHGHUXQWHUIUHLHP+LPPHO]XVWHKHQ ª+DWGLH5LQJIDKQGXQJQHXH(UJHEQLVVHJHEUDFKW"©JLQJ5RGULNVRIRUWLQPHGLDVUHV ª$FKW]HKQKXQGHUW9RUIlOOH©DQWZRUWHWH)RKUWXKQª8QVHUH/HXWHVRUWLHUHQQRFKDXV,QHLQ SDDU0LQXWHQKDEHQVLHGLHQHXH3ULRULWlWVOLVWHHUVWHOOW© :LH DQJHQHKP GDFKWH 1HUYDO ZHQQ GLH 5lGHU VLFK ZLH JHVFKPLHUW GUHKHQ ª :DV LVW PLW GLHVHQYLHU9HUGlFKWLJHQ"©IUDJWHHU 6LHKDWWHQDXIGHUHUVWHQ/LVWHJDQ]REHQJHVWDQGHQ1DFKGHPIUVlPWOLFKH6LFKHUKHLWVNUlIWH GLH$ODUPVWXIHHLQVDXVJHUXIHQZRUGHQZDUKDWWHHVPHKUHUHWDXVHQG9HUKDIWXQJHQJHJHEHQ -HGHUGHUVLFKLQLUJHQGHLQHU+LQVLFKWDXIIlOOLJEHQRPPHQKDWWHZDUIHVWJHQRPPHQZRUGHQ 'DUXQWHUDXFKYLHU3HUVRQHQGUHL0lQQHUXQGHLQH)UDXGLHXQDEKlQJLJYRQHLQDQGHUY|OOLJ RULHQWLHUXQJVORV XQG RKQH 3DSLHUH DXIJHJULIIHQ ZRUGHQ ZDUHQ 6LH KDWWHQ QLFKWV EHL VLFK JHWUDJHQZDV]XHLQHU,GHQWLIL]LHUXQJIKUHQNRQQWH(UVWH8QWHUVXFKXQJHQKDWWHQHUJHEHQ

GD VLH ZHGHU XQWHU GHP (LQIOX YRQ $ONRKRO QRFK XQWHU GHP LUJHQGZHOFKHU 'URJHQ VWDQGHQMHGHQIDOOVNHLQHQGLHPLWGHQLKQHQ]XU9HUIJXQJVWHKHQGHQ0LWWHOQQDFKJHZLHVHQ ZHUGHQ NRQQWHQ 'HQQRFK ZDUHQ VLH QLFKW DQVSUHFKEDU VLH ODOOWHQ Y|OOLJ XQYHUVWlQGOLFKHV =HXJYRUVLFKKLQZHQQVLHEHUKDXSWHWZDVVDJWHQ (LQH VROFKH 3HUVRQ GDV KlWWH 1HUYDO QRFK DQJHKHQ ODVVHQ $EHU JOHLFK YLHU YRQ LKQHQ GLH ]ZDUDQXQWHUVFKLHGOLFKHQ2UWHQDEHUDOOHLQGHU1lKHGHV7DWRUWVDXIJHJULIIHQZDUHQXQG GDV DXFK QRFK LQ HWZD GHU JOHLFKHQ (QWIHUQXQJ GDYRQ GDV NRQQWH NHLQ =XIDOO VHLQ =X GLHVHP6FKOXZDUQLFKWQXU5RGULNVRQGHUQDXFKGHU&RPSXWHUJHNRPPHQGHUVLHIROJOLFK DQ GLH 6SLW]H GHU /LVWH JHVHW]W KDWWH LQ GHU VlPWOLFKH )HVWQDKPHQ HUIDW XQG DXI LKUH 3ODXVLELOLWlWDEJHNORSIWZXUGHQ ª1RFK QLFKWV 1HXHV© EUXPPWH )RKUWXKQ QDFK HLQHP %OLFN DXI GDV REHUVWH %ODWW VHLQHV 3DSLHUVWDSHOVª,KU=XVWDQGLVWXQYHUlQGHUW© ª+DWPDQEHUHLWVIHVWVWHOOHQN|QQHQREHVVLFKXP5XSSHWHURGHU)UHPGZHOWOHUKDQGHOW"© 6HLQ6WHOOYHUWUHWHUVFKWWHOWHGHQ.RSIª'DVGDXHUW©VDJWHHU ª,FKZHL,FKKDWWHQXUJHKRIIW©1HUYDOEUDFKDEXQGKRUFKWHLQVLFKKLQHLQ9HUVSUWHHU WLHILQVLFKLQVHLQHQ=HOONHUQHQKlWWHHUIDVWYHUPXWHWDEHULKPZDUNODUGDVZDU8QVLQQ ZLHGHUGLHVHOlKPHQGH.lOWHXQG6FKZlFKH"(UULVLFK]XVDPPHQª(UNXQGLJHQ6LHVLFK RE GLH /LVWH VFKRQ IHUWLJ LVW© VDJWH HU ]X )RKUWXKQ XQG YHUVXFKWH VLFK ZLHGHU ]X NRQ]HQWULHUHQ 'LH YLHU 9HUGlFKWLJHQ 5XSSHWHU RGHU )UHPGZHOWOHU" 'LHVH 8QWHUVXFKXQJ ZDU EHUDXV VFKZLHULJ GDGLH5XSSHWHUYRQ0HQVFKHQGHV6RODUHQ,PSHULXPVDEVWDPPWHQXQGVLFKLQ NQDSS VHFKVKXQGHUW -DKUHQ JHQHWLVFK NDXP YHUlQGHUW KDWWHQ DEJHVHKHQ YRP ERGHQVWlQGLJHQ ,PSXOV 'RFK GLH *HQRPXQWHUVXFKXQJ GHU YLHU 9HUGlFKWLJHQ ZDU NRPSOL]LHUWXQGODQJZLHULJ%HLGHU$QDO\VHGHVHLQIDFKHQ&KURPRVRPHQVDW]HVHLQHU=HOOH GHU GHUHQ (UEPDVVH GDUVWHOOWH VWLH GLH UXSSHWLVFKH :LVVHQVFKDIW DQ LKUH *UHQ]HQ 5RGULN YHUIOXFKWH HUQHXW GHQ 8PVWDQG GD LKP QLFKW GLH 7HFKQLN GHU JDODNWLVFKHQ 5HLFKH ]XU 9HUIJXQJVWDQG'HUHQ:LVVHQVFKDIWOHUKlWWHQLKPZDKUVFKHLQOLFKLQ]ZHL0LQXWHQVDJHQ N|QQHQREHVVLFKEHLGHQYLHU)HVWJHQRPPHQHQXP5XSSHWHUKDQGHOWHRGHUQLFKW $QVRQVWHQ KDWWHQ VLFK DXI GHU HUVWHQ /LVWH OHGLJOLFK %OLQGJlQJHU EHIXQGHQ .HLQH EUDXFKEDUHQMHGHQIDOOVQLFKWEHVRQGHUVYLHOYHUVSUHFKHQGHQ+LQZHLVH'HQQRFKJLQJHQVHLQH /HXWHLP5DKPHQLKUHU0|JOLFKNHLWHQGHQDXVVLFKWVUHLFKVWHQ6SXUHQQDFK)RKUWXKQNDPDXV GHUPRELOHQ(LQVDW]]HQWUDOHXQGVFKZHQNWHHLQLJH$XVGUXFNH'LH]ZHLWH/LVWHZDUHQGOLFK IHUWLJ ª1XU HLQ DXVVLFKWVUHLFKHU 9RUIDOO© QDKP HU 5RGULNV )UDJH YRUZHJ ª8QG GHU LVW HUVW YRU ZHQLJHQ 0LQXWHQ JHPHOGHW ZRUGHQ %HVVHU JHVDJW HLJHQWOLFK ]ZHL $EHU VLH KlQJHQ ]XVDPPHQXQGGHU&RPSXWHUKDWVLHVRIRUWDQGLH6SLW]HGHU/LVWHJHVHW]W© ª:DVGHQQQXQ"©IUDJWH1HUYDO ª=ZHLhEHUIDOOH%HLGH0DOHZROOWHGHU7lWHUIDOOVHVEHUKDXSWGHUVHOEHLVWVLFKLQGHQ %HVLW] HLQHV )DKU]HXJV EULQJHQ 'DV 9RUJHKHQ XQG GLH %HVFKUHLEXQJ GHV 'HOLQTXHQWHQ VWLPPHQLQHWZDEHUHLQ© ª/DVVHQ6LHPDOVHKHQ©5RGULNEHUIORJGHQHUVWHQ%HULFKW,Q6(.725HLQHPUHLQHQ :RKQEHUHLFK GHU DQ GHQ *HVFKlIWVJUWHO XP 6(.725 JUHQ]WH KDWWH HLQ 8QEHNDQQWHU VLFK JHZDOWVDP =XWULWW LQ HLQHQ &LW\)OLW]HU YHUVFKDIIW DOV GHU DXI GHQ $PSHOVFKRFN IROJHQGH 6WDX VLFK JHUDGH DXIJHO|VW KDWWH 'HU )DKUHU KDWWH VFKQHOO XQG NDOWEOWLJ UHDJLHUW XQG GHQ 8QEHNDQQWHQ LQ GLH )OXFKW JHVFKODJHQ 'DEHL ZDU VHLQ )OLW]HU OHLFKW EHVFKlGLJW ZRUGHQ ª:DV ZLVVHQ ZLU EHU GLHVHQ© 1HUYDO ZDUI HLQHQ %OLFN DXI GHQ $XVGUXFN ª 9LQ]HQ] 9HUPRO"© )RKUWXKQ VFKDXWH DXI HLQ DQGHUHV %ODWW ª(LQ NOHLQHV /LFKW© VDJWH HU ª+DW HLQ IXUFKWEDUHV 7KHDWHU XP GLH OHLFKWHQ 6FKlGHQ DQ VHLQHP )OLW]HU JHPDFKW (U LVW .RQYHQWLRQDOLVW $Q VHLQHU$XVVDJHVWLPPWHWZDVQLFKW:LUKDEHQKHUDXVJHIXQGHQGDVLFKXQPLWWHOEDUYRUGHP

9RUIDOO HLQH ZHLWHUH 3HUVRQ LQ VHLQHP )DKU]HXJ DXIKLHOW ZDKUVFKHLQOLFK HLQH )UDX GLH DOOHUGLQJVVSXUORVYHUVFKZXQGHQLVW9HUPROEHVWUHLWHWGDVHQHUJLVFK© 1HUYDO5RGULNQLFNWH'LH.RQYHQWLRQDOLVWHQ]lKOWHQ]XGHQVWUHQJJOlXELJVWHQ5XSSHWHUQ6LH EHIROJWHQ]ZDULQEUQVWLJ5XSSHWV*HERWDEHUQXULQQHUKDOEGHU(KHGLHLKQHQKHLOLJZDU (KHEUXFK DKQGHWH GLH 6HNWH PLW VRIRUWLJHP $XVVFKOX :DKUVFKHLQOLFK KDWWH VLH JHQDX GHVKDOE LQ OHW]WHU =HLW VR VWDUN DQ 0LWJOLHGHUQ XQG %HGHXWXQJ YHUORUHQ EHUOHJWH 5RGULN ]\QLVFK ª:DVLVWPLWGLHVHU)UDXGLHEHLPhEHUIDOOLP)OLW]HUGHU)DKUJHPHLQVFKDIWZDU"©IUDJWHHU ª+DWPDQVLHVFKRQYHUK|UW"© )RKUWXKQ VFKWWHOWH GHQ .RSI ª6LH ZXUGH JHUDGH YRQ JHVXQGHQ )QIOLQJHQ HQWEXQGHQ© VDJWH HU ª=ZHL -XQJHQ GUHL 0lGFKHQ 'LH 3ROL]HLNUlIWH KDEHQ HLQHQ .UDQNHQJOHLWHU DQJHIRUGHUW 'HU =ZLVFKHQIDOO ZDU LKU *OFN (V ZDU K|FKVWH (LVHQEDKQ 0LW GHP &LW\ )OLW]HUKlWWHVLHHVQLFKWPHKUUHFKW]HLWLJLQVQlFKVWH(QWELQGXQJVKHLPJHVFKDIIW© ª-HPDQG VROO PLW LKU VSUHFKHQ© RUGQHWH 5RGULN DQ ª:LU EUDXFKHQ DXFK LKUH 7lWHUEHVFKUHLEXQJ 'LH GHU EHLGHQ DQGHUHQ +DXSW]HXJHQ VLQG QLFKW VRQGHUOLFK JHQDX 8QG GHU]ZHLWH9RUIDOO"© ª,Q6(.725© 5RGULNPHUNWHDXIXQGUXQ]HOWHGLH6WLUQª,P'LSORPDWHQYLHUWHO©VDJWHHU ª,QHLQHU(QWIHUQXQJYRPHUVWHQ7DWRUWGLHPDQLQGHU=HLWVSDQQH]ZLVFKHQGHQhEHUIlOOHQ EHTXHP]X)X]XUFNOHJHQNDQQ©HUJlQ]WH)RKUWXKQª(LQJDQ]lKQOLFKHV9RUJHKHQ'DV 2SIHUEHKDXSWHWEULJHQV6LH]XNHQQHQ© ª$FKMD"© ª3LRWD3LFKDUG6WDDWVVHNUHWlULP*HVXQGKHLWVPLQLVWHULXP© 'LHQVWOLFK KDWWH HU QRFK QLH PLW LKP ]X WXQ JHKDEW DEHU 1HUYDO HULQQHUWH VLFK GXQNHO GHQ 0DQQ JHOHJHQWOLFK DXI (PSIlQJHQ JHVSURFKHQ ]X KDEHQ 1LHPDOV VHKU DXVIKUOLFK HUVWHQV ZDU 3LFKDUG HLQ 9ROOLGLRW XQG ]ZHLWHQV EHUDXV XQV\PSDWKLVFK (U KDWWH HLQH UHLFKH (UELQ JHKHLUDWHWGHUMHGH0HQJH*UXQGEHVLW]LP'LSORPDWHQYLHUWHOLQGHQ6FKRJHIDOOHQZDUPLW LKU GUHL YHU]RJHQH .LQGHU EHNRPPHQ XQG PDFKWH DXV VHLQHU $UURJDQ] NHLQHQ +HKO $XHUGHP KDWWH 5RGULN LKQ LP 9HUGDFKW LQVJHKHLP HLQ ,PSHULDOLVW ]X VHLQ XQG *HEXUWHQNRQWUROOH]XSUDNWL]LHUHQ ª(LQDXVJHVSURFKHQHU9HUKWHU©VDJWHHU]XVHLQHP6WHOOYHUWUHWHU ª'DVN|QQHQ6LHODXWVDJHQ(UKDWHLQIXUFKWEDUHV7KHDWHUJHPDFKWXQGVLFKGLUHNWDXI6LH EHUXIHQ:DKUVFKHLQOLFKYHUODQJWHUQRFKLPPHUODXWKDOVPLW,KQHQSHUV|QOLFK]XVSUHFKHQ© ª'DUDXINDQQHUODQJHZDUWHQ©1HUYDOEHUIORJGHQ%HULFKW'HU5DXEZDUQXUJHVFKHLWHUW ZHLO3LFKDUGQDWUOLFKGDVQHXHVWH&LW\/LQHU0RGHOOEHVDHLQVGHUZHQLJHQGLHEHUHLWVPLW HLQHP=QGVLFKHUXQJVNRGHDXVJHVWDWWHWZDUHQ 'LH VSlUOLFKH %HVFKUHLEXQJ GHV 7lWHUV VWLPPWH WDWVlFKOLFK LQ *UXQG]JHQ PLW GHQ %HVFKUHLEXQJHQEHUHLQGLHGLH=HXJHQGHVDQGHUHQ7DWRUWVJHOLHIHUWKDWWHQ6FKRQIURKDP $QIDQJVHLQHU.DUULHUHKDWWH1HUYDOGLH3UREOHPDWLNVROFKHU$QJDEHQHUNDQQWXQGMHW]WZDU HUEHUHLWYRQHLQHUhEHUHLQVWLPPXQJDXV]XJHKHQZHQQEHLGUHL=HXJHQEHVFKUHLEXQJHQGLH *U|HGHV'HOLQTXHQWHQQLFKWXPPHKUDOV]ZDQ]LJ=HQWLPHWHUYRQHLQDQGHUDEZLFKXQGGLH +DDUIDUEHlKQOLFKJHVFKLOGHUWZXUGHDOVRKHOORGHUGXQNHOª$EHUGLH$XVVDJHYRQ3LFKDUGV )UDX LVW GRFK VHOWVDP PHLQHQ 6LH QLFKW DXFK"© IUDJWH )RKUWXKQ (U KDWWH ZLHGHU GLHVHV HLJHQWPOLFKH)XQNHOQLQGHQ$XJHQ 5RGULNZXUGHSO|W]OLFKZLHGHUNDOWª:RUDXIZROOHQ6LHKLQDXV"©IUDJWHHU ª$FK VLQG 6LH VR ZHLW XQWHQ LP %HULFKW QRFK QLFKW DQJHODQJW"© )RKUWXKQ ]XFNWH PLW GHQ $FKVHOQª

6LFKHUKHLWVVWXIH HLQV YRUOlXILJ IHVWJHQRPPHQ ZRUGHQ ZDUHQ JHZLVVHQKDIW YRUJHJDQJHQ XQG KDWWHQ WURW]GHP HLQH %HVFKUHLEXQJ YHUODQJW ª %UDXQHV +DDU JUR VFKODQN JXW JHNOHLGHW XQDXIIlOOLJHV *HVLFKW© ]LWLHUWH HU ª,P 3ULQ]LS Y|OOLJ XQEUDXFKEDU ,FK NDQQ LQ HLQHUKDOEHQ6WXQGHLQGHUQlKHUHQ8PJHEXQJGUHL0LOOLRQHQ5XSSHWHU]XVDPPHQWURPPHOQ DXIGLHGLHVH%HVFKUHLEXQJ]XWULIIW© )RKUWXKQ EHPHUNWH GD HU VLFK DXI GQQHP (LV EHZHJWH ª1DWUOLFK© VDJWH HU EHIOLVVHQ ª(LQHDEVROXWGUIWLJH%HVFKUHLEXQJ8QG6LHKDEHQHLQDXVJH]HLFKQHWHV$OLEL6FKOLHOLFK ZDUHQZLUMD]XU7DW]HLW]XVDPPHQ'DVN|QQHQDXHUGHPIQI]LJ.ROOHJHQEH]HXJHQ©(U ODFKWH KRKOª8QGDXHUGHP©IJWHHUKLQ]XªKDW3LFKDUGVHOEVWGHQ$QJUHLIHUEHUKDXSW QLFKWHUNDQQWXQGVHLQH)UDXKDWHLQJHVWDQGHQLKQNDXPJHVHKHQ]XKDEHQK|FKVWHQVHLQH 6HNXQGHODQJ$OOHVJLQJYLHO]XVFKQHOO© ª7URW]GHP©VDJWH5RGULNª$QGHU6DFKHN|QQWHHWZDVGUDQVHLQ'LH%HVFKUHLEXQJHQVLQG ]ZDUXQJHQDXVWLPPHQDEHUHLQLJHUPDHQEHUHLQ:DVVFKOLHHQ6LHGDUDXV"© 6HLQ 6WHOOYHUWUHWHU VDK LKQ IUDJHQG DQ 1HUYDO ZDU SO|W]OLFK GDYRQ EHU]HXJW GD HU VHLQH +\SRWKHVHQIUVLFKEHKDOWHQZUGHIDOOVHUEHUKDXSWZHOFKHHQWZLFNHOWKDWWH ª :LU ZLVVHQ QRFK QLFKW ZDV LQ GLHVHP /DERU© 5RGULN ]HLJWH PLW GHP 'DXPHQ EHU GLH 6FKXOWHUªJHVFKHKHQLVWZROOHQHVGHU(LQIDFKKHLWKDOEHUDEHUUXKLJDOV7DWRUWEH]HLFKQHQ ,Q GHU 1lKH GLHVHV 7DWRUWV DOVR YHUVXFKW HLQH 3HUVRQ ]ZHLPDO VLFK LQ GHQ %HVLW] HLQHV )DKU]HXJV]XEULQJHQ:DUXP"© ª:HLOVLHYRP7DWRUWIOLHKHQZLOO"© ª(QWZHGHUGDVRGHUZHLOVLHGULQJHQGDQHLQHQEHVWLPPWHQ2UWJHODQJHQPXDEHUDXIJUXQG GHU9RUIDOOHKLHUXQGZHJHQGHUEHUVWU]WHQ)OXFKWNHLQHDQGHUH0|JOLFKNHLWGD]XKDWDOV HLQ)DKU]HXJ]XVWHKOHQ:REHLGDVHLQHGDVDQGHUHQLFKWDXVVFKOLHW© ª8QGZRKLQZLOOGLHVH3HUVRQJHODQJHQ"©5RGULN]XFNWHPLWGHQ$FKVHOQ )RKUWXKQV $XJHQ ZXUGHQ JU|HU ª6LH PHLQHQ GRFK QLFKW HWZD GLHVHU $QVFKODJ DXI 5KRGDQ DXI GHQ 6LH +LQZHLVH HUKDOWHQ KDEHQ" 9HUPXWHQ 6LH HWZD GD HV VLFK EHL GLHVHU 3HUVRQXPGHQ$WWHQWlWHUKDQGHOW"© +LQZHLVH GLH HU IUHL HUIXQGHQ KDWWH $EHU ZHQQ HU DOOHV LQ %HWUDFKW ]RJ YRU DOOHP GLH %HWHLOLJXQJHLQHUGHUJDODNWLVFKHQ0lFKWHGLHDXIHLQDQGHUQLFKWJXW]XVSUHFKHQZDUHQXQG ZRKO DXFK NDXP YRU HLQHP $WWHQWDW DXI IUHPGHP %RGHQ DXI HLQHQ KHUDXVUDJHQGHQ :UGHQWUlJHUHLQHVGHUDQGHUHQ5HLFKHYHU]LFKWHQZUGHQ ª)RUGHUQ6LHHLQHQ*OHLWHUDQ©EHIDKO5RGULNVHLQHP6WHOOYHUWUHWHUª(LQH6WDDWVNDURVVHGLH HWZDV KHUJLEW $XI NHLQHQ )DOO HLQ 0RGHOO GDV ZLU DXV GHP 6RODUHQ ,PSHULXP LPSRUWLHUW KDEHQ(LQVGDVDXVLUJHQGHLQHPGHUDQGHUHQJDODNWLVFKHQ5HLFKHVWDPPW$XVZHOFKHPLVW PLUHJDO© ª:DV KDEHQ 6LH YRU"© HUNXQGLJWH VLFK )RKUWXKQ ª:HQQ LFK PLU GLH )UDJH HUODXEHQ GDUI© IJWHHUVFKQHOOKLQ]X 1HUYDO5RGULNVDKVHLQHQ8QWHUJHEHQHQDQª:LHLFKVFKRQVDJWHLFKELQEHUHLWGLH3LOOHPLW GHP.RQGRPDXV]XWUHLEHQ8QGGHUJHHLJQHWH$XJHQEOLFNGDIULVWMHW]WJHNRPPHQ© ª :LU KDEHQ 3UREOHPH© VDJWH %ULGJHW 0lUFKWHKQ ]X GHP 0DQQ DXI GHP %LOGVFKLUP 6LH NRQQWH HLQLJHUPDHQ IUHL VSUHFKHQ GLH 9HUELQGXQJ ZDU NRGLHUW ]HUKDFNW JHUDIIW XQG YHUVFKOVVHOW XQG GDPLW DEVROXW VLFKHU -HGHQIDOOV IU LKUHQ =ZHFN NQDFNHQ NRQQWH PDQ QDWUOLFKMHGHVNRGLHUWH)XQNJHVSUlFKDEHUHEHQQLFKWLQGHP=HLWUDXPDXIGHQHVDQNDP 'HQQRFK ZDU GLHVH 0|JOLFKNHLW *UXQG JHQXJ EHL GHU :DKO LKUHU :RUWH ]XUFNKDOWHQG ]X EOHLEHQ6FKOLHOLFKZROOWHQVLHYHUPHLGHQGDGLH*HJHQVHLWHLKQHQLUJHQGZDQQKDQGIHVWH %HZHLVH DXI GHQ 7LVFK NQDOOWH GLH LKUH 9HUZLFNOXQJ LQ GLHVH $QJHOHJHQKHLW EHOHJWHQ ª6LFKHUKHLWVPLQLVWHU1HUYDO5RGULNVWHKWYRUGHU7UXQGHUELWWHWPHLQH0LWDUEHLWGDHUHLQ $WWHQWDWDXI5KRGDQEHIUFKWHW8QGGDPHLQWH.D(LQVLFKVROOWHOLHEHUPDOQDFKIUDJHQZDV XQVHU0DQQLQ7HUUDQLDYRQGLHVHU(QWZLFNOXQJKlOW©

-HUHPD\ 9RVV NRQQWH VHLQH hEHUUDVFKXQJ QLFKW YHUEHUJHQ XQG ]RJ GLH $XJHQEUDXHQ XQWHU GHPEORQGHQ+DDUVFKRSIKRFK6HLQH$QWZRUWNODQJGHQQRFKY|OOLJJHODVVHQª9HUGDPPWHV .RQGRP6RVDJWPDQGRFKEHL,KQHQQLFKWZDKU"© ª 9HUGDPPWH 3LOOH © EHULFKWLJWH VLH LKQ ª8QG GDV PLW GHU 7U LVW QLFKW Z|UWOLFK ]X QHKPHQ©IJWHVLHKLQ]X 6LHZXWH-HUHPD\NRQQWHVRORJLVFKXQGVFKQHOOEHKDXSWHWHQPDQFKH(LQJHZHLKWHZLH GLH PRGHUQVWH 3RVLWURQLN GHQNHQ OHJWH DEHU :HUW DXI SUl]LVH ,QIRUPDWLRQHQ 6LH EHJULII HLQIDFKQLFKWZLHVRHUVLFKIUHLQH7lWLJNHLWLQGHU6RODUHQ$EZHKUHQWVFKLHGHQKDWWHEHL VHLQHU$IILQLWlWIU3RVLWURQLNHQXQGDQGHUH&RPSXWHUKlWWHHUVLFKLQGHUIUHLHQ:LUWVFKDIW HLQHJROGHQH1DVHYHUGLHQHQN|QQHQhEULJHQVEHKDXSWHWH9RVVIUGLHVHVVHLQ7DOHQWQLFKWV ]X N|QQHQ XQG EUDFKWH DXI $XIIRUGHUXQJ VRJDU %HZHLVH EHL (U KDWWH HLQH $KQHQWDIHO ]XVDPPHQJHVWHOOW GLH ELV LQ GLH 0LWWH GHV ]ZDQ]LJVWHQ -DKUKXQGHUWV ]XUFNUHLFKWH XQG MHGHUDEHUDXFKZLUNOLFKMHGHUVHLQHU9RUIDKUHQLQGLUHNWHU/LQLHKDWWHEHUXIOLFKPLWVROFKHQ *HUlWHQ]XWXQJHKDEW6HLQH*DEHVHLLKPDOVRLQGLH:LHJHJHOHJWZRUGHQYHUVLFKHUWHHU JODXEKDIW ª'DV KDEH LFK DXFK QLFKW DQJHQRPPHQ© EHKDXSWHWH 9RVV ª,FK YHUPXWH LKU KDEW LKQ KHUHLQJHODVVHQXQGLKPHLQHQ.DIIHHDQJHERWHQ© ª*HQDX© VDJWH %ULGJHW ª(U NDP EULJHQV PLW HLQHP 3UDFKWVWFN YRQ *OHLWHU DQJHUDXVFKW /HXFKWHQG JUQ HLQ RIIL]LHOOHV 5HQRPPLHU XQG 9RU]HLJHPRGHOO GDV EHVWH ZDV GLH 5HJLHUXQJYRQ5XSSHW]XELHWHQKDW(LQJHULVVHQHU.HUOGLHVHU6LFKHUKHLWVPLQLVWHU(UKDW VLFKIUHLQHQ7\SDXVGHU=HQWUDO*DODNWLVFKHQ8QLRQHQWVFKLHGHQXPGLUHNWNODU]XVWHOOHQ GDHUNHLQHVZHJVDOV%LWWVWHOOHUVRQGHUQDOVJOHLFKEHUHFKWLJWHU.ROOHJHKLHULVW© -HUHPD\9RVVQLFNWHXPLKU]XEHGHXWHQGDHUYHUVWDQGHQKDWWHª8QGHUZHQGHWVLFKDQ 6LH LQ ,KUHU (LJHQVFKDIW DOV 6LFKHUKHLWVEHDXIWUDJWH GHV 6RODUHQ ,PSHULXPV IU GHQ 6WDDWVEHVXFKGHV*URDGPLQLVWUDWRUV"© ª6LH KDEHQ HV HUIDW 6LH ZLVVHQ MD LFK NHQQH 5RGULN ,FK ZHL ]ZDU QLFKW RE HU PLFK ZLHGHUHUNHQQWDEHUYLHOOHLFKWN|QQWHQ6LHMD HLQ 3URJUDPP VFKUHLEHQGDV©6LHOLHGHQ 5HVW GHV 6DW]HV XQDXVJHVSURFKHQ DOV HU HUQHXW QLFNWH GLHV PDO HQHUJLVFKHU DOV ZROOH HU VDJHQ-DVFKRQJXWLFKZHLZDV6LHPHLQHQXQGZRUXPHVJHKWLFKELQMDQLFKWEO|GRGHU $ONRKROLNHU (V HUVWDXQWH VLH LPPHU ZLHGHU ZLH YHU]|JHUXQJVIUHL VROFKH 5HODLVEUFNHQ ZLH GLHVH DUEHLWHWHQ GLH VLH QXQ PLW 7HUUDQLD &LW\ LQ GHU :VWH *REL DXI GHU (UGH YHUEDQG GHP 1HUYHQ]HQWUXP GHV 6RODUHQ ,PSHULXPV XQG GHU 6RODUHQ $EZHKU )QI]HKQWDXVHQG /LFKWMDKUH ZDUHQ ]ZDU QLFKW GDV 8QLYHUVXP DEHU HEHQ DXFK NHLQH 6WUHFNH EHU GLH PDQ ,QIRUPDWLRQHQDXVWDXVFKHQNRQQWHLQGHPPDQHLQIDFKODXWJHQXJEUOOWH ª,FKQHKPHQLFKWDQGD6LFKHUKHLWVPLQLVWHU1HUYDO5RGULN6LHZLHGHUHUNHQQWZHQQ6LHQXQ PLWLKPVSUHFKHQ©VDJWH9RVV ª'DVLQG6LHVLFKHLQLJHUPDHQVLFKHU"© 6FKRQ VHLQ %OLFN ZDU GHU SHUVRQLIL]LHUWH 7DGHO $XI VHLQH :RUWH KlWWH HU UXKLJ YHU]LFKWHQ N|QQHQª'DELQLFKPLUY|OOLJVLFKHU© (LQ 6DNULOHJ GDFKWH %ULGJHW 0LU LVW HLQ 6DNULOHJ XQWHUODXIHQ ,FK KDEH GLH :RUWH GHV EHJQDGHWHQ9RVVDQJH]ZHLIHOW,KUZXUGHWDWVlFKOLFKPXOPLJ]XPXWH ª9HUWUDXHQLVWJXW.RQWUROOHLVWEHVVHU©PXUPHOWHVLHª:LHELWWH"© ª$FK QLFKWV ,FK KDEH QXU HLQHQ EHGHXWHQGHQ 3KLORVRSKHQ GHV QHXQ]HKQWHQ -DKUKXQGHUWV ]LWLHUW8QGZDVLVWPLWVHLQHU%LWWHXP+LOIH"© -HUHPD\ 9RVV PXWH QXU NXU] EHUOHJHQ ª:HQQ HU EHIUFKWHW GDV /HEHQ GHV *URDGPLQLVWUDWRUVVHLLQ*HIDKUVROOWHQ6LHLKPELV]X5KRGDQV$QNXQIWVHOEVWUHGHQGGLH +LOIH JHZlKUHQ GLH 6LH IU ULFKWLJ KDOWHQ© 'DV &RPSXWHUJHQLH UXQ]HOWH GLH 6WLUQ ª(V LVW EULJHQVP|JOLFKGDGHU*URDGPLQLVWUDWRUHWZDVVSlWHUDOVJHSODQWHLQWULIIW(UNUHX]WPLW GHU:85,86(1*8EHUHLWVGXUFK7XFDQLXQGQXW]WGLH=HLW]XHLQLJHQNDUWRJUDSKLVFKHQ 9HUPHVVXQJHQ6LHZLVVHQMDGHU.XJHOVWHUQKDXIHQZXUGHSUDNWLVFKQLHPDOVHUNXQGHW©

'DPLW ZDU DOOHV JHVDJW %ULGJHW ZXWH ZDV VLH ZLVVHQ PXWH XQG NRQQWH GDV *HVSUlFK EHHQGHQ$XI-HUHPD\9RVVZDU9HUOD

ª'DVLQG6LHMD©VDJWH1HUYDO5RGULNDOV%ULGJHWGHQNOHLQHQ6DORQEHWUDW0DQKDWWHLKP HLQ DURPDWLVFKHV +HLJHWUlQN NUHGHQ]W GHVVHQ *HUXFK GHQ 5DXP DXVIOOWH XQG $VVR]LDWLRQHQDQ(QWVSDQQXQJXQG%HKDJOLFKNHLWKHUYRUULHIª0DQKDW,KQHQDXVJHULFKWHW GDHVGULQJHQGLVW"©(VZDUHLQEHUDXVVHOWVDPHV*HIKOLKPGLH+DQG]XUHLFKHQ$EHU %ULGJHWKDWWHQLFKWGLHJHULQJVWHQ*HZLVVHQVELVVH6LFKHUKHLWVPLQLVWHU5RGULNZDUDEVROXWHU 3URILXQGZXWHJHQDXYRQGHQP|JOLFKHQ*HIDKUHQVHLQHV%HUXIV8QGHUZDUHLQHLVNDOWHU 0DFKWPHQVFK VHLQH /R\DOLWlW JDOW VHLQHP %HUXI XQG VHLQHP 3RVWHQ 8P GLH *HIKOH DQGHUHU3HUVRQHQJDEHUUHLQJDUQLFKWVGDIUYHUVWDQGHUVLFKXPVREHVVHUGDUDXIGLHGLH VLHLKPHQWJHJHQEUDFKWHQIUVLFK]XQXW]HQ6LHVDKLQLKPZHQLJHUHLQH3HUVRQDOVHLQHQ EORHQ *HJQHU EHL LKUHP 6SLHO EHL GHP HV GDUXP JLQJ GLH )LJXUHQ DP (QGH VR DXI GHP )HOGSRVWLHUW]XKDEHQGDGHU.RQWUDKHQWVLFKLQGDV6FKDFKPDWWHUJHEHQPXWHXQGLKP NHLQH0|JOLFKNHLW]XHLQHPZHLWHUHQ=XJEOLHE =ZHLIHOORVVDKHUVLHJHQDXVR ª,FKPXWHPLFKQRFKDQJHPHVVHQDXVUVWHQ©VDJWHVLHª(LQ$WWHQWDWDXI3HUU\5KRGDQLVW LPPHU HLQH GULQJHQGH $QJHOHJHQKHLW $OV 6LFKHUKHLWVEHDXIWUDJWH GHU %RWVFKDIW GHV 6RODUHQ ,PSHULXPV DXI 5XSSHW JHZlKUH LFK ,KQHQ LQ GLHVHP =XVDPPHQKDQJ VHOEVWYHUVWlQGOLFK MHJOLFKHQXUHUGHQNOLFKH8QWHUVWW]XQJ© (U PXVWHUWH VLH PLW HLQHP VIILVDQWHQ *ULQVHQ GDV VLH PLW LKUHP ODQJH DQWUDLQLHUWHQ VWUDKOHQGHQ /lFKHOQ HUZLGHUWH 1DWUOLFK ZXWH HU JHQDXVRJXW ZLH VLH GD VLH QLFKW DOV ª6LFKHUKHLWVEHDXIWUDJWHGHU%RWVFKDIW©VRQGHUQLQJHKREHQHU3RVLWLRQIUGLH6RODUH$EZHKU WlWLJ ZDU $EHU GLHVHV 7DNWLHUHQ JHK|UWH ]XP 6SLHO XQG 5RGULN EHKHUUVFKWH HV QLFKW VFKOHFKWHUDOVVLH6WQGHQGHP6LFKHUKHLWVPLQLVWHUDQGHUH0LWWHO]XU9HUIJXQJZlUHHUHLQ HUQVW]XQHKPHQGHU *HJQHU $EHU DXFK VR KDWWH HU VLH LQ HLQH EHUDXV EULVDQWH 3RVLWLRQ JHEUDFKW 9LHOOHLFKWKDEHQZLU]XJXWH$UEHLWJHOHLVWHWGDFKWHVLH ª-HJOLFKH8QWHUVWW]XQJ"©IUDJWHHU6LHZXWHZRUDXIHUDQVSLHOWH'LHVHV7KHPDKDWWHQVLH EHUHLWVDQJHVSURFKHQXQGIUVLHZDUHVHUOHGLJW 'HU 6WDWXV TXR NRQQWH QLFKW DXIJHJHEHQ ZHUGHQ 5XSSHW IRUGHUWH 8QWHUVWW]XQJ YRQ GHQ WHFKQLVFK K|KHUHQWZLFNHOWHQ JDODNWLVFKHQ 0lFKWHQ GRFK HLQ MHGHV GLHVHU 5HLFKH ZDU HUVW EHUHLW VLH ]X JHZlKUHQ VREDOG GHU 3ODQHW VLFK LKP RIIL]LHOO DQJHVFKORVVHQ KDWWH %LV GDKLQ HUIROJWHQHLQJHZLVVHU.XOWXUDXVWDXVFKDXIXQWHUVWHP/HYHOXQGHLQEHVFKUlQNWHU$XVWDXVFK YRQ 7HFKQRORJLH JHJHQ 5RKVWRIIH ,P 3ULQ]LS NRQQWH 5XSSHW DEHU DQ GHQ )ROJHQ GHU NDWDVWURSKDOHQhEHUY|ONHUXQJXQWHUJHKHQGLHJDODNWLVFKHQ5HLFKHZUGHQQLFKWQDFKJHEHQ 8QG VLH NRQQWHQ DXFK QLFKW LQVJHKHLP KHOIHQ VHOEVW ZHQQ VLH HV JHZROOW KlWWHQ ,PSHULXP 'DEULID =HQWUDO*DODNWLVFKH 8QLRQ &DUVXDOVFKHU %XQG XQG 6RODUHV ,PSHULXP EHODXHUWHQ VLFK DXIPHUNVDP XQG ZUGHQ HQHUJLVFK GXUFKJUHLIHQ VROOWH HLQHU GHU .RQNXUUHQWHQ LP .DPSI XP GHQ (LQIOX LQ GLHVHP .XJHOVWHUQKDXIHK JHJHQ GLHVHV XQJHVFKULHEHQH *HVHW] YHUVWRHQ $OVR EHVFKUlQNWH PDQ VLFK DXI GLH VRUJVDP JHSODQWH 8PVHW]XQJ QDFKULFKWHQGLHQVWOLFKHU$NWLYLWlWHQ ª :HQQ HV VR GULQJHQG LVW VROOWHQ ZLU XQV YLHOOHLFKW DXI GHQ :HJ PDFKHQ© ZLFK VLH GHU )UDJHDXVXQGIKUWH5RGULNDXIGHQ*DQJ6LHQDKPHQHLQHQ)DKUVWXKOGHUVLHGLUHNW]XP 'DFKEUDFKWHDXIGHPGHU*OHLWHUJHODQGHWZDU'DPLWZDUDXFKJHZlKUOHLVWHWGD5RGULN QLFKWV]XVHKHQEHNDPZDVHUQLFKWVHKHQGXUIWH ª:LUG5KRGDQXQV8QWHUVWW]XQJDQELHWHQ"©QDKP5RGULNGHQ)DGHQEHKDUUOLFKZLHGHUDXI 6LHVDKLKQIUDJHQGDQ ª*HUFKWHQ]XIROJH©HUNOlUWH1HUYDO5RGULNªZLOOHU5XSSHW]XU6HFKVKXQGHUWMDKUIHLHUHLQ VRJHQDQQWHV +\SHULQPHVWURQ ]XP *HVFKHQN PDFKHQ GDV GLH 6WUDKOXQJVNRPSRQHQWH YRQ 0DUQHE NRUULJLHUW GLH IU GHQ ERGHQVWlQGLJHQ ,PSXOV YHUDQWZRUWOLFK LVW 'LHVH 3DUROHQ

KDEHQHLQHQ*URWHLO]XGHQ8QUXKHQEHLJHWUDJHQGLHGHU]HLWXQVHUH:HOWLQ8QRUGQXQJXQG $XIUXKUVWU]HQ© 'DVNRQQWHVLHVLFKJXWYRUVWHOOHQ6FKOLHOLFK KDWWHQ 0LWWHOVPlQQHU GLHVHV *HUFKW DXI LKU *HKHL LQ GLH :HOW JHVHW]W DOV 9RUEHUHLWXQJ IU GLH $EOHQNXQJHQ GLH VLH IU GLH GHU]HLW ODXIHQGH$NWLRQYRUEHUHLWHWKDWWH$EHUGDVNRQQWHVLHVFKOHFKWHLQJHVWHKHQ ª'DV +\SHULQPHVWURQ© DQWZRUWHWH VLH ªLVW HLQH :DIIH GLH 0DWHULH DEUXSW LQ $QWLPDWHULH YHUZDQGHOWXQGZHJHQLKUHVXOWLPDWHQ&KDUDNWHUVYRP6RODUHQ,PSHULXPOHGLJOLFK]ZHLPDO HLQJHVHW]WZXUGH©6LHKDWWHQGDV'DFKHUUHLFKWXQGEHJDEHQVLFK]XP*OHLWHUª:HQQ6LH MHGRFKHLQHQGULWWHQ(LQVDW]ZQVFKHQ© ª6LHZLVVHQZDVLFKPHLQH©VDJWH5RGULNlXHUOLFKJOHLFKPWLJZlKUHQGVLHGHQ*OHLWHU EHWUDWHQ ª'LH 0|JOLFKNHLW GHQ ERGHQVWlQGLJHQ ,PSXOV DXI]XKHEHQ ZUGH 5XSSHW LQV &KDRVVWU]HQ© %ULGJHWQDKP3ODW]XQGEHWUDFKWHWHLKU*HJHQEHU'HU*OHLWHUVWDUWHWH ª5XSSHWZLUGQLFKWPHKUODQJHEHUOHEHQVIlKLJVHLQ©VDJWHVLHKDUW6LHZXWHGDVLHPLW LKUHQ :RUWHQ NHLQHQ GDXHUKDIWHQ 6FKDGHQ DQULFKWHQ ZUGH XQG NRQQWH GDKHU YHUKlOWQLVPlLJ RIIHQ VSUHFKHQ hEHUGLHV KDWWH 6KHXUHQ LKU EHGHXWHW GD VHLQH /HXWH GHQ *OHLWHUJHVFDQQWXQGNHLQHUOHL$EK|UJHUlWHEHPHUNWKDWWHQ ª1LFKW GHU ERGHQVWlQGLJH ,PSXOV ULFKWHW GLH :HOW ]XJUXQGH VRQGHUQ GLH :HLJHUXQJ GHU 5XSSHWHU VLFK GHP 6RODUHQ ,PSHULXP DQ]XVFKOLHHQ XQG KHOIHQ ]X ODVVHQ© IXKU VLH IRUW ª*HPHLQVDPZUGHQZLUHLQH0|JOLFKNHLWILQGHQGHQ,PSXOVDXV]XVFKDOWHQ'DQQN|QQWHQ GLH 5XSSHWHU VLFK DXFK DXI DQGHUHQ :HOWHQ QLHGHUODVVHQ XQG LP 5DKPHQ GHU IUHL]JLJHQ *HVHW]HGHV6RODUHQ,PSHULXPVLKUH5HOLJLRQDXVEHQ© ª%LVODQJKDEHQZLUHVQRFKJDQ]JXWDOOHLQJHVFKDIIW©ZLGHUVSUDFK5RGULN ª'LH 'LV]LSOLQ GHU 5XSSHWHU LVW EHZXQGHUQVZHUW© JHVWDQG %ULGJHW HLQ ª6LH KDEHQ LKUH *HVHOOVFKDIWRSWLPDORUJDQLVLHUW(LQ/HEHQUXQGXPGLH8KULQGUHL6FKLFKWHQNHLQ/HHUODXI LQ GHU 3URGXNWLRQ RGHU 9HUVRUJXQJ GLH $XVQXW]XQJ DOOHU 5HVVRXUFHQ ]XP :RKO GHV *HVDPWHQ GD]X HLQ KHUYRUUDJHQG DQJHSDVVWHV VR]LDOHV 1HW] GDV GLH 9HUVRUJXQJ GHU .LQGHUJDUDQWLHUWXQGGHQ(OWHUQHUP|JOLFKWZHLWHUKLQEHUXIVWlWLJ]XVHLQGDVLVWVFKRQHLQH /HLVWXQJ 0|JOLFK ZXUGH VLH LQ HUVWHU /LQLH GXUFK GHQ :XQVFK GHU PHLVWHQ 5XSSHWHU P|JOLFKVW YLHO 1DFKZXFKV LQ GLH :HOW ]X VHW]HQ 'DIU ZHUGHQ GLH HLJHQHQ $QVSUFKH ULJRURV ]XUFNJHVFKUDXEW 'RFK 5XSSHW ZLUG GHQ HQGJOWLJHQ =XVDPPHQEUXFK QXU KLQDXV]|JHUQDEHUQLFKWYHUKLQGHUQN|QQHQ© ª :LU KDEHQ DOOH 0DQDKPHQ HUJULIIHQ GLH LQ XQVHUHU 0DFKW VWHKHQ 'LH 5HRUJDQLVDWLRQ DOWHU 6WUXNWXUHQ LVW DQJHODXIHQ :LU ZHUGHQ K|KHUH *HElXGH HUULFKWHQ LQ GHQHQ GLH 0HQVFKHQ QLFKW QXU ZRKQHQ VRQGHUQ DXFK DUEHLWHQ N|QQHQ 'DV HUK|KW GLH (IIL]LHQ] ]XVlW]OLFK /DQJH $UEHLWVZHJH IDOOHQ ZHJ GLH MHW]W YRP 9HUNHKU YHUHLQQDKPWHQ )OlFKHQ N|QQHQQHXHQ=ZHFNHQ]XJHIKUWZHUGHQ© ª8QG ZHQQ 6LH GDV =HQWUDOJHELUJH DEWUDJHQ XQG GDPLW QHXHQ /HEHQVUDXP LP 0HHU VFKDIIHQ© ZDQGWH %ULGJHW HLQ ªXQG LPPHU PRGHUQHUH 7HFKQRORJLHQ HQWZLFNHOQ GLH GLH 8PZHOWVFKW]HQXQGLKUH%HODVWXQJUHGX]LHUHQGDV6\VWHPLVW]XP8QWHUJDQJYHUXUWHLOW (LQH :HOW NDQQ QXU HLQH EHVWLPPWH $Q]DKO YRQ %HZRKQHUQ HUQlKUHQ 'LHVH =DKO LVW DXI 5XSSHWOlQJVWEHUVFKULWWHQZRUGHQ,KUH$FKWXQJYRUGHPPHQVFKOLFKHQ/HEHQLVWEHUDXV EHZXQGHUQVZHUW,KU:XQVFKGDVJDQ]H8QLYHUVXPGDPLW]XEHY|ONHUQEHUDXVW|ULFKWXQG DXIODQJH6LFKWVHOEVWP|UGHULVFK'LH6HOEVW]HUVW|UXQJGHVJHVFKORVVHQHQ6\VWHPV5XSSHWLVW XQDXVZHLFKOLFK (V JLEW QXU HLQH /|VXQJ 6LH PVVHQ GDV 6\VWHP QDFK DXHQ |IIQHQ XQG VHLQH%HODVWXQJULJRURVUHGX]LHUHQ© ª,P.ODUWH[WKHLWGDV$QVFKOXDQHLQJDODNWLVFKHV5HLFK©ª6HOEVWYHUVWlQGOLFKDQGDV 6RODUH,PSHULXP©XQWHUEUDFKLKQ%ULGJHW ª XQG *HEXUWHQNRQWUROOH© YROOHQGHWH 5RGULN GHQ 6DW] ª1XU VR ZLUG 5XSSHW HLQH =XNXQIWKDEHQ©

ª:LUN|QQHQQLFKWVGDIUGDZLUHLQHQHXH:HOWEHVLHGHOWKDEHQLQ9HUJHVVHQKHLWJHULHWHQ XQGLQGLHWHLOZHLVH3ULPLWLYLWlW]XUFNILHOHQ:LUVLQGVWRO]DXIGDVZDVZLULQGHQOHW]WHQ -DKUKXQGHUWHQDXVHLJHQHU.UDIWJHOHLVWHWKDEHQ© ª6LHN|QQHQDXFKVWRO]GDUDXIVHLQ©JHVWDQGVLHHLQª$EHU,KUH9RUIDKUHQKDEHQGDV6RODUH ,PSHULXPDXVIUHLHQ6WFNHQYHUODVVHQ© ª$XIZHOFKHP(QWZLFNOXQJVVWDQGEHILQGHWVLFK5XSSHW]XU=HLW"©ZHFKVHOWHHUDEUXSWGDV 7KHPDª$XIGHPGHU(UGHGHV-DKUHV]ZHLWDXVHQG"© 6LHVFKWWHOWHGHQ.RSIª'DKDWWH3HUU\5KRGDQVFKRQOlQJVWGDVDUNRQLGLVFKH5DXPVFKLII DXIGHP0RQGHQWGHFNWXQGGLH'ULWWH0DFKWJHJUQGHW1HLQYLHOOHLFKWDXIGHUGHV-DKUHV QHXQ]HKQKXQGHUWHLQXQGVLHE]LJXQPLWWHOEDUYRUVHLQHU0RQGODQGXQJ$EHUGDVOlWVLFKVR JHQDX QLFKW VDJHQ 6LH VLQG VFKRQ HWZDV ZHLWHU 9LHOOHLFKW ZlUH GLH (UGH GHV -DKUHV ]ZHLWDXVHQGJHQDXVRZHLWHQWZLFNHOWJHZHVHQZLH5XSSHWHVMHW]WLVWZlUHHVQLFKW]XGHU %HJHJQXQJDXIGHP0RQGJHNRPPHQ© ª$EHUPLWGHU,KQHQ]XU9HUIJXQJVWHKHQGHQ7HFKQRORJLHN|QQWHQ6LHGDV6\VWHP5XSSHW VWW]HQ© VDJWH 5RGULN ,KU ZXUGH NODU ZRUDXI HU KLQDXVZROOWH 6HLQ 7KHPHQZHFKVHO ZDU GRFK QLFKW VR GUDVWLVFK JHZHVHQ ª$FK ZDV VDJH LFK GD© =XP HUVWHQPDO ZlKUHQG LKUHV *HVSUlFKV NRQQWH VLH HLQH (PRWLRQ EHL LKP HUNHQQHQ KHIWLJHQ =RUQ ª6LH N|QQWHQ HV DXI HZLJDXIUHFKWHUKDOWHQ© ª'DV N|QQWHQ ZLU QLFKW© ZLGHUVSUDFK VLH ª6HOEVW ZHQQ ZLU HLQHV 7DJHV LPVWDQGH VHLQ VROOWHQ RKQH VFKlGOLFKH $XVZLUNXQJHQ XQHQGOLFK YLHO (QHUJLH DXV GHP +\SHUUDXP DE]X]DSIHQlQGHUWVLFKQLFKWVDQGHU7DWVDFKHGDHLQHPHQVFKOLFKH*HVHOOVFKDIWGLHHLQ]LJ XQGDOOHLQDXI9HUPHKUXQJDXVJHULFKWHWLVWIUKHURGHUVSlWHU]XVDPPHQEUHFKHQZLUG1HLQ HVJLEWNHLQHDQGHUH0|JOLFKNHLW6LHPVVHQVLFKGHP6RODUHQ,PSHULXPDQVFKOLHHQ© ª6ROOHQZLUDOOHVDXIJHEHQZRUDQZLUJODXEHQ"©IUDJWH5RGULNYHUELWWHUW %ULGJHW ZDU HUOHLFKWHUW GD GHU *OHLWHU ODQGHWH XQG VLH GDPLW HLQHU $QWZRUW HQWKRE 6LH VFKDXWHVLFKXPXQGJDEYRUVLFKEUHQQHQGIUGLHLKUYHUPHLQWOLFKXQEHNDQQWH8PJHEXQJ ]XLQWHUHVVLHUHQ 5RGULN HUKRE VLFK ª%LWWH ZDUWHQ 6LH HLQHQ $XJHQEOLFN© VDJWH HU ª,FK ZLOO PLFK QXU YHUJHZLVVHUQGD,KUH6LFKHUKHLWQLFKWJHIlKUGHWLVWXQGODVVH6LHGDQQKROHQ© 6LH QLFNWH VWXPP ,KU ZDU Y|OOLJ NODU GD HU VFKRQ OlQJVW DOOH Q|WLJHQ 6LFKHUKHLWVYRUNHKUXQJHQJHWURIIHQKDWWH1HLQHUZROOWHVLFKYRQVHLQHQ/HXWHQQXUNXU]DXI GHQQHXHVWHQ6WDQGEULQJHQODVVHQ6LHZlUHLP3ULQ]LSJHQDXVRYRUJHJDQJHQYLHOOHLFKWQXU HWZDVJHVFKLFNWHU %ULGJHW PXWH LKUH YRU GHP 9HUODVVHQ GHV %RWVFKDIWVJHElXGHV JHWURIIHQH (LQVFKlW]XQJ UHYLGLHUHQ 1DWUOLFK ZDU 1HUYDO 5RGULN OHW]WOLFK QXU HLQ *HJHQVSLHOHU DEHU KlWWHQ VLH VLFK XQWHUDQGHUHQ8PVWlQGHQNHQQHQJHOHUQW'HU0DQQKDWWH&KDULVPDXQG&KDUDNWHUXQGEWH DXFKHLQHJHZLVVH$Q]LHKXQJVNUDIWDXV:lUHVLH5XSSHWHULQKlWWHVLHDXIGHP)OXJKLHUKHU ZDKUVFKHLQOLFK YHUVXFKW LKQ ]X EHZHJHQ DXI GHQ 6LW]HQ GHV *OHLWHUV HLQH +DQGYROO 6SU|OLQJH]X]HXJHQ 1XU JXW GD 6KHXUHQ OHGLJOLFK ([SHUWH IU GDV 2UWHQ YRQ *HJHQVWlQGHQ DEHU QLFKW YRQ *HGDQNHQZDU 6LHULHIVLFK]XU2UGQXQJ(LQH$JHQWLQGLH*HIKOHLQLKUHQ%HUXIHLQIOLHHQOLHZDUQLFKW QXUVFKOHFKWDXVJHELOGHWXQGXQJODXEOLFKGXPPVRQGHUQDXFKVRJXWZLHWRW*HIKOHZDUHQ QLFKW EHUHFKHQEDU VLH NRQQWHQ GLH DP VRUJIl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ª1XQHU]lKOHQ6LHPLUVFKRQGHQ:LW]© ª:LHELWWH"©KDWWHVLHJHDQWZRUWHW ª'HQ :LW]© KDWWH HU ZLHGHUKROW ª%HL RIIL]LHOOHQ $QOlVVHQ LQ GHQ %RWVFKDIWHQ GHV &DUVXDOVFKHQ%XQGHVGHU=HQWUDO*DODNWLVFKHQ8QLRQXQGGHV,PSHULXPV'DEULIDYHUJHKHQ DOOHUK|FKVWHQV]HKQ0LQXWHQELVLUJHQGZHUVLFKEHIOHLLJWIKOWHLQHQ:LW]]XHU]lKOHQGHU DXIN|VWOLFKVWH:HLVHHUOlXWHUWXPZHOFKH7URWWHOHVVLFKEHLGHQ.RQNXUUHQWHQXPXQVHUH .RRSHUDWLRQ GRFK KDQGHOW ,FK ELQ EHU]HXJW GDYRQ GD DXFK EHL ,KQHQ VROFKH :LW]H NXUVLHUHQ© ª,FKJODXEHQLFKWGDGLHVGHUULFKWLJH$QODLVWXP© ª1HLQ LFK ZLOO HV KLQWHU PLFK EULQJHQ© KDWWH HU VLH XQWHUEURFKHQ ª,FK EHVWHKH GDUDXI 6RJDURIIL]LHOOZHQQ6LHXQEHGLQJWHLQHQ$QWUDJPLWDFKW'XUFKVFKOlJHQVWHOOHQZROOHQ© 6LH KDWWH LKQ NXU] DQJHVHKHQ XQG VLFK GDQQ GDUDQ HULQQHUW ZHOFKH VHOWVDPHQ :HJH GLH %URNUDWLH DXI HLQHU GHUPDHQ ]XUFNJHEOLHEHQHQ :HOW HLQVFKOXJ ª1D VFK|Q© VDJWH VLH ª(LQ(UWUXVHU© ª'DV+DXSWYRONGHV&DUVXDOVFKHQ%XQGHV©XQWHUEUDFKHUVLH %ULGJHWQLFNWH,KUZDUHWZDVHLQJHIDOOHQª6LHZLVVHQZDVHLQ+XQGLVW"©IUDJWHVLH (U QLFNWH ª :LU KDEHQ EHL XQVHUHU $XVZDQGHUXQJ HLQH JDQ]H $Q]DKO WHUUDQLVFKHU 7LHUH PLWJHQRPPHQ+XQGH.KH6FKZHLQH.DW]HQ© ª1DWUOLFK© VDJWH VLH ª:LH GXPP YRQ PLU GD LFK QLFKW GDUDQ JHGDFKW KDEH© ,PPHUKLQ ZDULKUJHQDXEHNDQQWGDHUGLH3RLQWHGHV:LW]HVYHUVWHKHQZUGH'DVZRUXPHVGDEHL JLQJ KDWWH VLH VRHEHQ DOV %HLODJH ]XP +DXSWJHULFKW GHV RIIL]LHOOHQ (PSIDQJV GHU UXSSHWLVFKHQ5HJLHUXQJLQJHEUDWHQHU)RUPYHUVSHLVW ª$OVR©VDJWHVLHªHLQ(UWUXVHUHLQ0DUVLDQHUXQGHLQ7HUUDQHUVFKOHLFKHQVLFKRKQH7LFNHWV DQ %RUG HLQHV .XU]VWUHFNHQ6KXWWOHV $XVQDKPVZHLVH EHILQGHW VLFK MHGRFK 6LFKHUKHLWVSHUVRQDO DQ %RUG GDV GLH 7LFNHWV GHU )DKUJlVWH EHUSUIW 'LH .RQWUROOHXUH WUHLEHQ GLH GUHL EOLQGHQ 3DVVDJLHUH LPPHU ZHLWHU YRU VLFK KHU ELV VLH VLFK VFKOLHOLFK LP OHW]WHQ5DXPGHV6KXWWOHVEHILQGHQLP)UDFKWUDXP© 6LHZDUWHWHDXIHLQH5HDNWLRQ5RGULNVGRFKGHU6LFKHUKHLWVPLQLVWHUYHU]RJNHLQH0LHQH ª$XFKGRUWVLHKWHLQH6LFKHUKHLWVNUDIWQDFKXQGGLHGUHL)DKUJHOGHUVFKOHLFKHUN|QQHQVLFKLQ OHW]WHU6HNXQGHLQOHHUHQ6lFNHQYHUVWHFNHQGLHGRUWKHUXPOLHJHQ'HU.RQWUROOHXUNDQQVLFK QLFKWHULQQHUQVROFKH6lFNHDQ%RUGJHQRPPHQ]XKDEHQXQGWULWWJHJHQGHQHUVWHQLQGHP VLFKGHU7HUUDQHUYHUVWHFNWKDW'HU7HUUDQHUVFKDOWHWVFKQHOOXQGPDFKW:DXZDXZDX© ª(LQ+XQG©VDJWH5RGULN ª*HQDX(LQ+XQGGHQNWGHU6LFKHUKHLWVZlFKWHUXQGZHQGHWVLFKEHUXKLJWGHP]ZHLWHQ6DFN ]XLQGHPGHU0DUVLDQHUVLFKYHUVWHFNWKDW(UWULWWGDJHJHQXQGGHU0DUVLDQHUPDFKW0LDX PLDXª 6LHVDK5RGULNDQXQGGHU6LFKHUKHLWVPLQLVWHUQLFNWH ª(LQH.DW]HGHQNWGHU.RQWUROOHXUXQGWULWWJHJHQGHQGULWWHQ6DFNLQGHPGHU(UWUXVHUVLFK YHUVWHFNWKDW8QGZDVVDJWGHU(UWUXVHU"© 5RGULN]XFNWHPLWGHQ$FKVHOQ ª.DUWRIIHO.DUWRIIHO©VDJWH%ULGJHW .DXP ZDKUQHKPEDU ]XFNWHQ GLH 0XQGZLQNHO GHV 6LFKHUKHLWVPLQLVWHUV ª.|VWOLFK© ZDU MHGRFKGHUHLQ]LJH.RPPHQWDU]XGHPHUVLFKKLQUHLHQOLHª8QGZHOFKH:LW]HHU]lKOHQ 6LHEHUXQV5XSSHWHU"©

%ULGJHW0lUFKWHKQVFKHQNWHLKPHLQHQWZDIIQHQGHV/lFKHOQª(VZUGHXQVQLFKWLP7UDXP HLQIDOOHQ LUJHQGZHOFKH :LW]H EHU GLH 5XSSHWHU ]X YHUEUHLWHQ *HQDXVRZHQLJ© IJWH VLH KLQ]XªZLHGLH5XSSHWHU:LW]HEHU9|ONHUGHV6RODUHQ,PSHULXPVHU]lKOHQZUGHQ© ª1DWUOLFK QLFKW© VDJWH HU ª6LH ZLVVHQ GRFK ZLH YLHOH 1RQQRQHU PDQ EUDXFKW XP HLQH *OKELUQHHLQ]XVFKUDXEHQ"© 6LHKDWWHGLH$XJHQYHUGUHKWª'DVZHLQXQZLUNOLFKMHGHV.LQG0DQEUDXFKW© ª8QGZLHYLHOH7HUUDQHUEHQ|WLJWPDQGDIU"© 8QZLOONUOLFKZDUHQLKUH0XQGZLQNHOLQV=XFNHQJHUDWHQª*OKELUQH"©KDWWHVLHJHVDJW ª:DVLVWHLQH*OKELUQH"©1HUYDO5RGULNKDWWHVFKDOOHQGJHODFKWXQGGDPLWZDUGDVHUVWH(LV JHEURFKHQJHZHVHQ $OOHUGLQJVNRQQWHVLHVLFKGHV(LQGUXFNVQLFKWHUZHKUHQGDHVQDFK%HHQGLJXQJGLHVHV (LQVDW]HVZLHGHUGLFNHUXQGVWDELOHUGHQQMH]ZLVFKHQLKQHQVWHKHQZUGH 'HU 3ODQHW 5XSSHW ZXUGH LP -DKU YRQ 7HUUDQHUQ HQWGHFNW XQG RKQH .HQQWQLV GHV 6RODUHQ,PSHULXPVEHVLHGHOW+HXWHPDJHVXQYHUVWlQGOLFKDQPXWHQGD5XSSHWGDQDFK EXFKVWlEOLFKLQ9HUJHVVHQKHLWJHULHWGRFKHLQH.RPELQDWLRQPHKUHUHU8PVWlQGHIKUWHLQ GHU5FNVFKDXIDVW]ZDQJVOlXILJ]XGLHVHU(QWZLFNOXQJ=XPHLQHQZDUHQGLH$QJHK|ULJHQ GHV .RQYHQWLNHOV ([SDQGHUH XQLYHUVDOLV ]ZDU QLFKW SUDNWLVFK DEHU GRFK WKHRUHWLVFK YRQ LKUHU 0XWWHUZHOW YHUWULHEHQ ZRUGHQ RGHU PXWHQ ]XPLQGHVW GLHVHQ (LQGUXFN KDEHQ 'HU RIIHQDXVJHEURFKHQH.RQIOLNW]ZLVFKHQGHQ0LWJOLHGHUQGHU5HOLJLRQVJHPHLQVFKDIWXQGGHU )KUXQJVVSLW]H GHV 6RODUHQ ,PSHULXPV OLH GHQ 5XSSHWHUQ QDFK GHU /DQGXQJ DXI LKUHU QHXHQ:HOWJDUNHLQHDQGHUH:DKODOVGHQ9HUVXFK]XZDJHQLKU'DVHLQRKQH+LOIHLKUHU 0XWWHUZHOWDEHULP(LQNODQJPLWLKUHUUHOLJL|VHQEHU]HXJXQJ]XIULVWHQ =XP DQGHUHQ ZDU HV JHUDGH HLQPDO YLHUXQGVHFK]LJ -DKUH KHU GD 3HUU\ 5KRGDQ GDV 9HUHLQWH,PSHULXPXQGGLH*DODNWLVFKH$OOLDQ]IUDXIJHO|VWHUNOlUWXQGDOOH%HLVWDQGVSDNWH ]ZLVFKHQ GHP 6RODUHQ ,PSHULXP XQG DQGHUHQ 1DWLRQHQ JHNQGLJW KDWWH 'DUDXIKLQ KDWWHQ HWZDHLQKXQGHUWWDXVHQGYRQ$NRQDXVJHUVWHWH6FKLIIHGHU%OXHVXQWHUVWW]WYRQDFKWKXQGHUW DNRQLVFKHQ(LQKHLWHQ$UNRQ,,,]HUVW|UW,QGHUJDODNWLVFKHQ(DVWVLGHNlPSIWHQQDFKZLHYRU GLH9|ONHUGHU%OXHVXPGLH9RUKHUUVFKDIWXQGGDV6RODUH,PSHULXPZDUPLWGHU)HVWLJXQJ VHLQHU 0DFKW XQG 6LFKHUXQJ GHU 6RQQHQV\VWHPH EHVFKlIWLJW 6LHEHQ -DKUH VSlWHU EHJDQQPLWGHU(QWGHFNXQJGHU6RQQHQVHFKVHFN7UDQVPLWWHUHLQH(QWZLFNOXQJGLH]XGHP YHUKlQJQLVYROOVWHQ.ULHJIKUWHGHQGDV6RODUH,PSHULXPELVGDKLQHUOHEWKDWWHGHPJHJHQ GLH0HLVWHUGHU,QVHO =XP GULWWHQ ]lKOWHQ GHU .XJHOVWHUQKDXIHQ 7XFDQL XQG VHLQH ZHLWHUH 8PJHEXQJ QLFKW JHUDGH]XPEHYRU]XJWHQ(LQVDW]JHELHWGHU([SORUHU)ORWWH +lWWHQGLH5XSSHWHU.RQWDNWPLWGHP6RODUHQ,PSHULXPDXIJHQRPPHQKlWWHGLH0XWWHUZHOW LKQHQVLFKHUKLOIUHLFKEHLVHLWHJHVWDQGHQ'RFKGLHVHU9HUVXFKEOLHEDXV8PVRK|KHULVWGLH /HLVWXQJGHU5XSSHWHU]XEHZHUWHQQDFKGHPXQYHUPHLGEDUHQ5FNVWXU]DXIHLQSULPLWLYHU HV 1LYHDX OHGLJOLFK PLW GHQ LKQHQ ]XU 9HUIJXQJ VWHKHQGHQ 0LWWHOQ XQG GHP (UEH GHU DXVVFKODFKWEDUHQ 7HFKQRORJLH DQ %RUG GHU 5833(7 LQ VR NXU]HU =HLW HLQHQ VR EHWUlFKWOLFKHQ LQGXVWULHOOHQ XQG WHFKQRORJLVFKHQ $XIVFKZXQJ HLQJHOHLWHW ]X KDEHQ GD VLH VFKRQ DQ GHU 6FKZHOOH GHU VHOEVWHQWZLFNHOWHQ 5DXPIDKUW VWDQGHQ DOV VLH YRP 6RODUHQ ,PSHULXPPHKURGHUZHQLJHU]XIlOOLJZLHGHUHQWGHFNWZXUGHQ 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 'LH JDODNWRSROLWLVFKH 6LWXDWLRQLP-DKUKXQGHUW$XV]XJ 1HPEDU9HUODJ+'6-222I .DUD'DVWLQRYD

=XGLURGHU]XPLU"

(U EH]ZHLIHOWH DOOPlKOLFK GD HU ]XP $WWHQWlWHU WDXJWH 'LH 6LWXDWLRQ ZDU VFKOLFKWZHJ ZLGHUVLQQLJ 5XKLJ XQG JHODVVHQ JLQJ HU ZHLWHU OLH GHQ 2UW GHV hEHUIDOOV KLQWHU VLFK $XIJUXQG VHLQHU WHXUHQ .OHLGXQJ ILHO HU LP'LSORPDWHQYLHUWHO QLFKW ZHLWHU DXI $EHU HV ZDU PHKU DOV GDV LUJHQGZLHEHZHJWHHUVLFKPLWHLQHUVHOEVWYHUVWlQGOLFKHQ$EJHNOlUWKHLWDOVJHK|UHHUKLHUKHU RGHUKLHOWHVLFK]XPLQGHVW|IWHUKLHUDXI 9HUIROJWZXUGHHUMHGHQIDOOVQLFKWGDYRQKDWWHHUVLFKEHUHLWVEHU]HXJW6LFKHUPDQKlWWH GDV*HELHWJURUlXPLJDEULHJHOQXQG6WUDHQVSHUUHQHUULFKWHQN|QQHQDEHUZHOFKHQ*UXQG KDWWHQGLH6LFKHUKHLWVNUlIWHZHJHQHLQHVVLPSOHQYHUVXFKWHQ5DXEVVRPDVVLYYRU]XJHKHQ" :lKUHQGHUVLFKYRP7DWRUWHQWIHUQWH]XPEHOHEWHUHQ6(.725]XUFNNHKUWHGHULKP ZHVHQWOLFK PHKU 0|JOLFKNHLWHQ ERW XQDXIIlOOLJ XQWHU]XWDXFKHQ NRQQWH HU LQ 5XKH EHU VHLQH/DJHQDFKGHQNHQ)DOOVGDV3RFKHQLP 6FKlGHOLKQQLFKWGDUDQKLQGHUWH 3HUU\5KRGDQW|WHQ (UZXWHJHQDXHUNRQQWHW|WHQKDWWHEHUHLWV/HEHQJHQRPPHQQLFKWQXUHLQPDOVRQGHUQ |IWHU 2KQH GLH OHLVHVWHQ *HZLVVHQVELVVH PLW GHU hEHU]HXJXQJ GDV 5LFKWLJH JHWDQ XQYHUPHLGEDUH 3UR]HVVH ]X (QGH JHIKUW ]X KDEHQ )U -D IU ZHQ" )U 9RON XQG 9DWHUZHOW")UGHQ*URHQ5XSSHW")UVHLQHQ$XIWUDJJHEHUXPZHQDXFKLPPHUHV VLFKGDEHLKDQGHOWH" $QVFKHLQHQGNDPHVGDUDXIDQZHQHUW|WHQPXWH8QEHWHLOLJWH)UDXHQXQG.LQGHUILHOHQ ZRKOQLFKWGDUXQWHU$OVGLHVHU9HUKWHUSO|W]OLFKGDV.LQGKRFKJHULVVHQXQGVFKW]HQGYRU VLFK JHKDOWHQ KDWWH KDWWH HU QXU QRFK $EVFKHX IU GLHVHQ )HLJOLQJ HPSIXQGHQ XQG (QWVHW]HQ EHLGHU9RUVWHOOXQJHLQ.LQG]XW|WHQ 8QG VHLQH $XIWUDJJHEHU ZHU ZDUHQ VLH" :DUXP KDWWHQ VLH LKP VHLQH (ULQQHUXQJHQ JHQRPPHQ]XPLQGHVWWHLOZHLVH"'DPLWHUVHLQHQ$XIWUDJEHVVHUHUOHGLJHQNRQQWH"'DPLWHU VLHQLFKWYHUUDWHQNRQQWHIDOOVHUHUJULIIHQZHUGHQVROOWH"$EHUZLHZDUVRHWZDVEHUKDXSW P|JOLFK" :HU ZDU GD]X LPVWDQGH" 8QG JDE HV GLHVH K\SRWKHWLVFKHQ $XIWUDJJHEHU EHUKDXSW" 2GHU DUEHLWHWH HU LPPHU VR" (QWIHUQWH HU VHOEVW HLQHQ 7HLO VHLQHV *HGlFKWQLVVHV EHYRU HU HLQHQ -RE DXVIKUWH XP VLFK QLFKW XQQ|WLJ ]X EHODVWHQ" 8P %HUXI XQG 3ULYDWOHEHQ ]X WUHQQHQ"9HUVFKZDQGVRZLHMHW]WGLH(ULQQHUXQJDQVHLQH,GHQWLWlWQLFKWPHKUYRUKDQGHQ ZDU GDV :LVVHQ XP VHLQH 7DWHQ ZHQQ QDFK (UOHGLJXQJ HLQHV $XIWUDJV VHLQ (ULQQHUXQJVYHUP|JHQ]XUFNNHKUWHXQGHUZLHGHUVHLQDOOWlJOLFKHV/HEHQDXIQDKP" )UDJHQEHU)UDJHQ8QGNHLQH$QWZRUWHQ 1XUSRFKHQGH6FKPHU]HQLQVHLQHP*HKLUQGLHLKQYRUDQWULHEHQ -HGHQIDOOVZDUHUQLFKWVRVNUXSHOORVZLHHUGDFKWH(UVFKUHFNWHGDYRU]XUFN)UDXHQXQG .LQGHU]XW|WHQ 8QGDXFKQLFKWVRIlKLJZLHHUHVDQJHQRPPHQKDWWH'HU]ZHLWH9HUVXFKVLFKLQGHQ%HVLW] HLQHV 7UDQVSRUWPLWWHOV ]X EULQJHQ ZDU VRHEHQ JHVFKHLWHUW 6LFKHU HV JDE VWHWV 8QZlJEDUNHLWHQ DEHU DOV HU QDFK GHU %HZXWZHUGXQJ LQ GHU 6LQJOHEDU EHU VHLQH )lKLJNHLWHQQDFKJHGDFKWKDWWHZDUHUEHUVLHHUVWDXQWXQGJOHLFK]HLWLJEHU]HXJWJHZHVHQ GLHQ|WLJHQ4XDOLILNDWLRQHQIUVHLQHQ$XIWUDJPLW]XEULQJHQ 1DFKGHQEHLGHQ'HEDNHOQPLWGHQ)DKU]HXJHQZDUGHPQLFKWPHKUVR'LH6LWXDWLRQZXUGH LPPHUYHUZLUUHQGHU 'HU SRFKHQGH 6FKPHU] KLQWHU VHLQHQ $XJHQ LPPHU VWlUNHU 3HUU\ 5KRGDQ W|WHQ EHL GHU $QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (U LJQRULHUWH GLH 'ULQJOLFKNHLW GLH GHU 6FKPHU] LKP HLQIOVWHUQ VROOWH XQG YHUVXFKWH GLH 6LWXDWLRQPLWGHU*HODVVHQKHLW]XDQDO\VLHUHQGLHHUQRQQDOHUZHLVHDQGHQ7DJOHJWH *LQJHUXVXHOOUXKLJXQGDQDO\WLVFKYRU"(UZDUEHU]HXJWGDYRQ$EHUZRKHUZXWHHUGDV" )UDJHQEHU)UDJHQ.HLQH/|VXQJHQ

'RFKHLQH(UKDWWHVLFKVHOEVWVRHEHQVR]XVDJHQPLWGHU1DVHGDUDXIJHVWRHQ $OVHUHLQVFKZDFKHV%UXPPHQKRFKEHUVLFKK|UWHVFKDXWHHUDXI(LQJUQHU*OHLWHUIORJ EHU GDV 'LSORPDWHQYLHUWHO KLQZHJ QlKHUWH VLFK ]LHOVWUHELJ HLQHP +RFKKDXV LQ GHP HLQH %RWVFKDIW XQWHUJHEUDFKW ZDU GLH GHV 6RODUHQ ,PSHULXPV XQG VHW]WH GDQQ PLW HLQHU XQZLUNOLFKHQ /HLFKWLJNHLW GLH DOOHQ *HVHW]HQ GHU 6FKZHUNUDIW ]X WURW]HQ VFKLHQ DXI GHP 'DFKGHV*HElXGHVDXI (LQHQ NXU]HQ 0RPHQW ODQJ QLFKW HLQPDO HLQH 6HNXQGH VSLHOWH HU PLW GHP *HGDQNHQ VROFKHLQ9HKLNHO]XVWHKOHQ'DPLWZlUHQVHLQHGULQJOLFKVWHQ3UREOHPHJHO|VW $EHUHUULHIVLFKVRIRUWZLHGHU]XU2UGQXQJ'LHVHV8QWHUIDQJHQZDUVFKOLFKWZHJXWRSLVFK 'LH/|VXQJPDKQWHHUVLFK2GHU]XPLQGHVWHLQHDXVVLFKWVUHLFKH$OWHUQDWLYH 6HLQHEHLGHQ9HUVXFKHVLFKPLW*HZDOWDQZHQGXQJLQGHQ%HVLW]HLQHV)DKU]HXJ]XEULQJHQ ZDUHQNOlJOLFKJHVFKHLWHUW$EHUZDVZHQQHUMHPDQGHQGD]XEUDFKWHLKPHLQ)DKU]HXJ]XU 9HUIJXQJ]XVWHOOHQ" (UNDQQWHHLQH3HUVRQGLHHLQGHXWLJ,QWHUHVVHDQLKPJH]HLJWKDWWH'LHVHV*HIKOPXWHHU DXVQXW]HQ (UVFKDXWHKLQDXI'HU+LPPHOIlUEWHVLFKDOOPlKOLFKPLWHLQHUNUlIWLJHQ7|QXQJGXQNHOURW 5RWZDUGLH)DUEHGHV%OXWHVGHV/HEHQVGHU/HLGHQVFKDIWGHU.UDIW1DWUOLFKQDKPGHU +LPPHO DXI GLHVHU :HOW MHGHQ $EHQG GLHVH )lUEXQJ DQ HLQHQ XQEHZ|ONWHQ +LPPHO YRUDXVJHVHW]WDEHULKPNDPGLHVH6FKDWWLHUXQJDXVLUJHQGHLQHP*UXQGZLHHLQ6\PEROYRU 1HXHU0XWVFKLHQLKQ]XGXUFKIOXWHQ(UEHVFKOHXQLJWHVHLQH6FKULWWHXQGHUZDUEHU]HXJW GDVLHYRQHLQHP$XJHQEOLFN]XPDQGHUHQHQHUJLVFKHUZLUNWHQ 'HUJUQH*OHLWHUNHKUWHKRFKEHULKPDXIGHP:HJGHQHUJHUDGHHUVWJHQRPPHQKDWWH ZLHGHU]XUFNDOVHUGDV'LSORPDWHQYLHUWHOYHUOLHXQGLQVHZLJH*HZLPPHOYRQ6(.725 HLQWDXFKWH +LPPHO ZDU EHUHLWV URW JHWQFKW HLQH )ROJH DWPRVSKlULVFKHU (LJHQDUWHQ GHV 3ODQHWHQ XQG GHU9LHO]DKOYRQ5RWHQ5LHVHQGLHLPQDKHJHOHJHQHQ.XJHOVWHUQKDXIHQ7XFDQLGLFKWDQ GLFKWVWDQGHQDOVHLQ:DFKWSRVWHQ%ULGJHW0lUFKWHKQK|IOLFKEDWLKQ]XEHJOHLWHQXQGVLH ]X GHP JURUlXPLJ DEJHULHJHOWHQ *HElXGH IKUWH 6LFKHUKHLWVPLQLVWHU 1HUYDO 5RGULN HUZDUWHWH VLH DQ GHU 7U $XHU LKP KLHOWHQ VLFK VHLQ 6WHOOYHUWUHWHU )RKUWXKQ XQG HLQH +DQGYROO7HFKQLNHUGLHQRFKLPPHU PLW 8QWHUVXFKXQJHQEHVFKlIWLJWZDUHQLQGHP 5DXP DXI 'HU 0LQLVWHU QLFNWH )RKUWXKQ ]X XQG GLHVHU DNWLYLHUWH HLQ $XI]HLFKQXQJVJHUlW HLQHQ XQJHVFKODFKWHQ.DVWHQGHUDXIHLQHP7LVFKVWDQGXQGVRZRKO%LOGDOVDXFK7RQDXIQDKP 6LHVFKWWHOWHGHQ.RSIª,FKELQQXULQRIIL]LHOOKLHU©ZDQGWHVLHHLQª,FKP|FKWHQLFKWGD XQVHU*HVSUlFKDXIJH]HLFKQHWZLUG© ª1DWUOLFK© HQWJHJQHWH 5RGULN ª'DV YHUVWHKH LFK 6FKDOWHQ 6LH GHQ .DVWHQ ZLHGHU DXV )RKUWXKQ© 'HUEHUPlLJPXVNXO|VH0DQQWDWZLHJHKHLHQ %ULGJHWEHGDQNWHVLFKPLWHLQHUQIUHXQGOLFKHQ/lFKHOQ6LHZDUEHU]HXJWGDYRQGDVRZRKO GHU9RUGHUDOVDXFKGHU+LQWHUUDXPPLWWOHUZHLOHPLWYHUERUJHQHQ.DPHUDVXQG0LNURIRQHQ JHVSLFNWZDUHQGLHMHGHQ3LHSVHUXQGMHGH%HZHJXQJHUIDWHQ 5RGULN VHW]WH VLH NXU] XQG NQDSS GDUEHU LQ .HQQWQLV ZDV DQ GLHVHUQ 2UW JHVFKHKHQ ZDU %ULGJHWEOLHEQDWUOLFKQLFKWYHUERUJHQGDHUHLQLJHVDXVOLH ª0HLQH /HXWH KDEHQ LQ GHU NXU]HQ =HLW GLH LKQHQ ]XU 9HUIJXQJ VWDQG YHUKlOWQLVPlLJ YLHOLQ(UIDKUXQJEULQJHQN|QQHQ©IXKU5RGULNIRUW %ULGJHW YHUPXWHWH GD VLH KHNWLVFK LQ /HKUEFKHUQ RGHU &RPSXWHUSURJUDPPHQ JHEOlWWHUW KDWWHQ GLH YRQ $QJHK|ULJHQ LUJHQGZHOFKHU %RWVFKDIWHQ DXI 5XSSHW WURW] GHV DOOJHPHLQ DQHUNDQQWHQ 7HFKQRORJLHH[SRUWYHUERWV HLQJHVFKPXJJHOW ZRUGHQ ZDUHQ )U VROFKH ,QIRUPDWLRQHQ ]DKOWH GLH UXSSHWLVFKH 5HJLHUXQJ JXW REZRKO VLH VLFK HLJHQWOLFK GHU $XVVLFKWVORVLJNHLWGHV8QWHUIDQJHQVEHZXWVHLQPXWH:DVQXW]WHHVEHUGHQ%DXSODQ

HLQHV8OWUDVFKODFKWVFKLIIVPLW/LQHDUDQWULHE]XYHUIJHQZHQQPDQPLWGHQ]XU9HUIJXQJ VWHKHQGHQ WHFKQLVFKHQ 0LWWHOQ QLFKW PDO HLQ KRIIQXQJVORV YHUDOWHWHV 7UDQVLWLRQVWULHEZHUN NRQVWUXLHUHQNRQQWH" 6LHWDWLQWHUHVVLHUWDOVVLHVLFKLP+DXSWUDXPXPVFKDXWH ª'LHVHU +HOP ]XP %HLVSLHO© VDJWH 5RGULN XQG WUDW ]X GHP ]HUVW|UWHQ *HUlW DXI GDV HU ]HLJWH ªN|QQWH GD]X EHQXW]W ZRUGHQ VHLQ DQ MHPDQGHP HLQH +\SQRVFKXOXQJ YRU]XQHKPHQ© %ULGJHWQLFNWHª(LQHXUDOWHDUNRQLGLVFKH7HFKQLNPLWGHUPDQ:LVVHQSUDNWLVFKLP6FKODI YHUPLWWHOQNDQQ*DQ]VRHLQIDFKLVWHVQDWUOLFKQLFKW+\SQRVFKXOXQJHQEUDXFKHQLKUH=HLW XQG PDQ GDUI GHQ 6FKOHU QLFKW EHUIRUGHUQ© 6LH ZDU IURK GD GLH 5XSSHWHU DOOHQ JHVLFKHUWHQ .HQQWQLVVHQ ]XIROJH QLHPDOV 7HOHSDWKHQ RGHU DQGHUH 0XWDQWHQ KHUYRUJHEUDFKW KDWWHQ (LQ HLQ]LJHU *HGDQNHQOHVHU GHU LQ LKUHP *HKLUQ KHUXPVW|EHUWH XQG GHU 6LFKHUKHLWVPLQLVWHUKlWWHVLHLQ.HWWHQJHOHJW)HVVHOIHOGHUXQG7UDNWRUVWUDKOHUKDWWHQVLHMD QRFK QLFKW HQWZLFNHOW LKUH WHFKQLVFKH +|FKVWOHLVWXQJ EHVWDQG LQ 3URMHNWRUHQ ]XP $XIEDX YRQ (QHUJLH EH]LHKXQJVZHLVH 3UDOOIHOGHUQ GLH DEHU QDFK K|FKVWHQV ]HKQ 0LQXWHQ UHJHOPlLJZLHGHULQVLFK]XVDPPHQEUDFKHQ ª,VWHVQLFKWP|JOLFKGLH(IIHNWLYLWlWGLHVHU+\SQRVFKXOXQJHQ]XVWHLJHUQRGHUGLHEHQ|WLJWH =HLWVSDQQH ]X YHUULQJHUQ" 8QVHUH /DERUWHFKQLNHU VLQG VLFK ]LHPOLFK VLFKHU GD LQ GLHVHP 5DXPPHKU&RPSXWHUXQWHUJHEUDFKWZDUHQDOVPDQIUHLQHHLQIDFKH6FKXOXQJEHQ|WLJW© ª0|JOLFK VFKRQ© EHNDQQWH VLH ªDEHU GDV ZlUH HLQ UHFKW VLQQORVHV 8QWHUIDQJHQ +\SQRVFKXOXQJHQ EUDXFKHQ =HLW XP ULFKWLJ QXQ MD HLQ]XVLFNHUQ XQG ZHQQ PDQ VLH YHUNU]WYRUQLPPWZUGHGDVYHUPLWWHOWH:LVVHQQDFKXQGQDFKZLHGHUYHUVFKZLQGHQ© ª:DQQ"©IUDJWH5RGULN 1DFKK|FKVWHQVVHFKVXQGGUHLLJ6WXQGHQGDFKWHVLH6LH]XFNWHPLWGHQ$FKVHOQª:LVVHQ 6LHDXVZHOFKHU+HUVWHOOXQJGLHVHV*HUlWVWDPPW"$XVUXSSHWLVFKHUMDZRKONDXP© ª8QGDXVWHUUDQLVFKHUZRKODXFKQLFKW© ª$XINHLQHQ)DOO©VDJWHVLHPLW]XFNHUVHP/lFKHOQ ª .RPPW HV ,KQHQ EHNDQQW YRU" .|QQHQ 6LH XQV HLQHQ +LQZHLV GDUDXI JHEHQ ZHOFKH JDODNWLVFKH0DFKWHVKLHUHLQJHVFKPXJJHOWKDW"© %ULGJHWVFKWWHOWHGHQ.RSIª:lUHHVQLFKWVRVWDUNEHVFKlGLJWZRUGHQYLHOOHLFKW$EHUVR :LUPWHQHVLQGLH%RWVFKDIWEULQJHQXQGGRUWYRQ([SHUWHQXQWHUVXFKHQODVVHQ© ª'DVNDQQLFKQLFKW]XODVVHQ©ZLGHUVSUDFK5RGULNª(VKDQGHOWVLFKXPHLQ%HZHLVVWFN© ª'DVYHUVWHKHLFKVHKUJXW©VDJWHVLHª$XFKZLUKDEHQXQVHUH9RUVFKULIWHQ© ª(V OLHJW LQ ,KUHP ,QWHUHVVH GD 6LH XQV KHOIHQ 6FKOLHOLFK JHKW HV XP 3HUU\ 5KRGDQV 6LFKHUKHLW© ª8QG GLH LVW JHIlKUGHW ZHLO MHPDQG HLQHU +\SQRVFKXOXQJ XQWHU]RJHQ ZXUGH" (YHQWXHOO XQWHU]RJHQZXUGHGHQQQRFKQLFKWHLQPDOGDVVWHKWPLW6LFKHUKHLWIHVW© ª.RPPHQ 6LH PLW© 5RGULN IKUWH VLH LQ GHQ +LQWHUUDXP 'RUW KDWWHQ VHLQH 7HFKQLNHU YHUVXFKWGLH]HUVW|UWH(LQULFKWXQJVRZHLWZLHGHU]XVDPPHQ]XVHW]HQGDPDQVLFKPLWYLHO 3KDQWDVLHHLQHQhEHUEOLFNYHUVFKDIIHQNRQQWHZLHHVHLQPDOKLHUDXVJHVHKHQKDEHQPXWH 6SOLWWHU XQG 6FKHUEHQ ELOGHWHQ GUHL JURH %HFNHQ RGHU ]XPLQGHVW $QGHXWXQJHQ GDYRQ GHQQMHGHU7URSIHQ:DVVHUGHQPDQLQVLHJRZUGHDXJHQEOLFNOLFKZLHGHUKLQDXVIOLHHQ $Q HLQHU :DQG YHUGHXWOLFKWHQ IUDJPHQWDULVFKH &RPSXWHUJHKlXVH PLW NODIIHQGHQ /|FKHUQ XQG Y|OOLJ ]HUVW|UWHP ,QQHQOHEHQ GD PDQ KLHU HLQH EHWUlFKWOLFKH 5HFKQHUNDSD]LWlW KDWWH QXW]HQN|QQHQDQGHUJHJHQEHUOLHJHQGHQZDUHQ7LVFKHDXIJHVWHOOWZRUGHQDXIGHQHQVLFK QXQ hEHUUHVWH YRQ *HUlWHQ WUPWHQ GLH %ULGJHW XQZLOONUOLFK DQ HLQHQ 6FKDXSODW] HLQHV .ODVVLNHUV GHU PHQVFKOLFKHQ /LWHUDWXU HULQQHUWHQ IDVW VR DOW ZLH +RPHUV 2G\VVHH 6KDNHVSHDUHV +DUQOHW RGHU 3DOPHUV )OXFKW YRU GHU 8QVWHUEOLFKNHLW 0DU\ : 6KHOOH\V )UDQNHQVWHLQ JHQDXHU JHVDJW DQ GDV /DERU LQ ,QJROVWDGW LQ GHP GHU :LVVHQVFKDIWOHU VHLQ DXV/HLFKHQWHLOHQ]XVDPPHQJHVHW]WHV*HVFK|SIZLHGHU]XP/HEHQHUZHFNWKDWWH

ª:DVVDJHQ,KQHQGLHVH7DQNV"©IUDJWH5RGULN%ULGJHWWUDW]XLKQHQª'DUILFK"© IUDJWHVLH 'HU6LFKHUKHLWVPLQLVWHUQLFNWH 6LH ]RJ LKU 6SLHO GXUFK XQG EHUKUWH HLQ JURHV )UDJPHQW ª*ODVVLW© VDJWH VLH ª(LQ JODVlKQOLFKHU .XQVWVWRII GHU SUDNWLVFK DXI DOOHQ :HOWHQ GHU JDODNWLVFKHQ ,PSHULHQ 9HUZHQGXQJILQGHW0DQNDQQXQP|JOLFKIHVWVWHOOHQZRKHUHUVWDPPW© 5RGULN ZLGHUVSUDFK QLFKW XQG GUHKWH VLFK ]X GHQ /DERUJHUlWHQ XP GLH DXIJUXQG LKUHU %HVFKlGLJXQJHQ NDXP QRFK DOV VROFKH HUNHQQEDU ZDUHQ ª :DV ZLU KLHU JHIXQGHQ KDEHQ NRPPWXQVZHVHQWOLFKDXIVFKOXUHLFKHUYRU©VDJWHHU ª8QGZDVKDEHQ6LHJHIXQGHQ"© ª2UJDQLVFKH 6XEVWDQ]HQ© HQWJHJQHWH GHU 6LFKHUKHLWVPLQLVWHU ª%HVVHU JHVDJW ZLQ]LJH 6SXUHQGDYRQ0DQLSXOLHUWH6XEVWDQ]HQVRYLHOKDEHQZLULPPHUKLQKHUDXVILQGHQN|QQHQ© ª:DVVROOGDVKHLHQPDQLSXOLHUWH6XEVWDQ]HQ"© 'HU 6LFKHUKHLWVPLQLVWHU EHWUDFKWHWH VLH QDFKGHQNOLFK ª,FK ZLOO ,KQHQ HUNOlUHQ ZDV GDV KHLHQ VROO© VDJWH HU GDQQ ª :LU YHUPXWHQ GD LQ GLHVHP 5DXP JHQWHFKQLVFK JHDUEHLWHW ZXUGH+LHUKDWPDQHLQHQ.ORQHU]HXJW(LQNQVWOLFKKHUJHVWHOOWHVRUJDQLVFKHV:HVHQGDV HLQH LGHQWLVFKH .RSLH GHV 2ULJLQDOV GDUVWHOOW 'LH GD]X HUIRUGHUOLFKHQ 7HFKQLNHQ VLQG GHP 6RODUHQ,PSHULXPGRFKVFKRQVHLW-DKUKXQGHUWHQJHOlXILJQLFKWZDKU"© ª'DV LVW GRFK 8QVLQQ© HQWJHJQHWH %ULGJHW ª$XFK ZHQQ GLH GD]X Q|WLJHQ 7HFKQLNHQ EHNDQQW VHLQ VROOWHQ KDW GDV 6RODUH ,PSHULXP DXV HWKLVFKHQ *UQGHQ DOOH )RUVFKXQJHQ LQ GLHVH5LFKWXQJVFKRQOlQJVWHLQJHVWHOOW© ª,FKKDEHQXUJHIUDJWREGLHVH7HFKQLNHQ]XU9HUIJXQJVWHKHQ©VDJWH5RGULNVFKDUIªXQG QLFKWEHKDXSWHWGD6LHVROFKH([SHULPHQWHRGHUZDVDXFKLPPHUGXUFKIKUHQ'DVZUGH GDV6RODUH,PSHULXPQDWUOLFKQLHPDOVWXQXQGDXINHLQHQ)DOODXIIUHPGHP7HUULWRULXP© ª1DWUOLFK QLFKW© EHVWlWLJWH %ULGJHW ,FK KDEH GHQ 6LFKHUKHLWVPLQLVWHU XQWHUVFKlW]W ZXUGH LKUNODU(UKDW]ZDUNHLQH%HZHLVHDEHUHLQYHUGDPPWJXWHV*HVSUIU=XVDPPHQKlQJH 1XQMDVRJXWZDUHVQXQDXFKZLHGHUQLFKWEHUXKLJWHVLHVLFK'DEHLKDWWHVLHVLFKY|OOLJLQ GHU*HZDOWlXHUOLFKZDULKUQLFKWGDVJHULQJVWHDQ]XPHUNHQ ª$EHUHVJLEWQRFKDQGHUH0lFKWHDXI5XSSHWGLHWHFKQLVFKJHQDXVRZHLWHQWZLFNHOWVLQG© IXKU5RGULNIRUW 6LH]XFNWHPLWGHQ$FKVHOQª(VWXWPLUOHLG6LHHQWWlXVFKHQ]XPVVHQ©VDJWHVLHªDEHULQ GLHVHP+REE\NHOOHUN|QQWHPDQQLHPDOVHLQHQ.ORQHU]HXJHQ© ª$EHUPDQN|QQWHLKQKLHUDXIEHZDKUHQ%LV]XGHP=HLWSXQNWGDPDQLKQEUDXFKW© ª8QGZDUXPVROOWHPDQGDVWXQ"© ª=XP%HLVSLHOXPLKQXQEHPHUNWHLQVHW]HQ]XN|QQHQ,FKELQVLFKHUGHU1DFKULFKWHQGLHQVW GHU©(U]|JHUWHNXU]ª=HQWUDO*DODNWLVFKHQ8QLRQZHLJHQDX%HVFKHLGZDVGHUGHV ,PSHULXPV 'DEULID ]XU =HLW DQVWHOOW *HKHQ ZLU HLQPDO YRQ GHU Y|OOLJ K\SRWKHWLVFKHQ 9RUDXVVHW]XQJDXVGDGLHVH1DFKULFKWHQGLHQVWHKLHUDXI5XSSHWDNWLYVLQG:DV6LHVLFK QDWUOLFKDXFKQLFKWYRUVWHOOHQN|QQHQ©VDJWHHUVFKQHOODOVVLHGLH6WLUQUXQ]HOWHXQGKRE HLQH+DQGXPVLHJDUQLFKWHUVW]X:RUWNRPPHQ]XODVVHQª'DQQZlUHHVYHUKlOWQLVPlLJ VFKZLHULJ HLQHQ .ORQ GHU HLQ $WWHQWDW DXI 3HUU\ 5KRGDQ DXVIKUHQ VROO XQPLWWHOEDU YRU GHVVHQ 6WDDWVEHVXFK DXV HLQHU GHQ DQGHUHQ 'LHQVWHQ EHNDQQWHQ (LQVDW]]HQWUDOH ]X VFKPXJJHOQ$EHUZHQQPDQXQEHPHUNWHLQHQNOHLQHQ6WW]SXQNWHUULFKWHWKDW© ª(LQHLQWHUHVVDQWH6SHNXODWLRQ©VDJWHVLHª8QGZHLWHU"© 5RGULNEHGHXWHWHLKULKPLQGHQ9RUUDXP]XIROJHQ=ZHL/DERUWHFKQLNHUWUDWHQUHVSHNWYROO ]XU6HLWH(UGHXWHWHZLHGHUDXIGHQ+HOPª8QGGDQQKDWPDQGLHVHPJHNORQWHQ$WWHQWlWHU PLWWHOV +\SQRVFKXOXQJ GDV Q|WLJH :LVVHQ JHJHEHQ GDV HU ]XU $XVIKUXQJ VHLQHV $XIWUDJV EUDXFKW© ª6RHLQIDFKJHKWGDVQLFKW©ZDQGWH%ULGJHWHLQª:LHLFKVFKRQVDJWHHLQH+\SQRVFKXOXQJ LVWHLQNRPSOL]LHUWHV8QWHUIDQJHQ6LHEUDXFKW=HLWXQG©

ª:LUZLVVHQQLFKWZLHODQJHGLHXQEHNDQQWH0DFKWGLHVHQ6WW]SXQNWKLHUEHWULHEHQKDW© XQWHUEUDFKHUVLH %ULGJHW KDWWH GHQ (LQGUXFN GD VHLQ %OLFN LPPHU PLWUDXLVFKHU ZXUGH 6HLQH DQVFKOLHHQGHQ:RUWHEHVWlWLJWHQLKUH9HUPXWXQJ ª:ROOHQ6LHPLUQLFKWKHOIHQ"©IUDJWHHUª,FKOHJH,KQHQ,QGL]LHQYRUGLHDXIHLQJHSODQWHV $WWHQWDWDXIGHQ*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPVVFKOLHHQODVVHQXQG6LHVWHOOHQ VLFKVWXUXQGYHUZHLJHUQMHGH.RRSHUDWLRQ"© ª'DYRQNDQQQLFKWGLH5HGHVHLQ©ZLGHUVSUDFKVLHª,FKELQEHUHLW,KQHQ]XP6FKXW]3HUU\ 5KRGDQVMHGH8QWHUVWW]XQJ]XNRPPHQ]XODVVHQ© ª'DV LVW GRFK 8QVLQQ© VDJWH HU ªXQG 6LH ZLVVHQ HV DXFK ,KU 9HUKDOWHQ OlW QXU HLQHQ 6FKOX]X© 6LHZLFKVHLQHP%OLFNQLFKWDXVEHWUDFKWHWHLKQNKOª8QGGHUZlUH"© ,P1HEHQUDXPHUNODQJ*HSROWHUGDQQHLQGXPSIHU6FKUHL%ULGJHWHUNDQQWHGDV*HUlXVFK VRIRUWDOVK|FKVWDW\SLVFKXQGGDPLWSRWHQWLHOOJHIlKUOLFKXQGZLUEHOWHKHUXPGLHMDKUHODQJH $XVELOGXQJ XQG (UIDKUXQJ OLH LKU JDU NHLQH DQGHUH :DKO 1RFK ZlKUHQG GHU %HZHJXQJ QDKPVLHDXVGHP$XJHQZLQNHOHLQH*HVWDOWDP7UUDKPHQ]XP1HEHQUDXPZDKUGLHLKU ]ZDU YHUWUDXW ZDU DEHU QLFKW KLHUKHUJHK|UWH MHGHQIDOOV MHW]W QLFKW EHU ]ZHL 0HWHU JUR XQSURSRUWLRQDOKDJHUKDDUORVHUVFKLPPHUQGHU(LHUNRSI 5RGULNUHDJLHUWHIDVWJHQDXVRVFKQHOOZLHVLHXQGKHFKWHWH]XU6HLWH$XVJXWHP*UXQGZLH %ULGJHW HUNDQQWH 'LH *HVWDOW KLHOW HLQHQ 7KHUPRVWUDKOHU LQ GHU +DQG XQG ]LHOWH DXI GHQ 6LFKHUKHLWVPLQLVWHU %ULGJHWVFKRQRFKZlKUHQGVLHLQGLH+RFNHJLQJHLQIDFKGXUFKLKUH-DFNHKLQGXUFK'HU JOXWKHLH 6WUDKO YHUVHQJWH GHQ VSH]LHOO SUlSDULHUWHQ 6WRII HQW]QGHWH LKQ MHGRFK QLFKW (U YHUIHKOWH VHLQ =LHO ZHLW GRFK GDPLW KDWWH VLH UHFKQHQ PVVHQ ,PPHUKLQ ]ZDQJ LKU 6FKX GHQ$QJUHLIHU]XP$XVZHLFKHQXQGGDVKDWWH]XU)ROJHGDGHU6WUDKODXVGHVVHQ:DIIH GHQLP$XJHQEOLFNY|OOLJZHKUORVHQ5RGULNHEHQIDOOVYHUIHKOWH ,KU ]ZHLWHU 6FKX VD 'HU KHNWLVFKH 5FNZlUWVVSUXQJ GHV $QJUHLIHUV YHUVFKDIIWH LKU GLH 6HNXQGHQEUXFKWHLOH GLH VLH EHQ|WLJWH XP JH]LHOW ]X IHXHUQ 'HU 7KHUPRVWUDKO IXKU GHP (LQGULQJOLQJ LQ GLH %UXVW XQG EUDQQWH HLQ /RFK KLQGXUFK 'HU 0DQQ EUDFK ]XVDPPHQ XQG ZDUWRWQRFKEHYRUHUGHQ%RGHQEHUKUWH 'LH 7HUUDQHULQ UDSSHOWH VLFK DXI XQG JLQJ ]X GHU DXI GHP %DXFK OLHJHQGHQ /HLFKH 5RGULN WUDWQHEHQVLH %ULGJHWNQLHWHQLHGHUXQGGUHKWHGHQ.RSIGHV7RWHQVRGDVLHLKQVHKHQNRQQWHREZRKOVLH JHQDXZXWHXPZHQHVVLFKKDQGHOWH (LQ3UREOHPZHQLJHUGDFKWHVLH$EHU]DKOUHLFKH)UDJHQPHKU=XP%HLVSLHOZLHLVWGHU $QJUHLIHUKLHUKHUJHNRPPHQ" 6LHVFKDXWHLQV*HVLFKWGHVVRHEHQYRQLKUOLTXLGLHUWHQ$UDV8U[0R[LYD (UIUDJWHVLFKEDQJREHUQRFKUHFKW]HLWLJJHNRPPHQZDU(VZDUNXU]QDFK]ZDQ]LJ8KU DOV HU GLH 6LQJOHEDU EHWUDW :LH EHL VHLQHP HUVWHQ %HVXFK KLHU GHU LKQ VHLQH JHVDPWH %DUVFKDIWJHNRVWHWKDWWHKHUUVFKWHQXUVFKZDFKHU%HWULHE6FKOLHOLFKZDUJHUDGH+DOE]HLW ]ZLVFKHQ GHQ 6FKLFKWHQ GHU JU|WH 7UXEHO KHUUVFKWH QDWUOLFK MHZHLOV XQPLWWHOEDU QDFK 6FKLFKWHQGHZHQQHLQ'ULWWHOGHUZHUNWlWLJHQ%HY|ONHUXQJ)HLHUDEHQGKDWWHXQG$QVFKOX VXFKWH 8PVRHUOHLFKWHUWHUZDUHUDOVHU.DUDDP%DUWUHVHQHUEOLFNWH]XPDOVHLQ$XIEUXFKEHLLKUHU HUVWHQ%HJHJQXQJHKHUHLQH$UW)OXFKWJHZHVHQZDU'DV(UVWDXQHQGDUEHUQLFKW]XZLVVHQ ZHUHUZDUKDWWHLKPHLQHQ6FKRFNYHUVHW]WHLQHQ7LHIVFKODJ(UKDWWHHWZDVJHPXUPHOW GDVPDQPLWJXWHP:LOOHQDOVª,FKPXZHJDOVRELVDFKW8KU©LQWHUSUHWLHUHQNRQQWHXQG GLH%DUEHUVWU]WYHUODVVHQ .DUD KDWWH VLFK XPJH]RJHQ LKUH $UEHLWVNOHLGXQJ JHJHQ HLQH QRFK DXIUHL]HQGHUH JHWDXVFKW HLQ QRFK NQDSSHUHU 5RFN IDOOV GDV EHUKDXSW P|JOLFK VHLQ VROOWH XQG HLQH GQQH

GXUFKVFKHLQHQGH %OXVH DEHU QLFKW LQ NODVVLVFKHP 6FKZDU]ZHL VRQGHUQ DXIIDOOHQG EXQW JHKDOWHQNQDOOURWXQGWUDQVSDUHQWEODX 0DFK GLU NHLQH ,OOXVLRQHQ PDKQWH HU VLFK 'DV LVW LKUH )UHL]HLWNOHLGXQJ PLW GHU VLH ]XU $UEHLWJHNRPPHQLVW6LHKDWGDVQLFKWIUGLFKDQJH]RJHQJDQ]LP*HJHQWHLO6LHKDWVFKRQ KHXWHPRUJHQGXUFKEOLFNHQODVVHQGDLKUDQHLQHP.RQWDNWJHOHJHQLVWXQGZHQQGXQLFKW JHNRPPHQZlUVWKlWWHVLHVLFKHLQHQDQGHUHQJHVXFKW9LHOOHLFKWHULQQHUWVLHVLFKEHUKDXSW QLFKWPHKUDQGLFK $EHUGDWlXVFKWHHUVLFK$OVVLHLKQVDKOlFKHOWHVLHVRIRUWXQGZLQNWHLKQ]XVLFKª6FK|Q GD6LHGRFKQRFKJHNRPPHQVLQG©VDJWHVLH ª)DVW KlWWH LFK HV DXFK QLFKW PHKU JHVFKDIIW© VDJWH HU OHLFKWKLQ ª,P OHW]WHQ $XJHQEOLFN JHODQJHVPLUPLFKIUHL]XPDFKHQ,FKKlWWHHVVHKUEHGDXHUWZHQQ6LHVFKRQIRUWJHZHVHQ ZlUHQ© 6LH]XFNWHPLWGHQ$FKVHOQª(WZDV]XWULQNHQ"© ,KP ZDU EHZXW GD HU NHLQHQ HLQ]LJHQ 5XGLJD EHL VLFK KDWWH GRFK VLH WUDW KLQWHU GHQ %DUWUHVHQXQGVRYHUPXWHWHHUGDHUHLQJHODGHQZDUXQGQLFNWH ª:DV PDFKHQ 6LH VR"© IUDJWH VLH DOV VLH LKP HLQ *ODV UHLFKWH GHVVHQ ,QKDOW VLH DXV HLQHP +DKQHLQHUJDQ]HQ3DOHWWHDXIGHU7KHNHJH]DSIWKDWWH ª,FKELQIUGLH5HJLHUXQJWlWLJ©NDPHVLKPJODWWEHUGLH/LSSHQ 6LH]RJGLH%UDXHQKRFKª.ODUGD6LHVLFKGDQLFKWOHLFKWIUHLPDFKHQNRQQWHQ©VDJWHVLH ª%HLGHPEHYRUVWHKHQGHQZLFKWLJHQ6WDDWVEHVXFK© 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ 6LH KRE GDV *ODV XQG VWLH PLW LKP DQ $XV GHP $XJHQZLQNHO VDK HU GD LKUH $EO|VXQJ HLQH QLFKW PLQGHU KEVFKH .ROOHJLQ GLH JHUDGH DQ HLQHP 7LVFK EHGLHQWH LKU DQHUNHQQHQG ]XQLFNWH6HLQH(LQVFKlW]XQJ&KDQFHQ]XKDEHQVFKLHQDOVRGRFKULFKWLJ]XVHLQ ª,FKKHLH'DVWLQRYD©VDJWHVLHª0HLQHQ9RUQDPHQNHQQHQ6LHMDVFKRQ© (U KDWWH VLFK DXI GHP )XZHJ KLHUKHU YRUEHUHLWHW XQG QDQQWH LKU HLQHQ IUHL HUIXQGHQHQ 1DPHQ GHU XQDXIIlOOLJ XQG ZHQLJ HLQSUlJVDP NODQJ ª :OD 6KHXUHQ © :OD ZDU GHU KlXILJVWH 1DPH DXI 5XSSHW (V KDWWH LQ GHU *HVFKLFKWH LKUHV 3ODQHWHQ =HLWHQ JHJHEHQ GD ]ZHL'ULWWHOGHUPlQQOLFKHQ%HY|ONHUXQJYRQLKUHQ(OWHUQQDFKGHP6WLIWHUJHQDQQWZRUGHQ ZDUHQ ELV GLH GDPDOLJH 5HJLHUXQJ VFKOLHOLFK GDV (GLNW HUODVVHQ KDWWH GD -XQJHQ QXU LQ 9HUELQGXQJ PLW HLQHP ]ZHLWHQ 9RUQDPHQ DXI :OD JHWDXIW ZHUGHQ GXUIWHQ 'HU 1DFKQDPH ZDULKPHLQIDFK]XJHIORJHQHUKDWWHLKQLUJHQGZRHLQPDODXIJHVFKQDSSW ª6LQG6LHHLQ.RQYHQWLRQDOLVW"©SODXGHUWH.DUDJH]LHOWGUDXIORV (UZXWHZDVGHU$XVGUXFN]XEHGHXWHQKDWWHXQGVFKWWHOWHGHQ.RSI ª$EHUHLQ(8VLQG6LHGRFK"©IUDJWHVLH $XFK GLHVHU %HJULII VDJWH LKP VRIRUW HWZDV HLQ $QKlQJHU GHV ([SDQGHUH XQLYHUVDOLV HLQ JOlXELJHU 5XSSHWHU GHU VLFK GHU $XIJDEH YHUVFKULHEHQ KDWWH GDV 8QLYHUVXP PLW PHQVFKOLFKHP /HEHQ ]X IOOHQ ELV HV DXV DOOHQ 1lKWHQ SODW]WH RGHU LQ GHQ ([NUHPHQWHQ VHLQHU%HZRKQHUHUWUDQN ª1HLQ©(UVFKWWHOWHGHQ.RSI (LQ)HKOHU6LHNQLIIGLH$XJHQ]XVDPPHQXQGEHWUDFKWHWHLKQPLWUDXLVFK (U KDWWH VFKRQ ]XYLHO LQYHVWLHUW ]XYLHO ZHUWYROOH =HLW ]XYLHO (QHUJLH =ZDU KLHOW HU HV IU XQSUREOHPDWLVFK GHQ HLQJHVFKODJHQHQ :HJ QRFK HLQPDO ]X YHUIROJHQ EHL HLQHU DQGHUHQ )UDXYRQGHQHQVLFKLQGHU%DUMDEDOGJHQXJDXIKDOWHQZUGHQDEHUZDUXPVROOWHHUGDV EHUHLWV (UUHLFKWH HLQIDFK ZLHGHU DXIJHEHQ" *DQ] DEJHVHKHQ GDYRQ GD HU EHU NHLQ *HOG YHUIJWHXQGQLFKWKLHUYHUZHLOHQNRQQWHRKQHIUKHURGHUVSlWHUXQDQJHQHKPDXI]XIDOOHQ 8QGZHJHQ=HFKSUHOOHUHLYHUKDIWHW]XZHUGHQGDVZlUHGDV(QGHVHLQHV9RUKDEHQV 3HUU\5KRGDQW|WHQ (UVHW]WHEHZXWGLH.|USHUVSUDFKHHLQHQWVSDQQWHVLFKEHUGHXWOLFKOlFKHOWH6LHKDWWHLKP EHUHLWVJHVDJWGDHULKUJHILHOVFKOLHOLFKZROOWHVLHLKQMDQLFKWJOHLFKKHLUDWHQª:LVVHQ

6LHZRKHUGLH%H]HLFKQXQJ([SDQGHUHXQLYHUVDOLVVWDPPW"©EUDFKWHHUGDV*HVSUlFKZLHGHU LQ*DQJ 6LHJULIIEHUHLWZLOOLJQDFKGHP)ULHGHQVDQJHERWª1HLQ$XVGHP/DWHLQLVFKHQYHUPXWHLFK $EHULFKZHLZDVVLHEHGHXWHW6LFKLPJHVDPWHQ8QLYHUVXPDXVGHKQHQ([SDQGLHUHQ'DV 8QLYHUVXPPLW/HEHQIOOHQ0HQVFKOLFKHP/HEHQ©6LHVFKOXJGLH$XJHQQLHGHUEOLQ]HOWH (LQH NRNHWWH *HVWH ]ZHLIHOORV ª8QG PHLQH /XVW© IXKU VLH IRUW ªPLFK GLHVHU $XIJDEH XPJHKHQG XQG DXVIKUOLFK ]X ZLGPHQ ZLUG LPPHU JU|HU (V LVW QLFKW ZHLW ]X PHLQHP $SDUWPHQW© 3O|W]OLFK YHUVSUWH HU DXV LUJHQGHLQHP *UXQG 6NUXSHO ª([SDQGHUH XQLYHUVDOLV© VDJWH HU DXVZHLFKHQG ªHQWVWDPPW QLFKW PDO GHP .FKHQODWHLQ 0DQ KDW HLQHQ %HJULII DXV GHP OQWHUNRVPR JHQRPPHQ LKP RKQH 5FNVLFKW DXI 9HUOXVWH DXI GLH 'HNOLQDWLRQ XQG GLH :RUW]XVDPPHQVHW]XQJ HLQHQ ODWHLQLVFK NOLQJHQGHQ $QVFKHLQ YHUSDW XQG LKQ ]XP 6FKODJZRUW JHPDFKW DOOHUGLQJV ]X HLQHP GDV QXU XQWHU 5XSSHWV $QKlQJHUQ 9HUEUHLWXQJ IDQG© ,KP ZXUGH NODU GD HU VFKRQ ZLHGHU HLQHQ )HKOHU JHPDFKW KDWWH 'R]HQWHQKDIWH %HVVHUZLVVHUHLXQGKLQKDOWHQGH$QWZRUWHQZDUHQJDQ]EHVWLPPWQLFKWGDVZDV.DUDK|UHQ ZROOWH ª$EHUDXFKPLUZUGHHV6SDPDFKHQ©IJWHHUVFKQHOOKLQ]Xª]X5XSSHWV5XKPXQG(KUH EHL]XWUDJHQ© ª:LHLFKVFKRQVDJWH©ZDUIVLHEHVFKZLFKWLJWHLQªLFKZRKQHKLHUJDQ]LQGHU1lKH© (UPXWHEOXIIHQª,FKDXFK©VDJWHHU ª'DQQKDEHQZLUHLQ3UREOHP©EHKDXSWHWHVLHODFKHQG(UVDKVLHIUDJHQGDQ ª1DJHKHQZLU]XGLURGHU]XPLU"© ª'LHVH)UDJH©HQWJHJQHWHHUHUOHLFKWHUWªZHUGHQZLUEHVWLPPWNOlUHQN|QQHQ© ª+DVWGXHLQHQ6WDQGDUGYHUWUDJGDEHL"© $XFKGLHVHV:RUWULHIVRIRUWGLHSDVVHQGHQ$VVR]LDWLRQHQKHUYRU%LV]XU:LHGHUHQWGHFNXQJ GXUFKGDV6RODUH,PSHULXPZDUHQ6WDQGDUGYHUWUlJHY|OOLJEHUIOVVLJJHZHVHQ'LH5XSSHWHU ZDUHQKLQJHJDQJHQXQGKDWWHQVLFKYHUPHKUWDXFKZHQQVLHNHLQHQ(KHYHUWUDJJHVFKORVVHQ KDWWHQ.RQYHQWLRQDOLVWHQHLQPDODXVJHQRPPHQ%HL(KHSDDUHQKDWWHHVQLFKWGLHJHULQJVWHQ 3UREOHPHJHJHEHQEHLQLFKWYHUKHLUDWHWHQ3DUWQHUQKDWWHZLH5XSSHWHVEHVWLPPWKDWWHGLH )UDX DXWRPDWLVFK GDV 6RUJHUHFKW EHU GLH .LQGHU EHNRPPHQ 'LH 8QWHUKDOWVSIOLFKW ILHO ]X JOHLFKHQ 7HLOHQ DQ GLH EHLGHQ (OWHUQ ZDU HLQ (OWHUQWHLO QLFKW XQWHUKDOWVIlKLJ KDWWH GLH 6WDDWVNDVVH HLQJHJULIIHQ :DU GLH 0XWWHU QLFKW EHUHLW RGHU QLFKW LPVWDQGH GLH .LQGHU DXI]X]LHKHQ HUKLHOW GHU 9DWHU GLH 0|JOLFKNHLW GD]X OHKQWH HU DE ZXUGH GLH 1DFKNRPPHQVFKDIWYRQHLQHPVWDDWOLFKHQ.LQGHUKDXVDXIJHQRPPHQXQGJURJH]RJHQ $OOH ZDUHQ VLFK HLQLJ JHZHVHQ HV ZDU VR JXW ZLH QLH ]X IROJHQVFKZHUHQ 6WUHLWLJNHLWHQ JHNRPPHQ'RFKVHLWGHPGLH5KRGDQLVWHQXQGGLHDQGHUHQ,PSHULDOLVWHQGLH7UHQQXQJYRQ .LUFKH XQG 6WDDW IRUGHUWHQ XQG HLQHQ JHZLVVHQ (LQIOX JHOWHQG JHPDFKW KDWWHQ ZDU HV ]X XQOLHEVDPHQ6W|UXQJHQGHUMDKUKXQGHUWHDOWHQ2UGQXQJJHNRPPHQ(OWHUQWHLOHSUR]HVVLHUWHQ XP GDV 6RUJHUHFKW .RQYHUWLWHQ YHUKWHWHQ PLW RGHU RKQH .HQQWQLV GHV 3DUWQHUV ZDV HEHQIDOOV ]X KlVVOLFKHQ JHULFKWOLFKHQ $XVHLQDQGHUVHW]XQJHQ JHIKUW KDWWH 'HU YRQ GHQ :ODZLVWHQDXVJHDUEHLWHWH6WDQGDUGYHUWUDJUHJHOWHDOOHVKLHEXQGVWLFKIHVW ª1HLQ©VDJWHHUª'XPPHUZHLVHQLFKW© 6LH OlFKHOWH JULII EHU GHQ 7UHVHQ XQG OHJWH LKUH +DQG DXI GLH VHLQH ª,FK KDE LPPHU HLQ SDDUGDYRQ]X+DXVH$OVR]XPLU© ª$OVR]XGLU©VDJWHHU 6LH]|JHUWHNXU]2IIHQEDUZDULKU0LWUDXHQGDVVHLQH+LQKDOWHWDNWLNDXVJHO|VWKDWWHQRFK QLFKW Y|OOLJ YHUIORJHQ ª,FK ZLOO QLFKW XQYHUULFKWHWHU 'LQJH KLHUKHU ]XUFNNHKUHQ PVVHQ© VDJWH VLH ª'HQ :HJ NDQQ LFK PLU VSDUHQ 'DPLW GDV Y|OOLJ NODU LVW 'X HUKHEVW NHLQH $QVSUFKH'HU6WDQGDUGYHUWUDJJLOW© ª'HU6WDQGDUGYHUWUDJJLOW©ZLHGHUKROWHHU

.DUDNDPKLQWHUGHU7KHNHKHUYRUXQGKDNWHVLFKEHLLKPXQWHUª:RUDXIZDUWHQZLU"©VDJWH VLHQRFKLPPHUOlFKHOQG (VNDQQQLFKWYHUZXQGHUQGDGLH:LHGHUHQWGHFNXQJ5XSSHWVGXUFKGDV6RODUH,PSHULXP ELQQHQ NU]HVWHU =HLW ]X XPZlO]HQGHQ 9HUlQGHUXQJHQ DXI GHP 3ODQHWHQ IKUWH :LH GLH 3V\FKRKLVWRULN ]ZHLIHOVIUHL QDFKZHLVW QHLJHQ LQ VLFK JHVFKORVVHQH 6\VWHPH QDFK LKUHU gIIQXQJQDFKDXHQZLHHLQ3HQGHO]XPH[WUHPHQ6FKZXQJLQGLHDQGHUH5LFKWXQJ'LHVHV 9HUKDOWHQ ZXUGH IU 7HUUD HUVWPDOV LQ JURHP 0DVWDE EHL GHQ ]X 0DFKWEO|FNHQ ]XVDPPHQJHIDWHQ XQG XQWHUGUFNWHQ 1DWLRQDOVWDDWHQ GHU (UGH GHV XQG -DKUKXQGHUWV QDFKJHZLHVHQ 1DFK GHU =HUVFKODJXQJ GHU MHZHLOLJHQ 0DFKWEO|FNH EHWRQWHQ GLH 0LWJOLHGVVWDDWHQ PLW H[]HVVLYHP 1DFKGUXFN LKUH QDWLRQDOH (LJHQVWlQGLJNHLW ZDV GHQ +DDXILKUHHKHPDOLJHQ9HUEQGHWHQZLHGHUDXIOHEHQOLH]XEUXWDOHQ.ULHJHQIKUWHXQG GLH9HUHLQLJXQJGHU0HQVFKKHLWQDFKKDOWLJKLQWHUWULHE 5XSSHW QLPPW LQVRIHUQ HLQH 6RQGHUVWHOOXQJ HLQ DOV GLH 8QWHUGUFNXQJ KLHU QLFKW SROLWLVFKHUVRQGHUQUHOLJL|VHU1DWXUZDU'DVEHU*HQHUDWLRQHQKLQZHJ]XP6WDDWVSULQ]LS JHZRUGHQH.RQ]HSWGHV([SDQGHUHXQLYHUVDOLVHUIXKUVHLQH8PNHKULQHLQHUUDVHQGVFKQHOO DQ%HGHXWXQJJHZLQQHQGHQ2SSRVLWLRQ:ROOWHHWZDHLQH+lOIWHGHU%HY|ONHUXQJZHLWHUKLQ YRP 5HVW GHU *DOD[LV DEJHVFKLHGHQ XQG QDFK GHP 3ULQ]LS *HKHW KLQ XQG YHUPHKUHW HXFK OHEHQ NRQQWH GLH DQGHUH GLH $QQlKHUXQJ DQ HLQV GHU WHFKQRORJLVFK XQG VR]LRORJLVFK ZHVHQWOLFK K|KHU HQWZLFNHOWHQ JDODNWLVFKHQ ,PSHULHQ QLFKW VFKQHOO JHQXJ EHWUHLEHQ ZDV ]ZDQJVOlXILJ ]X LQQHQSROLWLVFKHQ 6SDQQXQJHQ XQG JHZDOWWlWLJHQ $XVHLQDQGHUVHW]XQJHQ IKUHQPXWHGLHDOOHUGLQJVZHJHQGHU(KUIXUFKWGHU5XSSHWHUYRUPHQVFKOLFKHP/HEHQ]XP *OFNYHUKlOWQLVPlLJ]XUFNKDOWHQGJHIKUWZXUGHQ 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 3V\FKRKLVWRULN XQG .XOWXUVFKRFN$XV]XJ 1HPEDU9HUODJ+'62I 3HUU\5KRGDQ (LQIUHXQGOLFKHU(PSIDQJ

ª:DUGDVQ|WLJ"©IUDJWH1HUYDO5RGULNª0XWHQ6LHLKQJOHLFKHUVFKLHHQ"© %ULGJHW VDK GHQ 6LFKHUKHLWVPLQLVWHU DQ HQWJHLVWHUW ZLH VLH KRIIWH -HGHQIDOOV KDWWH VLH GHQ $XVGUXFN VR ODQJH HLQVWXGLHUW GD VLH LKQ HLJHQWOLFK SUREOHPORV KLQEHNRPPHQ PXWH ª'LHVHU0DQQZROOWH6LHXPEULQJHQ© 5RGULN IXQNHOWH VLH ZWHQG DQ ª/HKUW PDQ GLH $JHQWHQ GHU 6RO$E QLFKW HLQHQ *HJQHU OHGLJOLFKNDPSIXQIlKLJ]XVFKLHHQVWDWWLKQVRIRUW]XW|WHQ"© ª,FK ZHL JHQDXVRZHQLJ ZDV PDQ $QJHK|ULJHQ GHU 6RODUHQ $EZHKU EHLEULQJW© HUZLGHUWH VLHQLFKWPLQGHU]RUQLJªZLHLFKZHLZHUVLFKVRQVWQRFKGRUWEHILQGHW©6LHGHXWHWHDXI GHQ+LQWHUUDXP 'HU 6LFKHUKHLWVPLQLVWHU EOLHE Y|OOLJ JHODVVHQ XQG JLQJ QLFKW DXI LKUH $EOHQNXQJ HLQ )DVW JHODQJZHLOW]RJHUVHLQHQ7KHUPRVWUDKOHUXQGEHWUDWGHQ1HEHQUDXP %ULGJHWIROJWHLKP 'LH EHLGHQ 7HFKQLNHU GLH LQ GHP 5DXP JHDUEHLWHW KDWWHQ ODJHQ DXI GHP %RGHQ 'HU HLQH DWPHWH QRFK GHU DQGHUH QLFKW PHKU VHLQ .RSI VWDQG LQ HLQHP XQQDWUOLFKHQ :LQNHO YRP .|USHU DE 'DJRU GLH XUDOWH DUNRQLGLVFKH .DPSIWHFKQLN 6HOEVW 0HGL]LQHU ZDUHQ VLFK DOVR QLFKW ]X VFKDGH VLFK GDULQ DXVELOGHQ ]X ODVVHQ YRU DOOHP ZHQQ VLH LKUH .XQVW LP 8PIHOG YRQ 1DFKULFKWHQGLHQVWHQ DXVEWHQ LQ GHP HV GRFK HWZDV JHIlKUOLFKHU ]XJLQJ DOV LQ :DUWH]LPPHUQDXI$UDORQ 'LH DQGHUHQ WHFKQLVFKHQ 6SH]LDOLVWHQ GLH LQ 'HFNXQJ JHJDQJHQ ZDUHQ DOV GLH 6FKVVH ILHOHQULVNLHUWHQQXQ]|JHUOLFKH%OLFNHKLHOWHQVLFKDEHUPHUNOLFK]XUFN%ULGJHWNRQQWHHV

LKQHQ QLFKW YHUGHQNHQ VFKOLHOLFK ZXUGHQ VLH GDIU EH]DKOW 2SIHU YRQ *HZDOWWDWHQ ]X XQWHUVXFKHQXQGQLFKWVHOEVW]XZHOFKHQ]XZHUGHQ ª%HUJHQ 6LH GHQ 9HUOHW]WHQ© VDJWH 5RGULN DOOJHPHLQ LQ LKUH 5LFKWXQJ ª$QVRQVWHQ UKUHQ 6LH QLFKWV DQ ,FK ZLOO ZLVVHQ ZLH GHU 0DQQ XQEHPHUNW LQ GLHVHQ 5DXP JHODQJHQ NRQQWH 'XUFKGLH+LQWHUWU"© ª:LUKDEHQGDV+DXVDEJHULHJHOW©WDW'LGMHK)RKUWXKQNXQGGDHUDXFKQRFKYRUKDQGHQ ZDUª'DNRPPWNHLQH0DXVGXUFK'DIUOHJHLFKPHLQH+DQGLQGHQ.RQYHUWHU©ª3DVVHQ 6LH QXU DXI GD 6LH VLH QLFKW DWRPLVLHUHQ© VDJWH 5RGULN DEZHLVHQG XQG VDK %ULGJHW 0lUFKWHKQDQª+DEHQ6LHHLQH$KQXQJ"©IUDJWHHUVLH 6LH]XFNWHPLWGHQ$FKVHOQXQGVFKDXWHUDWORVGUHLQ'LHVPDOPXWHVLHVLFKQLFKWYHUVWHOOHQ VLH KlWWH EUHQQHQG JHUQ JHZXW ZLH 8U[0R[LYD DQ GHQ 2UW VHLQHU 6FKDQGWDWHQ ]XUFNJHNHKUWZDU ª(LQ7UDQVPLWWHU"©IUDJWHGHU6LFKHUKHLWVPLQLVWHU ª'DIU EUDXFKW PDQ HLQH (PSIDQJV XQG 6HQGHVWDWLRQ© VDJWH %ULGJHW ª(LQH GLH QRFK IXQNWLRQLHUW +DEHQ 6LH VR HWZDV GDULQ JHVHKHQ"© 6LH QLFNWH ]XP 1HEHQUDXP KLQEHU ª 9LHOOHLFKWZDUGHU0DQQ7HOHSRUWHU"© ª1DNODUGLHJLEWHVZLH6DQGDP0HHU9RUDOOHPEHL$UDV©5RGULNUXQ]HOWHGLH6WLUQ ª(VLVWQLFKWEHNDQQWGDGLH$UDVMHPDOV7HOHSRUWHURGHUDQGHUH0XWDQWHQKHUYRUJHEUDFKW KDEHQ© HUNOlUWH VLH JHGXOGLJ 0DQFKPDO YHUJD VLH GD GLH 5XSSHWHU QXU EHU K|FKVW UXGLPHQWlUH.HQQWQLVVHEHUGLH*DOD[LVYHUIJWHQGLHLKUH9RUIDKUHQKLQWHUVLFKJHODVVHQ KDWWHQ XP VLFK JDQ] LKUHP *ODXEHQ XQG GHP GDPLW YHUEXQGHQHQ VFK|QVWHQ $VSHNW GHV /HEHQV]XZLGPHQ8QGGLHVHVSlUOLFKHQ,QIRUPDWLRQHQZDUHQDXFKQXUDQJHOHVHQ ª$OVRZLHLVWHUKHUHLQJHNRPPHQ"©IUDJWHGHU6LFKHUKHLWVPLQLVWHU ª8P GDV KHUDXV]XILQGHQ© ULHW %ULGJHW ªVROOWHQ 6LH YLHOOHLFKW GLH YHUERUJHQHQ $XIQDKPHJHUlWHDEVSLHOHQGLH6LH]ZHLIHOORVLQGHP5DXPDQJHEUDFKWKDEHQ© (UEHWUDFKWHWHVLHNXU]GDQQODFKWHHUODXWKDOVDXIª)U,KUH*U|HVLQG6LHVHKUFOHYHU© YHUVXFKWH HU VLH ]X SURYR]LHUHQ XP ]X EHUVSLHOHQ GD HU GLHVH 5XQGH LKUHV NOHLQHQ SV\FKRORJLVFKHQ'XHOOVDQVLHYHUORUHQKDWWH 6LHJLQJQLFKWGDUDXIHLQ 1DFKGHP 5RGULN VHLQHQ /HXWHQ GLH $QZHLVXQJ HUWHLOW KDWWH ZDQGWH HU VLFK ZLHGHU LKU ]X ª'DVLVWDOVRHLQ$UD©VDJWHHUª(LQHUGHUEHUKPWHQ*DODNWLVFKHQ0HGL]LQHU© ª'LHIUKHUPLW9RUOLHEH6HXFKHQ]XVDPPHQJHEUDXWXQGDXI3ODQHWHQIUHLJHVHW]WKDEHQXP GDQQ KRUUHQGH 6XPPHQ IU GDV *HJHQPLWWHO HUSUHVVHQ ]X N|QQHQ© VDJWH VLH ª8QG KHXWH XQWHUDQGHUHPIUGDV,PSHULXP'DEULIDDUEHLWHQ© ª6LHNHQQHQGHQ0DQQDOVR"© 6LHKDWWHEHUHLWVGDUEHUQDFKJHGDFKWREVLHLKPLQGLHVHU+LQVLFKWHQWJHJHQNRPPHQVROOWH 'DV *HVSUlFK ZXUGH DXI JH]HLFKQHW XQG NRQQWH VSlWHU JHJHQ VLH YHUZHQGHW ZHUGHQ (V ZUGHDXIIDOOHQZHQQVLHGLHRIIL]LHOOH6LFKHUKHLWVEHDXIWUDJWHIU5KRGDQV6WDDWVEHVXFK LKUHP UXSSHWLVFKHQ *HJHQSDUW ,QIRUPDWLRQHQ YHUVFKZLHJ GLH 5RGULN PLW HLQHP JHULQJHQ =HLWDXIZDQGDXFKVHOEVWDXVJUDEHQNRQQWH $XHUGHPNRQQWHVLHNHLQHQ6FKDGHQDQULFKWHQZHQQVLH LKQEHUGHQ$UDDXINOlUWH ª(UKHLW8U[0R[LYD©VDJWHVLHª8QGZLUYHUPXWHQGDVVHUWDWVlFKOLFKIUGHQ'DEULID 1DFKULFKWHQGLHQVWWlWLJLVW© ª6RHLQ$UDNDQQGRFKDXHU6HXFKHQEHVWLPPWDXFK.ORQHHUVFKDIIHQ"© (V ZlUH XQNOXJ JHZHVHQ LKP HLQH JHZLVVH SURIHVVLRQHOOH $QHUNHQQXQJ ]X YHUVDJHQ 5RGULN KDWWH ZDV HLQ $JHQW XQEHGLQJW EUDXFKWH 0HQVFKHQNHQQWQLV XQG *HVSU IU =XVDPPHQKlQJH(UKDWWHVRIRUWGLHULFKWLJHQ6FKOVVHJH]RJHQ6LHQLFNWH ª:DUXP ZROOWH HU PLFK W|WHQ"© ZHFKVHOWH GHU 6LFKHUKHLWVPLQLVWHU DEUXSW GDV 7KHPD XQG YHUEOIIWH VLH GDPLW LQQHUKDOE YRQ 6HNXQGHQ ]XP ]ZHLWHQPDO ª :DUXP KDW HU DXI PLFK

JHVFKRVVHQ"8QGQLFKWDXI6LH"(UKlWWHDXFKZLOGXPVLFKVFKLHHQYHUVXFKHQN|QQHQXQV DOOH]XW|WHQ$EHUQHLQHU]LHOWHDXIPLFK:DUXP"© :HLO HU YHUVXFKHQ ZROOWH ILLU VHLQH $XIWUDJJHEHU ]X UHWWHQ ZDV QRFK ]X UHWWHQ LVW GDFKWH %ULGJHWª9LHOOHLFKWZHLO6LHGHU6LFKHUKHLWVPLQLVWHUVLQG"© 5RGULNVFKWWHOWHGHQ.RSIª'LHJDQ]H6DFKHVWLQNW]XP+LPPHO1LFKWVSDW]XVDPPHQ )RKUWXKQ©EHOOWHHUVHLQHQ6WHOOYHUWUHWHUDQª:DVLVWPLWGHQ%HVLW]HUQGLHVHV+DXVHV"$Q ZHQKDEHQVLHGLH5lXPHYHUPLHWHW",FKKDWWH 6LHJHEHWHQ1DFKIRUVFKXQJHQDQ]XVWHOOHQ© 'HU 6WDDWVVHNUHWlU HLOWH VHUYLO KHUEHL ª'HU JHVDPWH *HElXGHEORFN JHK|UW HLQHU JURHQ ,PPRELOLHQILUPD LQ 6(.725 6LH KDW HLQHQ PDNHOORVHQ 5XI 'LHVH EHLGHQ %URUlXPH ZXUGHQYRUHLQHP0RQDWDQHLQHQ*HVFKlIWVPDQQYHUPLHWHWGHULP,PXQG([SRUWWlWLJLVW (UYHUIJWEHUJXWH9HUELQGXQJHQ]XDOOHQJDODNWLVFKHQ*URPlFKWHQ8QVHUH/HXWHVLQG]X LKPXQWHUZHJVXPLKQ ]XEHIUDJHQ© ª:DKUVFKHLQOLFK ZLUG HU VSXUORV YHUVFKZXQGHQ VHLQ© VDJWH %ULGJHW ª'DV VLQG VLH GRFK LPPHUQLFKWZDKU"© 5RGULNZDUILKUHLQHQPLWUDXLVFKHQ%OLFN]X ª:LU VLQG VRZHLW© VDJWH HLQ /DERUWHFKQLNHU (U KDWWH DXI HLQHP 7LVFK HLQ ]XPLQGHVW IU %ULGJHW 0lUFKWHKQ SULPLWLYHV :LHGHUJDEHJHUlW DXIJHEDXW XQG VFKDOWHWH HV QXQ HLQ 'LH $JHQWLQEHWUDFKWHWHHVPLWHFKWHP,QWHUHVVH 'HU0DQQVSXOWHGLHN|UQLJH6FKZDU]ZHLZLHGHUJDEHLP6FKQHOOGXUFKODXIYRU=XHUVW]HLJWH VLH QXU GLH EHLGHQ LP 1HEHQUDXP EHILQGOLFKHQ 7HFKQLNHU GLHVLFKEHUUDVFKHQGJHVFKlIWLJ LKUHQ$XIJDEHQZLGPHWHQ'RFKGDQQ :lKUHQG5RGULNOHLVHSILIIVFKWWHOWH%ULGJHWQXUGHQ.RSI6LHNRQQWHHVQLFKWIDVVHQ 'DQQ|IIQHWHVLFKLP%RGHQGHV5DXPVHLQH*HKHLPWU(LQHVLPSOHVFKOLFKWHZHQQDXFK SHUIHNW HLQJHODVVHQH *HKHLPWU GLH QLFKW DXIJHIDOOHQ ZDU ZHLO VLH YRQ NOHLQHQ 7UPPHUVWFNHQ XQG 6FKHUEHQ EHGHFNW ZDU GLH QRFK LKUHU 8QWHUVXFKXQJ GXUFK GLH 7HFKQLNHUKDUUWHQ 'HU $UD ZDU ]ZDU GXUFK GHQ NOHLQHQ 6SDOW QLFKW DXV]XPDFKHQ DEHU %ULGJHW ZXWH GD HU KHUYRUOXJWHXQGDXIHLQHJQVWLJH*HOHJHQKHLWZDUWHWH'LHERWVLFKDOVGLH)XKDOWXQJGHU EHLGHQ7HFKQLNHULKPYHUULHWGDVLHLKPGHQ5FNHQ]XZDQGWHQ(UVFKREGLH.ODSSHGHU )DOOWUJHUlXVFKORVKRFKXQGVFKOSIWHPLWHLQHU*HVFKPHLGLJNHLWKLQDXVGLHVLHGHPODQJHQ IDVW ]HUEUHFKOLFK KDJHU ZLUNHQGHQ .|USHU QLFKW ]XJHWUDXW KlWWH (LQHU GHU 7HFKQLNHU K|UWH HWZDVXQGGUHKWHVLFKXP'DVZDUVHLQ9HUGHUEHQ8U[0R[LYDJLQJNHLQ5LVLNRHLQXQG W|WHWHLKQPLWHLQHP'DJRUJULII'HQDQGHUHQGHUVLFKHUVWGDQDFKXQGODQJVDPHUXPGUHKWH VFKOXJHUOHGLJOLFKEHZXWORV 'DQQ]RJHUHLQHQ7KHUPRVWUDKOHUDXVVHLQHP*UWHOXQGYHUOLHGHQ$XIQDKPHEHUHLFKGHU .DPHUD:DVGDQDFKJHVFKHKHQZDUKDWWHQVLHVHOEVWPLWHUOHEW ª'DV LVW GRFK XQJODXEOLFK© PXUPHOWH %ULGJHW :LH KDWWH VLH QXU VR QDFKOlVVLJ VHLQ N|QQHQ" (LQNODVVLVFKHU)DOODXVGHP/HKUEXFKDXFKZHQQHVVLFKGDEHLXPHLQHQ'DWHQVSHLFKHU KDQGHOWH .HLQ ILNWLYHU VRQGHUQ HLQ WDWVlFKOLFKHU 'HU $WWDFKH HLQHV %RWVFKDIWHUV ZDU DXI IHLQGOLFKHP*HELHWIHVWJHQRPPHQZRUGHQ0DQKDWWHLKQK\SHUSK\VLNDOLVFKGXUFKOHXFKWHW QDFK GHQ DXVJHNOJHOWVWHQ 0LNURJHUlWHQ VLJDQHVLVFKHU %DXZHLVH GXUFKVXFKW XQG PLW GHQ PRGHUQVWHQ 0LWWHOQ QDFK YHUERUJHQHU +LJK 7HFK DEJHNORSIW /HLGHU KDWWH PDQ GLH SULPLWLYH)HLOHEHUVHKHQGLHHULQVHLQHP=\OLQGHUYHUERUJHQXQGPLWGHUHULQDOOHU5XKH GLH *LWWHUVWlEH VHLQHU =HOOH GXUFKJHVlJW KDWWH +RFKHQWZLFNHOWH .XOWXUHQ QHLJWHQ EHL *HJHQVSLHOHUQ DXI GHP JOHLFKHQ RGHU HLQHP lKQOLFKHQ WHFKQLVFKHQ /HYHO GD]X QDFK GHQ XQJODXEOLFKVWHQWHFKQLVFKHQ*LPPLFNV]XVXFKHQXQGGDV1DKHOLHJHQGVWH]XYHUJHVVHQ =XP%HLVSLHOHLQH)DOOWU

MHGHQIDOOV KDWWH VLH HLQ 3UREOHP ZHQLJHU 8U[0R[LYD NRQQWH GLH $NWLRQ QLFKW PHKU JHIlKUGHQ 'DIUOLHGDVQlFKVWHQLFKWODQJHDXIVLFKZDUWHQ 5RGULN GUHKWH VLFK ]X LKU XP (UQHXW VWHOOWH HU VHLQHQ WUHIIVLFKHUHQ ,QVWLQNW XQWHU %HZHLV LQGHP HU VDJWH ª6LH ZLVVHQ PHKU DOV 6LH ]XJHEHQ ZROOHQ 0lUFKWHKQ 6LH ER\NRWWLHUHQ PHLQH9HUVXFKHGHQ*URDGPLQLVWUDWRU]XVFKW]HQ$OVRUHGHQ6LHHQGOLFK© ª,FKZHLZLUNOLFKQLFKWZDV6LHPHLQHQ©HUZLGHUWHVLH MHJOLFKH 9HUELQGOLFKNHLW ZDU DXV VHLQHP %HQHKPHQ YHUVFKZXQGHQ ª6LH VWHKHQ ]ZDU XQWHU GLSORPDWLVFKHU,PPXQLWlWDEHULFKIUFKWHXP,KUH6LFKHUKHLW'HVKDOEVWHOOHLFK6LHELV]X 5KRGDQV $QNXQIW XQWHU 6FKXW]KDIW 6HOEVWYHUVWlQGOLFK N|QQHQ 6LH PLW ,KUHU %RWVFKDIW .RQWDNW DXIQHKPHQ 0DQ VROO GLH .OHLGXQJ GLH 6LH EHLP (PSIDQJ WUDJHQ ZROOHQ LQ PHLQ +DXSWTXDUWLHUEULQJHQ'DN|QQHQ6LHVLFKXP]LHKHQ$QVRQVWHQZHLFKHQ6LHQLFKWPHKUYRQ PHLQHU6HLWH© ª$EHU6LHN|QQHQGRFKQLFKW© ª)RKUWXKQ©EHOOWHGHU6LFKHUKHLWVPLQLVWHU$XIVLHDFKWHWHHUJDUQLFKWPHKUª:RUDXIZDUWHQ 6LHQRFK"6WHOOHQ6LHIHVWZRKLQGHU*HKHLPJDQJIKUW8QGODVVHQ6LHLKQJHQDX XQWHUVXFKHQ© %ULGJHW0lUFKWHKQVHXI]WH(VZUGHHLQHODQJH1DFKWZHUGHQ8QGDQ6FKODIZDUQLFKW]X GHQNHQ 9HUVFKODIHQ (U KDWWH VFKOLFKW XQG HLQIDFK YHUVFKODIHQ (V ZDU LKP XQEHJUHLIOLFK ZLH HU EHUKDXSWKDWWHHLQVFKODIHQN|QQHQGRFKLUJHQGZDQQZDUHVJHVFKHKHQ'LH$QVWUHQJXQJHQ GHVYHUJDQJHQHQ7DJHVXQGYRUDOOHPGHU1DFKWKDWWHQLKUHQ7ULEXWJHIRUGHUW (U]ZDQJVLFK]XU5XKHREZRKODOOHVLQLKPGDQDFKVFKULHDXVGHP%HWW]XVSULQJHQXQG ]XP 5DXPKDIHQ ]X ODXIHQ 1XU VR ZUGH VLFK GDV KDUWQlFNLJH 3RFKHQ LQ VHLQHP .RSI EHUXKLJHQ$EHUHUKDWWHNHLQH&KDQFHVHLQ=LHODXIGLHVH:HLVH]XHUUHLFKHQ'DPLWZUGH HU QXU EHZHUNVWHOOLJHQ GD GLH 6FKPHU]HQ LPPHU VFKOLPPHU XQG VFKOLHOLFK XQHUWUlJOLFK ZUGHQ 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ =XPLQGHVW KDWWH HU GLH GULQJOLFKVWHQ )UDJHQ VFKRQ LQ GHU YHUJDQJHQHQ 1DFKW JHNOlUW .DUD 'DVWLQRYDEHVDHLQHQ&LW\)OLW]HUXQGKDWWHVLFKEHUHLWHUNOlUWLKUHQKHXWLJHQIUHLHQ7DJPLW LKP DXI GHP 5DXPKDIHQ ]X YHUEULQJHQ XQG GLH RIIL]LHOOH %HJUXQJ 3HUU\ 5KRGDQV ]X EHREDFKWHQ (UUROOWHVLFK]X.DUDKHUXPXQGOLHVHLQHQ)LQJHUXPLKUHQ%DXFKQDEHONUHLVHQXPVLH]X ZHFNHQ6LHUHNHOWHVLFKZRKOLJXQGIDWHQDFKVHLQHU+DQGXPVLHWLHIHU]XIKUHQ (UEHIUHLWHVLFKYRQLKUHP*ULII$POLHEVWHQKlWWHHUVLHQLHGHUJHVFKODJHQXQGLKUHLQIDFK GLH6FKOVVHODEJHQRPPHQ$EHUHUKDWWHVLHQLFKWIUDJHQN|QQHQZRVLHLKUHQ&LW\)OLW]HU DEJHVWHOOW KDWWH RGHU RE VLH YLHOOHLFKW VRJDU HLQHU )DKUJHPHLQVFKDIW DQJHK|UWH 'DV ZlUH GRFKHWZDV]XDXIIlOOLJJHZHVHQ ª:LUZROOWHQGRFK]X5KRGDQV(PSIDQJDXIGHP5DXPKDIHQVHLQ©IOVWHUWHHUXQGNLW]HOWH VLHDP.LQQ ª$FK ZDV LQWHUHVVLHUW PLFK 5KRGDQ© PXUPHOWH VLH JlKQHQG |IIQHWH DEHU ZHQLJVWHQV GLH $XJHQª,FKZWHZDV%HVVHUHVPLWXQVHUHU=HLWDQ]XIDQJHQ© ª'D]X KDEHQ ZLU VSlWHU QRFK *HOHJHQKHLW JHQXJ© VDJWH HU XQG NWH VLH DXI GLH /LSSHQ ª,FKPXPLFKHUVWPDOHUKROHQ© 6LHULFKWHWHVLFKDXIGLH(OOERJHQDXIGRFKGHU$QEOLFNLKUHUYROOHQ%UVWHEHZLUNWHEHLLKP GHU]HLWQXUGDGDV3RFKHQLQVHLQHP.RSIVWlUNHUZXUGHª0DFKWGRFKQLFKWVGDHVEHLP OHW]WHQ0DOQLFKWJHNODSSWKDW©VDJWHVLHª'DIUZDUHVGLHHUVWHQGUHL0DOHULFKWLJVFK|Q ,FK ELQ VLFKHU LFK NULHJ GDV ZLHGHU KLQ© 6LH JULII HUQHXW QDFK LKP ª9LHUPDO QD MD GUHLHLQKDOEPDOUHLFKWPLU©VDJWHHUXQGKLHOWLKUH+DQGIHVWª,FKZLOO5KRGDQVHKHQ'HU NRPPWQLFKWMHGHQ7DJQDFK5XSSHW©

ª(UQVWKDIW"©IUDJWHVLH ª(UQVWKDIW©EHVWlWLJWHHUª$EHUGDQDFK© ª'DQDFK PDFKHQ ZLU GD ZHLWHU ZR ZLU DXIJHK|UW KDEHQ© YHUVSUDFK HU LKU 'LH /JH NDP Y|OOLJJODWWEHUVHLQH/LSSHQ .DUD ]RJ HLQHQ 6FKPROOPXQG VWDQG DEHU DXI $OV VLH LQV ZLQ]LJH %DG LKUHV (LQ=LPPHU $SDUWPHQWVJLQJO|VWHGHU$QEOLFNLKUHVSUlFKWLJHQQDFNWHQ.|USHUVQXUHLQHQ*HGDQNHQLQ LKPDXV3HUU\5KRGDQW|WHQ :lKUHQGVLHHLQHQ7HLOLKUHUNRVWEDUHQ:DVVHUUDWLRQIUGLH.|USHUUHLQLJXQJDXIZDQGWHXQG HUHVLKUGDQDFKJOHLFKWDWEHUOHJWHHUXQHQWZHJWZDVHUXQWHUQHKPHQZUGHZHQQHUGHQ 5DXPKDIHQ HUUHLFKW KDWWH =ZDU ZXUGHQ 0LOOLRQHQ YRQ 6FKDXOXVWLJHQ HUZDUWHW ]ZLVFKHQ GHQHQHUXQWHUWDXFKHQNRQQWHDEHUHVZUGH$EVSHUUXQJHQJHEHQ6LFKHUKHLWVYRUNHKUXQJHQ GLH HU EHUZLQGHQ PXWH ZROOWH HU LQ GLH 1lKH GHV *URDGPLQLVWUDWRUV JHODQJHQ 6HLQH $EVLFKW GDV 7HUUDLQ LQ DOOHU 5XKH ]X HUNXQGHQ ZDU 0DNXODWXU (U NRQQWH YRQ *OFN VSUHFKHQZHQQHUEHUKDXSWQRFKUHFKW]HLWLJGRUWHLQWUDI(UNDPMHGRFK]XNHLQHU/|VXQJ HUZUGHLPSURYLVLHUHQPVVHQ $QJHVLFKWVGHU(UIROJHVHLQHUELVKHULJHQDXVGHP6WHJUHLIDXVJHIKUWHQ$NWLRQHQZDUGLHVH $XVVLFKWQLFKWJHUDGHEHUDXVFKHQG ,Q VHLQHP .RSI KlPPHUWH HV JHUDGH]X 1RFK ]ZHL 6WXQGHQ ELV ]Z|OI 8KU PLWWDJV GHP YRUJHVHKHQHQ=HLWSXQNWIU5KRGDQV/DQGXQJDXIGHP5DXPKDIHQ $OV HU DXV GHP %DG WUDW ZDU .DUD EHUHLWV DQJH]RJHQ 1LFKW VR DXIIDOOHQG EXQW ZLH DP 9RUDEHQG DEHU GLHVH $XIPDFKXQJ KDWWH LKUHQ =ZHFN MD HUUHLFKW 1XQ ZDU VLH PLW LKP ]XVDPPHQIUHXWHVLFKGDUDXI5XSSHWV*HERWQDFKGHPOlVWLJHQ$EVWHFKHU]XP5DXPKDIHQ HUQHXW DXVJLHELJ EHIROJHQ ]X N|QQHQ XQG NRQQWH GDUDXI YHU]LFKWHQ GDV ,QWHUHVVH GHV PlQQOLFKHQ*HVFKOHFKWVDXIVLFK]XOHQNHQ (U]RJVLFKVFKQHOODQXQGYHUVXFKWHGDEHLVHLQH]ZDUH[NOXVLYHDEHUGRFKPLWJHQRPPHQ ZLUNHQGH.OHLGXQJHLQLJHUPDHQKHU]XULFKWHQ=ZDUOLHVLFKQLFKWY|OOLJYHUEHUJHQGDHU GDULQ]ZHLJHVFKHLWHUWH9HUVXFKHXQWHUQRPPHQKDWWHVLFKLQGHQ%HVLW]HLQHV)DKU]HXJV]X EULQJHQGRFKHUZROOWHGLH6SXUHQVRJXWZLHP|JOLFKEHVHLWLJHQXPQLFKWYRQYRUQKHUHLQ $XIPHUNVDPNHLWXQG0LWUDXHQ]XHUUHJHQ =XVHLQHUhEHUUDVFKXQJVWDQG.DUDV&LW\)OLW]HUHLQ]LHPOLFKNODSSULJHV0RGHOOGDVZRKO NHLQH ZHLWHUHQ YLHU KXQGHUWWDXVHQG .LORPHWHU PHKU GXUFKKDOWHQ ZUGH LQ HLQHU 3DUNER[ GHU 7LHIJDUDJH LKUHV :RKQEORFNV 6ROFKH (LQVWHOOSOlW]H ZDUHQ DEVROXW UDU XQG EHJHKUW (U ZXWHGDZHJHQLKQHQVFKRQlOWHUHQLFKWPHKUIRUWSIODQ]XQJVIlKLJH0LWEUJHUHUPRUGHW ZRUGHQZDUHQ ª,FK YHUVWHKH PLFK JDQ] JXW PLW GHP 3DUNKDXVYHUZDOWHU© HUNOlUWH VLH DXI VHLQHQ YHUZXQGHUWHQIUDJHQGHQ%OLFN 'DVEH]ZHLIHOWHHUQLFKW'DVLHHLQHEHUDXVDWWUDNWLYH)UDXZDUKDWWHHULQGLHVHU1DFKW GUHLPDOEHVWlWLJWGHQZHJHQVFKLHUHU(UVFK|SIXQJ JHVFKHLWHUWHQ YLHUWHQ9HUVXFKJDUQLFKW PLWJH]lKOW 'LH)DKUWZDUGHUUHLQVWH$OSWUDXP'LH6HULHGHU.DWDVWURSKHQXQG)HKOVFKOlJHVFKLHQQLFKW DEUHLHQ ]X ZROOHQ GDV 3HFK EOLHE LKP WUHX $QGHUWKDOE 6WXQGHQ YRU 5KRGDQV /DQGXQJ JHULHWHQ VLH LQ GHQ HUVWHQ 6WDX GHU VLFK ZLH GXUFK HLQ :XQGHU QDFK ]HKQ 0LQXWHQ ZLHGHU DXIO|VWH 'HU *UXQG GDIU ZXUGH LKP ]HKQ 0LQXWHQ VSlWHU NODU DOV VLH DQ HLQHU ,QIRUPDWLRQVWDIHO GHV 6(.725/HLWZHUNV YRU EHLNDPHQ 6lPWOLFKH IQI )DKUEDKQHEHQHQ ZDUHQLQHLQXQGGLHVHOEH5LFKWXQJIUHLJHVFKDOWHWZRUGHQLQ5LFKWXQJ5DXPKDIHQ ,KP ZXUGH PLW EXFKVWlEOLFK VFKPHU]KDIWHU 'HXWOLFKNHLW NODU GD HU QLFKW GHU HLQ]LJH 5XSSHWHU ZDU GHU 3HUU\ 5KRGDQ OHLEKDIWLJ VHKHQ ZROOWH (U EH]ZHLIHOWH DOOHUGLQJV GD GLH DQGHUHQVRGULQJOLFKH*UQGHKDWWHQZLHHU 6HLQ.RSIGURKWHPLWWOHUZHLOHEHLGHUNOHLQVWHQ%HZHJXQJ]XSODW]HQ.DUDZDUILKPLPPHU |IWHUYHUVWRKOHQH6HLWHQEOLFNH]X(UNRQQWHHVLKUQLFKWYHUGHQNHQ,P,QQHQVSLHJHOVDKHU GDVHLQ*HVLFKWEOHLFKXQGVFKZHLQDZDUXQGHUVSUWHVHOEVWGDHULQLPPHUNU]HUHQ

$EVWlQGHQ.UlPSIHEHNDPGLHHLQKHIWLJHV=LWWHUQVHLQHVJHVDPWHQ.|USHUVDXVO|VWHQ'LH VROHEHQVXQGIRUWSIODQ]XQJVIUHXGLJH.HOOQHULQPXWHJODXEHQHLQHQ9HUKWHUQHLQGDV ZRKO JHUDGH QLFKW DOVR HWZDV QRFK 6FKOLPPHUHV HLQHQ YHUUFNWHQ 0|UGHU ]XP %HLVSLHO GXUFKGLHEHUIOOWHQ6WUDHQ]XNXWVFKLHUHQ (UYHUVXFKWHVHLQH*HGDQNHQZLHGHUXQWHU.RQWUROOH]XEULQJHQ 3HUU\5KRGDQW|WHQ 8PKDOE]Z|OIEUDFKGHU9HUNHKUYROOHQGV]XVDPPHQ1LFKWVJLQJPHKU$OOH5DGLRVHQGHU ZLHGHUKROWHQSDXVHQORVGLHHLQGULQJOLFKH0DKQXQJGHQ5DXPKDIHQJURUlXPLJ]XPHLGHQ =ZDQ]LJ0LQXWHQVSlWHUZDUHQVLHQRFKNHLQHKXQGHUW0HWHUZHLWHUJHNRPPHQ'DIUVFKLHQ .DUDGUDXIXQGGUDQ]XVHLQDXVGHP&LW\)OLW]HU]XVSULQJHQXQGNUHLVFKHQGXP+LOIH]X UXIHQ (UQDKPLKUGLH(QWVFKHLGXQJDEXQGYHUOLHGHQ:DJHQIOXFKWDUWLJRKQHHLQZHLWHUHV:RUW =HKQ 0LQXWHQ VSlWHU HUUHLFKWH HU NHXFKHQG GHQ 5DQG GHU $EVSHUUXQJHQ 'DV +HU] GURKWH LKPDXVGHU%UXVW]XVSULQJHQXQGGLH.RSIVFKPHU]HQZDUHQPLWWOHUZHLOHVRKHIWLJGDHU NDXPQRFKHWZDVVHKHQNRQQWH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ (VZDUDXVXQGYRUEHL=Z|OI8KU,QGLHVHP$XJHQEOLFNIDQGGLH%HJUXQJVWDWW 'DQQVHQNWHVLFKHLQJLJDQWLVFKHU6FKDWWHQEHUGDVZHLWH$UHDOGHV5DXPKDIHQVYRULKP EHU GLH QLHGULJHQ *HElXGH XQG GLH 0HQVFKHQPDVVHQ DXI GHU VFKLHU HQGORVHQ )OlFKH MHQVHLWVGHU$EVSHUUXQJXQGPDFKWHGHQ0LWWDJNXU]]XU0LWWHUQDFKW 5KRGDQV6FKLIIKDWWHVLFKYHUVSlWHW 8QElQGLJH +RIIQXQJ EUDQGHWH LQ LKP DXI (U WDXPHOWH ZHLWHU ]X GHP EHU ]ZHL 0HWHU KRKHQ *LWWHU GHU $EVSHUUXQJ =ZHL 3RVWHQ VWDQGHQ GDKLQWHU HLQ ZHLWHUHU VD KLQWHU GHP $JJUHJDWPLWGHPLP1RWIDOOHLQ3UDOOIHOGHUULFKWHWZHUGHQNRQQWH :LHVROOWHHUGLH:DFKHQEHUZLQGHQ":LHVROOWHHUQRFKUHFKW]HLWLJ]X5KRGDQJHODQJHQ" (LQHUGHU6LFKHUKHLWVEHDPWHQEHPHUNWHLKQOHJWHVRIRUWGLH+DQGDXIGHQ*ULIIGHU3LVWROHLQ VHLQHP +DOIWHU (U WUDW HLQHQ 6FKULWW YRU XQG UL GLH $XJHQ DXI DOV ZUGH HU HLQHQ *HLVW VHKHQª$EHU6LU©VWDPPHOWHGHU0DQQ (UKlWWHVFKZ|UHQN|QQHQGDGHU3RVWHQLKQHUNDQQWH 0HKUQRFK3O|W]OLFKXQVLFKHUZXUGH=|JHUWH+LOIORVEHUOHJWHZDVHUQXQWXQVROOWH (U KDWWH LPPHU JHZXW GD HU HLQHQ WRGVLFKHUHQ ,QVWLQNW KDWWH VLFK EOLW]VFKQHOO DXI YHUlQGHUWH 6LWXDWLRQHQ HLQVWHOOHQ NRQQWH 'LHVH )lKLJNHLW VFKLHQ YHUORUHQJHJDQJHQ ]X VHLQ DXIJHVRJHQYRQGHPXQHUWUlJOLFKHQ3RFKHQLQVHLQHP6FKlGHO'HVKDOEKDWWHHUVLFKELVODQJ VRGLOHWWDQWLVFKDQJHVWHOOW 1XQZDUVLH]XUFNJHNHKUWLPJOHLFKHQ0DZLHGLH.RSIVFKPHU]HQQDFKOLHHQ ª6FKQHOO©KHUUVFKWHHUGHQ0DQQDQªgIIQHQ6LHGDV7RU©ª$EHU6LULFKGDUIQLFKW© ª6RIRUW©EUOOWHHU 'HU3RVWHQWUDW]XGHU7ULP*DWWHUXQG|IIQHWHVLHWDWVlFKOLFK ª.RPPHQ6LHPLW©EHIDKOHUXPMHGHP|JOLFKH,QLWLDWLYHGHV6LFKHUKHLWVEHDPWHQLP$QVDW] ]XHUVWLFNHQXQGUDQQWHZHLWHU 'HU:lFKWHUIROJWHLKP +LQWHUGHQ$EVSHUUXQJHQNDPHQVLHVFKQHOOYRUDQRKQHYRQGHQ0HQVFKHQPDVVHQEHKLQGHUW ]X ZHUGHQ 'HQQRFK VFKLHQ HV HLQH (ZLJNHLW ]X GDXHUQ ELV HU GDV HUK|KWH 3RGLXP DXVPDFKHQ NRQQWH DXI GHP ZLH HU PLW HLQHPPDO ZXWH GHU *URDGPLQLVWUDWRU YRQ 6LFKHUKHLWVPLQLVWHU 5RGULN EHJUW ZHUGHQ VROOWH 6LFKHUKHLWVPLQLVWHU 5RGULN 3HUU\ 5KRGDQW|WHQ (U OLHI ZHLWHU 4XlOHQG ODQJVDP ZXUGH GDV HUK|KWH 3RGHVW IU LKQ JU|HU $XV GHP 5DXPVFKLII GDV PDVVLJ ZLH HLQ %HUJ DEHU JOHLFK]HLWLJ OHLFKW IDVW VFKZHUHORV ZLH HLQH )HGHULQGHU/XIWKLQJVFKZHEWHQPHKUHUH*HVWDOWHQ

5RWH6FKOLHUHQZRJWHQYRUVHLQHQ$XJHQ'HQ6LFKHUKHLWVEHDPWHQKDWWHHUVFKRQZHLWKLQWHU VLFKJHODVVHQ'DGDV%OXWLQVHLQHQ2KUHQWURPPHOWHYHUQDKPHUQXUQRFKXQGHXWOLFKVHLQ EHVRUJWHV5XIHQ 'DIUZXUGHHVDEHUYRQGUHL6LFKHUKHLWVEHDPWHQYHUQRPPHQGLHHLQJXWHV6WFNYRULKP VWDQGHQ 6LH GUHKWHQ VLFK ]XU 4XHOOH GHV SO|W]OLFKHQ $XIUXKUV XP ,P *HJHQVDW] ]X GHP 0DQQDQGHU$EVSHUUXQJVFKLHQHQVLHLKQQLFKW]XHUNHQQHQRGHU]XPLQGHVWQLFKWYRQLKP EHHLQGUXFNW]XVHLQGHQQLKUH+lQGHIXKUHQ]XLKUHQ:DIIHQ(LQHU]RJGHQ7KHUPRVWUDKOHU *XW6LHEHVDHQ:DIIHQ(UQLFKW$EHUHUEUDXFKWHHLQH 3HUU\5KRGDQW|WHQEHLGHU$QNXQIWDXIGHP5DXPKDIHQGLHRIIL]LHOOH%HJUXQJ $OVRZUGHHUVLHGHP0DQQDEQHKPHQ(UYHUVSUWHQLFKWGHQJHULQJVWHQ=ZHLIHOGDUDQGD HUSUREOHPORVGD]XLPVWDQGHZDU ª6WHKHQEOHLEHQ©ULHIGHU3RVWHQGHUGLH:DIIHJH]RJHQKDWWH(UOLHIZHLWHU'HU:lFKWHU KRE GHQ 7KHUPRVWUDKOHU OHJWH DQ ]LHOWH DXI LKQ 8QG ]|JHUWH HEHQIDOOV 6FKLHQ LKQ MHW]W HQGOLFK]XHUNHQQHQ )DVVXQJVORVHV (UVWDXQHQ ZHLWHWH GLH $XJHQ GHV 0DQQHV 'DQQ REVLHJWH VHLQH $XVELOGXQJ HULQQHUWHHUVLFKJHQDXZLHVHLQH.ROOHJHQZLHGHUDQGLHHUKDOWHQHQHLQGHXWLJHQ%HIHKOH $EHUGHU0DQQVFKRWURW]GHPQLFKWVHW]WHVLFKJHQDXZLHVHLQH.ROOHJHQLQ%HZHJXQJ XPLKQDXI]XKDOWHQRKQHLKQ]XYHUOHW]HQ :lKUHQG GLH GUHL 0lQQHU GHV 6LFKHUKHLWVSHUVRQDOV DXI LKQ ]XVWUPWHQ ZDUI HU QRFK HLQHQ %OLFN DXI GLH HUK|KWH 7ULEQH 'RUW KLQDXI KDWWH VLFK PLWWOHUZHLOH GDV UXSSHWLVFKH (PSIDQJVNRPLWHH EHJHEHQ XP *URDGPLQLVWUDWRU 5KRGDQ XQG GHVVHQ %HJOHLWHU ]X EHJUHQ (UHUVWDUUWH:DVHUGRUWVDKYHUEOIIWHLKQVRDEVROXWGDVHLQ.|USHU]XNHLQHU5HDNWLRQ PHKUIlKLJZDU,KP]LWWHUWHQQLFKWHLQPDOGLH.QLH 'HUSRFKHQGH6FKPHU]LQVHLQHP.RSIYHUVFKZDQGDOVKlWWHHVLKQQLHJHJHEHQ 9RQ HLQHP 6HNXQGHQEUXFKWHLO ]XP DQGHUHQ VWU]WH VHLQH JHVDPWH :HOW HLQ ]HUEUDFK GDV JUXQGOHJHQGH )XQGDPHQW VHLQHU ([LVWHQ] DOV KlWWH HV QLH DXV HWZDV DQGHUHP DOV ,OOXVLRQ EHVWDQGHQDXVJUDXVDPWUJHULVFKHP6FKHLQ (UVFKULHJHOOHQGDXIVRODXWGDVLFK7DXVHQGHYRQ.|SIHQ]XLKPXPGUHKWHQ 'DQQZDUHQGLHGUHL6LFKHUKHLWVEHDPWHQEHULKP %ULGJHW 0lUFKWHKQ NDQQWH ]ZDU GLH 4XDOLWlWHQ LKUHU .ROOHJHQ XQG ZDU EHU]HXJW GD .D (LQVGLH/DJHDXFKRKQHVLHXQWHU.RQWUROOHKDOWHQNRQQWHGRFKHVVW|UWHVLHXQJHPHLQYRQ MHJOLFKHP ,QIRUPDWLRQVIOX DEJHVFKQLWWHQ ]X VHLQ ,P /DXI GHU 1DFKW XQG GHV 9RUPLWWDJV ZDU EHL LKU GDV *HIKO LPPHU VWlUNHU JHZRUGHQ GD 6LFKHUKHLWVPLQLVWHU 5RGULNV XQHUZDUWHWHU 6FKDFK]XJ HLQHQ (NODW ]X ULVNLHUHQ XQG VLH WURW] LKUHU GLSORPDWLVFKHQ ,PPXQLWlWHLQIDFKIHVW]XVHW]HQHLQHHUQVWKDIWHUH*HIDKUGXQJIUGLH$NWLRQGDUVWHOOWHDOVVLH DQIDQJVYHUPXWHWKDWWH 8QGDOVGLH:85,86(1*8EHUGHPLKU]XJHZLHVHQHQ/DQGHIHOGDXIWDXFKWHXQG%ULGJHW QRFKLPPHUQLFKWZXWHREDOOHVSODQPlLJYHUODXIHQZDUVWHLJHUWHVLFKGLHVHV*HIKO]X XQYHUKRKOHQHU%HVRUJQLV 'LH:85,86(1*8ZDUHLQ8OWUDVFKODFKWVFKLIIGHU*DOD[LV.ODVVHHLQ.XJHOUDXPHUYRQ 0HWHUQ'XUFKPHVVHUGHVVHQ)HXHUNUDIWDXVJHUHLFKWKlWWHGHQHLQ]LJHQ.RQWLQHQWYRQ 5XSSHW ELQQHQ ZHQLJHU 6HNXQGHQ LQ HLQH *OXWK|OOH ]X YHUZDQGHOQ %HQDQQW ZDU VLH QDFK GHPZlKUHQGGHU6HFRQG*HQHVLV.ULVHHUPRUGHWHQ6SlKHUDXVGHP0XWDQWHQNRUSV2EHV QXQSV\FKRORJLVFKUDWVDPZDURGHUQLFKW3HUU\5KRGDQV6WDEVFKLHQ:HUWGDUDXI]XOHJHQ GHU 5HJLHUXQJ 5XSSHWV QDFKKDOWLJ GLH JHVDPWH 0DFKWIOOH GHV 6RODUHQ ,PSHULXPV DXI]X]HLJHQ $OOHUGLQJVVHQNWHGLH:85,86(1*8VLFKPLW+LOIHGHV$QWLJUDYLWDWLRQVDQWULHEVEHKXWVDP DEXQGYHUKDUUWHKRFKEHUGHP/DQGHIHOG(WZDVDQGHUHVEOLHELKUDXFKJDUQLFKWEULJGHU

5DXPKDIHQ YRQ 5XSSHW ZDU OHGLJOLFK IU ZHVHQWOLFK NOHLQHUH 6FKLIIH JHVFKDIIHQ XQG KlWWH GHQ5DXPULHVHQQLHPDOVDXIQHKPHQN|QQHQ %ULGJHWQHVWHOWHQHUY|VHUDOVLKUUHFKWZDUDQLKUHPVFKOLFKWHQ.RVWPKHUXP8QPLWWHOEDU YRU GHP $XIEUXFK ]XP 5DXPKDIHQ KDWWH VLH VLFK LP 6LFKHUKHLWVPLQLVWHULXP XP]LHKHQ GUIHQLKUH.OHLGXQJZDUVHOEVWYHUVWlQGOLFKJUQGOLFKGXUFKVXFKWZRUGHQ5RGULNV0lQQHU KlWWHQVRJDUGLHEHUKPWH)HLOHGDULQHQWGHFNW$PPHLVWHQVW|UWHVLHGDVLHZDIIHQORVZDU ,QGLHVHU+LQVLFKWKDWWHGHU6LFKHUKHLWVPLQLVWHUQLFKWPLWVLFKUHGHQODVVHQ :LH WLHI 5RGULNV 0LWUDXHQ LKU JHJHQEHU VD EHZLHV QLFKW QXU GLH 7DWVDFKH GD HU VLH K|IOLFK DXIJHIRUGHUW KDWWH LQ VHLQHP *OHLWHU PLW]XIOLHJHQ VRQGHUQ HUVW UHFKW GHU 8PVWDQG GDHUVLHYRQ]ZHL$XISDVVHUQEHZDFKHQOLH'LHEHLGHQ0lQQHUVWDQGHQMHHLQHQ6FKULWW UHFKWVXQGOLQNVKLQWHULKUXQGOLHHQVLHQLFKWDXVGHQ$XJHQ:LHDOOH2IIL]LHOOHQGLHDXI GHU 0LQLVWHU XQG 6WDDWVVHNUHWlUHEHQH DXVJHQRPPHQ WUXJHQ VLH EXQWH 3KDQWDVLHXQLIRUPHQ GLHOHGLJOLFK]XU5HSUlVHQWDWLRQJHGDFKWXQGIUHUQVWKDIWH(LQVlW]HY|OOLJXQWDXJOLFKZDUHQ 'LH $JHQWLQ OLH GLH %OLFNH VFKZHLIHQ 0HQVFKHQ RGHU YLHOPHKU 5XSSHWHU VR ZHLW GDV $XJHUHLFKWH6LHVWDQGHQGLFKWDQGLFKWGUlQJWHQVLFKDQGLHNRQYHQWLRQHOOHQ$EVSHUUXQJHQ GLHQRWIDOOVYRQ3UDOOIHOGHUQYHUVWlUNWZHUGHQNRQQWHQ(VZDUHQ]ZHLZHQQQLFKWVRJDUGUHL 0LOOLRQHQVROFKH0DVVHQKDWWHVLHVHOEVWZlKUHQGLKUHU'LHQVW]HLWDXIGLHVHP3ODQHWHQQRFK QLFKWJHVHKHQ 8QG GDV REZRKO 5KRGDQ KLHU QXU HLQH NXU]H $QVSUDFKH KDOWHQ ZUGH XQG GDQQ YRP 6LFKHUKHLWVPLQLVWHU ]X *HVSUlFKHQ PLW GHP 3UlVLGHQWHQ YRQ 5XSSHW ]X GHVVHQ $PWVVLW] JHEUDFKWZHUGHQVROOWH (LQH 6FKOHXVH GHU :85,8 6(1*8 |IIQHWH VLFK XQG PHKUHUH *HVWDOWHQ LQ OLQGJUQHQ 8QLIRUPHQ VFKZHEWHQ DXI HLQH HUK|KWH %KQH KHUDE YRQ HLQHP $QWLJUDYIHOG JHWUDJHQ )HGHUOHLFKWVHW]WHQVLHDXIGHP%RGHQDXIXQGIRUPLHUWHQVLFKVRIRUW'HU*URDGPLQLVWUDWRU VWDQG YRUQ XQG KLQWHU LKP EDXWHQ VLFK KDOENUHLVI|UPLJ VHLQH 6WDEVPLWJOLHGHU XQG $QJHK|ULJHGHV6LFKHUKHLWVSHUVRQDOVDXI6LHKLHOWHQHLQHQ$EVWDQGYRQHLQ]ZHL0HWHUQ]X LKP %ULGJHWOlFKHOWH 6FKRQ DOOHLQ GLH 7DWVDFKH GD 5KRGDQ ZHQQ DXFK ZLH LKU EHUHLWV DYLVLHUW PLW OHLFKWHU 9HUVSlWXQJ JHODQGHW ZDU VWHOOWH IU %ULGJHW HLQH JHZLVVH %HUXKLJXQJ GDU 6HOEVWYHUVWlQGOLFKVWDQGHQGLH3HUVRQHQGLHGLH5HLVHEHUIUVHLQHQ6FKXW]YHUDQWZRUWOLFK ZDUHQPLW.D(LQVLQ9HUELQGXQJ'HUREHUVWH/HLWHUGHU2SHUDWLRQKDWWHDOVRJUQHV/LFKW JHJHEHQ 'LH $JHQWLQ KDWWH 3HUU\ 5KRGDQ VFKRQ PHKUPDOV DXV HLQLJHU (QWIHUQXQJ JHVHKHQ NRQQWH VLFK MHGRFK DXFK GLHVPDO QLFKW GHU )DV]LQDWLRQ HQW]LHKHQ GLH YRQ GHP 8QVWHUEOLFKHQ DXVJLQJ.|USHUOLFKZDUHUHKHUXQDXIIlOOLJVFKODQNXQGKRFKJHZDFKVHQPHKUNRQQWHPDQ DXIGLHVH(QWIHUQXQJQLFKWDXVPDFKHQDEHUVHLQ.RQWHUIHLZDURKQHKLQMHGHP.LQGEHNDQQW 9LHOPHKU YHUPLWWHOWH HU HLQH QXU VFKZHU IDEDUH $XVVWUDKOXQJ 2E HV DQ GHU LQ EHU ]ZHL -DKUWDXVHQGHQJHZRQQHQHQ(UIDKUXQJODJGHQ'LQJHQGLHHUEHUHLWVJHVHKHQXQGJHWDQKDWWH VLHNRQQWHHVQLFKWVDJHQ $EHUZHULKQVDKZXWHVRIRUW'LHVHP0DQQZDUHVEHVWLPPWGHU0HQVFKKHLWGLH%UFNH LQGLH8QHQGOLFKNHLWLQV8QLYHUVXP]X|IIQHQ 3O|W]OLFKVFKLHQHLQHNQLVWHUQGH6SDQQXQJEHUGHU0HQJH]XOLHJHQ%ULGJHWZDUQLFKWGLH HLQ]LJHGLHVLFKGHP)OXLGXPGLHVHV0DQQHVQLFKWHQW]LHKHQNRQQWH ,Q GLH 5HLKH GHU :UGHQWUlJHU DXI GHP /DQGHIHOG JHULHW %HZHJXQJ $QJHIKUW YRP 6LFKHUKHLWVPLQLVWHU VFKULWWHQ VLH GLH 7UHSSH ]XU %KQH KLQDXI 5RGULN EOLHE YRU 5KRGDQ VWHKHQXQGGHXWHWHHLQH9HUEHXJXQJDQ ª(V LVW PLU HLQH (KUH 6LH LP 1DPHQ XQVHUHU 5HJLHUXQJ DXI 5XSSHW EHJUHQ ]X GUIHQ© +RFKOHLVWXQJVPLNURSKRQH GLH DQ GHU 8QLIRUP HLQHV GHU %HJOHLWHU GHV *URDGPLQLVWUDWRUV EHIHVWLJWZDUHQXQGEHUDOODXIGHP/DQGHIHOGDXIJHEDXWH/DXWVSUHFKHUVRUJWHQJHPlGHQ VFKRQOlQJVWJHWURIIHQHQ3URWRNROOYHUHLQEDUXQJHQGDIUGDGLHDXIGHU%KQHJHVSURFKHQHQ

:RUWH EHUDOO DXI GHP /DQGHIHOG XQG GDUEHU KLQDXV YRQ GHQ 0LOOLRQHQ YRQ 5XSSHWHUQ YHUVWDQGHQZHUGHQNRQQWHQ ª8QGPLULVWHVHLQH(KUHPLFKDXI5XSSHWDXIKDOWHQ]XGUIHQ©JDEGHU*URDGPLQLVWUDWRU JHQDXVRVDOEXQJVYROO]XUFN ª6LHZROOWHQHLQLJH:RUWHDQGLH%HY|ONHUXQJULFKWHQ"©5RGULNWUDWUHVSHNWYROO]ZHLGUHL 6FKULWWH]XUFN (LQOHLVHV*HUlXVFKHUUHJWH%ULGJHWV$XIPHUNVDPNHLW8QWHUQRUPDOHQ8PVWlQGHQKlWWHVLH HV DQJHVLFKWV GLHVHU 0HQVFKHQPDVVHQ JDU QLFKW ZDKUJHQRPPHQ GDV EORH (LQ XQG $XVDWPHQ YRQ PHKUHUHQ 0LOOLRQHQ 0HQVFKHQ KlWWH HV EHUW|QHQ PVVHQ 'RFK MXVW LQ GLHVHP 0RPHQW ZDU HV PXFNVPlXVFKHQVWLOO JHZRUGHQ DOOHV ODXVFKWH GDUDXI ZDV GHU *URDGPLQLVWUDWRU]XVDJHQKDWWHXQGPDQKlWWHGLHVSULFKZ|UWOLFKH6WHFNQDGHOIDOOHQK|UHQ N|QQHQ6LHGUHKWHVLFKXP *XW GUHLLJ 0HWHU YRQ LKU HQWIHUQW DEHU DXI LKUHU 6HLWH GHU $EVSHUUXQJHQ DOVR LQ GHP GHU gIIHQWOLFKNHLW QLFKW ]XJlQJOLFKHQ %HUHLFK ZDU HV ]X HLQHP 7XPXOW JHNRPPHQ 'UHL $QJHK|ULJH GHV 6LFKHUKHLWVSHUVRQDOV UDQJHQ PLW MHPDQGHP GHQ %ULGJHW QLFKW HUNHQQHQ NRQQWHGDVLHLKQYHUGHFNWHQ ª(UKDWHLQH:DIIH©EUOOWHMHPDQGDXVGHU5LFKWXQJGHV*HWPPHOV ª(LQ IUHXQGOLFKHU (PSIDQJ ZLH GLHVHU© VDJWH 3HUU\ 5KRGDQ LP JOHLFKHQ $XJHQEOLFN XQG %ULGJHW GUHKWH VLFK ZLHGHU ]X LKP XP ªJLEW PLU $QOD ]XU +RIIQXQJ GD HLQH YHUHLQWH 0HQVFKKHLW GLH GLH *DOD[LV LQ )ULHGHQ XQWHU DOOHQ 9|ONHUQ EHVLHGHOW NHLQ 7UDXP YRQ QXU ZHQLJHQLVW© :HLWHUNDPHUQLFKW 6LFKHUKHLWVPLQLVWHU 1HUYDO 5RGULN GHU NHLQH ]HKQ 6FKULWWH YRP *URDGPLQLVWUDWRU HQWIHUQW VWDQG]RJVHLQHQ7KHUPRVWUDKOHUDXVGHP+DOIWHUXQGULFKWHWHLKQDXIGHQKRKHQ%HVXFKHU 5KRGDQ ZDU DOV 6RIRUWXPVFKDOWHU EHNDQQW GRFK DQJHVLFKWV GHU 8PVWlQGH VFKOLHOLFK ZXUGH HU DXV JHULQJVWHU (QWIHUQXQJ PLW HLQHU W|GOLFKHQ :DIIH EHGURKW EOLHE LKP QLFKWV DQGHUHVEULJDOV]XYHUVWXPPHQ-HGHU9HUVXFKVLFKDXVGHU6FKXEDKQ]XZHUIHQNRQQWH 5RGULN]XP$EGUFNHQSURYR]LHUHQ ª(U KDW HLQH :DIIH© ZXUGH HUQHXW LQ GDV 6FKZHLJHQ JHEUOOW DEHU QLFKW DXI GHU 7ULEQH VRQGHUQ KLQWHU GHQ $EVSHUUXQJHQ GUHLLJ 0HWHU YRQ LKU HQWIHUQW 'HU 0DQQ GHU RIIHQVLFKWOLFK GDV *HUDQJHO DXVJHO|VW KDWWH KDWWH GLH 6LFKHUKHLWVNUlIWH DEJHVFKWWHOW 'DQQ KDWWHHUZLHGHUDXIJHUHJWH5XIHUVFKRQ]ZHLPDOYHUNQGHWKDWWHHLQHPGHUGUHL0lQQHUGHQ 7KHUPRVWUDKOHU HQWULVVHQ XQG ]LHOWH GDPLW DXI GLH 7ULEQH 1XQ NRQQWH VLH LKQ GHXWOLFK DXVPDFKHQ %ULGJHWNDQQWHLKQ (VZDU6LFKHUKHLWVPLQLVWHU1HUYDO5RGULN 'HUHQGJOWLJH1LHGHUJDQJGHV6RODUHQ,PSHULXPVZXUGHVSlWHVWHQVPLWGHQ*HQHVLV.ULVHQ HLQJHOHLWHW GLH PHKUHUH 0LWJOLHGHU GHV 0XWDQWHQNRUSV GDV /HEHQ JHNRVWHW KDEHQ %HL GHU )LUVW*HQHVLV.ULVH WUDW LP -DKU EHL DFKW 0XWDQWHQ HLQ DEQRUPHV +LUQZDFKVWXP DXW EHL GHU 6HFRQG*HQHVLV.ULVH ]ZHL -DKUH VSlWHU ZXUGHQ VLH ZDKQVLQQLJ XQG GLH =HOODNWLYDWRUHQ YRQ YLHU YRQ LKQHQ ZXUGHQ YRQ GHP DEWUQQLJHQ HUWUXVLVFKHQ 862 6SH]LDOLVWHQ1RV9LJHODQGJHUDXEW(LQHQEHKLHOWHUIUVLFKXQG]ZHLEHUJDEHUDQ5XQHPH 6KLIWHUXQG7HUVHU)UDVFDWLGHQEHLGHQ+HUUVFKHUQGHV&DUVXDOVFKHQ%XQGHVXPYRQLKQHQ DOV0LWUHJHQWDN]HSWLHUW]XZHUGHQ 'RFK GHU &DUVXDOVFKH %XQG ZDU QLFKW GDV HLQ]LJH QHX HQWVWDQGHQH 0DFKWJHELOGH LQ GHU *DOD[LVGDVYRQ7HUUD$EN|PPOLQJHQEHKHUUVFKWZXUGH6KDOPRQ.LUWH'DEULIDKDWWHVLFK ]XP$OOHLQKHUUVFKHUGHV1RUPRQ6\VWHPVDXIJHVFKZXQJHQXQGJOHLFK]HLWLJGUHLLJZHLWHUH 6\VWHPHXQWHUZRUIHQ$XFKHUHUKLHOWHLQHQGHUJHUDXEWHQ=HOODNWLYDWRUHQ8QGLQ5LFKWXQJ

0LOFKVWUDHQPLWWH KDWWH VLFK GLH =HQWUDO*DODNWLVFKH 8QLRQ JHELOGHW GLH EHU :HOWHQ EHKHUUVFKWHGLHVLFKYRP6RODUHQ,PSHULXPDEJHVSDOWHQKDWWHQ 'LH GHU]HLWLJHQ %H]LHKXQJHQ ]XP &DUVXDOVFKHQ %XQG ]XP ,PSHULXP 'DEULID XQG ]XU =HQWUDO*DODNWLVFKHQ8QLRQNDQQPDQQXUDOVJHVSDQQWEH]HLFKQHQ(VEOHLEW]XKRIIHQGD HV GHP 9HUKDQGOXQJVJHVFKLFN GHU )KUXQJVVSLW]H GHV 6RODUHQ ,PSHULXPV JHOLQJW GLH :LHGHUYHUHLQLJXQJ DOOHU 7HUUD$EN|PPOLQJH LQ GHU *DOD[LV ]X YHUZLUNOLFKHQ 'RFK GLH =HLFKHQ GHU =HLW VWHKHQ DXI 6WXUP ,Q HLQHP .DOWHQ .ULHJ YHUVXFKHQ GLH GUHL JURHQ ,PSHULHQRIIHQRGHUYHUGHFNWLKUHQ0DFKWEHUHLFKDXV]XGHKQHQRGHU]XPLQGHVW]XVLFKHUQ 'LHVHU 8PVWDQG ZLUIW HLQ EH]HLFKQHQGHV /LFKW DXI GLH (UHLJQLVVH ZlKUHQG GHU 6HFKVKXQGHUWMDKUIHLHU 5XSSHWV ZHQLJH -DKU]HKQWH QDFK GHU :LHGHUHQWGHFNXQJ GHU :HOW $XIJUXQG GHU VWUDWHJLVFKHQ /DJH GHU .XJHOVWHUQKDXIHQ 7XFDQL OLHJW VFKOLHOLFK QXU /LFKWMDKUH YRP 6ROV\VWHP HQWIHUQW PXWH MHGHU GHU GUHL 0DFKWEO|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lUHQ DXFK GRUW DNWLY JDQ] HLQIDFK ZHLO VLH GDYRQ DXVJLQJHQ GD LKUH .RQNXUUHQWHQ GRUW XPWULHELJ VHLHQ XQG DXVJHVFKDOWHWZHUGHQPWHQ0DQFKPDOZQVFKWPDQVLFKDQJHVLFKWVVROFKHLQHU6LWXDWLRQ LQGHU0LOFKVWUDHZLUNOLFKPDQN|QQHVLFKZLHGHU=ZHUJHQN|QLJ/DXULQHVHLQVWWDWHLQH 7DUQNDSSHDXIVHW]HQXQGIUGHQ5HVWGHU*DOD[LVHLQIDFKYHUVFKZLQGHQ 0LNDLO 7\VVHQ .DLV +UVJ (QF\FORSDHGLD 8QLYHUVDOLD (LQWUDJ 'LH JDODNWRSROLWLVFKH 6LWXDWLRQLP-DKUKXQGHUW$XV]XJ 1HPEDU9HUODJ+'6 'HU$WWHQWlWHU (QWKOOXQJ %ULGJHW0lUFKWHKQVWRFNWHGHU$WHPDOVGHU6LFKHUKHLWVPLQLVWHUDXIGHUHUK|KWHQ%KQHGHU 1HUYDO 5RGULN GHU QHEHQ 5KRGDQ VWDQG GHQ 6WUDKOHU ZHLWHUKLQ DXI GHQ *URDGPLQLVWUDWRU JHULFKWHW KLHOW %HJQDGHWHU 9RVV IOHKWH VLH LQ *HGDQNHQ KRIIHQWOLFK KDVW GX NHLQHQ 0LVW JHEDXW:HQQGXXQVMHW]WLP6WLFKOlW 'DQQZlUH]XPLQGHVWLKUH.DUULHUHLP(LPHU (LQ5DXQHQJLQJGXUFKGLH0HQJHGHKQWHVLFKUDVHQGVFKQHOOYRQGHU$EVSHUUXQJEHUGDV JHVDPWH $UHDO DXV REZRKO JOHLFK]HLWLJ GLH =HLW QRFK LPPHU VHOWVDP JHIURUHQ ]X VHLQ ZHVHQWOLFK ODQJVDPHU DE]XODXIHQ VFKLHQ'DQQJHULHW%HZHJXQJLQGLH6LFKHUKHLWVNUlIWHDQ GHU3HULSKHULHGLH/HXWHGLHVLFKGLFKWQHEHQ5KRGDQEHIDQGHQZDJWHQVLFKQLFKW]XUKUHQ DXV $QJVW MHGH XQJHZROOWH XQG XQEHDEVLFKWLJWH 3URYRNDWLRQ N|QQWH GHQ DQVFKHLQHQG YHUUFNW JHZRUGHQHQ 5RGULN ]XP $EGUFNHQ YHUOHLWHQ 1RFK GURKWH NHLQH 3DQLN DXV]XEUHFKHQGLH0LOOLRQHQYRQ5XSSHWHUZDUHQZLHJHOlKPW $XV GHP $XJHQZLQNHO EHREDFKWHWH %ULGJHW GHQ DQGHUHQ 5RGULN GHQMHQLJHQ GHU VR XQYHUPLWWHOW DXIJHWDXFKW ZDU (U ]LHOWH PLW GHU HUEHXWHWHQ :DIIH QXQ DXI VHLQ *HJHQVWFN WURW] VHLQHU RIIHQVLFKWOLFKHQ 9HUZLUUXQJ XQG (UVFK|SIXQJ ZDU VHLQH +DQG JDQ] UXKLJ ª:DIIHUXQWHU©EUOOWHHU (LQHQ 0RPHQW ODQJ VFKLHQHQ GLH EHLGHQ 5RGULNV VLFK DQ]XVHKHQ %ULGJHW DFKWHWH QXQ DXVVFKOLHOLFKDXIGHQQHEHQ5KRGDQ6LHVWDQG]ZDUYHUKlOWQLVPlLJZHLWYRQLKPHQWIHUQW JODXEWHDEHUWURW]GHPLQVHLQHQ$XJHQSO|W]OLFKHLQ%OLW]HQ]XVHKHQGDQQHLQXQJOlXELJHV 6WDXQHQDOVZlUHQLKPDXIHLQHQ6FKODJDOOH*HKHLPQLVVHVHLQHU([LVWHQ]HQWKOOWZRUGHQ

%ULGJHW IUDJWH VLFK ZLH HV VHLQ PXWH ZHQQ PDQ DXI HLQPDO VLFK VHOEVW JHJHQEHUVWDQG RKQH 9RUEHUHLWXQJ RKQH :DUQXQJ 'DQQ GDFKWH VLH EHUKDXSW QLFKWV PHKU XQG OLH LKUH $XVELOGXQJLKU'HQNHQEHUQHKPHQ ª1LFKWVFKLHHQ©ULHIGHU5RGULNQHEHQ5KRGDQª,FKKDEHHLQH(QWKOOXQJ]XPDFKHQ© :HLWHU NDP HU QLFKW (LQ YHUGHFNW DXVJHIKUWHU 6FKODJ PLW GHU +DQGNDQWH XQG GHU QRFK LPPHU PDORV YHUEOIIWH 6LFKHUKHLWVEHDXIWUDJWH UHFKWV QHEHQ LKU UL GLH $XJHQ DXI XQG VFKQDSSWH QDFK /XIW 'LH $JHQWLQ KDWWH GLH .UDIW GHV +LHEV JHQDX EHUHFKQHW VLH KDWWH GHQ DQGHUHQ NXU]]HLWLJ EHZHJXQJVXQIlKLJ JHPDFKW RKQH LKQ VR KDUW ]X WUHIIHQ GD HU VRIRUW ]XVDPPHQEUDFK1RFKEHYRUGHU0DQQOLQNVQHEHQLKUUHDJLHUHQNRQQWHKDWWHVLHGLH:DIIH DXV GHP +DOIWHU GHV YRUEHUJHKHQG ]X NHLQHU 5HJXQJ PHKU IlKLJHQ 6LFKHUKHLWVEHDPWHQ JH]RJHQ 8QLIRUP XQG +DOIWHU PRFKWHQ EXQW XQG DXIIlOOLJ XQG KDXSWVlFKOLFK ]X 3DUDGH]ZHFNHQ JHGDFKWVHLQGLH:DIIHZDUHVQLFKW'LH7HUUDQHULQZDUPLWGHP0RGHOOYHUWUDXWHVNDPLKU QLFKWHLQPDOZLHHLQH,URQLHGHV6FKLFNVDOVYRUGDHVVLFKXPHLQVKDQGHOWHGDV5XSSHWLP 7DXVFKJHJHQ5RKVWRIIHDXVGHP,PSHULXP'DEULIDLPSRUWLHUWKDWWH 'LH (UHLJQLVVH EHUVFKOXJHQ VLFK %ULGJHW ZXUGH HUVW VSlWHU VR ULFKWLJ NODU ZDV DOOHV JOHLFK]HLWLJJHVFKDK 6LHHQWVLFKHUWHGLH:DIIHXQGVFKRSUDNWLVFKLPJOHLFKHQ$XJHQEOLFNDXVGHU'HFNXQJ KHUDXVGLHGHUYRQLKUDXVJHVFKDOWHWH:lFKWHUERW6LHZDUEHU]HXJWGDGHU0DQQGHU 5KRGDQEHGURKWHJDUQLFKWVDKZHUVHLQHU([LVWHQ]HLQ(QGHEHUHLWHWH(VZDUHLQJH]LHOWHU 6FKXVLHOLHGHP2SIHUQLFKWGLHJHULQJVWH&KDQFH'HU6WUDKOIXKUGHP5RGULNQHEHQ 3HUU\5KRGDQGHUQRFKLPPHUGLH:DIIHDXIGHQ*URDGPLQLVWUDWRUJHULFKWHWKLHOWLQGLH %UXVW *XWGDFKWHVLH(VZDUZLFKWLJGDGHU.RSIHUKDOWHQEOLHE =HLWJOHLFKQHLQHLJHQWOLFKHLQSDDU6HNXQGHQEUXFKWHLOHYRULKUHP6FKXZXUGHLKUVSlWHU NODU DOV VLH LQ 5XKH EHU GLH (UHLJQLVVH QDFKGHQNHQ NRQQWH YHUVFKZDQG 3HUU\ 5KRGDQ O|VWHVLFKHLQIDFKLQ/XIWDXI1DFKHLQHUJHZLVVHQ9HU]|JHUXQJVFKLHQGRUWZRHUJHUDGH QRFKJHVWDQGHQKDWWHGLH/XIW]XNQDOOHQ XQGGHUYRQLKUQLHGHUJHVWUHFNWH1HUYDO5RGULN EUDFKJHQDXGRUW]XVDPPHQZRHEHQQRFKGHU*URDGPLQLVWUDWRUJHVWDQGHQKDWWH 8QPLWWHOEDU GDUDXI ILHO HLQ ZHLWHUHU 6FKX XQG IXKU IU LKUHQ *HVFKPDFN ZHVHQWOLFK ]X GLFKWEHULKUHQ.RSIKLQZHJ6LHJODXEWH]XVSUHQZLHGLH+LW]HGHV7KHUPRVWUDKOVLKU VRZLHVRVFKRQDUJNXU]JHVFKRUHQHV+DDUYHUVHQJWH 'DVLVWGRFKQLFKW]XIDVVHQGDFKWHVLHHQWJHLVWHUW'LHVHUEO|GH+XQGYRQ5RGULNVFKLHWDXI PLFK(UVFKLHWDXIPLFK 6LHZDUIVLFK]X%RGHQ (QGOLFKUHDJLHUWHQGLH6LFKHUKHLWVNUlIWH%ULGJHWZDUIGHQ7KHUPRVWUDKOHUZHLWYRQVLFKXQG ULVFKW]HQGGLH+lQGHEHUGHQ.RSIDOVVLHVSUWHZLHVLFKEUXWDOHLQ*HZLFKWDXIVLH ZDUI,PQlFKVWHQ0RPHQWZXUGHVLHYRQGUHLYLHUIQI+lQGHQHUJULIIHQGLHVLFKLQLKUHP %HPKHQ VLH IHVW]XKDOWHQ JHJHQVHLWLJ EHKLQGHUWHQ 6LH OHLVWHWH QLFKW GHQ JHULQJVWHQ :LGHUVWDQG 'LH6LFKWZDULKUJHQRPPHQGRFKVLHK|UWHGDEHUDOOXPVLHKHUXPGLH+|OOHORVEUDFK 'LH IHLHUOLFKH 6WLPPXQJ ZDU DEUXSW EHHQGHW 0HQVFKHQ OLHIHQ XQG ULHIHQ KHNWLVFK GXUFKHLQDQGHU 6LH YHUQDKP WUDPSHOQGH 6FKULWWH DXIJHUHJW JHEUOOWH VLFK WHLOZHLVH ZLGHUVSUHFKHQGH$QZHLVXQJHQ .HLQ :XQGHU GDFKWH VLH 'DV ZDV GLH 6LFKHUKHLWVNUlIWH 5XSSHWV XQEHGLQJW KDWWHQ YHUPHLGHQ ZROOHQ ZDU HLQJHWUHWHQ HLQ $WWHQWDW DXI GHQ *URDGPLQLVWUDWRU GHV 6RODUHQ ,PSHULXPV8QGQRFKZXWHQLHPDQGGHU9HUDQWZRUWOLFKHQJHQDX]XVDJHQZDVJHVFKHKHQ ZDU:RKHUNDPGHU]ZHLWH5RGULN"+DWWH3HUU\5KRGDQEHUOHEW":DVJHQDXZDUJHUDGH JHVFKHKHQ"6LHDOOHKDWWHQHVEHREDFKWHWGRFKNHLQHUZXWHHV 8QGGDVNDPLKUHQ=ZHFNHQDXVJHVSURFKHQHQWJHJHQ

%ULGJHWEOLHEVWLOOOLHJHQELVQDFKHLQHU=HLWVSDQQHGLHIDVWMHGHUQLFKWVRJXWDXVJHELOGHWHQ 3HUVRQZLHHLQH(ZLJNHLWYRUJHNRPPHQZlUHVLHKDWWHGLH6HNXQGHQPLWJH]lKOWHVZDUHQ NQDSS HLQKXQGHUWXQGIQI]LJHLQHYHUWUDXWH 6WLPPH QHEHQ LKU HLQHQ%HIHKOEHOOWHXQGGLH 6LFKHUKHLWVNUlIWH GLH VLH PLWWOHUZHLOH DQ $UPHQ XQG %HLQHQ IHVWKLHOWHQ VLH XQVDQIW KRFKULVVHQ 6LH VDK 5RGULN LQV *HVLFKW HLQ VROFKHU $XVGUXFN NDXP EHKHUUVFKWHU XQG EHKHUUVFKEDUHU :XW ZDU LKU ELVODQJ QXU VHOWHQ XQWHUJHNRPPHQ 6LH NRQQWH QXU KRIIHQ GD GHU6LFKHUKHLWVPLQLVWHULQVHLQHU(UUHJXQJNHLQHQ)HKOHUPDFKWH 'RFKHUKLHOWVLFKLQGHU*HZDOWZHQQDXFKQXUPLW0KHª)KUWGLH)UDXDE©EHIDKOHU ª(LQ]HO]HOOH1LHPDQGGDUI]XLKUELVLFKPLWLKUJHVSURFKHQKDEH© 6LFKHUKHLWVPLQLVWHU1HUYDO5RGULNGHUHFKWHOLH%ULGJHWIDVWYLHU]HKQ6WXQGHQODQJLQGHU =HOOH VFKPRUHQ ELV HU LKU HQGOLFK VHLQH $XIPHUNVDPNHLW ZLGPHWH (U KDWWH GLH =HLW QLFKW XQWlWLJYHUEUDFKWVHLQH$XJHQZDUHQHLQJHIDOOHQXQGHUNDPLKUQRFKKRKOZDQJLJHUYRUDOV ZlKUHQG GHU (UHLJQLVVH DXI GHP 5DXPKDIHQ 6LH JLQJ GDYRQ DXV GD HU VLFK HLQHQ VR YROOVWlQGLJHQhEHUEOLFNEHUGLH*HVFKHKQLVVHYHUVFKDIIWKDWWHZLHHVLKPP|JOLFKJHZHVHQ ZDU ª(LQH5XSSHWHULQZLOOLQHLQHU6LQJOHEDUHLQHQ7HUUDQHUDEVFKOHSSHQ©VDJWHHURKQHMHGHV :RUW GHU %HJUXQJ DOV HU GHQ NOHLQHQ VSDUWDQLVFK HLQJHULFKWHWHQ 5DXP EHWUDW ª.RPP PLWPLUVDJWVLH]XGHP7HUUDQHU:LUKDEHQGLHJDQ]H1DFKWIUXQVXQGZLUWUHLEHQHVELV LFKQLFKWPHKUGHQNHQNDQQ© %ULGJHW0lUFKWHKQVDKLKQQXUDQZXWHZDVQXQIROJHQZUGH ª7XWPLUOHLGDQWZRUWHWGHU7HUUDQHU©IXKU5RGULNIRUWª,FKVWHKHQLFKWDXI4XLFNLHV© 6LHVFKZLHJ ª'DVLVWHLQHUGHU]ULGHQGHUHQ:LW]HGLHGLH7HUUDQHUQDWUOLFKQLHPDOVEHUGLH5XSSHWHU HU]lKOHQZUGHQ© ª.DUWRIIHO.DUWRIIHO©YHUVHW]WHVLHOHGLJOLFK ª6DJHQ6LHKDW5KRGDQHLJHQWOLFKYRQ,KUHPLQIDPHQ6SLHOJHZXW":DUHUHLQJHZHLKW"+DW HUVLFKZLOOHQWOLFKGDIUKHUJHJHEHQ"© 6LH]XFNWHPLWGHQ$FKVHOQª,FKZHLJDUQLFKWZRYRQ6LHVSUHFKHQ© ª(V NDQQ QLFKW DQGHUV JHZHVHQ VHLQ© VDJWH 5RGULN ZWHQG ª'LH $UW XQG :HLVH ZLH HU SO|W]OLFKYHUVFKZDQGVLFKHLQIDFKLQ/XIWDXIO|VWH© -D GDFKWH %ULGJHW HUVWDXQOLFK ZR]X HLQ XQWHU HLQHP 'HIOHNWRUVFKLUP YHUERUJHQHU 0DXVELEHU QDPHQV *XFN\ LPVWDQGH LVW =XP %HLVSLHO NRQQWH HU ]XHUVW YRUWUHWHQ GDPLW GDV 'HIOHNWRUIHOGDXFK5KRGDQHLQKOOWHXQGXQVLFKWEDUPDFKWHXQGGDQQNRQQWHHUHLQIDFKPLW LKP ]XUFN DXI GLH :85,8 6(1*8 WHOHSRUWLHUHQ )HVW VWDQG MHGHQIDOOV 'DV /HEHQ GHV *URDGPLQLVWUDWRUV ZDU NHLQHQ $XJHQEOLFN ODQJ HUQVWKDIW JHIlKUGHW JHZHVHQ DXFK QLFKW RKQHGHQ(LQVDW]GHV,OWV ª$EHU NRPPHQ ZLU ]XP :HVHQWOLFKHQ© IXKU GHU 6LFKHUKHLWVPLQLVWHU IRUW ª=X GHU 6DFKH ]ZLVFKHQ XQV 6LH KDEHQ PLFK YRQ $QIDQJ DQ EHQXW]W XQG JHWlXVFKW :LH VLQG 6LH VLFK YRUJHNRPPHQDOV6LHLQGHP/DERUPLWGHPYRQ,KQHQXPSURJUDPPLHUWHQ.ORQVSUDFKHQ" :LH KDEHQ 6LH HV QXU JHVFKDIIW VLFK GDV /DFKHQ ]X YHUEHLHQ" $EHU QHLQ 6LH PXWHQ MD QRFKHLQH5ROOHVSLHOHQ,KUHQ3ODQLQGLH7DWXPVHW]HQ© $OVR KDWWH HU VLFK GLH $XI]HLFKQXQJHQ DQJHVHKHQ GLH ZlKUHQG GHV /RNDOWHUPLQV LQ GHP JHKHLPHQ 6WW]SXQNW GHV ,PSHULXPV 'DEULID LQ 6(.725 HQWVWDQGHQ ZDUHQ 6LH KDWWH QLFKWV DQGHUHV HUZDUWHW ª6LH N|QQHQ PLFK QLFKW IHVWKDOWHQ© VDJWH VLH ª,FK VWHKH XQWHU GLSORPDWLVFKHU,PPXQLWlW© (U VFKOXJ PLW GHU )DXVW DXI GHQ 7LVFK GHU DEJHVHKHQ YRQ ]ZHL 6WKOHQ GLH HLQ]LJH (LQULFKWXQJGDUVWHOOWHª6FKOXPLWGHQ6SLHOFKHQ©VDJWHHUª6LHVFKHQNHQPLUMHW]WUHLQHQ :HLQHLQ© 6LHVFKZLHJ

ª'LHVHU 5DXP LVW DEK|UVLFKHU© VDJWH HU ª,FK JHEH ,KQHQ PHLQ :RUW GD DOOHV ZDV KLHU JHVDJWZLUGXQWHUXQVEOHLEW© 6LHODFKWHQXU (U WUDW ]XU 7U XQG |IIQHWH VLH (LQV PXWH VLH LKP ]XJHVWHKHQ HU YHUVWDQG VLFK GDUDXI $XIWULWWHZLUNVDP]XLQV]HQLHUHQ'LHhEHUUDVFKXQJZDULKPJHOXQJHQ 6KHXUHQEHWUDWGHQ5DXPXQGEOLFNWHVLHJHODVVHQDQª6LFKHUKHLWVPLQLVWHU1HUYDOKDWPLFK JHEHWHQ LKP 8QWHUVWW]XQJ ]X JHZlKUHQ XQG GLHVHQ =HOOHQWUDNW ]X XQWHUVXFKHQ +LHU EHILQGHQVLFKNHLQH$EK|UYRUULFKWXQJHQ8PJDQ]VLFKHU]XJHKHQKDWHUPLFKJHEHWHQHLQHQ 6W|UVHQGHUPLW]XEULQJHQ© (U VWHOOWH GDV NOHLQH *HUlW HLQH VFKOLFKWH YLHUHFNLJH 0HWDOOVFKDFKWHO DXI GHQ 7LVFK XQG DNWLYLHUWH HV 6LH ZDU PLW GHP 0RGHOO YHUWUDXW HLQH URWH 'LJLWDODQ]HLJH EHVWlWLJWH GD HV RUGQXQJVJHPlIXQNWLRQLHUWH ª3HUU\ 5KRGDQ LVW EULJHQV ZLHGHU DEJHUHLVW RKQH GD HV ]X ZHLWHUHQ =ZLVFKHQIlOOHQ JHNRPPHQLVW©IJWH6KHXUHQKLQ]X'DQQQLFNWHHUNQDSSLQLKUH5LFKWXQJXQGYHUOLH ZRUWORVGHQ5DXPXQG1HUYDOVFKORGLH7UKLQWHULKP ª.|QQHQ ZLU XQV MHW]W XQWHUKDOWHQ"© IUDJWH HU XQG QDKP LKU JHJHQEHU DXI GHP ]ZHLWHQ 6WXKO3ODW] ª:RKHUVROOLFKZLVVHQGD6LHPHLQHQ.ROOHJHQQLFKWPLW'URKXQJHQJH]ZXQJHQKDEHQ HLQHQGHIHNWHQ6W|UVHQGHUDXI]XVWHOOHQGDPLW6LHXQVHU*HVSUlFKDXI]HLFKQHQN|QQHQXP GDV6RODUH,PSHULXPVSlWHUXQWHU'UXFN]XVHW]HQ"6LHZLVVHQEHVWLPPWZLHPDQVRHWZDV DQIlQJW:HQQ6LHVLHMHPDOVOHEHQGZLHGHUVHKHQZROOHQ© 5RGULN EHXJWH VLFK YRU ª 9LHOOHLFKW KDEH LFK LKQ DXFK VFKQHOO NORQHQ ODVVHQ© VDJWH HU JHKlVVLJª0VVHQ6LHHLJHQWOLFKVWHWVXPGLH(FNHGHQNHQ"6LHKDEHQUHFKWLFKNDQQ6LH QLFKW DXI 'DXHU IHVWKDOWHQ *ODXEHQ 6LH HWZD LFK ZROOH HLQHQ GLSORPDWLVFKHQ (NODW SURYR]LHUHQ"© ª,FKVROO,KQHQDOVRYHUWUDXHQ"©6LHODFKWHHUQHXW ª6LHKDEHQ,KUH6KRZGXUFKJH]RJHQ©VDJWHHUª:DVNDQQMHW]WQRFKSDVVLHUHQ"© %ULGJHW ]XFNWH PLW GHQ $FKVHOQ $EHU HU KDWWHUHFKW)UKHURGHUVSlWHUZlUHHVDXIMHGHQ )DOO ]X GLHVHP *HVSUlFK JHNRPPHQ VLH KlWWH HV OHGLJOLFK YRUJH]RJHQ ZHQQ HV LQ GHU %RWVFKDIW GHV 6RODUHQ ,PSHULXPV VWDWWJHIXQGHQ KlWWH XQG XQWHU DQGHUHQ 9RUDXVVHW]XQJHQ 1XQ EHIDQG VLH VLFK LQ GHU 'HIHQVLYH XQG NRQQWH NDXP DXI hEHUUDVFKXQJVPRPHQWH ]XUFNJUHLIHQXPLKU*HJHQEHUDXVGHP*OHLFKJHZLFKW]XEULQJHQ (ULQWHUSUHWLHUWHLKUNXU]HV=|JHUQIDOVFKª'DQQZLOOLFK,KQHQVDJHQZLHHVVLFK]XJHWUDJHQ KDW© IXKU HU IRUW ª(LQH HUVWDXQOLFKH (UIDKUXQJ IU 6LH QLFKW ZDKU" 'HU SULPLWLYH 1HDQGHUWDOHU YRP 3ODQHWHQ GHU +LQWHUZlOGOHU KDW GLH 6FKDFK]JH GHU LKP KDXVKRFK EHUOHJHQHQ9HUWUHWHULQHLQHUJDODNWLVFKHQ*URPDFKWGXUFKVFKDXW© ª'DELQLFKDEHUJHVSDQQW©6LHVHW]WHHLQ]XUFNKDOWHQGHV/lFKHOQDXI ª,P 3ULQ]LS LVW HV JDQ] HLQIDFK 'LH DXFK DXI 5XSSHW DNWLYH 6RODUH $EZHKU NRPPW PHKU RGHU ZHQLJHU ]XIlOOLJ GDKLQWHU GD GHU 1DFKULFKWHQGLHQVW GHV ,PSHULXPV 'DEULID HLQHQ %HVXFK GHV *URDGPLQLVWUDWRUV GHV 6RODUHQ ,PSHULXPV DXI GLHVHU :HOW ]X HLQHP $WWHQWDW DXILKQQXW]HQZLOO© 9LHOOHLFKW ZDU HV DXFK HLQ ZHQLJ NRPSOL]LHUWHU GDFKWH VLH 9LHOOHLFKW KDW GLH 6RO$E HLQHQ 'RSSHODJHQWHQ LP *HKHLPGLHQVW GHV ,PSHULXPV 'DEULID GDPLW EHDXIWUDJW VHLQH 9RUJHVHW]WHQPLWGHU1DVHDXIGHQ6WDDWVEHVXFK]XVWRHQXQGLKQHQGLH*HOHJHQKHLWUHODWLY XQJHIlKUGHW HLQ $WWHQWDW GXUFKIKUHQ ]X N|QQHQ HUVW VR ULFKWLJ VFKPDFNKDIW ]X PDFKHQ 9LHOOHLFKW LVW GLH 6RODUH $EZHKU QLFKW QXU YRQ $QIDQJ DQ EHU GLH $NWLRQ LQIRUPLHUW JHZHVHQVRQGHUQKDWVLHVRJDUSURYR]LHUW ª'LH6RO$EEHREDFKWHWGLH$NWLYLWlWHQGHVJHJQHULVFKHQ*HKHLPGLHQVWHVJHQDXXQGHUIDKUW DXI GLHVH :HLVH QLFKW QXU GD HLQ JHZLVVHQORVHU $UD GHU QXU DQ KDUWHQ 5XGLJD 3DUGRQ 6RODULQWHUHVVLHUWLVWHLQHQ.ORQKHUVWHOOHQVROOGHU5KRGDQW|WHWVRQGHUQDXFKZRGLHVHU .ORQYRUVHLQHP(LQVDW]DXIEHZDKUWZLUG©

9LHOOHLFKWKDWDXFKEHVDJWHU'RSSHODJHQWGLH*HJHQVHLWHDXIGLH,GHHPLWGHP.ORQJHEUDFKW ª:DUXPVROOWHGHU'DEULID*HKHLPGLHQVWHLQHQ.ORQHLQVHW]HQVWDWWHLQHQHUIDKUHQHQ3URIL DXVGHQHLJHQHQ5HLKHQPLWGHP-RE]XEHDXIWUDJHQ"©IUDJWHVLH 5RGULNOlFKHOWHNDOWª8P]ZHL.RQGRPHPLWHLQHU1DGHO]XVWHFKHQ(LQHUVHLWVZHLOGLHVHU .ORQNHLQH5FNVFKOVVHDXIVHLQH$XIWUDJJHEHUHUP|JOLFKWIDOOVGLH$NWLRQVFKHLWHUQVROOWH DQGHUHUVHLWVXPGLH/DJHDXI5XSSHWHQWVFKHLGHQG]XEHHLQIOXVVHQ*HQDXDXVGLHVHP*UXQG KDW PDQ GHQ .ORQ DXV PHLQHP =HOOPDWHULDO JHVFKDIIHQ ,FK KDEH HLQH XQGLFKWH 6WHOOH LQ PHLQHP$PW'HU'DEULID*HKHLPGLHQVWKDWHLQHQ'RSSHODJHQWHQEHLPLUHLQJHVFKOHXVW© 9LHOOHLFKW KDW GLHVHU 'RSSHODJHQW HEHQIDOOV IU XQV JHDUEHLWHW GDFKWH %ULGJHW 6R]XVDJHQ HLQ 'UHLIDFKDJHQW GHU OHLGHU QLFKW EHJULIIHQ KDW GD VROFKH 6SLHOH LUJHQGZDQQ VR NRPSOL]LHUWZHUGHQPVVHQGDPDQVWROSHUWXQGVLFKGHQ+DOVEULFKW ª'LHVHU 9HUUlWHU KDW PLFK EHU HLQHQ JHZLVVHQ =HLWUDXP PLW NRUUHNWHQ ,QIRUPDWLRQHQ JHIWWHUW XP PHLQ 9HUWUDXHQ ]X JHZLQQHQ XQG PLFK GDQQ PLW HLQHU JH]LHOWHQ )DOVFKLQIRUPDWLRQLQGLH)DOOHJHORFNWLQMHQHV/DERU©IXKU5RGULNIRUWª'RUWZROOWHPDQ PLFKDXVGHP9HUNHKU]LHKHQXQGGRUWZDUWHWHDXFKGHU.ORQDXIPLFKGHQPDQGRUWKLQ JHEUDFKW KDW QDFKGHP PDQ PLU ]XYRU DXI LUJHQGHLQH :HLVH =HOOHQ HQWQRPPHQ XQG LKQ GDUDXVJH]RJHQKDWWH$UDVZLH8U[0R[LYDVLQGLQGLHVHU7HFKQLNEHVWHQVEHZDQGHUW8QG ZHUZlUHEHVVHULPVWDQGHHLQHQ$QVFKODJDXIGHQ*URDGPLQLVWUDWRUGXUFK]XIKUHQDOVGLH 3HUVRQGLHIUVHLQHQ6FKXW]YHUDQWZRUWOLFKLVW"2GHU]XPLQGHVWHLQHGLHJHQDXVRDXVVLHKW XQG SHU +\SQRVFKXOXQJ DOO VHLQH ZLFKWLJHQ (ULQQHUXQJHQ XQG JOHLFK]HLWLJ HLQHQ JHQDX GHILQLHUWHQ$XIWUDJEHNRPPHQKDW"'HVKDOELVW8U[0R[LYDLQMHQHV/DERU]XUFNJHNHKUW 'LH $NWLRQ ZDU DXHU .RQWUROOH JHUDWHQ XQG HU ZROOWH PHLQ *HJHQVWFN W|WHQ EHYRU GHU .ORQNDWDVWURSKDOHQ6FKDGHQDQULFKWHQNRQQWH© ª8QGGLHDQGHUH)OLHJH"©VHW]WH%ULGJHWVLFKEHUVHLQH)UDJHKLQZHJ 5RGULNVDKVLHYHUZLUUWDQ ª'HU ]ZHLWH *UXQG ZLHVR PDQ GHQ .ORQ DXV ,KUHP JHQHWLVFKHQ 0DWHULDO JH]FKWHW KDW© HUJlQ]WHVLH 1XQYHUVWDQGHUª:lUHGHU$QVFKODJDXI5KRGDQJHJOFNWZlUHGDV,PSHULXP'DEULIDDOOHU 6RUJHQOHGLJJHZHVHQ'DV6RODUH,PSHULXPKlWWHVLFKYRQGLHVHP6FKODJQLFKWHUKROW$EHU PDQ PXWH DXFK GDPLW UHFKQHQ GD GDV $WWHQWDW VFKHLWHUW ,Q GLHVHP )DOO KlWWH GHU 'RSSHODJHQW LQ PHLQHP 0LQLVWHULXPPLFKLQHLQHUKHOGHQKDIWHQ$NWLRQJHUHWWHWXQGVSlWHU XQWHU'UXFNJHVHW]W,QVHLQHU6WHOOXQJZlUHHVIULKQHLQOHLFKWHV%HZHLVH]XIDEUL]LHUHQ GLH PHLQH 8QIlKLJNHLW ZHQQ QLFKW VRJDU PHLQH 9HUVWULFNXQJ LQ GLH $NWLRQ EHOHJHQ :lUH GDV $WWHQWDW JHVFKHLWHUW KlWWH PDQ DOV 7lWHU HLQHQ .ORQXQEHNDQQWHU +HUNXQIW SUlVHQWLHUHQ N|QQHQXQGGDV,PSHULXP'DEULIDZlUHVFKDGORVDXVGHU$NWLRQKHUYRUJHWUHWHQ0HKUQRFK 'XUFK GHQ 'RSSHODJHQWHQ LQ PHLQHP $PW ZlUH LFK HUSUHEDU JHZHVHQ N|QQWH PDQ HLQHQ 0LQLVWHU ]ZLQJHQ LP 6LQQH GHU +LQWHUPlQQHU IU HLQHQ $QVFKOX 5XSSHWV DQ GLHVHQ 0DFKWEORFNWlWLJ]XZHUGHQ© ª6LH N|QQWHQ HLQIDFK ]XUFNWUHWHQ© ZDQGWH %ULGJHW HLQ ª$EHU GDV ZUGH ,KU 'UDQJ QDFK 0DFKWQLHPDOV]XODVVHQQLFKWZDKU"© 'HU 6LFKHUKHLWVPLQLVWHU EHUJLQJ LKUHQ (LQZDQG ª$EHU GDQQ NDPHQ 6LH LQV 6SLHO 6LH ZXWHQYRQGHU$NWLRQXQGKDEHQJHQDXLPULFKWLJHQ0RPHQWHLQJHJULIIHQ6LHVLQGLQGDV /DERUHLQJHGUXQJHQXQGKDEHQGLH3URJUDPPLHUXQJGHV.ORQVGDKLQJHKHQGJHlQGHUWGDHU QLHPDOVLPVWDQGHVHLQZUGH3HUU\5KRGDQ]XYHUOHW]HQLKQGDV]XP6FKHLWHUQYHUXUWHLOWH $WWHQWDWDEHUULVNLHUHQODVVHQ,FKEH]ZHLIOHQLFKWGD6LHPLW,KUHQ0LWWHOQHLQH9HUELQGXQJ ]ZLVFKHQ GHP .ORQ XQG GHP ,PSHULXP 'DEULID QDFKZHLVHQ N|QQHQ 8QG PLU KDEHQ 6LH PLWWHOV +\SQRVFKXOXQJ 7HLOH GHU (ULQQHUXQJ JHQRPPHQ XQG PLFK DXI HLQH 2G\VVHH GXUFK 5XSSHW&LW\JHVFKLFNW:UGHQ6LHPLUQXQYHUUDWHQZDUXP"© %ULGJHW DWPHWH WLHI GXUFK ª62 IXQNWLRQLHUW GDV QLFKW© EHKDXSWHWH VLH ª0LW HLQHU +\SQRVFKXOXQJNDQQPDQHLQHP0HQVFKHQZHGHUGDV*HGlFKWQLVQHKPHQQRFKLKPIDOVFKH (ULQQHUXQJHQDXISIURSIHQ©

5RGULNV0LHQH]HLJWHQLFKWGLHJHULQJVWH5HJXQJª6LHVFKRQ©VDJWHHU (U EOXIIW GDFKWH %ULGJHW (U NDQQ QLFKWV YRP EHJQDGHWHQ -HUHPD\ 9RVV ZLVVHQ GHU LQ MDKUHODQJHU$UEHLWHLQ&RPSXWHUSURJUDPPHQWZLFNHOWKDWWHPLWGHPJHQDXGDVP|JOLFKZDU MHGHQIDOOV QDFK JUQGOLFKHQ 9RUDUEHLWHQ (LQ 3URJUDPP GDV DXI GHP lKQOLFK IXQNWLRQLHUHQGHQ 3URJUDPP GHV 'DEULID*HKHLPGLHQVWHV GDV GHU 'UHLIDFKDJHQW LKQHQ ]XJHVSLHOWKDWWHEDVLHUWHHVMHGRFKSUDNWLVFKXPSROWH8QGGDVLQQHUKDOEZHQLJHU0LQXWHQ 'D]X ZDU MHGH 0HQJH 5HFKQHUNDSD]LWlW HUIRUGHUOLFK DEHU GLH KDWWH GHU IHLQGOLFKH 1DFKULFKWHQGLHQVW MD IUHXQGOLFKHUZHLVH VFKRQ DP (LQVDW]RUW LQVWDOOLHUW 1DWUOLFK KDWWH HLQ VROFKHV 3URJUDPP NHLQH DQKDOWHQGH :LUNXQJ DXI GHQ 'HOLQTXHQWHQ GHU GLH SDUDPHFKDQLVFKH%HHLQIOXVVXQJIUKHURGHUVSlWHUZLHGHUDEVFKWWHOQNRQQWHZHQQVLHVLFK QLFKW JDU YRQ VHOEVW ZLHGHU YHUORU DEHU HLQH 'DXHU YRQ VHFKVXQGGUHLLJ 6WXQGHQ ZDU LQ GLHVHP)DOOMDYROODXIDXVUHLFKHQGJHZHVHQ 1LFKWHLQPDOGLH*HJHQVHLWHZXWHYRQ-HUHPD\ 'HU 6LFKHUKHLWVPLQLVWHU VFKZLHJ ZDQGWH GHQ %OLFN DEHU QLFKW YRQ LKU DE ª'DV 6RODUH ,PSHULXPYHUIJWHVFKRQ]XU=HLWYRQ5XSSHWV$XIEUXFKEHUVRJHQDQQWH+\SQRVWUDKOHU© VDJWHHUGDQQ ª'LHVFKRQ]XU=HLWYRQ5XSSHWV$XIEUXFKQLFKWPHKUHLQJHVHW]WZXUGHQZHLOVLHVLFKDOV K|FKVWXQ]XYHUOlVVLJHUZLHVHQKDEHQXQGVFKlGOLFKH1HEHQZLUNXQJHQKHUYRUULHIHQ© ª*HPHLQVDP PLW GHU 7HFKQLN GHU +\SQRVFKXOXQJ NDQQ PDQ PLW VROFKHQ *HUlWHQ HLQHP 0HQVFKHQ RGHU DXFK HLQHP .ORQ SUREOHPORV 7HLOH GHV *HGlFKWQLVVHV QHKPHQ XQG IDOVFKH (ULQQHUXQJHQDXI]ZLQJHQ©5RGULNVWHOOWHHVDOV7DWVDFKHGDUGRFKVLHZXWHGDHVQXUHLQ 6FKXLQV%ODXHZDU ª6RHLQIDFKJHKWGDVQLFKW©ZLGHUVSUDFKVLHª'DVKDEHLFKGRFKVFKRQLP/DERUJHVDJW© 6RHLQIDFKJLQJHVZLUNOLFKQLFKW'D]XZDUHQKRFKNRPSOL]LHUWH&RPSXWHUSURJUDPPHQ|WLJ GLH QXU HLQ *HQLH ZLH 9RVV VFKUHLEHQ NRQQWH $EHU GHU 6LFKHUKHLWVPLQLVWHU ZDU DXI GHU ULFKWLJHQ6SXU 5RGULNVFKZLHJ %ULGJHWVHXI]WH(VZDUDQGHU=HLW]XU6DFKH]XNRPPHQ'RFK]XHUVWPXWHVLHVHLQH 6HOEVWVLFKHUKHLWHLQZHQLJLQV:DQNHQEULQJHQª:DVZUGHQ6LHGD]XVDJHQZHQQLFK ,KQHQGHQ'RSSHODJHQWHQLQ,KUHQ5HLKHQDXVOLHIHUH"©IUDJWHVLH ª,FKKDEH6WDDWVVHNUHWlU)RKUWXKQEHUHLWVYHUKDIWHQODVVHQ©VDJWH5RGULNª(UKDWHLQ *HVWlQGQLVDEJHOHJWXQGLVW]XUYROOHQ.RRSHUDWLRQEHUHLW© 'HU6FKODJVD2GHUZDUHVQXUHLQ]ZHLWHU%OXII"(VORKQWHVLFKHLQZHQLJQDFK]XKDNHQ ª:LHKDEHQ6LHLKQHQWODUYW"© 5RGULNQDKPGLH+HUDXVIRUGHUXQJDQXQGOlFKHOWHVHOEVWVLFKHUª(UKDWVLFKLQOHW]WHU=HLWVHKU DXIIlOOLJEHQRPPHQ©ª'DVLVWHLQY|OOLJDW\SLVFKHV9HUKDOWHQ*HUDGH'RSSHODJHQWHQVLQG GDUDXIEHGDFKWVLFKY|OOLJXQDXIIlOOLJ]XEHQHKPHQGDPLWMDNHLQ9HUGDFKWDXIVLHIDOOW© ª(UKDWJHJODXEWEHVRQGHUVVFKODX]XVHLQZHQQHUVLFKQDFKOlVVLJEHQLPPWXQGVHLQH 3IOLFKWHQQLFKWPLWGHUJHZRKQWHQ6RUJIDOWHUOHGLJWREZRKOLFKZHLGDLQPHLQHP 0LQLVWHULXPHLQHXQGLFKWH6WHOOHVLW]W© ª'DVLVWGRFKHLQHEORH+\SRWKHVH© ª+|UHQZLUHQGOLFKDXIPLWGHQ6SLHOFKHQ©VDJWHGHU6LFKHUKHLWVPLQLVWHUXQJHGXOGLJª(U KDW VHLQH +LQWHUPlQQHU EHUHLWV JHQDQQW :LU ZHUGHQ LQ .U]H PHKUHUH $WWDFKHV GHU %RWVFKDIW GHV ,PSHULXPV 'DEULID DXVZHLVHQ© 5RGULN QDQQWH GUHL 1DPHQ 6LH ZDUHQ LKU EHNDQQW HV KDQGHOWH VLFK LQ GHU 7DW XP )RKUWXKQV )KUXQJVRIIL]LHUH DXV GHP 'DEULID *HKHLPGLHQVW ,KUHQ 1DPHQ KDWWH )RKUWXKQ QRFK QLFKW JHQDQQW HU KRIIWH GD PDQ QLFKW KLQWHU VHLQHQ GRSSHOWHQ9HUUDWNDPXQGJDEQXUVRYLHO]XZLHPDQLKPQDFKZHLVHQNRQQWH ª:LHVLQG6LHGDUDXIJHNRPPHQ"©IUDJWHVLH

5RGULN EHUOHJWH NXU] RE HU GLH ,QIRUPDWLRQ SUHLVJHEHQ GXUIWH *DE VFKOLHOLFK VHLQ *HOWXQJVEHGUIQLV GHQ $XVVFKODJ" :ROOWH HU XQEHGLQJW EHZHLVHQ GD HU QLFKW GHU 1HDQGHUWDOHUZDUIUGHQ%ULGJHWLKQKDOWHQPXWH"2GHUKDWWHHUQRFKHLQHQ7UXPSILQGHU +LQWHUKDQG" ª :lKUHQG GHU XQJHQHKPLJWHQ 'HPRQVWUDWLRQ KDEH LFK )RKUWXKQ DEJHVFKWWHOW XP PLFK DOOHLQ ]X GHP 7UHIISXQNW ]X EHJHEHQ DQ GHP PHLQ ,QIRUPDQW PLFK WUHIIHQ ZROOWH GHP /DERU'RUWZXUGHLFKEHWlXEWXQGGHU*HKLUQZlVFKHPLWWHOV+\SQRVFKXOXQJXQWHU]RJHQ© 6LHXQWHUEUDFKLKQª0LWHLQHU+\SQRVFKXOXQJNDQQPDQQLFKW© (UWDWHVLKUJOHLFKª/DVVHQZLUGHQ%HJULIILQ(UPDQJHOXQJHLQHVEHVVHUHQHLQIDFKVWHKHQ $OV LFK QDFK GHU *HKLUQZlVFKH HUZDFKWH KDWWH )RKUWXKQ PLFK LQ GLHVHP HQWVHW]OLFKHQ 'XUFKHLQDQGHU JHIXQGHQ LQPLWWHQ YRQ EHU ]ZHLKXQGHUWWDXVHQG 'HPRQVWUDQWHQ $QJHEOLFKZHLOHU6FKVVHDXVHLQHP7KHUPRVWUDKOHUJHVHKHQKDEHQZROOWH'LHVH6FKVVH VLQG QDFKZHLVOLFK QXU LQ GHP /DERU JHIDOOHQ QlPOLFK GLH PLW GHQHQ 6LH GLH (LQULFKWXQJ ]HUVW|UWKDEHQXPXQVGLH$UEHLW]XHUVFKZHUHQ0HLQ.ORQKDWLKQEHDXIWUDJWVRIRUWHLQHQ %HULFKW EHU GHQ 9RUIDOO ]X VFKUHLEHQ 'LHVHQ %HULFKW KDEH LFK VHOEVWYHUVWlQGOLFK JHOHVHQ 'HUNOHLQH)HKOHULVW)RKUWXKQ]XP9HUKlQJQLVJHZRUGHQ (UNRQQWHPLFKQXUJHIXQGHQKDEHQZHLOHUYRQ$QIDQJDQZXWHZRLFKZDU:HLOHUPLFK DOVXQEHNDQQWHUDEHUELVODQJ]XYHUOlVVLJHU,QIRUPDQWGRUWKLQEHVWHOOWKDWWHXPGHQ$JHQWHQ GHV,PSHULXPV'DEULIDGHQ$XVWDXVFK]XHUP|JOLFKHQ© ª'HQZLUGDQQGXUFKNUHX]WKDEHQ©JHVWDQGVLHLKUH1LHGHUODJHHLQ5RGULNZDUZLUNOLFKJXW VRJDU EHVVHU DOV VLH LPPHU DQJHQRPPHQ KDWWH $EHU VLH KDWWH QXU HLQH 6FKODFKW YHUORUHQ QLFKWGHQ.ULHJ'HQZUGHVLHJHZLQQHQVRRGHUVR 5RGULNJODXEWHMHGRFKVLFKDXIGHU6LHJHUVWUDH]XEHILQGHQª*DQ]JHQDX©VDJWHHUª'HU *HKHLPGLHQVW GHV ,PSHULXPV 'DEULID KDW PLFK PLW +LOIH GHV IU LKQ WlWLJHQ )RKUWXKQ LQ GLHVHV +DXV LQ 6(.725 JHORFNW 'RUW EHIDQG VLFK HLQ DXV PHLQHQ .|USHU]HOOHQ JH]FKWHWHU.ORQGHUEHUDOOPHLQH(ULQQHUXQJHQYHUIJWHGLHPDQPLWGHU+\SQRVFKXOXQJ MHGRFKSDUWLHOOPDQLSXOLHUWKDW'LHVHU.ORQVROOWHVLFKIUPLFKKDOWHQXPY|OOLJXQDXIIlOOLJ DJLHUHQ ]X N|QQHQ ELV HU GDQQ LP JHHLJQHWHQ $XJHQEOLFN ]XVFKOXJ XQG GDV $WWHQWDW DXI 5KRGDQ YHUEWH© 'HU 6LFKHUKHLWVPLQLVWHU OHJWH HLQH UKHWRULVFKH 3DXVH HLQ ª :UGHQ 6LH ,KUH KRFKHQWZLFNHOWH 7HFKQRORJLH QLFKW DXI GHUPDHQ SHUYHUWLHUWH :HLVH HLQVHW]HQ N|QQWH LFKVRJDU+RFKDFKWXQJYRULKUHPSILQGHQ:R]XVLQG6LHHLJHQWOLFKQRFKIlKLJ",FKKDEHPLW PHLQHQ 0LWDUEHLWHUQ JHVSURFKHQ XQG LKUH %HULFKWH JHOHVHQ 'HU .ORQ LVW JHUDGH]X SHUIHNW YRUJHJDQJHQ1LHPDQGKDWHLQHQ8QWHUVFKLHGEHPHUNW,FKELQEHU]HXJWGDYRQHUKDWVLFK ZLUNOLFKIUPLFKJHKDOWHQ© 'DVKDWHUJDE%ULGJHWLKPLQ*HGDQNHQUHFKW(UKDWELV]XGHU%HJHJQXQJDP5DXPKDIHQ QLFKWHLQPDOJHZXWGDHUQXUHLQ.ORQZDU ª0LFK VHOEVW ZROOWHQ GLH 'DEULID$JHQWHQ ELV QDFK GHP $WWHQWDW IHVWKDOWHQ© IXKU 5RGULN IRUW ª:HU ZHL YLHOOHLFKW KlWWHQ VLH DXFK PLU GLHVHQ +HOP DXIJHVHW]W XQG PLFK LQ LKUHP 6LQQHPDQLSXOLHUW© %ULGJHW QLFNWH ª'HP *HKHLPGLHQVW HLQHV GLNWDWRULVFKHQ 5HJLPHV ZLH GHP ,PSHULXP 'DEULIDLVWDOOHV]X]XWUDXHQ© ª'RFK EHYRU GHU $XVWDXVFK YROO]RJHQ XQG GHU QDFK PHLQHP 9RUELOG HQWVWDQGHQH XQG ZLH DXFKLPPHUPHQWDOPDQLSXOLHUWH.ORQDQHLQHQDQGHUHQ2UWJHEUDFKWZHUGHQNRQQWH©IXKU 5RGULN IRUW ªKDEHQ 6LH ]XJHVFKODJHQ 6LH VLQG LQ GHQ JHKHLPHQ 6WW]SXQNW PLWWHQ LP 6(.725 HLQJHGUXQJHQ XQG KDEHQ GLH JHLVWLJH ,QGRNWULQDWLRQ GHV .ORQV HUQHXW PDQLSXOLHUW1lPOLFKGDKLQJHKHQGGDHUVHLQH5ROOHZLHJHSODQWZHLWHUVSLHOWHDEHUQXUELV ]XP$WWHQWDW6LHKDEHQGDIUJHVRUJWGDHUJDUQLFKWIlKLJZDU5KRGDQDXFKQXUHLQ+DDU ]X NUPPHQ XP LKQ GDQQ SUDNWLVFK DXI IULVFKHU 7DW DXIIOLHJHQ ODVVHQ XQG GHP 1DFKULFKWHQGLHQVWGHV,PSHULXPV'DEULIDHLQHYHUQLFKWHQGH1LHGHUODJH]XIJHQ]XN|QQHQ $EHULUJHQGHWZDVJLQJVFKLHIXQG6LHPXWHQGHQ.ORQW|WHQ©

1LFKWV LVW VFKLHIJHJDQJHQ GDFKWH VLH 9RQ $QIDQJ DQ ZDU YRUJHVHKHQ GHQ .ORQ ]X OLTXLGLHUHQ $EHU GLHV PXWH LQ $QZHVHQKHLW GHV HFKWHQ 6LFKHUKHLWVPLQLVWHUV 5RGULN JHVFKHKHQ 'HQ 5HVW ZUGH GLH /HJHQGHQELOGXQJ GDQQ VFKRQ DOOHLQ HUOHGLJHQ $XHUGHP KlWWHGDVNQVWOLFKH*HVFK|SIVRZLHVRQLFKWPHKUODQJHJHOHEWHLQSDDU6WXQGHQVSlWHUKlWWH HLQ SURJUDPPLHUWHU JHQHWLVFKHU .RGH EHZLUNW GD VHLQH =HOOHQ LPSORVLRQVDUWLJ LQ VLFK ]XVDPPHQILHOHQ6LHZXWHLQGLHVHP$XJHQEOLFNEHVWDQGGDV%HZHLVVWFN.ORQQXUQRFK DXV HLQHP DPRUSKHQ %UHL GHU HLOHQGV LQ GLH 9HUZHVXQJ EHUJLQJ *HKHLPGLHQVWH OHJWHQ NHLQHQ:HUWDXI=HXJHQXQGOLHHQQLFKWJHUQ%HZHLVH]XUFN 6HOWVDP ZDU QXU GLH XQHUNOlUOLFKH (QWKOOXQJ GLH GHU $WWHQWlWHU YRQ VLFK JHEHQ ZROOWH +DWWH 8U[0R[LYD HWZD VFKOHFKWH $UEHLW JHOHLVWHW" +DWWH GHU .ORQ LP $XJHQEOLFN GHU %HJHJQXQJPLWVHLQHP2ULJLQDOHUNDQQWZHUHUZLUNOLFKZDU"2GHUZDUHUGXUFK-HUHPD\ 9RVV .RQWUDSURJUDPPLHUXQJHLQIDFKEHUODVWHWJHZHVHQXQGJHLVWLJ]XVDPPHQJHEURFKHQ" 6LHZUGHQHVZRKOQLHHUIDKUHQ-HGHQIDOOVZDUVLHNHLQ5LVLNRHLQJHJDQJHQXQGKDWWHLKQ OLTXLGLHUWEHYRUHUHWZDVYHUUDWHQNRQQWH ª$XIGLHUFNVWlQGLJH7HFKQLNGHV,PSHULXPV'DEULIDLVWHEHQNHLQ9HUOD©VDJWHVLH ª'DQDFK KDEHQ 6LH PLFK PHQWDO PDQLSXOLHUW© EHUJLQJ 5RGULN LKUHQ ]\QLVFKHQ (LQZDQG ª6LH KDEHQ PLU GLH (ULQQHUXQJ DQ PHLQH ,GHQWLWlW JHQRPPHQ XQG PLFK IUHLJHODVVHQ =ZHLIHOORV KDEHQ ,KUH /HXWH PLFK GLH JDQ]H =HLW EHU PLW LKUHQ EHUOHJHQHQ 0LWWHOQ VR EHVFKDWWHWGDLFKQLFKWVGDYRQEHPHUNWKDEHQLFKWZDKU"8QGVLHKDEHQDXFKGLH$JHQWHQ GHV'DEULID*HKHLPGLHQVWVDXI5XSSHWDEJHVFKLUPWXQGXQWHU.RQWUROOHJHKDOWHQGDPLWVLH QLFKWPHKUHLQJUHLIHQXQGGLHYRQ,KQHQVRVRUJVDPJHSODQWH$NWLRQVW|UHQNRQQWHQ© %ULGJHWZDUEHHLQGUXFNWGDYRQZLHORJLVFKHUVHLQH*HGDQNHQNHWWHDXIJHEDXWKDWWHOLHHV VLFKMHGRFKQLFKWDQPHUNHQ ª*OHLFK]HLWLJ KDEHQ 6LH PLU GHQ 'UDQJ HLQSURJUDPPLHUW PLFK ]XP 5DXPKDIHQ ]X EHJHEHQ© IXKU HU IRUW ª6LH NHQQHQ GRFK EHVWLPPW GLH :RUWH GLH PLFK XQWHUVWW]W YRQ SHULRGLVFK DXIWUHWHQGHQ .RSIVFKPHU]HQ GD]X JHWULHEHQ XQG JOHLFK]HLWLJ Y|OOLJ LQ GLH ,UUH JHOHQNWKDEHQ"6WDPPHQVLHYRQ,KQHQ"© ª(LQH$QZHLVXQJGLH6LHJHOHJHQWOLFKDXIGLH'ULQJOLFKNHLWGHU6DFKHDXIPHUNVDPPDFKHQ VROOWH© ZLFK VLH VHLQHU ]ZHLWHQ )UDJH DXV ª'HU YROOVWlQGLJH 6DW] ODXWHW6LH ZROOHQ 3HUU\ 5KRGDQ W|WHQ EHL GHU $QNXQIW DXI GHP 5DXPKDIHQ 'LH RIIL]LHOOH %HJUXQJ ELHWHW GHQ LGHDOHQ$QOD:LUKDEHQGLH%RWVFKDIWDXIGDV:HVHQWOLFKHYHUNU]W© ª:DUXPKDEHQ6LHPLUQXUKXQGHUW5XGLJDJHODVVHQ"©IUDJWH5RGULN 'HQ PHQVFKOLFKHQ )DNWRU NRQQWH DXFK GHU EHJQDGHWH -HUHPD\ QLFKW KXQGHUWSUR]HQWLJ EHUHFKQHQ6LHKDWWHQGDIUVRUJHQZROOHQGD5RGULNGDQQZHQQGDV3RFKHQLP.RSI]X VWDUN ZXUGH GHQ 5DXPKDIHQ SUREOHPORV HUUHLFKHQ NRQQWH 6FKOLHOLFK ZXUGH HU GRUW JHEUDXFKW$EHUQLHPDQGKDWWHGDPLWUHFKQHQN|QQHQGDHUVHLQHJHVDPWH%DUVFKDIWVFKRQ QDFKHLQSDDU0LQXWHQIUHLQHLQ]LJHV*HWUlQNDXVJDEXQGVLFKGDQDFKLQVHLQHU9HUZLUUXQJ ]XGLHVHQGXPPHQhEHUIlOOHQDXIGLH)DKU]HXJEHVLW]HUJH]ZXQJHQVDK=XYLHO*HOGKDWWHQ VLH LKP DXFK QLFKW ODVVHQ ZROOHQ ZHLO HV LKP VRQVW YLHOOHLFKW P|JOLFK JHZHVHQ ZlUH +LQZHLVHDXIVHLQH,GHQWLWlW]XILQGHQ $EHUGDVZUGHVLHLKPQDWUOLFKQLFKWDXIGLH1DVHELQGHQ6LHEHVFKOR]XP*HJHQDQJULII EHU]XJHKHQ ª,FK KRIIH 6LH KDEHQ GHU %RWVFKDIW GHV ,PSHULXPV 'DEULID GLH $XVZHLVXQJVEHVFKHLGHQRFKQLFKW]XJHVWHOOW©VDJWHVLH (U UXQ]HOWH EHUUDVFKW GLH 6WLUQ (UVWPDOV KDWWH VLH LKQ DXV GHU )DVVXQJ JHEUDFKW ª:LH ELWWH"© ª6LH VROOWHQ GLH LQ GLHVHQ 6NDQGDO YHUZLFNHOWHQ 3HUVRQHQ QLFKW DXVZHLVHQ VRQGHUQ IHVWQHKPHQ XQG ,KQHQ GHQ 3UR]H PDFKHQ GDPLW VLFK VR HWZDV QLH ZLHGHUKROW 6WHOOHQ 6LH HLQIUDOOHPDOGLH6RXYHUlQLWlW5XSSHWVXQWHU%HZHLV© ª6LHZROOHQGRFKQXUGDV,PSHULXP'DEULIDEORVWHOOHQ©HUNDQQWH5RGULN ª1DWUOLFK ZLOO LFK GDV© VDJWH VLH PLW HLQHP ]XFNHUVHQ /lFKHOQ ª8QG 6LH N|QQHQ ,KU $QVHKHQDOV0LQLVWHUIHVWLJHQXQGGDUEHUKLQDXV*HOWXQJDOVIlKLJHU6LFKHUKHLWVH[SHUWHXQG

3ROLWLNHUJHZLQQHQ%HLGHUQlFKVWHQ:DKON|QQWHQ6LHDOVDXVVLFKWVUHLFKVWHU.DQGLGDWIU GDV$PWGHV3UlVLGHQWHQYRQ5XSSHWDQWUHWHQXQGGLHVH:DKODXFKJHZLQQHQGDPlFKWLJH 9HUEQGHWHKLQWHU,KQHQVWHKHQ 'HVKDOEKDEHQZLU,KQHQ7HLOH,KUHU(ULQQHUXQJJHQRPPHQXQG6LHDXIHLQH2G\VVHHGXUFK 5XSSHW&LW\JHVFKLFNWIDOOV6LHVLFKQRFKDQ,KUHXUVSUQJOLFKH)UDJHHULQQHUQ:HLOZLU6LH IUHLQHQJXWHQ0DQQKDOWHQ6FKOLHOLFKVLQG6LHHLQ+HOG6LHKDEHQ3HUU\5KRGDQV/HEHQ JHUHWWHW=XPLQGHVWN|QQWHPDQHVSUREOHPORVVRKLQVWHOOHQ©IJWHVLHHWZDVOHLVHUKLQ]X (UKRUFKWHPHUNOLFKDXI]ZDUYHUVXFKWHHUHV]XYHUEHUJHQGRFKHVJHODQJLKPQLFKWJDQ] ,PPHUKLQKDWWHHUVLFKVRZHLWLQGHU*HZDOWHVHUVWHLQPDOPLWHLQHUNODVVLVFKHQ)LQWH]X YHUVXFKHQXQGGDVYHUORFNHQGH$QJHERW]XUFN]XZHLVHQ ª$XIVROFKH9HUEQGHWHSIHLIHLFK©VDJWHHUª6LHKDEHQGHQ.ORQHLVNDOWJHW|WHW(UPRUGHW IDOOVGLHVHU$XVGUXFNDXIHLQVROFKHV:HVHQ]XWULIIW© ª8QG 6LH KDEHQ DXI PLFK JHVFKRVVHQ© HQWJHJQHWH VLH ª6LH KlWWHQ PLFK HEHQIDOOV W|WHQ N|QQHQ (LQ JHZLVVHV 5LVLNR JHK|UW QXQ PDO ]X XQVHUHP %HUXI ZLH DXFK HLQH JHZLVVH (QWVFKOXNUDIW ,FK PXWH LQ 6HNXQGHQEUXFKWHLOHQ HLQH (QWVFKHLGXQJ WUHIIHQ 5KRGDQV /HEHQVWDQGDXIGHP6SLHO©6LHZDUNHLQHVZHJVHUVWDXQWGDUEHUZLHOHLFKWLKUGLHVH/JH EHUGLH/LSSHQNDP6LHZDUYRQ([SHUWHQDXVJHELOGHWZRUGHQ ª,FK KDEH LQ GLH /XIW JHVFKRVVHQ© ZLGHUVSUDFK 5RGULN ª,FK KDEH QLFKW DXI 6LH JH]LHOW 'DIUVWDQGHQPHLQH/HXWHYLHO]XQDKEHL,KQHQ© ª6LHPXWHQDXFKHLQH(QWVFKHLGXQJWUHIIHQ©KLHOW%ULGJHWGDJHJHQª*HQDXVRJXWKlWWHVLH DQGHUVDXVIDOOHQN|QQHQ6LHKlWWHQVLFKHQWVFKOLHHQN|QQHQJH]LHOWDXIPLFK]XVFKLHHQ $EHUZLHGHPDXFKVHLZDVKDOWHQ6LHYRQPHLQHP9RUVFKODJ"©OHQNWHVLHGDV*HVSUlFK ZLHGHULQGLHULFKWLJHQ%DKQHQ]XUFN ª(LQ6FKULWWQDFKGHPDQGHUHQ©VDJWHHUª:LUZROOHQGHQ0RUJHQQLFKWYRUGHU=HXJXQJ OREHQ'LH3HUVRQHQYRQGHQHQZLUVSUHFKHQVWHKHQXQWHUGLSORPDWLVFKHU,PPXQLWlW© ª1XUHLQHYRQLKQHQ©XQWHUEUHLWHWH%ULGJHWLKPª'LHEHLGHQDQGHUHQQLFKW© ª)RKUWXKQV$XVVDJHDOOHLQZLUGQLFKWUHLFKHQVLH]XYHUXUWHLOHQ$OV'RSSHODJHQWNDQQMHGHU PLWWHOSUlFKWLJH9HUWHLGLJHULKQXQJODXEZUGLJPDFKHQ© ª,Q ,KUHP *HZDKUVDP© IXKU VLH IRUW ªEHILQGHQ VLFK YLHU ]XU =HLW QRFK RULHQWLHUXQJVORVH 3HUVRQHQ GLH YRU HWZD VHFKVXQGGUHLLJ 6WXQGHQ IHVWJHQRPPHQ ZXUGHQ GUHL 0lQQHU XQG HLQH )UDX 'LHVHQ 3HUVRQHQ NDQQ ]ZHLIHOVIUHL QDFKJHZLHVHQ ZHUGHQ GD VLH EHL GHU (U]HXJXQJ GHV .ORQV PLWJHZLUNW KDEHQ ,KUH $XVVDJHQ ZHUGHQ EHOHJHQ GD GDV ,PSHULXP 'DEULID8UKHEHUHLQHUQDFKULFKWHQGLHQVWOLFKHQ$NWLRQDXIUXSSHWLVFKHP%RGHQLVW©6LHVDK GDHVLQVHLQHQ$XJHQIXQNHOWHª$OOHUGLQJV ZHUGHQ GLHVH 3HUVRQHQ HUVW ]X HLQHU $XVVDJH IlKLJVHLQQDFKGHPVLHHLQEHVWLPPWHV0HGLNDPHQWHUKDOWHQKDEHQ© 6HLQH$XJHQEHZ|ONWHQVLFKZLHGHUª8QGGLHVHV0HGLNDPHQWEHNRPPHQZLUQDWUOLFKYRQ ,KQHQ© ª1DWUOLFK©VDJWHVLHª9RUDXVJHVHW]WZLUZHUGHQXQVHLQLJ$EHUGDUDQ]ZHLIOHLFKQLFKW© )DOOVEHUKDXSWP|JOLFKZDULKU/lFKHOQGLHVPDOQRFKVWUDKOHQGHUª0HKUQRFK©IJWHVLH KLQ]Xª(LQHU,KUHU/HXWHVWHKWEHUHLWXP]XEHVFKZ|UHQGD6LHGLH$NWLRQGLHVHVDQGHUHQ *HKHLPGLHQVWHV©VLH]RJYHUlFKWOLFKGLH%UDXHQKRFKªYRQ$QIDQJDQGXUFKVFKDXWKDEHQ XQGOHGLJOLFKXQWHUJHWDXFKWVLQGXPGHQ$WWHQWlWHUDXIIULVFKHU7DWEHUIKUHQ]XN|QQHQ© (UVFKWWHOWHGHQ.RSIª'DVZLUGQLFKWNODSSHQ(VJLEW]XYLHOH=HXJHQGLH© ª'LH )DPLOLH 3LFKDUG"© XQWHUEUDFK VLH LKQ ª9HUPRO XQG VHLQH )DKUJHPHLQVFKDIW" 'LHVH .HOOQHULQ .DUD"© (LQ $FKVHO]XFNHQ YHUULHW LKP ZDV VLH YRQ GLHVHQ =HXJHQ KLHOW ª:RIU JLEWHVHLQH+\SQRVFKXOXQJZLH6LHGHQ9RUJDQJQHQQHQ"© ª8QGZHQQHVWDWVlFKOLFKNODSSHQXQGPDQPLFK]XP3UlVLGHQWHQZlKOHQVROOWH© ª:HUGHQ6LH,KUHQJHVDPWHQ(LQIOXGDIUQXW]HQ5XSSHWGLHHLQ]LJH=XNXQIW]XHU|IIQHQ GLH GHU 3ODQHW QRFK KDW© VDJWH VLH HLQGULQJOLFK ª'HQ $QVFKOX DQ GDV 6RODUH ,PSHULXP *HPHLQVDPH)RUVFKXQJHQXPGHQERGHQVWlQGLJHQ,PSXOVDXVGHP*HQRPGHU5XSSHWHU]X

HQWIHUQHQ 6LH IKUHQ ,KU 9RON LQ HLQHQHXHbUD 5RGULN 6LH HUVFKOLHHQ LKP QHXH :HOWHQ $XI GLH 5XSSHWHU ZDUWHQ XQ]lKOLJH MXQJIUlXOLFKH 3ODQHWHQ +LPPHOVN|USHU DXI GHQHQ HV NHLQHhEHUY|ONHUXQJXQG5RKVWRIINQDSSKHLWJLEW© ª:LUPVVHQGDIUQXUXQVHUHQ*ODXEHQDXIJHEHQ©VDJWHHUOHLVH 6LH]XFNWHPLWGHQ$FKVHOQª,P6RODUHQ,PSHULXPKHUUVFKW5HOLJLRQVIUHLKHLW© ª5XSSHW LVW GDPDOV PLW VHLQHQ $QKlQJHUQ DXVJHZDQGHUW ZHLO HU VHLQH 9LVLRQHQ QXU LQ GHU $EJHVFKLHGHQKHLW YHUZLUNOLFKHQ NRQQWH 8QEHHLQIOXW YRQ GHU VRJHQDQQWHQ 7ROHUDQ] XQG 5HOLJLRQVIUHLKHLWGHV6RODUHQ,PSHULXPV© ª 9LVLRQHQ GLH NHLQHQ +HUDXVIRUGHUXQJHQ VWDQGKDOWHQ WDXJHQ QLFKWV© HQWJHJQHWH VLH ODSLGDU ª8QGZHQQLFKPLFKZHLJHUH":HQQLFKQLFKWEHUHLWELQPHLQHQ*ODXEHQ]XYHUNDXIHQ"© ª1XQ MD© VDJWH VLH ª :LH 6LH JDQ] ULFKWLJ YHUPXWHW KDOEHQ KDW )RKUWXKQ %HZHLVH IDEUL]LHUWGLH6LHDOV6SLRQGHV,PSHULXPV'DEULIDEHODVWHQ'LHVH%HZHLVHZXUGHQNRGLHUW LQ'DWHQEDQNHQGHU5HJLHUXQJHLQJHVSHLVW/HLGHUKDWLUJHQGMHPDQGGLH'DWHLHQQHXNRGLHUW XQGYHUVFKREHQ©6LHZXWHGD5RGULNVLFKZLHNHLQ]ZHLWHU5XSSHWHUDXIGLH.XQVWGHU $QGHXWXQJYHUVWDQGª6LHZROOHQGRFKVLFKHUYHUPHLGHQGDGLHVH'DWHLHQSO|W]OLFKZLHGHU DXIWDXFKHQ"© (UQLFNWHODQJVDPXQGQDFKGHQNOLFK ª$XHUGHPZROOHQ6LHVLFKGRFKQLFKWDXVJHUHFKQHWYRQ)RKUWXKQLQGHQ8QWHUJDQJWUHLEHQ ODVVHQ":ROOHQ6LHLKPGLHVHQ7ULXPSKJ|QQHQRGHUHVLKPOLHEHUKHLP]DKOHQ"©N|GHUWHVLH LKQ ª :DV KHLP]DKOHQ " 'D HU PLFK LQ GLHVH )DOOH JHORFNW KDW" © ª(LQHUVHLWV GDV XQG DQGHUHUVHLWVGDHUGLHVH)DOOHHUVWHUP|JOLFKWKDW© (UVDKVLHIUDJHQGDQ ª6LHHULQQHUQVLFKGRFKVLFKHUGDUDQGD)RKUWXKQ6LHYRUYLHOOHLFKWHLQHPKDOEHQ-DKUEHL HLQHP 7UDLQLQJ ± 1DKNDPSI PLW 0HVVHUQ JODXEH LFK YHUOHW]W KDW"© (U QLFNWH ª1XU HLQH OHLFKWH:XQGHQLFKWZDKU"© ª8QG"© ª$EHUVLHKDWJHEOXWHW© $OOPlKOLFKGlPPHUWHHVLKP ª8QGPLWGHP%OXWXQGGHQ=HOOHQGLHDQGLHVHP0HVVHUNOHEHQEOLHEHQKDWGHU$UD8U[ 0R[LYD GHQ .ORQ JH]FKWHW GHU GDV $WWHQWDW DXI 3HUU\ 5KRGDQ GXUFKIKUHQ VROOWH .ORQH ]LHKWPDQQLFKWLQ+LQWHUKRIODERUVKHUDQ6LHKDEHQJDQ]UHFKWJHKDEWPDQKDWLKQLQGHP +DXVLQ6(.725QXUDXIEHZDKUW(VGDXHUWHEHUIQI0RQDWHELVVLHQXQMDY|OOLJ HQWZLFNHOWZDUHQ© 'LHVPDO NRQQWH 5RGULN QLFKW YHUEHUJHQ GD HU EOD XP GLH 1DVHQVSLW]H ZXUGH ª6LH"© IUDJWHHU ª'LHEHLGHQDQGHUHQ.ORQHGLHJOHLFK]HLWLJPLWGHPHQWZLFNHOWZXUGHQGHUVFKOLHOLFK]XP (LQVDW] NDP KDEHQ ZLU VHOEVWYHUVWlQGOLFK YHUQLFKWHW© HQWJHJQHWH VLH OlFKHOQG 5RGULN VFKZLHJODQJH6LHZDUNHLQH7HOHSDWKLQZXWHDEHUZHOFKH*HGDQNHQLKPGXUFKGHQ.RSI JLQJHQ :HQQ LFK QLFKW PLWVSLHOH ZHQQ LFK PLFK QLFKW ]XP +DQGODQJHU GHV 6RODUHQ ,PSHULXPV PDFKHZHUGHQVLHGDQQQLFKWQXUPHLQH.DUULHUHUXLQLHUHQVRQGHUQPLFKDXFKW|WHQXQG GXUFK HLQHQ GLHVHU .ORQH HUVHW]HQ" :DV ZLUG JHVFKHKHQ ZHQQ LFK PHLQHQ 'UDQJ QDFK 0DFKW EHUZLQGHQ XQG GRFK ]XUFNWUHWHQ VROOWH " :LUG GLH )UDX GLH PLU JHJHQEHUVLW]W PLFK GDQQ YRP +DNHQ ODVVHQ" 2GHU ZLUG VLH PLFK OLTXLGLHUHQ" :LH VLH GHQ JHNORQWHQ $WWHQWlWHUJHW|WHWKDWXQG8U[0R[LYDXQGZDVZHLLFKZHQVRQVWQRFKDOOHV" =X %ULGJHWV EHUZlOWLJHQGHU hEHUUDVFKXQJ VSUDFK 5RGULN HV DXV XQG JHVWDQG GDPLW VHLQH DEVROXWH1LHGHUODJHHLQ'DPLWKDWWHVLHQXQZLUNOLFKQLFKWJHUHFKQHW ª6DJHQ6LHHVPLU©(UNQLIIGLH$XJHQ]XVDPPHQXQGPXVWHUWHVLHHLQGULQJOLFKª:HUGHQ 6LHPLFKW|WHQ"©

6LH ZXWH GD HU GLH )UDJH SHUV|QOLFK DQ VLH JHULFKWHW KDWWH ]RJ HV DEHU YRU VLH DXI GLH 6RO$ELQVJHVDPW]XEH]LHKHQª6LHW|WHQ":LHNRPPHQ6LHGDUDXIGDZLUDXFKQXUHLQH 6HNXQGH ODQJ GDUDQ GHQNHQ N|QQWHQ 6LH ]X W|WHQ"© DQWZRUWHWH VLH XQG OlFKHOWH 1HUYDO 5RGULN HQWZDIIQHQG DQ ª6R HWZDV ZUGH YLHOOHLFKW GDV ,PSHULXP 'DEULID LQ (UZlJXQJ ]LHKHQ RGHU HLQV GHU DQGHUHQ JDODNWLVFKHQ 5HLFKH $EHU ZLU GRFK QLFKW *HUDGH LQ $QEHWUDFKW XQVHUHU ]XNQIWLJHQ =XVDPPHQDUEHLW GUIHQ 6LH HLQV QLHPDOV YHUJHVVHQ PHLQ /LHEHU:LUVLQGGLH*XWHQ©