Die Tochter des Roboters

2GTTZ4JQFCP ',(72&+7(5'(652%27(56 7HUURULVWHQEHGURKHQ$UNRQHLQ$XIWUDJIUGLH$JHQWHQGHU $EWHLOXQJ,,,...

Author: Mahr Kurt

37 downloads 862 Views 581KB 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

2GTTZ4JQFCP

',(72&+7(5'(652%27(56

7HUURULVWHQEHGURKHQ$UNRQHLQ$XIWUDJIUGLH$JHQWHQGHU $EWHLOXQJ,,, (LQ6FLHQFH)LFWLRQ7KULOOHUYRQ

.8570$+5

2ULJLQDODXVJDEH :,/+(/0+(<1(9(5/$*0h1&+(1 3(55<5+2'$11U

&RS\ULJKWE\9HUODJVXQLRQ3DEHO0RHZLJ.*5DVWDWW:LOKHOP+H\QH9HUODJ*PE+ &R.*0QFKHQ 3ULQWHGLQ)UDQFH 8PVFKODJLOOXVWUDWLRQ$OIUHG.HOVQHU%QGH 8PVFKODJJHVWDOWXQJ$WHOLHU,QJULG6FKXW]0QFKHQ 6DW]&RPSXVDW]*PE+0QFKHQ'UXFNXQG%LQGXQJ%URGDUG 7DXSLQ ,6%1

9RUVSLHO

'DV +DXV ZDU WULFKWHUI|UPLJ ZLH GLH PHLVWHQ +lXVHU DXI $5.21 (LQ NUlIWLJHU 6WLHO UDJWH YLHU 0HWHU EHUGHQ%RGHQ'DUEHUNDPGHUHLJHQWOLFKH7ULFKWHU]ZDQ]LJ0HWHUKRFKXQGPLWHLQHP'XUFKPHVVHU YRQ IDVW YLHU]LJ 0HWHUQ DP REHUHQ 5DQG /HXWQDQW %DUJK DURQ SRVWLHUWH GLH DFKW 3ROL]HLURERWV VHLQHU *UXSSHLQZHLWHP.UHLVXPGHQ6WLHOKHUXP'DQQVFKULWWHUVHOEVWDXIGHQ6WLHO]XXQGGUFNWHQHEHQGHU YLHUHFNLJHQ 7U HLQHQ URWHQ .QRSI XP GHQ %HZRKQHUQ GHV +DXVHV VHLQHQ %HVXFK DQ]XPHOGHQ 1XU GLHVHQHLQHQ=ZHFNHUIOOWHQ0LOOLRQHQURWHU.Q|SIHDQ0LOOLRQHQYRQ7ULFKWHUVWLHOHQDXI$5.21'DKHU ZDU/HXWQDQW%DUJK DURQDXIGHQ(IIHNWGHQHUHU]LHOWHJDQ]XQGJDUQLFKWJHIDW'DV+DXVIORJLQGLH /XIW,QGHU+XQGHUWVWHOVHNXQGHGLHHUQRFK]XOHEHQKDWWHVDK/HXWQDQW%DUJK DURQZLHGHU7ULFKWHUVWLHO YRU LKP DXVHLQDQGHUEUDFK EHU LKP PDFKWH HLQH JOHLHQGKHOOH ([SORVLRQ GLH 1DFKW ]XP 7DJH 'HQ GRQQHUQGHQ .UDFK K|UWH HU VFKRQ QLFKW PHKU DXFK NHLQHU YRQ VHLQHQ DFKW 5RERWHUQ ,KUH .|USHU LQ PLNURVNRSLVFK NOHLQH 6WFNH ]HUULVVHQ ELOGHWHQ HLQHQ NOHLQHQ 7HLO GHU JHZDOWLJHQ 6WDXE XQG 4XDOPZRONH GLH VLFK EHU GHU 6WHOOH GHU ([SORVLRQ HUKRE 'HU 3ROL]HLDSSDUDW YRQ $5.21 $EVFKQLWW )DWKRP8QWHUDEVFKQLWW7KDSPRRUNDPLQ%HZHJXQJGHUURERWLVLHUWH7HLOZLHLPPHU]XHUVW(VVWHOOWH VLFKKHUDXVGD/HXWQDQW%DUJK DURQHLQHQVFKZHUHQ)HKOHUEHJDQJHQKDWWH(UKDWWHQLHPDQGEHUVHLQH $NWLRQLQIRUPLHUWQLFKWHLQPDOGHQXQPLWWHOEDUYRUJHVHW]WHQ5RERW)UGHQYRUJHVHW]WHQ5RERWZDUGDV XQYHUVWlQGOLFK$EHUZHLWHUGLH/LQLHKLQDXIXQWHUGHQRUJDQLVFKHQ%HDPWHQGHV$EVFKQLWW]HQWUXPVZDU HLQHUNOXJJHQXJXP%DUJK DURUWV%HZHJJUQGH]XHUUDWHQ(UZDUDXIHLQHU6SXUJHZHVHQ(UKDWWHGDV *HIKO JHKDEW HU PVVH GLH 6SXU YHUIROJHQ 'LH 6SXU ZDU ZDKUVFKHLQOLFK QLFKW VHKU GHXWOLFK JHZHVHQ %DUJK DURQ KDWWH PHKU HLQH $KQXQJ JHKDEW DOV EHU]HXJHQGH ,QGL]LHQ :DV WXW HLQ /HXWQDQW LQ HLQHP VROFKHQ )DOO" 'LH 'LHQVWUHJHO VLHKW YRU GD HU VHLQHQ 9RUJHVHW]WHQ EHQDFKULFKWLJW XQG YRQ LKP GLH (UODXEQLV ]X ZHLWHUHP 9RUJHKHQ HLQKROW :HQQ GHU 9RUJHVHW]WH HLQ 5RERW LVW GHU DXI $KQXQJHQ QLFKWV JLEW" 'DV ZDU %DUJK DURQV /DJH JHZHVHQ GDYRQ ZDU GHU %HDPWH LP $EVFKQLWWV]HQWUXP EHU]HXJW (U XQWHU]RJ %DUJK DURQV NPPHUOLFKH +LQWHUODVVHQVFKDIW HLQHU VRUJIlOWLJHQ ,QVSHNWLRQ XQG IDQG ZDV HU VXFKWH $XI HLQ SRVLWURQLVFKHV .RGHIRUPXODU KDWWH %DUJK DURQ JHVFKULHEHQ 6ROOWH PLU HWZDV ]XVWRHQ GDQQELWWHLFKPHLQ6FKOLHIDFKLP3ULYDWGHSRW0RUUD]DO8QWHUDEVFKQLWW7KDSPRRU1XPPHU]X |IIQHQXQGPHLQH$XI]HLFKQXQJHQ]XOHVHQ© 'DKLQWHU VWDQG GDV .RGH]HLFKHQ PLW GHP 6FKOLHIDFK 1XPPHU JH|IIQHW ZHUGHQ NRQQWH 'HU %HDPWH DXV GHP $EVFKQLWWV]HQWUXP IKOWH VLFK VHLQHU 6DFKH ]LHPOLFK VLFKHU (LQ 'LQJ GDV LQ HLQHP

6FKOLHIDFKDXIEHZDKUWZXUGHZDUVRJXWZLHXQHUUHLFKEDUIUDOOHGLHGDV.RGH]HLFKHQQLFKWNDQQWHQ :HQQ%DUJK DURQ)HLQGHJHKDEWKDWWHGLHLKUH6SXUHQQDFKVHLQHP7RGHQGJOWLJYHUZLVFKHQZROOWHQVR ZXUGH LKQHQ GDV ZRKO NDXP JHOLQJHQ %DUJK DURQ ZDU HLQ XPVLFKWLJHU 0DQQ JHZHVHQ 'HU %HDPWH ZQVFKWH LKP QDFKWUlJOLFK HU KDWWH MHPDQG DQGHUV DOV HLQHQ 5RERW ]XP 9RUJHVHW]WHQ JHKDEW $P QlFKVWHQ7DJVROOWH%DUJK DURQV6FKOLHIDFKJH|IIQHWZHUGHQ$EHUQRFKLQGHU1DFKWIORJGDV3ULYDWGHSRW LQ GLH /XIW 'HU *HJQHU ZDU HLQ 0DQQ RKQH 6NUXSHO =XU =HLW GHU ([SORVLRQ EHIDQGHQ VLFK HWZD ]ZHLKXQGHUW 0HQVFKHQ LP 'HSRW ,P $EVFKQLWWV]HQWUXP EHJDQQ PDQ HLQ]XVHKHQ GD GD HWZDV 6FKZHUZLHJHQGHVLP *lQJHZDU %DUJK DURQKDWWH PLWWHQLQHLQ :HVSHQQHVW JHVWRFKHQ(VZDUIUDJOLFK REGLHDUNRQLGLVFKH3ROL]HLLQGHU/DJHVHLQZXUGHGHPJHIlKUOLFKHQ7UHLEHQGHV8QKHLPOLFKHQ(LQKDOW ]XJHELHWHQ)UVROFKH'LQJHZDUVLHHLQIDFKQLFKWJHVFKDIIHQ$XI$5.21KDWWHVLFKVHLW-DKUWDXVHQGHQ QLFKWV PHKU HUHLJQHW ZDV GLH JHLVWLJHQ )lKLJNHLWHQ GHV HLQIDFKVWHQ 3ROL]HLURERWV EHUVWLHJHQ KDWWH 'HU %HDPWHGHU%DUJK DURQV0RWLYHUUDWHQKDWWHPDFKWHGHP3ROL]HLSUlVLGHQWHQGHQ9RUVFKODJ7(55$XP +LOIH ]X ELWWHQ (U JODXEWH QLFKW GD GHU 9RUVFKODJ DQJHQRPPHQ ZHUGHQ ZUGH $EHU HU ZROOWH LKQ JHPDFKWKDEHQXPVHLQ*HZLVVHQ]XHUOHLFKWHUQ(UZDUVHKUHUVWDXQWDOVVFKRQDPQlFKVWHQ0RUJHQHLQ OlQJHUVRUJIlOWLJNRGLIL]LHUWHU+\SHUIXQNVSUXFKQDFK7(55$DEJHVWUDKOWZXUGH

%HIULHGLJWVDK%RyOXQDXIGDV%LOGGDVVLFKLKPDXIGHPNUHLVI|UPLJHQ(PSIlQJHUERW(]]DODJDXIGHP %RGHQ ,Q VHKU YHUIKUHULVFKHU 3RVH XP HV JHQDX ]X VDJHQ $EHU VLH ZXUGH QLHPDQG PHKU YHUIKUHQ GHQQ VLH ZDU WRW (V EHGXUIWH NHLQHU EHVRQGHUHQ .HQQWQLVVH XP GDV ]X VHKHQ (]]DV $XJHQ ZDUHQ ZHLW DXIJHULVVHQ GLH $XJlSIHO EOlXOLFK YHUIlUEW 0DQ KDWWH 1LNWRPDU YHUZHQGHW XP VLH ]X W|WHQ ,Q ]ZHL 6WXQGHQ ZUGHQ (]]DV $XJlSIHO ZLHGHU ZHL VHLQ ZLH ]XYRU LQ GUHL 6WXQGHQ ZUGHQ GLH $XJHQ VLFK VFKOLHHQ8QGPRUJHQZHQQLKUH)UHXQGHVLHYHUPLWHQZXUGHVHOEVWGLHREHUVWH0HGLNR3RVLWURQLNDOV (]]DV 7RGHVXUVDFKH QLFKWV DQGHUHV DOV HLQHQ +HU]VFKODJ GLDJQRVWL]LHUHQ N|QQHQ %RyOXQ VFKDOWHW GDV *HUlW DE XQG DQQXOOLHUWH GLH 6RQGHUVFKDOWXQJ GLH HV LKP HUP|JOLFKW KDWWH (]]DV %LOGVSUHFKJHUlW ]X DNWLYLHUHQREZRKO QLHPDQGGDZDUGHUHVLQ(]]DV+DXVKDWWHHLQVFKDOWHQN|QQHQ'LHVHV 3UREOHP ZDU DOVR HUOHGLJW GDFKWH %RyOXQ XQG OHKQWH VLFK ZHLW LQ VHLQHQ EHTXHPHQ 6HVVHO ]XUFN 0LW QDFKOlVVLJHP %OLFNEHUIORJHUGLH.RVWEDUNHLWHQPLWGHQHQVHLQ:RKQUDXPDXVJHVWDWWHWZDU(UKREGHQ.RSIXQGVDK HLQSDDU6HNXQGHQODQJLQGHQUXKLJHQJUQHQ6FKHLQGHU3V\FKRODPSHXPVHLQ*HKLUQ]XHQWVSDQQHQ 'DQNEDU HPSIDQG HU GLH %HUXKLJXQJ GLH YRQ GHP JUQHQ /LFKW DXVJLQJ (V ZDU ZLUNOLFK VHKU OHLFKW JHZHVHQ EHUOHJW HU :HOFK HLQ *OFN GD HU GLH ULFKWLJHQ /HXWH DQ GHU +DQG KDWWH /HXWH GLH DXI WDXVHQG 3ODQHWHQ JHZHVHQ ZDUHQ XQG ]HKQWDXVHQG 0HWKRGHQ NDQQWHQ XP HLQHQ 8QEHTXHPHQ RKQH $XIVHKHQ DXV GHP :HJ ]X UlXPHQ 2]R ZXUGH PLW LKP ]XIULHGHQ VHLQ :HU 2]R DXFK LPPHU VHLQ PRFKWH -HW]WNDPGDVQlFKVWH(UZROOWHVLFKGLH/HXWHDQVHKHQGLHJHVWHUQGDVJURH+DXVZHLWHUXQWHQDQGHU 6WUDH JHPLHWHW KDWWHQ )U HLQHQ 0DQQ LQ VHLQHU 3RVLWLRQ ZDU HV LPPHU YRQ 9RUWHLO ZHQQ HU VHLQH 1DFKEDUQ NDQQWH *DQ] DEJHVHKHQ GDYRQ GD %RyOXQ MHGHVPDO ZHQQ VLFK MHPDQG LQ VHLQHU 1lKH QLHGHUOLH GHQ 9HUGDFKW KHJWH HV VHL LKP HLQHU DXI GHU 6SXU 'HU .RQWDNW ZUGH VLFK XQDXIIlOOLJ KHUVWHOOHQODVVHQ(VZDU]ZDUQLFKWDUNRQLGLVFKH6LWWHGDPDQVLFKXPVHLQH1DFKEDUQNPPHUWH$EHU %RyOXQZDUDXFKNHLQ$UNRQLGH(UNRQQWHVLFKGDPLWKHUDXVUHGHQGDHUVLFKHLQVDPJHIKOWKDWWHXQG VLFKQDFKGHU*HVHOOVFKDIWYRQ/HXWHQVHKQWHGLHHEHQVRZHQLJ$UNRQLGHQZDUHQZLHHU'HQQPDQVDJWH GLHYLHU)UHPGHQVHLHQ7HUUDQHU$OVGHU6XPPHUHUW|QWHZXWH5RQLPHUVWHQ$XJHQEOLFNQLFKWZHOFKHQ .QRSI HU GUFNHQ VROOWH (LQ DUNRQLGLVFKHV +DXV ZDU YROOHU SRVLWURQLVFKHU 6HUYRPHFKDQLVPHQ 0DQ EUDXFKWHHLQSDDU7DJHXPGLH8QWHUVFKLHGH]ZLVFKHQGHQHLQ]HOQHQ6LJQDOHQXQGGLHULFKWLJH5HDNWLRQ DXI MHGHV HLQ]HOQH 6LJQDO ]X OHUQHQ (U IDQG KHUDXV GD HV GDV %LOGVSUHFKJHUlW ZDU GDV VLFK JHPHOGHW KDWWH (U VFKDOWHWH HV HLQ XQG EHREDFKWHWH JHVSDQQW GHQ VFKLPPHUQGHQ 0HWDOOULQJ GHU HWZD LQ GHU 0LWWH GHVJURHQ5DXPHVYRQGHU'HFNHKHUDEKLQJ1RUPDOHUZHLVHNRQQWHPDQGXUFKLKQKLQGXUFKVHKHQ0DQ VFKDXWHDXIGDVEXQWHDEVWUDNWH0RVDLNGHUJHJHQEHUOLHJHQGHQ:DQG-HW]WMHGRFKVFKLHQVLFKGHU5LQJ PLW ZHLHP 1HEHO ]X IOOHQ 'DV 0RVDLN YHUVFKZDQG 5RQ EHNDP GHQ (LQGUXFN HU VlKH GXUFK HLQ NUHLVUXQGHV)HQVWHULQHLQHQDQGHUHQ5DXPKLQHLQ'LH8PULVVHZDUHQ]XQlFKVWYHUVFKZRPPHQDEHUVLH

ZXUGHQVFKQHOOVFKDUI'DV%LOGKDWWHHLQHYRU]JOLFKH3HUVSHNWLYH:HUHVVRVDK]ZHLIHOWHGDUDQGDHV QXU GXUFK HLQ VLQQYROOHV =XVDPPHQVSLHO YRQ HOHNWURPDJQHWLVFKHQ XQG K\SHUSRVLWURQLVFKHQ ,PSXOVHQ ]XVWDQGHJHNRPPHQ ZDU 'HU 5DXP LQ GHQ 5RQ KLQHLQEOLFNWH ZDU VHOEVW IU DUNRQLVFKH 9HUKlOWQLVVH ZRKOKDEHQG DXVJHVWDWWHW 'HU %HVLW]HU DOO GLHVHV 5HLFKWXPV VD LQ HLQHP EHTXHPHQ 6HVVHO LQ GHU 0LWWH GHV %LOGHV XQG PXVWHUWH 5RQ DXIPHUNVDP 5RQ KlWWH VHLQ $OWHU DXI IQI]LJ -DKUH JHVFKlW]W ZHQQ HU HLQ 7HUUDQHU JHZHVHQ ZlUH (V ZDU VFKZHU ]X VDJHQ ZLH JUR HU ZDU $XI MHGHQ )DOO KDWWH HU EUHLWH 6FKXOWHUQ6HLQ*HVLFKWZDUVFKPDOXQGODQJGLH/LSSHQHQJ]XVDPPHQJHNQLIIHQGLH$XJHQWLHILQ GXQNOHQ +|KOHQ VLW]HQG 'LH KDDUORVH 6FKlGHOSODWWH XPUDKPWH HLQ VFKWWHUHU .UDQ] VDQGEUDXQHU +DDUH(VZDUNHLQ$QEOLFNGHUDXIGHQHUVWHQ%OLFN6\PSDWKLHHLQIO|WH$EHU5RQZDUZHLWLQGHU *DOD[LV KHUXPJHNRPPHQ (U ZXWH GD HV 5DVVHQ JDE GLH IU GDV PHQVFKOLFKH $XJH DEVFKHXOLFK ZLUNWHQ (UVW ZHQQ PDQ OlQJHU PLW LKQHQ ]X WXQ KDWWH OHUQWH PDQ GD PLW LKQHQ HEHQVR JXW DXV]XNRPPHQ ZDU ZLH PLW DQGHUHQ 0DQ YHUVWDQG GD GLH 6FK|SIXQJ VLFK QLFKW QDFK HLQHP *HVFKPDFNDOOHLQJHULFKWHWKDWWHXQGYHUJDGLH9RUXUWHLOH ª,FKELQ5RQ/DQGU\©VWHOOWH5RQVLFKYRUª:DVYHUVFKDIIWPLUGLH(KUH"© 'HU0DQQPLWGHPVFKPDOHQODQJHQ6FKlGHOYHU]RJGDV*HVLFKW]XHLQHPNXU]HQ/lFKHOQ ª0HLQ 1DPH LVW %RROXQ© DQWZRUWHWH HU ª,FK JODXEH LFK PX 6LH XP (QWVFKXOGLJXQJ ELWWHQ ,FK K|UWH6LHVHLHQQHXHLQJH]RJHQXQGGLH1HXJLHUGHSODJWHPLFK'DVKHLWQLFKWGLH1HXJLHUGHDOOHLQ :LH 6LH VHKHQ ELQ LFK NHLQ $UNRQLGH 0DQ ILQGHW LQ GLHVHP 7HLO GHV /DQGHV ZHQLJ $QJHK|ULJH DQGHUHU 5DVVHQ ,FK OHEH ]LHPOLFK LVROLHUW GHVZHJHQ GDFKWH LFK HV JlEH MHW]W HLQ ELFKHQ $EZHFKVOXQJ© 5RQEHXJWHVLFKQDFKYRUQ ª,FK NDQQ ,KQHQ QDFKIKOHQ© JDE HU ]X ª:LU VLQG ]ZDU HUVW HLQHQ 7DJ KLHU DEHU DQ GLHVHP HLQHQ 7DJ KDEHQ ZLU DXHU XQV VHOEVW NHLQHQ 0HQVFKHQ ]X *HVLFKW EHNRPPHQ )U XQV LVW GDV HLQ ZHQLJ XQJHZ|KQOLFK© %RyOXQVFKOXJEHLGH+lQGH]XVDPPHQ'DVVFKLHQHLQH*HVWHGHU%HMDKXQJ]XVHLQDEHUNHLQHGLH 5RQNDQQWH ª(VLVWDUNRQLGLVFKH$UW©EHKDXSWHWH%RyOXQª%OHLELQGHLQHP+DXVXQG]HLJ GLFKQLHPDQG© ª,FKPDFKH,KQHQHLQHQ9RUVFKODJ©QDKP5RQGHQ)DGHQZLHGHUDXIª.RPPHQ6LHHLQIDFK]XXQV KHUEHU"8QVYLHUHQZLUGHVQLFKWVFKZHUIDOOHQ6LHDXI]XKHLWHUQ© %RyOXQPDFKWHGHQ(LQGUXFNDOVVHLLKPHEHQHLQ6WHLQYRP+HU]HQJHIDOOHQ ª,FK KlWWH 6LH GDUXP JHEHWHQ© DQWZRUWHWH HU EHVFKHLGHQ ªZHQQ 6LH QLFKW YRQ VHOEVW GDUDXIJHNRPPHQZlUHQ,FKZHLHVLVWXQVFKLFNOLFKDEHU© ª$FKYHUJHVVHQ6LH V©ZLQNWH5RQDEª.RPPHQ6LHHLQIDFKUEHU6DJHQZLUXPIQIXQG]ZDQ]LJ KHXWHQDFKW"© ª(LQYHUVWDQGHQ8QGKHU]OLFKHQ'DQN© ª:LUIUHXHQXQV©YHUVLFKHUWH5RQ 'DQQVFKDOWHWHHUDE'DV%LOGYHUVFKZDQGXQGGDV0RVDLNDQGHU:DQGZXUGHZLHGHUVLFKWEDU,P +LQWHUJUXQGJDEHVHLQHQGHXWOLFKK|UEDUHQ.QDFNV5RQZDQGWHVLFKXP(UZUGHGDV$EK|UJHUlW GDVGLH%LOGJHVSUlFKHDXI]HLFKQHWHVRVFKDOWHQPVVHQGDHVZHQLJHU*HUlXVFKYHUXUVDFKWH*HJHQ 0LWWDJ EUDFKWHQ GLH 1DFKULFKWHQ GLH 0HOGXQJ YRQ (]]D 0DUODLQV 7RG LQ JURHU $XIPDFKXQJ 5RQ /DQGU\ K|UWH GDYRQ DOV HU GHQ NRPPHU]LHOOHQ %LOGIXQN HLQVFKDOWHWH XP VLFK ]X LQIRUPLHUHQ (]]D KDWWH VHLWGHP VLH DXI $5.21 DQVlVVLJ JHZRUGHQ ZDU HWZD ]ZHLKXQGHUW )LNWLYSURJUDPPH JHVFKULHEHQ XQG HLQHV ZDU EHVVHU JHZHVHQ DOV GDV DQGHUH (V JDE 6HQGHU GLH EHUKDXSW QXU QRFK (]]DV 3URJUDPPH YHUEUHLWHWHQ $XHU LKUHP 5XI DOV JHQLDOH $XWRULQ KDWWH (]]D DXFK QRFK GHQ EHVHVVHQ HLQH EHVWULFNHQG VFK|QH )UDX ]X VHLQ ª'DV JHVHOOVFKDIWOLFKH /HEHQ GHV 8QWHUDEVFKQLWWV 7KDSPRRULVWXPHLQHQOHXFKWHQGHQ6WHUQlUPHU©IRUPXOLHUWHQHVGLH1DFKULFKWHQ5RQK|UWHVLFKGLH 6HQGXQJ QXU DQ ZHLO HV IU LKQ HUVWDXQOLFK ZDU ZLHYLHO $XIKHEHQV GLH VRQVW VR UHVHUYLHUWHQ $UNRQLGHQ XP GHQ 7RG HLQHU )UDX PDFKWHQ hEOLFKHUZHLVH HUIXKUHQ QXU GLH QlFKVWHQ $QJHK|ULJHQ YRP7RGHLQHV0HQVFKHQ6LHEHPKWHQVLFKGDQQGLH%HLVHW]XQJVIHLHUOLFKNHLWHQVRVWLOOXQGVFKQHOO ZLHP|JOLFKKLQWHUVLFK]XEULQJHQXQGLKUDOWHV/HEHQZHLWHU]XOHEHQ(]]D0DUODLQPXWHHLQHJDQ]

EHVRQGHUH6RUWHYRQ)UDXJHZHVHQVHLQXP]XHLQHPVROFKDXVIKUOLFKHQ1DFKUXI$QOD]XJHEHQ 'LHJHVDPWH1DFKULFKWHQVHQGXQJGDXHUWHHLQHKDOEH6WXQGH'DQDFKHUVFKLHQGLHJHZRKQWH6HULHGHU )LNWLYSURJUDPPH DXI GHP %LOGVFKLUP 6\PSKRQLHQ YRQ )DUEHQ JHRPHWULVFKHQ )LJXUHQ XQG JHVFKLFNW NRPSRQLHUWHU %HZHJXQJ (LQ $UNRQLGH NRQQWH DQ HLQHP VROFKHQ 3URJUDPP VWXQGHQODQJ VHLQH )UHXGH KDEHQ RKQH PGH ]X ZHUGHQ (U EHKDXSWHWH GDV )LNWLYSURJUDPP DNWLYLHUH VHLQH *HKLUQWlWLJNHLW YHUVFKHXFKH VFKOHFKWH /DXQH XQG HUKDOWH MXQJ 5RQ KDWWH GLHVH %HKDXSWXQJHQ GHU 5HLKHQDFKDQVLFK]XEHZHLVHQYHUVXFKW(UVWHOOWHIHVWGDGDV*HZLPPHOYRQ/LQLHQ.UHLVHQXQG 9LHOHFNHQ MHJOLFKH NRQ]HQWULHUWH 'HQNWlWLJNHLW XQWHUEDQG (U XQWHUEUDFK GDV 3URJUDPP DOVR XQG QDKP VLFK YRU VWDWW GHVVHQ HLQHQ 5XQGJDQJ GXUFK GDV +DXV ]X PDFKHQ 6LH KDWWHQ HV QDFK GHU %HVFKUHLEXQJHLQHV$JHQWHQJHPLHWHW%LVODQJZDUQRFKNHLQH=HLWJHZHVHQGDVJDQ]H$QZHVHQ]X EHVLFKWLJHQ (U VWDQG DXI XQG ZDUI HLQHQ %OLFN ULQJVXP ,Q *HGDQNHQ YHUJOLFK HU GLH (LQULFKWXQJ GLHVHV5DXPHVPLWGHPZDVHUEHLGHP*HVSUlFKPLW%RyOXQJHVHKHQKDWWH(UYHU]RJGDV*HVLFKW 1LFKWV KLHU NRQQWH VLFK PLW GHU 3UDFKW YRQ %RyOXQV :RKQUDXP PHVVHQ 'DV EUDFKWH LKQ DXI GLH )UDJHZHU%RyOXQZRKOVHLQPRFKWH6HLQ1DPHJDENHLQHQ$XIVFKOXGDUEHUZRKHUHUNDPXQG VRZLHHUDXVVDKVDKHQGLH$QJHK|ULJHQPLQGHVWHQV]HKQYHUVFKLHGHQHU5DVVHQDXV(UVFKLHQHLQH 0HQJH*HOG]XKDEHQ8QWHU/HXWHQGLHJHQXJ*HOGKDWWHQJHK|UWHHV]XPJXWHQ7RQHLQHQ7HLOLK UHV /HEHQV DXI $5.21 YHUEUDFKW ]X KDEHQ :DKUVFKHLQOLFK JHK|UWH %RyOXQ ]X GLHVHU 6RUWH XQG ZDUWHWHVHKQVFKWLJGDUDXIGDHUVHLQH3IOLFKWMDKUHKLQWHUVLFKEUDFKWH5RQVFKULWWDXIHLQH7U]X XQGEHREDFKWHWHVLHZLHVLHYRULKP]XU6HLWHJOLWW'DKLQWHUODJHLQQXUVSlUOLFKP|EOLHUWHU5DXPPLW HLQHU *ODVZDQG DXI GHU JHJHQEHUOLHJHQGHQ 6HLWH 'XUFK GLH :DQG ILHO GHU %OLFN DXI HLQH $UW %DONRQ GHU VLFK YRQ OLQNV QDFK UHFKWV HLQ ZHQLJ JHNUPPW GXUFK GDV 6LFKWIHOG ]RJ (U ODJ HWZD GUHLLJ0HWHUHQWIHUQW=ZLVFKHQLKPXQGGHU*ODVZDQGZDUGDV,QQHUHGHV7ULFKWHUV'LH9HUDQGD KDWWH $XVJlQJH QDFK EHLGHQ 6HLWHQ 5RQ KLHOW VLFK QDFK UHFKWV XQG NDP DXI HLQ NXU]HV 6WFN XQYHUJODVWHQ %DONRQV GDV GHP JHJHQEHUOLHJHQGHQ lKQHOWH (U OHKQWH VLFK EHU GLH %UVWXQJ XQG VFKDXWHLQGHQ7ULFKWHUKLQXQWHU'LH$XVVLFKWZDUIDV]LQLHUHQG$QGHQ7ULFKWHUZlQGHQ]RJHQVLFK GLHHLQ]HOQHQ(WDJHQHQWODQJ]XP7HLOLQYHUJODVWHQ9HUDQGHQ]XP 7HLOLQRIIHQHQ %DONRQJlQJHQ 'DV XQWHUH (QGH GHV 7ULFKWHUV ZDU ]X HLQHP *DUWHQ DXVJHELOGHW GHU HLQ SDDU (WDJHQ ZHLW DQ GHQ :lQGHQ HPSRUNURFK (V JDE HLQHQ NOHLQHQ 7HLFK GHQ IQI SOlWVFKHUQGH %lFKH VSHLVWHQ 6RUJIlOWLJ DQJHOHJWH %OXPHQEHHWH ZHFKVHOWHQ PLW NOHLQHQ GLFKWHQ :LOGQLVVHQ 'LH 3IDGH ZDUHQ YRQ ZHFKVHOQGHU %UHLWH XQG ]RJHQ VLFK VFKHLQEDU RKQH 6LQQ LQ YLHOHQ :LQGXQJHQ GXUFK %VFKH XQG %HHWH :LUNOLFK JHVWDQG 5RQ VLFK HLQ GDV ZDU /HEHQVDUW 'DV 7ULFKWHUKDXV HUKRE VLFK ]X GHU VWDWWOLFKHQ +|KHYRQGUHLLJ0HWHUQ XQGGHU'XUFKPHVVHUGHV7ULFKWHUUDQGHV EHWUXJGRSSHOWVRYLHO (VJDEDFKW(WDJHQYRQGHQHQGHU*DUWHQGLHXQWHUVWHQGUHLEHDQVSUXFKWH,QGHQGDUEHUOLHJHQGHQ IQI ZDUHQ LQVJHVDPW IQIXQGYLHU]LJ 5lXPH YHUVFKLHGHQHU *U|H XQWHUJHEUDFKW *UR]JLJNHLW DOOHURUWHQ 5RQ YHUOLH VHLQHQ 3ODW] DQ GHU %DONRQEUVWXQJ XQG VFKLFNWH VLFK DQ GXUFK HLQHQ $QWL JUDYVFKDFKW LQ HLQHV GHU K|KHUOLHJHQGHQ 6WRFNZHUNH KLQDXI]XIDKUHQ ,Q GLHVHP $XJHQEOLFN HUW|QWH GHU3IRUWHQVXPPHU6RODQJHHVQRFKNHLQHQ'LHQHUJDEZDUHUVRJHVFKDOWHWGDPDQLKQGXUFKGDV JDQ]H+DXVK|UHQNRQQWH5RQVDKDXIGLH8KU(UHUZDUWHWHVHLQH)UHXQGHQRFKQLFKW]XUFN/DUU\ 5DQGDOO 0HHFK +DQQLQJHQ XQG /RIW\3DWWHUVRQ ZDUHQ XQWHUZHJV XP GLH 5RERWEHK|UGHQ GDYRQ ]X EHU]HXJHQGDVLHRUGQXQJVJHPlDXI$5.21HLQJHZDQGHUWZDUHQXQGGDHVNHLQHQ*UXQGJHEH LKQHQ GLH $XIHQWKDOWVJHQHKPLJXQJ ]X YHUZHLJHUQ 'HU DUNRQLGLVFKH %HK|UGHQDSSDUDW ZDU NRPSOL]LHUW XQG HV ZUGH QLFKW RKQH 5FNIUDJHQ EHL 'LHQVWVWHOOHQ DXHUKDOE GHV DUNRQLGLVFKHQ ,PSHULXPVDEJHKHQ'DVNRVWHWH=HLW(LQHUYRQGHQGUHLHQNRQQWHHVDOVRNDXPVHLQ5RQHQWVFKOR VLFKQDFK]XVHKHQ(UNHKUWHLQGDV=LPPHU]XUFNLQGHPHUNXU]]XYRUGDV*HVSUlFKPLW%RyOXQ JHIKUWKDWWHXQGGUFNWHGHQ.QRSIGHUGDV$XIQDKPHJHUlWQHEHQGHU+DXVWULQ$NWLRQVHW]WH'HU NUHLVI|UPLJH %LOGVFKLUP EHJDQQ ]X IOLPPHUQ XQG GDV *HVLFKW HLQHV 0lGFKHQV WDXFKWH DXI 9HUZXQGHUW VWDUUWH 5RQ VLH DQ %OLW]VFKQHOO UHJLVWULHUWH HU GD VLH ZLH HLQH IQIXQG]ZDQ]LJMlKULJH 7HUUDQHULQZLUNWHXQGGDVLHVRHQWVHW]WGUHLQVFKDXWHDOVVHLHQLKU0|UGHUDXIGHQ)HUVHQ ª+DOOR©VDJWH5RQª:DVNDQQLFKIU6LHWXQ"© ª%LWWH|IIQHQ6LH©IOHKWHGDV0lGFKHQª(VLVWZLFKWLJ©

5RQNQLIIGLH$XJHQ]XVDPPHQ ª:DVLVWZLFKWLJ"© ª,FK ZLOO HV QLFKW LQV 0LNURSKRQ KLQHLQ VDJHQ© ZHKUWH GDV 0lGFKHQ DE ª$EHU HV KDW PLW (]]D 0DUODLQV7RG]XWXQ© (LQHQ $XJHQEOLFN ODQJ PXWH 5RQ QDFKGHQNHQ ZHU (]]D 0DUODLQ ZDU (V ILHO LKP HLQ 'LH )UDX EHUGLHPDQLQGHQ1DFKULFKWHQJHVSURFKHQKDWWH:DVVROOWHHUGDPLW]XWXQKDEHQ" ª6LQG6LHVLFKHU©IUDJWHHUªGD6LHDQGHUULFKWLJHQ$GUHVVHVLQG"© ª-DELWWH|IIQHQ6LH© (V ZDUHWZDV LQ LKUHU6WLPPH GDV 5RQ YHUDQODWH NHLQH )UDJHQPHKU]X VWHOOHQ (U XQWHUEUDFKGLH 9HUELQGXQJ XQG |IIQHWH GLH 7U XQWHQ LP 6WLHO GHV 7ULFKWHUKDXVHV GXUFK HLQHQ 'UXFN DXI HLQHQ DQGHUHQ.QRSI'DV0lGFKHQVFKLHQVLFKLQDUNRQLGLVFKHQ7ULFKWHUKlXVHUQDXV]XNHQQHQ5RQYHUOLH GDV=LPPHUXQGJLQJ]XPQlFKVWHQ$QWLJUDYVFKDFKW(UZDUNDXPGRUWGDWUDWGDV0lGFKHQDXVGHP 6FKDFKW KHUDXV 6LH WUXJ GLH EOLFKH DUNRQLGLVFKH .OHLGXQJ HLQ VDFNlKQOLFKHV WURW]GHP UDIILQLHUW JHVFKQLWWHQHV.OHLG,Q:LUNOLFKNHLWVDKVLHQRFKKEVFKHUDXVDOVDXIGHP%LOGVFKLUP5RQVWUHFNWH GLH+DQGDXVXQGQDQQWHVHLQHQ1DPHQ ª9RQ7(55$©IJWHHUKLQ]XªGHVZHJHQGLH+DQG© 'LH $UW ZLH VLH GHQ *UX HUZLGHUWH EHZLHV LKP GD VLH NHLQH 7HUUDQHULQ ZDU 6LH JHWUDXWH VLFK NDXPGLH+DQG]XHUJUHLIHQEHUKUWHVLHQXUEHLGHQ)LQJHUVSLW]HQXQGGUFNWHVLHEHUKDXSWQLFKW ª9LHOHQ 'DQN GD 6LH PLFK KHUHLQJHODVVHQ KDEHQ© VHXI]WH GDV 0lGFKHQ ª,FK JODXEH LFK KDEH LQ GHQOHW]WHQ6WXQGHQHLQHJDQ]VFK|QH9HUIROJXQJVSV\FKRVHHQWZLFNHOW© 5RQPXVWHUWHVLHUDWORV ª'XPHLQH*WHZDUXPGHQQHLJHQWOLFK"© ª:HLO© DQWZRUWHWH GDV 0lGFKHQ HUQVW ªLFK GLH HLQ]LJH ELQ GLH ZHL GD (]]D 0DUODLQ NHLQHV QDWUOLFKHQ 7RGHV JHVWRUEHQ VRQGHUQ HUPRUGHW ZRUGHQ LVW $XHU GHP 0|UGHU QDWUOLFK© IJWH VLH GDQQQRFKKLQ]X(LQHQ$XJHQEOLFNODQJZDU5RQZLUNOLFKEHUUDVFKW'DQQILQJHUDQ]XOlFKHOQ ª6HOEVW ZHQQ 6LH UHFKW KDEHQ© IUDJWH HU IUHXQGOLFK ªZDUXP JODXEHQ 6LH GD LFK PLFK GDIU LQWHUHVVLHUH"© 'DV0lGFKHQVSUWHVHLQ0LWUDXHQ ª:HLO 6LH 7HUUDQHU VLQG© EUDFK HV DXV LKU KHUYRU ª:HQQ LFK ]XU 3ROL]HL JHKH GDQQ NRPPH LFK K|FKVWHQVELV]XP5RERWLQVSL]LHQWHQ'HUZLUGPHLQH9HUGDFKWVJUQGHXQWHUVXFKHQXQGHQWVFKHLGHQ VLHVHLHQQLFKWDXVUHLFKHQG8QGEHYRULFKHLQHQGHUK|KHUHQRUJDQLVFKHQ%HDPWHQEHUUHGHWKlWWH ZlUHGLHJDQ]H6DFKHVFKRQODQJHLP)OXYHUODXIHQ© $QGLHVHU%HPHUNXQJHUNDQQWHVLH5RQ!,P)OXYHUODXIHQDQVWDWW!LP6DQGYHUODXIHQVDJWHQGLH /HXWH DXI $5$8.$ 5RQ HULQQHUWH VLFK GD LQ GHQ 1DFKULFKWHQ DXFK YRQ (]]D 0DUODLQ DOV HLQHU $UDXNDQHULQGLH5HGHJHZHVHQZDU ª6LHNDQQWHQVLH"©IUDJWHHU ª:LUZDUHQ)UHXQGLQQHQ©DQWZRUWHWHGDV0lGFKHQ 5RQIDWHVLHEHLP(OOERJHQXQGGLULJLHUWHVLHGXUFKGLHRIIHQH7ULQGDVJURH:RKQ]LPPHU ª1HKPHQ6LH3ODW]© 'DV 0lGFKHQ VHW]WH VLFK JHKRUVDP 5RQ ERW LKU HWZDV ]X WULQNHQ DQ DEHU VLH ZROOWH QLFKWV (U JR VLFK VHOEVW HLQHQ JLIWJUQHQ /DVVDUS HLQ XQG VDPPHOWH GDEHL VHLQH *HGDQNHQ 2KQH GDV 0lGFKHQ DQ]XVHKHQNHKUWHHU]XU0LWWHGHVJURHQ5DXPHV]XUFNXQGVHW]WHVLFKVHLQHP*DVWJHJHQEHU ª,FK P|FKWH ,KQHQ JDQ] HKUOLFK HWZDV VDJHQ© EHJDQQ HU XQG ]|JHUWH ZHLO HU LKUHQ 1DPHQ QLFKW ZXWH ª,FKKHLH$LQD©VDJWHGDV0lGFKHQKDVWLJª$LQD.DUSHHQ© ª$OVRVFKRQ $LQD ,FKIUFKWHLFKNDQQ,KQHQQLFKW KHOIHQ:LUVLQGHUVWYRU ZHQLJHQ7DJHQQDFK $5.21JHNRPPHQXQGNHQQHQXQVKLHUVHOEVWQRFKQLFKWDXV$EHUZHQQHV6LHHUOHLFKWHUWVLFKGLH JDQ]H6DFKHYRQGHU6HHOH]XUHGHQGDQQWXQ6LHHVJHWURVW,FKK|UH,KQHQJHUQH]X© $LQD EHNDP JURH WUDXULJH $XJHQ XQG VWDUUWH YRU VLFK KLQ DXI GHQ %RGHQ 0LW GHU OLQNHQ +DQG PDFKWHVLHHLQHZLVFKHQGH%HZHJXQJ]XP=HLFKHQGHU9HUQHLQXQJ/DQJVDPVWDQGVLHDXI

ª1HLQ©VDJWHVLHOHLVHªGDQQKDWHVNHLQHQ=ZHFNGDLFK,KQHQHWZDVHU]lKOH,FKGDFKWHQXU© 6LHVFKZLHJXQGVDK5RQDQ6LHWDW5RQOHLG(UPXWHVLFK]XVDPPHQUHLHQXPQLFKWLUJHQGHWZDV ]X VDJHQ ZDV LKU ZLHGHU +RIIQXQJ PDFKWH (U ZDU QLFKW QDFK $5.21 JHNRPPHQ XP DOOHQ P|JOLFKHQ/HXWHQDXI]XIDOOHQZlKUHQGHUVLFKXPGLH+LUQJHVSLQVWHMXQJHU0lGFKHQNPPHUWH(U ZDUQLFKW]XVHLQHP9HUJQJHQKLHU8QGGHU)DOO(]]D0DUODLQSDWHQLFKWLQVHLQ3URJUDPPZLH (]]DDXFKLPPHUXPJHNRPPHQVHLQPRFKWH ª,FKEULQJH6LHKLQXQWHU$LQD©ERWHUGHP0lGFKHQDQ 6LHVFKLHQLKQQLFKW]XK|UHQ$EHUVLHHUKRENHLQHQ(LQZDQGDOVHUVLH]XP$QWLJUDYVFKDFKWIKUWH 'LFKWQHEHQHLQDQGHUVDQNHQVLHGXUFKGHQ6FKDFKWKLQDE'HU6FKDFKWIKUWHVFKUlJGXUFKGDV+DXV $EHU GDV NQVWOLFKH 6FKZHUHIHOG ZDU VR DQJHOHJW GD PDQ QLFKWV GDYRQ PHUNWH 8QWHQ LP 7ULFKWHUVWLHOJDEHVHLQHQ$XVVWLHJLQHLQHQZHLWHQKDOENUHLVI|UPLJHQ5DXP$XIGHP'XUFKPHVVHU GHV +DOENUHLVHV PQGHWHQ DXHU GHP 6FKDFKW GXUFK GHQ 5RQ PLW GHP 0lGFKHQ JHNRPPHQ ZDU QRFK VHFKV DQGHUH 6FKlFKWH *HJHQEHU ODJ GLH JURH (LQJDQJVWU 5RQ |IIQHWH VLH XP $LQD KLQDXV]XODVVHQ XQG VWHOOWH YROOHU (UVWDXQHQ IHVW GD HV GUDXHQ VFKRQ GXQNHO ZDU :HLW LP +LQWHUJUXQGOLHIGDVKHOOHUOHXFKWHWH%DQGGHU6WUDH7ULFKWHUKlXVHUGLHLQLKUHU1DKHVWDQGHQUDJWHQ ZLHILQVWHUH 6FKDWWHQLQ GLH 1DFKW=ZLVFKHQ 5RQV+DXV XQGGHU 6WUDHZDU DOOHV GXQNHO$LQDWUDW XQWHUGLH7U5RQVSUWHZLHVLHVFKDXGHUWH ª:RKDEHQ6LH,KUHQ:DJHQ"©IUDJWHHU ª,FKELQ]X)XJHNRPPHQ©DQWZRUWHWHVLHNQDSS ª6LHVLQG":DUWHQ6LHLFKEULQJH6LHQDFK+DXVHRGHUZRKLQ6LHVRQVWZROOHQ© $LQDZLVFKWHHQHUJLVFKPLWGHUOLQNHQ+DQG ª1HLQGDQNH*HEHQ6LHVLFKNHLQH0KH,FKELQ]X)XKLHUKHUJHNRPPHQLFKNRPPH]X)XDXFK ZLHGHUIRUW© 6LHWUDWDXIGDVVDQIWIOLPPHUQGH*OHLWEDQGGDVYRQGHU7UHSSHGLHSDDU=HQWLPHWHUELVKLQXQWHU]XP %RGHQIKUWH5RQZROOWHLKUQRFKHWZDVQDFKUXIHQ,QGLHVHP$XJHQEOLFNEHJDQQHV3O|W]OLFKZDU GLH /XIW PLW *HVXPP HUIOOW 'DV VFKZDFKH *HUlXVFK GHU 6WUDH ZXUGH YHUVFKOXFNW 'DV 6XPPHQ VFKZROODQ(VZDUHLQIHLQGOLFKHV*HUlXVFKGDVDOOHVLQVLFKKLQHLQ]XVDXJHQVFKLHQ5RQIU|VWHOWH $LQD ZDU XQWHQ DP )X GHV *OHLWEDQGHV VWHKHQJHEOLHEHQ 6LH VFKLHQ XQVFKOVVLJ ZDV VLH MHW]W WXQ VROOH ,Q GHU )HUQH VSUDQJ HLQ IDKOHV EODXHV /LFKW DXI (V NDP DXV GHP %RGHQ =XHUVW ZDU HV HLQ NOHLQHU 3XQNW GDQQ EUHLWHWH HV VLFK DXV XQG YHUORU DQ /HXFKWNUDIW (V VFKLHQ DXI GDV +DXV ]X]XNRPPHQ ,Q 6HNXQGHQVFKQHOOH XPIDWH HV GLH +lOIWH GHV +RUL]RQWV XQG ZXFKV PLW UDVHQGHU *HVFKZLQGLJNHLWDXIGHQ=HQLW]X ª.RPPHQ6LH]XUFN©VFKULH5RQ $LQD K|UWHLKQ QLFKW 'DV 6LQJHQ XQG6XPPHQ ZDU EHUPlFKWLJ JHZRUGHQ5RQ VDKGLH *UXQGOLQLH GHU IDKOHQ +HOOLJNHLW EHU GHQ %RGHQ HLOHQ 6LH ZDU YLHOOHLFKW QRFK KXQGHUW 0HWHU HQWIHUQW XQG EHZHJWH VLFK PLW GHU *HVFKZLQGLJNHLW HLQHV )OXJZDJHQV 5RQ VSUDQJ PLW GUHL ZHLWHQ 6lW]HQ GDV *OHLWEDQG KLQXQWHU $LQD ]XFNWH ]XVDPPHQ DOV HU VLH EHUKUWH (U SDFNWH VLH EHL GHQ $UPHQ XQG ]HUUWHGDV0lGFKHQVRVFKQHOOHUNRQQWHGDV*OHLWEDQGZLHGHUKLQDXI(UVDKZLHGDVIUHPGH/LFKW GDV %DQG HUUHLFKWH XQG HV EHUIOXWHWH (U VSUWH GHQ KDUWHQ )XERGHQ YRU GHU 7UHSSH XQWHU VHLQHQ 6FKXKHQ XQG ZDUI VLFK UFNZl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ª:DV ZDV ZDU GDV"© VWRWWHUWHVLH ª(LQ7HOHWUDQVSRUWIHOG©DQWZRUWHWH5RQWURFNHQª:HQQ6LHPLUJOHLFKJHVDJWKDWWHQGD6LHVRHLQ ZLFKWLJHV0lGFKHQVLQGGDQQZlUHXQVHLQH0HQJH0KHHUVSDUWJHEOLHEHQ© 6LHZDUHQZLHGHUKLQDXIJHIDKUHQ5RQKDWWHGLH)HUQVLFKWDQODJHHLQJHVFKDOWHWXQGIHVWJHVWHOOWGDGLH

PHUNZUGLJH (UVFKHLQXQJ YHUVFKZXQGHQ ZDU (U KDWWH QLFKWV DQGHUHV HUZDUWHW $EHU HWZDV PDFKWH LKP6RUJHQ ª$OVRIDQJHQ6LHDQ©EDWHU$LQD $LQDVFKLHQLKUH*HVFKLFKWHHLQSDDUPDOGXUFKGDFKW]XKDEHQ6LHEHJDQQRKQH=|JHUQ ª6LH ZLVVHQ ZDKUVFKHLQOLFK GD (]]D )LNWLYSURJUDPPH VFKULHE 6LH ZDU VHKU HUIROJUHLFK 'DV ODJ JDQ]HLQIDFKGDUDQGDVLHHWZDVYRQGHU6DFKHYHUVWDQG,FKPDJ)LNWLYSURJUDPPHQLFKWDEHUGLH YRQ(]]DKDEHLFKPLUPHLVWHQVDQJHVHKHQ9RU]ZHL7DJHQZXUGHZLHGHUHLQHVJHEUDFKW,FKOHJWH PLFK DXI GLH &RXFK XQG VDK HV PLU DQ (V ILQJ VFKRQ JOHLFK JDQ] DQGHUV DQ DOV GLH GLH LFK VFKRQ JHVHKHQKDWWH(VZDUYLHO8QUXKHGDULQXQGZHQLJHU+DUPRQLHDOVVRQVW(VZDUEHLQDKHVRDOVNlPH HV (]]D GLHVPDO GDUDXI DQ LKUH =XVFKDXHU DXI]XUHJHQ XQG LQ $QJVW ]X YHUVHW]HQ ,FK IDQG HV VSDQQHQG0LUPDFKWPDQQLFKWVROHLFKW$QJVWZLHGHQ$UNRQLGHQ$EHUMHOlQJHULFK]XVDKGHVWR GHXWOLFKHU KDWWH LFK GHQ (LQGUXFN (]]D ZROOWH PLU HWZDV VDJHQ ,FK NRQ]HQWULHUWH PLFK DXI GDV 3URJUDPP1DFKHLQHU:HLOHILQJLFKDQ]XYHUVWHKHQ:HQQLFKDOOHDQGHUHQ*HGDQNHQDXVVFKDOWH NRQQWH LFK JHUDGH]X K|UHQ ZLH (]]D ]X PLU VSUDFK $5.21 EHILQGHW VLFK LQ JURHU *HIDKU (LQH HKUJHL]LJHPlFKWLJH*UXSSHSODQWHLQHQ$QVFKODJDXI $Q GLHVHU 6WHOOH ZDU 6FKOX 'DV 3URJUDPP ZXUGH XQWHUEURFKHQ (LQ $QVDJHU PLW HLQHU VOLFKHQ 6WLPPH HQWVFKXOGLJWH VLFK IU GLH 6W|UXQJ $OV GHU %LOGVFKLUP ZLHGHU DXIOHXFKWHWH HUVFKLHQ HLQ DQGHUHV3URJUDPP,FKVFKDOWHWHDEXQGYHUVXFKWH(]]DDQ]XUXIHQ'DVJHODQJPLUQLFKW,FKKDEHHV VHLWGHPMHGHKDOEH6WXQGHYHUVXFKWELVLFKKHXWHPLWWDJHUIXKUGDPDQ(]]DWRWDXIJHIXQGHQKDW© 5RQ VFKDXWH ]X %RGHQ (U VSUWH GD $LQD LKQ HUZDUWXQJVYROO DQVDK (V ILHO LKP VFKZHU ]X YHUEHUJHQGDLKU%HULFKWHLQHQ]LHPOLFKVFKZHUZLHJHQGHQ9HUGDFKWLQLKPJHZHFNWKDWWH(UGXUIWH $LQD QLFKWV GDYRQ PHUNHQ ODVVHQ $XHU GHU 0|JOLFKNHLW GD VLH PLW HLQHU HFKWHQ 6RUJH XQG DXV HLJHQHP$QWULHE]XLKPJHNRPPHQZDUJDEHVPLQGHVWHQVQRFKHLQ'XW]HQGDQGHUH0|JOLFKNHLWHQ (LQJHVFKLFNWHU7DNWLNHUGHUVHLQH0LVVLRQNDQQWHZUGHYLHOOHLFKWYHUVXFKHQLKPDXIGLHVH:HLVH HLQH)DOOH]XVWHOOHQ ª8QGQXQYHUPXWHQ6LH©IUDJWHHUYRUVLFKWLJªGD(]]DHUPRUGHWZRUGHQLVW"© $LQDEUHLWHWHEHLGH+lQGHDXV ª(VOLHJWQDKHQLFKWZDKU"6LHZXWHLUJHQGHWZDV6LHEHIDQGVLFKLQ*HIDKU6LHGXUIWHQLFKWRIIHQ VDJHQZDVVLHZXWH'HVKDOEYHUVXFKWHVLHHVGXUFKHLQ)LNWLYSURJUDPPDXV]XGUFNHQ© ª+DEHQ 6LH PLW DQGHUHQ /HXWHQ JHVSURFKHQ XQG VLH JHIUDJW RE VLH YRQ GHP 3URJUDPP GHQVHOEHQ (LQGUXFNKDWWHQZLH6LH"© $LQDQLFNWH ª-DGDVKDEHLFKJHWDQ'LHPHLVWHQZDUHQ$UNRQLGHQ6LHZDFNHOWHQYHUVWlQGQLVORVPLWGHQ+lQGHQ XQGZXWHQQLFKWHLQPDOZRYRQLFKVSUDFK© ª%HVWHKWGLH0|JOLFKNHLWHLQHU+DOOX]LQDWLRQLFKPHLQH,KUHUVHLWV"© $LQDVFKOXJPLWGHU+DQGEHLVHLWHHQWVFKLHGHQXQGHLQZHQLJlUJHUOLFK ª1HLQ©DQWZRUWHWHVLHNQDSS 5RQEHXJWHVLFKHLQZHQLJQlKHU]XLKU ª6LHHUKHEHQGDHLQHVHKUVFKZHUZLHJHQGH$QNODJH$LQD©UHGHWHHULKU]Xª:HQQ6LH+LOIHKDEHQ ZROOHQ PVVHQ 6LH HV VLFK JHIDOOHQ ODVVHQ GD PDQ 6LH DXVIUDJW ,FK P|FKWH ,KQHQ KHOIHQ $EHU ZHQQ 6LH KLQWHU MHGHU )UDJH HLQH %HOHLGLJXQJ ZLWWHUQ ZHUGHQ ZLU HV VFKZHU KDEHQ YRUZlUWV ]X NRPPHQ© $LQDKREGHQ.RSIXQGVDKLKQDQ,KUH$XJHQZDUHQJURXQGGXQNHO ª(VWXWPLUOHLG©VDJWHVLHOHLVHª(VLVWQXULQGHQYHUJDQJHQHQ7DJHQXQG6WXQGHQKDEHQVRYLHOH /HXWHEHUPLFKGHQ.RSIJHVFKWWHOWXQGPLFKRIIHQIUHLQH1lUULQJHKDOWHQGDLFKHVIDVWQLFKW PHKUHUWUDJHQNDQQ© 5RQOlFKHOWHVLHDQ ª,FKKDOWH6LHQLFKWIUHLQH1lUULQ©VWHOOWHHUIHVWª8QGGHQ/HXWHQGLHELVKHUGHQ.RSIEHU6LH JHVFKWWHOWKDEHQ ZUGHHVMHW]W]LHPOLFKVFKZHUIDOOHQQDFKGHPGDVGDGUDXHQSDVVLHUWLVW©

$LQDZDUSO|W]OLFKYROOHU,QWHUHVVH ª6LHVDJWHQHVVHLHLQ7HOHWUDQVSRUWIHOGJHZHVHQ:DVLVWGDV"© 5RQZLHJWHGHQ.RSI ª6FKZHU]XHUNOlUHQ,PJURHQXQGJDQ]HQHLQ)HOGGDVHLQHQ*HJHQVWDQGXPVFKOLHWXQGLKQDXV GHP YLHUGLPHQVLRQDOHQ 5DXP=HLW.RQWLQXXP LQ HLQH $UW =ZLVFKHQUDXP HQWIKUW ,Q GLHVHP =ZLVFKHQUDXP JHOWHQ DQGHUH .RRUGLQDWHQ DOV LQ XQVHUHP .DXP hEHUGLHV LVW HV HLQ OHLFKWHV GLH .RRUGLQDWHQGHVHLQJHIDQJHQHQ.|USHUV]XlQGHUQ:LUGGDV)HOGZLHGHUDEJHVFKDOWHWGDQQEHILQGHW VLFKGHU.|USHUZLHGHULP9LHUHU.RQWLQXXPDEHUDQHLQHUDQGHUHQ6WHOOHDOV]XYRU© $LQDVWULFKVLFKEHUGLH+DDUH ª'DVNOLQJWNRPSOL]LHUW©PXUPHOWHVLHEHHLQGUXFNW ª(V LVW NRPSOL]LHUW© EHVWlWLJWH 5RQ ª'LH 0DWKHPDWLN GHV +DOEUDXPV DUEHLWHWH PLW XQJDQ]HQ 9HNWRUHQXQG7HQVRUHQ9LHUHUXQG)QIHUYHNWRUHQVLQGKDOEZHJVDQVFKDXOLFKH*HELOGHZHQQPDQ GDYRQDEVLHKWGDPDQVLFKQLFKWYLHURGHUIQI.RRUGLQDWHQDFKVHQYRUVWHOOHQNDQQYRQGHUMHGHDXI MHGHUDQGHUHQVHQNUHFKWVWHKW'HUPHQVFKOLFKH9HUVWDQGYHUVDJWGD$EHUGLH+DOEUDXPPDWKHPDWLN DUEHLWHW PLW 9LHU.RPPD)QIHU XQG )QI.RPPD)QIHU7HQVRUHQ XQG GDV EHGLQJW HLQH Y|OOLJ QHXH)RUPHOVSUDFKH© $LQDVWDUUWHLKQIDVVXQJVORVDQ ª6LHYHUVWHKHQHWZDVGDYRQ"©IOVWHUWHVLHPLW(KUIXUFKWLQGHU6WLPPH 5RQODFKWHXQGZLQNWHDE ª(LQ JDQ] NOHLQ ZHQLJ ,FK ZHL QXU QRFK GD PDQ ]XU (U]HXJXQJ HLQHV 7HOHWUDQVSRUWIHOGHV VHKU JURH(QHUJLHQEHQ|WLJW8QGZHQQVLFKMHPDQGVROFKH0KHJLEWHLQHVKEVFKHQ0lGFKHQVKDEKDIW ]X ZHUGHQGDQQ PX DQ GHPKEVFKHQ0lGFKHQ VFKRQZDV GUDQ VHLQ (WZDV PHLQH LFK ZDVGHP 8QEHNDQQWHQJHIlKUOLFKZHUGHQNDQQ© $LQDUHDJLHUWHQLFKWDXIGDV.RPSOLPHQW5RQQDKPHLQHQ6FKOXFNDXVVHLQHP*ODVXQGIXKUIRUW ª,FK]ZHLIOHDOVRQLFKWDQ,KUHU*HVFKLFKWH$LQD,FKELWWH6LHPLU]XVDJHQZHOFKH*HGDQNHQ6LH VLFKELVKHUJHPDFKWKDEHQ+DEHQ6LHLUJHQGHLQH,GHHZRULQ(]]DKDWWHYHUZLFNHOWVHLQN|QQHQ"© $LQDVFKLFNWHVLFKDQGLHOLQNH+DQG]XEHZHJHQ ª9RUVLFKW© EDW 5RQ ª'LH 3V\FKRORJLH OHKUW GD KDVWLJH $QWZRUWHQ VLFK LP *HGlFKWQLV QLHGHUVFKODJHQ XQG GLH (ULQQHUXQJ DQ GDV ZLUNOLFKH *HVFKHKHQH YHUGXQNHOQ /DVVHQ 6LH VLFK =HLW :LUKDEHQHVQLFKWEHVRQGHUVHLOLJ,QGLHVHP+DXVEHILQGHQ6LHVLFKLQ6LFKHUKHLW'HQNHQ6LHEHU PHLQH)UDJHQDFKXQGDQWZRUWHQ6LHHUVWZHQQ6LHJDQ]VLFKHUVLQG© (UEHREDFKWHWHGDV0lGFKHQVFKDUI,KUH$XJHQZXUGHQNOHLQHU'LH3XSLOOHQVFKORVVHQVLFKELVDXI ZLQ]LJH.UHLVH$LQDVDQNLQLKUHQ6HVVHO]XUFNXQGULFKWHWHGHQ%OLFNQDFKREHQ5RQDWPHWHDXI (V JDE HLQH 0HWKRGH :RUW XQG 6DW]IROJH ]X ZlKOHQ XQG VLH PLW HQWVSUHFKHQGHQ 7RQIDOO ]X YHUELQGHQ GD GDV *HVDJWH VWDUNH VXJJHVWLYH :LUNXQJ EHNDP -HGHU NRQQWH VLFK GLHVHU 0HWKRGH EHGLHQHQ ZHQQ HU GLH HQWVSUHFKHQGH hEXQJ KDWWH 9RQ WHUUDQLVFKHQ 3V\FKRORJHQ ZDU GLH 9HUEDOVXJJHVWLRQ ]X HLQHU QDKH]X H[DNWHQ :LVVHQVFKDIW HQWZLFNHOW ZRUGHQ 5RQ EHKHUUVFKWH GLH 5HJHOQ$EHULPDOOJHPHLQHQEUDXFKWHPDQ9RUEHUHLWXQJXPHLQH0LWWHLOXQJVRDXI]XVHW]HQGDGLH VXJJHVWLYH :LUNXQJ HLQ 0D[LPXP HUUHLFKWH $LQD JHJHQEHU KDWWH HU NHLQH =HLW JHKDEW (U KDWWH VR]XVDJHQDXVGHP6WHJUHLIJHVSURFKHQ$EHUGDV=LHOZDUHUUHLFKW'DV0lGFKHQNRQ]HQWULHUWHVLFK MHW]WDXIVHLQHQ%HIHKO6LHGDFKWHQDFK/HLVHVWDQG5RQDXI(UEUDFKWHVHLQQRFKKDOEYROOHV*ODV]XU %DU ]XUFN XQG OHHUWH HV DXV /DVVDUS ZDU HLQ KHUUOLFKHV *HWUlQN $EHU HV JDE $XJHQEOLFNH GD EUDXFKWHPDQJDQ]HLQIDFKHLQ%LHU5RQ|IIQHWHHLQH'RVHVHW]WHVLHDQXQGWUDQNVLHLQHLQHP=XJ OHHU 'DV NKOH *HWUlQN HUIULVFKWH LKQ (V VFKLHQ VHLQHQ *HGDQNHQ QHXHQ $XIWULHE ]X JHEHQ 6LH EHZHJWHQVLFKVFKQHOOHUXQGHLQHYHUEOIIHQGH,GHHIRUPWHVLFK :LHVSUHQJWPDQHLQ3ULYDWGHSRWLQGLH/XIW" ,Q 3ULYDWGHSRWV YHUZDKUWHQ GLH $UNRQLGHQ DOOHV DXI ZDV VR ZLFKWLJ ZDU GD VLH HV LKUHU HLJHQHQ 2EKXW QLFKW DQYHUWUDXHQ P|FKWHQ (V JDE HLQH 5HGHZHQGXQJ GLH !VR VLFKHU ZLH PHLQ 3ULYDWVDIH KLH 6LH GUFNWH DXV GD HV NHLQHQ VLFKHUHQ 3ODW] DXI $5.21 JDE DOV HLQHQ 6DIH LQ HLQHP 3ULYDWGHSRW'LH5HGHZHQGXQJKDWWHQDWUOLFKLKUH+LQWHUJUQGH6HLW-DKUWDXVHQGHQKDWWHHVNHLQHQ

HUIROJUHLFKHQ (LQEUXFK LQ HLQ 'HSRW JHJHEHQ $XFK $QVFKOlJH DQGHUHU $UW ZLH ]XP %HLVSLHO GLH 9HUQLFKWXQJHLQHVJHVDPWHQ'HSRWVDOV5DFKHDNWJHJHQMHPDQGGHUJURH7HLOHVHLQHV9HUP|JHQVLQ HLQHP6DIHGHSRQLHUWKDWWHZDUHQQLHPDOV]XU$XVIKUXQJJHNRPPHQ'DV'HSRW0RUUD]DODEHUZDU HLQIDFK LQ GLH /XIW JHIORJHQ XQG GD]X QRFK LP ULFKWLJHQ $XJHQEOLFN *HUDGH VR ZLH $LQD LP ULFKWLJHQ$XJHQEOLFNYHUVFKZXQGHQZlUHZHQQ5RQQLFKWGLH1DWXUGHV7HOHWUDQVSRUWIHOGHVHUNDQQW XQG GLH *HIDKU JHZLWWHUW KDWWH :LH ZDU GDV P|JOLFK" :LH NRQQWH GHP 8QEHNDQQWHQ VR]XVDJHQ LP +DQGXPGUHKHQ HWZDV JHOLQJHQ ZRUDQ ZHQLJVWHQV KXQGHUW *HQHUDWLRQHQ DUNRQLGLVFKHU (LQEUHFKHU XQG %DQGLWHQ KRIIQXQJVORV JHVFKHLWHUW ZDUHQ" 'LH $QWZRUW ODJ DXI GHU +DQG 0LW HLQHP 7HOHWUDQVSRUWIHOG NRQQWH PDQ MHGH $UW YRQ %RPEH LQ HLQ 'HSRW VFKPXJJHOQ RKQH GD GLH :DUQJHUlWH DXFK QXU GHQ JHULQJVWHQ 9HUGDFKW IDWHQ 6LH VSUDFKHQ DXI 'LQJH DQ GLH JHJHQVWlQGOLFKHU ZDUHQ DOV HLQ YLHUHLQKDOEGLPHQVLRQDOHV .UDIWIHOG (V JDE NHLQH DQGHUH (UNOlUXQJ :HLODEHU/HXWHGLHGLHQRWZHQGLJHQ*HUlWH]XU(U]HXJXQJYRQ7HOHWUDQVSRUWIHOGHUQEHVDHQQLFKW JOHLFK GXW]HQGZHLVH KHUXPOLHIHQ ZDU HV PHKU DOV ZDKUVFKHLQOLFK GD ]ZLVFKHQ GHU ([SORVLRQ GHV 'HSRWV XQG GHU YHUVXFKWHQ (QWIKUXQJ $LQDV HLQ =XVDPPHQKDQJ EHVWDQG =XPLQGHVW VFKLHQHQ GLH JOHLFKHQ /HXWH KLQWHU EHLGHQ (UHLJQLVVHQ ]X VWHFNHQ 5RQ WUDQN GLH ]ZHLWH 'RVH OHHU XQG EHJOFNZQVFKWH VLFK (U KDWWH JHJODXEW HV ZXUGH :RFKHQ GHU 9RUHUPLWWOXQJ EHGUIHQ XP ZHQLJVWHQV HLQH 6SXU ]X ILQGHQ 6WDWW GHVVHQ NDP $LQD ]X LKP XQG SUlVHQWLHUWH LKP HLQHQ 7HLO GHU *HVFKLFKWH$UJZRKQVWLHJHLQ]ZHLWHV0DOLQLKPDXI:DUGDV=XVDPPHQWUHIIHQQLFKW]XDXIIlOOLJ" :DU$LQDHLQH$JHQWLQ"1HLQ5RQZDUQLFKWEHUHLW]XJODXEHQGDGDV0lGFKHQORJ(VZDUQXUHLQ *HIKOGDVLKPVDJWHVLHPHLQWHHVHUQVW$EHUGDV*HIKOZDUGHXWOLFK$LQDEHIDQGVLFKLQ*HIDKU ,KUH $QJVW ZDU HFKW (V ZDU VHLQH 5RQV $XIJDEH GDV 0lGFKHQ ]X VFKW]HQ XP GHV WHUUDQLVFKHQ ,QWHUHVVHV XQG DQGHUHU *UQGH ZLOOHQ 6R ZHLW ZDU HU PLW VHLQHQ *HGDQNHQ JHNRPPHQ DOV $LQD SO|W]OLFKDXVLKUHP6HVVHODXIVFKUDN ª,FKZHLHV©VWLHVLHKHUYRU*OHLFKGDUDXIVFKZlFKWHVLHGLH%HKDXSWXQJZLHGHUDEª'DVKHLW LFKKRIIHHVKDWHWZDVPLWGHU6DFKH]XWXQ© 'HU VXJJHVWLYH %DQQ ZDU JHEURFKHQ 5RQ NHKUWH ]X VHLQHP 3ODW] ]XUFN XQG VHW]WH VLFK $LQD JHJHQEHU ª(U]lKOHQ6LH©EDWHU

ª,FK VROOWH ]XYRU VDJHQ© EHJDQQ $LQD ªGD (]]D XQG LFK VHKU JXWH )UHXQGH ZDUHQ 'D]X NRPPW GDZLUEHLGHYRQGHUJOHLFKHQ:HOWVWDPPHQ6LHZHUGHQVHOEVWVFKRQIHVWJHVWHOOWKDEHQGD]XP %HLVSLHO6LHVLFKPLWHLQHP7HUUDQHUEHVVHUYHUVWHKHQDOVPLWHLQHP$UNRQLGHQVHOEVWZHQQ6LHGLH DUNRQLGLVFKH6SUDFKHY|OOLJEHKHUUVFKHQ© 5RQQLFNWH ª-DGDVLVWVR©JDEHU]X ª,FKQHKPHDQHVOLHJWDQGHU'HQNZHLVH©IXKU$LQDIRUWª$XIMHGHQ)DOOJDEHV]ZLVFKHQ(]]DXQG PLU QLHPDOV HLQ 0LYHUVWlQGQLV ,FK YHUVWDQG DOOHV ZDV VLH VDJWH XQG VLH YHUVWDQG DOOHV ZDV LFK VDJWH© 5RQK|UWHLKUDXIPHUNVDP]X ª6LHKDEHQPLFK]XP1DFKGHQNHQDQJHKDOWHQ©HUNOlUWHGDV0lGFKHQª,FKZROOWH]XHUVWVDJHQGD LFK NHLQH $KQXQJ KDWWH ZRULQ (]]D YHUZLFNHOW ZDU $EHU LQ]ZLVFKHQ LVW PLU HWZDV HLQJHIDOOHQ $Q HLQHP $EHQG DOV LFK VLH EHVXFKWH ZLUNWH VLH QLHGHUJHVFKODJHQ XQG WUDXULJ YLHOOHLFKW DXFK HLQ ELFKHQlQJVWOLFK,FKIUDJWHVLHZDVLKUIHKOWHXQGVLHJDEPLUHLQH$QWZRUWGLHLFKQLFKWYHUVWDQG 6LHZHFKVHOWHJOHLFKGDUDXIGDV7KHPD6LHVFKLHQIU|KOLFKHU]XZHUGHQXQGLFKZROOWHDXIGLH6DFKH GLHVLHEHGUFNWHQLFKW]XUFNNRPPHQ1DWUOLFKZDULFKQHXJLHULJ©6LHOlFKHOWHHLQZHQLJª$EHU PDQFKPDO EULQJH VHOEVW LFK HV IHUWLJ GLH JXWH /DXQH GHV DQGHUHQ EHU PHLQH HLJHQH 1HXJLHUGH ]X VWHOOHQ© ª:DVDQWZRUWHWHVLHDXI,KUH)UDJH"©

ª(VZDUQLFKWHLQPDOHLQH$QWZRUWHVZDUHLQH*HJHQIUDJH6LHKLH:HLWGXZHU+HOHQDZDU"'LH 6FK|QH+HOHQD"© $LQDVDK5RQDQ ª.|QQHQ6LHGDPLWHWZDVDQIDQJHQ"©IUDJWHVLH 5RQVFKWWHOWHGHQ.RSI ª1HLQ©DQWZRUWHWHHURIIHQª:HQLJVWHQVLP$XJHQEOLFNQLFKW6RQVWVDJWHVLHQLFKWV"© ª1LFKWVZDVQLFKWLQXQVHUH8QWHUKDOWXQJJHSDWKlWWH© 5RQ ZXWH GD HV NHLQHQ =ZHFN KDWWH $LQD QRFKPDOV ]XP 1DFKGHQNHQ DQ]XKDOWHQ 8QWHU GHP (LQIOXGHU6XJJHVWLRQKDWWHVLHDOOHVDXVLKUHP*HGlFKWQLVKHUDXVJHKROWZDVGULQQHQZDU (LQSDDU 0LQXWHQ YHUJLQJHQ ZlKUHQG 5RQ YHUVXFKWH VLFK DXI (]]DV PHUNZUGLJH )UDJH HLQHQ 5HLP ]X PDFKHQ ª:LVVHQ 6LH EULJHQV© PHOGHWH $LQD VLFK VFKOLHOLFK ]DJKDIW ]X :RUW ªZHU GLH 6FK|QH +HOHQD ZDU"© ª-D QDWUOLFK (LQH *HVWDOW DXV HLQHU WHUUDQLVFKHQ 6DJH (LQH ZXQGHUVFK|QH )UDX 3ULQ]HVVLQ YRQ 7URMDXPGLHVLFKGLH0lQQHUUDXIWHQ,KUHWZHJHQJDEHVVFKOLHOLFKHLQHQ.ULHJXQGGLH6WDGW7URMD ZXUGHYHUQLFKWHW© $LQDIDOWHWHGLH+lQGH ª0HUNZUGLJ GD VLH QDFK HLQHU WHUUDQLVFKHQ 6DJH IUDJWH QLFKW ZDKU" 6RYLHO LFK ZHL ZDU (]]D QLHPDOVDXI7(55$© ª2KGDVEHVDJWQLFKWV8QVHUH*HVFKLFKWHQVLQGLQGHU*DOD[LVZHLWYHUEUHLWHW© V(UVWDQGDXIXQGJLQJHLQH=HLWODQJLP=LPPHUDXIXQGDERKQHGDV0lGFKHQDQ]XVHKHQ3O|W]OLFK EOLHEHUVWHKHQ ª'LHVH $QJHOHJHQKHLW LQWHUHVVLHUW PLFK VHKU© HUNOlUWH HU HUQVW ª,FK PRFKWH KHUDXVEHNRPPHQ ZHU (]]D0DUODLQXPJHEUDFKWKDWXQGZDUXPHUHVJHWDQKDW$EHU]XQlFKVWPVVHQZLU6LHLQ6LFKHUKHLW EULQJHQ+DEHQ6LHHWZDVGDJHJHQLQGLHVHP+DXV]XEOHLEHQ"© (UKREGHQ.RSIXQGVDK$LQDDQ$LQDOlFKHOWHVS|WWLVFK ª(LQHW\SLVFKWHUUDQLVFKH)UDJH©VWHOOWHVLHIHVWª6RUJHQ6LHVLFKXPGLH0RUDO"© :LGHU:LOOHQZXUGH5RQYHUOHJHQ ª8QWHUDQGHUHP©JDEHU]X ª'DVODVVHQ6LHEHVVHUVHLQ©ULHW$LQDª$XI$5.21OHEHQGLH/HXWHJUR]JLJ© ª6FKRQ JXW 2EHQ LQ GHU DFKWHQ (WDJH ZHUGHQ ZLU HLQ SDDU =LPPHU IU 6LH IUHL PDFKHQ *LEW HV MHPDQGGHQ6LHEHU,KUHQQHXHQ:RKQRUWLQIRUPLHUHQPVVHQ"©ZROOWH5RQZLVVHQ ª1HLQ©DQWZRUWHWHGDV0lGFKHQHQWVFKLHGHQ ª*XW©VDJWH5RQXQGQLFNWH]XIULHGHQª,FKPRFKWHGD6LHDOVHUVWHVHLQH/LVWHDQIHUWLJHQ© $LQDZDUDXIJHVWDQGHQ ª(LQH/LVWH"© ª-D (LQH /LVWH GHU /HXWH PLW GHQHQ 6LH VHLW ,KUHU %HREDFKWXQJ DP )LNWLYHPSIlQJHU EHU GDV XQWHUEURFKHQH3URJUDPPJHVSURFKHQKDEHQ© (UEUDFKWHVLHQDFKREHQ(UYHUDEVFKLHGHWHVLFKYRQLKUXQGVDJWHHUZHUGHVLHMHW]W]ZHLRGHUGUHL 6WXQGHQ LQ 5XKH ODVVHQ GDPLW VLH VLFK LKUHU $XIJDEH ZLGPHQ N|QQWH :HQLJH 6HNXQGHQ VSlWHU PHOGHWH GHU 7UVXPPHU /DUU\V 0HHFKV XQG /RIW\V 5FNNHKU 'LH GUHL ZDUHQ JXWHU /DXQH 'DV KHLW /DUU\ XQG /RIW\ VWUDKOWHQ EHUV JDQ]H *HVLFKW ZlKUHQG 0HHFK DOV JXWHU .RQIRUPLVW HLQ DPVLHUWHV /lFKHOQ]HLJWH ª-XQJH© VHXI]WH /DUU\ QDFKGHPHU VLFK LQHLQHQ6HVVHO JHZRUIHQ KDWWH ªLFKGDFKWHLPPHUGLHWHUUDQLVFKH%URNUDWLHZlUHGDV1RQSOXVXOWUD$EHU$5.21VFKOlJW7(55$ EHL ZHLWHP 0DQFKPDO KDW PDQ GHQ (LQGUXFN PLW ]HKQ IOHLLJHQ 0lQQHUQ N|QQWHQ VLH PHKU DXVULFKWHQDOVPLWGHQIQIXQG]ZDQ]LJWDXVHQG5RERWHUQGLHVLHGDVWHKHQKDEHQ© /RIW\ ZDU ]XU %DU JHJDQJHQ XQG KDWWH %LHU HLQJHVFKHQNW :LH HU HV LPPHU WDW ERW HU 0HHFK DXFK GLHVPDOHLQ*ODVDQ+|IOLFKOHKQWH0HHFKDE ª'XVROOWHVWHVHLQPDOSURELHUHQ0HHFK©NLFKHUWH/RIW\ª(VWlWHGLUEHVWLPPWJXW© /RIW\ 3DWWHUVRQ ZDU HLQ NOHLQHU DOWHU 0DQQ 6HLQH JUDXZHLHQ +DDUH VFKLHQHQ QLHPDOV PLW HLQHP

.DPP LQ %HUKUXQJ JHNRPPHQ ]X VHLQ (EHQVR ZLUU ZLUNWH GHU ]HKQ =HQWLPHWHU ODQJH %DUW 6HLQ *HVLFKW ZDU YROOHU NOHLQHU OXVWLJHU )lOWFKHQ ,Q VHLQHQ $XJHQ OHXFKWHWH EHVWlQGLJHU 6SRWW XQG GLH KRKH PDQFKPDO PHFNHUQGH 6WLPPH YHUYROOVWlQGLJWH GHQ (LQGUXFN GHV OXVWLJHQ DOWHQ 0DQQHV GHU QLFKWPHKUVRJDQ]EHL7URVWZDUXQGVHLQHHLJHQHQ$QVLFKWHQEHUGLH'LQJHKDWWH/RIW\3DWWHUVRQ NDP YRQ 3$66$ HLQHP WHUUDQLVFKHQ .RORQLDOSODQHWHQ XQG EHVD HLQHQ XQWUJOLFKHQ ,QVWLQNW IU 6SXUHQDOOHU$UW(LQSDDU8QWHUQHKPXQJHQZDUHQKDXSWVlFKOLFKGHVZHJHQHUIROJUHLFKJHZHVHQZHLO /RIW\LPUHFKWHQ$XJHQEOLFNHUNDQQWKDWWHZRGHU:HJZHLWHUIKUWH ª6LHKDWWHQGUHL$XWRPDW*HVSUlFKHPLW7(55$©IXKU/DUU\LQVHLQHP%HULFKWIRUWª(UVWQDFKGHP GULWWHQ JODXEWHQ VLH GD ZLU WDWVlFKOLFK GLH (UGH YRU IQI -DKUHQ DQ %RUG GHU 7+(63,6 YHUODVVHQ KDEHQXQGVHLWGHPDXIYHUVFKLHGHQHQ:HOWHQGHV$UNRQLGLVFKHQXQG6RODUHQ,PSHULXPVLPPHUQXU DOV 'XUFKJDQJVUHLVHQGH UHJLVWULHUW ZXUGHQ 6LH ZROOWHQ ZLVVHQ ZDV ZLU LQ GHQ IQI -DKUHQ JHWDQ KDWWHQ ,FK HU]lKOWH LKQHQ GD ZLU HLQ SDDU -DKUH ODQJ DOV 6FKDW]JUlEHU KLQWHU GHQ GUHL]HKQ .DW]HQVFKZlQ]HQJHDUEHLWHWKDEHQXQGGDEHLUHLFKJHZRUGHQVLQG'DV!UHLFKVFKLHQVLHEHVRQGHUV ]XEHHLQGUXFNHQ:DKUVFKHLQOLFKHUKRIIHQVLHVLFKJURH6WHXHUQYRQXQV$XIMHGHQ)DOO© ª:HU"'LH0DVFKLQHQ"©XQWHUEUDFK5RQLKQODFKHQG ª1D MD ZDUXP QLFKW" 9LHOOHLFKW KDEHQ VLH VR HWZDV ZLH HLQ VWDDWVEUJHUOLFKHV %HZXWVHLQ 'DV LVW QLFKW XQP|JOLFK $XI MHGHQ )DOO VLQG ZLU MHW]W UHFKWVJOWLJ UHJLVWULHUW :LU VLQG OHJDOH (LQZDQGHUHU PLW GHQ 5HFKWHQ XQG 3IOLFKWHQ DUNRQLGLVFKHU %UJHU 8QVHUH $XIHQWKDOWVJHQHKPLJXQJ LVW DXI GUHL 3ODQHWHQMDKUHEHIULVWHWXQGEHGDUIZHQQZLUOlQJHUEOHLEHQZROOHQGHUDPWOLFKHQ9HUOlQJHUXQJ'HU JDQ]H6SDKDWXPJHUHFKQHWDFKWKXQGHUW6RODUJHNRVWHW,VWGDVQLFKWVSRWWELOOLJ"© 5RQYHU]RJGDV*HVLFKW ª$XHURUGHQWOLFK:HQQLFKDQ1LNH4XLQWRV%OXWGUXFNGHQNHZLUGPLUMHW]WVFKRQ$QJVWXPVHLQH *HVXQGKHLWYRQGHP$XJHQEOLFNDQLQGHPHUXQVHUH6SHVHQUHFKQXQJ]XVHKHQEHNRPPW© /DUU\ZLGPHWHVLFKVHLQHP*ODV(UZDUGHU7\SGHVPLWWHOJURHQJXWDXVVHKHQGHQMXQJHQ0DQQHV GHUVLFKJHUQHDPVLHUWHXQGGDV/HEHQJHZ|KQOLFKYRQGHUOHLFKWHQ6HLWHKHUEHWUDFKWHWH1LHPDQG ZLWWHUWH LQ VHLQHP &KDUDNWHU EHHLQGUXFNHQGH *HPWVWLHIH XQG QLHPDQG JODXEWH GD PDQ /DUU\ 5DQGDOOV,QWHOOLJHQ]XQWHUVFKlW]HQN|QQH1LHPDQGDOOHUGLQJVZXWHDXFKGDHV3V\FKRVFKDEORQHQ JDEGLHGLHlXHUH(UVFKHLQXQJHLQHV0DQQHVIDVWMHGHPJHZQVFKWHQ=ZHFNDQSDVVHQN|QQWHQ'HU YLHUWHLQGHU5XQGHZDU0HHFK+DQQLJDQ(LJHQWOLFKKLHHU0LWFKHOOXQGVHLQ5XIQDPHZDU0LWFK 0HUNZUGLJHUZHLVHKDWWHHUMHGRFKHLQHQ6SUDFKIHKOHUGHUVLFKQXUEHLVHLQHPHLJHQHQ1DPHQVRQVW QLUJHQGV DXVZLUNWH (U NRQQWH GDV !L ]ZLVFKHQ GHP !P XQG GHP !WFK QLFKW NXU] JHQXJ DXVVSUHFKHQ VR GD HV LPPHU ZLH 0LHWFK NODQJ 6HLQH )UHXQGH KDWWHQ GLHVH $XVVSUDFKH DQJHQRPPHQ6LHVFKULHEHQVRJDU0HHFKDQVWDWW0LWFKZHQQGHU1DPHVFKULIWOLFKHUZlKQWZHUGHQ PXWH 0HHFKV $OWHU ZDU VFKZHU ]X VFKlW]HQ (U NRQQWH HEHQVR JXW ]ZDQ]LJ ZLH YLHU]LJ -DKUH DOW VHLQ(UWUXJVWHWVKHLWHUH*HODVVHQKHLW]XU6FKDX(VZDUVFKZHUVLFKYRU]XVWHOOHQGDHUVLFKEHU LUJHQGHWZDVHUQVWKDIWDXIUHJHQN|QQH 'LHVHOHW]WHUH%HREDFKWXQJZDUULFKWLJ'LHHUVWHVRZHLWLKUH *UHQ]HQDXFKJHIDWZDUHQZDUIDOVFK0HHFKZDUZHGHU]ZDQ]LJQRFKYLHU]LJQRFKLUJHQGHWZDV ]ZLVFKHQ]ZDQ]LJXQGYLHU]LJ(UZDUVHFKVHLQKDOE-DKUHDOW0DQVDKHVLKPQXUGHVZHJHQQLFKWDQ ZHLOHUHLQ$QGUR5RERWZDU 5RQ/DQGU\NDPVFKOLHOLFKGD]XHLQHQ%HULFKWEHUGLHVRQGHUEDUHQ 9RUIlOOH]XJHEHQGLHVLFKLQGHU=ZLVFKHQ]HLWHUHLJQHWKDWWHQ(UWDWHVDXVIKUOLFK(UZDUVLFKHU GD HV LQ GLHVHP +DXV NHLQH $EK|UJHUlWH JDE 0HHFK KlWWH VLH DXI GHQ HUVWHQ %OLFN HQWGHFNW 'DV K|UW VLFK VR DQ DOV KDWWHQ ZLU XQVHUH 1DVH VFKRQ PLWWHQGULQ VDJWH /DUU\ QDFKGHQNOLFK DOV 5RQ JHHQGHWKDWWH ª*DQ]JHQDXVR8QGEHLGHU5FNVLFKWVORVLJNHLWPLWGHUGLHVH%XUVFKHQYRUJHKHQZlUHHVXPGDV +DXV GDV 0lGFKHQ XQG PLFK VFKRQ OlQJVW JHVFKHKHQ ZHQQ ZLU QLFKW GHQ 6FKLUPIHOGJHQHUDWRU DOV HUVWHV 0|EHOVWFN KLHU KHUHLQJHEUDFKW KlWWHQ 'LH (QHUJLH GLH VLH DXIZDQGWHQ XP $LQD ]X IDQJHQ ZDU EHDFKWOLFK 6LH ZROOWHQ GDV 0lGFKHQ XQWHU DOOHQ 8PVWlQGHQ ,FK JODXEH QLFKW GD GLH +DXVZlQGHVWDQGJHKDOWHQKlWWHQ© ª'DQQKDWGHU8QEHNDQQWHDOVRIHVWJHVWHOOWGDXQVHU+DXVGXUFKHLQHEHVRQGHUH9RUULFKWXQJJHJHQ DOOHP|JOLFKHQ(LQZLUNXQJHQJHVFKW]WLVW"©IUDJWH/RIW\PLWUDXLVFK5RQKREGLH6FKXOWHUQ

ª'DV NRPPW GDUDXI DQ 1lPOLFK DXI GLH $SSDUDWXU GLH HU EHQXW]W ,VW VLH SULPLWLY VR NDQQ HU QXU IHVWVWHOOHQ GD VHLQ )HOG DQ LUJHQGHLQHU 6WHOOH QLFKW PHKU ZHLWHUNDP %HVLW]W VLH GLH Q|WLJHQ 5HJLVWULHUJHUlWHVRNDQQHUKHUDXVILQGHQZDVIUHLQH$UWYRQ+LQGHUQLVLKQDXIKLHOW© ª'DVODJQLFKWLQXQVHUHP3ODQQLFKWZDKU"©IUDJWH/DUU\ ª1HLQ JDQ] XQG JDU QLFKW 6HOEVW LP DOOHUJQVWLJVWHQ )DOO KDEHQ ZLU GHQ8QEHNDQQWHQ DXIPHUNVDP XQG PLWUDXLVFK JHPDFKW 'DV LVW HLQ 1DFKWHLO $EHU LFK JODXEH HU ZLUG GXUFK GHQ 9RUWHLO ZHWWJHPDFKWGHQ$LQDXQVYHUVFKDIIW© /DUU\HUKREVLFKYRQVHLQHP6HVVHO ªhEULJHQVGDV0lGFKHQ©ILQJHUDQGDQQXQWHUEUDFKLKQGHU7UVXPPHU5RQVDKDXIGLH8KU(V ZDUNXU]QDFKIQIXQG]ZDQ]LJ ª'X OLHEH *WH© PXUPHOWH HU ªLFK KDEH GLHVHQ %RyOXQ Y|OOLJ YHUJHVVHQ :LU EHNRPPHQ %HVXFK 0HHFKGHU6FKDOWPHFKDQLVPXVDP%DQGJHUlWPDFKW]XYLHO.UDFK6LHKELWWHQDFKXQGVWHOO GDV'LQJ ULFKWLJHLQ,FKHPSIDQJHLQ]ZLVFKHQXQVHUHQ*DVW© 0HHFK +DQQLJDQ EUDXFKWH QXU HLQ SDDU 6HNXQGHQ XP GDV %DQGJHUlW VR KHU]XULFKWHQ GD HV NHLQ YHUUlWHULVFKHV *HUlXVFK PHKU YRQ VLFK JDE 'DQDFK NHKUWH HU LQ GHQ 5DXP ]XUFN LQ GHP /DUU\ 5DQGDOOXQG/RIW\3DWWHUVRQDXIGHQ%HVXFKHUZDUWHWHQ=ZDQJORVZLHVLHVHW]WHHUVLFKLQHLQHQGHU 6HVVHO 5RQ /DQGU\ ZDU KLQXQWHUJHIDKUHQ XP %RyOXQ ]X HPSIDQJHQ 0HHFK ]QGHWH VLFK HLQH =LJDUHWWHDQVRJGHQ5DXFKHLQXQGPDFKWHHLQ*HVLFKWDOVHPSIlQGHHUK|FKVWHQ*HQX,PEULJHQ KRUFKWH HU (U EHVD HLQH 0HQJH 2UJDQH GLH PHKU 'LQJH ZDKU]XQHKPHQ YHUPRFKWHQ DOV GLH IQI PHQVFKOLFKHQ6LQQH(UZUGHHUNDQQWKDEHQZHQQ%RyOXQ]XP%HLVSLHOHEHQIDOOVHLQ5RERWHUZDU 'LH=HOOHQGLHGHQ.|USHUHLQHV0DVFKLQHQPHQVFKHQPLW(QHUJLHYHUVRUJWHQZDUHQZLQ]LJH)XVLRQV RGHU6WUDKOPHLOHUQLFKWJURHUDOVHLQKDOEHU)LQJHUDEHUOHLVWXQJVVWDUNZLHHLQDOWHV6WDGWNUDIWZHUN 'HU 3UR]H GHU .HUQYHUVFKPHO]XQJ RGHU GHU .HUQ]HUVWUDKOXQJ HU]HXJWH FKDUDNWHULVWLVFKH 5DQGHUVFKHLQXQJHQ KRFKHQHUJHWLVFKH 3DUWLNHO RGHU +\SHUIHOGHU GLH GHQ .|USHU GHV 5RERWV YHUOLHHQXQGYRQJHHLJQHWHQ*HUDWHQZDKUJHQRPPHQZHUGHQN|QQWHQ0HHFKEHVDVROFKH*HUlWH DOV7HLOVHLQHVSRVLWURQLVFKHQ*HKLUQV%RyOXQZDUNHLQ5RERWHU(LQSDDU0LQXWHQODQJKLHOW0HHFK LKQ EHUKDXSW IU Y|OOLJ QRUPDO %LV 5RQ PLW GHP *DVW ]XVDPPHQ XQWHU GHU 7U HUVFKLHQ 'LH PHUNZUGLJH$UWYRQ6WUDKOXQJGLHYRQ%RyOXQDXVJLQJZDU]XVFKZDFKDOVGDVLHGLHPDVVLYHQ :lQGH GHV $QWLJUDYVFKDFKWV KDWWH GXUFKGULQJHQ N|QQHQ -HW]W MHGRFK GD VLFK NHLQH :DQG PHKU ]ZLVFKHQ LKP XQG %RyOXQ EHIDQG VSUWH 0HHFK VLH JDQ] GHXWOLFK (U KDWWH NHLQH 0|JOLFKNHLW GLH 1DWXU GHU %HREDFKWXQJ ]X YHUVWHKHQ (U ZXWH QLFKW GD GHU NOHLQH 6HQVRU QXU DXI MHQH EHUJHRUGQHWHQ bXHUXQJHQ RUJDQLVFKHU *HKLUQH DQVSUDFK GLH %HJOHLWHUVFKHLQXQJHQ SDUDSV\FKLVFKHU RGHU SDUDPHFKDQLVFKHU )lKLJNHLWHQ VLQG (EHQVRZHQLJ ZLH GHU QRUPDOH 0HQVFK VLFKEHUGHQ0HFKDQLVPXVLPNODUHQZDUPLWGHVVHQ+LOIHHUHWZDVK|UHQRGHUVHKHQNRQQWH0HHFK ZXWH QXU HLQV %RyOXQ ZDU HLQ 3VL0DQQ (LQ 0XWDQW %RyOXQ EHVD GLH )lKLJNHLW 5RQ /DQGU\V IUHXQGOLFKH %HJUXQJVZRUWH WHLOQHKPHQ ]X HUZLGHUQ XQG JOHLFK]HLWLJ GDV ,QQHUH GHV +DXVHV ]X VWXGLHUHQ LQ GDV HU VLFK VR]XVDJHQ VHOEVW HLQJHODGHQ KDWWH %HIULHGLJW QDKP HU ZDKU GD HV YLHU GHQNHQGH *HKLUQH JDE (LQHV JHK|UWH GHP 0DQQ KLHU YRU LKP PLW GHP HU VLFK DP %LOGVSUHFK XQWHUKDOWHQ KDWWH XQG GUHL DQGHUH EHIDQGHQ VLFK ZHLWHU REHQ LQ GHP *HElXGH (LQHV GDYRQ VFKLHQ ZHLWHUHQWIHUQWDOVGLHEHLGHQDQGHUHQDEHUGDVVW|UWH%RyOXQQLFKW9LHU%HZRKQHUVROOWHGLHVHV+DXV KDEHQXQGYLHU*HKLUQHQDKPHUZDKU 'LFKWKLQWHUGHP7HUUDQHUVFKZDQJVLFK%RyOXQLQHLQHQGHU $QWLJUDYVFKlFKWHGLHVFKUlJGXUFKGDV+DXVLQGLH+|KHIKUWHQ'LHKHOOHUOHXFKWHWHQ$XVJlQJHGHU HLQ]HOQHQ 6WRFNZHUNH ]RJHQ DQ LKP YRUEHL ,Q GHU IQIWHQ (WDJH VWLHJ GHU 7HUUDQHU DXV 0LW HOHJDQWHP 6FKZXQJ VHJHOWH %RyOXQ KLQWHU LKP GUHLQ GXUFK GHQ $XVVWLHJ EHUTXHUWH HLQHQ NOHLQHQ VSlUOLFKP|EOLHUWHQ9RUSODW]XQGEHWUDWDQGHU6HLWHVHLQHV*DVWJHEHUVGHQ5DXPLQGHPGLHEULJHQ 7HUUDQHUZDUWHWHQ'DVZDUGHU$XJHQEOLFNLQGHPHUXPHLQ+DDUGLH)DVVXQJYHUORUHQKDWWH$XHU LKPEHIDQGHQVLFKLQGLHVHP.DXPYLHU0HQVFKHQ(UPDFKWHQDFKZLHYRUGLH:DKUQHKPXQJGD HV YLHU GHQNHQGH *HKLUQH LP +DXV JDE $EHU HLQHV YRQ LKQHQ ZDU QDFK ZLH YRU ]LHPOLFK ZHLW HQWIHUQW'DVEHGHXWHWHGDHLQHUYRQGHQYLHUHQGLHHUKLHUYRURGHUQHEHQVLFKVDKNHLQGHQNHQGHV *HKLUQEHVD

ª7UHWHQ6LHQlKHU©EDW5RQK|IOLFKª:LUVLQGDXI*lVWHQRFKQLFKWYRUEHUHLWHWZLH6LHVHKHQDEHU HWZDV ]XP 7ULQNHQ XQG HLQ SDDU :RUWH HQWVSDQQHQGHU 8QWHUKDOWXQJ N|QQHQ ZLU ,KQHQ DOOHPDO DQELHWHQ© %RyOXQ OlFKHOWH VFKZDFK (U KDWWH VHLQHQ 6FKUHFNHQ EHUZXQGHQ 0LW (LIHU VWU]WH VLFK VHLQ NRPSOL]LHUWHU 9HUVWDQG DXI GLH QHXH 6LWXDWLRQ XQG YHUVXFKWH VLH ]X HUJUQGHQ ª,FK ELQ ,KQHQ VHKU GDQNEDU© DQWZRUWHWH HU ZlKUHQG HU DXI HLQHQ 6HVVHO ]XJLQJ GHQ /DUU\ 5DQGDOO IU LKQ ]XUHFKWJHVFKREHQ KDWWH ª6LHJODXEHQQLFKWZLHHLQVDP PDQVLFKDXIGLHVHU :HOW PDQFKPDO IKOHQ NDQQ© 5RQ EUDFKWH HWZDV ]X WULQNHQ (LQH EHODQJORVH IUHXQGOLFKH 8QWHUKDOWXQJ HQWVSDQQ VLFK %RyOXQ EHVWULWW VHLQHQ 7HLO RKQH GD VHLQH $XIPHUNVDPNHLW YRQ GHU YHUZLUUHQGHQ :DKUQHKPXQJ YLHOHU 7HUUDQHU PLW QXU GUHL *HKLUQHQ DEJHOHQNW ZXUGH (LQHU YRQ LKQHQ N|QQWH HLQ 5RERWHU VHLQ GDFKWH %RyOXQ 6HLQH )lKLJNHLWHQ ZDUHQ QLFKW JHQXJ DXVJHELOGHW GD HU YRQ VHLQHP 3ODW] DXV KlWWH HQWVFKHLGHQN|QQHQZHUGHU0DQQRKQH*HKLUQZDU'LH$XVVWUDKOXQJHQYHUHLQLJWHQVLFK]XHLQHP *DQ]HQLQGHPOHGLJOLFKGUHL*HGDQNHQPXVWHUYRQHLQDQGHU]XXQWHUVFKHLGHQZDUHQ%RyOXQILQJDQ GLH7HUUDQHUHLQ]HOQ]XVWXGLHUHQ:HQQHLQHUYRQLKQHQHLQ5RERWHUZDUGDQQPXWHPDQHVDQVHL QHP %HQHKPHQ HUNHQQHQ N|QQHQ .HLQ 5RERWHU NRQQWH VLFK EHU HLQHQ OlQJHUHQ =HLWUDXP VR EHQHKPHQZLHHLQ0HQVFK'LH7HFKQLNGHU(U]HXJXQJPHQVFKHQlKQOLFKHU5RERWVKDWWHHUVWDXQOLFKH /HLVWXQJHQHU]LHOW$EHUZHQLJVWHQVHLQPDODOOHKDOEH6WXQGHYHUULHWVLFKVHOEVWGHUSHUIHNWHVWH5RERW GXUFK NOHLQH $Q]HLFKHQ ZLH ]X UHJHOPlLJHV $WPHQ IHKOHQGHV $XJHQ]ZLQNHUQ RGHU 0DQJHO DQ *HPWVEHZHJXQJ 0HHFK +DQQLQJDQ ZDU GHU HUVWH GHQ %RyOXQ VLFK JHQDXHU DQVDK $OV 5RQ HLQH GUDVWLVFKH%HPHUNXQJEHUGLH%URNUDWLHGHUDUNRQLGLVFKHQ(LQZDQGHUXQJVEHK|UGHQPDFKWHODFKWH 0HHFK ODXW DXI XQG %RyOXQV $XIPHUNVDPNHLW ZDQGWH VLFK /DUU\ 5DQGDOO ]X ,QQHUKDOE YRQ DQGHUWKDOE 6WXQGHQ PDFKWH HU GLH 5XQGH XQG JHZDQQ GLH hEHU]HXJXQJ GD VHLQ UDVFK JHIDWHU 9HUGDFKWIDOVFKVHL$OVRHLQ0XWDQWlQGHUWHHUVHLQH$QVLFKW0LWHLQHPQDWUOLFKHQ*HGDQNHQEORFN 'DV ZDU DODUPLHUHQG (LQ 0XWDQW XQWHU GHQ YLHU 7HUUDQHUQ 2]R ZXUGH GDUEHU %HVFKHLG ZLVVHQ ZROOHQ %RyOXQEHHQGHWHVHLQH%HREDFKWXQJXQGQDKPYRQGDDQPLWYROOHU$XIPHUNVDPNHLWDQGHU 8QWHUKDOWXQJWHLO1DFKHLQHUZHLWHUHQ9LHUWHOVWXQGHJLQJHUVRJDUVHOEVW]XP$QJULIIEHU ª+DEHQ6LHVLFKEHUGLHSROLWLVFKHQ9HUKlOWQLVVHDXI$5.21LQIRUPLHUWEHYRU6LHKLHUKHUNDPHQ"© ZDUVHLQHHUVWH)UDJH 5RQVDKLKQEHUUDVFKWDQ ª:LH PHLQHQ6LHGDV"1DWUOLFKKDEHQZLUHLQELFKHQKHUXPJHIUDJW'LHPHLVWHQ/HXWHZLVVHQMD ZLHHVDXI$5.21]XJHKW(VLVWHLQIUHLHV6\VWHPGHPRNUDWLVFKH5HJLHUXQJXQGVR:LUGDFKWHQ ZLUZUGHQNHLQH6FKZLHULJNHLWHQKDEHQ© %RyOXQOlFKHOWHYHUNQLIIHQ'DVPDFKWHLKQQRFKXQV\PSDWKLVFKHU ª:LVVHQ6LHZLHYLHOH(LQZRKQHU$5.21KDW"© ª6LHPHLQHQ$5.21HLQVGLH:RKQZHOW"© ª-D© ª1LFKWJHQDX5XQGHLQH0LOOLDUGHZUGHLFKVDJHQ© ª1LFKWJDQ]©YHUEHVVHUWH%RyOXQª(VVLQGQXUDFKWKXQGHUW0LOOLRQHQ© $OOHVDKHQLKQDQXQGZROOWHQZLVVHQZRUDXIHUKLQDXVZROOWH ª+DEHQ6LHHLQH$KQXQJZLHYLHOHGDYRQ)UHPGHVLQG"© ª1HLQ©JDE5RQ]X/RIW\0HHFKXQG/DUU\VFKWWHOWHQGLH.|SIH/DUU\XQG0HHFKZLGHUEHVVHUHV :LVVHQ ª(WZD]Z|OI0LOOLRQHQ©JDE%RyOXQEHNDQQWªGDVVLQGDQGHUWKDOE3UR]HQW© (U VDK LQ GLH 5XQGH DOV KlWWH HU VRHEHQ HWZDV VHKU :LFKWLJHV JHVDJW (U HUNDQQWH MHGRFK DQ GHQ *HVLFKWHUQVHLQHU*DVWJHEHUGDVLHGLH%HGHXWXQJGHU=DKOQRFKQLFKWHUIDWKDWWHQ ª:HOFKH 0|JOLFKNHLWHQ KDEHQ 6LH© IUDJWH HU ZHLWHU ªGLH (QWVFKHLGXQJHQ GHU DUNRQLGLVFKHQ 5HJLHUXQJ]XEHHLQIOXVVHQ"© ª,FK ZWH JDU QLFKW GD LFK GLH $EVLFKW KlWWH© DQWZRUWHWH 0HHFK 'DV EUDFKWH %RyOXQ IU HLQHQ $XJHQEOLFNDXVGHP.RQ]HSW

ª+|UHQ 6LH GDV VDJHQ 6LH ZHLO 6LH HUVW HLQ SDDU 7DJH KLHU VLQG :HQQ 6LH OlQJHU KLHU OHEHQ GDQQ ZLUGHVHLQHV7DJHVSDVVLHUHQGDMHPDQGHLQHQHXH6WUDHGLUHNWXQWHU,KUHP+DXVKLQGXUFKEDXHQ ZLOO1DWUOLFKVLQG6LHQLFKWGDPLWHLQYHUVWDQGHQ:DVWXQ6LHGDQQ"© ª,FKEHVFKZHUHPLFK©VDJWH5RQ ª%HLZHP"©%RyOXQOlFKHOWHVS|WWLVFKª6LHJHKHQ]XP/HLWHUGHV8QWHUDEVFKQLWWVGHUYHUZHLVW6LH DQGHQ9RUVLW]HQGHQGHV$EVFKQLWWV'HU9RUVLW]HQGHGHV$EVFKQLWWVHUNOlUW,KQHQGHU%DXGHU6WUDH VHL YRQ GHU 5HJLHUXQJ EHVFKORVVHQ ZRUGHQ XQG JHJHQ HLQHQ 5HJLHUXQJVEHVFKOX N|QQH HU QLFKWV XQWHUQHKPHQ:DVWXQ6LHGDQQ"© 5RQKLHOWGLHUHFKWH+DQGIOlFKHQDFKREHQ ªOUJHQGMHPDQGLQGHU5HJLHUXQJPXIUGLHVHQ$EVFKQLWW]XVWlQGLJVHLQ$OVRZHQGHLFKPLFKDQ LKQ© ª$KD©7ULXPSKLHUHQGVWLH%RyOXQHVKHUYRU(VZDURIIHQVLFKWOLFKGDHU5RQMHW]WDQGHQ3XQNW EXJVLHUW KDWWH ZR HU LKQ KDEHQ ZROOWH ª8QG ZHQQ GDV 5HJLHUXQJVPLWJOLHG IUHXQGOLFK XQG ZRKOZROOHQG JHQXJ LVW ZLUG HV 6LH DQK|UHQ XQG YLHOOHLFKW HWZDV IU 6LH WXQ 9LHOOHLFKW 'HU %HWUHIIHQGHLVWQLFKWYHUSIOLFKWHWGD]X(ULVW]ZDUHLQ9RONVYHUWUHWHUDEHU6LHYHUWULWWHUQLFKW'HQQ 6LHVLQGHLQ)UHPGHUXQGKDEHQDXI$5.21NHLQ:DKOUHFKW9HUVWHKHQ6LH"© 5RQILQJDQVLFKIUGDV3UREOHP]XLQWHUHVVLHUHQ9RUDOOHPGHVZHJHQZHLOHVIU%RyOXQVRHWZDV ZLHHLQH+HU]HQVDQJHOHJHQKHLW]XVHLQVFKLHQ(UKDWWHVLFKLQ(LIHUJHUHGHW ª'DVLVWHLQH8QYHUVFKlPWKHLW©NUlFK]WH/RIW\ª:LHODQJHPXPDQKLHUOHEHQXPZDKOEHUHFKWLJW ]XVHLQ"© %RyOXQJHQRVHLQHQ(UIROJPLWVWUDKOHQGHP*HVLFKW ª(ZLJ ZHQQ 6LH GLH DUNRQLGLVFKH 6WDDWVEUJHUVFKDIW QLFKW YRQ $QIDQJ DQ JHKDEW KDEHQ .HLP )UHPGHUZLUGMHPDOVDUNRQLGLVFKHU%UJHU8QGQXUDUNRQLGLVFKH%UJHUKDEHQGDV:DKOUHFKW© 'LH7HUUDQHUVFKZLHJHQEHWURIIHQZLHHV%RyOXQVFKLHQ ª1LHPDQG EHUOHJW VLFK GDV EHYRU HU QDFK $5.21 NRPPW© IXKU HU IRUW ª'LH $UNRQLGHQ KDEHQ NHLQH $EVLFKW GLHVHQ =XVWDQG ]X lQGHUQ 6LH SURILWLHUHQ YRQ GHU $QZHVHQKHLW GHU )UHPGHQ GHQQ GLHMHQLJHQGLHKLHUKHUNRPPHQVLQGJHZ|KQOLFKQLFKWGLHbUPVWHQXQG]DKOHQLPPHQVH6WHXHUQ©(U OHKQWH VLFK ]XUFN XQG VWW]WH GDV .LQQ LQ GLH +DQG ZLH HLQHU GHU VLFK HLQH ZLFKWLJH 6DFKH ]XP OHW]WHQPDOEHUOHJWKDWXQGMHW]W]XHLQHP(QWVFKOXJHNRPPHQLVWª,FKELQGHU$QVLFKWPDQPWH HWZDVGDJHJHQXQWHUQHKPHQ© 5RQOLHVLFKGDVGXUFKGHQ.RSIJHKHQ1LFKWZLHPDQGDV:DKOUHFKWIUGLH)UHPGHQEHVFKDIIHQ NRQQWH VRQGHUQ ZLH %RyOXQ GD]X ]X EULQJHQ VHL GD HU EHLP 7KHPD EOLHE ,QWHUHVVDQWH $VSHNWH HU|IIQHWHQVLFKGD0HHFKNDPLKPGD]ZLVFKHQEHYRUHUHWZDVVDJHQNRQQWH ª,FKELQGHU$QVLFKW©HUNOlUWH0HHFKªPDQVROOWHGLH'LQJHVRODVVHQZLHVLHVLQG:LUZROOHQGRFK QLFKW]X5HYROXWLRQlUHQZHUGHQ© %RyOXQVWDUUWHLKQYHUEOIIWDQ ª8QG LFK GDFKWH LPPHU© DQWZRUWHWH HU QDFK HLQHU :HLOH ªGLH 7HUUDQHU ZlUHQ GLH DNWLYVWHQ XQG XQWHUQHKPXQJVOXVWLJVWHQ XQWHU DOOHQ )UHPGHQ :ROOHQ 6LH ZLUNOLFK IU GLH JHVDPWH 'DXHU ,KUHV $XIHQWKDOWVDXI$5.21RKQHMHJOLFKHV5HFKWVHLQ"1XU6WHXHU]DKOHUIU$5.21"© 5RQ ZXWH ZRKO GD 0HHFK HLQHQ EHVRQGHUHQ =ZHFN YHUIROJWH ZHQQ HU VLFK DXI VROFKH :HLVH LQ HLQH 8QWHUKDOWXQJ GUlQJWH 7URW]GHP HUVFKLHQ HV LKP DQJHEUDFKW GDV 7KHPD VHOEVW ZHLWHU]XYHUIROJHQ ª1DWUOLFKKDWMHGHUYRQXQVHLQHHLJHQH$QVLFKW©HUNOlUWHHU%RyOXQª9RQPLUDXVNDQQ0HHFKVLFK PLWGHQ'LQJHQ]XIULHGHQJHEHQ,FKDOOHUGLQJVELQGHU0HLQXQJGDGLH)UHPGHQDXI$5.21PHKU 5HFKWKDEHQVROOWHQ© %RyOXQVWLHIOLHJHQGH$XJHQOHXFKWHWHQDXI ª6LH VWHOOHQ PHLQ 9HUWUDXHQ LQ GLH WHUUDQLVFKH 5DVVH ZLHGHU KHU© VDJWH HU ª:LU EUDXFKHQ DNWLYH /HXWH© 5RQKRUFKWHDXI ª:LU"©

%RyOXQVFKLHQ]XHUVFKUHFNHQ'LH*HVWHZDUHLQZHQLJ]XRVWHQWDWLYXP]XEHU]HXJHQ ª2KKDEHLFKPLFKYHUKDVSHOW"'DVLW]HLFKNHQQH6LHHUVWVHLWHLQSDDU0LQXWHQXQGYHUUDWHVFKRQ PHLQHJHKHLPVWHQ*HKHLPQLVVH© /DUU\5DQGDOOEHXJWHVLFKZHLWQDFKYRUQH ª(V JLEW DOVR VFKRQ HLQH 9HUHLQLJXQJ GLH VLFK GLH bQGHUXQJ GHU EHVWHKHQGHQ 9HUKlOWQLVVH DXIV 3URJUDPPJHVHW]WKDW"© %RyOXQEUHLWHWHKLOIORVGLH$UPHDXV ª-HW]WQDFKGHPLFKPLFKYHUSODSSHUWKDEHNDQQLFKHVQLFKWPHKUDEVWUHLWHQQLFKWZDKU"©/DUU\VDK 5RQDQ ª%OHLEHQZLURIIHQ©VFKOXJ5RQYRUª:HQQGLH'LQJHVRPLVHUDEHOVLQGZLH6LHVLHVFKLOGHUQGDQQ VLQGZLU,KUH/HXWH© %RyOXQVFKOXJVLFKYRU%HJHLVWHUXQJDXIGLH6FKHQNHO ª,FKZXWHHV©ULHIHUª:LUIUHXHQXQVEHUGLH9HUVWlUNXQJ'UIHQZLU6LHHLQODGHQ"© 5RQQLFNWH ª:DQQLPPHU6LHZROOHQ© %RyOXQGDFKWHQDFK ª,QHWZDHLQHU:RFKHKDEHQZLULP$EVFKQLWW0DULXUHLQH9HUVDPPOXQJ0DULXULVWUXQGGUHLKXQGHUW .LORPHWHUYRQKLHUHQWIHUQW:ROOHQ6LHZLUNOLFKNRPPHQ"© ª5HFKQHQ 6LH DXI XQV© YHUVSUDFK 5RQ %RyOXQ ZDU lXHUVW EHIULHGLJW 9RQ GD DQ ZDQGWH VLFK GLH 8QWHUKDOWXQJEHODQJORVHUHQ'LQJH]X%RyOXQYHUDEVFKLHGHWHVLFKHLQH6WXQGHQDFK0LWWHUQDFKW5RQ /DQGU\ EHJOHLWHWH LKQ QDFK XQWHQ XQG ZDUWHWH ELV GHU )OXJZDJHQ VHLQHV *DVWHV GLH IHUQH 6WUDH HUUHLFKW KDWWH 'DQQ NHKUWH HU ]X GHQ )UHXQGHQ ]XUFN %RyOXQ GDJHJHQ ]RJ QDFKGHP GLH DXWRPDWLVFKH6WHXHUXQJGXUFKGDV0LNURZHOOHQ/HLWEDQGGHU6WUDHDNWLYLHUWZRUGHQZDUHLQNOHLQHV *HUlW DXV GHU 7DVFKH XQG GUFNWH DXIDWPHQG HLQHQ URWHQ .QRSI DXI GHP ZUIHOI|UPLJHQ *HKlXVH 0DQFKPDO KDWH HU 2]R 0DQFKPDO KDWWH HU GDV *HIKO HU KDWWH GHQ OHW]WHQ 5HVW SULYDWHQ 'DVHLQV GDIUJHRSIHUWHLQHUYRQ2]RV8QWHUJHEHQHQ]XVHLQ 0HHFKZDUGHUHLQ]LJHGHUVLFKZlKUHQGGHU HUUHJWHQ8QWHUKDOWXQJY|OOLJVWLOOYHUKLHOW ªOUJHQG HWZDV LVW PLW GHP .HUO QLFKW LQ 2UGQXQJ© HUNOlUWH /RIW\ 3DWWHUVRQ PLW %HVWLPPWKHLW ª(U PDFKWHLQHQKLQWHUKlOWLJHQYHUVFKODJHQHQ(LQGUXFN© /DUU\JULQVWHLKQDQ ª(V N|QQHQ QLFKW DOOH VR VFKRQ DXVVHKHQ ZLH GLH ZRKOULHFKHQGHQ 6FKODQJHQ YRQ 3$66$© VSRWWHWH HUª$XHUGHPLVWGHU0DQQ5HYROXWLRQlU9LHOOHLFKWEULQJWGDVPLWVLFKGDPDQYHUVFKODJHQZLUG© ª+|UWDXIPLWGHP8QVLQQ©PLVFKWH5RQVLFKHLQª:LUN|QQHQQLFKWDOOHLQDXIHLQXQV\PSDWKLVFKHV *HVLFKWKLQHLQ8UWHLODEJHEHQ:DVKDOWHWLKUYRQGHUUHYROXWLRQlUHQ%HZHJXQJGLHXQVDQJHSULHVHQ ZLUG"© ª6FKZLQGHO©EUXPPWH/DUU\5DQGDOOODNRQLVFK ª/RIW\"© /RIW\ZLHJWHGHQJUDXKDDULJHQ.RSI ª1DLFKZHLQLFKW6RZLHHUGLH/DJHEHVFKUHLEWN|QQWHQGLH)UHPGHQHLQHQJXWHQ*UXQGKDEHQ VLFK]XHPS|UHQ© 5RQQLFNWHGD]X ª*DQ] VLFKHUOLFK,FKZROOWH DEHUHWZDV DQGHUHV,VW GDV GLH 6DFKH GHU /HXWQDQW%DUJK DURQDXIGHU 6SXUZDU"© 6LHVDKHQDOOHDXI,KUHQEHUUDVFKWHQ*HVLFKWHUQZDUDQ]XPHUNHQGDVLHDQGLHVHQ=XVDPPHQKDQJ EHUKDXSWQRFKQLFKWJHGDFKWKDWWHQ/DUU\VFKOXJVLFKDXIV.QLH ª:HLGHU+LPPHOGDVNRQQWHHVVHLQ© ª/RIW\"© /RIW\]XFNWHPLWGHQ6FKXOWHUQ ª.HLQHQEHJUQGHWHQ(LQZDQG(VNDQQVHLQDEHUHVEUDXFKWQLFKW]XVHLQ© 5RQOlFKHOWH

ª1RFK PHKU VROFKH KLQWHUJUQGLJHQ %HPHUNXQJHQ XQG ZLU ZHUGHQ XQVHUHQ $XIWUDJ QRFK LQ GLHVHU 1DFKWHUOHGLJHQ© /RIW\PDFKWHHLQHlUJHUOLFKH+DQGEHZHJXQJXQGVDQNLQVHLQHQ6HVVHO]XUFN ª$XIMHGHQ)DOOJHKHQZLUQDFK0DULXU©VWHOOWH5RQIHVWª:LUPVVHQKHUDXVILQGHQZDVGDVIUHLQ PHUNZUGLJHU9HUHLQLVW© /DUU\ZDUQLFKWJDQ]EHL GHU6DFKH0DQVDKLKP DQGDHUEHUHWZDVQDFKGDFKWH(UEHXJWHVLFK UXFNDUWLJQDFKYRUQHDOVHVLKPHLQILHO ªhEULJHQVZDVLVWPLWGHP0lGFKHQ"6DJWHVWGXQLFKWVLHZROOWHHLQH/LVWH"© 5RQQLFNWHª,FKZHUGHQDFKREHQJHKHQXQGVLHIUDJHQ© (UVWDQGDXI'DVZDUGHU$XJHQEOLFNLQGHP0HHFKVLFK]XPHUVWHQPDO]X:RUWPHOGHWH ª%HYRUGDV7KHPDEHHQGHWZLUG©VDJWHHUªZUGHLFKJHUQHQRFKHWZDVVDJHQZHQQHVHUODXEWLVW© 5RQZLQNWHLKP]Xª)DQJDQ© 0HHFKPDFKWHVHLQH6DFKHNXU] ª%RyOXQ LVW HLQ 0XWDQW 0HKU QRFK HU EHVLW]W $QWL)lKLJNHLWHQ (U NDQQ GLH %HJDEXQJHQ DQGHUHU 0XWDQWHQDXIKHEHQ,FKJODXEHHVLVWMHGHPNODUZDVGDVEHGHXWHW© 6HOEVW5RQEUDXFKWHHLQSDDU6HNXQGHQXPVHLQHhEHUUDVFKXQJ]XEHUZLQGHQ(UQLFNWHVWHLI ª-DQDWUOLFK(ULVWHLQ%iDORO0DQQ© 'DV lQGHUW GLH 6DFKODJH GDFKWH 5RQ YHUEOIIW ZlKUHQG HU GXUFK GHQ $QWLJUDYVFKDFKW LQ GLH +|KH JOLWW6HLWGHPGLH$QJHK|ULJHQGHV%iDORO.XOWVLQGHUJDODNWLVFKHQ3ROLWLNDXIJHWDXFKWZDUHQZDUHQ VLH)HLQGHGHU(UGH0DQNRQQWHGHQ.XOWVHLQH/HKUHQXQGGLH+HUNXQIWVHLQHU3ULHVWHUXQG$SRVWHO QLFKWDOO]XZHLWGXUFKGLH*HVFKLFKWH]XUFNYHUIROJHQ'LH9HUJDQJHQKHLWODJLP'XQNHOQ8QGGLH *HJHQZDUWZDUQLFKWYHUKHLXQJVYROO:HQLJVWHQVIU7(55$QLFKW'LHWHUUDQLVFKHQ5HFKHQ]HQWUHQ KDWWHQ HUPLWWHOW GD HV PLW JURHU :DKUVFKHLQOLFKNHLW QLFKW PHKU DOV GUHL 0LOOLRQHQ %iDORO/HXWH JDE6LHKDWWHQNHLQH:HOWGLHLKQHQJHK|UWH6LHZDUHQEHUGLHJDQ]HEHNDQQWH*DOD[LVYHUVWUHXW ,KUH =DKO EHOLHI VLFK DOVR DXI QLFKW PHKU DOV GUHL =HKQWDXVHQGVWHO GHU %HY|ONHUXQJ GHV 6RODUHQ ,PSHULXPV $EHU MHGHU YRQ GLHVHQ GUHL 0LOOLRQHQ ZDU HLQ 0XWDQW (LQ 0DQQ PLW DXHURUGHQWOLFK VWDUNHQ 3VL )lKLJNHLWHQ ,Q GHU 9HUJDQJHQKHLW ZDU YHUVFKLHGHQH 0DOH RIIHQEDU JHZRUGHQ GD VLH QLFKW PHKU XQG QLFKW ZHQLJHU LP 6LQQ KDWWHQ DOV GDV 6RODUH ,PSHULXP YRQ GHU JDODNWLVFKHQ 6WHUQNDUWHZHJ]XUDGLHUHQ$XIGDV.RQWRGHU%iDORO/HXWHJLQJGLH/LTXLWLY$IIlUHGLH7(55$GHQ $OSWUDXP GHU .ROOHNWLYVXFKW XQG GHU GDUDXIIROJHQGHQ NROOHNWLYHQ 9HUEO|GXQJ HUOHEHQ OLH (QJ GDPLW ]XVDPPHQ KLQJ GLH (UVHW]XQJ GHV 6RODUHQ $GPLQLVWUDWRUV 3HUU\ 5KRGDQ GXUFK 7KRPDV &DUGLIHLQHQ0DQQGHQGLH%iDORO/HXWHIHVWLQGHU+DQGKDWWHQ%HLGH$QVFKOlJHZDUHQDEJHZHKUW ZRUGHQ8QG5RQ/DQGU\IDQGHVQLFKWEHVRQGHUVNOXJHLQHQ0DQQGHPHU]XIlOOLJEHJHJQHWZDU DXI$5.21ZRKOJHPHUNWQXUGHVZHJHQIUHLQH*HIDKUIUGLH(UGH]XKDOWHQZHLOHUQDFK0HHFK +DQQLJDQVXQWUJOLFKHU:DKUQHKPXQJHLQ$QJHK|ULJHUGHV%iDORO.XOWVZDU 7URW]GHPJDELKPGLH 6DFKH ]X GHQNHQ ,Q VHLQHU 9RUVWHOOXQJ ZDU HLQ %iDORO0DQQ HLQHU GHU PLW VHLQHQ EHUUDJHQGHQ *DEHQLP+LQWHUJUXQGZLUNWHXQGQLFKWHLQHUGHUVFKRQQDFKGHQHUVWHQ]ZHL6WXQGHQYHUULHWGDHU HLQHU UHYROXWLRQlUHQ %HZHJXQJ DQJHK|UWH XQG ZHLWHUH 0LWJOLHGHU IU GLHVH %HZHJXQJ ZDUE +LQ]X NDP GD %RyOXQ VLFK IU HLQHQ (LQJHERUHQHQ YRQ 3,21 DXVJHJHEHQ KDWWH (LQ %iDORO3ULHVWHU NRQQWH YRQ LUJHQGZRKHU NRPPHQ 'LH 0|JOLFKNHLW EHVWDQG GD HV %iDORO/HXWH WHUUDQLVFKHU +HUNXQIWJDE $EHU 3,21 ODJ DP 5DQGH GHU EHNDQQWHQ *DOD[LV (V ZDU HLQH :HOW DXI GHU VLFK GLH 0HQVFKHQ1DFKNRPPHQIUKHUDUNRQLGLVFKHU(LQZDQGHUHUKDXSWVlFKOLFKYRP$FNHUEDXHUQlKUWHQ 6LH H[SRUWLHUWHQ GDV EHUKPWH 3LRQ.RUQ IU GDV DXI GHQ JDODNWLVFKHQ 0lUNWHQ hEHUSUHLVH JH]DKOW ZXUGHQ 1RFK QLH KDWWH MHPDQG GDYRQ JHK|UW GD GLH %iDORO/HXWH HWZDV PLW 3,21 ]X WXQ KDWWHQ GDHVHLQHQ%iDORO7HPSHODXI3,21JlEH$XIJHSDWUHGHWH5RQVLFKHLQGDVPDFKWGLH%HKDXSWXQJ QXUXQJODXEKDIWQLFKW]XU/JH7URW]GHPJODXEWHHUGD%RyOXQQLFKWJDQ]GHU0DQQZDUIUGHQHU VLFKDXVJDE(UQDKPVLFKYRUDXIPHUNVDP]XVHLQZHQQHUZLHGHUPLWLKP]XWXQKDEHQVROOWH (U HUUHLFKWHGLHREHUVWH(WDJHXQGJOLWW]XP$XVJDQJGHV6FKDFKWVKLQDXV5HFKWVXQGOLQNV]RJVLFKGHU PDWW EHOHXFKWHWH *DQJ HQWODQJ GHU GLH *lVWH]LPPHU XQWHUHLQDQGHU YHUEDQG 5RQ GUFNWH DXI GHQ 0HOGHNQRSIDQ$LQDV7U(UK|UWHGHQ6XPPHUXQGIUHXWHVLFKGDVLHQRFKZDFKZDU'LH7UJOLWW

]XU6HLWH ª.RPPHQ6LHKHUHLQ©ULHI$LQDVKHOOH6WLPPH 6LHVDDXIHLQHU$UW&RXFKXQGOlFKHOWH5RQHQWJHJHQ ª(QWVFKXOGLJHQ 6LH ZHQQ LFK 6LH VR VSlW QRFK VW|UH© EHJDQQ 5RQ HLQ ZHQLJ XQEHKROIHQ $LQD XQWHUEUDFKLKQPLWHLQHUNXU]HQ+DQGEHZHJXQJ ª0DFKWQLFKWV,FKELQVRDXIJHUHJWGDLFKQLFKWVFKODIHQNDQQ$XHUGHPZXWHLFKGD6LHKHXWH QDFKWQRFKNRPPHQZUGHQXPQDFKGHU/LVWH]XIUDJHQ $LQDVWDQGDXIXQGJLQJ]XGHPNOHLQHQ 7LVFKGHULQGHU0LWWHGHV=LPPHUVVWDQG6LHQDKPHLQ6WFN3DSLHUIROLHXQGUHLFKWHHV5RQ ª'DVVLQG DOOH DQ GLH LFKPLFK HULQQHUQNDQQ© VDJWH$LQD ª,FK JODXEH DEHUQLFKWGDLFK MHPDQG YHUJHVVHQKDEH6FKOLHOLFKLVWGDVDOOHVHUVWHLQSDDU7DJHKHU© 5RQEHUIORJGLH/LVWH6LHHQWKLHOWIQI]HKQ1DPHQGLHPHLVWHQPLW$GUHVVH5RQNDQQWHGLH1DPHQ QLFKWZHQLJVWHQVQLFKWGLHHUVWHQYLHU]HKQ'HUOHW]WH1DPHDOOHUGLQJVJDELKPHLQHQ6WLFK 'DVWDQG $UDVJDU%RyOXQ7KDSPRRU$ 6LHNHQQHQ%RyOXQ"©IUDJWHHUEHUUDVFKW$LQDVFKWWHOWHGHQ.RSI ª1LFKWVRZLH6LHPHLQHQ,FKZXWHGDHUHLQHUYRQ(]]DV9HUHKUHUQZDU,FKGDFKWHHUKlWWHVLFK GDV3URJUDPPYLHOOHLFKWDQJHK|UWXQGZHLOHUNHLQ$UNRQLGHXQGHLQELFKHQOHEHQGLJLVWNRQQWHHV MDVHLQGDHUJHPHUNWKDWWHZDVGDORVZDUQLFKWZDKU© $LQDYHU]RJGHQ0XQG ª2QLFKWV(UKDWWHGDV3URJUDPPEHREDFKWHWDEHUDXIJHIDOOHQZDULKPQLFKWVGDUDQ© 5RQV*HGDQNHQWDQ]WHQLP.UHLV%RyOXQGHU$QWL%RyOXQGHU5HYROXWLRQlU(]]DGLHHLQH*HIDKU IU$5.21YRUDXVJHVHKHQKDWWH%RyOXQ ª:DQQKDEHQ6LHPLWLKPJHVSURFKHQ"©ZDUVHLQHQlFKVWH)UDJH ª(U ZDU GHU OHW]WH PLW GHP LFK PLFK XQWHUKLHOW© DQWZRUWHWH $LQD QDFK NXU]HP =|JHUQ ª(V ZDU JHVWHUQQDFKW,FKJODXEH]ZLVFKHQGUHLXQGYLHU8KU© 5RQOLHGLH6FKXOWHUQVLQNHQ'LH(QWWlXVFKXQJZDULKPGHXWOLFKDP*HVLFKWDE]XOHVHQ ª:DV"©IUDJWH$LQDYHUZLUUWª+DEHLFKHLQHQ)HKOHUJHPDFKW"© (LQ SDDU 6HNXQGHQ ODQJ ZDU 5RQ ZWHQG (U EL VLFK DXI GLH /LSSHQ XQG ZDUWHWH ELV GHU bUJHU YHUIORJHQZDU'DQQVDJWHHU ª:HQQ (]]D ZLUNOLFK HUPRUGHW ZRUGHQ LVW GDQQ NDQQ LUJHQGHLQHU YRQ GHQ /HXWHQ PLW GHQHQ 6LH EHUGDVXQWHUEURFKHQH)LNWLYSURJUDPPJHVSURFKHQKDEHQGHU0|UGHUVHLQ9HUVWHKHQ6LHGDV"© $LQDVFKOXJGLH+lQGH]XVDPPHQ ª1DWUOLFK'DQQKDWWHLFKLKQDXIGLH6SXUJHEUDFKWQLFKWZDKU"©5RQQLFNWH ª-D'HVZHJHQZROOWHLFKGLH/LVWHPLWGHQ1DPHQGHU/HXWHPLWGHQHQ6LHVLFKEHUGDV3URJUDPP XQWHUKDOWHQKDEHQ© $LQDZDUUDWORV0DQVDKHVLKUDQ ª-DXQG"© 5RQNRQQWHQLFKWDQGHUVHUPXWHODFKHQ ª%RyOXQ SDW QLFKW DXI GLH /LVWH© HUNOlUWH HU GHP 0lGFKHQ ª0LW LKP KDEHQ 6LH JHVSURFKHQ QDFKGHPGHU0RUGJHVFKHKHQZDU© $LQDVFKOXJVLFKDXIGHQ0XQGXQGVWDUUWH5RQDXVJURHQ$XJHQDQ ª,FKELQGXPP©JHVWDQGVLHª,FKKDE JDQ]HLQIDFKQLFKWGDUDQJHGDFKW© ª1LFKWVRVFKOLPP©VFKZlFKWH5RQDEª0DQYHUJLWGDVLQGHU+DVW:HUVLQGGLHDQGHUHQ/HXWH"© $LQDVWHOOWHVLFKQHEHQLKQXQG]HLJWHPLWGHP)LQJHUDXIGHQHUVWHQ1DPHQ ª/RRUDP $UNDGG (U LVW GHU NQVWOHULVFKH %HUDWHU GHU )LNWLYVWDWLRQ GLH GDV 3URJUDPP DXVVWUDKOWH 1DWUOLFKZDUHUGHUHUVWHDQGHQLFKPLFKZDQGWH© 5RQQLFNWH]XIULHGHQ

ª'DVLVWYHUQQIWLJ,FKZHUGHPLFKHEHQIDOOVDQLKQKDOWHQ(UPXHWZDVZLVVHQ© $LQDZLFKHLQHQ6FKULWW]XUFN ª6LHZROOHQ/RRUDPEHVXFKHQ"©IUDJWHVLHHQWVHW]W ª1DWUOLFK:DUXPGHQQQLFKW"© ª$EHU HU WUlJW GDV .QVWOHUDE]HLFKHQ 6HOEVW LFK KDEH LKQ HUVW QDFK ]ZDQ]LJVWQGLJHU :DUWH]HLW HUUHLFKHQN|QQHQREZRKOLFKYRUJDELFKKlWWHHLQHZLFKWLJH1DFKULFKWYRQ(]]D]XEHUPLWWHOQ© 5RQYHUVWDQGZDVVLHPHLQWH'LHDUNRQLGLVFKH=LYLOLVDWLRQZDUIQIPDOlOWHUDOVGLHWHUUDQLVFKH8QG PLQGHVWHQV]HKQPDOH[NOXVLYHUZDUHQGLH.QVWOHUXQGGLHMHQLJHQGLHVLFKGDIUKLHOWHQ6LHKDWWHQ HLQH *LOGH'LH*LOGH YHUOLHK $E]HLFKHQ DQ LKUH0LWJOLHGHU 8QG GLH7UlJHU GHU $E]HLFKHQ QDKPHQ IUVLFKLQ$QVSUXFKGDVLHQLFKWZLHDQGHUH0HQVFKHQVHLHQ1LFKWPHKUXQGQLFKWZHQLJHUDOVGDV $XI MHGHQ )DOO ZDU HV OHLFKWHU HLQH $XGLHQ] EHL GHP ,PSHUDWRU ]X HUKDOWHQ DOV HLQHQ 7UlJHU GHV .QVWOHUDE]HLFKHQV]XHLQHU8QWHUKDOWXQJ]XEHZHJHQ7URW]GHPZLVFKWH5RQGHQ(LQZDQGPLWHLQHU +DQGEHZHJXQJEHLVHLWH ª8QGZHQQHU]ZHL$E]HLFKHQWUlJW©NQXUUWHHUlUJHUOLFKªPRUJHQIUKZLUGHUVLFKPLWPLUEHIDVVHQ PVVHQ© 5RQ VFKZHEWH DQ GHU VFKUlJHQ :DQG GHV 7ULFKWHUKDXVHV LQ GLH +|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lW]WHGLH1HLJXQJXQGZDUVLFKHU GDHURKQH6FKDGHQKLQXQWHUUXWVFKHQNRQQWH(UJDE0HHFKGDVYHUHLQEDUWH=HLFKHQ0HHFKZLQNWH ]XUFNKlQJWHVLFKGHQ*HQHUDWRUEHUGLH6FKXOWHUXQGYHUVFKZDQG]ZLVFKHQGHQ%VFKHQ(LQSDDU 6HNXQGHQ VWLHJ VHLQ )OXJZDJHQ OHLVH VXUUHQG LQ GLH +|KH XQG YHUVFKZDQG LP 'XQVW GHU 0RUJHQGlPPHUXQJ 5RQ PDFKWH VLFK DQ GHQ $EVWLHJ (U NQLHWH DXI GHQ 0DXHUUDQG OLH GLH .QLH ODQJVDPQDFKKLQWHQUXWVFKHQXQGKLQJVFKOLHOLFKQXUQRFKPLWGHQ+lQGHQDQGHU:DQGNDQWH(U ZDUI HLQHQ OHW]WHQ %OLFN QDFK XQWHQ GDQQ OLH HU VLFK ORV 0LW HLQHP KHIWLJHQ 5XFN DEHU ZRKOEHKDOWHQ HUUHLFKWH HU GHQ %DONRQ KLQWHU GHU VLFKHUQGHQ %UVWXQJ 5RQ ZDUWHWH HLQH :HLOH XQG DOVDOOHVUXKLJEOLHEZDUHUVLFKHUGDQLHPDQGLKQJHK|UWKDWWH(UEHUOHJWHVLFKVHLQ9RUJHKHQHLQ OHW]WHV 0DO (U ZDU VLFKHU GD /RRUDP $UNDGG HWZDV EHU GDV XQWHUEURFKHQH 3URJUDPP ZXWH (U KDWWHHQWZHGHUVHOEVWJHVSUWZDVPLWGHP3URJUDPPORVZDURGHUMHPDQGKDWWHHVLKPHUNOlUW$XI MHGHQ)DOOKDWWHHUHVDEJHVHW]W(UIUFKWHWHDOVRGDV(]]D0DUODLQ*HKHLPQLVVHRIIHQEDUHQZUGH GLH'LHZDV"'LHHUQLFKWRIIHQEDUWKDEHQZROOWH$5.21GURKWH*HIDKU(]]DKDWWHGDVJHZXW 6LHKDWWHNHLQHDQGHUH0|JOLFKNHLWJHVHKHQGLHgIIHQWOLFKNHLW]XZDUQHQDOVLKU)LNWLYSURJUDPPPLW HLQHPWHOHSDWKLVFKHQ0XVWHU]XYHUVHKHQ $UPH(]]D'LH9HUVFKZ|UHUKDWWHQGDV0XVWHUVFKQHOOHU EHPHUNWDOVGLHWUlJHQPGHQ*HKLUQHGHU$UNRQLGHQIUGLHHVEHVWLPPWZDU$XIMHGHQ)DOOVWHFNWH /RRUDP $UNDGG KLQWHU GHU 6DFKH (U KDWWH GDV 3URJUDPP HQWZHGHU DXV HLJHQHU hEHU]HXJXQJ XQWHUEURFKHQ GDQQ ZDU HU VHOEVW HLQHU YRQ GHQHQ YRU GHQHQ (]]D $5.21 KDWWH ZDUQHQ ZROOHQ 2GHUHUZDU]XU8QWHUEUHFKXQJJH]ZXQJHQZRUGHQGDQQPXWHHU]XPLQGHVWHWZDVEHUGLH/HXWH VDJHQN|QQHQGLHLKQJH]ZXQJHQKDWWHQ 5RQZDUGDYRQEHU]HXJWGDHUULFKWLJKDQGHOWH(UKDWWH VLFKDXIGLHHLQ]LJP|JOLFKH:HLVH=XWULWW]X/RRUDPV+DXVYHUVFKDIIW$XIGHPEOLFKHQ:HJKDWWH HUYLHOOHLFKWHUVWLQYLHURGHUVHFKV:RFKHQHLQH(LQODGXQJHUKDOWHQ(UKDWWHDEHUNHLQH=HLW 1LFKW ]XOHW]W GHVZHJHQ ZHLO HU LPPHU QRFK QLFKW ZXWH RE (]]D 0DUODLQV 7RG ZLUNOLFK PLW GHU 6DFKH ]XVDPPHQKLQJ GHUHQWZHJHQ HU PLW VHLQHQ 0lQQHUQ QDFK $5.21 JHVFKLFNW ZRUGHQ ZDU %HVWDQG ZLUNOLFKHLQ=XVDPPHQKDQJ]ZLVFKHQ/HXWQDQW%DUJK DURQVXQG(]]D0DUODLQV7RG" =ZHL6WXQGHQ YHUJLQJHQ 5RQ KDWWH QLFKWV DQGHUHV ]X WXQ DOV PLW GHP 0LNURNRPJHUlW DQ VHLQHP +DQGJHOHQN

0HHFK+DQQLJDQYRQ=HLW]X=HLWGDUEHU]XLQIRUPLHUHQGDYRUOlXILJQRFKDOOHVLQ2UGQXQJZDU 'DQQ SO|W]OLFK HUZDFKWH GDV +DXV ]XP /HEHQ 8QWHQ LQ GHP *DUWHQ ZDUHQ DXI HLQPDO %HZHJXQJ XQG KHOOHV /DFKHQ 5RQ ULVNLHUWH HLQHQ NXU]HQ %OLFN EHU GLH %UVWXQJ (LQ SDDU 0lGFKHQ LQ IOLHJHQGHQ *HZlQGHUQ WDQ]WHQ XP GHQ NOHLQHQ 7HLFK KHUXP 6LH KLHOWHQ VLFK EHL GHQ +lQGHQ XQG VFKLHQHQHLQH0HQJH9HUJQJHQ]XKDEHQ ,QVHLQHUOXIWLJHQ+|KHNRQQWH5RQQLFKWYHUVWHKHQZHO FKH 6SUDFKH VLH VSUDFKHQ $EHU HV ZDU OHLFKW ]X VHKHQ GD VLH NHLQH $UNRQLGLQQHQ ZDUHQ 0XVLN NODQJDXINUlIWLJXQGODXWHLQPRGHUQHU)DQIDUHQVWR'LHODXWHQ,QVWUXPHQWHYHUNODQJHQUDVFKHLQH VDQIWHZHKPWLJH0HORGLHEOLHEEULJ5RQZDJWHHLQHQ]ZHLWHQ%OLFNEHUGLH%UVWXQJ 'DV%LOG KDWWH VLFK JHlQGHUW ,Q GHU 0LWWH GHV 7ULFKWHUV VFKZHEWH HLQH TXDGUDWLVFKH 3ODWWIRUP $XI GHU 3ODWWIRUP VDHQ IQI NOHLQH EODXKlXWLJH /HXWH XQG VSLHOWHQ DXI IUHPGDUWLJHQ ,QVWUXPHQWHQ (V JDE NHLQHVLFKWEDUH9RUULFKWXQJGLHGDV3RGLXPLQGHU/XIWKLHOW/RRUDP$UNDGGPXWHLUJHQGZRHLQHQ $QWLJUDYSURMHNWRU LQVWDOOLHUW KDEHQ 8QWHU GHU 3ODWWIRUP DP 8IHU GHV 7HLFKV WDQ]WHQ GLH 0lGFKHQ MHW]WQDFKHLQHPH[RWLVFKHQ6FKHPD6LHKDWWHQDXIJHK|UW]XODFKHQ 5RQYHUVFKZDQGZLHGHUKLQWHU VHLQHU 'HFNXQJ XQG ILQJ DQ VLFK ]X ZXQGHUQ :LH PRFKWH GHU 0DQQ DXVVHKHQ GHU VLFK VR PHUNZUGLJH 9HUJQJXQJHQ OHLVWHWH" ,QQHUKDOE YRQ ZHQLJHQ 0LQXWHQ VWHLJHUWH VLFK GLH 0XVLN ]X VFKPHU]HQG ODXWHQ ERPEDVWLVFKHQ $NNRUGHQ (V ZDU XQYHUNHQQEDU GD VLFK MHW]W HWZDV *URHV HWZDV (LQPDOLJHV YRUEHUHLWHWH 5RQ VFKRE VLFK DQ GHU %UVWXQJ LQ GLH +|KH (U JODXEWH ]X ZLVVHQ ZDV GDV *URH GDV (LQPDOLJH ZDU /RRUDP $UNDGG ZUGH HUVFKHLQHQ 5RQ VFKDXWH LQ GDV +DXV KLQXQWHU(VJDEHLQH0HQJH%DONRQH$XIZHOFKHPZUGH/RRUDPVLFK]HLJHQ"'LH)UDJHZXUGHDXI K|FKVW EHUUDVFKHQGH $UW EHDQWZRUWHW 6HLQH $XIPHUNVDPNHLW LQ GLH 7LHIH GHV JURHQ +DXVHV JHULFKWHW K|UWH 5RQ GLFKW QHEHQ VLFK HLQH 7U VXUUHQ (U ULFKWHWH VLFK DXI XQG IXKU KHUXP $XV GHU YHUJODVWHQ 9HUDQGD WUDW HLQ KRFKJHZDFKVHQHU IDVW ]X VFKODQNHU MXQJHU 0DQQ (LQH 0HQJH DQGHUHU /HXWH IROJWH LKP GLFKW DXI GHQ )HUVHQ 'HU MXQJH 0DQQ WUXJ HLQHQ ZDOOHQGHQ URVDURWHQ 0RUJHQPDQWHOXQGDXIGHP$XIVFKODJGHV0DQWHOVSUDQJWHLQJUHOOHQ)DUEHQXQGXQEHUVHKEDUGDV $E]HLFKHQ GHU .QVWOHUJLOGH /RRUDP $UNDGG GDUDQ EHVWDQG NHLQ =ZHLIHO /RRUDP VFKLHQ VFKOHFKW JHVFKODIHQ]XKDEHQ(UPDFKWHGHQ0XQGZHLWDXIXQGJlKQWHYHUQHKPOLFK'DQQGUHKWHHUVLFKXP :lKUHQGHUPLWGHUUHFKWHQ+DQGDXI5RQ /DQGU\]HLJWHVDJWHHUPLWJHODQJZHLOWHU6WLPPH]XGHU 6FKDUVHLQHU%HZXQGHUHUª'DLVWHLQ8QHUZQVFKWHULQPHLQHP+DXV6FKDIIWLKQIRUW© 5RQJHVWDQGVLFKHLQGDGLH6LWXDWLRQQLFKWJDQ]VRZDUZLHHUVLHVLFKJHZQVFKWKDWWH$EHUGHU 1DPHPLWGHP/RRUDPLKQEHOHJWHPDFKWHLKQZWHQGXQGHUKDWWHQLFKWGLH$EVLFKWVLFKYRQHLQHU 0HXWH YHUUFNWHU .XQVWMQJHU ]XP +DXV KLQDXVZHUIHQ ]X ODVVHQ /RRUDPV $XIIRUGHUXQJ ZXUGH VRIRUWEHIROJW/lVVLJLPPHUQRFKJlKQHQGWUDWHU]XU6HLWH'LHPXWLJVWHQVHLQHU$QKlQJHUVFKREHQ VLFK DXI 5RQ ]X XQG VWUHFNWHQ GLH +lQGH QDFK LKP DXV 6LH ZDUHQ W\SLVFKH $UNRQLGHQ ,KUH %HZHJXQJHQ ZDUHQ ODQJVDP XQG EHL DOOHP ZDV VLH WDWHQ VFKLHQHQ VLH YRQ YRUQKHUHLQ GDUDQ ]X ]ZHLIHOQGDHV(UIROJEULQJHQZUGH ª,FKZHUGHHXFK]HLJHQZDVHLQ8QHUZQVFKWHULVW©NQXUUWH 5RQ XQG VFKOXJ GHP YRUGHUVWHQ PLW GHU IODFKHQ +DQG DXI GLH )LQJHU 'HU 0DQQ IXKU PLW HLQHP lQJVWOLFKHQ 6FKUHL ]ZHL 6FKULWWH ZHLW ]XUFN 9HUZLUUXQJ HQWVWDQG -HPDQG VFKULH YROOHU %HJHLVWHUXQJ ª(LQ .DPSI (LQ .DPSI© 5RQ ILQJ DQ ]X ODFKHQ (LQ SDDU DQGHUH MXQJH 0lQQHU GUDQJHQJHJHQLKQYRU5RQZDUWHWHJHGXOGLJXQGDPVLHUWELVGHUHUVWHLKQDP.UDJHQIDWH'DQQ UL HU LKQ DP $UP ]X VLFK KHUDQ SDFNWH LKQ VHLQHUVHLWV EHL GHQ 6FKXOWHUQ XQG VFKOHXGHUWH LKQ PLW VROFKHU:XFKWLQGLH6FKDUGHU8PVWHKHQGHQKLQHLQGDHLQH0HQJH/HXWH]X%RGHQJHULVVHQZXUGH XQGGHU5HVWVFKUHLHQGLQGHQ6FKXW]GHU*ODVYHUDQGDIOFKWHWH 1XU/RRUDP$UNDGGVWDQGQRFKGD MHW]WHLQELFKHQZDFKHUDOV]XYRU'LHERPEDVWLVFKH0XVLNEUDFKDE 5RQPXVWHUWHGHQ0DQQYRU VLFKDXIPHUNVDP ª,FKPXPLW,KQHQUHGHQ©VDJWHHU /RRUDPK|UWHQLFKW]X ª:DVIUHLQ.lPSIHU©PXUPHOWHHUEHZXQGHUQGª:HOFKHLQ7DWPHQVFK©6HLQH6WLPPHYHUORUDQ (KUIXUFKWDOVHUIRUWIXKUª$EHUQDWUOLFKNHLQHUOHLJHLVWLJH%HJDEXQJ© ª,FKKDEHPLW,KQHQ]XUHGHQ©ZLHGHUKROWH5RQ ,Q*HGDQNHQYHUVXQNHQGUHKWH/RRUDPEHLGH+lQGH

ª,FKZHUGH+RUWKDWUXIHQ©IOVWHUWHHUYRUVLFKKLQª-DGDVLVWHLQHJXWH,GHH© (UZDQGWHVLFKODQJVDPXP$EHUEHYRUHUGHQHUVWHQ6FKULWWPDFKWHVWDQG5RQKLQWHULKPXQGKDWWH LKQDP.UDJHQ /RRUDPVW|KQWHYRU(QWVHW]HQ5RQGUHKWHLKQVRKHUXPGDHULKPLQV*HVLFKWVDK XQGOLHLKQORV'HU$UNRQLGHZDUQRFKHLQZHQLJEODVVHUDOV]XYRU9ROOHU)XUFKWVWDUUWHHU5RQDQ ª:HUGHQ6LHMHW]WPLWVLFKUHGHQODVVHQ"©IXKU5RQLKQDQ/RRUDPZLQNWHYHU]ZHLIHOWPLWEHLGHQ +lQGHQª-DQDWUOLFK©KDXFKWHHUª:RUEHU"© 5RQZLQNWHDE ª'LHVH1DUUHQGRUWNDQQLFKQLFKWGDEHLEUDXFKHQ©XQWHUEUDFKHU/RRUDPª6FKLFNHQ6LHVLHZHJ© /RRUDPZDQGWHVLFK]XVHLQHQ)UHXQGHQXP ª0HLQHOLHEHQ7UHXHQ©VDJWHHUPLW]LWWHUQGHU6WLPPHªLKUK|UWZDVGLHVHUIXUFKWEDUH0HQVFKKLHU ZLOO%LWWHODWXQVDOOHLQH© 'LH!7UHXHQHQWIHUQWHQVLFK]|JHUQG ª+DEHQ 6LH HLQ =LPPHU LQ GHP PDQ VLFK XQJHVW|UW PLWHLQDQGHU XQWHUKDOWHQ NDQQ"© ZROOWH 5RQ ZLVVHQ ª-DLQGHUYLHUWHQ(WDJH0HLQ/LHEOLQJVJHPDFK© 5RQYHUELVLFKHLQ/DFKHQ ª6FK|Q*HKHQZLULQGDV/LHEOLQJVJHPDFK© /RRUDPGXUFKTXHUWHGLH9HUDQGD(UEHZHJWHVLFKZLHHUHVJHZ|KQWZDUVRDOVZXUGHHUQDFKGHP QlFKVWHQ 6FKULWW YRU (UPDWWXQJ ]XVDPPHQEUHFKHQ 5RQ VFKOXJ LKP PLW GHU IODFKHQ +DQG DXI GLH 6FKXOWHU ª6FKQHOOHUPHLQ)UHXQG:LUVLQGKLHUQLFKWXQWHU.XQVWEHJHLVWHUWHQ© %HQRPPHQ XQG HUVFKUHFNW VWROSHUWH /RRUDP LQ HLQHQ $QWLJUDYVFKDFKW KLQHLQ XQG VDQN QDFK XQWHQ 5RQIROJWHLKPGLFKWDXI(U]lKOWHGLH$XVJlQJHGLHDQLKPYRUEHUJOLWWHQXQGYHUJHZLVVHUWHVLFK GD/RRUDPZLUNOLFKLQGHUYLHUWHQ(WDJHDXVVWLHJ(UEHWUDWHLQHQ5XQGJDQJGXUFKGHVVHQYHUJODVWH )HQVWHU 5RQ GLH K|FKVWHQ %VFKH GHV *DUWHQV KHUDXIZDFKVHQ VHKHQ NRQQWH 'DQQ |IIQHWH VLFK HLQH 7U]XU/LQNHQ 5RQWUDWLQ/RRUDPV/LHEOLQJVJHPDFK ,QGHU*UXQGIRUPZDUHVHLQXQUHJHOPlLJHV 6LHEHQHFN (V ZDU VR JUR ZLH HLQ PLWWOHUHU 6DDO ,P *UXQGH JHQRPPHQ JDE HV NHLQ HLQ]LJHV 0|EHOVWFN'HU%RGHQZDUPLWGLFNHQNRVWEDUHQ7HSSLFKHQXQG.XQVWVWRIINLVVHQEHOHJW=ZLVFKHQ GHQ .LVVHQ VWDQGHQ ZDKOORV YHUWHLOW HLQ SDDU OHHUH XQG HLQ SDDU YROOH )ODVFKHQ $Q GHU NU]HVWHQ :DQG YRU GHU GLH .LVVHQ DP K|FKVWHQ DXIJHWUPW ZDUHQ HQWGHFNWH 5RQ HLQH 6FKDOWOHLVWH PLW XQJHIlKU]ZHL'XW]HQGYHUVFKLHGHQIDUELJHQ.Q|SIHQ(UZXQGHUWHVLFKQLFKWGD/RRUDPJHUDGHDXI GLHVH:DQG]XJLQJXQGVLFKDXIGLH.LVVHQVLQNHQOLH (UNRQQWHYRQGRUWGLH6FKDOWOHLVWHPLWHLQHP +DQGJULII HUUHLFKHQ 5RQ VW|UWH GHU DXIGULQJOLFKH *HUXFK HLQHV IUHPGDUWLJHQ 3DUIXPV GHU GDV =LPPHU HUIOOWH $P $QIDQJ VW|UWHQ LKQ DXFK QRFK GLH *HVWDOWHQ ]ZHLHU 0lGFKHQ GLH LP +LQWHUJUXQG GHV 5DXPHV DXI GHP %RGHQ KRFNWHQ $EHU QDFKGHP HU VLH HLQPDO DQJHVHKHQ KDWWH JODXEWHHUQLFKWPHKUGDVLHLKPJHIlKUOLFKZHUGHQN|QQWHQ6LHZDUHQEHLGHYRQGHU$UWGLHPDQ DXIGHQHUVWHQ%OLFNIUZXQGHUVFK|QKlOWELVGLH/HHUHLQGHQ*HVLFKWHUQRIIHQEDUZLUG5RQVWHOOWH VLFKYRU/RRUDPKLQXQG]RJLKQDXVGHQ.LVVHQKRFKª'LH8QWHUKDOWXQJJHZLQQWDQ(UIUHXOLFKNHLW© HUNOlUWHHUOlFKHOQGªZHQQZLUGDEHLVWHKHQ© (U DFKWHWH GDUDXI GD /RRUDP QXQ PLQGHVWHQV ]ZHL 6FKULWWH ]X JHKHQ KDWWH ELV HU ]XU 6FKDOWOHLVWH NDP 'DQQVFKREHUGHQbUPHOVHLQHVOLQNHQ$UPVELV]XP(OOERJHQKLQDXI KREGLH +DQGVRGD GHU +DQGUFNHQ YRQ VHLQHP *HVLFKW ZHJ ]HLJWH XQG GUHKWH VLH HLQ SDDUPDO KLQ XQG KHU (U K|UWH 0HHFKVUXKLJH6WLPPHVDJHQª9LHU]LJ=HQWLPHWHUEHUGHU6FKDOWOHLVWH6LU© (UVFKRE/RRUDPEHLVHLWH(UZXWHGDHUVLFKDXI0HHFKV$QJDEHQYHUODVVHQNRQQWHELVDXIGHQ 0LOOLPHWHU0LW]ZHL+DQGVSDQQHQPDHUREHUKDOEGHU6FKDOWOHLVWHHWZDYLHU]LJ=HQWLPHWHUDE'DQQ ]RJHUGHQNOHLQHQEXOOLJHQ1DGHOVWUDKOHUDXVGHU7DVFKHXQGEHDUEHLWHWHGLH:DQGVRODQJHELVDQ GHUNULWLVFKHQ6WHOOHHLQTXDOPHQGHVKDQGWHOOHUJURHV/RFKZDU (UVWGDQQGUHKWHHUVLFK]X/RRUDP XP1LHPDQGDXHULKPK|UWH0HHFKOHLVHVDJHQ ª6RQVWLVWQDFKPHLQHUhEHU]HXJXQJNHLQDQGHUHV *HUlWPHKUYRUKDQGHQ6LU© 5RQ VFKDOWHWH GHQ 0LNURNRP DE (U OlFKHOWH GHQ IDVVXQJVORVHQ /RRUDP IUHXQGOLFK DQ ZlKUHQG HU

HUNOlUWH ª,FK ZROOWH VLFKHUJHKHQ GD NHLQ 8QEHUXIHQHU DQ XQVHUHP *HVSUlFK WHLOQLPPW© 0LW ZRKOEHUHFKQHWHU ([DNWKHLW OLH HU VHLQ *HVLFKW GDUDXIKLQ WRGHUQVW ZHUGHQ ª:HU KDW 6LH GD]X JHEUDFKW(]]D0DUODLQV3URJUDPPYRP6SLHOSODQDE]XVHW]HQ"© (U ZXWH VFKRQ QDFK HLQHU 6HNXQGH GD HV HLQ )HKOVFKODJ JHZHVHQ ZDU /RRUDP VDK LKQ ]XHUVW EHUUDVFKWDQ'DQQYHU]RJHUGDV*HVLFKW]XHLQHPPGHQ/lFKHOQ6FKOLHOLFKNODWVFKWHHUPDWWPLW GHQ+lQGHQXQGIUDJWHVS|WWLVFKª,VWHVGDVZRUEHU6LHVLFKPLWPLUXQWHUKDOWHQZROOHQ"© 5RQEOLHEHUQVW(UZDUVLFKHUGD/RRUDPLKPGLH(QWWlXVFKXQJQLFKWDQVDK ª-D©VDJWHHUª8QG6LHEHHLOHQVLFKEHVVHUPLWGHU$QWZRUW,FKELQQLFKWEHVRQGHUVJHGXOGLJ© /RRUDPILQJDQ]XODFKHQ(UODFKWHZDKUKDIWLJ ª0HLQ )UHXQG© VWLH HU VFKOLHOLFK KHUYRU ªJODXEHQ 6LH ZLUNOLFK GD LFK PLFK HLJHQKlQGLJ XP 'LQJH YRQ VR JHULQJHP %HODQJ NPPHUH" ,FK ELQ GHU NQVWOHULVFKH /HLWHU GHU )LNWLYSURJUDPPVHQGXQJHQ ,FK ELQ QLFKW GHU 0DQQ GHU EHL HLQHP WHFKQLVFKHQ )HKOHU GLH 6HQGHDJJUHJDWHDEVFKDOWHW© 5RQWUDWHLQHQ6FKULWWDQLKQKHUDQ/RRUDPV+HLWHUNHLWYHUVFKZDQGVRIRUW(UKREGLH$UPHXPVLFK ]XVFKW]HQ ª(V ZDU NHLQ WHFKQLVFKHU )HKOHU /RRUDP© IXKU 5RQ LKQ DQ ª'DV 3URJUDPP KlWWH HLQ SDDU /HXWHQ JHIlKUOLFKZHUGHQN|QQHQXQGHLQHUGDYRQZDUHQ6LH© /RRUDPZDUEHHLQGUXFNW$EHUQXUYRQGHP0DQQGHUYRULKPVWDQGXQGLKQVFKODJHQZUGHZHQQ HULKPQLFKWGLH$QWZRUWJDEGLHHUHUZDUWHWHª*ODXEHQ6LHPLUGRFK©MDPPHUWHHUªLFKKDEHNHLQH $KQXQJZRUXPHVEHLGHP3URJUDPPJLQJ,FKKDEHEHUKDXSWQLFKWVGDPLW]XWXQ,FKZHLQLFKW HLQPDOYRQZHOFKHP3URJUDPP6LHUHGHQ© ª(V JDE QXU HLQHV YRQ (]]DV 3URJUDPPHQ GDV MHPDOV DEJHVHW]W ZXUGH© HUNOlUWH 5RQ PLW NDOWHU 6WLPPH ª'DVPDJVHLQ$EHUZDVKDEHLFKGDPLW]XWXQ"© ª(VZDU,KUH6WLPPHGLHVLFKIUGLH8QWHUEUHFKXQJHQWVFKXOGLJWH© 'DVZDUVHLQOHW]WHU7UXPSI5RQZXWHGDHUGDV6SLHOYHUORUHQKDWWHZHQQ/RRUDPGDUDXIQLFKW UHDJLHUWH /RRUDPVDJWH ª(VSDVVLHUWRIWGDLFKJHEHWHQZHUGHHLQH$QVDJH]XPDFKHQ0HLVWHQV NRPPW HV PLU ]LHPOLFK XQJHOHJHQ GHQQ LFK ELQ WDJVEHU LPPHU VHKU EHVFKlIWLJW $EHU GLH /HXWH NHQQHQ PHLQH 6WLPPH XQG ZROOHQ VLH K|UHQ ZHQQ HWZDV QLFKW LQ 2UGQXQJ LVW ,FK NDQQ PHLQH $QKlQJHU QLFKW HQWWlXVFKHQ GDV YHUVWHKHQ 6LH $EHU LFK ZHL QXU LQ VHOWHQHQ )lOOHQ DXV ZHOFKHP *UXQGLFKHLQH$QVDJHPDFKHQPX© 'LH6HOEVWJHIlOOLJNHLWZLFKDXVVHLQHP*HVLFKWDOV5RQ/DQGU\HLQHQ6FKULWWYRQLKP]XUFNWUDW(U VFKLHQDXIHLQHQQHXHQ$QJULIIJHIDW$EHU5RQOLHQXUGLH6FKXOWHUQVLQNHQXQGHUNOlUWHª'DVZDU ,KU *OFN /RRUDP (V ZlUH ,KQHQ VFKOHFKW HUJDQJHQ ZHQQ 6LH HWZDV PLW GHU 6DFKH ]X WXQ JHKDEW KlWWHQ© 'HU$UNRQLGHVWUDKOWHSO|W]OLFKEHUVJDQ]H*HVLFKW ª,FKZXWHPHLQ)UHXQGGDVLFK,KU9HUGDFKW DOV HLQ ,UUWXP KHUDXVVWHOOHQ ZUGH /DVVHQ 6LH PLFK ,KQHQ YHUVLFKHUQ GD PLFK ,KUH PXWLJH 9RUJHKHQVZHLVHEHHLQGUXFNWREZRKOVLHPLFKIDVWLQ%HGUlQJQLVJHEUDFKWKDWWH,FKELWWH6LH© 5RQXQWHUEUDFKWGHQ)OXVHLQHU5HGHPLWHLQHUZWHQGHQ+DQGEHZHJXQJ ª,KUH 3URJUDPPH ZHUGHQ LQ $UFKLYHQ DXIEHZDKUW© VWHOOWH HU IHVW ª:R LVW GDV $UFKLY XQG ZR EHNRPPHLFK=XWULWW"© /RRUDP ZDU YRP :HFKVHO GHV 7KHPDV QLFKW LP PLQGHVWHQ EHHLQGUXFNW 0LW GHU JOHLFKHQ EHUVFKZHQJOLFKHQ +HU]OLFKNHLW EHDQWZRUWHWH HU GLH )UDJH ª(LQH (PSIHKOXQJ YRQ PLU ZLUG ,KQHQ DOOH 7UHQ |IIQHQ PHLQ )UHXQG :DUXP DEHU MHW]W DQ JHVFKlIWOLFKH 'LQJH GHQNHQ" :DUXP EOHLEHQ 6LHQLFKWKLHUXQG© ª:HLO PLU GLHVH JHVFKlIWOLFKHQ 'LQJH ]LHPOLFK KDUW DXI GHU 6HHOH OLHJHQ© XQWHUEUDFK LKQ 5RQª:UGHQ6LHPLUELWWHHLQHVROFKH(PSIHKOXQJJHEHQ"© /RRUDPNODWVFKWHLQGLH+lQGH ª0LW9HUJQJHQPHLQ)UHXQG© 'HU$UNRQLGHZLQNWHHLQHPGHUEHLGHQ0lGFKHQLP+LQWHUJUXQG6HLQ*HVLFKWYHU]RJVLFK]XHLQHP

VOLFKHQ/lFKHOQ/HLVHVDJWHHUª0DOOLNRPHLQ/LHEOLQJKROHLQHYRQPHLQHQ.DUWHQ© 5RQVFKHQNWHGHP0lGFKHQNHLQH%HDFKWXQJ(UVDKQXUGDVLHEUDXQKDDULJZDU6LHJLQJDQLKP YRUEHLXQGYHUVWlUNWHGHQ*HUXFKIUHPGDUWLJHQ3DUIXPVGHUGDV=LPPHURKQHKLQHUIOOWH5RQK|UWH HLQH 7U VXPPHQ $XJHQEOLFNH VSlWHU ZDU GDV 0lGFKHQ ZLHGHU ]XUFN 5RQ GUHKWH 0DOOLNR GHQ 5FNHQ]X ª:HQGHQ6LHVLFKXPPHLQ)UHXQG©EDWLKQ/RRUDPª0HLQH6FK|QHKDWHLQ*HVFKHQN IU6LH© 5RQ GUHKWH VLFK XP'DV 0lGFKHQKLHOW LKPHLQTXDGUDWLVFKHV6WFN VFKLPPHUQGHU )ROLHHQWJHJHQ 5RQQDKPHVLKUDXVGHU+DQGXQGVWXGLHUWHHV(VWUXJHLQHQNOHLQJHGUXFNWHQ7H[WLQDUNRQLGLVFKHU 6SUDFKHGHVVHQHUVWHU6DW]EHVDJWHGD/RRUDP$UNDGGGHP7UlJHUGHV$XVZHLVHVVHLQHYROOH*XQVW ]XJHZDQGW KDWWH 8QG XQWHU GHQ 7H[W KDWWH MHPDQG VHLQHQ 1DPHQV]XJ JHVHW]W JDQ] VLFKHU /RRUDP VHOEVW(UEHVWDQGDXVHLQHU5HLKHXQOHVHUOLFKHU .ULQJHO%RJHQXQG/LQLHQ5RQVWHFNWHGLH.DUWH HLQ 'DV0lGFKHQVWDQGLPPHUQRFKYRULKPXQGVDKLKQDQ,KUKEVFKHVOHHUHV*HVLFKWYHUZLUUWH LKQ(UOlFKHOWHLKUNXU]]X'DQQZDQGWHHUVLFKXPXQGVDJWH]X/RRUDPª0HLQHQ'DQN,FKZHUGH PLFKVRUDVFKZLHP|JOLFKLP$UFKLYXPVHKHQ© /RRUDP VFKLHQ EHJHLVWHUW (U KDWWH VLFK EHUKDXSW JHlQGHUW $QVFKHLQHQG KDWWH GHU XQJHZ|KQOLFKH =ZLVFKHQIDOOVRIUKDP0RUJHQVHLQH7UlJKHLWHLQZHQLJYHUVFKHXFKW ª7XQ6LHGDVPHLQ)UHXQG© ULHWHU5RQª6LHZHUGHQVHKHQGDQLFKWGHUJHULQJVWH9HUGDFKWDXIPLUUXKW8QGZHQQ6LHGDYRQ EHU]HXJWVLQG GDQQ PVVHQ 6LH PLFK ZLHGHU EHVXFKHQ ,FK OLHEH WDWNUlIWLJH VFKQHOO HQWVFKORVVHQH 0lQQHUZLH6LH©6HLQ*HVLFKWYHU]RJVLFK]XHLQHUZHKPWLJHQ*ULPDVVHª/HLGHUJLEWHVVRZHQLJ YRQLKQHQDXI$5.21© 5RQ EHGDQNWH VLFK IU GLH (LQODGXQJ (U ZDU EHU]HXJW GD HU LKU QLHPDOV ZUGH IROJHQ PVVHQ $EHU GD ZXWH HU QRFK QLFKW ZHOFK ODQJHU %HVXFK LQ /22UDP $UNDGGV +DXV LKP EHYRUVWDQG 8P GUHL]HKQ8KUDFKWDQGLHVHP9RUPLWWDJKDWWH0HHFK+DQQLJDQHLQHXQLGHQWLIL]LHUEDUH:DKUQHKPXQJ (LQHV VHLQHU UHJLVWULHUHQGHQ 2UJDQH VSUDFK DQ (V KDQGHOWH VLFK XP HLQ 2UJDQ GDV NHLQHP PHQVFKOLFKHQ 6LQQ HQWVSUDFK HLQHV MHQHU ,QVWUXPHQWH DOVR GLH 0HHFK EHIlKLJWHQ PHKU ZDKU]XQHKPHQDOVHLQRUJDQLVFKHV:HVHQ'DVZDUDEHUDXFKDOOHVZDVHUZXWH'LH:DKUQHKPXQJ ZDUNXU]XQGNHLQHUDQGHUHQYHUJOHLFKEDUGLH0HHFKMHPDOV]XYRUJHPDFKWKDWWH(UNRQQWHVLHQLFKW NODVVLIL]LHUHQ 0LWHLQHP:RUW(UZDUUDWORV (UYHUPHUNWHGHQHLJHQDUWLJHQ=ZLVFKHQIDOOLQVHLQHP *HGlFKWQLV2KQHGDVHLQ%HZXWVHLQGDUDQEHWHLOLJWZDUVR]XVDJHQDOVRDXWRPDWLVFKZXUGHDXFK MHGH (LQ]HOKHLW GHU :DKUQHKPXQJ VHLQHP SRVLWURQLVFKHQ 6SHLFKHU ]XJHOHLWHW 'DQDFK NRQ]HQWULHUWH 0HHFKVHLQH$XIPHUNVDPNHLWZLHGHUDXIGLH8PJHEXQJGHV:DJHQVLQGHPHUVD5RQZUGHEDOG ]XUFNNRPPHQ(UZDUMHW]WVFKRQYLHU6WXQGHQLQ/RRUDP$UNDGGV+DXV$OV5RQXPIQI]HKQ8KU QRFKQLFKWVYRQVLFKKDWWHK|UHQODVVHQJDE0HHFK0HOGXQJDQ/DUU\5DQGDOO /DUU\YHUVXFKWH5RQ EHU 0LNURNRP ]X HUUHLFKHQ $EHU 5RQ JDE NHLQH $QWZRUW 'DUDXV VFKOR 0HHFK GD 5RQ HWZDV ]XJHVWRHQ VHLQ PVVH 8P GLHVH =HLW ZDU HU GDV IROJHUWH 0HHFK PLW URERWLVFKHU 8QEHZHJWKHLW HQWZHGHUEHZXWORVRGHUWRW 6RQVWKlWWHHUVLFKJHPHOGHW'HQQHUEHVDDXHUGHP$UPEDQGJHUlW QRFK HLQ ]ZHLWHV *HUlW PLW GHP HU .RGH]HLFKHQ JHEHQ NRQQWH (V ZDU NHLQ VHKU OHLVWXQJVIlKLJHV ,QVWUXPHQWDEHUGDIUZDUHVLKPXQWHUGLH+DXWRSHULHUWZRQLHPDQGHVILQGHQNRQQWH/DUU\VHW]WH VLFK PLW /RRUDP $UNDGG LQ 9HUELQGXQJ (U ULHI LKQ HLQIDFK DQ XQG IUDJWH LKQ ZDV HU PLW VHLQHP )UHXQG JHPDFKW KDWWH $Q /DUU\V KDUWHU 6WLPPH XQG VHLQHP VHOEVWEHZXWHQ $XIWUHWHQ HUNDQQWH /RRUDP GD HU HV PLW HLQHP 5DVVHJHQRVVHQ YRQ 5RQ ]X WXQ KDWWH XQG ZXUGH GDUDXIKLQ VHKU IUHXQGOLFK 0LW%HGDXHUQPXWHHUDOOHUGLQJV]XJHEHQGDHUYRQ5RQV9HUEOHLEQLFKWVZLVVH /DUU\ QDKP LKP GDV QLFKW DE 8QG ZHLO HU GLH 7DNWLN NDQQWH GLH HU JHJHQEHU DUNRQLGLVFKHQ .QVWOHUQ HLQ]XVFKODJHQ KDWWH JDE HU /RRUDP ]X YHUVWHKHQ GD HU LKQ IU HLQHQ /JQHU KLHOW /RRUDP ZDU NHLQHVZHJV EHOHLGLJW ,P *HJHQWHLO HU EHZXQGHUWH GHQ 0XW GHU HLQHP 0DQQ VR HWZDV ]X VDJHQ HUODXEWH $QGHUHUVHLWV WUDI LKQ GHU 9RUZXUI ZLH HU HUNOlUWH QDWUOLFK ]X 8QUHFKW (U KDWWH 5RQ VR EHULFKWHWHHUDXIGHVVHQHLJHQHQ:XQVFKKLQPLWVHLQHP)OXJZDJHQELV]XUQlFKVWHQ6WUDHJHEUDFKW (UKDWWHLKPVRJDUDQJHERWHQLKQELVQDFK+DXVH]XIOLHJHQDEHUDXVXQHUILQGOLFKHQ*UQGHQKDWWH 5RQ DEJHOHKQW 'LH *UQGH ZDUHQ DOOHUGLQJV QXU IU /RRUDP XQHUILQGOLFK /DUU\ ZXWH GD LQ GHU 1DKHGHUDQJHJHEHQHQ6WUDH0HHFK+DQQLJDQDXI5RQZDUWHWH =XP%HZHLVVHLQHU8QVFKXOGKDWWH

/RRUDP QLFKW DOOHLQ VHLQHQ %HULFKW DXI]X]HLJHQ 6HLQ )DKU]HXJ EHVD HLQ DXWRPDWLVFKHV $XIQDKPHJHUlW (U JHQLHUWH VLFK QLFKW /DUU\ ]X JHVWHKHQ GD HV DXFK ZlKUHQG GHU )DKUW PLW 5RQ /DQGU\ ]XVDPPHQ JHDUEHLWHW KDWWH 'LH )DKUW ZDU LQ %LOG XQG 7RQ UHJLVWULHUW (U JHQLHUWH VLFK GHVZHJHQ QLFKW ZHLO HU JODXEKDIW ]X PDFKHQ YHUVWDQG GD HU JDU QLFKW ZXWH ZLH GDV 'LQJ DE]XVFKDOWHQVHL(UZDUJHUQHEHUHLW/DUU\GLH$XIQDKPHQ]X]HLJHQ(UOLHGDV%LOGEDQGDXVGHP :DJHQKROHQSDWHHVLQGHQ:LHGHUJDEHWHLOVHLQHV%LOGVSUHFKJHUlWHVHLQXQGVSLHOWHHVDE/DUU\ HUOHEWH 5RQ /DQGU\V $EVFKLHG YRQ /RRUDP GHP .QVWOHU YRQ GHP $XJHQEOLFN GD HU VLFK LQ GHQ )OXJZDJHQ VHW]WH ELV GRUWKLQ ZR HU DXVVWLHJ XQG GLH 6WUDH HQWODQJJLQJ /DUU\ NDQQWH GLH $XIQDKPHJHUlWH GLH DXI :XQVFK UHLFKHU .lXIHU LQ LKUH )DKU]HXJH HLQJHEDXW ZXUGHQ 8QG HU KDWWH DXFK HLQHQ (LQGUXFN YRQ /RRUDP $UNDGG JHZRQQHQ 'HQ JOHLFKHQ EULJHQV GHQ DXFK 5RQ /DQGU\ HLQSDDU6WXQGHQ]XYRUJHKDEWKDWWH(U]ZHLIHOWHQLFKWGDUDQGD/RRUDPNHLQH$KQXQJGDYRQKDWWH ZLH PDQ GDV *HUlW EHHLQIOXVVHQ NRQQWH 'LH 6]HQHQ GLH HU EHU %LOGVSUHFK DEJHVSLHOW KDWWH ZDUHQ HFKW 'DV EHGHXWHWH GD PDQ /RRUDP GHQ .QVWOHU IU 5RQ /DQGU\V UlWVHOKDIWHV 9HUVFKZLQGHQ QLFKW YHUDQWZRUWOLFK PDFKHQ NRQQWH :R ]XP 7HXIHO ZDU 5RQ GDQQ JHEOLHEHQ" )U 5RQ /DQGU\ VHOEVW KDWWH GLH 6DFKH ]XQlFKVW QLFKWV EHVRQGHUV 5lWVHOKDIWHV (U JLQJ DP 5DQG GHU 6WUDH HQWODQJ XQGVDKZLH/RRUDPV)OXJZDJHQVLFKYRPIODFKHQ*UDVERGHQDEKRE(UVDKGHQ.QVWOHUZLHHU LKPGXUFKGLH:DQGGHUULQJVXPYHUJODVWHQ.XSSHO]XZLQNWH(UZLQNWH]XUFN1DFKDOOHPZDVHU HUOHEWKDWWHNRQQWHHU/RRUDPPLW(]]D0DUODLQV7RGQLFKWPHKULQ=XVDPPHQKDQJEULQJHQ-HPDQG DQGHUVDOVRKDWWHGLH6DFKHPLWGHPUDVFKHQ3URJUDPPZHFKVHOJHGHLFKVHOW5RQGDFKWHGDUEHUQDFK ZlKUHQGHULQVLFKHUHU(QWIHUQXQJYRP5DQGGHU6WUDHEHUGDV*UDVJLQJ0HHFKZDUWHWHHLQHQ KDOEHQ.LORPHWHUYRQKLHU5RQNRQQWHGDV)DKU]HXJQLFKWVHKHQ(VVWDQGKLQWHUHLQHU%XVFKJUXSSH (V VDK VR DXV DOV JlEH HV NHLQHQ +LQZHLV -HGHU YRQ GHQ /HXWHQ GLH XP /RRUDP $UNDGG KHUXPVFKZlUPWHQ NRQQWH GHUMHQLJH VHLQ GHU GLH *HIlKUOLFKNHLW GHV 3URJUDPPV HUNDQQW XQG HV DEJHVHW]WKDWWH.HLQHPYRQGHQHQGLHHUJHVHKHQKDWWHWUDXWH5RQHVZLUNOLFK]X6LHZDUHQDOOHYRQ GHUJOHLFKHQ$UWZLH/RRUDPJHZHVHQ$EHUPDQNRQQWHVLFKWlXVFKHQZHQQPDQVLFK QXUDXIGDV $XVVHKHQHLQHV0HQVFKHQYHUOLH'DVOLHQXUZHQLJ+RIIQXQJ2EHUVW4XLQWRVHLQ&KHIKDWWHLKP GHQ $XIWUDJ JHJHEHQ VHLQHQ $XIWUDJ PLW P|JOLFKVW ZHQLJ $XIVHKHQ GXUFK]XIKUHQ 'LH GLSORPDWLVFKHQ%H]LHKXQJHQ]ZLVFKHQ7(55$XQG$5.21GXUIWHQQLFKWEHODVWHWZHUGHQ8QGVLH ZUGHQ EHODVWHW ZHUGHQ ZHQQ GLH DUNRQLGLVFKH gIIHQWOLFKNHLW HUIXKU GD GHU WHUUDQLVFKH 6LFKHUKHLWVGLHQVW GLH EHUKPWH $EWHLOXQJ ,,, DXI $5.21 RSHULHUWH ZHLO GLH DUNRQLGLVFKH 3ROL]HL QLFKW LQ GHU /DJH ZDU LQ HLQHP VROFK VFKZLHULJHQ )DOO LKUH 3IOLFKW ]X HUIOOHQ (U PXWH DOVR YHUVFKZLHJHQ YRUJHKHQ 5RQ ZQVFKWH VLFK LQ GLHVHP 0RPHQW HU ZlUH HLQ ZLUNOLFKHU 3ROL]LVW GHU HLQHP9HUGlFKWLJHQGLH+DQGDXIGLH6FKXOWHUOHJHQXQGLKPVDJHQNRQQWHHUVROOHPLWLKPNRPPHQ 6R ZHLW HWZD ZDU HU PLW VHLQHQ *HGDQNHQ JHNRPPHQ DOV GHU 6FKODJ LKQ WUDI 9RU 6FKPHU] XQG 6FKUHFNVFKULH5RQDXI(UILHOYRUQEHU'DQQZXWHHUQLFKWVPHKU(UHULQQHUWHVLFKMHGRFKVRIRUW DOV HU ZLHGHU ]X VLFK NDP 'LH 6]HQHULH KDWWH VLFK QLFKW YHUl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lQJHU DXI GDV .RGH]HLFKHQ KLQ DQVSUHFKHQ8QGZHQQDXFK/RIW\HWZDV]XVWLHGDQQZXUGH0HHFKGHQ5XIHPSIDQJHQ:DVZDU ORV" (UZlKOWHHLQ]ZHLWHV.RGH]HLFKHQXQGULHI/RIW\/RIW\PHOGHWHVLFKQLFKW(UZlKOWHGDVGULWWH =HLFKHQXQGULHI0HHFK$XFK0HHFKVSUDFKQLFKWDQ5RQVWDUUWH]XU6WUDHKLQEHU'LHVFKODQNHQ VWURPOLQLHQI|UPLJHQ:DJHQVFKRVVHQDXIGHQ/HLWElQGHUQGDKLQ'HUIUKH1DFKPLWWDJVYHUNHKUKDWWH HLQJHVHW]W (LQH 0HQJH /HXWH IKUHQ ]X GHQ 9HUNDXIVOlGHQ LQ GHU 1lKH 5RQ VFKlW]WH GLH 9HUNHKUVGLFKWHDXIWDXVHQG:DJHQSUR0LQXWHLQHLQHU5LFKWXQJ (VZDUDOOHVZLHVRQVW1LFKWVDQ

GHP%LOGGDVHUVDKZLUNWHIUHPGDUWLJ $EHUGDNHLQHUYRQVHLQHQ/HXWHQVLFKPHOGHWHDODUPLHUWH LKQ(UGUFNWHGLHZLQ]LJH3UIWDVWHGHV0LNURNRPV'LH:lKOVFKHLEHGLHZLHGDV=LIIHUEODWWHLQHU $UPEDQGXKU DXVVDK JOKWH LQ KHOOHP JUQHP /LFKW 'DV *HUlW ZDU LQ 2UGQXQJ 'LH .RGH]HLFKHQ ZXUGHQDXVJHVWUDKOW:DUXPHPSILQJVLHQLHPDQG" 5RQVDKDXIGLH8KU(VZDUYLHU]HKQHLQKDOE(U HULQQHUWH VLFK GD HU DXI GLH 8KU JHVHKHQ KDWWH DOV HU PLW /RRUDP ]XVDPPHQ GDV +DXV YHUOLH 'DPDOVZDUHVNXU]YRUGUHL]HKQ8KUJHZHVHQ+|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|KW5RQNRQQWHVHLQH-DFNHGHXWOLFKVHKHQ (UKDWWHDOVRDQGHUWKDOE6WXQGHQGRUW JHOHJHQ RKQH GD HLQHU YRQ GHQ YLHOHQ $XWRIDKUHUQ GLH LKQ RKQH =ZHLIHO EHPHUNW KDWWHQ VLFK XP LKQNPPHUWH" 5RQVFKWWHOWHGHQ.RSIXQGJLQJ]XVHLQHU-DFNH]XUFN:lKUHQGHUVLHDQ]RJYLHO LKPHLQGDHVJXWZlUH]XZLVVHQRE0HHFKKLQWHUGHQ%VFKHQQRFKDXILKQZDUWHWH (UJLQJKLQ (VZDUHQQRFKHLQSDDUKXQGHUW0HWHU(UKDWWHXQJHIlKUGLH+lOIWHGDYRQKLQWHUVLFKDOVGHU:DJHQ KLQWHUGHP*HEVFKLQGLH+|KHVWLHJUDVFKDQ)DKUWJHZDQQXQGLQ|VWOLFKHU5LFKWXQJYHUVFKZDQG 5RQVWDQGGDXQGZHGHOWHPLWEHLGHQ$UPHQ(UVFKULHVRJDU(UIKOWHVLFKSO|W]OLFKZLHHLQHUGHU DXI HLQHU HLQVDPHQ ,QVHO PLWWHQ LP 2]HDQ ]XUFNJHODVVHQ ZXUGH $EHU 0HHFK VDK LKQ QLFKW (U EHVFKOHXQLJWHVRKRFKZLHHLQRUJDQLVFKHV:HVHQHVQLFKWJHWDQKlWWHXQGZDUEDOGYHUVFKZXQGHQ 5RQYHUVXFKWH2UGQXQJLQVHLQH*HGDQNHQ]XEULQJHQ0HHFKZDUDOVRELVYRUHLQSDDU0LQXWHQKLHU JHZHVHQ 1LFKWV $XHUJHZ|KQOLFKHV VFKLHQ LKP ]XJHVWRHQ ]X VHLQ (V JDE NHLQHQ *UXQG ZDUXP VHLQ 0LNURNRPJHUlW QLFKW IXQNWLRQLHUHQ VROOWH $EHU HU 5RQ KDWWH LKQ DQJHUXIHQ 8QG GDUDQ GD VHLQ HLJHQHV *HUlW QRFK LQ 2UGQXQJ ZDU EHVWDQG NHLQ =ZHLIHO :DUXP DOVR KDWWH 0HHFK QLFKW JHDQWZRUWHW" 5RQ YHUVXFKWH VHLQ *OFN HLQ ]ZHLWHV 0DO (U JDE QRFK HLQPDO GLH JOHLFKH 6HULH YRQ .RGH]HLFKHQ 9ROOHU +RIIQXQJ ZDUWHWH HU HLQ SDDU 6HNXQGHQ ODQJ 'DQQ ZXWH HU GD HV DXFK GLHVPDO QLFKW JHNODSSW KDWWH $XI HLQH XQYHUVWl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|KQOLFKHQ'LQJHPLWJHZLVVHQ$XVQDKPHQ 8QGHLQZLQNHQGHU0DQQDP5DQGGHU 6WUDHZDUHLQDXHUJHZ|KQOLFKHV'LQJ'LH/HXWHGLHLKQVDKHQKDWWHQHUVWDXQWVHLQPVVHQ $EHU VLHZDUHQQLFKWHUVWDXQWJHZHVHQ.HLQHUKDWWHDXFKQXUGHQ.RSIJHGUHKW :HQQ5RQGLH6DFKODJH ULFKWLJYHUVWDQGEHGHXWHWHGDVGDVLHLKQEHUKDXSWQLFKWEHPHUNWKDWWHQ(UPDFKWHHLQH3UREHDXIV ([HPSHO 'LHlXHUVWH/HLWEDKQGHU6WUDHZDUQLFKWDOO]XGLFKWEHVHW]W'LHPHLVWHQ/HXWHKDWWHQHV HLOLJXQGIKUHQZHLWHULQQHQ5RQZDUWHWHHLQHQ$XJHQEOLFNDELQGHPGLHlXHUH%DKQVRZHLWHU HQWJHJHQGHU)DKUWULFKWXQJVFKDXHQNRQQWHOHHUZDU'DQQWUDWHUDXIGLH6WUDHKLQDXV (VGDXHUWH NHLQHKDOEH0LQXWHGDQlKHUWHVLFKGDVQlFKVWH)DKU]HXJ(VEHZHJWHVLFKPLWHLQHU*HVFKZLQGLJNHLW YRQHWZDYLHU]LJ.LORPHWHUQSUR6WXQGH$OVHVELVDXIHLQSDDU6HNXQGHQKHUDQZDUVDK5RQGD GUHL/HXWHGDULQVDHQHLQ0DQQXQG]ZHL)UDXHQ (UKDWWHOlQJVWDQJHIDQJHQ]XZLQNHQ:HQQVLH $XJHQKDWWHQPXWHQVLHLKQVHKHQ6LHVDKHQLKQQLFKW'DV)DKU]HXJEHKLHOWVHLQH*HVFKZLQGLJNHLW EHLXQGNDPDXILKQ]X5RQEOLHEVWHKHQ'HU:DJHQPDFKWHNHLQ$XVZHLFKPDQ|YHU(UNDPQlKHU XQJHIlKU]HKQ0HWHULQMHGHU6HNXQGH 5RQZLFKQLFKW(UNQLIIGLH/LSSHQ]XVDPPHQXQGZDUWHWH

(U VSDQQWH GLH 0XVNHOQ XQG EHUHLWHWH VLFK DXI GHQ $XISUDOO YRU $OV GHU :DJHQ QXU QRFK HLQ SDDU 6FKULWWH YRQ LKP HQWIHUQW ZDU ZLGHUVWDQG HU GHP IDVW XQZLGHUVWHKOLFKHQ 9HUODQJHQ ]XU 6HLWH ]X VSULQJHQ (UVFKULHYRU(QWVHW]HQDEHUHUEOLHEVWHKHQ 8QGGDQQSDVVLHUWHZDVHUVRKDOEXQGKDOE HUZDUWHWKDWWH'HU:DJHQIXKUHLQIDFKGXUFKLKQKLQGXUFK %RyOXQKDWWHGDPLWJHUHFKQHWGDHUGLHVHQ$XIWUDJEHNRPPHQZXUGH(UJHILHOLKPQLFKW$EHU2]R EHVWUDIWHMHGHQPLWGHP7RGGHUVLFKQLFKWDQVHLQH%HIHKOHKLHOW 1DWUOLFKZROOWH2]RZLVVHQZHU GHU IQIWH LP +DXV GHU 7HUUDQHU ZDU 'HU JHKHLPQLVYROOH )QIWH GHVVHQ *HKLUQ %RyOXQ GXUFK HLQ 'XW]HQG :lQGHKLQGXUFKZDKUJHQRPPHQKDWWH (U ZROOWH GDVKDWWH HU DQJHGHXWHWDXFK *HQDXHUHV EHUGHQMHQLJHQZLVVHQGHVVHQJHGDQNOLFKH$XVVWUDKOXQJ%RyOXQQLFKWKDWWHHUIDVVHQN|QQHQ$EHU GDVZDULKPQLFKWVRHLOLJ9RUQDQVWDQGGLH)UDJH:HULVWGHUIQIWH" :LHLPPHUEOLHEHV%RyOXQ VHOEVWEHUODVVHQVLFKGHQULFKWLJHQ:HJ]XU%HDQWZRUWXQJGHU)UDJHDXV]XVXFKHQ%RyOXQZDUHLQ ORJLVFK GHQNHQGHU 0DQQ (U EHJULII UDVFK GD HU QLFKWV ZUGH HUIDKUHQ N|QQHQ ZHQQ HU GDV +DXV GHU7HUUDQHUQLFKWHLQ]ZHLWHV0DOEHVXFKWH6ROOWHHUVLHDQUXIHQXQGVLH]XHLQHUZHLWHUHQ(LQODGXQJ YHUDQODVVHQ"'DVZlUHPHUNZUGLJJHZHVHQXQGGDPLWDXFKYHUGlFKWLJ(VEOLHEDOVRQXUQRFKHLQH DQGHUH 0|JOLFKNHLW (U PXWH KHLPOLFK LQ GDV +DXV GHU 7HUUDQHU HLQGULQJHQ 8QEHKDJHQ EHVFKOLFK LKQDOVHUGDUDQGDFKWH7HUUDQHUZDUHQJHIlKUOLFKH/HXWH%Ry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lWWH GHU :DJHQ YRUKLQ DQJHKDOWHQ RGHU LKQ HLQIDFK EHUIDKUHQ 1LFKWV YRQ DOOHGHP ZDU JHVFKHKHQ (U ZDU XQYHUVHKUW XQG QLHPDQG KDWWH LKQ JHVHKHQ 1DWUOLFK 1LFKWV YRQDOOHGHP KDWWH P|JOLFKHUZHLVH JHVFKHKHQ N|QQHQ (U ZDU MD JDU QLFKW KLHU :R ]XP 'RQQHUZHWWHU ZDU HU GHQQ VRQVW" (U ZXWH GD HU ]X QLFKWV NRPPHQ ZUGH ZHQQ HU VHLQH *HGDQNHQ ZLUU XQG YRQ 3DQLN HUIOOW GXUFKHLQDQGHUODXIHQ OLH (U PXWH V\VWHPDWLVFK GHQNHQ 'LH 6LWXDWLRQ ZDU Y|OOLJ IUHPG (U KDWWH VLFK QLH LP /HEHQ LQ HLQHU lKQOLFKHQ EHIXQGHQ $EHU HV JDE YLHOOHLFKW +LQZHLVH GLH LKP KHUDXV]XILQGHQ KDOIHQ ZR HU VLFK EHIDQG XQG ZLH HU ZLHGHU LQ GLH :HOW ]XUFNNHKUHQ NRQQWH GLH HU YRU VLFK VDK (U KRFNWH VLFK LQV *UDV XQG ]ZDQJ VHLQH *HGDQNHQ ]XU 5XKH $OOPlKOLFK EHJDQQHQ VLH ZLHGHU VLFK DXI ORJLVFKHQ %DKQHQ]XEHZHJHQ (UNRQQWHQLFKWDOO]XZHLWYRQGLHVHU:HOWHQWIHUQWVHLQGLHHUVDK6RQVWKDWWH HU VLH QLFKW VHKHQ N|QQHQ (V IUDJWH VLFK QXU DXI ZHOFKHU GHU IQI $FKVHQ GHV 8QLYHUVHQJHIJHV GLHVHV !ZHLW ]X UHFKQHQ ZDU 9LHOOHLFKW KDWWH VRJDU MHPDQG HLQH VHFKVWH HQWGHFNW 7HUUDQLVFKH :LVVHQVFKDIWOHU EHKDXSWHWHQ GD GDV IQIGLPHQVLRQDOH 8QLYHUVXP LQ HLQ ZHLW YLHOIlOWLJHUHV VHFKVGLPHQVLRQDOHV HLQJHEHWWHW VHL 9LHOOHLFKW KDWWH MHPDQG GHQ 7ULFN VFKRQ KHUDXV ZLH PDQ VLFK EHU GLH %HVFKUlQNXQJ GHU IQI 'LPHQVLRQHQ KLQZHJVHW]WH 8QG HU KRFNWH KLHU XQG VROOWH GDV 3UREOHP O|VHQ PLW GHP VLFK YLHO NOJHUH /HXWH VFKRQ VHLW HLQ SDDU -DKUHQ HUIROJORV EHVFKlIWLJWHQ (LQH)UDJHOLHVLFKOHLFKWDEWXQ'LH)UDJHZLHZHLWHUUlXPOLFKDOVRDXIGHU[GHU\XQGGHU] $FKVHGHVPHKUGLPHQVLRQDOHQ*HIJHVYRQGHU:HOWGLHHUVDKHQWIHUQWZDU:DVLPPHUVLHDXFK PLWLKPJHPDFKWKDWWHQHUEHIDQGVLFKQRFKDQ2UWXQG6WHOOH(UVSUWHGDV*UDVXQWHUGHQ)HQ XQGYRUKLQDOVHUGDV([SHULPHQWJHPDFKWKDWWHZDUGHUKDUWH'UXFNGHVJODWWHQ6WUDHQEHODJVJDQ] GHXWOLFKJHZHVHQ.HLQUlXPOLFKEHWUDFKWHWKDWWHHUVLFKK|FKVWHQVXP0LOOLPHWHUEHZHJW :HQQHU VLFKDXIGLH%HWUDFKWXQJIQIP|JOLFKHU$FKVHQEHVFKUlQNWHEHGHXWHWHGDVGDLKQMHPDQGHQWZHGHU DQGHU=HLWDFKVHRGHUDQGHULPDJLQlUHQ$FKVHRGHUDQEHLGHQJOHLFK]HLWLJHQWODQJJHVFKREHQKDWWH :HQQ HU LQ 5HFKQXQJ ]RJ GD GHU XQEHNDQQWH *HJQHU GDV *HKHLPQLV GHV hEHUJDQJV YRP IQIGLPHQVLRQDOHQ LQ GDV VHFKVGLPHQVLRQDOH 8QLYHUVXP VFKRQ NDQQWH GDQQ ZXUGH GLH 6DFKH DOOHUGLQJVZHVHQWOLFKNRPSOL]LHUWHU (UZXWHQLFKWHLQPDOZHOFKHV GLH VHFKVWH$FKVHZDU XQGZLH

PDQ VLH QHQQHQ VROOWH (U EHVFKOR VLFK DQ GDV ]X KDOWHQZDV HUZXWH 6RODQJH HU NHLQHQ %HZHLV GDIUKDWWHGDGHU*HJQHUPHKUYHUVWDQGDOVGLHWHUUDQLVFKH:LVVHQVFKDIWEUDXFKWHHUVLFKGDUEHU QLFKWGHQ.RSI]X]HUEUHFKHQ(UKDWWHDXFKRKQHGDVJHQXJ]XEHGHQNHQ(WZDVDQGHUHVILHOLKPHLQ :DUXPKDWWHQVLHGDVPLWLKPJHPDFKWZHUDXFKLPPHU!VLHVHLQPRFKWHQ"8PLKQDXVGHP:HJ ]XKDEHQGDVZDUGLHORJLVFKH$QWZRUW(UPLVFKWHVLFKLQ'LQJHGLHLKQQDFKLKUHU0HLQXQJQLFKWV DQJLQJHQ(UNRQQWHLKQHQJHIlKUOLFKZHUGHQ'HVZHJHQKDWWHQVLH!GDVPLWLKPJHPDFKW*XW:HU ZDUHQ !VLH" 2GHU !HU" :HU ZXWH GDYRQ ZHOFKH $XIJDEH HU DXI $5.21 ]X O|VHQ KDWWH" 1DWUOLFK/DUU\0HHFKXQG/RIW\'LHVFKLHGHQDXV'DQQQRFK$LQD6LHKDWWH]ZDUNHLQH$KQXQJ ZDUXPHULQ:LUNOLFKNHLWQDFK$5.21JHNRPPHQZDU$EHUVLHKDWWHLKPGLH*HVFKLFKWHYRQ(]]D 0DUODLQ HU]lKOW XQG LKQ DXI GLH 6SXU GHV 0|UGHUV JHKHW]W 'RFK $LQD VFKLHG HEHQIDOOV DXV %RyOXP" $QVLFKGXUIWHHUEHUKDXSWQLFKWVZLVVHQ1LHPDQGKDWWHLKPHLQHLQ]LJHVDQGHUHV:RUW JHVDJW DOV GDV ZHOFKHV LQ GLH *HVFKLFKWH YRQ GHQ 6FKDW]JUlEHUQ KLQWHU GHQ GUHL]HKQ .DW]HQVFKZlQ]HQSDWH$EHUHUZDUHLQ%iDORO0DQQ(VNRQQWHRKQHZHLWHUHVVHLQGDHUYHUVWDQG GLH *HGDQNHQ DQGHUHU 0HQVFKHQ ]X OHVHQ 'DQQ ZXWH HU ZDV ORV ZDU %RyOXQ ZDU RKQH =ZHLIHO YHUGlFKWLJ 8QG QDWUOLFK /RRUDP $UNDGG 9LHOOHLFKW QLFKW VR VHKU HU VHOEVW DOV LUJHQGHLQHU YRQ VHLQHQ)UHXQGHQ/RRUDPVHOEVWEHVDNHLQH$NWLYLWlW$EHUHLQHUYRQVHLQHQ-QJHUQNRQQWHHUUDWHQ KDEHQ ZHVZHJHQ 5RQ VLFK LQ GDV +DXV HLQJHVFKOLFKHQ KDWWH 8QG XP VLFKHU]XJHKHQ OLH HU 5RQ YHUVFKZLQGHQ'DVZDUHV'HU=XVDPPHQKDQJODJDXIGHU+DQG'HU8QEHNDQQWHIUFKWHWHVLFKGD EHU(]]D0DUODLQVVRQGHUEDUHV)LNWLYSURJUDPPLUJHQGHWZDVLQGLHgIIHQWOLFKNHLWJHODQJWH$OVHLQ Y|OOLJ)UHPGHU]XGHPQRFK7HUUDQHUDXIJDQ]XQGJDUXQJHZ|KQOLFKHP:HJHEHL/RRUDP$UNDGG GHP 3URJUDPPJHVWDOWHU HLQGUDQJ ZDU GHP *HJQHU NODU JHZRUGHQ GD HV VLFK KLHU QXU XP HLQHQ 9HUVXFKKDQGHOQNRQQWHGHQ6FKOHLHUGHUEHU(]]D0DUODLQV7RGODJ]XOIWHQ'DVZDUJHQXJIU LKQ (U YHUIROJWH LUJHQGHLQH $EVLFKW GLH Y|OOLJ JHKHLPEOHLEHQ PXWH ELV GHU 3ODQ ]XU $XVIKUXQJ NDP(]]DV7RGKDWWHGDPLW]XWXQ*HKHLPKDOWXQJZDUQLFKWPHKUJHZlKUOHLVWHWZHQQGHU0RUGDQ (]]DDXIJHNOlUW ZXUGH'HU*HJQHUKDWWH ]XJHVFKODJHQ 'DV5HVXOWDW ZDU GD5RQ /DQGU\MHW]WLP *UDVVDXQG GDUEHU QDFKGDFKWH ZLHHU GHQ:HJ QDFK+DXVHILQGHQNRQQWH 'HUGHU LKQ LQ GLHVH /DJHJHEUDFKWKDWWHPXWHXQWHU/RRUDPV)UHXQGHQ]XILQGHQVHLQ:HQQHUGDV5lWVHOVFKQHOOO|VHQ ZROOWHPXWHHUDOVR]X/RRUDPV+DXV]XUFNNHKUHQ 5RQVWDQGDXI'DEHLILHOLKPHLQGDHUNHLQ )DKU]HXJ KDWWH /RRUDPV 7ULFKWHUKDXV ZDU ]HKQ 0LQXWHQ :DJHQIDKUW HQWIHUQW DOVR ZHQLJVWHQV GUHLLJ.LORPHWHU(UZUGHHLQHQ7DJEUDXFKHQXPGLH6WUHFNH]X)X]XUFN]XOHJHQ:DVPDFKWH LKP GDV DXV" (U ZXWH RKQHKLQ QLFKW ZRKLQ HU VRQVW JHKHQVROOWH VRODQJH GDV 5lWVHO QLFKW JHO|VW ZDU 0HHFKEHULFKWHWH/DUU\5DQGDOOXQG/RIW\3DWWHUVRQYRQGHUXQLGHQWLIL]LHUEDUHQ%HREDFKWXQJGLHHU XP GUHL]HKQ 8KU DFKW JHPDFKW KDWWH 1LHPDQG JODXEWH ]XQlFKVW GD VLH HWZDV PLW 5RQ /DQGU\V PHUNZUGLJHP 9HUVFKZLQGHQ ]X WXQ KDEHQ NRQQWH $EHU 0HHFK GUlQJWH GLH EHLGHQ GD]X VLFK GLH $XI]HLFKQXQJHQDQ]XVHKHQ(UEHU]HXJWH/DUU\5DQGDOO/DUU\VFKDOWHWH0HHFKDXVXQGEHIDKOLKP VLFK DXI GHQ JURHQ .XQVWVWHLQWLVFK LQ GHU (PSIDQJVKDOOH ]X OHJHQ 'DQQ EHWlWLJWH HU GHQ NOHLQHQ XQWHU GHU NQVWOLFKHQ =HOOKDXW LQ 0HHFKV $FKVHOK|KOH YHUERUJHQHQ .QRSI GHU GLH !UHYHUVLEOH /LTXLGDWLRQ EHZLUNWH 'DV :RUW KDWWHQ GLH 5RERWLN)DFKOHXWH HUIXQGHQ (U EHGHXWHWH GD HLQ 5RERWHUODKPJHOHJWZXUGHGDVHLQH/HEHQVIXQNWLRQHQHUORVFKHQDEHUQXUVRODQJHELVGHU.QRSI HLQ ]ZHLWHV 0DO EHWlWLJW ZXUGH 'DQQ ZUGH 0HHFK ZLHGHU DXIVWHKHQ XQG YRQ DOOHGHP ZDV LQ GHU =ZLVFKHQ]HLW JHVFKHKHQ ZDU QLFKWV ZLVVHQ (V JDE DXFK HLQH !LUUHYHUVLEOH /LTXLGDWLRQ DOVR HLQH XQZLGHUUXIOLFKH 9HUQLFKWXQJ GHV 5RERWV QDFK GHU QXU HLQ +DXIHQ QXW]ORVHU 0HWDOO 3ODVWLN XQG =HOOWHLOH EULJEOLHE 'LHVH 0|JOLFKNHLW ZDU VR]XVDJHQ DOV 1RWEUHPVH IU GHQ )DOO JHGDFKW GD GHU 5RERWHU!YHUUFNWZXUGHRKQHGD$XVVLFKW EHVWDQGLKQMHPDOV ZLHGHU ]X UHSDULHUHQ 0HHFKODJ VWLOO GLH $XJHQ JHVFKORVVHQ /DUU\ HQWIHUQWH HLQ TXDGUDWLVFKHV 6WFN +DXWSODVWLN YRQ VHLQHU %UXVW /RIW\ 3DWWHUVRQ DVVLVWLHUWH (U EHWWHWH GDV KHUDXVJHVFKQLWWHQH 6WFN LQ HLQH 6FKDOH

.RQVHUYLHUXQJVPLWWHOGLHGDV=HOOSODVPDDP/HEHQHUKLHOW 8QWHUGHU+DXWZDU0HHFKVHLJHQWOLFKHU .|USHU DXV 0HWDOOSODVWLN ]XP 9RUVFKHLQ JHNRPPHQ /DUU\ GUFNWH HLQHQ .RQWDNW XQG QDKP GLH 3ODWWH GLH VLFK GDUDXIKLQ DXV GHP 5XPSI O|VWH PLW YRUVLFKWLJHQ +lQGHQ KHUXQWHU 8QWHU GHU 3ODWWH ODJHQ GLH 5HJLVWULHUJHUlWH ([WUDWHUUHVWULVFKH 0LNURWHFKQLN KDWWH HV ]XZHJH JHEUDFKW GD GLH ,QVWUXPHQWH WURW] LKUHU :LQ]LJNHLW 0LOOLDUGHQ DQ ,QIRUPDWLRQHQ VSHLFKHUQ N|QQWHQ 'LH 6SHLFKHUHLQKHLWHQZDUHQ:DVVHUVWRII$WRPHGLHNOHLQVWHQ(LQKHLWHQGLHPDQVLFKYRUVWHOOHQNRQQWH :LH ]X %HJLQQ GHU HOHNWURQLVFKHQ :LVVHQVFKDIW DXI GHU (UGH DOV PDQ YRP JURHQ DUNRQLGLVFKHQ ,PSHULXP QRFK QLFKW HLQPDO GHQ 1DPHQ NDQQWH EDVLHUWH GLH SRVLWURQLVFKH 5HFKHQWHFKQLN DXI GHP %LQlUV\VWHP 'HU 6SLQ GHV :DVVHUVWRII$WRPV XQG GDV GDPLW YHUEXQGHQH PDJQHWLVFKH 0RPHQW ZDUHQHQWZHGHUDXIZlUWVRGHUDEZlUWVJHULFKWHWVLHZDUHQHQWZHGHU!RGHU!'DV8PNODSSHQ GHU 6SLQV EHLP (LQIKUHQ QHXHU ,QIRUPDWLRQHQ ZXUGH GXUFK JH]LHOWH 6FKVVH PLW SDUDPDJQHWLVFKHQ $WRPHQEHZLUNW 'DV$EWDVWHQGHU6SHLFKHU]HOOHJHVFKDKDXISRVLWURQLVFKHP:HJH /DUU\QDKPGDV JHVDPWH$JJUHJDWKHUDXVXQGVFKORHVDQHLQ%DQG5HJLVWULHUJHUlWDQ(UOLHGLH6SHLFKHUDEOHVHQ XQG GLH,QIRUPDWLRQHQ DXI GDV0HEDQGEHUWUDJHQ 'DV0HEDQGVHLQHUVHLWVNRQQWH DQ HLQH 5HLKH YRQ 0HJHUlWHQ DQJHVFKDOWHW ZHUGHQ :HQQ0HHFK YRQ HLQHP VWDUNHQ 6WURPVWR JHWURIIHQ ZRUGHQ ZlUH GDQQ ZXUGH VREDOG GDV %DQG PLW GHQ ,QVWUXPHQWHQ JHNRSSHOW ZDU HLQ $PSHUHPHWHU HLQHQ KHIWLJHQ $XVVFKODJ ]HLJHQ /DUU\ KDWWH ZHQLJ +RIIQXQJ GD HU DXI GLHVH :HLVH HWZDV HUIDKUHQ ZXUGH0HHFKKDWWHQRFKQLHHLQH:DKUQHKPXQJJHPDFKWGLHHUQLFKWVHOEVWKDWWHGHXWHQN|QQHQ(V VFKLHQXQJODXEZUGLJGDHLQ0HQVFKDOOHLQGXUFKGDV%HREDFKWHQYRQ0HJHUlWHQNOJHUZHUGHQ VROOWH DOV HLQ 5RERW PLW VHLQHP XQJHKHXHU NRPSOL]LHUWHQ OHLVWXQJVIlKLJHQ 'HQNPHFKDQLVPXV 'LH ,QVWUXPHQWH ZXUGHQ DQJHNRSSHOW 'DV %DQG EHJDQQ ]X ODXIHQ $XIPHUNVDP EHREDFKWHWH /DUU\ GLH 0HVNDOHQ'LH/LFKW]HLJHUVWDQGHQVWLOO.HLQHVGHUIQI*HUlWHGLH]XVDPPHQDOOHGHUWHUUDQLVFKHQ 0HQVFKKHLW EHNDQQWHQ (QHUJLHIRUPHQ ]X UHJLVWULHUHQ YHUPRFKWHQ VFKLHQ DQ]XVSUHFKHQ 'DV %DQG ZDU VFKRQ EHLQDKH ]X (QGH /DUU\ ZXUGH XQJHGXOGLJ 0HHFKV SRVLWURQLVFKH 2UJDQH KDWWHQ DXI GDV XQHUNOlUOLFKH(WZDVDQJHVSURFKHQ0HHFKVHOEVWZDUHLQ3URGXNWGHULUGLVFKHQ7HFKQLNJHQDXVRZLH GLH 0HLQVWUXPHQWH :DV HU HPSIXQGHQ KDWWH PXWHQ GLH ,QVWUXPHQWH QDFKHPSILQGHQ N|QQHQ ,Q GLHVHP$XJHQEOLFNVFKOXJGHUHUVWH=HLJHUDXV0LWHLQHP5XFNZDQGHUWHHUEHUGLHKDOEH6NDODXQG EOLHE VWHKHQ (LQ ]ZHLWHV *HUlW VSUDFK DQ HLQ GULWWHV ELV VFKOLHOLFK DOOH /LFKW]HLJHU LQ GHQ 6NDOHQPLWWHQ VWDQGHQ (LQ SDDU 6HNXQGHQ ODQJ EOLHEHQ VLH VR 'DQQ VDQNHQ VLH ZLHGHU DXI GHQ 1XOOSXQNW ]XUFN 0LW OHLVHP .QDFNVHQ VFKDOWHWH GDV 0HEDQGJHUlW VLFK DXV 'DV %DQG ZDU DEJHODXIHQ 'LHEHLGHQ0lQQHUVDKHQVLFKDQ/DUU\IXKUVLFKPLWHLQHUlUJHUOLFKHQ+DQGEHZHJXQJ GXUFKGLH+DDUH ª9HUGDPPW©ULHIHUª6RHWZDVJLEWHVMDJDUQLFKW(VJLEWNHLQHEHNDQQWH(QHUJLHIRUPGLHDOOHIQI ,QVWUXPHQWHJOHLFK]HLWLJ]XP$QVSUHFKHQEULQJW© /RIW\ NLFKHUWH OHLVH YRU VLFK KLQ /DUU\V $UJHU VFKLHQ LKP 6SD ]X PDFKHQ (U QDKP GDV 6SHLFKHUDJJUHJDWYRP0HWLVFKXQGVHW]WHHVYRUVLFKWLJZLHGHULQ0HHFKV%UXVWNDVWHQ(UGHFNWHGLH 0HWDOOSODVWLNSODWWH GDUEHU XQG OLH VLH HLQUDVWHQ 'DQQ QDKP HU GHQ TXDGUDWLVFKHQ +DXWODSSHQ DXV GHU1lKUIOVVLJNHLWXQGGHFNWHLKQEHU0HHFKVPHWDOOHQHQ.|USHU%HIULHGLJWVDKHUZLHGLH5lQGHU GHV /DSSHQV VLFK VRIRUW PLW GHU XPJHEHQGHQ +DXWSODVWLN YHUEDQGHQ XQG NHLQH 6SXU HLQHU 1DUEH KLQWHUOLHHQ 'DQQ GUHKWH HU VLFK XP XQG VDJWH ]X /DUU\ ª9LHOOHLFKW KDW LQ]ZLVFKHQ HLQHU VR HWZDV HUIXQGHQ© /DUU\EUDXFKWHHLQH:HLOHXP]XEHJUHLIHQGD/RIW\VLFKDXIGLHXQEHNDQQWH(QHUJLHIRUPEH]RJ -HW]WZDUHQJHQXJ,QIRUPDWLRQHQYRUKDQGHQ 'LH7HUUDQHUKDWWHQHLQ6FKLUPIHOGXPLKU+DXVKHUXP 6LH KLHOWHQ GDV JHIlKUOLFKH 0lGFKHQ LP +DXV YHUERUJHQ (LQHU YRQ LKQHQ KDWWH VLFK EHL /RRUDP $UNDGG GDQDFK HUNXQGLJW ZDUXP (]]D 0DUODLQV 3URJUDPP DEJHVHW]W ZRUGHQ ZDU (V EHVWDQG NHLQ =ZHLIHOGDUDQGDVLH KLHUKHUJHNRPPHQZDUHQXP]XVSLRQLHUHQ 7HUUDQHUZDUHQJHIlKUOLFK DXFK GLHVH ,QIRUPDWLRQ ZDU YRUKDQGHQ 6LH PXWHQ XQVFKlGOLFK JHPDFKW ZHUGHQ 'LH =HLW GHV EORHQ $EWDVWHQV ZDU YRUEHL 'HU 3ODQ GXUIWH QLFKW LQ *HIDKU JHUDWHQ 'HU 3ODQ 0RUJHQ WUDW HU LQV HQWVFKHLGHQGH 6WDGLXP ,Q HLQ SDDU :RFKHQ ZXUGH HV VRZHLW VHLQ 'LH 7HUUDQHU GXUIWHQ GHQ 3ODQ

QLFKWVW|UHQ6LHZDUHQGLHHLQ]LJHQLQGHUHQ0DFKWHVEHUKDXSWODJLKQ]XVW|UHQ8PDOOHDQGHUHQ PDFKWH2]RVLFKNHLQ6RUJHQ %RyOXQEHUHLWHWHVLFKDXIVHLQQlFKWOLFKHV$EHQWHXHUYRUDOV2]RVLFKPLWLKPLQ9HUELQGXQJVHW]WH %RyOXQZXUGHVWDUUYRU6FKUHFNDOVGLH6WLPPHLQVHLQHP*HKLUQ]XZLVSHUQDQILQJ ª'HLQ$XIWUDJ LVWJHlQGHUW%RyOXQ'XZLUVWQLFKWLQGDV+DXVGHU7HUUDQHUHLQGULQJHQ'XZLUVWVLHDQUXIHQXQG]X HLQHU 9HUVDPPOXQJ HLQODGHQ© )XUFKWVDP DQWZRUWHWHQ %RyOXQV *HGDQNHQ ª'DV KDEH LFK VFKRQ JHWDQ+HUU© ,P VHOEHQ $XJHQEOLFN EHUHXWH HU GDV JHGDFKW ]X KDEHQ $EHU ZHU ZDU VFKRQ +HUU EHU VHLQH *HGDQNHQ" 1LFKW HLQPDO HLQ %iDORO3ULHVWHU 2]R DQWZRUWHWH VDQIW XQG RKQH (UUHJXQJ ª'DV ZHL LFK GX 'XPPNRSI $EHU GLH 9HUVDPPOXQJ LVW YRUYHUOHJW ZRUGHQ 6LH ILQGHW PRUJHQ IUK VWDWW ,Q GHLQHP+DXV%RyOXQ'LH7HUUDQHUVROOHQNRPPHQ© ª-D+HUU© 2]RYHUVFKZDQGDXVVHLQHP*HKLUQ%RyOXQZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQXQGVWDQGDXI 0LWHLQHPNXU]HQ%OLFNEHWUDFKWHWHHUGHQNOHLQHQ.RQYHUWHUGHQHUIUVHLQHQQlFKWOLFKHQ(LQEUXFK EHUHLWJHVWHOOWKDWWH(VNDPLKPLQGHQ6LQQGDGLH$QQXOOLHUXQJVHLQHV$XIWUDJVQLFKWEHGDXHUOLFK ZDU(UKDWWH$QJVWGDYRUJHKDEWLQGDV+DXVGHU7HUUDQHUHLQ]XGULQJHQ,KQHQ]XVDJHQGDPRUJHQ IUKHLQH9HUVDPPOXQJLQVHLQHP+DXVVWDWWIDQGXQGVLHGD]XHLQ]XODGHQZDUYLHOHLQIDFKHU(UJLQJ ]XP %LOGVSUHFK XQG ULHI GLH 7HUUDQHU DQ 'HU PLW GHP HU EHLP HUVWHQPDO JHVSURFKHQ KDWWH VFKLHQ QLFKWDQZHVHQG%RyOXQVSUDFKPLWGHPPLWWHOJURHQ%UDXQKDDULJHQ'HUK|UWHVLFKDQZDV%RyOXQ ]X VDJHQ KDWWH GDFKWH HLQH =HLWODQJ QDFK XQG VDJWH MD HU ZUGH PLW VHLQHQ /HXWHQ JHUQH NRPPHQ %RyOXQDWPHWHDXIDOVGDV*HVSUlFKEHHQGHWZDU(UGUFNWHDXIGHQ6FKDOWNQRSIGHVNOHLQHQ*HUlWV GDVHUVWlQGLJLQGHU7DVFKHWUXJXQGLQIRUPLHUWH2]RGDUEHUGDGHU$XIWUDJHUOHGLJWZDU 'LH 1DFKW EUDFK KHUHLQ 5RQ VHW]WH VLFK DXI GHQ %RGHQ XQG VFKDXWH ]X GHQ 6WHUQHQ KLQDXI (U ZDU VLFK EHU VHLQH /DJH LPPHU QRFK QLFKW LP NODUHQ 'XUFK 1DFKGHQNHQ KDWWH HU KHUDXVJHIXQGHQ GD RIIHQEDU QXU *HVLFKWV XQG *HK|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lQNWHGLH+lQGHXQWHUGHP.RSI(VZDUEHVVHUZHQQHUDXIK|UWH]XGHQNHQ(VPDFKWHLKQ YHUUFNW(UPXWHZDUWHQELVHU]X/RRUDPV+DXVNDPXQGYRQMHPDQGGHU%HVFKHLGZXWHHWZDV EHUVHLQH/DJHHUIDKUHQNRQQWH'UHLLJ*UDGKRFKDPZHVWOLFKHQ+LPPHOYLHOOHLFKWDXFKHLQSDDU PHKU RGHU HLQ SDDU ZHQLJHU VWDQG HLQ 6WHUQ GHU DOOH DQGHUHQ DQ *ODQ] EHUERW :HQQ 5RQ GLH $XJHQ ]XVDPPHQNQLII NRQQWH HU VHKHQ GD YRQ GHP 6WHUQ QXU HLQ NOHLQHU VLFKHOI|UPLJHU 7HLO VLFKWEDUZDU$5.21,,GLH+DQGHOVZHOW'HU$QEOLFNOHQNWHLKQHLQZHQLJDE(UVWDUUWHDXIGLH6L FKHOGLHLQIDVW]ZHLKXQGHUW0LOOLRQHQ.LORPHWHUQ(QWIHUQXQJKLQWHUGHP3ODQHWHQKHUHLOWHDXIGHP HUVLFKEHIDQG9LHURGHUIQI6WXQGHQQDFK0LWWHUQDFKWZHQQ$5.21,,OlQJVWXQWHUJHJDQJHQZDU ZUGH DP |VWOLFKHQ +RUL]RQW HLQH lKQOLFKH 6LFKHO DXIWDXFKHQ QRFK KHOOHU ZHLO LKUH 2EHUIOlFKHQEHVFKDIIHQKHLW DQGHUV ZDU $5.21 ,,, -HPDQG GHU YRQ $5.21 VSUDFK GDFKWH JHZ|KQOLFKQLFKWGDUDQGDGLHVH:HOWGDV+HU]GHVDUNRQLGLVFKHQ,PSHULXPVLQ:LUNOLFKNHLWDXV GUHL3ODQHWHQEHVWDQG.DXPHLQHUYHUZHLOWHEHLGHP*HGDQNHQZHOFKXQJHKHXUH/HLVWXQJGLHDOWHQ $UNRQLGHQYROOEUDFKWKDWWHQDOVVLHGLHVHV'UHLJHVWLUQIRUPWHQ(VZDUQLFKWLPPHUGDJHZHVHQ9RU IQI]HKQWDXVHQG -DKUHQ KDWWH DXI GLHVHU 8PODXIEDKQ QXU HLQ HLQ]LJHU 3ODQHW VLFK XP GDV PlFKWLJH =HQWUDOJHVWLUQ EHZHJW $5.21 ,,, 6HOWVDP GDFKWH 5RQ GD VLH JHUDGH GHP lOWHVWHQ GHU HLJHQWOLFKHQ +HLPDW GLH 1XPPHU GUHL JHJHEHQ KDEHQ :HQQ PDQ GLH JDQ]H *HVFKLFKWH NDQQWH

NODQJ HV ORJLVFK $5.21 KDWWH VLFK GDPDOV LQ GHU 3HULRGH GHU $XVEUHLWXQJ EHIXQGHQ 'DV DUNRQLGLVFKH ,PSHULXP GDV GLH *DOD[LV MDKUWDXVHQGHODQJ GDQDFK QRFK IUFKWHWH ZDU GDPDOV LP (QWVWHKHQ 'LH $UNRQLGHQ KDWWHQ PLW GHP :LGHUVWDQG IUHPGHU 5DVVHQ ]X NlPSIHQ 'HU XQJHKHXUH WHFKQLVFKH )RUWVFKULWW GHQ GLH $UNRQLGHQ GDPDOV LQ ZHQLJHQ -DKUKXQGHUWHQ HU]LHOW KDWWHQ XQG GHU LKQHQGLHXQEHVWUHLWEDUH6SLW]HQSRVLWLRQXQWHUGHQJDODNWLVFKHQ0lFKWHQHLQEUDFKWHZDUQLFKW]XOHW]W GDUDXI]XUFN]XIKUHQGDVLHXQXQWHUEURFKHQ.ULHJIKUWHQDQWDXVHQG6WHOOHQ]XJOHLFKHLQH5DVVH YRQGUHL]HKQ0LOOLDUGHQJHJHQHLQHPLQGHVWHQV]ZDQ]LJIDFKHhEHUPDFKW'LHhEHUPDFKWNDPQLFKW YROO]XP7UDJHQGDGLH/HXWHDXI$ZHQQVLFKDUNRQLGLVFKH6FKLIIHDXILKUH2EHUIOlFKHKHUDEOLHHQ QXU VHOWHQ ZXWHQ GD LP JOHLFKHQ $XJHQEOLFN DXFK % KXQGHUW /LFKWMDKUH ZHLW HQWIHUQW EHVHW]W ZXUGHXQGVLFKQXUXPLKUHLJHQHV6FKLFNVDONPPHUWHQ$XVGHPJOHLFKHQ*UXQGHDEHUZDUHQGLH $UNRQLGHQ JH]ZXQJHQ GLH =DKO GHU 6ROGDWHQ GLH VLH IU GLH %HVHW]XQJ HLQHV 3ODQHWHQ DXIZHQGHQ N|QQWHQLPPHUZHLWHUKHUXQWHU]XVHW]HQMHUDVFKHUGLH$XVEUHLWXQJYRQVWDWWHQJLQJ'HU$XJHQEOLFN ZDUYRUDXVVHKEDULQGHPGLH$XVEUHLWXQJDXIK|UHQPXWHZHLOHLQIDFKQLFKWPHKUJHQXJ$UNRQLGHQ GD ZDUHQ XP VLH YRUDQ]XWUHLEHQ 'LH DUNRQLGLVFKH 7HFKQLN OLH VLFK MHGRFK DQVSRUQHQ 6LH VFKXI 5RERWHUGLHDQVWHOOHRUJDQLVFKHU6ROGDWHQHLQJHVHW]WZHUGHQNRQQWHQ6LHEDXWHQHXH:DIIHQZLHGLH *DOD[LV VLH QRFK QLFKW NDQQWH VLH NRQVWUXLHUWH QHXH 6FKLIIVW\SHQ YRQ GHQHQ HLQ HLQ]LJHU IU GHQ $QJULII DXI HLQH PLWWHOPlLJ EHY|ONHUWH QLFKW DOO]X SULPLWLYH :HOW DXVUHLFKWH ,P =XJH GLHVHU (QWZLFNOXQJ HQWVWDQGHQ LQ GHU +HLPDWZHOW $5.21 )DEULNHQ /DERUV .UDIWZHUNH XQG lKQOLFKH 'LQJH *HZL ZDU GLH =DKO GHU $UNRQLGHQ GLH QRFK LQ GHU +HLPDW OHEWHQ XQG DQ GHU $XVEUHLWXQJ LKUHU 5DVVH NHLQHQ GLUHNWHQ $QWHLO KDWWH LQ]ZLVFKHQ DXI ]HKQ 3UR]HQW GHV XUVSUQJOLFKHQ :HUWHV JHVFKUXPSIW$EHUVHOEVWGLHVHQ]HKQ3UR]HQWZXUGHHVDXILKUHP3ODQHWHQDOOPlKOLFK]XHQJ 'DQQ NDP HLQH QHXH ,GHH $5.21 GDV +HU] GHV ,PSHULXPV GXUIWH QLFKW HLQH :HOW VHLQ DXI GHU GLH 0HQVFKHQ LP 6FKDWWHQ GHU )DEULNHQ DXI HQJVWHP 5DXP OHEWHQ 'LH %HYRU]XJWHQ IUHPGHQ 5DVVHQ ZUGHQGLH.HUQZHOWGHV,PSHULXPVEHVXFKHQ:HLFKHQ(LQGUXFNEHNlPHQVLHZHQQVLH$QJHK|ULJH GHUKHUUVFKHQGHQ 5DVVHDXIHLQHQPHQVFKHQXQZUGLJHQJHQ 5DXP]XVDPPHQJHGUlQJW VDKHQ" 3ODW] PXWHJHVFKDIIHQZHUGHQ$5.21PXWHUHSUlVHQWLHUHQN|QQHQ(VJDEHLQH0HQJH9RUVFKOlJH,Q GLH7LHIH]XJHKHQGLH)DEULNHQXQWHUGLH2EHUIOlFKH]XYHUOHJHQ$XV]XZDQGHUQXQGHLQH:HOW]X EHVLHGHOQ GLH GLH JOHLFKHQ /HEHQVEHGLQJXQJHQ ZLH $5.21 DEHU GLH ]HKQIDFKH 2EHUIOlFKH KDWWH 8QG DQGHUH $EHU GLH YHUUFNWHVWH YRQ DOOHQ ZXUGH VFKOLHOLFK YRQ 6HLQHU (UKDEHQKHLW GHP ,PSHUDWRU DQJHQRPPHQ XQG YRQ HLQHP +HHU YRQ )DFKOHXWHQ GXUFKJHIKUW 0DQ EHVRUJH ]ZHL +LPPHOVN|USHU HWZD GHU JOHLFKHQ *U|H ZLH $5.21 KLH GLH ,GHH PLW lKQOLFKHU =XVDPPHQVHW]XQJXQGEULQJHVLHDXIGLHJOHLFKH8PODXIEDKQ'LH)DEULNHQ/DERUV5DXPKlIHQXQG .UDIWZHUNH N|QQWHQ GDQQ DXI $5.21 EHODVVHQ ZHUGHQ QXU GLH 0HQVFKHQ PXWHQ DXI HLQH GHU DQGHUHQEHLGHQ:HOWHQXPVLHGHOQ'LHGULWWH:HOWDOVRGHU]ZHLWHGHUEHLGHQQHXHQ3ODQHWHQNRQQWH GHP +DQGHO YRUEHKDOWHQ ZHUGHQ (U ZXUGH GHU 7UHIISXQNW GHU JDODNWLVFKHQ 5DVVHQ VHLQ HLQ JLJDQWLVFKHU $XVVWHOOXQJVSODW] DXI GHP $5.21 GLH IULHGOLFKHQ (U]HXJQLVVH VHLQHU 7HFKQLN YRUIKUWH XQG GLH %HVXFKHU EHU]HXJWH GD $5.21 DOOHLQH GD]X EHVWLPPW VHL GDV ,PSHULXP ]X IKUHQ 'LHEHLGHQ+LPPHOVN|USHUZXUGHQDXVGHPHLJHQHQ6\VWHPEHVRUJW%HYRUVLHLQLKUHQHXH 8PODXIEDKQJHEUDFKWZXUGHQZDUHQVLH(LVZHOWHQJHZHVHQGLHZHLWGUDXHQXPGLH6RQQHNUHLVWHQ -HW]WWDXWHQVLHDXI$UNRQLGLVFKH%RGHQEHDUEHLWXQJVWHFKQLNZLHVGHQ0HHUHQLKUH%HFNHQDQOHLWHWH GLH6WU|PHLQVDQIWH%DQQHQXQGSODQWHGLH:lOGHUXQG:LHVHQGLHGDV/DQGHLQVWEHGHFNHQZUGHQ =ZHLKXQGHUW-DKUHVSlWHUZDUHVVRZHLW(LQVWDELOHV.OLPDKDWWHVLFKHLQJHVWHOOW'LHQHXH:HOWZDU ]XU5XKHJHNRPPHQ'LH$UNRQLGHQVLHGHOWHQXP8QGZHLOGHU0HQVFKJHZ|KQOLFKGHQ3XQNWDQ GHP HU VLFK JHUDGH EHILQGHW IU GHQ ZLFKWLJVWHQ LP JDQ]HQ 8QLYHUVXP KlOW QDQQWHQ VLH LKUH QHXH :RKQZHOW$5.21,'LHHLJHQWOLFKH+HLPDWDXIGHUVLHGHQ$XIVWLHJ]XUJDODNWLVFKHQ*URPDFKW EHJRQQHQ KDWWHQ ZXUGH $5.21 ,,, XQG EOLHE GHU .ULHJVWHFKQLN YRUEHKDOWHQ 'HU PlFKWLJVWH SRVLWURQLVFKH $SSDUDW GHQ GLH 0LOFKVWUDH MHPDOV JHVHKHQ KDWWH ZXUGH GRUW JHEDXW HLQH 5HFKHQDQODJHXQJODXEOLFKHU.DSD]LWlW*HQHUDWLRQHQEDXWHQDQLKUHUZHLWHUWHQVLHYHUJU|HUWHQLKUH )lKLJNHLWHQ ELV GLH *URH 3RVLWURQLN VRZHLW HV LKU GLH 3URJUDPPLHUXQJ HUODXEWH HLQ VHOEVWlQGLJ GHQNHQGHV :HVHQ JHZRUGHQ ZDU ,Q VSlWHUHQ =HLWHQ DOV GLH ,PSHUDWRUHQ LKUH $XIJDEH QLFKW PHKU

HUIOOHQZROOWHQEHUQDKPGLH*URH3RVLWURQLNGLH5ROOHGHV+HUUVFKHUVXQGYHUOLHKGHP,PSHULXP 6WDELOLWlWXQG6LFKHUKHLW6LHZXUGH]XP5RERW5HJHQWHQYRUGHPGLH$EWUQQLJHQ]LWWHUWHQZHLOHLQH 0DVFKLQH NHLQH *QDGH NHQQW 6LH ZDU GHU 5HJHQW ELV YRU NXU]HP JHEOLHEHQ 'DQQ KDWWH $WODQ GHU $UNRQLGH VLH DEJHO|VW $OV *RQR]DO 9,,, KHUUVFKWH HU MHW]W EHU GDV *URH ,PSHULXP 'DV ZDU QDWUOLFKHUVWZHLWVSlWHUJHZHVHQ'DPDOVDOVVLHGLHEHLGHQIUHPGHQ:HOWHQKHUEHLKROWHQXPLKUHQ /HEHQVUDXP]XYHUJU|HUQZDUHQGLH$UNRQLGHQQRFKGDEHLGDV,PSHULXPDXI]XEDXHQGDVVLHMHW]W ]XVDPPHQKDOWHQXQGYRUGHP$XVHLQDQGHUEU|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|UWH 'LH :DFKVDPNHLW ZDU PLW GHU =HLW HUORVFKHQ XQG PLWWOHUZHLOHJODXEWHNHLQ$UNRQLGHPHKUGDUDQGDGHU$XIEDXGHU7ULSHOZHOW$XVJDQJVSXQNWHLQHU *HIDKUVHLQN|QQH5RQ/DQGU\OLHVLFKGLH'LQJHODQJVDPGXUFKGHQ.RSIJHKHQXQGEHUXKLJWHVLFK GDEHL(UEHZXQGHUWHGLH/HLVWXQJHQGHUDOWHQ$UNRQLGHQ*OHLFK]HLWLJZDUHUVWRO]DXIGLH(UGHXQG DXIVLFKVHOEVW'DVPlFKWLJH,PSHULXPNRQQWHQLFKWPHKURKQHWHUUDQLVFKH+LOIHDXVNRPPHQ8QGHU VHOEVWZDUHLQHUYRQGHQ/HXWHQGLHDXVJHVXFKWZRUGHQZDUHQGLHVH+LOIH]XOHLVWHQ (UPXWHQXU QRFK KHUDXVILQGHQ ZDV PLW LKP HLJHQWOLFK JHVFKHKHQ ZDU 'DQQ ZXUGH HU VHLQH $XIJDEH HUIOOHQ N|QQHQ 0DQ EUDXFKWH HLQH :HLOH XP GDKLQWHU]XNRPPHQ GD GLH 9HUVDPPOXQJ HLQH HUQVW]XQHKPHQGH $QJHOHJHQKHLW ZDU $OV GLH GUHL 7HUUDQHU GHQ 5DXP EHWUDWHQ GHQ %RyOXQ LQ VHLQHP +DXV ]XU 9HUIJXQJ JHVWHOOW KDWWH KDWWH 5DQGDOO QXU PLW 0KH HLQ VS|WWLVFKHV /lFKHOQ XQWHUGUFNHQ N|QQHQ %RyOXQ KDWWH VHLQH JURH (PSIDQJVKDOOH KHUULFKWHQ ODVVHQ 6LH ZDU PLW HEHQVR JURHU 3UDFKW HLQJHULFKWHWZLHGHU:RKQUDXPLQHLQHUGHUREHUHQ(WDJHQ6FKZHUH7HSSLFKHDXVGHQEXQWHQ)HOOHQ H[RWLVFKHU7LHUHEHGHFNWHQGHQ%RGHQ 'DV0RELOLDUZDUDXVHUOHVHQHLQEHVVHUHV:RUWNRQQWH/DUU\ QLFKWGDIUILQGHQ(VJDEQXUHLQHQHLQ]LJHQ6FKUDQN(UZDUHWZDIQI0HWHUODQJXQGIDVWHEHQVR KRFK 'XUFK HLQH *ODVZDQG ZDUHQ GLH HLQ]HOQHQ $EWHLOXQJHQ GHV 6FKUDQNHV ]X VHKHQ (U HQWKLHOW 'LQJHYRQGHQHQ%RyOXQJODXEWHGDVLHZLFKWLJXQGVHLWHQJHQXJVHLHQXPVLHVHLQHQ%HVXFKHUQ ]X ]HLJHQ (V JDE GD -DJGWURSKlHQ YRQ IUHPGHQ :HOWHQ VHOWHQH *HVWHLQVSUREHQ XQG .lILJH RGHU $TXDULHQ PLW 7LHUHQ XQG 3IODQ]HQ (V ZDU VR]XVDJHQ HLQ 5DULWlWHQNDELQHWW /DUU\ VFKlW]WH VHLQHQ :HUW DXI PHKU DOV HU MHPDOV LQ VHLQHP JDQ]HQ /HEHQ YHUGLHQHQ ZXUGH $XHU GHP 6FKUDQN ZDUHQ 7LVFKHXQGDOOH$UWHQYRQ6LW]JHOHJHQKHLWHQZDKOORVEHUGLH+DOOHYHUWHLOW7LHIHZHOFKH6HVVHOXQG EUHLWHPRGHUQH6RIDVVWDQGHQXP$XWRPDWLVFKHDXIGHUHQ:lKOVFKHLEHGHU*DVWVLFKMHGHV*HWUlQN XQG MHGH 6SHLVH EHVWHOOHQ NRQQWH QDFK GHU HU JHUDGH $SSHWLW KDWWH GHU %HIHKO ZXUGH ZHLWHUJHOHLWHW XQG HLQ SDDU $XJHQEOLFNH VSlWHU ZXUGH GDV %HVWHOOWH GXUFK GHQ VlXOHQI|UPLJHQ 7LVFKVWXPSI QDFK REHQ JOHLWHQ XQG GXUFK HLQ NUHLVI|UPLJHV /XN DXI GLH 7LVFKSODWWH JHIDKUHQ ZHUGHQ 'DV ZDU GHU 9HUVDPPOXQJVSODW] GHU 5HYROXWLRQlUH $XI GHQ ]ZHLWHQ %OLFN VDK /DUU\ GD GLH 5HYROXWLRQlUH VHOEVW YRU]JOLFK LQ GHQ 5DKPHQ SDWHQ 6LH ODJHQ DXI GHQ 6RIDV GLH $UPH OlVVLJ XQWHU GHP .RSI YHUVFKUlQNW *HWUlQNH QHEHQ VLFK DXI GHQ 7LVFKHQ (LQ SDDU YRQ LKQHQ UDXFKWHQ (LQ SDDU DQGHUH XQWHUKLHOWHQ VLFK OHLVH 6LH ZDUHQ RKQH $XVQDKPH KXPDQRLG (V VFKLHQ NHLQHQ QLFKWKXPDQRLGHQ

)UHPGHQDXI$5.21]XJHEHQGHUDQGHU9HUVFKZ|UXQJWHLOQDKP,QVJHVDPWZDUHQHVUXQGGUHLLJ 0lQQHU ,KUH .OHLGXQJ ZDU UHLFK XQG DXIIlOOLJ 6LH VDKHQ ZLH /HXWH DXV GLH YRU /DQJHZHLOH QLFKW ZXWHQZDVVLHWXQVROOWHQXQGGHVZHJHQHLQH5HYROXWLRQHUIXQGHQKDWWHQ'DVZDU/DUU\V$QVLFKW 6LHlQGHUWHVLFKDOV%RyOXQDXIGHU%LOGIOlFKHHUVFKLHQ (UNDPGXUFKHLQHGHUYLHOHQ7UHQGLHGLH :lQGH GHU +DOOH QDFK DOOHQ 5LFKWXQJHQ KLQ GXUFKEUDFKHQ ,P 9HUJOHLFK ]X VHLQHQ *lVWHQ ZDU HU HLQIDFKJHNOHLGHW=ZHLVHLQHU5RERWGLHQHUIROJWHQLKPDXIGHQ)HUVHQXQGEHJOHLWHWHQLKQ]XHLQHP 7LVFKDPREHUHQ(QGHGHU+DOOH'HU7LVFKZDUELVKHUXQEHVHW]W(VVWDQGQXUHLQHLQ]LJHUHLQIDFKHU 6WXKO GDKLQWHU %RyOXQ QDKP 3ODW] XQG GLH 8QWHUKDOWXQJ HUVWDUE DXJHQEOLFNOLFK /DUU\ XQG VHLQH EHLGHQ%HJOHLWHUKDWWHQLQ]ZLVFKHQHEHQIDOOV3ODW]JHIXQGHQ6LHVDHQ%RyOXQJHJHQEHUGXUFKGLH JDQ]H /lQJH GHV 5DXPHV YRQ LKP JHWUHQQW 0DQ KDWWH VLH NDXP EHDFKWHW DOV VLH HLQWUDWHQ XQG VLH KDWWHQ VLFK QLFKW GLH 0KH JHPDFKW VLFK LUJHQG MHPDQG YRU]XVWHOOHQ %RyOXQ ILQJ DQ ]X VSUHFKHQ 'LH$UWXQG:HLVHZLHGLH9HUVDPPHOWHQDXIVHLQHQ(LQWULWWUHDJLHUWHQKDWWH/DUU\VFKRQYHUZLUUW 'LH$UWZLHHUVSUDFKXQGZDVHUVDJWHYHUZLUUWHLKQQRFKPHKU ª'LH=HLWLVWUHLIPHLQH)UHXQGH© EHJDQQ HU DXI DUNRQLGLVFK ª'LH %HZRKQHU GHV $EVFKQLWWV )DWKRP VLQG MHW]W ]X PHKU DOV YLHU]LJ 3UR]HQW 1LFKW$UNRQLGHQ 'HU =X]XJ YRQ YLHU (LQZDQGHUHUQ WHUUDQLVFKHU +HUNXQIW KDW XQV GLHVH *UHQ]HEHUVFKUHLWHQKHOIHQ© (LQSDDU.|SIHZDQGWHQVLFKQDFK/DUU\0HHFKXQG/RIW\XP ª,FK KDEH GLH VLFKHUH =XVDJH© IXKU %RyOXQ IRUW ªGD XQVHUH WHUUDQLVFKHQ )UHXQGH XQVHUH %HPKXQJHQ XQWHUVWW]HQ (V LVW DOVR =HLW GD ZLU PLW GHP :HUN EHJLQQHQ $OOH 9RUEHUHLWXQJHQ VLQG JHWURIIHQ 8QVHUH /HXWH VWHKHQ EHUHLW GLH ZLFKWLJVWHQ 3XQNWH GHV $EVFKQLWWV ]X EHUQHKPHQ 'DV ZLUG GHQ $UNRQLGHQ GLH $XJHQ |IIQHQ :HQQ VLH VHKHQ GD ZLU GHQ IDVW Y|OOLJ URERWLVLHUWHQ QLHGHUHQ3ROL]HLDSSDUDWLQGHQ+lQGHQKDEHQZHUGHQVLHHKHUJHQHLJWVHLQDXIXQVHUH)RUGHUXQJHQ HLQ]XJHKHQ 0LW6FKZLHULJNHLWHQKDEHQZLUNDXP]XUHFKQHQ1LHPDQGNHQQWXQVHUH$EVLFKWHQ'LH 5RERWHU ZHUGHQ VFKQHOO UHDJLHUHQ DEHU IU HLQH RUJDQLVLHUWH $NWLRQ EHGUIHQ VLH GHU GHWDLOOLHUWHQ $QZHLVXQJLKUHUK|FKVWHQ RUJDQLVFKHQ 9RUJHVHW]WHQ -HGHU YRQXQV ZHLZDVYRQRUJDQLVFKHQ$U NRQLGHQ ]X KDOWHQ LVW %HYRU VLH VLFK HQWVFKORVVHQ KDEHQ LVW XQVHU 3ODQ GXUFKJHIKUW 'LH $QZHVHQKHLWXQVHUHUWHUUDQLVFKHQ)UHXQGHYHUDQODWPLFKGLH(LQ]HOKHLWHQXQVHUHV9RUJHKHQVQRFK HLQPDO GDU]XOHJHQ 6FKOLHOLFK ZHUGHQ XQVHUH )UHXQGH VHOEVW LKUH 5ROOHQ LQQHUKDOE GHU 5HYROXWLRQ EHUQHKPHQZROOHQ:LUEHJLQQHQDOVR© 'DQQOHJWHHUVHLQHQ6FKODFKWSODQGDU=XJIU=XJHUNDQQWH/DUU\ZLHJHIlKUOLFKGLH9HUVFKZ|UXQJ LQ :LUNOLFKNHLW ZDU GLH HU YRU HLQ SDDU 0LQXWHQ QRFK IU GDV +REE\ HLQ SDDU ]X 5HLFKHU *HODQJZHLOWHU JHKDOWHQ KDWWH -HGH HLQ]HOQH %HZHJXQJ ZDU YRUDXVJHSODQW $OV HUVWHV VROOWH GLH $EVFKQLWWVYHUZDOWXQJ IDOOHQ :DIIHQ IU GHQ $QJULII ZDUHQ LQ JHQJHQGHU =DKO YRUKDQGHQ 1DFK %RyOXQV,QIRUPDWLRQHQJDEHVLPJHVDPWHQ9HUZDOWXQJVNRPSOH[QLFKWPHKUDOVIQI]LJ5RERWHU6LH ZUGHQ VLFK QDWUOLFK ]XU :HKU VHW]HQ $EHU %RyOXQ KDWWH ]ZHLKXQGHUW 0DQQ XQG IQIXQG]ZDQ]LJ 5RERWHU DXI VHLQHU 6HLWH LQV )HOG ]X IKUHQ (V EHVWDQG NHLQ =ZHLIHO GDUDQ GD GLH %HVHW]XQJ GHU $EVFKQLWWVYHUZDOWXQJ IU GLH $XIVWlQGLVFKHQ HLQH 6DFKH YRQ HLQHU KDOEHQ 6WXQGH XQG HLQ SDDU 0LQXWHQ VHLQ ZUGH 'DPLW ZDU GHU ZLFKWLJVWH 3RVWHQ JHIDOOHQ 9RQ GHU $EVFKQLWWVYHUZDOWXQJ NRQQWHQGLH3URJUDPPHGHULQGHQ8QWHUDEVFKQLWWHQPDJHEHQGHQ5RERWHUEHHLQIOXWJHlQGHUWXQG JHO|VFKW ZHUGHQ 'HU K|FKVWH %HDPWH HLQHV MHGHQ 8QWHUDEVFKQLWWV ZDU ]ZDU ZLHGHUXP HLQ RUJDQLVFKHU$UNRQLGH$EHUGDVVSLHOWHNHLQHJURH5ROOH'LHLKPXQWHUVWHOOWHQ5RERWVZUGHQLKQ YRQ GHU $EVFKQLWWVYHUZDOWXQJ DXV HQWVSUHFKHQG SURJUDPPLHUW JHIDQJHQQHKPHQ XQG LQ 6LFKHUKHLW EULQJHQ'DPLWZDUHQDXFKGLH8QWHUDEVFKQLWWHLQGHU+DQGGHU$XIVWlQGLVFKHQ:DVEOLHEZDUHQGLH HLQ]HOQHQ 3ROL]HLVWDWLRQHQ PLW LKUHQ ]XP 7HLO RUJDQLVFKHQ %HVDW]XQJHQ 'LH XQWHUVWHQ 5RERWHU N|QQWHQ QXU YRQ LKUHU HLJHQHQ 6WDWLRQ DXV EHHLQIOXW ZHUGHQ 'LH $XIVWlQGLVFKHQ KDWWHQ QLFKW GLH $EVLFKW VLFK GLHVH 0KH ]X PDFKHQ 6LH ZUGHQ GLH 0DVFKLQHQZHVHQ HLQIDFK ]HUVW|UHQ 8QWHUJHRUGQHWH 5RERWHU ZDUHQ QLFKW WHXHU /DUU\ EHUZDQG VHLQH %HVWU]XQJ $OV %RyOXQ HQGHWH KDWWH HU VLFK ZLHGHU LQ GHU *HZDOW (U PXWH VHLQH 5ROOH ZHLWHUVSLHOHQ (U PXWH VLFK XQG VHLQH )UHXQGHZHLWHUDOV7HUUDQHUDXVJHEHQGLHGDUDXIZDUWHWHQGHQ$UNRQLGHQEHL]XEULQJHQGDDXFKGLH )UHPGHQLKUH5HFKWH]XEHDQVSUXFKHQKlWWHQ)LHEHUKDIWYHUVXFKWHHUHLQH$QWZRUWDXIGLH)UDJH]X

ILQGHQZLHHUVLFKDXVGLHVHP'LOHPPDZLHGHUKHUDXVZLQGHQN|QQH(LQ2IIL]LHUGHU$EWHLOXQJ,,, YRP ,PSHUDWRU VHOEVW QDFK $5.21 JHUXIHQ NRQQWH QLFKW DQ HLQHP $XIVWDQG WHLOQHKPHQ GHU VLFK JHJHQ GLH DUNRQLGLVFKH 5HJLHUXQJ ULFKWHWH (V ILHO LKP DXI GD %RyOXQV %HKDXSWXQJ GLH !WHUUDQL VFKHQ)UHXQGHVHLHQYRQGHU,GHHHLQHVJHZDOWVDPHQ$XIVWDQGHVEHUDXVDQJHWDQYRQNHLQHPGHU $QZHVHQGHQ EH]ZHLIHOW ZXUGH 1RFK EHYRU GLH GUHLLJ 9HUVFKZ|UHU GDV +DXV YHUOLHHQ WHLOWH %RyOXQGHQGUHL7HUUDQHUQ LKUH$XIJDEHQ]X (U VFKLHQVLFKLQGHQYHUJDQJHQHQ 6WXQGHQ DXVJLHELJ *HGDQNHQ GDUEHU JHPDFKW ]X KDEHQ /DUU\ ZDU QLFKW YHUZXQGHUW GD HU VLH QLFKW DP %UHQQSXQNW GHU$XVHLQDQGHUVHW]XQJLQ GHU1lKHGHU$EVFKQLWWVYHUZDOWXQJHLQVHW]HQZROOWH(UVHOEVW%RyOXQ ZXWHQXU]XJHQDXGDHUGLHZDKUHQ*HGDQNHQGHU7HUUDQHUQLFKWNDQQWH6HLQ0LWUDXHQZDUQLFKW VWDUNDEHUHUEWH9RUVLFKW(UZLHV/DUU\XQGVHLQHEHLGHQ/HXWHDQVLFKDQGHUhEHUQDKPHHLQHU GHUZLFKWLJVWHQ3ROL]HLVWDWLRQHQLP8QWHUDEVFKQLWW7KDSPRRU]XEHWHLOLJHQ,KUH.RPSHWHQ]XQGLKUH $XIJDEHQZXUGHQJHQDXIHVWJHOHJW(VZXUGHLKQHQNODUJHPDFKWZHOFKH:DIIHQVLHEHNRPPHQXQG ZRPDQVLHLKQHQDXVKlQGLJHQZUGH%LVMHW]WZDUDOOHUGLQJVQRFKNHLQ:RUWEHUGHQ=HLWSXQNWGHV $XIVWDQGHV JHIDOOHQ /DUU\ HUNXQGLJWH VLFK GDQDFK %RyOXQ DQWZRUWHWH VR ODXW GD MHGHU LKQ K|UHQ NRQQWH ª,Q GHU NRPPHQGHQ 1DFKW XP HLQ 8KU ZHUGHQ ZLU XQV ZLHGHU KLHU WUHIIHQ 'HU (LQVDW] EHJLQQW]ZHL6WXQGHQVSlWHU© ª'DV LVW GHU GPPVWH 9RUVFKODJ GHQ LFK ELV MHW]W YRQ GLU JHK|UW KDEH© NQXUUWH /DUU\ lUJHUOLFK ª:HQQ ZLU GLH DUNRQLGLVFKH 5HJLHUXQJ YRU GHP $XIVWDQG ZDUQHQ ZLUG VLH VlPWOLFKH 3RVWHQ YHUVWlUNHQXQGGLH5HYROXWLRQQLHGHUVFKODJHQ'DVQLPPWXQVGLH0|JOLFKNHLW%DUJK DURQV0|UGHUQ DXIGHU6SXU]XEOHLEHQ'HQQGLH5HYROXWLRQlUHZHUGHQVLFK]HUVWUHXHQXQGVLFKHLQSDDU-DKUHODQJ QLFKWUKUHQ$XHUGHPIUZLHGXPPKlOWVWGX%RyOXQ"(UZUGHJHQDXZLVVHQZHULKQYHUNDXIW KDW© 0HHFK +DQQLJDQ ]XFNWH LQ GXUFKDXV PHQVFKOLFKHU 0DQLHU PLW GHQ 6FKXOWHUQ ª6LH KDEHQ PLFK JHIUDJW 6LU© YHUWHLGLJWH HU VLFK ªZDV PDQ XQWHUQHKPHQ N|QQH XP GHU DUNRQLGLVFKHQ 5HJLHUXQJ 8QDQQHKPOLFKNHLWHQ]XHUVSDUHQ9RQXQVHUHQ8QDQQHKPOLFKNHLWHQZDUQLFKWGLH5HGH© /DUU\ NQLII GLH $XJHQ ]XVDPPHQ (U ZDU QHUY|V XQG MHGHUPDQQ PHUNWH HV LKP DQ ,KP IHKOWH 5RQ /DQGU\ 5RQ KlWWH HLQHQ $XVZHJ JHZXW /DUU\ KDWWH GLH JDQ]H +HLPIDKUW ODQJ EHU GLH 6DFKH QDFKJHGDFKW XQG NHLQH ,GHH JHIXQGHQ (U KDWWH 0HHFK GHQ %HIHKO JHJHEHQ VHLQ SRVLWURQLVFKHV *HKLUQDQ]XVWUHQJHQ8QG0HHFKKDWWHGHQ9RUVFKODJJHPDFKWGLH5HJLHUXQJ]XZDUQHQXQGLKUGHQ $XIPDUVFKSODQEHNDQQW]XJHEHQ 'LH6]HQHVSLHOWHVLFKLPJURHQ:RKQUDXPGHV7ULFKWHUKDXVHVDE /RIW\3DWWHUVRQVDLP+DOEGXQNHOLQHLQHUGHU(FNHQXQGEHWHLOLJWHVLFKQLFKWDQGHU8QWHUKDOWXQJ ª'XYHUVWHKVWPLFKVRQVWLPPHUJDQ]JXW©ZDUI/DUU\GHP5RERWYRUª:DUXPNODPPHUVWGXGLFK MHW]WDQ:RUWH"'XZHLWZDVLFKPHLQH© 0HHFKQLFNWH ª1DWUOLFK6LU$EHULP$XJHQEOLFNELQLFKEHVFKlIWLJW9RUUDQJNRPPDQGR6LU© /DUU\EHNDPJURH$XJHQ ª:DVLVWGDV"© ª,FKKRIIHGDV(UJHEQLVEDOGVSUXFKUHLI]XKDEHQ6LU© /DUU\IUDJWHQLFKWZHLWHU(UYHUVXFKWHVLFKDXIVHLQHHLJHQHQ*HGDQNHQ]XNRQ]HQWULHUHQZlKUHQG 0HHFK EHVFKlIWLJW ZDU $EHU HV NDP QLFKW YLHO GDEHL KHUDXV 3O|W]OLFK ILHO LKP HLQ GD VHLW ZHQLJVWHQV]Z|OI6WXQGHQVLFKQLHPDQGPHKUXP$LQDJHNPPHUWKDWWH6LHPXWHLQ]ZLVFKHQKDOE YHUKXQJHUW VHLQ RGHU GDV +DXV YHUODVVHQ KDEHQ (U ZUGH QDFK LKU VHKHQ ZHQQ 0HHFK VLFK DXVJHVSURFKHQ KDWWH ,P +LQWHUJUXQG UlXVSHUWH VLFK /RIW\ 3DWWHUVRQ 0LW VHLQHU KHOOHQ 6WLPPH YHUNQGHWHHUª,FKGHQNH0HHFKLVWMHW]WVRZHLW© /DUU\VDKDXI ª$OVRZDVJLEWHV"© ª*HVHW]WGHQ)DOO©ILQJ0HHFKDQªGLH/HXWHGLH%DUJK DURQXPJHEUDFKWKDEHQVLQGGLHVHOEHQYRQ GHQHQ(]]D0DUODLQHUPRUGHWZXUGHDOVRGLH9HUVFKZ|UHUGHUHQ$QIKUHU%RyOXQ]XVHLQVFKHLQW %HVWHKW GDQQ QLFKW HLQH 'LVNUHSDQ] ]ZLVFKHQ GHQ WHFKQLVFKHQ 0|JOLFKNHLWHQ GLH ]XU

*HIDQJHQQDKPH GHV 0lGFKHQV $LQD HLQJHVHW]W ZXUGHQ XQG GHQHQ GLH PRUJHQ ]XP (UIROJ GHV $XIVWDQGHVEHLWUDJHQVROOHQ"© /DUU\VDKLKQYHUZXQGHUWDQ ª,FKZROOWHGXZUGHVWGLFKHLQELFKHQGHXWOLFKHUDXVGUFNHQ©EUXPPWHHU ª(U PHLQW GDV 7HOHWUDQVSRUWIHOG© NUlKWH /RIW\ DXV GHP +LQWHUJUXQG ª7HOHWUDQVSRUWIHOG KLHU SULPLWLYH6WUDKOZDIIHQGRUW:DUXPODVVHQVLHQLFKWGLH$EVFKQLWWVYHUZDOWXQJVRHLQIDFKLQGLH/XIW IOLHJHQZLHVLHGDVEHLP3ULYDWGHSRWJHWDQKDEHQ"© /DUU\ VDK HLQ SDDU 6HNXQGHQ ODQJ VR DXV DOV ZROOWH HU KHIWLJ ZLGHUVSUHFKHQ 'DQQ VFKOXJ HU VLFK JHJHQGLH6WLUQ ª'X OLHEH *WH© lFK]WH HU ªPLW NHLQHP *HGDQNHQ KDEH LFK DQ VR HWZDV JHGDFKW 'DV LVW ULFKWLJ /RIW\0HHFK:DUXPVHW]HQVLHNHLQH"© ª,KUH %HPHUNXQJ LVW ZLFKWLJ 6LU© XQWHUEUDFK 0HHFK LKQ HUQVW ª6LH KDEHQ PLW NHLQHP *HGDQNHQ GDUDQJHGDFKW6LHHWZD/RIW\"© /RIW\VFKWWHOWHGHQ.RSIXQGODFKWHDPVLHUW ª1HLQXQGLFKPDFKHPLUNHLQH9RUZUIHZHQQVFKRQXQVHU&DSWDLQ© ª6LH NRQQWHQ QLFKW GDUDQ GHQNHQ© ZDUI 0HHFK RKQH EHVRQGHUH %HWRQXQJ HLQ (LQ SDDU 6HNXQGHQ YHUJLQJHQEHYRU/DUU\GLH%HGHXWXQJGHU:RUWHNODUZXUGH ª:LUNRQQWHQQLFKW":DUXPQLFKW"© ª:HLO%RyOXQVHLQH$QVSUDFKHPLWK\SQRWLVFKHQ%HIHKOHQXQWHUOHJWH©DQWZRUWHWH0HHFK ª'DVPDFKWHGLH6DFKHIUPLFKVRVFKZHU©IXKUHUQDFKHLQHUNXU]HQ3DXVHIRUWª:LH6LHZLVVHQ NDQQ LFKJHLVWLJH $XVVWUDKOXQJHQ PDQQLJIDFKHU$UW UHJLVWULHUHQ ,FK EHVLW]H HLQHJHZLVVH )lKLJNHLW GLH $XVVWUDKOXQJ GLH LFK HPSIDQJH QDFK $UW XQG =ZHFN ]X NODVVLIL]LHUHQ ,P )DOO K\SQRWLVFKHU %HIHKOH LVW GDV QLFKW VR HLQIDFK *HLVWLJH %HHLQIOXVVXQJ LVW HLQ NRPSOL]LHUWHU 9RUJDQJ 'LH $XVVWUDKOXQJ GLH EHL GHU +\SQRVH ]XU :LUNXQJ NRPPW LVW DXV PHKUHUHQ YHUVFKLHGHQHQ (LQ]HOVWUDKOXQJHQ]XVDPPHQJHVHW]W'LH$QDO\VHQDKPGHVZHJHQJHUDXPH=HLWLQ$QVSUXFK,FKELQ IURKGDVLHPLUEHUKDXSWJHOXQJHQLVW© (UEHQXW]WHVROFKH$XVGUFNHREZRKOHUQLFKWHLQPDOZXWHZDV!IURKHLJHQWOLFKZDU /DUU\KROWH WLHI/XIW ª(UKDWXQVDOVRGXUFKK\SQRWLVFKHQ%HIHKOGDYRQDEJHKDOWHQDQGLH:LGHUVSUFKH]XGHQNHQ© ª'XUFK SRVWK\SQRWLVFKHQ %HIHKO© YHUEHVVHUWH 0HHFK ª'LH :LUNXQJ KlWWH DQJHKDOWHQ ZHQQ 6LH QLFKW YRQ DXHQ KHU DXIPHUNVDP JHPDFKW ZRUGHQ ZlUHQ (LQH VROFKH 0|JOLFKNHLW ZDU YRQ %RyOXQ RIIHQEDU QLFKW HLQNDONXOLHUW (U ZHL QLFKW GD LFK HLQ 5RERWHU ELQ XQG QLFKW EHHLQIOXW ZHUGHQ NDQQ© /DUU\IXKUVLFKQDFKGHQNOLFKEHUV.LQQ ª'DIlOOW PLU HWZDV DQGHUHVHLQ© PXUPHOWH HU ª%RyOXQKDW PLWNHLQHP :RUW QDFK5RQ JHIUDJW(V KDWWHLKPDXIIDOOHQPVVHQGDZLUQXU]XGULWWNDPHQ© 'DVLVWHLQIDFK]XHUNOlUHQGDFKWHHULPQlFKVWHQ$XJHQEOLFN(UZHLGD5RQYHUVFKZXQGHQLVW :DKUVFKHLQOLFKKDWWHHUVHOEHUGDEHLVHLQH+DQGLP6SLHO ª$EHUZDVEHGHXWHWGDVDOOHV"©IUDJWHHUYHUZLUUWª:DUXPKDWHUXQVK\SQRWLVLHUW":DUXP"© ª(VVFKHLQWQXUHLQH0|JOLFKNHLW]XJHEHQ©HUNOlUWH0HHFKª$OOHVZDVHUKHXWHPRUJHQHU]lKOWKDW ZDU /JH (V JLEW JDU NHLQHQ 3ODQ GLH $EVFKQLWWV]HQWUDOH ]X EHVHW]HQ GLH 5RERWHU XP]XSURJUDPPLHUHQXQGGLH3ROL]HLVWDWLRQHQDXV]XKHEHQ© ª(VJLEWJDUNHLQHQ"©PDFKWH/DUU\HUVWDXQW 0HHFKVFKWWHOWHGHQ.RSI ª1HLQ'LH9HUVDPPOXQJZDUGD]XEHVWLPPWXQVDXIHLQHIDOVFKH6SXU]XIKUHQ%RyOXQRGHUGHU ZLUNOLFKH $QIKUHU EHIUFKWHW GD ZLU LKP DXI GLH 6FKOLFKH NRPPHQ N|QQWHQ ,FK YHUPXWH GD 5RQV %HVXFK EHL /RRUDP $UNDGG LKQ GDYRQ EHU]HXJW KDW :HOFKH 0|JOLFKNHLWHQ JLEW HV XQV YRQ GHU 6SXU DE]XEULQJHQ XQG LQ HLQH IDOVFKH 5LFKWXQJ ]X OHQNHQ" (LQ JHVFKLFNWHV 7KHDWHUVSLHO PLW K\SQRWLVFKHQ%HIHKOHQXQWHUOHJWLVWZDKUVFKHLQOLFKGLHDOOHUHLQIDFKVWHXQGELOOLJVWH0|JOLFKNHLW© ª-D VFKRQ© JDE /DUU\ ]|JHUQG ]X ªDEHU HU KDW GHQ =HLWSXQNW GHV /RVVFKODJHQV DXI PRUJHQ IUK

IHVWJHVHW]W-HW]WPXHUORVVFKODJHQVRQVWNRPPWGHU6FKZLQGHOKHUDXV© ª2QHLQ©ZLGHUVSUDFK0HHFKª(UZLUGHLQHQDQGHUHQ:HJILQGHQ(UZLUGEHKDXSWHQHVVHLHWZDV GD]ZLVFKHQJHNRPPHQ:LHJHVDJW6LUGDVDOOHVVLQGQXU9HUPXWXQJHQDEHUVLHHQWKDOWHQHLQHVHKU KRKH:DKUVFKHLQOLFKNHLW© /DUU\ QLFNWH ODQJVDP (U VFKLHQ PLW GHQ *HGDQNHQ QLFKW JDQ] EHL GHU 6DFKH :HQQ 0HHFK UHFKW KDWWHGDQQEHGHXWHWHGDVGDGHU*HJQHUQHUY|VJHZRUGHQZDU:DUXPZDUGHU)HLQGQHUY|V"/DUU\ ZXUGH lUJHUOLFK EHL GHP *HGDQNHQ VLH N|QQWHQ LUJHQGZR HLQHQ 1HUY GHV *HJQHUV EHUKUW KDEHQ RKQHHV]XZLVVHQ9LHOOHLFKWKLHOWHQVLHGLH/|VXQJGHV5lWVHOVVFKRQLQGHU+DQGXQGKDWWHQNHLQH $KQXQJ GDYRQ ª,Q GLHVHP )DOO© PXUPHOWH /DUU\ DOV HU VLFK SO|W]OLFK DQ 0HHFKV 9RUDXVVDJH HULQQHUWHªZLUG%RyOXQ]LHPOLFKEDOGYRQVLFKK|UHQODVVHQPVVHQ© 'HU$QVLFKWZDU0HHFKDXFK ª,QVSlWHVWHQVVHFKV6WXQGHQZLUGHUDQUXIHQXQGXQVGLHQHXH/DJHHUNOlUHQ©EHKDXSWHWHHU $LQDQDKP]XU.HQQWQLVGDGLH%HZRKQHUGHV+DXVHVVLHYHUJHVVHQKDWWHQXQGEHUQDKPGLH6RUJH IU LKU OHLEOLFKHV :RKO LQ HLJHQH 5HJLH 1DWXUJHPl ZDUHQ GLH REHUHQ (WDJHQ HLQHV 7ULFKWHUKDXVHV GLH DXVJHGHKQWHVWHQ XQG $LQD KDWWH HLQHQ EHDFKWOLFKHQ )XPDUVFK KLQWHU VLFK DOV VLH GLH NOHLQH .FKH IDQG GLH IU VROFKH *lVWH HLQJHULFKWHW ZDU GLH DXV LUJHQGHLQHP *UXQG QLFKW DQ GHQ 0DKO]HLWHQGHV+DXVHVWHLOQHKPHQZROOWHQ (VZDUQLFKWVZHLWHUDOV*OFNGD$LQDGRUWHWZDV]X HVVHQIDQGDEHUGDVZXWHVLHQLFKW5RQ/DQGU\KDWWHGDV+DXVPLWVlPWOLFKHP=XEHK|UJHPLHWHW (UGDFKWHQLFKWHLQHEHVRQGHUH.FKHIUYHUZ|KQWH*lVWH]XKDOWHQXQG GDLQGHU9RUUDWVNDPPHU GHVREHUVWHQ6WRFNZHUNVZLUNOLFKHWZDV(EDUHV]XILQGHQZDUZDUUHLQHU=XIDOO (VZDUMHW]W]HKQ 8KUPRUJHQV6HLWPHKUDOV]ZDQ]LJ6WXQGHQKDWWH$LQDQLFKWVPHKU]XVLFKJHQRPPHQ 6LH|IIQHWH ]ZHLGHU3ODVWLNEHKlOWHUGHUHQ,QKDOWVLFKGDEHLHUZlUPWHVXFKWHVLFKHLQ%HVWHFN]XVDPPHQXQGD KDVWLJ 1DFKGHP LKU +XQJHU JHVWLOOW ZDU VXFKWH VLH QDFK HLQHP 0DQDJDUD&RFNWDLO IDQG DEHU QXU HLQHQ 2ZZHODQ GHQ VLHXQWHU DQGHUHQ 8PVWlQGHQ DEJHOHKQWKDWWH LQ GLHVHU /DJH DEHU PLW HLQLJHP *HQXDXVWUDQN 'DQQGDFKWHVLHEHULKUH/DJHQDFK'DV0DKOZDUQLFKWVRUHLFKOLFKJHZHVHQZLH HV LKUHP 0DJHQ QDFK GHU ODQJHQ )DVWHQ]HLW ]XJHVWDQGHQ KDWWH GHU 2ZZHODQ GDIU XP VR XPIDQJUHLFKHU.XQWHUEXQWH*HGDQNHQVFKZLUUWHQLKUGXUFKGHQ.RSI6LHIUDJWHVLFKZLHEHLDOOHQ JUQHQ)OXPlQQHUQYRQ$5$8.$VLHLQGLHVHPHUNZUGLJH/DJHKHUHLQJHUDWHQVHL6LHEHWUDFKWHWH VLFKVHOEVWXQGGHQ(LIHUPLWGHPVLH(]]D0DUODLQV7RG]XUlFKHQYHUVXFKWHPLWOHLVHP6SRWWGHQ GHU $ONRKRO HQWIDFKWH :DV NPPHUWH VLH VLFK XP (]]D" 6LFKHU VLH ZDUHQ )UHXQGLQQHQ JHZHVHQ =ZHL$UDXNDQHULQQHQGLHVLFK-DKUWDXVHQGHYRQ/LFKWMDKUHQZHLWYRQLKUHU+HLPDWHQWIHUQWDXIHLQHU IUHPGHQ:HOWWUDIHQZUGHQLPPHU)UHXQGLQQHQZHUGHQ$EHUPDQVDKGRFKZRKLQHLQHQGLH6RUJH XPHLQHWRWH)UHXQGLQEUDFKWH$LQDHULQQHUWHVLFKDQGLHYLHOHQ0lQQHUGLHVLHGDQDFKJHIUDJWKDWWH RE LKQHQ DQ (]]DV DEJHVHW]WHP )LNWLYSURJUDPP QLFKWV DXIJHIDOOHQ ZlUH 6LH KDWWHQ VLH QLFKW GLUHNW DXVJHODFKW R QHLQ $UNRQLGHQ ODFKWHQ VHOWHQ 6LH KDWWHQ LKU GHXWOLFK ]X YHUVWHKHQ JHJHEHQ GD VLH YRQLKUHP*HUHGHEHUKDXSWQLFKWVKLHOWHQ 8QGVRZDU$LQDVFKOLHOLFK]XGHQ7HUUDQHUQJHJDQJHQ -HPDQG ZDU PLW HLQHP ZLH KLH GDV GRFK" QD HJDO LUJHQGHLQHP )HOG KLQWHU LKU KHUJHNRPPHQ XQG KDWWH VLH ]X IDQJHQ YHUVXFKW *OFNOLFKHUZHLVH KDWWH 5RQ /DQGU\ VLH GDYRU EHZDKUW (U ZDU EHUKDXSW HLQ VFKQHOO UHDJLHUHQGHU HLQ NUlIWLJHU XQG HLQ HLQGUXFNVYROOHU 0DQQ 6LH VWDQG DXI XQG EHVRUJWHVLFKHLQHQ]ZHLWHQ2ZZHODQ:lKUHQGVLHGHQ%HKlOWHU|IIQHWHXQGQRFK]|JHUWHREVLHGDV JUQOLFKEUDXQHVWDUNDONRKROKDOWLJH=HXJZLUNOLFKWULQNHQVROOWHGDFKWHVLHDQ5RQ 6LHVDKLKQYRU VLFKJURPLWEUHLWHQ6FKXOWHUQHLQHPVS|WWLVFKHQ/lFKHOQLQGHQ$XJHQ%ORQGH+DDUH'DVKHLW QLFKW JDQ] EORQG HLQ ELFKHQ GXQNOHU DOV GDV ZDV PDQ EORQG QDQQWH (LQ LPSRVDQWHU 0DQQ QLFKW EHVRQGHUV KEVFK DEHU DQ]LHKHQG :R HU MHW]W VHLQ PRFKWH" 6LH ZDU HLQ SDDUPDO GUDXHQ DXI GHP %DONRQ JHZHVHQ XQG KDWWH ZHLWHU XQWHQ GLH 7HUUDQHU VSUHFKHQ K|UHQ 5RQV 6WLPPH ZDU QLFKW GDEHLJHZHVHQ:DUHUJDUQLFKWKLHU"'DVNRQQWHGHU*UXQGGDIUVHLQZDUXPQLHPDQGVLFKXPVLH NPPHUWH3O|W]OLFKKDWWHVLH$QJVW6LHVHW]WHDQXPGHQ2ZZHODQ]XWULQNHQ$EHUGDQQVSUDQJVLH DXI XQG ZDUI GDV *HIl PLW HLQHP OHLVHQ 6FKUHL YRQ VLFK 'HU %HFKHU ILHO DXI GHQ %RGHQ 'HU PHUNZUGLJHSIHIIHUDUWLJH'XIWGHV&RFNWDLOVVWLHJYRQHLQHUEUDXQHQ/DFKHDXI ª5RQ©VWLH$LQD

NHXFKHQG KHUYRU 9LHOOHLFKW ZDU HV GDV :RUW GDV GHQ .RQWDNW HQGJOWLJ KHUVWHOOWH (V ZDU VR DOV KlWWH VLH GHQ JURHQ 7HUUDQHU QHEHQ VLFK XQG N|QQWH LKP LQV *HVLFKW VHKHQ 6LH ZXWH ZLH GDV *HVLFKWMHW]WDXVVDK(VZDUYRQ6FKPHU]HQYHU]HUUWXQG8QVLFKHUKHLWVSLHJHOWHVLFKLQGHQ$XJHQ :DVZDUORV" 5RQEHIDQGVLFKLQ*HIDKU,UJHQGZR$LQDKDWWHNHLQH$KQXQJZRKHUVLHGDVZXWH 5RQ ZDU QLFKW LQ GHU 1lKH 6LH NRQQWH LKQ ZHGHU VHKHQ QRFK K|UHQ $EHU VLH ZXWH GD HU +LOIH EUDXFKWH6LHGDFKWHQLFKWGDUDQXQGZXWHDXFKJDUQLFKWGDGLH/HXWHYRQ$5$8.$EHUHLQSDDU *DEHQ YHUIJWHQ GLH DQGHUH 0HQVFKHQ QLFKW EHVDHQ =XP %HLVSLHO GLH )lKLJNHLW DQ GHQ bQJVWHQ XQG)UHXGHQHLQHVDQGHUHQVHHOLVFK1DKHVWHKHQGHQWHLO]XQHKPHQGHUZHLWHUHQWIHUQWZDUDOVGLHIQI QRUPDOHQ PHQVFKOLFKHQ 6LQQH UHLFKWHQ 6LH GDFKWH QLFKW GDUEHU QDFK ,Q ZLOGHU 3DQLN WREWHQ LKUH *HGDQNHQ(VGDXHUWHODQJHELVVLHGDUDXINDPGDVLHLP$XJHQEOLFNQLFKWVDQGHUHVWXQNRQQWHDOV GLH DQGHUHQ 7HUUDQHU DXI GLH *HIDKU DXIPHUNVDP ]X PDFKHQ LQ GHU 5RQ VLFK EHIDQG 9LHOOHLFKW ZXWHQVLHZRHUVLFKDXIKLHOWXQGNRQQWHQLKP ]X+LOIHNRPPHQ 'LH,GHHGDVLHVLHDXFKJDQ] HLQIDFK DXVODFKHQ N|QQWHQ NDP LKU QLFKW 6LH UDQQWH DXV GHU NOHLQHQ .FKH KLQDXV 6WROSHUQG XQG UXIHQGOLHIVLHGHQ5XQGJDQJHQWODQJGHU]XP$QWLJUDYVFKDFKWIKUWH:HQLJVWHQVJODXEWHVLHGDHU GRUWKLQIKUWHELVVLHSO|W]OLFKLQHLQHPTXDGUDWLVFKHQ5DXPPLWYLHU7UHQVWDQG'XUFKHLQHGDYRQ ZDUVLHKHUHLQJHNRPPHQ'HU*DQJZDUKLHU]X(QGH :HQQVLHGHQ/LIWILQGHQZROOWHPXWHVLHHV KLQWHUHLQHUGHUDQGHUHQGUHL7UHQYHUVXFKHQ6LHZlKOWHHLQHDXIV*HUDWHZRKO$OVVLHDXIVLH]XWUDW VFKREVLFKGDVVFKLPPHUQGH3ODVWLNPDWHULDOVXPPHQG]XU6HLWH8QJHGXOGLJ]ZlQJWHVLHVLFKGXUFK GHQHQWVWHKHQGHQ6FKXW]QRFKEHYRUGHU$XVJDQJVLFKYROOHQGVJH|IIQHWKDWWH6LHVFKLFNWHVLFKDQ ZHLWHU]XODXIHQ $EHU GD ZDU HWZDV ZDV VLH YRU )XUFKW IDVW RKQPlFKWLJ PDFKWH 6LH NRQQWH NHLQHQ HLQ]LJHQ 6FKULWW WXQ =LWWHUQG VDQN VLH JHJHQ GHQ 5DQG GHU 7U ]XUFN XQG EHWUDFKWHWH PLW ZHLW DXIJHULVVHQHQ$XJHQGHQ0DQQGHUYRULKUVWDQG ª6LHZHUGHQMHW]WPLW PLUNRPPHQPHLQ.LQG© VDJWH VHLQH OHLVH KlOLFKH 6WLPPH ª)U 6LH LVW KLHU NHLQ 3ODW] 6LH ZHUGHQ PLU NHLQHQ :LGHUVWDQG OHLVWHQ6LHZHUGHQDOOHVWXQZDVLFK,KQHQVDJH© $LQDZROOWHVFKUHLHQ6LHZROOWHVLFKZHKUHQ$EHUVLHWDWQLFKWVYRQDOOHGHP6HLQH6WLPPHPDFKWH VLH VFKZDFK XQG PGH 6LH EUDFKWH QLFKW HLQPDO PHKU HLQHQ $UP LQ GLH +|KH 6LH PXWH VLFK ]XVDPPHQUHLHQGDLKUGLH$XJHQQLFKW]XILHOHQª.RPPHQ6LHPHLQ.LQG©EHIDKOGHU0DQQXQG ZDQGWHVLFKXP (UKDWWHHVQLFKWQ|WLJZHLWHUQDFK$LQD]XVHKHQ6LHZUGHLKPIROJHQZRKLQHU DXFK LPPHU JLQJ (LQ 0DQQ ZLH %RyOXQ GHU %iDORO3ULHVWHU KDWWH VFKOLHOLFK VHLQH EHVRQGHUHQ )lKLJNHLWHQ $OVGLH6RQQHDXIJLQJVDK5RQ/DQGU\GDV+DXVYRUVLFKOLHJHQ(VZDUQRFKHLQ6WFNZHLWHQWIHUQW XQGYRUOlXILJVDKHVQRFKQLFKWEHVRQGHUVLPSRVDQWDXV (UZDUGLH1DFKWKLQGXUFKPDUVFKLHUWXQG KDWWHGDEHLEHUVHLQH/DJHQDFKJHGDFKW6HLQHPIHVWHQ9RUVDW]]XZLGHUKDQGHOQGKDWWHHUVLFKGHQ .RSI]HUEURFKHQ6LFK]XlXHUVWHU.RQ]HQWUDWLRQ]ZLQJHQGZDUHVLKPJHOXQJHQHLQSDDUYRQGHQ 0|JOLFKNHLWHQ GLH VLFK DOV (UNOlUXQJ DQERWHQ DXV]XVFKDOWHQ 'DV EHGHXWHW QLFKW YLHO GHQQ HV JDE PHKUDOV]HKQWDXVHQGYHUVFKLHGHQH0|JOLFKNHLWHQ8QGZHQQHVLKPLQ/RRUDPV+DXVQLFKWJHODQJ UDVFKH $XINOlUXQJ ]X HUKDOWHQ GDQQ ZUGH HU ZDKUVFKHLQOLFK HLQ SDDU -DKUH EUDXFKHQ XP GXUFK VRUJIlOWLJHV %HREDFKWHQ $EZlJHQ XQG .RPELQLHUHQ GLH QHXQWDXVHQGQHXQKXQGHUWQHXQXQGQHXQ]LJ IDOVFKHQ(UNOlUXQJHQ]XHUNHQQHQXQGGDQQHQGOLFK]XZLVVHQZDVZLUNOLFKORVZDU (UZDUPGH DOVHUVFKOLHOLFKYRUGHP7ULFKWHUVWLHOGHVPlFKWLJHQ*HElXGHVVWDQG$EHUJHUDGHLQGLHVHP$XJHQ EOLFNNDPLKPHLQ*HGDQNHGHULKQVRVHKUHUVFKUHFNWHGDHUVLFKHLQH=HLWODQJNDXPPHKUDXIGHQ %HLQHQKDOWHQNRQQWH.DOWOLHIHVLKPGHQ5FNHQKLQXQWHUDOVHUVLFKHULQQHUWHZLHOHLFKWIHUWLJHU VLFKLQHLQH*HIDKUEHJHEHQKDWWHGLHLKQKlWWHGDV/HEHQNRVWHQN|QQHQ*HVHW]WGHQ)DOOPDQKDWWH LKQ JDQ] HLQIDFK QXU HLQ 6WFN HQWODQJ GHU =HLWDFKVH EHZHJW HQWZHGHU YRUZlUWV RGHU UFNZlUWV 'DQQVSLHOWHQVLFKGLH'LQJHGLHHUEHREDFKWHWHQDFKGHU(LJHQ]HLWGHV3ODQHWHQ$5.21HQWZHGHU LQGHU=XNXQIWRGHULQGHU9HUJDQJHQKHLWDE'LHNOHLQH*UDXZHVSH]XP%HLVSLHOGLHDQGHUJODWWHQ :DQGGHV7ULFKWHUVWLHOVODQJVDP LQ GLH +|KH NURFK ZDUMHW]WQLFKW GRUW VLH ZDU]XP%HLVSLHO YRU

]HKQ0LQXWHQGRUWJHZHVHQ:HQQHUPLWGHU+DQGGLH:DQGEHUKUWHGDQQZXUGHGLHVH:HVSHLKP QLFKWVDQKDEHQN|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lWWHLKQW|WHQN|QQHQ(LQHVGDVJHUDGHLQGHP$XJHQEOLFNLQGHP HUDXIGHU6WUDHVWDQGYRUEHLIXKUXQGGDVHUQLFKWVHKHQNRQQWHZHLOHUVLFK]HKQ0LQXWHQZHLWLQ GHU9HUJDQJHQKHLWEHIDQG 5RQ JDEGHU6FKZlFKHVHLQHU .QLHQDFK XQG VHW]WH VLFK DXI GHQ %RGHQ 6FKZHLVWDQGLKPDXIGHU6WLUQ:HQQVLHLKQZLUNOLFKQXULQGHU=HLWYHUVHW]WHKDWWHQGDQQZDUHV ]X HUZDUWHQGDEHUNXU] RGHU ODQJ HWZDV JHVFKDKZDVLKQLQ DUJH%HGUlQJQLVEUDFKWH(UZUGH QLFKWVHKHQN|QQHQZHQQHVDXILKQ]XNDP(VNRQQWHHLQ+LQGHUQLVVHLQGDVLQVHLQHP:HJODJXQG DQ GHP HU VLFK QLFKWV ZHLWHU DOV HLQH %HXOH KROWH (V NRQQWH DEHU DXFK HLQ ZDKOORV DEJHIHXHUWHU 6WUDKOVFKXVHLQLQGHQHUKLQHLQOLHIRKQHLKQ]XVHKHQXQGGHULKQGDV/HEHQNRVWHWH (VJDE]ZHL :HJH]XHUNOlUHQZDUXPHUDOVHUDXIGLH/DQGVWUDHWUDWQLFKWYHUOHW]WZRUGHQZDU%OLHEHUEHLGHU $QQDKPH GD HU QXU HQWODQJ GHU =HLWDFKVH EHZHJW ZRUGHQ ZDU GDQQ KLH GLH (UNOlUXQJ ,Q GHQ 6HNXQGHQLQGHQHQHUDXIGHU6WUDHJHVWDQGHQKDWWHZDUNHLQ:DJHQYRUEHLJHNRPPHQ'HU:DJHQ GHQHUKDWWHGXUFKVLFKKLQGXUFKIDKUHQVHKHQZDULQ:LUNOLFKNHLW]XP%HLVSLHOVFKRQ]HKQ0LQXWHQ IUKHU GDJHZHVHQ =HKQ 0LQXWHQ VSlWHU QlPOLFK LQ GHP $XJHQEOLFN LQ GHP HU VHLQHQ 9HUVXFK DQVWHOOWH ZDU GLH 6WUDH IUHL JHZHVHQ 'DV ZDU QDWUOLFK HLQH 0|JOLFKNHLW 1XU KLHOW 5RQ HV IU ]LHPOLFK XQZDKUVFKHLQOLFK GD GHU 9HUNHKU MHPDOV VR GQQ JHZHVHQ VHL =XJHJHEHQ HU KDWWH ]LHPOLFKODQJHDXIGHQHLQHQ:DJHQZDUWHQPVVHQ'LHlXHUVWH)DKUEDKQZDUQXUPlLJEHIDKUHQ $EHU WURW]GHP LQ GHQ GUHLLJ RGHU YLHU]LJ 6HNXQGHQ LQ GHQHQ HU GRUW VWDQG KlWWH HLQ :DJHQ YRUEHLNRPPHQ PVVHQ 'DQQ JDE HV QRFK HLQH DQGHUH (UNOlUXQJ 6LH KDWWHQ LKQ JDU QLFKW DQ GHU =HLWDFKVH HQWODQJJHVFKREHQ VRQGHUQDQ GHU IQIWHQ $FKVH DXI GHU GLH .DXVDOLWlW JHPHVVHQ ZXUGH 'DV ZUGH EHGHXWHQ HU EHIDQG VLFK LPPHU QRFK DQ 2UW XQG 6WHOOH DXFK ]XP ULFKWLJHQ =HLWSXQNW DEHU 8UVDFKH XQG :LUNXQJ ZDUHQ QLFKW PHKU DXI GLH HLQ]LJH VFKHLQEDU P|JOLFKH $UW PLWHLQDQGHU YHUNQSIWZLHHVGLHPHQVFKOLFKH/RJLNYHUODQJWH(LQH/RJLNEULJHQVGLHGDUDXIDXIEDXWHGDGDV EHWUDFKWHWH6\VWHPVLFKDXIGHP1XOOSXQNWGHU.DXVDOLWlWVDFKVHEHIDQGXQGGHVZHJHQYHUVDJWHZHLO GDV 6\VWHP VLFK YRQ GLHVHP 3ODW] UKUWH 'LH PHQVFKOLFKH /RJLN YHUODQJWH GD DXI HLQH ([SORVLRQ HLQ .QDOO IROJWH GD HLQ 6WHLQ QDFK XQWHQ ILHO VREDOG GLH +DQG LKQ ORVOLH XQG GD GHU .XUV HLQHU $NWLH VDQN ZHQQ GDV $QJHERW GLH 1DFKIUDJH EHUVWLHJ 'LH PHQVFKOLFKH /RJLN NDQQWH NHLQH 6LWXDWLRQLQGHUGHU.QDOOYRUGHU([SORVLRQNDPGLH+DQGDQVWHOOHGHV6WHLQVQDFKXQWHQILHORGHU GHU%|UVHQNXUV]XVWHLJHQEHJDQQ $EHUHVJDEVROFKH6LWXDWLRQHQ(VKDWWHVLHVFKRQODQJHJHJHEHQ XQG VLHZDUHQ DXFK EHREDFKWHW ZRUGHQ 0DQ KDWWH QXU QLFKW GLH ULFKWLJHQ 6FKOVVH GDUDXV JH]RJHQ 'LH :DKUVFKHLQOLFKNHLW GDIU ]XP %HLVSLHO GD HLQ IUHLHV 1HXWURQ LQ HLQ 3URWRQ XQG HLQ (OHNWURQ ]HUILHO KlQJW ]X HLQHP JHZLVVHQ *UDGH YRQ GHU 3RODULVDWLRQ GHV 1HXWURQV DE =HUIDOOVZDKUVFKHLQOLFKNHLWHQ IU GDV 1HXWURQ PLW DXIZlUWV JHULFKWHWHP 'UHKLPSXOV XQG IU GDV PLW DEZlUWV JHULFKWHWHP VLQG YRQHLQDQGHU XP HLQHQ ZLQ]LJHQ %HWUDJ YHUVFKLHGHQ 'LH %HWD,QVWDELOLWlW GHV1HXWURQVDOV8UVDFKHXQGGHU=HUIDOODOV:LUNXQJVLQGIUHLQ1HXWURQPLWGHP6SLQQDFKREHQ DXIDQGHUH$UWXQG:HLVHPLWHLQDQGHUYHUNQSIWDOVIUHLQ1HXWURQPLWGHP6SLQQDFKXQWHQ'LHVH 7DWVDFKH ZDU VFKRQ YRU DQGHUWKDOE -DKUKXQGHUWHQ EHNDQQW JHZHVHQ 0DQ KDWWH VLH ]XU .HQQWQLV JHQRPPHQ 'HU :LVVHQVFKDIW GHV ]ZHLXQG]ZDQ]LJVWHQ -DKUKXQGHUWV ZDU HV YRUEHKDOWHQ JHZHVHQ IHVW]XVWHOOHQ GD GLH EHLGHQ 1HXWURQHQDUWHQ VLFK DQ YHUVFKLHGHQHQ 3XQNWHQ GHU M$FKVH DOVR GHU .DXVDOLWlWVDFKVHEHIDQGHQ 5RQJUEHOWHGDUEHUQDFKZlKUHQGHUYRUGHP6WLHOGHV+DXVHVVWDQG :HQQHUVHLQH3RVLWLRQDXIGHUM$FKVHJHlQGHUWKDWWHGDQQNRQQWHHVSDVVLHUHQGDHUGHQ6FKPHU] GHV=XVDPPHQSUDOOVHUVWLQHLQSDDU6WXQGHQ7DJHQRGHU-DKUHQ]XVSXUHQEHNDP2GHUDXFKGDHU GHQ6FKPHU] HLJHQWOLFKVFKRQKDWWHVSXUHQPVVHQEHYRUGHU=XVDPPHQSUDOOHUIROJWH'DGLHVQLFKW

GHU )DOO ZDU KDWWH GLH 9HUlQGHUXQJ GHU .DXVDOLWlW GHQ 6FKPHU] GHU QDFK GHU PHQVFKOLFKHQ /RJLN DXV GHP =XVDPPHQSUDOO UHVXOWLHUWH YLHOOHLFKW VRZHLW LQ VHLQH SHUV|QOLFKH 9HUJDQJHQKHLW ]XUFNYHUVHW]WGDHUQRFKYRUGHP$XJHQEOLFNODJLQGHPHUVHOEVW5RQVHLQH3RVLWLRQDXIGHUM $FKVHJHlQGHUWKDWWH ,QGLHVHP)DOOZDUHUELOOLJGDYRQJHNRPPHQ(VJDEDOOHUGLQJVQRFKHLQSDDU DQGHUH 0|JOLFKNHLWHQ =XP %HLVSLHO GLH GD GHU =XVDPPHQSUDOO EHUKDXSW NHLQHQ 6FKPHU] KHUYRUULHI 2GHU GD HU HLQH Y|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|IIQHWH VLFK GLH 7U 5RQ ZDU VR YHUEOIIW GD HU VLFK LP 0RPHQW QLFKW ]X UKUHQ YHUPRFKWH'DQQEHJULIIHUGLH&KDQFHGLHVLFKLKPERW0LWHLQHPPlFKWLJHQ6DW]VSUDQJHUGXUFK GLHgIIQXQJKLQGXUFKLQGDV+DOEGXQNHOGHV9RUUDXPHV (UKDWWHHVNDXPJHWDQDOVVLFKKLQWHULKP GLH7UZLHGHUVFKOR 5RQDWPHWHDXI(UZDUGULQQHQGDVZDUZLFKWLJ'HQQHUKDWWHQLFKWGDPLW UHFKQHQGUIHQGDDXIVHLQHQ.QRSIGUXFNKLQREHQMHPDQGGHQgIIQXQJVPHFKDQLVPXVLQ7lWLJNHLW VHW]WH 8UVDFKH XQG :LUNXQJ HLQVFKOLHOLFK GHU 5HDNWLRQHQ LQ LUJHQGHLQHP DUNRQLGLVFKHQ *HKLUQ GRUW REHQ ZDUHQ QLFKW PHKU VR PLWHLQDQGHU YHUEXQGHQ ZLH HU HV JHZ|KQW ZDU %OLHE QXU QRFK GLH )UDJHZDUXPVLFKGLH7UHLJHQWOLFKJH|IIQHWKDWWH6LFKHUOLFKKDWWHYRQGUDXHQQLHPDQGGHQ.QRSI JHGUFNW 5RQ KDWWH GHQ %HWUHIIHQGHQ VHKHQ PVVHQ 8QG KHUDXVJHNRPPHQ ZDU DXFK QLHPDQG :DUXPDOVR" 5RQNDPHLQPHUNZUGLJHU*HGDQNH9LHOOHLFKWKDWWHGLH7UVLFKGHVZHJHQJH|IIQHW ZHLOHULUJHQGZDQQLQGHU=XNXQIWHLQPDODXIGHQ.QRSIGUFNHQZUGHRGHULQGHU9HUJDQJHQKHLW GDUDXIJHGUFNWKDWWH$OOHVZDUP|JOLFK(UGDFKWHHLQHQNXU]HQ$XJHQEOLFNGDUEHUQDFKZLHYLHO DQ GHU 6LWXDWLRQ VLFK l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lQGQLVDEOHJWH'LH .DXVDOLWlW ZDU GDJHJHQ =XQlFKVW GDV ZDU NODU EUDXFKWH HU HLQHQ 3ODW] YRQ GHP DXV HU GDV +DXV EHUZDFKHQNRQQWH(UKDWWHHVQLFKWQRWZHQGLJYRUVLFKWLJ]XVHLQ1LHPDQGZUGHLKQVHKHQ'LHVH :HOWDQRUPDOHU.DXVDOLWlWLQGHUHUVLFKEHIDQGZDUXQVLFKWEDUIU0HQVFKHQGHUHQ8PJHEXQJLP 1XOOSXQNW GHU M$FKVH UXKWH 1DFK NXU]HP hEHUOHJHQ HQWVFKLHG HU GD /RRUDPV /LHEOLQJVJHPDFK GHU JHHLJQHWH 5DXP ZlUH DQ GHP HU 8PVFKDX KDOWHQ NRQQWH /RRUDP ZUGH VLFK GRUW PLW VHLQHQ )UHXQGHQ XQWHUKDOWHQ 8QG GLH 6FKDOWOHLVWH EHWlWLJWH VLFKHUOLFK DXFK GDV 5XQGVSUHFKJHUlW IU GDV JDQ]H +DXV (U JLQJ DXI HLQHQ GHU $QWLJUDYVFKlFKWH ]X XQG OLH VLFK PLW JHEWHP 6FKZXQJ YRUQEHUIDOOHQ 6RIRUW ZXWH HU GD HU HLQHQ )HKOHU JHPDFKW KDWWH 2EZRKO GDV QDWUOLFKH 6FKZHUHIHOG GHV 3ODQHWHQ LQ GHU EOLFKHQ $UW XQG :HLVH DXI LKQ ZLUNWH KDWWHQ VLFK 8UVDFKH XQG :LUNXQJ LQ GHP NQVWOLFKHQ *UDYLWDWLRQVIHOG GDV GHQ 6FKDFKW HUIOOWH JHZDQGHOW 5RQ ZDU VLFKHU JHZHVHQGDGDV)HOGLKQVDQIWXQGVLFKHULQGLH+|KHWUDJHQZXUGH (VZDUHLQ6FKRFNIULKQ]X VSXUHQZLHHVLKQQDFKXQWHQ]RJ

/DUU\ 5DQGDOO ZDU DXI GHP :HJ ]X GHQ REHUHQ 6WRFNZHUNHQ DOV GLH $ODUPVLUHQHQ GDV +DXV PLW ZLOGHP *HKHXOHUIOOWHQ (UNHKUWHVRIRUWXP$OOHZLFKWLJHQ6FKDOWHLQKHLWHQODJHQLQHLQHUNOHLQHQ .DELQH QHEHQ GHP +DXSWUDXP (U NRQQWH GRUW HUIDKUHQ ZDV GHQ $ODUP DXVJHO|VW KDWWH $OV HU GHQ /LIWVFKDFKW YHUOLH SUDOOWH HU PLW /RIW\ ]XVDPPHQ GHU DXV HLQHP DQGHUHQ 6FKDFKW NDP ª:DV LVW ORV"©VWLH/DUU\KHUYRU/RIW\VFKWWHOWHGHQ.RSI ª.HLQH$KQXQJ0HHFKVLW]WDQGHQ*HUlWHQ© 'DV VFKULOOH *HUlXVFK GHU 6LUHQHQ EUDFK SO|W]OLFK DE :lKUHQG /DUU\ GXUFK GLH JURH $XIHQWKDOWVKDOOHVWUPWH/RIW\LKPGLFKWDXIGHQ)HUVHQPHOGHWHVLFK0HHFKVUXKLJH6WLPPHEHU HLQHQ/DXWVSUHFKHU ª'LH /HLVWXQJV]XIXKU IU GHQ )HOGVFKLUP GHV +DXVHV ]HLJW HLQH 8QVWHWLJNHLW ,FK ZLHGHUKROH 'LH /HLVWXQJV]XIXKUIUGHQ© /DUU\ULGLH7UDXIGLH]XU,QVWUXPHQWHQNDELQHIKUWH0HHFKVDKLQWHUHLQHP3XOW$OVHU/DUU\ HUNDQQWHOLHHUGDV0LNURSKRQVLQNHQ ª:DVKHLWGDV"©EHOOWH/DUU\ 0HHFK]XFNWHLQPHQVFKOLFKHU0DQLHUPLWGHQ6FKXOWHUQ ª%LVKHU QRFK NHLQH $QGHXWXQJ 6LU (LQH 0|JOLFKNHLW LVW GLH GD MHPDQG YHUVXFKW KDW GXUFK GHQ JHVFKORVVHQHQ6FKLUPLQ GDV+DXVHLQ]XGULQJHQ(UZUGH(QHUJLHYHUEUDXFKHQXPGHQ6FKLUPDQ HLQHU6WHOOHEHLVHLWH]XGUlQJHQ'LH*HQHUDWRUHQPWHQGDV/RFKZLHGHUVFKOLHHQ'DVN|QQWHGLH =DFNHLQGHU/HLVWXQJV]XIXKUVHLQ© /DUU\]|JHUWHQXUHLQHKDOEH6HNXQGH ª'XUFKVXFKHGDV+DXV©EHIDKOHU0HHFKª6LHKGLUMHGHQHLQ]HOQHQ5DXPJHQDXDQ© (UIXKUKHUXPXQGULHI/RIW\]X ª+DOWHQ6LHGUDXHQ$XVVFKDX/RIW\:HQQMHPDQGYHUVXFKWKDW GHQ6FKLUP]XGXUFKGULQJHQLVWHUYLHOOHLFKWQRFKLQGHU1lKH© /RIW\]ZlQJWHVLFKDQLKPYRUEHLGXUFKGLH7U,Q]ZLVFKHQKDWWH0HHFKDQJHIDQJHQ6FKDOWHUXQG 7DVWHQ ]X GUFNHQ $XI HLQHU 6HULH NOHLQHU %LOGVFKLUPH ZXUGH HLQ =LPPHU GHV +DXVHV QDFK GHP DQGHUHQ VLFKWEDU 0HHFK DUEHLWHWH PLW EHZXQGHUQVZHUWHU 6FKQHOOLJNHLW 6HLQ SRVLWURQLVFKHV *HKLUQ EUDXFKWH QXU %UXFKWHLOH YRQ 7DXVHQGVWHOVHNXQGHQ XP HLQ %LOG ]X SUIHQ /RIW\ KDWWH JU|HUH 6FKZLHULJNHLWHQ 'LH $XHQZlQGH GHV +DXVHV ZDUHQ PLW %LOGDXIQDKPHJHUlWHQ DXVJHVWDWWHW /RIW\ NRQQWH GLH 8PJHEXQJ GHV *HElXGHV ELV ]XP +RUL]RQW EHUVHKHQ $EHU HU NRQQWH LPPHU QXU HLQ $XIQDKPHJHUlW ODXIHQ ODVVHQ XQG GDGXUFK YHUORU HU =HLW /DUU\ ZDUWHWH XQJHGXOGLJ 1DWUOLFK ZDU 0HHFKGHUHUVWHGHUVHLQH$XIJDEHDXVJHIKUWKDWWH0LWWURFNHQHU6WLPPHEHULFKWHWHHUª$XHUXQV LVWQLHPDQGLP+DXV6LU© /DUU\DWPHWHDXIDEHU0HHFKIJWHKLQ]X ª$XFKGDV0lGFKHQQLFKW6LU© $LQD HULQQHUWH VLFK VSlWHU GD %RyOXQ VLH LUJHQGZR KLQJHEUDFKW KDWWH $EHU VLH ZXWH QLFKW PHKU ZLH GDV JHVFKHKHQ ZDU XQG LQ ZHOFKHU 5LFKWXQJ VLHVLFK YRP +DXV GHU 7HUUDQHU HQWIHUQW KDWWH 6LH ZDU LQ HLQHU $UW 7UDQFH JHZHVHQ 8QG VLH ZDU NOXJ JHQXJ XP ]X YHUVWHKHQ GD %RyOXQ VLH K\SQRWLVLHUWKDEHQPXWH6LHNDPHUVWZLHGHU]XVLFKDOVVLHLQHLQHPNDKOHQIHQVWHUORVHQ5DXPDXI HLQHU KDUWHQ 3ODVWLNSULWVFKH ODJ 9ROOHU $QJVW VWXGLHUWH VLH LKUH 8PJHEXQJ $EHU GD ZDUHQ QLFKWV ZHLWHU DOV YLHU QDFNWH ZHLH .XQVWVWHLQZlQGH GLH HLQ 4XDGUDW YRQ GUHL 0HWHUQ 6HLWHQOlQJH XPVFKORVVHQ HLQH HEHQVR ZHLH 'HFNH PLW HLQHU XQYHUNOHLGHWHQ *DVODPSH GDUDQ XQG HLQ JHQDXVR WURVWORVHU)XERGHQ(VVFKLHQQLFKWHLQPDOHLQH7U]XJHEHQ$EHUGDOLH$LQDVLFKQLFKWWlXVFKHQ 6LH ZXWH GD PDQ LQ *HIlQJQLV]HOOHQ GLH 7U VR DQEUDFKWH GD GHU =HOOHQLQVDVVH VLH QLFKW VHKHQ NRQQWH=XGHP3UREOHPGLH7U]X|IIQHQJHVHOOWHVLFKGDV]ZHLWHGLH7U]XILQGHQ(VZDUHLQ VHKU ZLUNVDPHV 0LWWHO $XVEUXFKVYHUVXFKH HUVW JDU QLFKW ]XVWDQGH NRPPHQ ]X ODVVHQ ,KUH )XUFKW VFKZDQGODQJVDP6LHZDUDOOHLQHXQGLP$XJHQEOLFNVDKHVQLFKWVRDXVDOVZROOWHLKUMHPDQGHWZDV DQKDEHQ1DVFK|QVLHKDWWHQVLHDOVR2KQH=ZHLIHOZDUVLHLKQHQJHIlKUOLFKJHZRUGHQZHLOVLHEHU (]]DV7RGHLQELFKHQPHKUZXWHDOVGLH3ROL]HL6LHHULQQHUWHVLFKSO|W]OLFKGDVLHXP5RQ$QJVW JHKDEWKDWWHEHYRUVLH%RyOXQLQGLH+lQGHILHO'LH(ULQQHUXQJHUIOOWHVLHPLWKHLHP6FKUHFN:DV

ZDUDXV5RQLQGHU=ZLVFKHQ]HLWJHZRUGHQ"%HIDQGHUVLFKLPPHUQRFKLQ*HIDKU" 6LHKRFNWHVLFK DXI GHQ 5DQG GHU /LHJH VFKOR GLH $XJHQ XQG YHUVXFKWH VLFK ]X NRQ]HQWULHUHQ $EHU 5RQV %LOG HUVFKLHQQLFKWPHKU'HUJHLVWLJH.RQWDNWZDUDEJHULVVHQ$LQDEHUOHJWHZDVGDVEHGHXWHQNRQQWH DOVLKUHWZDV1HXHVDXIILHO6RODQJHVLHGLH)HQXUOHLFKWDXIGHQ%RGHQJHVHW]WKLHOWVSUWHVLHZLH GHU.XQVWVWHLQXQWHULKUHQ6RKOHQOHLVHYLEULHUWH'DPXWHQ0DVFKLQHQLQGHU1lKHVHLQ0DQNRQQWH VSXUHQZLHVLHDUEHLWHWHQ $LQDGDFKWHGDUEHUQDFKREVLFKGDUDXVHLQ6FKOX]LHKHQOLHHZRKLQ %RyOXQVLHJHEUDFKWKDWWH)DVWDOOH7ULFKWHUKlXVHUZXUGHQYRQ]HQWUDOJHOHJHQHQ.UDIWZHUNHQDXVPLW GHU (QHUJLH YHUVRUJW GLH VLH EUDXFKWHQ (LQ +DXV GDV VHLQH HLJHQHQ 0DVFKLQHQ KDWWH ZDU HLQH 6HOWHQKHLW +LOIORV HUNDQQWH $LQD GD LKU VHOEVW GDV QLFKWV QW]WH :HQQ HV HLQ VROFKHV +DXV JDE GDQQZDUHVHLQHVRJURH6HOWHQKHLWGDVLHHV QLFKWNDQQWH 1HLQVLHKDWWHNHLQH$KQXQJZRVLH VLFKEHIDQG (LQHQ $XJHQEOLFN ODQJ ZDU /DUU\ YHUZLUUW 'DQQ VFKLFNWH HU 0HHFK KLQDXI LQ GHQ =LPPHUQ GHV 0lGFKHQVQDFK]XVHKHQ(VZDUOlFKHUOLFK]XJODXEHQMHPDQGNRQQWHGXUFKGHQ)HOGVFKLUPKLQGXUFK LQ GDV +DXV HLQJHGUXQJHQ VHLQ XQG GDV 0lGFKHQ HQWIKUW KDEHQ HQWVFKLHG /DUU\ 'LH HQHUJHWLVFKH =XVDPPHQVHW]XQJ GHU )HOGVFKLUPH ZDU lXHUVW NRPSOL]LHUW (V EHGXUIWH HLQHU DXVJHIHLOWHQ 7HFKQLN XQGXPIDQJUHLFKHU$SSDUDWXUXPHLQHQ)HOGVFKLUPDXFKQXUDXIHLQHUNOHLQHQ)OlFKHXQZLUNVDP]X PDFKHQ :DKUVFKHLQOLFK KDWWH $LQD YRQ VLFK DXV GDV +DXV YHUODVVHQ XQG ]ZDU DXI GHP QRUPDOHQ :HJH8QWHQLP9RUUDXPJDEHV6FKDOWHUGLHGHQ)HOGVFKLUPLQGHU*HJHQGGHU+DXVWUIUNXU]H =HLW XQZLUNVDP PDFKWHQ $XI GLHVH :HLVH ZDU HV P|JOLFK GDV +DXV XQJHKLQGHUW ]X YHUODVVHQ (V NODQJ ]ZDU QLFKW EHVRQGHUV ZDKUVFKHLQOLFK GD 5RQ GHP 0lGFKHQ GLHVH 6FKDOWHU JH]HLJW KDEHQ VROOWH DEHU P|JOLFK ZDU VFKOLHOLFK DOOHV /RIW\ VXFKWH LPPHU QRFK $XI GHP JURHQ %LOGVFKLUP HUVFKLHQ 6]HQH XP 6]HQH /DUU\ VDK GLH 6WUDH GLH LQ DQGHUWKDOE .LORPHWHUQ (QWIHUQXQJ DP +DXV YRUEHLIKUWH XQG GHQ 9RUPLWWDJVYHUNHKU /RIW\ JDE SO|W]OLFK HLQ ]LVFKHQGHV *HUlXVFK YRQ VLFK (U KDWWHHLQHQQHXHQ%LOGVHNWRUHLQJHVFKDOWHW/DUU\VDKHLQHQGLFNHQVFKZDU]HQ3XQNWGHURIIHQEDUHLQ /XIWIDKU]HXJGDUVWHOOWHVLFKLQ5LFKWXQJ]ZHLKXQGHUWXQGQHXQ]LJ*UDGHQWIHUQHQ'LH=LIIHUZDUDXI GHP XQWHUHQ 5DQG GHV %LOGHV DQJHJHEHQ ª'HU N|QQWH YRQ XQVHUHP +DXV JHNRPPHQ VHLQ© VWHOOWH /RIW\ VDFKOLFK IHVW (LQ SDDU 6HNXQGHQ ODQJ EHWUDFKWHWH /DUU\ GDV %LOG /RIW\ KDWWH UHFKW 'DV )DKU]HXJ HQWIHUQWH VLFK DXI HLQHU JHUDGHQ /LQLH GHUHQ UFNVHLWLJH 9HUOlQJHUXQJ GDV +DXV WUDI 0LW HLQHP6FKULWWVWDQG/DUU\EHLGHP3XOWKLQWHUGHP0HHFKQRFKYRU]ZHL0LQXWHQJHVHVVHQKDWWHXQG KLHOWGDV5XQGVSUHFK0LNURSKRQLQGHU+DQG ª=XUFN0HHFK©VFKULHHUª:LUKDEHQLKQLP%LOG 1LPPGHQ:DJHQXQGIDKULKPQDFK/RIW\ZLUGGLFKHLQZHLVHQ© (LQSDDU6HNXQGHQVSlWHUNDPGLH%HVWlWLJXQJGHV%HIHKOV'DZDU0HHFKVFKRQXQWHQLP9RUUDXP XQGVFKLFNWHVLFKDQGDV+DXV]XYHUODVVHQ 5RQ ZDU EHUUDVFKW EHU GLH /lQJH GHV 6FKDFKWV GXUFK GHQ HU VDQN $UNRQLGLVFKH 7ULFKWHUKlXVHU KDWWHQNHLQH.HOOHU'LH$QWLJUDYVFKlFKWHGLHGXUFKGDV+DXVIKUWHQHQGHWHQJHZ|KQOLFKXQWHQLP 9RUUDXP5RQKDWWHQRFKQLHHLQHQJHVHKHQGHUWLHIHUIKUWH$XFKDOV/RRUDPLKQDXVGHP+DXV]X VHLQHP:DJHQJHEUDFKWKDWWHZDULKPQLFKWVGHUJOHLFKHQDXIJHIDOOHQ-HW]WVDQNHUVFKRQZHQLJVWHQV IQI 0LQXWHQ ODQJ (U EHZHJWH VLFK PLW HLQHU *HVFKZLQGLJNHLW YRQ UXQG DQGHUWKDOE 0HWHUQ SUR 6HNXQGH'DVEHGHXWHWHGDHUVLFK]ZLVFKHQYLHUKXQGHUWIQI]LJXQGIQIKXQGHUW0HWHUQXQWHUGHP %RGHQ EHIDQG 6HLQ 8QEHKDJHQ KDWWH HU OlQJVW EHUZXQGHQ 'LHVHU 6FKDFKW ZDU GD]X JHEDXW 3HUVRQHQ QDFK REHQ RGHU XQWHQ ]X EHI|UGHUQ (V ZDU VHKU ZDKUVFKHLQOLFK GD GHU )HOGYHNWRU MHW]W QDFK REHQ ]HLJWH 1XU ZHLO 5RQ VLFK LQ HLQHP =XVWDQG XQQRUPDOHU .DXVDOLWlW EHIDQG ]RJ LKQ GDV )HOGLQGLH7LHIH(UEUDXFKWHZHQQHUXQWHQDQJHNRPPHQZDUQXU]XZDUWHQELVMHPDQGGDV)HOG XPSROWH XQG GHQ )HOGYHNWRU QDFK XQWHQ ULFKWHWH 'DV )HOG ZUGH LKQ GDQQ LQ GLH +|KH WUDJHQ 1DWUOLFK ZUGH HU DQGDXHUQG DXI GHU /DXHU OLHJHQ PVVHQ 'HQQ GDV 8PSROHQ HLQHV NQVWOLFKHQ 6FKZHUHIHOGHV ZDU QLFKW RKQH ZHLWHUHV ]X EHPHUNHQ (V PDFKWH NHLQHQ /lUP XQG PDQ NRQQWH HV QLFKW VHKHQ $EHU GDUXP PDFKWH VLFK 5RQ LP $XJHQEOLFN NHLQH 6RUJHQ (U ZROOWH ZLVVHQ ZDV GD XQWHQZDU(UIKOWHVLFKVLFKHUHUDOVMH]XYRUGDGLH/|VXQJDOOHU5lWVHOLQ/RRUDP$UNDGGV+DXV

]XILQGHQZDU'DVDKHUGDVURWH/LFKW=XHUVWZDUHVZHLWXQWHQLUJHQGZRLP6FKDFKW'DQQEHJDQQ HV]XVWHLJHQXQGNDPLKPHQWJHJHQ(VZXUGHJUHOOHUZlKUHQGHVQlKHUNDPXQGVWUDKOWH+LW]HDXV 5RQ ZXUGH XQUXKLJ ,QPLWWHQ GHV JODWWHQ 6FKDFKWV KDWWH HU NHLQH 0|JOLFKNHLW GHP 'LQJ DXV]XZHLFKHQ(VZUGHLKQYHUEUHQQHQZHQQHVQLFKWLPOHW]WHQ$XJHQEOLFNQRFK]XP+DOWHQNDP 5RWHV )HXHU ORGHUWH DQ GHQ 6FKDFKWZlQGHQ LQ GLH +|KH (LQH :HOOH HUVWLFNHQGHU +LW]H VFKOXJ 5RQ HQWJHJHQ(UVFKQDSSWHQDFK/XIW'DVURWH/HXFKWHQZDUMHW]WEHUDOOXPLKQKHUXP(VHUIOOWHGHQ 6FKDFKWPLWVROFKHU+HOOLJNHLWGD5RQGLH:lQGHQLFKW PHKUHUNHQQHQNRQQWH'DV/LFKW EUDQQWH LKPLQGHQ$XJHQ)LHOHUQRFKRGHUVWLHJHUVFKRQZLHGHULQGLH+|KH"(LQZXFKWLJHU6FKODJWUDILKQ YRQGHU6HLWH0LWWHQLQGHU+LW]HZLUEHOWHHUHLQSDDUPDOXPVHLQH4XHUDFKVHXQGYHUORUGDEHLMHGH 2ULHQWLHUXQJ(UKREGLH+lQGHXPGDVEUHQQHQGH*HVLFKW]XVFKW]HQ(UEHNDPVFKRQODQJHNHLQH /XIW PHKU XQG LQ GHQ QlFKVWHQ 6HNXQGHQ ZUGHQ VHLQH /XQJHQ SODW]HQ (U ZROOWH VFKUHLHQ DEHU EUDFKWH NHLQHQ HLQ]LJHQ /DXW KHUYRU /DXWORV VSLHOWH GDV URWH )HXHU PLW LKP )DQJEDOO 6WLH LKQ KLHUKLQXQGGRUWKLQGUHKWHXQGZLUEHOWHLKQKHUXP(LQQHXHU6WRWUDILKQ5RQElXPWHVLFKDXIXQG DOV HU ZLHGHU ]XUFNVDQN PHUNWH HU GD HU DXI HWZDV )HVWHP ODJ (LQH 6HNXQGH ODQJ ZDU HU EHUUDVFKW 'DQQ ZlO]WH HU VLFK KHUXP XQG NDP PLW GHP *HVLFKW QDFK XQWHQ ]X OLHJHQ 'DV )HVWH XQWHU LKP VWUDKOWH KHUUOLFKH .KOH DXV (U UL GHQ 0XQG ZHLW DXI XQG KROWH WLHI /XIW 'LH /XIW VFKPHU]WHLQGHQ/XQJHQDEHUVLHWDWJXW'LH+LW]HXPLKQKHUXPVFKLHQQDFK]XODVVHQ(UQDKPGLH +lQGHYRP*HVLFKWXQGVDKVLFKXP5LQJVXPZDU)LQVWHUQLV6WLOOXQGGXQNHOODJGHU6FKDFKWEHU LKP $EHU XQWHU LKP ZDU IHVWHU %RGHQ (U KDWWH GDV =LHO VHLQHU )DKUW LQ GHQ $EJUXQG HUUHLFKW 3O|W]OLFKYHUVWDQGHUDXFKZDVGDVURWH/HXFKWHQJHZHVHQZDU+LHUXQWHQJDEHV'LQJHGLHQXUIU GLH $XJHQ (LQJHZHLKWHU EHVWLPPW ZDUHQ 6LH KDWWHQ GDIU JHVRUJW GD NHLQ )UHPGHU VHLQH 1DVH LQ LKUH *HKHLPQLVVH VWHFNWH 'DV XQWHUH (QGH GHV 6FKDFKWV ZDU GXUFK HLQHQ )HOGVFKLUP JHVFKW]W +LW]HHLQZLUNXQJ PLW PHFKDQLVFKHU %HDQVSUXFKXQJ YHUNQSIW ZDU W\SLVFK IU GLH :LUNXQJVZHLVH HLQHVNRQYHQWLRQHOOHQ)HOGVFKLUPV 5RQEHNDPHLQH*lQVHKDXWDOVHUGDUDQGDFKWHGDGHU6FKLUP LKQXQWHUQRUPDOHQ8PVWlQGHQ]X$VFKHYHUEUDQQWKlWWH(VZDUGLHYHUlQGHUWH/DJHLQGHUHUVLFK EHIDQG GLH LKQ JHUHWWHW KDWWH 6LH KDWWH LKQ GDV XQWHULUGLVFKH 9HUVWHFN EHUKDXSW HUVW HQWGHFNHQ ODVVHQ XQG VLH KDWWH LKP ]ZHLWHQV GXUFK GHQ 6FKXW]VFKLUP KLQGXUFK JHKROIHQ (V VDK VR DXV DOV HQWZLFNHOWHQ VLFK GLH 'LQJH GXUFK GHQ JHJQHULVFKHQ (LQJULII LQ HLQHU 5LFKWXQJ GLH GHQ 3ODQHQ GHV *HJQHUVJHUDGHHQWJHJHQOLHI 5RQEOLHEQRFKHLQH:HLOHOLHJHQXPVLFKDXV]XUXKHQ'DV0lGFKHQ $LQDNDPLKPSO|W]OLFKLQGHQ6LQQ(UHULQQHUWHVLFKGDHUDXFKDQ$LQDJHGDFKWKDWWHZlKUHQGHU GXUFK GHQ )HOGVFKLUP JHVWRHQ ZXUGH (U ZXQGHUWH VLFK GDUEHU :DV IU HLQHQ *UXQG KDWWH HU JHKDEW LQ HLQHU 6LWXDWLRQZLHGLHVHU DXVJHUHFKQHWDQ $LQD ]XGHQNHQ" (U IUDJWH VLFKRE HV PLW GHU QHJDWLYHQ .DXVDOLWlW ]X WXQ KDEHQ NRQQWH GXUFK GLH VHLQ HLJHQHV NOHLQHV 8QLYHUVXP VLFK DXV]HLFKQHWH $EHU HU NRQQWH QLFKW HUNHQQHQ ZLH 9RU]HLFKHQ XQG %HWUDJ HLQHU PDWKHPDWLVFKHQ *U|H GDUDXI HLQHQ (LQIOX HUODQJHQ N|QQWHQ RE HLQ 0DQQ LP $XJHQEOLFN K|FKVWHU *HIDKU DQ HLQ 0lGFKHQYRQ$5$8.$RGHUDQVRQVWHWZDVGHQNW(UJDEGDV*UEHOQDXISURELHUWHVHLQH0XVNHOQ DXV LQGHP HU $UPH XQG %HLQH YRUVLFKWLJ EHZHJWH XQG VWDQG VFKOLHOLFK DXI (U KDWWH NHLQH 0|JOLFKNHLW VLFK /LFKW ]X YHUVFKDIIHQ $EHU LQ VHLQHQ )LQJHUQ VR YHUEUDQQW VLH DXFK ZDUHQ ZDU QRFK HLQ NOHLQHU 5HVW *HIKO (U JLQJ YRUZlUWV ELV HU HLQH :DQG EHUKUWH XQG WDVWHWH VLFK DQ LKU HQWODQJ 'LH )OlFKH DXI GHU HU VWDQG ZDU RIIHQEDU NUHLVUXQG XQG LPPHU QRFK HLQ 7HLO GHV $QWLJUDYVFKDFKWV (U VFKLHQ NHLQHQ $XVJDQJ ]X JHEHQ DXHU GHP QDFK REHQ $EHU GDUDQ JODXEWH 5RQNHLQH6HNXQGHODQJ:HQQHVKLHUXQWHQNHLQ9HUVWHFNJDEZR]XVROOWHGHU)HOGVFKLUPGDQQJXW VHLQ" 5RQOLHVLFKDXIGLH.QLHQLHGHUXQGWDVWHWHXQJHIlKUHLQHQKDOEHQ0HWHUEHUGHP%RGHQGLH :DQGHLQ]ZHLWHV0DODE'LHVPDOIDQGHUZRQDFKHUVXFKWH(LQHKXIHLVHQI|UPLJHgIIQXQJQLFKW K|KHUDOVVHFK]LJRGHUVLHE]LJ=HQWLPHWHUXQGJHUDGHVREUHLWGDHLQQRUPDOJHZDFKVHQHU0DQQVLFK KLQHLQVFKLHEHQ NRQQWH 5RQ WDW HV RKQH =|JHUQ (V ZDU QLFKW GDPLW ]X UHFKQHQ GD HV KLHU XQWHQ ZHLWHUH+LQGHUQLVVHJDE(UJHODQJWHLQHLQH$UW6WHOOHQGHUHWZDIQI0HWHUZHLWGHQ4XHUVFKQLWWGHU KXIHLVHQI|UPLJHQ gIIQXQJ EHLEHKLHOW'DQQZXFKV HU LQ GLH+|KHXQGLQGLH%UHLWH XQGQRFK]ZHL 0HWHUZHLWHUNRQQWH5RQXQJHKLQGHUWDXIUHFKWVWHKHQ(UKLHOWDQXQGKRUFKWH9RQLUJHQGZRZHLWYRU LKP NDP GXPSIHV 6XPPHQ 'HU %RGHQ ]LWWHUWH OHLFKW 'D YRP VFKLHQ HV 0DVFKLQHQ ]X JHEHQ

PlFKWLJH$JJUHJDWH(LQ0DQQGHUVHLQJDQ]HV/HEHQODQJPLW0DVFKLQHQXPJHJDQJHQZDUNRQQWH *HUlXVFK XQG 9LEUDWLRQ ]X HLQHP (LQGUXFN YHUELQGHQ GHU LKP ]LHPOLFK JHQDX VDJWH ZLH JUR GDV 'LQJ ZDU GDV GD LUJHQGZR LQ GHU )LQVWHUQLV VXPPWH XQG UWWHOWH 6FKZHUH $JJUHJDWH XQWHU HLQHP DUNRQLGLVFKHQ7ULFKWHUKDXV'DVPXWHVHLQHJDQ]EHVRQGHUH%HGHXWXQJKDEHQ:HLOHUHVVRVFKQHOO ZLHP|JOLFKKHUDXVILQGHQZROOWHVHW]WH5RQ VLFKZLHGHULQ%HZHJXQJ 'HU *DQJ IKUWHJHUDGHDXV $OVHUVWHV$Q]HLFKHQGDIUGDGDV%LOGVLFKZHLWHUYRUQHlQGHUQZXUGHWDXFKWHLQGHU)LQVWHUQLVHLQ VFKZDFKHU/LFKWSXQNWDXI5RQHUK|KWHVHLQ6FKULWWHPSR'HU/LFKWSXQNWQDKPUDVFKDQ*U|HXQG +HOOLJNHLW]X'HP)DUEWRQQDFKPXWHHVHLQ*DVJOKOLFKWVHLQGDVGDYRUQHEUDQQWH=ZHL0LQXWHQ VSlWHU ZXWH 5RQ HV EHVVHU (V ZDU QLFKW HLQ *DVJOKOLFKW HV ZDUHQ PLQGHVWHQV IQIKXQGHUW ,Q VWUDKOHQGHU+HOOHOHXFKWHWHQGLH/DPSHQYRQGHU'HFNHHLQHUZHLWHQ+DOOH'HU%RGHQ]LWWHUWHMHW]WVR VWDUN GD GLH $XJHQ YHUZDVFKHQH 6FKDWWHQ VDKHQ ZR VFKDUIH .DQWHQ ZDUHQ 8QG GDV GU|KQHQGH 6XPPHQZDUVRODXWGDHVLQGHQ2KUHQVFKPHU]WHXQGLP*HKLUQERKUWH %HLGHVGDV=LWWHUQXQG GDV'U|KQHQNDPYRQGHQ+XQGHUWHQYRQ0DVFKLQHQGLHLQGHU+DOOHVWDQGHQ)QI0LQXWHQVSlWHU VD 0HHFK GHP IUHPGHQ )DKU]HXJ GLFKWDXI (U NRQQWH QLFKW HUNHQQHQ ZHU VLFK LQ GHP DQGHUHQ :DJHQ EHIDQG %LVODQJ ZDU HV QXU HLQH 9HUPXWXQJ GD $LQD HQWIKUW ZRUGHQ ZDU XQG GD GHU (QWIKUHUPLWVDPWGHP0lGFKHQGRUWYRUQHLQGHPDQGHUHQ)DKU]HXJVD8QGZHQQHVZLUNOLFKVR ZDU GDQQ KLHOW 0HHFK HV HUVW UHFKW IU NOJHU VLFK YRUHUVW P|JOLFKVW XQDXIIlOOLJ ]X EHQHKPHQ XQG GHQ IUHPGHQ :DJHQ QLFKW HWZD ]X EHUKROHQ 'HQQ ZHQQ GHU 0DQQ GRUW YRUQH PHUNWH GD HU EHVFKDWWHW ZXUGH GDQQ ZUGH HU YLHOOHLFKW VHLQ )DKU]LHO lQGHUQ XQG GHQ 9HUIROJHU DQ GHU 1DVH KHUXP]XIKUHQYHUVXFKHQ0HHFKGDJHJHQNDPHVGDUDXIDQ]XZLVVHQZRGHU:DJHQKLQZROOWH(U YHUVWlQGLJWH /RIW\ GD HU GLH 6SXU DXI JHQRPPHQ KDWWH XQG NHLQH (LQZHLVXQJ PHKU EUDXFKWH 'HU 5RERWHUZDUQLFKW EHVRQGHUV HUVWDXQWDOVGDV IUHPGH)DKU]HXJ VLFK DXI GLH 6WUDHKLQXQWHUOLHXQG HLQHPGHUVFKQHOOHQ/HLWElQGHU]XIROJHQEHJDQQ'HU8QEHNDQQWHKDWWHQLFKWGLH$EVLFKW$XIVHKHQ ]X HUUHJHQ *HQDXGDV WDWHQ DEHU /HXWHGLHZHLWH6WUHFNHQEHUGDV IODFKH /DQGIORJHQ DQVWDWW GLH 6LFKHUKHLW XQG %HTXHPOLFKNHLW GHU VFKQHOOHQ $XWREDKQHQ DXV]XQXW]HQ .HLQHP $UNRQLGHQ ZlUH HV HLQJHIDOOHQHLQHKDOEH6WXQGHRGHUJDUQRFKOlQJHUYROOHU$XIPHUNVDPNHLWKLQWHUGHP6WHXHUVHLQHV :DJHQV]XVLW]HQZHQQHUDXIHLQHU*OHLWEDQGJHVFKWW]WHQ6WUDHQXUGLH.RGHDGUHVVHVHLQHV=LHOV ]XZlKOHQEUDXFKWHXQGVLFKGDQQEHKDJOLFKLQGDV3ROVWHU]XUFNOHKQHQNRQQWH 'HU)UHPGHQDKP GLH 6WUDH LQ ZHVWOLFKHU 5LFKWXQJ 0HHFK HULQQHUWH VLFK GD VRZRKO %Ry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|UWH (LQ SDDU .LORPHWHU YRUDXV VFKZHQNWH HU DXI HLQH GHU ZHLWHU UHFKWV JHOHJHQHQ %DQQHQ EHU 6HNXQGHQ VSlWHUEHUKROWHLKQGDVIUHPGH)DKU]HXJ0HHFKKDWWHLQ]ZLVFKHQVHLQH.RPELQDWRULNEHWlWLJW'LH 7DWVDFKH GD GLH .DQ]HO GHV )UHPGHQ PHWDOOYHUVSLHJHOW ZDU PDFKWH LKQ XQEHGLQJW YHUGlFKWLJ (V JDE DXI $5.21 ]X GLHVHU =HLW NHLQH VROFKH 0RGH 0DQ EUDXFKWH VLFK QXU XP]XVHKHQ XP IHVW]XVWHOOHQ GD GLH .DQ]HOQ DOOHU DQGHUHQ :DJHQ NODU XQG GXUFKVLFKWLJ ZDUHQ %HYRU GHU 8QEHNDQQWHDP+RUL]RQWYHUVFKZDQGVFKZDQJ0HHFKVLFKZLHGHUDXIVHLQH%DKQXQGQlKHUWHVLFK LKP ELV DXI HWZD HLQHQ KDOEHQ .LORPHWHU =ZLVFKHQ VLFK XQG GHP )UHPGHQ KDWWH HU MHW]W QXU QRFK HLQHQ HLQ]LJHQ :DJHQ 'XUFK GHVVHQ .DQ]HO KLQGXUFK NRQQWH HU GDV YHUGlFKWLJH )DKU]HXJ EHREDFKWHQ (V EHZHJWH VLFK PLW GHU GHP /HLWEDQG DQJHPHVVHQHQ *HVFKZLQGLJNHLW YRQ HWZD ]ZHLKXQGHUW.LORPHWHUQSUR6WXQGH 'HU5RERWHUOHKQWHVLFKLQVHLQHQ6LW]]XUFNXQGJDEVLFKGHQ $QVFKHLQ DOV VHL HU HLQHU YRQ GHQ 5HLVHQGHQ GLH LKUH =LHODGUHVVH OlQJVW JHZlKOW KDWWHQ XQG GLH UDVFKH)DKUWXQEHVFKZHUWJHQRVVHQ ,Q:LUNOLFKNHLWKDWWH0HHFKGHQ.RGHZlKOHUQLFKWHLQHLQ]LJHV 0DO EHWlWLJW XQG PXWH VFKDUI GDUDXI DXISDVVHQ GD VHLQ :DJHQ VLFK DXI GHP %DQG KLHOW -HGHU DQGHUH ZlUH OlQJVW QDFK UHFKWV RGHU OLQNV KHUXQWHUJHJOLWWHQ XQG KDWWH ZHQQ QLFKW HLQHQ 8QIDOO YHUXUVDFKWVRGRFKZHQLJVWHQVGLH$XIPHUNVDPNHLWGHU.RQWUROOURERWHUDXIVLFKJHOHQNW1XU0HHFK

PLWVHLQHU)lKLJNHLWLQ%UXFKWHLOHQYRQ7DXVHQGVWHOVHNXQGHQ]XUHDJLHUHQEUDFKWHHVIHUWLJGHQ:D JHQ PLWWHOV +DQGVWHXHUXQJ JHQDX DXI GHP %DQG ]X KDOWHQ (U VDK ZLH GDV YHUGl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lKUHQGHUPLWGHQ$XJHQGHP)UHPGHQIROJWH'LHVHUVFKRYRQGHU6WUDHKLQZHJVFKUlJ LQGLH+|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l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lQGHUQKLQXQGKHU'HUGXPSIH.QDOOYRQ=XVDPPHQVW|HQZDU]XK|UHQ0HHFKEHREDFKWHWH HLQHQ:DJHQGHUYRQ]ZHLDQGHUHQI|UPOLFKLQGLH=DQJHJHQRPPHQXQGLQGLH+|KHJHVFKOHXGHUW ZXUGH(UWULHEHLQ6WFNEHUGLH6WUDHGDKLQSUDOOWHGDQQDXIXQGEOLHEDOVHLQH0DVVH]HUEHXOWHQ 3ODVWLNEOHFKV OLHJHQ ,Q GLH 7UPPHU KLQHLQ VWLHHQ ]ZHL DQGHUH )DKU]HXJH PLW YROOHU *H VFKZLQGLJNHLW (LQH EOHQGHQG KHOOH 6WLFKIODPPH VWLHJ LQ GLH +|KH 'HU 'RQQHU HLQHU ([SORVLRQ EHUW|QWHGHQK\VWHULVFKHQ/lUPGHV'XUFKHLQDQGHUV XQGPLWXQV\PSDWKLVFKHP)DXFKHQVXUUWHHLQ 7UPPHUVWFN GLFKW DQ 0HHFKV .DQ]HO YRUEHL 'HU :DJHQ YRU LKP ZDU LP OHW]WHQ $XJHQEOLFN ZLHGHU]XU6HLWHJHVFKZHQNW0HHFKHUK|KWHGLH0RWRUOHLVWXQJ:DVLPPHUGDDXFKJHVFKHKHQZDU HVZUGHVHLQH3OlQHEHKLQGHUQ(UPXWHDXVGHP'XUFKHLQDQGHUKLQDXVVRVFKQHOOHVJLQJ:HQQ HUKLHUEOLHEZXUGHHUPLWLUJHQGHLQHPGHUYHUUFNWJHZRUGHQHQ:DJHQ]XVDPPHQVWRHQXQGDXIGHU 6WUDH OLHJHQEOHLEHQ 8QG GHU 8QEHNDQQWH PDFKWH VLFK LQ]ZLVFKHQ GDYRQ 0HHFK JDE %ODX]HLFKHQ 'DV=HLFKHQZDUNDXPZLHGHUHUORVFKHQGD]RJHUGLH6WHXHUVlXOH]XVLFKKHUDQXQGKREGHQ:DJHQ YRQGHU6WUDHDE8QEHZHJWEHREDFKWHWHHUZLHGHUJODWWHJUDXH6WUDHQEHODJXQWHULKP]XUFNZLFK XQGGHU+RUL]RQWVLFKZHLWHWH(UZDUIDVWVFKRQLQ6LFKHUKHLWDOVDXVHLQHP=XVDPPHQSUDOOYRQIQI RGHU VHFKV DQGHUHQ )DKU]HXJHQ HLQHV PLW GHU :XFKW HLQHU *UDQDWH LQ GLH +|KH JHVFKOHXGHUW ZXUGH XQGVHLQHQ:DJHQYRQXQWHQWUDI 'DVZDUGDV(QGH0HHFKYHUORUGLH.RQWUROOHEHUGDV6WHXHU(U NRQQWHQXUQRFKGLH)HHLQVWHPPHQXQGGDUDXIZDUWHQGDHUGHQ$EVWXU]EHUOHEWH %HL /DUU\ 5DQGDOO XQG /RIW\ 3DWWHUVRQ SDVVLHUWH HV ZlKUHQG VLH HLQ %LOGJHVSUlFK PLW HLQHP YRQ %RyOXQV5RERWGLHQHUQIKUWHQ'HU5RERWHUKDWWHVLHDQJHUXIHQXQGLKQHQPLWJHWHLOWGD%RyOXQHV EHJUHQZXUGHZHQQVLHVLFK]XHLQHUZHLWHUHQ%HVSUHFKXQJDPQlFKVWHQ0RUJHQLQVHLQHP+DXV HLQIlQGHQ/DUU\ZDUJHUDGHGDEHLGHQ5RERWHUDXV]XIUDJHQZHOFKHQ=ZHFNGLH%HVSUHFKXQJKlWWH DOVGDV%LOGJHUlWHUORVFK 1LFKWQXUGDV%LOGJHUlW$XFKGLH/DPSHQLQGHU+DOOHXQGEHUKDXSWLP JDQ]HQ+DXV/DUU\YHUVXFKWHGDV.UDIWZHUNDQ]XUXIHQDEHUZHGHUGDV.UDIWZHUNQRFKVRQVWLUJHQG MHPDQGPHOGHWHVLFK'HU%LOGVSUHFKUKUWHVLFKEHUKDXSWQLFKW'LH/HLWXQJZDUWRW$OOH/HLWXQJHQ ZDUHQ WRW (V ZDU NHLQ :XQGHU GD /DUU\ LQ GHQ HUVWHQ 6HNXQGHQ JODXEWH %RyOXQ KlWWH VHLQ 5HYROXWLRQQXQGRFKVFKOLHOLFKYRP6WDSHOJHODVVHQ6lPWOLFKH(QHUJLH]XIXKUVFKLHQXQWHUEURFKHQ /DUU\ EHVDQQ VLFK UDVFK (U KDWWH LQ GHQ OHW]WHQ 6HNXQGHQ QRFK PLW HLQHP YRQ %RyOXQV 'LHQHUQ

JHVSURFKHQ /DUU\ JODXEWH OlQJVW QLFKW PHKU DQ %RyOXQV $XIULFKWLJNHLW (U YHUOLH VLFK DXI 0HHFKV %HREDFKWXQJHQ$EHU%RyOXQZUGHHVQLFKWIUGHU0KHZHUWHUDFKWHQGHQ7HUUDQHUQQRFKLQGHU OHW]WHQ6HNXQGHYRUGHP/RVVFKODJHQHLQH/JHDXI]XWLVFKHQ:R]XVROOWHGDVJXWVHLQ" (VZDUDOVR HWZDV DQGHUHV (U VFKLFNWH /RIW\ KLQXQWHU QDFK GHP ]ZHLWHQ :DJHQ ]X VHKHQ :HQQ VLFK EHU %LOGVSUHFKQLHPDQGPHOGHWHGDQQPXWHQVLHLUJHQGHLQHQOHLWHQGHQ%HDPWHQDXIVXFKHQXPVLFKYRQ LKPGLUHNWEHUGLH/DJHDXINOlUHQ]XODVVHQ6LHN|QQWHQQLFKWHLQIDFKKLHUVLW]HQEOHLEHQXQGZDUWHQ /RIW\ZDUVFKRQQDFKHLQSDDU6HNXQGHQZLHGHU]XUFN(UIOXFKWH ª'DKDWWHQ6LHPLUZDV6FK|QHV HLQJHEURFNW©NQXUUWHHUZWHQG ª:LHVR":DVLVWORV"© ª,FKZDUVFKRQGDEHLPLFKLQGHQ6FKDFKW]XVFKZLQJHQ©HUNOlUWH/RIW\ª'DILHOPLUHLQGDPLW GHP$QWLJUDY)HOGYLHOOHLFKWDXFKQLFKWPHKUDOOHVLQ2UGQXQJVHLQNRQQWHZHQQVFKRQDOOHVDQGHUH DXVJHIDOOHQ ZDU ,FK KLHOW PLFK JHUDGH LP OHW]WHQ $XJHQEOLFN QRFK DQ GHU 6FKDFKWNDQWH IHVW© (U ZLVFKWH VLFK GHQ 6FKZHL YRQ GHU 6WLUQ ª'DQQ QDKP LFK PHLQ 7DVFKHQPHVVHU XQG ZDUI HV LQ GHQ 6FKDFKW© ª1DXQG"© ª1DXQG"©NUlFK]WH/RIW\ª(VILHOKLQXQWHUZLHHLQ7DVFKHQPHVVHUHEHQIlOOW8QGZHQQLFKQLFKW VR VFKODX JHZHVHQ ZlUH GDQQ OlJH LFK MHW]W DQVWHOOH GHV 7DVFKHQPHVVHUV GD XQWHQ :DKUVFKHLQOLFK KDWWHQ6LH VELVKHUDXISROWHUQK|UHQ© (LQHQ$XJHQEOLFNODQJ]LWWHUWHQ/DUU\GLH.QLH ª9HUIOL[W©NQXUUWHHUª,FKLFKKDEHZLUNOLFKQLFKWGDUDQJHGDFKW© /RIW\ZLQNWHDE ª6FKRQJXW© /DUU\VDKVLFKXP ª$EHUZLUPVVHQUDXV/RIW\© /RIW\YHU]RJGDV*HVLFKW]XHLQHU*ULPDVVH ª*XW JHVDJW $UNRQLGLVFKH +lXVHU KDEHQ ZHLWHU QLFKWV DOV $QWLJUDYVFKlFKWH :HQQ GLH YHUVDJHQ EOHLEHQGLH$UNRQLGHQ]X+DXVH© ª+ROHQVLHGHQNOHLQHQ*HQHUDWRU©WUXJ/DUU\LKPDXIª:LUN|QQHQEHUGHQ5DQGNOHWWHUQXQGXQV DXIGHU$XHQVHLWHKHUXQWHUODVVHQ© ª0HLQHWZHJHQ© EUXPPWH /RIW\ ª$EHU LFK PDFKH 6LH GDUDXI DXIPHUNVDP GD GHU :DJHQ ZDKUVFKHLQOLFKDXFKNHLQHQ6DIWPHKUKDEHQZLUG© ª,FKZHL©QLFNWH/DUU\lUJHUOLFKª$EHUZLUPVVHQHVYHUVXFKHQ© /RIW\ |IIQHWH GLH 7U ]X GHP NOHLQHQ 6FKDOWUDXP (U YHUVFKZDQG IU HLQ SDDU 6HNXQGHQ $OV HU ZLHGHU ]XP 9RUVFKHLQ NDP VFKOHSSWH HU HLQ NRIIHUJURHV *HUlW DXI GHP %DXFK YRU VLFK KHU (U ZROOWHHWZDVVDJHQ,PVHOEHQ$XJHQEOLFNOHXFKWHWHQGLH/DPSHQZLHGHUDXI'DVYHUWUDXWH6WLPPHQ HUIOOWHGDV+DXVXQGDXIGHP %LOGVFKLUPGHV%LOGVSUHFKJHUlWHVHUVFKLHQGDVPHWDOOHQH*HVLFKWYRQ %RyOXQV 6HUYR5RERWHU /DUU\ K|UWH LKQ VDJHQ ª XQG UHFKQHW IHVW PLW ,KUHP (UVFKHLQHQ ,FK GDQNH VHKU© 'HU%LOGVFKLUPHUORVFK'HU5RERWHUVWHOOWH/DUU\PLW9HUJQJHQIHVWKDWEHUKDXSWQLFKWJHPHUNWGD GLH(QHUJLHYHUVRUJXQJIUHLQSDDU0LQXWHQXQWHUEURFKHQZDU+LQWHUVLFKK|UWHHUHLQHQGXPSIHQ.UDFK (U GUHKWH VLFK XP /RIW\ KDWWH GHQ VFKZHUHQ *HQHUDWRU ]LHPOLFK XQVDQIW DXI GHQ %RGHQ JHVWHOOW 6HLQ *HVLFKWZDUURW ª8QGGDV©HUNOlUWHHUPLW1DFKGUXFNªLVWHLQJDQ]DXVJHPDFKWHU6FKZLQGHO© /DUU\ZXWHQLFKWZRYRQHUUHGHWH ª*ODXEHQ6LHHVJLEWDXI$5.21QXUHLQHQHLQ]LJHQ5RERWHUGHUEHUVLHKWGDGLH(QHUJLHYHUVRUJXQJ ]HKQ0LQXWHQODQJ]XVDPPHQJHEURFKHQZDU"© 0HHFK+DQQLJDQZXWHQLFKWZDV$QJVWZDU5XKLJZHQQDXFK]LHPOLFKUDVFKNRQWUROOLHUWHHUQDFKGHP $XISUDOO VHLQH ZLFKWLJVWHQ 2UJDQH 6LH IXQNWLRQLHUWHQ HLQZDQGIUHL (U KDWWH GHQ 6WXU] EHUVWDQGHQ 6HLQ :DJHQ DOOHUGLQJV QLFKW 'DV GQQH 3ODVWLNPHWDOOGDFK GHU .DQ]HO KDWWH VLFK KHUXQWHUJHVHQNW XQG ODJ

0HHFK ZLH HLQ 0DQWHO XP GLH 6FKXOWHUQ 'HU .RSI GHV 5RERWHUV VWDN LQ GHU 0HWDOOKOOH XQG ZHQQ GDV 0DWHULDO QLFKW JHULVVHQ ZlUH KDWWH HU QLFKW HLQPDO HWZDV VHKHQ N|QQHQ (WZDV 1DVVHV OLHI LKP EHUV *HVLFKW%OXW'DVNQVWOLFKH=HOOJHZHEHKDWWHHWZDVDEEHNRPPHQ'DVZDUJXWVRHQWVFKLHG0HHFK$XI GLHVH :HLVH ZUGH HU QDFK HLQHP 9HUXQJOFNWHQ DXVVHKHQ ZHQQ HU VLFK HUVW HLQPDO DXV GHP :UDFN EHIUHLW KDWWH (U YHUVXFKWH VLFK DXI]XULFKWHQ 'DV ]HUNQOOWH 'DFK OHLVWHWH :LGHUVWDQG 0HHFK VFKRE KHIWLJHU XQG ZHLO HU HLQ 5RERWHU ZDU VWDQGHQ LKP HUKHEOLFK PHKU .UlIWH ]XU 9HUIJXQJ DOV HLQHP QRUPDOHQ 0HQVFKHQ 'DV 'DFK EHZHJWH VLFK lFK]HQG 0HFK VSUWH ZLH GHU :LGHUVWDQG SO|W]OLFK PLW HLQHP 5XFN QDFKJDE 'DQQ KDWWH HU GHQ .RSI IUHL (LQ SDDU /HXWH KDWWHQ VLFK XP VHLQHQ :DJHQ YHUVDPPHOW $OOHV $UNRQLGHQ VWHOOWH 0HHFK IHVW =ZHL PDFKWHQ VLFK DQ GHP Y|OOLJ YHU]RJHQHQ /XN DXI GHUUHFKWHQ6HLWH]XVFKDIIHQ6LHXQWHUEUDFKHQLKUH$UEHLWDOVGLHDQGHUHQULQJVXPDXIJHUHJW]XUXIHQ DQILQJHQ6LHGHXWHWHQ]X0HHFKKLQDXI ª2K KHLOLJHV $UNRQ© VFKULH HLQHU KDOE EHJHLVWHUW KDOE HQWVHW]W ª(U KDW HV JHVFKDIIW 6HKW VHLQHQ .RSI GRUWREHQ© 0HHFK PDFKWH HLQHQ QHXHQ 9HUVXFK 'LHVPDO EHNDP HUGLH 6FKXOWHUQ IUHL XQG YHUDQODWHGLH $UNRQLGHQ ]XQRFKKHIWLJHUHU%HJHLVWHUXQJ ª:HOFKXQJODXEOLFKH.UDIW© ª(LQZDKUHU*ROLDWK6LFKHUOLFKNHLQ$UNRQLGH© 6LHUKUWHQNHLQH+DQGPHKUXPLKP]XKHOIHQ,KQGDEHL]XEHREDFKWHQZLHHUVLFKPLWXQJHZ|KQOLFKHU .UDIWVHOEVWEHIUHLWHZDULKUHLQ]LJHV=LHO0HHFKJDEVLFKHLQHQOHW]WHQ5XFN'LHVPDOEHIUHLWHHUVLFKELV ]XU +WWH 'HU 5HVW ZDU 6SLHOHUHL (U ]RJ GLH %HLQH QDFK XQG UXWVFKWH DXHQ DXI GHP YHUEHXOWHQ 'DFK KLQXQWHU)HGHUQGNDPHUDXI'HU%RGHQ]LWWHUWHXQWHUVHLQHP*HZLFKW$EHULQGHU$XIUHJXQJVFKLHQHV QLHPDQG]XPHUNHQ0HHFKIUDJWHª:DVLVWJHVFKHKHQ" (LQH0HQJH/HXWHDQWZRUWHWHLKPDXIHLQPDO ª.HLQH$KQXQJ'LH/HLWElQGHUZDUHQSO|W]OLFKZHJ8QGGLH0RWRUHQOLHIHQQLFKWPHKU:DKUVFKHLQOLFK LUJHQGHLQ VXSHUSRQLHUWHV )HOG ,Q GHU 1lKH ZLUG ZLHGHU HLQHU YRQ GLHVHQ YHUUFNWHQ :LVVHQVFKDIWOHUQ KHUXPH[SHULPHQWLHUHQ© 0HHFKYHUZDUIGLH,QIRUPDWLRQVRIRUW(LQVXSHUSRQLHUWHV)HOGJDEHVQLFKWZHQLJVWHQVQLFKWHLQVROFKHV GDV GLH /HLWElQGHU ]XP 9HUVFKZLQGHQ XQG GLH 0RWRUHQ ]XP 9HUVDJHQ EUDFKWH 6XSHUSRQLHUW KHLW EHUODJHUW0HHFKHQWQDKPVHLQHP*HGlFKWQLVGHQ+LQZHLVGDPDQVLFKGLHVHV$XVGUXFNVEHGLHQWHXP XQHUNOlUOLFKH (UHLJQLVVH VFKHLQEDU ]X HUNOlUHQ (LQH1DFKULFKWHQVWDWLRQ KDWWH GHQ $XVGUXFN YRU HLQ SDDU -DKUHQ DXIJHEUDFKW XP YHUVWlQGOLFK ]X PDFKHQ ZDUXP IQI 7DJH ODQJ GHU JHVDPWH HOHNWURPDJQHWLVFKH )XQNYHUNHKUJHVW|UWZDU'LHZLUNOLFKH8UVDFKHKDWWHPDQQLHJHIXQGHQ 0HHFKV$XIPHUNVDPNHLWZXUGH SO|W]OLFKDEJHOHQNW(UVSUWHIUKHUDOVGLHDQGHUHQGDKLQWHUGHPQRUGZHVWOLFKHQ+RUL]RQWVLFKHWZDV $XHUJHZ|KQOLFKHV HUHLJQHWH (U VSUWH GLH 6WUHXIHOGHU GHU +\SHUVWUDKOXQJ 0LOOLVHNXQGHQ EHYRU GHU ZHLJOKHQGH)HXHUEDOOEHUGHQ5DQGGHV*HVLFKWVNUHLVHVVWLHJ(UUHDJLHUWHVRIRUWª'HFNXQJ©ULHI HUDXIDUNRQLGLVFKª:HUIWHXFKDXIGHQ%RGHQ6XFKW6FKXW]KLQWHUGHQ:DJHQ© 6LHEHJULIIHQLKQHUVWDOVHUVLFKVHOEVWYRUQEHUIDOOHQOLH'DEHLKDWWHHUHVJDUQLFKWQ|WLJ%HLVHLQHP *HZLFKW ZXUGH LKP GLH 'UXFNZHOOH QLFKWV DQKDEHQ N|QQHQ $EHU HU HUUHLFKWH ZHQLJVWHQV GD GLH $UNRQLGHQVLFKYHUNURFKHQ6FKUHLHQGIOFKWHWHQVLHKLQWHULKUH)DKU]HXJHXQGZDUIHQVLFKSODWWDXIGHQ %RGHQ 'HU ([SORVLRQVRUW VFKLHQ ]LHPOLFK ZHLW HQWIHUQW 1DFKGHP GHU +LW]HVFKZDOO GHV )HXHUEDOOV YRUEHUJH]RJHQ ZDU GDXHUWH HV IDVW HLQH KDOEH 0LQXWH EHYRU GLH 'UXFNZHOOH HLQWUDI 0HHFK VDK VLH KHUDQNRPPHQ 6HLQH 2SWLN NRQQWH (LQ]HOKHLWHQ DXIO|VHQ GLH IU HLQ RUJDQLVFKHV $XJH YLHO ]X VFKQHOO DXIHLQDQGHUIROJWHQ (U VDK ZLH GDV *UDV MHQVHLWV GHU 6WUDH VLFK LQ HLQHP EUHLWHQ 6WUHLIHQ HQJ DQ GHQ %RGHQSUHWHXQGZLH GLHVHU 6WUHLIHQ PLWUDVHQGHU *HVFKZLQGLJNHLW DXIGLH6WUDH ]XNDP (V JDEHLQHQ IXUFKWEDUHQ .QDOO 6WDXE IHJWH EHU GLH 6WUDH 'DV :UDFN YRU GHP 0HHFK ODJ NLSSWH DXI GLH 6HLWH 6HNXQGHQODQJ WREWH HLQ 2UNDQ EHU LKQ KLQZHJ 'DQQ EHUXKLJWH VLFK GLH $WPRVSKlUH ODQJVDP ,PPHU QRFKLQKHIWLJHP6WXUPVWDQG0HHFKDXI(UZXWHQLFKWZDVGDKLQWHQMHQVHLWVGHV+RUL]RQWVJHVFKHKHQ ZDU $XI MHGHQ )DOO ZDU HV HLQH QXNOHDUH ([SORVLRQ JHZHVHQ 'HU 6WURP ZlUPHU /XIW HEEWH DE 9HUVFKFKWHUWNDPHQGLH$UNRQLGHQDXVLKUHQ9HUVWHFNHQKHUYRU1LHPDQGZDUYHUOHW]WZRUGHQª:DVLVW GRUWKLQWHQ"©IUDJWH0HHFKGHQHUVWHQGHUDXILKQ]XNDP ª'LHGLH9HUVXFKVDQODJHQYRQ0RLUDWRUDQ© VWRWWHUWHGHU0DQQlQJVWOLFK ª+DEHQ6LHHLQH$KQXQJZDVGDH[SORGLHUWVHLQN|QQWH"©

ª6LHKDEHQHLQSDDUDOWH6SDOWUHDNWRUHQGRUW©ZDUGLH$QWZRUWª6LHVWHOOHQNQVWOLFKH(OHPHQWHKHU© 'DVZDUDXIVFKOXUHLFK$QVFKHLQHQGZDUHQGLH5HDNWRUHQLQGLH/XIWJHIORJHQ0HHFKEHREDFKWHWHGHQ 'DPSISLO] GHU EHU GHU ([SORVLRQVVWlWWH VWDQG XQG NRUULJLHUWH VHLQH $QVLFKW 1XU HLQ 5HDNWRU ZDU H[SORGLHUW'LH+LW]HGHU([SORVLRQKDWWHGLHEULJHQ5HDNWRUHQJHVFKPRO]HQXQGXQJHIlKUOLFKJHPDFKW +DW GLHVHU =ZLVFKHQIDOO HWZDV PLW GHP 9HUVDJHQ GHU /HLWElQGHU XQG GHU )DKU]HXJH ]X WXQ" IUDJWH VLFK 0HHFK*LEW HVHLQHQ=XVDPPHQKDQJ" (LQSDDU $UNRQLGHQYHUVDPPHOWHQVLFK XP LKQ ª:DVVROOHQ ZLU MHW]WWXQ"©IUDJWHHLQHYRQLKQHQKLOIORV0HHFKHUNDQQWHGDVLHYRQLKP5DWVFKOlJHHUZDUWHWHQ ª*HKW GLH 6WUDH HQWODQJ© ULHW HU LKQHQ ªXQG YHUVXFKW GHQ /HXWHQ ]X KHOIHQ (V PX HLQH 0HQJH 9HUOHW]WHJHEHQ© 6LH ZDQGWHQ VLFK DE XQG PDUVFKLHUWHQ QDFK EHLGHQ 5LFKWXQJHQ GDYRQ 6R GD 0HHFK HV JHUDGH QRFK K|UHQNRQQWHVDJWHHLQHU]XHLQHPDQGHUHQ ª9LHOOHLFKWNRPPWGLH(QHUJLHYHUVRUJXQJEDOGZLHGHULQ6FKXGDQQN|QQHQZLUZHLWHUIDKUHQ© 0HHFKVSRVLWURQLVFKHV%HZXWVHLQHUIDWHGLHVH%HPHUNXQJDOVQHXH,QIRUPDWLRQXQGEHOHXFKWHWHVLHYRQ DOOHQ 6HLWHQ (V VWHOOWH IHVW GD VRZRKO GLH .DWDVWURSKH DXI GHU 6WUDH DOV DXFK GLH ([SORVLRQ HLQHV %UXWUHDNWRUV VLFK GDPLW HUNOlUHQ OLHHQ GD DXI LUJHQGHLQH :HLVH GLH (QHUJLHYHUVRUJXQJ GHV JHVDPWHQ $EVFKQLWWV ]XVDPPHQJHEURFKHQ ZDU 'LH /HLWElQGHU ZUGHQ DXVIDOOHQ 'LH 0RWRUHQ GLH GXUFK )HUQVWHXHUXQJ PLW GHQ /HLWElQGHUQ LPSXOVJHNRSSHOW ZDUHQ ZUGHQ YHUVDJHQ REZRKO VLH LKUH HLJHQH (QHUJLHHU]HXJWHQ'LH&DGPLXP6WlEHHLQHV5HDNWRUVN|QQWHQQLFKWPHKUEHZHJWZHUGHQ8QGZHQQVLH VLFK]XGLHVHP=HLWSXQNWLQHLQHUEHVRQGHUVNULWLVFKHQ6WHOOXQJEHIDQGHQZUGHGHU5HDNWRUGDUDXIKLQLQ GHU $UW HLQHU $WRPERPEH H[SORGLHUHQ 'LHVH (UNOlUXQJ ZDU GXUFKDXV DQQHKPEDU :DV 0HHFK GDUDQ KLQGHUWH VLH IU GLH HLQ]LJ ULFKWLJH ]X KDOWHQ ZDU GLH (ULQQHUXQJ GD HU QLFKWV DEHU DXFK JDU QLFKWV $XHUJHZ|KQOLFKHV EHPHUNW KDWWH EHYRU GLH /HLWElQGHU DXVILHOHQ XQG GDV 'XUFKHLQDQGHU EHJDQQ 0LW VHLQHQ YLHOHUOHL 6LQQHVRUJDQHQ KlWWH HU GLH 8UVDFKH GHUHQ :LUNXQJ GHU =XVDPPHQEUXFK GHU (QHUJLHYHUVRUJXQJZDUZDKUQHKPHQPVVHQ 1LFKWVGHUJOHLFKHQZDUMHGRFKJHVFKHKHQ=XHUVWZDUHQ GLH/HLWElQGHUDXVJHIDOOHQGDQQKDWWHQGLH0RWRUHQYHUVDJWRKQHGD0HHFKYRQGHU8UVDFKHDXFK QXUGDVJHULQJVWHJHVSUWKDWWH 0HHFKZDUMHGRFKIUHLYRQ9RUXUWHLOHQ(UZXWHHEHQVRJXWZLHGLH /HXWH GLH LKQ ]XVDPPHQJHEDXW KDWWHQ GD HV 'LQJH JDE GLH HU QLFKW EHREDFKWHQ NRQQWH (LQIDFK GHVZHJHQZHLOVLHDXHUKDOE GHU 5HLFKZHLWH GHUWHUUDQLVFKHQ7HFKQLNODJHQ:HQQ HVHLQHQ (IIHNW JDEGHQGLHLUGLVFKH:LVVHQVFKDIWQLFKWNDQQWHGDQQNRQQWHVLHLQHLQHQ5RERWDXFKNHLQ,QVWUXPHQW HLQEDXHQGDVGLHVHQ(IIHNWEHREDFKWHWH 0DQ NRQQWHMHGRFKPLWHLQLJHU6LFKHUKHLWEHKDXSWHQGDHLQ (IIHNW GHQ GLH LUGLVFKH :LVVHQVFKDIW QLFKW NDQQWH DXI HLQHP 3ODQHWHQ YRP (UGW\SXVQLFKWLQ GHU 1DWXU YRUNDP 'DV EHGHXWHWH 'DV (UHLJQLV GDV ]XP =XVDPPHQEUXFK GHU (QHUJLHYHUVRUJXQJ IKUWH ZDU NQVWOLFK KHUYRUJHUXIHQ ZRUGHQ 0HHFK ZDU VLFK GDUEHU LP NODUHQ GD DOO GLHV QXU 9HUPXWXQJ ZDU $EHUYRQGHP$XJHQEOLFNDQLQGHPHUDXIGLHVHQ*HGDQNHQNDPZXUGHHUEHVRQGHUVZDFKVDP :R]X PRFKWH HLQ 8QEHNDQQWHU HLQHQ 7HLO GHV 3ODQHWHQ $5.21 , YRQ MHGHU (QHUJLH]XIXKU DEVFKQHLGHQ" 8P 9HUZLUUXQJ ]X VWLIWHQ" 'LHVHU =ZHFN OLH VLFK PLW ZHQLJHU NRPSOL]LHUWHQ 0LWWHOQ XQG JU|HUHP (UIROJ HU]LHOHQ:R]XDEHUVRQVW":HQQMHPDQGHLQHPDQGHUHQHWZDVZHJQLPPWGDQQWXWHUHVJHZ|KQOLFKXP VLFKVHOEVW]XEHUHLFKHUQ%UDXFKWHGHU8QEHNDQQWHGLH(QHUJLHGLHHUGHQ$UNRQLGHQDEJHQRPPHQKDWWH" 0HHFK ZDU QRFK PLW GLHVHU )UDJH EHVFKlIWLJW DOV HU KLQWHU VLFK NUlIWLJHV 6XPPHQ K|UWH (U UHDJLHUWH EOLW]VFKQHOOXQGRKQHVLFKXP]XVHKHQ0LWHLQHPZHLWHQ6SUXQJZDUIHUVLFK]XU6HLWHXQGODQGHWHLQGHU 'HFNXQJ HLQHV XQEHVFKlGLJWHQ )DKU]HXJV EHU GLH 6WHOOH KLQZHJ DQ GHU HU HEHQ QRFK JHVWDQGHQ KDWWH EUDXVWH HLQ IKUHUORVHV )DKU]HXJ GDV SO|W]OLFK ZLHGHU LQ *DQJ JHNRPPHQ ZDU 0HHFK EHREDFKWHWH DXV VLFKHUHU 'HFNXQJ KHUDXV ZLH HV HLQ SDDU 0HWHU ZHLW VFKUlJ EHU GLH 6WUDH VFKR GDQQ HLQH VFKDUIH .XUYHEHVFKULHEXQGYRQGHU6WUDHKLQZHJEHUGDV*UDVODQGKLQDXVWULHE(VNDPQLFKWZHLW(LQIODFKHU (UGKJHOZDULKPLP:HJH(VEOLHEPLWGHP%XJGDUDQKlQJHQEHUVFKOXJVLFKXQGHQGHWHLQHLQHU NUDFKHQGHQEOLW]HQGHQ([SORVLRQ0HHFKVWDQGDXIXQGVDKVLFKXP(VZDUQLHPDQGLQVHLQHU1lKH (U|IIQHWHGDVOLQNH/XNGHV:DJHQVLQGHVVHQ6FKXW]HUJHOHJHQKDWWH'LH.RQWUROODPSHQDXIGHP 6FKDOWEUHWW EUDQQWHQ 'LH (QHUJLHYHUVRUJXQJ IXQNWLRQLHUWH ZLHGHU (LQ 5RERWHU VLHKW QLFKW DXI HLQH 8KUXPIHVW]XVWHOOHQZLHYLHO=HLW]ZLVFKHQ]ZHL(UHLJQLVVHQYHUJDQJHQLVW0HHFKZXWHDXVVLFK KHUDXVGD]ZLVFKHQGHP$XVIDOOXQGGHU5FNNHKUGHV(QHUJLHIOXVVHV]HKQ0LQXWHQXQGHLQSDDU 6HNXQGHQ YHUVWULFKHQ ZDUHQ ,Q HLQHP 8WHQVLOLHQIDFK UHFKWV QHEHQ GHP )DKUHUVLW] IDQG HU HLQHQ

%ORFN 6FKUHLEIROLHQ (U UL HLQH GDYRQ DE XQG VFKULHE VHLQHQ 1DPHQ XQG VHLQH $GUHVVH GDUDXI 'DUXQWHU VHW]WH HU QRFK HLQ SDDU :RUWH PLW GHQHQ HU VLFK EHL GHP (LJHQWPHU GHV )DKU]HXJV HQWVFKXOGLJWH XQG DQJDE GD HV EHL GHP ZDV HU YRUKDWWH XP /HEHQ XQG 7RG JLQJ 'DV ZDU NHLQH )OXQNHUHL =HKQ0LQXWHQODQJZDUGLH(QHUJLHLQIUHPGH.DQlOHJHIORVVHQ 0HHFKZDUVLFKVHLQHU6DFKH SO|W]OLFK VHKU VLFKHU (U ZDUI GDV 6WFN )ROLH DXI GLH 6WUDH VFKOR GDV /XN XQG VHW]WH GHQ :DJHQ LQ %HZHJXQJ 'HU HUVWH %OLFN HU]HXJWH QXU 9HUZLUUXQJ ,Q GHU JDQ]HQ ZHLWHQ +DOOH VFKLHQ HV QLFKWV ]X JHEHQ GHVVHQ )XQNWLRQ 5RQ /DQGU\ HUUDWHQ NRQQWH 6HLQH $XJHQ JHZ|KQWHQ VLFK DQ GLH EODXZHLH +HOOLJNHLW 'LH 2KUHQ VFKPHU]WHQ QLFKW PHKU XQWHU GHP GU|KQHQGHQ /lUP 8QG 5RQ EHJULII DOOPlKOLFK ZDV HU GD YRU VLFK VDK (V ZDU ZHLWHU QLFKWV DOV HLQH ULHVLJH 7UDQVIRUPDWRUHQVWDWLRQ =X MH HLQHU 7UDQVIRUPDWRUDQODJH JHK|UWHQ GHU 7UDQVIRUPHU VHOEVW GHU )UHPGHPSIlQJHU XQG GHU (LJHQDXVJDQJ GDV 6WHXHUDJJUHJDW GHU 5DQGIHOGDEVRUEHU XQG HLQ 'XW]HQG DQGHUHU *HUlWH 6RZHLW 5RQ HV HUNHQQHQ NRQQWH JDE HV ZHQLJVWHQV IQI]LJ VROFKHU 7UDQVIRUPDWRUDQODJHQ LQ GHU +DOOH 6LH DUEHLWHWHQ VWHOOWH 5RQ EHUUDVFKW IHVW 9RQ LUJHQGZRKHU IORVVHQ JHZDOWLJH 6WU|PH YRQ )UHPGHQHUJLH ZDQGHUWHQ LQ GLH (PSIlQJHU ZXUGHQ JHEQGHOW YRUJHIRUPW WUDQVIRUPEHUHLW JHPDFKW XQG LQ HLQH DQGHUH (QHUJLHIRUP EHUIKUW 'HU (LJHQDXVJDQJ HQWOLH VLH LQ HLQHQ 6SHLFKHU 'RUW ZXUGHQ VLH DXIEHZDKUW )U ZHOFKHQ =ZHFN" (LQ XQEHVWLPPWHV*HIKOGHV*UDXHQVNURFK5RQEHUGHQ5FNHQ'LHVKLHUZDUHLQHJHZDOWLJH$QODJH'LH /HLVWXQJHQGLHKLHUYHUDUEHLWHWZXUGHQPXWHQQDFK0LOOLDUGHQYRQ0HJDZDWW]DKOHQ:HUEUDXFKWHHLQH VROFKH8QPHQJH(QHUJLH"8QGZRKHUEH]RJHUVLH"5RQJHZDQQGLHhEHU]HXJXQJGDHUQRFKQLFKWDOOHV JHVHKHQ KDWWH (QHUJLH ]X VSHLFKHUQ NRQQWH QLFKW GHU OHW]WH =ZHFN GHU $QODJH VHLQ )U LUJHQGHLQ =LHO ZXUGHGLH(QHUJLHHLQHV7DJHVJHEUDXFKWZHUGHQ(VPXWHHLQ$JJUHJDWJHEHQGDVGLH6SHLFKHUHQWODGHQ NRQQWH :RZDUHV" 1LFKWLQGLHVHU+DOOHGDVVWDQGIHVW,QGHQ:lQGHQULQJVXPJDEHVHLQH0HQJHYRQ 7UHQ5RQQDKPVLFKYRUHLQHQDFKGHUDQGHUHQ]X|IIQHQXQGHLQH$QWZRUWDXIVHLQH)UDJH]XILQGHQ (UPXWHZLVVHQZRUXPHVKLHUJLQJ(U]ZHLIHOWHQLFKWPHKUGDUDQGDHUKLHUHQGOLFKGHU6DFKHDXIGLH 6SXU JHNRPPHQ ZDU YRQ GHU VFKRQ /HXWQDQW %DUJK DURQ JHZXW KDWWH 'HU 6DFKH LQ GLH (]]D 0DUODLQ XQG %RyOXQ HLQHU YRQ /RRUDP $UNDGGV )UHXQGHQ XQG GLH $EWHLOXQJ ,,, GHU ,QWHUNRVPLVFKHQ 6R]LDOHQ (QWZLFNOXQJVKLOIHYHUZLFNHOWZDUHQ %HYRUHUVLFKYRQVHLQHP%HREDFKWXQJVSODW]IRUWJHWUDXWHKLHOW5RQ QRFKHLQ]ZHLWHV0DO$XVVFKDX$QVFKHLQHQGZDKOORVEHUGLH+DOOHYHUWHLOWJDEHVHLQH5HLKHYRQNOHL QHQ *HUDWHQ GLH ZLH 6FKDOWSXOWH DXVVDKHQ 6LH ZDUHQ HV QLFKW $XI NHLQHP YRQ LKQHQ JDE HV DXFK QXU HLQHQ HLQ]LJHQ 6FKDOWHU 5RQ HUNDQQWH VFKPDOH VFKLPPHUQGH *ODVIOlFKHQ XQG ELHJVDPH GQQH 0HWDOOVWlEH GLH DXV GHU VFKUlJHQ 9RUGHUZDQG KHUDXVUDJWHQ 5RERWHU )HVW HLQJHEDXWH hEHUZDFKXQJVRUJDQH (V PRFKWH VHLQ GD VLH QLFKW QXU GLH 0DVFKLQHQ ]X EHUZDFKHQ KDWWHQ VRQGHUQ DXFKGLH6LFKHUKHLWGHU+DOOH9LHOOHLFKWVFKOXJHQVLH$ODUPZHQQVLHLKQEHPHUNWHQ(VILHOLKPHLQGD VLH LKQ MD JDU QLFKW EHPHUNHQ NRQQWHQ 6HLQH .DXVDOLWlWVNRRUGLQDWH ZDU QHJDWLY GLH GHU 0DVFKLQHQ ZDU 1XOO (U EHIDQG VLFK QLFKW LQ LKUHP 8QLYHUVXP 6LH NRQQWHQ LKQ QLFKW ZDKUQHKPHQ %HUXKLJW PDFKWH HU VLFKDXIGHQ:HJ(UKLHOWVLFKYRUHUVWDQGHU:DQG]XVHLQHU5HFKWHQ(WZDIQI]HKQ0HWHUZHLWHUODJGLH HUVWH7U,KU0HFKDQLVPXVZDUGHUJOHLFKHZLHGHUDOOHUPRGHUQHQ7UHQ0DQQlKHUWHVLFKLKUELVDXIHL QHQNULWLVFKHQ$EVWDQGXQGVLH|IIQHWHVLFKYRQVHOEVW 1HXJLHULJVDK5RQGXUFKGLHgIIQXQJ'HU5DXP GDKLQWHU ZDU NOHLQ (V JDE HLQH 6FKDOWWDIHO GLH GLH JHVDPWH 5FNZDQG EHGHFNWH VRQVW QLFKWV 'LH 6FKDOWWDIHOZDURIIHQVLFKWOLFKDXHU%HWULHE6LHVXPPWHQLFKWXQGLKUHEXQWHQ.RQWUROODPSHQZDUHQWRWH $XJHQ 5RQJLQJZHLWHU+LQWHUGHUQlFKVWHQ7UIDQGHUHLQHQY|OOLJOHHUHQ5DXP'DQDFKNDPHLQHULQ GHP(UVDW]WHLOHDXIEHZDKUWZXUGHQ'DQQHLQHULQGHVVHQ:lQGHHLQH0HQJH%LOGVSUHFKJHUlWHHLQJHEDXW ZDUHQ5RQKWHWHVLFKDXFKQXUHLQHVGDYRQ]XEHUKUHQ$XIGHP:HJ]XUIQIWHQ7UJHVFKDKHVGD GHU /lUP LQ GHU +DOOH SO|W]OLFK HUORVFK (V NDP VR EHUUDVFKHQG GD 5RQ JHGXFNW KHUXPIXKU XQG LQ $EZHKUVWHOOXQJJLQJ 'DZDUDEHUQLFKWV'LH7UDQVIRUPDWRUHQKDWWHQHLQIDFKDXIJHK|UW]XDUEHLWHQ'HU =XIOX IUHPGHU (QHUJLH KDWWH DXIJHK|UW 9LHOOHLFKW ZDUHQ GLH 6SHLFKHU JHIOOW 'LH SO|W]OLFKH 6WLOOH ZDU YHUZLUUHQG5RQIKOWHVLFKQLFKWEHVRQGHUVZRKODOVHUVHLQHQ5XQGJDQJZLHGHUDXIQDKP%HYRUHUGLH QlFKVWH7UHUUHLFKWHEOLHEHUVWHKHQXQGEHUOHJWHREHUQLFKWOLHEHUHLQZHQLJYRUVLFKWLJHUVHLQVROOWH 'DQQVFKREHUGLH%HGHQNHQEHLVHLWHXQGVFKDOWVLFKHLQHQ1DUUHQZHLOGLH5XKHLQGHU+DOOHLKQQHUY|V

PDFKWH (UJLQJZHLWHUXQGDOVHUQXUQRFKHLQHQ6FKULWWYRQGHU7UHQWIHUQWZDU|IIQHWHVLHVLFKUDVFK XQG ]LHOEHZXW ,P VHOEHQ $XJHQEOLFN HUIXKU 5RQ GD VHLQ *HIKO LKQ QLFKW JHWURJHQ KDWWH 'XUFK GLH 7U KLQGXUFK NDPHQ ]ZHL PHWDOOVFKLPPHUQGH *HVWDOWHQ DUNRQLGLVFKH 5RERWHU (V ZDUHQ :DFKW\SHQ 6LHWUXJHQ6WUDKOZDIIHQGLHLQGLH8QWHUDUPHHLQJHEDXWZDUHQ1LFKWQXUGDV'LH:DIIHQKLHOWHQVLH DXI5RQJHULFKWHW

6RUJIlOWLJ UHJLVWULHUWH 2]R GD GLH 6SHLFKHUSHJHO DXI QHXQ]LJ 3UR]HQW VWDQGHQ 'LHVHU HLQH &RXS KDWWHVLHYRQ]ZDQ]LJDQLQGLH+|KHJHKREHQ 'HU5HVWZDU.LQGHUVSLHO1LFKWPHKUDOVGLH$UEHLW YRQHLQSDDU6WXQGHQK|FKVWHQV]ZHL7DJHQ'DQQZUGHGHU3HJHODXIHLQKXQGHUWVWHKHQ )DVWDOOH 3UREOHPH ZDUHQ JHO|VW 1XU GLH 7HUUDQHU ZDUHQ QRFK LP 6SLHO ZHQLJVWHQV GUHL YRQ LKQHQ %RyOXQ KDWWHYHUVDJW(UKDWWHVLHPLWUDXLVFKJHPDFKW2KQHbUJHURKQHEHUKDXSWHLQH5HJXQJQDKP2]R ]XU .HQQWQLV GD HU GLH hEHUZDFKXQJ VHLQHU 8QWHUJHEHQHQ LQWHQVLYLHUHQ PVVH =XHUVW DOOHUGLQJV JDOW HV %RyOXQ ]XU 5HFKHQVFKDIW ]X ]LHKHQ %RyOXQ KDWWH GHQ 5DXP QLH JHVHKHQ GHQ HU DXI 2]RV %HIHKO KLQ EHWUDW (U KDWWH $QJVW 2]R KDWWH HV VRQVW QLFKW Q|WLJ MHPDQG ]X HLQHU 8QWHUUHGXQJ ]X EHVWHOOHQ0LWVHLQHQ0HQWDOWUDQVPLWWHUQNRQQWHHUVLFK LQ GHQ*HKLUQHQVHLQHU8QWHUJHEHQHQGLUHNW YHUVWlQGOLFKPDFKHQ:DVVROOWHGHU%HIHKODOVR"%RyOXQ]LWWHUWHEHLGHP*HGDQNHQHUN|QQWHEHLGLHVHU

*HOHJHQKHLW2]R]XVHKHQEHNRPPHQ(UKDWWHLKQQLHJHVHKHQ(UZXWHQLFKWHLQPDOZHOFKHU5DVVHHU DQJHK|UWHXQGREHUHLQH+XPDQRLGHRGHUHLQHQLFKWPHQVFKOLFKH*HVWDOWEHVD'HU5DXPLQGHP%RyOXQ VLFK MHW]W EHIDQG ZDU NOHLQ XQG QXU VFKZDFK HUOHXFKWHW (V JDE NHLQH )HQVWHU %RyOXQ VWDQG DXI HLQHP GLFNHQ ZHLFKHQ 7HSSLFK ,Q HLQHU GHU (FNHQ ODJ HLQ KRKHV .LVVHQ DXV URWHP .XQVWSOVFK 'DV ZDU GLH JDQ]H(LQULFKWXQJ(LQHLJHQWPOLFKHU*HUXFKODJLQGHU/XIW%RyOXQNRQQWHLKQQLFKW,GHQWLIL]LHUHQXQG HU YHUZLUUWH LKQ %RyOXQ ]XFNWH ]XVDPPHQ DOV 2]R SO|W]OLFK ]X VSUDFKHQ EHJDQQ (U WDW HV ZLH EOLFK PLWWHQLQVHLQHP*HKLUQª+DVWGXGLUHLQ$OLELYHUVFKDIIW"©KLHGLH)UDJH ª-D© DQWZRUWHWH %RyOXQ ª1LHPDQG ZLUG PLFK PLW GHP =XVDPPHQEUXFK GHU (QHUJLHYHUVRUJXQJ LQ =XVDPPHQKDQJEULQJHQ© ª:LHKDVWGXHVDQJHVWHOOW"© %RyOXQ HPSIDQG HV DOV VHOWVDP GD 2]R VLFK SO|W]OLFK VR DQJHOHJHQWOLFK QDFK GHQ 'HWDLOV HLQHU %HIHKOVDXVIKUXQJ HUNXQGLJWH $EHU EHUHLWZLOOLJ DQWZRUWHWH HU ª,FK KDEH ]X GHP NULWLVFKHQ =HLWSXQNW HLQHQPHLQHU'LHQHUEHLGHQ7HUUDQHUQDQUXIHQXQGVLH]XHLQHUZHLWHUHQ9HUVDPPOXQJHLQODGHQODVVHQ© ª=XP NULWLVFKHQ =HLWSXQNW© ZLGHUVSUDFK 2]R ªNRQQWH GHLQ 'LHQHU PLW QLHPDQG VSUHFKHQ 'LH *HUlWH DUEHLWHWHQQLFKWPHKU© ª(U EHJDQQ ZHQLJH 6HNXQGHQ YRUKHU© HUNOlUWH %RyOXQ ªXQG EHHQGHWH GDV *HVSUlFK DOV GLH (QHUJLH ZLHGHUIOR(UWDWVRDOVZlUHJDUQLFKWVJHVFKHKHQ© 2]R]|JHUWHHLQH6HNXQGHª'HLQ'LHQHULVWHLQ5RERWHU"© ª-D© ª(LQ*7\S"© ª-D© ª+DVW GX VFKRQ HLQPDO HLQHQ 5RERWHU PLW *7\S JHVHKHQ GHP HV QLFKW DXIIlOOW ZHQQ LP JDQ]HQ +DXV NHLQHLQ]LJHV*HUlWPHKUIXQNWLRQLHUW"© 'HU6FKUHFNIXKU%RyOXQWLHILQGLH*OLHGHU(UKDWWHHLQHQ)HKOHUJHPDFKW.lOWHNURFKLQ%RyOXQHPSRU 'LH $QJVW QDKP LKP IDVW GHQ $WHP ª,FK EUDXFKH GLFK QLFKW PHKU© VDJWH 2]R ª%OHLE VWHKHQ ZR GX VWHKVW %RyOXQ ZROOWH VFKUHLHQ $EHU VHLQ 0XQG VFKLHQ JHOlKPW (U NRQQWH VLFK QLFKW EHZHJHQ 8QGHXWOLFK HPSIDQG HU GD 2]RV %HIHKO K\SQRWLVFK XQWHUOHJW ZDU ,P +LQWHUJUXQG GHV +DOEGXQNHO 5DXPV ZDU SO|W]OLFK %HZHJXQJ %RyOXQ KDWWH QLFKW JHVHKHQ GD HV GRUW HLQHQ 9RUKDQJ JDE (U KDWWH LKQ IU HLQH :DQG JHKDOWHQ (LQH *HVWDOW WUDW LQ VHLQ %OLFNIHOG 0DORVH hEHUUDVFKXQJ EHUZDQG GLH .UDIW GHV K\SQRWLVFKHQ%DQQVGHQ2]RDXIVHLQHQ8QWHUJHEHQHQJHOHJWKDWWHª'X"©ZUJWH%RyOXQKHUYRU ª-D LFK© VDJWH VLH PLW LKUHU N|USHUOLFKHQ 6WLPPH 6LH NODQJ JDQ] DQGHUV DOV GDV ZDV %RyOXQ LQ VHLQHP *HKLUQ JHK|UWKDWWH (U NDP QLFKW GD]XQRFK OlQJHU EHUUDVFKW]XVHLQ 'HU 7RGWUDI LKQLQ *HVWDOWHLQHVEHUGRVLHUWHQ/lKPXQJVVWUDKOV

5RQ ZDUI VLFK ]XU 6HLWH (LQ JOKHQGKHLHU 6WUDKOVFKX IDXFKWH GLFKW EHU LKQ KLQZHJ 'LH EHLGHQ 5RERWHU KDWWHQ LKU =LHO NRUULJLHUW XQG VLH WDWHQ HV VR UDVFK ZLH 5RERWHU ]X UHDJLHUHQ SIOHJHQ 'LH 0DVFKLQHQGDFKWH5RQYHU]ZHLIHOW6LHZHUGHQQLFKWZDJHQDXIGLH0DVFKLQHQ]XVFKLHHQ (U HQWJLQJHLQHU]ZHLWHQ6DOYHLQGHPHUVLFKDXIGHQ%RGHQZDUIXQGVRVFKQHOOZLHP|JOLFK]XU6HLWH UROOWH 1HEHQ LKP ILQJ GHU JODWWH %RGHQ DQ ]X NRFKHQ =XUFN 6LH ZUGHQ NHLQ GULWWHV 0DO GDQHEHQVFKLHHQ 0LW GHP 5FNHQ SUDOOWH HU JHJHQ HWZDV +DUWHV %OLW]VFKQHOO ZDUI HU VLFK KHUXP EHNDPGLH.RQWXUKLQWHUVLFKPLWGHQ+lQGHQ]XIDVVHQXQG]RJVLFKLQ6LFKHUKHLW(UNRQQWHQLFKW VHKHQ ZRKLQWHU HU VLFK YHUNURFKHQKDWWH $EHU HV ZDU DXV 0HWDOO OLH VLFK QLFKW EHZHJHQ XQG ZDU VLFKHUOLFK ZHUWYROO JHQXJ XP GLH 5RERWHU YRQ ZHLWHUHQ 6DOYHQ DE]XKDOWHQ 5RQ NDP SO|W]OLFK GDV 0HUNZUGLJHVHLQHU/DJH]XP%HZXWVHLQ$OVHUGLHVH+DOOHIDQGZDUHUQRFKVLFKHUJHZHVHQGD LKP YRQ QLUJHQGZRKHU *HIDKU GURKWH (U EHIDQG VLFK LQ HLQHP 7HLOXQLYHUVXP QHJDWLYHU .DXVDOLWlW :LH NRQQWH MHPDQG GHU VLFK DXI GHP 1XOOSXQNW GHU .DXVDOLWlWVDFKVH EHIDQG LKQ EHUKDXSW EHPHUNHQ" (V VSLHOWH NHLQH 5ROOH RE HV HLQ RUJDQLVFKHV RGHU HLQ PHFKDQLVFKHV :HVHQ ZDU 'LH *HVHW]HGHU3K\VLNJDOWHQIUDOOH 'HU*HGDQNHYHUZLUUWHLKQ(UVWDOVHUDXIGHUDQGHUHQ6HLWHGHU 0DVFKLQH PHWDOOLVFK NODSSHUQGH 6FKULWWH K|UWH ZXUGH LKP NODU GD GLH =HLW ]XP 1DFKGHQNHQ ]X NRVWEDU ZDU 6LH NDPHQ XP LKQ ]X KROHQ :HQQ VLH LKQ ILQJHQ ZUGH HU QLHPDOV ZLHGHU HLQH *HOHJHQKHLWKDEHQ KHUDXV]XILQGHQZDUXP/HXWQDQW%DUJK DURQ XQG(]]D0DUODLQJHVWRUEHQ ZDUHQ 6LH GXUIWHQ LKQ QLFKW IDQJHQ (U ZXWH ZLH OlFKHUOLFK VFKZDFK VHLQH NOHLQH +DQGZDIIH JHJHQ GLH PlFKWLJHQ6WUDKOHUGHU5RERWHUZDU6LHERWLKPQXUHLQHZLQ]LJH&KDQFH (UVWDQGDXI%OLW]VFKQHOO KDWWH HU HLQHQ 3ODQ JHIDW (U NDP VLFK VFKlELJ YRU $EHU QRFK EHYRU HU LP %OLFNIHOG GHU EHLGHQ 5RERWHUHUVFKLHQULHIHUª+DOW,FKHUJHEHPLFK6FKLHWQLFKW© (U VSUDFK DUNRQLGLVFK (U ZXWH QLFKW ZHOFKH 6SUDFKH GLH 5RERWHU YHUVWDQGHQ 6LH ZDUHQ DUNRQLGLVFKH )DEULNDWH $EHU GLH GLH GLHVH +DOOH JHEDXW KDWWHQ ZDUHQ JHZL NHLQH $UNRQLGHQ 9LHOOHLFKW KDWWHQ VLH GDV 3URJUDPP LKUHU 5RERWHU JHlQGHUW 5RQV .RSI WDXFKWH KLQWHU GHP NOHLQHQ 6WHXHUDJJUHJDW DXI *HVSDQQW XQG PLW KlPPHUQGHP +HU]HQ EHREDFKWHWH HU GLH EHLGHQ 0DVFKLQHQZHVHQ(UOHLFKWHUWVDKHUGDVLHVWHKHQJHEOLHEHQZDUHQ,KUH$UPHKLQJHQUHJORVDQGHQ 6HLWHQ KHUDE 6LH KDWWHQ LKQ YHUVWDQGHQ 6LH JODXEWHQ GD HU VLFK QLFKW ZHKUHQ ZROOH %OLW]VFKQHOO EHUSUIWH5RQVHLQHQ6WDQG'DVNOHLQH6WHXHUDJJUHJDWZDUKRFKJHQXJXPVHLQHQ.|USHUYRQGHQ 6FKXOWHUQDQDEZlUWVYRUGHQ%OLFNHQGHUEHLGHQ5RERWHU]XYHUEHUJHQ'LH6FKXOWHUQUDJWHQQXUHLQ RGHU]ZHL=HQWLPHWHUEHUGHQ5DQGGHU'HFNXQJKHUYRU2EHQDXIGHP6FKDOWNDVWHQJDEHVHLQSDDU $XIEDXWHQ 5RQ VDK VLH YRQ KLQWHQ XQG NRQQWH QLFKW HUNHQQHQ ZHOFKHP =ZHFN VLH GLHQWHQ ,P $XJHQEOLFNZDUHVLKPDXFK]LHPOLFKHJDO6LHZDUHQIULKQYRQ9RUWHLO'DVZDUGDV:LFKWLJH (U KDWWHVHLQHQNOHLQHQ6WUDKOHULQGHU+DQG9RUVLFKWLJVRGDGLHUHFKWH6FKXOWHUVLFKQLFKWEHZHJWH IKUWH HU GLH +DQG DQ GHU 5FNZDQG GHV $JJUHJDWV LQ GLH +|KH ª.RPP KHUYRU© VDJWH HLQHU GHU 5RERWHU ª(LQHQ $XJHQEOLFN© ZDQGWH 5RQ HLQ ª,FK P|FKWH ZLVVHQ LQ ZHVVHQ *HIDQJHQVFKDIW LFK PLFK EHJHEH XQG ZDV DXV PLU ZHUGHQ ZLUG %HNRPPH LFK HLQH ]XIULHGHQVWHOOHQGH $QWZRUW HUJHEH LFKPLFKRKQH*HJHQZHKU%HNRPPHLFKNHLQH$QWZRUWRGHUHLQHGLHPLUQLFKWJHIlOOWGDQQN|QQHQ ZLUKLHU]ZLVFKHQGHQ0DVFKLQHQ9HUVWHFNVSLHOHQZHQQHXFKGDVOLHEHULVW© (V NRQQWH NHLQH 5HGH GDYRQ VHLQ GD GHQ EHLGHQ HWZDV OLHE RGHU XQOLHE ZDU $EHU VLH YHUVWDQGHQ GDV $UJXPHQW5RQZXWHZDVZHQLJVWHQVHLQHUYRQLKQHQMHW]WWXQZUGH(UZUGHVLFKPLWGHPMHQLJHQLQ 9HUELQGXQJVHW]HQGHUKLHUXQWHQGLH%HIHKOHJDE(UZUGHLKPNODUPDFKHQZDVGHU(UWDSSWHYHUODQJWH XQGXPHLQH$QZHLVXQJELWWHQ'D]XEUDXFKWHHUNHLQ%LOGVSUHFKJHUlWRGHUVRQVWLUJHQGHWZDVDQGHUHV(U WUXJ HLQHQ 6HQGHU PLWVDPW GHP GD]XJHK|ULJHQ (PSIlQJHU LQ VHLQHQ .|USHU HLQJHEDXW )U HLQHQ $XHQVWHKHQGHQJLQJGDV*HVSUlFKY|OOLJODXWORVYRUVLFK 'DVVW|UWH5RQV3ODQ(UPXWHKHUDXVILQGHQ ZHOFKHU YRQ GHQ EHLGHQ GDV *HVSUlFK IKUWH 'HQQ VRODQJH GDV *HVSUlFK LP *DQJ ZDU ZDU QXU GHU DQGHUH5RERWJHIlKUOLFK 'LH+DQGPLWGHU:DIIHKDWWHLQ]ZLVFKHQGLH.DQWHGHV$JJUHJDWVHUUHLFKW'HU $UP ZDU ZHLW ]XU 6HLWH JHVWUHFNW +DWWH 5RQ LKQ LQ VFKXJHUHFKWHU 3RVLWLRQ KHUDXIJHEUDFKW KDWWH HU GLH 6FKXOWHUEHZHJHQPVVHQ6RZDUHVHLQIDFKHU(UNQLFNWHGHQ$UPXQG]RJGLH+DQG]XVLFKKHUDQ'LFKW YRUVLFKYRQHLQHUGHU$XIEDXWHQEHGHFNWOLHHUVLHDQKDOWHQ(UULFKWHWHGHQ/DXIQDFKYRUQHª1DZLH

LVWGDV"©IUDJWHHUXQJHGXOGLJª%HNRPPHLFKHLQH$QWZRUW"© .HLQHUGHUEHLGHQ5RERWVUKUWHVLFK ª$OVRVFK|Q©EUXPPWH5RQª,FKPDFKHPLFKMHW]WDXIGLH%HLQH :HQQLKUZROOWN|QQWLKUPLFKGDKLQWHQLUJHQGZRVXFKHQ© (UGXFNWHVLFKDEHUQLFKWWLHIHUDOVGDHUQRFKEHUGLH.DQWHGHV$JJUHJDWVKLQZHJVHKHQNRQQWH'LH %HZHJXQJJDELKPGLH0|JOLFKNHLWVHLQH:DIIHPLWHLQHP5XFNLQ6FKXSRVLWLRQ]XEULQJHQ 'HUOLQNH GHU EHLGHQ 5RERWHU UHDJLHUWH XQYHU]JOLFK (U HUNDQQWH GD HV HUQVW ZXUGH XQG HUNOlUWH VFKQDUUHQG ª:DUWHQ6LHHLQHNXU]H:HLOH:LUHUKDOWHQ$QZHLVXQJHQ© ,Q GLHVHP $XJHQEOLFN IHXHUWH 5RQ (U WUDI GHQ OLQNHQ 5RERWHU JHJHQ GLH PHWDOOHQH %UXVW 6FKQHOOHU DOV GDV0DVFKLQHQZHVHQUHDJLHUHQNRQQWHIUDVLFKGHUZHLJOKHQGH6WUDKOGXUFKGLH'HFNSODWWHQKLQGXUFK XQG]HUVW|UWHDOOHVZDVGDUXQWHUODJ'HU5RERWILQJDQ]XZDQNHQ 5RQKDWWHNHLQH=HLWVHLQHQ6WXU]]X EHREDFKWHQ 'HU ]ZHLWH 5RERW ZDU PLW GHP *HVSUlFK EHVFKlIWLJW XQG EHVD GHVZHJHQ HLQH JHULQJHUH 5HDNWLRQVIlKLJNHLW 6LH ZDU DEHU LPPHU QRFK VR JXW ZLH GLH HLQHV VFKQHOO UHDJLHUHQGHQ 0HQVFKHQ 'LH QHXH /DJH ]X HUNHQQHQ GDV *HVSUlFK ]X XQWHUEUHFKHQ XQGGHQ :DIIHQDUP LQ %HZHJXQJ ]X VHW]HQ DOO GDV NRVWHW GHQ 5RERW QLFKW PHKU DOV HLQH =HKQWHOVHNXQGH 6HLQ 3HFK ZDU GD 5RQ VLFK VFKRQ YRQ YRUQKHUHLQDXIGLH6LWXDWLRQHLQJHVWHOOWKDWWH(UZDUVHLQHV=LHOVY|OOLJVLFKHU(UEUDXFKWHGLH+DQGQXU XPHLQHQZLQ]LJHQ:LQNHO]XGUHKHQXPGHQ]ZHLWHQ5RERWLQV6FKXIHOG]XEHNRPPHQ8QGEHYRUGLH IXUFKWEDUH 0QGXQJ GHV :DIIHQDUPV DXI LKQ ]HLJWH VFKR HU HLQ ]ZHLWHV 0DO 'DQQ OLH HU VLFK IDOOHQ XQG JLQJ DXIV QHXH KLQWHU GHP $JJUHJDW LQ 'HFNXQJ ,Q GLHVHP $XJHQEOLFN VWU]WH GHU HUVWH 5RERW PLW SROWHUQGHP*HGU|KQ'HU%RGHQ]LWWHUWHXQWHUGHP$XISUDOO5RQODJNHXFKHQGGDV*HVLFKWDQGLH:DQG GHV $JJUHJDWV JHSUHW XQG KRUFKWH 8QHQGOLFK YLHO =HLW VFKLHQ ]X YHUJHKHQ +DWWH HU GHQ ]ZHLWHQ QLFKW ULFKWLJ JHWURIIHQ" :DU HU QRFK IXQNWLRQVIlKLJ XQG ZDUWHWH QXU GDUDXI ELV HU ZLHGHU DXV GHU 'HFNXQJ KHUYRUNDP" 5RQ VFKRE VLFK HLQ 6WFN ]XU 6HLWH (U PDFKWH VLFK EHUHLW LQ GLH 'HFNXQJ GHU 0DVFKLQH KLQWHULKP]XVSULQJHQZHQQHUGHQ]ZHLWHQ5RERWHUVLFKEHZHJHQK|UWH$OVGDV*HUlXVFK]XLKPGUDQJ KlWWH HU VLFK XP HLQ +DDU UFNZlUWV JHVFKQHOOW 'DQQ EHJULII HU GD GDV ZDV HU K|UWH GDV .QLUVFKHQ EHUEHDQVSUXFKWHU0HWDOOIROLHZDU(UK|UWHHLQ6FKDUQLHUXQWHUHLQHU]XJURHQ/DVW]HUEUHFKHQ(UK|UWH 6WDKO EHU GHQ %RGHQ VFKDUUHQ 'DQQ NDP GHU ]ZHLWH $XISUDOO 'LH 5FNZDQG GHV $JJUHJDWV YRU 5RQ VXPPWH XQWHU GHU (UVFKWWHUXQJ /HLVHV 4XLHWVFKHQ IROJWH HLQ OHW]WHV 6FKDUUHQ GDQQ ZDU 6WLOOH 5RQ ZDUWHWH 1DFK HLQHU :HLOH VWDQG HU DXIXQG VFKDXWHEHU GDV $JJUHJDW KLQZHJ %HLGH 5RERWHU ODJHQ DP %RGHQ 8QG DOV 5RQ GLH EHLGHQ IDXVWJURHQ /|FKHU VDK GLH GHU 7KHUPRVWUDKO GXUFK LKUH %UXVWNlVWHQ JHIUHVVHQ KDWWH ]ZHLIHOWH HU QLFKW PHKU GDUDQ GD VLH EHLGH WRW ZDUHQ 1LFKW WRW $XHU )XQNWLRQ (U 5RQ KDWWH VLH KHUHLQJHOHJW (V NDP 5RQ ]X %HZXWVHLQ GD GHU PLW GHP GHU ]ZHLWH 5RERW JHVSURFKHQKDWWHVLFKEHUGLH8QWHUEUHFKXQJGHV*HVSUl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lFKHOQ HLQ KLOIORVHV WUDXULJHV /lFKHOQ ª+LOI PLU 5RQ© EDW VLH ª,FK ELQ JDQ] LQ GHLQHU 1lKH +RO PLFK UDXVELWWH©

$OV0HHFKPLWGHPUHTXLULHUWHQ:DJHQQDFK+DXVHNDPEHULFKWHWHQGLH1DFKULFKWHQVWDWLRQHQVFKRQ EHU GDV $XVPD GHV 8QJOFNV (V ZDU MD QLFKW GDPLW DEJHWDQ GD IU ]HKQ 0LQXWHQ VlPWOLFKH (QHUJLHDXVJHIDOOHQZDUhEHUDOOKDWWHHV0HQVFKHQJHJHEHQGHUHQ/HEHQJHUDGHLP$XJHQEOLFNGHU .DWDVWURSKHYRQGHU(QHUJLH]XIXKUDEKlQJLJJHZHVHQZDU6LHKDWWHQHVYHUORUHQ$5.21,EHNODJWH =HKQWDXVHQGH YRQ 2SIHUQ GHV 8QJOFNV =ZHL 6WXQGHQ ODQJ EHULFKWHWHQ GLH 1DFKULFKWHQVWDWLRQHQ EHU GDV 8QJOFN GDQQ NHKUWHQ VLH ]XP QRUPDOHQ 3URJUDPP ]XUFN /DUU\ 5DQGDOO XQG VHLQH 0lQQHU KDWWHQ DXV GHQ 1DFKULFKWHQ HUVWDXQOLFKH ,QIRUPDWLRQHQ HQWQRPPHQ 'LH .DWDVWURSKH KDWWH DOVRJDQ]$5.21,HUIDW=HKQ0LQXWHQODQJKDWWHHVQLUJHQGZRDXIGHU2EHUIOlFKHGHV3ODQHWHQ YRQ GHQ )HUQNUDIWZHUNHQ HU]HXJWH (QHUJLH JHJHEHQ /DUU\ YHUVXFKWH GHQ (QHUJLHYHUEUDXFK GHV 3ODQHWHQDE]XVFKlW]HQ XQGDXV]XUHFKQHQZLHYLHO (QHUJLH LQVJHVDPWYHUORUHQ ZRUGHQZDU(UNDP

DXIGLHEHUUDVFKHQGH6XPPHYRQHLQWDXVHQG%LOOLRQHQ0HJDZDWWVWXQGHQ'LHVH=DKOZDUKRFKDEHU QLFKW XQJODXEOLFK $5.21 , GLH :RKQZHOW KDWWH HLQHQ DEQRUP KRKHQ (QHUJLHYHUEUDXFK 'LH +lXVHU ZDUHQ YROO YRQ DXWRPDWLVFKHQ *HUDWHQ 6lPWOLFKH 6WUDHQ ZDUHQ PLW /HLWElQGHUQ YHUVHKHQ GLHXQDXIK|UOLFK(QHUJLHYHU]HKUWHQ=HKQWDXVHQGHYRQ3ROL]HLURERWHUQLQGHU+DXSWVDFKHRUWVIHVWH ZXUGHQ DXV GHP |IIHQWOLFKHQ 1HW] JHVSHLVW 'LH 7UDQVSRUWPLWWHO GHU |IIHQWOLFKHQ 'LHQVWH EH]RJHQ LKUH (QHUJLH RKQH $XVQDKPH DXV GHP 6\VWHP GUDKWORVHU 9HUVRUJXQJ /DUU\ HPSIDQG GLH =DKO DOV QLFKW]XKRFKJHJULIIHQ(UIUDJWHVLFKZRKLQGLHYHUORUHQH(QHUJLHJHIORVVHQZDU $OVHUEHLGLHVHU )UDJH DQJHODQJW ZDU HUVFKLHQ 0HHFK ZLHGHU DXI GHU %LOGIOlFKH XQG EHULFKWHWH YRQ VHLQHQ %HREDFKWXQJHQ (U YHUVFKZLHJ DXFK VHLQH $QVLFKW QLFKW GD MHPDQG $5.216 (QHUJLHYHUVRUJXQJ DQJH]DSIW XQG GLH (QHUJLH VHLQHQ HLJHQHQ =ZHFNHQ ]XJHIKUW KDWWH ª$EHU ZLH VROO HU GDV JHWDQ KDEHQ"©IUDJWH /DUU\ YHU]ZHLIHOW ª9LHOOHLFKW JLEWHV 0HWKRGHQ 6LUYRQGHQHQ ZLUQLFKWV ZLVVHQ ZHLO GLH LUGLVFKH 7HFKQLN VLH QRFK QLFKW HQWZLFNHOW KDW© DQWZRUWHWH 0HHFK UXKLJ (LQH VROFKH 0|JOLFKNHLWPXWHPDQLPPHULQ%HWUDFKW]LHKHQJDE/DUU\]Xª,PEULJHQ6LU©ZHFKVHOWH0HHFK GDV7KHPDªKDWVLFKGHU)UHPGHGHUGDV0lGFKHQHQWIKUWKDWZDKUVFKHLQOLFKHQWZHGHU]X%RyOXQV RGHU]X/RRUDPV+DXVJHZDQGW© (UEHULFKWHWHPLWNXU]HQ:RUWHQZLHHUGHQIUHPGHQ:DJHQYRQGHU6WUDHKDWWHDXIVWHLJHQXQGLQ VGZHVWOLFKHU 5LFKWXQJ YHUVFKZLQGHQ VHKHQ %HLGH YHUGlFKWLJHQ +lXVHU ODJHQ LQ MHQHU 5LFKWXQJ /DUU\VWDQGDXI ª$OOH6SXUHQVFKHLQHQEHLGLHVHPPHUNZUGLJHQ.QVWOHU]XHQGHQ©PXUPHOWHHU ª(V ZLUG DQ GHU =HLW GD ZLU LKQ EHVXFKHQ 5RQ LVW LQ GHU 1lKH VHLQHV +DXVHV YHUVFKZXQGHQ 9LHOOHLFKWHUIDKUHQZLUHWZDV© %HLP6SUHFKHQRUGQHWHHUVHLQH *HGDQNHQ(LQHQHXH ,GHHNDPLKP ª/RIW\ XQGLFKVLQGIU HLQHQ %HVXFK EHL /RRUDP JHQXJ /HXWH© HUNOlUWH HU 0HHFK ª,FK P|FKWH GD GX GLFK XP HWZDV DQGHUHV NPPHUVW© 0HHFK VWDQG DEZDUWHQG ª 9LHOOHLFKW JLEW HV LQ GHQ .UDIWZHUNHQ +LQZHLVH GDUDXI ZLH GLH (QHUJLH DEJH]DSIWZRUGHQLVW9HUVFKDIIHGLU=XWULWW]XGHQ*HQHUDWRUHQXQGVLHKGLFKXP© ª,FK IUFKWH PDQ ZLUG PLFK QLFKW VR RKQH ZHLWHUHV KLQHLQODVVHQ 6LU© ZDQGWH 0HHFK HLQ /DUU\ ZLQNWHDEª'DVKDEHQZLULQHLQSDDU$XJHQEOLFNHQHUOHGLJW:DUWH© (UYHUVFKZDQG:lKUHQG0HHFKJHGXOGLJZDUWHWHIKUWH/DUU\HLQ9RUUDQJJHVSUlFKPLWGHU3ULYDWNDQ]OHL GHV ,PSHUDWRUV 'DV 3ULYLOHJ YRQ GHU NDLVHUOLFKHQ .DQ]OHL ]X MHGHU 6WXQGH JHK|UW ]X ZHUGHQ ZDU HLQHV YRQGHQHQGDVGHU,PSHUDWRUGHUWHUUDQLVFKHQ(LQVDW]JUXSSH]XJHVWDQGHQKDWWH6LWXDWLRQHQP|FKWHQVLFK HUJHEHQ LQ GHQHQ VROFKH *HVSUlFKH QRWZHQGLJ ZDUHQ /DUU\ VFKLOGHUWH GLH /DJH YRQ 5RQ /DQGU\V 9HUVFKZLQGHQEHU$LQDV(QWIKUXQJELV]XGHQ%HREDFKWXQJHQGLH0HHFKZlKUHQGGHV(QHUJLHDXVIDOOV JHPDFKW KDWWH 6HLQ =XK|UHU ZDU HLQ ]LHPOLFK MXQJHU 0DQQ GHP $XVVHKHQ QDFK NHLQ UHLQHU $UNRQLGH :DKUVFKHLQOLFK LUGLVFK DUNRQLGLVFKHV +DOEEOXW YHUPXWHWH /DUU\ =XP 6FKOX VHLQHV %HULFKWHV EUDFKWH /DUU\GLH%LWWHDQHLQHQVHLQHU0lQQHUPLWHLQHU9ROOPDFKW]XU%HVLFKWLJXQJGHV.UDIWZHUNV7KDSPRRU DXV]XVWDWWHQ'HUMXQJH0DQQYHUVSUDFKHUZHUGHGLH%LWWHVRIRUWHUIOOHQ %HYRUHVMHGRFKVRZHLWNDP JDEHVHLQH8QWHUEUHFKXQJ'DV*HVLFKWGHVMXQJHQ%HDPWHQYHUVFKZDQGSO|W]OLFKYRP%LOGVFKLUP(LQ DQGHUHU0DQQWDXFKWHDXI(UNDP/DUU\EHNDQQWYRUDEHUGHU7HUUDQHUNRQQWHVLFKQLFKWHQWVLQQHQZRHU LKQVFKRQ HLQPDO JHVHKHQ KDWWH'LH:UGHGLH GHU)UHPGH DXVVWUDKOWH GLH.OXJKHLW GLHLQGHQJURHQ $XJHQOHXFKWHWHXQGGLH)UHXQGOLFKNHLWPLWGHUHUVSUDFKEHHLQGUXFNWH/DUU\ ª,FKK|UHGDGLH'LQJH LQV5ROOHQJHUDWHQVLQGMXQJHU)UHXQG©EHJDQQHUª+DEHQ6LHPLWWOHUZHLOHHEHQIDOOVGHQ(LQGUXFNGD HVVLFKXPHWZDV:LFKWLJHVKDQGHOW"© /DUU\ ZROOWH DQWZRUWHQ ,P OHW]WHQ $XJHQEOLFN ILHO LKP HLQ GD HU ]ZDU DXI YDULDEOHU XQG GHVZHJHQ XQHQWGHFNEDUHU)UHTXHQ]PLWGHUNDLVHUOLFKHQ.DQ]OHLVSUDFKXQGGDGLH/HXWHLQGHU.DQ]OHLVDPWXQG VRQGHUV YHUWUDXHQVZUGLJH /HXWH VHLQ VROOWHQ $EHU ZHU JDUDQWLHUWH LKP GDIU GD GD QLFKW HLQHU DQ GHU /HLWXQJ KLQJ GHQ GLH 'LQJH JDU QLFKWV DQJLQJHQ" 'HU MXQJH %HDPWH KDWWH VLFK OHJLWLPLHUW 'LHVHU 0DQQ KLHUNDPHLQIDFKLQV%LOGXQGVWHOOWH)UDJHQ ª9HU]HLKXQJ6LU©DQWZRUWHWH/DUU\]|JHUQGªLFKELQQLFKW EHIXJW$XVNQIWHQDFK%HOLHEHQ]XHUWHLOHQ:UGHQ6LHVLFKELWWH,GHQWLIL]LHUHQ© 'HU:UGLJHDXIGHP%LOGVFKLUPZDUHLQHQ$XJHQEOLFNYHUEOIIW'DQQILQJHUDQ]XODFKHQ(UODFKWHVR KHU]OLFK GD /DUU\ GDUDQ ]X ]ZHLIHOQ EHJDQQ RE HU HEHQ HWZDV EHVRQGHUV 9HUQQIWLJHV JHVDJW KDWWH ª(QWVFKXOGLJHQ 6LH PHLQH +HLWHUNHLW© EHJDQQ GHU $UNRQLGH QDFK HLQHU :HLOH ª(V LVW ]LHPOLFK DPVDQW

]XHUIDKUHQGDMHPDQGGHQ,PSHUDWRUGHV$UNRQLGLVFKHQ5HLFKHVQLFKWNHQQW© ,Q GLHVHP $XJHQEOLFN Zl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lUWH GDHUVHOEVWGHQ/HLWHUGHV.UDIWZHUNHV7KDSPRRUDXI0HHFKV%HVXFKYRUEHUHLWHQZROOH /DUU\KLHOWGDV QLFKWIUHLQHJOlQ]HQGH,GHH=XPLQGHVWVWDQGVLHLP:LGHUVSUXFK]X1LNH4XLQWRV)RUGHUXQJGD5RQ /DQGU\V *UXSSH LP 9HUERUJHQHQ DUEHLWHQ VROOH $EHU HU JHWUDXWH VLFK QLFKW GHP ,PSHUDWRU ]X ZLGHUVSUHFKHQ (U ZDU HUOHLFKWHUW DOV GDV *HVSUlFK VFKOLHOLFK HLQ (QGH IDQG (U JLQJ KLQDXV ]X 0HHFK XQG HUNOlUWH LKP GD VHLQHP %HVXFK EHLP .UDIWZHUN 7KDSPRRU QLFKWV PHKU LP :HJH VWQGH (U EUDXFKWH VLFK QXU DXV]XZHLVHQ XQG PDQ ZUGH LKP GHQ =XWULWW ]X MHGHP 5DXP JHVWDWWHQ 0HHFK PDFKWH VLFK VRIRUW DXI GHQ :HJ /DUU\ ULHI /RIW\ 3DWWHUVRQ ]X VLFK GHU LQ HLQHU GHU .FKHQ GDEHL ZDU VLFK HLQH 0DKO]HLW ]X EHUHLWHQ XQG VHW]WH LKP GLH QHXHQ 3OlQH DXVHLQDQGHU ª(V KHLW DOVR© VFKOR HU ª(QWZHGHU%RyOXQRGHU/RRUDP,FKGHQNHZLUIDQJHQPLW%RyOXQDQ0HHFKKDWHLQHJXWH%HVFKUHLEXQJ GHV:DJHQVJHOLHIHUWPLWGHPGDV0lGFKHQHQWIKUWZRUGHQLVW© ª:DKUVFKHLQOLFK©XQWHUEUDFKLKQ/RIW\ª-DZDKUVFKHLQOLFK:HQQZLUGLHVHQ:DJHQEHL%RyOXQILQGHQ ZLVVHQZLUZHUVLFKGXUFKXQVHUHQ)HOGVFKLUPKLQGXUFKJHVFKOLFKHQKDW8QGZLUZHUGHQYHUVXFKHQDXV LKP KHUDXV]XEULQJHQ ZLH HU GDV JHWDQ KDW (UZHLVW %RyOXQ VLFK DOV XQYHUGlFKWLJ ZHQGHQ ZLU XQV DQ /RRUDP-HW]WZROOHQZLUHUVW%RyOXQXQVHUHQ%HVXFKDQPHOGHQ© )UGLHVHV*HVSUlFKEHGLHQWH/DUU\VLFKGHUQRUPDOHQ%LOGVSUHFKOHLWXQJ(UZlKOWH%RyOXQV.RGHDGUHVVH XQG ZDUWHWH GD GHU (PSIlQJHU VLFK PHOGHWH $XI GHP %LOGVFKLUP HUVFKLHQ MHGRFK VWDWW GHV EOLW]HQGHQ )UHL]HLFKHQVGDVURWH6W|UXQJV]HLFKHQ/DUU\OHJWHDXIXQGPDFKWHHLQHQ]ZHLWHQ9HUVXFK'DV(UJHEQLV EOLHEGDVJOHLFKH$OVHUHVHLQGULWWHV0DOSURELHUWHHUVFKLHQDXIGHP%LOGVFKLUPGLH6FKULIW=(175$/( 7+$30225XQGHLQHIUHXQGOLFKHDEHUXQSHUV|QOLFKH6WLPPHHUNXQGLJWHVLFKª0LWZHPZQVFKHQ6LH ]XVSUHFKHQPHLQ+HUU"© ª$UDVJDU %RyOXQ 7KDSPRRU HLQXQG]ZDQ]LJ $ GUHLKXQGHUWXQGIQIXQGVHFK]LJ© DQWZRUWHWH /DUU\ DXV GHP*HGlFKWQLV ª,FKEHGDXUHVHKUPHLQ+HUU©DQWZRUWHWHGLH6WLPPHRKQH=|JHUQªGHU$QVFKOXH[LVWLHUWQLFKWPHKU© ª.|QQHQ6LHQLFKWHWZDVVSH]LILVFKHUZHUGHQ"©IUDJWH/DUU\YHUEOIIW ª1DWUOLFKPHLQ+HUU'DV*HElXGH]XGHPGHU$QVFKOXJHK|UWLVWYRUVLHE]HKQ0LQXWHQH[SORGLHUW©

$LQDKDWWHQLFKWVDQGHUHV]XWXQDOVLKUH*HGDQNHQVSLHOHQ]XODVVHQXQG]XYHUVXFKHQGLH(ULQQHUXQJDQ GLH'LQJH GLHVLFKVHLW%RyOXQV$XIWDXFKHQHUHLJQHWKDWWHQ]XUFN]X]ZLQJHQ 'DV%HZXWVHLQGD VLHXQWHUHLQHPK\SQRWLVFKHQ%DQQJHVWDQGHQKDWWHKDOILKUGDEHL6LHVXFKWH QLFKWQDFKGHXWOLFKHQ (LQGUFNHQGHQQXQWHUGHU+\SQRVHKDWWHHVNHLQHJHJHEHQ6LHVXFKWHQDFKGHQNOHLQHQ'LQJHQGLH VLFK LQ GDV 8QWHUEHZXWVHLQ HLQJHJUDEHQ KDWWHQ 6LH HULQQHUWH VLFK SO|W]OLFK GDUDQ GD %RyOXQV :DJHQHLQHQ7HLOGHV:HJHVDXIGHU6WUDHGHQJU|WHQ7HLODEHULQGHU/XIW]XUFNJHOHJWKDWWH'DV ZDU QLFKWV %HVRQGHUHV 'LH (ULQQHUXQJ ZDU DOVR QLFKW VHKU DXIVFKOXUHLFK DEHU $LQD ZDU VFKRQ ]XIULHGHQ GDPLW GD VLH EHUKDXSW QRFK HWZDV ZXWH 6LH HULQQHUWH VLFK DQ HLQ DXHUJHZ|KQOLFK JURHV+DXVYRUGHPGHU:DJHQJHKDOWHQKDWWH*HPHLQVDPYHUOLHHQVLHGDV)DKU]HXJXQGDXIVHLQ *HKHLEHWUDW$LQDGDV*HElXGHXQGVFKZDQJVLFKDXI%RyOXQV%HIHKOKLQLQHLQHQ$QWLJUDYVFKDFKW 'HU 6FKDFKW IKUWH DEZlUWV 'DV ZDU HLQH hEHUUDVFKXQJ JHZHVHQ 6LH HULQQHUWH VLFK MHW]W ZLHGHU GDUDQ%RyOXQZDUGLHJDQ]H=HLWEHUDQLKUHU6HLWHJHZHVHQ8QWHQDP(QGHGHV6FKDFKWVKDWWHHU PLWMHPDQGJHVSURFKHQ(VZDUHQZHQLJVWHQV]ZHLDQGHUHJHZHVHQ$LQDVWUHQJWHLKU*HKLUQDQDEHU VLHIDQGQLFKWGLHOHLVHVWH(ULQQHUXQJGDUDQZHUGLHDQGHUHQJHZHVHQZDUHQXQGZLHVLHDXVJHVHKHQ KDWWHQ6LHZDUHQ6FKDWWHQ$EHUGLH:RUWHILHOHQLKUZLHGHUHLQGLH%RyOXQJHVSURFKHQKDWWH=XHUVW HULQQHUWHVLHVLFKDQHLQ]HOQHªZHQLJH6WXQGHQYRU%HJLQQ6LFKHUKHLWQLFKWYHUORUHQJHKHQ© (UVWLP/DXIHGHU=HLWZlKUHQGVLHLKU*HGlFKWQLVGXUFKVXFKWHIJWHQGLH:RUWIHW]HQVLFK]XHLQHP GHXWOLFKHQ%LOG]XVDPPHQ%RyOXQKDWWHJHVDJW ª)UGLHZHQLJHQ6WXQGHQGLHQRFKEOHLEHQEULQJW

VLHLQHLQHPGHU5lXPHKLQWHUGHP6HQGHUXQWHU(LQHKDOEH6WXQGHYRU%HJLQQGHU$NWLRQEULQJWLKU VLHLQ6LFKHUKHLW,FKOHJH:HUWGDUDXIGDVLHDP/HEHQEOHLEW6LHGDUIQLFKWYHUORUHQJHKHQ© 'LH $NWLRQ :DV IU HLQH $NWLRQ" :DV HV DXFK LPPHU VHLQ PRFKWH ELV ]XP %HJLQQ EOLHEHQ QXU QRFKZHQLJH6WXQGHQ8QG$LQDZDUVLFKHUGDGLHVHU %HJLQQIU$5.21HLQIXUFKWEDUHV(UHLJQLV VHLQZUGH6LHDOOHLQHZXWHGDYRQGDHVLQHLQSDDU6WXQGHQVRZHLWZDU:HQQQRFKDQGHUHGDYRQ ZXWHQN|QQWHQVLHYLHOOHLFKWHWZDVXQWHUQHKPHQ5RQ]XP%HLVSLHO'HU*HGDQNHIXKULKUGXUFKGHQ .RSI XQG OLH HLQHQ VHKU ZHKPWLJHQ 6FKPHU] ]XUFN :R PRFKWH 5RQ LQ GLHVHP $XJHQEOLFN VHLQ" .PPHUWHHUVLFKQRFKGDUXPZDVPLWLKUJHVFKDK"+DWWHHUEHUKDXSWMHPDOVGDUDQJHGDFKWGD 'LH *HGDQNHQNDPHQLKUYRQVHOEVW6LHIORVVHQXQDXIK|UOLFKXQGMHGHUHLQ]HOQHEHVFKlIWLJWHVLFKGDPLWZLH RIWHLQ0DQQYRQ7(55$ZRKODQHLQ0l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|IIQHQXQGZLHHLQPlFKWLJHU6WURP GUDQJHQLKUH*HGDQNHQLQDOOH5LFKWXQJHQDXIGHU6XFKHQDFK5RQ6SlWHUZDUVLHHUVWDXQWZLHUDVFKVLH (UIROJ KDWWH $XV GHP 'XQNHO KLQWHU GHQ JHVFKORVVHQHQ /LGHUQ WDXFKWH 5RQV *HVLFKW DXI 6LH VDK HV GHXWOLFK YRU VLFK 5RQ VFKDXWH YHUZXQGHUW GUHLQ 6LH VDK VHLQH IUDJHQGHQ $XJHQ XQG ZXWH GD HU VLH HEHQIDOOVHUNDQQWH(UPXWHJDQ]LQGHU1lKHVHLQVRQVWKDWWHVLHLKQQLFKWVROHLFKWILQGHQN|QQHQ6LH VDJWHª+LOIPLU5RQ,FKELQJDQ]LQGHLQHU1lKH+ROPLFKUDXVELWWH© ª$LQD©NHXFKWH5RQª:RVWHFNVWGX"© 'LH )UDJH NDP VHOEVWWlWLJ %HZXW ZDU QXU HLQ HLQ]LJHU *HGDQNH LQ 5RQV *HKLUQ 'LHV LVW HLQH WHOHSDWKLVFKH 9HUELQGXQJ,FK PX PLFK GDUDXI NRQ]HQWULHUHQVRQVW YHUOLHUH LFKGDV %LOG (U VFKORGLH $XJHQ ,P HUVWHQ 6FKUHFN KDWWH HU VLH UDVFK ZLHGHU JH|IIQHW XQG $LQDV %LOG ZDU YRU GHP KHOOHQ +LQWHUJUXQGGHU+DOOHXQGHXWOLFKHUJHZRUGHQ-HW]WLQGHU'XQNHOKHLWVWDQGHVZLHGHUNODUYRULKPª,FK PXLQGHLQHU1lKHVHLQ5RQ©DQWZRUWHWHGDV0lGFKHQKDVWLJª,FKNRQQWHGLFKVROHLFKWHUUHLFKHQ6LH VDJHQVLHKDWWHQPLFKLQHLQHP5DXPKLQWHUHLQHP6HQGHUXQWHUJHEUDFKW,FKKDEH0DVFKLQHQEUXPPHQ XQGVXPPHQK|UHQ+LOIWGLUGDV"© 5RQ XQWHUGUFNWH GHQ :XQVFK VLH ]X IUDJHQ ZLH VLH GDKLQ JHNRPPHQ ZDU 0DVFKLQHQ LQ LKUHU 1lKH VXPPHQG XQG EUXPPHQG 6LH ZDU ZLUNOLFK LQ GHU 1lKH ª%UXPPHQ VLH LPPHU QRFK"© IUDJWH HU VLH ª1HLQ9RUHLQHUJDQ]HQ:HLOHKDEHQVLHDXIJHK|UW© 5RQZXUGHUXKLJ1XUPLW5XKHNRQQWHHUHWZDVHUUHLFKHQ'LHVHV%HZXWVHLQZLUNWHDXIVHLQH*HGDQNHQ ZLHHLQ%HIHKO ª%OHLEPLWPLULQ9HUELQGXQJ©EDWHU$LQDª,FKELQLQHLQHUJURHQ+DOOH,FKZHUGH© $LQDV %LOG YHUVFKZDQG 9HU]ZHLIOXQJ EHUNDP 5RQ (U KDWWH HWZDV IDOVFK JHPDFKW (U KDWWH VLFK QLFKW KHIWLJJHQXJDXI$LQDNRQ]HQWULHUW'HU(PSIlQJHULQVHLQHP*HKLUQDUEHLWHWHQLFKWPHKU(UPDFKWHVLFK 9RUZUIH (U YHUVXFKWH PLW VHLQHQ HLJHQHQ *HGDQNHQ GLH %UFNH ]XUFN ]X VFKODJHQ (U ZDUI VLFK DXI GHQ %RGHQ XQG HQWVSDQQWH VLFK VR GD NHLQ HLQ]LJHU 0XVNHO PHKU DXI %HIHKOH GHV *HKLUQV DQJHZLHVHQ ZDU XQG SO|W]OLFK ZDU $LQD ZLHGHU YRU VHLQHQ $XJHQ ,KU *HVLFKW ]HLJWH $XIUHJXQJ 5RQ KDWWH QRFK JDU QLFKW ULFKWLJ DQJHIDQJHQ VLFK ]X NRQ]HQWULHUHQ (V ZDU $LQD JHZHVHQ GLH GLH 9HUELQGXQJ ZLHGHUKHUJHVWHOOWKDWWH ª,FK HULQQHUH PLFK MHW]W© VSUXGHOWH VLH KHUYRU ª0DQ KDW PLFK GXUFK HLQH JURH +DOOH JHEUDFKW :DKUVFKHLQOLFKGLHVHOEHYRQGHUGXVSULFKVW(VVWDQGHLQH0HQJH0DVFKLQHQGDULQ,VWGDVULFKWLJ"© ª-D:RKLQZXUGHVWGXJHEUDFKW"© ª,FK NDP GXUFK HLQHQ (LQJDQJ GHU OLQNV YRQ GHU 0LWWH HLQHU 6FKPDOZDQG ODJ DOOHV LQ PHLQHU %OLFNULFKWXQJJHVHKHQ6LH© ª'DVLVWULFKWLJ,FKNDPGXUFKGHQVHOEHQ(LQJDQJ:HLWHU© ª6LHEUDFKWHQPLFKVFKUlJQDFKUHFKWVKLQEHU.XU]YRUGHU0LWWHGHU/lQJVZDQG|IIQHWHQVLHHLQH

7U+LQWHUGHU7UYHUOLHIHLQ*DQJVHQNUHFKW]XU:DQGHWZD]ZDQ]LJ0HWHUODQJ'DQQ© $LQD PDFKWH HLQH 3DXVH ZlKUHQG VLH VLFK ]X HULQQHUQ YHUVXFKWH ª HLQH NOHLQHUH +DOOH PLW HLQHU HLQ]LJHQ PlFKWLJHQ 0DVFKLQH GDULQ 6LH IKUWHQ PLFK XP GLH 0DVFKLQH KHUXP ,Q GHU 5FNZDQG ZDUHQZLHGHU7UHQ+LQWHUGHQ7UHQNOHLQH=HOOHQ,QHLQHUGHU=HOOHQELQLFKMHW]W© 8QG]XP6FKOXVFKULHVLHIDVWª+ROPLFKKHUDXV5RQ© 'LH9HUELQGXQJULSO|W]OLFKDE5RQZXWHQLFKWRE$LQDGDUDQVFKXOGZDURGHUHU,P$XJHQEOLFN ZDU HV JOHLFKJOWLJ (U ZXWH XQJHIlKU ZR VLH GDV 0lGFKHQ JHIDQJHQKLHOWHQ (U ZXUGH VLH KHUDXVKROHQ (U VWDQG DXI XQG JLQJ LQ GHU 5LFKWXQJ GLH $LQD EHVFKULHEHQ KDWWH (U HUUHLFKWH VFKOLHOLFK GLH +DOOHQOlQJVZDQG YRQ GHU $LQD JHVSURFKHQ KDWWH (U VFKlW]WH LKUH /lQJH XQG YHU VXFKWHKHUDXV]XILQGHQZRGLH0LWWHODJ(VJDEHLQH0HQJHYRQ7UHQ'XUFK$EZlJHQXQG3UIHQ IDQG5RQVFKOLHOLFKKHUDXVGDHLQHYRQGHQGUHL7UHQGHQHQHUDPQlFKVWHQVWDQGGLHMHQLJHVHLQ PXWHGXUFKGLH$LQDGLH+DOOHYHUODVVHQKDWWH(USURELHUWHGLHHUVWH6LHIKUWHLQHLQHNOHLQH+DOOH QLFKW DEHU LQ HLQHQ *DQJ 5RQ ZROOWH KDVWLJ ZLHGHU ]XUFNWUHWHQ GD ILHO VHLQ %OLFN DXI GDV HLJHQWPOLFKH *HUlW GDV LQ GHP NOHLQHQ 5DXP VWDQG %LVKHU KDWWH HU DOOH 0DVFKLQHQ GLH HV KLHU XQWHQ JDE ZHQLJVWHQV LP JURHQ XQG JDQ]HQ ,GHQWLIL]LHUHQ N|QQHQ (U ZXWH ZDV VLH WDWHQ 9RQ GLHVHUKLHUZXWHHUHVQLFKW'DV*HUlWZDUIUHPGDUWLJXQGIUHPGDUWLJPXWHGHU=ZHFNVHLQGHPHV GLHQWH 5RQ ZLFK ]XUFN (UVW $LQD GDQQ NRQQWH HU VLFK GHQ .lVWHQ GRUW GULQQHQ HLQ ]ZHLWHVPDO DQVHKHQ (UZDQGWHVLFKQDFKUHFKWV'LHVPDOKDWWHHU*OFN+LQWHUGHU7UEHJDQQHLQ*DQJ*DQ] ZLH$LQDHVEHVFKULHEHQKDWWHPQGHWHHUQDFK]ZDQ]LJ0HWHUQLQHLQH+DOOHLQGHUZLHGHUXPHLQH JURH0DVFKLQHVWDQG,KUH)XQNWLRQZDUOHLFKW]XHUNHQQHQ6LHZDUHLQ*UDYLWDWLRQVJHQHUDWRU$XV GHU (QHUJLH GLH LKU ]XJHIKUW ZXUGH ZXUGH VLH HLQ 6FKZHUHIHOG HU]HXJHQ XQG HV DQ HLQH EHOLHELJH 6WHOOHSURML]LHUHQ'LH$QRUGQXQJGHU6WUDKOSODWWHQGLHGLH3URMHNWLRQEHVRUJWHQZDUXQYHUNHQQEDU5RQ EOLHE VWHKHQ VFKOR GLH $XJHQ XQG OLH $LQDV %LOG YRU VLFK DXIWDXFKHQ ª6SUVW GX GD LFK GLU QlKHUJHNRPPHQELQ"© ª-D5RQJDQ]GHXWOLFK© ª,FKVWHKHLQGHUNOHLQHQ+DOOHYRQ GHUGXVSUDFKVW,QGHQ:lQGHQVLQGHLQH0HQJH7UHQ:HOFKHLVW GHLQH"© ª,FKHULQQHUHPLFKQLFKW5RQ6LHOLHJWLQGHU5FNZDQGGDVLVWDOOHVZDVLFKZHL© ª*XW,FKYHUVXFKHHV© (UOLHGHQJHZDOWLJHQ*HQHUDWRUKLQWHUVLFK'LH5FNZDQGGHU+DOOHZDUHWZD]ZDQ]LJ0HWHUODQJ(V JDEDFKW7UHQ'LH:DKUVFKHLQOLFKNHLWGD$LQDVLFKKLQWHUHLQHUEHVWLPPWHQEHIDQGZDUIUDOOH7UHQ JOHLFK 5RQ EHJDQQ DP OLQNHQ (QGH GHU :DQG ,Q GHP GULWWOHW]WHQ .HUNHU IDQG 5RQ GDV 0lGFKHQ $LQD VDDXIGHP5DQGGHU3ULWVFKH$OVGLH7UVLFK|IIQHWHVSUDQJVLHDXI6FKOXFK]HQGOLHIVLHDXI5RQ]X $EHUDXIGHU+lOIWHGHV:HJVYHUOLHHQVLHGLH.UlIWH5RQVSUDQJLKUHQWJHJHQXQGILQJVLHDXIEHYRUVLH VWU]WH )HGHUOHLFKW ODJ VLH LKP LQ GHQ $UPHQ (U ]RJ VLH LQ GLH +|KH XQG NWH VLH (U VWULFK LKU EHUV +DDUXQGVSUDFKOHLVH]XLKU3O|W]OLFKZDUDOOVHLQH8QJHGXOGYHUVFKZXQGHQ(UKDWWHXQHQGOLFKYLHO=HLW (V JDE QLFKWV :LFKWLJHUHV DXI GHU :HOW DOV GD $LQD ZLHGHU ]X VLFK NDP XQG LKUH $QJVW YHUORU 1DFK HLQHU:HLOHUHJWHVLFKGDV0lGFKHQLQVHLQHQ$UPHQ6LHVFKOXJGLH$XJHQDXIXQGVDKLKQDQª5RQ© (UVSUDFKZHLWHU(UUHGHWHLKU]X(UWU|VWHWHVLH(UVSUDFKXQDXIK|UOLFKPLWOHLVHU]lUWOLFKHU6WLPPH%LV HU DOO LKUH $QJVW KLQZHJJHUHGHW KDWWH $LQD OlFKHOWH LKQ DQ (U EHXJWH VLFK EHU VLH XQG NWH VLH HLQ ]ZHLWHV 0DO 'LHVPDO ZDU VLH QLFKW PHKU EHZXWORV 6LH VFKOR GLH $UPH XP VHLQHQ +DOV XQG ]RJ LKQ IHVWHU DQ VLFK 'DQQ PLW HLQHP XQHUZDUWHWHQ 5XFN PDFKWH VLH VLFK ORV XQG WUDW HLQHQ 6FKULWW ]XUFN ª5RQZLUYHUWU|GHOQXQVHUH=HLW(WZDV6FKUHFNOLFKHVLVW LP *DQJ© =XPHUVWHQPDOLQVHLQHU/DXIEDKQ JHODQJ HV 5RQ QLFKW YRQ HLQHP 7KHPD VFKQHOO JHQXJ DXI GDV DQGHUH ]X ZHFKVHOQ ª:DV ZDV LVW© VWRWWHUWHHUª6LHVSUDFKHQYRQHLQHU$NWLRQ©HUNOlUWH$LQD6LHHU]lKOWHLKPYRQGHP*HVSUlFK]ZLVFKHQ %RyOXQ XQG GHQ 8QEHNDQQWHQ ª:DV HV DXFK LPPHU LVW© VFKOR VLH ªHV PX HWZDV )XUFKWEDUHV VHLQ 'DVVHOEHZHVZHJHQ%DUJK DURQXQG(]]DJHVWRUEHQVLQG© 5RQ HULQQHUWH VLFK DQ GDV 7RVHQ GHU (QHUJLH GLH YRQ GHQ 7UDQVIRUPHUQ XPJHZDQGHOW ZRUGHQ ZDU (U HULQQHUWH VLFK DQ GHQ *UDYLWDWLRQVSURMHNWRU GUDXHQ LQ GHU 6HLWHQKDOOH (U HULQQHUWH VLFK XQG GDV ZDU PHUNZUGLJ DXFK DQ GLH *HVFKLFKWH GLH $LQD LKP EHL LKUHU HUVWHQ %HJHJQXQJ HU]lKOW KDWWH $Q (]]D 0DUODLQV )UDJH QDFK +HOHQD YRQ 7URMD :DUXP YLHO LKP JHUDGH GDV MHW]W HLQ" (V KDWWH QLFKWV PLW GHU

*HIDKU ]X WXQ GLH $5.21 GURKWH 5RQ GDFKWH DQ GDV XQLGHQWLIL]LHUEDUH *HUlW GDV HU KLQWHU HLQHU GHU 7UHQLQGHU/lQJVZDQGGHUJURHQ+DOOHJHVHKHQKDWWH:HQQHUHVQlKHUXQWHUVXFKWHYLHOOHLFKWIDQGHU GRUWHLQH$QWZRUW(UIDWH$LQDEHLGHU+DQG ª.RPP© 9RU GHP *UDYLWDWLRQVSURMHNWRU GUDXHQ LQ GHU 6HLWHQKDOOH EOLHE 5RQ HLQH :HLOH VWHKHQ (U KLHOW GDV 0lGFKHQ LPPHU QRFK DQ GHU +DQG =XP ]ZHLWHQPDO ILHO LKP GLH *HVFKLFKWH PLW +HOHQD HLQ $LQD ZDU VLFKHUGD(]]DHWZDV%HVRQGHUHVGDPLWKDWWHVDJHQZROOHQ6LHKDWWHHWZDV]XVDJHQJHKDEWDOVVLHLKU )LNWLYSURJUDPP]XVDPPHQVWHOOWH'DV3URJUDPPGDVVSlWHUYRQGHU6HQGXQJDEJHVHW]WZXUGH6LHKDWWH QLFKWJHZDJWYRQGHQ'LQJHQGLHVLHZXWHRIIHQXQGLQMHGHUPDQQYHUVWlQGOLFKHU6SUDFKH]XUHGHQ6LH KDWWH LKUH +LQZHLVH YHUEHUJHQ PVVHQ DOV ZlUH VLH VLFKHU JHZHVHQ GD VLH XQXQWHUEURFKHQ EHREDFKWHW ZXUGH:DVZDUGDVPLWGHUVFK|QHQ+HOHQD"1DFK$LQDV6FKLOGHUXQJKDWWH(]]DQLFKWGDUDXIEHVWDQGHQ GDGLH)UDJHEHDQWZRUWHWZXUGH6LHKDWWHVLHJHVWHOOWXQGZLHGHUYHUJHVVHQ" :DUXP" 1XUXPLQ$LQDV *HKLUQ HLQHQ .HLP ]X OHJHQ GHU VFKOLHOLFK ]XP KDQGIHVWHQ 9HUGDFKW ZDFKVHQ ZXUGH ZHQQ ZHLWHUH +LQZHLVH DXIWDXFKWHQ" :DV NRQQWH VLH JHPHLQW KDEHQ" +HOHQD 7URMD 5RQ KDWWH GDV YHUZLUUHQGH *HIKOGDVLFKLP+LQWHUJUXQGVHLQHV%HZXWVHLQVHLQ*HGDQNHIRUPWHGHQHUQLFKWJUHLIHQNRQQWH(U EHJDQQ GLH hEHUOHJXQJ YRQ YRUQH (]]D KDWWH HLQH $QGHXWXQJ JHPDFKW 'LH $QGHXWXQJ ZDU QLFKW GD]X EHVWLPPWVRIRUW$XINOlUXQJ]XEULQJHQ6LHVROOWHLQ$LQDV8QWHUEHZXWVHLQYHUDQNHUWEOHLEHQELVHV=HLW ZDUVLHZLHGHULQGLH+|KHGHV%HZXWVHLQV]XKHEHQ (]]DKDWWHQDFKGHUVFK|QHQ+HOHQDJHIUDJW:DV ZROOWH VLH GDPLW DQGHXWHQ" 1RFK HLQPDO YRQ YRUQH +HOHQD 7URMD +HNWRU GLH 7URMDQHU 'HU *HGDQNHZDUVFKOLHOLFKJHIRUPWXQGHUVFKLHQPLWGHU:XFKWHLQHV%OLW]HVLQ5RQV%HZXWVHLQ3O|W]OLFK ZDU5RQNODUZDV(]]DKDWWHVDJHQZROOHQ6LHKDWWHVLFKHLQHV%HLVSLHOVDXVGHUWHUUDQLVFKHQ*HVFKLFKWH EHGLHQW .HLQHVZHJV ZLOONUOLFK 'DV DVWURQRPLVFKH 3KlQRPHQ DXI GDV VLH DQVSLHOWH EH]RJ VHLQHQ 1DPHQ HEHQIDOOV DXVGHU P\WKRORJLVFKHQ 3HULRGH 0HLQ*RWW ZHQQ GDVZLUNOLFKVRZDU $5.21GLH 7URMDQHUXQGQXUQRFKHLQSDDU6WXQGHQ /DUU\ OHJWH GDV 0LNURSKRQ DXI XQG ZDQGWH VLFK XP ª'DV PDFKW GLH 6DFKH HLQIDFK© VDJWH HU YHUEOIIW /RIW\PDFKWHHLQQDFKGHQNOLFKHV*HVLFKWª9RUVLHE]HKQ0LQXWHQ©PXUPHOWHHUª'DVZDUODQJHQDFK GHU.DWDVWURSKH© ª1LFKW QXU GDV $XI $5.21 VFKHLQHQ LQ GHU OHW]WHQ =HLW GLH +lXVHU OHLFKW ]X H[SORGLHUHQ $XFK GDV +DXVGDV/HXWQDQW%DUJK DURQXPVWHOOWKDWWHIORJJHUDGH]XPULFKWLJHQ=HLWSXQNWLQGLH/XIW© /RIW\QLFNWH ª6LHKWVRDXVDOVZUGHQGLH/HXWHQHUY|V© /DUU\VWDQGDXI ª8PVRZLFKWLJHUGDZLUHQGOLFKHWZDVXQWHUQHKPHQ:LUIDKUHQ]X/RRUDP+DEHQ6LHHLQH,GHHZLH ZLULQGDV+DXVNRPPHQ/RIW\"© ª1HLQQRFKQLFKW$EHULFKGHQNHXQWHUZHJVZLUGPLUHWZDVHLQIDOOHQ© (U KLHOW :RUW $OV /RRUDP $UNDGGV PRQVWU|VHV +DXV LQ 6LHKW NDP GHXWHWH HU ]XP REHUHQ 5DQG GHV 7ULFKWHUVKLQDXI ª$PEHVWHQZLUIOLHJHQRKQHDQ]XOlXWHQHLQIDFKKLQHLQ©VDJWHHUEHLOlXILJ /DUU\VDKLKQPLWUDXLVFKDQª*ODXEHQ6LHGDVZLUNOLFK"© ª:HQLJVWHQV LQVRIHUQ DOV ZLU GDQQ ZLUNOLFK GULQ VLQG 2E ZLU XQV /RRUDPV 6\PSDWKLH GDPLW HUZHUEHQ GDIUNDQQLFKQLFKWJDUDQWLHUHQ© /DUU\ ]RJ GHQ :DJHQ LQ GLH +|KH $UNRQLGLVFKH +lXVHU EHVDHQ NHLQHUOHL )HOGVFKLUPH 6LH EUDXFKWHQ NHLQH'LHSULYDWH6SKlUHGHV$UNRQLGHQZDUGXUFK*HVHW]0RUDOXQG*HZRKQKHLWVRVHKUJHVFKW]WGD PHFKDQLVFKH $EZHKUPLWWHOJHJHQ (LQGULQJOLQJHY|OOLJXQQW]ZDUHQ ,P ,QQHUQGHV7ULFKWHUVOLH/DUU\ GDV)DKU]HXJUDVFKLQGLH7LHIHJOHLWHQ(VZDUHLQ*OFNGD/RRUDPQDFKVRJURHQ0DVWlEHQJHEDXW KDWWH 'HU :DJHQ ]HUGUFNWH EHL VHLQHU /DQGXQJ XQWHQ LP *DUWHQ QXU HLQ SDDU %VFKH XQG HLQ %HHW H[RWLVFKHU%OXPHQ'LHEHLGHQ7HUUDQHUVWLHJHQDXV/DUU\KLHOWHVQLFKWIUQ|WLJGHQ:DJHQ]XVLFKHUQ (UZDUIHLQHQ%OLFNLQGLH+|KH'DV+DXVVFKLHQOHHUª+LHUJHKWHVHQWODQJ©VDJWH/RIW\XQG]HLJWHDXI HLQH$UW/DXEHQJDQJGHUYRP*DUWHQKLQZHJLQGDV,QQHUHGHVXQWHUVWHQ6WRFNZHUNHVIKUWH/DUU\VHW]WH

VLFKLQ%HZHJXQJ,PVHOEHQ$XJHQEOLFNHUVFKLHQDXIGHU(PSRUHGHVVHFKVWHQ6WRFNZHUNVHLQH*HVWDOW LQZDOOHQGHP*HZDQGXQGPLWHLIULJZHGHOQGHQ$UPHQ6HOEVWDXIGLHVH(QWIHUQXQJHUNDQQWH/DUU\ GHQEXQWHQ.UHLVGHU.QVWOHUPHGDLOOH(UEOLHEVWHKHQª6LQG6LHHWZDDXFK7HUUDQHU"©ULHIGLH*HVWDOW YRQREHQKHUDEª-D©ULHI/DUU\EHUUDVFKW]XUFNª(QWVFKXOGLJHQ6LHXQVHUH© ª*URDUWLJ©VFKULHGHU0DQQGRUWREHQª)DQWDVWLVFKZLH6LHGDVJHPDFKWKDEHQ.RPPHQ6LHKHUDXI :LU VLQG JHUDGH GDEHL HLQ )LNWLYSURJUDPP DXI]XVWHOOHQ EHU GHQ (LQGUXFN GHQ OKU )UHXQG DXI XQV JHPDFKWKDW:LUZHUGHQDXFK6LHQRFKGDULQXQWHUEULQJHQ.RPPHQ6LHVFKQHOO©(UYHUVFKZDQG/DUU\ VDK/RIW\DQXQGVFKRELKQGDQQYRUVLFKKHULQGHQ/DXEHQJDQJKLQHLQ$P(QGHGHV*DQJHV]ZHLJWHQ .RUULGRUHQDFKUHFKWVXQGOLQNVDE(LQ$QWLJUDYVFKDFKWODJJOHLFKKLQWHUGHUOLQNHQ(FNH/RIW\VFKZDQJ VLFK KLQHLQ /DUU\ IROJH LKP GLFKWDXI :lKUHQG VLH LQ GLH +|KH JOLWWHQ YHUVXFKWH /DUU\ VLFK EHU GHQ VHOWVDPHQ .QVWOHU /RRUDP $UNDGG NODU]XZHUGHQ :DU HU ZLUNOLFK HLQ 1DUU GHU HU ]X VHLQ YRUJDE" 8QEHKDJHQ EHUNDP /DUU\ (U IKOWH VLFK QLFKW VLFKHU 'LHVHV +DXV EDUJ *HIDKU 9LHOOHLFKW EHUOHJWH /DUU\ ELQ LFK HLQ 1DUU JHZHVHQ VR JDQ] RKQH ZHLWHUH 9RUEHUHLWXQJ HLQIDFK KLHUKHU]XNRPPHQ :HQQ /RRUDPV+DXVZLUNOLFKGDV+DXSWTXDUWLHUGHV*HJQHUVZDUGDQQKDWWHQVLHQXUJHULQJH&KDQFHQMHPDOV ZLHGHU KHUDXV]XNRPPHQ 'DV *HIKO GURKHQGHU *HIDKU ZXUGH ]XP GUlQJHQGHQ 9HUGDFKW $OV GHU $XVJDQJ GHU VHFKVWHQ (WDJH LQ GHU +|KH HUVFKLHQ VWLH /DUU\ VHLQHQ %HJOHLWHU DQ XQG IOVWHUWH LKP ]X ª+DOWHQ6LHVLFKIHXHUEHUHLW/RIW\©

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lUWHHUZHUGHVLFKDOOHLQH]XUHFKWILQGHQ8QGLQGHU7DWPDFKWHHU HLQHQK|FKVWVDFKYHUVWlQGLJHQ(LQGUXFN1DFKGHPHUGLH+DOOHEHWUHWHQKDWWHGDXHUWHHVQLFKWOlQJHU DOV HLQH 9LHUWHOVWXQGH ELV HU DXV GHP *HZLUU GHU YLHOHQ 6WUHXIHOGHU GLH HU HPSILQJ GDVMHQLJH KHUDXVJHIXQGHQ KDWWH QDFK GHP HU VXFKWH 'LH *HQHUDWRUHQ DUEHLWHWHQ QDFK GHP 3ULQ]LS GHU .HUQIXVLRQ ,KUH $XVVWUDKOXQJHQ ERWHQ DOOH GDV JOHLFKH 0XVWHU $EHU LUJHQGZR GD]ZLVFKHQ ZDU HW ZDV GDV QLFKW LQ GLH +DOOH JHK|UWH 0HHFK EHZHJWH VLFK JLQJ UFNZlUWV XQG YRUZlUWV XQG DFKWHWH GDUDXIREGLH:DKUQHKPXQJGDEHLVWlUNHURGHUVFKZlFKHUZXUGH$XIGLHVH:HLVHIDQGHUKHUDXVLQ ZHOFKHU 5LFKWXQJ HU GDV IUHPGH 'LQJ ]X VXFKHQ KDWWH (U IDQG QRFK PHKU (U HUUHFKQHWH GLH ,QWHQVLWlWV]XQDKPH ZlKUHQG HU VLFK LQ 5LFKWXQJ DXI GDV =LHO EHZHJWH (U XQWHUOHJWH LKU HLQH $EKlQJLJNHLWPLWOUXQGIDQGGDLQGLHVHP)DOOGDV'LQJGDVHUVXFKWHHLQSDDU0HWHUYRULKP DXI GHP IODFKHQ %RGHQ OLHJHQ PVVH 'HU %RGHQ ZDU MHGRFK OHHU (V VDK QLFKW VR DXV DOV RE GRUW MHPDQGHWZDVYHUERUJHQKDWWH0HHFKYHUVXFKWHHVPLWHLQHUOUñ$EKlQJLJNHLW 'DV(UJHEQLVZDU GDGLHXQEHNDQQWH6WUDKOTXHOOHLUJHQGZRDQGHUJHJHQEHUOLHJHQGHQ+DOOHQZDQGOLHJHQPVVH=XP %HLVSLHO LQ GHP JURHQ 0HWDOONDVWHQ GHV 6DPPOHUV DXI GHQ 0HHFK VLFK ]XEHZHJWH 'DV ZDU DXIVFKOXUHLFK 0LW HLQHP O Uñ*HVHW] YHUOLHIHQ GLH 6WUHXVWUDKOXQJHQ DOOHU +\SHUIHOGHU 'LFKW YRU GHP6DPPOHUZDUGHU(PSIDQJ VRGHXWOLFKGD HV0HHFKJHODQJGLH(LQZLUNXQJGHU*HQHUDWRUHQ Y|OOLJ DE]XVFKLUPHQ XQG VLFK DOOHLQH DXI GDV *HUlW ]X NRQ]HQWULHUHQ GDV YRU LKP ODJ (V JDE MHW]W NHLQHQ=ZHLIHOPHKUGDUDQGDHVLQGHQ6DPPOHUHLQJHEDXWZDU'DVHUVFKLHQUFNZlUWVEHWUDFKWHW GHUYHUQQIWLJVWH3ODW]GDV*HUlWXQWHU]XEULQJHQ:HQQMHPDQGGLHJHVDPWH(QHUJLHSURGXNWLRQHLQHV .UDIWZHUNV DE]DSIHQ ZROOWH GDQQ KLHOW HU VLFK DQ GHQ 6DPPOHU LQ GHP GLH (QHUJLHVWU|PH DOOHU *HQHUDWRUHQ]XVDPPHQIORVVHQ 0HHFKQDKPGLHPDQQLJIDFKHQ(LQGUFNHGHUIUHPGHQ6WUDKOXQJLQ VLFKDXI8QGDOVHUVLHPLW'LQJHQYHUJOLFKGLHHULUJHQGZDQQIUKHUHLQPDOZDKUJHQRPPHQXQGLQ VHLQHP*HGlFKWQLVJHVSHLFKHUWKDWWHPDFKWHHUHLQHK|FKVWEHUUDVFKHQGH(QWGHFNXQJ 'DV0XVWHU GHU6WUDKOXQJVWLPPWHPLWGHP0XVWHUGHV(QHUJLHVFKRFNVEHUHLQGHQHUJHVWHUQXPGUHL]HKQ8KU DFKW HPSIDQJHQ KDWWH 0HHFK JLQJ ]XP QlFKVWHQ %LOGVSUHFKJHUlW XQG LQIRUPLHUWH GLH +HUUHQ YRP 9HUVWDQGGDHUGHQ6DPPOHUDXVHLQDQGHUQHKPHQZHUGH(UNPPHUWHVLFKQLFKWXPLKUHHQWVHW]WHQ

*HVLFKWHU 2]R NDP ]X GHU hEHU]HXJXQJ GD MHW]W QLFKWV PHKU VFKLHIJHKHQ N|QQH =ZHL YRQ GHQ GUHL QRFK EULJJHEOLHEHQHQ7HUUDQHUQEHIDQGHQVLFK DQ HLQHU 6WHOOHZR HUVLHMHGHU]HLW HUUHLFKHQ NRQQWHEHU GHQ 9HUEOHLEGHVOHW]WHQZXWHPDQYRUOlXILJQRFKQLFKWV 'HUHUVWH7HUUDQHUZDUEHUUDVFKHQGHUZHLVHLQGHU 7UDQVIRUPDWRUHQVWDWLRQ DXIJHWDXFKW 'RUW ZUGH HU NHLQHQ 6FKDGHQ DQULFKWHQ N|QQHQ DXHU YLHOOHLFKW GD HU QRFK HLQ SDDU :DFKURERWHU DXHU %HWULHE VHW]WH $EHU 2]R KDWWH JDU QLFKW YRU ZHLWHUH 5RERWHU JHJHQ LKQ HLQ]XVHW]HQ (LQH 6RQGHUVFKDOWXQJ ZDU DNWLYLHUW ZRUGHQ XQG GHU 7HUUDQHU VWDQG XQWHU IRUWZlKUHQGHUhEHUZDFKXQJ$XIGLHVH:HLVHZDU2]REHNDQQWJHZRUGHQGDGHU7HUUDQHUGDV0lGFKHQ EHIUHLW KDWWH $XFK GDV lQGHUWH MHGRFK DP $EODXI VHLQHU 3OlQH QLFKWV 'LH EHLGHQ NRQQWHQ GLH 7UDQVIRUPDWRUHQVWDWLRQQLFKWYHUODVVHQ'HU)HOGVFKLUPKLQGHUWHVLHGDUDQ(VZDUDOVRDOOHVLQ2UGQXQJ *ODXEWH2]R (LQ,UUHQKDXVZDUQLFKWVGDJHJHQ/RRUDP$UNDGGVDLQGHU0LWWHGHV5DXPHVDXIHLQHPKRKHQZHLHQ .LVVHQ$XIGHQ.QLHQVFKDXNHOWHHUHLQ0lGFKHQ/RRUDPZDUQLFKWEHLGHU6DFKH(UVWDUUWHVFKUlJLQ GLH+|KHDXIGLHJHJHQEHUOLHJHQGH:DQG/DUU\IROJWHVHLQHP%OLFNDEHUDXIGHU:DQGJDEHVQLFKWV]X VHKHQ/RRUDPPHGLWLHUWH*HQDXGDVVHOEHWDWHQDXFKGLHDQGHUHQ/HXWH6LHVDHQHEHQVRZLH/RRUDP DXI.LVVHQRGHUODJHQIODFKDXIGHP%RGHQ(LQSDDUKDWWHQGLH$XJHQJHVFKORVVHQDQGHUHVWDUUWHQ LUJHQGZRKLQLQV/HHUH'LH$QNXQIWGHUEHLGHQ7HUUDQHUGLHGDV=LPPHUHUVWQDFKOlQJHUHP6XFKHQ JHIXQGHQ KDWWHQ VFKLHQ QLHPDQG ]X EHPHUNHQ 9HUZLUUW EOLHE /DUU\ LQ GHU 1lKH GHU 7U VWHKHQ /RIW\GUlQJWHVLFKKLQWHULKQXQGIOVWHUWHLKP]X ª9LHOOHLFKWVROOWHPDQHLQH3LVWROHDEVFKLHHQXP VLHDXI]XZHFNHQ© /DUU\ EHUIORJ GLH 6]HQH (U HQWGHFNWH HLQ ]ZHLWHV 0lGFKHQ GDV LP +LQWHUJUXQG GHV 5DXPV YRU HLQHP.lVWHQVDGHUZLHHLQHDOWPRGLVFKH5HJLVWULHUNDVVHDXVVDK'DV0lGFKHQVWDUUWHYRUVLFKKLQ DXIGHQ.lVWHQDOVZDUWHWHHVDXIHWZDV(LQHUGHU7UlXPHUVSUDQJSO|W]OLFKLQGLH+|KH(UVWHPPWH GLH $UPH LQ GLH 6HLWH XQG EHXJWH VLFK UFNZlUWV 'DV *HVLFKW ]XU 'HFNH JHZDQGW VWLH HU HLQHQ VFKULOOHQ6FKUHLDXV'DQQVSUXGHOWHHULQXQYHUVWlQGOLFKHU+DVWKHUYRUª+DOENUHLVWRWURWREHQUHFKWV VLHEHQXQG]ZDQ]LJHLQXQGGUHLLJ6LHEHQXQGDFKW]LJ)ROJHQ%HZHJXQJ.ODVVHHLQVHLQV]ZHL)DUEH YRQ WRWURW QRFK KRIIQXQJVJUQ ZHFKVHOQG ,Q GHU OHW]WHQ 6HNXQGH XQVSHNWUDOHU )DUEVSUXQJ QDFK VWDUNEODX© (U KDWWH GDV OHW]WH :RUW NDXP JHVSURFKHQ GD VDQN HU ZLHGHU LQ VLFK ]XVDPPHQ XQG ILHO DXI VHLQ .LVVHQ ]XUFN $OV RE QLFKWV JHVFKHKHQ ZlUH VD HU GD XQG VWDUUWH YRQ QHXHP YRU VLFK KLQ .HLQ =ZHLIHO VLH ZDUHQ GDEHL HLQ )LNWLYSURJUDPP ]X HQWZHUIHQ 6LH EHGLHQWHQ VLFK LKUHU )DFKVSUDFKH XQG/DUU\KDWWHQLFKWGLHJHULQJVWH+RIIQXQJVLHMHPDOV]XYHUVWHKHQ/RRUDP$UNDGGHUZDFKWHMHW]W DXVVHLQHU6WDUUH ª*XW3DOORUJXW©OREWHHUPLWJHODQJZHLOWHU6WLPPHª1XUXQVSHNWUDOHU:HFKVHO YRQ KRIIQXQJVJUQ QDFK VWDUNEODX HUVW LQ GHU OHW]WHQ =HKQWHOVHNXQGH (U GDUI QXU HLQH $QGHXWXQJ VHLQYHUVWHKVWGX"© ª1DWUOLFK© DQWZRUWHWH 3DOORU 'DV 0lGFKHQ DQ GHU 5HJLVWULHUNDVVH EHZHJWH VLFK MHW]W (V GUFNWH HLQSDDU7DVWHQXQGGHU.lVWHQJDEVXPPHQGH *HUlXVFKHYRQVLFK:DKUVFKHLQOLFKZXUGHQGRUWGLH *HGDQNHQGHU.QVWOHULQRSWLVFKZDKUQHKPEDUH)LJXUHQXPJHVHW]W/RRUDPEHPHUNWHSO|W]OLFKGD HU %HVXFK KDWWH (U VFKRE GDV 0lGFKHQ YRQ GHQ .QLHQ QDKP HV EHL GHU +DQG XQG VWDQG DXI )UHXQGOLFKHV/lFKHOQHUVFKLHQDXIVHLQHP*HVLFKW'DV0lGFKHQQHEHQVLFKKHU]LHKHQGNDPHUDXI /DUU\]X ª,FKIUHXHPLFKVHKU©VDJWHHURKQHEHVRQGHUH%HWRQXQJ ª'LHVKLHULVW PHLQ/LHEOLQJ0DOOLNR,VW VLHQLFKWKEVFK"© 'DUDQ ZDU QLFKW ]X ]ZHLIHOQ /DUU\ PDFKWH HLQH OHLFKWH 9HUEHXJXQJ XQG 0DOOLNR GDQNWH PLW HLQHP NLQGLVFKHQ/lFKHOQ6LHVDJWHNHLQ:RUW ª(V ZLUG HLQ IDEHOKDIWHV 3URJUDPP ZHUGHQ© IXKU /RRUDP IRUW XQG KLHOW HV IU VHOEVWYHUVWlQGOLFK GD MHGHUPDQQZXWHZRYRQHUVSUDFKª:LUNOLFKWHUUDQLVFKH+DQGOXQJVZHLVHLVWHLQHLQPDOLJHV(UOHEQLV6R

]LHOEHZXWVRWDWNUlIWLJVRVRPLWUHLHQG© 5LQJVXPHUKREVLFK]XVWLPPHQGHV*HPXUPHO ª6LH KDEHQ VLFKHUOLFK QLFKWV GDJHJHQ ZHQQ ZLU 6LH HLQH :HLOH VWXGLHUHQ© EHJDQQ /RRUDP YRQ QHXHP ª'LH$UWZLH6LHKHUHLQJHNRPPHQVLQGLQGHQ*DUWHQPHLQHLFKXQG,KUPLOLWDQWHV$XVVHKHQZHUGHQ XQV]XQHXHQ*HGDQNHQDQUHJHQ(VZLUGHLQZXQGHUYROOHV3URJUDPPZHUGHQ© (UVFKLHQZLUNOLFKEHJHLVWHUW$EHU/DUU\NRQQWHVLFKGHV(LQGUXFNVQLFKWHUZHKUHQLQHLQH9HUVDPPOXQJ YRQ ,GLRWHQ KLQHLQJHUDWHQ ]X VHLQ (U HQWVFKOR VLFK ]X HLQHP 9RUVWR ª1DWUOLFK KDEHQ ZLU NHLQHQ (LQZDQG©DQWZRUWHWHHUXQGOlFKHOWH/RRUDP]Xª$EHUZXUGHHV,KQHQHWZDVDXVPDFKHQXQV]XYRU HLQSDDU)UDJHQ]XEHDQWZRUWHQ"© /RRUDPVWUDKOWH ªLPPHU QRFK GDV JOHLFKH =LHOEHZXWVHLQ 9HUORFNHQGH 'LQJH ZHUGHQ DQJHERWHQ DEHU QHLQ VLH EOHLEHQEHLLKUHP3ODQ*|WWOLFKH.XQVWZDVIU0HQVFKHQVLQGGRFKGLH7HUUDQHU© (UZDUYROOHKUOLFKHU%HZXQGHUXQJ ª:LUVLQGLPPHUQRFKDXIGHU6XFKHQDFKXQVHUHP/DQGVPDQQ©HUNOlUWH/DUU\XQJHUKUWª6HLWGHP HU ,KUHQ :DJHQ YHUIDVVHQ KDW LVW HU YHUVFKZXQGHQ :LU GDFKWHQ GD YLHOOHLFKW HLQHU ,KUHU )UHXQGH HWZDVEHUVHLQHQ9HUEOHLEZHL© 9HUZXQGHUW GUHKWH /RRUDP VLFK XP XQG EHUIORJ GLH WUlJHQ *HVWDOWHQ VHLQHU -XQJHU PLW HLQHP XQJOlXELJHQ%OLFN ª(LQHUYRQLKQHQ"©IUDJWHHUEHUUDVFKWª,FKZXWHQLFKWZLHVLHGD]XNlPHQHWZDV© ª'UIHQZLUVLHIUDJHQ"©XQWHUEUDFKLKQ/DUU\GHPGLH=HLWDXIGHQ1lJHOQEUDQQWH ª$EHUMDQDWUOLFK)UDJHQ6LH,FKELQVLFKHUGDMHGHUYRQLKQHQ© (UZXUGHXQWHUEURFKHQ(LQH6WLPPHVWDQGSO|W]OLFKNODUXQGGHXWOLFKLQGHU0LWWHGHV5DXPV/RIW\KRE YHUEOIIW VHLQHQ $UP DQ GHVVHQ +DQGJHOHQN HU GHQ 0LNURNRPHPSIlQJHU WUXJ 'DV *HUlW ZDU GXUFK GLH hEHUEHODVWXQJ ZDUP JHZRUGHQ XQG EUDQQWH LKP DXI GHU +DXW 'DV =LIIHUEODWW JOKWH KHOOURW DOV MHPDQG YRQLUJHQGZRKHUVlPWOLFKH(PSIlQJHUOHLVWXQJDNWLYLHUWH/DUU\]XFNWH]XVDPPHQ(UHUNDQQWH0HHFKV 6WLPPH6LHVDJWHDXIWHUUDQLVFKª9HUODVVHQ6LHVRIRUW/RRUDP$UNDGGV+DXV6LU*HIDKULVWLP9HU]XJ 9HUVXFKHQ 6LH VLFK VR VFKQHOO XQG VR ZHLW ZLH P|JOLFK ]X HQWIHUQHQ 6HUJHDQW 0HHFK +DQQLJDQ DP $SSDUDW6LU1RWVFKDOWXQJ©

(LQHKDOEH6WXQGHODQJVFKZLHJHQGLH+DXSWDJJUHJDWHGHV.UDIWZHUNV7KDSPRRU(LQHKDOEH6WXQGHODQJ HUKLHOWHQ 1RWJHQHUDWRUHQ HLQHQ VFKZDFKHQ %HWULHE DXIUHFKW (LQH KDOEH 6WXQGH ODQJ XQWHUVXFKWH GHU 5RERWHU 0HHFK +DQQLJDQ GDV NOHLQH )UHPGLQVWUXPHQW GDV LUJHQG MHPDQG LP JURHQ 6DPPOHU GHV .UDIWZHUNV XQWHUJHEUDFKW KDWWH 0HHFK ZDU HLQH ZDQGHOQGH SRVLWURQLVFKH 5HFKHQPDVFKLQH ,Q HLQHU KDOEHQ6WXQGHNRQQWHHU$XIJDEHQO|VHQ]XGHQHQHLQ0HQVFKHLQKDOEHV/HEHQJHEUDXFKWKlWWH,QHLQHU KDOEHQ6WXQGHHUNDQQWHHUGDV:HVHQGHV*HUlWVGDVHUJHIXQGHQKDWWHXQGEHJULIIZHOFKH*HIDKUGDYRQ DXVJLQJ 'LHVPDO EUDXFKWH HU VLFK QLFKW DXI (LQGUFNH ]X YHUODVVHQ GLH YRQ VHLQHQ ZHQLJ ]XP 'LVNULPLQLHUHQ JHHLJQHWHQ 6LQQHVRUJDQHQ VWDPPWHQ 'LHVPDO KDWWH HU GDV 'LQJ YRU VLFK (U QDKP HV YRUVLFKWLJDXVHLQDQGHUVRGDHV]XP%HLVSLHOQLFKWH[SORGLHUHQNRQQWHIDOOVHVHLQH%RPEHZDUXQG XQWHUVXFKWH MHGHV HLQ]HOQH 7HLO 'DV *HUlW EH]RJ VHLQH $XIQDKPHOHLVWXQJ DXV GHP 6DPPOHU (V WUDQVIRUPLHUWH VLH LQ HLQH (QHUJLHIRUP GLH 0HHFK QLFKW NDQQWH GHUHQ :LUNXQJVZHLVH HU DXV GHU $Q RUGQXQJ LKUHU .RPSRQHQWHQ HQWUlWVHOQ NRQQWH (V KDQGHOWH VLFK XP HLQ 9DULDQ]IHOG XQG QDFK 0HHFKV hEHU]HXJXQJ XP HLQ VROFKHV GDV GHQ YRQ GHP )HOG XPIDWHQ 2UW DXI GHU .DXVDOLWlWVDFKVH GHV IQIGLPHQVLRQDOHQ 5DXP=HLWM.RQWLQXXPV YRP 1XOOSXQNW ]X QHJDWLYHQ M:HUWHQ KLQ YHUVFKRE 0LW GHP 9DULDQ]IHOG ZDU HLQ 6HQGHYRUJDQJ JHNRSSHOW 'HU 6HQGHU DUEHLWHWH QDFK GHP +\SHUIXQN 5LFKWVWUDKOSULQ]LS XQG ZDU RKQH DOOHQ =ZHLIHO DXI GDV +DXV GHV .QVWOHUV /RRUDP $UNDGG JHULFKWHW 0HHFK YHUVWDQG LQ ZHOFKHU :HLVH GDV 9DULDQ]IHOG DQJHZHQGHW ZRUGHQ ZDU -HPDQG KDWWH GDV *HUlW LQ %HWULHE JHVHW]W XQG RKQH NDXVDOH 9HUNQSIXQJ PLW GLHVHP 9RUJDQJ ZDU ]XYRU DOOH YRP .UDIWZHUN HU]HXJWH(QHUJLHDEJHVDXJWXQGHLQHP(PSIlQJHULQ/RRUDP$UNDGGV+DXV]XJHOHLWHWZRUGHQ(VPRFKWH VHLQGDLQGLHVHP8QLYHUVXPGDVQDFKZLHYRUDP1XOOSXQNWGHU.DXVDOLWlWVDFKVHYHUKDUUWHGDV*HUlW MHW]W LQ GLHVHP $XJHQEOLFN QRFK JDU QLFKW DQJHVFKDOWHW ZRUGHQ ZDU $EHU LUJHQGZDQQ ZUGH HV DQJHVFKDOWHWZHUGHQ'DVEHZLHVGLH7DWVDFKHGDGLHDUNRQLGLVFKH(QHUJLHYHUVRUJXQJIU]HKQ0LQXWHQ

]XVDPPHQJHEURFKHQZDU0HHFKVDKLQGLHVHU(UNHQQWQLVNHLQHQ:LGHUVSUXFK(UNRQQWHGLH.DWDVWURSKH QLFKW HWZD GDGXUFK UFNJlQJLJ PDFKHQ GD HU GDV *HUlW YHUQLFKWHWH (U ZXUGH DXI NHLQHQ )DOO GHQ QRUPDOHQ (IIHNW GDPLW KHUYRUUXIHQ QlPOLFK GLH )XQNWLRQVIlKLJNHLW GHV *HUlWHV 'HQQ GDV *HUlW VHOEVW ZDU %HVWDQGWHLO VHLQHV HLJHQHQ 9DULDQ]IHOGHV XQG ZXUGH DXI (LQJULIIH XQNDXVDO UHDJLHUHQ $XFK GHU (PSIlQJHULQ/RRUDPV+DXVPXWHYRQVHLQHPHLJHQHQ9DULDQ]IHOGXPJHKHQVHLQ6RQVWZlUHHUQLFKWLQ GHU /DJH GLH DXVJHVWUDKOWH (QHUJLH ]X HPSIDQJHQ ,Q /RRUDPV +DXV JDE HV DOVR HLQHQ 5DXP GHVVHQ .DXVDOLWlWVNRRUGLQDWHQLFKWPLWGHUVHLQHU8PJHEXQJEHUHLQVWLPPWH8QGHLQK|KHU%HWUDJYRQ(QHUJLH ZXUGHGRUWJHVSHLFKHUW:HQQMHPDQGLQ]ZHL7DJHQGLHVH(QHUJLHVFKODJDUWLJ]XP$XVIOXEUDFKWHGDQQ ZXUGH YLHOOHLFKW MHW]W /RRUDPV +DXV LQ GLH /XIW IOLHJHQ /DUU\ 5DQGDOO XQG /RIW\ 3DWWHUVRQ ZDUHQ GRUW 1RFKEHYRU0HHFK GHQ6DPPOHUZLHGHU ]XVDPPHQVHW]WH VFKDOWHWHHUVHLQHQ 0LNURNRPDXI 1RWOHLVWXQJ XQG LQIRUPLHUWH VHLQH 9RUJHVHW]WHQ YRQ GHU P|JOLFKHQ *HIDKU (UVW GDQQ EHHQGHWH HU VHLQH $UEHLW HQWQDKP GDV NOHLQH )UHPGJHUlW GHP 6DPPOHUNDVWHQ XQG VHW]WH GHQ 6DPPOHU ZLHGHU LQVWDQG 'LH (QWQDKPH GHV )UHPGJHUlWV ZXWH HU ZUGH QLFKWV DQ GHU 7DWVDFKH lQGHUQ GD YRU HLQLJHQ 6WXQGHQ $5.216(QHUJLHYHUVRUJXQJ]XVDPPHQJHEURFKHQZDU'LH$UEHLWVZHLVHGHVNOHLQHQ$SSDUDWHVXQWHUODJ HLQHU DQGHUHQ $UW .DXVDOLWlW 0HHFK NHKUWH ]X GHQ %URUlXPHQ ]XUFN ZR GLH OHLWHQGHQ %HDPWHQ GHV .UDIWZHUNV DXI LKQ ZDUWHWHQ (U ]HLJWH LKQHQ GDV IUHPGH *HUlW XQG LQIRUPLHUWH VLH GDUEHU GD HV ZDKUVFKHLQOLFK LQ DOOHQ .UDIWZHUNHQ $5.216 JOHLFKH ,QVWUXPHQWH JDE (U EHUOLH HV LKQHQ GLH JHHLJQHWHQ6FKULWWH]XXQWHUQHKPHQ'DQDFKPDFKWHHUVLFKDXIGHPVFKQHOOVWHQ:HJ]X/RRUDP$UNDGGV +DXV XP LQ GHU 1lKH ]X VHLQ ZHQQ VLFK HWZDV 8QYRUKHUJHVHKHQHV HUHLJQHWH 8P ]HKQ 8KU DQ GLHVHP 0RUJHQ HPSILQJ GLH NDLVHUOLFKH 3ULYDWNDQ]OHL HLQH %RWVFKDIW LQ GHU GHU ,PSHUDWRU DXIJHIRUGHUW ZXUGH VHLQH VlPWOLFKHQ 3ULYLOHJLHQ RKQH =|JHUQ GHU *HVHOOVFKDIW IU GLH %HZDKUXQJ $5.216 ]X EHUWUDJHQ 'LH *HVHOOVFKDIW GURKWH DQ GD VLH LP )DOOH HLQHU :HLJHUXQJ IU GHQ %HVWDQG $5.216 QLFKW OlQJHU JDUDQWLHUHQ N|QQH (V ZDU NHLQH $QGHXWXQJ JHPDFKW ZDV GLH *HVHOOVFKDIW PLW GHU NDLVHUOLFKHQ 0DFKW DQIDQJHQ ZROOH 'LH %RWVFKDIW HUKLHOW QXU GLH )RUGHUXQJ XQG GLH 'URKXQJ 8QG QDWUOLFK HLQHQ 7HUPLQ ELV ]X GHP GLH $QWZRUW GHV ,PSHUDWRUV VSlWHVWHQV HUZDUWHW ZXUGH 1DFKPLWWDJV IQI]HKQ 8KU 'DV *HOlFKWHULQGHU.DQ]OHLZDUJUR1XUHLQHUODFKWHQLFKWGHU,PSHUDWRUVHOEVW 'DV*UDXHQNURFKLKP EHUGHQ5FNHQ

(V KDWWH NHLQHQ =ZHFN $LQD GLH 6DFKH ]X HUNOlUHQ 6LH ZXUGH QLFKWV GDYRQ YHUVWHKHQ 5RQ PDFKWH LKU MHGRFK NODU GD GLH /DJH JHIlKUOLFK ZDU 6R XQYRUVWHOOEDU JHIlKUOLFK GD VLH NHLQH 6HNXQGH PHKU YHUOLHUHQ GXUIWHQ 5RQ NDP NDXP ]X %HZXWVHLQ GD VHLQ 9HUGDFKW ELVODQJ GXUFK QLFKWV DXHU GHU EHLOlXILJHQ %HPHUNXQJ HLQHV DUDXNDQLVFKHQ 0lGFKHQV JHVWW]W ZDU :HQQ HU XQUHFKW KDWWH XP VR EHVVHU:HQQHUUHFKWKDWWHGDQQJLQJHVXPGDV/HEHQYRQ0LOOLDUGHQ0HQVFKHQ8PGHQ%HVWDQGGUHLHU GLFKWEHY|ONHUWHU:HOWHQ(UIDWH$LQDEHLGHU+DQGXQGOLHIPLWLKUGXUFKGHQ*DQJ]XUFNGXUFKGHQHU JHNRPPHQ ZDU 6LH HUUHLFKWHQ GLH JURH 7UDQVIRUPDWRUHQKDOOH LQ ZHQLJHQ 6HNXQGHQ 5RQ ZDQGWH VLFK QDFK UHFKWV XQG |IIQHWH GLH 7U KLQWHU GHU HU GLH IUHPGDUWLJH 0DVFKLQH JHVHKHQ KDWWH (U KDWWH GDV GHXWOLFKH*HIKOGDHUPHKUEHUGDV*HKHLPQLVZLVVHQZUGHGDVGLH+DOOHHQWKLHOWZHQQHUEHJULIIHQ KDWWHZHOFKHP=ZHFNGLH0DVFKLQHGLHQWH (UOLH$LQDLQGHU1lKHGHU7UVWHKHQVRGDGLH7UVLFK QLFKW VFKOLHHQ NRQQWH (U EDW GDV 0lGFKHQ GLH $XJHQ RIIHQ]XKDOWHQ ZlKUHQG HU PLW GHU 0DVFKLQH EHVFKlIWLJW ZDU $LQD JHKRUFKWH 5RQ VWXGLHUWH GDV 6FKDOWEUHWW (V WUXJ NHLQHUOHL %HVFKULIWXQJ $QVFKHLQHQGZXUGHQDOOH*HUlWHKLHUXQWHQYRQ5RERWHUQEHGLHQW6LHEUDXFKWHQNHLQH6FKULIW]HLFKHQ6LH NDQQWHQ VLFK 3RVLWLRQHQ XQG %HGHXWXQJHQ YRQ KXQGHUWWDXVHQG 6FKDOWNQ|SIHQ PLW /HLFKWLJNHLW PHUNHQ (LQ7HLOGHV*HUlWVZDUUHODWLYOHLFKW]XYHUVWHKHQ5RQKDWWHbKQOLFKHVVFKRQJHVHKHQ(VKDQGHOWHVLFK XP HLQHQ )HOGJHQHUDWRU GHU +\SHUIHOGHU K|KHU )UHTXHQ] HU]HXJWH XQG DXVVWUDKOWH 'LH LUGLVFKH :LVVHQVFKDIW H[SHULPHQWLHUWH PLW VROFKHQ )HOGHUQ )U GHQ )XQNYHUNHKU ZDUHQ VLH ZHJHQ GHU 0RGXODWLRQVVFKZLHULJNHLWHQ QLFKW ]X YHUZHQGHQ $EHU*HUFKWH EHU GLH0|JOLFKNHLW IQIGLPHQVLRQDOH :HOWYHNWRUHQGXUFK$QZHQGXQJKRFKIUHTXHQWHU+\SHUIHOGHU]XNUPPHQZDUHQEHUDOOLP8PODXI 'LH (ULQQHUXQJ DQ GDV *HUFKW EUDFKWH 5RQ DXI GLH ULFKWLJH 6SXU (U XQWHUVXFKWH HLQHQ DQGHUHQ 7HLO GHU 6FKDOWSODWWH 8QG PLW GHP +LQZHLV GHQ HU MHW]W VFKRQ EHVD HUNDQQWH HU DXFK GHVVHQ %HGHXWXQJ (U VWHXHUWH HLQ 9DULDQ]IHOG GDV PLW GHP KRFKIUHTXHQWHQ +\SHUIHOG UHVRQDQW JHNRSSHOW ZDU 9DULDQ]IHOGHU ZDUHQ*HELOGHPLWGHQHQGLHWHUUDQLVFKH7HFKQLNYRUOlXILJQRFKHEHQVRZHQLJDQ]XIDQJHQZXWHZLH PLWGHQKRFKIUHTXHQWHQ+\SHUIHOGHUQ$EHUPDQZXWHZHQLJVWHQVZR]XPDQVLHHLQHV7DJHVZXUGH

JHEUDXFKHQN|QQHQZHQQPDQVLH]XKDQGKDEHQYHUVWDQG :LHHLQ%OLW]NDP5RQGLH(UOHXFKWXQJ 'LHQHJDWLYH.DXVDOLWlWVNRRUGLQDWH'HU)HOGVFKLUPDQGHPHUVLFKZXQGJHVWRHQKDWWHDOVHUGXUFK GHQ$QWLJUDYVFKDFKWLQGLH+DOOHKHUXQWHUNDP (VZDUNHLQHUGHUEOLFKHQ)HOGVFKLUPH(UVFKLUPWH HLQ*HELHWQHJDWLYHU.DXVDOLWlWJHJHQGLH8PJHEXQJDE'LHJHVDPWH+DOOHJHK|UWH]XGHPJOHLFKHQ YHUUFNWHQ8QLYHUVXPLQGHPDXFK5RQVLFKVHLWGHP(LQJULIIGHV8QEHNDQQWHQEHIDQG 'HVZHJHQ KDWWHQ GLH 5RERWHU LKQ RKQH ZHLWHUHV HUNHQQHQ N|QQHQ 'HVZHJHQ EHZHJWHQ VLFK KLHU XQWHQ GLH 7UHQ ZHQQ HU DXI VLH ]XWUDW YHUVDQNHQ 6FKDOWNQ|SIH LQ LKUHQ )DVVXQJHQ ZHQQ HU VLH GUFNWH 'HVZHJHQNRQQWHHU$LQDV+DQGVSXUHQ$OOGDVZlUHQLFKWP|JOLFKJHZHVHQZHQQHUVLFKQDFKZLH YRU DXI HLQHP 3XQNW DQGHUHU .DXVDOLWlW DOV VHLQH 8PJHEXQJ EHIXQGHQ KDWWH (U KDWWH IUKHU GDUDXI NRPPHQPVVHQ'LHIUHPGH0DVFKLQHZDUQLFKWVDQGHUHVDOVGHU6FKLUPIHOGJHQHUDWRUGHUGLH+DOOH VFKW]WH :HQQ HU OHUQWH ZLH VLH ]X EHGLHQHQ ZDU GDQQ VWDQG LKQHQ GHU :HJ QDFK GUDXHQ RIIHQ 8QG HU VHOEVW ZXUGH QLFKW PHKU LQ MHQHU YHUUFNWHQ :HOW QHJDWLYHU .DXVDOLWlW OHEHQ PVVHQ 6HLQH *HGDQNHQEHUVWU]WHQVLFK(UPXWHVLFKPLW*HZDOW]XU5XKH]ZLQJHQ:HQQHUDQGHU0DVFKLQH KHUXPVFKDOWHWHZXUGHHUQLFKWVHKHQN|QQHQZHOFKHQ(UIROJHUHU]LHOWH-HPDQGPXWH]XUJOHLFKHQ =HLW YRUQH LP 6FKDFKW VWHKHQ XQG EHREDFKWHQ RE GLH 5LFKWXQJ GHV $QWLJUDYIHOGHV XPNODSSWH 'HU )HOGVFKLUP VHOEVW ZDU YRQ LQQHQ KHU QLFKW ]X VHKHQ $EHU GDV NQVWOLFKH 6FKZHUHIHOG ZUGH DQ ]HLJHQZDQQHUYHUVFKZDQG(UZDQGWHVLFKKDOE]XU6HLWHXQGIDWH$LQDEHLGHQ6FKXOWHUQ ª+|U JXW ]X $LQD© EDW HU VLH HLQGULQJOLFK ª$5.21 LVW LQ JURHU *HIDKU 'LHVH 0DVFKLQHQ KLHU VROOHQGLH.RQVWHOODWLRQGHUGUHLDUNRQLGLVFKHQ3ODQHWHQGXUFKHLQDQGHUEULQJHQXQGGLH3ODQHWHQLQGLH 6RQQH VWU]HQ ODVVHQ :HQQ ZLU GDV YHUKLQGHUQ ZROOHQ GDQQ PVVHQ ZLU ]XHUVW HLQPDO KLHU KHUDXVNRPPHQ© (U VDK ZLH GDV 0lGFKHQ HUVFKUDN XQG OLH LKU HLQ SDDU 6HNXQGHQ =HLW ]XU %HUXKLJXQJª'LHVH0DVFKLQH|IIQHWXQVGHQ$XVJDQJ©IXKUHUIRUWª$EHULFKZHLQLFKWZLHLFK VLH EHGLHQHQ PX ,FK PX KHUXPSURELHUHQ 6RODQJH LFK KLHU VWHKH NDQQ LFK QLFKW VHKHQ RE LFK (UIROJ KDEH ,FK EUDXFKH GHLQH +LOIH *HK QDFK YRUQH ]XP 6FKDFKW 8QWHU QRUPDOHQ 8PVWlQGHQ HQWKlOW HU HLQ NQVWOLFKHV 6FKZHUHIHOG $EHU VRODQJH GHU (LQJDQJ YHUVSHUUW LVW VSUW PDQ HV QLFKW :HQQGXPHUNVWZLHGDV)HOGGLFKLQGLH+|KHKHEWGDQQKDEHLFKKLHUULFKWLJJHVFKDOWHW*LEPLU HLQ=HLFKHQGDPLWLFKHVZHL=XP%HLVSLHO© (UKDWWHVLFKQRFKQLFKWEHUOHJWZDVIUHLQ=HLFKHQVLHLKPJHEHQNRQQWH'LH(UVDW]ZDIIHILHOLKP HLQGLHHULQHLQHP)XWWHUDOXQWHUVHLQHU-DFNHWUXJ(VZDUHLQNOHLQHU7KHUPRVWUDKOHU5RQ]RJLKQ KHUDXV XQG JDE LKQ GHP 0lGFKHQ ª6FKLH TXHU GXUFK GLH +DOOH ,FK ZHUGH HV IDXFKHQ K|UHQ XQG %HVFKHLGZLVVHQ$OOHVNODU"© $LQDQLFNWH6LHKDWWH$QJVW5RQVDKHVLKUDQ(UKDWHVLFKGDIUGDHUVLHPLWDOOLKUHU)XUFKWXQG RKQH+LOIHIRUWVFKLFNWH$EHUHVEOLHELKPQLFKWVDQGHUHVEULJ(UPXWHHVWXQ'DV0lGFKHQGUHKWH VLFKXPXQGJLQJDXIGLHRIIHQH7U]X5RQZDUWHWHELV$LQDQDFKVHLQHU$QVLFKWGHQ6FKDFKWHUUHLFKW KDEHQ PXWH 'DQQ ILQJ HU DQ GLH +HEHO XQG .Q|SIH GHU 0DVFKLQH ]X EHGLHQHQ 6HLQH 8QJHGXOG WULHE LKP GHQ 6FKZHL DXI GLH 6WLUQ $EHU QDFK MHGHP +DQGJULII PXWH HU ZDUWHQ XQG LQ GLH +DOOH KLQDXVKRUFKHQRE$LQDQLFKWGDV=HLFKHQJDE'LH=HLWVFKLHQ]XUDVHQ)DVWLQMHGHU+RUFKSDXVHVDK 5RQDXIGLH8KU$EHUHVZDUHQLPPHUQXUHLQSDDU6HNXQGHQYHUJHJDQJHQ6HLQH*HGDQNHQLUUWHQ DE:lKUHQGHUGLH+HEHOEHGLHQWHGDFKWHHUGDUEHUQDFKZDVVLHWXQZUGHQZHQQVLHHUVWHLQPDO GUDXHQZDUHQ(UYHUORUVHLQH.RQ]HQWUDWLRQ(UZXWHSO|W]OLFKQLFKWPHKUDXIZHLFKHQ.QRSIHU VFKRQJHGUFNWKDWWH(U]ZDQJVHLQHQ9HUVWDQG]XU5XKHXQGULFKWHWHVHLQH$XIPHUNVDPNHLWHLQ]LJ XQG DOOHLQ DXI GLH 0DVFKLQH YRU LKP 1DFK HLQHU :HLOH KDWWH HU GDV *HIKO GD GLH +HEHO GLH HU EHUKUWH KHL ZXUGHQ (U VFKRE HV ]XHUVW DXI VHLQH 8QUXKH $EHU GDQQ YHUEUDQQWH HU VLFK DQ HLQHP GHU 3ODVWLNJULIIH GLH +DQG (U IXKU ]XUFN XQG VWDUUWH GHQ +HEHO DQ :DV HUKLW]WH LKQ" +LQWHU LKP VXPPWH HWZDV =XYRU KDWWH HU GDV *HUlXVFK QLH JHK|UW (U IXKU KHUXP +LQWHU LKP VHLWOLFK YRQ GHU JURHQ 0DVFKLQH VWDQG HLQHU GHU .lVWHQ ZLH HV VLH DXFK GUDXHQ LQ GHU +DOOH JDE 5RQ KDWWH VLH IU 6WHXHUDJJUHJDWH JHKDOWHQ 'LHVHU .lVWHQ KLHU KDWWH ELV MHW]W NHLQ *HUlXVFK YRQ VLFK JHJHEHQ $EHU MHW]W VFKLHQHULQYROOHU7lWLJNHLW(V ZDUQlUULVFK ]XJODXEHQGDGHUKHLH+HEHO HWZDVGDPLW]XWXQKDEHQ NRQQWH $EHU 5RQ ZXUGH GHQ *HGDQNHQ QLFKW ORV (U VWHOOWH VLFK VR GD HU GLH 0DVFKLQH XQG GDV 6WHXHUDJJUHJDWJOHLFK]HLWLJVHKHQNRQQWH'DQQ]RJHUVHLQHQ6WUDKOHUGUHKWHLKQLQGHU+DQGXQGVFKOXJ

GHQ+HEHOPLWGHP.ROEHQGHU:DIIHQDFKXQWHQ 'DV$JJUHJDWYHUVWlUNWHVHLQ6XPPHQ'HU+HEHOILQJ DQ]XUDXFKHQ3ODVWLNVFKPRO]XQGOLHILQWUlJHQ%DKQHQDXIGDV6FKDOWEUHWWKHUXQWHU5RQHUVFKUDNXQG LPJOHLFKHQ$XJHQEOLFNYHUVWDQGHUZDVYRUVLFKJLQJ'HUNOHLQH.l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lFKVWHQ.QRSI]XGUFNHQ$EHUDXFKGHU.QRSIZDUKHL'LH)LQJHUNXSSHEOLHEGDUDQ KlQJHQ5RQYHUELVHLQHQ6FKPHU]XQGKLHEGHQ.QRSIPLWGHP.ROEHQVHLQHV6WUDKOHUVGRUWKLQZRHU LKQ KDEHQ ZROOWH 'DV YHUDQODWH GHQ 5RERW DQVFKHLQHQG GD]X HLQH HQGJOWLJH (QWVFKHLGXQJ ]X WUHIIHQ (LQ6FKZDOOXQHUWUlJOLFKHU+LW]HGUDQJYRQGHU0DVFKLQHKHUDXI5RQHLQXQG]ZDQJLKQ]XP5FN]XJ 'HU JDQ]H 5DXP VFKLHQ SO|W]OLFK YRQ ZDEHUQGHU +HLOXIW HUIOOW 5RQ ZLFK ELV ]XU :DQG ]XUFN XQG VFKQDSSWH QDFK /XIW $EHU QDFK HLQHU NXU]HQ :HLOH HUKLW]WH VLFK DXFK GLH :DQG 5RQ EHREDFKWHWH GLH 0DVFKLQH VFKDUI 'HU 5RERW HUKLW]WH VLH VR GD DOOH DQ GHU $XHQZDQG XQWHUJHEUDFKWHQ 6FKDOWHLQKHLWHQ VFKPRO]HQ $EHU GLH $XHQZDQG VHOEVW EOLHE XQEHVFKlGLJW 6LH YHUIlUEWH VLFK QLFKW HLQPDO 6LH VSUWH QLFKWV YRQ GHU +LW]H 5RQ EHJULII 'LH 6FKDOWHU ZDUHQ QXU IU GHQ 1RWEHWULHE JHGDFKW 'DIU GD EHLP 9HUVDJHQHLQHUGHU6WHXHUHLQKHLWHQHLQEHZHJOLFKHU5RERWHURGHUJDUHLQ0HQVFKGLH0DVFKLQHWURW]GHP QRFK EHGLHQHQ NRQQWH ,P 1RUPDOEHWULHE ZXUGHQ GLH $XHQVFKDOWHU QLFKW JHEUDXFKW 'HU 5RERW YHUQLFKWHWH VLH GDPLW GHU 7HUUDQHU QLFKWV PHKU GDPLW DQIDQJHQ NRQQWH 6R HLQIDFK ZDU GDV EHUOHJWH 5RQ 7ULXPSK VWLHJ LQ LKP DXI ZlKUHQG LKP GHU 6FKZHL LQ GHQ $XJHQEUDQQWH XQG VHLQH +DXW %ODVHQ EHNDP (U JULII VHLQH :DIIH IHVWHU XQG KRE GLH $UPH (U ZUGH VLFK EHHLOHQ PVVHQ 6HLQ 6WUDKOHU ZDU NHLQ+RFKOHLVWXQJVJHUlW8QGLQHLQHU0LQXWHZUGHHVKLHUGULQQHQVRKHLVHLQGDHUEHUKDXSWNHLQH /XIWPHKUEHNDP6HOEVWGLH:DIIHZDUKHL5RQYHUELGHQ6FKPHU]DOVHUGHQ$XVO|VHUGUFNWH1RFK EHYRU GLH JHEQGHOWH (QHUJLH DXV GHP /DXI IDXFKWH K|UWH HU GUDXHQ GLH NODSSHUQGHQ 6FKULWWH GHU :DFKURERWHU

2]R UHDJLHUWH VRIRUW DOV GHU 7HUUDQHU ]X KDQGHOQ EHJDQQ 'HU 9DULDQ]IHOG*HQHUDWRU ZXUGH JHVLFKHUW :DFKURERWHU VHW]WHQ VLFK LQ 0DUVFK XP GHQ (LQGULQJOLQJ ]X IDQJHQ 'DV 0lGFKHQ EHGHXWHWH NHLQH *HIDKU 6LH PRFKWH LP 6FKDFKW ZDUWHQ ELV VLH YRU +XQJHU XQG 'XUVW XPNDP $EHU GHU 7HUUDQHU PXWH EHVHLWLJWZHUGHQ 2]RHPSIDQGVRHWZDVbKQOLFKHVZLH8QJHGXOG'LH+LW]HHQWZLFNOXQJLP5DXPGHV 9DULDQ]IHOG*HQHUDWRU KDWWH GHQ *HJQHU OlQJVW YHUWUHLEHQ PVVHQ $EHU HU ZDU LPPHU QRFK GD 'LHVH %HREDFKWXQJ KDWWH 2]R NDXP JHPDFKW GD ZXUGH GHU QlFKVWH 6FKULWW GHV 7HUUDQHUV RIIHQEDU (U EHJDQQ DXIGHQ*HQHUDWRU]XVFKLHHQ2]REHJULIIGDHUGHQ7HUUDQHUMHW]WQLFKWPHKUGDYRQDEKDOWHQNRQQWH VFKZHUHQ6FKDGHQDQ]XULFKWHQ6HOEVWGLH5RERWHUZUGHQ]XVSlWNRPPHQ2]R PDFKWHVLFKEHUHLWGLH $XVIKUXQJ GHV *URHQ 3ODQHV ELV DXI XQDEVHKEDUH =HLW ]X YHUVFKLHEHQ =XPLQGHVW VR ODQJH ELV GHU 6FKDGHQ UHSDULHUW ZDU GHQ GHU 7HUUDQHU DQJHULFKWHW KDWWH XQG ELV GHU 7HUUDQHU VHOEVW DXV GHP :HJH JHUlXPW ZDU $XHUGHP ZXUGH HLQH 6RQGHUVFKDOWXQJ EOLW]VFKQHOO DNWLYLHUW 'LHVHU 6FKULWW GLHQWH MHGRFK DOOHLQH2]RV6HOEVWHUKDOWXQJ'LH'LQJHGLHVLFKLP/DXIHGHUQlFKVWHQ0LQXWHQHUHLJQHQZUGHQZDUHQ OHLFKW YRUKHU]XVHKHQ 7URW]GHP EHREDFKWHWH 2]R GLH 6]HQHQ GLH GLH *HUlWH EHUWUXJHQ PLW ZDFKHP ,QWHUHVVH6FKOLHOLFKZDUHLQHVROFKH(UIDKUXQJYRQQRFKQLHPDQGHPJHPDFKWZRUGHQ(VNRQQWHQLFKW VFKDGHQZHQQPDQVLFKGLH'LQJHJHQDXDQVDK5RQKLHOWGHQ6WUDKOHUPLWEHLGHQ+lQGHQ8PLKQKHUXP ZDU EUOOHQGHV IDXFKHQGHV VWDPSIHQGHV *HUlXVFK (LQHQ 7HLO GDYRQ SURGX]LHUWH VHLQH HLJHQH )DQWDVLH 'DV)DXFKHQNDPYRQGHQ:DIIHQ'DV6WDPSIHQYHUXUVDFKWHQGLH5RERWHU0LWKlOLFKHP6FKDUUHQO|VWH VLFK HLQH GHU 'HFNSODWWHQ GHU 0DVFKLQH 5RWJOKHQG VWU]WH VLH DXI GHQ %RGHQ XQG YHUVSUKWH HLQHQ )XQNHQUHJHQ 5RQ EHNDP GLH )XQNHQ LQV *HVLFKW DEHU VLH PDFKWHQ LKP QLFKWV PHKU DXV (U KDWWH HV EHLQDKHVFKRQJHVFKDIIW(LQH]ZHLWH3ODWWHILHOXQGGDQQEHJDQQGLH0DVFKLQHVLFKYROOHQGVDXI]XO|VHQ 'HU %RGHQ ]LWWHUWH DOV VLH ]XVDPPHQEUDFK )OVVLJHV 0HWDOO ]LVFKWH EHU GHQ %RGHQ 5RQ EHNDP NHLQH /XIW PHKU (U WDXPHOWH YRUZlUWV +LW]H ZDU EHUDOO XP LKQ KHUXP EUHQQHQGH ZDKQVLQQLJH +LW]H (U NRQQWH GLH $XJHQ QLFKW |IIQHQ (U KLHOW GLH +lQGH IODFK EHU GHP .RSI ZHLO LKP GDV *HKLUQ ]X YHUEUHQQHQVFKLHQ%OLQGOLQJVVWROSHUWHHU GXUFKHLQHZDEHUQGH+|OOHXQGSO|W]OLFKK|UWHHUGLH 6FKULWWH

GHU 5RERWHUYRU VLFK (U VWDQG XQWHU GHU 7U 6LH NDPHQ ]X YLHUW 'HU YRUGHUVWH ZDU YLHOOHLFKW IQI RGHU VHFKV0HWHUHQWIHUQW5RQZDUIVLFK]XU6HLWH(LQH6HNXQGHODQJGDFKWHHUDQGHQ*DQJGXUFKGHQHUPLW $LQD JHNRPPHQ ZDU $EHU GHU ERW LKP NHLQH 5HWWXQJ (U PXWH ]XP 6FKDFKW $LQD ZDUWHWH DXI LKQ 5RERWHUZDUHQXQWHUZHJV9LHOOHLFKWKDWWHQVLHGDV0lGFKHQVFKRQOlQJVW 'LH$QJVWXP$LQDJDE5RQ QHXH .UDIW 8QWHU GHP 6FKXW] GHV EUDQGLJHQ 'XQVWHV EOLHE HU VWHKHQ GUHL 0HWHU YRQ GHU 7U HQWIHUQW GXUFK GLH HU JHNRPPHQ ZDU XQG EHREDFKWHWH GLH 5RERWHU 6LH VWDSIWHQ LPPHU QRFK DXI GHQ 0DVFKLQHQUDXP ]X :LOGH +RIIQXQJ VWLHJ LQ LKP DXI GD VLH VLFK YLHOOHLFKW QXU XP GLH 0DVFKLQH ]X NPPHUQ KDWWHQ 9LHOOHLFKW LQWHUHVVLHUWHQ VLH VLFK JDU QLFKW IU LKQ (U ILQJ DQ ]X UHQQHQ (U KDWWH GLH 'HFNXQJ GHV HUVWHQ 7UDQVIRUPDWRUV QRFK QLFKW JDQ] HUUHLFKW DOV GHU HUVWH 6WUDKOVFKX IDXFKHQG DQ LKP YRUEHLIXKU 6LH KDWWHQ LKQ HQWGHFNW XQG HU LQWHUHVVLHUWH VLH VHKU ZRKO 5RQ VWROSHUWH YRU 6FKUHFN $EHU GHU 6FKZXQJ WUXJ LKQ LQ VLFKHUH 'HFNXQJ +LQWHU GHP ULHVLJHQ 7UDQVIRUPDWRUNDVWHQ YHUKDUUWH HU NHXFKHQG 5RQ EHUGDFKWH VHLQH /DJH (U NRQQWH VLFK HWZD IQI 0HWHU ZHLWHU ]XUFN]LHKHQ 6R ZHLW UHLFKWH GHU WRWH :LQNHO GHQ GHU 7UDQVIRUPDWRUNDVWHQ YRU LKP DXIVSDQQWH )QI 0HWHU XQG ]HKQ =HQWLPHWHU XQG GLH 5RERWHU ZUGHQ LKQ GLUHNW LP =LHO KDEHQ 9RP (QGH GLHVHU IQI 0HWHU ELV ]XU 'HFNXQJGHVQlFKVWHQ$JJUHJDWHVZDUHQHVHWZDGUHL0HWHU5RQVFKlW]WHGDHUGLHVH'LVWDQ]PLWHLQHP 6SUXQJEHUZLQGHQNRQQWHZHQQHUJHQJHQG$QODXIKDWWH $EHU$QODXIPDFKWH*HUlXVFK'LH5RERWHU ZUGHQZLVVHQZDVHUYRUKDWWHXQGLKUH:DIIHQYRQYRUQKHUHLQDXIGLH/FNHULFKWHQ $EHUHUPXWHHV ZDJHQ(UNRQQWH$LQDQLFKWZDUWHQODVVHQ(U]RJVHLQH6FKXKHDXV(UVFKREGHQ6WUDKOHULQGHQ*UWHO ZHLOHULKQRKQHKLQQLFKWEUDXFKWHNRQ]HQWULHUWHVLFKHLQSDDU6HNXQGHQODQJXQGVSUDQJ )ODFKVFKQHOOWH HUVLFKEHUGHQ%RGHQ DOVHUGDV(QGHGHU'HFNXQJHUUHLFKWH (UVSUWHGLHKHLH/XIWXPVLFKKHUXP QRFKEHYRUHUGDV)DXFKHQGHU6WUDKOVFKVVHK|UWH(WZDVWUDILKQDQGHU+IWHXQGVFKOHXGHUWHLKQKHUXP (U SUDOOWH JHJHQ HWZDV +DUWHV XQG YHUORU IDVW GLH %HVLQQXQJ $EHU DOV HU DXIVDK UDJWH YRU LKP GLH 0HWDOOZDQG HLQHV 6SHLFKHUV DXI (U ZDU ZLHGHU LQ 6LFKHUKHLW 9RQ VHLQHU +IWH IXKU EHLHQGHU 6FKPHU] GXUFKGHQJDQ]HQ.|USHU6LHKDWWHQLKQPLWHLQHP6WUHLIVFKXHUZLVFKW'HQQlFKVWHQ6SUXQJZXUGHHU QLFKW PHKU VR HOHJDQW QHKPHQ N|QQHQ (U VSUWH ZLH GDV *HIKO DXV GHP UHFKWHQ %HLQ ZLFK $EHU HU PXWHZHLWHU-HPHKU=HLWHUGHQ5RERWHUQOLHGHVWRNOHLQHUZDUHQVHLQH&KDQFHQ5RQULFKWHWHVLFKDXI (UHUVFKUDNDOVHUGDVUHFKWH%HLQJHEUDXFKHQZROOWHXPLQGLH+|KH]XNRPPHQ(VJHKRUFKWHLKPQLFKW PHKU 'DV .QLH NQLFNWH HLQ $XV .ULHFKHQG ZUGH HU GHQ 6FKDFKW QLH PHKU HUUHLFKHQ (U VHW]WH VLFK ZLHGHU KLQ PLW GHP 5FNHQ ]XU 'HFNXQJ (U PXWH $LQD ]XUXIHQ GD VLH VLFK DOOHLQH GDYRQPDFKHQ VROOWH(VKDWWHIUVLHNHLQHQ=ZHFNDXILKQ]XZDUWHQ (UOHJWHGLH+lQGHDQGHQ0XQGXQGOLHVLHLQ PDORVHP (UVWDXQHQ ZLHGHU VLQNHQ =HKQ 0HWHU YRQ LKP HQWIHUQW VWDQG HLQ ]ZHLWHU 7UDQVIRUPDWRU GHU OHW]WH YRU GHP 6FKDFKWDXVJDQJ +LQWHU VHLQHU0HWDOOZDQGKHUYRU VFKREVLFKGHUSOXPSH WULFKWHUI|UPLJH /DXI HLQHU 6WUDKOZDIIH /DQJVDP NDP DXFK GHU .ROEHQ ]XP 9RUVFKHLQ XQG XP GHQ .ROEHQ KHUXP ODJ HLQHNOHLQH]LHUOLFKH+DQG5RQKDWWHXPHLQ+DDUVHLQH9RUVLFKWYHUJHVVHQXQGJHVFKULHQ(UVSUDQJDXI DOV HU HUVWH 6FKX VLFK DXV GHU :DIIH GRUW GUEHQ O|VWH XQG PHUNZUGLJHUZHLVH JHKRUFKWH LKP GDV YHUZXQGHWH%HLQMHW]W)DXFKHQG]LVFKWHGHU6WUDKOVFKXGXUFKGLH+DOOH9RQLUJHQGZRLP+LQWHUJUXQG NDP HLQ VFKDUUHQGHV *HUlXVFK XQG GDQQ GDV W\SLVFKH .ODSSHUQ XQG 3ROWHUQ GDV HLQ VWU]HQGHU 0HWDOON|USHU HU]HXJWH 'DV ZDU GLH &KDQFH 'LH 5RERWHU KDWWHQ VLFK DXI LKQ NRQ]HQWULHUW $OOHV ZDV YRQ DXHUKDOE GD]ZLVFKHQNDP PXWH LKUH 5HDNWLRQVIlKLJNHLW YHUPLQGHUQ 6LH ZDUHQ QXU HLQIDFKH :DFKURERWHU=ZHL$XIJDEHQJOHLFK]HLWLJEUDFKWHQVLHLQ9HUZLUUXQJ5RQZDJWHVLFKKLQWHUGHU'HFNXQJ KHUYRU(U]XFNWH]XUFNDOVHUZHQLJH0HWHUYRUVLFKHLQHQGHU5RERWVVWHKHQVDK$EHUGHUHLQH%OLFN KDWWHJHQJWXPLKP]X]HLJHQGDGDV0DVFKLQHQZHVHQVLFKGHP]ZHLWHQ*HJQHU]XJHZDQGWKDWWH5RQ SDFNWH VHLQHQ 6WUDKOHU XQG EHVHLWLJWH GHQ )HLQG PLW HLQHP HLQ]LJHQ 6FKX -HW]W ZDUHQ QXU QRFK ]ZHL 5RERWHUEULJ6LHSROWHUWHQLUJHQGZRZHLWKLQWHQKHUXP5RQK|UWHHLQHQGULWWHQ6WUDKOVFKXXQGZXWH HLQHQ$XJHQEOLFNODQJQLFKWYRQZHPHUNDP'DQQK|UWHHUQHXHV3ROWHUQXQG.ODSSHUQ 1XUQRFKHLQ 5RERWZDUEULJ 5RQ YHUVXFKWHVHLQ *OFN 6RVFKQHOO HUNRQQWH YHUOLH HU GLH'HFNXQJ XQG KXPSHOWH DXIGHQQlFKVWHQ7UDQVIRUPDWRU]X(UVFKDXWHGDEHLEHUGLH6FKXOWHU9RQGHPOHW]WHQ5RERWZDUQLFKWV ]XVHKHQ(UVFKLHQVLFKHLQHQHXH3RVLWLRQ ]XVXFKHQ 5RQVWUHFNWHGLH+DQGDXVXPVLFKDQGHU.DQWH GHV7UDQVIRUPDWRUV]XIDQJHQ0LWOHW]WHU.UDIW]RJHUVLFKLQGLH'HFNXQJ5RWH5LQJHWDQ]WHQLKPYRU GHQ$XJHQ'HU7UDQVIRUPDWRUVFKLHQ]XZDFNHOQ'LFKWDQGLH5FNZDQGJHSUHWNDXHUWHHLQHVFKPDOH ]LHUOLFKH *HVWDOW 5RQ ILHO YRUQEHU )U HLQ SDDU 6HNXQGHQ YHUORU HU GDV %HZXWVHLQ $OV HU GLH $XJHQ ZLHGHUDXIVFKOXJZDU$LQDV*HVLFKWEHULKP(UZROOWHHWZDVVDJHQ$EHUVHLQH6WLPPElQGHUEUDFKWHQ

NHLQHQ HLQ]LJHQ 7RQ KHUYRU $LQD VWULFK LKP PLW GHU +DQG EHUV *HVLFKW ,KUH $XJHQ OHXFKWHWHQ 5RQ GHXWHWH]XP6FKDFKWDXVJDQJ$LQDVWUHFNWHEHLGH+lQGHDXVPLWGHQ+DQGIOlFKHQQDFKREHQ6LHZXWH QLFKWV6LHKDWWHQLFKWEHREDFKWHWGDGHU)HOGVFKLUP]XVDPPHQJHEURFKHQZDU 0KVDPNDP5RQLQGLH +|KH ª PVVHQ UDXV© NUlFK]WH HU $OV ZROOWH HLQ 8QVLFKWEDUHU GLH 'ULQJOLFKNHLW GHU )HVWVWHOOXQJ XQWHUVWUHLFKHQIOOWHVLFKGLH+DOOHSO|W]OLFKPLWVXPPHQGHP'U|KQHQ(VNDPYRQHLQHU6HNXQGH]XUDQ GHUHQ'LH0HWDOOZlQGHGHU7UDQVIRUPDWRUHQEHJDQQHQ]X]LWWHUQXQGNOLUUHQ'DV*HUlXVFKZXFKVUDVFK $LQD EHJULII GLH *HIDKU (U EUDXFKWH LKU QLFKW NODU]XPDFKHQ GD HU HLQH 0DVFKLQH YHUQLFKWHW KDWWH XQGQLFKWZXWHZHOFKH:LUNXQJGDVDXIGLHDQGHUHQ0DVFKLQHQKDEHQZUGHGLHYLHOOHLFKWPLWGHU HLQHQJHNXSSHOWZDUHQ $LQDVFKREVLFKKLQWHUGHU(FNHGHV7UDQVIRUPDWRUVKHUYRUXQGVSlKWHGXUFK GLH +DOOH 2KQH 5RQ DQ]XVHKHQ PDFKWH VLH HLQH EHUXKLJHQGH +DQGEHZHJXQJ 5RQ VHW]WH VLFK LQ %HZHJXQJ $LQD NDP KLQWHU LKP KHU IDVW UFNZlUWV JHKHQG LKP GHQ 5FNHQ GHFNHQG 6FKULWW XP 6FKULWWEUDFKWH5RQKLQWHUVLFK'DV'U|KQHQZXUGHVWlUNHUYRQGHP5RERWHUZDULPPHUQRFKQLFKWV ]X VHKHQ 8QHQGOLFK ODQJVDP NDP GLH GXQNOH 0QGXQJ GHV 6WROOHQV QlKHU GHU ]XP /LIWVFKDFKW IKUWH $LQDILQJSO|W]OLFKDQ]XVFKUHLHQ5RQIXKUKHUXP$LQDVWDQGYRU6FKUHFNHQVWDUUXQGKDWWH GHQ UHFKWHQ $UP ZHLW DXVJHVWUHFNW ª'RUW© VWLH VLH KHUYRU 5RQ VDK ZDV VLH PHLQWH 'HU +LQWHUJUXQG GHU +DOOH EHJDQQ VLFK ]X YHUlQGHUQ (V VDK VR DXV DOV OLHIH GHU 5LHVHQUDXP YROO :DVVHU 8PULVVHYHUVFKZDPPHQXQGEHNDPHQ:HOOHQ'LH7UDQVIRUPDWRUHQVFKLHQHQLQ%HZHJXQJDOVEHVWQGHQ VLHDXVORVHDXIJHKlQJWHQ*DUGLQHQ(VZDUHLQXQZLUNOLFKHVHUVFKUHFNHQGHV%LOG1XU5RQZXWHZDVHV EHGHXWHWH 'DV 9DULDQ]IHOG EUDFK ]XVDPPHQ 1LFKW ZLH HU ]XHUVW HUZDUWHW KDWWH YRUQH LP /LIWVFKDFKW 6RQGHUQ LP +LQWHUJUXQG GHU +DOOH 'HU /LIWVFKDFKW ZXUGH GHU 2UW VHLQ DQ GHP GDV )HOG DP OlQJVWHQ EHVWHKHQEOLHE ª/DXI©VFKULH5RQ $LQDNDPDXILKQ]X5RQUHLFKWHLKUGLH+DQGXQG]RJGDV0lGFKHQ DQ VLFK YRUEHL +XPSHOQG HLOWHHU KLQWHU$LQDKHU :HQQ VLHGHQ 6FKDFKW QRFKHUUHLFKWHQZDUDOOHV JXW :HQQQLFKW

/DUU\ 5DQGDOO ZXWH GD NHLQH 6HNXQGH ]X YHUOLHUHQ ZDU 0HHFK +DQQLJDQ ZDUQWH QXU ZHQQ HV HLQHQ *UXQG ]XU:DUQXQJJDE /DUU\ EHUVHW]WHGHQ $QUXI LQV$UNRQLGLVFKH 6HLQH 6WLPPHEOLHEUXKLJ DOVHU KLQ]XIJWH ª(QWVFKHLGHQ6LHVLFKVFKQHOO/RRUDP'LHVHU0DQQZDUQWXQVQLFKWXPVRQVW:LUEHILQGHQ XQVLQ*HIDKU'DV+DXVPXJHUlXPWZHUGHQ© 1XU HLQ SDDU $XJHQEOLFNH ODQJ PDFKWH /RRUDP $UNDGG HLQ YHUZXQGHUWHV *HVLFKW 'DQQ NODWVFKWH HU YHUJQJWLQ GLH+lQGHZDQGWHVLFKXPXQGULHIVHLQHQ)UHXQGHQ]X ª%HWHLOLJHQZLUXQVDQWHUUDQLVFKHU 7DWNUDIW(UOHEHQZLUWHUUDQLVFKH$NWLYLWlW)UHXQGHZLUZHUGHQGLHVHV+DXVUlXPHQXQGZHUOlQJHUDOV IQI0LQXWHQGD]XEUDXFKWLVWQLFKWPHKUPHLQ)UHXQG© :HQQ LUJHQG HWZDV EHUKDXSW ZLUNHQ NRQQWH GDQQ ZDU HV GDV ,P 1X EHIDQG VLFK GHU JDQ]H 5DXP LQ ZLUUHU $XIUHJXQJ %XQWEHNOHLGHWH 0lQQHU VSUDQJHQ KLHUKLQ XQG GRUWKLQ XP HWZDV DXI]XKHEHQ ZDV VLH PLWQHKPHQ ZROOWHQ /DUU\ DWPHWH HUOHLFKWHUQ DXI /RRUDP $UNDGG ZDU HLQ ,GLRW DEHU HLQ KLOIVEHUHLWHU /RRUDPEOLHEELV ]XOHW]W 0DOOLNR GDV KEVFKHGXPPH 0lGFKHQGUlQJWH VLFKGLFKW DQLKQ RKQH/DUU\ DXV GHQ $XJHQ ]X ODVVHQ ª.RPPHQ 6LH© VDJWH /DUU\ XQG JLQJ ]XU 7U KLQDXV /RRUDP IROJWH RKQH :LGHUVSUXFK 'DV 0lGFKHQ NDP PLW LKP /RIW\ 3DWWHUVRQ ELOGHWH GHQ $EVFKOX 8QWHQ KDWWHQ VLH GLH XQWHULUGLVFKHQ*DUDJHQJH|IIQHW(LQHEXQWH:DJHQNDUDZDQHZDULP$XIEUXFKEHJULIIHQ.DELQHQIHQVWHU |IIQHWHQVLFKODFKHQGH6WLPPHQIUDJWHQZRKLQGLH)DKUWGHQQJLQJH/RRUDPDQWZRUWHWH ª1DFK2VWHQ )UHXQGH8QVHUHWHUUDQLVFKHQ*lVWHZHUGHQXQVHLQHQNXU]HQ7UXQNLQLKUHP+DXVQLFKWYHUZHKUHQ© 1LHPDQGZXWHZRGDV+DXVGHU7HUUDQHUODJ/DUU\ZDUWHWHELV/RRUDPVLFKPLW0DOOLNRLQVHLQHLJHQHV )DKU]HXJ JHVHW]W KDWWH :lKUHQGGHVVHQ PDFKWH /RIW\ GHQ *OHLWHU VWDUWEHUHLW /DUU\ VWLHJ ]X LKP +RFK EHULKQHQVFKRQHLQSDDU.LORPHWHUZHLWQDFK2VWHQZDUWHWHGLH.DUDZDQHGDUDXIGDLKUMHPDQGGHQ :HJ]HLJWH ª0DFKHQ 6LH VFKQHOO /RIW\© NQXUUWH /DUU\ /RIW\ QLFNWH NXU] 'HU *OHLWHU VFKR VWHLO LQ GLH +|KH XQG QDKPUDVFK)DKUWDXI ª=HLJHQ6LHGHQ1DUUHQZRZLUZRKQHQ©EDW/DUU\ /RIW\OLHGHQ:DJHQGLFKW EHUGLH.DUDZDQHKLQZHJVFKLHHQ'HU%LOGVSUHFKHPSIlQJHUPHOGHWHVLFK:DKUVFKHLQOLFKZROOWHHLQHU GHU$UNRQLGHQHLQHZLW]LJH%HPHUNXQJPDFKHQ(UNDPQLFKWPHKUGD]X/RRUDPV+DXVH[SORGLHUWH 'LH ([SORVLRQ JLQJ Y|OOLJ ODXWORV YRU VLFK (LQH /LFKWHUXSWLRQ XQYRUVWHOOEDUHQ $XVPDHV EUDFK DXV GHP%RGHQXQGVFKRLQGLH+|KH/RIW\VFKDXWHLQGLHVHP$XJHQEOLFNLQ)DKUWULFKWXQJDOVRYRP

+DXVZHJ7URW]GHPZXUGHHUYROOVWlQGLJJHEOHQGHW%OLW]VFKQHOOUHDJLHUHQGVFKDOWHWHHUGHQ:DJHQ DXI$XWRPDWVWHXHUXQJXQGEHUOLHLKQVLFKVHOEVW 'DZDUGHU6WROOHQILQVWHUXQGVLFKHU'HU5RERWHUKDWWHVLFKQLFKWJHUKUW$LQDZDUVWHKHQJHEOLHEHQ XQGHUJULII5RQV+DQGª.RPP©IOVWHUWHVLH9RULKQHQZDU+HOOLJNHLW5RQZXQGHUWHVLFKGDUEHU (UKDWWHGHQ6FKDFKWHEHQVRILQVWHULQ(ULQQHUXQJZLHGHQ6WROOHQ'UDQJQDFKGHP=XVDPPHQEUXFK GHV )HOGVFKLUPV YRQ LUJHQGZRKHU /LFKW KHUHLQ" 2GHU ZDU GHU 6FKLUP QRFK JDU QLFKW ]XVDPPHQJHEURFKHQ" 6FKPHU] XQG (UVFK|SIXQJ KLQGHUWHQ 5RQ GDUDQ NODU ]X GHQNHQ (U VWROSHUWH KLQWHU$LQDGUHLQ(UVWLHVLFKGHQ.RSIDQDOVGHU6WROOHQQLHGULJHUZXUGH6FKOLHOLFKPXWH5RQ VRJDU DXI GLH .QLH XQG HV NRVWHWH LKQ VHLQH OHW]WHQ .UlIWH XP ]XP 6WROOHQORFK KLQDXV]XNULHFKHQ $XIGHUDQGHUHQ6HLWHZDUKHOOHU6RQQHQVFKHLQ5RQZDUYLHO]XHUVFK|SIWXPVLFKHWZDV%HVRQGHUHV GDEHL]XGHQNHQ(UKRFNWHDXIGHP%RGHQXQGEOLQ]HOWHLQGLH+|KH%HQRPPHQVWHOOWHHUIHVWGD HUPLW$LQD]XVDPPHQDXIGHP*UXQGHLQHVULHVLJHQ7ULFKWHUVVD(UHULQQHUWHVLFK)UKHUZDUKLHU /RRUDP$UNDGGV+DXVJHZHVHQ-HW]WZDUKLHUHLQ7ULFKWHU/RRUDPV+DXVZDUYHUVFKZXQGHQ$EHU ZLH" 6LH KDWWHQ QLFKWV JHK|UW 'LH +DOOH GRUW KLQWHQ KDWWH DQJHIDQJHQ ]X GU|KQHQ GDV ZDU DOOHV JHZHVHQ :R ZDU /RRUDPV +DXV" 5RQ NDP ZLHGHU DXI GLH %HLQH 1XU ODQJVDP EHJULII HU GD ZLUNOLFKHWZDV(UVWDXQOLFKHVJHVFKHKHQZDU(UVDK$LQDQHEHQVLFKVWHKHQ6LHVWDUUWHLQGLH+|KH GDV *HVLFKW VWDUU YRU 6FKUHFN XQG GLH $XJHQ YROO WUlQHQ GHU 5DWORVLJNHLW ª:DV ZDV LVW SDVVLHUW 5RQ"© 5RQ VFKWWHOWH GHQ .RSI ª.HLQH $KQXQJ© EUDFKWH HU NUlFK]HQG KHUDXV ª0VVHQ QDFKVHKHQ .RPP© (U ILQJ DQ GHQ 5DQG GHV 7ULFKWHUV KLQDXI]XVWHLJHQ 'LH +DQG KLHOW HU PHFKDQLVFKKLQWHUVLFKDXVJHVWUHFNW$LQDHUJULIIVLHKDVWLJDOVKDWWHVLH$QJVWDOOHLQJHODVVHQ]XZHU GHQ 5RQ KDWWH ZLHGHU GLH )KUXQJ EHUQRPPHQ 'HU 'UDQJ KHUDXV]XILQGHQ ZDV JHVFKHKHQ ZDU KDWWHLKPIUHLQH:HLOHGLH.UlIWH]XUFNJHJHEHQ(UHPSIDQGIDVWNDXPGLH0KHGLHGHU$XIVWLHJ NRVWHWH $EHU HU VFKDIIWH HV VFKOLHOLFK $LQD VFKOXFK]WH QRFK LPPHU 6DQIW ]RJ 5RQ VLH KLQWHU VLFK KHUEHUGHQ5DQGGHV7ULFKWHUV(UYHUPLHGHVVLFKXP]XVHKHQ+LQWHULKPJLQJHVHLQSDDUKXQGHUW 0HWHU ZHLW LQ GLH 7LHI H $QGHUHUVHLWV ZDU HV YRUQH QLFKW YLHO EHVVHU 'HU 5DQG GHV 7ULFKWHUV ODJ ZHQLJVWHQV IQI]LJ0HWHUKRFKEHUGHPXPJHEHQGHQ*HOlQGH$OOHUGLQJVZDUGHU$EKDQJDXIGHU $XHQVHLWH QLFKW VR VWHLO ZLH GHU LP ,QQHUQ GHV 7ULFKWHUV 9HUEOIIW VWHOOWH 5RQ IHVW GD GDV /DQG ULQJVXPQRFKLPPHUVRDXVVDKZLHYRUKHU:HQQHVKLHUHLQH([SORVLRQJHJHEHQKDWWHGDQQKDWWHVLH GLH8PJHEXQJQLFKWLPJHULQJVWHQEHHLQIOXW 5RQK|UWH*HUlXVFKH(VNODQJZLH6LUHQHQ(UNQLII GLH $XJHQ ]XVDPPHQ XQG KLHOW QRFK VFKlUIHU $XVVFKDX (LQH .DYDONDGH YRQ )DKU]HXJHQ NDP YRQ 1RUGHQKHUDXIGHQ7ULFKWHU]XJHVFKRVVHQ,QGHU6RQQHEOLW]WHQGLHURWHQ:DUQPDUNHQGHU3ROL]HL 5RQVSUWHGLHDOWH0GLJNHLWª3ROL]HLNRPPW©PXUPHOWHHU]X$LQDZlKUHQGHUVLFKDXIGHQ5DQG GHV7ULFKWHUVIlOOHQOLHª%DOGZLUGDOOHVLQ2UGQXQJVHLQ© $LQD KDWWH DXIJHK|UW ]X VFKOXFK]HQ 1HEHQ 5RQ VD VLH DXI GHP ZHLFKHQ %RGHQ 5RQ OlFKHOWH LKU PGH ]X ª'X ELVW HLQ ZXQGHUEDUHV 0lGFKHQ© VDJWH HU ª:HQQ LFK QLFKW VR YHUGDPPW NDSXWW ZlUH© 0HKUVDJWHHUQLFKW(UNLSSWHQDFKKLQWHQXQGYHUORUGDV%HZXWVHLQ 'LH)ULVWYHUVWULFKRKQHGD GHU *HJQHU VLFK HLQ ]ZHLWHV 0DO PHOGHWH ,Q GHU NDLVHUOLFKHQ .DQ]OHL ODFKWH PDQ LPPHU QRFK 'HU ,PSHUDWRUEHWHLOLJWHVLFKDQGHUDOOJHPHLQHQ)U|KOLFKNHLW 2]R VWHOOWH HLQHQ QHXHQ =HLWSODQ DXI 0LW +LOIH GHU 6RQGHUVFKDOWXQJ ZXUGH HV P|JOLFK VHLQ HLQHQ QHXHQ $SSDUDW DXI]X]LHKHQ XQG GLH XUVSUQJOLFKH ,GHH ZHLWHU]XYHUIROJHQ 'DV ZUGH =HLW NRVWHQ $EHUIU2]REHGHXWHWH=HLWQLFKWYLHO'HU7HUUDQHUZDUDOVRHLQ]ZHLWHV0DOGDYRQJHNRPPHQ2]R EHJULIIGDJU|WH$XIPHUNVDPNHLW]XQlFKVWGDUDXIJHULFKWHWZHUGHQPXWHLKQXQGVHLQH)UHXQGH DXV GHP :HJ ]X VFKDIIHQ ,Q GHP +DXV GDV HU VHOEVW JHPLHWHW KDWWH HUZDFKWH 5RQ /DQGU\ JHJHQ $EHQGDXVGHP6FKODIWLHIHU(UVFK|SIXQJ$XIHLQHP6HVVHOQHEHQVHLQHP%HWWVD/RIW\3DWWHUVRQ XQG G|VWH YRU VLFK KLQ 5RQ IKOWH NDXP QRFK %HVFKZHUGHQ (U HULQQHUWH VLFK GD HU YRQ HLQHP 6WUDKOVFKXDQGHU+IWHYHUZXQGHWZRUGHQZDU:HQQHUNHLQHQ6FKPHU]PHKUVSUWHGDQQPXWHQ LKQbU]WH LQGHU+DQGJHKDEW KDEHQ (U ULFKWHWH VLFK DXI9ROOHU6FKUHFNHQ IXKU/RIW\ LQ GLH+|KH

ª5XKH© EDW HU ª'LH bU]WH KDEHQ VWUHQJH 5XKH DQJHRUGQHW© 5RQ PDFKWH HLQH DEZHKUHQGH +DQGEHZHJXQJ ª'DV ZDUHQ $UNRQLGHQ /RIW\ %ULQJ PLU HLQ %DQGJHUlW ,FK KDEH HWZDV ]X VDJHQ ZRUEHUGHU,PSHUDWRUJHUQH%HVFKHLGZLVVHQZLUG© /RIW\]|JHUWHHLQH:HLOH'DQQYHU]RJHUGDV*HVLFKWXQGYHUOLHGDV=LPPHU(LQSDDU$XJHQEOLFNH VSlWHUNDPHUPLWHLQHP NOHLQHQ%DQGJHUlW]XUFNXQGUHLFKWH5RQGDV0LNURSKRQ5RQEHJDQQ]X VSUHFKHQ ª$OOHV ZDV LP IROJHQGHQ DXIJH]HLFKQHW LVW© HUNOlUWH HU VDFKOLFK XQG PLW UXKLJHU 6WLPPH ªLVW YRUOlXILJPHLQHSULYDWH9HUPXWXQJ6LHZLUGGXUFKGHXWOLFKH+LQZHLVHJHVWW]W$EHU%HZHLVHVLQG YRUOlXILJ QRFK QLFKW YRUKDQGHQ 'HU *HJQHU XP ZHQ DXFK LPPHU HV VLFK GDEHL KDQGHOW KDWWH GLH $EVLFKWGLHDVWURQRPLVFKH.RQVWHOODWLRQGHUGUHL$UNRQ3ODQHWHQ]XVW|UHQ'LH)ROJHQHLQHVVROFKHQ 8QWHUQHKPHQV VLQG NODU HUNHQQEDU 1XU DQ GHQ (FNHQ ]ZHLHU JOHLFKVHLWLJHU 'UHLHFNH GHUHQ JHPHLQVDPH 6SLW]H LP 6FKZHUSXQNW GHV =HQWUDOJHVWLUQV OLHJW LVW GLH DUNRQLGLVFKH .RQVWHOODWLRQ VWDELO:LUGVLHJHVW|UWYHUOlWDXFKQXUHLQHGHU:HOWHQLKUHQJHQDXYRUJHVFKULHEHQHQ6WDQGRUWZHU GHQDOOHGUHLLP/DXIHGHU=HLWLQGLH6RQQHVWU]HQ'HU*HJQHUEHVDGLH9RUULFKWXQJHQXQJHKHXUH %HWUlJH YRQ (QHUJLH ]X VSHLFKHUQ (U KDWWH GLH $EVLFKW GLHVH (QHUJLHQ ]XP JHJHEHQHQ =HLWSXQNW EHU HLQHQ *UDYLWDWLRQVSURMHNWRU DXV]XVWUDKOHQ XQG $5.21 , DXV VHLQHU %DKQ ]X UHLHQ 'LHVHU 6FKULWWKDWWHGLH.DWDVWURSKHHLQJHOHLWHW$5.21,ZlUH]XQlFKVWODQJVDPGDQQLPPHUVFKQHOOHUDXI GDV=HQWUDOJHVWLUQ]XJHWULHEHQ6RZHLWLFKZHLJLEWHVDXINHLQHPGHU GUHLDUNRQLGLVFKHQ 3ODQHWHQ HLQH 9RUULFKWXQJ PLW JHQJHQGHU .DSD]LWlW XP GHQ )HLQGDQJULII UFNJlQJLJ XQG XQZLUNVDP ]X PDFKHQ%LV]XP$XIEDXHLQHUVROFKHQ6WDWLRQZDUHQ:RFKHQYLHOOHLFKWJDU0RQDWHYHUJDQJHQ,Q GHU=ZLVFKHQ]HLWZlUH$5.21,DXIGLH6RQQH]XEHVFKOHXQLJWZRUGHQ8PGHQ3ODQHWHQDXIVHLQH %DKQ RGHU LUJHQGZLH HUWUlJOLFKH %DKQ ]XUFN]XEULQJHQ ZlUH ZHVHQWOLFK PHKU (QHUJLH Q|WLJ JHZHVHQDOVGHU*HJQHUDXIEUDFKWH1DFKPHLQHU$QVLFKWKlWWHVLFKGLH.DWDVWURSKHQLFKWDXIKDOWHQ ODVVHQ ZHQQ QLFKW GHU *HJQHU VHOEVW VHLQH +LOIH DQJHERWHQ KDWWH ,FK GDUI ]XP 6FKOX GDUDXI KLQZHLVHQGDHVLPLUGLVFKHQ6RQQHQV\VWHPHLQHlKQOLFKH(UVFKHLQXQJJLEWZLHGLHGHUGUHL$UNRQ 3ODQHWHQ $OOHUGLQJV LVW VLH DXI QDWUOLFKHP :HJH HQWVWDQGHQ $XI GHU %DKQ GHV 3ODQHWHQ -XSLWHU EHZHJHQ VLFK ]ZHL 6FKDUHQ YRQ 3ODQHWRLGHQ XQG ]ZDU MH HLQH YRU XQG KLQWHU -XSLWHU 'LHVH $QRUGQXQJLVWQXUGHVZHJHQVWDELOZHLOVRZRKO-XSLWHUDOVDXFKGLHEHLGHQ3ODQHWRLGHQVFKDUHQVLFK JHQDX DQ GHQ *OHLFKJHZLFKWVSXQNWHQ EHILQGHQ 'LH 3ODQHWRLGHQ ZHUGHQ LP WHUUDQLVFKHQ 6SUDFKJHEUDXFKGLH7URMDQHUJHQDQQW)UPLFKZDUGLHVHU+LQZHLVQLFKWXQZLFKWLJ© 5RQ VFKDOWHWH GDV 0LNURSKRQ DXV XQG OHJWH HV QHEHQ VLFK DXI GDV %HWW /RIW\ VWDUUWH LKQ PLW VFKUHFNJHZHLWHWHQ $XJHQ DQ ª,VW GDV LVW GDV ZDKU"© VWDPPHOWH HU 5RQ JLQJ QLFKW DXI GLH )UDJH HLQ ª:RLVW$LQD"©ZROOWHHUZLVVHQª:LHJHKWHVLKU"© /RIW\NDPQXUVFKZHUEHUVHLQHQ6FKUHFNHQKLQZHJ ª2EHQ©VWLHHUKHUYRUª6LHVFKOlIW+DWVHFKV6WXQGHQDQGHLQHP%HWWJHZDFKW'LHbU]WHVDJHQ VLHLVWLQ2UGQXQJ1XUPGH© 5RQDWPHWHHUOHLFKWHUWDXI ª*XW:RLVW/DUU\"© ª0LWGHUDUNRQLGLVFKHQ3ROL]HLEHL/RRUDPV+DXV© 5RQJULIIVLFKDQGHQ.RSI ª/RRUDPV+DXV*HUHFKWHU+LPPHO:DVLVWEHUKDXSWJHVFKHKHQ"© /RIW\]XFNWHPLWGHQ6FKXOWHUQ ª:LU ZLVVHQ HV QRFK QLFKW :LU VDKHQ HLQH XQEHVFKUHLEOLFKH ([SORVLRQ EHL GHU DQVFKHLQHQG QXU /LFKW HU]HXJWZXUGH© 5RQGDFKWHQDFK'LH(QHUJLHLQGHQ6SHLFKHUQGHU+DOOHZDURIIHQVLFKWOLFKDXIHLQPDOIUHLJHZRUGHQXQG ]ZDU XQNRQWUROOLHUW 6LH KDWWH VLFK LQ /LFKW XPJHZDQGHOW 'HU /LFKWGUXFN KDWWH GHQ .UDWHU DXIJHZRUIHQ XQG/RRUDPV+DXVSXOYHULVLHUW ª,VW0HHFKEHL/DUU\"©IUDJWH5RQ ª1HLQ 0HHFK UHLVW LQ GHU *HJHQG KHUXP (U KDW GDV *HUlW JHIXQGHQ GDV GHQ =XVDPPHQEUXFK GHV

.UDIWZHUNV 7KDSPRRU YHUXUVDFKWH (U LVW EHU]HXJWGD HV LQ DOOHQ DQGHUHQ .UDIWZHUNHQ JOHLFKH *HUlWH JLEWXQGVDPPHOWVLHHLQ© 5RQOHKQWHVLFK]XUFN:DV0HHFKWDWZDUZLFKWLJ$XIGLHVH:HLVHZUGHQVLHPHKUEHUGLH7HFKQLN GHV )HLQGHV HUIDKUHQ (V ILHO LKP HLQ GD HU LPPHU QRFK QLFKW ZXWH ZDUXP $LQD XQG HU XQWHQ LQ GHU +DOOH QLFKWV YRQ GHU ([SORVLRQ EHPHUNW KDWWHQ 8QG QRFK ZLFKWLJHU 'D VLH LPPHU QRFK QLFKW ZXWHQ ZHUGHU)HLQGHLJHQWOLFKZDUhEHUGLHVHP*HGDQNHQVFKOLHIHUZLHGHUHLQ

$P QlFKVWHQ 0RUJHQ ZDU 5RQ ZLHGHU DXI GHQ %HLQHQ (U HUIXKU YRQ /RIW\ GD $LQD LP 1HEHQ]LPPHU VHLWYLHU6WXQGHQDXIVHLQ(UZDFKHQZDUWHWH2KQHZHLWHUH8PVWlQGHJLQJHUKLQXEHUXQGNDPQDFKHLQHU KDOEHQ 6WXQGH ZLHGHU ]XUFN (UVW QDFK GHP %DG HUIXKU 5RQ GD /RRUDP $UNDGG PLW HLQHP VHLQHU /LHEOLQJVPlGFKHQLP+DXVH=XIOXFKWJHIXQGHQKDWWH/RRUDPXQGGDV0lGFKHQZDUHQGLHHLQ]LJHQGLH YRQGHUVWDWWOLFKHQ6FKDUEULJJHEOLHEHQZDUHQ6HLQH-XQJHUKDWWHQVLFKXQWHUGHP(LQGUXFNGHV6FKRFNV GHQGLH([SORVLRQKHUYRUULHIYRUOlXILJLQDOOH:LQGH]HUVWUHXW 5RQZDULP$XJHQEOLFNDQ/RRUDPQLFKW EHVRQGHUV LQWHUHVVLHUW :RUDXI HU ZDUWHWH ZDUHQ 1DFKULFKWHQ YRQ /DUU\ XQG 0HHFK (U QDKP GDV )UKVWFN GDV $LQD LKP ]XUHFKWPDFKWH LQ HLQHP NOHLQHQ 5DXP QHEHQ GHU .FKH HLQ $EHU HV GDXHUWH QLFKWODQJHGDHUVFKLHQ/RRUDPGDV0lGFKHQDQGHU+DQGKLQWHUVLFKKHU]LHKHQGXQGPDFKWHLKPZDV HU !VHLQH $XIZDUWXQJ QDQQWH /RRUDP VHW]WH VLFK DQ GHQ 7LVFK 'DV 0lGFKHQ EOLHE KLQWHU LKP VWHKHQ :lKUHQG5RQVDXQG$LQDDPVLHUW]XK|UWHVSUDFK/RRUDPXQDXIK|UOLFKEHUGDV!JHZDOWLJH(UOHEQLV GDVHUJHKDEWKDWWHXQGGHQ!XQYHUZLVFKEDUHQ(LQGUXFNGHQ7DWNUDIWXQG8PVLFKW!VHLQHUWHUUDQLVFKHQ )UHXQGHDXILKQJHPDFKWKDWWHQ(UEHGLHQWHVLFKGHUEOLFKHQ3KUDVHQ$EHU5RQKDWWHGHQ(LQGUXFNDOV VHL HV LKP MHW]W QRFK ZHQLJHU HUQVW DOV ]XYRU 0DQFKPDO ]LWWHUWH VHLQH 6WLPPH (U ZDU EHU GHQ 6FKRFN QRFK QLFKW JDQ] KLQZHJ 7URW]GHP ZXUGH VHLQ *HUHGH ODQJVDP ODQJZHLOLJ 5RQ ZROOWH VLFK PLW HLQHU $XVUHGH ]XUFN]LHKHQ DOV /RIW\ LQVLFKWOLFKHU+DVW GDV=LPPHU EHWUDW ª0HHFK LVW ]XUFN©ULHIHUª(U NRPPWJHUDGHKHUDXI(LQHVYRQGHQ*HUlWHQKDWHUGDEHL© /RIW\KDWWH(QJOLVFKJHVSURFKHQ5RQVSUDQJDXIXQGHQWVFKXOGLJWHVLFKEHL/RRUDP'DQQOLHIHUKLQDXV 0HHFKNDPGXUFKGHQGULWWHQ/LIWVFKDFKW(UVFKZDQJVLFKKHUDXV5RQJLQJDXILKQ]X0HHFK WUXJHLQ NOHLQHV 3DNHW XQWHU GHP $UP :RUWORV VHW]WH HU HV DXI GHQ %RGHQ (U VDK DQ 5RQ YRUEHL 9HUZXQGHUW ZDQGWH5RQVLFKXP+LQWHULKPZDUHQ/RRUDPXQGGDV0lGFKHQDXVGHP=LPPHUJHNRPPHQ6LHVWDQ GHQYRUGHU7UXQGVDKHQVLFKPLWYHUOHJHQHP/lFKHOQXP ª0HHFK©EHJDQQ5RQYHUEOIIWª:DV"© 'HU5RERWHUNDPLQ%HZHJXQJ6RVFKQHOOGDNHLQ%OLFNLKPIROJHQNRQQWHVSUDQJHU]XU6HLWH$OVHU ZLHGHU DXI GLH )H NDP KDWWH HU GLH :DIIH VFKRQ LQ GHU +DQG 5RQ NRQQWH QLFKWV GD]X WXQ LKQ DP 6FKLHHQ ]X KLQGHUQ 0LW IDXFKHQGHU :XFKW EUDFK GHU JUHOOZHLH (QHUJLHVWUDKO DXV GHP /DXI /RRUDP $UNDGGVWLHHLQHQVFKULOOHQIDVWXQPHQVFKOLFKHQ6FKUHLDXV5RQVDKLKQ]XU6HLWHIDOOHQXQGEHZXWORV DXI GHP %RGHQ OLHJHQ 'HU 6FKX VHOEVW KDWWH GHP 0lGFKHQ JHJROWHQ (U KDWWH LKU GHQ KEVFKHQ .RSI DEJHULVVHQ 6LH ZDU VWHLI ]X %RGHQ JHIDOOHQ XQG DXV GHU 0QGXQJ GHV +DOVHV UROOWHQ HLQ SDDU NOHLQH VFKLPPHUQGH]\OLQGULVFKH'LQJHGLHZLH7UDQVLVWRUHQDXVVDKHQ0HHFKVFKREGLH:DIIHLQGDV)XWWHUDO (UVDKDXVDOVREJDUQLFKWV JHVFKHKHQZlUH .HLQHVZHJVVRDOVZlUH HUVLFKGDUEHULPNODUHQGDHU 2]R GHQ 5RERWHU JHW|WHW KDWWH (V GDXHUWH HLQH :HLOH ELV 5RQ XQG /RIW\ VLFK YRQ LKUHU PDORVHQ hEHUUDVFKXQJ HUKROWHQ $LQD KDWWH GHU 6]HQH *RWW VHL 'DQN QLFKW EHLJHZRKQW 6LH HUVFKUDN QRFK JHQXJ DOVPDQLKUVSlWHUGDUEHUEHULFKWHWH /RRUDP$UNDGGNDPODQJH6WXQGHQQLFKW]X%HZXWVHLQ(UZXUGH ]X%HWWJHEUDFKW(LQUDVFKDODUPLHUWHU$U]WNPPHUWHVLFKXPLKQ 9RQ0HHFK+DQQLJDQZDUQLFKWV]X HUIDKUHQ (U KDWWH HLQ 6RQGHUNRPPDQGR DNWLYLHUW 'DV ZDU DOOHV ZDV HU 5RQ PLWWHLOWH (U QDKP GHQ .|USHUGHVW|WHQ5RERWVDXIXQGEUDFKWHLKQDXVGHP+DXV5RQVDKLKQDXIGHP%LOGVFKLUPPLWHLQHP IUHPGHQ )OXJZDJHQ ZHJIDKUHQ 'DQDFK ZDU DOOHV ZLHGHU UXKLJ 'LH JURH 1HXJLHUGH HUKRE VLFK :DV ZDUJHVFKHKHQ"$OOHVZXUGH]LHPOLFKNODUDOV0HHFKYROOH]ZHL7DJHVSlWHUHQGOLFK%HULFKWHUVWDWWHWH6R ODQJHZDUHUXQWHUZHJVJHZHVHQXQGQLHPDQGZXWHZR(UEDWGDUXPGDGLH%HZRKQHUGHV+DXVHV ]XGHQHQQDFKHUIROJORVHU8QWHUVXFKXQJGHU([SORVLRQVVWlWWHDXFK/DUU\5DQGDOOZLHGHUJHK|UWHVLFKLQ GHU +DOOH ]XVDPPHQIlQGHQ GDPLW HU HLQH (UNOlUXQJ DEJHEHQ N|QQH 0LW GHP XQEHZHJWHQ *HVLFKW GHU :HOW EHJDQQ 0HHFK ª'LH $XINOlUXQJHQ GLH LFK ,KQHQ KHXWH ]X JHEHQ LPVWDQGH ELQ ZXUGHQ GHP SRVLWURQLVFKHQ *HGlFKWQLV HLQHV 5RERWHUV GHU 6RQGHUNODVVH HQWQRPPHQ (U QDQQWH VLFK VHOEVW 2]R $QGHUHQ ZDU HU XQWHU GHP 1DPHQ 0DOOLNR EHNDQQW (V EHVWHKW NHLQ =ZHLIHO PHKU GDUDQ GD 2]R GDV

+DXSWHLQHU9HUVFKZ|UXQJZDUGLHHVVLFK]XP=LHOJHVHW]WKDWWHHQWZHGHUGLH0DFKWGHVDUNRQLGLVFKHQ 5HLFKHV ]X EHUQHKPHQ RGHU $5.21 ]X YHUQLFKWHQ 'D GLHV GXUFK GLH 6W|UXQJ GHU DUNRQLGLVFKHQ 3ODQHWHQNRQVWHOODWLRQ JHVFKHKHQ VROOWH LVW YRQ 0DMRU /DQGU\ VFKRQ ULFKWLJ YHUPXWHW ZRUGHQ EHU GLH WHFKQLVFKHQ (LQ]HOKHLWHQ VLQG ZLU XQV QRFK QLFKW JDQ] LP NODUHQ )HVWVWHKW GD 2]RV 7HFKQLN GHU 9DULDQ]IHOGHU GLH GLH 9HUVFKLHEXQJ JHZLVVHU 2EMHNWH RGHU *HELHWH DQ 2UWH QHJDWLYHU .DXVDOLWl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lUWV9RU HLQLJHU =HLW ZXUGH LKP NODU GD VHLQH =HLW JHNRPPHQ VHL (U EUDXFKWH QLFKW QXU WHFKQLVFKH *HUlWH HU EUDXFKWHHLQH2UJDQLVDWLRQXPVHLQHQ3ODQGXUFK]XIKUHQ(UEUDXFKWH0HQVFKHQXPVLFKKHUXP'DHU VHOEVWPHQVFKHQlKQOLFKHUDOVLUJHQGHLQDQGHUHU5RERWHUZDUILHOHVLKPQLFKWVFKZHUPLWVROFKHQ/HXWHQ LQ.RQWDNW]XNRPPHQEHLGHQHQHU*HK|U]XILQGHQKRIIWH%RyOXQZDUGHUHUVWH$OV$QJHK|ULJHUGHV %iDORO.XOWVZDUHUIUDOOHVXEYHUVLYHQ,GHHQHPSIlQJOLFK(UZXUGH2]RVHQJVWHU0LWDUEHLWHUREZRKOHU QLHPDOVHLQH$KQXQJGDYRQKDWWHZHU2]RHLJHQWOLFKZDU'DPDOVDOV%RyOXQDQJHZRUEHQZXUGHJDEHV QRFK NHLQ 0lGFKHQ 0DOOLNR 2]R EHVD XQWHU YLHOHQ DQGHUHQ GLH )lKLJNHLW VHLQH lXHUH (UVFKHLQXQJ QDFK %HOLHEHQ ]X ZHFKVHOQ 'HU 0DQQ GHU %RyOXQ PLW GHU 9HUVFKZ|UXQJ ]XVDPPHQEUDFKWH ZXUGH VSlWHU QLH PHKU JHVHKHQ ,P JURHQ XQG JDQ]HQ EHVRUJWH HV %RyOXQ ZHLWHUH $QKlQJHU ]X ZHUEHQ 2]R EUDXFKWHVLHLP$XJHQEOLFNQRFKQLFKW$EHUHUZUGHVLHEUDXFKHQZHQQHUGDUDQJLQJQDFKJHJOFNWHU 5HYROXWLRQZLFKWLJH6WHOOHQ]XEHVHW]HQ 8QWHUGHQ$QJHZRUEHQHQEHIDQGVLFKDXFK(]]D0DUODLQ0DQ PX DQQHKPHQ GD VLH DXV UHLQHU $EHQWHXHUOXVW 0LWJOLHG GHU 9HUVFKZ|UXQJ ZXUGH 6LH KDWWH NHLQHUOHL SROLWLVFKHQ(KUJHL]$EHU VLH IDQGKHUDXV ZRUXP HV ZLUNOLFK JLQJ8QJOFNOLFKHUZHLVHOLHVLH VLFK PLW %RyOXQLQHLQH'LVNXVVLRQEHUGLH$EVFKHXOLFKNHLWGHVJHSODQWHQ9HUEUHFKHQVHLQ%RyOXQEHULFKWHWHGHQ 9RUIDOO DQ 2]R 6HLWGHP VWDQG (]]D XQWHU %HZDFKXQJ 2]R HUNDQQWH NODU GD HV LKP NHLQHQ 9RUWHLO EUDFKWH (]]D VRIRUW DXV GHP :HJ ]X VFKDIIHQ (U PXWH ZLVVHQ GXUFK ZHOFKH .DQlOH VLH LKUH ,Q IRUPDWLRQHQ IOLHHQ ODVVHQ ZROOWH 6LH EUDFKWH HLQHQ +LQZHLV GHU DXI K\SQRWLVFKWHOHSDWKLVFKHP :HJH DXIGLH=XVFKDXHUZLUNHQVROOWHLQHLQHPLKUHU)LNWLYSURJUDPPHXQWHU'LHHLQ]LJHQGLHGLHVHQ+LQZHLV YHUVWDQGHQ ZDUHQ $LQD XQG %RyOXQ 'XUFK HLQHQ DQGHUHQ $QKlQJHU GHQ %RyOXQ VRIRUW DODUPLHUWH ZXUGHGDV3URJUDPPDXJHQEOLFNOLFKXQWHUEURFKHQ0DQZXWHMHW]WZLH(]]D0DUODLQGLHgIIHQWOLFKNHLW ZDUQHQZROOWH6LHLKUHUVHLWVZXWHZDKUVFKHLQOLFKGDVLHXQWHU%HREDFKWXQJVWDQGVRQVWKDWWHVLHHLQH ZHQLJHU JHKHLPQLVYROOH 0HWKRGH DQJHZDQGW 2]R KLHOW GLH =HLW IU ]XP =XVFKODJHQ UHLI (]]D ZXUGH HUPRUGHW .XU]H =HLW VSlWHU HUVFKLHQ $LQD EHL %RyOXQ 0LW 6FKUHFNHQ HUNDQQWH %RyOXQ GD (]]DV (UPRUGXQJGLH*HIDKUQRFKQLFKWEHVHLWLJWKDWWH(UJDE2]R%HVFKHLG'DPDOVKDWWHHUVFKRQGHQ%HIHKO HUKDOWHQ GLH QHX DQJHNRPPHQHQ 7HUUDQHU ]X EHVXFKHQ 2]R ZROOWH JDQ] HLQIDFK ZLVVHQ ZDV LQ VHLQHU 1DFKEDUVFKDIW YRUJLQJ $OV HU YHUVXFKWH GDV 0lGFKHQ $LQD PLW +LOIH HLQHV 7HOHWUDQVSRUWIHOGHV LQ VHLQH *HZDOW ]X EULQJHQ ZXWH HU GD VHLQH 9RUVLFKW ULFKWLJ JHZHVHQ ZDU 'LH 7HUUDQHU KDWWHQ HLQHQ )HOGVFKLUPXPLKU+DXVKHUXPDXIJHEDXW 6LHZDUHQNHLQH QRUPDOHQ(LQZDQGHUHU0DQPXWHVLHXQWHU VWlQGLJHU%HREDFKWXQJKDOWHQ :LUZLVVHQLPPHUQRFKQLFKWZLH/HXWQDQW%DUJK DURQLQGLH*HVFKLFKWH KLQHLQJHUDWHQLVW,Q2]RV*HGlFKWQLV ZDUQXUYHUPHUNWGDHUHLQZLFKWLJHV*HElXGHLQGLH/XIWIOLHJHQ OLH DOV 3ROL]HL GRUW HLQ]XGULQJHQ YHUVXFKWH 'DV 3ULYDWGHSRW ZXUGH JHVSUHQJW ZHLO 2]R GXUFK VHLQH 0LWWHOVOHXWHGDYRQHUIXKUGD%DUJK DURQGRUW$XI]HLFKQXQJHQDXIEHZDKUWH%DUJK DURQPXVHLQH6SXU LUJHQGZLHYRQDXHQKHUJHIXQGHQKDEHQ'DQQZXUGHGHUQHXH*HJQHUDNWLYZLU0LW2]RVEHUOHJHQHU 7HFKQLN DXVJHVWDWWHW GUDQJ %RyOXQ GXUFK GHQ )HOGVFKLUP LQ XQVHU +DXV HLQ XQG HQWIKUWH $LQD GLH ZLFKWLJH=HXJLQ0DMRU/DQGU\ZXUGHDQHLQHQ2UWQHJDWLYHU.DXVDOLWlWDEJHVFKREHQ2]RZDUVLFKHUGD HU GRUW QLFKW DOO]X ODQJH DP /HEHQ EOHLEHQ ZXUGH (UHLJQLVVH GLH ]X 0DMRU /DQGU\ LQ EHUKDXSW NHLQHU %H]LHKXQJ VWDQGHQ NRQQWHQ LKP ZHJHQ GHU YHUZDQGHOWHQ .DXVDOLWlW GHQ 7RG EULQJHQ :lKUHQGGHVVHQ JLQJGHUJURH3ODQVHLQHU$XVIKUXQJHQWJHJHQ'LH9DULDQ]UHOG*HQHUDWRUHQZDUHQLQGHQ.UDIWZHUNHQ LQVWDOOLHUW8QJHKHXUH(QHUJLHPHQJHQGLHDXIHLQPDOIUHLJHVHW]WGD]XDXVUHLFKHQZUGHQ$5.21,DXV VHLQHU %DKQ ]X UHLHQ ZXUGHQ DEJHVRJHQ XQG JHVSHLFKHUW 0DMRU /DQGU\ IDQG GHQ 6SHLFKHUUDXP 2]R KLHOW0DMRU/DQGU\GRUWIUXQJHIlKUOLFK'DVEUDFKVHLQHP3ODQGDV*HQLFN$EHUYRUKHUKDWWHHUVHOEVW

VHLQHPWUHXHVWHQ$QKlQJHU%RyOXQGDV*HQLFNJHEURFKHQ%RyOXQKDWWHHLQHQ)HKOHUEHJDQJHQ(UKDWWH &DSWDLQ 5DQGDOO PLWUDXLVFK JHPDFKW )U 2]R ZDU GDV *UXQG JHQXJ ]XP 7|WHQ 8P MHGH 6SXU ]X YHUZLVFKHQ ZXUGH%RyOXQV+DXV LQ GLH/XIW JHVSUHQJW 'LH6DPPOHUDQODJHXQWHU/RRUDPV+DXV HQWOXG VLFK VSRQWDQ DOV 0DMRU /DQGU\ GHQ JURHQ 9DULDQ]IHOG*HQHUDWRU ]HUVW|UWH XQG GDGXUFK GDV DQWLNDXVDOH )HOG XP GLH +DOOH KHUXP DXIO|VWH 'LH JHVSHLFKHUWH (QHUJLH YHUZDQGHOWH VLFK LQ HOHNWURPDJQHWLVFKH 6WUDKOXQJLP:HOOHQOlQJHQEHUHLFK]ZLVFKHQGUHLWDXVHQGXQG]HKQWDXVHQG$QJVWU|P:DUXPQLFKWLQHLQH DQGHUH $UW YRQ 6WUDKOXQJ ZLUG ZDKUVFKHLQOLFK GLH ZLVVHQVFKDIWOLFKH $QDO\VH NOlUHQ N|QQHQ $XI MHGHQ )DOOZXUGHGXUFKGLHVHQEHJUHQ]WHQ8PZDQGOXQJVHIIHNWJU|HUHU6FKDGHQYHUKLQGHUW 0DMRU/DQGU\XQG GDV 0lGFKHQ $LQD YHUOLHHQ GLH +DOOH JHUDGH LP ULFKWLJHQ $XJHQEOLFN $OV 0DMRU /DQGU\ GHQ )HOGJHQHUDWRU ]HUVW|UWH GD KDWWH VLFK GLH ([SORVLRQ ZHJHQ GHU QHJDWLYHQ .DXVDOLWlW DXV GHU GLH 8UVDFKH KHUYRUJLQJ DQ GHU 2EHUZHOW VFKRQ OlQJVW HUHLJQHW $OV GLH +DOOH VLFK VHOEVW ]X ]HUVW|UHQ EHJDQQGUDQJHQ0DMRU/DQGU\XQG$LQDGXUFKGHQ]XVDPPHQEUHFKHQGHQ)HOGVFKLUPLQHLQH:HOW DQGHUGLH([SORVLRQPLWVDPWLKUHQ)ROJHQVFKRQYRUEHUZDU 2]R KDWWH GLHJDQ]H=HLW EHU PLW GHU +DOOHLQHQJHU9HUELQGXQJJHVWDQGHQ,Q:LUNOLFKNHLWZDUHUJDUQLFKWHLQVHOEVWlQGLJHU5RERWHUVRQGHUQ QXU 7HLO HLQHV YLHO JU|HUHQ 0DVFKLQHQZHVHQV $OOHUGLQJV GHU HQWVFKHLGHQGH 7HLO 6WHXHU XQG /RJLNHLQKHLWLQHLQHP,QGHU+DOOHGLH0DMRU/DQGU\YHUQLFKWHWHJDEHVEHUKXQGHUWDQGHUHU(LQKHLWHQ GLH PLW 2]R ]XVDPPHQ GDV *HVDPWZHVHQ DXVPDFKWHQ 2]R ZDU PLW LKQHQ GXUFK +\SHUIHOGNRQMXQNWLRQ YHUEXQGHQ =XVDPPHQ ELOGHWHQ VLH HLQH (LQKHLW 2]R KlWWH DOVR WRW XPIDOOHQ PVVHQ VREDOG GLH +DOOH H[SORGLHUWH(UWDWHVQLFKWZHLOHUQRFK$XVZHLFKP|JOLFKNHLWHQEHVD8QWHUGHP+DXVGDVYRU/HXWQDQW %DUJK DURQLQGLH/XIWIORJKDWWHHVHLQHlKQOLFKHDOOHUGLQJVNOHLQHUH$JJUHJDWKDOOHJHJHEHQ8QGELVYRU HLQLJHQ6WXQGHQJDEHVDXI$5.21,LQVJHVDPWQRFKIQIDQGHUH$OV2]RGLH.DWDVWURSKHNRPPHQVDK O|VWH HU VHLQH 9HUELQGXQJ PLW GHQ *HUDWHQ XQWHU /RRUDPV +DXV XQG YHUEDQG VLFK PLW GHQHQ DQ HLQHP DQGHUHQ 2UW (U ZDU QDFK ZLH YRU JHIlKUOLFK (U KlWWH VHLQHQ 3ODQ QLHPDOV DXIJHJHEHQ (U EHVD LPPHU QRFK DOOH 0|JOLFKNHLWHQ DXFK ZHQQ HU JDQ] YRQ YRUQH DQIDQJHQ PXWH *OFNOLFKHUZHLVH HUNDQQWH LFK LKQ LP OHW]WHQ $XJHQEOLFN DOV 5RERWHU 6LH ZLVVHQ GD LFK GLHVH )lKLJNHLW EHVLW]H ,FK YHUQLFKWHWH 2]R XQG LFK JODXEH GD GLH *HIDKU QXQ HQGJOWLJ EHVHLWLJW LVW© 0HHFK VFKZLHJ XQG VDK VLFK XP 2IIHQEDU ZDUWHWH HU DXI )UDJHQ 5RQ /DQGU\ ZDU QRFK YLHO ]X EHQRPPHQ DOV GD HU HLQH )UDJH DXFK QXU KlWWH IRUPXOLHUHQN|QQHQ'DIUZDUMHGRFK/DUU\5DQGDOOVRIRUW]XU+DQGª0RPHQWPDO©ZDQGWHHUHLQª(V PDJMD VHOWVDPVHLQGD/RRUDPHLQHQDOV0lGFKHQYHUNOHLGHWHQ 5RERWHUPLWW$EHUZDUXPLVWGDVHLQ *UXQG IU GLFK DXI GHQ 5RERW ]X VFKLHHQ" (U NRQQWH GRFK JDQ] KDUPORV VHLQ 0HHFK VFKWWHOWH GHQ .RSI ª'HU 9HUGDFKW GD %RyOXQV $XIWUDJJHEHU HLQ 5RERWHU VHLQ PVVH ZDU PLU VFKRQ YLHO IUKHU JHNRPPHQ(ULQQHUQ6LHVLFKDQGLHHUVWH8QWHUKDOWXQJ6LUGLHZLULQGLHVHP5DXPPLW%RyOXQIKUWHQ" $Q GLH $UW ZLH HU XQV GDUDXI EUDFKWH GD GLH )UHPGHQ DXI $5.21 VFKOHFKW GUDQ VHLHQ XQG GD ZLU VHLQHU9HUVFKZ|UXQJEHLWUHWHQVROOWHQ"©/DUU\QLFNWHZRUWORVª6lPWOLFKH)UDJHQZXUGHQ%RyOXQYRQ2]R LQ GHP $XJHQEOLFN HLQJHJHEHQ LQ GHP HU VLH ]X VWHOOHQ KDWWH :LU KDEHQ GLHVH )UDJHQ DXI %DQG DXIJHQRPPHQ :HQQ 6LH VLH QRFK HLQPDO DEK|UHQ 6LU ZHUGHQ 6LH PHLQH %HREDFKWXQJ EHVWlWLJHQ 'DV 6FKHPD GHU )UDJHQ ULFKWHW VLFK QDFK GHQ )RUGHUXQJHQ GHV JHULQJVWHQ 3URJUDPPDXIZDQGV ZLH GLH 3RVLWURQLNHU HV QHQQHQ 6LH VLQG VWUHQJ ORJLVFK HLQH DXV GHU DQGHUHQ IROJHQG XQG HUODXEHQ NHLQH XQVDFKOLFKHQ =ZLVFKHQEHPHUNXQJHQ $XFK ZHQQ LFK EHL 2]RV 8QWHUVXFKXQJ QLFKW ]XJHJHQ JHZHVHQ ZlUHKDWWHLFKGDVSRVLWURQLVFKH3URJUDPPDXI]HLFKQHQN|QQHQQDFKGHPGLH)UDJHQJHVWHOOWZXUGHQ© ª$KD©PXUPHOWH/DUU\ª8QGZDUXPKDVWGXXQVQLHPDOVHWZDVGDUEHUJHVDJW" ª(V ZDU QLFKW YRQ %HODQJ 6LU© DQWZRUWHWH 0HHFK ª2E %RyOXQV 9RUJHVHW]WHU HLQ 5RERW ZDU RGHU HLQ RUJDQLVFKHV :HVHQ PXWH IU XQV VR ODQJH XQLQWHUHVVDQW VHLQ ZLH ZLU QLFKW ZXWHQ ZR ZLU LKQ ILQGHQ N|QQWHQ© /DUU\ ZROOWH HLQH %HPHUNXQJ ]X GLHVHU $QWZRUW PDFKHQ $EHU PLWWOHUZHLOH ZDU 5RQ DXV VHLQHU 6WDUUH HUZDFKW ª'XKDVW2]RDOOHLQHXQWHUVXFKW©IUDJWHHU ª1HLQ 6LU ,FK ZDU QXU HLQH )LJXU DP 5DQG 'DV *URH 3RVLWURQHQJHKLUQ GHU HKHPDOLJH 5RERWUHJHQW OHLWHWHGLH8QWHUVXFKXQJXQGOHLVWHWHGLHZLFKWLJVWH$UEHLW© ª+P'XZDUVWDOVRDXI$5.21,,,"© ª-DZRKO6LU© ª8QGZHU©ILQJ5RQYRQQHXHPDQZREHLHUVLFKZHLWLQVHLQHQ6HVVHO]XUFNOHKQWHªKDWHLJHQWOLFK2]R

JHEDXW"9RQZHPKDWHUVHLQHQ$XIWUDJ"0HHFKVHXI]WH:LUNOLFKHUVHXI]WH(VZDUHLQHUMHQHUYROOHQGHW RUJDQLVFKHQ *HVWHQ GLH DXFK %RyOXQ XQG GHP]XIROJH 2]R JHWlXVFKW KDWWHQ ª'DV LVW HLQH PHUNZUGLJH *HVFKLFKWH 6LU© DQWZRUWHWH GHU 5RERW ª'HUMHQLJH GHU IU 2]RV (QWVWHKHQ XQG VHLQH $NWLYLWlW YHUDQWZRUWOLFKLVWOHEWKHXWHQRFKZHQQLFKPLFKVRDXVGUFNHQGDUI0DQN|QQWHLKQ]XU5HFKHQVFKDIW ]LHKHQ ZHQQ HU YRQ GHU $QJHOHJHQKHLW QRFK ZXWH 9HUVWHKHQ 6LH ZDV LFK PHLQH" (U KDW NHLQH (ULQQHUXQJ PHKU GDUDQ 'XUFK HLQ EHVRQGHUHV (UHLJQLV LVW VLH LKP DEKDQGHQ JHNRPPHQ *HZDOWVDP P|FKWHPDQIDVWVDJHQ© /DUU\SURWHVWLHUWH ª.HLQ5HGHQXPGHQKHLHQ%UHL0HHFK© 8QG/RIW\PHOGHWHVLFKDXVGHP+LQWHUJUXQGª'XQLPPVWMHPDQGLQ6FKXW])UHXQG:HULVWHV"© 5RQ OlFKHOWH QXU ª9RU JHUDXPHU =HLW ZXUGH GDV $UNRQLGLVFKH 5HLFK YRQ HLQHP DUWIUHPGHQ :HVHQ UHJLHUW (V IKOWH GD HLQVW GLH =HLW NRPPHQ ZUGH LQ GHU PDQ HV DEO|VHQ XQG LQ HLQH EHGHXWXQJVORVH 5ROOH]XUFNGUlQJHQZXUGH(VEHVD(KUJHL]REZRKOPDQLKPHLQHVROFKH5HJXQJQLH]XJHWUDXWKlWWH (V ZROOWH QLFKW DEJHO|VW ZHUGHQ (V ZXWH DEHU DXFK GD HV GLHVH $EO|VXQJ QLFKW YHUKLQGHUQ NRQQWH ZHQQ HV QLFKW 9RUVRUJH WUDI $OVR VFKXI HV 2]R XQG JDE LKP 0LWWHO JHQXJ XP QDFK QHXHQ ZLVVHQVFKDIWOLFKHQ (UNHQQWQLVVHQ ]X IRUVFKHQ (V JDE LKP DXFK GHQ %HIHKO HLQ]XJUHLIHQ XQG GLH $EO|VXQJUFNJlQJLJ]XPDFKHQZHQQHVDQGHU=HLWZDU© /DUU\KDWWHVLFKZHLWQDFKYRUQHJHEHXJWXQGVWDUUWHGHQ5RERWDXVXQJOlXELJHQ$XJHQDQ ª'XPHLQVW©0HHFKQLFNWH ª'HQ 5RERW5HJHQWHQ -DZRKO 6LU (U LVW IU 2]RV (QWVWHKXQJ YHUDQWZRUWOLFK 'HU $XJHQEOLFN LQ GHP 2]RQHXH$NWLYLWlWHQWIDOWHWHXQGVHLQHQ*HKHLPULQJDXI]XEDXHQEHJDQQLVWGHUVHOEHLQGHP$WODQ6HLQH (UKDEHQKHLW *RQR]DO GHU 9,,, GHQ 5RERW5HJHQWHQ GXUFK HLQH 6RQGHUVFKDOWXQJ YRP DXWRQRPHQ +HUUVFKHU ]XP SRVLWURQLVFKHQ +LOIVJHUlW ]XUFNVWXIWH :lUH 2]RV 3ODQ GXUFKJHIKUW ZRUGHQ KDWWH DOVR GHU,PSHUDWRUGDV8OWLPDWXPDQJHQRPPHQGDQQZlUHGHU5HJHQWYRQ2]RZLHGHUDNWLYLHUWXQGLQVHLQH DOWH3RVLWLRQYHUVHW]WZRUGHQ2]RZDUVRSURJUDPPLHUW6RDEHUYHUORUGHU5HJHQWGXUFK$WODQV(LQJULII MHJOLFKH(ULQQHUXQJ8QGQDFKGHP2]RWRWLVWZLUGVLHLKPDXFKQLHPDOVZLHGHU]XUFNJHJHEHQZHUGHQ©

6FKOX

'LH0LVVLRQZDUEHHQGHW'LH7HUUDQHUNHKUWHQQDFK+DXVH]XUFN2KQHYLHO$XIVHKHQ8QWHULKQHQGHU 5RERWHUGHUVRSHUIHNWZDUGD2]RQDFKGHQ%HVFKUHLEXQJHQVHLQHV0LWWHOVPDQQHV%RyOXQLKQQLHPDOV DOV DUWYHUZDQGWHV :HVHQ KDWWH HUNHQQHQ N|QQHQ (V ZXUGH QDFKWUlJOLFK DOV *OFN HPSIXQGHQ GD 2]R XQG 0HHFK +DQQLJDQ HLQDQGHU QLHPDOV YRU GHP HQWVFKHLGHQGHQ =HLWSXQNW EHJHJQHW ZDUHQ 2]R KlWWH VHLQH3OlQH DQGHUVHLQULFKWHQN|QQHQ KlWWHHUJHZXWGDHLQHU VHLQHU *HJQHU HLQ5RERWZDU $Q%RUG GHVWHUUDQLVFKHQ6FKLIIHVEHIDQGVLFKDXFK$LQD8QG5RQ/DQGU\WUXJHLQ6FKULIWVWFNPLWVLFKLQGHPHU VHLQHP 9RUJHVHW]WHQ 1LNH 4XLQWR NOLSS XQG NODU EHZLHV GD GLH $EWHLOXQJ ,,, HV VLFK QLFKW OHLVWHQ NRQQH HLQH 0LWDUEHLWHULQ ]X YHUOLHUHQ GLH LQ NULWLVFKHQ 6LWXDWLRQHQ PLW PLQGHVWHQV HLQHP GHU YHUDQWZRUWOLFKHQ 2IIL]LHUH GHU $EWHLOXQJ LQ WHOHSDWKLVFKHQ .RQWDNW ]X WUHWHQ YHUVWDQG (U ZUGH GLH 6DFKHGXUFKEULQJHQGDVZXWHHU

(LQHLQ]LJHUKDWWHZLUNOLFKHQ6FKDGHQGDYRQJHWUDJHQ/RRUDP$UNDGG(UZXUGHQLHPHKUJDQ]JHVXQG ZDV VHLQ *HKLUQ DQJLQJ (U NRQQWH GHQ 6FKRFN QLFKW YHUZLQGHQ GD HU PRQDWHODQJ VHLQH /LHEH HLQHP 5RERWHUJHVFKHQNWKDWWH8QGGDVEHZLHVGDHULP*UXQGHJHQRPPHQGRFKHLQUHODWLYQRUPDOHU0HQVFK JHZHVHQZDU