Die Parasiten

³:HQQ GX QLFKW VRIRUW UHDJLHUVW ELVW GX YHUORUHQ´ 'LH ZDUQHQGH 6WLPPH PHLQHV ([WUDKLUQV YHUVWXPPWH ,F...

Author: Kneifel Hans

9 downloads 362 Views 566KB 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

³:HQQ GX QLFKW VRIRUW UHDJLHUVW ELVW GX YHUORUHQ´ 'LH ZDUQHQGH 6WLPPH PHLQHV ([WUDKLUQV YHUVWXPPWH ,FK VWDQG VWDUU GD XQG VDK PLFK XP 3O|W]OLFK EHJDQQLFK]X]LWWHUQ(WZDV)UHPGHVZDULQPLUXQGYHUVXFKWHYRQPLU%HVLW] ]XHUJUHLIHQ :lKUHQG $WODQ GHU $UNRQLGH DXI *lD GHP 6LW] GHV 1HXHQ (LQVWHLQVFKHQ ,PSHULXPV PLW GHP 7RGH ULQJW VSULFKW VHLQ ([WUDKLUQ (V JLEW QHXH ELVODQJ GXUFK GDV *HLVWZHVHQ (6 EORFNLHUWH (ULQQHUXQJHQ DXV VHLQHP ODQJHQ /HEHQ SUHLV 'HU :lFKWHU GHU 0HQVFKKHLW EHULFKWHW YRQ VHLQHU %HJHJQXQJ PLW GHQ 3DUDVLWHQ ',( 3$5$6,7(1 LVW HLQH QHXH $WODQ(SLVRGH DXV GHU WHUUDQLVFKHQ )UK]HLW $QGHUH $EHQWHXHU GHV $UNRQLGHQ HUVFKLHQHQ DOV %lQGH XQGLQGHU5HLKHGHU3(55<5+2'$17DVFKHQEFKHU +$16.1(,)(/

'LH3DUDVLWHQ

921 3(5(0:$+ '(0 :(6,5 '(5 *5(1=75833(1 '(6 267(16 %(, 7$1,6 ,0 '(/7$ $1 816(5( +(55,1 3+$5$2 6(%(.1()(58 $07$*'(5-$+5(6=(,73(5(7 6,(+( +(55,1 :,5 .b03)(1 $1 '(5 *5(1=( *(1 6211(1$8)*$1* )5(0'( 0,7 :$*(1 *(=2*(1 921 '(1 6&+1(//(1 ³(6(/1 '(5 %(5*( %('5b1*(1 :h7(1' ',( *5(1=( 67(76 +$%(1 :,5 9,(/( 921 ,+1(1 0,7 :$))(1 =85h&.*(:,(6(1 :,5 1$+0(1 '(1 %(6,7= 81' '$6 /(%(1 '(5 0b11(5 81' ',( )5$8(1 )h+57(1 :,5 $/6 6./$9,11(1 ,1 816(5( =(/7( $%(5 6,( 6,1' =$+/5(,&+ :,( ',( 6$1'.g51(5 6,( :(5'(1 '$6 /$1' 9(5:h67(1 :,( ',( +(86&+5(&.(1$8&+$1'(5(*5(1=:b&+7(56&+5(,(11$&+ +,/)( 81' :$))(1 6,( 6$*(1 '$66 ',( )5(0'(1 +$1'(/1 '$6 /$1' %(67(//(1 81' '(0 .$03) $86:(,&+(1 6,( .200(1$86'(5g67/,&+(1:h67(81'$86'(0/$1'$6685 $86 '(1 67b00(1 $08 6(7(7,8 81' 5(7(18 :,5 9(5%5(11(1 ,+5( =(/7( 81' 1(+0(1 ,+1(1 $//(6 $%(5 6,( %/(,%(1 :(5'(1 .h+1(5 81' 67b1',* .200(1 ,+5(5 0(+5 $86'(5:h67(:,5.b03)(11$&+76:,(',(6&+$.$/(:(,/ ,+5( .$03):$*(1 =8 6&+1(// 6,1' +(55,1 (6 67(+7 6&+/,00 80 816(5( *5(1=)(67(1 6&+,&.( 816 )5,6&+( 0b11(5:$))(181':(,162167.g11(1:,5816'(5+(.$

.+$6871,&+7/b1*(5(5:(+5(1 *(6&+5,(%(1 ,0 '5,77(1 -$+5 '(5 5(*,(581* 816(5(5 +(55,13+$5$26(%(.1()(58'85&+%27(1 $OVVLHGDVHUVWH*UQLQGHUXQHQGOLFKHQ:HLWHGHV6DQGHVVDKHQJLQJLQLKUHP 5FNHQ GLH 6RQQH DXI 'LH 3IHUGH ZLWWHUWHQ :DVVHU XQG VDIWLJH :HLGH 7HPRVDUDQ VWHOOWH VLFK DXI GLH =HKHQVSLW]HQ VFKZDQJ GLH 5XWH XQG GUHKWHVLFK LP 6LW] GHV :DJHQV XP 'XUFK GDV .QLUVFKHQ GDV GLH )HOJHQ GHV :DJHQV LP 6DQGHU]HXJWHQULHIHUEHUGLH6FKXOWHU]XUFN ³'RUWYRUQLVWXQVHU/DQG$PWDUD (U ZDU GHU 6RKQ HLQHV +lXSWOLQJV GHU YLHUWH 6RKQ )U LKQ ZDUHQ ZHGHU /DQG QRFK HLQH $XIJDEH JHEOLHEHQ (U EUDXFKWH ODQJH XP ]X EHJUHLIHQ GD HV ZHLW LP :HVWHQ XQHQGOLFK EHVVHUH /HEHQVEHGLQJXQJHQ JDE (U YHUOLH GHQ 6WDPP QDKPVHFKV3IHUGHPLWXQGGDV0lGFKHQPLWGHPHUVHLQHQ6RKQ]HXJHQZROOWH -HW]W VFKLHQHQ VLH DP (QGH HLQHU ODQJHQ )DKUW ]X VHLQ $PWDUD ZLQNWH VLH ZDU PGHXQGVFKPXW]LJYHUVFKZLW]WXQGYROOHUEODXHU)OHFNHQYRPVWRHQGHQXQG VFKOLQJHUQGHQ:DJHQ$EHUVLHODFKWHDOVVLHDQWZRUWHWH ³$XFK ZHQQ ZLU QXU GXUFK]LHKHQ ULHI VLH PLW LKUHU KHOOHQ 6WLPPH GLH ZHLW EHUGHQ6DQGVFKDOOWH³GRUWLVW:DVVHU,FKULHFKHZLHHLQ=LHJHQERFN ³1LFKWPHKUODQJH,FKZHUGHGLFKLQ=HGHUQ|OEDGHQVFKULHHUXQGUXFNWHDQ GHQ=JHOQ'LH7LHUHJHKRUFKWHQDXJHQEOLFNOLFK(UVHOEVWKDWWHVLHDQGDV*H VFKLUU XQG GLH +LOIHQ JHZ|KQW 6HLQ 6WDPP EHVD HLQH ODQJH 7UDGLWLRQ LQ GHU $XVELOGXQJ GLHVHU KHUUOLFKHQ VFKQHOOHQ 7LHUH $PWDUD YHUVWDQG DOOHV YRQ GHQ +HUGHQVLHZDUHQHLQLGHDOHV3DDUXPLQGHU)UHPGH]XEHUOHEHQ +LQWHU GHP IDVW ZHLHQ YRP :LQG JHULIIHOWHQ 6DQG WDXFKWHQ GLH :HGHO YRQ 3DOPHQDXIYRQ6FKLOIXQG7DPDULVNHQXQG7HPRVDUDQJODXEWHGDV3OlWVFKHUQ YRQ :DVVHU ]X K|UHQ 'HU 6DQG JDE GLH .lOWH GHU 1DFKW DQ GLH 8PJHEXQJ DE 'LH 6RQQH EHUVFKWWHWH PLW LKUHQ ZlUPHQGHQ 6WUDKOHQ GDV /DQG 'LH EHUWULHEHQODQJHQ6FKDWWHQGHU:DJHQEHUKUWHQGLH*UlVHUXQG%DXPZXU]HOQ GHU JUQHQ =RQH $OV GLH 3IHUGH GLH :DJHQ EHU GLH .XSSH GHV QLHGULJHQ +JHOVJH]RJHQKDWWHQHUNDQQWHGHUVFKZDU]KDDULJH)UHPGHGDVLHGDV*HELHW GHV 'HOWDV HUUHLFKW KDWWHQ 'DV /DQG YRU LKQHQ ZDU NHLQH 2DVH VRQGHUQ HUVWUHFNWH VLFK ZDDJUHFKW ELV ]XP QlFKVWHQ WUlJH ODXIHQGHQ 0QGXQJVDUP 7HPRVDUDQKREGHQ$UPXQGULHI ³'DV LVW HV ZRYRQ GLH +lQGOHU EHULFKWHWHQ =X XQVHUHU 5HFKWHQ OLHJW GDV 1|UGOLFKH0HHU9RUXQVLVWGDV'HOWD 'LH 3IHUGH VWHPPWHQ VLFK LQV -RFK XQG JDORSSLHUWHQ GHQ ODQJHQ +DQJ DEZlUWV 'DV:DVVHU]RJVLHPLWPDJLVFKHU*HZDOWDQ+LQWHUGHPEUDXQKlXWLJHQ0DQQ NQLUVFKWHQ XQG UXPSHOWHQ GLH PDVVLYHQ 6FKHLEHQUlGHU GHV ]ZHLWHQ :DJHQV (U ZDUKRFKEHODGHQXQGWUXJGLHJHVDPWH+DEH $OV GLH +XIH GHU 3IHUGH GDV *UDV EHUKUWHQ ]RJ GHU +lXSWOLQJVVRKQ DQ GHQ =JHOQ (U ZDQGWH GHQ .RSI KLQ XQG KHU (V ZDU YLHO ]X VWLOO 7HPRVDUDQ

JODXEWH GHQ NDOWHQ 5DXFK HLQHV HUORVFKHQHQ )HXHUV ]X ULHFKHQ :DU HU DXI GLH 5HVWHGHU³)UVWHQPDXHUJHVWRHQGLHYRQGHQbJ\SWHUQHLQVWJHEDXWZRUGHQ ZDU XQG QRFK LQ )RUP YRQ )RUWV XQG 6WW]SXQNWHQ EHVWDQG" 1LFKWV GHXWHWH GDUDXIKLQ0LWGHP*HUlXVFKlFK]HQGHU'UHKODJHUKLHOW$PWDUDV:DJHQQHEHQ LKP 'LH 3IHUGH VHQNWHQ GLH .|SIH XQG ]XSIWHQ JLHULJ DQ GHQ IHWWHQ GXQNHOJUQHQ+DOPHQ ³'XZLUNVWXQUXKLJVDJWHGLHMXQJH)UDX³:LWWHUVWGX*HIDKUHQ" ³:LUKDEHQ]XODQJH=HLWQLHPDQGHQJHVHKHQ:LUVLQGLQHLQHPIUHPGHQ/DQG DQWZRUWHWHHULQJHVWHLJHUWHU8QUXKH³,FKGHQNHZLUVLQGKLHUQLFKWDOOHLQ (U UL DP =JHO XQG VFKOXJ PLW GHU SIHLIHQGHQ 5XWH]X 'LH 3IHUGH ZDUIHQ GLH .|SIH KRFK XQG ]RJHQ GHQ :DJHQ QDFK OLQNV %HLGH7LHUH ZLHKHUWHQJUHOODXI 6LHJDORSSLHUWHQDQXQGDOVGLHUHFKWH)HOJHEHUHLQHQ6WHLQUROOWHIHGHUWHGHU :DJHQKRFKXQGVFKZDQJVLFKVFKZHU]XUFNLQGLH/DJHU5XQGXPGLHEHLGHQ *HVSDQQH WDXFKWHQ ODXWORV ]ZLVFKHQ GHQ 6WlPPHQ YLHOH 0lQQHU DXI 6LH VFKZLHJHQ XQG VWDUUWHQ GLH )UHPGHQ DXV GXQNOHQ $XJHQ DQ (LQH 9RUDKQXQJ YRQ 7RG XQG *HIDKU HUJULII GHQ MXQJHQ 0DQQ ZLH HLQH HLVHUQH )DXVW 'LH 0lQQHUZDUHQEHZDIIQHW ³1HLQQLFKWGDVPXUPHOWH7HPRVDUDQXQGGDFKWHGDUDQGDHUNHLQ.ULHJHU XQGYLHO]XVFKOHFKWEHZDIIQHWZDU 'LH *HVLFKWHU GHU 0lQQHU WUXJHQ HLQHQ KXQJULJHQ XQG KDUWHQ $XVGUXFN ,KUH $XJHQZDUHQRKQHMHGHV0LWOHLG=XVHLQHP6FKUHFNHQHUNDQQWH7HPRVDUDQGLH EOLW]HQGHQ %OlWWHU GHU :XUIVSHHUH (LQ HLVLJHU 6WLFK GHU )XUFKW VHQNWH VLFK LQ VHLQ +HU] 'LH 0lQQHU WUXJHQ %URQ]HEHLOH XQG IHOOEHVFKODJHQH 6FKLOGH DXI GHQHQGLH7DXWURSIHQZLHZHUWYROOH6WHLQHIXQNHOWHQXQGJOLW]HUWHQ'LHVZDUHQ 6ROGDWHQ GHV 3KDUDRV (U OlFKHOWH XQVLFKHU XQG KRE GLH UHFKWH +DQG 'LH OHHUH +DQGIOlFKHZLHVDXIGLH0lQQHU ³:LUVLQGDXVGHP2VWHQULHIGHU)UHPGHPLWXQVLFKHUHU6WLPPH (U KLHOW GHQ :DJHQ DQ ZLFNHOWH GLH =JHO XP GDV 6LW]EUHWW XQG EOLFNWH QDFK KLQWHQ$PWDUDOLHIDXILKQ]XXQGWUXJGHQ$XVGUXFNGHU)XUFKWLQLKUHPVFKPD OHQKHU]I|UPLJHQ*HVLFKW ³:LU VXFKHQ /DQG ULHI GHU MXQJH 0DQQ ³GDV ZLU EHEDXHQ GUIHQ :LU KDEHQ XQVRIIHQXQGLP)ULHGHQJHQlKHUW (LQHU GHU 6ROGDWHQ GHU DQ GHQ 2EHUDUPHQ JROGHQ EOLW]HQGH 5HLIHQ WUXJ VDJWH PLW E|VHU 6WLPPH HLQLJH NXU]H 6lW]H GLH ZLH %HIHKOH NODQJHQ 'HU )UHPGH YHUVWDQGNHLQ:RUWDEHUGHU6LQQHQWJLQJLKPQLFKW'HU7RQIDOOVDJWHLKPDOOHV ,P6LFKWVFKXW]GHV:DJHQNRUEVJULIIHUODQJVDPQDFKGHUNOHLQHQ:XUID[W$P WDUDEOLFNWHlQJVWOLFKXQGYHUZLUUW]ZLVFKHQLKPXQGGHQ6ROGDWHQKLQXQGKHU ³1HLQ1LFKW%LWWHVFKULHVLHSO|W]OLFKDXIV7HPRVDUDQODQJWHKLQWHUVLFKXQG ]RJVLH]XVLFKKLQDXILQGHQ:DJHQNRUE'LH6ROGDWHQHWZDYLHU]LJ0lQQHUPLW VRQQHQJHJHUEWHQ *HVLFKWHUQ ELOGHWHQ VFKQHOO HLQHQ HQJHU ZHUGHQGHQ .UHLV XP GLH]ZHL:DJHQ 'HU$QIKUHUGHXWHWH]XHUVWDXIGLH3IHUGHGDQQDXI$PWDUDXQGVFKOLHOLFKDXI GHQMXQJHQ)UHPGHQ(LQLJH6lW]HLQGHUIUHPGHQ6SUDFKHKDOOWHQGXUFKGLHOlK

PHQGH6WLOOHGHVIUKHQ0RUJHQV 7HPRVDUDQVSUDQJDXVGHP:DJHQLQV*UDV OHJWHVHLQHQOLQNHQ$UPXPGLH6FKXOWHUQGHV0lGFKHQVXQGKREGLH$[W (U KDWWH EHJULIIHQ 6LH ZDUHQ XQHUZQVFKW 'LH *UHQ]H EOLHE XQGXUFKGULQJOLFK 'LH6ROGDWHQ]ZLVFKHQGHP'HOWDXQGGHU:VWHKDQGHOWHQZLHHV,KQHQJHILHO (VNRQQWHNHLQH5FNVLFKWQDKPHHUZDUWHWZHUGHQ-HGHU)UHPGHZDUHLQ)HLQG )HLQGHZXUGHQHUEDUPXQJVORVJHW|WHW 7HPRVDUDQ]ZDQJVLFKGD]XWURW]VHLQHU)XUFKWODQJVDP]XVSUHFKHQ(UULHI ³.HLQHQ.DPSI:LUVLQGDUP:LUVLQGNHLQH)HLQGHZLU +LQWHU LKP JOLWW HLQ KRFKJHZDFKVHQHU 0DQQ KLQWHU GHP 6WDPP HLQHU gOSDOPH KHUYRU 'HU 6ROGDW VXFKWH PLW VHLQHQ $XJHQ GHQ %OLFN GHV $QIKUHUV $OV GHU 0DQQPLWGHQJROGHQHQ$UPUHLIHQGHQ%OLFNVHQNWH]RJGHU%RJHQVFKW]HGLH 6HKQH ELV KLQWHUV 2KU 7HPRVDUDQ K|UWH HLQ JHOOHQGHV 6DXVHQ XQG VSUWH HLQHQ KDUWHQ6FKODJXQGHLQHQJOKHQGHQ6FKPHU]GHUDOOH*HGDQNHQDXVO|VFKWH 'HU3IHLOGUDQJREHUKDOEVHLQHV+HU]HQVZLHGHUDXVGHU%UXVW'HU)UHPGHEUDFK PLWDXVJHEUHLWHWHQ$UPHQDXIGHP*UDV]XVDPPHQ6HLQH%HLQH]XFNWHQVHLQH *HGDQNHQ YHUZLUUWHQ VLFK 'LH $[W UXWVFKWH DXV GHQ NUDIWORVHQ )LQJHUQ XQG VFKOLWWHUWHEHUGDVQDVVH*UDVXQGERKUWHVLFKLQGHQ.Q|FKHOHLQHV6ROGDWHQ 'HU+lXSWOLQJVVRKQGUHKWHZLPPHUQGGHQ.RSI 'LH 6ROGDWHQ JULIIHQ LQ GLH =JHO GHU 3IHUGH XQG IKUWHQ GLH 7LHUH XQG :DJHQ ]XU6HLWH $PWDUD VFKULH JHOOHQG DXI DOV VLH YRQ ]ZHL 6ROGDWHQ DQ GHQ $UPHQ JHSDFNW ZXUGH (LQ GULWWHU UL GLH .OHLGHU YRQ LKUHP .|USHU (LQ DQGHUHU SUHWH VHLQH +DQGDXILKUHQ0XQG0DQZDUIVLHLQV*UDV 'LH $XJHQEOLFNH LQ GHQHQ VHLQ /HEHQ HUORVFK ZDUHQ IU GHQ +lXSWOLQJVVRKQ YROO VFKPHU]OLFKHU (LQVLFKW (U VDK DOOHV EHUDXV NODU XQG EHUWULHEHQ GHXWOLFK $OOHV DQGHUH KDWWH VHLQH %HGHXWXQJ YHUORUHQ GLH (PSILQGXQJHQ NRQ]HQWULHUWHQ VLFKDXIVHLQH)UDXGHUGLH6ROGDWHQ*HZDOWDQWDWHQ (UVSUWHQLFKWGDHLQ6ROGDWVHLQ%URQ]HEHLOKRFKULXQGLKPGHQ6FKlGHOELV ]XP 6FKXOWHUNQRFKHQ VSDOWHWH HLQ NDOWHU 6FKPHU] O|VFKWH DOOHV DXV VHLQH ZLUEHOQGHQ *HGDQNHQ VHLQH 7UDXHU XQG :XW VHLQH ODXWORVHQ 6FKUHLH XQG GHQ 6FKPHU]GHUVHLQHQ.|USHULQHLQJOKHQGHVXQG]XFNHQGHV(WZDVYHUZDQGHOWH (U VWDUE XQG IKOWH LQ GLHVHU ZLQ]LJHQ =HLWVSDQQH QLFKWV DQGHUHV DOV HLQH JUHQ]HQORVH(UOHLFKWHUXQJ $13(5(0:$+'(1:(6,5'(5*5(1=75833(1'(6267(16 6(,7 )h1)=(+1 -$+5(1 ,67 ',( +(556&+$)7 921 3+$5$2 6(%(.1()(58 925%(, +81'(57( 81' $%(50$/6 +81'(57( 921 +(.$ .+$687 :2+1(1 181 ,1 816(5(0 5(,&+ ,1 7$1,6 '$6 6,( $8$5,6 1(11(1 5(*,(5(1 ',( )h567(1 '(5 )5(0'(1 /$66( $% *(*(1 6,( =8 .b03)(1 '(11 1810(+5 6,1' 6,( 816(5( +(55(1 ,0 '(/7$ =,(+( ',&+ =85h&. 921 '(5 *5(1=( 81' :(11 '8 %()(+/( (17*(*(11,0067 921 '(1

)5(0'(1 62 *(+25&+( ,+1(1 (,1 ./(,1(5 7(,/ '(6 5(,&+(6 ,67 ,1 ,+5(5 +$1' ',(6 6&+5(,%7 ',5 (,1 )5(81' 9(5%5(11( '$63$3<58681'9(568&+(=8h%(5/(%(1:,(:,5(6781 921$$.(1(15('(,1(0%()(+/6+$%(581')5(81'$0 7$*'(5-$+5(6=(,7$&+(7 3HUHPZDKEHZHJWHLQHLQHUKHUULVFKHQ*HVWHGLH+DQG'LHNOHLQH5ROOHILHOLQV )HXHUXQGYHUEUDQQWHDXJHQEOLFNOLFK(LQWURFNHQHV/DFKHQVFKWWHOWHGHQ0DQQ HUVDKDXVZLHVHFK]LJ]lKOWHDEHUQXUYLHU]LJ6RPPHU(UOHKQWHVLFKLQGHP OHLFKWHQ 6HVVHO ]XUFN XQG EOLFNWH XQWHU GHP 9RUGDFK GHV =HOWHV KLQDXV LQ GLH 6DQGZVWH ³=X VSlW )UHXQG $DNHQHQ PXUPHOWH HU ³=X VSlW :lUHVW GX KLHU VR ZWHVW GXGDZLUGDVOHW]WH*HIHFKWXQPLWWHOEDUYRUXQVKDEHQ 'LH DOWH 2UGQXQJ LP 5HLFK ]HUILHO HEHQVR ZLH GLH :lOOH XQG 0DXHUQ GHU DOWHQ %HIHVWLJXQJVUHLKH hEHUDOO VLFNHUWHQ VLH KHUHLQ MHQH )UHPGHQ :HQQ GHU 6WW]SXQNW KLHU |VWOLFK YRQ 7DQLV DXIJHJHEHQ ZHUGHQ PXWH XQG HU ZUGH VSlWHVWHQV PRUJHQ IUK JHIDOOHQ VHLQ ZUGHQ GLH +LUWHQ GHU )UHPGOlQGHU GLH 6WDGWHQGJOWLJLQ%HVLW]QHKPHQ3HUHPZDKKDWWHNQDSSGUHL+XQGHUWVFKDIWHQ 6LH ZDUHQ IDVW DXVQDKPVORV 9HWHUDQHQ ZLH HU .DPSIHUIDKUHQ ]lK YRQ XQ]lKOLJHQ1DUEHQJH]HLFKQHWVFKOHFKWDXVJHUVWHWXQGYROOHU6NHSVLVZDVGHQ EHYRUVWHKHQGHQ.DPSIEHWUDI 'DV .QLUVFKHQ YRQ 5DGIHOJHQ HUW|QWH GXUFK GHQ GQQHQ O|FKHULJHQ 6WRII GHV =HOWHV 'HU $QIKUHU VWDQG DXI XQG JLQJ EHU GLH JHIORFKWHQH 0DWWH DXV %LQVHQVWURK KLQDXV 'HU 6SlKHU OHQNWH GLH 7LHUH DXI LKQ ]X 6LH ZDUHQ VDWW DXVJHUXKWXQGJHVWULHJHOW0DQVFKRQWHVLHELV]XP%HJLQQGHV.DPSIHV ³3HUHPZDK +HUU VDJWH GHU 6SlKHU PLW UDXKHU 6WLPPH ³6LH VLQG GD 6LH QDKPHQ$XIVWHOOXQJLQGHU:VWH,FK]lKOWHVLHEHQPDO]HKQ.DPSIZDJHQ,FK VDKGDV%OLW]HQYLHOHU:DIIHQ ³:DQQZHUGHQVLHDQJUHLIHQ"IUDJWHGHU$OWH]XUFN6HLW7DJHQKHUUVFKWHQKLHU JHUDGH]X XQHUWUlJOLFKH 6SDQQXQJ XQG 9RUEHUHLWXQJHQ 3IHLOVSLW]HQ XQG GLH .OLQJHQ GHU .DPSIEHLOH ZXUGHQ JHVFKOLIIHQ ELV VLH JOlQ]WHQ ZLH 6LOEHU RGHU *ROG 'LH $XVUVWXQJ GHU 6ROGDWHQ ZDU GHQ 0lQQHUQ lKQOLFK VHLW -DKU]HKQWHQ EHQXW]W LPPHU ZLHGHU DXVJHEHVVHUW XQG QLFKWV DOV JXWHV DXI GHQ $QZHQGHU DEJHVWHOOWHV :HUN]HXJ 9LHOOHLFKW OHEWHQ PRUJHQ QRFK HLQLJH 0lQQHU ,KUH :HUN]HXJHDEHUZUGHQ]HUEURFKHQVHLQ ³,FKGHQNHGDVLHJHJHQ0LWWDJVRZHLWVLQG'XKDVWEHVRQGHUH%HIHKOH" 'HU $QIKUHU VFKWWHOWH VHLQHQ NDKOJHVFKRUHQHQ 6FKlGHO $OOHV ZDU JHVDJW ZRUGHQ ³.HLQH%HIHKOH1XU]XPOHW]WHQPDOGLH)UDJH:ROOWLKUNlPSIHQXQGVWHUEHQ RGHUVROOHQZLUXQV]XUFN]LHKHQ":HQQGLH.DPSIZDJHQGRUWDXIWDXFKHQLVWHV ]XVSlW ³,FK KDEHDOOH 0lQQHU JHIUDJW VDJWH GHU6SlKHU $XFKHUEHIDQGVLFKVHLW IDVW ]ZHL-DKU]HKQWHQLQGHP9RUSRVWHQ³6LHNlPSIHQ

³'DQQZHUGHQZLUDOOHVWHUEHQVDJWHGHU$QIKUHU³(VLVWEHVFKORVVHQ0LWXQV VWLUEWGHUOHW]WH:LGHUVWDQGJHJHQGLH)UHPGHQ(VGDXHUWQLFKWPHKUODQJHXQG GDQQKHUUVFKHQVLHEHUGDV/DQGDP1LO 'HU6SlKHUXQGGHU$QIKUHUEOLFNWHQVLFKVFKZHLJHQGLQGLH$XJHQ(VZDUHQ NDOWHXQGODVWHQGH%OLFNHVFKZHUHUDOVGLH$[WLQGHU+DQGGHU0lQQHU6LHKDW WHQVLFKHQWVFKORVVHQ(VJDENHLQ=XUFNPHKU6LHZDUHQGLHOHW]WHQ8QGVLH NlPSIWHQPLW3IHUGHQXQG:DJHQGLHDXVGHU%HXWHVWDPPWHQ 3HUHPZDK KRE GLH +DQG 'HU 8QWHUDUP ZDU YRQ HLQHU OHGHUQHQ 0DQVFKHWWH JHVFKW]WGLHPLW6FKQDOOHQXQGGHQIODFKHQ.|SIHQYRQ%URQ]HQLHWHQYHUVWlUNW ZDU'DV0HWDOOXQGGDV/HGHU]HLJWHQWLHIH.UDW]HUXQG1DUEHQ ³6DJHGHQ0lQQHUQGDZLUGHQ$QJULIIDEZDUWHQ:LUQHKPHQVLHPLWLQGHQ 7RG 'HU6SlKHUVFKOXJPLWGHUOLQNHQ+DQGJHJHQGLH%UXVWSODWWHDXV/HGHU ³(LQLJHZHUGHQZRKOEULJEOHLEHQGHQNHLFK 'LH 6WLPPXQJ VFKLHQ VLFK DXFK DXI GLH 7LHUH EHUWUDJHQ ]X KDEHQ 0LW JHVHQNWHQ .|SIHQ XQG ODQJVDPHQ %HZHJXQJHQ ]RJHQ VLH GHQ :DJHQ DQ 3HUHPZDK YRUEHL XQG LQ GHQ 6FKDWWHQ HLQHU 3HUJROD DXV ]HUEU|FNHOWHP 6WHLQ PRUVFKHQ %DONHQ XQG VSOLWWHUQGHQ %LQVHQ 'DV DOWH )RUW ]ZLVFKHQ :VWH XQG 'HOWD]HUILHOGHU9RUJDQJGDXHUWHVFKRQOlQJHUDOVGDV/HEHQHLQHU*HQHUDWLRQ 1XUGLH0RUDOGHUSKDUDRQLVFKHQ6ROGDWHQ]HUILHOQLFKW3HUHPZDKKDWWHEHUHLWV DOOHV JHWDQ ZDV LKP GHQ :HJ LQV 7RWHQUHLFK VLFKHUWH DOOH *HEHWH VlPWOLFKH 9RUEHUHLWXQJHQ ODJHQ KLQWHU LKP (U EUDXFKWH QXU QRFK ]X VWHUEHQ 0LW ODQJVDPHQ%HZHJXQJHQEHHQGHWHHUVHLQH.DPSIYRUEHUHLWXQJHQ(UNQRWHWHGLH 5LHPHQ GHU 6DQGDOHQ EHVRQGHUV VRUJIlOWLJ VFKQDOOWH GHQ *UWHO HQJHU XQG VDK MHGHQ3IHLOLP.|FKHUQDFK'LHQDGHOIHLQJHVFKOLIIHQHQ'ROFKH]RJHUDXVGHQ OHGHUQHQ 6FKHLGHQ XQG VFKRE VLH ZLHGHU KLQHLQ $XFK DQ GHQ OLQNHQ 8QWHUDUP EHIHVWLJWHGHU$QIKUHUHLQHQOHGHUQHQPLW%URQ]HEHVFKODJHQHQ$UPVFKXW](U VSDQQWHGHQDEJHJULIIHQHQ%RJHQXQGZLFNHOWH]ZHL(UVDW]VHKQHQXPGDVREHUH (QGH'DQQOHJWHHUGLHODQJHGRSSHOVFKQHLGLJH.DPSID[WPLWGHPODQJHQ'RUQ YRU VLFK DXI GHQ K|O]HUQHQ 7LVFK :LHGHU VWDUUWH HU KLQDXV DXI GHQ 6DQG EHU GHP GLH +LW]H IOLUUHQGH 5HIOH[H HU]HXJWH 9RQ UHFKWV XQG OLQNV NDPHQ NQDSSH KDOEODXWH.RPPDQGRV(LQH6lXOHQUHLKHHUVWUHFNWHVLFKGUHLKXQGHUW6FKULWWODQJ DXI GHU 2EHUNDQWH GHU KDOE ]HUIDOOHQHQ 0DXHU 'HU JU|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lQQHUQ 'HU.DPSINRQQWHEHJLQQHQ6LHZDUHQEHUHLW

'LH :DJHQ ZDUHQ NOHLQH 0HLVWHUZHUNH -HGHU =ROO ZDU LPPHU ZLHGHU JHSUIW XQGQDFKJHVHKHQZRUGHQ)UGLH)DKUWHQEHUGHQ6DQGKDWWHQGLH+DQGZHUNHU EUHLWHUH )HOJHQ JHKlPPHUW 'DV +RO] GDV )OHFKWZHUN XQG GLH /HGHUYHUELQGXQJHQ GHU :DJHQN|UEH ZDUHQ YRU NXU]HU =HLW PLW :DVVHU EHUJ|VVHQ ZRUGHQ XQG ZXUGHQ GDGXUFK HODVWLVFK ZLH HLQ Y|OOLJ QHXHU :HUNVWRII 'LH3IHUGHMH]ZHLDQHLQHP:DJHQZDUHQDXI.lPSIHYRUEHUHLWHW0DQKDWWH VLHODQJHXQGPLWDOOHQ0HWKRGHQJHVFKXOWGLHGHQ)UHPGHQEHNDQQWZDUHQ6LH KDWWHQ HLQH ODQJH 7UDGLWLRQ PLW GHU 3IHUGH]XFKW 0LW 6FKUHLHQ XQG )HXHU PLW VWLQNHQGHP 5DXFK XQG MHQHP UDIILQLHUWHQ 6\VWHP DXV %HORKQXQJ 6FKPHU] 6WUDIH XQG JXWHU %HKDQGOXQJ ZDUHQ GLH 7LHUH DEJHKlUWHW ZRUGHQ 6LH ZUGHQ VHOEVW ZHQQ VLH YHUZXQGHW ZDUHQ GHP JHULQJVWHQ %HIHKO GHV /HQNHUV EHGLQJXQJVORVJHKRUFKHQ 'LH3IHUGHVWDQGHQUXKLJGDDEHUGLH]XFNHQGHQ0XVNHOQEHZLHVHQGDVLHZLH %RJHQVHKQHQ JHVSDQQW ZDUHQ +XQGHUIQI]LJ 7LHUH HEHQVR YLHOH .ULHJHU IQIXQGVLHE]LJ GHU EOLW]VFKQHOOHQ :DJHQ 6LH ZDUWHWHQ DXI GDV 6LJQDO IU GHQ $QJULII 'LH0lQQHUXQGGLH7LHUHZDUHQVFKQHOOXQGW|GOLFKZLHGLH)DONHQGHU%HUJH YRQ GHQHQ VLH JHNRPPHQ ZDUHQ -HW]W DP (QGH HLQHU ODQJHQ 5HLVH GLH LQ ZLQ]LJHQ (WDSSHQ YHUODXIHQ ZDUXQG IDVWGUHLLJ6RPPHUJHGDXHUWKDWWH VWDQG GHU HQWVFKHLGHQGH .DPSI (V ZUGH IU GLHVHQ 7HLO GHV PlFKWLJHQ /DQGHV GHU 7RGHVVWR VHLQ 'LH ³DXV GHQ )UHPGOlQGHUQ HLQVWPDOV ZDQGHUQGH +LUWHQ ZXWHQGLHVJHQDX (V ZDUHQ PLWWHOJURH 0lQQHU VHKQLJ XQG EUDXQKlXWLJ PLW JURHQ GXQNOHQ $XJHQ XQG KDUWHP VFKZDU]HP +DDU (LQLJH YRQ LKQHQ WUXJHQ %lUWH ,Q MHGHP *HVLFKWVWDQGGLH6SDQQXQJGHXWOLFKJHVFKULHEHQ$XFKGLHVH0lQQHUVDKHQIU LKUJHULQJHV$OWHUYLHOHUIDKUHQHUXQGKlUWHUDXV6LHWUXJHQDQQlKHUQGGLHVHOEHQ :DIIHQZLHGLH6ROGDWHQGHU3KDUDRQHQDEHUZlKUHQGGLH.ULHJHUbJ\SWHQVDOW ZDUHQXQGUHVLJQLHUWHQZDUHQMHQHDQGHUHQMXQJXQGYROOHU(UREHUXQJVGUDQJ =XGHP VFKLHQHQ HLQLJH $QIKUHU YRQ HLQHP 'lPRQ YRUZlUWVJHSHLWVFKW ]X ZHUGHQ6FKDUHNEHLVSLHOVZHLVHGHUGLHVH7UXSSHDXVJHELOGHWKDWWHXQGZRKOGHU QlFKVWH+HUUVFKHUGHU6WDGW7DQLVVHLQZUGH2GHU$SRSLVHLQHUGHUZLOGHVWHQ .ULHJHUGHUMH%URQ]Hl[WHJHVFKOHXGHUWKDWWH -HQVHLWVGHUODQJDXVHLQDQGHUJH]RJHQHQ.DPSIUHLKHZDUWHWHQ(UVDW]NULHJHUPLW QHXHQ:DIIHQIULVFKHQ3IHUGHQXQG%LQGHQIUGLH:XQGHQ ,P 0LWWHOSXQNW GHU .DPSIZDJHQ KREHQ MHW]W HLQLJH 0lQQHU NXU]H JHVFKZXQJHQH +|UQHU DQ GLH /LSSHQ (LQ VFKDXHUOLFKHU DXI XQG DEVFKZHOOHQGHU/DXWIXKUEHUGLH5HLKHQKLQ'LH3IHUGHEHZHJWHQGLH2KUHQ ULVVHQ GLH .|SIH KRFK XQG NHLOWHQ DXV 'LH 0lQQHU EDQGHQ LKUH *UWHO DQ GLH 6FKODXIHQLQGHQ:DJHQN|UEHQ%URQ]HQH:DIIHQEOLW]WHQDXI'HUOHW]WH6FKDOO YHUKDOOWH]XJOHLFKPLWGHPJUHOOHQ:LHKHUQGHU3IHUGH :LHGHUQDFKHLQLJHQ$XJHQEOLFNHQGU|KQWHQGLH+|UQHUDXI

'LH :DJHQOHQNHU VWLHHQ JHOOHQGH 6FKUHLH DXV XQG JDEHQ GLH =JHO IUHL (LQH HUVWH*UXSSHYRQYLHU]LJ*HVSDQQHQO|VWHVLFKDXVGHU)URQW8QWHUZLUEHOQGHQ +XIHQ GHU 3IHUGH VWDXEWHQ NOHLQH 6DQGZRONHQ KRFK 'LH .|USHU GHU 0lQQHU OHJWHQ VLFK QDFK KLQWHQ GLH 3HLWVFKHQ NUDFKWHQ XQG VWUHLIWHQ GLH .UXSSHQ XQG +lOVH GHU 7LHUH )HOJHQ VFKQLWWHQ SDUDOOHOH /LQLHQ LQ GHQ 6DQG =XQlFKVW GRQQHUWHQ GLH +XIH GHU 3IHUGH XQUHJHOPlLJ DXI GDQQ ZXUGH DXV GHP *HUlXVFKRUNDQ HLQ GXPSIHV 7URPPHOQ GDVGHQ:VWHQERGHQHUVFKWWHUWH)U GLH+HND.KDVXWZDUHVGHU/DXWGHULKUH$QJULIIVOXVWDXIVlXHUVWHDQVWDFKHOWH $OV GLH NDQWLJHQ 6lXOHQ GHV )RUWV DXIWDXFKWHQ YROOIKUWHQ GLH :DJHQ HLQH 6FKZHQNXQJXQGZXUGHQVR]XHLQHUODQJHQDXVHLQDQGHUJH]RJHQHQ5HLKH 'LH %RJHQVFKW]HQ OLQNV YRQ GHQ /HQNHUQ IHVWJHVFKQDOOW JULIIHQ LQ HLQHU IDVW JOHLFK]HLWLJ DXVJHIKUWHQ %HZHJXQJ EHU GLH 5lQGHU GHU :DJHQN|UEH ]RJHQ GLH 3IHLOH KHUDXV XQG OHJWHQ VLH DXI GLH 6HKQHQ 'LH /HQNHU KREHQ GLH 6FKDOHQ KRFKXQGVFKLUPWHQGLH+lOIWHGHU.|USHUDE :LHGHUlQGHUWHQGLH:DJHQLKUH5LFKWXQJ6LHIXKUHQMHW]WVFKUlJDXVGHU5HLKH KLQDXV XQG DXI GHQ :DOO ]X 'LH 3IHUGH JLQJHQ LP VFKlUIVWHQ *DORSS 'HU UDVHQGH 7URPPHOZLUEHO GHU +XIH OLH 6DQG XQG YHUGRUUWH 3IODQ]HQ DXV GHQ )XJHQ GHU 4XDGHUQ ULHVHOQ +LQWHU GHQ 6WHLQHQ WDXFKWHQ SKDUDRQLVFKH 6ROGDWHQ DXI6LHVSDQQWHQLKUHULHVLJHQ%|JHQXQGGUHKWHQLKUH.|USHUXPGLH=LHOH]X YHUIROJHQ +XQGHUW 0lQQHU VFKRVVHQ IDVW JOHLFK]HLWLJ (V ZDU ZLH GLH ULWXHOOH (U|IIQXQJ HLQHV.DPSIHV'LH6HKQHQKlPPHUWHQJHJHQGLHEURQ]HQHQXQGOHGHUQHQ$UP VFKW]HU 'LH 3IHLOH MDXOWHQ GXUFK GLH /XIW )DVW MHGHU 3IHLO WUDI VHLQ =LHO )U HLQHNXU]H=HLWYHUZDQGHOWHVLFKGLH=RQHXQWHUKDOEGHUQLHGULJHQ0DXHULQHLQ &KDRV 3IHUGH LQ GHUHQ +DXW LQ GHUHQ +lOVHQ RGHU $XJHQ 3IHLOH VWHFNWHQ NUHLVFKWHQ ZLH ZDKQVLQQLJ DXI NHLOWHQ QDFK DOOHQ 6HLWHQ XQG ]HUVFKOXJHQ GLH 'HLFKVHOQ 'LH ODQJHQ 3IHLOH VWHFNWHQ LQ GHQ 6FKLOGHQ XQG :DJHQN|UEHQ (LQLJH +HND .KDVXW ZDUHQ YRQ GHQ *HVFKRVVHQ DQ GDV )OHFKWZHUN JHQDJHOW ZRUGHQ 3IHLOH VWHFNWHQ LQ GHQ )XJHQ GHU 6lXOHQ LQ GHQ 6FKXOWHUQ l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lUWHUHUXQGEHVVHUYHUDUEHLWHWHU%URQ]HEHVWDQGHQ DOVLKUHHLJHQHQ7RGHVZHUN]HXJH 'LH 6WUHLWZDJHQ ERJHQ DE 7RWH 3IHUGH ZXUGHQ DXV GHQ =XJVHLOHQ JHVFKQLWWHQ 'LH0lQQHUGLHGLHVZDJWHQZXUGHQYRQ3HUHPZDKVEHVWHQ%RJHQVFKW]HQDXV HLQHU(QWIHUQXQJYRQKXQGHUW]Z|OI6FKULWWHQGXUFKGHQ+DOVJHVFKRVVHQ $EHU YRQ GHQ YLHU]LJ *HVSDQQHQ NHKUWHQ YLHUXQGGUHLLJ ]XUFN ]XU

$QJULIIVOLQLH ,Q GHQ :DJHQN|UEHQ VWDQGHQ YRQ GHQ *XUWHQ XQG 6HLOHQ JHKDOWHQ ]HKQ WRWH 0lQQHU -HGHU YRQ LKQHQ ZDU PLW HLQHP PHLVWHUOLFKHQ 3IHLOVFKXJHWURIIHQZRUGHQ 'LH +|UQHU KHXOWHQ ZLHGHU DXI :lKUHQG HLQLJH 6FKW]HQ GHU 3KDUDRQHQWUXSSH DOWH 3IHLOH LQ gO WDXFKWHQ DQ GLH *OXWN|UEH KLHOWHQ XQG GLH OLHJHQJHEOLHEHQHQ *HVSDQQH LQ %UDQG VHW]WHQ GRQQHUWHQ GLH QlFKVWHQ IQI]HKQ *HVSDQQH DXI GLH )HVWXQJ]X'HUDOWH$QIKUHUZXWHGDGLHVHU7HLOGHV.DPSIHVHLQJHUDGH]X KDUPORVHV *HSOlQNHO ZDU GHU OHW]WH 7HLO ZUGH PLW WLHULVFKHU :XW XQG EHVWLDOLVFKHU *UDXVDPNHLW JHIKUW ZHUGHQ 'LH 0lQQHU GLH GXUFK HLQHQ VFKQHOOHQ3IHLOJHVWRUEHQZDUHQ]lKOWHQ]XGHQ*OFNOLFKHQGLHVHV7DJHV (UULHI$PDVLVKHUVHLQHQ6SlKHUXQGGHQHLQ]LJHQ)UHXQGGHQHUQRFKEHVD ³(V VLQG ]X YLHOH PHLQ )UHXQG VDJWH $PDVLV XQG VFKWWHOWH VHLQHQ %RJHQ 3HUHPZDKOHJWHVRUJIlOWLJQHXQ3IHLOHYRUVLFKDXIGHQ6WHLQEORFNXQGKREGHQ .UXJ -HQVHLWV GHU 5DXFKVlXOHQ HUKRE VLFK ZLH YRU HLQHP 6DQGVWXUP HLQH ZDO]HQI|UPLJH :RONH DXV IHLQHP 6DQG $XV GHU :RONH VFKRVVHQ EOLW]HQGH 5HIOH[H YRQ :DIIHQ GLH ZLUEHOQGHQ /lXIH GHU JDORSSLHUHQGHQ 3IHUGH XQG GLH PHWDOOEHVFKODJHQHQ6FKLOGHKHUYRUZLHKHUDQSUHVFKHQGH8QJHKHXHU ³:HQQ GLH 1DFKW EHJLQQW ZHUGHQ HV ZHQLJHU VHLQ DQWZRUWHWH GHU $OWH XQG PDFKWH VHLQH 0lQQHU PLW NXU]HQ *HVWHQ DXI GLH $QJUHLIHU XQG GHQ 6FKXW] GHU EHLGHQ)OJHOGHV)RUWVDXIPHUNVDP ³'DQQZLUGYRQXQVNHLQHUPHKUEULJVHLQJDE$PDVLV]XUFNVSUDQJKLQWHU HLQH 6lXOH XQG VFKR VFKZHLJHQG XQG LQ NDOWHU .RQ]HQWUDWLRQ HLQHQ 3IHLO QDFK GHPDQGHUHQDXIGLH$QJUHLIHUDE0LWMHGHP6FKXWUDIHUHLQHQ)UHPGHQXQG W|WHWHQDFKHLQDQGHUGUHLYRQLKQHQ1HEHQLKPMDJWHGHU$OWHVHLQH6FKVVHEHU GLH %UXVWZHKU (U YHUVXFKWH GLH 0lQQHU ]X WUHIIHQ QLFKW GLH 7LHUH (LQ +DJHO YRQ3IHLOHQSUDVVHOWHUXQGXPLKQJHJHQGHQ6WHLQ(LQ3IHLOVFKQLWWHLQHZLQ]LJH 6SXULQVHLQHQ6FKXOWHUPXVNHOHLQDQGHUHUSUDOOWHYRP$UPVFKXW]DEXQGKHXOWH GDYRQ 6FKOLHOLFK DOV GLH OHW]WHQ :DJHQ KHUDQGRQQHUWHQ XQG XQWHUKDOE GHU 0DXHU HQWODQJUDVWHQ UL 3HUHPZDK HLQHQ NXU]HQ 6SHHU DXV GHP *HVWHOO VFKZDQJLKQXQGVFKOHXGHUWHLKQVFKUlJDEZlUWV(LQ*HVSDQQIXKUGLUHNWLQGDV *HVFKR KLQHLQ GDV ODQJH %ODWW ERKUWH VLFK LQ GLH %DXFKJHJHQG GHV )UHPGHQ (LQJUDXHQKDIWHU6FKUHLZDU]XK|UHQ:LHGHUVFKOXJHQHLQLJH%UDQGSIHLOHLQGLH .RUEIOHFKWHKLQHLQXQGVHW]WHQGLH:DJHQLQ)ODPPHQ 3IHUGH GHUHQ 0lKQHQ XQG 6FKZHLIH EUDQQWHQ ]HUUWHQ :DJHQ ULFKWXQJVORV KLQDXVLQGLH:VWH0HKUHUH*HVSDQQHNLSSWHQXP5lGHUZLUEHOWHQGXUFKGLH /XIW ZLH *HVFKRVVH (LQHV VSUDQJ ELV ]XU 0DXHUNURQH KLQDXI XQG HQWKDXSWHWH HLQHQ %RJHQVFKW]HQ 'LH )UHPGHQ GLH YRQ LKUHQ HLJHQHQ =XJWLHUHQ ]X 7RGH JHVFKOHLIWZXUGHQVFKULHQELVVLHGDV%HZXWVHLQYHUOLH 'HU]ZHLWH$QJULIIZDUYRUEHLDEHUGLHGULWWH:HOOHGHU$QJUHLIHUIOXWHWHKHUDQ ZLHHLQH:HOOHLP1LO'HU.DPSIZXUGHHUELWWHUWHU(VJDENDXPQRFK3DXVHQ 3HUHPZDKUDQQWHKLQXQGKHUVFKOHXGHUWH:XUIVSHHUHXQGIHXHUWHVHLQH0lQQHU DQ$OVHUVDKGD]ZHLGHUIUHPGHQ6WUHLWZDJHQGDV)RUWKDOEXPIDKUHQKDWWHQ XQGYRQKLQWHQHLQ]XGULQJHQYHUVXFKWHQVFKULHHU

³$PDVLV 'HUKDJHUH0DQQPLWGHU1DUEHEHJULII1HEHQHLQDQGHUKHW]WHQVLHDXI]ZHLGHU HLJHQHQ*HVSDQQH]XNQRWHWHQGLH=JHOORVXQGVFKZDQJHQVLFKLQGLH.|UEH 6FKOlJH PLW GHQ 6FKlIWHQ YRQ /DQ]HQ XQG 6WLFKH PLW GHQ %OlWWHUQ OLHHQ GLH 7LHUH DXIVW|KQHQ XQG PDFKWHQ GD VLH IDVW DXV GHP 6WDQG KHUDXV LQ HLQHQ NHLOHQGHQ *DORSS ILHOHQ 'LH :DJHQ VFKOHXGHUWHQ 5DG DQ 5DG EHU GLH KDOE YHUVXQNHQH6WUDHGHV)RUWVLQJHUDGHU/LQLHDXIGLH]ZHL(LQGULQJOLQJH]XXQG ZXUGHLPPHUVFKQHOOHU $PDVLV XQG 3HUHPZDK KREHQ GLH :XUIODQ]HQ ERJHQ GLH .|USHU QDFK KLQWHQ XQGKROWHQZHLWPLWGHPUHFKWHQ$UPDXV'LH/LQNHKLHOWGLH=JHO0LWKRKHQ VSLW]HQ .ULHJVVFKUHLHQ IHXHUWHQ VLH VLFK JHJHQVHLWLJ DQ XQG PDFKWHQ GLH 3IHUGH KDOE UDVHQG =XQlFKVW ZDUHQ GLH )UHPGHQ EHUUDVFKW GDQQ ILQJHQ VLH VLFK VFKQHOOXQGKREHQGLH%|JHQDXVGHQ:DJHQ'LHHUVWHQ3IHLOHSILIIHQEHUGLH .|SIH GHU 6ROGDWHQ GLH ]ZHL QlFKVWHQ 6FKVVH ERKUWHQ VLFK LQ GLH .|UEH XQG GDQQVFKOHXGHUWHQGLH6ROGDWHQLKUH6SHHUH 'LH *HVFKRVVH ZDUIHQ GLH ]ZHL IHLQGOLFKHQ %RJHQVFKW]HQ UFNZlUWV DXV GHQ :DJHQXQGLQGHQ6DQG$OVGLH.|USHUDXIVFKOXJHQKDWWHVLHGDV/HEHQVFKRQ YHUODVVHQ 0LW HLQHP EUXWDOHQ 5XFN ZDUIHQ GLH 0lQQHU GLH =JHO KHUXP 'LH 3IHUGHVSUDQJHQDXVGHU*HUDGHQXQGJDORSSLHUWHQLQYROOHU*HVFKZLQGLJNHLWLQ GLHIHLQGOLFKHQ*HVSDQQHKLQHLQ ³-HW]WGRQQHUWH3HUHPZDK %HLGH 0lQQHU VFKQHOOWHQ VLFK UFNZlUWV DXV GHQ .|UEHQ XPNODPPHUWHQ LKUH .QLHXQG]RJHQGLH.|SIHHLQ6LHUROOWHQDXIGHPORVHQ6DQGDEULFKWHWHQVLFK DXIXQGIDWHQGLH*ULIIHGHU.DPSIl[WH 'LH 6FKQHLGHQ EOLW]WHQ DXI DOV VLH +DOENUHLVH LQ GHU /XIW EHVFKULHEHQ XQG GLH .|SIHGHU:DJHQOHQNHUWUDIHQ GLHLQHLQHQXQHQWZLUUEDUHQ.QlXHOVFKUHLHQGHU XQG XP VLFK VFKODJHQGHU 7LHUH XQG 7UPPHU GHU YLHU :DJHQ YHUNHLOW ZDUHQ 3HUHPZDK XQG $PDVLV ULVVHQ GLH JHIOOWHQ .|FKHU GHU )UHPGHQ DXV GHQ %RUGZlQGHQ XQG UDQQWHQ ]XUFN DQ LKUH 3OlW]H $OV VLH DWHPORV DQNDPHQ UDXVFKWHJHUDGHGLH6DQGZRONHGHVYLHUWHQRGHUIQIWHQ$QJULIIVKHUDQ ,FKZXWHHVVDJWHVLFKGHU$OWHZlKUHQGHUYHUVXFKWHJOHLFK]HLWLJDQPHKUHUHQ 6FKDXSOlW]HQ]XVHLQGDGLH)UHPGHQHEHQVRPXWLJXQGGLV]LSOLQLHUWVLQGZLH ZLU'DVLVWHVZDVVLHVLHJHQOlW'DVXQGLKU+XQJHUQDFK0DFKW (UUDPPWHHLQHQ$QJUHLIHUGHUDP*ULIIHLQHV:XUIDQNHUVKLQJXQGVLFKJHUDGH EHU GLH 5DPSH VFKZLQJHQ ZROOWH GHQ 6WDFKHO VHLQHU :DIIH LQV *HVLFKW 6FKUHLHQGILHOGHU)UHPGHLQGHQ6DQG]XUFNHLQ*HVSDQQWUDPSHOWHLKQQLHGHU (LQ 3IHLO ERKUWH VLFK VHLWOLFK GHU .XSIHUVFKQDOOH LQ 3HUHPZDKV *UWHO XQG UL HLQH GUHLHFNLJH :XQGH EHU GHU /HEHU (LQH EUHLWH %OXWEDKQ OLHI EHU GHQ 6FKHQNHO'HU0DQQEUDFKGHQ3IHLOKHUDXVXQGNlPSIWHZHLWHU 1HEHQLKPVFKOHXGHUWHHLQ6ROGDWHLQHQ*OXWNRUELQHLQ*HVSDQQGDVKDUWXQWHU GHU0DXHUNURQHZHQGHWH'LH6ROGDWHQVSUWHQ6DQGLQGHQ$XJHQLQGHQ1 VWHUQXQG]ZLVFKHQGHQ=lKQHQ,Q]ZLVFKHQKDWWHQVLFKGLHQLHGULJHQ'QHQLQ HLQHP +DOENUHLV XP GDV )RUW KHUXP LQ HLQH =RQH GHV 7RGHV YHUZDQGHOW 'LH

5HVWH YRQ *HVSDQQHQ EUDQQWHQ XQG UDXFKWHQ 6WHUEHQGH XQG WRWH 0lQQHU XQG 3IHUGH ODJHQ LP 6DQG RGHU YHUVXFKWHQ NULHFKHQG VLFK ]X HQWIHUQHQ hEHUDOO VWHFNWHQ RGHU ODJHQ ]HUEURFKHQH :DIIHQ hEHU GHQ ORFNHUHQ %O|FNHQ GHU %UXVWZHKU ODJHQ PLQGHVWHQV KXQGHUW WRWH 6ROGDWHQ 8QG VFKRQ QlKHUWHQ VLFK ZLHGHUIULVFKH.ULHJHUPLW:DJHQXQGDXVJHUXKWHQ3IHUGHQ 'LH=HLWYHUJLQJ0HKU0lQQHUVWDUEHQXQGGHU.DPSIZXUGHHUELWWHUWHU 'LH*UXSSHGHUlJ\SWLVFKHQ6ROGDWHQZDU]XVDPPHQJHVFKPRO]HQXQGKDWWHVLFK XP GHQ LQQHUHQ %H]LUN GHV )RUWV ]XVDPPHQJHVFKORVVHQ $XI GHP 'DFK GHV HKHPDOLJHQ7HPSHOVVWDQGHQGLH%RJHQVFKW]HQXQGVFKRVVHQUXKLJXQGVLFKHU hEHU GHU .DPSIVWlWWH ODJ MHW]W HLQH IDVW XQGXUFKGULQJOLFKH :RONH DXV 5DXFK 6WDXE XQG 6DQG DXV GHP *HVWDQN GHU 7LHUH XQG GHP 6FKZHL GHU 0lQQHU (V URFK VlXHUOLFK QDFK GHP (UEURFKHQHQ XQG V QDFK GHP %OXW GDV LP 6DQG WURFNQHWH +HUUHQORVH 3IHUGH OLHIHQ PLW QDFKVFKOHLIHQGHQ =JHOQ YRU GHQ .lPSIHQGHQKLQXQGKHU,KUH+XIHVFKOXJHQJHJHQGLH6FKlGHOXQG6FKLOGHYRQ 7RWHQXQG6WHUEHQGHQ (VZDU0LWWDJ 'LH 6RQQH VWUDKOWH IDVW VHQNUHFKW KHUXQWHU XQG YHUVXFKWH GLH 0lQQHU DXI GHP %RGHQXQGGHQJOKHQGKHLHQ6WHLQHQIHVW]XQDJHOQ+LQXQGZLHGHUVSUDQJHLQ 6ROGDW LQV ,QQHUH GHV 7HPSHOV 'RUW VWDQGHQ LP 6FKXW] HLQHU PDVVLYHQ 0DXHU GLH PlFKWLJHQ .UJH YROOHU %UXQQHQZDVVHU /HLGOLFK HUIULVFKW NDPHQ GLH 0lQQHUZLHGHUKHUYRUXQGVWU]WHQVLFKLQGHQ.DPSI 1RFKNlPSIWHQKXQGHUW]ZDQ]LJ3KDUDR6ROGDWHQ 'LH +HND .KDVXW KDWWHQ PLW DOO LKUHQ *HVSDQQHQ HLQHQ .UHLV XP GLH )HVWXQJ JHVFKORVVHQ 9HUOHW]WH XQG HUVFK|SIWH 7LHUH ZDUHQ HEHQVR DXVJHZHFKVHOW ZRUGHQ ZLH GLH 0lQQHU =ZLVFKHQ GHQ *HVSDQQHQ XQG DP 5DQG GHV )RUWV KXPSHOWHQ 0lQQHU PLW .HXOHQ XQG HUVFKOXJHQ GLH 6WHUEHQGHQ RKQH 8QWHUVFKLHG RE HV HLJHQH 0lQQHU ZDUHQ RGHU VROFKH GHV *HJQHUV ,Q GHU /XIW EHU GHP 'HOWD EHJDQQHQ VLFK GLH HUVWHQ *HLHU ]X VDPPHOQ 5DEHQVFKZlUPH WDXFKWHQ DXI GLH 7LHUH NDPHQ DXV ZHLWHU (QWIHUQXQJ XQG ZLWWHUWHQ GDV )OHLVFK GHU /HLFKHQ 'LH 6FKZlUPH ZXUGHQ LPPHU JU|HU DEHU QRFK WUDXWH VLFK NHLQ 9RJHOKLQXQWHU]XU6WlWWHGHV7RGHV 0DQ VDK GD )UDXHQ ]ZLVFKHQ GHQ *HVSDQQHQ XPKHUOLHIHQ XQG GHQ 0lQQHUQ .UJHXQGQDVVH7FKHUUHLFKWHQ(LQHGLFKWH:RONHYRQ]ZHLKXQGHUWRGHUPHKU 3IHLOHQIHJWHGLHOHW]WHQ%RJHQVFKW]HQYRP'DFKGHV7HPSHOV.DOWHV*UDXVHQ SDFNWH PDQFKH GHU bJ\SWHU DOV LKQHQ GLH .|USHU GHU )UHXQGH YRU GLH )H ILHOHQ PLW 3IHLOHQ JHVSLFNW ZLH GLH =LHOVFKHLEHQ PLW GHQHQ VLH HLQVW WUDLQLHUW KDWWHQ =ZHL 6ROGDWHQ VSUDQJHQ DXV GHU 'HFNXQJ ]ZLVFKHQ GHQ 6lXOHQEQGHOQ KHUDXV EHZDIIQHW PLW 6FKLOGHQ .DPSIEHLOHQ XQG 'ROFKHQ ,KUH 1HUYHQ ]HUULVVHQ XQG VLH VWU]WHQ VLFK 6FKDXP YRU GHQ /LSSHQ DXI GLH )UHPGHQ 0LW 6FKUHLHQ GLH WLHIDXVGHQ.HKOHQNDPHQVFKOXJHQVLH]X,KUH%HZHJXQJHQZDUHQVRVFKQHOO GD PDQ VLH PLW EORHP $XJH QLFKW PHKU HUIDVVHQ NRQQWH 'LH 6FKQHLGHQ GHU .DPSIEHLOHEOLW]WHQVFKQLWWHQXQGVFKOXJHQIXUFKWEDUH:XQGHQVSDOWHWHQ6FKLO

GHXQG6FKlGHOEUDFKHQVFKOLHOLFKDE'LH0lQQHUZDUIHQGLH6FKLOGHQDFKGHQ *HJQHUQ GLH YRU 6FKUHFNHQ VHNXQGHQODQJ JHOlKPW ZDUHQ SDFNWHQ PLW EHLGHQ +lQGHQ GLH 'ROFKH XQG VSUDQJHQ GLH *HVSDQQH DQ 6LH W|WHWHQ ZDKOORV XQG LQ VWXPPHU 5DVHUHL3IHLOHKlPPHUWHQPLWNODWVFKHQGHQ/DXWHQLQLKUH.|USHUHV KLHOW VLHQLFKWHLQHQ6FKULWWODQJDXI 6LHZLUEHOWHQ KLQXQGKHU REZRKOVLHDXV 'XW]HQGHQYRQ:XQGHQEOXWHWHQ 6FKOLHOLFK VSUDQJ HLQHU YRQ KLQWHQ LQ HLQHQ :DJHQNRUE KLQHLQ HUGROFKWH GHQ /HQNHU ZXUGH YRQ HLQHP 6SHHU JHJHQ GHQ .RUE JHVFKOHXGHUW XQG EL VLFK LP +DOV GHV %RJHQVFKW]HQ IHVW GHVVHQ 'ROFK ZlKUHQG GDV *HVSDQQ GLH 5DPSH KRFKIHJWH GLH KDOEH 0DXHUNURQH HQWODQJGRQQHUWH XQG VFKOLHOLFK JHUDGHDXV EHUGHQ$EULKLQDXVVFKRVLFKLPPHUZLHGHULQGHQOlQJVWOHEORVHQ.|USHU GHV6ROGDWHQERKUWH 0LW HLQHP XQEHVFKUHLEOLFKHQ .UDFKHQ EHUVFKOXJHQ VLFK GLH 7LHUH GHU :DJHQ XQGGLH]ZHLWRWHQ0lQQHU 3HUHPZDKZXWHGDGHU:DKQVLQQQDFKGLHVHQ6ROGDWHQJHJULIIHQKDWWH(EHQ WULHE YRQ KLQWHQ HLQ .lPSIHQGHU HLQH /DQ]H ]ZLVFKHQ GLH 6FKXOWHUEOl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³%HLP+RUXVNUlFK]WHHU³,FKELQDOOHLQ (U VDK VLFK XP HV JDE QXU 7RWH XQG 6WHUEHQGH ]ZLVFKHQ GHQ :lQGHQ XQG 6lXOHQ GHV ,QQHUHQ 7HPSHOV 3HUHPZDK GDFKWH DQ GDV /HEHQ GDV HU QDFK GHU NXU]HQ)DKUWLQGHU6RQQHQEDUNHIKUHQZUGHXQG]RJGHQ'ROFK $OVGLHHUVWHQ+HND.KDVXWHLQGUDQJHQVDKHQVLHZLHGHU$QIKUHUGHQVLHDQ GHQEUHLWHQ*ROGULQJHQDQGHQ2EHUDUPHQHUNDQQWHQGLH6SLW]HHLQHV'ROFKHV DQ GHU OLQNHQ %UXVW DQVHW]WH GHQ UHFKWHQ $UP KRE XQG GLH :DIIH LQ VHLQ +HU] WULHE(UVWDQGQRFKHLQLJH/LGVFKOlJHODQJJHUDGHGDGDQQNQLFNWHQVHLQH.QLH HLQ 7DQLV$XDULVZDURKQH9HUWHLGLJHU'DVIXUFKWEDUH'XQNHOGHU)UHPGKHUUVFKDIW VHQNWHVLFKEHUZHLWH7HLOHGHV/DQGHVDP1LO 'HU DOWH .lPSIHU DEHU KDWWH LP 0RPHQW VHLQHV 7RGHV HUNHQQHQ N|QQHQ GD HWZDV )UHPGHV GLH +HND .KDVXW VR YRUZlUWVWULHE ZLH VLH VHOEVW LKUH 3IHUGHJHVSDQQH(WZDVGDVQLFKWLQGLH:HOWSDWHGDVDXVHLQHP/DQGMHQVHLWV GHU0HHUHNDPRGHUDXVGHQ7LHIHQGHU:HOW

,FKOHEWHXQGLFKEHJULIIGLHVPDOVFKQHOOHUDOVVRQVW (V VFKLHQ GDUDQ ]X OLHJHQ GD DXFK GDV (UZDFKHQ DXV HLQHP ODQJHQ WRWHQlKQOLFKHQ 6FKODI EHLP ]HKQWHQ RGHU IQI]HKQWHQPDO GLHVH HLQPDOLJH :LUNXQJ GHV QHX *HERUHQZHUGHQV YHUORUHQ KDW ,FK EOLQ]HOWH XQG EOLFNWH PLFK XP ,FKHULQQHUWH PLFKVRJDU DQGLH 1DPHQPHLQHU0LWJHIDQJHQHQ 3WDK6RNDU XQG=DNDQ]D8SXDXW:RZDUHQZLU"1RFKLPPHULQGHPVWlKOHUQHQ*HIlQJQLV DP0HHUHVJUXQG:LUZDUHQJHZHFNWZRUGHQDOVRILQJZLHGHUHWZDVJDQ]YRQ YRUQDQ :DUXP" ,FKYHUPRFKWHPLFKGDUDQ]XHULQQHUQGD(6PHLQH(ULQQHUXQJHQO|VFKWH(6 KDWWH GLH 1DPHQ PHLQHU )UHXQGH QLFKW DXVUDGLHUW ,FK HUNDQQWH VLH ZLHGHU XQG VDK GD VLH QRFK VFKOLHIHQ 'XUFK GLH KDOEH )LQVWHUQLV GHV 5DXPHV NRQQWH LFK ]ZHLHUOHL HUNHQQHQ GLH 6HKOLQVHQ GHV 5RERWV 5LFR XQG MHQVHLWV HLQHV 'XUFKJDQJV LP QlFKVWHQ 5DXP GUHL 3XSSHQ DQ GHQHQ XQVHUH .OHLGXQJ XQG $XVUVWXQJ KLQJ ,FK NRQWUROOLHUWH PLFK :LH ODQJH UHLFKWH GLH (ULQQHUXQJ ]XUFN" 'HQ 9HUVXFK GHQ DFKWHQ 0RQG ]X YHUQLFKWHQ KDVW GX QRFK EHZXW HUOHEW PHOGHWHVLFKGHU([WUDVLQQ -DLFKHULQQHUWHPLFKGDUDQ$QPHKUXQGZHLWHUUHLFKHQGH9RUIlOOHHQWVDQQLFK PLFK QLFKW PHKU $OVR EHKDQGHOWH (6 PLFK XQV QRFK LPPHU DOV JXW IXQNWLRQLHUHQGH:HUN]HXJH $XI PHLQHP /DJHU VLW]HQG WDXPHOWH LFK SO|W]OLFK XQWHU GHP $QVWXUP IUHPGHU *HGDQNHQ (LQ GU|KQHQGHV /DFKHQ GDV LQ GHQ :LQGXQJHQ PHLQHV +LUQV QDFK]XKDOOHQXQGPHLQHQ6FKlGHO]XVSUHQJHQVFKLHQHUW|QWH,FKNDQQWHGLHVHV *HOlFKWHU (6KDWWHPLFKZHFNHQODVVHQ (6GDVXQEHJUHLIOLFKH:HVHQULHIPLFK(6VSUDFK]XPLU ,FKKDEHHXFKPHKUDOV]ZHLKXQGHUW-DKUHVFKODIHQODVVHQ'LH:HOWZDUPHLQHU 0HLQXQJQDFKUXKLJXQGRKQHVRQGHUOLFKH=ZLVFKHQIlOOH'LHEOLFKHQ.ULHJH GLH EOLFKHQ 0DFKWNlPSIH GLH EOLFKHQ 9HUVXFKH GHU %DUEDUHQ VLFK VFKULWWZHLVH ]X HLQHU EHVVHUHQ =XNXQIW KRFK]XHQWZLFNHOQ XQG LKUH HEHQVR ]DKOUHLFKHQ,UUWPHUGDEHL ³8QG ZDUXP VLQG ZLU JHZHFNW ZRUGHQ" IUDJWH LFK PUULVFK ,FK EHPHUNWH EHUUDVFKWGDPHLQH/LSSHQXQG6WLPPElQGHUJHKRUFKWHQ :HLO DXI :DQGHUHU GHP .XQVWSODQHWHQ PLU HLQ EHGDXHUOLFKHV 0LJHVFKLFN SDVVLHUWLVW$UNRQLGH ³:HQQ GX EHGDXHUOLFKHV 0LJHVFKLFN VDJVW PHLQVW GX HLQH PLWWOHUH .DWDVWURSKHHUNOlUWHLFKLURQLVFK 'DVLVW]XWUHIIHQG 9RUHWZD]ZHL-DKUKXQGHUWHQYHUVHOEVWVWlQGLJWHVLFKHLQ6SLHOGDV]ZHLPHLQHU $QGURLGHQVLFKDXVJHGDFKWKDWWHQ(VZDUXPGHLQHQ=HLWEHJULII]XSUl]LVLHUHQ

JHJHQ (QGH GHU +HUUVFKDIW HLQHV ZHLEOLFKHQ 3KDUDRV PLW 1DPHQ 6HEHNQHIHUX 6FKRQ LPPHU GDV ZHLW GX ZDU GDV 1LOODQG =LHO YRQ XQ]lKOLJHQ HLQ]HOQHQ 3HUVRQHQ)DPLOLHQ*UXSSHQ+HUGHQXQG6WlPPHQ9LHOHQYRQLKQHQZDUGDV *OFN JHJHEHQ EOHLEHQ ]X GUIHQ 0DQ EUDXFKWH VLH 6LH DOOH EOLHEHQ DEHU VLH ZDUHQ QLFKWV DQGHUHV DOV %DXHUQ 6NODYHQ RGHU +DQGZHUNHU QLHGULJHU 6WlQGH 6RZHLWKDVWGXDOOHVEHJUHLIHQN|QQHQ" ,FKQLFNWHQDFKGHQNOLFK'DVZRUDQLFKPLFKGDV1LOODQGEHWUHIIHQGHULQQHUWH VWLPPWHPLWGHU6FKLOGHUXQJYRQ(6EHUHLQ ³,FKZHLGDVHVVRLVWVDJWHLFKQDFKGHQNOLFK 6HLW HWZD GLHVHU =HLW IXKU (6 IRUW YHUVWlUNWH VLFK GHU =XVWURP YRQ )UHPGHQ QDFK bJ\SWHQ 6LH NRPPHQ DXV GHP 2VWHQ DEHU GDV *HELHW VGOLFK GHV %LQQHQPHHUV LVW QXU GLH OHW]WH 6WDWLRQ HLQHU ODQJHQ :DQGHUXQJ 1DWUOLFK N|QQHQ GLH (LQZDQGHUHU QXU EHL 7DQLV$XDULV GHU 6WDGW LP 'HOWD HLQGULQJHQ GHQQ ZHLWHU VGOLFK VSHUUW GHU $XVOlXIHU GHV YRQ URWHQ *HELUJHQ XPJHEHQHQ 0HHUHVGHQ:HJDE 'LH)UHPGHQZHUGHQYRQGHQbJ\SWHUQ³+HND.KDVXWRGHU³+HND&KDVFKXW JHQDQQW(V VLQG 9|ONHUVWlPPH GLH$FNHUEDX XQG+DQGZHUN YHUDFKWHQXQGHV EOLW]VFKQHOO JHVFKDIIW KDEHQ YLHOH ZHQQ DXFK QLFKW DOOH ZLFKWLJHQ 3RVLWLRQHQ GHV5HLFKHV]XEHVHW]HQ6LHKDEHQGDV3IHUGXQGGHQ.DPSIZDJHQHQGJOWLJLQV 1LOODQG JHEUDFKW 8QG GLH .XOWXU VRZLH GLH =LYLOLVDWLRQ GHV 1LOODQGHV KDW VLH DOOH NRUUXPSLHUW (LQLJH LKUHU .DPSIZDJHQ)UVWHQ VLQG ]X 3KDUDRQHQ JHZRUGHQ 6LH QHQQHQ VLFK 6FKDUHN 6HNHQHQ5H $SRSKLV GHU (UVWH 6HZRUHQ 5H&KLDQ RGHU 1HEVFKHSHVFK5H$SRSKLV 'DV DOOHV DEHU ZlUH NHLQ *UXQG IU PLFKHXFKDXI]XZHFNHQ ³6RQGHUQ" IUDJWH LFK PGH ,FK YHUVXFKWH GLH ,QIRUPDWLRQ ULFKWLJ ]X YHUDUEHLWHQ'DVSUlFKWLJH1LOODQGXQWHU)UHPGKHUUVFKDIW"(VZDUXQYRUVWHOOEDU XQG GHQQRFK VFKLHQ HV GLH :DKUKHLW ]X VHLQ 0HLQH )UHXQGH ODJHQ QRFK VFKODIHQGDXILKUHQZHLHQ/LHJHQDEHUDXFKVLHZUGHQLQ.U]HEOLQ]HOQXQG ]XJlKQHQDQIDQJHQ (6VFKLHQ]X]|JHUQ 'DV 6SLHO VDJWH (6 VFKOLHOLFK YRQ GHP LFK VSUDFK PDFKWH VLFK VHOEVWlQGLJ $XI :DQGHUHU ZXUGHQ HLQ]HOOLJH 0ROHNOH HQWZLFNHOW PLW GHU :LUNXQJ YRQ SURJUDPPLHUEDUHQ 3DUDVLWHQ 6LH KDWWHQ ]XQlFKVW ]X VWDWLVWLVFKHQ =ZHFNHQ JHGLHQW GX ZHLW GD LFK DXI :DQGHUHU EHY|ONHUXQJVSV\FKRORJLVFKH 8QWHUVXFKXQJHQ GXUFKIKUH (V ZXUGHQ ]ZHL *UXSSHQ JHWHVWHW PLW VlPWOLFKHQ )lKLJNHLWHQ DXVJHVWDWWHW GLH HLQHQ LQWHUHVVDQWHQ 9HUVXFK GXUFKIKUHQ VROOWHQ 'LH =LHOVHW]XQJ ODXWHWH DXI ZHOFKH :HLVH LVW DP VFKQHOOVWHQ HLQ :HOWUHLFK ]X JUQGHQ=ZHL6SLHOHUGLULJLHUWHQMHZHLOVELV]X]Z|OI)LJXUHQ ³'DV LVW VR lKQOLFK ZLH GLH %H]LHKXQJ ]ZLVFKHQ (6 XQG PLU VDJWH LFK QLFKW RKQH%LWWHUNHLW 'XKDVWUHFKW9HUVFKLHGHQDUWLJH3UREOHPHHUIRUGHUQRIWLGHQWLVFKH/|VXQJHQ ³:HLWHUGUlQJWHLFK 'DV6SLHOOLHI'LHYLHUXQG]ZDQ]LJ3DUDVLWHQVDPPHOWHQEHLLKUHQ7UlJHUQHLQH JHZDOWLJH 0HQJH,QIRUPDWLRQHQ XQG 9HUKDOWHQVZHLVHQ 6LH QDKPHQGLH %HIHKOH

GHU6SLHO]JHYRQGHQ]ZHL6SLHOHUQHQWJHJHQ8QGZlKUHQGGHVODQJHQ6SLHOHV YHUlQGHUWHQ VLH VLFK 6LH HQWZLFNHOWHQ (LJHQOHEHQ XQG 6HOEVWLQLWLDWLYH EOLHEHQ DEHULQQHUKDOEHLQHVHQJHQ5DKPHQVVWHXHUEDU 'XDKQVWZDVMHW]WNRPPHQZLUG"IUDJWHGDV([WUDKLUQ 'LH EHLGHQ 6SLHOHU IOFKWHWHQ DQ HLQHP =HLWSXQNW GHQ LFK QLFKW JHQDX NHQQH IXKU(6IRUWYRQ:DQGHUHU,FKPXVLFKHUVHLQGDGHUGULWWH3ODQHWGHU6RQQH /DUVDILKU=LHOZDU,FKZHLQLFKWREVLHQRFKOHEHQRGHUZRVLHVLFKEHILQGHQ ,FK ZHL QXU PLW *HQDXLJNHLW GD GLH YLHUXQG]ZDQ]LJ 3DUDVLWHQ KLHU VLQG (EHQVRVLFKHUHUVFKHLQWHVPLUGDVLHVLFKDXIGHQ+HND.KDVXWQLHGHUJHODVVHQ KDEHQ6LHVLQGQLFKWODQJHOHEHQVIlKLJRKQHHLQHQ:LUW 'HU /RJLNVHNWRU KDWWH UHFKW EHKDOWHQ ,FK VDK GDV 3UREOHP HWZDV NODUHU $OVR IUDJWHLFK ³:DV EHZLUNW HLQ :DQGHUHU3DUDVLW EHL VHLQHP 7UlJHU" :LH HUNHQQHQ ZLU RE MHPDQG YRQ HLQHP GHLQHU 6SLHO6XNNXEHQ EHVHVVHQ LVW" :LH N|QQHQ ZLU HLQHQ 3DUDVLWHQ VHOEVW HUNHQQHQ" 'HQQ GDUDXI OlXIW ZRKO GHLQ %HIHKO KLQDXV QLFKW ZDKU" -D'HLQH$QQDKPHLVWULFKWLJ 'LH3DUDVLWHQKDEHQZHQQGLHEHLGHQ6SLHOHUWRWVLQGNHLQHHLQGHXWLJHQ%HIHKOH PHKU/HEHQGLH6SLHOHUDEHUQRFKGDQQEHNRPPHQGLH*HVFKHKQLVVHHLQHJDQ] DQGHUH %HGHXWXQJ $XV HLQHP JHVFKLFKWOLFK EHGLQJWHQ 3UR]H GHU ORNDOH %HGHXWXQJ QLFKW EHUVFKUHLWHW ZLUG GDQQ HLQH JHSODQWH (LQPLVFKXQJ GLH VLFK YRQHLQHP6SLHOLQELWWHUHQ(UQVWYHUZDQGHOWKDW 'XXQGGHLQH)UHXQGH$UNRQLGHLKUNHQQWGDV*HELHWHQWODQJGHV1LOVDOVVHL HVHXUH+HLPDW(LQVWYHUVSUDFKLFKGLUGDGX]XYHUOlVVLJH+HOIHUKDEHQZU GHVW'LHVLVWGHU)DOOVLHZHUGHQJOHLFKDXIZDFKHQ 'LH $XIJDEH HUVFKLHQ PLU LQ GLHVHP 0RPHQW NDXP ]X O|VHQ ,FK KDWWH QRFK YLHOH )UDJHQ (LQLJH ZUGHQ VLFK LQ GHU QlFKVWHQ =HLW YRQ VHOEVW EHDQWZRUWHQ DQGHUHZDUHQQXUMHW]WXQGVRIRUW]XNOlUHQ ³'DV 6SLHO KLH DOVR ZLH PDQ DP VFKQHOOVWHQ HLQ :HOWUHLFK HUVFKDIIHQ NDQQ :LHZHUGHQGLH%HIHKOHGHU6SLHOHUDQGLH3DUDVLWHQEHUPLWWHOW" 'XUFK HLQH .RPELQDWLRQ ]ZLVFKHQ )XQN %LOGIXQN XQG EHUPLWWHOWHQ *HGDQNHQV\PEROHQ ³:R]XVLQGGLH%HIDOOHQHQ]XVDPPHQPLWGHP3DUDVLWHQIlKLJ" ,KUH,QWHOOLJHQ]LKU(LQIDOOVUHLFKWXPXQGLKU(KUJHL]VLQGGUDVWLVFKHUK|KW ³8PVWlQGH GLH EHUHLWV DXV JURHU (QWIHUQXQJ OHLFKW IHVW]XVWHOOHQ VLQG PHLQWH LFKXQGODFKWHKXPRUORVDXI ,KUH .|USHUNUlIWH ZDFKVHQ QLFKW QRWZHQGLJHUZHLVH 'LH 3DUDVLWHQ OLHJHQ IODFK DQ GHU +DXW DQ XQG VLQG QXU GDQQ ]X HUNHQQHQ ZHQQ VLH VLFK LQ K|FKVWHU (UUHJXQJEHILQGHQZHQQVLHVLFKDEO|VHQRGHUDEVWHUEHQ'DQQYHUZDQGHOQVLH VLFK LQ HLQHQ KDQGWHOOHUJURHQ )OHFN YRQ RUDQJHURWHU )DUEH 6LH NOHEHQ EHU GHP+HU]HQ]ZLVFKHQGHQ6FKXOWHUEOlWWHUQXQWHUGHQ$FKVHOQ ³:LUZHUGHQHVK|OOLVFKVFKZHUKDEHQGLH6SLHOHUXQGGLH3DUDVLWHQ]XILQGHQ VDJWHLFK³'LH3DUDVLWHQZHFKVHOQQDWUOLFKGHQ:LUWZHQQGHU:LUWVWLUEWRGHU ]XDOWZLUG"

5LFKWLJ6LHPVVHQGHQ:HFKVHOLQQHUKDOEHLQHU=HLWGXUFKIKUHQGLHHWZD]ZHL 7DJHQYRQ/DUVDI'UHLHQWVSULFKWZDUGLH$QWZRUW ³:LU ZHUGHQ NHLQHQ GHU 3DUDVLWHQ ILQGHQ VDJWH LFK XQG KRE GLH +DQG DOV LFK VDK GD PLFK =DNDQ]D8SXDXW DQ]XVHKHQ YHUVXFKWH (U ZDFKWH DXI 9LHOOHLFKW QDKPHUDXFKDQXQVHUHUODXWORVHQ8QWHUKDOWXQJWHLO ,FKZHUGHHXFKPLW*HUlWHQXQGJHVWHLJHUWHU$XIPHUNVDPNHLWDXVVWDWWHQ ³:HQLJVWHQV HLQ /LFKWEOLFN PXUPHOWH LFK :LU ZXUGHQ JHZHFNW XP GLH 7HLOQHKPHUHLQHVDXVGHU.RQWUROOHJHUDWHQHQ([SHULPHQWV]XILQGHQ(LQHQHXH )UDJH ³:DVVROOHQZLUWXQZHQQZLU6SLHOHURGHU3DUDVLWHQVHKHQ" 6LH VLQG DXJHQEOLFNOLFK]X W|WHQ ,KU :LUNHQ NDQQ GLH *HVFKLFKWH GHVJHVDPWHQ 3ODQHWHQLQHLQHP0DYHUlQGHUQGDVQLFKWPHKUNRUULJLHUEDULVW ³7|WHQ:LUVLQGZLHGHUHLQPDOGHLQH+HQNHU" ,KU VHLG ZLH LFK GLH +WHU GHV 3ODQHWHQ 'X KDVW GLHVHQ IHLHUOLFKHQ 6FKZXU JHOHLVWHWIDOOVGXGLFKQRFKHULQQHUQNDQQVW6LFKHUHULQQHUVWGXGLFKGHQQGLHVH (ULQQHUXQJKDEHLFKQLFKWDXVJHO|VFKWZLHYLHOHDQGHUH ³,FK HULQQHUH PLFK JDE LFK GVWHU ]XUFN VWUHFNWH GLH +DQG DXV XQG ]RJ =DNDQ]D8SXDXW KRFK 'HU 1XELHU VFKWWHOWH VLFK XQG KROWH NHXFKHQG /XIW (U ZDUQRFKQLFKWY|OOLJEHL%HZXWVHLQ 'XHULQQHUVWGLFKDOVR*XW,FKZHUGHHXFKKHOIHQZLHLFKGLHVVWHWVJHWDQKDEH $XVUVWXQJ :DIIHQ ,QIRUPDWLRQHQ DOOHV KDW 5LFR YRQ PLU JHVWHXHUW YRUEH UHLWHW,KUZHUGHWHLQH5ROOHVSLHOHQGLHHXFKOLHJW1HLQNHLQH0DVNHQXUHLQH DQGHUH ,GHQWLWlW $OOHUGLQJV ZLUG HV VFKZLHULJ ZHUGHQ GHQ DOWHQ =XVWDQG ZLHGHUKHU]XVWHOOHQ (V PDJ VHLQ GD LKU LQQHUKDOE GLHVHU VFKZLHULJHQ 0LVVLRQ HLQHEHVWLPPWH=HLWYLHOOHLFKWHLQH*HQHUDWLRQRGHU]ZHLEHUVSULQJHQZHUGHQ PW ,FK ZHL HV QLFKW ,FK ZHUGH GLH (QWZLFNOXQJ ZHLWHU YHUIROJHQ GHPQlFKVW PHOGHLFKPLFKDQGHP2UWDQGHPLFKHXFKHLQ]XVHW]HQJHGHQNH1LPPHVQLFKW DOO]XVFKZHU$UNRQLGH$WODQ'XZLUVWHVEHUOHEHQZLHVRYLHOHV (6YHUDEVFKLHGHWHVLFKZLHGHUPLWVHLQHPIXUFKWEDUHQ*HOlFKWHU=DNDQ]DVWDQG QHEHQ PLU HWZDV XQVLFKHU QRFK (U OHJWH VHLQHQ $UP XP PHLQH 6FKXOWHUQ XQG NQXUUWHPLWUDXKHU6WLPPH ³(V VFKHLQW ZLHGHU HWZDV ]X ZHUGHQ DQ GHP ZLU XQVHUH JDQ]H .UDIW XQG DOOHQ (LQIDOOVUHLFKWXPEUDXFKHQZHUGHQ" ³0HKUDOVGDVZLFKLFKDXV³(KHZLUXQVDQGHQ$QIDQJGHU$XIJDEHPDFKHQ ZHUGHQZLUXQVHUKROHQXQGLQIRUPLHUHQ5LFR+LHUKHU 'HU5RERWHUNDPIDVWODXWORVQlKHU:lKUHQGHUDXVGHP1HEHQUDXPKHUDQJOLWW VFKDOWHWHQ VLFK QDFKHLQDQGHU GLH JURHQ %LOGVFKLUPH HLQ 6LH OLHHQ 6]HQHQ HU NHQQHQ GLH LUJHQGZR LP %HUHLFK GHV 1LOODQGV YRQ 6SLRQNXJHOQ DXIJHIDQJHQ XQG KLHUKHU EHUVSLHOW ZXUGHQ RGHU YRU JHZLVVHU =HLW DXIJHQRPPHQ ZRUGHQ ZDUHQ ³:DV NDQQ LFK DXHU GHQ SURJUDPPLHUWHQ 6FKULWWHQ GHU QlFKVWHQ 6WXQGHQ XQG 7DJHIUGLFKXQGHXFKWXQ*HELHWHU"HUNXQGLJWHVLFK5LFR

³'XNDQQVWPLUHLQHQ%DGHPDQWHOEULQJHQVDJWHLFK³8QGHLQHQIU=DNDQ]D 8QG HLQHQ GULWWHQ IU 3WDK GHU MHGH 6HNXQGH DXIZDFKHQ ZLUG XQG HLQHP GHU 6FKRFNVVHLQHV/HEHQVHQWJHJHQVLHKW $OV LFK GHQ .QRWHQ LQ GHQ ZHLFKHQ *UWHO VFKODQJ ZXWH LFK PLW JURHU 6LFKHUKHLW GD GLH =HLW DXI GHU 3ODQHWHQREHUIOlFKH DXHURUGHQWOLFK VFKZLHULJ ZHUGHQZUGH(VZDUQLFKWGLH*HIlKUOLFKNHLWGHU$XIJDEHGLHPLFKVFKUHFNWH VRQGHUQGLHJHZDOWLJH6FKZLHULJNHLWDXFKQXUHLQH/|VXQJ]XYHUVXFKHQ 9RU GHQ %LOGVFKLUPHQ OLH LFK PLFK LQ HLQHQ 6HVVHO IDOOHQ 0HLQH $XJHQ YHUORUHQ VLFK LQ GHQ VRQQHQEHUIOXWHWHQ %LOGHUQ 6WlGWH %DUNHQ :VWH bFNHU XQG*lUWHQXQGGD]ZLVFKHQLPPHUZLHGHUGLHVFKQHOOHQ.DPSIZDJHQGHUZLH QDQQWHPDQVLH"+HND.KDVXWGLHZLH.XULHUHHQWODQJGHV1LOVJDORSSLHUWHQ 9(567(&.7,1'(5'81.(/:2/.(3ODQHW*lD =(175806%$8 '(6 3/$1(7$5(1 .5$1.(1+$86(6 6HNWRU /DQJ]HLWWKHUDSLH h%(5/(%(1667$7,211XUHLQ3DWLHQW3UlWHQGHQW$WODQ ',(=(,76HSWHPEHUKPLQV *KRXP$UGHELO EHPHUNWH GD VLFK VHLQH KDJHUH *HVWDOW LQ GHU UDXPKRKHQ 6LFKHUKHLWVVFKHLEH VSLHJHOWH 'DKLQWHU LP JOlVHUQHQ 6DUJ XQG XQWHU GHU PRGLIL]LHUWHQ 6(57+DXEH ODJ GHU $UNRQLGH 'HU $UD KDWWH VRHEHQ PLW SHLQOLFKHU *HQDXLJNHLW VlPWOLFKH *HUlWH NRQWUROOLHUW GLH $WODQV .|USHUIXQNWLRQHQ EHUZDFKWHQ 7URW] GHV 8PVWDQGHV GD HLQH JURH 6HNWLRQ GHV &RPSXWHUV GLH .RQWUROOHQ QRFK ZHLWDXV JHQDXHU GXUFKIKUWH OLH HU VLFK QLFKWGDYRQDEKDOWHQ(UZDQGWHVLFKDQ&\U$HVFXQQDUGHUGHQ:DKQVLQQVIOXJ YRQ.DUWKDJR,,QDFK*lDPLWJHPDFKWKDW ³,FK YHUVWHKH QLFKW NRPPHQWLHUWH GHU $U]W ³ZRYRQ $WODQ EHULFKWHW :HOFKH JHVFKLFKWOLFKH3HULRGH,KUHV%DUEDUHQSODQHWHQVSULFKWHUDQ" ³'LH VRJHQDQQWH +\NVRV=HLW LP YRUFKULVWOLFKHQ bJ\SWHQ JDE GHU *HVFKLFKWVZLVVHQVFKDIWOHU ]XUFN ³:LU VLQG ]LHPOLFK VLFKHU GD VLH HWZD ]ZLVFKHQ GHQ -DKUHQ XQG DQ]XVLHGHOQ LVW -HGHQIDOOV GLH JHVFKLFKWVUHOHYDQWH =HLW EHU GLH HV $XI]HLFKQXQJHQ XQG VLFKHUH )RUVFKXQJVHUJHEQLVVHJLEW(VVWHKWIHVWGDGHUZHLEOLFKH3KDUDR6HEHNQHIHUX GHU OHW]WH +HUUVFKHU GHU GUHL]HKQWHQ '\QDVWLH ]XQlFKVW GLH +HUUVFKDIWEHU GLH 6WDGW $XDULV LP |VWOLFKHQ 'HOWD DEJHEHQ PXWH 'LH /DJH ZDU YHUZRUUHQ MHGH 3URYLQ]VFKLHQHLQHQHLJHQHQK\NVRWLVFKHQ3KDUDRJHKDEW]XKDEHQ 6FDUURQ$WODQV)UHXQGLQIUDJWHYHUZLUUW ³+HND.KDVXW+HND&KDVFKXWRGHU+\NVRVGUHLYHUVFKLHGHQH%HJULIIH" ³6SlWHUQDQQWHQGLH*ULHFKHQGLHYLHOPLWlJ\SWLVFKHU*HVFKLFKWVVFKUHLEXQJ]X WXQ KDWWHQ GLH +HUUVFKHU GHU )UHPGOlQGHU +\NVRV (V LVW GLH JUl]LVLHUWH )RUP GLHVHV %HJULIIV ,Q GLHVHQ HWZD ]ZHLHLQKDOE -DKUKXQGHUWHQ ELOGHWH GLH 9HUZDOWXQJGDV5FNJUDWGHV6WDDWHV+HUUVFKHUNDPHQXQGJLQJHQGHU$SSDUDW EOLHE 'LH -DKUKXQGHUWH GHU 3ULHVWHU +lQGOHU XQG 9HUZDOWHU HLQH =HLW GHU

)XQNWLRQlUH9HUEOIIHQGHUZHLVHEHUOHEWHGDVJHVDPWH5HLFKELV]XGHQEHLGHQ 3KDUDRQHQ.DPRVHXQG$KPRVHRGHU$PDVLVGHQ9RUOlXIHUQGHU'\QDVWLH (VVWDQGIHVWGDHWZDLP-DKUYRUGHU=HLWZHQGHGHURUJDQLVLHUWH.DPSI JHJHQGLH+\NVRVEHJDQQ=HKQ-DKUHPHKURGHUZHQLJHUVSLHOHQNHLQH5ROOHLP 5DKPHQVROFKHUJHVFKLFKWOLFKHU$EOlXIH 6LHDOOHVWDQGHQQRFKLP%DQQGHU(U]lKOXQJ6LHKDWWHQI|UPOLFKPLWHUOHEWZLH $WODQ PLW VHLQHQ EHLGHQ )UHXQGHQ GDV DXVVLFKWVORVH :DJQLV JHJOFNW ZDU GLH VWHLQHUQHQ0RQGHGLH6FKLIIHGHU7HU4XDGHQ]XYHUWUHLEHQ6LHKDWWHQJHK|UW ZLH$WODQXQGMHQHU)UHPGHGHQ³DFKWHQ0RQG]HUVW|UWKDWWHQ 'MRVDQ$KDUGHULQGHQYHUJDQJHQHQ7DJHQJDQ]ODQJVDPXQGQXUPLW+LOIHYRQ %HWlXEXQJVPLWWHOQXQG$ONRKROPLWYLHO6FKODIXQGMHGHPDQGHUHQ9HUVXFKGHU $EOHQNXQJ]XVLFKVHOEVW]XUFNIDQG]XSIWH&\UDPbUPHO ³,KU KDEW HV PLU HU]lKOW EHJDQQ HU ³GD LQ GHU OHW]WHQ 6HULH YRQ $WODQV (U]lKOXQJHQVLFKPHKURGHUZHQLJHUDOOH$EHQWHXHUHQWZHGHULP1LOODQGRGHULQ GHVVHQ 8PJHEXQJ RGHU EHVWHQIDOOV QRFK LP =ZHLVWU|PHODQG 0HVRSRWDPLHQ DEVSLHOWHQ+DWGLHVHLQHQDQGHUHQ*UXQGDOVGHQGHQLFKPLUYRUVWHOOHQNDQQ" ³1XU DQ GLHVHQ EHLGHQ 6WHOOHQ KDWWHQ VLFK JURH QDFK DOOHQ 5LFKWXQJHQ DXVVWUDKOHQGH +RFKNXOWXUHQ HQWZLFNHOW 2IIHQVLFKWOLFK HQWGHFNWHQ DXFK GLHMHQLJHQ GLH $WODQ ]X YHUWUHLEHQ RGHU ]X EHNlPSIHQ KDWWHQ GLHVH =LHOH bJ\SWHQ XQG 0HVRSRWDPLHQ 1DWUOLFK JDE HV DQGHUH .XOWXU]HQWUHQ DEHU YHUJOLFKHQ DOOHLQ PLW GHQ %DXPDVVHQ GHQ .DQlOHQ RGHU GHQ EHEDXWHQ )HOGHUQ XQG KDXSWVlFKOLFK PLW GHU ]LYLOLVDWRULVFKHQ $XVVWUDKOXQJ H[LVWLHUWHQ GDPDOV ZHGHU 6GDPHULND QRFK &KLQD ZHGHU 3HUVLHQ QRFK ,QGLHQ 'DV lQGHUWH VLFK VSlWHUVHOEVWYHUVWlQGOLFKDEHUVFKlW]XQJVZHLVHVFKLOGHUWXQV$WODQGLH=HLWUXQG XPGDV-DKUWDXVHQGVHFKVKXQGHUWYRUGHU=HLWZHQGH 6LHVFKZLHJHQXQGEOLFNWHQGHQ.|USHUDQ'DV*HVLFKWZDUQLFKW]XHUNHQQHQ QXUGHU=HOODNWLYDWRUJOlQ]WH$WODQV=XVWDQGZDUQDFK0HLQXQJGHV$UDVQLFKW PHKU W|GOLFK NULWLVFK :DKUVFKHLQOLFK ZUGH HU EHUOHEHQ GLH NOHLQHQ 9HUOHW]XQJHQ ZDUHQ WHLOZHLVH EHUHLWV DEJHKHLOW JU|HUH :XQGHQ ZXFKVHQ ]X =HOOHQ ELOGHWHQ VLFK QHX XQG GLH LQQHUHQ 2UJDQH ]HLJWHQ LPPHUKLQ :HUWH GLH QLFKW MHGHP )DFKPDQQ GHQ NDOWHQ 6FKZHL DXI GLH 6WLUQ WULHEHQ $EHU GLH JHULQJVWH 6W|UXQJ NRQQWH HLQHQ 5FNVFKODJ SURYR]LHUHQ GHU $WODQ W|WHWH 6HLW GHP0RPHQWDQGHPPDQ$WODQKLHUHLQJHOLHIHUWKDWWHQXUHLQHKDOEH6WXQGH QDFK GHU /DQGXQJ GHU .+$06,1 ]LWWHUWHQ VLH DOOH XP LKQ 7LIIORU 6FDUURQ GHU $UD XQG YLHOH DQGHUH 8QG QRFK LPPHU KDWWH (6 VHLQ 9HUVSUHFKHQ QLFKW JHKDOWHQ,KUH(ULQQHUXQJHQKDWWH(6QRFKQLFKWDXVJHO|VFKW $WODQ XQWHUVWW]WH XQEHZXW VHLQH HLJHQH +HLOXQJ LQGHP VLFK VHLQ 8QWHUEHZXWVHLQ RGHU GDV ([WUDKLUQ YRQ GHU /DVW GHU JHVSHUUWHQ (ULQQHUXQJHQ EHIUHLWH $WODQEHULFKWHWHZHLWHU 0HKUHUH $XI]HLFKQXQJVJHUlWH EHUWUXJHQ MHGHQ ,PSXOV VHLQHU 6FKLOGHUXQJ DXI %lQGHU &RPSXWHU GUXFNWHQ GHQ 7H[W DXV .RSLHQ ZXUGHQ DQJHIHUWLJW YHUWHLOW XQG YHUVWHFNW 0DQ KRIIWH (6 ]X EHUOLVWHQ 'LHVH (U]lKOXQJHQ PXWHQ QLFKW

QXU GHU 1DFKZHOW ]XJlQJOLFK JHPDFKW ZHUGHQ VRQGHUQ GLHQWHQ DXFK GHQ :LVVHQVFKDIWOHUQ GLH VLFK IU GHQ :HUGHJDQJ GHU 0HQVFKKHLW YRP %DUEDUHQSODQHWHQ/DUVDI,,,ELV]XP:HJ]XGHQIHUQHQ*DOD[LHQLQWHUHVVLHUWHQ 6FDUURQ(\PXQGVVRQVWW]WH LKU VFKPDOHV*HVLFKWLQ GLH+lQGHXQGVWDUUWH GHQ DXVJHVWUHFNWHQ.|USHU$WODQVDQ 6SULFK GDFKWH VLH (U]lKOH HV PLU (V JLEW NHLQHQ EHVVHUHQ :HJ GLFK NHQQHQ]XOHUQHQXQG]XHUIDKUHQZDUXPGXVRELVWZLHZLUGLFKDOOHNHQQHQ $WODQV 6WLPPH GUDQJ ZLHGHU DXV GHQ /DXWVSUHFKHUQ 6HLQ %HULFKW ZXUGH IRUWJHVHW]W ,FK EUDXFKWH PHLQH 3KDQWDVLH QLFKW LFK KDWWH GLH .HQQWQLVVH 'DV /DQG bJ\SWHQ VWDQG XQWHU GHU +HUUVFKDIW VFKZDU]KDDULJHU )UHPGHU (V ZDUHQ 1RPDGHQJHZHVHQGLHPLWLKUHQ+HUGHQYRP2VWHQKHUJHNRPPHQZDUHQDXV GHQ5DQG]RQHQ$VVXUVDXV0LWDQQLDXVGHQ/lQGHUQLQGHQHQ3IHUGHJH]FKWHW ZXUGHQ 6RQQHQYHUEUDQQWH 0lQQHU PLW VFKZDU]HQ %lUWHQ HLQHUVHLWV ZLOG XQG EOLW]VFKQHOO DQGHUHUVHLWV HEHQVR GLV]LSOLQLHUW ZLH GLH 7UXSSHQ GHU 3KDUDRQHQ $OVVLHGLH6FKZlFKHGHV*HJQHUVEHPHUNWHQOHJWHQVLHLKUH+DQGDXIGDV/DQG bJ\SWHQZDUVFKZDFKJHZHVHQXQGVWROSHUWH'LH+HND.KDVXWYHUVHW]WHQGHP 1LOODQG QXU QRFK GHQ OHW]WHQ 6WR (LQ 0DQQ QDPHQV $SRSL XQWHUZDUI VFKOLHOLFKGDVJHVDPWH/DQGPDFKWHGLH3KDUDRQHQGHV6GHQVXQG1RUGHQV]X 9DVDOOHQXQGVHLQ6RKQ.KD\DQGHQGLH6HZRVHUHQ5H&KLDQQDQQWHQ ZXUGH GHUHUVWH$OOHLQKHUUVFKHU (6KDWWHVHLQH9HUVSUHFKHQJHKDOWHQ :LU ZDUHQ KHUYRUUDJHQG DXVJHUVWHW 8QVHUH GUHL :DJHQ VDKHQ DXV ZLH KDQGJHDUEHLWHW DEHU GLH ZLFKWLJVWHQ 7HLOH EHVWDQGHQ DXV $UNRQVWDKO 8QVHUH QHXQ 3IHUGH ZDUHQ VWDUN VFKQHOO XQG NUlIWLJ 8QVHU 9HUVWHFN ZDUPHKU DOV QXU LGHDO /DQG 6WUDQG 6HHZDVVHU XQG GDV IUXFKWEDUH 'HOWD ELOGHWHQ GLH 6FKQLWWSXQNWH :LU ZDUHQ JHVFKZRPPHQ KDWWHQ LQ GHU 6RQQH JHOHJHQ KDWWHQ XQVHUHEHUUHLFKOLFKHQ9RUUlWHYHUEUDXFKWXQGHQGORVH*HVSUlFKHJHIKUW5XQG ]ZHL-DKUKXQGHUWHWRWHQlKQOLFKHU6FKODIXQGWLHIVWH(UVWDUUXQJDOOHU)XQNWLRQHQ PDFKWHQ GLHVH VWLOOH =HLW QRWZHQGLJ $XI GHP IODFKHQ *HOlQGH GHV 0HHUHVVWUDQGVHUOHUQWHQZLUZLHGHUGLHSHUIHNWH+DQGKDEXQJGHU.DPSIZDJHQ SIOHJWHQ GLH 7LHUH XQG XQVHUH .|USHU WHVWHWHQ XQVHUH $XVUVWXQJ GXUFK XQG IUHXWHQXQVEHUMHGHQVRQQLJHQ7DJ'DV/DQGZDUUXQGKHUXPY|OOLJHLQVDP :RGLH:VWHLQV'HOWDEHUJLQJELOGHWHQVLFKODQJH6DQG]XQJHQGLHLP/DXI GHU =HLW YHUVFKZDQGHQ XQG VLFK QHX ELOGHWHQ (LQ 6FKLII DXV %\EORV GDV GHU 6WXUP DQJHVFKZHPPW XQG XPJHZRUIHQ KDWWH ZDU XQVHU 8QWHUVFKOXSI 'LH 3IHUGH IDQGHQ *UDV XQG 6ZDVVHU 8QVHU 3ODQ QDKP ODQJVDP *HVWDOW DQ 0LW YLHU 'ROFKHQ KDWWHQ ZLU XQVHUH .DUWH LQ GLH DXVJHEOHLFKWHQ 3ODQNHQ GHV 'HFNV JHVSLHW -HGHU HLQ]HOQH *HJHQVWDQG XQVHUHU $XVVWDWWXQJ ZDU LQ MHGHU +LQVLFKW EHPHUNHQVZHUW (U VDK DXHURUGHQWOLFK ZHUWYROO DXV EHVWDQG DXV GHP

PRGHUQVWHQ XQG EHVWHQ 0DWHULDO ZDU HLQH SHUIHNWH .RSLH GHV EHWUHIIHQGHQ *HEUDXFKVJHJHQVWDQGVXQGZLHJHZRKQWPLWPHKUHUHQ)XQNWLRQHQDXVJHVWDWWHW 'LH YLHU 'ROFKH ZDUHQ .RVWEDUNHLWHQ XQG EHUGLHV /lKP RGHU 6WUDKOZDIIHQ ,FK]HLJWHPLWGHP)LQJHUDXIXQVHUHQ6WDQGRUW ³+LHUVLQGZLU+LHUEOHLEHQZLUQRFKHLQLJH7DJH 0LW HLQHP 6FKLOIKDOP GHXWHWH =DNDQ]D8SXDXW GHU ³gIIQHU GHU :HJH DXI HLQHQ3XQNWLP|VWOLFKHQ'HOWD-HGHU3IDGXQGMHGH+WWHGHU6WDGW$XDULVZDU JHVWRFKHQ NODU DXI GHU 6SH]LDONDUWH ]X HUNHQQHQ ³8QG KLHUKHU PX XQV XQVHU :HJIKUHQ:LUPDFKHQDPEHVWHQHLQHQ8PZHJXQGWXQVRDOVNlPHQZLUDXV GHU:VWH ³'DV LVW GHU HLQ]LJH 9RUVFKODJ GHU ELVKHU JXW ZDU VWLPPWH 3WDK6RNDU ]X ³8QVHU HUVWHV 9RUKDEHQ LVW GD ZLU XQV XQJHKLQGHUW LQQHUKDOE GHV JHVDPWHQ 5HLFKHV EHZHJHQ N|QQHQ :LU PVVHQ YRQ REHQ KHU YRP +HUUVFKHU EHU $XDULVHLQHQ$XIWUDJHUKDOWHQXQGXQWHUVWW]WZHUGHQ ³'LH9RUDXVVHW]XQJHQVLQGQLFKWVFKOHFKWPHLQWHLFKWUlJH³'HUVFKZLHULJVWH 3XQNWLVWGDZLUXQVHUH'LHQVWHVRJXWXQGEHU]HXJHQGZLHP|JOLFKYHUNDX IHQ :LU VSUDFKHQ XQG VFKULHEHQ VRZRKO GDV bJ\SWLVFKH DOV DXFK GDV ,GLRP GHU )UHPGHQGDVDOOHUGLQJVLPPHUVHOWHQHU]XK|UHQZDU$XFKGDULQKDWWHQVLFKGLH )UHPGHQDQGLHKHUUVFKHQGH=LYLOLVDWLRQDQJHJOLFKHQ (6KDWWHIROJHQGHVEHVWLPPW ,FK ZDU $U]W XQG *HOHKUWHU 3WDK6RNDU ZDU HLQ DEHQWHXHUOXVWLJHU )UVWHQVRKQ XQG +HHUHVIKUHU 8QG =DNDQ]D HLQ .DXIPDQQ XQG 6NODYHQKlQGOHU DXV GHP /DQG LQ GHVVHQ 0LWWH GLH XQEHNDQQWHQ ± 1LOTXHOOHQ ODJHQ $XI GLHVH 5ROOHQ ZDUGLH$XVUVWXQJDEJHVWLPPW ³:LU ZHUGHQ EHU]HXJHQG DXIWUHWHQ HUNOlUWH 3WDK ³:LVVHQ LVW 0DFKW :LU ZLVVHQPHKUDOVMHGHUDQGHUH ,Q GHQ IDXOHQ 7DJHQ ELVKHU KDWWHQ ZLU LPPHU ZLHGHU GDUEHU JHUHGHW :LU NDQQWHQ XQV VFKRQ VHKU ODQJH 'DV VDJWH XQV XQVHU *HIKO $EHU ZHOFKH $EHQWHXHU ZLU ]XVDPPHQ HUOHEW KDWWHQ ZXWHQ ZLU QLFKW PHKU (6 KDWWH GLHVH (ULQQHUXQJHQEORFNLHUWRGHUDXVUDGLHUW ³,QHLQLJHQ7DJHQLVWHVVRZHLWEUXPPWH=DNDQ]D³:RKHUEHNRPPHLFKHLQH NOHLQH .DUDZDQH DXVJHVXFKW VFK|QHU 6NODYLQQHQ XQG WFKWLJHU VWDUNHU 6NODYHQ" ³'X NDQQVW PLFK DQSUHLVHQ VFKOXJ LFK YRU ³)U HLQHQ 0DQQ PHLQHU $XVELOGXQJZLUVWGXHLQHQJXWHQ3UHLVHU]LHOHQ =DNDQ]DJLQJWRGHUQVWDXIPHLQHQ9RUVFKODJHLQ ³*DQ]VLFKHU$EHUDQDQGHUHU6WHOOHVFKHLQVWGXGRFKZLFKWLJHU]XVHLQ$WODQ $DNHQHU(LQP|JOLFKHUZHLVHJXWHU7DUQQDPHDEHUHLQGXPPHU1DPH ³'X ZLUVW LKQ ]X VFKlW]HQ ZLVVHQ VDJWH LFK 1DFKGHP HU HLQHQ YHUVLHJHOWHQ .UXJ%LHUJHKROWKDWWHGHQZLUGHU.KOXQJZHJHQLPWLHIHQ:DVVHUDXIEHZDKUW KDWWHQVDJWHHUJULQVHQG ³$EHU LFK GHQNH GRFK GD XQVHU XQVLFKWEDUHU 6WHXHUPDQQ DXFK DQ 6NODYHQ

JHGDFKWKDW ,FKKDEHNHLQH,QIRUPDWLRQHQVDJWHLFK³DEHULFKELQIDVWVLFKHU (LQHQ=XJZLOOHQORVHU$QGURLGHQDXI/DUVDI'UHLDE]XVHW]HQVDJWHLFKPLUZDU IU(6HLQH/HLFKWLJNHLW'HU3ODQHW:DQGHUHUVFKLHQHLQH:HOWEHPHUNHQVZHU WHU9RUJlQJHXQG0|JOLFKNHLWHQ]XVHLQWURW]GHPYHUJDHQZLUGHQ*HGDQNHQ DQ6NODYHQEDOG :LUVFKRVVHQPLWGHQVFKLPPHUQGHQ%|JHQ:LUPDFKWHQODQJH6WUDQGOlXIHXQG VFKZDPPHQYLHO8QVHUH.|USHUYHUORUHQDXFKGLHOHW]WH6WDUUHXQG0GLJNHLW 1DFK HLQHU +DQGYROO YRQ HLQVDPHQ VRUJORVHQ 7DJHQ VWHOOWHQ ZLU JOHLFK]HLWLJ XQG EHUUDVFKW IHVW GD ZLU KDQGHOWHQ XQG UHDJLHUWHQ DOV KlWWHQ ZLU HLQ -DKUKXQGHUW ODQJ WlJOLFK JHPHLQVDPH $EHQWHXHU EHVWDQGHQ :LU ZXWHQ GD GLHVGDV=HLFKHQZDU:LUVSUDFKHQQRFKHLQPDODOOHVGXUFKVFKLUUWHQGLH3IHUGH HLQ XQG EDQGHQ GDV 5HVHUYHSIHUG KLQWHQ DQ GHQ :DJHQ :LU YHUZLVFKWHQ DOOH XQVHUH6SXUHQOXGHQHLQXQGPDFKWHQXQVDXIGHQVRUJVDPHUPLWWHOWHQ:HJGHU XQV]XGHQ5XLQHQHLQHV)RUWVGHU)UVWHQPDXHUIKUHQZUGH1XU]ZHL*HLHU GLHLQJHZDOWLJHU+|KHNUHLVWHQEHREDFKWHWHQXQV 1XU GXUFK HLQHQ =XIDOO ZDUHQ GLH NOHLQH %DXPJUXSSH GLH ]HUIDOOHQHQ 0DXHUQ XQG GHU ZLQ]LJH %UXQQHQ ]X GLHVHU 7DJHV]HLW YHUODVVHQ $OV ZLUQHEHQHLQDQGHU XQVHUH*HVSDQQHDQKLHOWHQPHOGHWHVLFKGHU/RJLNVHNWRUXQGEHPHUNWH (6 LVW HLQ EUXWDOHU 3UDJPDWLNHU (6 VFKHXW VLFK QLFKW VHLQH =LHOH VHOEVW PLW GHUDUWQLFKWVZUGLJHQ0LWWHOQ]XVLFKHUQ =ZHL .DUUHQ VWDQGHQ KLHU YRQ MH ]ZHL KHUXQWHUJHNRPPHQHQ 3IHUGHQ JH]RJHQ 'LH 3IHUGH ZDUHQ HEHQ JHWUlQNW ZRUGHQ =ZHL MXQJH 0lQQHU PLW KHOOEUDXQHU +DXWJHZDOWLJHQ%UXVWN|UEHQXQGHEHQVROFKHQ0XVNHOQNDPHQPLWGHQOHHUHQ /HGHUHLPHUQLQGHQ+lQGHQDXIXQV]X ³:LU VXFKHQ =DNDQ]D8SXDXW VDJWH HLQHU GHU EHLGHQ (U KDWWH HLQ EDUWORVHV VFK|QJHVFKQLWWHQHV*HVLFKWXQG0DQGHODXJHQ ³=DNDQ]D GHQ 6NODYHQKlQGOHU :LU VROOHQ KLHU DXI GUHL 0lQQHU ZDUWHQ XQG LQ $XDULV YHUNDXIW ZHUGHQ IXKU GHU DQGHUH IRUW (U VDK HEHQVR JXW DXV ZRKOJH QlKUW NHLQHVZHJV HLQJHVFKFKWHUW JHUDGH]X YHUEOIIHQG QLFKW ZLH HLQ 6NODYH DXVVHKHQG(KHUZLHGHUVHOEVWEHZXWH6RKQHLQHV)UVWHQ =DNDQ]D XQG LFK VSUDQJHQ YHUEOIIW DXV GHQ :DJHQ XQG JLQJHQ GXUFK GHQ JOKHQGHQ6WDXEDXIGLH.DUUHQ]X ³,FKELQ=DNDQ]DVDJWHGHU1XELHU$QVHLQHQODQJHQ)LQJHUQIXQNHOWHQXQG OHXFKWHWHQQHXQ5LQJH³,KUVHLG6NODYHQ" ³-D +HUU :LU GDQNHQ GLU GD GX XQV YHUNDXIHQ ZLOOVW :LU ELWWHQ QXU GD GX XQVJXWHXQGJUR]JLJH+HUUHQYHUPLWWHOVW =DNDQ]D XQG LFK VWDUUWHQ XQV PLW DXVJHVSURFKHQ EO|GHQ *HVLFKWHUQ DQ 3WDK VWLPPWH HLQ VFKDOOHQGHV*HOlFKWHUDQYHUPXWOLFKEHJULIIHUHLQH6SXUVFKQHOOHU GHQ PDNDEUHQ :LGHUVLQQ GHU 6LWXDWLRQ 'LH KRQLJV VFKPHLFKHOQGH 6WLPPH NDPYRQHLQHP0lGFKHQGDVLP:DJHQVDXQGXQVDQVWUDKOWH,FK]lKOWHQRFK

LPPHUXQVLFKHUXQGYHUZLUUWVHFKV0lGFKHQ(LQHVZDUVFK|QHUDOVGDVDQGHUH 6HFKVYHUVFKLHGHQH7\SHQ6LHZDUHQ]XVFK|QXPPHQVFKOLFK]XVHLQPHKUDOV HLQH 6SXU ]X SHUIHNW ,FK VW|KQWH DXI XQG GHXWHWH LQ HLQHU JURDUWLJHQ *HElUGH DXIGLH:DJHQ ³+LHU+HUUGHV)OHLVFKHVXQG9DWHUGHU)HVVHOQLVWGHLQH:DUH6LHNRPPWYRQ IHUQKHU EHJDQQ LFK PLW GHU WUHPROLHUHQGHQ 6WLPPH HLQHV 0DUNWVFKUHLHUV ³6LHKHVLHLVWZRKOJHGLHKHQGHLQH)UDFKW=Z|OI.RVWEDUNHLWHQVWDUNNOXJXQG JHKRUVDP6LQG]HKQ6FKHNHO6LOEHUJHERWHQ",FKODFKHGHU3UHLVIUHLQH*UHL VLQ+|UHLFK]ZDQ]LJDXVGHUDXIVW|KQHQGHQ0HQJH"'UHLLJ6FKHNHO" ³(V EUDXFKW 1DFKVLFKW PLW GLU ]X UHLVHQ GX 0DQQ GHU ELWWHUHQ 0HGL]LQ JDE =DNDQ]D]XUFNXQGJLQJIQIPDOLQ6FKODQJHQOLQLHQXPGLH:DJHQKHUXP'LH 0lGFKHQ ZDUHQLQNRVWEDUH*HZlQGHUJHKOOWXQGGLH0lQQHUKDOEQDFNWDEHU PLW6FKPXFNEHKlQJWGHUZLHGLH3DURGLHDXI)HVVHOQZLUNWH 'X PWHVW GRFK GDUEHU ODFKHQ N|QQHQ IOVWHUWH GHU ([WUDVLQQ VDUGRQLVFK GHQQGHLQ6LQQIU]\QLVFKH6FKHU]HLVWJXWHQWZLFNHOW 'LH³6NODYHQGLHXQV(6LQSUl]LVHU3ODQXQJJHVFKLFNWKDWWHZDUHQVLFKHUOLFK GLH IU|KOLFKVWHQ *HVFK|SIH GLH MHPDOV YHUNDXIW ZHUGHQ VROOWHQ (V ZDUHQ DXFK NHLQH 0HQVFKHQ VRQGHUQ $QGURLGHQ 'HU (UIROJ GHV 6NODYHQKlQGOHUV ZDU YRUSURJUDPPLHUW GHQQ MHGHU GHU HLQHQ $UEHLWVVNODYHQ RGHU GLH ,QVDVVLQ VHLQHV +DUPHVVXFKWHZUGHVLFKXPGLHVH³:DUHI|UPOLFKVFKODJHQ(LQHRULJLQHOOH 9DULDQWHNDPPLULQGHQ6LQQXQGLFKULHI ³$XI QDFK $XDULV )UHXQGH :LU ZHUGHQ QLFKW HLQIDFK 6NODYHQ YHUNDXIHQ VRQGHUQ ZLU ELHWHQ 3ULQ]HVVLQQHQ DQ XQG )UVWHQV|KQH hEHUQHKPW GLH =JHO 0lQQHU XQG ELV ]XU 6WDGW KDEHQ ZLU XQV IU MHGHQ YRQ HXFK HLQH VSDQQHQGH /HEHQVJHVFKLFKWHDXVJHGDFKW ³$WODQ$DNHQHU VWDXQWH 3WDK XQG ULHE VHLQH )DONHQQDVH ³'DV LVW HLQ YRU]JOLFKHU9RUVFKODJ ³0LU VLQG QRFK DQGHUH 'LQJH HLQJHIDOOHQ DQWZRUWHWH LFK HUQVWKDIW ³,KU ZLW ZHULKUVHLGZDVLKUVHLGXQGZHOFKHQ=ZHFNLKUKDEW"ZDQGWHLFKPLFKDQGLH $QGURLGHQ 'HUHLQHMXQJH0DQQPLWGHP/HGHUHLPHUVFKZDQJVLFKLQGHQ.DUUHQXQGJULII QDFKGHQ=JHOQ ³:LU VLQG KLHU XP YRQ HXFK YHUNDXIW ]X ZHUGHQ :LU ZLVVHQ GD ZLU HLQH EHVWLPPWH =HLW ]X OHEHQ KDEHQ :LU KDEHQ GUHL 7DJH XQG GUHL 1lFKWH EHZXW HUOHEW:LUVLQGGDUDXIYRUSURJUDPPLHUWHXFKEOLQG]XJHKRUFKHQ:DVLKUVDJW LVW %HIHKO 8QG ZLU ZLVVHQ ZRQDFK LKU VXFKW XQG VROOHQ HXFK GDEHL XQWHUVWW]HQ =DNDQ]DQLFNWHXQGELVLFKDXIVHLQH8QWHUOLSSH ³$OOHVLVWVHKUIHLQDXVJHUHFKQHW'LH3DUDVLWHQKDEHQVLFKDQZLFKWLJH3HUVRQHQ JHKHIWHW2GHUDQGHUVKHUXPGLH+HND.KDVXW/HXWHGLH]X3KDUDRQHQZHUGHQ N|QQHQGLHVQXUXQWHUGHP(LQIOXGHU3DUDVLWHQ-HQH%HIDOOHQHQKDEHQ0DFKW XQG5HLFKWXP6LHN|QQHQVLFKGHUDUWLJWHXUH6NODYHQOHLVWHQZHLOVLHGDVQ|WLJH *ROGKDEHQ6LHN|QQHQDXFKHLQHQ+HHUIKUHUZLH3WDKRGHUHLQHQWHXUHQ$U]W

ZLH $WODQ EH]DKOHQ 8QG MHGHU 6NODYH XQG QDWUOLFK ZLU GUHL VLQG LQ GHU /DJH 3DUDVLWHQIHVW]XVWHOOHQXQGQ|WLJHQIDOOV]XW|WHQ 8QVHUODXWORVEHIHKOHQGHU+HUUVFKHUKDWDOOHVJXWJHSODQW7KHRUHWLVFKKDEHQZLU HVDEMHW]WOHLFKWHU ,FK VFKZDQJ PLFK LQ GHQ .RUE PHLQHV :DJHQV XQG NODSSWH GDV VFKPDOH 6LW]EUHWWKHUXQWHU ³,Q GHU 3UD[LV ZLUG HV ZHQLJHU HLQIDFK VHLQ $EHU GHLQH hEHUOHJXQJHQ 6NODYHQKlQGOHUVLQGY|OOLJULFKWLJ 'LH NOHLQH .DUDZDQH VHW]WH VLFK LQ %HZHJXQJ :LU ZDUHQ ZHLWDXV JODXEKDIWHU JHZRUGHQ XQG ZUGHQ YRQ GHQ 1RPDGHQ.|QLJHQ NHLQHVIDOOV DOV )HLQGH EHWUDFKWHW ZHUGHQ N|QQHQ 8QVHUH XQPLWWHOEDUH =XNXQIW VFKLHQ DXI VLFKHUHQ )HQ ]X VWHKHQ 1RFK EHIDQGHQ ZLU XQV LQ IDVW OHHUHP /DQG DEHU EHUHLWV DXI HLQHU 6WUDH 6LH ZDU JHNHQQ]HLFKQHW ZLH GLH PHLVWHQ 6WUDHQ GLHVHV 3ODQHWHQ ]X³PHLQHU=HLWGXUFKIHVWJHEDFNHQHQXQGYHUGLFKWHWHQ%RGHQGXUFK%UXQQHQ LQODQJHQ$EVWlQGHQGXUFK6WHOHQXQG6lXOHQLQGLH%LOGHUXQG6FKULIW]HLFKHQ JHVFKODJHQ ZRUGHQ ZDUHQ ,Q]ZLVFKHQ ZXWHQ ZLU DXFK GLH +HND .KDVXW YHUZHQGHWHQ GLH *O\SKHQ GHU bJ\SWHU XQG KDWWHQ HEHQVR GLH KXUULWLVFKHQ =HLFKHQ ZLH DXFK GLH DVV\ULVFKH .HLOVFKULIW EHZXW RGHU XQEHZXW YHUJHVVHQ XQGDEJHOHJW 'UHL YHUVFKLHGHQ JURH +DQGHOVNDUDZDQHQ NDPHQ XQV HQWJHJHQ 'LH 6ROGDWHQ XQG GLH .DXIOHXWH VWDUUWHQ XQV DQ DOV NlPHQ ZLU DXV HLQHP :XQGHUODQG :LU JUWHQIUHXQGOLFK6FKHU]ZRUWHIORJHQKLQXQGKHU ³:LU ZDUHQ QLFKW VLFKHU $WODQ$DNHQHU ULHI =DNDQ]D QDFK YRUQ ³DEHU HV VFKHLQWZLUNOLFKVR]XVHLQGLH+HND.KDVXWI|UGHUQGHQ+DQGHOKDOWHQ)ULHGHQ XQGKDEHQVLFKHUH6WUDHQ ³5LFKWLJVFKULHLFK]XUFN³6LHEHWHQGHQ6HWKDQGHULKUHQ*|WWHUQ%DDOXQG 5HVKHS LPPHU lKQOLFKHU ZLUG 6LH KDEHQ QLFKW HLQPDO GLH lJ\SWLVFKHQ *|WWHU JHVWU]W 7URW] VHLQHV (ULQQHUXQJVYHUOXVWHV YHUVWDQG VLFK 3WDK6RNDU DOV %HZRKQHU GHV 1LOWDOV(UKREGHQ$UPPLWGHPIXQNHOQGHQ8QWHUDUPVFKXW]XQGULHI ³6LH VLQG QLFKW ]DKOUHLFK JHQXJ 6LH EHILQGHQ VLFK QXU DQ GHU 2EHUIOlFKH LP /DQGGUIWHVLFKQLFKWYLHOJHlQGHUWKDEHQ :LUQlKHUWHQXQVGHU6WDGW$XDULV 'LH $Q]DKO XQG GLH *U|H GHU )HOGHU QDKP ]X $XFK VLH ZXUGHQ YRQ GHU MlKUOLFKHQ 1LOEHUVFKZHPPXQJ JHGQJW XQG EHU JHZDOWLJH 6\VWHPH YRQ .DQlOHQ XQG 7HLFKHQ EHZlVVHUW 'LHVH )HOGHU GLH 3DOPHQKDLQH XQG GLH $UEHLW GHU %DXHUQ XQG )HOODFKHQ ZDUHQ GLH HLJHQWOLFKH *UXQGODJH GHV 6WDDWHV DQ GHU QLHPDQG UKUHQ GXUIWH DXFK GLH )UHPGKHUUVFKHU QLFKW ,FK HUOHEWH KLHU 0HQVFKKHLWVJHVFKLFKWH YRQ JDQ] XQWHQ KHU YRQ GHU %DVLV 1RFK LQ -DKUWDXVHQGHQ ZUGH VLFK ELV ]X HLQHU EHVWLPPWHQ +|KH GHU =LYLOLVDWLRQ KLHU NDXP HWZDV lQGHUQ 'LH 6WHOHQ DP 6WUDHQUDQG ZXUGHQ ]DKOUHLFKHU 'HU HUVWH %DXHUQKRI WDXFKWH DXI )UDXHQ XQG 0lQQHU DUEHLWHWHQ LQ GHQ *HIOJHOJHKHJHQ XQG LP 6FKDWWHQ JURHU DOWHU 3DOPHQ 'DV VWUDKOHQGH :HLJHOE GHU :VWH

ZXUGH PHKUXQG PHKUYRQ DQGHUHQ )DUEHQYHUGUlQJWXQGVFKOLHOLFKEHIDQGHQ ZLUXQVLQHLQHU=RQHDXVGHQYHUVFKLHGHQHQ$EVWXIXQJHQYRQ*UQ 'LHIULHGOLFKH5XKHGHV'HOWDVQDKPXQVDXI (VZXUGH$EHQG :LU IDQGHQ HLQHQ 3IHLOVFKX DEVHLWV GHU EUHLWHQ XQG LQ]ZLVFKHQ EHIHVWLJWHQ 6WUDH HLQHQ JURHQ *XWVKRI (U KDWWH HLQHQ +HND.KDVXW9HUZDOWHU GHU XQV HQWJHJHQNDPXQGXQVPLWVHOEVWVLFKHUHP:RKOZROOHQEHJUWH ,FKVSUDQJDXVGHP:DJHQIDWHGLH3IHUGHDPNXU]HQ=JHOXQGJLQJODQJVDP DXI LKQ ]X ,FK NRQQWH LQ VHLQHQ $XJHQ NHLQHUOHL 0LWUDXHQ HQWGHFNHQ ,FK YHUEHXJWHPLFKNXU]XQGVDJWH ³(LQ $U]W HLQ )UVWHQVRKQ XQG HLQ %HJOHLWHU YRQ MXQJHQ /HXWHQ GLH GDV $EHQWHXHULQIUHPGHQ'LHQVWHQVXFKHQELWWHQGLFKXPGLH0|JOLFKNHLWKLHU]X EOHLEHQ ³,FK ELQ $KVHKU DQWZRUWHWH HU ³9HUWUDXWHU GHV +HUUVFKHUV YRQ $XDULV )U GLHVH1DFKW" ³:LU ZROOHQ PRUJHQ GLH 6WDGW EHWUHWHQ 8QVHUH $QVSUFKH VLQG QLFKW JUR )ULVFKHV:DVVHU)XWWHUIUGLH7LHUHXQGHWZDV%URWIUXQVVDJWHLFK³1LFKW PHKU8QGHLQH0HQJHJXWHU*HVSUlFKH $KVHKU ZLHV LQ HLQHU KDOENUHLVI|UPLJHQ %HZHJXQJ DXI VDXEHUH 6FKHXQHQ HLQ JHNDONWHV+DXVXQGGHQ6DQGGHVTXDGUDWLVFKHQ+RIHV ³%OHLEWKLHU/DGHWDE:RKHUNRPPWLKU" 0HLQH )UHXQGH XQG GLH ³DEHQWHXHUVXFKHQGHQ MXQJHQ /HXWH IXKUHQ LQ GHQ +RI HLQ $UEHLWHU VDKHQ RKQH JURH 1HXJLHUGH KHUEHU (LQ JXWHV =HLFKHQ RIIHQVLFKWOLFK SDVVLHUWHQ KLHU YLHOH .DUDZDQHQ GLHVHU $UW 9RQ MHW]W DE PXWHQ ZLU LPPHU GLHVHOEHQ *HVFKLFKWHQ HU]lKOHQ GHQQ *HUFKWH YHUEUHLWHWHQ VLFK VFKQHOOHUDOV6RQQHQVWUDKOHQ,FKHUZLGHUWH ³:LUNRPPHQDOOHDXV%\EORV'RUWWUDIHQVLFKYRUHLQLJHQ-DKUHQXQVHUH:HJH =DNDQ]DZXUGHLQ1XELHQJHERUHQDOVRQLODXIZlUWVYRQ%XKHQDEHUHUOHEWHQXU GUHLYLHU-DKUHGRUWXQG]RJXPKHU,FKNRPPHDXVHLQHPNOHLQHQ/DQG|VWOLFK YRQ %\EORV LFK ELQ $U]W 3WDK LVW bJ\SWHU DXV 1HFKHQ 'LH ]Z|OI -XQJHQ GRUW KDEHQVLFKXQVLQ%\EORVDQJHVFKORVVHQXQGZLUKDEHQVLHKLHUKHUJHEUDFKW6LH ZROOHQVLFKLQ$XDULVYHUGLQJHQ (XUH*HVFKLFKWHZLUNWEHU]HXJHQGIOVWHUWHGHU/RJLNVHNWRU 'LH$QGURLGHQKDOIHQXQVDOVKlWWHQVLHQLHPDOVHWZDVDQGHUHVJHWDQ'LH3IHUGH ZXUGHQ DXVJHVFKLUUW XQG YHUVRUJW ZLU VFKOXJHQ XQVHU /DJHU DXI HLQHU GLFNHQ 6WURKVFKLFKW LQ HLQHU QDFK GUHL 6HLWHQ RIIHQHQ 6FKHXQH DXI XQG EUDXFKWHQ XQV JDUNHLQH0KH]XJHEHQHLQH5ROOH]XVSLHOHQGLH1RWZHQGLJNHLWHQGLNWLHUWHQ XQVHU9HUKDOWHQ 6FKOLHOLFK VDHQ ZLU LQ HLQHU NOHLQHQ +DOOH ,Q 1LVFKHQ GHU ZHLHQ :lQGH VWDQGHQgOODPSHQXQGHLQH0DJGLQPLWWOHUHQ-DKUHQWUXJHLQ(VVHQDXI (V ZDU HLQHV GHU ODQJHQ JXWHQ *HVSUlFKH GLH YLHO ZLFKWLJHUH (UNHQQWQLVVH EUDFKWHQ DOV MHGH DQGHUH 0HWKRGH :LU VSUDFKHQ bJ\SWLVFK XQG HUIXKUHQ YLHO EHUGLH9HUKlOWQLVVHLP/DQGXQGLQGHU6WDGW$KVHKUNDQQWHYLHOH'HWDLOVDXV

GHU *HVFKLFKWH GHU OHW]WHQ -DKUKXQGHUWH XQG NRUULJLHUWH XQVHUH $QQDKPH GD GLH +HND .KDVXW GDV /DQG PLW PLOLWlULVFKHU *HZDOW XQWHUZRUIHQ KDWWHQ 1DWUOLFK ZDU KDUW XQG XQEDUPKHU]LJ JHNlPSIW ZRUGHQ DEHU GLHV ZlUHQ HLQ]HOQH)lOOHJHZHVHQ'LHhEHUQDKPHZDUZHLWHVWJHKHQGJHZDOWORVXQGRKQH %OXWYHUJLHHQYRUVLFKJHJDQJHQRIWPDOVGXUFK+HLUDWHQRGHUGXUFK.DXIRGHU GXUFK PHKU RGHU ZHQLJHU HQHUJLVFKHV hEHUUHGHQ 'LH +HUGHQ GHU 1RPDGHQ ZDUHQ LQ GHQ +HUGHQ GHU )HOODFKHQ DXIJHJDQJHQ VFKRQ VHLW ODQJHU =HLW 7DWVlFKOLFK ZLH HV XQV JHVDJW ZRUGHQ ZDU EHVWDQG QDKH]X GLH JHVDPWH 2EHUVFKLFKW GHV 6WDDWHV DXV )UDXHQ XQG 0lQQHUQ GHU 1RPDGHQJHVFKOHFKWHU 8QWHUKDOEGLHVHUGQQHQ'HFNVFKLFKWGLHZLHIDUELJHU/DFNEHUGHP/DQGDP 1LO ODJ KDWWH VLFK LQ :LUNOLFKNHLW QLFKWV JHlQGHUW $EHU GLH JHQDX GHILQLHUWHQ $XIJDEHQEOLHEHQIUXQV 0|JOLFKVW GLH EHLGHQ ³6SLHOHU ]X ILQGHQ XQG ]ZHL 'XW]HQG 3DUDVLWHQ ]X ]HUVW|UHQ 1DFK YLHOHQ %HFKHUQ NKOHQ %LHUHV JLQJHQ ZLU XQWHU GHP VWLOOHQ PlFKWLJHQ 6WHUQHQKLPPHO ]XUFN LQ GLH 6FKHXQH XQG VFKOLHIHQ LQ XQVHUH SUXQNYROOHQ0lQWHOJHZLFNHOWWLHIXQGRKQH7UlXPH $XDULV LQ 8QWHUlJ\SWHQ HLQHQ 7DJHVPDUVFK YRP 6GUDQG GHV %LQQHQPHHUV HQWIHUQW ODJ DQ HLQHU 6WHOOH DQ GHU VLFK HLQ YRQ :HVWHQ QDFK 2VWHQ ODXIHQGHU 'HOWDDUPPLWHLQHPNUHX]WHGHUQDFK1RUGRVWHQDEIOR (LQHUHFKWHFNLJDQJHOHJWH6WDGWPLWKRKHQ0DXHUQ(LQHEUHLWHDXI4XDGHUQXQG 6WHLQVFKWWXQJHQ JHJUQGHWH %UFNH IKUWH ]X %HIHVWLJXQJHQ GLH YRU GHP HLJHQWOLFKHQ 7RU HUULFKWHW ZDUHQ 8QWHU GHU 1DFKPLWWDJVVRQQH ZXFKVHQ GLH )DUEJHJHQVlW]H XQV SODVWLVFK HQWJHJHQ XQG ELOGHWHQ NDQWLJH )OlFKHQ DXV VWUDKOHQGHP :HL GHP *HOE GHV 6DQGVWHLQV XQG GHP *UQ YRQ )HOGHUQ XQG :HLGHQ$EHUHLQLJH'LQJHSDWHQQLFKWLQGLHVHVVWUDKOHQGHYRQGHP$XVGUXFN GHU0DFKWHUIOOWH%LOG'LH3IHUGHKXIHVFKOXJHQHLQHQUDVFKHQ:LUEHODOV3WDK 6RNDU DXIKROWH XQG QHEHQ PLU EHU GLH VDQGEHGHFNWHQ %RKOHQ GHU %UFNH UXPSHOWH ³6RQQHQVHJHO EHUDOO 9LHOH %DXHUQ XQG )LVFKHU GLH LKUH :DUHQ YHUNDXIWHQ 'D]ZLVFKHQ:DFKHQXQG6ROGDWHQPLULVWHWZDV]XYLHO)ULHGHQXQG+HLWHUNHLW LQGHPZDVZLUVHKHQNQXUUWHHUYHUGULHOLFK ³'LU ZlUHQ PHKU 6ROGDWHQ OLHEHU" IUDJWH LFK PLW KRFKJH]RJHQHQ %UDXHQ 'LH HLQJHPHLHOWHQ 5HOLHIV DXI GHQ 0DXHUIOlFKHQ DXVJHIOOW PLW UHLQHQ XQG XQJHPLVFKWHQ )DUEHQ WUXJHQ IUHPGDUWLJH (LQIOVVH 3KDUDRQHQ DXI .DPSIZDJHQJHVFKPFNWPLW/|ZHQIHOOHQZDUHQGLHHUVWHQ(LQGUFNH ³'DQQZWHLFKVFKQHOOHUZDVXQVHUZDUWHWJDE3WDK]XUFN6HLQHVFKQHOOHQ $XJHQPXVWHUWHQMHGHV'HWDLOGHUIDUELJHQ6]HQHULHYRUXQV0DQVFKHQNWHXQV JHEKUHQGHNHLQHVZHJVEHUWULHEHQH$XIPHUNVDPNHLW ³,FKZHLZDVGXPHLQVWVDJWHLFK³DEHUGDZLULQ.U]HYRUGHP+HUUVFKHU GHU6WDGWVWHKHQZHUGHQZLUGDXFKGHLQH8QVLFKHUKHLWDEQHKPHQ $XDULV ZDU HLQH JURH VDXEHUH 6WDGW hEHUDOO DQ MHGHU (FNH NRQQWHQ ZLU

IOHLLJH XQG NHLQHVZHJV JHGUFNW ZLUNHQGH +DQGZHUNHU VHKHQ (V ZDU ODVWHQG KHLXQGDXVGHQ3DS\UXVGVFKXQJHOQGHV'HOWDVNDPHLQIHXFKWHU*HUXFKQDFK :DVVHUXQGIDXOHQGHQ3IODQ]HQ:LUIUDJWHQHLQH*UXSSHYRQ7RUZlFKWHUQGLH XQV QLFKW EHKLQGHUWHQ RGHU VRQGHUOLFK LQWHQVLY DXVIUDJWHQ 6LH ZLHVHQ XQV GHQ :HJ ]XP 3DODVW XQG ZLU HUIXKUHQ GD GHU +HUUVFKHU EHU $XDULV GHU 3KDUDR +DDNHQHQ 5H $SRSKLV KLH XQG HLQ VWUHQJHU DEHU JHUHFKWHU 0DQQ DXI GHP 7KURQVHL 3WDK6RNDUXQGLFKIUDJWHQXQVGXUFK GDV/DE\ULQWKGHV3DODVWHV:LUHUKLHOWHQ QDFKHLQHUODQJHQHUVFK|SIHQGHQ8QWHUKDOWXQJPLW9RUVWHKHUQ6FKUHLEHUQXQG 9HUWUDXWHQ GLH (UODXEQLV +lXVHU LQ GHU 6WDGW ]X PLHWHQ XQG ZLU ZXUGHQ LQ HLQHU3DS\UXVOLVWHHLQJHWUDJHQGLHXQVHLQH$XGLHQ]VLFKHUWHGUHL7DJHVSlWHU (LQLJH6FKHNHO6LOEHUULFKWLJYHUWHLOWEHZLUNWHQLQNXU]HU=HLWVHKUYLHO =XHUVWJHODQJHV=DNDQ]D8SXDXWHLQ+DXVLQQHUKDOEGHU0DXHUQ]XPLHWHQ(V ZDU JUR JHQXJ IU LKQ XQG VHLQH ]Z|OI 6NODYHQ ,FK VFKDIIWH HV MHQVHLWV GHV VWHLQHUQHQ 7RUEDXZHUNV HLQ HLQIDFKHV DEHU JHUlXPLJHV +DXV ]X NDXIHQ GDV JHQDX ]X PHLQHU 7DUQXQJ SDWH 3WDK ]RJ ]X PLU :LU VSUDFKHQ PLW YLHOHQ +DQGZHUNHUQGLHXQVVFKOLHOLFKIROJWHQXQGXQVHUH:QVFKHQRWLHUWHQ$EVHLWV PHLQHV JHPDXHUWHQ +DXVHV JDE HV 6WlOOH IU GLH 3IHUGH XQG 8QWHUVWHOOP|JOLFKNHLWHQIUGLH:DJHQ,FKEDW=DNDQ]DPLUIUHLQLJH7DJHGLH $UEHLWVNUDIW GHU 6NODYHQ ]X OHLKHQ XQG 3WDK NDXIWH LQ GHU 6WDGW HLQH :DJHQODGXQJYRQ:DUHQXQG(LQULFKWXQJVJHJHQVWlQGHQHLQGLHZLUEUDXFKWHQ .XU] EHYRU ZLU ]XU $XGLHQ] DXIEUDFKHQ ZXWH HV GLH JDQ]H 6WDGW (LQ $U]W ZRKQWH LQ MHQHP +DXV XQG YHUVSUDFK YLHOH /HLGHQ ]X KHLOHQ (LQ +HHUIKUHU XQG0DQQ GHU :LVVHQVFKDIW ERW VHLQH 'LHQVWH DQ XQG HLQ 6NODYHQKlQGOHU KLHOW VHFKVXQJODXEOLFKVFK|QH6NODYLQQHQXQGVHFKVIUHPGH+DQGZHUNVVNODYHQIHLO :LU VFKLHQHQ PHKU HUUHLFKW ]X KDEHQ LQ MHQHQ GUHL 7DJHQ DOV ZLU XQV LQ NKQVWHQ*HGDQNHQYRUJHVWHOOWKDWWHQ'HUQlFKVWH0RUJHQ 'HU 3DODVW XQWHUVFKLHG VLFK NDXP YRQ HLQHU UHLQ lJ\SWLVFKHQ $QODJH 3DOPHQ VSLHJHOWHQVLFKLQUHFKWHFNLJHQ7HLFKHQGLHLQ6WHLQJHIDWZDUHQ5DPSHQXQG 7UHSSHQHUVWUHFNWHQVLFK]ZLVFKHQ5HLKHQYRQ6SKLQJHQGLHDOOHUGLQJVGLH=JH GHU )UHPGHQ WUXJHQ 'LH 3ULHVWHU WUXJHQ GLH =HLFKHQ GHV 6HWK%DDOV 'LH YHUIHLQHUWH HUVWDUUW XQG VFKHPDWLVFK ZLUNHQGH .XOWXU GHV bJ\SWHQV ZLH LFK HV ]X NHQQHQ JODXEWH ZDU HLQHU XUVSUQJOLFKHUHQ XQG OHEHQGLJHU ZLUNHQGHQ $UW JHZLFKHQ0LWQXUZHQLJHQDQGHUHQ%HVXFKHUQEUDFKWHPDQXQVLQGHQ6DDOLQ GHP+DDNHQHQ5H$SRSKLVJHUXKWHGDV:RUWDQDXVJHVXFKWH*lVWH]XULFKWHQ =DNDQ]D 3WDK XQG LFK VWDQGHQ VFKOLHOLFK YRU GHU XQWHUVWHQ 6WXIH (LQ PLWWHOJURHU 0DQQ PLW EUDXQHU +DXW HLQHP SUlFKWLJHQ VFKZDU]HQ .LQQ XQG 2EHUOLSSHQEDUW VD DXI GHP K|O]HUQHQ JROGEHVFKODJHQHQ 6HVVHO XQG PXVWHUWH XQV VHKU DXIPHUNVDP 6FKRQ VHLQH HUVWHQ :RUWH PDFKWHQ XQV GHXWOLFK GD HU QLFKWJHZLOOWZDUXQVEHGLQJXQJVORVDOOHV]XJODXEHQ(LQKDOEQDFNWHU6FKUHLEHU LQ 6DQGDOHQ XQG PLW ZHLHP VWUHQJ JHIDOWHWHP 5RFN EHXJWH VLFK YRQ =HLW ]X =HLWYRUXQGIOVWHUWHGHP3KDUDRHWZDV]X ³,FKEHJUHHXFKVDJWHGHU0DQQGHVVHQ.RSIHLQH]HUHPRQLHOOYHUDUEHLWHWH

/|ZHQPlKQH PLW *ROGJHIOHFKW KDOE EHGHFNWH ³XQG IUDJH PLFK ZRKHU LKU VR VFKQHOO VR VLFKHU XQG PLW JHQDX DEJHZRJHQHQ 6LOEHUVWFNHQ VR YLHO YRQ GHP HUUHLFKWKDEWZDVLKUZROOWHW'DV:LVVHQZLHPDQXQWHUPLULQ$XDULVKDQGHOW XQG]XOHEHQSIOHJW ZDUEHLHXFK)UHPGHQYRQ$QIDQJDQHLQGUXFNVYROO*HKW PDQLQ%\EORVHEHQVRYRU" ,FK XQWHUGUFNWH HLQ DQHUNHQQHQGHV *ULQVHQ EUHLWHWH GLH $UPH DXV XQG VDJWH ZDKUKHLWVJHWUHX %HL 6HWK 3KDUDR HLQ MHGHV 'LQJ KDW VHLQHQ 3UHLV 'LH %HGUIQLVVH DOOHU 0HQVFKHQVLQGZHLWJHKHQGJOHLFK:HQQLFKLQ%\EORVHLQ+DXVYRQGHUXQGGHU *U|H PLHWH VR ]DKOH LFK PLW VRXQGVRYLHO 6LOEHU RGHU *ROG (LQ 6FKHNHO KLQ RGHUKHUGDV+DXVZlUHHVPLUZHUW8QGZDV*HUFKWH%RWVFKDIWHQRGHUGLH )UDJH QDFK HLQHP ORKQHQGHQ *HVFKlIW EHWULIIW VR KDQGHOQ 0DUNWZHLEHU XQG )UVWHQ .XULHUH RGHU bU]WH +DQGZHUNHU RGHU %HVLW]HU YRQ +lXVHUQ Y|OOLJ JOHLFK ,Q GHLQHU 6WDGW +HUU LVW )ULHGHQ XQG :RKOVWDQG ,FK KDEH lUPHUH 6LHGOXQJHQJHVHKHQDXIPHLQHQYLHOHQ5HLVHQ DXIGHQHQLFKYLHOH .UDQNKHLWHQ NXULHUHQNRQQWH 8QG GDKHUZLVVHQZLUZLHHV]XJHKWLQGHU:HOWGLH0HQVFKHQVLQGDOOHVDPW XQGEHUDOOJOHLFK ³0DQFKHLQGHVVHQZDUIGHU3KDUDRHLQGHVVHQ0LHQHQLFKW]XHQWQHKPHQZDU ZLHHUEHUPHLQHQ9RUWUDJGDFKWH³VLQGHLQZHQLJJOHLFKHU ³'LH 3KDUDRQHQ VFKUlQNWH 3WDK6RNDU HKUIUFKWLJ HLQ ³VLQG NHLQH HLQIDFKHQ 0HQVFKHQ VRQGHUQ +DOEJ|WWHU XQG *|WWHU )U VLH JHOWHQ DQGHUH 5HJHOQ 6LH VLQG JUR]JLJ ZHLO VLH GUHL YHUWUDXHQVZUGLJHQ)UHPGHQGDV *DVWUHFKW LQGHU 6WDGWHUWHLOWKDEHQEHLVSLHOVZHLVH 'HU3KDUDRXQGGHU6FKUHLEHUZDUIHQ]XHUVWLKPGDQQDXFKXQVEHLGHQIUDJHQGH XQGEHUUDVFKWH%OLFNH]X'HU6FKUHLEHUIOVWHUWHHWZDVGHU3KDUDRVDJWH ³*DVWUHFKWLFKYHUVWHKH:LUEUDXFKHQ0lQQHUGLH.UDQNKHLWHQKHLOHQ)UGLH HLQIDFKHQ 0HQVFKHQ JLEW HV JHQJHQG +HLOHU $EHU IU GLH /HXWH LP 3DODVW GLHVH ZHUGH LFK ]X GLU VFKLFNHQ 'X VFKHLQVW GHLQHU ZHUWYROOHQ .OHLGXQJ XQG GHUHGHOVWHLQEHVHW]WHQ'ROFKHQDFK]XVFKOLHHQGHLQH.XQVWQLFKW]XELOOLJ]X YHUNDXIHQ ,FKDQWZRUWHWHUXKLJ ³0HLQH+RQRUDUHULFKWHQVLFKQDFKGHP0DPHLQHV(UIROJV$XHUGHPNHQQH LFKGLH*HVHW]H ³:DVIU$U]WXQG.UDQNHQJOHLFKHUPDHQZLFKWLJLVWEHPHUNWH+DDNHQHQ5H $SRSKLV WURFNHQ ³=X GLU VFKZDU]KlXWLJHU 6NODYHQKlQGOHU PDQ KDW PLU EH ULFKWHWGDGHLQH:DUHEHUDOO$XIVHKHQHUUHJW ³6R LVW HV +HUUVFKHU HQWJHJQHWH =DNDQ]D EHVFKHLGHQ ³7HXUH :DUH PX JXW VHLQVRQVWZLUGMHGHUQHXH%HVLW]HUPUULVFK +DDNHQHQZHGHOWHKHUDEODVVHQGPLWGHU+DQGXQGYHUVSUDFKOHLFKWKLQ ³*HOHJHQWOLFK ZHUGH LFK GLH GUHL QHXHQ %UJHU YRQ $XDULV HLQHU JHQDXHQ hEHUSUIXQJ XQWHU]LHKHQ HEHQVR GLH )lKLJNHLWHQ GLHVHV VFKDUIQDVLJHQ XQG JURlXJLJHQ 0DQQHV GHU VLFK DOV +HHUIKUHU XQG 0DQQ GHU :LVVHQVFKDIW

EH]HLFKQHW9LHOOHLFKWNDQQLFKGLFKEUDXFKHQ:HQLJHUDOV0DQQGHV.DPSIHV (V VLQG YLHOH $UEHLWHQ LQ DOOHQ 7HLOHQ GHV 5HLFKHV DXV]XIKUHQ ,FK ELHWH GDV EOLFKHMHGHUGHULP'LHQVWGHV3KDUDRVWHKWZRKQWXQGOHEWZLHHLQ)UVW'UHL 0RQGH]XU3UREHXQGLFKELQNHLQHLQIDFKHU+HUU ,FKVDJWH ³:LU NDPHQ GHQ ODQJHQ :HJ YRQ %\EORV KLHUKHU 3KDUDR ZHLO ZLU JHQDX GDV YRQ GHQ .DSLWlQHQ GHU +DQGHOVVFKLIIH JHK|UW KDEHQ 'HLQH *UR]JLJNHLW LVW EHLVSLHOKDIW:LUZROOHQGLFKQLFKWHQWWlXVFKHQ$EHUQDWUOLFKZROOHQDXFKZLU HLQJXWHVXQGSUREOHPORVHV/HEHQLQ$XDULV 'HU 3KDUDR QLFNWH XQG JDE GDV =HLFKHQ GD HU GDV (QGH GHV *HVSUlFKHV GHXWOLFKVDK ³,KUVHLGDQHLQHP7DJQDFK$XDULVJHNRPPHQDQGHPLFKHUNHQQHQPXWHGD 0lQQHU ZLH LKU IHKOHQ (XHU *OFN GHU ULFKWLJH =HLWSXQNW GLH 1RWZHQGLJNHLW XQGPHLQH/DQJPXWILHOHQ]XVDPPHQ,FKNDQQQXUKRIIHQGDLKUHUUHLFKWZDV LKUHXFKYRUJHQRPPHQKDEW :HQQHUZWHPXUPHOWHGHU/RJLNVHNWRU 0LW HLQLJHQ 9HUEHXJXQJHQXQG VRODQJVDP ZLHP|JOLFK]RJHQZLUXQV]XUFN 9LHOOHLFKWKDWWH(6GHP=XIDOOQDFKJHKROIHQRGHUHVVWLPPWHZLUNOLFKZDVGHU 3KDUDRJHVDJWKDWWH'LHVOLHVLFKQDWUOLFKH[DNWQDFKNRQWUROOLHUHQ-HGHQIDOOV ZDU GHU QlFKVWH JU|HUH 6FKULWW JHWDQ ,UJHQGZR DXI HLQHP 3ODW] DXV ZHLHQ 3ODWWHQ EOLHEHQ ZLU VWHKHQ 8QVHUH 6FKDWWHQ ELOGHWHQ ODQJH 6LOKRXHWWHQ XQG ]LWWHUWHQPLW.|SIHQXQG2EHUN|USHUQLP:DVVHUHLQHV3DODVWWHLFKHV6HOEVWKLHU LQQHUKDOE GHV 3DODVWEH]LUNV ZDUHQ ZLU GUHL DXVJHVSURFKHQ H[RWLVFKH (UVFKHLQXQJHQ :HQQ GLH 6WU|PXQJ DQKLHOW PLW GHU ZLU XQV EHZHJWHQ ZDUHQ ZLU DXI GHP ULFKWLJHQ XQG VFKQHOOVWHQ :HJ :LU VDKHQ XQV DQ XQG QLFNWHQ ]XIULHGHQ'DQQYHUOLHHQZLUGHQ3DODVWXQGZXWHQGDVLFKXQVHUH:HJHLQ HLQLJHU=HLWWUHQQHQZUGHQ $EHUPDOVHLQLJH7DJHQDFKGLHVHU8QWHUKDOWXQJ(LQQHXHU0HLOHQVWHLQLQGHLQHU .DUULHUH DXI GHP %DUEDUHQSODQHWHQ VDJWH RKQH VRQGHUOLFKH %HWRQXQJ GDV ([WUDKLUQ 0HLQ +DXV ZDU IHUWLJ HLQJHULFKWHW -HGH 6SXU GHU 9HUZDKUORVXQJ ZXUGH YRQ +HOIHUQXQGGHQ'LHQHUQGHU9RUEHVLW]HUEHVHLWLJWLFKKDWWHGLHWFKWLJVWHQYRQ LKQHQEHUQRPPHQ,FKZDUZLUNOLFKDOOHVDQGHUHDOVHLQ$U]WDEHUQHXQ=HKQWHO DOOHU YRUNRPPHQGHQ )lOOH ZDUHQ PLW PHLQHQ)lKLJNHLWHQ XQGGHU KHUYRUUDJHQ GHQ $XVUVWXQJ YRQ (6 ]X O|VHQ *HVFKZUH XQG *HVFKZOVWH NOHLQH XQG JU|HUH %UFKH +DXWNUDQNKHLWHQ XQG GLH )ROJHQ YRQ ,QVHNWHQVWLFKHQ 7LHUELVVHQ YRUOlXILJ ZDUHQ QXU HLQIDFKH %HZRKQHU GHU QlKHUHQ XQG ZHLWHUHQ 8PJHEXQJPHLQH3DWLHQWHQ$EHUVLHHU]lKOWHQLKUHQ+HUUHQYRQPLUXQG3WDK XQG PLW GHQ YLHOHQ 9HUVXFKHQ ZXFKV PHLQH 6LFKHUKHLW 0LW GHU /lKPZDIIH HUVHW]WH LFK GLH %HWlXEXQJ DEHU LFK ZUGH QLHPDOV ZDJHQ HLQHQ 6FKlGHO ]X |IIQHQRGHUHLQHZLUNOLFKZLFKWLJH2SHUDWLRQGXUFK]XIKUHQ0HLQ5XIEUHLWHWH VLFK DXV LFK ZXUGH ]XP +HLOHU GHU +DXW XQG .QRFKHQ XQG PLU ZDU GLHVH %H]HLFKQXQJVHKUUHFKW

(LQHQKDOEHQ0RQGVSlWHUZHFKVHOWH3WDK6RNDULQGHQ3DODVWEHU (U QDKPGHQ :DJHQXQG GLH GUHL 3IHUGH GHQ JU|WHQ7HLOGHU $XVUVWXQJ XQG VHLQH .DUWH PLW ,Q]ZLVFKHQ NDQQWHQ ZLU +XQGHUWH YRQ 0HQVFKHQ XQG KDWWHQ QLFKWHLQPDOHLQH$KQXQJZHULQ$XDULVHLQHQ3DUDVLWHQWUXJXQGREEHUKDXSW HLQ3DUDVLWHLQHQ%HZRKQHUGLHVHU6WDGWEHIDOOHQKDWWH'HU3KDUDREHIDKO3WDK LQ $NRULV GHQ %DX HLQHU 6WUDH HLQHU .DUDZDQVHUHL XQG HLQHV 7HPSHOV ]X EHDXIVLFKWLJHQGHQ$UFKLWHNWHQ]XKHOIHQXQGGLH$EUHFKQXQJ]XNRQWUROOLHUHQ 3WDK EHUHLWHWH VLFK DXI GLHVH $UEHLW YRU DEHU PLWWHQ LQ GHU 1DFKW K|UWH LFK GUDXHQDXIGHP6DQGGDV.QLUVFKHQGHU)HOJHQXQGGXPSIHQ+XIVFKODJ ,FK UL GHQ 9RUKDQJ ]XU 6HLWH XQG VWLH GHQ 6FKODJODGHQ DXI (LQ 'LHQHU NDP PLWKRFKHUKREHQHUgOODPSHDXVGHP+DXV,FKHUNDQQWH3WDK6RNDU(UZLQNWH DXIJHUHJWZDUI$ZRVHUGLH=JHO]XXQGVWU]WHGLH7UHSSHKHUDXI(UZDUIVLFK LQGHQ6HVVHOVWULFKEHUVHLQNXU]JHVFKQLWWHQHV+DDUXQGVDJWHKDOEDXIJHUHJW KDOEYROOHU=XIULHGHQKHLW ³,FKKDEHLKQJHVHKHQ :RUWORV JR LFK JHPLVFKWHQ :HLQ LQ ]ZHL %HFKHU XQG VHW]WH PLFK 3WDK JHJHQEHU(UVWU]WHGHQ:HLQKHUXQWHU ³:HQ" ³'HQ HUVWHQ 3DUDVLWHQ 0HLQ 9RUJlQJHU GHU 9HUWUDXWH GHV 3KDUDRV XQG GHU +HHUHVPHLVWHU OHLGHW ELV DXI GHQ 7RG ,FK EHVXFKWH LKQ (U ]HLJWH PLU VHLQH +DXW 3WDKVFKDXHUWHXQGVFKWWHOWHVLFKXPGHQ*HGDQNHQORV]XZHUGHQ6RJUR(U ]HLJWH VHLQHQ +DQGWHOOHU XQG IXKU GLH 8PULVVH PLW GHP )LQJHU QDFK $XJHQ EOLFNOLFK ZDU LFK YROOHU 6SDQQXQJ ³(WZD KDOE VR GLFN ZLH PHLQ )LQJHU 'DV 'LQJ SXOVLHUWH XQG ZDU RUDQJHURW XQG PLW XQUHJHOPlLJHQ VFKZDU]HQ 3XQNWHQ $Q ]ZHL 6WHOOHQ KDW HU VLFK ZLH HLQ 3IODVWHU YRQ GHU +DXW JHO|VW &KD\DQ VLHKW DXV ZLH HLQH OHEHQGH /HLFKH ,FK KDEH LKQ EHUUHGHW 0RUJHQ EULQJHQ VLH LKQ KLHUKHUDXIGHU%DKUHYHUVWHKWVLFK ³'DQNH 3WDK VDJWH LFK ³:LU VLQGVHLWHLQHP0RQGKLHU 8QGGDVZLUG XQVHU HUVWHU(UIROJ6RUJHGDIUGDMHGHUPDQQEHVRQGHUV+HHUIKUHU9HUWUDXWHGHU 3KDUDRVHOEVWGXZHLWHVVFKRQYRQGLHVHP*HVFKHKHQHUIlKUW (UQLFNWHXQGKLHOWPLUGHQ%HFKHUHQWJHJHQ,FKIOOWHLKQZLHGHUXQGVDJWHPLU XP PHLQH (XSKRULH ]X GlPSIHQ GD GLHV ZHQLJHU DOV IQI 3UR]HQW XQVHUHV $XIWUDJVGDUVWHOOWH ³.HLQH 6RUJH ,FK VRUJH VFKRQ GDIU 8QG ZHQQ LFK HUVW XQWHUZHJV ELQ ZHUGH LFKPHKU/HXWHDXVGLHVHU.ODVVHWUHIIHQ ,FKVFKWWHOWHGHQ.RSIXQGVFKUlQNWHHLQ ³(V JLEW PHKU DOV YLHUXQG]ZDQ]LJ ZLFKWLJH 6WlGWH ]ZLVFKHQ GHP REHUVWHQ .DWDUDNW XQG GHP 'HOWD ,FK VHKH DOOHUGLQJV NHLQHQ :HJ GHP 3KDUDR GDV *HZDQG KHUXQWHU]XUHLHQ XQG QDFK]XVHKHQ XQG DXFK VHLQH 6WDWWKDOWHU ZHUGHQ VLFKGDJHJHQVWUlXEHQ ³9HUVWlQGOLFK ,FK ELQ DEHU VLFKHU $WODQ$DNHQHU GD ZLU VLH DOOH ILQGHQ XQG YHUQLFKWHQ

³'HLQH =XYHUVLFKW LVW DQVWHFNHQG PXUPHOWH LFK ³,FK NDQQ VLH QLFKW WHLOHQ $EHU HLQ $QIDQJ LVW JHPDFKW :UGH HV GLU HWZDV DXVPDFKHQ ]X =DNDQ]D ]X IDKUHQ XQG LKQ ]X ELWWHQ PRUJHQ EHL 6RQQHQDXIJDQJ ]X NRPPHQ XQG HLQH 6NODYLQPLW]XEULQJHQ" ³1DWUOLFK0DFKHLFK8QGLFKILQGHDXFKHLQH*HOHJHQKHLWEHUGLH)HUQHPLW GLU ]X VSUHFKHQ ZHQQ LFK VWURPDXIZlUWV IDKUH XQG LUJHQGZR HLQHQ 3DUDVLWHQ HQWGHFNH ³'DUDQ ]ZHLIOH LFK QLFKW PHLQ )UHXQG VDJWH LFK ³%HYRU GX IlKUVW VROOVW GX PLUGHQ7RSIPLWGHUVFKZDU]HQ6DOEHEULQJHQGHQGXLUUWPOLFKPLWJHQRPPHQ KDVW0HLQHULVWIDVWDXIJHEUDXFKW ³1DWUOLFK 3WDK6RNDU PLW VRQQHQYHUEUDQQWHP QDFK =HGHUQ|O ULHFKHQGHQ XQG VFKZHLJOlQ]HQGHP *HVLFKW VFKRE VLFK QDFK YRUQ XQG OHJWH VHLQH 8QWHUDUPH DXI GLH ULHVLJH +RO]SODWWH GLH PHLQHQ $UEHLWVWLVFK GDUVWHOOWH ,P /LFKW GHU ZHQLJHQgOODPSHQVDKVHLQ*HVLFKWKDUWXQGVWUHQJDXV(UGUHKWHGHQW|QHUQHQ %HFKHU]ZLVFKHQGHQ)LQJHUQXQGVDJWHODQJVDPMHGHV:RUWJHQDXEHUOHJHQG ³,FK ZHL QLFKW ZDV XQG ZLH GX GDUEHU GHQNVW )UHXQG $WODQ :LU KDEHQ GLH $XIJDEHGLH]ZHL6SLHOHUXQGYLHUXQG]ZDQ]LJ3DUDVLWHQ]XILQGHQ+DEHLFK(6 ULFKWLJYHUVWDQGHQ" ³-D 'DV ZXUGH XQV EHIRKOHQ 'DIU ZXUGHQ ZLU DXVJHUVWHW XQG GDIU VFKW]W XQV(6YHUPXWOLFK ³:HQQHLQHV7DJHVDOOHRGHUYLHOH3DUDVLWHQXQGLKUH7UlJHUDOOHV+HND.KDVXW WRWVLQGZLUGbJ\SWHQZLHGHUGLH0DFKWEHUQHKPHQ2GHUQLFKW" ³$XV GHU 6FKLFKW GHU WUHXHQ %HDPWHQ XQG 6FKUHLEHU YLHOOHLFKW DXFK GHU 7HPSHOSULHVWHUZLUGVLFKYHUPXWOLFKHLQQHXHV3KDUDRQHQJHVFKOHFKWHUKHEHQ (U QDKP HLQHQ 6FKOXFN XQG VWHOOWH GHQ %HFKHU ZLHGHU ]XUFN 'LH )OlPPFKHQ ]XFNWHQXQGOLHHQLKQSO|W]OLFKXUDOWXQGOLVWLJZLUNHQ ³0HLQVW GX QLFKW DXFK GD HLQ 3DUDVLW DXI GHU +DXW GHV ULFKWLJHQ 0DQQHV GHP QHXHQ 6WDDW GHV 1LOODQGV KHOIHQ ZUGH"'DVhEHUJHZLFKWGHU +HND.KDVXWJH JHQ HLQHQ HLQ]LJHQ LGHHQUHLFKHQ ]XNQIWLJHQ 3KDUDR GHU ZLHGHU GLH REHUVWH 6FKLFKW YHUWUHLEW RGHU VR ZHLW QLHGHUGUFNW GD GHU DOWH =XVWDQG ZLHGHU KHUJHVWHOOW ZLUG" ,FK PHLQH GD GDQQ DXFK DOOH QHXHQ .HQQWQLVVH EOHLEHQ ZHUGHQ ,FK KDWWH VFKZHLJHQG QDFKGHQNOLFK ]XJHK|UW 'LH ,GHH ZDU NKQ DEHU NHLQHVZHJVDEZHJLJ7URW]GHPHQWJHJQHWHLFKOHLVH ³:HQQ HV VRZHLW LVW ZHUGHQ ZLU XQV GDUEHU ODQJH XQWHUKDOWHQ 8QG HV EOHLEW DE]XZDUWHQZDVXQVHUVRJHQDQQWHUVFKZHLJHQGHU+HUUVFKHUGD]XPHLQW(UZLUG VLFKVLFKHUOLFKlXHUQ:LHDXFKLPPHUHVLVWHLQ3UREOHPGHU=XNXQIW (UJULQVWHNXU]XQGVWDQGDXI ³'XNHQQVWPHLQH0HLQXQJ,FKIDKUH]X=DNDQ]DXQGPDFKHPLFKPRUJHQDXI GHQ:HJQDFK$NRULV:QVFKHPLU*OFN$WODQ ,FKEUDFKWHLKQ]XP:DJHQXQGVFKWWHOWHODQJHVHLQH+DQG ³,FK ZQVFKH XQV DOOHQ *OFN 3WDK .RPPH JHVXQG ]XUFN XQG PLW GHU

.HQQWQLVYRQHOI3DUDVLWHQRGHU6\PELRQWHQ (UZHQGHWHODQJVDPGHQ:DJHQXQGKREJUHQGGHQ$UPHKHHULQUDVHQGHP *DORSSGXUFKGLH9ROOPRQGQDFKWGDYRQSUHVFKWH %QRQD LFKNRQQWH]XQlFKVWPHLQHQ%OLFNQLFKWYRQ LKU ORVUHLHQ6LHZDU QXU HLQH +DQGEUHLW NOHLQHU DOV LFK XQG KDWWH LKU IDVW KIWODQJHV EODXVFKZDU]HV+DDU ]X HLQHU UDIILQLHUW HLQIDFKHQ +RFKIULVXU DXIJHVWHFNW 6LH WUXJ QLFKWV DQGHUHV DOV HLQNQDSSNQLHODQJHVlUPHOORVHVZHLHV+HPGXQG6DQGDOHQ,KUHODQJHQ%HLQH ZDUHQZRKOJHIRUPWXQGVRQQHQJHEUlXQW$PUHFKWHQ.Q|FKHOWUXJVLH=DNDQ]DV VHFKVIDFKH 6NODYHQNHWWH NOHLQH JROGHQH *OLHGHU PLW HLQHP 6NDUDElXV DOV 6FKOLHH ,KUH VDPWHQHQ 0DQGHODXJHQ VWUDKOWHQ PLFK I|UPOLFK DQ DOV =DNDQ]D VDJWH ³:LUZLVVHQZRUXPHVJHKW$WODQ $XFKHUXQGLFKKDWWHQMHJOLFKHQ6FKPXFNDEJHOHJW:LUWUXJHQHEHQIDOOVZHLH +HPGHQXQGVFKPDOH*UWHO'HUJU|WH5DXPGHV(UGJHVFKRVVHVZDUDOVPHGL ]LQLVFKH :HUNVWDWW HLQJHULFKWHW $XI HLQHP PLW ZHLHP /HLQHQ EHOHJWHQ 7LVFK GHU YRQ :DQG ]X :DQG JLQJ ODJ PHLQH $XVUVWXQJ ,Q JHPDXHUWHQ :DQGEUHWWHUQVWDQGHQGLHYHUVFKLHGHQHQ.UJH3IDQQHQXQG'RVHQPLWDOOHUOHL 6DOEHQ 7LQNWXUHQ XQG /|VXQJHQ (LQLJH GDYRQ KDWWH LFK GXUFK HLQIDFKH FKHPLVFKH3UR]HVVHVHOEVWKHUJHVWHOOW$XFKDXIGHP6HVVHOXQGGHPJURHQ8Q WHUVXFKXQJVWLVFKZDUIULVFKJHZDVFKHQHV/HLQHQDXVJHEUHLWHW:LUGUHLVWUDKOWHQ VFKLHUH 7FKWLJNHLW XQG =XYHUOlVVLJNHLW DXV XQG LP 5DXP URFK HV OHLFKW QDFK VHSWLVFKHQ )OVVLJNHLWHQ XQG 6DOEHQ 'LH )HQVWHU ZDUHQ YRQ 5DKPHQ YHUVFKORVVHQEHUGLHGQQHU6WRIIJHVSDQQWZDU1LFKWHLQHLQ]LJHV,QVHNWRGHU 6WDXENRUQEHIDQGVLFKKLHU ³3WDK KDW HV HXFK DOVR JHVDJW PXUPHOWH LFK ³,FK ZHUGH ZRKO LPSURYLVLHUHQ PVVHQ$EHUGHU$QIKUHU&KD\DQZLUGIUMHGH/LQGHUXQJGDQNEDUVHLQ ³8QGGHU3DUDVLW"IUDJWH%QRQDGHUZHLEOLFKH$QGURLGH ,FK ]HLJWH ZRUWORV DXI HLQHQ 'ROFK LQ GHVVHQ *ULII VLFK GHU W|GOLFKH 6WUDKOHU EHIDQG ³6LHVROOWHQEDOGNRPPHQEUXPPWH=DNDQ]D³,FKKDEHGHQ6WHLQPHW]XQGGHQ *ROGVFKPLHGQDFK(GIXYHUNDXIHQN|QQHQ ³:LH VFK|Q =ZHL 6SLRQH LQ GHU 0LWWH GHV 5HLFKHV NQXUUWH LFK XQG ZDU LQ *HGDQNHQ QRFK LPPHU EHL XQVHUHP 9RUKDEHQ (QGOLFK K|UWHQ ZLU GUDXHQ 6WLPPHQ XQG *HUlXVFKH 8QVHUH 'LHQHU XQG GLH GHV &KD\DQ WUXJHQ GLH %DKUH PLWGHPDOWHQ0DQQLQV+DXV,FKGHXWHWHDXIGHQ9RUKDQJ%QRQDJOLWW]XU7U XQG VFKRE GHQ ZHLHQ :ROOVWRII ]XU 6HLWH 0DQ EUDFKWH GLH %DKUH KLQHLQ XQG ZLUVDKHQXQWHUHLQHPGQQHQ/DNHQHLQDXVJHPHUJHOWHVXQGZHLHV*HVLFKWLQ GHP GLH .QRFKHQ VSLW] KHUDXVWUDWHQ 0HLQH 8QUXKH QDKP ]X DEHU LFK EHKHUUVFKWHPLFKXQG]HLJWHDXIGHQODQJJHVWUHFNWHQ7LVFK ³/HJWLKQLQDOOHU9RUVLFKWGRUWKLQDXI ³-D+HUU

2EZRKO GHU 0DQQ LP 6WHUEHQ ]X OLHJHQ VFKLHQ WUDW GHXWOLFK VHLQH (LWHONHLW ]XWDJH 2GHU VHLQH 'LHQHU KDWWHQ LKQ PLW P|JOLFKVW YLHOHQ ,QVLJQLHQ VHLQHU HKHPDOLJHQ 6WHOOXQJ DXVJHVWDWWHW 3WDK6RNDU KDQGHOWH MHW]W DQ VHLQHU 6WHOOH WURW]GHP WUXJ HU GHQ KDOENUHLVI|UPLJHQ +DOVVFKPXFN DXV +XQGHUWHQ NOHLQHU 7HLOH DXV *ROG (PDLOOH XQG *ODVIOX DXV *ROGGUDKW XQG (GHOVWHLQHQ LQ )RUP HLQHV *HLHUV PLW JHVSDQQWHQ 6FKZLQJHQ 'LH )LQJHU ZDUHQ YROOHU 5LQJH GLH NQRFKHQGQQHQ$UPHWUXJHQ*ROGUHLIHQ,FKVDJWH]X%QRQD ³6DPPOHDOOHV*HVFKPHLGHHLQXQGJLEHVVHLQHQ'LHQHUQ+LHUDUEHLWHWHLQ$U]W :LUVLQGQLFKWLQGHUSKDUDRQLVFKHQ7KURQKDOOH :RUWORV PDFKWH VLH VLFK DQ GLH $UEHLW ,FK ]RJ GLH 'HFNH YRQ GHP .|USHU VFKLFNWH DOOH 'LHQHU KLQDXV ZLFNHOWH GHQ 5RFN DXI XQG VWDUUWH DXI GDV HUEDU PXQJVZUGLJH :UDFN HLQHV PHQVFKOLFKHQ .|USHUV :HQQ 3WDKV %HVFKUHLEXQJ ]XWUDI GDQQ EHIDQG VLFK GHU 3DUDVLW LP 1DFNHQ GHQQ DXI 6FKXOWHUQ XQG %UXVW NRQQWHLFKQXUGLHEOHLFKH+DXWVHKHQ,FKULHILQGHQ9RUUDXPKLQDXV ³:LHDOWLVWGHLQ+HUU&KD\DQ" (LQHUGHU'LHQHUULHIVRIRUW ³)QIXQGYLHU]LJ6RPPHUVRKHLWHV+HLOHUGHU+DXW (U VDK DXV ZLH VLHE]LJ 9RUVLFKWLJGUHKWHQ ZLU LKQ DXIGHQ%DXFK $OVLFK HLQH )UDJHDQ&KD\DQULFKWHQZROOWHPHUNWHLFKGDHUDXIGHP8QWHUVXFKXQJVWLVFK RKQPlFKWLJJHZRUGHQZDU =DNDQ]DVDKJHQDXKLQXQGHUNOlUWHPLWUDXKHUYRU (UUHJXQJVWRFNHQGHU6WLPPH ³'DVLVWVHLQH.UDQNKHLW'LH:XU]HOGHVhEHOV ³'DVLVWHV´PXUPHOWHLFK,FKVDK]XPHUVWHQPDOZRQDFKZLUVXFKWHQ *HQDX XQWHUKDOE GHV OHW]WHQ YRUVSULQJHQGHQ :LUEHONQRFKHQV NOHEWH GHU 3DUDVLW ]ZLVFKHQ GHQ 6FKXOWHUQ GHV 0DQQHV ,FK NRQQWH QLFKW HLQPDO DKQHQ RE HLQH .UDQNKHLWGHV:LUWHVGHQ3DUDVLWHQYHUlQGHUWHRGHUREHVXPJHNHKUWZDU'LHVHV 'LQJ SXOVLHUWH VFKZDFK ZLH HLQH 4XDOOH RGHU HLQ EUHLWJHWUHWHQHU %OXWHJHO (U ZDUURWZLHHLQ)HXHUPDO'LHVFKZDU]HQ3XQNWHGHKQWHQVLFKXQG]RJHQVLFKLP 5K\WKPXV GHU %HZHJXQJHQ ]XVDPPHQ ,FK JULII QDFK GHP NOHLQVWHQ PHLQHU (QHUJLHVWUDKOHU'ROFKH$QEHLGHQ6HLWHQKDWWHVLFKGHUIODFKH3DUDVLWHWZDVYRQ VHLQHP2SIHUJHO|VWXQGOLHUXQ]OLJHYHUEUDQQWH+DXWHUNHQQHQ,FKYHUlQGHUWH GLH (LQVWHOOXQJ GHV (QHUJLHVWUDKOV ]LHOWH PLW GHU 'ROFKVSLW]H SDUDOOHO ]XU 2EHUIOlFKH GHV 3DUDVLWHQ XQG IHXHUWH HLQHQ 6FKX DE (LQ VFKDUIHV 6LUUHQ HUW|QWH(LQHVFKPDOH)XUFKHHUVFKLHQUDXFKHQGXQGEODVHQZHUIHQGJHQDXLQGHU 0LWWH GHV UXQGHQ )ODGHQV *OHLFK]HLWLJ Z|OEWHQ VLFK GLH ORVJHO|VWHQ 6WHOOHQ DXIZlUWVXQG&KD\DQVFKULHJHOOHQGDXIXQGKXVWHWH ³%HGHFNWGHQ5FNHQPLWQDVVHQ7FKHUQ%ULQJW6DOE|OXQG:DVVHUVDJWHLFK ³=DNDQ]DGLH%HWlXEXQJVVSULW]H (UUHLFKWHPLUGDVJHWDUQWH*HUlW,FKEHWlXEWHDQGUHL6WHOOHQ+DXWXQG1HUYHQ LP 5FNHQ GHV *HVFKXQGHQHQ 'HU YHUEUDQQWH 7HLO GHV 3DUDVLWHQ VWDQN QDFK +RUQ XQG +DDU XQG HLQ 5DXFKIDGHQ VWLHJ GDYRQ KRFK ,FK WUlXIHOWH gO DXI GLH EOHLFKH+DXWUXQGXPGHQ)ODGHQXQGVDJWH]X%QRQD ³(LQHIODFKH=DQJH

'HU 8PVWDQG GD VLFK GLH5lQGHU KRFKJHZ|OEW KDWWHQ VDJWH PLU GD VLFKGHU 3DUDVLW LQ LUJHQGHLQHP 6FKPHU]UHIOH[ VHOEVW DEO|VHQ NRQQWH ,FK SDFNWH GHQ 5DQG ]RJ LKQ YRUVLFKWLJ KRFK XQG EHWlWLJWH ZLHGHU GHQ $XVO|VHU GHU ZLQ]LJHQ :DIIH 'LHVPDO ERKUWH VLFK GHU QDGHOIHLQH 6WUDKO PHKUPDOV GXUFK GLH JHVDPWH 'LFNH GHV 3DUDVLWHQ GHU VLFK VRIRUW DEHUPDOV ]X NUPPHQ XQG ORV]XUHLHQ EHJDQQ'QQHV%OXWOLHIDXVVFKPDOHQ 6FKQLWWHQLQGHU5FNHQKDXW,FKULPLWGHU=DQJHIHVWHUXQGZLHGHUO|VWHQVLFK EODWWI|UPLJHRGHUNOLQJHQDUWLJH7HLOHGHV)UHPGN|USHUVDXVGHP/HLEGHV+HHU IKUHUV ³(LQ ]lKHV ZLGHUVWUHEHQGHV +DXWOHLGHQ VWHOOWH =DNDQ]D IHVW XQG WXSIWH PLW HLQHPUHLQHQ7XFKGLH:XQGHQDE ³1LFKWPHKUODQJHVDJWHLFKXQGVFKREHLQHQEURQ]HQHQ6SDWHO]ZLVFKHQ+DXW XQG3DUDVLW'DQQQDKPLFKGHQ=HOODNWLYDWRUDEXQGVFKRELKQXQWHUGHQ.|USHU GHV DOW VFKHLQHQGHQ 0DQQHV :LU VFKZLHJHQ XQG YHUKLHOWHQ XQV VWLOO XQG GDQQ K|UWHQZLUHLQIHLQHVVFKDEHQGHV*HUlXVFK:LHGHUJULIILFKPLWGHU+DXW]DQJH ]X KRE GHQ 6\PELRQWHQ KRFK XQG VDK DXI GHP 0HWDOO GHV 6SDWHOV VHFKV RGHU DFKWIHLQH.UDW]HU,FKNRPPHQWLHUWHYHUEOIIWXQGHUVFKURFNHQ ³'DV+DXWOHLGHQ ZHKUWVLFKYHUELVVHQ7URW]GHPZLUVLQGVWlUNHU 'LHVPDO GUFNWH LFK GHQ $XVO|VHU VHNXQGHQODQJ KLQHLQ 'HU IHLQH (QHUJLHVWUDKOHU EUDQQWH IDXFKHQG XQG VLUUHQG KLQ XQG KHU XQG ]HUVFKQLWW GLH 0LWWH GHV 3DUDVLWHQ ,FK VSUWH LP =XJ GHU =DQJH LPPHU ZHQLJHU :LGHUVWDQG XQGKREGHQUDXFKHQGHQXQGVWLQNHQGHQ3DUDVLWHQKRFK=DNDQ]DDFKWHWHGDUDXI DXV GHU YHUQLFKWHQGHQ 6FKXEDKQ GHV 6WUDKOHUV ]X NRPPHQ DOV LFK ]XP OHW]WHQPDO GLH :DIIH HLQVFKDOWHWH 6FKOLHOLFK KLHOW LFK GLH )UDJPHQWH GHV ]XFNHQGHQ6\PELRQWHQPLWGHU=DQJHKRFKXQGVDJWH ³6FKQHOO%QRQD(LQHJURH7RQVFKDOH 8QGLQGHQ9RUUDXPULHILFKKLQDXV ³$FKHV 9HUZDOWHU PHLQHV NOHLQHQ +DXVHV (QWIDFKH LQ GHU .FKH HLQ JHZDOWLJHV)HXHU,FKEUDXFKHYLHO*OXW ³-HW]W+HUULQGHU+LW]HGHVIUKHQ7DJHV"NDPHVGXUFKGHQGLFNHQ9RUKDQJ ]XUFN ³*HQDXMHW]WHUZLGHUWHLFKODXW³GHQQPLFKIU|VWHOWEHLGHU9RUVWHOOXQJGHLQHU 6WUDIHQZHQQQLFKWJHQXJZHLH*OXWGDLVW(LOHLVWQ|WLJ 6FKZHLJHQ ,FK OLH GHQ 3DUDVLWHQ LQ HLQH GRSSHOW NRSIJURH 7RQVFKDOH IDOOHQ XQGZDUIGLH=DQJHLQGHQ.HVVHOPLWNRFKHQGHP:DVVHU'DQQEHPKWHQVLFK %QRQDPLWLKUHQIOLQNHQVFKPDOHQ)LQJHUQXQGLFKXPGLH:XQGH:LUVWLOOWHQ GHQ JHULQJHQ %OXWIOX XQG WUXJHQ HLQH ZHLH 6DOEH DXI GHFNWHQ GHQ JURHQ )OHFN URKHQ )OHLVFKHV PLW |OJHWUlQNWHP /HLQHQ DE XQG ZLFNHOWHQ HLQH EUHLWH VDXEHUH %LQGH XP 6FKXOWHUQ XQG 2EHUN|USHU :LU ZXVFKHQ XQVHUH +lQGH WURFNQHWHQ VLH LQ IULVFKHP =HXJ DE XQG JLQJHQ HLQ SDDU 6FKULWWH ]XUFN 'HU 3DUDVLW LQ GHU 7RQVFKDOH SXOVLHUWH QRFK LPPHU VFKZDFK $E XQG ]X NUDW]WH HWZDVGDVKDUWZDUZLH%URQ]HEHUGHQ7RQ ³'HUHUVWHVDJWH=DNDQ]DOHLVH³:LUG&KD\DQEHUOHEHQ"

³)UDJOLFK VDJWH LFK ³%LV ]XP $EHQG ZLUG HUKLHU OLHJHQ PVVHQ 'DQQ VHKHQ ZLUZHLWHU ³:DUXPZRKOYHUWUXJHQVLFK3DUDVLWXQG:LUWQLFKWPHKU"IOVWHUWH%QRQD(6 KDWWHXQVKHUYRUUDJHQGDXVJHELOGHWHRGHUSURJUDPPLHUWH$QGURLGHQJHVFKLFNW ³,FK JODXEH GD LUJHQGHLQH ,QIHNWLRQ GLH &KD\DQ EHILHO DXFK GLH .|USHUVXEVWDQ] GHV 6\PELRQWHQ EHHLQIOXWH 8QG GDQQ KDEHQ VLFK EHLGH .UDQNKHLWHQVR]XVDJHQJHJHQVHLWLJJHVWHLJHUW :LU WUXJHQ GHQ 3DUDVLWHQ LQ GLH .FKH XQG ZDUIHQ LKQ LQ GLH *OXW GHV +HUGHV 8QVHUH 'LHQHU XQG GLH GHV +HHUIKUHUV XPVWDQGHQ XQV $OV GLH =HOOPDVVH GLH ZHLH *OXW EHUKUWH VFKUXPSIWH VLH ]XVDPPHQ XQG JDE ZlKUHQG VLH VLFK DXIO|VWH XQG VFKPRO] ZLH IDVHULJHV :DFKV GQQH /DXWH YRQ VLFK 6LH NODQJHQ ZLHGDV6XPPHQHLQHUVWHUEHQGHQ+RUQLVVHRGHUGDV)LHSHQHLQHUQHXJHERUHQHQ 5DWWH 'DQQ EUDFKWHQ ZLU GHQ VFKODIHQGHQ 0DQQ LQ HLQHQ DQJUHQ]HQGHQ 5DXP VFKREHQXQWHUVHLQHQ1DFNHQHLQH5ROOHDXV)HGHUQXQG/HLQHQXQGNQDSSEHU VHLQ *HVl PHKUHUH KDUWH .LVVHQ 0LW GHP =HOODNWLYDWRU DXI GHU %UXVW VFKOLHI &KD\DQELV]XP$EHQGZlKUHQGZLUHLQ'XW]HQGDQGHUHU3DWLHQWHQYHUVRUJWHQ XQG LPPHU ZLHGHU QDFK LKP VDKHQ $OV =DNDQ]D VDK GD GHU +HHUIKUHU GLH $XJHQJH|IIQHWKDWWH ZLQNWH HUPLU,FKHUJULIIGLH6FKDOH GHUHQ,QKDOW%QRQD PLWGHQ0lJGHQYRUEHUHLWHWKDWWH :LUEOLHEHQYRUGHP/DJHUVWHKHQDXIGHP&KD\DQLQOHLFKWYHUUHQNWHU+DOWXQJ ODJ ,FK QDKP GHQ $NWLYDWRU YRQ VHLQHU %UXVW XQG VWUHLIWH LKQ EHU GHQ .RSI 1RFKLPPHUZXWHLFKHVQLFKWJHQDXREGDV*HUlWDQGHUHQNXU]]HLWLJKDOIRGHU QLFKWZHQQLFKGLHVZROOWH,PPHUZLHGHUZROOWHLFK(6IUDJHQXQGVWHWVYHUJD LFKHVZlKUHQGGHUVHOWHQHQ.RQWDNWH ³'HLQH +DXWNUDQNKHLW LVW JHKHLOW :LU KDEHQ GHQ )OHLVFKODSSHQ LQ GHLQHP 1DFNHQHQWIHUQWXQGYHUEUDQQW&KD\DQVDJWHLFK³+LHUWULQNH (UWUDQNHLQHQODQJHQ6FKOXFNGHUODXZDUPHQ0LVFKXQJDXV)OHLVFKEUKH(LHUQ HLQHP $XIEDXSUlSDUDW XQG lKQOLFKHQ ZHUWYROOHQ =XWDWHQ VHXI]WH XQG IUDJWH OHLVH ³:HUGHLFKVWHUEHQ+HLOHUGHU+DXW" ³1XU GDQQ ZHQQ GX QLFKW PHKU OHEHQ ZLOOVW VDJWH LFK ³'X ELVW VFKZDFK ZLH HLQQHXJHERUHQHV.LQG9LHO6FKODI'HLQH+DXWQLFKWDEHUGHLQHQ.RSILQGLH 6RQQH 9LHOH DXIEDXHQGH )OVVLJNHLWHQ WULQNHQ 'LH :XQGH QLFKW DQUKUHQ VRQGHUQODVVHPLFKUXIHQ:HQQGXLQHLQHLQKDOE0RQGHQQRFKOHEVWZHUGHLFK NRPPHQXQGPHLQHQ/RKQIRUGHUQ(ULVWQLFKWJHULQJ &KD\DQJlKQWHVHLQH$XJHQVFKO|VVHQVLFKVFKRQZLHGHU7URW]GHPIOVWHUWHHU ³:HQQ LFK OHEHQ NDQQ HUIOOH LFK GLU MHGHQ :XQVFK $WODQ$DNHQHU %ULQJW PLFKLQPHLQ+DXV ,FKKLHOWGLHKDOEOHHUH6FKDOHDQVHLQHWURFNHQHQULVVLJHQ/LSSHQXQGEHIDKO ³7ULQNH'XNRPPVWKLHUQLFKWKHUDXVVRODQJHQRFKHLQ5HVWLQGHU6FKDOHLVW (UJHKRUFKWHXQGOHHUWHGLH6FKDOH 'DQQ VFKOLHI HU HLQ RKQH QRFK HLQ :RUW ]X VSUHFKHQ ,FK OLH GLH 'LHQHU NRPPHQXQGVDJWHLKQHQZDV]XWXQZDU6LHKROWHQGLH%DKUHKlXIWHQ'HFNHQ

XQG .LVVHQ XQG 0lQWHO GDUDXI XQG WUXJHQ 3WDK6RNDUV 9RUJlQJHU ]XP ZDUWHQGHQ :DJHQ :LU YHUOLHHQ GDV $U]W]LPPHU XQG WUDIHQ XQV LQ PHLQHP 5DXP ³+LHU IHKOW GLH JOlWWHQGH RUGQHQGH +DQG HLQHU )UDX EHPHUNWH %QRQD EHLP (LQWUHWHQ DEHU DOV VLH PHLQHQ %OLFN VDK VFKZLHJ VLH XQG VHW]WH VLFK ,FK OLH (VVHQXQG:HLQEULQJHQXQGVDJWH ³,FK QHKPH QXQPHKU DQ GD HV ZHQLJHU DOV GUHLXQG]ZDQ]LJ 6\PELRQWHQ JLEW (LQLJH VLQG VLFKHUOLFK PLW LKUHQ :LUWHQ JHVWRUEHQ RGHU JHW|WHW ZRUGHQ (LQHV 7DJHV ZHUGH LFK HUIDKUHQ ZLH &KD\DQ GHQNW XQG RE HU VHLQHQ 6\PELRQWHQ YHUPLW,FKKDEHGDHLQSDDUDEHQWHXHUOLFKH9RUVWHOOXQJHQ =DNDQ]D VWU]WH HLQHQ JURHQ %HFKHU :HLQ LQ VHLQH .HKOH VFKWWHOWH VLFK XQG VDJWHLQDQJHHNHOWHP7RQ ³(VKDWLUJHQGZHOFKH1DGHOQRGHU.OLQJHQPLWGHQHQHVVLFKLQGLH2SIHUERKUW 8QG HV VFKULH DOV HV VLFK LQ $VFKH YHUZDQGHOWH *UlOLFK :LH VLQG GLH 6\PELRQWHQKLHUKHUJHNRPPHQ" ³=XVDPPHQ PLW GHQ 6SLHOHUQ GHQNH LFK DQWZRUWHWH LFK ]|JHUQG $XFK PLU VFKPHFNWH GDV (VVHQ QLFKW UHFKW ,FK GDFKWH ZLHGHU DQ GLH IDVW XQO|VEDUH $XIJDEH UXQG GUHLXQG]ZDQ]LJ VROFKHU WHXIOLVFKHU 'LQJH ]ZLVFKHQ%LQQHQPHHU XQGREHUVWHP.DWDUDNWVXFKHQ]XPVVHQ(LQPDOKDWWHXQVGHU=XIDOOJHKROIHQ ³*HUFKWHVLQGVFKQHOOYHUVXFKWHXQVGHU$QGURLGH]XWU|VWHQ³:HQQ&KD\DQ EHUOHEW ZLUG HV MHGHU 6WDWWKDOWHU XQG MHGHU PLW HLQHU UlWVHOKDIWHQ 3DUDVLWHQ .UDQNKHLWELQQHQHLQHV0RQGHVHUIDKUHQKDEHQ6LHZHUGHQ6FKODQJHVWHKHQYRU GHLQHPZHLHQ=LPPHU$WODQ$DNHQHU ³,FK VFKlW]H GHLQH XQEHVFKZHUWH =XYHUVLFKW VDJWH LFK ³7URW]GHP LVW HWZDVGDUDQ0LWGHPHUVWHQ(UIROJNRPPWPHKU(UIROJ ³2GHUGHU=XVDPPHQEUXFK%QRQDKDWUHFKW$WODQ'LUIHKOWHLQH)UDX ,FK]RJGLH6FKXOWHUQKRFKXQGZHKUWHDE ³0LUIHKOHQGUHLXQG]ZDQ]LJ3DUDVLWHQ(LQH)UDX" ,FKKDEHELVKHUNHLQH)UDXYHUPLW8QGLFKELQGHQNHLFKQLFKWLQ/DXQH ³:DUQXUHLQ9RUVFKODJJDE=DNDQ]DXQJHUKUW]XUFN³'HUHLQHRGHUDQGHUH PHLQHU .ROOHJHQ KDW VWHWV HWZDV 3DVVHQGHV DXI /DJHU 1LFKW QXU GX KDVW 3UREOHPHPLW(LQVDPNHLWXQGVRXQGGDIUHLJQHQVLFKEHVRQGHUVMXQJH ,FKKROWHPLWGHPOHHUHQ%HFKHUDXVXQGHUVFKZLHJ ³$OOHV]XVHLQHU=HLWPXUPHOWHLFK³1RFKLVWHVQLFKWVRZHLW,FKZHUGHPLFK PHOGHQ ZHQQ PLFK PHLQH 6HKQVXFKW QDFK HLQHP ZHLFKHQ .|USHU QDFKWV VFKZHLJHEDGHWDXIIDKUHQOlW (U JODXEW GHLQH $XVIOFKWH XQG /JHQ VDJWH WURFNHQ GDV ([WUDKLUQ =DNDQ]D VWDQGDXIXQGQDKP%QRQDEHLGHU+DQG ³.RPP PHLQ 7lXEFKHQ VDJWH HU VFKPHLFKHOQG ³:LU KDEHQ PRUJHQ HLQHQ %HVXFK LP 3DODVW ]X PDFKHQ 9LHOOHLFKW JHOLQJW HV GLU GHQ 3KDUDR RGHU HLQHQ DQGHUHQ XQVHU SRWHQWLHOOHQ 3DUDVLWHQZLUWH DXI GLFK DXIPHUNVDP ]X PDFKHQ 6FKOLHOLFKKDEHQZLUDXIGHUODQJHQ5HLVHYRQ%\EORVELV$XDULVIUGLFKHLQH 0HQJH 6LOEHU DXVJHJHEHQ XQG ZLU PVVHQ GLHVH 8QNRVWHQ PLW HLQHP

JHULQJIJLJHQ*HZLQQZLHGHUKHUHLQEHNRPPHQ /DFKHQGXQGNLFKHUQGYHUOLHHQVLHPLFKNOHWWHUWHQLQLKUHQ:DJHQXQGIXKUHQ ZLHGHU]XUFNQDFK$XDULV,FKZDUZLUNOLFKQLFKWLQGHU/DXQHLKQHQ]XIROJHQ RGHU DXI HLQHV GHU )HVWH ]XJHKHQGLH LQ YHUVFKLHGHQHQ+lXVHUQ LPPHUZLHGHU JHJHEHQZXUGHQ+RIIHQWOLFKYHUJDLFKQLFKWJDQ]GDHVDXHUGHUEHIRKOHQHQ -DJG DXFK QRFK HWZDV DQGHUHV LP 'HOWD JDE 0UULVFK XQG PGH QDKP LFK HLQ %DG LQ GHP JHVlXEHUWHQ NOHLQHQ 7HLFK WURFNQHWH PLFK DE XQG OHJWH PLFK DXI GHPIODFKHQ'DFKGHV+DXVHVVFKODIHQ $1 $7/$1$$.(1(5 '(1 1b+(5 '(5 :81'(1$5=7 ,1 $8$5,6 ,0'(/7$ 181 /,(*( ,&+ 6&+21 6,(%(1 7$*( 2+1( '(,1(1 %(68&+ 81' 921 7$* =8 7$* .(+5(1 0(,1( .5b)7( 0(+5 =85h&. ',( :81'( =:,6&+(1 0(,1(1 6&+8/7(51 -8&.7 :(11 '8 .20067 %5,1*( ',( .h+/( 6$/%( 0,7 ',( 62 :81'(5%$5 +(,/7 $8&+ :,// ,&+ 0,7 ',5 635(&+(1 81' ',5 '(1 5(,&+/,&+(1 /2+1 *(%(1 $7/$1 $8&+ '(5 3+$5$2 :$5 $1 0(,1(0 /$*(5 81' ,67 92// '(6 /2%(6 /$66( 0,&+ 1,&+7 :$57(1 '(11 ,&+ :,// 80+(5*(+(1 81' %5$8&+( '(,1(1 5$7 921 &+$<$1 '(0 $/7(1 +((5)h+5(5 $86 '(0 +$86 $1 '(5 3$/$670$8(5,1$8$5,6 ³(UVWHQV VLQG HV QXU VHFKV 7DJH EUXPPWH LFK XQG JDE HLQ =HLFKHQ GD PDQ GHP %RWHQ %LHU RGHU :HLQ UHLFKHQ VROOWH ³XQG ]ZHLWHQV VROO HU QLFKW XPKHUJHKHQ*XW6DJHGHLQHP +HUUQLFKNRPPHPRUJHQQDFK0LWWDJPLWGHU 6DOEH 'HU %RWH YHUQHLJWH VLFK JULQVWH PLW VHLQHQ ZHQLJHQ =lKQHQ XQG EHULFKWHWH LP 7RQIDOOHLQHV9HUVFKZ|UHUV ³(U ZLOO QLFKW QXU XPKHUJHKHQ 6FKRQ YHUIROJW HU VHLQH 0lJGH PLW OVWHUQHQ %OLFNHQ ³$OVR LVW HU ZDKUKDIWLJ JHVXQG VDJWH LFK XQG IOOWH JHQJHQG YRQ GHU JUQHQ 6DOEHLQHLQ7RQVFKlOFKHQDE³6HLGYRUVLFKWLJXQGQHKPWQXUDXVJHNRFKWHV/HL QHQ%HUKUWGLH:XQGHQLFKWEHL6HWK ³:LU KDEHQ GLU ]XJHVHKHQ XQG ZHUGHQ HV HEHQVR PDFKHQ YHUVSUDFK GHU %RWH XQGOLHIGDYRQ ,FKZDUXQ]XIULHGHQXQGXQJHGXOGLJ:LUNDPHQQLFKWZHLWHU'HUHUVWH3DUDVLW ZDU HLQ HFKWHU =XIDOO JHZHVHQ )U PRUJHQ QDFKW KDWWH =DNDQ]D8SXDXW YHUVSURFKHQHLQ)HVW]XIHLHUQXPVHLQH6NODYLQQHQYRU]XIKUHQXQGYLHOOHLFKW PHKU,QIRUPDWLRQHQEHU:LUWHYRQ6\PELRQWHQ]XEHNRPPHQ2GHUZDUHLQHU GHU³6SLHOHUGXUFKGHQVWHUEHQGHQ3DUDVLWHQJHZDUQWZRUGHQ"6HOEVWZHQQGDV ]XWUDIZUGHHUQLFKWYHUPXWHQGD0lQQHULKQVXFKWHQGLHDXVHLQHUDQGHUHQ =HLW NDPHQ ,FK ZLGPHWH PLFK GHU $UEHLW GLHVHV 7DJHV UHLFKH +DQGZHUNHU

NDPHQ RGHU OLHHQ VLFK LQ 6lQIWHQ EULQJHQ LFK EHKDQGHOWH GLH 9HUEUHQQXQJHQ HLQHV 3ULHVWHU GLH HU VLFK DP 2SIHUIHXHU JHKROW KDWWH DEHU LPPHU ZLHGHU HUWDSSWH LFK PLFK ZLH LFK ]XP 7LVFK KLQEHUEOLFNWH DXI GHP GDV EUHLWH $UPEDQGODJLQ:LUNOLFKNHLWHLQJHWDUQWHV)XQNJHUlW:LUKDWWHQDEJHVSURFKHQ HV VR VHOWHQ ZLH P|JOLFK ]X EHQXW]HQ 'HU 7DJ YHUJLQJ LQ KDOEHU /DQJHZHLOH HEHQVR GHU JU|WH 7HLO GHV GDUDXIIROJHQGHQ ,FK IXKU PLW GHP :DJHQ XQG PHLQHU7DVFKHQDFK$XDULVKLQHLQXQG]XPZHLWUlXPLJHQ+DXVGDVHLQ7HLOGHV 3DODVWV ZDU HLQ $XVOlXIHU ]X GHQ 4XDUWLHUHQ GHU +DQGZHUNHU XQG 'LHQHU KLQ &KD\DQ VD DXI GHU 7HUUDVVH XQG ZLUNWH HUVWDXQOLFK HUKROW LFK YHUVRUJWH VHLQH :XQGHXQGVDJWHVFKOLHOLFK ³'XEUDXFKVWNHLQH%LQGHQPHKU6HW]HGLH+DXWGHLQHV5FNHQVYRUVLFKWLJGHU 6RQQHDXV8QGDXFKPHLQH+LOIHEUDXFKVWGXQLFKWPHKUOlQJHU&KD\DQ (UGHXWHWHDXIHLQHQ6HVVHOXQGZLQNWHVHLQHP6FKUHLEHU ³+ROHZDVZLUHUUHFKQHWKDEHQ%ULQJ V ,Q]ZLVFKHQZLUNWHGHU+HHUIKUHUZLHHLQNUlIWLJHU)QI]LJMlKULJHU(LQH:HLOH ODQJEHWUDFKWHWHHUPLFKLQHLQHU$UWDOVVlKHHUPLFK]XPHUVWHQPDOULFKWLJ,FK KLHOW GHQ %OLFN DXV XQG KRIIWH &KD\DQ ZUGH HQGOLFK HWZDV VDJHQ GDV PLU ZHLWHUKDOI (QGOLFK VDJWH HU PLW HLQHU 6WLPPH GLH VHLQH *HVXQGKHLW HUNHQQHQ OLH ³$U]W $WODQ$DNHQHU 0HUNZUGLJHV JHVFKDK PLW PLU 9RU ZHQLJHU DOV ]ZHL -DKU]HKQWHQ ODJ LFK ZLH WRW LP 6DQG :LU KDWWHQ GLH 3DWURXLOOH HLQHU 1DFKEDUVFKDIWEHNlPSIWLUJHQGZHOFKH9HUEUHFKHU$OVLFKHUZDFKWHIKOWHLFK KLHU HU GHXWHWH YRUVLFKWLJ EHU GLH 6FKXOWHU ³HLQHQ NDOWHQ 6FKPHU] $EHU JOHLFKHUPDHQPHUNWHLFKGDLFKYLHOH'LQJHVFKlUIHUVDK)QI]HKQ-DKUHODQJ VFKULWW LFK 6WXIH XP 6WXIH K|KHU ]XP (UIROJ ,FK ZXUGH ]XP 5DWJHEHU GHV 3KDUDRV GHU GLH 9DVDOOHQVWlGWH UHJLHUW ,FK EUDFKWH LP 'HOWD DOOHV XQWHU GLH 2UGQXQJGHV3KDUDRV'XNDQQVWHVDOOHURUWHQDXI6WHOHQXQG6lXOHQOHVHQ ,FK QLFNWH VFKZHLJHQG 6HLQH %HLFKWH VDJWH PLU QLFKWV 1HXHV 6LH ZDU QXU HLQH %HVWlWLJXQJGHVVHQZDVZLUEHUHLWVZXWHQXQGYHUPXWHWHQ'HU3DUDVLWZDUDXI LKQ EHUWUDJHQ ZRUGHQ RGHU ZDU DXI LKQ EHUJHJDQJHQ 'HU 6FKUHLEHU NDP ]XUFNXQGJDEPLUGHQDXVJHPDFKWHQ/RKQHLQLJH6FKDWV6LOEHUXQG*ROG,FK VWHFNWH HV GDQNHQG LQ GLH *UWHOWDVFKH ³8QG MHW]W" :LH KDW VLFK GHLQH /DJH JHlQGHUW"IUDJWHLFK ³'HU .|USHU LVW GDEHL VLFK ]X HUKROHQ 'HU 9HUVWDQG LVW IULVFK XQG NODU JHEOLHEHQ ZLH %UXQQHQZDVVHU 8QG GX KDVW GLH :XFKHUXQJ PHLQHU +DXW HQWIHUQW RKQH GD LFK HV PHUNWH 'X ELVW HLQ JXWHU $U]W ³0DQ ZLUG HV VSlWHU DOOHURUWHQDXI7DIHOQXQG6WHWHQOHVHQSIOLFKWHWHLFKLKPEHL³.RPPVWDXFKGX ]X=DNDQ]DV)HVWKHXWHQDFKW" ³9LHOOHLFKW ODVVH LFK PLFK ]X VHLQHP +DXV WUDJHQ DQWZRUWHWH HU ³0HLQH 6FKZlFKHLVWQRFKJUR ³:HQQ GX QLFKW ODQJH EOHLEVW XQG QLFKWV WULQNVW HUODXEH LFK HV GLU 8QG GX VROOVWYHUVXFKHQXPKHU]XJHKHQ=XHUVWKLHUDXIGHU7HUUDVVHGDQQLP6FKDWWHQ GHU3DOPHQ(VZLUGKHOIHQ

³,FK IROJH GHLQHP 5DW ,FK KDEH %RWHQ JHK|UW XQG ZHLWHUJHVFKLFNW ,FK KDEH PHLQH.UDQNKHLWJHVFKLOGHUW:HQQHVHLQHQDQGHUHQ.UDQNHQLP5HLFKJLEWVR ZLUGHUGLFKKROHQODVVHQ ,FKVWDQGDXIXQGGHXWHWHKLQEHU]XP=HQWUXPGHV3DODVWV'LH6WDGWZDUHUIOOW YRQ+LW]HXQGYRP7UHLEHQXQG$UEHLWHQGHVIUKHQ$EHQGV,FKYHUDEVFKLHGHWH PLFK YRQ &KD\DQ XQG IXKUODQJVDPGXUFK GLH KDOEH6WDGW]X=DNDQ]D8SXDXWV +DXV,FKEHIDQGPLFKLQHLQHUXQJXWHQ6WLPPXQJGHU2SWLPLVPXVGLH$XIJD EH EHUKDXSW ULFKWLJ DQIDQJHQ ]X N|QQHQ ZDU GDKLQ 6FKOHFKWH /DXQH VXFKWH PLFK KHLP 9LHOOHLFKW ZDU=DNDQ]DV)HVWJHUDGHGLHULFKWLJH 0HGL]LQIUPLFK ,FKEDKQWHPLURKQH+DVWHLQHQ:HJGXUFK6NODYHQXQGDQ0DUNWVWlQGHQYRUEHL JUWH GLH 3ULHVWHU XQG GLH 6ROGDWHQ ZDUI GHQ 0lGFKHQ LQWHUHVVLHUWH %OLFNH QDFK EOLQ]HOWH LQ GHU ULHVLJHQ URWHQ $EHQGVRQQH XQG WDVWHWH PLW GHQ )LQJHUQ LPPHU ZLHGHU QDFK GHP EUHLWHQ JROGHQHQ %DQG GDV YHUVWHFNWH )XQNJHUlW VFKZLHJKDUWQlFNLJ $P(LQJDQJ]XGHP*UXQGVWFNEHUJDELFKHLQHP'LHQHUGLH=JHOGHU7LHUH KREPHLQH 7DVFKHKRFK XQGJLQJ LQV+DXV=DNDQ]DNDPPLUHQWJHJHQJHUDQQW (UZDUXQYRUVWHOOEDUSUlFKWLJJHNOHLGHWXQGJHVFKPFNW,FKGXUFKVFKDXWHVHLQH $EVLFKW GHQQ DXFK HU YHUVXFKWH 0LWJOLHGHU GHU REHUVWHQ +HUUVFKDIWVNDVWHQ NHQQHQ]XOHUQHQ1XUEHLLKQHQIDQGHQZLUZHQQEHUKDXSW3DUDVLWHQ,FKSDFNWH LKQDQGHQ6FKXOWHUQXQGVDJWHYHUEOIIWJULQVHQG ³'XZLUNVWZLHGHLQHVFK|QVWH6NODYLQ(VLVWJHUDGH]XZLGHUOLFKZLHVFK|QGX GLFKJHPDFKWKDVW (UVWLHHLQGU|KQHQGHV*HOlFKWHUDXVXQGGUFNWHPLUHLQHQ%HFKHU%LHULQGLH +DQG ³1XUIUKHXWH,FKHUZDUWHZLFKWLJH*lVWH3WDKZLUGQLFKWNRPPHQN|QQHQ,QV +DXVKLQHLQ$U]WXQGVLHKGLFKXP 'HU GXQNHOKlXWLJH 0DQQ KDWWH VLFK VRUJIlOWLJ YRUEHUHLWHW (U WUXJ VFKODQNH 6WLHIHO DXV ZHLJHNDONWHP *D]HOOHQOHGHU PLW JROGHQHQ 6FKQDOOHQ EUHLWH $UPElQGHUXQG5LQJHXPGLH2EHUDUPHHLQHQZHLFKHQ5RFNXQGHLQHQEUHLWHQ *UWHOPLWSUXQNYROOHU6WLFNHUHLhEHUHLQHPVFKDODUWLJGUDSLHUWHQ+HPGKLQJDQ VHLQHP+DOVGHUKDOENUHLVI|UPLJH%UXVWVFKPXFN=DNDQ]DVWUDKOWHPLFKDQXQG YHUVLFKHUWHOHLVH ³,VWDOOHVQXU3UXQNIUGLH*lVWH9LHOOHLFKWVHKHQZLUKHXWHGHQ]ZHLWHQ 3DUDVLWHQ2GHUK|UHQYRQMHPDQGHPGHUHLQHQ6\PELRQWHQWUlJW ³(V ZUGH XQV ZHLWHUKHOIHQ ,FK KDEH PHLQH 5ROOH LQ]ZLVFKHQ HLQLJHUPDHQ KDVVHQJHOHUQWJDELFK]XUFN 5LHVLJH 7LVFKH ZDUHQ DXIJHEDXW ZRUGHQ :HLHV /HLQHQ EHGHFNWH VLH 'DUDXI VWDQGHQ 6FKVVHOQ XQG .DQQHQ JURH %UHWWHU XQG .UJH %HFKHU XQG *DEHOQ *HNRFKWHU LQ gO JHEUDWHQHU JHVRWWHQHU XQG JHUlXFKHUWHU )LVFK ZDU PLW 6DODW XQG /DXFK GHNRULHUW $Q 6SLHHQ GUHKWHQ VLFK 7HLOH YRQ 2FKVHQ =LHJHQ /lPPHUQXQG*D]HOOHQ1RFKZDUHVKHOOGLHZHQLJVWHQgOODPSHQXQG)DFNHOQ ZDUHQ DQJH]QGHW ZRUGHQ (LQH *UXSSH YRQ 0XVLNHULQQHQ VWLPPWH LKUH ,QVWUXPHQWH ,FK VDK +DUIHQ .DVWDJQHWWHQ PHKUHUH /HLHUQ XQG 6LVWUHQ 'LH

0lGFKHQZDUHQLQKDOEGXUFKVLFKWLJH*HZlQGHUJHNOHLGHWXQGVDHQDXIHLQHP 3RGLXPLQGHU0LWWHGHV5DXPHV ³=XIULHGHQ"IUDJWH=DNDQ]D(UYHUKLHOWVLFKZLHHLQ0DQQGHU]XSO|W]OLFKHP 5HLFKWXP JHNRPPHQ ZDU DEHU VHLQ *HVLFKW KDWWH GHQ $XVGUXFN GHU :DFKVDPNHLWQLFKWYHUORUHQ ³:HQQ GLH *lVWH HEHQVR SUXQNYROO VLQG XQG ZHQQ ZLU (UIROJ KDEHQ ELQ LFK ]XIULHGHQ DQWZRUWHWH LFK XQG VSLHWH HLQ .LHELW]HL DXI HLQ ]LHUOLFKHV 0HVVHU %UDXFKVWGX*ROGRGHU6LOEHU",FKKDEHKHUYRUUDJHQGYHUGLHQW ³'DQNH 0LU LVW HV JHJOFNW GLH 6NODYHQ WHXHU ]X YHUNDXIHQ 'LH 5HLFKZHLWH XQVHUHUZLQ]LJHQ6WUHLWPDFKWKDWVLFKGUDVWLVFKYHUJU|HUW 1DWUOLFK YHUNDXIWHQ ZLU QLFKW HLQIDFK 6NODYHQ 'HU (UO|V GHQ EHLVSLHOVZHLVH HLQHU GHU +DQGZHUNHU HLQEUDFKWH ZXUGH ]ZLVFKHQ GHP 6NODYHQ XQG =DNDQ]D JHWHLOW 'DV ZXWHQ GLH .lXIHU QLFKW 'LH 6NODYHQ KLQJHJHQ KDWWHQ VLFK LKUH +HUUHQVHOEVWDXVJHVXFKWGLH$QJHERWHVFKLHQHQUHLFKOLFKJHZHVHQ]XVHLQ1XU QRFK IQI $QGURLGHQPlGFKHQ OlFKHOWHQ XQV ]X DOV VLH GDPLW DQILQJHQ GLH gOODPSHQDQ]XVWHFNHQ$XFKVLHZDUHQSUlFKWLJJHNOHLGHWXQGJHVFKPFNWXQG KDWWHQ LKU ODQJHV +DDU VR IULVLHUW GD HV IDVW GHQ VWDUUHQ 3HUFNHQ GHU bJ\SWHU JOLFK,FKDHLQ6WFNFKHQJHUlXFKHUWHQ1LOSIHUGVFKLQNHQXQGEUXPPWH ³,FK KDEH QDFKJHGDFKW =DNDQ]D 'LH EHLGHQ 6SLHOHU VLQG HQWZHGHU GLH 3KDUDRQHQ RGHU VLH EHQW]HQ DQGHUH 3HUVRQHQ DOV 0DULRQHWWHQ :LH DXFK LPPHU ZHQQ GLH 6SLHOHU QRFK OHEHQ EHILQGHQ VLH VLFK DQ GHU 6SLW]H GHU 3\UDPLGH ,FK IUDJH PLFK ZDV ZLU PLWXQVHUHP (LQJUHLIHQ IU GLH=XNXQIW GHV 3ODQHWHQEHZLUNHQ -HW]W HUW|QWHQ GLH HUVWHQ $NNRUGH GHU /HLHUQ XQG ODQJJH]RJHQH WULOOHUQGH )O|WHQW|QH GLH VLFK PLW GHQ SRFKHQGHQ 6FKOlJHQ NOHLQHU 7URPPHOQ PLVFKWHQ =DNDQ]D GHU QHEHQ PLU LQ GHU 9RUKDOOH VWDQG VFKOXJ PLU WU|VWHQG DXI GLH 6FKXOWHUXQGVDJWH ³,FK KDEH GDV VLFKHUH *HIKO DEHU NHLQH (ULQQHUXQJ GDUDQ GD ZLU JHPHLQVDP JHZDOWLJH $EHQWHXHU EHVWDQGHQ KDEHQ 8QG ZHQQ HV QRFK VR VFKOHFKW DXVVLHKW $WODQ ZLU VFKDIIHQ HV 0LW GLHVHU JHZDOWLJHQ 0HQJH EHVWHU $XVUVWXQJVLQGZLUXQYHUZXQGEDU:DUWHQXUXQGDQLUJHQGHLQHU6WHOOHXQVHUHU HLJHQHQ*HVFKLFKWHKDEHQZLU(UIROJ)UPLFKLVWGDVDEVROXWVLFKHU ³,FK ELQ ]X XQJHGXOGLJ VWLPPWH LFK ]X ZLQNWH HLQHP 'LHQHU XQG OLH PLU IULVFKHV%LHUEULQJHQ³:DKUVFKHLQOLFKKDVWGXUHFKW =XJOHLFK PLW GHQ .OlQJHQ GHU .DVWDJQHWWHQ XQG GHU 6LVWUD GXUFK]RJHQ GLH %UDWHQJHUFKHGDV+DXV )DFNHOQ XQGgOODPSHQ HUKHOOWHQDXFKGHQ*DUWHQXQG GHQ%HUHLFKXQWHUGHQNQDUUHQGHQ3DOPHQ ³%HWULQNHGLFKZlKOHXQWHUGHQ0lGFKHQXQG)UDXHQGLHVHU1DFKWXQGPRUJHQ ZLUG GHLQH VFKOHFKWH /DXQH YHUVFKZXQGHQ VHLQ ZLH GQQHU 1HEHO YHUVSUDFK =DNDQ]D,FKQLFNWHXQGEHJUWHPLWLKPGLHHUVWHQ*lVWH(VZDUHQ1DFKEDUQ =DNDQ]DV :LU NRQQWHQ IDVW DEVROXW VLFKHU VHLQ GD GLH GUHLXQG]ZDQ]LJ 3DUDVLWHQ DXVVFKOLHOLFK ³ZLFKWLJH 3HUV|QOLFKNHLWHQ EHIDOOHQ KDWWHQ GDKHU PXVWHUWHQ ZLU XQDXIIlOOLJ MHGHQ *DVW 9LHOH 0lQQHU NDPHQ PLW QDFNWHP

2EHUN|USHUVRGDHLQVFKDUIHU%OLFNJHQJWH$EHUGLH3DUDVLWHQNRQQWHQVLFK PKHORV XQWHU GHP EUHLWHQ 6FKPXFN YHUEHUJHQ XQG GDQQ YHUVWDQGHQ GLH $QGURLGLQQHQ XQVHUH :LQNH XQG ]RJHQ GLH 0lQQHU ODFKHQG XQG LKUH 5HL]H DXVVSLHOHQG LQV +DXV ,UJHQGZDQQ ZDU GDQQ LPPHU HLQ UDVFKHU *ULII RGHU HLQ JHQDXHU%OLFNXQWHUGLH6FKPXFNVWFNHP|JOLFK,FKOLHPLFKODQJVDPYRQGHU DXVJHODVVHQHQ6WLPPXQJDQVWHFNHQ ,FK KROWH PLU HLQH 6FKVVHO YROOHU 6DODW DXV =ZLHEHOQ /DXFK XQG .QREODXFK JHPLVFKW PLW VDXUHU 0LOFK gO XQG (VVLJ XQG VFKDUIHQ *HZU]HQ DQJHPDFKW PLW IHLQHQ 6WUHLIHQ YRQ .lVH XQG NDOWHP 2FKVHQIOHLVFK JDUQLHUW 3O|W]OLFK PHUNWH LFK GD LFK KXQJULJ ZDU (LQ 'LHQHU OHJWH HLQH (QWHQEUXVW PLW KRQLJVHU.UXVWHDXIHLQHQ7HOOHUGD]X1VVHGLHLQ'DWWHOQHLQJHOHJWZDUHQ ,FKVWU]WHHLQHQJURHQ%HFKHU5RWZHLQKHUXQWHUXQGPHUNWHZLHGHU$ONRKRO JDQ] ODQJVDP GLH +HUUVFKDIW EHU PLFK ]X EHUQHKPHQ EHJDQQ 0HKU *lVWH NDPHQ 2EHUVWH 6FKUHLEHU DXV GHP SHUDQNK GHP /HEHQVKDXV DOVR /HKUHU GHU 6FKUHLEHUVFKXOH 0LW HLQHP *HIROJH YRQ 7|FKWHUQ XQG *HPDKOLQQHQ HUVFKLHQ GHU SHUPX GHU :DVVHUYHUZDOWHU GHU +HUU EHU ]DKOORVH .DQlOH XQG 7HLFKH HLQHU GHU ZLFKWLJVWHQ 0lQQHU GHU 6WDGW 'LH *HVSUlFKH XQG GLH 0XVLN YHU VFKPRO]HQ ]X HLQHP DNXVWLVFKHQ %UHL ,FK KlXIWH 6FKHLEHQ YRQ *D]HOOHQEUDWHQ DXI PHLQHQ 7HOOHU VHW]WH PLFK DXI GLH 7UHSSH ]XP REHUHQ *HVFKR XQG OLH PHLQHQ%OLFNXPKHUJHKHQ 7URW]GHU0HQJHGHU*lVWHGHUKHLWHUHQ0XVLNXQGGHU$XIUHJXQJZDUIUPLFK JDQ] NODU ]X HUNHQQHQ GD =DNDQ]D XQG VHLQH 0lGFKHQ KLHU DOOHV SHUIHNW RUJDQLVLHUW KDWWHQ XQG NHLQH 6HNXQGH ODQJ LQ LKUHU :DFKVDPNHLW QDFKOLHHQ (LQPDONDP%QRQD]XPLUXQGVHW]WHVLFKDQPHLQH6HLWH 6LHVDKKLQUHLHQGDXVLQPHLQHUEHJLQQHQGHQ7UXQNHQKHLWZDULFKJHQHLJW]X YHUJHVVHQGDVLHHLQ$QGURLGHZDU ³'X VROOWHVW GLFK XQWHU GLH *lVWH PLVFKHQ VDJWH VLH XQG OHKQWH VLFK DQ PHLQH 6FKXOWHU ³8QWHU GHQHQ ZLH =DNDQ]D XQG ZLU PHLQHQ VLFK QLFKW HLQ 3DUDVLW YHUELUJW ³,FK ]LHKH HV YRU VDJWH LFK PLW VFKZHUHU =XQJH ³KLHU ]X VLW]HQ XQG DOOHV ]X EHUEOLFNHQPHLQH3DS\UXVEOWH 6LH OlFKHOWH PLFK DQ XQG DEHUPDOV ZXUGH PLU GDV (LQPDOLJH XQVHUHU 6LWXDWLRQ EHZXW (LQH +DQGYROO )UHPGOLQJH DXI HLQHU EDUEDULVFKHQ :HOW DOOHUGLQJV GLHVPDO LQ HLQHP =HQWUXP YRQ .XOWXU *HVFKPDFN K|FKVWHU =LYLOLVDWLRQ XQG IHLQHU /HEHQVDUW $QGURLGHQ :HUN]HXJH YRQ (6 KDOIHQ XQV EHL HLQHU VXEWLOHQ -DJG 'LH 3DUDVLWHQ ZDUHQ QHXWUDO XQG IKUWHQ DXI LKUH :HLVH GLH SURJUDPPLHUWHQ%HIHKOHLKUHU6SLHOHUGXUFK'LH6SLHOHUZDUHQYLHOOHLFKWEHUHLWV WRW GLH 6\PELRQWHQ EOLHEHQ EULJ 'LH 5LFKWXQJ GHU *HVFKLFKWH HLQHV NXOWXUHOO EHVWLPPHQGHQ 7HLOHV GHU 3ODQHWHQREHUIOlFKH ZXUGH YRQ GHQ 5LFKWOLQLHQ GHV ³6SLHOHV EHHLQIOXW 'HU JDQ]H .RPSOH[ EHGHXWHWH PHKU RGHU ZHQLJHU WRWDOHV &KDRV'HU*HJQHUZDUZHGHUH[DNW]XEH]HLFKQHQQRFKZDUHVHLQZLUNOLFKHU *HJQHU'HU9HUVXFKKLHUHWZDVDXV]XULFKWHQOLHVLFKHUVWHQVVFKOHFKWDQZDU ]ZHLWHQV PHKU XQG JU|HU DOV PDQ VLFK YRUVWHOOHQ NRQQWH XQG HU OLH VLFK

EHVWHQIDOOV LQ YROOWUXQNHQHP =XVWDQG HUWUDJHQ ,FK SILII DXI GHQ )LQJHUQ XQG PHKUHUH'LHQHUVWROSHUWHQGLH7UHSSHKHUDXI ³:HLQVDJWHLFK'DV$QGURLGHQPlGFKHQVWDUUWHPLFKVFKZHLJHQGDQ,FKJR PLU HLQHQ PlFKWLJHQ 6FKOXFN LQ GLH .HKOH XQG ZDUI OlVVLJ GHP 'LHQHU GLH OHHUJHJHVVHQHQ 6FKDOHQ ]X (U ILQJ VLH DXI XQG VWHOOWH HLQHQ YROOHQ %HFKHU LQ PHLQHU5HLFKZHLWHDXIGLH7UHSSHQVWXIHQ ,FK KROWH PLU %URW EHVWULFK HV GLFN PLW %XWWHU XQG KlXIWH 6WFNH JHEUDWHQHQ *HIOJHOV GDUDXI )ODPLQJRVFKHQNHO 7HLOH YRQ *lQVHQ (QWHQ XQG DQGHUHV 1RFK ZDU LFK QLFKW EHWUXQNHQ XQG HUZLGHUWH GLH *UH XQG )UDJHQ GHU *lVWH =DNDQ]D ZDUI PLU HLQHQ SUIHQGHQ %OLFN ]X LFK JULQVWH NDOW ]XUFN (LQH VHOWVDPH 6WLPPXQJ HUJULII PLFK 0HLQH VFKOHFKWH /DXQH ZDU YHUIORJHQ $EHU GLH .ULVLV ODXHUWH LP +LQWHUJUXQG ,FK NOHPPWH PLU HLQ .LVVHQ XQWHU GHQ $UP XQG VWROSHUWH ZLHGHU KLQDXI ]X PHLQHP 3ODW] YRQ GHP DXV LFK GLH +DOOH EHUVHKHQNRQQWH 0HLQH 7UXQNHQKHLW QDKP ]X ,FK YHUVXFKWH VLH PLW (VVHQ ]X EHNlPSIHQ XQG PHUNWH ZLH LFK JDQ] ODQJVDP LQ HLQHQ VFKODIlKQOLFKHQ =XVWDQG KLQEHUGlPPHUWH *OHLFK]HLWLJ NDP HLQH +HOOVLFKWLJNHLW EHU PLFK GLH LP *HJHQVDW]]XGHU6FKZHUHPHLQHU*OLHGHUXQGGHU/lKPXQJGHU0XVNHOQVWDQG 'LH%HGHXWXQJGHU*HVWDOWHQLQGHU+DOOHlQGHUWHVLFK,FKJODXEWHJDQ]DQGHUH 0HQVFKHQ]XVHKHQXQG]ZDUVROFKHGLHPLUVFKRQHLQPDOEHJHJQHWZDUHQDQ GLHLFKPLFKHULQQHUWH ,FKDWPHWHWLHIHLQXQGDXV'HU1HEHOXPPHLQHQ9HUVWDQGNOlUWHVLFKQLFKWGLH 9LVLRQZXUGHVWlUNHUXQGLQWHQVLYHU 0XVLN XQG GHU /lUP GHU *HVSUlFKH ELOGHWHQ HLQH YHUZLUUHQGH .XOLVVH ]X GHU PlFKWLJHQ:HOOHYRQ(LQGUFNHQGLHEHUPLFKKLQZHJUROOWH,FKVDK*HVWDOWHQ K|UWH 6WLPPHQ HUOHEWH HLQ]HOQH 6]HQHQ YRQ GHQHQ LFK QLFKW ZXWH RE VLH 9HUJDQJHQKHLWZDUHQRGHU=XNXQIW '(5/2*,.6(.725)/h67(57((,1'5,1*/,&+ /DVVH GLFK QLFKW EHLUUHQ 'X EHILQGHVW GLFK LQ HLQHU .ULVH 'HU *UXQG LVW NODU HUVLFKWOLFK 'X NDQQVW QLFKW YRQ GLU DXV SODQYROO KDQGHOQ VRQGHUQ ZLUVW JH]ZXQJHQ]XZDUWHQ:DVGXHUOHEVWLVWPHKUDOVHLQ:DFKWUDXPXQGZHQLJHU DOV 3URSKHWLH 'LH *HVWDOWHQ GHLQHU 9LVLRQHQ VLQG WHLOZHLVH HFKW XQG LQ HLQHU WLHIHQ (ULQQHUXQJ YHUERUJHQ ]XP DQGHUHQ VLQG VLH EORH +LUQJHVSLQVWH /DVVH GLFKQLFKWDEOHQNHQ'XELVWLQ*HIDKUGHQ9HUVWDQG]XYHUOLHUHQ (66&+$/7(7(6,&+0,7'5g+1(1'(0/$&+(1(,1 'HLQ/RJLNVHNWRUKDWULFKWLJJHVFKlW]W'XELVWLP0RPHQWQRFK]XU8QWlWLJNHLW YHUXUWHLOW DEHU GHU =XVWDQG NDQQ VLFK VHKU VFKQHOO lQGHUQ 'X KDVW HLQHQ 3DUDVLWHQ YHUQLFKWHW XQG ZLUVW DXFK GHQ 5HVW ILQGHQ (V LVW QLFKW ZLFKWLJ DOOH YLHUXQG]ZDQ]LJ 6\PELRQWHQ ]X ILQGHQ $OOHLQ VFKRQ GLH +HUDEVHW]XQJ GHU .DSD]LWlW LVW HLQ (UIROJ ,FK NDQQ GLU QLFKW PHKU ZHLWHU KHOIHQ $UNRQLGH ,FK ZHL VHOEVW QLFKW ZR VLFK GLH 6SLHOHU XQG GLH %DUEDUHQ0DULRQHWWHQ EHILQGHQ $EHULKUDOOHVHLGDXIGHPULFKWLJHQ:HJ ,KU KDEW HV VR JHVFKLFNW DQJHIDQJHQ ZLH HV XQWHU GHQ REZDOWHQGHQ

0|JOLFKNHLWHQ JHJHEHQ ZDU :HLWHU VR ,FK KHOIH HXFK ZR LFK NDQQ (ULQQHUH GLFK DQ GHLQHQ 6FKZXU $WODQ 'X ZROOWHVW GHQ 3ODQHWHQ GHU %DUEDUHQ EHVFKW]HQXQGGLH.XOWXUXQG=LYLOLVDWLRQI|UGHUQ=XEHLGHPKDVWGXUHLFKOLFK *HOHJHQKHLW )LQGHWDOVRGLH6SLHOHUZHQQVLHQRFKOHEHQ 8QGYHUQLFKWHWGLHEHUZLHJHQGH0HKU]DKOGHU6\PELRQWHQ :,('(5+g57(,&+',(6(66&+b'(/635(1*(1'(/$&+(1 (ULQQHUXQJVIHW]HQ ZXUGHQ KRFKJHVSOW ,FK VDK 7HLOH PHLQHV EHZXWHQ /HEHQV XQWHU GHQ %DUEDUHQ 9RQ GHP 7DJ DQ GD GHU NOHLQH .RQWLQHQW GHQ PDQ QDFK PLUEHQDQQWKDWWHYHUVXQNHQZDUHLQHHQGORVH.HWWHELVKHXWH5DVHQGVFKQHOO ]RJHQ GLH %LOGHU DQ PLU YRUEHL )UDXHQ XQG 0lQQHU $EHQWHXHU XQG .lPSIH 9HUUDWXQG1LHGHUWUDFKWK|FKVWH6WLPPXQJXQGGLHWLHIVWH1LHGHUJHVFKODJHQKHLW YRQ XQJH]lKOWHQ 7DJHQ DXI GLHVHU KHUUOLFKHQ XQG JUDXVDPHQ :HOW 8QG LPPHU ZLHGHU GHU VXFKHQGH %OLFN ]X GHQ 6WHUQHQ ODQGHWH QXQ HLQ 6FKLII GDV PLFK QDFK $5.21 PLWQDKP" $EHUPDOV QHXH (ULQQHUXQJHQ DQ *HJHQGHQ /lQGHU 6LWWHQXQG0HQVFKHQDOOHU$UWGLHPHLQHQ:HJJHNUHX]WKDWWHQ :,('(50(/'(7(6,&+'(5/2*,.6(.725:$51(1' 'HLQH6WLPPXQJLVWJHIlKUOLFK:DFKHDXVGHP+DOEWUDXPDXI'HLQH9LVLRQHQ VLQG JHHLJQHW GLFK PXWORV ZHUGHQ ]X ODVVHQ 'X NDQQVW QLFKW EHUOHEHQ ZHQQ GX GDV JHVWHOOWH 3UREOHP QLFKW PLW GHLQHQ )UHXQGHQ ]XVDPPHQ O|VW 9RUVLFKW +|UDXI]XWULQNHQ'LH$XIJDEHQGLHDXIHXFKZDUWHQVLQG]XJURDOVGDVLH PLW7UXQNHQKHLW]XO|VHQRGHU]XYHUNOHLQHUQZlUHQ6WHOOHGHQ%HFKHUZHJ ,FK LJQRULHUWH GHQ (LQZXUI DEHU GHU %HFKHU ZDU RKQHKLQ OHHU ,FK OHKQWH PLFK JHJHQ GDV GQQH .LVVHQ XQG EHWUDFKWHWH GDV *HZLPPHO XQWHU PLU ,PPHUKLQ ZDKUWHLFKHLQHEHVWLPPWH+DOWXQJLFKVFKZDQNWHQLFKWKLQXQGKHURGHUODOOWH ZLH HLQLJH GHU DQGHUHQ *lVWH 7URW]GHP IKOWH LFK PLFK QLFKW ZRKO 0HLQ =XVWDQG ZDU ]X YHUJOHLFKHQ PLW GHU 6WLPPXQJ HLQHV 3UIOLQJV YRU HQWVFKHLGHQGHQ 4XDOLILNDWLRQHQ WHLOZHLVH VLFKHU WHLOZHLVH YROOHU +HU]NORSIHQ XQG YROOHU .RPSOH[H ,UJHQG HWZDV HUZDUWHWH LFK XQG LFK ZXWH QLFKW RE HV HLQWUDIRGHUQLFKW ,FKVDJWHPLU]ZDUGDLFKELVKHUDOOH$EHQWHXHUXQG$QIHFKWXQJHQPHKURGHU ZHQLJHU PLW KHLOHU +DXW EHUVWDQGHQ KDWWH DEHU GLHVHV :LVVHQ KDOI PLU MHW]W QLFKW0HLQhEHUOHEHQVSRWHQWLDOZDUHUZLHVHQK|KHUDOVGDVGHUPHLVWHQ:HVHQ LQ GHP 7HLO GHV .RVPRV GHQ LFK NDQQWH ,FK EUDXFKWH DOVR QLFKW ]X IUFKWHQ ZlKUHQGGLHVHU0LVVLRQXQWHU]XJHKHQ $EHULFKZDUJDQ]HLQGHXWLJDXI(UIROJSURJUDPPLHUW 8QGGLHVHU(UIROJVWHOOWHVLFKQLFKWHLQ 'DV ZDU HV ZDV PLFK HUVFKWWHUWH LQ GHU 7LHIH PHLQHU *HGDQNHQ XQG hEHUOHJXQJHQ DXIZKOWH YHUXQVLFKHUWH XQG ]X HLQHP KLOIORVHQ %QGHO YRQ (PRWLRQHQPDFKWH,FKVWDQGHQWVFKORVVHQDXIXQGZXQGHUWHPLFKGDLFKQLFKW XPILHO ZLH HLQ 3IDKO ,FK VWLHJ YRUVLFKWLJ GLH 6WXIHQ GHU 7UHSSH KLQXQWHU XQG YHUVXFKWHJHUDGHDXV]XJHKHQRKQHMHPDQGHQXP]XUHQQHQ,UJHQGZLHVFKDIIWH LFK HV(V ZDUQLFKW GHU $ONRKRO LFKKDWWHNHLQHVZHJV]XYLHOJHWUXQNHQGHU

PLFKLQGLHVH6WLPPXQJGHUDEVROXWHQ+LOIORVLJNHLWYHUVHW]WHHVZDUGDV*HIKO LQHLQHUDXVZHJORVHQ6LWXDWLRQIHVW]XVLW]HQ ,FKWDXPHOWHKLQDXVLQGLH'XQNHOKHLW 'LH PHLVWHQ gOODPSHQ XQG )DFNHOQ ZDUHQ KHUXQWHUJHEUDQQW RGHU DXVJHJDQJHQ ,FKVHW]WHPLFKDXIGHQ5DQGHLQHVXPPDXHUWHQ7HLFKHVXQGVWDUUWHKLQDXILQGLH NDOWH 3UDFKW GHU 6WHUQH 'LH VFKDUIHQ *HJHQVlW]H ]ZLVFKHQ GHU )LQVWHUQLV XQG GHQ OHLFKW IODFNHUQGHQ GLDPDQWHQHQ 3XQNWHQ HUQFKWHUWHQ PLFK IDVW DXJHQEOLFNOLFK,FKYHUVXFKWHHLQH.RQVWHOODWLRQ]XHUNHQQHQGLHPLU$5.21 ]HLJWHHVZDUYHUJHEHQV,FKDWPHWHGLHZDUPHIHXFKWH1DFKWOXIWWLHIHLQXQG PHUNWHZLHVLFKPHLQH6SDQQXQJ]XO|VHQBEHJDQQ ,P VHOEHQ 0RPHQW VSUWH LFK 9LEUDWLRQHQ XQG K|UWH JOHLFK]HLWLJ HLQ WLHIHV 6XPPHQ 'DV)XQN$UPEDQGPHOGHWHVLFKGHU/RJLNVHNWRU ,FK VDK PLFK VFKQHOO XP QLHPDQG ZDU LQ XQPLWWHOEDUHU 1lKH ,FK VFKRE GDV *HUlW YRQ PHLQHP 2EHUDUP KHUXQWHU O|VWH GHQ .RQWDNW DXV XQG PXUPHOWH GHXWOLFKKLQHLQ ³$WODQ$DNHQHUVSULFKW,FKK|UH3WDK 3WDK6RNDUV 6WLPPH ZDU HEHQVR JHGlPSIW ZLH PHLQH XQG VHKU NODU (U VDJWH JHGUlQJW ³+|UH PHLQ )UHXQG ,FK KDEH GUHL 6\PELRQWHQ JHIXQGHQ RGHU JHQDXHU GUHL 0HQVFKHQ GLH YRQ LKQHQ EHKHUUVFKW ZHUGHQ 6LH VLQG DOOHUGLQJV NHUQJHVXQG :LU PVVHQ VLH LUJHQGZLH EHUOLVWHQ ,FK KDEH HLQHQ ZLUNOLFK .UDQNHQ EHUUHGHQ N|QQHQ GLFK UXIHQ ]X ODVVHQ 'X PXW DXI GHQ %RWHQ ZDUWHQ 8QG QRFK HWZDV HLQHU GHU 3DUDVLWHQWUlJHU LVW HLQH KLQUHLHQG VFK|QH DXIUHJHQGH )UDX6LHZLOODOOHVYRQGLUZLVVHQYRQPHLQHPNOXJHQ)UHXQGVR]XVDJHQ$OVR VHLEHUHLW'HU%RWHLVWVFKRQXQWHUZHJV ,FKPXWHOlFKHOQ'HU'UXFNZLFKIDVWVFKODJDUWLJYRQPLU,FKHUZLGHUWH ³,FK GDQNH GLU IU GLHVHQ 5XI 3WDK ,FK IKOWH PLFK MHW]W PHKU DOV HOHQG :LU VSUHFKHQPRUJHQXPGLHVH=HLWZLHGHU" ³(LQYHUVWDQGHQ$OOHVDQGHUHHUIlKUVW GXYRQPLU(LQH 0HQJH1HXLJNHLWHQ(V JHKW PLU JXW GHQQ LFK ELQ GHU )UHXQG +HOIHU XQG 9HUDQWZRUWOLFKH GHV *URHQ +DXVHV YRQ $XDULV 6FKLUUH GHLQH +HQJVWH DQ $WODQ %LV PRUJHQ XP GLHVHOEH =HLW ³%LVPRUJHQ3WDKVFKORLFKJHUDGH]XLQEUQVWLJ 'DV *HUlW NQDFNWH OHLVH 6FKODJDUWLJ KDWWH VLFK PHLQH 6WLPPXQJ JHEHVVHUW ,FK PHUNWH GD LFK DQJHKHLWHUW DEHU NHLQHVZHJV EHWUXQNHQ ZDU ,FK VSUDQJ YROOHU QHXHU/HEHQVIUHXGHXQG(QWVFKOXNUDIWDXIXQG]ZDQJPLFKODQJVDPLQV+DXV ]XUFN]XJHKHQ ,FK IDQG =DNDQ]D8SXDXW XQG SDFNWH LKQ DQ GHU 6FKXOWHU ,FK VWLHIOVWHUQGKHUYRU ³3WDKULHIPLFK(UHQWGHFNWHGUHL3DUDVLWHQ 'HU 1XELHU VFKHQNWH PLU HLQ EUHLWHV VHOEVWEHZXWHV /lFKHOQ XQG HUZLGHUWH YROOHU6FKDGHQIUHXGH³8QGDXIPHLQHP)HVWVLQG]ZHL6\PELRQWHQWUlJHU ,FKZHLJHQDXZHUVLHVLQGXQGZDVVLHEHZLUNHQ

,FKVWDUUWHLKQ]XQlFKVWEHWURIIHQDQGDQQVDJWHLFK³1HLQ'DVNDQQQLFKWZDKU VHLQ'XPDFKVW6FKHU]H ³%HLGH VLQG KLHU" =HLJH VLH PLU ³.RPP PLW 'X ELVW QFKWHUQ" IUDJWH HU ³)DVW'HQÃ6SLHOHU KDVWGXQLFKW]XIlOOLJHLQJHODGHQ=DNDQ]D" ³%HL GHQ ZHLHQ )LQJHUQ GHV :LQGHV QHLQ $EHU ZLU ORFNHQ LKQ DXV GHP 9HUVWHFN KHUDXV ZHQQ ZLU VHLQH 3DUDVLWHQ YHUQLFKWHQ 'UHL 3DUDVLWHQ EHL 3WDK (LQHQHQWGHFNWHQZLU9LHU8QG]ZHLDOOHLQLQGLHVHP+DXV 0DFKWVHFKV,QGLHVHUXQJODXEOLFKNXU]HQ=HLWKDEHQZLUHLQ9LHUWHOJHIXQGHQ 0DQQGDVZLHJWDOOHVDXI (U VFKOXJ PLU PLW VHLQHU 3UDQNH NUDFKHQG ]ZLVFKHQ GLH 6FKXOWHUEOlWWHU 'DQQ UDPPWH HU PLU GHQ (OOHQERJHQ LQ GLH 6HLWH XQG IOVWHUWH QRFK LPPHU EUHLW OlFKHOQG ³'DV LVW 1DDPHU7D $QIKUHU GHU 6WUHLWZDJHQJDUGH YRQ %XKHQ $FKWH DXI VHLQHQ 5FNHQ (U VFKRE PLFK QDFK YRUQ XQG VWHOOWH PLFK YRU $OV LFK GDV +DQGJHOHQNGHVXQWHUVHW]WHQMXQJHQ0DQQHVHUJULIIGXUFKIXKUHVPLFKZLHHLQ HOHNWULVFKHU 6FKODJ 0LFK IXQNHOWHQ GLH $XJHQ HLQHV HQWVFKORVVHQHQ 0DQQHV YROOHUNKQHU*HGDQNHQXQGZHLWUHLFKHQGHU,QWHOOLJHQ]DQ(UZDUEUDXQKlXWLJ WUXJHLQHQJHNUlXVHOWHQ.LQQEDUWXQGVDJWHYHUELQGOLFK ³'DV DOVR LVW GHU +HLOHU GHU +DXW GHU 1lKHU GHU :XQGHQ XQG GHU GHU GLH .UDQNKHLWDOOJHPHLQYHUVSRWWHW*OFNOLFKHUZHLVHELQLFKJHVXQG ³-HGHUKDWPLQGHVWHQVHLQ/HLGHQVDJWHLFKPLWGHP*HVLFKWVDXVGUXFNGHVVHQ GHUHV EHVVHU ZXWH ³YRQ GHPHU QLFKWV DKQW XQG GDV HU HUVW HUNHQQW ZHQQ HV JHKHLOWLVW%HLGLU1DDPHU7DZLUGHVQLFKWDQGHUVVHLQ (U VFKWWHOWH GHQ .RSI XQG ]RJ VHLQH %HJOHLWHULQ HLQ MXQJHV XQG DXVQHKPHQG KEVFKHV0lGFKHQDQVLFK ³,FKIKOHPLFKDOVZlUHLFK]HKQ-DKUHMQJHUKXQGHUW-DKUHNOJHUXQGVWlUNHU DOVHLQLJHDQGHUH0lQQHU ,FKGHXWHWHPLWGHPVSLW]HQ=HLJHILQJHUDXILKQXQGJDELKP]XEHGHQNHQ ³'LHVZLUGVLFKLFKYHUVSUHFKHHVGLUEHL6HWKUDVFKlQGHUQ (U ODFKWH PLFK DQ JOHLFK]HLWLJ PHLQWH =DNDQ]D QHEHQ PLU HLQHQ DQGHUHQ *DVW DP$UPKHUEHL]LHKHQG ³8QG GLHV 9HUQLFKWHU GHU E|VHQ 3LO]IOHFKWH LVW 7RZH6DWQL GHU 2EHUVWH 6FKUHLEHU XQG *HKHLPNlPPHUHU GHV 3KDUDRV )DOOV GX EHDEVLFKWLJVW HLQH 3ULQ]HVVLQ DXV H[RWLVFKHQ IHUQHQ /lQGHUQ ]XU )UDX ]X QHKPHQ ZHQGH GLFK DQ LKQ )U HLQ SDDU 6FKDWV *ROGHV WXW HU GLHV XQG QRFK PHKU HLQVFKOLHOLFK GHU %UDXWMXQJIUDXHQ 'HU 6FKUHLEHU XQG LFK ODFKWHQ XQV DQ :LU ZDUHQ HLQDQGHU VFKODJDUWLJ V\PSDWKLVFK (U ZDU HLQ VFKPDOVFKXOWULJHU 0DQQ PLW JODWWUDVLHUWHP .LQQ XQG HLQHU NXQVWYROOHQ 3HUFNH LFK VDK GHXWOLFK GHQ 6\PELRQWHQ XQWHUKDOE VHLQHV $GDPVDSIHOV DXI GHU +DXW NOHEHQ ,P JHVXQGHQ 6WDGLXPZDUGHU3DUDVLWIODFKHUDOVHLQH)LQJHUGLFNH7RZH6DWQLVFKLHQ XQWHU GLHVHP $QKlQJVHO QLFKW LP JHULQJVWHQ ]X OHLGHQ DXFK VW|UWH HV RIIHQVLFKWOLFKQLFKWVHLQ6FK|QKHLWVHPSILQGHQ,FKPXWPDWHGDGLHVHU

8PVWDQGIUYLHOHZHQQQLFKWDOOH3DUDVLWHQWUlJHU]XWUDI$EHUWURW]GHP VDJWHLFK ³,FK DOV ZDQGHUQGHU XQG XPKHUVFKZHLIHQGHU +HLOHU ZHUGH NHLQH H[RWLVFKH 3ULQ]HVVLQ ]XU )UDX QHKPHQ ,FK NDXIH ZLH PDQ ]X VDJHQ SIOHJW NHLQHQ 1LOKHFKWLP6FKODPPYHUVWHFN 'U|KQHQGHV*HOlFKWHUGHU8PVWHKHQGHQZDUGLH)ROJH7URW]GHPEHPHUNWHLFK EHL 7RZH6DWQL HLQH GHXWOLFKH 6SXU YRQ 5HVHUYLHUWKHLW (U JODXEWH VLFK PLU HLQGHXWLJ EHUOHJHQ 1DDPHU7D XQG 7RZH6DWQL ZUGHQ HKH VLH HV VLFK YHUVDKHQYRQLKUHQ6\PELRQWHQEHIUHLWVHLQ8QV=DNDQ]DXQGPLUZUGHJDQ] VFKQHOOHLQHELWWHUHXQGVHKUZLUNVDPH0HGL]LQHLQIDOOHQ³:HQGHGLFKWURW]GHP DQPLFK$U]WVDJWH7RZH,FKQLFNWHXQGHQWJHJQHWH ³1RFKIUKHUZLUVWGXGLFKDQPLFKZHQGHQ6DWQL,FKELQVLFKHU (UJULQVWHXQG]RJVHLQH%HJOHLWHULQGLFKWDQVLFK6LHVFKOXJGLH$XJHQ QLHGHU XQG VHW]WH HLQ *HVLFKW DXI GDV =DNDQ]D XQG PLFK DQ GHU (UQVWKDIWLJNHLW LKUHU =XQHLJXQJ PLW 5HFKW ]ZHLIHOQ OLH 'DQQ NDPHQ DQGHUH *lVWH XQG VFKOHSSWHQ GHQ 6FKUHLEHU PLW 6LH YHUORUHQ VLFK LP *HZLPPHO GHU 9HUVDPPOXQJ (V KHUUVFKWH DXVJHODVVHQH )U|KOLFKNHLW ,FKZDQGWHPLFKDQ=DNDQ]D ³8QGZHUEULQJWGHQ6FKUHLEHUXQGGHQ6WUHLWZDJHQDQIKUHULQPHLQ+DXV" ³(VZHUGHQGLHMXQJHQ)UDXHQVHLQPLWGHQHQLFKJHVSURFKHQKDEH6LHP|JHQ GLH 9HUGLFNXQJ GHU +DXW QLFKW 8QG VHLQH 6WLPPH VDQN XQG QDKP HLQHQ IDVW GURKHQGHQ.ODQJDQ³VLHJODXEHQLKUH)UHXQGHVLQGNUDQN'LH%HIDOOHQHQVLQG LQ GLHVHU %H]LHKXQJ EORH 0DULRQHWWHQ 6LH VHKHQ GHQ 6\PELRQWHQ DEHU HU PDFKW GD VLH VLFK GXUFK LKQ QLFKW JHVW|UW IKOHQ ,FK KDEH PLW GHP .ULHJHUIUVWHQ EHU VHLQH +DXWYHUGLFNXQJ JHVSURFKHQ VR LVW HV XQG QLFKW DQGHUV ³6HOEVW ZHQQ GLH )UHXQGLQQHQ HV QLFKW VFKDIIHQ VDJWH LFK HQWVFKORVVHQ³VRKDEHQZLUXQVHUHJHKHLPQLVYROOHQ:DIIHQ ³6RLVWHVVWLPPWH=DNDQ]D]X³8QGMHW]WYHUJLXQVHUHQ$XIWUDJ$WODQXQG JHQLHHGDV)HVW ,FKIROJWHRKQH6FKZLHULJNHLWHQVHLQHP5DWXQGIXKUVFKOLHOLFK]XGHU=HLWLQ GHU VLFK GHU +LPPHO JUDX ]X IlUEHQ EHJDQQ PLW PHLQHP :DJHQ QDFK +DXVH 1HEHQ PLUVD HLQ 0lGFKHQ GDVLFK DXVGHU6FKDU GHU 0XVLNDQWLQQHQ HQWIKUW KDWWH6LHZDUMXQJVFKZDU]KDDULJEHJHKUHQVZHUWXQGVFK|Q6LHNLFKHUWHQLFKW HLQPDO DOV LFK VLH LP (LQJDQJ PHLQHV +DXVHV DXI GLH $UPH QDKP XQG GLH 7UHSSH ]X PHLQHP HLJHQHQ 5DXP KLQDXIWUXJ 6LH ZDU LFK HUIXKU GD VLH +HULKRUKLHDQVFKPLHJVDPXQGYROOHU/HLGHQVFKDIW ,FKVFKDXWHKLQDXV XQG HV ZDU HLQ ZXQGHUYROOHU0RUJHQ'HU+LPPHO VSDQQWH VLFK SDVWHOOEODX XQG ZRONHQORV EHU GHP /DQG GHV 'HOWDV (V ZDU HLQLJH 7DJH QDFK=DNDQ]DVQlFKWOLFKHP)HVW .XU]H=HLWQDFK6RQQHQDXIJDQJZHFNWHPLFKGDV6XPPHQGHV)XQNJHUlWV,FK JULII VFKODIWUXQNHQ QDFK GHP 5LQJ XQG VFKDOWHWH DXI (PSIDQJ 'DQQ VDJWH LFK

PLWXQWHUGUFNWHU6WLPPH ³$WODQK|UW:HUUXIWPLFK" 'LHGXQNOH6WLPPHGHV1XELHUVNDPDXVGHPZLQ]LJHQ/DXWVSUHFKHU(UVDJWHLQ OlVVLJHU5XKH ³,FKELQDXIGHP:HJ]XGLU,FKKDEHGHQ6FKUHLEHUEHLPLU(UJODXEWHUPX VWHUEHQ ZHLO LFK LKQ LQ HLQHP XQEHREDFKWHWHQ 0RPHQW PLW GHP /lKPVWUDKOHU JHWURIIHQ KDEH 6HLQH DXJHQEOLFNOLFKH *HOLHEWH LVW EHL LKP 6LH VXFKHQ +HLOXQJ DOOHU/HLGHQEHLGLU$WODQ ,FKDQWZRUWHWHYROOHU$XIUHJXQJ ³:RELVWGX" ³:LUIDKUHQJHUDGHEHUGLH%UFNHPLWGHQVWHLQHUQHQ6SKLQJHQQHEHQGHQYLHU 3DOPHQ ³,FKELQEHUHLWZHQQLKUKLHUHLQWUHIIWDQWZRUWHWHLFKXQGVWHPPWHPLFKKRFK ³,FKEUDXFKHGLHVPDONHLQH'LHQHU ³%QRQDLVWEHLPLU6LHZLUGXQVKHOIHQ ³$XVJH]HLFKQHW,FKODVVHPLUGLHJHVDPWH*HVFKLFKWHVSlWHUHU]lKOHQGX)XFKV GHU:VWH ³:LUZHUGHQDXFKGDUEHUODFKHQ$WODQPHLQ)UHXQGVFKOR=DNDQ]D ,FK ZDUWHWH XQG EHUHLWHWH DOOHV VR YRU DOV EUlFKWH HU HLQHQ 6WHUEHQGHQ 'HU /RJLNVHNWRU KDOI PLU GLH ULFKWLJHQ (QWVFKHLGXQJHQ ]X WUHIIHQ ,FK KDWWH GLH VLFKHUH $KQXQJ GD DOOHV JDQ] DQGHUV YHUODXIHQ ZUGH DOV GLH =HUVW|UXQJ GHV HUVWHQ3DUDVLWHQ ,FK ZDU DOOHLQ 'LH 'LHQHULQQHQ XQG GLH 'LHQHU ZDUHQ QLFKW GD XQG KDWWHQ LKU OlUPHQGHV7DJHZHUNQRFKQLFKWDQJHIDQJHQ/DQJVDPXQGPHWKRGLVFKEHUHLWHWH LFKGDV=LPPHUYRUXQGOHJWHGLHQ|WLJHQ,QVWUXPHQWHDXV,FKWHVWHWHDXFKNXU] GLH :DIIHQ XP JHJHQMHGH hEHUUDVFKXQJ JHVFKW]W]X VHLQ=DNDQ]DKDWWH GHQ 6FKUHLEHU 7RZH6DWQL PLW GHP /lKPVWUDKOHU JHWURIIHQ XQG LKQ VHLQHQ =XVWDQG IDOVFK DEHU ZLUNXQJVYROO VFKLOGHUQG LQ 7RGHVDQJVW YHUVHW]W 7RZH ZUGH QDFK MHGHU5HWWXQJVFKDQFHJUHLIHQVHOEVWZHQQHUZWHGDLFKLQ:LUNOLFKNHLWHLQ 6FKDUODWDQZDU 0DFKH NHLQHQ )HKOHU $UNRQLGH 'LHVH $NWLRQHQ HQWVFKHLGHQ EHU (UIROJ RGHU 0LHUIROJGHLQHVHXUHV$XIWUDJVGUlQJWHVW|UHQGGDV([WUDKLUQ :HQLJH =HLW VSlWHU K|UWH LFK GDV 7URPPHOQ GHU 3IHUGHKXIH DXI GHP 6DQGZHJ =DNDQ]DGRQQHUWHPLWVHLQHPVFKQHOOHQ6WUHLWZDJHQKHUDQXQGLFKJLQJODQJVDP ]XP (LQJDQJ XQG YHUVXFKWH HLQ EHU]HXJHQGHV *HVLFKW DXI]XVHW]HQ 9LHU 3HUVRQHQ EHIDQGHQ VLFK LP :DJHQNRUE =DNDQ]D XQG GDV 0lGFKHQ GHVVHQ 1DPHQ LFK YHUJHVVHQ KDWWH KLHOWHQ GHQ VFKZDQNHQGHQ XQG WRWHQEOHLFKHQ 2EHUVWHQ6FKUHLEHUGHV3KDUDRVLQLKUHU0LWWHIHVW(UZLUNWHZLHHLQ0DQQGHU QXU YRQ HLQHU HLQ]LJHQ (PSILQGXQJ EHKHUUVFKW ZXUGH HV ZDU QDFNWH 7RGHVIXUFKW ,FK KRE GHQ $UP XQG IUDJWH ODXW XQG LQ VFKHLQEDUHU $KQXQJVORVLJNHLW ³(V LVW IUK ,FK GHQNH HLQHU YRQ HXFK EUDXFKW GULQJHQG +LOIH VRQVW ZlUH HU QLFKWPLWVHLQHQ)UHXQGHQKLHUKHUJHNRPPHQ"

7RZH6DWQL ODOOWH PLW VFKZHUHU =XQJH ³,FK VWHUEH +LOI PLU $U]W $WODQ $DNHQHU'HU3KDUDREUDXFKWPLFK+LOIPLUELWWH (UILHOIDVWDXVGHP:DJHQDOVGLH3IHUGHDQJHKDOWHQZXUGHQ=DNDQ]DXQGGDV 0lGFKHQ KDWWHQ LKQ KRFKJHKREHQ QRFK HKH LFK KLQ]XVSULQJHQ NRQQWH :LU VFKOHSSWHQ LKQ GXUFK GHQ (LQJDQJ LQ GDV NKOH =LPPHU GDV YRQ JHGlPSIWHP 0RUJHQOLFKW HUIOOW ZDU 6FKZHU VDFNWH HU DXI GHQ 8QWHUVXFKXQJVWLVFK ,FK HU NDQQWH QDFKGHP PLU =DNDQ]D NXU]H =HLFKHQ JHJHEHQ KDWWH ZLH LFK YRUJHKHQ PXWH,FKGHXWHWHDXIGHQ%UXVWNRUEGHV0DQQHVXQGHUNOlUWHVWUHQJLQHLQHP 7RQIDOOGHUNHLQHQ:LGHUVSUXFKGXOGHWH ³'HLQ +HU] GUFNW 'HLQH %UXVW LVW VFKZHU DOV RE HLQH 3\UDPLGH GDUDXI ODVWHQ ZUGH 'HLQ $WHP JHKW U|FKHOQG ZLH HLQ %ODVHEDOJ 'LHV NRPPW YRQ GHP *H ZlFKVDXIGHLQHU+DXWGDVGLUGHQ$WHPDEVFKQUW (UZLQVHOWHI|UPOLFKXQGVWLHKHUYRU ³'X VLHKVW HV $U]W 6R LVW HV ,FK VWHUEH 'LHVHU 'UXFN NDQQVW GX HWZDV GDJHJHQWXQ" ,FK QDKP ZlKUHQG HU VSUDFK HLQHQ .UXJ DXV GHP )DFK JR HLQHQ NOHLQHQ %HFKHUYROOXQGUHLFKWHLKPGDV7RQJHIl,FKHUNOlUWH ³'XWULQNVWGLHVHQHLQVFKOlIHUQGHQ7UDQN7RZH6DWQL'DQQEHUKUHLFKPLWGHU 6SLW]HPHLQHV'ROFKHVGHLQHQ1DFNHQ'XK|UVWHLQVXPPHQGHV*HUlXVFKXQG ZHQQGXZLHGHUDXIZDFKVWGDQQKDWDOOHGHLQH1RWHLQ(QGH(LQYHUVWDQGHQ" (UYHUVXFKWHHLQ1LFNHQXQGJXUJHOWHEHLGH+lQGHJHJHQVHLQH%UXVWSUHVVHQG ³(LQYHUVWDQGHQ$OOHVZDVPLUKLOIWLVWJXW)DQJHHQGOLFKDQ (U VWU]WH GHQ ,QKDOW GHV %HFKHUV HLQ KDUPORVHV %HUXKLJXQJV XQG $XIEDXJHWUlQN KHUXQWHU 'DV 0lGFKHQ VDK PLFK PLW JURHQ YHUWUDXHQVYROOHQ $XJHQ DQ =DNDQ]D GUFNWH GHQ 6FKUHLEHU ]XUFN DXI GDV ZHLH /HLQHQ XQG VFKRE HLQ .LVVHQ XQWHU VHLQHQ 1DFNHQ :LU YHUVWlQGLJWHQ XQV PLW %OLFNHQ XQG GUHKWHQ LKQ DXI GHQ %DXFK GDQQ VHW]WH LFK GHQ /lKPVWUDKOHU DQ XQG EHWlXEWH LKQ :LU ZXFKWHWHQ GHQ UHJXQJVORVHQ .|USHU ZLHGHU DXI GHQ 5FNHQ ]XUFN XQGGDV0lGFKHQQDKPGHP6FKUHLEHUGHQ%UXVWVFKPXFNDE 'DZDUGHU]ZHLWH3DUDVLW ,FKGHXWHWHDXI=DNDQ]DXQGVDJWHHUNOlUHQG ³(U LVW NHLQ $U]W DEHU PHLQ )UHXQG XQG ]XYHUOlVVLJ (U ZLUG PLU HLQ ZHQLJ KHOIHQ :LU PVVHQ GLHVHQ +DXWODSSHQ ZHJEUHQQHQ 9HUKDOWH GLFK UXKLJ 'HLQHP*HOLHEWHQZLUGQLFKWVJHVFKHKHQ:HQQLFKGLFKELWWHPLUGDVHLQHRGHU DQGHUH ]X UHLFKHQ VR ZLUVW GX HV EULQJHQ ³-D $WODQ$DNHQHU KDXFKWH VLH EHHLQGUXFNW ,FK XQG =DNDQ]D KDWWHQ EHUHLWV hEXQJ -HGHU *ULII MHGHU 6FKQLWW XQG DOOH QRWZHQGLJHQ +DQGOXQJHQ JLQJHQ VFKQHOO XQG SUREOHPORV LQHLQDQGHU EHU $EHU GLHVPDO ZDU GHU 6\PELRQW QLFKW NUDQN XQG IOHFNLJ VRQGHUQ EUlXQOLFKKDXWIDUEHQ (U YHUVXFKWH VLFK ]X ZHKUHQ VHQNWH VHLQH 6WDFKHOQ RGHU EODWWI|UPLJHQ)RUWVlW]HWLHIHUXQGWLHIHULQGLH+DXWGHV6FKUHLEHUVKLQHLQ0HKU KHOOHV %OXW WUDW DXVDOV LFK PLW GHP IHLQHQ 6WUDKO GHU (QHUJLHZDIIH VFKQLWWXQG WUHQQWH (LQH JUDXH :RONH GLH DEVFKHXOLFK VWDQN NURFK KLQDXI ]XU =LPPHUGHFNH ,FK VDK GLH *HIDKU 8QWHUKDOE GHV 3DUDVLWHQ ODJHQ .HKONRSI

/XIWU|KUH XQG 6SHLVHU|KUH GLH 6FKLOGGUVH XQG JURH %OXWJHIlH ,FK EHJDQQ XQUXKLJ]XZHUGHQ0LWHLQHU6FKHUHVFKQLWWLFKHLQ)QIWHOGHV3DUDVLWHQDEXQG ZDUI GLH ]XFNHQGH 0DVVH LQ HLQHQ KRFKZDQGLJHQ .UXJ YROOHU lW]HQGHU 6lXUH =DNDQ]DWXSIWHGDV%OXWDE'DV0lGFKHQZDQGWHVLFKHUVFKURFNHQ]XU6HLWHXQG ]RJ GLH 6FKXOWHUQ KRFK DOV ZUGH HV SO|W]OLFK IULHUHQ %QRQD KDOI XQV XQG VDK DOOHPXQJHUKUW]X :LHGHU ERKUWH VLFK GHU 6WUDKO LQ GHQ 6\PELRQWHQ 'DV ³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lUH HUZDFKJHZHVHQKlWWH7RZHYRU6FKPHU]HQJHEUOOWZLHHLQJHVFKXQGHQHU2S IHUVWLHU-HW]WKDWWHLFKHLQHEUHLWH)OlFKHGHVIODGHQI|UPLJHQ3DUDVLWHQJHSDFNW ]HUUWH YRUVLFKWLJ GDUDQ XQG VFKLFNWH LPPHU ZLHGHU GLH YHUQLFKWHQGHQ EUHQ QHQGHQ 6WUDKOHQ GHV 'ROFKHV GXUFK GLH =HOOVWUXNWXU ,FK ]HUVFKQLWW VLH I|UPOLFK LQ VFKPDOH 6FKHLEHQ XQG ZLQ]LJH :UIHO :LHGHU ]RJ VLFK HLQ 'RUQ DXV GHP )OHLVFK ZLHGHU JOLWW HLQH GHU KRUQDUWLJHQ 6FKQHLGHQ ]XUFN XQG YHUEUDQQWH LQ JUDXHP lW]HQGHP 5DXFK 'LH HUEHXWHWHQ 7HLOH ZDQGHUWHQ LQ GHQ .UXJ 8QG VFKOLHOLFK HQWIHUQWH LFK GHQ OHW]WHQ 5HVW KRE LKQ KRFK XQG OLH LKQ LQ GLH EODVHQZHUIHQGH 0DVVH IDOOHQ 'HU 5HVW ZDU HLQLJHUPDHQ HLQIDFK XQG DOV ZLU GLH 6DOEH DXIVWULFKHQ GLH 3IODVWHU DQGUFNWHQ XQG GLH %LQGHQ XP GHQ +DOV ZLFNHOWHQWUDXWHVLFKGDV0lGFKHQDXFKZLHGHUXQVEHLGHU$UEHLW]X]XVHKHQ ,FKULFKWHWHPLFKDXIXQGVWHPPWHGLH)lXVWHLQPHLQHQYHUNUDPSIWHQ5FNHQ ³'HLQ)UHXQGPXVFKODIHQODQJHXQGWLHI6RUJHGDIUPHLQH6FK|QVWHVDJWH LFK ³/DVVH LKP GQQH JHKDOWYROOH 6XSSHQ NRFKHQ HQWVDJH IU HLQHQ 9LHUWHOPRQG GHU N|USHUOLFKHQ /LHEH XQG SIOHJH LKQ ,FK ZHUGH HLQHV 7DJHV NRPPHQ XQG PHLQHQ NHLQHVZHJV JHULQJHQ /RKQ IRUGHUQ (U ZLUG MHW]W HLQHQ KDOEHQ 7DJ ODQJ VFKODIHQ VRUJH DOVR GDIU GD PDQ LKQ DEKROW =DNDQ]D 8SXDXW GHU 0XQGVFKHQN NDOWHU %LHUH XQG GLFNHU :HLQH ZLUG GLFK GHQNH LFK QDFK+DXVHEULQJHQ ,KU %OLFN ZDQGHUWH YRQ 7RZH6DWQL ]X =DNDQ]D ]X PLU XQG ZLHGHU ]XUFN ]X %QRQD ³$XHUGHP ZLUG HU PLW VHLQHP ]HUVFKXQGHQHQ +DOV 6FKZLHULJNHLWHQ EHLP 6SUHFKHQ KDEHQ IJWH =DNDQ]D KLQ]X ³1DWUOLFK EULQJH LFK GLFK ]XUFN ]X VHLQHP+DXV ,Q]ZLVFKHQKDWWHQVLFKGLH'LHQHUHLQJHIXQGHQ:LUUHLQLJWHQXQVYHUOLHHQGDV =LPPHU XQG VDJWHQ GHQ +HOIHUQ GD VLH GHQ 6FKODIHQGHQ LQ GHQ 1HEHQUDXP EULQJHQ VROOWHQ :LU QDKPHQ HLQHQ NOHLQHQ ,PEL ]X XQV XQG DOV =DNDQ]D XQG LFK DOOHLQ ZDUHQ VDJWH LFK ³:LH ELVW GX YRUJHJDQJHQ =DNDQ]D" 6FKOLHOLFK

NRQQWHVWGXVFKZHUOLFKYRUDOOHU$XJHQPLWGHU:DIIHDXILKQORVJHKHQ" ³%QRQD DUEHLWHWH PLW PLU ]XVDPPHQ :LU WUDQNHQ EHL LKP HLQHQ %HFKHU %LHU XQG VLH OLH GHQ %HFKHU DP 6WHLQERGHQ ]HUVFKHOOHQ ,P VHOEHQ 0RPHQW ODKPWH LFKLKQPLWHLQHPVFKZDFKHQ6WUDKO ³1LHPDQG VDK HV QLHPDQG K|UWH GDV *HUlXVFK XQG JHUDGH DOV 7RZH QLHGHUEUDFK NDP VHLQH )UHXQGLQ DXI GLH 7HUUDVVH HUNOlUWH GHU ZHLEOLFKH $QGURLGH ³(V ZDU HLQ =XIDOO PLW YLHO *OFN =DNDQ]D KLHOW GHQ 'ROFK JXW YHUVWHFNW ³,FK YHUVWHKH VDJWH LFK ³:LU PVVHQ GLH 1DFKULFKW DXVVWUHXHQ VR GD VLH 1DDPHU7D HUUHLFKW 'DQQ OlKPHQ ZLU DXFK LKQ QDFKGHP HU YRQ GHU *HIlKUOLFKNHLW GHV 3DUDVLWHQ HUIDKUHQ KDW $XFK HU ZLUG LQ 7RGHVDQJVW KLHUKHU NRPPHQ $XHUGHP HUZDUWH LFK HLQHQ RIIL]LHOOHQ %RWHQ 3WDK6RNDUV GHU PLFK QLODXIZl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lWHU KRIIHQWOLFK IUKHU ZUGH LFK DXFK GHQ 3DUDVLWHQ 1DDPHU7DV HQWIHUQHQ 0HLQ ([WUDKLUQPHOGHWHVLFK 'HQNH DQ GLH $XVJDQJVSRVLWLRQ GHV $QGURLGHQVSLHOV ³:HU JUQGHW VFKQHOOHU XQG]XHUVWHLQ:HOWUHLFK" 5LFKWLJ'LH+lOIWHGHU3DUDVLWHQXQGHLQHQ6SLHOHUPXWHQZLUEHLGHQbJ\SWHUQ VXFKHQ GLH DQGHUH EHL GHQ VFKZHU EHVWLPPEDUHQ 9|ONHUQ GLH +HND .KDVXW JHQDQQW ZXUGHQ ,FK ZDU DXHUVWDQGH GLH EHLGHQ 3DUDVLWHQ NODU ]X XQWHUVFKHLGHQ1RFK]ZHLXQG]ZDQ]LJ3DUDVLWHQPXWHLFKHQWIHUQHQXQGVHOEVW ZHQQ ZLU GLH 6SLHOHU QLFKW IDQGHQ PDFKWH HV NHLQHQ 8QWHUVFKLHG 'DQQ ZDU XQVHUH 0LVVLRQ HUIROJUHLFK JHZHVHQ 6WDUNHU /lUP GHU VFKQHOO QlKHUNDP UL PLFKDXVPHLQHQhEHUOHJXQJHQ,FKVWDQGDXIXQGJLQJDXIGLH7HUUDVVHGLHGDV 'DFK GHV %HKDQGOXQJVUDXPV ELOGHWH =ZLVFKHQ GHQ 3DOPHQVFKlIWHQ XQG GHQ *HZlFKVHQ GHU )HOGHU WDXFKWHQ IXQNHOQGH :DIIHQ DXI VDK LFK GLH .|SIH GHU 3IHUGH XQG GLH UDVHQG ZLUEHOQGHQ 6SHLFKHQGHU:DJHQUlGHU (LQH.RORQQH GHU .DPSIZDJHQWUXSSHQ GHV 'HOWDV GRQQHUWH LQ UDVHQGHU 6FKQHOOLJNHLW KHUDQ %DOG K|UWH LFK GDV .HXFKHQ GHU =XJSIHUGH (LQ :DJHQ DQ GHP HLQH IXQNHOQGH 6WDQGDUWH EHIHVWLJW ZDU EHVFKULHE LP +RI HLQHQ +DOENUHLV 'LH 5lGHU VFKOHXGHUWHQ6DQGIRQWlQHQKRFK(LQLJHPHLQHU'LHQHUVWU]WHQKLQDXVXQGGHU .ULHJHUQHEHQGHP3IHUGHOHQNHUJUWH]XPLUKHUDXI(UVFKULHYROOHU(UUHJXQJ ³$WODQ$DNHQHU 'X ELVW XQVHUH OHW]WH 5HWWXQJ 1DDPHU7D ZXUGH VFKZHU YHUOHW]W 6LH EULQJHQ LKQ :LU VWLHHQ DXFK DXI GHQ %RWHQ GHQ &KD\DQV 1DFKIROJHU VFKLFNWH (U NRPPW LQ HLQHP DQGHUHQ :DJHQ 6FKQHOO 1DDPHU KDW

YLHO%OXWYHUORUHQ ³%ULQJW LKQ KHUHLQ ULHI LFK 6FKODJDUWLJ ZXUGH PLU EHZXW GD GLHV GLH HUVWH ZLUNOLFKJURH%HZlKUXQJVSUREHVHLQZUGH(LQHQ3DUDVLWHQ]XHQWIHUQHQZDU HLQH HLQIDFKH 6DFKH HEHQVR GDV $XIVFKQHLGHQ HLQHU *HVFKZXOVW RGHU GDV (LQUHQNHQHLQHU6FKXOWHU$EHUHLQ6FKZHUYHUOHW]WHU",FKUDQQWHKLQXQWHULQGHQ %HKDQGOXQJVUDXPXQGYHUVXFKWHPLW]LWWHUQGHQ)LQJHUQGLHQ|WLJHQ,QVWUXPHQWH XQG 0LWWHO YRU]XEHUHLWHQ 6FKRQ NDPHQ VHFKV VFKZHLJHEDGHWH 6ROGDWHQ GXUFK GLH 7U XQG VFKOHSSWHQ HLQH EOXWEHUVWU|PWH VDQGYHUNUXVWHWH *HVWDOW LQ HLQHU 'HFNHPLWVLFK(LQHEUHLWH%OXWVSXUNHQQ]HLFKQHWHLKUHQ:HJGXUFKGDV+DXV 'UDXHQ ZLHKHUWHQ JUHOO GLH 3IHUGH ,FK PXVWHUWH GLH 0HQJH GHU 6ROGDWHQ GLH VLFK VFKODJDUWLJ DQ DOOHQ (LQJlQJHQ GUlQJWHQ 0KVDP ]ZDQJ LFK PLFK GD]X UXKLJ]XIUDJHQ ³,VWMHPDQGXQWHUHXFKGHUPLUKHOIHQNDQQRKQH]X]LWWHUQ"'HU%RWHYRQ3WDK 6RNDU VROO LQV +DXV JHKHQ XQG VLFK DXVUXKHQ (LQ RGHU ]ZHL *HVSDQQH N|QQHQ LPDQGHUHQ+RIZDUWHQGHU5HVWVROO]XUFNQDFK$XDULV,FKEUDXFKH5XKH 9RUVLFKWLJKREHQVLHGHQ.|USHUGHVJHGUXQJHQHQEUHLWVFKXOWULJHQ0DQQHVDXI GHQ %HKDQGOXQJVWLVFK ,FK VDK PLW GHP HUVWHQ %OLFN JUDXVLJH :XQGHQ XQG GLH ]HUVSOLWWHUWHQ6FKlIWHYRQ3IHLOHQ'LH$XJHQ1DDPHUVZDUHQ]XJHVFKZROOHQ (LQ0DQQVFKREVLFKGXUFKGLH:DUWHQGHQ ³,FKYHUVWHKHHWZDVYRQHLQIDFKHQ:XQGHQ$U]W,FKZHUGHGLUKHOIHQ ,FKGHXWHWHQDFKKLQWHQ ³*HKXQGUHLQLJHGLFK]LHKHHLQHQZHLHQ.LWWHODQGDQQNRPPZLHGHU]XUFN ]XPLUXQGGHLQHP+HUUQ ³,FKKDEHYHUVWDQGHQ (LQHU GHU 8QWHUDQIKUHU JDE VFKQHOOH %HIHKOH *HVSDQQH IXKUHQ UDVVHOQG DXV GHP +RI KLQDXV 'LH 6ROGDWHQ YHUVFKZDQGHQ YRQ GHQ )HQVWHUQ XQG DXV GHQ 7UHQ ,FK OLH GLH GQQHQ 9RUKlQJH KHUXQWHU QDKP GHQ =HOODNWLYDWRU DE XQG EHWWHWH LKQ ]XHUVW HLQPDO DXI GLH %UXVW 1DDPHUV 'HU 0DQQ DWPHWH WLHI XQG UHJHOPlLJ IU PLFK ZDU HV HLQ JXWHV =HLFKHQ +HLHV :DVVHU ZDU LQ PHLQHP +DXV IDVW LPPHU EHUHLW ZLU HQWIHUQWHQ YRUVLFKWLJ GLH ]HUULVVHQH .OHLGXQJ XQG GLH7HLOHGHU5VWXQJ'DQQEHJDQQGHUVHFKVVWQGLJH$OSWUDXP 5DDIHUGHUZXQGHQHUIDKUHQH8QWHUDQIKUHUVFKLOGHUWH]ZLVFKHQGHQ(LQJULIIHQ GDGLHNOHLQH3DWURXLOOHYRQ)UHPGHQEHUIDOOHQZRUGHQZDUGLHHEHQIDOOVEHU 6WUHLWZDJHQ YHUIJWHQ 'HU $QJULII KDWWH 1DDPHU7D EHUUDVFKW :LU VlJWHQ 3IHLOVFKlIWHDE VFKQLWWHQ VWHLQHUQH XQG EURQ]HQH3IHLOVSLW]HQ DXVGHU+DXW XQG GHQ 0XVNHOQ UHLQLJWHQ :XQGHQ YRQ 6DQG NOHLQHQ 6WHLQHQ XQG .OHLGXQJVIHW]FKHQ ,FK SLQVHOWH EDNWHULHQW|WHQGH )OVVLJNHLW VWDFK PLW 1DGHOQ XQG NQ|SIWH .QRWHQ ZLVFKWH %OXW DE XQG VWULFK GLFN 6DOEH DXI GLH $EVFKUIXQJHQ XQG GLH NOHLQHQ 6FKQLWWH :LU DUEHLWHWHQ VFKZHLJHEDGHW LJQRULHUWHQGLH$QIlOOHYRQ.RQ]HQWUDWLRQVVFKZlFKHXQGJDQ]QHEHQEHLVDKLFK GDVLFKGHU6\PELRQWYRQGHU+HU]JHJHQGDE]XO|VHQEHJDQQ 'HU 3DUDVLW VFKDOWHWH VLFK YRUVLFKWLJ GHU ([WUDVLQQ HLQ YHUVXFKW HLQHQ 6WHUEHQGHQ]XYHUODVVHQ*LEDXIVHLQH%HZHJXQJHQDFKW

(LQH 'LHQHULQ NDP KHUHLQ XQG VWHOOWH EHUDOO EUHQQHQGH gOODPSHQ DXI :LU KDWWHQ QLFKW JHPHUNW GD HV GXQNHO JHZRUGHQ ZDU 'HU .|USHU GHV $QIKUHUV ZDU DQ ]DKOORVHQ 6WHOOHQ PLW %LQGHQ XPZLFNHOW ,FK KDWWH LKQ ]ZHLPDO Ol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|QQWHQ6RODQJHPXWHHUXQWHUPHLQHU2EKXWEOHLEHQ(U ZUGHEHUOHEHQ$XFKVLHQLFNWHQPGHXQGIXKUHQQDFK$XDULV]XUFN ,FK]RJPLFKWRGPGHGLH6WXIHQ]XPHLQHQ5lXPHQKLQDXI'HU%RWHVSUDQJ DXIDOVHUPLFKNRPPHQK|UWH,FKGHXWHWHDXIHLQHQ6HVVHOXQGOHKQWHPLFKPLW YHUNUDPSIWHQ0XVNHOQDQGLH.DQWHGHV$UEHLWVWLVFKHVDXV=HGHUQERKOHQ ³%HULFKWH ELWWH .XU] GHQQ LFK ELQ HUVFK|SIW :LH JHKW HV PHLQHP )UHXQG 3WDK" 6HLQH%RWVFKDIWZDUNQDSSDEHULQKDOWVUHLFK3WDK6RNDUNDQQWHMHGHQZDUPLW MHGHP JXW )UHXQG XQG JOHLFKHUPDHQ HLQ JHUHFKWHU DEHU VWUHQJHU .RQWUROOHXU GHU$QRUGQXQJHQGHV3KDUDRV(UEDWPLFK]XVLFKXQGGDQQ]RJGHU%RWHDXV VHLQHP *HZDQG HLQH NOHLQH 3DS\UXVUROOH XQG KlQGLJWH VLH PLU DXV ,FK ODV LQ ³XQVHUHU 6FKULIW GLH GHQ +LHURJO\SKHQ QLFKW XQlKQOLFK ZDU XQG JlQ]OLFK DQGHUH %HGHXWXQJ KDWWH ,FK EHILQGH PLFK ZRKO )UHXQG $WODQ XQG ZHQQ GX NRPPVW ZLUVW GX PLW 0XVLN XQG )UHXGHQPlGFKHQ HPSIDQJHQ ZHUGHQ 'KDQD $SRSL 3DQILO6DNRU XQG ELVKHU GLH HLQ]LJH )UDX 6KDLQVD7DU VLQG HLQGHXWLJ 3DUDVLWHQWUlJHU 'LH 3DUDVLWHQ EHHLQIOXVVHQ VLH XQJQVWLJ LFK KDEH JHPDFKW GD VLH GLH 9HUZLUUXQJ LKUHV *HLVWHV IUFKWHQ XQG GLFK UXIHQ ODVVHQ .RPPH DOVR EDOG *DQ] $NRULV ZLUG GLFK MXEHOQG HPSIDQJHQ XQG LFK IUHXH PLFK ,FK UXIHGLFK]XUYHUHLQEDUWHQ=HLW 'HU %RWH VFKLOGHUWH GLH8PVWlQGH LQ $NRULVXQG LFKK|UWHPLWKDOEHP2KU]X 0HLQ SKRWRJUDSKLVFK H[DNWHV (ULQQHUXQJVYHUP|JHQ ZUGH GLH ,QIRUPDWLRQHQ DXIEHZDKUHQ XQG ULFKWLJ YHUZHUWHQ $OV LFK JHQXJ ZXWH XQG QLFKW PHKU XQYRUEHUHLWHW UHLVHQ ZUGH VFKLFNWH LFK LKQ GHU HEHQVR HUVFK|SIW ZDU ZLH LFK ]X %HWW 0LWWHQ LP WLHIVWHQ 6FKODI ZHFNWH PLFK GDV VXPPHQGH $UPEDQGIXQNJHUlW,FKVWUHLIWHHVDEXQGVFKDOWHWHHVHLQ ³$WODQVSULFKWVDJWHLFKOHLVH³3WDK" ³:HUVRQVW'XNOLQJVWZLHHLQ6WHUEHQGHU ³1LFKWDQGHUVIKOHLFKPLFKDXFKODOOWHLFK³6SULFKNODUXQGUHGHNXU]'HLQ %RWHLVWKLHU,FKUHLVHEHUPRUJHQ]XGLU

(UODFKWHNHKOLJXQGHQWJHJQHWH ³'XELVWZLOONRPPHQ(VJLOWZDVLFKVFKULHE6KDLQVD7DUNDQQLKUH8QJHGXOG NDXPPHKUEH]lKPHQ'LH3DUDVLWHQVFKHLQHQWDWVlFKOLFKHLQH$UW*HLVWHVNUDQN KHLW ]X YHUPLWWHOQ 'LH %HXUWHLOXQJ EHUODVVH LFK GLU 1LPP DOOH 0HGL]LQ XQG DOOH*HUlWHPLW ³:RZRKQHLFK" ³,QPHLQHP/HLKSDODVW$WODQ'XZLUVWPLFKEHQHLGHQZHQQGXVLHKVWZLHHLQ 9HUDQWZRUWOLFKHUGHV3KDUDRV]XOHEHQJH]ZXQJHQLVW ³:RKO NDXP HQWJHJQHWH LFK JUlPOLFK ³6RHEHQ KDEH LFK 1DDPHU7DV 3DUDVLW YHUQLFKWHW'HU6ROGDWZXUGHLP.DPSIVFKZHUYHUZXQGHWXQG]XPLUJHEUDFKW ³'LH (UHLJQLVVH EHJLQQHQ VLFK ]X EHUVWU]HQ PHLQWH HU GDUDXIKLQ ³'UHL YRQ ]ZHL 'XW]HQG 6FKRQ HLQ $FKWHO LQ ]LHPOLFK ZHQLJHQ 7DJHQ 'HU %RWH KDW DXI VHLQHP :HJ GLH 6WDWLRQHQ GHLQHU 5HLVH YRUEHUHLWHW 6SULFK PLW LKP 8QG MHW]W VFKODIHZHLWHU$WODQ ³'DQNHVFKORLFKXQGOHJWHGHQ6FKPXFNULQJDXIGHQQLHGULJHQ7LVFK]XUFN $XJHQEOLFNOLFK YHUVDQN LFK ZLHGHU LQ HLQHQ 7UDXP YRQ DEJUXQGWLHIHU 6FKDXHUOLFKNHLWGHQLFKDPQlFKVWHQ0RUJHQJOFNOLFKHUZHLVHYHUJHVVHQKDWWH 0HLQH HUVWH 7lWLJNHLW ZDU GLH 'LHQHULQ DE]XO|VHQ GLH DQ 1DDPHU7DV /DJHU JHZDFKWKDWWH,FKQDKPGHQ=HOODNWLYDWRUZLHGHUDQPLFKXQGVDKGDGHU+HUU EHUGLH6WUHLWZDJHQGHV'HOWDVLP6FKODIGHU*HQHVXQJODJ8QGLFKPXWHLQ HLQHLQKDOE 7DJHQ DXIEUHFKHQ XP XQVHUH -DJG QDFK GHQ 3DUDVLWHQ QLODXIZlUWV IRUW]XVHW]HQ 0HLQH%HREDFKWXQJHQ ZXUGHQ ]DKOUHLFKHUXQG EHVWlWLJWHQ GLH HUVWHQ(LQGUFNH XQG0XWPDXQJHQ *OHLFK]HLWLJZXUGHPHLQ%LOGYRPlJ\SWLVFKHQ6WDDWGLHVHU-DKUHGHXWOLFKHUXQG SUl]LVHU 0HLQ :HJ IKUWH DP OLQNHQ 1LOXIHU IOXDXIZlUWV $P 6FKLFNVDO GHU )HOODFKHQ KDWWH VLFK QLFKWV JHlQGHUW 'LH 9HUZDOWXQJ QDFK GHQ XQHUVFKWWHUOLFKHQ*UXQGVlW]HQGHUSKDUDRQLVFKHQ+|IHDXVJHELOGHWVFKLHQZLH HLQH ODXWORVH 0DVFKLQHULH ]X IXQNWLRQLHUHQ $EHU WURW]GHP KDWWH VLFK HLQLJHV JHlQGHUW =ZLVFKHQ GHQ VFKODQNHQ KHOOEUDXQHQ ELV VHKU KHOOHQ *HVWDOWHQ GHU HFKWHQ1LOODQG%HZRKQHUVDKLFKPHKUXQWHUVHW]WHGXQNHOKlXWLJH0HQVFKHQPLW VFKZDU]HP +DDU XQG %lUWHQ (V JDE QLFKW YLHOH .XQVWZHUNH GLH LQ GLHVHU =HLW HQWVWDQGHQ ZDUHQ 'LH VFKQHOOHQ :DJHQ XQG GLH (LQIKUXQJ GHU 3IHUGH]XFKW ZDUHQ GLH DXIIDOOHQGVWH bQGHUXQJ hEHUDOO JDORSSLHUWHQ GLH OHLFKWHQ *HVSDQQH KLQ XQG KHU DQ YLHOHQ 3OlW]HQ ]ZLVFKHQ GHP 6WURP XQG GHU :VWH ZHLGHWHQ NOHLQH 3IHUGHKHUGHQ 0HLQH EHLGHQ +HQJVWH EUDFKWHQ PLFK XQG GDV *HSlFN VFKQHOO XQG ZLOOLJ YRQ 6WDWLRQ ]X 6WDWLRQ XQG GXUFK IULHGOLFKHV /DQG ELV QDFK $NRULV 'LH6WDGWZDUNOHLQXQGQXUGLH*DUQLVRQVFKLHQEHIHVWLJW]XVHLQ,FKIDQGGDV +DXVGHV³9HUDQWZRUWOLFKHQRKQH6FKZLHULJNHLWHQ'HU/HLKSDODVWZLH3WDKLQ VHLQHU VDUNDVWLVFKHQ $UW EHPHUNW KDWWHZDU QLHGULJ DEHUGDIU VHKUDXVJHGHKQW

HLQ %DXZHUN YRQ ODXWHU UHFKWHQ :LQNHOQ DXV 6WHLQ /HKP]LHJHOQ +RO] XQG VWUDKOHQG ZHL ,FK EHPHUNWH UHJH *HVFKlIWLJNHLW DOV LFK PHLQH 3IHUGH ]JHOWH XQG HQWODQJ HLQHU $OOHH DXV 3DOPHQ 6SKLQJHQ XQG NDXHUQGHQ 6WHLQO|ZHQ DXI GHQ3DODVW]XIXKU1DWUOLFKKDWWH3WDK6RNDUEHUWULHEHQ(VJDENHLQHMXEHOQGH %HY|ONHUXQJ $EHU LFK ZXUGH HUZDUWHW 0DQ VFKLUUWH GLH 3IHUGH DXV VFKOHSSWH PHLQ *HSlFN LQ HLQHQ 6HLWHQIOJHO GHV +DXVHV XQG EHJOHLWHWH PLFK LQ PHLQH 5lXPH 6LH ZDUHQ EHUUDVFKHQG JXW HLQJHULFKWHW YROOHU VFK|QHU =HXJQLVVH KDQGZHUNOLFKHU .XQVW HLQH LQWLPH LQHLQDQGHU JHVFKDFKWHOWH $Q]DKO YRQ 5lXPHQ XP HLQHQ JUQHQ ,QQHQKRI PLW HLQHP %DGHEDVVLQ LQ GHP GXIWHQGH 6HHURVHQVFKZDPPHQ ³3WDK6RNDU LVW DQ GHQ .DQlOHQ XQG 6FKOHXVHQ +HUU $DNHQHU VDJWH GLH EUHLWKIWLJH QXELVFKH 6NODYLQ ³(U KDW HUIDKUHQ GD GX KHXWH NRPPVW (V VROO HLQNOHLQHV)HVWJHJHEHQZHUGHQ ³'DQNH VDJWH LFK OHLVH ³,FK ZHUGH ZDUWHQ :R ILQGH LFK LQ GLHVHU 6WDGW HLQH )UDXGLH6KDLQVD7DUKHLW":HULVWVLH" (LQ6FKDWWHQYRQ1HLGXQG6HKQVXFKWIORJEHUGDVJXWPWLJH*HVLFKW ³(V LVW GLH 9RUVWHKHULQ GHU :HEHUHLHQ GHV *URHQ +DXVHV DQWZRUWHWH GLH 6NODYLQ³6LHZRKQWGRUWDP+DQJ]XU:VWHKLQWHUGHP'DWWHOZDOG'HU:HJ LVWQLFKWODQJ+HUU(LQHVFK|QH)UDX ,FKEHGDQNWHPLFKXQGHUIULVFKWHPLFKPLWHLQHPNXU]HQ%DG'DQQUlXPWHLFK PHLQ *HSlFN LQ GLH WHLOZHLVH OHHUHQ 1LVFKHQ XQG :DQGVFKUlQNH ,FK VWHFNWH PHLQH 'ROFKH LQ GHQ *UWHO VFKRE GDV ZLFKWLJH )XQNJHUlW EHU GHQ UHFKWHQ 2EHUDUP XQG PDFKWH HLQHQ 5XQGJDQJ GXUFK 3WDK6RNDUV DXJHQEOLFNOLFKH :RKQVWlWWH (U EHVFKlIWLJWH HLQH 0HQJH YRQ 6FKUHLEHUQ XQWHU GHUHQ $QOHLWXQJ 0RGHOOH XQG =HLFKQXQJHQ DQJHIHUWLJW ZXUGHQ GLH VLFK PLW HLQHP %HZlVVHUXQJV XQG $QEDXJHELHW YRQ EHWUlFKWOLFKHU *U|H EHVFKlIWLJWHQ $OOHV ODJ LQ WLHIHP )ULHGHQ EHUDOO ZXUGH RKQH +DVW JHDUEHLWHW ,FK YHUVFKDIIWH PLU HLQHQ JHQDXHQ hEHUEOLFN PHLQHU QHXHQ 8PJHEXQJ ,FK JLQJ HV ZDU GLH =HLW NXU]QDFKGHP+|KHSXQNWGHUWlJOLFKHQ+LW]HDXIGHQ5DQGGHU:VWH]X'DV IUXFKWEDUH/DQGZDUDQGLHVHU6WHOOHQXUGUHL3IHLOVFKXEUHLW(LQ6WLFKNDQDOPLW VDXEHUHQ 6FKOHXVHQ DQ GHQ 5lQGHUQ QRFK YROOHU 6SXUHQ GHU MlKUOLFKHQ 1LOEHUVFKZHPPXQJ EUDFKWH PLFK LQ GLH 1lKH GHV 3DOPHQZlOGFKHQV 'DV +DXV XQWHU GHQ 3DOPHQ VHOEVW ZDU QLFKW JUR DEHU UDIILQLHUW DQJHOHJW (LQH 7HUUDVVH IKUWH JHQDX DXI GHQ KDUWHQ *HJHQVDW] ]ZLVFKHQ *UQ XQG *UHOOJHOE ]ZLVFKHQ :HLGH XQG :VWH KLQDXV (LQ $XVGUXFN GHU 9HUIDVVXQJ GHU %HVLW]HULQ" ,FK KRE GLH 6FKXOWHUQ XQG HQWGHFNWH HLQH MXQJH )UDX GLH %OWHQ HQWODQJHLQHV3ODWWHQZHJHVVFKQLWW ³,FKP|FKWHGLH+HUULQ6KDLQVD7DUVSUHFKHQ,VWGDVP|JOLFK".DQQVWGXPLFK DQPHOGHQ" ³:HQQLFKGHLQHQ1DPHQZHL+HUU" ³,FKELQGHUEHVWH)UHXQGYRQ3WDK6RNDUHQWJHJQHWHLFKIUHXQGOLFK'LH)UDX PXVWHUWHPLFKPLWGLUHNWHQVFKQHOOHQ%OLFNHQYRQKHUDXVIRUGHUQGHP,QWHUHVVH ³$WODQ$DNHQHUGHUEHUKPWH$U]WDXVGHP'HOWD"

³'HU 0DQQ GHU YHUVXFKW GLH +DXW GHU 0HQVFKHQ ZLHGHU ]X JOlWWHQ VDJWH LFK XQGQLFNWH³.HLQHVZHJVEHUKPW,VWGHLQH+HUULQ]X+DXVH" ³6LH ZLUG GLFK HPSIDQJHQ ZHQQ GX LKU =HLW OlW VLFK DXI GLFK YRU]XEHUHLWHQ :LOOVWGXLP6FKDWWHQZDUWHQ" 6LH GHXWHWH DXI HLQH 6WHLQEDQN LQ )RUP ]ZHLHU 5lWVHOZHVHQ ,FK QLFNWH XQG VHW]WH PLFK DXI GLH NKOH )OlFKH (LQ VHKU MXQJHV 6NODYHQPlGFKHQ NDP XQG EHJDQQ PHLQH *OLHGHU PLW GXIWHQGHP NKOHQGHP gO HLQ]XUHLKHQ GDV VRIRUW YHUGXQVWHWH XQG HLQHQ DWHPEHUDXEHQGHQ *HUXFK KLQWHUOLH ,FK HUODXEWH PLU YRUEHUJHKHQG HLQLJHUPDHQ YHUZLUUW ]X VHLQ XQG ZDUWHWH 8P PLFK KHUXP ZDUHQ QXU GLH /DXWH GHV 7DJHV GDV IHUQH 5DXVFKHQ XQG *OXFNHUQ GHU :HOOHQ GLH=LNDGHQXQG*ULOOHQGLHOHLVHQ7|QHGHU]ZLWVFKHUQGHQ9|JHOHLQ:LHKHUQ DXV JU|HUHU (QWIHUQXQJ XQG GDV 5DXVFKHQ GHV :LQGHV LQ GHQ NQDUUHQGHQ XQG UDVFKHOQGHQ3DOPHQZHGHOQ0HLQH(ULQQHUXQJVDJWHPLUGDLFKLQ6FKODFKWHQ JHZHVHQZDUMHW]WDEHUKHUUVFKWHWLHIHU)ULHGHQGHQLFKHEHQVRJHQRZLHGHQ +DXFK GHU YHUIOLHJHQGHQ 6XEVWDQ]HQ 1DFK HLQHU :HLOH GLH PLU ZLH HLQLJH $XJHQEOLFNH YRUNDP JOLWW ]ZLVFKHQ GHQ 9RUKlQJHQ GHV NOHLQHQ 3RUWDOV HLQ DQGHUHV0lGFKHQKHUYRUQlKHUWHVLFKPLUVFKHXXQGOLVSHOWH ³0HLQH +HUULQ 6KDLQVD7DU HUZDUWHW GLFK JURHU $U]W .RPP ,FK EULQJH GLFK ]XLKU ,FK VWDQG DXI XQG IROJWH LKU HQWODQJ GHU JHNXUYWHQ :HJH HLQHV NXQVWYROO DQJHOHJWHQ *DUWHQV -H PHKU LFK YRP +DXV XQG VHLQHU QlKHUHQ 8PJHEXQJ VDK GHVWR PHKU VSUWH LFK GLH HUVWHQ $Q]HLFKHQ HLQHU 9HU]DXEHUXQJ 0HLQH 1HXJLHUGH ZXFKV ,FK NDP DQ NOHLQHQ 7HLFKHQ YRUEHL YRQ GHQHQ ZDVVHUEUWHQGH 9|JHO DXIIORJHQ 'DV ,QQHUH GHV +DXVHV ZDU NKO XQG YRQ :RKOJHUFKHQ HUIOOW 7UHSSHQ IKUWHQ DXIZlUWV /DFKHQ XQG .LFKHUQ GUDQJHQ KLQWHU VFKZHUHQ 9RUKlQJHQ KHUYRU XQG VFKOLHOLFK ZXUGH LFK DXI GHU EHUHLWV EHNDQQWHQ7HUUDVVHDOOHLQJHODVVHQ $XFKGHUQlFKVWH$QEOLFNEHUUDVFKWHPLFK8QWHUHLQHPZHLWXQGVFKZXQJYROO DXVJHVSDQQWHQ 6RQQHQVHJHO VWDQG DXI VWHLQHUQHQ %|FNHQ HLQ K|O]HUQHU 7LVFK 'DYRU ZDU HLQ KRFKOHKQLJHU 6HVVHO $XI GHU 3ODWWH EUHLWHWHQ VLFK =HLFKQXQJHQ DXVGLHPLFKDQ6WRIIRGHU7HSSLFKPXVWHUHULQQHUWHQ9RUGHP7LVFKEOLHELFK VWHKHQXQGOlFKHOWH ³$XV HLQHU 0DJG ZLUG LQ ZHQLJHQ $XJHQEOLFNHQ GLH +HUULQ VDJWH LFK DQHUNHQQHQG 'LH MXQJH )UDX GLH LFK JDQ] ]XHUVW JHWURIIHQ KDWWH VD YRU PLU XQGOlFKHOWH]XUFN6LHZDUJDQ]LQ:HLJHNOHLGHWXQGGHU6HVVHOZDUPLWGHP )HOO VFKZDU]HU /lPPHU DXVJHVFKODJHQ (UVW MHW]W VDK LFK HV JDQ] JHQDX 6KDLQVD7DU ZDU YRQ DXHUJHZ|KQOLFKHU 6FK|QKHLW XQG $Q]LHKXQJVNUDIW ,KU VHLGLJHVVFKZDU]HV+DDUILHODXIGLHUHFKWH6FKXOWHU ³:LU )UDXHQ VSLHOHQ YLHOH 5ROOHQ JOHLFKHUPDHQ JXW HUZLGHUWH VLH PLW HLQHU XQJHZ|KQOLFKWLHIHQ6WLPPH³(VJLEWDOOHUGLQJV5ROOHQGLHZLUQLFKW]XVSLHOHQ EUDXFKHQ ,FKVWW]WHPLFKDXIGLH7LVFKSODWWHXQGEOLFNWHLQLKUHDEJUXQGWLHIHQ$XJHQ ³-HGHU 0DQQ ZlUH EHUUDVFKW EHNDQQWH LFK ³,FK ELQ HV DXFK ,FK IUDJH PLFK

DOOHUGLQJV ZDUXP DXVJHUHFKQHW HLQH VR VFK|QH )UDX ZLH GX HV ELVW PLFK GULQJHQG]XVHKHQZQVFKW 6KDLQVD7DU ZDU JHQDX DQ GHU *UHQ]H ]ZLVFKHQ YROO HUEOKWHP 0lGFKHQ XQG HLQHU )UDX GHUHQ 6FK|QKHLW QDFK IQI -DKUHQ ]X ZHONHQ EHJLQQHQ ZUGH 6FKODQN XQG GHQQRFK YHUIKUHULVFK YROOHU DQPXWLJHU .XUYHQ XQG NHLQHVZHJV YRQMHQHUDXVODGHQGHQ6FKZHUHZLHVLHDOWHUQGH)UDXHQOHLFKWHUJULIINXU]XP HLQH )UDX GLH HV XQWHU 7DXVHQGHQ QXUHLQPDOJDE,FKEHPHUNWHGD EHU GHP OLQNHQ+DQGJHOHQNLQGHUDWWUDNWLYJHEUlXQWHQKHOOHQ+DXWVLFKHLQHVRQGHUEDUH $UW YRQ 6FKPXFN EHIDQG (V ZDU HLQH 7lWRZLHUXQJ GLH JROGHQ JOlQ]WH XQG VFKLPPHUWH %OWHQPXVWHU 0lDQGHU XQG YHUVFKOXQJHQH JHRPHWULVFKH )RUPHQ ELOGHWHQ HLQ IQI )LQJHU EUHLWHV $UPEDQG GDV LQ HLQHQ JHZDJWHQ JROGIDUEHQHQ 6FKQ|UNHO DXVOLHI ,FK UL PHLQHQ %OLFN YRQ GHQ YHUIKUHULVFKHQ /LQLHQ GLHVHV UlWVHOKDIWHQ6FKPXFNHVXQGLKUHV.|USHUVORVXQGVDKZLHGHULQLKU*HVLFKW(LQ ZLQ]LJHU 0XVNHO XQWHU LKUHP $XJH ]XFNWH QHUY|V 0HLQ ([WUDKLUQ HULQQHUWH PLFKZLVSHUQG 'HQNH GDUDQ ZDV 3WDK EHU GHQ DQJHJULIIHQHQ 9HUVWDQG GHU GUHL %HIDOOHQHQ JHVDJWKDW ,FKULHIPLUGLHVSlUOLFKHQ,QIRUPDWLRQHQLQV*HGlFKWQLV]XUFNXQGHQW]RJPLFK VFKQHOOGHUDXVJHSUlJWHQ)DV]LQDWLRQ,KUH$QWZRUWDXIPHLQHJH]LHOWH)UDJHOLH PLFK DXIKRUFKHQ ³0lQQHU ZLH 3WDK LFK NHQQH QXU ZHQLJH GLHVHU 6WlUNH XQG JHLVWLJHU%HZHJOLFKNHLWHU]lKOHQXQJHUQYRQDQGHUHQ0lQQHUQ9RQGLUHU]lKOWH HU YLHOHV (U VDJW GD GX EHVVHU ELVW DOV HU 'LHV XQG GHU 8PVWDQG GD GX YLHOOHLFKWLQGHU/DJHELVWPHLQ+DXWOHLGHQXQGPHLQH9HUZLUUXQJ]XNXULHUHQ OLHHQ PLFK QHXJLHULJ ZHUGHQ ,FK VDJH GD LFK YRQ GLU HLQ VFKZDFKHV %LOG KDWWH ,Q :LUNOLFKNHLW ELVW GX VWDWWOLFKHU DXVGUXFNVYROOHU XQG HLQH ZDKUH +HU DXVIRUGHUXQJDQMHGH)UDX =XQlFKVW EOLHE LFK VSUDFKORV 6HLW VHKU ODQJHU =HLW KDWWH QLHPDQG VR PLW PLU JHVSURFKHQ'LH)UDXEHJDQQPLFK]XIDV]LQLHUHQ:DUXPDEHUZDUVLHHLQHGHU PHQVFKOLFKHQ0DULRQHWWHQGLHYRQGHQ6SLHOHUQ]XU(UULFKWXQJHLQHV:HOWUHLFKV JHEUDXFKWZXUGHQ",FKZUGHGLH(UNOlUXQJYHUPXWOLFKEDOGEHNRPPHQ ³,FK ELQ VROFKH *HVSUlFKH QLFKW JHZRKQW ZLFK LFK DXV ³,FK PDJ HLQ ZHQLJ EHVVHU DOV DQGHUH 0lQQHU VHLQ DEHU ]X HLQHU VROFKHQ %HJHLVWHUXQJ EHVWHKW ZDKUKDIWLJNHLQ*UXQG 6LHVWUDKOWHPLFKDQXQGGHXWHWHDXIGLH=HLFKQXQJHQXQGHLQJHULW]WHQ0XVWHU ³,FK OHEH IU )DUEHQ XQG )RUPHQ ,FK HUNHQQH 6FK|QKHLW ZR LFK VLH VHKH ,FK PHUNHXQGZHLZLHJXWH:DUHDXV]XVHKHQKDW'XELVWPHKUDOVJXWH:DUH ³0DJ VHLQ -HGHQIDOOV VROO LFK GLH :XFKHUXQJ GHLQHU +DXW HQWIHUQHQ ZLH PLU 3WDKV%RWHVDJWH ³1DFKGHPGXVLHEHL6DNRUXQG'KDQDJHKHLOWKDVWJDE6KDLQVD]XUFN³(VLVW ZLFKWLJ GD LFK JHVXQG ZHUGH 'LH 7FKHU 7HSSLFKH )HOOH XQG :HEDUEHLWHQ DXV $NRULV JHKHQ LQ DOOH 5LFKWXQJHQ XQG YHUPHKUHQ GHQ 5XKP XQG GHQ 5HLFKWXPGHV/DQGHV1XUZHQQLFKGLH$UEHLWHQVHOEVWEHDXIVLFKWLJHZHQQLFK QHXH0XVWHUVFKDIIHEULQJHQGLH+DQGHOVNDUDZDQHQGLH:DUHDXV$NRULVLQDOOH

/lQGHU ³,FK YHUVWHKH VDJWH LFK ³8QWHUVFKlW]H QLFKW GLH *HIlKUOLFKNHLWGHU2SHUDWLRQ 6KDLQVD7DU ³3WDK6RNDUVFKLOGHUWHPLUGHLQH*HVFKLFNOLFKNHLW ³,FK KDEH QLFKW LPPHU JHVFKLFNWH )LQJHU XQG GDVVHOEH *OFN VDJWH LFK XQG HUULHWZHOFKH9RUDUEHLWPHLQ)UHXQGJHOHLVWHWKDWWH³7URW]GHPZHUGHLFKYHUVX FKHQHXFKVRVFKQHOOZLHP|JOLFK]XKHLOHQ ³'XZRKQVWEHL3WDK" ³6RZDUHVDXVJHPDFKW ³3WDKZXWHGDGXKHXWHNRPPVW(VZLUGHLQ)HVWJHEHQ1DFKGHP)HVWODGH LFKGLFK]XHLQHP%LHURGHU:HLQXQGHLQHPODQJHQ*HVSUlFKKLHUKHUHLQ:LUVW GXNRPPHQ" ³:HQQ LFK QDFK HLQHP )HVW YRQ 3WDK GD]X QRFK LQ GHU /DJH VHLQ ZHUGH HUNOlUWHLFKXQGWUDWDXVGHP6FKDWWHQGHVZHLHQ6RQQHQVHJHOV³,FKKDEHPLFK LQGHU6WDGWXQG]ZLVFKHQLKUHQ0HQVFKHQQRFKQLFKW]XUHFKWJHIXQGHQ ³(V ZLUG GLU OHLFKWIDOOHQ $NRULV LVW NOHLQ XQG EHWULHEVDP 8QG ZHQQ PDQ YRQ GHLQHQ(UIROJHQK|UWZLUGPDQGLFKOLHEHQ ,PPHU ZLHGHU VDK LFK GLH =HLFKQXQJHQ DQ 6LH YHUULHWHQ HLQHQ IUHPGDUWLJHQ (LQIOX6LHZDUHQQLFKWLQQHUKDOEGHU.XOWXUGLHVHU=HLWHQWVWDQGHQZHGHUUHLQ lJ\SWLVFK QRFK KHNDNKDVXWLVFK NRQQWHQ VLH JHQDQQW ZHUGHQ 1DWUOLFK KLHOWHQ VLH VLFK DQ GLH WUDGLHUWHQ )RUPHQ DEHU GLH HLJHQWOLFKHQ VFK|SIHULVFKHQ ,GHHQ NDPHQYHUPXWOLFKYRQ(6YRP.XQVWSODQHWHQ:DQGHUHUXQGDXVGHU3KDQWDVLH HLQHVGHUEHLGHQ6SLHOHU(LQHUGHU3DUDVLWHQZDUZRKOGDUDXIDEJHVWLPPWGHP HUVWUHEWHP :HOWUHLFK ZLUWVFKDIWOLFKH (UIROJH ]X VLFKHUQ ,FK EHJULII GD GDV 6SLHOGXUFKDXVVXEWLODQJHOHJWZDUJOHLFKJOWLJZLHODQJHHVVFKRQJHIKUWZXU GH XQG ZLH VHKU GLH 6\PELRQWHQ LQ]ZLVFKHQ HLJHQHV /HEHQ JHZRQQHQ KDWWHQ ,FKEOLHEQHEHQGHP7LVFKVWHKHQXQGEOLFNWHLQGLHJURHQHLQGUXFNVYROOHQ$X JHQ GHU )UDX ,Q GLHVHP 0RPHQW ZDUHQ ZLU EHLGH VLFKHU GD ZLU IUKHU RGHU VSlWHUOHLGHQVFKDIWOLFK]XHLQDQGHUILQGHQZUGHQ ,FKKREGLH+DQGXQGGHXWHWHLQGLH5LFKWXQJGHV1LOVXQG3WDKVNOHLQHP3DODVW ³'LH 5HLVH KDW PLFK HUPGHW $XFK KDEH LFK PLW PHLQHP )UHXQG QRFK NHLQ :RUWJHZHFKVHOWVDJWHLFKOHLVH³:LUVHKHQXQVDXIGHP)HVW 6LH HQWOLH PLFK PLW HLQHP VFKPHO]HQGHQ /lFKHOQ XQG HLQHP %OLFN YROOHU NKQHU6HOEVWYHUVWlQGOLFKNHLW(LQHlKQOLFKGLUHNWDXVVWUDKOHQGH,QWHOOLJHQ]KDWWH LFK EHL 1DDPHU7D LP 'HOWD JHVSUW =X ZHOFKHU GHU ]ZHL 3DUWHLHQ ]lKOWH 6KDLQVD7DU"(VZDUPLJGLH)UDJHEHDQWZRUWHQ]XZROOHQ,FKJLQJLQ3WDKV +DXV-HQVHLWVHLQHVIDUEHQIURKHQ9RUKDQJVHUZDUWHWHPLFKHLQMXQJHV0lGFKHQ XQG EUDFKWH PLFK KLQDXV LQ GHQ NKOHQ *DUWHQ GHVVHQ ]DKOORVH %OWHQ GXUFKGULQJHQG GXIWHWHQ (LQLJH +HU]VFKOlJH VSlWHU VWU]WH 3WDK6RNDU DXI PLFK ]XXQGXPDUPWHPLFK ³(V LVW JXW GD GX KLHU ELVW VDJWH HU HLQIDFK ³0LU SHUV|QOLFK JHKW HV KHUYRUUDJHQG 8QG LFK ELQ KLQWHU HLQLJH =XVDPPHQKlQJH JHNRPPHQ GLH XQVHUHQ$XIWUDJEHWUHIIHQ$WODQ

³,FKIUHXHPLFKHQWJHJQHWHLFKXQGOLHPLFKDP2EHUDUPYRQLKPPLW]LHKHQ ³$EHUWURW]XQVHUHU(UIROJHKDEHQZLUQRFKHLQHJHZDOWLJH$XIJDEHYRUXQV'X EDXVW'lPPHXQG6FKOHXVHQ" ³,FK YHUVXFKH QLHPDQGHQ ]X YHUZLUUHQ XQG KDOWH PLFK DQ DOWKHUJHEUDFKWH 7UDGLWLRQHQ $EHU ZHQQ DOOHV JHEDXW LVW HWZD LQ HLQHP -DKU KDEHQ YLHOH 0HQVFKHQ PHKU $UEHLW XQG (VVHQ PHKU :DVVHU XQG HLQ OHLFKWHUHV /HEHQ (V IlOOWOHLFKWNOJHU]XVHLQDOVGLHPHLVWHQDQGHUHQ ³1RFK NHLQ +HUUVFKHU KDW HV YHUPRFKW bQGHUXQJHQ HLQ]XIKUHQ GLH QLFKW ZLUNOLFK LQ HUUHLFKEDUHU 1lKH ODJHQ -HGH 1HXHUXQJ EUDXFKW HLQH JHZDOWLJH 0HQJHDQ=HLWVFKUlQNWHLFKHLQ3WDKQLFNWHEHLSIOLFKWHQGXQGVWLHKHUYRU ³:DVZUGHZLUNOLFKJHVFKHKHQN|QQHQZHQQGDV9RONNOJHUXQGHLQVLFKWLJHU ZlUH ³:lUHQ GLH )HOODFKHQ NOJHU XQG JHELOGHWHU ZUGHQ VLH QLFKW GLHVH NQRFKHQEUHFKHQGH $UEHLW DXI VLFK QHKPHQ ZLGHUVSUDFK LFK ³7URW]GHP VLQG QLFKW QXU ZLU DOV %ULQJHU GHU .XOWXU WlWLJ VRQGHUQ DXFK GLH %HIDOOHQHQ GHU 6\PELRQWHQ&KD\DQPDFKWHGDV'HOWDVLFKHUHU7RZH6DWQLYROOHQGHWH&KD\DQV :HUN 1DDPHU7D EHVRUJWH GLH $XHQSROLWLN XQG EHHLQIOXWH GHQ 3KDUDR 6KDLQVD7DUVRUJWGDIUGD6WRIIHXQGQHXH0XVWHULQDOOH5LFKWXQJHQGHU:HOW JHKHQ'DV6SLHOGHU]ZHLXQVLFKWEDUHQ6SLHOHULVWQRFKLPPHULPYROOHQ*DQJ 3WDK ³*HQDXGDVPHLQHLFKDXFK8QGLUJHQGMHPDQGKDQGHOWLQ1XELHQDP2EHUODXI 'RUWLVWVWlQGLJH8QUXKH ³'DV VROO QRFK QLFKW XQVHU 3UREOHP VHLQ (UVW HLQPDO GLH GUHL 3DUDVLWHQ LQ $NRULVPHLQ)UHXQG ³=XHUVWHLQNOHLQHV)HVWLP/HLKSDODVW ³.DQQLFKPHLQHÃ:HUNVWDWWGHU:XQGHQ LQGLHVHP3DODVWDXIVFKODJHQ"IUDJWH LFKODFKHQG$OVZLUGXUFKGLH5lXPHXQGEHUGLH7UHSSHQJLQJHQVDKLFKGD YLHOHGHU6FKUHLEHUXQG0RGHOOEDXHUGDV+DXVYHUODVVHQKDWWHQ ³6RZDUHVYRQ$QIDQJDQJHGDFKW,FKIUFKWHGXZLUVWQLFKWODQJHKLHUEOHLEHQ N|QQHQ VDJWH 3WDK ³'LH IDOVFKHQ 6NODYHQ KDEHQ VLH VFKRQ ,QIRUPDWLRQHQ JHVFKLFNW" 6LH PXWHQ VLFK DXVJHQRPPHQ %QRQD LQ]ZLVFKHQ LQ DOOHQ 7HLOHQ GHV 5HLFKHV EHILQGHQ ³1HLQ,FKKDEHQRFKQLFKWVJHK|UW ³5HFKQHVW GX GDPLW GD ZLU YRQ LKQHQ 0LWWHLOXQJHQ EHNRPPHQ" IUDJWH 3WDK 'LHJXWH=HLWKDWWHLKQQLFKWYHUGRUEHQHUZDUVFKODQNEUDXQJHEUDQQWXQGDXV MHGHUVHLQHU%HZHJXQJHQVSUDFKHQ6FKQHOOLJNHLWXQG6LFKHUKHLW:LUEOLHEHQDXI GHQ6WHLQHQHLQHU%DOXVWUDGHVLW]HQGLHHLQH7HUUDVVHDEJUHQ]WH $XV GHP ,QQHUQ GHV +DXVHV NDPHQ GLH /DXWH XQG *HUlXVFKH GLH GDUDXI KLQGHXWHWHQGDGLH6NODYHQXQG0lJGHGDV)HVWYRUEHUHLWHWHQ,FKOLHPHLQHQ %OLFNEHUGLHYHUWUDXWHQ)RUPHQGHV/DQGHVJOHLWHQGDVQXUHLQHVFKPDOH=RQH GHV/HEHQV]ZLVFKHQGHQ5lQGHUQGHUXQEDUPKHU]LJHQ:VWHZDU ³,FK JODXEH GD VLH IUKHU RGHU VSlWHU MHPDQGHQ ILQGHQ GHU HLQHQ 3DUDVLWHQ

WUlJW'LHVNDQQ DXFKLQ 1XELHQ VHLQ$EHULFKVHW]HPHLQH+RIIQXQJQLFKWDXI GLH6NODYLQQHQXQG6NODYHQ=DNDQ]D8SXDXWV(VVLHKWKHXWHVRDXVDOVKlWWHQ ZLU(UIROJ0RUJHQNDQQVLFKDOOHVlQGHUQ 6HLQH $XJHQ ODJHQ DXI GHP EODXHQ :DVVHU GHV 6WURPHV GHU VLFK VHLW XQGHQNOLFKHQ=HLWHQGHP2EHUHQ0HHUHQWJHJHQZlO]WH ³5LFKWLJ:LUNOLFKJHVLHJWZHUGHQZLUHUVWGDQQKDEHQZHQQZLUGLH+HUUHQGHU 6\PELRQWHQNHQQHQ ³8QGHVLVWIUDJOLFKREZLUGLHVMHPDOVVFKDIIHQ :LU JLQJHQ LQV +DXV]XUFN 3WDK KDOI PLU PLFKYROOHQGV HLQ]XULFKWHQ 'LHQHU EUDFKWHQ 0|EHOVWFNH GLH LFK QRFK EUDXFKWH 7HSSLFKH XQG 9RUKlQJH (LQ 5lXFKHUEHFNHQ ZXUGH DXIJHVWHOOW XP GLH VFKZLUUHQGHQ ,QVHNWHQ ]X YHUWUHLEHQ 1RFK ZlKUHQG ZLU XQV XQWHUKLHOWHQ XQG 1HXLJNHLWHQ DXVWDXVFKWHQ NDPHQ GLH HUVWHQ*lVWH(VZUGHQQLFKWYLHOHZHUGHQHUNOlUWH3WDKDEHUVLFKHUOLFKNDPHQ 'KDQD$SRSL XQG 3DQWLO6DNRU 'LH IROJHQGHQ 6WXQGHQ OLHHQ HUNHQQHQ GD GLH %H]HLFKQXQJ ³)HVW HLJHQWOLFK IDOVFK ZDU HV ZXUGH HLQH =XVDPPHQNXQIW YRQ 0HQVFKHQ GHQHQ GDV :RKO GHU 6WDGW XQG GHV /DQGHV HEHQVR ZLFKWLJ ZDU ZLH LKU HLJHQHV :LU DHQ WUDQNHQ XQG XQWHUKLHOWHQ XQV ,FK PXWH EHULFKWHQ ZDVHVDQ1HXLJNHLWHQDXVGHP'HOWDJDELFKZXUGHEHUPHLQH.XQVWEHIUDJW XQG VFKLOGHUWH GLH 2SHUDWLRQHQ XQG GLH ELVKHULJHQ +HLOXQJVHUIROJH (LQ NOHLQHU .UHLVYRQQLFKWPHKUDOVGUHLLJYLHU]LJ3HUVRQHQIDVWMHGHQ$OWHUVHUIOOWHGLH +DOOHXQGGLH7HUUDVVHPLWGHPKHLWHUHQ.ODQJGHU*HVSUlFKH'LH0LWWHOSXQNWH ZDUHQ DEHU JDQ] XQ]ZHLIHOKDIW 6KDLQVD7DU XQG GHU $U]W DXV $XDULV 8P XQV VFKDUWHQ VLFK GLH bJ\SWHU ZLU ZXUGHQ LPPHU ZLHGHU LQ 8QWHUKDOWXQJHQ YHUZLFNHOWXQGDOVLFKVFKOLHOLFKGLH6\PELRQWHQDP+DOVGHV0DQQHVXQGGHU :LUEHOVlXOH GHU )UDX VDK ZDU HV VFKRQ ]X GXQNHO XP ZHLWHUJHKHQGH )HVW VWHOOXQJHQWUHIIHQ]XN|QQHQ,FKYHUDEUHGHWHPLFKPLW3DQILO6DNRUIUPRUJHQ NXU]QDFK0LWWDJ ³8QGZHUZLUGGLUKHOIHQ"HUNXQGLJWHVLFK3WDKVSlWHU ³,FK KDEH HLQH GHLQHU 'LHQHULQQHQ JHIUDJW 6LH KDOI YRU -DKUHQ HLQHP $U]W (V ZLUG IU VLH QLFKW VFKZLHULJ VHLQ DXFK PLU ]XU +DQG ]X JHKHQ $OOHV ZDV LFK EUDXFKHLVWQDFK0LWWDJHLQVFKDUIHV)HXHU ³'XZLUVWHVVHOEVWYHUVWlQGOLFKEHNRPPHQ 'LH 1DFKW HQGHWH VR UXKLJ ZLH GHU $EHQG DQJHIDQJHQ KDWWH 6KDLQVD7DU HU]lKOWHPLUZLHVLHDXIGHU5HLVHQDFKbJ\SWHQVLHZDUHLQHQLFKWDQHUNDQQWH )UVWHQWRFKWHUHLQHVPLUXQEHNDQQWHQJURHQ1RPDGHQVWDPPHVDXVGHP2VWHQ YRUVLHEHQ6RPPHUQSO|W]OLFKHUIDKUHQKDWWHGDLKU9HUVWDQGVFKlUIHUZXUGH ZLHLKUH)lKLJNHLWHQZXFKVHQRKQHGDVLHYLHOEHZXW]XOHUQHQEUDXFKWHXQG ZLHVLHHLQHV0RUJHQVGLH9HUGLFNXQJLKUHU+DXWHUWDVWHWKDWWH6HLWGLHVHU=HLW JHODQJ LKU DOOHV ZDV VLH VLFK YRUQDKP DEHU JOHLFKHUPDHQ OHEWH VLH LQ GHU )XUFKWGHUIUHPGH*DVWLQLKUHP9HUVWDQGZUGHVLHZDKQVLQQLJPDFKHQ ,FK VFKZLHJ XQG EHJDQQ PLFK ]X IUDJHQ RE 6KDLQVD7DU PHLQHQ 9HUVXFK GHV (LQJUHLIHQVEHUOHEHQZUGH$QGHU6WHOOHZRGLH:LUEHOVlXOHLQGLH.QRFKHQ GHV +LQWHUKDXSWV EHUJLQJ QXU JHVFKW]W GXUFK +DXW 0XVNHOQ XQG ]ZHL

VFKPDOH6HKQHQOHLFKWHUYHUOHW]EDUDOVMHGHDQGHUH6WHOOHGHV.|USHUVDQGLHVHU 6WHOOH ZDU GLH 2SHUDWLRQ HLQ OHEHQVJHIlKUOLFKHV 5LVLNR IU HLQHQ 4XDFNVDOEHU ZLHPLFK )QI 1lFKWH VSlWHU ODJ GDV 0RQGOLFKW YROO DXI GHP $QWOLW] GHV *RWWHV 6HWK GHVVHQ 7HPSHO DP 5DQG GHV 6DQGHV HUULFKWHW ZDU XQG JHZLVVHUPDHQ DXI $NRULV KHUXQWHUEOLFNWH $XV GHQ 8QWHUNQIWHQ GHU )HOODFKHQ GHU $UEHLWHU XQG +DQGZHUNHU GHUHQ 'lFKHU XQG 0DXHUQ VLFK LQ GHU 8QWHUHQ 6WDGW EHUKUWHQ GUDQJ XQGHXWOLFKHU /lUP 'LH 0LWWH GHU 1DFKW NDP QlKHU 'LH 1LOZHOOHQ SOlWVFKHUWHQ :DVVHUY|JHO XQG )LVFKH EHZHJWHQ VLFK LP 6FKLOI 'KDQD$SRSL XQG 3DQILO6DNRU GLH .lPPHUHU GHV 3KDUDR VFKOLHIHQ LUJHQGZR GHU *HQHVXQJ HQWJHJHQ 'LH 2SHUDWLRQHQ ZDUHQ QLFKW VFKZLHULJ DEHU HUVFK|SIHQG JHZHVHQ )QI 6\PELRQWHQ ZDUHQ DXVJHVFKDOWHW ZRUGHQ $Q PHLQHU 6HLWH ULFKWHWH VLFK 6KDLQVDDXIXQGIOVWHUWH ³'XELVWXQUXKLJPHLQ*HOLHEWHU'XVROOWHVWVFKODIHQ ,KU .|USHU ZDU ZXQGHUEDU NKO 'DV GXQNOH +DDU ODJ DXI LKUHQ 6FKXOWHUQ ,KUH +DQGOHJWHVLFKDXIPHLQH6WLUQLFKHUZLGHUWH ³,FK GHQNH DQ PRUJHQ 'LH 2SHUDWLRQ ZLUG VFKZLHULJ ZHUGHQ XQG GHVKDOE ELQ LFKXQUXKLJ$XHUGHPPDFKWPLFKGDV0RQGOLFKWUDVHQG +LQWHU GHQ KDXFKGQQHQ *HVSLQVWHQ GHU 0FNHQYRUKlQJH GLH XQVHU /DJHU XPJDEHQ KLQJ GDV QDUEHQYHUZVWHWH *HVLFKW GHV YROOHQ 0RQGHV ZLH HLQH XQYHUKOOWH'URKXQJ EHUGHP/DQG 3DOPHQZLSIHO6DQGGQHQXQGGLH5DVWHU GHU bFNHU YHUlQGHUWHQ LQ GHP JUHOOHQ /LFKW LKU $XVVHKHQ (LQH JHVSHQVWLVFKH :HOWEUHLWHWHVLFKUXQGKHUXPDXV,FKPHUNWHZLHLFKIU|VWHOWH ³,FK YHUWUDXHGHLQHU .XQVW ,FK KDEH ]ZHLPDO]XJHVHKHQZLHGX GLH .UDQNKHLW GHU+DXWEHVLHJWKDVW ,KUH :RUWH EHUXKLJWHQ PLFK QXU PlLJ 'DV *HIKO GHU 6SDQQXQJ XQG $QJVWEOLHE,QGHPPHUNZUGLJHQ/LFKWJOlQ]WHQDXFKGLH6FKQ|UNHOGHU DUPEDQGlKQOLFKHQ 7lWRZLHUXQJ DQ 6KDLQVDV +DQGJHOHQN ,FK VHW]WH PLFK DXI ZLFNHOWH GDV IHXFKWNDOWH 7XFK YRQ GHP 7RQNUXJ XQG QDKP HLQHQWLHIHQ6FKOXFN ³:HQQ ZLU QLFKW KLHU OLHJHQ XQG XQV OLHEHQ ZUGHQ EUXPPWH LFK ³KlWWH LFK NHLQH$QJVWXPGHLQ/HEHQ +|UWHGHU6\PELRQWPLW"(UNDQQWHHUPLFKDOVVHLQHQ)HLQG",FKVFKWWHOWHPLFK 6KDLQVDNODPPHUWHVLFKDQPHLQH6FKXOWHUQXQGIOVWHUWH ³0RUJHQ DEHQG LVW DOOHV YRUEHL ,FK KDEH ZHLWDXV PHKU $QJVW DOV GX $WODQ $DNHQHU ,FKHUZLGHUWH ³,FK JODXEH HV GLU $EHU HV VLQG QLFKW QXU GLHVH 8PVWlQGH GLH PLFK XQUXKLJ PDFKHQ (LQHQ 9LHUWHOPRQG ODQJ ZDU LFK VFKRQ LQ $NRULV =DNDQ]D8SXDXW KDWWH VLFK QLFKWJHPHOGHW(VJDENHLQH 1HXLJNHLWHQXQGNHLQHUOHL,QIRUPDWLRQHQEHUGLH

DFKW]HKQ YHUEOHLEHQGHQ 6\PELRQWHQ XQG GLH 6SLHOHU ,FK VFKWWHOWH GLH WUEHQ *HGDQNHQ DE XQG NWH 6KDLQVD ,KU DXIUHJHQGHU .|USHU SUHWH VLFK OHLGHQVFKDIWOLFK DQ PLFK :LU XPDUPWHQ XQV XQG VDQNHQ DXI GDV /DJHU ]XUFN ,UJHQGZDQQLQGHU]ZHLWHQ1DFKWKlOIWHVFKOLHIHQZLUHUVFK|SIWHLQ(LQJHOOHQGHU 6FKUHLZHFNWHPLFK(LQH6WLPPHGU|KQWHLQPHLQHP6FKlGHO *HIDKU:HQQGXQLFKWVRIRUWUHDJLHUVWELVWGXYHUORUHQ 'LH ZDUQHQGH 6WLPPH PHLQHV ([WUDKLUQV ZXUGH VFKZlFKHU XQG YHUVWXPPWH VFKOLHOLFK ,FK VSUDQJ WDXPHOQG DXI XQG YHUVXFKWH ]X EHJUHLIHQ 6KDLQVD ODJ VFKODIHQG DXI GHU 6HLWH ,KU *HVLFKW ZDU Y|OOLJ HQWVSDQQW (LQ JOFNOLFKHV /lFKHOQ VSLHOWH XP LKUH GXQNOHQ /LSSHQ ,FK VWDQG VWDUU GD XQG VDK PLFK XP 1LFKWVUHJWHVLFKDXIGHU7HUUDVVHXQGLP*UDVGHV*DUWHQV3O|W]OLFKEHJDQQLFK ]X ]LWWHUQ (WZDV )UHPGHV ZDU LQ PLU XQG YHUVXFKWH JHJHQ GHQ ODXWORVHQ :LGHUVWDQGGHV([WUDKLUQVYRQPLU%HVLW]]XHUJUHLIHQ '(53$5$6,7 $XVPHLQHU.HKOHNDPHLQTXDOYROOHV6W|KQHQ0LWHLQHP6DW]ZDULFKDXIGHU DQGHUHQ6HLWHGHV/DJHUVXQGVWUHLIWHPLWDXVJHEUHLWHWHQ)LQJHUQGDVYROOH+DDU 6KDLQVD7DUV DXV LKUHP 1DFNHQ ,FK WDXPHOWH ]XUFN DOV PLFK GHU 6FKODJ GHU VLFKHUHQ(UNHQQWQLVWUDI'LH6WHOOH]ZLVFKHQ+DDUDQVDW]XQG+DOVDQGHUMHQHU 3ODVPDNOXPSHQ MDKUHODQJ JHNOHEW KDWWH HLQ KHOOHUHV 6WFN +DXW YRQ ZLQ]LJHQ 6WLFKHQ XQG 6FKQLWWHQ EHGHFNW ZDU OHHU'HU3DUDVLW ZDUZlKUHQGGHV6FKODIHV GHU(UVFK|SIXQJYRQ6KDLQVDDXIPLFKEHUJHJDQJHQ'HU/RJLNVHNWRUVFKZLHJ JHOl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lPPHQ'HU +LPPHOZXUGHJUDX ³,FKPXVFKQHOOKDQGHOQIOVWHUWHLFK³3WDKLVWLQGHU1lKHHLQ*OFNVIDOO ,FK VSUDQJ EHU GLH 0DXHUEUVWXQJ VWUPWH JHUDGHDXV GXUFK GHQ *DUWHQ XQG EHU GHQ 6DQG GHV 3DOPHQZDOGHV ,Q]ZLVFKHQ NDQQWH LFK GHQ :HJ LP 6FKODI ,FK UL HLQHQ 9RUKDQJ ]XU 6HLWH GXUFKTXHUWH PHLQH 5lXPH GLH LP GLIIXVHQ +DOEGXQNHO ODJHQ XQG WDVWHWH PLFK HQWODQJ GHU .RUULGRUH XQG GHU .RORQQDGHQ GRUW ZR LFK 3WDK6RNDU ZXWH 0HLQH QDFNWHQ 6RKOHQ NODWVFKWHQ DXI GHQ )OLHVHQ GLH QRFK GLH .KOH GHU 1DFKW DXVVWUDKOWHQ ,UJHQGZR VFKULH MHPDQG HLQH DQGHUH 6WLPPH EUOOWH HLQHQ %HIHKO ,FK KLHOW PLFK DQ HLQHU 6lXOH IHVW VFKZDQJPLFKGDUXPKHUXPXQGVWU]WHLQ3WDKV6FKODIUDXP (U VWDQG EHUHLWV YRU PLU HLQH VFKODQNH 6WUHLWD[W LQ EHLGHQ +lQGHQ hEHU VHLQH 6FKXOWHUEOLFNHQGHUNDQQWHLFKHLQHMXQJH)UDXGLHHEHQHUZDFKWHXQGXQVPLW

VFKUHFNJHZHLWHWHQ$XJHQDQVWDUUWH³$WODQNHXFKWHHUDXIXQGVHQNWHGLH$[W ³,FKGDFKWHDQHLQHQhEHUIDOO ,FK GUHKWH PLFK XP XQG GHXWHWH DXI PHLQHQ 1DFNHQ XQG ]ZLVFKHQ PHLQH 6FKXOWHUQ 'DQQ VWLH LFK KHUYRU ³6KDLQVDV 3DUDVLW LVW DXI PLFK EHUJHJDQJHQ 'X PXW LKQ VRIRUW ZHJPDFKHQ 6FKQHOO HKH HU YROO GLH 0DFKW EHU PLFK JHZLQQW ³,FK"%LVWGXYRQ6LQQHQHUPDFKWHHLQH3DXVHULVHLQHQ'ROFKKHUDXVXQG WUHQQWHPLWHLQHPZLOGHQ6FKQLWWPHLQ*HZDQGDXI³-D,FKVHKHLKQ+RFK]ZL VFKHQGHQ6FKXOWHUEOlWWHUQ1XQHVJHKWZRKOQLFKWDQGHUV ,FKVW|KQWHDXI ³%UHQQHLKQZHJXQGZLUILKQLQV)HXHU+ROH6KDLQVDXQGGHLQH0DJG'XKDVW RIW JHQXJ ]XJHVHKHQ :HQQ GX PLFK PLW GHP /lKPVWUDKOHU EHWlXEVW IOVWHUWH LFK³VSUHLFKNHLQHQ6FKPHU] ³6SUVWGXMHW]WHWZDV" ³1LFKW GDV JHULQJVWH YHUVLFKHUWH LFK ZDKUKHLWVJHPl ³6FKQHOO 3WDK 1XU GX ELVWGLH6LFKHUKHLWGDIUGDLFKGDYRQNRPPH 'LHMXQJH)UDXEHJULIIQLFKWZRUXPHVJLQJ$OVHLQH6FKDU'LHQHUPLW:DIIHQ LQ GHQ 5DXP VWU]WH VFKHXFKWH 3WDK VLH ]XUFN XQG HUWHLOWH HLQH 5HLKH YRQ NODUHQ SUl]LVHQ %HIHKOHQ +HLHV :DVVHU HLQ VFKQHOOHV KHLHV )HXHU GLH QXELVFKH0DJGHLQHQ%RWHQGHU6KDLQVDKHUEHLUXIHQVROOWHYRUDOOHP5XKHXQG %HVRQQHQKHLW GHQQ QXU GHU EHUKPWH $U]W VHL GXUFK HLQHQ $OSWUDXP DXIJHVFKUHFNW DQ GHP /lUP VFKXOG %LQQHQ ZHQLJHU $XJHQEOLFNH KHUUVFKWH 5XKH 3WDKZDUIGLH$[WDXIGHQ7HSSLFKSDFNWHPLFKDQGHQ6FKXOWHUQXQG]RJPLFK LQGLH5LFKWXQJPHLQHVHLJHQHQ4XDUWLHUVXQGPHLQHU$U]WUlXPH ³:LHGLHVJHVFKHKHQNRQQWHVDJWHHU³EUDXFKHLFKQLFKW]XIUDJHQ,FKNDQQHV PLUYRUVWHOOHQ ³6R ZDU HV :LU OLHEWHQ XQV VFKOLHIHQ HLQ XQG GDQQ ZDFKWH LFK PLW GHU *HZLKHLWDXIGDHWZDVXQYRUVWHOOEDU*UDXHQKDIWHVEHUPLFKNRPPW6RZDU HV ³*XW EUXPPWH HU XQG ]ZDQJ VLFK ]XU (QWVFKORVVHQKHLW ³9LHOPHKU QLFKW JXW ,FKZHUGHWXQZDVLFKNDQQ:HQQLFKGHLQHQ5FNHQ]XULFKWHZLHGDV)OHLVFK HLQHV2SIHUVWLHUVGDQQZLUVWGXPLUZRKOYHUJHEHQPVVHQ ³$OOHV LVW PLU JOHLFKJOWLJ NHXFKWH LFK ³1XU YHUQLFKWH GLHVHQ YHUGDPPWHQ 3DUDVLWHQ :LU VWROSHUWHQ XQG WDSSWHQ EHLGH KDOEQDFNW XQG EDUIX GXUFK GLH GXQNOHQ .RUULGRUH GHV +DXVHV ,UJHQGZR K|UWH PDQ GDV .QDFNHQ XQG 3UDVVHOQ HLQHV IULVFK HQWIDFKWHQ )HXHUV ,FK IUFKWHWH GHQ 6FKPHU] QLFKW GHQQ LFK ZUGH LKQ QLFKWVSUHQ3WDK6RNDUZXWHZLHHUHVDQVWHOOHQPXWH(LQ%RWHUDQQWHPLW NHXFKHQGHQ$WHP]JHQHQWODQJGHU$XHQPDXHU'HU+LPPHOYHUORUGLHJUDXH )lUEXQJXQGZXUGHLP2VWHQLQGDV5RVDGHU0RUJHQU|WHJHWDXFKW,FKZDQNWH KDOE EHVLQQXQJVORV YRU $QVSDQQXQJ XQG LQ GHU (UZDUWXQJ GD GHU QlFKVWH 6HNXQGHQEUXFKWHLOPLU]HLJHQZUGHGDHWZDV)UHPGHVGLH0DFKWEHUPHLQHQ

9HUVWDQG EHUQHKPHQ ZUGH LQ PHLQHQ $U]WWUDXP 'LH .QLH ]LWWHUWHQ PLU DOV LFKDXIGDV/DJHUILHO ³9HUODVVH GLFK DXI PLFK VDJWH 3WDK ³$XFK GLHV ZHUGHQ ZLU JHPHLQVDP EHUVWHKHQ 1RFK KDWWH LFK PHLQHQ =HOODNWLYDWRU (U ZUGH GLH VFKOLPPVWHQ )ROJHQ YHUKLQGHUQ N|QQHQ 3WDKV (QWVFKORVVHQKHLW JDE PLU HLQH 6SXU QHXH =XYHUVLFKW ,FKVDKWHLOQDKPVORV]XZLHHLQH'LHQHULQKHUHLQNDPXQGVlPWOLFKHgOOlPSFKHQ DQ]QGHWH =XJOHLFK PLW GHQ HUVWHQ 6RQQHQVWUDKOHQ HUKHOOWHQ GLH ]LWWHUQGHQ )ODPPHQ GHQ ZHLJHNDONWHQ 5DXP ,FK ZDJWH HLQHQ WLHIHQ $WHP]XJ XQG VDJWH ]|JHUQG ³,FK VSUWH YRQ GHU hEHUQDKPH QLFKWV 3WDK ,FK PHUNH DXFK MHW]W QLFKWV $EHU LFKELQVLFKHUGDLFKEHUNXU]RGHUODQJHLQH0DULRQHWWHYRQHLQHPGHUEHLGHQ 6SLHOHUVHLQZHUGHZHQQGXGHQ3DUDVLWHQQLFKWZHJEUHQQVW1RFKKDWHUNHLQH 0DFKWEHUPLFK ³,FKZHUGHDOOHVWXQ(QWVSDQQHGLFK$WODQ ,FK OLH PLFK IDOOHQ YHUJUXE GHQ .RSI LQ GHQ $UPHQ XQG GUHKWH PLFK DXI GHU KDUWHQ 8QWHUODJH DXI GHQ %DXFK ,FK PHUNWHQLFKWZLH3WDK6RNDUGHQ6WUDKOHU KRE DXI GHQ $XVO|VHU GUFNWH XQG PLFK EHVLQQXQJVORV PDFKWH 1XU GDV (QWODGXQJVJHUlXVFK JODXEWH LFK QRFK ZDKU]XQHKPHQ GDQQ VFKZHPPWH GLH %HZXWORVLJNHLWDOOH*HGDQNHQ(ULQQHUXQJHQXQG(PSILQGXQJHQZHJ $OOH" .HLQHVZHJV (LQ 5HVW EOLHE (V ZDU DOV KDEH VLFK HLQH ZLQ]LJH :HVHQKHLW DEJHNDSVHOW 6LH ELOGHWHHLQHQ1XNOHXVGHU$NWLYLWlWLQPLWWHQHLQHUULHVLJHQUHJXQJVORVHQ0DVVH 'LH IROJHQGHQ 6WXQGHQ ZDUHQ LQ PHLQHU (ULQQHUXQJ QLFKW H[LVWHQW VRZHLW HV 3WDKV+DQGOXQJHQXQGVHLQHQ9HUVXFKEHWUDIPLFK]XUHWWHQ $EHULQPHLQHU(ULQQHUXQJEHIDQGVLFKDOVLFKLUJHQGZDQQZLHGHU]XPLUNDP HLQXQDXVO|VFKOLFKHU(LQGUXFN (VZDUDOVVlKHLFKLP=HQWUXPHLQHVGXQNOHQZLUEHOQGHQ&KDRVHLQHZLQ]LJH %KQH DXI GHU HLQ PHUNZUGLJHV *HVFKHKHQ DEOLHI :LQ]LJH *HVWDOWHQ EHZHJ WHQ VLFK VSUDFKHQ LKUHQ 7H[W XQG KDWWHQ LKUH HLJHQHQ *HGDQNHQ XQG (PSILQGXQJHQ,FKZDUOHGLJOLFK=XVFKDXHUXQGZDVGLH(PSILQGXQJHQEHWUDI 7HLOQHKPHUGLHVHVPDNDEUHQ3XSSHQVSLHOV (LQIUHPGHU9HUVWDQGVFKLHQHLQH$UW5HJLH]XIKUHQXQGKDWWHGLH)LJXUHQIHVW LQ*ULII LQ PHLQHP VFKODIHQGHQ KLUQ WDXFKWHQ VRQQHQ DXI HLQ N|USHU GHU DXVVDK ZLH HLQHKDOELHUWHNXJHOUDVWHDXIXQEHNDQQWHPZHJGXUFKHLQHIODPPHQGHJDOD[LV DXVP\UODGHQIDUELJHUSXQNWHHPSILQGXQJHQEHUVFKDWWHWHQGDVJUDQGLRVHELOG ODQJHZHLOH 8QWlWLJNHLW XQG VWlUNVWH IUXVWDWLRQ GDQQ ZLH ]XFNHQGH ODXWORVH EOLW]VFKOlJHGLHLGHHQIOXFKWH[SHULPHQWHHLQVSLHOZXUGHJHSODQW XQEHVWLPPWH ]HLW YHUJLQJ DQGHUH HLQGUFNH VFKREHQ VLFK LQ GHQ 9RUGHUJUXQG GLH ZHVHQ YRQ GHQHQ LFK ]X WUlXPHQ JODXEWH EHVFKlIWLJWHQ VLFK PLW DQGHUHQ GLQJHQRGHULFKHUOHEWHHLQHDQGHUHYHUJDQJHQKHLWPLW

LFKZDUGHQIUHPGDUWLJHQHLQGUFNHQDXVJHOLHIHUW LFKVSUWHZHGHUVFKPHU]HQQRFKYHUZXQGHUXQJDXVGHPZLUEHOQGHQFKDRVGHU XQHUNOlUOLFKHQ 9RUJlQJH DXI GHU EKQH GLH HLQPDO NOHLQHU GDQQ ZLHGHU JLJDQWLVFK JUR ZXUGH VR GD LFK GLH NUPPXQJ GHU KRUL]RQWH ]X HUNHQQHQ JODXEWHVFKUDXEWHQVLFKMHW]WHLQGHXWLJH9RUVWHOOXQJHQ]XPLUKHUDXI HLQ]HOQHOLFKWSQNWFKHQVFKZLUUWHQDXIPLFK]XLFKYHUVXFKWHVLH]X]lKOHQXQG NDP DXI ]Z|OI GDQQ DEHUPDOV DXI ]Z|OI GLH SXQNWH YHUZDQGHOWHQ VLFK LQ VHOEVWlQGLJH LPSXOVH ZXUGHQ ]X ZHVHQ PLW DEHQWHXHUOLFKHQ IlKLJNHLWHQ WHLOWHQ VLFKYHUVFKPRO]HQZLHGHUXQGJHULHWHQDXHUKDOEPHLQHUVLFKW ]ZHL XQWHUVFKLHGOLFKH JHGDQNHQVWU|PH IXKUHQ GXUFK GLH ODXWORVH OHHUH PHLQHV 9HUVWDQGHVXQGKLQWHUOLHHQHLQGUFNHGLHQXUNXU]KDIWHWHQXQGVLFKDXIO|VWHQ ZLHHLQJHUXFKLPZLQG PDVVLJ XQG NORELJ DEHU JHLVWLJ XQJHPHLQ EHZHJOLFK GDV ZDU GHU HLQH HLQGUXFNHUYHUJLQJGHU]ZHLWHVFKPDOXQGDJLOVFKODXXQGYROOHUWULFNVDXFK HUYHUVFKZDQGDXVPHLQHUEHZXWVHLQVHEHQH GLHEKQHVFKUXPSIWHZLHGHU]XVDPPHQ LFKVDK]ZHLGRSSHOUHLKHQYRQVSLHOILJXUHQHLQPDOLQGXQNOHUHLQPDOLQKHOOHU IlUEH DXI GHP 6SLHOEUHWW HUVFKLHQHQ OLQLHQ XQG IlUEHQ YHUlQGHUWHQ XQG YHU VFKREHQVLFKELVLFKHLQHYLHUGLPHQVLRQDOHODQGNDUWH]XHUNHQQHQJODXEWH '$663,(/EHJDQQ XQXQWHUEURFKHQZHFKVHOWHGDVDXVVHKHQGHUZLQ]LJHQPlQQOHLQLFKVSUWHZLH VLFK ]ZHL VWDUNH ZLOOHQ EHNlPSIWHQ DXV GHP VSLHO ZXUGH HUQVW ILJXUHQ VWDUEHQ XQG ZXUGHQ GXUFK QHXH HUVHW]W GLH NDUWH YHUlQGHUWH VLFK HLQLJH ILJXUHQ YHUVFKZDQGHQ XQG WDXFKWHQ DQGHUQRUWV ZLHGHU DXI LFK EHJULII NHLQHQ HLQ]LJHQ ]XJ DXI GLHVHP YHUUFNWHQ EUHWW LFK KDWWH QXU GHQ HLQGUXFN GD YLHO ]HLW YHUJLQJXQGGDXQXQWHUEURFKHQJHZDOWLJHJHVFKLFKWOLFKH8PEUFKHHUIROJWHQ IlUEHQIRUPHQXQGLUJHQGZHOFKHEHGHXWXQJHQYHUlQGHUWHQVLFKXQXQWHUEURFKHQ XQG VFKREHQ VLFK LQHLQDQGHU LFK ZXWH GD LFK DXI LUJHQGHLQH XQEHJUHLIOLFKH ZHLVH ]HXJH ZDU DOOHU 9RUJlQJH GLH GHQ HLJHQWOLFKHQ +LQWHUJUXQG IU XQVHUH PLVVLRQELOGHWHQ ZLHGHUEUHLWHWHQVLFKVWLOOHGXQNHOKHLWXQGQLFKWEHJUHLIHQDXV '$663,(/ZDUXQWHUEURFKHQ JDQ]SO|W]OLFKVFKREVLFKDXVGHUGXQNHOKHLWHLQEHJULIIHLQHPLVFKXQJDXVDQJVW XQG GHP ZLOOHQ ZHLWHU]XOHEHQ IXUFKW VFKR ZLH HLQ UHJHQERJHQIDUEHQHU EOLW] KHUDQ HLQ GRQQHUVFKODJ GHU ]XVDPPHQEUHFKHQGHQ JHIKOH HUVFKWWHUWH PLFK LFKZXWHSO|W]OLFKGDHWZDVHQWVFKHLGHQGHVJHVFKHKHQZDULFKHUNDQQWHQXU HLQHEHGHXWXQJDOOHVDQGHUHZDU]XKRFKXQG]XYHUZLUUHQGIUPLFKLQGLHVHP ]XVWDQG GLHEHGHXWXQJZDU72' LFKDKQWHQLFKWGDHVGDVVWHUEHQGHEHZXWVHLQGHVSDUDVLWHQZDUGDVGLHVHQ LPSXOVLQOHW]WHU6HNXQGHGXUFKPHLQHQHLJHQHQVHOEVWVWlQGLJHQYHUVWDQGMDJWH ZLHHLQHZHLJOKHQGHQDGHO

(V ZDU GLH 6NODYLQ 7DKDUND GLH QHEHQ =DNDQ]D8SXDXW LP :DJHQNRUE VWDQG XQG JHUDGHDXV DXI GLH )HOVHQ RGHU 7HPSHOIUDJPHQWH GHXWHWH GLH VLFK DXV GHP +DQJGHU'QHKREHQ=DNDQ]DIUDJWHZLHGHUHLQPDO ³'XELVWDEVROXWVLFKHUGDHVGRUWLVW" ³'DV0lGFKHQKDWPLUGHQ:HJJHQDXEHVFKULHEHQ $XHUGHPKDEHQZLUGLH)XDEGUFNHJHVHKHQ(UVWDOVLFKGLHSDQLVFKH)XUFKW XQG GLH WRWDOH 9HU]ZHLIOXQJ GHV 0lGFKHQV HUNDQQWH GDFKWH LFK GD ZLU HLQH ZLUNOLFKZLFKWLJH6SXUJHIXQGHQKDEHQN|QQWHQ ³,FKVROOWH$WODQUXIHQHUZLGHUWHHU (VZDUGLH=HLW]ZLVFKHQ$EHQGXQG0LWWHUQDFKWhEHUGHQ'QHQXQGGHP1LO VFKZHEWH GHU 9ROOPRQG 6HLW VLHEHQ 6WXQGHQ ZDUHQ =DNDQ]D XQG 7DKDUND IDVW VWlQGLJLQUDVHQGHP*DORSSQLOZlUWVJHUDVWXQGGDQQKLQDXVLQGLH:VWH'LH HUVWH,QIRUPDWLRQGLHHLQHGHUIDOVFKHQ6NODYLQQHQJHEUDFKWKDWWHVFKLHQEHUHLWV GLHZLUNOLFKH6HQVDWLRQ]XVHLQ$EHU=DNDQ]DEOLHEVNHSWLVFKREZRKOHUKRIIWH 7DKDUNDP|JHUHFKWEHKDOWHQ'LH3IHUGHNHXFKWHQLKU)HOOGDPSIWHXQGJHOEHU 6FKDXP IORFNWH YRQ LKUHQ 0lXOHUQ 'HU :DJHQ VFKOHXGHUWH EHU GLH VFKDUIH 7UHQQOLQLH HLQHU IODFKHQ 6LFKHOGQH XQG ZDUI HLQHQ 6FKZDOO 6DQG LQ GLH +|KH GHULP0RQGOLFKWJROGHQDXIVFKLPPHUWH'LH+XIHGHU7LHUHYHUVDQNHQKDOEDOV =DNDQ]D GDV *HVSDQQ ]ZLVFKHQ GLH HUVWHQ 6lXOHQ HLQHV YHUJHVVHQHQ 7HPSHOV OHQNWH $UFKLWHNWHQ KDWWHQ 6WHLQEO|FNH 6lXOHQIUDJPHQWH XQG 7UDYHUVHQ ZHJJHVFKOHSSW(LQ3KDUDRKDWWHHLQVWGLH*HVLFKWHUXQGGLH1DPHQVNDUWXVFKHQ HLQHV JHKDWHQ 9RUJlQJHUV DXVPHLHOQ ODVVHQ 'HU 1XELHU VSUDQJ DXV GHP :DJHQNRUEXQGEDQGGLHODQJHQ=JHODQHLQHUJHVWU]WHQ6lXOHIHVW =DNDQ]D ZDU YROOVWlQGLJ JHUVWHW XQG EHZDIIQHW (U ZROOWH QLFKWV GHP =XIDOO EHUODVVHQ ³'DVNDQQVWGXQRFKLPPHU6HKHQZLUHUVWHLQPDOQDFKVFKOXJ7DKDUNDYRU 'DVEHZRKQWH*HELHWODJZHLWKLQWHULKQHQ'LHNPPHUOLFKHQ5lQGHUWURFNHQHU :HLGHQYHUVFKZDQGHQLP6DQG,KUH6FKULWWHNQLUVFKWHQEHUGHQJHJHQHLQDQGHU YHUNDQWHWHQ6WHLQSODWWHQ =DNDQ]DQDKPGLH$[WYRQGHU6FKXOWHUXQGHUJULIIGLH+DQGGHV0lGFKHQV ³:DVVDJWHGLH6NODYLQ"ZROOWHHUZLVVHQ ³6LHZDUDXHUVLFKXQGVWDPPHOWH$EHULFKK|UWH GD VLH LQ HLQHU +|KOH GDV 2SIHU HLQHV ULHVLJHQ NRORKDIW IHWWHQ 0DQQHV JHZRUGHQZDUhEHUVHLQHP.RSIVFKZLUUWHQNOHLQH/LFKWHUVDJWHVLH ³8QVLQQPXUPHOWHHUXQG]RJVLHPLWVLFK³,FKNDQQHVHLQIDFKQLFKWJODXEHQ 'DVVWHKWLQJU|WHP:LGHUVSUXFK]XDOOHQPHLQHQ9RUVWHOOXQJHQ 7DKDUNDEOLFNWHVLFKKDOEIXUFKWVDPKDOEQHXJLHULJXPXQGVDJWH]XWUHIIHQG ³2EZRKO ZLU GHQ 1LO VHKHQ N|QQHQ NRPPW QLHPDOV MHPDQG KLHUKHU 1LFKW HLQPDO*UDEUlXEHU1XU:VWHQIFKVHXQG6FKDNDOH 'LH 6SXUHQ GLHVHU 7LHUH ]HLFKQHWHQ VLFK HEHQIDOOV GHXWOLFK DE 0RQGOLFKW XQG 6FKDWWHQ OLHHQ DXFK GLH )XDEGUFNH GHV XQJOFNOLFKHQ 0lGFKHQV NODU HUNHQQHQ $OOHV ZDV =DNDQ]D XQG 7DKDUND ELVKHU KHUDXVJHIXQGHQ KDWWHQ OLH DXI HLQH JHKHLPQLVYROOH +|KOH HLQHQ HEHQVROFKHQ ,QVDVVHQ XQG LUJHQGZHOFKH

JHVSHQVWLVFKH (UOHEQLVVH VFKOLHHQ (V NRQQWH JHQDX GDV VHLQ ZDV VLH VXFKWHQ DEHU DXFK HLQH YHUJOHLFKVZHLVH QDWUOLFKH RGHU KDUPORVH (UNOlUXQJ KDEHQ 1LHPDQG ZXWH ZRKLQ VLH DP 1DFKPLWWDJ DXIJHEURFKHQ ZDUHQ 6LH GXUFKTXHUWHQ GLH VFKZDU]HQ 6FKDWWHQ GHU 6lXOHQVWPSIH (V JDE NHLQ NQVWOLFKHV /LFKW XQG QLFKW HLQ HLQ]LJHV *HUlXVFK GDV DXI GLH $QZHVHQKHLW HLQHVOHEHQGHQ:HVHQVVFKOLHHQODVVHQNRQQWH³'XKDVWUHFKW(VLVWPHKUDOV HLQVDP ³(V PDJ PHUNZUGLJ NOLQJHQ DEHU LFK IUFKWH PLFK QLFKW PHLQWH 7DKDUND³'XVROOWHVWGRFK$WODQUXIHQ=DNDQ]D ³*OHLFK 1XU QRFK HLQLJH 6FKULWWH :LU VW|UHQ LKQ ZHQQ ZLU KLHU YHUJHEOLFK KHUXPVXFKHQ)DVWODXWORVJLQJHQVLHZHLWHU6LHIUDJWHQVLFKZLHGDV0lGFKHQ KLHUKHU JHNRPPHQ ZDU HLQ ODQJHU :HJ DXI GHP PDQ KDOE YHUGXUVWHQ NRQQWH $EHUQRFKLPPHUZDUHQGLH6SXUHQZHQQDXFKQLFKWPHKUVRGHXWOLFKVLFKWEDU YRU LKQHQ 6LH IKUWHQ LQ EHLGH 5LFKWXQJHQ KLQHLQ XQG KLQDXV :RKLQ KLQHLQ" ³:HQQ HV VWLPPW ILQJ =DNDQ]D DQ XQG HQWVLFKHUWH GLH JHWDUQWH :DIIH 'DV .OLFNHQZDUHLQDXIIDOOHQGHU/DXW ³GDQQNlPSIHQZLUQLFKWJHJHQ+HND.KDVXWRGHUbJ\SWHU ³1HLQ'DQQNlPSIHQZLUJHJHQHWZDVGDVPlFKWLJHULVWDOV3WDK$WODQXQGLFK ]XVDPPHQ³(VPXHWZDV)UHPGHVVHLQ ³9HUODVVH GLFK GDUDXI YHUVLFKHUWH =DNDQ]D PLW JULPPLJHP )OVWHUQ ³GD HV XQQDFKDKPOLFKIUHPGLVW (LQH KDOE]HUVW|UWH 5DPSH IKUWH DEZlUWV 6LH |IIQHWH VLFK ZLH GDV 0DXO HLQHV JH]lKQWHQ 8QJHKHXHUV 'LH YHUVFKLHGHQ KRKHQ 6lXOHQUHVWH ZLUNWHQ ZLH DEJHZHW]WH =lKQH GLH 6FKDWWHQ ]HLFKQHWHQ 0XVWHU LQ GHQ 6DQG XQG DXI GLH 4XDGHUQ GLH ZLH 6FKZHOOHQ ]X HLQHU +|KOH GHV *UDXHQV DXI GLH EHLGHQ (LQGULQJOLQJH ZLUNWHQ 6LH K|UWHQ ]X VSUHFKHQ DXI XQG DWPHWHQ OHLVHU =DNDQ]D GUFNWH GHP 0lGFKHQ HLQHQ HQWVLFKHUWHQ 6WUDKOHUGROFK LQ GLH )LQJHU XQG OLH GDQQZLHGHUVHLQH)LQJHUXPLKUH+DQGJHOHQNJOHLWHQ ³'DQNH ZLVSHUWH VLH DQ VHLQHP 2KU 'DV *HVSDQQ EHIDQG VLFK MHW]W HWZD YLHUKXQGHUWJURH6FKULWWHKLQWHULKQHQ 'LH 5DPSH K|UWH DXI (LQ NOHLQHU 3ODW] EUHLWHWH VLFK DXV YRQ KDOE ]HUVW|UWHQ 6SKLQJHQ XQG *|WWHUVWDWXHQ XPJHEHQ hEHUDOO ODJHQ ZDKOORV GLH 7UPPHU GHU 7HPSHOQHEHQEDXWHQ LP 6DQG =DNDQ]D VXFKWH GLH 6SXUHQ GHV 0lGFKHQV HQWGHFNWH VLH ZLHGHU XQG IROJWH LKQHQ EHU HLQH HUK|KWH WHUUDVVHQI|UPLJH )OlFKH(VZDULUJHQGZDQQHLQ3UR]HVVLRQVZHJJHZHVHQGLHOHW]WH6WUHFNHHLQHV KRKHQ:UGHQWUlJHUVRGHUJDUHLQHVGHUYLHOHQ3KDUDRQHQ+XQGHUW6FKULWWJLQJ HV JHUDGHDXV GDQQ WDXFKWH ]X HLQHP 'ULWWHO YRP ZDQGHUQGHQ 6DQG YHUVFKOXQJHQHLQPDVVLYHU7RUVWHLQDXI$XIGHQ+lXSWHUQ]ZHLHU.RORVVHUXKWH HLQZDDJUHFKWHU6DQGVWHLQYRQJHZDOWLJHP*HZLFKW'DKLQWHUHUNDQQWHQVLHHLQ 5HFKWHFN GHQ %HJLQQ HLQHV DXV GHP )HOV JHPHLHOWHQ RGHU DXV 4XDGHUQ JHEDXWHQ*DQJHV 8QG KLHU VDKHQ VLH WDWVlFKOLFK GHQ HUVWHQ HOHNWURQIDUEHQHQ /LFKWVFKLPPHU (V ZDUDOVEOLFNWHQVLHGXUFKHLQHULHVLJH5|KUHXQGVlKHQGLH+HOOLJNHLWDQGHUHQ (QGH 'LH HUVWH :HOOH GHU )XUFKW SDFNWH VLH JOHLFK]HLWLJ 6LH EOLHEHQ YRU GHQ

4XDGHUQ VWHKHQ XQG VDKHQ VLFK DQ ,KUH *HVLFKWHU JOlQ]WHQ IDKO XQG VFKZHLEHGHFNW LQ GLHVHP P|UGHULVFKHQ /LFKW GHV +DWKRUPRQGHV ³$Q GHP ZLUUHQ %HULFKW GHV 0lGFKHQV VFKHLQW GRFK HWZDV ]X VHLQ JDE =DNDQ]D ]X EHGHQNHQ ³6LH ZDU YHUZXQGHW ]LWWHUWH XQG VWDPPHOWH 6LH YHUVWDQG QLFKWV DEHU VLH KDW DXFK QLFKW JHORJHQ VDJWH 7DKDUND HQWVFKLHGHQ ³6LH ZXUGH PLU JHEUDFKW ZHLO VWXPSIVLQQLJH%DXHUQLKU+LOIHYHUZHLJHUWKDWWHQ³,FKJODXEHHV =DNDQ]D GUHKWH GHQ EUHLWHQ 5LQJ GHU DXV 0HWDOO EHVWDQG GDV PLW NHLQHU GHU EHNDQQWHQ 7HFKQLNHQ ]X ]HUVW|UHQ ZDU (U GUFNWH HLQHQ 6FKQ|UNHO GHU 9HUNOHLGXQJXQGIOVWHUWHKHLVHU ³=DNDQ]DUXIW$WODQRGHU3WDK%LWWHDQWZRUWHWVFKQHOO =HLW YHUJLQJ 6LH JODXEWHQ LKUH KlPPHUQGHQ +HU]VFKOlJH K|UHQ ]X N|QQHQ ,Q JURHU(QWIHUQXQJKHXOWHHLQ6FKDNDOGDV%HOOHQHLQHV6OXJKL+XQGHVDQWZRUWH WHDXVGHUHQWJHJHQJHVHW]WHQ5LFKWXQJ'DQQ VDJWHHLQH6WLPPHGLHVLHDOVGLH 3WDKV HUNDQQWHQ ³$WODQ OLHJW YRU PLU ,FK YHUVXFKH GHQ 3DUDVLWHQ YRQ VHLQHP +DOV]XEUHQQHQ,VWHVZLFKWLJ"'XVW|UVW=DNDQ]DWXWPLUOHLG =DNDQ]D ZDU DOV WUlIH LKQ HLQ +DPPHU ]ZLVFKHQ GLH 6FKXOWHUEOlWWHU (U KROWH ]LVFKHQG$WHPIDWHVLFKPKVDPXQGHUZLGHUWH ³:LU KDEHQ YLHOOHLFKW HLQHQ 6SLHOHU JHIXQGHQ ³,FK EUDXFKH QRFK HLQH 6WXQGH =DNDQ]D,FKVFKDIIHHVNHLQH$QJVW:LHHVJHVFKDKGDVDOOHVVSlWHU/DVVHGDV *HUlW HLQJHVFKDOWHW LFK K|UH ]X 0HLQH 2KUHQ EUDXFKH LFK EHL GHU 2SHUDWLRQ QLFKW³-DGXKDVWUHFKW:LUGULQJHQLQHLQHQ*DQJHLQGHUHLQH*DORSSVWXQGH YRP 6RPPHUSDODVW HQWIHUQW LQ GHU :VWH OLHJW LP 2VWHQ (U LVW ]HUIDOOHQ XQG ZLUKDEHQWLHIH6SXUHQKLQWHUODVVHQ ³6SULFKZHLWHU'XZHLWZDV]XWXQLVW,FKK|UH]X$WODQLVWQRFKVWXQGHQODQJ RKQH%HZXWVHLQ,FKKDEHPHLQ*HUlWHLQJHVFKDOWHW9LHO*OFN=DNDQ]DLVW %QRQDEHLGLU" ³1HLQ7DKDUND ³8PDUPHVLHYRQPLU0DFKW]XLFKELQLQ*HGDQNHQKDOEEHLHXFK'LHDQGHUH +lOIWHJHK|UW$WODQ ³(LQ*DQJGHU]ZHLKXQGHUW6FKULWWHODQJ]XVHLQVFKHLQW =DNDQ]D OLH GLH )LQJHU GHV 0lGFKHQV ORV ZLQNHOWH VHLQHQ OLQNHQ $UP DQ XQG VSUDFK YRQ =HLW ]X =HLW OHLVH LQ GDV *HUlW (U KDWWH GLH (PSILQGOLFKNHLW GHV ZLQ]LJHQ 0LNURSKRQV ELV ]XP 0D[LPXP KHUDXIJHVHW]W -HGHV *HUlXVFK ZUGH LP(PSIlQJHUGHXWOLFK]XK|UHQVHLQ'LH6NODYLQEOLHEGLFKWKLQWHULKPDOVVLH JHUlXVFKORV LQ GHQ *DQJ KLQHLQJOLWWHQ XQG VLFK HQWODQJ GHU NKOHU XQG JODWWHU ZHUGHQGHQ0DXHUQLQV,QQHUHGHV%DXZHUNVWDVWHWHQ6LHZXWHQGDVLFKEHU LKQHQ PHKU XQG PHKU GHU 6DQGWUPWH'HU*DQJ IKUWH DEVROXW JHUDGHDXVXQG HQGHWHQDFK]ZHLKXQGHUWYLHU]HKQ6FKULWWHQ7DKDUNDKDWWHPLWJH]lKOW (LQH5DPSHIKUWHVFKUlJDEZlUWV,KUH'HFNHZDUVFKZDFKHUOHXFKWHWGLHVZDU GHU IHUQH /LFKWVFKHLQ JHZHVHQ ,KQHQ VFKOXJ HLQ SHVWLOHQ]lKQOLFKHU *HVWDQN HQWJHJHQ 6LH IROJWHQ GHU 6FKUlJH XQG JHODQJWHQ LQ HLQH .DPPHU GLH ZLH GDV ,QQHUH HLQHV :UIHOV JHIRUPW ZDU $Q GHU 'HFNH EHIDQG VLFK HLQH OHXFKWHQGH

3ODWWH 'DV /LFKW OLH GLH JHPHLHOWHQ *HVWDOWHQ DQ GHQ YLHU :lQGHQ GHXWOLFK KHUDXVWUHWHQ HVZDUHQ ODQJH5HLKHQYRQVFKUHFNOLFKHQ6]HQHQGLH]ZDULQGHU 0DQLHUlJ\SWLVFKHU%LOGKDXHUDXVJHIKUWDEHUGHQQRFKIUHPGXQGXQEHJUHLIOLFK JUDXVDP ZDUHQ (LQH VXEWLOH YRQ E|VDUWLJHU 'LUHNWKHLW HUIOOWH 6HULH DXVJHVXFKWHU 6FKHXOLFKNHLWHQ EHGHFNWH GLH :lQGH (UVWDUUW XQG DWHPORV EHWUDFKWHWHQ =DNDQ]D8SXDXW XQG 7DKDUND GLH GDKLQJHVFKODFKWHWHQ 0HQVFKHQ GLH *HVFKXQGHQHQ 9HUJHZDOWLJWHQ *HlFKWHWHQ XQG QLHGHUJHPHW]HOWHQ .ULHJHU GLH 6]HQHQ YROOHU XQYHUKRKOHQHU *UDXVDPNHLW 'DQQ ZDQGWHQ VLH VLFK VFKDXGHUQG DE ,Q LKUHQ 0lJHQ EUHLWHWH VLFK HLQ NDOWHV XQG OlKPHQGHV *HIKO DXV6LHJLQJHQGXUFKGHQVFKPDOHQ(LQJDQJDXVVFKZDU]HP6WHLQ 6LH VDKHQVLFKHLQHU +|KOH JHJHQEHU GLHVR JUR XQGVR KRFKZLH HLQ NOHLQHU 7HPSHOZDU$QGHQ:lQGHQEHIDQGHQVLFKMHZHLOV]Z|OIGLFNH6lXOHQ]ZHLPDO PDQQVKRFK XQG VR GLFN GD QXU ]ZHL 0lQQHU VLH PLW DXVJHVWUHFNWHQ $UPHQ XPIDVVHQ NRQQWHQ 'HU *HVWDQN ZXUGH QRFK lW]HQGHU XQG OHJWH VLFK DXI GLH 6FKOHLPKlXWH ZLH GHU 'DPSI HLQHV 9XONDQV =ZLVFKHQ GHQ 3IHLOHUQ NDP LQGLUHNWHV /LFKW KHUYRU XQG EHOHXFKWHWH HLQH 6]HQH GLH VR DEHUZLW]LJ XQJODXEOLFK ZDU GD VLH QLFKW HLQPDO HLQHQ $XVUXI GHV (UVWDXQHQV WDWHQ 'LH .DPPHU IKUWH DXI HLQH NOHLQH .DQ]HO KLQDXV XQG =DNDQ]D XQG VHLQH %HJOHLWHULQ EFNWHQ VLFK KLQWHU GLH VWHLQHUQH %UVWXQJ 1HEHQ LKQHQ JLQJ HLQH VFKUlJH5DPSH]XP%RGHQGHV*UDEPDOVRGHUZDVLPPHUHVHLQVWJHZHVHQVHLQ PRFKWH )OVWHUQG JDE =DNDQ]DHLQH6FKLOGHUXQJGHVVHQDQ 3WDK ZHLWHUZDV HUJHVHKHQ KDWWH³9HUVWDQGHQ,VWHVHLQ6SLHOHU"KDXFKWH3WDK6RNDUIUDJHQG]XUFN ³:LU N|QQHQ QRFK QLHPDQG VHKHQ ³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lJ\SWLVFKHQ .XOWXU VWDPPWH ODJHQ GXUFKJHZHW]WH 3UXQNNLVVHQ *HUlWH RGHU VFKUDQNDUWLJH 0DVFKLQHQ PLW GHQHQ =DNDQ]D QLFKWV DQ]XIDQJHQ ZXWH VWDQGHQDQGHQ%LHJXQJHQGHU3IDGH]ZLVFKHQGHP*HUXPSHO(LQLJHVWHLQHUQH 6DUNRSKDJH ZDUHQ JH|IIQHW ZRUGHQ ZHLJHILHGHUWH )DONHQ PLW JHVWXW]WHQ 6FKZLQJHQKDFNWHQXQG]HUUWHQOXVWORVDQGHQKHUDXVKlQJHQGHQ%LQGHQXQGGHQ GQQHQ.QRFKHQ-HOlQJHUVLHVFKZHLJHQGXQGLQXQQHQQEDUHP(QWVHW]HQGLHVH 6]HQHDQVWDUUWHQGHVWRPHKU(LQ]HOKHLWHQQDKPHQVLHDXI 6FKOLHOLFKHQWGHFNWHQVLHGHQ%HZRKQHUGLHVHV,QIHUQRV (V ZDU HLQ .ROR Y|OOLJ QDFNW PLW GHU IDKOZHLHQ IDVW SKRVSKRUHV]LHUHQGHQ +DXWHLQHV+|KOHQEHZRKQHUV(UKRFNWHLQHLQHPWKURQDUWLJHQ6HVVHOEHUGHQ 7HSSLFKH)HOOHDOOHUOHLZDOOHQGH6WRIIHXQG%lQGHUJHZRUIHQZDUHQGLHVHLQH )RUP IDVW XQNHQQWOLFK PDFKWHQ 9RU LKP EHIDQG VLFK DXV HLQHU PRQVWU|VHQ

3ODWWHXQG]ZHLJHVFKORVVHQHQ6DUNRSKDJHQJHELOGHWHLQ7LVFKYLHUPDOVRODQJ XQG]ZHLPDOVREUHLWZLHHLQ0DQQ,QGHU/XIWEHUGLHVHUPLW8QUDW*HVFKLUU (VVHQVUHVWHQ XQG IODFNHUQGHQ gOOlPSFKHQ EHUVlWHQ 3ODWWH KLQJ HWZDV GDV DXVVDK DOV VSLHJHOH VLFK LQ GHU VWLQNHQGHQ /XIW GDV %LOG HLQHV 6SLHO]HXJODQGHV PLW)OVVHQ:lOGHUQ7HPSHOQXQG+lXVHUQ hEHU GLHVHP %LOG VFKZHEWHQ IQI NOHLQH /LFKWNXJHOQ ,PPHU ZLHGHU EOLW]WH HV ]ZLVFKHQ LKQHQ DXI 6LH YROOIKUWHQ HLQH $UW GUHLGLPHQVLRQDOHQ 5HLJHQ LQ GHU /XIW 'QQH )lGHQ HUVWHOOWHQ VLFK ELQQHQ6HNXQGHQEUXFKWHLOHQ ]ZLVFKHQ LKQHQ GHP.RSIGHVZHLKlXWLJHQ:HVHQVXQGGHP%LOG=DNDQ]DOHJWHGLH+DQGDXI GLH 6FKXOWHU GHV 0lGFKHQV ]RJ 7DKDUND ]X VLFK KHUXQWHU DXI GHQ %RGHQ XQG VDJWHIOVWHUQG ³,FKPXGLFKXPHWZDVELWWHQRGHUDQGHUV,FKPXHVGLUEHIHKOHQ'XPXW JHKRUFKHQ7DKDUND 6LH KRE GLH QDFNWHQ 6FKXOWHUQ XQG EOLFNWH LKQ ZHQLJ YHUVWlQGQLVYROO DQ 6FKOLHOLFKIOVWHUWHVLH ³-D":DVVROOLFKWXQ" ³'X JHKVW ]XUFN ]XP *HVSDQQ -HPDQG PX GD VHLQ GHU DOOHV EHULFKWHW ,FK JODXEHHVZLUGKLHUXQWHQHLQHQW|GOLFKHQ.DPSIJHEHQ 6LHHUZLGHUWHQDFKHLQLJHQ$XJHQEOLFNHQGHUhEHUOHJXQJ ³,FKEOHLEHEHLGLU=DNDQ]D'DQQVLQGZLU]ZHLJHJHQHLQHQXQGJHZLQQHQGHQ .DPSI 2KQH GD VLH *HZLKHLW KDEHQ NRQQWHQ ZDUHQ VLH VLFKHU GD VLFK HLQHU GHU ³6SLHOHU MHQVHLWV GHU VWHLQHUQHQ %DUULHUH EHIDQG (U KLHOW VLFK VHLW XQJODXEOLFK ODQJHU =HLW KLHU DXI GDYRQ ]HXJWH GHU DEVFKHXOLFKH =XVWDQG VHLQHU VHOWVDP PDNDEUHQ %HKDXVXQJ $XV GHP /DXWVSUHFKHU GHV )XQNDUPEDQGHV NDP 3WDKV 6WLPPH ³7DKDUND 7X ZDV GLU =DNDQ]D VDJW 'X ELVW NHLQ DXVJHELOGHWHU .lPSIHU 'HU 1XELHU ZHL ZDV HU VDJW $WODQ XQG PLU LVW DQ HLQHP NODUHQ %HULFKW PHKU JHOHJHQDOVDQHLQHUWRWHQ+HOGLQ*HKRUFKHELWWHMD" 6FKOLHOLFKHUZLGHUWHVLH ³,FKKDEHYHUVWDQGHQ,FKELQGLH(U]LHKHULQGHU.LQGHUGHV:HVLUVYRQ0DKDGL ZHQQLKUPLFKVXFKW ³.ODU ³:HQQ GX PHUNVW GD HV HUQVW ZLUG VDJWH =DNDQ]D EHVFKZ|UHQG ³UHQQVW GX VRVFKQHOOGXNDQQVWGHQ*DQJKLQDXVLQV)UHLHQLPPVWGDV*HVSDQQXQGJHKVW LQGDV+DXVGHV:HVLUV$WODQXQG3WDKZHUGHQGLFKILQGHQ6DJHLKQHQZDVGX JHVHKHQ KDVW ZDV JHVFKHKHQ LVW 8QG ZHQQ GX PHLQVW GD LFK QRFK OHEH NRPPH ]XUFN XQG QLPP PLFK PLW GHQQ LFK ZLOO QLFKW ]XUFN QDFK $XDULV VFKZLPPHQ 6LHQLFNWH VFKZHLJHQGXQGULFKWHWHVLFKDXI ELVLKUH$XJHQEHUGLH.DQWHGHU %UVWXQJ KLQZHJ GLH 6]HQHULH XQWHU LKU VDKHQ (V KDWWH VLFK LQ GHP ULHVLJHQ 5DXPQLFKWVYHUlQGHUW=DNDQ]DGHXWHWHDXIGHQVFKZHUHQODQJHQ6WUDKOHQGROFK LQLKUHQ)LQJHUQXQGKREVHLQH6WUHLWD[WKRFK

$XFKGHU1XELHUEHUOHJWHZLHHUYRU]XJHKHQKDWWH(UVXFKWHPLW%OLFNHQGHQ VFKQHOOVWHQ :HJ ELV ]XP 7LVFK GHV 0DQQHV PLW GHU +DXW HLQHV )LVFKEDXFKHV =XP HUVWHQPDONDPLKPGHU(LQIDOOGDGLHVFKZHEHQGHQ/LFKWNXJHOQ6LQQELOGHUGHU QRFKOHEHQGHQ6\PELRQWHQVHLQNRQQWHQ ³'X ZLOOVW LKQ W|WHQ" IUDJWH 7DKDUND IOVWHUQG =DNDQ]D QLFNWH XQG HUZLGHUWH HEHQVROHLVH ³6FKRQGDIUZDVHUGHP0lGFKHQDQJHWDQKDWYHUGLHQWHUGHQ7RG,FKELQVR JXWZLHVLFKHUGDHUHLQHUGHU6SLHOHULVW ³'XKDVWUHFKW =DNDQ]DKREGLH+DQG]RJGHQ.RSIGHV0lGFKHQV]XVLFKKHUXQWHUXQGNWH VLH'DQQVSUDQJHUDXIPLWY|OOLJYHUlQGHUWHP$XVGUXFNLP*HVLFKWXQGUDQQWH GLH VFKUlJH )OlFKH KLQXQWHU $OV HU VLFK KLQWHU HLQHP 6DUNRSKDJ GXFNWH IODWWHUWHQ ]ZHL )DONHQ DXI XQG VHJHOWHQ XQJHVFKLFNW ]X %RGHQ (LQ VWUXSSLJHU :VWHQIXFKV PLW URWHQ $XJHQ VSUDQJ ]ZLVFKHQ GHP $EIDOO GDYRQ XQG UDQQWH HLQHW|QHUQH8UQHXPDXVGHUVLFKGLHVFKQXUlKQOLFKDXVJHWURFNQHWHQ*HGlUPH HLQHV YRU -DKUKXQGHUWHQ EHLJHVHW]WHQ 3KDUDRV ULQJHOWHQ 'LH *HVWDOW KLQWHU GHP 7LVFKKREGHQ.RSI=XPHUVWHQPDOVDK=DNDQ]D8SXDXWGHUgIIQHUGHU:HJH GDV 0RQVWUXP JHQDXHU .DOWH (QWVFKORVVHQKHLW PLW HLQHP 4XHQWFKHQ 7RGHVIXUFKWHUIOOWHLKQMHW]W(UKREGLH:DIIHXQG]LHOWHPLWGHPVSLW]HQ'RUQ DXIGLH$XJHQGHV)UHPGHQ(WZDGUHLLJ6FKULWWHWUHQQWHQLKQYRQGHP.ROR DEHUHUEHIDQGVLFKLP'XQNHOQXQGZDUQRFKVLFKHU 'HU )UHPGH ZDU XQYRUVWHOOEDU IHWW 6HLQH +DXW VFKLHQ PLW :DU]HQ RGHU *HVFKZUHQ EHGHFNW ]X VHLQ (U ZDU YROOVWlQGLJ QDFNW XQG JOlQ]WH YRQ |OLJHP 6FKZHL =DNDQ]D VFKWWHOWH VLFK YRU (NHO DEHU DOV HU DQ GLH 3DUDVLWHQ GDFKWH VFKZHPPWH GLH :XW GDV HUVWH *HIKO YROONRPPHQ ZHJ 2EHUDUPH XQG 2EHUVFKHQNHO ZDUHQ VR PDVVLJ ZLH GHU .|USHU HLQHV ZRKOJHQlKUWHQ 0DQQHV 'DV0RQVWUXPKRFNWHZLHHLQH4XDOOHRGHUHLQPLW:DVVHUJHIOOWHU%ODVHQVDFN LQGHP *HPHQJH YRQ)HOOHQXQG6WRIIHQXQGIORI|UPOLFKEHUGLH(FNHQGHV 7KURQVHVVHOV $OV =DNDQ]D QlKHU KHUDQVFKOLFK VDK HU GD VLFK HLQ]HOQH /LFKWIlGHQ GHU .XJHOQ ]X HLQHP IXQNHOQGHQ 'LQJ LQ GHU ZXOVWLJHQ 6WLUQ GHV )UHPGHQ EHZHJWHQ (LQH .XJHO KLQJ EHZHJXQJVORV LQ GHU /XIW XQG SXOVLHUWH ZlKUHQGLKU/LFKWLPPHUVFKZlFKHUZXUGH(LQGULWWHV$XJH" 'LH.XJHOMHGHQIDOOVVDJWHVLFK=DNDQ]DLQJULPPLJHP7ULXPSKEHGHXWHWHGHQ VWHUEHQGHQ RGHU IDVW YHUQLFKWHWHQ 3DUDVLWHQ GHU VLFK LQ 3WDK6RNDUV =DQJHQ ZDQGXQGEDOGLP)HXHUVWHUEHQZUGH hEHUDOO ODJHQ 7XFKIHW]HQ .HLQH +DQGEUHLW GHV %RGHQV ZDU RKQH GLH 6SXU MDKU]HKQWHODQJHU 8QRUGQXQJ XQG 8QDFKWVDPNHLW =DNDQ]D ZDU IDVW VLFKHU GD GLHVHV8QJHKHXHUDXVGHU:HOWGHVEHIHKOHQGHQ(6+HUUVFKHUVVHLWGHP%HWUHWHQ GLHVHU :HOW GLHVHV VWLQNHQGH /RFK QLHPDOV YHUODVVHQ KDWWH 9LHOOHLFKW LQ GHQ HUVWHQ-DKUHQQRFKDEHUVHLWODQJHU=HLWQLFKWPHKU ³(VPXHLQ(QGHVHLQVDJWHVLFK=DNDQ]DKDOEODXWJHQDXLQGHP0RPHQWLQ GHP GLH .XJHO PLW HLQHP OHLVHQ SXIIHQGHQ *HUlXVFK HUORVFK (U VSUDQJ DXI

*OHLFK]HLWLJVWLHGHU.RORHLQKRKOHVWLHULVFKHV:LPPHUQDXVXQGYHUVXFKWH DXVGHP6HVVHODXI]XVWHKHQ=DNDQ]DVFKZDQJVLFKEHUHLQ6lXOHQIUDJPHQWHU VFKLHQLPGLUHNWHQ/LFKWYRUGHP7LVFKXQGGUFNWHGHQ$XVO|VHUVHLQHU:DIIH 5|KUHQG XQG GRQQHUQG EUDFK GHU ZHLH *OXWVWUDKO DXV GHP 3URMHNWRU (LQH .XJHOEHUGHP.RSIGHV6SLHOHUVJHULHWLQGLH6FKXEDKQXQGGHWRQLHUWHLQHL QHU NUDFKHQGHQ ([SORVLRQ 'LH +HOOLJNHLW GHV .DPSIVWUDKOV EOHQGHWH VHOEVW 7DKDUND IDVW DP DQGHUHQ (QGH GHV *UDEPDOV XQG WDXFKWH GDV ,QQHUH GHU VHOWVDPHQ:RKQVWlWWHLQHLQHUEDUPXQJVORVHV/LFKWGDVDXFKGHQOHW]WHQ:LQNHO HUIOOWH XQG GLH DXIJHWUPWHQ XQG YHUVWUHXWHQ $EIlOOH XQG $EVFKHXOLFKNHLWHQ JQDGHQORVVLFKWEDUPDFKWH 'HU )UHPGH UL GLH +lQGH KRFK GDQQ ]XFNWH GLH 5HFKWH LQ GLH 5LFKWXQJ HLQHV KDOENXJHOLJHQ *HUlWV YRU LKP DXI GHU 3ODWWH =DNDQ]DV JHWDUQWHV .DPSIEHLO VFKZDQJ KHUXP VFKQLWW HLQH IXQNHQVSUKHQGH XQG UDXFKHQGH )XUFKH LQ GLH 3ODWWH VHW]WH ZDKOORV LUJHQGZHOFKH *HJHQVWlQGH LQ )ODPPHQ XQG IHJWH GDV EUHQQHQGH XQG H[SORGLHUHQGH *HUlW DXV GHU 5HLFKZHLWH GHV .RORVVHV hEHUDOO GRUW ZR GHU 6SXUVWUDKO DXIWUDI VWDQGHQ DXJHQEOLFNOLFK WURFNHQH $EIlOOH LQ KHOOHQ)ODPPHQ ³,FK ELQ JHVFKLFNW ZRUGHQ GLFK ]X W|WHQ VDJWH =DNDQ]D PLW PKVDP HU]ZXQJHQHU 5XKH LQ VHLQHU 6WLPPH ³'X KDVW YLHO ]X ODQJH JHOHEW 'X ZHLW GDGXDP(QGHELVW 'HU EOHLFKKlXWLJH*LJDQW VWHPPWH VLFK PLW HLQHP bFK]HQKRFK (U ZDUQXULP 6LW]HQ HLQ 5LHVH MHW]W EHUUDJWH HU GHQ JURJHZDFKVHQHQ 1XELHU XP ]ZHL )LQJHUEUHLW (U VWLH HLQHQ XQGHILQLHUEDUHQ /DXW DXV XQG VDJWH PLW IODFKHU YRQ )HWWHUVWLFNWHU6WLPPH ³:HUELVWGXGX/DXVGHV6FKDNDOV" ³+LQDXV PLW GLU 7DKDUND VFKULH =DNDQ]D XQG VSUDFK UXKLJ ZHLWHU ³,FK ELQ =DNDQ]D8SXDXW GHU .lPSIHU GHU YRQ (6 DXVJHVFKLFNW ZXUGH XP YLHUXQG]ZDQ]LJ 3DUDVLWHQ XQG GLH EHLGHQ 6SLHOHU ]X YHUQLFKWHQ 1LFKW PHKU QLFKWZHQLJHU 'HU .ROR VWLH HLQ NHXFKHQGHV /DFKHQ DXV XQG HUZLGHUWH VWRZHLVH ZlKUHQG GHU3URMHNWRUXQYHUlQGHUWDXIVHLQHQ.RSI]LHOWH ³7DUQ *KROHUH LVW OlQJVW WRW ,FK NRQWUROOLHUH DXFK VHLQH 6\PELRQWHQ ,FK KDEH GDV6SLHOJHZRQQHQ ³1LFKWV KDVW GX JHZRQQHQ VDJWH =DNDQ]D VHQNWH GLH :DIIH XQG IHXHUWH (U VFKQLWW GHP .ROR HLQHQ $UP DE ]HUVWUDKOWH GLH +lOIWH DOOHU IUHPGDUWLJ DXVVHKHQGHQ*HJHQVWlQGHDXIGHP7LVFKXQGVFKULH ³'HLQH YHUIOXFKWHQ 3DUDVLWHQKDEHQ PHLQHQ )UHXQG EHUIDOOHQ ,KU KDEW HXFK LQ GDV *HVFKLFN GLHVHU :HOW HLQJHPLVFKW ,KU KDEW HV QLFKW HLQPDO HUQVW JHPHLQW ,KUVSLHOWPLWGHP/HEHQGHU.UDQNKHLWXQGGHP7RGYRQZLUNOLFKHQOHEHQGHQ 0HQVFKHQ8QGGDIUZLUVWGXVWHUEHQ 'HU %OXWVWURP GHU DXV GHP $UPVWXPSI VSULW]WH ZXUGH LP 5DXFK GHU EUHQQHQGHQ'LQJHXQVLFKWEDU 'HU 6SLHOHU VFKZDQNWH ZLH HLQH 6lXOH KLQ XQG KHU XQG VWLH IRUWZlKUHQG HLQ

KRKOHV:LPPHUQDXV=DNDQ]DKREGLH:DIIHDQXQGVFKRGHQQlFKVWHQ6WUDKO LQGHQ.RSIGHV)UHPGHQ'HUPlFKWLJH.|USHUNLSSWHXQHQGOLFKODQJVDPQDFK KLQWHQ VFKZDQJ ZLHGHU QDFK YRUQ XQG NLSSWH QDFK UHFKWV DXI GHQ 7LVFK 'HU 2EHUN|USHUEHUKUWHHLQHQYHUERUJHQHQ6FKDOWHUXQGVlPWOLFKH0DVFKLQHQXQG *HUlWH GLH 6SHLFKHUElQNH XQG GLH (QHUJLHYRUUlWH LQ GLHVHU *UXIW H[SORGLHUWHQ LQQHUKDOEHLQHV6HNXQGHQEUXFKWHLOV =DNDQ]DVWDUEQXUHLQHQ+HU]VFKODJVSlWHUDOVGHU6SLHOHU (V JDE HLQH XQJHKHXUH 'HWRQDWLRQ 7DKDUND KDWWH VRHEHQ GLH HKHPDOLJH 3UR]HVVLRQVVWUDH HUUHLFKW XQG VDK EHUHLWV LP 0RQGOLFKW GLH %HVFKOlJH GHV *HVSDQQV YRU VLFK (LQH XQVLFKWEDUH )DXVW SDFNWH GLH )UDX UL VLH YRQ GHQ %HLQHQ XQG ZLUEHOWH VLH ZLH HLQH 3XSSH LQ GHQ DXI VWLHEHQGHQ 6DQG +XVWHQG XQGNHXFKHQGPLWEUHQQHQGHQ$XJHQGUHKWHVLHVLFKZLGHUDXIGHQ5FNHQXQG VDK JHUDGH QRFK GLH ODQJH ZDDJUHFKWH 6WLFKIODPPH GLH DXV GHP 6FKOXQG GHV *DQJHV KHUYRUVFKR HLQH 6lXOH WUDI XQG LQ HLQHP +DJHO YRQ 6DQGVWHLQNHLOHQ ]HUIHW]WH6LHVDKJHUDGHQRFKGLHEOLW]DUWLJH=XQJHGLH]XGHQ6WHUQHQXQG]XP YHUEODVVHQGHQ0RQGKLQDXIOHFNWHXQGGLH1DFKW]XP7DJPDFKWHIUGLH'DXHU YRQ PHKUHUHQ +HU]VFKOlJHQ 'DQQ YHUGXQNHOWH HLQH JLJDQWLVFKH :RONH DXV KRFKJHULVVHQHP6DQGGDVVFKDXULJH%LOG 7DKDUND NURFK ]X GHQ NUHLVFKHQGHQ DXVVFKODJHQGHQ 3IHUGHQ ]XUFN O|VWH PLW 6FKZLHULJNHLWHQGLH=JHOXQGIXKUODQJVDP]XUFN =DNDQ]DZDUWRW'HUIUHPGH6SLHOHUZDUJHW|WHWZRUGHQ9LHOOHLFKWZDUHQDXFK GLH6\PELRQWHQJHVWRUEHQ" (V ZUGH ODQJH GDXHUQ ELV 3WDK XQG $WODQ VLH WUHIIHQ XQG PLW LKU VSUHFKHQ ZUGHQ6LHZXWHGD$WODQXQG3WDKHEHQVRXP=DNDQ]DWUDXHUQZUGHQZLH VLH VHOEVW 'LH *HVFKLFKWH KDWWH GHQ IU|KOLFKHQ 6NODYHQKlQGOHU DXV $XDULV KLQZHJUDGLHUWDOVVHLHUQXUHLQNXU]HU6FKDWWHQDXIGLHVHU:HOWJHZHVHQ 'DV 7DJHVOLFKW HUKHOOWH GHQ NOHLQHQ 5DXP YROOVWlQGLJ 'LH )ODPPHQ GHU gOODPSHQ ZDUHQ DXVJHGUFNW ZRUGHQ 1XU YLHU 0HQVFKHQ EHIDQGHQ VLFK KLHU 3WDK6RNDU 6KDLQVD7DU GLH QXELVFKH 6NODYLQ XQG LFK (LQ *HUlXVFK GDV HQWZHGHUVHKUODXWRGHUVHKUDODUPLHUHQGJHZHVHQVHLQPXWHKDWWHPLFKDXVGHU KDOEHQ %HVLQQXQJVORVLJNHLW KRFKIDKUHQ ODVVHQ =ZLVFKHQ PHLQHQ 6FKXOWHUEOlWWHUQVSUWHLFKHLQ3IODVWHUXQGHLQHNKOHQGH6FKLFKWPHLQHU6DOEH 9RP =HOODNWLYDWRU VWU|PWH KHLOHQGH :lUPH GXUFK PHLQHQ .|USHU ,FK ZDUI HLQHQ%OLFNLQ3WDKV*HVLFKWXQGHUVFKUDN ³:DVZDUGDV"PXUPHOWHLFK³:DVLVWORV"'HLQ*HVLFKW ³'LFK KDW GHU 'RQQHU HLQHU ([SORVLRQ KRFKJHULVVHQ $WODQ 3WDK KRE GHQ EUHLWHQ 5LQJ GHV )XQNJHUlWVKRFK³=DNDQ]D8SXDXW GHU gIIQHU GHU :HJH KDW GHQ EHUOHEHQGHQ 6SLHOHU JHW|WHW XQG LVW GDV GHQNHQ ZLU PLW LKP ]XVDPPHQ XPJHNRPPHQ -HGHQIDOOV GHXWHW DOOHV GDUDXI KLQ GD VLH VLFK EHLGH LQ GLH /XIW JHVSUHQJWKDEHQ ³1HLQVDJWHLFKXQGVFKZLHJ

$XIGLHVHU:HOWZDU7RGHWZDV$OOWlJOLFKHV-HGHU%HZRKQHUGHU%DUEDUHQZHOW ZDUVWHUEOLFKXQGNRQQWHVHLQHP(QGHQLFKWHQWJHKHQJOHLFKJOWLJZLHHVDXV JLQJ$EHU=DNDQ]DZDUXQVHU)UHXQG6HOEVWZHQQXQVHUH(ULQQHUXQJHQYRQ(6 JHVSHUUWZRUGHQZDUHQZXWHQZLUGDZLUVHKUODQJH=HLW6HLWHDQ6HLWHYLHOH OHEHQVJHIlKUOLFKH $EHQWHXHU HUOHEW KDWWHQ -HGHU NRQQWH GHV DQGHUHQ VWHWV DEVROXW VLFKHU VHLQ ,FK YHUPRFKWH QLFKW ZHLWHU]XVSUHFKHQ (V VHQNWH VLFK HLQH $UW GXQNOH :RONH EHU PLFK XQG LFK HUNDQQWH GD LQ =XNXQIW QLHPDOV ZLHGHU GLHPlFKWLJH*HVWDOWQHEHQXQVVWHKHQZUGHGD=DNDQ]DVGU|KQHQGHV/DFKHQ HLQIUDOOHPDOYRUEHLZDU ³%HULFKWH ELWWH EUDFKWH LFK KHUYRU $OV LFK PLFK DXIULFKWHQ ZROOWH KDOIHQ PLU GLH1XELHULQXQG6KDLQVD³'HU3DUDVLW" ³9HUQLFKWHW 3WDK HU]lKOWH ZDV HU ZXWH ,FK ZDU ZlKUHQG GHU JHVDPWHQ $NWLRQ WLHI EHVLQQXQJVORVJHZHVHQ1DFKHLQHU :HLOHVHQNWH3WDKGHQ.RSIXQG]ZLQNHUWH PLWGHQ$XJHQ'DQQVFKORHU ³7DKDUND KDW YLHOHV JHVHKHQ 6LH ZLUG XQV VDJHQ ZDV ZLU QRFK QLFKW ZLVVHQ -HGHQIDOOVLVWHVVRJXWZLHVLFKHUGDEHLGH6SLHOHUWRWVLQG ³0LU ZlUH OLHEHU EHJDQQ LFK GDQQ ZLQNWH LFK DE 'LH 6NODYLQ EUDFKWH PLU HLQHQJURHQ%HFKHUPLWVWDUNHU%UKHLQGHU(LHUYHUUKUWZDUHQ ³8QVHU6\PELRQWLVWYHUQLFKWHWVDJWHLFKOHLVH³'XEUDXFKVWNHLQH$QJVWPHKU ]XKDEHQ6KDLQVDGDGHLQ9HUVWDQGYHUZLUUWZHUGHQNDQQ8QGLFKELQZLHGHU +HUUPHLQHU6LQQH ³,FK KDEH HV QLFKW DKQHQ N|QQHQ GD VLFK GLHVHV 6WFN +DXW EHZHJHQ NDQQ JDEVLH]X,FKKLHOWPLFKDQGHU/HKQHHLQHV6HVVHOVIHVWXQGDQWZRUWHWH ³,FKKlWWHHVEHVVHUZLVVHQPVVHQ,FKKDEHPLWHUOHEWZLHGLH+DXW]XNULHFKHQ EHJDQQ:LHJLQJHV3WDK" :LUYHUVXFKWHQXQVGXUFK*HVSUlFKHXQG)UDJHQDE]XOHQNHQ'HU6FKPHU]EHU GHQ9HUOXVW=DNDQ]DVVDWLHIXQGZUGHLPPHUZLHGHUEHUXQVNRPPHQ ³(V JLQJ UHFKW JXW :LU KDEHQ ]XVDPPHQJHDUEHLWHW XQG GLH +DXW VFKOLHOLFK YHUEUDQQW'HU3DUDVLWKDWWHVLFKQRFKQLFKWWLHILQGHLQHU+DXWYHUDQNHUW ³$EHU HU KDW HLQHQ 7HLO VHLQHU (ULQQHUXQJHQ KLQWHUODVVHQ :lKUHQG LFK RKQH %HZXWVHLQ ZDU PHUNWH LFK ZLH GHU )UHPGH VLFK JHJHQ VHLQH 9HUQLFKWXQJ ZHKUWH,FKPHUNWHDXFKZLHHUVWDUE2GHUPHUNWHLFKZLHGHU6SLHOHUVWDUE"(V PXXQJHIlKUXPGLHVHOEH=HLWJHZHVHQVHLQ 6HLWXQGHQNOLFKODQJHU=HLWKDXVWH]XPLQGHVWHLQ6SLHOHULQGLHVHPQRFKlOWHUHQ 0DXVROHXP XQG GLULJLHUWH VHLQH 3DUDVLWHQ XQG GLH VHLQHV QLFKW PHKU H[LVWLHUHQGHQ *HJHQVSLHOHUV 6HFKV 3DUDVLWHQ ZDUHQ YHUQLFKWHW K|FKVWHQV DFKW]HKQZDUHQEULJ8QVHU$XIWUDJZDUHUIROJUHLFKJHZHVHQELVKHU(VJDOW GLHUHVWOLFKHQ6\PELRQWHQ]XILQGHQXQG]XYHUQLFKWHQ ³,FKNHQQHGHLQH(LQGUFNHQLFKWDQWZRUWHWH3WDK6RNDU³DEHUHVNDQQVRZRKO GDVHLQHDOVDXFKGDVDQGHUHJHZHVHQVHLQ ³,FK ZHUGH ZHQQ HV DQ GHU =HLW LVW HXFK EHULFKWHQ ZDV LFK VDK XQG ZHOFKH (LQGUFNHLFKKDWWH

³=DNDQ]D VDJWH GD HU HLQHQ RGHU PHKUHUH /HXFKWSXQNWH YHUQLFKWHQ ZROOWH (U ZDU VLFKHU GD HV VLFK XP 3DUDVLWHQ KDQGHOWH XQWHQ LQ GHU *UDEVWlWWH ZDUI 3WDKHLQ³9LHOOHLFKWVLQGHVQXUQRFKVLHE]HKQ6\PELRQWHQ" ³9LHOOHLFKW ³8QVHUH JHULQJVWH 6RUJH ZDUI 6KDLQVD HLQ ³=XHUVW ODW GLHVHQ 0DQQ VLH ]HLJWHDXIPLFK³HUVWHLQPDODXVVFKODIHQ'DQQHUVWVHKHQZLUZHLWHU%ULQJHLKQ ]X%HWW3WDKLFKNPPHUHPLFKXPGHQ5HVW ³'DQNH VDJWH LFK ³,FK ZUGH PLFK IUHXHQZHQQ6KDLQVDEHLPLUZlUHZHQQ LFK HLQVFKODIH XQG DXFK ZHQQ LFK LUJHQGZDQQ DXIZDFKH 8QG 3WDK VFKHLQW ZLHGHUHLQPDOPHLQ/HEHQRGHUPHLQHQ9HUVWDQGJHUHWWHW]XKDEHQ ³1LPP V OHLFKW NQXUUWH 3WDK ³'X ZLUVW *HOHJHQKHLW EHNRPPHQ GLFK HUNHQQWOLFK]X]HLJHQ ³,FK]ZHLIOHQLFKWGDUDQ 'HU JHULQJIJLJH :XQGVFKPHU] GLH (UVFKWWHUXQJ EHU =DNDQ]DV 7RG XQG PHLQH 6FKZlFKH GLH 1DFKZLUNXQJHQ GHU %HZXWORVLJNHLW XQG PHLQH 8QIlKLJNHLWDOOH ,QIRUPDWLRQHQ ULFKWLJ ]X YHUDUEHLWHQ XQG GDUDXV :HJH IU GLH QlKHUH=XNXQIW]XILQGHQZLUNWHQ]XVDPPHQ:LHGHUVDQNPHLQH6WLPPXQJLQ VFKZlU]HVWH 7LHIH ,FK OLH PLFK YRQ 6KDLQVD XQG 3WDK LQ PHLQHQ 6FKODIUDXP EULQJHQXQGVWUHFNWHPLFKDXV3WDK]RJGHQ9RUKDQJ]XVDPPHQXQGYHUOLHGDV =LPPHU %HYRU LFK HLQVFKOLHI VSUWH LFK GLH NKOHQXQG EHVlQIWLJHQGHQ )LQJHU 6KDLQVD7DUV DXI PHLQHU +DXW ,FK ZDU VLFKHU GD GLH 0HKU]DKO XQVHUHU 3UREOHPHQRFKODQJHQLFKWJHO|VWZDU%HYRULFKHLQVFKOLHIEHJDQQHQZLHGHUGLH (ULQQHUXQJHQGHV3DUDVLWHQLQPHLQHQ*HGDQNHQ]XURWLHUHQ'LH6SLHOHUXQGGDV 6SLHOKDWWHQ VLFKQLFKWPLW HLQIDFKHQ5HJHOQXQG9RUJlQJHQ]XIULHGHQJHJHEHQ 'LH 9HUQLFKWXQJ ZDU HLQH UDGLNDOH /|VXQJ GHU 3UREOHPH DEHU VHOEVW ZHQQ GLH 6\PELRQWHQ ]HUVW|UW ZHUGHQ NRQQWHQ EOLHE HWZDV YRQ LKQHQ EULJ :HQLJVWHQV VRODQJH ZLH GLH %DUEDUHQ GLH YRQ LKQHQ EHIDOOHQ ZRUGHQ ZDUHQ QRFK OHEWHQ 0LFK KDWWHQ GLH ,PSXOVH GHV YHUEUHQQHQGHQ 6\PELRQWHQ GDYRQ EHU]HXJW GD HVQLFKWHLQIDFKGDPLWJHWDQZDUGHQ%HIHKOYRQ(6JHQDX]XEHIROJHQ ,FKVFKORGLH$XJHQXQG]ZDQJPLFKDQQLFKWV]XGHQNHQ0HLQ([WUDKLUQXQG ZRP|JOLFK DXFK GHU =HOOVFKZLQJXQJVDNWLYDWRU KDWWHQ PLFK HLQHUVHLWV JHUHWWHW DQGHUHUVHLWV ZDUHQ VLH GDIU YHUDQWZRUWOLFK GD LFK GLHVH IUHPGDUWLJHQ YHUZRUUHQHQ(LQGUFNHPLWHUOHEWKDWWH,FKVFKOLHIHLQ ,QGHVVHQ 'LH +HND .KDVXW KDWWHQ GHQ .XOW GHV *RWWHV 6HWK HQWZLFNHOW 6HWK LQ GHU %HGHXWXQJGHP%DDOGHUEUDXQKlXWLJHQXQGNUXPPQDVLJHQ(LQZDQGHUHUlKQOLFK RGHUGHP5DVKDSGHU:VWHQQRPDGHQGHUIHLQGOLFKH%UXGHUGHV*RWWHV2VLULV ZDUGHURIIL]LHOOH*|W]HGHVEHVHW]WHQ5HLFKHV,Q*HEHOHQVGOLFKYRQ7KHEHQ EHIDQG VLFK GHU JU|WH 7HPSHO GHV 6HWK XQG GLH ZLFKWLJVWH XQG HLQIOXUHLFKVWH 3ULHVWHUVFKDIW =XVDPPHQ PLW GHQ %LOGQLVVHQ GHU KHNDNKDVXWLVFKHQ 3KDUDRQHQ PLW GHQ SUXQNYROOHQ ]HUHPRQLHOOHQ /|ZHQPlKQHQ UHJLHUWHQ GLH 'DUVWHOOXQJHQ GHV 2VLULV%UXGHUV GDV JHVDPWH YHUZDOWHWH 5HLFK YRQ GHQ .DWDUDNWHQ ELV ]XP 'HOWD

,NHQ6KHVKXGHU2EHUVWH3ULHVWHUZDUHLQNDOWHUYRQVHLQHU0DFKWDXVJHIOOWHU 3UDJPDWLNHU 6HLQH 0DVNH ZDU YRQ VHOWHQHU 9ROONRPPHQKHLW (U WlXVFKWH DOOH XQG MHGHQ XQG HU WlXVFKWH ELV ]X HLQHP JHZLVVHQ *UDG DXFK VLFK VHOEVW (U JODXEWHGDUDQGDGDV2UDNHOGHV6HWK]XQLFKWVDQGHUHPGDZDUDOVGLH0DFKW GHU 3ULHVWHUVFKDIW XQG GHV 6WDDWHV ]X IHVWLJHQ XQG ]X YHUPHKUHQ 8QWHU GLHVHP $VSHNW OLH VLFK MHGH :DKUKHLW IRUPHQ YHUELHJHQ XQG DQZHQGHQ 'LH ODQJHQ -DKUH LQ GHQHQ HU VHLQ $PW XQDQJHIRFKWHQ XQG XQDQJUHLIEDU YHUVDK ZDU GLH 0DFKW GHU 6HWK JU|HU XQG JHZLFKWLJHU JHZRUGHQ 8QG ,NHQ6KHVKX ZDU LKU REHUVWHU5HSUlVHQWDQW ,NHQHLQDVNHWLVFKHU0DQQLQGHVZHGHUGHQ)UHXGHQGHV)OHLVFKHVQRFKGHVJXW JHJRUHQHQ %LHUHV DEKROG WUXJ GDV UXQGH YHUJROGHWH $PXOHWW GHV *RWWHV JHQDX HLQH +DQGEUHLW EHU VHLQHP 1DEHO (V ZDU NDXP NOHLQHU DOV VHLQH +DQGIOlFKH XQG YHUGHFNWH GLH GLFNH 6FKLFKW GHU VDQGIDUEHQHQ +DXWNUDQNKHLW DXI GDV 9ROONRPPHQVWH,Q GHU1DFKW DOV DQDQGHUHQ 2UWHQ K|FKVW VHOWVDPH (UHLJQLVVH LKUHQ+|KHSXQNW HUUHLFKWHQVD,NHQ6KHVKXLQ HLQHP KDUWHQ 6HVVHOGHUGXUFK YLHU/DJHQZHLHU6FKDIIHOOHHWZDVEHTXHPHUJHPDFKWZRUGHQZDU$XIVHLQHQ .QLHQ NDXHUWH HLQH KHOOKlXWLJH 6NODYLQ GLH DXI ODQJHQ XQG DEHQWHXHUOLFKHQ :HJHQ LQV /DQG JHNRPPHQ ZDU 6LH ZDU DXI .HIWLX GHU ³,QVHO GHV +DQGHOV HLQJHNDXIW ZRUGHQ XQG GLHQWH DXVVFKOLHOLFK GD]X VLHEHQ 1lFKWH LQ HLQHP 0RQGGLHZHQLJHQ6WXQGHQ6FKODIHV]XYHUVFK|QHUQGLHVLFKGHU2EHUVWH3ULH VWHUJHVWDWWHWH 'UHL DQGHUH 3ULHVWHU HLQHU GDYRQ DXV GHP 7HPSHO YRQ $XDULV VDHQ ,NHQ JHJHQEHU'HU0DQQ PLWGHPVHOWVDPIODFKJHGUFNWHQKDDUORVHQ6FKlGHOXQG GHQ ZHLHQ %UDXHQ KRE GLH OLQNH +DQG XQG VDJWH PLW VHLQHU 6WLPPH GLH NHLQHUOHL:LGHUVSUXFKGXOGHWH ³'HU1DFKIROJHUGHV6HNHQHQUHZLUGVFKHLWHUQZLHVRYLHOHYRULKP ,NHQ VSLHOWH DXI GLH 9HUVXFKH DQ GLH YRQ DQJHEOLFK UHLQUDVVLJHQ XQG QDWLRQDOLVWLVFK JHVLQQWHQ bJ\SWHUQ XQWHUQRPPHQ ZXUGHQ 0DQ YHUVXFKWH DXV HLQ]HOQHQ*DXIUVWHQWPHUQGLH+HND.KDVXW]XYHUWUHLEHQ ³$EHU 6HWK KDW HV QLFKW JHVFKDIIW GLH ELVKHU HUIROJWHQ .ULHJV]JH ]X YHUKLQGHUQ HUNOlUWH GHU 3ULHVWHU DXV GHP 'HOWD ³:LU VLQG GHVZHJHQ LQ QLFKW JHULQJHU6RUJH ³(UVWGLH6RUJHQPDFKHQGDV/HEHQLQWHUHVVDQWXQWHUEUDFK,NHQXQGOLHVHLQH )LQJHUHQWODQJGHUIHLQHQ5FNJUDWNQRFKHQGHV0lGFKHQVKHUXQWHUJOHLWHQ³6HWK VLHKWUXKLJ]XZHQQHLQ]HOQHXQGXQEHGHXWHQGH6FKODFKWHQYHUORUHQZHUGHQ(U VDJW XQV LQ VHLQHU XQHUJUQGOLFKHQ WLHIHQ :HLVKHLW GD YHUORUHQH 6FKDUPW]HO QRFKODQJHNHLQHQYHUORUHQHQ.ULHJDXVPDFKHQ ,NHQV8QUXKHZXFKV6LHKLQJ]XVDPPHQPLWGHP-XFNHQXQG6WHFKHQGDVGLH +DXWYHUGLFNXQJXQWHUVHLQHP6HWK=HLFKHQDXVVWUDKOWH$XVHLQHPOlVWLJHQ*H IKOZXUGHODQJVDPHLQ6FKPHU]'HUULHVLJH0RQGWDXFKWHKLQWHUGHQ'lFKHUQ GHU7HPSHODXI ³'LH+HND.KDVXWKDEHQQHXH:DIIHQHUIXQGHQXQGZHQGHQVLHDXFKDQVDJWH HLQ MQJHUHU $GHSW GHV *RWWHV (U PHLQWH GLH %URQ]HZDIIHQ XQG GLH

]XVDPPHQJHVHW]WHQ %RJHQ GLH LKUH 3IHLOH PLW JU|HUHU :XFKW XQG =LHOVLFKHUKHLWVFKRVVHQ ³'LH .UDIW HLQHV %RJHQV YHUPDJ QLFKWV JHJHQ GLH )HVWLJNHLW LP *ODXEHQ NRQWHUWH ,NHQ ³:LU KDEHQ YRQ LKQHQ GLH 3IHUGH]XFKW XQG GHQ *HEUDXFK GHU VFKQHOOHQ :DJHQ JHOHUQW 'HU *RWW NHQQW NHLQH )UHPGHQ XQG NHLQH UHLQHQ %HZRKQHU GHV 1LOODQGV (U NHQQW QXU *OlXELJH (QWODQJ GHV 1LOV JLEW HV QXU UHLQH*OlXELJHGHV6HWK,FKPXHVZLVVHQPHLQH)UHXQGH (U QDKP HLQHQ WLHIHQ 6FKOXFN DXV GHP NDOWHQ %HFKHU DEHU DXFK GDV %LHU KDOI QLFKWV JHJHQ GHQ 'UXFN DXI VHLQHU %UXVW (U ZXWH GD VHLQH $QWZRUWHQ YRQ lXHUVWHU :LFKWLJNHLWZDUHQ $XFK HUKDWWH YRQGHP IUHPGHQ$U]WJHK|UWGHP +HLOHUGHU+DXWXQGHLQ%RWHZDUEHUHLWVXQWHUZHJVXPLKQKHUEHL]XUXIHQ ³'LH )UHPGHQ VDJWH HU VFKOLHOLFK ³GHQHQ DXFK LFK ]XJHK|UH KDEHQ GLH %HZRKQHU GLHVHV KHUUOLFKHQ /DQGHV LQ YLHOIlOWLJHU +LQVLFKW ZHLWHU JHEUDFKW .KQH ,GHHQ NDPHQ LQV /DQG 'DV %HZXWVHLQ DOOHU :HOW EHUOHJHQ ]X VHLQ QDKPHQ GLH +HND .KDVXW GHP 9RON GHU bJ\SWHU 6LH HUVHW]WHQ GLHVHQ 9HUOXVW GXUFK HLQHQ *HZLQQ GDV /DQG DP 1LO YHUEUGHUWH VLFK PLW VHLQHQ 1DFKEDUQ KDXSWVlFKOLFKGHQHQGHV2VWHQV ³'DV LVW GLH :DKUKHLW SIOLFKWHWHQ GLH DQGHUHQ 3ULHVWHU EHL 6R ZDU HV WDWVlFKOLFK 'LH +DQG GHV 2EHUVWHQ 3ULHVWHUV ODJ MHW]W DXI GHP 6FKHQNHO GHU 6NODYLQ 'LH %HUKUXQJ ZDU Y|OOLJ XQVLQQOLFK ,Q ,NHQV %UXVW VFKLHQHQ VLFK XQEHNDQQWH0XVNHOQUHJHOPlLJ]XVDPPHQ]XNUDPSIHQ (UKROWHNHXFKHQGWLHI/XIWXQG]ZDQJVLFK]XVDJHQ ³*HKW MHW]W LQ HXUH 4XDUWLHUH 0RUJHQ ZLUG 6HWK ZLHGHU VSUHFKHQ ,FK ZHUGH HXFK VDJHQ ZHOFKHU 6LQQ GLH QlFKVWHQ -DKUH HUIOOHQ ZLUG QDFK GHP :LOOHQ XQVHUHV+HUUVFKHUVMHQVHLWVGHU6WHUQH *HKRUVDPHUKREHQVLFKGLH3ULHVWHU,NHQKRIIWHGDGLHVHU$QIDOOYRUEHUJHKHQ ZUGH(UVWLHGLH6NODYLQYRQVLFKGLHYHUZLUUWGDYRQWDXPHOWHXQGVLFKKLQWHU GHP 7LVFK YHUEDUJ 'DQQ VWDQG HU DXI 3O|W]OLFK ]XFNWHQ JUlOLFKH 6FKPHU]HQ ZLH GLH 6FKQHLGHQ YRQ 'ROFKHQ GXUFK VHLQH %UXVW (U UDQJ QDFK $WHP VHLQH $UPHXQG+lQGHIXKUHQ]LHOORVGXUFKGLH/XIW(UVWLHHLQHQJHOOHQGHQ6FKUHL DXVXQGEUDFKDXIGLH.QLH$OOH.UDIWYHUOLHLKQHLQ.UDPSINUPPWHVHLQHQ .|USHU]XVDPPHQXQGOLHLKQPLWGHU6WLUQKDUWJHJHQGLH3ODWWHQGHV%RGHQV VFKODJHQ 'LH6NODYLQVFKULHOHLVHDXI ³+HUU:DVKDVWGX" ,NHQ6KHVX PHUNWH GD VLFK YRQ GHU 6WHOOH VHLQHU +DXWYHUGLFNXQJ DXV ZHLJOKHQGH 0HWDOOGROFKH GXUFK VHLQHQ.|USHU ERKUWHQ 6HLQH*HGDQNHQ YHU ZLUUWHQ VLFK XQG VHLQH )LQJHU YHUVXFKWHQ GHQ +DXWODSSHQ ORV]XUHLHQ 'HU 6FKPHU]PDFKWHLKQUDVHQGXQGKDOEEHVLQQXQJVORV ,QVWLQNWLYYHUVXFKWHHU]XIOFKWHQ (V ZDU GLH HLQ]LJH 5HDNWLRQ GHUHQ HU QRFK KDOE EHZXW IlKLJ ZDU 8QWHU GHP JQDGHQORVHQ +lPPHUQXQG6WHFKHQ GHV 6FKPHU]HVYHUZLUUWHQ VLFK VHLQH6LQQH

PHKU XQG PHKU 'XUFK VHLQHQ 9HUVWDQG EOLW]WH HLQHQ +HU]VFKODJ ODQJ GLH (UNHQQWQLVGDHUKHXWHIUGLHYLHOHQ-DKUH]XEH]DKOHQKDWWHMHQH=HLWLQGHU HV LKP GDQN VHLQHU +HOOVLFKWLJNHLW GHU KRKHQ ,QWHOOLJHQ] XQG GHU 6NUXSHOORVLJNHLW JHOXQJHQ ZDU HLQ EHQHLGHQVZHUWHV /HEHQ LP :RKOVWDQG ]X IKUHQ (UVFKULHDXIZLHHLQVWHUEHQGHV7LHU³1HLQQRFKQLFKW 6HLQ 6FKUHL HUUHLFKWH GLH 2KUHQ DOOHU 0HQVFKHQ LQ GHU 8PJHEXQJ GHU 7HUUDVVH XQG LQ GHQ *lUWHQ GHV 7HPSHOEH]LUNV 1LHPDQG PLW $XVQDKPH GHU ]LWWHUQGHQ 6NODYLQ ZXWH ZHU GD VR JHOOHQG DXIVFKULH 'HU PDJHUH .|USHU GHV 2EHUVWHQ 3ULHVWHU GHV 6HWK NLSSWH ]XU 6HLWH (LQ 0XVNHOUHIOH[ NUPPWH GLH %HLQH ]XVDPPHQ XQG OLH ,NHQ6KHVKX EHU GLH 3ODWWHQ UROOHQ 'DV VFKZHUH $PXOHWW JDE MHGHVPDO ZHQQ HV JHJHQ GLH 6WHLQH VFKOXJ HLQHQ KDOOHQGHQ PHWDOOLVFKHQ 7RQ YRQ VLFK 0LW HLQHP OHW]WHQ ZUJHQGHQ *XUJHOQ VWDUE ,NHQ DOV HLQH XQVLFKWEDUH )DXVW QDFK VHLQHP +HU]HQ JULII XQG GHVVHQ 6FKODJ DQKLHOW 'HU UXQGH )OHFN GHU ]ZHLWHQ +DQG EHU VHLQHU %UXVW YHUIlUEWH VLFK ZXUGH ]XHUVW KHOOEUDXQ XQG GDQQ DVFKHIDUEHQ 6FKOLHOLFK O|VWH HU VLFK DQ GHQ 5lQGHUQ YRQ GHU +DXW 'HU .|USHU VWUHFNWH VLFK QRFK HLQPDO XQG EOLHE PLW DXVJHVWUHFNWHQ *OLHGPDHQDXIGHU7HUUDVVHOLHJHQ 'HU3DUDVLWZDUYHUQLFKWHWZRUGHQXQGQDKPVLFKDXIO|VHQGVHLQHQ7UlJHUPLW LQ GHQ 7RG 'LH 5HOLJLRQ GHV 6HWK KDWWH LKUHQ 2EHUVWHQ 3ULHVWHU YHUORUHQ (LQ ZLQ]LJHU 6FKULWW LQ GHP 6SLHO ZDU RKQH GLH 0LWZLUNXQJ GHV 6SLHOHUV XQWHUQRPPHQZRUGHQ'LH0DFKWYHUKlOWQLVVHYHUVFKREHQVLFKDQHLQHUHLQ]LJHQ 6WHOOH XP HLQHQ ZLQ]LJHQ %HWUDJ +LHU ZDU GLH 0DFKW GHU +HND .KDVXW HLQJHVFKUlQNW ZRUGHQ YLHOOHLFKW YHUlQGHUWH GHU 8PVWDQG GD GHU 1DFKIROJHU ,NHQ6KHVKXV QLFKW GLH +LOIH HLQHV 6\PELRQWHQ KDEHQ ZUGH GLH EHVWHKHQGHQ 9HUKlOWQLVVH 3WDK6RNDU ]JHOWH VHLQ *HVSDQQ XQG OLH 7DKDUND XQG PLFK KROHQ (U GHXWHWH DXIGLH7UPPHUGDVNUDWHUlKQOLFKH/RFKDXVJHVFKZlU]WHP6DQGXQGGLHXP JHZRUIHQHQ6lXOHQDP(QGHGHU]DKOUHLFKHQ6SXUHQ ³,FK VHKH GLH 3UREOHPH GLH KHXWH QRFK NHLQH VLQG HWZD VR (LQVW ZDUHQ GLH +HND.KDVXWZLOGHXQGHQWVFKORVVHQH1RPDGHQY|ONHUJHZHVHQ,KU9RUWHLOZDU GHUVWlQGLJH2UWVZHFKVHO'DQQNDPHQVLHLQGLHVHV/DQGGDVVLHPLW5HLFKWXP XQGGHUXQVLFKWEDUHQ'HNDGHQ]GHVZHLWHVWJHKHQGVWlGWLVFKRULHQWLHUWHQ/HEHQV HPSILQJ 1DFK ]ZHLKXQGHUW RGHU ZHQLJHU 6RPPHUQ ZDUHQ GLH +HND .KDVXW SUDNWLVFK XQWHUJHJDQJHQ VLH KHLUDWHWHQ YHUPLVFKWHQ VLFK PLW GHU %HY|ONHUXQJ EHUQDKPHQIDVWDOOH6LWWHQXQG*HEUlXFKHXQGZDUHQGHP(LQIOXGHUVWDELOHQ .XOWXUQLFKWPHKUJHZDFKVHQ ,FK QLFNWH LKP ]X XQG GLULJLHUWH PHLQ *HVSDQQ DXI GLH )OlFKH GHV KDUWHQ JHULIIHOWHQ6DQGHVKLQDXVDXVGHPNPPHUOLFKHEUDXQH*UDVKDOPHKHUYRUVDKHQ 8QWHU GHQ VWlKOHUQHQ )HOJHQ PHLQHV :DJHQV NQLUVFKWHQ GLH 6WHLQVSOLWWHU 'LH IXUFKWEDUH'HWRQDWLRQKDWWHVLHZLH*HVFKRVVHLQGHU8PJHEXQJYHUVWUHXW

³(LQH ULFKWLJH 6LFKW GHU 7DWVDFKHQ 3WDK $EHU VLH VLW]HQ VLFK LKUHU +HUNXQIW ZRKOEHZXWDXIGHQ7KURQHQGHU3KDUDRQHQ ³:RKOJHPHUNW VDJWH HU HQWVFKLHGHQ ³DXI 6WKOHQ GLH YRQ lJ\SWLVFKHQ +DQGZHUNHUQLPHZLJHQ6WLOGHV*URHQ+DXVHVKHUJHVWHOOWZRUGHQVLQG ³7URW]GHP ZHUGHQ DXFK +HND .KDVXW QXU HLQH (SLVRGH GHU lJ\SWLVFKHQ 5HLFKVJHVFKLFKWH EOHLEHQ VFKUlQNWH 7DKDUND HLQ ³$Q GLHVHU 6WHOOH KDEHQ ZLU GDV*HVSDQQ]XUFNJHODVVHQ'RUWZXUGHLFKLQGHQ6DQGJHVFKOHXGHUW :LUVDKHQGLH6SXUHQLQDOOHU'HXWOLFKNHLW.XU]QDFKGHP$XJHQEOLFNDQGHP LFK PLFK ZLHGHU HLQLJHUPDHQ HUKROW ]X KDEHQ JODXEWH ZDUHQ 3WDK6RNDU XQG LFKPLW]ZHL*HVSDQQHQYRQ$NRULVDXIJHEURFKHQKDWWHQXQWHUZHJVVWlQGLJGLH 3IHUGHJHZHFKVHOWXQGKDWWHQRKQH6FKZLHULJNHLWHQ7DKDUNDGLHHLQ]LJH$XJHQ ]HXJLQ JHIXQGHQ (UVFKWWHUW K|UWHQ ZLU LKUHQ %HULFKW EHU GHQ =XVWDQG GHV *UDEPDOVGDV$XVVHKHQGHV6SLHOHUVXQGVRZHLWVLHXQGZLUHVUHNRQVWUXLHUHQ NRQQWHQ GHQ JHZDOWVDPHQ 7RG =DNDQ]DV XQG GHV $QGURLGHQ YRQ :DQGHUHU -HW]WQlKHUWHQZLUXQVGHP.UDWHUGHUXQVGHXWOLFKHUNHQQHQOLHZLHXQJHKHXHU VWDUN GLH ([SORVLRQ JHZHVHQ ZDU :HQQ EHUKDXSW VDKHQ ZLU 7HLOH GHU ³(LQULFKWXQJQXULQGHIRUPLHUWHPXQG]HUVWFNHOWHQ=XVWDQG ³:HLWHU %LV DQ GHQ 5DQG GHV .UDWHUV ZHQQ GLH 3IHUGH QLFKW HLQVLQNHQ VDJWH LFK 'LH*HVSDQQHEHZHJWHQVLFKZHLWHU=XHUVWQRFKDXIGHPKDUWHQ6DQGGHUYRP :LQG XQG 7HPSHUDWXU ]XVDPPHQJHEDFNHQ ZRUGHQ ZDU 'DQQ EHU GLH HUVWHQ 'QHQ LQ GLH +XIH XQG )HOJHQ ZHLWHU :LU YHUVDQNHQ ELV ]X GHQ .Q|FKHOQ LQ GHP LPPHU ORFNHUHU ZHUGHQGHQ 6DQG 'LH HKHPDOLJH *UDEDQODJH HLQH ULHVLJH 0DVWDED ZDU YHUQLFKWHW 1XU GLH 3UR]HVVLRQVVWUDH GXUFK 6DQGDQKlXIXQJHQ JHVFKW]W OLH QRFK GHXWOLFK LKUH )RUP XQG /lQJH HUNHQQHQ 9RU XQV EUHLWHWH VLFKMHW]WGHU7ULFKWHUDXV ,FKVDJWHYHUZXQGHUW ³(VJDENHLQHDQGHUHQ6SXUHQ2IIHQVLFKWOLFKZDJWHVLFKNHLQ)HOODFKHKLHUKHU ³=DNDQ]DVWDUEPLWWHQLQGHU1DFKWXQGZHLWHQWIHUQWYRQGHUQlFKVWHQ6LHGOXQJ )U GLH bJ\SWHU ZDU GLHV HLQ IHUQHU 'RQQHU ZHLW GUDXHQ LQ GHU IHLQGOLFKHQ :VWH ³'XKDVWZRKOUHFKW7DKDUNDPXUPHOWH3WDK³'XELVWDXFKDXIGHU5FNIDKUW QLHPDQGHPEHJHJQHW" ³1XU GHQ :DFKHQ GHU 6WDGW XQG HLQLJHQ 0lQQHUQ GLH DXV GHQ %LHUKlXVHUQ NDPHQ $P %RGHQ HLQHV ULHVLJHQ .UDWHUV VDKHQ ZLU XPJHVWU]WH DXHURUGHQWOLFK PDVVLYH6lXOHQDXVJHVFKZlU]WHP6DQGVWHLQXQGHLQHQVFKZDU]HQ%RGHQ DXI GHP QLFKW HLQPDO PHKU 6DQG ODJ $OOHV ZDV VLFK LQ GLHVHP 9HUVWHFN EHIXQGHQ KDWWH ZDU YHUQLFKWHW (V JDE ZHGHU GLH *HUlWH GHV 6SLHOHUV QRFK NRQQWHQZLUHWZDVYRQGHQ6DUNRSKDJHQRGHUGHUDQGHUHQ$XVVWDWWXQJHUNHQQHQ 9RU PHLQHU OLQNHQ 6DQGDOH VWHFNWH HLQH ZLQ]LJH ZHLH )HGHU ,FK KRE VLH DXI VLHVWDPPWHZRKODXVGHU6FKZLQJHHLQHVGHUZHLHQ)DONHQYRQGHQHQ7DKDUND VFKDXGHUQGHU]lKOWKDWWH

0LWGXQNOHU6WLPPHUDXKYRU6FKPHU]EUXPPWH3WDK ³=DNDQ]DVWDUEEOLW]VFKQHOO8QVHU)UHXQGKDWWHHLQHQ7RGXPGHQLKQ7DXVHQGH EHQHLGHQ ³:LUZHUGHQRIWZQVFKHQLKQEHLXQV]XKDEHQ ³:HQQHUQXUDXIXQVJHZDUWHWKlWWHNQXUUWH3WDK6RNDUXQGZDQGWHVLFKDE ³*HKHQZLU+LHUZHUGHQZLUQLFKWVPHKUILQGHQ,UJHQGZDQQVWDUEGHU6SLHOHU XQGYRU7DJHQVWDUEGHU]ZHLWH$FKW]HKQ3DUDVLWHQVLQGQRFKIUHL :LUJLQJHQGXUFKGHQJOKHQGKHLHQ6DQGNQRWHWHQGLH=JHODXVHLQDQGHUXQG IXKUHQ ]XUFN ]X GHP NOHLQHQ *DVWKDXV QDKH GHV 6RPPHUSDODVWV 'RUW ZDUWHWH EHUHLWVHLQ%RWHDXIXQV(UQlKHUWHVLFKPLUPLWGHU0LHQHHLQHV9HUVFKZ|UHUV XQGIOVWHUWH ³+HUU%LVWGX$WODQ$DNHQHUGHU+HLOHUGHU+DXW" (LQH +DQGEHZHJXQJ EHGHXWHWH 3WDK XQG 7DKDUND VLFK ]X HQWIHUQHQ 'LH %RWVFKDIWZLH LPPHU VLHODXWHQPRFKWH VFKLHQ QXU IUPLFKEHVWLPPW ]X VHLQ 0HLQ([WUDVLQQPHOGHWHVLFKQDFKODQJHU=HLWZLHGHU (LQDGHOLJHUbJ\SWHU6LHKJHQDXKLQ6DJHQLFKWV)DOVFKHV$UNRQLGH ³'XKDVWPLFKULFKWLJHUNDQQW,FKKHLOHGLH+DXWXQGLFKWXHGLHVDQlJ\SWLVFKHU XQGIUHPGHU+DXW 'LH )LQJHUQlJHO GHV 0DQQHV ]HXJWHQ QLFKW YRQ HLQIDFKHU KDUWHU $UEHLW 6HLQH +DXW ZDU RKQH 1DUEHQ $XFK ZDU HU IU HLQHQ %RWHQ RGHU .XULHU ]X ZRKOJHQlKUW(UEHPHUNWHGHQ%OLFNPLWGHPLFKGHQ*ROGGUDKWVHLQHUDXIIlOOLJ ]HUULVVHQHQ6DQGDOHQIHVWVWHOOWHVDKYHUOHJHQ]XU6HLWHXQGIXKUIRUW ³'XZHLWGD,NHQ6KHVKXGHU6HWK3ULHVWHUQDFKGLUVFKLFNWHXQGVWDUEHKH GXNDPVW" ,FKVFKWWHOWHGHQ.RSIXQGHUZLGHUWHZDKUKHLWVJHPl ³1HLQ ,FK ZHL HV QLFKW 6HLQ %RWH IDQG PLFK ZRKO QLFKW GHQQ LFK YHUOLH $NRULVYRUHLQLJHQ7DJHQ:DQQVWDUEHU" (UQDQQWH]XPHLQHU9HUEOIIXQJJHQDXGLH1DFKWLQGHU3WDKPHLQHQ3DUDVLWHQ HQWIHUQWXQG=DNDQ]DVHLQMlKHV(QGHJHIXQGHQKDWWHQ 6LHE]HKQ6\PELRQWHQIOVWHUWHGHU/RJLNVHNWRU ³6R ZDU HV HQWJHJQHWH LFK XQG EHPKWH PLFK PHLQH 9HUEOIIXQJ ]X YHUEHUJHQ³'HU.XULHUHUUHLFKWHGHQ3DODVW3WDK6RNDUVHUVWDOVLFKEHUHLWVDXI GHU5HLVHZDU+DVWGXHLQH%RWVFKDIW" ³-D'XZHLWGDLQ1HFKHQGHUlJ\SWLVFKH3KDUDR6HNHQHQUH7DDGHU=ZHLWH KHUUVFKWREZRKOGDV'HOWDXQGGHU6GHQ*HJHQKHUUVFKHUQJHKRUFKHQ" ³,FKZHLHVDEHULFKPHVVHGLHVHPIUPHLQH.XQVWQXUZHQLJ%HGHXWXQJEHL 'HU 6FKPHU] GHV /HLGHQV LVW LP 6GHQ HEHQVR JUR ZLH LQ GHU 0LWWH RGHU LP 1RUGHQGHV5HLFKHV (UOlFKHOWHJHTXlOWXQGDQWZRUWHWH ³.ODQJYROOH :RUWH $U]W 'HU 3KDUDR ZQVFKW GLFK ]X VHKHQ $MDQHIHU VHLQH .RQNXELQHLVWNUDQNXQGlXHUWZLUUH,GHHQ ³'XZHLWGDLFKGHU+HLOHUGHU+DXWQLFKWGHV,QQHUQJHQDQQWZHUGH" ³1XUDXVGLHVHP*UXQGELWWHWHUGLFK

(V NODQJ DOV KDEHLFK HLQHQQHXHQ3DUDVLWHQJHIXQGHQ'LH:DKUVFKHLQOLFKNHLW ZDUJUR,FKOHJWHGHPDEZDUWHQGXQGJDUQLFKWGHPWLJGDVWHKHQGHQ0DQQGLH +DQGDXIGLH6FKXOWHUXQGVDJWHKDOEODXW ³,FK ZHUGH QDFK 1HFKHQ NRPPHQ VR EDOG LFK NDQQ 'LH .UDQNKHLW YHUOlXIW VR ODQJVDP GD EHUWULHEHQH (LOH QXU VFKDGHW ZHQQ HV GDV LVW ZDV ZLU PHLQHQ 6DJH GHLQHP 3KDUDR GD LFK PLFK GXUFK GLHVHQ 5XI DXVJH]HLFKQHW IKOH XQG DOOHVWXQZHUGHXP$MDQHIHUVFKQHOO]XKHLOHQ ³:LHODQJHZLOOVWGXGHQ3KDUDRZDUWHQODVVHQ" ³,FK PX ]XUFN QDFK $NRULV GHQQ GRUW LVW DOO PHLQ :HUN]HXJ XQG PHLQH $XVUVWXQJ 8QG ]XGHP ULHI PLFK HLQ KRKHU %HDPWHU GHV 3KDUDRV $SRSKLV GHVZHJHQELQLFKKLHU+HOIHLFKQLFKWLKPVRZLUGHUPLFKYHUIROJHQXQGW|WHQ ODVVHQXQGGDPLWLVWGHP6HNHQHQUHZHQLJJHKROIHQ1RFKLVWHVVRGD1HFKHQ XQG GDV *HELHW XP 7KHEHQ GHP 'HOWD 7ULEXW ]ROOW 0HLQ /HEHQ LVW ]XPLQGHVW PLUUHFKWZHUWYROO%RWHPLWGHQJROGHQHQ6DQGDOHQ6DJHGLHVGHP3KDUDRDEHU VDJH LKP DXFK GD LFK VRIRUW NRPPH ZHQQ LFK DQGHUQRUWV IHUWLJ ELQ ,FK VFKZ|UHHVLQGLHVHP)DOOQLFKWEHL6HWKVRQGHUQEHL2VLULV=XIULHGHQ" (U PDFKWH HLQH JHULQJVFKlW]LJH+DQGEHZHJXQJXQG PXUPHOWHQRFK LPPHUDXI 'LVNUHWLRQEHGDFKW ³'LH =XIULHGHQKHLW PHLQHV +HUUQ LVW ZLFKWLJ QLFKW GLH PHLQH $EHU ZLGHUVWUHEHQG PX LFK ]XJHEHQ GD GHLQH 6RUJHQ QLFKW RKQH %HUHFKWLJXQJ VLQG,FKGDQNHGLUGDGXPLU]XJHK|UWKDVW ³-HGHPK|UHLFK]XGHVVHQ5HGHYRQ:LFKWLJNHLWLVWVFKORLFK'HU%RWHOLHI GDYRQ .XU]H =HLW VSlWHU VDK LFK LKQ LQ HLQHP :DJHQ QDFK 6GHQ IDKUHQ GHU ]ZHLIHOORVGHPN|QLJOLFKHQ+RIJHK|UWHREZRKOGLHJROGHQHQ9HU]LHUXQJHQPLW 5X JHVFKZlU]W XQG GLH NRVWEDUHQ :LPSHO HQWIHUQW ZRUGHQ ZDUHQ $EHU DOOHLQ VFKRQ GLH ZHLFKHQ /HGHUULHPHQ XQG GLH 6FKQDOOHQ EHZLHVHQ GD GDV *HVSDQQ QLFKW HLQHP HLQIDFKHQ 0DQQ JHK|UWH ,FK VDK LKP ODQJH XQG QDFKGHQNOLFK KLQWHUKHULPPHUKLQKDWWHVLFKGHU%RWHEHUGLHXQVLFKWEDUH*UHQ]HJHZDJWGLH GDV (LQIOXJHELHW GHV 'HOWDV QDFK 6GHQ DEVFKOR :HQQ HV LP /DQG JlUWH VR ZDU GLHVHU 3UR]H VRUJIlOWLJ YHUERUJHQ ZRUGHQ XQG OLHI QXU LQ GHQ *HVSUlFKHQ GHU K|FKVWHQ %HDPWHQ DE XQG YLHOOHLFKW LQ GHQ .DPSIEHIHKOHQ NOHLQHU $EWHLOXQJHQ -HPDQG EHUKUWH PHLQHQ $UP LFK GUHKWH PLFK XP XQG VDK 7DKDUND6LHIUDJWHQHXJLHULJ ³:DVVDJWHGHU%RWH" ³(UPDFKWHPLFKHEHQGDUDXIDXIPHUNVDPGDLFKZHQQDXFKQXUDOV$U]WHLQH HLQIOXUHLFKH3HUV|QOLFKNHLWDP1LOJHZRUGHQELQ ³'DV VWLPPW ,FK K|UH LPPHU ZLHGHU YRQ GLU GHP UHLVHQGHQ +HLOHU GHU +DXW XQG 9DWHU GHU 6DOEHQ :LUNOLFK JDE VLH ]XUFN ,FK VDK VLH EHUUDVFKW DQ 'DYRQ KDWWH LFK QXU LQ GHQ *HVSUlFKHQ GHUMHQLJHQ 0HQVFKHQ JHK|UW GLH EHU PHLQH)UHXQGHYRQPLUZXWHQ 'HQNH DQ GHQ VFKQHOOHQ :HJ GHU *HUFKWH GLH YRQ GHQ *HKHLOWHQ DXVJHVWUHXW ZHUGHQVDJWHGHU([WUDVLQQ ³:LH VFK|Q PXUPHOWH LFK XQG ]XFNWH GLH 6FKXOWHUQ ³(V lQGHUW QLFKWV

,PPHUKLQKDEHLFKVRHEHQGHQ%RWHQGHV3KDUDRVEHORJHQ :LU JLQJHQ ]XUFN ]X GHP NOHLQHQ *HK|IW LQ GHP XQVHUH 3IHUGH YHUVRUJW XQG XQVHUH =LPPHU YRUEHUHLWHW ZXUGHQ 7DKDUND YHUDEVFKLHGHWH VLFK YRQ XQV XQG JLQJ ]XUFN ]XP 6RPPHUSDODVW ,FK DKQWH GD LFK VLH QLH PHKU ZLHGHUVHKHQ ZUGH 3WDK6RNDU OHKQWH DQ HLQHU K|O]HUQHQ 6lXOH XQG VlXEHUWH VLFK GLH )LQJHUQlJHO PLWGHU6SLW]HGHV'ROFKHV ³1XQPHLQ)UHXQG":LUVWGX]XUSROLWLVFKHQ)LJXULP1LOODQG" ,FKEHULFKWHWHLKPZDVGHU%RWHJHVDJWKDWWH3WDKQLFNWHEHLIlOOLJXQGJULQVWH DOV HU YRQ GHP 6\PELRQWHQ HUIXKU GHU GHQ 3ULHVWHU XPJHEUDFKW KDWWH (V ZDU NHLQ /lFKHOQ DXV *HIKOVNlOWH VRQGHUQ HLQH *ULPDVVH GHU 9HU]ZHLIOXQJ 7RG ZDUHWZDV(QGJOWLJHVXQGDXFKGLHVH$NWLRQKLQJPLWGHU6NUXSHOORVLJNHLWGHV 6SLHOHUV]XVDPPHQ3O|W]OLFKVDJWH3WDKXQGVFKQLSSWHPLWGHQ)LQJHUQ ³'DV PX HV JHZHVHQ VHLQ $WODQ 8QVHU )UHXQG YHUQLFKWHWH ZRKO HLQHQ 6\PELRQWHQLQGHU*UDEK|KOHGRUW,FKELQVLFKHUGDHVGRUWVRHWZDVZLHHLQH 6WHXHUXQJJDE ³9HUPXWOLFKLVWGHLQH(UNOlUXQJULFKWLJVDJWHLFK³(VZHUGHQLPPHUZHQLJHU %DOG ZLUG (6 XQV ZLHGHU LQ HLQHQ ODQJHQ 6FKODI YHUVHQNHQ XQG DXI YHUIOXFKHQVZUGLJH:HLVHXQVHUH(ULQQHUXQJHQO|VFKHQ ³$XFKGLHDQ=DNDQ]D8SXDXWVWLPPWH3WDKWUDXULJ]XXQGVWHFNWHGHQ'ROFK HLQ³:LHZDUGDVPLWGHLQHU%HUXIXQJ]XHLQHPKRKHQNUDQNHQ%HDPWHQ" ³5HLQH /JH $EHU LFK ELQ VLFKHU GD HV LUJHQGZR HLQHQ KHNDNKDVXWLVFKHQ 9HUWUDXWHQGHV3KDUDRV JLEWGHUQLFKWVGULQJHQGHUEUDXFKWDOVPHLQH+LOIH:LU UHLVHQPRUJHQIUK]XUFNQDFK$NRULV" ³(LQYHUVWDQGHQ9RQGRUWDXVIlKUVWGXGLUHNWQDFK1HFKHQ" ³:HQQLFKQLFKWDXIJHKDOWHQZHUGH ,FK UHFKQHWH QRFK LPPHU GDPLW GD GHU RGHU GLH 6SLHOHU DEJHVHKHQ YRQ LKUHQ YHUGDPPWHQ3DUDVLWHQDQGHUH'LQJHKLQWHUODVVHQKDWWHQ(6KDWWHQLFKWV'HUDUWL JHV JHVDJW RGHU EHIUFKWHW DEHU PLW GHU0|JOLFKNHLW PXWHQZLU UHFKQHQ (LQH ,GHHJHLVWHUWHXQDXVJHUHLIWGXUFKPHLQH*HGDQNHQVLHKDWWHHWZDVPLWHLQHP3D UDVLWHQ]XWXQ,FKPXWHPLW3WDK]XUFNIDKUHQQDFK$NRULVXQGYHUVXFKHQHLQH QHXH 6LFKW GHU 3UREOHPH ]X ILQGHQ 2E HV VLHE]HKQ RGHU QXU ]HKQ 3DUDVLWHQ ZDUHQ EOLHE HLQH )UDJH GHU =HLWGDXHU $QGHUH 'LQJH HUKLHOWHQ QHXH :LFKWLJNHLWHQ ,FK VFKOLHI VHKU VFKOHFKW LQ GLHVHU 1DFKW ,FK WUlXPWH XQWHU DQGHUHPYRQ6KDLQVD7DUV8PDUPXQJHQ 3O|W]OLFK ZlKUHQG GHU VFKQHOOHQ 5HLVH ]XUFN QDFK $NRULV JHZDQQ GLH 8PJHEXQJ IU PLFK HLQH JlQ]OLFK DQGHUH %HGHXWXQJ =XPLQGHVW HLQH (ULQQHUXQJ DQ bJ\SWHQ ZDU IHVW LQ PHLQHP 9HUVWDQG YHUDQNHUW GLH =HLW PLW 0HQHVXQG1HIHUPHU\WYRUZLHHVPLUVFKLHQ -DKUWDXVHQGHQ 6LH ZDU VFK|Q JHZHVHQ -H PHKU 3DOPHQ 'QHQ 7HPSHO XQG 1LOGLFNLFKWH LFK DEHU VDK GHVWR JUDXHU XQG QLFKWVVDJHQGHU ZXUGHQ VLH 'HU

YHUNOlUHQGH 6FKLPPHU YHUVFKZDQG YRQ DOOHQ 'LQJHQ XQG *HJHQVWlQGHQ 'LH 6WLPPXQJ GLH PLFK ZlKUHQG GHV JOHLWHQGHQ *DORSSV EHILHO ZDU PLU EHNDQQW SO|W]OLFKH )XUFKW YRU HWZDV GDV LFK QLFKW VDK XQG QLFKW NDQQWH )U PLFK ZDU GLHVH OHEHQVUHWWHQGH )XUFKW NHLQH *HPWVEHZHJXQJ VRQGHUQ HWZDV ZLH HLQ 6LQQ (V ZDU DOV VFK|EH VLFK HLQ )LOWHU YRU GLH %LOGHU GLH LFK VDK XQG HLQ DQGHUHU)LOWHUYRUGLH*HUlXVFKHXQG*HGDQNHQ 'LHVH(PSILQGXQJEHGHXWHW*HIDKUDEHUQLFKWVZDVGHLQ/HEHQGLUHNWEHGURKW 'LH%HGHXWXQJLVWK|KHUZHUWLJVFKDOWHWHVLFKGHU/RJLNVHNWRUHLQ 8QVHUH *HVSDQQH UDVVHOWHQ XQG UDWWHUWHQ LQ GLHVHU 6WXQGH IDVW SDUDOOHO ]XP 1LOXIHU 'HU :HJ ZDU IUHL :LH LPPHU KHUUVFKWH EHUDOO GLH WUlJH WUJHULVFKH 5XKHGLHLQ:LUNOLFKNHLWLQWHQVLYH$UEHLWEHGHXWHWH,FKPXWHVSUHFKHQPXWH PHLQH6WLPPXQJXQGPHLQH%HIUFKWXQJHQPLWWHLOHQ,FKKREGHQ$UPXQGULHI ]X3WDK6RNDUKLQEHU ³(VZLUGHWZDVJHVFKHKHQ3WDK'LH0LWWHZLUG.XVFKGHQ6GHQXQG$XDULV GHQ1RUGHQDQJUHLIHQZROOHQ ³$EHU QLFKW LQ GHQ QlFKVWHQ 7DJHQ XQG VLFKHUOLFK QLFKW JOHLFK]HLWLJ (V ZLUG HLQH *HQHUDWLRQ ODQJ GDXHUQ ELV HV ZLHGHU HLQHQ HLQ]LJHQ UHLQ lJ\SWLVFKHQ 3KDUDRJHEHQZLUG(LQH=HLWVSDQQHGLHZLUQLFKWPLWHUOHEHQ ³*OFNOLFKHUZHLVH,FKEHJLQQHGLHVHV/DQG]XKDVVHQJDELFK]XUFN³1HLQ .HLQ +D $EHU HLQ JURHV *HIKO GHV hEHUGUXVVHV ,Q GLHVHU =HLW LVW HV NHLQ JXWHV/DQGREZRKOHVXQVJXWHUJHKW ³'XVSULFKVWDXVZDVLFKIKOHULHIHU³7URW]GHPZDUWHW$UEHLWDXIXQV 'LH +XIH GHU DXVJHUXKWHQ 3IHUGH ULVVHQ GLH :DJHQ WURPPHOQG ZHLWHU 'LH )HOJHQ NQLUVFKWHQ GDV )HWW WURSIWH DXV GHQ $FKVODJHUQ :LU NDPHQ DQ GHQ )HOGHUQ YRUEHL DXI GHQHQ GLH )HOODFKHQ DUEHLWHWHQ 'LHVH %DXHUQ GHU 1LO PLW VHLQHP 6FKODPP GLH JQDGHQORVH 6RQQH XQG GLH XQHUPHOLFKHQ 6DQGPDVVHQ EHLGHUVHLWLJ GHV )OXVVHV ZDUHQ GLH HLQ]LJHQ ZLUNOLFKHQ .RQVWDQWHQ GLHVHV /DQGHV .XU] YRU $NRULV VWLHHQ ZLU DXI HLQH ZDUWHQGH 3DWURXLOOH GHU +HND .KDVXW 'HU $QIKUHU GHVVHQ +DXSWKDDU WDWVlFKOLFK HLQHU /|ZHQPlKQH QLFKW XQlKQOLFKZDUVDJWHXQVGDHLQ6FKLIIPLW$SRSKLVXQWHUZHJVVHL:LUVROOWHQ VRIRUWXPNHKUHQXPGHP3KDUDR]XKHOIHQ ³0DQQ VDJWH LFK ³,FK ELQ QLFKW 6HWKV %UXGHU 0HLQH 6DFKH VLQG JHZLVVH 9HUGLFNXQJHQDXIGHU+DXWGHU0HQVFKHQ 'HU .ULHJHU LP /HGHUSDQ]HU VWULFK GHQ 6DQGVWDXE DXV VHLQHP GXQNHOEUDXQHQ +DDUXQGHQWJHJQHWHWURFNHQ ³'LH6DFKHGHV3KDUDRVHUVHLPLWGHP/HEHQEHJQDGHWDXILPPHULVWDXFKHLQH JHZLVVH9HUGLFNXQJGHU+DXW (LQ 3DUDVLW LQ HLQHU 6FKOVVHOSRVLWLRQ VFKULH DODUPLHUHQG GHU /RJLNVHNWRU DXI ,FK YHUVWDQG DXJHQEOLFNOLFK 'HU 0DQQ GHU DXI GHP 7KURQ LQ $XDULV VD XQG 7ULEXWHHQWJHJHQQDKPOLWWXQWHUHLQHP3DUDVLWHQGHUVHLQHUVHLWVZRKOGDV(QGH GHV6SLHOHUVQLFKWEHUVWDQGHQKDWWH ,FKVDJWH ³(VJLOWVFKQHOO]XKDQGHOQ0HLQ*HSlFNLVWLP+DXVPHLQHV)UHXQGHV+ROWHV

]XVDPPHQPLW3WDK6RNDU%ULQJWHV]XP6FKLII:HQQGDV%RRWJURJHQXJLVW EHKDQGOHLFKGHQ3KDUDRGRUWZHQQQLFKWILQGHWVLFKZRKOGHUHLQHRGHUDQGHUH 3DODVW,FKNRPPHPLWHXFK3WDK ³0HLQ)UHXQG" $XFK HU KDWWH EOLW]VFKQHOO EHJULIIHQ ZRUXP HV JLQJ (V ZDU WDWVlFKOLFK VR GLH -DJG QDFK GHQ 6\PELRQWHQ YHUOLHI LQWHUHVVDQWHU DOV ZLU HV XQV LQ GHQ GVWHUHQ 6WXQGHQKDWWHQYRUVWHOOHQN|QQHQ,FKEDWLKQ ³'X ZHLW ZDV LFK IU HLQH VLFKHUH 2SHUDWLRQ EUDXFKH ,FK KDEH QXU ZHQLJH ,QVWUXPHQWHKLHULP:DJHQ3DFNHPLWGHQ6ROGDWHQHLQZDVQ|WLJLVWXQGJLE HV LKQHQ PLW 6LH ZHUGHQ PLFK HLQKROHQ XQG GDQQ VHKHQZLU ZHLWHU ,FK ZHUGH YHUVXFKHQGHQ3KDUDR]XUHWWHQ ³9HUODVVH GLFK DXI PLFK HUZLGHUWH 3WDK NXU] XQG ZDQGWH VLFK DQ GHQ /|ZHQPlKQLJHQ ³*LE PLU GLH *HVSDQQH PLW GHQ IULVFKHVWHQ 3IHUGHQ PLW XQG DXVMHGHP:DJHQVROOHLQ0DQQDXVVWHLJHQ (LQH5HLKHNQDSSHU.RPPDQGRVHUJLQJDQGLH6ROGDWHQ:LHGHUHLQPDOVDKLFK GD GLH +HND .KDVXW KHUYRUUDJHQGH 6ROGDWHQ ZDUHQ (V GDXHUWH QXU XQJH Z|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lKLJ VRQVW KlWWHQ XQV GLH 6ROGDWHQ HUVW LP 3DODVW YRQ 3WDK JHIXQGHQ ,UJHQGZDQQEUOOWHLFKQDFKKLQWHQ ³$QZHOFKHU6WHOOHZHUGHQZLUGDV6FKLIIWUHIIHQ" 'DV*HVSDQQGHV$QIKUHUVKROWHQXUODQJVDPDXI'LH3IHUGHOHLEHUWURIIHQYRU 6FKZHL GLH )HOOH IlUEWHQ VLFK GXQNHO $EHU HV ZDUHQ WUDLQLHUWH DXVGDXHUQGH 7LHUH GLH QLFKW YLHO ]X VFKOHSSHQ KDWWHQ 'HU 0DQQ PLW GHQ KDUWHQ /LQLHQ LP *HVLFKWVFKULH]XUFN ³6GOLFKYRQ0HPSKLV ³:HLWGXZLHNUDQN+DDNHQHQ5H$SRSKLVLVW" ³1LFKW JHQDX (LQ 6WFN +DXW GDV HU ELVKHU OLHEWH YHUJLIWHW LKQ VDJHQ GLH bU]WH (LQHWUHIIHQGH'HILQLWLRQGLHPLFKVWXW]LJPDFKWH %LVKHUKDWWHQGLH%HIDOOHQHQLKUH+DXWNUDQNKHLWHQNHLQHVZHJV³JHOLHEWZHLOVLH GLHVHQ8PVWDQGQLFKWPLWGHU+HUDXIVHW]XQJLKUHU,QWHOOLJHQ]XQGLKUHV6FKDUI VLQQV LQ 9HUELQGXQJ JHEUDFKW KDWWHQ .RQQWH HV VHLQ GD GHU IUHPGH 3KDUDR ZXWH ZDV GLHVHV NOHLQH hEHO ]X EHGHXWHQ KDWWH" :LH HU DXFK LPPHU GDUEHU GHQNHQ PRFKWH LFK ZUGH GLH HLQJHEWH 2SHUDWLRQ VFKZLW]HQG XQG ]LWWHUQG DEHUYHUPXWOLFKHUIROJUHLFKGXUFKIKUHQ

'LHIROJHQGH=HLWZDUDOSWUDXPKDIW 8QXQWHUEURFKHQ ZXUGHQ GLH 3IHUGH JHZHFKVHOW :LU IXKUHQ LQ GHU +HOOH GHV 7DJHVXQGLQY|OOLJHU'XQNHOKHLW1XUYHUHLQ]HOWH/DJHUIHXHUGLH/DPSHQHLQHV 7HPSHOV RGHU HLQHU .DUDZDQVHUHL XQG GDV 0RQGOLFKW ]HLJWHQ XQV VFKZDFK GHQ :HJ (LQLJH 3IHUGH VWUDXFKHOWHQ XQG EUDFKHQ VLFK GLH )HVVHOQ (LQ NXU]HU $XIHQWKDOW'DVEHWUHIIHQGH7LHUZXUGHJHW|WHWHLQDQGHUHVZXUGHHLQJHVFKLUUW XQGDXFK GLH .RORQQH GHU*HVSDQQHZXUGHMHOlQJHUGLH5HLVHGDXHUWHLPPHU NOHLQHU(LQPDOVFKOLHIHQZLU]ZHL6WXQGHQDP7DJHLQ]ZHLWHVPDOYLHU6WXQGHQ PLWWHQ LQGHU1DFKWZlKUHQGXPXQV KHUXPDXIJHVFKHXFKWH*DUQLVRQVVROGDWHQ QHXH7LHUHHLQVFKLUUWHQGLH:DJHQNRQWUROOLHUWHQXQGXQVHUHQ6FKODIEHZDFKWHQ 8QGGDQQZDUHVVRZHLW $XIGHP1LONDPGLHSKDUDRQLVFKH%DUNHXQVHQWJHJHQ 'LH 5XGHUHU DUEHLWHWHQ ZLH GLH %HVHVVHQHQ ,Q PDWKHPDWLVFKHP *OHLFKPD KREHQ XQG VHQNWHQ VLFK GLH 5LHPHQ (LQ VFKZDFKHU 1RUGZHVWZLQG EOlKWH GDV ULHVLJH6HJHOGDVJHJHQGLH6WU|PXQJGHV)OXVVHVQLFKWYLHODXVULFKWHQNRQQWH 'LH *HVSDQQH ZXUGHQ DQJHKDOWHQ 'HU $QIKUHU ZLH ZLU DOOH JUDX LP *HVLFKW XQG PLW EOXWXQWHUODXIHQHQ $XJHQ VFKULH KLQEHU ]X GHQ 0lQQHUQ DQ GHQ +HFNUXGHUQ 'LH%DUNHlQGHUWHLKUH5LFKWXQJXQGOHJWHVFKOLHOLFKLQHLQHPVXPSILJHQ6WFN GHVQDUELJHQ8IHUVDQ ,FKJLQJDQ%RUG *HVWDQNQDFKVFKZLW]HQGHQ5XGHUVNODYHQHPSILQJPLFK 8QGQRFKHWZDV (LQH6WLPPXQJGHV7RGHVGHU9HU]ZHLIOXQJ +DDNHQHQ 5H $SRSKLV ODJ LQ GHU +HFNNDELQH GHUHQ 6HLWHQZlQGH KRFKJHVFKODJHQ XQG ]XVDPPHQJHUROOW ZDUHQ 'DV N|QLJOLFKH 3UXQNEHWW EHKHUEHUJWHQXUHLQHQ6FKDWWHQGHV0DQQHVGHUXQVLQ$XDULVHPSIDQJHQKDWWH +DDNHQHQZLUNWHZLH&KD\DQHLQJHIDOOHQDXVJHPHUJHOWXQGOHEHQVXQOXVWLJ=X GHP 6FKZHLJHUXFK GHU HUVFK|SIWHQ 5XGHUHU NDP GHU PXIILJH 'XQVW GHU DXV GHQ )HOOHQ XQG 'HFNHQ DXIVWLHJ *URH GXQNOH $XJHQ VWDUUWHQ PLFK DQ XQG YHUIROJWHQlQJVWOLFKMHGHPHLQHU%HZHJXQJHQ ,FK JLQJ GLH 6WXIHQ JDQ] KLQDXI XQG WUDW VWDXEEHGHFNW PGH XQG PLW VFKPHU]HQGHQ0XVNHOQDQGDV/DJHU ³'X VLHKVW QLFKW JXW DXV 3KDUDR VDJWH LFK ³:R VWHFNW GLH +DXW GLH GX OLHEWHVW" =ZHLDOWH6NODYHQVWDQGHQQHEHQGHP/DJHUXQGZHGHOWHQ)OLHJHQ]XU6HLWHGLH E|VDUWLJVXPPHQGGHQ3KDUDRXPNUHLVWHQ6HLQH*UHLVHQVWLPPHNUlFK]WH ³8QWHUGHU6FKXOWHUDQGHU.QRFKHQVlXOH$WODQ+DDNHQHU ,FK EHUOHJWH NXU] QDKP YRUVLFKWLJ PHLQHQ =HOODNWLYDWRU DE XQG OHJWH LKQ DXI +DDNHQHQV%UXVW ³'DV$PXOHWWZLUG GLUKHOIHQ VDJWHLFK³'RUWGUEHQ LVWHLQ+DXV,FKZHUGH DOOHVYRUEHUHLWHQ'LH,QVWUXPHQWHXQG6DOEHQVLQGVFKRQXQWHUZHJV ³0XLFKVWHUEHQ"IUDJWHHUIOVWHUQG

$XIGHP6FKLIIZDUNHLQ3ODW]DXHUGHPVFKZDQNWHGDVIODFKH%RRWEHDFKWOLFK ,FKGHXWHWHDXIGHQ$NWLYDWRUXQGVDJWH ³'HLQH+DXWNUDQNKHLWZLUGGLFKQLFKWW|WHQ'XVWLUEVWQXUZHQQGXQLFKWPHKU OlQJHU OHEHQ ZLOOVW ,FK ZHUGH GLFK UHWWHQ REZRKO GX PLFK IUKHU Kl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lUPGHU6WDIHWWHDXI6LHEUDFKWHQPHLQH$XVUVWXQJXQG*UHYRQ3WDK ³+ROWGHQ3KDUDRKLHUKHU%HIHVWLJWYRUKHUPHLQ$PXOHWWDQVHLQHP+DOVHVGDUI QLFKWYHUORUHQJHKHQ ³:LUZHUGHQLKQEHKXWVDPWUDJHQYHUVSUDFKGHU$QIKUHU'HU9HUZDOWHUGHV 1LOZDVVHUV ]QGHWH DOOH gOODPSHQ DQ GLH HU EHVD ,FK VRUWLHUWH PHLQH ,QVWUXPHQWHXQGEHUHLWHWHPLFKDXIGHQ(LQJULIIYRU,FKZDUPHKUDOVPGHXQG DEJHVSDQQWDEHUGLH2SHUDWLRQZUGHQLFKWVFKZLHULJHUZHUGHQDOVDOOHDQGHUHQ 'LHVPDO DEHU JDE HV QLHPDQGHQ GHU PLU KHOIHQ NRQQWH ,FK ]RJ HLQ VWDUNHV %HWlXEXQJVPLWWHODXIHLQH6SULW]HXQGYHUJHZLVVHUWHPLFKGDDOOHVEHUHLWODJ 6LHEUDFKWHQGHQNUDQNHQ3KDUDR'HUDXVJH]HKUWH.|USHUZRJQLFKWVFKZHUGLH 6ROGDWHQ KDWWHQ GLH (QGHQ GHU 7FKHU DQ LKUH 6SHHUH JHNQRWHW XQG VFKOHSSWHQ +DDNHQHQ 5H ZLH LQ HLQHU +lQJHPDWWH PLW VLFK 5XGHUHU XQG 6WHXHUPlQQHU EHJOHLWHWHQ GLH HUVFK|SIWHQ *DUGLVWHQ $OOHLQ GHU 8PVWDQG GD HV VR JXW ZLH NHLQH $QJHK|ULJHQ GHV +RIVWDDWV JDE ]HLJWH PLU ZLH GULQJHQG PDQ GLH 2SHUDWLRQDQVDKXQGGDGLH5HLVHHLQLJHUPDHQJHKHLPJHKDOWHQZRUGHQZDU 0LW DOOHUJU|WHU 9RUVLFKW EHWWHWHQ ZLU GHQ DEJHPDJHUWHQ .|USHU DXI GDV ZHLH /HLQHQ$OVLFKGDVGQQH.OHLGXQJVVWFNYRP5FNHQGHV0DQQHVVFKQLWWVDK LFK DXIGHQHUVWHQ%OLFNGHQNUDQNHQ 6\PELRQWHQ(UZLUNWHIDVWZLHMHQHUGHU EHLQDKH GHQ 7RG GHV &KD\DQ YHUXUVDFKW KDWWH ,FK ZLQNWH GLH 6ROGDWHQ KLQDXV XQGEDWQXUGHQ$QIKUHUEHLPLU]XEOHLEHQXQG]XKHOIHQ ³,FK WXH ZDV LFK NDQQ $U]W VDJWH HU ]|JHUQG ³DEHU LFK KDEH ZLUNOLFK NHLQH $KQXQJ,FK ³'X VROOVW QXU %LQGHQ KDOWHQ RGHU PHLQHQ 6FKZHL DEZLVFKHQ VDJWH LFK XQG VWLHGLHGQQH1DGHOLQV*HVlGHV+HND.DVKXW'HU3KDUDRVW|KQWHLQHLQHP 5HIOH[DXIXQGEHJDQQVLFKODQJVDP]XHQWVSDQQHQ$OVHUUXKLJDWPHWHXQG]X VFKODIHQ VFKLHQ JLQJ LFK DQ GLH $UEHLW XQG EUDQQWH ]RJ XQG UL LQ HLQHU GUHLVWQGLJHQ 2SHUDWLRQ GHQ 3DUDVLWHQ YRQ GHU :LUEHOVlXOHQJHJHQG GHV EUDXQKlXWLJHQ 0DQQHV 'HU $QIKUHU HQWZLFNHOWH EHWUlFKWOLFKH )lKLJNHLWHQ HU ZDU PLU HLQH JURH +LOIH 6FKOLHOLFK NLSSWH LFK GLH ]XFNHQGHQ VXPPHQGHQ 5HVWHGHV=HOOYHUEDQGVLQGLHURWH*OXWGHV)HXHUV

:LUVWULFKHQGLH6DOEHDXIOHJWHQDXVJHNRFKWHQ6WRIIGDUEHUXQGXPZLFNHOWHQ GHQ .|USHU PLW EUHLWHQ %LQGHQ 6FKOLHOLFK VFKRQ LP 0RUJHQJUDXHQ EHWWHWHQ ZLUGHQVFKODIHQGHQ3KDUDRXP,FKQDKPGHQ=HOODNWLYDWRUDQPLFKXQGZDQNWH ]XP/DJHUGDVPLUGHU9HUZDOWHU]XU9HUIJXQJJHVWHOOWKDWWH 9LHU 7DJH ODQJ NPPHUWHQ ZLU XQV XP GHQ 3KDUDR :LU IWWHUWHQ LKQ PLW DXVJHVXFKW NUlIWLJHQ 6XSSHQ XQG %UKHQ OLHHQ LKQ LP 6FKDWWHQ VFKODIHQ XQG UXKWHQ XQV VHOEVW YRQ GHQ 6WUDSD]HQ DXV ,PPHU ZLHGHU OHJWH LFK GHQ =HOODNWLYDWRU XP GHQ +DOV GHV 0DQQHV GHU VLFK ZLH &KD\DQ XQJHZ|KQOLFK VFKQHOOHUKROWH6FKOLHOLFKVDLFKQHEHQLKPLPNOHLQHQ*DUWHQGHV9HUZDOWHUV XQGULVNLHUWHHVGLHHQWVFKHLGHQGH)UDJHDQLKQ]XULFKWHQ ³'X VDJWHVW 3KDUDR GD GX GLHVHV GRSSHOWH 6WFN +DXW OLHEJHZRQQHQ KDWWHVW" 7ULIIWGLHV]X" (U QLFNWH VFKZHLJHQG 6HLQH $XJHQ ZDUHQ ZLHGHU NODUGLH +DXW GHU $UPH XQG GHV*HVLFKWVVWUDIIWHVLFKZLHGHU=|JHUQGHUZLGHUWH+DDNHQHQ5H$SRSKLV ³'XKDVW UHFKW ,FKZHLGDGLHVH+DXWPHLQ/HEHQYHUlQGHUWKDW(LQVWKDWWH LFK GDV +DXWVWFN QLFKW $OV LFK HLQHV 0RUJHQV HUZDFKWH LFK ZDU QDFKWV EHL HLQHU )UDX JHOHJHQ EHVD LFK GLH +DXW ,FK PHUNWH GD LFK YRQ 7DJ ]X 7DJ NOJHU XQG EHVVHU ZXUGH 1LFKW VWlUNHU LFK ZDU LPPHU HLQ PLWWHOPlLJHU /lXIHU %RJHQVFKW]H XQG *HVSDQQIKUHU $EHU PHLQH .OXJKHLW ZXFKV XQG VLHKHHLQHV7DJHVVDLFKDXIGHP6HVVHOGHV3KDUDRV ³%HLQDKH ZlUVW GX LP %HWW GHV 3KDUDRV JHVWRUEHQ VDJWH LFK ³'LH +DXWVWFNH ZDQGHUQ YRQ 0HQVFK ]X 0HQVFK 'HLQHV KDW VHLQH :DQGHUVFKDIW LQ HLQHP +DXIHQURWHU*OXWEHHQGHW ³'LH+DXWZXUGHE|VHSIOLFKWHWHHUPLUEHL ³6LH ZDU NUDQN $EHU GX ZLUVW GHLQH .OXJKHLW EHKDOWHQ DQWZRUWHWH LFK ³,FK KDEH VFKRQ HWOLFKH VROFKHU +DXWVWFNH HQWIHUQW XQG YHUQLFKWHW $XFK GHLQH *HJQHUKDEHQQXQQLFKWPHKUGHQ9RUWHLONOJHUDOVGX]XVHLQ ³$U]WVWLHHUOHLVHKHUYRU³'XUHGHVWGLFKXPGHLQHQ.RSI:LOOVWGXVDJHQ GDGLHbJ\SWHUDXFKVROFKH+DXWVWFNHNHQQHQ" ³-D ,FK KDEH HLQLJH )UDXHQ XQG 0lQQHU DXV DOWHQ *HVFKOHFKWHUQ XQWHU PHLQHQ 0HVVHUQXQG=DQJHQJHKDEW.HLQHUYRQLKQHQDEHUKDWNODUHUNDQQWGDVHLQH .OXJKHLWPLWGLHVHP)HW]HQ+DXWJHZHEHHWZDV]XWXQKDWWH ³$OVR QLFKW QXU ZLU GLH DXVJHVXFKWHQ )KUHU GHU 1RPDGHQVWlPPH lFK]WH HU ³:HUKDWGLHVH3HVWGHU.OXJKHLWEHUGLH0HQVFKHQJHEUDFKW" ³,FKZHLHVQLFKWJDELFK]X ³:HLWGXZLHYLHOH0HQVFKHQEHIDOOHQVLQG" (UZDUEHHLQGUXFNWXQGVWDUNEHXQUXKLJW1DWUOLFKZXWHHUGDGHUlJ\SWLVFKH $GHO YHUVXFKWH GLH +HND .KDVXW ]X YHUWUHLEHQ 6LH VDHQ DEHU IHVW XQG ZDUHQ VWDUN7URW]GHPPXWH GHUNUDQNH3KDUDRJHZlUWLJ VHLQGDDXVGHPPLWWOHUHQ 7HLO GHV 5HLFKHV XQXQWHUEURFKHQ 1DGHOVWLFKH HUIROJWHQ GLH SUIHQ VROOWHQ ZLH VWDUNGHU*HJQHUZDUGHUDPVHOEHQ8IHUOHEWHXQGGHPPDQ7ULEXW]ROOWH

³1HLQLFKZDUHVQLFKW$EHUHVVLQGVLFKHUOLFKQLFKWYLHOPHKUDOVHLQ'XW]HQG HQWODQJEHLGHU8IHU]ZLVFKHQ'HOWDXQG.DWDUDNWHQ ³:RKHUNHQQVWGXGLHVH=DKO" ³:HQQ HV HLQHQ %HIDOOHQHQ LQ MHGHU ]ZHLWHQ 6LHGOXQJ JLEW GDQQ VLQG HV EHL IQIXQG]ZDQ]LJJU|HUHQ6WlGWHQQLFKWPHKUDOVGLHVH=DKO (UVFKZLHJXQGGDFKWHQDFK'DQQIUDJWHHU ³:DVZLUVWGXWXQ$U]W$WODQ" ,FKGDFKWHDQGHQ5XIVHLQHV.RQNXUUHQWHQXQGDQWZRUWHWH ³,FK UHLVH GXUFK GDV /DQG GXUFK DOOH GUHL =RQHQ :HU PHLQH +LOIH EUDXFKW EHNRPPW VLH XQG EH]DKOW PLFK JXW ,FK PDFKH NHLQHQ 8QWHUVFKLHG ELQ XQSDUWHLLVFKXQGZLOOQXUKHOIHQXQGKHLOHQ%HLGLULVWHVDEHUPDOVJHJOFNW,FK ELQIURKGDLFKQHXH/HEHQVIDUEHDXIGHLQHQ:DQJHQVHKH (LQ ODQJHV XQG LQWHQVLYHV 6FKZHLJHQ EUHLWHWH VLFK DXV $XHUKDOE GHU 0DXHUQ K|UWHQZLUGLH6FKULWWHGHU6ROGDWHQXQGGDV5DVVHOQHLQHVYRUEHLIDKUHQGHQ*H VSDQQV'HU3KDUDRKREGLH+DQGXQGVDJWH ³5XIHPHLQHQ6FKUHLEHUELWWH 'HU 6FKUHLEHU NDP NDXHUWH VLFK ]X )HQ GHV +HUUVFKHUV XQGVFKULHE DXI GD LFK ZHQQ PLFK PHLQ :HJ QDFK $XDULV EULQJHQ VROOWH GRUW GLH *XQVW GHV +HUUVFKHUVLQMHGHU)RUPJHQLHHQZUGHHLQ/HJDWDQ(VVHQHLQJURHV+DXV XQG DOOHV ZDV LFK ]XP /HEHQ EUDXFKWH GLHV DOOHV XQG DQGHUH .OHLQLJNHLWHQ ZUGHQ PLU YRP 3DODVW ]XU 9HUIJXQJ JHVWHOOW GD]X HLQH EHWUlFKWOLFKH 0HQJH DQ*ROG,FKEHGDQNWHPLFKXQGVDJWHVFKOLHOLFKDOVLFKGHQ=HOODNWLYDWRUYRP +DOVGHV3KDUDRVQDKPXQGPLUXPKlQJWH ³'X NDQQVW MHW]W PLW GHP 6FKLII ]XUFN QDFK $XDULV UHLVHQ 8QG ZHQQ LFK GLU HLQHQJXWHQ5DWJHEHQGDUI+HUUVFKHU" ³,FKK|UH" ³*UHLIHQLFKWGHQ6GHQXQGGLH0LWWHDQ,FKZDUODQJHXQWHUZHJVXQGVDKYLHO 6LHVLQGQLFKWVWDUNDEHUGXKDVWQXUGDQQHLQH&KDQFHZHQQVLHGLFKDQJUHLIHQ 9LHOOHLFKW VROOWHVW GX ZHQQ GX ZLHGHU JDQ] JHVXQG ELVW LKUH .UlIWH DXVSURELHUHQ (UQLFNWH]XVWLPPHQG ³(VZLUGPLUHLQIDOOHQ6HNHQHQUH]XHLQHPXQEHUOHJWHQ6FKULWW]X]ZLQJHQ ,FKKREEHLGH$UPHXQG]HLJWHLKPXQVFKXOGLJGLH+DQGIOlFKHQ ³'LHV LVWQLFKW PHLQH 6DFKH,FKZHUGH PLWPHLQHP*HVSDQQ XQG DOOHQPHLQHQ 6DOEHQ QLODXIZlUWV IDKUHQ 'RUW ZDUWHW PHLQH )UHXQGLQ DXI PLFK GRUW DUEHLWHW PHLQ)UHXQGGHQGXPLWDOOHUOHL$UEHLWHQEHWUDXWKDVW ³'X JHKVW PLW PHLQHP :RKOZROOHQ XQG LFK ZHUGH QLFKW PGH ZHUGHQ GHLQH )lKLJNHLWHQ ]X SUHLVHQ 'HQQ LFK UHFKQH GDPLW GD GX DXFK QRFK GLH DQGHUHQ 0HQVFKHQ ILQGHVW GLH JOHLFK PLU DQ GHU NUDQNHQ +DXW OHLGHQ 'D LFK GDEHL PHLQH]XNQIWLJHQ*HJQHUDXVVFKDOWHVROOPLUUHFKWVHLQ ,FKNRQQWHQLFKWXPKLQVHLQH9RUDXVVFKDXHWZDV]XYHUGVWHUQXQGVDJWHNXU] ³(V LVW ZLH EHL GLU 6HOEVW ZHQQ GLH +DXW YHUEUDQQW ZXUGH EOHLEW GLH .OXJKHLW $EHUVLHVWLUEWPLWGHP%HIDOOHQHQ

³6HWKLVWPLWGLUVDJWHHUPUULVFK 6LH EUDFKWHQ +DDNHQHQ 5H $SRSKLV ]XUFN ]XU %DUNH GLH LQ GHQ 6WURP KLQDXVVFKR ZHQGHWH XQG VLFK GDQQ UDVFK QLODEZlUWV HQWIHUQWH (LQ 7UXSS 6ROGDWHQ VDPPHOWH VLFK XQG IXKU GHU %DUNH QDFK 'LH NOHLQHUH $EWHLOXQJ EHJOHLWHWHPLFKDEHUGLHVPDOOLHHQZLUXQVYLHO=HLW$OVLFKHQGOLFKLQ$NRULV DQNDP ZDU HV DOV EHWUlWH LFK ZLHGHU PHLQH +HLPDW 6KDLQVD7DU ZDUWHWH DXI PLFK 3WDK6RNDUV (UOHLFKWHUXQJ PLFK ZLHGHU ]X VHKHQ ZDU QLFKW JHVSLHOW REZRKOLFKPLWLKPEHU)XQNJHVSURFKHQKDWWH $EHULQ]ZLVFKHQZDUHLQJHWUHWHQZDVQXUZHQLJHEHIUFKWHWKDWWHQ$EHUHVZDU PHKUDOVHLQ=HLFKHQ (V ZDU HLQH RIIHQH 3URYRNDWLRQ (LQ %ULHI DEJHIDW YRQ $SRSKLV VLFKHUOLFK EHHLQIOXW YRQ VHLQHQ 5lWHQ XQG HLQGHXWLJ HLQ JUDXVLJHU 6FKHU] DQ GHQ 7ULEXWSIOLFKWLJHQ 8QV NDP GHU 7H[W GLHVHV 6FKUHLEHQV QXU Z|UWOLFK ]X 2KUHQ HLQ*DUGLVWGHU]X3WDKV)UHXQGHQ]lKOWHEHULFKWHWHXQVYRQGHP6FKUHLEHQ 921+$$.(1(15($323+,6$86'(0*5266(1+$86=8$8$5,6$1 '(175,%873)/,&+7,*(1*$8)h567(16(.(15(7$$'(1=:(,7(1 '(53+$5$2+$$.(1(1)25'(57',&+6(.(1(15(0,7*5266(5 6&+b5)( 81' $/6 +(556&+(5 $8) ',( 1,/3)(5'( ,1 '(1 6((1 :$66(5/b8)(1 81' 6&+,/)',&.,&+7(1 0(,1(6 /$1'(6 1,&+7 =8 -$*(1 ,&+ :,// ,1 )5,('(1 6&+/$)(1 '(11 ,&+ *(1(6( 921 (,1(56&+:(5(1.5$1.+(,7$%(57$*81'1$&+7+g5(,&+'$6 -b00(5/,&+( :(+*(6&+5(, '(5 67(5%(1'(1 1,/3)(5'( /$66( $%',(7,(5(=8+(7=(181'=87g7(1'(11,&+%()(+/((6',5 ,&+'(53+$5$2'(61,//$1'(6 ,FKVFKWWHOWHYHUZLUUWGHQ.RSI ³,FKYHUVWHKHQLFKWJDQ]GHQ6LQQGLHVHU%RWVFKDIWVDJWHLFK³,FKZHL QXUGDGLH1LOSIHUGHVFKRQLPPHUGLH2SIHUULWXHOOHU-DJGHQVLQG ³=ZLVFKHQ7KHEHQXQG$XDULVLVWGLH(QWIHUQXQJVRJURODFKWH3WDKELWWHUDXI ³GDDXFK$WODQV3DWLHQWHQGLH6FKUHLHGHU7LHUHQLFKWK|UHQN|QQHQ ³$OVR ZLOO $SRSKLV GLH 1LOSIHUGH VFKW]HQ" IUDJWH 6KDLQVD XQG KRE GLH 6FKXOWHUQ ³.HLQHVZHJV (U ZLOO 6HNHQHQUH EHOHLGLJHQ VDJWH GHU 2IIL]LHU ³:LU VROOHQ ]XUFNVFKODJHQ 'XKDVWGHP3KDUDRGLHVHQ5DWJHJHEHQVDJWHGHU/RJLNVHNWRUOHLVH ³'DV LVW ]LHPOLFK UDIILQLHUW PXWH LFK ]XJHEHQ ³1DWUOLFK ZLUG 6HNHQHQUH HV DEOHKQHQ GLHVHU $XIIRUGHUXQJ ]X IROJHQ 8QG GDUDXIKLQ ZHUGHQ GLH )HLQGVHOLJNHLWHQHU|IIQHW 'HU6ROGDWVWLPPWH]X ³*HQDXGDVLVWGLH$EVLFKWGHV+HND.KDVXW2IIHQVLFKWOLFKELVWGXHLQ$U]WGHU GLH.UDQNHQVWlUNHUPDFKW ³2IIHQVLFKWOLFK PX LFK ]X 6HNHQHQUH GHP LFK YHUVSURFKHQ KDEH GLH /LHEOLQJVNRQNXELQH]XKHLOHQHUZLGHUWHLFK³'DVEULQJWPLFKLQV=HQWUXPGHU $XVHLQDQGHUVHW]XQJHQ *OHLFK]HLWLJ NDQQ LFK ZLHGHU HLQHQ 6\PELRQWHQ

YHUQLFKWHQ,KUEOHLEWKLHU" 6KDLQVD]XFNWHGLH%UDXHQXQGHUZLGHUWH ³,FKKDEHPHLQH$UEHLWKLHU,FKELQNHLQ6ROGDW)UPLFKKHUUVFKWQDFKZLHYRU )ULHGHIUPHLQH$UEHLWHULQQHQXQGIUDOOHVZDVZLUKHUVWHOOHQ,FKGHQNH3WDK LVWGHUVHOEHQ0HLQXQJ ³6FKRQ DOOHLQ GHVZHJHQ VWLPPWH HU ]X ³ZHLO VRQVW $WODQ QLFKW ZWH DQ ZHOFKH 6WHOOH HU ]XUFNNRPPHQ VROOWH ZHQQ HU PGH XQG VFKPXW]LJ LVW XQG RKQH6DOEHQ ³%OHLEW UXKLJ KLHU VDJWH LFK ³0HLQ $XVIOXJ QDFK 1HFKHQ ZLUG QLFKW ODQJH GDXHUQ ,UJHQGZDQQ ZHUGHQ ZLU DXFK GHQ OHW]WHQ 3DUDVLWHQ DXVJHURWWHW KDEHQ ,FK JODXEH LFK PDFKH PLFK EDOG DXI GHQ :HJ :HU VFKQHOO DXIEULFKW LVW EDOG ]XUFN :LU ZDUHQ VLFKHU GD QRFK ODQJH QLFKW GLH =HLW DQJHEURFKHQ ZDU LQ GHU GLH bJ\SWHU VLFK YRQ GHU )UHPGKHUUVFKDIW EHIUHLHQ ZROOWHQ 1RFK ZDUHQ VLH ]X VFKZDFK XQG ]X ZHQLJ RUJDQLVLHUW (V ZUGH IDOOV .lPSIH DXVEUDFKHQ HLQ $EWDVWHQ GHU .UlIWH VHLQ XQG YLHOOHLFKW GLH (LQOHLWXQJ ]X HLQHP KDOEHQ -DKUKXQGHUW GHU .lPSIH 6LHJH XQG 1LHGHUODJHQ 'LH IULHGOLFKH 6WLPPXQJ LQ $NRULV OLWW QRFK QLFKW XQWHU GLHVHQ =XNXQIWVDXVVLFKWHQ ,FK OHKQWH PLFK ]XUFN XQG JULII QDFK 6KDLQVDV +DQG 'DV HLQWlWRZLHUWH $UPEDQG OHXFKWHWH XQG IXQNHOWH ³(LQHQ 7DJ EOHLEH LFK QRFK EHL GLU 6KDLQVD VDJWH LFK ³'DQQ IDKUH LFK XQG NRPPHVRIRUW]XUFN ³,FKELQVLFKHUGDGXQLFKWLP3DODVWGHV6HNHQHQUHEOHLEHQZLUVWDQWZRUWHWH VLHOHLFKWKLQ $P GDUDXIIROJHQGHQ 7DJ SDFNWH LFK ZLHGHU HLQPDO PHLQH $XVUVWXQJ ]XVDPPHQ WHVWHWH 7HLOH GDYRQ NRQWUROOLHUWH GLH 7LHUH XQG GHQ :DJHQ XQG YHUDEVFKLHGHWHPLFKYRQPHLQHQZHQLJHQ)UHXQGHQ /DQJVDP IXKU LFK QDFK 1HFKHQ YRQ 6WDWLRQ ]X 6WDWLRQ $XI GHU OHW]WHQ (WDSSH HVNRUWLHUWHQ PLFK GLH IXQNHOQGHQ *HVSDQQH GHU 3DODVWJDUGH :LU NDPHQ GXUFK GLH HUVWHQ $XVOlXIHU GHU 6WDGW EHUTXHUWHQ EUHLWH %UFNHQ EHU $OWZDVVHU GHV 1LOV XQG KLHOWHQ YRU GHP 6lXOHQWRU GHV 3DODVWEH]LUNV DQ =X PHLQHU hEHUUDVFKXQJ NDP GHU %RWH DXI PLFK ]X GHU PLFK GDPDOV DXIJHKDOWHQ KDWWH +HXWHDOOHUGLQJVZLUNWHHUDXVJHVSURFKHQVHOEVWEHZXWVHLQH.OHLGXQJIXQNHOWH YRU6FKPXFNXQGDXIGHPQDFNWHQ2EHUN|USHUWUXJHUGHQPRQGVLFKHOI|UPLJHQ 6FKPXFN GHU bJ\SWHU ,FK KLHOW GLH 3IHUGH DQ YHUEHXJWH PLFK XQG VDJWH KHUDXVIRUGHUQG $OOHV YHUlQGHUW VLFK DXI ZXQGHUEDUH :HLVH $XV HLQHP VFKZLW]HQGHQ %RWHQ ZLUGHLQN|QLJOLFKHU.lPPHUHU,FKJUHGLFK%RWHPLWJROGHQHQ6DQGDOHQ (UVFKHQNWHPLUHLQVFKPDOOLSSLJHV/lFKHOQXQGVDJWH ³'HU3DODVWLVWYROOHUbU]WH6LHJUlPHQVLFKZHLOHLQIUHPGHUUHLVHQGHU$U]WLQ LKU*HVFKlIWHLQJUHLIW ,FK ODFKWH DXI XQG HQWJHJQHWH ODXW VR GD HV DOOH 8PVWHKHQGHQ XQG DXFK GLH UHJXQJVORVHQ6ROGDWHQK|UHQPXWHQ

³,FK ZHQGH VRIRUW PHLQ *HVSDQQ XQG IDKUH GRUWKLQ ZRKHU LFK NDP ,FK ZLOO PLFK QLFKW PLW GHU :HLVKHLW GHU DQGHUHQ bU]WH PHVVHQ ,FK ELWWH GLFK QXU GLHV GHP3KDUDRPLW]XWHLOHQ 'HU2EHUVWH6FKUHLEHUYHUEHXJWHVLFKNQDSSXQGGHXWHWHLQGHQ3DODVWKRI ³'X ELVW ZLOONRPPHQ 'HU 3KDUDR LVW LQ 6RUJH XP $MDQHIHU 'LHQHU EULQJHQ GHLQ*HSlFNLQGHLQH5lXPH%HL6RQQHQXQWHUJDQJVROOVWGXYRUGHP$QJHVLFKW GHV3KDUDRVVWHKHQ ,FK QLFNWH IUHXQGOLFK XQG OLH PLFK LQ HLQHQ )OJHO GHV 3DODVWV EULQJHQ 'LH 5lXPH DXV 6lXOHQ 4XDGHUQ XQG PLW VFKZHUHQ 9RUKlQJHQ EHU VSLHJHOQGHP %RGHQ ZDUHQ NKO XQG VWLOO /DXWORV KXVFKWHQ 'LHQHU XQG 6NODYHQ EHU GLH %|GHQ(LQOHLFKWHU:LQGGHUYRQGHQ3DOPHQXPGHPJHPDXHUWHQ3DODVWWHLFK NDP EOlKWH GLH 6WRIIEDKQHQ DXI 'HU 6FKUHLEHU EOLHE YRU HLQHU SUlFKWLJHQ 7U DXVYHU]LHUWHP+RO]PLWJROGHQHQ(LQODDUEHLWHQVWHKHQ ³+LHUZLUVWGXZRKQHQELV$MDQHIHUJHKHLOWLVW,FKGHQNHGXZLUVWYLHO*OFN EUDXFKHQ ,FK ZDQGWH PLFK XP XQG VWHPPWH GLH )lXVWH LQ GLH 6HLWHQ ,FK PD GHQ XP HLQHQ.RSINOHLQHUHQ0DQQXQGVDJWHOHLVH ³:LOOVWGX6WUHLW6FKUHLEHU" ³,FKYHUVWHKHGHLQH)UDJHQLFKW+HLOHUGHU+DXW ³+|UH ]X VDJWH LFK YROOHU 6FKlUIH ³PLFK ULHI GHU 3KDUDR (U LVW GHLQ +HUU :HQQ GX PLW VHLQHQ 0DQDKPHQ QLFKW HLQYHUVWDQGHQ ELVW VDJH HV LKP QLFKW HLQHPUHLVHQGHQ$U]W,FKZLOOQLFKWVDQGHUHVDOVGLH+DXWGHU)UDXKHLOHQGDQQ JHKH LFK ZLHGHU ,FK KDEH NHLQH /XVW GHLQH VFKOHFKWH /DXQH PLW]XHUOHEHQ VRODQJHLFKLP3DODVWELQ:RNDQQLFK$MDVHKHQ" =XQlFKVW VFKZLHJ HU HLQH :HLOH GDQQ VDK HUPLFK DQ GDQQLUUWHQ VHLQH$XJHQ HLQH:HLOHXPKHUXQGKHIWHWHQVLFKVFKOLHOLFKDXIGLH%QGHOXQG7DVFKHQGLH YRQ HLQLJHQ 6NODYHQ KHUEHLJHVFKOHSSW ZXUGHQ (U ]HLJWH VFKZHLJHQG DXI GLH 7U 'LH 'LHQHU EUDFKWHQ PHLQ *HSlFN LQ HLQHQ 5DXP GHU VR JUR ZLH HLQ NOHLQHU 7HPSHO ZDU 'LH GUHL RIIHQHQ 6HLWHQ JLQJHQ PLW YHUVFKLHGHQ JURHQ 7HUUDVVHQLQGHQ3DUNKLQDXV ³,FKZHUGHYHUVXFKHQ$MDQHIHU]XGLU]XEULQJHQVDJWHHQGOLFKGHU6FKUHLEHU ³(VLVWQLFKWVRGDLFKZWHQGDXIGLFKELQ$EHULFKNDQQQLFKWJODXEHQGD HLQ0DQQGHUEHLbJ\SWHUQXQG+HND.KDVXWJOHLFKHUPDHQDQJHVHKHQLVWGHU QLODXIQLODEUHLVWHLQJXWHU$U]WIUHLQH)UDXLVWGLHMHGHUPDQQLP3DODVWOLHEW ,FKKDEH$QJVWXP$MDQHIHU:LHDOOHDQGHUHQ ,FK OlFKHOWH LKQ DQ XQG JLQJ LQ GLH +DOOH KLQHLQ 'HU 6FKUHLEHU IROJWH PLU ,FK VDJWH ³'X NDQQVW EHUXKLJW VHLQ $OOH N|QQW LKU UXKLJ EOHLEHQ 'LH 2SHUDWLRQ LVW NHLQ 5LVLNR,KUN|QQW]XVHKHQ:DUXPGLHVH$QJVW" ³:HLOMHGHUPDQQXPLKUH6FK|QKHLWIUFKWHW ³,FK ZHUGH LKUH 6FK|QKHLW QLFKW UXLQLHUHQ $Q ZHOFKHU 6WHOOH LKUHV .|USHUV LVW GLHVH+DXWYHUGLFNXQJ" ³$XIGHPXQWHUVWHQ7HLOGHV1DFNHQV9HUVXFKH$U]WGLFKHLQ]XJHZ|KQHQ,FK

EULQJH$MDKLHUKHU ,PJOHLFKHQ0RPHQWK|UWHQZLU/lUP6FKULWWHXQG5XIH(LQHWZD]Z|OIMlKULJHU -XQJH YRQ HLQLJHQ 'LHQHUQ XQG 'LHQHULQQHQ YHUIROJW UDQQWH GHQ ODQJHQ .RUULGRUHQWODQJ(UZDUXQJHZ|KQOLFKJURXQGHUZDFKVHQIUVHLQ$OWHUVHLQ *HVLFKW VWUDKOWH ZDFKH ,QWHOOLJHQ] DXV 'LH ,GHH GLH LFK YRU HLQLJHU =HLW KDWWH QDKPSO|W]OLFK*HVWDOWDQXQG]HLFKQHWHVLFKGHXWOLFKDE,FKVFKQLSSWHPLWGHQ )LQJHUQXQGIUDJWH ³(LQ6RKQGHV6HNHQHQUH" ³-D.KDPRVHHOI-DKUHDOW(LQEHPHUNHQVZHUWHV.LQG.OXJVWDUNXQGVFKQHOO (LQ ZUGLJHU 1DFKIDKUH MHQHU 3KDUDRQHQ GLH GDV 5HLFK VWDUN XQG XQDEKlQJLJ KLHOWHQ:HQQHUHUZDFKVHQLVWZLUGHUGLH+HND.KDVXWPLWEOXWLJHQ6FKlGHOQ DXVGHP/DQGWUHLEHQ 'HU -XQJH UDQQWH PLW ULHVLJHQ 6SUQJHQ ]ZLVFKHQ GHQ 6lXOHQ HQWODQJ HQWNDP LPPHUZLHGHUGHQ]XSDFNHQGHQ+lQGHQVHLQHUODFKHQGHQ9HUIROJHUXQGVSUDQJ VFKOLHOLFK KLQDXV LQ GHQ *DUWHQ $XV PHLQHU IOFKWLJHQ ,GHH ZXUGH HLQ IHVWHU 3ODQ,FKJULQVWHLQPLFKKLQHLQXQGVDJWH ³,FK GDQNH GLU 6FKUHLEHU 'X ZLUVW VHKHQ GD LQ HLQLJHQ 7DJHQ DOOH 3UREOHPH JHO|VWVHLQZHUGHQ ³:LUKRIIHQHV ³(VLVWVHKUGULQJHQGZRUXPLFKGLFKELWWHVDJWHLFK³$EHULFKPXVRIRUWPLW GHP3KDUDRVSUHFKHQ'DVZDVLFKLKP]XVDJHQKDEHNDQQEHUGLH+HUUVFKDIW GHU+HND.KDVXWHQWVFKHLGHQ(VLVWZLUNOLFKGULQJHQG (UHQWVFKLHGVLFKVFKQHOOXQGHUZLGHUWH ³.RPPPLWPLU$U]W (UQDKPPLFKDP2EHUDUPXQG]RJPLFKPLWVLFK:LUHLOWHQGXUFKGHQKDOEHQ 3DODVWELVZLULQGLH1lKHGHU5lXPHNDPHQLQGHQHQGHU3KDUDRZRKQWH'HU 6FKUHLEHUEDWPLFK]XZDUWHQXQGYHUVFKZDQGKLQWHUHLQLJHQ9RUKlQJHQ.XU]H =HLW YHUJLQJ GDQQ ZLQNWH HU PLFK KLQWHU VLFK KHU 'HU 3KDUDR VD DXI GHU 7HUUDVVH YRU HLQHP $UEHLWVWLVFK XQG ODV GHQ 7H[W YRQ YHUVFKLHGHQ JURHQ 3DS\UXVUROOHQ (U KRE GHQ .RSI XQG PLFK WUDI GHU %OLFN HLQHV XQDXVJHVFKODIHQHQVRUJHQYROOHQ0DQQHVYRQUXQGYLHU]LJ6RPPHUQ0LWHLQHP YHUJROGHWHQ6WlEFKHQGHXWHWHHUDXIHLQHQOHHUHQ6HVVHO ³1LPP3ODW]:DV]XVDJHQLVWVDJHVFKQHOO,FKKRIIHHVLVWZLFKWLJ ,FKVHW]WHPLFKGHU6FKUHLEHUEOLHEDP.RSIHQGHGHV7LVFKHVVWHKHQ,FKILQJ]X VSUHFKHQ DQ XQG HQWZLFNHOWH PHLQHQ 3ODQ 6FKULWW IU 6FKULWW 'DV 7KHPD ZDU QLFKW QXU GHOLNDW VRQGHUQ JHIlKUOLFK XQG IDVW XQKHLPOLFK 7URW]GHP K|UWH 6HNHQHQUH ]X XQG EOLHE HUVWDXQOLFKHUZHLVH UXKLJ (U OLH QLFKW HUNHQQHQ RE HU *HIDOOHQ DQ PHLQHU 7KHRULH XQG DQ PHLQHP NKQHQ (LQIDOO KDWWH 6FKOLHOLFK ZDULFKIHUWLJXQGIUDJWHOHLVH ³:LOOVW GX GLHVHV 5LVLNR HLQJHKHQ GDV QDFK PHLQHU 0HLQXQJ NHLQ 5LVLNR LVW 3KDUDR" $XFK GLHVHU 0DQQ VFKLHQ VFKQHOOH (QWVFKOVVH ]X VFKlW]HQ MHGHQIDOOV VHLQH HLJHQHQ(UHQWJHJQHWHNQDSS

³,FK ZUGH HV QLFKW WXQ ZHQQ HV QLFKW IU bJ\SWHQ ZlUH 'X KDVW PHLQH (UODXEQLVXQGPHLQH8QWHUVWW]XQJ+HLOHUGHU:XQGHQ ³bJ\SWHQ ZLUGHV GLU GDQNHQVDJWHLFK³9RUDXVJHVHW]WPDQZLUGPLWGLHVHP 9RUWHLOULFKWLJXPJHKHQ ³-HGHU HFKWH bJ\SWHUQXW]WHLQHQ VROFKHQ9RUWHLO ]XP1XW]HQGHV5HLFKHV 'LH +HUUVFKDIWGHU+HND.KDVXWVROOQLFKWXQHQGOLFKODQJHGDXHUQ ³,FKKHOIHGHP+HLOHUGHU+DXWVDJWHGHU6FKUHLEHU ³$OOHVZLUGVRJHVFKHKHQZLHHUHVJHVDJWKDW:LUGUIHQDXVGHLQHP6FKDWWHQ WUHWHQ3KDUDR" ³-D,FKZHUGH]XVHKHQ :LU JLQJHQ ,PPHU ZLHGHU EOLFNWH PLFK GHU 6FKUHLEHU YRQ GHU 6HLWH DQ (U VFKLHQPLFK]XEHZXQGHUQRGHUDOV5lWVHOZHVHQ]XEHWUDFKWHQ:LUEHUHLWHWHQLQ HLQHU 6WLPPXQJ ]XQHKPHQGHU )UHXQGOLFKNHLW GHQ 5DXP YRU RUGQHWHQ DQ ZDV GLH'LHQHU]XWXQKDWWHQ]RJHQGLH/HLQWFKHUIHVWXQGVSUDFKHQXQXQWHUEURFKHQ EHUGLHEHYRUVWHKHQGH2SHUDWLRQ'LHMXQJH)UDXNDPPLWHLQLJHQ'LHQHULQQHQ XQGLFKNOlUWHVLHGDUEHUDXIZDVLFKXQWHUQHKPHQZUGH$MDQHIHUVFKLHQQXU ZHQLJ$QJVW]XKDEHQ :LU ZDUWHWHQ GDV HUVWH VWDUNH /LFKW GHV 7DJHV DE 0LW ]ZHL (LQVWLFKHQ LQ GLH $UPEHXJH EHWlXEWHLFK$MDQHIHUXQG.KDPRVHXQGOLHVLHQHEHQHLQDQGHUDXI GLH 2SHUDWLRQVWLVFKH OHJHQ 'LHQHU VFKREHQ GLH 7LVFKH DXIHLQDQGHU ]X ELV VLFK GLH.DQWHQEHUKUWHQ'DQQEHIDKOGHU6FKUHLEHUDOOHQ'LHQHUQXQG6NODYHQGHQ 5DXP ]X YHUODVVHQ 1XU GHU 3KDUDR GHU 6FKUHLEHU XQG LFK XQG HLQH VWXPPH 6NODYLQEOLHEHQKLHU,FK]RJGHQNOHLQVWHQ(QHUJLHGROFKXQGVFKDOWHWHLKQHLQ ³,FK NDQQ HV QRFK LPPHU QLFKW JODXEHQ IOVWHUWH GHU 3KDUDR JHEDQQW XQG VWDUUWH GHQ QDFNWHQ HLQJH|OWHQ 5FNHQ GHU )UDX DQ $MDQHIHU KDWWH HLQH YROONRPPHQH)LJXUXQGODJHEHQVRUHJXQJVORVGDZLH.KDPRVH ³,FK KRIIH GD DOOHV VR ZLUG ZLH ZLU HV XQV YRUVWHOOWHQ JDE LFK ]XU $QWZRUW XQGVHW]WHGHQ'ROFKHLQ(LQLJHIHLQHNRFKHQGKHLH6WUDKOHQVWULFKHQEHUGLH 2EHUIOlFKHGHV3DUDVLWHQ(UVFKLHQJHVXQG]XVHLQZHQQDXFKDQHLQHU6HLWHHLQ 6SDOW]ZLVFKHQGHQYHUVFKLHGHQHQ=HOOJHZHEHQNODIIWH 'HU6SDOWZXUGHJU|HUXQGGHUKDQGWHOOHUJURH)OHFNEHJDQQVLFKDXI]XZ|OEHQ ZLH HLQH NULHFKHQGH 5DXSH :LHGHU VWUDKOWH LFK VWDUNH +LW]H DE DXIGHUJODWWHQ +DXWGHV5FNHQVELOGHWHQVLFKZLQ]LJH%UDQGEODVHQ'HU3DUDVLWZLFKDXV]RJ VHLQH'RUQHQXQG6WDFKHOQDXVGHU+DXWXQGEHZHJWHVLFKDXVGHU5LFKWXQJGHU VWlUNVWHQ +LW]H ZHJ =XHUVW KLQWHUOLH HU HLQH EOXWLJH 6SXU 'LH 6NODYLQ WXSIWH GDV%OXWPLWHLQHPIHXFKWHQNKOHQGHQ7XFKDE0LWGHU*HVFKZLQGLJNHLWHLQHV :XUPV NURFK GHU +DXWODSSHQ VLFK IDOWHQG XQG ZLHGHU JOlWWHQG YRQ GHU :LUEHOVlXOH ZHJ XQG DXI GDV 6FKXOWHUEODWW KLQDXI 'LH ]ZHL .|USHU GHU GHV .QDEHQ XQG GHUMHQLJH GHU )UDX EHUKUWHQ VLFK DXI JOHLFKHU +|KH DQ GHQ (OOERJHQJHOHQNHQ ³,FKPXHVJODXEHQ:HKHZHQQGHU.QDEHOHLGHWVWLHGHU6FKUHLEHUKHUYRU

:LHGHUWULHELFKGHQ6\PELRQWHQPLWQDGHOIHLQHQ+LW]HVWUDKOHQZHLWHU(UNURFK MHW]WDXI GLH 6FKXOWHUKLQDXIXQG VFKOXJGLH 5LFKWXQJDXIGHQ2EHUDUPHLQ ,FK EOLFNWH NXU] GHQ 3KDUDR DQ XQG EHPHUNWH GD VHLQ *HVLFKW YRQ JURHQ 6FKZHLSHUOHQEHGHFNWZDU(UDWPHWHNHXFKHQG ³'HU .QDEH OHLGHW QLFKW LP JHULQJVWHQ :HQQ HU DXIZDFKW ZLUG HU NOJHU DOV VHLQ9DWHUVHLQ.OJHUXQGNKQHUHUZLGHUWHLFK ³,FKKRIIHHVIUXQVDOOHNQXUUWHGHU+HUUVFKHU 'HU6\PELRQWKDWWHNHLQHDQGHUH0|JOLFKNHLW(UNRQQWHQXUHLQ=LHODQVWHXHUQ $OVRIOFKWHWHHUYRUGHU+LW]HDXI$MDQHIHUV6FKXOWHUYRQGRUWEHUGHQ$UP ELV]XP(OOHQERJHQXQGZHFKVHOWHGRUWZLHGDPDOVLQGHU1DFKWYRQ6KDLQVD 7DU]XPLUDXIGHQ$UPGHV3KDUDRQHQVRKQVEHU ,FK YHUVRUJWH GLH :XQGH ZHQGHWH PHLQH 6DOEH DQ XQG YHUEDQG ]XVDPPHQ PLW GHU6NODYLQ GHQ5FNHQ GHUMXQJHQ )UDX'DQQVDKHQ ZLU JHEDQQW]XZLHVLFK GHU 6\PELRQW HLQHQ QHXHQ 3ODW] VXFKWH XQG JHQDX DXI GHU :LUEHOVlXOH GLFKW XQWHUGHU/LQLHGHU.QDEHQVFKXOWHUQ]XU5XKHNDP ,FKKREGLH+DQGXQGVDJWH ³'DV ZDU V 3KDUDR 'HLQH )UHXQGLQ EHKlOW LKUH .OXJKHLW XQG LVW JHKHLOW 8QG GHLQ 6RKQ ZLUG YRQ 7DJ ]X 7DJ NOJHU ZHUGHQ 6ROOWH HLQHV 7DJHV VLFK GLH GQQH+DXWVFKLFKWYHUlQGHUQELQLFKGDXQGYHUQLFKWHGHQ3DUDVLWHQ 'HU3KDUDRZDUVLFKWOLFKEHZHJW ³0HLQ 6RKQ ZLUG GHQ .DPSI JHJHQ GLH +HND .KDVXW GHQ LFK DQIDQJH EHHQGHQ ³9LHOOHLFKW ZDQGWH LFK HLQ ³ZLUG HV HUVW VHLQ 6RKQ VHLQ GHU VLH YRP 1LO YHUWUHLEW ³$XFK GDV LVW P|JOLFK 'LH *HVFKLFKWH GLHVHV /DQGHV UHFKQHW QLFKW LQ -DKUHQ VRQGHUQLQ*HQHUDWLRQHQ ³,FK ZHL VDJWH LFK ³8QG 1DUPHU0HQHV PDFKWH GHQ $QIDQJ 1XQ 6HNHQHQUH EHVLW]W GHLQ 6RKQ GLHVHV 6WFN QHXH +DXW 9LHOOHLFKW JHKHQ GHLQH 7UlXPH LQ (UIOOXQJ $EHU HU LVW GHVZHJHQ ZHGHU XQVWHUEOLFK QRFK ]X HLQHP +DOEJRWWJHZRUGHQ 'LH 6]HQH KDWWH ZLH YLHOH DQGHUH LQ GLHVHU =HLW HEHQIDOOV HWZDV 8QZLUNOLFKHV 'LH KRKHQ OLFKWHUIOOWHQ 5lXPH GLH ZHQLJHQ 3HUVRQHQ GLH VLFK LP =HQWUXP GLHVHV VFKZHLJHQGHQ 3DODVWWHLOHV GUlQJWHQ GLH ]ZHL KDOEHQWEO|WHQ XQG UHJXQJVORVHQ.|USHUXQGGHU3DUDVLWGHUQXQPHKU]XU5XKHJHNRPPHQZDUHV PXWH HLQ %LOG VHLQ GDV (6 LQ VHLQHP PDNDEUHQ +XPRU VHKU ]XVDJWH ,FK ILQJ DQPHLQH,QVWUXPHQWHXQGGLH6DOEHQXQG%LQGHQ]XVDPPHQ]XSDFNHQ ,UJHQGZDQQVDJWHGHU3KDUDR ³:HOFKHQ/RKQYHUODQJVWGX$WODQ$DNHQHU" ³.HLQ *ROG ,FK P|FKWH QXU GD LFK LQ GHP YRQ GLU NRQWUROOLHUWHQ 7HLO GHV 5HLFKHV LQ 5XKH PHLQHQ *HVFKlIWHQ QDFKJHKHQ GDUI %HL PHLQHQ )UHXQGHQ ZHUGH LFK PLFK ZRKO IKOHQ XQG LFK P|FKWH ZLH VLH QLFKW LQ GHLQHQ .DPSI JHJHQGLH+HND.KDVXWYHUZLFNHOWZHUGHQ'DVLVWGHUEHVWH/RKQGHQLFKPLU ZQVFKHQNDQQ

³,FKZHUGHGLUWURW]GHPHLQLJH6FKDWV*ROGHVUHLFKHQODVVHQ0LW*ROGEHNRPPW PDQYLHOZHQQQLFKWDOOHVHQWODQJGHV1LOV ³,FKGDQNHGLUVFKORLFK 'LHQHU EUDFKWHQ GHQ 3KDUDRQHQVRKQ GHU LQ]ZLVFKHQ DXV VHLQHU %HWlXEXQJ LQ HLQHQ WLHIHQ 6FKODI JHIDOOHQ ZDU DXV GHP 5DXP XQG LQ VHLQH =LPPHU 'HU 3KDUDR OHJWH GLH +DQG DXI GLH NKOH UHJORVH 6FKXOWHU VHLQHU )UHXQGLQ XQG EOLFNWH ODQJH XQG VFKZHLJHQG DXI GLH MXQJH )UDX KLQXQWHU 'HU 6FKUHLEHU VDJWH NHLQ :RUW (U ZDU GDPLW EHVFKlIWLJW DXV]XUHFKQHQ RGHU ]X EHUOHJHQ ZHOFKHQ 9RUWHLO GLH 8PSIODQ]XQJ GHV 3DUDVLWHQ DXI GHQ 6RKQ GHV 3KDUDRV HUEULQJHQ ZUGH ,FK JODXEWH LKP DXFK VHLQH hEHU]HXJXQJ GD QXU UHLQH bJ\SWHU EHU GLHVHV/DQGKHUUVFKHQVROOWHQ9LHOOHLFKWJDELKPGLH=XNXQIWUHFKW =XOHW]WZDUHQGHU6FKUHLEHUXQGLFKDOOHLQ ³,FK VHKH PHLQWH GHU 0DQQ XQG OlFKHOWH SO|W]OLFK LQ DOOHU 2IIHQKHLW ³GD GX ZLUNOLFK GHUMHQLJH ELVW ZLH LKQ GDV 9RON VFKLOGHUW 0HLQ 0LWUDXHQ LVW GDKLQJHVFKPRO]HQZLH%LHQHQZDFKVDP0LWWDJ*LEWHVHWZDVGDVLFKIUGLFK WXQNDQQ" ,FKNORSIWHLKPDXIGLH6FKXOWHUXQGDQWZRUWHWH ³'X NDQQVW PLFK PRUJHQ HLQ 6WFN :HJHV QDFK $NRULV EHJOHLWHQ 'RUW ZHUGH LFKLP+DXVPHLQHU)UHXQGHVHLQXQGPLFKDXVUXKHQ8QGGRUWZLUGPLFKDXFK HLQHV7DJHVGLH1DFKULFKWHUUHLFKHQGDbJ\SWHQZLHGHUVHOEVWlQGLJZLUG *HQDXGLHVWDWHQZLU $MDQHIHUNDPXQGGDQNWHPLUEHUVFKZHQJOLFK)UVLHZDUGLH2SHUDWLRQNHLQH %HODVWXQJJHZHVHQ1XUGDVJURH3IODVWHULQLKUHP5FNHQOLHHUNHQQHQGD VLH GLH 7UlJHULQ GHV 3DUDVLWHQ XQG GDQN GHU 6WHLJHUXQJ LKUHU QDWUOLFKHQ .OXJKHLW GLH EHVWH %HUDWHULQ GHV 3KDUDRV JHZHVHQ ZDU ,FK KRIIWH GD PHLQ HUVWHU XQG HLQ]LJHU 9HUVXFK GLH .UlIWH GHV 3DUDVLWHQ SRVLWLY HLQ]XVHW]HQ QLFKW VFKHLWHUQ ZUGH ,FK KDWWH VFKHLQEDU HLQGHXWLJ 6WHOOXQJ JHQRPPHQ XQG JHJHQ GHQ%HIHKOYRQ(6YHUVWRHQDEHULFKVDJWHPLUGDGLH([LVWHQ]HLQHVEHZXW HLQJHVHW]WHQ 6\PELRQWHQ GHQ %DUEDUHQ YRQ /DUVDI 'UHL PHKU KHOIHQ ZUGH DOV GLH$XVURWWXQJDOOHUDQGHUHQ=HOOPDVVHQ 6KDLQVD7DUXQG3WDK6RNDUHUZDUWHWHQPLFKLQ$NRULV )DVWHLQHQ0RQGVSlWHUQDFKPHKUHUHQ5HLVHQGXUFKGLHYHUVFKLHGHQHQ*DXHGHV 1LOODQGV VFKLHQ VLFK DEHUPDOV GHU .UHLV JHVFKORVVHQ ]X KDEHQ 3WDK 6KDLQVD XQGLFKVDHQLQWLHIHQIHOOEH]RJHQHQ6HVVHOQDXIGHUNOHLQHQ7HUUDVVH:LHGHU HLQPDOVWDQGHLQULHVLJHU9ROOPRQGKDOEEHUGHP6DQG]XUDQGHUHQ+lOIWHEHU GHP*DUWHQ:LUWUDQNHQGQQHQ:HLQXQGIKOWHQXQVZRKO ³=DNDQ]D VROOWH KLHU VHLQ PXUPHOWH 3WDK ³(U OLHEWH GHQ /lUP DEHU HU OLHEWH DXFKVROFKHVWLOOHQ$EHQGH ³(U ZLUG QLHPDOV ZLHGHU PLW XQV WULQNHQ VDJWH LFK ³8QVHUH $XIJDEH 3WDK VFKHLQW]X(QGH]XVHLQ ³(XUH$XIJDEH":LHNDQQLFKGDVYHUVWHKHQ"IUDJWH6KDLQVDXQGVFKPLHJWHVLFK

DQPLFK ³:LU NDPHQ KLHUKHU XP GLH +DXWVWFNH GLH 3DUDVLWHQ RGHU 6\PELRQWHQ ]X VXFKHQ XQG ]X YHUQLFKWHQ VDJWH LFK ³1XQ QDFKGHP LFK LQ HLQHP 0RQG YLHU ZHLWHUH+DXWNUDQNKHLWHQ EHVLHJWKDEHLVWXQVHUH$UEHLWVRJXWZLHEHHQGHW 6KDLQVDOHJWHLKUHQ$UPXPPHLQH6FKXOWHUQXQGVWUHLFKHOWHPHLQHQ1DFNHQ ³'XZLUVWPLFKYHUODVVHQ"IUDJWHVLH6LHVFKLHQGDPLWJHUHFKQHW]XKDEHQ,FK ZXWHQLFKWZLHLFKHVLKUHUNOlUHQVROOWH(6ZUGHXQVHLQIDFKYHUVFKZLQGHQ ODVVHQ HQWZHGHU LQDOOHU 6WLOOHRGHU YRU GHQ$XJHQ DQGHUHU 8QGJHQDXLQGHP 0RPHQW DOV LFK YHUVXFKWH PHLQH (UNOlUXQJHQ LQ :RUWH ]X IDVVHQ HUW|QWH LQ PHLQHQ*HGDQNHQZLHGHUGLHVHVVFKDXHUOLFKH*HOlFKWHU (60(/'(7(6,&+ 'X +WHU GHU %DUEDUHQNXOWXUHQ YRP GULWWHQ /DUVDI6WHUQ3ODQHWHQ VDJWH (6 HLQGULQJOLFKLFK VHKH LKUKDEWDOOHV EHUOHEW,FK ZHLGDGLH0LVVLRQJHO|VW LVWGLH6SLHOHUVLQGDXVJHO|VFKWGDV6SLHOLVW]HUIDOOHQGLHPHLVWHQ6\PELRQWHQ ZXUGHQHQWGHFNWXQGYHUQLFKWHW ,FK OHKQWH PLFK ]XUFN XQG EHPKWH PLFK NHLQHQ EHVRQGHUV DEZHVHQGHQ *HVLFKWVDXVGUXFN ]XU 6FKDX ]X WUDJHQ (LQ 6HLWHQEOLFN ]HLJWH PLU GD 3WDK 6RNDUGLHVHOEH6WLPPHK|UWHXQGYHUVWDQGZDVVLHVDJWH (XUH$XIJDEHLVWJHO|VW 'LH %DUEDUHQ GHV 1LOWDOV VLQG ZLHGHU XQWHU VLFK 'HLQ 6SLHO]XJ PLW GHP 6\PELRQWHQ $UNRQLGH ZDU NKQ XQG ZHLW YRUDXVVFKDXHQG DEHU EHL GHU JHULQJHQ/HEHQVHUZDUWXQJ GHU 0HQVFKHQKLHUZLUGHU GHQ bJ\SWHUQQXU ZHQLJ QW]HQ'HQQRFKYHUXUWHLOHLFKGLFKQLFKWZHJHQGLHVHV(LQIDOOV 6HLWHLQLJHU=HLWLVWHXUH$QZHVHQKHLWKLHUQLFKWPHKUZLFKWLJ ,FKZHUGHHXFK]XUFNEULQJHQ$UNRQLGH:HQQLFKHXFKZLHGHUEUDXFKHRGHU EHVVHU ZHQQ HXFK GLH %DUEDUHQ ZLHGHU EUDXFKHQ ZHUGHW LKU ZLHGHU LQ DQGHUHU0DVNHDXIGHP3ODQHWHQHUVFKHLQHQ,FKVHKHGDEHUHLWVGLH)DUEHDXV GHLQHP+DDUYHUVFKZLQGHWXQGHKHVLFK6KDLQVDY|OOLJDQGHLQH/LHEHJHZ|KQW XQG QRFK PHKU OHLGHW PDFKHQ ZLU HLQ (QGH ,FK ZHUGH HXFK QLFKW VDJHQ ZLH ODQJH HXHU $XIHQWKDOW QRFK GDXHUW LFK ELQ ZLH GX ZHLW GHU 0HLVWHU GHU hEHUUDVFKXQJ ,FKELQVHKU]XIULHGHQPLWHXFK /HEWZRKO :,('(5 (56&+h77(57( 0,&+ '$6 '5g+1(1'( *(/b&+7(5 921 (6 0HLQH *HGDQNHQ NOlUWHQ VLFK ZLHGHU LFK NDP LQ GLH *HJHQZDUW ]XUFN 6KDLQVD7DU EOLFNWH PLFK IUDJHQG DQ LKU VFK|QHV *HVLFKW JOlQ]WH LP /LFKW GHU gOOlPSFKHQ ³,PPHUKLQ PXUPHOWH 3WDK6RNDU ³,FK GHQNH LFK NDQQ DQVWHOOH GHLQHV *HOLHEWHQ DQWZRUWHQ 6KDLQVD :LU VLQG QLFKW IUHLZLOOLJ KLHU 8QVHU +HUUVFKHU VFKLFNWH XQV XQG HV ZLUG LKP LUJHQGZDQQ LQ GHQ QlFKVWHQ 9LHUWHOPRQGHQ JHIDOOHQ XQV ]XUFN]XUXIHQ 'DQQ PVVHQ ZLU VRIRUW DXIEUHFKHQ 'DV LVW GLH :DKUKHLW ³:LUZDUWHQDOVRDXIHLQHQ%HIHKO"IUDJWHVLHWUDXULJ

³6RLVWHV$EHUELVGDKLQZHUGHQZLUGDIUVRUJHQGDGLH7DJHKHLWHUXQGGLH 1lFKWHOHLGHQVFKDIWOLFKEOHLEHQYHUVLFKHUWHLFK (VJHODQJXQVGLHVHQ=XVWDQGQHXQ7DJHODQJ]XKDOWHQ $P]HKQWHQ7DJJHJHQ0LWWDJIXKUHQ3WDKXQGLFKPLWPHLQHP*HVSDQQLQGLH 5LFKWXQJ VHLQHU QHXHQ .DQlOH %UFNHQ XQG 6FKOHXVHQ 'HU 6FKDWWHQ ULHVLJHU 0DXOEHHUElXPHODJDXIGHPVFKPDOHQ:HJ3WDKVWHPPWHVLFKLQGLH=JHOXQG ULHI ³(VNRPPW1HEHODXI$WODQ(LQH6HOWHQKHLWKLHUXQG]XGLHVHU=HLWGRSSHOW ,FKODFKWHXQGEHUHLWHWHPLFKDXIGHQ6FKRFNYRU,FKDQWZRUWHWH ³'DVLVWNHLQ1HEHO3WDK'DVLVWGDV=HLFKHQXQVHUHVXQVLFKWEDUHQ+HUUVFKHUV :LUZHUGHQMHW]WGDV/DQGDP1LOYHUODVVHQ1LFKWVDQGHUHV ³,FKJODXEHGXKDVWUHFKW 'HU1HEHOYHUGLFKWHWHVLFK'LH3IHUGHYHUODQJVDPWHQLKUH*HVFKZLQGLJNHLWXQG EOLHEHQVWHKHQ3WDKXQGLFKVWDUUWHQXQVDQ:HLWXQGEUHLWZDUQLHPDQG]XVH KHQ 3O|W]OLFK EHUKUWH XQV HLQ NDOWHU +DXFK ZLU YHUORUHQ RKQH6FKPHU]HQ GDV %HZXWVHLQ,POHW]WHQ$XJHQEOLFNGXUFK]XFNWHXQVGLH9RUVWHOOXQJGDJOHLFK XQV DOOH $XVUVWXQJ YHUVFKZDQG XQG GD ZLU QLFKW GLH JHULQJVWHQ 6SXUHQ KLQWHUODVVHQ ZUGHQ 9LHOOHLFKW H[LVWLHUWH LUJHQGZR HLQH $XI]HLFKQXQJ HLQ 6FKDWV*ROGDQ$WODQ$DNHQHUGHQ$U]WDXVJH]DKOW" 'LH'QHQbJ\SWHQVZUGHQDXFKGLHVHV=HLFKHQYHUVFKWWHQ :LUYHUVFKZDQGHQ 8QG WDXFKWHQ DXI GHQ 5XKHEHWWHQ GHU 8QWHUZDVVHUNXSSHO DXI 1RFK ZDUHQ XQVHUH(ULQQHUXQJHQYROOVWlQGLJ$EHUGHU%OLFNGHQPLU3WDK]XZDUIOLHVHLQH hEHU]HXJXQJHUNHQQHQGDDXFKHUZXWH :HQQ ZLU DEHUPDOV GHQ %RGHQ GLHVHV 3ODQHWHQ EHWUDWHQ ZUGHQ ZLU XQ]lKOLJH )lKLJNHLWHQ EHVLW]HQ DEHU NHLQH (ULQQHUXQJ DQ XQVHUH YRUKHUJHJDQJHQHQ $EHQWHXHU DQ GLH YLHOHQ 0HQVFKHQ GHQHQ ZLU EHJHJQHW ZDUHQ XQG DXFK DQ =DNDQ]D8SXDXWZUGHQZLUXQVQLFKWPHKUHULQQHUQN|QQHQ /DXWORVYHUIOXFKWHLFK(6 (6 YHU]LFKWHWH GDUDXI VLFK PLW GHP YHUGDPPHQVZHUWHQ ODXWHQ *HOlFKWHU ]X YHUDEVFKLHGHQ 'DIU ZDUHQ DOOH %LOGVFKLUPH GHU 7LHIVHH'UXFNNXSSHO PLW $XIQDKPHQ DXV bJ\SWHQ JHIOOW (LQHU GHU 6FKLUPH ]HLJWH HLQHQ HUELWWHUWHQ .DPSI JDQ] ]ZHLIHOORV ]ZLVFKHQ 7UXSSHQ GHU +HND .KDVXW XQG GHQHQ GHV lJ\SWLVFKHQ 3KDUDRV 6HNHQHQUH +DWWH GHU $EVWLHJ GHU )UHPGHQ EHUHLWV DQJHIDQJHQZDULKU$EVFKLHGYRQGHU0DFKWHLQJHOHLWHWZRUGHQ" 8QVLQWHUHVVLHUWHHVQLFKWPHKU (1'(

$OV3(55<5+2'$17DVFKHQEXFK%DQGHUVFKHLQW 5DXPVFKLIIGHU.DWDVWURSKHQ 'LH :HOWUDXP2G\VVHH GHV VFKUHFNOLFKHQ .RUSRUDOV (LQH 6)+XPRUHVNH YRQ (51679/&(. ³'HU (UWUXVHU&\ERUJ HUUHLFKWH GDV +DXSWJHElXGH DOV HUVWHU 0LW +LOIH VHLQHV ,QIUDURWVSUHUVPDFKWHHU:DOO\.ODFNWRQVRIRUWDXVXQGHLOWHLQV6FKODI]LPPHU ZR.ODFNWRQJHUDGHLQV0LNURSKRQGHV+\SHUNRPVVSUDFK &\ER\ XQG VHLQH %DQGH VLQG JHODQGHW 6LH ZROOHQ GHQ 6RKQ GHV *URDGPLQLVWUDWRUV HQWIKUHQ:DOW\ .ODFNWRQGHU8QJOFNVUDEHGHU862VROO DXI GHQ ]HKQMlKULJHQ 0LFKDHO 5KRGDQ DXISDVVHQ EHL GHP SO|W]OLFK DOOH (U]LHKXQJVYHUVXFKHVFKHLOHUQ'RFKDOVGHU.RUSRUDOXQGVHLQ6FKXW]EHIRKOHQHU YRQ 9HUEUHFKHUQ EHUIDOOHQ ZHUGHQ EHJLQQW IU GLH EHLGHQ HLQH JDODNWLVFKH 2G\VVHH DQ GHUHQ (QGH GLH .LGQDSSHU IURK VLQG LQ VLFKHUHQ *HZDKUVDP ]X ZDQGHUQ 'HQQ GDV /HEHQ LQ .ODFNWRQV 1lKH LVW VFKOLPPHU DOV GDV 'DVHLQ DXI HLQHP 6WUDISODQHWHQ (LQ 5RPDQ DXV GHP -DKUKXQGHUW 'LHV LVW GLH DFKWH Y|OOLJLQVLFKDEJHVFKORVVHQH$EHQWHXHUPLWGHP³VFKUHFNOLFKHQ.RUSRUDO'LH YRUDQJHJDQJHQHQ .ODFNWRQ5RPDQH HUVFKLHQHQ DOV %lQGH XQGLQGHU5HLKHGHU3(55<5+2'$17DVFKHQEFKHU 'LH 3(55<5+2'$17DVFKHQEFKHU HUVFKHLQHQ YLHUZ|FKHQWOLFK XQG VLQG EHUDOOHUKlOWOLFKZRHV=HLWVFKULIWHQJLEW 3(55<5+2'$07DVGLHQEXFK#!

(UVWDXVJDEH 7,7(/9(5=(,&+1,6 'LHVH $XVJDEHQ N|QQHQ EHUDOO LP %XFK XQG =HLWVFKULIWHQKDQGHO QDFKEHVWHOOW ZHUGHQ 6ROOWH GLHV QLFKW P|JOLFK VHLQ ZHQGHQ 6LH VLFK ELWWH GLUHNW DQ GHQ 9HUODJ ,Q GLHVHP )DOOH ZROOHQ 6LH VLFK ELWWH GHV XPVHLWLJHQ %HVWHOOVFKHLQHV EHGLHQHQ +*)UDQFLV 'LH)UDXHQYRQ$YDOODQ +DQV.QHLIHO ,QWHOGHU8QJHKHXHU +*(ZHUV 'LHDEVROXW©0DFKW :LOOLDP9ROW] 'WRHLQVDPH6WHPHQVWDGW +DQV.QHLIHO .DUDZDQHGHU:XQGHU +*)UDQFLV 'LH0DFKWGHU5RERWHU .XUW0DKU 'LH+RKOHQYRQ2O\PS +DQV.QHLIHO

1RPDGHQGH©0HHUH +*(ZHUV &KDRVNQ6WHPHQDFKZDUP +DUYH\3DWWRQ 1DFKWEHU&KO0RQJD +*(ZHUV +LQWHUGHP=HWWZKOUP +DQV.QHLIHO 'HUSXUSXUQ©'UDFKH &ODUN'DULWRQ 'DD*HKHLPQLVYRQ:DUGDOO 3HWHU*ULHVH 'DD(UEHGHV3HKUWXV (UQVW9OFHN .ODFNWRQ 3ODQHW +DQV.QHLIHO ,P%DQQGH VFKZDQHQ'OPRQD +DUYH\3DWWRQ 'LHYHUORUHQH.RORQLH 3HWHU*ULHVH8QWHUQHKPHQ3 L .XUW0DKU 6SLRQGHU6WHPHQPDFKW +DQV.QHLIHO .DPSOHUIUGHQ3KDUDR +*)UDQFLV'HU6RQQHQW|WHU )UKHU HUVFKLHQHQH 3HUU\5KRGDQ7DVFKHQEFKHU ZHUGHQ QHX DXIJHOHJW XQG HUVFKHLQHQHEHQIDOOVYLHUZ|FKHQWOLFK 3HWHU7HUULG 8QVWHUEOLFKNHLW[ +DQV.QHLIHO'DV*ROGODQG +*(ZHUV )ODPPHQGH:HOWHQ (UQVW9OFHN +HOGGDU7RGHVZHOW .XUW0DKU 'HU)DOO2%(521 3HWHU7HUULG $XIVWDQGGHU3RVELV +*)UDQFLV 'LH(LQPDQQ2SHUDWNP +RUVW+RIIPDQQ5FNNHKUGHU7RWHQ 3HWHU7HUULG 'XHOOGHU8QVWHUEOLFKHQ

+*(ZHUV&RPSXWHU.LG +DUYH\3DWWRQ 'HU:lFKWHUYRQ5XNDO (UQVW9OFHN 'LH.LQGHUYRQ6DLQW3LGJLQ .XUW0DKU *HLVWHUVFKLII&5(67,9 +DQV.QHLIHO 'HUEUHQQHQGH$UNRQLGH 3HWHU7HUULG 'DV(QGHGHU'XSORV (UQVW9OFHN 'DV0lGFKHQYRP$VWHURLGHQ +*)UDQFLV 'HUJDODNWLVFKH6SLHOHU +DQV.QHLIHL ,QYDVLRQGHUIOLHJHQGHQ0RQGH :.*LHVD /HQN]HQWUDOH&RQGRV9DVDF

Die Parasiten

Die Parasiten

Die Braut des Parasiten

Die Braut des Parasiten

Die Braut des Parasiten

Die Braut des Parasiten

Dämonische Parasiten

Dämonische Parasiten

Dämonische Parasiten

Dämonische Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Mars-Parasiten

Kosmische Parasiten

Kosmische Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Kosmische Parasiten

Kosmische Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Mars-Parasiten

Kosmische Parasiten

Kosmische Parasiten

Unsichtbare Parasiten

Unsichtbare Parasiten

Mars-Parasiten

Mars-Parasiten

Ghoul-Parasiten

Ghoul-Parasiten

Biologie von Parasiten

Biologie von Parasiten

Biologie von Parasiten

Biologie von Parasiten

Biologie von Parasiten

Biologie von Parasiten

Entities. Wesenheiten, Parasiten des Energiekörpers

Entities. Wesenheiten, Parasiten des Energiekörpers

Parasiten des Fischfilets: Erscheinungsbild, Biologie, Lebensmittelsicherheit

Parasiten des Fischfilets: Erscheinungsbild, Biologie, Lebensmittelsicherheit

Parasiten des Fischfilets: Erscheinungsbild, Biologie, Lebensmittelsicherheit

Parasiten des Fischfilets: Erscheinungsbild, Biologie, Lebensmittelsicherheit

Die

Die Spuren schrecken (DIE)

Die Spuren schrecken (DIE)

Die Rainbow Die

Die Rainbow Die

Die Spuren schrecken (DIE)

Die Spuren schrecken (DIE)

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