Ihre Heimat sind die Sterne

(GPXQG+DPLOWRQ ,KUH+HLPDWVLQGGLH6WHUQH -RKQ *RUGRQ OHLWHQGHU $QJHVWHOOWHU HLQHU 1HZ ...

Author: Hamilton Edmond

29 downloads 557 Views 545KB 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

(GPXQG+DPLOWRQ ,KUH+HLPDWVLQGGLH6WHUQH -RKQ *RUGRQ OHLWHQGHU $QJHVWHOOWHU HLQHU 1HZ
(GPXQG+DPLOWRQ

,KUH+HLPDWVLQGGLH6WHUQH7HUUD 6SUXQJYRP-DKUKXQGHUWLQGDV-DKU (LQHNODVVLVFKH6SDFH2SHUD

(ULFK3DEHO9HUODJ0DL ,6%1QD HERRNE\%22.= 5 86

'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW

(LQ7(55$7$6&+(1%8&+

('081' +$0,/721

,KUH+HLPDW VLQG GLH6WHUQH

(5,&+3$%(/9(5/$*5$67$77%$'(1

7LWHOGHV2ULJLQDOV

5(7851727+(67$56 $XVGHP$PHULNDQLVFKHQ YRQ/RUH6WUDVVO

7(55$7DVFKHQEXFKHUVFKHLQWYLHUZ|FKHQWOLFK LP(ULFK)DEHO9HUODJ.*3DEHOKDXV5DVWDWW &RS\ULJKWE\=LII'DYLV3XEOLFDWLRQV,QF &RS\ULJKWE\8OWLPDWH3XEOLFDWLRQV,QF 'HXWVFKHU(UVWGUXFN 5HGDNWLRQ*06FKHOZRNDW 9HUWULHE(ULFK3DEHO9HUODJ.* *HVDPWKHUVWHOOXQJ&ODXVHQ %RVVH/HFN (LQ]HOSUHLV'0LQNO0:6W 8QVHUH5RPDQVHULHQGUIHQP/HLKEFKHUHLHQQLFKWYHUOLHKHQ XQGQLFKW]XPJHZHUEVPlLJHQ8PWDXVFKYHUZHQGHW ZHUGHQGHU:LHGHUYHUNDXILVWYHUERWHQ $OOHLQYHUWULHEXQG$XVOLHIHUXQJLQgVWHUUHLFK :DOGEDXU9HUWULHE)UDQ]-RVHI6WUDH$6DO]EXUJ 1$&+'58&.',(167 (GLWK:RKOELHU%XUFKDUGVWU+DPEXUJO 7HOHIRQ7HOH[ 3ULQWHGLQ*HUPDQ\ 0DL

,QKDOW .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO .DSLWHO

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'LH 6SUHFKVWXQGHQKLOIH VFKOR GLH 7U (LQ HUVWDXQOLFK MXQJHU DEHU VHKU HQHUJLVFK ZLUNHQGHU 0DQQ HUKRE VLFK KLQWHU GHP 6FKUHLEWLVFK XQG ERW *RUGRQHLQHQ6WXKODQ *RUGRQVHW]WHVLFKXQGEOLFNWHYHUOHJHQ]X%RGHQ ª,KU HUVWHU %HVXFK EHL HLQHP 3V\FKLDWHU"© HUNXQGLJWH'U.HRJKVLFKIUHXQGOLFK *RUGRQQLFNWHRKQHDXI]XEOLFNHQª,FK²DK²KDWWH QLHGDV*HIKOHLQHQ]XEUDXFKHQ© ª:LUKDEHQDOOHLUJHQGZDQQHLQPDO3UREOHPH'DV LVW NHLQ *UXQG VLFK ]X VFKlPHQ :LFKWLJ LVW PDQ HUNHQQWGDVLHH[LVWLHUHQGHQQQXUGDQQOlWVLFK HWZDV GDJHJHQ XQWHUQHKPHQ 6LH KDEHQ MHGHQIDOOV EHUHLWV GHQ HUVWHQ 6FKULWW JHWDQ *HUDGH HU LVW IU GLHPHLVWHQGHUVFKZLHULJVWH©(UVWXGLHUWH*RUGRQV .UDQNHQEODWWGDVDEJHVHKHQYRQGHQSHUV|QOLFKHQ 'DWHQQRFKOHHUZDU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª6LHVLQGLP9HUVLFKHUXQJVJHVFKlIW©VWHOOWHHUIHVW ª,KUHU3RVLWLRQQDFK]XVFKOLHHQPVVHQ6LHVHKU WFKWLJVHLQ© ª,FK KDEH LQ GHQ OHW]WHQ -DKUHQ KDUW JHDUEHLWHW© *RUGRQV6WLPPHNODQJJHSUHW ª0|JHQ6LH,KUH$UEHLW"© *RUGRQ EOLFNWH EHVRQGHUV©

QDFKGHQNOLFK

DXI

ª1LFKW

.HRJK UXQ]HOWH GLH 6WLUQ ZlKUHQG HU GDV %ODWW ZHLWHU VWXGLHUWH *RUGRQ NlPSIWH JHJHQ GHQ EHU PlFKWLJHQ,PSXOVDQGDYRQ]XODXIHQ(UZXWHHV ZlUHVLQQORVHUZUGHGRFKZLHGHU]XUFNNRPPHQ GHQQHUPWHGLH:DKUKHLWZLVVHQ ª,FK VHKH GD 6LH XQYHUKHLUDWHW VLQG© PXUPHOWH .HRJK ª:UGH HV ,KQHQ HWZDV DXVPDFKHQ PLU ]X VDJHQZHVKDOE"© ª'DV LVW HLQ *UXQG ZHVKDOE LFK KHUNDP (V JDE HLQ 0lGFKHQ«© (U EUDFK DE XQG IXKU GDQQ PLW SO|W]OLFKHUZLOGHU(QWVFKORVVHQKHLWIRUWª,FKP|FKWH KHUDXVÀQGHQ RE DOOHV QXU :DKQYRUVWHOOXQJHQ ZDUHQ© ª:HOFKH$UWYRQ:DKQYRUVWHOOXQJHQ"©IUDJWH.HRJK VDQIW ª=XU=HLWDOVHVJHVFKDK©HUNOlUWH*RUGRQªJDEHV NHLQHQ=ZHLIHOIUPLFK(VZDUZLUNOLFK:LUNOLFKHU XQGOHEHQGLJHUDOVDOOHVZDVMH]XYRUJHVFKHKHQLVW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH $EHUMHW]W²MHW]WELQLFKPLUQLFKWPHKUVLFKHU©(U EOLFNWH .HRJK YHU]ZHLIHOW DQ ª,FK ZLOO ,KQHQ QLFKWV YRUPDFKHQ,FKP|FKWHGLHVHQ7UDXPQLFKWYHUOLHUHQ ²ZHQQHVHLQ7UDXPZDU(UEHGHXWHWPLUPHKUDOV DOOH:LUNOLFKNHLW$EHULFKZHLDXFKZHQQ²ZHQQ LFK« $FK ]XP 7HXIHO© (U VWDQG DXI XQG ZDQGHUWH UXKHORV LP =LPPHU XPKHU GLH 6FKXOWHUQ JHEHXJW XQGGLH+lQGHJHEDOOW(UVDKDXVZLHHLQ0DQQGHU GDUDQJHKWYRQHLQHU.OLSSH]XVSULQJHQ8QG.HRJK ZXWH GD GLHVHV *OHLFKQLV ]XWUDI (U ZDUWHWH JHGXOGLJ ª,FK ÁRJ ]X GHQ 6WHUQHQ© PXUPHOWH *RUGRQ ª1LFKW MHW]W VRQGHUQ ]ZHLKXQGHUWWDXVHQG -DKUH LQ GHU=XNXQIW,FKHU]lKOH,KQHQGLHJDQ]H*HVFKLFKWH 'RNWRUGDQQN|QQHQ6LHPLFKLQHLQH=ZDQJVMDFNH VWHFNHQ0HLQ*HLVWZDUEHUGHQ$EJUXQGGHU=HLW LQ GHQ .|USHU HLQHV DQGHUHQ YHUVHW]W ZRUGHQ XQG HLQH:HLOH²LFKEHKLHOWPHLQHHLJHQH3HUV|QOLFKNHLW YHUVWHKHQ6LH'RNWRUPHLQHHLJHQHQ(ULQQHUXQJHQ ²HLQH:HLOHVWHFNWHLFKLP.|USHU=DUWK$UQVHLQHV 3ULQ]HQGHV0LWWHOJDODNWLVFKHQ,PSHULXPV«© 6HLQH6WLPPHYHUORUVLFK(UVWDUUWH]XP)HQVWHU KLQDXV DXI GHQ WURVWORVHQ 5HJHQ XQG GLH 'lFKHU XQG0DXHUQXQG6FKRUQVWHLQHGHU:HVW6L[W\IRXUWK 6WUHHW ª,FK K|UWH GLH 0HORGLH GHV 6RQQHQDXIJDQJV© IXKU *RUGRQ IRUW ªGLH YRQ GHQ NULVWDOOHQHQ *LSIHOQ EHU 7KURRQ NOLQJW ZHQQ .DQRSXV VLH LQ LKUH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HUVWHQ ZlUPHQGHQ 6WUDKOHQ KOOW ,FK KDEH LQ GHU 6WHUQHQKDOOH PLW GHQ 6WHUQHQN|QLJHQ JHIHLHUW 8QG ]XP 6FKOX IKUWH LFK GLH )ORWWHQ GHV ,PSHULXPV JHJHQ XQVHUH )HLQGH GLH /LJD GHU 'XQNHOZHOWHQ ,FK VDK GLH 6FKLIIH ZLH /HXFKWNlIHU DP 5DQGH GHV +HUNXOHVKDXIHQYHUJOKHQ«© (U ZDQGWH VLFK QLFKW XP (U ZROOWH QLFKW VHKHQ ZLH.HRJKVHLQH:RUWHDXIQDKP(UKDWWHEHJRQQHQ XQGHUZUGHQLFKWDXIK|UHQXQGLQVHLQHU6WLPPH VFKZDQJHQ 6WRO] XQG 6HKQVXFKW XQG GHU 6FKPHU] GHV9HUOXVWV ª,FK GUDQJ LQ GHQ 2ULRQQHEHO HLQ ,FK ZDU LQ GHU 6WHUQHQZRONHZRGLHHUORVFKHQHQ6RQQHQLQHLQHP 'XQVWYRQ'XQNHOKHLWVFKLPPHUQ,FKKDEHJHW|WHW 'RNWRU 8QG LQ MHQHU OHW]WHQ 6FKODFKW«© (U KLHOW LQQHXQGVFKWWHOWHGHQ.RSI'DQQZDQGWHHUVLFK DEUXSWYRP)HQVWHUDE ª/DVVHQ ZLU GDV MHW]W $EHU HV JHVFKDK VRYLHO (LQ JDQ]HV 8QLYHUVXP OHEWH XQG PLW LKP 6SUDFKH 1DPHQ 0HQVFKHQ 2UWH (LQ]HOKHLWHQ .|QQWH LFK PLUGDVDOOHVHLQJHELOGHWKDEHQ"©9HU]ZHLIHOWEOLFNWH HUDXI.HRJK ª:DUHQ6LHJOFNOLFKLQGLHVHP8QLYHUVXP"©IUDJWH .HRJK *RUGRQ GDFKWH GDUEHU QDFK XQG UXQ]HOWH GLH 6WLUQ ª'LH PHLVWH =HLW KDWWH LFK $QJVW (V ZDU«© (U PDFKWH HLQH KLOÁRVH *HVWH ª,FK EHIDQG PLFK LQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VWlQGLJHU *HIDKU $EHU ² MD LFK JODXEH VFKRQ GD LFKGRUWJOFNOLFKZDU© 'HU 3V\FKLDWHU QLFNWH ª6LH HUZlKQWHQ HLQ 0lGFKHQ«© *RUGRQ VWDUUWH ZLHGHU ]XP )HQVWHU KLQDXV ª,KU 1DPH ZDU /LDQQD 6LH ZDU HLQH 3ULQ]HVVLQ GHV .|QLJUHLFKV )RPDOKDXW 6LH XQG =DUWK $UQ ZDUHQ YHUOREW²DXV6WDDWVJUQGHQPHKUQLFKW=DUWK$UQ KDWWHEHUHLWVHLQH)UDX$EHULFKLQVHLQHP.|USHU YHUOLHEWH PLFK LQ /LDQQD 8QG VLH HUZLGHUWH PHLQH *HIKOH (LQH :HOW VWU]WH IU PLFK ]XVDPPHQ DOVLFKKLHUKHULQPHLQHHLJHQH=HLW]XUFNNHKUHQ PXWH 8QG MHW]W ZXUGH DOOHV ZLHGHU YRQ QHXHP DXIJHZKOW ,FK KDWWH PLFK VFKRQ IDVW GDPLW DEJHIXQGHQ VLH QLH ZLHGHU]XVHKHQ $EHU GDQQ ZDU PLUDOVK|UWHLFKVLHHLQHV1DFKWV]XPLUVSUHFKHQ ² WHOHSDWKLVFK EHU GHQ $EJUXQG GHU =HLW KLQZHJ 6LHVDJWH=DUWK$UQKDEHHLQH0|JOLFKNHLWJHIXQGHQ PLFK LQV 6WHUQHQUHLFK ]XUFN]XKROHQ LQ PHLQHP HLJHQHQ.|USHU© (U OLH GLH 6FKXOWHUQ VLQNHQ ª:LH YHUUFNW GDV NOLQJWZHQQPDQHVHU]lKOW$EHUGLH+RIIQXQJHLQHV 7DJHVGRFK]XUFNNHKUHQ]XN|QQHQPDFKWHPHLQ HLQW|QLJHV 'DVHLQ HLQH =HLWODQJ ZLHGHU OHEHQVZHUW 'RFK QLFKWV WDW VLFK 8QG QXQ ELQ LFK PLU QLFKW HLQPDOVLFKHURELFKPLUQLFKWDOOHVQXUHLQJHELOGHW KDEH©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH .HRJK KDWWH VLFK HLQLJH 1RWL]HQ JHPDFKW (U EOLFNWHDXI ª6LH VDJHQ DOVR ,KU ,FK VHL GXUFK GLH =HLW LQ GHQ .|USHUHLQHVDQGHUHQYHUVHW]WZRUGHQ:DVJHVFKDK PLW,KUHPHLJHQHQZlKUHQG,KU*HLVWLKQYHUODVVHQ KDWWH"© ª=DUWK $UQ KDWWH LKQ EHUQRPPHQ 'DV ZDU MD GHU =ZHFN $UQ LVW :LVVHQVFKDIWOHU (U ZROOWH GLH 9HUJDQJHQKHLWHUIRUVFKHQ(UHQWZLFNHOWHVHOEVWGLH $SSDUDWXUHQ GLH GLHVHQ 3HUV|QOLFKNHLWVDXVWDXVFK P|JOLFKPDFKWHQ© ª8QGGLHVHU=DUWK$UQJLQJLQ]ZLVFKHQKLHUDXFK ,KUHU$UEHLWQDFK"© ª'DVQLFKW(UHQWVFKXOGLJWHVLFKLQPHLQHU)LUPD HU VHL NUDQN 2IIHQEDU ZROOWH HU QLFKW GDV 5LVLNR HLQJHKHQ HLQHQ QLFKW ZLHGHUJXW]XPDFKHQGHQ )HKOHU]XEHJHKHQ/HLGHUKDWWHLFKQLFKWGLHJOHLFKH :DKO© .HRJK QLFNWH ª,FK JUDWXOLHUH ,KQHQ ]X ,KUHP DX HURUGHQWOLFKORJLVFKHQ9HUVWDQG0U*RUGRQ$EHU HV JLEW ZRKO NHLQHQ JUHLIEDUHQ %HZHLV GD GLHVHU 3HUV|QOLFKNHLWVDXVWDXVFKWDWVlFKOLFKVWDWWIDQG© ª1HLQ QLFKW GHQ JHULQJVWHQ :LH VROOWH HV DXFK" $EHU ZDV PHLQWHQ 6LH PLW PHLQHP ORJLVFKHQ 9HUVWDQG"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª6LHKDEHQQLFKWVDXHUDFKWJHODVVHQ6LHKDEHQ HLQH XQZDKUVFKHLQOLFKH 9RUVWHOOXQJVNUDIW ² ZLH QXU ZHQLJH© .HRJK EOLFNWH *RUGRQ PLWIKOHQG DQ ª,FK ZHL ZHOFKHQ LQQHUHQ .DPSI HV 6LH JHNRVWHW KDEHQPX]XPLU]XNRPPHQ:LUZHUGHQVLFKHU JXW ]XVDPPHQDUEHLWHQ ,FK JODXEH LQ ,KUHP 8QWHUEHZXWVHLQKDEHQ6LHEHUHLWVHUNDQQWGD,KU 7UDXP YRQ 6WHUQN|QLJUHLFKHQ XQG HLQHU VFK|QHQ 3ULQ]HVVLQQXUHLQ9HUVXFK,KUHV*HLVWHVZDUHLQHU :HOW ]X HQWÁLHKHQ GLH 6LH XQHUWUlJOLFK ÀQGHQ 'LH 7DWVDFKH GD HV VHLW OlQJHUHU =HLW VFKRQ NHLQH :LHGHUKROXQJGHV7UDXPVPHKUJHJHEHQKDWLVWHLQ JXWHV=HLFKHQ(VZHUGHQ]ZDUHLQLJHVFKPHU]OLFKH $XJHQEOLFNH QLFKW ]X YHUPHLGHQ VHLQ DEHU ZLU NULHJHQ 6LH VFKRQ ZLHGHU KLQ $P EHVWHQ ZlUH HV 6LH NlPHQ ]ZHLPDO GLH :RFKH ]X PLU .|QQHQ 6LH GDVHLQULFKWHQ"© $OV *RUGRQ QLFNWH IXKU HU IRUW ª0L )LQOH\ ZLUG GLH 7HUPLQH PLW ,KQHQ YHUHLQEDUHQ 8QG KLHU LVW PHLQH3ULYDWQXPPHU©(UUHLFKWH*RUGRQHLQH.DUWH ª6ROOWHQ6LHHLQHQ5FNIDOOKDEHQYHUVWlQGLJHQ6LH PLFKELWWHJOHLFKJOWLJZLHVSlWHVLVW© *RUGRQ NDP QDFK GLHVHP %HVXFK UHJHOPlLJ ]ZHLPDO LQ GHU :RFKH ]X .HRJK (U EHDQWZRUWHWH ZLOOLJ DOOH )UDJHQ HU]lKOWH PHKU XQG PHKU YRQ VHLQHP 7UDXP XQG OHUQWH XQWHU GHU JHVFKLFNWHQ )KUXQJ GHV 3V\FKLDWHUV GLH 'LQJH REMHNWLY ]X EHWUDFKWHQ(UEHJDQQGLH]XJUXQGHOLHJHQGHQ0RWLYH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ]X YHUVWHKHQ ² 8Q]XIULHGHQKHLW PLW HLQHU $UEHLW GLH QLFKW JHQJHQG $QIRUGHUXQJHQ DQ LKQ VWHOOWH 9HUODQJHQ QDFK 5XKP XQG 0DFKW GDV %HGUIQLV GLH :HOW IU GLH (QWWlXVFKXQJ XQG IHKOHQGH $QHUNHQQXQJ]XVWUDIHQ.HRJKZDUDXHURUGHQWOLFK EHHLQGUXFNW XP QLFKW ]X VDJHQ EHVWU]W EHU *RUGRQV %HVFKUHLEXQJ GHV 'LVUXSWRUV HLQHU :DIIH YRQ XQJODXEOLFKHU 9HUQLFKWXQJVNUDIW GLH HU DOV =DUWK $UQ LQ GHU (QWVFKHLGXQJVVFKODFKW JHJHQ GLH /LJDVHOEVWEHGLHQWKDWWH ª6LHKDEHQHLQHQ7HLOGHV5DXPHVGDPLWYHUQLFKWHW"© IUDJWH .HRJK XQG VFKWWHOWH GHQ .RSI ª6LH KDEHQ ZLUNOLFK PDFKWYROOH :QVFKH *OFNOLFKHUZHLVH KDEHQVLFKGLHVHQXULP7UDXPHUIOOW© /LDQQD ZDU DP OHLFKWHVWHQ ]X HUNOlUHQ 6LH ZDU GDV 0lGFKHQ VHLQHU 7UlXPH GDV 8QHUUHLFKEDUH 'DV EHIUHLWH LKQ GDYRQ XQWHU GHQ )UDXHQ XP LKQ ZlKOHQ]XPVVHQ.HRJKHUNOlUWHLKPGDHU$QJVW YRU)UDXHQKDEH*RUGRQKLQJHJHQPHLQWHGDVLH LKQOHGLJOLFKODQJZHLOWHQGRFKVDJWHHUVLFKGDGHU 3V\FKLDWHUVLFKEHVVHUPLWVHLQHP8QWHUEHZXWVHLQ DXVNHQQHQPVVHDOVHUVHOEVW'DUXPZLGHUVSUDFK HULKPQLFKW )U.HRJKZDUGHUJDQ]H)DOOHLQH)XQGJUXEH(U PRFKWH*RUGRQGHUVLFKDOVZLOOLJHU3DWLHQWHUZLHVHQ KDWWH8QGHUKDWWHHLQH0HQJHLQWHUHVVDQWHV0DWHULDO JHZRQQHQ GDV LKP $QHUNHQQXQJ XQG $QVHKHQ LQ )DFKNUHLVHQEULQJHQZUGH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 8QGGDQQNDPHQGOLFKGHU7DJGD.HRJK]X*RUGRQ VDJWH ª:LU KDEHQ DXHURUGHQWOLFKH )RUWVFKULWWH JHPDFKW ,FK JODXEH ZLU GUIHQ XQV HLQH OlQJHUH 3DXVH J|QQHQ .RPPHQ 6LH LQ GUHL :RFKHQ ZLHGHU XQGEHULFKWHQ6LHPLUZLHHV,KQHQHUJDQJHQLVW© 6LH IHLHUWHQ LKUHQ (UIROJ EHL HLQHP DXVJLHELJHQ (VVHQ XQG PHKUHUHQ 'ULQNV *RUGRQ NHKUWH VFKOLHOLFKEHVFKZLQJWQDFK+DXVH]XUFNXQGOLH VLFKPGHXQG]XIULHGHQLQV%HWWIDOOHQ 8P ]ZHL 8KU QDFKWV UL GDV .OLQJHOQ VHLQHV 7HOHIRQV.HRJKDXVGHP6FKODI(UHUNDQQWH*RUGRQV 6WLPPHGLHDXIJHUHJWDXVGHP+|UHUGUDQJª(ULVW ZLHGHUJHNRPPHQ=DUWK$UQ(UKDWJHVDJWHUNDQQ PLFKMHW]WKROHQ/LDQQDZDUWHW'RNWRU²'RNWRU«© ª*RUGRQ© EUOOWH .HRJK ª1XU NHLQH 3DQLN ,FK ELQ VRIRUW EHL ,KQHQ© (U VFKDIIWH HV LQ IQI]HKQ 0LQXWHQ'D*RUGRQQLFKW|IIQHWHDODUPLHUWHHUGHQ +DXVPHLVWHU GHU LKP EUXPPLJ GLH :RKQXQJVWU DXIVSHUUWH 'DV $SDUWPHQW ZDU OHHU 'HU +|UHU EDXPHOWH DP .DEHO DOV ZlUH HU PLWWHQ XQWHU GHP *HVSUlFK IDOOHQ JHODVVHQ ZRUGHQ *HLVWHVDEZHVHQG OHJWH.HRJKLKQDXI(VJDEIULKQNHLQHQ=ZHLIHO ZDVJHVFKHKHQZDU*RUGRQKDWWHGHQ9HUOXVWVHLQHV 7UDXPVQLFKWHUWUDJHQ(UZDUGDYRQJHODXIHQ²YRU VHLQHP 3V\FKLDWHU XQG GHU :LUNOLFKNHLW 6LFKHU HU ZUGH]XUFNNRPPHQDEHUGDQQPXWHGLHJDQ]H $UEHLWYRQQHXHPEHJRQQHQZHUGHQ.HRJKVHXI]WH VFKWWHOWHGHQ.RSIXQGYHUOLHGLH:RKQXQJ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'DV %HZXWVHLQ NHKUWH ODQJVDP ]XUFN =XHUVW ZDU QXU GLH (ULQQHUXQJ DQ $QJVW XQG 3DQLN XQG GDV *HIKO LQ HLQ ZLUEHOQGHV &KDRV ]X VWU]HQ *RUGRQYHUPHLQWHVLFKVHOEVWVFKUHLHQ]XK|UHQXQG IUDJWHVLFKZHVKDOE.HRJKQLFKWNDPXQGLKPKDOI 'DQQYHUQDKPHUDQGHUH6WLPPHQZLHGXUFK:DWWH KLQGXUFK (LQH )OVVLJNHLW UDQQ NKO VHLQH .HKOH KLQDE XQG H[SORGLHUWH IHXULJ LQ VHLQHP 0DJHQ (U |IIQHWHGLH$XJHQXQGVDKYHUVFKZRPPHQH)RUPHQ EHUVLFKGLHDOOPlKOLFK]X*HVLFKWHUQZXUGHQ(LQ IUHPGHVEHVRUJWHVXQG²VHLQHLJHQHV 1HLQ GD VWLPPWH HWZDV QLFKW 6HLQ HLJHQHV ZDU HFNLJ PLW EODXHQ $XJHQ XQG GDV GD ZDU VFKPDO XQG GLH $XJHQ ZDUHQ GXQNHO DOVR NRQQWH HV QLFKW VHLQHLJHQHVVHLQ8QGGRFK« ª*RUGRQ *RUGRQ© ULHI GDV *HVLFKW 'DV DQGHUH VDJWH ª(LQHQ0RPHQW+RKHLW© (U IKOWH ZLH PDQ VHLQHQ .RSI KRE 'DV *ODV ZXUGH DQ VHLQH /LSSHQ JHGUFNW XQG HU VFKOXFNWH DXWRPDWLVFK:LHGHUVSUWHHUGDV)HXHULQVHLQHP 0DJHQ DQJHQHKP XQG EHOHEHQG 6HLQ %OLFN NOlUWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VLFK 1XQ ZXWH HU ZHP GDV YHUWUDXWH *HVLFKW JHK|UWH ª=DUWK$UQ©MDSVWHHU 6WDUNH +lQGH XPNODPPHUWHQ VHLQH $UPH ª(QGOLFK ,FK KDWWH VFKRQ $QJVW 'HU 6FKRFN KDW ODQJH DQJHKDOWHQ DEHU NHLQ :XQGHU ZHQQ MHGHV HLQ]HOQH $WRP GXUFK GLH =HLWGLPHQVLRQ JHULVVHQ ZLUG'RFKMHW]WKDEHQZLUHVJHVFKDIIW1DFKDOOGHQ -DKUHQ'XKDVWGRFKQLFKWJHGDFKWLFKKlWWHGLFK YHUJHVVHQ"©=DUWK$UQOlFKHOWH .HRJK .HRJK GDFKWH *RUGRQ ,FK EUDXFKH 6LH %LQ LFK WDWVlFKOLFK YHUUFNW XQG WUlXPH GDV DOOHV QXURGHULVWHV:LUNOLFKNHLW"(UVFKWWHOWHGHQ.RSI 1HLQ HV LVW ZLUNOLFK GDV ZXWH LFK LPPHU 6HOEVW ,KUH/RJLNNRQQWHPLUGLHVHhEHU]HXJXQJQLFKWY|OOLJ UDXEHQ (U VHW]WH VLFK DXI -HW]W HUNDQQWH HU DXFK GDV /DERUDWRULXP 6HLW HU GDV OHW]WHPDO KLHU JHZHVHQ ZDU KDWWH PDQ HLQH $Q]DKO QHXHU $SSDUDWXUHQ HLQJHEDXW DEHU VRQVW VFKLHQ QLFKWV YHUlQGHUW 'HU 5DXP ZDU DFKWHFNLJ PLW KRKHQ )HQVWHUQ DQ DOOHQ 6HLWHQ'XUFKGDVLKPDPQlFKVWHQOLHJHQGHVDKHU GLH*LSIHOGHV+LPDODMD ª:RLVW/LDQQD"©IUDJWHHU ª6LHZDUWHW6REDOGGXGLFKVWDUNJHQXJIKOVW«©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQV +HU] NORSIWH EHUPlFKWLJ :LUNOLFKNHLW RGHU 7UDXP ZDV PDFKWH HV VFKRQ DXV" (U OHEWH XQG /LDQQD ZDUWHWH (U HUKRE VLFK XQG ODFKWH DOV =DUWK$UQXQGGHUDQGHUHLKQVFKQHOOVWW]WHQZHLO VHLQH.QLHQDFKJDEHQª(VLVWODQJHKHU©PXUPHOWH HU ª,FK ZDU HLQ ZHQLJ GXUFKHLQDQGHU DEHU MHW]W LVW DOOHV ZLHGHU LQ 2UGQXQJ :LH ZDU·V PLW HLQHP ZHLWHUHQ 6FKOXFN YRQ GHP +|OOHQIHXHU XQG HWZDV ]XP$Q]LHKHQ"© =DUWK $UQ EOLFNWH IUDJHQG DXI GHQ DQGHUHQ ª:DV PHLQVW GX /H[ 9HO" *RUGRQ GDV LVW 9HO 4XHQV 6RKQ 2KQH LKQ KlWWH LFK HV QLH JHVFKDIIW GLFK KLHUKHU]XKROHQ© /H[ 9HO VWUHFNWH LKP GLH +DQG HQWJHJHQ ª5XKHQ 6LH VLFK OLHEHU QRFK HLQH :HLOH DXV LQ]ZLVFKHQ EHVRUJHQZLU,KQHQGLH.OHLGHU© =|JHUQG OHJWH *RUGRQ VLFK ZLHGHU KLQ ª%HUHLWH GLFKDXIHLQHQJURDUWLJHQ(PSIDQJLQ7KURRQYRU© VDJWH =DUWK $UQ ª0HLQ %UXGHU -KDO LVW HLQHU GHU ZHQLJHQ GLH XP GLH JDQ]H 6DFKH ZLVVHQ 8QG HU ZHLDXFKZDVGXIUXQVJHWDQKDVW:LUN|QQHQ HVGLUQLHPDOVYHUJHOWHQDEHUJODXEHQLFKWGDZLU HVYHUJHVVHQKDEHQ© :lKUHQG *RUGRQ VLFK HQWVSDQQWH GDFKWH HU DQ -KDO $UQ GHQ +HUUVFKHU GHV ,PSHULXPV GHU GHQ 7KURQVHLQHVHUPRUGHWHQ9DWHUVEHVWLHJHQKDWWH8QG HU HULQQHUWH VLFK GHU =HLW DOV HLQ KDOEPLJOFNWHU $QVFKODJ-KDOIUHLQLJH7DJHDXVJHVFKDOWHWKDWWHXQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GLH/DVWGHU,PSHULXPVGLSORPDWLHXQG9HUWHLGLJXQJ DXIVHLQH*RUGRQV6FKXOWHUQJHIDOOHQZDU8QGHU KDWWH VLFK EHZlKUW ² PLW GHU *XQVW GHV 6FKLFNVDOV XQGGHP*OFNGHU1DUUHQDXIVHLQHU6HLWH *HJHQVHLQHQ:LOOHQVFKOLHIHUZLHGHUHLQXQGDOV HU HUZDFKWH ZDUHQ GLH 6FKDWWHQ GHU KRKHQ *LSIHO EHUHLWV OlQJHU 1XU /H[ 9HO EHIDQG VLFK LP /DERU (U XQWHUVXFKWH *RUGRQ VRUJIlOWLJ XQG GHXWHWH VFKOLHOLFKDXIGLH.OHLGXQJVVWFNHGLHEHUHLQHP 6WXKOKLQJHQ *RUGRQHUKREVLFKXQGVFKOSIWHLQGLHVHLGLJH+RVH XQGGDVlUPHOORVH+HPGXQGZDUIVLFKGHQ8PKDQJ DXV GHP JOHLFKHQ 0DWHULDO XQG LP VHOEHQ ZDUPHQ .XSIHUWRQ EHU (U EHWUDFKWHWH VHLQ 6SLHJHOELOG LQ HLQHU GHU JOlQ]HQGHQ $SSDUDWXUHQ ,Q =DUWK $UQV .|USHU ZDU GLHVH .OHLGXQJ LKP VHOEVWYHUVWlQGOLFK HUVFKLHQHQ GRFK QXQ NRQQWH HU VLFK GHV *HIKOV QLFKWHUZHKUHQVLFKIUHLQ.RVWPIHVW]XNOHLGHQ 8QGGDQQWUDIHVLKQZLHHLQ6FKODJ /LDQQDKDWWHLKQQRFKQLHJHVHKHQ6LHKDWWHVLFK LQLKQYHUOLHEWDOVHUQRFK=DUWK$UQJHZHVHQZDU ZHQQ DXFK HLQ YHUlQGHUWHU =DUWK $UQ 6LH KDWWH VSlWHUDOOHUGLQJVYHUVWDQGHQGDGLH3HUV|QOLFKNHLW GLH VLH OLHEWH -RKQ *RUGRQ YRQ GHU (UGH JHK|UWH $EHU ZUGH VLH LKQ LPPHU QRFK OLHEHQ ZHQQ HU LKU QXQ LQ VHLQHU HLJHQHQ *HVWDOW JHJHQEHUWUDW" :UGHVLHQLFKWYLHOOHLFKWHQWWlXVFKWVHLQXQGLKQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH QLFKWVVDJHQG MD P|JOLFKHUZHLVH VRJDU DEVWRHQG ÀQGHQ" ,QGLHVHP$XJHQEOLFNEHWUDW=DUWK$UQGDV/DERU (U EOLFNWH GHQ SO|W]OLFK NUHLGHEOHLFKHQ *RUGRQ EHVRUJWDQª8P+LPPHOVZLOOHQIKOVWGXGLFKQLFKW ZRKO"©IUDJWHHU ª/LDQQD© NUlFK]WH *RUGRQ ª6LH ² VLH ZLUG PLFK QLFKWHUNHQQHQ© =DUWK $UQ OlFKHOWH ª6LH LVW GDUDXI YRUEHUHLWHW ,FK PXWH GLFK LKU LPPHU XQG LPPHU ZLHGHU EHVFKUHLEHQ© (U OHJWH VHLQH +DQG DXI GLH 6FKXOWHU GHV )UHXQGHV ª(V PDJ HLQH :HLOH GDXHUQ ELV VLH VLFK DQ GLH 9HUlQGHUXQJ JHZ|KQW KDW *RUGRQ 'HVKDOEPXWGX*HGXOGPLWLKUKDEHQ$EHU]ZHLÁH QLFKW DQ LKUHQ *HIKOHQ IU GLFK 6LH OLH DOOHV LP 6WLFKQXUXPKLHU]XVHLQZHQQHVVRZHLWLVW6LH YHUQDFKOlVVLJWH VRJDU LKUH 6WDDWVJHVFKlIWH XQG LJQRULHUWH ZLHGHUKROW GULQJHQGH %RWVFKDIWHQ YRQ )RPDOKDXW,FKKRIIHVLHK|UWDXIGLFK*RUGRQ'X PXWGDIUVRUJHQGDVLHXPJHKHQGQDFK+DXVH ]XUFNNHKUW© ª*LEWHV6FKZLHULJNHLWHQ"© ª,FKYHUPXWHHVVHKUDXFKZHQQVLHPLFKQLFKWLQ GHQ7H[WGHU%RWVFKDIWHQHLQZHLKWH© ª,FKZHUGHPHLQ%HVWHVWXQ©YHUVSUDFK*RUGRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LH ZDUWHWH LQ HLQHP =LPPHU DXI LKQ GHVVHQ )HQVWHUGHQ%OLFNDXIGHQ6RQQHQXQWHUJDQJIUHLJDE 6LHVFKDXWHKLQDXVZDQGWHVLFKDEHUVRIRUWXPDOV VLHLKQGLH7U|IIQHQK|UWH(UVWDQGZLHIHVWJHIURUHQ DXIGHU6FKZHOOHXQGKDWWH$QJVW]XVSUHFKHQRGHU VLFK ]X EHZHJHQ 6LH ZDU VR VFK|Q ZLH HU VLH LQ (ULQQHUXQJ JHKDEW KDWWH ² JUR XQG VFKODQN PLW DVFKEORQGHP+DDUXQGNODUHQJUDXHQ$XJHQ ª/LDQQD©ÁVWHUWHHU8QGHUQHXWª/LDQQD© ª'XELVW-RKQ*RUGRQ«©6LHVFKULWWLKPHQWJHJHQ 6LH EHWUDFKWHWH LKQ IRUVFKHQG DOV VXFKH VLH QDFK HWZDVXQGVHLHVDXFKQXUHLQHZLQ]LJH.OHLQLJNHLW GLHLKUDQLKPYHUWUDXWZDU(UZROOWHVLHLQGLH$UPH UHLHQ XQG NVVHQ PLW GHP JDQ]HQ +XQJHU GHU ODQJHQHLQVDPHQ-DKUHDEHUHUZDJWHHVQLFKW6LH KLHOWDQXQGVHQNWHGHQ%OLFN ª,VWGHU6FKRFNVRJUR"©IUDJWHHUOHLVH ª=DUWK$UQKDWGLFKJHQDXEHVFKULHEHQ«© ª8QGGXÀQGHVWPLFK«© ª1HLQ© VDJWH VLH VFKQHOO XQG KRE GHQ .RSI ª'DV GDUIVW GX QLFKW GHQNHQ© 6LH OlFKHOWH DEHU LKUH /LSSHQ ]LWWHUWHQ ª6WQGH LFK GLU ]XP HUVWHQPDO JHJHQEHU ² LFK PHLQH ZLUNOLFK ]XP HUVWHQPDO LFK ZUGH GLFK VHKU V\PSDWKLVFK ÀQGHQ 1HLQ QHLQ GDVLVWHVQLFKW,FKPXGLFKQXUHUVWZLHGHUDXIV QHXHNHQQHQOHUQHQ'DVKHLW©IJWHVLHKLQ]XXQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH EOLFNWHLKQRIIHQDQªZHQQVLFKDQGHLQHQ*HIKOHQ IUPLFKQLFKWVJHlQGHUWKDW«© ª'DUDQ KDW VLFK QLFKWV JHlQGHUW© YHUVLFKHUWH HU LKU(UQDKPVLHDQGHQ6FKXOWHUQ6LHHQW]RJVLFK LKP QLFKW DEHU VLH NDP DXFK QLFKW LQ VHLQH $UPH 6LHOlFKHOWHQXUXQVLFKHUXQGEHQXW]WHGLHJOHLFKHQ :RUWH ZLH =DUWK $UQ ª'X PXW *HGXOG PLW PLU KDEHQ© (U OLH VLH ORV ª'DV ZHUGH LFK© VDJWH HU XQG YHUVXFKWH GLH %LWWHUNHLW DXV VHLQHU 6WLPPH ]X KDOWHQ(UWUDWDQV)HQVWHU'LH*LSIHOODJHQQXQLP 'XQNHOQ XQG GLH 6FKQHHIHOGHU YHUZDQGHOWHQ VLFK PLWGHQHUVWHQ6WHUQHQLQJOLW]HUQGHEODXH)OlFKHQ (UIKOWHVLFKVRNDOWXQGYHUORUHQZLHGHU:LQGGHU EHUGLHVHVHZLJH(LVVWULFK ª=DUWK $UQ HUZlKQWH GD GX ]X +DXVH 6FKZLHULJNHLWHQKDVW© 6LH WDW HV PLW HLQHU +DQGEHZHJXQJ DE ª1LFKWV :LFKWLJHV 'X VROOVW PLFK ZRKO EHUUHGHQ VFKOHXQLJVW ]XUFN]XNHKUHQ QLFKW ZDKU"© 6LH ZDUWHWH QLFKW DXI VHLQH $QWZRUW ª'DV ZHUGH LFK DXFK WXQ PRUJHQ VFKRQ 'RFK QXU ZHQQ GX PLW PLU NRPPVW© 6LH EHUKUWH VDQIW VHLQHQ $UP ª,FK KDEH GLU ZHK JHWDQ© VDJWH VLH OHLVH ª,FK ZROOWH HV QLFKW9HU]HLKVWGXPLU"© ª1DWUOLFK/LDQQD©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª'DQQ NRPP PLW (LQ ZHQLJ =HLW -RKQ *RUGRQ ²GDVLVWDOOHVZDVLFKEUDXFKH© ª*XW,FKEHJOHLWHGLFK©8QGZHQQLFKGLFKZLHGHU JDQ] YRQ QHXHP HUREHUQ PX GDFKWH HU GDQQ ZHUGHLFKHVVRJXWWXQGDGXYHUJHVVHQZLUVWLFK KDEHMHDQGHUVDXVJHVHKHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'DV N|QLJOLFKH 6WHUQHQVFKLII PLW GHU :HLHQ 6RQQH )RPDOKDXW DP %XJ KRE YRP 5DXPKDIHQ DE GHU DXHUKDOE GHU JU|WHQ 6WDGW GHU (UGH ODJ ² HLQH 6WDGW PLW ZHLWHQ )OlFKHQ XQG KDUPRQLVFK DXIVWUHEHQGHQ *HElXGHQ +RKH 7UPH UDJWHQ DQ GHQ .UHX]XQJHQ DXV GHP *HUVW GHU PHKUIDFKHQ 6WUDHQVFKLFKWHQ )OXJZDJHQ ]RJHQ LKUH %DKQHQ XQGOLHHQVLFKZLHUDVWHQGH9|JHODXIGHQ7UPHQ QLHGHU $OOGDVOLHGDV6WHUQHQVFKLII]XUFNXQGWDXFKWH KLQHLQ LQ VHLQ (OHPHQW GLH GXQNOHQ 2]HDQH GHV 5DXPHV GLH VLFK VR HQGORV ]ZLVFKHQ GHQ 6WHUQHQLQVHOQ HUVWUHFNWHQ 'HU JHOEH 3XQNW 6ROV XQG GHU DOWH JUQH 3ODQHW YRQ GHP DXV VLFK GLH PHQVFKOLFKH 5DVVH LQ GDV 8QLYHUVXP DXVJHEUHLWHW KDWWHYHUORUHQVLFKLQGHU6FKZlU]HGHV$OOV(UQHXW EHUZlOWLJWH*RUGRQGHU*ODQ]GHUXQYHUVFKOHLHUWHQ 6WHUQH 5RW XQG JROG XQG VPDUDJGJUQ EODX XQG YLROHWW XQG ZLH %ULOODQWHQ IXQNHOWHQ VLH VLH GLH GDV 5HLFK GHU 6WHUQHQUHJHQWHQ ELOGHWHQ ² GLH .|QLJWPHU /\UD &\JQXV .DVVLRSHLD 3RODULV XQG .DQRSXV PLW GHU +DXSWZHOW GHV 0LWWHOJDODNWLVFKHQ ,PSHULXPV'HU+HUNXOHVVWHUQKDXIHQHUVWUDKOWHPLW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VHLQHQ 6RQQHQ ,P 6GHQ JOHLWH GHU 2ULRQQHEHO DP)LUPDPHQWZlKUHQGGDV6FKLIIZHVWZlUWVUDVWH GHP.|QLJUHLFK)RPDOKDXWHQWJHJHQ:HLWLP1RUGHQ ODJGHUVFKZDU]H)OHFNHQGHV:RONHQUHLFKVZRGDV XQWHUJHJDQJHQH7KDOODUQDQXQLQ)ULHGHQUXKWH (LQPDO DOV GDV 6FKLII GHQ .XUV lQGHUWH XP JHIl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lUXQJ GHVVHQ ZDV HU GHQ ª'LVUXSWRUZDKQ© EH]HLFKQHW KDWWH (U OlFKHOWH XQG VFKWWHOWH GHQ .RSI 6FKDGH GD .HRJK QLFKW KLHU ZDU (U N|QQWH GDV 6WHUQHQVFKLII DOV 0XWWHUOHLEV\PERO GHXWHQ DEHU ZLH ZUGH HU HV .RUNKDQQ /LDQQDV 0LQLVWHU IU 1LFKWPHQVFKOLFKH $QJHOHJHQKHLWHQHUNOlUHQ" 6HLQ HUVWHV =XVDPPHQWUHIIHQ PLW .RUNKDQQ DP $EHQG YRU GHP 6WDUW ZDU HLQ 6FKRFN IU *RUGRQ JHZHVHQ (U KDWWH ZRKO JHZXW GD HV QLFKWPHQVFKOLFKH %UJHU LP ,PSHULXP JDE XQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HLQLJH KDWWH HU DXFK DXV HLQLJHU (QWIHUQXQJ ]X *HVLFKW EHNRPPHQ DEHU HV ZDU GDV HUVWHPDO GD HUHLQHPGLUHNWJHJHQEHUVWDQG .RUNKDQQ VWDPPWH YRQ .UHQV HLQHP 6WHUQHQV\VWHP DQ GHQ lXHUVWHQ *UHQ]HQ GHV .|QLJUHLFKV )RPDOKDXW 9RQ GRUW VR VDJWH .RUNKDQQ NRQQWH PDQ EHU GLH HQGORVH gGH GHV bXHUHQ5DXPHVEOLFNHQDOVEHXJHPDQVLFKEHU GLHOHW]WHGQQH0DXHUGHU=LYLOLVDWLRQ ª'LH*UDIHQGHUgGH©KDWWH=DUWK$UQLKPHUNOlUW ªVLQG GLH 9HUEQGHWHQ GHV 5HLFKHV $EHU VLH VLQG HLQ ZLOGHU +DXIHQ 6LH YHUVWHLIHQ VLFK GDUDXI GD LKU 7UHXHHLG VLH QRFK ODQJH QLFKW GD]X YHUSÁLFKWH ,PSHULXPVVFKLIIHEHULKUH*UHQ]HQ]XODVVHQ0HLQ %UXGHULVWGHU$QVLFKWHVZlUHEHVVHUIUXQVGLH *UDIHQDOV)HLQGHGHQQDOV)UHXQGH]XKDEHQ© ª,KUH =HLW ZLUG NRPPHQ© SURSKH]HLWH .RUNKDQQ ª,P $XJHQEOLFN JLEW HV MHGRFK QlKHUOLHJHQGH 3UREOHPH©'DEHLUXKWHQVHLQHHUQVWHQJHOEHQ$XJHQ DXI /LDQQD 6LH OHJWH LKUH +DQG LQ HLQHU KHU]OLFKHQ *HVWHDXIVHLQHQVHLGLJHQ)HGHUVFKRSI ª,FKKDEHGLU6RUJHQJHPDFKW©PXUPHOWHVLHXQG ZDQGWH VLFK DQ *RUGRQ ª.RUNKDQQ NDP PLW PLU ]XU (UGH XQG VWDQG GLH JDQ]H =HLW PLW )RPDOKDXW LQ 9HUELQGXQJ (U KDW VHLQ %HVWHV JHWDQ GLH $QJHOHJHQKHLWHQDXVGHU)HUQH]XUHJHOQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH .RUNKDQQ EOLFNWH DXI *RUGRQ XQG VDJWH PLW VHLQHUUDXKHQSIHLIHQGHQ6WLPPHª,FKELQIURKGD 6LH KHLO DQJHNRPPHQ VLQG -RKQ *RUGRQ VRODQJH 3ULQ]HVVLQ /LDQQD QRFK HLQ .|QLJUHLFK KDW LQ GDV VLH]XUFNNHKUHQNDQQ© /LDQQD KDWWH HV PLW HLQHU +DQGEHZHJXQJ DEJHWDQ XQG *RUGRQ NlPSIWH LQ GHP $XJHQEOLFN QRFK LPPHU PLW GHU 9HUZLUUXQJ GLH VHLQH SO|W]OLFKH *HJHQEHUVWHOOXQJ PLW HLQHP HLQHLQKDOE 0HWHU JURHQ :HVHQ KHUYRUJHUXIHQ KDWWH ² HLQ *HVFK|SI GDV DXIUHFKW JLQJ PLW SUDFKWYROOHQ )HGHUQ EHGHFNW ZDU GDV GDV YRP (QJOLVFKHQ DEJHOHLWHWH,PSHULDQLVFKVSUDFKXQGJUD]L|VPLWGHQ .UDOOHQÀQJHUQJHVWLNXOLHUWH'RFKMHW]WZlKUHQGGHV )OXJHVHULQQHUWHHUVLFKZLHGHUGDUDQ .RUNKDQQ VSLHOWH 6FKDFK PLW /LDQQD ZlKUHQG HU VLFK PLW 0LNURÀOPHQ DXV GHU 6FKLIIVELEOLRWKHN EHVFKlIWLJWH=XPLQGHVWWDWHUVRHLJHQWOLFKZDUWHWH HUMHGRFKQXUGDUDXIGD.RUNKDQQLKQHQGOLFKPLW /LDQQDDOOHLQOLH ª.RUNKDQQ©VWLHHUDEUXSWDXV(UPXWHKHIWLJ JHJHQ GDV 8QEHKDJHQ DQNlPSIHQ GDV LKQ EHLP $QEOLFN GHV 1LFKWPHQVFKHQ LPPHU QRFK EHÀHO ª.RUNKDQQ ZDV PHLQWHQ 6LH GDPLW DOV 6LH VDJWHQ 6LH VHLHQ IURK GD LFK JHNRPPHQ ELQ VRODQJH /LDQQDQRFKHLQ.|QLJUHLFKKDW"© /LDQQD EOLFNWH YRP %UHWW DXI ª(V LVW QLFKW QRWZHQGLJ GDV MHW]W ]X HU|UWHUQ .RUNKDQQ LVW HLQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH WUHXHU )UHXQG XQG HLQ HUJHEHQHU 0LQLVWHU $EHU HU VRUJWVLFK]XVHKU«© ª+RKHLW© XQWHUEUDFK .RUNKDQQ VLH VDQIW ª,FK ZHL GD 6LH VLFK QLFKW ZHQLJHU *HGDQNHQ EHU 1DUDWK 7H\Q PDFKHQ DEHU 6LH KDEHQ VLH -RKQ *RUGRQVZHJHQHLQVWZHLOHQYHUGUlQJW© /LDQQD VSUDQJ ZWHQG DXI 'RFK GDQQ VHW]WH VLH VLFKZLHGHUª,FKIUFKWHGXKDVWUHFKW©PXUPHOWH VLHª*XWVDJHVLKP© ª1DUDWK 7H\Q© EHJDQQ .RUNKDQQ ªLVW /LDQQDV 9HWWHU XQG HU KDW HV DXI GLH .URQH )RPDOKDXWV DEJHVHKHQ(ULVWGHUQlFKVWHLQGHU(UEIROJHVROOWH LKU HWZDV ]XVWRHQ RGHU VROOWH VLH DEGDQNHQ« :LHYLHO ZLVVHQ 6LH HLJHQWOLFK EHU GDV .|QLJUHLFK -RKQ*RUGRQ"© *RUGRQ GHXWHWH DXI GHQ 0LNURÀOP ª,FK NRQQWH LKQPLUELVKHUQXUÁFKWLJDQVHKHQ©(UUXQ]HOWHGLH 6WLUQ ª,FK N|QQWH PLFK IUDJHQ ZDV GDV PLW ,KUHP 5HVVRUW]XWXQKDW© ª$XFK GDV ZHUGH LFK ,KQHQ HUNOlUHQ© .RUNKDQQ HUKRE VLFK XQG GUFNWH DXI HLQHQ .QRSI (LQ 7HLO GHU :DQGYHUNOHLGXQJ JOLWW ]XU 6HLWH XQG JDE HLQH GUHLGLPHQVLRQDOH .DUWH GHV .|QLJUHLFKV )RPDOKDXW IUHL ² HLQH $QVDPPOXQJ ZLQ]LJHU 6RQQHQ LQ GHU VLPXOLHUWHQ 6FKZlU]H GHV 5DXPHV GRPLQLHUW YRQ HLQHPZHLHQ6WHUQGHPGDV*HELHWVHLQHQ1DPHQ YHUGDQNWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª(V JLEW YLHOH QLFKWPHQVFKOLFKH 5DVVHQ LQ GHU *DOD[LV©IXKU.RUNKDQQIRUWª(LQLJHVLQGLQWHOOLJHQW XQG]LYLOLVLHUWDQGHUHVLQGQLFKWPHKUDOV7LHUH,Q GHQIUKHQ7DJHQNDPHV]XHLQLJHQEHGDXHUOLFKHQ %HJHJQXQJHQ ² DQ GHQHQ EHLGH 6HLWHQ QLFKW JDQ] VFKXOGORV ZDUHQ 6LH ]XP %HLVSLHO ÀQGHQ PLFK DEVWRHQG«© *RUGRQ ]XFNWH ]XVDPPHQ (U EHPHUNWH GD /LDQQD LKQ DQEOLFNWH 6HLQ *HVLFKW EHJDQQ ]X JOKHQª:LHNRPPHQ6LHGDUDXI"© ª9HU]HLKHQ 6LH© .RUNKDQQ OlFKHOWH ª6LH ZDUHQ DXHURUGHQWOLFK K|ÁLFK XQG LFK P|FKWH 6LH QLFKW YHUOHW]HQ9RUDOOHPGDPLUNODULVWGDHVVLFKEHL ,KQHQXPHLQHUHLQLQVWLQNWLYH5HDNWLRQKDQGHOW«© ª.RUNKDQQ LVW 7HOHSDWK© ZDUI /LDQQD HLQ ª9LHOH GHU1LFKWPHQVFKHQN|QQHQ*HGDQNHQOHVHQ:HQQ HV DOVR VWLPPW ZDV HU VDJW -RKQ *RUGRQ WXVW GX JXWGDUDQGLHVHQ,QVWLQNW]XEHUZLQGHQ© ª6LH PVVHQ YHUVWHKHQ© VDJWH .RUNKDQQ ªHWZD GLH +lOIWH GHU :HOWHQ XQVHUHV .|QLJUHLFKV VLQG QLFKWPHQVFKOLFK© 6HLQH .UDOOHQÀQJHU JOLWWHQ UDVFK EHU GLH .DUWH XQG ZLHVHQ DXI EHVWLPPWH 3XQNWH ª8QG GDV KLHU VLQG GLH :HOWHQ GLH NHLQ HLJHQHV LQWHOOLJHQWHV /HEHQ KHUYRUEUDFKWHQ XQG GLHLKUH/HXWHNRORQLVLHUWHQ©:LHGHUGHXWHWHHUDXI YHUVFKLHGHQH 3XQNWH ª'LHV VLQG GLH 3ODQHWHQ PLW GLFKWHU %HY|ONHUXQJ (V OlXIW GDUDXI KLQDXV GD GLH0HQVFKHQGHQ1LFKWPHQVFKHQ]DKOHQPlLJXP

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HWZD]ZHL'ULWWHOEHUOHJHQVLQG(VLVW,KQHQVLFKHU EHNDQQWGDGLH3ULQ]HVVLQPLW8QWHUVWW]XQJGHV 5DWHVUHJLHUWGHUVLFKLQ]ZHL.DPPHUQWHLOWZRULQ GLHHLQHGLHSODQHWDULVFKH(LQKHLWUHSUlVHQWLHUWGLH DQGHUHGLH%HY|ONHUXQJ© *RUGRQ EHJDQQ HLQHQ 7HLO GHV *HVDPWELOGV ]X HUIDVVHQ ª'DV EHGHXWHW DOVR GD HLQH .DPPHU LPPHUYRQHLQHU*UXSSHGRPLQLHUWZLUG© ª*HQDX© VWLPPWH .RUNKDQQ ]X ª'DKHU LVW GLH 0HLQXQJ GHV +HUUVFKHUV RIWPDOV DXVVFKODJJHEHQG 6LHN|QQHQGDUDXVHUVHKHQGDGLH6\PSDWKLHQGHV 5HJHQWHQ LP .|QLJUHLFK )RPDOKDXW YRQ PHKU DOV QXUJHZ|KQOLFKHU:LFKWLJNHLWVLQG© ª%LV YRU HWZD ]ZHL -DKUHQ KDW HV QLH HUQVWOLFKH 6FKZLHULJNHLWHQ JHJHEHQ© HUNOlUWH /LDQQD ª'DQQ YHUVHW]WHHLQH.DPSDJQHGLH1LFKWPHQVFKHQLQGHQ *ODXEHQGLH0HQVFKHQZlUHQLKUH)HLQGHXQGGD LFK LP EHVRQGHUHQ VLH KDVVH XQG DOOHV P|JOLFKH JHJHQ VLH SODQH 'DV LVW QDWUOLFK Y|OOLJHU 8QVLQQ DEHUDXIEHLGHQ6HLWHQJLEWHVLPPHUZLHGHUVROFKH GLHGDUDXIK|UHQ© ª$OOPlKOLFK© .RUNKDQQ JULII GHQ )DGHQ DXI ªEHJDQQ VLFK HLQ 6FKHPD KHUDXV]XNULVWDOOLVLHUHQ (LQHEHVWLPPWH*UXSSHDXVGHQQLFKWPHQVFKOLFKHQ %HY|ONHUXQJVNUHLVHQ VWUHEW GLH hEHUQDKPH GHU 0DFKWDQ,KUHUVWHU6FKULWWLVWJH]ZXQJHQHUPDHQ /LDQQDGXUFKHLQHQ.|QLJDE]XO|VHQGHUEHVVHULQ LKUH3OlQHSDW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª1DUDWK7H\Q"© ª-D©EHVWlWLJWH.RUNKDQQª8QGLFKZLOODXFK,KUH XQDXVJHVSURFKHQH)UDJHEHDQWZRUWHQ-RKQ*RUGRQ 6LHZXQGHUQVLFKGDLFKDXIGHU6HLWHGHU0HQVFKHQ VWHKH XQG JHJHQ PHLQH HLJHQH $UW 6WHOOXQJ QHKPH 'LH $QWZRUW LVW VHKU HLQIDFK ,Q GLHVHP )DOO LVW GLH $QJHOHJHQKHLWGHU0HQVFKHQGLHJHUHFKWH6DFKH'LH *UXSSH KLQWHU 1DUDWK 7H\Q VSULFKW ]ZDU VHKU YLHO YRQ*HUHFKWLJNHLWDEHUVLHGHQNWQXUDQ0DFKW8QG LUJHQGZLHLVWLQGHP*DQ]HQHWZDVYHUERUJHQHWZDV YRQ *UXQG DXI %|VHV GDV LFK QRFK QLFKW HUIDVVHQ NRQQWH GDV PLU DEHU QLFKWVGHVWRZHQLJHU $QJVW HLQÁ|W© (U ]XFNWH GLH 6FKXOWHUQ 'LH %HZHJXQJ OLH GLH ZHLFKHQ )HGHUQ HU]LWWHUQ ª'DUEHU KLQDXV LVW 1DUDWK7H\Q«©(UKLHOWLQQHDOVMHPDQGDQGHU7U NORSIWH /LDQQDULHIª+HUHLQ© (LQ MXQJHU 2IÀ]LHU WUDW HLQ XQG VWDQG VWUDPP ª+RKHLW© VWLH HU KHUYRU ª.DSLWlQ +RUYD ELWWHW 6LH HUJHEHQVWXPJHKHQG]XU%UFNH]XNRPPHQ©6HLQ %OLFNÀHODXI.RUNKDQQª6LHHEHQIDOOV6LU© *RUGRQVSUWHGLHGURKHQGH*HIDKUIDVWN|USHUOLFK 1XU HLQ lXHUVWHU 1RWIDOO NRQQWH GHQ .DSLWlQ ]X HLQHP VROFKHQ 6FKULWW YHUDQODVVHQ /LDQQD QLFNWH ª6HOEVWYHUVWlQGOLFK© 6LH ZDQGWH VLFK DQ *RUGRQ ª.RPPPLWXQV©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH $OV VLH GHQ .RQWUROOUDXP EHWUDWHQ ÀHO *RUGRQ VRIRUW GLH XQQDWUOLFKH 6WLOOH DXI GLH QXU YRP HOHNWURQLVFKHQ .OLFNHQ XQG 6XPPHQ GHU $SSDUDWXUHQ XQWHUEURFKHQ ZXUGH 'DV WHFKQLVFKH 3HUVRQDO VFKLHQ GHQ $WHP DQ]XKDOWHQ XQG GLH $XIPHUNVDPNHLW KDOE DXI GLH ,QVWUXPHQWH XQG GLH *UXSSH YRU GHP +XQGHUWDFKW]LJJUDGVFKLUP ]X ULFKWHQ GLH VLFK DXV GHP .DSLWlQ GHP (UVWHQ XQG =ZHLWHQ 2IÀ]LHU XQG GHQ 5DGDUWHFKQLNHUQ ]XVDPPHQVHW]WH +DUQ +RUYD VDOXWLHUWH ª,FK EHGDXHUH 6LH VW|UHQ ]X PVVHQ +RKHLW $EHU LFK KDOWH ,KUH $QZHVHQKHLW IU QRWZHQGLJ© (U GHXWHWH DXI GHQ 6FKLUP ª8QVHU 5DGDU ]HLJW QXU QRUPDOHV 7UHLEJXW DQ $EHU GLH :lUPHVWUDKOXQJVWDVWHU HPSIDQJHQ (QHUJLHHQWODGXQJHQ GLH NHLQHVZHJV W\SLVFK GDIU VLQG©6HLQ*HVLFKWZLUNWHJULPPLJª,FKIUFKWHGD VLFKGRUWGUDXHQ6FKLIIHEHÀQGHQGLHGDV7UHLEJXW DOV6FKXW]VFKLUPYHUZHQGHQ© ª(LQ+LQWHUKDOW"©IUDJWH/LDQQDPLWUXKLJHU6WLPPH ª,FKNDQQPLUQLFKWYRUVWHOOHQZLHGDVP|JOLFKVHLQ VROOWH 6LH VLQG GRFK GHP WDNWLVFKHQ $XVZHLFKNXUV JHIROJW XQG KDEHQ LQ ZLOONUOLFKHQ ,QWHUYDOOHQ GLH .RRUGLQDWHQ LPSURYLVLHUW :LH NDQQ MHPDQG HLQHQ +LQWHUKDOWSODQHQZHQQQLFKWHLQPDOHLQHPYRQXQV GHUJHQDXH.XUVEHNDQQWLVW"© ª'LHHLQ]LJH0|JOLFKNHLWZlUHGDVLH7HOHSDWKHQ YHUZHQGHQ© +DUQ +RUYDV 6WLPPH ZXUGH QRFK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HUQVWHU ª1DUDWK 7H\Q KDW GLH EHVWHQ DXI VHLQHU 6HLWH© (U ZDQGWH VLFK DQ .RUNKDQQ ª6LU LFK ZlUH ,KQHQIU,KUH8QWHUVWW]XQJVHKUGDQNEDU© ª6LH ZROOHQ ZLVVHQ RE VLFK ZLUNOLFK 6FKLIIH GD GUDXHQ EHÀQGHQ© 6HLQH JHOEHQ $XJHQ ZXUGHQ SO|W]OLFKVHOWVDPDXVGUXFNVORV(UVWDQGY|OOLJVWDUU ª-DVLHZDUWHQDXIXQV©PXUPHOWHHUVFKOLHOLFKª(V VLQG1DUDWK7H\QV6FKLIIH,FKNRQQWHGLH*HGDQNHQ QLFKWVHKUNODUHPSIDQJHQDEHULFKJODXEH+RKHLW VLH VLQG QLFKW GDUDXI DXV XQV JHIDQJHQ]XQHKPHQ ²VRQGHUQ]XW|WHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

$XJHQEOLFNOLFK IROJWH HLQ $XIVFKUHL GHU :XW DXV PHKUHUHQ .HKOHQ 'HU .DSLWlQ OLH LKQ PLW HLQHP VFKDUIHQ%HIHKOYHUVWXPPHQ *RUGRQEOLFNWH/LDQQDDQª.DQQVWGXGHQQQLFKW )RPDOKDXWXP+LOIHUXIHQ"©IUDJWHHU ,KU *HVLFKW ZXUGH XQEHZHJW ª6LH ZUGH QLFKW UHFKW]HLWLJ JHQXJ HLQWUHIIHQ© PXUPHOWH VLH ª8QG XQVHUH )UHXQGH GRUW GUDXHQ ZUGHQ VRIRUW DQJUHLIHQZHQQVLHXQVHUHQ5XIDXIÀQJHQ:DVVLH QDWUOLFKRKQHKLQWXQZHUGHQ© ª8QVHUHHLQ]LJH+RIIQXQJLVWNHKUW]XPDFKHQXQG ]X HQWNRPPHQ ]X YHUVXFKHQ 0LW ,KUHU (UODXEQLV +RKHLW© ª1HLQ© ZLGHUVSUDFK /LDQQD XQHUZDUWHW ª(V LVW QLFKW QRWZHQGLJ PLFK ]X VFKRQHQ +DUQ +RUYD 'DQNHIUGLH$EVLFKW$EHULFKZHLHEHQVRJXWZLH 6LH GD ZLU ZRKO LKUHQ 6FKLIIHQ QLFKW DEHU DOOHQ LKUHQ*HVFKRVVHQHQWNRPPHQZUGHQ© +DUQ +RUYD ZDUI KHIWLJ PLW :RUWHQ ZLH $XVZHLFKPDQ|YHU XQG *HVFKRYHUQLFKWXQJVEDW WHULHQ XP VLFK DEHU /LDQQD ZDQGWH VLFK EHUHLWV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH DQ GHQ 7HFKQLNHU DP .RPPXQLNDWRU ª6WHOOHQ 6LH HLQH QRUPDOH 9HUELQGXQJ ]XU N|QLJOLFKHQ .RPPXQLNDWLRQV]HQWUDOHKHU«© ª+RKHLW© ZDUI GHU .DSLWlQ HUVFKURFNHQ HLQ ª6LH ZHUGHQGLH%RWVFKDIWDEK|«© ª*HQDX GDV VROOHQ VLH© HUNOlUWH /LDQQD *RUGRQ HUVFKUDN EHU GHQ $XVGUXFN LQ LKUHQ $XJHQ (U VHW]WH ]XP 6SUHFKHQ DQ GRFK .RUNKDQQ NDP LKP ]XYRUª,KU3ODQLVWYHUZHJHQ+RKHLW8QGPDQFKPDO PDFKW9HUZHJHQKHLWVLFKDXFKEH]DKOW$EHULFKELWWH 6LHVHKU]XEHUOHJHQHKH6LHVLFKLQGLH+lQGH«© ª8QG HXFK DOOH HEHQIDOOV 'DV LVW PLU Y|OOLJ NODU .RUNKDQQ ,FK KDEH GDUEHU QDFKJHGDFKW ²XQGLFKVHKHNHLQHQDQGHUHQ:HJ©6LHEOLFNWHGLH $QZHVHQGHQHUQVWDQª,FKZHUGH)RPDOKDXWGDYRQ XQWHUULFKWHQ GD LFK EHDEVLFKWLJH PHLQHP 9HWWHU 1DUDWK 7H\Q DXI 0DUUDO HLQHQ %HVXFK DE]XVWDWWHQ XP PLFK PLW LKP ]X EHVSUHFKHQ 8QG JHQDX GDV ZHUGHLFKGDQQDXFKWXQ© (LQ $XJHQEOLFN KHUUVFKWH DWHPORVHV 6FKZHLJHQ /LDQQD IXKU IRUW ª:HQQ EHNDQQW LVW GD LFK QDFK 0DUUDO ÁLHJH XQG PLU VW|W GDEHL HWZDV ]X ZLUG PDQ ]ZHLIHOORV PHLQHQ 9HWWHU GDIU YHUDQWZRUWOLFK PDFKHQ =XPLQGHVW ZUGH GLH |IIHQWOLFKH 0HLQXQJ VLFK VR ZHLW JHJHQ LKQ HUKHEHQ GD HU QLFKW PHKU DXIGHQ7KURQKRIIHQNDQQ'DVZLHGHUXPELQGHWGLH +lQGHXQVHUHU)UHXQGHKLQWHUGHP7UHLEJXW'HQQ 1DUDWK7H\QZLUGHVQLFKWZDJHQPLFKDXVGHP:HJ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ]X UlXPHQ ZHQQ HU GDGXUFK VHLQH HLJHQHQ 3OlQH JHIlKUGHWVLHKW© ª'DV LVW DOOHV JXW XQG VFKRQ© ZDUI *RUGRQ HLQ ª$EHU ZDV JHVFKLHKW ZHQQ GX HUVW GRUW ELVW" 7H\Q ZLUGGLFKDXVVFKDOWHQ²XQGGXJLEVWGLFKDXFKQRFK IUHLZLOOLJLQVHLQH+lQGH©(UEOLFNWHVLHEHVFKZ|UHQG DQ XQG ZDU VLFK GHV HLVLJHQ 6FKZHLJHQV GXUFKDXV EHZXW ª1HLQ .DSLWlQ +RUYDV ,GHH LVW EHVVHU 'LH &KDQFHPDJNOHLQVHLQDEHU«© /LDQQDXQWHUEUDFKLKQNKOª,FKGDQNHIUGHLQH $QWHLOQDKPH-RKQ*RUGRQ'RFKLFKKDEHPLUDOOHV JXW EHUOHJW 8QG QXQ JHEHQ 6LH PLU )RPDOKDXW© ZDQGWHVLHVLFKDQGHQ7HFKQLNHU6LHDFKWHWHQLFKW DXIGLH5|WHGLH*RUGRQV*HVLFKWEHU]RJ /LDQQD VSUDFK LKUH %RWVFKDIW ZHFKVHOWH NXU] HLQ SDDU :RUWH PLW GHP .DSLWlQ XQG YHUOLH GLH %UFNH*RUGRQXQG.RUNKDQQIROJWHQLKU9RUGHP $XIHQWKDOWVUDXPDQJHNRPPHQVDJWHVLHª:UGHVW GXXQVELWWHNXU]DOOHLQODVVHQ.RUNKDQQ"© 'HU0LQLVWHUYHUQHLJWHVLFKXQGVFKULWWDXIVHLQHQ ODQJHQ GQQHQ %HLQHQ JUDYLWlWLVFK GHQ *DQJ HQWODQJ /LDQQD VWLH GLH 7U DXI RKQH ]X ZDUWHQ GD *RUGRQ VLH IU VLH |IIQH $OV VLH DOOHLQ ZDUHQ VDK VLH LKQ HUQVW DQ ª'X GDUIVW QLHPDOV PHLQH (QWVFKHLGXQJHQ XQG %HIHKOH LQ GHU gIIHQWOLFKNHLW EHDQVWDQGHQRGHULQ)UDJHVWHOOHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª8QG ZLH LVW HV SULYDW" :LUVW GX DXFK LP 6FKODI]LPPHUGDV.RPPDQGRIXKUHQ"© -HW]W U|WHWH VLFK LKU *HVLFKW ª(V PDJ IU GLFK VFKZHU ]X YHUVWHKHQ VHLQ 'X NRPPVW DXV HLQHU DQGHUHQ=HLWHLQHUDQGHUHQ.XOWXU«© ª6WLPPW 8QG QXU GDPLW GX HV ZHLW ,FK ZHUGH QLHPDOV PHLQ 5HFKW DXIJHEHQ ]X VDJHQ ZDV LFK GHQNH© 6LH |IIQHWH GHQ 0XQG XQG HU KRE GLH 6WLPPH²QLFKWYLHOGRFKZDUHWZDVLQLKUGDVVLH VFKZHLJHQOLHª8QGZHQQLFKDOV)UHXQGVSUHFKH DOV GHU 0DQQ GHU GLFK OLHEW XQG XP GLFK EHVRUJW LVW GDQQ ZLOO LFK GDIU QLFKW |IIHQWOLFK PV *HVLFKW JHVFKODJHQ ZHUGHQ© 6HLQH $XJHQ IXQNHOWHQ VR ZWHQG ZLH LKUH ª,FK IDQJH DQ PLFK ]X IUDJHQ /LDQQD 9LHOOHLFKW ZUGHVW GX PLW MHPDQG DQGHUHP EHVVHU DXVNRPPHQ MHPDQGHP GHU VLFK PHKU XP GDV3URWRNROONPPHUW© ª%LWWH YHUVXFKH GRFK PLFK ]X YHUVWHKHQ© EDW VLH HLQ ZHQLJ ZHLFKHU ª,FK KDEH HLQH 0HQJH 9HUSÁLFKWXQJHQ GLH LFK EHU PHLQH SHUV|QOLFKHQ :XQVFKH XQG *HIKOH VWHOOHQ PX ,FK ELQ IU HLQ .|QLJUHLFKYHUDQWZRUWOLFK«© ª,FK YHUVWHKH JXW JHQXJ© NQXUUWH *RUGRQ ª,FK KDWWHHLQVWHLQ,PSHULXPIUGDVLFKYHUDQWZRUWOLFK ZDU 9LHOOHLFKW HULQQHUVW GX GLFK" *XWH 1DFKW© (U VFKOR GLH 7U KLQWHU VLFK $XI GHP *DQJ PXWH HU WURW] VHLQHU 9HUlUJHUXQJ OlFKHOQ (U IUDJWH VLFK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ZLHRIWPDQVLHHLQIDFKKDWWHVWHKHQODVVHQ1LFKWRIW JHQXJGDFKWHHU $P QlFKVWHQ ª7DJ© ² ZLOONUOLFK LP /RJEXFK GHV 6FKLIIHV VR EH]HLFKQHW ² WUDI .RUNKDQQ *RUGRQ LQ GHU .DSLWlQVPHVVH (U VHW]WH VLFK ]XP )UKVWFN ]XLKP ª%LV MHW]W© PHLQWH GHU 0LQLVWHU ªVFKHLQW DOOHV QDFK 3ODQ ]X YHUODXIHQ :LU KDEHQ GHQ 5DQG GHV 7UHLEJXWHVRKQH=ZLVFKHQIDOOSDVVLHUWXQGGHQ.XUV PLWHLQHUVFKZDFKHQ6GZHVWNRUUHNWXUIRUWJHVHW]W© ª:DUXP DXFK QLFKW© EUXPPWH *RUGRQ ª'DV 2SIHU PDUVFKLHUW JHUDGHZHJV LQ GLH )DOOH :HVKDOE VROOWHPDQHVGDXQWHUZHJVHUOHGLJHQ"© ª(V GXUIWH VFKZLHULJ IU 1DUDWK 7H\Q VHLQ HLQH 0|JOLFKNHLW]XÀQGHQVLHDXIVHLQHU:HOW]XWRWHQ RKQHGDIUYHUDQWZRUWOLFKJHPDFKW]XZHUGHQ© ª0HLQHQ6LHGDVZLUNOLFK"© .RUNKDQQ VFKWWHOWH GHQ .RSI ª1HLQ ,FK NHQQH 1DUDWK7H\QXQGVHLQH/HXWH6LHZHUGHQHLQHQ:HJ ÀQGHQ© 6LH VFKZLHJHQ HLQH :HLOH GDQQ EDW *RUGRQ ª(V LVW YLHOOHLFKW GDV EHVWH ZHQQ 6LH PLFK VR JXW ZLH P|JOLFKHLQZHLKHQ© .RUNKDQQ VFKULWW LKP YRUDXV LQ GHQ OX[XUL|VHQ $XIHQWKDOWVUDXPXQGGUFNWHZLHGHUDXIGHQ.QRSI GHUGLH:DQGNDUWHIUHLJDE(UGHXWHWHGDUDXI

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª+LHU HQWODQJ GHU VGZHVWOLFKHQ *UHQ]HQ GHV .|QLJUHLFKV )RPDOKDXW EHÀQGHW VLFK HLQ gGODQG YRQ6WHUQHQGLHYRQGHU1RUPDEZHLFKHQXQGDXV XQEHY|ONHUWHQXQGXQEHVLHGHOEDUHQ:HOWHQEHVWHKW 1XUYHUHLQ]HOWLVWHLQ6RQQHQV\VWHP]XÀQGHQGDV LQ GHU /DJH LVW /HEHQ KHUYRU]XEULQJHQ ZLH .UHQV ZRKHU LFK NRPPH EHLVSLHOVZHLVH 'LH %HZRKQHU GLHVHU VSlUOLFKHQ XQG YHUVWUHXWHQ 6\VWHPH VLQG ZLHPHLQ9RONQLFKWPHQVFKOLFK©(UZLHVDXIHLQHQ ORGHUQGHQJHOEHQ6WHUQª'DVLVW0DUUDO$XIVHLQHP 3ODQHWHQ7H\QKDW1DUDWKVHLQHQ+RI© *RUGRQUXQ]HOWHGLH6WLUQª(LQPHUNZUGLJHU2UW IUHLQHQP|JOLFKHQ7KURQHUEHQ© ª%LVYRUNXU]HPZDU1DUDWKDXFKQXUGHUVHFKVWH LQ GHU (UEIROJH (U LVW DXI 7H\Q JHERUHQ 'DV ,QWULJLHUHQVFKHLQWLKPLP%OXW]XOLHJHQ6FKRQVHLQ 9DWHU PXWH GHVKDOE LQ GLH 9HUEDQQXQJ ² XQG HU HUZlKOWHGDIUHEHQ7H\Q²HLQLJH-DKUHHKH/LDQQD GDV/LFKWGHU:HOWHUEOLFNWH© ª8QG ZHVKDOE LVW 1DUDWK 7H\Q VRYLHO EHOLHEWHU XQWHUGHQ1LFKWPHQVFKHQDOV/LDQQD"© ª(U LVW XQWHU XQG PLW LKQHQ DXIJHZDFKVHQ (U GHQNW ZLH VLH (U LVW LQ JU|HUHP 0DH HLQHU YRQ LKQHQ DOV LFK (V JLEW XQ]lKOLJH $UWHQ YRQ 1LFKWPHQVFKHQ-RKQ*RUGRQ6LHVLQGGDV(UJHEQLV Y|OOLJ YHUVFKLHGHQHU (YROXWLRQVEHGLQJXQJHQ 9LHOH VLQG VR IUHPGDUWLJ GD ZHGHU GLH 0HQVFKHQ QRFK DQGHUH 1LFKWPHQVFKHQ PLW LKQHQ NODUNRPPHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 1DUDWKKDWHLQ+HU]IUVLHDOOH(ULVWHLQVHOWVDPHU 0DQQ XQG LFK JODXEH QLFKW YROONRPPHQ QRUPDO© .RUNKDQQ VFKRE JHUlXVFKORV GLH :DQGEHNOHLGXQJ ZLHGHUYRUGLH.DUWH6HLQ*HÀHGHUVWUlXEWHVLFKZLH LPPHUZHQQHUHUQVWOLFKEHVRUJWZDU ª/LDQQDKlWWHDXI6LHK|UHQVROOHQ$EHUVLHLVW]X NKQXPHLQYHUQQIWLJHV0DDQ$QJVW]XNHQQHQ XQG ]X VHKU GLH 7RFKWHU LKUHV 9DWHUV ZHQQ HV XP 'URKXQJHQ JHKW -HW]W LVW VLH ZWHQG XQG QLFKWV NDQQ VLH GDYRQ DEEULQJHQ LKUHP 9HWWHU GLH 6XSSH ]X YHUVDO]HQ© (U VFKWWHOWH GHQ .RSI ª,FK IUFKWH QXU VLH KDW YLHOOHLFKW VFKRQ HLQ ZHQLJ ]X ODQJH JHZDUWHW© /LDQQD JDE *RUGRQ NHLQH *HOHJHQKHLW VLH XP]XVWLPPHQ 'LH JDQ]H =HLW DEHU ZlKUHQG GHU JHOEH 6WHUQ DXI GHQ 6FKLUPHQ ZXFKV XQG VLFK LQ HLQHÁDPPHQGH6FKHLEHYHUZDQGHOWHYHUPLHGVLHHV PLWLKPDOOHLQ]XVHLQ0HKUPDOVEHPHUNWHHUGD VLHLKQQDFKGHQNOLFKEHREDFKWHWH$EJHVHKHQGDYRQ ZDULKU9HUKDOWHQNRUUHNWXQGlXHUOLFKIUHXQGOLFK 1XUHUZXWHGDVLHMHW]WHLQHKRKH0DXHUWUHQQWH (UPDFKWHNHLQHQ9HUVXFKVLH]XEH]ZLQJHQ1RFK QLFKW 'HU .DSLWlQ OHLWHWH GLH %UHPVPDQ|YHU HLQ XQG GDV 6FKLII ODQGHWH DXI GHP ]ZHLWHQ GHU IQI 0DUUDOSODQHWHQDXI7H\Q²1DUDWKV:HOW 'HU 6WDXE OHJWH VLFK ODQJVDP XQG GLH VHQJHQGH *OXW HUORVFK ,P .RQWUROOUDXP VWDQG /LDQQD PLW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH +DUQ+RUYDXQG.RUNKDQQYRUGHP6LFKWVFKLUPGHU QXQGLH8PJHEXQJGHV6FKLIIHVZLHGHUJDE*RUGRQ KLHOW VLFK HLQ ZHQLJ DEVHLWV XQG YHUVXFKWH VHLQH DXIJHZKOWHQ1HUYHQ]XEHUXKLJHQ ª6LHKDEHQGLH%RWVFKDIWDXFKZLUNOLFKHUKDOWHQ"© IUDJWH/LDQQD ª-D+RKHLW:LUKDEHQGLH%HVWlWLJXQJDXI%DQG© ª,FKKHJHNHLQHQ=ZHLIHODQ,KUHQ:RUWHQ.DSLWlQ (VHUVFKHLQWPLUQXUVHOWVDP«© 6HOEVW *RUGRQ HPSIDQG HV DOV PHUNZUGLJ 'HU 6FKLUP ]HLJWH HLQHQ SULPLWLYHQ XQG RIIHQVLFKWOLFK ZHQLJ EHQXW]WHQ 5DXPKDIHQ GHU VR PHQVFKHQOHHU ZDU ZLH GLH *HJHQG ULQJVXP ² VRIHUQ GDV YRQ :DOGJHELHWPLW6LFKHUKHLW]XVDJHQZDU (LQ KDUWHU =XJ ODJ XP /LDQQDV 0XQG ª:HQQ HV PHLQHP9HWWHUQLFKWHLQIlOOWPLFKKLHU]XEHJUHQ ZHUGH LFK LKQ ZRKO LQ VHLQHU 5HVLGHQ] DXIVXFKHQ PVVHQ /DVVHQ 6LH GDV %RGHQIDKU]HXJ XQG HLQH 6FKXW]PDQQVFKDIW EHUHLWVWHOOHQ .DSLWlQ© 6LH ZDQGWHVLFKDQ*RUGRQª(VKDQGHOWVLFKXPHLQHQ 6WDDWVEHVXFK'XEUDXFKVWQLFKWPLW]XNRPPHQ© ª,FKP|FKWHHVQLFKWYHUVlXPHQ©HUZLGHUWH*RUGRQ NKOXQGIJWHKLQ]Xª+RKHLW© (LQH OHLFKWH 5|WH VWLHJ LQ LKUH :DQJHQ 6LH QLFNWH XQG HU IROJWH LKU GXUFK GLH 6FKOHXVH PLW .RUNKDQQ 'LH :DFKH IRUPLHUWH VLFK XP GLH GUHL

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU 6WDQGDUWHQWUlJHU EHIHVWLJWH GDV %DQQHU GHU :HLHQ 6RQQH DQ GHP OlQJOLFKHQ )DKU]HXJ GDV XQDXIIlOOLJ EHVWFNW ZDU 'DV KlWWH *RUGRQ HLQ ZHQLJ EHUXKLJHQ PVVHQ WDW HV MHGRFK QLFKW (V ZDU HWZDV 8QQHQQEDUHV DQ GHQ KRKHQ VLFK LP :LQGH ZLHJHQGHQ %lXPHQ XQG DQ GHU $UW GHU KHOOVFKLPPHUQGHQ /LFKWXQJHQ GLH GHQ :DOG LQ YHUZLUUHQGHU8QUHJHOPlLJNHLWXQWHUEUDFKHQ6HOEVW GLH/XIWZDUEHGUFNHQGZDUPZLHGHU$WHPHLQHV 5DXEWLHUV8QGGHUPHWDOOLVFKVFKLPPHUQGH+LPPHO KLQJJUHLIEDUQDKHDOVZROOHHUVLHMHGHQ$XJHQEOLFN LQHLQHU)DOOH]HUPDOPHQ 'DV )DKU]HXJ IROJWH HLQHU 6DQGVWUDH GRFK GDV /XIWNLVVHQ JOLFK GLH 8QHEHQKHLWHQ GHV %RGHQV Y|OOLJ DXV 'DV /DQG JOLWW YRUEHL (V ZXUGH LPPHU KJHOLJHU 'LH :lOGHU ZXUGHQ GQQHU GHU %RGHQ IHOVLJHUXQGGLH6FKDWWHQDXVJHSUlJWHUDOVQHLJHGHU 3ODQHWVLFKGHU1DFKWVHLWH]X 3O|W]OLFKVWLHHLQHUHLQHQ$ODUPUXIDXV'LH:DIIHQ LP :DJHQ NOLFNWHQ DXWRPDWLVFK LQ %HUHLWVFKDIW .RUNKDQQ GHXWHWH DXI HLQHQ +JHO YRU LKQHQ DOV *RUGRQ LKQ IUDJHQG DQEOLFNWH ª6HKHQ 6LH GRUW ]ZLVFKHQGHQ%lXPHQ«© -D GRUW VWDQG HWZDV LQ GHU VFKDWWHQGVWHUHQ /LFKWXQJ8QGGDQQYHUQDKPHQVLHGHQKHOOHQ7RQ HLQHV+RUQVIUHPGDUWLJXQGDXIZKOHQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ,PQlFKVWHQ$XJHQEOLFNO|VWHQVLFKXQGHÀQLHUEDUH 6FKDWWHQDXVGHU'lPPHUXQJXQGJOLWWHQGHQ+JHO KHUDEDXIVLH]X

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

ª1LFKW VFKLHHQ© ULHI /LDQQD EHIHKOHQG *RUGRQ ZROOWHSURWHVWLHUHQDEHU.RUNKDQQVWLHLKQDQXQG ÁVWHUWHª:DUWHQ6LH© ,QHLQHUZDKUHQ)OXWHUJRVVHQVLFKGLHLPPHUQRFK QLFKWULFKWLJHUNHQQEDUHQ:HVHQGHQ$EKDQJKHUDE XQG IlFKHUWHQ DXV XP GHQ :DJHQ HLQ]XNUHLVHQ 'LH /XIW KDOOWH ZLGHU YRQ VFKULOOHQ 6FKUHLHQ DXV QLFKWPHQVFKOLFKHQ .HKOHQ /DXWH GLH *RUGRQ YROO 7ULXPSK XQG JUDXVDPHP /DFKHQ VFKLHQHQ (U VWUHQJWH VHLQH $XJHQ DQ (V ZDUHQ ULHVLJH .UHDWXUHQ GLH DXI YLHU %HLQHQ OLHIHQ DEHU RKQH GDV ODXWH 6WDPSIHQ YRQ +XIWLHUHQ HKHU PLW GHU *HVFKPHLGLJNHLWYRQ*URNDW]HQ8QGVLHVFKLHQHQ 5HLWHU]XWUDJHQ 1HLQMHW]WNRQQWHHUVLHGHXWOLFKHUVHKHQ:DVHU IU 5HLWHU JHKDOWHQ KDWWH ZDU ]HQWDXUHQJOHLFK PLW GHQ/HLEHUQYHUZDFKVHQ.RSI2EHUN|USHUXQG$UPH ZLUNWHQIDVWPHQVFKOLFK²WURW]LKUHUNXSIHUIDUELJHQ JHÁHFNWHQ VFKZDU]HQ XQG JUDXHQ +DXW RGHU )HOOIDUEH ,KUH JOKHQGHQ .DW]HQDXJHQ YHUULHWHQ ,QWHOOLJHQ] ,KUH /LSSHQ ODFKWHQ ,KUH %HZHJXQJHQ ZDUHQÁLQNXQG]HXJWHQYRQ.UDIW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª'LH*HUUQ©ÁVWHUWH.RUNKDQQª'LH(LQJHERUHQHQ GLHVHU:HOW© ª.|QQHQ6LHLKUHQ*HGDQNHQHQWQHKPHQZDVVLH EHDEVLFKWLJHQ"© ª1HLQ VLH VLQG HEHQIDOOV 7HOHSDWKHQ ,KUH )lKLJNHLWHQ VLQG ZHVHQWOLFK JU|HU DOV PHLQH 6LH N|QQHQ LKUH *HGDQNHQ YROONRPPHQ DEVFKLUPHQ ² LFKVSUWHQLFKWHLQPDOGDVLHGDZDUHQEHYRUZLU VLH HQWGHFNWHQ 8QG LFK JODXEH VLH VFKLUPHQ DXFK QRFKGLH*HGDQNHQHLQHVDQGHUHQDE²DK© ,Q GLHVHP $XJHQEOLFN VDK *RUGRQ GD HLQHU GHU *HUUQ WDWVlFKOLFK HLQHQ 5HLWHU WUXJ (V ZDU HLQ MXQJHU 0DQQ VLFKHU QXU ZHQLJH -DKUH lOWHU DOV /LDQQD XQG HEHQVR VFKODQN XQG JHVFKPHLGLJ ZLH GLH*HUUQVHOEVW'DVEUDXQH+DDUÀHOZLQG]HU]DXVW EHU VHLQH 6FKXOWHUQ (LQ VLOEHUQHV +RUQ KLQJ DQ VHLQHU6HLWH(UVDDXIGHP5FNHQHLQHVNUlIWLJHQ VFKZDU]HQ *HUUQ GHU LKQ QXQ LQ GLH YRUGHUVWH 5HLKH WUXJ (U OlFKHOWH XQG |IIQHWH GLH $UPH ZHLW 'LH$XJHQLQGHPJXWJHVFKQLWWHQHQ*HVLFKWJOLFKHQ 6DSKLUHQXQGVFKLHQHQ*RUGRQIUHPGDUWLJHUDOVGLH .DW]HQDXJHQGHU*HUUQ ª:LOONRPPHQ© ULHI HU ª:LOONRPPHQ DXI 7H\Q .XVLQH/LDQQD© 6LHQHLJWHGHQ.RSI'LH6SDQQXQJOLHQDFK'LH 0lQQHU DWPHWHQ HLQ ZHQLJ DXI 1DUDWK KRE VHLQ VLOEHUQHV+RUQXQGHUQHXWHUNODQJGHUDXIZKOHQGH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 7RQ 'HU :DJHQ QDKP GLH XQWHUEURFKHQH )DKUW ZLHGHU DXI XQG GLH *HUUQ EHJOHLWHWHQ LKQ PLW JHVFKPHLGLJHQ6SUQJHQ =ZHL 6WXQGHQ VSlWHU VWUDKOWH 7H\QV %DQNHWWKDOOH LQKHOOHP/LFKWXQGEHVFKZLQJWH0XVLNHUIOOWHVLH 6LH VWDQG DXI HLQHP +JHO EHU HLQHP 7DO GXUFK GDV HLQ )OX UDXVFKWH 'LH 6LHGOXQJ GHU *HUUQ ODJ DQVHLQHQEHLGHQ8IHUQ/LDQQDV:DFKHQKDWWHQVLFK GRUWXQWHQXPGDV)DKU]HXJSRVWLHUWXQGGHU)XQNHU JDEODXIHQG0HOGXQJHQDQGDV6FKLIIGXUFK ,Q GHU +DOOH ORGHUWHQ PlFKWLJH .DPLQIHXHU 'LH /XIW KLQJ YROO YRQ GHQ *HUFKHQ YRQ 6SHLVHQ *HWUlQNHQGHP5DXFKXQGGHUVRXQWHUVFKLHGOLFKHQ *HVHOOVFKDIW (V JDE QXU HLQH HLQ]LJH 7DIHO $Q LKU KDWWHQ*RUGRQ/LDQQD1DUDWK7H\QXQG.RUNKDQQ 3ODW]JHQRPPHQ'LHPHLVWHQGHU$QZHVHQGHQ]RJHQ GLHGLFNHQ7HSSLFKHXQGZHLFKHQ6LW]NLVVHQDXIGHP %RGHQYRU ,Q GHU 0LWWH GHU +DOOH KDWWH PDQ HLQHQ 3ODW] IUHLJHPDFKW *RUGRQ VDK GUHL EXFNOLJH KDDULJH *HVWDOWHQ GLH PXVL]LHUWHQ ]ZHL PLW 3IHLÀQVWUXPHQWHQ GLH GULWWH PLW HLQHU NOHLQHQ 7URPPHO =ZHL JUHOOURWH :HVHQ PLW HLQHU 8Q]DKO YRQ $UPHQ XQG %HLQHQ XPWDQ]WHQ HLQDQGHU PLW JHNQVWHOWHU $QPXW XQG VWLOLVLHUWHU *HVWLN (WZDV +\SQRWLVFKHVODJLQLKUHQ%HZHJXQJHQXQG*RUGRQ PXWHVLFK]ZLQJHQGHQ%OLFNDE]XZHQGHQ'LH+LW]H ZDU NDXP HUWUlJOLFK XQG GHU WURFNHQH EHLHQGH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *HVWDQN GHU GLFKWJHGUlQJWHQ QLFKWPHQVFKOLFKHQ /HLEHU EHlQJVWLJHQG 1DUDWK 7H\Q EHXJWH VLFK YRU XPPLW/LDQQD]XVSUHFKHQXQG*RUGRQK|UWHLKUH $QWZRUW ª,FK ELQ JHNRPPHQ XP HLQLJHV ]X NOlUHQ 8QG GDV ZHUGH LFK DXFK WXQ© 1DUDWK 7H\Q QHLJWH XQYHUNHQQEDU VS|WWLVFK GHQ .RSI 'LH 7lQ]HU HUUHLFKWHQ HLQHQ ZLUEHOQGHQ +|KHSXQNW GHU LQ HLQHP DEUXSWHQ $EEUXFK YRQ %HZHJXQJHQ XQG 0XVLN HQGHWH 1DUDWK 7H\Q KLHOW ]ZHL .DQQHQ YROO :HLQ KRFK (U ULHI HWZDV LQ HLQHP ]LVFKHOQGHQ NOLFNHQGHQ 6LQJVDQJ XQG GLH EHLGHQ *UHOOURWHQ QDKPHQ GHQ :HLQ LQ (PSIDQJ (LQ 2UNDQ YRQ /DXWHQ EUDQGHWH DXI DOV GLH $QZHVHQGHQ DXI LKUH YHUVFKLHGHQHQ$UWHQDSSODXGLHUWHQ *RUGRQ QXW]WH GLH *HOHJHQKHLW XP .RUNKDQQ ]X IUDJHQ ª:LH NRPPHQ GLH YLHOHQ YHUVFKLHGHQHQ 5DVVHQHLJHQWOLFKKLHUKHU"© ª1DUDWKEHWUHLEW+DQGHOPLWGHQIUHLHQ6\VWHPHQ (U KDW HLQHQ 5DXPKDIHQ DXI GHU DQGHUHQ 3ODQHWHQKlOIWH«© (LQ GXUFKGULQJHQGHV *HUlXVFK EHUW|QWH GHQ /lUP LQ GHU +DOOH XQG OLH LKQ HUVWHUEHQ (V ZDU GDVSIHLIHQGH'RQQHUQHLQHV6WHUQHQVFKLIIVGDV]XU /DQGXQJ DQVHW]WH *RUGRQ EHPHUNWH ZLH /LDQQD HUVWDUUWH XQG VHLQH HLJHQHQ 1HUYHQ VSDQQWHQ VLFK ]XP=HUUHLHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª+|UW VLFK JDQ] VR DQ DOV NlPHQ QHXH *lVWH© PHLQWH 1DUDWK 7H\Q PLW XQVFKXOGLJHU 0LHQH (U WURPPHOWH ODFKHQG DXI GHQ 7LVFK XQG ULHI HWZDV LQ HLQHU JXWWXUDOHQ 6SUDFKH 'HU NUlIWLJH VFKZDU]H *HUUQGHULKQJHWUDJHQKDWWHVSUDQJDXIGHQIUHLHQ 3ODW]LQGHU0LWWHGHQGLH7lQ]HUYHUODVVHQKDWWHQ (U ZDU /LDQQD DOV 6VHUN YRUJHVWHOOW ZRUGHQ GDV 2EHUKDXSW GHV |UWOLFKHQ .ODQV XQG ]ZHLWHU XQWHU 1DUDWK7H\Q (U VFKULWW HLQHP VHOWVDPHQ =HUHPRQLHOO IROJHQG ODQJVDP LP .UHLV GLH NUDOOHQEHZHKUWHQ )H QDFKHLQDQGHUKRFKHUKREHQZlKUHQGHUGLH+lQGH HLQ 0HVVHU LQ MHGHU )DXVW EHU GHP .RSI NUHX]WH 'LH *HUUQ XQWHU GHQ =XVFKDXHUQ EHJDQQHQ LP 5K\WKPXVPLWVHLQHQ%HZHJXQJHQHLQHQPRQRWRQHQ *HVDQJ 1DUDWK 7H\Q QLFNWH ]XIULHGHQ XQG ZDQGWH VLFKZLHGHU/LDQQD]X ª,FK JODXEH DXFK GD HU 9HUEQGHWH KDW© IXKU .RUNKDQQÁVWHUQGIRUW *RUGRQ ÁXFKWH OHLVH ª.|QQHQ 6LH QLFKWV DXV VHLQHQ*HGDQNHQHUIDKUHQ"© ª'LH *HUUQ VFKLUPHQ LKQ DE $OOHV ZDV LFK HQWQHKPHQNDQQLVW%HIULHGLJXQJXQGGLHN|QQHQ 6LHVHOEVWDQVHLQHP*HVLFKWDEOHVHQ,FKIUFKWHHV ZLUG«© (LQ VSLW]HU 6FKUHL EHUW|QWH GHQ *HVDQJ (LQ ]ZHLWHU *HUUQ VSUDQJ LQ GHQ .UHLV XQG EHJDQQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HQWJHJHQJHVHW]W ]X VFKUHLWHQ $XFK HU KLHOW ]ZHL 0HVVHU KRFK EHU GHP .RSI (U ZDU MXQJ XQG VWlPPLJ PLW JHÁHFNWHQ )ODQNHQ 6HLQH $XJHQ ULFKWHWHQVLFKVWDUUDXI6VHUN 'HU *HVDQJ ZXUGH GXPSIHU 6WLOOH VHW]WH LQ GHU +DOOHHLQ*URWHVNH6FKlGHOOHKQWHQVLFKYRUEL]DUUH *OLHGPDHQ VFKDUUWHQ HKH VLH ]XU 5XKH NDPHQ 'LH EHLGHQ *HUUQ PDHQ HLQDQGHU ZlKUHQG VLH ODQJVDP LP .UHLV WlQ]HOWHQ 'LH MXQJHQ 0lGFKHQ GHV6WDPPHVPLWLKUHPQRFKNUDXVHQ-XJHQGSHO] GLH GLH *lVWH EHGLHQWHQ KLHOWHQ LQQH XQG VWDUUWHQ PLWJURHQ$XJHQ 6VHUNVSUDQJ'LH0HVVHUEOLW]WHQZXUGHQSDULHUW ,P VHOEHQ $XJHQEOLFN KRE 6VHUN GLH 9RUGHUWDW]HQ (LQH WlXVFKWH PLW NXU]HQ 6W|HQ ZlKUHQG GLH DQGHUH VFKOXJ 'HU JHÁHFNWH *HJQHU JOLWW DXHU 5HLFKZHLWH XQG ULFKWHWH VLFK HEHQIDOOV DXI (UQHXW NOLUUWHGHU6WDKOGHU0HVVHU 1XU 1DUDWK 7H\Q NPPHUWH VLFK QLFKW XP GLH .lPSIHUEHPHUNWH*RUGRQ(UZDUWHWHDXIHWZDVRGHU MHPDQGHQXQGLQVHLQHQ$XJHQOHXFKWHWHKHLPOLFKHU 7ULXPSK /LDQQD VD VWRO] XQG XQEHUKUW DOV EHIlQGH VLH VLFK ]X +DXVH DXI )RPDOKDXW *RUGRQ IUDJWH VLFK RE VLH XQWHU GLHVHU 0DVNH HEHQVROFKH $QJVWHPSIDQGZLHHUVHOEVW 'HU .DPSI JLQJ ZHLWHU HQGORV ZLH HV VFKLHQ 'LH 0HVVHU ]XFNWHQ GLH NUDOOHQEHZDIIQHWHQ ÁLQNHQ 7DW]HQVFKOXJHQGLHVHKQLJHQ.|USHUVSUDQJHQGLH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH $XJHQJOKWHQYRU/XVWDP.DPSI1DFKHLQHU:HLOH ÁR %OXW 'HU *HVDQJ ZDQGHOWH VLFK LPPHU PHKU ]XHLQHPWLHULVFKHQ+HXOHQ2EZRKOHUVLFKGHVVHQ VFKlPWH IKOWH *RUGRQ ZLH GLH XUDOWH (UUHJXQJ GHU 3ULPLWLYHQ LQ LKP DXIVWLHJ 6FKOLHOLFK ZDUI GHU JHÁHFNWH *HUUQ GLH 0HVVHU YRQ VLFK XQG HLOWH PLW EOXWWULHIHQGHU )ODQNH GXUFK GDV 7RU LQV )UHLH ZlKUHQG 6VHUN GHQ 6LHJHVVFKUHL DXVVWLH XQG GLH *HUUQVLFKXPLKQVFKDUWHQPLW:HLQXQG/REXQG 9HUEDQGIUGLH:XQGHQ *RUGRQ JULII QDFK VHLQHP %HFKHU DOV .RUNKDQQ LKQDQVWLHª'RUWEHLGHU7U«© *RUGRQVDKHLQHQJURHQJDQ]LQVFKZDU]HV/HGHU JHNOHLGHWHQ0DQQPLWGHPJOHLHQGHQ6\PEROHLQHU MXZHOHQEHVHW]WHQ 6WUHLWD[W DXI GHU %UXVW (U WUXJ HLQHQ VWlKOHUQHQ +HOP PLW HLQHP )HGHUEXVFK XQG HLQHQ8PKDQJYRQGXQNOHP3XUSXUGHUELV]XGHQ )HUVHQ UHLFKWH (WZDV RGHU MHPDQG VWDQG KLQWHU LKP *RUGRQ K|UWH /LDQQD VFKDUI HLQDWPHQ 1DUDWK 7H\Q ZDU EHUHLWV DXIJHVSUXQJHQ XQG JHERW 5XKH 'DQQ ULHI HU GHP 1HXDQJHNRPPHQHQ HLQHQ *UX HQWJHJHQ ª&\Q&U\YHU*UDIGHUgGH:LOONRPPHQ© 'LH *HUUQ ZLFKHQ UHVSHNWYROO ]XU 6HLWH DOV GHU *UDI LQ GLH +DOOH WUDW -HW]W EHPHUNWH *RUGRQ GD VHLQ %HJOHLWHU JDQ] LQ HLQHQ VFKLPPHUQGHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH JUDXHQ .DSX]HQXPKDQJ JHKOOW ZDU 'LH *HVWDOW XQWHU GLHVHP ÁLHHQGHQ *HZDQG VFKLHQ VHOWVDP YHUNPPHUWXQGVLHEHZHJWHVLFKJOHLWHQGYRUZlUWV HLQH%HZHJXQJGLH*RUGRQXQZLOONUOLFKDEVWLH 'HU*UDIQDKPGHQ+HOPDEXQGEHXJWHVLFKEHU /LDQQDV +DQG ª(LQ JOFNOLFKHU =XIDOO /DG\ IU PLFK ]XPLQGHVW ,FK KRIIH HV VW|UW 6LH QLFKW GD LFKGHQVHOEHQ=HLWSXQNWIUHLQHQ%HVXFKEHL,KUHP 9HWWHUZlKOWH© ª'LH:HJHGHV=XIDOOVVLQGLQGHU7DWHUVWDXQOLFK© HUZLGHUWH /LDQQD PLW EHUWULHEHQHU )UHXQGOLFKNHLW 6LHHQW]RJLKPLKUH+DQGª:HULVW,KU%HJOHLWHU"© 'DV:HVHQGHVVHQ*HVLFKWHEHQIDOOVY|OOLJXQWHU GHU .DSX]H YHUVWHFNW ZDU YHUQHLJWH VLFK XQG JDE HLQHQ GQQHQ =LVFKODXW YRQ VLFK 'DQQ JOLWW HV LQ HLQHYHUKlOWQLVPlLJUXKLJH(FNHMHQVHLWVGHU7DIHO &\Q&U\YHUOlFKHOWHXQGEOLFNWH.RUNKDQQDQ ª(LQHU GHU HWZDV HQWIHUQWHUHQ 9HUEQGHWHQ GHV ,PSHULXPV /DG\ GHU VLFK DXV *UQGHQ GHU +|ÁLFKNHLW YHUKOOW (U QLPPW LQ PHLQHP /DQG GLH JOHLFKH3RVLWLRQHLQZLH0LQLVWHU.RUNKDQQLQ,KUHP 5HLFK© (U WDXVFKWH HLQHQ *UX PLW *RUGRQ XQG VHW]WH VLFK 'DV )HVW JLQJ ZHLWHU *RUGRQ ÀHO DXI GD .RUNKDQQ DQJHVSDQQW XQG EHXQUXKLJW ZDU 6HLQH NUDOOHQÀQJULJHQ +lQGH |IIQHWHQ XQG VFKORVVHQ VLFK NUDPSIKDIW XP GHQ %HFKHU 'HU /lUP ZXUGH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ZLHGHU IDVW XQHUWUlJOLFK JHQDX ZLH GLH +LW]H 7URW] GHU $XVJHODVVHQKHLW GHU YLHOUDVVLJHQ *lVWH VSUWH*RUGRQHLQH8QVLFKHUKHLWDOVKlWWHVLFKHLQ 6FKDWWHQ EHU GLH +DOOH JHVHQNW 6VHUN XQG HLQLJH DQGHUH HUZDFKVHQH *HUUQ VFKLHQHQ LKUH /XVW DP 7ULQNHQ XQG )HLHUQ YHUORUHQ ]X KDEHQ (LQHU QDFK GHP DQGHUHQ EHJDQQHQ VLH XQDXIIlOOLJ DXV GHU EXQWHQ0HQJH]XYHUVFKZLQGHQ *RUGRQ IUDJWH VLFK RE VLH HEHQVR ZLH HU GLH *HJHQZDUW GHV YHUPXPPWHQ )UHPGHQ DOV HLQHQ HLVLJHQ +DXFK YHUVSUWHQ 'LH (FNH LQ GHU GDV :HVHQ VWDQG ZDU YRQ DOOHQ DQGHUHQ YHUODVVHQ *RUGRQ IU|VWHOWH XQG ZXUGH GDV *HIKO QLFKW ORV GD GDV YHUGDPPWH 'LQJ KLQWHU VHLQHU JUDXHQ .DSX]HLKQXQHQWZHJWDQVWDUUWH ,P5LQJIDQGHLQQHXHU.DPSIVWDWWXQG%OXWÁR /LDQQDHUKREVLFKª,FKZLOOGLFKGHLQHP9HUJQJHQ EHUODVVHQ© ZDQGWH VLH VLFK HLVLJ DQ LKUHQ 9HWWHU ª0RUJHQZHUGHQZLUDOOHVEHVSUHFKHQ© *RUGRQ QDKP GLH &KDQFH ]XP $XIEUXFK ZDKU XQG VWDQG DQ LKUHU 6HLWH QRFK HKH VLH ]X (QGH JHVSURFKHQ KDWWH 'RFK 1DUDWK 7H\Q EHVWDQG GDUDXI VLH ]X EHJOHLWHQ 6R EOLHE *RUGRQ NHLQH :DKODOVLKQHQPLW.RUNKDQQDQVHLQHU6HLWHGHQ EUHLWHQ7UHSSHQDXIJDQJKLQDXI]XIROJHQ'HU/lUP DXVGHU+DOOHYHUNODQJDOOPlKOLFKZlKUHQGVLHGHQ JHZ|OEWHQ.RUULGRUHQWODQJVFKULWWHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª(V WXW PLU OHLG ZHQQ PHLQH )UHXQGH GHLQH *HIKOH YHUOHW]WHQ .XVLQH /LDQQD ,FK KDEH PHLQ JDQ]HV /HEHQ PLW LKQHQ ]XVDPPHQ YHUEUDFKW XQG LFKYHUJHVVHGDDQGHUHQYLHOOHLFKW«© ª,FK KDEH DEVROXW QLFKWV JHJHQ GHLQH )UHXQGH© YHUVLFKHUWHVLHLKPªZHQQGXGLHQLFKWPHQVFKOLFKHQ PHLQVW'XELVWHVGHUPHLQH*HIKOHYHUOHW]W8QG &\Q&U\YHU© ª$EHU.XVLQH«© ª'X ELVW HLQ 1DUU 9HWWHU 8QG GX VSLHOVW PLW (LQVlW]HQGLHYLHO]XKRFKIUGLFKVLQG'XKlWWHVW GLFK ]XIULHGHQJHEHQ VROOHQ KLHU LQ GHLQHQ :lOGHUQ PLWGHLQHQ*HUUQ© *RUGRQ EHPHUNWH ZLH 1DUDWK 7H\QV =JH KDUW ZXUGHQª(LQH.URQHYHUOHLKWLKUHP7UlJHUZRKODOOH :HLVKHLW,FKZHUGHPLFKQLFKWPLWGLUVWUHLWHQ© ª'HLQ6SRWWLVWIHKODP3ODW]9HWWHUGDGXEHUHLW ELVWIUGLHVH.URQH]XPRUGHQ© 1DUDWK7H\QVWDUUWHVLHEHUUDVFKWDQ(UOHXJQHWH HV QLFKW DE XQG VLH JDE LKP DXFK NHLQH &KDQFH GD]X 6LH GHXWHWH DXI GLH DQGHUH +lOIWH LKUHU ]Z|OI :DFKHQGLHYRUGHP7RUSRVWLHUWZDUHQ ª,FK P|FKWH GLU UDWHQ &\Q &U\YHU GDUEHU DXI]XNOlUHQ GD LFK ZRKOEHZDFKW ELQ YRQ WUHXHQ 0lQQHUQGLHZHGHUGXUFK'URJHQ%HVWHFKXQJQRFK $QJVW HLQJHVFKFKWHUW ZHUGHQ N|QQHQ 0DQ NDQQ VLHW|WHQDEHULQGLHVHP)DOOPXPDQGDVJOHLFKH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH PLW LKUHQ .DPHUDGHQ XQWHQ WXQ GLH VWlQGLJHQ .RQWDNW PLW PHLQHP 6FKLII DXIUHFKWHUKDOWHQ :LUG GLHVH9HUELQGXQJXQWHUEURFKHQJHKWDXJHQEOLFNOLFK HLQH %RWVFKDIW DQ )RPDOKDXW DE XQG JOHLFK]HLWLJ ZHUGHQPHLQH/HXWHLP6FKLIIDQJUHLIHQ&\Q&U\YHU N|QQWH YLHOOHLFKW YHUVXFKHQ VLH DXI]XKDOWHQ $EHU GDVHLQ]LJHGDVLKUGDUDXVJHZLQQHQN|QQW«© ª.HLQH $QJVW /DG\© VDJWH 1DUDWK PLW VHOWVDP KHLVHUHU6WLPPH ª,FK KDEH NHLQH© YHUVLFKHUWH VLH LKP HLVLJ ª,FK ZQVFKH GLU HLQH JXWH 1DFKW 9HWWHU© 6LH ZDUI GHQ .RSI ]XUFN XQG WUDW LQ LKU $SDUWPHQW 'LH :DFKH VFKOR GLH 7U KLQWHU LKU 1DUDWK 7H\Q VWDUUWHDEZHVHQGDXI*RUGRQXQG.RUNKDQQGDQQ VFKULWW HU GHQ OHHUHQ .RUULGRU ]XUFN .RUNKDQQ QDKP *RUGRQ DP $UP XQG VLH JLQJHQ ZHLWHU ]X LKUHQ 4XDUWLHUHQ *RUGRQ ZROOWH HWZDV VDJHQ DEHU .RUNKDQQ VFKWWHOWH ZDUQHQG GHQ .RSI (U VFKLHQ ]X ODXVFKHQ 6HLQH 6SDQQXQJ EHUWUXJ VLFK DXI *RUGRQ GHU QLFKW SURWHVWLHUWH DOV GHU 0LQLVWHU LKQDQLKUHQ5lXPHQYRUEHLGUlQJWHXQGPLWLPPHU VFKQHOOHUHQ6FKULWWHQDXIGDV(QGHGHV*DQJHV]X ZRHLQH7UHSSHQDFKXQWHQIKUWH ª,P$XJHQEOLFNEHUZDFKWPDQXQVQLFKW,FKPX VRIRUWKLQXQWHU]XP:DJHQXQG+RUYDYHUVWlQGLJHQ ,FKYHUVWHKHLKUH$EVLFKWHQMHW]W6LHKDEHQQLFKWYRU /LDQQD]XW|WHQ©,QVHLQHQJHOEHQ$XJHQVWDQGGDV (QWVHW]HQª6LHSODQHQHWZDV²YLHO6FKOLPPHUHV©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

*RUGRQ ZROOWH ]XUFNODXIHQ ª,FK ZHUGH VLH KLHU KHUDXVKROHQ© ª1HLQ© .RUNKDQQ KLHOW LKQ IHVW ª6LH ZLUG EHUZDFKW ,Q GHQ =LPPHUQ QHEHQ LKUHP EHÀQGHQ VLFK*HUUQ6LHZUGHQVRIRUW$ODUPVFKODJHQ²ZLU NlPHQQLHPDOVDXVGHP*HElXGH© ª$EHUXQVHUH:DFKHQ«© ª+|UHQ6LH*RUGRQ(VLVWHLQH.UDIWKLHUJHJHQGLH XQVHUH:DFKHQQLFKWVDXVULFKWHQN|QQHQ'HUJUDXH )UHPGHGHUPLWGHP*UDIHQNDP«,FKYHUVXFKWHLQ VHLQHQ *HLVW HLQ]XGULQJHQ XQG HUOLWW HLQHQ 6FKRFN GHUPLFKIDVWEHWlXEWH$EHUGLH*HUUQVLQGVWlUNHU (LQLJHYRQLKQHQNDPHQGXUFKHLQZHQLJ]XPLQGHVW ,FKZHLHVGHQQVLHZDUHQVRHUVFKWWHUWGDVLH LKUH$EVFKLUPXQJYHUJDHQ+DEHQ6LHEHPHUNWZLH 6VHUN XQG GLH DQGHUHQ YHUVFKZDQGHQ" 6LH KDEHQ W|GOLFKH $QJVW YRU GLHVHP :HVHQ XQG GLH *HUUQ VLQGZDKUKDIWLJNHLQlQJVWOLFKHV9RON©(UVSUDFKVR DXIJHUHJW GD *RUGRQ LKQ NDXP YHUVWDQG ª6VHUN EOLFNWH /LDQQD DQ (U VDK VLH DOV OHHUH 3XSSH PLW ]HUVW|UWHP*HLVWXQGYHUQLFKWHWHU3HUV|QOLFKNHLW(U

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ZDUYRQ*UDXHQHUIOOWXQGZQVFKWHVLHZlUHQLFKW KLHUKHUJHNRPPHQ© (LQH HLVLJH +DQG XPNODPPHUWH *RUGRQV +HU] ª6LHJODXEHQGLHVHV'LQJKDWGLH.UDIW«© ª(V LVW GDV 6FKOLPPVWH GDV LFK MH JHIKOW KDEH ,FKZHLQLFKWZDVGLHVHV:HVHQLVWRGHUZRKHUHV NRPPWDEHUVHLQ*HLVWLVWW|GOLFKHUDOVDOOHXQVHUH :DIIHQ© (U HLOWH GLH 6WXIHQ KLQXQWHU JHIROJW YRQ *RUGRQª,KU3ODQLVWQRFKLPPHUYRQ*HKHLPKDOWXQJ DEKlQJLJ :HQQ +DUQ +RUYD GDYRQ HUIlKUW XQG )RPDOKDXW YHUVWlQGLJW ZHUGHQ VLH HV QLFKW ZDJHQ LKQDXV]XIKUHQ© (VJOFNWHLKQHQXQEHPHUNWLQV)UHLH]XJHODQJHQ XQG VLH UDQQWHQ GHQ +JHO KLQDE 'DV )DKU]HXJ EHIDQGVLFKDPJOHLFKHQ3ODW]ZLH]XYRU'LHVHFKV :DFKHQ VWDQGHQ XP GHQ :DJHQ XQG )DKUHU XQG )XQNHUZDUHQLP,QQHUQGHXWOLFKVLFKWEDU *RUGRQVWU]WHGDUDXI]XDEHU.RUNKDQQKLHOWLKQ DPbUPHO]XUFNª=XVSlWVLHVLQGEHUHLWV«© ,Q GLHVHP $XJHQEOLFN YHUPHLQWH *RUGRQ HLQHQ JUDXHQ 6FKDWWHQ ]X VHKHQ GHU DQ HLQHU *UXSSH *HUUQ YRUEHLJOLWW ,P ,QQHUQ GHV )DKU]HXJV EHXJWH GHU)XQNHUVLFKJHUDGHEHUGDV0LNURSKRQ ª:DVZROOHQ6LHGHQQ©EUXPPWH*RUGRQª6LHVLQG LQ2UGQXQJ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (U UL VLFK ORV XQG UDQQWH DXI GHQ :DJHQ ]X (U KDWWH YLHOOHLFKW IQI 6FKULWWH ]XUFNJHOHJW DOV HLQH GHU :DFKHQ LKQ EHPHUNWH XQG GLH :DIIH DXI LKQ DQOHJWH *RUGRQ VDK LKU *HVLFKW JDQ] GHXWOLFK XQG DXFK GLH GHU DQGHUHQ GLH VLFK LKP QXQ DOOH ]XZDQGWHQ +DVWLJ VSUDQJ HU LQ GHQ 6FKXW] GHU +DXVHFNH]XUFN'LH:DFKHQVHQNWHQLKUH:DIIHQ XQGVWDUUWHQPLWOHHUHQ$XJHQYRUVLFKKLQ ª'DV QlFKVWH 0DO K|UHQ 6LH EHVVHU DXI PLFK© ]LVFKWH.RUNKDQQ ª$EHUGHU)XQNHU«© ª'LH9HUELQGXQJZLUGQDFKZLHYRUDXIUHFKWHUKDOWHQ *ODXEHQ 6LH GHU *UDXH NDQQ PLW HLQHU VR VLPSOHQ 6DFKHQLFKWIHUWLJZHUGHQ"© 6LH ]RJHQ VLFK LP 6FKDWWHQ GHU +DXVZDQG ]XUFN .RUNKDQQ EDOOWH ZWHQG GLH .UDOOHQKlQGH ª(V EHVWHKW MHW]W NHLQH 0|JOLFKNHLW PHKU +RUYD ]X YHUVWlQGLJHQ $EHU ZLU PVVHQ UDVFK HWZDV XQWHUQHKPHQ«© *RUGRQ EOLFNWH ]X GHQ KRKHQ )HQVWHUQ KLQDXI KLQWHUGHQHQ/LDQQDVLFKDXIKLHOWXQGZRGHU*UDXH YLHOOHLFKWEHUHLWVHPSRUJOLWWXP]X]XVFKODJHQXQG ZRGLH*HUUQYHUVWHFNWGDV2SIHUEHUZDFKWHQ 'LH*HUUQ 3O|W]OLFKZDQGWHVLFK*RUGRQXPXQGUDVWHEHU GLH ZHLWHQ :LHVHQ ]XP )OX KLQDE ZR GLH UXQGHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'lFKHU GHU *HUUQVLHGOXQJ VFKLPPHUWHQ .RUNKDQQ OLHI QHEHQ LKP XQG GLHVPDO ZDU *RUGRQ GDQNEDU GDHV7HOHSDWKLHJDEVREUDXFKWHHUNHLQHZHUWYROOH =HLWPLW(UNOlUXQJHQ]XYHUJHXGHQ (U VWU]WH LQ GLH 6LHGOXQJ XQG VWDQG VWLOO *OKHQGH.DW]HQDXJHQULFKWHWHQVLFKDXILKQ(LQHQ NXU]HQ0RPHQWZXQGHUWHHUVLFKGDHUNHLQH$QJVW HPSIDQGDEHUGDIUZDUMHW]WDXFKNHLQH=HLWª0HLQ *HLVWLVWRIIHQ©ZDQGWHHUVLFKDQGLH*HUUQªRELKU PHLQH:RUWHYHUVWHKWRGHUQLFKW,FKVXFKH6VHUN© (LQH VFKZDU]H *HVWDOW O|VWH VLFK DXV GHU 0HQJH GLHVLHLQ]ZLVFKHQXPULQJWKDWWH(LQHUDXKH6WLPPH VDJWH ª,FK YHUVWHKH HXUH *HGDQNHQ DEHU LFK NDQQ HXFKQLFKWKHOIHQ*HKW]XUFN© ª1HLQ© ZHLJHUWH *RUGRQ VLFK ª8P GHLQHU )UHXQGVFKDIW ]X 1DUDWK 7H\Q ZLOOHQ ZLUVW GX XQV KHOIHQ'XPXWHVWXQ1LFKWIUXQVXQGQLFKWIU GLH3ULQ]HVVLQ/LDQQDVRQGHUQXPVHLQHWZLOOHQ'X KDVWGHQ*HLVWGHVJUDXHQ)UHPGHQEHUKUW«© .RUNKDQQ ZDUI HLQ ª&\Q &U\YHU XQG GHU *UDXH ²ZHUIKUWZLUNOLFKXQGZHUIROJW"© ª'HU*UDXHIKUW©HUZLGHUWH6VHUNXQZLOOLJª8QG GHU*UDIIROJWQXUZHLHUHVQRFKQLFKW© ª8QGZHQQ1DUDWK7H\QHUVW.|QLJYRQ)RPDOKDXW LVWZHUZLUGGDQQZDKUKDIWLJUHJLHUHQ"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU *HUUQ VFKWWHOWH GHQ .RSI ª,FK NDQQ HXFK QLFKWKHOIHQ© ª6VHUN© VDJWH *RUGRQ EHVFKZ|UHQG ª:LH ODQJH JODXEVWGXZHUGHQGHU*UDXHXQG&\Q&U\YHUXQG ZHU LPPHU KLQWHU LKQHQ VWHKW 1DUDWK IUHLH +DQG ODVVHQ"(UZLOO0DFKWIUHXFKGLH1LFKWPHQVFKHQ $EHUZDVZROOHQVLH"© ª6R WLHI NRQQWH LFK QLFKW HLQGULQJHQ© HUZLGHUWH 6VHUNOHLVHª$EHUIUXQVVLQGVLHQLFKW© ª$XFK QLFKW IU 1DUDWK 7H\Q 6LH EUDXFKHQ LKQ MHW]W QXU ZHLO HU GHU UHFKWPlLJH (UEIROJHU LVW VREDOG GLH 3ULQ]HVVLQ DXVJHVFKDOWHW LVW ² DEHU GX ZHLW ZDV VFKOLHOLFK PLW LKP JHVFKHKHQ ZLUG 'X ZHLWHV6VHUN©(UIKOWHZLHGHU*HUUQVFKZDQNWH XQG IXKU IRUW ª:HQQ HU GLU HWZDV EHGHXWHW GDQQ UHWWHLKQ©8QGOHLVHUIJWHHUKLQ]Xª'XZHLWGD HUQLFKWJDQ]QRUPDOLVW© ª$EHU HU OLHEW XQV© VDJWH 6VHUN KHIWLJ 6HLQH 3UDQNH ]XFNWH KRFK DOV ZROOH HU *RUGRQ VFKODJHQ ª(UJHK|UW]XXQV© ª'DQQKDOWHLKQKLHU6RQVWLVWHUYHUORUHQ© 6VHUNVFKZLHJ'HU:LQGUDXVFKWHLQGHQ%lXPHQ 'LH *HUUQ ZDUHQ XQVLFKHU XQG YHUVW|UW *RUGRQ ZDUWHWH:HQQVLHLKUH+LOIHYHUZHLJHUWHQZUGHHU VLFK HLQH :DIIH VXFKHQ XQG VHLQ P|JOLFKVWHV WXQ GHQ)UHPGHQ]XW|WHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª'X ZUGHVW QLFKW ODQJH JHQXJ OHEHQ XP DXFK QXU LQ VHLQH 1lKH ]X NRPPHQ© EUXPPWH 6VHUN ª$OVRJXW8P1DUDWK7H\QVZLOOHQZHUGHQZLUHXFK KHOIHQ© *RUGRQV .QLH GURKWHQ QDFK]XJHEHQ ª'DQQ DEHU VFKQHOO©ULHIHUª:LUPVVHQVLHKHUDXVKROHQHKH« © 6VHUN VWHOOWH VLFK LKP LQ GHQ :HJ ª'X QLFKW© NQXUUWHHUª,KUEOHLEWKLHUZRZLUHXHUH*HGDQNHQ DEVFKLUPHQ N|QQHQ ZLH ZLU HV JHWDQ KDEHQ VHLW LKU NDPW© *RUGRQ ZROOWH SURWHVWLHUHQ DEHU GHU *HUUQ VFKWWHOWH LKQ ª8QVHUH /HXWH EHZDFKHQ VLH :LU EULQJHQ VLH YLHOOHLFKW KHUDXV IU GLFK ZlUH HV XQP|JOLFK:HQQGX]XUFNJHKVWZLUVWGXXQVQXU YHUUDWHQXQGDOOHVLVWYHUORUHQ© ª(U KDW UHFKW© VWLPPWH .RUNKDQQ EHL ª6HLHQ 6LH YHUQQIWLJ© 9LHUYRQLKQHQPDFKWHQVLFKDXIGHQ:HJ6VHUN YRUDXV'LH=HLWVFKLHQVWLOO]XVWHKHQ3O|W]OLFKZDUHQ 6FKUHLH XQG 6FKVVH ]X K|UHQ :HQLJH 0LQXWHQ VSlWHUVWUPWH6VHUNGXUFKGLH%lXPHYRULKQHQ(U KLHOWHLQHVLFKKHIWLJZHKUHQGH*HVWDOWLQGHQ$UPHQ ,KP IROJWHQ VHLQH GUHL %HJOHLWHU (LQHU VFKZDQNWH XQGÀHO]X%RGHQ ª+LHU© EUXPPWH 6VHUN XQG VFKRE /LDQQD LQ *RUGRQV $UPH ª6LH ZHL QLFKW ZDV JHVSLHOW ZLUG (UNOlUHVLKUVFKQHOO©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LHVFKOXJPLWGHQ)lXVWHQDXILKQHLQª'XDOVR VWHFNVWKLQWHUDOOHP-RKQ*RUGRQ6LHNDPHQGXUFK HLQH*HKHLPWUXQG]HUUWHQPLFKDXVGHP%HWW:LH NDQQVWGXHVZDJHQ«© (U YHUVHW]WH LKU HLQH 2KUIHLJH ª'X NDQQVW PLFK VSlWHU GDIU HUVFKLHHQ ODVVHQ ZHQQ GX ZLOOVW DEHULP$XJHQEOLFNWXVWGXZDVLFKGLUVDJH'HLQ 9HUVWDQGKlQJWGDYRQDEGHLQHJHLVWLJH*HVXQG«© 'DQQ WUDI HV LKQ PLW YROOHU :XFKW ² HLQ +DPPHUVFKODJ GHU VHLQHQ 9HUVWDQG EHWlXEWH XQG DQGHQ5DQGHLQHVGXQNOHQ$EJUXQGVUL/LDQQDV YHU]HUUWHV *HVLFKW YHUVFKZDPP YRU VHLQHQ $XJHQ .RUNKDQQ VWLH HLQHQ ZUJHQGHQ 6FKUHL DXV XQG HLQWLHIHV6W|KQHQGUDQJDXVGHQ5HLKHQGHU*HUUQ *RUGRQKDWWHHLQHQYDJHQ(LQGUXFNYRQ.UlIWHQGLH EHU VHLQ %HJULIIVYHUP|JHQ JLQJHQ XQG GLH HLQHQ HQWVHW]OLFKHQ .DPSI DXVIRFKWHQ 'DQQ O|VWH VLFK GLH 'XQNHOKHLW HLQ ZHQLJ XP LKQ XQG HU YHUQDKP 6VHUNV5XIª6FKQHOONRPPW«© *HUUQKlQGH KREHQ LKQ DXI HLQHQ 5FNHQ 6VHUN KDWWH/LDQQDDXIVHLQHQJHVHW]W'LHJDQ]H6LHGOXQJ VFKLHQLQ3DQLN]XVHLQ6VHUNYHUVFKZDQG]ZLVFKHQ GHQ%lXPHQ0HKUHUHGHU*HUUQIROJWHQLKP(UVDK .RUNKDQQ GLFKW QHEHQ VLFK (U KLHOW VLFK JHQDXVR YHU]ZHLIHOW DP 2EHUN|USHU HLQHV *HUUQ IHVW ZLH HU VHOEVW 3O|W]OLFKNDPGHU+DPPHUVFKODJHUQHXW'LHVPDO VFKLHQ HV *RUGRQ QLFKW VR VFKOLPP DEHU HU VDK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ZLH /LDQQD HUVFKODIIWH XQG IDVW YRQ 6VHUNV 5FNHQ ÀHO 'LH .UDIW ZDU RIIHQEDU GLUHNW DXI VLH JHULFKWHW JHZHVHQ 'LH DQGHUHQ *HUUQ VWW]WHQ VLH XQG GLH ZLOGH -DJG JLQJ ZHLWHU *OFNOLFKHUZHLVH OLH HV VFKQHOOHUQDFKDOVEHLPHUVWHQPDO ª'HP +LPPHO VHL 'DQN© NUlFK]WH .RUNKDQQ ª'DV'LQJKDWVHLQH*UHQ]HQ'LH.UDIWZLUGPLWGHU (QWIHUQXQJVFKZlFKHU© 3O|W]OLFK ZDU LQ GHU )HUQH HLQ QHXHV *HUlXVFK K|UEDU HLQ VLQJHQGHV 3IHLIHQ ª8QVHU :DJHQ© ULHI .RUNKDQQª'HU*UDXHIROJWXQV© 'LH *HUUQ UDVWHQ PLW GRSSHOWHU $QVWUHQJXQJ ZHLWHU 6LH YHUVXFKWHQ JU|HUHQ $EVWDQG YRQ GHU 6WUDH ]X JHZLQQHQ $EHU GDV 3IHLIHQ KLQWHU LKQHQ OLH VLFK QLFKW DEVFKWWHOQ 8QG *RUGRQ ZXWH RKQH7HOHSDWK]XVHLQGDGLH*HUUQ$QJVWKDWWHQ 1DFKHLQHPOHW]WHQ+JHOKDWWHQVLHGHQ:DOGUDQG HUUHLFKW 'LH EHLGHQ 6FKLIIH ² GDV PLW GHP =HLFKHQ GHU :HLHQ 6RQQH XQG GDV DQGHUH PLW GHP GHU 6WUHLWD[W ODJHQ YRU LKQHQ ,KUH 6FKOHXVHQ ZDUHQ JH|IIQHW XQG HUOHXFKWHW *RUGRQ UXWVFKWH YRP 5FNHQVHLQHV*HUUQXQGÀQJ/LDQQDDXI ª'HU *UDXH LVW QDK© VWHOOWH 6VHUN IHVW XQG VHLQH )ODQNHQ]LWWHUWHQ 'LH/XIWGVHQVFKZLHJHQ'DV)DKU]HXJPXWHLQ GHU 1lKH GHV 5DXPKDIHQV DQJHKDOWHQ KDEHQ ª:LU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GDQNHQ HXFK© VDJWH *RUGRQ ]X GHQ *HUUQ ª'LH 3ULQ]HVVLQZLUGHVHXFKQLFKWYHUJHVVHQ© (UOHJWHGLH$UPHXP/LDQQDXQGEHJDQQPLWLKU ]XODXIHQ+LQWHUVLFKK|UWHHU.RUNKDQQV$XIVFKUHL ª9HUODWXQVMHW]WQLFKWRGHULKUKDEWXQVXPVRQVW JHKROIHQ ,FK NDQQ VLH QLFKW DOOHLQ EHVFKW]HQ«© 'DQQ YHUQDKP HU VHLQH KDVWHQGHQ 6FKULWWH KLQWHU VLFK (LQHQ $XJHQEOLFN JODXEWH HU GHU *UDXH KDEH DXIJHJHEHQ 'RFK GDQQ NDP GLH 'XQNHOKHLW PLW HLQHP ODXWORVHQ 'RQQHUVFKODJ EHU LKQ XQG ZDUI LKQ]X%RGHQ /LDQQD HQWJOLWW LKP 5HLQ LQVWLQNWLY JULII HU QDFK LKU XQG K|UWH LKU :LPPHUQ (U NlPSIWH VLFK EOLQG XQGWDXPHOQGGXUFKHLQHHQGORVH6FKZlU]HDXIGHQ HLQH(ZLJNHLWHQWIHUQWHQ/LFKWSXQNW]X 'D ZDUHQ +lQGH XQG 6WLPPHQ 'HU /LFKWSXQNW ZXFKV *RUGRQ VDK *HVLFKWHU 8QLIRUPHQ XQG /LDQQD ZXUGH YRQ +RUYD JHVWW]W XQG HU IKOWH ZLHHUKRFKJHKREHQZXUGH,QGHU)HUQHHUNODQJHLQ SIHLIHQGHV *HUlXVFK GDV LUJHQGZLH ZWHQG NODQJ =ZHL0lQQHUWUXJHQ.RUNKDQQDQLKPYRUEHU 6SlWHU DOV *RUGRQ ZLHGHU JDQ] EHL %HZXWVHLQ ZDU VD HU PLW /LDQQD LP $XIHQWKDOWVUDXP GHV OlQJVW JHVWDUWHWHQ 6WHUQHQVFKLIIV $XFK .RUNKDQQ ZDU ZLHGHU ]X VLFK JHNRPPHQ ,Q VHLQHQ $XJHQ VSLHJHOWH VLFK LPPHU QRFK GDV (QWVHW]HQ DEHU HU VDJWH PLW ZLOGHP 6WRO] ª(LQHQ $XJHQEOLFN ² HLQHQ $XJHQEOLFNWDWLFKHVJDQ]DOOHLQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª.RUNKDQQ© IUDJWH *RUGRQ ªZHU RGHU ZDV LVW GLHVHU*UDXH"© ª,FKJODXEH©PXUPHOWH.RUNKDQQªHULVWQLFKWDXV XQVHUHP8QLYHUVXP,FKIUFKWHIDVWHLQDOWHU)HLQG LVWHUZDFKW,FK«©$EHUHUIKUWHGHQ6DW]QLFKW]X (QGH6FKOLHOLFKVDJWHHUQXUQRFKª:HQQ1DUDWK 7H\Q 9HUEQGHWH ZLH LKQ KDW LVW HU EHGHXWHQG JHIlKUOLFKHUDOVZLUYHUPXWHWHQ+RKHLW© /LDQQDQLFNWHª'DVVHKHLFKMHW]WDXFK6REDOGZLU )RPDOKDXWHUUHLFKWKDEHQZHUGHQZLUGHQ.ULHJVUDW HLQEHUXIHQ8QGLFKJODXEHDXFKGDHVYRQPHLQHU (QWVFKHLGXQJ DEKlQJHQ ZLUG RE PHLQ 5HLFK IlOOW RGHUZHLWHUEHVWHKW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

*RUGRQIKOWHVLFKYHUORUHQXQGXQEHGHXWHQGDOV HUDXIGLH3UXQNVWUDHGHU.|QLJHKLQDXVEOLFNWHDQ GHUHQ EHLGHQ 6HLWHQ VLFK GLH 6WDWXHQ YRQ PHKU DOV KXQGHUW+HUUVFKHUQ²HOI'\QDVWLHQ²YRQ)RPDOKDXW UHLKWHQ:DVZROOWHHUKLHUHLJHQWOLFK":HVKDOEKDWWH HUVHLQHHLJHQH:HOWYHUODVVHQXQGGDV5LVLNRGLHVHV 6SUXQJVGXUFKGLH=HLWDXIVLFKJHQRPPHQ"(UKDWWH VLFKHLQJHELOGHWHVZlUHIUGDV0lGFKHQJHZHVHQ GDV HU OLHEWH VHLW HU LKU LQ GHU *HVWDOW =DUWK $UQV ]XPHUVWHQPDOEHJHJQHWZDU$EHUMHW]WZDUHUHLQ )UHPGHUIUVLH6LHVFKLHQLKPXQHUUHLFKEDU (U HUVFKUDN ]XWLHIVW DOV HU GLH OHLFKW ]LVFKHOQGH 6WLPPH KLQWHU VLFK K|UWH (LQH 6WLPPH GLH VR IUHPGDUWLJZDUZLHDOOHVXPLKQ ª(V LVW HLJHQDUWLJ -RKQ *RUGRQ GD 6LH LP $XJHQEOLFN GHU JU|WHQ *HIDKU NHLQH $QJVW HPSIDQGHQ XQG MHW]W DP OLHEVWHQLQHLQ0DXVHORFK NULHFKHQP|FKWHQ© *RUGRQ ZDQGWH VLFK ZWHQG XP ª,FK KDEH 6LH EHUHLWVHLQPDOJHEHWHQ.RUNKDQQQLFKWLQPHLQHQ *HGDQNHQ]XVFKQIIHOQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª6LH ZLVVHQ QLFKW YLHO EHU WHOHSDWKLVFKH .UlIWH© HUZLGHUWH.RUNKDQQRKQHVLFKEHOHLGLJW]XIKOHQ ª,FKKDEH,KUHJHLVWLJH3ULYDWVSKlUHQLFKWYHUOHW]W $EHU LFK NDQQ QLFKW XPKLQ ,KUH *HIKOH ]X HPSIDQJHQ© 1DFK HLQHP $XJHQEOLFN IJWH HU KLQ]X ª,FK VROO 6LH ]XU 5DWVYHUVDPPOXQJ EULQJHQ ²3ULQ]HVVLQ/LDQQDKDWPLFKJHVFKLFNW© *RUGRQV*UROOÁDPPWHHUQHXWDXIª:HOFKHQ6LQQ KDWGHU5DWRGHU/LDQQDIUPLFK":DVZLOOVLHYRQ PLU" ,FK YHUVWHKH YRQ HXUHQ $QJHOHJHQKHLWHQ KLHU QLFKWV)UHXFKELQLFKMDGRFKQXUHLQ%DUEDU© ª,Q JHZLVVHU :HLVH MD $EHU 6LH VROOWHQ GDUDQ GHQNHQ GD /LDQQD QLFKW QXU HLQH )UDX VRQGHUQ DXFK +HUUVFKHULQ LVW (XUH %H]LHKXQJHQ VLQG IU VLHQLFKWZHQLJHUVFKZLHULJDOVIU6LH© ª9HUGDPPW© EUXPPWH *RUGRQ ª-HW]W EHNRPPH LFKDXFKQRFKJXWH5DWVFKOlJHIUPHLQ/LHEHVOHEHQ YRQHLQHP²HLQHP«© ª=X JUR JHUDWHQHQ 0DUDEX© ÀQJ .RUNKDQQ GHQ *HGDQNHQ DXI GHQ *RUGRQ QLFKW ]X (QGH JHVSURFKHQKDWWHª,FKQHKPHDQGDVLVWHLQ:HVHQ DXV ,KUHU :HOW $EHU 6LH VROOWHQ WURW]GHP DQ PHLQH :RUWHGHQNHQ© *RUGRQVHXI]WHª(VWXWPLUOHLG©XQGHUPHLQWHHV DXIULFKWLJª,FKNRPPHPLW,KQHQ© 6LHWUDWHQLQHLQHQYHUKlOWQLVPlLJNOHLQHQKRO] JHWlIHOWHQ 5DXP 9LHU *HVLFKWHU EOLFNWHQ *RUGRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HQWJHJHQ HLQ ZHQLJ JHUHL]W HLQ ZHQLJ DEZHLVHQG .RUNKDQQ ZDUGHUHLQ]LJH1LFKWPHQVFKGHV5DWHV /LDQQDGLHGHQ9RUVLW]IKUWHVWHOOWHGLHYLHUYRU ª,VW GDV QRWZHQGLJ"© IUDJWH GHU MQJVWH GHU *UXSSHHLQ0DQQPLWWOHUHQ$OWHUV(UIJWHKLQ]X ª:LUKDEHQYRQ,KUHU9HUELQGXQJPLWGLHVHP0DQQ YRQGHU(UGHJHK|UW+RKHLWDEHULFKYHUVWHKHQLFKW ZDV«© ª,FK YHUVWHKH HV JHQDXVRZHQLJ© VDJWH *RUGRQ EHWRQW IUHXQGOLFK ª$EHU PDQ KDW PLFK KLHUKHUEHIRKOHQ«© ª(VLVWQRWZHQGLJ$EUR©ZDUI/LDQQDKDVWLJHLQ ª1LPP3ODW]-RKQ*RUGRQ©(UOLHVLFKDPDQGHUHQ (QGH GHV 7LVFKHV QLHGHU (UQHXW ZDOOWH bUJHU LQ LKP DXI ELV .RUNKDQQ ÁVWHUWH ª0VVHQ 6LH GHQQVRYHUGDPPWVWUHLWVFKWLJVHLQ"©'DGDVHLQ 9RJHOZHVHQ PLW ZHLVHQ JHOEHQ $XJHQ ]X LKP VDJWH ]ZDQJ LKP HLQ NXU]HV /lFKHOQ DXI (U HQWVSDQQWH VLFKHLQZHQLJ $EUR EHJDQQ ]X VSUHFKHQ (U LJQRULHUWH *RUGRQ DXI JHUDGH]X EHOHLGLJHQGH :HLVH ª(V VLHKW VR DXV 'HU $QVFKODJ GHQ 1DUDWK 7H\Q JHJHQ 6LH +RKHLW YHUEWKDWEHZHLVWGDHUJHIlKUOLFKHULVWDOVZLU YHUPXWHWHQ ,FK HPSIHKOH VRIRUW ]X]XVFKODJHQ 6FKLFNHQ 6LH HLQH 6FKZDGURQ 6FKZHUHU .UHX]HU QDFK7H\QXQGHUWHLOHQ6LHLKPXQGVHLQHQ*HUUQ HLQH/HNWLRQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ,QQHUOLFK VWLPPWH *RUGRQ LKP ]X -HPDQG GHU VLFK HLQHQ 9HUEQGHWHQ ]XOHJWH ZLH GLHVHQ *UDXHQJHK|UWHYHUQLFKWHW$EHU/LDQQDVFKWWHOWH EHGlFKWLJ GHQ .RSI ª0HLQ 9HWWHU 1DUDWK LVW QLFKW GLH ZLUNOLFKH *HIDKU (U KDW HV VFKRQ ODQJH DXI PHLQHQ 7KURQ DEJHVHKHQ $EHU DOOHLQ PLW VHLQHQ EDUEDULVFKHQ 1LFKWPHQVFKHQ YHUPRFKWH HU QLFKWV DXV]XULFKWHQ'RFKMHW]W²MHW]WZLUGHUYRQDQGHUHQ EHQXW]W XQG YRUJHVFKREHQ EHLVSLHOVZHLVH YRQ &\Q &U\YHUHLQHP*UDIHQGHUgGH© ª'DQQVFKLFNWDXFKLQGLHgGH=HUVW|UHU©VFKOXJ $EURYRU *RUGRQEHJDQQGLHVHUUDXKHRIIHQH%XUVFKHGHU LKQ VR IHLQGVHOLJ HPSIDQJHQ KDWWH V\PSDWKLVFK ]X ZHUGHQ .RUNKDQQ PHOGHWH VLFK ]X :RUW ª)UHPGDUWLJH 0lFKWHVWHKHQKLQWHUGHP*UDIHQXQG1DUDWK7H\Q :LUEHNDPHQVLHDXI7H\Q]XVSUHQXQGVLHKlWWHQ XQV YHUQLFKWHW ZHQQ GLH *HUUQ XQV QLFKW JHKROIHQ KlWWHQ:HURGHUZDVHVZDUGHUXQVLQGHU*HVWDOW GLHVHVY|OOLJ9HUPXPPWHQDQJULIINRQQWHLFKQLFKW IHVWVWHOOHQ²DEHUVLHVLQGGLHZDKUHQ)KUHU$XFK &\Q&U\YHUGLHQWQXUDOV'HFNPDQWHOIUVLHXQGLVW :DFKVLQLKUHQ+lQGHQ© ª*HKW PLW *HZDOW JHJHQ GHQ *UDIHQ YRU XQG ZLU ZHUGHQ KHUDXVÀQGHQ ZHU RGHU ZDV KLQWHU LKP XQG 1DUDWK 7H\Q VWHKW© ZDUI HLQHV GHU EULJHQ 5DWVPLWJOLHGHUHLQª$EURKDWUHFKW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª,FKIUFKWHLKUYHUJHWGDGLH*UDIHQGHUgGH 9HUEQGHWHGHV,PSHULXPVVLQG© ª$XFKZLUVLQG9HUEQGHWHGHV,PSHULXPVEHVVHUH XQGYHUOlOLFKHUH©EUXPPWH$EUR /LDQQDQLFNWHª,FKSÁLFKWHHXFKEHL$EHUWURW]GHP N|QQHQ ZLU QLFKW JHJHQ GLH *UDIHQ YRUJHKHQ RKQH GLH 6DFKH ]XHUVW PLW 7KURRQ ]X EHVSUHFKHQ© 6LH EHUOHJWH NXU] ª,FK ZHUGH .RUNKDQQ VHQGHQ 8QG -RKQ*RUGRQZLUGLKQEHJOHLWHQ© *RUGRQV+HU]VFKOXJVFKQHOOHU(UZUGH7KURRQ ZLHGHUVHKHQ $EURZROOWHYHUlUJHUWZLGHUVSUHFKHQDEHU+DVWXV 1RU GHU bOWHVWH GHV 5DWHV NDP LKP ]XYRU ª,KUH *QVWOLQJH JHKHQ XQV QLFKWV DQ +RKHLW VRODQJH VLHVLFKQLFKWLQ6WDDWVDQJHOHJHQKHLWHQPLVFKHQ,Q GLHVHP )DOO DEHU KDQGHOW HV VLFK XP HLQH ,FK ELQ GDJHJHQGDHUJHVFKLFNWZLUG© /LDQQD VSUDQJ DXI ,KUH $XJHQ IXQNHOWHQ 'RFK HKHVLHVSUHFKHQNRQQWHHUKREVLFK.RUNKDQQXQG VDJWHUDVFKª0LW,KUHU(UODXEQLV+RKHLWZUGHLFK JHUQHLQSDDU:RUWHGD]XVDJHQ©$OVVLHQLFNWHOLH HU VHLQHQ %OLFN EHU GLH YLHU IHLQGVHOLJHQ *HVLFKWHU ZDQGHUQª6LHDOOHZLVVHQGDLFKLP%HVLW]JHZLVVHU .UlIWH ELQ XQG PHLQH 5DWVFKOlJH PHLVW ULFKWLJ ZDUHQ© ª.RPPHQ 6LH ]XU 6DFKH .RUNKDQQ© NQXUUWH +DVWXV1RU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª1XQ JXW© IXKU .RUNKDQQ IRUW ª1LHPDQG ² LFK ZLHGHUKROH²QLHPDQGLQGHUJDQ]HQ*DOD[LVZUGH LP 5DW GHV ,PSHULXPV VRYLHO (LQÁX KDEHQ ZLH GLHVHU0DQQYRQGHU(UGH© *RUGRQ EOLFNWH LKQ HUVWDXQW DQ ª6LH KDEHQ DOVR GRFKPHLQH*HGDQNHQJHOHVHQ"©PXUPHOWHHUª2GHU KDWVLH,KQHQHU]lKOW«© .RUNKDQQ LJQRULHUWH LKQ XQG EHREDFKWHWH GLH 0lQQHU ,KUH )HLQGVHOLJNHLW ZDQGHOWH VLFK LQ 9HUZLUUXQJ ª,FKYHUVWHKHQLFKW©ULHI$EURª:HVKDOE"© .RUNKDQQ PDFKWH HLQH VHOWVDPH ]XFNHQGH %HZHJXQJ XQG VHLQH )HGHUQ UDVFKHOWHQ ª,FK KDEH 6LH YRQ HLQHU 7DWVDFKH LQ .HQQWQLV JHVHW]W (LQH (UNOlUXQJJHEHLFKQLFKWDE© 6LH VWDUUWHQ *RUGRQ VWLUQUXQ]HOQG XQG QHXJLHULJ DQ ELV HU IDVW GHU 9HUVXFKXQJ XQWHUODJ LKQHQ ]X]XEUOOHQ:HLOLFKHLQH=HLWODQJHXHU.DLVHUZDU $EHU HU EHKHUUVFKWH VLFK 6FKOLHOLFK EUXPPWH +DVWXV 1RU ª:HQQ .RUNKDQQ HV VDJW PX HV VWLPPHQ REZRKO«© (U EUDFK DE XQG IXKU GDQQ HQWVFKLHGHQIRUWª$OVRVROOHU.RUNKDQQEHJOHLWHQ© ª9LHOHQ 'DQN© HUZLGHUWH *RUGRQ VDUNDVWLVFK ª$EHU KDW PLFK MHPDQG JHIUDJW RE LFK EHUKDXSW ZLOO"© (U ZDU ZWHQG GDUEHU GD PDQ LKQ ZLH HLQH 6FKDFKÀJXU KHUXPVFKRE XQG LKQ EHKDQGHOWH DOVVHLHUJDUQLFKWDQZHVHQG(UZROOWHLKQHQVHLQH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 0HLQXQJ VDJHQ GRFK GD KRE /LDQQD UDVFK GLH 6LW]XQJDXI 2KQH ZHLWHUHQ .RPPHQWDU YHUOLHHQ GLH 5DWVPLWJOLHGHU GHQ 5DXP /LDQQD VWHOOWH VLFK YRU *RUGRQ ª:HVKDOE KDVW GX GDV JHVDJW"© IUDJWH VLH ª'XZLOOVWGRFKQDFK7KURRQ© ª:DUXPVROOWHLFK"© ª0DFKPLUQLFKWVYRU,FKKDEHHVGHLQHP*HVLFKW DQJHVHKHQ DOV LFK YRUVFKOXJ GD GX .RUNKDQQ EHJOHLWHVW© 6LH EOLFNWH LKQ DQ XQG HU VDK GHQ 6FKPHU] XQG GHQ =ZHLIHO LQ LKUHQ $XJHQ ª(LQH :HLOH QDFKGHP ZLU DXI 7H\Q VR NQDSS GHP 7RG HQWJDQJHQZDUHQ©VDJWHVLHªGDFKWHLFKZLUZlUHQ XQV ZLHGHU QlKHUJHNRPPHQ ,FK KDWWH JHKRIIW HV ZUGHZLHIUKHUVHLQ$EHULFKKDEHPLFKJHWlXVFKW 'XPDFKVWGLUMDNDXPHWZDVDXVPLU© ª'DVLVWHLQIHLQHU9RUZXUI©VDJWH*RUGRQYHUlUJHUW ªIUHLQHQ0DQQGHUVHLQ/HEHQULVNLHUWKDWXP]X GLUKLHUKHU]XUFN]XNRPPHQ,FKZHLQXUGDGX PLFKEHKDQGHOVWZLH«© 6LHOLHLKQQLFKWDXVVSUHFKHQª%LVWGXGDV5LVLNR ZLUNOLFKHLQJHJDQJHQXP]XPLU]XNRPPHQ-RKQ *RUGRQ" *DOW GHLQH 6HKQVXFKW PLU RGHU ZDUHQ HV GLH$EHQWHXHUGLH6WHUQHQVFKLIIHXQGDOOGDVZDV XQVHUH=HLWKDWXQGGHLQHQLFKWGDVGLFKORFNWH"© (VZDUJHQJHQG:DKUKHLWLQLKUHU%HVFKXOGLJXQJ XP *RUGRQ YHUOHJHQ ]X PDFKHQ 8QG /LDQQD

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH EHPHUNWH HV 6LH OlFKHOWH ELWWHU ª'DV GDFKWH LFK© ÁVWHUWHVLHXQGZDQGWHVLFKDEª)DKUVFKRQQDFK 7KURRQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'HQ JU|WHQ 7HLO GHV )OXJHV ]XP .DQRSXV YHUEUDFKWH *RUGRQ LP .RQWUROOUDXP GHV VFKQHOOHQ $XINOlUHUV XQG EHREDFKWHWH GLH ZHFKVHOQGHQ 6WHUQHQJUXSSHQ 1DFK GHQ IDUEORVHQ -DKUHQ DXI GHU ZLQ]LJHQ (UGH NRQQWH HU QLFKW JHQXJ GDYRQ EHNRPPHQ 6LH ZDUHQ QXQ LQ MHQHP *HELHW GHV $OOV ZR GDPDOV GLH 5DXPÁRWWHQ GHV ,PSHULXPV XQGVHLQHU9HUEQGHWHQGLHHQWVFKHLGHQGH6FKODFKW JHJHQGLH/LJDGHU'XQNHOZHOWHQJHVFKODJHQKDWWHQ 'LH 9HUJDQJHQKHLW ZXUGH ZLHGHU OHEHQGLJ LQ LKP :HLW LP 6GHQ EUHLWHWH VLFK HLQH GXQNOH GURKHQGH0DVVHDXV²GLH:RONHDXVGHUHLQVWGLH $UPDGD GHU *HJQHU DXIJHWDXFKW ZDU (U HULQQHUWH VLFK DQ 7KDOODUQD XQG 6KRUU .DQ GHQ +HUUQ GHU 'XQNHOZHOWHQ XQG HU GDFKWH DQ GHQ GDPDOLJHQ 6LHJ ª6LHEHVFKlIWLJHQVLFK]XYLHOPLW9HUJDQJHQHPXQG ]XZHQLJPLWGHU*HJHQZDUW©VWHOOWH.RUNKDQQIHVW *RUGRQ OlFKHOWH ª:HQQ 6LH VRYLHO EHU PLFK ZLVVHQN|QQHQ6LHPLFKGDQQYHUXUWHLOHQ",FKZDU QLFKWGHUIUGHQPLFKDOOHKLHOWHQXQGLFKZXWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH NDXP ZDV LFK WDW LQ MHQHU 6FKODFKW DEHU LFK ZDU GDEHLXQGZHUN|QQWHGDVYHUJHVVHQ"© ª0DFKWVWHLJWOHLFKW]X.RSI©PXUPHOWH.RUNKDQQ ª6LH KDWWHQ HLQPDO GLH HLQHV JDQ]HQ 8QLYHUVXPV LQ ,KUHQ+lQGHQ0|FKWHQ6LHVLHZLHGHU"© ª1HLQ©HUZLGHUWH*RUGRQUDVFKYHUZLUUWGXUFKGDV (FKR YRQ /LDQQDV $QVFKXOGLJXQJ ª,FK KDWWH $QJVW GDPDOVW|GOLFKH$QJVW© ª:LUNOLFK-RKQ*RUGRQ"© (KH *RUGRQ DQWZRUWHQ NRQQWH ZDU .RUNKDQQ DXV GHP .RQWUROOUDXP YHUVFKZXQGHQ (U YHUJD VHLQ *UEHOQ DOV GLH =HQWUDOZHOWHQ GHV PlFKWLJHQ 0LWWHOJDODNWLVFKHQ ,PSHULXPV LPPHU QlKHU NDPHQ 8QG GDQQ ODJ 7KURRQ YRU LKQHQ PLW VHLQHU JUDXJUQHQ 0DVVH XQG GHQ PLW VFKLPPHUQGHQ 6WlGWHQ EHUVlWHQ .RQWLQHQWHQ (LQ ZHLWHU 2]HDQ KXVFKWHXQWHULKQHQYRUEHLXQGGDQQGDVEOHQGHQGH 6FKLOOHUQ GHU *ODVEHUJH GHUHQ IUHLOLHJHQGH *UDWH JOLW]HUQGHU 6LOLNDWH GDV /LFKW GHV .DQRSXV LQ HLQ .DOHLGRVNRSYRQ)DUEHXQG*ODQ]YHUZDQGHOWHQ6LH JOLWWHQEHUGLHVHVJOHLHQGH*HELUJHKLQZHJXQGYRU LKQHQ ODJ HLQH ULHVLJH $QVDPPOXQJ PlUFKHQKDIWHU *ODVWUPHGLHJU|WH0HWURSROHGHU*DOD[LV hEHUXQGXPGHQ5DXPKDIHQZDUGHU9HUNHKUYRQ XQJHKHXHUOLFKHP$XVPD*RUGRQKDWWHYHUJHVVHQ ZLH YLHOH 6FKLIIH KLHU LP +HU]HQ GHV ,PSHULXPV ODQGHWHQXQGVWDUWHWHQ(LQHU3DUDGHYRQ*LJDQWHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH JOHLFKÀHOHQGLHPlFKWLJHQ/LQLHQVFKLIIHYRQ'HQHE XQG$OGHEDUDQXQG6ROYRP/HLWVWUDKOHUIDW]XP /DQGHIHOGKLQDEZlKUHQGGLHNOHLQHUHQ0DVFKLQHQ ZLHHLQ.DWDUDNWIXQNHOQGHU,QVHNWHQKLQDEWDXFKWHQ 'RFK LKU HLJHQHV 6FKLII ÁRJ GDUEHU KLQZHJ XQG OLH VLFK DXI GHP 0LOLWlUUDXPKDIHQ QLHGHU ZR GLH WLWDQLVFKHQ .ULHJVVFKLIIH GHV ,PSHULXPV GURKHQG DXVLKUHQ+DQJDUVUDJWHQ (LQH6WXQGHVSlWHUVWDQGHQVLHLQGHPJHZDOWLJHQ *HElXGH GDV GHU 6LW] GHU '\QDVWLH XQG GDV 9HUZDOWXQJV]HQWUXPGHV,PSHULXPVZDU=DUWK$UQ NDPLKQHQHQWJHJHQ(UVFKWWHOWH*RUGRQV+DQG ª,FK ZROOWH GHLQH 5FNNHKU QDFK 7KURRQ ZlUH DXV HLQHP HUIUHXOLFKHUHQ *UXQG HUIROJW© 8QG ]X .RUNKDQQVDJWHHUª0HLQ%UXGHUZHLZHVKDOE6LH NRPPHQ6LHVLQGQLFKWGHUHUVWHLQGLHVHU6DFKH© .RUNKDQQ IUDJWH VFKQHOO ª$XFK GLH DQGHUHQ VLQG EHVRUJWEHUGLH9RUJlQJHLQGHUgGH+RKHLW"© =DUWK$UQQLFNWHª$EHUGDUEHUZHUGHQZLUVSlWHU UHGHQ=XP7HXIHOPLWGHU'LSORPDWLH*RUGRQXQG LFKPVVHQMHW]WHUVWHLQPDODXIXQVHU:LHGHUVHKHQ DQVWRHQ©(UQDKP*RUGRQDP$UPXQGVLHEHWUDWHQ GHQ*OHLWZHJGHUVLHGXUFKYHUVFKLHGHQH.RUULGRUH DXIZlUWVIKUWH :R LPPHU VLH LKQHQ EHJHJQHWHQ YHUEHXJWHQ VLFK GLH +|ÁLQJH WLHI YRU =DUWK $UQ (V VFKLHQ *RUGRQ DOV EOLFNWHQ VLH YHUZXQGHUW DXI LKQ RE VHLQHU 9HUWUDXOLFKNHLW PLW GHP 3ULQ]HQ GHV ,PSHULXPV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LH HUUHLFKWHQ =DUWK $UQV *HPlFKHU GLH *RUGRQ VRJXWLQ(ULQQHUXQJKDWWH(UEOLFNWHVLFKXP'LH 5HJDOH PLW GHQ *HGDQNHQVSXOHQ VWDQGHQ LPPHU QRFKDQGHUHLQHQ:DQG(UEOLFNWHKLQDXVDXIGHQ %DONRQ XQG 7KURRQ &LW\ .DQRSXV YHUVDQN KLQWHU GHQ*ODVEHUJHQXQGKOOWHPLWVHLQHPOHW]WHQ6FKHLQ GLH PlUFKHQKDIWHQ 7UPH GHU 0HWURSROH XQG GHQ ZRJHQGHQJUQHQ2]HDQLQHLQHIHXULJH*OXW ª,VWHVQRFKZLHIUKHU*RUGRQ"©IUDJWH=DUWK$UQ XQGUHLFKWHLKPHLQ*ODV6DTXD ª1LFKWJDQ]©PXUPHOWH*RUGRQ =DUWK $UQ YHUVWDQG ª'DPDOV ZDU /LDQQD KLHU QLFKW ZDU" ,FK ZROOWH QRFK QLFKW IUDJHQ DEHU MHW]W ²QDZLHVWHKWHVPLWHXFKEHLGHQ"© ª:LU KDEHQ QLFKW JHUDGH JHVWULWWHQ© DQWZRUWHWH *RUGRQ ª$EHU VLH JODXEW GD LFK QLFKW LKUHWZHJHQ ]XUFNJHNRPPHQ ELQ VRQGHUQ GDIU© 6HLQH *HVWH XPIDWH GLH KHUUOLFKH 6WDGW GHQ IHXULJHQ *ODQ] GHU %HUJH XQG GHQ PDMHVWlWLVFKHQ $QEOLFN GHU 6WHUQHQVFKLIIHGLHVLFKYRPIHUQHQ+DIHQKREHQ 6LHZXUGHQGXUFKGDVgIIQHQGHU7UXQWHUEURFKHQ (LQZHQLJ1HXJLHUODJLP%OLFNGHV(LQWUHWHQGHQDOV HUPLWDXVJHVWUHFNWHQ+lQGHQDXI*RUGRQ]XNDP(V ZDU-KDO$UQ=DUWKVlOWHUHU%UXGHUGHU+HUUVFKHU GHV0LWWHOJDODNWLVFKHQ,PSHULXPV ª(V LVW VHOWVDP© VDJWH -KDO $UQ ª'X NHQQVW PLFKQDWUOLFK$EHULFKVHKHGLFKGHLQHZLUNOLFKH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *HVWDOW]XPHUVWHQPDO+HU]OLFKZLOONRPPHQ-RKQ *RUGRQ©(UEOLFNWHLKQHUQVWDQª'RFKOLHEHUKlWWH LFK GLFK XQWHU HUIUHXOLFKHUHQ 8PVWlQGHQ EHJUW ,KU KDEW HLQ 3UREOHP QDFK 7KURRQ JHEUDFKW ² XQG OHLGHUQLFKWLKUDOOHLQ:LUKDEHQZLFKWLJHQ%HVXFK HLQLJHU XQVHUHU VWlUNVWHQ 9HUEQGHWHQ XQG DXFK VLHVLQGEHVRUJW© (UWUDWDQV)HQVWHUXQGEOLFNWHJHGDQNHQYROO]XP +LPPHO HPSRU ZR VLFK LQ GHU 'lPPHUXQJ ]ZHL 0RQGH DE]HLFKQHWHQ ª(LQ )OVWHUQ JHKW GXUFK GLH *DOD[LV©PXUPHOWHHUª(LQ5DXQHQHLQKDUWQlFNLJHV *HUFKW GD HLQH JHKHLPQLVYROOH *HIDKU LQ GHU gGH GHV bXHUHQ 5DXPHV ODXHUW 1LFKW PHKU DOV GDV 6R PDQFKH YRQ KRKHP 5DQJ XQG 1DPHQ LP ,PSHULXPVLQGEHVRUJWGDUEHUZlKUHQGDQGHUHHV DOV(LQELOGXQJDEWXQ© ª(V ZDU NHLQH (LQELOGXQJ GLH XQV DXI 7H\Q EHGURKWH©HUNOlUWH*RUGRQª.RUNKDQQNDQQ«© ª.RUNKDQQ KDW PLU EHUHLWV GDUEHU EHULFKWHW ,FK EDWLKQVRIRUWQDFKHXUHU$QNXQIW]XPLU8QGZDV LFK K|UWH JHIlOOW PLU JDU QLFKW© (U VFKWWHOWH GHQ .RSI ª6SlWHU LP 9HUODXI GHV $EHQGV ZLUG HLQH (QWVFKHLGXQJ JHWURIIHQ ZHUGHQ PVVHQ GLH VHKU ZRKOGDVSROLWLVFKH*HIJHGHU*DOD[LVHUVFKWWHUQ N|QQWH 8QG GRFK EOHLEW XQV QLFKWV DQGHUHV EULJ REZRKO ZLU VR ZHQLJ ZLVVHQ«© (U EUDFK DE XQG ZDQGWH VLFK ]XP *HKHQ $Q GHU 7U GUHKWH HU VLFK QRFK HLQPDO XP ª'X KDVW HLQPDO IU NXU]H

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH =HLW PHLQHQ 3ODW] HLQJHQRPPHQ -RKQ *RUGRQ *ODXEPLUDQGHU%UGHGHV$PWHVKDWVLFKQLFKWV JHlQGHUW© $OVHUJHJDQJHQZDUVDJWH=DUWK$UQª,FKEULQJH GLFK ]X GHU 6XLWH GLH LFK IU GLFK XQG .RUNKDQQ EHVWLPPWKDEH,FKKDEHGDIUJHVRUJWGDVLHJOHLFK LQGHU1lKHLVW²ZLUKDEHQXQVYLHO]XHU]lKOHQ© (UYHUOLH*RUGRQDQGHU7U*RUGRQWUDWHLQXQG ZDU YRQ GHU OX[XUL|VHQ $XVVWDWWXQJ EHUUDVFKW ,P 9HUJOHLFK GD]X ZDUHQ =DUWK $UQV *HPlFKHU VSDUWDQLVFK (U VDK HLQHQ JHÀHGHUWHQ +LQWHUNRSI EHU GLH /HKQH HLQHV KRKHQ 6HVVHOV DP )HQVWHU UDJHQ .RUNKDQQ EOLFNWH RIIHQEDU KLQDXV DXI GLH 6WDGW*RUGRQJLQJDXILKQ]X ª:DVLFKJHK|UWKDEHJHIlOOWPLUQLFKW.RUNKDQQ ,FK«© (U EUDFK EHVWU]W DE 3O|W]OLFK VFKULH HU ª.RUNKDQQ© 'LH JHÀHGHUWH *HVWDOW VD LQ XQQDWUOLFKHU 5HJORVLJNHLW 'DV 9RJHOJHVLFKW GDV *RUGRQ HUVW ]X WROHULHUHQ JHOHUQW KDWWH XQG GDV LKP VFKOLHOLFK VR YHUWUDXWJHZRUGHQZDUZLUNWHVHOWVDPVWHLQHUQ'LH $XJHQZDUHQOHHUXQGOHEORV *RUGRQ SDFNWH .RUNKDQQ DQ GHQ $UPHQ XQG IKOWHZLHOHLFKWXQG]HUEUHFKOLFKGHU.|USHUXQWHU GHQ)HGHUQZDUª.RUNKDQQ©ULHIHUHUQHXWª:DVLVW PLW,KQHQ":DFKHQ6LHDXI©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 1DFK HLQHP $XJHQEOLFN ]HLJWH VLFK HWZDV LQ GHQ $XJHQ ² HWZDV ZLH 4XDO (LQH YHUGDPPWH 6HHOH LQ GHQHZLJHQ)HXHUQGHU+|OOHPRFKWHVRHPSÀQGHQ (V ZDU DOV NlPSIWH GHU 9HUVWDQG KLQWHU GLHVHQ $XJHQ 3O|W]OLFK VDQN .RUNKDQQ ]LWWHUQG LQ VLFK ]XVDPPHQ 8QDUWLNXOLHUWH 3IHLI ODXWH NDPHQ DXV VHLQHU.HKOH ª:DVZDUHV"©VFKULH*RUGRQ (V GDXHUWH HQGORVH 6HNXQGHQ HKH .RUNKDQQ LQ GHU/DJHZDULKQDQ]XEOLFNHQª(WZDVGDVLFKXQG 6LHEHUHLWVHLQPDOHUOHEWKDEHQ©NUlFK]WHHUª(LQHU GHU*UDXHQPXVLFKKLHULP3DODVWDXIKDOWHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

*RUGRQ ZDU PLW =DUWK $UQ GHU (LQODGXQJ GHV +HUUVFKHUV LQ GHVVHQ SULYDWH *HPlFKHU JHIROJW ª,FK JODXEH LFK KlWWH EHL .RUNKDQQ EOHLEHQ VROOHQ© PXUPHOWH *RUGRQ ª(V KDW LKQ ]LHPOLFK PLWJHQRPPHQ© ª0HLQH:DFKHQVLQGEHLLKP©EHUXKLJWHLKQ-KDO $UQ ª(U ZLUG EDOG ]XU %HVSUHFKXQJ KLHU VHLQ ,FK KDEHEULJHQVQRFKMHPDQGHQNRPPHQODVVHQGHQ GXVLFKHUZLHGHUHUNHQQHQZLUVW*RUGRQ© (LQ 0DQQ LQ GHU 8QLIRUP HLQHV .DSLWlQV GHU 5DXPÁRWWHWUDWHLQ(UZDUJURVWlPPLJXQGKDWWH VWUXSSLJHV VFKZDU]HV +DDU XQG HLQ ]HUIXUFKWHV U|WOLFKHV*HVLFKW ª+XOO%XUUHO©ULHI*RUGRQ 'HU2IÀ]LHUVDKLKQYHUZLUUWDQª(VWXWPLUOHLG DEHU LFK JODXEH QLFKW GD LFK 6LH VFKRQ HLQPDO JHVHKHQKDEH© *RUGRQ VDQN LQ VHLQHQ 6HVVHO ]XUFN 1DWUOLFK +XOONRQQWHLKQQLFKWHUNHQQHQ6RZRKOIUVHLQHQ EHVWHQ )UHXQG DOV DXFK IU GLH )UDX GLH HU OLHEWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ZDUHUMHW]WHLQ)UHPGHU(UYHUPRFKWHGLH%LWWHUNHLW QLFKWJDQ]]XXQWHUGUFNHQ ª.DSLWlQ %XUUHO© ZDQGWH -KDO $UQ VLFK DQ LKQ ª(ULQQHUQ6LHVLFKDOVGHU$QVFKODJDXIPLFKYHUEW ZXUGHXQGPHLQ%UXGHUGLH+HUUVFKDIWEHUQDKP"© ª:LH N|QQWH LFK GDV YHUJHVVHQ +RKHLW© +XOO %XUUHOV$XJHQOHXFKWHWHQDXIª:LUIROJWHQ3ULQ]=DUWK $UQXQGYHUQLFKWHWHQGLH/LJDLQGHUHQWVFKHLGHQGHQ 6FKODFKWYRQ'HQHE© -KDO$UQQLFNWHª$OV6KRUU.DQVHLQH)ORWWHQ]XP $QJULIIVFKLFNWHULFKWHWHHUHLQH3URSDJDQGDERWVFKDIW DQ GLH JHVDPWH *DOD[LV ,FK P|FKWH GD 6LH VLFK HLQHQEHVWLPPWHQ7HLOGDUDXVQRFKHLQPDODQVHKHQ =DUWKELWWHGDV%DQG© $Q GHU JHJHQEHUOLHJHQGHQ :DQG HUVFKLHQ DXI HLQHP %LOGVFKLUP GDV '%LOG HLQHV 0DQQHV (U ZDU JUR EUHLWVFKXOWULJ VHLQ VFKZDU]HV +DDU NXU]JHVFKQLWWHQ VHLQH $XJHQ VFKDUI XQG EOLW]HQG 6HOEVWLQGLHVHU$XI]HLFKQXQJNDPHQGHU+RKQXQG GLH 6NUXSHOORVLJNHLW VHLQHU 3HUV|QOLFKNHLW LQ DOOHU 'HXWOLFKNHLW]XP$XVGUXFN ª6KRUU.DQ©ÁVWHUWH*RUGRQNDXPYHUQHKPOLFK (U ZUGH GLHVHQ 'LNWDWRU GHU /LJD GLHVHQ EHUDXV ]\QLVFKHQXQGIlKLJHQ)KUHUJHJHQGHQHUXPGDV 6FKLFNVDO YRQ .|QLJUHLFKHQ JHNlPSIW KDWWH ZRKO NDXPYHUJHVVHQ ª+|UW]X©IRUGHUWH-KDO$UQVLHDXI

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU 5HJHQW GHV ,PSHULXPV =DUWK $UQ VDJWH GLH HLQGULQJOLFKH 6WLPPH 6KRUU .DQV LVW LQ :DKUKHLW EHUKDXSWQLFKWGHU%UXGHUGHV+HUUVFKHUVVRQGHUQ HLQ 6FKZLQGOHU GHU VLFK =DUWK $UQV 0DVNH EHGLHQW 6WHUQHQN|QLJH XQG %DURQH IROJW LKP QLFKW LQ HXUHQ 8QWHUJDQJ 'DV %LOG HUORVFK +XOO %XUUHO VDJWH YHUZLUUW ª,FK HULQQHUH PLFK JXW GDUDQ +RKHLW 6HLQH $QVFKXOGLJXQJ ZDU VR OlFKHUOLFK GD QLHPDQG VLH HUQVWQDKP© ª$EHUVLHVWLPPWH©HUNOlUWH-KDO$UQ +XOO%XUUHOVWDUUWHVHLQHQ+HUUVFKHUXQJOlXELJDQ (U|IIQHWHGHQ0XQGGRFKGDQQEHUOHJWHHUHVVLFK 6HLQ%OLFNZDQGHUWH]X=DUWK$UQ =DUWK $UQ OlFKHOWH ª-D 6KRUU .DQ KDW GLH :DKUKHLWJHVDJW:HQLJHZLVVHQGDYRQDEHULQGHQ YHUJDQJHQHQ -DKUHQ KDEH LFK GHV |IWHUHQ PLW +LOIH NRPSOL]LHUWHU $SSDUDWH PLW 0lQQHUQ YRQ DQGHUHQ 3ODQHWHQ XQG =HLWHQ GHQ *HLVW JHWDXVFKW XP LKUH :HOWHQ LKUH (SRFKHQ ]X VWXGLHUHQ (LQ VROFKHV ([SHULPHQW IDQG PLW GHP 0DQQ QHEHQ GLU ² -RKQ *RUGRQ YRQ GHU (UGH ² JHUDGH ]X MHQHP =HLWSXQNW VWDWW ,P $XJHQEOLFN GHU .ULVH KHUUVFKWH -RKQ *RUGRQ EHU GDV ,PSHULXP 8QG 6KRUU .DQ KDW HV KHUDXVJHIXQGHQ© 1RFK HLQPDO OLH HU GDV %DQG ODXIHQª'XHULQQHUVWGLFKGDQDFKGHU9HUQLFKWXQJ GHU /LJDÁRWWH GLH 0lQQHU GHU 'XQNHOZHOWHQ NDSLWXOLHUWHQXQGXP:DIIHQVWLOOVWDQGEDWHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (LQDQGHUHV%LOGZXUGHDXIGHP6FKLUPOHEHQGLJ (LQHV GDV VLFK IU LPPHU LQ *RUGRQV *HGlFKWQLV HLQJHSUlJW KDWWH ,Q HLQHP 5DXP LQ 6KRUU .DQV 3DODVWZDUHLQH*UXSSHZLOGGUHLQEOLFNHQGHU0lQQHU ]XVHKHQ(LQHUYRQLKQHQVDJWHKHLVHU :LU VLQG PLW ,KUHQ %HGLQJXQJHQ HLQYHUVWDQGHQ 3ULQ]=DUWK6KRUU.DQV7\UDQQHLLVW]X(QGH$OVHU VLFK]XHUJHEHQZHLJHUWHHUKREHQZLUXQVJHJHQLKQ 6HKHQ6LHVHOEVW(UKDWQLFKWPHKUODQJH]XOHEHQ 'LH 6]HQH ZHFKVHOWH DEUXSW (LQ DQGHUHU 5DXP GHV 3DODVWV VFKRE VLFK DXI GHQ 6FKLUP +LQWHU HLQHP 7LVFK VD 6KRUU .DQ (LQLJH 0lQQHU KDWWHQ GLH:DIIHQDXILKQJHULFKWHW6HLQ*HVLFKWZDUZHL ZLHGLH:DQGXQGHUSUHWHVHLQH+DQGNUDPSIKDIW DXIHLQHGXQNOH:XQGHDQGHU6HLWH6HLQHWUEHQ YHUVFKOHLHUWHQ$XJHQNOlUWHQVLFKIUHLQHQ0RPHQW XQGHUJULQVWHVFKZDFK 6LHKDEHQJHZRQQHQÁVWHUWHHU(LQHYHUGDPPWH $UW IU PLFK ]X VWHUEHQ $EHU LFK ZLOO PLFK QLFKW EHVFKZHUHQ ,FK QXW]WH PHLQ /HEHQ YROO 6LH VLQG LP *UXQG JHQDXVR 6HLQH 6WLPPH ZXUGH LPPHU OHLVHU 9LHOOHLFKWELQLFKHLQ0HQVFKGHUHLJHQWOLFKDXV,KUHU :HOWVWDPPW*RUGRQ"8QGZXUGHQXULQGLHVHU=HLW ZLHGHUJHERUHQ" 9LHOOHLFKW« (U VDQN QDFK YRUQ DXI GHQ7LVFKXQGODJVWLOO(LQHUGHU0lQQHUEHXJWHVLFK EHULKQXPLKQ]XXQWHUVXFKHQ'DQQVDJWHHU (U LVW WRW )U GLH 'XQNHOZHOWHQ ZlUH HV EHVVHU JHZHVHQHVKlWWHLKQQLHJHJHEHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'DPLW HQGHWH GLH $XI]HLFKQXQJ 1DFK HLQHP $XJHQEOLFN EHWlXEWHQ 6FKZHLJHQV VFKWWHOWH +XOO %XUUHOGHQ.RSIDOVZROOHHUGDPLWVHLQH9HUZLUUXQJ EHUNRPPHQ ª'DUDQ HULQQHUH LFK PLFK ZRKO DEHU LFKYHUVWDQGQLFKWZDVHUPHLQWHDOVHU3ULQ]=DUWK PLW*RUGRQ·DQVSUDFK .HLQHU YRQ XQV YHUVWDQG HV© (U GUHKWH VLFK DXI GHP$EVDW]XQGVWDUUWHLQ*RUGRQV*HVLFKWª'DQQ ZDUHQ6LH²GX²GHUMHQLJHPLWGHPLFK6HLWHDQ6HLWH JHNlPSIWKDEH"'HU6KRUU.DQEHVLHJWH"© =DUWK$UQQLFNWHª6RLVWHV© *RUGRQKROWHWLHI/XIWGDQQVWUHFNWHHU%XUUHOGLH +DQGHQWJHJHQª+DOOR+XOO© 'HU $QWDULHU ² +XOO %XUUHO ZDU DXI HLQHP GHU $QWDUHVSODQHWHQ JHERUHQ ² VWDUUWH LPPHU QRFK YHUEOIIWLQ*RUGRQV*HVLFKWGRFKGDQQEHJDQQHU ]XVWUDKOHQ(UVFKWWHOWHEHJHLVWHUW*RUGRQV+DQG XQG ZROOWH HWZDV VDJHQ DOV .RUNKDQQ GHQ 5DXP EHWUDWXQGDXIHLQH)UDJH-KDO$UQVYHUVLFKHUWHª-D +RKHLWLFKKDEHPLFKZLHGHUHUKROW© *RUGRQ EH]ZHLIHOWH HV ,Q GHQ JHOEHQ $XJHQ ODJ $QJVWXQGEHUVFKDWWHWHGDVVFKPDOH9RJHOJHVLFKW ª'HU 3DODVW LVW GXUFKVXFKW ZRUGHQ DEHU PDQ KDW NHLQH 6SXU GHV JHKHLPQLVYROOHQ $QJUHLIHUV JHIXQGHQ©HUNOlUWH-KDO$UQª(U]lKOHQ6LHXQVELWWH JHQDXZDVJHVFKHKHQLVW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH .RUNKDQQV6WLPPHZXUGH]XHLQHP)OVWHUQª(V JLEW OHLGHU ZHQLJ GDV LFK GDUEHU VDJHQ NDQQ (V ZDUGLHJOHLFKH(PSÀQGXQJHLQHVPHQWDOHQ6WRHV ZLH LFK LKQ DXI 7H\Q NHQQHQJHOHUQW KDWWH QXU YLHO VWlUNHUXQZLGHUVWHKOLFKHU'LHVPDONRQQWHLFKQLFKW GDJHJHQDQNlPSIHQQLFKWHLQPDOIUHLQH6HNXQGH 'DQQZXWHLFKQLFKWVPHKUELV*RUGRQV6FKWWHOQ XQG 5XIHQ PLFK ZLHGHU ]X PLU EUDFKWH $EHU LFK JODXEHGDZlKUHQGGLHVHU=HLWPHLQ*HKLUQQDFK (ULQQHUXQJHQ XQG :LVVHQ JHQDXHVWHQV VRQGLHUW ZXUGH²XQG]ZDUYRQHLQHP7HOHSDWKHQJHJHQGHQ LFKQLFKWPHKUDOVHLQ6WPSHUELQ© -KDO$UQEHXJWHVLFKYRUª6DJHQ6LHPLU.RUNKDQQ DOVGLHVH0DFKWYRQ,KQHQ%HVLW]HUJULIIKDWWHQ6LH GDGDV*HIKOHLQHUJHLVWLJHQ.lOWH"© .RUNKDQQ EOLFNWH LKQ EHUUDVFKW DQ ª:RKHU ZLVVHQ6LHGDV+RKHLW"© 'HU+HUUVFKHUDQWZRUWHWHQLFKWDEHUHUXQG=DUWK $UQWDXVFKWHQHLQHQJULPPLJHQ%OLFN (LQ .lPPHUHU EHWUDW GHQ +RI XQG NQGLJWH :UGHQWUlJHU DQ GLH -KDO $UQ GHU K|ÀVFKHQ (WLNHWWH HQWVSUHFKHQG EHJUWH *RUGRQ GHU GLH 1DPHQ K|UWH XQG HLQLJH ZLHGHUHUNDQQWH VWDXQWH 1LFKW ZHQLJHU DOV GUHL 6WHUQHQN|QLJH ZDUHQ ]X GLHVHP JHKHLPHQ 7UHIIHQ JHNRPPHQ ² GHU MXQJH 6DWK 6KDPDU YRQ 3RODULV GHU DOWH 3ULQ]UHJHQW YRQ .DVVLRSHLD XQG GHU GXQNOH OLVWLJH +HUUVFKHU GHV .|QLJUHLFKV&HSKHXV$XHUGHPZDUHQGLH.DQ]OHU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ]ZHLHU ZHLWHUHU .|QLJWPHU DQZHVHQG XQG -RQ 2OOHQ HLQHU GHU PlFKWLJHQ +HUNXOHV%DURQH 6HLQ +RKHLWVJHELHW HUVWUHFNWH VLFK YRP 6WHUQKDXIHQ ELV DQGHQ5DQGGHUgGHXQGZDUJU|HUDOVPDQFKHGHU NOHLQHQ.|QLJUHLFKH(UVFKLHQ6RUJHQ]XKDEHQ6HLQ DXVJH]HKUWHV *HVLFKW ZDU GVWHU *RUGRQ KDWWH GLH *DODNWRJUDSKLHJXWJHQXJLP.RSIXP]XHUNHQQHQ GD DOOH KLHU $QZHVHQGHQ LKU +RKHLWVJHELHW LQ GHU 1lKHGHUgGHGHVbXHUHQ5DXPHVKDWWHQ -KDO $UQ EHJDQQ RKQH 8PVFKZHLIH ª6LH KDEHQ DOOH EHUHLWV GLH *HUFKWH YHUQRPPHQ GD HLQLJH GHU *UDIHQ GHU gGH HLQHQ $QJULII YRUEHUHLWHQ 6LH DOOH VLQG GDYRQ EHGURKW LQ HUVWHU /LQLH DEHU GDV .|QLJUHLFK)RPDOKDXW'DVLVWGHU*UXQGZHVKDOE 0LQLVWHU.RUNKDQQXQGPHLQ)UHXQG-RKQ*RUGRQ KLHUKHUJHNRPPHQ VLQG© -KDO $UQ OHJWH JHQJHQG %HWRQXQJ LQ GDV :RUW ª)UHXQG© GD GLH 0lQQHU GLH*RUGRQ]XYRULJQRULHUWKDWWHQLKQQXQQHXJLHULJ PXVWHUWHQ ª%HULFKWHQ 6LH ELWWH ZDV DXI 7H\Q SDVVLHUW LVW .RUNKDQQ© (LQ GUFNHQGHV 6FKZHLJHQ VHW]WH HLQ DOV GHU 1LFKWPHQVFK ]X (QGH NDP 6FKOLHOLFK VDJWH GHU MXQJH 6DWK 6KDPDU EHVRUJW ª9RQ JHKHLPQLVYROOHQ 9HUEQGHWHQKDEHQZLUQRFKQLFKWVJHK|UWDEHULQ OHW]WHU=HLWVLQGGLH*UDIHQ]XXQV3RODULHUQLPPHU DQPDHQGHUJHZRUGHQ6LHGURKWHQXQVPLW.UlIWHQ GLHXQVZLHVLHVDJWHQYHUQLFKWHQN|QQWHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU0RQDUFKYRQ&HSKHXVVFKZLHJGD]XGRFKGHU 5HJHQW YRQ .DVVLRSHLD QLFNWH EHLSÁLFKWHQG ª(WZDV WXW VLFK LQ GHU gGH« QRFK QLH VLQG GLH *UDIHQ VR XQYHUVFKlPWJHZHVHQ© .RUNKDQQ EOLFNWH DXI GHQ %DURQ XQG VDJWH ª6LH ZLVVHQPHKUGDUEHU-RQ2OOHQ(VVFKHLQWPLUGD 6LHXQVHWZDVYHUVFKZHLJHQ© -RQ 2OOHQV *HVLFKW GDV DQ HLQHQ 7RWHQVFKlGHO HULQQHUWHU|WHWHVLFKYRUbUJHUª,FKGXOGHHVQLFKW GD PDQ LQ PHLQHQ *HGDQNHQ VFKQIIHOW© EUDXVWH HUDXI ª8QG ZLH© IUDJWH .RUNKDQQ DEZHLVHQG ªVROOWH PLU GDV P|JOLFK VHLQ ZHQQ 6LH ,KUH *HGDQNHQ DEVFKLUPHQVHLW6LHGLHVHQ5DXPEHWUHWHQKDEHQ"© -RQ 2OOHQ PXUUWH ÀQVWHU ª,FK ZLOO NHLQH 6FKZLHULJNHLWHQ 0HLQH %DURQLH LVW VHKU QDKH DQ GHUgGH1lKHUDOVLUJHQGHLQHVHXUHU*HELHWH:HQQ ZLUNOLFK *HIDKU EHVWHKW ELQ LFK GHU HUVWH GHQ VLH WUHIIHQZLUG© ª6LHVLQG9HUEQGHWHUGHV,PSHULXPV©VDJWH-KDO $UQ KDUW ª%HL HLQHU %HGURKXQJ ZHUGHQ ZLU ,KQHQ ]X+LOIHHLOHQ:HQQ6LHHWZDVZLVVHQGDQQKHUDXV GDPLW© -RQ 2OOHQ EOLFNWH EHVRUJW XQG XQHQWVFKORVVHQ GUHLQ(LQH0LQXWHYHUJLQJHKHHUVSUDFKª,FKZHL ZLUNOLFKQXUVHKUZHQLJ'RFK²LQGHUgGHXQZHLW YRQ XQVHUHU *UHQ]H OLHJW GHU 3ODQHW $DU (LQLJH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH P\VWHUL|VH 9RUIlOOH VFKHLQHQ PLW GLHVHU :HOW LQ =XVDPPHQKDQJ]XVWHKHQ© ª:HOFKH$UWYRQ9RUIlOOHQ"© ª(LQ +DQGHOVVFKLII NDP DXV GHU gGH LQ PHLQH %DURQLH ]XUFN 6HLQ .XUV ZDU YROONRPPHQ YHUUFNW0DQQVFKDIWHQXQVHUHU.UHX]HUHQWHUWHQHV VFKOLHOLFK XQG VWHOOWHQ IHVW GD DOOH DQ %RUG YRP :DKQVLQQEHIDOOHQZDUHQ1DFKGHPDXWRPDWLVFKHQ /RJDXI]HLFKQHU KDWWH GDV 6FKLII ]XOHW]W DXI $DU 6WDWLRQ JHPDFKW 'DQQ VWUDKOWH HLQ DQGHUHV 6FKLII GDV QDKH DQ $DU YRUEHLÁRJ HLQHQ 1RWUXI DE GHU DEUXSW XQWHUEURFKHQ ZXUGH 9RQ GLHVHP 6FKLII ZXUGHQLHZLHGHUHWZDVJHK|UW© ª:DVQRFK"© -RQ 2OOHQV *HVLFKW ZDU KDUW ª*UDI &\Q &U\YHU NDP DQ PHLQHQ +RI (U EHKDXSWHWH JHZLVVH ZLVVHQVFKDIWOLFKH ([SHULPHQWH KlWWHQ $DU ]X HLQHU JHIlKUOLFKHQ :HOW JHPDFKW (U VFKOXJ YRU GD ZLU DOOHQ XQVHUHQ 6FKLIIHQ XQWHUVDJWHQ LQ GLH 1lKH GLHVHV 3ODQHWHQ ]X NRPPHQ $EHU !VFKOXJ YRU LVW NDXP GHU ULFKWLJH $XVGUXFN ² HU EHIDKO PLU HV DQ]XRUGQHQ© ª(VVFKHLQWIDVW©PXUPHOWH-KDO$UQJHGDQNHQYROO ªDOVZlUH$DU]XPLQGHVWHLQ$QKDOWVSXQNWLQGLHVHU JDQ]HQP\VWHUL|VHQ*HIDKU©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª:LUN|QQWHQHLQ*HVFKZDGHUKLQVFKLFNHQXPHV P|JOLFKVWUDVFKKHUDXV]XÀQGHQ©VFKOXJ=DUWK$UQ YRU ª$EHU ZDV LVW ZHQQ VLFK QLFKW GDV GRUW EHÀQGHW ZDVZLUVXFKHQ"©ULHI-RQ2OOHQª'LH*UDIHQZUGHQ PLFKIUPHLQ(LQGULQJHQ]XU9HUDQWZRUWXQJ]LHKHQ 6LHGUIHQPHLQH3RVLWLRQQLFKWDXHUDFKWODVVHQ© ª'DV WXQ ZLU QLFKW© YHUVLFKHUWH LKP -KDO $UQ (U ZDQGWH VLFK VHLQHP %UXGHU ]X ª1HLQ =DUWK 'HU %DURQ KDW UHFKW 0LW HLQHP (LQIDOO LQ LKU +RKHLWVJHELHW ZUGHQ ZLU GLH *UDIHQ VR YHUlUJHUQ GD VLH P|JOLFKHUZHLVH HLQHQ *UHQ]NULHJ HQWODQJ GHU JDQ]HQ gGH EHJLQQHQ :LU VFKLFNHQ EHVVHU HLQHQ XQDXIIlOOLJHQ NOHLQHQ $XINOlUHU PLW QXU HLQ SDDU 0DQQ XP VLFK P|JOLFKVW XQEHPHUNW DXI $DU XP]XVHKHQ.DSLWlQ%XUUHO6LHN|QQHQGLH)KUXQJ EHUQHKPHQ© *RUGRQ PHOGHWH VLFK ]XP HUVWHQPDO LQ GLHVHU 6LW]XQJ ]X :RUW ª,FK ZHUGH PLW +XOO ÁLHJHQ ,FK ELQ DXHU .RUNKDQQ GHU IU HLQH VROFKH 0LVVLRQ QLFKW JHHLJQHW LVW GHU HLQ]LJH GHU HLQHQ GLHVHU XQKHLPOLFKHQ 9HUEQGHWHQ GHU *UDIHQ JHVHKHQ KDW© ª8QGZLHVRELQLFKQLFKWJHHLJQHW"©ULHI.RUNKDQQ XQG VHLQH )HGHUQ VWUlXEWHQ VLFK RIIHQVLFKWOLFK YRU bUJHU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª:HLO 3ULQ]HVVLQ /LDQQD 6LH EUDXFKW XQG ZLU XQV GHVKDOEQLFKWOHLVWHQN|QQHQ6LHLQZHLWHUH*HIDKU ]XEULQJHQ©EHVFKZLFKWLJWH*RUGRQLKQ ª(VLVWULVNDQW©PXUPHOWH-RQ2OOHQª,FKHUVXFKH 6LH XP HLQHV ² IDOOV PDQ 6LH HUZLVFKW ELWWH KDOWHQ 6LHPLFKKHUDXV© ª,KUH%HVRUJQLVXPGLH6LFKHUKHLWPHLQHU)UHXQGH LVWEHUZlOWLJHQG©VDJWH-KDO$UQlW]HQG 'HU%DURQEHUK|UWHGHQ=\QLVPXV(UHUKREVLFK ª,FKZHUGHDXJHQEOLFNOLFKQDFK+DXVH]XUFNNHKUHQ ,FKP|FKWHQLFKWPHKUDOVXQEHGLQJWQ|WLJLQGLHVH 6DFKH YHUZLFNHOW ZHUGHQ +RKHLW PHLQH +HUUHQ ²JXWH1DFKW© $OV HU GHQ 5DXP YHUODVVHQ KDWWH VWLH 6DWK 6KDPDUHLQHQ)OXFKDXVª1LFKWVDQGHUHVKlWWHLFK YRQLKPHUZDUWHW,P.DPSIPLWGHQ'XQNHOZHLWHQ DOV GLH DQGHUHQ %DURQH GHU *DOD[LV HLQ %HLVSLHO DQ 0XWXQG.KQKHLWJDEHQGDVXQYHUJHOLFKLVWKLHOW HUVLFKLP+LQWHUJUXQGELVHUVLFKHUZDUGD6KRUU .DQYHUORUHQZDU© -KDO $UQ QLFNWH ª$EHU GLH VWUDWHJLVFKH 3RVLWLRQ VHLQHV*HELHWVPDFKWLKQDOV9HUEQGHWHQZHUWYROO :LUPVVHQXQVPLWVHLQHP(JRLVPXVDEÀQGHQ© $OV GLH 6WHUQHQN|QLJH XQG .DQ]OHU JHJDQJHQ ZD UHQ EOLFNWH -KDO $UQ *RUGRQ HLQ ZHQLJ WUDXULJ DQ ª,FKZQVFKWHGXKlWWHVWGLUQLFKWLQGHQ.RSIJH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VHW]W%XUUHO]XEHJOHLWHQ%LVWGX]XXQV]XUFNJH NRPPHQQXUXPGHLQ/HEHQDXIV6SLHO]XVHW]HQ"© *RUGRQEHPHUNWHGDDXFK.RUNKDQQLKQDQVDK XQG HU ZXWH ZDV HU GDFKWH /LDQQDV ELWWHUH $EVFKLHGVZRUWH NDPHQ LKP LQ GHQ 6LQQ ² LKUH $QVFKXOGLJXQJGDGLH*HIDKUHQXQG6FK|QKHLWHQ GLHVHV VFKLHU JUHQ]HQORVHQ 8QLYHUVXPV LKQ KLHUKHU ]XUFNJH]RJHQ KDWWHQ XQG QLFKW GLH /LHEH ]X LKU (LJHQVLQQLJ UHGHWH HU VLFK HLQ GD HV QLFKW VWLPPWH ª'XKDVWVHOEVWJHVDJW©HULQQHUWHHU-KDO$UQªGD )RPDOKDXW DP PHLVWHQ YRQ GLHVHU XQEHNDQQWHQ *HIDKUEHGURKWLVW8QGGDHVVRPLW/LDQQDEHWULIIW EHWULIIW HV DXFK PLFK© (U ZDU VLFK QLFKW JHZL RE -KDO $UQ LKP JODXEWH .RUNKDQQ WDW HV EHVWLPPW QLFKW 'UHL 7DJH VSlWHU VWDQG HLQ NOHLQHV 6FKLII LP 0LOLWlUKDIHQ YRQ 7KURRQ EHUHLW (V ZDU HLQ 3KDQWRPDXINOlUHU YRQ GHP PDQ DOOH .HQQ]HLFKHQ HQWIHUQW KDWWH 'LH NOHLQH 0DQQVFKDIW WUXJ NHLQH 8QLIRUPHQ ª:LU KRIIHQ GD GX PLW ,QIRUPDWLRQHQ ]XUFN NRPPVW -RKQ *RUGRQ© VDJWH =DUWK $UQ NXU] YRU GHP $EÁXJ ª'RFK ZHQQ QLFKW ZHUGHQ LQ GUHLLJ 7DJHQ GUHL *HVFKZDGHU GHV 5HLFKHV QDFK $DU DXI EUHFKHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQ JODXEWH VHLQHQ 2KUHQ QLFKW ]X WUDXHQ ª$EHUGDVN|QQWH]XP.ULHJLQGHUgGHIKUHQ'HLQ %UXGHUZLHVGDUDXIKLQ© ª(V JLEW 6FKOLPPHUHV DOV HLQHQ *UHQ]NULHJ© HUZLGHUWH =DUWK $UQ GVWHU ª'HQN DQ XQVHUH *HVFKLFKWH(ULQQHUVWGXGLFKDQ%UHQQ%LU"© *RUGRQ QLFNWH ª1DWUOLFK 'HLQ 9RUIDKU GHU *UQGHUHXUHU'\QDVWLH'HU)KUHUGHUGLH,QYDVLRQ GHU0DJHOODQHU]XUFNJHVFKODJHQKDW© ª8QG GHU GDEHL GLH KDOEH 0LOFKVWUDH ]HUVW|UWH© =DUWK$UQQLFNWHª:LUKDEHQVHLQH$XI]HLFKQXQJHQ ² $UFKLYH YRQ GHQHQ NDXP MHPDQG HLQH $KQXQJ KDW 8QG HLQ SDDU 'HWDLOV LQ GHU %HVFKUHLEXQJ GHV YHUPXPPWHQ)UHPGHQYHUDQODWHXQV]XP6WXGLXP GLHVHU $UFKLYH 1DFK %UHQQ %LUV $XI]HLFKQXQJHQ VLQG GLH 0DJHOODQHU HLQH 5DVVH YRQ :HVHQ GHUHQ PHQWDOH .UlIWH XQZLGHUVWHKOLFK VLQG 1XU PLW +LOIH GHV'LVUXSWRUVJHODQJHVGLH,QYDVRUHQ]XVFKODJHQ 8QGMHW]WQDFKDOOGHQ-DKUWDXVHQGHQVLHKWHVJDQ] VRDXVDOVNlPHQVLH]XUFN©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'DVNOHLQH3KDQWRPVFKLIIEHIDQGVLFKEHUHLWVWLHI LQ GHU gGH GHV bXHUHQ 5DXPHV HLQ *HELHW YRQ QXU YDJHQ *UHQ]HQ )UKH *DODNWRJUDSKHQ KDWWHQ HV GHP 7HLO GHU *DOD[LV ]XJHRUGQHW GHU ]ZLVFKHQ GHQ|VWOLFKHQXQGVGOLFKHQ.|QLJUHLFKHQXQGGHP 5DQGGHV,QVHOXQLYHUVXPVODJ 'DV 6FKLII YHUIJWH EHU NDXP QHQQHQVZHUWH 'HIHQVLYZDIIHQ XQG VHLQH %HVWFNXQJ IU GHQ $QJULII EHVFKUlQNWH VLFK DXI HLQ SDDU *HVFKRVVH $EHUHVEHVDHWZDVGDVIUHLQH0LVVLRQZLHGLHVH YRQXQHUVHW]OLFKHP9RUWHLOZDU²GLH)lKLJNHLWVLFK XQVLFKWEDU]XPDFKHQ ª(V ZlUH VLFKHUHU ]X YHUGXQNHOQ© PHLQWH +XOO %XUUHOVWLUQUXQ]HOQGª$EHUGDQQZlUHQZLUHEHQIDOOV EOLQG XQG GDV LVW LQ GLHVHU :LOGQLV QLFKW JHUDGH HPSIHKOHQVZHUW© (LQH lXHUVW HLQGUXFNVYROOH :LOGQLV GDFKWH *RUGRQ 'XW]HQGH YRQ 6WHUQHQ ORGHUWHQ ZLH VPDUDJGGLDPDQWXQGUXELQIDUELJH/LFKWHULQGHU 6FKZlU]H 'HU 5DGDUVFKLUP ]HLJWH 6FKZlUPH YRQ 7UHLEJXW]ZLVFKHQGHQ6RQQHQXQGGXQNOH:RONHQ NRVPLVFKHQ6WDXEHV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª(V LVW ]X ZHLW© ZDQGWH HU VLFK DQ +XOO ª=DUWK $UQPXVLFKLUUHQ(VN|QQHQNHLQH0DJHOODQHULQ GHU gGH VHLQ :HQQ VLH ZLUNOLFK JHNRPPHQ ZlUHQ KlWWHQVLHHVQLFKWPLWHLQHUYHUVWRKOHQHQ,QÀOWUDWLRQ VRQGHUQLQHLQHUJURDQJHOHJWHQ,QYDVLRQJHWDQ© +XOOVFKWWHOWHGHQ.RSIª$XIGLHVH:HLVHNDPHQ VLH EHUHLWV HLQPDO ZLH GLH *HVFKLFKWH EHULFKWHW 8QG VLH ZXUGHQ YHUQLFKWHW 'HVKDOE YHUVXFKHQ VLH HV GLHVPDO YLHOOHLFKW DXI DQGHUH $UW© 'HU KRFKJHZDFKVHQH$QWDULHUVFKWWHOWHGHQ.RSIª$EHU LFK NDQQ HV DXFK QLFKW JODXEHQ (V LVW VR ODQJH KHU© 'DV 3KDQWRPVFKLII VFKOlQJHOWH VLFK WLHIHU LQ GLH gGHYRUEHUDQJU|HUHQ*HELHWHQYRQ7UHLEJXWGLH VLFKZLHVWHLQHUQH)OVVHGXUFKGHQ5DXPZDQGHQ DQYHUJOKWHQ'XQNHOVWHUQHQYRUEHL 6FKOLHOLFK ZDU HV VRZHLW +XOO %XUUHO GHXWHWH DXI HLQHQ NOHLQHQ KHOORUDQJHIDUEHQHQ 6WHUQ ZHLW YRULKQHQª'DVLVWVLHGLH6RQQH$DUV:LUZHUGHQ MHW]WYHUGXQNHOQ'LH1DYLJDWLRQYRQQXQDQGUIWH ]LHPOLFKNQLIÁLJZHUGHQ© *RUGRQEHIDQGVLFKQLFKW]XPHUVWHQPDODXIHLQHP 3KDQWRPVFKLIIXQGZDUDXIGHQ9HUGXQNOXQJVHIIHNW YRUEHUHLWHW 'LH *HQHUDWRUHQ KDWWHQ HLQHQ (QHUJLHVFKLUPXPGDV6FKLIIJHOHJWGHUMHGHQ/LFKW RGHU 5DGDUVWUDKO GHU GDUDXI WUDI JOHLFKHUPDHQ DEOHQNWH 'DV 3KDQWRPVFKLII ZDU VRZRKO IU GDV $XJH DOV DXFK GDV 5DGDU YROONRPPHQ XQVLFKWEDU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH JHZRUGHQ $OOHUGLQJV YHUPRFKWHQ DXFK GLH 0lQQHU DQ%RUGQLFKWVYRQGHU$XHQZHOWZDKU]XQHKPHQ 'LH1DYLJDWLRQPXWHQXQPLW+LOIHHLQHVVSH]LHOOHQ 6XSVSHNWUXPUDGDUVYRUJHQRPPHQZHUGHQDQ+DQG GHVVHQ GDV 6FKLII ODQJVDP VHLQHQ :HJ HUWDVWHQ NRQQWH ,QGHQIROJHQGHQ6WXQGHQHUVFKLHQHV*RUGRQQLFKW DQGHUVDOVEHIlQGHHUVLFKLQHLQHP8QWHUVHHERRWGHV ]ZDQ]LJVWHQ -DKUKXQGHUWV GDV VHLQHQ :HJ GXUFK GLH0HHUHVWLHIHQVXFKWH(VZDUGDVJOHLFKH*HIKO YRQ%OLQGKHLWXQG+LOÁRVLJNHLWGLHJOHLFKH$QJVWYRU HLQHP =XVDPPHQVWR ² LQ GLHVHP )DOO PLW HLQHP 6WFN 7UHLEJXW GDV GDV 5DGDU QLFKW HUIDWH XQG GHU JOHLFKH K\VWHULVFKH :XQVFK GDV 6RQQHQOLFKW ZLHGHU]XVHKHQ'LHVH$QVSDQQXQJZlKUWH6WXQGHQ $XI+XOO%XUUHOV6WLUQVWDQGGHU6FKZHLLQGLFNHQ 7URSIHQ ZlKUHQG HU GDV NOHLQH 6FKLII QlKHU DQ GHQ HLQ]LJHQ 3ODQHWHQ GHV RUDQJHIDUELJHQ 6WHUQV PDQ|YULHUWH 6FKOLHOLFKJDE+XOOHLQHQ%HIHKOXQGGDV6FKLII VWDQG VWLOO ª:LU PWHQ MHW]W EHU GHU 2EHUÁlFKH $DUVVHLQ©VDJWHHUKHLVHUª$EHUGDVLVWDOOHVZRIU LFK JDUDQWLHUHQ NDQQ ,FK KRIIH ZLU NRPPHQ QLFKW JHUDGH EHU GHQ .|SIHQ XQVHUHU )HLQGH DXV GHU 9HUGXQNHOXQJ© *RUGRQ ]XFNWH GLH 6FKXOWHUQ ª-RQ 2OOHQ ZDU GHU $QVLFKW GD GLHVH :HOW KDXSWVlFKOLFK DXV :LOGQLV EHVWHKW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª,FKKHJHHLQHEHVRQGHUH9RUOLHEHIU2SWLPLVWHQ GLHNHLQHGLUHNWH9HUDQWZRUWXQJKDEHQ©NQXUUWHGHU $QWDULHUª$EHUJXW9HUGXQNOXQJDXV© 'DV %UXPPHQ GHU *HQHUDWRUHQ YHUVWXPPWH $XJHQEOLFNOLFK GUDQJ KHOOHV RUDQJHIDUELJHV /LFKW GXUFKGLH6LFKWVFKLUPHLQGHQ.RQWUROOUDPª9HU]HLKW PLU2SWLPLVWHQ©HQWVFKXOGLJWHVLFK+XOOª(VN|QQWH QLFKWEHVVHUEHUHFKQHWVHLQ© 'DV NOHLQH 6FKLII VFKZHEWH NQDSS EHU GHQ :LSIHOQHLQHVVFKLHUHQGORVHQ:DOGHVGHVVHQKRKH QXUEHGLQJWEDXPlKQOLFKH3ÁDQ]HQ*RUGRQDQ7H\Q HULQQHUWHQ8QZLOONUOLFKVFKDXGHUWHHU 'DV 3KDQWRPVFKLII ÀHO LQ GLH JUQH ZRJHQGH 0DVVH KLQDE XQG ODQGHWH LQPLWWHQ GHU JUQHQ 6WlPPHDXIGHPZHLFKHQ%RGHQ5XQGXPZXFKHUWH NXSIHUIDUEHQHV%XVFKZHUNPLWVFKZDU]HQ)UFKWHQ *RUGRQ GHU IDV]LQLHUW KLQDXVEOLFNWH ULHI SO|W]OLFK ª'DLVWHWZDV© 'HU$QWDULHUVSUDQJDQVHLQH6HLWHª:DV"© ª(V LVW VFKRQ ZLHGHU YHUVFKZXQGHQ© PXUPHOWH *RUGRQª(VZDULUJHQGHWZDV]LHPOLFK.OHLQHV© ª0DQ YHUVXFKWH IUKHU $DU ]X NRORQLVLHUHQ© HU NOlUWH+XOOª$EHUGLH6LHGOHUZXUGHQGXUFKGLHJH IlKUOLFKHQ8PZHOWEHGLQJXQJHQYHUWULHEHQ9LHOOHLFKW ZDUGLHVHV7LHUHLQHGDYRQ© ª'D]XZDUHVYLHO]XNOHLQ©]ZHLIHOWH*RUGRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª7URW]GHP ZHUGHQ ZLU XQV EHVVHU HUVW HLQPDO XPVHKHQ HKH ZLU XQV LQ GLH :lOGHU ZDJHQ© HQWVFKLHG GHU $QWDULHU ª9DUUHQ 6LH NRPPHQ PLW PLU9ROOH%HZDIIQXQJ© *RUGRQVFKWWHOWHGHQ.RSIª,FKZHUGHPLW9DUUHQ JHKHQ (LQHU PX KLHUEOHLEHQ XP XQVHUH 0LVVLRQ ]X(QGH]XIKUHQIDOOVGHPDQGHUHQHWZDV]XVW|W 8QG LP *HJHQVDW] ]X PLU YHUVWHKVW GX HWZDV YRQ 1DYLJDWLRQ© $OV*RUGRQXQG9DUUHQGDV6FKLIIYHUOLHHQWUXJHQ VLH ]XP 6FKXW] 5DXPDQ]JH 'LH 3LVWROHQ KLHOWHQ VLH VFKXEHUHLW *RUGRQ EOLFNWH VLFK XQVLFKHU XP ª,FKJODXEHGRUWGUEHQZDUHV©ZDQGWHHUVLFKDQ 9DUUHQ (U VFKULWW DXI HLQH GHU PlFKWLJHQ 3ÁDQ]HQ ]XXQGEOLFNWHDQLKUHPSRUhEHUUDVFKWEOLQ]HOWHHU ,QHWZDHOI0HWHU+|KHEHIDQGVLFKLQHLQHU*DEHOXQJ HLQ VHOWVDPHV *HELOGH ² HLQ .lVWFKHQ DXV IHVWHP +RO]PLWHLQHU7U ª,FK ZHUGH KLQDXINOHWWHUQ XQG PLU GLH 6DFKH DQVHKHQ© ZDQGWH HU VLFK DQ GHQ QLFKW ZHQLJHU YHUEOIIWHQ 9DUUHQ ª:HQQ VLFK GDV GDULQ EHÀQGHW ZDVLFK]XVHKHQJODXEWHZLUGHVNDXPJHIlKUOLFK VHLQ:HQQQLFKW²JHEHQ6LHPLU)HXHUVFKXW]© 0LW GHP $Q]XJ ZDU GLH .OHWWHUHL HLQH ZDKUH 7RUWXU$EHUHUVFKDIIWHHV(UGUFNWHOHLFKWJHJHQ GLHZLQ]LJH7U(LQVFKZDFKHV6FKQDSSHQHUW|QWH DOV GHU 5LHJHO LQQHQ EUDFK (U GUFNWH HUQHXW XQG VSUWHHLQHQ:LGHUVWDQG(WZDVVWHPPWHVLFKLQQHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH JHJHQ GLH NOHLQH 7U 'DQQ EUDFK GHU :LGHUVWDQG XQG *RUGRQ VWDUUWH LQV ,QQHUH $OV VHLQH $XJHQ VLFKDQGLH'XQNHOKHLWJHZ|KQWKDWWHQVDKHU]ZHL :HVHQ GLH IXUFKWHUIOOW DQ GHU JHJHQEHUOLHJHQGHQ :DQG NDXHUWHQ 6LH ZDUHQ HWZD GUHLLJ =HQWLPHWHU JUR XQG VDKHQ DXV ZLH 0LQLDWXUPHQVFKHQ ² HLQ 0DQQXQGHLQH)UDXEHLGHQDFNW'HU0DQQVDJWH VFKOLHOLFK HWZDV PLW SLHSVLJHU NDXP K|UEDUHU 6WLPPH DEHU LQ HLQHU 6SUDFKH GLH *RUGRQ QLFKW NDQQWH (U NOHWWHUWH ZLHGHU KLQXQWHU XQG EDW 9DUUHQ ª6WHLJHQ 6LH KLQDXI 9LHOOHLFKW YHUVWHKHQ 6LH LKUH 6SUDFKH© ª,KUH ZDV"© IUDJWH 9DUUHQ YHUEOIIW (U EOLFNWH *RUGRQDQDOV]ZHLÁHHUDQVHLQHP9HUVWDQGDEHUHU NOHWWHUWHKRFK$OVHUQDFKOlQJHUHU=HLWZLHGHUNDP ZDUHUVLFKWOLFKHUVFKWWHUW ª,FK NRQQWH VLH YHUVWHKHQ© PXUPHOWH HU ª,FK XQWHUKLHOW PLFK PLW LKQHQ 9RU HLQ SDDU WDXVHQG -DKUHQZDUHQVLHXQVHUHHLJHQHQ/HXWHJHZHVHQ© *RUGRQVWDUUWHLKQXQJOlXELJDQª'LHVHZLQ]LJHQ :HVHQ"$EHU«© ª'LH6LHGOHU©HUNOlUWH9DUUHQªKDEHQGDPDOVQLFKW DOOH GHQ 3ODQHWHQ ZLHGHU YHUODVVHQ 6LH ÀHOHQ GHQ 8PZHOWEHGLQJXQJHQ ]XP 2SIHU ² HLQ FKHPLVFKHU %HVWDQGWHLO HQWZHGHU LP :DVVHU RGHU LQ GHU /XIW GHU RIIHQEDU EHZLUNWH GD GHU PHQVFKOLFKH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH .|USHUPLWMHGHU*HQHUDWLRQNOHLQHUZXUGH©9DUUHQ VFKWWHOWH GHQ .RSI ª$UPH 7HXIHO 6LH ZXWHQ QLFKWVGDUEHUDEHULFKNRQQWHHVPLUDXVGHQSDDU %UXFKVWFNHQ YRQ /HJHQGHQ ]XVDPPHQUHLPHQ GLH VLHPLUHU]lKOWHQ© *RUGRQIU|VWHOWH'LH6WHUQHEDUJHQ6FK|QKHLWXQG :XQGHUDEHUDXFKGDV(QWVHW]HQ ª(LQHV KDEH LFK KHUDXVJHIXQGHQ© IJWH 9DUUHQ KLQ]X ª6LH IUFKWHQ VLFK VFKUHFNOLFK YRU HWZDV GD GUDXHQLP:HVWHQ0HKUGDUEHUNRQQWHLFKMHGRFK QLFKWHUIDKUHQ© ª'DVSDW©EUXPPWH+XOODOVVLHLP6FKLII]XUFN ZDUHQª:LUKDEHQGLH*HJHQGPLW6XEVSHNWUXPUDGDU DEJHWDVWHW XQG HV ]HLJWH HLQGHXWLJ JURH 0HWDOONRQVWUXNWLRQHQ PHKUHUH KXQGHUW .LORPHWHU LP:HVWHQDQ'RUWPVVHQZLUGHPQDFKKLQ$EHU ]X)XVFKDIIHQZLUHVQLH:LUZHUGHQDXIGLH1DFKW ZDUWHQ XQG GDV 6FKLII QlKHU KHUDQEULQJHQ :HQQ ZLUXQVGLFKWEHUGHQ%lXPHQKDOWHQHQWGHFNWLKU 5DGDUXQVYLHOOHLFKWQLFKW© 'LH 1DFKW DXI $DU ZDU GXQNHO GD GLHVH :HOW NHLQHQ0RQGEHVD'DV6FKLIIJOLWWNQDSSEHUGHQ :LSIHOQ GDKLQ *RUGRQ VWDQG VFKZHLJHQG YRU GHQ 6LFKWVFKLUPHQ (U ZROOWH ]XP 6SUHFKHQ DQVHW]HQ DOV +XOO VDJWH ª,FK KDEH HV JHVHKHQ :LU ZHUGHQ ODQGHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQ WUDW DQV 7HOHVNRS (U VDK GD GLH PHWDOOHQHQ *HELOGH GLH HU HQWGHFNW KDWWH GLH *HElXGHHLQHU6WDGWZDUHQ$EHUNHLQ/LFKWEUDQQWH XQGGHU:DOGZDULP/DXIGHU=HLWLQVLHHLQJHGUXQJHQ XQGKDWWHJDQ]H6WUDHQEHUZXFKHUW2KQH=ZHLIHO ZDUGLHVHLQ=HQWUXPMHQHUVRWUDJLVFKYHUODXIHQHQ .RORQLVDWLRQYRUYLHOHQ-DKUWDXVHQGHQJHZHVHQ 'RFK HU EHPHUNWH HQWIHUQWHV /LFKW MHQVHLWV GHU 6WDGW(VEHOHXFKWHWHIQI6WHUQHQVFKLIIHGLHMHGRFK QLFKW YLHO JU|HU DOV LKU 3KDQWRPDXINOlUHU ZDUHQ (LQHVYRQLKQHQKDWWHHLQHVHKUXQJHZ|KQOLFKH)RUP (UZROOWH%XUUHOGDUDXIDXIPHUNVDPPDFKHQDOVHU IHVWVWHOOWH GD LKU 6FKLII LPPHU QRFK YRUZlUWVJOLWW XQGQRFKQLFKW]XU/DQGXQJDQJHVHW]WKDWWH ª:LH ZHLW ÁLHJVW GX QRFK KHUDQ +XOO"© ULHI HU ª:LOOVWGXHWZDYRULKUHU+DXVWUODQGHQ"© 'HU $QWDULHU JDE NHLQH $QWZRUW *RUGRQ ]RJ LKQ DP $UP 0LW HLQHU NXU]HQ %HZHJXQJ VHLQHV (OOERJHQVVWLH%XUUHOLKQ]X%RGHQ$EHULQGLHVHP $XJHQEOLFN KDWWH *RUGRQ VHLQ *HVLFKW JHVHKHQ (V ZDUVWDUUVWHLQHUQGLH$XJHQEOLFNORV *RUGRQ KDQGHOWH EOLW]DUWLJ (U VSUDQJ DXI ZDUI VLFK DXI GHQ $QWDULHU XQG YHUVXFKWH LKQ YRQ GHQ .RQWUROOHQ ZHJ]XUHLHQ $EHU +XOO NODPPHUWH VLFK GDUDQ XQG ]RJ VLH PLW 'DV 6FKLII VWDQG SO|W]OLFK .RSIXQGWDXFKWHVWHLOQDFKXQWHQ 'LHPHWDOOHQH:DQGNDPDXI*RUGRQ]X(UIKOWH GHQ$XISUDOOXQGGDQQYHUOLHHQLKQGLH6LQQH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

,QGHU'XQNHOKHLWK|UWH*RUGRQGLH6WLPPHHLQHV 7RWHQª6RVLHKWHUDOVRDXV©VDJWHVLH :HVVHQ 6WLPPH ZDU HV QXU" *RUGRQV VFKPHU]JHSHLQLJWHV *HKLUQ ZROOWH VLFK QLFKW HULQQHUQ:LHVRZXWHHUDEHUGDVLHHLQHP7RWHQ JHK|UWH"(UVWUHQJWHVLFKDQTXlOWHVLFK(UPXWH GLH$XJHQ|IIQHQXPGHQ0DQQ]XVHKHQGHUQRFK ]XVSUHFKHQYHUPRFKWHQDFKGHPHUOlQJVWJHVWRUEHQ ZDU$EHUGHU6FKPHU]EHUZlOWLJWHLKQHUQHXWXQG HUVDQNLQJQlGLJH%HZXWORVLJNHLW]XUFN $OV HU VFKOLHOLFK HUZDFKWH ZDU HU VLFKHU GD HU GLH lUJVWHQ .RSIVFKPHU]HQ VHLW $QEHJLQQ GHU JDODNWLVFKHQ*HVFKLFKWHKDWWH'RFKMHW]WNRQQWHHU GLH $XJHQ |IIQHQ (U EHIDQG VLFK LQ HLQHP NOHLQHQ PHWDOOHQHQ5DXPPLWHLQHP*LWWHUIHQVWHU1LFKWZHLW YRQLKPODJ+XOO%XUUHOZLHHLQ7RWHUKLQJHVWUHFNW 0LWVFKPHU]YHU]HUUWHP*HVLFKWWDXPHOWHHU]XLKP XQGVFKWWHOWHLKQOHLFKWª+XOO©ULHIHU3O|W]OLFKNDP /HEHQLQGLHEHZHJXQJVORVH*HVWDOW+XOOVSUDQJDXI XQG VWLH *RUGRQ YRQ VLFK 'RFK GDQQ ZXUGH VHLQ %OLFN NODUHU %HQRPPHQ VWDUUWH HU GHQ )UHXQG DQ ª:DV]XP7HXIHOLVWPLWPLUORV"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª'X KDVW HLQHQ 6FKODJ EHNRPPHQ© HUNOlUWH LKP *RUGRQ ª1LFKW PLW HLQHP 3UJHO VRQGHUQ PLW PHQWDOHU .UDIW (WZDV KDWWH GHLQHQ *HLVW EHUQRPPHQ DOV ZLU XQV GHU YHUODVVHQHQ 6WDGW QlKHUWHQ© ª,FKNDQQPLFKDEVROXWQLFKWHULQQHUQ©PXUPHOWH +XOOª:RVLQGZLU"6LHKWDXVZLHHLQ*HIlQJQLV© ª:LUGZRKODXFKHLQHVVHLQ©PHLQWH*RUGRQª$EHU LFK IUDJH PLFK ZHU XQV KLHUKHUJHVFKOHSSW KDW =ZHLIHOORV EHÀQGHW VLFK ]XPLQGHVW HLQ 0DJHOODQHU XQWHULKQHQ:LH,GLRWHQVLQGZLULKQHQLQGLH)DOOH JHJDQJHQ«© ª9DUUHQ.DQR5DQQ©ULHI+XOOSO|W]OLFKª:RVHLG LKU"©.HLQHUGHU*HQDQQWHQDQWZRUWHWH ª:R LPPHU VLH DXFK VLQG© EUXPPWH +XOO ªLQ +|UZHLWHMHGHQIDOOVQLFKW:DVPDFKHQZLUMHW]W"© ª:DUWHQ©HUZLGHUWH*RUGRQODNRQLVFK 1DFK HWZD HLQHU 6WXQGH |IIQHWH HLQ MXQJHU 0DQQ LQ VFKZDU]HU 8QLIRUP DXI GHU HLQH VLOEHUQH $[W DOV ,QVLJQLH ]X VHKHQ ZDU GLH 7U =ZHL :DFKHQ VWDQGHQ KLQWHU LKP ª.RPPHQ 6LH PLW© EHIDKO HU ª*UDI&U\YHUHUZDUWHW6LH© 0DQ EUDFKWH VLH LQ HLQ *HElXGH GDV ZLH HLQ 9HUZDOWXQJV]HQWUXPDXVVDK,QHLQHPGVWHUHQ6DDO VD GHU *UDI DQ HLQHP 7LVFK XQG WUDQN DXV HLQHP %HFKHU(UEOLFNWH*RUGRQDPVLHUWHQWJHJHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª$XI 7H\Q KDEHQ 6LH MD HLQHQ ]LHPOLFKHQ :LUEHO JHPDFKW $EHU KLHU NRPPHQ 6LH XQV QLFKW PHKU DXV©HUNOlUWHHU(UQDKPHLQHQWLHIHQ6FKOXFNª(LQ JXWHU 5DW 7UDXHQ 6LH QLH HLQHP )HLJOLQJ ² ZLH -RQ 2OOHQEHLVSLHOVZHLVH© ª,FK KDEH HV PLU GRFK JOHLFK JHGDFKW© PXUPHOWH *RUGRQª2OOHQLVWDOVRHLQHUGHU,KUHQXQGVROOWHXQV KLHUKHUORFNHQ© 9HUPXWOLFK KDWWH GHU WHOHSDWKLVFKH )UHPGHGHU.RUNKDQQVREHOPLWJHVSLHOWKDWWHVLFK DXIVHLQHP6FKLIIDXIJHKDOWHQ'DVHUNOlUWHYLHOHV +XOO %XUUHO IUDJWH VFKURII ª:R VLQG PHLQH 0lQQHU"© &\Q &U\YHU OlFKHOWH ª6LH ZDUHQ QXW]ORV IU XQV JHQDX ZLH HXHU 6FKLII GHVKDOE KDEHQ ZLU VLH YHUQLFKWHW (LQ 6FKLFNVDO GDV DXFK HXFK EOKW VREDOGZLUPLWHXFKIHUWLJVLQG© +XOOEDOOWHGLH)lXVWH(VVDKDXVDOVZROOWHHUVLFK DXIGHQ*UDIHQVWU]HQGRFKGLHEHLGHQ:DFKHQPLW GHQ 6WUDKOHUQ PDFKWHQ GURKHQG HLQHQ 6FKULWW DXI LKQ]X ª0DQZLUGHXFKVSlWHUEHUSUIHQ©VDJWH&U\YHU ª,KU VHLG QXU GHVKDOE KLHUKHUJHEUDFKW ZRUGHQ ZHLO HXFKHLQDOWHU)UHXQGVHKHQP|FKWH6DJLKPGD VLHKLHUVLQG%DUG© (LQHUGHU0lQQHUYHUVFKZDQGGXUFKHLQH7ULP +LQWHUJUXQGGHV6DDOHV*RUGRQIKOWHZLHVLFKLKP

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GLH 1DFNHQKDDUH DXIVWHOOWHQ (U JODXEWH ]X ZLVVHQ ZDVQXQNDP (U LUUWH VLFK 1LFKW GLH JHIUFKWHWH YHUPXPPWH *HVWDOW NDP KHUHLQ VRQGHUQ HLQ EUHLWVFKXOWULJHU KRFKJHZDFKVHQHU 0DQQ PLW VFKZDU]HP +DDU XQG VFKDUIHQ $XJHQ (U EOLHE YRU LKQHQ VWHKHQ XQG OlFKHOWH ª*URHU*RWW©HQWIXKUHV%XUUHOª6KRUU.DQ© ª1HLQ©ZLGHUVSUDFK*RUGRQª6LHKDEHQLKQQXUVR ]XUHFKWJHPDFKW DXV ZHOFKHP *UXQG DXFK LPPHU ,FKVHOEVWKDEH6KRUU.DQVWHUEHQJHVHKHQ© 'HU 0DQQ GHU GHP WRWHQ +HUUVFKHU GHU /LJD VR lKQOLFK VDK ODFKWH ª6LH KDEHQ JHGDFKW 6LH VlKHQ PLFK VWHUEHQ *RUGRQ 1XQ LFK PX ]XJHEHQ ZLU KDEHQ HLQH JXWH 6FKDX DEJH]RJHQ REZRKO ZLU VLH XQV LQ DOOHU (LOH KDWWHQ HLQIDOOHQ ODVVHQ XQG XQV NHLQH=HLWIU3UREHQEOLHE© (V ZDU ]ZHLIHOORV GLH 6WLPPH 6KRUU .DQV XQG HV ZDU DXFK GLH 6WLPPH GHVMHQLJHQ GHU LQ GHU 'XQNHOKHLWGHV*HIlQJQLVVHVJHVDJWKDWWHª6RVLHKW HUDOVRDXV© (U WUDW QlKHU XQG VDJWH HUQVWKDIW ZLH HLQHU GHU HLQHP )UHXQG HWZDV HUNOlUW ª6LH KDEHQ PLFK LQ HLQH YHUGDPPW PLOLFKH /DJH JHEUDFKW (ULQQHUQ 6LH VLFK" ,KU YHUGDPPWHU 'LVUXSWRU KDWWH XQVHUH )ORWWHQYHUQLFKWHWXQG6LHZDUHQDXIGHP:HJLQGLH 'XQNHOZHOWHQ 0HLQH JHWUHXHQ 8QWHUWDQHQ KDWWHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GDYRQ :LQG EHNRPPHQ XQG UHEHOOLHUWHQ DXI GHQ 6WUDHQ(VJLQJXPPHLQHP.RSI,FKPXWHUDVFK KDQGHOQ©(UJULQVWH ª$EHU 6KRUU .DQV /HLFKH ZXUGH GRFK LQ GHQ 7UPPHUQ GHV 3DODVWV JHIXQGHQ© ZHLJHUWH *RUGRQ VLFKLPPHUQRFK]XJODXEHQ 6KRUU .DQ ]XFNWH GLH 6FKXOWHUQ ª(LQ WRWHU $XIVWlQGLVFKHUGHU]XIlOOLJPHLQH6WDWXUKDWWHXQG GHPPHLQH8QLIRUPPLWGHQ2UGHQSDWH:LUVRUJWHQ GDIU GD QLFKW DOO]XYLHO HUNHQQEDU DQ LKP EOLHE GDHUDEHUDQGHUHUVHLWVDXFKQLFKWY|OOLJYHUNRKOWH QDFKGHP ZLU GHQ 3DODVW DQJH]QGHW KDWWHQ ² ZDV PDQEULJHQVIlOVFKOLFKHUZHLVHGHQ5HEHOOHQLQGLH 6FKXKHVFKRE²XQGVFKOHXQLJVWYHUVFKZDQGHQ© *RUGRQ PXWH LKP QXQ ZRKO JODXEHQ ª8QG VHLW GDPDOVKDEHQ6LHVLFKLQGHUgGHYHUNURFKHQ"© ª6DJHQ ZLU OLHEHU LFK PDFKH KLHU HLQHQ %HVXFK EHL PHLQHQ OLHEHQ DOWHQ )UHXQGHQ ]X GHQHQ LFK LQ HUVWHU/LQLH*UDI&\Q&U\YHU]lKOH©HUZLGHUWH6KRUU .DQª$OVLFKHUIXKUGD6LHZLHGHUKLHUVLQG²GHU -RKQ*RUGRQGHQLFKLQVHLQHUHLJHQHQ*HVWDOWQLH JHVHKHQKDEHDEHUGHQLFKVRJXWNDQQWH²QXQGD PXWHLFK6LHJDQ]HLQIDFKEHJUHQXPGHUDOWHQ =HLWHQZLOOHQ© 'LH EHLVSLHOORVH 8QYHUVFKlPWKHLW GHV 0DQQHV XQG VHLQ =\QLVPXV ² VLH KDWWHQ VLFK QLFKW YHUlQGHUW =ZLVFKHQ ]XVDPPHQJHSUHWHQ =lKQHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VDJWH *RUGRQ ª(V IUHXW PLFK GD 6LH ,KUHQ +DOV KHLO DXV GHU 6FKOLQJH JH]RJHQ KDEHQ ² REZRKO HV QDWUOLFK HLQ JHZLVVHU 5FNVFKULWW LVW DOV HLQVWLJHU +HUU GHU /LJD QXQ DQ GHQ 5RFNVFK|HQ HLQHV &\Q &U\YHU ]X KlQJHQ 'RFK LPPHUKLQ LVW HV GHP 7RG YRU]X]LHKHQ© 6KRUU .DQ ODFKWH HKUOLFK YHUJQJW ª+DVW GX GDV JHK|UW &\Q" 9HUVWHKVW GX QXQ GD LFK GLHVHQ %XUVFKHQEHZXQGHUH"(UKDWEHUHLWVGLH3LVWROHLP *HQLFN XQG YHUVXFKW QRFK PLFK DXI HLQH $UW ]X WUHIIHQGLHE|VHV%OXW]ZLVFKHQGLUXQGPLUPDFKHQ N|QQWH© ª6LHLKQGLUDQ+XOO©VDJWH*RUGRQVS|WWLVFKª(U LVWQLFKWXQWHU]XNULHJHQ(LQVWZDUHUGHU+HUUGHV 'XQNHOUHLFKV XQG EHLQDKH (UREHUHU GHV JHVDPWHQ ,PSHULXPV XQG WURW]GHP ² REZRKO HU QXQ GD]X YHUGDPPWLVWVHLQ/HEHQLQGHUgGH]XIULVWHQXQG PLW DUPVHOLJHQ (LQZHOWJUDIHQ VFKPXW]LJH 3OlQH DXV]XKHFNHQ ² KDW HU VLFK VHLQ VRQQLJHV *HPW EHZDKUW© 6KRUU.DQJULQVWHDEHU&U\YHUHUKREVLFKXQGWUDW QDKH DQ *RUGRQ KHUDQ 2IIHQHU +D IXQNHOWH DXV VHLQHQ$XJHQª*HQXJGDYRQ©EUOOWHHUª6KRUUGX KDVWGHLQHQDOWHQ)HLQGJHVHKHQGDPLWLVWGLH6DFKH HUOHGLJW .HWWH VLH MHW]W DQ GLH 6lXOHQ %DUG /RUG 6XVXUU ZLUG DP $EHQG NRPPHQ XQG LKUHP *HLVW DOOHV:LVVHQVZHUWHHQWQHKPHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH :DV GDQQ QRFK EULJ LVW PDJ GD GUDXHQ YHUIDXOHQ© ª'LHVHU/RUG6XVXUU©IUDJWH*RUGRQªLVWZRKOHLQHU HXUHU JHKHLPQLVYROOHQ 9HUEQGHWHQ YRQ 0DJHOODQ" :LH GHU HLQH GHQ ZLU VR HQWWlXVFKHQ PXWHQ DOV ZLUHXFKDXI7H\QEHUOLVWHWHQ© &\Q &U\YHU OlFKHOWH JULPPLJ DOV +XOO %XUUHO XQG *RUGRQ DQ ]ZHL GHU YHU]LHUWHQ VFKODQNHQ 0HWDOOVlXOHQ JHNHWWHW ZXUGHQ GLH LQ ]ZHL 5HLKHQ GXUFKGHQJDQ]HQ6DDOOLHIHQ ª6HOEVW IU 6LH© VDJWH &\Q &U\YHU ªHPSIDQG LFK QRFKLPPHUHLQH6SXU0LWOHLGLQ$QEHWUDFKWGHVVHQ ZDV,KQHQEHYRUVWHKW$EHUQLFKWOlQJHU©(UGUHKWH *RUGRQGHQ5FNHQXQGEHIDKOGHPMXQJHQ2IÀ]LHU ª%HZDFKHVLHELV/RUG6XVXUUNRPPW(VZLUGHLQLJH 6WXQGHQGDXHUQGHQQGHU/RUGOLHEWGDV6RQQHQOLFKW QLFKW© 6KRUU.DQOlFKHOWHVLHYHUJQJWDQª1XQ)UHXQGH LFKIUFKWHMHW]WKHLWHV$EVFKLHGQHKPHQ:LHLFK HXFK NHQQH ZHUGHW LKU GHP 7RG WDSIHU LQV $XJH VHKHQ,FKKDEHVFKRQLPPHUJHVDJW6WLUEZLHHLQ 0DQQ ZHQQ GHU 7RG VLFK NHLQ 6FKQLSSFKHQ PHKU VFKODJHQOlW·© +XOO ÁXFKWH ODXWKDOV 6KRUU .DQ ZDQGWH VLFK DE XQGYHUOLHPLW&\Q&U\YHUGHQ6DDO%DUGGHUMXQJH 2IÀ]LHUEOLHEPLWGHQEHLGHQ:DFKHQ]XUFN

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª'LHVHUYHUGDPPWH)XFKV©NQXUUWH+XOOMHW]Wª'LH JDQ]HQ -DKUH KDW GLH JHVDPWH *DOD[LV LKQ IU WRW JHKDOWHQ XQG QXQ WDXFKW HU ZLHGHU DXI XQG ODFKW VLFKNUXPPEHUXQV© ª8QG ZHQQ VFKRQ© PXUPHOWH *RUGRQ ª:HVHQWOLFKHULVWZDVJHVFKHKHQZLUGZHQQGLHVHU /RUG6XVXUUHUVFKHLQW© ª:DVZLUGHUPLWXQVPDFKHQ"©IUDJWH+XOO ª1XQPDQN|QQWHHVDOVHLQH$UWJHLVWLJH9LYLVHNWLRQ EH]HLFKQHQ(UZLUGVLFKDXVXQVHUHP*HKLUQDOOHV DQ ,QIRUPDWLRQHQ KHUDXVKROHQ ZDV HU EUDXFKW hEULJEOHLEHQZHUGHQOHGLJOLFK]ZHLJHLVWORVH:UDFNV GLHPDQVSlWHUDXVGHP:HJUlXPHQZLUG© +XOOVFKWWHOWHVLFK1DFKHLQHU:HLOHVDJWHHUPLW WLHIHP+DLQGHU6WLPPHª(VZXQGHUWPLFKQLFKW GD%UHQQ%LUGDPDOVGLH0DJHOODQHUVRJQDGHQORV YHUQLFKWHWH© 'DQQVSUDFKHQVLHQLFKWVPHKUGHQQHVJDEQLFKWV PHKU ]X VDJHQ *RUGRQ SUHWH VLFK DQ GLH 6lXOH XP GHQ 'UXFN GHU .HWWHQ ]X PLOGHUQ 'LH :DFKHQ VFKDUUWHQDP(LQJDQJXQUXKLJPLWGHQ)HQXQG ZDUIHQ KLQ XQG ZLHGHU HLQHQ %OLFN DXI GLH EHLGHQ *HIDQJHQHQ *RUGRQ YHUQDKP NHLQHUOHL *HUlXVFKH YRQGUDXHQ:DVJLQJKLHUDXIGLHVHU:HOWYRUVLFK" 8P HLQHQ ZLFKWLJHQ 2UW NRQQWH HV VLFK IU &U\YHU XQG GLH DQGHUHQ NDXP KDQGHOQ VRQVW KlWWH LKU 9HUEQGHWHU2OOHQ$DUQLFKWJHQDQQWXQGVLHQLFKW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH KLHUKHUJHORFNW ² GHQQ GD HU HV DEVLFKWOLFK JHWDQ KDWWHGDUDQEHVWDQGNHLQ=ZHLIHO $EHU KDWWH -RQ 2OOHQ KLHU YLHOOHLFKW HLQH )DOOH HUULFKWHW GLH QLFKW QXU IU +XOO XQG *RUGRQ JHGDFKW ZDU VRQGHUQ DXFK IU HLQH JU|HUH )ORWWH GHV ,PSHULXPV" +DWWH -KDO $UQ QLFKW JHVDJW HU ZUGHGUHL*HVFKZDGHUKHUVFKLFNHQIDOOVVLHQLFKW LQQHUKDOE YRQ GUHLLJ 7DJHQ ]XUFN ZlUHQ" 0HLQ *RWW HU XQG +XOO KDWWHQ GHP )HLQG MD JHUDGH]X LQ GLH +lQGH JHDUEHLWHW :DV VROOWH /LDQQD YRQ LKP KDOWHQZHQQVLHGDYRQHUIXKU(UGDFKWHDQVLHXQG GLH$UWXQG:HLVHLKUHV$EVFKLHGV(UYHUVXFKWHGLH *HGDQNHQ ]X YHUVFKHXFKHQ (U ZROOWH EHUKDXSW QLFKWV GHQNHQ $EZHVHQG EHREDFKWHWH HU GDV %OlWWHUPHHUGUDXHQGDVVLFKVDQIWLP:LQGZLHJWH $OOPlKOLFK YHUORUHQ GLH OHXFKWHQGHQ )DUEHQ LKUH .UDIW 'LH :DFKHQ DP (LQJDQJ EOLFNWHQ XQUXKLJ GLH6WUDHHQWODQJ$OVHVGlPPULJHUZXUGHWUDWHQ VLHZHLWHUKLQDXVDOVZROOWHQVLHGHP6DDOQLFKW]X QDKHVHLQZHQQ/RUG6XVXUUNDPXPVLFKPLWGHQ *HIDQJHQHQ]XEHVFKlIWLJHQ ,P ,QQHUQ ZXUGH HV UDVFK GXQNHO VFKQHOOHU DOV GUDXHQ *RUGRQ HUVWDUUWH SO|W]OLFK (WZDV VFKOLFK DXIOHLVHQ6RKOHQDQVLHKHUDQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

*RUGRQ IKOWH ZLH VHLQH +DXW ]ZLVFKHQ GHQ 6FKXOWHUQ SULFNHOWH (U YHUQDKP GDV VFKOHLFKHQGH *HUlXVFK QXQ VHLWZlUWV DOV YHUVXFKH MHPDQG LP 6FKXW] GHU 6lXOHQ ]X GHQ EHLGHQ *HIDQJHQHQ ]X JHODQJHQ 'DQQ KRE VLFK NQDSS YRU LKP JHJHQ GDV OHW]WH VFKZDFKH=ZLHOLFKWGDVGXUFKGHQ(LQJDQJÀHOGDV 3URÀO6KRUU.DQVDE ª+|UW ]X XQG VFKZHLJW XP +LPPHOV ZLOOHQ© ÁVWHUWH HU ª,KU ZHUGHW QRFK VFKOLPPHU DOV WRW VHLQEHYRUGHU0RUJHQNRPPWZHQQLFKHXFKQLFKW KHUDXVKHOIH (V EHVWHKW HLQH &KDQFH GD LFK HV VFKDIIH© ª8QGZHVKDOEVROOWHQ6LH"©IUDJWH*RUGRQOHLVH ª:HLO HU XQV VR VHKU LQV +HU] JHVFKORVVHQ KDW© PXUPHOWH+XOO ª+LPPHO JLE PLU OLHEHU HLQHQ NOXJHQ )HLQG DOV HLQHQ YHUQDJHOWHQ )UHXQG 9HUVWHKW LKU QLFKW LFK KDEH YLHOOHLFKW QXU HLQ SDDU 0LQXWHQ HKH GHU YHUGDPPWH+·KDUQNRPPW© ª+·KDUQ"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª,KU QHQQW VLH 0DJHOODQHU 6XVXUU LVW HLQHU YRQ LKQHQ 8QG ZHQQ HU HUVW GD LVW LVW HV DXV PLW HXFK© 'DV ZDU HWZDV GDV *RUGRQ QLFKW EH]ZHLIHOWH 7URW]GHP IUDJWH HU ª:HQQ GLHVHV :HVHQ HLQ VR IlKLJHU 7HOHSDWK LVW ZHVKDOE ZHL HU GDQQ QLFKW ZDV6LHEHDEVLFKWLJHQ"© (VODJ*HULQJVFKlW]XQJLQ6KRUU.DQV6WLPPHDOV HUDQWZRUWHWHª,KUVFKHLQWGLH+·KDUQIUDOOPlFKWLJ XQG DOOZLVVHQG ]X KDOWHQ 'DV VLQG VLH QLFKW 6LH KDEHQ XQJHKHXUH SDUDSV\FKLVFKH .UlIWH DEHU QXU ZHQQ VLH VLFK DXI HLQ 2EMHNW NRQ]HQWULHUHQ 6LH N|QQHQ LKUH PHQWDOHQ .UlIWH QLFKW DXVEUHLWHQ XQG DOOHV ZDKUQHKPHQ 8QG LQ HLQHU EHVWLPPWHQ (QWIHUQXQJLVWHVGDPLWEHUKDXSWDXV© *RUGRQ ZXWH GDV DXV VHLQHU HLJHQHQ (UIDKUXQJ DXI 7H\Q (U VFKZLHJ 6KRUU .DQ ZDUI HLQHQ XQUXKLJHQ %OLFN DXI GHQ (LQJDQJ XQG IXKU GDQQ KDVWLJ ÁVWHUQG IRUW ª,FK PX PLFK EHHLOHQ +|UW ]X«6HLWGHU1LHGHUODJHGHU/LJDKDEHLFKPLFKKLHU LQGHUgGHYHUVWHFNW,FKELOGHWHPLUHLQLFKN|QQWH GLHVH *HFNHQ YRQ *UDIHQ IUKHU RGHU VSlWHU GD]X EULQJHQ QDFK PHLQHU 3IHLIH ]X WDQ]HQ ² LFK ZROOWH GDVLHVLFKJHJHQVHLWLJLQGLH+DDUHJHULHWHQXQGLFK KlWWHGDQQGLH+HUUVFKDIWLQGHUgGHEHUQRPPHQ 8QGHVZlUHPLUDXFKJHOXQJHQ²DEHUHWZDVPDFKWH PLUHLQHQ6WULFKGXUFKGLH5HFKQXQJ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'LH$JHQWHQGHU+·KDUQNDPHQYRQDXHUKDOEGHU *DOD[LV XQG QDKPHQ PLW &\Q &U\YHU 1DUDWK 7H\Q XQG HLQLJHQ DQGHUHQ .RQWDNW DXI 6LH ZROOHQ VLFK IUGLH1LHGHUODJHUlFKHQGLHVLHYRU-DKUWDXVHQGHQ GXUFK %UHQQ %LU HUOLWWHQ 6LH EUDXFKWHQ ODQJH XP VLFK GDYRQ ]X HUKROHQ 'RFK MHW]W VLQG VLH VWDUN XQG KDEHQ YRU HLQHQ DQGHUHQ :HJ DOV GDPDOV HLQ]XVFKODJHQ© ª:HOFKHQ"© ª,FK ZHL HV QLFKW© HUZLGHUWH 6KRUU .DQ ª,FK JODXEH GDYRQ KDW QLFKW HLQPDO &\Q &U\YHU HLQH $KQXQJ ,FK ZHL QXU GD GLH +·KDUQ GD GUDXHQ LQGHQ0DJHOODQVFKHQ:RONHQHWZDV(QWVFKHLGHQGHV YRUEHUHLWHQHWZDVZRJHJHQXQVHUH*DOD[LVPDFKWORV VHLQZLUG:DVHVDOOHUGLQJVLVWGDYRQKDEHLFKQLFKW GLHOHLVHVWH,GHH -HQH+·KDUQGLHEHUHLWVKLHUVLQGZLH/RUG6XVXUU XQGDQGHUHVLQGQLFKWVZHLWHUDOV$JHQWHQGLHPDQ YRUDXVJHVFKLFNWKDWXP%QGQLVVHPLWGHQ*UDIHQ DE]XVFKOLHHQ XQG GHQ :HJ IU HLQHQ $QJULII ]X HEQHQ6LHKDEHQ&\Q&U\YHUXQGGHQDQGHUHQGLH KDOEH *DOD[LV YHUVSURFKHQ IU LKUH +LOIHOHLVWXQJ 8QG GLH YHUGDPPWHQ 1DUUHQ JODXEHQ VLH ZUGHQ LKU9HUVSUHFKHQKDOWHQ© ª8QG6LHQLFKW"© ª9HUGDPPW *RUGRQ KLHOWHQ 6LH PLFK YLHOOHLFKW GDPDOV DOV ZLU XQV JHJHQEHUVWDQGHQ IU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HLQHQ ,GLRWHQ" 'LH +·KDUQ VLQG XQPHQVFKOLFK VR XQPHQVFKOLFK GD VLH VLFK KWHQ DXFK QXU LKUH ZDKUH*HVWDOW]X]HLJHQXPLKUH9HUEQGHWHQQLFKW ]XHUVFKUHFNHQ1DWUOLFKZHUGHQVLHGLH*UDIHQQXU EHQXW]HQ XQG VLH GDQQ EHLVHLWH VFKDIIHQ ZHQQ VLH HUVWLKU=LHOHUUHLFKWKDEHQ:DVJODXEHQ6LHZLHYLHO LKU9HUVSUHFKHQZHUWLVW"© ª(WZD VRYLHO© PXUPHOWH *RUGRQ ªZLH GDV HLQHV 6KRUU.DQ© 6KRUU.DQODFKWHNXU]DXIª,FKQHKPHDQGDVKDEH LFKYHUGLHQW$EHUZLHGHPDXFKVHLLFKPXPHLQH *HGDQNHQ JXW DEVFKLUPHQ ,Q GHP $XJHQEOLFN GD GLHVHYHUGDPPWHQ)UHPGHQ9HUGDFKWVFK|SIHQXQG LQPHLQHP*HKLUQ]XVW|EHUQDQÀQJHQZlUHHVDXV PLW PLU 'RFK LFK NDQQ GLHVH $EVFKLUPXQJ QLFKW DXI GLH 'DXHU DXIUHFKWHUKDOWHQ ,FK PX YRQ KLHU YHUVFKZLQGHQ$EHUHLQ0DQQDOOHLQNDQQNHLQ6FKLII EHGLHQHQ'UHL0lQQHUN|QQWHQHV'HVKDOEEUDXFKH LFKHXFK©6HLQ)OVWHUQZXUGHGUlQJHQGª*HEWPLU HXHU :RUW GD LKU GDKLQ JHKHQ ZHUGHW ZRKLQ LFK ZLOOZHQQZLUHUVWHLQPDOLP6FKLIIVLQGGDQQ|IIQH LFKMHW]WHXUH.HWWHQ© 'HU $QWDULHU EUXPPWH HWZDV 8QYHUVWlQGOLFKHV *RUGRQ VDJWH ª6LH KDEHQ PHLQ :RUW $EHU QXU VRODQJH6LHQLFKWYHUVXFKHQXQVKHUHLQ]XOHJHQ© 6KRUU.DQKDQWLHUWHPLWHLQHU$UW'LHWULFK]XHUVW DP6FKORYRQ*RUGRQV.HWWH,QGLHVHP$XJHQEOLFN

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HUNODQJHQ JHGlPSIWH 6FKULWWH DXI GHU 6WUDH 9HU]ZHLIHOWVWRFKHUWH6KRUU.DQZHLWHUDP6FKOR (LQH YHUPXPPWH JUDXVFKLPPHUQGH *HVWDOW HUVFKLHQ DP (LQJDQJ 0LW ÁLHHQGHQ %HZHJXQJHQ JOLWWVLHDXIGLH*HIDQJHQHQXQGGHQKLQWHUGHU6lXOH YHUVWHFNWHQ6KRUU.DQ]X(LQHQ$XJHQEOLFNVFKLHQ VLH]X]|JHUQGDQQZDQGWHVLHVLFK*RUGRQ]XXQG HU ZDUWHWH DXI GLH VFKUHFNOLFKH PHQWDOH .UDIW GLH QXQQDFKVHLQHP9HUVWDQGJUHLIHQPXWH ,QGLHVHP$XJHQEOLFNVSUDQJ6KRUU.DQYRUZlUWV XQG KLHE GHP *UDXHQ GHQ 6WUDKOHU DXI GHQ NDSX]HQYHUKOOWHQ6FKlGHO 'HU +·KDUQ WDXPHOWH ]XUFN ]LVFKHQG XQG IDXFKHQG ZlKUHQG 6KRUU .DQ LPPHU ZLHGHU ]XVFKOXJª6RKHOIHQ6LHPLUGRFK*RUGRQ©NHXFKWH HU ,Q (UPDQJHOXQJ HLQHU :DIIH HUJULII *RUGRQ GHQ VFKZHUHQ 0HWDOOVHVVHO GHU DP 7LVFK VWDQG XQG OLH LKQ QDFKGHP HU LKQ PLW 0KH KRFKJHVWHPPW KDWWH DXI GHQ .RSI GHV +·KDUQ KHUDEVDXVHQ 'DV IDXFKHQGH:HVHQJLQJ]X%RGHQ 6FKPHU] EHUÁXWHWH LQ HUGUFNHQGHQ :HOOHQ *RUGRQV*HKLUQ(UWDXPHOWHXQGJLQJLQGLH.QLH $OV GLH 6FKZlU]H YRU VHLQHQ $XJHQ VFKZDQG VDK HU GLH GXQNOHQ 6FKDWWHQ GHU EHLGHQ :DFKHQ GLH YRQ GUDXHQ DXI GHQ (LQJDQJ ]XUDQQWHQ =|JHUQG KLHOWHQVLHGDYRULQQH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª/RUG 6XVXUU"© ULHI HLQHU PLW VFKULOOHU IDVW EHUVFKQDSSHQGHU6WLPPH 6KRUU .DQV 6WUDKOHU ]LVFKWH XQG GLH EHLGHQ 0lQQHUÀHOHQ ª6FKQHOO |IIQHQ 6LH %XUUHOV .HWWH© VDJWH 6KRUU .DQKHLVHUXQGJDE*RUGRQGHQ'LHWULFKHKHHUVLFK EHUGLHOHEORVH*HVWDOWDP%RGHQEHXJWHXQGGHUHQ 8PKDQJ|IIQHWH*RUGRQYHUPRFKWHYRQVHLQHP3ODW] DXVQLFKW]XHUNHQQHQZLHGHU+·KDUQDXVVDKDEHU HUYHUQDKPZLH6KRUUJHUlXVFKYROOGLH/XIWHLQVRJ %XUUHOV 6FKOR VSUDQJ DXI 6KRUU .DQ HLOWH ]X LKQHQ XQG GUlQJWH VLH DXI GHQ KLQWHUHQ 7HLO GHV GXQNOHQ 6DDOV ]X ª+LHU HQWODQJ :LU PVVHQ XQV YHUGDPPWEHHLOHQ© 1DFK NXU]HU =HLW HUUHLFKWHQ VLH GHQ VWLOOHQ 5DXPKDIHQ DXHUKDOE GHU WRWHQ 6WDGW 6KRUU .DQ IKUWHVLH]XHLQHPNOHLQHQ6FKLIIGDVHWZDVDEVHLWV YRQ GHQ DQGHUHQ VWDQG 6HLQ VFKZDU]HU 5XPSI UDJWH YRU LKQHQ DXI XQG *RUGRQ QDKP HUVWDXQW GLH XQJHZ|KQOLFKH )RUP ZDKU :XFKWLJH )OJHO GHUHQJOHLFKHQ HU QRFK QLH JHVHKHQ KDWWH ZXFKVHQ DXVGHQ6HLWHQ ª'DVLVWGDV6FKLIIPLWGHPGLHYLHU+·KDUQ$JHQWHQ LQ XQVHUH *DOD[LV JHNRPPHQ VLQG© HUNOlUWH 6KRUU .DQ XQG IXPPHOWH DQ GHU 6FKOHXVHQYHUULHJHOXQJ ª'UHL JLQJHQ QDFK 7H\Q XQG DQGHUHQ :HOWHQ ZlKUHQG6XVXUUGDV6FKLIIKLHUEHLVLFKEHKLHOW,FK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH KDEH JHK|UW GD HV VFKQHOOHU VHLQ VROO DOV XQVHUH 6FKLIIH :HQQ ZLU GDPLW ÁLHKHQ N|QQHQ ZLUG QLHPDQGXQVHLQKROHQ© $OV VLH GLH =HQWUDOH HUUHLFKWHQ XQG GLH PDWWHQ /LFKWHU LP .RQWUROOUDXP DXIÁDPPWHQ EUXPPWH %XUUHO EHUUDVFKW ª6R HWZDV KDEH LFK QRFK QLH JHVHKHQ(LQLJHGHU$QODJHQVLQGPLUY|OOLJXQNODU« © ª$EHU HLQLJH VLQG ,KQHQ EHNDQQW QLFKW ZDKU"© XQWHUEUDFKLKQ6KRUUXQJHGXOGLJª%HGLHQHQ6LHGLH GLH 6LH NHQQHQ 6FKQHOO 6WDUWHQ 6LH XP +LPPHOV ZLOOHQ© 2EZRKO HU YRQ HLQHU VROFKHQ /HLFKWIHUWLJNHLW HUVFKWWHUW ZDU ]ZlQJWH %XUUHO VLFK VFKOLHOLFK GRFKLQGHQNOHLQHQ3LORWHQVHVVHO 'DV 6FKLII KRE DE $DU VDQN UDVFK KLQWHU LKQHQ ]XUFN ª.XUV"©HUNXQGLJWH%XUUHOVLFK 6KRUU.DQJDELKPGLH'DWHQ ª,FKNDQQQXUEHUGHQ'DXPHQSHLOHQ©NQXUUWH %XUUHO XQG ÁXFKWH ODXWVWDUN EHU GLH Y|OOLJ IUHPGDUWLJHQ ,QVWUXPHQWH ª:UGH PLFK QLFKW ZXQGHUQ ZHQQ ZLU LUJHQGZR PLWWHQ LP 7UHLEJXW ODQGHWHQ© *RUGRQ EHREDFKWHWH GLH 6WHUQH ZlKUHQG GDV 6FKLII YRUZlUWVVFKR ª:LU ÁLHJHQ ]XP lXHUHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 5DQGGHU*DOD[LV©VWHOOWHHUIHVWª:RZHUGHQZLUGHQ .XUVlQGHUQ"© ª1LUJHQGV©HUZLGHUWH6KRUU.DQKDUWª:LUÁLHJHQ JHUDGHDXVZHLWHU© +XOOIXKUKHUXPª:DVKDEHQ6LHYRU"'DGUDXHQ LVWQLFKWVDOVOHHUHULQWHUJDODNWLVFKHU5DXP© ª6LH YHUJHVVHQ HWZDV© HULQQHUWH LKQ 6KRUU .DQ ª'LH 0DJHOODQVFKHQ :RONHQ QlPOLFK ² GLH :HOWHQ GHU+·KDUQ© ª+HLOLJHU%LPELPZDVZROOHQ6LHGHQQGRUW"© 6KRUU .DQ ODFKWH ª,FK KDEH PLU VFKRQ JHGDFKW GD GDV HLQ 6FKRFN IU 6LH VHLQ ZUGH $EHU LFK KDEH ,KU :RUW YHUJHVVHQ 6LH GDV QLFKW ,FK VHKH GLH6DFKHVR'LH+·KDUQEUWHQGDGUDXHQHWZDV DXV XP XQVHUH *DOD[LV ]X HUREHUQ :LU EHJHEHQ XQV DXI (UNXQGXQJVIDKUW XQG ÀQGHQ KHUDXV ZDV VLHEHDEVLFKWLJHQ0LWGLHVHU,QIRUPDWLRQNHKUHQZLU ]XUFNGDPLWGLH6WHUQHQN|QLJHVLFKDXIGHQ$QJULII YRUEHUHLWHQ N|QQHQ 'DV LVW GRFK VFKOLHOLFK GLH 0LVVLRQPLWGHUPDQ6LHEHDXIWUDJWHQLFKWZDKU"© ª$EHU ZHVKDOE VROOWHQ 6LH ,KUHQ +DOV ULVNLHUHQ"© IUDJWH*RUGRQDUJZ|KQLVFK 6KRUU .DQ ]XFNWH GLH 6FKXOWHUQ ª*DQ] HLQIDFK ,FKNRQQWHQLFKWYLHOOlQJHUKLHULQGHUgGHEOHLEHQ RKQHPHLQHQ9HUGDFKWEHUGLH+·KDUQ]XYHUUDWHQ ,FKZlUHHLQWRWHU0DQQJHZHVHQVREDOGGLH*UDXHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HV KHUDXVJHIXQGHQ KlWWHQ $EHU JHQDXVRZHQLJ NRQQWH LFK ]X GHQ 6WHUQHQN|QLJUHLFKHQ ]XUFN ZR PDQ PLFK VRIRUW KlQJHQ ZUGH ZHQQ PDQ IHVWVWHOOWHGDLFKHVWDWVlFKOLFKELQXQGQLFKWPHLQ *HLVW :HQQ LFK MHGRFK PLW HQWVFKHLGHQGHQ 'DWHQ EHUGLH3OlQHGHU+·KDUQ]XUFNNRPPHZLUGPDQ GLH 9HUJDQJHQKHLW EHJUDEHQ XQG PDQ ZLUG PLFK VRJDU DOV +HOGHQ EHWUDFKWHQ ² XQG +HOGHQ KlQJW PDQJHZ|KQOLFKQLFKW,FKZHWWHGDLFKLQHLQHP -DKUZLHGHUDXIHLQHP7KURQVLW]H© :WHQG ZDQGWH +XOO %XUUHO VLFK DQ *RUGRQ ª:ROOHQZLULKQWDWVlFKOLFK1XW]HQDXVGHU7DWVDFKH ]LHKHQ ODVVHQ GD ZLU LKP XQVHU :RUW JHJHEHQ KDEHQ"© *RUGRQ HUZLGHUWH QDFKGHQNOLFK ª-D +XOO 8QG QLFKWQXUGHVKDOEVRQGHUQZHLOHUUHFKWKDWZHQQ HU XQV GDUDQ HULQQHUW GD HLJHQWOLFK JHUDGH GDV XQVHUH0LVVLRQLVW© +XOO %XUUHO ÁXFKWH ODXW ª'X ELVW HLQ 1DUU -RKQ *RUGRQDEHULFKELQGDEHL©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'DV6FKLIIÁRJPLWXQYRUVWHOOEDUHU*HVFKZLQGLJNHLW GXUFK GLH gGH GHV bXHUHQ 5DXPHV hEHUDOO ULQJVXP EHIDQGHQ VLFK 6RQQHQ JUHOO ÁDPPHQGH XQG HUORVFKHQH PLW LKUHQ 3ODQHWHQ XQG 0RQGHQ XQG GHP JHIlKUOLFKHQ 7UHLEJXW GDV VLH XP VLFK VFKDUWHQ *RUGRQ VFKWWHOWH XQJOlXELJ GHQ .RSI ª'X KDVW HVWDWVlFKOLFKJHVFKDIIW+XOO©VWDXQWHHU %XUUHOQLFNWHVHOEVW]XIULHGHQª%LVMHW]WMHGHQIDOOV© VFKUlQNWHHUHLQª$EHUZLHHVZHLWHUJHKHQVROOZHL LFK QLFKW VR UHFKW ,KUH .RQWUROOHQ VLQG PLU ]XP JU|WHQ7HLOLPPHUQRFKHLQ5lWVHO© 6KRUU.DQVWDUUWHDXIGHQ6FKLUPª(VVLHKWDXV DOVEHZHJWHQZLUXQVEHUKDXSWQLFKW© ª'HU 6FKHLQ WUJW© PXUPHOWH +XOO ª:LU VLQG VFKQHOOHUDOVGDV/LFKW© ª,VW GDV GHQQ QLFKW ]X JHIlKUOLFK LQ GLHVHU 6WHUQHQZLOGQLV"© HUNXQGLJWH 6KRUU .DQ VLFK EHVRUJW 'HU$QWDULHUZDQGWHGHQ.RSI6HLQH$XJHQZLUNWHQ IDVWEOLFNORVª*HIlKUOLFK",FKZHLQLFKW«©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQ ZDU SO|W]OLFK EHXQUXKLJW :HQQ VHOEVW GHU WROONKQH 6KRUU .DQ VLFK *HGDQNHQ PDFKWH« ª+XOO©VDJWHHUª:lUHHVQLFKWEHVVHUGXYHUULQJHUVW GLH*HVFKZLQGLJNHLWHLQZHQLJ"© ª+PP© EUXPPWH %XUUHO XQG EHWUDFKWHWH VWLUQUXQ]HOQGGLH.RQWUROOHQª:LHVROOLFK.XUVDXI GLH 0DJHOODQVFKHQ :RONHQ VHW]HQ ZHQQ LFK QLFKW HLQPDOGLH%HGHXWXQJGHU,QVWUXPHQWHNHQQH"© ª:RKLQ"© IUDJWH *RUGRQ YHUEOIIW ª:DV UHGHVW GX GD"© ª$EHU GDV ZDU GRFK DXVJHPDFKW© ZXQGHUWH VLFK QXQ GHU $QWDULHU ª:LU ZROOWHQ VFKOLHOLFK GRUWKLQ DXI(UNXQGXQJVIDKUW© ª0LW GLHVHP ZLQ]LJHQ 6FKLII"© ULHI *RUGRQ ª6DJ PDO+XOO7UlXPVWGXYLHOOHLFKW"© ª=X GHQ 0DJHOODQVFKHQ :RONHQ"© ZDUI QXQ DXFK 6KRUU.DQHLQª'DVLVWGDV+LUQYHUEUDQQWHVWHGDV LFKMHJHK|UWKDEH© ª+LUQYHUEUDQQWKHK"©EUDXVWH%XUUHOZWHQGDXI 6HLQH$XJHQZLUNWHQQXQZLHGHUY|OOLJQRUPDOª6LH ZDUHQHVGRFKGHUHVEHUKDXSWHUVWYRUJHVFKODJHQ KDW© 6KRUU .DQ VWUDIIWH GLH 6FKXOWHUQ ª(V NOLQJW OlFKHUOLFKDEHU²DEHUGLH,GHHVWDPPWZLUNOLFKYRQ PLU© 6HLQH =JH ZXUGHQ KDUW ª+XOO DXV ZHOFKHP

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *UXQG KDEHQ 6LH DXVJHUHFKQHW GLHVHV 6FKLII IU XQVHUH)OXFKWDXVJHVXFKW"© ª'DV ZDUHQ GRFK HEHQIDOOV 6LH 6LH VDJWHQ HV VHL VFKQHOOHU© ª$KD© PXUPHOWH 6KRUU QDFKGHQNOLFK ª$EHU ZLH KDEHQ6LHEHUKDXSWIHUWLJJHEUDFKWHV]XÁLHJHQ"© 'HU$QWDULHUEOLFNWHLKQYHUZLUUWDQª,FK²LFKKDEH GLH.RQWUROOHQHEHQDXIJXW*OFNEHGLHQW«© ª$XI JXW *OFN"© VS|WWHOWH 6KRUU ª6LH VLQG DEJHEUDXVW DOV KlWWHQ 6LH ,KU /HEHQ ODQJ QLFKWV DQGHUHV JHWDQ© 6HLQH VFKZDU]HQ $XJHQ ZDQGHUWHQ YRQ +XOO ]X *RUGRQ ª(V JLEW QXU HLQH $QWZRUW DXI XQVHU 9HUKDOWHQ© VDJWH HU OHLVH ª:LU VWHKHQ DEZHFKVHOQGXQWHUGHP(LQÁXHLQHV+·KDUQ© ª$EHU VDJWHQ 6LH QLFKW VHOEVW GD LKUH PHQWDOH .UDIW LQ JHZLVVHU (QWIHUQXQJ XQZLUNVDP ZLUG"© IUDJWH*RUGRQHUVFKURFNHQ ª$OOHUGLQJV© 6KRUUV $XJHQ VWUHLIWHQ EHU HLQ 6FKRWW DP +HFN GHV 6FKLIIHV ª:LU KDEHQ XQV GRUW QRFKQLFKWXPJHVHKHQULFKWLJ"© 'LH:RUWHWUDIHQ*RUGRQZLHHLQ6FKRFNª*ODXEHQ 6LHHLQ²HLQ+·KDUQZDU²LVW²LP6FKLII"©VWDPPHOWH HUHQWVHW]W ª-D GDV EHIUFKWH LFK© HUZLGHUWH 6KRUU JHSUHW ª:HL GHU +LPPHO ZLH YLHOH GLHVHU 8QJHKHXHU VLFK LQ XQVHUHU *DOD[LV KHUXPWUHLEHQ &\Q &U\YHU KDW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ]ZDUEHKDXSWHWHVVHLHQQXUYLHUXQGQXUHLQHUGHU +·KDUQ EHÀQGHW VLFK DXI $DU $OVR KDW HU JHORJHQ RGHUHUZXWHHVVHOEVWQLFKWEHVVHU© %XUUHO XQG *RUGRQ EOLFNWHQ HLQDQGHU DQ 'DV *UDXHQ GDV VLH HPSIXQGHQ KDWWHQ DOV 6XVXUU DXI VLH ]XJHNRPPHQ ZDU ZDU QRFK ]X IULVFK LQ LKQHQ ª*URHU *RWW© VWLH *RUGRQ DXV (U GUHKWH VLFK 6KRUU .DQ ]X XP ]X IUDJHQ ZDV VLH WXQ N|QQWHQ )DVWWDWHUHV]XVSlW ª:HQQHVHLQHQ+·KDUQLP6FKLIIJLEWPVVHQZLU LKQ ÀQGHQ XQG W|WHQ© HUNOlUWH 6KRUU XQG UL GHQ 6WUDKOHUDXVGHU7DVFKH *RUGRQVSUDQJ(UZDUI6KRUU.DQ]X%RGHQXQG XPNODPPHUWHGLH+DQGPLWGHU:DIIH6KRUUZHKUWH VLFKZLHHLQ7LJHU6HLQ*HVLFKWZDUOHHUGLH$XJHQ EOLFNORV ª+XOO 6R KLOI PLU GRFK© EUOOWH *RUGRQ YHU]ZHLIHOW %XUUHO ZDUI VLFK HEHQIDOOV DXI GHQ HKHPDOLJHQ /LJDKHUUVFKHU ª,FK ZXWH GRFK GD ZLU LKP QLFKW WUDXHQN|QQHQ©NQXUUWHHU ª'DV LVW HV QLFKW© NHXFKWH *RUGRQ ª6FKDX GLU GRFKVHLQ*HVLFKWDQ(UVWHKWXQWHU+·KDUQ(LQÁX 1LPPLKPGHQ6WUDKOHUDE© $OV+XOOGLH:DIIHKDWWHHUVWDUE6KRUUV:LGHUVWDQG 6HLQ .|USHU ZXUGH VFKODII :LH MHPDQG GHU DXV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH WLHIHP 6FKODI HUZDFKW IUDJWH HU ª:DV LVW ORV" 0LU ZDUDOV«© $EHU *RUGRQ EHDFKWHWH LKQ QLFKW (U UL GHP YHUEOIIWHQ$QWDULHUGHQ6WUDKOHUDXVGHU+DQGXQG QDKPHLOLJGLH(QHUJLHNDPPHUKHUDXVGDQQZDUIHU +XOO GHQ QXW]ORVHQ 6WUDKOHU ZLHGHU ]X ª%HKDOW GX LKQXQGLFKGLH/DGXQJ'DQQNDQQNHLQHUYRQXQV LKQ EHQXW]HQ ZHQQ GHU +·KDUQ GLH .RQWUROOH EHU HLQHQYRQ«© (U YHUPRFKWH GHQ 6DW] QLFKW ]X EHHQGHQ (LQH EHWlXEHQGH .UDIW VFKLHQ LQ VHLQHP *HKLUQ ]X H[SORGLHUHQ(VJDENHLQHQ6FKXW]JHJHQVLH(VZDU DOVVWHUEHHU 'RFKJHQDXVRSO|W]OLFKOHEWHHUZLHGHU(UODJDXI GHP %RGHQ GLH +lQGH ZUJHQG XP 6KRUU .DQV +DOV8QGGHU$QWDULHUYHUVXFKWHVLH]XO|VHQ ª/DLKQORV©NHXFKWH+XOOªRGHULFKPXGLUHLQV EHUGHQ6FKlGHO]LHKHQ© (U JDE LKQ IUHL 6KRUU .DQ UROOWH ]XU 6HLWH 6HLQ *HVLFKW ZDU EODX DQJHODXIHQ XQG HU VFKQDSSWH QDFK/XIWª,FK²LFKELQVFKRQZLHGHULQ2UGQXQJ© YHUVLFKHUWH *RUGRQ ]LWWULJ XQG ZROOWH VLFK HUKHEHQ 'RFK VWDWW LKQ IUHL]XJHEHQ YHUVWlUNWH VLFK QXQ +XOOV*ULIIXPLKQXQGGHU)UHXQGUDPPWHLKPGLH .QLHLQGHQ5FNHQGD*RUGRQNRSIYRUDXVDXIGDV 0HWDOOGHFNSUDOOWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 0LW JODVLJHQ $XJHQ OLH +XOO YRQ LKP DE XQG ZDUI VLFK DXI 6KRUU .DQ 6KRUU JHODQJ HV QXU PLW 0KH LKQ DE]XZHKUHQ ELV *RUGRQ LKP ]X +LOIH HLOHQNRQQWH*HPHLQVDPHUVWJOFNWHHVLKQHQGHQ NUlIWLJHQ$QWDULHU]XEH]ZLQJHQ3O|W]OLFKHUVFKODIIWH DXFKHU(UEOLFNWHVLHZLOGDQDEHUZLHGHUPLWY|OOLJ QRUPDOHP$XVGUXFN ª,FKDXFK"©IUDJWHHU(UVHW]WHVLFKDXIXQGSUHWH GLH+lQGHJHJHQGLH6WLUQª:DUXPW|WHWHUXQVQLFKW HLQIDFK"© ª'DV NDQQ HU QLFKW© HUNOlUWH 6KRUU .DQ ª(U N|QQWH XQVHUHQ *HLVW DXVO|VFKHQ HLQHQ QDFK GHP DQGHUHQ DEHU LFK JODXEH HU OHJW NHLQHQ :HUW GDUDXIPLWGUHLWREHQGHQ%HUVHUNHUQGXUFKGLHgGH ]X ÁLHJHQ (U VFKHLQW ]X YHUVXFKHQ ]ZHL YRQ XQV DXIHLQDQGHU]XKHW]HQ XP HLQDQGHU ]X W|WHQ GDPLW QXUQRFKHLQHUEOHLEWGHQHUXQWHU.RQWUROOHEHKDOWHQ NDQQ (V LVW DQ]XQHKPHQ GD HU MHPDQGHQ ]XU %HGLHQXQJGHV6FKLIIHVEUDXFKW©(UVWDUUWHDXIGDV JHVFKORVVHQH 6FKRWW ª:LU ZUGHQ HV QLH VFKDIIHQ DQLKQKHUDQ]XNRPPHQ«© *RUGRQZDUIHLQHQ%OLFNDXIGHQ6LFKWVFKLUP6LH EHIDQGHQ VLFK LP GLFKWHVWHQ *HELHW GHU gGH XQG 6KRUU.DQKDWWHVLFK6RUJHQLKUHU*HVFKZLQGLJNHLW ZHJHQJHPDFKW9LHOOHLFKW« (LQYHU]ZHLIHOWHU(LQIDOONDPLKP2KQH]XEHU OHJHQ VSUDQJ HU ]XU .RQWUROOWDIHO $XIV *HUDWHZRKO

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH KLHEHUGDUDXIHLQVFKDOWHWHDQGHQ+HEHOQGUFNWH DXIGLH.Q|SIH 'DV NOHLQH 6FKLII VSLHOWH YHUUFNW (V VDXVWH DXI HLQH %DQN YRQ 7UHLEJXW ]X VFKHUWH ZLOG DE XQG EUDXVWH ]X HLQHU EODXHQ 6RQQH PLW LKUHQ 3ODQHWHQ XP SO|W]OLFK ]HQLWZlUWV KRFK]XVFKLHHQ ]X HLQHP 'RSSHOGRSSHOVWHUQ +XOO %XUUHO XQG 6KRUU .DQ ZXUGHQ JHJHQ GLH 0HWDOOZDQG JHVFKOHXGHUW XQG VFKULHQDXI 'HUYHUVWHFNWH+·KDUQZDURIIHQEDUVREHUUDVFKW GDHULP$XJHQEOLFNQLFKWGDUDQGDFKWH*RUGRQ]X VWRSSHQ +XOONURFKDXILKQ]Xª%LVWGXYHUUFNW©NUlFK]WH HUª1LPPGHLQH3IRWHQYRQGHQ.RQWUROOHQ© *RUGRQVFKRELKQ]XU6HLWHª(VLVWXQVHUHHLQ]LJH &KDQFHHWZDVJHJHQGLHVH.UHDWXU]XXQWHUQHKPHQ :LUPVVHQLKU$QJVWHLQMDJHQ/RVZLUWXQDOOHGUHL JOHLFK]HLWLJ LUJHQG HWZDV PLW GHQ ,QVWUXPHQWHQ GDQQNDQQVLHXQVQLFKWDXIKDOWHQ© +XOOVWDUUWHDXIGHQ6LFKWVFKLUPXQGGLH6RQQHQ XQG 3ODQHWHQ GLH VFKZLQGHOHUUHJHQG XP VLH ZLUEHOWHQª$EHUGDVLVW6HOEVWPRUG© ª(U KDW UHFKW +XOO© HUJULII 6KRUU .DQ *RUGRQV 3DUWHL ª:LU ULVNLHUHQ LUJHQGZR ]HUVFKPHWWHUW ]X ZHUGHQDEHUHVLVWXQVHUHHLQ]LJH&KDQFH©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *HPHLQVDP EHVFKlIWLJWHQ VLH VLFK QXQ PLW GHQ .RQWUROOHQ 'DV 6FKLII ZLUEHOWH XP VHLQH HLJHQH $FKVH VWDQG DXI GHQ +HFNÁRVVHQ VDXVWH EXJEHU DEZlUWV'DV*UDYLWDWLRQVIHOGLQQHQVFKW]WHVLHYRU GHP bUJVWHQ $EHU DOOHLQ GDUDQ ]X GHQNHQ XQG ]X VHKHQZDVGUDXHQJHVFKDKZDUEHlQJVWLJHQG ª+HK GX GD KLQWHQ© EUOOWH *RUGRQ ª:HQQ GX PHLQH *HGDQNHQ OHVHQ NDQQVW ZHLW GX ZDV LFK VDJHQ ZLOO :HQQ ZLU %UXFK PDFKHQ ZLUVW GX PLW XQVVWHUEHQ9HUVXFKVWGXDXFKQXUHLQHQYRQXQV ]XEHUQHKPHQZHUGHQZLUHVJDQ]VLFKHU© (U ZDUWHWH DXI GHQ HLVLJHQ 6FKODJ LQ VHLQHP 6FKlGHODEHUHUNDPQLFKW6WDWWGHVVHQWDVWHWHVLFK HWZDV.DOWHV)UHPGDUWLJHV²XQG9HUlQJVWLJWHV²LQ VHLQ*HKLUQ ª+|UWDXI©MDPPHUWHGHUYHUVWHFNWH+·KDUQª:HQQ LKU VR ZHLWHUPDFKW LVW HV XQVHU DOOHU (QGH +|UW DXI©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

6FKZHL VWDQG DXI *RUGRQV 6WLUQ $XI GHP 6LFKWVFKLUP VDK HU GD VLH VLFK PLW XQJHKHXUHU *HVFKZLQGLJNHLW HLQHP DXVJHGHKQWHQ 6WHUQQHEHO QlKHUWHQ GHU ]ZHLIHOORV YRQ 7UHLEJXW HUIOOW VHLQ ZUGH (U QDKP VHLQH +lQGH YRQ GHQ .RQWUROOHQ ª/DWHVJXWVHLQ©ZDQGWHHUVLFKDQ+XOOXQG6KRUU ª$EHUVHLGMHGHU]HLWEHUHLWZLHGHUZHLWHU]XPDFKHQ© (LQ GUlQJHQGHU *HGDQNH NDP YRQ GHP +·KDUQ *RUGRQ ZXWH GD HU GXUFK VHLQH $XJHQ JHQDX VHKHQNRQQWHZRVLHVLFKEHIDQGHQª,KUPWGHQ .XUVlQGHUQ© ª.XUV lQGHUQ"© IUDJWH *RUGRQ KDUW ª:RKLQ" =X GHQ0DJHOODQVFKHQ:RONHQYLHOOHLFKW"'RUWKLQZLOOVW GXGRFKQLFKWZDKU"© ª,FKPXXQEHGLQJW]XPHLQHQ/HXWHQ©HUZLGHUWH GHU+·KDUQª$EHULFKZWHHLQHQ.RPSURPL6HW]W .XUV DXI HLQH PLU EHNDQQWH XQEHZRKQWH :HOW :LU ODQGHQ GRUW XQG LFK HUODXEH HXFK GDV 6FKLII ]X YHUODVVHQ© *RUGRQEOLFNWHGLHDQGHUHQDQ+XOOVFKZLW]WHXQG 6KRUUV 6NHSVLV ZDU XQEHUVHKEDU ª,FK KDEH VHLQH *HGDQNHQYHUVWDQGHQ6LHDXFK+XOO":LHGHPDXFK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VHLYLHOKDOWHLFKYRQGLHVHPVRJHQDQQWHQ.RPSURPL QLFKW(UZLUGXQVLUJHQGZLHKHUHLQOHJHQ© ª1HLQ©NDPGHUVFKQHLGHQGH*HGDQNH *RUGRQ VFKZLHJ XQHQWVFKORVVHQ (LQH SO|W]OLFKH ,GHH GXUFKIXKU LKQ DEHU HU XQWHUGUFNWH VLH DXJHQEOLFNOLFK ª,FK JODXEH ZLU PVVHQ GDV 5LVLNR DXIXQVQHKPHQ©PHLQWHHU ª*XW©'HU*HGDQNHGHV+·KDUQZDUHWZDV]XHLIULJ ª,FKZHUGHGHPGHQLKU+XOOQHQQWGLH$QOHLWXQJHQ JHEHQ© ª'X ZLUVW LKQ QLFKW QRFK HLQPDO EHUQHKPHQ© ZDUQWH*RUGRQ ª$EHUZLHNDQQLFKGDQQ«© ª'XZLUVWLKPGLH,QVWUXPHQWHXQGLKUH%HGLHQXQJ JHQDXHVWHQV HUNOlUHQ 6ROOWH +XOO DXFK QXU HLQH 6HNXQGHGHQ$QVFKHLQHUZHFNHQGDHUVLFKXQWHU GHLQHU.RQWUROOHEHÀQGHWZHUGHQZLUXQVHUQHXWPLW GHU%HGLHQXQJEHVFKlIWLJHQELVZLULUJHQGZR%UXFK PDFKHQ© (U EOLFNWH DXI GHQ 6FKLUP XQG GDFKWH :HQQ GHU +·KDUQ VLFK QLFKW VFKQHOO HQWVFKHLGHW EUDXFKHQZLUQLFKWHLQPDOPHKUHWZDV]XWXQ 'LHVHU*HGDQNHEHVFKOHXQLJWHRIIHQEDUGHV+·KDUQ (QWVFKOXª*XW©VWLPPWHHU]Xª$EHU+XOOPXGLH .RQWUROOHQVRIRUWEHUQHKPHQ© +XOOVSUDFKODXWDXVZDVGHU)UHPGHLKPHUNOlUWH ZlKUHQGHUGLH,QVWUXPHQWHEHGLHQWHXQGGDV6FKLII

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HLQH:HQGXQJPDFKWH*RUGRQEHREDFKWHWHVWlQGLJ VHLQ*HVLFKWGRFKGHU$XVGUXFNEOLHEQRUPDO$EHU JDQ] VLFKHU EHDEVLFKWLJWH GHU +·KDUQ QLFKW VLH HQWNRPPHQ ]X ODVVHQ ,UJHQG HWZDV KDWWH HU YRU YHUPXWOLFKNXU]HKHVLHODQGHWHQ 1LFKWGDUDQGHQNHQEHIDKOHUVLFK 1DFKHLQHUVFKLHUHQGORVHQ=HLWODJHLQHVROlKQOLFKH 6RQQH YRU LKQHQ XQG DOOPlKOLFK VFKZROO LKUH 6FKHLEHDQ-HW]WZXFKVDXFKGHU3ODQHWDQDXIGHQ GDV6FKLII]XKLHOW *RUGRQ OLH NHLQHQ %OLFN YRQ +XOO DOV HU QDFK $QZHLVXQJGHV+·KDUQGDV%UHPVPDQ|YHUHLQOHLWHWH (LQH JUQH /DQGVFKDIW PLW :lOGHUQ XQG (EHQHQ XQG GHP 6LOEHUEDQG HLQHV )OXVVHV EUDXVWH DXI VLH ]X*RUGRQK|UWHZLH6KRUUKHIWLJ/XIWKROWH'HQN DQLKQEHIDKOVLFK*RUGRQ'HQNGDUDQREGXLKP WUDXHQNDQQVW« 6LH ZDUHQ HWZD YLHUKXQGHUW 0HWHU EHU GHP :DOGDOV*RUGRQKDQGHOWH(UWDWHVPLWHLQHUDXV GHU hEHU]HXJXQJ JHERUHQHQ :LOGKHLW GD HV NHLQH ]ZHLWH&KDQFHJDE%XUUHOV+DQGODJQRFKXPGHQ %HVFKOHXQLJXQJVKHEHO*RUGRQGUFNWHLKQPLWDOOHU .UDIWQDFKXQWHQ +XOO EUOOWH LUJHQG HWZDV XQG LP QlFKVWHQ $XJHQEOLFN VFKOXJ GDV +HFN DXI GHP %RGHQ DXI *RUGRQÁRJGXUFKGHQVLFK]XVDPPHQVFKLHEHQGHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH .RQWUROOUDXP XQG SUDOOWH PLW GHP .RSI JHJHQ GLH $UPDWXUHQ $OV HU ZLHGHU ]X VLFK NDP ODJ GDV 6FKLII KDOE]HUTXHWVFKW DXI HLQHU 6HLWH 6KRUU .DQ VHW]WH VLFK JHUDGH PLW HLQHU KHIWLJ EOXWHQGHQ 6WLUQZXQGH DXI +XOO %XUUHO ODJ UHJORV JHJHQ GLH 6FKLIIVKOOH JHSUHW*RUGRQUXWVFKWHDXILKQ]XXQGUROOWHLKQ KHUXP(UIKOWHQDFKVHLQHP3XOVDP+DOVª(ULVW RIIHQEDUQXUEHZXWORV©HUNOlUWHHUHUOHLFKWHUW 6KRUU SUHWH HLQHQ YRQ VHLQHU 7XQLND JHULVVHQHQ 6WRIIVWUHLIHQ GHU VLFK VFKQHOO URW IlUEWH DXI VHLQH :XQGH ª:HVKDOE ]XP 7HXIHO KDEHQ 6LH GDV JHWDQ© (U EOLFNWH *RUGRQ ZWHQG DQ ª:HQQ ZLU QLFKW *OFN JHKDEW KlWWHQ ZlUHQ ZLU MHW]W DOOH«© (UVFKZLHJDEUXSW3O|W]OLFKKDWWHHUYHUVWDQGHQ(U ZDUIHLQHQ%OLFNDXIGDV6FKRWW'DV+HFNZDUY|OOLJ ]XVDPPHQJHGUFNW (V KDWWH GLH JDQ]H :XFKW GHV $XISUDOOVDEJHIDQJHQ 0LW JOlQ]HQGHQ $XJHQ ZDQGWH HU VLFK ZLHGHU *RUGRQ ]X ª,FK VSUH NHLQHQ *HGDQNHQ PHKU 6LH"©$OV*RUGRQGHQ.RSIVFKWWHOWHJULQVWHHUª6R ZLH GDV +HFN DXVVLHKW NDQQ GHU +·KDUQ JDU QLFKW EHUOHEW KDEHQ 8QG GDV ZDU MD ,KUH $EVLFKW GHQ +·KDUQEHLGHU/DQGXQJ]XW|WHQQLFKWZDKU"© ª(U KlWWH XQV QLH HQWNRPPHQ ODVVHQ© PXUPHOWH *RUGRQª,FKPXWHGDV5LVLNRHLQJHKHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU UL VLFK HLQHQ ZHLWHUHQ 6WUHLIHQ YRQ GHU 7XQLND ª,FK PX VFKRQ VDJHQ *RUGRQ 6LH KDEHQ 0XW XQG (QWVFKOXNUDIW ,FK JODXEH HU KlWWH XQVHUHQ*HLVW²RGHU]XPLQGHVWGHQYRQ]ZHLHQYRQ XQV ² ]HUVW|UW HKH HU XQV IUHLJHJHEHQ KlWWH :LU ZXWHQHEHQ]XYLHO© ª5LFKWLJ© SÁLFKWHWH *RUGRQ LKP EHL ª,FK ZROOWH QXUZLUZWHQPHKU© %XUUHOV %HZXWORVLJNHLW NDP *RUGRQ HQGORV YRU XQG HU PDFKWH VLFK EHUHLWV *HGDQNHQ DOV GHU )UHXQGHQGOLFKVW|KQHQG]XVLFKNDP(UMDPPHUWH GD HU NHLQHQ KHLOHQ .QRFKHQ PHKU KDEH IJWH MHGRFKKLQ]XGDGHU7RGGHV+·KDUQHVZHUWVHL(U EOLFNWH*RUGRQEHZXQGHUQGDQª,FKZHLQLFKWRE LFKGLH1HUYHQGD]XJHKDEWKlWWH©JHVWDQGHU ª'XELVW3LORW©VDJWH*RUGRQªXQGZHLWGHVKDOE JHQDXZDVKlWWHSDVVLHUHQN|QQHQ©(UEOLFNWHDXI GLH ZLH HLQH =LHKKDUPRQLND ]XVDPPHQJHGUFNWH +OOH ª.RPP UHJH GHLQH IDXOHQ *OLHGHU XQG KLOI XQV© (VGDXHUWHHLQH:HLOHHKHVLHVLFKHLQHQ:HJQDFK GUDXHQ IUHLJHEURFKHQ KDWWHQ 'RFK VFKOLHOLFK VWDQGHQ VLH LP ZDUPHQ JHOEHQ 6RQQHQVFKHLQ DXI JUQHP*UDV*RUGRQEOLFNWHVLFKPLWZHLWHQ$XJHQ XP 'LHVH :HOW KDWWH HLQH HUVWDXQOLFKH bKQOLFKNHLW PLW GHU (UGH 'LH %lXPH XP GLH /LFKWXQJ JOLFKHQ LUGLVFKHQ 7DQQHQ XQG GXUFK GHQ ZHQLJHU GLFKWHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 7HLO GHV :DOGHV VDK HU ZHLWH :LHVHQ 'HU +LPPHO ZDUEODXXQGGLH/XIWDQJHQHKPZU]LJ %XUUHOV *HGDQNHQ ZDUHQ ZHQLJHU HUIUHXOLFK 'VWHUEHWUDFKWHWHHUGDV6FKLIIª(VZLUGQLHZLHGHU ÁLHJHQ©VHXI]WHHU ª6HOEVW ZHQQ HV QLFKW EHVFKlGLJW ZlUH N|QQWHQ 6LHRKQHGLH$QOHLWXQJHQHLQHV+·KDUQQLFKWVGDPLW DQVWHOOHQ©HULQQHUWHLKQ6KRUU 'HU $QWDULHU QLFNWH ª1D MD MHGHQIDOOV VLQG ZLU MHW]W KLHU JHVWUDQGHW RKQH +RIIQXQJ ZLHGHU IRUW]XNRPPHQ© ª6LQGZLUGHQQVLFKHUGDGLHVH:HOWXQEHZRKQW LVW" =ZDU KDW GHU +·KDUQ HV EHKDXSWHW DEHU GLHVH .UHDWXUHQOJHQMDZLHJHGUXFNW.XU]HKHZLU%UXFK PDFKWHQZDUPLUDOVKlWWHLFKHWZDVbKQOLFKHVZLH HLQH6WDGWJHVHKHQ© ª+PP©EHUOHJWH*RUGRQª:HQQVLHEHZRKQWLVW XQG GHU +·KDUQ ZXWH HV GDQQ LVW PLW 6LFKHUKHLW DQ]XQHKPHQ GD VLH HV YRQ 1LFKWPHQVFKHQ LVW ²$QKlQJHUQYRQ1DUDWK7H\QXQGGHQ*UDIHQ© ª'DUDQGDFKWHLFKHEHQIDOOV©SÁLFKWHWH6KRUULKP EHL ª:LU ZROOHQ XQV HUVW HLQPDO PLW DOOHU 9RUVLFKW XPVHKHQ©(UGHXWHWHª'LH6WDGWZDUHWZDLQGLHVHU 5LFKWXQJ© 6LHKLHOWHQVLFKDP:DOGUDQG'LHOHLFKWZHOOLJHQ :LHVHQ HUVWUHFNWHQ VLFK ELV DQ GHQ +RUL]RQW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 1LFKWV VRQVW ZDU ]X VHKHQ 7URW] GHV *H]ZLWVFKHUV YHUHLQ]HOWHU9|JHOXQGGHV+XVFKHQVNOHLQHUHU7LHUH KHUUVFKWH HLQH 6WLOOH GLH LQ *RUGRQ 8QEHKDJHQ HUZHFNWH (U JDE +XOO GLH (QHUJLHNDPPHU GHV 6WUDKOHUV ª6WHFN VLH ]XUFN© IRUGHUWH HU LKQ DXI ª(LQ6WUDKOHULVWEHVVHUDOVQLFKWV© :RUWORVVFKRE+XOOVLHLQGLH:DIIHª,FKYHUVWHKH QLFKW©PHLQWHHUJUEHOQGªZHVKDOEGHU+·KDUQXQV EHUKDXSWLQVHLQ6FKLIIORFNWHXQGXQVPLW]XGHQ 0DJHOODQVFKHQ:RONHQQHKPHQZROOWH9RQZHOFKHP 1XW]HQZlUHQZLULKPGHQQJHZHVHQ"© ª6LHXQGLFK©VDJWH6KRUU.DQIHVWªYRQNHLQHP 'HU .HUO ZDU EHUKDXSW QLFKW DQ HLQHP .RSLORWHQ LQWHUHVVLHUWZLHZLUGDFKWHQ(UZROOWH*RUGRQ© ª+LPPHO© ULHI *RUGRQ XQG VWDUUWH LKQ DQ 'XUFK GLH EHUVWU]WHQ (UHLJQLVVH KDWWH HU JDU QLFKW VR ZHLW JHGDFKW DEHU HV ZDU LKP VRIRUW NODU ZRUDXI 6KRUU.DQKLQDXVZROOWH(UEUDFKLQNDOWHQ6FKZHL DXVª(UVSUWHHVDOVGHUDQGHUH+·KDUQVWDUEXQG KDW GDQQ ]ZHLIHOORV LQ XQVHUHQ *HKLUQHQ JHOHVHQ 'HVKDOE YHUVWHFNWH HU VLFK VFKQHOO LP 6FKLII XQG OHQNWHXQV© ª6FK|Q XQG JXW© EUXPPWH +XOO ª(U KDW DOVR LQ GHLQHP 6FKlGHO HWZDV HQWGHFNW ZDV LKP ZLFKWLJ VFKLHQ$EHUZDVZDUGDV"© 6KRUU .DQ OlFKHOWH LURQLVFK ª6DJHQ 6LH HV LKP *RUGRQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª+XOOGXZHLWGRFKMHW]WGDLFKLQ3ULQ]=DUWK $UQV.|USHUJHJHQGLH/LJDNlPSIWHXQG«© ª:LH N|QQWH LFK GDV YHUJHVVHQ© DQWZRUWHWH +XOO JHUHL]Wª8QGGDGXHVZDUVWGHU«©(UKLHOWDEUXSW LQQHXQGVFKORQLFKWHLQPDOGHQ0XQG ª*HQDX© *RUGRQ QLFNWH ª,FK ZDU HV GHU GLH *HKHLPZDIIH GHV ,PSHULXPV GHQ 'LVUXSWRU EHGLHQWH© ª(EHQ GHQ 'LVUXSWRU© ZDUI QXQ 6KRUU .DQ HLQ ªPLW GHVVHQ +LOIH YRU -DKUWDXVHQGHQ GLH ,QYDVLRQ GHU+·KDUQ]XUFNJHVFKODJHQZXUGH© +XOO VFKOR GLH /LSSHQ XQG QLFNWH YHUVWHKHQG ª1DWUOLFK:HQQGLH+·KDUQDOOHVGDUEHUHUIDKUHQ N|QQWHQ«© 6KRUU.DQGHXWHWHDXIJHUHJWXQG*RUGRQEOLFNWH KRFK ,Q ]LHPOLFKHU (QWIHUQXQJ HLOWH HLQH *UXSSH NXU]ÁJHOLJHU 9RJHOPHQVFKHQ EHU GLH (EHQH LQ Q|UGOLFKH 5LFKWXQJ ZLH *RUGRQ DQQDKP 6LH HULQQHUWHQ HLQ ZHQLJ DQ .RUNKDQQV 5DVVH KDWWHQ DOOHUGLQJV DXFK HWZDV 5HSWLOlKQOLFKHV DQ VLFK ,Q GHQ.ODXHQLKUHU)OJHODUPHKLHOWHQVLH:DIIHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

ª(V VLQG 4KDOODV© HUNOlUWH 6KRUU .DQ ª8QG VLH HLOHQ JHQDX LQ GLH 5LFKWXQJ LQ GHU VLFK PHLQHV (UDFKWHQVGLH6WDGWEHÀQGHW²XQGYHUPXWOLFKDXFK HLQ 5DXPKDIHQ GHQQ LFK KDEH LKUHVJOHLFKHQ DXFK EHL1DUDWK7H\QJHVHKHQ,FKIUFKWHVLHVDPPHOQ VLFKIUGHQODQJJHSODQWHQ$QJULIIDXI)RPDOKDXW© *RUGRQ VWDUUWH LKQ HQWVHW]W DQ (U KDWWH GDPLW JHUHFKQHWDEHUQLFKWVREDOG(UKlWWH/LDQQDQLFKW YHUODVVHQ GUIHQ (U PDFKWH VLFK GLH ELWWHUVWHQ 9RUZUIH ª:DQQ"©IUDJWHHUKHLVHU 6KRUU.DQVFKWWHOWHGHQ.RSIª,FKZHLHVQLFKW &\Q&U\YHUWDWVHKUJHKHLPQLVYROOPLWDOOHPZDVPLW GHQ+·KDUQ]XVDPPHQKLQJ(UDKQWHQLFKWGDVLH LKQQXUIULKUHHLJHQHQ=ZHFNHEHQXW]HQ1DMDGDV KDWWHLFKMDHLJHQWOLFKDXFKEHDEVLFKWLJW© ª+DEHQ 6LH EHUKDXSW MHPDOV HLQ HKUOLFKHV 6SLHO PLWMHPDQGHPJHWULHEHQ"©IUDJWH+XOO%XUUHO 6KRUU.DQQLFNWHª2MD2IW7ULFNVKDEHLFKQXU DQJHZHQGHW ZHQQ LFK HWZDV GDGXUFK JHZLQQHQ NRQQWH©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH +XOO ZDQGWH VLFK DQJHZLGHUW DE *RUGRQ KDWWH LKQHQ QXU PLW KDOEHP 2KU ]XJHK|UW ª:LU PVVHQ ]XUFNQDFK)RPDOKDXW© ª'DV GUIWH QLFKW VR HLQIDFK VHLQ© PHLQWH 6KRUU .DQª'LH(LQJHERUHQHQKLHUYHUVWHKHQVHOEVWQLFKWV YRQ GHU 5DXPIDKUW 6LH EHQXW]HQ GLH 6FKLIIH GHU *UDIHQ© ª6DJWHQ 6LH QLFKW GD VLH VLFK VDPPHOQ" 'DV EHGHXWHWGDVLHLQ.U]HDEJHKROWZHUGHQ© ª$K© PXUPHOWH 6KRUU .DQ ª,FK ZHL ZDV 6LH PHLQHQ :LU VROOHQ HLQHV GHU 6FKLIIH VWHKOHQ XQG GDPLW)RPDOKDXWZDUQHQ*URHU*RWW0DQQ6HLHQ 6LHGRFKYHUQQIWLJ© ª(ULVW]ZDUHLQ6FKXUNH*RUGRQ©EUXPPWH+XOO ªDEHUHUKDWUHFKW:DVJODXEVWGXZLHYLHOHGLHVHU JHÁJHOWHQ7HXIHOXPGLH6FKLIIHKHUXPVFKZlUPHQ ZHUGHQ"© ª6FKRQJXW©NQXUUWH*RUGRQª7URW]GHPEUDXFKHQ ZLU HLQ 6FKLII 9HUUDW GX PLU ZLH ZLU ]X HLQHP NRPPHQN|QQHQ© ª,FK ZWH HLQHQ :HJ© HUNOlUWH 6KRUU .DQ ª$QJHQRPPHQ ZLU VFKDIIHQ HV XQG HUUHLFKHQ )RPDOKDXW :DV ZLUG GDQQ DXV PLU" 3ULQ]HVVLQ /LDQQDZLUGQLFKWVOLHEHUWXQDOVPLFKYRPQlFKVWHQ $VWEDXPHOQ]XODVVHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª,FK ZHUGH PLFK GDUXP NPPHUQ GD HV QLFKW GD]XNRPPW©YHUVSUDFKLKP*RUGRQ 6KRUU.DQOlFKHOWHRKQH+XPRUª.|QQHQ6LHPLU GDV JDUDQWLHUHQ" .|QQHQ 6LH PLU YHUVLFKHUQ GD ZHQQVLHHVQLFKWWXWQLFKWHLQDQGHUHUGLHJOHLFKH ,GHHKDW"© (V KDWWH NHLQHQ 6LQQ ]X OJHQ GDV ZDU *RUGRQ NODU VR JHUQ HU HV JHWDQ KlWWH ª1HLQ LFK NDQQ HV QLFKWJDUDQWLHUHQ$EHULFKELQPLUIDVWVLFKHUGD LFKZHQQ6LHHVVLFKZLUNOLFKYHUGLHQHQ,KUHQ+DOV UHWWHQNDQQ© ª)DVWLVWHLQELFKHQZHQLJ©PXUPHOWH6KRUU.DQ ª$EHU«© (U PXVWHUWH *RUGRQ NXU] *RUGRQ ZXWH GD 6KRUU VLFK LQ DOOHU (LOH VlPWOLFKH $OWHUQDWLYHQ XQG 0|JOLFKNHLWHQ GXUFK GHQ .RSI JHKHQ OLH HKH HUVLFKIHVWOHJWH ª(VPXPLUJHQJHQ©VDJWHHUVFKOLHOLFKª*HEHQ 6LHPLU,KU(KUHQZRUWGD6LHDOOHVLQ,KUHU0DFKW 6WHKHQGH WXQ ZHUGHQ PLFK YRU HLQHU +LQULFKWXQJ RGHUVRQVWLJHQ6WUDIHQ]XEHZDKUHQ"© ª-D© YHUVSUDFK LKP *RUGRQ ª:HQQ ,KU 3ODQ XQV WDWVlFKOLFKQDFK)RPDOKDXWEULQJW© ª*XW :HQQ LFK QLFKW DXV (UIDKUXQJ ZWH GD 6LH²YHU]HLKHQ6LH²VRGXPPVLQGLPPHU,KU:RUW ]XKDOWHQZUGHLFK,KQHQQLFKWWUDXHQ6RDEHUWXH LFKHV©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH +XOO %XUUHO VWDUUWH LKQ ZWHQG DQ *RUGRQ LJQRULHUWH HV XQG IUDJWH ª$OVR ZDV KDEHQ 6LH VLFK DXVJHGDFKW"© 6KRUUV $XJHQ IXQNHOWHQ OLVWLJ ª(V JLEW QXU HLQHQ :HJ YRQ KLHU ]X YHUVFKZLQGHQ ² GDV LVW PLW GHQ 6FKLIIHQ GHU *UDIHQ ZHQQ VLH GLH 4KDOODNULHJHU DEKROHQ© ª$EHU6LHVDJWHQVHOEVW«© 6KRUU.DQJULQVWHª1LFKWVR+|UHQ6LH,FKKDEH ,KQHQDXI$DU]XU)OXFKWYHUKHOIHQXQGZLUKDEHQ GRUW GHQ +·KDUQ 6XVXUU JHW|WHW $EHU QLHPDQG DXI GHP 3ODQHWHQ NHLQHU GHU *UDIHQ ZHL ZDV GRUW ZLUNOLFK JHVFKHKHQ LVW 6LH ZLVVHQ QXU GD ]ZHL *HIDQJHQH6LHXQG+XOO%XUUHOYHUVFKZXQGHQVLQG ²XQGLFKHEHQIDOOV© ª:RUDXIZROOHQ6LHKLQDXV"©EUXPPWH+XOO ª)ROJHQGHV $QJHQRPPHQ LFK WDXFKH KLHU DXI GHU 4KDOODZHOW ZLHGHU DXI XQG HU]lKOH GHQ *UDIHQ ZHQQVLHNRPPHQGD6LHEHLGHGHQ+·KDUQJHW|WHW KDEHQ XQG PLFK ]ZDQJHQ 6LH DXI ,KUHU )OXFKW ]X EHJOHLWHQ© ª:UGHQVLHGDVGHQQJODXEHQ"©]ZHLIHOWH*RUGRQ ª:UGHQ VLH QLFKW ZLVVHQ ZROOHQ ZR ZLU VLQG XQG ZLH6LHXQVHQWZLVFKHQNRQQWHQ"© ª'D© 6KRUU .DQ JULQVWH ªNRPPW HEHQ PHLQH ,QJHQXLWlW ,FK ZHUGH 6LH EHLGH EHL PLU KDEHQ PLW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH JHEXQGHQHQ +DQGJHOHQNHQ XQG PLW GHP 6WUDKOHU KDOWH LFK 6LH LQ 6FKDFK ,FK ZHUGH EHKDXSWHQ LFK KDEH6LHEHUZlOWLJWDOVGDV6FKLIIGLH%UXFKODQGXQJ JHPDFKWKDWWH:LHN|QQWHQVLHGDVEH]ZHLIHOQPLW GHP%HZHLVGLUHNWXQWHULKUHQ$XJHQ"© +XOO %XUUHO VWLH HLQHQ KHLVHUHQ 6FKUHL DXV XQG VSUDQJ6KRUUDQª+XOO©EUOOWH*RUGRQª+DOWHLQ© 0LWZXWYHU]HUUWHP*HVLFKWGUHKWH%XUUHOVLFKLKP ]X ª+DVWGXGHQ+XQGGHQQQLFKWJHK|UW"(UKDWVLFK QLFKWJHlQGHUW© 6KRUU.DQZDUNHLQ6FKZlFKOLQJDEHUGHUULHVLJH $QWDULHU VFKWWHOWH LKQ ZLH HLQ 7HUULHU HLQH 0DXV ª(LQHQJURDUWLJHQ(LQIDOOKDWHUGD:HLOLKPVHLQH )OXFKWQLFKWJHOXQJHQLVWZLUGHUVRWXQDOVKlWWHHU VLHQLHYHUVXFKW8QGXQVZLUGHUDOV*HIDQJHQHGHQ :|OIHQ]XP)UDYRUZHUIHQ© ª6RZDUWHGRFK©VDJWH*RUGRQVFKDUIXQG]RJDQ %XUUHOV$UPª/DLKQORV=XYLHOLVWLP6SLHO:LU ZROOHQXQVLQ5XKHGDUEHUXQWHUKDOWHQ©(UEOLFNWH 6KRUU .DQ NDOW DQ DOV GHU VLFK QDFKGHP +XOO LKQ ZLGHUVWUHEHQG IUHLJHJHEHQ KDWWH GLH VFKPHU]HQGHQ 6FKXOWHUQ ULHE ª(V K|UW VLFK JHQDXVR DQ ZLH HLQHU ,KUHUIUKHUHQGRSSHO]QJLJHQ7ULFNV© ª1LFKW ZDKU"© 6KRUU .DQ OlFKHOWH ª,FK PX ]XJHEHQLFKKDEHVRJDUPLWGHP*HGDQNHQJHVSLHOW HLQHQGDUDXV]XPDFKHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQEOLFNWHLKQDXVKDOE]XVDPPHQJHNQLIIHQHQ $XJHQ VFKDUI DQ ª8QG 6LH KDEHQ HV VLFK DQGHUV EHUOHJW"© ª-D*RUGRQGDVKDEHLFK©6HLQH6WLPPHNODQJDOV VSUHFKHHU]XHLQHPNOHLQHQ.LQGª,FKKDEHHV,KQHQ QLFKW QXU HLQPDO JHVDJW ,FK KlWWH EHL GHQ *UDIHQ EOHLEHQ XQG VLH KHUHLQOHJHQ N|QQHQ DEHU QLFKW PLW GHQ +·KDUQ LQ LKUHU 1lKH (LQ XQYRUVLFKWLJHU *HGDQNHXQGHVZlUHPHLQ(QGHJHZHVHQ'HVKDOE ]RJ LFK HV YRU PHLQH &KDQFH PLW )RPDOKDXW ]X YHUVXFKHQ'DVLVWJDQ]HLQIDFKH/RJLN© ª0LW ,KQHQ PHLQ )UHXQG JLEW HV NHLQH HLQIDFKH /RJLN'HVKDOEIlOOWHVPLUMDDXFKVRVFKZHU,KQHQ ]XJODXEHQ© ª'DQQJODXEHQ6LHPLUDXVHLQHPDQGHUHQ*UXQG $XV )UHXQGVFKDIW ]XP %HLVSLHO 6LH ZLVVHQ GD LFK6LHLPPHUPRFKWH*RUGRQ'DVKDEHLFKDXFK IUKHUGHV|IWHUHQJHVDJW:LHZDU·VGDPLW"© ª*URHU *RWW© VWLH %XUUHO DXV ª+LHU LVW GHU JU|WH *DXQHU GHU JDQ]HQ *DOD[LV XQG GX VROOVW LKPJODXEHQZHLOHUGLFKPDJ/DPLFKVHLQHQ+DOV XPGUHKHQ*RUGRQ© ª,FK KlWWH JXWH /XVW GD]X DEHU ZDUWH OLHEHU© (U EHUOHJWH XQG YHUVXFKWH VHLQH =ZHLIHO ]X XQWHUGUFNHQ 6FKOLHOLFK VDJWH HU ª'LH HLQ]LJHQ 6WHUQHQVFKLIIH GLH KLHUKHUNRPPHQ VLQG GLH GHU *UDIHQ 8QG QXU 6KRUUV 3ODQ ELHWHW GLH &KDQFH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GHQ 3ODQHWHQ ]X YHUODVVHQ :LU PVVHQ GDV 5LVLNR HLQJHKHQ*LELKPGHQ6WUDKOHU+XOO© %XUUHOWDWHVPLWYHUELVVHQHP*HVLFKW 6RIRUWULFKWHWH6KRUU.DQGLH:DIIHDXIVLHª-HW]W VHLGLKUZLUNOLFKPHLQH*HIDQJHQHQ©(UODFKWHª+XOO KDWWHUHFKW© %XUUHOVDKURW7URW]GHV6WUDKOHUVVSUDQJHU6KRUU DQ ,PPHU QRFK ODFKHQG ZLFK GHU DQGHUH LKP JHVFKLFNWDXVª7XWPLUOHLG+XOOLFKPXWHHVJDQ] HLQIDFK VDJHQ 6LH ZDUHQ VR VLFKHU ,FK GXUIWH 6LH GRFKQLFKWHQWWlXVFKHQ©(UZDUIGHQ6WUDKOHULQGLH +|KH XQG ÀQJ LKQ ZLHGHU DXI GDQQ VFKRE HU LKQ VLFKLQGHQ*UWHOª.RPPWMHW]W6RODQJHZLUQRFK QLFKWLQ6LFKWZHLWHYRQ4KDOODVRGHU0HQVFKHQVLQG EUDXFKH LFK HXFK MD QLFKW ]X IHVVHOQ© (U VFKOXJ +XOOIUHXQGVFKDIWOLFKDXIGHQ5FNHQ+XOOHUVWLFNWH IDVW DEHU *RUGRQ NRQQWH HLQ *ULQVHQ QLFKW JDQ] XQWHUGUFNHQ 6LH]RJHQORVDOVGLH6RQQHJHUDGHXQWHUJLQJ=ZHL 6WXQGHQVSlWHUKDWWHQVLHEHUHLWVLP'XQNHOQGHQ 5DQGGHU6WDGWHUUHLFKW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

5RWÁDFNHUQGH )DFNHOQ HUKHOOWHQ GLH EHUIOOWHQ 6WUDHQ GHU 6WDGW GLH PHKU HLQHP LUGLVFKHQ 'RUI JOLFKXQGVSLHJHOWHQVLFKDXIGHQ/HGHUKlXWHQGHU 9RJHOUHSWLOPHQVFKHQ 0LW LKUHQ KHLVHUHQ 6WLPPHQ YHUXUVDFKWHQ VLH HLQHQ RKUHQEHWlXEHQGHQ /lUP 0LWWHOSXQNW LKUHU $XIUHJXQJ XQG $XIPHUNVDPNHLW ZDUHQ GUHL 6WHUQHQVFKLIIH ]ZHL JHZDOWLJH )UDFKWHU XQGHLQNOHLQHUVFKQHOOHU.UHX]HU ª7UDQVSRUWHU© PXUPHOWH 6KRUU .DQ ª8QG LP .UHX]HUEHÀQGHQVLFK]ZHLIHOORVGLH%HIHKOVKDEHU© ª6RHLQ0REULFKWHWQLFKWYLHOJHJHQHLQHPRGHUQH 6WHUQHQZHOWDXV©EUXPPWH%XUUHODEIlOOLJ ª'DV KLHU LVW DEHU QXU HLQ NOHLQHU 7HLO GDYRQ© ZDUI 6KRUU .DQ HLQ ª7UDQVSRUWH ZLH GLHVH JHKHQ YRQVlPWOLFKHQEHZRKQWHQ:HOWHQGHUgGHDE$OOH 1LFKWPHQVFKHQ ZHUGHQ 1DUDWK 7H\QV 5XI IROJHQ :lKUHQG GLH .ULHJVVFKLIIH GHU *UDIHQ GLH )ORWWH )RPDOKDXWVLQHLQHQ.DPSIYHUZLFNHOQEUHFKHQGLH 7UDQVSRUWHUGXUFKXQGODQGHQGLHVH+RUGHQDXIGHU +DXSWZHOW© (LQ VFKUHFNOLFKHV %LOG VFKRE VLFK YRU *RUGRQV $XJHQ :LHGHU TXlOWHQ LKQ HQWVHW]OLFKH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *HZLVVHQVELVVHZHLOHU/LDQQDDOOHLQJHODVVHQKDW WH ª$EHUGDV,PSHULXPLVWPLW)RPDOKDXWYHUEQGHW© ZDUI+XOO%XUUHOHLQª7KURRQZLUGQLFKWGLH+lQGH LQGHQ6FKROHJHQ© ª(V ZLUG HLQ hEHUUDVFKXQJVDQJULII +XOO %LV GLH ,PSHULXPVÁRWWHHLQWULIIWVLW]W1DUDWK7H\QYHUPXWOLFK VFKRQDXIGHP7KURQ(VZLUGGDQQQLFKWPHKUVR HLQIDFK VHLQ LKQ GDYRQ KHUXQWHU]XEHNRPPHQ© 6KRUU HUZlKQWH QLFKW GD /LDQQD GDQQ EHUHLWV WRW VHLQPRFKWHXQGDXHU1DUDWKEHUKDXSWQLHPDQG PHKU$QUHFKWDXIGHQ7KURQKDWWH 6KRUU .DQ EOLFNWH QDFKGHQNOLFK YRQ GHP QLHGULJHQ+JHODXIGHPVLHVLFKYHUVWHFNWKDWWHQ KHUXQWHU DXI GLH 6WDGW ª:HQQ LFK HXFK ]ZHL MHW]W DOV *HIDQJHQH ]X GHP .UHX]HU EULQJH ZHUGHQ GLH %HDXIWUDJWHQGHU*UDIHQGRUWZRKONDXPDQPHLQHU *HVFKLFKWH]ZHLIHOQ$EHUHUVWPVVHQZLUQRFKHLQ DQGHUHV 3UREOHP EHUZLQGHQ© (U GHXWHWH DXI GLH OlUPHQGHQ 4KDOODV GHUHQ *HVWDQN ELV ]X LKQHQ KHUDXIGUDQJ ª:HQQ HV VWLPPW ZDV LFK YRQ LKUHU 0HQWDOLWlW JHK|UW KDEH ZHUGHQ VLH XQV LQ 6WFNH UHLHQ HKH ZLU GLH 6FKLIIH HUUHLFKHQ N|QQHQ :LU ZDUWHQ OLHEHU DXI HLQH EHVVHUH &KDQFH ,Q]ZLVFKHQ LVWHVMHGRFKVLFKHUHUHXUH+lQGHHLQVWZHLOHQVFKRQ ]XVDPPHQ]XELQGHQ GDPLW ZLU JOHLFK DXIEUHFKHQ N|QQHQZHQQVLHVLFKXQVELHWHW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH +XOO %XUUHO OLH HV VLFK QXU ZLGHUZLOOLJ XQG DXI *RUGRQV=XUHGHQKLQJHIDOOHQ (LQHODQJH:HLOHVDHQVLHLP*UDVXQGZDUWHWHQ ª'D© ULHI 6KRUU SO|W]OLFK =ZHL 0HQVFKHQ VWDQGHQ YRU GHU GUlQJHQGHQ 0HQJH ª(LQHU YRQ LKQHQ WUlJW GDV =HLFKHQ GHU 6WUHLWD[W (U JHK|UW ]ZHLIHOORV ]X &\Q &U\YHUV /HXWHQ RGHU LVW HLQHU VHLQHU 9DVDOOHQ :LU PVVHQ GLHVH &KDQFH QXW]HQ 6FKQHOO EHHLOW HXFK© =|JHUQG PDFKWHQ *RUGRQ XQG %XUUHO VLFK DXI GHQ:HJKJHODEZlUWV6KRUU.DQIROJWHLKQHQGHQ 6WUDKOHUDXILKUH5FNHQJHULFKWHW ª9HUGDPPWODXIWVFKRQ©GUlQJWHHUª%HYRUVLHLQV 6FKLII]XUFNNHKUHQ© 6LHVWROSHUWHQPHKUDOVVLHOLHIHQ'LHJHEXQGHQHQ +lQGHVW|UWHQVLH*RUGRQEHPHUNWHGDGLHEHLGHQ 0lQQHU VLFK XPGUHKWHQ DOV ZROOWHQ VLH LQV 6FKLII ]XUFN 6KRUU.DQEUOOWHLKQHQ]X'LH0lQQHUZDQGWHQ LKP LKUH *HVLFKWHU ]X $EHU DXFK GLH 4KDOODV GLH SO|W]OLFKUXKLJZXUGHQ ª5HQQW©VFKULH6KRUU.DQ'RFKDXFKGLH4KDOODV EHJDQQHQ ]X ODXIHQ ² PLW KDOEDXVJHEUHLWHWHQ )OJHOQDXIGLH)UHPGHQ]X6LHVFKZDQJHQGURKHQG LKUH :DIIHQ XQG LKUH VFKDUIHQ 6FKQlEHO NOLFNWHQ JHIlKUOLFK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU.DQVFKDOWHWHGHQ6WUDKOHUDXI/DKPHQ'LH YRUGHUVWHQ4KDOODVVWU]WHQ]X%RGHQ'LHDQGHUHQ KLHOWHQLQQH 'LH EHLGHQ 0lQQHU HLQ MQJHUHU XQG HLQ lOWHUHU ²OHW]WHUHUPLWGHP6WUHLWD[WHPEOHP²VWDUUWHQLKQHQ Y|OOLJYHUZLUUWHQWJHJHQ ª+DOWHW GLH 0HQJH ]XUFN© EUOOWH 6KRUU .DQ ª,FK ELQ HLQ 9HUEQGHWHU &\Q &U\YHUV XQG EULQJH *HIDQJHQH© 'HU bOWHUH GUHKWH VLFK XP XQG EHOOWH HWZDV LQ GHU EDUVFKHQ 6SUDFKH GHU 4KDOODV 'LH 9RJHOUHSWLOPHQVFKHQ UHGHWHQ GXUFKHLQDQGHU XQG DXIHLQDQGHUHLQ'HU/lKPVWUDKOKDWWHVLHYHUZLUUW 0LW ÀQVWHUHQ %OLFNHQ OLHHQ VLH GLH GUHL DQ VLFK YRUEHL 6KRUU .DQ EOLHE YRU GHP DUURJDQW ZLUNHQGHQ lOWHUHQGHUEHLGHQ0HQVFKHQVWHKHQª:HUVLQG6LH"© IUDJWHHULP.RPPDQGRWRQ ª,FKELQ*UDI2EG'ROO©HUZLGHUWHGHU0DQQXQG VWDUUWH 6KRUU .DQ XQJOlXELJ DQ ª6LH ² 6LH VLQG 6KRUU .DQ 6LH VLQG PLW ]ZHL *HIDQJHQHQ YRQ $DU YHUVFKZXQGHQ«© ª0LW GLHVHQ EHLGHQ KLHU© 6KRUU GHXWHWH DXI *RUGRQ XQG %XUUHO ª8QG QLFKW IUHLZLOOLJ GDV YHUVLFKHUH LFK ,KQHQ 6LH QDKPHQ PLFK DOV *HLVHO *OFNOLFKHUZHLVH PDFKWH LKU 6FKLII QLFKW ZHLW YRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH KLHU HLQH %UXFKODQGXQJ XQG LQ GHU 9HUZLUUXQJ NRQQWHLFKGHQ6SLHXPGUHKHQ© ª:HVKDOEKDEHQ6LHVLHQLFKWJHW|WHW"©IUDJWH2EG 'ROOª:DUXPVFKOHSSHQ6LHVLHKLHUKHU"© ª:HLO &\Q &U\YHU VLH OHEHQG KDEHQ ZLOO :R LVW HU"© (WZDV]|JHUQGHUZLGHUWH2EG'ROOª$XI7H\Q© 6KRUU.DQQLFNWHª1DWUOLFK'HU6DPPHOSODW]GHU +RUGHQ%ULQJHQ6LHXQVVRIRUWGRUWKLQ© ª$EHU ² DEHU LFK ELQ KLHUKHU DENRPPDQGLHUW© ZDQGWH GHU *UDI HLQ *RUGRQ VFKZLW]WH 6HKU NOXJ VFKLHQ GHU .HUO QLFKW ]X VHLQ XQG NRQQWH VLFK GHVZHJHQDXFKYHUlQGHUWHQ8PVWlQGHQQLFKWRKQH ZHLWHUHVDQSDVVHQª$XHUGHP©IXKUHUIRUWªZRKHU VROOLFKZLVVHQ«© 6KRUU .DQV *HVLFKW YHUIlUEWH VLFK ª.OHLQHU 0DQQ©VDJWHHUPLWJHIlKUOLFKOHLVHU6WLPPHª'LHVH EHLGHQ *HIDQJHQHQ VLQG K|FKVWZDKUVFKHLQOLFK GHU 6FKOVVHO]XGHUJDQ]HQ$NWLRQ&\Q&U\YHUZDUWHW DXIVLH:LHODQJHJODXEHQ6LHZRKOLVWHVNOXJLKQ ZDUWHQ]XODVVHQ© 2EG'ROOZXUGHLPPHUNOHLQHUª6HOEVWYHUVWlQGOLFK ,Q GLHVHP )DOO« 'DUI LFK YRUVFKODJHQ GD 6LH *UDI &\Q &U\YHU YRQ XQVHUHP .UHX]HU DXV EHQDFKULFKWLJHQ«©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6R ZHLW VR JXW GDFKWH *RUGRQ ² DEHU HV ZDU HLQ ZHQLJ ]X VSlW 'LH 4KDOODV KDWWHQ LKUHQ HUVWHQ 6FKRFN XQG LKUH 9HUZLUUXQJ EHUZXQGHQ 6LH ZROOWHQGLH*HIDQJHQHQKDEHQXQGGUDQJHQDXIVLH HLQ ª:LU PVVHQ XQV EHHLOHQ© ÁVWHUWH 2EG 'ROO ª'LHVH 4KDOODV VLQG ZLOG XQG XQ]XYHUOlVVLJ 6LH KDVVHQ DOOH 0HQVFKHQ DXHU 1DUDWK 7H\Q«© 2EG 'ROOV %HJOHLWHU VFKZLW]WH YRU $QJVW 0LW KDVWLJHQ 6FKULWWHQHLOWHQVLHDXIGLH6FKOHXVHGHV.UHX]HUV]X XQGHVJHODQJLKQHQJHUDGHQRFKVLH]XVFKOLHHQ HKHGLHEDUEDULVFKH0HXWHKHUDQZDU ª:DVVROOHQZLUPLWGHQ*HIDQJHQHQPDFKHQ":LU KDEHQ NHLQH YRQ DXHQ DEVFKOLHEDUH .DELQH DXI GHP.UHX]HU"©IUDJWH2EG'ROO ª:LU VWHFNHQ VLH LQ GLH /XIWVFKOHXVH DEHU HUVW QHKPHQ ZLU GLH 5DXPDQ]JH KHUDXV 6LH ZHUGHQ GDQQ ZRKO NDXP /XVW KDEHQ LQ GHQ 5DXP DXV]XEUHFKHQ©6KRUU.DQODFKWHODXW2EG'ROOXQG GHU-QJHUHVWLPPWHQLQVHLQ*HOlFKWHUPLWHLQ *RUGRQ EL GLH =lKQH DXIHLQDQGHU XQG %XUUHO ÁXFKWH YRU VLFK KLQ 2EG 'ROOV /HXWH VFKREHQ VLH PLW :DIIHQ LP 5FNHQ ]X HLQHU 6FKOHXVH DQ GHU HQWJHJHQJHVHW]WHQ 6FKLIIVVHLWH XQG VFKORVVHQ VLH KLQWHULKQHQ +XOO%XUUHOEOLFNWHÀQVWHUDXIGLHLQQHUH7Uª'DV KDWHUVLFKJXWDXVJHGDFKW©NQXUUWHHUª6LHN|QQHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH XQVMHW]WMHGHU]HLWHUOHGLJHQZHQQLKQHQGDQDFKLVW 6LH EUDXFKHQ GDV lXHUH 6FKOHXVHQVFKRWW OHGLJOLFK SHU )HUQEHGLHQXQJ ]X |IIQHQ ² XQG PLW XQV LVW HV DXV© ª'DV ZHUGHQ VLH QLFKW© VDJWH *RUGRQ EHU]HXJW ª'XKDVWGRFKJHK|UWGD6KRUU.DQLKQHQHUNOlUWH &\Q&U\YHUEUDXFKWXQVOHEHQG© ª'DVZRKO©EUXPPWH+XOOª$EHULFKZHLDXFK² JHQDXZLHHU²GDZLUGLHHLQ]LJHQOHEHQGHQ=HXJHQ VLQG GHQHQ GLH :DKUKHLW EHU VHLQ 9HUVFKZLQGHQ YRQ $DU EHNDQQW LVW 'DV LVW QDWUOLFK XQZLFKWLJ ZHQQ HU ZLUNOLFK DXI XQVHUHU 6HLWH LVW $EHU ZHQQ QLFKW« (U ZLOO EHVWLPPW QLFKW GD &U\YHU GDYRQ HUIlKUW:LHOHLFKWN|QQWHHUEHKDXSWHQZLUKDEHQ GLH 6FKOHXVH QDFK DXHQ VHOEVW JH|IIQHW XQG DOV JHWUHXH ,PSHULXPVDQKlQJHU GHQ 7RG GHU 8QHKUH YRUJH]RJHQ© (U EOLFNWH *RUGRQ GXUFKGULQJHQG DQ ª*ODXEVW GX ZLUNOLFK GD 6KRUU .DQ DXI XQVHUHU 6HLWHLVW-RKQ*RUGRQ"© ª-D1LFKWDXV(GHOPXWVRQGHUQZHLOVHLQHEHVWH &KDQFHEHLXQVOLHJW© ª,FK ZROOWH LFK ZlUH VR EHU]HXJW ZLH GX© PXUPHOWH%XUUHO

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'HU .UHX]HU ÁRJ PLW +|FKVWJHVFKZLQGLJNHLW GXUFK GLH gGH *RUGRQ VFKLHQ HV DOV ZlUHQ +XOO XQG HU VFKRQ VHLW (ZLJNHLWHQ LQ GHU 6FKOHXVH HLQJHVSHUUW 0HKUPDOV KDWWHQ VFKZHUEHZDIIQHWH %HVDW]XQJVPLWJOLHGHULKQHQHLQNlUJOLFKHV0DKOXQG :DVVHU ]XJHVFKREHQ DEHU VRQVW KDWWHQ VLH QLFKW GLH JHULQJVWH $EOHQNXQJ JHKDEW 6KRUU .DQ KDWWH VLFK QLFKW PHKU VHKHQ ODVVHQ $OOPlKOLFK EHJDQQ DXFK *RUGRQ %XUUHOV 6NHSVLV ZDV 6KRUU EHWUDI ]XWHLOHQ6LHTXlOWHLKQJHQDXVR ZLHGLH6RUJHXP /LDQQD6HLQHZLJHV+LQXQG+HUODXIHQLQGHUHQJHQ 6FKOHXVHPDFKWH%XUUHOVFKRQYHUUFNW ª*RUGRQ ZLOOVW GX GLFK HQGOLFK VHW]HQ RGHU GLFK ]XPLQGHVWUXKLJKDOWHQ©EUXPPWHHUª'XIlOOVWPLU DXIGLH1HUYHQ© *RUGRQ ZROOWH DXIEUDXVHQ GD ÀHO LKP DXI GD HV SO|W]OLFK HLQ ZHQLJ EHLHQG LQ GHU 6FKOHXVH URFK (U PDFKWH YRU GHU ZLQ]LJHQ gIIQXQJ ]XP )ULVFKOXIWV\VWHPKDOWXQGVFKQXSSHUWH'DVZDUGDV OHW]WHZRUDQHUVLFKHULQQHUWHHKHHUEHVLQQXQJVORV ]X%RGHQVWU]WH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (LQGQQHV=LVFKHQXQGGDV*HIKOJHUWWHOW]X ZHUGHQEUDFKWHQLKQKDOEZHJV]XVLFK-HPDQGULHI VHLQHQ1DPHQ ª*RUGRQ 6R ZDFKHQ 6LH GRFK DXI© (V NODQJ VHKU GUlQJHQG *RUGRQV 1DVH MXFNWH (U VFKWWHOWH GHQ .RSI XQG KXVWHWH 'LH $QVWUHQJXQJ OLH LKQ DXWRPDWLVFKGLH$XJHQ|IIQHQ 6KRUU .DQ EHXJWH VLFK EHU LKQ XQG KLHOW LKP HLQHQ 6FKODXFK DXV GHP GDV =LVFKHQ NDP YRU 0XQGXQG1DVH ª6DXHUVWRII©HUNOlUWHHUª(VPWH,KQHQKHOIHQ ZLHGHUHLQHQNODUHQ.RSI]XEHNRPPHQ%HHLOHQ6LH VLFK*RUGRQ,FKEUDXFKH6LH© /DQJVDP EHJDQQ *RUGRQV 9HUVWDQG ZLHGHU ]X IXQNWLRQLHUHQ ª*DV DXV GHP )ULVFKOXIWV\VWHP© PXUPHOWHHUªKDWPLFKXPJHZRUIHQ© 6KRUU .DQ QLFNWH ª-D %HWlXEXQJVJDV (V LVW PLU JHOXQJHQ HLQ SDDU .DQLVWHU GDYRQ DXV GHU :DIIHQNDPPHU ]X VFKDIIHQ XQG LQ GDV )ULVFKOXIWV\VWHP]XOHHUHQ,FKKDWWHPLUYRUVRUJOLFK HLQHQ 5DXPDQ]XJ EHVRUJW XQG LKQ HUVW ZLHGHU DXVJH]RJHQ DOV LFK QHXHQ 6DXHUVWRII GXUFK GDV 6\VWHP MDJWH $XHU ,KQHQ VFKODIHQ DOOH QRFK IULHGOLFK)KOHQ6LHVLFKVFKRQEHVVHU"© *RUGRQQLFNWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª*XW 6LH PVVHQ PLU KHOIHQ GLH %HVDW]XQJ ]X IHVVHOQXQGLQ6FKDFK]XKDOWHQ8QG+XOOEUDXFKH LFK VRODQJH ]XU 1DYLJDWLRQ (LQVWZHLOHQ KlOW GHU $XWRSLORWGHQ.XUVDEHUKLHULQGHUgGHLVWGDVQLFKW JDQ]XQJHIlKUOLFK© (U KLHOW +XOO GHQ 6FKODXFK YRUV *HVLFKW 'DQQ EOLFNWH HU ]X *RUGRQ KRFK ª1D KDEH LFK QLFKW JHVDJWGDLFKHXFKIUHLEHNRPPHQZUGH"© $OV +XOO %XUUHO GLH $XJHQ |IIQHWH XQG 6KRUU .DQ EHU VLFK JHEHXJW VDK ZDU VHLQH LQVWLQNWLYH 5HDNWLRQ GHVVHQ +DOV ]X XPNODPPHUQ $EHU HU ZDUQRFKYLHO]XVFKZDFK6KRUUEHIUHLWHVLFKRKQH 0KHª'DVQHQQWPDQ'DQNEDUNHLW©EUXPPWHHU *RUGRQKDOIGHP$QWDULHUDXIGLH)HXQGHUNOlUWH LKPGDHUDXIGHU%UFNHJHEUDXFKWZUGH%XUUHO YHUVXFKWH GLH %HQRPPHQKHLW DE]XVFKWWHOQ XQG UDQQWHORV*RUGRQXQG6KRUUPDFKWHQVLFKHEHQIDOOV DQGLH$UEHLW $OVGLHJHVDPWH0DQQVFKDIW]XVDPPHQJHVFKQUW ZDUVFKOXJ6KRUU.DQYRU2EG'ROOV:LHGHUHUZDFKHQ HEHQIDOOVPLW6DXHUVWRII]XEHVFKOHXQLJHQª(UNHQQW 1DUDWK 7H\QV XQG &U\YHUV =HLWSODQ IU GHQ $QJULII DXI )RPDOKDXW© HUNOlUWH HU *RUGRQ ª:LU PVVHQ LKQYRQLKPHUIDKUHQ© ª8QGZDVLVWZHQQHUQLFKWVSULFKW"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU .DQ OlFKHOWH ª,FK JODXEH LFK NDQQ LKQ EHUUHGHQ 6FKOLHHQ 6LH VLFK +XOO DXI GHU %UFNH DQ6LHZlUHQPLUKLHUQXULP:HJH© *RUGRQ]|JHUWH(VK|UWHVLFKDQDOVZROOWH6KRUU )ROWHUPHWKRGHQ DQZHQGHQ $EHU HU GDFKWH DQ /LDQQD XQG ZDV PLW LKU JHVFKHKHQ PRFKWH XQG ZLVFKWHDOOH6NUXSHOEHLVHLWH +XOO %XUUHO EOLFNWH LKP YRQ GHQ .RQWUROOHQ HQWJHJHQ ª,FK KDEH GHQ GLUHNWHVWHQ .XUV QDFK )RPDOKDXW DXVJHDUEHLWHW $OOHUGLQJV EULQJW HU XQV IU PHLQHQ *HVFKPDFN HWZDV ]X QDKH DQ 7H\Q YRUEHL© *RUGRQ VWDUUWH ZRUWORV DXI GHQ 6LFKWVFKLUP ,KP VFKLHQ GDV 6FKLII ZUGH NULHFKHQ (U YHUVXFKWH VHLQH8QJHGXOG]XXQWHUGUFNHQ²XQGQLFKWGDUDQ ]XGHQNHQZDV6KRUU.DQJHUDGHWDW 1DFKHLQHU:HLOHEHWUDWGHUHKHPDOLJH/LJDKHUUVFKHU HEHQIDOOVGLH%UFNH(UEOLFNWH*RUGRQPLWHUQVWHP *HVLFKW DQ XQG HUNXQGLJWH VLFK ª.RQQWH PDQ GLH 6FKUHLHELVKLHUKHUK|UHQ"© *RUGRQUDQQWHDXIGLH7U]Xª:DVKDEHQ6LHPLW LKPJHPDFKW"© 6KRUU KLHOW LKQ DP $UP ]XUFN ª,FK ZUGH MHW]W QLFKW QDFK LKP VFKDXHQ *RUGRQ© ZDUQWH HU ª$XHU«© ª$XHUZDV"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU .DQ JULQVWH ª$XHU 6LH P|FKWHQ JHUQ IXUFKWEDU HQWWlXVFKW ZHUGHQ ,FK ZHL ZDV 6LH JHGDFKW KDEHQ $EHU 2EG 'ROO IHKOW QLFKWV 0HLQ 5XI DOOHLQ MDJWH LKP JHQJHQG $QJVW HLQ ZLOOLJ PLW GHU 6SUDFKH KHUDXV]XUFNHQ *HQDX ZLH 6LH EHIUFKWHWHHULFKZUGHLKQDOOHQP|JOLFKHQ)ROWHUQ XQWHUZHUIHQ© (U ZXUGH ZLHGHU HUQVW ª:LU ZHUGHQ EDOG JHQXJ IHVWVWHOOHQ RE HU JHORJHQ KDW $EHU LFK JODXEHQLFKW© ª:DQQ VWDUWHW GLH JHVDPPHOWH )ORWWH YRQ 7H\Q"© IUDJWH*RUGRQ ª2EG 'ROO VDJWH HV KlQJW GDYRQ DE ZDQQ GLH OHW]WHQ 7UDQVSRUWHU PLW GHQ 1LFKWPHQVFKHQ HLQWUHIIHQ 6HLQHU 0HLQXQJ QDFK IHKOHQ MHGRFK QXU QRFK ZHQLJH 9LHO =HLW ZLUG GHPQDFK ZRKO QLFKW PHKUYHUVWUHLFKHQ© (LQ VFKUHFNOLFKHV %LOG VFKRE VLFK YRU *RUGRQV JHLVWLJHV$XJH(UVDKDOOGLHEDUEDULVFKHQ+RUGHQ PLW LKUHP 6FKXSSHQSDQ]HU RGHU GHP )HGHUNOHLG RGHUGHQ]RWWHOLJHQ.|USHUKDDUHQ-DVLHDOOHZUGHQ 1DUDWK 7H\QV 5XI IROJHQ XQG VLH ZUGHQ QXU LKP JHKRUFKHQXQG)RPDOKDXWEHUVFKZHPPHQ ª:DVLVWPLWGHQ+·KDUQ"©IUDJWH+XOO%XUUHO 6KRUU.DQVFKWWHOWHGHQ.RSIª2EG'ROOVFKZ|UW HUZWHHVQLFKW6LHKDEHQNHLQH)ORWWHLQXQVHUHU *DOD[LV(UEHKDXSWHWQXU&\Q&U\YHUXQGYLHOOHLFKW ]ZHLZHLWHUHZWHQZHOFKH5ROOH²ZHQQEHUKDXSW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HLQH²VLHLQGHUEHYRUVWHKHQGHQ$XVHLQDQGHUVHW]XQJ VSLHOHQZHUGHQ© *RUGRQYHUVXFKWHVLFKQLFKWYRQGHU9HU]ZHLÁXQJ EHUZlOWLJHQ ]X ODVVHQ ª+XOO ZDV PHLQVW GX NRPPHQ ZLU PLW GHU .RPPXQLNDWLRQVDQODJH GHV 6FKLIIHVELVQDFK)RPDOKDXWGXUFK"© %XUUHO YHUVFKZDQG LQ GHU NOHLQHQ )XQNNDELQH ª*HUDGH QRFK© HUNOlUWH HU EHL VHLQHU 5FNNHKU ª$EHUQXU6SUHFKYHUELQGXQJQLFKW6LFKW© ªhEHUOHJHQ 6LH HUVW HKH 6LH HWZDV 8QEHGDFKWHV WXQ© ZDUQWH 6KRUU .DQ ª7H\Q XQG GLH )ORWWH GHU *UDIHQ OLHJHQ ]ZLVFKHQ XQV XQG )RPDOKDXW (V EHVWHKW NHLQ =ZHLIHO GD VLH XQVHUH 1DFKULFKW DEK|UHQ6LHZHUGHQXQVVRIRUWMDJHQ«© *RUGRQPDFKWHHLQHDEIlOOLJH+DQGEHZHJXQJª(V EOHLEW XQV QLFKWV EULJ DOV GDV 5LVLNR HLQ]XJHKHQ )RPDOKDXWPXJHZDUQWZHUGHQ© ª6LH KDEHQ PLFK QLFKW DXVVSUHFKHQ ODVVHQ 'LH *UDIHQ ZUGHQ GDUDXIKLQ VRIRUW ]XVFKODJHQ HKH )RPDOKDXW 9HUWHLGLJXQJVPDQDKPHQ HUJUHLIHQ NDQQ,FKWlWHHVMHGHQIDOOVLQLKUHU/DJH© 'DUDQKDWWH*RUGRQQLFKWJHGDFKW=ZHLIHOTXlOWHQ LKQ ª,FK ELQ PLW *RUGRQ GDIU GD ZLU )RPDOKDXW ZDUQHQXQGGDQQ]XVHKHQZLHZLUGXUFKNRPPHQ© PHOGHWH %XUUHO VLFK ]X :RUW ª*OFNOLFKHUZHLVH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH KDEHQ GLH *UDIHQ ZHGHU ,KUH 9HUZHJHQKHLW 6KRUU QRFK,KUH8QYHUVFKlPWKHLW© ª,FK ELQ JHUKUW© VDJWH 6KRUU VDQIW ª$EHU ZDV LVWPLWXQV":LUKDEHQQLFKWGLHJHULQJVWH&KDQFH ZHQQVLHGLH%RWVFKDIWDXIVFKQDSSHQ© ª0LU LVW HWZDV HLQJHIDOOHQ© HUNOlUWH +XOO (U OLH GLH.DUWHGHUgGHDQGHU:DQGDXÁHXFKWHQ ª6HKWGRFKVHOEVW©ULHI6KRUU(UGHXWHWHDXILKUH 3RVLWLRQ 8QG VHOEVW *RUGRQ GHU QLFKW YLHO GDYRQ YHUVWDQG VDK GD VLH NHLQH +RIIQXQJ KDWWHQ DQ GHU )ORWWH YRUEHL]XNRPPHQ VREDOG GLHVH DXI VLH DXIPHUNVDPJHZRUGHQZDU'DNRQQWHQLFKWHLQPDO HLQ:XQGHUKHOIHQ $EHU +XOO ]HLJWH DXI HLQHQ IDVW JHVFKORVVHQHQ )OHFNHQ DXV HLQ]HOQHQ URWHQ 3XQNWHQ ² HLQ DXVJHGHKQWHV 5LII GDV LQ GHU :DUQIDUEH K|FKVWHU *HIlKUOLFKNHLW HLQJHWUDJHQ ZDU 'DV 5LII ODJ JHQDX ]ZLVFKHQ LKQHQ XQG )RPDOKDXW HLQ JHNUPPWHU $UPGDYRQUHLFKWHELVIDVWQDFK7H\Q ª:LUN|QQWHQHLQH$ENU]XQJGXUFKGLHVHV*HELHW QHKPHQ©PXUPHOWH+XOO 6KRUU .DQ VWDUUWH LKQ DQ ª'XUFK GHQ 6WHUQHQEUXFK"© 'DQQ ODFKWH HU WURFNHQ ª,FK UHYLGLHUHPHLQH0HLQXQJEHU6LH+XOO© ª:DV LVW GHU 6WHUQHQEUXFK"© HUNXQGLJWH VLFK *RUGRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª+DEHQ 6LH VFKRQ HLQPDO GDUEHU QDFKJHGDFKW ZHVKDOE GLH gGH GHV bXHUHQ 5DXPHV HLQ VROFKHV 7UPPHUIHOGLVW"© ª,FK KDWWH QRFK NHLQH =HLW PLFK PLW VROFKHQ 'LQJHQ]XEHVFKlIWLJHQ© ª1D MD© HUNOlUWH QXQ GHU $QWDULHU ª'LH :LVVHQVFKDIWOHU VLQG MHGHQIDOOV GHU $QVLFKW GD YRU ODQJHU =HLW ]ZHL QLFKW XQEHWUlFKWOLFKH 6WHUQKDXIHQ VLFK DXI .ROOLVLRQVNXUV EHIDQGHQ $OV VLH ]XVDPPHQWUDIHQ VFKREHQ GLH ORVHQ 7HLOH GHU 6FKZlUPH VLFK HLQIDFK DQHLQDQGHU YRUEHL XQG HV NDP ]X QXU JDQ] ZHQLJHQ ULFKWLJHQ =XVDPPHQVW|HQ $EHU VHOEVW GLHVH ZHQLJHQ JHQJWHQGLH7UPPHUVWFNHLQGHUJDQ]HQgGH]X YHUVWUHXHQ,QMHGHPGHUEHLGHQ+DXIHQJDEHVMHGRFK HLQHQGLFKWHUHQ.HUQXQGGLHVH.HUQHNROOLGLHUWHQ 'LH 6WHUQH ULVVHQ HLQDQGHU DXI XQG ELOGHWHQ HLQ IXUFKWEDUHV ZLUEHOQGHV 'XUFKHLQDQGHU YRQ KDOEHQ 6WHUQHQXQG%UXFKWHLOHQGDYRQYRQ]HUVFKPHWWHUWHQ XQG JDQ]HQ 3ODQHWHQ XQG VR ZHLWHU .DXP MHPDQG ZDJW VLFK LQ GLHVHQ 7UPPHUGVFKXQJHO $EHU ]XPLQGHVW ]ZHL 9HUPHVVXQJVVFKLIIHQ JHODQJ HV GLHVHV 5LII ]X GXUFKTXHUHQ :HQQ VLH HV NRQQWHQ ZHVKDOE VROOWHQ ZLU HV GDQQ QLFKW HEHQIDOOV ULVNLHUHQ"© (WZDV OHLVHU IJWH HU KLQ]X ª6HKU JUR LVWXQVHUH&KDQFHDOOHUGLQJVQLFKW© ª:LU ZHUGHQ HV WURW]GHP YHUVXFKHQ© EHVWLPPWH *RUGRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU.DQ]XFNWHQXUGLH6FKXOWHUQ ª6FKLFN MHW]W GLH 1DFKULFKW© IRUGHUWH *RUGRQ GHQ $QWDULHU DXI ª$EHU HUZlKQH QLFKWV YRQ 6KRUU .DQ VRQVWEH]ZHLIHOQVLHGLHJDQ]H*HVFKLFKWH© +XOO QLFNWH ª'D GX SHUVRQD JUDWD DP +RI YRQ )RPDOKDXW ELVW ZHUGH LFK VLH LQ GHLQHP 1DPHQ VFKLFNHQ .|QQHQ ZLU LKQHQ LUJHQGZLH XQPLYHUVWlQGOLFKNODUPDFKHQGDVLHDXFKZLUOLFK YRQGLULVW"© *RUGRQ EHUOHJWH ª(UZlKQH GD VLH YRQ GHP 0DQQ NRPPW GHU LKUHQ 0LQLVWHU .RUNKDQQ HLQPDO HLQHQ]XJURJHUDWHQHQ0DUDEXJHQDQQWKDW'DQQ NHQQW.RUNKDQQVLFKDXV©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

+LHU ZDU GHU ]XU :LUNOLFKNHLW JHZRUGHQH $OSWUDXP HLQHV 6WHUQHQNDSLWlQV 'LH &RPSXWHU GLH GLH 5DGDULPSXOVH DXVZHUWHWHQ XQG GHQ .XUV EHUHFKQHWHQ VFKQDWWHUWHQ ZLH GLH =lKQH HLQHV K\VWHULVFKHQ DOWHQ :HLEHV +XOO %XUUHO EHXJWH VLFK EHU GLH $UPDWXUHQ (U EHREDFKWHWH GLH VWlQGLJ ZHFKVHOQGHQ&RPSXWHUV\PEROHXQGIWWHUWHDEXQG ]XLQJU|WHU(LOHQHXH'DWHQ *RUGRQXQG6KRUUVWDQGHQKLQWHULKPXQGVWDUUWHQ DEZHFKVHOQGDXIGLH6LFKWVFKHLEHGLHOHGLJOLFKGHQ 6FKZDUP YRQ /LFKWSXQNWHQ ]HLJWH GXUFK GHQ VLH VLFK PLW NDXP QHQQHQVZHUWHU *HVFKZLQGLJNHLW EHZHJWHQ XQG GHQ 5DGDUVFKLUP GHU HLQ ZDKUHV 7RKXZDERKXPHOGHWH ª,FKÁRJHLQPDOGXUFKGHQ2ULRQQHEHO©PXUPHOWH *RUGRQ ªDEHU GDV ZDU HLQ .LQGHUVSLHO JHJHQ GDV KLHU+DEHQZLUEHUKDXSWHLQH&KDQFH"© ª'LH KDEHQ ZLU© YHUVLFKHUWH LKP +XOO ªZHQQ ZLU QLFKW DXI 7UPPHUVWFNH VWRHQ GLH GDV 5DGDU DXIJUXQG LKUHU %HVFKDIIHQKHLW ]X VSlW DQ]HLJW $EHULFKZWHZLHPDQXQVHUH&KDQFHQXPHWZD KXQGHUW3UR]HQWYHUEHVVHUQN|QQWH©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª:LH"© ª,QGHPLKUPLUYRP/HLEHEOHLEW©EUOOWH+XOORKQH VLFKXP]XGUHKHQª6HW]WHXFKLUJHQGZRKLQXQGJHEW 5XKH2KQHHXUHJXWHQ5DWVFKOlJHZlUHHVIUPLFK YLHOOHLFKWHU© ª(UKDWUHFKW©6KRUUQLFNWH*RUGRQ]Xª.RPPHQ 6LHPLW(VJLEWQLFKWVZDVZLU]ZHLLP0RPHQWWXQ N|QQWHQ2GHUGRFK6HW]HQ6LHVLFKLFKELQJOHLFK ]XUFN© +XOOKDWWHLKQHQHUNOlUWGDVLFKGHP5DGDUQDFK NHLQH 9HUIROJHU DQ LKUH )HUVHQ JHKHIWHW KDWWHQ (U ZDUGHU0HLQXQJGDGLH*UDIHQVLHDEJHVFKULHEHQ KDWWHQ XQG LKQHQ NHLQH +RIIQXQJ JDEHQ QDFKGHP VLHLQGHQ6WHUQHQEUXFKHLQJHGUXQJHQZDUHQ 6KRUU .DQ NDP PLW ]ZHL 3ODVWLNÁDVFKHQ ]XUFN GLHPLWHLQHUOHLFKWPLOFKLJDXVVHKHQGHQ)OVVLJNHLW JHIOOW ZDUHQ (U JULQVWH ª,FK ZDU PLU ]LHPOLFK VLFKHU GD 2EG 'ROO LUJHQG HWZDV DXI GLH 6HLWH JHEUDFKWKDW'LH*UDIHQGHUgGHVLQGVFKOLHOLFKIU LKUH7ULQNIUHXGLJNHLWEHNDQQW+LHUQHKPHQ6LH© $XWRPDWLVFK JULII *RUGRQ QDFK GHU DQJHERWHQHQ )ODVFKH'RFKGDQQVWDUUWHHU6KRUUNRSIVFKWWHOQG DQ ª-HW]W" ,Q GLHVHU 6LWXDWLRQ" -HGHQ $XJHQEOLFN NDQQXQVHLQ7UHLEVWFNWUHIIHQXQG«© ª5LFKWLJ© SÁLFKWHWH 6KRUU .DQ LKP EHL ª*HUDGH GHVKDOE 2GHU ZWHQ 6LH HLQH EHVVHUH =HLW VLFK YROODXIHQ]XODVVHQ"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQ]XFNWHGLH6FKXOWHUQ9LHOOHLFKWZDUHVJDU QLFKWVRGXPP+XOOZROOWHGDVLHLKQLQ)ULHGHQ OLHHQ (U VHW]WH GLH )ODVFKH DQ XQG WUDQN 'LH )OVVLJNHLW PRFKWH ]ZDU ZLH 0LOFK DXVVHKHQ XQG ZDUDXFKPLOGDOVVLHGLH.HKOHKLQDEUDQQDEHULP 0DJHQEUDQQWHVLHZLH+|OOHQIHXHU ª%HVVHU DOV DOOHV ZDV ZLU LQ GHQ 'XQNHOZHOWHQ KDWWHQ©PXUPHOWH6KRUU.DQDQHUNHQQHQG ª,FK HULQQHUH PLFK DOV /LDQQD XQG LFK ,KUH *HIDQJHQHQ DXI 7KDOODUQD ZDUHQ GD VDJWHQ 6LH 6LH ZUGHQ XQV JHUQ HLQHQ 'ULQN DQELHWHQ KlWWHQ MHGRFK NHLQHQ $ONRKRO ZHLO GDV ,KU $QVHKHQ DOV SDWULRWLVFKHQ)KUHUEHHLQWUlFKWLJHQZUGH© 6KRUU.DQOlFKHOWHWURFNHQª8QGZDVKDWHVPLU VFKOLHOLFKJHQXW]W"©(UEOLFNWH*RUGRQEHZXQGHUQG DQ ª,FK KDWWH EHUHLWV GLH JDQ]H *DOD[LV LQ PHLQHU +DQGXQGGDQQVLQG6LHJHNRPPHQ%HL*RWWGDV PX PDQ ,KQHQ ODVVHQ 6LH KDEHQ UHLQHQ 7LVFK JHPDFKW© *RUGRQ KRE GHQ .RSI XQG ODXVFKWH $XI GHU 6LFKWVFKHLEH ZDU QLFKWV ]X VHKHQ DEHU HWZDV VFKDUUWHGXUFKGULQJHQGDQGHU+OOH ª.HLQH $XIUHJXQJ© EHUXKLJWH LKQ 6KRUU .DQ ª(V VLQG QXU ZLQ]LJH 7HLOFKHQ YHUPXWOLFK QLFKW JU|HU DOV $WRPH© (U VFKWWHOWH GHQ .RSI ª(V LVW HLJHQWOLFK NRPLVFK WURW] DOO GHU JURHQ 7DWHQ GLH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LH YROOEUDFKWHQ KDEHQ 6LH JODXEH LFK LQQHUOLFK LPPHUJH]LWWHUW© ª,VWGDVQLFKWQDWUOLFKZHQQGDV/HEHQDXIGHP 6SLHO VWHKW"© SUHWH *RUGRQ ]ZLVFKHQ GHQ =lKQHQ KHUYRU ª6FKDXHQ 6LH PLFK DQ© IRUGHUWH 6KRUU .DQ LKQ DXI ª0HLQ /HEHQ LVW QLFKW ZHQLJHU LQ *HIDKU DOV ,KUHV,QJU|HUHUVRJDUGHQQZHQQZLUHUVWHLQPDO KLHU KHUDXV VLQG EHJLQQW VLH YRQ QHXHP IU PLFK ,FKÁLHJHXPPHLQ/HEHQGDV]ZHLWHPDOMHW]W²LFK GHULFKHLQVW+HUUVFKHUGHU'XQNHOZHOWHQZDU$EHU ]LWWHUH LFK GHVKDOE" $EVROXW QLFKW :HQQ 6KRUU .DQ VFKRQ LQ GLH +|OOH VROO GDQQ ZLUG HU VLH PLW HUKREHQHP+DXSWEHWUHWHQ© 0LW WKHDWUDOLVFKHU *HVWH WUDQN HU *RUGRQ ]X ª1HKPHQ 6LH HLQHQ WLHIHQ 6FKOXFN XQG ODVVHQ 6LH VLFK GHQ 0XW QLFKW UDXEHQ :LU NRPPHQ VFKRQ GXUFK8QGZHQQZLUHUVWHLQPDO)RPDOKDXWHUUHLFKW KDEHQZHUGHQ6LHPLUGHQ+DOVUHWWHQ²KRIIHLFK© 'LH &RPSXWHU NODSSHUWHQ QRFK VFKQHOOHU QRFK ODXWHU 'LH 6\PEROH KXVFKWHQ LQ HQGORVHP 6WURP EHUGHQ5DGDUVFKLUP(VVFKLHQ*RUGRQDOVKDEH +XOO%XUUHOUHVLJQLHUHQGGHQ.RSIJHVHQNWXQGZDUWH DXIGDVXQYHUPHLGOLFKH(QGH+DVWLJZDQGWHHUVLFK DE

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (U GDFKWH DQ /LDQQD XQG GDUDQ ZLH VHKU HU VLH OLHEWH$EHUVHOEVWZHQQHUEHUOHEHQZUGHZDUVLH GRFKIULKQYHUORUHQ ª:LVVHQ 6LH© PXUPHOWH 6KRUU .DQ ª6LH VLQG ZLH GDV 6DQGNRUQ LP *HWULHEH ,FK PHLQH ZHQQ PDQ MHPDQGHQ DXV VHLQHU HLJHQHQ =HLW XQG :HOW UHLW XQG LKQ LQ GLH =XNXQIW YHUVHW]W ZR HU EHUKDXSW QLFKWV YHUORUHQ KDW GDQQ PX HV GRFK HLQ WROOHV 'XUFKHLQDQGHUJHEHQ6FKDXHQ6LHGRFKZLHVFKRQ ,KUHUVWHV$XIWDXFKHQDOOHVKLHULQGLHVHU*DOD[LVDXI GHQ.RSIVWHOOWH© ª:DV6LHZRKODXVGUFNHQZROOHQ©VDJWH*RUGRQ WURFNHQ ªLVW GD LFK GLH SULYDWHQ 3OlQH HLQHV JHZLVVHQ6KRUU.DQYHUHLWHOWH'DVLVWDOOHV© ª0|JOLFK© HUZLGHUWH 6KRUU .DQ IULHGIHUWLJ ª/DW XQVWURW]GHPDQVWRHQ© 'LH /LFKWSXQNWH DXI GHP 6FKLUP GLH 6RQQHQ ZDUHQVFKLHQHQQXQYLHOQlKHU]XVDPPHQ(VVDK DXVDOVKLHOWHGDV6FKLIIJHUDGHZHJVDXIHLQHQ:DOO YRQ 6WHUQHQ ]X 6LFKHU ZUGH +XOO MHW]W JOHLFK GHQ .XUVlQGHUQ $EHU VLH NDPHQ LPPHU QlKHU KHUDQ XQG GHU $QWDULHUPDFKWHNHLQH$QVWDOWHQ]XU.XUVlQGHUXQJ *RUGRQKDWWHJXWH/XVWLKQGD]X]X]ZLQJHQDEHU HU EHKHUUVFKWH VLFK 6FKOLHOLFK YHUVWDQG HU VR JXW ZLH QLFKWV YRQ GHU 1DYLJDWLRQ HLQHV 6WHUQHQVFKLIIV XQG VLH KDWWHQ MD DXFK +XOO IUHLH +DQG JHODVVHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH $OVRNRQQWHHUQXUDEZDUWHQ(UQDKPHLQHQWLHIHQ 6FKOXFNDXVGHU)ODVFKH 6KRUU .DQ VFKLHQ ]X YHUVWHKHQ ZLH LKP ]XPXWH ZDU ª=ZLVFKHQ GHQ 6RQQHQ LVW ZHQLJHU 7UHLEJXW© HUNOlUWHHUª'DUXPQLPPW+XOOGLHVHQ.XUV© ª:LHQHWWYRQ,KQHQPLFK]XEHUXKLJHQ©EUXPPWH *RUGRQ 6KRUU.DQOlFKHOWHª*HUQJHVFKHKHQ3URVW© 6LH VDHQ XQG WUDQNHQ *RUGRQ EHPKWH VLFK QLFKWPHKUDXIGHQ6LFKWVFKLUP]XEOLFNHQXQGDXFK QLFKW DXI GDV 6FKQDWWHUQ GHU &RPSXWHU ]X K|UHQ 'LH=HLWVFKLHQEHUKDXSWQLFKW]XYHUJHKHQ(VZDU GHVKDOEIDVWHLQ6FKRFNIULKQDOV6KRUU.DQLKQ DXIGHQ6FKLUPDXIPHUNVDPPDFKWH6LHKDWWHQGHQ 6WHUQHQVFKZDUPKLQWHUVLFKJHODVVHQXQGWDXFKWHQ LQGLHGXQNOH7LHIHGHVIUHLHQ5DXPHV +XOO %XUUHO VFKDOWHWH GHQ $XWRSLORWHQ HLQ =XP HUVWHQPDOZlKUHQGGHV)OXJHVZDQGWHHULKQHQGDV *HVLFKW ]X ª,FK KDEH HV JHVFKDIIW© EUOOWH HU ª,FK KDEHGLH)DKUWGXUFKGHQ6WHUQHQEUXFKJHVFKDIIW© 'D VDK HU VLH PLW GHQ OHHUHQ )ODVFKHQ LQ GHQ +lQGHQXQGHUNRQQWHQXUQRFKGHQ.RSIVFKWWHOQ ª,FKZLOOYHUGDPPWVHLQ:lKUHQGLFKPLFKDESODJWH KDEWLKU]ZHLHXFKYROODXIHQODVVHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª6LH KDEHQ GRFK VHOEVW JHVDJW ZLU VROOHQ 6LH LQ 5XKHODVVHQ8QGKDEHQZLUGDVQLFKW"©IUDJWH6KRUU HLQZHQLJVFKOHSSHQG +XOOV *HVLFKW OLHI URW DQ 6HLQH %UXVW KRE VLFK GDQQEUOOWHHUYRU/DFKHQª6RHWZDVLVWPLUDXFK QRFK QLFKW XQWHUJHNRPPHQ :LH ZDU·V PLW HLQHU )ODVFKH IU PLFK" ,FK JODXEH LFK KDEH VLH PLU YHUGLHQW© 1RFK HLQPDO VFKWWHOWH HU GHQ .RSI ª0LW ]ZHL%HVRIIHQHQGXUFKGHQ6WHUQHQEUXFK'DVNDXIW PLUQLHPDQGDE© 'HU5DGDUVFKLUP]HLJWHHLQHJDQ]H)ORWWHDXHUKDOE )RPDOKDXW LQ %HUHLWVFKDIW ª:LU VROOHQ DXI GHP N|QLJOLFKHQ5DXPKDIHQYRQ+DWK\UODQGHQ©HUNOlUWH +XOOGHUGHQ6SUXFKDXIJHQRPPHQKDWWH (LQH *UXSSH YRQ 2IÀ]LHUHQ HUZDUWHWH VLH 6LH KDWWHQGHQ$XIWUDJVLHVRIRUW]XP3DODVW]XEULQJHQ $QGHUHJLQJHQDQ%RUGGHV.UHX]HUVXPVLFK2EG 'ROOVXQGGHUUHVWOLFKHQ%HVDW]XQJDQ]XQHKPHQ *RUGRQ KDWWH QLFKW JHZXW GD HU WURW] VHLQHU 9HU]ZHLÁXQJ LPPHU QRFK HLQ ELFKHQ +RIIQXQJ JHQlKUW KDWWH ELV HU LQ GHQ NOHLQHQ 5DXP NDP LQ GHP/LDQQDXQG.RUNKDQQLKQHQHQWJHJHQEOLFNWHQ $EHU VLH HUVWDUE DOV HU /LDQQDV VWHLQHUQHV *HVLFKW VDK (UZROOWHHWZDVVDJHQGRFKHKHHUDXFKQXUGHQ 0XQG]X|IIQHQYHUPRFKWHZDUHQ/LDQQDV$XJHQDQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH LKPYRUEHLJHZDQGHUWXQGZXUGHQSO|W]OLFKZHLWYRU 6FKRFN ª6KRUU.DQ© 6KRUU .DQ YHUEHXJWH VLFK WLHI YRU LKU ª+RKHLW© HUNOlUWH HU ªHV LVW PLU HLQH JURH )UHXGH 6LH ZLHGHU]XVHKHQ*HZLZLUKDWWHQHLQLJH'LIIHUHQ]HQ DEHUGDVOLHJWZHLW]XUFNXQGLFKP|FKWHVDJHQHV LVWEHUHLWVYHUJHVVHQ© /LDQQD HUVWDUUWH *RUGRQ HPSIDQG LQ GLHVHP $XJHQEOLFN HLQH ZLGHUZLOOLJH DEHU XQJHVFKPlOHUWH %HZXQGHUXQJ IU 6KRUU .DQ ª:LH GX VLHKVW© ZDQGWH HU VLFK DQ /LDQQD ªLVW 6KRUU .DQ QLFKW LQ 7KDOODUQD JHVWRUEHQ (V JHODQJ LKP LQ GLH gGH ]X HQWNRPPHQ :LU YHUGDQNHQ LKP XQVHU /HEHQ XQG DXFK GD ZLU )RPDOKDXW UHFKW]HLWLJ YRQ GHP EHYRUVWHKHQGHQ$QJULIIGHU*UDIHQZDUQHQNRQQWHQ© 8QG HLQGULQJOLFKHU IJWH HU KLQ]X ª,FK KDEH 6KRUU .DQYHUVSURFKHQGDHUKLHUVLFKHULVW© 6LH EOLFNWH LKQ DXVGUXFNVORV DQ GDQQ VDJWH VLH ]|JHUQG ª:HQQ GDV VR LVW 6KRUU .DQ GDQQ EHWUDFKWHQ6LHVLFKDOVXQVHU*DVW© ª0HLQHQ 'DQN +RKHLW© :LHGHU YHUQHLJWH 6KRUU .DQVLFKWLHI /LDQQDZDQGWHVLFKDQ+XOOª.DSLWlQ%XUUHOZLU KDWWHQ9HUELQGXQJPLW7KURRQ-KDO$UQYHUVLFKHUWH PLUGD7HLOHGHU,PSHULXPVÁRWWHEHUHLWVXQWHUZHJV QDFKKLHUVLQG©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH +XOOVFKWWHOWHEHGDXHUQGGHQ.RSIª,FKIUFKWH VLH ZLUG QLFKW PHKU YLHO DXVULFKWHQ +RKHLW 'LH *UDIHQXQG1DUDWK7H\QZLVVHQQXQGDVLHVRIRUW ]XVFKODJHQPVVHQ© .RUNKDQQ KDWWH ELVKHU JHVFKZLHJHQ ZlKUHQG VHLQH ZHLVHQ JHOEHQ $XJHQ DXI *RUGRQ UXKWHQ 1XQ SDFNWH HU LKQ DP $UP ª$EHU ZDV LVW PLW GHQ 0DJHOODQHUQ"©IUDJWHHUGUlQJHQG ª'LH+·KDUQ"©HUZLGHUWH*RUGRQYHUZLUUW ª6RQHQQHQVLHVLFKDOVR©PXUPHOWHGHU0LQLVWHU ª+|UHQ 6LH -RKQ *RUGRQ© IXKU HU PLW JURHU (LQGULQJOLFKNHLW IRUW ª(KH LFK 7KURRQ YHUOLH JHVWDWWHWHQ GHU .DLVHU XQG VHLQ %UXGHU =DUWK $UQ GDLFK(LQEOLFNQHKPHLQGLHDOWHQ$UFKLYHDXVGHU =HLW %UHQQ %LUV DOV GLH 0DJHOODQHU ]XP HUVWHQPDO LQGLH*DOD[LVNDPHQ6LHGUIHQQLFKWZLHGHUNHKUHQ :DVLFKODV«© (U KLHOW ]LWWHUQG LQQH $OV HU IRUWIXKU EHPKWH HU VLFK Y|OOLJ UXKLJ ]X VSUHFKHQ ª6LH ZLVVHQ GD LFK 7HOHSDWK ELQ 1LFKW HLQHU GHU VWlUNVWHQ DEHU« LFK KDEH HLQHQ 6FKDWWHQ EHU GHU *DOD[LV JHVSUW -RKQ*RUGRQHLQHQ6FKDWWHQGHUPLWMHGHU6WXQGH HUGUFNHQGHUZLUG«© *RUGRQ VFKWWHOWH GHQ .RSI ª:LU VLQG QXU PLW ]ZHLGHU+·KDUQ]XVDPPHQJHNRPPHQ(LQHQGDYRQ VDKHQZLUQLFKWHLQPDO6KRUU.DQXQGLFKW|WHWHQ GHQDQGHUHQXPXQV]XEHIUHLHQ²ZLUEHIDQGHQXQV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH LQ W|GOLFKHU *HIDKU«© 8QG LFK KRIIH GDV UHWWHW GLU GHQ +DOV 6KRUU .DQ GDFKWH HU ª(V EHÀQGHQ VLFK RIIHQEDUQXUZHQLJHYRQLKQHQLQXQVHUHU*DOD[LV© ª$EHU VLH ZHUGHQ NRPPHQ© PXUPHOWH .RUNKDQQ ª6LHZHUGHQNRPPHQ© ª(LQHV QDFK GHP DQGHUHQ© ZDUI /LDQQD HLQ ª1DUDWK XQG VHLQH 1LFKWPHQVFKHQ XQG GLH *UDIHQ JHQJHQ LP $XJHQEOLFN .RUNKDQQ NPPHUH GLFK ELWWH XP XQVHUH *lVWH© 6LH EHWRQWH GDV :RUW ª*lVWH©DEHU6KRUU.DQ]XFNWHPLWNHLQHU:LPSHU :LHGHU YHUEHXJWH HU VLFK WLHI ª,FK GDQNH ,KQHQ IU ,KUH *DVWIUHXQGVFKDIW 6FKRQ LPPHU ZROOWH LFK )RPDOKDXW EHVXFKHQ GHQQ LFK K|UWH HV VHL HLQHV GHUVFK|QVWHQGHUNOHLQHQ.|QLJUHLFKH©,QZDKUKDIW PDMHVWlWLVFKHU +DOWXQJ YHUOLH HU PLW +XOO %XUUHO XQG.RUNKDQQGHQ5DXP *RUGRQVDK/LDQQDDXIVLFK]XNRPPHQ,KU*HVLFKW ZLUNWHLPPHUQRFKVWHLQHUQXQGLKUH$XJHQZDUHQ Y|OOLJ DXVGUXFNVORV 6LH KRE GLH +DQG XQG VFKOXJ VLHLKPDXIGLH/LSSHQ3O|W]OLFKVDKVLHDXVZLHHLQ NOHLQHVVFKPROOHQGHV0lGFKHQ6LHOHJWHLKUHQ.RSI DQVHLQH6FKXOWHUXQGVDJWHKHLVHUª:DJHHVQLFKW PLFKMHZLHGHUDOOHLQ]XODVVHQ-RKQ*RUGRQ«© (UVSUWHLKUH7UlQHQDXIVHLQHU+DXW(VVFKLHQ LKPZLHHLQ:XQGHU(UQDKPVLHLQGLH$UPHJDQ] IHVW *RUGRQ KlOW VLH QLFKW =DUWK $UQ GDFKWH HU MXEHOQG-RKQ*RUGRQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

*RUGRQ NDQQWH GLH JUDXHQ +lXVHUIURQWHQ QXU ]X JXW (U VFKULWW DXI GDV *HElXGH ]X LQ GHP HU VHLQ%URKDWWH$QGHU7UZDUWHWH.HRJKDXILKQ (UODFKWHLKQDXVXQGVDJWHª,FKKDEH,KQHQGRFK JHVDJW GD DOOHV QXU HLQ 7UDXP ZDU GHU JDQ]H 8QVLQQ PLW GHQ 6WHUQHQN|QLJHQ XQG VFK|QHQ 3ULQ]HVVLQQHQ-HW]WVLQG6LHDXIJHZDFKWXQG]XUFN LQGHU:LUNOLFKNHLW© 9RQ 3DQLN HUIOOW VFKULH *RUGRQ ª1HLQ 1HLQ ,FK ZLOOQLFKW]XUFN/LDQQDKLOIPLU© 'HU6FKUHLVFKLHQHQGORVH*lQJHHQWODQJ]XKDOOHQ $OOHVXPLKQGUHKWHVLFKÁRYRQLKPKLQZHJXQG OLHLKQLQHLQHPZLUEHOQGHQ1LFKWV]XUFN(UQHXW ULHI HU QDFK /LDQQD XQG SO|W]OLFK IDQG HU VLFK LQ HLQHPIUHPGHQ=LPPHU 'XUFKGDVRIIHQH)HQVWHUVDKHUGLHULHVLJH6FKHLEH GHUXQWHUJHKHQGHQ6RQQHXQGHVZDUVLFKHUQLFKW 6RO VRQGHUQ )RPDOKDXW 'RFK GDV :XQGHUYROOVWH ZDU /LDQQD GLH VFKZHLJHQG LQ HLQHP 6HVVHO OHKQWH XQGLKQPXVWHUWH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (U VHW]WH VLFK DXI GHU &RXFK KRFK ZR HU HLQJH VFKODIHQ ZDU XQG ZLVFKWH VLFK GLH 6FKZHLSHUOHQ YRQGHU6WLUQ ª'XKDVWZRKOJHWUlXPWGXZlUVWLQMHQHUDQGHUHQ =HLW"©IUDJWH/LDQQD (UQLFNWH ª,FKGDFKWHHVPLU,FKEHREDFKWHWHGHLQ*HVLFKW ,FKELQIURKGDGXQDFKPLUXQGQLHPDQGDQGHUHP JHUXIHQ KDVW© 1DFK HLQHP $XJHQEOLFN IJWH VLH KLQ]Xª,FKKDEHPLFKLQ]ZLVFKHQPLW.DSLWlQ%XUUHO XQWHUKDOWHQ ,FK NDQQ PLU QXQ LQ HWZD YRUVWHOOHQ ZDV LKU GXUFKJHPDFKW KDEW XQG HV ZXQGHUW PLFK QLFKWGDGXMHW]WXQWHU$OSWUlXPHQOHLGHVW© (LQH :HLOH VFKZLHJHQ VLH EHLGH *RUGRQ ZDU QXQ VLFKHUGDVLHLKQOLHEWHDEHUGDV3UREOHPZDUGD VLHHLQDQGHUQRFKQLFKWJXWJHQXJNDQQWHQª:HQQ GLH +·KDUQ HLQHQ EHUKUHQ© PXUPHOWH HU ªLVW HV DOV OLHHQ VLH HLQH JHLVWLJH 1DUEH ]XUFN =ZHLPDO KDEHLFKEHUHLWVJHWUlXPWGDGHU+·KDUQGHUXQV LP 6FKLII EHGURKWH XQV WDWVlFKOLFK ]XU .OHLQHQ 0DJHOODQVFKHQ :RONH HQWIKUWH XQG MHGHVPDO«© $EUXSWKLHOWHULQQHXQGVSUDQJDXIGLH%HLQHª1RFK NHLQH$Q]HLFKHQGHU)ORWWHDXVGHUgGH"© 6LH VFKWWHOWH GHQ .RSI 6LH ]HLJWH NHLQH $QJVW DEHU HU ODV GLH TXlOHQGH $QVSDQQXQJ LQ LKUHQ =JHQª1RFKQLFKW$EURKlOWHVMHGRFKIUVLFKHU GDZHQQVLHDQJUHLIHQVLHHVEDOGWXQ(ULVWHLQHU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 0HLQXQJPLW.DSLWlQ%XUUHOGDVLHLKUHQ=HLWSODQ XPVWRHQ ZHUGHQ XP ]X]XVFKODJHQ HKH +LOIH HLQWUHIIHQNDQQ© ª,FK IUFKWH LFK KDEH HWZDV EHUVHKHQ GDV XQJHKHXHU ZLFKWLJ VHLQ PDJ© PXUPHOWH *RUGRQ ª,FK PX PLFK VRIRUW PLW +XOO XQG 6KRUU .DQ ]XVDPPHQVHW]HQ© /LDQQDV$XJHQYHUORUHQLKUH:lUPHª6KRUU.DQ GHU 0DQQ GHU XQV DOOH IDVW YHUQLFKWHW KlWWH ² XQG GRFKVSULFKVWGXYRQLKPZLHYRQHLQHP)UHXQG© *HGXOGLJ HUNOlUWH *RUGRQ ª(U LVW NHLQ )UHXQG VRQGHUQ HLQ HKUJHL]LJHU 2SSRUWXQLVW GHU QXU VHLQH HLJHQHQ=LHOHNHQQW8QGGDHUVHLQH&KDQFHQQXQ EHL XQV VLHKW ]LHKW HU LP $XJHQEOLFN DXFK DP JOHLFKHQ6WUDQJ(UZLUGYHUVXFKHQXQV]XEHQXW]HQ ²XQGZLULKQ(VPXVLFKQRFKKHUDXVVWHOOHQZHU HVEHVVHUNDQQ 6DJ PDO© ZDQGWH HU VLFK ZLHGHU VHLQHP XUVSUQJOLFKHQ7KHPD]Xª.DQQPDQKLHULUJHQGZR JDODNWRJUDSKLVFKH &RPSXWHUEHUHFKQXQJHQ DQVWHOOHQ"© ª,P N|QLJOLFKHQ .DUWHQUDXP (U LVW GLUHNW PLW VlPWOLFKHQ 6FKLUPHQ LP 9HUWHLGLJXQJVPLQLVWHULXP YHUEXQGHQ© ª%ULQJVW GX PLFK ELWWH KLQ /LDQQD" 8QG VRUJVW GXGDIUGD+XOOXQG6KRUU.DQHEHQIDOOVGRUWKLQ NRPPHQ"©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU 5DXP EHIDQG VLFK LP .HOOHU GHV 3DODVWV (U KDWWH 6FKLUPH DQ DOOHQ :lQGHQ *RUGRQ PXWH QLFKW ODQJH ZDUWHQ ELV DXFK +XOO XQG 6KRUU .DQ HLQWUDIHQ ª0LU LVW HLQ IXUFKWEDUHU 9HUGDFKW JHNRPPHQ© HPSÀQJ HU VLH ª+XOO GHQN PDO JXW QDFK .DQQVW GX GLFK HULQQHUQ RE GX GDV +·KDUQ 6FKLII PLW +|FKVWJHVFKZLQGLJNHLW ÁRJVW RGHU QLFKW HKH ZLU GHQ (LQÁX GHU .UHDWXU IHVWVWHOOWHQ XQG HWZDVGDJHJHQWDWHQ"© +XOO UXQ]HOWH GLH 6WLUQ ª:RUDXI ZLOOVW GX KLQDXV"© ª+DVWGXRGHUKDVWGXQLFKW"© ª9HUGDPPWLFKZHLHVQLFKW$OOHVZDVLFKJHWDQ KDEH ZXUGH PLU GRFK YRQ GLHVHP +·KDUQ LQ GHQ .RSIJHOHJWXQGLFK«© ª-D"© ª/DPLFKQDFKGHQNHQ«-DLFKJODXEHLFKZXWH GD LFK HLQHQ EHVWLPPWHQ +HEHO ELV ]XU OHW]WHQ (LQUDVWXQJEHWlWLJHQPXWH'DVWDWLFKDXFK8QG ZLHGDV6FKLIIGDUDXIUHDJLHUWH«©(UQLFNWH]XIULHGHQ ª-DZLUÁRJHQPLW+|FKVWJHVFKZLQGLJNHLW© ª8QGZLHKRFKZDUVLHGHLQHU6FKlW]XQJQDFK"© +XOO EHUOHJWH HLQHQ $XJHQEOLFN GDQQ QDQQWH HU HLQH=DKO

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HUGLHQVWKDEHQGH2IÀ]LHULP.DUWHQUDXP|IIQHWH XQJOlXELJGHQ0XQGXQG/LDQQDSURWHVWLHUWHª'DV LVWXQP|JOLFK© ª7XWPLUOHLG+RKHLW²HVLVWP|JOLFK'LH+·KDUQ 6FKLIIHVLQGVFKQHOOHUDOVDOOHEHUGLHZLUYHUIJHQ© +XOO VFKWWHOWH EHGDXHUQG GHQ .RSI ª,FK JlEH YLHO GDUXPZHQQLFKGDV6FKLIIKlWWHPLW]XUFNEULQJHQ XQG VWXGLHUHQ N|QQHQ 'HQQ ZHQQ ZLU LP 5DXP JHJHQVLHNlPSIHQPVVHQ«© *RUGRQZDQGWHVLFKDQ/LDQQDª.|QQHQZLUHLQH P|JOLFKVWGHWDLOOLHUWH.DUWHMHQHV7HLOVGHUgGHVHKHQ LQGHPVLFK$DUEHÀQGHW"©(WZDVYHUVSlWHWIJWHHU GHP3URWRNROOHQWVSUHFKHQGKLQ]Xª+RKHLW© 6LH VSUDFK PLW GHP 2IÀ]LHU XQG NXU] GDUDXI OHXFKWHWH HLQH :DQG PLW GHP YHUZLUUHQGHQ 'XUFKHLQDQGHUYRQ6WHUQHQ3ODQHWHQXQGJU|HUHQ 7UPPHUQLQGHQYHUVFKLHGHQHQ)DUEHQDXI *RUGRQ ]XFNWH GLH 6FKXOWHUQ ª,FK YHUVWHKH ]X ZHQLJGDYRQXPGDUDXVNOXJ]XZHUGHQ+XOODEHU GXNDQQVWHVPLUVLFKHUVDJHQ:LHZHLWZDUHQZLU YRQ $DU JHNRPPHQ DOV ZLU GLH $QZHVHQKHLW GHV +·KDUQIHVWVWHOOWHQXQGGHQ.XUVlQGHUWHQ"© ª9HUGDPPW© EUXPPWH +XOO %XUUHO ª:LU KDEHQ GRFKJHQXJ3UREOHPHYRUXQVDOVGDZLUDXFKQRFK GLHYHUJDQJHQHQGXUFKNDXHQPWHQ© ª%HDQWZRUWHQ 6LH VHLQH )UDJH© (V ZDU GLH KDUWH NDOWH 6WLPPH GHV HKHPDOLJHQ +HUUVFKHUV GHU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'XQNHOZHOWHQ6HLQJULPPLJHV*HVLFKWYHUULHWVHLQH %HIUFKWXQJ 1LFKW ]XP HUVWHQPDO GDFKWH *RUGRQ GD HU QRFK QLH MHPDQGHQ PLW HLQHP VR VFKQHOOHQ %HJULIIVYHUP|JHQ ZLH GLHVHQ 0DQQ JHNDQQW KDWWH 6KRUU .DQ KDWWH EHUHLWV HUUDWHQ ZRUDXI HU KLQDXVZROOWH +XOO VWXGLHUWH PLW KDOE ]XVDPPHQJHNQLIIHQHQ $XJHQGLH.DUWH6FKOLHOLFKQDQQWHHUGLHJHVFKlW]WH (QWIHUQXQJ ª,FK NDQQ HV QXU LQ HWZD«© *RUGRQ XQWHUEUDFK LKQ ª:HQQ ZLU GDYRQ DXVJHKHQ XQG GLH XQJHIlKUH *HVFKZLQGLJNHLW QHKPHQ ZLH ODQJH KlWWHQ ZLU JHEUDXFKW XP GLH .OHLQH 0DJHOODQVFKH :RONH]XHUUHLFKHQ"© +XOO EOLFNWH LKQ EHUUDVFKW DQ ª'DV LVW HV DOVR" :DUXPKDVWGXGDVQLFKWJOHLFKJHVDJW©(UIWWHUWH GHQ &RPSXWHU ª=ZLVFKHQ YLHU XQG IQI 0RQDWH© HUNOlUWHHUVFKOLHOLFK *RUGRQ XQG 6KRUU .DQ ZDUIHQ VLFK HLQHQ %OLFN ]X XQG /LDQQD VDJWH PLW KRKHLWOLFKHU 8QJHGXOG ª'UIWHQZLUYLHOOHLFKWDXFKHUIDKUHQZRUXPHVKLHU JHKW"© ª9LHU RGHU IQI 0RQDWH ]X GHQ 0DJHOODQVFKHQ :RONHQ XQG QLFKW ZHQLJHU ]XUFN© PXUPHOWH *RUGRQª$OVRDFKWELV]HKQ0RQDWHHKHGLH+·KDUQ )ORWWH XQVHUH *DOD[LV HUUHLFKHQ N|QQWH ZHQQ VLH DXI GLH ,QIRUPDWLRQ ZDUWHWH GLH VLH YRQ XQV ]X EHNRPPHQ KRIIWH« 'DV LVW ]X ODQJH :LU ZLVVHQ GDGLH+·KDUQKLQWHUGLHVHP6FKDFK]XJGHU*UDIHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VWHKHQ« 6LH KDWWHQ DOVR ]ZHLIHOORV DXFK LKUH +DQG EHLGHP=HLWSODQLP6SLHO:DVLPPHULKUH3OlQHIU LKUHQ HLJHQHQ hEHUIDOO ZDUHQ LFK NDQQ PLU QLFKW YRUVWHOOHQGDVLHHLQHVRJURH9HU]|JHUXQJLQ.DXI QlKPHQ6FKRQJDUQLFKW«© ª6FKRQ JDU QLFKW© IXKU 6KRUU .DQ IU LKQ IRUW ªZHQQGHUORJLVFKVWH=HLWSXQNWLKUHU,QYDVLRQJHQDX LQ GHP $XJHQEOLFN LVW ZHQQ GLH *DOD[LV LQ HLQHQ EHDFKWOLFKHQ%UJHUNULHJYHUZLFNHOWLVW«©6HLQ%OLFN ZDQGHUWHYRQHLQHP]XPDQGHUHQª'LH+·KDUQKDEHQ NHLQH 0KH JHVFKHXW 8QIULHGHQ ]X VlHQ *DQ] VLFKHUZHUGHQVLHQLFKWDXIGLH(UQWHYHU]LFKWHQ© (LQ OlKPHQGHV 6FKZHLJHQ VHW]WH HLQ 6FKOLHOLFK VDJWH*RUGRQª,FKJODXEHQLFKWGDGHU+·KDUQXQV EHUKDXSW]XU0DJHOODQVFKHQ:RONHEULQJHQZROOWH ²HKHU]XHLQHPYLHOQlKHUHQ2UW,FKZUGHVDJHQ ]XGHU+·KDUQ)ORWWHGLHVLFKQLFKWZHLWDXHUKDOE XQVHUHU*DOD[LVYHUERUJHQKlOW© 'DV 6FKZHLJHQ ZXUGH QRFK EHGUFNHQGHU DOV KlWWHQ DOOH VRJDU ]X DWPHQ DXIJHK|UW )DVW ZWHQG VWLH+XOODXVª:HQQVLHVLFKLUJHQGZRLQGHU1lKH YHUVWHFNW KLHOWHQ KlWWHQ GLH 5DGDUZDUQV\VWHPH GHV ,PSHULXPV VLH OlQJVW DXIJHVSUW :HLW GX GHQQ QLFKW ZLH VRUJIlOWLJ ZLU GHQ bXHUHQ 5DXP EHREDFKWHQ²VHLW%UHQQ%LUV=HLWHQ"© ª'RFK©PXUPHOWH*RUGRQª$EHU«©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU .DQ IKUWH DXFK GLHVPDO GHQ 6DW] IU LKQ ]X(QGHª6LHKDEHQGLH+·KDUQNHQQHQJHOHUQWXQG KDEHQLQHWZDHLQH$KQXQJYRQLKUHQ.UlIWHQ2KQH =ZHLIHO ZLVVHQ VLH GD GHU bXHUH 5DXP ZLH 6LH VFKRQHUZlKQWHQXQWHUVWlQGLJHU5DGDUEHREDFKWXQJ VWHKW 'LH HUVWH 9RUDXVVHW]XQJ IU HLQH ,QYDVLRQ JU|HUHQ 6WLOV ZDU IU VLH GHPQDFK HLQ :HJ GLHVH 5DGDUEHREDFKWXQJXQZLUNVDP]XPDFKHQ© +XOO %XUUHO HUVFKUDN ª,FK VHKH ZDV 6LH PHLQHQ $EHU ZHQQ VLH GDV WDWVlFKOLFK JHVFKDIIW KDEHQ EHVWHKWGLH0|JOLFKNHLWGDVLHEHUHLWVGRUWGUDXHQ LUJHQGZR«© ª'DUDXI ZDUWHQ© IXKU QXQ *RUGRQ IRUW ªGD GLH *UDIHQPLWLKUHP$QJULIIEHJLQQHQ© ª*URHU*RWW©VW|KQWH+XOOXQGZDQGWHVLFKZLOG DQGHQ.RPPXQLNDWLRQVRIÀ]LHUª5XIHQ6LH7KURRQ 'DV,PSHULXPPXJHZDUQWZHUGHQ© 'HU 2IÀ]LHU EOLFNWH /LDQQD IUDJHQG DQ 6LH VDJWH UXKLJª7XQ6LHZRUXPHUELWWHW© 'HU %LOGVFKLUP OHXFKWHWH DXI +XOOV 1DPH XQG VHLQ5XIVLFKHUWHQLKP²QDFKGHPGHU.RQWDNWPLW 7KURRQKHUJHVWHOOWZDU²HLQH'LUHNWYHUELQGXQJ]XP 3DODVW =DUWK $UQV *HVLFKW EOLFNWH LKQHQ DXV GHP 6FKLUPHQWJHJHQ ª.DSLWlQ%XUUHO²*RUGRQ²LKUEHÀQGHWHXFKDOVR *RWWVHL'DQNLQ6LFKHUKHLW:LUPDFKWHQXQVVFKRQ 6RUJHQ«©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (U EUDFK DEUXSW DE DOV HU KLQWHU *RUGRQ 6KRUU .DQ HQWGHFNWH ª:DV VROO GLHVH 0DVNHUDGH"© IUDJWH HUVFKDUI ª.HLQH 0DVNHUDGH© YHUVLFKHUWH 6KRUU .DQ LKP VHOEVWª=XPHLQHP*OFNHQWVSUDFKHQGLH%HULFKWH EHUPHLQHQ7RGQLFKWGHU:DKUKHLW©(UEHJHJQHWH DPVLHUW =DUWK $UQV IXQNHOQGHQ $XJHQ ª'HU %|VHZLFKWLVWZLHGHUDXIJHWDXFKW²GRFKGLHVPDODXI ,KUHU6HLWH)UHXW6LHGDVQLFKW"© =DUWK $UQ VFKLHQ ]X EHUUDVFKW XP DXFK QXU HLQHQ 7RQ KHUDXV]XEULQJHQ *RUGRQ HUJULII GLH *HOHJHQKHLW ]X HLQHU KDVWLJHQ (UNOlUXQJ ª:LU XQG P|JOLFKHUZHLVH GLH JDQ]H *DOD[LV YHUGDQNHQ 6KRUU .DQ GDV /HEHQ GHQQ HU UHWWHWH XQV GDPLW ZLU UHFKW]HLWLJZDUQHQNRQQWHQ%LWWHEHGHQNHQ6LHGDV +RKHLW© =DUWK $UQV *HVLFKW ZDU ZHL GLH =JH KDUW (U VFKOR GLH $XJHQ XQG KROWH WLHI /XIW ELV HU VLFK ZLHGHUJHIDWKDWWH'DQQEOLFNWHHU/LDQQDDQXQG VDJWHª+RKHLWPHLQ5DWLVWGLHVHQ0DQQVRIRUW]X KlQJHQ© ª'DQQPVVHQ6LHGDVVHOEHHUVWPLW*RUGRQWXQ© ZDUI6KRUU.DQVDQIWHLQª(UJDEVHLQ:RUWPLFK]X VFKW]HQ© +XOO WUDW QlKHU DQ GHQ 6FKLUP KHUDQ ª+RKHLW PLW DOOHP 5HVSHNW DEHU ]XP 7HXIHO PLW 6KRUU .DQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH XQGZDVDXVLKPZLUG'LH+·KDUQ²GLH0DJHOODQHU ²P|JHQMHGHQ$XJHQEOLFN]XVFKODJHQ© =DUWK $UQV *ULPP PDFKWH %HVRUJQLV 3ODW] ª6LH NRQQWHQGHPQDFKHWZDVHUIDKUHQ"© +XOO EHULFKWHWH =DUWK $UQ VFKLHQ XP -DKUH ]X DOWHUQ ª1XU 7KHRULH© PXUPHOWH HU ªXQG GRFK« +·KDUQ DOVR 0HUNZUGLJ GD ZLU YRUKHU NHLQHQ 1DPHQIUVLHKDWWHQ©(UEOLFNWHDXI*RUGRQª'DV LVWDOVRGHLQH0HLQXQJ"© ª-D©*RUGRQQLFNWH8QJHEHWHQPLVFKWH6KRUU.DQ VLFK HLQ ª$XFK PHLQH 8QG ZDV LPPHU LFK VRQVW LQ ,KUHQ $XJHQ VHLQ PDJ 6LH ZLVVHQ LFK ELQ NHLQ )HLJOLQJ=DUWK$UQXQGDXFKNHLQ1DUU,FKJODXEH IHVWGDGLHVHU$QJULIIDXI)RPDOKDXWQLFKWVZHLWHU DOVGHUHUVWH9RUVWRHLQHV+·KDUQhEHUIDOOVDXIGLH JDQ]H*DOD[LVLVW© ª,FK ZHUGH GDV DOOHV VRIRUW PHLQHP %UXGHU YRUWUDJHQ $EHU LFK JODXEH LFK NHQQH VHLQHQ (QWVFKOXEHUHLWV'LH,PSHULXPVÁRWWHPXPLWDOOHQ 0LWWHOQ YHUVXFKHQ GLH +·KDUQ)ORWWH DXI]XVSUHQ RGHUVLFKYHUJHZLVVHUQGDVLHVLFKQLFKWDP5DQG GHU*DOD[LVDXIKlOW8QGLFKZHUGHGDEHLVHLQ'HQQ ZHQQZLUGLH+·KDUQÀQGHQ«© *RUGRQ IU|VWHOWH ª'X ZLUVW GHQ 'LVUXSWRU DQZHQGHQ"©(UHULQQHUWHVLFKQXU]XJXWZLHHUVHOEVW GD]XJH]ZXQJHQJHZHVHQZDUGLHVFKUHFNOLFKH.UDIW GLHVHU:DIIHHLQ]XVHW]HQ(VZDUIXUFKWEDUJHZHVHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH DOV VLH GDV $OO HUVFKWWHUWH XQG GLH 6WHUQH EHEWHQ ZLHGDVJDQ]H8QLYHUVXPVLFK]XYHU]HUUHQXQG]X UHLHQVFKLHQ ª,FKZHUGHNHLQHDQGHUH:DKOKDEHQ©VDJWH=DUWK $UQWRQORV(UZDQGWHVLFKPLWHUQVWHP*HVLFKWDQ /LDQQDª6LHZLVVHQQDWUOLFKZHOFKH)ROJHQGDVIU 6LHKDEHQZLUG"© 6LHQLFNWHUXKLJª6LHZHUGHQMHGHV6FKLIIEHQ|WLJHQ XP GHQ 5DQG GHV bXHUHQ 5DXPHV DE]XVXFKHQ ²HLQVFKOLHOLFKMHQHUGLH6LHPLU]XU8QWHUVWW]XQJ VHQGHQZROOWHQ,FKYHUVWHKHHV)UGLH$EZHKUGHU +·KDUQPXDOOHVDQGHUH]XUFNVWHKHQ:LUZHUGHQ XQVHUHQ .DPSI KLHU VFKRQ DOOHLQ DXVWUDJHQ© 6LH OlFKHOWHVRJDUª(VVSLHOWRKQHKLQNHLQHJURH5ROOH .DSLWlQ %XUUHO HUNOlUWH PLU GD ,KUH 6FKLIIH XQV RKQHKLQ QLFKW YRU GHP $QJULII GHU *UDIHQ PHKU HUUHLFKWKlWWHQ© 'HU 6FKLUP HUORVFK 6LH ZROOWHQ JHUDGH GHQ .DUWHQUDXP YHUODVVHQ DOV HLQ DQGHUHU 6FKLUP DXÁHXFKWHWH XQG $EUR GHQ 9HUWHLGLJXQJVPLQLVWHU ]HLJWH(UYHUVFKZHQGHWHNHLQH=HLWIUGDV3URWRNROO ª+RKHLWGLH)ORWWHGHU*UDIHQKDWGLHgGHYHUODVVHQ 6LH QlKHUW VLFK PLW K|FKVWHU *HVFKZLQGLJNHLW )RPDOKDXW 8QG VLH LVW GRSSHOW VR VWDUN ZLH ZLU DQJHQRPPHQKDWWHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

ª,KUH)ORWWHYHUIJWEHUHLQ'ULWWHOPHKUVFKZHUH =HUVW|UHU DOV XQVHUH© HUNOlUWH $EUR ª&RPPDQGHU (QJOEHDEVLFKWLJWVHLQH6FKLIIH]XUFN]X]LHKHQXP )RPDOKDXW]XGHFNHQXQG=HLW]XJHZLQQHQELVGLH *HVFKZDGHUGHV,PSHULXPVHLQWUHIIHQ© ª(LQJXWHU3ODQ©VDJWH/LDQQDUXKLJª,QIRUPLHUHQ 6LH(QJOMHGRFKQLFKWPLW8QWHUVWW]XQJYRQ7KURRQ ]XUHFKQHQ© $EUREOLFNWHVLHYHUZLUUWDQª$EHU+RKHLWLFKZDU GRFKVHOEVWDQZHVHQGDOV«© ª,FK EHDEVLFKWLJH QLFKW PLFK GDUEHU EHU GHQ .RPPXQLNDWRU]XXQWHUKDOWHQ'HU5DWZLUGVRIRUW HLQEHUXIHQ.RPPHQ6LHJOHLFK]XP6LW]XQJVUDXP $EUR© /LDQQD OlFKHOWH VFKZDFK DOV VLH VLFK DQ *RUGRQ ZDQGWH ª,FK PX HXFK YHUODVVHQ %LV VSlWHU *RUGRQ© +XOO %XUUHO OLH HUQHXW GLH .DUWH PLW GHP $XVVFKQLWW GHU gGH DXÁHXFKWHQ XQG VWXGLHUWH VLH ÀHEHUKDIW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU .DQ ]XFNWH GLH 6FKXOWHUQ ª(V VLHKW QLFKW JXW DXV *RUGRQ 'LH DQGHUHQ 6WHUQHQN|QLJUHLFKH ZHUGHQ ]|JHUQ HWZDV ]X XQWHUQHKPHQ ZHQQ VLH HUIDKUHQGD7KURRQNHLQH+LOIHVFKLFNW,FKPDFKH PLU6RUJHQ© ª:LHQHWWGD6LHVLFKXPXQV6RUJHQPDFKHQ© VDJWH*RUGRQlW]HQG ª8PHXFK"©6KRUUVFKWWHOWHGHQ.RSIª8PPLFK $OVLFKHXFKKDOIXQG2EG'ROOGHQ.UHX]HUNODXWH KDEH LFK DOO]X RIIHQVLFKWOLFK 3DUWHL HUJULIIHQ .HLQH $XVUHGH ZLUG &\Q &U\YHU EHU]HXJHQ GD LFK LKQ QLFKWYHUUDWHQKDEH:HQQHUKLHUVLHJWXQGPLFK]X IDVVHQNULHJW«© ª6LHVLW]HQDOVRJDQ]VFK|QLQGHU7LQWH©VWLPPWH *RUGRQ]X ª8QG ZLH© 1DFKGHQNOLFK IJWH 6KRUU .DQ KLQ]X ª'LH7UDQVSRUWHUPLW1DUDWKV]XVDPPHQJHZUIHOWHU $UPHH DXV 1LFKWPHQVFKHQ ZHUGHQ GHU )ORWWH GHU *UDIHQIROJHQ6LHVLQGGLHHLJHQWOLFKH*HIDKU:HQQ GLHVHU&RPPDQGHU(QJOJHQJHQG9HUVWDQGKDWGLH 6FKZHUHQ.UHX]HUDXVGHU6FKODFKWKHUDXV]XKDOWHQ N|QQWHQVLHJHJHQGLH7UDQVSRUWHUHLQJHVHW]WZHUGHQ VREDOGGLHVH]XODQGHQYHUVXFKHQ© ª'DV ZlUH GLH ULFKWLJH 7DNWLN© SÁLFKWHWH *RUGRQ LKPEHL ª6FKODJHQ 6LH HV YRU *RUGRQ© EDW 6KRUU ª9RQ PLU ZUGHQ VLH NHLQHQ 5DW DQQHKPHQ XQG ZlUH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HUQRFKVRJXWXQGREZRKOLFKPHKUYRQ6WUDWHJLH YHUVWHKH DOV VLH DOOH ]XVDPPHQ ² ZLH LFK GDPDOV ZRKOEHZLHVHQKDEH© ª,FKZHUGHHVYHUVXFKHQ©YHUVSUDFK*RUGRQ (LQH ODQJH =HLW ZDUWHWH HU LQ GHP 9RU]LPPHU ]XPNOHLQHQ6LW]XQJVVDDO$OV/LDQQDDQGHU6SLW]H GHU VHKU EHVRUJW GUHLQEOLFNHQGHQ 5DWVPLWJOLHGHU KHUDXVNDPVDKVLHLKQXQGNDPDXILKQ]Xª(VZDU QLFKWQ|WLJGDGXVRODQJHDXIPLFKJHZDUWHWKDVW© ÁVWHUWHVLH$EHU*RUGRQKDWWHGDV*HIKOGDVLH VHKUIURKGDUEHUZDU ª,FK ZROOWH QXU ZLVVHQ ZLH HV VWHKW 'DV KHLW ZHQQGXHVPLUVDJHQNDQQVW© $EURUXQ]HOWHGLH6WLUQDEHU/LDQQDLJQRULHUWHLKQ ª'X KDVW GLH :DUQXQJ JHEUDFKW XQG GHVKDOE HLQ 5HFKWHV]XHUIDKUHQ'LH+DXSWÁRWWHGHV,PSHULXPV LVW EHUHLWV ]XP 5DQG GHU *DOD[LV DXIJHEURFKHQ 6LH IKUW DOOH QXU HUGHQNOLFKHQ 6HQVRUHQ PLW VLFK GLH KHOIHQ N|QQWHQ GLH +·KDUQ DXI]XVSUHQ XQG ]XVlW]OLFKGLHEHVWHQ7HOHSDWKHQGHV5HLFKHV© 9RQ GHQ 7HOHSDWKHQ GXUIWH PDQ QLFKW ]XYLHO HUKRIIHQGDVZXWH*RUGRQ'LH+·KDUQEHUWUDIHQ LKUH )lKLJNHLWHQ EHL ZHLWHP XQG NRQQWHQ RKQH 6FKZLHULJNHLWHQLKUH*HGDQNHQDEVFKLUPHQ /LDQQD IXKU IRUW ª:LU KDEHQ GLH NOHLQHUHQ .|QLJWPHUXP+LOIHHUVXFKWDEHUGLHPHLVWHQVLQG ]X ZHLW HQWIHUQW XP EHUKDXSW QRFK UHFKW]HLWLJ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH JHQXJ HWZDV WXQ ]X N|QQHQ« 'LH +HUNXOHVEDURQH VDJWHQDOOHUGLQJVLKUH8QWHUVWW]XQJ]X© $EURZDUIEUVNHLQª'RFKQLFKWXPXQVUHWZLOOHQ VRQGHUQZHLOGLH*UDIHQGHUgGHIULKUHQ*HVFKPDFN ]X PlFKWLJ ZHUGHQ $EHU ZLH GHP DXFK VHL VLH ZHUGHQRKQHGLHV]XVSlWHLQWUHIIHQ© =|JHUQG VDJWH *RUGRQ ª0LU NDP HLQH ,GHH GRFK YLHOOHLFKW ZLUG HLQ 9RUVFKODJ YRQ PLU DOV IHKO DP 3ODW]EHWUDFKWHW"© /LDQQDVFKLHQQLFKWVHKUHUIUHXWGDUEHUHUNOlUWH MHGRFK PLW IHVWHU 6WLPPH ª'X KDVW GHLQ /HEHQ IU XQV DXIV 6SLHO JHVHW]W XQG KDVW GHVKDOE DXFK GDV 5HFKW]XVSUHFKHQ© *RUGRQ ZLHGHUKROWH 6KRUU .DQV 6WUDWHJLH =X VHLQHU hEHUUDVFKXQJ QLFNWH $EUR ]XVWLPPHQG ª(LQ JURDUWLJHU =XJ ² ZHQQ ZLU LQ GHU /DJH VLQG EHLP $QJULII GHU *UDIHQ EHUKDXSW QRFK 6FKLIIH ]XUFN]XKDOWHQ ,FK ZHUGH (QJO GHQ 9RUVFKODJ XQWHUEUHLWHQ© $OVGLHDQGHUHQJHJDQJHQZDUHQIUDJWH/LDQQDLKQ PLWHLQHPVFKZDFKHQ/lFKHOQª'DVZDU6KRUU.DQV ,GHHQLFKWZDKU"© (LQLJH 6WXQGHQ VSlWHU VD HU PLW LKU DXI GHU KRKHQ7HUUDVVHGHV3DODVWV,QGHU6WDGWXQWHULKQHQ KHUUVFKWHUHJH*HVFKlIWLJNHLW/DVWZDJHQEHI|UGHUWHQ %HZDIIQHWH ]X GHQ VWUDWHJLVFKHQ 3XQNWHQ 8P GHQ 3DODVWZXUGHQ*HVFKW]EDWWHULHQDXIJHEDXW5LHVLJH

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 5DXPPRQLWRUHQ KREHQ VLFK LQ GLH 'XQNHOKHLW XP LKUHQ 3ODW] LP 9HUWHLGLJXQJVQHW] XP GLH 7KURQZHOW HLQ]XQHKPHQ *RUGRQ EOLFNWH ]XP 6WHUQHQKLPPHO HPSRU ZR EDOG ]ZHL 5DXPÁRWWHQ VLFK LP .DPSI PHVVHQ ZUGHQ 6HLQH *HGDQNHQ ZDQGHUWHQ ]X GHU PlFKWLJHQ ,PSHULXPVÁRWWH GLH LQ]ZLVFKHQ VFKRQ QDFK GHQ +·KDUQ VXFKWH *RUGRQ HPSIDQG NHLQH JURH+RIIQXQJIULKUHQ(UIROJ2KQH=ZHLIHOZDUHQ GLH +·KDUQ PLW GHQ VWlUNVWHQ 6FKXW]SDQ]HUQ XQG EHVWHQ $QJULIIVZDIIHQ JHNRPPHQ GHQQ VLH ZXWHQ YRP'LVUXSWRUXQGVHLQHU:LUNXQJ2IIHQEDUGDFKWH DXFK/LDQQDDQGLH+·KDUQ ª:LUG 1DUDWK VROFKH .UHDWXUHQ EHL VLFK KDEHQ"© IUDJWHVLH ª'DYRQELQLFKEHU]HXJW© ª:LHNDQQVWGXVRVLFKHUVHLQ"© %HGUFNW HUNOlUWH *RUGRQ ª'LH +·KDUQ VLQG DQ PLU LQWHUHVVLHUW 6LH ZLVVHQ GD LFK GHQ 'LVUXSWRU HLQPDO EHGLHQW KDEH ² GDPDOV LQ =DUWK $UQV .|USHU 6LH JODXEHQ LFK NHQQH DOOH WHFKQLVFKHQ (LQ]HOKHLWHQ ZDV QDWUOLFK QLFKW GHU )DOO LVW ,FK IROJWHOHGLJOLFK-KDO$UQV,QVWUXNWLRQHQ©'VWHUIXKU HUQDFKHLQHUNXU]HQ3DXVHIRUWª(LQEHWUlFKWOLFKHU 7HLOGHU*HVFKHKQLVVHLQGHU*DOD[LVVFKHLQWDXIGLH 7DWVDFKH ]XUFN]XJHKHQ GD =DUWK $UQ XQG LFK .|USHUWDXVFKWHQ8QG=DUWK$UQLVWHLQHUGHUGUHL

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 0lQQHUGLHGDV*HKHLPQLVGHV'LVUXSWRUVNHQQHQ 'DUXPKDWGLH/LJDGHU'XQNHOZHOWHQPLFKGDPDOV HQWIKUW XQG DOV GDV QLFKWV KDOI PLFK ² XQG GLFK HEHQIDOOV²QDFK7KDOODUQDJHEUDFKW© (U EOLFNWH KLQXQWHU DXI GLH JHUlXVFKYROOH 6WDGW ª8QG GDV ZLHGHUXP IKUWH GD]X GD GLH /LJD GDV ,PSHULXPDQJULII²ZHLOVLHLQ]ZLVFKHQZXWHQGD LFK QLFKW ZLUNOLFK =DUWK $UQ ZDU XQG DQQDKPHQ GDLFKGHQ'LVUXSWRUQLFKWEHGLHQHQNRQQWH8QG QXQ JODXEHQ GLH W|GOLFKVWHQ )HLQGH YRQ DOOHQ ² GLH +·KDUQ ² GD LFK LKQHQ $XVNXQIW EHU GLH HLQ]LJH :DIIHJHEHQNDQQGLHVLHIUFKWHQ6LHZHUGHQYRU QLFKWV+DOWPDFKHQHKHVLHPLFKQLFKWLQGLH+lQGH EHNRPPHQ© )LQVWHU VWDUUWH HU DXI VHLQH )XVSLW]HQ ª'XUFK GLHVHQYHUKlQJQLVYROOHQXQGJDUQLFKWVRJHSODQWHQ $XVWDXVFKZXUGHLFK]XP)OXFKGLHVHUIUPLFKVR ZHLWLQGHU=XNXQIWOLHJHQGHQ=HLW«*HQDXZLH6KRUU .DQVDJWHLFKELQGDV6DQGNRUQLP*HWULHEH© ª1HLQ© ZLGHUVSUDFK /LDQQD 6LH QDKP VHLQH +lQGHª8QGVHOEVWZHQQHVVRZlUHOLHJWGLH6FKXOG QLFKW EHL GLU VRQGHUQ EHL =DUWK $UQ© 6LH VFKZLHJ HLQHQ NXU]HQ $XJHQEOLFN GDQQ VDJWH VLH ]lUWOLFK ª,FKELQVHKUJOFNOLFKGDGXKLHUKHUNDPVW-RKQ *RUGRQ© 1DFK HLQHU :HLOH EHIUHLWH VLH VLFK DXV VHLQHQ $UPHQª,FKPXKLQXQWHUXQGPLFKGHQ9HUWHLGLJHUQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH PHLQHU:HOW]HLJHQ1HLQNRPPQLFKWPLW,FKPX HVDOOHLQWXQ© /DQJH QRFK KLQJ *RUGRQ DXI GHU 7HUUDVVH VHLQHQ *HGDQNHQ QDFK (LQ 6WHUQHQN|QLJUHLFK ZUGH YLHOOHLFKW IDOOHQ XQG 1DUDWK VHLQHQ (KUJHL] EHIULHGLJHQ XQG GLH .URQH YRQ )RPDOKDXW DQ VLFK UHLHQ ZlKUHQG /LDQQD XQG HU -RKQ *RUGRQ GHQ 7RGIlQGHQ'DVZlUHVRZRKOHLQH7UDJ|GLHIUGLHVH :HOWKLHUDOVDXFKIUVLHVHOEVW $EHU ZHQQ GLH +·KDUQ LKU =LHO HUUHLFKWHQ ZlUH HV HLQH 7UDJ|GLH IU GLH JHVDPWH *DOD[LV ² HLQH .DWDVWURSKH NRVPLVFKHQ $XVPDHV 7DXVHQGH YRQ -DKUHQ KDWWHQ GLH +·KDUQ DXI GLHVHQ 7DJ KLQJHDUEHLWHW²XQGQXQVFKLHQHUQLFKWPHKUIHUQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

'LH IHLQGOLFKHQ )ORWWHQ WUDIHQ ]ZLVFKHQ GHQ $XVWULQXV6RQQHQXQGGHUgGH]XVDPPHQ*RUGRQ EHREDFKWHWH GLH 6FKODFKW DXI GHQ 6FKLUPHQ LP .DUWHQUDXP (V ZXUGH QXU DOO]X EDOG NODU GD GLH .UHX]HU GHU *UDIHQ GLH )RPDOKDXWVFKLIIH LPPHU ZHLWHU YRQ GHP 6WHUQ XQG GHP 3ODQHWHQ KLQZHJGUlQJWHQGHQVLHVFKW]HQZROOWHQ 6FKZHL JOlQ]WH DXI $EURV *HVLFKW ª(QJO LVW HLQ JXWHU0DQQDEHUHUKDWQLFKWJHQJHQG6FKLIIH6LH WUHLEHQLKQZHJYRQ)RPDOKDXWXQG|IIQHQGHQ:HJ IUGLHKLHU©(UGHXWHWHDXIGLHREHUHUHFKWH(FNHGHV 6FKLUPHVZRHLQQHXHU6FKZDUPYRQ5DGDUSXQNWHQ VLFK)RPDOKDXWQlKHUWH 'LH7UDQVSRUWHU²XQGPLWLKQHQ1DUDWK7H\Q (V PDFKWH *RUGRQ QHUY|V XQWlWLJ KLHU DXI GHQ $QJULII ZDUWHQ ]X PVVHQ XQG ]ZHLIHOORV JLQJ HV /LDQQDQLFKWDQGHUV ª+DEHQ GLH %DURQH VLFK LPPHU QRFK QLFKW JHPHOGHW"© IUDJWH VLH .RUNKDQQ EHZHJWH VHLQH )OJHOPLWHLQHPVHXI]HUlKQOLFKHQ*HUlXVFKª1HLQ +RKHLW(VVLHKWJDQ]VRDXVDOVPVVHQZLUDOOHLQ NlPSIHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª:HQQ (QJO QXU LQ GHU /DJH JHZHVHQ ZlUH JHQJHQG 6FKZHUH .UHX]HU DE]X]LHKHQ© EUXPPWH $EURELWWHUªKlWWHQZLUYLHOOHLFKWHLQH&KDQFHJHKDEW VLH]XUFN]XVFKODJHQ$EHULFKIUFKWHZLUN|QQHQ LKUH/DQGXQJMHW]WQLFKWPHKUYHUKLQGHUQ© /LDQQD ]XFNWH GLH 6FKXOWHUQ ª$OVR PVVHQ ZLU EHUHLWVHLQXQVHUH:HOW]XYHUWHLGLJHQ.RPPW© -HGHU =ROO HLQH .|QLJLQ VFKULWW VLH LKQHQ YRUDXV GXUFKGHQ3DODVW8QWHUZHJVVFKOR6KRUU.DQVLFK *RUGRQDQª(VLVWXQVFKZHUDXVHXUHQ*HVLFKWHUQ ]X HUUDWHQ GD GLH )RPDOKDXWÁRWWH GHQ NU]HUHQ ]LHKWULFKWLJ"© ª6WLPPW© PXUPHOWH *RUGRQ ª6LH ZLUG ZHVWZlUWV DEJHGUlQJW XP GHQ 7UDQVSRUWHUQ GLH XQEHKHOOLJWH /DQGXQJ ]X HUP|JOLFKHQ 1DUDWK 7H\QV +RUGHQ ZHUGHQEDOGKLHUVHLQ© 6KRUU.DQQLFNWHGVWHUª'DUDQLVWZRKOQLFKW]X ]ZHLIHOQ ,FK KDEH PLU VFKRQ GHQ .RSI ]HUEURFKHQ ZLHLFKGLHVHU)DOOHHQWJHKHQN|QQWH«© 0LW JHVSLHOWHP (UVWDXQHQ VDJWH *RUGRQ ª,FK GDFKWHGDHVRKQHKLQNHLQH+RIIQXQJIUXQVJLEW GD 6LH ZLH HLQ 0DQQ ELV ]XP OHW]WHQ $WHP]XJ NlPSIHQZUGHQ© 6KRUU .DQ ]XFNWH GLH 6FKXOWHUQ ª(V ZLUG PLU ZRKO QLFKWV DQGHUHV EULJEOHLEHQ 'HQQ LFK PX JHVWHKHQLFKVHKHHLQIDFKNHLQHQ$XVZHJPHKU©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'LH6WXQGHQYHUJLQJHQ2IÀ]LHUHXQG5DWVPLWJOLHGHU VWU|PWHQLP3DODVWHLQXQGDXV/LDQQDKDWWHNHLQH =HLWIU*RUGRQXQGHVJDEQLFKWVZDVHUKlWWHWXQ N|QQHQ(UNDPVLFKY|OOLJEHUÁVVLJYRU ª$EHU LFK ELQ GHU $QVLFKW GD 6LH GLH 6FKOVVHOSHUVRQ KLHU VLQG -RKQ *RUGRQ© VDJWH .RUNKDQQ GHU DXI LKQ ]XNDP ª/LDQQD LQIRUPLHUWH PLFK 6LQG 6LH JDQ] VLFKHU GD 6LH QLFKWV EHU GHQ 'LVUXSWRU ZLVVHQ ZDV GLH +·KDUQ DXV ,KQHQ KHUDXVKROHQN|QQWHQ"© ª*DQ] VLFKHU ,FK ZHL QXU ZLH HU EHGLHQW ZLUG :HVKDOEIDQJHQ6LHMHW]WDXFKQRFKGDPLWDQ"© ª:HLO HV PHLQH 3ÁLFKW ZlUH© HUZLGHUWH .RUNKDQQ GVWHUª6LH]XW|WHQVRVHKULFK6LHDXFKVFKlW]H HKHGLH+·KDUQ6LHLQLKUH+lQGHEHNRPPHQ© ª,FK YHUVWHKH© PXUPHOWH *RUGRQ 9HUGDPPW GDFKWHHU:LUGPLFKGDVELV]XPHLQHP/HEHQVHQGH YHUIROJHQ" ª.RPPHQ6LHPLWPLU©VFKOXJ.RUNKDQQYRUª+LHU N|QQHQ6LHQLFKWVWXQDEHUYLHOOHLFKWLQWHUHVVLHUWHV 6LHZLHHVEHLXQVDXVVLHKW© 6KRUU .DQ VFKOR VLFK LKQHQ DQ XQG IUDJWH ª:R LVW+XOO"© ª,P .RPPXQLNDWLRQVUDXP (U VSULFKW PLW 7KURRQ© HUZLGHUWH .RUNKDQQ ª6LH KDEHQ LKP PLW ,KUHU9HUPXWXQJGDGLH+·KDUQVLFKEHUHLWVGLFKW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH EHL XQVHUHU *DOD[LV DXIKDOWHQ HLQHQ JDQ] VFK|QHQ 6FKUHFNHQHLQJHMDJW© ª'HUVWHFNWZRKOLQXQVDOOHQ©PXUPHOWH*RUGRQ ª1LFKW LQ GLHVHP 0DQQ© HUNOlUWH .RUNKDQQ GHU 6KRUU .DQ LQWHUHVVLHUW JHPXVWHUW KDWWH ª(U IUFKWHWZHGHU*RWWQRFKGHQ7HXIHO©'DQQIJWHHU KLQ]X ª,FK KRIIH 6LH YHU]HLKHQ PLU GD LFK PLFK VR]XVDJHQHLQZHQLJLQ,KUHP.RSIXPVDK© 6KRUU .DQ WDW HV DOV XQZLFKWLJ DE XQG ZDQGWH VLFK DQ *RUGRQ ª0LW PHLQHQ QLFKW XQEHGHXWHQGHQ PLOLWlULVFKHQ )lKLJNHLWHQ 6LH PVVHQ GRFK ]XJHEHQ GD LFK QDKH GDUDQ ZDU GLH *DOD[LV ]X HUREHUQ²GDFKWHLFKPDQZUGHPHLQH'LHQVWHLQ GLHVHP.DPSIQLFKWDEOHKQHQ$EHU$EURLJQRULHUWH PLFK $OVR VFKOLHH LFK PLFK ,KQHQ DQ ,FK ZHUGH ,KQHQLP1RWIDOOGHQ5FNHQGHFNHQ© ª6LH ZlUHQ PLU EHUDOO DQGHUVZR OLHEHU DOV LQ PHLQHP 5FNHQ© EUXPPWH *RUGRQ ª,FK ELQ DOOHUJLVFKJHJHQ0HVVHU© 6KRUU .DQ JULQVWH ª,PPHU ]X HLQHP 6SlFKHQ DXIJHOHJW 6FKOLHOLFK PX LFK PLFK DXI 6LH YHUODVVHQ GD 6LH PHLQHQ +DOV DXV GHU 6FKOLQJH KDOWHQDOVRZUGHLFKQLH«© (LQ GU|KQHQGHV %UDXVHQ EHUW|QWH 6KRUU .DQV 6WLPPH%OLW]H]XFNWHQYRQYHUVFKLHGHQHQ3XQNWHQ GHU6WDGWKLPPHOZlUWV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª*HVFKRVVH©HUNOlUWH6KRUU.DQXQEHZHJWZlKUHQG HLQHUVHNXQGHQNXU]HQ6WLOOH'LH/LFKWVWUHLIHQMDJWHQ QXQYRQVFKHLQEDUEHUDOOHPSRUXQGVFKQLWWHQVLFK DP+LPPHO (LQHLQ]LJHU6FKUHLNDPYRQGHU6WDGW.RUNKDQQ GHXWHWH PLW HLQHP )OJHO $XV XQJHKHXUHU +|KH VWU]WH HWZDV *OKHQGHV KHUDE ² HLQ JHWURIIHQHV 6WHUQHQVFKLII 0LW HLQHP GXUFKGULQJHQGHQ %HUVWHQ VFKOXJ HV MHQVHLWV GHU 6WDGW DXI 'LH 6FKRFNZHOOH XQGVHQJHQGH+LW]HOLHHQVLHWDXPHOQ ª'DVZDU]LHPOLFKNQDSS©EHVFKZHUWHVLFK6KRUU .DQ ª,FK ZROOWH GLH -XQJV ZUGHQ HLQ ELFKHQ EHVVHU DXISDVVHQ ZR VLH LKUH 6SLHO]HXJH IDOOHQ ODVVHQ© ª:LH LVW HV PLW GHP"© IUDJWH *RUGRQ ,Q ZHLW JU|HUHU (QWIHUQXQJ VWU]WH HLQ ]ZHLWHU )HXHUEDOO DE9RQGHQ$XVZLUNXQJHQVHLQHV$XISUDOOVZDUKLHU NDXPHWZDV]XVSUHQ ª9LHO EHVVHU 8QG LFK KRIIH HV EOHLEW VR (LQ 9ROOWUHIIHU EHU GHU 6WDGW«© (U EHHQGHWH GHQ 6DW] QLFKW $EHU HV ZDU DXFK QLFKW Q|WLJ *RUGRQ KDWWH VLFKPLWGHPJOHLFKHQ*HGDQNHQEHVFKlIWLJW 3O|W]OLFK ZDUHQ ODXWH 5XIH XQG 6FKUHLH DXV GHQ 6WUDHQ]XYHUQHKPHQ(UVFKURFNHQIUDJWH*RUGRQ ª:DVLVWMHW]WSDVVLHUW"© ª+|UHQ6LHGHQQQLFKW"(VVLQG+RFKUXIH©HUNOlUWH LKP.RUNKDQQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LH NDPHQ QlKHU 8QG QXQ VDKHQ VLH DXFK GLH GLFKWJHGUlQJWH 0HQVFKHQPHQJH GLH GHQ RIIHQHQ /XIWNLVVHQZDJHQ EHJOHLWHWH /LDQQD VWDQG PLW ]XP *UXHUKREHQHU+DQGGDULQXQGOlFKHOWHLKUHP9RON ]XDOVKDQGOHHVVLFKXPHLQHHLQIDFKH3DUDGH )UKHU KDWWH HU VLFK EHU GDV K|ÀVFKH 3URWRNROO JHlUJHUWXQGEHULKUHPDMHVWlWLVFKH+DOWXQJ'RFK QXQ VDK HU DXFK GLH DQGHUH 6HLWH GDYRQ XQG HU ZDU XQJHPHLQ VWRO] DXI VLH DOV VLH KRFKHUKREHQHQ +DXSWHV GHQ 7UHSSHQDXIJDQJ HPSRUVWLHJ XQG VLFK QRFK HLQPDO XPGUHKWH XP GHU MXEHOQGHQ 0HQJH ]X]XZLQNHQ $OVVLHDQ*RUGRQYRUEHLVFKULWWEHGHXWHWHVLHLKP PLWLKU]XNRPPHQ (V JDE QXQ NHLQH 3DXVH PHKU ]ZLVFKHQ GHQ *HVFKRVDOYHQ XQG GHU JDQ]H 3DODVW YLEULHUWH GDYRQ *RUGRQ XQG .RUNKDQQ IROJWHQ /LDQQD ]XP 9HUWHLGLJXQJVUDXP'LHVPDOHLOWH6KRUU.DQHLQIDFK KLQWHULKQHQKHU*RUGRQEHPHUNWHGDGLH:DFKHQ LKQQLFKW]XUFNKLHOWHQ $EUR NDP GXUFK GLH *UXSSH DXIJHUHJWHU 2IÀ]LHUH /LDQQDHQWJHJHQª.HLQ=ZHLIHO+RKHLW©HPSÀQJHU VLHDWHPORVª'LH)ORWWHGHU%DURQHQlKHUWVLFKPLW +|FKVWJHVFKZLQGLJNHLW DEHU VLH QLPPW QLFKW .XUV DXI +DWK\U VRQGHUQ $XVWULQXV ZR (QJOV 6FKLIIH QRFKJHJHQGLH*UDIHQNlPSIHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LH ZUGH DOVR NHLQH +LOIH IU VLH KLHU EHGHXWHQ GDFKWH*RUGRQGVWHUREZRKOLKUH$EVLFKWQDWUOLFK VWUDWHJLVFKULFKWLJZDU:UGHQVLHGLUHNWDXI+DWK\U ]XHLOHQ NRQQWHQ GLH *UDIHQ LKQHQ LQ GHQ 5FNHQ IDOOHQ ª:HQLJVWHQV YLHUXQG]ZDQ]LJ YHUVFKLHGHQH /DQGHRSHUDWLRQHQYRQ1DUDWKV7UDQVSRUWHUQZXUGHQ EHUHLWVLQGLHVHP4XDGUDQWHQYRQ+DWK\UJHPHOGHW :LU KDEHQ HLQH JURH $Q]DKO GHU 6FKLIIH ]HUVW|UW NRQQWHQ VLH MHGRFK EHGDXHUOLFKHUZHLVH QLFKW DOOH YHUQLFKWHQ 9LHOH XQVHUHU *HVFKW]VWDWLRQHQ VLQG QLFKWPHKUDNWLRQVIlKLJ© ª:LU ZHUGHQ GLH 6WDGW YHUWHLGLJHQ© EHVWLPPWH /LDQQD ª:LU N|QQHQ VLH KDOWHQ ELV GLH %DURQH IUHL VLQG XQV]XKHOIHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

+DWK\U &LW\ ERW HLQ JUDXHQYROOHV %LOG DOV HLQH LKUHU 9HUWHLGLJXQJVOLQLHQ QDFK GHU DQGHUHQ ÀHO (LQH 1DFKW HLQHQ 7DJ XQG QXQ GHQ 7HLO HLQHU ]ZHLWHQ 1DFKW ODQGHWHQ GLH 7UDQVSRUWHU EHUHLWV LQ XQUHJHOPlLJHQ $EVWlQGHQ 0DQFKH VFKOXJHQ QXU QRFK DOV EUHQQHQGH :UDFNV DXI GHP *UXQG DXI GRFK QXQ GD HLQ JURHU 7HLO GHU $EZHKUNDQRQHQ DXVJHIDOOHQ ZDU NDPHQ GLH PHLVWHQ XQEHVFKlGLJW DQXQGVSXFNWHQLKUHEDUEDULVFKHQ+RUGHQDXV 6LH ZDUHQ YRQ GHQ *UDIHQ PLW ZLUNXQJVYROOHQ :DIIHQDXVJHVWDWWHWZRUGHQ$WRPNXJHOQH[SORGLHU WHQ ZLH HLQH )HXHUZDQG YRU LKQHQ XQG EUDQQWHQ VLFK HLQHQ :HJ GXUFK +DWK\U &LW\V 6WUDHQ 'LH 6WUDKOHUGHU0lQQHUYRQ)RPDOKDXWHUZLGHUWHQGDV )HXHU 1LFKWPHQVFKOLFKH :HVHQ DOOHU $UWHQ IDQGHQ GHQ 7RG XQG LKUH /HLFKHQ KlXIWHQ VLFK DQ GHQ .UHX]XQJHQ 'RFK LPPHU PHKU GUlQJWHQ QDFK ,Q LKUHP6FKODFKWHQUDXVFKZDUIHQYLHOHYRQLKQHQGLH :DIIHQ]XU6HLWHXQGNlPSIWHQPLW5DXEWLHUUDFKHQ XQG NUDOOHQEHZHKUWHQ 3UDQNHQ 9RQ DOOHQ 6HLWHQ NDPHQVLHXQGVFKORVVHQHLQHQLPPHUHQJHUHQ5LQJ XPGDV+HU]GHU6WDGW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQ VWDQG PLW /LDQQD .RUNKDQQ XQG 6KRUU .DQDXIGHUKRKHQ7HUUDVVHGHV3DODVWHVXQGVWDUUWH KLQDE DXI GLH 6FKODFKW GLH QlKHU XQG QlKHU NDP ,P6FKHLQGHU)HXHUVDKHQVLHGLH/XIWNLVVHQZDJHQ GHU)RPDOKDXWWUXSSHQLQVWHWLJHQ:HOOHQYHU]ZHLIHOW YRUVWRHQ ª(VVLQG]XYLHOH©PXUPHOWH/LDQQDª6HLW-DKUHQ KDW 1DUDWK VLFK XP GLH *XQVW GHU 1LFKWPHQVFKHQ EHPKW²XQGKLHUVHKHQZLUGHQ(UIROJ© ª:LHLVWHVQXUP|JOLFKGDHLQ0HQVFKZLH1DUDWK VLH VR EHHLQÁXVVHQ NDQQ"© *RUGRQ GHXWHWH DXI GLH LP 5DXFKGXQVW HUVWLFNWHQ 6WUDHQ ª7DXVHQGH YRQ LKQHQ VWHUEHQ MHGH 0LQXWH DEHU GHU 5HVW GUlQJW XQDXIKDOWVDP QDFK 6LH VFKHLQHQ JHUDGH]X PLW )UHXGH IU 1DUDWK ]X VWHUEHQ ,FK YHUVWHKH HV QLFKW© ª'DVNDQQLFK,KQHQHUNOlUHQ©ZDUI.RUNKDQQHLQ ª1DUDWK LVW ZLUNOLFK PHQVFKOLFK QXU LQ EH]XJ DXI VHLQbXHUHV(VLVWPLUJHOXQJHQHLQZHQLJLQVHLQ *HKLUQHLQ]XGULQJHQ(ULVWHLQ$WDYLVPXVGHUDXV GHU =HLW ]XUFNIKUW HKH GLH (YROXWLRQVSIDGH VLFK WUHQQWHQ ² NXU] JHVDJW HKH HV HLQHQ 8QWHUVFKLHG ]ZLVFKHQ 0HQVFKHQ XQG 1LFKWPHQVFKHQ JDE 'HVKDOE OLHEHQ XQG YHUVWHKHQ GLHVH 7LHUZHVHQ LKQ ²ZHLOHUGHQNWXQGIKOWZLHHLQHUYRQLKQHQ:DV IUHLQHQQRUPDOHQ0HQVFKHQY|OOLJXQP|JOLFKLVW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *RUGRQ VWDUUWH KLQXQWHU DXI GDV 3DQRUDPD GHU =HUVW|UXQJ ª$WDYLVPXV© PXUPHOWH HU ª'DQQ YHUGDQNHQZLUGDVDOOHVHLQHPZLQ]LJHQ*HQ"© ª7XW PLU HLQHQ *HIDOOHQ© EUXPPWH 6KRUU .DQ ª(UVSDUWXQVGLHVHSKLORVRSKLVFKHQ%HOHKUXQJHQ© (LQMXQJHU2IÀ]LHUVWU]WHPLWZHLHP*HVLFKWDXI GLH 7HUUDVVH ª+RKHLW© ULHI HU QDFK HLQHU KDVWLJHQ (KUHQEH]HLJXQJª0LQLVWHU$EURELWWHW6LHGHQ3DODVW VRIRUWPLWHLQHP:DJHQ]XYHUODVVHQ© /LDQQD VFKWWHOWH GHQ .RSI ª,FK GDQNH GHP 0LQLVWHU DEHU VDJHQ 6LH LKP LFK ZHUGH QLFKW YRQ KLHUZHJJHKHQVRODQJHPHLQ9RONIUPLFKNlPSIW XQGVWLUEW© *RUGRQ|IIQHWHGHQ0XQG'RFKDOVHULKU*HVLFKW VDKZXWHHUGDHLQH(LQPLVFKXQJ]ZHFNORVZlUH 6KRUU .DQ KDWWH ZHQLJHU +HPPXQJHQ ª:HQQ GHU .DPSIHUVW]X(QGHLVWZHUGHQ6LHYLHOOHLFKWNHLQH 0|JOLFKNHLW PHKU KDEHQ YRQ KLHU ZHJ]XJHKHQ +RKHLW© ª'DV LVW GHU 5DW GHQ LFK YRQ GHP +HUUVFKHU HUZDUWHWH GHU YRQ 7KDOODUQD GDYRQUDQQWH DOV VHLQ 6FKODFKWHQJOFNVLFKZHQGHWH© 6KRUU .DQ ]XFNWH XQJHUKUW GLH 6FKXOWHUQ ª,FK OHEH QRFK© ,Q IDVW EHGDXHUQGHP 7RQ IJWH HU VFKOLHOLFKKLQ]Xª:HQQDXFKYLHOOHLFKWQLFKWPHKU ODQJH©(UEOLFNWHDXIGLH:DIIHLQVHLQHP*UWHOª-H

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH QlKHU GHU $XJHQEOLFN UFNW KHURLVFK ]X VWHUEHQ GHVWRZHQLJHUEHKDJWPLUGHU*HGDQNHGDUDQ© /LDQQDLJQRULHUWHLKQXQGZDQGWHVLFKDEUXSWDQ .RUNKDQQª/DVVHQ6LH$EURDXVULFKWHQHUVROOHLQH 1DFKULFKW DQ GLH %DURQH VFKLFNHQ :HQQ VLH XQV QLFKW XPJHKHQG ]X +LOIH HLOHQ ZLUG HV YHUPXWOLFK NHLQH5HWWXQJIU)RPDOKDXWPHKUJHEHQ© .RUNKDQQYHUEHXJWHVLFKXQGHLOWHLQV3DODVWLQQHUH $OV /LDQQD VLFK ZLHGHU GHU 6WDGW ]XZDQGWH NDP HLQ )OXJZDJHQ PLW GHQ ,QVLJQLHQ )RPDOKDXWV DXV GHP 5DXFK DXI VLH ]X XQG ODQGHWH DXI GHU EUHLWHQ 7HUUDVVH6HLQH7UVFKZDQJDXI ª1HLQ© ULHI /LDQQD YHUlUJHUW ª,FK ZHUGH QLFKW ZHJJHKHQYRQKLHU6FKLFNWVLHIRUW«© ª9RUVLFKW© EUOOWH 6KRUU .DQ ª'DV VLQG NHLQH ,KUHU/HXWH© *RUGRQ VDK GD GLH 0lQQHU GLH DXV GHP :DJHQVWUPWHQDQLKUHQ8QLIRUPHQGLHJOLW]HUQGH 6WUHLWD[WGDV=HLFKHQ&\Q&U\YHUVWUXJHQ6LHKDWWHQ LKUH :DIIHQ QLFKW JH]RJHQ 9HUPXWOLFK UHFKQHWHQ VLH GDPLW GLH GUHL DOOHLQ GXUFK LKUH hEHUPDFKW ]X EHUUXPSHOQ$EHU6KRUU.DQ]RJVHLQH$WRPSLVWROH XQGVFKDOWHWHGLHYRUGHUVWHQGHU$QJUHLIHUDXV $XFK*RUGRQ]RJVHLQH:DIIH(UKDWWHNHLQH=HLW JHKDEWVLFKPLWLKUYHUWUDXW]XPDFKHQ,KUH/DGXQJ JLQJ]XHUVWEHUGLH.|SIHGHU)HLQGHKLQZHJ+DVWLJ ]LHOWHHUHUQHXWXQGWUDI

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'LH hEHUOHEHQGHQ NDPHQ MHGRFK XQDXIKDOWVDP QlKHU ,PPHU QRFK VFKRVVHQ VLH QLFKW =ZHLIHOORV ZROOWHQVLH/LDQQDOHEHQG :HLWHUH 0lQQHU VSUDQJHQ DXV GHP )OXJZDJHQ XQG XP]LQJHOWHQ VLH *RUGRQ XQG 6KRUU .DQ ZDJWHQ QLFKW PHKU ]X VFKLHHQ GD GDV )HXHU GHU $WRPNXJHOQ LQ GLHVHU 1lKH VLH HEHQIDOOV HUIDVVHQ ZUGH*RUGRQGUHKWHVHLQH3LVWROHXPXQGEHQXW]WH VLHDOV3UJHO:LHHLQ:LOGHUVFKOXJHUXPVLFKXQG ULHI JOHLFK]HLWLJ /LDQQD ]X LQ GHQ 3DODVW ]X ODXIHQ (U K|UWH 6KRUU .DQ QDFK GHQ :DFKHQ UXIHQ GRFK VHLQ 6FKUHL HUVWLFNWH DOV HU XQWHU HLQHP *HZKO YRQ/HLEHUQ]X%RGHQJLQJ8QGNXU]GDUDXIHUJLQJ HV LKP QLFKW EHVVHU (U NRQQWH QLFKW VHKHQ RE HV /LDQQDJHOXQJHQZDU]XHQWNRPPHQQXUGDDXV GHPJURHQ6DDOHLQH*UXSSHYRQ/LDQQDV:DFKHQ DXIGLH7HUUDVVHKHUDXVVWUPWHQ 'LH 0lQQHU GLH LP )OXJZDJHQ JHEOLHEHQ ZDUHQ KDWWHQNHLQH%HGHQNHQDXIVLH]XVFKLHHQXQGVLH ]XW|WHQGD/LDQQDGDGXUFKRIIHQEDUQLFKWJHIlKUGHW ZDU9LHOEHNDP*RUGRQGDYRQDOOHUGLQJVQLFKWPHKU PLWGHQQSO|W]OLFKZXUGHHVVFKZDU]XPLKQ $OVHUHUZDFKWHODJHUQRFKDXIGHU7HUUDVVH6HLQ 6FKlGHOVFKPHU]WHZLHYHUUFNW,QGHU1lKHVWDQG 6KRUU .DQ PLW EOXWLJHP *HVLFKW 'LH 0lQQHU PLW GHP6WUHLWD[WHPEOHPEHZDFKWHQLKQ ª/LDQQD© PXUPHOWH *RUGRQ XQG YHUVXFKWH VLFK DXI]XVHW]HQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU .DQ GHXWHWH PLW GHP .RSI DXI GHQ 6DDO MHQVHLWV GHU EHUHLQDQGHU ]XVDPPHQJHEURFKHQHQ /HLFKHQ GHU :DFKHQ ª'RUW 6LH LVW QLFKW YHUOHW]W $EHU GHQ 3DODVW KDEHQ VLH VFKRQ HLQJHQRPPHQ 'HU)OXJZDJHQZDUQXUGHUHUVWHHLQHUJURHQ=DKO GLH VLH PLW GHP )RPDOKDXWZDSSHQ JHWDUQW KDWWHQ© (LQHU GHU 0lQQHU VFKOXJ 6KRUU .DQ GLH +DQG LQV *HVLFKWGDHVQRFKPHKUEOXWHWH $OV*RUGRQV.RSIHLQZHQLJNODUHUZXUGHK|UWHHU HLQYDJHV'RQQHUQlKQOLFKGHP%UDQGHQYRQ:HOOHQ JHJHQ.OLSSHQ0DQ]HUUWHLKQDXIGLH%HLQHGDVDK HU EHU GLH QLHGULJH %UVWXQJ GHU 7HUUDVVH KLQZHJ GLH8UVDFKHGLHVHV7REHQV 'LH 6WDGW ZDU JHIDOOHQ ,PPHU QRFK ORGHUWHQ )HXHU DEHU GHU .DPSI KDWWH DXIJHK|UW 'LH JDQ]H 8PJHEXQJ GHV 3DODVWV ZLPPHOWH YRQ GHP QLFKWPHQVFKOLFKHQ 0RE ² GHQ *HUUQ GHQ 4KDOODV GHQ$QGD[LXQGDQGHUHQ²GLHVHQJURWHVNHQHLQHP $OSWUDXP HQWVWLHJHQHQ +RUGHQ GLH GLH *lUWHQ ]HUWUDPSHOWHQ %RFNVSUQJH DXVIKUWHQ XQG LKUHQ 7ULXPSKKLQDXVEUOOWHQRGHUKHXOWHQ $EHUGDVODXWHVWH*HVFKUHLNDPYRQHLQHUZDKUHQ )OXW YRQ .UHDWXUHQ YHUVFKLHGHQVWHU *HVWDOWHQ GLH GLH3UXQNVWUDHGHU.|QLJHKHUDEVWU|PWHXQGGHP 0DQQ IROJWHQ GHU PLW KRFKHUKREHQHQ +DXSW DXI HLQHP VFKZDU]HQ *HUUQUFNHQ VD ² 1DUDWK 7H\Q GHUJHNRPPHQZDUXPGHQ7KURQ]XEHVWHLJHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

6WLOOH KHUUVFKWH LP 7KURQVDDO 1DUDWK 7H\Q KDWWH VLFK DXI GHQ 3ODW] QLHGHUJHODVVHQ GHQ HU VLFK HUREHUW KDWWH /LDQQD VD LQ HLQHP 6HVVHO XQZHLW YRQLKP,KU*HVLFKWZDUDXVGUXFNVORVDXHUZHQQ VLH*RUGRQDQVDKGHUPLW6KRUU.DQZRKOEHZDFKW VHLWOLFKYRQLKUVWDQG ª(VGDXHUWQLFKWPHKUODQJH.XVLQH%DOGZHUGHQ *UDI&\Q&U\YHUXQGGLHDQGHUHQKLHUVHLQ© *RUGRQZXWHZHUGLHVHªDQGHUHQ©ZDUHQXQGHV OLHILKPNDOWEHUGHQ5FNHQ $XV GHU )HUQH ZDUHQ LPPHU QRFK 5XIH ]X YHUQHKPHQ DEHU GDV ODXWH %UOOHQ YRQ YRUKHU ZDU YHUVWXPPW,Q]ZLVFKHQZDUHQDXFKGLH7RWHQEHLGHU 6HLWHQIRUWJHVFKDIIWZRUGHQ8QGGDQQK|UWH*RUGRQ GDV6XPPHQHLQHVODQGHQGHQ)OXJZDJHQV .XU] GDUDXI EHWUDW &\Q &U\YHU GHQ 6DDO 6HLQ DUURJDQWHV *HVLFKW YHUULHW GHQ 7ULXPSK GHQ HU HPSIDQGDOVHUVLHDQVDK$XI6KRUU.DQEOLHEVHLQ %OLFNDPOlQJVWHQKlQJHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª6HKU JXW© VDJWH HU ª,FK KDWWH VFKRQ EHIUFKWHW GXZlUHVWYHUVHKHQWOLFKJHW|WHWZRUGHQ:LUZROOHQ GRFKQLFKWGDGX]XVFKQHOOVWLUEVW© 6KRUU.DQVFKQDXEWHDEIlOOLJª0XWGXLPPHUVR WKHDWUDOLVFKVHLQ"'DVZDUGDV6FKOLPPVWHPHLQHV $XIHQWKDOWV EHL GLU GD LFK PLU VWlQGLJ GHLQH JHVSUHL]WHQ XQG VHOEVWJHIlOOLJHQ 5HGHQ DQK|UHQ PXWH© &\Q &U\YHUV $XJHQ IXQNHOWHQ LKQ KDHUIOOW DQ DEHU HU VFKZLHJ GHQQ 1DUDWK 7H\Q KDWWH VLFK VRHEHQ HUKREHQ XQG VDJWH PLW VHLQHU VDQIWHQ 6WLPPH ª:LOONRPPHQ PHLQ %UXGHU DXV GHU gGH :LOONRPPHQ8QGZRVLQGXQVHUH)UHXQGH"© ª6LHVLQGEHUHLWVXQWHUZHJV©&\Q&U\YHUYHUEHXJWH VLFKK|KQLVFKYRU/LDQQDª6LHVHKHQJXWDXV+RKHLW (UVWDXQOLFKJXWZHQQPDQEHGHQNWGD,KUH:HOW VLFK LQ XQVHUHU +DQG EHÀQGHW XQG ,KUH )ORWWH EHL $XVWULQXVDXIJHULHEHQZLUG© (U VFKHLQW QLFKWV YRQ GHQ +HUNXOHVEDURQHQ ]X ZLVVHQGDFKWH*RUGRQ1LFKWGDGLHVHLKQHQKLHU MHW]WQRFKKHOIHQNRQQWHQ« 'UHLY|OOLJYHUPXPPWH*HVWDOWHQJOLWWHQODXWORVLQ GHQ6DDO'LH+·KDUQZDUHQHLQJHWURIIHQ 'LH 5HDNWLRQHQ GHU HLQ]HOQHQ $QZHVHQGHQ ZDUHQ EHPHUNHQVZHUW GDFKWH *RUGRQ 6KRUU .DQ EHWUDFKWHWH VLH PLW XQYHUKRKOHQHP (NHO /LDQQD HUEODWH XQG *RUGRQ ZDU VLFKHU GD DXFK VHLQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH *HVLFKWGLH)DUEHYHUORUHQKDWWH6HOEVW&\Q&U\YHU VFKLHQVLFKQLFKWVRQGHUOLFKZRKOLQVHLQHU+DXW]X IKOHQ 1XU 1DUDWK 7H\Q EOLFNWH LKQHQ PLW HLQHP YHUWUlXPWHQ /lFKHOQ HQWJHJHQ ª,KU NRPPW JHUDGH UHFKW]HLWLJ]XPHLQHU.U|QXQJ%UGHU© ª6LH PX QRFK ZDUWHQ 1DUDWK© HUNOlUWH GHU YRUGHUVWHGHU+·KDUQPLW]LVFKHOQGHU6WLPPHª(UVW PXHWZDVJHWDQZHUGHQGDVYRQJU|WHU:LFKWLJNHLW XQG 'ULQJOLFKNHLW LVW© 'HU +·KDUQ NDP PLW VHLQHP HLJHQDUWLJ VFKDXNHOQGHQ *OHLWHQ DXI *RUGRQ ]X XQG EOLFNWH DXV GHU 7LHIH VHLQHU DOOHVYHUEHUJHQGHQ .DSX]H]XLKPKRFK ª'LHVHU 0DQQ© ]LVFKHOWH HU ªYHUIJW EHU HLQ :LVVHQ GHVVHQ ZLU XQV VRIRUW EHPlFKWLJHQ PV VHQ© ª$EHU PHLQH /HXWH ZDUWHQ© SURWHVWLHUWH 1DUDWK ª6LH ZROOHQ K|UHQ GD PHLQH .XVLQH /LDQQD GHQ 7KURQ DQ PLFK DEWULWW GDPLW VLH PLFK ]X LKUHP .|QLJHUNOlUHQN|QQHQ©(UOlFKHOWH/LDQQDVDQIWDQ ª'DVZLUVWGXQDWUOLFKWXQ.XVLQH$OOHVPXVHLQ 5HFKWXQGVHLQH2UGQXQJKDEHQ© &\Q&U\YHUVFKWWHOWHGHQ.RSIª1HLQ1DUDWKGDV NDQQQRFKHLQ:HLOFKHQZDUWHQ9·ULOKDWUHFKW'LH +·KDUQ KDEHQ XQV VHKU JHKROIHQ GHVKDOE PVVHQ ZLUXQVLKQHQQXQDXFKGDQNEDUHUZHLVHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 2IIHQVLFKWOLFK VFKPROOHQG VHW]WH 1DUDWK VLFK ZLHGHUDXIGHQ7KURQ]XUFN'HU+·KDUQ9·ULOVWDUUWH LPPHUQRFKLQ*RUGRQV*HVLFKW*RUGRQVFKDXGHUWH HUKDWWHQXUHLQHQ:XQVFKVLFKLUJHQGZRYRUGLHVHP 8QJHKHXHUYHUNULHFKHQ]XN|QQHQ ª9RU NXU]HP© VDJWH GHU +·KDUQ ªEHVXFKWH LFK KHLPOLFK 7KURRQ DXI HLQHP 6FKLII -RQ 2OOHQV 'RUW VRQGLHUWH LFK GHQ *HLVW HLQHV :HVHQV QDPHQV .RUNKDQQ© 'DV ZDU *RUGRQ QLFKW QHX DEHU HV HULQQHUWH LKQ PLW HLQHP 6FKRFN DQ .RUNKDQQ :DV ZDU DXV LKP JHZRUGHQ" :DU HU WRW" 9HUPXWOLFK« 8QG ZDKUVFKHLQOLFK +XOO %XUUHO HEHQIDOOV GHQQ NHLQHU YRQEHLGHQEHIDQGVLFKKLHU ª,FK HUIXKU© VHW]WH GLH ]LVFKHOQGH 6WLPPH IRUW ªGD GLHVHU 0DQQ -RKQ *RUGRQ HLQPDO HLQH :HLOH .|USHU PLW =DUWK $UQ JHWDXVFKW KDW 8QG ZlKUHQG GLHVHU=HLWZHQGHWHHUGHQ'LVUXSWRUDQ©'HU+·KDUQ WUDWQRFKGLFKWHUDQ*RUGRQKHUDQª,FKZHUGHQXQ GHQ *HLVW GLHVHV 0DQQHV QDFK GHP *HKHLPQLV GHV 'LVUXSWRUV VRQGLHUHQ ,FK YHUODQJH DEVROXWH 6WLOOH YRQDOOHQ© 7URW] GHV *UDXHQV GDV HU HPSIDQG YHUVXFKWH *RUGRQ GHQ .RSI ]X GUHKHQ XP /LDQQD HLQHQ EHUXKLJHQGHQ%OLFN]X]XZHUIHQGHULKUVDJHQVROOWH GD HU QLFKW YHUUDWHQ NRQQWH ZDV HU VHOEVW QLFKW ZXWH$EHUHVJHODQJLKPQLFKWGLHVH%HZHJXQJ]X EHHQGHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (LQ6FKODJJHLVWLJHU.UDIWWUDILKQGHUYHUJOLFKHQ PLWGHQELVKHULJHQVLFKZLHHLQ%OLW]YRQXQEHGHX WHQGHQHOHNWULVFKHQ(QWODGXQJHQXQWHUVFKLHG $OV HU VHLQH %HVLQQXQJ HLQLJHUPDHQ ZLHGHUJH ZDQQ ODJ *RUGRQ DXI GHP %RGHQ +DOEEHWlXEW EOLFNWH HU KRFK XQG VDK /LDQQDV Y|OOLJ YHUVW|UWHV XQG1DUDWK7H\QVXQJHGXOGLJHV*HVLFKW&\Q&U\YHU XQG 9·ULO VFKLHQHQ HLQH 0HLQXQJVYHUVFKLHGHQKHLW DXV]XWUDJHQ ª9LHOOHLFKW ZHL HU JDQ] HLQIDFK QLFKW PHKU© JDE &\Q&U\YHU]XEHGHQNHQ ª(UPXPHKUZLVVHQ©ZWHWHGHU+·KDUQª(UPX VRQVW KlWWH HU GLHVH PlFKWLJVWH :DIIH GHV JDQ]HQ 8QLYHUVXPVEHUKDXSWQLFKWEHGLHQHQN|QQHQ8QG LFKZLOOGLUVDJHQZDVLFKQRFKDXVVHLQHP*HKLUQ HUIDKUHQKDEH'LH+DXSWÁRWWHGHV,PSHULXPVVXFKW DP 5DQG GHU *DOD[LV QDFK XQVHUHQ 6FKLIIHQ 3ULQ] =DUWK$UQLVWEHLLKU²PLWGHP'LVUXSWRU© 'DV VFKLHQ &\Q &U\YHU ]X WUHIIHQ ª$EHU GX KDVW PLUGRFKJHVDJWGDVLHHXUH$UPDGDQLHHQWGHFNHQ ZUGHQ«© ª'DVZHUGHQVLHDXFKQLFKW©]LVFKHOWH9·ULOª$EHU MHW]WVLQGVLHJHZDUQW8QGZHQQZLU7KURRQXQGGLH 6FKOVVHOZHOWHQDQJUHLIHQZHUGHQVLHZLVVHQZRZLU XQV EHÀQGHQ 8QG VLH ZHUGHQ P|JOLFKHUZHLVH GHQ 'LVUXSWRU HLQVHW]HQ VHOEVW ZHQQ VLH GDPLW HLQLJH LKUHU HLJHQHQ /HXWH RSIHUQ PVVHQ (V LVW GHVKDOE

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH QXQZLFKWLJHUGHQQMHEHUGLH5HLFKZHLWHXQGGDV 3ULQ]LS GLHVHU :DIIH %HVFKHLG ]X ZLVVHQ HKH ZLU HWZDVXQWHUQHKPHQ© 1DUDWK HUKRE VLFK ª,FK KDEH JHQXJ GDYRQ %HVFKlIWLJWHXFKGDPLWVSlWHU0HLQH/HXWHZDUWHQ GDUDXIPLFK]XNU|QHQ«© 9·ULOV YHUPXPPWHU .RSI GUHKWH VLFK ]X 1DUDWK KHUXP 1DUDWKV *HVLFKW ZXUGH DVFKJUDX =LWWHUQG VHW]WHHUVLFKZLHGHU ª(LQ IlKLJHU 7HOHSDWK PDJ GLHVHV :LVVHQ WLHI LQ -RKQ *RUGRQV *HKLUQ YHUERUJHQ KDEHQ GD HU VLFKGHVVHQJDUQLFKWPHKUEHZXWLVW²VRWLHIGD QLFKWHLQPDOPHLQH6RQGLHUXQJHV]XP9RUVFKHLQ]X EULQJHQYHUPRFKWH$EHUHVJLEWQRFKHLQHQ:HJGLH :DKUKHLW]XHUIDKUHQ© *RUGRQYHUVWDQGHVQLFKWDEHUGLHEHLGHQDQGHUHQ +·KDUQ GLH VLFK ELVKHU RIIHQEDU EHUKDXSW QLFKW EHZHJWKDWWHQVFKLHQHQVLFKZLHLQHLQHPSO|W]OLFKHQ /DFKDQIDOO ]X VFKWWHOQ ,UJHQGZLH HUIOOWH LKQ GDV PLWHLQHPQRFKWLHIHUHQ*UDXHQDOVDOOHV]XYRU ª'LH )XVLRQ© ÁVWHUWH 9¶ULO ª'LH 9HUVFKPHO]XQJ ]ZHLHU *HLVWHU VR GD NHLQHU YRQ LKQHQ YRU GHP DQGHUHQ HWZDV YHUEHUJHQ NDQQ VRODQJH VLH YHUHLQW VLQG©(UGUHKWHVLFKXPª=ZLQJWLKQDXIGLH.QLH© EHIDKO HU ]LVFKHOQG GHQ :DFKHQ 6LH JHKRUFKWHQ $EHU *RUGRQ KDWWH GDV *HIKO GD VLH GLH JDQ]H

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6DFKHDEOHKQWHQREZRKOVLH9HUEQGHWHGHU+·KDUQ ZDUHQ 'HU.RSIGHV9HUPXPPWHQEHIDQGVLFKQXQHLQH 6SXU K|KHU DOV *RUGRQV 9¶ULO ]RJ VHLQHQ 8PKDQJ PLWGHU.DSX]HDXVXQGVWDQGMHW]WQDFNWGD *UDXHV)OHLVFKJOLW]HUWHIHXFKWDOVKlWWHPDQGHP 0LQLDWXUPDQQGLH+DXWDEJH]RJHQXQGHVVDKDXV DOVEHIlQGHHVVLFKLQVWHWLJHUÁLHHQGHU%HZHJXQJ 8QGGDV*HVLFKW« *RUGRQZROOWHGLH$XJHQVFKOLHHQ$EHUHUNRQQWH HV QLFKW 'HU .RSI ZDU ZLQ]LJ XQG HLI|UPLJ XQG GDV *HVLFKW ZLUNWH LQ VHLQHU /HHUH JUDXHQHUUHJHQG (V KDWWH HLQHQ ZLQ]LJHQ 0XQG ]ZHL NOHLQH $WHP|IIQXQJHQXQGULHVLJHYHUVFKOHLHUWH$XJHQ 'DV *HVLFKW NDP VLFK HLQ ZHQLJ EHXJHQG DXI *RUGRQ]X(VZDUDOVEHDEVLFKWLJHGHU+·KDUQLKQ ]X NVVHQ 'DV ZDU ]XYLHO IU *RUGRQ (U ZHKUWH VLFK ZROOWH VLFK ]XUFNZHUIHQ DEHU GLH :DFKHQ KLHOWHQLKQ(UK|UWH/LDQQDV$XIVFKUHL 'LHEHUJURHQ$XJHQZDUHQJDQ]QDKHDQVHLQHQ GLHNKOHKDXWORVH6WLUQGHVDQGHUHQEHUKUWHVHLQH 8QG GDQQ ZDUHQ GLH $XJHQ DOOHV ZDV HU VDK 'HU 6FKOHLHUYHUORUVLFKVLHEHJDQQHQ]XEUHQQHQELVHU VLFKLQLKUHPYHUVHQJHQGHQ)HXHUYHUORU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

(UZDU-RKQ*RUGRQYRQGHUDOWHQ(UGH (UZDUDEHUDXFK9·ULOYRQ$PDPDEDUDQH (U HQWVDQQ VLFK DOOHU (LQ]HOKHLWHQ YRQ *RUGRQV /HEHQ DXI GHU (UGH XQG LQ GLHVHP =XNXQIWV XQLYHUVXP 'RFKJHQDXVRHULQQHUWHHUVLFKDQMHGH.OHLQLJNHLW VHLQHV/HEHQVDOV6RKQGHV9RONHVYRQ$PDPDEDUDQH GHPJHZDOWLJHQ6WHUQHQVFKZDUPGHQGLH0HQVFKHQ GLH.OHLQH0DJHOODQVFKH:RONHQDQQWHQ 'LHVHU GRSSHOWH 6DW] YRQ (ULQQHUXQJHQ ZDU VFKUHFNOLFK YHUZLUUHQG IU GHQ 7HLO GHU *RUGRQ ZDU $EHU IU GHQ 9·ULO7HLO ZDU HV QLFKWV 8QJHZ|KQOLFKHV 'LH(ULQQHUXQJHQÁRVVHQLQVWHWHP6WURP6HLQH +HLPDWZHOWWLHILQGHU:RONH$PDPDEDUDQHODJYRU LKP ² GHU JHOLHEWH 3ODQHW GHU GLH PlFKWLJHQ DOOHV EH]ZLQJHQGHQ +·KDUQ XUVSUQJOLFK KHUYRUJHEUDFKW KDWWH $EHUVLHZDUHQQLFKWLPPHUPlFKWLJJHZHVHQ(V KDWWHHLQH=HLWJHJHEHQGDGLH+·KDUQQXUHLQHYRQ YLHOHQ6SH]LHVXQGGXUFKDXVQLFKWGLHNOJVWHXQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH VWlUNVWH JHZHVHQ ZDUHQ (V KDWWH DQGHUH 5DVVHQ JHJHEHQ GLH VLH YROO *HULQJVFKlW]XQJ EHQXW]W XQG DXVJHEHXWHW VLH GXPP XQG VFKZlFKOLFK JHQDQQW KDWWHQ 'RFK ZR ZDUHQ GLHVH DQGHUHQ 5DVVHQ MHW]W" 7RW $XVJHURWWHW YRQ GHQ NOHLQHQ +·KDUQ (V ZDU HLQH JURDUWLJHEHIULHGLJHQGH5DFKHJHZHVHQ 'HQQ GLH +·KDUQ KDWWHQ WLHI LQ VLFK GHQ 6DPHQ HLQHU .UDIW HQWGHFNW ² GLH .UDIW GHU 7HOHSDWKLH GHU PHQWDOHQ0DFKW6LHKDWWHQVLHQLFKWYHUVWDQGHQXQG ]XHUVW QXU LQ EHVFKUlQNWHU )RUP DQJHZDQGW ² XP DQGHUHGLHVWlUNHUXQGVFKQHOOHUDOVVLHZDUHQ]X EHHLQÁXVVHQXPVLFKYRU5DXEWLHUHQ]XVFKW]HQ 0LW GHU =HLW HUNDQQWHQ VLH MHGRFK GD VLH GDPLW PHKUHUUHLFKHQN|QQWHQZHQQHVLKQHQJHOlQJHVLH ZHLWHU]XHQWZLFNHOQ ,P JHKHLPHQ EHJDQQHQ VLH DXI GLHVHV =LHO KLQ]XDUEHLWHQ -HQH GLH EHU VWlUNHUH WHOHSDWKLVFKH .UlIWH DOV GLH DQGHUHQ YHUIJWHQ GXUIWHQ VLFK QXU QRFK PLW (EHQEUWLJHQ SDDUHQ 8QG VR ZXFKV LKUH 0DFKW LP /DXI GHU =HLW $EHU VLHKLHOWHQVLHJHKHLPELVVLHVLFKLKUHUY|OOLJVLFKHU ZDUHQ 8QG GDQQ NDP GHU JURH 7DJ 'HU 7DJ DQ GHP GLH NOHLQHQ +·KDUQ DXI GLH PDQ PLW 9HUDFKWXQJ KHUDEJHEOLFNW KDWWH LKUH .UlIWH ]HLJWHQ XQG VLH DQ MHQHQEHQXW]WHQGLHVLHKDWHQ6LH]HUEUDFKHQVLH WULHEHQVLHLQGHQ:DKQVLQQTXlOWHQVLHELVLQGHQ 7RG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU 7ULXPSK GHU +·KDUQ GLH JROGHQH /HJHQGH XQVHUHU 5DVVH :LH KHUUOLFK HV ZDU VLH VLFK YRU 6FKPHU]HQZLQGHQXQGVWHUEHQ]XVHKHQ 'RFK QLFKW DOOH (LQLJH YHUVFKRQWHQ VLH XQG PDFKWHQVLH]XLKUHQ6NODYHQ8QWHUDQGHUHPMHQH GLH6WHUQHQVFKLIIHJHEDXWKDWWHQ 1XQEHQXW]WHQGLH+·KDUQVLHXQGLKUH6FKLIIHGLH VLH]XDQGHUHQ:HOWHQEUDFKWHQ8QGGDPLWEHJDQQ GLH UXKPUHLFKH bUD GHU (UREHUXQJHQ GLH QLFKW HQGHWH HKH DOOH :HOWHQ $PDPDEDUDQHV XQWHU GHP -RFKGHU+·KDUQVWDQGHQ $EHUHVJDEQRFKDQGHUH:HOWHQZHLWHQWIHUQWLQ GHU JURHQ *DOD[LV GLH ZLH HLQ 6WHUQHQNRQWLQHQW VFKLHQ PLW GHP YHUJOLFKHQ $PDPDEDUDQH QLFKWV ZHLWHUDOVHLQHNOHLQH,QVHOZDU'RUWEHIDQGHQVLFK ]DKOORVH :HOWHQ PLW ]DKOORVHQ 0HQVFKHQ GLH QLFKW GHQ +·KDUQ GLHQWHQ 8QG GDV ZDU XQHUWUlJOLFK IU GLH +·KDUQ GHUHQ $SSHWLW QDFK 0DFKW LQV 8QHUPHOLFKH JHZDFKVHQ ZDU 6R EHJDQQHQ VFKOLHOLFKGLH9RUEHUHLWXQJHQIUGLH(UREHUXQJGHU IHUQHQ*DOD[LV 'LHXQWHUGUFNWHQ9|ONHU$PDPDEDUDQHVZXUGHQ GHU=ZDQJVDUEHLWXQWHUZRUIHQELVVLHDQ(UVFK|SIXQJ VWDUEHQGRFKQLFKWHKHVLHHLQHJHZDOWLJH$UPDGD YRQ6WHUQHQVFKLIIHQJHEDXWKDWWHQ8QGQDFKHLQHU :HLOHEUDFKGLHVH$UPDGDDXIXPGLH*DOD[LVXQWHU GDV-RFKLKUHUQHXHQ+HUUHQ]X]ZLQJHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'RFKGDQQNDPGLHHLQHJURH.DWDVWURSKHGLHLQ GHUJORUUHLFKHQ*HVFKLFKWHGHU+·KDUQHLQHKlOLFKH 1DUEH KLQWHUOLH 'LH 0HQVFKHQ MHQHU *DOD[LV ZHKUWHQ VLFK PLW XQJODXEOLFKHU 8QYHUVFKlPWKHLW JHJHQ GLH JURHQ +·KDUQ 8QG PLW HLQHU :DIIH GLH GDV 5DXP]HLWNRQWLQXXP VHOEVW ]HUUL O|VFKWHQ VLH GLHJHZDOWLJH$UPDGDDXV 'DVODJQXQVFKRQODQJH]XUFNDEHUNHLQ+·KDUQ KDWWHHVMHYHUJHVVHQ'LH%RVKHLWGHU0HQVFKHQGLH HVJHZDJWKDWWHQGHQ+·KDUQ]XZLGHUVWHKHQMDVLH ]XYHUQLFKWHQPXWHEHVWUDIWZHUGHQ 7DXVHQGHXQGDEHU7DXVHQGHYRQ-DKUHQKLQGXUFK ZXUGHQ GLH 6NODYHQ GHU +·KDUQ DXI DOOHQ :HOWHQ $PDPDEDUDQHV IU GLHVHV 3URMHNW HLQJHVSDQQW XQG DXVJHEOXWHW ,KUH NOJVWHQ .|SIH PXWHQ QHXH :DIIHQ HUÀQGHQ QHXH 6FKLIIH YRQ ELVKHU XQYRUVWHOOEDUHU *HVFKZLQGLJNHLW 'RFK GDV 3URMHNW ]RJVLFKGDKLQ9LHOHGHUYHUVNODYWHQ9|ONHUVWDUEHQ OLHEHUDOVGHQ+·KDUQZHLWHU]XGLHQHQ $EHU DOV GLH -DKUWDXVHQGH YHUJLQJHQ NDP VFKOLHOLFKGRFKGLH=HLWGDGLH+·KDUQHUQHXWEHUHLW ZDUHQ ,KUH JHZDOWLJH ,QYDVLRQVÁRWWH YHUIJWH EHU :DIIHQ HLQH *HVFKZLQGLJNHLW XQG ,QVWUXPHQWH GLH PDQ VLFK YRUKHU NDXP LP 7UDXP YRU]XVWHOOHQ YHUPRFKWKDWWHHLQVFKOLHOLFKHLQHVQHXHQ6FKLOGHV GHU GLH 6FKLIIH YHUEDUJ XQG GHQ NHLQH $UW YRQ 6XFKJHUlW GXUFKGULQJHQ NRQQWH +HLPOLFK XQG XQEHPHUNW QlKHUWH GLH )ORWWH VLFK GHU *DOD[LV XQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ZDUWHWHQXQDP5DQGGHV7HLOVWHUQELOGV9HODDXIGHQ ULFKWLJHQ$XJHQEOLFN $JHQWHQZDUHQLKUYRUDXVLQGLH*DOD[LVJH]RJHQ XP ]XP %UJHUNULHJ DXI]XZLHJHOQ GHQQ HLQ .ULHJ ZUGH GLH +DXSWVWUHLWPlFKWH GHV ,PSHULXPV XQG GHU6WHUQHQN|QLJHYRQLKUHQ:HOWHQORFNHQ 8QG ZHQQ HV VRZHLW ZDU GDQQ HUVW ZUGHQ GLH +·KDUQ ]XVFKODJHQ +HLPOLFK XQEHPHUNW XQG XQHUZDUWHWVROOWHQLKUH6FKLIIHDXIGHQ+DXSWZHOWHQ ODQGHQ YRU DOOHP DXI 7KURRQ ZR LPPHU QRFK GHU 'LVUXSWRU IU HLQHQ 1RWIDOO DXIEHZDKUW ZXUGH 8QYRUEHUHLWHW ZUGH 7KURRQ RKQH JURH 6FKZLHULJNHLWHQHLQ]XQHKPHQVHLQXQGGHU'LVUXSWRU LQ GLH +lQGH GHU +·KDUQ IDOOHQ 'HU .DLVHU NRQQWH LKQVFKOHFKW]XU9HUWHLGLJXQJDQZHQGHQGDGDVGLH 9HUQLFKWXQJ7KURRQVPLWVHLQHQ6FKZHVWHUSODQHWHQ XQGVHLQHU6RQQH]XU)ROJHKlWWH 1XUKDWWHGDV%LOGVLFKQXQJHlQGHUW'LHVHU(OHQGH KDWWH7KURRQJHZDUQW'HU'LVUXSWRUEHIDQGVLFKLP IUHLHQ5DXPXQGZDUGDGXUFKZLHGHU]XU*HIDKUIU GLH +·KDUQ JHZRUGHQ (V ZDU OHEHQVZLFKWLJ VHLQH 5HLFKZHLWH XQG )XQNWLRQVZHLVH ]X HUIDKUHQ XP HWZDV ]X VHLQHU 1HXWUDOLVLHUXQJ RGHU 9HUQLFKWXQJ XQWHUQHKPHQ]XN|QQHQ $EHU« $EHU«

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH %HVWU]XQJ XQG :XW HUIOOWHQ -RKQ *RUGRQ ELV SO|W]OLFK GLH JHLVWLJH )XVLRQ VFKPHU]KDIW UL XQG HUZLHGHUDOOHLQHUZDUXQGYHUZLUUWLQGLHYRU=RUQ ÁDPPHQGHQ$XJHQGHV+·KDUQVWDUUWH ª(VVWLPPW©]LVFKHOWH9·ULOª'LHVHU0DQQEHQXW]WH GHQ 'LVUXSWRU RKQH PHKU YRQ LKP ]X NHQQHQ DOV VHLQH%HGLHQXQJVDQZHLVXQJ(VLVWXQJODXEOLFK«© (LQH (ULQQHUXQJ DQ 6KRUU .DQV :RUWH VFKOLFK VLFK LQ *RUGRQV QRFK KDOEEHWlXEWHV *HKLUQ 6KRUU KDWWH YROO 9HUDFKWXQJ HUZlKQW GD GLH +·KDUQ WURW] LKUHU PHQWDOHQ .UlIWH DXVJHVSURFKHQ GXPP ZDUHQ8QGGDUDQEHVWDQGNHLQ=ZHLIHOGDVZXWH HU QXQ QDFKGHP VHLQ *HLVW PLW GHP HLQHV +·KDUQ YHUVFKPRO]HQ JHZHVHQ ZDU 'LHVH 5DVVH GLH YHUVXFKWH *DOD[LHQ ]X HUREHUQ ZDU HLQH JHLVWLJ EHVFKUlQNWHQLHGULJH6SH]LHVGLHHVQRUPDOHUZHLVH ]X QLFKWV JHEUDFKW KlWWH $EHU LKUH HLQH .UDIW GLH WHOHSDWKLVFKH )lKLJNHLW PHQWDOHU 6RQGLHUXQJ XQG =ZDQJVDXVEXQJ KDWWH LKU GLH +HUUVFKDIW EHU 5DVVHQJHJHEHQGLHKRFKEHULKUVWDQGHQ *RUGRQ KDWWH LPPHU )XUFKW YRU GHQ +·KDUQ HPSIXQGHQ-HW]WEHJDQQHUVLHDXFKQRFKPLWWLHIHU %LWWHUNHLW ]X KDVVHQ 6LH ZDUHQ ZLH %OXWHJHO XQG GXUIWHQ QLFKW JHGXOGHW ZHUGHQ (U YHUVWDQG QXQ ZHVKDOE%UHQQ%LUGDV5LVLNRHLQJHJDQJHQZDUGHQ 5DXP VHOEVW ]X ]HUUHLHQ XP GLHVH .UHDWXUHQ ]X YHUQLFKWHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH $OVVHLQ9HUVWDQGNODUHUZXUGHVWHOOWH*RUGRQIHVW GD GLH :DFKHQ LKQ DXI GLH %HLQH JH]HUUW KDWWHQ 9·ULO ZDU ZLHGHU LQ VHLQH 9HUPXPPXQJ JHVFKOSIW *RUGRQ ZDU HUOHLFKWHUW GDUEHU (U ZROOWH GLHVHQ JUlOLFKHQ .|USHU QLFKW PHKU VHKHQ (U IKOWH VLFK EHVXGHOW GXUFK GLH JHLVWLJH )XVLRQ PLW GLHVHP 6FKHXVDO 9·ULOKREHLQHQYHUKOOWHQ$UPXQGGHXWHWHDXILKQ ª'LHVHU0DQQPXVRIRUWVWHUEHQ©EHIDKOHUª'HQQ GXUFKGLH)XVLRQZHLHUQXQZRXQVHUH)ORWWHVLFK EHÀQGHW7|WHWLKQ© &\Q &U\YHU QLFNWH 'LH :DFKHQ WUDWHQ HLQ SDDU 6FKULWWH]XUFNXQGKREHQGLH:DIIHQ /LDQQDVSUDQJDXIª1HLQ©VFKULHVLH6LHZLUEHOWH ]X 1DUDWK KHUXP ª:HQQ -RKQ *RUGRQ VWLUEW© HUNOlUWH VLH ªZHUGH LFK GHQ 7KURQ QLFKW DQ GLFK DEWUHWHQ© &\Q &U\YHU OlFKHOWH K|KQLVFK ª:HQ VFKHUW GDV VFKRQ"1DUDWKZLUGDXIMHGHQ)DOO.|QLJ© $EHU GDV YHUWUlXPWH /lFKHOQ YHUVFKZDQG YRQ 1DUDWKV=JHQXQGPDFKWH%HVRUJQLV3ODW](UKRE GLH +DQG XQG EHGHXWHWH GHQ :DFKHQ ]X ZDUWHQ ª0HLQH.XVLQH©ZDQGWHHUVLFKDQ&\Q&U\YHUªPX PLUGHQ7KURQLQDOOHU)RUPDEWUHWHQ²YRUPHLQHQ /HXWHQ VRQVW ZLUG HU QLFKW UHFKWPlLJ PHLQ ,FK PX GLHVH (UNOlUXQJ YRQ LKU KDEHQ ,FK KDEH VR ODQJH GDUDXI JHZDUWHW© 6HLQ KEVFKHV *HVLFKW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH YHU]RJVLFK6WXUPZRONHQVFKLHQHQVLFKKLQWHUVHLQHU 6WLUQ ]XVDPPHQ]XEUDXHQ &\Q &U\YHU EOLFNWH LKQ YHUNQLIIHQDQGDQQVDJWHHU]X9·ULOª'LH=HUHPRQLH LVW IU XQVHUHQ %UXGHU 1DUDWK VHKU ZLFKWLJ :LU ODVVHQGHQ0DQQEHVVHUDP/HEHQ© *RUGRQGHUNHLQ$XJHYRQ&U\YHUJHODVVHQKDWWH ZDUVLFKHUGDHULQ*HGDQNHQKLQ]XIJWH%LVGLH )HLHUOLFKNHLW YRUEHU LVW 'DQQ W|WHQ ZLU LKQ VRIRUW 'HQQ9·ULOHUKRENHLQH(LQZlQGHª6FKRQ$EHUZLU PVVHQ XQVHUHQ %UGHUQ LQ GHU )ORWWH VRIRUW HLQH 1DFKULFKW ]XNRPPHQ ODVVHQ© 'LH EHLGHQ DQGHUHQ +·KDUQJOLWWHQGDUDXIKLQVRIRUWDXVGHP6DDO *RUGRQNRQQWHVLFKYRUVWHOOHQZDVGLHVH1DFKULFKW EHVDJWH'LH6FKLIIHGHV,PSHULXPVVXFKHQQDFKHXFK *UHLIW7KURRQVRIRUWDQ 1DUDWKQDKP/LDQQDDQGHU+DQGXQGIKUWHVLH PLWIRUPYROOHQGHWHU+|ÁLFKNHLWDOVEHJOHLWHHUVLH]X HLQHP %DOO DXI GLH 7HUUDVVH 'LH DQGHUHQ IROJWHQ 'LH YLHU :DFKHQ KLHOWHQ ZHLWHUKLQ LKUH :DIIHQ DXI *RUGRQ XQG 6KRUU .DQ $EHU DOV VLH GLH 7HUUDVVH HUUHLFKW KDWWHQ ZDQGWH 1DUDWK VLFK XP XQG VDJWH YHUlUJHUWª1LFKWDQPHLQHU6HLWH&\Q&U\YHU© &U\YHUOlFKHOWHVFKLHIQLFNWHMHGRFK(U9·ULOXQG GLH:DFKHQEOLHEHQLQGHU1lKHGHV(LQJDQJVVWHKHQ 6KRUU.DQWDWDOVZROOHHUVLFKLKQHQDQVFKOLHHQ DEHU&U\YHUVFKWWHOWHGHQ.RSIª%OHLEHQ6LHZR6LH VLQG GDPLW ZLU 6LH LP 1RWIDOO RKQH *HIDKU IU XQV QLHGHUVFKLHHQN|QQHQ©

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ª-HW]W.XVLQH© ,Q KRKHLWVYROOHU +DOWXQJ XQG PLW HLVLJHU 6WLPPH HUNOlUWHVLH ª,FK /LDQQD +HUUVFKHULQ YRQ )RPDOKDXW WUHWH PHLQ5HFKWDXIGHQ7KURQDQ«© (LQVFKULOOHV3IHLIHQNOHLQHU*HVFKRVVHXQWHUEUDFK LKUH 5HGH *RUGRQ VDK &\Q &U\YHU XQG VHLQH :DFKHQ XQWHU GHQ $WRPNXJHOQ IDOOHQ (U ZLUEHOWH KHUXP,QGHPDQVRQVWHQOHHUHQ6DDOVWDQGHQ+XOO %XUUHO XQG .RUNKDQQ 6LH KLHOWHQ GLH :DIIHQ LQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GHQ+lQGHQGLHVRHEHQDOOHGHU*HJQHUDXHUGHQ +·KDUQQLHGHUJHVWUHFNWKDWWHQ9·ULOGHQLPOHW]WHQ $XJHQEOLFNVHLQHWHOHSDWKLVFKHQ)lKLJNHLWHQJHUHWWHW KDWWHQZDUQRFKUHFKW]HLWLJ]XU6HLWHJHVSUXQJHQ 1DUDWKGUHKWHVLFKYHUlUJHUWXPª:DV«"© .RUNKDQQVFKR6HLQHJHOEHQ9RJHODXJHQZDUHQ HUEDUPXQJVORV 'DV ZLQ]LJH *HVFKR GUDQJ LQ 1DUDWKV6HLWH 1DUDWK WDXPHOWH ÀHO MHGRFK QLFKW (V ZDU DOV ZHLJHUH HU VLFK VHLQHQ 7RG XQG VHLQH 1LHGHUODJH HLQ]XJHVWHKHQ 0LW HLJHQDUWLJ PDMHVWlWLVFKHU %HZHJXQJZDQGWHHUVHLQ*HVLFKWZLHGHUGHU0HQJH ]X²GHQ+RUGHQGLHQLFKWVHKHQNRQQWHQZDVVLFK KRFK EHU LKUHQ .|SIHQ ]XWUXJ (U YHUVXFKWH GLH +DQG]XKHEHQÀHOMHGRFKPLWGHP2EHUN|USHUEHU GLH %UVWXQJ XQG EOLHE VR KlQJHQ (LQ YHUVW|UWHV 6FKZHLJHQ EUHLWHWH VLFK EHU GHQ 3ODW] XQG GLH 6WUDHQYRUGHP3DODVW 3O|W]OLFKVFKULH+XOO%XUUHOHUVFKURFNHQª1HLQ© .RUNKDQQ GHVVHQ $XJHQ PLW HLQHPPDO VHOWVDP JODVLJZLUNWHQVFKZHQNWHGLH:DIIHXQGULFKWHWHVLH DXIGHQ$QWDULHU *RUGRQ VDK 9·ULO XQG ZXWH VRIRUW ZDV YRU VLFK JLQJ (U VSUDQJ EHU GLH KDOEYHUVHQJWHQ .|USHU GHU 6WUHLWD[WPlQQHU UL GHQ +·KDUQ DQ VLFK XQG VFKOHXGHUWH LKQ EHU GLH %UVWXQJ QRFK HKH 9·ULO GDUDQ GHQNHQ NRQQWH LKQ GDYRQ DE]XKDOWHQ $OV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH HU LQ GHU 7LHIH DXIVFKOXJ OLH .RUNKDQQ GLH :DIIH VLQNHQ 'LH 6WLOOH XQWHQ ZDU QXQ GHUDUW DOV KLHOWHQ VLH DOOH GHQ $WHP DQ :LH JHOlKPW VWDUUWHQ VLH ]X GHU OHEORVHQ*HVWDOW1DUDWK7H\QVKHUDXIGHVVHQ$UPH KHUXQWHUKLQJHQDOVVWUHFNWHQVLHVLFKLKQHQÁHKHQG HQWJHJHQ ,Q GLHVHP $XJHQEOLFN GHU 5HJORVLJNHLW KDQGHOWH 6KRUU .DQ PLW EOLW]DUWLJHU 6FKQHOOLJNHLW (U UDQQWH ]XU %UVWXQJ ZDUI VHLQH $UPH DQNODJHQG LQ GLH +|KHXQGVFKULHLQGHU6SUDFKHGHU1LFKWPHQVFKHQ GHUgGHKLQXQWHU]XGHUHUVWDUUWHQ0HQJH ª'LH*UDIHQKDEHQ1DUDWK7H\QJHPRUGHW5DFKH© *HUUQ XQG $QGD[L XQG 4KDOOD XQG DOO GLH QDPHQORVHQ DQGHUHQ DOO GLH QLFKWPHQVFKOLFKHQ *HVLFKWHUEOLFNWHQ]XLKPKRFK8QGGDQQEHJULIIHQ VLH 1DUDWKZDUWRW1DUDWKYRQ7H\QGHQVLHYHUHKUW KDWWHQ GHVVHQ %DQQHU VLH JHIROJW ZDUHQ ZDU HUPRUGHW (LQ KHU]]HUUHLHQGHU 6FKUHL GHV /HLGHV XQGGHV*ULPPVEUDFKDXVGHQQLFKWPHQVFKOLFKHQ .HKOHQ ª5DFKH IU 1DUDWK© EUOOWHQ ]LVFKWHQ IDXFKWHQ XQG NUHLVFKWHQ GLH 7LHUPHQVFKHQ 6LH ÀHOHQ PLW =lKQHQ .ODXHQ XQG 6FKQlEHO EHU GLH 0lQQHU GHU gGH KHU GLH QRFK $XJHQEOLFNH ]XYRU DOV LKUH 9HUEQGHWHQQHEHQLKQHQJHVWDQGHQKDWWHQ

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 'HU6FKUHLQDFK5DFKHEUHLWHWHVLFKEHUGLHJDQ]H 6WDGW DXV ELV HLQ HLQ]LJHV XQPHQVFKOLFKHV +HXOHQ GLH/XIWHUIOOWH +XOO %XUUHO ZDU YRUZlUWVJHUDQQW ZlKUHQG .RUNKDQQ QRFK YHUZLUUW YRP $QJULII GHV +·KDUQ VWDQG GHU LKQ EHLQDKH ]XP 0|UGHU DQ VHLQHP .DPHUDGHQKlWWHZHUGHQODVVHQ ª+LHUKHU© VFKULH +XOO ª6FKQHOO 6LH ZHUGHQ LQ 0LQXWHQGDVHLQ.RUNKDQQNHQQWDOOH*HKHLPJlQJH KLHU 1XU GHVKDOE NRQQWHQ ZLU XQV UHWWHQ DOV GHU 3DODVWÀHO6FKQHOO%HHLOWHXFK© *RUGRQQDKP/LDQQDEHLGHU+DQGXQGUDQQWHPLW LKU ORV 6KRUU .DQ EFNWH VLFK KDVWLJ XQG KRE GLH :DIIHQGHUWRWHQ:DFKHQDXI(LQHZDUIHU*RUGRQ ]X (U JULQVWH ª'DV KDW VLH JDQ] VFK|Q LQ 5DJH JHEUDFKWQLFKWZDKU"6LHVLQGQLFKWVHKUNOXJGLHVH 7LHUPHQVFKHQ²YHU]HLKHQ6LH.RUNKDQQ²XQGVLH UHDJLHUWHQJHQDXVRZLHLFKGDFKWH© (LQ VFKHLQEDU VROLGHV :DQGVWFN VFKZDQJ DXI XQGJDEGHQ:HJ]XHLQHP*DQJIUHL6LHGUlQJWHQ VLFKKLQGXUFKXQG6KRUU.DQVFKORGLHgIIQXQJ /LDQQD VFKOXFK]WH DEHU *RUGRQ KDWWH LP $XJHQEOLFN NHLQH =HLW VLH ]X WU|VWHQ ª.|QQHQ 6LH XQV ]XP .RPPXQLNDWLRQVUDXP EULQJHQ" ,FK PX VRIRUW«©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH .RUNKDQQ GHU QLFKW DQ *HZDOW JHZRKQW ZDU VFKLHQLPPHUQRFKKDOEEHWlXEWª(LQH%RWVFKDIWDQ GLH%DURQH"©PXUPHOWHHU ª$Q=DUWK$UQXQGGLH,PSHULXPVÁRWWH©EHULFKWLJWH *RUGRQ ª,FK ZHL ZR GLH $UPDGD GHU +·KDUQ YHUVWHFNWOLHJW©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH

.RUNKDQQIKUWHVLHGXUFKGVWHUHYHUVFKOXQJHQH *lQJH XQG VFKPDOH 7UHSSHQ GLH ]ZLVFKHQ GHQ :lQGHQGHV3DODVWVYHUVWHFNWZDUHQXQGVFKOLHOLFK GXUFK HLQH ZHLWHUH *HKHLPWU KHUDXV DXI HLQHQ ODQJHQ .RUULGRU ª'LH YLHUWH 7U UHFKWV© HUNOlUWH HU *RUGRQ 'HU *DQJ ZDU PHQVFKHQOHHU 6LH UDQQWHQ VR VFKQHOOVLHNRQQWHQ*RUGRQXQG6KRUUGHQDQGHUHQ YRUDXV8QGQXQWURW]GHUGLFNHQ=ZLVFKHQPDXHUQ K|UWHQVLHGHQ$XIUXKUEHULKQHQ ª'LH +RUGHQ VLQG LQ GHQ 3DODVW HLQJHGUXQJHQ© HUNOlUWH .RUNKDQQ ª6LH W|WHQ DOOH 0lQQHU GHU *UDIHQ«© ª8QG XQV HEHQIDOOV© NQXUUWH +XOO %XUUHO ªZHQQ VLHXQVHQWGHFNHQ© 6LH ULVVHQ GLH YLHUWH 7U DXI XQG VWU]WHQ LQ GHQ .RPPXQLNDWLRQVUDXP (LQ 0DQQ LQ GHU 8QLIRUP PLW GHP 6WUHLWD[WLQVLJQLD VD DP +DXSWJHUlW XQG EHGLHQWH HV PLW HLJHQDUWLJHU 8QVLFKHUKHLW =ZHL YHUPXPPWH +·KDUQ VWDQGHQ KLQWHU LKP ² MHQH GLH 9·ULO PLW GHU %RWVFKDIW IU GLH +·KDUQÁRWWH KHUXQWHUJHVFKLFNW KDWWH 'HU 0DQQ HUVWDUUWH PLW

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GHQ +lQGHQ KDOE HUKREHQ 'LH EHLGHQ +·KDUQ GUHKWHQVLFKÁLHHQGXPGRFKVLHZDUHQWRWHKHVLH LKUH:HQGXQJ]X(QGHIKUHQNRQQWHQ *RUGRQULFKWHWHVHLQH:DIIHDXIGHQHUVFKURFNHQHQ .RPPXQLNDWLRQVWHFKQLNHUª+DEHQ6LHGLH1DFKULFKW GHU+·KDUQVFKRQDEJHVFKLFNW"© 6FKZHLWURSIHQ SHUOWHQ EHU GDV *HVLFKW GHV 0DQQHV(UZDUIHLQHQVFKQHOOHQ%OLFNDXIGLHJUDXHQ ]XVDPPHQJHVXQNHQHQ /HLEHU XQG VFKDXGHUWH ª,FK YHUVXFKWH HV JHUDGH $EHU VLH EHQXW]HQ DQGHUH )UHTXHQ]HQ ² 0RGXODWLRQHQ« 6R Y|OOLJ DQGHUV DOV XQVHUH 'LH 8PVWHOOXQJ EHQ|WLJW =HLW 6LH GURKWHQ PLFK]XEHUQHKPHQPHLQHQ*HLVWZHQQLFKPLFK QLFKWEHHLOWH$EHU²DEHULFKNRQQWHQLFKW«© *DQ] QDFK LKUHP 5H]HSW GDV LKUH 'XPPKHLW YHUULHW GDFKWH *RUGRQ 9HUZHQGH DOOH 1LFKWK·KDUQ DOV :HUN]HXJ XQG YHUQLFKWH VLH ZHQQ VLH QLFKW VRIRUW]XIULHGHQVWHOOHQGUHDJLHUHQ (UZDQGWHVLFKDQ+XOO%XUUHOª'XZDUVWELV]XP $QJULIIPLW=DUWK$UQV6FKLIILQ9HUELQGXQJJHZHVHQ 6LHK]XGDGXVLHZLHGHUKHUVWHOOHQNDQQVW© +XOO VFKRE GHQ 7HFKQLNHU ]XU 6HLWH GUFNWH DXI GLH.Q|SIHXQGGUHKWHDQLKQHQ 'HU 7XPXOW LP 3DODVW EHU LKQHQ VFKLHQ YLHO QlKHU 6KRUU .DQ VFKOR GLH 7U XQG YHUULHJHOWH VLHª0LWGHU=HLWZHUGHQVLHDXFKKLHUKHUNRPPHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH PXUPHOWH HU ª$EHU YLHOOHLFKW N|QQHQ ZLU VLH HLQH :HLOHDEZHKUHQ© *RUGRQ EHREDFKWHWH VFKZLW]HQG GLH 7U ELV +XOO GLH 9HUELQGXQJ PLW GHU ,PSHULXPVÁRWWH KHUJHVWHOOW KDWWH7HOHVWHUHRZDUEHLHLQHU(QWIHUQXQJZLHGLHVHU QLFKW P|JOLFK DEHU *RUGRQ YHUQDKP GLH 6WLPPHQ GHU YHUVFKLHGHQHQ )ORWWHQNRPPXQLNDWLRQVRIÀ]LHUH ZlKUHQGVLHZHLWHUYHUEDQGHQXQGVFKOLHOLFKK|UWH HU=DUWK$UQ ª$P5DQGGHV9HOD7HLOVWHUQKDXIHQV©VWLH*RUGRQ KHUYRUª'RUWOLHJWGLH$UPDGDGHU+·DUQ6LHKDEHQ HLQHQHXH$UWYRQ5DGDUVFKXW]©(UIXKUKDVWLJIRUW XQGEHULFKWHWHDOOHVZDVHUDXV9·ULOV*HKLUQEHLGHU )XVLRQ HUIDKUHQ KDWWH ª,FK ZHL QLFKW© VFKOR HU ªREHXFKGDVKHOIHQZLUGLKUHQJHQDXHQ6WDQGRUW]X ÀQGHQDEHUHVLVW]XPLQGHVWHWZDV© ª6HLYHUVLFKHUW*RUGRQ©HUZLGHUWH=DUWK$UQªZLU ZHUGHQXQVHUP|JOLFKVWHVWXQ© 6RIRUWEUDFKGLH9HUELQGXQJDE 'DVZlUHJHWDQGDFKWH*RUGRQ$OOHVZDUJHWDQ ZDV VLH WXQ NRQQWHQ (U OLH VHLQHQ %OLFN EHU GLH DQGHUHQ VFKZHLIHQ XQG VLH HUZLGHUWHQ LKQ VFKZHLJHQG*RUGRQQDKP/LDQQDLQGLH$UPH 'HU.UDZDOOLP3DODVWZXUGHQRFKODXWHUXQGNODQJ QRFK QlKHU 6LH K|UWHQ ZLH 7UHQ HLQJHVFKODJHQ ZXUGHQXQGEDUVWHQ(LQ.UHLVFKHQXQG-DXOHQXQG

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH %HOOHQ GDV )ODWWHUQ YRQ )OJHOQ XQG GDV .ODSSHUQ YRQ+XIHQZDULPPHUGHXWOLFKHU]XYHUQHKPHQ ª(VVLHKWJDQ]VRDXV©PXUPHOWH6KRUU.DQªDOV NlPHQZLUGHP+HOGHQWRGYRQGHPGXRIWJHVSURFKHQ KDVWLPPHUQlKHU©(U]XFNWHGLH6FKXOWHUQª$FK ]XP7HXIHO:HQLJVWHQVKDWHV&\Q&U\YHUHUZLVFKW ,FK KlWWH GHP .HUO VHLQH 6FKXUNHUHLHQ YHU]LHKHQ DEHU QLFKW GD HU PLFK PLW VHLQHU (LQJHELOGHWKHLW JHODQJZHLOWKDW© 3O|W]OLFK GUDQJ HLQ QHXHV *HUlXVFK ]X LKQHQ KHUDE(VZDUZHQLJHUHLQ/DXWDOVHLQHZLHHLQWLHIHU %D NOLQJHQGH 9LEUDWLRQ GLH UDVFK VWlUNHU ZXUGH XQGGHQJDQ]HQ3DODVWHUVFKWWHUWHHKHVLHVLFKLQ GHU)HUQHYHUORU 6KRUU.DQV$XJHQEOLW]WHQª'DVZDUHLQVFKZHUHV 6FKODFKWVFKLII,FKIUDJHPLFK«© (LQ ]ZHLWHV 6FKLII ÁRJ EHU GHQ 3DODVW XQG HUVFKWWHUWH LKQ ELV LQ GLH *UXQGIHVWHQ XQG GDQQ HLQGULWWHV 3O|W]OLFK HUVFKLHQ DXI HLQHP GHU HLQJHVFKDOWHWHQ 7HOHVWHUHRVFKLUPH GDV %LOG HLQHV QLFKW PHKU JDQ] MXQJHQ 0DQQHV PLW KDUWHP *HVLFKW XQG NDOWHQ $XJHQGHUDXIVHLQHPZHLWHQ8PKDQJGDVÁDPPHQGH (PEOHPGHV+HUNXOHVVWHUQKDXIHQVWUXJ ª+LHU VSULFKW %DURQ =X 5L]DO© EHJDQQ HU 'D EHPHUNWHHU/LDQQDª+RKHLWLFKELQK|FKVWHUIUHXW 6LHZRKODXI]XVHKHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6KRUU.DQKDWWHVLFKKDVWLJYRP6FKLUPDEJHZDQGW ZDV*RUGRQQLFKWYHUZXQGHUWH ª:LU KDEHQ GLH )ORWWH GHU *UDIHQ EHL $XVWULQXV DXIJHULHEHQ© EHULFKWHWH %DURQ =X 5L]DO ªXQG EHÀQGHQ XQV QXQ LQ YROOHU 6WlUNH EHU +DWK\U PLW GHQ 5HVWHQ GHU )RPDOKDXWÁRWWH ,KUH 6WDGW LVW RIIHQVLFKWOLFK YRQ 1DUDWK 7H\QV +RUGHQ EHVHW]W 6ROOHQZLUVLHLQGLH/XIWMDJHQ"© ª1HLQZDUWHQ6LH©EDW/LDQQDª1DUDWK7H\QXQG &\Q&U\YHUVLQGWRWXQGLFKJODXEH«© .RUNKDQQ WUDW YRU XQG VDJWH HWZDV PLW OHLVHU 6WLPPH 6LH QLFNWH XQG ZDQGWH VLFK ZLHGHU DQ =X 5L]DO ª1XQ GD 1DUDWK QLFKW PHKU OHEW JODXEH LFK GD GLH 1LFKWPHQVFKHQ DXI LKUH +HLPDWZHOWHQ ]XUFNNHKUHQ ZHUGHQ ZHQQ VLH K|UHQ GD GLH HLQ]LJH $OWHUQDWLYH LKUH 9HUQLFKWXQJ ZlUH 0HLQ 0LQLVWHU.RUNKDQQZLUGPLWLKQHQVSUHFKHQ© ª*XW© HUNOlUWH =X 5L]DO ª:LU ZHUGHQ HLQVWZHLOHQ LQ2UELWJHKHQELVZLUZLHGHUYRQ,KQHQK|UHQ© (LQH SO|W]OLFKH 6WLOOH KHUUVFKWH LP 3DODVW 'LH JHZDOWLJHQ6FKODFKWVFKLIIHGRQQHUWHQZHLWHUEHUGLH 6WDGW DEHU GDV .UHLVFKHQ XQG -DXOHQ XQG +HXOHQ GHU +RUGHQ ZDU YHUVWXPPW 2IIHQEDU KDWWHQ GLH 6FKLIIHVLHLQV)UHLHHLOHQODVVHQYHUPXWOLFKZHLOVLH VLFKLP3DODVWZLHLQHLQHU)DOOHIKOWHQ6LHZROOWHQ NHLQH0DXHUQXPVLFK

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª,FKJODXEH©PHLQWH.RUNKDQQªGDVLHDXIPLFK K|UHQ ZHUGHQ ZHLO LFK QLFKWPHQVFKOLFK ELQ ZLH VLH© (U GHXWHWH DXI GDV +DXSWNRPPXQLNDWLRQVJH UlW ª6WHOOHQ 6LH GLH 9HUELQGXQJ ]X GHQ 2IÀ]LHUHQ DXI GHQ 7UDQVSRUWHUQ GHU *UDIHQ KHU XQG ZHLVHQ 6LH VLH DQ VLFK ]XU $XIQDKPH GHU 7LHUPHQVFKHQ EHUHLW]XPDFKHQ XQG VLH DXI LKUH +HLPDWZHOWHQ ]XUFN]XEULQJHQ© (UVFKULWWDXIGLH7U]X.XU]GDYRUGUHKWHHUVLFK QRFKHLQPDOXPª1RFKHWZDV+RKHLW,FKEHGDXHUH ,KQHQ PLWWHLOHQ ]X PVVHQ GD $EUR ZlKUHQG GHV .DPSIHVXPGHQ3DODVWJHIDOOHQLVW© *RUGRQ ZDU SO|W]OLFK DOV KlWWH HU HLQHQ )UHXQG YHUORUHQ(UZXWHGD$EURLKQQLFKWJHPRFKWKDWWH DEHUWURW]GHPKDWWHHUIUGHQ9HUWHLGLJXQJVPLQLVWHU JURH+RFKDFKWXQJHPSIXQGHQ +XOO%XUUHOKDWWHHLQ2KUDQGDV*HUlWJHSUHWDXI GHVVHQ:HOOHQOlQJHHUPLWGHUIHUQHQ,PSHULXPVÁRWWH LQ 9HUELQGXQJ VWDQG 6HLQ *HVLFKW ZDU JUDX XQG DQJHVSDQQW ª,PPHUQRFKQLFKWV©PXUPHOWHHUª(VZLUGZRKO QRFKODQJHGDXHUQELVVLHVLHÀQGHQ© :HQQEHUKDXSWGDFKWH*RUGRQ'LH+·KDUQZD UHQ PlFKWLJ :HQQ VLH ]XHUVW ]XVFKODJHQ VROOWHQ DXV LKUHU 7DUQNDSSH KHUDXV XQG GDV 6FKLII YHU QLFKWHWHQLQGHPVLFK=DUWK$UQXQGGHU'LVUXSWRU EHIDQG«

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (U]ZDQJVLFKQLFKWGDUDQ]XGHQNHQ 'LH 6WXQGHQ YHUJLQJHQ XQG GLH ULHVLJHQ 6FKLIIH GRQQHUWHQ EHU GHQ +LPPHO *RUGRQ /LDQQD XQG +XOO %XUUHO ZDUWHWHQ ,UJHQGZDQQ HLQPDO ZDU *RUGRQ DXIJHIDOOHQ GD 6KRUU .DQ YHUVFKZXQGHQ ZDU 9LHOVSlWHUVROOWH-RKQ*RUGRQHUVWHUIDKUHQZDV MHQVHLWVGHV5DQGHVGHU*DOD[LVJHVFKHKHQZDU:LH GLH ,PSHULXPVÁRWWH PLW =DUWK $UQV )ODJJVFKLII DQ GHU 6SLW]H DXI GDV 7HLOVWHUQELOG 9HOD ]XUDVWH :LH =DUWK $UQ GLH VFKUHFNOLFKH .UDIW GHV 'LVUXSWRUV IUHLJHJHEHQKDWWH²LPPHUXQGLPPHUZLHGHUVRGD VLH6HNWRUXP6HNWRUGHV5DXPHVGRUWEHVWULFKELV GDV JDQ]H .RQWLQXXP YHUERJHQ XQG YHU]HUUW XQG DXIJHULVVHQZDUXQGDOOH6WHUQHHQWODQJGHV5DQGHV LQ LKUHQ 8PODXIEDKQHQ WRUNHOWHQ XQG VFKOLHOLFK GLH .UDIW ]HUVW|UW ZDU GLH GLH $UPDGD GHU +·KDUQ XQVLFKWEDUJHPDFKWKDWWH8QGLPPHUQRFKVDQGWH GHU'LVUXSWRUVHLQH6WUDKOHQDXVJH]LHOWGLHVPDODXI GLHÁLHKHQGHQ6FKLIIHELVGLH+·KDUQÁRWWHIULPPHU DXVGHP8QLYHUVXPYHUVFKZXQGHQZDU *RUGRQ ZXWH LQ GLHVHP $XJHQEOLFN QXU GD HV GLHOlQJVWHQ6WXQGHQVHLQHV/HEHQVZDUHQ²ELVGLH 6WLPPH=DUWK$UQVGXUFKNDP ª:LU KDEHQ HV JHVFKDIIW© PXUPHOWH HU HUVFK|SIW ª'LH +·KDUQ VLQG YHUQLFKWHW 'LH ZHQLJHQ 6FKLIIH GHQHQHVJHODQJXQV]XHQWNRPPHQVLQGDXIGHP :HJ]XUFN]XU.OHLQHQ0DJHOODQVFKHQ:RONH©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH (LQHQ $XJHQEOLFN YHUPRFKWH NHLQHU DXFK QXU HLQHQ 7RQ KHUDXV]XEULQJHQ 6FKOLHOLFK PXUPHOWH *RUGRQ GHU GXUFK GLH )XVLRQ GDV NRPSURPLORV WHXÁLVFKH :HVHQ GHU +·KDUQ NHQQHQJHOHUQW KDWWH ª*RWWVHL'DQN© ª6LH ZHUGHQ QLFKW ZLHGHUNRPPHQ© HUNOlUWH =DUWK $UQ XQG VHLQH 6WLPPH NODQJ HQWVFKORVVHQ ª:LU ZHUGHQ HLQH 6WUHLWPDFKW DXV DOOHQ .UlIWHQ GHU 6WHUQHQN|QLJUHLFKH ]XVDPPHQVWHOOHQ XQG VLH YHUIROJHQ:LUZHUGHQVLHDXIMHGHU:HOWGHUVLHLKUH +HUUVFKDIWDXIJH]ZXQJHQKDEHQYHUQLFKWHQ© (WZDVOHLVHUIJWHHUKLQ]Xª*RUGRQ"© ª-D"© ª,FK YHUVWHKH MHW]W ZDV GX PHLQWHVW DOV GX PLU JHVDJWKDVWZLHVHKUGLFKGHU(LQVDW]GHV'LVUXSWRUV HUVFKWWHUWH ,FK ZXWH PHLQ JDQ]HV /HEHQ ODQJ EHUGDV'LQJ%HVFKHLGDEHULFKKDEHHVELVKHUQLH EHQXW]W,FKKRIIHLFKZHUGHHVDXFKQLHZLHGHUWXQ PVVHQ© $OV =DUWK $UQV %LOG DXI GHP 6FKLUP HUORVFK EOLFNWHQ VLH HLQDQGHU DQ 6LH ZDUHQ ]X DXVJHODXJW XPYLHO]XHPSÀQGHQ'LH(UOHLFKWHUXQJGLH)UHXGH GHU 7ULXPSK ² DOO GDV ZUGH VSlWHU NRPPHQ (LQVWZHLOHQJHQJWHHV]XOHEHQXQG]XZLVVHQGD HVZLHGHUHLQH+RIIQXQJJDE /LDQQDVFKULWWLKQHQYRUDXVGXUFKGLH7UXQGGLH QXQOHHUHQ.RUULGRUHXQG+DOOHQGHV3DODVWHV

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LHWUDWHQKLQDXVDXIGLHJURH7HUUDVVHXQGGHU EUHQQHQGH 6FKHLQ GHU DP +RUL]RQW XQWHUJHKHQGHQ 6RQQH)RPDOKDXWEOHQGHWHVLHHLQHQ$XJHQEOLFN6LH ZDUI DXFK LKUH OHW]WHQ 6WUDKOHQ DXI GLH YHUZVWHWH 6WDGW DXV GHU GLH XQPHQVFKOLFKHQ +RUGHQ VLFK KLQDXV ]X GHQ ZHLWHQ (EHQHQ GUlQJWHQ ]X GHQ 7UDQVSRUWHUQGLHDXIVLHZDUWHWHQ (LQNOHLQHU7UXSS*HUUQEHZHJWHVLFKYRP3DODVW KLQZHJ GLH 3UXQNVWUDH GHU .|QLJH HQWODQJ ,KUH JHVFKPHLGLJHQ%HZHJXQJHQZLUNWHQZLHHLQJHIURUHQ VLH KDWWHQ QLFKWV YRQ LKUHU EOLFKHQ )OLQNKHLW DQ VLFK6LHKLHOWHQVLFKDXFKDEVHLWVGHUDQGHUHQGHQQ VLH ZDUHQ GLH (KUHQJDUGH XQG DXI GHP 5FNHQ LKUHVULHVLJHQ$QIKUHUVODJGLH/HLFKHHLQHV0DQQHV LQN|QLJOLFKHP*HZDQG 1DUDWKYRQ7H\QNHKUWHQDFK+DXVH]XUFN 'RQQHUGU|KQWHYRP+LPPHOKHUDEDOVGLH%DURQH LKUHJULPPLJH3DWURXLOOHIRUWVHW]WHQ/LDQQDV)LQJHU NUDOOWHQVLFKLQ*RUGRQV+DQGZlKUHQGVLHEHUGLH OHLGJHSUIWH6WDGWKHUDEEOLFNWHYRQGHULPPHUQRFK YHUHLQ]HOWH5DXFKVFKZDGHQDXIVWLHJHQ ª6LH ZLUG ZLHGHU OHEHQ© YHUVSUDFK VLH ª'LH 0HQVFKHQ ZHUGHQ ]XUFNNHKUHQ XQG GX XQG LFK ZLU ZHUGHQ LKQHQ KHOIHQ VLH QHX DXI]XEDXHQ (V ² HV LVW HLQ JHULQJHU 3UHLV IU GLH 9HUQLFKWXQJ GHU +·KDUQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH 6LH K|UWHQ HLQ GLVNUHWHV +VWHOQ KLQWHU VLFK XQG GUHKWHQ VLFK XP 6KRUU .DQ EOLFNWH VLH DQ XQG LJQRULHUWH+XOO%XUUHOVÀQVWHUHV*HVLFKW ª+RKHLWLFKELQHUIUHXWGDDOOHVQRFK]XHLQHP JXWHQ (QGH JHNRPPHQ LVW© YHUVLFKHUWH HU ª6LH ZHUGHQ JHZL ]XJHEHQ GD LFK HLQ ZHQLJ GD]X EHLWUXJ© ª,FK JHEH ]X GD 6LH XQV GXUFK ,KU VFKQHOOHV +DQGHOQ QDFK 1DUDWKV 7RG UHWWHWHQ© HUZLGHUWH /LDQQDDEHUHVNODQJDOVPWHVLHVLFK]XGLHVHP (LQYHUVWlQGQLV]ZLQJHQ ª*XW'HVKDOEP|FKWHLFK6LHDXFKXPHLQHNOHLQH *HIlOOLJNHLWELWWHQ©6KRUU.DQWUDWHLQZHQLJQlKHU XQG VSUDFK LQ YHUWUDXOLFKHP 7RQ ª,FK GHQNH DQ GLHYHUGDPPWHQ%DURQH6LHVLQGHLQHKDUWH0HXWH DQGHUV DOV 6LH XQG *RUGRQ 6LH KDEHQ EHUKDXSW NHLQHQ6LQQIU+XPRU:HQQVLHPLFKHUZLVFKWHQ ZUGHQ VLH PLFK RKQH =|JHUQ DQ GHQ QlFKVWHQ %DXPKlQJHQ© (WZDV OHLVHU IJWH HU KLQ]X ª$XHUGHP GDUI LFK -KDO $UQ QLFKW YHUJHVVHQ (U JODXEW YHUPXWOLFK LPPHU QRFK GD LFK HWZDV PLW GHP $WWHQWDW DXI VHLQHQ9DWHU]XWXQKDWWH²REZRKOGDVZLUNOLFKQLFKW GHU)DOOLVW(VZDUDOOHV&RUEXODV,GHH²XQEHGDFKW ZLHHUZDU$EHULFKP|FKWHDXFKLKPVHKUXQJHUQ LQGLH+lQGHIDOOHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH /LDQQDEOLFNWHLKQNDOWDQª,FKYHUVWHKH6LHVHKU JXW:HOFKH*HIlOOLJNHLWHUZDUWHQ6LHYRQPLU"© ª1XQ© PXUPHOWH 6KRUU .DQ ª6LH HULQQHUQ VLFK JHZL GD LFK 2EG 'ROO XQG GHQ 5HVW GHU %HVDW]XQJVHLQHV.UHX]HUVEHUZlOWLJWHLQGHPZLU KLHUKHUNDPHQ" 2EG 'ROO XQG VHLQH 0lQQHU KDWWHQ *OFNGD6LHVLHLQGLH9HUOLHVHGHV3DODVWHVZHUIHQ OLHHQZRGLH+RUGHQVLHQLFKWIDQGHQ'HU.UHX]HU EHÀQGHWVLFKQRFKDXIGHPN|QLJOLFKHQ5DXPKDIHQ XQGLFKKDEHPLFKYHUJHZLVVHUWGDHUXQEHVFKlGLJW LVW© ª6SUHFKHQ6LHZHLWHU© ª,FK KDEH PLFK PLW 2EG 'ROO XQG VHLQHQ /HXWHQ XQWHUKDOWHQ 6LH VLQG QLFKW VHKU EHJHLVWHUW YRQ GHU /DJH LQ GLH &\Q &U\YHU VLH GXUFK VHLQH .RPSORWWH EUDFKWH 6LH P|FKWHQ JHUQ QDFK +DXVH ]XUFN XQG LKUHU :HOW HLQH QHXH &KDQFH XQWHU HLQHU QHXHQ )KUXQJ JHEHQ ² XQWHU HLQHU YHUQQIWLJHQ NRQVHUYDWLYHQ)KUXQJ© ª0LW DQGHUHQ :RUWHQ© PHLQWH *RUGRQ LURQLVFK ªXQWHUGHUGHVJURHQ6KRUU.DQ© 6KRUU .DQ QLFNWH ª6R LVW HV 6LH QHKPHQ HV PLU QLFKW QXU QLFKW EHO GD LFK VLH JHIDQJHQVHW]WH VRQGHUQ VLQG VRJDU GHU $QVLFKW GD LFK JHQDX GHUULFKWLJH0DQQZlUH2UGQXQJDXILKUHU:HOW]X VFKDIIHQ 6LH VLQG VLFKHU GD VLH LKUH /HXWH GDYRQ EHU]HXJHQN|QQHQ©

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH ª:HLWHU©IRUGHUWH/LDQQDLKQHUQHXWDXI ª'LH *HIlOOLJNHLW GLH LFK YRQ ,KQHQ HUELWWH LVW OHGLJOLFK GD 6LH PLU JHVWDWWHQ PLW 2EG 'ROO XQG VHLQHQ/HXWHQLQGHP.UHX]HUYRQKLHUZHJ]XÁLHJHQ XQGGD6LHGLH%DURQHELWWHQ²QDWUOLFKRKQHPLFK ]XHUZlKQHQ²GDV6FKLIIXQEHKHOOLJW]XODVVHQ© ª'DPLW 6LH QHXH 8QUXKH LQ GHU gGH VFKUHQ N|QQHQ"©ULHI/LDQQDª6LH«© ª%LWWH+RKHLW©XQWHUEUDFK6KRUU.DQVLHJHNUlQNW ª'DV KDEH LFK DOOHV OlQJVW KLQWHU PLU ,FK ELQ QXQ lOWHU XQG ZHLVHU $OOHV ZDV LFK HUVHKQH LVW HLQ NOHLQHU3ODQHWDXIGHPLFKGHQ5HVWPHLQHU7DJHLQ )ULHGHQYHUEULQJHQNDQQXQGQLFKWPHKU© ª*URHU *RWW© VWLH *RUGRQ DXV ª-HW]W IHKOW QXU QRFKGDVJURH+DSS\(QGDXIGHU/HLQZDQG© ª,FK JODXEH© PXUPHOWH /LDQQD ªGD 6LH PLW GHU =HLWLQGHUgGHHLQHJDQ]H0HQJH6WDXEDXIZLUEHOQ XQGLFKGHQKHXWLJHQ7DJQRFKEHUHXHQZHUGH$EHU LFKELQHLQH.|QLJLQXQGEHJOHLFKHPHLQH6FKXOGHQ 1HKPHQ6LH,KUH/HXWHXQGJHKHQ6LH© 6KRUU .DQ YHUEHXJWH VLFK WLHI XQG NWH JDODQW LKUH+DQG'DQQVFKWWHOWHHU*RUGRQVXQGVFKULWW ]XU 7U $OV HU +XOO %XUUHOV JULPPLJHV *HVLFKW EHPHUNWHJLQJHUDXILKQ]XXQGQDKPVHLQH+DQG ª(V LVW VFKZHU $EVFKLHG ]X QHKPHQ DOWHU )UHXQG© VDJWH HU ª:LU KDEHQ VRYLHO PLWHLQDQGHU

(GPXQG+DPLOWRQ,KUH+HLPDWVLQGGLH6WHUQH GXUFKJHPDFKW XQG LFK ZHL ZLH HV LQ ,KQHQ DXVVLHKW QXQ GD LFK QLFKW OlQJHU KLHUEOHLEHQ NDQQ© +XOOV *HVLFKW OLHI GXQNHOURW DQ (U ZROOWH HWZDV VDJHQ DEHU QXU XQDUWLNXOLHUWH /DXWH NDPHQ DXV VHLQHP0XQG ª(V LVW QLFKW Q|WLJ DOWHU )UHXQG GD 6LH ,KUHP .XPPHU EHU XQVHUH 7UHQQXQJ MHW]W $XVGUXFN JHEHQ .HLQH 7UlQHQ +XOO NHLQH 6FKZlFKH /HEHQ 6LHZRKO© 0LWGHU+DOWXQJHLQHVVSDQLVFKHQ*UDQGHQYHUOLH HU GHQ 5DXP *RUGRQ GUHKWH VLFK ZLHGHU XP XQG ZDU EHUUDVFKW DOV HU GDV /lFKHOQ DXI /LDQQDV *HVLFKWEHPHUNWH ª-HW]W ZHL LFK ZHQLJVWHQV© PXUPHOWH VLH ªZDV GLHVHQ7HXIHO²XQGQLFKWQXULQGHLQHQ$XJHQ²VR DQ]LHKHQG PDFKW 0DQ ÀQGHW VHOWHQ MHPDQGHQ GHU LQ LUJHQG HWZDV KXQGHUWSUR]HQWLJ SHUIHNW LVW ² DEHU 6KRUU.DQLVWWDWVlFKOLFKGHUSHUIHNWH*DXQHU© (LQHNXU]H:HLOHEOLHEHQVLHQRFKDXIGHU7HUUDVVH XQG EOLFNWHQ GHP .UHX]HU QDFK GHU VLFK YRP N|QLJOLFKHQ5DXPKDIHQLQGHQ+LPPHOKRE

(1'(