Kosmischer Grenzfall

(UQVW9OFHN .RVPLVFKHU*UHQ]IDOO ³,FKZDUWHWHGDUDXIGDGLHWHOHSDWKLVFKH6WLPPHVLFKQRFKHLQPDOPHOGHW...

11 downloads 320 Views 318KB 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

(UQVW9OFHN

.RVPLVFKHU*UHQ]IDOO

³,FKZDUWHWHGDUDXIGDGLHWHOHSDWKLVFKH6WLPPHVLFKQRFKHLQPDOPHOGHWH$EHU VLHVFKZLHJ'DIUZDULP8QWHUKRO]HLQ5DVFKHOQ]XK|UHQ ,FKVDK]XGHU6WHOOHKLQYRQGHUGDV*HUlXVFKNDPXQGVWDXQWH,FKHUEOLFNWHHLQ ZXUPDUWLJHV 'LQJ PLW HLQHP JHSDQ]HUWHQ *OLHGHUN|USHU GHVVHQ 2EHUIOlFKH LQ YHUVFKLHGHQHQ )DUEHQ VFKLOOHUWH :DOW\ .ODFNWRQ HKHPDOV DOV 6FKUHFNHQ GHU 862 YHUVFKULHQ LVW LQ GLH 'LHQVWH 5RL 'DQWRQV GHV .|QLJV GHU )UHLKlQGOHU JHWUHWHQ6HLQHHUVWH0LVVLRQEHLQKDOWHWHLQH$XIJDEHGLHDQGHUH0HQVFKHQEHUHLWV DQGHQ5DQGGHV:DKQVLQQVJHWULHEHQKDW(LQ5RPDQDXVGHP-DKUKXQGHUW :DQQ LPPHU LFK GDV %HGUIQLV YHUVSUWH PLFK ]X lXHUQ SIOHJWH PHLQ 9DWHU ]X VDJHQ ³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lXPH GHQQLFKZDUQLFKWDXVGHP+RO]JHVFKQLW]WDXVGHPPDQ6ROGDWHQPDFKW 'DLFKMHGRFKDXFKQRFKDQGHUH7UlXPHKDWWHQl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lXPH JHPHLQVDP ZDKUPDFKHQ N|QQWHQ GRFK LFK KHJWH VFKRQGDPDOVGHQ9HUGDFKWGDHKHUHUPLFKDXIVHLQH6WXIHKHUXQWHUJHKROWKDWWH $EHUZDVVROO VXPGHU)UHXQGVFKDIWZLOOHQPXPDQDXFKJHEHQXQGYHU]LFKWHQ N|QQHQ XQG VFKOLHOLFK KDWWH LFK &RG\ DXFK HLQLJHV ]X YHUGDQNHQ (WZD PHLQH HUVWH XQJOFNOLFKH /LHEH PLW HLQHU VHLQHU DEJHOHJWHQ )UHXQGLQQHQ DEHU DXFK GD LFKVFKOLHOLFKGRFKQRFKGHQ:HJ]X$EHQWHXHUQLP$OOIDQG'HQQHVZDUVHLQH

,GHH JHZHVHQ QDFK XQVHUHP 5DXVVFKPL DXV GHU :HOWUDXPDNDGHPLH XQWHU GLH )UHLIDKUHU]XJHKHQ 'DVZDUZHLWHUQLFKWVFKZHUGHQQLP%HUHLFKGHU:HOWUDXPDNDGHPLHWULHEHQVLFK JHQJHQG :HUEHU GLHVHU LP 6RODUHQ ,PSHULXP DOV LOOHJDO JHOWHQGHQ JDODNWLVFKHQ +lQGOHURUJDQLVDWLRQ KHUXP GLH GLH EHVWHQ /HXWH ]X NDSHUQ YHUVXFKWHQ &RG\ VFKDIIWH HV GHP .RQWDNWPDQQ HLQ]XUHGHQ GD ZLU GD]XJHK|UWHQ REZRKO ZLU NHLQHQ $EVFKOX XQG NHLQ .DSLWlQVSDWHQW YRU]XZHLVHQ KDWWHQ :LU HUZDUWHWHQ MD QLFKWVRIRUWGDV.RPPDQGREHUHLQHLJHQHV6FKLII]XEHNRPPHQVRQGHUQZDUHQ EHUHLW XQV LQ GHU +LHUDUFKLH GHU )UHLIDKUHU KRFK]XDUEHLWHQ ,Q GHU 6RODUHQ )ORWWH NRQQWHPDQHVRKQHDEJHVFKORVVHQH$XVELOGXQJQLFKWDOO]XZHLWEULQJHQDEHUEHL GHQ )UHLKlQGOHUQ ZDUHQ IU HLQHQ WFKWLJHQ 0DQQ GLH 0|JOLFKNHLWHQ XQEHJUHQ]W ZLHPDQXQVYHUVLFKHUWH 6R NDP HV GD ZLU VFKRQ EDOG ]XVDPPHQ PLW HLQHP 'XW]HQG DQGHUHU XQVHUHV -DKUJDQJV DXI HLQHP )UHLIDKUHUVFKLII XQWHUZHJV LQ GLH (DVWVLGH GHU 0LOFKVWUDH ZDUHQ8QVHU=LHOZDUZLHZLUHUVWDQ%RUGHUIXKUHQGLHJHKHLPH6WW]SXQNWZHOW GHU)UHLKlQGOHU2O\PS'HU1DPHDOOHLQZDUVFKRQHLQH9HUKHLXQJ ³$EHQWHXHU DKRL ULHIHQ ZLU XQV DXVJHODVVHQ ]X XQG VFKWWHOWHQ HLQDQGHU GLH +lQGH 'HQ )OXJ GLH $QNXQIW DXI 2O\PS GHQ (LQ]XJ LQ 7UDGH &LW\ XQG GLH IROJHQGH 0XVWHUXQJ GXUFK HLQLJH )UHLIDKUHUIUVWHQ HUOHEWHQ ZLU ZLH LP 5DXVFK (V LVW VFKZHU IU PLFK ZLHGHU]XJHEHQ ZDV LFK LQ GLHVHU HUVWHQ =HLW HPSIDQG ,FK ZHL QXUGDPLUZDUDOVN|QQWHLFK]XPHUVWHQPDOLQPHLQHP/HEHQIUHLDWPHQ&RG\ HUJLQJ HV QLFKW YLHO DQGHUV XQG HV LVW YHU]HLKOLFK ZHQQ VHLQ 9HUJOHLFK PLW GHQ 9HUKlOWQLVVHQDXIGHP0DUVHWZDVWKHDWUDOLVFKXQGEHUWULHEHQDXVILHO ³*HUU\ GHU 0DUV LVW HLQ *HIlQJQLV VDJWH HU ]X PLU ³(LQ .lILJ DXV 7UDGLWLRQ 'LV]LSOLQXQG'ULOO'RUWVWXW]WPDQGLUGLH)OJHOGHLQHU3KDQWDVLH]LHKWGHP7LJHU LQ GLU .UDOOHQ XQG =lKQH ]ZlQJW GLFK LQ HLQ .RUVHWW GDPLW VLFK GHLQH 3HUV|QOLFKNHLW QLFKW HQWIDOWHQ NDQQ NDXIW GLU GLH 6FKQHLG DE +LHU DEHU LVW GLH )UHLKHLWGLHLFKPHLQH0DQQ*HUU\2O\PSJHK|UWXQV (V VHL QHEHQEHL HUZlKQW GD ZLU LQ GHU )ROJH HWZDV EHU GLH 6WUlQJH VFKOXJHQ GHQQ ZLU YHUZHFKVHOWHQ GLH )UHLKHLW ZRKO PLW $QDUFKLH GRFK GDV KDWWH NHLQH )ROJHQIUXQVDXHUYLHOOHLFKWGLHVHUGDZLUNXU]GDUDXIDQJHERWHQEHNDPHQDQ %RUGGHV)UHLKlQGOHUVFKLIIHV)5$1&,6'5$.(LQGHQHUVWHQ(LQVDW]]XIOLHJHQ ,Q]ZLVFKHQZXWHQZLUQDWUOLFKVFKRQOlQJVWGDHVVLFKGDEHLXPGDV)ODJJVFKLII YRQ5RL'DQWRQKDQGHOWHGHP.|QLJGHU)UHLIDKUHUXQGZLUNRQQWHQXQVHU*OFN NDXPIDVVHQ ³0DQQ *HUU\ ZLU KDEHQ GLH HLQPDOLJH &KDQFH XQWHU GHQ $XJHQ GHV )UHLKlQGOHUN|QLJV XQVHUH )lKLJNHLWHQ ]X EHZHLVHQ VFKZlUPWH &RG\ ³:LU PVVHQVLHHUJUHLIHQXQG]HLJHQZDVLQXQVVWHFNWGDQQIKUWXQVHU:HJVWHLOQDFK

REHQ (VZDUVFKZHUVLFK&RG\V%HJHLVWHUXQJ]XHQW]LHKHQHUULPLFKHLQIDFKPLWXQG LFK ZHKUWH PLFK QLFKW GDJHJHQ 'DV ZDU VFKRQ LPPHU VR JHZHVHQ VHLQH 6WLPPXQJHQZDUHQDQVWHFNHQGIUPLFK ,Q XQVHUHP HUVWHQ hEHUVFKZDQJ VXFKWHQ ZLU HLQHQ GHU /lGHQ DXI GLH KLVWRULVFKH .RVWPHDXVDOOHQ(SRFKHQGHULUGLVFKHQ*HVFKLFKWHDQERWHQYRP0LWWHODOWHUELV ]XU1HX]HLWXQGNOHLGHWHQXQVLP6WLOGHU5HQDLVVDQFH'HULWDOLHQLVFKHQYHUVWHKW VLFKGHQQGDVZDUGDV$EVROXWHZLHXQVGHU+lQGOHUYHUVLFKHUWH ³'DV 7UHFHQWR XQG 4XDWWURFHQWR LVW QLFKWV IU HLQHQ 0DQQ GHU 7DW GHQQ GLH %HWRQXQJ GHU )LJXU GDV ,PDJH GHV VFKODQNHQ -QJOLQJV SDW QLFKW ]X HLQHP +DXGHJHQ 'LH 0RGH GHV &LQTXHFHQWR GDJHJHQ GLH GLH EUHLWHQ 6FKXOWHUQ XQG VWDUNHQ $UPH KHUYRUKHEW YHUPLWWHOWH GDV %LOG HLQHV JDQ]HQ HQWVFKORVVHQHQ 0DQQHVGDV,GHDOELOGGHV)UHLKlQGOHUV$OV.RSIEHGHFNXQJVFKODJHLFKGDUXPHLQ %HUHWWDXVZHLFKHP0DWHULDOYRUEHLGHPHLQLJHYHUVSLHOWH=DGGHOQGDV7SIHOFKHQ DXIGHP³L´VLQG'D]XELHWHLFKHLQH=LPDUUDNQLHODQJXQGGH]HQWPLW3HO]ZHUN YHU]LHUWLQV$XJHVWHFKHQGDEHUQLFKW]XDXIIlOOLJ :lKUHQGZLUXQVGHUDUWKHUDXVSXW]HQOLHHQXQGLFKPLFKLP6SLHJHOEHWUDFKWHWH ZXUGH LFK GDV *HIKO QLFKW ORV GD GHU UHGHJHZDQGWH +lQGOHU YLHO HKHU GHP ,GHDOELOG HLQHV )UHLIDKUHUV HQWVSUDFK DOV ZLU GLH ZLU XQV EHVFKZDW]HQ OLHHQ ,PPHUKLQ JLQJHQ GDEHL XQVHUH OHW]WHQ (UVSDUQLVVH GUDXI .UHGLW EHNDPHQ ZLU NHLQHQ$EHUXQVHU+RFKJHIKOEOLHEJHK|UWHQZLUGRFKGHU0DQQVFKDIWYRQ5RL 'DQWRQDQ 'LH (UQFKWHUXQJ NDP EHU XQV DOV ZLU XQV DQ %RUG GHU )5$1&,6 '5$.( HLQIDQGHQ XQG XQV GHU .|QLJ GHU )HLIDKUHU HU|IIQHWH GD ZLU QLFKW XQWHU VHLQHP .RPPDQGRVWHKHQZUGHQVRQGHUQYRQLKPQXU]XP(LQVDW]RUWJHIORJHQZXUGHQ ³,FK PHUNH ,KQHQ GLH (QWWlXVFKXQJ DQ 0HVVLHXUV VDJWH 5RL 'DQWRQ XQG EHWUDFKWHWHXQVGXUFKVHLQH/RUJQHWWH³6LHN|QQHQVHOEVWYHUVWlQGOLFKDEOHKQHQXQG DXIHLQHDQGHUH+HXHUZDUWHQGRFKZLOOLFK,KQHQYHUVLFKHUQGD6LHVLFKJHUDGH EHLGLHVHP(LQVDW]SURILOLHUHQN|QQWHQ:RUXPHVJHKWNDQQLFK,KQHQQRFKQLFKW YHUUDWHQGHQQHVKDQGHOWVLFKXPHLQHQ*HKHLPDXIWUDJGHUQLFKWXQJHIlKUOLFKLVW 'DIU ZUGHQ 6LH DEHU DXFK WD[IUHL LQ GHQ 5DQJ YRQ (GHOPlQQHUQ HUKREHQ ZDV HLQHP2IIL]LHUVUDQJJOHLFKNRPPW:LHHQWVFKHLGHQ6LHVLFKQXQ" ,FKVWLPPWHVSRQWDQ]XXQGQDKPGDV$QJHERWLP1DPHQYRQXQVEHLGHQDQ(V ZDU]XPHUVWHQPDOLQXQVHUHUODQJMlKULJHQ)UHXQGVFKDIWGDLFKHLQH(QWVFKHLGXQJ WUDI XQG GDV PDFKWH PLU &RG\ VSlWHU QRFK RIW ]XP 9RUZXUI (U NRQQWH GLH (QWWlXVFKXQJ GDUEHU GD HU QLFKW DQ GHU 6HLWH GHV )UHLIDKUHUN|QLJV JHJHQ 6SULQJHU NlPSIHQ XQG LKP QLFKW VHLQ *HVFKLFN +DQGHOVSDUWQHU EHUV 2KU ]X KDXHQYRUIKUHQGXUIWHHLQIDFKQLFKWEHUZLQGHQ

$EHU GLHVPDO HEHQIDOOV ]XP HUVWHQPDO OLH LFK PLFK YRQ LKP QLFKW DQVWHFNHQ VRQGHUQZDUYROO=XYHUVLFKWXQGEOLFNWHGHU=XNXQIWRSWLPLVWLVFKHQWJHJHQ 6HOEVW GDQQ QRFK DOV PLU 2UR 0DVXW 5RL 'DQWRQV HUWUXVLVFKHU 'LHQHU PLW SROWHUQGHU 6WLPPH LQV 2KU IOVWHUWH ³'X ZHLW QLFKW ZRUDXI GX GLFK GD HLQJHODVVHQ KDVW .OHLQHU (V LVW HLQ 7RGHVNRPPDQGR 8P ]X EHUOHEHQ EUDXFKVW GX 1HUYHQ DXV 7HUNRQLWVWDKO HLQHQ NUlIWLJHQ 5FNHQ XQG PXW DXI DOOHQ YLHUHQ VFKQHOO XQWHUZHJV VHLQ :HQQ GX QRFK NHLQ 9HJHWDULHU ELVW VROOWHVW GX HV VFKOHXQLJVW ZHUGHQ XQG HV ZlUH DXFK ZQVFKHQVZHUW HLQHP 7LHUVFKXW]YHUHLQ EHL]XWUHWHQ*UXQGVlW]OLFKZlUHDXFKHLQH0HQWDOVWDELOLVLHUXQJDQ]XUDWHQDEHUGDV QXUZHQQGXQLFKWGHQ9HUVWDQGYHUOLHUHQZLOOVW8QGQRFKHWZDVZHQQGXQLFKW HLQ 'XW]HQG YHUOlOLFKHU 6FKXW]HQJHO EHVLW]W GDQQ VROOWHVW GX GLFK GDUDQ JHZ|KQHQ VWlQGLJ HLQHQ 6FKXW]VFKLUPSURMHNWRU PLW GLU KHUXP]XWUDJHQ 'X ZLUVW QRFKDQPHLQH:RUWHGHQNHQ(GHOPDQQ6KDUS :HQ ZXQGHUW HV GD LFK GHQ (UWUXVHU IU ]XPLQGHVW OHLFKW ZXQGHUOLFK KLHOW ,FK EHJDEPLFK]X&RG\VWUHFNWHLKPGLH+DQGKLQXQGULHIXQVHUHQ/HLWVSUXFK ³$EHQWHXHUDKRL $EHU&RG\VFKOXJQLFKWHLQ (V ZDU IDVW DOV DKQH HU GLH NRPPHQGHQ 6FKUHFNHQ XQG N|QQH VLFK GHVKDOE GHV /HEHQVQLFKWPHKUUHFKWIUHXHQ ³.3ODQHWVDJWH&RG\DEIlOOLJDOVZLUGHQ1DPHQXQVHUHU=LHOZHOWHUIXKUHQZR ZLU=ZLVFKHQVWDWLRQPDFKHQVROOWHQ³+DVWGXVFKRQPDOGDYRQJHK|UW" ³,FK ZDU QLH JXW LQ 3ODQHWHQNXQGH DQWZRUWHWH LFK ³$EHU GD GLHV HLQ JHKHLPHU (LQVDW] LVW PDJ HV VLFK EHL .3ODQHW DXFK XP HLQH JHKHLPH 6WW]SXQNWZHOW KDQGHOQ %RVF\NV 6WHUQ LVW VFKOLHOLFK DXFK QLFKW LQ GHQ 6WHUQHQNDWDORJHQ YHU]HLFKQHW ³%LQ JHVSDQQW ZDV IU HLQHQ WURVWORVHQ .OXPSHQ ZLU YRUILQGHQ ZHUGHQ VDJWH &RG\YHUGURVVHQ $OVVLFKGLH6SDFH-HWEDOGGDUDXIDXIHLQHSSLJJUQHQGH/DQGVFKDIWVHQNWHXQG DXIHLQHU+JHONXSSHLQPLWWHQHLQHV7LHUJHKHJHVODQGHWHPHLQWH&RG\LPJOHLFKHQ DQJHZLGHUWHQ7RQIDOO ³+DZDVIUHLQ,G\OO6LQGZLUHWZD]XP9LHKKWHQDENRPPDQGLHUW" 6R ZDU HV VHLW QHXHVWHP HEHQ PDQ NRQQWH HV LKP EHUKDXSW QLFKW PHKU UHFKW PDFKHQ:lUHQZLUDXIHLQHU7RGHVZHOWJHODQGHWGDQQKlWWHHUVLFKGDUEHUJHZL HEHQIDOOVPRNLHUW ,Q GHU .RPPDQGRNXSSHO GHU 6SDFH-HW ZDU HV ]LHPOLFK HQJ REZRKO DXHU GHU GUHLN|SILJHQ %HVDW]XQJ &RG\ XQG PLU QXU QRFK YLHU 3HUVRQHQ DQ %RUG ZDUHQ 'D]XJHK|UWH5RL'DQWRQGHUHVVLFKQLFKWQHKPHQOLHSHUV|QOLFKPLW]XNRPPHQ HLQ NOHLQHU GLFNOLFKHU 0DQQ YRQ JHUDGH]X HVRWHULVFKHU 5XKH QDPHQV /RWKDU 3LOJUDP GHU ;HQRORJH ZDU HLQ )UHLIDKUHUIUVW GHU 2UHO /DYRUG KLH JUR XQG

NUlIWLJ ZLUNWH XQG HLQHQ VWHWV DEZHVHQGHQ XP QLFKW ]X VDJHQ EHOlPPHUWHQ (LQGUXFN PDFKWH XQG OHW]WOLFK 2UR 0DVXW GHU GHQ PHLVWHQ 3ODW] IU VLFK EHDQVSUXFKWHXQGGDUDQVFKXOGZDUGDPDQVLFKNDXPUKUHQNRQQWH ³'DV LVW GHU :RKQVLW] MHQHV 0DQQHV GHP LFK GLH /HLWXQJ GHU /DPDURQH ([SHGLWLRQEHUWUDJHQP|FKWHYHUNQGHWH5RL'DQWRQGHUZLHVWHWVGDV.RVWP HLQHV+|IOLQJVDXVGHP)UDQNUHLFKGHVDXVODXIHQGHQ-DKUKXQGHUWVWUXJ$EHUHU JDE VLFK GLHVPDO ZHQLJHU JH]LHUW DOV VRQVW ZDV LFK DXI HLQH JHZLVVH LQQHUH $QVSDQQXQJ ]XUFNIKUWH 6HLQ *HVLFKW ]HLJWH HLQHQ JHVXQGHQ 7HLQW HV ZDU DOVR QLFKWJHSXGHUW]XGHPKDWWHHUVLFKQLFKWLQHLQHSHQHWUDQWGXIWHQGH3DUIPZRONH JHKOOW ZDV XQV JHJHQEHU VHKU UFNVLFKWVYROO ZDU GLH ZLU LQ GHU .RPPDQGRNXSSHO]XVDPPHQJHSIHUFKWZDUHQ'HU)UHLIDKUHUN|QLJIXKUIRUW ³)UVW7KRU3HGRZXUGHEHU)XQNYRQXQVHUHP.RPPHQLQIRUPLHUW(UZHLGD LKP HLQH VFKZHUH $XIJDEH EHYRUVWHKW GRFK NHQQW HU GLH (LQ]HOKHLWHQ QRFK QLFKW :LU ZHUGHQ VLH DQ 2UW XQG 6WHOOH JHPHLQVDP HU|UWHUQ $EHU KDOWHQ ZLU XQV QLFKW PLWODQJHQ5HGHQDXIJHKHQZLUYRQ%RUG 5RL'DQWRQZROOWHVLFKGHP$QWLJUDYVFKDFKW]XZHQGHQGRFKGDYHUVWHOOWHLKP2UR 0DVXWPLWVHLQHPEUHLWHQ.|USHUGHQ:HJ ³(QWVFKXOGLJHQ 6LH 6LUH VDJWH GHU (UWUXVHU ³DEHU GDUI LFK 6LH ELWWHQ PLFK GHU 3IOLFKW]XHQWKHEHQ6LHEHJOHLWHQ]XPVVHQ" ³0DFKHHUVLFKQLFKWOlFKHUOLFK2URVDJWH5RL'DQWRQVWUHQJ³7KRU3HGRZHL GDZLUNRPPHQXQGZLUG9RUVRUJHJHWURIIHQKDEHQGDHV]XNHLQHQXQOLHEVDPHQ =ZLVFKHQIlOOHQNRPPW'XKDVWQLFKWV]XEHIUFKWHQ ³$EHU VHKHQ 6LH VHOEVW 6LUHVDJWHGHU(UWUXVHUPLWIDVWZHLQHUOLFKHUZHQQDXFK LPPHU QRFK ODXWVWDUNHU 6WLPPH XQG GHXWHWH GXUFK GLH 3DQ]HUSODVWNXSSHO ³GRUW GUDXHQ ZLPPHOW HV QXU VR YRQ 5LHVHQIU|VFKHQ $OOHLQ GHU *HGDQNH DQ GHUHQ GHOLNDWH6FKHQNHOPDFKWPLFKJDQ]NUDQNYRU$SSHWLW,FKNDQQPLFKQLFKWZLHGHU DOV9HJHWDULHUDXVJHEHQPHLQ0DJHQNQXUUHQZLUGPLFKYHUUDWHQ 5RL'DQWRQNORSIWHLKPDXIGHQ%UXVWNRUEGDHVZLHHLQ3DXNHQVFKODJGU|KQWH ³=HLJH HU HLQ ELFKHQ 6HOEVWEHKHUUVFKXQJ PHLQWH HU GDEHL ³:LU DOOH NRPPHQ HLQPDOLQGLH/DJHXQVHUH8UWULHEHXQWHUGUFNHQ]XPVVHQ$OVRVHLHUHLQ0DQQ XQGJHK HUYRU ³:ROOHQ 6LH QLFKW ZHQLJVWHQV GLH DQGHUHQ ZDUQHQ" VDJWH GHU (UWUXVHU PLW XQJOFNOLFKHP*HVLFKW ³2UR 0DVXW ULHI 5RL 'DQWRQ ]XUHFKWZHLVHQG XQG GHU (UWUXVHU YHUVFKZDQG DXJHQEOLFNOLFK LP $QWLJUDYVFKDFKW 'HU )UHLIDKUHUN|QLJ ZDQGWH VLFK PLW HLQHP HQWVFKXOGLJHQGHQ /lFKHOQ XQV ]X XQG PHLQWH ³/DVVHQ 6LH VLFK YRQ PHLQHP lQJVWOLFKHQ'LHQHUQXUQLFKWYHUZLUUHQ0HVVLHXUV,FKZHUGH6LHDXIGHP:HJ]XU )DUPEHUHLQLJHVDXINOlUHQ 'DPLW YHUVFKZDQG DXFK HU LP $QWLJUDYVFKDFKW 'HU ;HQRORJH DOV HLQ]LJHU PLW

HLQHU KHUN|PPOLFKHQ .RPELQDWLRQ EHNOHLGHW IROJWH LKP VWLUQUXQ]HOQG 'DQQ NDP )UVW2UHO/DYRUG%HYRUHULQGHQ6FKDFKWVWLHJEHJDQQHUY|OOLJXQPRWLYLHUW]X NLFKHUQ DOV EHUHLWH HV LKP NLQGOLFKHV 9HUJQJHQ VLFK YRQ GHQ $QWLJUDYIHOGHUQ WUDJHQ ]X ODVVHQ ,FK NDP DOV QlFKVWHU DQ GLH 5HLKH XQG &RG\ ELOGHWH GHQ $EVFKOX,FKK|UWHLKQZLH]XVLFKVHOEVWVDJHQ ³,VWGDVHLQ=RRRGHUZDV",FKZHUGHPLFKZHLJHUQ'RPSWHXU]XVSLHOHQ $OVLFKLQV)UHLHWUDWVWRFNWHPLULPHUVWHQ0RPHQWXQZLOONUOLFKGHU$WHPhEHU GHQ+DQJNDPHLQH+HUGHYRQJXW]ZHL'XW]HQG5LHVHQIU|VFKHQKHUDQJHKSIW6LH PDFKWHQ JHZDOWLJH 6SUQJH YRQ EHU GUHL 0HWHUQ XQG NDPHQ UDVFK QlKHU 'DEHL VWLHHQVLHHLQEHGURKOLFKZLUNHQGHV4XDNHQDXVGDVVLFKZLHGDV.ULHJVJHVFKUHL HLQHU ZLOGHQ 0HXWH DQK|UWH 2UR 0DVXW VWDQG ZLH YHUVWHLQHUW GD GHU $QEOLFN GHU KHUDQUFNHQGHQ7LHUHVFKLHQLKQ]XOlKPHQ ³+DEHQ 6LH NHLQH $QJVW 0HVVLHXUV ULHI 5RL 'DQWRQ XP GDV *HTXDNH ]X EHUW|QHQ ³'LH 5LHVHQIU|VFKH VLQG JDQ] KDUPORV XQG ELHWHQ XQV QXU HLQHQ :LOONRPPHQVJUXGDU 'LH 3KDODQ[ GHU 5LHVHQIU|VFKH NDP ]XP 6WLOOVWDQG VLH ELOGHWHQ XP XQV HLQHQ +DOENUHLVXQGYHUDQVWDOWHWHQHLQVFKDXULJHV.RQ]HUW2UR0DVXWVWDQGLKQHQLPPHU QRFKZLHYHUVWHLQHUWJHJHQEHU ³6LQGGDVLQWHOOLJHQWH)U|VFKHRGHUKDQGHOWHVVLFKXP1XW]WLHUH"HUNXQGLJWHVLFK GHU ;HQRORJH /RWKDU 3LOJUDP ³,P ]ZHLWHQ )DOO ZlUHQ VLH HLQ ORKQHQGHV +DQGHOVREMHNWVHKUJHZLQQWUlFKWLJ6HKHQ6LHQXUGLHVH)URVFKVFKHQNHO'DOlXIW HLQHPJHUDGH]XGDV:DVVHULP0XQGH]XVDPPHQ ³:HP VDJHQ 6LH GDV PHLQWH 2UR 0DVXW VHXI]HQG XQG OLH HLQ GRQQHUDUWLJHV 0DJHQNQXUUHQIROJHQ³,FKZXWHGDLFKQLFKWGDPLWIHUWLJZHUGHQZUGH ³2URVHLHLQ0DQQVDJWH5RL'DQWRQ]XUHFKWZHLVHQGGDQQZDQGWHHUVLFK/RWKDU 3LOJUDP ]X ³8UVSUQJOLFK ZXUGHQ GLH 5LHVHQIU|VFKH WDWVlFKOLFK QXU ZHJHQ LKUHV ]DUWHQ 6FKHQNHOIOHLVFKHV JH]FKWHW $EHU )UVW 7KRU 3HGR LVW HLQ ZDKUHU 7LHUIUHXQGXQGDOVHVVRZHLWZDUEUDFKWHHUHVQLFKWEHUVLFKVLH]XVFKODFKWHQ ³:DV IU HLQH 9HUVFKZHQGXQJ VWHOOWH GHU ;HQRORJH IHVW XQG HUQWHWH GDIU HLQ ]XVWLPPHQGHV1LFNHQYRQ2UR0DVXW 5RL 'DQWRQ NODWVFKWH LQ GLH +lQGH XQG GLH )U|VFKH VWREHQ PLW ODXWHP *HTXDNH DXVHLQDQGHU ³/DVVHQ 6LH 7KRU 3HGR ,KUH 0HLQXQJ OLHEHU QLFKW ZLVVHQ VDJWH 5RL 'DQWRQ XQG VHW]WHVLFKLQ%HZHJXQJ³(ULVWLQGLHVHQ'LQJHQEHUDXVVHQVLEHO:LH6LHVHKHQ 0HVVLHXUV WXPPHOQ VLFK KLHU DXFK QRFK DQGHUH 7LHUDUWHQ ZLH 3IHUGH 6FKDIH XQG .lQJXUXKlKQOLFKH $EHU QXU OHW]WHUH VLQG HLQH HLQKHLPLVFKH *DWWXQJ 'LH .lQJXUXKV OHEHQ LQ IUHLHU :LOGEDKQ DEHU VLH VLQG OHLFKW ]X GRPHVWL]LHUHQ ZLH VLH VHOEVW VHKHQ 6LH OLHIHUQ

EULJHQVHLQHN|VWOLFKVFKPHFNHQGH0LOFKGLHQLFKWXPVRQVW1HNWDUJHQDQQWZLUG *HJRUHQKDWGLHVHU1HNWDUHLQHEHUDXVFKHQGHMDJHUDGH]XEHZXWVHLQVHUZHLWHUQGH :LUNXQJ'RFK7KRU3HGREHKlOWGDV5H]HSWOHLGHUIUVLFK :lKUHQGLFK5RL'DQWRQV$XVIKUXQJHQODXVFKWHQDKPLFKGDV3DQRUDPDGLHVHV LG\OOLVFKHQ7DOHVLQPLFKDXI,QPLWWHQGHUJUQHQGHQ+JHOXQGGHUVLFKELV]XP +RUL]RQW HUVWUHFNHQGHQ JROGJHOEHQ :HL]HQIHOGHU GLH GXUFK :DVVHUVWHOOHQ XQG %DXPLQVHOQ XQWHUEURFKHQ ZDUHQ XQG ZR .lQJXUXKKHUGHQ LKUH )lKUWHQ ]RJHQ JOHLFK XQWHUKDOE GHV /DQGHSODW]HV GHU 6SDFH-HW VWDQG HLQ NOHLQHV *HK|IW DXV HLQLJHQ VFKPXFNHQ *HElXGHQ GLH DXV HLQHU OlQJVW YHUJDQJHQHQ =HLW ]X VWDPPHQ VFKLHQHQ,FKVFKlW]WHGDGHU%DXVWLOGHPGHV-DKUKXQGHUWV7HUUDVHQWVSUDFK DEHUVRDOWHUWPOLFKVLHDXVVDKHQVRJHSIOHJWZDUHQVLHXQGVRJXWSDWHQVLHDXFK LQGLHVH/DQGVFKDIW 'LH :HLGHJUQGH GHU 3IHUGH XQG 6FKDIH ZXUGHQ GXUFK SULPLWLYH K|O]HUQH =lXQH EHJUHQ]W 'D]ZLVFKHQ EHZHJWHQ VLFK VFKODQNH 5RERWHU PLW ELHJVDPHQ 7HQWDNHOJOLHGHUQ GLH YRU DOOHP GLH 3IHUGH EHWUHXWHQ VLH WUlQNWHQ RGHU VWULHJHOWHQ XQG]ZLVFKHQGXUFKDXFKULWWHQ 1HEHQGHQ3IHUGHQGHQ6FKDIHQ5LHVHQIU|VFKHQXQGGHQ.lQJXUXKVJDEHVDEHU QRFK HLQH IQIWH 6SH]LHV DXI GLH 5RL 'DQWRQ QRFK QLFKW KLQJHZLHVHQ KDWWH (V KDQGHOWH VLFK XP DXIUHFKW JHKHQGH DIIHQDUWLJH :HVHQ PLW PHLVW EHLJHP )HOO XQG GXQNOHQEODWWQDVLJHQ*HVLFKWHUQZLHDXV/HGHU%HYRULFKQRFKDXIVLHKLQZHLVHQ NRQQWHHUNXQGLJWHVLFKGHU;HQRORJHEHUHLWV ³8QGZDVVLQGGDVIU*HVFK|SIH"*RULOODV"2UDQJ8WDQV"2GHU.UHX]XQJHQ" ³'DV VLQG .ODFNWRQHU DQWZRUWHWH 5RL 'DQWRQ ³'LH 8UHLQZRKQHU YRQ .3ODQHW 2EZRKOXQWHUHQWZLFNHOWVLQGVLHEHUDXVJHOHKULJXQGLQWHOOLJHQW:DKUVFKHLQOLFK KDWWHQVLHHLQVWHLQHK|KHUHQWZLFNHOWH=LYLOLVDWLRQGHJHQHULHUWHQMHGRFKDXVELVKHU XQEHNDQQWHQ *UQGHQ 6LH VLQG MHGHQIDOOV LQWHOOLJHQW JHQXJ GD )UVW 7KRU 3HGR VHLQHGUHL6FKLIIHIDVWDXVVFKOLHOLFKPLWLKQHQEHPDQQW /RWKDU3LOJUDPVFKWWHOWHGD]XQXUGHQ.RSIXQGGDFKWHVLFKYHUPXWOLFKVHLQ7HLO 'DIUEHJDQQ2UHO/DYRUGZLHGHU]XNLFKHUQXQGVDJWHGDQQ ³=XVWlQGHVLQGGDVbUJHUDOVEHLGHQ/DPDURQHUQ (V ZDU GDV HUVWHPDO GD LFK LKQ HWZDV VDJHQ K|UWH XQG LFK ZDUWHWH JHVSDQQW GDUDXIGDHUQRFKHWZDVKLQ]XIJWH'RFKGDVDJWH5RL'DQWRQ ³%LWWH)UVW/DYRUG'LHVHV7KHPDZROOHQZLUHUVWVSlWHUHU|UWHUQ$OOHV]XVHLQHU =HLW3DVVHQ6LHOLHEHUDXI$FKWXQJ 5RL'DQWRQEOLHEDEUXSWVWHKHQXQGKREGLH+DQGXPXQVHEHQIDOOV]XP$QKDOWHQ ]X YHUDQODVVHQ :LU KDWWHQ GHQ )X GHV +JHOV HUUHLFKW XQG ZDUHQ QXU QRFK ]ZDQ]LJ 0HWHU YRQ GHP +RO]]DXQ HQWIHUQW GHU GLH :HLGH YRP )DUPKRI WUHQQWH 'RUWZDUDXIHLQPDOHLQHUGHUVHOWVDPHQ5RERWHUPLWGHQ7HQWDNHOQDXIJHWDXFKW(U VFKZDQJVLFKEHKHQGHEHUGHQ=DXQOHKQWHVLFKOlVVLJGDJHJHQXQGULFKWHWHVHLQH

6HKOLQVHQJHUDGHZHJVDXIXQV,UJHQGHWZDVVW|UWHPLFKDQVHLQHU+DOWXQJXQGDQ GHP$XVGUXFNVHLQHU/LQVHQ ³+DOOR%LOO\EHJUWHGHU)UHLIDKUHUN|QLJGHQ5RERWHU ³+DOOR 5RL JUWH GHU 5RERWHU ]XUFN VHLQH 6WLPPH VFKLHQ GDEHL ]X YLEULHUHQ ³+DOOR5RWIXFKV (VZDUQLFKWVFKZHU]XHUUDWHQGDHUGDPLW2UR0DVXWPHLQWHGHQQGHU(UWUXVHU VFKQDXEWHZWHQGXQGULHI ³+DOWHQ 6LH PLFK ]XUFN 6LUH 6RQVW YHUJHVVHLFKPLFKQRFKXQG]HUNQOOHGLHVH )HKONRQVWUXNWLRQELVVLHQXUQRFK6LJDQHVHQJU|HKDW ³3DKPDFKWHGHU5RERWHU³9RQGLU6FKLQGPlKUHZLOOLFKGRFKJDUQLFKWV ³6LUH SROWHUWH 2UR 0DVXW ³0DFKHQ 6LH GHP HQGOLFK EHJUHLIOLFK GD LFK NHLQ 5HLWWLHUELQ ³5XKLJ %OXW 2UR VDJWH 5RL 'DQWRQ EHJWLJHQG GDQQ ZDQGWH HU VLFK ZLHGHU DQ GHQVHOWVDPHQ5RERWHU³+DVWGXQLFKWV6LQQYROOHUHV]XWXQDOVIULHGOLFKH%HVXFKHU DQ]XVWlQNHUQ%LOO\":RLVWHLJHQWOLFK:DOW\"(UZHLGDZLUNRPPHQ ³:DOW\VWHFNWLQGHU0HONPDVFKLQHHUNOlUWHGHU5RERWHU³XQG$QQHP\XQG2WWR YHUVXFKHQ LKQ GDUDXV ]X EHIUHLHQ 'LH 3DQQH ZlUH OlQJVW VFKRQ EHKREHQ GUIWH 2WWR VHLQH 7ZLO] HLQVHW]HQ 'RFK GDYRQ ZLOO :DOW\ QLFKWV ZLVVHQ ZHLO HU HLQH %HVFKlGLJXQJGHU0HONPDVFKLQHIUFKWHW6RELQKDOWHEHQLFK]XHXUHU%HJUXQJ JHNRPPHQ:LOONRPPHQDXI:DOW\.ODFNWRQV)DUP 'DEHLVFKZHQNWHHUGHQ.RSIVRGDHUXQVPLWVHLQHQ6HKOLQVHQHLQHQQDFKGHP DQGHUHQHUIDWH)UVW/DYRUGNLFKHUWHXQGVDJWH ³(VLVWYHUUFNWKHUUOLFKYHUUFNWYHUUFNWHUQRFKDOVEHLGHQ/DPDURQHUQ ³,FKIUDJHPLFKEORZDVLFKLQGLHVHP,UUHQKDXV]XVXFKHQKDEHPHLQWH&RG\ JUROOHQGXQGIL[LHUWHGHQ5RERWHUGHULPPHUQRFKOlVVLJDP=DXQOHKQWH ,FKPXJHVWHKHQGDLFKDXFKHWZDVYHUZLUUWZDUXQGQLFKWZXWHZDVLFKYRQ DOOHGHP KDOWHQ VROOWH $EHU LFK VDJWH PLU GD VLFK VFKRQ DOOHV YRQ VHOEVW NOlUHQ ZUGH LQ GLHVHU %H]LHKXQJ KDWWH LFK YROOVWHV 9HUWUDXHQ ]X 5RL 'DQWRQ ,FK NPPHUWH PLFK QLFKW ZHLWHU XP GHQ UHFKW HLJHQZLOOLJHQ 5RERWHU XQG IROJWH GHP )UHLIDKUHUN|QLJ XQG GHQ DQGHUHQ GLH XQWHU GHU 4XHUODWWH GHV =DXQHV GXUFKJHNOHWWHUWZDUHQ&RG\ZDUKLQWHUPLU 3O|W]OLFKHUNODQJHLQIUFKWHUOLFKHU6FKUHLGHUVLFKDQK|UWHZLH³

DXVJHODVVHQHU NODQJHQ GLH 5XIH GHV 5RERWHUV MD HU IHXHUWH LKQ JHUDGH]X DQ XQG MDXFK]WH ZHQQ &RG\ ZLHGHU PDO HLQHQ +DNHQ VFKOXJ RGHU HLQH DQGHUH )LQWH YHUVXFKWHXPVHLQHQ5HLWHUDE]XVFKWWHOQ'HU5RERWHUVFKLHQI|UPOLFKDXIVHLQHP 5FNHQ ]X NOHEHQ GLH XP &RG\V /HLEHVPLWWH JHVFKOXQJHQHQ 7HQWDNHO PLW LKP YHUZDFKVHQ]XVHLQ 5RL 'DQWRQ EHIDKO GHP 5RERWHU YHUJHEOLFK YRQ VHLQHP 2SIHU DE]XODVVHQ GDV HU RIIHQEDULUUWPOLFKIUHLQ3IHUGKLHOW.ODFNWRQHUHLOWHQKHUEHL ³+HUPDQQVZLOOHQ +HUPDQQVZLOOHQ ULHIHQ VLH PLW JXWWXUDOHU 6WLPPH VFKOXJHQ LKUH3UDQNHQ]XVDPPHQXQGYHUVXFKWHQGHQ5RERWHUYRQ&RG\V5FNHQ]X]HUUHQ $EHU GHU VFKLHQ LQ VHLQHU :XW QLFKW ]X HUNHQQHQ GD VLH LKP ]X +LOIH NRPPHQ ZROOWHQ VRQGHUQ JODXEWH YHUPXWOLFK GD VLH VLFK DQ GHP JUDXVDPHQ 6SLHO EHWHLOLJHQ ZROOWHQ -HGHQIDOOV ZLFK HU LKQHQ DXV VR GD VLH LQV /HHUH OLHIHQ 'DV -DXFK]HQ GHV 5RERWHUV ]HLJWH GD HU LKP JHQDX GDV ERW ZDV HU VLFK YRQ LKP HUZDUWHWH &RG\YHUVFKZDQGPLWVHLQHP3HLQLJHUKLQWHUGHP+DXSWJHElXGHYHUIROJWYRQJXW HLQHP 'XW]HQG .ODFNWRQHUQ ,KU DXIJHUHJWHV *HVFKUHL LQ GDV VLFK GDV IXUFKWEDUH ³

XQEHVWLPPEDUHQ $OWHUV 6LH KlWWH IQIXQG]ZDQ]LJ DEHU DXFK IQI]LJ VHLQ N|QQHQ VLH ZDU ]HLWORV $Q LKUHU 6HLWH EHIDQG VLFK HLQ HWZDV EHU HLQHQ 0HWHU JURHV VFKQHHZHLHV3HO]ZHVHQPLWHLQHPPUULVFKZLUNHQGHQ0RSVJHVLFKW,FKKLHOWHV IU HLQ H[RWLVFKHV +DXVWLHU GRFK GD HV DXIUHFKW JLQJ ZDU LFK PLU PHLQHU 6DFKH QLFKWJDQ]VLFKHU ³'X ZLUVW :DOW\ NQIWLJ EHL VHLQHP )UHLIDKUHUWLWHO DQUHGHQ PVVHQ $QQHP\ VDJWH5RL'DQWRQOlFKHOQG]XGHU)UDXXQGVFKWWHOWHLKUGLH+DQG'DQQEHJUWH HUDXFKGDVVFKQHHZHLH3HO]ZHVHQPLWHLQHP+lQGHGUXFNXQGVDJWH³:LHJHKW V 2WWR" 8QGGDDQWZRUWHWHGDV3HO]ZHVHQPLWGXUFKDXVPHQVFKOLFKNOLQJHQGHU6WLPPH ³6RODOD%LV]XGHLQHU$QNXQIWZDUKLHUDOOHVLQ2UGQXQJ'RFKVHLW:DOW\ZHL GD HU LQ VHLQHQ HUVWHQ )UHLKlQGOHUHLQVDW] JHKHQ VROO JHKW HV EHL XQV GUXQWHU XQG GUEHU 'DEHL WZLO]H LFK DXV GHLQHQ *HGDQNHQ GD VHLQH $XIQDKPH LQ HXUH 2UJDQLVDWLRQQRFKJDUQLFKWSHUIHNWLVW ³6WLPPW HV KlQJW DOOHV YRP $XVJDQJ GLHVHV (LQVDW]HV DE $EHU :DOW\ GHU VLFK QXQ )UVW 7KRU 3HGR QHQQHQ GDUI LVW JHQDX GHU ULFKWLJH 0DQQ GDIU HUZLGHUWH 5RL'DQWRQXQGIJWHKLQ]X³(VLVWHLJHQWOLFKQXUHLQH)RUPVDFKH ³,FK ZHL QLFKW UHFKW VDJWH 2WWR GDV VSUHFKHQGH XQG ³WZLO]HQGH 3HO]ZHVHQ ]ZHLIHOQG *HKHQZLUHQGOLFKLQV+DXVVDJWHGLH)UDX )UVW/DYRUGNLFKHUWHZLHGHUXQG|IIQHWHGHQ0XQGXPDXFKHWZDV]XVDJHQ$EHU GLHVPDONDPLFKLKP]XYRU ³8QGZHQQHVGLH/DPDURQHUQXUKDOEVREXQWWUHLEHQVDJWHLFK]XLKP³LVWGDV QRFKLPPHUPHKUDOVHLQQRUPDOHU0HQVFKHUWUDJHQNDQQ (U VWDUUWH PLFK PLW RIIHQHP 0XQG XQG GPPOLFKHP *HVLFKWVDXVGUXFN DQ XQG IUDJWHVWDXQHQG ³.HQQHQ6LHGHQQGLH/DPDURQHU":DUHQ6LHDXFKDXI/DPDURQH" $QQHP\ 7UDSKXQWHU ZLH GLH )DUPHULQ KLH IKUWH XQV LQV +DXV XQG LQ HLQH JHPWOLFKH 6WXEH 6LH ZDU HLQIDFK HLQJHULFKWHW IDVW VFKRQ SULPLWLY XQG ZLHV NHLQHUOHL WHFKQLVFKH 5DIILQHVVHQ DXI :LU QDKPHQ XP HLQHQ JURHQ K|O]HUQHQ 7LVFK 3ODW] XQG ]ZDU DXI 6WKOHQ GLH DOOHV DQGHUH DOV N|USHUJHUHFKW ZDUHQ 2UR 0DVXWEUDXFKWHGHUHQ]ZHL ³,VWGDVHLQHPXVHDOH)ROWHUNDPPHU"PDXOWH&RG\XQGUXWVFKWHXQUXKLJDXIGHP ZDFNHOLJHQ6WXKOKHUXP 5RL 'DQWRQ VWHOOWH XQV HLQDQGHU DXI VHLQH XQQDFKDKPOLFKH :HLVH YRU $QQHP\ 7UDSKXQWHU EH]HLFKQHWH HU DOV HKHPDOLJH 8626SH]LDOLVWHQ GLH VLFK QDFK LKUHU XQJHUHFKWIHUWLJWHQXQGXQHKUHQKDIWHQ(QWODVVXQJDXVGHU8QLWHG6WDUV2UJDQLVDWLRQ ]XVDPPHQPLWLKUHPIUKHUHQ7HDPJHIlKUWHQ:DOW\.ODFNWRQDXIGLHVHHQWOHJHQH

:HOW]XUFNJH]RJHQKDWWH :DOW\ .ODFNWRQ KDWWH IUKHU DXI 5XVWRQHU GHP :HJD3ODQHWHQ JHOHEW ZR HU HLQH)DUPLPDOWWHUUDQLVFKHQ6WLOXQWHUKLHOW'DHULQGHQVHOEHQ6NDQGDOZLHVHLQH 7HDPJHIlKUWLQ YHUZLFNHOW ZXUGH XQG XQVFKXOGLJ ZLH VLH ZDU YHUORU HU VHLQHQ JHVDPWHQ %HVLW] XQG EDXWH VHLQH )DUP DOV JHQDXHV (EHQELOG DXI .3ODQHW ZLHGHU DXI'LH:HOWZDUQDFKLKPEHQDQQWZHLOHU-DKUH]XYRUVFKRQHLQPDOKLHUJHZLUNW KDWWH1DFK5RL'DQWRQV$QJDEHQKDWWHHU]XVDPPHQPLWHLQHPJHQLDOHQ(UILQGHU DQ HLQHP *HKHLPSURMHNW GHU 862 JHDUEHLWHW GDV MHGRFK DXIJUXQG GHU 6SLRQDJHWlWLJNHLWHQ GHU YHUVFKLHGHQVWHQ JDODNWLVFKHQ ,QWHUHVVHQJUXSSHQ JHSODW]W ZDU 'DQDFK JHULHW .3ODQHW LQ 9HUJHVVHQKHLW ELV :DOW\ .ODFNWRQ VLFK KLHUKHU IOFKWHWH XP KLHU HLQHQ JHUXKVDPHQ /HEHQVDEHQG ]X YHUEULQJHQ XQG GHQ DIIHQDUWLJHQ (LQJHERUHQHQ GHQ QDFK LKP EHQDQQWHQ .ODFNWRQHUQ (QWZLFNOXQJVKLOIH ]X JHEHQ 'LHV ZDU DXFK HLQHU GHU *UQGH ZDUXP VLFK :DOW\ .ODFNWRQGHQ)UHLKlQGOHUQDQVFKOLHHQZROOWH 0LUEUDQQWHQDWUOLFKGLH)UDJHDXIGHU=XQJHZDUXPGLHVHUQRVWDOJLVFKH)DUPHU XQGIDQDWLVFKH7LHUOLHEKDEHUGHQQGHQ1DPHQGHVJHIUFKWHWHQ3LUDWHQ7KRU3HGR DQJHQRPPHQKDWWHDEHUGHU;HQRORJH/RWKDU3LOJUDPNDPPLU]XYRU ³:DOW\ .ODFNWRQ ZDU ELV YRU NXU]HP GLHVHU 7KRU 3HGR DQWZRUWHWH 5RL 'DQWRQ ³'DVKHLWHUWULHEQLFKWVHOEVWDOVGLHVHU3LUDWVHLQ8QZHVHQVRQGHUQJDOWQXUDOV GLHVHU =XPLQGHVW IU PLFK GHU LFK GLHVHQ 3LUDWHQ XQWHU IDOVFKHU (LQVFKlW]XQJ VHLQHU 0RWLYH MDJWH (V VWHOOWH VLFK MHGRFK KHUDXV GD :DOW\ .ODFNWRQ Y|OOLJ DKQXQJVORV ZDU XQG GD LQ :LUNOLFKNHLW $QQHP\ XQG 2WWR KLQWHU GLHVHP 'HFNQDPHQVWDQGHQ ³*LE HV DXI 5RL ILHO GDV 3HO]ZHVHQ PLW GHP PUULVFK ZLUNHQGHQ 0RSVJHVLFKW GHP )UHLIDKUHUN|QLJ LQV :RUW ³,FK WZLO]H GD GHLQH %HJOHLWHU NHLQ :RUW YRQ GHLQHQ (UNOlUXQJHQ YHUVWHKHQ 0LW GHU =HLW ZDUHQ VLH VFKRQ YRQ VHOEVW KLQWHU GLH =XVDPPHQKlQJHNRPPHQIDOOVVLH:DOW\V0DQQVFKDIWEHLWUHWHQZROOHQ ³/DVVHQZLUGRFKGLH9HUJDQJHQKHLWUXKHQVDJWH$QQHP\7UDSKXQWHUXQGEOLFNWH XQV GHU 5HLKH QDFK DQ LFK ELOGHWH PLU HLQ HV GDEHL VFKDONKDIW LQ LKUHQ $XJHQ DXIEOLW]HQ ]X VHKHQ ³%HUHLWH GLHVH 0lQQHU OLHEHU GDUDXI YRU ZDV LKQHQ GLH =XNXQIWXQWHU.ODFN.ODFNEHVFKHUHQZLUG ³,FKILQGHDXFKGD6LHXQVHQGOLFKGLHOlQJVWIlOOLJHQ(UNOlUXQJHQJHEHQVROOWHQ 6LUHVDJWH/RWKDU3LOJUDP³%LVMHW]WKDEHQ6LHEHU)UVW7KRU3HGRQLFKWVZHLWHU DXVJHVDJWDOVGDHUDOVHLQ]LJHULQGHU/DJHZlUHGDV3UREOHP/DPDURQH]XO|VHQ XQG]XHLQHPSRVLWLYHQ$EVFKOX]XEULQJHQ$EHUQLFKWHLQPDOGHQQHXQ%HLUlWHQ YRQ2O\PSZROOWHQ6LHYHUUDWHQZHOFKH)lKLJNHLWHQLKQDXV]HLFKQHQ9HUUDWHQ6LH XQVQXQZDVGDVIUHLQ0DQQLVWYRQGHP6LHVRJURH6WFNHKDOWHQ ³:DOW\.ODFNWRQLVWEHJDQQ5RL'DQWRQ]|JHUQGXQGLFKVWHOOWHEHUUDVFKWIHVW GDHUGDEHLXQVLFKHUZLUNWH(UUlXVSHUWHVLFKXQGPDFKWHHLQHQQHXHQ$QODXI³(U LVW ³HLQH.DWDVWURSKHYROOHQGHWH$QQHP\7UDSKXQWHUGHQ6DW]

'DHUNODQJDXVGHP9HUELQGXQJVJDQJHLQIXUFKWEDUHV*HSROWHUXQGJOHLFKGDUDXI HUVFKLHQLQGHU7UHLQODQJHU/XODWVFKLQHLQHPKLVWRULVFKHQ.RVWP(UWUXJHLQHQ EHUGLPHQVLRQDOHQ 5HPEUDQGWKXW GHQ HU VLFK YHU]ZHLIHOW ]XUHFKW]XUFNHQ YHUVXFKWH ZlKUHQG HU KHUHLQVWROSHUWH 6HLQ 2EHUN|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lPSIHQ ]XPVVHQ'LHVPDOVFKDIIWHHUHVMHGRFKQLFKWPHKUXQGVWU]WHZLHYRP.DWDSXOW JHVFKQHOOWQDFKYRUQHJHQDXLQGLH$UPHYRQ5RL'DQWRQVHUWUXVLVFKHP'LHQHU 2UR0DVXW 'LHVHU ILQJ LKQ ODFKHQG DXI GRFK YHUZDQGHOWH VLFK VHLQ /DFKHQ JOHLFK GDUDXI LQ HLQHQ(QWVHW]HQVVFKUHLDOVGLHEHLGHQ6WKOHDXIGHQHQHUVD]XU6HLWHUXWVFKWHQ XQG HU ]XVDPPHQ PLW VHLQHU /DVW ]X %RGHQ JLQJ 'LH EHLGHQ ELOGHWHQ HLQH JDQ]H :HLOH HLQ XQHQWZLUUEDUHV .QlXHO ZHLO HLQHU GHQ DQGHUHQ GXUFK JHJHQVHLWLJH +LOIHOHLVWXQJHQ QXU DP $XIVWHKHQ EHKLQGHUWH 2UR 0DVXW JDE JHOHJHQWOLFK /DXWH GHV8QPXWVXQGGHV6FKPHU]HVYRQVLFK=ZLVFKHQGXUFKZDUGLH(QWVFKXOGLJXQJ KDVSHOQGH6WLPPHGHV5HPEUDQGWKXW7UlJHUV]XK|UHQ(QGOLFKQDFKZLHYLHOHQ HQGORVVFKHLQHQGHQ0LQXWHQHLJHQWOLFK"UDSSHOWHHUVLFKDXIXQGZDQGWHVLFKXQV ]X -HW]W HUVW NRQQWH LFK LKP LQV *HVLFKW VHKHQ GDV RIIHQEDU QLFKW VHLQ HLJHQHV ZDU VRQGHUQHLQH%LRPDVNH(VNRQQWHHLQIDFKQLFKWVHLQ*HVLFKWVHLQZHLOHLQHVROFK JURWHVNODQJHNUXPPH1DVHHLQHPHLQIDFKQLFKWZlFKVWVFKRQJDUQLFKWLQHLQHP VRQVWUHFKWDWWUDNWLYHQXQGJXWPWLJHQ*HVLFKW1HLQVROFKHE|VHQ6FKHU]HPDFKW 0XWWHU1DWXUQLFKWPHLQWHLFKXQGLUUWHJHZDOWLJZLHVLFKVSlWHUKHUDXVVWHOOWH ³%URYDEURYD.ODFN.ODFNULHI$QQHP\7UDSKXQWHU ³%URYDEURYDPHLQWHGHU(LQIDOWVSLQVHO)UVW/DYRUG ³%URYDEURYDVWLPPWHQZLUDQGHUHQIDVWZLHDXVHLQHP0XQGHLQZHLOZLUGDV IUHLQHDXI.3ODQHWEOLFKH%HJUXQJVIRUPHOKLHOWHQ/RWKDU3LOJUDPVSUDQJYRQ VHLQHP 6WXKO KRFK XQG EDXWH VLFK YRU GHP 5HPEUDQGWKXW7UlJHU DXI GHU NHLQ JHULQJHUHUDOV:DOW\.ODFNWRQUHFWH)UVW7KRU3HGRVHLQNRQQWH ³%URYDEURYD,FKELQ/RWKDU3LOJUDP;HQRORJHVDJWHHUIHLHUOLFKKLHOW.ODFNWRQ GLH+DQGKLQXQGYHUQHLJWHVLFK.ODFNWRQHUJULIIGLHGDUJHERWHQH+DQGYHUQHLJWH VLFKHEHQIDOOVXQGGLHEHLGHQNUDFKWHQPLWGHQ.|SIHQ]XVDPPHQ/RWKDU3LOJUDP ZXUGH GXUFK GLH :XFKW GHV =XVDPPHQSUDOOV DXI VHLQHQ 6LW] ]XUFNJHVFKOHXGHUW

XQGZLUNWHGDQDFKOHLFKWEHQRPPHQ:DOW\.ODFNWRQZROOWHVLFKVRJOHLFKXPLKQ NPPHUQ DEHU HLQ YRQ $QQHP\ 7UDSKXQWHU PLW DOOHU 6WUHQJH YRUJHEUDFKWHV ³.ODFN.ODFNKLHOWLKQGDYRQDE ³%HKDOWHQ6LHQXU,KUH3OlW]HEHLPHLQH+HUUHQVDJWH.ODFNWRQGDUDXIKLQ³(VLVW YLHOOHLFKWEHVVHUZHQQ6LHPLUQLFKW]XQDKHNRPPHQGHQQLFKIUFKWHLFKKDEH KHXWH NHLQHQ JXWHQ 7DJ (U QLFNWH XQV GHU 5HLKH QDFK ]X XQG VFKHQNWH XQV ZRKOPHLQHQGH %OLFNH DXV VHLQHQ VDQIWHQ $XJHQ ZlKUHQG 5RL 'DQWRQ XQV QDPHQWOLFK YRUVWHOOWH :LU VDJWHQ MHGHU DXIV QHXH GLH YHUPHLQWOLFKH %HJUXQJVIRUPHODXIXQGLFKZXQGHUWHPLFKGRFKHLQZHQLJGD.ODFNWRQYRQ HLQHP0DODXIVDQGHUHYHUOHJHQHUZXUGH $OV GLH 5HLKH DQ PHLQHQ )UHXQG &RG\ NDP GHU QRFK LPPHU HLQLJHUPDHQ PLWJHQRPPHQDXVVDKHUNXQGLJWHVLFK.ODFNWRQPLWIKOHQG ³6LHVLQGGRFKQLFKWDXFKHWZDLQGLH0HONPDVFKLQHJHUDWHQ" ³:LUNOLFKVHKUZLW]LJVDJWH&RG\JUROOHQG ³(GHOPDQQ &RGURQ =RUEHOO LVW GDV QHXHVWH XQG EHVWLPPW QLFKW GDV OHW]WH GHU XQ]lKOLJHQ2SIHU%O\WKH.LGVHUNOlUWH'DQWRQXQGKlQJWHGLH)UDJHDQ³:DQQ ZLUVWGXHQGOLFKGHQ)HKOHULQVHLQHU3URJUDPPLHUXQJEHKHEHQ:DOW\" ³6REDOGLFKGD]XNRPPHYHUVSUDFK.ODFNWRQXQGVHW]WHVLFKOLQNVYRQ)UVW2UHO /DYRUG DQ GHQ 7LVFK $XI GHU DQGHUHQ 6HLWH UFNWH 2UR 0DVXW PLW VHLQHQ EHLGHQ 6WKOHQYRQLKPDEVRZHLWHVJLQJ)UVW/DYRUGEHXJWHVLFKGDJHJHQYHUWUDXOLFK ]XLKPXQGVDJWH ³%URYDEURYD ,FK DOV .HQQHU GHU /DPDURQHU ELQ VLFKHU GD 6LH PLW LKQHQ IHUWLJ ZHUGHQ ³)UVW/DYRUGJUHLIHQ6LHQLFKWYRUHUPDKQWH5RL'DQWRQLKQ³)UVW7KRU3HGR KDW QRFK NHLQH $KQXQJ ZRUXP HV HLJHQWOLFK JHKW $EHU EHYRU ZLU ]XU 6DFKH NRPPHQP|FKWHLFKHUVWHLQPDOHLQ0LYHUVWlQGQLVDXINOlUHQ'DV:RUWEURYDKDW NHLQH WLHIHUH %HGHXWXQJ XQG LVW OHGLJOLFK GLH 9HUEDOOKRUQXQJ YRQ EUDYR GLH DXIJUXQGHLQHVNOHLQHQ6SUDFKIHKOHUVYRQ)UVW7KRU3HGR]XVWDQGHJHNRPPHQLVW $QQHP\ 7UDSKXQWHU XQG GDEHL ZDUI HU .ODFNWRQV /HEHQVJHIlKUWLQ HLQHQ ]XUHFKWZHLVHQGHQ%OLFN]X³NDQQHVOHLGHUQLFKWODVVHQLKQGDPLW]XQHFNHQ6LH WXW HV EHUHLWV VHLW HLQHP 9LHUWHOMDKUKXQGHUW XQG ZLUG HV YHUPXWOLFK ELV LQV KRKH $OWHUWXQ$EHULFKELWWH6LHGLHVHPVFKOHFKWHQ%HLVSLHOQLFKW]XIROJHQ 6HLQHQ :RUWHQ IROJWH EHWUHWHQHV 6FKZHLJHQ GDV VFKOLHOLFK YRQ :DOW\ .ODFNWRQ JHEURFKHQZXUGH ³/DHVJXWVHLQ5RLVDJWHHUPLWJHVHQNWHP%OLFN'DQQKREHUGLH$XJHQXQG ULHI EHUUDVFKW DXV ³$EHU LKU VLW]W MD DXI GHP 7URFNHQHQ (U NODWVFKWH LQ GLH +lQGH XQG DOV HLQ (LQJHERUHQHU LQ GHU 7U HUVFKLHQ WUXJ HU LKP DXI ³6XQJR EULQJH VRIRUW 1HNWDU IU XQVHUH *lVWH 6LH VROOHQ VLFK ]XHUVW HLQPDO DQ GLHVHU N|VWOLFKHQ.lQJXUXKPLOFKODEHQ ³1LFKWIUPLFKULHI&RG\DXV³,FKKDEHLQPHLQHPJDQ]HQ/HEHQQRFKNHLQHQ 7URSIHQ 0LOFK JHWUXQNHQ XQG ZLOO QLFKW DXVJHUHFKQHW PLW .lQJXUXKPLOFK

EHJLQQHQ ³/DVVHQ 6LH VLFK EHUUDVFKHQ (GHOPDQQ =RUEHOO VDJWH :DOW\ .ODFNWRQ ³'HU 1HNWDU YRQ .3ODQHW LVW PLW NHLQHP DQGHUHQ 7UXQN ]X YHUJOHLFKHQ 6ROOWHQ 6LH MHGRFK %HGHQNHQ DQGHUHU $UW KDEHQ HWZD GLH GD GLH .lQJXUXKPLOFK DXI LQKXPDQH :HLVH JHZRQQHQ ZLUG VR NDQQ LFK GLHVH ]HUVWUHXHQ ,FK KDEH QlPOLFK HLQH 0DVFKLQH JHEDXW GLH GDV 0HONHQ VR VFKRQHQG YRUQLPPW GD HV IU GLH .lQJXUXKVHLQ9HUJQJHQLVW ³,VW GDV GLHVHOEH 0HONPDVFKLQH LQ GLH 6LH EHL XQVHUHU $QNXQIW JHUDWHQ VLQG" HUNXQGLJWHVLFK&RG\DQ]JOLFK ³1XQMDLFKKDEHPLFKHWZDVXQJHVFKLFNWDQJHVWHOOWJDE.ODFNWRQ]X 'HU(LQJHERUHQHQDPHQV6XQJRNDPPLWHLQHPJURHQ7DEOHWW]XUFNDXIGHPHU HLQH %DWWHULH YRQ .UJHQ GLH PLW HLQHU PLOFKLJHQ )OVVLJNHLW UDQGYROO JHIOOW ZDUHQ XQG HEHQVRYLHOHQ %HFKHUQ EDODQFLHUWH (U VWHOOWH YRU MHGHQ YRQ XQV HLQHQ .UXJPLWVDPW%HFKHUDEXQGVDJWHGD]X ³.|VWOLFKHU%HJUXQJVKHUPDQQ%URYDEURYD :LU EHUK|UWHQ GDV JHIOLVVHQWOLFK XQG VHOEVW &RG\ YHUNQLII VLFK HLQH ELVVLJH %HPHUNXQJ REZRKO HU LPPHU QRFK VFKOHFKWHU /DXQH ZDU $OV GHU (LQJHERUHQH MHGRFK ]X )UVW /DYRUG NDP XQG LKP VHLQHQ 6SUXFK DXIVDJWH KLHOW GLHVHU LKQ DP $UP]XUFNXQGHUNOlUWHLKP ³'XVDJVWGDVIDOVFK6XQJR(VKHLWULFKWLJEUDYREUDYR 'RFKGHU(LQJHERUHQHOLHVLFKQLFKWEHOHKUHQ ³1LFKWVGDHUZLGHUWHHUXQGIJWHQDFKGUFNOLFKKLQ]X³%URYDEURYD /RWKDU3LOJUDPVHXI]WHK|UEDUDXIXQGVDJWH ³.|QQWHQ ZLU MHW]W HQGOLFK ]XP 7KHPD NRPPHQ" :HQQ GDV VR ZHLWHUJHKW VLW]HQ ZLUEHUV-DKUDXFKQRFKGDRKQH]XHLQHP(UJHEQLVJHNRPPHQ]XVHLQ ³3URVWULHI)UVW/DYRUGDXVXQGVHW]WHGHQ%HFKHULJQRULHUHQGJOHLFKGHQYROOHQ .UXJDQGLH/LSSHQ(UWUDQNODQJHXQGJOXFNVHQGXQGOHKUWHZRKOGHQKDOEHQ.UXJ DXIHLQPDOEHYRUHULKQZLHGHUDEVWHOOWH ,FK ZDU GD HWZDV YRUVLFKWLJHU XQG WDW ]XHUVW QXU HLQHQ NOHLQHQ 6FKOXFN 'LH .lQJXUXKPLOFK VFKPHFNWH VVDXHU XQG KLQWHUOLH HLQHQ KHUEHQ 1DFKJHVFKPDFN ,FK ZDU HLQLJHUPDHQ HQWWlXVFKW XQG IDQG GLH %H]HLFKQXQJ 1HNWDU PDORV EHUWULHEHQ $EHU VFKRQ QDFK GHP ]ZHLWHQ 6FKOXFN ]X GHP LFK PLFK DXV +|IOLFKNHLW EHUZDQG IDQG LFK *HVFKPDFN DQ GHP *HWUlQN XQG HV PXQGHWH PLU LPPHUEHVVHUMHPHKULFKGDYRQJHQR 'DEHLODXVFKWHLFK5RL'DQWRQV$XVIKUXQJHQ ³(V LVW UXQG VLHEHQ 0RQDWH KHU GD )UVW (OPHG /DPDURQH LQ GHU VGOLFKHQ 5DQG]RQH GHU *DOD[LV HLQ 'UHL3ODQHWHQ6\VWHP HQWGHFNWH GHVVHQ ]ZHLWHU 3ODQHW HLQH HUGlKQOLFKH 6DXHUVWRIIZHOW ZDU EHJDQQ GHU )UHLIDKUHUN|QLJ ³'LHVHU 3ODQHW WUlJW KHXWH GHQ 1DPHQ VHLQHV (QWGHFNHUV )UVW /DPDURQH ODQGHWH XQG JODXEWH DXIJUXQG HUVWHU 8QWHUVXFKXQJHQ GD GHU 3ODQHW QXU SULPLWLYHV /HEHQ WUDJH (U

PHLQWHDOVROHJDO]XKDQGHOQDOVHUGDUDQJLQJGHQ3ODQHWHQDXI%RGHQVFKlW]H]X XQWHUVXFKHQ (U ZXUGH EDOG IQGLJ XQG PHOGHWH VFKRQ LQ HUVWHQ 8QWHUVXFKXQJVEHULFKWHQUHLFKH5RKVWRIIYRUNRPPHQQDFK2O\PSGLHHLQHQ$EEDX ORKQHQVZHUW HUVFKHLQHQ OLHHQ :DUHQ GLH HUVWHQ %HULFKWH VFKRQ EHUDXV HUPXWLJHQGVRPVVHQGLHIROJHQGHQDOVJHUDGH]XVHQVDWLRQHOOEH]HLFKQHWZHUGHQ (V VWHOOWH VLFK QlPOLFK KHUDXV GD GHU 3ODQHW /DPDURQH HLQ EHUDXV UHLFKHV 9RUNRPPHQYRQ6FKZHUPHWDOOHQDXIZLHVXQG+RFKUHFKQXQJHQHUJDEHQGDKLHU HLQ JLJDQWLVFKHV 9HUP|JHQ ODJHUWH 'RFK IDVW JOHLFK]HLWLJ PLW GLHVHU (UIROJVPHOGXQJ WUDI DXFK GLH HUVWH QHJDWLYH1DFKULFKWHLQXQGLQGHU)ROJHMDJWH HLQH+LREVERWVFKDIWGLHDQGHUH (UPDFKWHHLQHNXU]H3DXVHLQGHUHUHLQHQ6FKOXFN1HNWDUQDKPGDQQIXKUHUIRUW ³)UVW /DPDURQH HQWGHFNWH ]XHUVW GLH hEHUUHVWH HLQHU YHUJDQJHQHQ .XOWXU GDQQ IDQGHUYHUODVVHQHWHFKQLVFKH$QODJHQGLHMQJHUHQ'DWXPVZDUHQXQGVFKOLHOLFK .XOWXU]HXJQLVVHDXVMQJVWHU=HLWGLHGHQ6FKOX]XOLHHQGDGLH1DFKNRPPHQ HLQHV ]LYLOLVLHUWHQ 9RONHV QRFK DXI GLHVHU :HOW H[LVWLHUWHQ ([SHGLWLRQHQ ZXUGHQ DXVJHVFKLFNW GLH WDWVl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lQGOHU XQV VHOEVWYHUVWlQGOLFK WURW] DQGHUVODXWHQGHU *HUFKWH LPPHU KDOWHQ GXUIWHQZLUGLH5RKVWRIIYRUNRPPHQQLFKWRKQHGLH(LQZLOOLJXQJGHUUHFKWPlLJHQ %HVLW]HU DEEDXHQ 8QG GDV ZDUHQ XQG VLQG QXQ PDO GLH 8UHLQZRKQHU GLH /DPDURQHU'LH6DFKHZXUGHDEHUQRFKNRPSOL]LHUWHUDOVQRFKIQI9RONVJUXSSHQ DXIWDXFKWHQ GLH DOOH YHUVFKLHGHQJHVWDOWLJ VLQG XQG MHGH HLQH DQGHUH $EVWDPPXQJ KDEHQ $OOH VHFKV /DPDURQH9|ONHU VLQG ]ZDU ,QVHNWHQDEN|PPOLQJH DEHU VLH KDEHQ RIIHQEDU QLFKW GHQVHOEHQ 6WDPPEDXP XQG VLH XQWHUVFKHLGHQ VLFK YRQHLQDQGHU ZLH 0HQVFKHQ YRQ %OXHV 6LH OHEHQ ]ZDU LQ IULHGOLFKHU .RH[LVWHQ] PLWHLQDQGHU MD PHKU QRFK VLH KDEHQ RIIHQEDU VRJDU HLQ JHPHLQVDPHV 6WDDWVJHIJH RUGQHQ VLFK HLQHU JHPHLQVDPHQ 5HJLHUXQJ XQWHU ZHQQJOHLFK VLH YHUVFKLHGHQHQ.XOWXUNUHLVHQDQJHK|UHQXQGDXIYHUVFKLHGHQHQ(QWZLFNOXQJVVWXIHQ VWHKHQ XQG VLFK LQ GHU 0HQWDOLWlW PLQGHVWHQV VR XQWHUVFKHLGHQ ZLH LQ LKUHP $XVVHKHQ,KUH0HQWDOLWlWLVWXQVHUJU|WHV+DQGLNDSVLHLVWGHUGHU0HQVFKHQVR YHUVFKLHGHQGDHVXQVELVODQJQRFKQLFKWJHOXQJHQLVWVLH]XYHUVWHKHQ (UPDFKWHZLHGHUHLQH3DXVHGLHHUGD]XQW]WHYRQVHLQHP1HNWDU]XQLSSHQ ³:HLOVLHYHUUFNWVLQGZDUI)UVW/DYRUGHLQ³,FKZDUDXI/DPDURQHXQGNDQQ HLQ/LHGGDYRQVLQJHQXQGLFKVDJHHXFKKLFNVHVLVW]XP9HU]ZHLIHOQ'UXP

3URVW ³3URVW VDJWH &RG\ GHU VLFK QXQ GRFK GD]X EHUZXQGHQ KDWWH YRQ GHU .lQJXUXKPLOFK]XWULQNHQ(UWDWHVVRJDUUHLFKOLFKXQGZDUPLUXPHLQLJH%HFKHU YRUDXV 5RL'DQWRQEOLFNWHYRQ)UVW/DYRUG]X&RG\XQGZDUIGDQQ:DOW\.ODFNWRQHLQHQ IUDJHQGHQ %OLFN ]X 'HU ]XFNWH GLH $FKVHOQ QLSSWH SURELHUHQG DQ VHLQHP %HFKHU XQGVDJWHGDQQ ³'HU1HNWDULVWLQ2UGQXQJ,FKP|FKWHVRJDUEHKDXSWHQGDHVGHUEHVWH1HNWDU LVW GHQ LFK VHLW ODQJHP JHWUXQNHQ KDEH 6HKU EHN|PPOLFK EHUDXV VFKPDFNKDIW $EHUIDKUHIRUW0LNHlKLFKPHLQH5RL 0LU ILHO VRIRUW DXI GD .ODFNWRQ GHQ )UHLIDKUHUN|QLJ EHL HLQHP DQGHUHQ 1DPHQ DQUHGHWHQDKPMHGRFKNHLQH1RWL]GDYRQ,FKZDUVREHVFKZLQJWGDLFKVROFKHQ /DSSDOLHQ NHLQH %HGHXWXQJ EHLPD $XI .3ODQHW VFKLHQ HV EHUKDXSW EOLFK ]X VHLQ'LQJHQXQG3HUVRQHQIDOVFKH1DPHQ]XJHEHQ ³8PGHP*HVHW]*HQJH]XWXQIKUWH5RL'DQWRQZHLWHUDXVQDFKGHPHUHLQHQ DXVJLHELJHQ 6FKOXFN JHQRPPHQ KDWWH ³PVVHQ ZLU GLH =XVWLPPXQJ DOOHU VHFKV 9RONVJUXSSHQ HLQKROHQ GDPLW ZLU GLH 5RKVWRIIYRUNRPPHQ QW]HQ N|QQHQ 8QG GDV LVW HLQHV XQVHUHU 3UREOHPH :LU NRPPHQ PLW GHQ /DPDURQHUQ HLQIDFK QLFKW NODU 6LH EHKHUUVFKHQ LQ]ZLVFKHQ ,QWHUNRVPR UHFKW JXW PDQFKH VRJDU SHUIHNW GHQQRFK LVW HV RIIHQEDU XQP|JOLFK LKQHQ NODU]XPDFKHQ ZDV ZLU HLJHQWOLFK YRQ LKQHQ HUZDUWHQ :LU UHGHQ HLQIDFK DQHLQDQGHU YRUEHL $XV GHQ %HULFKWHQ JHKW KHUYRU GD GLH /DPDURQHU XQG GDPLW PHLQH LFK DOOH VHFKV 9RONVJUXSSHQ JUXQGVlW]OLFK PLW DOOHP HLQYHUVWDQGHQ VLQG ZDV ZLU LKQHQ YRUVFKODJHQ DEHU WURW]GHPNRPPWHV]XNHLQHP+DQGHOVDENRPPHQ,FKZHLQLFKWZRUDQGDVOLHJW ³,FK VFKRQ KLFNV ZDUI )UVW /DYRUG HLQ ³(V OLHJW GDUDQ GD PDQ PLW ,UUHQ KLFNVNHLQH*HVFKlIWHPDFKHQNDQQ0DQPWHVLFKVFKRQDXIGLHJOHLFKH6WXIH KLFNVZLHVLHVWHOOHQ ³)UVW /DYRUG ZDU DXI /DPDURQH VDJWH 5RL 'DQWRQ DOV HUNOlUH GDV DOOHV XQG JHQHKPLJWHVLFKZLHGHUHLQHQJUR]JLJHQ6FKOXFN1HNWDU(UVHXI]WHZRKOLJXQG PHLQWH³6FKPHFNWDXVJH]HLFKQHW:RZDULFKVWHKHQJHEOLHEHQ"$FKMDHVLVW]XP 9HU]ZHLIHOQ=ZHLPHLQHUEHVWHQ)UHLIDKUHUIUVWHQVLQGEHUHLWVDQGHQ/DPDURQHUQ ]HUEURFKHQ :HQQ LKU )UVW /DYRUG IUKHU JHNDQQW KlWWHW LKU ZUGHW LKQ QLFKW ZLHGHUHUNHQQHQ VR VHKU KDW HU VLFK YHUlQGHUW (V VFKHLQW IDVW VR DOV KlWWH GLH 0HQWDOLWlW GHU /DPDURQHU DXI LKQ DEJHIlUEW 6HLQ %HULFKW EHU GLH GRUW KHUUVFKHQGHQ 9HUKlOWQLVVH NODQJ VR ZLUU GD QLHPDQG HWZDV GDPLW DQIDQJHQ NRQQWH'DEHLLVWHVQLFKWDXVJHVSURFKHQXQYHUQQIWLJZDVHUEHUGLH/DPDURQHU ]XVDJHQKDWHVKLOIWXQVQXUQLFKWLKUH9HUKDOWHQVZHLVH]XYHUVWHKHQ(VSDWDOOHV HLQIDFK QLFKW ]XVDPPHQ 'LH /DPDURQHU VFKHLQHQ KLOIVEHUHLW XQG IUHXQGOLFK HQWJHJHQNRPPHQGXQGNRPSURPLEHUHLW]XVHLQXQGHVVLHKWVRJDUVRDXVGDVLH GLH 5RKVWRIIYRUNRPPHQ LKUHU :HOW QLFKW EUDXFKHQ XQG XQV EHUODVVHQ ZUGHQ

$EHU ZLU KDEHQ QRFK QLFKW KHUDXVJHIXQGHQ XP ZHOFKHQ 3UHLV $P %HJLQQ HLQHU MHGHQ9HUKDQGOXQJVUXQGHVFKLHQDOOHVNODU]XVHLQDEHUPLWMHGHP6FKULWWGHPZLU GHP(UIROJQlKHU]XNRPPHQJODXEWHQZXUGHDOOHVXQEHUVHKEDUHUNRPSOL]LHUWHU XQGYHUZLUUHQGHUELVVLFKVFKOLHOLFKNHLQHUPHKUDXVNDQQWHZHGHU0HQVFKQRFK /DPDURQHU (V LVW XQJODXEOLFK GD ZLU WURW] 9HUKDQGOXQJVEHUHLWVFKDIW EHLGHU 6HLWHQQRFKNHLQH(LQLJXQJHU]LHOHQNRQQWHQ8QVHUH/HXWHVLQGQDKHGDUDQGHQ 9HUVWDQG ]X YHUOLHUHQ XQG GLH /DPDURQHU VWHKHQ GHP YHUVWlQGQLVORV JHJHQEHU 6LH VLQG HLQ NRVPLVFKHU *UHQ]IDOO :LU EHJUHLIHQ HLQIDFK QLFKW LKU 9HUKDOWHQVVFKHPDXQGGDVPDJGHU*UXQGIUXQVHU6FKHLWHUQVHLQ(VZlUHHLQH $XIJDEH IU MHPDQGHQ GHU VHOEVW DXHUKDOE GHU 1RUPHQ VWHKW XQG DEVWUDNW XQG XQRUWKRGR[GHQNWGLH3V\FKHGHU/DPDURQHU]XHUIRUVFKHQXQGDXIVLHHLQ]XJHKHQ 'DEHLKDEHLFKVRJOHLFKDQGLFKJHGDFKW:DOW\'XZlUHVWGHUHLQ]LJHGHUGLHVHV 3UREOHP EHZlOWLJHQ N|QQWH 8QG HV ZlUH GLH *HOHJHQKHLW IU GLFK GLU LQ )UHLKlQGOHUNUHLVHQHLQHQXQVWHUEOLFKHQ1DPHQ]XPDFKHQ ³2GHUKLFNVLQHLQHU,UUHQDQVWDOW]XODQGHQULHI&RG\DXVJHODVVHQ,FKNRQQWH PLUQLFKWKHOIHQLFKPXWHVFKDOOHQGODFKHQ(VZDUDXIHLQPDODOOHVVRHUKHLWHUQG ³%URYDEURYD ULHI )UVW /DYRUG XQG VWLPPWH LQ PHLQ *HOlFKWHU HLQ :LU YHUVWXPPWHQHUVWDOVXQV$QQHP\7UDSKXQWHUVVWUDIHQGHU%OLFNWUDI,FKOHJWHGHQ )LQJHU EH]HLFKQHQG DXI GHQ 0XQG XQG HU WDW HV PLU JOHLFK XQG GDQQ VFKWWHOWHQ ZLUHLQDQGHUGLH+lQGH,FKZDUVRJHUKUWGDLFKLKPEHLQDKHGDV'XDQJHWUDJHQ KlWWHDEHUPLUILHOQRFKUHFKW]HLWLJHLQGDVLFKGDVQLFKWJH]LHPWKlWWHZHLOHUGHU lOWHUH ZDU XQG GDQQ OHQNWH $QQHP\ 7UDSKXQWHU PHLQH $XIPHUNVDPNHLW DXI VLFK GHQQVLHVDJWH]X5RL'DQWRQ ³'XVWHOOVW.ODFN.ODFNQLFKWJHUDGHHLQJXWHV=HXJQLVDXVZHQQGXVDJVWGDHU YHUUFNWJHQXJLVWPLWGHQ/DPDURQHUQIHUWLJ]XZHUGHQ ³6RKDEHLFKGDVGRFKQLFKWJHPHLQWUHFKWIHUWLJWHVLFK5RL'DQWRQ ³,FK WZLO]H GD HU HV ZLUNOLFK QLFKW VR JHPHLQW KDW HUKLHOW HU YRQ 2WWR GHP 2WWRPDQHQ PLW GHP 0RSVJHVLFKW 6FKW]HQKLOIH 'DV 3HO]ZHVHQ KDWWH HEHQIDOOV YRQGHP1HNWDUSURELHUWXQGVFKLHQDXFKDXIGHQ*HVFKPDFNJHNRPPHQ]XVHLQ 6HLQ *HVLFKW ZLUNWH EHUKDXSW QLFKW PHKU PUULVFK VRQGHUQ HULQQHUWH PLFK QXQPHKUDQGDVHLQHV%DURFNHQJHOV ³6LHKPDO$QQHP\HUNOlUWH5RL'DQWRQXQGLFKYHUVXFKWHVHLQHQ$XVIKUXQJHQ ]X IROJHQ ZDV QLFKW JDQ] OHLFKW ZDU ³:DOW\ LVW HLQ ,QVWLQNWKDQGOHU GHQ GLH 3DUDSV\FKRORJHQDOV3DUD7HOHVFKL]RPDWHLQJHVWXIWKDEHQ ³:LH ZDU GDV" HUNXQGLJWH VLFK 2UR 0DVXW PLW GRQQHUDUWLJ JOXFNVHQGHU 6WLPPH ³'LHVHV:RUWPVVHQ6LHZLHGHUKROHQ6LUHGDVPXLFKPLUPHUNHQ 5RL 'DQWRQ YHUVWHLIWH VLFK XQG EOLFNWH GHQ (UWUXVHU SUIHQG DQ GHU VLFK ]XP HUVWHQPDO EHPHUNEDU PDFKWH VHLW HU YRQ :DOW\ .ODFNWRQ VR VWUPLVFK EHJUW ZRUGHQZDU ³,VWHUDP(QGHJDUEHWUXQNHQ2UR"PHLQWHGHU)UHLIDKUHUN|QLJURFKDQVHLQHP 1HNWDU QLSSWH GDYRQ XQG EHKLHOW LKQ GDQQ HLQH :HLOH LP 0XQG 1DFKGHP HU LKQ

JHVFKOXFNWKDWWHULHIHUDXV³3DUEOHX'DVLVWJHJRUHQHU1HNWDUGHUEHUDXVFKWXQG GLH 6LQQH EHQHEHOW .HLQ :XQGHU GD PLU VR OHLFKW ]XPXWH LVW 'DV :RUW KHLW 3DUD7HOHVFKL]RPDW 2UR DEHU YHUVXFKH HU PLFK QLFKW PHKU GHQQ LFK ZHL QLFKW RELFKHVQRFKHLQPDOZLHGHUKROHQNDQQ (U WDW HLQHQ JURHQ 6FKOXFN DXV VHLQHP %HFKHU XQG VFKHQNWH GDQQ QDFK 6XQJR WDXFKWHPLWHLQHPYROOHQ7DEOHWWDXILFKZHLQLFKW]XPZLHYLHOWHQ0DOVWHOOWH HLQH 5HLKH YROOHU .UJH KLQ XQG UlXPWH GLH OHHUHQ DE 5RL 'DQWRQ ZDQGWH VLFK $QQHP\7UDSKXQWHU]XGLHLKQPLWPDOL]L|VHP/lFKHOQDQEOLFNWH ³*ULQVH QXU DEHU ZHU ZHL RE HV QLFKW HLQHQ WLHIHUHQ 6LQQ KDW GD ZLU LQ VR DXVJHODVVHQHU 5XQGH ]XVDPPHQVLW]HQ XQG XQV PLW 1HNWDU EHWULQNHQ HUNOlUWH HU LKUXQGIUPLFKNODQJHVEHUDXVZHLVHDXFKGDVIROJHQGHREZRKOLFKQLFKWPHKU YLHO GDYRQ YHUVWDQG (U IXKU IRUW ³:DOW\ KDW HLQ HLJHQVWlQGLJHV SDUDRULHQWLHUWHV %HZXWVHLQ GDV LKQ ]X HLQHP ,QVWLQNKDQGOHU PDFKW 'X ZHLW ZLH RIW HU VFKRQ 'LQJH JHWDQ KDW GLH VLQQORV HUVFKLHQHQ GLH VLFK LP (QGHIIHNW MHGRFK DOV VHKU QW]OLFK XQG VHJHQVUHLFK KHUDXVVWHOOWHQ 6FKRQ ZlKUHQG VHLQHU =HLW DOV 862 .RUSRUDO KDW HU GLH KlUWHVWHQ 1VVH JHNQDFNW DXVZHJORVH 6LWXDWLRQHQ JHPHLVWHUW XQG GLH VFKZLHULJVWHQ )lOOH JHO|VW ³1XQ EHUWUHLEH QLFKW JOHLFK 0LNH VDJWH :DOW\ .ODFNWRQ EHVFKHLGHQ ³,P (QGHIIHNW ZDU HV GRFK LPPHU VR GD LFK IU MHGHUPDQQ HLQH SRWHQWLHOOH *HIDKU GDUJHVWHOOW KDEH ,FK ELQ HLQ 7ROSDWVFK HLQ 9HUVDJHUHLQHUHJHOUHFKWH1LHWH6LHKQXUZDVLFKVFKRQZLHGHUDQJHULFKWHWKDEH 2KQHHV]XZROOHQKDEHLFK1HNWDUJHJRUHQXQGPDFKWHHXFKEHWUXQNHQ'DVNDQQ QXUPLU8QJOFNVUDEHSDVVLHUHQ ³'DV ZDU NHLQ =XIDOO EHKDXSWHWH 5RL 'DQWRQ XQG PDFKWH HLQH IDKULJH +DQGEHZHJXQJ³'HLQSDUDRULHQWLHUWHV8QWHUEHZXWVHLQKDWGLHVH7DWJHVHW]WXQG ]ZDUPLWYROOHUXQGJDQ]EHVWLPPWHU$EVLFKW9LHOOHLFKWZHUZHLIlOOWXQVDOOHQ LP 1HNWDUUDXVFK GLH /|VXQJ GHV 3UREOHPV HLQ ,FK EDXH DXI GLFK :DOW\ :HQQ MHPDQG LQ GHU /DJH LVW GLH /DPDURQHU ]X HLQHP +DQGHOVDENRPPHQ PLW XQV KHUXP]XNULHJHQGDQQQXUGX1XUGXNDQQVWHVVFKDIIHQ ³0HLQVWGXZLUNOLFK"IUDJWH.ODFNWRQ]ZHLIHOQG ³,FKWZLO]HGD5RLPHLQWZDVHUVDJWHUNOlUWH2WWR ³,FK ZHUGH 6LH QDFK EHVWHQ .UlIWHQ XQWHUVWW]HQ )UVW 7KRU 3HGR VDJWH GHU ;HQRORJH /RWKDU 3LOJUDP GHU KHLPOLFK VWLOO XQG OHLVH %HFKHU XP %HFKHU GHV ZLUNOLFK JDQ] DXVJH]HLFKQHWHQ 1HNWDUV ]X VLFK JHQRPPHQ KDWWH ³8QG LFK ELQ ]XYHUVLFKWOLFKGDZLUHVVFKDIIHQZHUGHQPLW,KUHP,QVWLQNWXQGGHQ0HWKRGHQ GHU:LVVHQVFKDIW'DUDXIWULQNHQZLU7KRU3HGR ³6DJHQ6LH:DOW\]XPLUERWLKP.ODFNWRQDQ ³0XWHVW GX :DOW\ QLFKW HLQ ZHQLJ ]XYLHO ]X 5RL" PHLQWH $QQHP\ 7UDSKXQWHU VNHSWLVFK ³,FK ZLOO LKP JHZLVVH )lKLJNHLWHQ QLFKW DEVSUHFKHQ GLH KDW HU ]ZHLIHOORV$EHUVHLQH(UIROJHN|QQHQVHLQHQ1LHGHUODJHQQLFKWGLH:DDJHKDOWHQ 8QGHLQPDOYRQVHLQHU4XDOLILNDWLRQIUGLHVHQ$XIWUDJDEJHVHKHQKDVWGXXQVYLHO ]X ZHQLJ ,QIRUPDWLRQHQ JHJHEHQ *HQDX JHQRPPHQ KDVW GX SUDNWLVFK QLFKWV

JHVDJW ³.RPPWQRFKYHUVLFKHUWH5RL'DQWRQ³,FKKDEH)UVW2UHO/DYRUGPLWJHEUDFKW GDPLW HU HXFK QDFK /DPDURQH EHJOHLWHW 6HLQH (UIDKUXQJHQ LP 8PJDQJ PLW GHQ /DPDURQHUQ ZHUGHQ HXFK VHKU QW]OLFK VHLQ :HQQ GX HV ZQVFKW VROO HU JOHLFK MHW]WGDUEHUUHIHULHUHQ+|UWHXFKHLQPDODQZDV)UVW/DYRUG]XVDJHQKDW (V ZXUGH XQJHZ|KQOLFK VWLOO LQ GHU 6WXEH XQG DOOH EOLFNWHQ GHQ )UHLIDKUHUIUVWHQ DQYRQGHPGLH5HGHZDU(UVDVFKZDQNHQGGDXQGNODPPHUWHVLFKXQEHKROIHQ DQGHQKDOEYROOHQ.UXJDEHUHUKDWWHVHLQH6LQQHQRFKVRZHLWEHLVDPPHQGDHU ZXWHZDVYRQLKPHUZDUWHWZXUGH(U|IIQHWHGHQ0XQGXQGVDJWH ³:HQQVFKW QDVFK /DPDURQH NRPPVFKW GDQQ VFKLHKVFKW GX /DPDURQHU XQG /DPDURQHUXQG/DPDURQHUXQGVFKRQVFKWQLVFKW 'DQQ NLSSWH HU YRP 6WXKO XQG ILHO XQWHU GHQ 7LVFK :LU NPPHUWHQ XQV QLFKW ZHLWHUXPLKQVRQGHUQUFNWHQHQJHU]XVDPPHQXQGMHGHVPDOZHQQHLQHUVFKODSS PDFKWH ZHFKVHOWH GHU 1HEHQPDQQ DXI VHLQHQ 3ODW] EHU VR GD ZLU LPPHU GLFKW JHGUlQJWXQGLPPHUHQJHUEHLVDPPHQVDHQMHNOHLQHUXQVHU.UHLVZXUGH 0HLQH (LQGUFNH ZXUGHQ LPPHU YHUVFKZRPPHQHU LFK PHUNWH NDXP PHKU ZLH 6XQJR GLH 1HNWDUOHLFKHQ IRUWVFKDIIWH XQG ODXIHQG YROOH .UJH KHUDQEUDFKWH ,FK EHNDP JDQ] ZLUUH 9RUVWHOOXQJHQ XQG ELOGHWH PLU GLH YHUUFNWHVWHQ 'LQJH HLQ ELV LFK VFKOLHOLFK PLW PHLQHP OHW]WHQ 6FKOXFN 1HNWDU DOOH GLHVH (PSILQGXQJHQ DXVO|VFKWHXQGHQGJOWLJXPNLSSWHZDVPLUMHGRFKJDUQLFKWPHKUEHZXWZXUGH 6R ZDU PHLQ (LQVWDQG LQ GLH &UHZ GHV IULVFKJHEDFNHQHQ )UHLIDKUHUIUVWHQ :DOW\ .ODFNWRQ ,FK WUlXPWH GD LFK PLFK LQ HLQHP PHWDOOHQHQ 5DXP ZLHGHUIDQG GHU PLW YLHO .XQVWVWRIIDXVJHVFKODJHQZDUXQGDXFKHLQLJHWHFKQLVFKH,QVWUXPHQWHDXIZLHVXQG LQGLHVHP7UDXPKDWWHLFKGLH$VVR]LDWLRQPLWHLQHU5DXPVFKLIIVNDELQH$EHUGDHV VLFKRIIHQEDUXPHLQHQ$OSWUDXPKDQGHOWHZLUNWHDOOHVXQZLUNOLFKQLFKWVZDULP :LQNHOXQGGLH(LQULFKWXQJZDUVRDQJHRUGQHWGDVLFKQXUMHPDQG]XUHFKWILQGHQ NRQQWHGHUNHLQHQ2ULHQWLHUXQJVVLQQEHVD 8QG LFK WUlXPWH GD LFK HLQHQ IXUFKWEDUHQ %UXPPVFKlGHO KDWWH GHU YRQ EHUUHLFKOLFKHP 1HNWDUJHQX NDP ZDV LFK GHU $QJVW PHLQHV 8QWHUEHZXWVHLQV YRU GHP (UZDFKHQ ]XVFKULHE ,Q GLHVHV JHWUlXPWH 6FKlGHOSRFKHQ GDV LQ PHLQHP .RSI VWDWWIDQG GHU VR OHHU ZDU ZLH HLQ 9DNXXPEDOORQ VFKOLFK VLFK HLQH (ULQQHUXQJ ,FKWUlXPWHGD2WWRGHU2WWRPDQHDXIGHQ7LVFKNOHWWHUWHXQGYHUNQGHWH³-HW]W WZLO]HLFKPLFKLQ$WODQXQGZHUGHHXFKYRUIKUHQZLHHU:DOW\HLQH6WDQGSDXNH KlOW ZHQQ HU ZLHGHU PDO LQV )HWWQlSIFKHQ JHWUHWHQ LVW $EHU HV SDVVLHUWH QLFKWV ZHLWHUDOVGDGDVQLHGOLFKHEHVFKZLSVWH3HO]ZHVHQDXIGHP7LVFKLPPHUNOHLQHU XQG MlPPHUOLFKHU ZXUGH XQG VFKOLHOLFK PLW WUlQHQHUVWLFNWHU 6WLPPH YHUNQGHWH

³,FKKDEHPHLQHQ7ZLO]YHUORUHQ'DUDQNDQQQXUGHU1HNWDUVFKXOGVHLQ 'DUDXIKLQ ZXUGH 2WWR YRQ XQV DOOHQ JHWU|VWHW XQG PHLQH JHWUlXPWH (ULQQHUXQJ YHUULHWPLUGDLFKLKPYHUVSUDFKLKPHLQHQQHXHQ7ZLO]]XNDXIHQVREDOGVLFK GLH*HOHJHQKHLWGD]XHUJDE :DVIUHLQ7UDXP $EHUHVNDPQRFKEXQWHU,FKWUlXPWHGD&RG\XQG/RWKDU3LOJUDPDXVXQVHUHU 5XQGH DXVVFKLHGHQ XQG YRQ GHP VRQVW VR ]XYRUNRPPHQGHQ 6XQJR XQWHU 6FKLPSIHQ XQG )OXFKHQ DXV GHU 6WXEH JHWUDJHQ ZXUGHQ ,FK VD QXQ DXI HLQPDO QHEHQ 5RL 'DQWRQ XQG HUNXQGLJWH PLFK EHL GHP .|QLJ GHU )UHLIDKUHU ZDUXP HU GHQQ YRQ :DOW\ .ODFNWRQ PLWXQWHU ³0LNH JHQDQQW ZXUGH 1XQ YHUWUDXWH HU PLU XQWHUGHP6LHJHOGHU9HUVFKZLHJHQKHLWDQGDHUVRKLHHXQGLQ:DKUKHLW3HUU\ 5KRGDQVYHUVFKROOHQHU6RKQ0LFKDHO5HJLQDOGVHLGHUYRQ=XKDXVHDXVULZHLOHU QLFKWLP6FKDWWHQVHLQHV9DWHUVVWHKHQVRQGHUQDXVHLJHQHU.UDIW]XHWZDVEULQJHQ ZROOWH +LQWHU HLQHU VROFKHQ VWDUNHQ $XVVDJH ZROOWH LFK QDWUOLFK QLFKW ]XUFNVWHKHQ XQG YHUULHW LKP PHLQ *HKHLPQLV GD DXFK LFK HLQ YHUORUHQHU 6RKQ VHL XQG GD LQ PHLQHQ$GHUQ$UNRQLGHQEOXWIOLHH ³$WODQ"IUDJWHHUKLQWHUYRUJHKDOWHQHU+DQGXQGLFKQLFNWHHUQVWXQGJHVWDQG³,FK VDJH9lWHUFKHQ]XLKP :LUSURVWHWHQXQV]X ,QGLHVHPZLUUHQ$OSWUDXPHULQQHUWHLFKPLFKZHLWHUGD:DOW\.ODFNWRQGHUGHQ 1HNWDU DXV VHLQHP 5HPEUDQGWKXW WUDQN SO|W]OLFK DXIVSUDQJ XQG WKHDWUDOLVFK YHUNQGHWH ³-HW]W ZHUGH LFK HQGOLFK %LOO\ WKH .LGV 3URJUDPPLHUXQJVIHKOHU EHKHEHQ (V JHKW QLFKWDQGDHUZHLWHUKLQXQVFKXOGLJH0HQVFKHQIU3IHUGHKlOWXQG]XUHLWHW 'DPLW HLOWH HU KLQDXV XQG LQ PHLQHP 7UDXP HULQQHUWH LFK PLFK GDUDQ ZLH LFK PHLQH 9HUZXQGHUXQJ GDUEHU lXHUWH GD HU LQ WUXQNHQHP =XVWDQG VLFKHUHU DXI GHQ%HLQHQZLUNWHDOVLQQFKWHUQHP.XU]GDUDXIHUNODQJYRQGUDXHQ.ODFNWRQV 5XI QDFK %LOO\ XQG DOV HU LKQ JHIXQGHQ KDWWH HQWVSDQQ VLFK IROJHQGHU 'LDORJ ³%LOO\GXNRPPVWVRIRUW]XPLUKHU³)lOOWPLULP7UDXPQLFKWHLQ%R,FKVHKH HVGRFKGHLQHU1DVHQVSLW]HDQGDGXLUJHQGHWZDVLP6FKLOGHIKUVW ³.RPPDXIGHU6WHOOHKHU'XKDVWPLU]XJHKRUFKHQ ³1LFKWZHQQGXPLU6FKDGHQ]XIJHQZLOOVWRKQHGDLUJHQGMHPDQGVRQVWHLQHQ 1XW]HQKDW'DVLVWLQGHQ5RERWJHVHW]HQYHUDQNHUW:DVZLOOVWGXGHQQEHUKDXSW YRQPLU" ³,FKZHUGHGLFKGHVDNWLYLHUHQXQGGHQ)HKOHULQGHLQHP3URJUDPPEHKHEHQ ³1HLQ %R QLFKW PLW PLU :HQQ LFK GDQQ ZLHGHU ]X PLU NRPPH KDEH LFK EHVWLPPWHLQHQQRFKYLHOJU|HUHQ.QDFNVDOV]XYRU,FKZLOOQLFKWZLHGHULQGHP :DKQ OHEHQ HLQ EHJQDGHWHU 6lQJHU RGHU HLQ 0HLVWHUGHWHNWLY ]X VHLQ 0LU JHQJW GDVHLQIDFKH/HEHQHLQHV*DXFKRURERWHUV ³%LOO\WKH.LG]XPOHW]WHQ0DO

'DQDFK YHUEODWH GLH HLQJHELOGHWH (ULQQHUXQJ XQG HV IROJWH HLQ HLQ]LJHV JURHV 1LFKWV,FKIDQGLQGLH*HJHQZDUWGHV$OSWUDXPV]XUFNGLHGHSULPLHUHQGJHQXJ ZDU ,FKODJLQHLQHU.RMHVDKEHUPLUHLQHVFKUlJH'HFNHYRQGHUHLQ/LFKWVWDEHLQ YLHO ]X JUHOOHV /LFKW YHUEUHLWHWH :HQLJVWHQV EHVFKHUWH PLU GHU 7UDXP QLFKW GLH ,OOXVLRQDXIHLQHP1DJHOEUHWW]XOLHJHQXQGDOVLFKGLH$XJHQVFKORXPPHLQH GHSUHVVLRQVI|UGHUQGH8PJHEXQJQLFKWVHKHQ]XPVVHQGDZXUGHPLUXPHLQLJHV EHVVHU,FKUHGHWHPLUIHVWHLQGDGDVDOOHVQLFKWZDKUVHLXQGNQLIIPLUVRJDULQ GLH :DQJH GDPLW LFK HQGOLFK DXIZDFKWH ,FK YHUVSUWH ]ZDU 6FKPHU] LQ PHLQHU %DFNHDEHUDOVLFKGLH$XJHQZLHGHU|IIQHWHVDKLFKLPPHUQRFKGLHZLQGVFKLHIHQ :lQGHGLHVFKUlJH'HFNHXQGGHU/LFKWVWDEEOHQGHWHPLFKQDFKZLHYRU $OV PHLQ %OLFN DXI GHQ LQ .QLHK|KH DQJHEUDFKWHQ,QWHUNRPILHOVDKLFKDXIGHP %LOGVFKLUP HLQ VFK|QHV )UDXHQDQWOLW] 'LH 6WUHQJH GHV *HVLFKWVDXVGUXFNV ZLUNWH MHGRFKGHVLOOXVLRQLHUHQG ³(GHOPDQQ *HUDOG 6KDUS HUNODQJ HLQH VFKQHLGHQGH 6WLPPH DXV GHP /DXWVSUHFKHU GLH PLFK XQZLOONUOLFK KRFKIDKUHQ OLH 'D GLH .RMH MHGRFK VHKU QLHGULJZDU VFKOXJLFKPLUGHQ.RSIDQZXUGHDXIGDV/DJHU]XUFNJHVFKOHXGHUWXQGJOLWWGDQQ VHLWOLFKKHUDXV ³-DMD]X'LHQVWHQVWRWWHUWHLFKXQGVWHPPWHPLFKKRFKELVLFKHLQLJHUPDHQDXI GHQ %HLQHQ VWDQG ,FK EOLQ]HOWH DXI GHQ %LOGVFKLUP XQG IUDJWH GDQQ XQVLFKHU ³$QQHP\7UDSKXQWHU"6LQG6LH ³/DG\ 7UDSKXQWHU EHULFKWLJWH VLH PLFK DEHU LFK ZDU VFKRQ IURK GD LFK PLFK ZHQLJVWHQVQLFKWLQGHU3HUVRQJHLUUWKDWWH³,FKVWHKHLP5DQJGHV(UVWHQ2IIL]LHUV 'DVLFK3XUVW7KRU3HGRLQHLQHPlKQOLFKHQ=XVWDQGZLH6LHEHILQGHWKDEHLFKGDV .RPPDQGREHUGLH6&+/(8'(5%2**(EHUQRPPHQ,FKHUZDUWH6LHLQ]HKQ 0LQXWHQDXIGHU%UFNH ³hEHU ZHOFKHQ )OX" IUDJWHLFKXQGZXWHLPVHOEHQ0RPHQWGDLFKGDPLWDQ GLHIDOVFKH$GUHVVHNDP ³'DV 6FKHU]HQ ZLUG ,KQHQ VFKRQ QRFK YHUJHKHQ HUZLGHUWH $QQHP\ 7UDSKXQWHU PLWHLQHU6WLPPHZLHDXVGHP7LHINKOVFKUDQN³'D6LHPLWGHQ9HUKlOWQLVVHQDQ %RUGQRFKQLFKWYHUWUDXWVLQGVFKLFNHLFK,KQHQMHPDQGYRQGHU0DQQVFKDIWGHU ,KQHQGHQ:HJLQGLH.RPPDQGR]HQWUDOH]HLJW 'HU %LOGVFKLUP HUORVFK )DVW LP VHOEHQ 0RPHQW JLQJ GHU 7UVXPPHU HV ZDU HLQ LQIHUQDOLVFKHV*HUlXVFK8PHVDE]XVWHOOHQVSUDQJLFKDXIXQGHLOWHVRUDVFKHVLQ PHLQHU 9HUIDVVXQJ JLQJ ]XU .DELQHQWU 'RFK HUZLVFKWH LFK GLH IDOVFKH 7U XQG NDP LQ GLH 'XVFK]HOOH ZDV LFK QXU GDUDQ PHUNWH GD LFK DXI HLQPDO PLWWHQ LQ HLQHP NDOWHQ :DVVHUVWUDKO VWDQG 'DV HUQFKWHUWH PLFK ZHQLJVWHQV XQG NOlUWH PHLQH6LQQHVRZHLWGDLFKHUVFKWWHUWHUNDQQWH'DVLVWNHLQ7UDXP'HQQHLQH

VRNDOWH'XVFKHPXHLQHQHLQIDFKZHFNHQ 0HLQ VFK|QHV WHXUHV .RVWP NOHEWH PLU GDQDFK I|UPOLFK DP /HLE $EHU GD VLFK GDVK|OOLVFKH.OLQJHOQQLFKWDEVWHOOWHVXFKWHLFKPLUGHQ:HJ]XUQlFKVWHQ7UXQG |IIQHWHVLH'LHVPDOZDUHVGLHULFKWLJH'UDXHQVWDQG&RG\ ³:LHVLHKVWGXGHQQDXV"HUNXQGLJWHLFKPLFK³+DWGLFKGLHVHUYHUUFNWH5RERWHU VFKRQZLHGHUJHULWWHQ" &RG\ JDE HLQHQ XQDUWLNXOLHUWHQ /DXW YRQ VLFK XQG LQ VHLQHQ EOXWXQWHUODXIHQHQ $XJHQ JORPP GLH QDFNWH 0RUGOXVW DXI ,FK ZLFK HQWVHW]W YRU LKP ]XUFN DEHU YHUPXWOLFKKlWWHPLFKGDVQLFKWYRUVHLQHQZUJHQGHQ+lQGHQJHUHWWHWZHQQVLFK QLFKW SO|W]OLFK HLQH KDDULJH *HVWDOW ]ZLVFKHQ XQV JHVWHOOW XQG &RG\V $QJULII DEJHZHKUW KlWWH 2EZRKO LFK YRQ LKU QXU GLH 5XFNHQDQVLFKW VDK ZDU PLU VRIRUW NODU GD HV VLFK XP HLQHQ .ODFNWRQHU LQ HLQHP KLVWRULVFKHQ .RVWP KDQGHOWH (U VDKDXVZLH.LQJ.RQJGHUVLFKDOVHLQHUGHUGUHL0XVNHWLHUHYHUNOHLGHWKDWWHXQG HUUHGHWHZLH7DU]DQGHU+HUUGHV'VFKXQJHOVDXVHLQHPGHUDOWHQ6FKLQNHQGHU YRQHLQHP]DKQORVHQ(UWUXVHUV\QFKURQLVLHUWZXUGH ³$OOHV EURYDEURYD (GHOKHUPDQQ UHGHWH HU &RG\ ]X ³*DQ] EURYDEURYD 1LFKW UDXIHQJDQ]IULHGOLFK6RLVWHVJXW(GHOKHUPDQQ &RG\EHUXKLJWHVLFKWDWVlFKOLFKDWPHWHHLQLJH0DOHNUlIWLJGXUFKXQGULFKWHWHVLFK GDQQVHLQ%DUHWW ³7XWPLUOHLG*HUU\VDJWHHUGDQQDQGHP.ODFNWRQHUYRUEHLLQPHLQH5LFKWXQJ ³$EHU PLU VLQG GLH 1HUYHQ GXUFKJHJDQJHQ $OV LFK LQ GLHVHP *UXVHONDELQHWW GDV HLQH 8QWHUNXQIW VHLQ VROO ]X PLU NDP ZDU LFK QDKH GDUDQ GHQ 9HUVWDQG ]X YHUOLHUHQ 8QG DOV PLU GDQQ HLQILHO GD LFK GDV DOOHV GLU ]X YHUGDQNHQ KDEH 6RUU\DEHUPLUJHKWHVPLVHUDEHO ³'DVLVWGHU1HNWDUVDJWHLFKXQGKLHOWPLUGHQ.RSIZHLOHUPLUDXIHLQPDO]X VFKZHU ZXUGH ³%HL DOOHU )UHXQGVFKDIW DEHU GDIU GD GX HLQHQ EHU GHQ 'XUVW JHWUXQNHQKDVWNDQQVWGXPLUGRFKNHLQHQ9RUZXUIPDFKHQ ³,FK NUHLGH GLU DQ GD GX 5RL 'DQWRQV $QJHERW LQ XQVHU EHLGHU 1DPHQ DQJHQRPPHQ KDVW VDJWH &RG\ ZWHQG XQG ]XFNWH EHL MHGHP :RUW VFKPHU]KDIW ]XVDPPHQ³'XKDVWXQVGDPLWZDV6FK|QHVHLQJHEURFNW :HLWGXZDVLFKJODXEH".3ODQHWLVWVRHWZDVZLHHLQJHKHLPHV0HGR&HQWHUGHU )UHLKlQGOHU LQ GDV VLH LKUH 9HUUFNWHQ VWHFNHQ 8QG ZLU VLQG DOV ,UUHQZlUWHU DENRPPDQGLHUW ³8QVLQQ &RG\ ZLGHUVSUDFK LFK RKQH UHFKWH hEHU]HXJXQJ ³'LHV LVW HLQ 5DXPVFKLII QDPHQV 6&+/(8'(5%2**( ,FK KDEH JHUDGH HLQHQ $QUXI YRQ )UVW 7KRU 3HGRV *HIlKUWLQ EHNRPPHQ XQG ZXUGH YRQ LKU LQ GLH .RPPDQGR]HQWUDOH EHVWHOOW ,FK ZHL ]ZDU QLFKW ZLH ZLU DQ %RUG JHODQJW VLQG GHQQ LFK KDEH PHLQHQ 1HNWDUUDXVFKZLHGXDXVJHVFKODIHQDEHUGDVLVWDXFKHJDO +DXSWVDFKH ZLU IOLHJHQ EDOG ORV XQG LQ HLQHQ JHIlKUOLFKHQ (LQVDW] EHL GHP ZLU XQVHU.|QQHQ]HLJHQN|QQHQ$EHQWHXHUDKRL&RG\ ³3DK PDFKWH &RG\ DEIlOOLJ XQG EOLFNWH VLFK DQJHZLGHUW XP ³'DV VROO HLQ

5DXPVFKLII VHLQ" (V LVW K|FKVWHQV HLQH $WWUDSSH GLH LUJHQGZR DXI .3ODQHW VWHKW XQGQXUGD]XGDLVW(LQVDW]IOJHIUYHUUFNWH)UHLKlQGOHU]XVLPXOLHUHQ6LHKGLFK XP *HUU\ 'LHVH 6&+/(8'(5%2**(DOOHLQGHU1DPHVDJWDOOHVLVWQLFKWV DQGHUHVDOVHLQ5DXPVFKLII6LPXODWRU ³0HLQVWGX"VDJWHLFKYHUXQVLFKHUW ³(VSDWGRFKDOOHV]XVDPPHQHUNOlUWH&RG\³$XI.3ODQHWVLQGDOOHYHUUFNW DXVJHQRPPHQYLHOOHLFKWGLHVH$QQHP\7UDSKXQWHU$EHUGLHJHK|UWZDKUVFKHLQOLFK ]XP bU]WHWHDP XQG LFK ZHWWH MHGHQ %HWUDJ GD VLH XQV QXU LQ GLH VRJHQDQQWH .RPPDQGR]HQWUDOHEHVWHOOWKDWXPXQVLQDOOHVHLQ]XZHLKHQ ³,FK ZHL QLFKW UHFKW VDJWH LFK ]ZHLIHOQG (V NODQJ ]ZDU JDU QLFKW VR XQYHUQQIWLJ ZDV &RG\ GD VDJWH DEHU HV HUVFKLHQ PLU GRFK HLQ ZHQLJ ZHLW KHUJHKROW ³0LU HUVFKHLQHQ VROFKH 0HWKRGHQ ]XU +HLOXQJ *HLVWHVJHVW|UWHU GRFK UHFKWXQRUWKRGR[ ³1D HV KDQGHOW VLFK DXFK XP EHUDXV VFKZLHULJH )lOOH HUZLGHUWH &RG\ XQG VFKWWHOWHGLH+DQGDOVKlWWHHUVLHVLFKYHUEUKW³1LPPPDOGLHVHQ.ODFN.ODFN GHU VLFK 7KRU 3HGR QHQQHQ OlW XQG LQ GHU (LQELOGXQJ OHEW HLQ JHIHLHUWHU 862 6SH]LDOLVWXQGHLQJHIUFKWHWHU3LUDWJHZHVHQ]XVHLQ8QGZDVLVWPLWGHP5RERWHU GHU0HQVFKHQUHLWHW"'DV3HO]ZHVHQ2WWRGDVDOOHVWZLO]HQNDQQ*HUU\LFKIUDJH GLFKZDVVROOPDQYRQ)UVW/DYRUGXQGGHP;HQRORJHQ3LOJUDPKDOWHQGLHQDFK /DPDURQH ZROOHQ XP GRUW PLW HLQHU 6HFKV9|ONHU*HPHLQVFKDIW +DQGHOVYHUWUlJH DE]XVFKOLHHQ"(VJLEWQXUHLQH$QWZRUW6LHZXUGHQDOV3DWLHQWHQQDFK.3ODQHW JHEUDFKWXPKLHUYRQLKUHQIL[HQ,GHHQJHKHLOW]XZHUGHQ0|JOLFKHUZHLVHJHK|UW VRJDU GHU 1HNWDU ]XU 7KHUDSLH XQG ZLU PXWHQ PLWKDOWHQ XP GLH 3DWLHQWHQ ]X DQLPLHUHQ XQG QLFKW PLWUDXLVFK ]X PDFKHQ 1HNWDURUJLHQ N|QQWHQ ]X HLQHU $UW *UXSSHQG\QDPLNJHK|UHQ &RG\V$XVIKUXQJHQPDFKWHQPLFKVHKUQDFKGHQNOLFK ³:DVVHW]WGXPLUGHQQGDIU)ODXVHQLQGHQ.RSIVDJWHLFKXQGGDFKWHDQPHLQH YHUVFKZRPPHQHQ (ULQQHUXQJHQ DXV GHP 1HNWDUUDXVFK :HQQ LFK PLU QXQ QLFKW QXUHLQJHELOGHWKDWWHGD³5RL'DQWRQVLFKDOV3HUU\5KRGDQV6RKQDXVJHJHEHQ KDWWHGDQQZlUHHVGRFKP|JOLFKGDDXFKHU8QVLQQ8QGZDVZDUPLWGLHVHP (UWUXVHUGHUVLFKIU5RL'DQWRQV'LHQHU2UR0DVXWKLHOW",FKHULQQHUWHPLFKQXU DOO]XJXWDQGLH9HUKDOWHQVPDUHJHOQGLHHUPLUIU.3ODQHWJHJHEHQKDWWH:LH YHUQQIWLJ NODQJ HV GHQQ GD HU PLU HPSIDKO PLFK DOV 9HJHWDULHU DXV]XJHEHQ HLQHP 7LHUVFKXW]YHUHLQ EHL]XWUHWHQ XQG PLFK HLQHU 0HQWDOVWDELOLVLHUXQJ ]X XQWHU]LHKHQ"'DVELOGHWHLFKPLUJHZLQLFKWHLQGHQQGDPDOVKDWWHLFKQRFKQLFKW XQWHUGHU:LUNXQJGHV1HNWDUVJHVWDQGHQ ³.OLQJHOW HV HQGOLFK EHL GLU" HUNXQGLJWH VLFK &RG\ ³,FK ZHUGH PLU GHLQH :RUWH GXUFKGHQ.RSIJHKHQODVVHQDQWZRUWHWHLFK]|JHUQG)HVWHUIJWHLFKKLQ]X ³(VNDQQEHVWLPPWQLFKWVFKDGHQHLQHJHVXQGH6NHSVLVZDOWHQ]XODVVHQ ³)HUWLJ (GHOKHUPDQQ 6KDUS XQG (GHOKHUPDQQ =RUEHOO" HUNXQGLJWH VLFK GHU

.ODFNWRQHU GHU GLH JDQ]H =HLW DEZDUWHQG GDQHEHQJHVWDQGHQ XQG XQV PLW YHUVWlQGQLVORVHPlIILVFKHQ*ULQVHQ]XJHK|UWKDWWH³/DG\$QQHP\ZDUWHW ³'DQQ QLFKWV ZLH KLQ XQG UHLQHQ 7LVFK JHPDFKW VDJWH &RG\ XQG DOV GHU .ODFNWRQHU LQ GHP VHOWVDP YHUZLQNHOWHQ .RUULGRU YRUDQJLQJ IOVWHUWH HU PLU ]X ³$OVR*HUU\VRJDQ]JHKHXHUVLQGPLUGLHVH(LQJHERUHQHQDXFKQLFKW 'LHVZDUZLHGHUXPHLQ3XQNWLQGHPLFKLKPYRUEHKDOWORV]XVWLPPHQPXWH$XI GHP :HJ LQ GLH .RPPDQGR]HQWUDOH PXWH LFK VWlQGLJ EHU XQVHUH 8QWHUKDOWXQJ QDFKGHQNHQ XQG NDP ]X GHP 6FKOX GD &RG\ VHOEVW ZHQQ HU PLW VHLQHQ 9HUPXWXQJHQEHUV=LHOKLQDXVVFKRLQHLQHPY|OOLJUHFKWKDWWHQlPOLFKGDZLU YRQHLQHU%DQGH9HUUFNWHUXPJHEHQZDUHQ 'HU *DQJ ]XU .RPPDQGR]HQWUDOH NDP PLU ZLH HLQH :DQGHUXQJ GXUFK HLQ /DE\ULQWK YRU XQG PLU ZXUGH NODU GD LFK GHQ :HJ ]XUFN DOOHLQ QLH ILQGHQ ZUGH $EHU ]XP *OFN JDE HV JHQJHQG .ODFNWRQHU GLH VLFK LQ GLHVHP YHUZLUUHQGHQ 6\VWHP YRQ YHUZLQNHOWHQ .RUULGRUHQ ]XUHFKW]XILQGHQ VFKLHQHQ EHUKDXSWVFKLHQGLH0DQQVFKDIWQXUDXVVROFKHQ$IIHQlKQOLFKHQYRQ.3ODQHW]X EHVWHKHQ $XFKGLH.RPPDQGR]HQWUDOHZDUDXVVFKOLHOLFKYRQ.ODFNWRQHUQEHVHW]WXQGLFK VWHOOWH EHL PLU IHVW GD HLQ QRUPDOHV PHQVFKOLFKHV :HVHQ PLW GHU %HGLHQXQJ GHU ,QVWUXPHQWH ZRKO NDXP ]XUHFKWJHNRPPHQ ZlUH ,Q GHU 5DXPDNDGHPLH DXI GHP 0DUVZDULFKPLWDOOHQP|JOLFKHQ,QVWUXPHQWHQYHUWUDXWJHPDFKWZRUGHQDEHUVLH DOOHZDUHQQLFKWPLWGHPYHUJOHLFKEDUZDVLFKKLHUDQ WUDI,FKNRQQWHQXUPLWRIIHQHP0XQGVWDXQHQXQG&RG\JLQJHVVRZLHPLU 'HU .LQJ.RQJ7DU]DQ0XVNHWLHU GHU XQV KHUJHEUDFKW KDWWH PHOGHWH XQV LQ GHU .DSLWlQVNDELQH DQ XQG IKUWH XQV GDQQ KLQHLQ 'RUW ZXUGHQ ZLU EHUHLWV YRQ $QQHP\7UDSKXQWHUHUZDUWHW6LHZDUDOOHLQ ³%LWWHVHW]HQ6LHVLFKERWVLHXQVDQXQGVFKHQNWHXQVGDEHLHLQDXIPXQWHUQGHV /lFKHOQ (QWVFKXOGLJHQG IJWH VLH KLQ]X ³7XW PLU OHLG ZHQQ LFK DP ,QWHUNRP HWZDVJUREZDUGDVLVWVRQVWQLFKWPHLQH$UWPLW8QWHUJHEHQHQ]XUHGHQ$EHUHLQ JHZLVVHV0DDQ'LV]LSOLQPXHEHQVHLQ8QGHVZLUG=HLWGD6LHVLFKDQ,KUH 3IOLFKWHQDOV(GHOOHXWHHULQQHUQ'DUEHUP|FKWHLFKPLFKPLW,KQHQXQWHUKDOWHQ ³'DVWULIIWVLFKJXWVDJWH&RG\QDFKGHPHUVLFKJHJHQEHU$QQHP\DQGHQ7LVFK JHVHW]WKDWWH,FKIROJWHVHLQHP%HLVSLHOZlKUHQGHUKLQ]XIJWH³,FKVHKHGDZLU PLW ,KQHQ DOOHLQ VLQG /DG\ 7UDSKXQWHU VR GD ZLU HLQ RIIHQHV *HVSUlFK IKUHQ N|QQHQ 6LHQLFNWHHUQVW ³8QEHGLQJW GDV LVW PHLQH $EVLFKW 2EZRKO 6LH HWZDV ]XYLHO YRQ GHP 1HNWDU JHQRVVHQ KDEHQ NDQQ ,KQHQ QLFKW HQWJDQJHQ VHLQ GD EHL XQV HWZDV XQJHZ|KQOLFKH =XVWlQGH KHUUVFKHQ ,FK ZHL QLFKW LQZLHZHLW 5RL 'DQWRQ 6LH HLQJHZHLKWKDWDEHUHLQLJH]XVlW]OLFKH(UNOlUXQJHQVLQGJHZLQ|WLJ ³5RL 'DQWRQ KDW EOR DQJHGHXWHW GD XQV HLQ JHIlKUOLFKHU (LQVDW] EHYRUVWHKW

VDJWH &RG\ ³$EHU HU KDW XQV YHUVFKZLHJHQ GD HV VLFK XP HLQ ,UUHQNRPPDQGR KDQGHOW ³8UWHLOHQ6LHQLFKWYRUVFKQHOO(GHOPDQQ=RUEHOORGHUGDUILFK6LHHLQIDFK&RG\ QHQQHQ"VDJWH$QQHP\³:HQQ6LHHUVWGLHQlKHUHQ8PVWlQGHNHQQHQZHUGHQ6LH PHUNHQ GD DOOHV KDOE VR ZLOG LVW $XI GHQ HUVWHQ %OLFN PDJ HV VR VFKHLQHQ DOV VHLHQ :DOW\ .ODFNWRQ XQG VHLQH &UHZ HLQ +DXIHQ ,UUHU GRFK EHL QlKHUHP .HQQHQOHUQHQZHUGHQ6LHIHVWVWHOOHQGDHVVLFKHLJHQWOLFKXPUHFKWOLHEHQVZHUWH *HVHOOHQKDQGHOW ³=lKOHQ6LHGHQ*DXFKURERWHUDXFKGD]X"HUNXQGLJWHVLFK&RG\IDVWJHKlVVLJ $QQHP\UXQ]HOWHGLH6WLUQXQGLKUH6RUJHQIDOWHQZROOWHQPLUQLFKWEHKDJHQ ³%LOO\WKH.LGLVWHLQHLJHQHV.DSLWHODEHUHULVWDOOHVDQGHUHDOVJHPHLQJHIlKUOLFK VDJWH VLH ³(U PDFKW PLU QHXHUGLQJV 6RUJHQ JHQDXHU JHVDJW VHLW GLHVHU 1HNWDURUJLHYRUYLHU7DJHQ-DPHLQH+HUUHQGDVWDXQHQ6LHVRODQJHOLHJWGLHVHV (UHLJQLV VFKRQ ]XUFN 8QG VHLW GDPDOV LVW %LOO\ XQJHZ|KQOLFK VWLOO IDVW XQDQVSUHFKEDUXQGZLHLQVLFKJHNHKUW0DQKDWIDVWGDV*HIKODOVEUWHHUHWZDV DXV,FKKDEHPLFKOHLGHUYRU]HLWLJDXV,KUHUIU|KOLFKHQ5XQGH]XUFNJH]RJHQVR GD LFK NHLQH $KQXQJ KDEH ZDV YRUJHIDOOHQ VHLQ N|QQWH %LOO\ VHOEVW YHUZHLJHUW PLUGLH$XVNXQIWXQGGLHDQGHUHQ%HWHLOLJWHQVLQGQRFKXQDQVSUHFKEDU ³,FK HULQQHUH PLFK GXQNHO GDUDQ ZLH :DOW\ .ODFNWRQ lK LFK PHLQH )UVW 7KRU 3HGR YHUNQGHWH GD HU GHQ )HKOHU LQ GHU 3URJUDPPLHUXQJ GHV *DXFKRURERWHUV EHKHEHQZROOHVDJWHLFK ³9HUPXWOLFK KDW HU HV DXFK YHUVXFKW XQG GDPLW DOOHV QXU QRFK VFKOLPPHU JHPDFKW PHLQWH $QQHP\ ³:HU ZHL ZHOFKHQ .QDFNV %LOO\ QXQ KDW $EHU EHODVWHQ 6LH VLFK QLFKW GDPLW GLHVHV 3UREOHP ZLUG VLFK YRQ VHOEVW O|VHQ 9HUPXWOLFK KDW .ODFN.ODFNV 8QWHUEHZXWVHLQ XQWHU GHU :LUNXQJ GHV 1HNWDUV LUJHQGHWZDVDXVJHNQREHOWXPGDV/DPDURQH3UREOHP]XO|VHQ$EHUZLHLFKLKQ HLQVFKlW]HKDWHUVHOEVWNHLQH$KQXQJPHKUZDVHULP1HNWDUUDXVFKHLJHQWOLFKLQ GLH:HJHJHOHLWHWKDW6LFKHULVWGHU3ODQVRNRPSOL]LHUWGDQLHPDQGDXHUVHLQHP SDUDRULHQWLHUWHQ8QWHUEHZXWVHLQLKQGXUFKVFKDXHQNDQQ$EHUYLHOOHLFKWNDQQLFK PLW ,KUHU +LOIH GLH *HVFKHKQLVVH UHNRQVWUXLHUHQ XQG HLQLJH $QKDOWVSXQNWH EHNRPPHQ'DV'XPPHLVWQXUGDLFK QRFKQLFKWHLQPDOGDKLQWHUJHNRPPHQELQZRULQGDV/DPDURQH3UREOHPHLJHQWOLFK EHVWHKW ³,FKVHKHHLJHQWOLFKJDQ]NODUVDJWH&RG\NDOW³8QGLFKPHUNHGD6LHJDUQLFKW RIIHQ PLW XQV UHGHQ VRQGHUQ XQV ZHLWHUKLQ IU GXPP YHUNDXIHQ ZROOHQ :DUXP YHUVXFKHQ6LHKDUWQlFNLJXQVGLH:DKUKHLW]XYHUKHLPOLFKHQ"$EHUZLUKDEHQGDV 6SLHOGXUFKVFKDXW ³:DVIUHLQ6SLHO"ZXQGHUWHVLFK$QQHP\XQGLKUHhEHUUDVFKXQJZLUNWHHFKW ³1DGDVZLOOLFK,KQHQVDJHQ 8QG &RG\ VDJWH HV LKU XQYHUEOPW ZDV .3ODQHW IU LKQ ZDU XQG ZDV HU GDYRQ KLHOW DKQXQJVORV )UHLIDKUHUDVSLUDQWHQ XQWHU IDOVFKHQ 9RUDXVVHW]XQJHQ DXI HLQH

6DQDWRULXPVZHOW ]X ORFNHQ XP VLH DOV %HWUHXHU IU SV\FKLVFK *HVFKlGLJWH ]X PLEUDXFKHQXQGLKQHQVHOEVWQRFKHLQ]XUHGHQGDGDVDOOHVQLFKWZDKUVHLXQGVLH LQ :LUNOLFKNHLW LQ HLQHQ JHIlKUOLFKHQ XQG K|FKVW EULVDQWHQ (LQVDW] JLQJHQ &RG\ VWHLJHUWHVLFKGDEHLVRLQ5DJHGDHU$QQHP\V6FKPXQ]HOQJDUQLFKWPHUNWHXQG LKUHU/XVWLJNHLWHUVWJHZDKUZXUGHDOVVLHVFKDOOHQG]XODFKHQEHJDQQ ³-DMDVSRWWHQ6LHQXUULHIHU]RUQLJ³$EHUPLWXQVN|QQHQ6LHGDVQLFKWPDFKHQ :LUVWHLJHQDXV2GHUKDOWHQ6LHXQVDP(QGHDXFKIUYHUUFNW" ³(QWVFKXOGLJHQ6LH&RG\VDJWH$QQHP\XQGZLVFKWHVLFKEHUGLH$XJHQ³DEHU ,KUH 7KHRULH LVW VR DEVXUG GD LFK QLFKW DQGHUV NRQQWH $QGHUHUVHLWV LVW ,KUH 5HDNWLRQDXFKZLHGHUXPVRYHUVWlQGOLFKGDLFK,KQHQJDUQLFKWE|VHVHLQNDQQ ³$EHU LFK ELQ HV VDJWH &RG\ JUROOHQG³8QGLFKNDQQQRFKE|VHUZHUGHQZHQQ 6LHXQVQLFKWVRIRUWDXVGLHVHP5DXPVFKLII6LPXODWRUDXVVWHLJHQODVVHQXQGXQVGLH )UHLKHLWJHEHQ:LUP|FKWHQDXIGHU6WHOOHDXVVWHLJHQ ³'DVN|QQHQ6LHVDJWH$QQHP\HUKHLWHUW³$EHUYHUJHVVHQ6LHQLFKWYRUKHUHLQHQ 5DXPDQ]XJ DQ]X]LHKHQ GHQQ ZLU EHILQGHQ XQV PLW GHU 6&+/(8'(5%2**( OlQJVW LP :HOWUDXP *HQDXHU JHVDJW ZLU KDEHQ EHUHLWV EHU ]ZDQ]LJWDXVHQG /LFKWMDKUH]ZLVFKHQXQVXQG.3ODQHWJHEUDFKWXQGPDFKHQJHUDGH=ZLVFKHQVWRS EHYRUZLULQGLHOHW]WH/LQHDUHWDSSHQDFK/DPDURQHJHKHQ ³,FKJODXEHNHLQ:RUWGDYRQVDJWH&RG\ ³(V VWHKW ,KQHQ IUHL VLFK GDYRQ ]X EHU]HXJHQHUZLGHUWH$QQHP\6LHVFKDOWHWH GDV %LOGVSUHFKJHUlW DXI LKUHP 7LVFK HLQ XQG VDJWH DOV GDV $IIHQJHVLFKW HLQHV .ODFNWRQHUVGDUDXIHUVFKLHQ ³0DOLN (GHOPDQQ =RUEHOO P|FKWH HLQHQ :HOWUDXPVSD]LHUJDQJ PDFKHQ %LWWH EHVWHKH GDUDXI GD HU QLFKW RKQH HLQHQ 'UXFNDQ]XJ JHKW 6LH VFKDOWHWH DXV XQG PHLQWHGDQQ]X&RG\³,KUHP$XVIOXJVWHKWQLFKWVLP:HJH ³$OOHVQXU%OXIIVDJWH&RG\XQGVSUDQJDXI$QPLFKJHZDQGWVDJWHHU³.RPP *HUU\ZLUKDXHQDE ³2KQH PLFK &RG\ VDJWH LFK ³/DG\ 7UDSKXQWHU KDW PLFK GDYRQ EHU]HXJW GD GLH6DFKHGRFKDQGHUVOLHJHQPXDOVGXYHUPXWHVW8QGVRJHQDXZLOOLFKHVJDU QLFKWZLVVHQ ³'DQQ ZHUGH JOFNOLFK PLW GLHVHQ ,UUHQ ULHI &RG\ ZWHQG XQG VWDSIWH ]XP $XVJDQJZR0DOLNEHUHLWVPLWHLQHP5DXPDQ]XJDXILKQZDUWHWH ³1HQQHQ 6LH PLFK HLQIDFK $QQHP\ *HUU\ VDJWH .ODFNWRQV *HIlKUWLQ DOV ZLU DOOHLQZDUHQ³6LHVLQGNHLQVROFKHU,JQRUDQWZLH,KU)UHXQGXQGEHVLW]HQGDVZDV PDQEUDXFKWXPVLFKLQ.ODFN.ODFNV&UHZHLQ]XJOLHGHUQQlPOLFK7ROHUDQ],KU )UHXQGGDJHJHQZLUGGDVQLHVFKDIIHQGLHVH3URJQRVHWUDXHLFKPLUMHW]WVFKRQ]X :LOONRPPHQLP,UUHQKDXV*HUU\ 6LHUHLFKWHPLUEHUGHQ7LVFKKLQZHJGLH+DQGXQGLFKHUJULIIVLHPLWJHPLVFKWHQ *HIKOHQ$EHULKUZDUPHVRIIHQHV/lFKHOQZDULPVWDQGHPHLQHOHW]WHQ%HGHQNHQ ]X]HUVWUHXHQ ³,FK PX JHVWHKHQ GD LFK PLU GHQ (LQVWLHJ LQ GLH )UHLKlQGOHURUJDQLVDWLRQ DXFK

HWZDV DQGHUV YRUJHVWHOOW KDEH VDJWH LFK XQG OlFKHOWH XP PHLQH :RUWH DE]XVFKZlFKHQXQG]X]HLJHQGDLFKHVYRQGHUKXPRUYROOHQ6HLWHQDKP³$EHU LFKZHUGHYHUVXFKHQGDV%HVWHDXVGHU6LWXDWLRQ]XPDFKHQ ³'DV LVW GLH ULFKWLJH (LQVWHOOXQJ *HUU\ VDJWH $QQHP\ ³,FK KDWWH IUKHU DXFK PHLQH7UlXPHXQGLFKKDEHPLFKPHLQJDQ]HV/HEHQODQJJHJHQHLQH%LQGXQJDQ :DOW\ JHZHKUW ,FK KDEH JHNlPSIW PLW +lQGHQ XQG )HQ GDV N|QQHQ 6LH PLU JODXEHQ 0HLQ :XQVFKWUDXP ZDU HV LPPHU DQ GHU 6HLWH HLQHV VWDWWOLFKHQ GXUFKVFKODJVNUlIWLJHQ 0DQQHV ]X OHEHQ GHU*HLVWXQG7DWNUDIWLQVLFKYHUHLQLJWH ,FK KDEH YLHOH DWWUDNWLYH 0lQQHU NHQQHQJHOHUQW GLH EHUHLW ZDUHQ PLU GDV 8QLYHUVXP]X)HQ]XOHJHQDEHUOHW]WOLFKKDEHLFKPLFKIUHLQHQHQWVFKLHGHQ GHUGDVDOOHVQLFKWZDUXQGGRFKYLHOPHKUDOVDOOGLH6FK|QOLQJH0XVNHOSURW]HXQG *HQLHV]XVDPPHQJHQRPPHQ,FKKDEHHLQHQ0HQVFKHQEHNRPPHQ :DVKlWWHLFKGDUDXIVDJHQVROOHQ"$QQHP\KDOIPLUDXVGHU9HUOHJHQKHLWLQGHP VLHOlFKHOWHXQGLQLKUHUEXUVFKLNRVHQ$UWIRUWIXKU ³9HU]HLKHQ6LHPLUPHLQH6HQWLPHQWDOLWlW6LHZHUGHQPLFKLQ:DOW\V*HJHQZDUW QLH LQ VR HLQHU 6WLPPXQJ HUOHEHQ :HQQ HU GD LVW VWHOOHQ VLFK PLU HLQIDFK GLH 6WDFKHOQDXI'DVZLUGZRKOLPPHUVRVHLQZLUPVVHQXQVHEHQGDXHUQGNDEEHOQ 6LHYHUVWXPPWHDEUXSWDOVGLH7UDXIJLQJXQGVLHYHUVWHLIWHVLFKDXJHQEOLFNOLFK LQ LKUHQ $XJHQ JORPP HLQ )HXHU DXI XQG VLH YHUVSUKWH PLW GHQ %OLFNHQ JLIWLJH %OLW]H 1DFK GHP ZDV VLH PLU JHUDGH DQYHUWUDXW KDWWH EUDXFKWH LFK PLFK QLFKW XP]XGUHKHQXP]XZLVVHQGD:DOW\.ODFNWRQKHUHLQNDP ³*XWHQ0RUJHQ.ODFN.ODFNKDVWGXHQGOLFKGHLQHQ.DWHUDXVNXULHUW"IUDJWHVLH PLWHLVLJHU6WLPPH ³(ULQQHUHPLFKQLFKWGDUDQ$QQHP\VDJWH.ODFNWRQ³,FKP|FKWHGLHVH(SLVRGH DXVPHLQHP/HEHQVWUHLFKHQXQGQHXEHJLQQHQ:LHNRQQWHGDVQXUSDVVLHUHQ":LH LVW HV P|JOLFK GD VWDWW QRUPDOHU .lQJXUXKPLOFK JHJRUHQHU 1HNWDU VHUYLHUW ZXUGH" ³'DV ZLUG ZRKO LPPHU HLQ 0\VWHULXP EOHLEHQ VDJWH $QQHP\ 6LH GHXWHWH DXI PLFK ³0X LFK GLU (GHOPDQQ *HUDOG 6KDUS YRUVWHOOHQ RGHU ZLOOVW GX GLFK ZHQLJVWHQVGDUDQHULQQHUQGDGXLKQWUXQNHQJHPDFKWKDVW" ,FKHUKREPLFKYRQPHLQHP3ODW]XQGQDKP+DOWXQJDQ.ODFNWRQZLQNWHMHGRFK DE XQG ZROOWH PLU GLH +DQG ]XP *UX UHLFKHQ EHUOHJWH HV VLFK GDQQ MHGRFK DQGHUV ³/LHEHU QLFKW VDJWH HU XQG IJWH PLW HQWVFKXOGLJHQGHP /lFKHOQ KLQ]X GDV VHLQ RKQHKLQ]HUNQLWWHUWHV*HVLFKWLQQRFKPHKU)DOWHQOHJWH³:HUZHLRELFK,KQHQ LQ PHLQHU 9HUIDVVXQJ QLFKW GHQ $UP EUHFKHQ ZUGH ,FK ELQ QlPOLFK HLQ JDQ] XQJHVFKLFNWHU7URSI ³(UVSDUXQVGHLQ*HMDPPHUVFKQLWWLKP$QQHP\GDV:RUWDE³*HUU\ZLUGGLFK VFKRQQRFKYRQGHLQHUGXQNHOVWHQ6HLWHNHQQHQOHUQHQ$EHUMHW]WUHLGLFKHQGOLFK ]XVDPPHQ HV ZLUG =HLW GD GX GLFK GHLQHU .DSLWlQVZUGH HULQQHUVW :LU VLQG

XQWHUZHJV QDFK /DPDURQH XQG JHKHQ LQ ZHQLJHQ $XJHQEOLFNHQ LQ GLH OHW]WH /LQHDUHWDSSH 'X ZHLW GD GLFK DP =LHORUW HLQH VFKZHUH $XIJDEH HUZDUWHW XQG GD HV YRP $XVJDQJ GHV 8QWHUQHKPHQV DEKlQJW RE GX LQ GLH )UHLKlQGOHURUJDQLVDWLRQDXIJHQRPPHQZLUVWRGHUQLFKW'DEHLJHKWHVQLFKWQXUXP GLFKVRQGHUQDXFKXPGDV6FKLFNVDOYRQ.3ODQHWXQGGHU.ODFNWRQHU:DOWHDOVR GHLQHV$PWHVDOV.DSLWlQGHU6&+/(8'(5%2**( ³:LOOVW GX GDV .RPPDQGR QLFKW EHKDOWHQ" :HQLJVWHQV VRODQJH ELV ZLU DXI /DPDURQHVLQG"EDW.ODFNWRQPLWNOlJOLFKHU6WLPPH,FKNRQQWHPLFKJXWLQVHLQH /DJH YHUVHW]HQ GHQQ DXFK LFK VWDQG QRFK XQWHU GHQ 1DFKZLUNXQJHQ GHV 1HNWDUUDXVFKHV.ODFNWRQIJWHKLQ]X³8QGJLEPLUELWWHHLQHQ/DJHEHULFKWGDPLW LFKPLFKPLWGHU0DWHULHYHUWUDXWPDFKHQNDQQ ³:LHZDUGDV"HUNXQGLJWHVLFK$QQHP\³,FKVROOGLFKGDUEHULQIRUPLHUHQZDV GXEHLGHU/DJHEHVSUHFKXQJEHVFKORVVHQKDVWREZRKOLFKJDUQLFKWGDEHLZDU" .ODFNWRQVDKVLHHQWJHLVWHUWDQXQGVDJWH ³$EHU$QQHP\LFKHULQQHUHPLFKGRFKDQJDUQLFKWVPHKU,FKKDEHGRFKNHLQHQ EODVVHQ'XQVW(UYHUVWXPPWHXQGVDKPLFKDQ'DEHLHUKHOOWHVLFKVHLQ*HVLFKW XQG HU ULHI ³6LH ZDUHQ GRFK GDEHL (GHOPDQQ 6KDUS *HUU\ 6LH PVVHQ GRFK ]XPLQGHVWGLHZLFKWLJVWHQ3XQNWHXQVHUHU'LVNXVVLRQEHKDOWHQKDEHQ1HLQ"(U VDQN LQ VLFK ]XVDPPHQ DOV HU PHLQHQ EHGDXHUQGHQ *HVLFKWVDXVGUXFN VDK XQG ZDJWHHVQLFKWVHLQH*HIlKUWLQDQ]XVHKHQ ³-DZHQQGDVVRLVWPXUPHOWHHU]HUNQLUVFKWVFK|SIWHMHGRFKVRIRUWZLHGHUQHXH +RIIQXQJDOVGLH7UDXIJLQJXQGGDV3HO]ZHVHQYRP9RONGHU2WWRPDQHQHLQWUDW .ODFNWRQ ULHI HUIUHXW ³2WWR GX NRPPVW ]XP ULFKWLJHQ =HLWSXQNW 'X ZDUVW GRFK EHLGHU/DJHEHVSUHFKXQJGDEHLXQGNDQQVWXQVVLFKHU$XVNXQIWGDUEHUJHEHQZDV KHUDXVJHNRPPHQLVW 2WWRV0RSVJHVLFKWZLUNWHQRFKPUULVFKHUDOVVRQVWDOVHUHVXQV]XZDQGWH ³)UPLFKKDWVLFKGDEHLQXUHUJHEHQGDLFKPHLQHQ7ZLO]HLQJHEWKDEHVDJWH GDV3HO]ZHVHQ³8QGLFKNDQQQXUKRIIHQGDHVQLFKWIULPPHULVW:DVLVWGLU HLJHQWOLFKHLQJHIDOOHQ:DOW\XQVGLHVHVWHXIOLVFKH*HWUlQNYRU]XVHW]HQ" ³:HQQ LFK ZWH ZDV PLU HLQJHIDOOHQ LVW GDQQ ZlUH LFK MHW]W QLFKW VR UDWORV HUZLGHUWH .ODFNWRQ ³.DQQ XQV GHQQ QLHPDQG VDJHQ ZDV ZLU DQJHVWHOOW KDEHQ" :DVLVWPLWXQVHUHQEHLGHQ3DVVDJLHUHQ"'HP;HQRORJHQ/RWKDU3LOJUDPXQG)UVW 2UHO/DYRUG" ³,FKKDEHEHUHLWVDQJHRUGQHWGDVLHKHUJHEUDFKW ZHUGHQVDJWH$QQHP\XQGOlFKHOWHVS|WWLVFK³$EHUHUZDUWHGLUQLFKW]XYLHOYRQ LKQHQEHLGHKDWWHQDXFKHLQLJHVLQWXV ³(VLVWHLQH6FKDQGHVDJWH2WWR³,FKWZLO]HQLFKWHLQPDOGDLFKQLFKWVWZLO]HQ NDQQ ³9LHOOHLFKW KLOIW HV ,KQHQ :DOW\ VDJWH LFK LQ GLH IROJHQGH 6WLOOH ³GD 6LH XQEHGLQJW ,KUHQ *DXFKRURERWHU %LOO\ XPSURJUDPPLHUHQ ZROOWHQ ,FK ZHL ]ZDU QLFKWREVLHHVWDWVlFKOLFKWDWHQDEHU6LHZDUHQMHGHQIDOOVVHKUHQWVFKORVVHQ

³%LOO\ ULHI .ODFNWRQ DXV DOV VHL GDV HLQ =DXEHUZRUW GHVVHQ 1HQQXQJ DOOHLQ JHQJHXPDOOH3UREOHPH]XO|VHQ³1DWUOLFKGHUJXWHDOWH%LOO\WKH.LGLVWGHU 7UlJHU GHV *HKHLPQLVVHV (V NDQQ QXU VR JHZHVHQ VHLQ GD LFK PHLQH HLJHQH 8Q]XOlQJOLFKNHLW HUNDQQWH XQG GDUXP PHLQHQ WUHXHQ *DXFKRURERWHU DOV 3URWRNROOIKUHUKHUDQ]RJ ³$EZDUWHQVDJWH$QQHP\VNHSWLVFK (V GDXHUWH QLFKW ODQJH ELV HLQHU GHU .ODFNWRQHU HLQWUDW XQG GDV (UVFKHLQHQ GHU EHLGHQ3DVVDJLHUHXQGGHV*DXFKRURERWHUVPHOGHWH ³+HUHLQ PLW LKQHQ YHUODQJWH .ODFNWRQ EHUVFKZHQJOLFK 6HLQH /DXQH VDQN DEHU UDVFKZLHGHUDXIGHQ7LHISXQNWDOVGHU;HQRORJH/RWKDU3LOJUDPHQWVFKORVVHQDXI LKQ]XNDPVLFKYRULKPDXIEDXWHXQGPLW]RUQLJHU6WLPPH]XZLVVHQYHUODQJWH ³:DV VLQG GDV IU 0HWKRGHQ )UVW 7KRU 3HGR ,VW GDV HLQH QHXH $UW GHU *HKLUQZlVFKHGLH6LHDQZHQGHQXPVLFK/HXWHJHIJLJ]XPDFKHQXQGVLFKLKUHV :LVVHQV]XEHPlFKWLJHQ" .ODFNWRQZLFKYRULKP]XUFN ³:ROOHQ 6LH GDPLW VDJHQ GD 6LH VLFK DQ QLFKWV PHKU HULQQHUQ N|QQHQ ZDV LP =XVDPPHQKDQJPLWGHP/DPDURQH3UREOHPVWHKW3URIHVVRU"HUNXQGLJWHHUVLFK ³)UDJHQ6LHQLFKWVRVFKHLQKHLOLJHUZLGHUWH3LOJUDPEDUVFK³6LHZLVVHQGDVVHKU JHQDX8QGPLULVWNODUJHZRUGHQGD6LHPLFKPHLQHV:LVVHQVQXUEHUDXEWKDEHQ XPGHQ(UIROJIUVLFKDOOHLQHLQKHLPVHQ]XN|QQHQ ³6LHWXQ.ODFN.ODFNXQUHFKW3URIHVVRUVFKDOWHWHVLFK$QQHP\HLQ³'HU)DOOLVW NRPSOL]LHUWHU(VVFKHLQWQXQGDXQVHUDOOHU+RIIQXQJDXI,QIRUPDWLRQHQEHUGDV /DPDURQH3UREOHPEHL)UVW2UHO/DYRUGUXKW ³0HLQWLKUPLFK"HUNXQGLJWHVLFKGHU)UHLIDKUHUIUVWXQGEOLFNWHKHUDXVIRUGHUQGLQ GLH 5XQGH (U NLFKHUWH XQG IJWH KLQ]X ³'LH :DKUKHLWHQ OLHEH )UHXQGH DOOH :DKUKHLWHQOLHJHQLP1HNWDU3URVW (U JULII LQ VHLQH ,QQHQWDVFKH KROWH HLQ IODFKHV )OlVFKFKHQ KHUYRU XQG WDW GDUDXV HLQHQODQJHQ=XJ$QQHP\VSUDQJKLQ]XHQWULHVLKPXQGURFKGDUDQ'DQQVWHOOWH VLHQDVHUPSIHQGIHVW ³'DVLVWJHJRUHQHU1HNWDU:LHVLQG6LHGD]XJHNRPPHQ)UVW/DYRUG" ³8QG ZHQQ 6LH PLFK IROWHUQ LFK YHUUDWH PHLQH 4XHOOH QLFKW VDJWH GHU )UHLIDKUHUIUVW VWDQGKDIW ³$EHU VHLHQ 6LH XQEHVRUJW VRODQJH LFK PLW 1HNWDU YHUVRUJWZHUGHEUDXFKW,KQHQDOOHQQLFKWEDQJH]XVHLQ'DV/DPDURQH3UREOHPLVW VRJXWZLHJHO|VW6RYLHOLP$XJHQEOLFN0HKUGD]XDQ2UWXQG6WHOOH (U QDKP $QQHP\ GHQ )ODFKPDQQ DE XQG WDW ZLHGHU HLQHQ KHU]KDIWHQ 6FKOXFN 1DFK GHP DXVJLHELJHQ *HQX YRQ 1HNWDU ZLUNWH HU WDWVlFKOLFK ZLH YHUZDQGHOW 6HLQ GPPOLFKHU *HVLFKWVDXVGUXFN ZDU ZLH ZHJJHEODVHQ HU VWUDKOWH 6WRO] XQG :UGH DXV ZLH PDQ HV YRQ HLQHP )UHLIDKUHUIUVW HUZDUWHQ GXUIWH $EHU HU ZDU DXFK VWXU XQG EOLHE GDEHL ZHLWHUH (LQ]HOKHLWHQ HUVW YHUUDWHQ ]X ZROOHQ ZHQQ ZLU /DPDURQHHUUHLFKWKlWWHQ ³,FKIUFKWHZLUPVVHQ)UVW/DYRUGV+DOWXQJDN]HSWLHUHQVDJWH.ODFNWRQ³,FK

VHKH GHQQRFK HLQHQ +RIIQXQJVVFKLPPHU ,FK ZDJH HV NDXP DXV]XVSUHFKHQ DEHU P|JOLFKHUZHLVH KDW PHLQ 8QWHUEHZXWVHLQ HUNDQQW GD )UVW /DYRUG 1HNWDU EHQ|WLJWXPVLFKPLWGHP/DPDURQH3UREOHPJHLVWLJDXVHLQDQGHUVHW]HQ]XN|QQHQ XQG (U YHUVWXPPWH DOV HU GDV VS|WWLVFKH /lFKHOQ $QQHP\V PHUNWH 6LH VSLW]WH GLH /LSSHQ DOV IRUPH VLH ODXWORV GLH :RUWH ³%URYDEURYD .ODFN.ODFN .ODFNWRQ JHQJWHGDVXP]XYHUVWXPPHQXQGJDQ]NOHLQXQGNPPHUOLFK]XZHUGHQ ³+H %LOO\ WUlXPVW GX" OLH VLFK GD 2WWR YHUQHKPHQ ³+DVW GX GHQQ EHUKDXSW QLFKWVGD]X]XVDJHQ" 'HU *DXFKRURERWHU GUHKWH VLFK ODQJVDPKHUXPXQGOLHVHLQH6HKOLQVHGLH5XQGH PDFKHQ $OV PLFK LKU %OLFN WUDI GD KDWWH LFK GDV XQEHVWLPPWH *HIKO GD HU HQWUFNWXQGYHUWUlXPWZDU8QGVRNODQJDXFKVHLQH6WLPPHDOVHUVDJWH ³0DQFKHVNHLPWXQGNRPPWQLFKW]XU%OWH0DQFKHVEOKWXQGNRPPWQLFKW]XU 5HLIH6RJHKWHVDXFKPDQFKPDOGHP:HLVHQ ³2GX6FKUHFNULHI$QQHP\DXV³%LOO\KlOWVLFKIUHLQHQ3KLORVRSKHQ %HYRUGLHVHV7KHPDZHLWHUGXUFKGLVNXWLHUWZHUGHQNRQQWHXQGGHU*DXFKRURERWHU *HOHJHQKHLWEHNDPYLHOOHLFKWQRFKHLQHDXINHLPHQGHXQGYHUEOPWH:HLVKHLWYRQ VLFK ]X JHEHQ HUNODQJ GLH :DUQVLUHQH (V ZDU GDV =HLFKHQ GDIU GD GLH OHW]WH /LQHDUHWDSSHEHJDQQ 'LH 9HUVDPPOXQJ O|VWH VLFK DXI XQG LFK IROJWH $QQHP\ 7UDSKXQWHU XQG :DOW\ .ODFNWRQLQGLH.RPPDQGR]HQWUDOH 'RUW WDXFKWH JHUDGH &RG\ DXI (U WUXJ QRFK GHQ 5DXPDQ]XJ KDWWH MHGRFK GHQ 'UXFNKHOP DEJHQRPPHQ XQG HU ZDU VR VFKZDFK DXI GHQ %HLQHQ GD HLQ .ODFNWRQHULKQVWW]HQPXWH ³(GHOKHUPDQQUDXPNUDQNHUNOlUWHGHU.ODFNWRQHUPLWIKOHQG $OV&RG\PLFKHUEOLFNWHVWU]WHHU]XPLUXQGNODPPHUWHVLFKYHU]ZHLIHOWDQPLFK 'DEHL]LWWHUWHHUDPJDQ]HQ.|USHUZLHXQWHU6FKWWHOIURVW ³*HUU\ HV LVW XQJODXEOLFK WHLOWH HU PLU ]lKQHNODSSHUQG PLW ³:LU IOLHJHQ WDWVlFKOLFK ,FK ZDU GUDXHQ XQG KDEH GLHVHV 6FKLII JHVHKHQ (V VLHKW DXV ZLH ZLH HLQ )UDJPHQWUDXPHU GHU 3RVELV XQG LVW DXV PHKUHUHQ :UDFNV YHUVFKLHGHQHU 6FKLIIVW\SHQ]XVDPPHQJHNRSSHOW$EHUGLHVHV'LQJLVWUDXPWFKWLJ &RG\ZDUY|OOLJIHUWLJXQGLFKNRQQWHQLFKWVIULKQWXQDOVLKQIUHXQGOLFKDQPLFK ]XGUFNHQ 'LH OHW]WH /LQHDUHWDSSH ZDU JOHLFK]HLWLJ GLH HLQ]LJH GLH DOOH DQ %RUG EHZXW PLWHUOHEWHQXQGVRJHVHKHQZDUHVGLUHNWHLQ:XQGHUGDHV]XNHLQHQJU|HUHQ =ZLVFKHQIlOOHQ NDP 'LHV ZDU VLFKHUOLFK YRU DOOHP GHP 8PVWDQG ]X YHUGDQNHQ GD$QQHP\7UDSKXQWHUGDV.RPPDQGREHLEHKLHOWXQG:DOW\.ODFNWRQVLFKGDPLW EHJQJWHLQGHU2UWXQJV]HQWUDOH0HVVXQJHQDQ]XVWHOOHQ .ODFNWRQ VHW]WH VLFK EHUKDXSW QXU ]ZHLPDO LQ 6]HQH ZREHL HU MHGRFK KDQGIHVWH

%HZHLVHIUGLH8QEHUHFKHQEDUNHLWVHLQHVGHVWUXNWLYHQ8QWHUEHZXWVHLQVOLHIHUWH 'DVHLQH0DOVXFKWHGHU;HQRORJH/RWKDU3LOJUDPLKQLQGHU2UWXQJV]HQWUDOHDXI XPLKQ]XU5HGH]XVWHOOHQ:LUDOOHNRQQWHQPLWK|UHQZLHHU.ODFNWRQODXWVWDUN DXIIRUGHUWHLKPGDVHQWZHQGHWH:LVVHQ]XUFN]XJHEHQ .ODFNWRQYHUVXFKWHLKQGDPLW]XEHUXKLJHQGDHVVLFKZLHGHUYRQVHOEVWHLQVWHOOHQ ZUGH ZHQQ HUVW VHLQ 1HNWDUNDWHU DEJHNOXQJHQ ZDU GRFK GDPLW ZROOWH VLFK 3LOJUDPQLFKW]XIULHGHQJHEHQ*OHLFKGDUDXIHUNODQJHLQ*HSROWHUGDVVLFKDQK|UWH DOV GUHKH GHU ;HQRORJH GXUFK XQG VFKODJH DOOHV LQ GHU 2UWXQJV]HQWUDOH NXU] XQG NOHLQ :LU VWU]WHQ VRIRUW KLQ GRFK DOV ZLU DP 6FKDXVSODW] GHV *HVFKHKHQV HLQWUDIHQPXWHQZLUHUNHQQHQGDHVJHUDGHXPJHNHKUWZDUXQG3LOJUDPHLQLJHV DEEHNRPPHQ KDWWH (U ZDU ]HU]DXVW XQG ZLHV LP *HVLFKW HLQLJH 6FKUDPPHQ DXI XQGHUZDUVRJURJJ\GD]ZHL.ODFNWRQHULKQKLQDXVWUDJHQPXWHQ 'DKLQWHU VWDQG :DOW\ .ODFNWRQ XQG HUNOlUWH EHGDXHUQG GD HU GDV DOOHV QLFKW JHZROOW KDEH VRQGHUQ QXU YHUVXFKWH GHQ HUUHJWHQ ;HQRORJHQ YRU HLQHP 6WXU] ]X EHZDKUHQDOVGLHVHUDXVUXWVFKWH ,QGHQ]ZHLWHQ=ZLVFKHQIDOOGLHVHU$UWZDUPHLQ)UHXQG&RG\YHUZLFNHOWGHUPLU HZLJH 7RGIHLQGVFKDIW VFKZRU ZHLO LFK LKQ DQJHEOLFK LQ GLHVH XQHUIUHXOLFKH /DJH PDQ|YULHUWKDWWH &RG\KDWWHVLFKYRQGHP6FKRFNLPPHUQRFKQLFKWHUKROWGHQLKPGHU$QEOLFNGHV 5DXPVFKLIIV XQG GLH 7DWVDFKH GD HV UDXPWFKWLJ ZDU XQG VRJDU HLQHQ /LQHDUDQWULHEEHVDYHUXUVDFKWH'DVlXHUWHVLFKYRUDOOHPLQHLQHU*HKlVVLJNHLW JHJHQEHUGHQ.ODFNWRQHUQZLHLFKVLHLKPQLH]XJHWUDXWKlWWH(UEHKDQGHOWHVLH ZLH GUHVVLHUWH 7LHUH ]HLJWH LKQHQ EHL MHGHU *HOHJHQKHLW VHLQH 9HUDFKWXQJ XQG VFKLNDQLHUWHVLHDQGDXHUQGXQGHUOLHVLFKYRQLKQHQEHGLHQHQDOVVHLHQVLHVHLQH 6NODYHQ,FKVFKlPWHPLFKIULKQ $EHU &RG\ ZDU QLFKW QXU JHJHQEHU GHQ .ODFNWRQHUQ XQDXVVWHKOLFK HU OLH DXFK DOOHQDQGHUHQVHLQHVFKOHFKWH/DXQHVSUHQ(LQ]LJPLW/RWKDU3LOJUDPYHUVWDQGHU VLFK HLQLJHUPDHQ DEHU GDV DXFK QXU ZHLO HU LQ LKP HLQHQ *HVLQQXQJVJHQRVVHQ VDK(UJLQJVRJDUVRZHLWYRQ%LOO\]XYHUODQJHQGHUVHLWQHXHVWHPGLH6DQIWPXWLQ 3HUVRQZDULKQDXIVLFKUHLWHQ]XODVVHQ'RFKGHU*DXFKRURERWHUDQWZRUWHWHLKP DXIVHLQHlWKHULVFKH$UW ³:HUDQVWl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lXHO DXV GHP VLFK

:DOW\LUJHQGZLHO|VHQNRQQWH&RG\GDJHJHQEOLHEVW|KQHQGOLHJHQXQGPXWHLQ GHU.UDQNHQVWDWLRQYHUDU]WHWZHUGHQ 'RUW VXFKWH LFK LKQ DXI XQG YHUVXFKWH LKP EHL]XEULQJHQ GD HU QRFK ZHLWHUH .RVWSUREHQ YRQ :DOW\V XQEHUHFKHQEDUHP GRFK PLW HLQHP JXWHQ *HUHFKWLJNHLWVVLQQDXVJHELOGHWHQ8QWHUEHZXWVHLQ]XHUZDUWHQKlWWHZHQQHUQLFKW HQGOLFK]XU9HUQXQIWNRPPHQZROOH$EHUHUZROOWHQLFKWXQGPDFKWHGDVGHXWOLFK LQGHP HU PLFK PLW HLQHP .UDIWDXVGUXFN YHUDEVFKLHGHWH GHQ LFK KLHU OLHEHU QLFKW ZLHGHUJHEH,PPHUKLQZDU&RG\GXUFKGLHVH(UIDKUXQJVRNOXJJHZRUGHQGDHU ELV ]XU /DQGXQJ DXI /DPDURQH LQ VHLQHU .DELQH EOLHE ,FK PXWH MHGRFK EHIUFKWHQGDHUGRUWZHLWHUH*HPHLQKHLWHQDXVEUWHWH $OVLFKLQGLH.RPPDQGR]HQWUDOH]XUFNNHKUWHVWHOOWHLFK]XIULHGHQIHVWGDVLFK DXFK/RWKDU3LOJUDP]XUFNJH]RJHQKDWWH'DPLWZDUDXFKGHU]ZHLWH8QUXKHVWLIWHU DEJHWUHWHQ VR GD IU GLH ZHLWHUH 5HLVH NHLQH =ZLVFKHQIlOOH PHKU ]X EHIUFKWHQ ZDUHQ 'LH 6&+/(8'(5%2**( NHKUWH LQ GHQ 1RUPDOUDXP ]XUFN XQG ZLU IORJHQ LQ GDV 6\VWHP YRQ /DPDURQHV 6WHUQ HLQ ,FK KLHOW PLFK DOV VWLOOHU %HREDFKWHU LP +LQWHUJUXQG XQG YHUVXFKWH PLFK VR PLW GHU +DQGKDEXQJ GHU 1DYLJDWLRQVLQVWUXPHQWHYHUWUDXW]XPDFKHQ$EHULFKNDQQYRUZHJQHKPHQGDLFK NDXPHWZDVYRQGHPEHJULIIZDVXPPLFKJHVFKDK(VZDUYHUZLUUHQGJHQXJGD GLH .ODFNWRQHU GHQ ,QVWUXPHQWHQ HLJHQH 1DPHQ JDEHQ XQG MHGH GLHVHU %H]HLFKQXQJHQGLH(QGXQJ³+HUPDQQKDWWH1RFKXQYHUVWlQGOLFKHUZDUIUPLFK MHGRFK GLH $QRUGQXQJ GHU ,QVWUXPHQWH GLH ZRKO DXI GLH %HGUIQLVVH GHU ODQJDUPLJHQ XQG LQ UHFKW FKDRWLVFKHQ %DKQHQ GHQNHQGHQ .ODFNWRQHU DEJHVWLPPW ZDU 0LU ZXUGH GDEHL NODU GD LFK JHWURVW DOOHV YHUJHVVHQ NRQQWH ZDV LFK DXI GHU PDUVLDQLVFKHQ 5DXPDNDGHPLH JHOHUQW KDWWH HV ZDU RKQHKLQ ZHQLJ JHQXJ ,FK PXWH DQ %RUG GHU 6&+/(8'(5%2**( Y|OOLJ XPGHQNHQ ZDU DEHU YROO GHU +RIIQXQJGDGDVVRVFKZHUQLFKWVHLQNRQQWH :lKUHQG $QQHP\ YROODXI PLW GHU 6FKLIIVIKUXQJ EHVFKlIWLJW ZDU VD :DOW\ XQWlWLJDP.RPPDQGRSXOWXQGGDFKWHODXWEHU6LQQXQG8QVLQQGHUYRQVHLQHP 8QWHUEHZXWVHLQ JHWURIIHQHQ 0DQDKPHQ QDFK ,KP JLQJ HV YRU DOOHP XP GLH )UDJH ZHOFKH 3URJUDPPLHUXQJVlQGHUXQJ HU LP 1HNWDUUDXVFK DQ %LOO\ WKH .LG YRUJHQRPPHQKDWWHXQGZDUXP'HU*DXFKRURERWHUZDULKPGDEHLHLQJHGXOGLJHU =XK|UHU ³:LOOVW GX PHLQHP *HGlFKWQLV QLFKW HWZDV QDFKKHOIHQ%LOO\"EDWHUYHU]ZHLIHOW 8QGGHU5RERWHUDQWZRUWHWH ³:LVVHQZDVPDQZHLXQGZLVVHQZDVPDQQLFKWZHLGDVLVWZDKUHV:LVVHQ ³=XP +HQNHU PLW GLU ULHI :DOW\ ZWHQG ³/D PLFK HQGOLFK PLW GHLQHQ SKLORVRSKLVFKHQ*HVFKZDIHOLQ5XKH0LUZlUHOLHEHULFKKlWWHHLQHQ6WLHIHONQHFKW DXVGLUJHPDFKW:R]XVROOVWGXPLUDOV3KLORVRSKGHQQGLHQHQ"

8QG%LOO\WKH.LGHUZLGHUWH ³+|UH GLH :RUWH GHV .RQIX]LXV 9HUODQJH YLHO YRQ GLU VHOEVW XQG HUZDUWH ZHQLJ YRQGHQDQGHUHQ'DVHUVSDUWGLUbUJHU 'DPLWGHXWHWHGHU*DXFKRURERWHUDQIUZHQHUVLFKYHUPXWOLFKKLHOW$EHUGDUDXV JLQJ QRFK ODQJH QLFKW KHUYRU DXI ZHOFKH :HLVH HU ]XU /|VXQJ GHV /DPDURQH 3UREOHPVEHLWUDJHQVROOWH )UVW 2UHO /DYRUG VFKLHQ GD VFKRQ ZHUWYROOHU ]X VHLQ REZRKO HU VLFK VWDQGKDIW ZHLJHUWH VHLQ ZLHGHUJHZRQQHQHV :LVVHQ EHU GLH /DPDURQHU YRU]HLWLJ SUHLV]XJHEHQ (U EHJUQGHWH HV GDPLW GD HV QLFKWV QW]WH VLFK YHUEDO EHU GLH /DPDURQHU]XLQIRUPLHUHQVRQGHUQGDPDQVLHNHQQHQOHUQHQPXWHZROOWHPDQ LKUH0HQWDOLWlWEHJUHLIHQ1LFKWHLQPDO$QQHP\NRQQWHLKQYRQGLHVHU(LQVWHOOXQJ DEEULQJHQ 1DFK DQIlQJOLFKHP :LGHUVWDQG PXWH VLH VFKOLHOLFK DXFK HLQVHKHQ GDHVEHVVHUZDU)UVW/DYRUGVHLQHUHJHOPlLJH5DWLRQDQ1HNWDU]XNRPPHQ]X ODVVHQ (V ]HLJWH VLFK QlPOLFK GD HU VRIRUW LQ VHLQHQ IUKHUHQ =XVWDQG YHUILHO ZHQQPDQYHUVXFKWHLKPGHQ1HNWDUYRU]XHQWKDOWHQ 6R ZXUGH GHU )UHLIDKUHUIUVW GHU HLQHQ *ULII LQ GLH ,QQHQWDVFKH WDW XQG GHQ ³)ODFKPDQQKHUYRUKROWHZLHGLH.ODFNWRQHUVHLQ9RUUDWVIOl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lKUHQGGHU/DQGHSKDVHGHU HLQ]LJHDQ%RUGGHUGHQNRPPHQGHQ(UHLJQLVVHQHUZDUWXQJVYROOHQWJHJHQVDK )U PLFK ZDU GLHV QLFKW QXU GHU HUVWH (LQVDW] DOV )UHLKlQGOHU VRQGHUQ GLH 9HUZLUNOLFKXQJ PHLQHV -XJHQGWUDXPV YRQ JHIDKUYROOHQ 5HLVHQ GXUFK GHQ :HOWUDXPXQG$EHQWHXHUQDXIIUHPGHQ3ODQHWHQ $EHQWHXHUDKRL 'LH6&+/(8'(5%2**(ODQGHWHLQbTXDWRUQlKHXQZHLWGHVHKHPDOLJHQ/DJHUV YRQ )UVW /DYRUG (U ZDU HV DXFK GHU $QQHP\ DXI HLQH GHU DXVJHGHKQWHQ /LFKWXQJHQ KLQZLHV GLH VLFK EHUDOO LP 'VFKXQJHO IDQGHQ $XV GHU /XIW VDKHQ GLHVH .DKOVWHOOHQ GLH :XQGHQ LQ GHP GXQNHOJUQHQ 7HSSLFK GHU 1DWXU DXV GLH NQVWOLFK JHVFKODJHQ ZRUGHQ ZDUHQ )UVW /DYRUG EHVWlWLJWH GD VLH YRQ GHQ /DPDURQHUQJHURGHWZXUGHQGRFKIJWHHUKLQ]XGDHVVLFKGDEHLQLFKWXQEHGLQJW XPLKUH/HEHQVEHUHLFKHKDQGHOWH$XIZHLWHUH)UDJHQJDEHUMHGRFKNHLQH$QWZRUW

XQGYHUWU|VWHWHXQVDXIVSlWHU1DFKGHU/DQGXQJVDJWHHU ³(VLVWEHVVHUDXHUKDOEGHV6FKLIIHVHLQ/DJHUDXI]XVFKODJHQ'LH/DPDURQHUVLQG GDUDXI EHGDFKW 5DXPVFKLIIHQ XQG DQGHUHQ *HIlKUWHQ QLFKW ]X QDKH ]X NRPPHQ 6LH KDEHQ QLFKW JUXQGVlW]OLFK HWZDV JHJHQ GLH 7HFKQLN PHLGHQ MHGRFK DOOH 9HKLNHOGLHGHU%HI|UGHUXQJGLHQHQ,FKYHUPXWHGDVLH$QJVWYRUP)OLHJHQXQG YRUP)DKUHQKDEHQ ³0VVHQ ZLU GHQQ VR HLQHQ $XIZDQG WUHLEHQ XQG HLQ /DJHU HUULFKWHQ PXUUWH /RWKDU 3LOJUDP ³'LH 6&+/(8'(5%2**( VLHKW GRFK RKQHKLQ QLFKW ZLH HLQ 5DXPVFKLIIDXV ³*DQ] PHLQHU 0HLQXQJ VWLPPWH &RG\ ]X GHU VLFK YRQ VHLQHP 6FKRFN ZLHGHU HUKROW DEHU QLFKWV GD]XJHOHUQW KDWWH ³0LFK HULQQHUW VLH HKHU DQ HLQHQ EHUGLPHQVLRQDOHQ0OOVFKOXFNHU ³)RUP XQG $UW HLQHV %HI|UGHUXQJVPLWWHOV VLQG IU GLH /DPDURQHU QLFKW DXVVFKODJJHEHQG HUNOlUWH )UVW /DYRUG XQG JHQHKPLJWH VLFK HLQHQ 6FKOXFN 1HNWDU ³VLH KDEHQ HLQIDFK HLQ XQWUJOLFKHV *HVSU GDIU (V LVW XQHUOlOLFK GD ZLU HLQ /DJHU DXHUKDOE GHV 5DXPVFKLIIV DXIVFKODJHQ 6LQG 6LH HQWVSUHFKHQG DXVJHUVWHW)UVW7KRU3HGR" ³6HOEVWYHUVWlQGOLFK VDJWH :DOW\ .ODFNWRQ YROOHU 6WRO] ³'LH PLWJHIKUWH $XVUVWXQJZUGHVRJDUIUHLQHQ6WW]SXQNWDXIHLQHU*LIWJDVZHOWJHHLJQHWVHLQ ³(V KDQGHOW VLFK XP HLQH (LJHQNRQVWUXNWLRQ YRQ :DOW\ GLH ZLUNOLFK DOOHQ $QVSUFKHQ JHUHFKW ZLUG VDJWH $QQHP\ 7UDSKXQWHU QLFKW RKQH VS|WWLVFKHQ 8QWHUWRQ ³'DQNH VDJWH .ODFNWLQ JHVFKPHLFKHOW XQG ZXUGH URW (U ZDQGWH VLFK DQ GLH .ODFNWRQHULQGHU.RPPDQGR]HQWUDOHXQGEHIDKO³%URYDEURYD/HXWH3DFNWGHQ hEHUOHEHQVKHUPDQQ DXV XQG HUULFKWHW LKQ LQ HLQLJHU (QWIHUQXQJ YRP 6FKLII $EHU EHHLOW HXFK GDPLW ZLU YRQ GHU HUVWHQ 1DFKW DQ GDULQ ZRKQHQ XQG XQV DNNOLPDWLVLHUHQN|QQHQ ³(VZlUHNOXJJHQJHQG9RUUlWHXQGDOOHV/HEHQVQRWZHQGLJHLQGHQ6WW]SXQNW]X VFKDIIHQ ULHW )UVW /DYRUG ³VR GD ZLU YRP 5DXPVFKLII XQDEKlQJLJ VLQG $P EHVWHQ ZlUH HV GLH 6FKOHXVH GHU 6&+/(8'(5%2**( DE]XVFKOLHHQ GDPLW QLHPDQG DQ %RUG JHKHQ NDQQ 6R VHKHQ GLH /DPDURQHU ZHQLJVWHQV GD ZLU GLH $EVLFKWKDEHQOlQJHU]XEOHLEHQ'DQQZHUGHQ6LHVLFKDXFKHKHU]HLJHQ ³'XKDVWHVJHK|UW0DOLNVDJWH:DOW\]XGHP.ODFNWRQHUGHUZLHHLQ0XVNHWLHU JHNOHLGHW ZDU ³'X ELVW PLU GDIU YHUDQWZRUWOLFK GD GHU 6WW]SXQNW NRPSOHWW HLQJHULFKWHWLVW ³:LUGJHPDFKWYHUVSUDFK0DOLN³8QGDXFK*HVFKHQNKHUPDQQH" ³-DEULQJWDXFKGLH*HVFKHQNHYRQ%RUGEHVWLPPWH:DOW\ 0LWHLQHPYLHOVWLPPLJHQ³%URYDEURYDHLOWHQGLH.ODFNWRQHUGDYRQ ³,FKN|QQWH,KQHQVDJHQGDHVZHQLJ=ZHFNKDWGLH/DPDURQHUPLW*HVFKHQNHQ ]XEHVWHFKHQYHUVXFKHQPHLQWH)UVW/DYRUG³$EHUGLHVH(UIDKUXQJPVVHQ6LH VHOEVWPDFKHQ.|QQHQZLUYRQ%RUGJHKHQ"

:LU YHUOLHHQ GLH .RPPDQGR]HQWUDOH :DOW\ .ODFNWRQ JLQJ YRUDQ XP XQV GXUFK GDV /DE\ULQWK YRQ *lQJHQ ]X IKUHQ 0DQFKH ZDUHQ VR KRFK GD ]ZHL (UWUXVHU EHUHLQDQGHUDXIUHFKWGDULQKlWWHQJHKHQN|QQHQDQGHUHZLHGHUXPVRQLHGULJGD PDQGHQ.RSIHLQ]LHKHQPXWHXPVLFKNHLQH%HXOH]XKROHQ ,FKZDUIURKDOVZLUGLH+DXSWVFKOHXVHHUUHLFKWHQXQGLQV)UHLHWUDWHQ:DOW\OLH )UVW/DYRUGGHQ9RUWULWWZDVGLHVHUPLWHLQHU*HVWHGHV'DQNHVDN]HSWLHUWH 'LH /LFKWXQJ DXI GHU GLH 6&+/(8'(5%2**( JHODQGHW ZDU KDWWH HLQH /lQJH YRQIQIKXQGHUW0HWHUQXQGZDUIDVWHEHQVREUHLWXQGDQQlKHUQGNUHLVI|UPLJ6LH ZXUGHYRQELV]XVLHE]LJ0HWHUKRKHQ%DXPULHVHQXPVlXPWGLHPLWLKUHQGLFNHQ 6WlPPHQ XQG /XIWZXU]HOQ XQG GHP GLFKWHQ %ODWWZHUN HLQHQ VFKLHU XQGXUFKGULQJOLFKHQ:DOOELOGHWHQ9RQGRUWGUDQJHQYHUVFKLHGHQDUWLJH7LHUODXWH]X XQVHLQH*HUlXVFKNXOLVVHGLHYHUULHWGDGLHVHU'VFKXQJHOYROOYRQ/HEHQZDU 'HU%RGHQDXIGHPZLUVWDQGHQZDUYRQHLQHPPRRVDUWLJHQ*HIOHFKWEHZDFKVHQ XQGEUHWWHEHQDOVZlUHHUSODQLHUWZRUGHQ ³'LHVH /LFKWXQJ HUZHFNW LQ PLU GHQ (LQGUXFN HLQHV JHSIOHJWHQ 3DUNV HQWIXKU HV PLU XQZLOONUOLFK XQG GDV ]XVWLPPHQGH 1LFNHQ GHU DQGHUHQ ]HLJWH PLU GD HV LKQHQ HEHQVR HUJLQJ 'DGXUFK HUPXWLJW IJWH LFK KLQ]X ³6LH NDQQ XQP|JOLFK QDWUOLFKHQ8UVSUXQJVVHLQ ³(V JLEW YLHOH VROFKHU /LFKWXQJHQ LP bTXDWRUJHELHW ZLU KDEHQ VLH DXV GHU /XIW JHVHKHQ HUNOlUWH )UVW /DYRUG XQG ZLU DOOH ODXVFKWHQ JHEDQQW VHLQHQ $XVIKUXQJHQ ZHLO HV VHOWHQ JHQXJ JHVFKDK GD HU VLFK EHU GLH /DPDURQHU DXVOLH ³*DQ] JHZL VLQG VLH QLFKW QDWUOLFKHQ 8UVSUXQJV VRQGHUQ ZXUGHQ YRQ GHQ*UHQ]HUQHUVFKDIIHQ*UHQ]HUVRZHUGHQGLH/DPDURQHUDXFKJHQDQQWZHLOVLH HLQHQ NRVPLVFKHQ *UHQ]IDOO GDUVWHOOWHQ :LH 6LH ZLVVHQ JLEW HV VHFKV 7\SHQ YRQ LKQHQ $EHU ZLU KDEHQ ZHGHU KHUDXVJHIXQGHQ ZHOFKHU 7\S IU GLHVH /LFKWXQJHQ YHUDQWZRUWOLFKLVWQRFKZRIUGLHVHEDXPIUHLHQ2DVHQHUVFKDIIHQZXUGHQ ³9LHOOHLFKWKDQGHOWHVVLFKXP.XOWSOlW]HZRGLH/DPDURQHU9HUVDPPOXQJHQRGHU 5LWXDOHDEKDOWHQZDUI:DOW\HLQ ³0|JOLFK DEHU ZDUXP VLQG ZLU GDQQ QLH =HXJHQ VROFKHU .XOWKDQGOXQJHQ JHZRUGHQ REZRKO ZLU GLH /LFKWXQJHQ YHUVWHFNW EHREDFKWHW KDEHQ" HQWJHJQHWH )UVW /DYRUG ³:lUHQ HV IU GLH *UHQ]HU KHLOLJH 2UWH GDQQ KlWWHQ VLH YHUPXWOLFK DXFK HWZDV GDJHJHQ GD ZLU PLW XQVHUHQ 5DXPVFKLIIHQ GDUDXI ODQGHQ $EHU VLH ODVVHQ HV JHVFKHKHQ XQG VLFK VHOEVW LP EULJHQ QLH GRUW EOLFNHQ -D VLH PHLGHQ GLHVH /LFKWXQJHQ VRJDU DXHU ZHQQ GRUW )UHPGH DXIJHWDXFKW VLQG PLW GHQHQ VLH 9HUELQGXQJ DXIQHKPHQ ZROOHQ ,KU /HEHQ DEHU VSLHOW VLFK LQ GHQ :lOGHUQ DE ,Q GHQ DXVJHGHKQWHQ 'VFKXQJHOQ P|JHQ QRFK *HKHLPQLVVH YHUERUJHQ VHLQ GLH ZLU ELV MHW]W QLFKW HLQPDO HUDKQHQ N|QQHQ 'LHVH /LFKWXQJHQ VLQG IU PLFK HLQ $QDFKURQLVPXV GHQQ VLH VLQG QDFK GHP 3ULQ]LS HLQHU VWUHQJHQ 2UGQXQJ HUVFKDIIHQ $EHU JHUDGH GDUXP ZLGHUVSUHFKHQ VLH GHU 0HQWDOLWlW GHU /DPDURQHU .HLQHUGHUVHFKV*UHQ]HUW\SHQEHVLW]WVRHWZDVZLHHLQHQ2UGQXQJVVLQQ,FKKDWWH

VRJDULPPHUGDV*HIKOGDLKU(OHPHQWGDV&KDRVLVW ³9LHOOHLFKW KDW 5RL GDUDXI DQJHVSLHOW DOV HU PHLQWH GD QXU GX DOOHLQ GDV /DPDURQH3UREOHP O|VHQ N|QQWHVW VDJWH $QKHP\ ]X :DOW\ HUQVWHU IJWH VLH DQ )UVW /DYRUG JHZDQGW KLQ]X ³,FK HULQQHUH PLFK GD 5RL 'DQWRQ YRQ DOWHQ .XOWXU]HXJQLVVHQYHUODVVHQHQWHFKQLVFKHQ$QODJHQXQG(LQULFKWXQJHQDXVMQJVWHU =HLWVSUDFK:DUXPVLQGZLUGDQQLQGLHVHU:LOGQLVJHODQGHWDQVWDWWDQHLQHP2UW GHUODPDURQLVFKHQ=LYLOLVDWLRQ" ³'DVKDWPHKUHUH*UQGHDQWZRUWHWH)UVW/DYRUG³8PGLH/DPDURQHUYHUVWHKHQ XQGEHJUHLIHQ]XZROOHQPVVHQ6LHVLH]XHUVWLQIUHLHU1DWXUNHQQHQOHUQHQ8QG 6LHPVVHQPLWMHQHP7\SEHJLQQHQGHUDXIGHUXQWHUVWHQ6WXIHGHU(QWZLFNOXQJ VWHKW ,FK KDEH GLHVH /LFKWXQJ DOV /DQGHSODW] DXVJHZlKOW ZHLO VLH LQ GHU 1lKH PHLQHVIUKHUHQ/DJHUVOLHJW,FKKDEHGRUWHLQLJHV]XUFNJHODVVHQGDVXQVEHLGHU /|VXQJ XQVHUHV 3UREOHPV KHOIHQ N|QQWH /HLGHU PXWH LFK /DPDURQH EHUVWU]W YHUODVVHQ DOV LFK PHUNWH GD LFK LQ HLQH .ULVH JHULHW VR GD LFK GHQ *URWHLO PHLQHU $XVUVWXQJ XQG PHLQH JHVDPWHQ )RUVFKXQJVXQWHUODJHQ QLFKW PLWQHKPHQ NRQQWH $EHU HKUOLFK JHVWDQGHQ LFK KDEH ZHQLJ +RIIQXQJ GD LFK VLH QRFK YRUILQGH ³%HIUFKWHQ6LHGLH/DPDURQHUN|QQWHQLKUH$UEHLWVXQWHUODJHQEHZXWYHUQLFKWHW KDEHQ"HUNXQGLJWHVLFK$QQHP\ ³1HLQ QHLQ GLH 6DFKH OLHJW HWZDV DQGHUV PHLQWH )UVW /DYRUG ODFKHQG XQG JHQHKPLJWHVLFKUDVFKHLQHQ6FKOXFN1HNWDU³'LH/DPDURQHUHJDOZHOFKHQ7\SV PDFKHQQXUNHLQHQ8QWHUVFKLHG]ZLVFKHQHLJHQHPXQGIUHPGHQ%HVLW]6LHN|QQHQ DOOHV YRQ LKQHQ KDEHQ DQGHUHUVHLWV QHKPHQ VLH VLFK DXFK DOOHV ZDV VLH JHUDGH KDEHQ ZROOHQ RKQH HLJHQWOLFK GDV %HGUIQLV QDFK %HVLW]WXP ]X KDEHQ $EHU YHUODQJHQ6LHQLFKWGDLFK,KQHQGDVHUNOlUH'DVLVWDXFKVRHLQH(UIDKUXQJGLH 6LHVHOEVWPDFKHQPVVHQ6LHZHUGHQ VFKRQYHUVWHKHQZDVLFKPHLQHZHQQ6LH GLH/DPDURQHUNHQQHQOHUQHQ ³8QGZDQQZLUGGDVVHLQ" ³:HQQ VLH VLFK GD]X EHTXHPHQ .RQWDNW PLW XQV DXI]XQHKPHQ DQWZRUWHWH )UVW /DYRUG ³(V KDW NHLQHQ 6LQQ VLH ]X VXFKHQ 6LH N|QQWHQ WDJHODQJ GXUFK GHQ 'VFKXQJHO VWUHLIHQ RKQH DXI HLQHQ /DPDURQHU ]X VWRHQ 8QG VHOEVW ZHQQ 6LH ZHOFKHILQGHQNDQQHV,KQHQSDVVLHUHQGDVLH,KQHQGLHNDOWH6FKXOWHU]HLJHQ6LH HLQIDFK LJQRULHUHQ :LU PVVHQ ZDUWHQ ELV GLH /DPDURQHU GHQ HUVWHQ 6FKULWW WXQ ,Q]ZLVFKHQN|QQWHQZLUHLQH([SHGLWLRQ]XPHLQHP/DJHUXQWHUQHKPHQ0LULVWHV HJDOZHUGDUDQWHLOQLPPWDEHULFKEHVWHKHDXIGLH%HJOHLWXQJYRQ%LOO\WKH.LG 'HU*DXFKURERWHUZDQGWHVLFKLKP]XXQGVDJWHEHOHKUHQG ³'D]XSDWHLQ:RUWGHV.RQIX]LXV:HUEHLVHLQHQ+DQGOXQJHQVWHWVDXI9RUWHLO EHGDFKWLVWGHUVLFKYLHOH)HLQGHVFKDIIW ,FK IUDJWH PLFK ZDUXP GHU )UHLIDKUHUIUVW DXI %LOO\V %HJOHLWXQJ EHVWDQG 'RFK JHZL QLFKW ZHJHQ VHLQHU ZHLVHQ 6SUFKH ,FK DKQWH GD GHU *UXQG DOOHV DQGHUH DOVSKLORVRSKLVFKHU1DWXUZDU

³,FK ZHUGH 0DOLN DXIWUDJHQ GD HU GLH $XVUVWXQJ IU HLQH ([SHGLWLRQ ]XVDPPHQVWHOOWERWVLFK:DOW\.ODFNWRQDQ³6LHVLQGPLUGRFKQLFKWE|VHZHQQ LFKVHOEVWQLFKWGDUDQWHLOQHKPH",FKP|FKWHOLHEHUPHLQH/HXWHEHLGHU(UULFKWXQJ GHV6WW]SXQNWVEHDXIVLFKWLJHQ $Q GHU ([SHGLWLRQ QDKPHQ DXHU )UVW /DYRUG XQG %LOO\ WKH .LG DXFK QRFK $QQHP\&RG\XQGYLHU.ODFNWRQHUWHLO$QQHP\ZlKOWH&RG\ZDKUVFKHLQOLFKQXU GHVKDOEDXVZHLOVLHLKQYRQ/RWKDU3LOJUDPWUHQQHQZROOWH]XVDPPHQVWLIWHWHQGLH EHLGHQ QXU 8QIULHGHQ )UVW /DYRUG EHVWDQG GDUDXI GHQ 'VFKXQJHO ]X )X ]X GXUFKTXHUHQ DXI WHFKQLVFKH $XVUVWXQJ ZHLWHVWJHKHQG ]X YHU]LFKWHQ XQG NHLQH VFKZHUHUHQ :DIIHQ DOV 3DUDO\VDWRUHQPLW]XQHKPHQ(UEHKDXSWHWHGDPDQQLFKW HLQPDO YRQ GHQ ZLOGHVWHQ 7LHUHQ GHU ODPDURQLVFKHQ )DXQD HWZDV ]X EHIUFKWHQ KlWWHZDVHUGDPLWEHJUQGHWHGDGHU/HEHQV]\NOXVGLHVHU:HOWLQIHVWHQ%DKQHQ YHUODXIH XQG )UHPGZHVHQ QLH LQ GLHVHQ LQWHJULHUW ZUGHQ 0LW DQGHUHQ :RUWHQ 5DXEWLHUHXQGZHQQVLHQRFKVRKXQJULJZDUHQZUGHQVLFKQLHDQ0HQVFKHQRGHU .ODFNWRQHUQ VFKDGORV KDOWHQ ZHLO GLHVH )HPGN|USHU LQ GHU SODQHWDUHQ gNRORJLH ZDUHQ 'DVNRVWHWHGHP;HQRORJHQ/RWKDU3LOJUDPHLQHQ/DFKHUDEHU)UVW/DYRUGEOLHE GDEHL(UZDUGHU/DPDURQH([SHUWHXQGPDQNRQQWHLKPNDXPZLGHUVSUHFKHQ =XP $EVFKLHG YHUVLFKHUWH XQV GHU )UHLIDKUHUIUVW QRFK GD ZLU YRQ ]ZHL 3ODQHWHQWDJHQNDXPGHQ%HVXFKYRQ/DPDURQHUQ]XHUZDUWHQKlWWHQXQGELVGDKLQ ZROOWHQVLHOlQJVWZLHGHU]XUFNVHLQ 'LH ([SHGLWLRQ EUDFK DXI $QQHP\ QDKP HLQ WUDJEDUHV 6SUHFKIXQNJHUlW PLW XQG PHLQH$XIJDEHZDUHVGDVVWDWLRQlUH*HUlW]XEHGLHQHQXQGPLWGHU([SHGLWLRQLQ 9HUELQGXQJ]XEOHLEHQ ,Q]ZLVFKHQ ZDUHQ GLH $UEHLWHQ DQ GHU (UULFKWXQJ XQVHUHV 6WW]SXQNWV UDVFK YRUDQJHVFKULWWHQ (V KDQGHOWH VLFK GDEHL XP HLQ 'XW]HQG NXSSHODUWLJHU =HOWH YHUVFKLHGHQHU*U|HGLHZHGHUGXUFK(QHUJLHJLWWHUQRFKGXUFK'UXFNOXIWVRQGHUQ HLQIDFK YRQ OHLFKWPHWDOOHQHQ *LWWHUJHVWHOOHQ JHWUDJHQ ZXUGHQ 'LH JDQ]H .RQVWUXNWLRQZLUNWHUHLFKOLFKSULPLWLYDEHU:DOW\VDJWHGDZLUDXIGLHVH:HLVH ZHQLJVWHQVHQHUJLHXQDEKlQJLJZDUHQ 1DFKGHP GLH .ODFNWRQHU GDV 0DWHULDO YRQ %RUG GHU 6&+/(8'(5%2**( JHVFKDIIWKDWWHQYHUVLHJHOWH:DOW\GLH6FKOHXVH9RQGLHVHP=HLWSXQNWDQZDUGDV %HWUHWHQGHV6FKLIIHVYHUERWHQ$OV/RWKDU3LOJUDPPHUNWHGDHUVHLQH0LNURWKHN PLW)DFKOLWHUDWXUDQ%RUGYHUJHVVHQKDWWHXQGVLHQDFKWUlJOLFK]XKROHQYHUODQJWH ZXUGHLKPGDVYRQ:DOW\YHUZHKUW'DVZDU]XVlW]OLFK=QGVWRIIIUGLHRKQHKLQ VFKRQVSDQQXQJVJHODGHQH$WPRVSKlUH /RWKDU 3LOJUDP ZXUGH QRFK HNHOKDIWHU XQG XQDXVVWHKOLFKHU XQG HU Q|UJHOWH EHVRQGHUVDQGHQ(LQULFKWXQJHQYRQ:DOW\V³hEHUOHEHQVKHUPDQQKHUXPZLHGLH .ODFNWRQHU GHQ =Z|OI.XSSHO6WW]SXQNW QDQQWHQ ,FK PX ]XJHEHQ GD DOOHV

UHLFKOLFK LPSURYLVLHUW ZLUNWH GD HV DQGHUHUVHLWV DEHU ZLHGHUXP JHQLDOH 'HWDLOO|VXQJHQJDE (LQH 6WXQGH QDFK $XIEUXFK GHU ([SHGLWLRQ ULHI $QQHP\ EHU 6SUHFKIXQN DQ XQG PHOGHWHNHLQHEHVRQGHUHQ9RUNRPPQLVVH 'DQQVWDQGHQGOLFKGDV/DJHU:LULQVSL]LHUWHQHV 'LHEHLGHQJU|WHQ.XSSHOQZDUHQDOV9RUUDWVNDPPHUQHLQJHULFKWHWXQGHQWKLHOWHQ QHEHQ DXVUHLFKHQG 9HUSIOHJXQJ XQG DOOWlJOLFKHQ *HEUDXFKVJHJHQVWlQGHQ KDXSWVlFKOLFK *HVFKHQNH IU GLH /DPDURQHU :DOW\ HUNOlUWH GD HU GLH $XVZDKO QDFK SV\FKRORJLVFKHQ *HVLFKWVSXQNWHQ JHWURIIHQ KDWWH XQG GD HV VLFK LQ GHU 0HKU]DKOXP%HVWDQGWHLOHHLQHVYRQLKPHQWZRUIHQHQ%DXNDVWHQV\VWHPVKDQGHOH GDV XQ]lKOLJH 9DULDWLRQHQ HUODXEWH XQG PLW GHP PDQ 'LQJH ]XVDPPHQVHW]HQ N|QQHGLHGHQ(UIRUGHUQLVVHQGHU(LQJHERUHQHQHQWVSUlFKHQ ³'LH,GHHLVWQLFKWVFKOHFKWPXWHVHOEVW3LOJUDP]XJHEHQ³'RFKGLH3UD[LVZLUG ZHLVHQZLHJXWVLHZLUNOLFKLVW ,Q HLQHU .XSSHO ZDUHQ GLH WHFKQLVFKHQ $QODJHQ XQWHUJHEUDFKW GLH VLFK MHGRFK LQ *UHQ]HQKLHOWHQ:DOW\YHUJDQLFKW]XHUZlKQHQGDVHLQhEHUOHEHQVKHUPDQQPLW GHU HQWVSUHFKHQGHQ $XVUVWXQJ VHOEVW DXI HLQHU 0HWKDQZHOW DOOHQ $QIRUGHUXQJHQ HQWVSURFKHQKlWWH'HU6WW]SXQNWZDUDXVEDXIlKLJVRGDPDQ/XIWVFKOHXVHQXQG $QODJHQ IU GLH 6DXHUVWRIIYHUVRUJXQJ 7HPSHUDWXUUHJXOLHUXQJ XQG *UDYLWDWLRQVDQSDVVXQJDQVFKOLHHQNRQQWH$EHUGDHVVLFKEHL/DPDURQHXPHLQH OHEHQVIUHXQGOLFKH :HOW KDQGHOH NRQQWH PDQ DXI DOO GDV YHU]LFKWHQ *HJHQ HLQH .OLPDDQODJH KlWWH LFK GHQQRFK QLFKWV JHKDEW DEHU YRQ VROFKHP /X[XV ZROOWH .ODFNWRQQLFKWVZLVVHQ ³-HHKHUPDQVLFKDQGLH8PZHOWJHZ|KQWGHVWRHUWUlJOLFKHUHPSILQGHWPDQVLH HUNOlUWHHU 8UVSUQJOLFKVROOWHQHLQ:LQGUDGXQG6RQQHQNROOHNWRUHQIUGLHEHQ|WLJWH(QHUJLH VRUJHQ DEHU GD HV ZLQGVWLOO ZDU XQG GHU +LPPHO GDXHUQG EHZ|ONW PXWH VLFK :DOW\HQWVFKOLHHQGLHLQ5HVHUYHJHKDOWHQHQ$WRPEDWWHULHQDQ]X]DSIHQ'DVOLH PLFKDXIDWPHQ 'LH .XSSHOQ PLW GHQ 8QWHUNQIWHQ ZDUHQ QRFK VSDUWDQLVFKHU DOV DOOHV DQGHUH HLQJHULFKWHW 0DQ PXWH LQ +lQJHPDWWHQ VFKODIHQ XQG VLFK PLW HLQHP 1HW] ]XP 6FKXW] YRQ ,QVHNWHQ ]XGHFNHQ )U GLH WlJOLFKH +\JLHQH JDE HV QXU GUHL *HPHLQVFKDIWVDQODJHQ GLH DXFK YRQ GHQ .ODFNWRQHUQ EHQXW]W ZXUGHQ 3LOJUDP PDFKWH QDWUOLFK DOOHV PLHV LFK VFKZLHJ K|IOLFK GDFKWH LP VWLOOHQ MHGRFK VHKQVFKWLJ DQ PHLQH .DELQH DXI GHU 6&+/(8'(5%2**( (V ZDU VFKRQ HLQ -DPPHU GD ZLU DXI GLH $QQHKPOLFKNHLWHQ GLH GDV 5DXPVFKLII ]X ELHWHQ KDWWH YHU]LFKWHQPXWHQ$EHUGDQQVDJWHLFKPLUGDVROFKH(QWEHKUXQJHQHEHQ]XGHP DEHQWHXHUOLFKHQ/HEHQGHU)UHLKlQGOHUJHK|UWHQXQGGDQQQDKPLFKDOOHVOHLFKWHU $EHQWHXHUDKRL

³%R%RHUNODQJSO|W]OLFKGLHDXIJHUHJWHJXWWXUDOH6WLPPHHLQHV.ODFNWRQHUV GXUFK GHQ 6WW]SXQNW :LU KDWWHQ GLH ([NXUVLRQ JHUDGH EHHQGHW XQG ZDQGWHQ XQV GHP $XVJDQJ ]X DOV SO|W]OLFK 0DOLN YRU XQV DXIWDXFKWH (U GUHKWH GHQ EUHLWNUHPSLJHQ )HGHUKXW QHUY|V ]ZLVFKHQ GHQ +lQGHQ XQG KSIWH DXIJHUHJW YRQ HLQHP%HLQDXIVDQGHUH ³:DVJLEWHVGHQQ0DOLN"HUNXQGLJWHVLFK.ODFNWRQ ³'UDXHQ LVW ZHU EHULFKWHWH GHU .ODFNWRQHU DWHPORV ³(LQ JHVWUHLIWHU ODPDURQLVFKHU +HUPDQQ +DW YLHOH GQQH %HLQH XQG *OXEVFKDXJHQ VR JUR ZLH GHLQ$GDPVDSIHO$EHUNHLQH1DVH ³'DVVHKHQZLUXQVDQEHVFKOR:DOW\ ³:HQQHVVLFKXPHLQHQ/DPDURQHUKDQGHOWGDQQODVVHQ6LHPLFKGLH6DFKHLQGLH +DQG QHKPHQ YHUODQJWH 3LOJUDP HQHUJLVFK ³$OV ;HQRORJH YHUVWHKH LFK PLFK GDUDXI.RQWDNW]X)UHPGZHVHQDXI]XQHKPHQ 'LHEHLGHQYHUVFKZDQGHQGXUFKGHQ$XVJDQJLQV)UHLH,FKZROOWHLKQHQIROJHQDOV PHLQ $UPEDQGJHUlW DQVFKOXJ GDV PLW GHP 6SUHFKIXQNJHUlW JHNRSSHOW ZDU ,FK lUJHUWHPLFKGDDXVJHUHFKQHWMHW]WGHU$QUXIYRQ$QQHP\NDPZRHVVSDQQHQG ZXUGH)OXFKHQGEHJDELFKPLFK]XP)XQNJHUlWXQGWDVWHWHHLQ1DFKGHPLFKPLFK JHPHOGHWKDWWHVDJWH$QQHP\PLWJHODQJZHLOWHU6WLPPHLKUHQVWHUHRW\SHQ6SUXFK DXI ³.HLQHEHVRQGHUHQ9RUNRPPQLVVH ³$EHU EHL XQV XQWHUEUDFK LFK VLH ³0DOLN KDW GHQ %HVXFK HLQHV /DPDURQHUV JHPHOGHW 8QG LFK JDE LKU GLH %HVFKUHLEXQJ GHV :HVHQV GLH ZLU YRQ GHP .ODFNWRQHUEHNRPPHQKDWWHQ ³)UVW /DYRUG VDJW GD HV VLFK GDEHL QXU XP GHQ *UXQG7\S KDQGHOQ N|QQH HUNOlUWH $QQHP\ ³:HJHQ LKUHV ZHVSHQlKQOLFKHQ $XVVHKHQV ZHUGHQ VLH DXFK 9HVSDHU JHQDQQW )UVW /DYRUG LVW EHUUDVFKW GD VLH VR VFKQHOO LQ (UVFKHLQXQJ JHWUHWHQVLQG ³:LHVROOHQZLUXQVYHUKDOWHQ"HUNXQGLJWHLFKPLFK ³*HGHQNHW GHU :RUWH GHV .RQIX]LXV HUNODQJ HLQH EHNDQQWH 6WLPPH DXV GHP +LQWHUJUXQG ³)RUVFKHQ LVW PHKU DOV :LVVHQ +HLWHUHV (UNHQQHQ LVW PHKU DOV )RUVFKHQ ³6HL VWLOO %LOO\ VDJWH $QQHP\ XQJHKDOWHQ GDQQ IXKU VLH IRUW ³)UVW /DYRUG PHLQWGDHV]ZDUXQNOXJZlUHGLH9HVSDHU]XLJQRULHUHQDEHUDQGHUHUVHLWVUlWHU DXI 'LVWDQ] ]X EOHLEHQ 6HLG ]XUFNKDOWHQG XQG UHVHUYLHUW GDPLW VLFK GLH /DPDURQHUQLFKW]XYLHOKHUDXVQHKPHQ,KUPWVLHHXFKYRP/HLEHKDOWHQELVZLU ]XUFNNRPPHQ ³*XWLFKZHUGHGDVZHLWHUJHEHQYHUVSUDFKLFK ³%OHLEHQ6LHPLWXQVLQ9HUELQGXQJ*HUU\YHUODQJWH$QQHP\³$PEHVWHQ6LH QHKPHQ HLQ )XQNVSUHFKJHUlW PLW GDPLW ZLU DXI GHP ODXIHQGHQ JHKDOWHQ ZHUGHQ XQG)UVW/DYRUGHXFK7LSVJHEHQNDQQ(UZDUQWGDYRUGHQ9HVSDHUQGHQNOHLQHQ

)LQJHU]XUHLFKHQZHLOVLHVRQVWGLHJDQ]H+DQGQHKPHQ ,FK YHUVSUDFK PLU DXFK GDV ]X PHUNHQ 'DQQ QDKP LFK HLQ WUDJEDUHV )XQNJHUlW GDV HLQH JURH 5HLFKZHLWH KDWWH VFKDOWHWH HV HLQ XQG QDKP GLH -XVWLHUXQJ GHU DOOJHPHLQHQ)UHLIDKUHUIUHTXHQ]YRU,FKEHU]HXJWHPLFKGDGLH9HUELQGXQJPLW $QQHP\JHJHEHQZDUXQGHLOWHLQV)UHLHKLQDXV 0DOLN KDWWH QXU YRQ HLQHP ³JHVWUHLIWHQ +HUPDQQ JHVSURFKHQ DEHU DOV LFK ]XP :DOGUDQGNDPHQWGHFNWHLFKGHUHQ]HKQ 'LH /DPDURQHU ZDUHQ EHU HLQHQ 0HWHU JUR XQG VDKHQ WDWVlFKOLFK WHUUDQLVFKHQ :HVSHQlKQOLFKQXUZDUHQLKUHGXUFKVFKHLQHQGHQ)OJHOYHUNPPHUW6LHEHVDHQ VHFKV %HLQSDDUH DXI GHQ EHLGHQ KLQWHUHQ UXKWHQ VLH GLH EHLGHQ YRUGHUHQ ZDUHQ DEJHZLQNHOW XQG DQ GHQ NXU]HQ FKLWLQJHSDQ]HUWHQ 2EHUN|USHU JHSUHW 'HU 8QWHUN|USHU ZDU XQYHUKlOWQLVPlLJ ODQJ XQG JHNUPPW XQG JHOEEUDXQ JHVWUHLIW 6LHKDWWHQHLQH+DOWXQJHLQJHQRPPHQDOVVHLHQVLHDXIGHP6SUXQJXPMHGHU]HLW IOFKWHQ]XN|QQHQ ,KUH .|SIH ZDUHQ IDVW NXJHOI|UPLJ JHJHQ GLH ULHVLJHQ KHUYRUWUHWHQGHQ )DFHWWHQDXJHQ ZLUNWHQ GLH 0XQGZHUN]HXJH IDVW YHUNPPHUW 'LH ODQJHQ GQQHQ XQGDEJHZLQNHOWHQ)KOHUYLEULHUWHQOHLFKW 6LH VWDQGHQ HQWODQJ GHV :DOGUDQGV XQG ZDUHQ ZLOONUOLFK YHUWHLOW ZLH 6SD]LHUJlQJHUGLH]XIlOOLJYRUEHLJHNRPPHQZDUHQXQGQXQYRUGHP$QEOLFNHLQHV HLQPDOLJHQ6FKDXVSLHOVLQ(UJULIIHQKHLWHUVWDUUWHQ :DOW\XQG3LOJUDPQlKHUWHQVLFKLKQHQJHPHVVHQHQ6FKULWWHVXQGZDUHQVFKRQELV DXI]HKQ0HWHUKHUDQ'DKREGHU;HQRORJHGLH+DQGXQGKLHOWDQ:DOW\WDWHVLKP JOHLFK,FKVFKULWWUDVFKHUDXVXP]XLKQHQDXI]XVFKOLHHQXQGLKQHQ)UVW/DYRUGV 5DWVFKOlJH]XEHUEULQJHQ ³:DV LVW *HUU\" HUNODQJ $QQHP\V 6WLPPH DXV GHP )XQNJVSUHFKJHUlW ³:DUXP PHOGHQ6LHVLFKQLFKW" ,FKVFKDOWHWHGHQ7RQOHLVHUKREGDV*HUlWDQGHQ0XQGXQGEHULFKWHWHIOVWHUQG GD ELV MHW]W QRFK QLFKWV ZHLWHU SDVVLHUW ZDU DOV GD VLFK GLH EHLGHQ 3DUWHLHQ DEZDUWHQGJHJHQEHUVWDQGHQ ³6R VROO HV EOHLEHQ VDJWH $QQHP\ ³%HVFKUlQNW HXFK DXI HLQH K|IOLFKH DEHU NQDSSH%HJUXQJXQGJHKWGDQQZLHGHUHXUHU:HJH'LH9HVSDHUZHUGHQVFKRQ YRQVHOEVWNRPPHQZHQQVLHHQJHUHQ.RQWDNWZQVFKHQ ³,FKZHUGHHVZHLWHUJHEHQYHUVSUDFKLFK *HUDGHDOVLFK:DOW\XQG3LOJUDPHUUHLFKWHKREGHU;HQRORJHGLH$UPH]XHLQHU WKHDWUDOLVFKHQ *HVWH GLH DQPXWHWH DOV ZROOH HU GLH /DPDURQHU DOOH JOHLFK]HLWLJ XPDUPHQ'D]XVDJWHHUPLWIHLHUOLFKHU6WLPPH ³:HQQLKU/DPDURQHUVHLGGLH+HUUHQGLHVHU:HOWGDQQELWWHQZLUHXFKXPHXUH

*DVWIUHXQGVFKDIW:LUNRPPHQLQ)ULHGHQXQGHQWELHWHQHXFKGLHEHVWHQ:QVFKH XQG*UHGHU0HQVFKKHLW (U YHUVWXPPWH ZHLO GLH ZHVSHQlKQOLFKHQ ,QVHNWHQZHVHQ DXI VHLQH :RUWH EHUKDXSWQLFKWUHDJLHUWHQ'DVYHUXQVLFKHUWHGHQ;HQRORJHQXQGHUUlXVSHUWHVLFK XQGIJWHKLQ]X ³:HQQ ,KU ,QWHUNRVPR QLFKW EHKHUUVFKW GDQQ PDFKW GDV QLFKWV :LU KDEHQ HLQ hEHUVHW]XQJVJHUlWPLWJHEUDFKWGDVHXUH6SUDFKHLQGLHXQVULJHEHUVHW]W(UKRE GHQ WUDJEDUHQ 7UDQVODWRU KRFK GDPLW DOOH 9HVSDHU LKQ VHKHQ NRQQWHQ PDFKWH HLQLJH6FKULWWHQDFKYRUQHVWHOOWHLKQDXIGHPPRRVLJHQ%RGHQDEXQGNHKUWHDXI VHLQHQ3ODW]]XUFNGDEHLVDJWHHUMHGHV:RUWEHWRQHQG³-HW]WN|QQWLKUVSUHFKHQ 6DJWLUJHQGHWZDV ³:HUVSULFKWGHQQGD"3LOJUDP"PHOGHWHVLFK$QQHP\ZLHGHU³6DJHQ6LHGLHVHP ,GLRWHQGDHUVLFKGLHVHQ6FKPXVVSDUHQNDQQ'LH9HVSDHU $QQHP\V 6WLPPH YHUVWXPPWH DXI HLQPDO XQG DOOH PHLQH 9HUVXFKH GLH 9HUELQGXQJ ZLHGHU KHU]XVWHOOHQ ZDUHQ YHUJHEOLFK $XV GHP )XQNJHUlW NDPHQ QLFKWHLQPDO6W|UJHUlXVFKH 'DIUNDP%HZHJXQJLQGLH/DPDURQHU]XPLQGHVWLQHLQLJHYRQLKQHQ:lKUHQG GLHHLQH+lOIWHLQ%HZHJXQJVORVLJNHLWYHUKDUUWHQlKHUWHQVLFKGLHDQGHUHQIQIDXI LKUHQYLHU%HLQSDDUHQODQJVDPGHPYHUZDLVWHQ7UDQVODWRU ³$K LFK JODXEH VLH KDEHQ YHUVWDQGHQ VDJWH 3LOJUDP ]XIULHGHQ ³(V ZlUH VLFKHUOLFK NOXJ HLQIDFK GUDXIORV]XVSUHFKHQ XP VLH HEHQIDOOV GD]X ]X DQLPLHUHQ 'DVLVWHLQHDOWEHZlKUWH0HWKRGHEHLGHUHUVWHQ.RQWDNWDXIQDKPHPLW)UHPGZHVHQ ³1HLQVFKDOWHWHLFKPLFKUDVFKHLQXQGEHULFKWHWHZDVPLU$QQHP\JHUDWHQKDWWH ,FKVFKOR³:LUVROOHQXQVDXIHLQHHLQIDFKH%HJUXQJVIRUPHOEHVFKUlQNHQXQG GDQQZDUWHQELVGLH/DPDURQHUYRQVLFKDXVNRPPHQ ³3DSSHUODSDSS VDJWH 3LOJUDP ³,FK ELQ GHU ;HQRORJH XQG ZHL ZDV LQ VROFKHQ )lOOHQ]XWXQLVW ³,FK NDQQ $QQHP\ DXFK QLFKW EHLVWLPPHQ VDJWH :DOW\ ³(V ZlUH GHQ 9HVSDHUQ JHJHQEHUXQK|IOLFKVLHHLQIDFK]XLJQRULHUHQ6HKWQXUVLHKDEHQGHQ7UDQVODWRU HUUHLFKWXQGVFKHLQHQEHUDXVLQWHUHVVLHUW+HZDVPDFKWLKUGD 'HU DEVFKOLHHQGH HPS|UWH $XVUXI JDOW GHQ IQI /DPDURQHUQ GLH GHQ 7UDQVODWRU HUUHLFKW KDWWHQ XQG PLW LKUHQ YRUGHUHQ ([WUHPLWlWHQ XQG LKUHQ )KOHUQ EHWDVWHWHQ (LQHU YRQ LKQHQ HUJULII GDV hEHUVHW]XQJVJHUlW SO|W]OLFK XQG VFKOHXGHUWH HV ZHLW KLQWHUVLFK(VODQGHWHLUJHQGZRLP*HlVWGHU%lXPH ³:DVZLUPDFKHQ"VDJWHGHUYRUGHUVWH/DPDURQHUGHUGHQ7UDQVODWRUKLQWHUVLFK JHVFKOHXGHUW KDWWH PLW ]LUSHQGHU 6WLPPH DEHU LQ UHLQVWHP XQG IHKOHUIUHLHP ,QWHUNRVPR³:LUVLQG]XHXUHU%HJUXQJJHNRPPHQ,FKKHLH=HPED6RKDEHQ PLFK HXUH $UWJHQRVVHQ JHQDQQW PLW GHQHQ LFK IUKHU %HNDQQWVFKDIW JHVFKORVVHQ KDEHZHLOVLHPHLQHQ1DPHQQLFKWULFKWLJDXVVSUHFKHQNRQQWHQ8QGZHUVHLGLKU" :DVZROOWLKU"

³:LUVLQGEHJDQQHQ:DOW\XQG3LOJUDPZLHDXVHLQHP0XQG6LHYHUVWXPPWHQ XQGVDKHQHLQDQGHUEHWURIIHQDQ(VZDU:DOW\GHUVLFKUDVFKHUIDWHXQGGDV:RUW HUJULII ³:LUVLQG)UHLKlQGOHUXQG.ROOHJHQMHQHU0HQVFKHQGLHIUKHUVFKRQ.RQWDNWPLW HXFK DXIJHQRPPHQ KDEHQ HUNOlUWH :DOW\ ³8QG ZLU VLQG JHNRPPHQ XP GDV :HUNIRUW]XVHW]HQGDVGLHDQGHUHQEHJRQQHQKDEHQ ³:HOFKHV:HUN"HUNXQGLJWHVLFK=HPED ³%LVWGXGHQQQLFKWGDUEHULQIRUPLHUWGDPHLQH9RUJlQJHUPLWGHLQHP9RONXQG GHQ /DPDURQHUQ EHUKDXSW 9HUKDQGOXQJHQ EHU +DQGHOVEH]LHKXQJHQ JHIKUW KDEHQ"IUDJWH:DOW\]XUFN ³$FKGDVPHLQVWGX'HU9HVSDHUSXW]WHVLFKPLWGHQYRUGHUHQ([WUHPLWlWHQGLH 0XQGZHUN]HXJH³6RYLHOLFKZHLLVWGDEHLDEHUQLFKWYLHOKHUDXVJHNRPPHQZHLO GHLQH9RUJlQJHUZLHKLHHQVLHGRFKJOHLFK" ³)UVW/DPDURQHXQG)UVW/DYRUGKDOILKP:DOW\DXV ³-DJHQDXGDVZDUHQLKUH1DPHQVDJWH=HPED³8QGZLHKHLWGX" ³:DOW\.ODFNWRQGXNDQQVWPLFKDEHUDXFK)UVW7KRU3HGRQHQQHQ ³8QGZLHKlWWHVWGXHVOLHEHU" ³0LUZUGH:DOW\DOOHLQDXFKJHQJHQ ³6HKU]XYRUNRPPHQG,FKYHUODQJHYRQGLUMDDXFKQLFKWGDGXPLFKEHLPYROOHQ 1DPHQ QHQQVW :DOW\ (UVSDU HV PLU LKQ DXI]XVDJHQ GX ZUGHVW LKQ HLQHQ =XQJHQEUHFKHU QHQQHQ )HLQ GD GX JHNRPPHQ ELVW :DOW\ :LU ZHUGHQ XQV EHVWLPPWEOHQGHQGYHUVWHKHQ ³'DVKRIIHLFKDXFKVDJWH:DOW\3LOJUDPVWLHLKQDQXPDXIVLFKDXIPHUNVDP ]XPDFKHQ:DOW\PLYHUVWDQGGDVMHGRFKXQGVWLH]XUFN'DVOLHVLFK3LOJUDP MHGRFK QLFKW ELHWHQ XQG WHLOWH :DOW\ GDUDXIKLQ HLQHQ VWlUNHUHQ .QXII DXV :DOW\ ZROOWH HLQH $EZHKUEHZHJXQJ PDFKHQ GDEHL UXWVFKWH LKP MHGRFK GLH +DQG DXV XQG HU VWLH 3LOJUDP GLH )LQJHU LQ GLH $XJHQ 'HU ;HQRORJH VFKULH DXI XQG KLHOW VLFK GDV *HVLFKW :DOW\ ZROOWH VLFK EHL LKP HQWVFKXOGLJHQ VWROSHUWH GDEHL MHGRFK EHUVHLQH%HLQHVWU]WHJHJHQ3LOJUDPXQGULLKQPLWVLFK]X%RGHQ ³:DV LVW GDV IU HLQ 5LWXDO GDV GHLQH EHLGHQ $UWJHQRVVHQ GDJHUDGH YROO]LHKHQ" ZDQGWHVLFKHLQHUGHU9HVSDHUIUDJHQGDQPLFK ³'DV KDW NHLQH WLHIHUH %HGHXWXQJ HV KDQGHOW VLFK QXU XP HLQ 0LJHVFKLFN DQWZRUWHWHLFK³6RHWZDVSDVVLHUW:DOW\|IWHUVXQGZHQQLKUOlQJHUPLWLKP]XWXQ KDEWZHUGHWLKUHXFKGDUDQJHZ|KQHQPVVHQ ³'DVZLUGXQVQLFKWVFKZHUIDOOHQHVJHIlOOWXQVVDJWHGHU/DPDURQHUYRP9RONH GHU9HVSDHU³'XNDQQVWPLFKEULJHQV/XPERQHQQHQ ³,FKELQ(GHOPDQQ*HUDOG6KDUSVWHOOWHLFKPLFKYRUXQGIJWHLQ(ULQQHUXQJGHU 7DWVDFKH GD GLH 9HVSDHU HLQH 9RUOLHEH IU NXU]H 1DPHQ KDWWHQ KLQ]X ³$EHU *HUU\JHQJWDXFK ³*HUU\JHIlOOWPLUVDJWH/XPER³(VIUHXWPLFKGLFKNHQQHQ]XOHUQHQ:LHJHIlOOW GLUGLHVH:HOW"

³(VLVWHLQVFK|QHU3ODQHWVDJWHLFK ³2 MD GDV LVW HU ZLUNOLFK VWLPPWH /XPER ]X ³+LHU OlW HV VLFK VFKRQ OHEHQ .|QQWHVWGXGLUYRUVWHOOHQDXIGLHVHU:HOW]XEOHLEHQ" ³'DVN|QQWHLFKGXUFKDXVVDJWHLFKPLWHLQHP6HLWHQEOLFN]X:DOW\XQG3LOJUDP GLHVLFKLPPHUQRFKDXIGHP%RGHQEDOJWHQRKQHHVHLJHQWOLFK]XZROOHQ:DOW\ NDP JHUDGH DXI GLH %HLQH XQG ZROOWH GHP ;HQRORJHQ EHLP $XIVWHKHQ EHKLOIOLFK VHLQQDKPVLFKDEHUVRYLHO6FKZXQJGDVLHEHLGHDXIGLHDQGHUH6HLWHILHOHQ0LU ZDULKUXQJHVFKLFNWHV9HUKDOWHQJHJHQEHUGHQ9HVSDHUQHLQZHQLJSHLQOLFK$EHU GLHVHVDKHQGHQYHUJHEOLFKHQ%HPKXQJHQGHUEHLGHQLQWHUHVVLHUW]X ³7DWVlFKOLFK" VDJWH /XPER HUVWDXQW ³'DQQ NRPP PLW PLU ,FK IKUH GLFK ]X HLQHP3ODW]ZRGXGLFKQLHGHUODVVHQN|QQWHVW ³'DV NDQQ LFK QLFKW VDJWH LFK DXVZHLFKHQG ³,FK PX KLHUEOHLEHQ XQG :DOW\V %HIHKOHDEZDUWHQ ³:DUXP" ZXQGHUWH VLFK /XPER ³:DOW\ LVW GRFK PLW GHP 8QJHVFKLFNOLFKNHLWV 5LWXDOEHVFKlIWLJW ³7URW]GHP VDJWH LFK QXU XQG IKOWH PLFK XQWHU GHP VWDUUHQ %OLFN DXV /XPERV )DFHWWHQDXJHQXQEHKDJOLFK,FKZXWHQLFKWREHUPLFKK\SQRWLVLHUHQZROOWHRGHU REHUPLFKQXUYHUVWlQGQLVORVDQVDK ,FKZDUHUOHLFKWHUWDOVHV:DOW\XQG3LOJUDPHQGOLFKJHODQJVLFKYRQHLQDQGHU]X O|VHQXQGDXIGLH%HLQH]XNRPPHQ ³,FK NDQQ )OR[HU JHQDQQW ZHUGHQ XQG P|FKWH ZLVVHQ RE LKU IHUWLJ VHLG VDJWH HLQHUGHULQWHUHVVLHUWHQ=XVFKDXHUDXVGHP.UHLVGHU/DPDURQHU :DOW\VFKHQNWHLKPHLQEHGDXHUQGHV/lFKHOQXQGPHLQWH ³'DVZDUEHVWLPPWNHLQH$EVLFKWYRQPLULFKELQHEHQQXUHLQXQYHUEHVVHUOLFKHU 7ROSDWVFK ³'DV]DKOHLFK,KQHQQRFKKHLP)UVW7KRU3HGRVDJWH3LOJUDPZWHQG ³+DEW LKU HV JHK|UW" VDJWH =HPED DQ VHLQH $UWJHQRVVHQ JHZDQGW ³-HW]W KDW GHU .DSLWDOLVWDXVLKPJHVSURFKHQ*HEWJXWDFKWGDQQN|QQWLKUZDVOHUQHQ ³:ROOW LKU YRQ XQV OHUQHQ" VFKDOWHWH VLFK 3LOJUDP VRIRUW HLQ ³:HQQ GDV HXHU :XQVFK LVW GDQQ VLQG ZLU JHUQH EHUHLW HXFK HLQLJHV EHL]XEULQJHQ :HOFKHV :LVVHQVJHELHW LQWHUHVVLHUW HXFK EHVRQGHUV" 3K\VLN" &KHPLH" :LUWVFKDIWVOHKUH" $UFKlRORJLH" 3V\FKRORJLH RGHU GLH *HELHWH GHU7HFKQLN2GHUJDUGLH;HQRORJLH GLH:LVVHQVFKDIWGLHVLFKPLWDOOHP)UHPGHQEHVFKlIWLJW" ³-DVDJWH=HPEDVFKOLFKW ³:DV GDYRQ ZROOW LKU QXQ" IUDJWH 3LOJUDP OHLFKW LUULWLHUW DEHU QLFKW RKQH HLQHQ JHZLVVHQ7ULXPSKLQGHU6WLPPH(UZDQGWHVLFK:DOW\]XXQGVDJWH³+DEHQ6LH HV JHK|UW ZDV GLH /DPDURQHU ZROOHQ (V LVW :LVVHQ 'DV LVW GLH :DUH GLH ZLU LKQHQ LP $XVWDXVFK IU LKUH %RGHQVFKlW]H JHEHQ N|QQHQ 'DV LVW ZDV VLH EUDXFKHQ6WLPPWHV=HPED" ³-DVDJWHGHU9HVSDHUZLHGHU

³6RHLQIDFKLVWGDVZHQQPDQHLQHQ)DFKPDQQ]XP=XJHNRPPHQOlW/DPDURQH XQG /DYRUG ZDUHQ HEHQ /DLHQ GLH GLH ZDKUH 1DWXU GHV 3UREOHPV QLFKW HUNDQQW KDEHQXQGGHVKDOEJHVFKHLWHUWVLQG:RUDXIZDUWHQ6LHGHQQQRFK:DOW\",FKKDEH XQWHU GHQ /DJHUEHVWlQGHQ HLQHQ 3V\FKRVFKXOHU JHVHKHQ 6FKOLHHQ 6LH LKQ DQ GLH $WRPEDWWHULHQDQXQGODVVHQ6LHLKQKHUEULQJHQ 0LU ILHO ZLHGHU DXI GD GHU ;HQRORJH VWHWV GDQQ ³:DOW\ VDJWH ZHQQ HU VFKPHLFKHOQZROOWHXQGQXU]XGHPI|UPOLFKHUHQ³)UVW7KRU3HGRJULIIXPVHLQH 9HUDFKWXQJDXV]XGUFNHQ ³,FKZHLQLFKWUHFKWPHLQWH:DOW\]|JHUQG³:LUVROOWHQYLHOOHLFKWGRFKEHVVHU GLH 0HWKRGH GHU NOHLQHQ 6FKULWWH DQZHQGHQ $XFK NOHLQH *HVFKHQNH HUKDOWHQ GLH )UHXQGVFKDIW ³+DEWLKUHVJHK|UW"]LUSWH=HPED³3DWJXWDXIGDQQOHUQWLKUIUV/HEHQ ³,FK EHUQHKPH JHUQH GLH 9HUDQWZRUWXQJ )UVW 7KRU 3HGR HUNOlUWH 3LOJUDP ³:HQQGLH/DPDURQHULKUH=XVWLPPXQJJHEHQGDQQVWHKWHLQHU%HKDQGOXQJXQWHU GHP3V\FKRVFKXOHUQLFKWVLP:HJH%LVWGXEHUHLW=HPED" ³$EHU JHZL VDJWH GHU 9HVSDHU ³*URH RGHU NOHLQH *HVFKHQNH XQV LVW DOOHV UHFKW :DOW\JDEQDFKXQGEHIDKO0DOLNGHUPLWGHQDQGHUHQLP+LQWHUJUXQGVWDQGGHQ 3V\FKRVFKXOHU LQV )UHLH ]X EULQJHQ ,FK HULQQHUWH PLFK LQ GLHVHP $XJHQEOLFN GXQNHO HLQHV $XVVSUXFKV YRQ 5RL 'DQWRQ GD 0HQVFKHQ XQG /DPDURQHU ELVKHU DQHLQDQGHU YRUEHLJHUHGHW KDWWHQ REZRKO GLH %HUHLWVFKDIW ]XU 9HUVWlQGLJXQJ DXI EHLGHQ6HLWHQQLFKWEHVVHUKlWWHVHLQN|QQHQ,FKKDWWHGDV*HIKOGDGLHVJHUDGH YRQ:DOW\3LOJUDPXQG=HPEDEHVWHQVGHPRQVWULHUWZXUGH :lKUHQG GLH .ODFNWRQHU LP 6WW]SXQNW YHUVFKZDQGHQ XP GHQ 3V\FKRVFKXOHU ]X KROHQHUVFKLHQ2WWRDXIGHU/LFKWXQJ'LH9HVSDHUZDQGWHQGHP3HO]ZHVHQVRIRUW LKUH$XIPHUNVDPNHLW]X'DEHLYHUILHOHQVLHZLHGHULQMHQHJHGXFNWH+DOWXQJGLH DQ 6SUXQJEHUHLWVFKDIW HULQQHUWH ZLH VLH VLH DQIDQJV DXFK XQV JHJHQEHU HLQJHQRPPHQ KDWWHQ 8QG ZLH EHL XQV YHUILHOHQ VLH DXFK DQJHVLFKWV 2WWRV LQ %HZHJXQJVORVLJNHLWLKUH.|USHUHUVWDUUWHQI|UPOLFK ³,QWHUHVVDQW VWHOOWH 3LOJUDP IHVW ³'LHVH 5HJORVLJNHLW VFKHLQW ]X HLQHU $UW %HJUXQJVULWXDO]XJHK|UHQ,FKZUGHHVHLQHP8ULQVWLQNW]XVFKUHLEHQGHULKQHQ DXV GHQ SULPLWLYVWHQ $QIlQJHQ HUKDOWHQ JHEOLHEHQ LVW )UKHU ZDU GDV JHZL HLQH $UW 7RWVWHOOHQ DOOHP )UHPGHQ JHJHQEHU $XFK KHXWH QRFK VLJQDOLVLHUW GLHVH +DOWXQJ 9RUVLFKW DOOHP 1HXHQ JHJHQEHU EHGHXWHW DEHU JOHLFK]HLWLJ DXFK 9HUHKUXQJ ³:R ZDUVW GX GHQQ GLH JDQ]H =HLW 2WWR" EHVFKZHUWH VLFK :DOW\ EHL GHP 3HO]ZHVHQ ³'X KlWWHVW XQV PLW GHLQHP 7ZLO] EHL GHU .RQWDNWDXIQDKPH EHU GLH $QIDQJVVFKZLHULJNHLWHQKLQZHJKHOIHQN|QQHQ ³,FKOHLGHLPPHUQRFKXQWHUGHQ1DFKZLUNXQJHQGHV1HNWDUVHUZLGHUWH2WWR³,FK KDEHHXFKEHREDFKWHWXQGDXFKRKQHPHLQHQ7ZLO]HUNDQQWGDLKUVRQLFKWZHLW

NRPPHQZHUGHW0LWGHP3V\FKRVFKXOHUHUUHLFKWLKUJDUQLFKWV ³,FKELQDXFKVNHSWLVFKEHJDQQ:DOW\DEHU3LOJUDPVFKQLWWLKPGDV:RUWDE ³8QGZLHVRQLFKW"IUDJWHHUIHLQGVHOLJ ³'LH 9HVSDHU ZROOHQ ]ZDU OHUQHQ XQG XPIDVVHQGHV :LVVHQ HUODQJHQ DQWZRUWHWH 2WWR ³$EHU GLHVHV ZROOHQ VLH VLFK VHOEVW HUDUEHLWHQ $XHUGHP ZLUG HV VLH ZRKO NDXP LQWHUHVVLHUHQ ZDV GLH 6SHLFKHUSURJUDPPH GHV +\SQRVFKXOHUV HQWKDOWHQ +DEWLKUGHQQQLFKWJHPHUNWGDVLHHXFKXQVDOOHHUIRUVFKHQZROOHQ"(VLVWLKU %HVWUHEHQXQVYHUVWHKHQ]XOHUQHQZLHZLUVLH]XYHUVWHKHQYHUVXFKHQ,VWHVQLFKW VR=HPED" 'HU9HVSDHUUKUWHVLFKQRFKLPPHUQLFKW2IIHQEDUKDWWHHUGLHQHXHQ(LQGUFNH GLH LKP GXUFK 2WWRV $XIWDXFKHQ YHUPLWWHOW ZXUGHQ QRFK QLFKW JHQJHQG YHUDUEHLWHW XP VLFK UKUHQ ]X N|QQHQ 2GHU DEHU ZHQQ PDQ VLFK DQ 3LOJUDPV ,QWHUSUHWDWLRQKLHOWGLHPLUMHGRFKDOV]XNRQVWUXLHUWHUVFKLHQGDV%HJUXQJVULWXDO ZDUQRFKQLFKWDEJHVFKORVVHQ ³/DLHQJHZlVFK VDJWH 3LOJUDP DEIlOOLJ ]X2WWR6HLQH0LHQHHUKHOOWHVLFKMHGRFK VRIRUW DOV GLH .ODFNWRQHU PLW HLQHP WRQQHQVFKZHUHQ *HUlW LP $XVJDQJ GHV 6WW]SXQNWV HUVFKLHQHQ 6LH KDWWHQ GHQ +\SQRVFKXOHU DXI HLQH $QWLJUDY3ODWWIRUP JHODGHQ VR GD HU HLQHQ 0HWHU EHU GHP %RGHQ VFKZHEWH 3LOJUDP VDJWH VHOEVWJHIlOOLJ³-HW]WZHUGHLFKJOHLFKGLH5LFKWLJNHLWPHLQHU7KHRULHLQGHU3UD[LV EHZHLVHQN|QQHQ1DQX" 6HLQ EHUUDVFKWHU $XVUXI JDOW GHQ /DPDURQHUQ GLH SO|W]OLFK DXV LKUHU 6WDUUH HUZDFKWHQ XQG LQ ZLOGHU 3DQLN GDYRQVWREHQ 'DEHL OLHHQ VLH LKUH YHUNUPPWHQ )OJHO DXIJHUHJW VFKZLUUHQ JDEHQ DEHU VRQVW NHLQHQ /DXW YRQ VLFK 6HNXQGHQ VSlWHUZDUHQVLHLP'VFKXQJHOYHUVFKZXQGHQ ³:DVLVWGHQQDXIHLQPDOLQGLHVH:LOGHQJHIDKUHQ"ZXQGHUWHVLFK3LOJUDP ³$EJHVHKHQ GDYRQ GDGLH 9HVSDHU DOOHV DQGHUH DOV :LOGH VLQG PWHQ 6LH VLFK GLH$QWZRUWVHOEVWJHEHQN|QQHQVDJWH2WWR³(ULQQHUQ6LHVLFKGD)UVW/DYRUG GLHXQHUNOlUOLFKH$QJVWGHU/DPDURQHUYRUDOOHPZDVIOLHJWRGHUIlKUWHUZlKQWH ³2WWR KDW UHFKW VDJWH :DOW\ EHNPPHUW ³'HU $QEOLFN GHV VFKZHEHQGHQ 3V\FKRVFKXOHUVPXVLHYHUMDJWKDEHQ ³,VWGDVQLFKWHLQ=HLFKHQLKUHU3ULPLWLYLWlW"VDJWH3LOJUDP³$EHULFKELQVLFKHU GD VLH LKUH )XUFKW ODQJVDP DEEDXHQ ZHUGHQ XQG ]XUFNNRPPHQ %LV GDKLQ VWHKW GHU 3V\FKRVFKXOHU DXI VHLQHP 3ODW] XQG ZLUG VHLQH 6FKUHFNHQ IU GLH /DPDURQHU YHUORUHQ KDEHQ :DOW\ ZROOWH HWZDV HLQZHQGHQ DEHU 3LOJUDP OLH LKQ QLFKW ]X :RUWNRPPHQXQGIXKUPLWHUKREHQHU6WLPPHIRUW³$OVZLVVHQVFKDIWOLFKHU/HLWHU GLHVHV 8QWHUQHKPHQV EHVWHKH LFK DXI GHU 'XUFKIKUXQJ GLHVHV ([SHULPHQWV 'LH /DPDURQHU ZROOHQ :LVVHQ XQG VLH VROOHQ HV YRQ XQV EHNRPPHQ $OV *HJHQOHLVWXQJ YHUODQJHQ ZLU GLH 6FKUIUHFKWH DXI LKUHU :HOW 6R XQG QXU VR ZLUG GDV+DQGHOVDENRPPHQ]XVWDQGHNRPPHQ

'DV )XQNVSUHFKJHUlW VFKOXJ DQ XQG LFK PHOGHWH PLFK (V ZDU $QQHP\ GLH VLFK QLFKW ZHLWHU EHU GHQ )XQNDXVIDOO ZXQGHUWH 6LH OLHIHUWH PLU DXFK VRIRUW GLH (UNOlUXQJ ³)UVW /DYRUG VDJW GD VROFKH 3KlQRPHQH DXI /DPDURQH DQ GHU 7DJHVRUGQXQJ VLQG (LQH (UNOlUXQJ KDW PDQ QRFK QLFKW JHIXQGHQ PDQ PX VLFK HEHQ GDPLW DEILQGHQ:LHVLHKWHVEHLHXFKDXV*HUU\" ,FK VFKLOGHUWH LKU GHQ 9RUIDOO PLW GHPVFKZHEHQGHQ 3V\FKRVFKXOHU XQG $QQHP\ EHVWlWLJWH PLU QDFK 5FNIUDJH EHL )UVW /DYRUG GD QLFKWV DQGHUHV IU GLH 3DQLN GHU9HVSDHUYHUDQWZRUWOLFKVHL ³$EHU ZHQLJVWHQV LVW HXFK 6FKOLPPHUHV HUVSDUW JHEOLHEHQ VDJWH $QQHP\ ³'LH 9HVSDHU ZHUGHQ QLFKW ZLHGHUNRPPHQ 6LH ZHUGHQ KHLPNHKUHQ XQG EHULFKWHQ XQG GLH9HUWUHWHUGHU]ZHLWHQ9RONVJUXSSHDXIGHQ:HJVFKLFNHQ)UVW/DYRUGQHQQW GLHVH /DPDURQHU *U\OODHU ZHLO VLH *ULOOHQ lKQOLFK VHKHQ VROOHQ 6LH VLQG K|KHUHQWZLFNHOWDOVGLH9HVSDHUXQGVFKHLQHQLQGHU+LHUDUFKLHGHV6HFKV9|ONHU 6WDDWHV DXI GHU ]ZHLWXQWHUVWHQ 6WXIH ]X VWHKHQ %LVKHU ZDU HV QDFK $XVVDJH YRQ )UVW /DYRUG LPPHU VR GD VLH DXI GLH 9HVSDHU IROJWHQ $XFK EHL GHQ *U\OODHUQ JLOWHV9RUVLFKWZDOWHQXQGLKQHQQLFKW]XYLHOH)UHLKHLWHQ]XODVVHQ ³,FKZHUGHHVZHLWHUJHEHQYHUVSUDFKLFK ³,FKZHLHWZDV%HVVHUHVJHEHQ6LHPLU:DOW\ ,FK EHUUHLFKWH GDV )XQNVSUHFKJHUlW DQ :DOW\ (U QDKP HV PLW YRU 1HUYRVLWlW ]LWWHUQGHQ+lQGHQDQVLFKXQG]RJVLFKGDPLWKLQWHUGHQ3V\FKRVFKXOHU]XUFNXP VLFK XQEHODXVFKW XQWHUKDOWHQ ]X N|QQHQ 'DEHL PXWH LKP NODU VHLQ GD HU YRQ $QQHP\ HLQH 6WDQGSDXNH ]X HUZDUWHQ KDWWH ,FK YHUVWDQG ]ZDU QLFKW ZDV VHLQH *HIlKUWLQ LKP PLWWHLOWH DEHU GDUDQ GD HU QLFKW YLHO PHKU DOV HLQH VWlQGLJH :LHGHUKROXQJGHU9HUVLFKHUXQJYRQVLFKJDEGDHUGLHVWXQXQGVLFKGDUDQKDOWHQ ZHUGHJLQJKHUYRUGDVLHLKPHLQLJHV]XVDJHQKDWWH $OV HU QDFK HLQHU :HLOH KLQWHU GHP 3V\FKRVFKXOHU KHUYRUNDP PDFKWH HU HLQHQ ]HUNQLUVFKWHQ(LQGUXFN ³:LU ZHUGHQ EHLP QlFKVWHQ .RQWDNW PLW /DPDURQHUQ YRUVLFKWLJHU VHLQ PVVHQ VDJWHHU (UWDWPLUHLQZHQLJOHLGXQGDPOLHEVWHQKlWWHLFKLKP]XP7URVWPLWJHWHLOWZDV $QQHP\ PLU EHU LKUH *HIKOH ]X LKP DQYHUWUDXW KlWWH $EHU GDV ZlUH LKU JHJHQEHU QLFKW IDLU JHZHVHQ XQG DXHUGHP ZXWH :DOW\EHVWLPPWDXFKVRZLH VLHLQ:LUNOLFKNHLW]XLKPVWDQG8QGHLJHQWOLFKVRVDJWHLFKPLUZDUHUQLFKW]X EHGDXHUQVRQGHUQ]XEHQHLGHQ ,PPHUKLQ VWDQG $QQHP\ VFKRQ VHLW ZHLW EHU HLQHU *HQHUDWLRQ WUHX ]X LKP XQG ZHQQVLHWURW]YLHOHUDQJHVWUHQJWHU9HUVXFKHQLFKWYRQLKPORVNDPGDQQZDUGDV HLQGLFNHV.RPSOLPHQWIULKQ

$EHU HU ZDU HEHQ QLFKW GHU 7\S GHQ HLQH )UDX DQKLPPHOWH ZLH VHKU VLH DXFK DQ LKPKLQJ0LUILHOHLQH(SLVRGHDXVHLQHU*HVFKLFKWHHLQGLHLQDOWHU=HLWVSLHOWH 'DULQ JLQJ HV XP HLQ 0lGFKHQ XQG LKUHP OLHEVWHQ 6SLHO]HXJ HLQ 6WRIIWLHU 7HGG\El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|UWHLFK)UVW/DYRUGLP+LQWHUJUXQGVRXIIOLHUHQ ³'LH ,GHH LVW QLFKW QHX IU PLFK DEHU VROO3LOJUDPVHLQHQ:LOOHQKDEHQHUZLUG XPHLQH(UIDKUXQJUHLFKHUZHUGHQ 9RQGHQ*HVFKHQNHQGLH:DOW\IUGLH/DPDURQHULQGHU1lKHGHV3V\FKRVFKXOHUV EHUHLWJHVWHOOW KDWWH VDJWH LFK $QQHP\ QLFKWV (U EDW PLFK QLFKW GLUHNW GDUXP GDUEHU ]X VFKZHLJHQ DEHU LFK PHUNWH GD HV LKP OLHEHU ZDU $QQHP\ NHLQH 5HFKHQVFKDIWDEOHJHQ]XPVVHQ ,FK IDWH PHLQHQ /DJHEHULFKW LQ GHU EQGLJHQ )RUPHO ³.HLQH EHVRQGHUHQ 9RUNRPPQLVVH]XVDPPHQ'DIUKDWWH$QQHP\PLWHLQHU1HXLJNHLWDXI]XZDUWHQ GLHIUPLFKSHUV|QOLFKJDUQLFKWVRQHXZDUZHLOLFKHWZDVbKQOLFKHVJHDKQWKDWWH ³:LU NHQQHQ MHW]W )UVW /DYRUGV 1HNWDU4XHOOH VLH KHLW %LOO\.RQIX]LXV EHULFKWHWH $QQHP\ ³.ODFNWRQ KDW GHQ *DXFKRURERWHU LP 1HNWDUUDXVFK QLFKW QXU XPSURJUDPPLHUW VRQGHUQ DXFK XPJHEDXW 6HLQ DXVJHK|KOWHU .|USHU LVW HLQ HLQ]LJHV1HNWDUIDGDVQXUYRQ)UVW/DYRUGDQJH]DSIWZHUGHQNDQQ ³'DV EHVWlWLJW GRFK :DOW\ DOV ,QVWLQNWKDQGOHU YHUWHLGLJWH LFK PHLQHQ )UHLIDKUHUIUVWHQ³(UKDWXQEHZXWHUNDQQWGD/DYRUGQXUXQWHUGHU:LUNXQJGHV JHJRUHQHQ 1HNWDUV VHLQH YROOH /HLVWXQJ HUEULQJW XQG KDW %LOO\ DOV 1HNWDUVSHQGHU HLQJHULFKWHW ³0HLQHWZHJHQVDJWH$QQHP\³$EHUZHQQ6LHVFKRQGDEHLVLQGGDQQVXFKHQ6LH DXFK JOHLFK QDFK HLQHU (UNOlUXQJ ZDUXP %LOO\ JOHLFK]HLWLJ DXFK 3KLORVRSK VHLQ PX $OVGLHQlFKVWH0HOGXQJIlOOLJZDUKHUUVFKWHZLHGHUGDV3KlQRPHQGHUDEVROXWHQ )XQNVWLOOH 8QG NXU] GDUDXI WDXFKWHQ DXFK VFKRQ GLH *U\OODHU DXI (LQHU GHU ZDFKHVFKLHEHQGHQ.ODFNWRQHUHQWGHFNWHVLHXQGVFKOXJVRIRUW$ODUP

:LU VWU]WHQ LQV )UHLH XQG VDKHQ GD KLQWHU GHP 3V\FKRVFKXOHU HLQLJH GXQNOH *HVWDOWHQDXIJHWDXFKWZDUHQ=XHUVWZDUHQHVQXUIQIRGHUVHFKVDEHUHVZXUGHQ LPPHUPHKU-HGHVPDOZHQQHVLP8QWHUKRO]DP:DOGUDQGUDVFKHOWHWDXFKWHHLQHV GHU5LHVHQLQVHNWHQDXIXQGVSUDQJPLWHLQHPJHZDOWLJHQ6DW]DXIGLH/LFKWXQJ 'RUWYHUKDUUWHQVLHLQHLQHUlKQOLFKHQ6WHOOXQJZLHYRUKHUGLH9HVSDHU6LHZDUHQ JU|HUEHU0HWHUKDWWHQVWlUNHUH.|USHUGLH]XGHPDXFKQLFKWGXUFKHLQH 7DLOOH LQ 2EHU XQG 8QWHUOHLE XQWHUWHLOW ZDUHQ 'XUFK LKUH GXQNOHQ &KLWLQSDQ]HU GLH JHGUXQJHQHUHQ .|SIH PLW GHQ DXVJHSUlJWHUHQ 0XQGZHUN]HXJHQ XQG GLH VWlPPLJHUHQ ([WUHPLWlWHQ EHNDPHQ VLH HWZDV %HGURKOLFKHV ,FK GDFKWH XQZLOONUOLFKGDUDQPLFK]XEHZDIIQHQEHUZDQGGDQQPHLQH)XUFKWDEHUGRFK DOVLFKVDKGD3LOJUDPXQG:DOW\VLFKLKQHQXQHUVFKURFNHQQlKHUWHQ $QIDQJV EHZHJWHQ VLFK GLH EHLGHQ .RQWUDKHQWHQ ODQJVDP YRUZlUWV XP GLH ,QVHNWHQZHVHQQLFKW]XHUVFKUHFNHQ$EHUGDQQZXUGHQVLHLPPHUVFKQHOOHUVRDOV J|QQHHLQHUGHPDQGHUHQQLFKWDOVHUVWHUDP=LHO]XVHLQ6FKOLHOLFKYHUILHOHQVLH VRJDU LQ /DXIVFKULWW XQG KlWWHQ LQ LKUHP EOLQGHQ (LIHU YHUPXWOLFK GLH *U\OODHU XPJHUDQQWZlUH:DOW\QLFKWHLQ0LJHVFKLFNSDVVLHUW(UYHUKHGGHUWHVLFKPLWGHQ HLJHQHQ%HLQHQXQGILHOGHU/lQJHQDFKKLQ'DGXUFKHUUDQJ3LOJUDPHLQHQELOOLJHQ 6LHJ (UKLHOWHLQLJH6FKULWWHYRUGHQ,QVHNWHQZHVHQDQXQGULHI ³:LOONRPPHQ )UHXQGH :LOONRPPHQ LKU /DPDURQHU YRP 9RON GHU *U\OODHU LQ XQVHUHP&DPS:LUKDEHQHXFKHUZDUWHWXQGDOOHV]XHXUHP(PSIDQJYRUEHUHLWHW :LU NHQQHQ HXUH %HGUIQLVVH XQG HXUH :QVFKHXQGZHUGHQEHPKWVHLQGDUDXI HLQ]XJHKHQ 'LH6WDUUHILHOYRQGHQ*ULOOHQlKQOLFKHQDE6LHHUKREHQVLFKDXILKUH+LQWHUEHLQH XQGNDPHQUDVFKKHUDQJHVWHO]W ³,FKELQ/DQFHOVDJWHGHU*U\OODHUDQGHU6SLW]H ³3ULPDGDLKUYRUEHUHLWHWVHLGGDVHUVSDUWXQVZHQLJVWHQVODQJH(UNOlUXQJHQ0LU ZLOOVFKHLQHQGDLKUHXFKGLHVPDOZLUNOLFKDXIXQVHLQJHVWHOOWKDEW

³,FK KHLH 3LOJUDP VWHOOWH VLFK GHU ;HQRORJH YRU ³%HL DOOHU %HVFKHLGHQKHLW P|FKWHLFKEHKDXSWHQGDHVPHLQHUVHUL|VHQZLVVHQVFKDIWOLFKHQ9RUEHUHLWXQJ]X YHUGDQNHQLVWZHQQHV]XNHLQHQ0LYHUVWlQGQLVVHQXQG3DQQHQPHKUNRPPW ³$XVJH]HLFKQHWULHI/DQFHODXVGHVVHQ6WLPPHlKQOLFK]LUSHQGZDUZLHGLHHLQHV 9HVSDHUV (U GUHKWH VLFK PLW GHP JDQ]HQ .|USHU ]X VHLQHQ $UWJHQRVVHQ XP XQG VDJWH ³3DW DXI MHGHV :RUW JXW DXI GDEHL N|QQW LKU OHUQHQ ,FK JODXEH GLHVPDO NRPPHQ ZLU ZLUNOLFK HLQHQ 6FKULWW ZHLWHU (U GUHKWH VLFK ZLHGHU ]X GHP ;HQRORJHQXPXQGIUDJWH³:DVKDVWGXDOVRYRUEHUHLWHW3LOJUDP" :DOW\ KDWWH VLFK LQ]ZLVFKHQ DXIJHUDSSHOW XQG ZDU ]X GHQ YRQ LKP YRUEHUHLWHWHQ 5HLKHQYRQ*HVFKHQNHQJHJDQJHQ:LH]XP7URW]OLHHUVLFKGRUWQLHGHUXQGWDW DOV QHKPH HU YRQ GHQ *HVFKHKQLVVHQ XP LKQ NHLQH 1RWL] ,FK JHVHOOWH PLFK

]XVDPPHQPLW2WWR]XLKP ³'DVLVWHLQ3V\FKRVFKXOHUHUNOlUWH3LOJUDPVWRO]XQGVFKOXJPLWGHU+DQGDXIGLH 9HUVFKDOXQJGHV*HUlWHV³(UVWHKWIUHXFKEHUHLWXPHXFK:LVVHQ]XYHUPLWWHOQ ³'DQNH GDV LVW ZLUNOLFK ]XYRUNRPPHQG VDJWH /DQFHO ³.|QQHQ ZLU JOHLFK EHJLQQHQ" ³6HOEVWYHUVWlQGOLFK VDJWH 3LOJUDP ³'HU 3V\FKRVFKXOHU LVW HLQJHVFKDOWHW XQG HLQVDW]EHUHLW,KUPWPLUQXUVDJHQZHOFKH$UWYRQ:LVVHQLKUZQVFKW ³$OOHV VDJWH /DQFHO XQG NDP LQWHUHVVLHUW QlKHU (U EHWDVWHWH GHQ 3V\FKROVFKXOHU PLW GHQ PLWWOHUHQ XQG REHUHQ ([WUHPLWlWHQ HEHQVR ZLH PLW VHLQHQ YLEULHUHQGHQ )KOHUQ'LHDQGHUHQ*U\OODHUNDPHQHEHQIDOOVKHUDQXQGWDWHQHVLKPJOHLFK³3DW GRFK DXI HUNODQJ 3LOJUDPV HUPDKQHQGH 6WLPPH DXV GHU 0DXHU DXV JHSDQ]HUWHQ /HLEHUQ³,KUHUGUFNWPLFKVRQVWQRFK ³1LFKWQ|WLJHUNODQJHLQH]LUSHQGH6WLPPH ³$EHU LKU N|QQW QLFKW DOOH DXI HLQPDO 1LFKW VR /DQFHO 'X PXW GLHVH ,QIRUPDWLRQVKDXEH1HLQ ,FKVDKZLHGHU*UD\OODHUGLH,QIRUPDWLRQVKDXEHDQVLFKQDKPXQGNXU]GDUDQUL (UKLHOWVLHDXIHLQPDOLQGHU+DQGXQGZDUIVLHDFKWORVKLQWHUVLFK ³$EHU)UHXQGHZDVPDFKWLKUHUNODQJ3LOJUDPVYHU]ZHLIHOWH6WLPPH³:HQQLKU GHQ 3V\FKRVFKXOHU LQ VHLQH %HVWDQGWHLOH ]HUOHJW NDQQ HU HXFK NHLQ :LVVHQ YHUPLWWHOQ ³'RFK EHKDXSWHWH /DQFHO 8QG GDQQ IORJ 7HLO XP 7HLO EHU VHLQHQ .RSI XQG ODQGHWH LUJHQGZR LP 0RRV 'LH DQGHUHQ *U\OODHU YHUVXFKWHQ LKP QDFK]XHLIHUQ RKQH MHGRFK /DQFHOV )HUWLJNHLW ]X HUODQJHQ 'HQQRFK GDXHUWH HV QXU ZHQLJH 0LQXWHQ ELV GHU 3V\FKRVFKXOHU GHPRQWLHUW ZDU (LQ OHW]WHU %HVWDQGWHLO IORJ QRFK GXUFKGLH/XIWGDQQ]HUVWUHXWHVLFKGLH0HQJHGHU*U\OODHU=XUFNEOLHEHLQY|OOLJ QLHGHUJHVFKODJHQHU;HQRORJHGHUGLH:HOWQLFKWPHKU]XYHUVWHKHQVFKLHQ ³:LH VROO LFK GLHVHQ %DUEDUHQ :LVVHQ YHUPLWWHOQ ZHQQ VLH PLU GDV /HKUPLWWHO ]HUSIOFNHQULHIHU ³'DVNRQQWHQLFKWJXWJHKHQPHLQWH:DOW\ODFKHQGXQGEOLFNWHWULXPSKLHUHQGYRQ 2WWR XQG PLU ]X 0DOLN XQG GHQ DQGHUHQ .ODFNWRQHUQ GLH QHEHQ LKP $XIVWHOOXQJ JHQRPPHQKDWWHQ³'DVJ|QQHLFKGLHVHPHLQJHELOGHWHQ%HVVHUZLVVHU ³$EHU%RVDJWH0DOLNYHUVWlQGQLVORV³'LUQLFKWOHLGXPWHXUHQ/HKUKHUPDQQ" ³,KUZHUGHWGLH%HVWDQGWHLOHVSlWHU]XVDPPHQWUDJHQYLHOOHLFKWNDQQPDQQRFKZDV GDUDXV PDFKHQ PHLQWH :DOW\ OHLFKWKLQ³1HLQPLUWXWHVQLFKWOHLG'DVLVWHEHQ GLH$UWGHU*U\OODHUVLFK:LVVHQDQ]XHLJQHQ.DQQPDQHLQHP.LQGE|VHVHLQGDV HLQ6SLHO]HXJ]HUOHJWXPHVEHVVHUNHQQHQ]XOHUQHQ" ³-HW]WZHUGHQXUGXQLFKWEHUKHEOLFK:DOW\HUPDKQWH2WWR³,FKWZLO]HGDGX LP 3ULQ]LS UHFKW KDVW $EHU LFK WZLO]H DXFK GD GLU GLH *U\OODHU WURW] LKUHV 6SLHOWULHEVKDXVKRFKEHUOHJHQVLQG ³'X KDVW GHLQHQ 7ZLO] ]XUFNHUKDOWHQ" ULHI .ODFNWRQ DXV ³-D GDQQ GDV YHUHLQIDFKWGLH6DFKH2WWRGXPXW

³1XU QLFKWV EHUVWU]HQ XQWHUEUDFK LKQ GDV 3HO]ZHVHQ ³)UVW /DYRUG KDW VFKRQ UHFKW ZHQQ HU VDJW GD PDQ GLH /DPDURQHU QXU NHQQHQOHUQW ZHQQ PDQ GHQ 8PJDQJPLWLKQHQSIOHJW'DVLVWIU0HQVFKHQEHUDXVVFKZHUDEHULFKEHJLQQH ODQJVDP]XEHJUHLIHQ ³/RV2WWRYHUUDWHPLUVFKRQZDVGXKHUDXVJHIXQGHQKDVWYHUODQJWH:DOW\³:DV KDVWGXJHWZLO]W" ³-HGHU DXI VHLQH $UW VDJWH GDV 3HO]ZHVHQ DXVZHLFKHQG ³'X PXW HV HEHQ DXI GHLQH:HLVHYHUVXFKHQ 'LH *U\OODHU KDWWHQ QDFK GHU 'HPRQWDJH GHV 3V\FKRVFKXOHUV GLH (LQ]HOWHLOH XQWHUVXFKW XQG HV KDWWH GHQ $QVFKHLQ JHKDEW GD MHGHU YRQ LKQHQ MHGHQ %HVWDQGWHLO ZHQLJVWHQV HLQPDO EHIKOHQ ZROOWH -HW]W KDWWHQ VLH DEHU ZLHGHU MHGHV ,QWHUHVVHGDUDQYHUORUHQXQGNDPHQ]XUQlFKVWHQ$WWUDNWLRQ ³=XIULHGHQ PLW GHP :LVVHQ GDV LKU EHNRPPHQKDEW"HUNXQGLJWHVLFK:DOW\PLW HLQHP6HLWHQEOLFN]X3LOJUDPGHUJUROOHQGDEVHLWVVWDQG ³1HLQ HV ZDU QLFKW YLHO ZHUW VDJWH GHU YRUGHUVWH *U\OODHU EHL GHP HV VLFK YHUPXWOLFKXP/DQFHOKDQGHOWH³8QGZDVKDVWGXXPGLFKDXVJHEUHLWHW" ³+lQGH ZHJ ULHI :DOW\ EDUVFK DOV /DQFHO PLW GHQ PLWWOHUHQ ([WUHPLWlWHQ QDFK HLQHP GHU *HJHQVWlQGH JUHLIHQ ZROOWH ³'DV VLQG *HVFKHQNH IU HXFK DEHU LKU EHNRPPW VLH HUVW VSlWHU =XHUVW ZROOHQ ZLU XQV XQWHUKDOWHQ 6HW]W HXFK PDFKW HV HXFKJHPWOLFK'LH+|IOLFKNHLWVROO]XLKUHP5HFKWNRPPHQ³*XWVDJWH/DQFHO PLWVHLQHU]LUSHQGHQ6WLPPH ³:HQQHVK|IOLFKLVW]XPHLQHQ.ODXHQ+lQGH]XVDJHQGDQQZLOOLFKHVDOV(KUH EHWUDFKWHQ XQG GDV .RPSOLPHQW ]XUFNJHEHQ 'HLQH 1DVH LVW HLQH .HXOH VR ZXFKWLJXQGJHZDOWLJVRZLFKWLJXQGGHXWOLFK$EHUVHW]HQN|QQHQZLUXQVQLFKW K|FKVWHQVKRFNHQ5HGHQLVWJXWXQGEHUDXVK|IOLFK:LHJHKWHVGLU" ³'DVZLOOVWGXGRFKJDUQLFKWZLVVHQ/DQFHOHUZLGHUWH:DOW\³0LUOLHJWHEHQVR ZHQLJ ZLH GLU DQ HLQHU KDUPORVHQ 3ODXGHUHL ,FK P|FKWH PLFK PLW GLU EHU 'LQJH XQWHUKDOWHQ GLH GLFK ZLUNOLFK LQWHUHVVLHUHQ XQG DXFK EHU 'LQJH DQ GHQHQ PLU HWZDVOLHJW+DEHQZLUXQVMHW]WYHUVWDQGHQ" ³0DFKHQZLUHVGRFKVRVFKOXJ/DQFHOYRU³GDGXLPPHUGDQQHWZDVVFKHQNVW ZHQQGLUHLQH$QWZRUWJHIlOOWXQGGDLFKZDVQHKPHZHQQLFKPLWGHP]XIULHGHQ ELQZDVGXVDJVW ³(LQYHUVWDQGHQ/DQFHO 8QWHU GHQ YRQ :DOW\ KHUDQJHVFKDIIWHQ *HVFKHQNHQ EHIDQGHQ VLFK DXHU KHUN|PPOLFKHQ 7DXVFKZDUHQ ZLH 6WRIIHQ V\QWKHWLVFKHP 6FKPXFN HLQIDFKHQ +LOIVZHUNHQ XQG HEHQVR HLQIDFKHQ 6FKUHLE XQG /HUQJHUlWHQ DXFK HLQH 0HQJH .RQVWUXNWLRQHQGLHNRPSOL]LHUWXQGIUHPGDUWLJZLUNWHQXQGGHUHQ6LQQXQG=ZHFN LFKPLUHLQIDFKQLFKWGHQNHQNRQQWH,FKKlWWH]XJHUQHJHZXWZDVVLHGDUVWHOOWHQ

XQGKRIIWHGDGLH*U\OODHUGDQDFKIUDJHQZUGHQ'RFKGLHVHQ*HIDOOHQWDWHQVLH PLUQLFKW ³/DQFHU ZLU VLQG KLHU XP HXUH =LYLOLVDWLRQ ]X HUIRUVFKHQ XQG HXFK EHVVHU YHUVWHKHQ ]X OHUQHQ GDPLW XQVHUH 9|ONHU HLQDQGHU QlKHUNRPPHQ EHJDQQ :DOW\ GDV *HVSUlFK ³:LU ZLVVHQ VHKU ZHQLJ EHU HXUHQ 6HFKV9|ONHU6WDDW ZHOFKH VR]LRORJLVFKH6WUXNWXUHUKDWZHOFKH5HJLHUXQJVIRUPXQGZHOFKH5DQJRUGQXQJGLH YHUVFKLHGHQHQ9|ONHUKDEHQ8PHKUOLFK]XVHLQLFKZHLDXHUYRQGHQ9HVSDHUQ XQG HXFK *U\OODHUQ QLFKW HLQPDO ZLH GLH YHUVFKLHGHQHQ $UWHQ KHLHQ XQG DXVVHKHQ.DQQVWGXPLUGDVVDJHQ" ³*HUQH 9HVSDHU *U\OODHU 3K\OODHU /XFDQDHU 6NRORSDHU XQG ,QDFKDHU DQWZRUWHWH /DQFHO XQG IUDJWH ³%LVW GX PLW GHU $QWZRUW ]XIULHGHQ" ³'RFK JDE :DOW\]X³'DQQVFKHQNHXQVZDV:DOW\VFKHQNHXQVZDV :DOW\ PDFKWH HLQ *HVLFKW DOV NRPPH HU VLFK EHUW|OSHOW YRU JULII QDFK HLQLJHP =|JHUQDEHUGDQQGRFKLQGHQ%HUJYRQ*HVFKHQNHQXQGYHUWHLOWHDQGLH*U\OODHU 7XEHQGLHHWZD]ZDQ]LJ=HQWLPHWHUODQJXQGXQEHVFKULIWHWZDUHQ ³'DVLVWHLQH63(=,(//(6HLIHQHPXOVLRQDXIGLH%HGUIQLVVHYRQ,QVHNWHQZHVHQ DEJHVWLPPWHUNOlUWHHUGD]X³:HQQLKUVLHHUVWHLQPDOSURELHUWKDEWZHUGHWLKU QLFKWPHKURKQHVLHOHEHQN|QQHQ ³:DVHVQLFKWDOOHVJLEWPHLQWH/DQFHOVWDXQHQG|IIQHWHGLH7XEHURFKDP,QKDOW VFKOR VLH GDQQ ZLHGHU VRUJIlOWLJ XQG ZDUI VLH HLQIDFK KLQWHU VLFK 2KQH HLQH (UNOlUXQJEHUVHLQ7XQDE]XJHEHQVDJWHHUGDQQ³:HLWHU :DOW\ ZDU IU HLQHQ 0RPHQW YRU hEHUUDVFKXQJ VSUDFKORV XQG MHGHVPDO ZHQQ HLQHU GHU *U\OODHU VHLQH 7XEH PLW ,QVHNWHQVHLIH KLQWHU VLFK VFKOHXGHUWH ]XFNWH HU ]XVDPPHQ$EHUHUJDENHLQHQ.RPPHQWDUDE(UUlXVSHUWHVLFKXQGIUDJWH ³,Q ZHOFKHP 9HUKlOWQLV VWHKHQ HXUH VHFKV 9|ONHU ]XHLQDQGHU /DQFHO" ,FK PHLQH REHVHLQ.DVWHQZHVHQJLEWLQGHPMHGH$UWHLQHEHVWLPPWH5DQJRUGQXQJKDWXQG HLJHQH $XIJDEHQ RGHU JLEW HV NHLQH 8QWHUVFKLHGH ]ZLVFKHQ +HUNXQIW XQG $EVWDPPXQJ" ³'LH )UDJH JHIlOOW PLU VDJWH /DQFHO XQG IRUGHUWH VHLQH $UWJHQRVVHQ DXI ³*UHLIW ]X/HXWH 'LH *U\OODHU OLHHQ VLFK GDV QLFKW ]ZHLPDO VDJHQ XQG KROWHQ VLFK MHGHU HWZDV DXV GHP*HVFKHQNHEHUJ ³8QGZDVLVWPLWGHU$QWZRUW"EHJHKUWH:DOW\DXI ³(VZDUDEJHPDFKWGDZLULPPHUGDQQ]XJUHLIHQGUIHQZHQQGXHWZDVYRQGLU JLEVWZDVXQVJHIlOOWHUNOlUWH/DQFHOZlKUHQGHUPLWVHLQHQ)KOHUQHLQHQ.XEXV PLW YHUVFKLHGHQHQ JHRPHWULVFKHQ gIIQXQJHQ EHWDVWHWH LFK WLSSWH GDUDXI GD HV VLFK XP LUJHQGHLQ *HVFKLFNOLFKNHLWVVSLHO KDQGHOWH /DQFHO ]HUOHJWH GHQ .XEXV LQ VHLQH (LQ]HOWHLOH XQG ZDUI GLHVH GDQQ EHU VHLQH VFKPDOH *ULOOHQVFKXOWHU (U ULFKWHWHVHLQH)DFHWWHQDXJHQDXI:DOW\XQGVDJWH³,QGHU7DWLFKELQVHKUDQJHWDQ YRQ GHLQHQ bXHUXQJHQ 8QG QXQ GLH $QWZRUW 'LH 9HVSDHU VLQG MQJHU DOV ZLU

XQGZLU*U\OODHUVLQGMQJHUDOVGLH3K\OODHUDEHUGHVZHJHQVWHKHQGHUHLQHQ$UW QLFKWPHKU5HFKWRGHU3IOLFKWHQ]XDOVGHUDQGHUHQ%LVWGXGDPLW]XIULHGHQGDQQ VFKHQNHXQVHWZDV :DOW\ ZDQGWH VLFK VHXI]HQG HLQHP %HUJ YRQ *HJHQVWlQGHQ ]X GLH DOOH HLQH JHZLVVHbKQOLFKNHLWPLWVHLQHU6&+/(8'(5%2**(KDWWHQ(UEHUUHLFKWHGLHVH *HJHQVWlQGHIHLHUOLFKDQGLH*U\OODHUXQGVDJWHGD]X ³'DV DOOHV VLQG (UILQGXQJHQ GLH LFK YRU ODQJHU =HLW PDO ]XVDPPHQ PLW PHLQHP )UHXQG+HFWRU)XQJLLP1HNWDUUDXVFKJHPDFKWKDEHXQGGHUHQ6LQQXQG=ZHFNLFK OHLGHU YHUVFKZLW]W KDEH ,FK IDQG VLH HUVW YRU HLQLJHQ 0RQDWHQ GXUFK =XIDOO LQ HLQHP9HUVWHFNDXI.3ODQHW'DLFKZHLGDLKUDQDOOHP1HXHQLQWHUHVVLHUWVHLG KRIIHLFKGDLKUHXFKGLHVH6FK|SIXQJHQ]XVFKlW]HQZLWXQGKHUDXVILQGHWZDV VLHEHGHXWHQ,FKP|FKWHQRFKHUZlKQHQGDMHGHV'LQJHLQ8QLNDWLVW ³'DQNHGDVLVWVHKUVFKPHLFKHOKDIWIUXQVVDJWH/DQFHOLQGHPVHOEHQIHLHUOLFKHQ 7RQ ZLH :DOW\ XQG ZDUI VHLQ *HVFKHQN LP VHOEHQ 0RPHQW QRFK ZHJ RKQH HV DXVHLQDQGHUJHQRPPHQ]XKDEHQ8QGHUIJWHQDFKGUFNOLFKKLQ]X ³'XLPSRQLHUVWPLU:DOW\:LUNOLFKYRQGLUN|QQHQVRJDUZLUQRFKHWZDVOHUQHQ ³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³/DQFHOLFKZLOOPDOHKUOLFKPLWGLUUHGHQ³'DVILQGHLFKWROO:DOW\ILHO LKP GHU *U\OODHU LQV :RUW XQG IJWH DQ VHLQH $UWJHQRVVHQ JHZDQGW KLQ]X ³%HGLHQW HXFK /HXWH :DOW\V %HNHQQWQLV KDW HV YHUGLHQW GD ZLU HLQ *HVFKHQN QHKPHQ 8QG ZlKUHQG GLH *U\OODHU VLFK *HVFKHQNH DXVVXFKWHQ XQG VLH NDXP GD VLH GLH REHUIOlFKOLFKEHWUDFKWHWKDWWHQZLHGHUIRUWZDUIHQVSUDFK:DOW\ZHLWHU ³XPHKUOLFK]XVHLQZLUVLQGDXIHXUHQ3ODQHWHQJHNRPPHQZHLOHVKLHUHWZDV JLEW GDV ZLU EUDXFKHQ PLW GHP LKU DQVFKHLQHQG DEHU QLFKWV DQIDQJHQ N|QQW (V ZlUH GRFK VFKDGH DOO GLHVH YLHOHQ 1DWXUVFKlW]H XQJHQW]W ]X ODVVHQ $OVR LVW HV GRFK YLHO VLQQYROOHU VLH XQV ]X EHUODVVHQ 'RFK ZLU ZROOHQ QLFKWV XPVRQVW XQG JHUQHMHGH*HJHQOHLVWXQJHUEULQJHQ1XUPVVHQZLUZLVVHQZDVLKUEHQ|WLJWXQG LQ ZHOFKHU )RUP ZLU HXFK HXUH %RGHQVFKlW]H DEJHOWHQ N|QQHQ 'DV YHUVWHKVW GX GRFK/DQFHO" ³(LQHQNOHLQHQ0RPHQW:DOW\EDWGHU*U\OODHUZlKUHQGHULQGHQDXVJHEUHLWHWHQ *HVFKHQNHQZKOWH³'XVDJVWVRYLHO*HVFKHLWHVGDVPLUVHKUJHIlOOWGDLFKPLW GHP1HKPHQQLFKWQDFKNRPPH ³'DQQ lXHUH GLFK HQGOLFK GD]X YHUODQJWH :DOW\ YHU]ZHLIHOW (U EOLFNWH VLFK

ZLHGHU XP XQG DOV HU 3LOJUDPV %OLFNH NUHX]WH VFKHQNWH LKP GHU ;HQRORJH HLQ GLDEROLVFKHV /DFKHQ :DOW\ ZDQGWH VLFK ZLHGHU GHP 6SUHFKHU GHU *U\OODHU ]X ³/DQFHO ZLU P|FKWHQ ZLVVHQ RE LKU XQV GDV 5HFKW JHEW GLH %RGHQVFKlW]H HXUHU :HOWDE]XEDXHQ.DQQVWGXGD]X6WHOOXQJEH]LHKHQRGHUELVWGXQLFKWEHIXJW" ³,FK ELQ EHIXJW VDJWH /DQFHO ³:DU GDV HLQH ]XIULHGHQVWHOOHQGH $QWZRUW" :DV VFKHQNVWGXPLUGDIU" ³1HLQGDVZDUNHLQH]XIULHGHQVWHOOHQGH$QWZRUWXQGGXEHNRPPVWQLFKWVGDIU ULHI:DOW\lUJHUOLFK ³$EHUGDVLVWJHJHQXQVHUH$EPDFKXQJ ³6FK|QGDKDVWGXVDJWH:DOW\VHXI]HQGXQGVFKREGHQ*U\OODHUZDKOORVHLQLJH GHU *HVFKHQNH ]X GHUHQ =DKO VLFK LQ]ZLVFKHQ GUDVWLVFK YHUULQJHUW KDWWH ³0LU JHQJWHVQLFKWZHQQGXPLUVDJVWGDGXEHIXJWELVW9HUKDQGOXQJHQ]XIKUHQ 'XPXWGLFKDXFK]XGHU)UDJHlXHUQRELKUJHZLOOWVHLGXQVHXUH%RGHQVFKlW]H ]XEHUODVVHQ ³1HKPWVLHHXFKGRFKVDJWH/DQFHOXQGVWUHFNWH]|JHUQGVHLQHYLHU([WUHPLWlWHQ DXV ³$EHUMDJUHLIGRFK]XULHI:DOW\XQGPDFKWHHLQHJHQHU|VH*HVWH³1LPPQXU VRODQJHGHU9RUUDWUHLFKW ³'DQNH GDV LVW VHKU JUR]JLJ VDJWH /DQFHO K|IOLFK XQG IXKU GDPLW IRUW DOOHV (UUHLFKEDUH DXV GHP UDVFK GDKLQVFKPHO]HQGHQ *HVFKHQNHEHUJ DQ VLFK ]X UDIIHQ XQG LP JOHLFKHQ 7HPSR ZLHGHU IRUW]XZHUIHQ 'DEHL VDJWH HU ³'DV LVW VFKRQ HLQH VHKUPKVHOLJH$UEHLW:DOW\" ³1LFKWPKVHOLJHUDOVGLUEHJUHLIOLFK]XPDFKHQZRUXPHVXQVJHKW/DQFHO 'HU*U\OODHUEOLFNWHDXI ³,FKKDEHVFKRQYHUVWDQGHQVDJWHHU³,KUZROOWGLH5RKVWRIIYRUNRPPHQXQVHUHU :HOWDEEDXHQ'DVLVWGRFKNODU8QGLFKKDEHHEHQVRGHXWOLFKJHDQWZRUWHWGDLKU VLHHXFKQHKPHQN|QQW:HQQZHUZHQQLFKWYHUVWHKWGDQQGXPLFKQLFKW:DOW\ ³$EHUVRHLQIDFKLVWHVHEHQQLFKWZLGHUVSUDFK:DOW\³(VJHQJWQLFKWDOOHLQGD GXXQVGLH(UODXEQLVIUGHQ$EEDXGHU%RGHQVFKlW]HJLEVW:LUPVVHQGDV5HFKW GD]XYRQGHU5HJLHUXQJHXUHV6HFKV9|ONHU6WDDWHVEHNRPPHQ8QGGLHVHV5HFKW PX XQV GXUFK HLQHQ 9HUWUDJ YHUEULHIW ZHUGHQ GDPLW GHP *HVHW] *HQJH JHWDQ ZLUG:LUPVVHQXQVDXIGLHVH:HLVHQDFKDOOHQ6HLWHQKLQDEVLFKHUQGDPLWQLFKW HLQHV 7DJHV GLH 6SULQJHU RGHU DQGHUH .RQNXUUHQWHQ GHU )UHLKlQGOHU NRPPHQ XQG EHKDXSWHQ ZLU KlWWHQ HXFKEHWURJHQ XQG DXVJHQW]W $XV GLHVHP *UXQG PW LKU XQV DXFK HXUHQ 3UHLV QHQQHQ ,KU PW XQV VDJHQ ZDV LKU IU HXUH %RGHQVFKlW]H ZROOW ³$EHU GX KDVW XQV VFKRQ VR YLHOH *HVFKHQNH JHPDFKW :DOW\ EHJDQQ /DQFHO XQG XQWHUEUDFK VLFK DOV HU IHVWVWHOOWH GD GHU %RGHQ YRU LKP XQG VHLQHQ $UWJHQRVVHQOHHUZDU³+HUUMH-HW]WVLQGGLH*HVFKHQNHDOOH -HW]WSODW]WH:DOW\DEHUGHU.UDJHQ

³'XVFKHLQVWGDV3ULQ]LSYRQ*HEHQXQG1HKPHQQLFKWYHUVWHKHQ]XZROOHQRGHU DEHU GX ZLOOVW PLFK HLQIDFK ]XP 1DUUHQ KDOWHQ /DQFHO :LH GX ZLOOVW LFK PDFKH GDV6SLHOPLW0DOVHKHQZHUYRQXQVEHLGHQGHQOlQJHUHQ$WHPKDW0DOLN1LPP GHLQH/HXWHXQGVDPPOHGLH*HVFKHQNHZLHGHUHLQXQGEULQJHVLHKLHUKHU/DQFHO KDWQRFKQLFKWJHQXJ ³,FK"ZXQGHUWHVLFKGHU*U\OODHU³:LHNRPPVWGXGDUDXI:DOW\HVLVWGRFKGHLQ 5LWXDO :DOW\JULQVWHSO|W]OLFKXQGZLUDOOHZXWHQGDHUHLQHQ7HLOVLHJHUUXQJHQXQGGLH HUVWH6FKUDQNH]XHLQHUEHVVHUHQ9HUVWlQGLJXQJPLWGHQ/DPDURQHUQGXUFKEURFKHQ KDWWH ³'DQQN|QQHQZLUGDVJUDXVDPH6SLHOEHHQGHQ"IUDJWH:DOW\ ³(VOLHJWDQGLUHUZLGHUWH/DQFHO ³'DQQ ZUGH LFK YRUVFKODJHQ GD ZLU HLQH 3DXVH HLQOHJHQ LQ GHU ZLU XQV ]XU %HUDWXQJ]XUFN]LHKHQVDJWH:DOW\³'DQDFKIDQJHQZLUQHXXQGJDQ]YRQYRUQH ZLHGHUDQ :lKUHQG ZLU XQV YRP 9HUKDQGOXQJVSODW] ]XUFN]RJHQ UKUWHQ VLFK GLH *U\OODHU QLFKW YRQ GHU 6WHOOH 'LH .ODFNWRQHU VDPPHOWHQ GLH YHUVFKPlKWHQ *HVFKHQNH HLQ XQGEUDFKWHQVLHLQGLH/DJHUKDOOH]XUFN ³:R LVW GHQQ 2WWR JHEOLHEHQ" HUNXQGLJWH VLFK :DOW\ DOV ZLU XQV LP *HPHLQVFKDIWVUDXPGHV6WW]SXQNWVYHUVDPPHOWHQ ³,KU+DXVWLHUKDWVLFK]XGHQ*U\OODHUQJHVHOOWVDJWH3LOJUDPELVVLJ³(LQZLUNOLFK WUHXHU)UHXQGVHLQHV+HUUQGDVPXPDQVFKRQVDJHQ ³2WWR LVW NHLQ 7LHU VRQGHUQ HLQ ,QWHOOLJHQ]ZHVHQ XQG GDUEHU KLQDXV QRFK SDUDSV\FKLVFKEHJDEWYHUWHLGLJWH:DOW\GHQ2WWRPDQHQ³(UKDWJHUDGH]XXOWLPDWH )lKLJNHLWHQPLWGHQHQHUSUDNWLVFKDOOHVHUUHLFKHQNDQQZDVHUZLOO ³:HQQGDVVWLPPWGDQQKDWHUVLHJDQ]VFK|QLP6WLFKJHODVVHQVDJWH3LOJUDP ³:DUXPVHW]WHUGHQQVHLQHQ7ZLO]QLFKWHLQXPGDV*HKHLPQLVGHU/DPDURQHU]X O|VHQXQGHV,KQHQPLW]XWHLOHQ" ³2WWR ZLUG VFKRQ VHLQH *UQGH KDEHQ HUZLGHUWH .ODFNWRQ 8QG QDFKGUFNOLFK IJWHHUKLQ]X³(ULVWIUHLXQGNDQQWXQXQGODVVHQZDVHUZLOO ³:LH DXFK LPPHU VDJWH 3LOJUDP PLW VIILVDQWHP *ULQVHQ XQG VWUHFNWH VLFK JHQOLFK³6LHKDEHQDXIGHUJDQ]HQ/LQLH6FKLIIEUXFKHUOLWWHQ ³'DVZUGHLFKJDUQLFKWVDJHQZLGHUVSUDFK.ODFNWRQ³)UPLFKZDUGHU.RQWDNW PLWGHQ*U\OODHUQEHUDXVDXIVFKOXUHLFK,FKYHUVWHKHVLHMHW]WYLHOEHVVHU ³$FKZLUNOLFK"WDW3LOJUDPHUVWDXQW³:HOFKHSRVLWLYHQ$VSHNWHKDEHQ6LHGHQQ GXUFK ,KUH 1LHGHUODJH JHZRQQHQ" ,FK KDEH 6LH GRFK EHREDFKWHW XQG IHVWJHVWHOOW GD 6LH DOOHV DQGHUH DOV HUIUHXW GDUEHU ZDUHQ DOV GLH *U\OODHU ,KUH *HVFKHQNH YHUVFKPlKWHQ:DVKDWGHQQGHQ8PVFKZXQJJHEUDFKW" ³'DV 9HUKDOWHQ GHU *U\OODHU KDW PLU RIIHQEDUW GD VLH VR HWZDV ZLH HLQHQ SHUV|QOLFKHQ %HVLW] QLFKW NHQQHQ HUNOlUWH :DOW\ ³6LH VLQG EHUKDXSW QLFKW

PDWHULHOO HLQJHVWHOOW JDQ] LP *HJHQVDW] ]X XQV 'LH 7DWVDFKH GD VLH XQV IUHLPWLJXQGRKQHHLQH*HJHQOHLVWXQJ]XYHUODQJHQLKUHQ3ODQHWHQ]XU9HUIJXQJ VWHOOHQ EHZHLVW ]XVlW]OLFK GD VLH QLFKW HLQPDO DQ LKUHQ /HEHQVUDXP %HVLW]DQVSUFKH VWHOOHQ XQG LKQ QLFKW DOV LKU (LJHQWXP EHWUDFKWHQ 'DUXP LVW HV DXFK VR VFKZHU HWZDV ]X ILQGHQ ZDV ZLU LKQHQ LP $XVWDXVFK IU LKUH %RGHQVFKlW]HELHWHQN|QQHQ ³,FK ZUGH GDV HKHU DOV +DQGLNDS GHQQ DOV 3RVLWLYXP EHWUDFKWHQ VDJWH 3LOJUDP ³:HUQLFKWVKDEHQZLOOGHPNDQQPDQDXFKQLFKWVJHEHQ1DFKGHQ3DUDJUDSKHQ GHV(YROXWLRQVJHVHW]HVNDQQPDQLKPDEHUOHLGHUDXFKQLFKWVQHKPHQ9RUGLHVHP 3UREOHP VWDQGHQ DXFK VFKRQ /DPDURQH XQG/DYRUGXQG6LHVLQGQLFKWZHLWHUDOV GLHEHLGHQ ³,FKZHL]XPLQGHVWZRUDQZLUQXQVLQGPHLQWH:DOW\³$EHU6LHKDEHQVFKRQ UHFKW GDV KLOIW XQV LP $XJHQEOLFN QLFKW YLHO ZHLWHU :LU PVVHQ GLH /DPDURQHU QRFK EHVVHU NHQQHQOHUQHQ XQG ]ZDU QLFKW QXU GLH HLQ]HOQHQ 9|ONHU VRQGHUQ LQ LKUHU*HVDPWKHLW ³'DV VLQG %LQVHQZHLVKHLWHQ HUZLGHUWH 3LOJUDP ³(V LVW HLQ DOWHU 6SUXFK GHU )UHLKlQGOHUGDPDQ%HGUIQLVVHVFKDIIHQPXZRNHLQHYRUKDQGHQVLQG8QGLFK EOHLEH GDEHL GD GLH /DPDURQHU XQVHU :LVVHQ ZROOHQ ,FK ZHUGH VFKRQ QRFK GDKLQWHUNRPPHQ RE LKUH 1HXJLHUGH SKLORVRSKLVFKHU WHFKQLVFKHU RGHU QDWXUZLVVHQVFKDIWOLFKHU 1DWXU LVW :HQQ LFK GDV KHUDXVILQGH ZHUGH LFK HLQ *HVFKHQNSDNHW]XVDPPHQVWHOOHQEHLGHPGHQ/DPDURQHUQGDV:DVVHULP0XQGH ]XVDPPHQOlXIW*XWH1DFKW 3LOJUDP HUKRE VLFK XQG YHUOLH GHQ *HPHLQVFKDIWVUDXP ,P (LQJDQJ ZlUH HU EHLQDKHPLW2WWR]XVDPPHQJHVWRHQGHUJHUDGHKHUHLQNDP ³:DV PDFKVW GX IU HLQH /HLFKHQELWWHUPLHQH :DOW\" VDJWH GDV 3HO]ZHVHQ XQG VHW]WH VLFK ]X XQV DQ GHQ 7LVFK ³'DEHL KDVW GX HLQHQ 5LHVHQVFKULWW QDFK YRUQH JHWDQ'LH*U\OODHUKDEHQPLUYHUUDWHQGDVLHVHKUYLHOYRQGLUKDOWHQ,FKILQGH DXFKGDGXNHLQHVFKOHFKWH)LJXUJHPDFKWKDVW-HGHUDQGHUH)UHLKlQGOHUZlUHDQ GHLQHU 6WHOOH DQ GHQ 5DQG GHU 9HU]ZHLIOXQJ JHEUDFKW ZRUGHQ 5RL KDWWH VFKRQ UHFKWDOVHUVDJWHGDGXGDV=HXJKlWWHVWPLWGHQ/DPDURQHUQIHUWLJ]XZHUGHQ ³'X PHLQVW ZRKO GD LFK VHOEVW YHUUFNW JHQXJ ELQ XP PLFK LKUHU 0HQWDOLWlW DQ]XSDVVHQVDJWH:DOW\VHOEVWDQNODJHQG ³'XELVWHLQIKOVDPJHQXJXQGIOH[LEHOGDVZROOWHLFKGDPLWVDJHQZLGHUVSUDFK 2WWR³0DFKQXUZHLWHUVR ³0HKUNDQQVWGXPLUQLFKWVDJHQ"PHLQWH:DOW\³'XKDVWGRFKHLQLJHVEHUGLH /DPDURQHUJHWZLO]WXQGN|QQWHVWPLUZHQLJVWHQVHLQHQ7LSJHEHQ:DVIKUHQ6LH LP6FKLOGH" ³,FK N|QQWH GLU HLQH 0HQJH EHU GLH /DPDURQHU HU]lKOHQ VDJWH 2WWR ³DEHU GX ZUGHVW HV QLFKW YHUVWHKHQ 'X PXW 6FKULWW IU 6FKULWW YRUJHKHQ XQG GLU GLH (UNHQQWQLVVHVHOEVWHUDUEHLWHQ,FKELQVLFKHUGDGXDQV=LHONRPPVWDEHUREGDV DXFK HLQH *DUDQWLH IU HLQHQ (UIROJ LVW ZDJH LFK ]X EH]ZHLIHOQ ,FK IUFKWH IDVW

GDHV]XVSlWLVW ³'XPHLQVW]XVSlWXPPLWLKQHQHLQHQ+DQGHOVYHUWUDJDE]XVFKOLHHQ"ULHI:DOW\ HUVFKURFNHQ DXV ³6LQG XQV HWZD GLH 6SULQJHU ]XYRUJHNRPPHQ" 'DV ZlUH HQWVHW]OLFK 5RL ZUGH GDV DOV %HZHLV PHLQHU 8QIlKLJNHLW DQVHKHQ XQG PLU GLH $XIQDKPHLQGLH)UHLKlQGOHURUJDQLVDWLRQYHUZHKUHQ ³+|UPLWGHLQHP*HMDPPHUDXI:DOW\VDJWHGDV3HO]ZHVHQ]XUHFKWZHLVHQG³'X ]LHKVWY|OOLJIDOVFKH6FKOVVHDXVPHLQHQ:RUWHQXQGGDUXPZHUGHLFKYRQQXQDQ VFKZHLJHQ,FKZROOWHJDUQLFKWEHUGLHVHV7KHPDPLWGLUGLVNXWLHUHQVRQGHUQELQ JHNRPPHQXP 2WWRYHUVWXPPWHXQGEOLFNWH]XU7U,FKIROJWHVHLQHP%HLVSLHOXQGVDKGRUWHLQHQ *U\OODHU DXIWDXFKHQ (U VWHFNWH VHLQHQ ,QVHNWHQNRSI KHUHLQ XQG VFKLHQ PLW VHLQHQ )DFHWWHQDXJHQGHQ5DXPPLWHLQHPHLQ]LJHQ%OLFN]XHUIDVVHQ ³+DOOR1HWWKDEWLKUHVKLHUVDJWHHUXQGYHUVFKZDQGZLHGHU ³'DV KDEH LFK IDVW EHIUFKWHW VDJWH 2WWR VHXI]HQG ³,FK KRIIH QXU GLH *U\OODHU PDFKHQHXFKQLFKW]XYLHOH8QDQQHKPOLFKNHLWHQ ³*XWHQ$EHQGNDPHV]LUSHQGYRP(LQJDQJ³(XUH8QWHUNXQIWPDFKWHLQHQUHFKW JHPWOLFKHQ (LQGUXFN ,FK KlWWH HLQH )UDJH DEHU OHLGHU NHLQ *HVFKHQN XP GLH $QWZRUW ]X EH]DKOHQ ,VW GDV :RKQHQ KLHU WHXHU" ³(V LVW NRVWHQORV DQWZRUWHWH :DOW\'HU*U\OODHUVWDUUWHLKQVFKZHLJHQGDQGDQQJLQJHUZHLWHU ³6ROO LFK 0DOLN GHQ $XIWUDJ JHEHQ GD HU GLH JDQ]H %DQGH DXV GHP 6WW]SXQNW ZLUIW"ERWLFK:DOW\DQ$EHUGHUZLQNWHQXUDEXQGPHLQWH ³6ROOHQVLHVLFKEHLXQVQXUZLH]X+DXVHIKOHQ'DVLHNHLQHQ(LJHQWXPVEHJULII KDEHQ XQG ]ZLVFKHQ GHLQ XQG PHLQ QLFKWXQWHUVFKHLGHQN|QQHQZUGHQVLHGLHVH +DQGOXQJVZHLVHPLYHUVWHKHQXQGXQVY|OOLJIDOVFKHLQVFKlW]HQ(VZlUHDXFKJDU QLFKWUHFKWLKQHQXQVHUH/HEHQVDUWDXI]X]ZLQJHQ,PPHUKLQZROOHQZLUHWZDVYRQ LKQHQXQGPVVHQXQVGHVKDOELKQHQDQSDVVHQ ³+RIIHQWOLFK ]LHKW GDV QLFKW .RPSOLNDWLRQHQ PLW VLFK PHLQWH 2WWR ³,FK ZHUGH PLFK XPVHKHQ XQG YHUVXFKHQ /DQFHO XQG VHLQH %DQGH LP =DXP ]X KDOWHQ 'LH *U\OODHUVLQGQlPOLFKQRFKVHKUYHUVSLHOWPXWGXZLVVHQ:DOW\ 2WWRHLOWHGDYRQ ³9HUVXFKHQZLUVR]XWXQDOVVHLEHUKDXSWQLFKWVJHVFKHKHQ*HUU\VDJWH:DOW\ ³6HLHQZLUZHLWHUKLQK|IOLFKXQG]XYRUNRPPHQG]XGHQ*U\OODHUQXQGYHUVXFKHQ ZLUDXIVLHHLQ]XJHKHQ ³,FKZHUGHPHLQ%HVWHVJHEHQ:DOW\YHUVSUDFKLFKXQGZDUPLUNODUGDUEHUGD GDVHLQHKDUWH1HUYHQSUREHVHLQZUGH0HLQ$UPEDQGJHUlWVFKOXJDQXQGLFKZDU IURK EHU GLHVH $EZHFKVOXQJ GHQQ GDV 6LJQDO EHGHXWHWH GD VLFK $QQHP\ EHU 6SUHFKIXQNPHOGHWH ,FKZROOWHPLFKEHL:DOW\HQWVFKXOGLJHQDEHUHUHQWVFKORVLFKPLFK]XEHJOHLWHQ XQG$QQHP\VHOEVW5HGHXQG$QWZRUW]XVWHKHQ'DVIDQGLFKZDUVHKUPXWLJYRQ LKP

$OV ZLU XQWHUZHJV ]XU .XSSHO PLW GHP )XQNJHUlW ZDUHQ VWU]WH XQV DXI HLQPDO 0DOLNHQWJHJHQ(UUXGHUWHPLWVHLQHQODQJHQ$IIHQDUPHQXQGMDSVWHDXIJHUHJW ³6FKUHFNHQVKHUPDQQ ZDV IU 6FKUHFNHQVKHUPDQQ ULHI HU XQG VWU]WH DXI :DOW\ ]X³%RPLFKWULIIWIDVWGHU6FKODJ ³:DUXP GHQQ 0DOLN" HUNXQGLJWH VLFK :DOW\ ³:DV LVW GLU 6FKUHFNOLFKHV ZLGHUIDKUHQ" ³hEHUOHEHQVKHUPDQQ YROOHU *ULOOHQ HUNOlUWH 0DOLN ³6WHFNHQ *OXEVFKDXJHQ LQ DOOHVKLQHLQ8QGVLHNLHELW]HQ)UHXQGZDVPDFKVWGXGD)UHXQGZDUXPWXVWGX GLHV 8QG VWlQNHUQ )UHXQG ZDV YHUGLHQVW GX ZDV NRVWHVW GX XQG )UHXQG DXI ZHOFKHU 3ULPDWHQVWXIH VWHKVW GX )UHXQG JHK|UVW GX GHP SULPLWLYHUHQ *OLHG RGHU GHPK|KHUHQ*OLHGDQ8QGVRZHLWHUXQGVRIRUW:DVVROOLFKPLW*ULOOKHUPDQQ WXQGHUVREO|GIUDJW" ³$QWZRUWHQ VFKOXJ :DOW\ YRU ³1DFK EHVWHP :LVVHQ XQG *HZLVVHQ DQWZRUWHQ 0DOLN 8QG GDV IUHXQGOLFK XQG ]XYRUNRPPHQG HJDO ZLH VHKU GLFK GLH )UDJHUHL DXFKDXIUHJW ³:LUNOLFK"0XGDVVHLQ%R"IUDJWHGHU.ODFNWRQHUXQEHKDJOLFK ³8QVHUH =XNXQIW KlQJW GDYRQ DE ZLH ZLU GLHVH 3UIXQJ PHLVWHUQ DQWZRUWHWH :DOW\³8QGMHW]WJHKXQGUHLGLFK]XVDPPHQ0DOLN 'HU.ODFNWRQHU]RJVLFKHQWWlXVFKW]XUFNXQGHUZDUVRQLHGHUJHVFKODJHQGDHU DOOHVKlQJHQOLHXQGGLHODQJHQ$UPHEHUGHQ%RGHQQDFKVFKOHLIWH :LUZROOWHQJHUDGHGHQ)XQNUDXPEHWUHWHQDOVSO|W]OLFK3LOJUDPDXIWDXFKWH6HLQ *HVLFKWZDUYRQGXQNOHU=RUQHVU|WHJH]HLFKQHW ³gIIQHQ6LHVRIRUWGLH6FKLIIVVFKOHXVHGDPLWLFKPLFKDQ%RUG]XUFN]LHKHQNDQQ )UVW7KRU3HGRYHUODQJWHHUNHXFKHQG ³$EHU ZLU VLQG GRFK EHUHLQJHNRPPHQ EHJDQQ :DOW\ ZXUGH YRQ GHP ;HQRORJHQMHGRFKXQWHUEURFKHQ ³'DV PDFKHQ 6LH EHVVHU GHQ *U\OODHUQ NODU 9RU DOOHP GHP HLQHQ GHU VLFK LQ PHLQHU +lQJHPDWWH EUHLWJHPDFKW KDW XQG VLFK DOV )DU[D YRUJHVWHOOW KDW EHYRU HU VLFKOREHQGEHUGLHVHEHTXHPH$UWGHV5XKHQVlXHUWH0DFKHQ6LH)DU[DGDUDXI DXIPHUNVDP GD ZLU 0HQVFKHQ VHKU DXI XQVHUH ,QWLPVSKlUH EHGDFKW VLQG XQG XQVHUH8QWHUNXQIWQLFKWPLWMHGHPEHOLHELJHQ,QVHNWWHLOHQ:HQQ6LHHVQLFKWWXQ GDQQ ZHUIH LFK GLHVH DXIGULQJOLFKH *ULOOH RKQH 5FNVLFKW DXI XQVHUH 0LVVLRQ HLJHQKlQGLJKLQDXV ³:DUXP YHUVXFKHQ 6LH HV GHQQ QLFKW PLW 'LSORPDWLH VDJWH :DOW\ EHVFKZLFKWLJHQG³/RFNHQ6LHGHQ*U\OODHUDXVLKUHU8QWHUNXQIWLQGHPVLHLKPHLQ ZHLWDXVJHPWOLFKHUHV/DJHUYHUVSUHFKHQ,FKVWHOOHGDIUPHLQH8QWHUNXQIWJHUQH ]XU9HUIJXQJ ³:LUNOLFKVRZHLWZROOHQ6LHJHKHQVDJWH3LOJUDPVWDXQHQG³1DGDQQZXQGHUQ 6LHVLFKQLFKWZHQQ6LHGLHVH1DFKW,KUH+lQJHPDWWHPLW)DU[DWHLOHQPVVHQ 6LFK GLH +lQGH UHLEHQG HQWIHUQWH HU VLFK LQ 5LFKWXQJ :RKQNXSSHOQ VR GD GHU :HJ LQ GHQ )XQNUDXP HQGOLFK IU XQV IUHL ZDU ,FK ZDU VFKRQ VHKU XQUXKLJ

JHZRUGHQ ZHLO PHLQ $UPEDQGJHUlW VFKRQ VHLW HLQLJHU =HLW QLFKW PHKU DQVFKOXJ %HLP%HWUHWHQGHV)XQNUDXPVHUNDQQWHLFKVRIRUWGHQ*UXQGGDIU 9RU GHP )XQNVSUHFKJHUlW KDWWH HV VLFK HLQ *U\OODHU DXI VHLQHQ KLQWHUHQ EHLGHQ %HLQSDDUHQ JHPWOLFK JHPDFKW XQG XQWHUKLHOW VLFK PLW GHP $QUXIHU EHL GHP HV VLFKQDWUOLFKXP$QQHP\KDQGHOWH 'HU*U\OODHUVDJWHJHUDGH ³'LH8QWHUKDOWXQJZDUZLUNOLFKEHUDXVOHKUUHLFKIUPLFKDEHUMHW]WZLOOLFKGHU 6DFKHDXIGHQ*UXQGJHKHQ 8QGHUWUDI$QVWDOWHQGDV)XQNVSUHFKJHUlW]XGHPRQWLHUHQ ,FK VWLH HLQHQ 6FKUHL DXV XQG VWU]WH PLFK LQ VHLQH 5LFKWXQJ (U ZDU VR HUVFKURFNHQ GD HU PLW HLQHP HLQ]LJHQ 6DW] VHLQHU +LQWHUEHLQH ELV DQ GLH 7UHQQZDQG]XUFNZLFK ³*HUU\ ZDV IlOOW ,KQHQ HLQ KHUUVFKWH PLFK :DOW\ DQ ³:LH N|QQHQ 6LH XQVHUHQ )UHXQGQXUVRHUVFKUHFNHQ ³(UZROOWHGDV6SUHFKIXQNJHUlW]HUOHJHQUHFKWIHUWLJWHLFKPLFK ³1DZHQQVFKRQPHLQWH:DOW\XQGZDQGWHVLFKGHP*U\OODHU]X³,FKKRIIHGX ELVW QLFKW QDFKWUDJHQG XQG YHUJLW GLHVHQ 9RUIDOO ZLHGHU *HUU\ KDW GDV QLFKW VR JHPHLQW ³,FK KHLH +DOIED XQG GDV ZDU IU PLFK HLQ VHKU OHKUUHLFKHV (UOHEQLV VDJWH GHU *U\OODHU ³*HUU\ ]HLJW EHUHLWV GLH HUVWHQ 6\PSWRPH HLQHU EHJLQQHQGHQ .ULVH 6R ZDUHVDXFKPLWGHQDQGHUHQ ³*ODXEH QXU MD QLFKW GD HV HXFK JHOLQJW PLFK VR OHLFKW XP GHQ 9HUVWDQG ]X EULQJHQ+DOIEDVDJWHLFKYHUlUJHUW³'DVZDUQXUHLQHLQPDOLJHU$XVUXWVFKHU ³'X KDVW HV JHK|UW +DOIED VDJWH :DOW\ XQG WlWVFKHOWH PLU GHQ +LQWHUNRSI XQG ]ZDUWDWHUHVVRKHIWLJGDPLUGDEHL+|UHQXQG6HKHQYHUJLQJ³*HUU\LVWY|OOLJ LQ2UGQXQJ ³:DV JHKW GHQQ EHL HXFK HLJHQWOLFK YRU" HUNODQJ $QQHP\V 6WLPPH DXV GHP /DXWVSUHFKHU³+DEHQGLH/DPDURQHUXQVHUHQ6WW]SXQNWEHVHW]W" ³,Q JHZLVVHU :HLVH VFKRQ VDJWH :DOW\ LQV 0LNURSKRQ ZlKUHQG HU +DOIED IUHXQGOLFK]XQLFNWH³DEHUQLFKWGXUFK$QZHQGXQJYRQ*HZDOWVRQGHUQPLWPHLQHU =XVWLPPXQJ(VLVWDOOHVLQ2UGQXQJ$QQHP\EHLXQVLVWDOOHVIULHGOLFKXQGHLWHO :RQQH ³'LHVHQ (LQGUXFN KDWWH LFK HLJHQWOLFK QLFKW DEHU ZHQQ GX HV VDJVW PHLQWH $QQHP\ ³$FKWH ZHQLJVWHQV GDUDXI GD GDV QlFKVWHPDO QLFKW ZLHGHU HLQ /DPDURQHU PHLQHQ $QUXI HQWJHJHQQLPPW ,FK N|QQWH GDQQ QlPOLFK VHKU XQIUHXQGOLFK ZHUGHQ 0LU UHLFKW HV ZHQQ LFK PLFK PLW GHQ /DPDURQHUQ KHUXPVFKODJHQPXGLHGHP9RONGHU3K\OODHUDQJHK|UHQ ³'DQQ KDVW GX .RQWDNW PLW GHU GULWWHQ $UW JHKDEW" IUDJWH :DOW\ DXIJHUHJW ³:HOFKH(UIDKUXQJHQKDVWGXJHPDFKW" ³,FK JHKH XQG VHKH PLFK ZRDQGHUV XP VDJWH +DOIED XQG VWDNVWH DXI VHLQHQ

6SUXQJEHLQHQDXVGHP5DXP ³-D MD IKO GLFK QXU ZLH =XKDXVH ULHI LFK LKP VDUNDVWLVFK QDFK 'DQQ NRQ]HQWULHUWH LFK PLFK ZLHGHU DXI GDV *HVSUlFK GDV :DOW\ PLW VHLQHU *HIlKUWLQ IKUWH ³(ULQQHUHPLFKQLFKWGDUDQHUNODQJ$QQHP\VGHSULPLHUWH6WLPPHJHUDGHDXVGHP /DXWVSUHFKHU ³,FK PLWUDXH GLHVHQ ,QVHNWHQZHVHQ 'DV VLQG JDQ] GXUFKWULHEHQH .HUOHGLHHVQXUGDUDXIDQOHJHQXQV0HQVFKHQLQGHQ:DKQVLQQ]XWUHLEHQ%LOO\ XQG )UVW /DYRUG XQG GLH YLHU .ODFNWRQHU KDEHQ VLH JHVFKDIIW 'LH .ODFNWRQHU KDEHQVLFKLQDOOH:LQGH]HUVWUHXWXQG)UVW/DYRUGKDWVLFKYRQLKQHQIRUWORFNHQ ODVVHQ%LOO\VHLQZDQGHOQGHU1HNWDUVSHQGHUKDWVLFKLKPDQJHVFKORVVHQ-HW]WLVW QXUQRFK(GHOPDQQ&RGURQ=RUEHOOEHLPLUDXIGHVVHQ%HJOHLWXQJLFKMHGRFKJHUQH YHU]LFKWHQN|QQWH ³*DQ]PHLQHUVHLWVHUNODQJHLQHPUULVFKH6WLPPHDXVGHP+LQWHUJUXQGGLHLFK DOV GLH YRQ &RG\ LGHQWLIL]LHUWH ,FK EHQHLGHWH $QQHP\ ZLUNOLFK QLFKW GDUXP GD VLH VLFK VHLQH 1|UJHOHL GDXHUQG DQK|UHQ PXWH 'D ZDUHQ GLH OlVWLJHQ *U\OODHU VLFKHUQRFKOHLFKWHU]XHUWUDJHQ ³$QQHP\VDJWH:DOW\HLQGULQJOLFK³GXPXWPLULQDOOHQ(LQ]HOKHLWHQHU]lKOHQ ZDVYRUJHIDOOHQLVWXQGPLUGLH3K\OODHUXQGLKUH(LJHQKHLWHQJHQDXEHVFKUHLEHQ 'DVNDQQVHKUZLFKWLJIUXQVHU8QWHUQHKPHQVHLQ ³'DUDXI ELQ LFK YRUEHUHLWHW HUZLGHUWH $QQHP\ ³,FK KDEH GLH =HLW ZlKUHQG GHU )XQNVWLOOHEHQW]WXPHLQHQ%HULFKWDXI%DQG]XVSUHFKHQ,FKKDEHLKQJHUDIIWXQG NRGLHUWGXNDQQVWLKQGHFKLIIULHUHQXQGLQDOOHU5XKHDQK|UHQZDQQHVGLUEHOLHEW 9HUJLDEHUQLFKWLKQDXI]X]HLFKQHQ%LVWGXEHUHLW" 9RQ GUDXHQ GUDQJ DXI HLQPDO HLQ ZVWHV *HSROWHU KHUHLQ GDV VLFK PLW HLQHP 'XUFKHLQDQGHUYHUVFKLHGHQHU6WLPPHQYHUPLVFKWH ³*HUU\ VHKHQ 6LH GRFK ELWWH HLQPDO QDFK ZDV GD YRU VLFK JHKW HUVXFKWH PLFK :DOW\ ,FK HLOWH DXI GHQ 9HUELQGQQJVJDQJ KLQDXV XQG VDK GD VLFK GLH .ODFNWRQHU ]XVDPPHQJHURWWHW KDWWHQ XQG GLH *U\OODHU YRU VLFK KHU MDJWHQ 3LOJUDP VWDQG GDQHQHQXQGIHXHUWHVLHGXUFK=XUXIHDQ %HYRU LFK HLQVFKUHLWHQ XQG GLH .ODFNWRQHU ]XU 9HUQXQIW EULQJHQ NRQQWH WDXFKWH 2WWRYRUPLUDXI ³,FK PX HWZDV WXQ EHYRU GLH 6LWXDWLRQ HVNDOLHUW VDJWH GDV 3HO]ZHVHQ ]X PLU ³,FKZHUGHHXFKYRQGHU*HJHQZDUWGHU*U\OODHUEHIUHLHQ,P*UXQGHJHQRPPHQ VLQGVLH]ZDUKDUPORVDEHUQLFKWVGHVWRWURW]EHUDXVOlVWLJ5LFKWHQ6LH:DOW\DXV GDLFKPLFKZLHGHUPHOGHQZHUGHZHQQHVDQGHU=HLWLVW$XIEDOG*HUU\ ,FK |IIQHWH GHQ 0XQG XP HWZDV ]X VDJHQ DEHU GD KDWWH VLFK 2WWR DXI HLQPDO LQ /XIW DXIJHO|VW 0LU ZDU VRIRUW NODU GD HU ³JHWZLO]W ZDU $Q GHU SO|W]OLFK HLQWUHWHQGHQ 5XKH PHUNWH LFK GD HU DXFK JOHLFK GLH JDQ]H %DQGH *U\OODHU PLWJHQRPPHQKDEHQPXWH

'DYRQ ZROOWH LFK PLFK MHGRFK PLW HLJHQHQ $XJHQ EHU]HXJHQ GDUXP EDKQWH LFK PLU GXUFK GLH 5HLKHQ GHU YHUGDWWHUW GDVWHKHQGHQ .ODFNWRQHU HLQHQ :HJ LQV )UHLH 'LH/LFKWXQJUXQGXPXQVHUHQ6WW]SXQNWZDUOHHUNHLQH6SXUPHKUYRQ2WWRXQG GHQ*U\OODHUQ $EHUDXFKGLH6&+/(8'(5%2**(ZDUQLFKWPHKU]XVHKHQ ,FK NHKUWH LQ GHQ )XQNUDXP ]XUFN XQG PHOGHWH :DOW\ GDV 9HUVFKZLQGHQ 2WWRV GHU*U\OODHUXQGXQVHUHV5DXPVFKLIIV (UQDKPHV]LHPOLFKJHODVVHQKLQ ³(V LVW ZLUNOLFK KRFK DQ GHU =HLW GD ZLU XQV HQGOLFK DXV XQVHUHP 6WW]SXQNW ZDJHQVDJWHHUXQGGDQQIJWHHULQHLQHP7RQIDOOKLQ]XGHUPLFKXQZLOONUOLFK DQGHQSKLORVRSKLVFKHQ*DXFKRURERWHU%LOO\WKH.LGHULQQHUWH³'HU3URSKHWGDUI QLFKWHUZDUWHQGDGHU%HUJ]XLKPNRPPW ³8QG ZDV LVW PLW $QQHP\V %HULFKW" HUNXQGLJWH LFK PLFK ZHLO LFK DXI VHLQH :HLVKHLWQLFKWV]XVDJHQZXWH ³'HQK|UHQZLUXQVMHW]W]XVDPPHQDQVDJWHHU ³,FKVW|UHGRFKKRIIHQWOLFKQLFKWPHOGHWHVLFKGD3LOJUDPXQGJHVHOOWHVLFK]XXQV :DOW\OLHGDV%DQGDEODXIHQXQGZLUODXVFKWHQJHEDQQW$QQHP\V%HULFKWGHQLFK KLHUOFNHQORVZLHGHUJHEH ³(VJHVFKDKDOVZLU)UVW/DYRUGV/DJHUHUUHLFKWHQGDVKHLWGLH/LFKWXQJYRQ GHUHUEHKDXSWHWHGDHUGRUWVHLQ/DJHUHUULFKWHWKDWWHDOVHUEHLPHUVWHQPDOQDFK /DPDURQHNDP$EHUGLH/LFKWXQJZDUOHHU9RQVHLQHU$XVUVWXQJZDUQLFKWV]X VHKHQ XQG REZRKO ZLU GLH /LFKWXQJ DEVXFKWHQ IDQGHQ ZLU QLFKW GHQ JHULQJVWHQ +LQZHLV GDUDXI GD KLHU HLQVW HLQ %HLERRW JHODQGHW ZDU )UVW /DYRUG DEHU ZDU VLFKHU GD ZLU KLHU ULFKWLJ ZDUHQ XQG EHKDXSWHWH GD LUJHQG MHPDQG DOOH 6SXUHQ YHUZLVFKWKDEHQPXWH :lKUHQG ZLU QRFK UDWORV KHUXPVWDQGHQ XQG LFK PLU EHUOHJWH ZDV ]X WXQ VHL VWLPPWH SO|W]OLFK HLQHU GHU .ODFNWRQHU HLQ *H]HWHU DQ LQ GDV GLH DQGHUHQ GUHL HLQILHOHQDOVVLHGHQ*UXQGVHLQHU+\VWHULHHUNDQQWHQ $P :DOGUDQG ZDUHQ HLQLJH UHFKW IXUFKWHLQIO|HQG DQ]XVHKHQGH :HVHQ DXIJHWDXFKW IXUFKWHLQIO|HQG ]XPLQGHVW IU VR lQJVWOLFKH *HPWHU ZLH HV .ODFNWRQHUVLQG (VZDUHQULHVLJHEHUPDQQVJURH.lIHUYRQJUQHU)DUEHJHQDXHUJHVDJWYRQGHU )DUEH GHU %OlWWHU LQ LKUHP 5FNHQ (V ZDU HLQH 7DUQIDUEH XQG DXFK LKUH .|USHU ZDUHQ ZLH JURH %OlWWHU JHIRUPW XQG KDWWHQ DXFK HLQH VROFKH =HLFKQXQJ (EHQVR ZDUHQGLH2EHUVFKHQNHOLKUHUVHFKV%HLQHEODWWI|UPLJZLHDXFKLKUH.|SIHLQGHU 'UDXIVLFKW 2EZRKOVLHKDOEDXIJHULFKWHWGDVWDQGHQKLHOWVHOEVWLFKVLHLPHUVWHQ$XJHQEOLFNIU ZLOGH7LHUHXQGJULIIGDUXPVRIRUW]XPHLQHP3DUDO\VDWRU $EHU)UVW/DYRUGVDJWH 1LFKW6WHFNHQ6LHGLH:DIIHZHJ'DVVLQG/DPDURQHUYRP9RONGHU3K\OODHU6LH VWHKHQDQGULWWK|FKVWHU6WHOOHGHV6HFKV9|ONHU6WDDWHV,FKELQEHLPHLQHPHUVWHQ

%HVXFK DXI GLHVHU :HOW ELV ]X LKQHQ YRUJHGUXQJHQ XQG JODXEH GDUXP HLQLJHUPDHQ PLW LKQHQ XPJHKHQ ]X N|QQHQ %LOO\ IOO PHLQH )ODVFKH DXI GDPLW LFKPLFKZDSSQHQNDQQ %LOO\WKH.LG|IIQHWHHLQH.ODSSHDQVHLQHU%UXVWVHW]WHGHQ)ODFKPDQQDXIHLQHQ =DSIKDKQ XQG OLH GHQ 1HNWDU IOLHHQ ELV GLH )ODVFKH YROO ZDU (LQH JHQLDOH (UILQGXQJYRQGLU.ODFN.ODFN,FKNDQQQXUVDJHQ'XZHLWVFKRQZDV$EHU LFK ZLOO QLFKW XQJHUHFKW VHLQ GHQQ RKQH 1HNWDU ZlUH PLW )UVW /DYRUG QLFKWV DQ]XIDQJHQJHZHVHQ 1DFKGHPHUVLFK0XWDQJHWUXQNHQKDWWHVHW]WHHUVLFKLQ5LFKWXQJGHU3K\OODHULQ %HZHJXQJGHUHQ=DKOVLFKLQ]ZLVFKHQDXIIQI]HKQHUK|KWKDWWH0HKUZXUGHQHV QLFKWPHKU %LOO\&RG\XQGLFKIROJWHQLKPDXIGHQ)HUVHQGLH.ODFNWRQHUNDPHQQXU]|JHUQG QDFK 0DQ VDK LKQHQ DQ GD VLH DOO LKUHQ0XW]XVDPPHQQDKPHQXPVLFKDQGLH )UHPGHQKHUDQ]XZDJHQGLHZLHHUVWDUUWGDVWDQGHQ %LQJHVSDQQWZLHLFKGLH%HJHJQXQJGLHVPDOYHUNUDIWH IOVWHUWH)UVW/DYRUGXQV LP *HKHQ ]X 'DV OHW]WHPDO KDEH LFK GXUFKJHGUHKW ELQ HLQIDFK DXVJHIOLSSW 'LH 9HVSDHUXQG*U\OODHUKDEHLFKJHUDGHQRFKYHUNUDIWHWDEHUPLWGHUGULWWHQ3RWHQ] GHV ,UUVLQQV ELQ LFK QLFKW IHUWLJ JHZRUGHQ ,KU PW QlPOLFK ZLVVHQ GD GLH /DPDURQHUVLFKDQLKUH5DQJRUGQXQJKDOWHQXQGLPPHULQGHUJOHLFKHQ5HLKHQIROJH DXIWUHWHQ'DUXPLVWNODUGDGHU%HVXFKGHU3K\OODHUPLUJLOW (UPHLQWHGDPLWGDGLH3K\OODHUXQVDQGHUHQQLFKWJHJHQEHUJHWUHWHQZlUHQZHLO ZLU QRFK NHLQHQ .RQWDNW PLW GHQ EHLGHQ XQWHUJHRUGQHWHQ 9|ONHUQ JHKDEW KDWWHQ (LQLQWHUHVVDQWHU$VSHNW:DOW\QLFKWZDKU" &RG\NQXUUWHVWlQGLJLUJHQGHWZDVYRUVLFKKLQDEHUGDUDQJHZ|KQWPDQVLFK%LOO\ VFKZLHJZDVZl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|UHQ )UVW 7KRU 3HGRV &UHZ DQ GHU PHLQH 1DFKIROJH DQJHWUHWHQ KDW HUNOlUWH/DYRUG,FKKRIIHLKUDN]HSWLHUWLKQHKHUDOVPLFK 8QV LVW MHGHU ZLOONRPPHQ XQV LVW MHGHU UHFKW VDJWH /\YL[ :HQQ GX HV QLFKW JHVFKDIIW KDVW VRQGHUQ JHVFKDIIW ZXUGHVW )UVW /DYRUG GDQQ ODJ HV DQ GLU QXU

GDUDQGDGXGLFKQLFKWDUWLNXOLHUHQNRQQWHVWXQGQDWUOLFKDXFKQLFKWYHUVWHKHQ $EHUQXQVFKHLQVWGXJHUHLIW]XVHLQ 'DV YHUGDQNH LFK GLHVHP (OL[LHU HUZLGHUWH /DYRUG XQG QDKP HLQHQ ]XU %UXVW $EHUNRPPHQZLU]XU6DFKH:LU)UHLKlQGOHUVLQGEHPKWHXFK]XYHUVWHKHQ'LH /DPDURQHU GDJHJHQ KDEHQ QLFKWV GD]XJHOHUQW :LU KDEHQ DXV XQVHUHP %DVLVODJHU GLH0HOGXQJHUKDOWHQGDVLFKGLH9HVSDHUGRUWZLH5RZG\VDXIJHIKUWKDEHQ ³6LHOHUQHQQRFKODWVLHOHUQHQVDJWH/\YL[ %LOO\ WUDW HLQHQ 6FKULWW QDFK YRUQH XQG JDE ZLHGHUXP HLQH GHU :HLVKHLWHQ GHV .RQIX]LXVYRQVLFK ³/HUQHQRKQH]XGHQNHQGDVLVWYHUORUHQH0KH 'HQNHQRKQHJHOHUQW]XKDEHQGDVLVWVFKRQJHIlKUOLFK ³%RUJWLKUXQVGLHVVSUHFKHQGH'LQJGDPLWZLULKPDXIGHQ*UXQGJHKHQN|QQHQ" IUDJWH /\YL[ K|IOLFK DQ ³,FK ZHL VFKRQ ZDV GX GDUXQWHU YHUVWHKVW /\YL[ DEHU %LOO\VWHKWXQWHUPHLQHPSHUV|QOLFKHQ6FKXW]DQWZRUWHWH/DYRUG³:DVLVWGHQQ GHU *UXQG IU HXUH .RQWDNWDXIQDKPH" ³:LU NDPHQ JHUDGH GHV :HJHV ³2GHU LKU ZDUW JHUDGH GDEHL PHLQ /DJHU GHP (UGERGHQ JOHLFK]XPDFKHQ ULHI /DYRUG GD]ZLVFKHQ ³ GD VDKHQ ZLU HXFK XQG HULQQHUWHQ XQV GHLQHU XQG DQ HLQ :RUW GHLQHV 9RUJlQJHUV ³/DPDURQH"IUDJWH/DYRUG³%HGHXWHWGDVGDLKUZLWZRVLFK)UVW/DPDURQH DXIKlOW" ³MD/DPDURQHKHLWHUGHUHLQPDOlXHUWHGLFKVHKHQ]XZQVFKHQ³%ULQJW PLFK ]X LKP YHUODQJWH /DYRUG 'LH 3K\OODHU VFKDUWHQ VLFK XP LKQ XQG QDKPHQ DXFK%LOO\LQLKUHQ.UHLVDXI,FKHUIDWHGLH6LWXDWLRQUDVFKXQGWUXJ&RG\DXI ³(GHOPDQQ =RUEHOO IDVVHQ 6LH )UVW /DYRUG (U GDUI QLFKW HQWZLVFKHQ (QWZHGHU GLH3K\OODHUQHKPHQXQVDOOHPLWRGHUNHLQHQ $EHU LFK KlWWH PLU GHQNHQ N|QQHQ GD PLW &RG\ QLFKWV DQ]XIDQJHQ ZDU (U EHZHJWH VLFK YLHO ]X ODQJVDP XQG VWDQG DXI HLQPDO YRU HLQHU 0DXHU DXV %ODWWN|USHUQGHU3K\OODHUGLHVLFKVFKW]HQGYRULKUH$UWJHQRVVHQVWHOOWHQGLHPLW %LOO\ WKH .LG XQG /DYRUG ]XP :DOGUDQG HQWHLOWHQ ,FK ZDU QDKH GDUDQ PLU GHQ :HJ PLW GHP 3DUDO\VDWRU IUHL]XVFKLHHQ ,FK K|UWH %LOO\ QRFK HLQH :HLVKHLW YRQ VLFKJHEHQ³:HQQGXHLQHP)UVWHQGLHQVWVDJWHHU³GDQQGHQNHLQHUVWHU/LQLH DQGHLQH3IOLFKWXQGHUVWLQ]ZHLWHUDQGHLQH(LQNQIWH9HUVXFKHGLFK]XHULQQHUQ :DOW\REGDKLQWHUHLQWLHIHUHU6LQQVWHFNW$XVLUJHQGHLQHP*UXQGPXWGX%LOO\ MD ]X HLQHP 3KLORVRSKHQ XPSURJUDPPLHUW KDEHQ XQG GHLQ YHUPDOHGHLWHV 8QWHUEHZXWVHLQPXGLHVHQ*UXQGVFKOLHOLFKNHQQHQ$OVRVWUHQJHGLFKDQ /\YL[HUZLGHUWHDXI%LOO\V6HUPRQ ³'HLQ)UVWPXVHKUZHLVHVHLQZHQQHUGLFKGLHVOHKUW'DVOlWXQVKRIIHQ :LHJHVDJWLFKZDUGUDXIXQGGUDQGHQ3DUDO\VDWRUHLQ]XVHW]HQ]|JHUWHDEHUQRFK *OHLFK GDUDXI |IIQHWH VLFK GHU :DOO DXV %ODWWN|USHUQ GLH /LFKWXQJ GDKLQWHU ZDU

OHHU/\YL[KDWWHVLFKPLW%LOO\XQG/DYRUGEHUHLWVDEJHVHW]W(LQH9HUIROJXQJZDU ]ZHFNORVGDVZDUPLUNODU 'LH DQGHUHQ 3K\OODHU VDJWHQ ]XP $EVFKLHG K|IOLFK ³$XI :LHGHUVHKHQ XQG KRSVWHQYRQGDQQHQ 6RZHLW GLH )DNWHQ PLW GHQHQ GX KRIIHQWOLFK HWZDV DQIDQJHQ NDQQVW -HW]W ]XU ZHLWHUHQ3ODQXQJ 0LUZDUYRQ$QIDQJDQNODUGDLP)DOOHHLQHV)DOOHVZHQQZLUJHWUHQQWZUGHQ %LOO\ VLFK LQ /DYRUG KDOWHQ ZUGH 'DUXP KDEH LFK LKP HLQHQ 3HLOVHQGHU DQ VHLQ 1HNWDUID JHKHIWHW 'RUW LVW HU QRFK LPPHU $XI GLHVH :HLVH LVW HV PLU P|JOLFK LKP DXI 'LVWDQ] ]X IROJHQ VR GD LFK KRIIHQ NDQQ ]X GHP 9HUVWHFN /DPDURQHV JHIKUW]XZHUGHQ'HU6HQGHULVWQDWUOLFKQLFKWVHKUJURXQGKDWQXUHLQHJHULQJH 5HLFKZHLWH$EHUPLWGHQVWDUNHQ(PSIlQJHUQGHV6WW]SXQNWVPWHVWGXLKQGRFK DQSHLOHQN|QQHQ6WHOOHDOVRGLH5LFKWXQJXQGGLHXQJHIlKUHQ.RRUGLQDWHQIHVWXQG NRPPLQGLHVHV*HELHW:LUZHUGHQQDWUOLFKLQ)XQNNRQWDNWEOHLEHQVRGDZLU HLQDQGHUEHVWLPPWILQGHQ ,FKHUZDUWHYRQGLUGDGXVFKQHOOVWHQVDXIEULFKVW 7URW] $QQHP\V HLQGULQJOLFKHP $SSHOO VR VFKQHOO ZLH P|JOLFK ]X NRPPHQ HQWVFKLHG:DOW\GDZLUHUVWDPQlFKVWHQ7DJDXIEUHFKHQZUGHQ(UEHJUQGHWH VHLQHQ(QWVFKOXGDPLWGDHVEHUHLWVWLHIH1DFKWZDUXQGZLUDOOHHLQZHQLJ5XKH GULQJHQGQ|WLJKlWWHQXQGGDHUDXHUGHPQRFKHLQLJH$UEHLWHQ]XHUOHGLJHQKlWWH ZLFKWLJH8QWHUVXFKXQJHQGLHNHLQHQ$XIVFKXEGXOGHWHQ ,FKYHUEUDFKWHHLQHXQUXKLJH1DFKWGHQQLFKZXUGHYRQ$OSWUlXPHQJHSODJW'DULQ YHUVXFKWHQ DOOH P|JOLFKHQ ,QVHNWHQZHVHQ PLU PHLQH +lQJHPDWWH VWUHLWLJ ]X PDFKHQ 6LH QDKPHQ PLU PHLQ )UHLIDKUHUNRVWP DE GDV PLFK PHLQH OHW]WHQ (UVSDUQLVVH JHNRVWHW KDWWH WUHQQWHQ HV DXI XQG VFKQHLGHUWHQ GDUDXV HLQ 1DUUHQJHZDQG'D]XVHW]WHQVLHPLUHLQH,QVHNWHQPDVNHDXIZRUDXIKLQLFKPLFKLQ GHQ 'VFKXQJHO ]XUFN ]RJ GHQ 1DPHQ /DPDURQH DQQDKP XQG GDV /HEHQ HLQHV %HWWHOP|QFKVIKUWH ,FKZDUIURKDOVPLFKGDV*HVFKUHLHLQHV.ODFNWRQHUVZHFNWH=XHUVWKLHOWLFKGLH DXIJHUHJWH6WLPPHIUHLQHQ%HVWDQGWHLOGHV7UDXPHVDXFKQRFKGDQQDOVLFKGLH $XJHQ DXIVFKOXJ XQG PLFK DXI GHP %RGHQ OLHJHQG YRUIDQG 6RIRUW VDK LFK ]X PHLQHU +lQJHPDWWH KRFK GRFK GLHVH ZDU OHHU XQG QLFKW YRQ HLQHP /DPDURQHU EHOHJW,FKPXWHZRKOLP6FKODIVRKHIWLJXPPLFKJHVFKODJHQKDEHQGDLFKDXV PHLQHUKlQJHQGHQ/LHJHVWDWWJHNLSSWZDU0LUWDWHQDOOH.QRFKHQLP/HLEHZHK 8QG GHU .ODFNWRQHU ]HWHUWH LPPHU QRFK PLW VHLQHU JXWWXUDOHQ 6WLPPH (U ULHI LPPHUGDVVHOEH ³2 :XQGHU 2 6FKUHFN 2 +HUPDQQ 'DV 6FKLII GLH 6&+/(8'(5%2**( LVW ZLHGHUGDDEHUZLUVLQGZHJ

,FK JLQJ QXU PLW HLQHP 1DFKWKHPG EHNOHLGHW GDV :DOW\ PLU ]XP *HVFKHQN JHPDFKWKDWWHLQV)UHLHYRQZRGDV*H]HWHUNDP ³-HW]WEHUXKLJHGLFKHQGOLFK0DOLNHUNODQJ:DOW\VXQJHKDOWHQH6WLPPH³(VLVW MDDOOHVLQ2UGQXQJ8QVLVWMDQLFKWVSDVVLHUW 9RUGHP6WW]SXQNWKDWWHVLFKGLHJHVDPWH0DQQVFKDIWYHUVDPPHOW$XHU:DOW\ KDWWHVLFKDXFK/RWKDU3LOJUDPHLQJHIXQGHQ'HU;HQRORJHVDJWHJHUDGH ³,FK KDEH GHQ /DPDURQHUQ QLH JHWUDXW GDV VLQG JDQ] GXUFKWULHEHQH 6FKOLW]RKUHQ GLH VLFK QXU GXPP VWHOOHQ -HW]W KDEHQ VLH XQV HQWIKUW XQG XQWHU 4XDUDQWlQH JHVWHOOW.HLQH)UDJHGDVLHXQVDOVLKUH*HIDQJHQHQEHWUDFKWHQZHUGHQ ³8QVLQQ ZLGHUVSUDFK :DOW\ ³%LVKHU VWHKW GRFK ZRKO QXU IHVW GD VLH XQV XPJHVLHGHOWKDEHQXQGLFKJODXEHVRJDUGHQ*UXQGGDIU]XNHQQHQ ,FKZDUQRFKQLFKWJDQ]PXQWHUXQGPXWHPLUGHQ6FKODIDXVGHQ$XJHQZLVFKHQ EHYRULFKPLFKXPVDK 8QVHU 6WW]SXQNW VWDQG QLFKW PHKU DXI GHU PRRVEHZDFKVHQHQ /LFKWXQJ VRQGHUQ LUJHQGZRLP'VFKXQJHO'LH5LHVHQElXPHVWDQGHQKLHU]LHPOLFKGLFKWDEHUXQVHU .XSSHOODJHUKDWWHLQHLQHPGHU=ZLVFKHQUlXPHJHUDGHQRFK3ODW] 0LWGHU6&+/(8'(5%2**(YHUKLHOWHVVLFKHWZDVDQGHUV:HULPPHUVLHDXFK HQWIKUWKDWWHXQGDXIZHOFKH$UWGHUKDWWHVLHHLQIDFKDXIGLH%DXPULHVHQVLQNHQ ODVVHQ VR GD VLH GXUFK LKU (LJHQJHZLFKW HLQH %UHVFKH LQ GHQ 'VFKXQJHO JHVFKODJHQ KDWWH 1XQ VWDQG VLH DXI GHQ 6WlPPHQ GHU JHIlOOWHQ XQG ]HUVSOLWWHUWHQ %DXPULHVHQ ³:DUXP KDW PDQ XQV GHQQ XPJHVLHGHOW ZLH VLH GLHVHQ )DOO YRQ (QWIKUXQJ VR YRUQHKPXPVFKUHLEHQ"HUNXQGLJWHVLFK3LOJUDPVS|WWLVFK ³.RPPHQ 6LH PLW 3LOJUDP 6LH DXFK *HUU\ IRUGHUWH XQV :DOW\ DXI XQG ZLU IROJWHQ LKP LQ GLH DOV /DERUDWRULXP HLQJHULFKWHWH .XSSHO 9RU HLQHP 7LVFK DXI GHPYHUVFKLHGHQH%RGHQSUREHQODJHQKLHOW:DOW\DQ(UGHXWHWHDXIHLQHQ+DXIHQ XQGHUNOlUWH ³'LHVH %RGHQSUREH KDEH LFK OHW]WH 1DFKW JHPDFKW ZLH DXFK GLH EULJHQ 6LH VWDPPW DXV GHP 'VFKXQJHOEHUHLFK XQG KDW QLFKWV 8QJHZ|KQOLFKHV DQ VLFK ZLH DXFK GLH DQGHUHQ %RGHQSUREHQ GLH LFK LP 'VFKXQJHO HQWQRPPHQ KDEH (V LVW HLQIDFKHU+XPXV :DOW\ GHXWHWH DXI HLQH 5HLKH DQGHUHU +JHO GLH GXUFK HLQH 7UHQQOHLVWH YRQ GHP 'VFKXQJHOKXPXV DEJHVRQGHUW ZDUHQ YRQ KHOOHUHU )DUEH ZDUHQ XQG ZLH 6DQG DXVVDKHQ'D]XVDJWHHU ³'LHVH3UREHQGDJHJHQKDEHLFKDXIGHU/LFKWXQJJHPDFKW6LHN|QQHQPLWIUHLHP $XJH HUNHQQHQ GD GLHVHU VDQGDUWLJH %RGHQ JDQ] DQGHUHU 1DWXU DOV GHU 'VFKXQJHOKXPXV LVW (U XQWHUVFKHLGHW VLFK DOOHLQ GXUFK VHLQH )DUEH QRFK PHKU MHGRFK GXUFK VHLQH =XVDPPHQVHW]XQJ (V KDQGHOW VLFK HLJHQWOLFK XP HLQHQ XQIUXFKWEDUHQ%RGHQGHUNQVWOLFKJHGQJWZXUGHGDZHQLJVWHQV0RRVDXILKP

ZlFKVW ,FK ELQ VLFKHU GD DOOH GLH YLHOHQ /LFKWXQJHQ GLH HV LQ GLHVHP 'VFKXQJHOJHELHWJLEWGHQJOHLFKHQ8QWHUJUXQGKDEHQ ³1DXQG"PHLQWH3LOJUDPDEIlOOLJ³(VZDUGRFKYRQ$QIDQJDQVRQQHQNODUGD GLHVH /LFKWXQJHQ QLFKW QDWUOLFKHQ 8UVSUXQJV VLQG VRQGHUQ GD HV VLFK XP LUJHQGZHOFKH.XOWVWlWWHQGHU/DPDURQHUKDQGHOW(UPDFKWHHLQHNXU]H3DXVHDOV ILHOHLKPJHUDGHHWZDVHLQGDQQIXKUHUUDVFKIRUW³$XVGLHVHP*UXQGKDEHQGLH /DPDURQHU DXFK GLH /LFKWXQJ JHUlXPW DXI GHU )UVW /DYRUG VHLQ /DJHU DXIJHVFKODJHQKDWWH8QGGDUXPKDEHQVLHXQVHEHQIDOOVYRQGHU/LFKWXQJYHUMDJW :LU KDEHQ HLQH LKUHU KHLOLJHQ 6WlWWHQ HQWZHLKW GDUXP KDOWHQ VLH XQV QXQ KLHU JHIDQJHQ ³,FK VWLPPH PLW ,KQHQ EHUHLQ 3LOJUDP DEJHVHKHQ YRP OHW]WHQ 3XQNW VDJWH :DOW\³$EHU6LHPDFKHQHVVLFK]XOHLFKW(LQLJHLQWHUHVVDQWH)UDJHQEHUVSULQJHQ 6LH HLQIDFK :LH ZDU HV GHQ /DPDURQHUQ P|JOLFK GLH 6&+/(8'(5%2**( KLHUKHU]XVFKDIIHQ RKQH GD ZLU HWZDV GDYRQ JHPHUNW KDEHQ" 8QG ZHOFKH .UlIWH VHW]WHQVLHHLQXPXQVHU/DJHUPLWVDPWXQVHEHQIDOOVKLHUKHU]XWUDQVSRUWLHUHQ" ³9HUPXWOLFKLUJHQGZHOFKH3LOJUDPYHUVWXPPWH³:LVVHQ6LHHVGHQQ" ³'LHVHU 3XQNW HUVFKHLQW PLU LP $XJHQEOLFN XQZLFKWLJ HUZLGHUWH :DOW\ ³:LU N|QQHQ LKQ HUNOlUHQ ZHQQ ZLU PHKU EHU GLH /DPDURQHU LQ (UIDKUXQJ JHEUDFKW KDEHQ0LUJHKWHVPHKUXPGLH%HGHXWXQJGLHVHU/LFKWXQJHQ6LHGUIWHQIUGLH /DPDURQHU WDWVlFKOLFK VHKU ZLFKWLJ VHLQ DEHU DOV KHLOLJH 6WlWWHQ P|FKWH LFK VLH QLFKWJHUDGHEH]HLFKQHQ:lUHQVLHHVKlWWHQVLHXQVVFKRQOlQJVWYRQGRUWYHUMDJW RGHUVRJDUYHUKLQGHUWGDZLUGDUDXIODQGHQ,FKJODXEHHVLVWHKHUVRGDGLH /LFKWXQJHQ HUVW VHLW NXU]HU =HLW LKUH EHVRQGHUH %HGHXWXQJ HUODQJW KDEHQ ,FK JODXEHGDKHUGDPLWRGHUDXIGHQ/LFKWXQJHQLUJHQGHWZDVSDVVLHUHQZLUG'DUXP ZXUGHQZLUYHUMDJW ³0HLQHWZHJHQ VDJWH 3LOJUDP OHLFKWKLQ ³,FK ZLOO PLFK GDUEHU QLFKW PLW LKQHQ VWUHLWHQ0LUJHQJWHV]XK|UHQGDLFKLP*UXQGUHFKWKDEH ³6LH EHWUDFKWHQ GLH $QJHOHJHQKHLW LPPHU QRFK ]X REHUIOlFKOLFK 3LOJUDP VDJWH :DOW\ RKQH 9RUZXUI ³,FK GDJHJHQ ELQ GHU 6DFKH DXI GHQ *UXQG JHJDQJHQ XQG KDEH PLW GHU (QWQDKPH GHU %RGHQSUREHQ EHZLHVHQ GD GHU %RGHQ DXV GHP GLH /LFKWXQJHQ EHVWHKHQ QLFKW YRQ GLHVHU :HOW LVW ,FK PXWH DQ GLH ]HKQ 0HWHU WLHI ERKUHQ XP DXI QDWUOLFKHQ 'VFKXQJHOKXPXV ]X VWRHQ 'DV EHZHLVW GD GLH /LFKWXQJHQ,QVHOQHLQHUDQGHUHQ:HOWVLQG 3LOJUDPVFKZLHJQDFKGHQNOLFK,FKQXW]WHGLH*HOHJHQKHLWXP:DOW\]XIUDJHQ ³8QG ZDV VFKOLHHQ 6LH DXV GLHVHU 7DWVDFKH" (WZD GD GLH /DPDURQHU GLH 5DXPIDKUWEHVLW]HQ" ³,FK P|FKWH PHLQH 7KHRULH YRUHUVW QRFK IU PLFK EHKDOWHQ $EHU HV VWHKW ,KQHQ IUHL *HUU\ VLFK ,KUH HLJHQHQ *HGDQNHQ GD]X ]X PDFKHQ ,FK ZUGH HV PLU VRJDU ZQVFKHQ=lKOHQ6LHGRFKHLQVXQGHLQV]XVDPPHQGDQQZHUGHQ6LHGLH$QWZRUW HUKDOWHQRGHU]XPLQGHVWHLQHYRQYLHOHQ ³5DXPIDKUW LVW PHLQHU 0HLQXQJ DXV]XVFKOLHHQ VDJWH 3LOJUDP ³%HVlHQ VLH GLH

/DPDURQHU GDQQ KlWWHQ VLH QLFKW VROFKH $QJVW YRUP )OLHJHQ 'DV LVW DXFK HLQHV GLHVHU 7DEXV (V PX GRFK HLQHQ *UXQG KDEHQ ZDUXP GLH /DPDURQHU RGHU ]XPLQGHVWMHQHEHLGHQ$UWHQGLHZLUELVMHW]WNHQQHQJHOHUQWKDEHQDOOHVIUFKWHQ ZDV VLFK QLFKW GXUFK UHLQH .|USHUNUDIW EHZHJW ,VW HV GLH 7HFKQLN GLH VLH IUFKWHQ" 3LOJUDPV )UDJH HUZHFNWH LQ PLU HLQH 5HLKH YRQ $VVR]LDWLRQHQ ,FK VDK GLH /DPDURQHU DOV 2SIHU LKUHU HLJHQHQ EHU]FKWHWHQ 7HFKQLN 9LHOOHLFKW KDWWHQ VLH LUJHQGZDQQLQGHU9HUJDQJHQKHLWGLH.RQWUROOHEHULKUHWHFKQLVFKHQ6FK|SIXQJHQ YHUORUHQ XQG GDPLW HLQH ZHOWZHLWH .DWDVWURSKH KHUDXIEHVFKZRUHQ VR GD VLH GLH 7HFKQLNQXQYHUWHXIHOWHQ %HYRULFKMHGRFKPHLQH*HGDQNHQQRFKlXHUQNRQQWHVDJWH:DOW\ ³:LU ZHUGHQ XQVHUH ([SHGLWLRQ VWDUWHQ $EHU ZLU ZHUGHQ $QQHP\ QLFKW ]X )X IROJHQVRQGHUQHLQ%HLERRWGHU6&+/(8'(5%2**(QHKPHQ%LQJHVSDQQWZLH GLH/DPDURQHUGDUDXIUHDJLHUHQ ³6LH ZROOHQ VLH DOVR EHZXW SURYR]LHUHQ" IUDJWH 3LOJUDP ³+RIIHQWOLFK JHKW GDV QLFKWLQV$XJH)UVW7KRU3HGR ³0LU JHKW HV QLFKW DOOHLQ XP 3URYRNDWLRQ HUZLGHUWH :DOW\ ³,FK P|FKWH GLHVH :HOWHUIRUVFKHQXQGHLQHQhEHUEOLFNEHUGLH)ORUDXQG)DXQDJHZLQQHQ%LVMHW]W KDEHQZLUXQV]XVHKUPLWGHQ/DPDURQHUQVHOEVWEHVFKlIWLJWXQGLKUHQ/HEHQVUDXP YHUQDFKOlVVLJW 'DEHL LVW HV JHUDGH GLH 8PZHOW GLH EHU GDV GDULQ OHEHQGH 9RON $XIVFKOXJLEW6LQG6LHDOV;HQRORJHQLFKWDXFKGLHVHU0HLQXQJ3LOJUDP" ³'RFK LFK VWLPPH ,KQHQ ]X :DOW\ PXWH 3LOJUDP ZLGHUZLOOLJ ]XJHEHQ ³,FK KRIIHQXUGDGLH/DPDURQHUXQVHU%HLERRWQLFKWDEVFKLHHQZHQQZLUEHULKUH .|SIHIOLHJHQ,FKWUDXHGLHVHQ,QVHNWHQDEN|PPOLQJHQQlPOLFKQRFKLPPHUQLFKW ³,FK ELQ VLFKHU GD VLH JHJHQ HLQ IOLHJHQGHV 2EMHNW QLFKW PLW EUXWDOHU *HZDOW YRUJHKHQ VLH VLQG DOOHV DQGHUH DOV DJJUHVVLY PHLQWH :DOW\ ³'HQQRFK ELQ LFK JHVSDQQWZLHVLHGDUDXIUHDJLHUHQZHUGHQ :DOW\VXFKWHGLH6&+/(8'(5%2**(DXIXQGNDPJOHLFKGDUDXIPLWHLQHP'LQJ DXVHLQHU6FKOHXVHJHIORJHQGDVHLQH0LQLDWXUDXVJDEHGHV0XWWHUVFKLIIVZDU'DV %HLERRW ZDU DXI GHU =HOOH HLQHV )RUVFKXQJVJOHLWHUV DXIJHEDXW ZLH LKQ GLH ([SORUHUIORWWH IU .XU]VWUHFNHQEHREDFKWXQJHQ YRQ )UHPGZHOWHQ EHQXW]WH 'HU *OHLWHU ZLHV MHGRFK DXFK (OHPHQWH HLQHV $PSKLELHQIDKU]HXJHV HLQHV 6SULQJHUEHLERRWV XQG HLQHV 862-lJHUV DXI $OOHV LQ DOOHP ZLUNWH HV MHGRFK VHKU NRPSDNWZHQQDXFKQLFKWJHUDGHlVWKHWLVFK :DOW\ ODQGHWH GHQ .DVWHQ YRU XQV VWLHJ DXV XQG VXFKWH 0DOLN DXI XP LKP ,QVWUXNWLRQHQ IU GLH =HLW XQVHUHU $EZHVHQKHLW ]X JHEHQ 'D GUDQJHQ DXV GHP 'VFKXQJHO VHOWVDPH *HUlXVFKH GLH VLFK DQK|UWHQ DOV QlKHUH VLFK XQVHUHP /DJHUSODW] HLQH ZLOGH 0HXWH *OHLFK GDUDXI EUDFKHQ YLHU .ODFNWRQHU DXV GHP

'VFKXQJHO ³'DVVLQG$QQHP\V%HJOHLWHUULHI:DOW\EHUUDVFKWDXV³:LHKDEWLKUXQVGHQQ JHIXQGHQ%ROHN" ³:HL QLFKW ZLH DEHU EHUJOFNOLFK %R VDJWH GHU DQJHVSURFKHQH .ODFNWRQHU GHP GDV .RVWP LQ )HW]HQ YRP EHKDDUWHQ .|USHU KLQJ XQG GHU DXFK VRQVW HLQHQ UHFKW PLWJHQRPPHQHQ (LQGUXFN PDFKWH (U ILHO :DOW\ I|UPOLFK LQ GLH $UPH XQG NODPPHUWHVLFKDQLKQ 1DFKGHP HU HLQLJHUPDHQ ]X $WHP JHNRPPHQ ZDU HU]lKOWH HU GD IXUFKWEDUH %HVWLHQ VLH JHMDJW KlWWHQ XQG VLH XP LKU /HEHQ ODXIHQ PXWHQ ELV VLH ]XIlOOLJ ]X XQVJHVWRHQZDUHQ6HLQHUEOXPHQUHLFKHQ%HVFKUHLEXQJQDFKKDQGHOWHHVVLFKEHL GLHVHQ %HVWLHQ XP ULHVLJH VHFKVEHLQLJH .lIHU PLW JHSDQ]HUWHQ .|USHUQ GLH JHZDOWLJH +|UQHU KDWWHQ GLH VLH ZLH =DQJHQ JHEUDXFKHQ NRQQWHQ ,FK ZXUGH XQZLOONUOLFKDQEHUGLPHQVLRQDOHWHUUDQLVFKH+LUVFKNlIHUHULQQHUW ³0|JOLFKHUZHLVHKDWHVVLFKGDEHLXP9HUWUHWHUHLQHVZHLWHUHQ/DPDURQHU9RONHV JHKDQGHOWGLHHXFKEOR]XXQVIKUHQZROOWHQHUNOlUWH:DOW\³$EHUVHOEVWZHQQ HV VLFK XP 7LHUH JHKDQGHOW KDW GURKWH YRQ LKQHQ NHLQH *HIDKU )UVW /DYRUG KDW JHVDJWGDVLFKVHOEVWGLHZLOGHVWHQ7LHUHGLHVHU:HOWQLFKWJHJHQ,QWHOOLJHQ]ZHVHQ ZHQGHQXQGHUPXHVZLVVHQ ³'DVK|UWVLFKMDJHUDGHVRDQDOVZUGHHLQHEHUJHRUGQHWH0DFKWGLHgNRORJLH GLHVHU :HOW VWHXHUQ XQG GLH 7ULHEH GHU 5DXEWLHUH LQ JHZQVFKWH %DKQHQ OHQNHQ VDJWH3LOJUDPVS|WWLVFK³$QGHUVNDQQLFKHVPLUQLFKWYRUVWHOOHQGHQQHVLVWZLGHU GLH1DWXU ³:DUXPQLFKW"PHLQWH:DOW\ :LU VWDUWHWHQ PLW %2-( ZLH GDV %HLERRW KLH :DOW\ VD DP 6WHXHU 3LOJUDP EHUQDKP GDV )XQNJHUlW XQG GLH 2UWXQJ XQG LFK EHGLHQWH GHQ DXWRPDWLVFKHQ .DUWRJUDSKHQ 0HLQH $XIJDEH ZDU HV $XIQDKPHQ YRQ GHU 3ODQHWHQREHUIOlFKH ]X VFKLHHQ XQG GLHVH ]X YHUPHVVHQ XQG GLH )RWRV JOHLFK DXV]XZHUWHQ :DOW\ JLQJ HV YRU DOOHP GDUXP HLQH %HVWDQGVDXIQDKPH GHU 7LHUZHOW ]X PDFKHQ ,FK YHUVWDQG QLFKW ZR]X GDVJXWZDUEHIROJWHDEHUVHLQH$QZHLVXQJHQRKQH)UDJHQ]XVWHOOHQ 3LOJUDP KDWWH GDV 3HLOVLJQDO DXIJHIDQJHQ GDV YRQ %LOO\ WKH .LG DXVJLQJ XQG EHUPLWWHOWH:DOW\GLH'DWHQGHUPLWGHU%2-(LQGLHDQJHJHEHQH5LFKWXQJIORJ 'LH*HVFKZLQGLJNHLWZDUPLWHWZD.LORPHWHUQGLH6WXQGHQLFKWVHKUKRFKXQG GLH +|KH EHWUXJ QLFKW PHKU DOV 0HWHU GRFK GDV ZDU JDQ] LP 6LQQ HLQHU JHQDXHQ/DQGYHUPHVVXQJXQG(UIRUVFKXQJGHU7LHUZHOW 3LOJUDPYHUVXFKWHDXFKPLW$QQHP\LQ.RQWDNW]XWUHWHQGRFK:DOW\V*HIlKUWLQ DQWZRUWHWHDXVLUJHQGHLQHP*UXQGQLFKW ³6LH ZLUG LQ GHU *HZDOW GHU /DPDURQHU VHLQ VDJWH 3LOJUDP ,FK VDK DXV GHQ $XJHQZLQNHOQ ZLH :DOW\ GDUDXIKLQ OHLFKW QHUY|V ZXUGH ZDV VLFK LQ HLQHP KHNWLVFKHQ$XIXQG$EVHLQHV$GDPVDSIHOVlXHUWHDEHUHUVFKZLHJ

'LH 3ODQHWHQREHUIOlFKH ZDU ZHQLJ DEZHFKVOXQJVUHLFK8QWHUXQVEUHLWHWHVLFKGHU 'VFKXQJHO HQGORV DXV XQG ZXUGH QXU JHOHJHQWOLFK YRQ )OXOlXIHQ XQG GHQ YLHOHQ /LFKWXQJHQXQWHUEURFKHQGLHVLFKWDWVlFKOLFKZLH,QVHOQDXVGHPGXQNOHUHQ*UQ GHV3IODQ]HQPHHUVDEKREHQ 'HU'VFKXQJHOZDUVRGLFKWGDPDQPLWIUHLHP$XJHQLFKWHUNHQQHQNRQQWHZDV VLFK XQWHU VHLQHP JUQHQ 'DFK DEVSLHOWH 'RFK GLH 6WUDKOHQ GHU .DPHUDV GXUFKGUDQJHQGDV3IODQ]HQGDFKXQGHQWKOOWHQGDGHU'VFKXQJHOOHEWH 'LH 7LHUZHOW GLHVHU 5HJLRQ EHVWDQG KDXSWVlFKOLFK DXV NOHLQHUHQ $UWHQ 5HSWLOLHQ XQG (FKVHQ ZDUHQ LQ GHU hEHU]DKO DEHU HV IDQGHQ VLFK DXFK YHUVFKLHGHQH $UWHQ YRQ 6lXJHUQ 'LH JU|WH 6SH]LHV GLH LFK LQV %LOG EHNDP ZDU HLQ JHIOHFNWHV 5DXEWLHUGDVHLQHP6lEHO]DKQWLJHUlKQOLFKVDKQXUHLQHVFKODQNHUH*HVWDOWKDWWH :lKUHQG LFK GLHVH 5DXENDW]H PLW GHU .DPHUD YHUIROJWH HUOHEWH LFK PLW ZLH VLH HLQHQ DIIHQlKQOLFKHQ %DXPEHZRKQHU VFKOXJ 'RFK QRFK EHYRU VLH VLFK GHU %HXWH HUIUHXHQNRQQWHVFKREVLFKHLQH5LHVHQVFKODQJHLQV%LOGXQGVW|UWHLKU0DKO'LH 6FKODQJH EUDFK GHP 6lEHO]DKQWLJHU PLW HLQHP HLQ]LJHQ %L GDV *HQLFN XQG LFK ZDU VLFKHU GD HV LKU 2SIHU LP *DQ]HQ YHUVFKOLQJHQ ZUGH 'RFK NRQQWH LFK GLHVHQ 9RUJDQJ QLFKW PHKU EHREDFKWHQ ZHLO ZLU EHU GHQ 6FKDXSODW] GHV *HVFKHKHQVEHUHLWVKLQZHJJHIORJHQZDUHQ 'HU /XIWUDXP EHU GHP 'VFKXQJHO ZDU YHUZDLVW HV JDE NHLQH IOLHJHQGHQ (FKVHQ XQG DXFK NHLQH JU|HUHQ 5DXEY|JHO 'LH JHILHGHUWHQ %HZRKQHU ZDUHQ GXUFKDXV NOHLQ XQG HULQQHUWHQ PLFK DQ .ROLEULV ,KU /HEHQVUDXP ZDUHQ GLH KRKHQ XQG GLFKWHQ.URQHQGHU%lXPHXQGVLHVWLHHQQXUJDQ]VHOWHQGDUEHUKLQDXV ³:LHVLHKWHVDXV"HUNXQGLJWHVLFK:DOW\ ,FKEHUVSLHOWHLKPHLQH5HLKHYRQ$XIQDKPHQDXIVHLQHQ0RQLWRUXQGOLHIHUWHLKP DXFKHLQH=ZLVFKHQDXVZHUWXQJ ³8QGZLHVWHKWHVPLW,QVHNWHQ"ZROOWHHUZLVVHQ³+DEHQ6LHQRFKNHLQHJU|HUHQ $UWHQHQWGHFNW" ³'RFK DQWZRUWHWH LFK ³DEHU GDEHL KDQGHOW HV VLFK GXUFKZHJV XP /DPDURQHU GDUXPYHU]LFKWHWHLFKDXIHLQHhEHUWUDJXQJGLHVHU$XIQDKPHQ,FKKDEH9HVSDHU *U\OODHU XQG 3K\OODHU HQWGHFNW ZLH VLH XQV YRQ $QQHP\ EHVFKULHEHQ ZXUGHQ (LQPDOEHNDPLFKHLQH*UXSSHMHQHUJHK|UQWHQ.lIHUZHVHQLQV%LOGGLH%ROHNXQG VHLQHU *UXSSH VROFKHQ 6FKUHFN HLQJHMDJW KDEHQ 'DEHL NDQQ HV VLFK QXU XP /XFDQDHU KDQGHOQ 'LH IQIWH XQG VHFKVWH $UW GLH /DYRUG DOV 6NRORSDHU XQG ,QDFKDHUEH]HLFKQHWHEHNDPLFKGDJHJHQQRFKQLFKWYRUGLH.DPHUD ³6HOWVDP PHLQWH :DOW\ ³'LH /HEHQVNHWWH GHU 7LHUZHOW VFKHLQW VLFK JHVFKORVVHQ ]X KDEHQ HV IHKOW NHLQ *OLHG GDULQ $EHU DXV ZHOFKHU $UW VLQG GLH /DPDURQHU KHUYRUJHJDQJHQ"%HVWLPPWDXVNHLQHUGHUELVKHUYRQXQVHQWGHFNWHQ*DWWXQJHQ ,FK ZXWH ZDV HU PHLQWH (V IHKOWHQ ELVKHU *URLQVHNWHQ GLH GLH 9RUIDKUHQ GHU /DPDURQHUKlWWHQVHLQN|QQHQ

³'LHVHU 'VFKXQJHO LVW QLFKW GHU JHHLJQHWH /HEHQVUDXP IU 5LHVHQZHVSHQ KHXVFKUHFNHQXQGNlIHUJDELFK]XEHGHQNHQ³(VPDJ*HELHWHJHEHQLQGHQHQ VLFK5LHVHQLQVHNWHQZRKOHUIKOHQ:LUKDEHQGRFKHUVWHLQHQZLQ]LJHQ$XVVFKQLWW GHU3ODQHWHQREHUIOlFKHHUIRUVFKW ³7URW]GHPSDVVHQGLH/DPDURQHUQLFKWLQV*HVDPWELOGVDJWH:DOW\ ³'DQQ JODXEHQ 6LH GD GLHV JDU QLFKW LKUH 8UVSUXQJVZHOW LVW" IUDJWH LFK ³6LH YHUPXWHQGDVLFKGLH/DPDURQHUDXIGLHVHP3ODQHWHQQXUDQJHVLHGHOWKDEHQ" ³'DV LVW VR JXW ZLH VLFKHU DQWZRUWHWH 3LOJUDP DQ :DOW\V 6WDWW 8QG HU IJWH KLQ]X³0HLQ.RPSOLPHQW(VZDUULFKWLJYRQ,KQHQQDFKGHPIHKOHQGHQ*OLHGLQ GHU (YROXWLRQ GHU /DPDURQHU ]X VXFKHQ $EHU GDPLW KDEHQ 6LH JOHLFK]HLWLJ EHZLHVHQGDVLHGLH5DXPIDKUWEHVLW]HQRGHU]XPLQGHVWEHVHVVHQKDEHQ :DOW\VDJWHQLFKWV]X3LOJUDPV0HLQXQJVXPVFKZXQJ ,FKKDWWHZlKUHQGGHV*HVSUlFKVGHQ.DUWRJUDSKHQZHLWHUKLQEHGLHQWXQGHUNDQQWH DQKDQGGHUOHW]WHQ$XIQDKPHQGDZLUEHUHLQ*HELHWIORJHQGDVEHUDXVGLFKW YRQ /DPDURQHUQ EHY|ONHUW ZDU 8QG ]ZDU QXU YRQ GHQ EHLGHQ QLHGULJVWHQ $UWHQ GHQ9HVSDHUQXQG*U\OODHUQ ,FK ZROOWH PLFK VFKRQ GD]X lXHUQ GD HUNDQQWH LFK GD LFK =HXJH HLQHU 0DVVHQZDQGHUXQJZXUGH'LH9HVSDHUXQG*U\OODHUVWU|PWHQDXVDOOHQ5LFKWXQJHQ ]X GHQ /LFKWXQJHQ XQG OLHHQ VLFK DXI LKQHQ QLHGHU $OV ZLU EHU HLQH GHU /LFKWXQJHQIORJHQVDJWHLFK]X:DOW\ ³'URVVHOQ6LHGLH*HVFKZLQGLJNHLW:HQQP|JOLFKGDQQJHKHQ6LHPLWGHU%2-( LQGLH6FKZHEH'DXQWHQWXWVLFKHLQLJHV :DOW\EUHPVWHGDV%HLERRWDEXQGEUDFKWHHVLP/XIWUDXPEHUGHU/LFKWXQJ]XP 6WLOOVWDQG'DQQJLQJHUODQJVDPWLHIHU ³3KDQWDVWLVFKVDJWHHUZlKUHQGHUGLH*HVFKHKQLVVHXQWHUXQVDXIGHP0RQLWRU EHREDFKWHWH³'LH/DPDURQHUGHUHUVWHQXQG]ZHLWHQ$UWVWU|PHQLQ0DVVHQKHUEHL XQG ODVVHQ VLFK DXI GHU XQEHZDOGHWHQ ,QVHO QLHGHU ,FK IUDJH PLFK RE ZLU GLHVH 0DVVHQZDQGHUXQJ DXVJHO|VW KDEHQ +DW GHU $QEOLFN XQVHUHV )OXJREMHNWV HLQHQ +HUGHQWULHE EHL GHQ ,QVHNWHQZHVHQ DXVJHO|VW" 6XFKHQ VLH GDUXP 6FKXW] DXI GHQ ,QVHOQ" ³'DV LVW GRFK DEVXUG VDJWH 3LOJUDP ³:HQQ VLH HLQH %HGURKXQJ DXV GHU /XIW EHIUFKWHQ ZlUH HV GRFK QDWUOLFKHU VLH ZUGHQ VLFK WLHIHU LQ GHQ 'VFKXQJHO ]XUFN]LHKHQ ³9LHOOHLFKWVHKHQVLHLQGHP)OXJREMHNWJDUNHLQH%HGURKXQJPHLQWH:DOW\³(V N|QQWH IU VLH DXFK GDV ODQJH HUZDUWHWH =HLFKHQ IU HLQ DQJHNQGLJWHV XQG EHYRUVWHKHQGHV(UHLJQLVVHLQ(VPXMDQLFKWXQEHGLQJWGLH$QJVWYRUGHP)OLHJHQ VHLQGLHGLH/DPDURQHUEHKHUUVFKW9LHOOHLFKWLVWHVJHUDGHXPJHNHKUW $XI GHU /LFKWXQJ XQWHU XQV GUlQJWHQ VLFK EHUHLWV +XQGHUWH YRQ 9HVSDHUQ XQG *U\OODHUQ,QGHU%LOGYHUJU|HUXQJVDKLFKZLHVLHDXIJHUHJWKLQXQGKHUHLOWHQXQG

GDEHLLKUHREHUHQ([WUHPLWlWHQJHJHQHLQDQGHUVFKOXJHQXQGHLQHUGLH)KOHUJHJHQ GLHGHVDQGHUHQULHE,KUH.|USHUZRJWHQHLQHXQEHVFKUHLEOLFKH+HNWLNKDWWHYRQ LKQHQ%HVLW]HUJULIIHQ8QGLPPHUZLHGHUUHFNWHQVLHLKUH,QVHNWHQN|SIHQDFKREHQ XQGVFKLHQHQLKUH)DFHWWHQDXJHQDXIXQVHU%HLERRW]XULFKWHQ 3O|W]OLFK VDK LFK LQ GHU 0HQJH GHU 9HVSDHU XQG *U\OODHU HLQ JUQVFKLPPHUQGHV ,QVHNWHQZHVHQDXIWDXFKHQGHVVHQ.|USHUGLH)RUPHLQHV%ODWWHVDXIZLHV ³6HKW QXU PDFKWH LFK :DOW\ XQG 3LOJUDP DXI PHLQH (QWGHFNXQJ DXIPHUNVDP ³'DVPXHLQ9HUWUHWHUGHUGULWWHQ$UWGHU3K\OODHUVHLQ 3LOJUDPQDKPHLQLJH(LQVWHOOXQJHQPLWGHP6XFKHUYRUELVHUGHQ3K\OODHULP%LOG KDWWH ³2IIHQEDUYHUVXFKWGHU3K\OODHUGLHDQGHUHQ]XEHUXKLJHQVDJWH:DOW\³(UZLUNW JHUDGH]X EHVFKZ|UHQG 'DV LVW EHUDXV LQWHUHVVDQW ,FK VFKOLHH GDUDXV GD GLH 3K\OODHU ZHLW DXIJHNOlUWHU VLQG DOV GLH EHLGHQ HUVWHQ $UWHQ XQG GDV $XIWDXFKHQ XQVHUHV %HLERRWV QLFKW DOV $QNQGLJXQJ GHV HUZDUWHWHQ (UHLJQLVVHV KDOWHQ 'DV N|QQWHEHGHXWHQGDGLH3K\OODHU]XGHQ(LQJHZHLKWHQJHK|UHQLP*HJHQVDW]]X GHQ9HVSDHUQXQG*U\OODHUQ ³6LHXQG,KUH6FKOXIROJHUXQJHQ)UVW7KRU3HGRVDJWH3LOJUDPDEIlOOLJ ³+DEHQ6LHGHQQHLQHDQGHUH(UNOlUXQJSDUDW"VDJWHLFKKHUDXVIRUGHUQGZHLOPLU GLH GDXHUQGH 0LHVPDFKHUHL GHV ;HQRORJHQ DXI GLH 1HUYHQ JLQJ (U VFKZLHJ QDWUOLFKGHQQHUZXWHHVQLFKWEHVVHU(UZDUQXUHLQ%HVVHUZLVVHU ³'LH 9HUVDPPOXQJ VFKHLQW VLFK DXI]XO|VHQ VWHOOWH :DOW\ IHVW ³'HU 3K\OODHU KDW VHLQH6FKlIFKHQEHUXKLJWXQGVFKLFNWVLHQDFK+DXVH6FKQHOOGLH7RWDOH 3LOJUDP VFKDOWHWH XP XQG DXI GHP %LOGVFKLUP ZDU QXQ GLH JHVDPWH /LFKWXQJ ]X VHKHQ (V KHUUVFKWH QRFK LPPHU HLQ *HGUlQJH YRQ ZHVSHQlKQOLFKHQ XQG JULOOHQlKQOLFKHQ ,QVHNWHQZHVHQ DEHU HV YHUODJHUWH VLFK ]XP 'VFKXQJHOUDQG KLQ GLH/DPDURQHU]RJHQVLFKDOOPlKOLFKZLHGHUYRQGHU/LFKWXQJ]XUFN ³6HW]HQZLUGHQ)OXJIRUWEHVFKOR:DOW\XQGEHVFKOHXQLJWHGLH%2-(³,FKELQ JHVSDQQWREVLFKDXVGLHVHP=ZLVFKHQIDOO.RQVHTXHQ]HQIUXQVHUJHEHQ ³+RIIHQWOLFK QLFKW PHLQWH 3LOJUDP ZlKUHQG HU PLW GHU URXWLQHPlLJHQ 2UWXQJ EHJDQQ ,FK PHUNWH ZLH HU SO|W]OLFK LQQHKLHOW XQG DXI HLQHQ 0RQLWRU VWDUUWH DOV N|QQH HU QLFKW JODXEHQ ZDV HU VDK 'DQQ JOLWWHQ VHLQH )LQJHU NXU] EHU GLH 7DVWDWXU 'HU 0RQLWRU YHUGXQNHOWH VLFK IU HLQHQ 0RPHQW GDQQ ZLHV HU ZLHGHUXP GLHVHOEH 'DWHQJUXSSHZLH]XYRUDXV ³,FKKDEHHLQHVWDUNH(QHUJLHTXHOOHJHRUWHWVDJWHHUIDVWXQJOlXELJ³6LHOLHJWQXU ZHQLJH.LORPHWHUYRUXQV(LJHQWOLFKVLQGHVPHKUHUH2EMHNWHGLHMHGRFK]LHPOLFK GLFKWEHLHLQDQGHUVWHKHQ ³8PZHOFKH$UWYRQ2EMHNWHQKDQGHOWHVVLFK"HUNXQGLJWHVLFK:DOW\ ³(VVLQGVLHEHQ]\OLQGHUI|UPLJH*HElXGHRGHU$QODJHQHUNOlUWH3LOJUDP³-HGHU =\OLQGHULVWKXQGHUWXQGIQI]LJ0HWHUKRFKXQGKDWHLQHQ'XUFKPHVVHUYRQIQI]LJ

0HWHUQ 6LH VWHKHQ LP .UHLV XQG VLQG YLHUKXQGHUW 0HWHU YRQHLQDQGHU HQWIHUQW (LJHQWOLFKPWHPDQVLHVFKRQPLWIUHLHP$XJH ³,FK VHKH VLH ULHI LFK DXV XQG GHXWHWH GXUFK GLH .DQ]HO QDFK YRUQH LQ GLH 5LFKWXQJLQGLHZLUIORJHQ³0DQNDQQVLHEHUHLWVJDQ]GHXWOLFKLP'XQVWVFKOHLHU GHV +RUL]RQWV HUNHQQHQ 'D]ZLVFKHQ EHILQGHQ VLFK DXFK QRFK DQGHUH %DXZHUNH 9LHOOHLFKWKDQGHOWHVVLFKXPHLQH6WDGW ³:LUQHKPHQ.XUVGDUDXIEHVFKOR:DOW\(UKDQWLHUWHDQGHQ,QVWUXPHQWHQXQG VWLHDXIHLQPDOHLQHQ/DXWGHU(QWWlXVFKXQJDXV³:DVLVW"HUNXQGLJWHLFKPLFK ³$XV XQVHUHP 9RUKDEHQ ZLUG OHLGHU QLFKWV PHLQWH HU WRQORV ³+LHU HQGHW XQVHU )OXJ,UJHQGHLQHJHLVWLJH0DFKW]ZLQJWPLFKGD]XGLH%2-(]XODQGHQ,FKNDQQ PLFKQLFKWGDJHJHQZHKUHQ ,FKPDFKWHVFKQHOOHLQH6HULHYRQ$XIQDKPHQGHVPXWPDOLFKHQ/DQGHJHELHWV'LH HUVWHQ %LOGHU ]HLJWHQ QXU GHQ 'VFKXQJHO PLW HLQLJHQ NOHLQHUHQ 7LHUDUWHQ .HLQ ,QWHOOLJHQ]ZHVHQ ZDU GDUDXI ]X VHKHQ ,FK ZROOWH VFKRQ HLQH HQWVSUHFKHQGH 0HOGXQJPDFKHQGRFKGDHQWGHFNWHLFKDXIGHPOHW]WHQ%LOGHLQHQ5LHVHQNlIHUPLW HLQHP]DQJHQDUWLJHQ*HZHLKDXIGHP.RSI ³'DXQWHQHUZDUWHWXQVHLQ+LUVFKNlIHUlKQOLFKHUVDJWHLFK ³,FK IUFKWH GD GLHVHU /DPDURQHU GHU YLHUWHQ $UW XQV ]XU 5HFKHQVFKDIW ]LHKHQ ZLUG VDJWH :DOW\ EHNPPHUW ³1D ZHQLJVWHQV OHUQHQ ZLU HLQHQ /XFDQDHU NHQQHQ³)DOOVZLUKHLODXVGLHVHU/DJHNRPPHQZHUGHQ6LHVLFKDQDQGHUHU6WHOOH YHUDQWZRUWHQ PVVHQ )UVW 7KRU 3HGR VDJWH 3LOJUDP ³,FK ZHUGH 6LH YRU GDV )UHLKlQGOHUJHULFKW EULQJHQ 'HQQ HLQHV LVW ZRKO NODU 'LHVHV *HVFKlIW KDEHQ 6LH XQVHUHU2UJDQLVDWLRQJDQ]DOOHLQYHUPDVVHOW ³1RFKLVWQLFKWVYHUORUHQVDJWHLFKDEHUPHLQH6WLPPHNODQJEHOHJW,FKKDWWHHLQ IODXHV*HIKOLQGHU0DJHQJHJHQG 'LH %2-( ODQGHWH ]ZLVFKHQ GHQ 6WlPPHQ GHU %DXPULHVHQ XQG ZLU VWLHJHQ DXV 3LOJUDPOLH:DOW\PLWHLQHUVFKHLQEDUJDODQWHQ*HVWHGHQ9RUWULWWXQGLFKELOGHWH GHQ$EVFKOX(VEHGDUIZRKONHLQHUEHVRQGHUHQ(UZlKQXQJGDZLUXQEHZDIIQHW ZDUHQ:DOW\KDWWHGDUDXIEHVWDQGHQXQGHVZDUGDVHUVWHPDOGDLFKPLW3LOJUDP EHUHLQVWLPPHQG QLFKW PLW VHLQHU (QWVFKHLGXQJ ]XIULHGHQ ZDU $EHU ZLU PXWHQ XQVLKUIJHQ 8P XQV KHUUVFKWH HLQH IDVW XQKHLPOLFKH 6WLOOH YRQ GHP /XFDQDHU GHQ LFK IRWRJUDILHUWKDWWHZDUQLFKWV]XVHKHQ ³+DOOR ULHI :DOW\ PLW ]X HLQHP 7ULFKWHU JHIRUPWHQ +lQGHQ LQ GHQ 'VFKXQJHO ³:LUZLVVHQGDKLHUMHPDQGLVW'XEUDXFKVWGLFKDOVRQLFKW]XYHUVWHFNHQ8QG ZLU ZLVVHQ DXFK GD GX HV ZDUVW GHU XQV VHLQH JHLVWLJH .UlIWH VSUHQ OLH ,FK :DOW\ .ODFNWRQ )UVW 7KRU 3HGR JHQDQQW ELQ EHUHLW ]X PHLQHU +DQGOXQJVZHLVH ]XVWHKHQ :DUXPKDVWGXGDVJHWDQ"HUNODQJSO|W]OLFKHLQHJHLVWLJH6WLPPHLQPHLQHP.RSI 0XWHVW GX GHLQ )OXJJHIlKUW EHQXW]HQ REZRKO GX ZXWHVW GD GLHV )ROJHQ IU

HLQLJH PHLQHU $UWJHQRVVHQ KDEHQ ZUGH" 2GHU ZLOOVW GX EHKDXSWHQ GD GX GLU QLFKWGDUEHULPNODUHQELVWZDVHVIUXQVHUH-QJHUHQEHGHXWHWH" ³(V ZDU HLQ ([SHULPHQW YHUWHLGLJWH VLFK :DOW\ XQG LFK EHZXQGHUWH VHLQH DXIUHFKWH+DOWXQJ(UKDWWHQLFKWVPHKUYRQHLQHP7ROSDWVFKRGHU'XFNPlXVHUDQ VLFK VRQGHUQ VFKLHQ PLW GHU $XIJDEH JHZDFKVHQ ]X VHLQ ³,FK ZROOWH HXFK GLH 9HUDQWZRUWOLFKHQDXVGHU5HVHUYHORFNHQGDPLWGLH'LQJHLQV5ROOHQNRPPHQXQG HWZDVSDVVLHUW8QGGDVLVWPLUJHOXQJHQ 'XKDVWHWZDVLQV5ROOHQJHEUDFKWGDVLVWZDKUVDJWHGLH*HGDQNHQVWLPPH(WZDV GDVXUVSUQJOLFK]ZDUJHSODQWZDUDEHUGDVQDFKGHQQHXHVWHQ(UNHQQWQLVVHQQLFKW XQEHGLQJWPHKUDOVZQVFKHQVZHUWHUVFKLHQ(VLVWJHUDGH]XHLQH,URQLHGDGXHV ZDUVWGHUGHQ0HLQXQJVXPVFKZXQJJHEUDFKWKDWXQGGDGXHVJOHLFK]HLWLJDXFK ELVW GHU DOOHV (UUHLFKWH ZLHGHU ]X ]HUVW|UHQ GURKW 1HLQ GX NDQQVW QLFKW ZLVVHQ ZDVGXDQJHULFKWHWKDVW ³'DQQVDJHHVPLUNOLSSXQGNODUDQVWDWWLQ5lWVHOQ]XVSUHFKHQYHUODQJWH:DOW\ XQEHHLQGUXFNW 'XKDVWGLH/DPDURQHUHEHQVRZLHGLH0HQVFKKHLWXPHLQH&KDQFHEHUDXEW :DOW\ ]XFNWH XQWHU GHU JHLVWLJHQ 6WLPPH ]XVDPPHQ DOV KDEH VLH HLQH HOHNWULVLHUHQGH:LUNXQJDXILKQ ³'X ZLOOVW GRFK GDPLW QLFKW VDJHQ GD LFK GXUFK HLQHQ KDUPORVHQ )OXJ GLH &KDQFHQDXIHLQ+DQGHOVDENRPPHQ]XQLFKWHJHPDFKWKDEHULHI:DOW\XQJOlXELJ DXV³'DVNOLQJWZLHHLQGXPPHU6FKHU] +LQWHU HLQHP GHU ZXFKWLJHQ 6WlPPH HQWVWDQG HLQH %HZHJXQJ XQG GDQQ WUDW GHU /DPDURQHU KHUYRU (U ZDU JXW ]ZHLHLQKDOE 0HWHU JUR REZRKO HU QDFK YRUQH JHEHXJW ZDU XQG GDV RKQH VHLQHQ PlFKWLJHQ JHZHLKDUWLJHQ .RSIVFKPXFN PLW GHPHU=DQJHQEHZHJXQJHQPDFKWH6HLQ6FKlGHOZDUZXFKWLJXQGVRJURZLHGHU NXU]H 2EHUN|USHU DXV GHP GLH REHUHQ ([WUHPLWlWHQ UDJWHQ 'HU HEHQIDOOV JHSDQ]HUWH8QWHUOHLEKDWWHGLH/lQJHYRQ.RSIXQG2EHUN|USHU]XVDPPHQ ³0DQK|UWDXVMHGHPGHLQHU:RUWHKHUDXVGDGXQRFKJDUQLFKWGLH5HLIHEHVLW]W HLQHP /DPDURQHU GHU YLHUWHQ $UW JHJHQEHU]XWUHWHQ VDJWH GDV .lIHUZHVHQ PLW HLQHU UDXKHQ 6WLPPH GLH NODQJ ZLH ZHQQ PDQ PLW 6DQGSDSLHU EHU *ODV UHLEW ³$QGHUQIDOOV ZUGHVW GX QLFKW VR OHLFKWIHUWLJ DQGHUH DOV VFKHU]HQGH 'XPPH DEXUWHLOHQZRGXGRFK'XPPKHLWXQGEOHV6FKHU]HQJHSDFKWHW]XKDEHQVFKHLQVW 1HLQ GX ELVW ZLUNOLFK QLFKW UHLI IU HLQ *HVSUlFK PLW HLQHP YRQ PHLQHU $UW 'X KDVW GLHVHQ .RQWDNW QXU GXUFK GHLQ XQEHUOHJWHV +DQGHOQ HU]ZXQJHQ $EHU ELOGH GLUGDUDXIQLFKWVHLQ ³0DJ VFKRQ VHLQ GD LFK PLW 9HVSDHUQ XQG *U\OODHUQ EHVVHU ]XUHFKWNRPPH HUZLGHUWH :DOW\ ³'HQQ VLH VLQG ZHQLJHU EHUKHEOLFK XQG ZHLWDXV K|IOLFKHU 6LH KDEHQVLFK]XPLQGHVWVWHWVPLW1DPHQYRUJHVWHOOW,FKKHLH ³'X EUDXFKVW GHLQHQ 1DPHQ QLFKW ]X QHQQHQ GHQQ HU KDOOW ZLH HLQ 6FKUHL GHV

(QWVHW]HQVEHUXQVHUH:HOW:DOW\.ODFNWRQXQWHUEUDFKLKQGHU/XFDQDHU ³'DV LVW HLQ QLHGHUVFKPHWWHUQGHV 8UWHLO VDJWH :DOW\ ]HUNQLUVFKW XQG PDFKWH GHXWOLFKGDHUPHKUXQGPHKUYRQVHLQHUDQIlQJOLFKHQ6HOEVWVLFKHUKHLWHLQEWH ³,FKEHJLQQH]XJODXEHQGDLFKGHQ8QWHUJDQJIUHXUH:HOWHLQJHOHLWHWKDEH ³'DV LVW HWZDV EHUWULHEHQ VDJWH GHU /XFDQDHU ³$EHU HLQLJHV KDVW GX VFKRQ EHZLUNWLPQHJDWLYHQ6LQQZLHDXFKLPSRVLWLYHQhEULJHQVNDQQVWGXPLFK2PDQL QHQQHQ8QGLFKKDEHGLFKQLFKWKHUDEJHKROWXPGLU9RUZUIH]XPDFKHQVRQGHUQ XPGLUGDEHL]XKHOIHQXQVHU9RONHLQZHQLJEHVVHU]XYHUVWHKHQ ³8QGZLHZLOOVWGXGDVPDFKHQ"HUNXQGLJWHVLFK:DOW\ ³.RPPWPLWVDJWH2PDQL³,KUVROOWHLQHQ(LQEOLFNLQGDV/HEHQGHU/DPDURQHU EHNRPPHQ1RUPDOHUZHLVHZUGHGDVQLFKWVRVFKQHOOJHKHQDEHUGLH=HLWUHLFKW QLFKW PHKU HXFK DOOPlKOLFK HLQ]XIKUHQ 'LH (UHLJQLVVH EHUVWU]WHQ VLFK GDUXP LVW(LOHJHERWHQ ³'DUI LFK HLQH )UDJH YRUZHJ VWHOOHQ" VFKDOWHWH VLFK 3LOJUDP HLQ ³%HVLW]HQ GLH /DPDURQHUGLH5DXPIDKUW" ³1HLQ VDJWH 2PDQL ³'LH /DPDURQHU KDEHQ DQGHUH 0|JOLFKNHLWHQ NRVPLVFKH 'LVWDQ]HQXQG%DUULHUHQ]XEHUEUFNHQ 'DQDFKZDUGHU;HQRORJHVHKUQDFKGHQNOLFKXQGVFKZHLJVDP )U PLFK ZDU HV RIIHQVLFKWOLFK GD GLH /DPDURQHU (VSHU ZDUHQ XQG EHUUDJHQGH SDUDSV\FKLVFKH )lKLJNHLWHQ EHVDHQ 2PDQL KDWWH XQV HLQH .RVWSUREH GDYRQ JHJHEHQDOVHUGLH%2-(PLWVHLQHQ*HLVWHVNUlIWHQ]X%RGHQ]ZDQJXQGVLFKGDQQ WHOHSDWKLVFKPLWXQVLQ9HUELQGXQJVHW]WH -HW]W KDWWHQ ZLU DXFK GLH $QWZRUW GDUDXI ZLH GLH /DPDURQHU ]XHUVW GLH 6&+/(8'(5%2**( XQG GDQQ XQVHUHQ 6WW]SXQNW PLWVDPW XQV YRQ GHU /LFKWXQJIRUWJHVFKDIIWKDWWHQPLWWHOV7HOHNLQHVH )UPLFKZDUHVDXFKNHLQH)UDJHGDVLHGLH7HOHSRUWDWLRQEHKHUUVFKWHQXQGDXI GLHVH:HLVHNRVPLVFKH(QWIHUXQJHQEHUEUFNHQNRQQWHQ:R]XDOVREUDXFKWHQVLH GLH5DXPIDKUW" ,FKVFKRPLWPHLQHQhEHUOHJXJHQMHGRFKHWZDVEHUV=LHOKLQDXV'DVZXUGHPLU NODUDOV:DOW\VLFKHUNXQGLJWH ³6LQG DOOH VHFKV /DPDURQHU9|ONHU JOHLFK VWDUN WDOHQWLHUW RGHU KDEHQ QXU GLH K|KHUHQWZLFNHOWHQ$UWHQZLHHWZDGLH/XFDQDHUSDUDSV\FKLVFKH)lKLJNHLWHQ" ³$OOH*UHQ]HUKDEHQGLHJOHLFKHQ$QODJHQDQWZRUWHWH2PDQL³0LUJHIlOOWGLHVH %H]HLFKQXQJEHVVHUDOVGHU1DPH/DPDURQHUZHLOVLHYLHOWUHIIHQGHULVW$EHUEHL GHQ 9HVSDHUQ NRPPHQ VLH QRFK QLFKW VR ]XP 7UDJHQ ZLH EHL GHQ $UWHQ HLQHV K|KHUHQ (QWZLFNOXQJVVWDGLXPV $EHU GLH $QJHOHJHQKHLW LVW YLHO GLIIL]LOHU (LQ JHZLVVHV 7DOHQW LVW LQ DOOHQ *UHQ]HUQ ODWHQW YRUKDQGHQ GRFK NRPPW HV HUVW LQ EHVWLPPWHQ6LWXDWLRQHQ]XP'XUFKEUXFK,KUGUIWPLFKQLFKWDOV0DVWDEQHKPHQ LFK ELQ HLQ 6RQGHUIDOO ,FK GDUI VRJDU JXWHQ *HZLVVHQV EHKDXSWHQ GD LFK GHU

HLQ]LJH/XFDQDHUPLWVRDXVJHSUlJWHP(63ELQ6SUHFKHQZLUDOVRQLFKWYRQPLU VRQGHUQYRQGHQ*UHQ]HUQLPDOOJHPHLQHQ :LU KDWWHQ HLQLJH KXQGHUW 0HWHU ]XUFNJHOHJW DOV ZLU DXI GLH HUVWHQ /DPDURQHU WUDIHQ(VKDQGHOWHVLFKGXUFKZHJVXP9HVSDHUXQG*U\OODHU$EHUVLHVDKHQHWZDV DQGHUVDXVDOVMHQHGLHXQVLP/DJHUDXIJHVXFKWKDWWHQ ,P HUVWHQ $XJHQEOLFN ZXWH LFK QLFKW ZRULQ VLH VLFK XQWHUVFKLHGHQ GRFK GDQQ EHPHUNWH LFK GD GLH JHVWUHLIWHQ /HLEHU GHU 9HVSDHU GLFNHU ZDUHQ 6LH ZLUNWHQ LQVJHVDPWYROXPLQ|VHUZLHDXIJHGXQVHQ ³6LQGGDVWUlFKWLJH:HLEFKHQ"SODW]WHLFKKHUDXV ³.HLQHVZHJVDQWZRUWHWH2PDQLOHLFKWEHOXVWLJW ³'DQQ KDQGHOW HV VLFK YLHOOHLFKW XP 0XWDWLRQHQ" YHUPXWHWH 3LOJUDP ³,FK VHKH GD DOOH 9HVSDHU 9HUIRUPXQJHQ GHU &KLWLQSDQ]HU DXIZHLVHQ :XFKHUXQJHQ JHUDGH]X (V VLHKW DXV DOV OLWWHQ VLH XQWHU HLQHU =HOOH[SORVLRQ GLH LKU :DFKVWXP XQNRQWUROOLHUEDUPDFKW:DVPHLQHQ6LHGD]X:DOW\" ³,FK P|FKWH PLFK QRFK QLFKW lXHUQ VDJWH :DOW\ DEZHVHQG ³$EHU LFK JODXEH QLFKWGDHVVLFKXP0XWDWLRQHQKDQGHOW'LH9HUIRUPXQJHQVFKHLQHQPLUHKHUHLQ QDWUOLFKHU9RUJDQJLQGHU(QWZLFNOXQJGHU9HVSDHU]XVHLQ ³$EHUVHKHQ6LHGRFKULHI3LOJUDPXQGGHXWHWHDXIHLQH*UXSSHYRQGLFNOHLELJHQ *U\OODHUQ GLH VFKZHU DQ LKUHQ &KLWLQSDQ]HUQ ]X WUDJHQ KDWWHQ,KUH XUVSUQJOLFKH *HVWDOWZDUXQWHUGHQ9HUZDFKVXQJHQNDXPPHKU]XHUNHQQHQ6LHEHZHJWHQVLFK VFKZHUIlOOLJ XQG OHWKDUJLVFK ³$XFK GHU *UHQ]HU7\S GHU ]ZHLWHQ $UW LVW GDYRQ EHWURIIHQ 'LHVH DUPHQ :HVHQ VFKHLQHQ VFKZHU XQWHU GHQ N|USHUOLFKHQ 9HUlQGHUXQJHQ ]X OHLGHQ 2PDQL VDJH GX XQV RE GLHVH EHGDXHUQVZHUWHQ *HVFK|SIHYRQHLQHU.UDQNKHLWEHIDOOHQVLQG ³/HEHQLVWOHLGHQVDJWHGHU/XFDQHUQXU ³0LUZLUGQXQHLQLJHVNODUEHKDXSWHWH3LOJUDP³$XFKZHQQGXHVQLFKW]XJHEHQ ZLOOVW 2PDQL DXV ZHOFKHQ *UQGHQ DXFK LPPHU VR NDQQ HV QXU VR VHLQ GD LKU *UHQ]HU YRQ LUJHQGHLQHU 6HXFKH KHLPJHVXFKW ZHUGHW GLH HXUH 9|ONHU GDKLQUDIIW ,VWHVWDEXIUGLFKGDUEHU]XVSUHFKHQ" 2PDQL VDJWH QLFKWV GD]X XQG 3LOJUDP KLHOW VHLQ 6FKZHLJHQ IU HLQH %HVWlWLJXQJ VHLQHU9HUPXWXQJHQ$XIJHUHJWIXKUHUIRUW ³'DVLVWDOVRHXHU3UREOHP,KUVWHFNWHXUH.UDQNHQLQHLQ5HVHUYDWZHLOLKUHXFK LKUHU VFKlPW $EHU DQVWDWW VLH GHP 6LHFKWXP ]X EHUODVVHQ VROOWHW LKU EHVVHU YHUVXFKHQ GLH 6HXFKH ]X EHNlPSIHQ EHYRU VLH HXFK DOOH GDKLQJHUDIIW KDW :HQQ LKUVHOEVWQLFKWLQGHU/DJHVHLGZLUNVDPH*HJHQPLWWHO]XILQGHQGDQQEHUWUDJW XQV GLHVH $XIJDEH :LU )UHLKlQGOHU N|QQHQ HXFK ZLUNVDPH 0HGLNDPHQWH OLHIHUQ 8QG ZHQQ HV VROFKH QRFK QLFKW JLEW GDQQ ZHUGHQ ZLU VLH HQWZLFNHOQ ,VW HV GDV ZDVLKUYRQXQVHUZDUWHWZDVLKUDEHUELVMHW]WQRFKQLFKWDXV]XVSUHFKHQZDJWHW" 3LOJUDP KDWWH LPPHU VFKQHOOHU JHVSURFKHQ ELV VLFK VHLQH 6WLPPH YRU $XIUHJXQJ

EHUVFKOXJ (U ZDU VR YRQ GHP EHU]HXJW ZDV HU VDJWH GD HU DOOH DQGHUHQ 0|JOLFKNHLWHQ DXHU DFKW OLH (U VDK ZRKO VFKRQ LP *HLVWH GLH bU]WHWHDPV XQG 3KDUPDNRORJHQ GLH HU LQ 5LFKWXQJ /DPDURQH LQ %HZHJXQJ VHW]WH XQG GDPLW HLQ JDQ]HV9RONYRUGHP8QWHUJDQJUHWWHWH'RFKREZRKO3LOJUDPV,QWHUSUHWDWLRQJDU QLFKW VR DEZHJLJ NODQJ NRQQWH LFK PLFK QLFKW GDPLW EHIUHXQGHQ 8QG ZHQQ HV DOOHLQDXVGHP*UXQGZDUGDLFKLKPHLQHQVROFKHQ7ULXPSKPLJ|QQWH ³/RV2PDQLJLEVFKRQ]XGDGXYRQXQVlUW]OLFKH+LOIHLP$XVWDXVFKJHJHQGLH 6FKUIUHFKWHHUZDUWHVWVDJWH3LOJUDPGUlQJHQG³:DV]|JHUVWGXQRFKQDFKGHP ZLUHXHU3UREOHPHUNDQQWKDEHQ:HUUDVFKKLOIWKLOIWGRSSHOW ³/DVVHQZLUGLHVHV7KHPDEHYRUGXGLFKQRFKZHLWHUDXI,UUZHJHEHJLEVWPHLQWH 2PDQL ³,FK NDQQ GD]X QXU VDJHQ GD ZLU JDU QLFKW JHJHQ GLHVH (QWZLFNOXQJ DQNlPSIHQZROOHQ(UNHQQHGRFKGDGLHVHLQQDWUOLFKHU3UR]HLVW ³3DK PDFKWH 3LOJUDP GHU QLFKW JHZLOOW ZDU VHLQHQ ,UUWXP HLQ]XVHKHQ ³'X ZUGHVWDXVIDOVFKHU6FKDPGLH:DKUKHLWQLH]XJHEHQXQGGHLQ9RONOLHEHULQGHQ 8QWHUJDQJJHKHQODVVHQ ³'X VDJVW HV VHOEVW 3LOJUDP GD ZLU HLQ9RONVLQGHUZLGHUWH2PDQLXQGGLHVH bXHUXQJ EHJDQQ PLFK VHKU QDFKGHQNOLFK ]X VWLPPHQ $EHU LFK NRQQWH GHQ *HGDQNHQQLFKWZHLWHUVSLQQHQZHLO2PDQLIRUWIXKU³:HQQHVHXFKQLFKWP|JOLFK LVWGLHZDKUH1DWXUGLHVHV3UR]HVVHV]XHUNHQQHQGDQQZlUHHVEHVVHUGDV7KHPD ]XZHFKVHOQ(VJLEWYLHOH:HJHGLH]XHLQHPEHVVHUHQ9HUVWlQGQLVIKUHQ -HZHLWHUZLULQGHQ'VFKXQJHOYRUGUDQJHQGHVWRGLFKWHUEHVLHGHOWZXUGHHU:LU WUDIHQDXILPPHUPHKU9HVDSHUXQG*U\OODHUGLHVLFKLQYHUVFKLHGHQHQ6WDGLHQGHU 9HUZDQGOXQJEHIDQGHQ%HLHLQLJHQZDUHQGLH:XFKHUXQJHQXQG9HUIRUPXQJHQVR VWDUNIRUWJHVFKULWWHQGDVLHVLFKNDXPPHKUEHZHJHQNRQQWHQ ,FK EHREDFKWHWH ZLH VLH VLFK YRQ GHQ DQGHUHQ DEVRQGHUWHQ XQG UXKLJHUH 3OlW]H DXIVXFKWHQXPVLFKVHOEVWEHUODVVHQ]XVHLQ(VVDKVRDXVDOVOHJWHQVLHVLFK]XP 6WHUEHQKLQ$EHUGLHVHQ*HGDQNHQYHUVFKHXFKWHLFK 2PDQLVHOEVWKDWWHJHVDJWGLHVVHLHLQQDWUOLFKHU3UR]H$EHUDQGHUHUVHLWVDXFK GHU 7RG XQG GDV 6WHUEHQ ZDUHQ HLQH QDWUOLFKH 6DFKH 8QG WURW]GHP LFK NRQQWH QLFKWJODXEHQGDGLHVGHU)ULHGKRIGHU/DPDURQHUZDU ³,FK JODXEH ZLU VROOWHQ PLW XQVHUHQ hEHUOHJXQJHQ YRQ YRUQH EHJLQQHQ VDJWH :DOW\GHUODQJH=HLWVFKZHLJHQGYRUVLFKKLQJHJUEHOWKDWWH³,FKPX2UGQXQJLQ PHLQH *HGDQNHQ EULQJHQ VRQVW VFKQDSSH LFK QRFK EHU =XDOOHUHUVW DEHU P|FKWH LFK NOlUHQ ZHOFKH *HVHOOVFKDIWVRUGQXQJ LKU KDEW 2PDQL (V VFKHLQW IDVW GD EHL HXFK$QDUFKLHKHUUVFKWGDMHGHU*UHQ]HUHJDOZHOFKHP7\SHUDQJHK|UWXQGDXI ZHOFKHU6WXIHGHU(QWZLFNOXQJHUVWHKWWXQXQGODVVHQNDQQZDVHUZLOO ³'DV LVW ULFKWLJ VDJWH 2PDQL ³:LU KDEHQ VFKRQ YLHOH )RUPHQ GHV =XVDPPHQOHEHQVDXVSURELHUWXQGZLUVXFKHQQRFKLPPHUQHXHQXPGLHLGHDOVWH ]XILQGHQ'DEHLODVVHQZLUXQVYRQDQGHUHQ9|ONHUQLQVSLULHUHQXQGVLQGIUDOOH

(LQIOVVH YRQ DXHQ RIIHQ ,P $XJHQEOLFN KHUUVFKW WDWVlFKOLFK VR HWZDV ZLH $QDUFKLH $EHU VHLW GHP HUVWHQ .RQWDNW PLW GHQ PDWHULDOLVWLVFK HLQJHVWHOOWHQ 0HQVFKHQLVWGLHVHV6\VWHPLQV:DQNHQJHUDWHQ ³.|QQWH PDQ VDJHQ GD GLH )UHLKlQGOHU HXHU JHRUGQHWHV &KDRV LQ 8QRUGQXQJ JHEUDFKWKDEHQ"HUNXQGLJWHVLFK:DOW\³'DVLHHXFKPLWLKUHUPDWHULDOLVWLVFKHQ (LQVWHOOXQJGHP6WUHEHQQDFK%HVLW]YHUJLIWHWKDEHQ" ³1LFKW YHUJLIWHW GHQQ GLH *UHQ]HU KDEHQ QLH GDUDQ JHGDFKW GLHVHV 6\VWHP ]X EHUQHKPHQHUZLGHUWH2PDQL³6LHVLQGQLFKWHLQPDOLQ9HUVXFKXQJJHUDWHQ(V ZDUHKHULUJHQGZLHDEVFKUHFNHQG(VLVWQLFKWHLJHQWOLFKYHUGDPPHQVZHUWQXUSDW HV QLFKW ]XU 0HQWDOLWlW GHU *UHQ]HU *UHQ]HU OHJHQ VLFK EHUKDXSW QLFKW IHVW VLH VLQG )RUVFKHU GLH LPPHU ZHLWHU VWUHEHQ XQG 1HXHV VXFKHQ *UHQ]HU EHREDFKWHQ DQDO\VLHUHQXQGH[SHULPHQWLHUHQDEHUVLHEHZDKUHQ]XDOOHPHLQHJHVXQGH'LVWDQ] 'LHVPDO GDV GDUI PDQ QLFKW YHUKHKOHQZXUGHQVLH]XPHUVWHQPDOVFKZDFKGHQQ GLHVZlUHHLQH*DOD[LVLQGHUHVVLFKOHEHQOLHH ³'DVEULQJWPLFKDXIGHQQlFKVWHQ3XQNWGHUPLFKLQWHUHVVLHUWKDNWH:DOW\VRIRUW HLQ³,VWHVULFKWLJGDLKUQLFKWYRQ/DPDURQHVWDPPW"'LHVLVWQLFKWHXUH+HLPDW HVLVWQLFKWHXUH8UVSUXQJVZHOW" ³(V VWLPPW VDJWH $PDQL ³:LU KDEHQ XQV DXI GLHVHP 3ODQHWHQ DQJHVLHGHOW XQG YHUVXFKWDXILKPVHKDIW]XZHUGHQ$EHU ³$EHU"IUDJWH:DOW\HUZDUWXQJVYROO 2PDQL YHUVWHLIWH VLFK HUVWDUUWH ]XU %HZHJXQJVORVLJNHLW (U QDKP GDEHL GLHVHOEH +DOWXQJHLQZLHDXFKGLH9HVSDHUXQGGLH*U\OODHUEHLPHUVWHQ.RQWDNW ³:DV KDW HU GHQQ DXI HLQPDO" ZXQGHUWH VLFK 3LOJUDP ³:XUGH LKP GDV 7KHPD HWZD]XKHLXQGKDWHUVLFKLQGLH5HJORVLJNHLWJHIOFKWHWXPQLFKWZHLWHUGDUDXI HLQJHKHQ]XPVVHQ"(LQHQDQGHUHQ*UXQGNDQQLFKPLUQLFKWYRUVWHOOHQ ³9LHOOHLFKW QLPPW HU WHOHSDWKLVFKHQ .RQWDNW PLW VHLQHQ $UWJHQRVVHQ DXI VSUDFK LFKPHLQH9HUPXWXQJDXV³'LH.|USHUVWDUUHN|QQWHHLQH%HJOHLWHUVFKHLQXQJEHLP (LQVDW]SDUDSV\FKLVFKHU.UlIWHVHLQ ³'DVNOLQJWQLFKWXQYHUQQIWLJVDJWH:DOW\³$EHUHULQQHUQ6LHVLFKZDV2PDQL JHVDJWKDW(UKDWVLFKDOVDXHUJHZ|KQOLFKEHJDEWEH]HLFKQHWXQGJDQ]JHZLKDW HU DXVJHSUlJWHUH )lKLJNHLWHQ DOV GLH 9HVSDHU XQG *U\OODHU GLH ZLU NHQQHQJHOHUQW KDEHQ 'LH .|USHUVWDUUH LVW MHGRFK HLQ DOOJHPHLQHU =XVWDQG GHU DXI DOOH *UHQ]HU 7\SHQ ]X]XWUHIIHQ VFKHLQW %LVKHU GDFKWH LFK GD VLH GDPLW hEHUUDVFKXQJ DXVGUFNHQ RGHU GD HV HLQH $UW 6FKRFN]XVWDQG LVW $EHU HV GUIWH ZHLW PHKU GDKLQWHUVWHFNHQ 2PDQLV *OLHGHU EHJDQQHQ ]X ]XFNHQ GDQQ GXUFKOLHI VHLQHQ 3DQ]HUN|USHU HLQ =LWWHUQ (U VFKWWHOWH VLFK QRFK HLQPDO KHIWLJ GDQQ ZDU GLH 6WDUUH YRQ LKP DEJHIDOOHQ ³,FK IUFKWH LFK PX HXFK QXQ IU NXU]H =HLW YHUODVVHQ VDJWH GHU /XFDQDHU PLW OHLFKW YHUlQGHUWHU 6WLPPH ³(V ZLUG =HLW IU PLFK HLQHP QDWUOLFKHQ %HGUIQLV

QDFK]XJHKHQGDVLFKYLHO]XODQJHKLQDXVJH]|JHUWKDEH6HKWHXFKLQ]ZLVFKHQXP LKUN|QQWHXFKWUHLXQGXQJHKLQGHUWEHZHJHQ,KUEUDXFKWQLFKWDXIPLFK]XZDUWHQ LFKILQGHHXFKVFKRQ 2KQH DXI HLQH $QWZRUW ]X ZDUWHQ GUHKWH VLFK GDV .lIHUZHVHQ DXI VHLQHQ +LQWHUEHLQHQ XP XQG NUDEEHOWH GDQQ XQWHU =XKLOIHQDKPH GHU PLWWOHUHQ ([WUHPLWlWHQGDYRQ :DOW\EOLFNWHLKPJHGDQNHQYHUORUHQQDFKXQGVDJWHGDQQ ³,VW HXFK GLH 9HUlQGHUXQJ DQ 2PDQL DXIJHIDOOHQ" 6HLW ZLU LKP EHJHJQHW VLQG LVW VHLQ .|USHU DQJHVFKZROOHQ XQG 9HUIRUPXQJHQ KDEHQ VLFK JHELOGHW 6LH ZDUHQ QLFKWEHVRQGHUVVWDUNXQGVFKULWWHQQXUODQJVDPYRUDQ$EHULFKELQVLFKHUGDLFK PLU GDV QLFKW QXU HLQELOGH ,FK JODXEH PLW LKP SDVVLHUW GDVVHOEH ZLH PLW GHQ 9HVSDHUQXQG*U\OODHUQXPXQV ³'DQQ LVW DXFK HU HLQ 2SIHU GHU 6HXFKH VWHOOWH 3LOJUDP IHVW GHU DQ VHLQHU IL[HQ ,GHHIHVWKLHOWREZRKOVLHQLFKWPHKUWUDJEDUZDU³6FKDGHGDHUDEWULWW7URW]DOOHU *HKHLPQLVWXHUHLZDUHUGRFKVHKUNRRSHUDWLY ³$EHU2PDQLKDWJHVDJWGDHUZLHGHUNRPPHQZLUGHULQQHUWHLFK³(VKDWHKUOLFK JHNOXQJHQXQGQLFKWQDFKHLQHP$EVFKLHGIULPPHU ³,FKKDEHLKQDEJHVFKULHEHQVDJWH3LOJUDP³9HUJHVVHQZLULKQ$EHUVHLQHQ5DW VROOWHQ ZLH DQQHKPHQ XQG XQV XPVHKHQ ,UJHQZR YRU XQV OLHJHQ GLH ]\OLQGHUI|UPLJHQ $QODJHQ GLH ZLU DOV VWDUNH (QHUJLHTXHOOH JHRUWHW KDEHQ 'DEHL N|QQWH HV VLFK XP HLQH 6WDGW KDQGHOQ YLHOOHLFKW VRJDU XP GDV =HQWUXP GHU ODPDURQLVFKHQ=LYLOLVDWLRQ(LQ%HVXFKZlUHJHZLEHUDXVDXIVFKOXUHLFK :DOW\ QLFNWH GD]X QXU (U EOLFNWH QRFK HLQPDO LQ GLH 5LFKWXQJ LQ GHU 2PDQL YHUVFKZXQGHQZDUGDQQVHW]WHQZLUXQVHUHQ:HJIRUW ³2PDQLN|QQHQZLUDEVFKUHLEHQEHKDXSWHWH3LOJUDP³'HULVWKLQEHU ³+|UHQ6LHHQGOLFKPLW,KUHQ8QNHQUXIHQDXIKHUUVFKWHLFKLKQDQDOVPLUVHLQH 1|UJHOHLDXIGLH1HUYHQILHO :LU ZDUHQ VFKRQ JXW VHFKV 6WXQGHQ XQWHUZHJV XQG KDWWHQ HLQ SDDUPDO 5DVW JHPDFKW$EHU2PDQLKDWWHVLFKQLFKWZLHGHUJHPHOGHW 'LH /DQGVFKDIW ZDU LPPHU GLH JOHLFKH GHU 'VFKXQJHO GHKQWH VLFK HQGORV GDKLQ %DXPULHVH UHLKWH VLFK DQ %DXPULHVH ,FK KDWWH LPPHU ZLHGHU GDV *HIKO GD ZLU XQVLP.UHLVHEHZHJWHQ$EHUHLQ%OLFNDXIGDV.RPEL$UPEDQGJHUlW]HLJWHPLU VWHWVGDZLUGHUJHKHLPQLVYROOHQ(QHUJLHTXHOOHQlKHUNDPHQZHQQDXFKEHUDXV ODQJVDP 8P XQV ZDU XQKHLPOLFKH 6WLOOH 1XU VHOWHQ HUNODQJHQ *HUlXVFKH LUJHQGZHOFKHU 7LHUH HLQ 5DVFKHOQ LQ GHQ %DXPNURQHQGDV .QDFNHQ HLQHV EUHFKHQGHQ $VWHV LP 8QWHUKRO] DEHU QLH EHNDPHQ ZLU GLH 8UKHEHU GHU *HUlXVFKH ]X VHKHQ (V VFKLHQ IDVWVRDOVZUGHQXQVGLH/HEHZHVHQIOLHKHQ 'DV WUDI DXFK DXI GLH /DPDURQHU ]X 6HLW ZLU GDV *HELHW GHU 0XWLHUWHQ RGHU ZLH PDQVLHDXFKQHQQHQZROOWHKLQWHUXQVJHODVVHQKDWWHQZDUHQZLUQXU]ZHLRGHU

GUHLPDO*UHQ]HUQEHJHJQHW$EHUEHYRUZLU.RQWDNW]XLKQHQDXIQHKPHQNRQQWHQ ZDUHQVLHDXFKVFKRQZLHGHUYHUVFKZXQGHQ 'DUXPZDULFK]LHPOLFKEHUUDVFKWDOVLFKSO|W]OLFKHLQH*UXSSHYRQ*U\OODHUQYRU XQV HQWGHFNWH (QWZHGHU KDWWHQ VLH XQV QLFKW NRPPHQ VHKHQ RGHU DEHU VLH ZDUHQ VFKRQYRUXQVHUHP.RPPHQLQGDV6WDGLXPGHU%HZHJXQJVORVLJNHLWYHUIDOOHQVR GD VLH QLFKW LQ GHU /DJH ZDUHQ UHFKW]HLWLJ ]X YHUVFKZLQGHQ $EHU DOV ZLU XQV LKQHQQlKHUWHQNDP%HZHJXQJLQVLH ,FKHUZDUWHWHGDVLHYRUXQV5HLDXVQDKPHQGRFKVLHZLFKHQQXU]XU6HLWHDXV XP XQV GHQ :HJ IUHL]XJHEHQ 'DEHL VFKHQNWHQ VLH XQV MHGRFK NHLQH EHVRQGHUH %HDFKWXQJ ³9HUVWHKW LKU ,QWHUNRVPR" ZDQGWH VLFK :DOW\ DQ VLH ³.|QQW LKU XQV $XVNXQIW JHEHQ" 'LHJULOOHQlKQOLFKHQ*UHQ]HUUHDJLHUWHQEHUKDXSWQLFKWDXIVHLQH:RUWH6LHWDWHQ DOVVHLHQZLUIUVLH/XIW ³hEHUKHEOLFKH %DQGH VFKLPSIWH 3LOJUDP ³:RIU KlOW VLFK GLHVHV 8QJH]LHIHU GHQQ" ³:HUGHQ6LHQLFKWXQJHUHFKW3LOJUDPZLHVLFKLKQ]XUHFKW³(ULQQHUQ6LHVLFKDQ XQVHUHQHUVWHQ.RQWDNWPLWGHQ*U\OODHUQGDQQZHUGHQ6LHIURKVHLQGDVLHXQVLQ 5XKHODVVHQ :LUNDPHQLQHLQGLFKWHUEHVLHGHOWHV*HELHW'DV]HLJWHVLFKGDUDQGDZLULPPHU |IWHU DXI /DPDURQHU VWLHHQ $EHU VLH DOOH EHDFKWHWHQ XQV QLFKW XQG JLQJHQ LKUHU :HJHRKQHDXI$QUXIHRGHUJDU3URYRNDWLRQHQYRQ3LOJUDP]XUHDJLHUHQ (LQPDO WUDIHQ ZLU VRJDU DXI HLQHQ 3K\OODHU GHU KDOE KLQWHU HLQHP *HEVFK YHUERUJHQZDU6HLQJUQHUEODWWI|UPLJHU.|USHUKREVLFKNDXPYRP%ODWWZHUNGHV *HEVFKVDE=XGHPZDUHUQRFK]XU5HJORVLJNHLWHUVWDUUW ³0DFKHQ ZLU QRFK HLQHQ 9HUVXFK VFKOXJ :DOW\ YRU XQG EOLHE YRU GHP *UHQ]HU GHUGULWWHQ$UWDEZDUWHQGVWHKHQ (V GDXHUWH ODQJH ELV GLHVHU VLFK HQGOLFK UKUWH 8QG GDQQ ZROOWH HU HLQIDFK NHKUWPDFKHQXQGDEPDUVFKLHUHQ$EHUGDVDJWH:DOW\VFKQHOO ³$XIHLQ:RUW:LUKlWWHQHLQH%LWWHDQGLFK'HU3K\OODHUKLHOWLQQHXQGVWDUUWH XQVVFKZHLJHQGDXVVHLQHQJURHQ)DFHWWHQDXJHQDQ ³:lUHVWGXEHUHLWXQV]XGHQJURHQ$QODJHQ]XIKUHQ"HUNXQGLJWHVLFK:DOW\ ³/DW PLFK LQ 5XKH VDJWH GHU 3K\OODHU ³,FK ZLOO QLFKWV PLW HXFK ]X WXQ KDEHQ 'DVLVW2PDQLV$QJHOHJHQKHLW ³8QGZDVLVWZHQQ4PDQLQLFKWZLHGHUDXIWDXFKW"IUDJWHLFK ³'DV ZLUG HU EHVWLPPW HV LVW VHLQH 3IOLFKW VDJWH GHU 3K\OODHU XQG ZDQGWH VLFK HQGJOWLJDE*OHLFKGDUDXIZDUHULPGLFKWHQ8QWHUKRO]YHUVFKZXQGHQ :LUVHW]WHQXQVHUHQ:HJEHUGHQDXVJHWUHWHQHQ7UDPSHOSIDGIRUW,FKKDWWHPLFK VFKRQ GHV |IWHUHQ JHIUDJW RE GLHV GHU HLQ]LJH :HJ ]XU 6WDGW GHU *UHQ]HU ZDU

6ROOWHHVZLUNOLFKNHLQHDXVJHEDXWHQ6WUDHQJHEHQ":DVZDUGDVEHUKDXSWIUHLQ 9RONGDVXQWHUSULPLWLYVWHQ%HGLQJXQJHQLQGHU:LOGQLV]XOHEHQVFKLHQXQGGDV LQPLWWHQGHV'VFKXQJHOVHLQHKRFKWHFKQLVLHUWH$QODJHEDXWH$EHUGDVZDUQXUHLQH GHUYLHOHQ:LGHUVSUFKOLFKNHLWHQEHLGLHVHP9RON2GHUVROOWHLFKVDJHQGHUVHFKV 9|ONHU" ,FKZDUPLUGDUEHUQLFKWLPNODUHQ 'D VFKOXJ :DOW\V 6SUHFKIXQNJHUlW DQ 'DV *HUlXVFK OLH XQV DOOH GUHL ]XVDPPHQIDKUHQGHQQGDPLWKDWWHNHLQHUYRQXQVJHUHFKQHW:DOW\KDWWHGLHJDQ]H =HLW EHU YHUVXFKW PLW $QQHP\ LQ 9HUELQGXQJ ]X WUHWHQ $EHU GDV XQHUNOlUOLFKH 3KlQRPHQ GHU DEVROXWHQ )XQNVWLOOH KDWWH GLHV XQP|JOLFK JHPDFKW 1DWUOLFK HUZDUWHWHQ ZLU $QQHP\V 6WLPPH ]X K|UHQ DOV :DOW\ GDV )XQNVSUHFKJHUlW HLQVFKDOWHWHXQGVLFKPHOGHWH 'RFK VWDWW GHVVHQ GUDQJ HLQ .LFKHUQ DXV GHP /DXWVSUHFKHU XQG GDQQ K|UWHQ ZLU )UVW/DYRUGVDJHQ ³,FKPXPLFKEHL,KQHQHQWVFKXOGLJHQ)UVW7KRU3HGR6LHXQG,KUH%DQGHYRQ 9HUUFNWHQN|QQHQGHQ*UHQ]HUQQLFKWGDV:DVVHUUHLFKHQ(JDOZLHVHKU6LHVLFK DXFK EHPKHQ GLHVH ,UUHQ N|QQHQ 6LH QLFKW EHUWUHIIHQ 'LH EDXHQ HLQH 6WDGW LQ GHU QLHPDQG ZRKQW XQG GLH QLHPDQG EHWUHWHQ GDUI 6HOEVW GHQ *UHQ]HUQ GHU VHFKVWHQ $UW LVW GHU =XWULWW YHUERWHQ (V LVW NDXP ]X JODXEHQ GD MHPDQG GDUDQ *HIDOOHQ ILQGHQ NDQQ DEHU )UVW /DPDURQH LVW IHVW HQWVFKORVVHQ EHL GLHVHQ $XVJHIOLSSWHQ]XEOHLEHQ$OVRLFKIUPHLQHQ7HLO ³/DVVHQ 6LH HV JHQXJ VHLQ )UVW /DYRUG PLVFKWH VLFK GD $QQHP\ HLQ ,Q GHU /HLWXQJZDUHLQ.UDFKHQGDQQZDU$QQHP\V6WLPPHZLHGHUGHXWOLFKHU]XK|UHQ ³%LVWGXQRFKGUDQ:DOW\" ³-DDEHUZDVLVWGHQQPLW/DYRUGORV"HUZLGHUWH:DOW\ ³%LOO\ LVW GHU 1HNWDU DXVJHJDQJHQ DQWZRUWHWH $QQHP\ ³$EHU VRQVW LVW EHL XQV DOOHV LQ 2UGQXQJ :LU VLQG ]X )UVW /DPDURQH YRUJHVWRHQ XQG JHQLHHQ VHLQH *DVWIUHXQGVFKDIW (U PDFKW LP JURHQ XQG JDQ]HQ HLQHQ UHFKW YHUQQIWLJHQ (LQGUXFN GRFK OHLGHU KDW HU PLU QRFK NHLQH *HOHJHQKHLW JHJHEHQ PLFK HUQVWKDIW PLW LKP ]X XQWHUKDOWHQ (U ZHLFKW PLU DXV XQG ZLOO HUVW GDQQ HLQH (UNOlUXQJ DEJHEHQZHQQGX]XXQVJHVWRHQELVW:HLGHU.XFNXFNZDUXPHUVRYHUVHVVHQ DXIGLFKLVW ³,VWHVZDKUZDV/DYRUGVDJWH"HUNXQGLJWHVLFK:DOW\³:LOO/DPDURQHZLUNOLFK DXIGLHVHU:HOWEOHLEHQ" ³(UZLOOEHLGHQ*UHQ]HUQEOHLEHQDEHULFKZHLQLFKWREGDVGDVVHOEHLVWPHLQWH $QQHP\ XQVLFKHU ³:LH DXFK LPPHU PDFK VFKQHOO :LU ZDUWHQDOOHDXIGLFK,FK P|FKWHGLHVHOHLGLJH$QJHOHJHQKHLWUDVFK]XHLQHP$EVFKOXEULQJHQ ³:DVLVWPLWGLHVHU6WDGWYRQGHU/DYRUGVSUDFK"ZROOWH:DOW\QRFKZLVVHQ ³:LU N|QQHQ GLH LPSRVDQWHQ %DXWHQ UXQG XP XQV DXIUDJHQ VHKHQ HUNOlUWH $QQHP\³.DXP]XJODXEHQGDGLH*UHQ]HUVLHHUEDXWKDEHQVROOHQZRVLHGRFK

NHLQHUOHL 7HFKQLN ]X KDEHQ VFKHLQHQ 'RFK /DPDURQH EHKDXSWHW GD VLH GLH (UEDXHUVLQG(UKDWVLFKLQHLQHPGHU*HElXGHLQGHU5DQG]RQHHLQTXDUWLHUWXQGHV QDFK VHLQHQ %HGUIQLVVHQ HLQJHULFKWHW $EHU ULQJVXP LVW 6SHUJHELHW GDV QLFKW HLQPDO YRQ GHQ ,QDFKDHUQ EHWUHWHQ ZHUGHQ GDUI /HLGHU YHUVDJHQ KLHU DOOH 2UWXQJVJHUlWH VR GD LFK NHLQH 0HVVXQJHQ YRUQHKPHQ NDQQ ,FK ELQ MHW]W DXFK VLFKHU GD GDV 3KlQRPHQ GHU DEVROXWHQ )XQNVWLOOH YRQ GLHVUU 6WDGW DXVJHKW 8QJODXEOLFKGDGLH*UHQ]HUGLHVH$QODJHQHUVFKDIIHQKDEHQVROOHQ ³+DWWHVWGXEHUHLWV.RQWDNWPLW*UHQ]HUQGHUVHFKVWHQ$UW"HUNXQGLJWHVLFK:DOW\ ³1HLQVDJWH$QQHP\,KUH6WLPPHZDUDXIHLQPDOVHOWVDPHQWVWHOOW³8QGZDVLVW PLWGLHVHPP\VWHUL|VHQ2PDQL" ³(ULVWHLQ/XFDQDHU$EHUVDJHZDVLVWDXIHLQPDOORVPLWGLU$QQHP\" ³,FKLFKKDEH$QJVW0LFKEHVFKOHLFKWDXIHLQPDOHLQHLJHQDUWLJHV*HIKO(VLVW ZLHGLH$KQXQJHLQHVJURHQ8QKHLOVGDVEHUXQVDOOHNRPPWGLHZLU0DFKHQ ZLU6FKOX,FKHUWUDJHGDVQLFKWOlQJHU 'LH 9HUELQGXQJ ZXUGH XQWHUEURFKHQ :DOW\ VWDUUWH VHLQ 6SUHFKIXQNJHUlW DQ XQG EOLFNWHGDQQ]XXQV ³(V OLHJW HLQ 8QKHLO LQ GHU /XIW VDJWH 3LOJUDP PLW EHOHJWHU 6WLPPH 6HLQH 6WLUQ ZDUVFKZHLQDHUDWPHWHVFKZHU ,FK ZROOWH LKP UHFKW JHEHQ GHQQ DXFK LFK IKOWH GD VLFK XP XQV HWZDV ]XVDPPHQEUDXWH HLQH XQVLFKWEDUH *HIDKU GLH XQV EHGURKWH $EHU LFK EUDFKWH NHLQHQ7RQEHUGLH/LSSHQ,FKYHUVSUWHHLQHVROFKH%HNOHPPXQJGDLFKNDXP DWPHQNRQQWH 3DQLNHUIDWHPLFK ³(VLVWXQKHLPOLFKEUDFKWH:DOW\PKVDPKHUYRU ,UJHQZLH ZDU LFK IURK GD HV LKP DXFK QLFKW DQGHUV JLQJ ZLH PLU $EHU GDV ZDU DOOHVDQGHUHDOVEHUXKLJHQG(VZDUGLH%HVWlWLJXQJGDIUGDGLH*HIDKUUHDOXQG ZLUNOLFKYRUKDQGHQZDUXQGQLFKWQXUPHLQHU(LQELOGXQJHQWVSUDQJ ,FKPXWHDQPLFKKDOWHQXPQLFKW]XVFKUHLHQXQGQLFKWHLQIDFKDXIXQGGDYRQ]X UHQQHQ ³(VLVWQLFKWDXV]XKDOWHQULHI3LOJUDPSO|W]OLFK³'DVLVWGHU:DKQVLQQ (UVFKULHXQGWDXPHOWHGDYRQ:DOW\IROJWHLKPIUPLFKVDKHVDXVDOVHUJUHLIHHU GLH)OXFKW-HW]WNRQQWHDXFKLFKQLFKWPHKUOlQJHUDQPLFKKDOWHQXQGVWROSHUWHGHQ EHLGHQQDFK ³/DWPLFKQLFKWLP6WLFKULHILFKDXHUPLUYRU$QJVW³:DUWHWDXIPLFK+HOIW PLU 'LH6WlPPHGHU5LHVHQElXPHVFKLHQHQDXIHLQPDO]XOHEHQ6LHZDUHQ*LJDQWHQ GLH DOOHV QLHGHUZDO]WHQ ZDV LKQHQ LQ GHQ:HJNDP6LHJULIIHQPLWLKUHQGLFNHQ NUXPPHQ bVWHQ QDFK PLU SHLWVFKWHQ PLFK PLW LKUHQ =ZHLJHQ ]HUULVVHQ PLU GLH +DXWXQGVFKOXJHQPLUWLHIH:XQGHQLQV)OHLVFK ³'LH:HOWEULQJWXQVXP $OOHV QXU (LQELOGXQJ VDJWH LFK PLU ,FK ZLHV NHLQH HLQ]LJH :XQGH DXI NRQQWH

QLUJHQGV DQ PLU DXFK QXU HLQHQ .UDW]HU VHKHQ 'RFK GDV KDOI PLU QLFKWV PHLQH bQJVWHEOLHEHQVLHYHUVWlUNWHQVLFKVRJDUQRFK 'LH8QJHKHXHUGLHPLFKEHGURKWHQZDUHQXQVLFKWEDU6LHGUDQJHQDXFKQLFKWYRQ DXHQ DXI PLFK HLQ VRQGHUQ VLH ZDUHQ LQ PLU 6LH NDPHQ DXV PHLQHP ,FK $EHU DXFKGLHVH(UNHQQWQLVKDOIPLUQLFKWVLHPDFKWHQXUQRFKDOOHVVFKOLPPHU :HQQ LFK QLFKW HLQHQ $XVZHJ DXV GHP 7HXIHOVNUHLV PHLQHU *HIKOH IDQG ZUGH LFKPLFKVHOEVWW|WHQGDVZDUPLUNODU ,FK ]HUIOHLVFKWH PLFK VHOEVW (LQ SV\FKRVRPDWLVFKHU 6FKRFN GHU PHLQH .|USHUIXQNWLRQ ODKPOHJWH ,FK NRQQWH QLFKW PHKU DWPHQ 0HLQ +HU] VHW]WH DXV 6FKZlU]HXPPLFK0HLQOHW]WHU*HGDQNH'XVWLUEVW ,FKELQHV2PDQL ,FKEOLQ]HOWH:DVZDUYRUJHIDOOHQ",FKIDQGPLFKDXI GHP %RGHQ OLHJHQG LUJHQG HWZDV NUDEEHOWH PLU EHUV *HVLFKW ,FK ZLVFKWH GDV ,QVHNW DE ,FK HULQQHUWH PLFK DQ PHLQH 3DQLN ZLH DQ HLQHQ OlQJVW YHUJDQJHQHQ $OSWUDXP 8QG DXI HLQPDO HUVFKLHQ PLU DOOHV *HZHVHQH VR DEVXUG XQG OlFKHUOLFK GDLFKWDWVlFKOLFKQLFKWDQGHUVNRQQWHDOVODXWKDOV]XODFKHQ :DOW\XQG3LOJUDPVWLPPWHQGDULQHLQ ,FK PHUNH GD HV HXFK ZLHGHU EHVVHU JHKW .HKUW LQ GLH 5HDOLWlW ]XUFN 'LH 3DQLNVWUDKOXQJLVWZLHGHUDEJHVWHOOWZRUGHQ ³%LVWGXHVZLUNOLFK2PDQL"HUNXQGLJWHVLFK:DOW\XQGEOLFNWHVLFKVXFKHQGXP ³:DUXP]HLJVWGXGLFKXQVGDQQQLFKW" ,FK KDEH PLFK YHUlQGHUW LKU ZUGHW PLFK QLFKW ZLHGHUHUNHQQHQ 'DUXP PX LFK PLFK YRUHUVW GDYRQ EHU]HXJHQ GD LKU PHLQH ,GHQWLWlW DQHUNHQQW ,KU GUIW QLFKW QDFK PHLQHP bXHUHQ XUWHLOHQ VRQGHUQ PW PHLQHP :RUW JODXEHQ ,FK ELQ 2PDQL ³:LUJODXEHQGLUVDJWH:DOW\IHVW ,FK ZDUWHWH GDUDXI GD GLH WHOHSDWKLVFKH 6WLPPH VLFK QRFK HLQPDO PHOGHWH $EHU VLHVFKZLHJ'DIUZDULP8QWHUKRO]HLQ5DVFKHOQ]XYHUQHKPHQ,FKEOLFNWH]XGHU 6WHOOH YRQ GHU HV NDP XQG EHUHLWHWH PLFK DXI GHQ ]X HUZDUWHQGHQ $QEOLFN YRU 'DEHLULHILFKPLUGLHPXWLHUWHQ9HVSDHUXQG*U\OODHUPLWLKUHQ:XFKHUXQJHQXQG DXIJHEOlKWHQ.|USHUQLQ(ULQQHUXQJGHQQVRlKQOLFKVWHOOWHLFKPLU2PDQLYRU 'RFKGDVHQWVSUDFKQLFKWGHU:LUNOLFKNHLW 'XUFK GDV 8QWHUKRO] NDP HLQ ZXUPDUWLJHV 'LQJ HLQ 5DXSHQZHVHQ PLW HLQHP JHSDQ]HUWHQ *OLHGHUN|USHU GHVVHQ 2EHUIOlFKH LQ YHUVFKLHGHQHQ )DUEHQ VFKLOOHUWH -HGHV .|USHUJOLHG EHVD HLQ %HLQSDDU GRFK ZDUHQ VLH DOOH ELV DXI GUHL 3DDUH YHUNPPHUW 0LW GHQ REHUVWHQ ([WUHPLWlWHQ SXW]WH HV VHLQH ODQJHQ YLEULHUHQGHQ )KOHU ZlKUHQG HV GHQ JHOHQNLJHQ .|USHU DXIVWHOOWH ELV HV DQQlKHUQG XQVHUH *U|HHUUHLFKWKDWWH 8QGGLHVHV:HVHQVDJWHPLWZLVSHUQGHU6WLPPH ³,FKELQ2PDQLGDVPWLKUDN]HSWLHUHQ

:DOW\IDWHVLFKDOVHUVWHUYRQXQV ³:LU ]ZHLIHOQ QLFKW DQ GHLQHU ,GHQWLWlW VDJWH HU Y|OOLJ UXKLJ XQG RKQH GLH JHULQJVWH hEHUUDVFKXQJ ³'X ELVW 2PDQL ,FK QHKPH DQ GX ELVW DOV 6NRORSDHU ]XUFNJHNHKUW ³'DV LVW ULFKWLJ ]XPLQGHVW LVW HV GHU 1DPH GHQ LKU 0HQVFKHQ GHU IQIWHQ $UW PHLQHV 9RONHV JHJHEHQ KDEW VDJWH GHU 6NRORSDHU ³'D GX QLFKW LP JHULQJVWHQ EHUUDVFKWELVW:DOW\VFKHLQVWGXGLH:DKUKHLWEHUXQVHU9RONEHUHLWVJHDKQW]X KDEHQ ³,FK KDEH EHUOHJW XQG GLH HLQ]LJ P|JOLFKH $QWZRUW JHIXQGHQ HUZLGHUWH :DOW\ ³9HVSDHU *U\OODHU 3K\OODHU /XFDQDHU 6NRORSDHU XQG ,QDFKDHU N|QQHQ GHPQDFK QXUHLQ9RONLQYHUVFKLHGHQHQ3KDVHQGHU0HWDPRUSKRVHVHLQ ³(V LVW PHKU DOV EORH 0HWDPRUSKRVH SHUIHNWH +RORPHWDEROLH HUNOlUWH 2PDQL XQGVHW]WHVLFKDXIVHLQHQEHLGHQKLQWHUHQ%HLQSDDUHQLQ%HZHJXQJ'LH'XW]HQGH YHUNPPHUWHQ %HLQSDDUH GLH LKP GDV $XVVHKHQ HLQHV 7DXVHQGIOHUV JDEHQ ZLQNHOWH HU GDEHL DE XQG SUHWH VLH DQ GHQ .|USHU :DOW\ VFKULWW DQ VHLQHU 6HLWH GDKLQ DOV VHL HV GLH VHOEVWYHUVWlQGOLFKVWH 6DFKH YRQ GHU :HOW 3LOJUDP XQG LFK IROJWHQ GDJHJHQ ZLH LQ 7UDQFH LFK PHUNWH HV GHP ;HQRORJHQ DQ GD HU 2PDQLV 9HUZDQGOXQJ VR ZHQLJ YHUNUDIWHQ NRQQWH ZLH LFK REZRKO HU PLU DOV :LVVHQVFKDIWOHUHLQLJHVYRUDXVKDWWH ,FK EHJDQQ HUVW DOOPlKOLFK ]X EHJUHLIHQ ZlKUHQG LFK GHU 8QWHUKDOWXQJ ]ZLVFKHQ 2PDQLXQG:DOW\ODXVFKWHGLHVLFKEHUGLHVHV7KHPDXQWHUKLHOWHQ :LUKDWWHQGHQ)HKOHUEHJDQJHQXQGJHJODXEWGDHVVLFKEHLGHQVHFKV*UHQ]HU 7\SHQ XP YHUVFKLHGHQHQ 9|ONHU KDQGHOWH GLH DXI XQWHUVFKLHGOLFKHQ (QWZLFNOXQJVVWXIHQ VWDQGHQ XQG GDUXP LQ GHU +LHUDUFKLH DXFK HQWVSUHFKHQGH 5DQJRUGQXQJHLQQDKPHQ'HPQDFKZl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lXHUHV =HLFKHQLKUHV(QWZLFNOXQJVVWDQGHVHLQHDQGHUH.|USHUKOOHGLHGHU3K\OODHU :LU ZDUHQ =HXJH GLHVHU 0HWDPRUSKRVH RGHU JHQDXHU GLHVHU +RORPHWDEROLH JHZRUGHQ 1XU KDWWHQ ZLU GLHVH QDWUOLFKH 9HUZDQGOXQJ YHUNDQQW XQG IU NUDQNKDIWH 0XWDWLRQ JHKDOWHQ :LU KDWWHQ PLWDQJHVHKHQ ZLH VLFK 9HVSDHU XQG *U\OODHUYHUSXSSWHQ 8QG 2PDQL IKUWH XQV DQ VLFK YRU ZLH DXV HLQHP /XFDQDHU HLQ 6NRORSDHU

JHZRUGHQZDU ³,UJHQZDQQ ZLUVW GX GHLQHQ 5HLIHSRU]H DEVFKOLHHQ XQG ]X HLQHP ,QDFKDHU ZHUGHQ2PDQLVDJWH:DOW\³8QGZDVNRPPWGDQDFK"*LEWHVQRFKHLQHVLHEWH 6WXIHGLHXQVXQEHNDQQWLVWRGHUK|UWKLHUGLH+RORPHWDEROLH.HWWHDXI",VWGDVGDV (QGH".RPPWGDQDFKGHU7RG" ³1HLQ HV LVW HLQ .UHLVODXI DQWZRUWHWH 2PDQL ³,UJHQGZDQQ ZHUGH LFK PLFK ]X HLQHP9HVSDHU]XUFNHQWZLFNHOQ$XIGLHVH:HLVHKDWXQVGLH1DWXU]XHLQHU$UW 8QVWHUEOLFKNHLW YHUKRO]HQ ,KU 0HQVFKHQ KDEW QXU HLQHQ .|USHU GHVVHQ 5HJHQHULHUXQJVIlKLJNHLW EHJUHQ]W LVW :LU GDJHJHQ KDEHQ LQ MHGHP =\NOXV VHFKV .|USHU XQG GUIHQ YLHOH =\NOHQ HUZDUWHQ $EHU QDWUOLFK LVW GLHVH /HEHQVNHWWH QLFKWXQEHJUHQ]W,UJHQGZDQQHLQPDOUHLWVLHDEXQGGDVEHGHXWHWGHQHQGJOWLJHQ 7RG:LUEHVLW]HQDOVRDXFKQXUGLHUHODWLYH8QVWHUEOLFKNHLW ³:REHL GHU %HJULII 8QVWHUEOLFKNHLW RKQHKLQ QXU EHGLQJW *OWLJNHLW KDW ZDQGWH :DOW\ HLQ ³'HQQ GX YHU]HLKVW PLU GHQ $XVGUXFN DOV 9HVSDHU VHLG LKU *UHQ]HU GRFK UHFKW LQIDQWLO XQG KDEW GLH 0HQWDOLWlW YRQ YHUVSLHOWHQ .LQGHUQ $OV *U\OODHU VHLG LKU KDOEZFKVLJH 5DEDXNHQ VWHWV ]X 6WUHLFKHQ DXIJHOHJW 3K\OODHU KDEH LFK QLFKW VR JXW NHQQHQJHOHUQW XP PLU HLQ 8UWHLO ELOGHQ ]X N|QQHQ $EHU DXV GHP %HULFKW PHLQHU *HIlKUWLQ JHKW KHUYRU GD GLH *UHQ]HU GHU GULWWHQ 3KDVH VFKRQ JHVHW]WHU ZLUNHQ 8QG GX ZLUNWHVW DOV /XFDQDHU VFKRQ JHUDGH]X HUZDFKVHQ XQG EHVLW]W QXQ DOV 6NRORSDHU JHZL GLH :HLVKHLW GHV $OWHUV XQG PDJVW DOV ,QDFKDHU ]XP *HQLH ZHUGHQ 'RFK ZLUVW GX GDQDFK ZLHGHUXP ]XP 9HVSDHU XQG ]ZDQJVOlXILJ]XPYHUVSLHOWHQ.LQG,VWGDVQLFKWHLQ5FNVFKULWW" ³*HZLVVH(UIDKUXQJVZHUWHEOHLEHQHUKDOWHQPDQZLUGQDFKMHGHQ/HEHQV]\NOXVXP HLQLJHVUHLIHUDQWZRUWHWH2PDQL³$EHUDEJHVHKHQGDYRQNDQQHVMHGHU*UHLVQXU DOV*QDGHDQVHKHQZHQQHUZLHGHU]XP.LQGZLUGXQGVHLQH-XJHQG]XUFNHUKlOW =HKQWDXVHQG-DKUHOHEHQXQGGDEHLDOWZHUGHQGDVVWHOOHLFKPLUDOV+|OOHYRU ³,FK NHQQH HLQHQ =HKQWDXVHQGMlKULJHQ GHU VLFK GLH -XJHQG HUKDOWHQ KDW PHLQWH :DOW\ VFKPXQ]HOQG XQG ]ZLQNHUWH PLU EHU GLH 6FKXOWHU ]X ,FK OlFKHOWH ]XUFN GHQQ LFK ZXWH GD HU GDPLW QXU $WODQ JHPHLQW KDEHQ NRQQWH ³'RFK GDV LVW GLH $XVQDKPHYRQGHU5HJHO0LULVWVFKRQNODUZLHGXHVJHPHLQWKDVW,FKKRIIHGD PLU*UHLVHQKDIWLJNHLWHUVSDUWEOHLEWZLHDOWLFKDXFKZHUGH ³'X :DOW\ ELVW HLQ HZLJHV .LQG VDJWH 2PDQL XQG LFK JODXEWH DXV VHLQHU 6WLPPH HLQHQ VS|WWLVFKHQ 8QWHUWRQ KHUDXV]XK|UHQ GHU MHGRFK ZRKO QXU JXWPWLJ JHPHLQW VHLQ NRQQWH 'HQQ 2PDQL IXKU IRUW ³'DV ]HLJW VLFK GDULQ GD GX DOV HLQ]LJHU0HQVFKYHUVWDQGHQKDVWPLWXQVHUHQ-QJVWHQULFKWLJXP]XJHKHQ ³:DUXP VFKLFNW LKU GHQQ DXVJHUHFKQHW GLH 9HVDSHU DXV XP %HVXFKHU YRQ GHQ 6WHUQHQ ]X HPSIDQJHQ" HUNXQGLJWHQ VLFK :DOW\ ³'DV LVW HLQHP HUVWHQ .RQWDNW QLFKW JHUDGH I|UGHUOLFK (V PDJ DEHU DXFK VHLQ GD LKU JDU NHLQHQ :HUW DXI LQWHUJDODNWLVFKH9HUELQGXQJHQOHJW,VWHVVR" ³'X NRPPVW GDPLW GHU :DKUKHLWVHKU QDKH VDJWH 2PDQL³$EHUGDVOLHJWGDUDQ GD ZLU VHKU KRKH $QVSUFKH VWHOOHQ (V LVW QLFKW VR GD ZLU DQGHUHQ XQEHGLQJW

XQVHUH/HEHQVDUWDXI]ZLQJHQZROOHQ'RFKEHYRUZLUXQVDQSDVVHQZlJHQZLUGLH )UXQG:LGHUVWUHQJJHJHQHLQDQGHUDE:LUIlOOHQDOVRQLFKWOHLFKWIHUWLJHLQ8UWHLO VRQGHUQELOGHQXQVJHZLVVHQKDIWHLQH0HLQXQJ ³6WDQGDXFKGLH0HQVFKKHLWDXIHXUHP3UIVWDQG"IUDJWH:DOW\ ³-D XQG VLH LVW GXUFKJHIDOOHQ $EHU GDV EHGHXWHW QLFKW GD ZLU GLH 0HQVFKKHLW DEJHXUWHLOWKDEHQ:LUKDEHQJDQ]LP*HJHQWHLOHLQHVHKUKRKH0HLQXQJEHUGHLQ 9RON,KUKDEW*URDUWLJHVJHOHLVWHWXQG8QJODXEOLFKHVYROOEUDFKW:LUNHQQHQHXUH *HVFKLFKWHZLUZLVVHQZDVLQGLHVHU*DOD[LVYRUVLFKJHKW$EHUJHUDGHGDUXPLVW XQV YRU GHQ 0HQVFKHQ EDQJH :LU KDEHQ HLQH DQGHUH 0HQWDOLWlW ZLU IKUHQ HLQ JDQ]DQGHUHV/HEHQXQGZLUIUFKWHQGDZLUGLHVHV/HEHQDXIJHEHQPWHQ ³'LH0HQVFKKHLWKDWHLQHVWUPLVFKH*HVFKLFKWHKLQWHUVLFKJHZLVDJWH:DOW\ ³$EHU VHLW GHP %HJLQQ GHU 5DXPIDKUW VLQG DXFK ZLU UHLIHU JHZRUGHQ XQG KDEHQ NRVPLVFK]XGHQNHQJHOHUQW,KUEUDXFKWQLFKW]XIUFKWHQGDZLUHXUHQ3ODQHWHQ SOQGHUQXQGHXFKDXVQXW]HQ:LUKDEHQVWUHQJH*HVHW]H ³*HUDGH YRU HXUHQ *HVHW]HQ IUFKWHQ ZLU XQV XQWHUEUDFK LKQ 2PDQL ³:LU NRPPHQRKQHVLHDXV%HLXQVKDWQLFKWMHGHV'LQJVHLQHQ6WHOOHQZHUWXQGVHLQHQ 3UHLV)UVW/DPDURQHXQG)UVW/DYRUGNRQQWHQQLHYHUVWHKHQGDVLHXQVQLFKWV LP $XVWDXVFK IU GLH 6FKlW]H GLHVHU :HOW ELHWHQ NRQQWHQ GDUDQ VLQG VLH ]HUEURFKHQ)UVW/DPDURQHKDWVLFKHUVWZLHGHUJHIXQGHQDOVHUHUNDQQWHGDHV 8QYHUNlXIOLFKHV JLEW GDV HU DEHU JHVFKHQNW EHNRPPHQ NDQQ (U KDW ]XJHJULIIHQ XQGLVWQXQJOFNOLFK(ULVWDXHUVWDQGH]XGHQ0HQVFKHQ]XUFN]XNHKUHQ ³$KDLKUPHWGLH0HQVFKKHLWDQGHU)UHLIDKUHUPHQWDOLWlWVDJWH:DOW\³$EHUGDV LVWIDOVFKXQGXQJHUHFKW ³'XNDQQVWPLUJODXEHQGDZLUXPIDVVHQGH6WXGLHQEHWULHEHQKDEHQHUZLGHUWH 2PDQL³:LUEHVLW]HQGLH0DHXQG*HZLFKWHXPHLQ9RONZlJHQ]XN|QQHQ8QG VHOEVW ZHQQ ZLU HLQ 8UWHLO JHIlOOW KDEHQ VLQG ZLU IOH[LEHO JHQXJ HV DE]XlQGHUQ ZHQQ VLFK QHXH $VSHNWH HUJHEHQ :lUHQ DOOH 0HQVFKHQ VR ZLH GX :DOW\ GDQQ KlWWHQZLHNHLQHUOHL%HGHQNHQ6RZLUVLQGGD,FKEHUODVVHHXFKQXQHXFKVHOEVW :LUVHKHQXQVVSlWHU ³+HZDVVROOGLH$QVSLHOXQJDXIPLFKULHI:DOW\HPS|UW $EHUGDZDUGHU6NRORSDHUEHUHLWVYHUVFKZXQGHQ 8QGXPXQVZDUQLFKWPHKUGHU'VFKXQJHO6WDWWGHU5LHVHQElXPHUDJWHQXPXQV GLHIXJHQORVHQ0DXHUQJHZDOWLJHU*HElXGHDXI 2PDQL ZDU PLW XQV LQ GLH YHUERWHQH 6WDGW WHOHSRUWLHUW XQG OLH XQV KLHU DOOHLQ ]XUFN ,FKIUDJWHPLFKHLQZHQLJXQEHKDJOLFKZDVXQVKLHUHUZDUWHQZUGH :LUVLQG:DQGHUHU]ZLVFKHQGHQ8QLYHUVHQ1RPDGHQRKQH+HLPVWDWWRKQH=LHO ,UJHQGZDQQ LQ JUDXHU 9RU]HLW VLQG DXFK ZLU GHP 8UVFKODPP HLQHV 3ODQHWHQ

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|QQHQ *OFN XQG 7UDXHU HPSILQGHQVLQGHGHOPWLJXQGLQWROHUDQWLPJOHLFKHQ0DZHLVHZLHGXPPVLQG EDUPKHU]LJXQGW|WHQXP]XEHUOHEHQ :LHGX $EHU ZLU ZLVVHQ QLFKW ZR ZLU KLQJHK|UHQ 'X KDVW GHLQHQ 3ODW] RGHU DXFK QLFKW 0DJVWZLVVHQZDVGHUQlFKVWH7DJEULQJWKDVWDEHUYLHOOHLFKWDOOH+RIIQXQJIDKUHQ ODVVHQELVWRKQH=XNXQIW :LHGXDXFKLPPHULP/HEHQVWHKVWGXELVWQLFKWDQGHUVDOVZLULP*UXQGHUDVWORV XQG YRUZlUWVVWUHEHQG DXFK ZHQQ GX HV QLFKW ZHLW 8QG GD GX KLHU VWHKVW XQG XQVHUH %RWVFKDIW K|UVW KDVW GX HWZDV PLW XQV JHPHLQVDP :lUH HV DQGHUV GX N|QQWHVWQLFKWKLHUVHLQ 'XN|QQWHVWGLHVH:DKUQHKPXQJQLFKWKDEHQ :LUVLQG1RPDGHQ:LUZDQGHUQYRQ*DOD[LV]X*DOD[LVDXVHLQHP8QLYHUVXPLQV DQGHUH'DVWXQZLUVHLWZLUJHOHUQWKDEHQGLH.UlIWH]XPHLVWHUQGLHGLH7UHQ]X MHQVHLWLJHQ %HUHLFKHQ DXIVWRHQ 'DUDXI ELOGHQ ZLU XQV QLFKWV HLQ (V LVW LP 9HUJOHLFK QLFKW PHKU DOV GDV 5DG ]X HUILQGHQ RGHU VLFK GLH $WRPH 8QWHUWDQ ]X PDFKHQ,UJHQGZDQQNRPPVWDXFKGXGRUWKLQHVLVWQXUHLQH)UDJHGHU=HLW'HQQ PDQ NDQQ QLFKW GLH 7U ]XP 8QLYHUVXP HQWGHFNHQ EHYRU PDQ ]X JHKHQ JHOHUQW KDW :LU VLQG DXI GLHVHU :HOW JHVWUDQGHW RKQHGD ZLU VLH XQV DXVJHVXFKW KDEHQ :LU VLQGHLQIDFKORVJH]RJHQLQV8QJHZLVVHHLQHVQHXHQ$EHQWHXHUVJHZL 1LFKWGDXQVXQVHUOHW]WHU5DVWSODW]QLFKWJHIDOOHQKlWWH-HGHU2UWLP.RVPRVLVW HLQPDOLJXQGVFK|QPDQPXLKQQXUDXVGHPULFKWLJHQ%OLFNZLQNHOVHKHQ$EHU VR JXW HV XQV GRUW DXI GHU :HOW *HVWHUQ JHILHO ZLU ZXUGHQ LKUHU ZLHGHU EHUGUVVLJ (LJHQWOLFK VFKDGH MD ZLUNOLFK VFKDGH GHQQ ZLU KDEHQ XQV GRUW EHUDXVZRKOJHIKOWZLHHLJHQWOLFKEHUDOOZRZLUELVMHW]WZDUHQ 0DQFKPDO DEHU VSLHOW GDV 6FKLFNVDO VHOWVDP XQG HLQH NOHLQH /DXQH NDQQ JURH $XVZLUNXQJHQKDEHQ'XZHLWVHOEVWQLFKWZDUXPGXHWZDVDEJLEVWYRQGLUVW|W YHUOlW REZRKO GX GRFK GDUDQ KlQJVW $EHU *HZ|KQXQJ IKUW ]X 0RQRWRQLH 0RQRWRQLH]X/DQJHZHLOH/DQJHZHLOH]X8Q]XIULHGHQKHLW8QPXW:LGHUZLOOHQ $EVFKHXVLQGGLHQDWUOLFKH)ROJH(VNDQQDEHUDXFKHLQIDFKhEHUVlWWLJXQJVHLQ ,UJHQGZDQQKDVWGXJHQXJYRQGHPGDVGLUELVGDKLQGDV/LHEVWHZDU

(VN|QQHQEHUDXFK(LQIOVVHYRQDXHQPLWVSLHOHQ'DLVWHLQ1DFKEDUGHPGX QLFKW JHIlOOVW 'D NRPPW DXV GHQ 7LHIHQGHV$OOVHWZDVDXIGLFK]XGDVGXQLFKW NRQWUROOLHUHQNDQQVW'XPXWGDYRUIOLHKHQ(VPDJGLUVFKZHUIDOOHQDEHUZHQQ GX GLH ULFKWLJH (LQVWHOOXQJ KDVW GDQQ EHUZLQGHVW GX DOOHDQGHUHQ(PSILQGXQJHQ XQGZLOOVWQXUQRFKIRUWJHKHQ :LUQHQQHQGDV3HQGHOQ:LUVLQG*UHQ]MlJHUNRVPLVFKH:DQGHUHU8QGEHUDOO ZRZLUZDUHQKLQWHUODVVHQZLUHLQ6WFNYRQXQVHLQ0XVHXPZLHGDVLQGHPGX ELVW'HQQGXVROOVWXQVNHQQHQOHUQHQ 8QG EHUDOO ZRKLQ ZLU JHKHQ QHKPHQ ZLU HWZDV PLW ,Q XQVHUHU hEHUOLHIHUXQJ KHLW HV GD HV 6FKROOHQ XQVHUHU 8UKHLPDW VLQG 6R WUDJHQ ZLU VWHWV HLQ 6WFN (ULQQHUXQJPLWXQVPLW'DVLVWXQVHUHLQ]LJHU%HVLW]EHUDXVV\PEROWUlFKWLJ 'DZLUQLFKWZLVVHQZLHYLHO=HLWYHUJDQJHQLVWVHLWZLUGLHVH:HOWYHUODVVHQKDEHQ XQG ZLH VWDUN VLH VLFK LQ]ZLVFKHQ YHUlQGHUW KDW ZROOHQ ZLU GLU HLQ %LOG YRQ LKU YHUPLWWHOQZLHZLUHVLQXQVDXIJHQRPPHQKDEHQ :LUKDEHQGHU:HOWQLHHLQHQ1DPHQJHJHEHQDEHUHLQ9RONDXVGLHVHU*DOD[LVKDW VLH/DPDURQHJHWDXIW9LHOOHLFKWLVWGLUGLHVHU1DPHEHNDQQW'DQQN|QQWHVWGXHLQ 0HQVFKVHLQ =X XQVHUHU =HLW ZDU /DPDURQH HLQ XUZHOWOLFKHU 3ODQHW =XP EHUZLHJHQGHQ 7HLO PLW GLFKWHP 'VFKXQJHO EHZDFKVHQ XQG YRQ UHLFKHP 7LHUEHVWDQG :LU VHW]WHQ PLW XQVHUHQ6FKROOHQLP'VFKXQJHOJHELHWDXIXQGDFKWHWHQGDUDXIGDZHGHU3IODQ]HQ QRFK 7LHUH VLH HUREHUQ NRQQWHQ 'LH 6FKROOHQ VLQG XQVHU 6\PERO XQVHU HLQ]LJHU %HVLW] :LU YHUlQGHUWHQ HLQH :HOW DXI GHU ZLU XQV QLHGHUODVVHQ QLFKW PXWZLOOLJ DEHU XQVHUH 6FKROOHQ SUlJHQ GLH /DQGVFKDIW :LU QHKPHQ NHLQHQ XQJHUHFKWIHUWLJWHQ (LQJULII LQ GLH gNRORJLH HLQHV 5DVWSODQHWHQ ZLU YHUlQGHUQ VLH QLFKW VRQGHUQ VWHOOHQ XQV DXHUKDOE 'DUXQWHU YHUVWHKHQ ZLU GD ZLU XQDEKlQJLJ EOHLEHQ XQG )ORUDXQG)DXQDQLFKWLQXQVHUH$EKlQJLJNHLWEULQJHQ:LUODVVHQXQVQLFKWIUHVVHQ XQGW|WHQDXFKVHOEVWQLFKW:LUOHEHQYRQGHPZDVGLH6FKROOHQXQVELHWHQ6LH N|QQHQXQVHUQlKUHQ 'HQQRFKJUHLIHQZLUVHKUZRKOLQGLH1DWXUHLQHV5DVWSODQHWHQHLQ :HQQ ZLU HLQ QHXHV =LHO HUUHLFKHQ EHJLQQHQ ZLU ]XDOOHUHUVW PLW GHP %DX HLQHV VROFKHQ 0RQXPHQWV LQ GHP GX GLFK EHILQGHVW 'DULQ VHW]HQ ZLU XQV VHOEVW HLQ 'HQNPDO XQG DXFK XQVHUHQ 1DFKEDUQ (UVWHUHV WXQ ZLU QLFKW DXV (LWHONHLW VRQGHUQGLH$QJHOHJHQKHLWKDWHLQHQWLHIHUHQ6LQQZHQQXQVHUH0RWLYHDXFKQLFKW JDQ]IUHLYRQ(JRLVPXVVLQG %HL GHQ XQ]lKOLJHQ :HOWHQ LQ HEHQVRYLHOHQ *DOD[LHQ XQG LQ YHUVFKLHGHQHQ 8QLYHUVHQ DXI GHQHQ ZLU VFKRQ JHZHVHQ VLQG YHUOLHUW PDQ GHQ hEHUEOLFN (V N|QQWHDOVRVHLQGDZLUDXIHLQHQHKHPDOLJHQ5DVWSODW]ZLHGHUNHKUHQRKQHHV]X ZLVVHQ 'DUDQ VROO XQV GLHVHV 0XVHXP HULQQHUQ 8QG HV VROO XQV DXFK *HGlFKWQLVVWW]H VHLQ

(VEHVWHKWDEHUDXFKGLH0|JOLFKNHLWGDXQVHLQH:HOWVRJXWJHIlOOWGDZLUXQV ]XLKU]XUFNVHKQHQ'DVKDWHVVFKRQJHJHEHQXQGHVZLUGYLHOOHLFKWZLHGHUGHU )DOO VHLQ 0|JOLFKHUZHLVH LVW /DPDURQH GHU 2UW XQVHUHU XQVWLOOEDUHQ 6HKQVFKWH 'DUXP P|FKWHQ ZLU XQV GLH 0|JOLFKNHLW RIIHQKDOWHQ ZLHGHU KLHUKHU ]X NRPPHQ :LUKDEHQHLQ5HFKWGDUDXI :RKOJHPHUNWZLUEHWUDFKWHQ/DPDURQHQLFKWDOVXQVHUHQ%HVLW]XQVJHK|UWQLFKWV DXHU GHQ 6FKROOHQ XQVHUHU +HLPDW $EHU ZLU ZROOHQ XQV GDV $V\OUHFKW DXI /DPDURQH EHZDKUHQ 8QG GDUXP VWHKW KLHU GLHVHV 0XVHXP (V LVW YHUVSHUUW XQG OlWQXUMHQHHLQGLHVRVLQGZLHZLU:HVHQZLHGLFK$QGHUHIOLHKHQLQ3DQLN :HU GX DXFK LPPHU ELVW VHL ZLOONRPPHQ :RKHU GX DXFK NRPPVW GLHV LVW HLQH =XIOXFKWVVWlWWH IU GLFK 'DV 0XVHXP ELHWHW GLU DOOHVZDV ZLU ]X ELHWHQ KDEHQ 8QVHU:LVVHQDOOXQVHUH(UNHQQWQLVVHXQVHUHJHVDPPHOWHQ(UIDKUXQJHQ /HUQH /DPDURQH NHQQHQ ZLH HV ZDU DOV ZLU KLHU OHEWHQ /HUQH GLHVH *DOD[LV NHQQHQLQGHUHQ5DQG]RQH/DPDURQHOLHJWXQGPDFKHGLFKPLWGHU*HVFKLFKWHGHU 9|ONHUYHUWUDXWGHUHQ+HLPDWGLH0LOFKVWUDHLVW 'LHV LVW HLQH GHU VFK|QVWHQ 6WHUQHQLQVHOQ GLHVHV 8QLYHUVXPV XQG HLQH GHU LQWHUHVVDQWHVWHQGD]XDQJHWDQHLQ:DQGHUYRON]XOl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lQGLJNHLW ZLU ZDUHQ QDKH GDUDQ XQV DXI]XJHEHQXQGZLVVHQHLJHQWOLFKQLFKWREZLUHVEHGDXHUQRGHUXQVIUHXHQVROOHQ 8QGZLUZHUGHQYHUPXWOLFKQRFKODQJHQLFKW*HZLKHLWGDUEHUKDEHQZDVEHVVHU JHZHVHQZlUH'HQQGLHVLVWJHZLHLQH6WHUQHQLQVHOLQGHUHVVLFKOHEHQOlW $EHU YLHOOHLFKW ELVW GX HLQHU YRQ MHQHQ GLH KLHU EHKHLPDWHW VLQG GDQQ VROOVW GX ZLVVHQ GD ZLU VFKZHUHQ *HPWV YRQ KLHU ZHJJHJDQJHQ VLQG 8QG VFKXOG GDUDQ LVWHLQHUDXVHXUHU9|ONHUVFKDUGHUVRJDQ]QDFKXQVHUHU$UWZDU'LHVHUHLQHVWDQG DOV 6\PERO IU HXFK DOOH GHQQ HV NDQQ QXU VR JHZHVHQ VHLQ GD LKU DOOH GDV 3RVLWLYHLQHXFKWUXJWGDVHUQDFKDXHQ]XNHKUHQYHUVWDQG (V KDW XQV LPSRQLHUW GD HU VLFK YRQ DOOHQ =ZlQJHQ EHIUHLWH GLH LKP HXUH JHVHOOVFKDIWOLFKH6WUXNWXUDXIHUOHJWHGDHUGDGXUFK]XHLQHPJHKHPPWHQ:HVHQ ZXUGH GHVVHQ ZDKUH 1DWXU VLFK LQ GDV 8QWHUEHZXWH IOFKWHQ PXWH XQG QXU VSRUDGLVFKDXIOHXFKWHQNRQQWHGDVLVWHLQH6FKDQGH,KUKDEWLKQYHUNDQQWLQHXUHU

%OLQGKHLW PXWHW LKU LKQ YHUNHQQHQ 'DEHL VLQG ZLU XQV LQ HLQHP JDQ] VLFKHU QlPOLFKGDLQMHGHPYRQHXFKHWZDVYRQLKPZDUEHLGHPHLQHQPHKUEHLGHP DQGHUHQ ZHQLJHU DEHU MHGHU YRQ HXFK PXWH VLFK LQ LKP ZLH LQ HLQHP 6SLHJHO ZLHGHUHUNHQQHQ6HLQ1DPHZDU ³.ODFN.ODFNJHOOWHHLQHDXIJHEUDFKWH)UDXHQVWLPPHYRP+RILQGLHJHPWOLFKH 6WXEH XQG OLH PHLQH VFK|QHQ (ULQQHUXQJHQ ZLH HLQH 6DQGEXUJ LQ GHU )OXW ]HUULQQHQ ³'DVLVWGHUJUDXH$OOWDJ*HUU\VDJWH:DOW\PLWHLQHPZHKPWLJHQ/lFKHOQ(U KREGHQ1HNWDUEHFKHULQPHLQH5LFKWXQJ³(VIUHXWPLFKGDZHQLJVWHQVGXGLFK HQWVFKORVVHQKDVWEHLXQV]XEOHLEHQ ³-HW]W ZHUGH QLFKW PHODQFKROLVFK :DOW\ UHGHWH LFK LKP ]X ³(V LVW MD DOOHV JXWJHJDQJHQ 'HLQH &UHZ LVW YROO]lKOLJ ]XUFNJHNHKUW XQG VHOEVW 2WWR KDW VLFK OHW]WOLFKIUGLFKHQWVFKLHGHQ ³2WWR ]lKOW QLFKW HV LVW DOV ZlUH HU PLW GHQ *UHQ]HUQ JHJDQJHQ VDJWH :DOW\ EHWUEW ³,FK NDQQ LKQ VRJDU YHUVWHKHQ LFK IKOH PLW LKP :DV KDEH LFK LKP LP 9HUJOHLFK PLW GHQ *UHQ]HUQ VFKRQ ]X ELHWHQ" ,FK ELQ HLQH 1LHWH 'LH 3DUDSV\FKRORJHQ GLH PLFK GDPDOV YRU GUHLLJ -DKUHQ LP 0HGR&HQWHU GHU 862 XQWHUVXFKWHQKDWWHQVFKRQUHFKW ³:DVVROOGDUDQVFKOLPPVHLQGDVLHGLFKDOV3DUD7HOHVFKL]RPDQWHQHUNDQQWHQ" ZXQGHUWHLFKPLFK ³6LHKDEHQPLFKQLFKWQXUDOV,QVWLQNWKDQGOHUHLQJHVWXIWVRQGHUQDXFKDOV*9DOV *HQHUDOYHUVDJHUHUNOlUWHHU³8QGLFKKDEHZLHGHUPDODXIDOOHQ/LQLHQYHUVDJW ³'DVLVWQLFKWZDKUZLGHUVSUDFKLFK³'LH*UHQ]HUKDWWHQHLQHVHKUKRKH0HLQXQJ YRQ GLU XQG VLH KDEHQ GLFK VRJDU LQ LKUHP 0XVHXP YHUHZLJW XQG GHLQHQ 1DPHQ XQVWHUEOLFKJHPDFKW'XELVWGHU+HOGGHU*DOD[LV:DOW\ ³$EHU ZLH VROO LFK GDV 5RL EHJUHLIOLFK PDFKHQ" IUDJWH HU KRIIQXQJVORV ³(U ZLOO VLFKWEDUH(UIROJHKDEHQ)ULKQZUGHQXUGHU$EVFKOXHLQHV+DQGHOVYHUWUDJVDOV (UIROJ]lKOHQ ³(UZLUG9HUVWlQGQLVIUGLFKKDEHQEHKDXSWHWHLFK³:HQQQLFKWGDQQLVWHUHLQ VFKOHFKWHU)UHXQG ³.ODFN.ODFN WUlXPVW GX VFKRQ ZLHGHU" JHOOWH $QQHP\V 6WLPPH KHUHLQ 0DQ PHUNWH LKUHP .ODQJ DQ GD VLH ZLHGHU HLQPDO IXFKVWHXIHOVZLOG ZDU ³.RPP HQGOLFKDXVGHLQHP0DXVHORFK5RLLVWHLQJHWURIIHQ ³2MHVDJWH:DOW\XQGHUKREVLFK ,FKNORSIWHLKPDXIGLH6FKXOWHUXPLKP0XW]XPDFKHQ :LUJLQJHQ6HLWHDQ6HLWHLQV)UHLH (VZDUHLQVFK|QHU7DJ'LH6RQQHVFKLHQHLQODXHU:LQGEOLHVXPGLH(FNH'LH )URVFKVFKDU KRSVWH GHQ +JHO KLQDQ ]XU /DQGHVWHOOH GHV %HLERRWV XP 5RL XQG VHLQH )UHLIDKUHU ]X EHJUHQ $EHU QXU GHU .|QLJ GHU )UHLIDKUHU XQG VHLQ

HUWUXVLVFKHU 'LHQHU 2UR 0DVXW ZDUHQ GHU 6SDFH-HW HQWVWLHJHQ ,FK VDK VRJDU YRQ KLHUDXVZLHVLFKGHU(UWUXVHUEHLP$QEOLFNGHUYLHOHQ)URVFKVFKHQNHOYRUKHLHP 9HUODQJHQ I|UPOLFK NUPPWH +LQWHU GHU 3DQ]HUSODVWNXSSHO GHU 6SDFH-HW ZDUHQ GLH*HVLFKWHUGHU0DQQVFKDIWDXIJHWDXFKW6LHSUHWHQLKUH1DVHQJHJHQGDV*ODV XQGVFKLHQHQYROOEDQJHU(UZDUWXQJGHPNRPPHQGHQ6FKDXVSLHOHQWJHJHQ]XVHKHQ 6LFKHU KDWWHQ VLH EHUHLWV :HWWHQ GDUDXI DEJHVFKORVVHQ RE HV 2UR 0DVXW GLHVPDO VFKDIIHQ ZUGH %LOO\ WKH .LG IUKHU DOV VRQVW DE]XVFKWWHOQ ZHQQ HU ZLHGHU HLQPDODXIVHLQHPEUHLWHQ5FNHQ3ODW]QDKPXPLQHLQ5RGHR]XJHKHQ $EHU GLHVPDO ZUGHQ VLH HQWWlXVFKW ZHUGHQ :DOW\ KDWWH QRFK NHLQH =HLW JHKDEW %LOO\ XP]XSURJUDPPLHUHQ %LOO\ IKOWH VLFK QRFK LPPHU DOV 6FKOHU GHV FKLQHVLVFKHQ3KLORVRSKHQ.RQIX]LXV (UVWDQGYRUHLQHPJURHQWURSIHQI|UPLJHQ6WHLQGLH7HQWDNHOEHLQHEUHLWJHVWHOOW GLH 7HQWDNHODUPH LQ GLH +IWHQ JHVWHPPW 8QG HU VDJWH ]X GHP 6WHLQ PLW VDOEXQJVYROOHU6WLPPH ³:DV VDJWH VFKRQ .RQIX]LXV EHU GHQ K|KHUHQ 0HQVFKHQ" (U LVW EHKDUUOLFK DEHU QLFKWKDUWQlFNLJ-HW]WVHLDOVRQLFKWVRVWXU2WWRXQGODGLFKHQGOLFKHUZHLFKHQ $EHUGHU6WHLQUKUWHVLFKQLFKWHUEOLHEKDUWZLH*UDQLW ³1DHQGOLFKVDJWH$QQHP\DOVVLHXQVDXIGHQ+RIWUHWHQVDK³'XKDVWMDJDQ] JODVLJH$XJHQ:DOW\ .RPPWGDVHWZDGDKHUGDGXJHJRUHQHQ1HNWDU" ³:R GHQNVW GX KLQ ULHI :DOW\ DXV XQG VWUHFNWH LKU GLH +lQGH DEZHKUHQG HQWJHJHQ ³6HLPLW'DGQLFKWVRVWUHQJ0DPDZLHVLFKVLHPLWVIILVDQWHP/lFKHOQ]XUHFKW ³:DV VROO GHU 8QVLQQ *HUU\" IDXFKWH VLH PLFK DQ ³:DOW\ KDW PLFK JHUDGH DGRSWLHUW HUNOlUWH LFK ZDV QLFKW JDQ] GHU :DKUKHLW HQWVSUDFK DEHU VR XQZDKU DXFK ZLHGHUXP QLFKW ZDU ³(U EHNODJWH VLFK EHL PLU GDUEHU GD GX QLFKW LQ GHU /DJHVHLVWLKPHLQ.LQG]XVFKHQNHQXQGKDWPLFKDQ6RKQHV6WDWWDXIJHQRPPHQ ,FKKRIIHGXELVWPLUVWHWVHLQHJXWH0XWWHU$QQHP\6HOWVDPHUZHLVHZXUGHVLH HLQZHQLJURW$EHUVLHIDWHVLFKVFKQHOOZLHGHU ³%HYRU .ODFN.ODFN VLFK EHU GDV )HKOHQ HLQHV 6WDPPKDOWHUV EHNODJW VROOWH HU VLFK OLHEHU GDUEHU LQIRUPLHUHQ ZLH GLH 6DFKH IXQNWLRQLHUW VDJWH VLH ELVVLJ (V VWDQGZLHGHUHLQPDOHLQV]XQXOOIUVLHXQG:DOW\VFKUXPSIWH]XHLQHP+lXIFKHQ (OHQG]XVDPPHQ³1DQX"/DXWHUIU|KOLFKH*HVLFKWHU"VDJWH5RLEHL XQVHUHP $QEOLFN VDUNDVWLVFK ³3ODW]H LFK ZLHGHU HLQPDO LQ HLQHQ KDQGIHVWHQ )DPLOLHQVWUHLW" ³(V LVW ZHLWHU QLFKWV VDJWH :DOW\ XQG VFKWWHOWH GHP )UHLIDKUHUN|QLJ GLH +DQG ³:LUIKOHQXQVJDQ]SUlFKWLJXQGVLQGEHVWHU/DXQH ³1D GHLQ VRQQLJHV *HPW P|FKWH LFK KDEHQ VDJWH 5RL 'DQWRQ GHU ]ZDU VHLQ )UHLIDKUHUNRVWPWUXJDEHUQLFKWLQGHU/DXQHVFKLHQVLFKDOVGHNDWHQWHU6WXW]HU]X JHEHQ³(VLVWMDZLUNOLFKQLFKWVZHLWHUDOVGDGDV/DPDURQH*HVFKlIWJHSODW]WLVW 0HLQH QHXQ %HLUlWH VLQG JDQ] VFK|Q VDXHU DXI GLFK 'LHVHU /RUG 3LOJUDP XQG

(GHOPDQQ&RGURQ=RUEHOOKDEHQPLWLKUHU$XVVDJHJHJHQGLFKGLH6WLPPXQJQRFK ]XVlW]OLFK DQJHKHL]W ,FK ELQ KLHU XP DXV HUVWHU +DQG ]X HUIDKUHQ ZDV ZLUNOLFK SDVVLHUWLVW ,FKZDUVRZWHQGDXI&RG\GDLFKGLH$XJHQVFKORXQGPLUYRUVWHOOWHZLHHV ZlUHLKPGHQ+DOVXP]XGUHKHQ'DVYHUVFKDIIWHPLUJHZDOWLJH(UOHLFKWHUXQJ ³:DOW\ WULIIW NHLQH 6FKXOG VDJWH LFK OHLGHQVFKDIWOLFK ³'DV /DPDURQH*HVFKlIW ZDU YRQ $QIDQJ DQ ]XP 6FKHLWHUQ YHUXUWHLOW JDQ] HLQIDFK GHVZHJHQ ZHLO GLH 0HQVFKHQ GHQ *UHQ]HUQ QLFKWV DEHU VFKRQ EHUKDXSW QLFKWV ]X ELHWHQ KDWWHQ :DOW\ZlUHGHUHLQ]LJHJHZHVHQ ³$K0RQVLHXU6KDUSVDJWH5RL]XPLU³:LHLFKK|UHKDEHQ6LHDXFKHLQHQLFKW XQEHGHXWHQGH 5ROOH JHVSLHOW :HQQ 6LH IU :DOW\ .ODFNWRQ HLQH /DQ]H EUHFKHQ ZROOHQ VROOHQ 6LH GD]X *HOHJHQKHLW HUKDOWHQ $EHU QLFKW KLHU0DFKHQZLUHVXQV HUVWHLQPDOJHPWOLFKXQGGDQQHU]lKOHQ6LHDOOHVGHU5HLKHQDFK :LUJLQJHQLQV+DXVQXU%LOO\WKH.LGEOLHEEHLGHPWURSIHQI|UPLJHQ6WHLQXQG YHUVXFKWH LKQ GXUFK GLH :RUWH GHV .RQIX]LXV ]X HUZHLFKHQ 1DFKGHP ZLU DP 7LVFK3ODW]JHQRPPHQKDWWHQVFKLOGHUWHLFKGLH(UHLJQLVVHDXI/DPDURQHZLHLFK VLHJHVHKHQKDWWH 'LH *UHQ]HU KDWWHQ LQ LKUHP 0XVHXP QLFKW QXU LKUH HLJHQH *HVFKLFKWH YHUHZLJW VRQGHUQYHUVFKDIIWHQGHP%HVXFKHUDXFKHLQHQhEHUEOLFNEHUGLH(QWZLFNOXQJLQ GHU0LOFKVWUDH 'HU:HUGHJDQJGHU%OXHV$NRQHQXQG$UNRQLGHQZXUGHHEHQVRDXIJHUROOWZLHGHU GHU0HQVFKKHLWYRQGHQ$QIlQJHQELV]XU*HJHQZDUW'LH*UHQ]HU]HLFKQHWHQHLQ ]LHPOLFK ZHUWIUHLHV %LOG GHU 0HQVFKHQ GRFK HLQH .ULWLN DQ LKUHU PDWHULDOLVWLVFK HLQJHVWHOOWHQ *HVHOOVFKDIWVRUGQXQJ ZDU XQWHUVFKZHOOLJ VSUEDU ,FK NRQQWH 5RL 'DQWRQGLHVQLFKWVRGHXWOLFKPDFKHQHLQHVRVSLW]H=XQJHKDEHLFKQLFKWDEHULFK ZLHVLKQLPPHUKLQGDUDXIKLQGDHVGHU0HQVFKVHOEVWZDUGHUVLFKGHQ=XJDQJ ]XGHQ*UHQ]HUQYHUEDXWH 1DFKGHP XQV GLH SODVWLVFKHQ 9LVLRQHQ GHV 0XVHXPV IUHLJHJHEHQ KDWWHQ IDQGHQ ZLUXQVLQHLQHUY|OOLJOHHUHQ+DOOHZLHGHU:LUVWDQGHQDQGHPHLQHQ(QGHQRFK JDQ] XQWHU GHP (LQGUXFN GHV (UOHEWHQ XQG DXI GHU JHJHQEHUOLHJHQGHQ 6HLWH DQ GLHKXQGHUW0HWHUHQWIHUQWWDXFKWHHLQHPHQVFKOLFKH*HVWDOWXQWHUHLQHP7RUERJHQ DXI ³:LOONRPPHQLQPHLQHUEHVFKHLGHQHQ.ODXVHKDOOWHHLQH6WLPPH]XXQVKHUEHU ³,FK ELQ )UVW /DPDURQH XQG KHLH 6LH ZLOONRPPHQ 'DV KHLW LFK ELQ DOV )UHLIDKUHUIUVW DXI GLHVH :HOW JHNRPPHQ GLH PDQ JDQ] ]X 8QUHFKW QDFK PLU EHQDQQWHDEHUMHW]WIKOHLFKPLFKDOV*UHQ]HU'DUILFK6LHELWWHQPHLQH+HUUHQ" :LU NDPHQ GHU $XIIRUGHUXQJ QDFK XQG EHJDEHQ XQV ]X GHP 0DQQ LQ GHU EXQWHQ 2IIL]LHUVXQLIRUPDXVGHUQDSROHRQLVFKHQ(SRFKH(UHQWVFKXOGLJWHVLFKIUVHLQHQ

$XI]XJ EHOlFKHOWH PHLQ 5HQDLVVDQFHNRVWP XQG EHPHUNWH JOHLFK]HLWLJ GD HV QLFKWGLH.OHLGHUZDUHQGLH/HXWHPDFKWHQ:DOW\EHJUWHHUEHVRQGHUVKHU]OLFK XPDUPWHLKQVRJDUXQGKDNWHVLFKGDQQEHLLKPXQWHU ³1DUUHQILQGHQVWHWV]XHLQDQGHUEHPHUNWH3LOJUDPGD]XELVVLJ ³$EHU ZDUHQ HV QLFKW ]X DOOHQ =HLWHQ GLH 1DUUHQ GLH GLH PHLVWHQ )UHLKHLWHQ JHQRVVHQ"NRQWHUWH/DPDURQH /DPDURQH IKUWH XQV LQ HLQHQ 5DXP GHU PLW DQWLNHQ WHUUDQLVFKHQ 0|EHOQ HLQJHULFKWHW ZDU 'RUW WUDIHQ ZLU DXI $QQHP\ &RG\ )UVW /DYRUG XQG %LOO\ WKH .LG *HUDGH DOV ZLU HLQWUDIHQ WDXFKWH DXV GHP +LQWHUJUXQG HLQ EHUPDQQVJURHU 6FKPHWWHUOLQJDXI'LH=HLFKQXQJVHLQHU)OJHOGLHHUZLHHLQHQ0DQWHOXPVHLQHQ .|USHU OHJWH HULQQHUWH PLFK DQ HLQ 3IDXHQDXJH 'HU 6FKPHWWHUOLQJ NDP QLFKW DQJHIORJHQVRQGHUQPLWZLHJHQGHP6FKULWWDQJHJDQJHQ0LUEUDXFKWHQLHPDQGHUVW ]XVDJHQGDHVVLFKGDEHLXPHLQHQ*UHQ]HUGHUK|FKVWHQWZLFNHOWHQ$UWKDQGHOWH (VZDUQDWUOLFKHLQ,QDFKDHUEHQDQQWQDFKGHPLUGLVFKHQ7DJSIDXHQDXJHGDVPLW ODWHLQLVFKHP1DPHQ,QDFKLVLRKLH (V JLQJ ]XU %HJUXQJ HWZDV WXUEXOHQW KHU DOOH VSUDFKHQ GXUFKHLQDQGHU )UVW /DYRUGNLFKHUWHLQHLQHPIRUWZDVHLQHW\SLVFKH(QW]XJVHUVFKHLQXQJZDU%LOO\WKH .LGUHIHULHUWHPLWGHQ:RUWHQGHV.RQIX]LXVEHUGHQK|KHUHQ0HQVFKHQGHUXQWHU DQGHUHP ³'DUDXI EHGDFKW LVW ]XUFNKDOWHQ LQ VHLQHQ :RUWHQ XQG UDVFK LQ VHLQHQ 7DWHQ ]X VHLQ ZDV PDQ YRQ GHP *DXFKRURERWHU EHVWLPPW QLFKW EHKDXSWHQ NRQQWH &RG\NRQQWHQLFKWVDQGHUHVDOVIOXFKHQXQGVFKLPSIHQ3LOJUDPJHVHOOWHVLFKVRIRUW ]X LKP XQG VLH VWHFNWHQ GLH .|SIH ]XVDPPHQ ZLH ]ZHL DXV GHU VSDQLVFKHQ .DPDULOOD ]XU =HLW )HUGLQDQGV $QQHP\ VSUDFK KHIWLJ DXI :DOW\ HLQ XQG PDFKWH LKP 9RUZUIH ZDUXP HU GHQQ WURW] GHV )OXJYHUERWHV HLQ %HLERRW EHQW]W KDEH ZlKUHQG/DPDURQH]ZLVFKHQLKQHQ]XYHUPLWWHOQYHUVXFKWH $EHU GLH /DJH EHUXKLJWH VLFK HUVW HLQ ZHQLJ DOV GHU ,QDFKDHU LQ GLH 'HEDWWH HLQJULII ³(V LVW ZDKU EHVWlWLJWH GDV 3IDXHQDXJH XQG IlFKHOWH GDEHL HOHJDQW PLW VHLQHQ 0DQWHOIOJHOQ ³GD GHU $QEOLFN HLQHV IOLHJHQGHQ 2EMHNWV GHQ :DQGHUWULHE EHL XQVHUHQ MQJHUHQ $UWJHQRVVHQ DXVO|VWH %HL GHQ 9HVSDHUQ XQG *U\OODHUQ LVW GDV QRFK HLQH $UW EHGLQJWHU 5HIOH[ )OLHJHQ LVW IU VLH JOHLFKEHGHXWHQG PLW :DQGHUQ VLH N|QQHQ LKUHQ DQJHERUHQHQ =XJYRJHOWULHE QRFK QLFKW UHJXOLHUHQ XQG EHKHUUVFKHQ'DVKDWXQVVFKRQRIW]XEHUVWU]WHQ$XIEUXFKYHUDQODW$EHUXQG GDV PX JHVDJW ZHUGHQ ZLU KDWWHQ OlQJVW VFKRQ DOOH 9RUEHUHLWXQJHQ IU GHQ $XIEUXFK JHWURIIHQ (V ZDU HLQH EHVFKORVVHQH 6DFKH XQG HV EHGXUIWH QXU QRFK HLQHV DXVO|VHQGHQ 0RPHQWV 'DIU KDW :DOW\ .ODFNWRQ JHVRUJW $EHU HV LVW DXFK HLQH 7DWVDFKH GD VHLQ $XIWDXFKHQ XQV QRFK ]XP :DUWHQ YHUDQODWH :lUH HU

GHVVHQ 0HQWDOLWlW GHU XQVHUHQ VR lKQOLFK LVW QLFKW JHNRPPHQ ZLU ZlUHQ OlQJVW VFKRQLQDQGHUHQ5lXPHQ ³%LVW GX GDV 2EHUKDXSW GHU *UHQ]HU" HUNXQGLJWH VLFK :DOW\ ³.DQQVW GX LP 1DPHQGHLQHV9RONHV(QWVFKHLGXQJHQWUHIIHQ":HQQHVVRLVWGDQQP|FKWHLFKPLW GLU EHU GLH %RGHQVFKlW]H GLHVHU :HOW YHUKDQGHOQ 'X GDUIVW QLFKW HUODXEHQ GD GHQ 0HQVFKHQ GHU =XWULWW ]X GLHVHU :HOW YHUZHKUW ZLUG 6HOEVW ZHQQ LKU EOHLEW XQGHUVWUHFKWQLFKWZHQQLKUIRUWJHKW ³8QVHUH $EUHLVH LVW HLQH EHVFKORVVHQH 6DFKH DQWZRUWHWH GHU ,QDFKDHU ³$EHU HV EOHLEW MHGHP 0HQVFKHQ EHUODVVHQ GHQ6FKOVVHO ]X XQVHUHP $V\O ]X ILQGHQ XQG GRUWGLH(UIOOXQJ]XILQGHQ ³'X ZHLW VR JXW ZLH LFK GD GLH 0HQVFKHQ QLFKW GD]X JHVFKDIIHQ VLQG HXUH 3UIXQJHQ ]X EHVWHKHQ HUZLGHUWH :DOW\ ³/DPDURQH PX YRQ HXFK IUHLJHJHEHQ ZHUGHQ ³/DPDURQHLVWIUHLIUMHGHVGHQNHQGH:HVHQ]XJlQJOLFK ³'DVLVWGRFKQXUHLQH)DUFHULHI:DOW\HUUHJW³:HUELVWGXGHQQHLJHQWOLFKGD GXJRWWJOHLFKH(QWVFKHLGXQJHQDXIHLQHU:HOWWULIIVWDXIGHUGXQXU*DVWELVW" ³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|FKVWHQV GHU YRQ XQV 0HQVFKHQ (LQ /HEHQ SUR 7DJ KXQGHUWWDXVHQG LQ HLQHP 0HQVFKHQDOWHUGDVZDUYLHOXQGZHQLJ]XJOHLFK ³6RUDVFKJHKWGDV"ZXQGHUWHVLFK:DOW\³'HPQDFKZlUHHXUH+RORPHWDEROLHMD JHUDGH]XHLQHJDORSSLHUHQGH ³,FKKDEHGHQ9RUJDQJEHVFKOHXQLJWXPHXFKHLQ%HLVSLHO]XJHEHQVDJWH2PDQL ³,Q:LUNOLFKNHLWLVWHVHLQYLHOODQJVDPHUHU3UR]HXQGHLQHUXQVHUHU/HEHQV]\NOHQ HQWVSULFKWXQJHIlKUGHPHLQHU0HQVFKHQJHQHUDWLRQ ³-HW]W LVW HV DEHU JHQXJ PLW GHP 9HUVWHFNVSLHOHQ ULHI :DOW\ DXIJHEUDFKW XQG GDPLWYHUEOIIWHHUXQVDOOHDXHUYLHOOHLFKW2PDQL³-HW]WODGLH0DVNHHQGOLFK IDOOHQ2WWR2GHUELVWGX]XIHLJHXPGLFKLQGHLQHUZLUNOLFKHQ*HVWDOWYRQPLU]X YHUDEVFKLHGHQ" ³:LHKDVWGXPLFKGXUFKVFKDXW:DOW\"IUDJWHGHU,QDFKDHUXQGYHUZDQGHOWHVLFK YRU XQVHUHQ $XJHQ LQ GDV QLHGOLFKH 3HO]ZHVHQ GHQ 7ZLO]HU 2WWR VR GD LFK HUVW MHW]W HLQHQ JHQDXHQ %HJULII GDYRQ EHNDP ZDV ³7ZLO]HQ ZDU ³:DV KDEH LFK IDOVFKJHPDFKW"

³2PDQLNOLQJWGDVQLFKWVWDUNQDFK2WWRPDQH"VDJWH:DOW\³$EHUGDVDOOHLQZDU HV QLFKW ,FK NHQQH GLFK HEHQ ]X JXW LFK ZUGH GLFK LQ MHGHU *HVWDOW VRIRUW ZLHGHUHUNHQQHQRGHU]XPLQGHVWQDFKHLQLJHU=HLW8QGZHLOLFKGLFKVRJXWNHQQH ZDU PLU EDOG NODU GD GX GLFK ]X GHQ *UHQ]HUQ KLQJH]RJHQ IKOHQ PXWHVW 6LH VLQGGLUVHKUlKQOLFK2WWR ³6LH VLQG 8Q7ZLO]HU ZLH LFK JHVWDQG GDV 3HO]ZHVHQ HLQ ³$OV LFK GDPDOV YRQ PHLQHP 9RON DXVJHVWRHQ ZXUGH GD KDW HV PLFK ]X GLU XQG GHQ 0HQVFKHQ KLQJH]RJHQ ZHLO LKU GLH EHVWH $OWHUQDWLYH ZDUW $EHU DOV LFK GLH *UHQ]HU NHQQHQOHUQWH ³,FK YHUVWHKH VDJWH :DOW\ ³$EHU GD GX GLFK NODPPKHLPOLFK GDYRQPDFKHQ ZROOWHVWRKQHPLU/HEHZRKO]XVDJHQGDVYHU]HLKHLFKGLUQLFKW'DVWXWZHK2WWR $EHUZDVVROO VLFKZQVFKHGLUYLHO*OFNDXIGHLQHQZHLWHUHQ:HJ/HEZRKO 2WWR 8QGGDPLWVFKLHQGLHVHV7KHPDIULKQDEJHVFKORVVHQ]XVHLQDEHULFKVDKLKPDQ GDHVLQLKPDUEHLWHWHXQGGDHUQDKHDP+HXOHQZDU ³'D]X SDW HLQ :RUW GHV .RQIX]LXV PHOGHWH VLFK %LOO\ WKH .LG ³'HU K|KHUH 0HQVFKDFKWHWLPPHUGDUDXIZDVUHFKWLVWGHUJHZ|KQOLFKHDEHUVLHKWQXUVHLQHQ SHUV|QOLFKHQ9RUWHLO 'DIUKlWWHLFKLKQGHPRQWLHUHQN|QQHQGHQQIUGLHEHLGHQ%HWURIIHQHQZDUGLH /DJHVRVFKRQVFKOLPPJHQXJRKQHGDLKQHQHLQEHUGUHKWHU5RERWHUQRFKGXUFK IHKOLQWHUSUHWLHUWH:HLVKHLWHQ9RUZUIHPDFKWH³:DUXPNRPPHQ6LHQLFKWHLQIDFK PLWXQV:DOW\"HUNXQGLJWHVLFK/DPDURQH³6LHJHK|UHQGRFKDXFKQLFKWKLHUKHU 6LH VLQG YLHO PHKU HLQ *UHQ]HU7\S DOV LFK :HQQ LFK PLFK GHQ :DQGHUHUQ DQVFKOLHHQNDQQGDQQ6LHHUVWUHFKW ³(VZlUHZLHHLQH)OXFKWVDJWH:DOW\OHLVH³1HLQ(UVWUDIIWHVLFK³,FKVWHKH]X PHLQHU9HUDQWZRUWXQJ³)UHXHQ6LHVLFKDXIGLH.RSIZlVFKHGXUFK5RL'DQWRQ VDJWH 3LOJUDP JHKlVVLJ (V ZDU VHLQH OHW]WH JLIWLJH %HPHUNXQJ 'HQQ QXQ NHKUWH :DOW\ LQ GHU )ROJH VHLQ SDUDRULHQWLHUWHV8QWHUEHZXWVHLQKHUYRUGDVEHZLHVGD HVHLQHQDXVJHSUlJWHQ*HUHFKWLJNHLWVVLQQEHVD 2WWRWZLO]WHPLWXQV]XU6&+/(8'(5%2**(XQGZLUVWDUWHWHQRKQHLKQ:DOW\ ZDU ZLH DEZHVHQG ZDV VLFK MHGRFK QLFKW LQ /HWKDUJLH lXHUWH VRQGHUQ ZDV VHLQ 8QWHUEHZXWVHLQ PLW EHUWULHEHQHP %HZHJXQJVGUDQJ EHUNRPSHQVLHUWH 8QG GDV EHNDPHQ YRU DOOHP GHU ;HQRORJH /RWKDU 3LOJUDP XQG PHLQ HKHPDOLJHU )UHXQG &RGURQ=RUEHOO]XVSUHQLFKKDEHPLWLKPQLFKWVPHKU]XVFKDIIHQ :DOW\SUJHOWHVLHUHJHOUHFKWJUQXQGEODXXQGZHULKQNHQQWGHUZHLGDVLH DXFK VHLQH :LHGHUJXWPDFKXQJVYHUVXFKH SK\VLVFK UHFKW VFKPHU]KDIW ]X VSUHQ EHNDPHQ .HLQ :XQGHU GD VLH LKQ QDFKWUlJOLFK EHL ,KQHQ 5RL DQVFKZlU]WHQ $EHU GDV KlWWHQ VLH YHUPXWOLFK DXFK RKQH GLHVH YHUGLHQWH $EUHLEXQJ JHWDQ ,FK NDQQ QLFKW VDJHQ GD LFK GLHEHLGHQEHGDXHUWKlWWH*DQ]LP*HJHQWHLOLFKKDEH LKQHQGDV0DUW\ULXPZlKUHQGGHV)OXJHVYRQ+HU]HQJHJ|QQWXQGHVJDENHLQHQ

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|JOLFK IHVW]XVWHOOHQ RE HV HLQ EHVRQGHUHV 0LVFKXQJVYHUKlOWQLV YRQ 9HVSDHUQ *U\OODHUQ 3K\OODHUQ /XFDQDHUQ 6NRORSDHUQ XQG ,QDFKDHUQ JDE (V LVW DXFK QLFKW ZLFKWLJ 6LH VFKO|VVHQ VLFK MHGHQIDOOV ]X +XQGHUWHQ XQG 7DXVHQGHQ DXI GHQ 6FKROOHQ ]X *HLVWHVEO|FNHQ ]XVDPPHQ8QVVWRFNWHGHU$WHPDOVVLHVLFKDXIHLQPDOPLWVDPWLKUHQ6FKROOHQLQ GLH /IWH HUKREHQ XQG GDQQ DOOPlKOLFK HQWPDWHULDOLVLHUWHQ ,FK PXWH LQ GLHVHP $XJHQEOLFN GDUDQ GHQNHQ GD VLFK XQWHU GHQ ,QVHNWHQZHVHQ DXFK HLQ 0HQVFK EHIDQGXQGGDHLQZHLWHUHU0HQVFKEHLXQVDQ%RUGZDUGHUHLJHQWOLFKDXIHLQH 6FKROOH JHK|UWH 8QG HU KDWWH HLQH JHK|ULJH 3RUWLRQ 0XW EHZLHVHQ GD HU GHQ .DQRVVDJDQJ]XUFNLQVHLQH+HLPDWDQWUDWDQVWDWWGHQOHLFKWHUHQ:HJLQV3DUDGLHV ]XZlKOHQ 'DPDOV GDFKWH LFK QRFK YROO *UROO DQ 2WWR GHQ 2WWRPDQHQ GHU ]ZDU YRQ HLQHP 5HFKW *HEUDXFK PDFKWH GDV LKP PRUDOLVFK ]XVWDQG ZRGXUFK HU VLFK DEHU NHLQ JXWHV&KDUDNWHU]HXJQLVDXVVWHOOWH 'RFKPXWHLFKPHLQ8UWHLOGDVLFKYRUVFKQHOOJHIlOOWKDWWHZLHGHU]XUFNQHKPHQ DOVZLUDXIGHU)DUPYRQ.3ODQHWDQNDPHQXQGDXIGHP+RIGHQWURSIHQI|UPLJHQ 6WHLQYRUIDQGHQGHQ%LOO\WKH.LGQXQVFKRQVHLW7DJHQYHUJHEOLFKEHVFKZDW]W 'DV ZDU GHU $EVFKOX GHV /DPDURQH8QWHUQHKPHQV HLQHV $EHQWHXHUV GDV LFK QLFKWVRVFKQHOOYHUJHVVHQZHUGH ³6LH VLQG NHLQ VFKOHFKWHU (U]lKOHU *HUU\ (GHOPDQQ *HUU\ VDJWH 5RL 'DQWRQ OREHQG³8QG6LHKDEHQHVYHUVWDQGHQ:DOW\.ODFNWRQV9HUGLHQVWHLQVUHFKWH/LFKW ]XUFNHQ'RFKEHLDOOHU)UHXQGVFKDIWLFKPXPLFKDQGLH5HDOLWlWKDOWHQ8QG GLH VLHKW IU XQV )UHLKlQGOHU QLFKW URVLJ DXV /DPDURQH ZDU IU XQV HLQ 0LOOLDUGHQYHUOXVWVHLQH%RGHQVFKlW]HOLHJHQYRUXQVHUHU1DVHDEHUVLHVLQGIUXQV XQHUUHLFKEDU ³7XW PLU OHLG 5RL VDJWH :DOW\ ³,FK WDXJH HEHQ QLFKW DOV )UHLKlQGOHU ,FK ]LHKH PHLQHQ$QWUDJ]XUFNXQG ³'DYRQNDQQNHLQH5HGHVHLQXQWHUEUDFKLKQ5RL'DQWRQ ³$EHU LFK KDEH GLH 3UIXQJ QLFKW EHVWDQGHQ JDE :DOW\ ]X EHGHQNHQ ³,FK KDEH GLFK DXI GHU JDQ]HQ /LQLH HQWWlXVFKW XQG GHLQHQ 1DPHQ LQ 9HUUXI JHEUDFKW 'X VHOEVWVDJWHVWGDGDV8UWHLOGHU%HLUlWHYRQ2O\PSQLHGHUVFKPHWWHUQGDXVJHIDOOHQ LVW,FKVHKHVHOEVWHLQGDLFKNHLQH)UHLIDKUHUPHQWDOLWlWKDEH

³8QGZDVLVWPLWGHU:LUWVFKDIWVKLOIHIUGHLQH.ODFNWRQHU"KLHOWLKP5RL'DQWRQ YRU ³:ROOWHVW GX LKQHQ QLFKW KHOIHQ HLQH =LYLOLVDWLRQ DXI]XEDXHQ XQG LKQHQ GHQ )RUWVFKULWW EULQJHQ" 'DV JHKW QXU EHU HLQH VWDUNH LQWHUJDODNWLVFKH RULHQWLHUWH :LUWVFKDIW 2GHU ZLOOVW GX GHLQH 6FKW]OLQJH KLOIORV GHQ XQVHUL|VHQ 3UDNWLNHQ PDQFKHU)UHLKlQGOHUIUVWHQEHUODVVHQ" ³'DVQLFKWDEHU ³*DQ] DEJHVHKHQ GDYRQ :DOW\ NDQQVW GX PLFK QLFKW LP 6WLFK ODVVHQ IXKU 5RL 'DQWRQ XQEHLUUEDU IRUW ³1LFKW MHW]W ZR LFK GLFK WURW] DOOHU :LGHUVWlQGH EHL GHQ %HLUlWHQ GXUFKJHER[W KDEH 'X ELVW DOV )UVW 7KRU 3HGR EHVWlWLJW 8QG GX ELVW UHKDELOLWLHUW,FKZDUQlPOLFKDXI/DPDURQH8QGVRXQZDKUVFKHLQOLFKHVNOLQJHQ PDJLFKKDEHGDV$V\OUHFKWGHU*UHQ]HUJHQRVVHQ,FKIDQG=XJDQJLQV0XVHXP XQGKDEHGLH%RWVFKDIWJHK|UW6LHKDEHQQLFKWEHUWULHEHQ*HUU\DOV6LH:DOW\DOV ZDKUHQ+HOGHQEH]HLFKQHWHQ,FKNDQQGDVQXUYROOEHVWlWLJHQXQGLFKZQVFKWH HVJlEHPHKU.ODFNWRQV*HVFKlIWLVW*HVFKlIW ³ DEHU 1HNWDU LVW 1HNWDU ULHI 0DOLN GD]ZLVFKHQ XQG VWHOOWH HLQ 7DEOHWW PLW YROOHQ.UJHQXQGJURHQ%HFKHUQDXIGHQ7LVFK ³1HLQ QHLQ QLFKW IU PLFK ULHI 5RL 'DQWRQ ODFKHQG ³,FK KDEH QRFK YRP OHW]WHQPDOJHQXJ ³6LH ZROOHQ ZRKO QLFKW ZLHGHU DXV GHU 6FKXOH SODXGHUQ UDXQWH LFK GHP )UHLIDKUHUN|QLJ]X ³:LHVR"HUNXQGLJWHHUVLFK³+DEHLFK8QVLQQJHUHGHW" ³,FK ZHL QLFKW RE HV 8QVLQQ ZDU HUZLGHUWH LFK ³-HGHQIDOOV KDEHQ 6LH VLFK DOV 0LFKDHO5HJLQDOG5KRGDQEH]HLFKQHWXQGLFKIUDJHPLFKGLHJDQ]H=HLWREGDUDQ ZDV:DKUHVLVW ³(VVWLPPWIOVWHUWHHUPLULQV2KU³$EHUVDJHQ6LHHVELWWHQLFKWZHLWHU*HUU\ ,FK EHWUDFKWHWH LKQ IRUVFKHQG XQG YHUVXFKWH GHQ VSLW]EELVFKHQ $XVGUXFN VHLQHV *HVLFKWV]XGHXWHQDEHULFKZXUGHQLFKWNOXJGDUDXV 9RQGUDXHQHUNODQJHLQPDUNHUVFKWWHUQGHV³

$EHQWHXHUDKRL (1'(

Kosmischer Grenzfall

Kosmischer Grenzfall

Kosmischer Alptraum

Kosmischer Alptraum

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Abgrund

Kosmischer Abgrund

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Schachzug

Kosmischer Alptraum

Kosmischer Alptraum

Kosmischer Abgrund (gelesen)

Kosmischer Abgrund (gelesen)

Bollinger und die Barbaren: Ein neuer Grenzfall

Bollinger und die Barbaren: Ein neuer Grenzfall

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