Jeder kennt Pratton

'DVQHXH$EHQWHXHU *HUKDUG$FKWHUEHUJ-HGHUNHQQW3UDWWRQ 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH $O...

Author: Achterberg Gerhard

28 downloads 448 Views 389KB 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

'DVQHXH$EHQWHXHU

*HUKDUG$FKWHUEHUJ-HGHUNHQQW3UDWWRQ 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH

$OOH5HFKWHYRUEHKDOWHQ/L]HQ]1U 8PVFKODJ]HLFKQXQJ)ULW]$KOHUV3ULHURV0DUN *HVWDOWXQJXQG7\SRJUDSKLH.ROOHNWLY1HXHV/HEHQ 'UXFN.DUO0DU[:HUN3|QHFN9

0GH XQG DEJHVSDQQW IXKU .HQGDOO GHQ :DJHQ LQ GLH *DUDJH(VZDUHLQKHLHU6RPPHUWDJ'UFNHQGH*HZLW WHUVFKZOH ODVWHWH MHW]W DP $EHQG EHU &KLNDJR .HQGDOO VFKOR GLH *DUDJH DE EHUTXHUWH GHQ GVWHUHQ +RI XQG ZDU]X+DXVH(UIKOWHVLFKVHKUPGH.HLQ:XQGHUPLW IQI]LJ-DKUHQ]lKOWPDQQLFKWPHKU]XGHQ-QJVWHQ8QG HV LVW NHLQH .OHLQLJNHLW HLQHQ KHLHQ +XQGVWDJ ODQJ LQ GHP EUDXVHQGHQ 9HUNHKU LQPLWWHQ GHV &KLNDJRHU 6WHLQ EDXNDVWHQVDP/HQNUDG]XVLW]HQ (LQ %ULHI ODJ LP .DVWHQ .HQGDOO ZDUI LKQ DFKWORV DXI GHQ7LVFKXQGJLQJLQGLH.FKHÄ'HUHZLJH6FKUHLENUDP PLW GHU *HZHUNVFKDIW³ EUXPPWH HU Ä'LH HKUHQDPWOLFKHQ 3RVWHQVLQGGLHYHUDQWZRUWXQJVYROOVWHQ³ 'HQQRFK ZDU HU LP *UXQGH VWRO] DXI GDV 9HUWUDXHQ VHL QHU.ROOHJHQGLHLKQ]XP*HZHUNVFKDIWVXQG.DVVHQEH YROOPlFKWLJWHQ LKUHV 6WDGWEH]LUNHV JHZlKOW KDWWHQ 1DWU OLFK HQWVFKHLGHQGH 8PZlO]XQJHQ KDWWH HU PLW VHLQHP GDXHUQGHQ .OHLQNULHJ JHJHQ GLH /RKQGUFNHUHL GHU 9HU NHKUVJHVHOOVFKDIWHQ QLFKW KHUEHLIKUHQ N|QQHQ $EHU HV ZDU GRFK MHGHVPDO HLQ QHXHU 7ULXPSK ZHQQ EHL GLHVHP RGHU MHQHP 8QWHUQHKPHUEHWULHE HLQH ZHLWHUH +HUDEVHW ]XQJ GHU /|KQH YHUKLQGHUW ZHUGHQ NRQQWH .HQGDOO HULQ QHUWHVLFKPDQFKGDQNEDUHQ%OLFNVVHLQHU%HUXIVNROOHJHQ 'DUXP KDWWHQ VLH LKQ LPPHU ZLHGHU JHZlKOW XQG VFKRQ MDKUHODQJ YHUZDOWHWH HU JHZLVVHQKDIW GLH *HOGHU GHU *H ZHUNVFKDIWVNDVVH .HQGDOO ZXVFK VLFK XQG YHU]HKUWH VHLQ EHVFKHLGHQHV $EHQGEURW 'DQDFK EOLHE HU QRFK HLQH :HLOH DXI GHP +RFNHULQGHU.FKHVLW]HQ'LHVZDUVREOLFKEHLLKP² ZDU JHZ|KQOLFK VHLQH )HLHUDEHQGVWXQGH 'D NRQQWH PDQ VRJXWEHU DOOHVQDFKGHQNHQ8QJODXEOLFKZDV HLQHPGD DOOHVGXUFKGHQ.RSIJLQJ«

.HQGDOOOlFKHOWHZHKPWLJYRUVLFKKLQ (U VWDPPWH DXV ,UODQG 9RU ]ZDQ]LJ -DKUHQ ZDU HU PLW KLPPHOZlUWV VWUPHQGHQ 3OlQHQ LQ GLH 6WDDWHQ JHNRP PHQ'DPDOVZDUHUQRFKHLQJHVSRQQHQJHZHVHQYRQGHQ DEHQWHXHUOLFKURPDQWLVFKYHUORJHQHQ (UIROJVJHVFKLFKWHQ GLH HLQHP HU]lKOWHQ GD PDQ LQ $PHULND VHKU OHLFKW XQG VFKQHOOYRP7HOOHUZlVFKHU]XP'ROODUPLOOLRQlUDXIVWHLJHQ N|QQH'LH:LUNOLFKNHLWVDKMHGRFKDQGHUVDXV« .HQGDOO]XP%HLVSLHOZDUIURKGDHUQDFKYLHOHP$XI XQG $E HQGOLFK DOV 6FKRII|U EHL GHU *HZHUNVFKDIW EOHL EHQGH$UEHLWJHIXQGHQKDWWH 'DV ZDU GLH %LODQ] VHLQHV ]ZDQ]LJMlKULJHQ 6FKDIIHQV 8QGGDVDXFKQXUPLW+LOIHVHLQHU.ROOHJHQGLHLKQLQGLH *HZHUNVFKDIW GHV LQWHUQDWLRQDOHQ 9HUEDQGHV GHU 7UDGH 8QLRQ8QLW\/HDJXH>788/ ,QWHUQDWLRQDOHU$UEHL WHU*HZHUNVFKDIWVYHUEDQG LQ GHQ 86$ GHU GHP :HOWJH ZHUNVFKDIWVEXQGDQJHVFKORVVHQLVW@JHZlKOWKDWWHQ *XW0LWDOOGHPZROOWH.HQGDOO]XIULHGHQVHLQ 6FKOLPP ZDU QXU GD GDV 6FKLFNVDO LKQ PLW VHLQHU 7RFKWHU 0DEHO VFKZHU SUIWH 0DEHO VHLQHP HLQ]LJHQ .LQG GDV LKP QDFK GHP 7RGH VHLQHU )UDX VR YLHO EHGHX WHWH0DEHOEHUHLWHWHLKP.XPPHUXQG6RUJH (LQHGXPPH*HVFKLFKWHPLWGHP0lGHO .HQGDOO ZROOWH GLH XQHUIUHXOLFKHQ *HGDQNHQ GDUEHU YHUWUHLEHQ ,KP ILHO HLQ GD HU HLQHQ %ULHI EHNRPPHQ KDWWH(UJLQJLQGLH6WXEHXQGODVGDV6FKUHLEHQ

$OV .DVVHQEHDXIWUDJWHU IU GLH *HZHUNVFKDIW GHU 7D[L VFKRII|UHKDEHQ6LHELVPRUJHQDEHQG²LQ:RUWHQ GUHLWDXVHQG²'ROODUEHUHLW]XKDOWHQ6LHZHUGHQGDV*HOG GHQ ,QVDVVHQ GHV XP 8KU YRU ,KUHP +DXVH KDOWHQGHQ $XWRV DXVKlQGLJHQ :HLJHUXQJ RGHU 9HUVWlQGLJXQJ GHU

3ROL]HLLVW]ZHFNORV

35$7721

'DV 6FKUHLEHQ ZDU PLW GHU 0DVFKLQH JHWLSSW 1XU GLH 8QWHUVFKULIWZDUPLW7LQWHJHVFKULHEHQ'RFKGLHVHU1DPH JHQJWH .HQGDOO HLQHQ 6FKUHFNHQ HLQ]XMDJHQ 6HLQH +DQGGLHGHQ %ULHIKLHOW]LWWHUWHPHUNOLFKÄ'LH6FKXIWH GLHVH6FKXIWH³VWLHHULQXQWHUGUFNWHU (UUHJXQJ KHUYRU 6HLQ *DXPHQ ZDU WURFNHQ GLH =XQJH NOHEWH LP 0XQG )DKULJHQ 6FKULWWHV HLOWH HU LQ GLH .FKH XQG WUDQN KDVWLJ HLQ *ODV :DVVHU 'DQQ ODV HU GDV 6FKUHLEHQ DEHUPDOV VWDUUWHDXIGLH8QWHUVFKULIW 35$7721 6WQGH GLHVHU 1DPH QLFKW GD KlWWH PDQ GDV 6FKUHLEHQ HLQIDFK YHUQLFKWHQ N|QQHQ 'RFK Ä3UDWWRQ³ ZDU NHLQ EORHU 1DPH 3UDWWRQ ZDU HLQ %HJULII GHU 7HUURU $QJVW XQG6FKUHFNHQDXVO|VWH ,P XPIDQJUHLFKHQ %XFK GHU DPHULNDQLVFKHQ .ULPLQDO JHVFKLFKWH VWDQG 3UDWWRQ DXI HLQHP EHVRQGHUHQ %ODWW (U JDOWVHLWHLQHP-DKUDOVGHUJHIlKUOLFKVWH%DQGHQIKUHU-D QDFK DOOHP ZDV ELVKHU EHU VHLQH 8QWDWHQ EHNDQQW ZDU NRQQWHPDQDQGLHXQVHOLJHQ =HLWHQHLQHV$O&DSRQHXQG DQ DQGHUH EHUFKWLJWH %DQGHQKlXSWOLQJH HULQQHUW ZHUGHQ :HQQ PDQ VHLQH YHUEUHFKHULVFKH 7lWLJNHLW LQ HLQHP 'L VWULNWEHIUFKWHQPXWHIRUGHUWHQGLH|IIHQWOLFKHQ%DQNHQ XQG.DVVHQ3ROL]HLVFKXW]DQ ,QHLQLJHQ =HLWXQJHQ ZXUGH 3UDWWRQ VRJDU DOV Ä6WDDWVIHLQG 1U O³ DQJHSUDQJHUW 6HLQH /DXIEDKQ KDWWH LQ 1HZ %H]HLFK QXQJIUGLHLQGHQ86$LQGHQ]ZDQ]LJHU-DKUHQHUVWPD OLJDXIJHWUHWHQHQRUJDQLVLHUWHQ9HUEUHFKHUEDQGHQ@XPVLFK JHVFKDUW'LHVHW\SLVFKDPHULNDQLVFKHQ 9HUEUHFKHURUJDQL

VDWLRQHQ HUSUHVVHQ YRQ GHQ *HVFKlIWVOHXWHQ DOOHU :LUW VFKDIWV]ZHLJH7ULEXWH:HLJHUWVLFKGDV2SIHUVROHUQWHV GLH %UXWDOLWlW +LQWHUOLVW XQG 7FNH GHU XQHUELWWOLFKHQ %DQGHNHQQHQ(VILQGHWVLFKXQYHUVHKHQV]HUVFKODJHQXQG ]HUVFKXQGHQ PLW .QRFKHQEUFKHQ DXI GHP 6WUDHQSIOD VWHU ZLHGHU ZlKUHQG JOHLFK]HLWLJ GLH /DGHQHLQULFKWXQJ RGHU GDV *HVFKlIW GXUFK 5RZG\V GHPROLHUW ZLUG 'DV VFKDIIW5HVSHNWVFKFKWHUWDQGHUH:LGHUVSHQVWLJHHLQXQG PDFKW VLH ZHLFK XQG ]DKOXQJVZLOOLJ +DQGHOW HV VLFK XP HLQHQ VWDQGKDIWHQ 0DQQ VR ZLUG HU NXU]HUKDQG EHLVHLWH JHEUDFKW (LQH VROFKH 6FKUHFNHQVKHUUVFKDIW KDWWH VLFK 3UDWWRQ LQ 1HZ
Ä'LHVHU 6DWDQ MHW]W ZLOO HU QRFK GLH *HZHUNVFKDIWHQ DXVVDXJHQ³PXUPHOWHHUHUUHJWLP6HOEVWJHVSUlFKÄ6RJDU GLH NPPHUOLFKHQ %HLWUDJVJURVFKHQ GHU 6FKRII|UH VLQG LKP JXW JHQXJ :LH JHQDX GHU /XPS EHU XQVHU .RQWR JXWKDEHQ %HVFKHLG ZHL 8QG JHUDGH LQ GHU OHW]WHQ 9HU VDPPOXQJ ZXUGH QRFK EHVFKORVVHQ )UHGG\ %URZQ HLQH 8QWHUVWW]XQJ ]XNRPPHQ ]X ODVVHQ GDPLW HU VHLQHQ 8Q IDOO DXVKHLOHQ NDQQ XQG VHLQH )DPLOLH QLFKW ]X KXQJHUQ EUDXFKW ² $EHU GHU *DQJVWHUER KDW VLFK JHLUUW 1LFKW HLQHQ &HQW NULHJW GHU 6FKXIW ,FK PWH VRQVW HLQ +XQG VHLQGHUVHLQH3HLWVFKHWUlJW³ .HQGDOO GDFKWH QLFKW GDUDQ LKP DQYHUWUDXWH *HZHUN VFKDIWVJHOGHU DXV $QJVW XP VHLQ /HEHQ ]X YHUDXVJDEHQ 'LH )ROJHQ VHLQHV (QWVFKOXVVHV EHUGDFKWH HU QLFKW HLQ PDO 6ROOWH HU YLHOOHLFKW GLH 3ROL]HL YHUVWlQGLJHQ" :DV KDWWHGDVIU HLQHQ6LQQGDHUMHW]WGRFKVLFKHUYRQ3UDW WRQV .RPSOLFHQ DXI 6FKULWW XQG 7ULWW EHREDFKWHW ZXUGH 6ROOWHHUGLH*HZHUNVFKDIWVOHLWXQJXQWHUULFKWHQ" $XI HLQPDO XQWHUEUDFK .HQGDOO VHLQH :DQGHUXQJ 6HLQ %OLFN ILHO DXI GHQ :DQGNDOHQGHU (U WUDW QDKH KHUDQ )DVW ZHKPWLJ EOLFNWH HU DXI GHQ PLW 5RWVWLIW DQJHNUHX]WHQ PRUJLJHQ7DJ Ä0DEHO 0RUJHQ KDW VLH HV JHVFKDIIW³ IOVWHUQG EHZHJ WHQ VLFK VHLQH /LSSHQ *OHLFK GDUDXI ZDQGWH HU VLFK GHU 7U]XGHQQHUK|UWH6FKULWWHEHUGHQ+RINRPPHQ$OV HVNORSIWHVWDQGHUVFKRQDQGHU7U'LH0|JOLFKNHLWGD GLH (USUHVVHU LKP YLHOOHLFKW VFKRQ MHW]W HLQHQ %HVXFK DEVWDWWHQN|QQWHQVFKFKWHUWHLKQQLFKWHLQ,P*HJHQWHLO ² HU EUDQQWH DXI HLQH $XVHLQDQGHUVHW]XQJ PLW GLHVHP *HVLQGHO .HQGDOO UL GLH 7U DXI (LQH JURH EUHLWVFKXOWULJH *H VWDOW VWDQG DP (LQJDQJ XQG OHKQWH VLFK OlVVLJ JHJHQ GHQ

7UUDKPHQ 'HU 0DQQ KDWWH GLH UHFKWH +DQG LQ GHU +R VHQWDVFKHYHUJUDEHQ0LWGHQ/LSSHQVFKREHUHLQHQ=LJD UHWWHQVWXPPHO YRQ HLQHP 0XQGZLQNHO LQ GHQ DQGHUQ (U WUXJHLQHQYHUEHXOWHQ+XWGHULKPWLHILP1DFNHQVDXQG GHUMHGHQ$XJHQEOLFNQDFKKLQWHQKHUXQWHU]XIDOOHQGURKWH åQ$EHQGDOWH6HHOH³JUWHHU8QDXIJHIRUGHUWWUDWGHU 0DQQLQGHQ)OXUZlKUHQGHUXQEHNPPHUWZHLWHUVSUDFK Ä:ROOWH GLFK PDO EHVXFKHQ .HQGDOO /LHJW GRFK NHLQ *UXQGYRUGDPDQVLFKHQWIUHPGHW³ .HQGDOO ZDU DXI GDV =XVDPPHQWUHIIHQ PLW HLQHP 'UHL JURVFKHQURZG\ DXV 3UDWWRQV %DQGH JHIDW JHZHVHQ 1XQ VWDQG 0LFKDHO 0RUULV YRU LKP GLHVHU YHUKDWH %XUVFKH GHU VHLQH 7RFKWHU LQ XQVDXEHUH *HVFKlIWH YHUZLFNHOW XQG VLHLQV*HIlQJQLVJHEUDFKWKDWWH'LHVHQ %HVXFKKDWWHGHU $OWH DP ZHQLJVWHQ HUZDUWHW 6HLQ *HVLFKW QDKP HLQHQ EHGURKOLFKHQ$XVGUXFNDQ 0RUULV WUDW LQ GLH 6WXEH ZDUI VHLQHQ +XW DXI GHQ 7LVFK XQGIOHJHOWHVLFKDXIHLQHQ6WXKOGLH%HLQHZHLWDXVVWUHN NHQG0RUULVZDUQRFKMXQJNDXP0LWWH=ZDQ]LJ(UVDK HLJHQWOLFKQLFKWKlOLFKDXV$EHUGD ZDU HLQDEVWRHQGHU =XJXPVHLQHQ0XQGGHUDXIHLQHQNDOWEOWLJHQ=\QLVPXV VFKOLHHQ OLH 6HLQ EHWRQW NUDIWPHLHULVFKHV $XIWUHWHQ VWHPSHOWH LKQ ]X HLQHP VFKOHFKWHU]RJHQHQ USHOKDIWHQ MXQJHQ0DQQ 'HU$OWHVWDQGKRFKDXIJHULFKWHWYRULKPXQGVDKLKQPLW EOLW]HQGHQ $XJHQ DQ Ä'X EHVLW]W QRFK GLH )UHFKKHLW KLHUKHU]XNRPPHQ"³VWLHHUKHUYRU1XUPLW0KHNRQQWH HUVHLQHQ*UROOXQWHUGUFNHQ Ä/D GRFK HQGOLFK GHQ DOWHQ bUJHU³ ZROOWH 0RUULV LKQ EHVFKZLFKWLJHQ Ä*HUDGH KHXWå ZDU GRFK GLH OHW]WH *HOH JHQKHLW XQV ZLHGHU ]X YHUWUDJHQ ,FK ZHL KDEå YLHO DQ 0DEHO JXW]XPDFKHQ $EHU ZHQQ VLH PRUJHQ UDXVNRPPW

EHVRUJå LFKLKUHLQHQ-REEHLGHPVLHJXWYHUGLHQHQZLUG 6FKOLHOLFKZDUHQZLUMDVRKDOEZHJVYHUOREW³ (V VFKLHQ DOV KDEH .HQGDOO DXI HLQH VROFKH bXHUXQJ JHZDUWHW(UZDUPLW]ZHL6FKULWWHQEHL0RUULVSDFNWHLKQ PLW EHLGHQ +lQGHQ DQ GHQ 6FKXOWHUQ XQG GUFNWH LKQ JHJHQGLH=LPPHUZDQG Ä0RUULV³VFKULHHULKQDQÄ,FKELQDOW DEHU QRFK QLFKW DOW JHQXJ XP GLU QLFKW DOOH .QRFKHQ LP /HLE NDSXWW]X VFKODJHQ ZHQQ GX 0DEHO NQIWLJ QLFKW LQ )ULHGHQ ODVVHQ VROOWHVW6LHZHLQXQVHOEHUZDVIUHLQ6FKXIWGXELVW,KU VLQG GLH $XJHQ JH|IIQHW ZRUGHQ 8QG GDV LVW JXW VR 'X KlWWHVWVLHVRQVWQRFKGXUFKGHQEHOVWHQ'UHFNGHU6WUDH JHVFKOHLIW0DEHOKDWNHLQH /XVWZHJHQGHLQHU VFKPXW]L JHQ *HVFKlIWH ZRP|JOLFK QRFK HLQPDO LQV *HIlQJQLV ]X ZDQGHUQ'DVLVWYRUEHL*ODXEHMDQLFKWGDVLHQRFKHLQ GXPPHV0lGHOLVWZLHIUKHU³ .HQGDOOVFKWWHOWH0RUULVHLQSDDUPDO 'DQQOLHHULKQZXWVFKQDXEHQGORV JULII GHQ +XW YRP 7LVFK XQG ZDUI LKQ GHP %XUVFKHQ DQ GHQ .RSI %UXP PHQGXQGPXUUHQGJLQJGHUKLQDXVZLHHLQ5DXIEROGGHU HLQHXQHUZDUWHWH$EIXKUHUKDOWHQKDW Ä0DEHO ZLUG HV QRFK EHUHXHQ³ NQXUUWH HU KDOE GURKHQG DXIGHP)OXUÄ,QQlFKVWHU=HLWYHUGLHQHLFKPHKU*HOGDOV LKUMH]XVDPPHQJHEUDFKWKDEW³ Ä'HLQ *HOG GDV GX YHUGLHQVW VWLQNW³ ULHI .HQGDOO LKP KLQWHUKHU 0RUULV VFKOLFK EHU GHQ +RI DQ GHU *DUDJH YRUEHLDXIGLH6WUDH'RUWVSXFNWHHU DXVXQGVFKREVLFK HLQHQ.DXJXPPLLQGHQ0XQG Ä/D QXU GX DOWHU .QDFNHU :LUVW ZRKO VFKRQ JHPHUNW KDEHQ GD GX PLW GHLQHU EO|GHQ *HZHUNVFKDIW DXI GHU %HUDSSXQJVOLVWHVWHKVW³NQXUUWHHULP:HLWHUJHKHQ

(V ZDU HLQ GVWHUHU 9RUPLWWDJ DOV 0DEHO .HQGDOO DXV GHP )UDXHQJHIlQJQLV HQWODVVHQ ZXUGH 'HQ +LPPHO EH GHFNWHQ VFKZDU]H :RONHQ -HGHQ $XJHQEOLFN NRQQWH HLQH 5HJHQIOXW KHUHLQEUHFKHQ 'DV VFKZDU]HLVHUQH 7RU GHU 6WUDIDQVWDOW KDWWH VLFK NDXP KLQWHU GHU (QWODVVHQHQ JH VFKORVVHQ DOV DXFK VFKRQ GLH HUVWHQ VFKZHUHQ 7URSIHQ ILHOHQ 0DEHO VWDQG DOOHLQ DXI GHU /DQGVWUDH XQG VDK ]XP GXQNOHQ+LPPHO HPSRU .HLQ VFK|QHV %HJUXQJVZHWWHU GDFKWHVLH(VNDPLKULQGHQ6LQQZLHRIWVLHZlKUHQGGHU +DIW]HLW GLHVH 6WXQGH KHUEHLJHVHKQW XQG GDEHL LPPHU GLH 9RUVWHOOXQJJHKDEWKDWWHLKU(QWODVVXQJVWDJN|QQWHQXUHLQ KHUUOLFKHU6RPPHUVRQQHQWDJVHLQ 0DEHOZDUHLQMXQJHVXQGKEVFKHV0lGFKHQ6LHKDWWH HLQ VFKPDOHV IHLQHV *HVLFKW GDV ]LHUOLFK DEHU QLFKW SXS SHQKDIW ZLUNWH (V ZDU MHW]W HLQ ZHQLJ ]X EOD ]X VWUDII XQG DQJHVSDQQW 6LH ZDU JUR XQG VFKODQN PLW JHUDGHQ %HLQHQ XQG LKUH %HZHJXQJHQ OLHHQ HLQHQ VSRUWJHZDQG WHQ .|USHU YHUPXWHQ $XFK GLH QLHGOLFKH 6WXSVQDVH XQG GHUHWZDVZXVFKOLJH/RFNHQNRSISDWHQ]XLKU%HVRQGHUV UHL]YROOZDUHQLKUHJURHQEOLW]HQGHQ$XJHQ 3UDVVHOQGHU 5HJHQ VHW]WH HLQ 0DEHO KlWWH GDV 8QZHWWHU LP *HIlQJQLV DEZDUWHQ N|QQHQ $EHU QHLQ OLHEHU GXUFK ZHLFKHQ 1XU IUHL VHLQ ZHQQ DXFK QXU 0LQXWHQ IUKHU 5VWLJ VFKULWW VLH GHU 6WDGW ]X ZlKUHQG GHU 5HJHQ ZRO NHQEUXFKDUWLJQLHGHUUDXVFKWH 2EZRKO 0DEHO GLH 1lVVH DXI GHP .|USHU VSUWH GLH UHJHQWULHIHQGHQ +DDUH LKU LQ GLH 6WLUQ ILHOHQ XQG LKUH GXUFKZHLFKWHQ6FKXKHEHLMHGHP6FKULWWHLQHQTXLHWVFKHQ GHQ /DXW K|UHQ OLHHQ IKOWH VLH VLFK VHLW ODQJHU =HLW HQGOLFKZLHGHUJOFNOLFKXQGIURK 9DWHUZLUGPLUQLFKWVQDFKWUDJHQQHLQGDVZLUGHUQLFKW

$EHU ZR ILQGH LFK QHXH $UEHLW" EHUOHJWH VLH ,FK NDQQ 9DWHU QLFKW DOO]XODQJH DXI GHU 7DVFKH OLHJHQ JHUDGH MHW]W QLFKW ZR LFK DOOHV VHOEVW YHUVFKXOGHW KDEH $EHU HU ZLUG PLUQLFKWE|VHVHLQ(UZHLMDHVZDUQXU'XPPKHLWGD LFKPLFKPLW0RUULVHLQJHODVVHQKDEH ,P *HKHQ ULFKWHWH 0DEHO GDV *HVLFKW HPSRU XQG VHW]WH HVDEVLFKWOLFKGHP5HJHQDXV6LHHPSIDQGHVDOVJHUHFKW XQG ZRKOYHUGLHQW GD VLH KLHU YRP ULHVHOQGHQ 5HJHQ GXUFKQlWGLHSIW]LJH/DQGVWUDHHQWODQJSLOJHUQPXWH :LHZDUGDVEHUKDXSWDOOHVJHNRPPHQ" 9RUNQDSSHLQHP-DKUKDWWHVLH0LFKDHO0RUULVNHQQHQ JHOHUQW XQG LKQ GHP 9DWHU DOV HLQHQ ÄJRRG IULHQG³>JXWHQ )UHXQG@ YRUJHVWHOOW 6R ILQJ HV DQ XQG PLW JHPHLQVDPHQ .LQREHVXFKHQ XQG 7DQ]EHOXVWLJXQJHQ JLQJ HV ZHLWHU 9DWHUDOOHUGLQJVKDWWHYRQGHP8PJDQJPLW0RUULVDEJH UDWHQ (U PRFKWH LKQ YRQ $QIDQJ DQ QLFKW OHLGHQ ZHLO 0RUULV VLFK XP NHLQH RUGHQWOLFKH $UEHLW EHPKWH 'HU KDWWH LPPHU ÄHLQHQ -RE LQ SHWWR³ VSUDFK VWHWV YRQ *H VFKlIWXQG(UIROJXQGJDEVLFKEHUKDXSWZLHHLQJHULVVH QHU *HVFKlIWVPDQQ XQG JHZLHJWHU 5HFKQHU $XHUGHP KDWWH HU QXU HLQ /lFKHOQ IU GLH $UEHLW GHU VLFK HKUOLFK DEUDFNHUQGHQ 0HQVFKHQ EULJ 'DEHL EHVD HU LPPHU *HOG 'DV KDWWH LKU LPSRQLHUW GHQQ ]X +DXVH UHLFKWH HV JHUDGH ]XP /HEHQ 6LH PXWH PLWYHUGLHQHQ KDWWH HLQH %HVFKlIWLJXQJ DOV *DUGHUREHQPlGFKHQ LQ HLQHP /RNDO 'RUW KDWWH VLH EULJHQV 0RUULV NHQQHQJHOHUQW (U EUDFKWH LKU |IWHU NOHLQH 3DNHWH KDUPORVH 3lFNFKHQ XQG EH DXIWUDJWHVLHGLHVHDQEHVWLPPWH*lVWHGHV/RNDOVDXV]X KlQGLJHQ 0DQFKHV7ULQNJHOGYHUGLHQWHVLHVLFKGDEHLELVGLH3ROL ]HLGLHVHP5DXVFKJLIWKDQGHODXIGLH6SXUNDP0RUULVZDU DOV 0LWWHOVPDQQ EHL GLHVHU NUXPPHQ 6DFKH WlWLJ LQ GLH

QXQ DXFK 0DEHO YHUVWULFNW ZXUGH 'DV ZDU GDPDOV PLW LKUHU 9HUKDIWXQJ HLQH JURH $XIUHJXQJ IU VLH JHZHVHQ XQGHLQVFKZHUHU6FKODJIULKUHQ9DWHU%HLGHU9HUKDQG OXQJYRUGHP6FKQHOOJHULFKWVWULWW0RUULVDOOHVDEORJVLFK UDIILQLHUW XQG VNUXSHOORV KHUDXV 1XU ]ZHL %HVXFKHU GHV /RNDOV ZXUGHQ YHUXUWHLOW HEHQVR 0DEHO PLW VHFKV 0RQD WHQ *HIlQJQLV 'DV VHL QRFK GLH PLOGHVWH 6WUDIH LQ GLHVHU $QJHOHJHQKHLWZLHPDQLKUJHVDJWKDWWH«1XQZDUDOOHV GDV YRUEHL (LQ QHXHV /HEHQ PLW EHVVHUHQ 9RUVlW]HQ NRQQWHEHJLQQHQ 'DV :LHGHUVHKHQ XQG GLH %HJUXQJ PLW LKUHP 9DWHU YHUOLHIHQ VR ZLH 0DEHO HV VLFK LQ *HGDQNHQ YRUJHVWHOOW KDWWH=XHUVWVWDQGHQVLHVLFKVWXPPJHJHQEHU'DQQJLQJ VLH]XLKPKLQXQGOHJWHLKUHQ$UPDXIVHLQH6FKXOWHU'HU 9DWHU QLFNWH XQG EUXPPWH VDK VWUHQJ JQlGLJ YHUELWWHUW XQGDOOHVPLWHLQDQGHUDXVXQGKDWWHVHOEVWJHQXJ PLW VLFK ]X WXQ XP VHLQH GXUFK GDV :LHGHUVHKHQ DXIJHNRPPHQH UKUVHOLJH 6WLPPXQJ ]X YHUEHUJHQ 6HLQH EHWRQW SROWULJH $UW YHUVFKHXFKWH GDV ]XHUVW %HNOHPPHQGH XQG %HGUN NHQGHGHU6LWXDWLRQ Ä,FK KDEå GLU LPPHU JHVDJW GX VROOWHVW GHP /XPSHQ 0RUULV GHQ /DXISD JHEHQ 1D MD MHW]W ZLUGåV ZRKO UHL FKHQ +LPPHOKHUUJRWW ZLH VLHKVW GX EOD DXV :DU ZRKO GLH=HLWEHUVHKUVFKOLPPQLFKW"+DEWLKUZHQLJVWHQVJXW ]XHVVHQJHKDEW",VWMD4XDWVFK,P*HIlQJQLV²XQGJXW ]XHVVHQ1DVHW]GLFKHUVWPDO³ 6R UHGHWH .HQGDOO PLW VHLQHU ]XUFNJHNHKUWHQ 7RFKWHU (U ZROOWH VWUHQJ VHLQ NRQQWH HV MHGRFK QLFKW EHUV +HU] EULQJHQ 6LH VDHQ LQ GHU 6WXEH XQG KDWWHQ VLFK ]XU )HLHU GHV 7DJHV .XFKHQ JHJ|QQW .HQGDOO EHULFKWHWH EHU GDV $XIWDXFKHQYRQ0RUULVÄ:HQQGLHVHU6WUROFKQRFKHLQPDO GDV +DXV EHWULWW VFKODJH LFK LKP GLH .QRFKHQ HQW]ZHL³

SROWHUWHHU Ä$FK9DWHU$QGHQGHQNHLFKQLFKW³VDJWH0DEHOOHLVH EHVFKlPWÄ(VPDFKWPLUQXU6RUJHZRKHULFKQXQZLHGHU $UEHLWEHNRPPH³ Ä-DGDPLWLVWHV]XU=HLWVFKOHFKWEHVWHOOWDEHUIUVHUVWH NDQQVWGXPLUGHQ+DXVKDOWPDFKHQ³ 0DEHOUlXPWHVWLOOGDV*HVFKLUULQGLH.FKH )U.HQGDOOZDUKHXWHHLQ)HLHUWDJ(UKDWWHVLFKYRQGHU *HZHUNVFKDIW EHXUODXEHQ ODVVHQ REZRKO HLJHQWOLFK HLQH ZLFKWLJH6RQGHUIDKUWDXIGHP7HUPLQNDOHQGHUVWDQG'HQQ GDPXWHXQEHGLQJW.ODUKHLWLP/RKQEUREHLGHQ)OHLVFK ZHUNHQ JHVFKDIIHQ ZHUGHQ GDPLW GLH )HUQIDKUHU HQGOLFK LKUH1DFKWVWXQGHQEH]DKOWEHNlPHQ(VN|QQWHVRQVWVHLQ GDGLHVHKXQGVJHPHLQH/RKQGUFNHUHLDXIDQGHUH%HWULH EH EHUJUHLIHQ ZUGH (V ZDU VRZLHVR IU DOOH 6FKRII|UH VFKRQVFKZHU JHQXJVLFKWURW]$UEHLWXQG9HUGLHQVW EHU :DVVHU ]X KDOWHQ 'LH *HZHUNVFKDIW KDOI ZR VLH NRQQWH .HQGDOO VHOEVW VRUJWH IU GLH JHUHFKWH 9HUWHLOXQJ YRQ ORKQHQGHQ 6RQGHUIDKUWHQ (U ZXUGH GHVZHJHQ DXFK YRQ GHU DQGHUHQ 7UDQVSRUWJHZHUNVFKDIW GLH GHP NDWKROLVFKHQ %ORFNVHLQHV%H]LUNHVDQJHK|UWHRIWPDOVDQJHIHLQGHWXQG VHLQH JHPHLQQW]LJH +DQGOXQJVZHLVH DOV ÄNRPPXQLVW LVFK³EH]HLFKQHW .HQGDOO VD DOOHLQ LQ GHU 6WXEH (U UDXFKWH VHLQH 3IHLIH XQG ODV GDV (USUHVVXQJVVFKUHLEHQ 3UDWWRQV ]XP ZLHGHU KROWHQ0DOH'UHLWDXVHQG'ROODU*HZHUNVFKDIWVJHOGHUDOVR ZROOWH PDQ DXV LKP KHUDXVVFKLQGHQ .HQGDOO KDWWH NHLQH *HJHQPDQDKPHQ JHWURIIHQ ZHGHU GLH 3ROL]HL QRFK GLH *HZHUNVFKDIWVOHLWXQJYHUVWlQGLJW:DVVROOWHHUGLH.ROOH JHQ GD KLQHLQ]LHKHQ 8QG GLH 3ROL]HL" 'DV ZDU MD GRFK ]ZHFNORV +HXWH NRQQWH VLH LKQ YLHOOHLFKW EHVFKW]HQ $EHUPRUJHQVFKRQZUGH3UDWWRQYRQ5DFKVXFKWJHWULH

EHQ HUVW UHFKW VHLQ EUXWDOHV *DQJVWHUJHVLQGHO DXI LKQ KHW]HQ 3UDWWRQV $UEHLWVZHLVH ZDU DOO]X EHNDQQW XQG JHIUFKWHW -HGHQ 'ROODU NUDPSIWH HU ]XVDPPHQ XP GLH 0DFKW VHLQHU 8QWHUZHOW DXI]XEDXHQ XQG *HOGPLWWHO IU JU|HUH -REV LQ GLH +DQG ]X EHNRPPHQ 'DV DOOHV ZXWH .HQGDOO ODV HU WlJOLFK LQ GHQ =HLWXQJHQ 8QG HU ZXWH DXFKGD3UDWWRQV0LWWHOVPlQQHUKHXWHNHLQHGUHLWDXVHQG 'ROODUYRQLKPEHNRPPHQZUGHQ'DVNRQQWHHUQLHPDOV XQGXQWHUNHLQHQ8PVWlQGHQYHUDQWZRUWHQGDV ZlUH HLQH 9HUVQGLJXQJ DQ $UEHLWHUJURVFKHQ (U NDQQWH DOOH 6FKRI I|UHVHLQHV %H]LUNHVXQG ZXWH ZLH VFKZHU HV GLHVHQ RIW ILHOGLH%HLWUlJHEHLGHPNlUJOLFKHQ9HUGLHQVW]XHQWULFK WHQ 8QG HU NDQQWH DXFK GLH VWRO]H %HIULHGLJXQJ ZHQQ GLHVHP RGHU MHQHP LQ =HLWHQ GHU 1RW GHV 8QJOFNV RGHU GHU$UEHLWVORVLJNHLWYRQGHU*HZHUNVFKDIWHLQH8QWHUVWW ]XQJJHZlKUWZXUGH1HLQ²XQGDEHUPDOVQHLQ'UHLWDX VHQG 'ROODU OLHHQ VLFK JHUHFKWHU YHUWHLOHQ DOV VLH GHP $EVFKDXP GHU 0HQVFKKHLW DXV )HLJKHLW LQ GLH +DQG ]X GUFNHQ'DVZDUXQGEOLHE.HQGDOOV6WDQGSXQNW 6HLQH7RFKWHUZHLKWHHUQLFKWHLQ:DUXPVROOWHHU0DEHO EHXQUXKLJHQ"6LHNRQQWHLKPGRFKQLFKWKHOIHQ« /DQJVDPEUDFKGLH'lPPHUXQJKHUHLQ(LQ:DJHQIXKU LQGHQ+RI'HU6FKRII|UGHUKHXWHGHQ]ZHLWHQ*HZHUN VFKDIWVZDJHQ JHIDKUHQ KDWWH NDP LQV +DXV XQG OLH YRP $OWHQ VHLQ )DKUWHQEXFK PLW HLQHP 3UIXQJVYHUPHUN YHU VHKHQ Ä+DEå GHQ:DJHQLQGLH*DUDJH JHIDKUHQVLHPXDEHU QRFKDEJHVFKORVVHQZHUGHQ³VDJWHGHU6FKRII|U Ä6FKRQ JXW GDV PDFKH LFK VHOEVW³ DQWZRUWHWH .HQGDOO NXU](UZDUKHXWHQLFKW]XP5HGHQDXIJHOHJW $OV VLFK GHU 6FKRII|U YHUDEVFKLHGHW KDWWH VDK .HQGDOO DXI GLH 8KU (V IHKOWH QRFK HLQH KDOEH 6WXQGH ELV ]XU

DQJHVHW]WHQ=HLW:LHODQJVDPGLH0LQXWHQGDKLQNURFKHQ 0DEHOKDQWLHUWHLQGHU.FKHXQGNODSSHUWHPLW*HVFKLUU Ä'X NDQQVW VFKODIHQ JHKHQ LFK PX QRFK DXIEOHLEHQ³ VDJWH.HQGDOO]XURIIHQVWHKHQGHQ.FKHQWUKLQ 0DEHOJLQJDXILKU=LPPHU 'HU$OWHVFKDOWHWHGDV/LFKWDXV(UWUDWDQV)HQVWHUXQG VSlKWHEHUGHQGXQNOHQ+RI]XUHUOHXFKWHWHQ(LQIDKUWKLQ 8QEHZHJOLFK VWDQG HU GD XQG VWDUUWH KLQDXV ,QVJHKHLP JHZDKUWHHUZLH8QUXKHXQG(UUHJXQJLKQEHILHOHQ(EHQ VR ODQJVDP ZLH GLH =HLW YHUVWULFK EHVFKOLFK LKQ HLQH $UW )LHEULJNHLW XQG 1HUYRVLWlW 'LH 'XQNHOKHLW XQG 6WLOOH GHU 1DFKW YHUVXFKWHQ GHQ $OWHQ LQ VHLQHP (QWVFKOX HLQ]X VFKFKWHUQ LKQ ZDQNHQG XQG IXUFKWVDP ]X PDFKHQ ,Q DOOHQ EHNDQQWHQ )lOOHQ ZDU HV IU GLH %HWUHIIHQGHQ QLFKW JXW DXVJHJDQJHQ ZHQQ VLH VLFK GHP 3UDWWRQWHUURU ZLGHU VHW]W KDWWHQ (V ZXUGH DXFK JHPXQNHOW GD VFKRQ DQGHUH 9HUElQGHXQG*HZHUNVFKDIWHQGHU6WDGWGLHVHU0RUGEUHQ QHUEDQGHWULEXWSIOLFKWLJVHLQVROOWHQ'RFK.HQGDOOSRFKWH DXI VHLQH (KUH EOLHE KDUW XQG HQWVFKORVVHQ 1XU GLHVHP *HVLQGHOJHJHQEHUQLFKWIHLJHVHLQXQGVFKODSSPDFKHQ 'LH=LPPHUXKUVFKOXJHOIPDO.HQGDOOHUZDFKWHDXVVHL QHU 6WDUUKHLW 9RQ ZHLW KHU VFKDOOWH GDV 0RWRUHQJHUlXVFK HLQHV $XWRV $Q GHU HUOHXFKWHWHQ (LQIDKUW VDK .HQGDOO HLQHQ JHVFKORVVHQHQ :DJHQ YRUIDKUHQ XQG KDOWHQ (U WDSSWHLP'XQNHOQDXVGHP+DXVXQGVFKULWWGUDXHQDE VLFKWOLFK ODXW DXIWUHWHQG EHU GHQ +RI ]XU (LQIDKUW (LQ SDDU 6FKDWWHQ EHZHJWHQ VLFK LP ,QQHUQ GHV :DJHQV $OV .HQGDOO LQ GHQ /LFKWNUHLV WUDW ZXUGH HLQ )HQVWHU GHV $XWRVKHUXQWHUJHODVVHQ Ä.RPP QlKHU .HQGDOO³ HUW|QWH HLQH UDXKH %HIHKOV VWLPPHÄ+DVWGXGDV*HOGPLWJHEUDFKW"³ Ä(VORKQWQLFKWQlKHU]XNRPPHQ%R\V³ULHIGHU$OWH

Ä,KUNULHJWYRQPLUNHLQHQ&HQW%HVWHOOWGDVHXUHP%R³ 3DXVH XQG 6FKZHLJHQ 'LH 6WLOOH ZXUGH QXU YRQ GHP OHLVH VXPPHQGHQ *HUlXVFK GHV OHHU ODXIHQGHQ 0RWRUV XQWHUEURFKHQ'DQQYHUQDKP.HQGDOOHLQHQXQWHUGUFNWHQ )OXFK (LQH +DQG PLW HLQHP 5HYROYHU IXKU GXUFK GDV :DJHQIHQVWHU Ä6FKLHW GRFK LKU IHLJHQ +XQGH VFKLHW GRFK (LQHQ ZHKUORVHQ0DQQ DE]XNQDOOHQ LVW NHLQH +HOGHQWDW³ ULHI HU ODXWXQGNUHLVFKHQG6HLQH6WLPPHEHUVFKOXJVLFK 'RFK HV ILHO NHLQ 6FKX 'DIU UXFNWH GHU :DJHQ DQ IXKU LP 5FNZlUWVJDQJ HLQH .XUYH ]XU +RIHLQIDKUW XQG EUHPVWH IU HLQHQ $XJHQEOLFN DQ GHU RIIHQVWHKHQGHQ *D UDJHQWU *OHLFK]HLWLJ ZXUGH DXV GHP :DJHQLQQHUQ HLQ *HJHQVWDQG LQ GLH *DUDJH JHVFKOHXGHUW 6SOLWWHUQGHV *ODV NOLUUWH'HU:DJHQVHW]WHVLFKVRIRUWZLHGHULQ%HZHJXQJ IXKU GLFKW DQ .HQGDOO YRUEHL OHQNWH DXI GLH 6WUDH XQG UDVWHPLWKRKHU*HVFKZLQGLJNHLWGDYRQ $XV GHP *DUDJHQLQQHUQ HUW|QWH SO|W]OLFK HLQ RKUHQEH Wl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

WHQ *HZHUNVFKDIWVDXWRV 6HLQH *HVLFKWVIDUEH ZXUGH DE ZHFKVHOQGZHL XQG JHOE 9RU ODXWHU :XW XQG $XIUHJXQJ VDKHUQDKH]XEHlQJVWLJHQGDXV Ä$XVJHUHFKQHW GHU QHXHVWH GHU EHVWH :DJHQ HUVW YRU HLQHP 0RQDW YRQ GHU *HZHUNVFKDIW DQJHVFKDIIW³ VWDP PHOWHHUYRUVLFKKLQ 0DEHOGXUFKGLH'HWRQDWLRQDXVGHP6FKODIJHVFKUHFNW VWU]WH QXU QRWGUIWLJ EHNOHLGHW DXV GHP +DXV )DV VXQJVORV VWDQG VLH QHEHQ LKUHP 9DWHU 6LH NRQQWH YRQ DOO GHP *HVFKHKHQHQ QLFKWV EHJUHLIHQ ,KQ ]X IUDJHQ ZDJWH VLHQLFKW .HQGDOONURFKMHW]WLQGHU*DUDJHXPKHUXPVFKOLFKGHQ 7UPPHUKDXIHQ GHV ]HUIHW]WHQ $XWRV 6FKOLHOLFK NDP HU ZLHGHUKHUDXVXQGZROOWHGLHQHXJLHULJHQ*DIIHUYRP+RI MDJHQ 0DEHO K|UWH HLQLJH :RUWEURFNHQ DXV GHU 0HQJH Ä6SUHQJN|USHULQV$XWRJHVFKOHXGHUW²3UDWWRQV%DQGH ²(USUHVVXQJ³'DV DOOHVYHUZLUUWH XQG lQJVWLJWH VLH QXU QRFKPHKU (LQ3ROL]LVWWDXFKWHDXI(VZDUQLFKWOHLFKWIULKQGHQ 7DWEHVWDQG ]X HUPLWWHOQ 'LH XQEHWHLOLJWHQ *DIIHU WDWHQ ZLFKWLJHU DOV .HQGDOO 8QG GHU JDE GHP 3ROL]LVWHQ HLQH JUREH$EIXKUÄ:DVKLHUORVLVW+DKDKD1LFKWV%HVRQGH UHV 3UDWWRQV %DQGH KDW HLQH %RPEH LQ XQVHU $XWR JH VFKPLVVHQ GHU 5HVW YRP :DJHQ OLHJW YHUVWUHXW LP +RI .HLQ *UXQG ]XU $XIUHJXQJ ² NRPPW DOOH 7DJH YRU 'LH 3ROL]HL QRWLHUW GHQ )DOO XQG ZlO]W GLFNH $NWHQ $OOH 9HU EUHFKHQ ZHUGHQ JHZLVVHQKDIW LQ 6WDWLVWLNHQ HUIDW ² QXU GLH *DQJVWHU QLFKW (V LVW HLQH 6FKDQGH -D HLQH 6FKDQ GH³ULHIGHU$OWH6HLQ=RUQEHUGLH2KQPlFKWLJNHLWGHU 3ROL]HLJHJHQGLH3UDWWRQJDQVWHUPDFKWHLKQXQEHKHUUVFKW Ä1XU LPPHU UXKLJ ZLU KDEHQ DXFK XQVHUHQ bUJHU³

OHQNWHGHU3ROL]LVWEHUXKLJHQGHLQXQG]RJVHLQ'LHQVWEXFK KHUYRU Ä:LU N|QQHQ QLFKW ZLVVHQ GD 6LH EHGURKW ZHU GHQ ZHQQ 6LH XQV NHLQH $Q]HLJH HUVWDWWHQ 'DV PVVHQ 6LHGRFKHLQVHKHQ0DQQ³ Ä1HQQHQ 6LH PLU HLQHQ )DOO LQ GHP 6LH MHPDQG YRU 3UDWWRQV +DOXQNHQ VFKW]WHQ³ GRQQHUWH .HQGDOO ZLHGHU ORV (U QDKP NHLQ %ODWW YRU GHQ 0XQG LQ VHLQHQ 6FKPl KXQJHQJHJHQGLH3ROL]HLGHQ6WDDWXQGEHUGLH=XVWlQGH LPDOOJHPHLQHQ0DEHOEHUXKLJWHLKUHQ9DWHUVRJXWVLHHV YHUPRFKWH(QGOLFK JDEGHU $OWH GHP 3ROL]LVWHQ GRFK HLQ SDDU+LQZHLVHPDFKWHHLQLJH$QJDEHQ'DQQJLQJHUZLH JOHLFKJOWLJXQGXQEHWHLOLJWLQV+DXV]XUFN 0DEHOEOLHEELV]XOHW]WDXIGHP+RI$OVDXFKGHU3ROL ]LVW VLFK HQWIHUQW KDWWH VFKOR VLH GDV *DUDJHQWRU 6LH ZROOWH LQV +DXV HLOHQ ]XFNWH MHGRFK SO|W]OLFK ]XVDPPHQ XQG EOLHE ZLH HUVWDUUW VWHKHQ DOV VLFK HLQH VFKDWWHQKDIWH *HVWDOWYRQGHUILQVWHUHQ:DQGORVO|VWHXQGDXIVLH]XNDP Ä0DEHO LFK ELQåV³ UDXQWH HLQH EHNDQQWH 6WLPPH /DXW ORVVFKOLFK0LFKDHO0RUULVKHUDQXQGKLHOWVLHIHVW Ä:DV ZLOOVW GX"³ VWLH VLH DWHPORV KHUYRU Ä:HQQ 9DWHU NRPPW XQG GLFK KLHU VLHKW JLEW HV HLQ 8QJOFN 0DQ KDW LKPKHXWHHWZDV)XUFKWEDUHV]XJHIJW³ Ä*HUDGH GDUXP ELQ LFK JHNRPPHQ³ ]LVFKHOWH 0RUULV Ä,FK ZHL GHLQ $OWHU VROOWH *HZHUNVFKDIWVJHOGHU KHUDXV UFNHQ 'HU 6WDUUNRSI KDW VLFK JHZHLJHUW 'DEHL VLQG HV GRFK QLFKW HLQPDO VHLQH HLJHQHQ 'ROODUV 'DV NRPPW MHGHPWHXHU]X VWHKQ 0LW 3UDWWRQV /HXWHQ NDQQ PDQ VRO FKH0lW]FKHQQLFKWPDFKHQ³ 0DEHO YHUNUDPSIWH LKUH +DQG LQ GHQ .UDJHQ GHV ORVH EHUJHZRUIHQHQ0DQWHOVÄ9HUVFKZLQGHVRIRUW:DVZLOOVW GXYRQ PLU"'XEULQJVWQXU8QJOFNEHUXQV,FKZLOOPLW GLUQLFKWVPHKU]XVFKDIIHQKDEHQ³

Ä,FKZLOOGLUXQGGHLQHP9DWHUKHOIHQ$EHUGXPXW]X PLUKDOWHQ² ,FK KDEH DXFK $UEHLW IU GLFK (LQH YHUGLHQVWUHLFKH 6D FKH*OHLFKPRUJHQN|QQHQZLUDQIDQJHQ³ Ä,FKZLOOQLFKWVPLWGLU]XWXQKDEHQ³ Ä%HJUHLIHGRFK'HLQ9DWHUKDWVLFKXQVZLGHUVHW]W0DQ ZLUG LKQ XPOHJHQ ,FK DEHU NDQQ HXFK KHOIHQ KDEH 9HU ELQGXQJ]XMHQHQ.UHLVHQ $EHU ELWWH ZHQQ GX NHLQHQ :HUW GDUDXI OHJVW GD GHLQ 9DWHUOHEHQEOHLEW«³ 0DEHOVDKZLH0RUULVPLWGHP'DXPHQVHLQHU]XU)DXVW JHEDOOWHQ+DQG HLQH HLJHQDUWLJH NXU]H $EZlUWVEHZHJXQJ PDFKWHGLHGDV)XUFKWEDUHVHLQHU'URKXQJQDFKGUFNOLFK XQWHUVWULFK6LH]LWWHUWHDPJDQ]HQ.|USHU6ROOWHGDVDOOHV VFKUHFNOLFKH:DKUKHLWVHLQZDV0RUULV GD VR NDOWVFKQlX ]LJUHGHWH" Ä1DWUOLFK PXW GX KHOIHQ³ EHVFKZRU VLH LKQ Ä(V GDUI 9DWHU QLFKWV JHVFKHKHQ 'X PXW DOOHV WXQ «³ 9ROOHU $QJVWXQG9HU]ZHLIOXQJVWDPPHOWH0DEHOGLHVH:RUWH 0RUULV WUDW QDKH ]X LKU KHUDQ XQG IDWH VLH PLW EHLGHQ +lQGHQXPGLH+IWH'XUFKGHQGQQHQ0DQWHOVSUWHHU LKUHQEHEHQGHQ.|USHU Ä1DDOVRZDUXPQLFKWJOHLFKVR³IOVWHUWHHUXQGVHLQH 0XQGZLQNHO ]XFNWHQ YHUlFKWOLFK Ä,FK ZHUGH IU GHLQHQ $OWHQ HLQ JXWHV :RUW HLQOHJHQ :LUG VFKRQ LQ 2UGQXQJ JHKHQ$EHUSDJXWDXI0RUJHQXP]HKQ8KUWUHIIHQZLU XQV KLHU GUDXHQ DQ GHU (FNH :LU PDFKHQ HLQ (LV ODGHQJHVFKlIW DXI 8QG UHGH YRU DOOHP QLFKW PLW GHLQHP $OWHQ GDUEHU 'HU PHFNHUW VRZLHVR LPPHU GD]ZLVFKHQ .ODU"³ 0DEHOULVLFKYRQ0RUULVORVXQGOLHILQV+DXV6LH]LW WHUWHLKU$WHPJLQJNHXFKHQGXQGVWRZHLVH$XI=HKHQ

VSLW]HQVFKOLFKVLHEHUGHQ)OXU'LH7U]XU6WXEHVWDQG HLQHQ 6SDOW RIIHQ HLQ /LFKWVFKHLQ ILHO KHUDXV 0DEHO VDK LKUHQ 9DWHU DP 7LVFK VLW]HQ XQG DSDWKLVFK YRU VLFK KLQ VWDUUHQ6HLQ*HVLFKWZLUNWHZLH]XVDPPHQJHVFKUXPSIW 0DEHO ZDJWH QLFKW PHKU ]X LKP KLQHLQ]XJHKHQ ,Q LK UHP =LPPHU ZDUI VLH VLFK VFKOXFK]HQG DXI GDV %HWW XQG YHUJUXELKUHQ.RSILQGDV.LVVHQ

&RORQHO5DQGROSK3ROL]HLFKHI GHV &KLNDJRHU +DXSWNUL PLQDODPWHV VFKULWW XQUXKLJ LQ VHLQHP $UEHLWV]LPPHU XPKHU 'LH ,QVSHNWRUHQ .HOOLQJ XQG +LJJLQV GLH ]XU WlJOLFKHQ %HULFKWHUVWDWWXQJ HUVFKLHQHQ ZDUHQ EOLFNWHQ PLPXWLJGUHLQ6LHPDFKWHQGHQ(LQGUXFNYRQ0lQQHUQ GLH PLW LKUHU $UEHLW QLFKW ]XIULHGHQ VLQG (LQ VFKOLPPHU 5DSSRUW KHXWH « Ä6R JHKW GLH $QJHOHJHQKHLW QLFKW ZHL WHU³VDJWH&RORQHO5DQGROSKXQGPDFKWHHLQHNXU]HHQHU JLVFKH +DQGEHZHJXQJ (U ZDU HLQ NOHLQHU XQWHUVHW]WHU 0DQQXQJHPHLQEHZHJOLFKXQGVHKUUHGHJHZDQGWÄ$OVR VR JHKW HV QLFKW ZHLWHU 3UDWWRQV 6FKDQGWDWHQ KlXIHQ VLFK PLW MHGHP 7DJ 8QVHUH 3ROL]HLEHK|UGH YHUOLHUW GLH $FK WXQJ EHL GHU %HY|ONHUXQJ :LU PVVHQ HQGOLFK ]X HLQHP (UIROJ NRPPHQ ZHQQ VLFK GLH 6DFKH QLFKW ]X HLQHP 6NDQGDODXVZDFKVHQVROO³ 'LH EHLGHQ ,QVSHNWRUHQ WDXVFKWHQ HLQHQ VFKHXHQ %OLFN PLWHLQDQGHUDXV .HOOLQJ HUJULII GDV :RUW Ä:LU YHUVXFKHQ DOOHV 1LFKWV ZLUG XQWHUODVVHQ RGHU YHUJHVVHQ 8QVHUH 0lQQHU YRP )DKQGXQJVGLHQVW XQG YRP hEHUIDOONRPPDQGR VLQG 7DJ XQG1DFKWDXIGHQ%HLQHQVLHEHNRPPHQNDXPJHQJHQG 6FKODI(LQH5D]]LDMDJW GLH DQGHUH 6\VWHPDWLVFK ZHUGHQ GLHYHUGlFKWLJHQ6WDGWWHLOHGXUFKVW|EHUW'LH%HY|ONHUXQJ LVW ]XU 0LWDUEHLW DXIJHUXIHQ )QIWDXVHQG 'ROODU %HORK

QXQJVLQGIUGLH(UJUHLIXQJ3UDWWRQVDXVJHVHW]W8Q]lKOL JH *HUFKWH XQG +LQZHLVH GLH XQV YRQ GHU %HY|ONHUXQJ KHUDQJHWUDJHQ ZHUGHQ PVVHQ QDFKJHSUIW ZHUGHQ :LU WXQDOOHVZDVLQXQVHUHQ.UlIWHQVWHKW³ &RORQHO 5DQGROSK XQWHUEUDFK VHLQH =LPPHUZDQGHUXQJ EOLHE YRU GHP 6FKUHLEWLVFK VWHKHQ XQG NORSIWH PLW GHQ )LQJHUNQ|FKHOQ DXI GLH 7LVFKSODWWH Ä$EHU ZDV QW]W GDV DOOHV ZR EOHLEW GDV 5HVXOWDW" (LQ 0|UGHU XQG (USUHVVHU OHEWPLWVHLQHU%DQGHIUHLLQPLWWHQXQVHUHU0LOOLRQHQVWDGW -HGHU 0DQQ MHGH )UDX MHGHV .LQG DXI GHU 6WUDH NHQQW GHQ*HVXFKWHQhEHUDOO KlQJW VHLQ 6WHFNEULHI DXV ² HLQH JURH %HORKQXQJ ORFNW 8QG GHQQRFK VROOWH HU QLFKW DXI ]XVSUHQXQGIHVW]XQHKPHQVHLQ"³ :lKUHQG 5DQGROSK VLFK PLW GHP 7DVFKHQWXFK GLH 6WLUQ DEWXSIWH ZDJWH ,QVSHNWRU +LJJLQV HLQ]XZHQGHQ Ä(V LVW WDWVlFKOLFK OHLFKWHU HLQHQ XQEHNDQQWHQ 0|UGHU GXUFK .RPELQDWLRQHQ )LQJHUDEGUFNH XQG EHUOHJWH 6FKOXIRO JHUXQJHQ ]X EHUIKUHQ 0DQ NDQQ KLHUEHL GLH 9HU EUHFKHUDOEHQ GXUFKVXFKHQ GLH 6DPPOXQJ GHU )LQJHUDE GUFNH ]X +LOIH QHKPHQ XQG VLFK ZRP|JOLFK QRFK PLW SUDNWL]LHUHQGHQ 3V\FKLDWHUQ >)DFKDU]W IU *HLVWHV XQG *HPWVNUDQNKHLWHQ@ XQG *UDSKRORJHQ >+DQGVFKULIWHQ NXQGLJHU@ LQ 9HUELQGXQJ VHW]HQ XQG LQ QHXQXQGQHXQ]LJ YRQKXQGHUW)lOOHQGHQ7lWHUDXVILQGLJPDFKHQ'LHVDOOHV LVWEHL3UDWWRQEHUIOVVLJ³Ä:LUUHGHQXQGNRPPHQQLFKW ZHLWHU³ VDJWH &RORQHO 5DQGROSK XQZLUVFK (U VDK DXI VHLQH GLFNSURW]LJH $UPEDQGXKU Ä,Q ]HKQ 0LQXWHQ ZLUG 0U (OOLV KLHU VHLQ (U ZXUGH XQV YRP +DXSWNULPLQDODPW 1HZ
.ULPLQDOLVWDXIGHP*HELHWHGHU*DQJVWHUEHNlPSIXQJHLQ VHKUHLJHQZLOOLJHU&KDUDNWHUVHLQVROO'HQQRFKZROOHQZLU XPHLQHJXWH=XVDPPHQDUEHLWPLWLKPEHPKWVHLQ³ 5DQGROSKKDWWHNDXPDXVJHVSURFKHQDOVHVVFKRQDQGHU 7U NORSIWH XQG (OOLV LQV =LPPHU WUDW (U ZDU HLQ VWDWWOL FKHU0DQQ%UDXQH$XJHQKDWWHHUKHOOXQGOHXFKWHQGZLH %HUQVWHLQ 'XUFK VHLQH QDWUOLFKH XQJH]ZXQJHQH $UW ZLUNWHHUEHLQDKHMXQJHQKDIW 1DFK GHU %HJUXQJ XQG 9RUVWHOOXQJ VHW]WHQ VLFK GLH 0lQQHU XP 5DQGROSKV 6FKUHLEWLVFK (OOLV OLH VLFK LQ JURHQ =JHQ EHU GLH 3OlQH IU GLH (UJUHLIXQJ 3UDWWRQV EHULFKWHQ 5DQGROSK EUHLWHWH HLQHQ &KLNDJRHU 6WDGWSODQ DXV XQG HUNOlUWH GLH ELVKHULJH $UEHLWVZHLVH 'LH $XV IKUXQJHQ NRQQWHQ (OOLV MHGRFK QXU HLQH XQJHQJHQGH hEHUVLFKWYHUVFKDIIHQ Ä,FKKRIIHDXIHLQHJXWH=XVDPPHQDUEHLW³VDJWHGHU3R OL]HLFKHI ]XP 6FKOX JHZROOW IUHXQGOLFK Ä'LH 6WlUNH XQVHUHV .ULPLQDOGLHQVWHV EHUXKW MD DXI GHP 3ULQ]LS GHU NROOHJLDOHQ=XVDPPHQDUEHLW³ Ä)U XQV LVW GDV VHOEVWYHUVWlQGOLFK³ VWLPPWH (OOLV ]X GHQ DQ]JOLFKHQ 7RQ EHUK|UHQG Ä$EHU DXFK PLW GHU %HY|ONHUXQJ PWH PDQ HLQH NROOHNWLYH =XVDPPHQDUEHLW DQVWUHEHQ 'LH EUHLWH 0DVVH LVW DQJHVLFKWV DOO GLHVHU YHU EUHFKHULVFKHQ $XVZFKVH VFKRQ HPS|UW JHQXJ 6LH IUDJW VLFK .DQQ RGHU ZLOO PDQ QLFKWV KLHUJHJHQ XQWHUQHKPHQ" (V LVW HLQH 6FKDQGH IU XQV PHLQH +HUUHQ .ULPLQDOLVWHQ HLQH6FKDQGHIUGHQ6WDDWXQGVRPLWIUMHGHQ%UJHU³ 'LH 0lQQHU K|UWHQ DXIPHUNVDP ]X +LHU VSUDFK HLQ 0DQQ GHU NHLQH XQYHUELQGOLFKH 8QWHUKDOWXQJ ]X IKUHQ JHZRKQW ZDU VRQGHUQ GHU HLJHQH XQOLHEVDPH *HGDQNHQ KDWWHXQGVLHDXFKDXVVSUDFK &RORQHO 5DQGROSK DWPHWH WLHI DXI JOHLFKVDP VHXI]HQG

ZLH HLQ DEJHNlPSIWHU 0HQVFK GHU HV QDFK ODQJHU 0KH DXIJHJHEHQKDWGLH:HOW]XlQGHUQÄ(VZLUGLPPHU9HU EUHFKHUJHEHQ³PHLQWHHU (OOLV]RJGLH6FKXOWHUQKRFKÄ$EHUPVVHQ GLH 9HUEUH FKHQ HLQ VROFKHV $XVPD DQQHKPHQ" (V LVW QLFKW QXU $XIJDEHGHU3ROL]HLHLQHQNOHLQHQ'LHEGHUPLWNQXUUHQ GHP 0DJHQ HLQHQ 0XQGUDXE EHJHKW ]X EHVWUDIHQ :LU EUDXFKHQ NHLQH hEHUIDOONRPPDQGRV XQG NHLQH 5DGLR 3ROL]HL3DWURXLOOHQXPHLQHQ'LHERGHU+HLUDWVVFKZLQGOHU ]XU 6WUHFNH ]X EULQJHQ 'LHVH NRVWVSLHOLJHQ 3ROL]HLDSSD UDWH VROOWHQ PHKU ]XU %HNlPSIXQJ GHV %DQGHQXQZHVHQV HLQJHVHW]W ZHUGHQ 8QVHUH $XIJDEH VROOWH HV HKHU VHLQ 9HUEUHFKHQ ]X YHUKLQGHUQ DQVWDWW JHVFKHKHQH DXI]XNOl UHQ³ Ä,FKK|UHVFKRQMHW]WGD6LH,KUHP%HUXIOHLGHQVFKDIW OLFK YHUVFKULHEHQ VLQG 0U (OOLV³ &RORQHO 5DQGROSK OlFKHOWH Ä6LH PVVHQ MHGRFK EHUFNVLFKWLJHQ GD LQ XQVHUP/DQGMHGHP%UJHUGLHJU|WP|JOLFKHQ)UHLKHLWHQ JDUDQWLHUW VLQG XQG GD GLHVH )UHLKHLWHQ DXFK VHKU OHLFKW YRQPLQGHUZHUWLJHQ6XEMHNWHQDXVJHQXW]WXQGPLEUDXFKW ZHUGHQ³ (OOLV VFKWWHOWH GHQ .RSI Ä'DV KDW PLW )UHLKHLW QLFKWV PHKU ]X WXQ :RUDQ OLHJW HV GD $PHULND LQ GHP 5XI VWHKW GDV /DQG PLW GHU K|FKVWHQ =DKO DQ EHJDQJHQHQ .ULPLQDOYHUEUHFKHQ ]X VHLQ" :DV LFK MHW]W VDJH N|QQWH E|VZLOOLJ PLYHUVWDQGHQ ZHUGHQ ² GRFK LFK VSUHFKH HV IUHLPWLJDXV$XIGHU-DJGQDFK'ROODUVNlPSIWKLHUMHGHU JHJHQMHGHQ'HU6WlUNHUHWULXPSKLHUWEHUGHQ6FKZlFKH UHQ 8QG GDV DOOHV ZLUG QRFK LQ 3UHVVH 5XQGIXQN XQG )LOP YHUKHUUOLFKW 'LH 6HQVDWLRQVEOlWWHU XPJHEHQ 3UDWWRQ PLW GHP 1LPEXV GHV +HOGHQKDIWHQ EHZXQGHUQ LKQ PHKU DOV GD VLH LKQ DQSUDQJHUQ 'LHVH *DQJVWHUYHUKHUUOLFKXQJ

PXHLQIDFKH *HPWHU YHUZLUUHQ XQG DXI IDOVFKH %DKQHQ OHQNHQ³ 6FKZHLJHQ HUIOOWH GHQ 5DXP HKH HU ZHLWHUVSUDFK Ä(V LVW MD VFKRQ VRZHLW GD GLH %HY|ONHUXQJ NHLQ 9HUWUDXHQ PHKU]XXQVKDW,FKODV]XP%HLVSLHOLQGHU=HLWXQJGD JHVWHUQ QDFKW LP 0LFKLJDQ%H]LUN GHU 3HUVRQHQZDJHQ HLQHU .UDIWIDKUHUJHZHUNVFKDIW GXUFK HLQHQ 6SUHQJN|USHU GHPROLHUW ZRUGHQ LVW ZHLO PDQ VLFK HLQHU (USUHVVXQJ 3UDWWRQVZLGHUVHW]WH³ Ä'HU )DOO LVW PLU EHNDQQW³ ILHO ,QVSHNWRU .HOOLQJ HLQ Ä(V LVW YRQ MHQHP *HZHUNVFKDIWVNDVVLHUHU XQWHUODVVHQ ZRUGHQ XQV EHU GHQ HUKDOWHQHQ 'URKEULHI ]X LQIRUPLH UHQ :LH KlWWHQ ZLU GD UHFKW]HLWLJ HLQJUHLIHQ XQG GHQ $QVFKODJ YHUKLQGHUQ VROOHQ" $XHUGHP VWHKW GHU 0DQQ VHOEVWQLFKWLQGHPEHVWHQ5XI«³ Ä:LHVR"³ZROOWH(OOLVZLVVHQ Ä'HU0DQQ².HQGDOOLVWVHLQ1DPH²KDWHLQHOHLWHQ GH)XQNWLRQLQVHLQHP%HUXIVYHUEDQGGHUZLHGHUXPHLQHU NRPPXQLVWLVFK YHUGlFKWLJHQ *HZHUNVFKDIW DQJHJOLHGHUW LVW³ VDJWH .HOOLQJ PLW HLQHP EHGHXWVDPHQ $XJHQDXI VFKODJ (OOLV VDK QDFKGHQNOLFK YRU VLFK KLQ (V GDXHUWH HLQH :HLOHHKHHUDQWZRUWHWHÄ-HGHQIDOOVLVWHVXQVHUH3IOLFKW DOOH %UJHU RKQH 8QWHUVFKLHG JHJHQ GHUDUWLJH *HZDOWDNWH ]X VFKW]HQ $Q GLHVHP %HLVSLHO VHKHQ ZLU HV 3UDWWRQ YHUVXFKW QLFKW QXU GLH *HVFKlIWVZHOW VRQGHUQ DXFK GLH *HZHUNVFKDIWHQ ]X HUSUHVVHQ 0LU VLQG VRJDU HLQ SDDU )lOOHEHNDQQWLQGHQHQQDPKDIWH*HZHUNVFKDIWVIKUHUDXV $QJVW XP LKU /HEHQ GHQ 3UDWWRQJDQJVWHUQ JURH *HOGEH WUlJHDXVOLHIHUWHQ³ Ä,FK ELQ EHU]HXJW GD ZLU PLW ,KUHU +LOIH 3UDWWRQ GDV +DQGZHUN OHJHQ ZHUGHQ³ VFKOR 5DQGROSK GLH 8QWHUUH

GXQJ (OOLVOLHVLFKQRFKDPJOHLFKHQ7DJLQDOOH$EWHLOXQJHQ GHV JURHQ 3UlVLGLXPV HLQIKUHQ (U PDFKWH VLFK PLW VHLQHQ0LWDUEHLWHUQEHNDQQWOLHVLFKGLH=XVDPPHQDUEHLW PLWGHQHLQ]HOQHQ%H]LUNVUHYLHUHQHUNOlUHQXQGVSUDFKPLW GHQ 'HWHNWLYHQ XQG 3ROL]LVWHQ ZLH PLW DOWHQ )UHXQGHQ 6SlWHUEHVLFKWLJWHHUGHQ$UFKLYUDXPPLWGHQ9HUEUHFKHU DOEHQhEHUDOOVW|EHUWHHUKHUXPXQG QDKP 9HUELQGXQJHQ DXI 'DQQYHUWLHIWHHUVLFKLQGLH6WDSHOYRQ3URWRNROOHQEHU GLH QLFKW DXIJHNOlUWHQ 9HUEUHFKHQ GHU OHW]WHQ =HLW (V LQWHUHVVLHUWHQ LKQ QXU MHQH )l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lK OHQXQGZXWHHUDXFKDXV(UIDKUXQJ'DUXPKLHOWHUHVIU ZLFKWLJ GHQ *HZHUNVFKDIWVNDVVLHUHU HLQPDO SHUV|QOLFK DXI]XVXFKHQ (OOLVEHIDQGVLFKLP0LFKLJDQ6WDGWWHLOHUVWDQGYRUGHP .HQGDOOVFKHQ *UXQGVWFN 'DV 7RU ]XU +RIHLQIDKUW ZDU

YHUVFKORVVHQ bUJHUOLFK ZROOWH (OOLV IRUWJHKHQ 'D VWXW]WH HUEHUGLHYLHOHQ7D[LZDJHQGLHLQGLHVHUVRQVWHLQVDPHQ 6WUDHSDUNWHQ:RPRFKWHQGLH6FKRII|UHVHLQ" (UNORSIWHQRFKHLQPDODQGDV:HOOEOHFK]XU7RUHLQIDKUW 'D HUVFKLHQ .HQGDOO (OOLV JDE VLFK DOV .ULPLQDOLVW ]X HUNHQQHQGDVPDFKWHDEHUNHLQHQ(LQGUXFNDXIGHQ$OWHQ Ä6FKRQ ZLHGHU HLQHU YRQ GHU 3ROL]HL ² ]XU $EZHFKV OXQJPDOLQ=LYLODOV*HKHLPHU³NQXUUWHHURKQH(OOLVDXI GHQ+RI]XODVVHQ Ä,FKNRPPHLQ,KUHP,QWHUHVVH0U.HQGDOO³VDJWH(OOLV K|IOLFK Ä,FK KDEH $FKWXQJ YRU ,KQHQ 6LH KDEHQ VLFK GXUFK 3UDWWRQV (USUHVVXQJ QLFKW EHLUUHQ ODVVHQ XQG GHQ 6FKZHLQHKXQGHQZLGHUVWDQGHQ0DQKDW,KQHQ6FKXW]IU ,KUH SHUV|QOLFKH 6LFKHUKHLW DQJHERWHQ 6LH KDEHQ GDUDXI YHU]LFKWHW:DUXP0U.HQGDOO"³ Ä,FKEUDXFKHNHLQH+LOIHYRQHLQHUXQIlKLJHQ3ROL]HL(V VWLQNW]XP+LPPHOZHQQPDQLQHLQHU6WDGWQLFKWHLQPDO RKQH)XUFKWOHEHQNDQQZHLOPDQVLFKJHJHQHLQ5lXEHU JHVLQGHODXIOHKQW³ (OOLVEOLFNWHGHP$OWHQIHVWLQGLH$XJHQ Ä'DV LVW DXFK PHLQH $QVLFKW³ VDJWH HU XQG KLHOW LKP ]XP*UXGLH+DQGKLQ 'HUPXVWHUWHLKQDEVFKlW]HQGGRFKGDQQVFKOXJHULQGLH GDUJHUHLFKWH 5HFKWH HLQ (OOLV PXWH LKP ZRKO V\PSD WKLVFK VHLQ HU VDK DXFK QLFKW DXV ZLH GLH EOLFKHQ *H KHLPSROL]LVWHQ GLH HLQHP HLQ /RFK LQ GHQ %DXFK IUDJHQ XQG VR WXQ DOV VHL PDQ VHOEHU YHUGlFKWLJ 0LW GLHVHP 0DQQNRQQWHPDQZRKOHLQYHUQQIWLJHV:RUWUHGHQ Ä,FK EUDXFKH NHLQHQ 3ROL]HLVFKXW] GHQQ LFK IUFKWH 3UDWWRQ XQG VHLQ *HVLQGHO QLFKW³ HUNOlUWH GHU $OWH 'DV K|UWHVLFKEHU]HXJWDQGDODJHLQH5XKHXQG6LFKHUKHLWLQ GHQ :RUWHQ GLH QXU MHPDQG KDEHQ NDQQ GHU VLFK VHLQHU

.UDIWEHZXWLVW(OOLVKRUFKWHXQZLOONUOLFKDXI Ä.|QQHQ6LHGDVVREHVWLPPWVDJHQ"³IUDJWHHU Ä-DGDVNDQQLFK:HQQGLH3ROL]HLPDFKWORVLVWVRPX PDQVLFKDXIHLJHQH)DXVWJHJHQGDV*DQJVWHUSDFNVFKW ]HQ³ (OOLV VDK GHQ $OWHQ XQJOlXELJ DQ 'HU |IIQHWH QXQ GDV 7RU XQG OLH LKQ DXI GHQ +RI Ä+LHU VHKHQ 6LH ,FK ELQ QLFKW DOOHLQ $OOH PHLQH .ROOHJHQ VWHKHQ PLU ]XU 6HLWH hEHUKXQGHUW6FKRII|UHDXVPHLQHP%H]LUN'LHJHKHQIU PLFKGXUFKGLFNXQGGQQDXIGLHLVW9HUOD³ :DV (OOLV DXI GHP +RI VDK EHUUDVFKWH LKQ QRFK PHKU 'D VWDQGHQ ZDKUKDIWLJ ZRKO DQ GLH KXQGHUW 0lQQHU LQ HLQHP +DOENUHLV EHLVDPPHQ $OOH WUXJHQ VLH MHQHV EODXH EDXPZROOHQH +HPG PLW RIIHQHP .UDJHQ GDV ]XU W\SL VFKHQ .OHLGXQJ GHU 7D[LVFKRII|UH JHK|UW 'LH 9HUVDPP OXQJVROOWHJHUDGHEHHQGHWZHUGHQGHQQHLQHUGHU0lQQHU IUDJWH .HQGDOO Ä1RFK HWZDV %HVRQGHUHV" :LU KDEHQ HV HLOLJYHUVlXPHQVRQVW)DKUJlVWH³ Ä(V LVW DOOHV EHVSURFKHQ ,FK GDQNH HXFK GD LKU JH NRPPHQVHLG XQG PLU KHOIHQ ZROOW³ YHUDEVFKLHGHWH .HQ GDOOGLH0lQQHU (OOLVå 9HUZXQGHUXQJZXUGH]XU1HXJLHU(UPXWHXQEH GLQJW HUIDKUHQ ZDV KLHU YRU VLFK JLQJ 'DV KDWWH VLFKHU DXFK IU LKQ %HGHXWXQJ +LHU VSLHOWHQ =XVDPPHQKlQJH PLW GLH HU QLFKW NDQQWH :HQQ HV LKP JHOlQJH GDV 9HU WUDXHQ GHV NQXUULJHQ $OWHQ ]X JHZLQQHQ VR N|QQWH HU YLHOOHLFKW:LFKWLJHVHUIDKUHQ« $OVDOOH6FKRII|UHJHJDQJHQZDUHQNDP.HQGDOOZLHGHU ]X LKP KHUDQ 'LH 6\PSDWKLH GLH (OOLV IU GHQ $OWHQ HPSIDQG PXWH ZRKO DXI *HJHQVHLWLJNHLW EHUXKHQ GHQQ .HQGDOO]HLJWHVLFKMHW]WDXIJHVFKORVVHQXQGJHVSUlFKLJ Ä'HQNHQ 6LH QLFKW GD KLHU HLQH 9HUVFKZ|UXQJ JHJHQ

GLH6WDDWVJHZDOWDXVJHEUWHWZLUG0HLQH.ROOHJHQZROOHQ PLUEORKHOIHQGDPLWLFK0DEHOPHLQH7RFKWHUZLHGHU ILQGH'LHLVWPLUQlPOLFKJHVWHUQDXVGHP+DXVJHODXIHQ 8QG ]ZDU QLFKW DXV IUHLHQ 6WFNHQ VRQGHUQ ZHLO 0RUULV GLHVHU 6FKXIW XQG *DQJVWHU VLH EHGURKW XQG XQWHU 'UXFN JHVHW]W KDW³ (OOLV HPSIDQG DXI HLQPDO GDV %HGUIQLV ]X UDXFKHQ(U]RJ3IHLIHXQG7DEDNDXVGHU7DVFKHXQGERW .HQGDOO YRQ VHLQHP JROGJHOEHQ 9LUJLQLDVKDJ DQ Ä%LWWH UDXFKHQ 6LH HLQH 3IHLIH PLW PLU 6LH VLQG HLQ 0DQQ YRU GHPGLHDPHULNDQLVFKH3ROL]HLGHQ+XWDEQHKPHQPWH³ 'HU$OWHEHUK|UWHGLH$QHUNHQQXQJXQGOlFKHOWHVFKLHI :lKUHQG HU UDXFKWH XQG HU]lKOWH ZXUGHQ (OOLV GLH =X VDPPHQKlQJH NODU 'D ZDU YRQ GHU 7RFKWHU 0DEHO XQG HLQHPJHZLVVHQ0RUULVGLH5HGH8QGDOOHVGHXWHWHGDUDXI KLQ GD GLHVHU 0RUULV PLW GHQ 3UDWWRQJDQJVWHUQ LQ 9HU ELQGXQJ VWDQG .HQGDOO NRQQWH VRJDU EHZHLVHQ GD QXU 0RUULVGLH%DQGHYRQGHU*HZHUNVFKDIWVNDVVHXQWHUULFKWHW XQGHUDXFK0DEHOXQWHULUJHQGZHOFKHQ'URKXQJHQZLHGHU DXI VHLQH 6HLWH JH]RJHQ KDWWH 0DEHO ZDU VHLW JHVWHUQ YHUVFKZXQGHQ .HQGDOO KDWWH QXQ HLQH 9HUVDPPOXQJ GHU 7D[LVFKRII|UHVHLQHV%H]LUNHVHLQEHUXIHQ'LHPHLVWHQYRQ LKQHQ NDQQWHQ 0DEHO YRQ .LQG DQ XQG DXFK 0RUULV XQG VLH VROOWHQ QXQ LQ DOOHQ 6WDGWWHLOHQ QDFK LKQHQ $XVVFKDX KDOWHQXQGVLHVXFKHQ Ä6LQG 6LH DXFK VLFKHU GD GLHVHU 0RUULV PLW GHQ 3UDW WRQJDQJVWHUQ XQWHU HLQHU 'HFNH VWHFNW"³ HUNXQGLJWH VLFK (OOLV Ä.HLQ=ZHLIHO0DEHOZDUGRFKIUKHUPLWLKPEHIUHXQ GHW ² XQG LFK KDEåV QRFK REHQGUHLQ KDOEZHJV JHGXOGHW 0RUULVPVVHQ6LHZLVVHQLVWHLQ.HUO]XP$XVVSXFNHQ 'HUDOOHLQKDWPLU3UDWWRQDXIGHQ+DOVJHKHW]W³ (OOLVZXUGHQDFKGHQNOLFK(UVRJLQWHQVLYDQVHLQHU3IHL

IH XQG SDIIWH GHQ 7DEDNVUDXFK LQ GLFNHQ 6FKZDGHQ DXV (WZDV :LFKWLJHV PXWH LKP GXUFK GHQ .RSI JHKHQ -D HLQHQ $XJHQEOLFN ]|JHUWH HU VRJDU EHYRU HU VDJWH Ä.HQ GDOO ZROOHQ 6LH XQG ,KUH *HZHUNVFKDIW PLW PLU ]XVDP PHQDUEHLWHQ" 'DV LVW NHLQH IL[H ,GHH 6LH KDEHQ PLFK EHUKDXSWHUVWDXIGLHVHQJURDUWLJHQ*HGDQNHQJHEUDFKW ,FK PHLQH ZHQQ 6LH PLW ,KUHQ 6FKRII|UHQ ]XVDPPHQDU EHLWHQ XQG LFK DOV 3ROL]HLPDQQ PLW ,KQHQ ² EHLP 6WHU QHQEDQQHU'DVLVWHLQHKDQGIHVWH6DFKH,FKGHQNHZHQQ QLFKWZHLWHUKLQ*HVHW]ORVLJNHLWXQG7HUURULQXQVHUHU6WDGW KHUUVFKHQVROOHQVRPXGLH%HY|ONHUXQJ]XUWDWNUlIWLJHQ 0LWDUEHLW JHZRQQHQ ZHUGHQ 8QG LFK NDQQ PLU NHLQH EHVVHUHQ 0LWDUEHLWHU DOV ,KUH 7D[LVFKRII|UH GHQNHQ 'LH GXUFKVWUHLIHQ 7DJ XQG 1DFKW DOOH %H]LUNH &KLNDJRV 'LH VLQGEHVVHUDOVXQVHUHVRJHQDQQWHQ)OLHJHQGHQ.RORQQHQå GLH )XQNZDJHQ GHU 5DGLR3ROL]HL3DWURXLOOHQ ZHQLJHU DXIIlOOLJ LP 6WDGWELOG XQG KXQGHUWIDFK EHZHJOLFKHU (V OLHJWNODUDXIGHU+DQGGDZLU3UDWWRQHKHUDXIGLH6SXU NRPPHQ ZHQQ ZLU XQV ]X JHPHLQVDPHU $UEHLW ]XVDP PHQVFKOLHHQ³ 1XQ VFKLHQ .HQGDOO QDFK]XGHQNHQ (U VWUHLIWH (OOLV YRQ GHU 6HLWH PLW HLQHP SUIHQGHQ %OLFN ZLH HLQ =ZLQNHUQ PLWGHQ$XJHQOLGHUQVDKHV DXV'DQQOlFKHOWH HUZLH HLQ HUIDKUHQHU 0DQQ GHU GHQ XQJHVWPHQ 2SWLPLVPXV HLQHV -XQJHQQLFKWGlPSIHQZLOO (U EUDXFKWH QLFKW ]X DQWZRUWHQ GHQQ LP )OXU NOLQJHOWH GDV 7HOHIRQ .HQGDOO JLQJ KLQHLQ XQG IKUWH HLQ NXU]HV *HVSUlFK:DVLKPVRHEHQPLWJHWHLOWZXUGHYHUVHW]WHLKQ RIIHQEDU LQ (UUHJXQJ (U IRUGHUWH (OOLV DXI HLQ]XWUHWHQ VHLQH$XJHQJOlQ]WHQDOVHUVDJWH Ä'DUXIW-LPP\DQ²GDVLVWXQVHUSILIILJHU1HJHUVFKRI I|U DXV GHP %H]LUNXQG JLEW %HVFKHLG GD HU 0DEHO

XQWHUP :DNHU'ULYH LQ HLQHU (LVNRQGLWRUHL JHVHKHQ KDW 6LHVWHKWGRUWPLWZHLHU6FKU]HKLQWHUP/DGHQWLVFKXQG YHUNDXIW (LVSRUWLRQHQ :HQQ LFK QLFKW JHQDX ZWH GD VLHPLWGHP0RUULV]XVDPPHQLVWVRN|QQWHPDQJODXEHQ GDV 0lGHO KDW HLQH DQVWlQGLJH $UEHLW JHIXQGHQ $EHU VREDOG0RUULVGDEHLLVWVWHFNWHLQHKXQGVI|WWLVFKH*DXQH UHLGDKLQWHU:LHJXWGD LFK MHW]W 7HOHIRQDQVFKOX KDEH :XUGHHUVWJHVWHUQYRQGHU*HZHUNVFKDIWDQJHOHJW³(OOLV QLFNWHQXU(UNDPDXVGHP6WDXQHQQLFKWKHUDXV:LHJXW GLH 2UJDQLVDWLRQ GHU 6FKRII|UH NODSSWH 'LHVH 1DFKIRU VFKXQJXQG(UPLWWOXQJEHU0DEHO]XP%HLVSLHOKlWWHGLH 3ROL]HL QLFKW SURPSWHU HUOHGLJHQ N|QQHQ (LQIDFK IDEHO KDIWZLHGLH6FKRII|UHLKUHQ*HZHUNVFKDIWVIKUHU.HQGDOO LQVHOEVWYHUVWlQGOLFKHU³+LOIVEHUHLWVFKDIWXQWHUVWW]WHQ Ä8QWHUQHKPHQ 6LH PLW ,KUHQ /HXWHQ QLFKWV 9RUHLOLJHV³ EDW (OOLV GHQ $OWHQ Ä,FK ZHUGH YHUVXFKHQ PLW ,KUHU 7RFKWHU9HUELQGXQJDXI]XQHKPHQ+DEHQ6LHHLQ)RWRYRQ LKU"³ .HQGDOONUDPWHDXVHLQHU6FKXEODGHHLQH)RWRJUDILHKHU YRU(OOLVSUlJWHVLFKGDV0lGFKHQJHVLFKWJXWHLQ%HYRUHU VLFK YHUDEVFKLHGHWH OLH HU .HQGDOO QRFK HLQHQ NXU]HQ %ULHI IU 0DEHO VFKUHLEHQ Ä'HQ ZHUGH LFK LKU JHEHQ GDPLW GDV 0lGHO 9HUWUDXHQ ]X PLU KDEHQ NDQQ³ PHLQWH (OOLVÄ0DQFKPDOUHGHQGLH.LQGHURIIHQHU]X)UHPGHQDOV ]XGHQ(OWHUQ8QGYHUODVVHQ6LHVLFKGDUDXI.HQGDOO$E KHXWH EUJH LFK GDIU GD ,KUHU 7RFKWHU QLFKWV 8QUHFKWHV PHKUJHVFKLHKW³ (OOLVXQG.HQGDOOWUHQQWHQVLFKZLH]ZHLDOWH)UHXQGH $QVFKOLHHQG EHJDE VLFK (OOLV ]XP :DNHU'ULYH (U VFKOHQGHUWHGLH6WUDHKLQXQWHUNRQQWHDEHUGHQ(LVOD GHQQLFKWVRJOHLFKHQWGHFNHQ(UVWDQGVFKRQDP(QGHGHU

6WUDH DOV HU KLQWHU HLQHU PLW JUHOOHQ )DUEHQ EHPDOWHQ )HQVWHUVFKHLEH HLQHQ 0lGFKHQNRSI VDK 'D ZDU GHU /RN NHQNRSIGLHHQHUJLVFKH.LQQSDUWLHXQGDXFKGLH6WXSVQD VH.HLQ=ZHLIHO0DEHO.HQGDOO (OOLVEHWUDWGHQ /DGHQ(V ZDU HLQH YRQ GHQ YLHOHQ (LV GLHOHQGLHLQGHQ+XQGVWDJHQLQGHQ6WlGWHQZLH3LO]HDXV GHU (UGH VFKLHHQ HLQ NOHLQHU SULPLWLY DXVJHVWDWWHWHU 5DXP (OOLV KRFNWH VLFK DXI HLQHQ GHU YRU GHP 9HUNDXIVWLVFK VWHKHQGHQ6FKHPHOXQGEHVWHOOWHHLQPDO9DQLOOHHLV0DEHO .HQGDOO VFKRE LKP GLH (LVVFKDOH KLQ NDVVLHUWH GDV &HQW VWFN XQG EHGLHQWH ZHLWHU (OOLV EHREDFKWHWH VLH $OV VLH ZLHGHULQVHLQH 1lKHNDPYHUVXFKWHHU HLQ*HVSUlFKPLW LKUDQ]XNQSIHQ'DV0lGFKHQOLHVLFKQLFKWGDUDXIHLQ ZROOWH VLFK VRIRUW HQWIHUQHQ 'D EHXJWH (OOLV VLFK HLQ ZH QLJEHUGHQ9HUNDXIVWLVFK]XLKUKLQXQGVDJWHOHLVH Ä,FK VROO ,KQHQ *UH YRQ ,KUHP 9DWHU DXVULFKWHQ 0L .HQGDOO (U LVW EHVRUJW XP 6LH ZHLO 6LH LKQ YHUODVVHQ KDEHQ³ )XUFKW XQG =ZHLIHO VSLHJHOWHQ VLFK LQ GHP *HVLFKW 0D EHO.HQGDOOV6LHEOLFNWHXQVWHWXPKHUXQGLKU0XQGEOLHE HLQZHQLJ JH|IIQHW6LHDQWZRUWHWHQLFKWOLHXQJHVFKLFNW HLQHQ/|IIHOIDOOHQXQGVDKYHUlQJVWLJW]XU7UGHV1HEHQ UDXPHV KLQ 6HOWVDP ZLH VHKU GDV 0lGFKHQ GLH )DVVXQJ YHUOLHUW GDFKWH (OOLV :LH NDQQ VLH QXU VR VFKHX XQG YHU lQJVWLJWVHLQ" Ä.DQQ LFK 6LH VSUHFKHQ" ,FK ELQ HLQ )UHXQG ,KUHV 9D WHUV³VDJWH(OOLVXQGVFKRELKUVFKQHOOGHQ%ULHIEHUGHQ 7LVFK]X ,KUH9HUZLUUXQJZXUGH]XU%HVWU]XQJHVZDULKUDQ]X PHUNHQZLHVLHLQQHUOLFKPLWVLFKUDQJ:LHGHUEOLFNWHVLH VFKHX ]XU KDOE RIIHQVWHKHQGHQ 7U GHV 1HEHQUDXPHV KLQ

DOVIKOHVLHVLFKYRQGRUWEHODXVFKW Ä,FK NHQQH 6LH QLFKW XQG 6LH N|QQHQ PLFK QLFKW VSUH FKHQ³ IOVWHUWH VLH IXUFKWVDP ZlKUHQG VLH VLFK KDVWLJ XPZDQGWH XQG HLQ SDDU 6FKULWWH ]XU 7U JLQJ 'HQ KHLP OLFKDXIJHQRPPHQHQ%ULHIKLHOWVLHXQWHUHLQHP6HUYLHUWD EOHWWYHUERUJHQ *OHLFK GDUDXI NDP HLQ 0DQQ DXV GHP 1HEHQUDXP XQG VWHOOWH HLQHQ (LVERWWLFK DXI GHQ 7LVFK 6HLQ IRUVFKHQGHU %OLFN EHUIORJ GLH LP 5DXP DQZHVHQGHQ *lVWH (V NDP (OOLV YRU DOV UXKH GHU PLWUDXLVFKH %OLFN GHV 0DQQHV OlQJHU DOV HUIRUGHUOLFK DXI LKP HKH HU GHQ /DGHQ ZLHGHU YHUOLH 0DEHO PDFKWH VLFK HPVLJ KLQWHU GHP 9HUNDXIVWLVFK ]X VFKDIIHQ REZRKO NHLQ *DVW ]X EHGLHQHQ ZDU (LQH )DOWH ]RJ VLFK EHU LKUH 6WLUQ ,KUH NOHLQH 2EHUOLSSH ZDU HLQ ZHQLJ DXIJHZRUIHQ XQG PDQ VDK GLH ZHLHQ =lKQH GD KLQWHU (OOLV O|IIHOWH VHLQ (LV 'DV PHUNZUGLJH 9HUKDOWHQ GHV YHUZLUUWHQ0lGFKHQVOLHDXIQLFKWV*XWHVVFKOLHHQ:LH JHKHW]W XQG JHTXlOW VLH DXVVLHKW JLQJ HV LKP GXUFK GHQ .RSI $EHU LFK GDUI QLFKW OlQJHU KLHUEOHLEHQ ZHQQ LFK QLFKW DXIIDOOHQ ZLOO $XHUGHP NDQQ LFK YRUHUVW GRFK QLFKWVDXVULFKWHQ $OVHUVHLQ(LVYHU]HKUWKDWWH²0DEHOZDUQLFKWPHKULQ VHLQH 1lKH JHNRPPHQ ² YHUOLH HU GHQ /DGHQ 1DFK GHQNOLFKVWDQGHUQXQDXIGHU6WUDH 'DV 1DFKEDUJHElXGH ]XP (LVODGHQ ZDU HLQ JU|HUHV %URKDXV GLH 5lXPH LP (UGJHVFKR JHK|UWHQ ]X HLQHU %DQN Ä3+,/$'(/3+,$'(326,7(1%$1. =:(,* 67(//( &+,.$*2³ ODV (OOLV DXI GHP )LUPHQVFKLOG 'DEHL NDPHQ LKP DEVRQGHUOLFKH *HGDQNHQ (V ILHO LKP HLQ GD HV DXFK VHLQH $XIJDEH VHL 9RUVLFKWVPDQDKPHQ

IU GHQ 6FKXW] GHU |IIHQWOLFKHQ .DVVHQ XQG %DQNHQ ]X WUHIIHQ ,Q 1HZ
$P 1DFKPLWWDJ KDWWH (OOLV QRFK HLQH 8QWHUUHGXQJ PLW &RORQHO 5DQGROSK XQG GHQ ,QVSHNWRUHQ .HOOLQJ XQG +LJ JLQV Ä:LU PVVHQ HUNHQQHQ GD XQVHUH ELVKHULJH $UEHLWV PHWKRGH JHJHQ GLH *DQJVWHU ZHQLJ (UIROJ YHUVSULFKW³ HUNOlUWHHUÄ%HVRQGHUH9HUEUHFKHUPVVHQDXFKEHVRQGHUV EHNlPSIWZHUGHQ(VZLUGPHLQHQlFKVWHXQGGULQJHQGVWH $XIJDEHVHLQGLHWDWNUlIWLJH0LWDUEHLWGHU%HY|ONHUXQJ]X JHZLQQHQ³ Ä«DEHU«DEHUPHLQOLHEHU(OOLV+DEHQ6LHGLHDXV JHVFKULHEHQHQ IQIWDXVHQG 'ROODU %HORKQXQJ YHUJHVVHQ"³ XQWHUEUDFK LKQ 5DQGROSK QHUY|V XQG PDFKWH HLQH LKP HLJHQHIDKULJH+DQGEHZHJXQJ (OOLV IXKU IRUW Ä1HLQ LFK KDEH GLH DXVJHVHW]WH %HORK QXQJQLFKWYHUJHVVHQ1XULFKKDOWHQLFKWYLHOGDYRQ ,FK YHUVWHKH XQWHU WDWNUlIWLJHU 0LWDUEHLW GHU %HY|ONHUXQJå HWZDV DQGHUHV 6HLW KHXWH LVW PLU ]XP %HLVSLHO EHNDQQW GD 0HQVFKHQ LQ GLHVHU 6WDGW VLFK EHUHLWV ]XVDPPHQJH VFKORVVHQ KDEHQ XP VLFK VHOEVW JHJHQ GLH *DQJVWHU ]XU :HKU]XVHW]HQ(VKDQGHOWVLFKQLFKWHWZDXPHLQH$Q]DKO EHOLHELJ ]XVDPPHQJHZUIHOWHU 0lQQHU GLH HV YLHOOHLFKW EOR DXI GLH %HORKQXQJ DEJHVHKHQ KDEHQ VRQGHUQ HV KDQGHOW VLFK XP HLQH JHZHUNVFKDIWOLFK RUJDQLVLHUWH %H UXIVJUXSSH YRQ 7D[LVFKRII|UHQ LQ HLQHP &KLNDJRHU %H ]LUN(VLVWHLQOHXFKWHQGGDXQVGLHVH0lQQHUHLQHJURH +LOIH VHLQ N|QQHQ 8QVHU 3ROL]HLDSSDUDW ZLUG GDGXUFK HUKHEOLFK YHUVWlUNW :LU ZlUHQ GDQQ LQ GHU /DJH .UlIWH IU EHVRQGHUH $NWLRQHQ DE]X]ZHLJHQ 'LH $XIJDEH GHU

7D[LVFKRII|UH N|QQWH JOHLFK]XVHW]HQ VHLQ PLW GHU $UEHLW HLQHU JDQ]HQ $EWHLOXQJ XQVHUHV PRWRULVLHUWHQ hEHUZD FKXQJVGLHQVWHV-D²HV NRPPW QRFK HLQ 3OXV KLQ]X GDV GLH 7D[LIDKUHU XQVHUHQ 3ROL]LVWHQ YRUDXVKDEHQ 6LH WDX FKHQ XQDXIIlOOLJ LP 6WUDHQYHUNHKU XQWHU VLH VLQG PLW LKUHQ:DJHQ7DJXQG1DFKWLQDOOHQ6WDGWWHLOHQXQWHUZHJV hEHU KXQGHUW 0DQQ VLQG HV EHUHLWV LP 0LFKLJDQ%H]LUN :HQQ HV JHOLQJW GLH JHVDPWHQ *HZHUNVFKDIWVEH]LUNH IU GHQ.DPSIJHJHQ3UDWWRQ]XJHZLQQHQVRNDQQGLH%DQGH NHLQJU|HUHV9HUEUHFKHQPHKUYRUEHUHLWHQRKQHGDPDQ UHFKW]HLWLJ DXI VLH DXIPHUNVDP ZLUG ,FK ZHUGH PLU EHU GLHVHQ3ODQQRFKGHQ.RSI]HUEUHFKHQ³ (LVLJHV 6FKZHLJHQ ZDU GLH $QWZRUW .HOOLQJ XQG +LJ JLQV WDXVFKWHQ QXU HLQHQ YLHOVDJHQGHQ %OLFN PLWHLQDQGHU DXV &RORQHO 5DQGROSK ILQJHUWH XQQW] DQ VHLQHU VRZLHVR JXWVLW]HQGHQ.UDZDWWHÄ8PZHOFKH*HZHUNVFKDIWKDQGHOW HV VLFK"³ IUDJWH HU HQGOLFK (V ODJ HWZDV /DXHUQGHV 9HU VWHFNWHVLQGLHVHU)UDJH Ä(VKDQGHOWVLFKXPGLH*HZHUNVFKDIWGHU7D[LVFKRII|UH LP0LFKLJDQ%H]LUNHLQJHZLVVHU.HQGDOOKDWGLH,QLWLDWL YHHUJULIIHQ'HU$QODGD]XZDUHLQ(USUHVVXQJVYHUVXFK 'LH/HXWHJUHLIHQ]XP6HOEVWVFKXW]ZHLOVLHVLFKDXIXQV DOOHLQQLFKWYHUODVVHQZROOHQ«³ &RORQHO 5DQGROSK EUDQQWH VLFK JLHULJ HLQH =LJDUHWWH DQ PDFKWHHLQHQWLHIHQ/XQJHQ]XJXQGEOLHVGHQ5DXFKGXUFK 0XQG XQG 1DVH Ä'DYRQ PX LFK HQWVFKLHGHQ DEUDWHQ³ HUNOlUWH HU EHVWLPPW Ä:HQQJOHLFK LFK ,KUH EHVRQGHUH 0LVVLRQLP+LQEOLFNDXIGHQ)DOO3UDWWRQDXFKUHVSHNWLHUH 0U (OOLV VR PVVHQ VLFK DOOH ,KUH 0DQDKPHQ GRFK PLW XQVHUHU DOOJHPHLQHQ 'LHQVWRUGQXQJ LQ (LQNODQJ EULQJHQ ODVVHQ'HU8PVWDQGMHGRFKGD6LHGLH=XVDPPHQDUEHLW PLW HLQHU DOV UDGLNDO EHNDQQWHQ *HZHUNVFKDIWVJUXSSH

DQVWUHEHQPDFKWDXVGLHVHUYLHOOHLFKWGLHQVWOLFKHQ=ZHFN PlLJNHLW HLQH lXHUVW KHLNOH SROLWLVFKH $NWLRQ :LU GU IHQDXINHLQHQ)DOODXVGHU5HLKHWDQ]HQPVVHQYLHOPHKU EHVWUHEW VHLQ DOOHV ]X YHUPHLGHQ ZDV GHU 'HPRNUDWLH XQVHUHV /DQGHV HQWJHJHQZLUNW 9RQ GLHVHP 6WDQGSXQNW DXV EHWUDFKWHW OHKQH LFK LQ MHGHP )DOO HLQH RIIL]LHOOH =X VDPPHQDUEHLWPLWGHU*HZHUNVFKDIWGHU7D[LIDKUHUDE³ (V GDXHUWH HLQH JHUDXPH :HLOH HKH (OOLV GDV *HK|UWH YROOHQGVEHJULII(UIDQGGD&RORQHO5DQGROSKPHKUGLH $QVLFKWHQ HLQHV EHKlELJVDWWHQ %UJHUV DOV GLH HLQHV YHU DQWZRUWXQJVEHZXWHQ 3ROL]HLFKHIV YHUWUDW (OOLV ZDU HQW WlXVFKW (U KDWWH ZHQQ DXFK QLFKW EHJHLVWHUWH =XVWLP PXQJ VR GRFK NHLQH RIIHQH $EOHKQXQJ VHLQHV 3ODQV HU ZDUWHW +LPPHOKHUUJRWW (V NRQQWH GDEHL GRFK DEVROXW NHLQH 5ROOH VSLHOHQ GD GLHVH *HZHUNVFKDIW LQ EHVWLPP WHQ .UHLVHQ DOV QLFKW JHVHOOVFKDIWVIlKLJ JDOW QXU ZHLO HV VLFK XP HLQH $UEHLWHURUJDQLVDWLRQ PLW HLJHQHQ VR]LDOHQ *UXQGVlW]HQ KDQGHOWH 8QP|JOLFK VR ]X GHQNHQ ZHQQ DOOHV 6WUHEHQ GDUDXI JHULFKWHW VHLQ PXWH GLH 6WDGW YRQ GHQ6FKUHFNHQHLQHU8QWHUZHOWEDQGH]XEHIUHLHQ Ä'DQQZHUGHLFKLQRIIL]LHOOXPGLH=XVDPPHQDUEHLWPLW GHQ 7D[LVFKRII|UHQ EHPKW VHLQ³ HUNOlUWH (OOLV VLFK UXFNDUWLJ YRQ VHLQHP 3ODW] HUKHEHQG (U KLHOW HV IU ]ZHFNORVVHLQHQ0LWDUEHLWHUQKHXWHQRFKPHKUGDUEHU]X VDJHQ $OVHULQVHLQHP$UEHLWV]LPPHUDOOHLQZDU|IIQHWHHUGDV )HQVWHU XQG OLH IULVFKH /XIW KHUHLQ (LQH JHUDXPH :HLOH VWDQG HU GD XQG GDFKWH EHU GLH =XVDPPHQKlQJH QDFK 9HUGDPPW'DNRQQWHPDQGXUFKGHQHLJHQHQ$UEHLWVHLIHU VRJDU DOV Ä5RWHU³ YHUGlFKWLJW ZHUGHQ 0DQ ZDU LQ OHW]WHU =HLW VFKDUI KLQWHU VROFKHQ /HXWHQ KHU :DUHQ VLH QRFK JHIlKUOLFKHUH 6WDDWVIHLQGH DOV 3UDWWRQ XQG VHLQH %DQGH"

(OOLVODFKWHJULPPLJDXI(UNDPVLFKZLHNDOWJHVWHOOWXQG DEJHVlJWYRUXQGGD]XQRFKYRQHLQHU*HVHOOVFKDIWGHUHU UHFKWVFKDIIHQ XQG SIOLFKWHLIULJ ]X GLHQHQ VLFK EHPKWH 7URW] DOOHP ZROOWH HU VLFK QLFKW HQWPXWLJHQ ODVVHQ (U ZUGH GLH 0LWDUEHLW GHU *HZHUNVFKDIW DQVWUHEHQ 'LHVHQ 0lQQHUQZDUHVLQ)OHLVFKXQG%OXWEHUJHJDQJHQIULKU 5HFKW ]X NlPSIHQ XQG NROOHNWLY ]X KDQGHOQ %HL LKQHQ IDQGPDQZDKUKDIWLJPHKU9HUVWlQGQLVXQG6ROLGDULWlWDOV EHLGHQ6SLHHUQGHUSLHNIHLQHQ6LSSVFKDIW (OOLVWUDIHLQLJHQHXH$QRUGQXQJHQWHOHIRQLHUWHPLWGHQ YHUVFKLHGHQHQ $EWHLOXQJHQ HLQPDO VRJDU PLW .HQGDOO (U EHULFKWHWHYRQGHPPHUNZUGLJHQ9HUKDOWHQ0DEHOVLQGHU (LVNRQGLWRUHL²2EHU0RUULVHWZDJHVHKHQKDEH"²-D GDV N|QQWH GHU 0DQQ DXV GHP 1HEHQUDXP JHZHVHQ VHLQ YRU GHP 0DEHO VR VFKHX XQG IXUFKWVDP JHZHVHQ VHL ² 6LHKlWWHQGLHVHP/XPSHQJOHLFKGHQ(LVERWWLFKEHUGHQ 6FKlGHO KDXHQ VROOHQ ² HUHLIHUWH VLFK GHU $OWH DP 7HOH IRQ (OOLV PDKQWH ]XU %HVRQQHQKHLW .HLQH EHUHLOWHQ %UDYRXUVWFNHMHW]W=ZHL.ULPLQDOLVWHQDXVGHP3UlVLGL XP ZUGHQ GHQ (LVODGHQ 7DJ XQG 1DFKW EHZDFKHQ 'DV KlWWH HU EHUHLWV DQJHRUGQHW 'DQQ HUNXQGLJWH HU VLFK EHU GHQ RUJDQLVDWRULVFKHQ $XIEDX LQQHUKDOE GHV 7D[LIDKUEH WULHEHV EHU GLH 3DUNSOlW]H )DKUWURXWHQ XQG VRQVWLJHQ +DOWHVWHOOHQ LQ GHQ HLQ]HOQHQ 6WDGWWHLOHQ (OOLV EHUSUIWH XQG NRRUGLQLHUWH VHLQHQ 3ODQ (U YHUJOLFK DQ +DQG GHU &KLNDJRHU6WDGWNDUWHGLHYRQGHQHLQ]HOQHQ3ROL]HLVWHOOHQ EHUZDFKWHQ 5HYLHUH PLW MHQHQ GHU YRQ GHQ 6FKRII|UHQ NRQWUROOLHUEDUHQ %H]LUNH XQG HUNDQQWH GD HUVW PLW +LOIH GHU 7D[LIDKUHUJHZHUNVFKDIW HLQ ZLUNOLFK HQJPDVFKLJHV .RQWUROOQHW]DXIJHEDXWZHUGHQNRQQWH (VJLQJDXI0LWWHUQDFKW

0DEHO.HQGDOOVWDQGLPGXQNOHQ /DGHQDP )HQVWHU6LH OXJWHGXUFKGDVNOHLQH/RFKLP9RUKDQJDXIGLHQlFKWOLFKH 6WUDH XQG ODXVFKWH DXI GLH *HUlXVFKH YRQ GUDXHQ 6R KDWWH 0RUULV HV LKU EHIRKOHQ 6LH ZXUGH YRQ $QJVW XQG 9HU]ZHLIOXQJ JHSHLQLJW 0HLQ *RWW LQ ZHOFK XQKHLOYROOH 9HUVWULFNXQJ ZDU VLH JHUDWHQ :LH NRQQWH VLH YRQ GHP YHUKDWHQ 0RUULV ORVNRPPHQ" $EHU HV JLQJ MD XP GLH 6LFKHUKHLW XP GDV /HEHQ LKUHV 9DWHUV 'DUXP DOOHLQ ZDU VLH 0RUULV ZLHGHU JHIROJW XQG DXFK ZHLO HU YHUVSURFKHQ KDWWH NHLQH XQVDXEHUHQ *HVFKlIWH PHKU ]X PDFKHQ 'HU (LVODGHQ ZDU MD DXFK RUGHQWOLFK UHJLVWULHUW XQG DXI LKUHQ DXI GHQ 1DPHQ 0DEHO .HQGDOO HLQJHWUDJHQ 0RUULV DOOHU GLQJVKDWWHDOOHVEH]DKOWGLH/DGHQPLHWHGLH(LQULFKWXQJ GLH/L]HQ]JHEKUHQ $EHU ZDV KDWWH VLH ZlKUHQG GHU ZHQLJHQ 7DJH XQG 1lFKWH DOOHV HUOHEW 'DV DOOQlFKWOLFKH JHKHLPQLVYROOH 7UHLEHQLP(LVODGHQ]HUUWHDQLKUHQ1HUYHQ:DVKLHUYRU VLFKJLQJZDUVRXQKHLPOLFKZLHHLQ6SXN -HGHQ $EHQG ZLHGHUKROWH VLFK GDV JOHLFKH *HVFKHKHQ .XU]YRU/DGHQVFKOXEHWUDWHQLQ$EVWlQGHQQRFKPHKUH UH 0lQQHU GDV /RNDO 1DFKGHP GHU OHW]WH XQHLQJHZHLKWH *DVW GLH .RQGLWRUHL YHUODVVHQ KDWWH GLH 7U YHUVFKORVVHQ XQGGDV)HQVWHUYHUKlQJWZRUGHQZDUEHJDQQGLHHLJHQWOL FKH $UEHLW 'HU .RNRVODIHU DP %RGHQ ZXUGH DXIJHUROOW XQG GLH .HOOHUOXNH IUHLJHOHJW 'DQQ VWLHJHQ GLH YHUZHJHQ DXVVHKHQGHQ0lQQHULQGLH.HOOHUUlXPHKLQDE0RUULVJDE $QZHLVXQJHQ HU ZDU GHU %R 'HU .HOOHU ZDU KHOO HU OHXFKWHWGLH/DPSHQDEJHEOHQGHW.HLQ/LFKWVWUDKONRQQWH QDFK REHQ LQ GHQ /DGHQ IDOOHQ 8QG XQWHQ KDQWLHUWHQ GLH 0lQQHU PLW 6SDWHQ 6SLW]KDFNHQ XQG %UHFKHLVHQ HLQHU DUEHLWHWH PLW HLQHP HOHNWULVFKHQ 6WHLQERKUHU ]ZHL GHU 0lQQHU WUXJHQ GLH PLW 6DQGPDVVHQ XQG 6WHLQJHU|OO JH

IOOWHQ.RUEJHIOHFKWHLQGHQDQVFKOLHHQGHQ1HEHQNHOOHU 1RFK DKQWH 0DEHO GLH +LQWHUJUQGH GHV QlFKWOLFKHQ 7UHLEHQVQLFKW$EHUHVZDULKUNODUGD0RUULVPHKUGHQQ MH GHP *DQJVWHUWXP DQJHK|UWH 'LH (U|IIQXQJ GHU (LV NRQGLWRUHL NRQQWH QXU HLQ 9RUZDQG JHZHVHQ VHLQ XP VLH XQZLVVHQGHLQHUGXQNOHQ6DFKHGLHQHQ]XODVVHQ 0DEHO]XFNWH]XVDPPHQXQGODXVFKWHQDFKGUDXHQ6LH JODXEWH GDV OHLVH *HUlXVFK YRQ VFKOHLFKHQGHQ 6FKULWWHQ YHUQRPPHQ ]X KDEHQ XQG VFKRE GHQ )HQVWHUYRUKDQJ XP HLQHQ 6SDOW EHLVHLWH 7DWVlFKOLFK 'D GUDXHQ VFKOLFK ODQJVDP GLH VFKDWWHQKDIWH *HVWDOW HLQHV 0DQQHV YRUEHL XQG HV VFKLHQ DOV KDEH HU GHQ .RSI GLUHNW ]XP )HQVWHU JHZDQGW9LHOOHLFKWZXUGHGHU(LVODGHQVFKRQEHUZDFKW" $OOHV ZDU KLHU XQKHLPOLFK (EHQVR GLH *HVFKLFKWH PLW GHP 0DQQ GHU LKU JHVWHUQ HLQHQ %ULHI YRP 9DWHU ]XJH VFKREHQKDWWH«Ä0DEHO:DUXPKDVW'X'LFKZLHGHUPLW 0RUULV HLQJHODVVHQ"³ VWDQG GDULQ Ä:HQQ 'X 'HLQHP 9DWHUQLFKWYHUWUDXVWVRYLHOOHLFKWGHPhEHUEULQJHUGLHVHV 6FKUHLEHQV ,FK KDEH YRQ GHU *HZHUNVFKDIW GHQ 7HOHIRQ DQVFKOX % EHNRPPHQ 8QWHU GLHVHU 1XPPHU HUUHLFKVW'XLPPHU'HLQHQ²9DWHU³ 0DEHO KRFNWH VLFK DXI HLQHQ 6FKHPHO 6LH YHUJUXE LKU *HVLFKW LQ GHQ +lQGHQ ,FK PX HLQHQ (QWVFKOX IDVVHQ :HQQLFKPLFKQLFKWDXIUDIIHYHUVLQNHLFKKLHULP6XPSI YHUVXFKWH VLH VLFK 0XW ]X PDFKHQ :HQQ 0RUULV VLH QXU QLFKWVWlQGLJXPVFKOHLFKHQXQGEHZDFKHQZUGH.HLQHQ $XJHQEOLFN OLH HU VLH XQEHREDFKWHW 6LH ZDU MD VR VFKOLPPGUDQZLHHLQH*HIDQJHQH Ä:DVJLEWåV"(WZDVYRUJHIDOOHQ"³ 0RUULVVWDQGSO|W]OLFKKLQWHULKU:LHRIWLQGHQ1lFKWHQ VR KDWWH HU VLFK DXFK MHW]W ZLHGHU ODXWORV DXV GHP .HOOHU KHUDXIJHVFKOLFKHQ

0DEHO]LVFKWHLKQDQÄ:DVHUVFKUHFNVWGXPLFKLPPHU" 'XWUHLEVWHVQRFKVRZHLWELVLFKZHJODXIH³ Ä:LUKDEHQVFKRQHLQPDOGDUEHUJHVSURFKHQ'XNDQQVW JHKHQZLUVWGHLQHQ9DWHUGDQQDEHUNDXPOHEHQG]X+DX VHDQWUHWHQ:LUKDEHQHEHQXQVHUHHLJHQHQ*HVHW]H8QG YHUJLQLFKW'HU/DGHQKLHULVWDXIGHLQHQ 1DPHQHLQJH WUDJHQ³ 0RUULVYHUVFKZDQGZLHGHUGXUFKGLH.HOOHUOXNH Ä=XP7HXIHO:LUNULHJHQGHQ6DQGXQGGLH6WHLQHQLFKW YHUVWDXW³ K|UWH VLH LKQ XQWHQ IOXFKHQ Ä$XI MHGHQ )DOO PVVHQZLUWLHIHUDXVVFKDFKWHQZHQQZLUDXIGHQ7UHVRU UDXPVWRHQZROOHQ³ 0DEHOKDWWHULFKWLJYHUVWDQGHQ7UHVRUUDXP:LH6FKXS SHQILHOHVLKUYRQGHQ$XJHQ(VJDENHLQHQ=ZHLIHOPHKU GDUEHU ZDV 0RUULV XQG VHLQH .RPSOLFHQ YRUKDWWHQ 'HU (LVODGHQ ZDU HLQ EORHU 9RUZDQG XP HLQHQ OlQJVW JH SODQWHQ%DQNHLQEUXFKDXV]XIKUHQ'DUXPDOVRZDUGLHVHU JHQDX QHEHQ GHP %DQNKDXV JHOHJHQH /DGHQ JHSDFKWHW ZRUGHQ 'LH (UNHQQWQLV WUDI 0DEHO ZLH HLQ 6FKODJ 1HLQ VLH GXUIWHVLFKQLFKWLQHLQ9HUEUHFKHQYHUVWULFNHQODVVHQ 'HU )HUQVSUHFKHU VFKQDUUWH 0RUULV VWU]WH KHUEHL XQG PHOGHWH VLFK 'DQQ JDE HU PLW JHGlPSIWHU 6WLPPH HLQHQ %HULFKWÄ'HU6WROOHQLVWJHQJHQGDEJHVWHLIWXQGJDQJEDU -D ZLU DUEHLWHQ GDV OHW]WH 6WFN YRUVLFKWLJHU 0RUJHQ QDFKWN|QQHQZLUGXUFKEUHFKHQ(VEOHLEWGDEHL&KHI³ 0RUULVOHJWHGHQ+|UHUDXIXQGVFKQDO]WHPLWGHU=XQJH Ä'HU &KHI LVW PLW PLU ]XIULHGHQ³ HU JULQVWH KlPLVFK ]X 0DEHO KLQ Ä%LV PRUJHQ QRFK PHLQ 3SSFKHQ GDQQ JH K|UW GHU (LVODGHQ GLU DOOHLQ³ (U NLFKHUWH OHLVH WDSVWH ]XU .HOOHUOXNHXQGYHUVFKZDQG 0DEHOODXVFKWHQDFKXQWHQVLHPXWHK|UHQZDV0RUULV

GRUW EHVSUDFK %HLP $OOPlFKWLJHQ (V ILHO GHU 1DPH 3UDWWRQ .HLQ =ZHLIHO 0RUULV KDWWH VRHEHQ PLW 3UDWWRQ JHVSURFKHQ 0DEHO IKOWH LKU +HU] ELV ]XP +DOV SRFKHQ ,FK PX UXKLJEOHLEHQHUPDKQWHVLHVLFK)UPRUJHQQDFKWLVWDOVR GHU %DQNHLQEUXFK JHSODQW ,FK PX KDQGHOQ GDQQ ZLUG QRFK DOOHV JXW 6LH GDFKWH DQ GHQ %ULHI LKUHV 9DWHUV GLH ZHQLJHQ =HLOHQ GDULQ JDEHQ LKU 0XW XQG +RIIQXQJ 8QG KDWWH LKU 9DWHU YRQ GHU *HZHUNVFKDIW QLFKW HLQHQ )HUQ VSUHFKDQVFKOXEHNRPPHQ"8QWHUDOOHQ8PVWlQGHQPXWH VLHYHUVXFKHQPRUJHQKHLPOLFKDQ]XUXIHQ

'HU .ULPLQDOLVW GHQ (OOLV PLW GHU hEHUZDFKXQJ GHV (LVODGHQV EHDXIWUDJW KDWWH EHULFKWHWH Ä'HU 0DQQ VRZLH GDV 0lGFKHQ GLH (LVYHUNlXIHULQ KDEHQ GDV +DXV ]X NHLQHU 6WXQGH YHUODVVHQ *HJHQ $EHQG EHWUDWHQ VHFKV 0lQQHU GHQ /DGHQ XQG NDPHQ HUVW LP 0RUJHQJUDXHQ ² XP8KU²ZLHGHUKHUDXV'LH(UPLWWOXQJHQEHUGLH 3HUVRQDOLHQGLHVHU0lQQHUVLQGQRFKQLFKWDEJHVFKORVVHQ 6RQVWDXFKEHLGHU%DQNNHLQHEHVRQGHUHQ9RUNRPPQLV VH³ (OOLVULHEVLFKQDFKGHQNOLFKGDV .LQQ'HU 9HUGDFKWEH VWlWLJWHVLFK,P(LVODGHQVWLPPWHHWZDVQLFKW$EHUQRFK JDOWHVDE]XZDUWHQ(OOLVZDUJXWJHODXQW9RUHUVWZROOWHHU .HQGDOOQRFKHLQPDODXIVXFKHQXPPLWLKP1lKHUHVEHU GLHJHSODQWH=XVDPPHQDUEHLW]XEHVSUHFKHQ² 'HU$OWHEHJUWH(OOLVLQIUHXGLJHU(UUHJXQJXQGWHLOWH LKP VRJOHLFK HLQH 1HXLJNHLW PLW Ä6WHOOHQ 6LH VLFK YRU 0DEHO KDW PLFK YRU NQDSS HLQHU 6WXQGH DQJHUXIHQ 6LH VDJWH LFK KlWWH YRQ $QIDQJ DQ UHFKW JHKDEW 0RUULV VHL XQGEOLHEHHLQ*DQJVWHU6LHZLOOPLFKKHXWHQDFKWLQHLQHU XQJHPHLQZLFKWLJHQ6DFKHQRFKPDOVDQUXIHQ²XQGGDQQ

PWHLFKXQYHU]JOLFKKDQGHOQ:DVVDJHQ6LHGD]X0U (OOLV³ 'LH 1DFKULFKW EHUUDVFKWH XQG HUIUHXWH (OOLV ]XJOHLFK Ä,FKKDEHGDV*HIKOGDZLUKHXWHQDFKWQRFKDOOHUKDQG HUOHEHQ ZHUGHQ³ VDJWH HU Ä0DQFKH 'LQJH QHKPHQ YRQ VHOEVW GHQ ULFKWLJHQ 9HUODXI 1DWUOLFK EOHLEH LFK XQWHU GLHVHQ8PVWlQGHQKHXWHQDFKWEHL,KQHQ0U.HQGDOO³ ,QGHU7DWEHUVWU]WHQVLFKLQGLHVHU1DFKWGLH(UHLJQLV VH 8P 8KU VFKULOOWH GDV 7HOHIRQ EHL .HQGDOO (KH (OOLV GHU JHUDGH DXI GHP DXVJHEHXOWHQ 0DWUDW]HQVRID LQ GHU 6WXEH HLQ ZHQLJ UXKHQ ZROOWH DXIVSULQJHQ NRQQWH KDWWHGHU$OWHGHQ+|UHUVFKRQDP2KU 0DEHOPHOGHWHVLFKPLWYRU(UUHJXQJ]LWWHUQGHU6WLPPH /HLVHZLHLP)OVWHUWRQJHVSURFKHQYHUQDKP.HQGDOOGLH :RUWHVHLQHU7RFKWHU$EJHKDFNWXQGVWRZHLVHNDPHQGLH :RUWH (LQEUXFK ² 3UDWWRQ KLHU ² VFKQHOO NRPPHQ 'DUDXI VFKZLHJ GLH IOVWHUQG YLEULHUHQGH 6WLPPH GHV 0lGFKHQV.HQGDOOULGHQ+|UHUDQGDVDQGHUH2KU$EHU QXUQRFKHLQ.QDFNHQZDULQGHU/HLWXQJ]XK|UHQ² (LQHQ $XJHQEOLFN VWDUUWH GHU $OWH (OOLV PLW JURHQ $X JHQ DQ 'DQQ ZlKOWH HU GLH 1XPPHU GHU =HQWUDOJHZHUN VFKDIW 6HLQH *HVWDOW VWUDIIWH XQG UHFNWH VLFK GLV]LSOLQLHUW VWDQG HU DP $SSDUDW 1LHPDQG KlWWH LKP VHLQH (UUHJXQJ DQPHUNHQ N|QQHQ .ODU XQG GHXWOLFK JDE HU VHLQH EHU OHJWH$QZHLVXQJÄ,P(LVODGHQXQWHUP:DNHU'ULYHLQGHU 6WUDH JHVFKLHKW HLQ 9HUEUHFKHQ 3UDWWRQ LVW GDEHL $OOH6FKRII|UHDXVXQVHUHP %H]LUNPVVHQVRIRUWGRUWKLQ XQGGLH6WUDHEORFNLHUHQ,FKZLHGHUKROH«³ $OVHUGHQ+|UHUDXIOHJWHVDKHU(OOLVWULXPSKLHUHQGDQ Ä$XI PHLQH /HXWH NDQQ LFK PLFK YHUODVVHQ³ ULHI HU LQ XQElQGLJHU )UHXGH Ä8QVHUH 1DFKULFKWHQEHUPLWWOXQJ NODSSW WDGHOORV ,Q ZHQLJHQ $XJHQEOLFNHQ ZLVVHQ VFKRQ

DOOH )DKUGLHQVWEHUHLWVFKDIWHQ XQVHUHV %H]LUNHV %HVFKHLG $XHUGHPVLQGDOOH3DUNSOlW]HGXUFKGLUHNWHQ)HUQVSUHFK DQVFKOXHUUHLFKEDU/RV(OOLVKLQ]XP(LVODGHQ³IHXHUWH HULKQDQ'HUNDPVRIRUWLQ6FKZXQJ Ä6WRSS³ULHI(OOLVZlKUHQGHUVFKRQGLH:lKOHUVFKHLEH GUHKWH XQG DQ GDV +DXSWhEHUIDOONRPPDQGR GLH JOHLFKH $ODUPPHOGXQJGXUFKJDE Ä6RMHW]WNDQQåVORVJHKHQ*OHLFKH&KDQFHQIUDOOH(V ZLUG VLFK ]HLJHQ RE GLH 3ROL]HL RGHU ,KUH *HZHUNVFKDIW GLHVHQ:HWWNDPSIJHZLQQW³ 6R IOLQN XQG OHEHQGLJ ZLH LQ GLHVHP $XJHQEOLFN GD .HQGDOO DXI GHQ +RI OLHI XQG GHQ *HZHUNVFKDIWVZDJHQ DQIXKUKDWWH(OOLVLKQQRFKQLFKWJHVHKHQ Ä:HQQLFKGDUDQGHQNHGD3UDWWRQLP(LVODGHQLVW«³ IURKORFNWH(OOLV(UIXKUPLWGHU+DQGGXUFKVHLQHQZLUUHQ +DDUVFKRSI 'LH DXVJHO|VWH 6SDQQXQJ KDWWH DXFK LKQ HUJULIIHQ (LQH +HW]MDJG GXUFK GLH QlFKWOLFKHQ 6WUDHQ GHU 6WDGW EHJDQQ .HQGDOO IXKU ZLH GHU 7HXIHO (U ERW VHLQH JDQ]H )DKUNXQVW DXI (OOLV GHU QHEHQ LKP VD VFKOR LQ GHQ .XUYHQGLH$XJHQ'LHVHVWROONKQH7HPSR$QGHU(FNH ]XU6WUDHKLHOW.HQGDOO(OOLVVSUDQJDXVGHP:DJHQ XQG OLHI ]XP (LVODGHQ (U VWDQG YRU GHP YHUGXQNHOWHQ )HQVWHU 'D ZXUGH YRQ GULQQHQ GHU 9RUKDQJ ]XUFNJH]R JHQ $XV GHU 'XQNHOKHLW GHV 5DXPHV DXIWDXFKHQG HU VFKLHQKLQWHUGHU6FKHLEH0DEHO.HQGDOOGLHPLWVWXPPHU *HElUGH HLQ =HLFKHQ JDE ZLHGHU LQ GHU )LQVWHUQLV YHU VFKZDQG XQG ZHQLJH $XJHQEOLFNH VSlWHU DXI GLH 6WUDH KHUDXVVWU]WH,QILHEHUQGHU+DVWVFKORVLHGLH7UZLHGHU XQG ]RJ GHQ 6FKOVVHO DE 6LH DWPHWH LQ JURHU (UUHJXQJ ²ZLHHLQ.HXFKHQK|UWHHVVLFKDQ (OOLVZROOWHVLHVWW]HQ'RFKGDNDPVFKRQ.HQGDOOKHU

EHL GHP VLH VLFK VRJOHLFK ]XZDQGWH :DV VLH DWHPORV KHUYRUVWLH ZDU HLQH (UJlQ]XQJ GHU WHOHIRQLVFKHQ 1DFK ULFKW -D 3UDWWRQ VHL VHOEVW LP /DGHQNHOOHU XQG OHLWH PLW 0RUULV GHQ 'XUFKEUXFK ]XP 7UHVRUUDXP GHU %DQN 'RFK MHW]W VHLHQ VLH HLQJHVFKORVVHQ XQG JHIDQJHQ ZLH LQ HLQHU 0DXVHIDOOHEUDXFKWHQQXUIHVWJHQRPPHQ]XZHUGHQ$EHU MHGHQ $XJHQEOLFN N|QQWHQ LKUH )OXFKW XQG GHU 9HUUDW EHPHUNWZHUGHQ²GDQQVHLHV]XVSlW .HQGDOOVFKWWHOWHGHQ.RSIXQGLQGHU$XIZDOOXQJVHL QHV7ULXPSKHVGUFNWHHUVHLQH7RFKWHUDQVLFK 1HLQHVZDUQLFKW]XVSlW'HQQMHW]WUROOWHQEHUHLWVSDX VHQORVGLH7D[LKHUDQ,PDEJHEOHQGHWHQ6FKHLQZHUIHUOLFKW VFKREHQ VLFK GLH $XWRV DXV GHU 2VW XQG :HVWULFKWXQJ LQ GLH 6WUDH (LQ]HOQH :DJHQ GUlQJWHQ QDFK YRUQ VFKOlQ JHOWHQVLFKPLWHUVWDXQOLFKHU6WHXHUXQJVNXQVWGD]ZLVFKHQ MHGHQ 0HWHU GHU $VSKDOWVWUDH DXVIOOHQG 'LH .HWWH GHU DQUROOHQGHQ 7D[L UL QLFKW DE ,PPHU QHXH :DJHQ NDPHQ KHUDQ ,Q GHU 1lKH GHV (LVODGHQV VFKREHQ VLFK GLH )DKU]HXJH EHU GHQ )DKUGDPP DXI GHQ *HKVWHLJ 'LH 6WUDH JOLFK HLQHP ULHVLJHQ 3DUNSODW] ZDU DQ GLHVHU 6WHOOH LQ GHU JH VDPWHQ %UHLWH YHUVWRSIW YHUUDPPHOW XQG EORFNLHUW HLQHP OFNHQORVHQ$EVSHUUJUWHOJOHLFK .HQGDOO OHLWHWH GLHVHQ $XIPDUVFK VHLQHU .ROOHJHQ ZLH HLQ VLHJHVJHZLVVHU )HOGKHUU (U VWDQG DQ GHU (LQIDKUW ]XU 6WUDH XQG OHQNWH GLH DQNRPPHQGHQ :DJHQUHLKHQ VFKOHXVWH VLH EHU GLH KROSULJH %RUGVWHLQNDQWH DXI GHQ %UJHUVWHLJ ,PPHU PHKU VWDXWHQ VLFK GLH $XWRNRORQQHQ (V ZDU GLH JU|WH XQG PHUNZUGLJVWH $XIIDKUW'HPRQ VWUDWLRQGHU&KLNDJRHU7D[LIDKUHU 8QG YRQ ZHLW KHU KHXOWHQ GLH 6LUHQHQ GHU :DJHQ GHV hEHUIDOONRPPDQGRV XQG GHU 5DGLR3ROL]HL3DWURXLOOHQ

DXIGLHYRQ(OOLVDODUPLHUWHUVWMHW]WDQNDPHQXQGGXUFK GLH VFKQHOOHUHQ 7D[LVFKRII|UH NHLQH 9RUIDKUW PHKU EH NRPPHQNRQQWHQ Ä%HLP 6WHUQHQEDQQHU 'LH JHVDPWH PRWRULVLHUWH &KL NDJRHU3ROL]HLKlWWHGDVQLFKW]XZHJHJHEUDFKW³ULHI(OOLV YROOHU %HJHLVWHUXQJ (U NOHPPWH VLFK GXUFK GLH HQJHQ =ZLVFKHQUlXPHLQPLWWHQGHUGLFKW]XVDPPHQJHVFKREHQHQ )DKU]HXJHXPGLHKHUEHLHLOHQGHQ3ROL]LVWHQGHVhEHUIDOO NRPPDQGRV ]X LQIRUPLHUHQ (OOLV EUDXFKWH VLFK QLFKW DXV]XZHLVHQ 'HU )KUHU GHV .RPPDQGRV HUNDQQWH LKQ VRIRUWREZRKOHUGXUFKGLHVH KDDUVWUlXEHQG YHUNHKUVZLG ULJH$XWRDXIIDKUW0DVVLHUXQJYHUZLUUWXQGNRSIORVZDU(U IJWHVLFKDXIIDOOHQGVFKQHOOGHQ%HIHKOHQ(OOLVå:DVKLHU JHVFKDK ZDU HLQPDOLJ LQ GHU DPHULNDQLVFKHQ 3ROL]HLJH VFKLFKWH (OOLV JUXSSLHUWH GLH 3ROL]LVWHQ XQG OLH VLH GLH 3LVWROHQ VFKXEHUHLWKDOWHQ (U UDXQWH GHP DQ VHLQHU 6HLWH VWHKHQGHQ 1HJHUVFKRII|U -LPP\GHUDOVHLIULJVWHU0DQQVLFKYRQ$QIDQJDQLQGLH 5HLKHGHU3ROL]HLZDJHQJHGUlQJWKDWWHHWZDV]X8QGDXI VHLQ +DQG]HLFKHQ OHXFKWHWHQ GLH $XWRVFKHLQZHUIHU EOLW] DUWLJ XQG JUHOO DXI NUHX]WHQ VLFK ILHOHQ NRQ]HQWULHUW DXI GHQ /DGHQHLQJDQJ 'LH 7U ZDU YHUVFKORVVHQ (OOLV VDK VLFK QDFK 0DEHO XP 6LH JDE LKP GHQ 6FKOVVHO (OOLV EHWUDWDOVHUVWHUGHQ/DGHQ² )LQVWHUQLVVWDUUWHLKPHQWJHJHQ .HLQ6FKXILHOELVKHU²HLQ:XQGHU 'LH 7DVFKHQODPSHQ GHU QDFKHLOHQGHQ 3ROL]LVWHQ GXUFK OHXFKWHWHQ GHQ 5DXP .HLQH 0HQVFKHQVHHOH ² )KOWHQ VLFK GLH *DQJVWHU VR VLFKHU RGHU KDWWHQ VLH EHLP $QEOLFN GHU XQGXUFKGULQJOLFKHQ $XWRDEVSHUUNHWWH NHLQHQ $XV EUXFKVYHUVXFKPHKUJHZDJW"

(OOLV GHU PLW YRUJHKDOWHQHU 3LVWROH YRUDQJLQJ VWROSHUWH DXI HLQPDO (U ZDU JHJHQ GLH EHU GHQ )XERGHQ YRUVWH KHQGH .HOOHUOXNH JHVWRHQ 'DV VFKLHQ GDV $ODUPVLJQDO IU GLH LP .HOOHU HLQJHVSHUUWHQ *DQJVWHU ]X VHLQ GHQQ SO|W]OLFK HQWVWDQG XQWHU GHP )XERGHQ HLQ 7XPXOW HLQ 3ROWHUQ XQG .UDFKHQ YHUPHQJW PLW )OFKHQ DXV UDXKHQ 0lQQHUNHKOHQ *OHLFK GDUDXI SHLWVFKWH HLQH $EZHKUVDOYH DXV0DVFKLQHQSLVWROHQJHJHQGLH.HOOHUOXNH(LQ.QDWWHUQ XQG %HUVWHQ YRQ VSOLWWHUQGHP +RO] VFKOXJ KHUDXI (LQ 3ROL]LVW GHU DQ (OOLVå 6HLWH JHVWDQGHQ KDWWH WRUNHOWH ]X UFN VWULFK VLFK PLW GHU +DQG EHU GDV VFKPHU]YHU]HUUWH *HVLFKWGDVLP1XEOXWEHUVWU|PWZDU 'HU /lUP XQWHQ YHUVWlUNWH VLFK (LQ K|OOLVFKHV *HWP PHO KHUUVFKWH LP .HOOHU 'LH *DQJVWHU YHUEDUULNDGLHUWHQ VLFK 'LH /LFKWNHJHO GHU 7DVFKHQODPSHQ KXVFKWHQ JHVSHQVWLJ GXUFKGHQ/DGHQ(OOLVVWLHPLWGHP)XGHQ'HFNHOGHU .HOOHUOXNH EHLVHLWH (LQ JURHU TXDGUDWLVFKHU /LFKWNHJHO ILHO GXUFK GDV 'XQNHO ,P VHOEHQ $XJHQEOLFN SUDVVHOWH HLQH6DOYHYRQXQWHQKHUDXI(OOLVGXFNWHVLFKVRIRUWGRFK DOVHUVLFKZLHGHUDXIULFKWHQZROOWHWUDILKQHLQVFKDUINDQ WLJHVYRQGHU/DGHQGHFNHDEJHEU|FNHOWHV3XW]VWFNDQGLH 6FKOlIH (U ZDQNWH XP HLQHQ 6FKULWW ]XUFN (LQ 3ROL]LVW WUDWDQVHLQH6WHOOHXQGZDUIHLQH*DVERPEHLQGHQ.HOOHU (LQ GXPSIHU .QDOO HUIROJWH XQG JOHLFK GDUDXI VHW]WH HLQH XQJHVWPH5DXFKHQWZLFNOXQJHLQ0DQK|UWHGLH*DQJVWHU XQWHQ EUOOHQ KXVWHQ XQG NHXFKHQ 3UDWWRQ IHXHUWH VHLQH .RPSOLFHQ DQ 'RFK GLHVPDO PXWH MHGHU :LGHUVWDQG DXVVLFKWVORV EOHLEHQ :LH DXV HLQHP 6FKRUQVWHLQ VWLHJHQ GLFNH EHLHQGH 5DXFKVFKZDGHQ DXV GHU .HOOHU|IIQXQJ QDFK REHQ ² 6FKZHIHOTXDOP YHUVHXFKWH GLH /XIW 0DQ PXWHGLH$XJHQVFKOLHHQXQG]XUFNZHLFKHQ

Ä7UlQHQJDV :LU NULHJHQ GLH %DQGH VFKRQ DXVJHUlX FKHUW³ULHIHLQ3ROL]LVW 1RFK HLQPDO VHW]WHQ GLH YHU]ZHLIHOWHQ *DQJVWHU ]X HL QHP $XVEUXFKVYHUVXFK DQ 3O|W]OLFK VWU]WHQ DXV GHP 4XDOP GHV .HOOHU]XJDQJV ]ZHL 0DQQ PLW YRUJHKDOWHQHU 0DVFKLQHQSLVWROH QDFK REHQ XQG IHXHUWHQ EOLQGOLQJV XP VLFK(OOLVKDWWHUHFKW]HLWLJGDV.RPPDQGR]XP+LQOHJHQ JHJHEHQ 'LH *HVFKRVVH VFKOXJHQ JHJHQ GLH :DQG XQG GXUFKGLH)HQVWHUVFKHLEHLQGLH.DURVVHULHHLQHV$XWRV 'DV ZDU GHU $XIWDNW ]X HLQHP NXU]HQ DEHU KHIWLJHQ .DPSI $OVDP(QGHGLHVLFKPLWHUKREHQHQ+lQGHQHUJHEHQGHQ *DQJVWHU DXV GHP /DGHQ ZDQNWHQ XQG LQ +DQGVFKHOOHQ JHOHJW ZXUGHQ HUNDQQWH (OOLV DXFK 3UDWWRQ XQWHU LKQHQ 6HLQ EUXWDOHV XQG MHW]W EOXWYHUVFKPLHUWHV *HVLFKW YRQ HLQHP JUHOOHQ $XWRVFKHLQZHUIHU DQJHVWUDKOW KDWWH HLQHQ YHU]HUUWHQXQGVHOWVDPYHUELVVHQHQ$XVGUXFNDOVHUDQGHU ODQJHQ $EVSHUUHLKH GHU 7D[LIDKUHU YRUEHUZDQNWH IODN NHUWH VHLQ %OLFN (U ZROOWH HV QLFKW ZDKUKDEHQ GD VHLQH )HVWQDKPHGXUFKGLH&KLNDJRHU7D[LVFKRII|UHHQWVFKLHGHQ ZRUGHQZDU² (OOLVEHUZDFKWHGHQ$EWUDQVSRUWGHU*DQJVWHU'DK|UWH HU DXI HLQPDO YRQ GHU 0LWWH GHV )DKUGDPPV KHU ZR GLH $XWRV DP JHGUlQJWHVWHQ VWDQGHQ XQG GLH $EVSHUUXQJ DP GLFKWHVWHQ ZDU HLQH ODXWH ZRKOEHNDQQWH 6WLPPH Ä3ODW] GD/DVVHQ6LHXQVGXUFK³(VZDU&RORQHO5DQGROSKDXV GHP 3UlVLGLXP GHU QXQ PLW GHQ EHLGHQ ,QVSHNWRUHQ .HO OLQJXQG+LJJLQVHUVFKLHQ Ä'DVLVWMDGDVJURDUWLJVWH6WFNLQXQVHUHU.ULPLQDOJH VFKLFKWH³ NDP HV VSUXGHOQG EHU GLH /LSSHQ GHV 3ROL]HL FKHIV$OVHU(OOLVå DQVLFKWLJZXUGHJLQJHUVRIRUW]XLKP KLQ6HLQHHWZDVSDXVEDFNLJHQ:DQJHQ]LWWHUWHQ%HYRUHU

VSUDFKKROWHHUZLHHLQ$VWKPDWLNHUWLHI/XIWÄ6DJHQ6LH VHOEVW0U(OOLV:LHNDPGLHVHUJOlQ]HQGH(UIROJ]XVWDQ GH"³ (OOLV SDIIWH DXV VHLQHU HEHQ DQJHUDXFKWHQ 3IHLIH XQG DQWZRUWHWHVFKHLQEDUIUHXQGOLFKÄ'LHVHUJOlQ]HQGH(UIROJ NDP GDGXUFK ]XVWDQGH ZHLO LFK PHKU DQ GLH HLQIDFKHQ 0HQVFKHQJODXEWHDOV6LH³