+RUQXQJ5RLWLQJHU 'LH VWHUUHLFKLVFKHQ 0XQGDUWHQ

+RUQXQJ5RLWLQJHU 'LH VWHUUHLFKLVFKHQ 0XQGDUWHQ

Maria Hornung Franz Roitinger Die österreichischen Mundarten Eine Einführung Neu bearbeitet von Gerhard Zeillinger

²'LH VWHUUHLFKLVFKHQ0XQGDUWHQ HUVFKLHQHQLQLKUHUXUVSU QJOLFKHQ)DVVXQJXQWHUGHP7LWHO ²8QVHUH0XQGDUWHQ LPgVWHUUHLFKLVFKHQ%XQGHVYHUODJ DOV+HIWGHU5HLKH²6SUHFKHU]LHKXQJ KJYRQ)HOL[7URMDQ $XIODJH {9HUODJVJPE+ &R.*:LHQ $OOH5HFKWHYRUEHKDOWHQ -HGH$UWGHU9HUYLHOIlOWLJXQJDXFKDXV]XJVZHLVHJHVHW]OLFKYHUERWHQ 8PVFKODJJHVWDOWXQJ*DGL)LVFKPDQ 6DW]GDWDFRQ:LHQ 'UXFN:LHQHU9HUODJ+LPEHUJ:LHQ,6%1

,QKDOW,QKDOW $EN U]XQJHQ 9RUZRUW]XU1HXDXIODJH (LQOHLWXQJ :LHQ 1LHGHU VWHUUHLFK %XUJHQODQG 2EHU VWHUUHLFK 6DO]EXUJ 6WHLHUPDUN.lUQWHQ 7LURO ([NXUV2VWWLURO ([NXUV6 GWLURO 9RUDUOEHUJ gvwhuuhlfklvfkh0xqgduwhqdx HUKDOEGHV6WDDWVJHELHWHV6SUDFKLQVHOQ /LWHUDWXUYHU]HLFKQLV.DUWHQ 0XQGDUWOLFKH*OLHGHUXQJgVWHUUHLFKV 'LHXL0XQGDUWHQLP VWOLFKHQgVWHUUHLFK 'LHDOWHUW POLFKVWHQ0XQGDUWJHELHWHLQ1gXQG2gXP 'HU /DXWLQ2EHU VWHUUHLFK 'HU /DXWLQ2EHU VWHUUHLFK.lUQWHQ 7LURO 2VWWLURO9HUEUHLWXQJVJHELHWHGHU0XQGDUWIRUPHQI U²0XWWHU 'LH%XQGHVOlQGHU:LHQ1LHGHU VWHUUHLFK%XUJHQODQG2EHU VWHUUHLFKXQG6DO]EXUJZXUGHQ YRQ )UDQ] 5RLWLQJHU GLH %XQGHVOlQGHU 6WHLHUPDUN.lUQWHQ 7LURO PLW 2VWWLURO XQG 9RUDUO EHUJVRZLHGLH6SUDFKLQVHOQDX HUKDOEGHV 6WDDWVJHELHWHV YRQ 0DULD +RUQXQJ 6 GWLURO YRQ 0DULD+RUQXQJXQG*HUKDUG=HLOOLQJHUEHDUEHLWHW

$EN U]XQJHQ $EN U]XQJHQ $EW $EWHLOXQJ DKG DOWKRFKGHXWVFK DOOJ DOOJHPHLQ DOWHUW PO DOWHUW POLFK $QP $QPHUNXQJ $XIO $XIODJH %G%GH %DQG%lQGH %HDUE %HDUEHLWHU EHDUE EHDUEHLWHW %JOG %XUJHQODQG E]Z EH]LHKXQJVZHLVH 'HP 'HPLQXWLYXP GK GDVKHL W GW GHXWVFK HLJWO HLJHQWOLFK (UJEG (UJlQ]XQJVEDQG HW\P HW\PRORJLVFK III IROJHQGH JHUP JHUPDQLVFK JULHFK JULHFKLVFK + +HIW +DELO +DELOLWDWLRQVVFKULIW +J +HUDXVJHEHU KJ KHUDXVJHJHEHQ KLVW KLVWRULVFK LGJ LQGRJHUPDQLVFK LWDO LWDOLHQLVFK -J -DKUJDQJ -K -DKUKXQGHUW.O.ODVVH ODW ODWHLQLVFK PEDLU PLWWHOEDLULVFK 0GD 0XQGDUW PGDO PXQGDUWOLFK PKG PLWWHOKRFKGHXWVFK 1g 1LHGHU VWHUUHLFK R- RKQH-DKU 21 2UWVQDPH 2g 2EHU VWHUUHLFK 3HUV 3HUVRQJUDPPDWLNDOLVFK 3KLO'LVV 'LVVHUWDWLRQDQGHU 3KLORVRSKLVFKHQ)DNXOWlW 3O 3OXUDO 31 3HUVRQHQQDPH 3UlV 3UlVHQV URP URPDQLVFK 6 6HLWH 6EJ 6DO]EXUJ 6LQJ 6LQJXODU VODZ VODZLVFK VORZ VORZHQLVFK VSUDFKO VSUDFKOLFK V GEDLU V GEDLULVFK XD XQGDQGHUH EHUWU EHUWUDJHQ XQRUJDQ XQRUJDQLVFK XUVSU QJO XUVSU QJOLFK XVZ XQGVRZHLWHU XYD XQGYLHOHDQGHUH 9EJ 9RUDUOEHUJ YEJ YRUDUOEHUJLVFK YHUP YHUPHKUWH YHUZ YHUZDQGW YJO YHUJOHLFKH ZDKUVFKHLQO ZDKUVFKHLQOLFK Z UWO Z UWOLFK ]% ]XP%HLVSLHO ]LPEU ]LPEULVFK! ZLUG]X HQWVWDQGHQDXV HUVFKORVVHQH ELVKHUQLFKWEHOHJWH)RUP

9RUZRUW]XU1HXDXIODJH 9RUZRUW]XU1HXDXIODJH 1DFKGHP QXQ I QI]LJ -DKUH VHLW GHP (UVFKHLQHQ GHV % FKOHLQV ²8QVHUH 0XQGDUWHQ YHUJDQJHQVLQGHUVFKHLQWHLQHQHXHYHUEHVVHUWHXQGHUZHLWHUWH'DUVWHOOXQJGHU0DWHULH ]ZHFNPl LJ) UPHLQHQYHUVWRUEHQHQ.ROOHJHQ)UDQ]5RLWLQJHUXQGI UPLFKZDU GLH HUVFKLHQHQH 3XEOLNDWLRQ ²8QVHUH 0XQGDUWHQ HLQ HUVWHV XPIDVVHQGHV :HUN GHVVHQ$XIJDEHGDULQEHVWDQGYRUDOOHPGHQ/HKUHUQHLQH]ZHFNGLHQOLFKH(LQI KUXQJ LQGLHVRXQWHUVFKLHGOLFKHQ VWHUUHLFKLVFKHQ0XQGDUWHQ]XELHWHQ$XFKYRQ6WXGHQWHQ GHU*HUPDQLVWLNZXUGHHVELV]XPKHXWLJHQ7DJLPPHUZLHGHUDOVQ W]OLFKH*UXQGODJH KHUDQJH]RJHQ 1DFKVRODQJHU=ZLVFKHQ]HLWLQGHUYLHODXIGHP*HELHWGHU'LDOHNWRORJLHLQgVWHUUHLFK JHIRUVFKWXQGSXEOL]LHUWZXUGHLVWHVPLUHLQ%HG UIQLVHLQHLQYLHOHQ%HUHLFKHQDNWXDOL VLHUWH)DVVXQJ YRU]XOHJHQ'HU KLHU EHVFKULHEHQH 6WDQG GHU 0XQGDUWHQ EOHLEW LP:H VHQWOLFKHQDXIGHQ)XQGXVGHU0DWHULDOLHQGHV,QVWLWXWVI U VWHUUHLFKLVFKH'LDOHNWXQG 1DPHQOH[LNDXPEH]RJHQ$OV%HLVSLHOI UGHQVHLWKHUHLQJHWUHWHQHQ/DXWZDQGHO ELHWHWVLFKGLH(QWZLFNOXQJGHVPKG DQKDQGGHV:RUWHV²JUR QDFK*$,6%$8(5 DQGLHGHQ5 FN]XJGHUFKDUDNWHULVWLVFKHQ6RQGHUHQWZLFNOXQJHQ]XgE]ZgDXI]HLJW 6RZHUGHQGLHlOWHUHQ)RUPHQJUgVXQGJUgV]XVHKHQGVYRQJURVYHUGUlQJW )UDQ]5RLWLQJHUV².HUQVW FN VHLQHV%HLWUDJHVLVW2EHU VWHUUHLFK'LHKLHUGDUJHVWHOOWH DOWH 0XQGDUWZHOW ZLUG RKQH DOO]X JUR H (LQVFKUlQNXQJHQ QRFKPDOV GDUJHERWHQ $OWH XQGMXQJH)RUPHQVWHKHQKHXWHKLHULQH[WUHPHQ*HJHQVlW]HQHLQDQGHUJHJHQ EHUGLH PDQLP5DKPHQGLHVHU3XEOLNDWLRQQLFKWLP(LQ]HOQHQDXIOLVWHQNDQQ2EHU VWHUUHLFKLVW PLWVHLQHUGXUFKGHQ6WHO]KDPHUEXQGEHVRQGHUVEHWRQWHQ0XQGDUWSIOHJHHLQ*HELHWLQ GHPEHZXVVWH(UKDOWXQJDOWHQ0XQGDUWJXWHVVHKUGHXWOLFKHQ(UQHXHUXQJVEHVWUHEXQJHQ JHJHQ EHUVWHKW'HU²6SUDFKDWODVYRQ2EHU VWHUUHLFK KDWGLHVFKZLHULJH$XIJD EH EHUQRPPHQHLQNODUHV%LOGGHUJHJHQZlUWLJHQ6SUDFKJHVWDOWXQJ]XYHUPLWWHOQ :HQQ KHXWH YLHOH VSUDFKOLFKH 1HXHUXQJHQ LQ XQVHUHQ 6SUDFKJHEUDXFK HLQJHGUXQJHQ VLQGXQGGDPLWHLQHDOOJHPHLQH9HUIODFKXQJXQVHUHU0XQGDUWHQHLQJHWUHWHQLVWVRZLOO LFKPLFKGRFKDXIGDVQRFKJXWHUNHQQEDUH*HU VWXQVHUHUYRONVW POLFKHQ6SUDFKHEH ]LHKHQ ZLH HV GHQ )RUVFKXQJVHUJHEQLVVHQ GHV JHQDQQWHQ,QVWLWXWHV GHP LFK VHLW DQJHK UWH XQG GHP ²: UWHUEXFK GHU EDLULVFKHQ 0XQGDUWHQ LQ gvwhuuhlfk II HLJHQLVW 0HLQ'DQNI UZHUWYROOH+LQZHLVHJLOWPHLQHQ.ROOHJHQDP,QVWLWXWI U VWHUUHLFKLVFKH 'LDOHNW XQG 1DPHQOH[LND GHU gvwhuuhlfklvfkhq $NDGHPLH GHU :LVVHQVFKDIWHQ VRZLH +HUUQ'U*HUKDUG=HLOOLQJHUGHUPLWGHU5HLQVFKULIWXQG/HNWRULHUXQJGHV0DQXVNULS WHVEHIDVVWZDUXQGI UHLQHZHLWJHKHQGH1HXEHDUEHLWXQJJHVRUJWKDW'HPgVWHUUHLFKL VFKHQ%XQGHVYHUODJGHVVHQ$XWRULQLFKVHLWGHP(UVFKHLQHQYRQ²8QVHUH0XQGDUWHQ LQPHKUIDFKHU+LQVLFKWVHLQNRQQWHELQLFKI UGLHVWHWVYHUVWlQGQLVYROOHXQGHU IROJUHLFKH=XVDPPHQDUEHLWDXIULFKWLJYHUEXQGHQ :LHQLP)U KMDKU 0DULD+RUQXQJ

(LQOHLWXQJ (LQOHLWXQJ =XU'LDOHNWNXQGHLQŒVWHUUHLFK :HQQ GLHVH (LQI KUXQJ LQ GLH VWHUUHLFKLVFKHQ 0XQGDUWHQ HUVWPDOV LQ HLQHU 5HLKHHUVFKLHQGLHGHQ7LWHO²6SUHFKHU]LHKXQJ WUXJVRKDWWHGLHVVHLQHQJDQ]EH VRQGHUHQ6LQQ:XUGH0XQGDUWLQIU KHUHQ=HLWHQDOVHLQH$UW²YHUGHUEWH6FKULIW VSUDFKH EHDUJZ KQWVRVROOWHQXQPHKUDXIGLHZLFKWLJH%HGHXWXQJYHUZLHVHQZHU GHQGLHLKULQQHUKDOEGHVVSUDFKOLFKHQ*HI JHVHLQHV/DQGHVXQGVHLQHU%HZRKQHU ]XNRPPW -D HV VROOWH JDU GLH 1RWZHQGLJNHLW KHUDXVJHVWHOOW ZHUGHQ LKUH %HWUDFK WXQJLQHLQH/HKUHYRPULFKWLJHQ6SUHFKHQHLQ]XEH]LHKHQ/HW]WOLFKZLUGGLH0XQG DUW LQ HLQHU =HLW GHU 6SUDFKYHUlQGHUXQJ GXUFK )UHPGHLQIO VVH ]X HLQHP 5 FNKDOW GHUXUHLJHQVWHQVSUDFKOLFKHQ:HVHQVDUW 8PGDV-DKUKHUXPNRQQWHVLFKQRFKQLHPDQGYRUVWHOOHQGDVVGLH%HVFKlIWL JXQJPLWGHQ0XQGDUWHQGLHGDPDOVQRFKLQYLHODOWHUW POLFKHUHU)RUPXQGLQYLHO EUHLWHUHQ.UHLVHQJHVSURFKHQZXUGHQHLQPDO]XHLQHUZLVVHQVFKDIWOLFKHQ'LV]LSOLQ ZHUGHQ VROOWH 'HQQRFK ZXUGH JHUDGH GDPDOV GXUFK GHQ *HLVW GHU 5RPDQWLN GHU GDV9RONVW POLFKHLQDOOHQVHLQHQ(UVFKHLQXQJVIRUPHQQHXHQWGHFNWHGHUHUVWH$Q VWR JHJHEHQ 'LH 6FKDU GHU MXQJHQ *HUPDQLVWHQ XP -DNRE *5,00 HUNDQQWH GLH GLUHNWH $EVWDPPXQJ GHU 0XQGDUWHQ DXV GHP PLWWHOKRFKGHXWVFKHQ 6SUDFKJXW -RKDQQ $QGUHDV 6&+0(//(5 OHJWH ]ZLVFKHQ XQG PLW GHP YLHUWHLOLJHQ ²%D\HULVFKHQ : UWHUEXFK HLQ EDKQEUHFKHQGHV :HUN YRU LQ ZHOFKHP HU DXFK PXQGDUWOLFKHV 6DPPHOJXW DXV gvwhuuhlfk YHUDUEHLWHWH 6SlWHU HUVFKLHQHQ DQGHUH OH[LNDOLVFKH 6DPPOXQJHQ GHV PXQGDUWOLFKHQ 6SUDFKVFKDW]HV VWHUUHLFKLVFKHU (LQ ]HOODQGVFKDIWHQ 'LH EHGHXWHQGVWHQ ZDUHQ GDV ².lUQWLVFKH : UWHUEXFK YRQ 0DWWKLDV/(;(5XQGGDV²7LUROLVFKH,GLRWLNRQ YRQ-RKDQQ%6&+g3) 'HQ EOR HQ=XVDPPHQVWHOOXQJHQGHV:RUWJXWHVIROJWHQJUDPPDWLNDOLVFKH8QWHUVXFKXQ JHQ]XQlFKVWHLQ]HOQHU0XQGDUWHQELVJU HUH5lXPH EHUEOLFNWZHUGHQNRQQWHQ XQG VFKOLH OLFK GLH QHXH :LVVHQVFKDIW GLH /HKUH YRQ GHQ 0XQGDUWHQ DXVJHELOGHW ZDU'HU7LUROHU'LDOHNWIRUVFKHU-RVHI6&+$7= KLHOWDOV(UVWHULQgVWHU UHLFK PXQGDUWNXQGOLFKH 9RUOHVXQJHQ DQ GHU 8QLYHUVLWlW,QQVEUXFN,KP IROJWHQ LQ :LHQYRQ GHP :LHQHU *HUPDQLVWHQ -RVHSK 6((0h//(5 DXVJHELOGHW $QWRQ3)$/= XQGVSlWHUGHU'LDOHNWJHRJUDSK(EHUKDUG.5$1=0$<(5 GHU GXUFK -DKU]HKQWH GLH 0XQGDUWNXQGH DQ GHU :LHQHU 8QLYHUVLWlW OHKUWHZlKUHQGLQ*UD]/HR-87= GHUHUVWHJUR H9HUWUHWHUGLHVHV)D FKHV ZXUGH $OV HLQHU GHU H[DNWHVWHQ )RUVFKHU XQG EHGHXWHQGVWHQ $QUHJHU VHLQHU *HQHUDWLRQZLUNWH3ULPXV/(66,$. GHU9DWHUGHU.lUQWQHU0XQGDUW IRUVFKXQJ$QGHU:LHQHU8QLYHUVLWlWZDUHVGDV9HUGLHQVW:DOWHU67(,1+$86(56 GLH0XQGDUWNXQGHPLWGHU2UWVQDPHQNXQGHLQQLJVW]XYHUNQ SIHQXQG EHLGH'LV]LSOLQHQGDGXUFK]XEHIUXFKWHQ

(LQOHLWXQJ 6FKOLH OLFK VHL QRFK DXI GLH =HQWUDOVWHOOH GHU PRGHUQHQ VWHUUHLFKLVFKHQ 0XQGDUW IRUVFKXQJKLQJHZLHVHQGDV,QVWLWXWI U VWHUUHLFKLVFKH'LDOHNWXQG1DPHQOH[LNDGHU gvwhuuhlfklvfkhq$ndghplhghu:lvvhqvfkdiwhq6hlwhuvfkhlqwgruwgdv²: U WHUEXFK GHU EDLULVFKHQ 0XQGDUWHQ LQ gvwhuuhlfk DOV JUR DQJHOHJWHV : UWHUEXFK GHU VWHUUHLFKLVFKHQ 0XQGDUWHQ DXVJHQRPPHQ GDV $OHPDQQLVFKH LQ 9RUDUOEHUJ 6HLWGHU6FKDIIXQJGLHVHV8QWHUQHKPHQVGXUFK-RVHSK6((0h//(5ZXUGHXQWHUGHU /HLWXQJGHU3URIHVVRUHQ$QWRQ3)$/=XQG9LNWRU'2//0$<5 (EHU KDUG.5$1=0$<(5,QJR5(,))(167(,1XQG3HWHU:,(6,1*(5UHGLJLHUWXQWHUDQ GHUHPGXUFK0DULD+25181*XQG:HUQHU%$8(5HLQH) OOHYRQ0DWHULDOJHVDP PHOW GDV GHU :LVVHQVFKDIW DQVRQVWHQ I U LPPHU YHUORUHQ JHJDQJHQ ZlUH 'HQQ VFKRQZlKUHQGGHV%HVWDQGHVGLHVHU,QVWLWXWLRQVHLWKDEHQVLFKJUR H9HUlQGH UXQJHQ LP VSUDFKOLFKHQ *HI JH GHU HLQ]HOQHQ %XQGHVOlQGHU YROO]RJHQ ZRI U GLH VWDDWOLFKH $XIO VXQJ GHU VWHUUHLFKLVFKXQJDULVFKHQ 0RQDUFKLH XQG GLH JUR HQ 9RONVYHUVFKLHEXQJHQ LQIROJH GHV =ZHLWHQ :HOWNULHJV YHUDQWZRUWOLFK ZDUHQ 'D GXUFKGDVVYLHOHQRUWVVRYLHOH0HQVFKHQ VHLHVGXUFK:HKUGLHQVWRGHU8PVLHGOXQJ JH]ZXQJHQ ZDUHQ LKU /HEHQ XQWHU DQGHUV VSUHFKHQGHQ 0HQVFKHQ IRUW]XVHW]HQ ULVVGLH.RQWLQXLWlWGHUJOHLFKPl LJYHUODXIHQGHQ6SUDFKHQWZLFNOXQJSO W]OLFKDEHV NDP ]X JUR HQ 8PELOGXQJHQ GHUHQ 7UDJZHLWH ELV KHXWH QRFK QLFKW DEVFKOLH HQG EHXUWHLOWZHUGHQNDQQ 'LH0XQGDUWHQYRULKUHPKLVWRULVFKHQXQGVR]LRORJLVFKHQ+LQWHUJUXQG :LHOLHJHQDEHUGLHVSUDFKOLFKHQ9HUKlOWQLVVHLQgVWHUUHLFKXQGZHOFKH6FKLFKWHQ ELOGHQVHLQVSUDFKOLFKHV*HI JH"8PGLHVH)UDJH]XNOlUHQPXVVPDQVLHYRUDOOHP YRQ]ZHL*HVLFKWVSXQNWHQKHUEHWUDFKWHQYRPKLVWRULVFKHQXQGYRPVR]LRORJLVFKHQ + L V W R U L V F K JHVHKHQKDEHQVLFKGLH VWHUUHLFKLVFKHQ0XQGDUWHQDXVGHP0LWWHO KRFKGHXWVFKHQHQWZLFNHOW6FKRQLP0LWWHODOWHUH[LVWLHUWHQQHEHQHLQDQGHUYHUVFKLH GHQH0XQGDUWHQGLHEHLGHQZLFKWLJVWHQXQWHULKQHQGLHEDLULVFKHXQGGLHDOHPDQQL VFKH6WDPPHVPXQGDUWZXUGHQXQGZHUGHQLQgVWHUUHLFKJHVSURFKHQ=XU=HLWGHU %O WH GHU PLWWHOKRFKGHXWVFKHQ 'LFKWXQJ ZDU GLH DOHPDQQLVFKH 0XQGDUW WRQDQJH EHQGDXVLKUZXUGHJHUDGH]XHLQH'LFKWHUVSUDFKHHLQH+RFKVSUDFKHKHUDXVHQWZL FNHOW 1DFK GHP (QGH GHV 5LWWHUWXPV XQG VHLQHU +RFKNXOWXU LP XQG -DKU KXQGHUWEHJDQQHQYRQJDQ]DQGHUHU6HLWHKHUQHXH%HVWUHEXQJHQZLUNVDP]XZHU GHQ,Q GHU )ROJH ELOGHWH VLFK GLH QHXKRFKGHXWVFKH 6FKULIWVSUDFKH DXV GHU 3UDJHU XQG:LHQHU+RINDQ]OHLVSUDFKHKHUDXV,KUHQEHLGHQ%LOGXQJVRUWHQJHPl HQWQDKP VLH I U LKUHQ /DXW XQG )RUPHQVWDQG VRZLH I U LKUHQ :RUWVFKDW] 0DWHULDO DXV GHQ RVWPLWWHOGHXWVFKHQZLHDXVGHQLPV GOLFKHQGHXWVFKHQ6SUDFKJHELHWJHVSURFKHQHQ REHUGHXWVFKHQ0XQGDUWHQ:lKUHQGGLHVH6SUDFKQRUPVLFKLP/DXIHYRQ-DKUKXQ GHUWHQDOVGLHI UGDVJHVDPWH6SUDFKJHELHWJ OWLJH6FKULIWXQG+RFKVSUDFKHLPPHU PHKUIHVWLJWHEHVWDQGHQGLHDQHLQ]HOQH/DQGVFKDIWHQXQG2UWHJHEXQGHQHQ0XQG

(LQOHLWXQJ DUWHQ QDKH]X XQEHVFKUl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²ZHLW XQG²:HLGH KDEHQEHLGH LQLKUHP6WDPPHLQHQHL/DXW GHUXQYRUHLQJHQRPPHQH%HWUDFKWHUN QQWHPHLQHQ GDVVLQEHLGHQ)lOOHQGHUVHOEH/DXWYRUOLHJWXQGGLHPXQGDUWOLFKH8QWHUVFKHLGXQJLQ ZDLW ZHLW XQG :DG :HLGH :LOON U VHL =LHKW PDQ MHGRFK GDV 0LWWHOKRFKGHXW VFKHKHUDQVR]HLJWVLFKGDVVGDVHUVWH:RUWDXVPKGZ WHQWVWDQGHQLVWGDV]ZHLWH DEHUDXVPKGZHLGH'HUPKG /DXWHQWZLFNHOWHVLFKODXWJHVHW]OLFK]XHLVSULFKDL ZHLWHU ZRULQDXFKGLH6FKULIWVSUDFKHGHUEDLULVFKHQ0XQGDUWIROJWH GHUHL/DXW DEHUZXUGHPXQGDUWOLFK]XDE]ZVWlGWLVFK]XDHLQH(QWZLFNOXQJDQGHUVLFKGLH 6FKULIWVSUDFKHQLFKWEHWHLOLJWH bkqolfklvwglh/djhdxfkehlghqx/dxwhq(lq9hujohlfkghu: UWHU²0XWWHU XQG ²SXW]HQ HUJLEW YRP 6WDQGSXQNW GHU 6FKULIWVSUDFKH NHLQHUOHL 8QWHUVFKLHG GHV 6WDPPYRNDOV'LH0XQGDUWDEHUXQWHUVFKHLGHW]ZLVFKHQ0XDWDXQGEXWVVQXQGZHLVW GDGXUFKHLQGU FNOLFKGDUDXIKLQGDVVLP0LWWHOKRFKGHXWVFKHQWDWVlFKOLFK]ZHLYHU VFKLHGHQH /DXWH QlPOLFK XR PXRWHU XQG X SXW]HQ YRUOLHJHQ VLHKH hehuvlfkw 6'LHQHXKRFKGHXWVFKH6FKULIWVSUDFKHVFKORVVVLFKLQGLHVHP3XQNWHGHUPLWWHO GHXWVFKHQ0XQGDUWDQGLHGLH8QWHUVFKHLGXQJ]ZLVFKHQXRXDXQGXIDOOHQOLH %HVRQGHUVHUKHOOHQGZLUGGLHVH(UNHQQWQLVHUVWGDQQZHQQPDQEHREDFKWHWGDVVLQ DOOHQ)lOOHQLQGHQHQ PKGXRYRUOLHJWLQGHU 0XQGDUW XD XL RGHUXH JHVSURFKHQ ZLUGDOVRGHU=ZLHODXWXQXPVW OLFKHUKDOWHQEOHLEW(VLVWKLHUDOVRWDWVlFKOLFKYRQ /DXWJHVHW]HQDXV]XJHKHQGLHVLFKJHUDGH]XEHKDUUOLFKGXUFK-DKUKXQGHUWHKLQGXUFK HUKDOWHQKDEHQ:LHVWDUNGLHVH.UDIWGHU%HKDUUOLFKNHLWJHUDGHLP6SUDFKOLFKHQLVW ZLUGGDQQHUVWYROOHQGVNODUZHQQPDQGLH EULJHQ(UVFKHLQXQJVEHUHLFKHGHV9RONV W POLFKHQDXI6FKZXQGRGHU(UKDOWXQJGHV$OWKHUJHEUDFKWHQXQWHUVXFKW/lQGOLFKH 9RONVNXQVWXQG*HEUlXFKH6SLHOH7lQ]H7UDFKWHQXVZVLQGLQYLHOHQ*HJHQGHQ HQWZHGHU OlQJVW JHVFKZXQGHQ RGHU QXU QRFK LQ VSlUOLFKHQ 5HVWHQ YRUKDQGHQ 'LH 0XQGDUWGDJHJHQEOLHELQLKUHUDOWHQ*HVWDOWXQJZHLWJHKHQGELV]XU*HJHQZDUWHU KDOWHQ,PJHVHOOVFKDIWOLFKHQ9HUNHKUJLEWHVIUHLOLFKOlQJVWYHUVFKLHGHQH$QSDVVXQ JHQVRZHLFKWGHUGLH0XQGDUWJHZRKQWH/DQGEHZRKQHULP*HVSUlFKPLW3HUVRQHQ DXVGHU6WDGWJHUQHYRQVHLQHULKPDQVRQVWHQVHOEVWYHUVWlQGOLFKHUVFKHLQHQGHQ6SUD FKH DE XQG YHUVXFKW VLFK PHKU XPJDQJVVSUDFKOLFKHUH RGHU VFKULIWVSUDFKHQQlKHUH

(LQOHLWXQJ )RUPHQDQ]XHLJQHQ,QGHQOHW]WHQI QI]LJ-DKUHQLVWDXFKGHU(LQIOXVVGHU0HGLHQ LQVEHVRQGHUH GHV YRUQHKPOLFK EXQGHVGHXWVFK JHSUl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lQGHXQG%HUXIVJUXSSHQQLFKWQXULKUHHLJHQH $XVGUXFNVZHLVHXQGLKUHQHLJHQHQ:RUWVFKDW]VRQGHUQDXFKLKUHHLJHQH$XVVSUD FKH6RLVWHVDOVRP JOLFKGDVVDQGHPVHOEHQ2UWLQVEHVRQGHUHLPVWlGWLVFKHQ%H UHLFKJU EVWH0XQGDUWXQGDXVJHIHLOWHVWH+RFKVSUDFKHHLQDQGHUJHJHQ EHUVWHKHQ 1DW UOLFKJLEWHV]ZLVFKHQGLHVHQEHLGHQlX HUVWHQ*UHQ]IlOOHQQRFKYHUVFKLHGHQH =ZLVFKHQVWXIHQ 8QDEKlQJLJ YRQ LKUHQ IHLQHQ 1XDQFLHUXQJHQ ZLUG DOOHV ZDV ]ZL VFKHQ +RFKVSUDFKH XQG 0XQGDUW OLHJW XQG YRQ EHLGHQ EHHLQIOXVVW LVW DOV 8 P JDQJVE]Z9HUNHKUVVSUDFKH EH]HLFKQHW6LHWULWWEHVRQGHUV GRUW DXI ZR YLHOH0HQVFKHQDXVYHUVFKLHGHQHQ*HJHQGHQ]XVDPPHQNRPPHQXQGZLHYRQVHOEVW DOOH EHVRQGHUHQ (LJHQW POLFKNHLWHQ GHU 0XQGDUWHQ GXUFK $QSDVVXQJHQ YHUORUHQ JHKHQ'LH8PJDQJVVSUDFKHLVWDXFKDXIGHP/DQGVWDUNYRQGHQ6WDGWPXQGDUWHQ DOVGHQIHLQHUYRUQHKPHUJHOWHQGHQEHHLQIOXVVWLQgVWHUUHLFKLQVEHVRQGHUHYRQGHU :LHQHU0XQGDUWXQWHUGHUHQ(LQZLUNXQJZLHGHUGLH/LQ]HU*UD]HU.ODJHQIXUWHU 0XQGDUWHQVWHKHQ'LHYHUVFKLHGHQDUWLJJHSUlJWH8PJDQJVVSUDFKHLVWDOVRYRUDOOHP LQ YHUNHKUVUHLFKHQ *HJHQGHQ XQG,QGXVWULHJHELHWHQ ]X ILQGHQ $EJHVHKHQ GDYRQ EHGLHQHQVLFKLKUHUVR]LDOJHKREHQH3HUVRQHQGLHI UJHZ KQOLFKGLH+RFKVSUDFKH JHEUDXFKHQ LP 8PJDQJ PLW ²XQWHUHQ %HY ONHUXQJVVFKLFKWHQ YRQ GHQHQ VLH GHQ *HEUDXFKGHU0XQGDUWYRUDXVVHW]HQZlKUHQGGLHVHZLHGHUXPQDFK$QSDVVXQJDQ GLH²REHUHQ 6FKLFKWHQVWUHEHQ%HLGHILQGHQHLQDQGHULQGHU9HUNHKUVVSUDFKH0LW GHQ%DXHUQPXQGDUWHQLQGHQHQVLFKGLH=HXJQLVVHlOWHVWHQ6SUDFKJHEUDXFKHVZHLW JHKHQGHUKDOWHQKDEHQKDWGLHVHDOOHUGLQJVNDXPQRFKHWZDV]XWXQ 'LH'DUVWHOOXQJGHU VWHUUHLFKLVFKHQ0XQGDUWHQLP)ROJHQGHQVROOP JOLFKVWDOOJH PHLQYHUVWlQGOLFKVHLQ:LHZRKOVLHQDW UOLFKVDFKOLFKDXIGHQ(UJHEQLVVHQGHUZLV VHQVFKDIWOLFKHQ0XQGDUWIRUVFKXQJLQVEHVRQGHUHGHV-DKUKXQGHUWVJU QGHWZXU GHDXIZLVVHQVFKDIWOLFKH7HUPLQRORJLHZHLWJHKHQGYHU]LFKWHW =XU/DXWVFKULIW 9HUVXFKH]XU$XIVWHOOXQJHLQHU/DXWVFKULIWZXUGHQXQGZHUGHQYRQYHUVFKLHGHQHQ 6HLWHQ LPPHU ZLHGHU XQWHUQRPPHQ YRU DOOHP DXFK I U GHQ )UHPGVSUDFKHQXQWHU

(LQOHLWXQJ ULFKWGLHPHLVWHQGHUDUWLJHQ6\VWHPHXQWHUVFKHLGHQVLFKMHGRFKVWDUNYRQHLQDQGHU 'DV,QVWLWXWI U VWHUUHLFKLVFKH'LDOHNWXQG1DPHQOH[LNDGHUgVWHUUHLFKLVFKHQ$ND GHPLH GHU :LVVHQVFKDIWHQ YHUZHQGHW I U VHLQH =ZHFNH HLQ VWUHQJ ZLVVHQVFKDIWOLFK EHJU QGHWHV=HLFKHQV\VWHPGDVDEHULP,QWHUHVVHGHUDOOJHPHLQHQ9HUVWlQGOLFKNHLW XQG OHLFKWHQ /HVEDUNHLW KLHU QLFKW DQJHZHQGHW ZHUGHQ NRQQWH $QGHUHUVHLWV ZlUH DEHU DXFK HLQH VR ZHLW JHKHQGH $QJOHLFKXQJ GHU /DXWVFKULIW DQ GDV JHZ KQOLFKH $OSKDEHW QLFKW ]ZHFNHQWVSUHFKHQG ZLH VLFK GDV ]% HLQ 0XQGDUWGLFKWHU HUODXEW GHU WURW] DOOHU =XJHVWlQGQLVVH DQ GLH 1RUPDORUWKRJUDILH PLW GHP ULFKWLJHQ 9HU VWlQGQLV EHL VHLQHP /HVHUNUHLV UHFKQHQ NDQQ +LHU VROOHQ DEHU JHUDGH GLH 8QWHU VFKLHGHGHUHLQ]HOQHQ0XQGDUWHQKHUDXVJHDUEHLWHWZHUGHQJU HUH*HQDXLJNHLWLVW GDKHUXQHUOlVVOLFK*UXQGVDW]GHUKLHUYHUZHQGHWHQ/DXWVFKULIWLVWGHUGDVVQXUDOOHV ZLUNOLFK *HVSURFKHQH XQG PLW GHP *HK U :DKUQHKPEDUH ZLHGHUJHJHEHQ ZLUG 0DQ PXVV VLFK DOVR JlQ]OLFK YRP JHZRKQWHQ 6FKULIWELOG IUHLPDFKHQ XQG VLFK EH P KHQQXUGDVDXV]XVSUHFKHQZDVZLUNOLFKDXIGHP3DSLHUVWHKW %HL 6 H O E V W O D X W H Q 9RNDOHQXQWHUVFKHLGHWPDQ. U]HQXQG/lQJHQ'LH. U]HQ ZHUGHQQLFKWHLJHQVEH]HLFKQHWGLH/lQJHQQXUEHLV GEDLULVFKHQ0XQGDUWHQZRVLH EHVRQGHUVDXIIlOOLJVLQGPLWHLQHP4XHUVWULFK EHUGHP/DXW]%VQHVVHQO!VQ ODVVHQLQGHU.lUQWQHU0XQGDUW) UGLH0XQGDUWHQYRQ:LHQ1LHGHU VWHUUHLFK %XUJHQODQG2EHU VWHUUHLFKXQGGHV*UR WHLOVYRQ6DO]EXUJJLOWGLH5HJHOGDVVHLQ 6HOEVWODXWYRU6FKZDFKODXWHQEGJEIGVFKVVFKVRZLHYRUUOQHWZDVJHGHKQW ]XOHVHQLVWYRU6WDUNODXWHQSWNSIWVVFKFKVVVFKVFKDEHUNXU] $XIDXIIlOOLJH %HVRQGHUKHLWHQ ZLUG LQ )X QRWHQ KLQJHZLHVHQ 'HKQXQJV]HLFKHQ ZLH LQ GHU 1RU PDORUWKRJUDILHLHKZHUGHQQLFKWYHUZHQGHW%HWRQXQJV]HLFKHQGDUJHVWHOOWGXUFK $N]HQW ZHUGHQQXUGDQQJHVHW]WZHQQGLH%HWRQXQJQLFKWDXIGHUHUVWHQ6LOEH HUIROJW 'HU $XVIDOO HLQHV /DXWHV ZLUG ZR GLHV QRWZHQGLJ HUVFKHLQW GXUFK +RFK VWHOOXQJDQJHGHXWHW ]% *DUQ *DUQ )GQ )DGHQ 8QWHU GHPH XQG R ILQGHW VLFK ZHQQ HV ²RIIHQ JHVSURFKHQ ZLUG GDV giiqxqjv]hlfkhq g 'HU$XVGUXFN ²RIIHQ EHGHXWHWGDVVgXQGNODQJOLFKGHPDQlKHUVWHKHQDOVHXQGR*HVFKORVVH QHVHQHLJWVFKRQPHKU]XPLKLQHVZLUGIDVWDXIGHPJDQ]HQ VWHUUHLFKLVFKHQ*H ELHWLP:RUW(VHOJHVSURFKHQ2IIHQHVgLVW]%DXVGHPVFKULIWVSUDFKOLFKHQ:HWWHU EHNDQQWRGHUDXVGHPPXQGDUWOLFKHQEgWQEHWHQ'HURIIHQHR/DXWLVWMHQHU]ZL VFKHQ D XQG R VWHKHQGH /DXW GHU PHLVW I U VFKULIWVSUDFKOLFKHV D JHVSURFKHQ ZLUG ]%cvg$vwdehudxfki UPDQFKHVFKULIWVSUDFKOLFKHR]%LQ%UG%URW,Q YLHOHQYRONVW POLFKHQ0XQGDUWVFKULIWHQZLUGHUDOVZLHGHUJHJHEHQ'LHVHV=HLFKHQ GLHQW DEHU GHU KLHU YHUZHQGHWHQ /DXWVFKULIW I U GHQ RIIHQHQ R/DXW YRU 1DVDOHQ QP GHU QlPOLFK ZLHGHU HLQH JDQ] HLJHQH )luexqj EHVLW]W ]% %QJ %DQN %QO% KQOHLQRGHU:QXQJ:RKQXQJLP:LHQHULVFKHQ =XGHQ4XDQWLWlWVYHUKlOWQLVVHQGHUPEDLU0XQGDUWHQYJO$QWRQ3)$/='LH0XQGDUWGHV0DUFKIHO GHV:LHQ

(LQOHLWXQJ 8QWHUGHQ = Z L H O D X W H Q 'LSKWKRQJHQP VVHQDLXQGHLEHVRQGHUVKHUYRUJHKR EHQZHUGHQDLEH]HLFKQHWGHQ/DXWGHU6FKULIWVSUDFKHLQ²(L:HLQ0DL HLLVWJH WUHQQW]XOHVHQHLXQGNRPPW]%LQVWHLULVFKHQXQGEXUJHQOlQGLVFKHQ0XQGDU WHQYRUJHLEPJHEHQ6FKZHLVWD6FKZHVWHU'LHLQXQEHWRQWHU6LOEHRGHUDOV]ZHL WHV *OLHG HLQHV =ZLHODXWHV DXIWUHWHQGHQ 6FKZDFKODXWH GLH DQ D RGHU H HULQQHUQ ZHUGHQDXV*U QGHQGHU9HUHLQIDFKXQJHEHQVRPLWDRGHUHZLHGHUJHJHEHQGDLQ YLHOHQ )loohq QLFKW HLQGHXWLJ ]ZLVFKHQ YROO XQG VFKZDFKWRQLJHP DE]ZH XQWHU VFKLHGHQ ZHUGHQ NDQQ 6FKZDFKWRQLJHV DLVWHWZDEHL)GD 9DWHU LQ PLWWHOEDLUL VFKHQ0XQGDUWHQVFKZDFKWRQLJHVHEHL0XHWU0XWWHULQV GEDLULVFKHQ0XQGDUWHQ HQWKDOWHQ6FKOLH OLFKPXVVQRFKDXIGLH1DVDOLHUXQJYRQ6HOEVWODXWHQKLQJHZLHVHQ ZHUGHQGLHYRUQXQGPLQGHQEDLULVFKHQ0XQGDUWHQUHJHOPl LJHLQWULWW6LHZLUG DOV HWZDV 6HOEVWYHUVWlQGOLFKHV QLFKW HLJHQV EH]HLFKQHW 8QWHUEOHLEW VLH DEHU ZHLO ]ZLVFKHQGHP 6HOEVWODXWXQG GHP 1DVDOODXW HLQVW HLQ /DXW YRUKDQGHQ ZDU GHU VLH YHUKLQGHUWHDEHUQXQJHVFKZXQGHQLVWZLUGGLHVHUJHVFKZXQGHQH/DXWGD]ZLVFKHQ JHVHW]WXQGKRFKJHVWHOOW:l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lUHQ 6FKULIWHQ RIW PLW JJ EH]HLFKQHW +JJD +DFNH 'LH $XVVSUDFKH GHV VFKULIWVSUDFKOLFKHQ N/DXWHV LP $QODXWZLUGPLWNKZLHGHUJHJHEHQ]%NKDQNHLQ'DVLVWLQVRIHUQZLFKWLJDOVN YRUQOULQGHQPLWWHOEDLULVFKHQ0XQGDUWHQ EHUKDXSWVFKZDFKDOVJDXVJHVSURFKHQ ZLUG]%*QgFKG.QHFKWJODQNOHLQ*UXDJ.UXJZlKUHQGLQGHQV GEDLUL VFKHQ 0XQGDUWHQ.KQgFKW NKODQ.KUXDJ JHJHQ EHUVWHKHQ,P,QODXW ]ZLVFKHQ 9RNDOHQRGHUYRU1DVDOQP/LTXLGOUVRZLHLP$XVODXWZLUGNDOV6WDUNODXWLQ $QOHKQXQJ DQ GLH 6FKULIWVSUDFKH DOV FN JHVFKULHEHQ *OHFNDO *O FNOHLQ %UXFNQ %U FNH*OLFN*O FNGLHV GEDLULVFKHQ0XQGDUWHQZHLVHQKLHUGLH%HVRQGHUKHLW GHVNKRGHUNFKDXI]%DXIKHQNKQDXIKlQJHQLQ.lUQWHQ6FKSHNFK6SHFNLQ 7LURO=XGHQ6FKZDFKODXWHQEIGVLQGHU6FKULIWVSUDFKH]FKIVVFKZHUGHQGLH HQWVSUHFKHQGHQ 6WDUNODXWH DOV SSI WVV FKFK II VV VFKVFK ZLHGHUJHJHEHQ 'HU :HFKVHOYRQ6FKZDFKODXWPLWHQWVSUHFKHQGHP6WDUNODXWILQGHWVLFK]%LP0LWWHO EDLULVFKHQ]XU8QWHUVFKHLGXQJYRQ(LQ]DKOXQG0HKU]DKO.KREI¼.KHSSI.RSI 'D GLH 6FKZDFKODXWH LQ GHQ VWHUUHLFKLVFKHQ 0XQGDUWHQ LQ GHU 5HJHO RKQH 6WLPPWRQ JHVSURFKHQ ZHUGHQZXUGHHLQH8QWHUVFKHLGXQJLQVWLPPKDIWHXQGVWLPPORVHQLFKWJHWURIIHQ

(LQOHLWXQJ. SIH:LGV¼:LWVV:LW] :LW]H5DI¼5gDII5HLI 5HLIHQ0DQVSULFKWKLHU PLW.5$1=0$<(567HUPLQRORJLH YRQ(LQVLOEHUGHKQXQJGDVPKGNXU]JHVSURFKH QH:RUWNRSIZLUGJHGHKQWZlKUHQGGHU]ZHLVLOELJH3OXUDOPKGN SIHDXFKQDFK :HJIDOOGHU(QGXQJGLH. U]HDOVNHSIEHZDKUW EHUVLFKW EHUGLH VWHUUHLFKLVFKHQ0XQGDUWHQ $OVGLH%DMXZDUHQGDV$OSHQXQG'RQDXODQGEHVLHGHOWHQZXUGHDXIGHPJHVDPWHQ *HELHWXQJHIlKUGLHJOHLFKH6SUDFKHJHVSURFKHQ1XULPlX HUVWHQ:HVWHQgVWHU UHLFKVLPKHXWLJHQ9RUDUOEHUJOLH HQVLFK$OHPDQQHQQLHGHUXQGQRFKKHXWHYHU OlXIWGDKHUDQQlKHUQG EHUGHQ$UOEHUJDQGHU/DQGHVJUHQ]H7LURO9RUDUOEHUJGLH VFKlUIVWH 0XQGDUWJUHQ]H gvwhuuhlfkv $EHU DXFK LP EHUZLHJHQGHQ EDLULVFKHQ 6SUDFKJHELHWgVWHUUHLFKVEOLHEGLHDOWH(LQKHLWQLFKWLPPHUHUKDOWHQ:LHPDQDXV GHU8UNXQGHQVSUDFKHHUVHKHQNDQQZDUHQLP+RFKPLWWHODOWHUVFKRQGHXWOLFKDXV JHSUlJWH (LQ]HOPXQGDUWHQ DXFK DXI VWHUUHLFKLVFKHP %RGHQ YRUKDQGHQ,KUH (QW VWHKXQJ KlQJW PLW GHU $XVELOGXQJ YRQ NODU XPJUHQ]WHQ +HUUVFKDIWVJHELHWHQ PLW IHVWHUODQGHVKHUUOLFKHU5HVLGHQ]]XVDPPHQ'XUFKJHJHQVHLWLJH$ENDSVHOXQJELOGH WHQVLFKLPPHUPHKU8QWHUVFKLHGHKHUDXV,P'RQDXWDOLP:LHQHU%HFNHQXQGLP $OSHQYRUODQGGLHQDWXUJHPl GLHJU WHQ9HUNHKUVJHELHWHZDUHQHQWVWDQGHQLP PHUZLHGHU6SUDFKQHXHUXQJHQGLHDEHUVHLWGHP-DKUKXQGHUWQLFKWPHKUQDFK GHP6 GHQGHVEDLULVFKHQ6SUDFKJHELHWHV EHUGLH.HWWHGHUQ UGOLFKHQ.DONDOSHQ KLQZHJYRUGUDQJHQ(EHQVRGUDQJHQVLHLP1RUGHQGHU'RQDX EHUGHQ% KPHU ZDOGQLFKW KLQDXV6RHUNOlUWHVVLFKGDVVPLWWHQGXUFK GDVEDLULVFKH6SUDFKJHELHW HLQ6WUHLIHQ²PRGHUQHU 6SUDFKODQGVFKDIWHQ]LHKWGDVVRJHQDQQWH0LWWHOEDLULVFKH ZlKUHQGLP6 GHQGDV6 GEDLULVFKHXQGLP1RUGHQGDV1RUGEDLULVFKHELVLQ 6 GE KPHQDOVNRQVHUYDWLYH0XQGDUWHQHUKDOWHQEOHLEHQ) UgVWHUUHLFKNRPPHQ QXUGDV0LWWHOXQGGDV6 GEDLULVFKHLQ%HWUDFKW 'DV 0LWWHOEDLULVFKH XPIDVVW :LHQ 1LHGHU VWHUUHLFK %XUJHQODQG 2EHU VWHUUHLFK GHQ*UR WHLOYRQ6DO]EXUJXQGHLQHQNOHLQHQ7HLOGHU6WHLHUPDUN'DV6 GEDLULVFKH HUVWUHFNWVLFK EHUGHQ+DXSWWHLOGHU6WHLHUPDUN EHUJDQ].lUQWHQXQG7LUROXP IDVVWDEHUDXFKGLHV GOLFKVWH6SLW]HGHV%XUJHQODQGHVXQG7HLOHYRQ6DO]EXUJ(LQL JH%XQGHVOlQGHUJHK UHQDOVRQLFKWHLQKHLWOLFKHLQHPGHUEHLGHQJUR HQ0XQGDUW JHELHWHgVWHUUHLFKVDQHVZlUHGDKHUGLH'DUVWHOOXQJGHU VWHUUHLFKLVFKHQ0XQGDU 9JO(EHUKDUG.5$1=0$<(5+LVWRULVFKH/DXWJHRJUDSKLHGHVJHVDPWEDLULVFKHQ'LDOHNWUDXPHV:LHQ ( %LVDXIGLH/lQJHQEH]HLFKQXQJHQGXUFK4XHUVWULFKH EHUGHQ9RNDOHQXQGGLH8QWHUVFKHLGXQJ]ZL VFKHQ DL XQG HL HQWVSULFKW GLH KLHU YHUZHQGHWH /DXWVFKULIW GHU YRQ 0DXUL] 6&+867(5 XQG +DQV 6&+,.2/$ HQWZLFNHOWHQ DXI GHQ (UIDKUXQJHQ GHU :LHQHU PXQGDUWNXQGOLFKHQ 6FKXOH EDVLHUHQGHQ /DXWVFKULIW ZLH VLH YRU DOOHP DXFK LQ 0DULD +25181*6 ²: UWHUEXFK GHU :LHQHU 0XQGDUW :LHQ $QZHQGXQJIDQGYJOGRUW6XQG

(LQOHLWXQJ.$57( 0XQGDUWOLFKH*OLHGHUXQJgVWHUUHLFKV Oberösterreich Vorarlberg Tirol Salzburg Osttirol Kärnten PLWWHOEDLULVFK 1LHGHU VWHUUHLFK2EHU VWHUUHLFK hehujdqjvjhelhw PLWWHOV GEDLULVFK 6DO]EXUJ6WHLHUPDUN%XUJHQODQG V GEDLULVFK 7LURO.lUQWHQ DOHPDQQLVFK 9RUDUOEHUJ Niederösterreich WIEN Steiermark Burgenland

(LQOHLWXQJ WHQ QDFK %XQGHVOlQGHUQ YRP VWUHQJ ZLVVHQVFKDIWOLFKHQ 6WDQGSXQNW DXV QLFKW JDQ] JHUHFKWIHUWLJW 6LH HUVFKHLQW DEHU LQVRIHUQ ]ZHFNPl LJ DOV VLFK MHGHU,QWHUHVVLHUWH EHUVHLQHLJHQHV%XQGHVODQGRULHQWLHUHQNDQQXQGQLFKWJH]ZXQJHQLVWGLHHQWVSUH FKHQGHQ,QIRUPDWLRQHQ HLQHU ) OOH YRQ JHERWHQHP 6WRII P KVDP ]X HQWQHKPHQ 'DPLWDEHUDQGHUHUVHLWVGLHJUR HQ=XVDPPHQKlQJHXQG*HJHQVlW]HLQQHUKDOEGHV JHVDPWHQ.RPSOH[HVGHU VWHUUHLFKLVFKHQ0XQGDUWHQNODUHUNDQQWZHUGHQN QQHQ VROOHQ LP )ROJHQGHQ GLH DXIIlOOLJVWHQ 0HUNPDOH GHV 0LWWHO ZLH GHV 6 GEDLULVFKHQ NXU] GDUJHOHJW ZHUGHQ 'LH *HJHQVlW]H ]ZLVFKHQ GHP $OHPDQQLVFKHQ XQG %DLUL VFKHQZHUGHQLP.DSLWHO9RUDUOEHUJEHKDQGHOW 9RQREHUIOlFKOLFKHQ%HXUWHLOHUQGHU0XQGDUWNDQQPDQPDQFKPDOK UHQGDVVHWZD GLH QLHGHU VWHUUHLFKLVFKHQ RGHU GLH REHU VWHUUHLFKLVFKHQ 0XQGDUWVSUHFKHU VLFK GXUFKHLQHJDQ]DX HURUGHQWOLFKH²0XQGIDXOKHLW DXV]HLFKQHWHQHLQ]HOQH0LWODXWH VFKZlQGHQJDQ]DQGHUHZ UGHQJHUDGHQXUDQJHGHXWHW6RXQJHUHFKWGLHVHV8UWHLO LVWVROLHJWGRFKHLQHULFKWLJH%HREDFKWXQJ]XJUXQGH(LQHVGHUZLFKWLJVWHQ&KDUDN WHULVWLNDGHU P L W W H O E D L U L V F K H Q 0XQGDUWLVWQlPOLFKGLHLQZHLWHQ5lXPHQZLUN VDPH 0LWODXWVFKZlFKXQJ GLH MHGRFK NHLQH ²0XQGIDXOKHLW VRQGHUQ HLQH ODXWJH VHW]OLFKH(QWZLFNOXQJLVW(LQIDFKHU6WDUNODXWZLUGKLHU]XP6FKZDFKODXWJHPLQGHUW S]XEW]XG7DJ>'J'FK3HFK>%H>FK@NYRUOQU]XJ.QHFKW>*QgFKG ZlKUHQGHVVRQVWEHKDXFKWHU6FKZDFKODXWLVW.KXD.XKJHVFKZlFKWZHUGHQPLW XQWHU'RSSHOODXWH]XHLQIDFKHQ6WDUNODXWHQRGHUVRJDU]X6FKZDFKODXWHQDFNHUQ> NDUQVWDWWFNDUQ+ WWH>+LWQVWDWW+LWWQ6XSSH>6XSPVWDWW6XSSP6FKZDFK ODXWH VFKOLH OLFK NRQQWHQ HUKDOWHQ EOHLEHQ ZXUGHQ MHGRFK ]X 5HLEHODXWHQ E]XZ :HEHU>:HZDOLHEHU>OLDZDRGHUYHUVWXPPWHQJDQ]%XEH>%XD:HLE>:DL.UXJ> *UXL %HVRQGHUV DXIIlOOLJ HUVFKHLQW GLHV RIW EHL )UHPGZ UWHUQ ]% $ZD GœNQI U²$SRWKHNH,QDOWHQ%DXHUQPXQGDUWHQIHKOWDXFKFKVHKUKlXILJEUDXD EUDXFKHQVXDD VXFKHQ %XDD %XFKH HEHQVR GDV K 'VHD =HKH ODLD OHL KHQ (LQKHUPLWGHU6FKZlFKXQJGHU0LWODXWHJHKHQ9HUVFKPHO]XQJVXQG$QJOHLFKVHU VFKHLQXQJHQ6RZLUG]%²UHGHQ HLQIDFKUHGQ²VLHGHQ VLDGQRGHUVHRGQ²OHEHQ OHEP XQG ²KHEHQ KHEP UO XQG GHO YHUVFKPHO]HQ KlXILJ ]X VLOELVFKHP O 1GO 1DGHO0DGO0lGHOLIDGODLQLFKIlGOHHLQ 'DV]ZHLWHEHGHXWHQGH&KDUDNWHULVWLNXPGHV0LWWHOEDLULVFKHQLVWGLH9RNDOLVLHUXQJ GHVOXQGULQJHZLVVHQ6WHOOXQJHQGKGDVVDXVUXQGOHLQ6HOEVWODXWZLUG*DGQ *DUWHQ+gDWVV+HU]:LG:DOGLILLFKIDOOHI YLHO*VFKE *HVSLHO $XFK LQ GLHVHU (UVFKHLQXQJ NDQQ PDQ HLQH $UW 6SUHFKHUOHLFKWHUXQJ VHKHQ LQGHP GDV O XQG U GHQ P KHORVHU ]X VSUHFKHQGHQ 9RNDOHQ ZHLFKHQ bkqolfkh 3ULQ]LSLHQ OLHJHQ QDW UOLFK DXFK EHLP 6FKZXQG GHU QHEHQWRQLJHQ 9RNDOH YRU GHQ PDQ ]% VHKUVFK QLQGHU9RUVLOEHJHGHV0LWWHOZRUWHVGHU9HUJDQJHQKHLWEHREDFKWHQNDQQ 2EZRKODQODXWHQGHVNKLP0LWWHOEDLULVFKHQJHQDXJHQRPPHQJKJHVSURFKHQZLUGZXUGHLP+LQEOLFN DXIGLHOHLFKWHUH/HVEDUNHLWNKJHZlKOW

(LQOHLWXQJ :HQQGDV=HLWZRUWPLWMOUVVFKIRGHU9RNDODQODXWHWZLUGGLH9RUVLOEH]XJ YHUN U]WJDZDWJHDUEHLWHWJMJGJHMDJWJVXQJDJHVXQJHQXVZ,QGHQ EULJHQ )loohqlvwgdvjdqghq:ruwvwdppdqjhjolfkhqzrughqxqggdgxufkjlq]olfkyhu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³DUDP IDG³DUHP YHUGHUEHQ.KLUHZLV. UELV )UDE)DUEHKDUDE JHNUlQNW < PKG K±UZH VFKULIWVSUDFKO KHUE *RULJ *XUJHO 2ULJ 2UJHO,Q 1LHGHU VWHUUHLFK K UW PDQ]%PDQFKPDOQRFK*DUHP*DUEH+LDUHVW+HUEVWILDUHFKWQI UFK WHQLP%XUJHQODQGHWZD* OLVVQ*HOVH)UHLOLFKNRPPHQVROFKH:XFKHUELOGXQ JHQQXUPHKULQVSUDFKOLFKNRQVHUYDWLYHQ%DXHUQPXQGDUWHQYRULQ1LHGHU VWHUUHLFK ]% LP %HUHLFK GHU VR JHQDQQWHQ XL0XQGDUWHQ 'RUW ZR GLH 9HUNHKUVVSUDFKH YRUJHGUXQJHQLVWVLQGVLHOlQJVWJHVFKZXQGHQ'DVVDQGHUHUVHLWVLKUH%LOGXQJKHXWH QRFKDOVHLQHOHEHQGLJHEHWUDFKWHWZHUGHQNDQQJHKWGDUDXVKHUYRUGDVVDXFKVSl WHU EHUQRPPHQH )UHPGZ UWHU HEHQIDOOV VROFKH 6SURVVYRNDOH HQWZLFNHOQ 6R VLQG DXV 2EHU VWHUUHLFK EHNDQQW 6DNDUDPœQW 6DNUDPHQW 5HJDU W 5HNUXW )DZDU N )DEULN 6RSDU Q 6RSUDQ $GDUœVV $GUHVVH.KDWDNLVœPXV.DWHFKLVPXV.D VFKHP D.DVFKPLUXYD $XFKDXVGHU)RUPHQOHKUHOLH HQVLFKPDQFKH0HUNPDOHGHV0LWWHOEDLULVFKHQDQ I KUHQ HUZlKQW VHL QXU GLH $XIJDEH GHU 6WHLJHUXQJVVWXIH GLH LP 6 GEDLULVFKHQ QRFKHUKDOWHQLVW'DVEHVVD*ZQGLVWDOVRLP0LWWHOEDLULVFKHQQLFKWQXUGDV²EHVVH UH VRQGHUQDXFKGDV²EHVWH *HZDQGXQGGDJUgVVD%XDGHU²JU HUH HEHQVRZLH GHU²JU WH %XE 9HUJOHLFKWPDQGDPLWQXQGDV6 GEDLULVFKHVRIlOOWDXIGDVVHVHLJHQWOLFKGHU 6FKULIWVSUDFKHQlKHUVWHKWDOVGDV0LWWHOEDLULVFKHXQG]ZDUGXUFK VHLQH (UKDOWXQJ GHU6WDUNODXWHXQGVHLQH%HZDKUXQJGHU1HEHQWRQVLOEHQ'HQQKLHUZLUGH[DNWJH VFKLHGHQ]ZLVFKHQ7J7DJXQG'FK'DFKGHU0XQGDUWVSUHFKHULVWYRQ+DXV DXVNHLQHU9HUVXFKXQJ]XHLQHU9HUZHFKVOXQJYRQGXQGWDXVJHVHW]W'LH1HEHQ WRQVLOEHQILQGHQVLFKQLFKWQXUEHLP0LWWHOZRUWGHU9HUJDQJHQKHLWYROODXVJHSUlJW NlUWQHULVFKJHNKIWJHNDXIWJHWUJQJHWUDJHQVRQGHUQDXFKDP:RUWHQGHZRVLH (LQHhEHUJDQJVHUVFKHLQXQJKDWGDVREHU VWHUUHLFKLVFKH+DXVUXFNYLHUWHOVLHKH6 'DDXVODXWHQGH0LWODXWHLP0LWWHOEDLULVFKHQRIWVFKZLQGHQNDQQGHU:XFKHUODXWRIW]XPDEVROXWHQ $XVODXWZHUGHQ]%%gUH%HUJ<%gUHJ

(LQOHLWXQJ DXFKGHU9HUNHKUVXQG8PJDQJVVSUDFKHOlQJVWYHUORUHQJHJDQJHQVLQG]%+VH +DVH6XQQD6RQQH,QHLQ]HOQHQEHVRQGHUVNRQVHUYDWLYHQ7lOHUQ7LUROVXQG.lUQ WHQVLVWGLH0XQGDUWQRFKEHKDUUOLFKHUDOVGLH6FKULIWVSUDFKHXQGEHVLW]W]%DXVODX WHQGHHGLHGLHVHUIHKOHQHWZD1UUH1DUU2XNVH2FKV'DVEHNDQQWHVWH&KD UDNWHULVWLNXPGHV6 GEDLULVFKHQGDVVLFKDXFKDPEHVWHQ]XU)HVWVWHOOXQJHLQHUV G EDLULVFKHQ 0XQGDUW HLJQHW LVW GLH 'LSKWKRQJLHUXQJ GHU DXV GHP 0LWWHOKRFKGHXW VFKHQ EHUNRPPHQHQODQJHQHXQGR/DXWH,QIROJHGHVHLJHQW POLFKHQ$N]HQWHV PLWGHPGLHVH/DXWHKLHUJHVSURFKHQZXUGHQHQWZLFNHOWHVLFKDXVODQJHPPKGHHLQ gdxqgdxvodqjhppkgrhlqd.hqqz UWHUVLQGKLHI U.FKOgD.OHH<PKGNO 6FKQgD6FKQHH<PKGVQ :gd:hk<pkgz 6gD6HH<PKGV E]ZUDW URW<PKGU W7DG7RG<PKGW W1DW1RW<PKGQ WhEHUDOOGRUWZRVLFK VROFKH /DXWXQJHQ ILQGHQ NDQQ HLQH V GEDLULVFKH 0XQGDUW YRUDXVJHVHW]W ZHUGHQ 6FKOLH OLFKLVWDXFKGHU:RUWVFKDW]LQYLHOHQ)lOOHQHLQ0D VWDEDQGHPVLFKPDQ FKHVDEOHVHQOlVVWGHQQHVJLEW: UWHUGLHQXULQPLWWHOEDLULVFKHQXQGVROFKHGLH QXU LQ V GEDLULVFKHQ 0XQGDUWHQ YRUNRPPHQ 'RFK GDUDXI VROO QRFK VSlWHU HLQJH JDQJHQZHUGHQ,QGHUIROJHQGHQhEHUVLFKWVLQGQXUGLHDOOHUZLFKWLJVWHQPXQGDUWOLFKHQ9RNDOHXQG 'LSKWKRQJH GHU 6WDPPVLOEHQ DXIJHI KUW *OHLFKZRKO LVW GDUDXV GHU JU HUH /DXW UHLFKWXP JHJHQ EHU GHU 6FKULIWVSUDFKH ZHQQ PDQ QRFK GLH LQ GHU 6SDOWH ²%HVRQ GHUKHLWHQ XQGLQGHQ)X QRWHQJHJHEHQHQ9HUZHLVXQJHQOLHVWNODUHUVLFKWOLFK 'XUFK9RNDOLVLHUXQJYRQOXQGULP0LWWHOEDLULVFKHQZLUGYRUDOOHPGLH$Q ]DKOGHUPXQGDUWOLFKHQ'LSKWKRQJHQRFKXPHLQLJHEHUHLFKHUW9JODO> L RO>R XRLXVZ: G2g: G1g:LG6EJI U²:DOG *R G2g *R G1g*RLG6EJI U²*ROG DU>D%DG1gI U²%DUW 9HUlQGHUXQJHUIDKUHQ9RNDOHRIWGXUFK5XQGXQJ)ROJWQlPOLFKO]%DXILRGHU HUXQGXQJVIlKLJH/DXWHGDQQHUVFKHLQHQGLHVHKlXILJDOV ZREHLODXFKJH VFKZXQGHQVHLQNDQQ0 FK0LOFKŒWDQ(OWHUQ) )HOORGHU) G)HOG'DV VWHKW]XP LQGHPVHOEHQ9HUKlOWQLVZLHGDVg]XPH,P*HJHQVDW]GD]XVSULFKW PDQYRQ(QWUXQGXQJZHQQPLW/LSSHQUXQGXQJJHELOGHWH9RNDOH]%PKG vlqghu0xqgduwdovlhgdxiwuhwhq+lwwqrghu+lwwh+ WWH%HFN% FNHEgV E VH

(LQOHLWXQJ (LQOHLWXQJ EHUVLFKW EHUGLH9RNDOHXQG'LSKWKRQJHGHU6WDPPVLOEHQGHU6FKULIWVSUDFKHLP9HUJOHLFK]XPLWWHOKRFKGHXWVFKHQXQGPXQGDUWOL FKHQ /DXWHQ 9RQ GHQ PGDO /DXWHQWVSUHFKXQJHQ NDQQ KLHU QLFKW GLH JDQ]H ) OOH JHERWHQ ZHUGHQ HV JHOWHQ GLH QDFK PEDLUPLWWHOEDLULVFKV GEDLUV GEDLULVFKYEJYRUDUOEHUJLVFKDQJHI KUWHQ%HLVSLHOHLQGLHVHU)RUPQLFKW EHUDOOLQ GHQPXQGDUWOLFKHQ*UR JHELHWHQ=XGHQPGDO9RNDOHQYRUDOOHPLQGHU6WHOOXQJYRUPQOUYJOGLH6SDOWH²%HVRQGHU KHLWHQ GLHDXIDQJHI KUWH%HLVSLHOHLP%XFKYHUZHLVW 6FKULIWVSUDFKH 0LWWHOKRFKGHXWVFK 0GDO(QWVSUHFKXQJHQDXVGHP0EDLU6 GEDLUXQG9EJ %HVRQGHUKHLWHQ DDD 6DFN EODVHQ D VDF EO VHQ D R PEDLU6JV GEDLU6NFKYEJ6DNFK PEDLUEOVQV GEDLUSOVH7LUROYEJEORVD D!RLQ2g6!6I Q!X6 KHIWHQ H KHIWHQ H PEDLUKHIGQV GEDLUKHIWHQYEJKHIWD 'LSKWKRQJHI UžH6I I HHH OHFNHQ.OHH ž OžFNHQ NO g ggd PEDLUOgNDV GEDLUOgNFNQYEJOgNFND PEDLU*OgV GEDLU.FKOgD VWUHQJH6FKHLGXQJYRQHXQGž 6 PKGHU!LD6 LLH VLW]HQ L VLW]HQ L PEDLUVLWVVQV GEDLUVLWVVH:HVWWLUROYEJVLWVVD LO6IL!LH 9EJ 6LYRUQ!H6 RRR 6FKREHU %URW R VFKREHU EU W R gg XD PEDLU6FKRZDV GEDLU6FKREHUYEJ6FKREU PEDLU%UG1g%UgG%UgG%UXG2g V GEDLU3UDG 'LSKWKRQJI UR6 RU!XD6 RU!DU6 6RGLHYHUEUHLWHWHVWH$XVVSUDFKH 0KGžZLUGLQGHQ0XQGDUWHQLQYLHOHQ: UWHUQDOVHJHVSURFKHQ 6 GEDLU&KDUDNWHULVWLNXP LHLVWLQGHU6FKULIWVSUDFKHLQYLHOHQ: UWHUQQXU'HKQXQJV]HLFKHQ 'LHVHU/DXWLVWLQGHQ0XQGDUWHQVHOWHQZHVHQWOLFKHQ9HUlQGHUXQJHQXQWHUZRUIHQ 'LHVHU/DXWLVWLQGHQ0XQGDUWHQVHOWHQZHVHQWOLFKHQ9HUlQGHUXQJHQXQWHUZRUIHQ 6 GEDLU&KDUDNWHULVWLNXP

(LQOHLWXQJ (LQOHLWXQJ 6FKULIWVSUDFKH 0LWWHOKRFKGHXWVFK 0GDO(QWVSUHFKXQJHQDXVGHP0EDLU6 GEDLUXQG9EJ %HVRQGHUKHLWHQ X SXW]HQ JXW X XR SXW]HQ JXRW X XDXLXH PEDLUEXWVVQV GEDLUSXWVVH:HVWWLUROYEJEXWVVD PEDLUJXDGJXLG1gV GEDLUJXDWJXHWYEJJXDW XYRUQ! 6 XU!RHU9EJ6 XPKGXR!DYRUPQ6 DX JODXEHQ +DXV RX JORXEHQ K V DXD RX DX% PEDLUJODX E PV GEDLUJODEPYEJJORXED PEDLUV GEDLU+DXVYEJ+%V PKGRX!DZDUHLQPDO/DXWJH VHW]LP0EDLUXQG6 GEDLU HX KHXHU +HX LX X KLXUH K XZH HRRHXL DL DL D PEDLUKHRUKRHD2gV GEDLUKXLUHLQ7HLOHQYRQ 7LUROKDLDPRGHUQH)RUPYEJK U PEDLUV GEDLU+DLYEJ+ HX!D6 +LQ7HLOHQ6EJVXQG7LUROV HLDL :HLGH ZHLW HL ZHLGH Z W DD DL PEDLU:DGV GEDLU:RDGH7LURO PEDLUZDLGV GEDLUZDLWYEJZW6 DOWHVgVWDWWD6 DLQ:LHQ.lUQWHQ6 LQ9EJ6 LH LD VFKLH HQ LH VFKLH5HQ XLHRRH PEDLUVFKXLVVQ%JOGVFKHRVVQVFKRHVVQ2g VFKLDVVQM QJHUHVFKRQZHLWYHUEUHLWHWH/DXWXQJ V GEDLUVFKLDVVHQ7LUROVFKLDVQ.lUQWHQ LQPDQFKHQ: UWHUQJLOWQXULDLH I UPKGLH 1lFKWH LFKZlUH Q KWH LFKZ UH Dg Dg PEDLU1DFKGV GEDLU1DFKWYEJ1gFKWH PEDLULZDV GEDLUZDUYEJZgUH ²6FKHUHOHHU+HHULQJ KDEHQ PKG GDKHULQGHU0GDD % FNH E VH v E FNH EvVH H g gd PEDLU%HNV GEDLU3HFN PEDLUEgVV GEDLUSgDV 'LHVHU/DXWLVWLQGHQ0XQGDUWHQVHOWHQZHVHQWOLFKHQ9HUlQGHUXQJHQXQWHUZRUIHQ $XFKGDV0EDLUNHQQWLQYLHOHQ: UWHUQQRFKDI UDXLPPHULQ²%DXP7UDXP6DXP XDPDOVRYRUP (QWUXQGXQJ (QWUXQGXQJ 'LHVHVLHKDEHQXQWHUDQGHUHP=HLWZ UWHUGHV7\SXV²VLHGHQNOLHEHQELHJHQ (LQLJH: UWHUGHU6FKULIWVSUDFKH]%².lIHU6FKlGHO+lKHU KDEHQ ZRPKGžYRUOLHJWGDKHULQGHQ0XQGDUWHQNHLQKHOOHUD/DXW (QWUXQGXQJ

(LQOHLWXQJ (LQOHLWXQJ 6FKULIWVSUDFKH 0LWWHOKRFKGHXWVFK 0GDO(QWVSUHFKXQJHQDXVGHP0EDLU6 GEDLUXQG9EJ %HVRQGHUKHLWHQ + WWH K WHQ H K WWH K HWHQ L PEDLU+LWQV GEDLU+LWWH+LWWQ LD PEDLUKLDWQV GEDLUKLDWH7LURO X +lxvhu ¼ LX ¼ KLXVHU ¼ DL VLHKHXQWHUHX PEDLU+DLVDV GEDLU+DLVHUYEJ+ VHU,QGHQ0XQGDUWHQLVWGHU8PODXWX! YLHOIDFKQLFKWYRUKDQGHQYJO3UXNNH%UXFN%U FNHGVUXFN]XU FN (QWUXQGXQJ (QWUXQGXQJ

:LHQ :LHQ 'DV:LHQHULVFKHDOV0XQGDUWXQG9HUNHKUVVSUDFKH,QGHU'DUVWHOOXQJGHU VWHUUHLFKLVFKHQ0XQGDUWHQGDV:LHQHULVFKHDQGHQ$QIDQJ ]XVWHOOHQKDWVHLQHQEHUHFKWLJWHQ*UXQG'HQQZLHZRKOVLFKGDV:LHQHULVFKHVFKRQ UHFKWZHLWYRQHLQHUHFKWHQ0XQGDUWLP6LQQHHLQHV'RUIGLDOHNWHVHQWIHUQWKDWVWH KHQGLH/DQGPXQGDUWHQLQGHQDQGHUHQ%XQGHVOlQGHUQEHUHLWVZHLWKLQVRXQWHUGHP (LQIOXVV GHU :LHQHU 8PJDQJVVSUDFKH GDVV HV YRUWHLOKDIW HUVFKHLQW VLFK ]XQlFKVW GHQ VSUDFKOLFKHQ 9HUKlOWQLVVHQ LQ :LHQ ]X]XZHQGHQ +LHU LVW QlPOLFK GHU $XV JDQJVSXQNWVWlQGLJHUXQGXQDXIKDOWVDPHU6SUDFKHUQHXHUXQJHQZLHVLHDXIGLH EUL JHQ 0XQGDUWHQ PHKU RGHU ZHQLJHU HLQZLUNHQ 'DEHL LVW ]XQlFKVW DQ GDV 1LHGHU VWHUUHLFKLVFKHXP:LHQXQGLQHLQHPEUHLWHQ*HELHWYRUDOOHPV GOLFKGHU'RQDX QDFK :HVWHQ ]X GHQNHQ ZR GXUFK GHQ GDXHUQGHQ :LHQHU (LQIOXVV EHUHLWV HLQ 6FKZLQGHQ DOWHU /DXWXQJHQ XQG )RUPHQ XQG GDPLW HLQ $XIO VXQJVSUR]HVV GHU JH VDPWHQPXQGDUWOLFKHQ6WUXNWXUIHVW]XVWHOOHQLVW 8QWHU GHP (LQIOXVV :LHQV GXUFK +DQGHO XQG 9HUNHKU EHGLQJW VWHKHQ DXFK GLH 3URYLQ]VWlGWHYRUDQGLH/DQGHVKDXSWVWlGWH1XULQ,QQVEUXFNGHU+DXSWVWDGWGHV DPNRQVHUYDWLYVWHQVSUHFKHQGHQ%XQGHVODQGHVKDWVLFKQRFKHLQHUHFKWDOWHUW POL FKH6WDGWPXQGDUWHUKDOWHQ 'DV:LHQHULVFKHVWDQGQDW UOLFKGHP 1LHGHU VWHUUHLFKLVFKHQ HLQPDO YLHO QlKHU DOV KHXWH0LWGHU:LHQHU9RONVPXQGDUWLVWGDV$OWZLHQHULVFKHJHPHLQWGDVLQVHLQHU XQYHUIlOVFKWHQ$UWVFKRQVHKUVHOWHQJHZRUGHQLVW'LH*UHQ]HVHLQHV*HOWXQJVEH UHLFKHVLVWHWZDPLWGHP(QGHGHV(UVWHQ:HOWNULHJVDQ]XVHW]HQ'DQDFKZLUGELV HWZD]XP(QGHGHV=ZHLWHQ:HOWNULHJVYRP1HXZLHQHULVFKHQJHVSURFKHQGDVYRP -XQJZLHQHULVFKHQDEJHO VWZXUGH'LH6FKQHOOLJNHLWPLWGHUHLQDOWHU6SUDFK]XVWDQG YHUORUHQJLQJNRPPWHLQHPVRULFKWLJ]X%HZXVVWVHLQZHQQPDQHUIlKUWGDVVDP :LHQHU+RI]X0DULD7KHUHVLDV=HLWHQXQGQRFKVSlWHU0XQGDUWJHVSURFKHQZXUGH 'HU*HEUDXFK GHU 0XQGDUW JDOW GDPDOV HEHQ QRFK QLFKW DOV XQIHLQ GLH KRFKGHXW VFKH 6FKULIWVSUDFKH ZDU EHVRQGHUV LQ gvwhuuhlfk ZLH -RVHI :(,1+(%(5LQVHLQHU *HGLFKWVDPPOXQJ²:LHQZ UWOLFK EHNXQGHWQRFKQLFKW]XUYROOHQ$QZHQ GXQJJHODQJW )U KHUKDP.DLVHUXQG+HUUQVLQHWJVFKDPW ] UHGQZLDG JZ KQOLFKHQ/HXW,P/DXIHHLQHV-DKUKXQGHUWVDEHUKDWWHQVLFKGLH9HUKlOWQLVVHEHUHLWVPHUNOLFKJH lqghuwdov+ri$ghoxqg*ur E UJHUWXPLKUHDOW EHUNRPPHQH0XQGDUWDXI]XJH EHQEHJDQQHQXQGLKUH VWHUUHLFKLVFKH$EVWDPPXQJEDOGQXUQRFKGXUFKHLQHPHKU $XV -RVHI :(,1+(%(5 :LHQHULVFK,Q -: 6lPWOLFKH :HUNH KJ YRQ -RVHI 1DGOHU XQG +HGZLJ :HLQKHEHU%G6DO]EXUJ 6

:LHQ RGHUPLQGHUPXQGDUWOLFKJHIlUEWH$XVVSUDFKHGHV+RFKGHXWVFKHQYHUULHWHQ,QGHU )ROJHZXUGHQ]DKOUHLFKHYRONVW POLFKH$XVGU FNHDOVGHUERGHUYHUDOWHWHPSIXQGHQ XQG GDKHU GXUFK YHUPXQGDUWOLFKWH 6FKULIWZ UWHU HUVHW]W /HLFKWHU DOV LQ %DXHUQ PXQGDUWHQIDQGHQ)UHPGZ UWHU(LQJDQJWUDWHQ1HXVFK SIXQJHQXQG%HGHXWXQJV EHUWUDJXQJHQ GLH QLFKW LPPHU JO FNOLFK JHZlKOW ZDUHQ RIW DEHU UHFKW ]XWUHIIHQG HUVFKLHQHQ DQ GLH 6WHOOH DOWHU : UWHU -H QlKHU PDQ DEHU GHU *HJHQZDUW NRPPW XPVR PHKU LVW DXFK LQ NOHLQE UJHUOLFKHQ.UHLVHQ GDV 6FKZLQGHQ GHU DOWHQ 9RONV PXQGDUWIHVW]XVWHOOHQ,PPHUPHKUPDFKWGLH6FKULIWVSUDFKHLPWlJOLFKHQ8PJDQJ LKUHQ(LQIOXVVJHOWHQGXQGGUlQJWGLH0XQGDUWZHLWHU]XU FN,P.XOWXUXQG9HUNHKUV]HQWUXP:LHQKDWWHVLFKEHUHLWVIU KHLQH8PJDQJVVSUDFKH HQWZLFNHOWGLHDOV0LWWHOJOLHG]ZLVFKHQ+RFKVSUDFKHXQG0XQGDUWGLH+DXSWTXHOOH ELOGHWDXVGHUPXQGDUWIUHPGH: UWHUXQG/DXWXQJHQLQGLHOHW]WHUHHLQVWU PHQ(V GDUIQLFKW EHUVHKHQZHUGHQGDVVGLH8PJDQJVVSUDFKHMDDXVGHP%HVWUHEHQHQW VWDQGGLH0XQGDUWGHU+RFKVSUDFKHLUJHQGZLHDQ]XJOHLFKHQXQGEHLGHQ0XQGDUW VSUHFKHQGHQ VHLW MHKHU GLH LQQHUH %HUHLWVFKDIW JHJHEHQ LVW 0XQGDUWIUHPGHV DQ]X QHKPHQXQGDOWH6SUDFKIRUPHQDOVGHUERGHUDOO]XOlQGOLFKDE]XOHJHQ: UWHUGLH KHXWHRIWQXUQRFKDOWHQ%DXHUQPXQGDUWHQDOOHLQHLJHQVLQGZDUHQHLQPDODXFKLQ :LHQJDQJXQGJlEHXQGLQ5HVWHQQRFKLQM QJHUHU=HLW]XK UHQ $OWZLHQHULVFKHV:RUWJXW 'LHIROJHQGHNOHLQH$XVZDKOl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lFNVDUW LVW DXFK GDV :RUW I U GLH *VFKUDGH DXVJHVWRUEHQ 'LH *VFKUDGHZDUHLQH 6HPPHOPLWQXUHLQHU/lQJVNHUEHGDV:RUWJHK UW]XPKGVFKU W6FKQLWWXQGKDW IDOVFKHQ DQDORJLVFKHQ 8PODXW ZLH ZDWOQ²Z UWHOQ PLW:RUWHQVWUHLWHQ*UDQO ².U QHOHLQ DOWH 0 Q]H *HOG 'DV %HWW GDV GHU :LHQHU DXFK VFKHU]KDIW )OgGULFKDO )O KHWU KHOHLQ QHQQW KLH HEHQVR RIW DXFK 1LDVFKVFKO 'LHVHV LVW GLH 9HUNOHLQHUXQJVIRUP]X1XDVFK8DVFKPKGQXRVFKGHU%DXHUQPXQGDUWHQZRHV DOOHUGLQJVZLHXUVSU QJOLFKGHQ)XWWHUWURJEH]HLFKQHW$OVGHUEHV6FKLPSIZRUWZDU QRFK XP VLPJKgQJWD *OLQJVFKGULJ VLHEHQJHKHQNWHU *DOJHQVWULFN LQ *H EUDXFK GDKDWWHGDV:RUW²*DOJHQ QRFKHLQHJDQ]DQGHUH/DXWIRUPPLW:XFKHU ODXW]ZLVFKHQOXQGJHLQHP/DXWGHQHVKHXWHQXUQRFKLQNRQVHUYDWLYHQ%DXHUQ PXQGDUWHQ JLEW :LH LQ GLHVHQ NRQQWH PDQ IU KHU DXFK LQ :LHQ YHUHLQ]HOW I U

:LHQ ²)ULHGKRI QRFK )UDLGKRI PKG YU WKRI K UHQ ODXWJHVHW]OLFK ULFKWLJ ZXUGH ZH QLJVWHQVLQGHU0XQGDUW]XHL 'HU6FKDXPDXIGHP%LHUKHL WKHXWHPHLVWQRFK )DPPKGIHLP 9RQ HFKWHP DOWHP ²:LHQHU +DPXU ]HXJHQ GLH IROJHQGHQ ZLHQHULVFKHQ : R U W VFK SIXQJHQ GLHGHQHQVSlWHUHURGHUGHUOHW]WHQ-DKUHDQ2ULJLQDOLWlWQLFKW QDFKVWHKHQ 6R KLH GLH.QDFNZXUVW HLQPDO %H^PWQEUDGO %HDPWHQEUDWHQ HLQH. FKLQ.KXFKOUWVV. FKHQUDWWH,Q GHU 3HU FNHQ]HLW VFKHLQW 0 ZXDUP0HKO ZXUP I U )ULVHXU DXIJHNRPPHQ ]X VHLQ $XFK VRQVW PXVVWHQ VLFK GLH HKUVDPHQ +DQGZHUNHU YHUVFKLHGHQWOLFK hehuqdphq JHIDOOHQ ODVVHQ PDQ GHQNH HWZD DQ GHQ %OHFKVFKXDVGD%OHFKVFKXVWHUI UGHQ6SHQJOHURGHU/DLPKgQJVW/HLPKHQJVWI U GHQ7LVFKOHU$XIIlOOLJNHLWHQGHV. USHUEDXHVZDUHQYRUDOOHPLQ:LHQVHLWMH=LHO GHV6SRWWHV6RQDQQWHPDQHLQH]XGLFNH)UDXQLFKWQXUD%ODGHHLQH*HEOlKWH VRQGHUQHWZDDXFKHLQ0RVGKHIP0RVWKHIHQHLQHDOO]XJUR HXQGVFKODQNHGDJH JHQ )QVFKGQJDQ )DKQHQVWDQJH 'HU KRKH =\OLQGHUKXW KLH *OQGVEXWWQ *ODQ]EXWWHRGHU!QJVGUgDUQ$QJVWU KUH GHU6FKOHLHUDEHUZHLOHUDXIEHVVHUH +HUNXQIW KLQGHXWHWH *UgG WIgWVVQ.UHGLWIHW]HQ 9LHOH GHU HUZlKQWHQ $XVGU FNH DEHUVLQGEHUHLWVZLHGHUDXVJHVWRUEHQRGHULP$XVVWHUEHQEHJULIIHQ :LHQHU2UWVQDPHQ %HREDFKWHW PDQ GLH $XVVSUDFKH GHU 2UWVEH]HLFKQXQJHQ LQ XQG XP :LHQ VR IlOOW DXI GDVV GDV %HVWUHEHQ KHUUVFKW GLHVHQ HLQH EHVVHUH P JOLFKVW VFKULIWVSUDFKOLFKH /DXWXQJ]XJHEHQZlKUHQGNRQVHUYDWLYH%DXHUQPXQGDUWHQJHUDGHGLH2UWVQDPHQ RIW LQ lowhvwhu /DXWXQJ HUVFKHLQHQ ODVVHQ :LHQ VHOEVW KDW LP 0XQGH GHU PHLVWHQ LQGHPGHU1DPHZLHLQGHU+RFKVSUDFKHDXVJHVSURFKHQZLUGVHLQHQXUVSU QJOLFKHQ PXQGDUWOLFKHQ 1DPHQ :gdq IDVW VFKRQ HLQJHE W ZlKUHQG GLH HFKWH :LHQHU 0XQGDUWIRUPI UGLH'RQDX EHUKDXSWVFKRQYHUORUHQJHJDQJHQ]XVHLQVFKHLQW'DV DOW EHUOLHIHUWH ²'DQXYLXV 'DQXELXV ZLUG JHUP ]X ' QDYL DKGPKG ]X 7XR QRXXD 7XRQRXZHJHZDQGHOWXQGVROOWHQXQLP:LHQHULVFKHQZRPKGXRYRU1D VDOHQ]XKHOOHP DZLUGPLD GDQZLUWXQ< PKG WXRQ DOV 'DQD HUVFKHLQHQ 0DQ K UW MHGRFK EHUHLWV 'RQDX DOOHQIDOOV GLH YHUPXQGDUWOLFKWH /HVHIRUP 'QDX:HU VDJWHLJHQWOLFKQRFK'DQD"'HPVHOEHQ6FKLFNVDOHUOLHJHQRIWDXFKGLHDQGHUHQ2UWV 8UVSU QJO²9RUKRIHLQJHIULHGHWHV*UXQGVW FN <DKGIUWHQKHJHQVSlWHUDQ²)ULHGH DQJHJOLFKHQ WUXJHQ GLH NRQVHUYDWLY *HVLQQWHQ XP LKUH (LQVWHOOXQJ ]X GHPRQVWULHUHQ GHQ DOWKHUJHEUDFKWHQ U KUHQI UPLJHQ=\OLQGHUZlKUHQGGLH$XIVWlQGLVFKHQGXUFK6FKODSSKXWJHNHQQ]HLFKQHWZDUHQ'LHVH EH]HLFKQHWHQ GLH.RSIWUDFKW GHU lqjvwolfkhq.rqvhuydwlyhq VSRWWHQG DOV ²$QJVWU KUHQ 0DULD +25181*: UWHUEXFKGHU:LHQHU0XQGDUW:LHQ6 0KG:LHQQHPLWPGDO(QWZLFNOXQJYRQPKGLHYRU1DVDO]XgDXQGYROOHU(UKDOWXQJGHVQ/DXWHV GHUYHUGRSSHOW ZDU QDFK GHP JOHLFKQDPLJHQ:LHQIOXVV EHQDQQWDXI HLQ NHOWLVFKHV 9 GXQLD²:DOG EDFK ]XU FNJHKHQGGDV]XDKG: QQLDZXUGHHEG6,QGHQ/DQGPXQGDUWHQODXWHW'RQDXODXWJHVHW]OLFK'DQD

:LHQ EH]HLFKQXQJHQLQXQGXP:LHQYRUDOOHPGLHDOWHQLQJXQGGRUI1DPHQGLHHLQVW VHOEVWlQGLJH*HPHLQGHQEH]HLFKQHWHQZHOFKHKHXWHOlQJVW7HLOYRQ:LHQVLQG,P PHUVHOWHQHUWUHWHQVLHLQPXQGDUWOLFKHU/DXWXQJDXIPHKURGHUZHQLJHUYHUPXQG DUWOLFKWH /HVHIRUPHQ ZHUGHQ DQ GHUHQ 6WHOOH JHEUDXFKW ZHQQ VLH QLFKW EHUKDXSW VFKRQ VRIHUQ VLH DXFK %H]LUNVQDPHQ VLQG GHU %H]LUNVQXPPHU JHZLFKHQ VLQG 'geolqj ' EOLQJ RGHU :DULQJ :lkulqj NDQQ PDQ HWZD QXU QRFK VHOWHQ K UHQ $XFK+LDGOGXDI+ WWHOGRUILVWNDXPQRFKLQ*HEUDXFKOlQJVWLVWGDVGHU/HVHIRUP HQWVSUHFKHQGH+LWOGXDIGLHKHUUVFKHQGH)RUPJHZRUGHQ0LW²+ WWHOGRUI LVW EUL JHQVHLQOHKUUHLFKHV%HLVSLHOGDI UJHJHEHQZLHGLHGHU/HVHIRUPIROJHQGH$XVVSUD FKHEHLGHU)UDJHQDFKGHU+HUNXQIWGHV2UWVQDPHQVDXIHLQHIDOVFKH)lKUWHI KUHQ NDQQ6RN QQWHPDQDXIJUXQGGHUKHXWLJHQ$XVVSUDFKH+LWOGXDILQGHUXUVSU QJOL FKHQ%HGHXWXQJHLQDXVNOHLQHQ²+ WWHOQ EHVWHKHQGHV'RUIYHUPXWHQ:HQQPDQ QXQDEHUGLHDOWH/DXWXQJ+LDGOGXDINHQQWN QQWHPDQDQGHUHUVHLWVGHQ2UWVQDPHQ PLW HLQHP NOHLQHQ +XW LQ =XVDPPHQKDQJ EULQJHQ ZDV ODXWOLFK P JOLFK ZlUH GD ²+XW PKGKXRWODXWHWHXQGGLH9HUNOHLQHUXQJVIRUPKHXWH+LDGOODXWHQPXVV VR ZLHHWZDYRQJXDGPKGJXRWGDVPXQGDUWOLFKH*LDGONOHLQHV%DXHUQJXWDEJHOHL WHWZLUG'LHULFKWLJH%HGHXWXQJDEHUZLHLPPHUEHLGHU2UWVQDPHQGHXWXQJHUJH EHQGLHXUNXQGOLFKHQ%HOHJHXQGGLHPXQGDUWOLFKH$XVVSUDFKH8QGVROLHJWZLHLQ GHQYLHOHQDQGHUHQGRUI1DPHQLP5DXP:LHQDXFKLP)DOOH+ WWHOGRUIHLQDOWHU 3HUVRQHQQDPH YRU QlPOLFK 8HWHOHDXVlOWHUHP8RWLOR + WWHOGRUI LVW GHPQDFK GDV 'RUI GHV 8HWHOH ZDV GHXWOLFK LQ GHU XUNXQGOLFKHQ 6FKUHLEXQJ 8HWHOQGRUI ]XWDJH WULWW :HU DEHU PLW GHP DQODXWHQGHQ K LQ GLHVHP 2UWVQDPHQ QLFKWV DQ]XIDQJHQ ZHL HULQQHUHVLFKGDUDQGDVVHWZDGDVPXQGDUWOLFKH:RUWI U²MHW]W VWDWWLDWVVW DXFK KLDWVVW ODXWHQ NDQQ PLW HLQHP VSUDFKJHVFKLFKWOLFK Y OOLJ XQEHJU QGHWHQ K9RUVFKODJ =XGHQ2UWVEH]HLFKQXQJHQGLHQRFKDXVVFKOLH OLFKLQGHUULFKWLJHQPXQGDUWOLFKHQ /DXWXQJDXIWUHWHQJHK UWGHU3UDWHUPGDO%UGDGHVVHQ1DPHIlOVFKOLFKRIWYRQ VSDQLVFKSUDGR:LHVHDEJHOHLWHWZXUGH+LHUMHGRFKOLHJWHLQUHLQGHXWVFKHV:RUW YRUXQGREHQGUHLQHLQHUHFKWDOWHHLQKHLPLVFKH$UWYRQ)OXUQDPHQEH]HLFKQXQJ$OV GHXWVFKHV:RUWLVW²3UDWHU E]Z²%UDWHU VRQVWGLH%H]HLFKQXQJHLQHV0HQVFKHQ GHUEUlW RGHUHLQHV*HJHQVWDQGHVPLWGHPPDQEUlWLPOHW]WHUHQ)DOOHDOVRHLQHV %UDWVSLH HVRGHU%UDWHQZHQGHUV'LH6FKUHLEXQJPLWERGHUSLVWEHLGHQ1DPHQDXI VWHUUHLFKLVFKHP*HELHWQLFKWUHOHYDQWZDVHWZDGHU213LFKOGHU²% KHO EHGHX WHWEH]HXJW'DVVHVVLFKEHLGHU%H]HLFKQXQJGHV:LHQHU3UDWHUVWDWVlFKOLFKXPGLH %HGHXWXQJ²%UDWVSLH KDQGHOWZLUGVRIRUWNODUZHQQHLQHPEHNDQQWLVWGDVV)OX UHQZHQQLKUH)RUPGD]X$QODVVJLEWKlXILJQDFKVSLW]]XODXIHQGHQ*HJHQVWlQGHQ EHQDQQW ZHUGHQ 6R KHL HQ GLH VSLW] ]XODXIHQGHQ bfnhu LQ GHQ /DQGPXQGDUWHQ *gduq*guqzrulqvlfkpkgj UHNHLOI UPLJHV6W FNGLHVFKZDFKH1HEHQIRUP]X (OLVDEHWK 6&+867(5 'LH (W\PRORJLH GHU QLHGHU VWHUUHLFKLVFKHQ 2UWVQDPHQ OHJW HLQHQ 31 8RWR]XJUXQGHGHVVHQXPJHODXWHWHU*HQLWLYPLWXQRUJDQK$QODXWGLH)RUP+ HWHOGRUIHUJLEW 9JO²0DURQLEUDWHU IU KHU².HVWHQEUDWHU.DVWDQLHQEUDWHU<PKGNHVWH.DVWDQLH

:LHQ J U6SLH HUKDOWHQKDW1LFKWVHOWHQLVWDOV)OXUQDPHLQ2EHU VWHUUHLFK%IQDVFKG 3IDQQHQVWLHO]XK UHQbKQOLFKH%HLVSLHOHVLQGLQJUR HU=DKO EHUOLHIHUW =XU6SUDFKVR]LRORJLH %HYRUQXQGLHHLQ]HOQHQ(UVFKHLQXQJHQHU UWHUWZHUGHQGLHDOVGLHDOOJHPHLQJ O WLJVWHQI UGDV:LHQHULVFKHEH]HLFKQHWZHUGHQN QQHQLVW]XGHQ6SUDFKYHUKlOWQLV VHQ LQ :LHQ QRFK )ROJHQGHV ]X VDJHQ 'LH PDQQLJIDOWLJH VR]LDOH 6FKLFKWXQJ HLQHU 0LOOLRQHQVWDGWEULQJWLP/DXIHGHU=HLWDXFKHLQ1HEHQHLQDQGHUYRQ6SUDFK]XVWlQ GHQ PLW VLFK ZREHL HLQPDO GLH 9HUNHKUVVSUDFKH HLQPDO GLH DOWH HLQKHLPLVFKH 0XQGDUWPHKULQGHQ9RUGHUJUXQGJHU FNWZLUG*DQ]DQGHUVLVWHVXPGLH0XQGDUW HLQHV'RUIHVEHVWHOOW'LHZHQLJHQVR]LDOK KHUVWHKHQGHQ%HZRKQHUZLH$U]WRGHU /HKUHUP JHQPLWLKUHP6SUDFKJHEUDXFK]ZDUHLQ]HOQH3HUVRQHQEHHLQIOXVVHQZHU GHQ DEHU QLH GLH 0XQGDUW HLQHV 'RUIHV DXIIlOOLJ XP]XIRUPHQ LPVWDQGH VHLQ ZDV DXFKJDUQLFKWLQLKUHU$EVLFKWJHOHJHQLVW%DXHUQNOHLQH+DQGZHUNHUXQGKHLPL VFKH $UEHLWHU EHGLHQHQ VLFK LP 'RUI GHU ]LHPOLFK HLQKHLWOLFKHQ 0XQGDUW PLW GHU 6SUDFKHGHUbOWHVWHQDEHULVW EHUGLHVRIWQRFKHLQEHVRQGHUVDOWHUW POLFKHU6SUDFK ]XVWDQG GHU KHLPLVFKHQ 9RONVPXQGDUW YRUKDQGHQ VRGDVV 0XQGDUW DXI GHP /DQG KHXWHWDWVlFKOLFKQRFKZHLWJHKHQGJHVSURFKHQZLUG,Q:LHQGDJHJHQLVW]ZDU$OWHV DXV GHU HFKWHQ 9RONVPXQGDUW QRFK ]X K UHQ GLH 7UlJHU GLHVHV DOWHQ 6SUDFKJXWHV VLQGDEHUQXUQRFKYHUHLQ]HOWDQ]XWUHIIHQXQGZLUNHQDXIGHQ IIHQWOLFKHQ6SUDFKJH EUDXFKQLFKWPHKUHLQ'DVHLQHRGHUDQGHUHDOWH:RUWOlVVWVLFKQRFKHUIUDJHQHV OHEWDEHUPHLVWQXUQRFKLQGHU(ULQQHUXQJGHU$XVNXQIWVSHUVRQHQ:DVLP)ROJHQ GHQ DQ ZLHQHULVFKHQ (LJHQW POLFKNHLWHQ DQJHI KUW ZLUG LVW DOVR QXU QRFK EHGLQJW OHEHQGLJHV:RUWJXWZHQQJOHLFKHVVLFKKLHUXPGLHLQGHQNOHLQE UJHUOLFKHQ6FKLFK WHQDPPHLVWHQDOOJHPHLQJ OWLJHQ0HUNPDOHKDQGHOW,QZLHKRKHP0D HEHUHLWV GHU (LQIOXVV GHU DOOJHPHLQHQ 8PJDQJVVSUDFKH XQG VFKULIWVSUDFKOLFKHU (OHPHQWH DXFKDXIGHQ6SUDFKJHEUDXFKGHUXQWHUHQ6FKLFKWHQPHUNEDULVWZLUGGHUIROJHQGH 6WUHLI]XJGXUFKGDVMHW]WDPKlXILJVWHQ]XK UHQGH:LHQHULVFK]HLJHQ(VZLUGGDEHL YRQ1XW]HQVHLQDXFKGLH/DQGPXQGDUWHQKHUDQ]X]LHKHQ $OOJHPHLQH0HUNPDOH :LH VRQVW LP 0LWWHOEDLULVFKHQ VLQG GLH 0 L W O D X W H LQ GHU HLQJDQJV EHVFKULHEHQHQ :HLVHJHVFKZlFKW'FK7DJ%HFK3HFK:HGD:HWWHU,QGHU%HKDQGOXQJYRQ DXVODXWHQGHP J YHUIXKU GDV :LHQHULVFKH lkqolfk ZLH GLH QLHGHU VWHUUHLFKLVFKHQ %DXHUQPXQGDUWHQ YRQ GHQHQ GLH DOWHUW POLFKHQ GLHVHV EHUKDXSW QLFKW VSUHFKHQ 9JOGD]X5XGROI08&+'LH1DPHQLP:HLFKELOGH:LHQVXQGLKUH(QWVWHKXQJ:LHQ

:LHQ 6RKHL WHVLP*HELHWGHUXL0XQGDUWHQ*UXL.UXJ'7DJ:H:HJ,QM Q JHUHU=HLWMHGRFKZXUGHGDVIHKOHQGHJGXUFKFKHUVHW]WVRGDVVLQ:LHQZLH EHU KDXSWLP2VWHQXQG1RUGHQgVWHUUHLFKV*UXDFKI U².UXJ 'FKI U²7DJ :HFK I U²:HJ JHVDJWZLUGZDVDEHUKHXWHQXUQRFKVHOWHQ]XK UHQLVW'DVFKNDQQ DOOHUGLQJVYRUDOOHPLPUDVFKHQ5HGHIOXVVDXFK]XKJHVFKZlFKWVHLQ'DVL,QDVK ²'DVVLFK,KQHQVDJH ZDVLFKQRFKVDJHQZLOO'DVVLP$XVODXWDXFKLQGHU:RUW ]XVDPPHQVHW]XQJ LQ XQG XP :LHQ J HLQPDO Y OOLJ IHKOWH EH]HXJW XQWHU DQGHUHP GHU1DPH².ULHDX PGDO*ULDDXGHUQLFKWVDQGHUHVDOV².ULHJDX EHGHXWHWXQG HLQH DOWH PXQGDUWOLFKH $XVVSUDFKH IHVWKlOW (V KDQGHOW VLFK ZLH EHL ²6WUHLWZLHVHQ XPHLQ*UXQGVW FNXPGDVHLQPDOHLQ.OHLQNULHJJHI KUWZXUGH,QGHU1DFKVLOEH LJIHKOWJKHXWHIDVWLQDOOHQPLWWHOEDLULVFKHQ0XQGDUWHQE OLELOOLJK XOLKHLOLJ 'DV:LHQHULVFKHI KUWDOV²EHVVHUH 0XQGDUWDXFKKLHURIWFKHLQXQGVRKHL WHV V OLFKI U²VHOLJ GDVLFKI U²NOHLQODXW <PKGG±VLFVWLOOLQVLFKJHNHKUWIODPLFK I U ²IODXPLJ (EHQVR JLEW GDV :LHQHULVFKH LQ GHP %HVWUHEHQ $OWPXQGDUWOLFKHV DXV]XWLOJHQ GHP :RUW ²7DJ LQ GHQ :RFKHQWDJQDPHQ GLH YROOH )RUP 0QGFK 0RQWDJ'LQVGFK'LHQVWDJ6XQGFKRGHU6XQWFK6RQQWDJ'LHDOWHQPLW WHOEDLULVFKHQ 0XQGDUWHQ ]HLJHQ ²7DJ LP 6FKZDFKWRQ PHLVW QXU DOV GD 0QGD 0RQWDJ6XQGD6RQQWDJ'LHDOWEDLULVFKHQDXVGHP2VWJHUPDQLVFKHQVWDPPHQ GHQ:RFKHQWDJQDPHQ,DGD,DWDDXV²(UJHWDJ I UGHQ'LHQVWDJXQG%ILQGVGD %ILQJVGD²3ILQ]WDJ I UGHQ'RQQHUVWDJVLQGQLFKWQXULQ:LHQVRQGHUQDXFKLQ ZHLWHQ7HLOHQ1LHGHU VWHUUHLFKVKHXWHVRJXWZLHDXVJHVWRUEHQ :RGDVKGHU6FKULIWVSUDFKHQLFKW'HKQXQJV]HLFKHQVRQGHUQVRJHQDQQWHVJHUPDQL VFKHVKLVWZLUGHVLQ:LHQPHLVWZLHFKEHKDQGHOWXQGHUVFKHLQWDOVVFKZDFKHUFK /DXW'VgFKQ=HKHVDLFKQVHLKHQODLFKQOHLKHQ6FKXDFK6FKXKUDXFKUDX URFK URK,Q DOWHUW POLFKHQ PLWWHOEDLULVFKHQ /DQGPXQGDUWHQ IHKOW HV ZLH FKRIW JlQ]OLFK 'VgD=HKHODLD OHLKHQ 6FKXD 6FKXK Ug 2g XQG U1gI U ²URK ²6HKHQ XQG²]LHKHQ QHKPHQDOVVgJQXQGGVLDJQHLQH6RQGHUVWHOOXQJHLQ $XIIlOOLJHU DOV GLH 0LWODXWH KHEHQ VLFK GLH 6 H O E V W O D X W H GHV KHXWLJHQ :LHQHUL VFKHQYRQGHQHQHFKWHU%DXHUQPXQGDUWHQDE9 OOLJDXVJHVWRUEHQVLQGQDW UOLFKGLH ElXHUOLFKHQRL RHOLHVJHVFKORVVHQHVRJHVFKORVVHQHVHDOV=ZLHODXWLQ: UWHUQ ZLH²VFKLH HQ RGHU²NOLHEHQ GLHLP:LHQHULVFKHQVFKLDVVQXQGJOLDEPODXWHQ(V WULWW KLHU GDV ²VWlGWLVFKHUH LD HLQ GDV DXFK LQ 1LHGHU VWHUUHLFK GDV DOWH RL LQ GLH HQWOHJHQHQ*HELHWH]XU FNJHGUlQJWKDWXQGDXFKGRUWILQGHWVLFKGLHVHVQXUQRFKLQ GHU0XQGDUWGHUlOWHUHQ0HQVFKHQ'RFKVHLHUZlKQWGDVVHVELVLQV1HXZLHQHUL VFKH KLQHLQ QRFK GDV :RUW *ZRLVO *HZLQVHO IU KHU DXFK QRFK.KRL I U ².LQQ <PKGNLXZHJDE ²(UJHWDJ <PKGHUWDFXUVSU QJO²7DJGHV.ULHJVJRWWHV$UHV XQG²3ILQ]WDJ <PKGSILQ]WDF]X DOWJULHFKSœPWH²GHUI QIWH>7DJ@ VLQGEDLULVFKH.HQQZ UWHUGLH EHUJRWLVFKH9HUPLWWOXQJLQV%DLUL VFKHJHODQJWVLQGLQLKUHQPGDO/DXWXQJHQ,DGD,DGFKJ,DULGbDGFKE]Z%ILQGVGD%ILQJV GD%ILQWVGFKGJVLQGVLHYHUHLQ]HOWQRFKLQ2VW VWHUUHLFK]XK UHQYJO6

:LHQ 'DVKHOOHDLQ: UWHUQPLWPKGHLRGHUXRYRUQPJLOWVFKRQVHLWODQJHPDOVHLQHV GHU DXIIlOOLJVWHQ 0HUNPDOH GHV :LHQHULVFKHQ 'HQ ElXHUOLFKHQ )RUPHQ EUDG EUHLWODGOHLG6FKGDQ6WHLQ0DP0XKPH<PKGPXRPHVWHKHQGLHZLH QHULVFKHQ DXI GHP /DQGH DOV ²IHLQHU JHOWHQGHQ EUDG ODG 6FKGDQ 0DPVRIHUQ EHUKDXSW QRFK LQ *HEUDXFK JHJHQ EHU 'LHVH :LHQHU %HVRQGHUKHLW KDW VHLW GHU ]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVYRUDOOHPDXIGLH%DXHUQGHU8PJHEXQJJUR HQ (LQIOXVV$XFKLQGLH3URYLQ]VWlGWHLVWGDVKHOOHDGXUFK+DQGHOXQG9HUNHKUHLQJH GUXQJHQ 'HP!QJVFKZDEWQ GHP YRQ GHU 'RQDX ²$QJHVFKZHPPWHQ YJO PKG VZHLEHQ VFKZHPPHQ KDEHQ HV YRQ GHQ :LHQHU ²6SUDFKIHLQKHLWHQ QRFK LPPHU ]XQlFKVWGLHVHKHOOHQDDQJHWDQ]XGHUHQ*XQVWHQHUJHUQHDXIVHLQHKHLPDWOLFKHQ DYHU]LFKWHW'HU!QJVFKZDEGHLVWGHU²3URYLQ]OHU GHQGDV6FKLFNVDOI UVWlQGLJLQ GLH *UR VWDGW YHUVFKODJHQ KDW XQG GHQ GHU :LHQHU GDQQ IUHXQGOLFKHUZHLVH QLFKW PHKU]XGHQ*VFKgDGQ²*HVFKHUWHQ VFKOHFKWKLQ]lKOW :HLW YRP %RGHQ GHV 0XQGDUWOLFKHQ KDW VLFK GDV :LHQHULVFKH PLW VHLQHQ (QWVSUH FKXQJHQI UGLHR/DXWHHQWIHUQW9RUDOOHPI UPKG EHJHJQHWPDQLQGHQ/DQG PXQGDUWHQ VWOLFKGHU.UHPVHLQHPHLQIDFKHQRIIHQHQ/DXWZlKUHQGGLHZHVWOL FKHQ0XQGDUWHQLQ2EHU VWHUUHLFKLP,QQXQG0 KOYLHUWHOYHUHLQ]HOWQRFKUHFKW DXIIlOOLJH=ZLHODXWHDXIZHLVHQ%UgG%UgG%UXGI U²%URW,QGDV:LHQHULVFKH KLQJHJHQKDEHQOlQJVW JOHLFKJ OWLJREHVVLFKXPPKG RGHURKDQGHOW HLQKHLW OLFK GLH JHVFKORVVHQHQ R GHU 6FKULIWVSUDFKH (LQJDQJ JHIXQGHQ %URG%URWKRFK KRFK 2IP2IHQ0RVG 0RVW 1XU LQ GHU 6WHOOXQJ YRU Q DEHU LVW EHL lowhuhq 0XQGDUWVSUHFKHUQKlXILJQRFKGHURIIHQH/DXWQI UR]XK UHQ :QXQJ :RK QXQJ GDI^Q GDYRQ VFKQ VFKRQ DXFK IUHPGHV R ZXUGH VR EHKDQGHOW 5DL^Q M QJHU5DM Q5D\RQ'DVHLQVWVRDNWXHOOH²UD\RQLHUHQ MHGRFKVFKLHQQLFKWSRSX OlUJHQXJ]XVHLQXPDOVUDLQ DQY OOLJ²HLQJHZLHQHUW ]XZHUGHQ(VKHL WLPPHU QRFK²UD\RQLHUHQ 'LH /DXWJUXSSH RU ZLUG LP :LHQHULVFKHQ ]X XD IXDW IRUW GXDW GRUW PXDJQ PRUJHQ8DZDVFKVFKO²2KUZlVFKOHLQ 2KU 'DVKHXWLJHXGHU6FKULIWVSUDFKHLQ: UWHUQZLH²%UXGHU+XIJXW XVZPKGXR LVWZLHLQHLQHPJUR HQ7HLOGHU%DXHUQPXQGDUWHQDOVXDHUKDOWHQ%UXDGD +XDI JXDG ZHQQHVQLFKWYRUQ P VWHKW XQG GDKHU DOV D HUVFKHLQW ]%0DP 0XKPH <PKG PXRPH,P:RUW²0XWWHU DOOHUGLQJVZLUGGDV PGDO XD KHXWHIDVWLPPHU YHUPLHGHQHVLVWEHL$OWXQG-XQJIDVWQXUQRFK0XWD]XK UHQVRZLHDXFK²9DWHU KHXWHVHOWHQQRFKDOV)GDRGHU)WDEHJHJQHW%HLGH: UWHUQHKPHQDXFKLQGHQ %DXHUQPXQGDUWHQ HLQH 6RQGHUVWHOOXQJ HLQ /DXWJHVHW]OLFK LVW )GD 0XDGD'LHVH )RUPHQ ZHUGHQ DEHU DXFK LQ GHQ %DXHUQPXQGDUWHQ VFKRQ KlXILJ DOV GHUE MD GH VSHNWLHUOLFKHPSIXQGHQ6RZXUGHGHU6FKZDFKODXWGLQEHLGHQ: UWHUQ]XP6WDUN 9JOGD]X$QWRQ3)$/=$OWHUXQG+HUNXQIWGHVKHOOHQDI UPKGHLLQGHU:LHQHU0XQGDUW:LHQ 8UVSU QJOLFK LP Z UWOLFKHQ 6LQQH DOV GHU %DXHU LQ )HXGDO]HLWHQ LP 8QWHUVFKLHG ]XP *UXQGKHUUQ NHLQHODQJHQ+DDUHWUDJHQGXUIWH

:LHQ ODXWJHZDQGHOW)GD]X)WDXQG0XDGD]X0XDWDJOHLFKVDP²YHUIHLQHUW,P:LH QHULVFKHQVLQGDXFKGLH6HOEVWODXWHGHQKRFKVSUDFKOLFKHQ:RUWIRUPHQDQJHJOLFKHQ PDQVSULFKW)DWD0XWD 'LHD/DXWHLQDQGHUHQ: UWHUQVLQGZLHLQGHQ/DQGPXQGDUWHQGXUFKYHUWUHWHQ %G%DGGUJQ WUDJHQ ZD ZDKU 'DV (LQGULQJHQ GHV KHOOHQ D LQ GLH $XV VSUDFKHGHV:RUWHV²:DVVHU KLQJHJHQN QQWHVLFKDXVGHPHLQVWLJHQ5XIÃIULVFK :DVVDÁDXIGHQ%DKQK IHQHUNOlUHQ'DVLVWXPVRZDKUVFKHLQOLFKHUDOVPDQ:DVVD QXUVSULFKWZHQQHVVLFKXP:DVVHUDOV7ULQNZDVVHUKDQGHOW,Q%DXHUQPXQGDUWHQHUVFKHLQHQGLHH/DXWHGHU6FKULIWVSUDFKHLQ]ZHLHUOHL/DXWXQ JHQ LQGHP GLH DXI PKG H ]XU FNJHKHQGHQ DOV JHVFKORVVHQH GLH DXI PKG ž ]X U FNJHKHQGHQ]XP7HLOQRFKDOVRIIHQH/DXWHDXIWUHWHQ%HW%HWW<PKGEHWWHJH JHQ EHUEgWQEHWHQ<PKGEžWHQ$XFKGDV:LHQHULVFKHIROJWGLHVHU5HJHOGRFK YRU UZRLQGHQ/DQGPXQGDUWHQPKGH XQG ž VWUHQJ JHVFKLHGHQ ZHUGHQ LDUP 1gHUDP2gI U²HUEHQ PKGHUEHQ+gDWVV1g+gFKWVV2gI U²+HU] PKGKžU]H LVWLQ:LHQHLQKHLWOLFKIDVWQXUHLQRIIHQHU/DXWLP$QVFKOXVVDQGLH 9HUNHKUVVSUDFKH]XK UHQ(VKHL W*ZgD*HZHKU]XPKGJHZHUXQGHEHQVRZgD ZHU<PKGZžUPLWGHPVHOEHQRIIHQHQH/DXW,Q%DXHUQPXQGDUWHQGDJHJHQODX WHW²*HZHKU *ZLD*ZHD1gRGHU*ZHU2g²ZHU MHGRFKZgDRGHUZgXVZ (LQ LQ M QJHUHU =HLW HQWVWDQGHQHU /DXWZDQGHO ELOGHW HLQH GHU KHUYRUVWHFKHQGVWHQ (LJHQW POLFKNHLWHQ GHV 1HXZLHQHULVFKHQ GLH DEHU YRU DOOHP GHP :LHQHU VHOEVW QLFKWDXIIlOOW'LHPXQGDUWOLFKHQ=ZLHODXWHDXDLKRFKVSUDFKODXHLHX XZHU GHQLP6SUDFKJHEUDXFKGHV:LHQHUV]XHLQIDFKHQ6HOEVWODXWHQ) UGLHVH/DXWHZHU GHQ KLHU NHLQH HLJHQHQ 6FKULIW]HLFKHQ HLQJHI KUW HV VROO QXU GDUDXI DXIPHUNVDP JHPDFKWZHUGHQGDVVPDQI UDXHLQVHKUGXPSIHVJHUXQGHWHVDI UDLHLQVHKURI IHQHVZHLWYRUQHLP0XQGUDXPJHELOGHWHVHVSULFKW0DQDFKWHHLQPDODXIPHUNVDP DXIGLH$XVVSUDFKHGHU: UWHU²+DXV XQG²:HLE 9RUPLVWDXZLHLQGHQ/DQGPXQGDUWHQPHLVWQRFKD%DP%DXP'UDP7UDXP QLFKWDEHUYRUIZRI UPGDODPKGRXDXVGHU9HUNHKUVVSUDFKHDX EHUQRPPHQ ZLUGHVDOVRVWDWWHFKWPGDONKDIIDXQGODIIDKLHUNKDXIIPXQGODXIIPNDXIHQODX IHQKHL W 'HUU/DXWGHUHWZDLQGHQ0XQGDUWHQ2EHU VWHUUHLFKVMHQDFKVHLQHU6WHOOXQJLP :RUWRIWUHFKWHLJHQDUWLJHQWZLFNHOWLVWRGHUDOVVROFKHUIHKOWKDWVLFKLP:LHQHUL VFKHQLP$QODXWXQGLQODXWHQG]ZLVFKHQ6HOEVWODXWHQPHLVWDOV=XQJHQUHUKDOWHQ 5XDV5X 0DXUD0DXUHULVWDEHULQDOOHQ EULJHQ6WHOOXQJHQ]XDYRNDOLVLHUW ZRUGHQKgDKHUZgDZHUPLDPLUZLU*DWQ*DUWHQKgDUQK UHQXVZ (LQLJH : UWHU IDOOHQ LQ LKUHQ 6WDPPODXWHQ RGHU LQ LKUHU $EZDQGOXQJ XQWHU GHP (LQIOXVV GHU 6FKULIWVSUDFKH DXV LKUHU (QWZLFNOXQJ KHUDXV 'DEHL NRPPW HUVW UHFKW ZLHGHU ²8QIHLQHV YRU DOOHP DEHU ²8QVFK QHV ]XVWDQGH,Q GHQ VWHUUHLFKLVFKHQ (LQJHKHQG ZXUGH GLHVH (QWZLFNOXQJ YRQ (EHUKDUG.5$1=0$<(5 /DXWZDQGOXQJHQ XQG /DXWYHU VFKLHEXQJHQLPJHJHQZlUWLJHQ:LHQHULVFKHQXQWHUVXFKW

:LHQ 0XQGDUWHQZLUGI U GHU6FKULIWVSUDFKHGDVPHLVWGHPVRJHQDQQWHQ6HNXQGlUXP ODXWYRQDDOVRPKG HQWVSULFKWKHXWHKHOOHVDJHVSURFKHQZHOFKHVDOV0HUNPDO GHU0HKU]DKODXFKDQDORJLVFKVWHKHQNDQQ'DJ7DJHL ZDLFKZlUHJIDOLJH IlKUOLFK$VWObVWOHLQ'LHVHODXWJHVHW]OLFKHQDGHU0XQGDUWHQZHUGHQLQ:LHQLQ PDQFKHQ : UWHUQ DXIJHJHEHQ 6R HQWVWHKHQ :RUWIRUPHQ ZLH 'gfkdov3oxudo]x ²7DJ RGHUJgFKI U²MlK,P*UR HQXQG*DQ]HQDEHUVLQGGLHKHOOHQDI U QRFK HUKDOWHQLZDLFKZlUH.KDV.lVH (LQLJH =HLWZ UWHU QHKPHQ LQ LKUHU $ E Z D Q G O X Q J PHKU RGHU PLQGHU VFKULIW VSUDFKOLFKH )RUPHQ DQ,Q :LHQ ÃJVFKLDFKGÁ QLFKW VRQGHUQ HV ÃJVFKLFKGÁ DQ 8QJOLFNHVJHVFKLHKWHLQ8QJO FNGHU:LHQHUÃVLFKGÁZVZRGHU/DQGEHZRKQHU ZVÃVLDFKGÁHWZDVVLHKW'DV=HLWZRUW²WXQ P VVWHLQ:LHQGDQODXWHQZLHHLQ VSlWPKGZXRQH/RFKLP(LVPLWHUVWVSlWHUJHGHKQWHPXRDXVXKHXWHQRFKDOV :DQ (LQEXFKWXQJ HUVFKHLQW ZHQQ PDQ GDI U QLFKW OLHEHU 'gsvfkd ²7HSVFKHU JHEUDXFKW 'RFK K UW PDQ I U ²WXQ IDVW DXVVFKOLH OLFK GXDQ(UVWLP3OXUDOHU VFKHLQWGDV]XHUZDUWHQGHDPLDGDQHVGDWVVVLGDQZLUWXQLKUWXWVLHWXQ'D QHEHQ LVW I U GLH 3HUV 3O LQ $QOHKQXQJ DQ lowhuhv LD HV VDLWVV LKU VHLG M QJHU VDGVPDQFKPDOLDHVGDLWVVLKUWXW]XK UHQ,QGHQPLWWHOEDLULVFKHQ0XQGDUWHQLVWHLQIDFKHVQLP$XVODXWRGHUHQZHQQHVDXI 6HOEVWODXWIROJWYHUVWXPPWQXUQRFKLQGHU1DVDOLHUXQJGHVYRUKHUJHKHQGHQ9RNDOV LVW VHLQ HKHPDOLJHV 9RUKDQGHQVHLQ ]X HUNHQQHQ 'DV :LHQHULVFKH ZLOO PLW VHLQHP GXDQWXQGHU6FKULIWVSUDFKHQlKHUNRPPHQMDHVI KUWLQDOOHQ=HLWZ UWHUQGLHVHU $UWGDVQZLHGHUHLQXQGVRVWHKHQGHQOlQGOLFKHQ)RUPHQGDQJgQVFKGgQKDXQ WXQJHKHQVWHKHQKDXHQGLHZLHQHULVFKHQGXDQ KDXQXQGPDQFKPDOVRJDUJgQ VFKGgQPLWHUKDOWHQHPQXQGQLFKWQDVDOLHUWHP9RNDOJHJHQ EHU,QGHQ/DQGPXQG DUWHQLVWQQXUGDQQLP$XVODXWHUKDOWHQZHQQHVDXIQQ]XU FNJHKW6RKHL WHV HWZDLQ2EHU VWHUUHLFK,PXDGVGDQ,FKPXVVGDVWXQ<PKGWXRQDEHU,KQ I GVGDQ,FKKDEHYLHO]XWXQ<PKG]HWXRQQH(LQJXWHV%HLVSLHODEHUOLHIHUWGLH $XVVSUDFKHGHV1DPHQV:LHQVHOEVWGHUPXQGDUWOLFKPLWHUKDOWHQHPQ:gDQXQG QLFKW :gdqodxwhwzhlohudxi:lhqqh :LHQQL VR LP -K ]XU FNJHKW bkqolfk ZLUGDXFKEHLP.DVXVXQWHUVFKLHGHQPDQVDJWLP1RPLQDWLYNKDQ0HQGVFKNHLQ 0HQVFKLP$NNXVDWLYDEHU,KENKDQJVgJQ,FKKDEHNHLQHQJHVHKHQ'LH(QG VLOEHHQLVWLQ%DXHUQPXQGDUWHQDOVDRGHUQQDFK$QJOHLFKXQJDQGHQ6WDPPDOV P YRUKDQGHQ NKDIID NKDIIP NDXIHQ PFKDPDFKHQ:RFKD :RFKH2ID 2IHQ+LHUKHUJHK UHQDXFKPGDO6FKGgFNDZLHQHULVFK6FKGHFNQ6WRFNPGDO GUXFND ZLHQHULVFKGUXFNQ WURFNHQ < PKG WUXFNHQ 'DV :LHQHULVFKH YHU]LFKWHW DX HUQDFKQQUHQDUHQQHQ]XPHLVWDXIDDOVPXQGDUWOLFKHQ9HUWUHWHUI UHQVR GDVVHVLQ:LHQNKDXIIPPFKFKQ:RFKFKQ2IPXVZKHL W /lqgolfkhqhqgxqjvorvhq)ruphqzlh6fkguvv6wud H%UXFN%U FNHVWHKHQGLH ZLHQHULVFKHQ PLW YHUDOOJHPHLQHUQGHU hehuwudjxqj GHV HQDXIGHQ)DOO6LQJ JHJHQ EHU 6FKGUVVQ %UXFNQ,Q GHU %HXJXQJ GHU (LJHQVFKDIWVZ UWHU I KUWH GDV :LHQHULVFKH DOV ²JHKREHQHUH 0XQGDUW ZLHGHU H/DXWH HLQ GLH LQ HLQHP 7HLO GHU

:LHQ PLWWHOEDLULVFKHQ 0XQGDUWHQ ODXWJHVHW]OLFK IHKOHQ,Q :LHQ K UW PDQ GDEUDIH%XD GHUEUDYH%XEGHJXDGH+DXG ²GLH JXWH +DXW JXWP WLJH)UDXLQ GHQ /DQG PXQGDUWHQDEHU]XPLQGHVWIU KHUGDEUDI%XDGHJXDG+DXG'RFKVLQGPLWWOHU ZHLOHMHQH)RUPHQPLWHDXFKLQ1LHGHU VWHUUHLFKVFKRQJDQJXQGJlEH 'HUG/DXWLQGHU3HUV3ODXIPKGW]XU FNJHKHQGVHVFKGgQGVFKGgQJDQGVLH VWHKHQ<PKGVW QWLVWLQHFKWHQ%DXHUQPXQGDUWHQLPPHUYRUKDQGHQ'DV:LHQH ULVFKHKDWLKQDOVGHUEXQGYHUDOWHWVFKOLH OLFKDXFKZHLOGLH6FKULIWVSUDFKHNHLQHQ $QODVV]XVHLQHU(UKDOWXQJELHWHWVFKRQOlQJVWDXIJHJHEHQVHJgQJDQVLHJHKHQVH OVVQ VLH ODVVHQ VH KP VLH KDEHQ 'LH HFKW PXQGDUWOLFKHQ )RUPHQ ODXWHQ VH JgQGVHOVVQGVHKPG (LQIOXVVGHV+RFKGHXWVFKHQ]HLJWVLFKDXFKLQGHU0 JOLFKNHLWVIRUPGHU=HLWZ UWHU ²JHKHQ XQG²VWHKHQ =ZDULVWGLHVFKZDFKHPXQGDUWOLFKH(QGXQJDGYRUKDQGHQ GRFKZLUGQLFKWVHOWHQGHU6WDPPVHOEVWODXWDXVGHU6FKULIWVSUDFKHEH]RJHQ6RHQW VWHKWGLH.RPSURPLVVIRUPLJLQJDGHFKWPGDOLJDQJDGLFKJLQJH'LHVHV²IHLQHUH L ZLUG QXQ DEHU Y OOLJ XQEHUHFKWLJW DXFK RIW LP =HLWZRUW ²VWHKHQ HLQJHI KUW LVFKGLQJDG LFK VW QGH LVW GDQQ GDV Y OOLJ PLVVOXQJHQH 3URGXNW YRQ ²6SUDFKYHU IHLQHUXQJ GHU:LHQHU8PJDQJVVSUDFKH'LH%HLVSLHOH]HLJHQGDVVHVGHP²VSUDFK YHUEHVVHUQGHQ %HVWUHEHQ ]XQlFKVW GDUDXI DQNRPPW GHQ 6HOEVWODXW DOV GHQ DXI IlOOLJVWHQZHLOVFKDOOVWlUNVWHQ%HVWDQGWHLOGHV:RUWHVGXUFKGHQVFKULIWVSUDFKOLFKHQ ]XHUVHW]HQ 1LFKW GHU 0XQGDUW HQWVSUHFKHQG XQG EHUKDXSW QLFKW EDLULVFK VWHUUHLFKLVFK VLQG GLH LQ GHU ²JHKREHQHUHQ :LHQHU 8PJDQJVVSUDFKH JHEUlXFKOLFKHQ )RUPHQ I U ²KHUHLQKHUDXVKHUDXIKHUXQWHUKHU EHU GLHUDLQUDXVUDXIUXQWDU ZDODXWHQ ZlKUHQGGLHDOWPXQGDUWOLFKHQ(QWVSUHFKXQJHQDLQDDXVVDDXIIDZDXPDVLQG 'DV U FNEH] JOLFKH ) UZRUW ²VLFK JHEUDXFKW GHU :LHQHU DXFK I U GLH 0HKU]DKO ²XQV ]%+DLGKPDVLFKJXDGXQWDKLGQ+HXWHKDEHQZLUXQVJXWXQWHUKDOWHQ (VYHUWULWWKLHUGHQDOWHQ)DOODKGXQVLKGRFKHUEOLFNWPDQGDULQDXFKHLQHQVOD ZLVFKHQ(LQIOXVV (LJHQDUWLJ PXWHW GHQ 1LFKWZLHQHU QLFKW DEHU GHQ.ODJHQIXUWHU GLH 6WHOOXQJ GHU +LOIV]HLWZ UWHU²P VVHQ XQG²VROOHQ LP6DW]DQ'XKgGVGPLDVVQD0DGOZgDUQ ZDLVG ODZ X EOgDVG 'X KlWWHVW HLQ 0lGFKHQ ZHUGHQ P VVHQ ZHLO GX LPPHU ZHLQVWVDJWPDQWDGHOQG]XHLQHPZHLQHUOLFKHQ.QDEHQbDKgGVFKQJHVGDQVRLOQ NKXPD (U KlWWH VFKRQ JHVWHUQ NRPPHQ VROOHQ 'LHVH XQG YLHOH DQGHUH *HPHLQ VDPNHLWHQ GHV :LHQHULVFKHQ PLW GHU.ODJHQIXUWHU 6WDGWPXQGDUW VLQG ELVKHU QRFK QLFKWJHNOlUW 'LH0LWYHUJDQJHQKHLWGHV+LOIV]HLWZRUWHV²VHLQ LZDLFKZDUGHQHFKWHQ0XQG DUWHQY OOLJIUHPGLVWVFKRQKlXILJI UPGDOLELQJZHVQJZHVGLELJZHQ2g]X K UHQ+DLGZDULGVPLDGGVDQ)XDWJgQ+HXWHZDULFK]XP GH]XP)RUWJHKHQ 9JO0DULD+25181*: UWHUEXFKGHU:LHQHU0XQGDUW69RUZRUWYRQ+HLQ]'LHWHU3RKO

:LHQ 'HU:LHQHU-DUJRQ 'LHZHQLJHQ%HLVSLHOHPLWGHPRIWPDOLJHQ+LQZHLVDXIElXHUOLFKH0XQGDUWHQKDEHQ JH]HLJW ZLH ZHLW GDV KHXWLJH :LHQHULVFK VLFK YRQ HLQHU OlQGOLFKHQ 9RONVPXQGDUW EHUHLWV HQWIHUQW KDW XQG ZLH VHKU 6FKULIW XQG 9HUNHKUVVSUDFKH YRU DOOHP LQ :LHQ LKUHQ(LQIOXVVJHOWHQGPDFKHQ 9RP6WDGWMDUJRQDEHUGHUZLHLQGHQPHLVWHQ*UR VWlGWHQDXFKLQ:LHQHLQ]LHP OLFKDXVJHSUlJWHV3URILO]HLJWLVWGLH:LHQHU0XQGDUWHEHQVREHGURKWZLHYRQGHU 6FKULIWVSUDFKH$XIVHLQHQ:RUWVFKDW]GHU]XP7HLOHLQHULQWHUQDWLRQDOHQ*DXQHU VSUDFKHZLHGHP5RWZHOVFKHQDEHUDXFKGHP-LGGLVFKHQHQWVWDPPWNDQQKLHUQLFKW QlKHUHLQJHJDQJHQZHUGHQGLHVH: UWHUXQG%LOGXQJHQVLQGDXFKPHLVWQLFKWFKD UDNWHULVWLVFK DOWZLHQHULVFK (V NRPPW DXFK JDU QLFKW VR VHKU DXI HLQ]HOQH 8QWHU VFKLHGH OH[LNDOLVFKHU RGHU ODXWOLFKHU $UW DQ GLH GHQ -DUJRQ LQ VFKDUIHQ *HJHQVDW] ]XU HFKWHQ 9RONVPXQGDUW VWHOOHQ VRQGHUQ YLHOPHKU DXI HLQH 9HUlQGHUXQJ GHV JH VDPWHQ 6SUDFKFKDUDNWHUV 'HQQRFK EHJLQQHQ PDQFKH LQ GLHVHP -DUJRQ PHKU XQG PHKUGDVHLJHQWOLFKH:LHQHULVFKH]XVHKHQ'HU-DUJRQLQGHVZLUNWLQVHLQHUDXIIlOOL JHQ*HGHKQWKHLWLQGHUXQQDW UOLFKHQ%HWRQXQJXQG+HUYRUKHEXQJGHU1HEHQVLO EHQ DEVWR HQG,Q GHU 6SUDFKH GHV ²3ODWWHQEUXGHUV NOLQJHQ GLH LQ :LHQ I U GLH VFKULIWVSUDFKOLFKHQ=ZLHODXWHHLHXDX XHLQWUHWHQGHQDQXQGI UVLFK QLFKWVHKU DQ]LHKHQGHQHLQIDFKHQ/DXWHEHVRQGHUVXQVFK Q,KUH$UWLNXODWLRQOLHJWZHLWHUYRU QH LP 0XQGUDXP LQ GHU 6WHOOXQJ YRU O NOLQJHQ VLH EHVRQGHUV XQDQJHQHKP 0DQ VWHOOHVLFKHWZDHLQlUJHUOLFKJHVSURFKHQHVJHGHKQWHV+gGV0 X+DOWHGDV0DXO YRURGHUGDVEHOLHEWH'gDLVGDUD:ÅXEOgG'HULVWGLU²HLQH:HLOH >VHKU@EO G (LQHDQGHUHODXWOLFKH0HUNZ UGLJNHLWGHV-DUJRQVLVWGLH$XVVSUDFKHGHVUGDVLQ :LHQ DX HULP$QODXWXQGLQODXWHQG]ZLVFKHQ6HOEVWODXWHQZRHVHUKDOWHQEOHLEW LQMHGHU6WHOOXQJ]XDYRNDOLVLHUWLVWZgDZHU+gDG+HUG*DWQ*DUWHQXVZ,P -DUJRQ LVW U QXQ QLFKW QXU LP $QODXW XQG LP,QODXW ]ZLVFKHQ 6HOEVWODXWHQ YLHO VWlUNHUJHUROOWVRQGHUQHVZLUGLQVWDUNJHUROOWHU)RUPDXFKGRUWRIWHLQJHI KUWZR GLH9RONVPXQGDUWVFKRQODQJHNHLQHVPHKUVSULFKWRGHUQLHHLQHVJHNDQQWKDW'LHV ]HLJW VLFK YRU DOOHP LP $IIHNW 5DXZDVEXDU OœQGLFKD 5DXEHUVEXE HOHQGLJHU *DXQDU IDUG³FKWgFKD *DXQHU YHUGlFKWLJHU RGHU LQ GHU %HWRQXQJ 'HV VDQ GDU VFKOgFKGH 'VDLGQ 'DV VLQG GLU VFKOHFKWH =HLWHQ 0LW GHU HLJHQWOLFKHQ :LHQHU 0XQGDUWKDWGLHVH6SUDFKDEDUWZHGHULQQHUHQ*HKDOWQRFKGLHW\SLVFKH.ODQJIDUEH JHPHLQVDP 'DVKHXWLJH:LHQHULVFKVREXQWHVDXFKVFKRQJHDUWHWVHLQPDJLVWGRFKHLQHVHKU EHUVFKDXEDUH6WDGWPXQGDUW'DV1HEHQHLQDQGHUYRQlOWHVWHQ$XVGU FNHQXQGRIW JDQ] EHUUDVFKHQGHQ1HXHUXQJHQLQGHU:RUWIRUPOlVVW(LQEOLFNLQGDV9HUKlOWQLV 9JOGD]X-RKDQQ6&+,.2/$6FKULIWGHXWVFKXQG:LHQHULVFK:LHQXQG0DULD+25181*'HU :RUWVFKDW]:LHQV VHLQH9LHOVFKLFKWLJNHLWVHLQH*UHQ]HQ:LHQ

:LHQ YRQ 9RONVPXQGDUW 9HUNHKUVVSUDFKH XQG 6FKULIWVSUDFKH JHZLQQHQ ZREHL GLH 0XQGDUWLQGHU0LOOLRQHQVWDGWLKUH9LHOIDOWYLHOVFKQHOOHUHLQE WDOVGLHVLQHLQHP QRFKZHLWJHKHQGOlQGOLFKHQ5DXPGHU)DOOLVW2EGLHÃ:gDQDVFKEUFKÁDOVVROFKH ZHLWHUOHEHQ ZLUG ZLH VLH HWZD LQ GHQ 0XQGDUWJHGLFKWHQ -RVHI :HLQKHEHUV QRFK *HVWDOWKDWZHUGHQGLHN QIWLJHQ*HQHUDWLRQHQHQWVFKHLGHQ -RVHI:HLQKHEHU,PSUHVVLRQLP0 U] 8PVFKULIW :DPH6XQGVgDVFKGH%UGDIDLJDO clz XZLGDJIUDLVGLZLDUD.KLQG 'VDWH%ODWDOVFKLDVVQDXVGH'VZDLJDO XQG%DE DUOQGVLDJQLP)UXDMDVZLQG 'VZLVFKQG%DPEDO³VGDUQDED /DFNOQ JVFKULDUQXQGV OLFKPLGDQ)gWVVQELOQ GUXQWEDLQ%RGVPQVFKGUDLFKQVVFKQ G6FKLQ NOQ XQGD0ODGXDGGH*HJQGPLOQ DXIGDGVQgSIWQ-gVX WQZLVQ EUDFNQV*ZgDJULIIVRLVZDQLNVV JVFKgJQ XQGGXDFKG%DPGXDFKNKQVGD 6FKGLFNO5LVQ UDGOXQGG5RW QGQNKXSSHVgJQ 2ULJLQDO :UPH6XQQGVHUVWH3UWHUYHLJHUO!OOZHLZLHGHUJIUHXVWGLZLDUD.LQG =UWH%ODWWHUOVFKLD QDXVGLH=ZHLJHUO XQG3DSLHUOQ]LDJQLP)UXDKMKUVZLQG =ZLVFKHQG %DPSDOlVWHUQDSU /DFNHOQ J VFKULDQXQGV OLJPLWDQ)HW]HQEOOQ GUXQWEHLQ%RRWVPDQQVWUHLFKHQV VFKRQ G 6FKLQDNHOQ XQGD0OHUWXDWGLH*HJHQGPOQ DXIGHU] QHSIWHQ-HVXLWHQZLHVHQ SUDFNQV * ZHKUJULIIVROVZDUQL[ JVFKHJQ XQGGXUFKG %DPGXUFKNDQQVWD6W FNO 5LHVHQ UDGOXQGG 5RWXQGHQNXSSHOVHJQ -RVHI:(,1+(%(56lPWOLFKH:HUNH%G6I

1LHGHU VWHUUHLFK 1LHGHU VWHUUHLFK $OOJHPHLQH EHUVLFKW 8P:LHQLP)ODFKODQGV GOLFKGHU'RQDXQDFK:HVWHQKLQVRZLHLQGHQ(EHQHQ Q UGOLFKXQG VWOLFKGHU6WDGWZLUGHLQH0XQGDUWJHVSURFKHQGLHPDQZRKODOVGLH ²PRGHUQVWH GHUPLWWHOEDLULVFKHQ/DQGPXQGDUWHQEH]HLFKQHQNDQQ(VLVWGLHVGDV *HELHWLQGHPVLFKGHUYRQGHU:LHQHU6WDGWPXQGDUWDXVJHKHQGHVSUDFKOLFKH(LQ IOXVV ]XQl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lW EHVLHGHOWHQ 1RUG GRQDXUDXPHVVRZLHGHVV GOLFKHQ1LHGHU VWHUUHLFKGDVVSUDFKOLFKRIWPDQFKHbKQ OLFKNHLWHQPLWGHQVWHLULVFKHQ0XQGDUWHQDXIZHLVWJHJHQ EHUVWHOOW :LHQRFKEHL2EHU VWHUUHLFK]XVHKHQVHLQZLUGLVWHVEHLGHP9HUVXFKHLQHU*OLH GHUXQJGHU0XQGDUWHQQLFKWGDPLWJHWDQHLQIDFKGHQSROLWLVFKHQ9LHUWHOJUHQ]HQ]X IROJHQ 'LHVH 9LHUWHOHLQWHLOXQJ LVW YHUKlOWQLVPl LJ MXQJHQ 'DWXPV XQG ZLUNW VLFK QLFKWGHXWOLFKDXIVSUDFKOLFKH9HUKlOWQLVVHDXV(VLVWYLHOPHKUGLHHLQVWLJHSROLWLVFKH =XJHK ULJNHLWZHLWHU*HELHWH1LHGHU VWHUUHLFKV]XDQGHUHQ/lQGHUQHWZDGLHGHU %XFNOLJHQ:HOW]XU6WHLHUPDUN]XEHU FNVLFKWLJHQ6RZHLWDEHUGLH(QQVGLH*UHQ]H ]X 2EHU VWHUUHLFK ELOGHW VLQG LP EHLGHUVHLWLJHQ ]LHPOLFK IODFKHQ /DQG QLFKW QXU GLHVHOEHQ +DXVIRUPHQ VRQGHUQ DXFK UHFKW GHXWOLFKH PXQGDUWOLFKH hehuhlqvwlp PXQJHQ ]X EHREDFKWHQ 'DVVHOEH JLOW I U GDV V GZHVWOLFKH 1LHGHU VWHUUHLFK GDV PXQGDUWOLFKPLWGHUREHU VWHUUHLFKLVFKHQ0XQGDUWLP:LQNHOYRQ:H\HUDXIIlOOLJH hehuhlqvwlppxqjhq]hljw $XFKHLQH$EJUHQ]XQJGHUQLHGHU VWHUUHLFKLVFKHQ0XQGDUWHQLQ]ZHL*UR JUXSSHQ LQHLQHXD%OXDGXQGHLQHXL%OXLGVSUHFKHQGHZlUHZLOON UOLFKXQGN QQWHQLFKW UHFKWEHIULHGLJHQGDVLHVLFKQXUDXIHLQHHLQ]LJH/DXWHUVFKHLQXQJEH] JHXQGGDV *HELHW GHU XL0XQGDUWHQ ]X %HJLQQ GHV -DKUKXQGHUWV QRFK YLHO DXVJHGHKQWHU ZDU(VLVW]LHOI KUHQGVLFKEHLGHU%HVSUHFKXQJGHUQLHGHU VWHUUHLFKLVFKHQ0XQG DUWYHUKlOWQLVVH]XHUVWGHPVFKRQDQJHGHXWHWHQ:LHQHU(LQIOXVVJHELHW]X]XZHQGHQ XPGDQQLQGHQ0XQGDUWHQGHU5DQGJHELHWHLPJHELUJLJHQ6 GHQXQGQ UGOLFKGHU 'RQDXLP:HLQXQG:DOGYLHUWHOGLHGRUWHUKDOWHQHQ$OWHUW POLFKNHLWHQXQG6RQ 9JO LQVEHVRQGHUH GLH *HVDPWGDUVWHOOXQJ YRQ (EHUKDUG.5$1=0$<(5 'HU QLHGHU VWHUUHLFKLVFKH 'LDOHNW:LHQ

1LHGHU VWHUUHLFK GHUHQWZLFNOXQJHQ HQWVSUHFKHQGHU EHKDQGHOQ ]X N QQHQ (LQH UlXPOLFKH 0XQGDUW HLQWHLOXQJLVWI UGLHEHLGHQ/lQGHUXQWHUXQGREHUGHU(QQVEHGHXWHQGVFKZLHULJHU ]XWUHIIHQDOVI UGLH EULJHQ%XQGHVOlQGHU'DVLVWHLQHJUXQGVlW]OLFKZLFKWLJH7DW VDFKH,QGHQ/lQGHUQGHU9HUNHKUVDFKVHgVWHUUHLFKVGHUDOWHQ'RQDXVWUD HVLQG GLH.XOWXUEHZHJXQJHQ XQG PLW LKQHQ DXFK GLH PXQGDUWOLFKHQ 1HXHUXQJHQ YRQ *UXQG DXI LQWHQVLYHU +LQ]X NRPPW GLH 'LFKWH GHU 6LHGOXQJHQ KLHU OLHJW LQ GHU 5HJHO 'RUI DQ 'RUI XQG GLH.RQWLQXLWlW HLQHV XQJHKLQGHUWHQ 9HUNHKUV 'LH 0XQGDUWEHZHJXQJHQVLQGLQHLQHPVWlQGLJHQ)OXVVXQGLQOHEHQGLJHP1HEHQXQG 0LWHLQDQGHU5DXPJUHQ]HQVLQGXQWHUVROFKHQ8PVWlQGHQLPPHUQXUZLOON UOLFK]X ]LHKHQ6RXPIDVVWHGDV*HELHWLQGHPDOWHVXLHUNHQQEDUYRUXD]XU FNZHLFKWXP QLFKWZHQLJHUDOV2UWVFKDIWHQ'HUXL/DXWDOVHLQH6RQGHUHQWZLFNOXQJYRQ IDVWJDQ]1LHGHU VWHUUHLFKLVWLQGLDOHNWNXQGOLFKHU+LQVLFKWGDKHUYRQEHVRQGHUHP,QWHUHVVH 'LHXL0XQGDUWHQ =XGHQ XL 0 X Q G D U W H Q ]lkowpdqmhqhglhi UPKGXRGHPXGHU6FKULIWVSUDFKH LQ: UWHUQZLH²JXW.XK%OXW.UXJ GHQ=ZLHODXWXLVSUHFKHQ:LH.DUWH]HLJW LVW GLHVHU XL/DXW DOOHUGLQJV QLFKW DXI 1LHGHU VWHUUHLFK DOOHLQ EHVFKUlQNW 'DV XL *HELHWHUVWUHFNWVLFKDXIGHQ1RUGRVWHQ2VWHQXQG6 GRVWHQgVWHUUHLFKVXQGXP IDVVW DX HU GHP Q UGOLFKHQ 7HLO GHV :DOG XQG :HLQYLHUWHOV VRZLH HLQHP NOHLQHQ 7HLO GHV 9LHUWHOV XQWHU GHP :LHQHUZDOG QRFK GDV %XUJHQODQG DXVJHQRPPHQ GDV *HELHWV GOLFKGHU5DDEE]Z/DIQLW]XQG7HLOHGHU2VWVWHLHUPDUN=ZHLIHOORVDEHU ZDUGDVXL*HELHWHLQPDOQRFKJU HU+HXWHJLOWXLEHUHLWVDOVYHUDOWHWXQGLVWOlQJVW LP%HJULIIGHP²PRGHUQHUHQ XD]XZHLFKHQ]XPDOGLHVHVMDDXFKGHULQ:LHQQRFK I UPKGXRKHUUVFKHQGH/DXWLVW'DVXL*HELHWZLUGYRQ:LHQDXVPHKUXQGPHKU HLQJHHQJWXQGLVWPDQFKHURUWVVFKRQVWDUNPLWXD6SUHFKHUQGXUFKVHW]WQRFK KDW HLQH KDOEH 0LOOLRQ GHU %HZRKQHU 1LHGHU VWHUUHLFKV GLH XL6SUDFKH YHUZHQGHW 'DVV XL HLQPDO DXFK ELV DQ GLH *UHQ]H GHV DOWHQ :LHQ KHUDQJHUHLFKW KDW EHZHLVW HLQH EHUOLHIHUWH ²0LVVLRQV %X XQG 6LWWHQSUHGLJW GHU *HPHLQH ]X 2WWDNULQJ YRP1RYHPEHU'DULQWDGHOWGHU3ULHVWHUDXFKGLHUHOLJL VH*OHLFKJ OWLJNHLW GHU.LQGHU GLH EHU GDV IU KH $XIVWHKHQ ]XP *RWWHVGLHQVW XQJHKDOWHQ VLQG XQG GDQQGLH0XWWHUlUJHUOLFKIUDJHQÃ:RLVPDL6FKXL6FKXK"¼:HUKRWPDLQ%UXVW IOHFN"Á'HU3ULHVWHUIlKUWDQGLH.LQGHUJHULFKWHWIRUWÃ'DVROOWGHU9DWHUGHQ2FK VHQ]DKPQHKPHQRGHU V6WDEHUOXQGVROOWHQNVVXLFKQVXFKHQGDZXUGV VVFKRQ 0LW(QWVWHKXQJXQG9HUEUHLWXQJGHVXL/DXWHVKDEHQVLFKHLQJHKHQG:DOWHU67(,1+$86(5'LH(QW ZLFNOXQJ GHV DKG XR LP %DLULVFKHQ :LHQ +HLQULFK :(,*/ 'LH QLHGHU VWHUUHLFKLVFKH XL 0XQGDUW%RQQ /HLS]LJXQG0DULD+25181*XL/DXWXQJHQLQGHQ0XQGDUWHQgVWHUUHLFKV XQGEHQDFKEDUWHU*HELHWHDXVHLQDQGHUJHVHW]W

1LHGHU VWHUUHLFK.$57( 'LHXL0XQGDUWHQLP VWOLFKHQgVWHUUHLFK 9HUEUHLWXQJVJHELHW XP DQKDQG GHV %HLVSLHOZRUWHV ²%OXW %OXDG%OXLGQDFK 67(,1+$86(5KHXWHZHLWJHKHQGDXI.HUQJHELHWH]XU FNJHZLFKHQGLHVFKZHUDE ]XJUHQ]HQVLQG Horn XL Krems Stockerau Donau WIEN XD Bruck XL Wr. Neustadt EISENSTADT XD GRAZ Raab Hartberg XL Jennersdorf

1LHGHU VWHUUHLFK ILQGHQÁ 6R NRQQWH VLFK GDPDOV HLQ 3UHGLJHU DP :HVWUDQG YRQ :LHQ RIIHQEDU LQ 1DFKDKPXQJGHU0XQGDUWVHLQHU=XK UHUDXVGU FNHQ(LQH)X QRWH]XGLHVHU3UH GLJWEHVDJW EULJHQV²'LHVHXQGGLHIROJHQGHQ5HGHQZXUGHQYRQGHP+HUUQ3UH GLJHUPLWGHUJHK ULJHQ.LQGHUVWLPPHVRZLHGLHJDQ]H3UHGLJWLP VWHUUHLFKLVFKHQ 7RQH DIIHNWLUW ZRUDXI LPPHU HLQ DOOJHPHLQHV *HOlFKWHU HQWVWDQG 'LHVHU ZHQQ JOHLFKHLQZHQLJ EHUWULHEHQH7RQNDQQWHDOVRGDVXLZLHJOHLFK]ZHL%HOHJHLQGHP NOHLQHQ$XVVFKQLWWEHZHLVHQXQGDXFKVRQVWLVWGLHVHULQMHGHP:RUWPXQGDUWOLFK LQWHUHVVDQW$XFKYRP²%UXVWIOHFN GHU]ZDULQGHQ$OSHQUHJLRQHQQRFKWHLOZHLVH LP*HEUDXFKLVWLQGHQ'RQDXOlQGHUQDEHUEHUHLWV]XGHQKLVWRULVFKHQ.OHLGXQJV VW FNHQ]lKOWXQGEHVWHQIDOOV QXU QRFK YRP + UHQVDJHQ EHNDQQW LVW ZLUG KLHU JH VSURFKHQ $OWHXQGQHXHUH6SUDFKVFKLFKWHQ 8P GLH /DJHUXQJ GHU DOWHQ XQG QHXHUHQ 6SUDFKVFKLFKWHQ LQ GHQ 0XQGDUWHQ YRQ 1LHGHU VWHUUHLFK]XHU UWHUQLVWHLQGLHVEH] JOLFKHU9HUJOHLFKPLWGHUREHU VWHUUHL FKLVFKHQ1DFKEDUPXQGDUW]ZHFNPl LJ,Q2EHU VWHUUHLFK]LHKWVLFKZLHQRFK]X]HLJHQVHLQZLUGPLWGHUVRJHQDQQWHQg =RQH HLQH EHKDUUOLFKH VSUDFKOLFKH %U FNH LQ 6 G1RUG5LFKWXQJ PLWWHQ GXUFK GDV /DQGVLHKH.DUWH,P2VWHQGLHVHU=RQHOLHJWHLQ*HELHWGDVYRUDOOHPDQGHU (QQVPXQGDUWOLFKLQYLHOHQ%HODQJHQPLWGHPDQJUHQ]HQGHQQLHGHU VWHUUHLFKLVFKHQ 0RVWYLHUWHO EHUHLQVWLPPWXQGZLHGLHVHVEHUHLWVPDQFKHYHUNHKUVVSUDFKOLFKH= JH DXIZHLVWZl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hEHUHLQ VWLPPXQJHQLQGHQ$OWHUW POLFKNHLWHQGHU0XQGDUWHQYRQ1LHGHUXQG2EHU VWHU UHLFKDXIHLQHLQVWPDOVHLQKHLWOLFKHUHV%LOGGHVJHVDPWHQ0LWWHOEDLULVFKHQVFKOLH HQ 1RFKYRQHLQHPDQGHUHQ*HVLFKWVSXQNWKHUODVVHQVLFKGLHPXQGDUWOLFKHQ9HUKlOW QLVVHGHUEHLGHQ1DFKEDUOlQGHULQ%H]LHKXQJEULQJHQ,Q2EHU VWHUUHLFK0LWWHO]R QHQRFKDOOJHPHLQJ OWLJH$OWHUW POLFKNHLWHQVLQGRGHUZDUHQDXFKLQ1LHGHU VWHU UHLFKYRUKDQGHQPDQEHDFKWHMHGRFKIROJHQGH8QWHUVFKLHGH ->RKDQQ@6&+(,%/('DV.ORVWHU:HOWOLFKXQGJHLVWOLFK0HLVWDXVGHQlOWHUQGHXWVFKHQ9RONV:XQ GHU&XULRVLWlWHQXQGYRU]XJVZHLVHNRPLVFKHQ/LWHUDWXU=XU.XOWXUXQG6LWWHQJHVFKLFKWHLQ:RUW XQG%LOG%G6WXWWJDUW6

1LHGHU VWHUUHLFK 0DQFKHGLHVHU$OWHUW POLFKNHLWHQ HVVLQGGLHGLHDXFKLQ2EHU VWHUUHLFKYHU HLQ]HOWQXUQRFKEHLGHQlOWHVWHQ0XQGDUWVSUHFKHUQ]XILQGHQVLQG VLQGLQ1LH GHU VWHUUHLFKQLFKWPHKUDQ]XWUHIIHQ D,Q2EHU VWHUUHLFKVDJHQPDQFKHQRFK:gWVV:HL]HQ/gWDQ/HLWHUXVZ HVLVWZRUWZHLVHQRFKGLHlOWHUH(QWVSUHFKXQJI UPKGHLQlPOLFKgLQ*H EUDXFK $XV 1LHGHU VWHUUHLFK LVW DOV DOWHV g5hvwzruw QXU GLH %H]HLFKQXQJ I U GHQ ZDUPHQ )U KOLQJVZLQG :gzlqg ²:HLFKZLQG EHNDQQW 'LHVHU HLQ]LJHQQLHGHU VWHUUHLFKLVFKHQg)RUPVWHKHQLQ2EHU VWHUUHLFKPLQGHVWHQV QRFKVLHEHQDOOJHPHLQJHEUlXFKOLFKHXQGHLQHJUR H$Q]DKOYRQEHOHJWHQg )RUPHQGLHQXUQRFKYHUHLQ]HOWJHVSURFKHQZHUGHQJHJHQ EHU E $OWH)RUPHQGHULQGLUHNWHQ5HGHZHLVHZLHLIDJ VVLVFKGDFKLOLDVVLFKYHU Jl HVWlFKHOLH HVLQGLQ2EHU VWHUUHLFKPDQFKHURUWVDOV$OWHUW POLFKNHLW QRFK JHEUlXFKOLFK ZlKUHQG VLH LQ 1LHGHU VWHUUHLFK DXI L NKDP L QDPLFK NlPHQlKPHXQGDXIL EUDFKGLFKEUlFKWHXQGZHQLJHDQGHUHEHVFKUlQNW ]X VHLQ VFKHLQHQ,Q 1LHGHU VWHUUHLFK VDJHQ DXFK GLH lowhvwhq 0XQGDUWVSUH FKHUPHLVWVFKRQLIDJœVVDGVFKGHFKFKDGOVVDG 9LHOHLQ2EHU VWHUUHLFKQRFKDOOJHPHLQJ OWLJH/DXWHUVFKHLQXQJJHK UHQLQ1LH GHU VWHUUHLFK]XGHQEHUHLWVlX HUVWVHOWHQJHZRUGHQHQ$OWHUW POLFKNHLWHQRGHU VLQG OlQJVW DXI VSUDFKOLFKH 5 FN]XJVJHELHWH EHVFKUlQNW 6R ZDU GHU Y OOLJH U $XVIDOOYRUQODXFKLQ1LHGHU VWHUUHLFKZRKOHLQPDODOOJHPHLQYRUKDQGHQZRI U :RUWIRUPHQ ZLH 6FKGgUQ 6WHUQ.KUO.DUO XVZ LQ JHZLVVHQ *HJHQGHQ =HXJQLVDEOHJHQDOOJHPHLQGDJHJHQ6FKGgDUQ.KDUO0DQFKH: UWHUVLQGLQ 2EHU VWHUUHLFKKlXILJQRFKPLWHLQHP:XFKHUVHOEVWODXWLQ*HEUDXFK,QG UIOL FKHQ *HELHWHQ NDQQ HV KHXWH QRFK DOOJHPHLQ %guh %HUJ :guh :HUJ UDP DUPVFKGgUDPVWHUEHQ L IR OHJLFKIROJHXVZKHL HQ,Q1LHGHU VWHUUHLFK VLQGGLHVHDOWHQ:RUWIRUPHQLPJU WHQ7HLOGHV*HELHWHVGXUFKGLHLQGHU9HU NHKUVVSUDFKH JHOWHQGHQ :RUWIRUPHQ ZLH %gdj :gdfk DUP VFKGgDEP IRLJQ XVZ YHUGUlQJW XQG JHOWHQ DXFK LQ VSUDFKOLFK NRQVHUYDWLYHQ *HELHWHQ RIW VFKRQ DOVDOWHUW POLFK,P1RUGRVWHQVLQGVLHEHLlOWHUHQ6SUHFKHUQQRFK EOLFK $OOJHPHLQH0HUNPDOH %HYRUGLHQLHGHU VWHUUHLFKLVFKHQ0XQGDUWHQLP(LQ]HOQHQEHKDQGHOWZHUGHQJLOWHV QRFK HLQLJH JHVDPWQLHGHU VWHUUHLFKLVFKH 0HUNPDOH DQ]XI KUHQ GLH ZHLWJHKHQG QRFKDOV]LHPOLFKDOOJHPHLQJ OWLJDQJHVHKHQZHUGHQN QQHQ)DVWLPJDQ]HQ1LH GHU VWHUUHLFKNDQQPDQEHLlOWHUHQ0XQGDUWVSUHFKHUQI URLQ: UWHUQZLH²%URW 1RWWRW PKG GHQHLQIDFKHQPLWGHUPXQGDUWOLFKHQ(QWVSUHFKXQJI UGDVDGHU 6FKULIWVSUDFKH %>FK@ I U ²%DFK ]XVDPPHQIDOOHQGHQ /DXW K UHQ %UG 1G 9JO+HUEHUW*5$80XQGDUWXQG.XOWXULP(LVHQODQG/LQ]6

1LHGHU VWHUUHLFK.$57( 'LHDOWHUW POLFKVWHQ0XQGDUWJHELHWHLQ1LHGHUXQG2EHU VWHUUHLFKXP Innviertel Mühlviertel LINZ Traun Mostviertel Hausruckviertel Traunviertel Enns Waldviertel Donau Weinviertel WIEN Bucklige Welt

1LHGHU VWHUUHLFK GG RGHU%UVQ %URVDPH'LH/DXWJUXSSH HU PKG HU HUVFKHLQW LQ 1LHGHU VWHU UHLFKDOOJHPHLQDOVLDNKLDUQNHKUHQZLDUQ>VLFK@ZHKUHQZHQQJOHLFKVLFKDXFK KLHU GLH ZLHQHULVFKHQ )RUPHQ NKgDUQ ZgDUQ ]XQHKPHQG GXUFKVHW]HQ ) U ²JHZH VHQ JLOW LP DOOHUJU WHQ 7HLO GHV /DQGHV JZHVG LQ M QJHUHU =HLW YHUPHKUW MHGRFK DXFKVFKRQZLHLP:LHQHULVFKHQJZHVQ0LW$XVQDKPHGHU:HFKVHOJHJHQGXQGGHU VR JHQDQQWHQ (LVHQZXU]HQ KHL W HV LQ JDQ] 1LHGHU VWHUUHLFK I U ²VLH VWHKHQ VH VFKGgQJDQGZlKUHQGGLH1DFKEDUPXQGDUWHQGDVlOWHUHVHVFKGgQG<PKGVW QW VSUHFKHQ²,FKKDEH ODXWHWVFKRQZHLWKLQLKELQGHPHLQHM QJHUHQLHGHU VWHUUHL FKLVFKH(QWZLFNOXQJJHJHQ EHUGHPDOWHQLKQ<PKGLFKK Q]XVHKHQLVW )DVWLQJDQ]1LHGHU VWHUUHLFKLVWGLH1DFKVLOEHHOQDFK/LSSHQODXWHQ/DELDOHQ]X E]ZLQM QJHUHU=HLW]XHJHZDQGHOWPDQVDJW*Z *ZH*DEHO/HII /HIIH / IIHO,Q2EHU VWHUUHLFKODXWHQGLHVH: UWHU*Z /HII $OV%HVRQGHUKHLWGHV <EEVWDOHVXQGGHV'RQDXWDOHV]ZLVFKHQ<EEVXQG0HONJLOWGDVVLQDXIHODXVODX WHQGHQ: UWHUQDXFKGHU6WDPPVHOEVWODXWJHUXQGHWZLUGPXQGDUWOLFKHVHDOV LDOV HUVFKHLQWZlKUHQGHOl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²EODVHQ KDWLQGHUHFKWHQ0XQGDUWLQ1LHGHU VWHUUHLFKPLW$XVQDKPH GHV6 GZHVWHQVHLQVFKZDFKHV0LWWHOZRUWGHU9HUJDQJHQKHLWGDVHLQPDO$OOJHPHLQ J OWLJNHLWJHKDEWKDEHQG UIWH'D:LQGKGEOVG'HU:LQGKDWJHEODVHQK UW PDQ]%LP3XONDXWDO%DLGD0XVLKELIULDUD'HQDKDUQEOVG%HLGHU0XVLN KDEHLFKIU KHU7HQRUKRUQJHEODVHQVDJWHLQ%DXHULP6WHLQIHOG$EHUDXFKLQGHU :DFKDXNDQQPDQ+DLG KGV EOVGK UHQZDVQLFKWVDQGHUHVEHGHXWHWDOV+HXWH ZDUHVZLQGLJbKQOLFKYHUKlOWHVVLFKPLWGHPVFKZDFKHQJUXDIGRGHUJULDIGI U²JH UXIHQ QJULDIG I U ²DQJHUXIHQ ZHQQ PDQ GDI U QLFKW OLHEHU QJVFKULDUQ >DQ@JHVFKULHQVDJW:HLWYHUEUHLWHWVFKHLQWLQ1LHGHU VWHUUHLFKI UGDVXQSHUV QOL FKH²HV HLQPDOVLJHZHVHQ]XVHLQ+HXWHZLUGPDQFKPDOQRFKLP:HLQYLHUWHOJH VDJW6LZLDGELGUHJQD(VZLUGEDOGUHJQHQDEHUDXFKLQDQGHUHQ*HELHWHQ1LH GHU VWHUUHLFKVGU FNWPDQVLFKLQDOWHUW POLFKHU5HGHZHLVHVRDXV0DQFKHDQGHUH IU KHUHLQPDODOOJHPHLQJ OWLJH0HUNPDOHGHV1LHGHU VWHUUHLFKLVFKHQVRHWZDGHU $EIDOOGHUPXQGDUWOLFKDXVODXWHQGHQJEVLQGKHXWHRIWQXUQRFKLQGHQDOWHUW POL FKHQ XL0XQGDUWHQ ]X ILQGHQ ZR : UWHU ZLH.UXJ %XEH %DFK 6lJH <PKG VDJHJOHLFK 6WHLJ5HEH :HJDOV*UXL¼%XL%¼6JODL¼6FKGDL5H¼:HUHL QH5HLPHELOGHQRGHU: UWHUZLH7DJ 'DFK.UXJ *UXEHLQ'E]Z*UXL]X VDPPHQIDOOHQ+HXWHZLUGGDVIHKOHQGHJZLHLP:LHQHULVFKHQLQGHUQRUG VWOLFKHQ

1LHGHU VWHUUHLFK +loiwhgxufkfkhuvhw]w:hfk:hj'dvvglhvhu$eidooyrqjehlqpdodoojhphlqhu ZDUGDYRQ]HXJHQ =XVDPPHQVHW]XQJHQ ZLH /HVFKDLG /HJVFKHLW 'ZgDFK 7DJ ZHUN DOV $FNHUPD *UVFKDLG *UDEVFKDXIHO /HGV GQ /HE]HOWHQ NXFKHQ XYDDXIZHLWHP*HELHW 'HU:LHQHU(LQIOXVV,P)ROJHQGHQVROO]XQlFKVWGDVXQPLWWHOEDUH:LHQHU(LQIOXVVJHELHWQlKHUEHKDQGHOW ZHUGHQHVLVWGLHVYRUDOOHPGLH*HJHQGXP:LHQDEHUDXFKDOOHYHUNHKUVUHLFKHQ *HELHWH EHVRQGHUV LP 8PNUHLV GHU 6WlGWH JHK UHQ GD]X +LHU LVW JHUDGH]X HLQH hehuioxwxqjplwxuvsu QJOLFKPXQGDUWIUHPGHQ:RUWIRUPHQ]XEHREDFKWHQGLHVLFK LQQlFKVWHU1lKHGHV9HUNHKUVXQG.XOWXUPLWWHOSXQNWHVQDW UOLFKDPDOOHUVWlUNVWHQ JHOWHQGPDFKW :DV GHQ :RUWVFKDW] EHWULIIW VHL KLHU QXU DXI GLH :RFKHQWDJQDPHQ 'LHQVWDJ XQG 'RQQHUVWDJKLQJHZLHVHQ'LHElXHUOLFKHQ0XQGDUWHQNHQQHQI U'LHQVWDJQRFKGLH DOWHQDXIGDV2VWJHUPDQLVFKH]XU FNJHKHQGHQ1DPHQ,DULGFK,DGD²(UJHWDJ I U'RQQHUVWDJ%ILQGVGD%ILQJVGD²3ILQ]WDJ,P$QVFKOXVVDQGLH6FKULIWVSUDFKH JHEUDXFKW GLH 9HUNHKUVVSUDFKH GLH HLQ 0LWWHOJOLHG ]ZLVFKHQ 0XQGDUW XQG +RFK VSUDFKH GDUVWHOOW ZLH GDV :LHQHULVFKH GLH : UWHU ²'LHQVWDJ XQG ²'RQQHUVWDJ 'LHVHKDEHQGLHDOWHQ:RFKHQWDJQDPHQ,DGDXQG%ILQGVGDDXVGHU%DXHUQPXQGDUW QDFK :HVWHQ EHUHLWV ELV LQ GLH *HJHQG YRQ 6W3 OWHQ ]XU FNJHGUlQJW 0DQ JH EUDXFKW KLHU GDI U GLH : UWHU ²'LHQVWDJ 'RQQHUVWDJ LQ PHKU RGHU PLQGHU YHU PXQGDUWOLFKWHU)RUP'LQVGFK'XQDVGFK 'HUZLHQHULVFKHKHOOHD/DXWI UPKGHLODGOHLGLVWGXUFKDXVQLFKWPHKUDXIGDV :LHQHULVFKH DOOHLQ EHVFKUlQNW (U GULQJW DXFK LQ GLH /DQGPXQGDUWHQ XP :LHQ LQ GLH6WlGWHXQG0lUNWHXQGYRQGLHVHQDXVZLHGHULQGHUHQQlKHUH8PJHEXQJYRU 8P:LHQZHUGHQKHXWH]DKOUHLFKH: UWHULQGHQHQPKGHLYRUOLHJWGDVJHPHLQ EDLULVFKDOVDHUVFKHLQWODGOHLGEDOGPLWGHP=ZLHODXWDEDOGDEHUPLWKHOOHP HLQIDFKHP D JHVSURFKHQ XQG ]ZDU KDEHQ GDV D YRU DOOHP GLH LP 9HUNHKU PLW GHQ :LHQHUQKlXILJYHUZHQGHWHQ: UWHU'LH%DXHUQXP:LHQ EHUQHKPHQGDVKHOOHD ZRUWZHLVH XQG VDJHQ ZLH GLH :LHQHU VFKRQ VHLW OlQJHUHP ODG OHLG JODQ NOHLQ 0DVGD0HLVWHUXVZZlKUHQGDXVJHVSURFKHQH0XQGDUWZ UWHUGLHGHP:LHQHUL VFKHQYLHOOHLFKWVFKRQIHKOHQRGHUGLHLP9HUNHKUPLWGHQ:LHQHUQQLFKWYRUNRP PHQQRFKGDVDGHUOlQGOLFKHQ0XQGDUWHQ]HLJHQ,QQlFKVWHU1lKH]XU*UR VWDGW YHUZHQGHW PDQ GLHVH :LHQHU D JHUDGH]X PLW GHP %HZXVVWVHLQ GDVV GDV DOWH D VFKRQ Y OOLJ DXVJHVWRUEHQ VHL NRQQWH PDQ HLQH *UR (Q]HUVGRUIHULQ VDJHQ K UHQÃ$V UHGQQXDPgDGHGGUXQWQÁ6RUHGHQQXUPHKUGLHGDGUXQWHQZRPLW ²(UJHWDJ EDLU.HQQZRUW <PKGHUWDF XUVSU QJO ²7DJ GHV.ULHJVJRWWHV $UHV ²3ILQ]WDJ EDLU.HQQZRUW<PKGSILQ]WDF]XDOWJULHFKSœPWH²GHUI QIWH:RFKHQWDJ YJO(EHUKDUG.5$1=0$<(5 'LHEDLULVFKHQ.HQQZ UWHU6

1LHGHU VWHUUHLFK VLH GLH 0DUFKIHOGHU %DXHUQ PHLQWH 9RQ GHUVHOEHQ 6SUHFKHULQ NRQQWH PDQ DEHU JOHLFKGDUDXIYHUQHKPHQZLHVLH EHUGLHJODQ*VFKPDVGLHNOHLQHQ²*HVFKPHL HU.LQGHUNODJWHDOVVLFKGLHVHYRUGHU7 U]XODXWEHQDKPHQ²5LFKWLJ ZlUH HQWZHGHUGHJODQ*VFKPDVDRGHUGHJODQ*VFKPDVDGD²*HVFKPHL XQG²NOHLQ GDVVHOEHPKGHL]XJUXQGHOLHJW'DV:RUW*VFKPDVZLUGLQQlFKVWHU1lKH]X:LHQ ZRKOXQYHUlQGHUWEOHLEHQGDLP:LHQHULVFKHQE]ZLQGHU:LHQHU9HUNHKUVVSUDFKH GDVGHP*VFKPDVHQWVSUHFKHQGH*VFKPDVVHOWHQLVW,Q: UWHUQGLHDOWHP:RUW VFKDW]DQJHK UHQEOHLEWHEHQDXFKGLHDOWH/DXWIRUPHUKDOWHQ,QGHQ=HLWZ UWHUQGHU$EODXWUHLKH²VFKLH HQNOLHEHQIOLHJHQ XVZEHLGHQHQ LQ2EHU VWHUUHLFKGHUDOWHHRRH/DXWQRFK]LHPOLFKIHVWLVWXQGGLHDXFKLQNRQVHU YDWLYHQ QLHGHU VWHUUHLFKLVFKHQ 0XQGDUWHQ QRFK DOV VFKRHVVQ JORHEP IORHJQXVZ HUVFKHLQHQKHUUVFKWKHXWHLPDOOHUJU WHQ7HLOGHV/DQGHVVFKRQLDZLHLQGHU9HU NHKUVVSUDFKHXQGLP:LHQHULVFKHQVFKLDVVQJOLDEPIOLDJQ 'HU:DQGHOYRQRU]XXDZDUELVXQJHIlKUQRFKHLQEHVRQGHUHV.HQQ]HLFKHQ GHV:LHQHULVFKHQ+HXWHWULIIWPDQOlQJVWDXFKLQGHQ%DXHUQPXQGDUWHQYRQ1LH GHU VWHUUHLFKHWZDGLH: UWHU²IRUWGRUW)RUP7RUWH XVZDOVIXDW GXDW)XDUP 'XDWQDQGRFKKDQGHOWHVVLFKZLHGLH%HLVSLHOH]HLJHQ]XQlFKVWXP: UWHUGLH GHUDOWHQ0XQGDUW EHUKDXSWIUHPGZDUHQ6WDWW²GRUW VDJWHPDQIU KHUXQGYHU HLQ]HOW DXFK KHXWH QRFK PDQFKPDO GVgEP ²GDVHOEHQ : UWHU GLH VHLW MH GHU 0XQGDUW DQJHK UHQ ZLH ²'RUI.RUQ 'RUQ XVZ KDEHQ GDV LQ 1LHGHU VWHUUHLFK I U RU ]X HUZDUWHQGH D 'DI.KDUQ 'DUQ LQ DOWHUW POLFKHQ *HELHWHQ VRJDU QRFK.KUQ'UQPLWY OOLJHP6FKZXQGGHVU$OV.HQQ]HLFKHQDOWHU%DXHUQ PXQGDUWHQ EHJHJQHW PDQ QRFK RIW GHP Y OOLJHQ $XVIDOO YRQ U YRUQ O ZLHLQ 6FKGgUQ6WHUQ*UQ*DUQXQGRIWJOHLFK]HLWLJPLWLKPGHPHUZlKQWHQ:X FKHUVHOEVWODXW *ROLJQ *DOJHQ IROLJQ IROJHQ 'LH PRGHUQHUHQ 0XQGDUWHQ 1LH GHU VWHUUHLFKVKDEHQGLHYHUNHKUVVSUDFKOLFKHQ :RUWIRUPHQ 6FKGgDUQ XQG *DUQ *LJQXQGIRLJQXQGLQGHU²EHVVHU VSUHFKHQGHQ=RQHV GOLFKGHU'RQDXEHL0HON 9HUNHKUVZHJ KDW PDQ QRFK GLH Ã'UHQWDGDQLQJDÁ GLH %HZRKQHU MHQVHLWV GHU'RQDXPLWGHP1HFNVDW]YHUVSRWWHWÃ.KUOPJVGDQ6FKPUQ"¼-ZQ DZUQZDÁ.DUOPDJVWGXHLQHQ6FKPDUUHQ" -DZHQQHUZDUPZlUHGHQQ LP:LHQHU(LQIOXVVJHELHWZ UGHGHUVHOEH6DW]ODXWHQ.KDUOPJVGDQ6FKPDUQ" ¼-ZQDZDUPZD6 GOLFKGHU'RQDXQHQQWQDQQWHPDQGLH'UHQWDGDQLQJD DXFK GL %OEP GLH ²%ODXHQ ZHLO VLH I U ²EODX QRFK GLH lowhuh :RUWIRUP EOE JHEUDXFKWHQ 'HUQ UGOLFKH'RQDXUDXP :DVGLH0XQGDUWHQLP1RUGHQGHU'RQDXEHWULIIWVROlVVWVLFK EHUGLH0XQGDUWLP 0DUFKXQG7XOOQHUIHOGQLFKWVZHLWHU%HVRQGHUHVVDJHQGDGLHVH*HELHWHXQPLWWHO 9JOPKGJHVPHL5HI U²%UXW*H] FKW

1LHGHU VWHUUHLFK EDU XQWHU :LHQHU (LQIOXVV VWHKHQ 'HU 1RUGHQ GHU 'RQDX JHK UW ZLH VFKRQ HU ZlKQW ]XP JU WHQ 7HLO :HLQYLHUWHO XQG Q UGOLFKHV :DOGYLHUWHO GHQ XL 0XQGDUWHQDQ]XPNOHLQHUHQV GOLFKHV:DOGYLHUWHOGHQXD0XQGDUWHQ'DV$XI WUHWHQYRQXLRGHUXDLP:DOGYLHUWHODEHUN QQWH(LQEOLFNLQGHQ=XVDPPHQKDQJ YRQ6LHGOXQJXQG6SUDFKHJHEHQ XLZLHLQ%OXLGI U²%OXW KHUUVFKWKHXWHQlP OLFKLP:DOGYLHUWHOVRZHLWHVYRQ2VWHQXD%OXDGVRZHLWHVYRQ6 GHQKHUEHVLH GHOW ZXUGH 'HP P VVWH DOOHUGLQJV ]XJUXQGH OLHJHQ GDVV EHLGH 6LHGOHUJUXSSHQ LKUHQKHLPLVFKHQ/DXWPLWEUDFKWHQGHUHEHQLP2VWHQXLLP6 GHQXDZDU'RFKLVW DXFK GHQNEDU XQG GDI U VSULFKW ZLH QRFK ]X ]HLJHQ VHLQ ZLUG GHU 21 )HXHUV EUXQQ GDVVGDV:DOGYLHUWHOHLQPDO]XU*lQ]HXL*HELHWZDU'DQQKlWWHGDVV GOL FKH :DOGYLHUWHO VHLQH XD YRP PXQGDUWOLFK PRGHUQHUHQ 'RQDXWDO EH]RJHQ 1DFK.5$1=0$<(56 (UNHQQWQLVVHQ EHVWDQG ZLH XUNXQGOLFKH )RUPHQ QDKH OHJHQ HLQ JHVFKORVVHQHVXL*HELHWELVZHLWQDFK2EHU VWHUUHLFKKLQHLQ,P 1RUGGRQDXUDXP :HLQ XQG Q UGOLFKHV :DOGYLHUWHO LVW KHXWH QRFK MH ZHLWHU PDQQDFK1RUGHQNRPPWGHUHLQVWLQ1LHGHU VWHUUHLFKZRKODOOJHPHLQJ OWLJH$E IDOO YRQ KHXWH DXVODXWHQGHP J XQG E QRFK QDFK]XZHLVHQ,Q HFKWHU ElXHUOLFKHU 6SUHFKZHLVHEHJHJQHWPDQLP:HLQYLHUWHOZLHLPXLVSUHFKHQGHQ7HLOGHV:DOGYLHU WHOV LQ JUR HU $Q]DKO GLHVHQ UHGX]LHUWHQ :RUWIRUPHQ 'LH IROJHQGHQ %HLVSLHOH VWDPPHQ DXV GHU 1RUGRVWHFNH 1LHGHU VWHUUHLFKV *U*UDEJUR JURE L JLLFK JHEH5H5HEH5HVFKD5HEVFKHUH5HKgDQO5HEKXKQ:H:HJ%O3OD JH/X/ JH::DDJH)OL²)O JH OLHGHUOLFKHV0lGFKHQ'U7UDJHLOL LFKOLHJH%IOH3IOHJH%IOXL3IOXJ//DJHLPLFKPDJ,P,QODXWVWHKWI U JPHLVWFKPFKDPDJHU-DFKD-lJHU$XFKLQGHUXL0XQGDUWGHV:DOGYLHUWHOV VLQGYRUDOOHPJORVH)RUPHQQRFKKlXILJ6FKGH6WHJ+gDQVFKGDL+ KQHUVWHLJH *ULD.ULHJJOXL²NOXJ VSDUVDP'VDL=HXJXYD0DQFKPDOLVWLPlX HUVWHQ 1RUGRVWHQKHOOHVDI UJHPHLQEDLULVFKDLQ: UWHUQZLH²EUHLWOHLG XVZ]XK UHQ GRFKHPSILQGHWPDQEUDGODGXVZGDQQQLFKWDOVZLHQHULVFKVRQGHUQYLHOPHKUDOV PDUDULVFK V GPlKULVFK ZR ELV EHL GHU GHXWVFKVSUDFKLJHQ %HY ONHUXQJ LP VWOLFKHQ7HLOJOHLFKIDOOVI UPKGHLKHOOHVDVWDWWDZLHLQ:LHQJDOW 'LH(QWZLFNOXQJGHVU/DXWHVLVWLQGLHVHU*HJHQGLQDOWHUW POLFKHU5HGHLQJHZLV VHQ)lOOHQGLHVHOEHZLHVLHLP=HQWUXPYRQ2EHU VWHUUHLFKQRFKDOOJHPHLQJLOW'DV U IHKOW Y OOLJ YRU Q O GLH : UWHU ²6WHUQ /DWHUQH ZHUGHQ.HUQ.HUO 5 KUOHLQ ODXWHQ KLHU QLFKW DQGHUV ZLH LP REHU VWHUUHLFKLVFKHQ =HQWUDOUDXP QlPOLFK 6FKGgUQ /GgUQ ZgUQ.KgUQ.KgUO 5gUO %HVRQGHUV DXIIlOOLJ LVW GLH hehuhlqvwlppxqjehlghuyrqhlqdqghuvrhqwohjhqhq0xqgduwhqlp)hkohqjhzlvvhu G/DXWHQDFKQ:LHLPREHU VWHUUHLFKLVFKHQ.HUQJHELHWQRFKDOOJHPHLQVDJWPDQ KLHU LQ DOWHUW POLFKHU 5HGHZHLVH :XQD :XQGHU.KLQD.LQGHU ZQDQZDQ GHUQE]ZKXQDGKXQGHUWLQ2gKXQDFKGQDVFKGDQGHUVLQ2gQDV 9JO$QWRQ3)$/='LH0XQGDUWGHV0DUFKIHOGHV:LHQ 9JO GD]X.DUO /(&+1(5 *HVFKLFKWH GHU %HVLHGOXQJ XQG XUVSU QJOLFKH *UXQGEHVLW]YHUWHLOXQJ LP :DOGYLHUWHO:LHQXQG)UDQ])5(,7$*'DV:DOGYLHUWHODOV6SUDFKUDXP:LHQ

1LHGHU VWHUUHLFK $OVGHUEElXULVFKZLUGDEHUEHUHLWVRHLQ: UWHUQZLHIORHJQIOLHJHQERHJQELH JHQ HPSIXQGHQ LQ JU HUHQ 6LHGOXQJHQ XQG GHUHQ 8PJHEXQJ ZLUG KHXWH OlQJVW IOLDJQELDJQJHVDJW:LHLPlX HUVWHQ6 GRVWHQ%XFNOLJH:HOWIlOOWDXFKLP1RUG RVWHQ 1LHGHU VWHUUHLFKV GHU :DQGHO GHU /DXWJUXSSH DU PKG DU U LQ JHZLVVHQ 6WHOOXQJHQ]XXDDXIJXDJDUXDULDUJ%XDG%DUWZXDZDU-XD-DKU'RFK VLQGGLHPRGHUQHUHQ:RUWIRUPHQJDDJ%DGZD-DIUHLOLFKOlQJVWVFKRQGLH YRUKHUUVFKHQGHQ9RUQZLUGHZHQQHVDXIPKG RGHUž]XU FNJHKWYHU]ZLHODXWHW VFKGgLQVWHKHQ<PKGVW Q6FKGUgLQ6WUlKQH<PKGVWUžQH'LH1DFKVLOEHXQJ LVW LP :HLQYLHUWHO ZLH LP Q UGOLFKHQ :DOGYLHUWHO LQ ElXHUOLFKHU 0XQGDUW LQJGDV HLQPDO YLHO JU HUH 9HUEUHLWXQJ JHKDEW KDEHQ G UIWH $XVGVLDULQJ $XV]HKUXQJ cignvvlqj $EIHFKVXQJ XQJ KDEHQ YRU DOOHP /LWHUDWXUZ UWHU ZLH ²)LUPXQJ 5HFKQXQJ=HLWXQJ XVZ 'DV3XONDXWDO,QGHU6SUDFKHGHU:HLQEDXHUQGHV3XONDXWDOHVEHJHJQHWPDQHLQHUUHFKWXUW POL FKHQ0XQGDUWGLHGHUGHV:DOGYLHUWHOVDQDOWHUW POLFKHU%HVRQGHUKHLWQLFKWQDFK VWHKW'LH%HY ONHUXQJLVWZHQLJVWHQVQRFKXPDOVNRQVHUYDWLY]XEH]HLFKQHQ GLH %HHLQIOXVVXQJ LKUHU 0XQGDUW GXUFK GLH 9HUNHKUVVSUDFKH HUVW LQ JHULQJHUHP $XVPD VS UEDU$XIGHQHUVWHQ%OLFNIlOOWDXFKKLHUZLHGHUPDQFKHhEHUHLQVWLP PXQJ GHU 0XQGDUW GHU lowhuhq 3XONDXWDOHU PLW GHU REHU VWHUUHLFKLVFKHQ =HQWUDO PXQGDUWDXI'HQQDXFKKLHUIHKOWUYRUOQY OOLJ%UQ)XWWHUWURJ<PKGEDUQ.KUO.DUO.KgUQ.HUQ6FKGgUQ6WHUQ 'HURHRL/DXWLVWQRFKLQYLHOHQ: UWHUQ]LHPOLFKEHVWlQGLJERHGQELHWHQVRHGQ VLHGHQ JIURHVQIULHUHQ<PKGYULHVHQ 0KG H SULPlUHV 8PODXWH ZXUGH LP 3XONDXWDO QRFK YRU HLQLJHQ -DKUHQ DOV gd ZLH LP <EEVWDO E]Z LP REHU VWHUUHLFKL VFKHQ 7UDXQYLHUWHO JHVSURFKHQ NKgDUQ NHKUHQ /DQJH GRPLQLHUWH GDV LQ 1LHGHU VWHUUHLFKDOOJHPHLQ EOLFKH LDNKLDUQGDVDEHU KHXWH DXFK OlQJVW gd JHVSURFKHQ ZLUG 1DFKFKXQG²HFKWHP KGDVLQODXWHQGZLHLQ2EHU VWHUUHLFKXQGLPXLVSUHFKHQGHQ 7HLO GHV :DOGYLHUWHOV RIW YHUVWXPPW HUVFKHLQW LQ DOWHUW POLFKHU 0XQGDUW GLH (Q GXQJHQGHU1HQQIRUPYRQ=HLWZ UWHUQDOVD VXLDVXFKHQODLDOHLKHQ'DQH EHQZHUGHQLP3XONDXWDODOVM QJHUH6RQGHUHQWZLFNOXQJDOOH=HLWZ UWHUGLHVHV7\ SXVZLH²VHKHQ XQG²JHVFKHKHQ VgJQJVFKgJQEHKDQGHOW HVKHL WGDKHUM QJHU VXLJQI U²VXFKHQ ODLJQI U²OHLKHQ XVZ (LQHVRQVWQLUJHQGVLQGLHVHU)RUP]XEHREDFKWHQGH9HUZHFKVOXQJYRQUXQGOLVW GHQ 3XONDXWDOHUQ HLJHQ 6LH VSUHFKHQ UI UO XQG VDJHQ %XDND I U 3XONDX DOV OlJH ²3XUNDX YRUXUZLUGLQGHU 0XQGDUW ]XXD HWZD)XUW > )XDG 0DQ K UW DXFK *ZXDN*HZ ON< PKG JHZXONH XQG ²IDOVFK ZLUG DOV IDVFK DXVJHVSURFKHQ DU ZLUGLQGHU0XQGDUW]XDHWZDZDUWHQ>ZDWQ

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lJOLFKHQ9HUNHKUGHU%HZRKQHUEHQDFKEDUWHU6LHGOXQJHQ LP:DOGYLHUWHOOLH JHQGLH' UIHUEHVRQGHUVQDKHEHLHLQDQGHU GDVULQJVLP8PNUHLVVLFKLPPHUZLH GHUKROHQGH*UXQGZRUWGRUIEHUJEDFKVFKODJUHLWXVZGHU2UWVEHQHQQXQJHQ ZHJJHODVVHQZXUGHVRGDVVVLFKGHUQXQ EULJEOHLEHQGHLP*HQLWLYVWHKHQGH3HUVR QHQQDPH 3UHLQUHLFKV DOOHLQ DOV VWHKHQGH %H]HLFKQXQJ IHVWVHW]WH $OV GLH KHXWH J OWLJHQ $XI]HLFKQXQJHQ HQWVWDQGHQ ZDU GLH DOWH 9ROOIRUP EHUHLWV YHUJHVVHQ,Q PDQFKHQ)lOOHQZXUGHQGLHVHLP)DOOVWHKHQGHQ3HUVRQHQQDPHQDOV2UWVQDPHQ IlOVFKOLFKZHJHQGHVlKQOLFKHQRGHUJOHLFKHQ.ODQJHVLQDQGHUHLUJHQGZLHVLQQYROOH =XVDPPHQVHW]XQJHQXPJHGHXWHW6RNDPHV]X6FKUHLEXQJHQZLH3HUWKRO]DXVXU VSU QJOLFK3HUFKWROWV0RQLKRO]DXV0DQLJROGV*XQGKRO]DXV*XQGROWVXVZ 'DV:DOGYLHUWHOJHK UWZLHVFKRQDQJHGHXWHWWHLOVGHQXDWHLOVGHQXL0XQGDUWHQ DQVLHKH.DUWH'DVXL*HELHWLVWGDVPXQGDUWOLFKDOWHUW POLFKHUH,P*HELHWGHU ZDOGYLHUWOHULVFKHQXL0XQGDUWKDEHQVLFKZLHRIWLQGHQ$X HQJHELHWHQYLHOHDOWH /DXWXQJHQ HUKDOWHQ GLH LQ GHP GHU 'RQDX QlKHUHQ XD*HELHW DOWHU YHUNHKUV VSUDFKOLFKHU(LQIOXVVVFKRQGXUFKMXQJHHUVHW]WVLQG'HPPKG/DXWLXDOVRGHPHX E]ZLHGHU6FKULIWVSUDFKHLQ: UWHUQZLH²QHX)HXHUWHXHU XQG²IOLHJHQ]LHKHQ VFKLHEHQ HQWVSUDFK LQ GHU lowhuhq XL0XQGDUW GHU =ZLHODXW XL VRGDVV GLH RELJHQ : UWHUODXWHWHQQXL)XL GXLXQGIOXLJQ GVXLJQ VFKXLEP'D DXFKX DXV PKG XR %OXW DOV XL HUVFKLHQ XQG DXFK GLH /DXWJUXSSH XU LQ : UWHUQ ZLH ²7XUP :XUP 'XUVW XVZLQDOWHU0XQGDUWXLHUJDENRQQWHGHUPGDO/DXWXLGUHLIDFKYHUVFKLH GHQHU +HUNXQIW VHLQ )XL )HXHU < PKG YLXU %OXLG %OXW < PKG EOXRW 'XLQ7XUP<PKGWXUQ$QVWHOOHGHVXL XQWHU WUDW GDQQ GDV RL HLQHU lowhuhq 9HUNHKUVVSUDFKH0DQVDJWH)RLVWDWWlOWHUHP)XL) UXLXQWHUKDWGLH6SUDFKH GHUM QJHUHQ*HQHUDWLRQGDVYHUNHKUVVSUDFKOLFKHXD'XDUQI U²7XUP XLXQWHU KDW VLFK GDJHJHQ ZHLWJHKHQG JHKDOWHQ %OXLGI U²%OXW ) UGLH)HVWVWHOOXQJGHU HKHPDOLJHQ9HUEUHLWXQJGHV/DXWHVXLXQWHUDEHUGHUKHXWHELVDQGLH*UHQ]HQ GHV/DQGHV]XU FNJHGUlQJWE]ZY OOLJDXVJHVWRUEHQLVWHUZHLVWVLFKGHU21)HXHUV $PHLQJHKHQGVWHQKDWVLFKGDPLW:DOWHU67(,1+$86(5'LHJHQHWLYLVFKHQ2UWVQDPHQLQgVWHUUHLFK :LHQ EHIDVVW =XU.XOWXU XQG GHQ DOWHUW POLFKHQ 0XQGDUWHQ GHV :DOGYLHUWHOV YJO QHEHQ )5(,7$*VLHKH$QPDXFK+HLQULFK5$86&+(59RONVNXQGHGHV:DOGYLHUWHOV:LHQ

1LHGHU VWHUUHLFK EUXQQ EHL.UHPV YRQ JU WHU :LFKWLJNHLW (U EHZHLVW GDVV GHU XL/DXW XQWHU HKHPDOVDXFKDQGHU'RQDXEHKHLPDWHWZDU'DVKHXWLJH)HXHUVEUXQQKDWQLFKWVPLW GHP:RUW²)HXHU ]XWXQVRQGHUQJHKWYLHOPHKULQVHLQHPHUVWHQ%HVWDQGWHLOHQW ZHGHU DXI HLQHQ DOWHQ 31 )XR] RGHU DXI GLH %HGHXWXQJ ²IX WLHIH 4XHOOH ]XU FN XQGZXUGHLQGHQ8UNXQGHQXP9X]]HVSUXQQHQ)XHUVSUXQQ)R\V SUXQQR\ RLJHVFKULHEHQ 'HU*HQLWLY]XP31)XR])XR]HVPXVVWHVLFKOHW]WHQ (QGHV ]X )XLV HQWZLFNHOQ GDV HEHQVR JXW DXFK DOV *HQLWLY YRQ PGDO )XL)HXHU DXIJHIDVVWZHUGHQNRQQWHVRGDVVGHVVHQXLDOVGHU3HUVRQHQQDPHQLFKWPHKUYHU VWDQGHQ ZXUGH GXUFK RL GDV MD YHUNHKUVVSUDFKOLFK I U XL XQWHU HLQWUDW HUVHW]W ZXUGHYJOGLHXUNXQGOLFKH)RUP)R\VSUXQQ'LHVH8PELOGXQJZXUGHQRFK GDGXUFK EHJ QVWLJW GDVV GLH ]XVDPPHQJH]RJHQH (QWZLFNOXQJVVWXIH )XLVFKEUXQVR DXVVDK ZLH HLQH =XVDPPHQVHW]XQJ PLW GHU GDPDOV JHOWHQGHQ PXQGDUWOLFKHQ /DX WXQJ)XLI U²)HXHU ZDVHEHQLQGHUKHXWLJHQDPWOLFKHQ6FKUHLEXQJ)HXHUVEUXQQ ]XP$XVGUXFNNRPPW :LHLQGHQDOWHUW POLFKHQ0XQGDUWHQGHU0LWWH2EHU VWHUUHLFKVVLQGDXFKLPQ UG OLFKHQ:DOGYLHUWHOLP,QODXWFKXQG²HFKWHV KQDFKDOWHU/lQJH=ZLHODXWLP*H ELHWGHUXL0XQGDUWHQJHVFKZXQGHQ'LHXD0XQGDUWKDWZLHGDV:LHQHULVFKHXQG GDV QLHGHU VWHUUHLFKLVFKH.HUQJHELHW XQG ZLH GHU 2VWHQ YRQ 2EHU VWHUUHLFK YRU DOOHP LQ 'RQDXQlKH GHQ FK/DXW ZLHGHUKHUJHVWHOOW 0DQ VDJW LP XL*HELHW %URD %UDFKH ODLD OHLKHQ 'VLDD ²=LHKH %HWW EHU]XJ 'UXD 7UXKH VFKEgD VSlKHQ < PKGVSžKHQ LP XD*HELHW DEHU %UFKD ODLFKD 'VLDFKD 'UXFKD VFKEgFKD'DVVHOEHJLOWDXFKI UGLHDXVODXWHQGHQFKKLQGHPVLFKVFKDL¼VFKDLFK VFKHX< PKGVFKLXKH6FKXL ¼ 6FKXDFK 6FKXK 6H¼6HFK 3IOXJPHVVHU < PKG VžFK -R¼-RFK -RFK JHJHQ EHUVWHKHQ $XFK DXVODXWHQGHV J ZLUG LQ GHU XD 0XQGDUWGHV:DOGYLHUWHOVPHLVWJHVSURFKHQZlKUHQGHVLPXL*HELHWIHKOW:HJ ¼ :H:HJ*UXDJ¼*UXL.UXJXVZ :XFKHUVHOEVWODXWHVLQGDXFKLPXLVSUHFKHQGHQ*HELHWGHV:DOGYLHUWHOVVHKUKlXILJ DQ]XWUHIIHQIROLQJDIROJHQZLDULQJDZ UJHQILDULFKWQI UFKWHQ+LDULQJVW +HUEVWXYD 'LH9RNDOLVLHUXQJGHVULVWLP:DOGYLHUWHOQRFKODQJHQLFKWLQGHP$XVPD ZLHLQ GHQ PXQGDUWOLFK ²PRGHUQHUHQ *HELHWHQ 1LHGHU VWHUUHLFKV GXUFKJHI KUW,Q GHQ : UWHUQ²%DXHU0DXHU6WHXHU)HXHU XVZVFKZLQGHWHVY OOLJ%DX0DX6FKGDL )DLGRFKVDJWPDQLPV GOLFKVWHQ6WUHLIHQDQGHU'RQDXVFKRQLP$QVFKOXVVDQGLH 9HUNHKUVVSUDFKH%DXD0DXD6FKGDLD)DLDXVZ,PQ UGOLFKHQ:DOGYLHUWHODEHULVW LQGLHVHQ: UWHUQDOV$OWHUW POLFKNHLWZLHLPREHU VWHUUHLFKLVFKHQ=HQWUDOUDXPGDV U QRFK HUKDOWHQ 0DQ NDQQ QRFK %DXU0DXU6FKGDLU)DLUXVZ K UHQ $XFK GHU VSXUORVH6FKZXQGYRQUYRUQOGHULQ2EHU VWHUUHLFKRIWQRFKDOOJHPHLQJLOWLVWEHL lowhuhq0xqgduwvsuhfkhuqqrfk]xehredfkwhq.kguq.huq.kuo.duo(od (UOH 9JO(OLVDEHWK6&+867(5'LH(W\PRORJLHGHUQLHGHU VWHUUHLFKLVFKHQ2UWVQDPHQI

1LHGHU VWHUUHLFK 0LW GHU ²VLQJHQGHQ 6SUHFKZHLVH GHU :DOGYLHUWOHU KlQJW HV YLHOOHLFKW ]XVDPPHQ ZHQQ GLH PKG NXU]HQ R/DXWH ]X RX YHU]ZLHODXWHW ZHUGHQ XQG PDQ 2XIDI U ²2IHQ VDJW$XFKH XXQGLZHUGHQ]X =ZLHODXWHQ 0DQVDJW NKDLPD NRPPHQ QDLPD QHKPHQ %XXGD %XWWHU ELLGQ ELWWHQ 0KG GDVR LQ : UWHUQ ZLH ²%URW 1RW WRW LQ 1LHGHU VWHUUHLFK VRQVW ]X JHZDQGHOW %UG %URW NDQQ LP $QVFKOXVVDQGDVREHU VWHUUHLFKLVFKH0 KOYLHUWHOQRFKDOV=ZLHODXWg%UgG%URW UgGURWHUVFKHLQHQ:LHLQHLQHPJUR HQ*HELHW2EHU VWHUUHLFKVJLOWDXFKLPV G OLFKHQ :DOGYLHUWHO QRFK RIW FKI UUYRUW XQG ] PDQ VDJW DXFK KLHU QRFK +gdfkwv +HU]ZDFKWZDUWHXVZ,PQ UGOLFKHQ:DOGYLHUWHOGDVMD*UHQ]ODQGJHJHQ7VFKHFKLHQKLQLVWHUVFKHLQHQLQ GHU0XQGDUWHLQLJH: UWHUWVFKHFKLVFKHU+HUNXQIW0DO QD+LPEHHUH<PDOLQDEX P OD JHPlFKOLFK < SRPDO\ 'VLVFKND 'VLWVFKND )LFKWHQ]DSIHQ < `L`ND %UDVFKQ 7DVFKH < EUD`QD 'U JDWVFK 6FKXENDUUHQ < WUDNDÄ.DO SP VFKOHFKWHV +DXV < FKDORXSD %DZO WVFKQ *HVWHOO RGHU $UW 7ULE QH < SDYODÄ %DLU4XHFNH<S\/ 'RFK YHUP JHQ GLHVH SDDU)UHPGN USHU LP:RUWVFKDW] GHV:DOGYLHUWOHULVFKHQ GDV *HSUlJHGLHVHUHFKWHQ%DXHUQPXQGDUWQLFKW]XEHHLQWUlFKWLJHQ 'DVV G VWOLFKH1LHGHU VWHUUHLFK $XIIlOOLJDQGHUVJHDUWHWDOVGLHHEHQEHKDQGHOWHQ0XQGDUWHQVLQGXQGZDUHQVHLWMH GLH0XQGDUWHQGHUV GOLFKHQ5DQGJHELHWHLQGHU%XFNOLJHQ:HOWLP:HFKVHOXQG 6FKQHHEHUJJHELHW 6LH KHEHQ VLFK YRP EULJHQ 1LHGHU VWHUUHLFK XQJHIlKU LQ GHP 0D HDEZLHVLHPLWGHP1RUGRVWVWHLULVFKHQHWZDELVLQGLH*HJHQGYRQ+DUWEHUJLQ HLQHP ]LHPOLFK HQJHQ =XVDPPHQKDQJ VWHKHQ 'LHVH *HJHQG LVW ZLH DXV GHP )RO JHQGHQKHUYRUJHKHQZLUGHLQHUVHLWVDOVDOWHUW POLFKHVQLHGHU VWHUUHLFKLVFKHV*HELHW DQGHUHUVHLWVDOVhEHUJDQJVJHELHWYRP0LWWHO]XP6 GEDLULVFKHQYRQ%HGHXWXQJ'LH KHXWLJH /DQGHVJUHQ]H LVW OHGLJOLFK HLQH SROLWLVFKH 'DV *HELHW ZXUGH ]XP *UR WHLO YRQGHU6WHLHUPDUNKHUEHVLHGHOW(UVWVHLWGHU0LWWHGHV-DKUKXQGHUWVLVWGLH0DUN 3LWWHQ PLW 1LHGHU VWHUUHLFK YHUHLQW :LH GHQ -RJOHUQ 2VWVWHLHUPlUNHUQ XQG GHQ +HDQ]HQ%XUJHQOlQGHUQLVWGHQ3UHJQHUQ VRQHQQWPDQGLH%HZRKQHUGLHVHU*H JHQG HLQH ²VLQJHQGH 6SUHFKZHLVH HLJHQ VRZLH GDV %HVWUHEHQ GLH HLQIDFKHQ 6HOEVWODXWH ]X YHU]ZLHODXWHQ GLH =ZLHODXWH DEHU LQ LKUHP ]ZHLWHQ %HVWDQGWHLO ]X GHKQHQSgLVVDEHVVHU5DRQG5DQG/DLLG/HXWH%RXGQ%RGHQ2XSVVWJXDGQ 2EVWJDUWHQ'LHVH9HU]ZLHODXWXQJNHQQW EULJHQVDXFKGLH0XQGDUWGHV VWOLFKHQ 6WHLQIHOGHV ZR PDQ HWZD IUXJQ IUDJHQ JVFKORIID JHVFKODIHQ 6FKZgLVGD 6FKZHVWHUXVZVDJW 0DQPXVVVFKRQ VHKU JHQDX KLQK UHQ XQG EHU HLQVFKOlJLJH (UIDKUXQJYHUI JHQXPLQGHU(LVHQEDKQ%XUJHQOlQGHU2VWVWHLHUPlUNHUXQG6 G RVWQLHGHU VWHUUHLFKHULKUHU$XVVSUDFKHQDFKXQWHUVFKHLGHQ]XN QQHQ :LHLP1RUGRVWHQYRQ1LHGHU VWHUUHLFKWULWWDXFKLQGHU6 GRVWHFNHGHV/DQGHVGLH 6RQGHUHQWZLFNOXQJYRQDU]XXDLQ(UVFKHLQXQJGLHLQGHP0HUNVDW]IHVWJHKDOWHQ

1LHGHU VWHUUHLFK LVWÃ$VLVJXDQLGZXDGDVLQ*ZLDWVVJXDGQI O-XGLVÁ(VLVWJDUQLFKWZDKUGDVV LP*HZ U]JDUWHQYLHO²-DW >8QNUDXW@LVW'LH/DXWYHUELQGXQJROHUVFKHLQWZLHLQ GHU2VWVWHLHUPDUNXQGLP%XUJHQODQGDOVXOKXOQKROHQ+XOWV+RO]'HUO/DXW LVWLP*HJHQVDW]]XPJU WHQ7HLOGHUPLWWHOEDLULVFKHQ0XQGDUWHQDXFKYRU0LWODX WHQZHQLJVWHQVDOVVFKZDFKDUWLNXOLHUWHU/DXWHUKDOWHQZDVKLHUGXUFKGHVVHQ+RFK VWHOOXQJ DXVJHGU FNW LVW :R OG :DOG +X OWV+RO]VRQVWLQ1LHGHU VWHUUHLFK :R GM QJHU:LG+RLGVPLWYHUVHOEVWODXWHWHPO'LHVHXQGDQGHUH%HVRQGHUKHL WHQ DEHU ZHUGHQ PHKU XQG PHKU YRQ GHQ /DXWXQJHQ GHV Q UGOLFKHQ )ODFKODQGHV QDFK6 GHQJHGUlQJW6RYHUVHOEVWODXWHQGLHM QJHUHQ0XQGDUWVSUHFKHUEHUHLWVGDVO Y OOLJLQGHPVLH+XLGVI U²+RO] : GI U²:DOG XVZVDJHQ :LHLP6WHLULVFKHQXQGHLQHPJUR HQ7HLOGHV6DO]EXUJLVFKHQZLUGPW]XPSJW]X N JHZDQGHOW gd QLPSHUQLPPWgD OLNHUOLHJW0LWGHPVFKRQ]LWLHUWHQ6DW] Ã.KUOPVGDQ6FKPUQ"¼-ZQDZUQZDÁFKDUDNWHULVLHUWE]ZEHVS W WHOWPDQDXFKKLHUGLH5HGHZHLVHGHUlOWHUHQ0XQGDUWVSUHFKHUGLHPLWPVGVWDWW PJVGPDJVWHLQH:RUWIRUP EHUOLHIHUWLQGHUJVRJDULQODXWHQGIHKOW'LHDOWHU W POLFKH 0XQGDUW YRQ +RFKQHXNLUFKHQ LP 6 GHQ GHU %XFNOLJHQ :HOW NHQQW GDV DXIIlOOLJHLKXOIDW LFKZ UGHKHOIHQ $XIIlOOLJ JHJHQ EHU GHP 1LHGHU VWHUUHLFKLVFKHQ DQGHUHU *HJHQGHQ LVW DXFK GHU *HEUDXFKLVROLHUWHU*HQLWLYH]%)UDLWDVIDGDRGDVPVWDV)UHLWDJVRGHUVDPV WDJVIlKUWHUDE'LHVHU6DW]PXWHWV\QWDNWLVFKJDQ]V GEDLULVFKDQHEHQVRZLH6L JgGNKLDFKD6LHJHKWLQGLH.LUFKH8PGHQ6FKQHHEHUJXQGGLH5D[DOSHVLQGEH UHLWVGLHV GEDLULVFKHQ/DXWXQJHQ6FKGgNFKQ6WHFNHQ+NFKQ+DFNH]XK UHQ ZlKUHQGPDQVRQVWLQ1LHGHU VWHUUHLFK+FND6FKGgFNDVDJW 'DVQDFK:HVWHQKLQDQVFKOLH HQGH*HELHW]ZLVFKHQ6FKQHHEHUJXQGgWVFKHUQHLJW JOHLFKIDOOV VWDUN GHU QRUGRVWVWHLULVFKHQ 6SUHFKZHLVH ]X $OV DXIIlOOLJHV 0HUNPDO GLHVHU*HJHQGJLOWGDVVFKHLQEDUY OOLJH)HKOHQGHU(QGXQJHQEHLP0LWWHOZRUWGHU 9HUJDQJHQKHLW ) U ²JHQRPPHQ JHNRPPHQ JHJDQJHQ KHL W HV KLHU YHUHLQ]HOW QRFKGQRPNKgPJQJLQGHPHQDQPE]ZQJY OOLJDQJHJOLFKHQZXUGH 'DVV GZHVWOLFKH1LHGHU VWHUUHLFK 'LH6 GZHVWHFNH1LHGHU VWHUUHLFKVGDV(LQ]XJVJHELHWGHUEHLGHQ)O VVH<EEVXQG (UODXI DXFK GLH QLHGHU VWHUUHLFKLVFKHQ (LVHQZXU]HQ JHQDQQW ZHLVW PXQGDUWOLFK VWDUNH bkqolfknhlw PLW GHQ REHU VWHUUHLFKLVFKHQ (LVHQZXU]HQ GHP *HELHW XP :H\HU DXI $XFK VRQVW KDW GDV <EEVWDO DXIIlOOLJH *HPHLQVDPNHLWHQ PLW GHP DQ JUHQ]HQGHQ 2EHU VWHUUHLFK :LH GRUW PLW $XVQDKPH GHV,QQYLHUWHOV LVW KLHU GLH 1DFKVLOEHHODXFKQDFK*DXPHQODXWHQ3DODWDOHQ]X VWOLFKGHU<EEV]X JH ZDQGHOW%LK % KHO.KFK.DFKHO EHUWUI U²1DFKWJHVFKLUU $XFKGHUGHP 6XEVWDQWLYELOGXQJ]XP9HUEXP²MlWHQ PKGMžWHQ 6RJHQDQQWHUJHPLVFKWHU.RQMXQNWLY

1LHGHU VWHUUHLFK 6 GRVWHQYRQ2EHU VWHUUHLFKJHOlXILJH:DQGHOYRQU]XVFKYRUWGXQG]ILQGHW VLFK KLHU PLW GHP hehujdqjvodxw D LVW MHGRFK LP $XVVWHUEHQ EHJULIIHQ )DLVFKGD )HLHUWDJ (JDVFKGQ (JHUWH 'LHVHU :DQGHO YRQ U]XVFK UHLFKWH VLFKHU HLQPDO YLHOZHLWHUQDFK1RUGHQ6RJDU*DOWEUXQQXQG(GHOEDFKEHL3XUJVWDOONDQQWHQ QRFKGLHIDOVFKHQ5 FNELOGXQJHQ+XDWQ+XVWHQXQG)LDG)LUVW,P<EEVWDOUHL FKHQ 5HVWIRUPHQ PLW VFKSZLH(DVFKSDO (UGEHHUH *DVFKWQ ²*HUWH )LFKWHQ ]ZHLJH ELV LQ GLH 3IDUUHQ 1HXKRIHQ $OOKDUWVEHUJ %LEHUEDFK :HLVWUDFK XQG 6W-RKDQQLQ(QJVWHWWHQ'LHYHUDOWHWHQ)RUPHQZDVFKWQZDUWHQcDVFKG²2UW (QGH )DLVFKGD RGHU )DVFKGD )HLHUWDJ +XDVFKG ²+ UGH JUR HV =DXQWRU IgDVFKG Y RULJHV-DKU<PKG YžUW VLQG QRFK WHLOZHLVH EHNDQQW'RFK GRPLQLHUW DQ GHU (UODXI ELV (GHOEDFK XQG DQ GHU <EEV ELV 1HXKRIHQ XQG $OOKDUWVEHUJ ZgFKWOQ ²Z UWHOQ VWUHLWHQXQGLQ:HLVWUDFK)DFKWD)HLHUWDJ ) UGLH<EEVWDOHU0XQGDUWLVWGLHHLJHQDUWLJH(QWZLFNOXQJYRQHXLQ: UWHUQ ZLH ²)HXHUKHXHUWHXHU ]XDFKDUDNWHULVWLVFKVLHODXWHQ)DKDGD'DVPKG LQ : UWHUQZLH²1RW%URWWRW LVWLP<EEVWDOQLFKWZLHLPVRQVWLJHQ1LHGHU VWHUUHLFK GXUFK HLQHQ RIIHQHQ /DXW YHUWUHWHQ %UG I U ²%URW VRQGHUQ GXUFK HLQ QRFK RIIHQHUHV YHUGXPSIWHV JHUXQGHWHV %UG (V JLOW GHPQDFK KLHU LQ GHQ DOWHQ 0XQGDUWHQQLFKWGLHJOHLFKH(QWVSUHFKXQJI UGLH: UWHU²5DW XQG²URW GLHVRQVW LQ1LHGHU VWHUUHLFKXQGLP2VWHQYRQ2EHU VWHUUHLFKUGODXWHW LP<EEVWDOODXWHW ²URW UGDEHU²5DW 5G ) U²JHZHVHQ VDJWPDQLQGLHVHU*HJHQGLQDOWHUW POLFKHU:HLVHXQGLP*HJHQVDW] ]XPDOOHUJU WHQ7HLOYRQ1LHGHU VWHUUHLFKQRFKZLHLQ2EHU VWHUUHLFKJZHQ:HVW OLFKYRQ:DLGKRIHQDQGHU<EEVLQ6FKQHFNHQOHLWHQJLEWHVVFKRQPgDI U²ZLHGHU QRFKPDOV GDVLPREHU VWHUUHLFKLVFKHQ=HQWUDOUDXPPgODXWHWXQGlKQOLFKH%HGHX WXQJKDWYJO6 $XFK I U GLH QLHGHU VWHUUHLFKLVFKHQ 5DQGJHELHWH GLH ]ZDU QRFK LQ UHLFKHU ) OOH PXQGDUWOLFKH $OWHUW POLFKNHLWHQ XQG 6RQGHUHQWZLFNOXQJHQ DXIZHLVHQ LVW GDV (LQ IOXVVJHELHW:LHQVEHUHLWV]XQHKPHQGVS UEDU:LHGLH(EHQHQLP2VWHQGHV/DQGHV XQGGDV)ODFKODQGYRUDOOHPV GOLFKGHU'RQDXKDEHQVLFKEHUHLWVDXFKGLH5DQGJH ELHWHZHQQJOHLFKQLFKWPLWMHQHU,QWHQVLWlWYRQHLQHUHFKWHQ%DXHUQPXQGDUWEHUHLWV ]X HQWIHUQHQ EHJRQQHQ $XFK LQ GHP VR ²PRGHUQ VSUHFKHQGHQ *HELHW XP :LHQ JDOWHQ DEHU QRFK XP LP :HVHQWOLFKHQ GLH 0XQGDUWYHUKlOWQLVVH ZLH PDQ VLH WHLOZHLVH KHXWH QRFK LP 1RUGRVWGRQDXUDXP LP :DOG XQG :HLQYLHUWHO DQWUHIIHQ NDQQ8PGDV-DKUKHUUVFKWHLQHLQHPZHLWDXVJU HUHQ*HELHWDOVGLHVKHXWH GHU)DOOLVWQRFKGHUXL/DXWXQGZDUGHU6FKZXQGGHVDXVODXWHQGHQJEIDVWDOOJH PHLQJ OWLJ0DQVDJWH EHUDOOQRFKGVRLJQ]LHKHQXQGIORLJQIOLHJHQZHQQQLFKW JDU GVXLJQ XQG IOXLJQ VWDWW ZLH KHXWHGVLDJQ XQG IOLDJQ $XFK GHU KHOOH D/DXW LQ : UWHUQZLHODGOHLGXQGJODQNOHLQZDUDXI:LHQDOOHLQEHVFKUlQNWQRFK NRQQWHPDQGLHQLHGHU VWHUUHLFKLVFKHQ0XQGDUWHQYRUDOOHPGLHGHU5DQGJHELHWH DOV HFKWH %DXHUQPXQGDUWHQ DQVSUHFKHQ ZHQQ VLH DXFK LP *DQ]HQ QLFKW PHKU GDV

1LHGHU VWHUUHLFK DOWHUW POLFKH*HSUlJHGHUREHU VWHUUHLFKLVFKHQRGHUJDUGHUVDO]EXUJLVFKHQDXIZLH VHQ :LD GH %DXDUQ QQ URZDGQ XQG GVg DQWQKPPLDVVQGLVDPHLQ*VFKORV REPDG D )RJG JZHVG GgD KG *ODX GDEHLQL JKDVVQ 'HV LV HLQJ JXDU D VFKOgFKGD 0Q JZHVG XQG GVD GL DPD :DVQNKLQDLVDUgFKGJUDXVOLJZHVG'H DPD %XLP KP PLDVVQ GH VFKZDUQ K WVVDUQ %IOLD GVDUQ XQG gd LV KLQW QFKLJQJD XQG KG PLG GD %DLGVFKQ KLQJKDXG :LD GgD VFKOgFKGH.KgUO QFKFKD JVFKGDEP LV KG DUD JUVVL /DLFKFK NKG XQG LV L GD *UXIG L GD 'UVVQKRID.KLDULQJ DLQJUEP ZUQ,GD.KLDULQJKGDQFKFKDNKDQ5XL JHEP XQG KG JZLQVOG Ã:DVQJXLG PFKG KDVVL*OXLGÁ,DWV KP GH/DLG DQ!QJVW JULDNW XQW KP JVNG GD *ODXGDEHLQLPXLVQDXVDXVGD.KLDULQJ :LDVZDGH'UXFKDE LGDKLQWDQ.KLDULQJGLDKPQDXVGURJQZ QGLVV JQGV DODQ ZLGD GVUXFNJIORJQ 1FKD KPVDVE LGDQDQ'LDEUDZ DWVLKG QLNV JQXWVVG,DWV KPV IDU^Q EDLQ + FKHWDLGD0DXDD/RDXVEURFKFKD XQGKPGH'UXFKDQDXVGDXFKW'UDXVVW KPVDVDIDQ:JQJKHEWKPILDMXQJH 5RV DLQJVFKEQG XQG KP PLG GD %DLGVFKQKLQGURVFKVFKQXQWKPGH5RV UHLQDOVVQ 'D*ODXGDEHLQL 'UDVHQKRIHQQRUG VWOLFKHV1g :LH GLH %DXHUQ QRFK URERWHQ XQG ]H KHQWHQ KDEHQ P VVHQ GD LVW HLQPDO LP 6FKORVVREHQHLQ9RJWJHZHVHQGHUKDW ².ODXGHUEHQL JHKHL HQ 'DV LVW HXFK JDU HLQ VFKOHFKWHU 0DQQ JHZHVHQ XQG ]XGHQDUPHQ:DLVHQNLQGHUQLVWHUUHFKW ²JUDXVOLFK JHZHVHQ 'LH DUPHQ %XEHQ KDEHQ P VVHQ GLH VFKZHUHQ K O]HUQHQ 3IO JH²]lUUHQ XQGHULVWKLQWHQQDFK JHJDQJHQ XQG KDW PLW GHU 3HLWVFKH KLQ JHKDXW:LHGHUVFKOHFKWH.HUOQDFKKHU JHVWRUEHQ LVW KDW HU HLQH JUR H /HLFKH JHKDEW XQG LVW LQ GHU *UXIW LQ GHU 'UD VHQKRIQHU.LUFKH HLQJHJUDEHQ ZRUGHQ,QGHU.LUFKHKDWHUQDFKKHUNHLQH5XKH JHJHEHQ XQG KDW JHZLQVHOW ²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gVWHUUHLFKLVFKHQ$NDGHPLHGHU :LVVHQVFKDIWHQ3ODWWH

%XUJHQODQG %XUJHQODQG $OOJHPHLQH0HUNPDOH 'DV %XUJHQOlQGLVFKH ZHQQJOHLFK KHXWH ZHLWJHKHQG YRQ GHU :LHQHU 8PJDQJVVSUD FKHXQWHUZDQGHUW]lKOW]XGHQHLJHQW POLFKVWHQ0XQGDUWHQ=ZDULP:HVHQWOLFKHQ QLFKWDOWHUW POLFKHUDOVGLHNRQVHUYDWLYHQGHUQLHGHU VWHUUHLFKLVFKHQ0XQGDUWHQLVW VLHGRFKLP7RQVRDXIIlOOLJGDVVVLHVLFKEHUHLWVQDFKHUVWPDOLJHP+ UHQQDFKKDOWLJ GHP2KUHLQSUlJWJOHLFKREPDQHVPLWHLQHP6SUHFKHUDXVGHP1RUGHQRGHUV GOL FKHUHU*HELHWH]XWXQKDW,PhEULJHQLVWGHQEXUJHQOlQGLVFKHQ0XQGDUWHQYRUDOOHP YRQGHUGLDOHNWJHRJUDSKLVFKHQ6HLWHVFKZHUEHL]XNRPPHQVW WPDQGRFKDXIGLHLQ gvwhuuhlfk HLQPDOLJH (UVFKHLQXQJ GDVV RIW HLQ]HOQH 2UWVFKDIWHQ LQVEHVRQGHUH LP 9RNDOVWDQGHUKHEOLFKYRQHLQDQGHUDEZHLFKHQXQGEHQDFKEDUWH2UWHGHXWOLFKDXVJH SUlJWH(LJHQVFKDIWHQ]HLJHQGXUFKGLHLKUH0XQGDUWHQDOVEHVRQGHUH2UWVPXQGDUWHQ NHQQWOLFK VLQG 1RFK LP -DKU OlVVW VLFK HWZD LQ *ROV YHUVFKLHGHQH $XVVSUDFKH HLQHVPLWWHOKRFKGHXWVFKHQ/DXWHVIHVWVWHOOHQ'DV:RUW²:DDJH ODXWHWEHLGHPNRQ VHUYDWLYHUHQ HYDQJHOLVFKHQ%HY ONHUXQJVDQWHLO:RX EHL GHQ DQJHSDVVWHUHQ NDWKROL VFKHQ%HZRKQHUQ:FK HLQH(LJHQW POLFKNHLWGLHGHQ*ROVHUQVHOEVWEHZXVVWLVW $XFKI U2UWVXQG6SUDFKQHFNHUHLHQYRQGHQHQVSlWHUQRFKHLQLJHDQJHI KUWZHU GHQ LVW GDV%XUJHQODQG HLQ EHVRQGHUV IUXFKWEDUHU%RGHQ%HL DOOHU 9LHOIDOW LP(LQ ]HOQHQ]HLJHQGLHEXUJHQOlQGLVFKHQ0XQGDUWHQMHGRFKLQV2KUIDOOHQGH*HPHLQVDP NHLWHQ GLH PDQ DOV W\SLVFK DQVSUHFKHQ NDQQ LP *UXQGH LVW MHGHU %XUJHQOlQGHU DQ VHLQHU6SUHFKZHLVHOHLFKW]XHUNHQQHQ$PHKHVWHQOlVVWVLFKVHLQH0XQGDUWQRFKPLW GHU GHU 2VWVWHLHUPlUNHU RGHU GHU 1LHGHU VWHUUHLFKHU GHV VWOLFKHQ 6WHLQIHOGHV YHU ZHFKVHOQGHQQZLHLP$EVFKQLWW1LHGHU VWHUUHLFKVFKRQDQJHGHXWHWIDOOHQLP+HDQ ]HQ3UHJQHUXQG-RJOODQGVRZLHLP:LQNHO6SUDFKODQGVFKDIWXQGSROLWLVFKHV*HELHW QLFKW]XVDPPHQ6RLVWGLHLP6WHLULVFKHQXQGLP:HFKVHOJHELHWJHOWHQGH9HUWUHWXQJ GHU /DXWJUXSSH RO GXUFK XO LP JDQ]HQ %XUJHQOlQGLVFKHQ YHUEUHLWHW LQGHP +XOWVV I U²+RO] *XOGI U²*ROG XVZJHVDJWZLUG )DVWDOOHEXUJHQOl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lUHQGLHLQ%HWUDFKWNRPPHQ 0LWWHO]XQJLJ QHQQW PDQ HLQHQ 6HOEVWODXW EHL GHVVHQ $UWLNXODWLRQ VLFK GLH 0LWWHO]XQJH JHJHQ GHQ +RFKJDXPHQEHZHJW

%XUJHQODQG GHQ6SUDFKHQ EHVLW]HQ/DXWHGLHVHU%LOGXQJVZHLVHZlKUHQGVLHDQGHUHUVHLWVDEHU LQlKQOLFKHU:HLVHDXVGHU2VWVWHLHUPDUNMDVRJDUDXV2EHU VWHUUHLFKEHNDQQWVLQG ZRYRQHLQHPIUHPGVSUDFKLJHQ(LQIOXVVQLFKWGLH5HGHVHLQNDQQ'LHVHVZ UGHDP HKHVWHQLQGHQ2UWVQDPHQ(LQJDQJJHIXQGHQKDEHQ +HLPDWNXQGOHUIU KHUHU=HLWHQZROOWHQLQGHQ%XUJHQOlQGHUQ)UDQNHQRGHU6FKZD EHQVHKHQ'DJHJHQVSULFKWDEHUYRUDOOHPGLH0XQGDUWGLHHEHQVRZHQLJ)UlQNL VFKHV RGHU 6FKZlELVFKHV ]HLJW ZLH GDV 1LHGHU VWHUUHLFKLVFKH XQG GLH VLFK EHL DOOHU (LJHQZLOOLJNHLWDOVPLWWHOEDLULVFKHE]ZV GOLFKGHU/DIQLW]XQG5DDEDOVV GEDLULVFKH 0XQGDUWLQGLH*HVDPWKHLWGHU VWHUUHLFKLVFKHQ0XQGDUWHQHLQI JWDXVJHQRPPHQ GDV9RUDUOEHUJLVFKHXQGGLHDOVXL0XQGDUWHLQH$UW6FKZHVWHUPXQGDUWGHVQRUG VWOLFKHQ1LHGHU VWHUUHLFKLVFKHQLVW 'LH UHODWLY JUR H $OWHUW POLFKNHLW GHU PLWWHOEDLULVFKHQ EXUJHQOlQGLVFKHQ 0XQG DUWHQKDWDX HULQGHU7DWVDFKHGDVVGDV%XUJHQODQGELVYRUZHQLJHQ-DKU]HKQWHQ QRFKHLQDXVJHVSURFKHQHV%DXHUQODQGZDULKUHQ*UXQGZRKOQRFKGDULQGDVVGLHVHV *UHQ]JHELHW MDKUKXQGHUWHODQJ XQWHU XQJDULVFKHU 9HUZDOWXQJ VWDQG GLH GHXWVFKH 6FKXOELOGXQJJDQ]XQ]XOlQJOLFKXQGGLH9HUELQGXQJPLWGHU.XOWXUGHVVSUDFKOLFKHQ 0XWWHUODQGHV GXUFK GLH SROLWLVFKH *UHQ]H JHKHPPW ZDU 'LHVHU 8PVWDQG NRQQWH VLFKI UGLH(UKDOWXQJGHUDOWHQ0XQGDUWQXUDOVJ QVWLJHUZHLVHQGDHVQLFKWLQGHP 0D HZLHLQGHQ*HJHQGHQGHU VWHUUHLFKLVFKHQ5HLFKVKlOIWH]XU%LOGXQJHLQHUDXV JOHLFKHQGHQ GLH HFKWH 0XQGDUW EHHLQWUlFKWLJHQGHQ 9HUNHKUVVSUDFKH NRPPHQ NRQQWH1DFKKDWVLFKGLHDXFKIU KHUVFKRQU FNJlQJLJHXL0XQGDUWGHV%XU JHQODQGHVLP1RUGHQXQGLQGHU0LWWHXQWHU:LHQHU(LQIOXVVZHLWJHKHQGYHUGUlQ JHQODVVHQVRGDVVPDQKHXWHHWZDVFKRQJHUQH3OXDGI U3OXLG%OXWJXDGI UJXLG JXW XVZ VSULFKW 6R VLQG DXFK GLH NRQVHUYDWLYHQ EXUJHQOlQGLVFKHQ 0XQGDUWHQ LQ QHXHUHU =HLW NHLQHVZHJV YRQ GHQ YHUNHKUVVSUDFKOLFKHQ 1HXHUXQJHQ XQEHHLQIOXVVW JHEOLHEHQ0DQPXVVYLHOPHKUGDYRQDXVJHKHQGDVVGHULP)ROJHQGHQKLHUGDUJH VWHOOWH/DXWVWDQGZLHHUQRFKI U* OWLJNHLWKDWWHI UEUHLWH6SUHFKHUVFKLFKWHQ QXUQRFKEHGLQJW]XWULIIW =XP/DXWVWDQGGHV%XUJHQO QGLVFKHQ (VZLUGPDQFKPDOHLQH0XQGDUWDOVHLQH²VLQJHQGH EH]HLFKQHWXQGHVLVWIUDJOLFK ZLHZHLWHLQHVROFKH4XDOLIL]LHUXQJ EHUKDXSW%HUHFKWLJXQJKDW) UGHQDXVDQGH UHQVSUDFKOLFKHQ9HUKlOWQLVVHQNRPPHQGHQ%HREDFKWHUPDJDOOHVLKP8QJHZRKQWH DQ6HOEVWODXWHQVRZLHHLQH²DQGHUH 6DW]PHORGLHHLQHQVROFKHQ(LQGUXFNKHUYRUUX IHQ.DQQVHLQGDVVGLHEXUJHQOlQGLVFKHQ0XQGDUWHQWDWVlFKOLFKPHKUDOVVRQVWHLQH VWHUUHLFKLVFKH0XQGDUW²VLQJHQ %HLGHUEHKlELJZLUNHQGHQPDQFKPDOJHGHKQWHQ 6SUHFKZHLVH GHU %XUJHQOlQGHU XQG GHP ODQJVDPHUHQ 6SUHFKWHPSR WULWW HEHQ GLH 6DW]PHORGLHGHXWOLFKHUKHUYRUZDVYRUDOOHPEHLPHLQGULQJOLFKHQ(LQUHGHQDXIHL QHQ DQGHUHQ LP *HVSUlFK EHVRQGHUV DXIIlOOLJ ZLUG 'LH DXVJHSUlJWHQ =ZLHODXWH

%XUJHQODQG YRUDQGLHGLHDQGHUHQ0XQGDUWHQIHKOHQZHQQHVVLFKHWZDXPHLQEHVRQGHUVEUHL WHVHL JHLPJHEHQRGHUXPHLQDL.KDLZD.lIHUKDQGHOWWUDJHQQLFKWZHQLJ]X GLHVHP²6LQJHQ EHL(LQDXFKDXVDQGHUHQ*HJHQGHQXQGLQ9DULDWLRQHQEHNDQQWHU.LQGHUUHLP KLHU DXV 1HFNHQPDUNW ZHLVW YLHOH =ZLHODXWH I U GLH H/DXWH DXI XQG ]HLJWGDVVGLH: UWHU²7URSIHQ XQG²VFKODIHQ ZHQLJVWHQVZDVGLH 6 H O E V W O D X W H DQEHODQJWUHLPHQZDVLQDQGHUHQ0XQGDUWHQQLFKWGHU)DOOVHLQN QQWH 5DLJQDUDLJQD7U RSIP WL.KLQDNDLQJDVFKO RIIP WL7LDUDQ OLJQLQ)HLGDSHLW WL3XLZDQOLJQLQ5 RVVWUHLJ WL7LDUDQHLVVQ2DULQ6FKPROWVV WL3XLZDQNULDJQD3URGDQROGV 5HJQHQUHJQHQ7URSIHQ GLH.LQGHUJHKHQVFKODIHQ GLH0lGFKHQOLHJHQLP)HGHUEHWW GLH%XEHQOLHJHQLP5RVVGUHFN GLH0lGFKHQHVVHQ(LHULQ6FKPDO] GLH%XEHQNULHJHQHLQ%URWHLQDOW V 'DVXLDEHU GDVDXIIlOOLJVWH0HUNPDOGHV%XUJHQOlQGLVFKHQ3OXLGI U²%OXW DOV 9HUELQGXQJGHV²WLHIHQ XXQGGHV²KRKHQ L/DXWHV]XHLQHP=ZLHODXWLVWDQXQG I UVLFKVFKRQGDQDFKDQJHWDQGHQ(LQGUXFNHLQHVPXVLNDOLVFKHQ,QWHUYDOOHV]XHU ZHFNHQXQGHVVFKHLQWLP0XQGHLQHV%XUJHQOlQGHUVYLHODXIIlOOLJHU]XNOLQJHQDOV LP0XQGHLQHV1LHGHU VWHUUHLFKHUV 'DVHLGHU6FKULIWVSUDFKHLQ: UWHUQZLH²EUHLWOHLG <PKGHLHUVFKHLQWZLHDOO JHPHLQLQGHQ VWHUUHLFKLVFKHQ0XQGDUWHQDOVD SUDWEUHLWODGOHLGVDZOQ JHLIHUQ<PKGVHLIHOQ'RFKNDQQI UGLHVHVHLYRUQPDXFKXDZLHHWZDLP* QV WDOHLQWUHWHQ0DQVDJWGRUW5XDQI U²5DLQ PKGUHLQ*PXDQI U²*HPHLQGH 5HLFK DQ HQWVSUHFKHQGHQ PXQGDUWOLFKHQ /DXWHQ LVW GDV %XUJHQOlQGLVFKH I U GDV PKGODQJH GDVLQ: UWHUQZLH²6FKDIEODVHQ0RKQPKGP JH%ODWWHU%ODVH $WHP XYD YRUOLHJW,Q GHQ EULJHQ VWHUUHLFKLVFKHQ 0XQGDUWHQ IlOOW GLHVHU /DXWPLWGHPPKGNXU]HQDPHLVWLQGHP/DXW]XVDPPHQEOVQEODVHQ)WD 9DWHU'DV%XUJHQOlQGLVFKHDEHUZDUWHWI UGDVODQJH ZDKUOLFKPLWHLQHU) OOH YRQ/DXWHQWVSUHFKXQJHQLQEXQWHQ6FKDWWLHUXQJHQDXI6RNDQQPDQI UGDV:RUW ²6FKDI LPQ UGOLFKHQ%XUJHQODQG6FK XI K UHQLPPLWWOHUHQ%XUJHQODQGGLH9D ULDQWH 6FK RI ZlKUHQG PDQ HWZD LP PLWWOHUHQ /DIQLW]WDO XQG LP 3LQNDWDO 6FKRXI VDJW,Q /RFNHQKDXV KHL W HV 6FK XILQ+DPPHU6FKgXI LQ *ODVK WWHQ 6FKgRI]X GHP 6FKHILQ5DWWHUVGRUIGLHDP QlFKVWHQVWHKHQGH /DXWXQJLVW grkdwdxfkghu 6HHZLQNHO'LHVHQgR/DXWJLEWHVDXFKLQ2EHU VWHUUHLFKDOOHUGLQJVLQHLQHUHWZDV DQGHUHQ.ODQJIDUEH XQG I U HLQHQ DQGHUHQ /DXW QlPOLFK I U PKG HWZDLQGHQ : UWHUQZLH²URW%URWKRFK XVZ'RFKNDQQI UPKG DXFKHLQHLQIDFKHU/DXW JHOWHQXQG]ZDUgRGHUXQGPDQWULIIWLP* QVWDOXQG5DEQLW]WDODXIGLH/DXW IRUPHQ6FKgI6FKDISOgVQEODVHQ,PXQWHUHQ/DIQLW]WDODEHULVWHLQJHVFKORVVHQHV /LHVHLQLFKWGHQKRFKVSUDFKOLFKHQ/DXWHLLQ²:HLE7HLO XVZ 'LUQHQ<PKGGLHUQH XLVWQLFKW]XOHVHQZLH XLQGHU6FKULIWVSUDFKHHWZDLQ²+lXVHU0lXVH XVZVRQGHUQDOVVHKURIIH QHUg/DXWX

%XUJHQODQG R YRUKHUUVFKHQG 6FKRI 'DV :RUW ²6FKDI EHJHJQHW EULJHQV DXFK LQ DQGHUHQ 0XQGDUWHQKlXILJDOV6FKRILP%XUJHQOlQGLVFKHQDEHUVLQGGLHVHRLQGHUJHQDQQWHQ *HJHQGGXUFKJHKHQG I U PKG YRUKDQGHQ XQG HV KHL W DXFK I U ²0RKQ PKG P JHHWZDLQ'HXWVFK6FK W]HQ0RJQI U²$WHP 1RWQI UPKGEO WHUH%ODVH %ODWWHU3ORWDXVZPLWJHVFKORVVHQHPR/DXW:HQQPDQVLFKGHU0 KHXQWHU]LHKW VLFKGLHEXUJHQOlQGLVFKHQ=ZLHODXWH X RgXgRGLHI U HQWVWHKHQN QQHQGHU 5HLKHQDFKODQJVDPYRU]XVSUHFKHQNRPPWHLQHPUHFKWNODU]XP%HZXVVWVHLQZLH VLHDOOHWURW]GHU8QWHUVFKLHGOLFKNHLWGHV6FKULIWELOGHVQXU9DULDQWHQHLQHVHLQ]LJHQ =ZLHODXWHVVLQG (LQH(LJHQKHLWGHV%XUJHQOlQGLVFKHQLVWHVIHUQHUGDVVGHUPKGNXU]HD/DXWLQ : UWHUQZLH²:DVHQ1DFKW XQGGHUPKGODQJH /DXWLQ²%URWKRFK HLQHU VHLWV VRZLH GHU REHQ EHVSURFKHQH PKG ODQJH /DXW XQG GHU PKG NXU]H R/DXW DQGHUHUVHLWV YRU 0LWODXWHQ GLHVHOEH PXQGDUWOLFKH (QWVSUHFKXQJ ]HLJHQ N QQHQ ²:DVHQ PKG ZDVH5DVHQ²1RW PKGQ W ODXWHQ GHPQDFK :VQ 1G²+D NHQ PKGK NH²+RI PKGKRIZHUGHQ]X+ RJQ+ RI) UMHQH0XQGDUWHQ GLHI UPKG HLQRIIHQHVgHLQWUHWHQODVVHQ6FKDI>6FKgIJLOWGDVVHOEH9HUKlOWQLV :VQ¼1G:DVHQ 1RW+gJQ¼+gI+DNHQ +RI'HVKDOEYHUVSRWWHWPDQLP * QVWDO GLH /DQJHFNHU PLW GHP 6DW] Ã,Q *ggv 1gP GVUDLVVPD G+gVQ GVgPÁ,Q *RWWHV1DPHQ]HUUHL HQZLUGLH+RVH]XVDPPHQ'HU6DW]Z UGHLQ5HFKQLW]DOVR LPPLWWOHUHQ%XUJHQODQGODXWHQ,Q* RGV 1 RP GVUDLVVPD G+ RVQ GV RP$XI IlOOLJLVWGLH(QWZLFNOXQJGHVPKGODQJHQ ]XHLQHPJHVFKORVVHQHQRLPPLWWOHUHQ /DIQLW]WDOZRHVI U²URWWRW)ORK GDQQURGGRG)ORKHL WZLHLP:LHQHULVFKHQ GDVMHGRFKVHLQRLQGLHVHQ: UWHUQDXVGHU6FKULIWVSUDFKHEH]RJHQKDWXQWHUGHUHQ (LQIOXVVGDVQLHGHU VWHUUHLFKLVFKHGDVPDQDOV]XElXULVFKHPSIDQG%UG)OI U ²%URW)ORK LQGHU*UR VWDGWGHPRZHLFKHQPXVVWH 6WDUN]XU 9 H U ] Z L H O D X W X Q J QHLJHQDXFKGLHH/DXWH1HEHQGHPQLHGHU VWHUUHL FKLVFKHQ:HFKVHOJHELHWXQGGHP VWOLFKHQ6WHLQIHOGZLUGPDQGLH'LSKWKRQJLHUXQJ DXFK QRFK LQ GHU 6WHLHUPDUN DQWUHIIHQ JQHLZOQ ²NQHEHOQ *DUEHQ ELQGHQ MHLVQ VFKlXPHQ<PKGMžVHQ6FKZHLVWD6FKZHVWHU (LGD HLQJH]lXQWHV )HOG < PKG žwhu'dvhlp=zlhodxwhlolhvhlndqqlqpdqfkhq*hjhqghq]%6hhzlqnho HLQH HUKHEOLFKH giiqxqj HUIDKUHQ VRGDVV GHU =ZLHODXW HL GDQQ VR DXVJHVSURFKHQ ZLUGZLHGDVHLGHU6FKULIWVSUDFKHXQGPDQI U²%HWW 3DLGI U²:HJ :DLVDJW:DL IlOOW GDQQ PLW GHU ZHLW YHUEUHLWHWHQ PXQGDUWOLFKHQ (QWVSUHFKXQJ I U GDV :RUW ²:HLE ]XVDPPHQ 9RU P Q DEHU VLQG DOOH H/DXWH PKG Hž LQ GHU JOHLFKHQ :HLVH]XHLE]ZDLYHU]ZLHODXWHW7HLQ7HQQHNKHLPDNRPPHQ<PKGNžPHQDL I UHYRUPQJLOWLP* QV5DEQLW]WDOPDLQDWUHLEHQOHLWHQ<PKGPHQHQQDLPD QHKPHQVFKGDLQVWHKHQ'LHVHVDLI UDOWH8PODXWHNDQQYRUOLP5DEQLW]WDO]X D]XVDPPHQJH]RJHQZHUGHQ.KDOQ.HOOHZDOQZROOHQ<PKGZHOOHQ 'LH/DXWJUXSSHHUPKGžURGHU UZLUG]XgD6FKgD0DXOZXUI<PKGVFKžU3gD (EHU<PKGE U*HKWHUDXIPKGHU]XU FNHUVFKHLQWHVHLQHUVHLWVZLHZHLWKLQLQ 1LHGHU VWHUUHLFKDOVLDQHEHQGHPDEHUDXFKHLXQGHDDQ]XWUHIIHQVLQG'LHVOlVVW

%XUJHQODQG VLFK HWZD DQ GHQ PXQGDUWOLFKHQ (QWVSUHFKXQJHQ I U GHQ DOWHQ :RFKHQWDJQDPHQ PKGHUWDFHUJHWDF'LHQVWDJDXI]HLJHQ,DGDVDJWHPDQLPJDQ]HQ*HELHWELV]XP * VVLQJHU+ JHOODQGV GOLFKGDYRQ,DWLLP6HHZLQNHO(LULWRLPPLWWOHUHQ%XUJHQ ODQG(DULWRLPPLWWOHUHQ3LQNDWDO(LDGDQHEHQ$LGDLQ5HFKQLW]DEHU(WD 6HOWVDPPXWHWHVDQZHQQYRUQXQGPL]XHX]XRJHVHQNWZLUGXQGI U²:LQWHU LQHLQLJHQ2UWHQ:HQWDI U²)OLQWH )OHQNQI U²KXQJULJ DEHUKPDULJHVDJWZLUG 9RUQNDQQX DUWLJNOLQJHQVRGDVVHV.O QHVVI UPKGNOXQVH6SDOWH3O QWVVQ I U²%OXQ]H %OXWZXUVWKHL WXQGI U²3OXQGHU HLQ3O QGD]XK UHQLVW+LHUKDW PDQ HV WDWVlFKOLFK PLW HLQHP DXI VWHUUHLFKLVFKHP *HELHW HLQ]LJDUWLJ GDVWHKHQGHQ /DXWZDQGHO]XWXQGHQQJHUDGHPKGLXQGPKGXVLQGLQGHQ0XQGDUWHQDPDOOHU ZHQLJVWHQ9HUlQGHUXQJHQXQWHUZRUIHQ 'HUDXFKLPQ UGOLFKVWHQ1LHGHU VWHUUHLFKVRJXWZLHDXVJHVWRUEHQHDXIHLQHQDOWHQ 'LSKWKRQJ ]XU FNJHKHQGH /DXW LX LVW QRFK PDQFKPDO GXUFK XL YHUWUHWHQ.KXL.LQQGVXLJQ]LHKHQVXLGQVLHGHQ'RFKVDJWPDQLP1RUGHQ1HXVLHGOHUXQG ZHVWOLFKHU(LVHQVWlGWHU%H]LUNXQGLP5DDEWDOOlQJVWGVLDJQVLDGQXVZ'HULQGLH VHQ: UWHUQLQ1LHGHU VWHUUHLFKQRFKYRUNRPPHQGH /DXW RHJLOWLQHLQHP*HELHW GHV5DEQLW]WDOHVGVRHJQVRHGQ,P/DIQLW]WDOVLQGYRUPPKGHLJHKHLPXQGPKG XR0XKPH<PKGPXRPHLQXD]XVDPPHQJHIDOOHQZDV$QODVV]XU3UlJXQJGHV VFKHU]KDIWHQ6DW]HVÃ,QGD.KXDPJgGGD)HLWDGVDGD0XDPÁ,P*HKHLPHQJHKW GHU9HWWHU]XGHU0XKPHZDU,P 6 GHQ LQ -HQQHUVGRUI XQG 8PJHEXQJ ILQGHW VLFK I U GHQ PKG ODQJHQ /DXW EHUHLWV GLH V GEDLULVFKH (QWVSUHFKXQJ D PDQ VDJW GRUW EHUHLWV UDW I U²URW 6FKGUDI U²6WURK )ODFKI U²)ORK ZLH EHUKDXSWZLHQRFK]XVHKHQLVWGDV *HELHW V GOLFK GHU /DIQLW] XQG 5DDE EHUHLWV PHKUHUH V GEDLULVFKH 0HUNPDOH DXI ZHLVW 'LH 0 L W O D X W H VLHVLQGJOHLFKIDOOVLP*UR HQXQG*DQ]HQDXIPLWWHOEDLULVFKHP 6WDQG ]HLJHQZLHGLH6HOEVWODXWHPDQFKH%HVRQGHUKHLWHQGLHLQDQGHUHQ0XQGDU WHQQXUVHOWHQRGHUJDUQLFKWDQ]XWUHIIHQVLQG%HLHLQHP9HUJOHLFKPLWGHQQLHGHU VWHUUHLFKLVFKHQ 0XQGDUWHQ IlOOW GLH HQWVFKLHGHQHUH $UWLNXODWLRQ GHU DQODXWHQGHQ 0LWODXWHLQGHQEXUJHQOlQGLVFKHQ0XQGDUWHQDXIRKQHGDVVMHGRFKZLHLP6 GEDLUL VFKHQ HLQH 6FKHLGXQJ QDFK DOWHQ 6WDUN XQG 6FKZDFKODXWHQ EHREDFKWHW ZHUGHQ N QQWH0DQVFKUHLEWLP$QODXWSWGLHMHGRFKQLFKWDOVDXVJHVSURFKHQH6WDUNODXWH ]XOHVHQVLQG9RQGHQQLHGHU VWHUUHLFKLVFKHQ0XQGDUWHQLVWEHNDQQWGDVVHWZDGLH : UWHU ²'DFK XQG ²7DJ LQ GHP *HELHW ZR FK J LP $XVODXW YHUVWXPPHQ RGHU GXUFKFKQHXHUVHW]WVLQGLQGHU/DXWIRUP'FK]XVDPPHQIDOOHQ,P%XUJHQODQG HUJLEW VLFK HLQ =XVDPPHQIDOO PHKU ]XJXQVWHQ GHV W XQG VR JLOW DXI GHP JHVDPWHQ *HELHW7I U²'DFK XQG²7DJ PLWHLQHPLQGHU6WlUNHPHKUJHJHQWKLQQHLJHQ GHQ/DXW,P,QODXWLVWWLP$OOJHPHLQHQJHVFKZlFKWZRUGHQXQGPLWG]XVDPPHQJH 9JO GD]X +DQV.$51(5 /DXWOHKUH GHU KLHQ]LVFKHQ 0XQGDUW YRQ 5HFKQLW] XQG 8PJHEXQJ :LHQ 6

%XUJHQODQG IDOOHQ 'LH 0XQGDUWHQ LP 5DDEWDO LP XQWHUHQ XQG PLWWOHUHQ /DIQLW]WDO VRZLH LP 6WUHPEDFKWDOXQWHUVFKHLGHQDEHULP,QODXW]ZLVFKHQGXQGW:HLWD:HWWHU<PKG ZžWHU)XLWD)XWWHU<PKGYXRWHU3UXLGD%UXGHU<PKGEUXDGHU/HLGD/HGHU <PKGOžGHU =X GHQDXIIlOOLJVWHQ%HVRQGHUKHLWHQGHUEXUJHQOlQGLVFKHQ0LWODXWH ]lkow ]XQlFKVW GHU:DQGHOYRQDQODXWHQGHPSI]XNILPV GOLFKHQ%XUJHQODQGZRPDQ.IOXLI U ²3IOXJ.IDWI U²3IHLW +HPG<PKGSIHLW.ILQJVVWDI U²3ILQ]WDJ 'RQQHUVWDJ <PKGSILQ]WDFVDJWH(LQHDXIIlOOLJH(UZHLFKXQJYRQS]XGHP5HLEHODXWZLQ GHUDQODXWHQGHQ/DXWJUXSSHVSILQGHWVLFKLP3LQND:LOOHU6WUHPEDFKXQGREH UHQ/DIQLW]WDOZR]%²6SHFN 6FKZHLJ²VSLHOHQ VFKZ OQKHL W'DVDOWH:RUWI U 0XWWHUPLOFKDXIPKGVS QQH]XU FNJHKHQGODXWHWGDQQ6FKZLQ,PPLWWOHUHQXQG V GOLFKHQ %XUJHQODQG ZLUG I QDFK 6HOEVWODXWHQ KlXILJ ]X Z.KDLZD.lIHU 6FKZHLZO 6FKZHIHO 'LHVH (UVFKHLQXQJ KHEW GDV %XUJHQOlQGLVFKH VWDUN YRQ GHQ DQGHUHQ 0XQGDUWHQ DE,Q UHFKW DXIIlOOLJHU :HLVH JHKW LQ GHQ 0XQGDUWHQ LP /DI QLW]6WUHPEDFKXQG:LOOHUWDOQQDFKEHVWLPPWHQ6HOEVWODXWHQLQP EHUHLQH(U VFKHLQXQJGLH EULJHQVDXFKLP6WHLULVFKHQ]XEHPHUNHQLVW0DQVDJWDOVR+PG I U²+DQG WPWVVQI U²WDQ]HQ 6XPWLI U²6RQQWDJ KPDULI U²KXQJULJ 0LWGHP)HKOHQYRQJFKLPKHXWLJHQ$XVODXW.IOXLI U²3IOXJ :DLI U²:HJ /DLI U²/HLFKH XVZVWLPPWGDV%XUJHQODQGYLHOHQRUWVPLWGHQDOWHQQLHGHU VWHU UHLFKLVFKHQXL0XQGDUWHQ EHUHLQ 'HU O/DXW LVW QRFK QLFKW LQ GHP 0D H YRNDOLVLHUW ZLH LQ GHQ EULJHQ PLWWHOEDLUL VFKHQ0XQGDUWHQGDULQVWHKHQYRUDOOHPGLH0XQGDUWHQGHVPLWWOHUHQXQGV GOLFKHQ %XUJHQODQGHV ZR PDQ QRFK ROG VWDWW ggdow6doq VWDWW 6D Q 6lXOH VDJW GHP 6 GEDLULVFKHQQlKHU,PQ UGOLFKHQ%XUJHQODQGDEHUXQWHUOLHJWOPHKUXQGPHKUGHU 9RNDOLVLHUXQJ 'LHVH (UVFKHLQXQJ JHZLQQW XQWHU GHP (LQIOXVV GHV 1LHGHU VWHUUHL FKLVFKHQDQ%RGHQYRU.RQVRQDQWHQRGHULP$XVODXWLVWOPDQFKPDOQXUQRFKEHL GHQlOWHUHQ0XQGDUWVSUHFKHUQ]XK UHQ 'HU U/DXW LVW ZLH LQ 1LHGHU VWHUUHLFK DXI GHP JHVDPWHQ *HELHW DX HU LP $QODXW RGHU ]ZLVFKHQ 6HOEVWODXWHQ PHLVW DXIJHO VW -D-DKUYHUHLQ]HOWLP$XVODXWDOV VFKZDFKHV U HQWKDOWHQ -DU 6HHZLQNHO -XDU 5DWWHUVGRUI LP * QVWDO :LH LQ 2EHU VWHUUHLFKXQGLQDOWHUW POLFKHQ0XQGDUWHQ1LHGHU VWHUUHLFKVIHKOWGDVUPHLVW Y OOLJYRUQOPDQVDJWGDQQ.KgUQ.HUQKgUQK UHQ.KgUO.HUOXVZ,Q 'HXWVFK 6FK W]HQ NDQQ DQODXWHQGHV EUZLH3OPSD I U ²%URPEHHUH ]HLJW ]X SO ZHUGHQ,P 6HHZLQNHO ]% LQ 0 QFKKRI HUVFKHLQW UQ DOVGQ 6FKWRGQ I U 6FKWDUOQLQ6LQJXQG3OGHU%H]HLFKQXQJI UGHQ9RJHO6WDU'LHVJLOWDXFKKHXWH QRFK ZHQQ ]XU 9HUWUHLEXQJ GHU ]XU =HLW GHU :HLQOHVH VHKU VFKlGOLFKHQ 9 JHO VR JHQDQQWH6FKWRGQIOLDJD²6WDUHQIOLHJHU HLQJHVHW]WZHUGHQGLHGLH$XIJDEHKDEHQ GLHYRULKUHP$EIOXJLQV GOLFKHUH/lQGHUVLFKKLHULQGHQ:HLQJlUWHQQLHGHUODVVHQ GHQ6WDUHDXI]XVFKHXFKHQXQG]XYHUMDJHQ :LH VFKRQ DQJHGHXWHW ELOGHW GLH /DIQLW] PHKU QRFK GLH 5DDE LQQHUKDOE GHV %XU JHQOlQGLVFKHQHLQH'LDOHNWJUHQ]H6 GOLFKGDYRQVW WPDQEHUHLWVDXIV GEDLULVFKH

%XUJHQODQG 0HUNPDOH+LHULVWDQODXWHQGHVNDXFKYRUOUEHKDXFKWHU6WDUNODXWHVKHL W.KUDV I U².UHLV.KOgI U².OHH ZlKUHQGLQ1LHGHU VWHUUHLFK*UDV*OgJHVDJWZLUG $XFKLP,QXQG$XVODXWZRLP0LWWHOEDLULVFKHQMHGH%HKDXFKXQJGHVNIHKOWLVWVLH LP %XUJHQODQG V GOLFK GHU /DIQLW] XQG 5DDE YRUKDQGHQ 0DQ VSULFKW DOVR KLHU ²VWDUN DOV VFKGDNK ²VWlUNHU DOV VFKGLDNKD 9RQ GHQ 6HOEVWODXWHQ GHV *HELHWHV Q UGOLFKGHU/DIQLW]YHUPLVVWPDQKLHUGDVXLLQ: UWHUQZLH²%OXWJXW XVZ'DKHU QHQQHQGLH%HZRKQHUV GOLFKGHU/DIQLW]MHQHQ UGOLFKGHV)OXVVHVGLH7XLGDUDXQG HVLVWGHUEHNDQQWH1HFNVDW]GHQHVZRKO EHUDOODQGHQXDXL*UHQ]HQJLEWDXFK KLHU JHEUlXFKOLFK GHU GD ODXWHW Ã0XLWD GD 3XL VFKONWL.KXL PLGQ +XLW WDV ROV SWVFKDQ WXLWÁ 0XWWHU GHU %XE VFKOlJW GLH.XK PLW GHP +XW GDVV HV QXU VR SDW VFKHQ>NODWVFKHQ@WXW %HVRQGHUKHLWHQLQGHQ7LHUQDPHQ,Q GHQ EXUJHQOlQGLVFKHQ 0XQGDUWHQ NRPPHQ ]DKOUHLFKH ODXWOLFKH 9DULDQWHQ YHU VFKLHGHQHU 7LHUQDPHQ YRU GLH GLH 9LHOIDOW GLHVHU 0XQGDUWHQ EH]HXJHQ 6R ILQGHW VLFKHWZDGDV:RUW²(LGHFKVH QDFK+DQV.$51(5 LPQ UGOLFKHQ%XUJHQODQGDOV $GDNVVO7DGDUDNVVO7DGDQDNVVO7DUDKDNVVOcGDUDNVVOLQGHU0LWWHGHV/DQGHVLVW $GDGUDNVVO GLH KHUUVFKHQGH )RUP LP 6 GHQ NDQQ PDQ $GDNVVO $GDGUDNVVO cdgdnvvolp/diqlw]xqg5ddewdodehu$glnvvq$glnvvoxqg$glnvvwk UHQ 'LHLQGHQ VWHUUHLFKLVFKHQ0XQGDUWHQ EHUKDXSWUHLFKYRUKDQGHQHQ6SLHODUWHQGHV :RUWHV ²:HVSH ZHUGHQ LP %XUJHQODQG QRFK GXUFK HLQLJH EHUHLFKHUW :HLNVVQ :HLSVVQKHL WHVLP1RUGHQ:HLSVWQLP6HHZLQNHO:HLGDGHNVVQNDQQPDQLP3LQ NDWDO:HLGLNVVQ:HLGLNVVWXQGYHUHLQ]HOW:LDULNVLP/DIQLW]XQG5DDEWDOK UHQ 'LH+RUQLVVHQHQQWPDQLPQ UGOLFKHQ7HLOGHV/DQGHV:XLKDXV+XLQDXV+XLQDXV VDXQG:XLQDXVDLQ5HFKQLW]XQG8PJHEXQJ'HU6WRUFKDEHUGHUYRUZLHJHQGLP %XUJHQODQGQLVWHWWULWWEXUJHQOlQGLVFKDOV6FKGDULPLWDOWHP:XFKHUVHOEVWODXWXQG GDPLW]ZHLVLOELJDXI )R ROGQ 'VDLGQ KPV SDQLQV LQ /X NDKDXVDQLDUD.OgRNQNKDQ.ODFKFKO NKSW 7gR KgRG LPDUDQD DIP.KLD UDWXLQ VFKWDLJQ PXLVVQ XQG SDQ )DLQVWD DXVVLVFKUDLQ 'LH.ODFKFKOWLDSP /RFNHQKDXV6 GEXUJHQODQG 9RU DOWHQ =HLWHQ KDEHQ VLH EHL XQV LQ /RFNHQKDXV LQ LKUHU *ORFNH NHLQHQ 6FKZHQJHO JHKDEW 'D KDW LPPHU HLQHU DXI GHQ.LUFKHQWXUP VWHLJHQ XQG EHLP )HQVWHUKLQDXVVFKUHLHQP VVHQ +DQV.$51(5'LH0XQGDUWHQGHV%XUJHQODQGHV6 1DFK-RVHI6((0h//(5'HXWVFKH0XQGDUWHQ,,,:LHQ6 ².ODFKHO <PKGNO FKHOEHGHXWHWQHEHQ²*ORFNHQVFKZHQJHO DXFK²JUR HUGHUEHU0HQVFK

%XUJHQODQG Ã.OHQNONODQNO VFKOgGD6FKODQNO NKDLPSVVGVHP LODLWGVHPÁ +LDWV LV gdqd WV PLG WD 'VDLW GVWXP JZDWQ +LDWV VDLQV D W+NVFKWUVV NKHQJD XQG KEP WXDW DQ.ODFKFKO NVFKGRXOQ 6DLW WgDUD 'VDLG KDVVQ W/XNDKDXVDWL.ODFKFKOWLDSP ².OHQNONODQNO VFKOHFKWHU6FKODQNO NRPPW]XVDPPHQ LFKOlXWH]XVDPPHQ -HW]W QXQ LVW LKQHQ GDV GRFK PLW GHU =HLW ]X GXPP JHZRUGHQ -HW]W GD VLQG VLH DXI GLH +RFKVWUD JHJDQJHQ XQG KDEHQ GRUW HLQHQ 6FKZHQJHO JHVWRKOHQ 6HLWGLHVHU=HLWKHL HQGLH/RFNHQKDXVHU GLH6FKZHQJHOGLHEH 'RUIEHL/RFNHQKDXV

2EHU VWHUUHLFK 2EHU VWHUUHLFK =XU&KDUDNWHULVWLN (UVWVHLWGHU$QJOLHGHUXQJGHV,QQYLHUWHOVLVWGDVYRQGHQ%DMXZDUHQDOWEH VLHGHOWH 2EHU VWHUUHLFK HLQH 9HUZDOWXQJVHLQKHLW 6HLQH %HY ONHUXQJ KDW DOVR QDFK /DQGVFKDIW XQG *HVFKLFKWH HLQH YHUVFKLHGHQDUWLJH (QWZLFNOXQJ JHQRPPHQ :DV DEHU GLH,QQYLHUWOHU LP :HVWHQ GLH +DXVUXFNYLHUWOHU LP DOWHQ =HQWUDOUDXP GLH 0 KOYLHUWOHUQ UGOLFKGHU'RQDXXQGGLH7UDXQYLHUWOHULP6 GRVWHQKHXWHIHVWYHU ELQGHW LVW GLH WLHIH ElXHUOLFKH +HUNXQIW GLH GLH 2EHU VWHUUHLFKHU DXI GHP JDQ]HQ *HELHWIDVWLQJOHLFKHU:HLVHNHQQ]HLFKQHW,QQYLHUWOHU5R XQG7URiG 0 KOYLHUWOHU)ODFKVXQG*MRiG +DXVUXFNHU2EVWXQG6FKPDO] 7UDXQYLHUWOHU6DO].$.DOWHQEUXQQHU :HQQPDQGHQ2EHU VWHUUHLFKHUQIU KHUQHEHQ]lKHP)OHL XQG$XVGDXHUEHVRQ GHUV6SDUVDPNHLWQDFKJHVDJWKDWGDQQGDUIGDVIUHLOLFKQLFKWDOV.OHLQOLFKNHLWYHU VWDQGHQZHUGHQGHQQKDXVQ²KDXVHQ PLW9HUQXQIWVSDUHQLVWHWZDVDQGHUHVDOV UXDFK OQJHL]LJ]XVDPPHQUDIIHQ<PKGUXRFKHQEHGDFKWVHLQ0DQOlVVWVLFKGLH $XVJHVWDOWXQJ YRQ +DXV XQG +RI HWZDV NRVWHQ XQG ZQV HV GUJG ²ZHQQ V HV WUlJW DOVRRKQH6FKDGHQI UGDV+DXVZHVHQHUVFKZLQJOLFKLVWNDQQPDQEHL*HOH JHQKHLWDXFKDZgQJZVDXVOVVQ²HLQZHQLJHWZDVDXVODVVHQ JUR ] JLJHUVHLQ 'HUGHP3UDNWLVFKHQ]XJHZDQGWH%DXHUZLUGDEHUQLFKWJUR GDYRQUHGHQPDFKHQ 0DQGgDIgDPQHGJODLRHVVQNKgQDOVVQ0DQGDUIVLFKQLFKWDOOHVJOHLFKDQPHUNHQ ODVVHQ VDJW PDQ LP +DXVUXFNYLHUWHO 'HU 9RUZXUI GHU,QQYLHUWOHU GHQ VLH LKUHP VWOLFKHQ1DFKEDUQPDFKHQGD/DQGOD+DXVUXFNYLHUWOHUKGGVZD+gFKWVNKDQ JXDGVXQGDQVFKOgFKWVGHU/DQGOHUKDEH]ZHL+HU]HQNHLQJXWHVXQGHLQVFKOHFK WHV PDJ DXI HLQHQ DOWHQ JHVFKLFKWOLFK EHJU QGHWHQ XQG ODQJH VFKRQ EHJUDEHQHQ =ZLVW]XU FN]XI KUHQVHLQ,P,QQYLHUWHOZRGHU6DW]JHSUlJWZXUGHNDPHVZRKO DXFK ]XQlFKVW DXI HLQHQ JXWP WLJHQ JHUHLPWHQ 6SRWW DQ PLW GHP HLQH (LJHQW P OLFKNHLWLQGHU6SUDFKHGHV/DQGOHUVFKDUDNWHULVLHUWZHUGHQVROOWH VWDWWUZLHQRFK ]X]HLJHQVHLQZLUGVSULFKWGHU/DQGOHULQEHVWLPPWHQ)lOOHQLPPHUFK $OV ODQJH =HLW IDVW DXVVFKOLH OLFK DJUDULVFKHV *HELHW KDWWH 2EHU VWHUUHLFK KDXSW VlFKOLFK%DXHUQDOV%HZRKQHU'LH6WlGWHGLHKLHU9HUNHKUV]HQWUHQELOGHQ DEJH VHKHQYRQ/LQ]6WH\U:HOV KDEHQHLQH(LQZRKQHU]DKOYRQPHLVWXQWHU6R 7UDG*HWUHLGHZ UWO²ZDVGHU%RGHQWUlJW <PKGJHWUHJHGH*HWUDJHQHV *MDG-DJG8QUXKH$XIUHJXQJ<PKGJHMHJHGHGDV]XJHMHLGHNRQWUDKLHUWZXUGH

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lOWQLVVHQ]XHUVHKHQ,Q M QJHUHU=HLWDEHUGULQJHQPDQFKHQLHGHU VWHUUHLFKLVFKHDOV²IHLQHU JHOWHQGH/DX WXQJHQLQGHQREHU VWHUUHLFKLVFKHQ2VWHQHLQ 'HU /DXWLQ2EHU VWHUUHLFK 0LWVHLQHQ(QWVSUHFKXQJHQI URDEHULQ: UWHUQZLH²%URW1RWJUR XVZPKG JHKWGDV2EHU VWHUUHLFKLVFKHDXIZHLWHP*HELHWQRFKJDQ]HLJHQH:HJHJHJHQ EHUGHQQLHGHU VWHUUHLFKLVFKHQ0XQGDUWHQ:lKUHQGGHU2VWHQGHV/DQGHVV GOLFK GHU'RQDXPLWVHLQHP%UG%URWGHP1LHGHU VWHUUHLFKLVFKHQIROJWEHJHJQHQLQ GHU0LWWHGHV/DQGHVLP6 GHQLP:HVWHQVRZLHLP0 KOYLHUWHOI UGLHVHQR/DXW GLH=ZLHODXWHggX1DFK.DUWHJDOWgXPLP+DXVUXFNYLHUWHO/DQGO XQGVHW]WHVLFK EHUGLH'RQDXKLQZHJLPPLWWOHUHQXQGQRUGZHVWOLFKHQ0 KOYLHUWHO IRUW $XFK LP Q UGOLFKHQ 6DO]NDPPHUJXW *PXQGQHU *HJHQG ZXUGH g JHVSUR FKHQ X KDEHQ GDV,QQYLHUWHO XQG GDV V GOLFKH 6DO]NDPPHUJXW,P QRUG VWOLFKHQ 0 KOYLHUWHODEHUKHUUVFKWHgZLHV GOLFKYRQ5RKUEDFK:RPKG LQ2EHU VWHU UHLFKYHU]ZLHODXWHWZLUGHUVFKHLQWDXFKPKGNXU]HVRMHGRFKQXUYRUUXQGFKDXV JHUPKDOV=ZLHODXW: UWHUZLH²'RUI7RFKWHU ODXWHQMHQDFKGHP*HELHW'gI 'gi 'XIE]Z'gFKGD 'gfkgd 'XFKGD 'LH ]HQWUDOREHU VWHUUHLFKLVFKH g =RQH LVW DXFK VRQVW GLH PXQGDUWOLFK NRQVHUYDWLYVWH XQG YHUELQGHW DOV HLQH %U FNH VSUDFKOLFKHU%HKDUUOLFKNHLWGDV$OSHQODQGGXUFKPDQFKH(UVFKHLQXQJPLWGHPV G OLFKHQ % KPHUZDOG.DUWH ]HLJW GLH JHJHQZlUWLJHQ 9HUKlOWQLVVH GXUFK GLH $XI QDKPHQI UGHQ²6SUDFKDWODVYRQ2EHU VWHUUHLFK ²/DQGO LVWGLHDOWH%H]HLFKQXQJI UGDV.HUQJHELHW2EHU VWHUUHLFKVLQVEHVRQGHUHGDV+DXVUXFNDEHU DXFKGDV7UDXQYLHUWHO]XP8QWHUVFKLHGYRPELVED\ULVFKHQ,QQYLHUWHOXUVSU QJOLFKG UIWHHVVLFK XPHLQH6SRWWEH]HLFKQXQJJHKDQGHOWKDEHQ=XP%HJULII²/DQGOHU YJODXFK:LOIULHG6&+$%86'LH /DQGOHU 6SUDFK XQG.XOWXUNRQWDNW LQ HLQHU DOW VWHUUHLFKLVFKHQ (QNODYH LQ 6LHEHQE UJHQ 5XPlQL HQ:LHQ 9JO6WHIDQ*$,6%$8(5'HU6SUDFKDWODVYRQ2EHU VWHUUHLFK/LQ]6

2EHU VWHUUHLFK.$57( 'HU /DXWLQ2EHU VWHUUHLFK XQJHIlKUH$EJUHQ]XQJXP Ried LINZ Kremsmünster Steyr Gmunden Enns Donau Traun X Donau X Ischl X g Freistadt g g g X g %URW%UXG%UgG%UgG%UGQDFK+$$6%$8(5 'LHREHU VWHUUHLFKLVFKHQ0XQGDUWHQ

2EHU VWHUUHLFK.$57( 'HU /DXWLQ2EHU VWHUUHLFK XQJHIlKUH$EJUHQ]XQJXP Ried Kremsmünster Gmunden Freistadt LINZ Enns Donau Traun Donau 3X À Ischl F HR R R RL R 1DFK'HU6SUDFKDWODVYRQ2EHU VWHUUHLFK6$2 9HUVWUHXWH%HOHJHPLWRL 3ZLUGPLWWHOJDXPLJlKQOLFKGHPRIIHQHQJHVSURFKHQ