$WODQXQGGHU*UDXH
M 1U $WODQXQGGHU*UDXH YRQ+$16.1(,)(/
$WODQ
$XI7HUUDGHQ:HOWHQGHV6RODUHQ...
3 downloads
20 Views
221KB Size
Report
$WODQXQGGHU*UDXH
M 1U $WODQXQGGHU*UDXH YRQ+$16.1(,)(/
$WODQ
$XI7HUUDGHQ:HOWHQGHV6RODUHQ,PSHULXPVXQGGHQ6WW]SXQNWHQGHU8QLWHG 6WDUV2UJDQLVDWLRQVFKUHLEWPDQ(QGH0lU]GHV-DKUHVGDVYROOHU*HIDKUHQXQG hEHUUDVFKXQJHQLVW 6HLW GHP 9HUVFKZLQGHQ /RUGDGPLUDO $WODQV GHU EHL HLQHP $OOHLQJDQJ HQWIKUW ZXUGH XQG GHVVHQ 6SXU WURW] ILHEHUKDIWHU 6XFKH QRFK QLFKW HQWGHFNW ZHUGHQ NRQQWH VLQG IU YLHOH 0LWDUEHLWHU GHU 862 XQG GHU 6RODUHQ $EZHKU VFKZHUH :RFKHQ DQJHEURFKHQ 1HEHQGHUJDOD[LVZHLWHQ6XFKHQDFKGHP/RUGDGPLUDOJHKWHVGHQ$JHQWHQXQG 6SH]LDOLVWHQ YRU DOOHP GDUXP GHU 8QEHNDQQWHQ KDEKDIW ]X ZHUGHQ GLH GHQ W|GOLFKHQ ³6XGGHQO\(IIHNW´ YHUXUVDFKHQ²HLQ 3KlQRPHQ GDV GLH SO|W]OLFKH $EODJHUXQJ ULHVLJHU SODQHWDULVFKHU7UPPHUPDVVHQDXIDQGHUHQ+LPPHOVN|USHUQEHZLUNW :DV GLH 8UKHEHU GHV 6XGGHQO\(IIHNWV IU HLQHQ =ZHFN YHUIROJHQ LVW GHQ 9HUDQWZRUWOLFKHQGHU862EHUHLWVNODUJHZRUGHQ'HQQRFKWDSSHQVLHLPGXQNHOQZDV GHQ$XIHQWKDOWVRUWGHUP\VWHUL|VHQ8QEHNDQQWHQDQJHKW 1LFKW VR /RUGDGPLUDO $WODQ =XVDPPHQ PLW 1XUDP\ YRQ 3RWULQHW VHLQHU 0LWJHIDQJHQHQ HUUHLFKW HU GHQ DXI GHU JDODNWLVFKHQ :HVW6LGH JHOHJHQHQ 3ODQHWHQ 7ROYWDPXU 8QGKLHUDXIGHU'VFKXQJHOZHOWEHUGLHHLQ3VL2UNDQKLQZHJUDVWEHJLQQWGDV HQWVFKHLGHQGH 'XHOO .RQWUDKHQWHQ GHV W|GOLFKHQ =ZHLNDPSIV VLQG $7/$1 81' '(5 *5$8( 'LH+DXSWSHUVRQHQGHV5RPDQV $WODQ²'HU/RUGDGPLUDONlPSIWVLFKGXUFKGHQ'VFKXQJHOYRQ7ROYWDPXU 1XUDP\YRQ3RWULQHW²$WODQV%HJOHLWHULQ 'HU³*UDXH´²(LQ:HVHQGDVGLH*DOD[LVEHKHUUVFKHQZLOO $OV$WODQGDV6FKLIIYHUOLHXQGVHLQHHUVWHQ6FKULWWHDXIGLHVHQHXH:HOWKLQDXV PDFKWHVFKOXJLKPHLQH)OXWIHXFKWZDUPH'VFKXQJHOOXIWHQWJHJHQ,QGHU0LWWHGHU 5DPSHEOLHEHUEHUUDVFKWVWHKHQ (UIKOWHGLHHUK|KWH2EHUIOlFKHQVFKZHUHEHVFKOHXQLJXQJHVPRFKWHHWZDHLQ 9LHUWHOPHKUDOVGLHJHZRKQWH7HUUDQRUPVHLQ ³/RVZHLWHU´VDJWHHLQHUGHUVHFKV%HZRKQHULQ7HIURGD :LHGHUVHW]WHVLFKGHUZHLKDDULJH$NRQHLQ%HZHJXQJ1RFKLPPHUKDWWHHU GLH6WLPPHGHVVHQGHUVLFK³GHU*UDXH´QDQQWHLQVHLQHP2KU6HLQ([WUDKLUQKDWWH MHGHV:RUWGDYRQJHVSHLFKHUWZLHHLQKRFKZHUWLJHU5HFRUGHU $WODQULHIDOVHUGLH5DPSHYHUOLHXQGDXIGHQJHULIIHOWHQ%RGHQGHV /DQGHIHOGHVKLQXQWHUJLQJVLFKDOOHVLQGLHEHZXWH(ULQQHUXQJ]XUFNZDVHUEHU GLHVHQ3ODQHWHQGHV*UDXHQZLVVHQNRQQWH 1DFKGHP5FNVWXU]DXVGHP/LQHDUUDXPZDUHVDQ%RUGGHUULHVLJHQ$192<
$WODQXQGGHU*UDXH
M
$WODQ
]XUY|OOLJHQ9HUZLUUXQJGHU%HVDW]XQJVPLWJOLHGHUJHNRPPHQYRQGHUDXFK1XUDP\ EHIDOOHQZRUGHQZDUGLHPDQKLQWHULKPHEHQIDOOVXQWHUVFKlUIVWHU%HZDIIQXQJXQG %HZDFKXQJDXVGHP6FKLIIIKUWH1XUHUDOV0HQWDOVWDELOLVLHUWHUZDUYRQGHP SVLHQHUJHWLVFKHQ:LUUZDUUXQEHUKUWJHEOLHEHQXQGKDWWHGLH9HUZLUUXQJZLHHUPHLQWH IUVHLQH3OlQHDXVJHQXW]W(UEHIDQGVLFKDXIGHUKHLHQ6SXUDEHUGLH=HLFKHQ VWDQGHQJHJHQLKQ ³6FKQHOOHU´ 7ROYWDPXUKLHGLHVHU3ODQHWQLFKWYLHOPHKUZXWH$WODQ$EHUHUZXWHGD GHUNHJHOI|UPLJH%HKlOWHUODQJVDPDXIGHQ3ODQHWHQ]XGULIWHWHXQGLKQLQHLQLJHQ7DJHQ HUUHLFKHQZUGH'HU.ODQJGHU(ULQQHUXQJVQDFKKDOOGHUVXJJHVWLYNOLQJHQGHQ6WLPPH YHUIROJWH$WODQQRFKHLQLJHKXQGHUW0HWHUEHUGHQ/DQGHSODW]KLQZHJGDQQZDQGWH VLFKGHU$UNRQLGHDQGHUHQ(LQ]HOKHLWHQ]X (UGUHKWHVLFKXPXQGEOLFNWH1XUDP\YRQ3RWULQHWDQ,KUH6FK|QKHLWKDWWHLQ GHQOHW]WHQWXUEXOHQWHQ:RFKHQQLFKWJHOLWWHQDEHULKUH$XJHQ]HLJWHQMHW]WHLQHQ DQGHUHQ$XVGUXFN6LHOlFKHOWH]XUFNXQGJLQJ]ZLVFKHQLKUHQ%HZDFKHUQZHLWHU :LHGHUEOLFNWH$WODQQDFKYRUQ (LQH'VFKXQJHOZHOWPLWDOOHQ6SH]LILNDWLRQHQHLQHVVROFKHQ3ODQHWHQ9HUPXWOLFK HLQ3ODQHWLQHLQHPIUKHUHQ6WDGLXPVHLQHU(YROXWLRQNRQVWDWLHUWHGHU/RJLNVHNWRU 9RQDOOHQ6HLWHQNDPDQDXVGHP'VFKXQJHOGHUDXVULHVLJHQVFKODQNHQ *HZlFKVHQPLWSDOPHWWRDUWLJHQ.URQHQEHVWDQG:RONHQDXVIHXFKWZDUPHP1HEHO KHUDQ6LHNURFKHQZLHJHVSHQVWLVFKH7LHUHEHUGHQKHOOHQ%HWRQGHU.UHLVIOlFKH 'XUFKGLH6WUDKOHQHLQHU0RUJHQVRQQHHUKLHOWGHU1HEHOHLQHJHZLVVH/HXFKWNUDIW -HQVHLWVGHUDOOJHJHQZlUWLJHQ 1HEHOElQNHNRQQWHQ$WODQXQG1XUDP\XQGHXWOLFKHLQLJH*HElXGHHUNHQQHQGLH VLFKDXI]XUFNJHVHW]WHQWLHIVFKZDU]HQ6RFNHOQDXVGHP%RGHQHUKREHQ 'LHKRKH/XIWIHXFKWLJNHLWOLHQLFKWQXU$WODQVRQGHUQDXFKVHLQH%HZDFKHU VFKZLW]HQ ³'RUWHQWODQJ´VDJWHGHU0DQQGHUUHFKWVQHEHQLKPJLQJGLH+DQGDXIGHP .ROEHQGHUHQWVLFKHUWHQ:DIIH'LH:lFKWHUZDUHQZHLWJHQXJHQWIHUQWXPUHFKW]HLWLJ UHDJLHUHQ]XN|QQHQZHQQHLQHULKUHUEHLGHQ*HIDQJHQHQHLQHQ$XVEUXFKVYHUVXFK PDFKWH$WODQKDWWHQLFKWGLH$EVLFKWVLFKNXU]YRUGHP=LHO²ZLHHUIHVWJODXEWH²LQ XQQ|WLJH5LVLNHQ]XVWU]HQ 6LHKGLH5RERWHUDQ+DOEUHFKWVVDJWHGHU([WUDVLQQ $WODQEHZHJWHGHQ.RSI(LQH*UXSSHYRQNDVWHQI|UPLJHQ0DVFKLQHQVFKZHEWH HLQLJH+DQGEUHLWEHUGHP%RGHQXQGYHUWHLOWHVLFKEHUGDV*HELHWGDVGLH%DXZHUNH DP5DQGGHV3ODW]HVXPJDE'LH0DVFKLQHQOLHHQLKUHODQJHQK\GUDXOLVFKHQ$UPH NUHLVHQXQGIHXHUWHQLPPHUZLHGHUSDUDOOHO]XP%RGHQ)HXHUVWUDKOHQDE 6FKOLQJSIODQ]HQElXPWHQVLFKDXIXQGYHUJLQJHQLQ5DXFKXQG)ODPPHQ 'HU3ODQHWEHVLW]WHLQHDJJUHVVLYVFKQHOOZDFKVHQGH)ORUDVWHOOWHGHU([WUDVLQQ IHVWHLQH$QVLFKWGLH$W,DQDXFKRKQH+LOIHGLHVHV]XVlW]OLFKHQ+LUQWHLOHVJHZRQQHQ KDWWH 1RFKKXQGHUW0HWHUWUHQQWHQVLHYRQGHQ%DXWHQ6LHEHWUDWHQHLQHQ6WHJDXV %DXWHLOHQGHUIUHLYRQ*HZlFKVHQZDU'LH7HIURGHUJDEHQ1XUDP\XQGLKPNHLQH &KDQFH6LHEXJVLHUWHQGLH*HIDQJHQHQEHUGHQ6WHJERJHQPHKUPDOVLQUHFKWHQ :LQNHOQDEXQGVWDQGHQGDQQYRUHLQHP(LQJDQJGHUU|KUHQI|UPLJDXVGHP*HElXGH KHUYRUUDJWH
$WODQXQGGHU*UDXH
M
$WODQ
'LFKWKLQWHUGHP*HElXGHEHJDQQGDV9RUIHOGGHV'VFKXQJHOV (LQEUHLWHU6WUHLIHQZHLHU$VFKHWUHQQWHGHQ6RFNHOGHV%DXZHUNVYRQGHQ %VFKHOQGHUZXFKHUQGHQ)DUQH'LH5RERWHUPXWHQRIIHQVLFKWOLFKLPPHUZLHGHUGDV 9RUGULQJHQGHU3IODQ]HQYHUKLQGHUQLQGHPVLHGLH5DQNHQXQG=ZHLJHYHUEUDQQWHQ 6RQVWZlUHELQQHQZHQLJHU:RFKHQGLHJHVDPWH$QODJHKLHUXQWHUHLQHUJUQHQ'HFNH HUVWLFNWZRUGHQ ³(VJHKWKLHUKLQHLQ´ (LQH:DIIHQPQGXQJERKUWHVLFKLQGHQ5FNHQGHV$UNRQLGHQ´0DQZLUG6LH UXIHQODVVHQ´ ³:DVVROOLFKKLHU"´IUDJWH$WODQDJJUHVVLY]XUFNXQGJLQJHLQHQ6FKULWWZHLWHU DXIGDVRIIHQH6WFNGHV(LQJDQJVURKUHV]X ³6LHVLQG*HIDQJHQH6LHZDUWHQ'LH$QWZRUWNDPLQKDUWHP7HIURGD ³'DVLVWPLUEHNDQQW:LHODQJH" ³'HU*UDXHZLUG6LHUXIHQ´VDJWHGHU0DQQ+LQHLQMHW]W´ ³'DV0lGFKHQJHK|UW]XPLU´VDJWH$WODQ³6LHIKOWVLFKQLFKWJXW´ ³1LFKWXQVHUH6FKXOG*HKHQ6LHMHW]W´ 0DQEUDFKWHVLHGXUFKGHQ(LQJDQJLQHLQHQ.RUULGRUGHUVRNOHLQZDUGDGLH JHVDPWH*UXSSHQLFKWHLQPDO3ODW]GDULQIDQG'DQQ|IIQHWHQGLH:lFKWHUHLQ VFKZHUHV0HWDOOVFKRWWXQGVWLHHQ1XUDP\XQG$WODQLQHLQHQJURHQQLFKW XQJHPWOLFKHLQJHULFKWHWHQ5DXPGHUPHKUHUHHLQJHODVVHQH)HQVWHUDXVJHIlUEWHP *ODVVLWEHVDXQGHLQLJHVFKPDOH7RUHQGLHLQDQGHUH=LPPHUIKUWHQ ³'LH)HQVWHUVLQGXQ]HUEUHFKOLFK´ULHIHLQHUGHU:lFKWHUHKHVLFKGDV6FKRWW ZLHGHUVFKOR 6LHZDUHQDOOHLQ $WODQEOLHEHLQLJH=HLWODQJVWHKHQEOLFNWHGXUFKGLH6FKHLEHDXIGHQ5DQGGHV QDKHQ'VFKXQJHOVXQGDXIGLH1HEHOGLH]ZLVFKHQGHQEUDXQHQPLWJUQHQ5DQNHQ XPZLFNHOWHQ6WlPPHQKHUYRUNURFKHQ(UVFKLHQLQQHUH=ZLHVSUDFKH]XIKUHQ+HXWH DPYLHUXQG]ZDQ]LJVWHQ0lU]GLHVHVXQKHLOYROOHQ-DKUHVKDWWHQVLHRIIHQVLFKWOLFKHLQ (QGHGHUKHLHQ6SXULQ*ULIIZHLWHYRUVLFK$WODQOlFKHOWHXQGVDJWH]X1XUDP\GLH VLFKHUVFK|SIWLQHLQHQ6HVVHOKDWWHIDOOHQODVVHQXQGGLH.KOHGHV5DXPHVJHQR ³(VWXWPLUOHLG1XUDP\DEHUZLUVLQGQRFKQLFKWDP(QGHGHV:HJHV´ 6LHKREGLH6FKXOWHUQXQGJDE]XUFN ³6FKOLHOLFKZDULFKHVGLHDQIDQJVPHKU,QLWLDWLYHHQWZLFNHOWKDW,FKZROOWHGLFK W|WHQ,FKZDUPHKUPDOVQDKHGDUDQLFKZROOWHHVDXFKDXVIKUHQ$EHUVRQVWVLQGZLU JH]ZXQJHQZRUGHQ]XUHDJLHUHQ1LFKW]XKDQGHOQ(LQPHUNZUGLJHV XQHUIRUVFKEDUHV6FKLFNVDOKDWXQVDQHLQDQGHUJHIHVVHOW8QGZDVJHVFKLHKWMHW]W GHLQHU0HLQXQJQDFK"´ $WODQEHJDQQHLQHQODQJVDPHQ5XQGJDQJGXUFKGDV=LPPHUXQGHQWGHFNWH 6SHLVHQXQG*HWUlQNHXQGDQGHUH(LQ]HOKHLWHQGLHGLHVHV*HIlQJQLVQLFKWYRQHLQHU QRUPDOHQ:RKQXQJXQWHUVFKLHGHQ ³'DVDOWH´HUZLGHUWHHU³:LUZDUWHQSDVVLYELVHVMHPDQGHPHLQIlOOWXQV]X KROHQXQGXQVGDGXUFKYLHOOHLFKWHLQH&KDQFHJLEW]XHQWNRPPHQXQGPLWGHU862 ]XVDPPHQGLHVHQ9HUEUHFKHUXQVFKlGOLFK]XPDFKHQ´ ³'XELVWHLQ2SWLPLVWPHLQ/LHEHU´VDJWHVLHXQGVWDQGDXI³,FKELQGXUVWLJ´ ³+LHUJLEWHVHWZDV]XWULQNHQ´(UGHXWHWHDXIHLQJURHV)DFKPLW+lKQHQ )ODVFKHQ*OlVHUQXQG%HFKHUQ³8QGMHGHU0DQQNDQQVRODQJHKDQGHOQZLHHU
$WODQXQGGHU*UDXH
M
$WODQ
OHEHQGLJLVW,FKKDEHYRUMHGHJHULQJVWH&KDQFHZDKU]XQHKPHQ´ (UYHUVWHLIWHVLFKDOVHUGDUDQGDFKWHZLHODQJHHUVFKRQRKQHMHGHQ.RQWDNWPLW GHU8QLWHG6WDUV2UJDQLVDWLRQJHEOLHEHQZDU:DVWDW7HNHQHULQ]ZLVFKHQ":DVJLQJ GRUWYRULP%HUHLFKGHV6RODUHQ,PSHULXPV"2GHUMDJWHLQ]ZLVFKHQGLHJHVDPWH 2UJDQLVDWLRQKLQWHULKPKHU"2GHUNXUVLHUWH²XQGGDVVFKLHQVHKUZDKUVFKHLQOLFK² EHUHLWVGDV*HUFKWGHUDOWH$UNRQLGHVHLHQGOLFKWRW"(UDWPHWHWLHIHLQXQGDXVXQG ]ZDQJVLFKZLHGHUXQWHUGLH.RQWUROOHVHLQHV%HZXWVHLQVXQGVHLQHV:LOOHQV]XUFN (UXPDUPWH1XUDP\XQGVDJWHOHLVH ³:LHIKOVWGXGLFKDEJHVHKHQYRQGHQ1DFKZLUNXQJHQGHV6FKUHFNHQVXQGGHU *HIDKUHQ"´³ 6LHVFKPLHJWHVLFKDQLKQXQGIOVWHUWH ³,QGHLQHU*HJHQZDUWHUKROHLFKPLFKVFKQHOO,FKVHKQHPLFKGDQDFKJOFNOLFK ]XVHLQ´³ ³,FKDXFK´PXUPHOWH$WODQ 6LHZDUHQQLFKWEHVRQGHUVKXQJULJ$XHUGHP]HUUWHGDVYHUGDPPWH:DUWHQDQ LKUHQ1HUYHQXQGEHHLQWUlFKWLJWHLKUHQ$SSHWLW'D]XNDPGDVLHQLFKWDKQWHQZDVGLH QlFKVWHQ7DJHIUVLHEHUHLWKLHOWHQ6LHNDQQWHQQLFKWHLQPDOGHQ*HJQHUXQGVHLQH ZDKUHQ%HZHJJUQGH$WODQVXQG1XUDP\V*HGDQNHQNUHLVWHQXQDEOlVVLJXPGLHVH 3UREOHPH ³'LHVH6WLPPHYRQGHUGXPLUEHULFKWHWKDVW$WODQ´VDJWH1XUDP\³:HOFKHP :HVHQPDJVLHJHK|UHQ"´ $WODQKREGLH6FKXOWHUQXQGEOLFNWHDQGHP5DQGGHV*ODVHVDQ1XUDP\V *HVLFKWYRUEHLGXUFKGDV*ODV'LH6RQQHZDULQ]ZLVFKHQJHNOHWWHUWXQGEUDQQWHGXUFK GLHLPPHUGQQHUZHUGHQGHQ1HEHODXIGHQJUQHQ'VFKXQJHO'LHHUK|KWH 6FKZHUNUDIWPDFKWH1XUDP\XQG$WODQPGH ³(UQDQQWHVLFKGHU*UDXH´¶PHLQWH$WODQQDFKGHQNOLFK³9LHOPHKUZHLLFK DXFKQLFKW8QGHUZHLGDGLHVHU.HJHOXQDXIKDOWVDPDXIGHQ3ODQHWHQ]XWUHLEW 1LHPDQGZHLJHQDXZDVSDVVLHUWZHQQHULQGLH$WPRVSKlUHHLQGULQJWRGHUJDUGHQ %RGHQHUUHLFKW,FKZHUGHYHUVXFKHQLKQPLWGLHVHP:LVVHQXQVLFKHU]XPDFKHQ´ ³9LHOOHLFKWNDQQVWGXHWZDVDXVULFKWHQ´¶ ,KUH+lQGHEHUKUWHQVLFKDXIGHU7LVFKSODWWH(VZDUHLQHVHOWVDPH/LHEH ]ZLVFKHQLKQHQ=XYLHOHIUHPGDUWLJH.RPSRQHQWHQPQGHWHQLQGLHVH%H]LHKXQJ+D XQGVWlQGLJH%HUHLWVFKDIW]XP0LYHUVWlQGQLVGHU8QWHUVFKLHG]ZLVFKHQ]ZHL LQWHOOLJHQWHQ:HVHQGLHHLQHQMHZHLOVUDGLNDODQGHUHQNXOWXUHOOHQXQGSHUV|QOLFKHQ +LQWHUJUXQGKDWWHQ,P$XJHQEOLFNVFKLHQHLQHJHZLVVH+DUPRQLHDOOHDQGHUHQ 6W|UXQJHQYHUGUlQJW]XKDEHQ ³9LHOOHLFKW1XUDP\´VDJWH$WODQ 'LH:DUWH]HLWYHUJLQJLQTXlOHQGHU/DQJVDPNHLWZLHLPPHU6LHZDUHQYRQMHGHU ,QIRUPDWLRQVP|JOLFKNHLWUDGLNDODEJHVFKORVVHQ 'HU]ZHLWH7DJVDJWHGHU([WUDVLQQ9HUPXWOLFKZLUGGLFKGHU*UDXHKROHQ ODVVHQ (VZDUJHJHQQHXQ8KUPRUJHQVHLQHGHXWOLFKH8QUXKHKDWWH$WODQHUIDW 6HLQH1HUYRVLWlWEHUWUXJVLFKDXIGLHMXQJH)UDX 'XEUDXFKVWNHLQH$QJVW]XKDEHQ(VVLHKWVRDXVDOVZlUHVWGXDXFKIU GLHVHQ9HUEUHFKHUQRFK]XZLFKWLJVDJWHEHVFKZLFKWLJHQGGHU/RJLNVHNWRU ³'XELVWXQUXKLJQLFKWZDKU¶"´³IUDJWH1XUDP\
$WODQXQGGHU*UDXH
M
$WODQ
$WODQQLFNWH(UZDUPHKUDOVJHVSDQQWGDUDXIZHUVLFKZLUNOLFKKLQWHUGHU PDUNDQWHQ6WLPPHYHUEDUJ(UKDWHGLHVHQ0DQQVFKRQMHW]WHKHHULKQJHVHKHQ KDWWH6FKOLHOLFKZDUHUIUGHQ7RGYRQHLQHUJURHQ0HQJH/HEHZHVHQ YHUDQWZRUWOLFKXQGIUGLHY|OOLJH9HUQLFKWXQJPHKUHUHU3ODQHWHQ(LQYRUVlW]OLFKHU NDOWHU0DVVHQP|UGHUDOVR ³,FKELQQLFKWQXUXQUXKLJ´VDJWH$WODQ³VRQGHUQLFKELQ]XHLQHU 9HU]ZHLIOXQJVWDWIlKLJ´¶ ³'DVNDQQLFKYHUVWHKHQ´³PXUPHOWH1XUDP\KDOEODXW %LVKHUZDUHQVLHQLFKWHLQHLQ]LJHVPDOJHVW|UWZRUGHQ(WZDYLHUXQG]ZDQ]LJ 6WXQGHQZDUHQVHLWGHP$XJHQEOLFNYHUJDQJHQ´DQGHPVLHGDV6FKLIIYHUODVVHQ KDWWHQ(QWZHGHUYHUIJWHGHU*UDXHEHUJHQJHQG=HLWRGHUHVJDE'LQJHXQG 9RUNRPPQLVVHGLHLKQDEOHQNWHQ:RKHUEHVDGLHVHV:HVHQGLH0LWWHOXPPLW 8QWHUVWXW]XQJGHU7HIURGHUHLQHVROFKHULHVLJH$QODJHDXI]XEDXHQ´"$XFKGDVZDU QRFKY|OOLJLPGXQNHOQ 6LHNRPPHQWHLOWHGHU/RJLNVHNWRUPLW2IIHQVLFKWOLFKKDWWH$WODQXQEHZXW HWZDVZDKUJHQRPPHQGDVVLFKDXHUKDOEGHU5lXPHDEVSLHOWH6HNXQGHQVSlWHU ZXUGHGDV6FKRWWGHVJURHQ5DXPHVJH|IIQHW'DV0lGFKHQXQGGHU$UNRQLGH EOLFNWHQLQ:DIIHQPQGXQJHQ ³.RPPHQ6LH'HU*UDXHHUZDUWHW6LH´³VDJWHGHU7HIURGHUGHQVLHVFKRQ NDQQWHQ 6LHVWDQGHQDXIXQGIROJWHQGHQ0lQQHUQ 0DQIKUWHVLHGXUFKHLQHQGXUFKVLFKWLJHQµHEHQIDOOVU|KUHQI|UPLJHQ 9HUELQGXQJVJDQJLQHLQHVGHUDQGHUHQ*HElXGHKLQEHU6LHVWLHJHQLQHLQHQ /LIWVFKDFKWXQGNDPHQLPREHUVWHQ6WRFNZHUNHLQHVPLWWHOJURHQ:RKQWXUPVKHUDXV 'LH*HElXGHZDUHQVLFKWOLFKLQJURHU(LOHHUULFKWHWZRUGHQEHUDOO]HLJWHQVLFKHUVWH 6FKlGHQ ³:HULVWGHU*UDXHHLJHQWOLFK"+DWHUNHLQHQ1DPHQ¶"´IUDJWH$WODQZlKUHQGVLFK KLQWHULKPXQG1XUDP\GLH:DFKWSRVWHQLQHLQHU5HLKHDXIEDXWHQ ³6LHZHUGHQLKQVRIRUWVHKHQN|QQHQ*HUDGHDXV*HKHQ6LHKLQHLQ´IRUGHUWHVLH GHU7HIURGHUDXI $WODQQDKP1XUDP\OHLFKWDP2EHUDUPXQGJLQJDXIGLHEUHLWH7U]X(U EHUKUWHGLH.RQWDNWSODWWHGLH7UVFKREVLFKVHLWOLFKLQGLH0DXHUXQGJDEGHQ%OLFN DXIHLQJURHVUXQGHV%URIUHL+LQWHUGHQJHW|QWHQ6FKHLEHQVDKHQVLHGHQ 'VFKXQJHOXQGHLQHULHVLJH7HUUDVVHDXIGHUHLQLJHNOHLQH*OHLWHUVWDQGHQXQG LUJHQGZHOFKH0|EHO $WODQHUVWDUUWH(UNRQQWHQLFKWJODXEHQZDVHUYRUVLFKVDK +LQWHULKPXQG1XUDP\GLHVLFKLQVWLQNWLYVFKXW]VXFKHQGDQVHLQHQ$UP NODPPHUWHVFKREVLFKOHLVHVXPPHQGGLH7U]X 'DV6FKZHLJHQLP5DXPKDWWHHWZDV/DVWHQGHVXQG'URKHQGHV'LH$KQXQJ YHUJDQJHQHUXQGNRPPHQGHU6FKZLHULJNHLWHQHUIOOWH$WODQYROONRPPHQ(UEOLFNWH JHUDGHDXVXQGVDKGHQ*UDXHQ 'LHHUVWH(UNOlUXQJIUGLHVHV:RUWLVWJHJHEHQNRPPHQWLHUWHGHU([WUDVLQQ ³:HUVLQG6LH"´IUDJWH$WODQPLWUDXKHU6WLPPH (VZDURIIHQVLFKWOLFKHLQPlQQOLFKHV:HVHQ(VZDU]ZHL0HWHUJURXQG HLQGHXWLJKXPDRLG'DPLWDEHUHUVFK|SIWHQVLFKGLHlXHUHQ0HUNPDOHDXFKVFKRQHV VFKLHQNHLQ0HQVFKNHLQ0HQVFKHQlKQOLFKHU]XVHLQ$WODQVWDUUWHIDV]LQLHUWGHQ
$WODQXQGGHU*UDXH
M
$WODQ
UXQGHQZXFKWLJHQ.RSIDQ ³,FKELQZLH6LHULFKWLJDQQHKPHQNRQQWHQGHUµ*UDXH´VDJWHGDVXQEHJUHLIOLFKH :HVHQYRU$WODQ9RQGHP)UHPGHQJLQJHLQHHLQGHXWLJK\SQRVXJJHVWLYH.UDIWDXV $WODQVSUWHVLHZUGHLKUDEHUZLGHUVWHKHQN|QQHQIDOOVGHU*UDXHVLHHLQ]XVHW]HQ YHUVXFKWH ³'DVVHKHLFK+DEHQ6LHDXFKHLQHQ1DPHQ"´VWLH$WODQKHUYRU$XIGHP ³*HVLFKW¶VHLQHV*HJHQEHUV]HLFKQHWHVLFKNHLQH%HZHJXQJDXHUGHUMHQLJHQGHU /LSSHQDE ³1HQQHQ6LHPLFKHLQIDFKGHU*UDXH´VFKOXJGHU)UHPGHYRU (UKDWWHVHLQHQ1DPHQYRQGHU+DXWGLH$WODQDQGHQ+lQGHQDP+DOVXQGDP .RSIHUNHQQHQNRQQWH6LHZDUEOHLJUDXZLHGLH+DXWHLQHV8UZHOWWLHUVRGHUHLQHV (OHIDQWHQ'DV*HVLFKWVDKZLHDXIJHTXROOHQDXVHV]HLFKQHWHQVLFKNDXP.RQWXUHQ DE'LHNOHLQHQ$XJHQODJHQWLHILQLKUHQ+|KOHQXQGZDUHQYRQ+DXWYHUGLNNXQJHQIDVW YHUGHFNW'LH1DVHGLH/LSSHQXQGGLHDQJHGHXWHWHQ%|JHQGHU$XJHQEUDXHQZLUNWHQ ZLH+DXWZOVWHZLHVHOWVDPJHIRUPWH*HVFKZUH'XQNOHV+DDUYRQVHOWVDPHU6WUXNWXU ZXFKV]ZLVFKHQNOHLQHQNDPPDUWLJHQ*HZlFKVHQDXIGHU.RSIKDXW (LQPXWLHUWHU7HUUDQHU"PHLQWHGHU([WUDVLQQ ³*XW,FKQHQQH6LHVRZLH6LHHVZQVFKHQ6LQG6LH7HUUDQHU"´HUNXQGLJWH VLFK$WODQKDUWQlFNLJ ³'LHVH)UDJHZQVFKHLFKQLFKW]XHU|UWHUQ´ZLFKGHU*UDXHDXV³:HU6LHVLQG ZHLLFKKLQJHJHQVHKUJHQDX´ 6HLQH6WLPPHZDUHEHQVRVXJJHVWLYXQGHLQGULQJOLFKZLHVHLQHVSDUVDPHQ *HVWHQ(UGHXWHWHDXI6HVVHOGLHZDKOORVYRUGHU7LVFKSODWWHYHUWHLOWZDUHQ ³1HKPHQ6LH3ODW]6LHVLQGKLHUXP´ $WODQNRQWHUWHHKHHU]XODVVHQNRQQWHGDLKPGLH)KUXQJGHV*HVSUlFKVDXV GHQ+lQGHQJHULVVHQZXUGH ³,FKELQKLHUXP6LH]XU.DSLWXODWLRQDXI]XIRUGHUQ*UDXHU´ 'DV/DFKHQZDUPLW|QHQG ³,FKPXXQHLQJHVFKUlQNW]XJHEHQGDGLH*HVFKLFKWHQYRQLKUHP SHUV|QOLFKHQ0XWZDKU]XVHLQVFKHLQHQ´VDJWHGHU*UDXHXQGVHW]WHVLFKKLQWHUGHQ 6FKUHLEWLVFK(UVWW]WHGLNNH8QWHUDUPHDXIGLHZXFKWLJH3ODWWHXQGEHZHJWHGHQ.RSI ODQJVDPKLQXQGKHU 'LHVWHFKHQGHQ%OLFNHDXVGHQGXQNOHQ$XJHQWUDIHQHLQPDO1XUDP\GDQQ ZLHGHU$WODQ'DV0lGFKHQVFKLHQVLFKXQWHUGLHVHP%OLFN]XNUPPHQ1XUDP\ZUGH GHUK\SQRVXJJHVWLYHQ.UDIWGHV*UDXHQQLFKWVHQWJHJHQVWHOOHQN|QQHQ ³2EZDKURGHUQLFKWZDKULVWLQGLHVHP=XVDPPHQKDQJJOHLFKJOWLJ´VDJWH $WODQ³,FKHQWQHKPH,KUHU8QUXKHGDHV,KQHQQRFKQLFKWJHOXQJHQLVWGLHVHQ %HKlOWHU]XEHUJHQ :LHGHUEOLHEGDV*HVLFKWRKQHMHGH5HJXQJ0LWHLQLJHU8QVLFKHUKHLWLQGHU 6WLPPHGLH$WODQVDQDO\WLVFKHP9HUVWDQGQLFKWHQWJLQJDQWZRUWHWHGHU*UDXHOHLVH ³,FKJHEH]XGD6LHXQG,KUH$NWLRQDQ%RUGGHU$192<PLFKLQHLQLJH 6FKZLHULJNHLWHQJHEUDFKWKDEHQ´ $WODQVDJWHVFKQHOO ³6FKZLHULJNHLWHQJU|WHQ$XVPDHV'LH$QQlKHUXQJLVWJHIlKUOLFKGHQQPHLQ 6FKXKDWPLW6LFKHUKHLWGHQ%HKlOWHUEHVFKlGLJW,FKIRUGHUH6LHHUQHXWDXI%UHFKHQ 6LH,KUHYHUEUHFKHULVFKHQ([SHULPHQWHDEGHQQ6LHNRPPHQQLFKWDQ,KU=LHO´
$WODQXQGGHU*UDXH
M
$WODQ
'HU*UDXHODFKWH ³:RKHUQHKPHQ6LH,KUH)UHFKKHLW"6HOEVW,KUHHQW]FNHQGH)UHXQGLQLVW JHEKUHQGEHHLQGUXFNWGHQQVLHVFKZHLJWYRUVLFKKLQ´ ³6LHLVWQLFKWGHUUHGVHOLJH7\SGHU6LH]XVHLQVFKHLQHQ´JHVWDWWHWHVLFKGHU $UNRQLGHVDUNDVWLVFK]XDQWZRUWHQ ³6LHKDEHQLQVRIHUQUHFKW$UNRQLGHGDXQVGLH%HUJXQJ6FKZLHULJNHLWHQ]X PDFKHQVFKHLQW$EHUDOOHVLVWQXUQRFKHLQH)UDJHGHU=HLW,FKEUDXFKHGLHVH=HLW GHQQPHLQ=LHOLVWHVQRFKPHKUUHLQH3VL0DWHULH]XJHZLQQHQ´ ³1RFKPHKUUHLQH"´ 'HU*UDXHOLHHLQHQ/DXWGHU=XIULHGHQKHLWK|UHQ ³2IIHQVLFKWOLFKVLQG6LHGRFKQLFKWVRNOXJZLHHVVFKHLQW6LHKDEHQQRFK QLHPDOVHWZDVYRQGHQ36,21,6&+(1%$67,21(1GHU/HPXUHUJHK|UWYRQGHQ 36,%$6"´ ³1HLQ´ $WODQZXWHGDGHU8QEHNDQQWHYRULKPQLFKWORJ6HLQHMDKUWDXVHQGDOWH (UIDKUXQJVDJWHHVLKPPLWH[DNWHU6FKlUIH(VVFKLHQDOVVROOWHVLFKODQJVDPDXVGHP ULHVLJHQ0RVDLNNOHLQHUXQ]XVDPPHQKlQJHQGHU%HREDFKWXQJHQXQG$EHQWHXHUHLQ %LOGHUJHEHQ ³(VJLEWVHKUYLHOHVROFKHU%$67,21(1´HUNOlUWHGHU*UDXH³6LHVLQG hEHUEOHLEVHODXVGHP.ULHJGHU/HPXUHUJHJHQGLH+DOXWHU:HQQHLQ+DOXWHULQGHQ %HUHLFKHLQHUVROFKHQ%DVWLRQNDPZXUGHHUOHWKDUJLVFK6LHGUIWHQPLWWOHUZHLOHGLHVHQ (IIHNWNHQQHQ´ )U$WODQILHOHVZLH6FKXSSHQYRQGHQ$XJHQ -HW]WHUNDQQWHHUGDHUVLFKLQHLQHP7HXIHOVNUHLVEHIDQGGHUZHLWDXVJU|HU XQGVFKZLHULJHU]XGXUFKEUHFKHQZDUDOVHUJHDKQWKDWWH ³6LHEHUUDVFKHQPLFK*UDXHU´HUZLGHUWHHUXPIUGLH.OlUXQJVHLQHU UDVHQGHQ*HGDQNHQXQGhEHUOHJXQJHQHWZDV=HLW]XJHZLQQHQ ³,FKQDKPHVDQ´'LH6WLPPHZDUQLFKWRKQH+|IOLFKNHLW³(VJDEHLQHQVWDUNHQ SVLRQLVFKHQ6WUDKOXQJVJUWHOGHUVLFKLP/DXIHGHU-DKUWDXVHQGHVWDUNDEJHVFKZlFKW KDW,QHLQHP.DOHQGHUGHQLFKDQPLFKEULQJHQNRQQWHVLQGGLHVH36,%$6 YHU]HLFKQHW$OOH36,%$6HQWVWDQGHQGXUFKGDV(LQSIODQ]HQYRQ3VL0DWHULHLQGHQ %RGHQGHV3ODQHWHQ´ ³,FKVFKLFNH3ODQHWHQERGHQGXUFK6LWXDWLRQVWUDQVPLWWHUXQGILOWHUHGLHVH0DWHULH DXV'LH3ODQHWHQEUXFKVWFNHVROOWHQLP+\SHUUDXPYHUVFKZLQGHQDEHUVLH PDWHULDOLVLHUWHQDXIDQGHUHQ:HOWHQ:DUXPGLHVJHVFKDKZLVVHQZLU²GDVKHLWLFK XQGPHLQH)RUVFKHU²QRFKQLFKW:LUKDEHQMHGHQIDOOVHLQHVFKUHFNOLFKH:DIIHLQGHU +DQG 8QGMHW]WEHVLW]HQ6LH$UNRQLGHGLH'UHLVWLJNHLWXQGIRUGHUQPLFKDXI]X NDSLWXOLHUHQ"´ $WODQEUDFKWHHUIHUWLJ]XQLFNHQXQG]XHQWJHJQHQ ³1|WLJHQIDOOV]XPGULWWHQPDO*UDXHU6LHVLQGEHUHLWVDP(QGHDEHU6LHZLVVHQ HVQRFKQLFKW-HGH$QQlKHUXQJDQGHQ%HKlOWHUGHUDXIGLHVHQ3ODQHWHQ]XGULIWHWLVW
$WODQXQGGHU*UDXH
M
$WODQ
JHIlKUOLFK1LHPDQGZLUGGHQ%HKlOWHUEHUJHQ(UZLUGKLHUHLQVFKODJHQXQG6LH ZLVVHQZDVGDQQJHVFKLHKW´ 'HU*UDXHEHXJWHVLFKYRUXQGVDJWHNQXUUHQG ³6LHXQWHUVFKlW]HQPHLQH0|JOLFKNHLWHQ$UNRQLGH=ZDUJDEHVHLQHQ0DQQHU KLHJODXEHLFK$UQYROORGHU$DUQYLOOGHUPLUHLQHQ6WULFKGXUFKPHLQHDXVJHNOJHOWH 5HFKQXQJJHPDFKWKDW´ ,PPHUPHKU)ROJHUXQJHQJDEHVIU$WODQ :lKUHQGHUVLFKDXIGHQ'LDORJPLWGLHVHPPHUNZUGLJHQ:HVHQNRQ]HQWULHUWH YHUDUEHLWHWHVHLQ([WUDKLUQDOOHJHK|UWHQ'DWHQPLWGHQEHUHLWVJHVSHLFKHUWHQ)DNWHQ XQG(ULQQHUXQJHQ$WODQVSKRWRJUDSKLVFKJHQDXH(ULQQHUXQJVJDEHSURGX]LHUWH%LOGHU XQG0|JOLFKNHLWHQ/DQJVDPNRQGHQVLHUWHVLFKDOOHV]XHLQHP%LOGGDVYRQ HUVFKUHFNHQGHU7UDJZHLWHZDU1XUDP\VDKGDLQ$WODQHLQJHZDOWLJHU'HQNSUR]H DEOLHIXQGVLHVFKZLHJ6LHEOLFNWHVLFKVFKDUIXPXQGYHUVXFKWHGLH(LQ]HOKHLWHQGHU QlKHUHQ8PJHEXQJLQVLFKDXI]XQHKPHQ ³+DWHU,KQHQ3VL0DWHULHJHVWRKOHQ"´IUDJWH$WODQPLWNDOWHP/lFKHOQ ³6RlKQOLFK(UKDWGDV,QWHUHVVHGHUgIIHQWOLFKNHLWDXIGHQEHZXWHQ.DOHQGHU JHOHQNW,FKNDQQHVQXQOHLGHUQLFKWPHKUULVNLHUHQGLH36,%$6DQ]XVWHXHUQGLHGRUW YHU]HLFKQHWVLQG8QWHUDQGHUHPZUGHPLFKGLH862GDUDQKLQGHUQ´ $WODQEHGDXHUWHGDGLHVHU)UHPGHYRULKPNHLQ0HQVFKZDU(UKlWWHVRQVW QRFKDQGHUH5HDNWLRQHQKHUYRUUXIHQN|QQHQLQGHPHUGLH6FKZlFKHQHLQHV0HQVFKHQ RGHUHLQHV$NRQHQRGHU7HIURGHUVDQVSUDFKXQGJHVFKLFNWDXVJHQW]WKlWWH(UIKOWH VLFKDOVVSUlFKHHUPLWHLQHUVWlKOHUQHQ:DQG ³8QWHUDQGHUHPULFKWLJ6LHPVVHQDOOHUGLQJVDXFKGDPLWUHFKQHQGDGLHVHU 3ODQHW7ROYWDPXUYRQXQVEHVHW]WZLUG8QGLFKNDQQ,KUHP=|JHUQHQWQHKPHQGD6LH QRFKQLFKWEHUJHQJHQG3VL0DWHULHYHUIJHQXP,KUH0DFKWKLQUHLFKHQG GHPRQVWULHUHQ]XN|QQHQ´ $WODQVWDUUWHGHQZXFKWLJHQ.RORKLQWHUGHUQLFKWZHQLJHUZXFKWLJHQ 6FKUHLEWLVFKSODWWHDQ ³6LHKDEHQUHFKW,FKPXQRFKHWZDVYRQGLHVHUGHOLNDWHQ0DWHULHILQGHQXQG NRQGHQVLHUHQ'LHQ|WLJHQ8QWHUODJHQ²QLFKWGHQ.DOHQGHU²EHUYLHOHDQGHUH36,%$6 ZHUGHQJHUDGHYRQ.RPPDQGRWUXSSVEHVFKDIIW0LW+LOIHGLHVHU3VL0DWHULHNDQQLFK EHUGLHJHVDPWH*DOD[LVKHUUVFKHQ´ )DVWXQPHQVFKOLFKUXKLJDQWZRUWHWH$WODQ ³6FKRQZLHGHUHLQQHXHU'LNWDWRU+DWWHQ6LHHLQPDO*HOHJHQKHLWLQHLQHP *HVFKLFKWVEXFK]XEOlWWHUQRGHUVLFKHQWVSUHFKHQGH%HULFKWHDQ]XVHKHQ"1RFKQLFKW HLQHLQ]LJHU'LNWDWRUYRQUXQG]HKQWDXVHQG-DKUHQJHVFKULHEHQHU*HVFKLFKWHKDWHLQ QRUPDOHV(QGHJHIXQGHQ'DVKHLWVLHZXUGHQDOOHEHVHLWLJW´ 'HU*UDXHQLFNWH6HOEVWEHZXWVHLQXQGHLQHDQGHUHQRFKXQEHNDQQWH )lKLJNHLWVFKLHQHQLKQXQHUQSILQGOLFKIU$WODQVVFKDUIH(QWJHJQXQJHQXQG 9RUKDOWXQJHQ]XPDFKHQ ³,FKZHUGHPLWGHU0HQJHDQ3VL0DWHULHGLHLFKJHZLQQHQZHUGHVlPWOLFKH LQWHOOLJHQWH:HVHQGHU*OD[LVVWHXHUQXQGPDQLSXOLHUHQN|QQHQ0LW+LOIHGHU6WUDKOXQJ NDQQLFKVRJDUGHUDUWGRVLHUWYRUJHKHQGDLFKDOOHVZDVLFKZQVFKHGXUFK]XVHW]HQ YHUPDJ´ 6DUNDVWLVFKHUZLGHUWHGHU$UNRQLGH ³,KUH:QVFKHXQG9RUVWHOOXQJHQVLQGLQGHU7DWEHVFKHLGHQ'LHVHU3ODQHWKLHU
$WODQXQGGHU*UDXH
M
$WODQ
ZREHILQGHWHUVLFKHLJHQWOLFK"HULVWHEHQVRJHIlKUGHWZLH,KUHZHLWUHLFKHQGHQ =LHOH´ 'HU*UDXHOHKQWHVLFK]XUFNXQGGHXWHWHQDFKGUDXHQ'LH6RQQHZDU LQ]ZLVFKHQEHUGLH:LSIHOGHU%lXPHJHNOHWWHUW ³'HU3ODQHW7ROYWDPXULVWJHQXJZHLWDEGHU(UGHJHOHJHQ0DQZLUGGDV7ROYW\UD 6\VWHPQLFKWILQGHQN|QQHQ´ ³,FKNDQQ,KQHQQLFKWUHFKWJODXEHQ´VDJWH$WODQ³,KUH2UJDQLVDWLRQLVW]XNOHLQ XPGLHJDODNWLVFKH+HUUVFKDIWDQWUHWHQ]XN|QQHQ,FKVDKGLH5LVVHLQGHQ:lQGHQ GLHVHU*HElXGHKLHU´ 'HU(LQZDQGZXUGHPLWHLQHU+DQGEHZHJXQJZHJJHZLVFKW ³1RWXQWHUNQIWHVFKQHOOXQGIUYRUEHUJHKHQGH%HQXW]XQJJHEDXW,FKZHUGH ,KQHQEHZHLVHQZDVZLUVFKRQJHOHLVWHWKDEHQ9LHOOHLFKWHUNHQQHQ6LHGDQQGDZLU GHU0DFKWQlKHUVLQGDOV6LHJODXEHQ´ $WODQ]RJGLH6FKXOWHUQKRFKXQGEHREDFKWHWHGHQ)UHPGHQJHQDX$EHUHU NRQQWHNHLQHGHXWOLFKH5HDNWLRQIHVWVWHOOHQ'LHVHVJUDXKlXWLJHGXQNHOlXJLJH 5lWVHOZHVHQOLHVLFKQLFKWPLWKHUN|PPOLFKHQ0DVWlEHQPHVVHQ ³$XFKGLHVHU%HZHLVZLUGPLFKQLFKWEHU]HXJHQ´VDJWH$WODQKDUW ³6LHKDEHQVHOEVWDQ%RUGGHU$192<HUOHEWZDVSDVVLHUWZHQQQXUVHKUZHQLJ 3VL6WUDKOXQJIUHLJHVHW]WZLUG´ ³-DULFKWLJ'LH$192<YHUZDQGHOWHVLFKLQHLQ1DUUHQVFKLII:ROOHQ6LHEHU 1DUUHQSODQHWHQKHUUVFKHQ"´ ³.HLQHVZHJV'HU(IIHNWLVWGRVLHUEDU´ ³5LFKWLJ(VZLUGNOHLQHUHXQGJU|HUH1DUUHQJHEHQ8QG6LHVLQGGDQQGHU JU|WH1DUUGHQQ,KUNRVPLVFKHV5HLFKEULFKWELQQHQHLQHU:RFKH]XVDPPHQ(VZlUH QLFKWGDVHUVWHPDOGDVROFKH3OlQHZLH,KUHLQWRWDOHU/lFKHUOLFKNHLWVFKHLWHUQ ,VWGDV,KU=LHO" ,QGLHVHP)DOOELQLFKVLFKHUGD6LHHVHUUHLFKHQZHUGHQ´ 'HU*UDXHODFKWHLQGLH5LFKWXQJDXI1XUDP\YRQ3RWULQHWGLHHEHQ]XP 6SUHFKHQDQVHW]WH2IIHQVLFKWOLFKZDULKUH(ULQQHUXQJDQGLH9RUIlOOHDQ%RUGGHV 6FKLIIHV]XUFNJHNRPPHQ ³6LHZROOHQPLFKSURYR]LHUHQPHLQ%HVWHU=XP=ZLVFKHQIDOOLQGHU$192<NDP HVXQJOFNOLFKHUZHLVHZHLOGDV6FKLII]XODQJVDPYRP/LQHDUUDXPLQGHQ1RUPDOUDXP ]XUFNILHO'DGXUFKZXUGHGLH.XJHODEVFKLUPXQJSVLRQLVFKEHUUHL]WXQGHLQ hEHUVFKODJHIIHNWIDQGVWDWW´ ³'DV(UNHQQHQHLQHVHLQ]LJHQ)HKOHUVNDQQZHGHUDQGHUH)HKOHUYHUKLQGHUQ QRFK,KUHQ3ODQYHUEHVVHUQ*UDXHU,Q]ZLVFKHQVXFKHQQLFKWQXUGLH7HUUDQHUQDFK ,KQHQXQG,KUHU%DQGHVRQGHUQDXFKDOOH$NRQHQ 8QG6LHZLVVHQJHQDXZLHXQEDUPKHU]LJGLH/HXWHDXVGHP%ODXHQ6\VWHP ]XVFKODJHQ0DFKW6LHGDVQLFKWQDFKGHQNOLFK"´ ³(VPDFKWPLFKYRUVLFKWLJHUMD$EHULFKKDEH,KQHQYHUVSURFKHQPHLQH0DFKW ]XGHPRQVWULHUHQ0|FKWHQ6LHPLFKEHJOHLWHQ"´ ³:RKLQ6LH:DKQVLQQLJHU¶"´IUDJWH1XUDP\GLHPLWJHEDOOWHQ)lXVWHQ DXIJHVSUXQJHQZDU ³,FKZHUGH,KQHQGHPRQVWULHUHQZDVZLUJHOHLVWHWKDEHQ1DWUOLFKXQWHU :DKUXQJGHVEHNDQQWHQ6WDWXV6LHDOV*HIDQJHQHLFKDOV&KHI´ $WODQ]XFNWHGLH$FKVHOQ
$WODQXQGGHU*UDXH
M
$WODQ
'HU*UDXHVFKDOWHWHHLQHQ.RPPXQLNDWRUHLQVSUDFKHLQLJH%HIHKOHXQGULHI HLQHQVFKZHUHQ/XIWJOHLWHUXQGVHFKV0lQQHUKHUDQ6LHVROOWHQVLFKLQNXU]HU=HLWKLHU DXIGHU7HUUDVVHHLQILQGHQ ³7ROYWDPXULVWHLQHZLOGHMXQJH:HOW:LUVLQGKLHUVLFKHUYRU(QWGHNNXQJ(VLVW ZHGHU0DFKWEHVHVVHQKHLWQRFKGHU9HUVXFKGHU6HOEVWEHVWlWLJXQJZHQQLFK,KQHQ GHPRQVWULHUHZLHQDKHZLUGHUJDODNWLVFKHQ+HUUVFKDIWVLQG9LHOOHLFKWZLOOLFKGDPLW HUUHLFKHQGD6LHEHLGHHLQZHQLJQDFKGHQNOLFKZHUGHQ(VN|QQWHVHLQGDLFK 9HUEQGHWHEUDXFKH´ 9ROONDOWHU9HUDFKWXQJDQWZRUWHWH1XUDP\¶ ³0HLQH$QWZRUWGDUDXIN|QQHQ6LHVLFKZRKOGHQNHQ´ 'HU*UDXHQHLJWHVHLQHQKlOLFKHQ.RSIXQGVDJWH ³'DV1HLQYRQKHXWHZDUVFKRQRIWGDV9LHOOHLFKWYRQPRUJHQXQGGDV-DYRQ EHUPRUJHQ´ ³1LFKWLQXQVHUHP)DOO´VDJWH$WODQ :LHGHUZDUWHWHQVLH (LQJHOEODFNLHUWHU*OHLWHUVFKZHEWHLQHLQHUHOHJDQWHQ.XUYHKHUDQ(VZDUHLQ VWDUNHVHWZD]HKQVLW]LJHV*HIlKUWPLW([SHGLWLRQVFKDUDNWHU'HU*UDXH]RJDXVHLQHP )DFKGHV7LVFKHVHLQHVFKZHUH:DIIHXQGEHIHVWLJWHGHQ*XUWEHUVHLQHU.OHLGXQJ 'DQQEHGLHQWHHUHLQHQ.RQWDNWHLQHGHU*ODVZlQGHVFKREVLFK]XU6HLWH ³%LWWH'RUWHQWODQJ´ $WODQIDWH1XUDP\DQGHQ6FKXOWHUQXQG]RJVLHPLWVLFK'LH7HUUDVVHZDU KHLGLH/XIWXPZHKWHVLHVFKZOXQGIHXFKWXQGVLHZDUHQIURKDOVVLHLQGHU NRQGLWLRQLHUWHQ.DELQHGHV*OHLWHUVZDUHQ'LH6LW]HEHIDQGHQVLFKLQ]ZHLODQJHQ 5HLKHQ)QI7HIURGHUXQGGHU*UDXHVHW]WHQVLFKGHUJHVWDOWKLQGDVLH$WODQXQG 1XUDP\]ZLVFKHQVLFKKDWWHQ1XUDP\VDUHFKWV$WODQDXIGHUDQGHUHQ6HLWHGHV EUHLWHQ0LWWHOJDQJV0LWHLQHPVDWWHQ.QDFNHQVFKORVLFKGLH7UGHV*HIlKUWV ³=XU.XSSHO´VDJWHGHU*UDXH³1LFKW]XVFKQHOO´ ³6HOEVWYHUVWlQGOLFK´ 6LHVSUDFKHQ7HIURGD(VZDU9RUPLWWDJDOVGHU*OHLWHUODQJVDP)DKUWDXIQDKP VLFKK|KHUVFKUDXEWHXQGGDQQLQVGOLFKHU5LFKWXQJPLWPlLJHP7HPSRHLQHP XQEHNDQQWHQ=LHOHQWJHJHQIORJ $WODQEHWUDFKWHWHVFKZHLJHQGGDV3DQRUDPDXQWHUVLFK=XQlFKVWHUNDQQWHHU GLHJHULQJH*U|HGLHVHVIOFKWLJDQJHOHJWHQ5DXPKDIHQV(UODJLQHLQHP ODQGVFKDIWOLFKEHYRU]XJWHQ*HELHWXQGZDUDXVEDXIlKLJ'LHZHQLJHQ*HElXGHZDUHQ DXVQDKPVORVYRQ$VFKHIHOGHUQDXVJHEUDQQWHQ6WUHLIHQRGHUEUHQQHQGHQ.UHLVHQ XPJHEHQEHUGHQHQPDQNOHLQHJOLW]HUQGH3QNWFKHQVDK'DQQNDPHLQULHVLJHU :DOGGHUVLFKQLFKWDOV'VFKXQJHOHQWSXSSWHVRQGHUQDOVHLQH$UW+RFKZDOG]ZLVFKHQ GHVVHQ6WlPPHQJHQJHQG3ODW]ODJ7URW]GHPZDUGLHVHU*UWHOPLQGHVWHQVGUHLLJ .LORPHWHUWLHIXQGXQUHJHOPlLJJHIRUPW $QGHUVJHDUWHWH:lOGHUKXVFKWHQYRUEHL 'DQQNDPHQ6PSIHLQGHQHQVLFK=JHJURHUEUDXQHU7LHUHEHZHJWHQ 6FKZDU]H7PSHOXQWHUEUDFKHQGLH6XPSIODQGVFKDIWHQ .HLQJHPWOLFKHU$XIHQWKDOWVRUWVDJWHGHU([WUDVLQQ =ZHLIHOORVQLFKW $WODQVDKVLFKXPGLHVHFKV7HIURGHUYRQGHQHQHLQHUYRUGHU6WHXHUXQJVD ZDUHQVFKZHUEHZDIIQHWIKUH*HVLFKWHU]HLJWHQJHQDXGHQ$XVGUXFNGHQ$WODQHUZDUWHW
$WODQXQGGHU*UDXH
M
$WODQ
KDWWH6LHIKOWHQVLFKDOV+HOIHUHLQHVPlFKWLJHQ0DQQHVGHUVLH,UJHQGZDQQIULKUH WUHXHQ'LHQVWHEHORKQHQZUGH 9RQLKQHQZDUQLFKWV]XHUZDUWHQ2KQH=|JHUQZUGHQVLH$WODQXQG1XUDP\ QLHGHUVFKLHHQ6LHZDUHQDXHURUGHQWOLFKZDFKVDPXQGLKUH$XJHQUHDJLHUWHQDXI MHGH%HZHJXQJGHUEHLGHQ*HIDQJHQHQ ³,FKKRIIHQLFKWGDGHU*OHLWHUDEVWU]W´VDJWHGHU*UDXH³(LQ)XPDUVFK ]XUFN]XP6WW]SXQNWZUGHMHGHQYRQXQVEHUIRUGHUQµ ³:LUWHLOHQ,KUH+RIIQXQJ´JDE$WODQELVVLJ]XUFN³:DQQNRPPW,KUH =DXEHUNXSSHO"´ 'HU*UDXHZDUIHLQHQ%OLFNQDFKGUDXHQXQGPHLQWH ³1RFKHWZDKXQGHUW.LORPHWHU,QVJHVDPWUXQGKXQGHUWIQI]LJ.LORPHWHUYRP 6WW]SXQNWHQWIHUQW´ 'HU)OXJJLQJZHLWHU1LHPDQGVSUDFK 'LH8UODQGVFKDIWXQWHULKQHQZDUQLFKWDOVVROFKHJHIlKUOLFKGLH*HIDKUHQODJHQ IUMHGHQGHUGRUWXQWHQDXIVHLQHEHVFKHLGHQHQHLJHQHQ0LWWHODQJHZLHVHQZDU HLQIDFK]XJURXQG]X]DKOUHLFK1XUHLQEHVRQGHUVJHVFKXOWHU0DQQHLQH0LVFKXQJ DXV*URZLOGMlJHUhEHUOHEHQVVSH]LDOLVWXQG3IDGILQGHUKDWWHHLQH&KDQFH]ZLVFKHQ XQEHNDQQWHQ3IODQ]HQXQG7UHLEVDQGZLOGHQ7LHUHQXQG0LOOLRQHQYRQ,QVHNWHQ ]ZLVFKHQEODVHQZHUIHQGHQ6XPSIWPSHOQXQGGHQJUDVlKQOLFKHQ*HZlFKVHQGHU 6DYDQQHXGXUFK]XNRPPHQ *HJHQ0LWWDJUKUWHVLFKGHU*UDXHZLHGHU ³'LH.XSSHO´VDJWHHUXQGKREGHQ$UP $WODQVWDQGKDOEDXVVHLQHP6LW]DXIXQGVDKGXUFKGLH)URQWVFKHLEH9RULKP DXIHLQHP6WFN6DQGZVWHGXUFKVHW]WYRQ)HOVHQXQGYHUVWHLQHUWHQ%DXPUHVWHQ HUKREVLFKHLQHULHVLJH(QHUJLHNXSSHO$WODQGHILQLHUWHGHQ6FKLUPDOVHLQH.RPELQDWLRQ YRQ+6FKLUPXQG3DUDWURQVFKLUP'DV*HElXGHGDUXQWHU]HLFKQHWHVLFKQXU XQGHXWOLFKLQHFNLJHQ)RUPHQDE ³(LQHVWRO]H.XSSHO´EHVWlWLJWH$WODQ³+HEHQ6LHGRUW,KUH0DFKWWUlXPHDXI"´ )DOOVVLFKGHU*UDXHlUJHUWHRGHUZWHQGZDUOLHHUHVVLFKQLFKWDQPHUNHQ ³,QJHZLVVHU:HLVHKDEHQ6LHQLFKWXQUHFKW$UNRQLGH´VDJWHHU³'RUWEHZDKUH LFKGLH3VL0DWHULHDXIGLHLFKDXVGHQ36,%$6KHUDXVGHVWLOOLHUWKDEH:LUNUHLVHQHLQ SDDUPDOXPGLH.XSSHO´ ³9HUVWDQGHQ´VDJWHGHU3LORW /DQJVDPJOLWWGLH0DVFKLQHWLHIHU$WODQVFKlW]WHLKUH+|KHDOVVLHVLFKHWZD JOHLFKPLWGHPREHUHQ3ROGHU.XSSHOEHIDQGDXI]ZHLKXQGHUW0HWHU,QJURHQ.UHLVHQ XPUXQGHWHGHU3LORWGLH$QODJH6LHVWDQGY|OOLJLVROLHUWGDHLQHQLFKWJDQ]DXVJHIRUPWH +DOENXJHOLQPLWWHQHLQHURYDOHQ:VWHQHLDXIGLHPLWJOHLHQGHU+HOOLJNHLWGLH6RQQH KHUDEVWUDKOWH $WODQVDKGLH9HUlQGHUXQJ]XHUVW ³*UDXHU"´IUDJWHHUODXHUQG ³-D"´ ³,FKJODXEH]XPHUNHQGDVLFKGHU6FKLUPYHUIlUEW.DQQHVVHLQGD6LHXQV LKUH6FKlW]H]HLJHQZROOHQ"´ 'HU*UDXHZDUIVLFKI|UPOLFKDQGDVJHJHQEHUOLHJHQGH)HQVWHUGHV /XIWJOHLWHUVVWW]WHVLFKPLWVHLQHQULHVLJHQ3UDQNHQUHFKWVXQGOLQNVGDYRQDEXQG VWDUUWHKLQDXVGLHNOHLQHQ$XJHQGLFKWDP*ODV
$WODQXQGGHU*UDXH
M
$WODQ
³9HUGDPPW´VFKULHHUDXI ³8QGHEHQHQWGHFNHLFKHLQHQ6WUXNWXUUL/LQNVXQWHQVHKHQVLH"´VDJWH$WODQ $EHUVHLQ7ULXPSKZDUQLFKWHFKWHUIUFKWHWHVLFKVHOEVWYRUGLHVHQSO|W]OLFKHQ (UVFKHLQXQJHQ 'HQNHDQGHQ%HKlOWHUYROOHU3VL0DWHULHVDJWHGHU([WUDVLQQ 'HU6FKLUPJOKWHMHW]WKHOOURWIDVWZHL :LH6SUQJHDXIHLQHPLQ=HLWOXSHEUHFKHQGHQ*ODVVWXU]]HLFKQHWHQVLFKGLH 6WUXNWXUULVVHDE6LHJOLWWHQQDFKDOOHQ6HLWHQXQG]HUIDVHUWHQGHQ'RSSHOVFKLUP 3O|W]OLFKZDUGLH.DELQHPLWVFKUHLHQGHQ0lQQHUHUIOOW1XUDP\VSUDQJDXVGHP6LW] XQGOLHIXQGHXWOLFKHV=HXJODOOHQGGXUFKGHQ0LWWHOJDQJ (LQ3VL6WXUPEHJLQQW*LEDXIGLFKDFKW6LHZHUGHQDOWHYHUUFNWVFKULH ZDUQHQGGHU([WUDVLQQ 6LHZXUGHQDOOHYHUUFNW $WODQNDQQWHGLH¶(UVFKHLQXQJHQ(UEUDXFKWHNDXPOlQJHUDOVHLQH6HNXQGHXP VLFK]XUHFKW]XILQGHQ'LH0lQQHUZDUHQDXIJHVSUXQJHQXQGUHGHWHQLUUHV=HXJ(LQHU VFKRLPPHUZLHGHUODFKHQGGXUFKGLH'DFKSODWWHGHU0DVFKLQH'LH'HWRQDWLRQHQ KDOOWHQLQGHU.DELQHZLGHUXQGPDFKWHQGLH7URPPHOIHOOHKDOEWDXE$WODQZDU PHQWDOVWDELOLVLHUWXQGZXUGHYRQGHP3VL6WXUPQLFKWEHWURIIHQ $XFKGHU*UDXHZDULPPXQ 1RFKHKH$WODQVHLQHQ6LW]YHUODVVHQXQGHLQHPGHU0lQQHUGLH:DIIHHQWUHLHQ NRQQWHVDJWHGHU*UDXHVRODXWGDHUGHQ/lUPLQGHU.DELQHEHUW|QWH ³+DOW6LHVLQGPHQWDOVWDELOLVLHUW´ $WODQQLFNWH/HXJQHQKDWWHNHLQHQ6LQQ ³=LHKHQ6LHGHQ3LORWHQDXVGHP6LW]XQGVWHXHUQ6LHGHQ*OHLWHU,FKVFKLHH ]XHUVWLQ,KUOLQNHV.QLH´ $WODQVWDQGDXIEHZHJWHVLFKYRUVLFKWLJGHQ0lQQHUQDXVZHLFKHQGXQG1XUDP\ DQVLFK]LHKHQGGXUFKGHQ0LWWHOJDQJQDFKYRUQ(UKDWWH]XNlPSIHQELVHUGHQ 6WHXHUVLW]HUUHLFKWH'LFKWKLQWHULKPGLHHQWVLFKHUWH:DIIH]LHOWHLQVHLQH.QLHNHKOH JLQJGHU*UDXH ³:LUVWU]HQDE'DVZLUGHLQ)HXHUZHUN´ODOOWHHLQHUGHU0lQQHUXQGKRE VHLQH:DIIHXPLQGLH$UPDWXUHQ]XVFKLHHQ'HU*UDXHGUHKWHVLFKKDOEKHUXPXQG JDEHLQHQ6FKXDE'HU7HIURGHUWDXPHOWHLQGLH%UXVWJHWURIIHQUFNZlUWVXQGEUDFK QHEHQHLQHP6LW]]XVDPPHQ $WODQSDFNWHDQJULIIQDFKGHP.UDJHQGHV0DQQHVDP6WHXHUGHUOlFKHOQGXQG PLWJHVFKORVVHQHQ$XJHQGDVD0LWHLQHPHLQ]LJHQZLOGHQ5XFNUL$WODQGHQ 7HIURGHUDXVGHU6LW]VFKDOHXQGVFKZDQJVLFKKLQHLQ ³,FKZLOOQLFKW´KHXOWHGHU3LORWDXIJULIIQDFKGHU:DIIHXQGVWU]WHVLFKDXI 1XUDP\ :LHGHUIHXHUWHGHU*UDXH 1HEHQ$WODQLP)XUDXPXQWHUGHU6WHXHUXQJVWDUEGHU7HIURGHU'HU*UDXH GUHKWHVLFKXPXQGVFKOXJPLWGHP.ROEHQVHLQHU:DIIHDXIGHQ6FKlGHOHLQHVGULWWHQ :lFKWHUVHLQ ³9HUGDPPW$XFKGDVQRFK´NQXUUWHGHU$UNRQLGH (UILQJGHQWRUNHOQGHQXQGVFKOLQJHUQGHQ*OHLWHUDEVFKDOWHWHGLH)OXJK|KHDXI $XWRSLORWXQGVHW]WHGLH*HVFKZLQGLJNHLWKHUDE(UEHPKWHVLFK1XUDP\IHVW]XKDOWHQ GLHZLOGXPVLFKVFKOXJ'DQQGUHKWHHUGHQ.RSIXQGVDKZLHHLQHLQ]LJHU6FKODJGHU
$WODQXQGGHU*UDXH
M
$WODQ
+DQGHLQHQ7HIURGHUKDOEGXUFKGLH.DELQHWRUNHOQXQGLP+HFNGHU0DVFKLQHJHJHQ GLH7RLOHWWHNUDFKHQOLH%HZXWORVVDFNWHGHU7HIURGHUGDUDQKHUXQWHUXQGEOLHE ]XVDPPHQJHNUPPWOLHJHQ'LHGUHLUHVWOLFKHQ0lQQHUODJHQLQLKUHQ6LW]HQXQG VDQJHQ ³'DVLVW,KU(QGH´VDJWH$WODQXQGGHXWHWHQDFKYRUQ (LQXQK|UEDUHUXQVLFKWEDUHU6WXUPMDJWHEHUGHQ3ODQHWHQ2IIHQVLFKWOLFKVWDQG GLHHLQJHVFKORVVHQH3VL0DWHULHLQQHUKDOEGHU.XSSHOPLWGHU0DWHULHLQGHP EHVFKlGLJWHQ%HKlOWHULQ9HUELQGXQJGHUYHUPXWOLFKMHW]WLQHLQHNULWLVFKH1lKH JHNRPPHQZDU ³1RFKODQJHQLFKW,FKNDQQGLHVHQ6WXUPDEUHLWHQ´VDJWHGHU*UDXH³=XUFN]XU 6WDWLRQ/RVEHZHJHQ6LHVLFK6RQVWVWLUEW,KU0lGFKHQ´ $WODQQLFNWH'DQQIUDJWHHU ³:HOFKH5LFKWXQJ"´ ³1DFK1RUGHQ6LH1DUU´VFKULHGHU*UDXH *HKRUVDPEHZHJWHGHU$UNRQLGHGLH6WHXHUXQJ:LHGHUVFKREVLFKGLH.XSSHOLQ VHLQ%OLFNIHOG 'HU6FKLUPJOKWHQRFKLPPHUDEHUHUZDUQLFKW]XVDPPHQJHEURFKHQ'LH 6WUXNWXUULVVHEHGHFNWHQLKQZLHHLQ0XVWHUGHV:DKQVLQQV'HU3VL6WXUPEUHLWHWHVLFK DXV :HQQHV]XWUDIZDVHUGDFKWH²XQGLQGLHVHP)DOOEHVD$WODQHLQHQGXUFKDXV ]ZHFNJHULFKWHWHQ3HVVLPLVPXVGDQQZUGHWDJHODQJGLH1DWXULQ$XIUXKUVHLQXQG GLHGHQNHQGHQ:HVHQZDUHQHVRKQHKLQ%HLGH0lQQHU$WODQZLHGHU*UDXHKDWWHQ EOLW]VFKQHOOHUNDQQWGDDXFKVLHYRP6FKLFNVDODEKLQJHQLQGLHVHP)DOOYRQGHU *HVHW]PlLJNHLWGHV=XIDOOHV'LHVHU=XIDOOKDWWHJHUDGHMHW]WGLHYHUVXFKWHQ %HUJXQJVDUEHLWHQXQPRJOLFKJHPDFKWXQGGLHEHLGHQNULWLVFKHQ0DVVHQGHU3VL 0DWHULH]XVDPPHQJHEUDFKW $WODQXQGGHU*UDXHZDUHQGLHHLQ]LJHQ³QRUPDOHQ´0HQVFKHQDXIGLHVHP 3ODQHWHQ(LQHDQGHUH$QVLFKWZDUXQZDKUVFKHLQOLFK =ZHLGHU7HIURGHULP*OHLWHUZDUHQWRWDEJHVHKHQYRQGHPQLHGHUJHVFKODJHQHQ 0DQQXQGYRQ1XUDP\GLH$WODQPKVDPEHVlQIWLJWHJDEHVQRFKGUHLRIIHQVLFKWOLFK KDUPORVH0lQQHU ³*UDXHU²6LHVLQGIHUWLJ'LHVH6FKODSSHEHUVWHKHQ6LHQLFKWPHKU´ULHIGHU $UNRQLGHLQGHQXQNRRUGLQLHUWHQ6LQJVDQJYRQGUHLUDXKHQ.HKOHQKLQHLQ 'HU*UDXHEOLHEHWZDIQI0HWHUKLQWHULKPVWHKHQLQGHU0LWWHGHV)DKU]HXJV (U]LHOWHDXI$WODQXQGGDV0lGFKHQDOVHUDQWZRUWHWH ³1RFKODQJHQLFKW,FKELQGHUQHXH)DNWRU,´ ,Q$WODQKDOOWHQGLHOHW]WHQVHFKV:RUWHQDFK,FKELQGHUQHXH)DNWRUO(UVHOEVW KDWWHMHQHQ)DNWRUJHW|WHWGLH)UDXLQGLHHUVLFKYHUOLHEWKDWWH0LURQD7KHWLQ ³6LHVLQGZDKQVLQQLJ´VDJWHHUKHLVHUYRU(ULQQHUXQJVVFKPHU]³6LHVLQGVFKRQ MHW]WVRJXWZLHWRW´ ³1HLQ6LHEHUVHKHQGDLFKEHZDIIQHWELQ´ +LQWHULKPVFKULHHLQHUGHU7HIURGHUDXIVSUDQJDXVGHP6LW]XQGULHLQH:DIIH
$WODQXQGGHU*UDXH
M
$WODQ
KHUYRU2IIHQVLFKWOLFKKDWWHHLQHGHU*HVWDOWHQDXVVHLQHQSKDQWDVWLVFKHQ:DFKWUlXPHQ LKQKHUDXVJHIRUGHUW(UVFKULH ³,FKEULQJHGLFKXPULWW+XQGLFK´ 'HU*UDXHVFKLHQPLWWHOHSDWKLVFKHU6LFKHUKHLWGLH*HIDKUHUNDQQW]XKDEHQ(U KLHOWVLFKPLWHLQHU+DQGDP*ULIIREHUKDOEHLQHV6HVVHOVIHVWXQGGUHKWHVLFKXP$OV GHU6FKXNUDFKWHKLHOW$WODQGLH:DIIHGHV*HW|WHWHQGHUQHEHQVHLQHPUHFKWHQ)X ODJLQGHU+DQG$WODQVSUDQJDXIPDFKWHGUHLVFKQHOOH6FKULWWHXQGZDUEHLGHP *UDXHQ $OVHUDXVKROWHXPGHP0DQQGLH:DIIHEHUGHQ6FKlGHO]XVFKPHWWHUQEOLHE HUPLWGHP/DXIDQHLQHUKHUDXVJHULVVHQHQ'HFNHQYHUVWUHEXQJKlQJHQGLHHLQ6FKX GHVHUVWHQYHUUFNWJHZRUGHQHQ7HIURGHUVJHWURIIHQKDWWH$XJHQEOLFNOLFKOLH$WODQGLH :DIIHORVGLHLUJHQGZRKLQWHULKP]X%RGHQNODSSHUWH6HLQH)DXVWWUDIPLWGHU*HZDOW HLQHV6WHLQHVGHQ.RSIGHV*UDXHQ 'LH:LUNXQJZDUJHULQJGHU*UDXHKDWWHVLFKLPOHW]WHQ$XJHQEOLFNEHZHJW $WODQV+DQGVFKPHWWHUWHJHJHQGDV*HOHQN'LH:DIIHNUDFKWHDXVGHQGLNNHQ )LQJHUQGHV(OHIDQWHQKDXWLJHQ ³,FKYHUVWHKH´NHXFKWHGHU*UDXH6HLQ*HVLFKWZDUDXVGUXFNVORVDOVHUDXI $WODQHLQGUDQJ (LQZLOGHV+DQGJHPHQJHHQWVSDQQVLFKLQGHPIKUHUORVHQ*OHLWHU1XUDP\ EHXJWHVLFKEHUGDV$UPDWXUHQEUHWWXQGWLSSWHVSLHOHULVFKDXIHLQLJH.Q|SIH,KU*HLVW ZDUYHUZLUUW'LH*OHLWHUPDVFKLQHQKHXOWHQXQNRQWUROOLHUWDXI(LQUDVHQGHU)OXJEHJDQQ $WODQGUDQJPLW)lXVWHQXQG+DQGNDQWHQVFKOlJHQPLW'DJRU*ULIIHQXQGPLW )XKHEHOQDXIGHQ*UDXHQHLQ'HU0DQQYRULKPVFKLHQZHLWHVWJHKHQGXQHPSILQGOLFK ]XVHLQ(UZHKUWHGLH6FKOlJHPLWHLQHUXQQDFKDKPOLFKHQ/lVVLJNHLWDE(UZLFK ODQJVDP]XUFNXQGSHQGHOWHPLWGHP2EHUN|USHUEOLW]VFKQHOOKLQXQGKHUVRGD $WODQV6FKOlJHLQV/HHUHJLQJHQXQGDQVHLQHP.RSIYRUEHLSILIIHQ(LQPDOVFKOXJHU]X XQGWULHEPLWHLQHPHLQ]LJHQ)DXVWVFKODJ$WODQELVIDVWDQGLH6WHXHUXQJ]XUFN'LH EHLGHQ7HIURGHUODJHQQRFKLPPHULQLKUHQ6LW]HQXQGJU|OWHQXQEHNDQQWH/LHGHU ³'XZLUVWPLFKQLFKWEHVLHJHQ,FKELQGHUQHXH)DNWRU(LQV´VDJWHGHU*UDXH XQGVWROSHUWHYRUZlUWV$WODQV)XVFKQHOOWHKRFKXQGWUDIGLH%UXVWGHV:HVHQVPLWGHU JUDXHQ+DXW$WODQKDWWHGDV*HIKODOVKDEHHUJHJHQHLQH0DXHUJHWUHWHQ (ULVWVFKZHU]XEHVLHJHQ¶9HUVXFKHHLQH:DIIH]XEHNRPPHQZDUQWHGHU ([WUDVLQQ ³'XZLUVWVWHUEHQZLHGHUDOWH)DNWRUHLQV´VFKULHGHU$UNRQLGH :LHGHUSUDOOWHQGLH0lQQHULP0LWWHOJDQJGHVGDKLQMDJHQGHQ*OHLWHUV ]XVDPPHQ/DQJVDPWULHE$WODQGHQ*UDXKlXWLJHQ]XUFNELVLQGDV+HFNGHU 0DVFKLQH'DQQHUKLHOWHUHLQHQ6FKODJGHULKQKDUWXQWHUKDOEGHU.QRFKHQSODWWHWUDI GLHHUDOV$UNRQLGHDQVWHOOHPHQVFKOLFKHU5LSSHQWUXJ9HU]ZHLIHOWQDFK/XIW VFKQDSSHQGEUDFKHUDXIHLQ.QLHQLHGHUXQG]RJVLFKODQJVDPZLHGHUKRFK(UZHKUWH LQVWLQNWLYHLQHQZHLWHUHQ7ULWWGHV*UDXHQDEGDQQZLFKHUPLWHLQHPNOHLQHQ6SUXQJ ]XUFN ³1RFKELQLFKQLFKWWRW´ZDUGLH$QWZRUW 'HU*UDXHVFKLHQDQGLHVHP.DPSINHLQH)UHXGH]XKDEHQDEHUHUZLFKNHLQHU HLQ]LJHQ+HUDXVIRUGHUXQJDXV(VZDUHLQVFKQHOOHU.DPSI]ZLVFKHQ]ZHLJOHLFKJXWHQ *HJQHUQ.HLQHUNRQQWHJHZLQQHQNHLQHUUHVLJQLHUHQ (LQH:DIIHWREWHGHU/RJLNVHNWRU
$WODQXQGGHU*UDXH
M
$WODQ
$WODQVSUDQJUFNZlUWVXQGVDKVLFKXP'HU*UDXHEUHLWHWHGLH$UPHDXVXQG VSUDQJDXILKQORV 'DQQHUUHLFKWHHLQHQRFKGULQJHQGHUH:DUQXQJGHQ$UNRQLGHQ 'HU*OHLWHUVWU]WDE+DOWHGLFKIHVW $WODQZDUIVLFKDXIGHQPLW7UPPHUQXQG6FKPXW]EHUVlWHQ%RGHQ'HU*UDXH KHFKWHWHEHULKQKLQZHJ*OHLFK]HLWLJKDWWHVLFKGHU*OHLWHUGHP%RGHQVRZHLW JHQlKHUWGDHLQHNULWLVFKH6LWXDWLRQHQWVWHKHQPXWH1XUDP\VDQHEHQGHP JHW|WHWHQ7HIURGHUDP%RGHQGHV)DKU]HXJVXQGVDKPLWNLQGLVFKHU)UHXGHGHP VFKQHOOHQ.DPSIGHUEHLGHQ0lQQHU]X'DV9RUGHUWHLOGHV*OHLWHUVVWUHLIWHHLQHQ %DXPZLSIHOGLH0DVFKLQHVDFNWHDEULFKWHWHVLFKDEHULQHLQHPDQGHUHQ:LQNHODXI )HVWKDOWHQ(VNRPPHQ)HOVHQVFKULHGHU/RJLNVHNWRUDXI 'HUHUVWH$XISUDOOVFKOHXGHUWHGHQ*UDXHQLQGLH+|KHXQGZDUILKQ]XUFNLQ HLQHQGHUOHHUHQ6LW]H'DV+HFNGHU0DVFKLQHSUDOOWHPLWYROOHU:XFKWDXIHLQHQ)HOVHQ XQGULHIQHEHQHLQHPGU|KQHQGHQ.UDFKGHUVFKPHWWHUQG0HWDOOYHUERJXQG.XQVWVWRII DXIULHLQH6FKDXHUYRQODQJHQ)XQNHQKHUYRUGLHLQVWURFNHQH*UDVILHOHQXQG 6FKZHOEUlQGHDXVO|VWHQGHU*OHLWHUYROOIKUWHHLQHQZHLWHQERJHQI|UPLJHQ6SUXQJXQG NUDFKWHDEHUPDOVDXIGHQ%RGHQQLHGHU 'LHVHVPDOVFKOXJGDVUDXFKHQGHXQGEUHQQHQGH+HFNLQGHQ6DQG'LH 0DVFKLQHNLSSWHKDUWLQGLH+RUL]RQWDOHXPXQGVFKOLWWHUWHERFNHQGXQGVWRHQG PLQGHVWHQVIQI]LJ0HWHUZHLW'DV'DFKIORJLQ7UPPHUQGDYRQ ,QGHQ*HUXFKGHUEUHQQHQGHQ$UPDWXUHQXQGVFKPRUHQGHQ0DVFKLQHQPLVFKWH VLFKGHU*HVWDQGIDXOLJHQ6XPSIJDVHV (LQPlFKWLJHU%DXPVWDPPKLHOWGHQ*OHLWHUDXI 'LHGHPROLHUWH6FKQDX]HGHV)DKU]HXJVNUDFKWHJHJHQGHQ6WDPPXQGNQLFNWH LKQKDOE'HU*OHLWHUNLSSWH]XU6HLWHUXWVFKWHQRFKZHLWHUXQGVFKOHXGHUWHHLQHQ7HLO VHLQHU,QVDVVHQLQV)UHLH$WODQVWLHPLWGHP+LQWHUNRSIJHJHQHLQHQ6RFNHOXQG PHUNWHZLHGLH'XQNHOKHLWEHULKP]XVDPPHQVFKOXJ
'HU*UDXHUXWVFKWHVHFKV0HWHUZHLWGXUFKGHQ0LWWHOJDQJEUDFKPLWGHU:XFKW VHLQHV QHJDWLY EHVFKOHXQLJWHQ .|USHUV HLQHP GHU EOXWEHUVWURPWHQ KDOE EHVLQQXQJVORVHQ 7HIURGHU GHQ )X XQG VFKOXJ PLW GHP PDVVLJHQ 5FNHQ JHJHQ GHQ 6WHXHUVLW],UJHQGZLHIDQGVHLQHWDVWHQGH+DQGHLQH:DIIHXQGDOVGHU*OHLWHUNLSSWH ZXUGHGHU*UDXHKLQDXVJHVFKOHXGHUW (U ODQGHWH LQ HLQHP %VFKHO ELQVHQDUWLJHU *UlVHU GLH LQ HLQHP VFKZRU]HQ 6FKODPPWPSHOODJHQ/DQJVDPGUHKWHVLFKGHU*UDXHDXIGHQ5FNHQXQGDWPHWHELV HUZLHGHUGLH.RQWUROOHEHUVLFKKDWWH $OVHUDXIVWDQGVDKHUGLH6WLFKIODPPHQXQGOLHIHLQSDDU0HWHUJHGXFNWZHLWHU -HGH6HNXQGHNRQQWHGHU*OHLWHUGHWRQLHUHQ 'HU*UDXHGXFNWHVLFKKLQWHUHLQH%DUULHUHDXV6DQGXQG6FKOLQJJHZlFKVHQ(U ZDUWHWH 6FKOLHOLFKDOVHUGHQKDUWHQNUDFKHQGHQ6FKODJK|UWHXQGGLH'UXFNZHOOHEHU VLFK KLQZHJUDVHQ IKOWH ZLQNHOWH HU VHLQHQ UHFKWHQ $UP DE (U VFKDOWHWH VHLQ NOHLQHV $UPEDQGIXQNJHUlWHLQXQGULHIGLH6WDWLRQ
$WODQXQGGHU*UDXH
M
$WODQ
'HU*OHLWHUVFKOLWWHUWHQRFKHLQLJH0HWHUDXIGHUOLQNHQ.DQWHGDKLQPLWWHQGXUFK *UDV XQG 6FKOLFN EHU (UGUHLFK XQG GXUFK GXIWHQGH 0RRUSIODQ]HQ +LQWHU GHP )DKU]HXJVWlXEWHHLQH:RONHDXVIHLQYHUWHLOWHPVFKZDU]HQ6FKODPPKRFK'DQQNDP GDV*HUlW]XP+DOWHQ $WODQZXUGHKHUXPJHVFKOHXGHUW6HLQ.RSIVFKOXJVFKZHUJHJHQGLH]XP6FKXW] DQJHZLQNHOWHQ 8QWHUDUPH $WODQ VDK GXUFK VHLQH JHVFKORVVHQHQ /LGHU KLQGXUFK +HOOLJNHLW |IIQHWH GLH $XJHQ XQG HUNDQQWH DXJHQEOLFNOLFK LQ ZHOFKHU /DJH HU VLFK EHIDQG'HU([WUDVLQQUHDJLHUWHGXUFKDXVHJRLVWLVFKXQGZDUQWHGHXWOLFK 5HWWHGLFK+LQDXVDXVGHP:UDFN $WODQ UREEWH DXI GHQ .QLHQ XQG GHQ (OOHQERJHQ GXUFK GHQ 0LWWHOJDQJ VWW]WH VLFK DQ GHQ 6HVVHOVRFNHOQ DE NOHWWHUWH EHU GLH 9HUZXQGHWHQ XQG GLH 7RWHQ KLQZHJ XQG HUUHLFKWH 1XUDP\ 'HU .|USHU GHV WRWHQ 7HIURGHUV XQG GDV 3ROVWHU GHV 6LW]HV KDWWHQ VLH YRU GHP 7RGH JHUHWWHW 6LH NDXHUWH GD KDWWHQ HLQHQ YHUVWlQGQLVORVHQ *HVLFKWVDXVGUXFNXQGOlFKHOWH$WODQDQ ³/RV KLQDXV´ VDJWH HU VFKDUI XQG JULII QDFK LKUHP $UP 6LH IROJWH ZLOOLJ $WODQ IDQGHLQHGHUVFKZHUHQ:DIIHQXQGKDOILKUVLFK]ZLVFKHQGHQORVJHULVVHQHQ6HVVHOQ XQG GHQ 7HLOHQ GHU 9HUNOHLGXQJ LQV )UHLH ]X NlPSIHQ (UVFK|SIW ILHOHQ VLH LQ GHQ 6FKOLFN 'DV:UDFNZLUGGHWRQLHUHQVDJWHGHU([WUDVLQQ $WODQVDKVLFKXP(UHQWGHFNWHQLHGULJHXQGK|KHUH*HZlFKVHXQGVFKOLHOLFK HLQHQNOHLQHQ:DOG(UNDPWRUNHOQGDXIGLH%HLQHXQGUL1XUDP\KRFK ³:LUPVVHQODXIHQ/LHEVWH´VDJWHHUKDOEODXW +LQWHU LKQHQ NQLVWHUWHQ GLH 7HLOH GHV :UDFNV 'LH 'HWRQDWLRQ GHU (QHUJLH]HOOHQ NRQQWHMHGH6HNXQGHHUIROJHQ$WODQOHJWHVHLQHQ$UPXPGLH6FKXOWHUQGHV0lGFKHQV XQG KLHOW VLH XQWHU GHP $UP IHVW 'DQQ UDQQWH HU ,RV (U UL VLH PLW VLFK XQG OLHI VR VFKQHOO HU NRQQWH LP =LFN]DFN DXI GHQ :DOG ]X (LQPDO VDK HU YRU VLFK 6SXUHQ GLH VHLQHQ.XUVNUHX]WHQ ³'HU*UDXH´PXUPHOWHHU 'HU *UDXH LVW HQWNRPPHQ (U ZLUG KLHU DXI GLFK ODXHUQ VDJWH GHU /RJLNVHNWRUZDUQHQG ³,FKKDEHHVJHDKQW³GLH*HIDKUHQJHKHQZHLWHU,FKPX]XP6WW]SXQNWXQG GRUWGLH862UXIHQ¶PXUPHOWH$WODQ6LHVWREHQNUDFKHQGXQGPLWGHQ$UPHQGLHbVWH XQG =ZHLJH DEZHKUHQG GXUFK (LQH ]ZHLKXQGHUW 0HWHU KRKH 6FKODPPIRQWlQH VWLHJDXIGDVGQQH8QWHUKRO]DXIGHQ:DOG]X'UHLLJ0HWHUHWZDWUHQQWHQVLHYRP :UDFNGDVODQJVDPLQGHQ6XPSIYHUVDQN ³6FKQHOOHU1XUDP\´VDJWH$WODQ 6LH ZDU RKQH HLJHQHQ :LOOHQ XQG QLFKW EHL 6LQQHQ $EHU VHLQ *ULII ZDU XQEDUPKHU]LJXQGOLHQLFKW]XGDVLHVLFKORVULXQGLQLKUHU9HUZLUUXQJJHIlKUOLFKH +DQGOXQJHQEHJDQQ ,QGLHVHP$XJHQEOLFNGHWRQLHUWHGDV:UDFN (LQH ]ZHLKXQGHUW 0HWHU KRKH 6FKODPPIRQWlQH VWLHJ DXI EHUVFKWWHWH GLH 8PJHEXQJPLW+LW]HPLWGHPVFKDXGHUKDIWHQ*HVWDQNGHV0RRUHVXQGPLWJOKHQGHQ 6WDKOXQG3ODVWLNWUPPHUQhEHUDOOEUHLWHWHQVLFKNOHLQH6FKZHOEUlQGHDXVGLHYRQGHU IHXFKWHQ/XIWHUVWLFNWZXUGHQ
$WODQXQGGHU*UDXH
M
$WODQ
8QGMHW]WGHU*UDXH+WHGLFKVDJWHGHU/RJLNVHNWRU $WODQZLVFKWHGHQ6FKZHLYRQGHU6WLUQ(UIKOWHVLFKPLVHUDEHO1LFKWVRVHKU ZHJHQ GHU $QVWUHQJXQJHQ XQG GHP .DPSI´ VRQGHUQ ZHJHQ GHU QLHGHUGUFNHQGHQ $XVVLFKW 'HU*OHLWHUZDU]HUVW|UW$WODQXQGGHU*UDXHNRQQWHQZHGHUGLH1RWDXHUVWXQJ EHUJHQ QRFK HYHQWXHOO EULJJHEOLHEHQH *HUlWH EHQXW]HQ 6lPWOLFKH 7HIURGHU ZDUHQ JHW|WHW ZRUGHQ DXFK MHQH GLH GDV :WHQ GHV *UDXHQ EHUOHEW KDWWHQ 1XUDP\ YRQ 3RWULQHWZDUKDOEZDKQVLQQLJXQGZUGHXQXQWHUEURFKHQEHDXIVLFKWLJWZHUGHQPVVHQ VRGDVLHNHLQHXQEHUOHJWHQ7DWHQDXVIKUHQNRQQWH 'HU 5DXPKDIHQ XQG GLH 6WDWLRQ ZDUHQ UXQG KXQGHUWIQI]LJ .LORPHWHU HQWIHUQW 'DV EHGHXWHWH HLQHQ :HJ YRQ PLQGHVWHQV DFKW 7DJHQ²ZHQQ QLFKW *HIDKUHQ GLH EHLGHQ0lQQHUDXIKLHOWHQ ³,FK ELQ EHU]HXJW´ VDJWH $WODQ OHLVH ULFKWHWH VLFK DXI XQG VWHFNWH GLH VFKZHUH (QHUJLHZDIIHLQGHQ*UWHO³GDQXUHLQHUYRQXQVGLH6WDWLRQHUUHLFKW8QGGDVZHUGH LFKVHLQ²PLW1XUDP\´ 6HLQH &KDQFHQ ZDUHQ LQ GHQ OHW]WHQ :RFKHQ QRFK QLHPDOV VR JUR JHZHVHQ :HQQ GHU SVLRQLVFKH 6WXUP DQKLHOW²XQG HV VDK GDQDFK DXV² GDQQ EHVD HU GLH +\SHUIXQNVWDWLRQGHV6FKLIIHVIUVLFKDOOHLQXQGNRQQWH]XPLQGHVW+LOIHKHUEHLUXIHQ ³(V LVW NXU] QDFK 0LWWDJ 1RFK GUHL]HKQ 6WXQGHQ $XI ]XU 6WDWLRQ´ VDJWH GHU $UNRQLGHXQGZDQGWHVLFKGHP0lGFKHQ]X 1XUDP\ OHKQWH DQ HLQHP %DXP KLHOW HLQHQ +DOP LQ GHQ )LQJHUQ XQG IORFKW PLW ]LWWHUQGHQ)LQJHUQHLQHQ5LQJGDUDXV ³1XUDP\´VDJWH$WODQODXW 6LHGUHKWH]|JHUQGGHQ.RSIXQGVDKLKQDQ,KUH$XJHQZLUNWHQYHUVFKOHLHUW6LH OlFKHOWHYHU]HUUWXQGVDJWH ³0LULVWNDOW,FKVFKZLW]H:DVZDUHQGDVIU*HUlXVFKHHEHQ"´ $WODQ IKOWH HLQHQ 6WLFK 6HLQH *HOLHEWH ZDU ZDKQVLQQLJ JHZRUGHQ YRUEHUJHKHQGQXUDEHUGHXWOLFKVSUEDU'DV6FKLFNVDOPHLQWHHVQLFKWEHVRQGHUVJXW PLWLKQHQ(UIDWHVLFKVHXI]WHXQGGDFKWHGDUDQGDKLHULUJHQGZRGHU*UDXHODXHUQ ZUGH =ZHLIHOORV ZDU GLHVHU HOHIDQWHQKlXWLJH )UHPGH KRFKLQWHOOLJHQW XQG ZXWH GD HU$WODQDXVVFKDOWHQPXWH ³:LUPVVHQ]X)XJHKHQ+DVWGXYHUVWDQGHQ"=X)XELV]XU6WDWLRQ.RPP PLWPLU´ 6LHOLHGHQ5LQJDXV*UDVXPLKUHQ)LQJHUNUHLVHQXQGOHJWHLKUHUHFKWH+DQGLQ VHLQH OLQNH ,P $XJHQEOLFN VFKLHQ VLH HLQH UXKLJH 3KDVH ]X KDEHQ DEHU VLH NRQQWH MHGHU]HLWZLHGHUWREHQXQGVFKUHLHQ ³,FKNRPPH´ $WODQZDQGWHVLFKQDFK1RUGHQ'RUWLUJHQGZRODJGLH6WDWLRQ(UEHVWLPPWHGLH 5LFKWXQJDQKDQGGHV6RQQHQVWDQGHV 6FKQHOOHU DEHU JHK PLW GHLQHQ .UlIWHQ KDXVKlOWHULVFK XP ZDUQWH GHU /RJLNVHNWRU 'LH$QVSDQQXQJGHU1HUYHQORFNHUWHVLFK$EHUMHW]WJULIIGHU3ODQHWQDFKLKQHQ GLH1DWXUGHU:HOW7ROYWDPXU 'DV 9LHUWHO 2EHUIOlFKHQVFKZHUHEHVFKOHXQLJXQJ GDV EHU GHQ JHZRKQWHQ 1RUPDOSHJHO KLQDXVJLQJ ]HUUWH DQ GHQ *HOHQNHQ XQG OLH MHGH HLQ]HOQH %HZHJXQJ VFKZHUHUXQGNUlIWHYHU]HKUHQGHUZHUGHQ'LHKRKH7HPSHUDWXUZDUQLFKWVRVFKOLPP
$WODQXQGGHU*UDXH
M
$WODQ
DEHULQ9HUELQGXQJPLWGHUKRKHQ/XIWIHXFKWLJNHLWZLUNWHVLHKDOEZHJVP|UGHULVFK 2KQH $XVUVWXQJ ZDU HV LQ GLHVHP 'VFKXQJHOJHELHW OHEHQVJHIlKUOLFK 8QG MH OlQJHU $WODQ GXUFK GHQ :DOG UDQQWH XQG 1XUDP\ KLQWHU VLFK KHU]RJ GHVWR GHXWOLFKHU PHUNWH HU GD QLFKW QXU GLH LQWHOOLJHQWHQ :HVHQ YRP 3VL6WXUP EHWURIIHQ ZDUHQ VRQGHUQDXFKGLH7LHUHXQGVRJDUGLH3IODQ]HQ 7HXIOLVFK´VW|KQWHHUDXI 6LHOLHIHQODQJVDP]ZLVFKHQGHQ6WlPPHQKLQGXUFK,PPHUZLHGHUVLFKHUWHGHU $UNRQLGH QDFK DOOHQ 6HLWHQ (U ZXWH GD GHU *UDXH DXI LKQ ODXHUWH +LHU LUJHQGZR PXWH HU VLFK YHUEHUJHQ $EHU DEJHVHKHQ YRQ JHULQJHQ 9RUWHLOHQ EHIDQG VLFK DXFK GHU*UDXKlXWLJHLQNHLQHUEHQHLGHQVZHUWHQ/DJH 'HU:DOGUDQGNDPQlKHU (ULQQHUH GLFK DQ GLH ]DKOORVHQ $EHQWHXHU DXI 'VFKXQJHOSODQHWHQ GLHVHU $UW PHLQWHGDV([WUDKLUQ (V JLEW KLHU JDQ] DQGHUH 9HUKlOWQLVVH ,FK NHQQH QLFKW HLQ HLQ]LJHV 7LHU XQG NHLQH HLQ]LJH 3IODQ]H GDFKWH GHU $UNRQLGH ]XUFN 'LH VFKZHUH :DIIH ODJ LQ VHLQHU +DQG 6LH ZDU HQWVLFKHUW GLH /DGHNRQWUROOH ]HLJWH HLQ JHIOOWHV (QHUJLHPDJD]LQ 'HU *ULII GHU :DIIH ZDU KHL XQG QD $WODQV +DQGIOlFKH EHJDQQ ]X EUHQQHQ $OV VLH GDV KHOOHUH /LFKW DP 5DQG GHV NOHLQHQ :DOGHV HUUHLFKWHQ JHULHWHQ VLH LQ HLQHQ 6FKZDUP ,QVHNWHQ GLH QLFKW YLHO JU|HU DOV HLQ 6WHFNQDGHONRSI ZDUHQ )OXFKHQG XQG XP VLFK VFKODJHQGVWROSHUWHQVLHZHLWHU'LH,QVHNWHQNURFKHQLQGHQ.UDJHQGHU-DFNHLQGLH bUPHO VLH VDXJWHQ VLFK DQ GHQ 2KUHQ XQG GHU *HVLFKWVKDXW IHVW OLHHQ VLFK LQ GLH 1DVHQO|FKHU QLHGHU XQG ZDUHQ HUVW DE]XVFKWWHOQ DOV $WODQ HLQH /LDQH DEEUDFK XQG GDV :DVVHU LP +RKOUDXP GD]X EHQXW]WH XP HV LQV *HVLFKW 1XUDP\V XQG LQ VHLQ HLJHQHV *HVLFKW ]X VSULW]HQ 'LH .OHLGXQJ ZDU VFKRQ MHW]W VFKPXW]VWDUUHQG XQG KDOE ]HUIHW]W ³:HLWHU´ ³:RKLQJHKHQZLU$WODQ"'HU:LQGVLQJWVRVFK|Q"´PHLQWH1XUDP\ (V ZDU QLFKW GLH OHLFKWHVWH %ULVH ]X EHPHUNHQ 'XPSI XQG VFKZHU ODVWHWH GLH ZDVVHUGDPSIHUIOOWH/XIWDXILKQHQXQGULHIEHLMHGHP6FKULWW6FKZHLDXVEUFKHKHUYRU ³:LUJHKHQQDFK1RUGHQ´VDJWH$WODQOHLVHXQGVSlKWHKLQWHUVLFK1LUJHQGVZDU HLQH6SXUGHV*UDXHQ]XHQWGHFNHQ$EHUKLHULUJHQGZRPXWHHUVHLQHUYHUPRFKWH DXINHLQHQ)DOOZHVHQWOLFKVFKQHOOHU]XODXIHQDOVHLQ0HQVFKRGHUHLQ$UNRQLGH ³:DVLVWLP1RUGHQ"´ 6LHZDUOHEKDIWXQGQRFKQLFKWHUVFK|SIW$EHUVLHQDKP'LQJHLKUHU8PJHEXQJ QLFKWZDKU6LHVWROSHUWHEHU:XU]HOQXQGWUDWDXI6WHLQH ³,P1RUGHQLVWGLH5HWWXQJ´HUNODUOH$WODQXQG]RJVLHZHLWHU 6LHNDPHQMHW]WQDFKGHPVLHHLQHQ6WUHLIHQNRKOlKQOLFKHU3IODQ]HQEHUZXQGHQ KDWWHQLQHLQHNOHLQH(EHQHGLHVLFK]ZLVFKHQ]ZHL+JHOUFNHQHUVWUHFNWH6FKRQYRQ KLHU DXV VDK $WODQ GD GRUW HQWZHGHU GLH *HZlFKVH LQ $XIUXKU ZDUHQ RGHU GD GRUW 7LHUH DQ GHQ %lXPHQ UWWHOWHQ XQG %DKQHQ GXUFK GDV *UDV XQG GDV 8QWHUKRO] WUDPSHOWHQ ³'RUW YRUQ LVW HLQ 6FKOR /LHEVWHU¶ VDJWH 1XUDP\ XQG KSIWH DXI HLQHP %HLQ QHEHQ$WODQKHU $FKWXQJ%HZHJXQJVFKUlJKLQWHUGLUZDUQWHGHU/RJLNVHNWRU 'DV ³6FKOR´ ZDU QLFKWV DQGHUHV DOV HLQ ULHVLJHU VFKZDU]HU )HOVHQ DQ GHVVHQ :HVWVHLWH VLFK *HZlFKVH NODPPHUWHQ 6LH OLHIHQ GDUDXI ]X ,KUH )H ZXUGHQ YRQ
$WODQXQGGHU*UDXH
M
$WODQ
ODQJHQ GRUQLJHQ 5DQNHQ JHIHVVHOW GLH DXV GHP *UDX VFKQHOOWHQ XQG ZLH KDNHQEHZHKUWH 3HLWVFKHQVFKQUH QDFK GHQ .Q|FKHOQ XQG 6FKLHQEHLQHQ WDVWHWHQ -HGHU 6FKULWW UL HLQLJH 5DQNHQ ORV GLH VLFK YHUKHGGHUWHQ XQG GDV )RUWNRPPHQ HUVFKZHUWHQ $WODQ GUHKWH VLFK KDOE XP XQG KRE GHU :DUQXQJ VHLQHV /RJLNVHNWRUV JHKRUFKHQGGLH:DIIH (UQDKPVFKDWWHQKDIWHLQH%HZHJXQJZDKU 'HU*UDXHZDUKLQWHULKQHQ $OVGHU*UDXHYHUVXFKWHEHUVHLQNOHLQHV)XQNJHUlW+LOIHKHUEHL]XUXIHQHUOHEWH HU HLQHQ HUVWHQ 9RUJHVFKPDFN GHVVHQ ZDV HU ]X HUZDUWHQ KDWWH 6HLQ 6HOEVWEHZXWVHLQ HUKLHOW HLQHQ KHIWLJHQ 6WR :HU ZDU GDUDQ VFKXOG" 'LHVHU YHUGDPPWH $UNRQLGH (U KDWWH GHQ %HKlOWHU DXV GHU $192< JHEUDFKW XQG VR VFKZHU EHVFKRVVHQ GD HV ]X GLHVHP SVLHQHUJHWLVFKHQ hEHUVFKODJ NDP (UUHLFKWHQ $WODQ XQGGDV0lGFKHQGLH6WDWLRQKDWWHQVLHDOOH0|JOLFKNHLWHQ+LOIHKHUEHL]XUXIHQXQGLKQ GHQ*UDXHQLQHUQVWH6FKZLHULJNHLWHQ]XEULQJHQ $WODQGXUIWHGLH6WDWLRQQLFKWHUUHLFKHQ ³,FKPXHVQRFKHLQPDOYHUVXFKHQ´VDJWHGHU*UDXH³,FKEUDXFKH+LOIH¶´ (U EHZHJWH VLFK ODQJVDP LQ Q|UGOLFKHU 5LFKWXQJ XQG ULHI XQXQWHUEURFKHQ QDFK VHLQHQ /HXWHQ LQ GHU 6WDWLRQ 1LHPDQG DQWZRUWHWH DEHU HU PHUNWH GD HLQLJH )XQNJHUlWHHLQJHVFKDOWHWZDUHQ6LHEHUWUXJHQGHQ/lUPGHQGLHKDOWORVJHZRUGHQHQ 0lQQHUGHV6WW]SXQNWHVYHUXUVDFKWHQ ³6LQQORV+RIIQXQJVORV´NHXFKWHGHU*UDXH (U VFKDOWHWH GDV $UPEDQGIXQNJHUlW DXV XQG UDQQWH ODQJVDP DXV GHU 'HFNXQJ KHUDXV(UEUDXFKWHJDUQLFKWPHKU]XKRIIHQHLQHQ*OHLWHU]XEHNRPPHQDXHUZHQQ HLQ:XQGHUJHVFKDK(UPXWHDOVRMHQHKXQGHUWIQI]LJ.LORPHWHU]X)X]XUFNOHJHQ 8QG GDV REZRKO GLH =HLW LKP DXI GHQ )LQJHUQ EUDQQWH (U KDVWHWH ZHLWHU OLHI XP GHQ NOHLQHQ :DOG DP 5DQG GHV 6XPSIHV KHUXP XQG VWDUUWH DXI GLH QHEHOGXUFK]RJHQH 6]HQHULHLQQ|UGOLFKHU5LFKWXQJ'DVDKHUGLH%HZHJXQJDOVHUVLFKJDQ]DXIULFKWHWH NRQQWH HU LQ HWZD ]ZHLKXQGHUWIQI]LJ 0HWHUQ (QWIHUQXQJ VHKHQ ZLH $WODQ VLFK EFNWH XQGGLH5DQNHQYRQVHLQHQ6WLHIHOQXQGGHQHQGHV0lGFKHQVDEUL ³,FKKDEHVLH´NQXUUWHGHU*UDXH (U]RJGLH:DIIHDXVGHP*UWHOXQGHQWVLFKHUWHVLH'LH(QWIHUQXQJZDUQRFK ]X JUR IU HLQHQ VLFKHUHQ 7UHIIHU REZRKO HU JODXEWH HLQ KHUYRUUDJHQGHU 6FKW]H ]X VHLQ ³'LH-DJGEHJLQQW´VDJWHHUVLFKXQGEHJDQQVFKQHOOHU]XODXIHQ(UOLHIKXQGHUW 6FKULWWHZHLWXQGEHJDQQHQVLFKYRULKPGLH%VFKH]XEHZHJHQ6LHVFKLHQHQVLFKLQ 7LHUHYHUZDQGHOW]XKDEHQGLHHLQ2SIHUJHZLWWHUWKDWWHQ5DXEWLHUHPLWVWDUNHQbVWHQ XQGWFNLVFKHQ%OlWWHUQ ³9HUGDPPW´VFKULHGHU*UDXHDXI $XV GHP :XU]HOVWRFN GHU 3IODQ]HQ ULQJHOWHQ VLFK YLHOIDUELJH 6FKODQJHQ XQG NDPHQDXILKQ]X6LHUDVFKHOWHQ]ZLVFKHQGHQ*UlVHUQXQGEHUGHQZHLHQ%RGHQ 'LH KRUQLJHQ ODQJHQ $XVOlXIHU GHU %OlWWHU VWDFKHQ QDFK LKP 'LH SVLRQLVFKH (QHUJLH
$WODQXQGGHU*UDXH
M
$WODQ
ULHI LQ GHQ SIODQ]OLFKHQ 1HUYHQ XQG LQ GHQ HLQIDFKHQ 6LQQHVRUJDQHQ GHU )ORUD (UVFKHLQXQJHQKHUYRUGLHHLQGHXWLJJHIlKUOLFKH)ROJHQKDWWHQRIIHQVLFKWOLFKUHDJLHUWHQ GLH3IODQ]HQDXIGLH8QWHUVFKLHGH]ZLVFKHQ/LFKWXQG6FKDWWHQXQGYHUVXFKWHQHLQHQ 6FKDWWHQ]XXPVFKOLQJHQ²DXVZHOFKHP*UXQGDXFKLPPHU 'HU *UDXH PDFKWH HLQHQ 6DW] ]XU 6HLWH XQG XPJLQJ GDV *HEVFK $XV HLQHP HLQ]HOQGDVWHKHQGHQ%DXPO|VWHQVLFKHLQLJH/LDQHQXQGVFKZDQJHQDXILKQ]X=ZHL YRQLKQHQSILIIHQDQLKPYRUEHLDEHUGLHGULWWHVFKZHQNWHKHUXPXQGOHJWHVLFKZLHHLQ 6HLOXPVHLQH6FKXOWHUQXQG2EHUDUPH 'HU *UDXKlXWLJH VSDQQWH GLH 0XVNHOQ XQG WDXFKWH XQWHU GHU 8PDUPXQJ GHU /LDQHKLQGXUFK(UNURFKHLQSDDU0HWHUEHUGHQ%RGHQXQGHUUHLFKWHHLQHQVFKPDOHQ 6WUHLIHQ6DQG]ZLVFKHQ]ZHL%XVFKUHLKHQ (UVWROSHUWHEHUHLQLJHJHEOHLFKWH.QRFKHQGLHXQWHUVHLQHQ7ULWWHQ]HUEUDFKHQ 'DV.QDFNHQVFKHXFKWHHLQHQ9RJHODXIGHULUJHQGZRJHODXHUWKDWWH)OJHOVFKODJHQG XQG PLW KlOLFKHP .UlFK]HQ VDK GHU 9RJHO²QHLQ HV ZDU HLQ NOHLQHU IOXJIlKLJHU 6DXULHU HLQH (FKVH DOVR²GHQ GDKHUVWROSHUQGHQ 0DQQ DQ ZDUI VLFK GDQQ LQ EHVLQQXQXQJVORVHU:XWDXILKQGHQ6FKQDEHOZHLWYRUJHUHFNW(LZLUNWHZLHHLQNXU]HU 6SHHUPLW6FKZLQJHQ 'HU *UDXH EOLHE UXFNDUWLJ VWHKHQ XQG KRE EHLGH $UPH DQ $OV GHU 6DXULHU JHQJHQG QDKH KHUDQJHNRPPHQ ZDU VDXVWH HLQH +DQG KHUXQWHU XQG ]HUVFKPHWWHUWH GHP7LHU+DOVXQG5FNJUDW 'HU *UDXH VFKWWHOWH GHQ .RSI (U KDWWH QRFK KXQGHUWDFKWXQGYLHU]LJ VROFKHU .LORPHWHUYRUVLFK ³,FK ZHUGH 7DJH EUDXFKHQ´ ULHI HU OHLVH ,Q VHLQHP ,QQHUQ IKOWH HU GLH :HOOHQ ORGHUQGHQ +DVVHV DXI GHQ $UNRQLGHQ GHU GRUW YRU LKP GXUFK GLH 3IODQ]HQ UDQQWH XQG VWROSHUWH$EHUHUEHJLQJQLFKWHLQH6HNXQGHODQJGHQ)HKOHU$WODQ]XXQWHUVFKlW]HQ (LQH .RVWSUREH KDWWH HU EHUHLWV HUKDOWHQ $WODQ ZDU LKP LQ GHU (UIDKUXQJ XP HLQLJHV YRUDXV,QGLHVHU6WUHFNHODJGHU7RG )ULKQRGHUIUGHQ$UNRQLGHQ" ³'DV0lGFKHQZLUGRKQHKLQXQWHUZHJVZDKQVLQQLJZHUGHQRGHUVWHUEHQ´VDJWH GHU*UDXHODXWXQGVHW]WHVLFKZLHGHULQ%HZHJXQJ (U OLHI ODQJVDP EHU GHQ 6DQGVWUHLIHQ XQG WDXFKWH GDQQ LQ GDV 0HHU DXV KDOEPDQQVKRKHP*UDVHLQ 'DQQ VDK HU GHQ )HOVHQ DXI GHQ GLH EHLGHQ GXQNOHQ *HVWDOWHQ ]XVWUHEWHQ ,KU 7HPSR KDWWH VLFK YHUODQJVDPW $EHU GHU $UNRQLGH NPPHUWH VLFK UKUHQG XP GDV 0lGFKHQGLHLKPQXUVFKHLQEDUZLOOLJIROJWH $OV VLFK GHU *UDXH GHQ EHLGHQ ELV DXI KXQGHUW 0HWHU JHQlKHUW KDWWH EOLHE HU VWHKHQXQGKREGLH:DIIH (U]LHOWHVHKUVRUJIlOWLJ
$WODQ HUNDQQWH GLH *HIDKU DOV HU GHQ VFKZDFKHQ 5HIOH[ GHU 6RQQH DXI GHP 0HWDOOGHU:DIIHJHZDKUWH (UZLUEHOWHKHUXPXQGGUFNWHGDV0lGFKHQ]X%RGHQ1XUDP\OLHVLFKVFKZHU LQ GDV KDOEKRKH *UDV IDOOHQ XQG VFKOR GLH $XJHQ $WODQV $UP KRE VLFK XQG HKH GHU *UDXHIHXHUWHVFKR$WODQ(UZXWHDOVHUDEGUFNWHGDHUQLFKWWUHIIHQNRQQWH'HU
$WODQXQGGHU*UDXH
M
$WODQ
6WUDKODXVGHU:DIIHJLQJOLQNVDQGHP*UDXKlXWLJHQYRUEHL3O|W]OLFKZDUGHU*HJQHU YHUVFKZXQGHQ $OVVLFK$WODQZLHGHUYRUVLFKWLJDXIULFKWHWHK|UWHHUGLH*HUlXVFKH6LHNODQJHQ ZLH GXPSIH 7URPPHOQ 'DV 'RQQHUQ XQG 7UDPSHOQ YLHOHU +XIH RGHU )H NDP YRQ UHFKWV (LQH+HUGH$XVGHP:HJ=XP)HOVHQULHIGHU([WUDVLQQ ³'LH JHVDPWH 1DWXU LVW YHUUFNW JHZRUGHQ´ VFKULH $WODQ ZWHQG KRE GDV 0lGFKHQ DXI XQG ]RJ VLH DQ VLFK (U EHJDQQ ]X UHQQHQ XQG EOLFNWH DEZHFKVHOQG LQ ]ZHL5LFKWXQJHQ 'RUWKLQZRHUGHQ*UDXHQYHUPXWHQPXWHXQGGRUWKLQZRHU6WR]lKQHXQG 5VVHOVDKGLHEHUGHPHKHUHQ5DQGGHU*HZlFKVHVFKZDQNWHQ(LQH+HUGHJURHU OHKPEUDXQHU 7LHUH JDORSSLHUWH KHUDQ 6LH ZROOWHQ YHUPXWOLFK QLFKW HLQPDO DQJUHLIHQ DEHU DXFK VLH ZXUGHQ YRQ GHU 3VL6WUDKOXQJ LQ DOOHQ LKUHQ 5DNWLRQHQ KRIIQXQJVORV JHVW|UW ³=XP)HOVHQ´NQXUUWHHUXQGKDVWHWHZHLWHU'DV0lGFKHQULHUKDOEZHJVEHU NOHLQH7PSHOXQG*HVWHLQVEURFNHQKLQZHJ(UZXWHGDHUNHLQJXWHV=LHOERWZHQQ HU LQ GLHVHU (QWIHUQXQJ UDQQWH 1XU HLQ =XIDOOVWUHIIHU NRQQWH LKQ W|WHQ DEHU DXFK GHU MHW]LJH6WDQGRUWGHV*UDXHQODJLQGHUYHUPXWOLFKHQ%DKQGHU6DXULHUKHUGH 6LH NDPHQ QlKHU XQKHLOYROO VFKUHLHQG XQG WURPSHWHQG VWDPSIHQG XQG PLW KRFKJHULVVHQHQ .|SIHQ +LQWHU LKQHQ EOLHE HLQH QLHGHUJHZDO]WH 6WUHFNH ]XUFN $WODQ XQG 1XUDP\ WDXFKWHQ LQ GHQ GLIIXVHQ 6FKDWWHQ GHV )HOVHQV HLQ XQG UDQQWHQ ZHLWHU NHXFKHQGXQGVFKZLW]HQG +XQGHUW0HWHU$EVWDQG]XP*UDXHQ +XQGHUWIQI]LJ0HWHUWUHQQWHQVLHQRFKYRQGHQKHUDQUDVHQGHQ6DXULHUQ ³6FKQHOOHU1XUDP\6LH]HUVWDPSIHQXQV´VFKULH$WODQ (U VFKOXJ ZLOG XP VLFK 5DQNHQ XQG bVWH VHQNWHQ VLFK DXI VLH KHUXQWHU XQG JULIIHQ QDFK LKUHQ +lOVHQ XQG $UPHQ 6WRII UL PLW NQLUVFKHQGHQ *HUlXVFKHQ -HW]W JHULHWHQDXFKGLH.OHWWHUSIODQ]HQDQGHU6HLWHGHV)HOHQVLQ%HZHJXQJ6LHO|VWHQLKUH +DIWVSLUDOHQXQGVFKRVVHQDXIGLH]ZHL0HQVFKHQKLQXQWHU 6LH HUUHLFKWHQ GHQ IHXFKWHQ WULHIHQGHQ )HOVHQ XQG UDQQWHQ DQ VHLQHP )X LQ HLQHP +DOENUHLV QDFK OLQNV KLQEHU 6HOEVW ZHQQ GLH 6DXULHU PLWWHQ DXI GHQ )HOVHQ ]XUDQQWHQ ZUGH HU GLH *UXSSH ]HUWHLOHQ XQG GLH EHLGHQ +lOIWHQ IOXWHWHQ UHFKWV XQG OLQNV GHU 6WHLQH YRUEHL =LWWHUQG XQG PLW UDVHQGHP +HU]VFKODJ GUFNWH $WODQ GDV 0lGFKHQJHJHQGHQ6WHLQ ³'DV LVW HLQ VFK|QHV 6SLHO´ VDJWH VLH XQG YHUGUHKWH GLH $XJHQ 6LH ZXUGH RKQPlFKWLJ+LW]H)HXFKWLJNHLWXQG$QVWUHQJXQJHQKDWWHQVLHEHUIRUGHUW ³9HUGDPPW´VDJWHGHU$UNRQLGH (UK|UWHVHLQHHLJHQHQ:RUWHQLFKWPHKUGHQQGLH3KDODQ[GHU6DXULHUKHUGHZDU KHUDQJHNRPPHQ 'LH 7LHUH UDQQWHQ HQJ DQHLQDQGHUJHGUFNW DQ GHP )HOVHQ YRUEHL )U HLQLJH 0RPHQWH ZDUHQ 1XUDP\ XQG $WODQ VLFKHU GHQQ GLH 7LHUH EDKQWHQ VLFK ]ZLVFKHQLKQHQXQGGHP*UDXHQLKUHQ:HJGXUFKGLH3IODQ]HQ 'UHFNNOXPSHQVSULW]WHQQDFKDOOHQ6HLWHQ +RFKJHULVVHQH 3IODQ]HQWHLOH WULHEHQ LQ GHP /XIW]XJ XQG ZXUGHQ DQ GHQ )HOVHQ JHZRUIHQOHJWHQVLFKDXIGLHOHGHUKlXWLJHQ)ODQNHQGHU6DXULHU 'LHVFKUHLHQGHXQGJUXQ]HQGH7LHUPDVVHSUHVFKWHDP)HOVHQYRUEHL$WODQKlWWH GLH +DQG DXVVWUHFNHQ XQG GLH VWLQNHQGHQ 7LHUOHLEHU EHUKUHQ N|QQHQ (U VFKWWHOWH
$WODQXQGGHU*UDXH
M
$WODQ
1XUDP\XQGZDUIQXUDEXQG]XHLQHQ%OLFN]XU6HLWH ,QLKUHUXQPRWLYLHUWHQ6WDPSHGHUDVWHQHWZDIQI]LJGLHVHU6DXULHUKSIHQGXQG WUDEHQGGLFKWDQGHQ)OFKWHQGHQYRUEHL 'DQQZDUHLQHQ$XJHQEOLFNODQJ5XKH 1XUGHU*HVWDQNIDXOLJHQ(UGUHLFKVXQGGLH$XVGQVWXQJHQGHU7LHUHEOLHEHQZLH HLQH :RONH JLIWLJHQ *DVHV LQ GHU VFKZHUHQ /XIW KlQJHQ $WODQ IKOWH ZLH GHU =HOODNWLYDWRU VHLQH EHUXKLJHQGHQ XQG NUlIWLJHQGHQ 6WU|PH GXUFK GHQ .|USHU µMDJWH 2KQHGLHVHV*HUlWZlUHHUEHUHLWVDQ(QWNUlIWXQJ]XVDPPHQJHEURFKHQ ³,FK ZHUGH GLFK GRFK QLFKW DXFK QRFK WUDJHQ PVVHQ 1XUDP\´ VDJWH HU OHLVH XQG JULII QDFK GHU :DIIH 'LH *HIDKU ZDU DXFK IU GHQ *UDXHQ YRUEHL 'DV *HUlXVFK GHUWURPPHOQGHQ)HYHUORUVLFKLQGHU)HUQH 1XUDP\ VFKOXJ ZLHGHU GLH $XJHQ DXI 6LH HQWEO|WH GLH =lKQH ,KU *HVLFKW ZDU VFKPXW]EHUNUXVWHWXQGYRQGHQ%DKQHQGHV6FKZHLHVLQVHQNUHFKWHQ5LOOHQ]HUWHLOW ³:HUELVWGX)UHPGHU"´IUDJWHVLH ³,FK ELQ $WODQ GHU 0DQQ GHU GLFK OLHEW´ VDJWH HU XQG ZXWH GD MHGHV :RUW PHKURGHUZHQLJHUVLQQORVZDUVRODQJHGHUXQVLFKWEDUH6WXUPEHU7ROYWDPXUWREWH ³$WODQ´VDJWHVLHDOVK|UHVLHGHQ1DPHQ]XPHUVWHQPDO³,FKKDEH+XQJHUXQG 'XUVW´ ,FK DXFK GDFKWH $WODQ 'DV LVW HLQ ]XVlW]OLFKHV 3UREOHP =XVlW]OLFK ]X GLHVHP W|GOLFKHQ:HWWUHQQHQ,KPZXUGHVFKZLQGHOLJDOVHUDQGLHQlFKVWHQ6WXQGHQXQG7DJH GDFKWH(VZDUVLFKHUQLFKWXQP|JOLFKVLFK(VVHQ]XEHVFKDIIHQDEHUWURW]GHPEOLHEHQ JDQ]H.DWDORJHYRQ*HIDKUHQEULJ-HGHHLQ]HOQHNRQQWHW|GOLFKZHUGHQ6HOEVWHLQH KDUPORVH:XQGHZXUGHKLHU]XHLQHU*HIDKU ³'DVZLUGVLFKILQGHQ´VDJWHHU³'XNDQQVWJHKHQ"*HKHQZLUZHLWHU´ ³,FKNDQQJHKHQ:RKLQJHKHQZLU"´ $WODQ JDE HV DXI HU VFKWWHOWH GHQ .RSI OHKQWH VLFK QHEHQ GDV 0lGFKHQ XQG VXFKWH GHQ +RUL]RQW DE $Q LQVJHVDPW YLHU 6WHOOHQ VDK HU YHUGlFKWLJH %HZHJXQJHQ DEHUQLFKWHLQPDOGLHFKDUDNWHULVWLVFKH)DUEHGHU.OHLGXQJRGHUGHU+DXWGHV*UDXHQ (UZLUGYHUVXFKHQGLFK]XXPJHKHQZLVSHUWHGHU/RJLNVHNWRU ³'DVKDEHLFKPLUJHGDFKW´ 1RFKHWZDIQI6WXQGHQGDQQPXWHQVLHHLQ*HELHWHUUHLFKWKDEHQDQGHPHLQ 0LQLPXP DQ *HIDKUHQ H[LVWLHUWH 'RUW PXWHQ VLH EHUQDFKWHQ 'DV ZDU GHU QlFKVWH VFKZLHULJH3XQNWLQGLHVHP9HUVXFKOHEHQGGLH6WDWLRQ]XHUUHLFKHQ)QI6WXQGHQ ³:LUPVVHQZHLWHU´ $WODQOHJWHZLHGHUVHLQHQ$UPXP1XUDP\V6FKXOWHUQXQG]RJVLHDQVLFK(QJ DQHLQDQGHUJHGUFNW JLQJHQ VLH VFKQHOO ZHLWHU²VR VFKQHOO ZLH HV GHU WFNLVFKH 8QWHUJUXQGJHVWDWWHWH :LHGHU NQRWHWHQ VLFK KDUPORVH NOHLQH *UlVHU ]XVDPPHQ XQG OLHHQ VLH VWROSHUQ :LHGHU VWUHFNWHQ VLFK GLH 5DQNHQ DXV ZLH 6FKODQJHQ RGHU $OOLJDWRUHQ 'LH 6WLHIHOEHJDQQHQVLFKDOOPlKOLFKDXI]XO|VHQ %VFKHEHZHJWHQVLFKK\VWHULVFKDOVVLHQDKHUNDPHQ %LV DXI GHQ 6DQG GHV %RGHQV XQG GLH )HOVHQ VFKLHQ MHGHU *HJHQVWDQG GHV 3ODQHWHQHLQY|OOLJVLQQORVHV(LJHQOHEHQHQWZLFNHOW]XKDEHQ.OHLQH%lXPHEHJDQQHQ VLFK]XVFKWWHOQDOV$WODQXQG1XUDP\QlKHUNDPHQ'LH9|JHOGLHYRQGHQ=ZHLJHQ DXIVWREHQ VWU]WHQ VLFK DXI GLH 0HQVFKHQ (LQPDO YHUIHKOWH HLQH ULHVLJH )OXJHFKVH $WODQQXUXPZHQLJH=HQWLPHWHUHKH$WODQVLHPLWHLQHPVFKQHOOHQ6FKXDXVGHU/XIW
$WODQXQGGHU*UDXH
M
$WODQ
KROHQNRQQWH 'HUGRQQHUQGH.UDFKGHU'HWRQDWLRQYHUULHW]ZDUVHLQHQ6WDQGRUWHLQLJHUPDHQ JHQDXDEHUGHU6FKXKDWWHVHLQ/HEHQJHUHWWHW ,QVHNWHQ VFKZLUUWHQ KHUDQ XQG OLHHQ VLFK NDXP DEZHKUHQ 1XU GHU WURFNQHQGH 6FKODPP XQG GHU 6FKZHL VFKLHQHQ 1XUDP\ XQG $WODQ GDYRU ]X EHZDKUHQ ELV ]XU 8QNHQQWOLFKNHLW]HUVWRFKHQXQG]HUELVVHQ]XZHUGHQ 'LH 6RQQH YHUZDQGHOWH VLFK LQ HLQH ULHVLJH EOXWURWH 6FKHLEH XQG VDQN ODQJVDP GHP+RUL]RQWHQWJHJHQ 6LH ZDUHQ YROONRPPHQ HUVFK|SIW XQG EUDXFKWHQ HLQHQ 3ODW] IU GLH 1DFKW :HLW XQG EUHLW ZDUHQ NHLQH )HOVHQ ]X VHKHQ LQ GHQHQ PDQ VLFK YHUVWHFNHQ NRQQWH 1RFK LPPHU NHLQH 6SXU GHV *UDXHQ /DQJVDP ZXUGH $WODQ QHUY|V XQG UHDJLHUWH KlXILJHU XQEHVRQQHQDOVHVVHLQH$UWZDU ³:DV LVW GDV IU HLQ VFK|QHV %LOG´ ULHI 1XUDP\ ODXW XQG GHXWHWH LQ GLH XQWHUJHKHQGH6RQQH ³:LUZHUGHQHVQRFKHLQSDDUPDOVHKHQ´ VDJWH$WODQXQGVFKOHSSWHVLHZHLWHU 6LH EHZHJWHQ VLFK MHW]W LP VHLFKWHQ :DVVHU HLQHV %DFKODXIHV HQWODQJ GHU 8IHU 'LH 8IHUZDUHQQLHGULJEHZDFKVHQDEHUZHLWHUYRUQHWZDIQI.LORPHWHUHQWIHUQWKDWWHGHU %DFKHLQNOHLQHV9I|UPLJHV7DODXVJHVFKQLWWHQ$WODQGDFKWHGDUDQGLHVHV=LHOQRFK YRU(LQEUXFKGHU'XQNHOKHLWHUUHLFKHQ]XN|QQHQ 9LHOOHLFKW JDE HV GRUW HLQH +|KOH RGHU HWZDV ZRULQ HU ZHQLJVWHQV 1XUDP\ YHUVWHFNHQNRQQWH 6LHVWROSHUWHQZHLWHU :DVVHU VLFNHUWH GXUFK GLH 6WLHIHO XQG NURFK GLH +RVHQEHLQH KLQDXI .OHLQH XQG JURH)LVFKHVWU]WHQVLFKMHGHVPDOZHQQHLQHUYRQLKQHQGHQ)XLQGHQZHLHQ.LHV VHW]WHDXIGLH6WLHIHO(LQPDONDPHLQODQJHUDDOlKQOLFKHU)LVFKKHUDQJHVFKOlQJHOWXQG YHUVHW]WH $WODQ HLQHQ HOHNWULVFKHQ 6FKODJ GHU LKQ EHLQDKH LQV :DVVHU JHVFKOHXGHUW KlWWH 6HLQ +HU] VFKOXJ MHW]W KDUW ZLH HLQ GHIHNWHU 0RWRU 8QXQWHUEURFKHQ OLHI GHU 6FKZHLDXVVlPWOLFKHQ3RUHQ(LQPDODOVNHLQH)LVFKH]XVHKHQZDUHQEFNWHVLFK $WODQ XQG NKOWH VHLQ VFKPHU]HQGHV *HVLFKW PLW :DVVHU 'HU 9HUVXFK DXFK 1XUDP\ IOFKWLJGDV*HVLFKWDE]XZDVFKHQPLJOFNWHZHLOVLHVLFKLQGHQ%DFKVWU]HQZROOWH $OV VLH GHQ :DOGUDQG HUUHLFKWHQ XQG GHQ %DFK YHUODVVHQ PXWHQ EUDFK GLH 'XQNHOKHLWKHUHLQ ³'LHVHQ +DQJ KLQDXI´ VDJWH $WODQ XQG KRIIWH GD GHU *UDXH VLH QLFKW PLW GHU :DIIHREHQHUZDUWHWH ³0XGDVVHLQ"´ ³8QEHGLQJW´ 6LHNDPHQXQWHUDOWHQ%lXPHQYRUEHLGHUHQWLHIKlQJHQGHbVWHVLFKVFKWWHOWHQ XQG %OlWWHU $VWVWFNFKHQ XQG URWEUDXQH )UFKWH QDFK LKQHQ VFKOHXGHUWHQ $OV GHU +DJHO YRUEHL ZDU EHWUDWHQ VLH HLQ 6WFN .LHVERGHQ LQ GHP HLQ]HOQH UXQGH %VFKH ZXFKVHQ 7LHUH UDQQWHQ DXV GHP *HlVW KHUYRU XQG VWU]WHQ VLFK DXI GLH %HLQH GHU 0HQVFKHQ $WODQ ]HUWUDW VLH XQG IOXFKWH XQEHKHUUVFKW 'DQQ HUUHLFKWHQ VLH HLQH =RQH QLHGULJHQ 0RRVHV GDV VLFK ELV ]XU 6SLW]H GHV +DQJHV HUVWUHFNWH /DQJVDP NOHWWHUWHQ VLH ]ZLVFKHQ GHQ HLQ]HOQHQ 3ROVWHUQ KLQDXI $WODQ VFKOHSSWH 1XUDP\ PLW GHU OLQNHQ +DQGKLQWHUVLFKKHUXQGEHKLHOWGLH:DIIHLQGHU5HFKWHQ 1DFKHLQHUPKVDPHQ.OHWWHUHLHUUHLFKWHQVLHGLH6SLW]HGHV+JHOVXQGVDKHQ GD HV NHLQ +JHO ZDU VRQGHUQ HLQ $EKDQJ 'DV /DQG GDKLQWHU ODJ HLQLJH KXQGHUW
$WODQXQGGHU*UDXH
M
$WODQ
0HWHUK|KHUDOVGLH=RQHGXUFKGLHVLHVHLWGHP$EVWXU]GHV*OHLWHUVJHNURFKHQZDUHQ ³'XEOHLEVWKLHUVWREHQ1XUDP\´VDJWH$WODQVWUHQJXQGGlPSIWHVHLQH6WLPPH ³:DUXP"´ 1XUDP\ EHWUDFKWHWH GDV GXQNHOQGH %LOG ULQJVXP XQG JLQJ ODQJVDP YRQ HLQHP GHUVFKODQNHQ3DOPHWWRElXPH]XPDQGHUHQ+LHUJDEHVQXU0RRVXQGKRFKVWlPPLJH %lXPH 8QG PDQ KDWWH HLQHQ KHUYRUUDJHQGHQ $XVEOLFN DXI GDV XQWHUKDOE JHOHJHQH *HOlQGH 'LH 6RQQH ZDU ]XU +lOIWH EHUHLWV KLQWHU GHQ +RUL]RQW JHWDXFKW XQG EHUVFKWWHWHGLHZDKQVLQQLJJHZRUGHQH1DWXUPLWURWHP)HXHU$WODQUHFKQHWHGDPLW GDVLHLQGHU1DFKWQXUYRQ7LHUHQEHOlVWLJWZHUGHQZUGHQGHQQGLH3IODQ]HQZUGHQ VLH²HYHQWXHOOQLFKW³VHKHQ´N|QQHQ ³,FKP|FKWHHV'XNDQQVWVWHUEHQZHQQGXGLHVHQ3ODW]YHUOlW´ ³:DV LVW µVWHUEHQ¶"´ IUDJWH VLH XQG XPDUPWH HLQHQ %DXP $WODQ ULFKWHWH VHLQH $XJHQ]XP+LPPHO ³(WZDV (QGJOWLJHV´ PXUPHOWH HU XQG KRE GLH :DIIH (U PXWH YHUVXFKHQ HV DXIGLHVH:HLVH]XVFKDIIHQ (U OLHI ODQJVDP XQG LP =LFN]DFN HLQHQ JURHQ XQUHJHOPlLJHQ .UHLV 1DFK¶ ZHQLJHQ 0LQXWHQ NRQQWH HU HLQLJHUPDHQ VLFKHU VHLQ GD VLFK LQ HLQHP 8PNUHLV YRQ HWZD]ZHLKXQGHUW0HWHUQZHGHUHLQJU|HUHU6DXULHUYHUEDUJQRFKDQGHUH*HIDKUHQ]X JHJHQZDUWLJHQZDUHQ 8QGZRLVWGHU*UDXH"HUNXQGLJWHVLFKYRUZXUIVYROOGHU([WUDVLQQ ³,FKZHLHVQLFKW´NQXUUWH$WODQXQGVSlKWHLPXQVLFKHUHQ+DOEGXQNHOGHQ+DQJ KLQXQWHU³$EHULFKZHUGHLKQK|UHQZHQQPLUPHLQ([WUDVLQQGDEHLKLOIW´ 'HQNHDQGDV(VVHQ,KUEHUVWHKWVRQVWGHQPRUJLJHQ7DJQLFKW ,FKGHQNHEHUHLWVGDUDQGDFKWHGHU$UNRQLGH (U VDPPHOWH )UFKWH YRQ GHQHQ HU DQQDKP GD VLH JHQJHQG :DVVHU HQWKLHOWHQXQGQLFKWJLIWLJZDUHQ(UZXUGHVLHYRUKHUNRVWHQPVVHQXQGNRQQWHGDUDXI YHUWUDXHQ GD GHU =HOODNWLYDWRU HLQH 9HUJLIWXQJ DEZHQGHQ NRQQWH 'HU 5DQG GHV :DOGHVKLHUJLQJLQ%XVFKZHUNEHU$OVRXPJDEHQGLH%VFKHGHQ3XQNWDQGHPMHW]W 1XUDP\VWDQGRGHUVD]XGUHL9LHUWHOQ'DVOHW]WH9LHUWHOZDUIUHLHU$EKDQJ9RQGRUW NRQQWHGHU*UDXHNRPPHQ 'HU$UNRQLGHNHKUWH]XUFNXQG]RJGLH]HUVFKOLVVHQH-DFNHDXV 1XUDP\ ODJ ]XVDPPHQJHUROOW DXI GHP %RGHQ XQG VFKOLHI $WODQ ZDU IU GLHVH 8QWHUEUHFKXQJ GDQNEDU XQG SURELHUWH GLH )UFKWH DXV 6LH VFKLHQHQ DXFK QDFK HLQHU :DUWH]HLW YRQ HLQHU KDOEHQ 6WXQGH XQJLIWLJ ]X VHLQ MHGHQIDOOV VFKPHFNWHQ VLH VDXHU IULVFKXQGHQWKLHOWHQYLHO:DVVHU $OV HW VLFK HQGOLFK VHW]WH GHQ 5FNHQ JHJHQ HLQHQ %DXPVWDPP JHOHKQW YRU VLFKIUHLHV6FKXIHOGK|UWHHUGHQ'RQQHUHLQHVQlKHUNRPPHQGHQ*HZLWWHUV ³'DV LVW YHUPXWOLFK PHKU :DVVHU DOV ZLU EUDXFKHQ´ VDJWH HU VLFK XQG VFKOR EHWlXEWGLH$XJHQ (UVFKlOWHHWZDVPHKUDOVGLH+lOIWHGHU)UFKWHZDUIHLQLJHDQJHIDXOWHZHJXQG ODXVFKWHLQGLH1DFKW 'DV*HZLWWHUNDPQlKHU
$WODQXQGGHU*UDXH
M
$WODQ
$WODQOLH1XUDP\GUHL6WXQGHQODQJVFKODIHQ 'DQQ ZHFNWH HU VLH DXI XQG WURW] LKUHU %HQRPPHQKHLW D VLH JHKRUVDP GLH )UFKWH 6LH ZDU ZLH HLQ .LQG GDV ZHGHU GLH *HIDKUHQ HUNDQQWH QRFK VLFK EHU GLH HLJHQH/DJHNODUZHUGHQNRQQWH ³,FKK|UHZLHVFKZHUH:DJHQYRUEHLIDKUHQ´VDJWHVLH(LQ%OLW]VSDOWHWHMHQVHLWV GHV6XPSIHVGHQ+LPPHOGDQQNUDFKWHGHU'RQQHUVFKODJEHUGLH/DQGVFKDIW8QWHQ DP%DFKIOXFKWHWHQ7LHUH$WODQVHW]WHVLFKDXIXQGOHJWHGLH:DIIH]XUHFKW(LQIHUQHV 5DXVFKHQNQGLJWHGHQQlKHUNRPPHQGHQ5HJHQDQ ³(VLVWHLQ*HZLWWHU´HUNOlUWHHU 6LH D LKUH 5DWLRQ DXI XQG EHWUDFKWHWH GDQQ $WODQ DOV VHL HU LKU ZLHGHU IUHPG JHZRUGHQ6FKOLHOLFKQDFKODQJHQ0LQXWHQVFKLHQVLHHLQHQ0RPHQWGHU9HUQXQIW]X KDEHQ6LHHUNDQQWHLKQ ³$WODQ´IOVWHUWHVLHHQWVHW]W ³6R LVW HV :LU VFKODJHQ XQV GXUFK GHQ 'VFKXQJHO GXUFK XQG ZHUGHQ YRP *UDXHQYHUIROJW´ ³:LHODQJHUHQQHQZLUVFKRQVR"´ ³6HLW0LWWDJ:LUVLQGHLQVFK|QHV6WFNZHLWHUJHNRPPHQ$EHUZLUKDEHQQRFK YLHOH7DJHYRUXQV´ ³'XKDVWGLH)UFKWHJHVDPPHOWIUPLFK"´ (UQLFNWHXQGODXVFKWHLQGHQ5HJHQXQGLQGLHUROOHQGHQ+DOOHIIHNWHKLQDXV(LQ VFKZDFKHU:LQGEHZHJWHGLH%lXPH8QWHQLP7DOHQWZXU]HOWHHLQULHVLJHU6DXULHUDXI GHU6XFKHQDFK)UHVVHQ6WUlXFKHUXQGNOHLQH%lXPH ³)UXQV´ ³:LUVLQGYROONRPPHQHUVFK|SIW":LUPVVHQ]X)XELV]XP5DXPKDIHQRK³¶ 6LH VFKOXJ GLH +lQGH YRUV *HVLFKW XQG EOLHE LQ GLHVHU +DOWXQJ HLQLJH 0LQXWHQ ODQJ VLW]HQ $OV GDV 0lGFKHQ $WODQ ZLHGHU DQEOLFNWH VDK HU LP NXU]HQ /LFKW HLQHV %OLW]HVGDLKU9HUVWDQGZLHGHUXPQHEHOWZDU6LHUXWVFKWHEHUGDV]LWWHUQGH0RRV]X LKPKHUDQXQGOHJWHLKUHQ.RSIVFKXW]VXFKHQGDQVHLQH.QLH$WODQQDKPGLH:DIIHLQ GLH+DQGXQGGUHKWHGHQ.RSIQDFKOLQNVXQGUHFKWV .HLQH*HIDKU1RFKQLFKWPHOGHWHVLFKGHU([WUDVLQQ (QGOLFKZDUGDV*HZLWWHUGD 'LH %lXPH ERJHQ VLFK XQWHU HLQ]HOQHQ 6WXUPVW|HQ %OLW]VFKOlJH XQG 'RQQHU O|VWHQ HLQDQGHU LQ UDVHQGHU )ROJH DE 'LH HUVWHQ 7URSIHQ ILHOHQ 'DQQ NDPHQ GLH 7URSIHQ ]DKOUHLFKHU XQG GLFKWHU $WODQ ]RJ GDV +HPG DXV XQG EUHLWHWH HV EHU HLQ 0RRVSROVWHU(U]RJDXFKGLH6WLHIHODXVXQGVWHOOWHVLFKLQGHQVWU|PHQGHQ5HJHQ 1DFK HLQHU :HLOH EHJULII 1XUDP\ XQG ZXVFK VLFK HEHQIDOOV DXI GLHVH $UW 'HU lUJVWH6FKPXW]XQGYRUDOOHPGHU*HVWDQNZXUGHQDXVGHQ+DDUHQXQGYRQGHU+DXW JHVSOW6FKODPPLJH%UKHUDQQDXVGHQ.OHLGHUQ,PPHUZLHGHUVDKVLFKGHU$UNRQLGH XP XQG EHZHJWH VLFK QLFKW ZHLW YRQ GHU :DIIH ZHJ GLH HU DQ HLQH WURFNHQH 6WHOOH XQWHUKDOE GHU :XU]HOQ JHOHJW KDWWH ,PPHU GLFKWHU ILHO GHU 5HJHQ (U EHUW|QWH MHGHV DQGHUH*HUlXVFK'DV+HXOHQGHV6WXUPHVOLHQDFK ³'DV LVW VFK|Q $EHU HV SULFNHOW DXI GHU +DXW´ VFKULH 1XUDP\ 6LH WDQ]WH ]ZLVFKHQGHQ%lXPHQKLQXQGKHUXQGKLHOWLKU*HVLFKWGHP5HJHQHQWJHJHQ /DQJVDPOLHGHU5HJHQQDFK $WODQJLQJPLWODQJJHEWHU0HWKRGLNYRU(UZUDQJGLHQDVVHQ.OHLGXQJVVWFNH DXVXQGEUHLWHWHVLHDQHLQLJHQbVWHQDXIJHVSDQQWVRDXVGDVLHELV]XP0RUJHQPLW
$WODQXQGGHU*UDXH
M
$WODQ
HLQLJHU 6LFKHUKHLW WURFNHQ ZXUGHQ 'DQQ SXW]WH HU GLH 6WLHIHO LQQHQ PLW %VFKHOQ KHUDXVJHULVVHQHQ0RRVHVDXVVWHOOWHVLH]XU6HLWHXQGYHUVXFKWHGDV0lGFKHQGD]X ]XEULQJHQGDVLHVLFKZLHGHUKLQOHJWH 6FKOLHOLFKKDWWHHUHVJHVFKDIIW (UVDDQVHLQHQ6WDPPJHOHKQW1XUDP\KDWWHVLFKDXVJHVWUHFNWXQGGHQ.RSI LQ VHLQHQ 6FKR JHOHJW 6LH VFKOLHI PLW GHU 8QHUVFKWWHUOLFKNHLW HLQHV .LQGHV 'HU $UNRQLGH KLHOW GLH HQWVLFKHUWH :DIIH LQ GHU UHFKWHQ +DQG $OOH VHLQH 6LQQH ZDUHQ DXI GDV +|FKVWH JHVSDQQW -HW]W VFKLHQ GLH 1DWXU UXQGKHUXP HLQLJHUPDHQ UXKLJ ]X VHLQ WURW] GHV 3VL(IIHNWHV EUDXFKWHQ DXFK 3IODQ]HQ XQG 7LHUH HLQH EHVWLPPWH 3KDVH GHU ,QDNWLYLWlW 1XU GLH QDFKWMDJHQGHQ 7LHUH VWULFKHQ ]ZLVFKHQ GHQ :LSIHOQ XQG 6WlPPHQ KLQGXUFK $WODQ VFKOLHI QLFKW QXU HLQ 7HLO YRQ LKP HQWVSDQQWH VLFK (U ZUGH LQ HLQHP 6HNXQGHQEUXFKWHLOZDFKZHUGHQZHQQVHLQ([WUDKLUQHWZDVPHUNWH %HL6RQQHQDXIJDQJUKUWHVLFK$WODQZLHGHU ³,FK IKOH PLFK HUVWDXQOLFKHUZHLVH QLFKW HLQPDO VFKOHFKW´ PXWH HU PXUPHOQG ]XJHEHQ 0LWXQHQGOLFKHU9RUVLFKW]RJHUVHLQ%HLQXQWHU1XUDP\V.RSIKHUYRUXQGEHWWHWH GDV 0lGFKHQ DXIV 0RRV (U VWDQG DXI VFKOSIWH LQ GLH OHLGOLFK WURFHQHQ 6WLHIHO QLFKW RKQH VLH YRUKHU DXVGDXHUQG JHJHQHLQDQGHU JHVFKODJHQ ]X KDEHQ (V ILHOHQ 7LHUH KHUDXVGLHZLH7DXVHQGIOHUPLWODQJHQ.LHIHU]DQJHQDXVVDKHQ ³(LQQHXHU7DJ´VDJWH$WODQ(LQ*HIKOGDVHUQLFKWQlKHUEHVFKUHLEHQNRQQWH KDWWHLKQHUIDW$OOHVVDKDXIHLQPDONODUHUXQGLUJHQGZLHRSWLPLVWLVFKHUDXV 1LFKWXQEHGLQJWHLQJXWHU7DJZDUQWHGHU/RJLNVHNWRU 6LHKDWWHQMHGHQIDOOVHLQHJXWH6WUHFNH]XUFNJHOHJWXQGZUGHQDXFKDQGLHVHP 7DJ]ZDQ]LJELVGUHLLJ.LORPHWHUYRUZlUWVNRPPHQ9LHOOHLFKWVRJDUPHKU $WODQ VDPPHOWH ZLHGHU HLQH JHK|ULJH 3RUWLRQ )UFKWH HLQ XQG DFKWHWH DXI 6SXUHQ DEHU HQWZHGHU JDE HV NHLQH RGHU GHU QlFKWOLFKH 5HJHQ KDWWH VLH UHVWORV YHUZLVFKW $OV VLFK GLH 6RQQH HLQH +DQGEUHLW EHU GHQ +RUL]RQW HUKREHQ KDWWH EHIDQGHQVLFK1XUDP\XQG$WODQZLHGHUDXIGHP:HJ 6LHNDPHQJXWYRUDQ
(U KDWWH HV JHVWHUQ YHUVXFKW HU YHUVXFKWH HV PHKUPDOV LQ GHU 1DFKW XQG MHW]W YHUVXFKWHHUHVZLHGHU$EHUQLHPDQGNPPHUWHVLFKLQGHU6WDWLRQXPGDV)XQNJHUlW +HXWH NDP DXV GHP /DXWVSUHFKHU ZHQLJVWHQV QLFKW PHKU GDV *HVFKUHL YHUPXWOLFK VFKOLHIHQVLHDOOHZLHHUVFK|SIWQDFKGHPVLHHLQHQKDOEHQ7DJXQGELVVSlWLQGLH1DFKW KLQHLQVLFKDXVJHWREWKDOWHQ ³'LHVHUYHUGDPPWH$UNRQLGH$EHUKHXWHZHUGHLFKLKQW|WHQ´VDJWHGHU*UDXH XQG VFKDOWHWH QDFK HLQHP ZHLWHUHQ ]HKQPLQWLJHQ 9HUVXFK GDV )XQNJHUlW ZLHGHU DE ,Q]ZLVFKHQKDWWHHUVLFKGDPLWDEJHIXQGHQGHQJHVDPWHQ:HJ]X)X]XUFN]XOHJHQ 'HU KDOEH 7DJ KDWWH DQ VHLQHU 6XEVWDQ] JH]HKUW (U IKOWH VLFK REZRKO HU HLQHQ PLWWHOJURHQ 6DXULHU JHVFKRVVHQ KDWWH XQG GLH EHVWHQ )OHLVFKVWFNH JHEUDWHQ XQG JHJHVVHQ KDWWH HUVFK|SIW XQG XQOXVWLJ 'D]X NDP GLH EHEHQGH :XW (U KDWWH GDV 7LHIODQG XQG GLH .XSSHO ZHLW KLQWHU VLFK JHODVVHQ XQG EHIDQG VLFK MHW]W LQ MHQHU UlWVHOKDIWHQ =RQH GLH DXV YLHOIDUELJHQ 6DQGVWUHLIHQ YHUHLQ]HOWHQ *HZlFKVLQVHOQ XQG
$WODQXQGGHU*UDXH
M
$WODQ
DQGHUHQ DEHU JHQDX DEJH]LUNHOWHQ ODQGVFKDIWOLFKHQ 0HUNPDOHQ EHVWDQG 1RFK ZDU HU XQHQWVFKORVVHQ RE HU $WODQ DXIODXHUQ RGHU HLQIDFK ZHLWHUODXIHQ XQG PLW YHUEHVVHUWHU $XVUVWXQJ HU ODFKWH NXU] 9HUEHVVHUW 6HOEVW HLQ %URVHVVHO ZlUH VFKRQ HLQH 9HUEHVVHUXQJ JHZHVHQ (U EHVD VHLQ QXW]ORVHV )XQNJHUlW XQG GLH :DIIH VRQVW QLFKWV ³,FKZHUGHEHLGHVWXQ¶HQWVFKORHUVLFK (UKDWWHHLQHQ9RUVSUXQJKHUDXVVFKODJHQN|QQHQLQGHPHUQDFKGHU6WDPSHGH VFKQHOOHU JHUDQQW ZDU XQG GHQ ODQJHQ $EKDQJ EHUZXQGHQ KDWWH PLW 6LFKHUKHLW YRU GHP$UNRQLGHQ(UZUGHMHW]WQDFK6RQQHQDXIJDQJVHLQHQ9RUVSUXQJYHUJU|HUQXQG GHXWOLFKH6SXUHQOHJHQ8QGLUJHQGZRDP(QGHGLHVHU6SXUHUZDUWHWHHU$WODQ'LHVH )DOOHZUGH]XVFKQDSSHQ ³/RV$XI:HLWHU´NQXUUWHHU (U KDWWH GLH 1DFKW DXI HLQHP )HOVVWFN YHUEUDFKW 1RFK MHW]W VFKPHU]WHQ GLH .QRFKHQ XQG GLH 0XVNHOQ 'HU 5HJHQJX KDWWH LKQ JOHLFKHUPDHQ GHPRUDOLVLHUW ZLH HUIULVFKW 'HU*UDXHNOHWWHUWHYRP)HOVHQKLQXQWHUXQGVDKKLQEHU]XPREHUHQ5DQGGHU 6FKOXFKWGXUFKGLHGHU%DFKUHFKWVYRQLKPIOR)QIKXQGHUW0HWHU$EVWDQG (VZDUQLFKWVLHODEHUDXFKQLFKWZHQLJ-HGHQIDOOVZDUGHU%RGHQKLHUEHVVHU ZHLOHVQDFKDOOHU9RUDXVVLFKWNDXP7LHUHXQGVHKUZHQLJH3IODQ]HQJDEGHQHQPDQ VRJDUEHTXHPDXVZHLFKHQNRQQWH 0LWGXPSIHP*HUlXVFKODQGHWHGHU*UDXKlXWLJHDXIGHP6DQG6HLQH.OHLGXQJ ZDU]HUVFKOLVVHQhEHUDOOLQGHQ6lXPHQVFKDEWHXQGNUDW]WHGHU6DQG'LH6WLHIHOXQG GHU*UWHOVFKLHQHQQRFKEUDXFKEDUDEHUYHUPXWOLFKZUGHHUQDFNWDQNRPPHQ$XFK GDVZDULKPJOHLFKJOWLJ+DXSWVDFKHZDUGDHU$WODQW|WHWHXQGGLH%DVLVHUUHLFKWH %HLGHVNRQQWHHUVFKDIIHQ (UJLQJORV =XHUVWODQJVDPXPVHLQHQVWHLIHQ.|USHUGDUDQ]XJHZ|KQHQGDHUVLFKKHXWH EHU GUHLLJ RGHU PHKU .LORPHWHU 3ODQHWHQREHUIOlFKH ]X VFKOHSSHQ KDWWH 'HU HUVWH 6FKZHLEHJDQQ]XWURFNQHQ$XVGHQNOHLQHQ:lOGHUQXQGGHQNXJHOLJHQ,QVHOQDXV *UQEHJDQQHQGLH1HEHOVWUHLIHQ]XVLFNHUQ 'DQQ JLQJ HU VFKQHOOHU XQG NDP DXI GHP IHXFKWHQ IHVWJHVWDPSIWHQ 6DQG JXW YRUZlUWV (U KLQWHUOLH GHXWOLFKH 6SXUHQ 'DQQ EHJDQQ HU ODQJVDP ]X ODXIHQ HLQH *HVFKZLQGLJNHLWGLHHUKDOEH6WXQGHQODQJXQXQWHUEURFKHQGXUFKKDOWHQNRQQWH (U UDQQWH ]XHUVW EHU HLQHQ EUHLWHQ 6WUHLIHQ ZHLHQ 6DQGHV GDQQ GXUFK GHQ URWHQ6DQGVFKOLHOLFKZHFKVHOWHHUDXIGHQJU|EHUN|UQLJHQ6DQGGHUDXVHLQHPDOWHQ 9XONDQDXVZXUI VWDPPWH 'LH 3IODQ]HQ HQWODQJ VHLQHV :HJHV UHJLVWULHUWHQ LKQ XQG VFKOHXGHUWHQ LKP NOHLQH 1VVH HQWJHJHQ GLH LKQ PLW VFKPHU]KDIWHQ 6FKOlJHQ LP *HVLFKWWUDIHQ 6LH SHLWVFKWHQ PLW ODQJHQ 5DQNHQ QDFK LKP XQG VWUHFNWHQ GQQH :XU]HOQ DXV XPLKQ]X)DOO]XEULQJHQ 'HQ:XU]HOQZLFKHUDXVLQGHPHUEHUVLHKLQZHJVSUDQJRGHU´ZHQQVLHGQQ JHQXJZDUHQVLHDFKWORV]HUULXQGDXVGHP%RGHQ]HUUWH'HU7XUJRUGHURVPRWLVFK JHVWHXHUWH,QQHQGUXFNGHU3IODQ]HQVFKLHQDXIGDV0HKUIDFKHDQJHZDFKVHQ]XVHLQ µ'HQ5DQNHQNRQQWHHUPHLVWQLFKWDXVZHLFKHQDOVRULHUVLHDEXQG]HUNUDW]WH VLFKGDEHLVHLQH+DXWXQGGLH)LQJHUQlJHO 'LH )UFKWH GHU 3IODQ]HQ ZHKUWH HU DE LQGHP HU VFKW]HQG HLQHQ $UP YRU GLH
$WODQXQGGHU*UDXH
M
$WODQ
$XJHQKLHOW$QVRQVWHQDFKWHWHHUGDUDXIGDHUVLFKLPPHULP=HQWUXP]ZLVFKHQGHQ EHLGHQ5lQGHUQGHVVDQGLJHQ6WUHLIHQVEHIDQG /DQJVDPUDQQWHHUQDFK1RUGHQ
$WODQV/HEHQZDUYROOHU6WUDSD]HQJHZHVHQ(UZDUSHUV|QOLFKGDYRQEHU]HXJW GD HV NDXP HLQ OHEHQGHV :HVHQ LQQHUKDOE GHU EHNDQQWHQ *DOD[LV JDE GDV VRYLHO *HIDKUHQ OHEHQG EHUVWDQGHQ KDWWH XQG VRYLHO 6WUDSD]HQ EHU VLFK KDWWH HUJHKHQ ODVVHQ PVVHQ ZLH HU .ULVWDOOSULQ] $WODQ DXV GHP *HVFKOHFKW GHUHU YRQ *RQR]DO 6HOEVW GLH HUVWHQ /HEHQVMDKUH DQ GLH HU VLFK EHZXW HULQQHUWH²DQ GHU 6HLWH VHLQHV YlWHUOLFKHQ )UHXQGHV GHV GLFNHQ ZHQGLJHQ XQG OLVWHQUHLFKHQ 0DQQHV GHU LKP GXW]HQGH 0DOH GDV /HEHQ JHUHWWHW KDWWH ZDUHQ HLQ 6DPPHOVXULXP YRQ *HIDKUHQ JHZHVHQ 6LH KDWWHQ LKQ $WODQ KlUWHU XQG VFKQHOOHU JHPDFKW DEHU NHLQ 2UJDQLVPXV KlWWHGLHVEHUVWDQGHQZHQQHUQLFKWGHQ=HOOVFKZLQJXQJVDNWLYDWRUHUKDOWHQKlWWH 8QGGHLQ([WUDKLUQGDVGLFKDXVPLOOLRQHQIDFKHU*HIDKUKROWXQGGLFKOHEHQVODQJ EHUDWHQXQGNRUULJLHUWKDWVDJWHGHU/RJLNVHNWRUVWUHQJ ³6R LVW HV´ PXUPHOWH $WODQ XQG EHIDQG VLFK GUHL 0HWHU YRQ GHU HUVWHQ 6SXU HQWIHUQW ³:DVVLQGGDVIU*UXEHQLP6DQG":RKQHQGRUWGLH%OXPHQ"´HUNXQGLJWHVLFK 1XUDP\ ³(V VLQG GLH 6SXUHQ GHV *UDXHQ GHU XQV EHUKROW KDW 9HUPXWOLFK ZDUWHW HU LUJHQGZRLQHLQHPEHVRQGHUVJQVWLJHQ7HLOGHU6WUHFNHXPXQV]XW|WHQ´VDJWH$WODQ ODXW 'LH 6SXUHQ ZDUHQ QLFKW lOWHU DOV HLQH 6WXQGH 'HU 9RUVSUXQJ ZDU DOVR QLFKW EHVRQGHUVJUR$QJHVLFKWVGHUPLQGHVWHQVKXQGHUW]ZDQ]LJ.LORPHWHUGLHVLHQRFK]X ODXIHQ KDWWHQ HLQ OlFKHUOLFKHU 9RUVSUXQJ GHU QXU WDNWLVFKH %HGHXWXQJ EHVD $WODQ N|QQWHVLFKZlUHHUDOOHLQELQQHQ0LQXWHQ]XQLFKWHPDFKHQ ³:LH VFK|Q :LH DXIUHJHQG´ ULHI 1XUDP\ 6LH OLHI JHKRUVDP KLQWHU LKP KHU LQ HLQHP7UDEGHUGLH.UlIWHQDFK0|JOLFKNHLWHUKLHOW $EHU GLH $QVWUHQJXQJHQ HLQHV VROFKHQ /DXIHV ZUGHQ QRFK ODQJH LQ LKP VWHFNHQGDFKWH$WODQ6HOEVWZHQQGLHVHVZXQGHUEDUHHLJURH*HUlWDQGHUJROGHQHQ .HWWH XP VHLQHQ +DOV ZHLWHUKLQ IXQNWLRQLHUWH XQG VHLQHQ JHVDPWHQ .UHLVODXI XQWHUVWW]WH GLH 0GLJNHLW DXIKLHOW GHQ =HOO]HUIDOO YHUKLQGHUWH XQG ]DKOORVH DQGHUH )XQNWLRQHQGXUFKIKUWH 9RUVLFKWhEHUGLU*HIDKUVLJQDOLVLHUWHGDV([WUDKLUQ $WODQULGHQ.RSIXQGJOHLFK]HLWLJDXFKGHQ$UPPLWGHUVFKXEHUHLWHQ:DIIH KRFK 'LUHNW EHU LKQHQ NUHLVWHQ ULHVLJH (FKVHQ PLW +DPPHUN|SIHQ XQG ULHVLJHQ GUHLHFNLJHQ 6FKQlEHOQ 6LH VDKHQ HLQ ZHQLJ ZLH 3WHUDQRGRQWHQ DXV DEHU VLH ZDUHQ VFKQHOOHU OLVWLJHU XQG ³ JHIlKUOLFKHU $WODQ KDWWH NHLQH DQGHUH :DKO (U PXWH GHP IOFKWHQGHQRGHUODXHUQGHQ*UDXHQVHLQHQ6WDQGRUWYHUUDWHQ$EHUGDGHU*UDXKlXWLJH RKQHKLQHUZDUWHWHGD$WODQLQVHLQHQ6SXUHQIROJWHZDUGHVVHQhEHUUDVFKXQJVLFKHU QLFKWVRQGHUOLFKJUR ³0HLQHWZHJHQ´ VDJWH GHU $UNRQLGH 'HU HUVWH )OXJVDXULHU VWU]WH VLFK PLW DQJHZLQNHOWHQ 6FKZLQJHQ XQG ]LHOHQG DXVJHVWUHFNWHP 6FKQDEHO DXI $WODQ XQG GDV 0lGFKHQGDVGLHVHDXIUHJHQGVFKQHOOH)RUPDXVGHPIDKOHQ%ODXGHV0RUJHQKLPPHOV
$WODQXQGGHU*UDXH
M
$WODQ
IUHWZDVDQGHUHVKLHOWDOVHVZDU 'HUHUVWH6FKXWUDI(LQHNUDFKHQGH(QWODGXQJUROOWHRKQH(FKREHUGLHIODFKH /DQGVFKDIW 'DV 7LHU ZXUGH LQ GHU /XIW LQ PHKUHUH )HW]HQ DXVHLQDQGHUJHULVVHQ +DXFKHQG XQG VWLQNHQG VWU]WHQ GLH 7HLOH DXI GHQ 6DQG 'LH +lOIWH GHU )OXJHFKVHQ ILHO QDFKHLQDQGHU DXI GDV UDXFKHQGH %QGHO HLQ DEHU GLH DQGHUH YHUIROJWH GLH EHLGHQ UHQQHQGHQ6FKDWWHQZHLWHU ³:LHKHUUOLFK6LHEHVXFKHQXQV´VFKULH1XUDP\DEHU$WODQOLHLKUH+DQGQLFKW ORV:WHQGVFKOXJVLHPLWEHLGHQ)lXVWHQDXIVHLQH/LQNH+DQGHLQZlKUHQGHUVLFK GUHKWHXQGZHQGHWHXQGQDFKREHQ]LHOWH:LHGHUNUDFKWHQ]ZHL6FKVVH (LQHUGHU6DXULHUVWDUELQGHU/XIWHLQ]ZHLWHUUDPPWHLKQXQGLP=HQWUXPGHU DQGHUHQ GLH XQYHUlQGHUW PLW VFKQHOOHQ IOHGHUPDXVDUWLJHQ )OJHOVFKOlJHQ KLQWHU GHQ 0HQVFKHQ KHUIODWWHUWHQ GHWRQLHUWH HLQ %OLW] XQG VSUHQJWH VLH QDFK DOOHQ 5LFKWXQJHQ DXVHLQDQGHU1DFKHLQLJHQ6HNXQGHQVDPPHOWHQVLHVLFKZLHGHUDEHUQXUHLQHHLQ]LJH (FKVH QDKP GLH9HUIROJXQJ DXI XQG VWLH PHKUPDOV DXI GLH ODQJHQ .|USHUVFKDWWHQ KHUXQWHU GLH $WODQ XQG 1XUDP\ ZDUIHQ $WODQ OLH GDV 0lGFKHQ ORV QDKP HLQHQ 6WHLQEURFNHQXQG]HUWUPPHUWHGDPLWGHQ6FKlGHOGHV7LHUHVGDVJHUDGHZLHGHUPLW HLQHPVFKQHOOHQ$QODXIVWDUWHQZROOWH ³6R´VDJWHHU³:LHGHUHLQLJH0LQXWHQ5XKH´¶ (U KRE 1XUDP\ DQ GHQ 6FKXOWHUQ DXI OHJWH VHLQHQ $UP XP VLH XQG JLQJ ODQJVDPHU ZHLWHU $XFK VLH ZXUGHQ YRQ 5DQNHQ :XU]HOQ XQG JHVFKRDUWLJ DEJHZRUIHQHQ)UFKWHQEHOlVWLJWDEHUGHU*UDXHKDWWHEHUHLWV GLHPHLVWH$NWLYLWlWDXI VLFKJH]RJHQXQGYLHOH3IODQ]HQ]HUVW|UW ³:HLWHU´ *HIlKUOLFK JHLVWW|WHQG XQG DQVWUHQJHQG GDFKWH GHU $UNRQLGH -HGHU %HUXIVVSD]LHUJlQJHU ZUGH EHUHLWV EHLP *HGDQNHQ DQ GLHVH $QVWUHQJXQJ ]XUFNVFKDXGHUQ $EHU ZlKUHQG GLHVHV ODQJHQ 0DUVFKHV JHZDQQ HU GDGXUFK GD HU ODQJVDP XQG NRQVWUXNWLY GDFKWH HLQ OFNHQORVHV %LOG EHU GHQ 9HUODXI GHU JURHQ .ULVH GLH PLW GHP HUVWHQ 6WFN 3ODQHWHQPDWHULH DXI HLQHU DQGHUHQ :HOW EHJRQQHQ KDWWH 'DV%LOGZDUMHW]WNODU 9RUDXVJHVHW]W HU HUUHLFKWH GLH %DVLV XQG NRQQWH PLW GHP +\SHUVHQGHU GHV 6FKLIIHV +LOIH KHUEHLUXIHQ ZDUHQ VLH²YLHOOHLFKW VRJDU PLW GHU +LOIH GHU $NRQHQ²LQ HUVWDXQOLFKNXU]HU=HLWLQGHU/DJHGLHVHV5DWWHQQHVWDXV]XKHEHQ 2EZRKOGLH6RQQHQLFKWKRFKDP+LPPHOVWDQGEHJDQQZLHGHUGLHVHGUFNHQGH 6FKZOH 1XU ODQJVDP O|VWHQ VLFK GLH JUDXHQ 6FKOHLHU GHU 1HEHO DXI -HW]W ZDUHQ VLH YRP 6RQQHQOLFKWHUIOOW XQG ZLUNWHQ ZLH OHXFKWHQGH 9RUKlQJH GXUFK GHUHQ )DOWHQ VLFK DOOHVEHZHJWH 6WXQGHQODQJJLQJHQXQGOLHIHQVLHZHLWHU $OV GHU $EVWDQG GHU HLQ]HOQHQ 6SXUHQ LPPHU HQJHU ZXUGH PDFKWH GLHV $WODQ VHKU QDFKGHQNOLFK (U EOLHE VWHKHQ EHUOHJWH XQG EHWUDFKWHWH GDV *HOlQGH YRU LKP 0LWWDJ²XQGHVJDEIDVWNHLQH6FKDWWHQ'LH6RQQHVWUDKOWHQDKH]XVHQNUHFKWDXVGHP IDKOHQ +LPPHO 'LH /XIW ZDU ZHQLJHU IHXFKW DEHU HV ZDU XQHUWUlJOLFK KHL 6RJDU GLH ,QVHNWHQGLHVLHELVKHUEHOlVWLJWKDWWHQVFKLHQHQJHOlKPW]XVHLQ 1LFKW GDV EHVWH *HOlQGH IU HLQHQ +LQWHUKDOW $EHU YLHOOHLFKW UHFKQHW HU GDPLW GDGXJHQDXGLHVGHQNVWVDJWHGHU([WUDVLQQXQGPDFKWHHLQHQ9RUVFKODJGHU$WODQ
$WODQXQGGHU*UDXH
M
$WODQ
DN]HSWDEHOHUVFKLHQ6FKOLHOLFKKDWWHHUHVPLWHLQHPKRFKLQWHOOLJHQWHQ*HJQHU]XWXQ GHU VHLQHQ 7RG ZQVFKHQ PXWH XQG DOOHV GDUDQ VHW]HQ ZUGH GLHVHV 9RUKDEHQ ]X YHUZLUNOLFKHQ ³1DWUOLFK´ VDJWH GHU $UNRQLGH OHLVH ³GHU EHVWH 6FKXZLQNHO PLW JHQJHQG 9HUVWHFNP|JOLFKNHLWHQ´ 'HUODQJHLQJHPlLJWHP=LFN]DFNYHUODXIHQGH6DQGVWUHLIHQZDUKLHU]X(QGH (LQH 0RRUODQGVFKDIW HUVWUHFNWH VLFK KLQWHU HLQHP DEJHWUDJHQHQ )HOVUHVW GHU QLFKW EHZDFKVHQ ZDU 1XU DQ ZHQLJHQ 6WHOOHQ WUDW GHU QDFNWH )HOV ]X 7DJH 'HU K|FKVWH 3XQNW GLHVHU %DUULHUH GLH HLQH $XVEUHLWXQJ GHV 0RUDVWV QDFK 6GHQ YHUKLQGHUWH ODJ HWZDGUHLLJ0HWHUKRFKGLH6SLW]HQGHUGQQNURQLJHQ%lXPHGDUDXIZDUHQQRFKPHKU DOV ]HKQ 0HWHU K|KHU $WODQ GUHKWH GHQ .RSI XQG YHUVXFKWH VLFK LQ GLH /DJH GHV *UDXHQ]XYHUVHW]HQ ³:DUXP EOHLEHQ ZLU VWHKHQ"´ IUDJWH 1XUDP\ XQG YHUVXFKWH VLFK ORV]XUHLHQ $WODQKLHOWVLHIHVW ³:LUPVVHQDFKWJHEHQ(UODXHUWGRUWDXIXQV´ 'DKLQWHUZDUFKDUDNWHULVWLVFKH0RRUODQGVFKDIW'RUWZUGHIUGHQ*UDXHQMHGHU WDNWLVFKH9RUWHLOHQWIDOOHQGHQQEHLGH3DUWHLHQZDUHQGDPLWEHVFKlIWLJWVLFKHLQHQ:HJ GXUFKGDV0RRU]XVXFKHQ ³'LHVLVWGLH)DOOH´VDJWH$WODQODXW (UJULQVWHNDOW 'DQQ VDK HU GLH :DIIH GXUFK EHKLHOW VLH LQ GHU +DQG XQG ZDQGWH VLFK QDFK UHFKWV'RUWEHJDQQGHUNDPPDUWLJH)HOVHQ(UZXFKVDQGLHVHU6WHOOHDXVGHP%RGHQ XQG HUUHLFKWH OLQNV YLHOOHLFKW ]ZHLWDXVHQG 0HWHU ZHLWHU VHLQHQ K|FKVWHQ 3XQNW 'LH (QWIHUQXQJELV]XGHQHUVWHQ%lXPHQEHWUXJPHKUDOV]ZHLKXQGHUW0HWHU (VLVWQ|WLJGDLKUHXFKHLQHQ:HJGXUFKGLH3IODQ]HQNlPSIWYHUVLFKHUWHGHU /RJLNVHNWRU ³6RVHKHLFKGDVDXFK´ $WODQ KROWH WLHI $WHP XQG GUDQJ 1XUDP\ KLQWHU VLFK LQ GLH %VFKH XQG KRKHQ *UlVHU HLQ :LHGHU EHJDQQ HLQ .DPSI PLW GHU 1DWXU GHV 3ODQHWHQ 'LH 3IODQ]HQ YHUVXFKWHQVLH]XHUGURVVHOQDEHUPLWEHUPHQVFKOLFKHU.UDIWUL$WODQGLH5DQNHQDE NDSSWH *UlVHU XQG ]HUEUDFK IHGHUQGH XQG SHLWVFKHQGH bVWH 'RUQHQ VFKOLW]WHQ LKUH +DXW DXI )UFKWH SUDVVHOWHQ KLQWHU LKQHQ KHU XQG GLH 3IODQ]HQ VFKHXFKWHQ GLH 7LHUH DXI GLH LQ LKUHP %HUHLFK QLVWHWHQ 9RJHOVFKZlUPH EHGURKWHQ VLH XQG GDGXUFK ZXUGH GLH5LFKWXQJLKUHV9RUGULQJHQVIUGHQ*UDXHQGHXWOLFKJH]HLJW $EHUHUKDWWHVLHRKQHKLQVFKRQJHVHKHQ (UODJDXVJHVWUHFNWDXIGHPGQQHQWURFNHQHQ0RRVGDVVLFKXQWHUVHLQHU JUDXHQ+DXW]XEHZHJHQVFKLHQ'LHOLQNH+DQGODJIODFKDXIGHP6WHLQXQGGLHUHFKWH +DQGKLHOWGLHODQJHVFKZHUH:DIIH'HU/DXIUXKWHVLFKHULQHLQHUIODFKHQ.HUEHGHV 6WHLQHV-HQVHLWVGHV.RUQVZHLWHQWIHUQWXQGQRFKVFKDWWHQKDIWNOHLQEHZHJWHQVLFK GLHEHLGHQ*HVWDOWHQ ³'DVLVWLKUVLFKHUHU7RG´PXUPHOWHGHU*UDXH (UZDUWHWHKLHU'RUWKLQWHQNRQQWHQVLH]ZDUGHQ)HOVUFNHQHUNOHWWHUQDEHUDXI
$WODQXQGGHU*UDXH
M
$WODQ
GHUDQGHUHQ6HLWHZDUHQ0RRUVHHQXQG6FKODPP'HU$UNRQLGHZUGHHLQVHKHQ PVVHQGDHUGRUWQLFKWGXUFKNDP$OVRPXWHHUVLFKDXIGHQ*UDXHQ]XEHZHJHQ ELVHUHLQHQ$EVWLHJIDQGGHULQEHJHKEDUHV*HOlQGHIKUWH'LHHUVWH0|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|OOLJJHGHFNW'HU6SDOWYRULKPZDUEUHLWQXUHLQH)OXJHFKVHNRQQWH LKPQRFKJHIlKUOLFKZHUGHQ'DVDOOHUGLQJVZDUHLQXQNRQWUROOLHUEDUHV5LVLNR'DHUVLFK DEHUQLFKWUKUWHXQGGLH+LW]HPLWVWRLVFKHU*HGXOGHUWUXJZUGHDXFKNHLQH(FKVHDXI LKQDXIPHUNVDPZHUGHQ(UEOLFNWHGHQ/DXIHQWODQJXQGHQWVSDQQWHVHLQH)LQJHU¶ PHKUPDOVLQGHPHUVLHHLQ]HOQDXVVWUHFNWHXQGEHXJWH1RFKLPPHUZKOWHQVLFKGHU $UNRQLGHXQGGDV0lGFKHQHLQHQ:HJGXUFKGLHUDVHQGHQ3IODQ]HQ ³'LH1HEHOVLQGYHUJDQJHQ,FKZHUGHDOVRDOOHVVHKHQ´PHLQWHGHU*UDXH(U IKOWHVLFKZLHHLQ-lJHU6HLQH%HXWHZDUULHJHQJUR1RFKYRU7DJHQZlUHHUPLWGHP $UNRQLGHQHLQHQ6FKHLQEXQGHLQJHJDQJHQDEHUMHW]WJDEHVQXUQRFKHLQHV7RGIU $WWDX (WZDGUHLLJ0LQXWHQYHUVWULFKHQLQOlKPHQGHU(UHLJQLVORVLJNHLW1XUODQJVDP ZXUGHQGLH*HVWDOWHQDPDQGHUHQ(QGHGHUJHGDFKWHQ/LQLHJU|HU'LHVH/LQLH]RJ VLFKYRQGHU3URMHNWRUPQGXQJELVKLQXQWHU]XGHQ)HOVHQ ³,FKVHKHHXFK´NQXUUWHGHU*UDXH (UVDKVLHZLUNOLFKZLHVLHVWHKHQEOLHEHQXQGPLWHLQDQGHUVSUDFKHQ 2IIHQVLFKWOLFKKDWWHHVGHU$UNRQLGHQRFKLPPHUQLFKWDXIJHJHEHQGLHVHVKDOE YHUUUFNWH0lGFKHQKLQWHUVLFKKHU]XVFKOHSSHQ(UGHU*UDXHKlWWHGLHVHV3UREOHP OlQJVWJHO|VW$XIVHLQH:HLVH ³8QGGDQQLQUDVHQGHU(LOH²KLQEHU]XP6WW]SXQNW´ 'HU5DQGGHV5DXPKDIHQVODJQLFKWPHKUDOVJXWHKXQGHUW.LORPHWHUYRQGLHVHU 6WHOOHHQWIHUQWZHQQHUHLQPDOGLH6FKZLHULJNHLWHQGLHVHV0RRUHVKLQWHUVLFKKDWWH ³.RPPW´IOVWHUWHHU³1lKHUKHUDQ´ :LHGHUKDWWHGHU9HUVXFKGDV)XQNJHUlW]XEHQXW]HQQLFKWVHUJHEHQ-HW]W KDWWHMHPDQGYHUPXWOLFKVRJDUGLH(QHUJLHDEJHVFKDOWHWGHQQPLWGHP5DXPKDIHQJDE HVNHLQHUOHL9HUELQGXQJ'HU3VL6WXUPKHUUVFKWHQDFKZLHYRUXQGZHQQGHU*UDXHGLH 5HDNWLRQHQHLQLJHU7LHUHEHREDFKWHWHVRVWHLJHUWHVLFKGDV,QIHUQRQRFKYRQ6WXQGH]X 6WXQGH'LH+LW]HLQVHLQHP5FNHQXQGGDV-XFNHQDXIGHUIODXWZXUGHQXQHUWUlJOLFK ³1RFKQlKHU´ 'HU/DXIGHU:DIIHEHZHJWHVLFKQXUXPZHQLJH0LOOLPHWHUDOV$WODQXQGGDV 0lGFKHQGLH)HOVHQHUUHLFKWKDWWHQ'HU$UNRQLGHVFKLHQLKQI|UPOLFK]XZLWWHUQ(U EHZHJWHVLFKPLWlXHUVWHU9RUVLFKWXQGVFKRELPPHUZLHGHUGDV0lGFKHQKLQWHU VHLQHQ5FNHQ6HLQH$XJHQVFKLHQHQGDVYRULKPOLHJHQGH*HOlQGHPLOOLPHWHUZHLVH DE]XVXFKHQDEHUVLHQlKHUWHQVLFKXQDXIKDOWVDP0LWHLQHP6DW]VSUDQJ$WODQEHU HLQHVFKPDOH6SDOWHILQJVLFKZLHGHUXQGKROWH1XUDP\]XVLFKKHUEHU1RFKZDUGLH EHVWH6FKXGLVWDQ]QLFKWGD
$WODQXQGGHU*UDXH
M
$WODQ
*HGXOGLJEOLHEGHU*UDXHOLHJHQ6HLQ)LQJHUNUPPWHVLFKSUREHZHLVHXPGHQ $E]XJ (UZXWHJHQDXGDHUQXUHLQHQ6FKXKDWWH :HQQHUQLFKWEHLPHUVWHQPDOWUDIZUGHVLFKGHU$NRQHPLWDOOHQVHLQHQ .HQQWQLVVHQZHKUHQ'DQQKDOILKPDXFKGLH'HFNXQJQLFKWVPHKUXQGZHQQHULQGLH 6PSIHKLQXQWHUIORKZUGH$WODQLKQDEVFKLHHQN|QQHQ(UGXUIWHQLFKWVULVNLHUHQ -HW]WODQJVDPNDPHQGLHEHLGHQDQGHQ3XQNWDKGHPHUVLHW|WHQZROOWH=XPLQGHVW GHQ$UNRQLGHQGDV0lGFKHQZUGHYHUKXQJHUQRGHUYRQZLOGHQ7LHUHQDQJHIDOOHQXQG JHW|WHWZHUGHQ $WODQEOLHEDP5DQGGHUIUHLHQ)HOVIOlFKHVWHKHQDXIGHUHUVWHUEHQVROOWH%LV ]XP0LWWHOSXQNWZDUHQHVQRFKHWZDYLHU]LJ6FKULWWH(UZLVFKWHVLFKEHUGLH6WLUQXQG GUHKWHVLFKKDOEXP6HLQH:DIIHGHXWHWHJHQDXLQGLH5LFKWXQJLQGHUGDV9HUVWHFN GHV*UDXHQODJ 'HU*UDXHEHUHLWHWHVLFKDXIGLHQlFKVWHQ6HNXQGHQYRU (UGUFNWHGHQ*ULIIGHU:DIIHJHJHQGHQ6WHLQXQGIDWHIHVWHU]X'HU/DXI YHUVFKREVLFKELV$WODQV2EHUN|USHUGLUHNWLP=LHOODJ/DQJVDPNUPPWHVLFKGHU =HLJHILQJHU'HU*UDXHQDKP'UXFNSXQNW
*HIDKU'XZLUVWEHREDFKWHW'HU([WUDVLQQZDUQLFKWPHKU]XEHUK|UHQ $WODQHUVWDUUWH$OVHUVLFKGHQ6FKZHLYRQGHU6WLUQZLVFKWHHUNDQQWHHUGD GHU*UDXHLUJHQGZRGRUWREHQODXHUQPXWH ³1XUDP\´ VDJWH HU XQG KLHOW GLH :DIIH VFKXEHUHLW 'DV 0lGFKHQ KDWWH VLFK ORVJHULVVHQXQGOLHIWlQ]HOQGLP.UHLVXPLKQKHUXP³%OHLEVWHKHQ:LUVLQGLQ*HIDKU´ 6LH EOLHE VWHKHQ VDK LKQ IUDJHQG DQ XQG OLHI ZLHGHU ZHLWHU $WODQ ZDU HLQLJH 6HNXQGHQEUXFKWHLOHODQJUDWORVGDQQKDQGHOWHHU ³/HEHQG HUUHLFKHQ ZLU GHQ 6XPSI GRUW QLFKW PHKU´ NQXUUWH HU XQG UDQQWH LP =LFN]DFN DXI GDV 0lGFKHQ ]X GDV VLFK GHU 0LWWH GLHVHU IODFKHQ )HOVHQSODWWH QlKHUWH $QJVW SDFNWH LKQ MHGHQ $XJHQEOLFN NRQQWH GHU *UDXH IHXHUQ XQG HLQHQ YRQ LKQHQ WUHIIHQ%HLGLHVHUJHULQJHQ'LVWDQ]ZDUGHU6FKXPLWJU|WHU6LFKHUKHLWW|GOLFK ³=XPLUKHU1XUDP\´GRQQHUWH$WODQ 6LHK|UWHLKQQLFKW 6LH NQLFNWH MHW]W LQ GHQ .QLHQ HLQ XQG VWU]WH DXI GLH )HOVHQ /DQJVDP UXWVFKWH VLH DXI GDV GUUH *UDV $WODQ VSXUWHWH KHUDQ XQG ZDU VLFK EHZXW GD HU HLQ KHUYRUUDJHQGHV =LHO DEJDE (U VSUDQJ LP =LFN]DFN DXI 1XUDP\ ]X .XU] EHYRU HU VLH HUUHLFKWHGUHKWHVLHVLFKKDOEKHUXPXQGVWUHFNWHEHLGH$UPHDXV ³$WODQ,FKHUNHQQHGLFK´ULHIVLH ³/LHJHQEOHLEHQ´ KHUUVFKWH $WODQ GDV 0lGFKHQ DQ XQG GUHKWH VLFK XP QHXQ]LJ *UDG 'XELVWZDKQVLQQLJ(UZLUGGLFKWUHIIHQVFKULHGHU([WUDVLQQ 0LWGHUJOHLFKHQ%HZHJXQJLQGHUJOHLFKHQ=HKQWHOVHNXQGHLQGHUVLFK$WODQ]X %RGHQJOHLWHQOLHXPNHLQ]XJURHV=LHO]XELHWHQVWDQG1XUDP\DXI$WODQ]LHOWHDQ LKUYRUEHLLQGLH5LFKWXQJLQGHUHUGHQ*UDXHQYHUPXWHWH $OVVLHEHLGHKDOEJHGXFNWGDVWDQGHQHUNDQQWH$WODQGDIUHLQHQ$XJHQEOLFN YRQXQEHVWLPPWHU/lQJHGDV0lGFKHQZLHGHU]XVLFKJHIXQGHQKDWWH6LHHUNDQQWHLKQ
$WODQXQGGHU*UDXH
M
$WODQ
XQGGLH%HGHXWXQJGHU8PJHEXQJ 'DQQNUDFKWHHLQ6FKX )U HLQH (ZLJNHLW HUVWDUUWH DOOHV $EHU GDV ZDU QXU HLQ SV\FKRORJLVFKHU (IIHNW 'DV 0lGFKHQ ZXUGH YRQ HLQHU XQVLFKWEDUHQ )DXVW QDFK YRUQ JHVFKOHXGHUW GLUHNW LQ $WODQV$UPH'LH:DIIHGHV$UNRQLGHQIHXHUWHPHKUPDOV(UEUDXFKWHQLFKW]X]LHOHQHU KDWWHHUNDQQWZRKHUGHU6FKXJHNRPPHQZDU$WODQOHJWHHLQH%DKQDXV)HXHUXQG YHUJDVHQGHP YHUIOVVLJWHP *HVWHLQ UXQG XP GHQ 6WDQGRUW GHV 6FKW]HQ (U JLQJ ODQJVDPLQGLH.QLHXQGOLHGDV0lGFKHQ]X%RGHQJOHLWHQ 'HU6FKXKDWWHVLHLP5FNHQJHWURIIHQ $WODQNQLHWHMHW]WEHWWHWHPLWGHPOLQNHQ$UP1XUDP\QHEHQVLFKDXIGHQ)HOVHQ XQG IHXHUWH LQ NXU]HQ $EVWlQGHQ DXI GLH *HVWDOW GHV *UDXHQ GLH LQ XQNRRUGLQLHUWHQ 6SUQJHQKLQXQWHU]XP6XPSIUDVWH $EXQG]XWDXFKWHQ.RSIXQG2EHUN|USHUKLQWHUGHU'HFNXQJDXIGDQQHUVFKLHQ GLH*HVWDOW]ZLVFKHQ)HOVHQXQG0RUDVWXQGYHUVFKZDQGVHLWOLFK$WODQOHJWHGLH:DIIH QHEHQVHLQ.QLHXQGEHXJWHVLFKEHU1XUDP\ 6LHVWDUUWHLKQDQ,KUH$XJHQZDUHQNODUXQGVLHZXWHGDVLHVWHUEHQPXWH ,KU5FNHQZDUHLQHHLQHHLQ]LJH%UDQGZXQGH ³$WODQ,FKPXVWHUEHQMD"´IOVWHUWHVLHVFKZDFK $WODQ NWH VLH YRUVLFKWLJ DXI GHQ 0XQG XQG KWHWH VLFK LKUHQ .|USHU ]X EHZHJHQ ³-D´ VDJWH HU XQG UL GHQ 6DXP GHV +HPGHV JDQ] DXI (U ]RJ GHQ =HOOVFKZLQJXQJVDNWLYDWRUKHUYRUVWUHLIWHLKQEHUGHQ.RSIXQGOHJWHLKQXQWHUKDOEGHV +DOVHV DXI GLH %UXVW GHV 0lGFKHQV (U KDWWH RIWPDOV GLH (UIDKUXQJ JHPDFKW GD GLHVHV *HUlW²ZHQQ HU HV GULQJHQG ZQVFKWH²HLQHP DQGHUHQ 0HQVFKHQ KDOI 6RQVW ZDU HV HLQ WRGEULQJHQGHU JROGHQHU 6FKPXFN (U ZQVFKWH HV VLFK LQEUQVWLJ GD 1XUDP\NHLQH6FKPHU]HQVSUHQVROOWH6LHVFKLHQWDWVlFKOLFKQLFKWV]XVSUHQ ³'DVZDUGHU*UDXH(UKDWDXIGLFKJHVFKRVVHQ,FKKDEHGLFKEHVFKW]W´ $WODQQLFNWH ³+DVW GX 6FKPHU]HQ /LHEHV"´ IUDJWH HU OHLVH (U NPPHUWH VLFK QLFKW XP GHQ *UDXHQ (U KlWWH HV QLFKW ZDKUJHQRPPHQ ZHQQ VLFK GLHVHU 9HUEUHFKHU DQ LKQ KHUDQJHVFKOLFKHQKlWWH ³1HLQ´VDJWHVLH ³:LUKDEHQXQVJHOLHEW´PXUPHOWH$WODQXQGKLHOWLKU*HVLFKWPLWEHLGHQ+lQGHQ IHVW 0LW GHP 2EHUN|USHU VFKLUPWH HU HV JHJHQ GLH EUHQQHQGH 6RQQH DE 1XUDP\ OlFKHOWHYHUORUHQ+DWWHVLHZLUNOLFKNHLQH6FKPHU]HQ" ³-DVRZDUHV9LHO]XZHQLJYLHO]XVHOWHQ³ZLVSHUWHVLH,KU*HVLFKWQDKPGLH %OlVVH GHV NRPPHQGHQ 7RGHV DQ (LQ VLQQORVHU NDOWHU =RUQ KDWWH YRQ $WODQ %HVLW] HUJULIIHQ (U YHUORU NRVWEDUH =HLW IU GLH 9HUIROJXQJ GHV 0|UGHUV DEHU DXFK GDV NPPHUWHLKQQLFKW 6LH VDK LKQ XQYHUZDQGW DQ ,KUH $XJHQ EHZHJWHQ VLFK ODQJVDP ,KUH .UlIWH YHUOLHHQ VLH LPPHU PHKU 5LQJVKHUXP KHUUVFKWH HLQH EHWlXEHQGH 6WLOOH $WODQ IKOWH GDGHU.|USHULQVHLQHQ$UPHQVLFKYHUVWHLIWH ³'X ZLUVW MHW]W VFKODIHQ´ VDJWH GHU $UNRQLGH GHXWOLFK XQG OHJWH VHLQH JDQ]H hEHU]HXJXQJVNUDIW LQ GLH HLQ]HOQHQ :RUWH ³7LHI XQG ODQJH VFKODIHQ 6FKOLHH GLH $XJHQ´ 1XUDP\EOLFNWHDXIVHLQHQ0XQGGDQQYHUVXFKWHVLHHLQ]|JHUQGHV/lFKHOQXQG
$WODQXQGGHU*UDXH
M
$WODQ
VWDUE $WODQ YHUlQGHUWH VHLQH +DOWXQJ QLFKW XQG EOLHE PLQXWHQODQJ LQ GLHVHU 6WHOOXQJ 'DQQOLHHUGDVNDOWH*HVLFKWGHV0lGFKHQVORVXQGVWUHLIWHVLFKGHQ$NWLYDWRUZLHGHU EHUGHQ.RSI ³9HUGDPPWHU0|UGHU´VDJWHHUKDUW :DV WXQ" 6HOEVW VHLQ /RJLNVHNWRU VFKZLHJ $WODQ IDWH HLQHQ VFKQHOOHQ (QWVFKOXXQGVFKREVHLQH$UPHXQWHUGHQVFKODIIHQ.|USHU(UKREGLH7RWHKRFKXQG WUXJ VLH KLQXQWHU ELV DQ GHQ 5DQG GHV 0RRUHV 'DQQ KDVWHWH HU GLH )HOVHQ ZLHGHU KLQDXIXQGKROWHVHLQH:DIIHVWHFNWHVLHLQGHQ*UWHO (UVDKVLFKVRUJIlOWLJXP 1HEHQ HLQHP NHLOI|UPLJHQ )HOVHQ OHJWH HU 1XUDP\ DXI GHQ VFKZDQNHQGHQ %RGHQXQGZDUWHWHHLQH6WXQGHELVGHU.|USHUYRQGHPVFKZDU]HQ:DVVHUXQG0RUDVW GHV6XPSIHVYHUVFKOXFNWZRUGHQZDU 'DQQZDQGWHVLFK$WODQDEXQGVXFKWHGLH6SXUGHV*UDXHQ
'UHL6WXQGHQVSlWHU $WODQZXWHGDHUPLWVHLQHQ.UlIWHQKDXVKDOWHQPXWH(UKDWWHHLQHQNOHLQHQ 6DXULHUJHVFKRVVHQXQGHLQLJH3IXQG)OHLVFKDXVGHUOHGHUQHQ+DXWJHVFKQLWWHQhEHU HLQHP NOHLQHQ KHLHQ )HXHU GHVVHQ GQQH 5DXFKIDKQH GHU *UDXH DXV HLQLJHQ .LORPHWHUQ (QWIHUQXQJ VHKHQ NRQQWH EULHW $WODQ GLH )OHLVFKVWFNH HV ZDU QLFKW GDV OHW]WH(FKVHQIOHLVFKGDVHUD(UWUDQN:DVVHUGDVHULQJURHQ%OWHQNHOFKHQIDQG GDQQ EOLHE HU HLQH 6WXQGH ODQJ DXVJHVWUHFNW OLHJHQ XQG YHUVFKHXFKWH QXU GLH OlVWLJHQ 7LHUH GLH DXI LKQ HLQGUDQJHQ (V ZDU IUKHU 1DFKPLWWDJ DOV HU VHLQH (UVWDUUXQJ XQG /HWKDUJLHDEJHZRUIHQXQGHLQHQ*URWHLOVHLQHU.UlIWHZLHGHUJHIXQGHQKDWWH ³,FKEHILQGHPLFKDXIGHU6SXUGHV*UDXHQ´VDJWHHU 8QG HU KDW HLQHQ NDXP PHKU HLQKROEDUHQ 9RUVSUXQJ $UNRQLGH HUNOlUWH GHU ([WUDVLQQ ³,FKZHLHV´ $WODQ KDWWH GLH :DKO GHQ 9RUVSUXQJ GHV *UDXHQ DXI HLQPDO RGHU LQ PHKUHUHQ (WDSSHQ DXI]XKROHQ (U VWHFNWH GLH :DIIH HLQ XQG UDQQWH ORV :LH LPPHU OLHI HU HLQHQ ORFNHUHQIHGHUQGHQ7UDEXQGNDPDXVJH]HLFKQHWYRUDQ $EHUQRFKLPPHUZDUGLH1DWXUJHJHQLKQ $WODQVXQWUJOLFKHV$XJHIKUWHLKQ]ZDUDXIGHU6SXUGHV*UDXHQ]XPHLVWEHU GLH WUDJIl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³,QGHQQlFKVWHQ7DJHQZHUGHLFKLKQEHUKROHQ´VDJWH$WODQ (U DKQWH GD HU DXFK LQ GLHVHU 1DFKW QLFKW EHVRQGHUV ZHLW ODXIHQ NRQQWH 'DV 0lGFKHQZDUWRWGLH/LHEHH[LVWLHUWHQXUQRFKLQGHU(ULQQHUXQJXQGEHVWHQIDOOVLQGHU
$WODQXQGGHU*UDXH
M
$WODQ
3KDQWDVLH DEHU $WODQ ZDU QLFKW PHKU IU HLQHQ DQGHUHQ 0HQVFKHQ YHUDQWZRUWOLFK (U ZUGH YLHO OLHEHU YHUDQWZRUWOLFK VHLQ XQG VlPWOLFKH 6FKZLHULJNHLWHQ DXI VLFK QHKPHQ ZHQQHUGDGXUFK1XUDP\ZLHGHUKlWWHOHEHQGLJPDFKHQN|QQHQ $WODQUDQQWHZHLWHU8QXQWHUEURFKHQLQHLQW|QLJHU'DXHUKDIWLJNHLWHUVFKDIIWHHV LPPHU ZLHGHU WURW] +LW]H XQG IHXFKWHU /XIW WURW] GHU K|KHUHQ $Q]LHKXQJVNUDIW ,UJHQGZRKLQWHUGHP+RUL]RQWODJHLQ3XQNWGHPHUPLWMHGHP6FKULWWQlKHUNDP 'HU *UDXH VFKLHQ GLH .UlIWH HLQHV :DKQVLQQLJHQ ]X HQWZLFNHOQ 6FKRQ OlQJVW KlWWH HU YRU HLQHP $NWLYDWRUWUlJHU NDSLWXOLHUHQ PVVHQ DEHU $WODQ VDK QRFK LPPHU NHLQH GHUDUWLJ IULVFKHQ 6SXUHQ GD HU KlWWH JODXEHQ PVVHQ HU VHL GLFKW KLQWHU GHP *UDXHQ *HJHQ$EHQGQDKP$WODQHLQHQ*HUXFKZDKUGHQHUIOFKWLJNDQQWHHVZDUGLH $XVGQVWXQJ HLQHV ULHVLJHQ 7LHUHV $EHU HU VDK QLFKWV GHQQ HU OLHI XQG VWROSHUWH ]ZLVFKHQ EHUPDQQVKRKHQ %LQVHQJHZlFKVHQ GDKLQ DXI HLQHP 6WUHLIHQ *HVWHLQ GHU ZLHDOWH/DYDDXVVDK (LQ6DXULHUVDJWHGHU([WUDVLQQ ³.HLQ *UXQG ]XU )XUFKW $XFK HLQ 6DXULHU LVW VWHUEOLFK´ HUZLGHUWH $WWXQ VHLQHP ([WUDKLUQ (LQULHVLJHU6DXULHU+RUFKHDXIGLH*HUlXVFKH*HUDGHDXV $WODQ OLHI GXUFK GLH VFKPDOH *DVVH GLH QRFK LPPHU LQ GHQ ULHVLJHQ IDVW EDPEXVDUWLJHQ*HZlFKVHQ]XUFNJHEOLHEHQZDUXQGVLFKQXUODQJVDPVFKOR2EZRK GLH3IODQ]HQHEHQVR$WODQDQJULIIHQZLHVLHGHQ*UDXHQDQJHJULIIHQKDWWHQZDUHQGLH 6SXUHQGHV)OFKWHQGHQGHXWOLFK]XHUNHQQHQ 'HU*HVWDQNQDKP]X 'HU0RUDVWKDWWHVLFKDOV$WODQDXIGHP.DPPGLHVHVYHUGDPPWHQ)HOVVWUHLIHQV JHVWDQGHQ KDWWH ELV ]XP +RUL]RQW DXVJHGHKQW $WODQ PXWH GLH %UHLWH DXI PHKU DOV GUHLLJ .LORPHWHU VFKlW]HQ XQG PDFKWH VLFK LQ]ZLVFKHQ *HGDQNHQ ZR HU KHXWH GLH 1DFKWYHUEULQJHQZUGH:HQQHVZHQLJVWHQVHLQHQJURHQ0RQGJHJHEHQKlWWH$EHU GLH1DFKWZDUJQVWLJVWHQIDOOVVRKHOOZLHHVGDV6WHUQHQOLFKW]XOLH 6FKOLHOLFK QDFK HLQLJHQ 0LQXWHQ K|UWH GHU $UNRQLGH GLH *HUlXVFKH (LQ ULHVLJHV 7LHU EHZHJWH VLFK GXUFK GHQ 0RUDVW XQG UL %VFKH DXV XP VLH IUHVVHQ ]X N|QQHQ $EHU DXFK GLHVH *HUlXVFKH ZDUHQ VHOWVDP KDVWLJ XQG DXIJHUHJW $XFK GHU JLJDQWLVFKH 6DXULHU GHQ $WODQ QRFK LPPHU QLFKW VHKHQ NRQQWH VFKLHQ YRP 3VL6WXUP HUIDWZRUGHQ]XVHLQXQGZDUXQUXKLJXQGKDVWLJ0LWHLQLJHQ6FKVVHQNRQQWH$WODQ HLQHQ6DXULHUHUOHGLJHQDOVROLHHUVLFKQLFKWEHXQUXKLJHQXQGOLHIODQJVDPZHLWHU(U HULQQHUWH VLFK GHU JHVWULJHQ 1DFKW XQG EHJDQQ VLFK DOOPlKOLFK HOHQG XQG HUVFK|SIW ]X IKOHQ8QGLPPHUNUHLVWHQVHLQH*HGDQNHQXQDEOlVVLJXPGDVWRWH0lGFKHQ ³'HU6DXULHUNDQQPLFKQLFKWDXIKDOWHQ´VFKZHUHUVLFK *LE DFKW /HLFKWVLQQ KDW VFKRQ YLHOH 0lQQHU XPJHEUDFKW´ ZDUQWH GHU /RJLNVHNWRU ³0LFKLQGHVVHQQRFKQLFKW´NQXUUWHGHU$UNRQLGH :LHZDKU(LQVDUNDVWLVFKHV(FKR (VZXUGHGXQNOHU(VNDPHLQ:LQGDXIGHUVRZRKOGHQVWHFKHQGHQ*HUXFKDOV DXFK GLH SROWHUQGHQ XQG JUROOHQGHQ *HUlXVFKH GHV XQVLFKWEDUHQ 6DXULHUV DQ GHQ $UNRQLGHQKHUDQEUDFKWH'LHN|USHUOLFKHQ6WUDSD]HQKDWWHQLQ]ZLVFKHQ$WODQV:XWXQG VHLQHQ+DJHPLOGHUWDEHUGDIUKDWWHHUJHQXJ=HLW]XhEHUOHJXQJHQJHKDEW 6HLQHKHLHQW|GOLFKHQ*HIKOHZDUHQNDOWHUhEHUOHJXQJJHZLFKHQ,Q]ZLVFKHQ
$WODQXQGGHU*UDXH
M
$WODQ
ZXWH HU GD HU DOOH &KDQFHQ KDWWH GLHVHQ =\NOXV VHLQHV DEHQWHXHUOLFKHQ /HEHQV LQ .U]H ]X EHHQGHQ :HQQ HU GLH 6LHGOXQJ HUUHLFKWH LQ GHU LPPHU QRFK GLH ZHQLJHQ 7HUUDQHUXQGGLH7HIURGHUXQWHUGHU:LUNXQJGHVSVLRQLVFKHQ2UNDQVOLWWHQGDQQKDWWH GLHVHU6SXNHLQ(QGH (QWZHGHU JDE HV LQ GHP +DXSWTXDUWLHU GHV *UDXHQ RGHU LP 5DXPVFKLII HLQHQ +\SHUVHQGHU $WODQZDUHQWVFKORVVHQLKQ]XEHQXW]HQ ³$EHUYRUKHUZHUGHLFKGHQ0|UGHUHUPRUGHQ´VFKZRUHUVLFK .HLQHDOO]XRSWLPLVWLVFKHQ3OlQH$UNRQLGHZDUQWHGHU([WUDVLQQ $WODQKDWWH]XODXIHQDXIJHK|UW$OVHUVLFKXPGUHKWHXQGGLH6FKHLEHGHU6RQQH EHWUDFKWHWHVDKHUGHQVHOEHQ(IIHNWZLHDP7DJYRUKHU$XVGHUNOHLQHQKHLHQXQG ZHLJHOEHQ6FKHLEHLQGLHHUQLFKWEOLFNHQNRQQWHRKQH]XHUEOLQGHQZDUHLQHULHVLJH 6FKHLEHJHZRUGHQGLHIHXHUURWPLWEURQ]HIDUEHQHQ5lQGHUQVLFKGHP+RUL]RQWGLHVHV ZDKQVLQQLJ JHZRUGHQHQ 3ODQHWHQ QlKHUWH 'HU (LQGUXFN GHU /DQGVFKDIW lQGHUWH VLFK ODQJVDP DEHU PHUNOLFK ,PPHU PHKU QDKPHQ GLH 5RWW|QH EHUKDQG LPPHU PHKU RUGQHWH VLFK GLH 6WLPPXQJ GHU /DQGVFKDIW GHU 0HODQFKROLH GHV YHUJHKHQGHQ 7DJHV XQWHU $EHU DXFK GHU VLQNHQGH $EHQG NRQQWH GLH XQJHULFKWHWH $JJUHVVLYLWlW GHU 3IODQ]HQQLFKWlQGHUQ6LHEHZHJWHQVLFKZHLOHWZDVLQLKUHQ%HUHLFKJHULHWGDVVLFK EHZHJWH'HU6DXULHUJHUXFKZXUGHQRFKLQWHQVLYHU 'HLQH:DIIH $WODQ IDWH GHQ 6WUDKOHU DP *ULII XQG ]RJ LKQ DXV GHP *UWHO DOV HU ]ZLVFKHQ GHQ VFKZDQNHQGHQ %LQVHQ KHUYRUNDP 'LFKW YRU VHLQHQ )HQ ILHO GDV *HOlQGH VDQIW XPPHKUHUH0HWHUDE(LQVLFKHOI|UPLJHU.LHVVWUDQGEUHLWHWHVLFKOLQNVELV]XP+RUL]RQW DXV JHUDGHDXV XQG UHFKWV EHIDQG VLFK HLQ DXVJHGHKQWHU 0RRUVHH PLW VFKZDU]HP :DVVHU$OV$WODQGHQ6DXULHUVDKHUVFKUDNHU (UPXUPHOWH ³,FKYHUVWHKH´ %LVKHUKDWWHHUGDV7LHUQLFKWVHKHQN|QQHQZHLOHVGHQUHODWLYNOHLQHQ.RSIDXI GHPULHVLJHQ6FKODQJHQKDOVLP:DVVHUJHKDEWKDWWH'HU3IODQ]HQIUHVVHUlVWHXQUXKLJ XQG VHLQ .RSI EHZHJWH VLFK MHW]W GLFKW EHU GLH :DVVHUREHUIOlFKH LQ ULHVLJHQ +DOENUHLVHQ 'DV 7LHU VXFKWH RIIHQVLFKWOLFK HWZDV GDV HV EHXQUXKLJWH HV KLHOW GHQ 3VL6WXUP IU HLQHQ VLFKWEDUHQ *HJQHU RGHU HLQH %HXWH $OV $WODQ VLFK PLW HLQLJHQ ODQJVDPHQ6FKULWWHQLQGDV6FKLOI]XUFN]RJHQWGHFNWHLKQGHU.ROR (LQ KDUPORVHU 3IOXLW]HQIUHVVHU $EHU HU LVW KRFKJUDGLJ XQUXKLJ ZDUQWH GHU /RJLNVHNWRU $WODQ HQWVLFKHUWH GLH :DIIH (U EOLFNWH VLFK ODQJVDP XP /DQJH URWJHUlQGHUWH 6FKDWWHQEHGHFNWHQGLH/DQGVFKDIW'DV7LHUKREHLQHQ)XYRP8PIDQJHLQHUJURHQ 6lXOH DXV GHP 6XPSI XQG HU]HXJWH HLQ ZHLWKLQ KDOOHQGHV VFKPDW]HQGHV *HUlXVFK GDEHL'DQQNOlIIWHGHU5DFKHQPLWGHQGUHLIDFKHQ=DKQUHLKHQDXIHLQ6FKUHLHUW|QWH ³'DV PVVHQ VLH DXI GHP *HOlQGH GHV 6WW]SXQNWHV K|UHQ´ NQXUUWH GHU $UNRQLGH (U VWDUUWH LQ GLH E|VHQ $XJHQ GHV 7LHUHV GHVVHQ OlQJHU 6FKZDQ] MHW]W DXIJHUHJWGDVVFKZDU]H:DVVHULQ6FKDXPYHUZDQGHOWH7DXVHQGHYRQ:DVVHUY|JHOQ IORJHQDXIXQGHUIOOWHQGLH/XIWPLWLKUHPK\VWHULVFKHQ*HVFKUHL 'DQQJULIIGDV7LHUDQ
$WODQXQGGHU*UDXH
M
$WODQ
(UZDUQLFKWHLQPDOVRQGHUOLFKHQWWlXVFKWGDUEHUGDVHLQ9HUVXFK IHKOJHVFKODJHQZDU6ROFKH=XIlOOHJDEHVLPPHUXQGHVZDUHLQ=XIDOOJHZHVHQGD VLFKGDV0lGFKHQLQGLH6FKXOLQLHJHZRUIHQKDWWH-HGHQIDOOVKDWWHGLHVHU=ZLVFKHQIDOO LKPGHP*UDXHQHLQHQJURHQ9RUVSUXQJYHUVFKDIIW(UUDQQWHZHLWHUELVGLH 'XQNHOKHLWHVLKPXQP|JOLFKPDFKWHVHLQHQ:HJZHLWHUDOVIQI0HWHUYRUDXV]X HUNHQQHQ ³9HUGDPPW´VDJWHHU 5HFKWVYRQVHLQHP)OXFKWZHJ]XU6WDWLRQODJGHU$XVOlXIHUGHV0RRU6HHVHLQ NOHLQHU)OXEHVRUJWHGLH:DVVHU]XIXKU'LH'LVWDQ]ZDUZHLWHUKLQJHULQJHUJHZRUGHQ 'HU*UDXHZDUVLFKHUGDHUQDKH]XGLH,GHDOOLQLHHLQJHKDOWHQKDWWH(UZXWHGDGHU $UNRQLGHKLQWHULKPKHUZDUXQGMHW]WVFKQHOOHUODXIHQNRQQWHZHLOHUVLFKQLFKWPHKUXP GDV0lGFKHQ]XNPPHUQKDWWH (UJDEVLFKGUHL7DJHRGHUKRFKVWHQVYLHUGDQQPXWHHUGLH6WDWLRQHUUHLFKW KDEHQ ³(VLVW]XGXQNHO´IOXFKWHHUDOVHU]XPGULWWHQPDO]X%RGHQJLQJ(UEHIDQGVLFK LQHLQHUXQJQVWLJHQ*HJHQGXQGKDWWHEHUGLHVQDJHQGHQ+XQJHUXQGNHLQHQ JHULQJHUHQ'XUVW$XHUGHPZDUHUYRP.RSIELV]XGHQ=HKHQYHUVFKPXW]WXQGYROOHU 6FKODPPXQGDEJHULVVHQHQ3IODQ]HQWHLOHQ6HLQH.OHLGXQJKLQJQXUQRFKLQ)HW]HQYRQ GHQ6FKXOWHUQ ³:DVNDQQLFKWXQ"´ 6FKVVHRGHU)HXHUZUGHQGHP$UNRQLGHQVHLQHQ6WDQGRUWYHUUDWHQ)DOOV $WODQMHW]WQRFKOHEWH²XQGGHU*UDXHKDWWHNHLQHQ*UXQGGDUDQ]X]ZHLIHOQ²ZDUHU HLQHUGHUIlKLJVWHQ0lQQHUGLHGHU*UDXHLQ(ULQQHUXQJKDWWH-HGHUGHUHLQHQVROFKHQ 0DUVFKGXUFKGLH:LOGQLVYRQ7ROYWDPXUEHUOHEWHZDUDXHUJHZ|KQOLFK ³(LQ$EHQGHVVHQDXV)UFKWHQXQG:DVVHU´NQXUUWHGHU*UDXH (UYHUVXFKWHGLH3IODQ]HQVHLQHUQlFKVWHQ8PJHEXQJ]XHUNHQQHQ+LHUDP 5DQGGHV0RRUHVZXFKHUWHGHU'VFKXQJHO(UZUGHGLFKWHUXQGK|KHUZHUGHQMH QlKHUPDQGHP5DXPKDIHQNDP1XUZHQLJHDQGHUH/DQGVFKDIWVDUWHQXQWHUEUDFKHQ GLHHQGORVHJUQH)OlFKH:DVVHUOlXIHNOHLQH6DQGIOlFKHQDOWHOlQJVWDEJHVWRUEHQH 9XONDQHXQGLPPHUZLHGHU%lFKHXQG)OVVH'HU*UDXHIDQGVLOEULJVFKLPPHUQGH %HHUHQDQHLQHP6WUDXFKXQGSIOFNWHHLQLJHGDYRQNRVWHWHVLHXQGIDQGVLHQLFKW JHUDGHZRKOVFKPHFNHQGDEHURIIHQVLFKWOLFKHEDU(UULVNLHUWHHVXQGJLQJODQJVDP ZHLWHU -HW]WZDUHQGLH3IODQ]HQUXKLJHUJHZRUGHQXQGYLHOH7LHUHVDKHQLKQQLFKW JULIIHQDOVRDXFKQLFKWDQ$EHUEHLVHLQHP5HQQHQZDUHUGUHLPDOYHUVFKLHGHQJURHQ +HUGHQIOFKWHQGHU7LHUHDXVJHZLFKHQXQGZDUHLQPDOQXUGHPVLFKHUHQ7RGGDGXUFK HQWJDQJHQGDHUHLQHQ%DXPHUNOHWWHUWKDWWH (UHQWGHFNWHDQHLQHPDQGHUHQ%DXPDQWLHIKlQJHQGHQ=ZHLJHQNRSIJURH JHOEH)UFKWHXQGEOLHEVWHKHQ/DQJVDPVFKlOWHHUHLQH)UXFKWELKLQHLQXQGJODXEWH VLHHVVHQ]XN|QQHQ $OVHUGLH]ZHLWH)UXFKWDEULK|UWHHUKLQWHUVLFKHLQ5DVFKHOQ (UIXKUKHUXP $XVGHP'XQNHOJOKWHQLKQYLHOHNOHLQH$XJHQDQ(UOLHGLH)UXFKWIDOOHQXQG PDFKWHHLQHQ6FKULWWQDFKYRUQ'LH$XJHQYHUVFKZDQGHQIUHLQHQ0RPHQWGDQQ
$WODQXQGGHU*UDXH
M
$WODQ
WDXFKWHQSORW]OLFKGRSSHOWVRYLHO/LFKWSXQNWHDXI ³7LHUH(LQHJHZDOWLJH0HQJHNOHLQHU7LHUH´VWLHHUKHUYRU¶ 6LHEHGHFNWHQGHQ%RGHQXQWHUGHQ3IODQ]HQ6LHVFKLHQHQY|OOLJYHUVW|UW]X VHLQ'HU*UDXHVFKWWHOWHVLFKXQGULGLH:DIIHKHUYRU6ROOWHHUVFKLHHQXQGVLFK YHUUDWHQ"(UZDUWHWHXQVFKOVVLJHLQLJH6HNXQGHQODQJXQGPXWHPHUNHQGDVLHGLH $Q]DKOGHU7LHUHYHUJU|HUWH(VZDUHLQHJHVSHQVWLVFKH6]HQH1XU¶GLHOHXFKWHQGHQ $XJHQGDVVFKOHLIHQGH7DSSHQZLQ]LJHU)HXQGGDV6FKDEHQYRQVWDUUHQ%RUVWHQ JHJHQHLQDQGHU.RQQWHQVLHLKPJHIlKUOLFKZHUGHQ"(UZDQGWHVLFKDEXQGJLQJLQGLH 5LFKWXQJDXVGHULKQNHLQHOHXFKWHQGHQ3XQNWHDQVWDUUWHQ (UJULIILQGLHVWDUUHQ=ZHLJHXQGVFKREVLH]XU6HLWH'LH%OlWWHU]LWWHUWHQZLHLP )LHEHU $OVHU]ZDQ]LJ6FKULWWHWLHILQGDV*HEVFKHLQJHGUXQJHQZDUSUDOOWHHU]XUFN (UVDKVLFKHLQHUXQEHUVHKEDUHQ0HQJHMHQHUODXWORVHQ7LHUHJHJHQEHU8QG DOVVLHLKQVDKHQZLHHUVLFKVWROSHUQGDXVGHQYHUVXFKWHQ8PNODPPHUXQJHQODQJHU 5DQNHQO|VWHGUDQJHQVLHDXILKQHLQ6LHVWLHHQJHOOHQGH3ILIIHDXV'DV3IHLIHQ ZXUGHODXWHUXQGDXIGHQ*UDXHQZlO]WHVLFKHLQH)OXWYRQ7LHUHQ]XGLHVSLW]H 1DJH]lKQHHQWEO|WHQ ³9HUGDPPWHV=HXJ,FKPXKLHUGXUFK´NHXFKWHGHU*UDXHDXIXQGEHJDQQ ]XUHQQHQ(U]HUWUDPSHOWHGLHHUVWHQGHUDQJUHLIHQGHQ7LHUHVFKOXJPLWGHU:DIIH QDFKGHQQDFKGUFNHQGHQGLHDQVHLQHQ.QLHQKRFKVSUDQJHQVLFKLP6WRIIIHVWNUDOOWHQ XQGLKUHQDGHOIHLQHQ=lKQHLQVHLQHJUDXH+DXWVFKOXJHQ3O|W]OLFKVFKPHU]WHHVDQ DOOHQ6WHOOHQ(UUDQQWHZHLWHUXQGVFKOXJGLH7LHUHPLWEHLGHQ+lQGHQYRQVLFKZHJ 6LHZDUHQEHUDOO6LHNURFKHQXQGSILIIHQVFKOlQJHOWHQVLFKXQWHUGLH5HVWH VHLQHU.OHLGXQJNDXHUWHQDXIVHLQHQ6FKXOWHUQXQGELVVHQLQGLH2KUHQXQGLQGLH +DXWGHV+LQWHUNRSIHV)OXFKHQGXQGXPVLFKVFKODJHQGUDQQWHGHU*UDXHJHUDGHDXV XQGSIOFNWHGLHJXWKDQGJURHQ7LHUHYRQVLFK (UVFKOHXGHUWHVLHDXIGLHDQGHUHQGLHLQXQEHUVHKEDUHQ0HQJHQDXV VlPWOLFKHQ%VFKHQGHVZHLWHQ8PNUHLVHVKHUYRUJHNRPPHQVHLQPXWHQ8QWHU VHLQHQ6RKOHQNQLUVFKWHQ.QRFKHQXQG.LHVHO(UUDQQWHKDVWHWHXQGVSUDQJPLW ODQJHQ6lW]HQPLWWHQGXUFKGLHVH)OXWYRQ7LHUHQ6HLQH%HZHJXQJHQZDUHQVRKDUW GDHLQLJHGHUVFKZDU]HQ1DJHWLHUHDEJHVFKWWHOWZXUGHQDQGHUHZLHGHUNUDOOWHQVLFK IHVWXQGDOVHUVLHKHUXQWHUVFKOHXGHUQZROOWHULHU]XJOHLFKPLWLKUHQ=lKQHQGLH HLJHQH+DXWDE 7DXVHQG6FKPHU]HQEUHLWHWHQVLFKEHUVHLQHQ.|USHUDXV(UUDQQWHVFKQHOOHU QDKPVHLQHOHW]WH.UDIW]XVDPPHQXQG]HUWUDWGLH%HVWLHQOLHILP=LFN]DFNZHLWHUXQG VFKDIIWHHVZHQLJVWHQV.RSIXQG6FKXOWHUQ]XVlXEHUQ6FKOLHOLFKQDFK PLQXWHQODQJHP/DXIGXUFKNQLHKRKHV6FKPXW]ZDVVHUKDWWHHUGHQ*UWHOGHU DXIJHVFKHXFKWHQ7LHUHKLQWHUVLFK.HXFKHQGXQGPLWWUlQHQGHQ$XJHQEOLHEHUVWHKHQ 6HLQHPlFKWLJH%UXVWKREXQGVHQNWHVLFK ³:DVZDUGDV"´PXUPHOWHHUXQGIKOWHZLHHLQHGHXWOLFKH6FKZlFKHQDFKLKP JULII'LHGXQNOH:DQGGHV:DOGHVJHJHQGHQVWHUQHQEHUVlWHQ+LPPHOEHJDQQVLFK ]XGUHKHQXQG:HOOHQ]XVFKODJHQ :DVZDUGDV" (UZDQNWHZHLWHUZHLOHUYRUVLFKHLQHQ:DVVHUODXIVSUWHGHUGLHVHV6WFN /DQGEHUVFKZHPPWKDEHQPRFKWH$OVHUWDXPHOQG6FKULWWYRU6FKULWWVHW]WHILHOLKP GLH(UNOlUXQJHLQ'HU3VL6WXUPKDWWHGLH7LHUHDXIJHVFKHXFKWXQGVLHDOOHLKUH
$WODQXQGGHU*UDXH
M
$WODQ
,QVWLQNWHYHUJHVVHQODVVHQ+DUPORVH1DJHWLHUHIDQGHQVLFK]X*UXSSHQ]XVDPPHQ XQGZDJWHQVLFKLQV)UHLHZDVVLHVRQVWQLHPDOVWDWHQ1RFKPHKU*UXSSHQVWLHHQ DXIHLQDQGHUXQGMHW]WEHJDQQGLH3DQLNLQ)RUPHLQHU0DVVHQDQVDPPOXQJGHU VFKZDU]HQ%HVWLHQ6LHZDUHQUDWORVXQGGLH0HQJHVWHLJHUWHLKUH%HVHVVHQKHLW(U ZDUJHUDGHDXIGHP+|KHSXQNWGHU.ULVHHUVFKLHQHQXQGVHLQ9RUGULQJHQKDWWHLKUH 5HIOH[HDXVJHO|VW 'HU*UDXHZDQNWHELVLQGLH0LWWHHLQHUOlQJOLFKHQ.LHVLQVHOLQGHPUHLHQGHQ %DFKXQGZDWHWHGDQQLQV:DVVHU 'DVHLVNDOWH:DVVHUNKOWHVHLQHYLHOHQ:XQGHQXQGHUIULVFKWHLKQ$EHUDOVHU GDV*HIKOKDWWHVHLQH=HKHQXQG)LQJHUVSLW]HQZUGHQDEVWHUEHQNURFKHUZLHGHU KHUDXVXQGEUDFKDXIGHU,QVHO]XVDPPHQ6HLQH%HZXWORVLJNHLWJLQJLQHLQHQWLHIHQ XQGODQJHQ6FKODIEHU 'HVZHJHQK|UWHHUDXFKQLFKWGDVUROOHQGH(FKRGHU6FKVVH 1RFKKDVWGXGLH:DKO]ZLVFKHQ)OXFKWXQG9HUWHLGLJXQJVDJWHGHU/RJLNVHNWRU PLWXQEHUK|UEDUHU6FKlUIHXQG'ULQJOLFKNHLW 'HU6DXULHUVWDUUWHGHQ$UNRQLGHQDQ'HU5DFKHQGHV7LHUHVZDUZHLW DXIJHULVVHQXQGEOLHVDXV]HKQ0HWHUQ(QWIHUQXQJ$WODQVWLQNHQGHQ5HSWLOLHQDWHPLQV *HVLFKW'LH=DKQUHLKHQZLUNWHQZLHGLH6FKQHLGHQHLQHU(UGEHDUEHLWXQJVPDVFKLQH 'HU6FKZDQ]GHV7LHUVSHLWVFKWHPLWNUDFKHQGHQ6FKOlJHQGDV:DVVHUDXIXQGGHU 6FKZDUPGHU9|JHOYHUGXQNHOWHGDV/LFKWGHU6WHUQH ³,FKP|FKWHGLFKQLFKWXQEHGLQJWW|WHQ)UHXQG´PXUPHOWH$WODQXQGEHZHJWH VLFKDXIGHQKHOOHQGHXWOLFKDEJHVHW]WHQ.LHVVWUHLIHQ]X:LHHLQH0DULRQHWWHIROJWHLKP GHU+DOVGHUGHQ.RSIKREXQGVHQNWH:LHGHUWURPSHWHWHGDV7LHUODXWXQGZWHQG (VPDYRP.RSIELV]XU6FKZDQ]VSLW]HQLFKWYLHOZHQLJHUDOVIQI]LJ0HWHUXQG ZDUHWZDIQI]HKQ0HWHULQGHQ6FKXOWHUQKRFK'DV6lXOHQEHLQVFKZHEWHQRFKLPPHU EHUGHPVFKDXPLJHQ:DVVHU'UHFN:DVVHUSIODQ]HQXQGVFKZDU]H.OXPSHQ 6FKODPPUXWVFKWHQODQJVDPDQGHUEUDXQHQ/HGHUKDXWKHUXQWHU 1LFKW]XVFKQHOOEHZHJHQ9HUPHLGHGDV7LHUXQQ|WLJ]XUHL]HQEHIDKOGHU ([WUDVLQQ ³0LW9HUJQJHQ´PXUPHOWHHUXQGJLQJZHLWHU 'LHUHFKWH+DQGPLWGHU:DIIH]LHOWHKDOEDQJHZLQNHOWLQGHQ5DFKHQGHV 7LHUHV'HU+DOVVWDQGMHW]WPHKUDOVLPUHFKWHQ:LQNHOYRP.|USHUDE$WODQJLQJPLW VWRFNHQGHQ6FKULWWHQEHUGHQNQLUVFKHQGHQ.LHV'DV*HUlXVFKGDVIUVHLQH2KUHQ PLWGHPEHWlXEHQGHQ6FKODJHQGHV6DXULHUVFKZDQ]HVYHUVFKPRO]XQGY|OOLJ XQWHUJLQJVFKLHQGDV7LHU]XLUULWLHUHQµMDUDVHQG]XPDFKHQ8QGSO|W]OLFKVHQNWHVLFK GHU6lXOHQIXNODWVFKHQGXQGNUDFKHQGLQV:DVVHU 'HUDQGHUH)XKREVLFKGHU6DXULHUVHW]WHVLFKLQ%HZHJXQJ:HQQHUUDQQWH ZUGHHUHLQHUDVHQGH*HVFKZLQGLJNHLWHUUHLFKHQN|QQHQ$OVVLFKDXFKHLQ+LQWHUEHLQ DXVGHP6XPSIKREXQGGHUULHVLJH6FKZDQ]VWHLOLQGLH+|KHJLQJEHJDQQ$WODQ]X UHQQHQXPHLQHQJQVWLJHQ6FKXZLQNHO]XEHNRPPHQ 6HOEVWZHQQGHU*UDXHGHLQHQ$XIHQWKDOWVRUWGDGXUFKNHQQHQOHUQW6FKLHHQ ³8QJHUQ´NQXUUWH$WODQ (UQDKPVHLQHOHW]WHQ.UlIWH]XVDPPHQXQGUDQQWHEHUGHQDXIVSULW]HQGHQ .LHVGDYRQ'HU6DXULHUGUHKWHVLFKVFKZHUIlOOLJKDOEKHUXPXQGIROJWHLKP'DV UDVHQGH.UHLVFKHQGHU9RJHOVFKZlUPHELOGHWHHLQHVFKDXHUOLFKH%HJOHLWPXVLN]X GLHVHPXQJOHLFKHQ5HQQHQ$WODQKDWWHMHW]WHWZDGLH0LWWHGHV.LHVVWUHLIHQVHUUHLFKW
$WODQXQGGHU*UDXH
M
$WODQ
XQG]LHOWH (UOLHIODQJVDPUFNZlUWVGDQQWUDWHUVFKUlJDXIXQGVWROSHUWH 6FKLHHQ :lKUHQGHUQDFKKLQWHQILHOGUFNWHHUGHQ$XVO|VHU(LQ%OLW]VWUDKOVFKPHWWHUWH DXVGHU:DIIHXQGWUDIGHQ.RSIGHV6DXULHUV'DV7LHUVFKULHDXIVHQNWHGHQ.RSIXQG EHJDQQ]XUHQQHQ$WODQIHXHUWHHLQ]ZHLWHVPDODOVHUDXIGHP%RGHQODJXQG VFKPHU]KDIWGLH6WHLQHDQVHLQHU:LUEHOVlXOHVSUWH'DQQZlO]WHHUVLFKKHUXPXQG VDKGLHJUDXHQKDIWHQ:XQGHQGHV7LHUHV 'HU1HUYHQNQRWHQLP5FNHQPDUNVFKULHGHU([WUDVLQQ $WODQUDQQWHZHLWHUGHQVFKZDQNHQGHQ+DOVEHUVLFK'HUVFKZHUH.RSIIXKU ZLHHLQH5DPPHKHUXQWHUXQGWUDIDOV$WODQLQOHW]WHU6HNXQGH]XU6HLWHKHFKWHWHGHQ .LHV'HU6FKlGHOGHV5LHVHQVDXULHUVVFKOXJHLQHQ]ZHL0HWHUWLHIHQ.UDWHULQGHQ .LHVVWUHLIHQ$IODQ]LHOWHSUl]LVHXQGIHXHUWHYLHUPDO(UVHW]WHVHLQH6FKVVHXQWHUKDOE GHU.QRFKHQOHLVWHLQGHQ5FNHQGHV7LHUHV5LHVLJH(LQVFKODJVWHOOHQDXVGHQHQGDV %OXWTXROOPDUNLHUWHQGLH7UHIIHU6HNXQGHQODQJHUKHOOWHQGLH'HWRQDWLRQHQGLH 8PJHEXQJ $WODQVWROSHUWHXQGKDVWHWHGDYRQZDUILPPHUZLHGHU%OLFNHQDFKUFNZlUWV'HU .RSIZXUGHMHW]WVWHLOLQGHQ+LPPHOJHUHFNWGHU6FKZDQ]GUHKWHVLFKZLHHLQH JLJDQWLVFKH:LQGPKOHXQGGDV7LHUYHUVXFKWHVHLQHQ5FNHQ]XHUUHLFKHQ(V EHJDQQVLFK]XGUHKHQ=XHUVWODQJVDPHUGDQQLPPHUVFKQHOOHU$WODQUDVWHGDYRQ XQGVDKGDGHU.LHVVWUHLIHQLPPHUVFKPDOHUZXUGH .HXFKHQGXQGVFKZLW]HQGEOLHE$WODQVWHKHQ 'LH*HIDKULVWYRUEHLVDJWHGHU/RJLNVHNWRU 'HU6DXULHUJLJDQWZDUW|GOLFKYHUOHW]W+DOEJHOlKPWGUHKWHHUVLFKQRFKLPPHU LP.UHLVDEHUGLH%HZHJXQJHQZDUHQPDWWHUXQGODQJVDPHUJHZRUGHQ$WODQZXWH GDLKPGLHVHU6DXULHUNHLQH*HIDKUPHKUZDU(UGUHKWHVLFKXPXQGJLQJZHLWHU ]XPLQGHVWIULVFKHV:DVVHUEUDXFKWHHUIUGLHVH1DFKW$OVHUHLQLJH0LQXWHQODQJELV DQGDV(QGHGHV6XPSIHVJHVWROSHUWZDUK|UWHHUGHQVFKZHUHQNUDFKHQGHQ)DOOGHV 7LHUHV 1LFKWVZDUHLQHQ$XJHQEOLFNODQJ]XK|UHQ 'DQQEURGHOWHXQGNRFKWHGHU0RRUVHH'LH:HOOHQHUUHLFKWHQGHQ5DQGVWUHLIHQ XQGEHGHFNWHQLKQPLWHLQHUGLFNHQ6FKLFKW6FKPXW]XQG6FKOLFN'LH9|JHOELOGHWHQ HLQ]HOQH6FKZlUPHGLHVLFKODQJVDPDXIO|VWHQ+RFKEHUGHP$UNRQLGHQZDUHQGDV 6FKZLUUHQULHVLJHUOHGHUQHU)OJHO]XK|UHQ ³6LHVWU]HQVLFKDXIGLH%HXWH´PXUPHOWHHUXQGIKOWHZLHLKQGLH.UlIWHPLW MHGHPZHLWHUHQ6FKULWWYHUOLHHQ 6FKOLHOLFKHUUHLFKWHHUGDV:DVVHU
(LQPDOZDFKWHHUQDFKWVDXI (U VDK ]ZLVFKHQ GHQ 1HEHOVFKOHLHUQ GLH DXV GHP :DOG KHUDXVNURFKHQ HLQHQ VFKPDOHQ6WUHLIHQGHVRIIHQHQ+LPPHOV'LH6WHUQHERWHQHLQHQVHOWVDPEHUXKLJHQGHQ $QEOLFN $WODQ YHUVHW]WH VHLQHQ .|USHU YRUVLFKWLJ LQ 6FKZLQJXQJHQ DEHU GLH /LDQHQ KLHOWHQ(UKDWWHVLHDEJHULVVHQ]XVDPPHQJHNQSIWXQGHLQH0DWWHJHVFKDIIHQGHUHQ
$WODQXQGGHU*UDXH
M
$WODQ
(QGHQHUDQ%DXPVWlPPHQEHIHVWLJWH,QGLHVHU0DWWHODJHU8QWHULKPEHZHJWHQVLFK NOHLQH7LHUHKLQXQGKHUEHULKQIORJHQ)OXJVDXULHUKLQZHJXQGHVZDULKPJHOXQJHQ VWXQGHQZHLVH]XVFKODIHQ :LHGHUXPHLQHQ7DJQlKHUDQGHU%DVLV :LHGHUXPYLHOH6WXQGHQQlKHUDQGHQ0|UGHUKHUDQJHNRPPHQXQGDQGDV=LHO DQGHQHUKRIIWHQ)XQNNRQWDNW 1RFKLPPHUZDUGLH1DWXUYRQGHQ(IIHNWHQGHV3VL6WXUPVEHKHUUVFKW ³6LH ZHUGHQ DOVR QRFK LPPHU YHUUFNW VHLQ GLH 0lQQHU GHV 6WW]SXQNWHV 9LHOOHLFKWHUUHLFKWLKQDEHUGHU*UDXHWDWVlFKOLFKIUKHUDOVLFK²XQGGDQQEHJLQQWGDV 'XHOOZLHGHUYRQYRUQ´VDJWH$WODQOHLVH (U KDWWH VLFK ZDVFKHQ N|QQHQ XQG KDWWH )UFKWH JHIXQGHQ GLH HEDU XQG QDKUKDIWZDUHQ1XUODQJVDPZLFKHQGLH/lKPXQJVHUVFKHLQXQJHQDXVVHLQHP.|USHU 'LH6FKPHU]HQGLHVLFKJOHLFKPlLJEHUMHGHQ1HUYDXVJHEUHLWHWKDWWHQK|UWHQDXI 'HU=HOODNWLYDWRUVFKLHQGHP.|USHUQHXH(QHUJLHQ]X]XIKUHQDEHULQ:LUNOLFKNHLWKDOI HUQXUGHQ=HOOHQVLFKVFKQHOOHUXQGZLUNXQJVYROOHU]XUHJHQHULHUHQ ³2KQHLKQZlUHLFKQLFKWELVKLHUKHUJHNRPPHQ´PXUPHOWH$WODQ 6HLQH*HGDQNHQYROOIKUWHQZLOGH.UHLVH (UGDFKWHDQGDVXQJOFNOLFKH0lGFKHQ'LH$NRQLQHVZDUHLQHPHUNZUGLJH /LHEH JHZHVHQ (U ZUGH VLH QLFKW YHUJHVVHQ N|QQHQ VHLQ SHUIHNWHV *HGlFKWQLV EHZDKUWHMHGHQHLQ]HOQHQ(LQGUXFNDXIXQGUHSURGX]LHUWHLKQ 'DQQ GDFKWH HU DQ GHQ UlWVHOKDIWHQ ³*UDXHQ´ (U NRQQWH QLFKW VDJHQ ZHU RGHU ZDV GLHVHU 0DQQ ZDU -HGHQIDOOV VWHOOWH HU QLFKW QXU IU LKQ VRQGHUQ IU GLH JHVDPWH *DOD[LVHLQH*HIDKUHUVWHQ5DQJHVGDU ³LFKZHUGHGHQ0|UGHUIDVVHQ´VFKZRUVLFK$WODQ (U EHGDXHUWH GD GLH /LFKWYHUKlOWQLVVH GLH )RUWVHW]XQJ GHU 9HUIROJXQJ QLFKW ]XOLHHQ'LH1DFKWXQGGHUDXIVWHLJHQGH1HEHOPDFKWHQEHUHLWVGHQ9HUVXFK]XHLQHP KDOEHQ6HOEVWPRUG ³%LV]XP0RUJHQJUDXHQ´VDJWHVLFK$WODQXQGVFKORGLH$XJHQZLHGHU (UVFKOLHIZLHGHUHLQ
6HLQH$UPHXQG%HLQHEHZHJWHQVLFKZLHGLH*OLHGPDHQHLQHU0DVFKLQH%HLP HUVWHQ /LFKW KDWWH HU GLH +lQJHPDWWH YHUODVVHQ ZDU LQ GHQ :DOG HLQJHGUXQJHQ XQG UDQQWH MHW]W HQWODQJ HLQHV 7LHUSIDGHV :LHGHU VFKOXJ GLH 1DWXU ]X ZLHGHU VFKQHOOWHQ VLFK5DQNHQDXILKQXQGYHUVXFKWHQLKQ]X)DOO]XEULQJHQXQG]XHUVWLFNHQ :LHGHUIORKHQGLH7LHUHYRULKPRGHUJULIIHQDQ 8QXQWHUEURFKHQ SUDVVHOWHQ WDXVHQG NOHLQHUH XQG JU|HUH *HIDKUHQ DXI GHQ $UNRQLGHQHLQ $XV GHQ .URQHQ GHU %lXPH VDXVWHQ LQ ODQJHQ %|JHQ VFKZHUH QXDUWLJH )UFKWHKHUXQWHU%OLFNWHHUQLFKWQDFKREHQVR]HUVFKPHWWHUWHQLKPGLHVH.XJHOQGLH +LUQVFKDIH %OLFNWHHUQDFKREHQNRQQWHHVVHLQGDHUGLH$QJULIIHYRQGHQ6HLWHQEHUVDK GLH LKQ HEHQIDOOV W|WHQ NRQQWHQ GHQQ HU ZDU QLFKW NUlIWLJ JHQXJ HLQ %QGHO /LDQHQ DXVHLQDQGHU]XUHLGHQ 8QXQWHUEURFKHQZDUQWHLKQVHLQ/RJLNVHNWRU
$WODQXQGGHU*UDXH
M
$WODQ
'HU 3IDG VFKLHQ YRQ HLQHP ZLOGJHZRUGHQHQ 6DXULHU DQJHIHJW ZRUGHQ ]X VHLQ GHQQHUYHUOLHIIDVWJHUDGHGXUFKGHQ0LVFKZDOG8QGHUOLHIJHQDXLQGLH5LFKWXQJLQ GLH $WODQXQG YRU LKP GHU *UDXH²JHUDQQW ZDUHQ RGHU YHUVXFKWHQ ]X UHQQHQ $WODQ VHKQWHHLQ(QGHGLHVHVZDKQVLQQLJHQ0DUVFKHVKHUEHLPLWDOOHQVHLQHQ*HGDQNHQXQG hEHUOHJXQJHQ)DVWDXWRPDWLVFKVHW]WHHUGDV7HPSRKHUDXIXQGVFKREVLFKGXUFKGLH OHEHQGH0DXHUGHV'VFKXQJHOV1RFK7DJH1RFKPHKUHUH7DJHGLHVHV5HQQHQV -HW]W ZDU HU VLFKHU GD GHU *UDXH YRU LKP ZDU XQG QLFKW YHUVXFKWH LKQ ]X XPJHKHQGHQQGDV*HOlQGHZDUIUHLQHQ+LQWHUKDOWQLFKWQXUXQJHHLJQHWVRQGHUQHV ELOGHWH DXFK IU GHQ *UDXHQ IDOOV HU KLHU LUJHQGZR ZDUWHQ ZUGH HLQH 4XHOOH ]XVlW]OLFKHU*HIDKUHQ ³:HLWHU6FKQHOOHU´ +DOWH PLW GHLQHQ .UlIWHQ ]XUFN 'X NDQQVW EDOG QLFKW PHKU ZDUQWH GDV ([WUDKLUQ´ ³$EHULFKPXGLHVHQ0|UGHUILQGHQEHYRUHUGHQ5DXPKDIHQHUUHLFKW´VFKZRU HUVLFKIDXW 'X KDVW DOOH &KDQFHQ VHOEVW ZHQQ HU YHUVXFKW GLFK PLW GHQ GRUW ODJHUQGHQ :DIIHQ]XW|WHQ ³'DVNDQQLFKQLFKWJODXEHQ´ 'HU %RGHQ GHV 3IDGHV ZDU HLQPDO EUHLW GDQQ GLH PHLVWH 6WUHFNH VFKPDO XQG KDUW$EXQG]XXQWHUEUDFKHQ3IW]HQGHQVFKQHOOHQ/DXI'HUVWLNNLJH1HEHODXVGHP 'VFKXQJHO XQG GLH ZLH EHVHVVHQ ZXFKHUQGHQ 3IODQ]HQ PDFKWHQ LQ GLHVHP IDVW DEJHVFKORVVHQHQ *DQJ MHGH %HZHJXQJ ]X HLQHU HFKWHQ $QVWUHQJXQJ :LH KLHOW GHU *UDXHGLHVHQ/DXIDXV"-HGHU0HQVFKZlUHJHVWRUEHQ+DWWHHUEHVRQGHUH.UlIWHRGHU ZDUHVQXUGLH0LVFKXQJ]ZLVFKHQ0RUGOXVWXQG7RGHVDQJVWGLHLKQGXUFKKDOWHQOLH" 'DVLVWQLFKWDXV]XUHFKQHQJDEGHU/RJLNVHNWRUQFKWHUQ]X $WODQV*HGDQNHQZDUHQEHUHLWVGHQ(UHLJQLVVHQYRUDXV(UIUHXWHVLFKJHUDGH]X HOHPHQWDU DXI HLQ KHLHV %DG DXI QHXH .OHLGXQJ XQG DXI 1DKUXQJVPLWWHO GLH GLHVH %H]HLFKQXQJ YHUGLHQWHQ $OOHV GDV ZUGH HU JOHLFKJOWLJ ZLH GLH 0lQQHU GRUW UHDJLHUWHQLP6WW]SXQNWILQGHQ :HLWHU 'XUFKGHQ'VFKXQJHOZLHHLQIOXFKWHQGHV7LHU 'XZLUVWHVVFKDIIHQYHUVLFKHUWHGDV([WUDKLUQ (UZXWHHVJHQDX,QNXU]HU=HLWZUGHVLFKGHU:DOGOLFKWHQ'DKLQWHUODJHQGLH YHUEUDQQWHQ XQG HLQJHlVFKHUWHQ 6WUHLIHQ YRQ GHQ 5RERWHUQ NRQWUROOLHUW 8QG GDQQ EHJDQQGHU5DXPKDIHQ 'RUWVWDQGHQ%DXZHUNHXQGHLQ5DXPVFKLIIGLH$192<$WODQVWHOOWHVLFKGLHVH 6]HQHYRU ,Q GHU 1DFKW GHV HUVWHQ $SULO EHWUDW GHU *UDXH GHQ 5DXPKDIHQ (U ZDU IDVW XQNHQQWOLFK HU ZDU EHGHFNW PLW $VFKH VWDQN PHWHUZHLW QDFK 6FKZHL XQG 6FKODPP XQG'VFKXQJHODEHUHUJLQJJHUDGHDXIGLH*HElXGH]XGLH:DIIHLQGHU+DQG-HGHU 6FKULWW NRVWHWH LKQ hEHUZLQGXQJ DEHU HU VFKDIIWH HV 6HLQH :XQGHQ EUDQQWHQ XQG VFKPHU]WHQ K|OOLVFK (U KDWWH HLQ IDVW NUDQNKDIWHV 9HUODQJHQ QDFK HLQHP 6FKOXFN
$WODQXQGGHU*UDXH
M
$WODQ
$ONRKRO8QGHUKDWWHHLQHEHQVROFKHV9HUODQJHQGDQDFKGHQ$UNRQLGHQ]XW|WHQ ³:LUKDEHQXQVDXVGHQ$XJHQYHUORUHQ´ODOOWHHU (U 6FKOHSSWH VLFK GHQ 6WHJ KRFK XQG OHKQWH VLFK DQ GDV *HOlQGHU (UVW MHW]W QDKP HU ULFKWLJ ZDKU ZDV XP LKQ KHUXP JHVFKDK =XIlOOLJ EUDQQWHQ HLQLJH /DQGHVFKHLQZHUIHUGHU$192< 6LHEHOHXFKWHWHQHLQHPDNDEUH6]HQH 'DVHLQ]LJHGDVQRFKHLQLJHUPDHQIXQNWLRQLHUWHZDUHQGLH0DVFKLQHQGLHGHQ 'VFKXQJHOHLQGlPPWHQ'LH0lQQHU7HUUDQHUZLH7HIURGHUWRUNHOWHQEHUGDV)OXJIHOG XQGVFKULHQVDQJHQXQGVFKLHQHQDOOHEHWUXQNHQ]XVHLQ,QHLQ]HOQHQ)lOOHQZDUGLHVH $QQDKPHDXFKEHUHFKWLJWDEHUDXFKVLHOLWWHQXQWHUGHQ:HOOHQGHV3VL6WXUPV *OHLWHU NXUYWHQ GXUFK GDV ,QIHUQR ,KUH 6LJQDOK|UQHU PDFKWHQ XQJHZRKQWH *HUlXVFKHXQJHZRKQWIUGHQ*UDXHQGHUHLQHNQDSSH:RFKHODQJQLFKWVDQGHUHVDOV 6DXULHUVWLPPHQ 9|JHOJHVFKUHL XQG GLH *HUlXVFKH GHU XPJHEHQGHQ 3IODQ]HQ JHK|UW XQG LQGHQWLIL]LHUW KDWWH (U GUHKµ WH VLFK XP 6SlWHU NRQQWH HU VLFK XP VHLQH /HXWH NPPHUQMHW]WJLQJHUVHOEVWYRU =XHUVW NDP HU LQ HLQH PHGL]LQLVFKH 6WDWLRQ XQG VFKOXFNWH QDFKGHP HU HLQHQ 6FKUDQN KDOE DXVJHUlXPW KDWWH HLQH 0HQJH YRQ 0HGLNDPHQWHQ KHUXQWHU 6WlUNXQJVPLWWHO HEHQVR ZLH :DFKKDOWHSLOOHQ 'DQQ VFKDIIWH HU HV VLFK LQ VHLQH 3ULYDWUlXPH ]XUFN]X]LHKHQ $XFK LP ,QQHUQ GHU *HElXGH WREWHQ GLH HQWIHVVHOWHQ 0lQQHU KHUXP (U VFKOHXGHUWH VLH ]XU 6HLWH ZHQQ LKP HLQHU YRQ LKQHQ EHJHJQHWH 'DQQVFKORVLFKKLQWHULKPGDV6FKRWW (UIHW]WHGLH5HVWHGHU.OHLGXQJYRQVHLQHPJUDXKlXWLJHQ.|USHUXQGVWROSHUWH LQV %DG 'LH 6FKDXHU GHV KHLHQ :DVVHUV XQG GHV NDOWHQ GHU 6FKDXP GHU 5HLQLJXQJVPLWWHO GLH NKOHQGH 6DOEH HU EHJDQQ VLFK ZLHGHU ZLH HLQ /HEHQGHU ]X IKOHQ ³,FK KDEH NHLQH 6HNXQGH ]X YHUOLHUHQ´ VDJWH HU ODXW DOV HU QDFNW LQ GHQ :RKQUDXP ]XUFNNDP ³7URW]GHP HV LVW 1DFKW XQG RE LFK GHQ $UNRQLGHQ MHW]W ILQGHQZHUGH"´ (U ]RJ VLFK DQ XQG EHZDIIQHWH VLFK QHX (U YHUVXFKWH HV JDU QLFKW VHLQHQ 0lQQHUQ%HIHKOHJHEHQ]XZROOHQGHQQVLHZUGHQLKQQLFKWYHUVWHKHQ ³:DVEUDXFKHLFK"´ 'HU*UDXHEHUOHJWH6HLQ=LHOZDU¶$WODQ]XILQGHQ8PLKQ]XILQGHQEUDXFKWH HU 2UWXQJVJHUlWH )DQG HU LKQ GDQQ PXWH HU $WODQ W|WHQ $OVR EUDXFKWH HU VFKZHUH :DIIHQGLHGHP$UNRQLGHQMHGH&KDQFHQDKPHQ'LH/DJHGHV$UNRQLGHQZDUVFKRQ MHW]WKRIIQXQJVORV'HU*UDXHNDPJDUQLFKWHUVWLQGLH9HUVXFKXQJVLFKKLQ]XOHJHQXQG DXV]XUXKHQGHQQHUZXWHQLFKWZLHGLFKWLKP$WODQDXIGHQ)HUVHQZDU(UYHUVFKOR VHLQH:RKQUlXPHXQGVFKZHEWHQDFKXQWHQ'RUWJLQJHU]LHOEHZXWDXIGLH+DQJDUV GHU*OHLWHU]X (LQH6WXQGHVSlWHUZDUHUIHUWLJ (U VWHXHUWH HLQHQ PLWWHOJURHQ /XIWJOHLWHU 'LH 0DVFKLQH ZDU PLW DXWRPDWLVFKHQ 2UWXQJVJHUlWHQ XQG VFKZHUHQ :DIIHQ DXVJHUVWHW 0LW YROO DXIJHEOHQGHWHQ 6FKHLQZHUIHUQ MDJWH GHU *OHLWHU EHU GLH 3LVWH XQG VFKHXFKWH NOHLQH *UXSSHQ YRQ 0lQQHUQDXVHLQDQGHUGLHZLHEHWUXQNHQMRKOWHQ ³,FK PX GHQ $UNRQLGHQ ILQGHQ HKH HU GHQ 5DQG GHV 5DXPKDIHQV HUUHLFKW´ VDJWHGHU*UDXHODXW (U]RJGLH0DVFKLQHKRFK
$WODQXQGGHU*UDXH
M
$WODQ
$WODQZUGHLQVHLQHQ6SXUHQODXIHQGDVZDUDXIMHGHQ)DOONODU$XFKZHQQVLFK GHU$UNRQLGHGDGXUFKEHZXWJHQDXMHQHU*HIDKUDXVVHW]WHGLHMHW]WDXILKQ]XNDPHV ZDUHLQIDFKGLHEHVWH0HWKRGHZHLOHLQDQGHUHUIULKQGLH6SXUYRUEHUHLWHWKDWWH $OVR ZUGH HU GHU *UDXH HQWODQJ GLHVHU 6SXU GHU IHUQHQ .XSSHO HQWJHJHQIOLHJHQPVVHQ ,UJHQGZRLQQHUKDOEHLQHV7DJHVPDUVFKHVZUGHHU$WODQILQGHQXQGW|WHQ -HW]WVFKZHEWHGHU*OHLWHUEHUGHP5DQGGHV)OXJIHOGHV'HU*UDXHVFKDOWHWH GLH6FKHLQZHUIHUDXVXQGVlPWOLFKH6XFKXQG2UWXQJVJHUlWHHLQ'DQQDNWLYLHUWHHUGLH :DIIHQV\VWHPH (U EHXJWH VLFK DXV GHP *OHLWHU OHKQWH GLH 8QWHUDUPH DXI GLH )HQVWHUNDQWH XQG PXVWHUWH GDV *HOlQGH XQWHU VLFK JHQDX 1XU HLQH HLQ]LJH VHKU GHXWOLFKVLFKWEDUH6SXUIKUWHGXUFKGLHZHLJUDXH$VFKHYRP'VFKXQJHOUDQGDXIGHQ 3ODW]]X ³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|VWH GDV &KDRV GHU $XIUlXPXQJVDUEHLWHQ GLHVHQ =XVWDQG KLHU DE (U QLFNWH VDK DXI GLHJOLPPHQGHQ6FKLUPHGHU2UWXQJVJHUlWHXQG ]RJGHQ*OHLWHUELVLQHLQH+|KHYRQ ]ZHLKXQGHUWIQI]LJ0HWHUQ 'DQQ IORJ HU ODQJVDP ZLHGHU ]XUFN LQ VGOLFKH 5LFKWXQJ (U VXFKWH GHQ 'VFKXQJHOQDFK$WODQDE6FKRQQDFK]ZDQ]LJ0LQXWHQZDUHUVLFKGDUEHULPNODUHQ GDHUHLQHQ9HUVXFKJHZDJWKDWWHGHUZHQLJRGHUNHLQHQ(UIROJYHUVSUDFK -HGHV 7LHU LQ GHU *U|H HLQHV 0HQVFKHQ ULHI HLQ (FKR KHUYRU HLQ GHXWOLFKHV 5HOLHIELOG 'LH 6FKLUPH ZDUHQ EDOG YROOHU 3XQNWH /DQJVDP YHUPRFKWH GHU *UDXH GHXWOLFKH 8QWHUVFKHLGXQJHQ ]X WUHIIHQ $WODQ ZUGH GHQ *OHLWHU ZHGHU K|UHQ QRFK VHKHQ $OVR ZUGH HU VLFK ZHLWHU ]LHOEHZXW LQ HLQH 5LFKWXQJ EHZHJHQ 'LHVHV HLQH 3QNWFKHQPXWHHUGHU*UDXHKHUDXVILQGHQXQGYHUIROJHQ(UEHUOHJWHVFKZHLJHQG ³'DV LVW HLQH 0HWKRGH GLH LKP %HLQH PDFKHQ ZLUG´ VDJWH HU XQG WUDW GHQ %HVFKOHXQLJXQJVKHEHO YROO GXUFK 'HU *OHLWHU PDFKWH HLQHQ 6DW] XQG VFKR GDYRQ =ZDQ]LJGUHLLJ.LORPHWHUZHLWHUKLHOWGHU*UDXHGDV)DKU]HXJZLHGHUDQXQGIORJHLQH .XUYH 'DQQILQJHUDQGHQ'VFKXQJHOXQWHUVLFK]XEHVFKLHHQ (U YHUZHQGHWH GLH +LW]HVWUDKOHQ XQG IHXHUWH XQXQWHUEURFKHQ ZlKUHQG GHU *OHLWHUDXWRPDWLVFKJHVWHXHUWHLQHULHVLJH6FKOHLIHIORJ$QGUHLLJRGHUPHKU3XQNWHQ HLQHV ULHVLJHQ VLFKHOI|UPLJHQ *HELHWHV IODFNHUWHQ NOHLQH )HXHU DXI XQG EUHLWHWHQ VLFK VFKQHOO DXV WURW] GHU )HXFKWLJNHLW GHU *HZlFKVH 6R HQWVWDQG ELQQHQ HLQHU KDOEHQ 6WXQGHHLQ)HXHUNUHLVGHUYRP5DQGGHV)OXJIHOGHVELVGUHLLJ.LORPHWHUMHQVHLWVGHU )OlFKHUHLFKWH5DXFKEHOlVWLJXQJZDUGDVHLQ]LJHZDVGHU*UDXH]XEHIUFKWHQKDWWH XQGDXHUGHPZUGHGDV)HXHUYHUPXWOLFKEDOGGXUFKHLQHQGHUKlXILJHQ5HJHQJVVH DXVJHO|VFKW ZHUGHQ 7URW]GHP ODFKWH HU ODXWORV DOV HU GHQ OHW]WHQ 6FKX DEJDE XQG GHQ.UHLVGHV'VFKXQJHOIHXHUVVFKOR'DV)HXHUGDVVLFKPLWUDVHQGHU6FKQHOOLJNHLW
$WODQXQGGHU*UDXH
M
$WODQ
QDFK EHLGHQ 5LFKWXQJHQ DXVEUHLWHWH²DOVR GHP =HQWUXP GHV .UHLVHV HQWJHJHQ XQG QDFKDXHQ²XPVFKORGHQ$UNRQLGHQQXQYRQDOOHQ6HLWHQ (LQHNUHLVI|UPLJH5DXFKZRONHYHUGXQNHOWHGHQ+LPPHO'LH1DFKWJOLWWODQJVDP LQGHQ0RUJHQEHUXQGDXVVHLQHU)OXJK|KHNRQQWHGHU*UDXHGDVJHVDPWH$XVPD GHV5LQJHVHUNHQQHQ ³8QGMHW]WZHUGHLFKLP=HQWUXPVXFKHQ´VDJWHHUVLFK :LHGHUJLQJHUWLHIHUXQGVFKZHEWH]ZLVFKHQGLH5DXFKZlQGHKLQXQWHU(UVDK DXIGLH6FKLUPHGHU*HUlWHXQGYHUVXFKWHHLQHZLQ]LJH*HVWDOW]XHQWGHFNHQGLHGDV )HXHUVSUWHXQG]XIOLHKHQYHUVXFKWH$EHUGDQQVDJWHHUVLFKGDVHOEVWHLQ$UNRQLGH GDV)HXHUQLFKWULHFKHQNRQQWH²QRFKQLFKW$WODQZUGHDOVRQRFKVFKODIHQRGHUVLFK MHGHQIDOOVQRFKQLFKWLQGLH5LFKWXQJGHV/DQGHSODW]HVEHZHJHQ ³,FKPXQRFKZDUWHQ=XPLQGHVWELVHVKHOOZLUG´PXUPHOWHHU ,KQ WULHEHQ +D XQG GLH (LQVLFKW GD HU HLQHP KHUYRUUDJHQGHQ *HJQHU EHJHJQHWZDUGHUDOOHVHLQH3OlQHKRIIQXQJVORVUXLQLHUHQNRQQWH)OXFKWZDUXQVLQQLJ XQGZHJHQGHV9RUUDWVDQ3VL0DWHULHDXFKXQP|JOLFK$OVRPXWHHUKLHUEOHLEHQXQG NlPSIHQ6HLQ=LHOZDUNODUGHILQLHUW²HUPXWHHVHUUHLFKHQ6HLQH8QUXKHZDULQGHP $XJHQEOLFNYRUEHLDQGHPHU$WODQDOVYHUNRKOWHQ/HLFKQDPGRUWXQWHQZXWH (LQH ZHLWHUH KDOEH 6WXQGH YHUJLQJ LQ GUFNHQGHU /DQJVDPNHLW 'HU *OHLWHU ]RJ LQQHUKDOE GHV )HXHUULQJV VHLQH .XUYH /DXWORV XQG GXUFK GDV %OlWWHUGDFK GHV :DOGHV XQVLFKWEDU ZLUNWH HU ZLH HLQ 9RJHO GHV 7RGHV 'HU *UDXH VDK GLH NOHLQHQ +HUGHQ GHU 7LHUH GLH YRU GHP )HXHU IOFKWHWHQ DOV 3XQNWH XQG 6WULFKH DXI GHQ 6FKLUPHQ 6HLQH $XJHQ JHZ|KQWHQ VLFK ODQJVDP DQ GLH YHUZLUUHQGHQ %LOGHU XQG ULFKWHWHQ LKUH $XIPHUNVDPNHLWDXIGLHHLQ]HOQHQ3XQNWHGLHLQHLQHEHVWLPPWH5LFKWXQJOLHIHQ 'LH 6RQQHQVWUDKOHQ NRQQWHQ GHQ 5DXFKNUHLV QLFKW GXUFKGULQJHQ KLHU LP ,QQHUQ GHV)ODPPNHVVHOVKHUUVFKWHQRFKGDV+DOEGXQNHOGHU'lPPHUXQJ5LHVLJHYHUHLQ]HOWH 5DXFKWUPH GUHKWHQ VLFK LQ GLH +|KH 'HU 5LQJ KDWWH MHW]W HLQHQ ZHLWDXV JHULQJHUHQ 'XUFKPHVVHU DOV YRU NQDSS HLQHU 6WXQGH $Q HLQLJHQ 6WHOOHQ ZDUHQ GLH )ODPPHQ HUORVFKHQZHLOVLHHLQH:DVVHUVFKHLGHQLFKWKDWWHQEHUVSULQJHQN|QQHQRGHUZHLOGHU 'VFKXQJHOYRP:DVVHUWURSI ³:RLVWGLHVHUYHUGDPPWH$UNRQLGH"´ ³:RILQGHLFKLKQ"´ 'HU :HJ GHQ HU JHUDQQW ZDU IKUWH HWZD PLWWHQ GXUFK GHQ .UHLV GHU VWlQGLJ NOHLQHU ZXUGH 'HU *OHLWHU VFKZHEWH LPPHUZLHGHU HQWODQJ GLHVHV :HJHV KLQ XQG KHU (LQPDOHWZDVK|KHUGDQQWLHIHUXQGPLWDXVJHULFKWHWHQ2UWXQJVDQWHQQHQ'LH6WULFKH YHUPHKUWHQVLFKEHZHJWHQVLFKFKDRWLVFKHUIOXWHWHQGXUFKHLQDQGHUXQGGXUFKGUDQJHQ VLFK 5LHVLJH (FKRV EHZLHVHQ GD GRUW XQWHQ 6DXULHU YRQ XQJHZ|KQOLFKHU *U|H UFNVLFKWVORV GXUFK GLH +HUGHQ NOHLQHUHU 7LHUH VWDPSIWHQ XQG YRU GHU +LW]H XQG GHP 3UDVVHOQGHU)ODPPHQIORKHQ ³(VHUVFKHLQWDXVVLFKWVORV´NHXFKWHGHU*UDXHDXI :LHVROOWHHUDXVGLHVHQ+XQGHUWHQXQG7DXVHQGHQYRQ6LJQDOHQGHQ$UNRQLGHQ KHUDXVILQGHQ" (U VWHXHUWH VHLQHQ *OHLWHU LQ UDVHQGHP )OXJ ELV DQ GHQ 5DQG GHV 'VFKXQJHOV KHUDQ +LHU KDWWH GDV )HXHU EHUHLWV JHZWHW XQG VFKZDU]H 6WlPPH KLQWHUODVVHQ6lPWOLFKH%OlWWHUZDUHQYHUEUDQQWVlPWOLFKHNOHLQHUHQXQGGQQHUHQbVWH KDWWHQVLFKLQ$VFKHYHUZDQGHOW1XUQRFKGLH%DXPVWlPPHVWDQGHQGDPLWYHUNRKOWHU 5LQGHDXIJHSODW]WXQGJHVFKZlU]WXQGVLHUHFNWHQLKUHNDKOHQbVWHQDFKDOOHQ6HLWHQ =ZLVFKHQGHP:XU]HOQODJPHWHUKRFKGLH$VFKHDXVGHUHVZHLGDPSIWH8QI|UPLJH
$WODQXQGGHU*UDXH
M
$WODQ
.OXPSHQ XQWHU GHU ZHLJUDXHQ 6FKLFKW OLHHQ HUNHQQHQ GD GRUW HUVWLFNWH XQG YHUVHQJWH7LHUHODJHQ+LQXQGZLHGHUVSUDQJHLQNOHLQHU6DXULHUGHUHLQHULHVLJHZHLH :RONHDXV)OXJDVFKHKLQWHUVLFKKHU]RJGXUFKGLHKHLH$VFKH6FKDUI]HLFKQHWHQVLFK GLH:DVVHUOlXIHDEGLHVLFKLQPRUDVWLJHXQGVFKODPPLJH5LQQVDOHYHUZDQGHOWKDWWHQ :REHIDQGVLFKGHU$UNRQLGH" 'HU*UDXHULGHQ*OHLWHU]XP6WXU]IOXJDEZlUWV'LH0DVFKLQHNLSSWH]XU6HLWH XQG QlKHUWH VLFK LQ UDVHQGHP )OXJ GHQ VFKZDU]HQ bVWHQ GHU %DXPUXLQHQ 'LH IHVW PRQWLHUWHQ 6WUDKOHU XQG +LW]HZDIIHQ WUDWHQ LQ 7lWLJNHLW XQG YHUZDQGHOWHQ GHQ 6WUHLIHQ /DQG GHU HQWODQJ GHV ]XJHVFKWWHWHQ 3IDGHV ODJ DEHUPDOV LQ HLQH =RQH GHV 7RGHV +LHU OHEWH QLFKWV PHKU VHOEVW GLH 0LNURRUJDQLVPHQ LP %RGHQ ZDUHQ YHUQLFKWHW 'HU *OHLWHUVFKUDXEWHVLFKK|KHUZlKUHQGGHU*UDXHPLWEHUPGHWHQ$XJHQGLH6FKLUPH EHWUDFKWHWH(UEHJDQQPLWHLQHUUDVWORVHQ6XFKH 1RFKLPPHUUDVWHHLQHNUHLVI|UPLJH)ODPPHQZDQGGHP=HQWUXPGHV.UHLVHV]X LQ GHP $WODQ JHIDQJHQ ZDU 'HU 'XUFKPHVVHU ]ZLVFKHQ GHQ EUOOHQGHQ )HXHUZlQGHQ EHWUXJMHW]WNHLQHIQI]HKQ.LORPHWHUPHKU,QQHUKDOEGLHVHV.HVVHOVGHV7RGHVEHIDQG VLFK GHU $UNRQLGH XQG YHUVXFKWH GHQ 5DXPKDIHQ ]X HUUHLFKHQ (LQ 6HH WDXFKWH LP %OLFNIHOG GHV *UDXHQ DXI :LHGHU VHW]WH GHU *OHLWHU ]XP 6WXU]IOXJ DQ XQG ZXUGH GLFKW EHUGHU2EHUIOlFKHDEJHIDQJHQ ³9LHOOHLFKW LVW HU KLHU XQWHUJHWDXFKW XQG ZLOO VR GHQ )ODPPHQ HQWJHKHQ"´ EHUOHJWHGHU*UDXKlXWLJH 'HU 9HUIROJHU ]ZDQJ GHQ *OHLWHU ZHLWHU KLQXQWHU XQG NUHLVWH LQ IQI]LJ 0HWHUQ +|KHEHUGHQ:DVVHUVSLHJHO5LHVLJH)HOGHUDXV$VFKHEHGHFNWHQGHQ6HHREZRKO GDV )HXHU QRFK PLQGHVWHQV VHFKV .LORPHWHU HQWIHUQW ZDU 9RJHOVFKZlUPH VWULFKHQ EHU GDV 6FKLOI GHU 8IHU XQG EHU GLH )DUQH GDKLQWHU 'LH :DVVHUIOlFKH ZXUGH YRQ ]DKOORVHQ .HUEHQ GXUFK]RJHQ²HV ZDUHQ GLH %DKQHQ ORVIOLHJHQGHU RGHU HLQIDOOHQGHU 9|JHO(LQ=XJ)OXJVDXULHUVWUHEWHPLWNUDFKHQGHQ6FKOlJHQLKUHUOHGHULJHQ6FKZLQJHQ VFKUlJ DXIZlUWV XQG UHWWHWH VLFK YRU GHP )HXHU 'LH JHVDPWH 7LHUZHOW ZDU LQ GRSSHOWHU(UUHJXQJ 'LH:XWSDFNWHGHQ*UDXHQ (U ULFKWHWH HLQHV VHLQHU (QHUJLHJHVFKW]H DXI GDV =HQWUXP GHV 6HHV XQG JDE 'DXHUIHXHU %LQQHQ 6HNXQGHQ EHJDQQ GDV :DVVHU ]X NRFKHQ XQG ELOGHWH HLQH JHZDOWLJH GDPSIHQGH 6lXOH GLH QDKH]X VHQNUHFKW ]XP +LPPHO JHULVVHQ ZXUGH 5LHVLJH:HOOHQVFKOXJHQDQV8IHU 'HU 6HH EHJDQQ YRP 0LWWHOSXQNW DXV ]X NRFKHQ :LHGHU ZXUGHQ GLH 7HSSLFKH DXV)OXJDVFKHKRFKJHULVVHQZLHGHUIORKHQDOOH7LHUHGLHVLFKQRFKYRUGHQW|GOLFKHQ 6WUDKOHQ UHWWHQ NRQQWHQ 6LH JHULHWHQ LQ GHQ 'DPSI YHUORUHQ GLH 2ULHQWLHUXQJ XQG VWU]WHQ DE NUDFKWHQ LQ GHU /XIW ]XVDPPHQ XQG WREWHQ LKUHQ QHX HUZDFKWHQ $JJUHVVLRQVGUDQJDQLKUHQ$UWJHQRVVHQDXV ,QHLQHUVLFK|IIQHQGHQ6SLUDOHUDVWHGLH0DVFKLQHZLHGHUKRFKXQGVFKOXJHLQHQ DQGHUHQ:HJHLQ-HW]WVXFKWHGHU*UDXHEHZXWGHQ:HJGHQHUVHOEVWJHUDQQWZDU 'RUWZUGHHUYLHOOHLFKW$WODQILQGHQ'HU*OHLWHUHQWIHUQWHVLFKYRQGHU'DPSIZRONHXQG UDVWHVGZlUWV ³'LHVHU$UNRQLGH'LHVHUYHUGDPPWH$WODQ´UDVWHGHU*UDXHXQGVXFKWHVRZRKO PLW VHLQHQ $XJHQ GHQ %RGHQ DE DOV DXFK PLW VHLQHQ KHUYRUUDJHQGHQ *HUlWHQ (U HQWGHFNWHLQEHLGHQ)lOOHQHLQ%LOGGDVHLQIDFKGRUWXQWHQKHUUVFKHQPXWH7DXVHQGH YRQ7LHUHQLQDOOHQ*U|HQWREWHQGRUWUDQQWHQKLQXQGKHUJULIIHQVLFKJHJHQVHLWLJDQ
$WODQXQGGHU*UDXH
M
$WODQ
XQGVWDUEHQWUDPSHOWHQVLFKQLHGHURGHUVSLHWHQVLFKDXI(VZDUGDVSHUIHNWH&KDRV HUVHOEVWKlWWHQLFKWGRUWVHLQP|JHQWURW]VHLQHUIXUFKWEDUHQ:DIIHQ ³:HQQ GHU $UNRQLGH GRUW LVW ZLUG HU YRQ GHQ %HVWLHQ JHW|WHW ZHUGHQ¶ VDJWH HU VLFK /DQJVDP VFKZHEWH GHU *OHLWHU EHU GHU NDXP HUNHQQEDUHQ 6SXU 1XU HLQ]HOQH 7HLOHGHV3IDGHVRGHUGHU6WUHFNHZDUHQ]XHUNHQQHQ,PPHUQXUGDQQZHQQVLHDXV GHP GLFKWHQ 'VFKXQJHO KLQDXVIKUWHQ RGHU EHU HLQH DQQlKHUQG IUHLH )OlFKH JLQJHQ 5FNVLFKWVORV IHXHUWH GHU *UDXH PLW GHP 'HVLQWHJUDWRU QDFK XQWHQ XQG YHUJDVWH )HOVHQ NRFKWH (UGUHLFK DXI RGHU ]LHOWH LQ IOFKWHQGH 6DXULHUKHUGHQ KLQHLQ :HQQ GHU *OHLWHU GHQ 3XQNW YHUODVVHQ KDWWH JDE HV GRUW QLFKW GLH 6SXU YRQ /HEHQ PHKU 'HU *UDXHZWHWHZLHHLQ%HVHVVHQHUXQGVRHWZDIKOWHHUVLFKVHOEVW %HVHVVHQ 9RQGHU,GHHGLH*DOD[LVQDFKXQGQDFKLQVHLQHQ*ULII]XEHNRPPHQ(UZROOWH 0DFKWHUZROOWHKHUUVFKHQ(UZDUHVGHPVLHDOOHJHKRUFKHQZUGHQ6HLQH%HIHKOH ZUGHQ EHIROJW ZHUGHQ 'XUFK VHLQ .|QQHQ XQG GLH $QZHQGXQJ VHLQHU 0DFKWPLWWHO HUKLHOWHUHLQHJ|WWOLFKH3RVLWLRQGLHLKQEHIlKLJWHMHGHPDQGHUHQLQWHOOLJHQWHQ:HVHQ VHLQHQ:LOOHQDXI]X]ZLQJHQ $XI]ZLQJHQ 1LFKW HLQPDO GDV ZDU Q|WLJ ZHQQ GLH 9RUDUEHLWHQ EHHQGHW ZDUHQ 6LH ZUGHQ DOOH JHKRUFKHQ $OOH ZDUHQ VLH PDQLSXOLHUEDU XQG ZUGHQ VLFK JHUDGH]X GDQDFK VHKQHQ JHKRUFKHQ ]X GUIHQ (U ZDU GHU +HUU XQG DOOH DQGHUHQ ZDUHQ 6NODYHQ *OFNOLFKH 6NODYHQ GLH GDGXUFK ]X GHQ HUELWWHUVWHQ )HLQGHQ GHU )UHLKHLW JHZRUGHQ ZDUHQ8QGLP$XJHQEOLFNVDKHVVRDXVGDQXUQRFKGLHSK\VLVFKH([LVWHQ]GLHVHV YHUGDPPWHQ $UNRQLGHQ LKQ YRQ GHU 9HUZLUNOLFKXQJ GLHVHV 3ODQHV WUHQQWH²DEJHVHKHQ YRQHLQLJHQUHODWLYXQZLFKWLJHQ9RUEHUHLWXQJHQ $WODQ ³8QGZRLVWHU"´ 'HU *OHLWHU EHZHJWH VLFK ZHLWHU :lKUHQG GHU *UDXH EHUOHJWH KDWWH HU PLW lXHUVWHU 6RUJIDOW GHQ %RGHQ XQWHU VLFK EHWUDFKWHW 9HUZHKUWHQ %lXPH LKP GLH 6LFKW QDFKXQWHQZHQGHWHHUVHLQH:DIIHQDQXQG]HUVW|UWHVLHXPIUHLHVRSWLVFKHV%OLFNIHOG ]X KDEHQ XQG IUHLHV 6FKXIHOG 8QWHU GHQ 7LHUHQ GLH VLFK PHKU XQG PHKU ]XVDPPHQGUlQJWHQMHPHKU=HLWYHUJLQJMHQlKHUDOVRGDV)HXHUNDPULFKWHWHHUHLQ 0DVVHQJHPHW]HODQ ³1LFKWV ]X VHKHQ (QWZHGHU LVW HU WDWVlFKOLFK WRW RGHU LFK KDEH LKQ DEHUPDOV YHUIHKOW´VW|KQWHHUDXI (U ZDU PGH XQG Y|OOLJ DEJHVSDQQW 6HLQ .|USHU VFKULH I|UPOLFK QDFK 5XKH 6HLQHJHLVWLJHXQGN|USHUOLFKH/HLVWXQJVIlKLJNHLWZDUHLJHQWOLFKEHUVFKULWWHQDEHUGLH 0HGLNDPHQWH GLH VHLQHQ .UHLVODXI EHUIOXWHW KDWWHQ KLHOWHQ LKQ ZDFK XQG EHL .UlIWHQ 'LHVH JHZDOWLJH $QVWUHQJXQJ ZUGH VLFK JHORKQW KDEHQ 'LH =HLW ZDU VR]XVDJHQ XP GLH(QWVFKHLGXQJZDUHQWZHGHUEHUHLWVJHIDOOHQRGHUILHOLQ.U]H /HLGHU ZDU LKP GHU SHUV|QOLFKH 7ULXPSK YHUVDJW $WODQ JHJHQEHU]XVWHKHQ XQG LKQ]XW|WHQ $EHUGDVZUGHHUYHUVFKPHU]HQN|QQHQ 'HU *OHLWHU KDWWH MHW]W HLQHQ %H]LUN EHUIORJHQ GHU MHQVHLWV GHV =HQWUXPV ODJ 8QHUELWWOLFK UFNWH GLH )HXHUIURQW YRQ DOOHQ 6HLWHQ QlKHU :HQQ $WODQ EHUKDXSW QRFK OHEWH ZUGH HU GLHVHQ 7HLO GHU 6WUHFNH OlQJVW EHUHLWV ]X MHQHP =HLWUDXP KLQWHU VLFK
$WODQXQGGHU*UDXH
M
$WODQ
JHODVVHQKDEHQDQGHPGHU*UDXHGLH%DVLVHUUHLFKWH(VJLQJDXI0LWWDJGHVHUVWHQ $SULO]X'HU*OHLWHUGUHKWHHLQH6FKOHLIHXQGIORJZLHGHU]XUFN$XIGHQ6XFKVFKLUPHQ XQG GHQ 5HOLHIELOGHUQ GHU 2UWXQJ ]HLFKQHWH VLFK MHW]W HLQ FKDRWLVFKHV *HZLPPHO DE LQQHUKDOEGHVVHQNHLQHHLQ]LJHGHXWOLFKH%HZHJXQJPHKU]XEHREDFKWHQZDU ³,FK ZHUGH GHQ :HJ QRFK HLQPDO ]XUFNIOLHJHQ XQG HQWVSUHFKHQG EHVFKLHHQ XQG GDQQ NDQQ LFK VLFKHU VHLQ GD GHU $UNRQLGH QLFKW PHKU OHEW´ VDJWH GHU *UDXH LQ GDV*HUlXVFKGHV)DKUWZLQGHVKLQHLQ (UVDKVLFKXP 'LH)HXHUZDQGUFNWHQlKHU1LFKWPHKUDOVIQI.LORPHWHU5DXP]ZLVFKHQGHQ EUOOHQGHQ )URQWHQ GHU )ODPPHQ XQG GHQ JHZDOWLJHQ :RONHQ DXV VFKZDU]HQ 4XDOP GLH VLFK GDUEHU HUKREHQ XQG VHOEVW MHW]W QRFK GLH 6RQQH YHUILQVWHUWHQ +LQWHU GHP 5|KUHQXQG.QLVWHUQGHU)ODPPHQKLQWHUGLHVHPFKDUDNWHULVWLVFKHQ*HUlXVFKK|UWHHU GLH NUDFKHQGHQ 6FKOlJH HLQHV HQWIHUQWHQ *HZLWWHUV 'HU *OHLWHU VFKZHEWH MHW]W ZLHGHU ]XUFN ]XP 5DXPKDIHQ /DQJVDP XQG PHWKRGLVFK JDE GHU *UDXH VHLQH 6FKVVH DE 'LH(LQVFKOlJHKDWWHQGLH:LUNXQJHLQHU5HLKHQERPEDUGLHUXQJ $QVWHOOH HLQHV RKQHKLQ NDXP PHKU VLFKWEDUHQ 'VFKXQJHOSIDGHV JDE HV DOV GLH 0DVFKLQHGLHVH=RQHEHUIORJHQKDWWHQXUQRFKHLQHODQJH5HLKHWLHIHUJHOEHU.UDWHU 6LH EHUKUWHQ VLFK DQ GHQ 5lQGHUQ XQG GRUW ZR GDV NOHLQH 'HVLQWHJUDWRUJHVFKXW] JHWURIIHQKDWWHZDUGLH(UGHVWHULOJHZRUGHQJHNRFKWXQGJHEUDWHQ/DQJVDPGULIWHWH GLH 0DVFKLQH ZLHGHU DXI GHQ XQEHUKUWHQ 6WUHLIHQ $VFKH ]X LQ GHP VLFK QXU GLH 5RERWHUEHZHJWHQXQGYHUVXFKWHQGDV:DFKVWXPGHV'VFKXQJHOVHLQ]XGlPPHQ 6LH HUNDQQWHQ QLFKW GD GHU 'VFKXQJHO HUVW ZLHGHU LQ -DKUHQ DQ GLHVHU 6WHOOH ZDFKVHQZUGH)UFKWH6DPHQ%OWHQXQG*HZlFKVHZDUHQ]HUVW|UWXQGYHUEUDQQW YHUQLFKWHWXQGDXIJHO|VWZRUGHQ 'HU :XQVFK QDFK 5XKH XQG QDFK GHP (QGH GHV 3VL6WXUPHV ZXUGH LP *UDXKDXWLJHQEHUPlFKWLJ (U GXUFKVWLH GLH 5DXFKIURQW XQG HUEOLFNWH GDV 5DXPVFKLII DXI GHVVHQ :DQGXQJHQGLH6RQQHUHIOHNWLHUWZXUGH 8QG GDV *HZLWWHU GDV HU JHK|UW KDWWH HUUHLFKWH HEHQ PLW ZWHQGHQ GLFKWHQ 5HJHQVFKDXHUQGHQMHQVHLWLJHQ5DQGGHV5DXPKDIHQV (LQH)UDJHZDUQLFKWEHDQWZRUWHW :DU$WODQZLUNOLFKWRW" 6HLQHJHVFKlUIWHQ6LQQHVWHOOWHQHLQH6WXQGHQDFK6RQQHQDXIJDQJIHVWGDVLFK GLH1DWXUDEHUPDOVYHUlQGHUWKDWWH (VJHKWHWZDVYRUGDVGLH6LWXDWLRQDEHUPDOVYHUVFKlUIWYHUNQGHWHGHU ([WUDVLQQZDUQHQG $WODQEOLHEVWHKHQXQGVDKVLFKYRUVLFKWLJXP+RFKEHULKPHQWIDOWHWHVLFKLQ GHQ:LSIHOQGHU%lXPHUDVHQGHV/HEHQ7LHUHVSUDQJHQXQGIODWWHUWHQKLQXQGKHU ³:DVLVWHLJHQWOLFKORV"´IUDJWHVLFK$WODQ 6HLQH-DFNHKDWWHHUZHJJHZRUIHQ1DFKGHPHUVLFKDP0RUJHQHLQLJHUPDHQ NULWLVFKJHPXVWHUWKDWWHPXWHHUIHVWVWHOOHQGDGLHVHV.OHLGXQJVVWFNQXUQRFKHLQ WUDXULJHULQ6WUHLIHQJHULVVHQHU5HVWZDU'DV+HPGVDKQLFKWYLHOEHVVHUDXVDEHUHV
$WODQXQGGHU*UDXH
M
$WODQ
VFKW]WHPLWVHLQHP6WRIIZHQLJVWHQVQRFKHLQLJHUPDHQYRUGHQ%LVVHQXQG6WLFKHQ GHU,QVHNWHQGLHMHW]WJHUDGH]XZDKQVLQQLJJHZRUGHQZDUHQ'HUVFKDGKDIWH%HKlOWHU PLW3VL0DWHULHVFKLHQVHLQHJU|WH$QQlKHUXQJDQGHQ3ODQHWHQ7ROYWDPXUHUUHLFKW]X KDEHQ 'HU*UWHOZDUQRFKLQWDNWZHQQDXFKELV]XU8QNHQQWOLFKNHLW]HUNUDW]W'LH 6WLHIHOKDWWHQVLFKDPEHVWHQJHKDOWHQZHQQDXFKGLH1lKWHXQG9HUVFKOVVHEHUHLWV ]XNODIIHQEHJDQQHQ$WODQWU|VWHWHVLFKIDWDOLVWLVFKGDPLWGDHVLQGHU1lKHGHU $192<JHQJHQG$XVUVWXQJVJHJHQVWlQGHJDEGLHLKPSDVVHQZUGHQ$OOHUGLQJV ZDUHVLP$XJHQEOLFNPHKUDOVIUDJOLFKREHUGHQ5DQGGHV)HOGHVWDWVlFKOLFK HUUHLFKWH ³:DVJHKWKLHUYRU"´NQXUUWHHU 1DFKGHP(UZDFKHQZDUHUDXVVHLQHUSURYLVRULVFKHQ+lQJHPDWWHJHVSUXQJHQ XQGKDWWHVLFKDEHUPDOVJHZXQGHUWGDHUQRFKOHEWHXQGVLFKEHZHJHQNRQQWH(U KDWWH)UFKWHJHJHVVHQZHLOHUQLFKWZDJWHVHLQH:DIIH]XEHQXW]HQXQGHLQHQGHU YLHOHQNOHLQHQ6DXULHURGHU1DJHWLHUYRUIDKUHQ]XW|WHQXQGHLQ)HXHU]XPDFKHQ(U PXWHHLQIDFKPLWGHU0|JOLFKNHLWUHFKQHQGDGHU*UDXKlXWLJHGHQ5DXPKDIHQ EHUHLWVHUUHLFKWXQGVLFKPLW6XFKJHUlWHQDXVJHUVWHWKDWWH(UKDWWHZLHGHUGDV HLQLJHUPDHQNODUH:DVVHUHLQHVGQQHQ%DFKHVJHWUXQNHQXQGZDUGDQQORVJHODXIHQ (UDKQWHGDHVQLFKWPHKUZHLWELV]XP=LHOZDU 'DV=LHO 'HU3XQNWGHQGHU*UDXHVHLQHU9HUPXWXQJQDFKEHUHLWVHUUHLFKWKDWWH'HU7RG GHV0lGFKHQVKDWWHLKPHLQHQ9RUVSUXQJHUP|JOLFKWGHQGHU$UNRQLGHWURW]DOOHU $QVWUHQJXQJHQQLFKWPHKUKDWWHDXIKROHQN|QQHQ$EHUGLH+HW]MDJGZUGHHUVWPLW GHP$XJHQEOLFN]X(QGHVHLQDQGHPHLQHUYRQLKQHQWRWZDU 'HUQHXH)DNWRU(LQV :HOFKHLQ:DKQVLQQGDFKWH$WODQDOVHUVLFKVHLQHP=LHOHQWJHJHQEHZHJWH 1RFKLPPHUNRQQWHHUGHQ7LHUSIDGEHQXW]HQGHQDXFKGHU*UDXHYRULKPJHUDQQWZDU 9HUHLQ]HOWH)XVWDSIHQGLHQRFKQLFKWGXUFKGLHNUDWHUlKQOLFKHQ$EGUFNHGHU)H ULHVLJHU(FKVHQDXVJHO|VFKWZDUHQZRUGHQEHVWlWLJWHQVHLQH7KHRULH(VNRQQWHQLFKW PHKUZHLWVHLQ1DFKVHLQHU5HFKQXQJVFKULHEPDQKHXWHGHQHUVWHQ$SULO'LH7DJHLP 'VFKXQJHOXQGLQGHQW|GOLFKJHIlKUOLFKHQ/DQGVFKDIWHQGHV3ODQHWHQ7ROYWDPXU VFKLHQHQGHP(QGH]X]XJHKHQ ³:HLWHU$WODQ'XKDVWGDV=LHOYRU$XJHQ'DGXEHUOHEHQNDQQVWKDVWGX ZLHGHUKROWEHZLHVHQ´NQXUUWHHUXQGVSUDQJEHUGHQ.DGDYHUHLQHVNOHLQHQ 5DXEVDXULHUV 'LH3IODQ]HQJHElUGHWHQVLFKQRFKDXIJHUHJWHUDOVHLQHQ7DJ]XYRU6LHZDUIHQ LKUH)UFKWHDXIGHQ3IDGXQGVWUHFNWHQbVWHXQG/LDQHQDXV*UDVYHUZDQGHOWHVLFKLQ HLQ6\VWHPZLQ]LJHU6FKODQJHQGLHQDFK$WODQV6WLHIHOQ]QJHOWHQ :LHGHUHU]HXJWHGHU'VFKXQJHO1HEHOVFKZDGHQGLHVLFK$WODQLQGHQ:HJ OHJWHQXQGVHLQH6LFKWEHKLQGHUWHQ'LH+LW]HGHV7DJHVEHJDQQ6FKZHLDXVEUFKH VXFKWHQLKQKHLP(UDWPHWHGLHVWLFNLJH/XIWGHV'VFKXQJHOVHLQ8QGHUUDQQWHZHLWHU 6HLQVWlKOHUQHU:LOOHGLNWLHUWHMHGHQZHLWHUHQ6FKULWW 6FKQHOOHU :HLWHU 'HU$192<HQWJHJHQGHUSHUV|QOLFKHQ5HWWXQJXQGGHP3XQNWDQGHP$WODQ VHLQH+HOIHUDODUPLHUHQNRQQWH
$WODQXQGGHU*UDXH
M
$WODQ
'HP7RGGHV*UDXHQHQWJHJHQ 1RFKKDVWGXDOOH&KDQFHQ$WODQ$EHUHVLVWWURW]GHPHLQHPHUNZUGLJH 6WLPPXQJ9HUVXFKHGLH0HUNZUGLJNHLWHQ]XHQWVFKOVVHOQVDJWHGHU([WUDVLQQ $WODQVWROSHUWHDXVGHPGLFKWHQ:DOGDXIHLQH/LFKWXQJKLQDXV'HU3IDGYHUORU VLFKLPXQGXUFKGULQJOLFKHQ8QWHUKRO] $WODQURFKHLQHQHXH.RPSRQHQWHLQGHUVWLQNHQGHQ/XIW %UDQGJHUXFK ³'DVGDUIQLFKWZDKUVHLQ´VW|KQWHHUDXI-HW]WKDWWHHUGLH*HZLKHLWGDGHU *UDXHWDWVlFKOLFKYHUVXFKWHLKQPLW)HXHUXQG*HVFKW]HQ]XW|WHQ$OVRKDWWHHU WDWVlFKOLFKHUUHLFKWZDVHUJHSODQWKDWWHQlPOLFKVHLQ:DIIHQDUVHQDOHKHU]X HUUHLFKHQ 'DJHJHQELVWGXY|OOLJPDFKWORV*HJHQ)HXHUVFKW]WQXU$XIHQWKDOWLP :DVVHU¶9HUVXFKHGLFKLPPHULQGHU1lKHYRQ)OVVHQRGHU7PSHOQDXI]XKDOWHQ ZDUQWHGHU([WUDVLQQ $WODQNDQQWHGLH6WUHFNHQLFKWGLHYRULKPODJ 9HUPXWOLFKJDEHVKLHUHWZDVZHQLJHU7LHUHZHLOGLHVWlQGLJHQ6WDUWVXQG /DQGXQJHQGLH7LHUHYHUVFKHXFKWKDWWHQ'DVKDWWHQLFKWYLHO]XEHGHXWHQGHQQHVJDE YLHOHDQGHUH*HIDKUHQ8QGZHQQGHU*UDXHGHQ'VFKXQJHODQJH]QGHWKDWWHZDUGHU JU|WH)HLQGGDV)HXHU 9HUVXFKHGLFKLQGLH6LWXDWLRQGHV*UDXKlXWLJHQ]XYHUVHW]HQ:HQQGXGLFK VHOEVWMDJHQZUGHVW²ZLHZUGHVWGXYRUJHKHQ"IRUGHUWHGHU([WUDVLQQ ³'DVNDQQLFKLPPHUKLQYHUVXFKHQ´NQXUUWHGHU$UNRQLGH $XIDOOH)lOOHZUGHGHU*UDXHDQQHKPHQGDHUZHLWHUKLQLQVHLQHQ6SXUHQOLHI $WODQEHJULIIXQGEOLFNWHQDFKREHQDEHUHUVDKNHLQHQ*OHLWHU(UNRQQWHDOOHUGLQJV DXFKNHLQH6RQQHHUNHQQHQ(UYHUOLHGHQ3IDGEHLGHUQlFKVWHQ*HOHJHQKHLWQlPOLFK DOVLKQHLQVFKPDOHU%DFKGD]X]ZDQJGHQ:HJ]XlQGHUQ(UUDQQWHQDFKUHFKWVXQG ZDWHWHLQGHQ%DFKKLQHLQ (VLVWEHVVHUVFKQHOOHU]XODXIHQZDUQWHLKQGHU/RJLNVHNWRU $WODQYHUVWDQG'HU*UDXHZUGHQLFKWQXUGHQ3IDGVHKUJHQDXEHREDFKWHQ VRQGHUQYHUVXFKHQDXIlXHUVWH6LFKHUKHLW]XJHKHQ$OVRZUGHHUQLFKWQXUGHQ3IDG EHVFKLHHQVRQGHUQDXFKGLHQlKHUH8PJHEXQJ$WODQKDVWHWHZHLWHUXPJLQJHLQHQ NOHLQHQ6DXULHUGHUJLHULJ:DVVHULQVLFKKLQHLQWUDQNXQGURFKGHQ%UDQGJHUXFK(U ZXUGHLPPHUGLFKWHU ³,FKPHUNHHV´VDJWH$WODQOHLVH 'DV:DVVHUZXUGHWLHIHU(UUXWVFKWHEHU.LHVXQG6WHLQHXQGVWDQGMHW]WELV]X GHQ.QLHQLP:DVVHU(UEHZHJWHVLFKLPUHFKWHQ:LQNHO]XVHLQHP3IDGZHJDOVRLQ HLQHP:LQNHOYRQQHXQ]LJ*UDGDXVGHU/LQLHDXIGHUHUGLH6WDWLRQHUUHLFKHQNRQQWH ³9LHOOHLFKWNRPPHLFKRKQHHUQVWKDIWH*HIlKUGXQJGDYRQ´NQXUUWHHUXQGOLHIGHQ %DFKODXIZHLWHU-HK|KHUHUNDPGHVWRIODFKHUZXUGHGDV:DVVHUXQGGHVWRVWlUNHU ZXUGHGHU%UDQGJHUXFK 9HUGDPPW´VDJWHHU $WODQZUGHDQGHU6WHOOHGHV*UDXHQYHUVXFKHQLKQRKQHMHGHVZHLWHUH SHUV|QOLFKH5LVLNR]XW|WHQ:HQQHULQGHU/DJHZlUHZUGHHUHLQHQ.UHLV]LHKHQXQG GHQ'VFKXQJHODEEUHQQHQ(LQHGLUHNWH6XFKHVFKLHQVLQQORV]XVHLQ$EHUZHQQHLQH )HXHUZDQGDXILKQ]XNDPXQGLKPGHQ:HJQDFKDOOHQ5LFKWXQJHQDEVFKQLWWGDQQ YHUHQJWHVLFKDXWRPDWLVFKGDV6XFKJHELHW$WODQPXWHHVDOVRDXIDOOH)lOOHXPGHQ
$WODQXQGGHU*UDXH
M
$WODQ
3UHLVVHLQHV/HEHQVYHUVXFKHQ²HUPXWHGHQ5LQJGHV)HXHUVGXUFKEUHFKHQ ³1XQ´VDJWHHUOHLVH³,FKNDQQHVLPPHUKLQYHUVXFKHQ´ (UEOLHEVWHKHQXQGEHUOHJWH'DV)HXHUGDVHLQHQIHXFKWHQ'VFKXQJHO HQWIODPPHQNRQQWHZUGHKHLVHLQ6HKUKHLVHKUJUR'LH:DO]HDXV)ODPPHQ +LW]HXQG5DXFKZUGHLKQEHUUROOHQXQGU|VWHQZLHHLQHQGHUYLHOHQ6DXULHU (LQJUDEHQ"8QWHUWDXFKHQ":HLWHUODXIHQ":DVNRQQWHHUWXQ":DVEHLDOOHQ 6WHUQHQ" 6HLQH*HGDQNHQEHZHJWHQVLFKUDVHQGLP.UHLV 9RUGHQ*HVFKW]HQLQHLQHP*OHLWHUJDEHVNDXP5HWWXQJ'HU*UDXHNRQQWH HLQHQ6HHGDPLWYHUGDPSIHQXQGZUGHQLFKW]|JHUQDXFKGDV,QQHUHGHV.HVVHOVDXV )HXHU]XEHVFKLHHQ*DEHVHLQH0|JOLFKNHLWGHQ6XFKJHUlWHQ]XHQWNRPPHQ $WODQKDVWHWHLQZLOGHU(LOHZHLWHU 'LH3IODQ]HQJHElUGHWHQVLFKDQGLHVHPOHW]WHQ7DJZLHK\VWHULVFK$XVDOOHQ 9HUVWHFNHQXQGLKUHQ5DVWSOlW]HQNDPHQGLH7LHUHKHUDXVXQGELOGHWHQNOHLQH+HUGHQ 'LHVH0DVVHQYRQ7LHUHQLQDOOHQ*U|HQXQGDOOHQ)DUEHQVFKRVVHQNUHX]XQGTXHU YRUXQGKLQWHU$WODQV:HJGXUFKGDV8QWHUKRO]6LHOHQNWHQGLH3IODQ]HQDEXQG$WODQ EHZHJWHVLFK]ZLVFKHQLKQHQVRJXWHUNRQQWH ,FKGDUIGLH:DIIHQLFKWJHEUDXFKHQGDVLVWHLQDEVROXWNODUHV2UWXQJVHFKR VDJWHHUVLFK 5LFKWLJ(UILQGHWGLFKLQGLHVHP$XJHQEOLFNNRPPHQWLHUWHGHU([WUDVLQQ ³,FKPXYHUVXFKHQPLFK]ZLVFKHQGHQ7LHUHQ]XYHUEHUJHQ´VDJWHVLFKGHU $UNRQLGHXQGEHUOHJWHREHUQRFKOlQJHULQGLH³IDOVFKH´5LFKWXQJODXIHQVROOWHRGHU REHVVFKRQDQGHU=HLWZDUGHQ0DUVFKDXIGHQ5DQGGHV5DXPKDIHQV]XZLHGHU DXI]XQHKPHQ(UHQWVFKLHGVLFKEOLW]VFKQHOOGDIUQRFKHLQH:HLOHGHP)HXHU HQWJHJHQ]XODXIHQ 9HUVXFKHGLFKHLQHV5HLWWLHUV]XEHGLHQHQIOVWHUWHLKPGHU([WUDVLQQ]X ³'DVLVWNHLQHVFKOHFKWH,GHH´PXUPHOWHHU 'HU%UDQGJHUXFKNDPQlKHUXQGZXUGHGHXWOLFKHU(UYHUPLVFKWHVLFKPLWGHP IDXOLJULHFKHQGHQ1HEHOGHUDXVGHP'VFKXQJHOTXROOXQGMHGHQ+RKOUDXP]ZLVFKHQ %lXPHQXQG%VFKHQXQG6FKOLQJSIODQ]HQHUIOOWHZLHJHIlKUOLFKHV*DV.OHLQH7LHUH UDVWHQGLH6WlPPHKLQDXIXQGKLQXQWHUXQGNOHWWHUWHQZLHEHVHVVHQYRQ$VW]X$VW (LQH+HUGH6DXULHUEUDFKDXVGHP8QWHUKRO](VZDUHQJHOEEUDXQH7LHUHPLW NXU]HQ6FKZlQ]HQXQGHLQHP.DPPDXV.QRFKHQSODWWHQHQWODQJGHU5FNHQOLQLH6LH KLHOWHQGLH.|SIHWLHIJHVHQNWXQGWUDPSHOWHQVFKUlJKLQWHU$WODQLQGLH5LFKWXQJGHV 5DXPKDIHQV $WODQHUNDQQWHVHLQH&KDQFHXQGZDUZLOGHQWVFKORVVHQHLQHQ9HUVXFK]X ZDJHQ'LH(FKVHQEHIDQGHQVLFKDXIJHVWDFKHOWXQGJHSHLWVFKWYRQGHQVHOWVDPHQ 6FKZLQJXQJHQXQGYRQGHU)XUFKWYRUGHP)HXHULQHLQHU/DJHGLHVLHQLFKWVPHKU VHKHQXQGQLFKWVPHKUHUNHQQHQOLH6LHUDQQWHQJHJHQ%lXPHXQGEUDFKHQVLFKGLH :LUEHOVlXOHQWUDPSHOWHQVLFKJHJHQVHLWLJKDOEWRWXQGZDO]WHQ8QWHUKRO]XQGMXQJH %lXPHQLHGHUDOVVHLHVGQQHV*UDV$WODQVHW]WH]XP6SXUWDQ 9RQGHU6HLWHZDUQWHGHU/RJLNVHNWRU 'HU$UNRQLGHUDQQWHPLWODQJHQ6SUQJHQGXUFKGDVQLHGHUJHWUHWHQH 3IODQ]HQJHZLUU(UVWUHFNWHGHQUHFKWHQ$UPDXVXQGNRQQWHQDFKGUHLYHUJHEOLFKHQ 9HUVXFKHQGLHLKQMHGHVPDOLQ*HIDKUEUDFKWHYRQGHQZXFKWLJHQ(FKVHQIHQ]X %RGHQJHZRUIHQ]XZHUGHQHLQHQGHUKDUWHQKRUQLJHQ.QRFKHQNlPPHSDFNHQ(U
$WODQXQGGHU*UDXH
M
$WODQ
ZDUIVLFKQDFKUHFKWVXQGUDPPWHPLWGHU6FKXOWHUVFKZHUGHQ6DXULHUN|USHUHLQHV JDQ]DXHQUHQQHQGHQ7LHUHVGDVlQJVWOLFKWURPSHWHXQGPLWGHP.RSINOHLQH +LQGHUQLVVHDXVGHP:HJUlXPWH 6FKZLQJHGLFKKLQDXIEHIDKOGHU([WUDVLQQ ³/HLFKWHUJHVDJWDOVJHWDQ´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|HU ZXUGHGDLKUYRQDOOHQ6HLWHQQHXH7LHUH]XVWU|PWHQDEVFKZHQNHQXQGHLQH5LFKWXQJ HLQVFKODJHQGLHHUQLFKWEUDXFKHQNRQQWH -HW]WZXUGHGDV.QLVWHUQGHU)ODPPHQODXWHUXQGGHXWOLFKHU,QGLH 1HEHOVFKZDGHQPLVFKWHVLFK5DXFK1RFKLPPHUKLHOWGLH3DQLNGLH GDKLQJDORSSLHUHQGHQ7LHUHLQLKUHP%DQQXQGVLHUDQQWHQJHUDGHZHJVDXIGDV )HXHU]X :LHODQJHNRQQWHGLHVHUUDVHQGH5LWWQRFKGDXHUQ" $WODQNDXHUWH]ZLVFKHQGHQ+RUQSODWWHQ(UKLHOWHLQHGHUS\UDPLGHQI|UPLJHQ 3ODWWHQPLWEHLGHQ$UPHQXPVFKOXQJHQXQGGXFNWHVLFKLQGHQ6FKXW]GLHVHU QDWUOLFKHQ:DIIHQGHV7LHUHV'LH+HUGHXPIDWHMHW]WHWZDGUHLLJ6DXULHUGLHLQ UDVHQGHP/DXIGXUFKGHQ'VFKXQJHOSROWHUWHQ'LH6WDPSHGHULHLQHEUHLWH*DVVHLQ GDVEHZHJWH8QWHUKRO]'LH$QJULIIHGHU3IODQ]HQSUDOOWHQDQGHQ6DXULHUQZLUNXQJVORV DE/LDQHQULVVHQXQGSHLWVFKWHQEHUGLH5FNHQGHU7LHUH$WODQZXUGHVFKPHU]KDIW YRQKHUXQWHUJHVFKOHXGHUWHQ3IODQ]HQWHLOHQXQGYRQKDUWVFKDOLJHQ1VVHQJHWURIIHQ %lXPHILHOHQDXIGLH5FNHQGHU6DXULHUXQGZXUGHQZLHGHUKRFKJHVFKOHXGHUW NUDFKWHQKLQWHUGHP$UNRQLGHQ]X%RGHQXQGZXUGHQYRQGHQ.ODXHQGHU7LHUHLQGHQ PRUDVWLJHQ%RGHQJHUDPPW 'DQQKLHOWGDVHUVWH7LHUSO|W]OLFKDQLQGHPHVDOOHYLHU%HLQHLQGHQ%RGHQ VWHPPWHXQGWLHIH)XUFKHQUL'LHKLQWHUHQ7LHUHSUDOOWHQPLWWHQLP5HQQHQJHJHQGDV /HLWWLHU(LQXQEHVFKUHLEOLFKHV'XUFKHLQDQGHUHQWVWDQG$WODQVDKGXUFKGLHYHUILO]WHQ 3IODQ]HQKLQGXUFKHLQLJH:DVVHUOlXIHXQGHLQHQNOHLQHQ6HHRGHUHLQHQ$XVVFKQLWW GDYRQ ³$EVSULQJHQ2GHUVROOLFKQRFKZDUWHQ"´ULHIHU :DUWHDELQZHOFKH5LFKWXQJGLH7LHUHZHLWHUIOFKWHQULHWGHU([WUDVLQQ ³,Q2UGQXQJ´ $WODQOLHGLH.QRFKHQSODWWH,RVXQGVDKVLFKXP'LH7LHUHELOGHWHQHLQHQ XQEHUVLFKWOLFKHQ+DXIHQXQGTXLUOWHQI|UPOLFKGXUFKHLQDQGHU$OOHLKUH6FKUHLHXQGLKU 7URPSHWHQGDV7UDPSHOQLKUHU)HXQGGDV%UHFKHQGHV+RO]HVZXUGHQYRP *HUlXVFKGHUKHUDQUDVHQGHQ)HXHUZDO]HEHUW|QW 'HU+LPPHOZDUGXQNHOREZRKOGLH6RQQHEHUHLWVLP9RUPLWWDJVWHKHQPXWH $OOHVURFKQDFKlW]HQGHP5DXFK'HU1HEHOKDWWHDXIJHK|UWXQGZDUGXUFKVWHFKHQGH
$WODQXQGGHU*UDXH
M
$WODQ
+LW]HHUVHW]WZRUGHQ'LHbVWHZDUHQYROOHUlQJVWOLFKHUXQGDXIJHUHJWHU9|JHORGHU NOHLQHU)OXJHFKVHQ(LQXQEHVFKUHLEOLFKHV&KDRVIJWHVLFK]XVDPPHQ.HLQHIQI]LJ 0HWHUYRU$WODQGRQQHUWHHLQULHVLJHUSIODQ]HQIUHVVHQGHU6DXULHUTXHUGXUFKGHQ 'VFKXQJHOXQGVFKOHSSWH/LDQHQXQG6FKOLQJSIODQ]HQZLHGLH7HLOHHLQHULUUVLQQLJHQ 'HNRUDWLRQKLQWHUVLFKKHU 'HU6DXULHUDQGHU6SLW]HEHJDQQSO|W]OLFK]XUHQQHQ (UGUHKWHVLFKKDOEKHUXPXQGVFKLFNWHVLFKDQGHQ:HJ]XUFN]XIOLHKHQGHQ GLH+HUGHELVKLHUKHUJHODXIHQZDU$WODQVWHPPWHVLFKKRFKXQGNODPPHUWHVLFKDQ GHPJH]DFNWHQ5FNHQIHVW 'DQQOLHHUVLFKQHEHQGHP7LHU]X%RGHQJOHLWHQXQGVHW]WHLQZLOGHQ 6SUQJHQGDYRQ7URPSHWHQGXQGVFKUHLHQGNDPGLH+HUGHLQ%HZHJXQJXQGUDVWH GDYRQ$WODQLQHLQHQ+DJHODXV6FKODPPXQG(UGEURFNHQKOOHQG(UUHWWHWHVLFKLQGLH 'HNNXQJHLQLJHU%DXPVWlPPHXQGEOLFNWHQDFKREHQ $XVZHOFKHU5LFKWXQJNDPGLHPHLVWH+HOOLJNHLW" 'LH6RQQHLVWGRUWGUEHQLP6GRVWHQHUNOlUWHGHU/RJLNVHNWRU $WODQEHVWLPPWHGLH5LFKWXQJLQGHUVLFKGHU5DXPKDIHQKLQWHUHLQHU:DQGDXV )HXHUXQGHLQHP9RUKDQJDXV5DXFKYHUEDUJ(UZXWHGDHV]XHLQHP:HWWUHQQHQ ]ZLVFKHQ/HEHQXQG7RG]ZLVFKHQVHLQHU)LQGLJNHLWXQGGHP)HXHUNRPPHQZUGH (UUDQQWHORVLQGLUHNWHU5LFKWXQJDXIGDV)HXHUKLQWHUGHPGHU5DXPKDIHQXQG GLHUHWWHQGHQ*HElXGHXQGGDV5DXPVFKLII$192<OlJHQ +XQGHUW0HWHUZHLWJLQJHVGXUFKDJJUHVVLYH3IODQ]HQ $WODQEHIDQGVLFKDQHLQHP3XQNWVHLQHU([LVWHQ]DQGHPHUQLFKWPHKUGHQNHQ XQGEHUOHJHQQLFKWPHKUNODUSODQHQNRQQWH(UUHDJLHUWHQXUQRFKHLQ=XVWDQGGHQ HUDXVWLHIVWHU6HHOHKDWH(UZLFKGHQ]QJHOQGHQ3IODQ]HQWHLOHQDXVEDKQWHVLFK UFNVLFKWVORVHLQHQ:HJGXUFKGDV8QWHUKRO]VSUDQJEHUXPJHVWU]WH%lXPHXQG UDQQWHKDDUVFKDUIDQIOFKWHQGHQ7LHUHQYRUEHLGLHLKQDQDQGHUHU6WHOOHXQG]X DQGHUHU=HLWHUVFKUHFNWKlWWHQ1DFKZHLWHUHQKXQGHUW0HWHUQDOVHUQLFKWVDQGHUHV PHKUK|UWHDOVGDV5|KUHQXQG3UDVVHOQGHUQlKHUNRPPHQGHQ)ODPPHQZDQGVWDQG HUHQGOLFKDP5DQGHGHVNOHLQHQ6HHVGHQHUYRUHLQHU9LHUVWHOVWXQGHXQGHXWOLFK JHVHKHQKDWWH 6FKOX:HQQGXZHLWHUOlXIVWEULQJVWGXGLFKVHOEVWXPEHIDKOGHU/RJLJVHNWRU $WODQEOLHEDP5DQGGHV6HHVVWHKHQ(VZDUQXUHLQEHVVHUHU7PSHOPLW HLQHP'XUFKPHVVHUYRQUXQGKXQGHUW0HWHUQ (UVDKGLH)ODPPHQQRFKQLFKWK|UWHXQGVSUWHVLHDEHU:HQQGLH)HXHUZDO]H ZHLWHUJH]RJHQZDUZUGHHLQHKHLH6FKLFKW$VFKH]XUFNJHEOLHEHQVHLQ$OVRZDUHU DXIDOOH)lOOHKLHULP:DVVHUDPEHVWHQDXIJHKREHQVHOEVWZHQQHUGLHIROJHQGHQ 6WXQGHQKLHUYHUEULQJHQPXWH(UZDWHWHODQJVDPLQGHQ7PSHOKLQHLQ 1DFK]HKQIQI]HKQ6FKULWWHQVDKHUEHUVLFKGHQIUHLHQ/XIWUDXP(UHUVFKUDN GHQQKLHUYHUZLVFKWHQVLFKVlPWOLFKH.RQWXUHQ5DXFK]RJEHUGLH/LFKWXQJGDKLQ VFKZHUH:RONHQVFKZDU]XQGGURKHQG(LQXQJHKHXUHU6WXUPGXUFKGLH+LW]H HQWIDFKWUL$VFKHXQG5DXFKLQ)RUPHLQHU0DXHULQGLH+|KH=XPOHW]WHQPDOKDWWH HUGLHVDXIGHP3ODQHWHQJHVHKHQLQGHVVHQ6LWXDWLRQVWUDQVPLWWHUHUPLW/DSS.UHLGHQ XQG1XUDP\YRQ3RWULQHWKHUDXVJHNRPPHQZDU'DV:DVVHUUHLFKWHLKPELV]XU%UXVW DOVHU]XP]ZHLWHQPDOVWHKHQEOLHE-HW]WSILIIGHU6WXUPEHUHLWVGXUFKGLH3IODQ]HQDP JHJHQEHUOLHJHQGHQ6HHXIHU$WODQVSUWHGHQ5DXFKGHQ%UDQGGLH+LW]H6lPWOLFKH 7LHUHZDUHQJHIORKHQ(UZDUDOOHLQPLWGHP:WHQGHV)HXHUVGDVGHU³QHXH)DNWRU
$WODQXQGGHU*UDXH
M
$WODQ
(LQV´HQWIDFKWKDWWH $OVGDV)HXHUGHQ5DQGGHV6HHVHUUHLFKWKDWWHKROWH$WODQWLHI$WHP XQGWDXFKWHXQWHU +DOWHHVVRODQJHZLHP|JOLFKDXVVDJWHGHU([WUDVLQQ (LQH0LQXWHYHUJLQJ $WODQV3KDQWDVLHEHJDQQ]XDUEHLWHQ(UVWHOOWHVLFKYRUZLHGLHEUOOHQGHQ )ODPPHQGDV8IHUHUUHLFKWHQXQGVlPWOLFKHV*UQYHUQLFKWHWHQ:RONHQYRQZHLHU $VFKHZXUGHQKRFKJHULVVHQXQGYHUGXQNHOWHQQLFKWQXUGDV/LFKWGHU6RQQH6LH HUVWLFNWHQGLH7LHUHYHUQLFKWHWHQPLWLKUHU+LW]HGLHOHW]WHQ3IODQ]HQXQGOHJWHQVLFK ODQJVDPZLH6FKQHHKHUXQWHUULHVHOQGDXIMHGH2EHUIOlFKHDOVRDXFKDXIGDV:DVVHU GHU5LQQVDOHXQGGHV6HHV8QGVLHELOGHWHQ]ZLVFKHQGHQYHUNRKOWHQ%DXPVWPSIHQ HLQHGLFNHKHLH6FKLFKW$WODQKLHOWGLH/XIWDQXQGZXWHGDJHJHQZlUWLJMHJOLFKHU 6DXHUVWRIIDXVGHU/XIWEHUGHP6HHYHUVFKZXQGHQZDUZHLOHUHLQHFKHPLVFKH 5HDNWLRQHLQJHJDQJHQZDU $WODQ|IIQHWHGLH$XJHQXQGOHJWHGHQ.RSILQGHQ1DFNHQ(UEOLFNWHYRQXQWHQ KLQDXI]XU:DVVHUREHUIOlFKH(UVDKGDWDWVlFKOLFKHLQHGLFNH$VFKHQVFKLFKWDXIGHP :DVVHUODJ9RUVLFKWLJSDGGHOWHHUPLWGHQ+DQGIOlFKHQHLQH:HLOHXQGVFKOXJGLH $VFKH]XU6HLWHVRGDHLQUXQGHV/RFKHQWVWDQGHLQHgIIQXQJLQGHU$VFKHVFKLFKW 'DQQWDXFKWHHUYRUVLFKWLJDXIXQGVWHFNWHVHLQHQ.RSIDQGLH/XIW 6LHURFKXQEHVFKUHLEOLFKDEHUVLHZDUDWHPEDU ,QGHU)HUQHK|UWHHUGDV'RQQHUQHLQHV*HZLWWHUV(VZDUHWZDVKHOOHU JHZRUGHQDEHUQRFKLPPHUYHUGHFNWHQGLH5DXFKZRONHQGLH6RQQH $WODQDWPHWHWLHIHLQXQGDXV 'DV)HXHUKDVWGXEHUVWDQGHQ-HW]WPXWGXQXUQRFKDXIGHQ*OHLWHUPLWGHP ZDKQVLQQLJHQ0|UGHUDFKWHQVDJWHGHU([WUDVLQQVFKDUIXQGXQEHUK|UEDU $WODQVFKZDPPHLQLJH0LQXWHQODQJXQGDFKWHWHGDUDXIGDVHLQ.RSIEHUGHU ZDUPHQXQGIHXFKWHQ$VFKHQVFKLFKWZDU 6FKOLHOLFKHUUHLFKWHHUVHLFKWHUHV*HELHWXQGNRQQWHDQGDVDQGHUH8IHUZDWHQ ³:HQQMHW]WHLQ*HZLWWHUNRPPWELQLFKWDWVlFKOLFKJHUHWWHW´VDJWHHU 'HQQHUNRQQWHGXUFKGHQJlQ]OLFKHQWODXEWHQ:DOGGXUFKGLHVFKZDU]HQ 6WlPPHPLWLKUHQVWDUUHQ$VWHQLQGHU)HUQHGDV5DXPVFKLIIHUNHQQHQ8QGHXWOLFK ]ZDUGXUFK1HEHOIHUQHQ5HJHQXQG5DXFKDEHUHVZDUGLH$192< 'HU$QEOLFNVFKLHQLKPQHXH.UlIWH]XYHUOHLKHQ $PVSlWHQ1DFKPLWWDJGLHVHV7DJHVHUUHLFKWHGHU$UNRQLGHGHQ5DQGGHV 'VFKXQJHOV (VUHJQHWHLQ6WU|PHQ'DV*HZLWWHUWREWHJHQDXEHUGHP5DXPKDIHQ(V YHUZDQGHOWHGLH/DQGVFKDIWDXV$VFKHXQGVFKZDU]HQ%DXPVWlPPHQLQHLQH:VWH DXVEOHLJUDXHQ6FKODPP$EHUHVPLQGHUWHGLH+LW]HOLH'DPSIHQWVWHKHQXQGELOGHWH DXIVHLQH:HLVHQHXHQ1lKUERGHQIUGHQUDVHQGZXFKHUQGHQ:DOG$WODQKDWWHVLFK GXUFKGLH=RQHGHV7RGHVJHVFKOHSSWXQGZDUMHW]WLQGHU'HFNXQJHLQHVDQJHNRKOWHQ %DXPVWDPPV ³*HVFKDIIW´VDJWHHUOHLVH³$OOHVZDVMHW]WNRPPWLVWOHLFKWHU
$WODQXQGGHU*UDXH
M
$WODQ
.DXPODJHQGLHXQHQGOLFKHQ6WUDSD]HQKLQWHULKPYHUJDXQGYHUGUlQJWHHUVLH 6ROOLFKELV]XP(LQEUXFKGHU'XQNHOKHLWZDUWHQ"IUDJWHVLFKGHU$UNRQLGH (UEHREDFKWHWHGLH6]HQHYRUVLFK :DUWHQRFK(UVWVlPWOLFKH,QIRUPDWLRQHQVDPPHOQGUlQJWHGHU/RJLNVHNWRU $XIGHP5DXPKDIHQWRUNHOWHQ+XQGHUWHYRQ0lQQHUQXPKHU'HUVWU|PHQGH 5HJHQGLHUXQGXPHLQVFKODJHQGHQ%OLW]HXQGGHUNUDFKHQGH'RQQHUVFKLHQHQVLH HEHQVRZHQLJJHVW|UW]XKDEHQZLHGHUULHVLJH%UDQGYRUHLQLJHQ6WXQGHQ'HU:LQG WULHEGLH5DXFKZRONHQZHJXQGULHLQHQ7HLOGHU$VFKHPLWVLFK'DV6FKLIIVWDQGPLW DXVJHIDKUHQHU5DPSHXQGDQVFKHLQHQGY|OOLJXQYHUVHKUWGRUWZRHVPLW$WODQXQG 1XUDP\JHODQGHWZDU'LH%DXWHQZDUHQDXFKXQYHUVHKUWDEHUHLQPLWWHOJURHU*OHLWHU PLW$QWHQQHQXQG*HVFKW]HQYHUVHKHQ]RJVHLQH.UHLVHXPGHQ5DQGGHV+DIHQV -HW]WZDUGLH2UWXQJVJHIDKUZLHGHUJU|HUZHLO$WODQDXHUKDOEGHV/DQGHIHOGHVGDV HLQ]LJH/HEHZHVHQZDU 'XPXWQDFKLQQHQ6FKQHOOQW]HGLH3DXVHQDXVEHIDKOGDV([WUDKLUQ $WODQQLFNWH (UZDUWHWHELVGHU*OHLWHUVLFKDXIGHUDQGHUHQ6HLWHGHVUXQGHQ3ODW]HVEHIDQG XQGUDQQWHORV6HLQ=LHOZDUHLQH*UXSSHYRQHWZD]ZDQ]LJ/HXWHQGLHVLFKLQVHLQHU 1lKHEHIDQGHQ :HQQGHU*UDXHGRUWREHQLQVHLQHP*OHLWHUJHQDXKLQVDKZUGHHULKQ HUNHQQHQGLH.OHLGXQJGDV$XVVHKHQGLH]LHOJHULFKWHWHQ%HZHJXQJHQ(VJDOWGLH QlFKVWHQ6WXQGHQOHEHQG]XEHUVWHKHQ $WODQHUUHLFKWHQDFKHLQHPUDVHQGHQ6SXUWEHU]ZHLKXQGHUW0HWHUGLH*UXSSH XQGVFKOXJHLQHQ0DQQPLWHLQLJHQ'DJRU*ULIIHQEHZXWORV1RFKHKHGHU*OHLWHU ZLHGHUKLQWHUGHP5DXPVFKLIIDXIWDXFKWHKDWWHVLFK$WODQGLH0W]HGHV 1LHGHUJHVFKODJHQHQDXIJHVHW]WVHLQZHLHV+DDUGDUXQWHUYHUVWHFNWXQGGLH-DFNH DQJH]RJHQ (UWRUNHOWHXQGEHZHJWHGLH$UPHXQGJLQJODQJVDPPLWGHU*UXSSHPLW'LH 0lQQHUZLUNWHQDOVZUGHQVLHHLQ6FKDXVSLHODXIIKUHQGDVQXULQLKUHU3KDQWDVLH EHVWDQGDXVXQYHUVWlQGOLFKHQ'LDORJHQEHVWDQGXQGYRQY|OOLJXQYHUVWlQGOLFKHQ 5HJLHDQZHLVXQJHQJHVWHXHUWZXUGH2KQHGHQ.RSI]XKHEHQEHREDFKWHWH$WODQGHQ *OHLWHUGHUODQJVDPVHLQH.UHLVH]RJ:LGHUZLOOLJEHZXQGHUWHGHU$UNRQLGHGLH :LGHUVWDQGVNUDIWGHV*UDXHQGLHWDWVlFKOLFKPLWGHUHLQHV$NWLYDWRUWUlJHUV NRQNXUULHUHQNRQQWH 'XKDVWGDV=LHOYRU$XJHQ9HUVFKHU]HGHLQH&KDQFHQQLFKWGXUFKYRUVFKQHOOH +DQGOXQJHQZDUQWHGHU/RJLNVHNWRU'LH1DFKWLVWGHUEHVWH)UHXQGIUVROFKH 9RUKDEHQ:DUWHDE+DEH*HGXOG(VZLUGVLFKDXV]DKOHQ /DQJVDPYHUJLQJHQGLH6WXQGHQ $WODQPDFKWHPLWGHUEHZXWHQ*UXSSHHLQHQ5XQGJDQJEHUGHQ5DXPKDIHQ PLW(UNDPDQGHQ:RKQJHElXGHQYRUEHLXQGVSUWHGLH6HKQVXFKWQDFKHLQHP%DG QDFK6FKODIXQGQHXHU.OHLGXQJQDFK(VVHQXQGHLQHPJXWHQ*HWUlQNQDFKHWZDV 5XKHGLHQLHPDQGVW|UHQZUGH(UXQWHUGUFNWHGLHVH5HJXQJHQPLWEUXWDOHU*HZDOW XQGGLULJLHUWHVFKUHLHQGXQGWDQ]HQGGLH*UXSSHODQJVDPLQGLH1lKHGHV 5DXPVFKLIIHV(UHUUHLFKWHGLH5DPSHGHU$192<DOVHV]XGXQNHOQEHJDQQ1RFK LPPHUGUHKWHGHU*OHLWHUVHLQHODQJVDPHQ5XQGHQ (LQPDOVREHREDFKWHWHGHU$UNRQLGHVHQNWHVLFKGDV)DKU]HXJ2IIHQVLFKWOLFK EHWUDFKWHWHGHU*UDXHGHQ0DQQGHQ$WODQEHZXWORVJHVFKODJHQKDWWHRKQHGDVLFK
$WODQXQGGHU*UDXH
M
$WODQ
GLHDQGHUHQLQGLHEOLW]VFKQHOOH$XVHLQDQGHUVHW]XQJHLQJHPLVFKWKDWWHQDEHUHUIDQG QXUHLQHQIULHGOLFKVFKODIHQGHQ0DQQVHLQHUDXVJHVFKDOWHWHQ+LOIVWUXSSH$WODQKDVWHWH MHW]WGLH5DPSHGHV6FKLIIHVKRFKXQGEHIDQGVLFKDEHUPDOVLQHLQHPJHVWHLJHUWHQ %HUHLFKGHU6LFKHUKHLW (UDWPHWHDXI ,QHLQLJHQ*lQJHQVFKOLHIHQ]XVDPPHQJHNUPPWH*HVWDOWHQ$XVHLQHUIHUQHQ .DELQHK|UWH$WODQJHGlPSIWHV*HVFKUHLXQGXQGHXWOLFKHQ*HVDQJ(UUDQQWHZHLWHU ZDUIVLFKLQ$QWLJUDIVFKlFKWHXQGHUUHLFKWHVFKOLHOLFKGLH)HXHUOHLW]HQWUDOH 1LFKW]XVFKQHOO%OLQGHU(LIHUVFKDGHWQXU-HGHU+DQGJULIIPXVLW]HQ$XFKGX ZLUVWQXUHLQPDOHLQH&KDQFHEHNRPPHQVDJWHGHU/RJLNVHNWRU $WODQVFKDOWHWHPLWJURHU6FKQHOOLJNHLWDEHURKQHEHUIOVVLJH+DVWGLH YHUVFKLHGHQHQ*HUlWHHLQ'DQQDNWLYLHUWHHUHLQHNOHLQH,PSXOVNDQRQHXQGGHQ GD]XJHK|ULJHQ=LHOVFKLUP(UVFKDOWHWHHLQNOHLQHUHV5HFKHQJHUlWHLQXQGYLVLHUWHGDV =LHODQGHQNUHLVHQGHQ*OHLWHUGHV*UDXHQ 'DV*HVFKW]EHVDQXUHLQHQEHJUHQ]WHQ:LUNXQJVZLQNHO$WODQZDUWHWHELV GHU*OHLWHULQGHU1lKHGHU*HElXGHZDUGDQQQLFNWHHUJULPPLJ ³8QGGDV*UDXHULVWGDV(QGHGHLQHUYHUGDPPWHQ0LVVLRQ´ 0LWHLQHPNDOWHQ/lFKHOQGUFNWHHUGHQ)HXHUNQRSI'DV*HVFKW]JDEHLQHQ HLQ]LJHQ6FKXDEGHUPLWPDVFKLQHQKDIWHU3HUIHNWLRQWUDI'HU*OHLWHUZXUGH PLWWVFKLIIVJHWURIIHQXQGJHULHWDXJHQEOLFNOLFKLQV7UXGHOQ$WODQPHUNWHVLFKGHQ:LQNHO XQGGHQ2UWDQGHPGLH0DVFKLQHDXIVFKODJHQZUGHGDQQYHUOLHHUGDV6FKLIIDXI GHPVHOEHQ:HJDXIGHPHUHVEHWUHWHQKDWWH (UUDQQWHEHUGDV)HOGXQGVDKHLQJHZDOWLJHV)HXHU'HU*OHLWHUZDUGLUHNWYRU GHQ*HElXGHQDEJHVWU]W$WODQ]RJVHLQH:DIIHXQGUDQQWHZHLWHU$OVHUQlKHUNDP ERWVLFKLKPHLQ%LOGGHV*UDXHQV 'HU*OHLWHUZDUHLQHHLQ]LJH0DVVHDXVYHUERJHQHQXQGEUHQQHQGHQ7UPPHUQ (UODJDXIGHU6HLWH6lPWOLFKH7UHQXQG0RQWDJH|IIQXQJHQZDUHQ DXIJHVSUXQJHQ'HU*UDXHGHVVHQ.OHLGXQJEUDQQWHNURFKODQJVDPDXVGHQ 7UPPHUQKHUDXVXQGKREGHQ.RSIDOVHUGXUFKGDV3UDVVHOQGHV)HXHUVGLHHLOHQGHQ 6FKULWWHHLQHV0DQQHVK|UWH$OV$WODQDQKLHOWXQGJHQDXHUKLQEOLFNWHVDKHUGLH:DIIH LQGHU+DQGGHV*UDXHQ (UVHQNWHGHQ$UP]LHOWHNXU]XQGIHXHUWH 'HU*UDXHZXUGHKDOEYRP%RGHQKRFKJHULVVHQXQGILHOZLHGHUDXIGHQ%HWRQ 'LH:DIIHDXVVHLQHU+DQGUXWVFKWHNUHLVHOQGGDYRQDXI$WODQ]X$WODQSDFNWHGHQ EUHQQHQGHQ0DQQDP*UWHOVFKOHSSWHLKQDXVGHU=RQHGHV)HXHUVXQGVFKOXJGLH )ODPPHQPLWVHLQHU-DFNHDXV (UGUHKWHGHQ*UDXHQDXIGHQ5FNHQXQGEOLHEQHEHQLKPVWHKHQ6FKDXULJ EHOHXFKWHWHQGLHIODFNHUQGHQ)ODPPHQEQGHODXVGHP*OHLWHUGLH6]HQH ³:HUELVWGXZLUNOLFK*UDXHU"´IUDJWH$WODQODXW'HU.ODQJGHU:RUWHHUUHLFKWH GHQ6WHUEHQGHQXQGHUµ|IIQHWHVHLQHNOHLQHQ$XJHQ ³,FKELQGHUQHXH)DNWRU(LQV´VDJWHHUOHLVHXQGVWRFNHQG-HGHV:RUWVFKLHQ LKPXQVlJOLFKH6FKPHU]HQ]XEHUHLWHQ ³,FKEUDXFKH,QIRUPDWLRQHQ'HLQ:HJLVW]X(QGH*UDXHU:DVZLOOVWGX ZLUNOLFK":HUVLQGGHLQH+HOIHU"´ bFK]HQGVFKWWHOWHGHU0DQQGHVVHQJUDXH+DXWYRQIXUFKWEDUHQ%UDQGZXQGHQ HQWVWHOOWZDUGHQ.RSI
$WODQXQGGHU*UDXH
M
$WODQ
³,FKVDJHGLUQLFKWV'XJODXEVWPLFKJHW|WHW]XKDEHQ"´ $WODQHUZLGHUWHKDUW ³,QZHQLJHQ6HNXQGHQELVWGXWRW*UDXHU9LHOOHLFKWKLOIWHVGLUZHQQGXPLU VDJVWZHUGHLQH+HOIHUVLQG"´ 'HU6WHUEHQGHYHUVXFKWHGLHJUDXVLJH3DURGLHHLQHV*HOlFKWHUV6HLQ PLKDQGHOWHU.|USHUVFKWWHOWHVLFK ³,FKVDJHNHLQ:RUW'XNDQQVWPLFKQLFKWRIWJHQXJW|WHQ´ 'DVVLQGQLFKWGLH3KDQWDVLHQHLQHV6WHUEHQGHQ'DVLVWHLQHZLFKWLJH ,QIRUPDWLRQVDJWHGHU/RJLNVHNWRUDODUPLHUW ³:DVVDJVWGXGD"´IUDJWH$WODQYHUEOIIW(UYHUVWDQGGLH%HGHXWXQJGLHVHV 6DW]HVQLFKW 'HU*UDXHULFKWHWHVLFKPLWOHW]WHU.UDIWVW|KQHQGDXIVHLQH(OOERJHQDXI$WODQ OLHVLFKDXIGLH+DFNHQQLHGHUXQGVWXGLHUWHPLWNDOWHP,QWHUHVVHGDVYHUZVWHWH *HVLFKWGLHVHV0DQQHV ³'XNDQQVWPLFKQLFKWRIWJHQXJW|WHQ'DVLVWGLHIXUFKWEDUH:DKUKHLWGLHLFKGLU PLWJHEH´ $WODQIUDJWHNDOW ³:HULVWGHLQ+HUU":HUKDWGLFKJHERUHQ":RKHUNRPPVWGX"´ ³,FKKDVVHGLFK9RUPLUHUIlKUVWGXNHLQ:RUW,FKELQ)DNWRU(LQVGDVLVWDOOHV +WHGLFK'HLQ6LHJNDQQQXUHLQ6FKHLQVLHJVHLQ´ $WODQVWHFNWHGLHQXW]ORVH:DIIHZLHGHUHLQXQGVDJWHOHLVH ³'XZHLWGDLFKMHW]W+LOIHKHUEHLUXIH"´ ³,FKNDQQHVPLUGHQNHQ´ 'LH:RUWHNDPHQOHLVHXQGIOVWHUQG'HU0DQQKLHUQDKPVHLQHOHW]WHQ.UlIWH ]XVDPPHQXQGVFKOHXGHUWHGHP$UNRQLGHQVHLQHQ+DXQGVHLQH9HUDFKWXQJ HQWJHJHQ(UZXWHGDHUVWDUEGLH9HUZXQGXQJGXUFK$WODQV6FKXZDUDEVROXW W|GOLFK(UVWDXQOLFKZDUGLH/HEHQVHQHUJLHGLHVHVJUDXKlXWLJHQ0DQQHVYRQGHP$WODQ QLFKWVDQGHUHVZXWHDOVGDVZDVHUIUHLZLOOLJSUHLVJHJHEHQKDWWH$XFKHLQH 8QWHUVXFKXQJGHV.|USHUVZUGHQLFKWV1HXHVEULQJHQN|QQHQ ³:HUELVWGX"´ZLHGHUKROWH$WODQ (UZLUGHVGLUQLFKWVDJHQ6HLQ+DLVWDXVVFKOLHOLFKVDJWHGHU([WUDVLQQ UHVLJQLHUHQG ³,FKELQGHUQHXH)DNWRU(LQV,FKKlWWHGLFKEHLQDKHJHW|WHW´ ³8QGQXQKDEHLFKGLFKJHW|WHW´VDJWH$WODQ³,Q6HNXQGHQELVWGXWRW:DVKDVW GXPLU]XVDJHQ"´ 'HU*UDXHJULQVWHPLWYHUEUDQQWHQ/LSSHQ ³1LFKWV1XUGHQOHW]WHQ6DW]'XNDQQVWPLFKQLFKWRIWJHQXJW|WHQ´ $WODQHUKLHOWGLH,QIRUPDWLRQHQQLFKWPHKUGLHHUVLFKHUKRIIWKDWWH9RULKPJHULHW GHUJUDXH.|USHULQZLOGHUXFNDUWLJH=XFNXQJHQ'DQQVWDUEGHU*UDXH%LV]XPOHW]WHQ 0RPHQWVHLQHV]lKHQ/HEHQVZDUHQVHLQH$XJHQKDHUIOOWDXIGDV*HVLFKWGHV $UNRQLGHQJHULFKWHWJHZHVHQ (ULVWWRWVDJWHGHU/RJLNVHNWRU $WODQVWDQGDXIXQGEHWUDFKWHWHGHQ.|USHUXQWHUVLFK(UKDWWHVLFKLQGHU5XKH GHV7RGHVDXVJHVWHFNWGLH$UPHDXVJHEUHLWHW(LQIOFKWLJHU(LQGUXFNYRQ)ULHGHQODJ DXIGHPVHOWVDPHQ*HVLFKW$WODQPXOLWHUHVLJQLHUHQ$OVHUGHQ.|USHUHLQHUIOFKWLJHQ 8QWHUVXFKXQJXQWHU]RJNRQQWHHUWDWVlFKOLFKQLFKWV%HVRQGHUHVIHVWVWHOOHQ(VZDU
$WODQXQGGHU*UDXH
M
$WODQ
QRUPDOHV=HOOJHZHEHNHLQ5RERWHUNHLQ$QGURLGHHUNDQQWHGLHVH/HEHQVIRUPQLFKW ³8QGMHW]WGLH5XKHXQGDOOHVDQGHUHGDVLFKOlQJHUDOVHLQH:RFKHHQWEHKUW KDEH´VDJWHGHU$UNRQLGHXQGJLQJDXIGDV*HElXGH]X9LHOOHLFKWIDQGHUVRJDUVFKRQ GRUWHLQHQ+\SHUVHQGHUYHUPXWOLFKLQGHUHQWVSUHFKHQGHQ6WDWLRQRGHULQGHQ 3ULYDWUlXPHQGHV*UDXHQ1RFKLPPHUWREWHGHU3VL6WXUPEHUGHQ3ODQHWHQ 7ROYWDPXU1XUODQJVDPZUGHQGLHJHIlKUOLFKHQ6WUDKOXQJHQDQ,QWHQVLWlWYHUOLHUHQ $WODQHUUHLFKWHGHQ6WHJXQGEOLHEVWHKHQ0LWHLQHPODQJHQ%OLFNXPIDWHHUGLH 6]HQHXQGDQDO\VLHUWHGLH6LWXDWLRQ 'XELVWMHW]WGHUHLQ]LJH³QRUPDOH´0HQVFKDXIGLHVHP3ODQHWHQVDJWHGHU ([WUDVLQQ ³6RLVWHVDEHUDXFKGDVNDQQPLFKQLFKWVRQGHUOLFKIU|KOLFKVWLPPHQ´HUZLGHUWH $WODQ 1XUDP\ZDUHUPRUGHWZRUGHQ/DSS.UHLGHQOHEWHQLFKWPHKU(UZDUDOOHLQXQG WRWDOHUVFK|SIW=XHUVWNDPHLQHIOFKWLJH0DKO]HLWGDQQGLHXQDXVVSUHFKOLFKHQ :RQQHQHLQHV%DGHV8QGGDQQZUGHHUQDFKGHP+\SHUIXQNJHUlWVXFKHQ)DOOVHU NHLQHVIDQGPXWHHUVLFKGHV*HUlWVGHU$192<EHGLHQHQGDVZLHHU]XZLVVHQ JODXEWHQXUHLQHJHULQJH.DSD]LWlWKDWWH6HLQH6WLPPXQJZDUDXIGHP1XOOSXQNW DQJHODQJW 'DV0lGFKHQKDWWHVLFKIULKQJHRSIHUW 1DFKHLQHUDWHPEHUDXEHQGHQ-DJGZDUHVLKPJHJOFNWGLHVHQ)HLQGGHU *DOD[LVDXV]XVFKDOWHQDEHUGHU(UIROJEHVWDQGLQ]ZHLUlWVHOKDIWHQ,QIRUPDWLRQHQGLH HUQLFKWGHXWHQNRQQWH $WODQGUHKWHVLFKXPXQGJLQJDXIGDV*HElXGH]X 'DV*HZLWWHUK|UWHDXI (1'( /HVHQ6LHQlFKVWH:RFKH$7/$11U
'HU9HUJHVVHQHDXV$QGURPHGD YRQ.ODXV)LVFKHU (UIOLHKWYRUVHLQHQ0|UGHUQ² HULVWGHUOHW]WHGHU0GO