(7$+RIIPDQQ
'DV*HOEGH (UVWGUXFN
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDP...
210 downloads
437 Views
300KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(7$+RIIPDQQ
'DV*HOEGH (UVWGUXFN
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
$P0LFKDHOLVWDJHHEHQDOVEHLGHQ.DUPHOLWHUQGLH$EHQGKRUD HLQJHOlXWHWZXUGHIXKUHLQPLWYLHU3RVWSIHUGHQEHVSDQQWHU VWDWWOLFKHU5HLVHZDJHQGRQQHUQGXQGUDVVHOQGGXUFKGLH*DVVHQ GHVNOHLQHQSROQLVFKHQ*UHQ]VWlGWFKHQV /XQGKLHOWHQGOLFKVWLOO YRUGHU+DXVWUGHVDOWHQWHXWVFKHQ%UJHUPHLVWHUV1HXJLHULJ VWHFNWHQGLH.LQGHUGLH.|SIH]XP)HQVWHUKHUDXVDEHUGLH +DXVIUDXVWDQGDXIYRQLKUHP6LW]HXQGULHILQGHPVLHJDQ] XQPXWLJLKU1lK]HXJDXIGHQ7LVFKZDUIGHP$OWHQGHUDXVGHP 1HEHQ]LPPHUVFKQHOOHLQWUDWHQWJHJHQ ª6FKRQZLHGHU)UHPGH GLHXQVHUVWLOOHV+DXVIUHLQH*DVWZLUWVFKDIWKDOWHQGDVNRPPW DEHUYRQGHP:DKU]HLFKHQKHU:DUXPKDVWGXDXFKGLH VWHLQHUQH7DXEHEHUGHU7UDXIVQHXHYHUJROGHQODVVHQ"©'HU $OWHOlFKHOWH VFKODXXQGEHGHXWVDPRKQHHWZDV]XHUZLGHUQ LP $XJHQEOLFNKDWWHHUGHQ6FKODIURFNDEJHZRUIHQGDV(KUHQNOHLG GDVYRP.LUFKJDQJHKHUQRFKZRKOJHEUVWHWEHUGHU6WXKOOHKQH KLQJDQJH]RJHQXQGHKHGLHJDQ]HUVWDXQWH)UDXGHQ0XQG]XU )UDJH|IIQHQNRQQWH VWDQGHUVFKRQVHLQ6DPWPW]FKHQXQWHUP $UPVRGDVHLQVLOEHUZHLHV+DXSWLQGHU'lPPHUXQJKHOO DXIVFKLPPHUWHYRUGHP.XWVFKHQVFKODJHGHQLQGHVVHQHLQ 'LHQHUJH|IIQHW(LQHlOWOLFKH)UDXLPJUDXHQ5HLVHPDQWHOVWLHJ DXVGHP:DJHQLKUIROJWHHLQHKRKH MXJHQGOLFKH*HVWDOWPLWGLFKW YHUKOOWHP$QWOLW]GLHDXIGHV%UJHUPHLVWHUV$UPJHVWW]WLQGDV +DXVKLQHLQPHKUZDQNWHDOVVFKULWWXQGNDXPLQV=LPPHU JHWUHWHQZLHKDOEHQWVHHOWLQGHQ/HKQVWXKOVDQNGHQGLH +DXVIUDXDXIGHV$OWHQ:LQNVFKQHOOKHUDQJHUFNW'LHlOWHUH)UDX VSUDFKOHLVHXQGVHKUZHKPWLJ]XGHP%UJHUPHLVWHU ª'DV DUPH.LQG LFKPXZRKOQRFKHLQLJH$XJHQEOLFNHEHLLKU YHUZHLOHQ©GDPLWPDFKWHVLH$QVWDOWLKUHQ5HLVHPDQWHO KHUXQWHU]X]LHKHQZRULQLKUGHV%UJHUPHLVWHUVlOWHUH7RFKWHU EHLVWDQGVRGDEDOGLKU1RQQHQJHZDQGVRZLHHLQDXIGHU%UXVW IXQNHOQGHV.UHX]VLFKWEDUZXUGHZHOFKHVVLHDOVbEWLVVLQHLQHV =LVWHU]LHQVHU1RQQHQNORVWHUVGDUVWHOOWH'LHYHUKOOWH'DPHKDWWH XQWHUGHVVHQQXUGXUFKHLQOHLVHVNDXPYHUQHKPEDUHVbFK]HQ NXQGJHWDQGDVLHQRFKOHEHXQGHQGOLFKGLH+DXVIUDXXPHLQ *ODV:DVVHUJHEHWHQ'LHEUDFKWHDEHUDOOHUOHLVWlUNHQGH7URSIHQ XQG(VVHQ]HQKHUEHLXQGSULHVLKUH:XQGHUNUDIWLQGHPVLHGLH 'DPHEDWGRFKQXUGLHGLFNHQVFKZHUHQ6FKOHLHUGLHLKUDOOHV IUHLH$WPHQYHUKLQGHUQPWHQDE]XOHJHQ0LWGHU+DQGMHGH $QQlKHUXQJGHU+DXVIUDXDEZHKUHQGPLWDOOHQ=HLFKHQGHV $EVFKHXHVGHQ.RSI]XUFNEHXJHQGYHUZDUIDEHUGLH.UDQNHGHQ
9RUVFKODJXQGVHOEVWDOVVLHHQGOLFKHVVLFKJHIDOOHQOLHGHQ 'XIWHLQHUVWDUNHQ/HEHQVHVVHQ]HLQ]X]LHKHQDOVVLHHWZDVYRQ GHPYHUODQJWHQ:DVVHULQGDVGLHEHVRUJWH+DXVIUDXHLQLJH 7URSIHQHLQHVEHZlKUWHQ(OL[LHUVKLQHLQJHWDQJHQRWDWVLHDOOHV GLHVXQWHUGHQ6FKOHLHUQRKQHVLHQXULPPLQGHVWHQ]XOSIHQ ª,KUKDEWGRFKPHLQOLHEHUDOWHU+HUU©ZDQGWHVLFKGLHbEWLVVLQ ]XP%UJHUPHLVWHUª,KUKDEWGRFKDOOHVVREHUHLWHWZLHHV JHZQVFKWZRUGHQ"© ª-DZRKO©HUZLGHUWHGHU$OWHªMDZRKOLFK KRIIHPHLQGXUFKODXFKWLJVWHU)UVWVROOPLWPLU]XIULHGHQVHLQVR ZLHGLH'DPHIUGLHLFKDOOHV]XWXQEHUHLWELQZDVQXULQ PHLQHQ.UlIWHQVWHKW© ª6RODWPLFK©IXKUGLHbEWLVVLQIRUW ªPLWPHLQHPDUPHQ.LQGHQRFKHLQLJH$XJHQEOLFNHDOOHLQ©'LH )DPLOLHPXWHGDV=LPPHUYHUODVVHQ0DQK|UWHZLHGLHbEWLVVLQ HLIULJXQGVDOEXQJVYROOGHU'DPH]XVSUDFKXQGZLHGLHVHHQGOLFK DXFK]XUHGHQEHJDQQPLWHLQHP7RQGHUWLHIELVLQV+HU]GUDQJ 2KQHJHUDGH]XKRUFKHQEOLHEGHQQGRFKGLH+DXVIUDXDQGHU 7UHGHV=LPPHUVVWHKHQLQGHVVHQZXUGHLWDOLHQLVFKJHVSURFKHQ XQGVHOEVWGLHVPDFKWH IUVLHGHQJDQ]HQ$XIWULWWJHKHLPQLVYROOHU XQGYHUPHKUWHGLH%HNORPPHQKHLWZHOFKHLKUGHQ0XQG YHUVFKOR)UDXXQG7RFKWHUWULHEGHU$OWHIRUWXPIU:HLQXQG DQGHUH(UIULVFKXQJHQ]XVRUJHQHUVHOEVWJLQJLQGDV=LPPHU ]XUFN*HWU|VWHWHUJHIDWHUVFKLHQGLHYHUVFKOHLHUWH'DPH ZHOFKHPLWJHEHXJWHP+DXSWXQGJHIDOWHWHQ+lQGHQYRUGHU bEWLVVLQVWDQG'LHVHYHUVFKPlKWHHVQLFKWHWZDVYRQGHQ (UIULVFKXQJHQDQ]XQHKPHQGLHLKUGLH+DXVIUDXGDUERWGDQQULHI VLH ª1XQLVWHV=HLW©'LHYHUVFKOHLHUWH'DPHVDQNQLHGHUDXIGLH .QLHGLHbEWLVVLQOHJWHGLH+lQGHDXILKU+DXSWXQGVSUDFKOHLVH *HEHWH$OVGLHVHJHHQGHWVFKORVLHLQGHPKlXILJH7UlQHQLKU EHUGLH:DQJHQUROOWHQGLH9HUVFKOHLHUWHLQGLH$UPHXQG GUFNWHVLHKHIWLJZLHLPh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ª8P&KULVWXVZLOOHQ©IOVWHUWHVLH
OHLVHXQGlQJVWOLFKªXP&KULVWXVZLOOHQZHOFKHLQHQ*DVWEULQJVW GXPLULQV+DXVGHQQGXZHLWGRFKMDYRQDOOHPXQGKDVWHVPLU QXUYHUVFKZLHJHQ© ª$OOHVZDVLFKZHLVROOVWGXDXFK HUIDKUHQ©HUZLGHUWHGHU$OWHJDQ]UXKLJª$FKDFK©IXKUGLH )UDXQRFKlQJVWOLFKHUIRUWªGXZHLWDEHUYLHOOHLFKWQLFKWDOOHV ZlUVWGXQXUMHW]WLP=LPPHUJHZHVHQ6RZLHGLH)UDXbEWLVVLQ DEJHIDKUHQPRFKWHHVGHU'DPHGRFKZRKO]XEHNORPPHQ ZHUGHQLQLKUHQGLFNHQ6FKOHLHUQ6LHQDKPGHQJURHQ VFKZDU]HQ.UHSSIORUGHULKUELVDQGLH.QLHUHLFKWHKHUDEXQG GDVDKLFK© ª1XQZDVVDKVWGXGHQQ©ILHOGHU$OWHGHU)UDXGLH ]LWWHUQGVLFK XPVFKDXWHDOVHUEOLFNHVLH*HVSHQVWHULQGLH5HGH ª1HLQ©VSUDFKGLH)UDXZHLWHUªGLH*HVLFKWV]JHNRQQWHLFK XQWHUGHQGQQHQ6FKOHLHUQJDUQLFKWGHXWOLFKHUNHQQHQDEHU ZRKOGLH7RWHQIDUEHDFKGLHJUHXOLFKH7RWHQIDUEH$EHUQXQ$OWHU QXQPHUNDXI GHXWOLFKQXU]XGHXWOLFKJDQ]VRQQHQNODUOLHJW V DP7DJHGDGLH'DPHJXWHU+RIIQXQJLVW,QZHQLJHQ:RFKHQ NRPPWVLHLQV.LQGEHWW© ª'DVZHLLFKMD)UDX©VSUDFKGHU $OWHJDQ]PUULVFKªXQGGDPLWGXQXUQLFKWXPNRPPHQP|JHVW YRU1HXJLHUXQG8QUXKHZLOOLFKGLUPLW]ZHL:RUWHQDOOHV HUNOlUHQ:LVVHDOVRGD)UVW =XQVHUKRKHU*|QQHUPLUYRU HLQLJHQ:RFKHQVFKULHEGLHbEWLVVLQGHV=LVWHU]LHQVHUNORVWHUV LQ 2ZHUGHPLUHLQH'DPHEULQJHQGLHLFKEHLPLULQPHLQHP +DXVHDXIQHKPHQVROOHLQDOOHU6WLOOHMHGHV$XIVHKHQVRUJOLFK YHUPHLGHQG'LH'DPHZHOFKHQLFKWDQGHUVJHQDQQWVHLQZROOH DOVVFKOHFKWZHJ&|OHVWLQHZHUGHEHLPLULKUHQDKH(QWELQGXQJ DEZDUWHQXQGGDQQQHEVWGHP.LQGHGDVVLHJHERUHQZLHGHU DEJHKROWZHUGHQ)JHLFKQXQQRFKKLQ]XGDGHU)UVWPLUPLW GHQHLQGULQJOLFKVWHQ:RUWHQGLHVRUJVDPVWH3IOHJHGHU'DPH HPSIRKOHQXQGIUGLHHUVWHQ$XVODJHQXQG%HPKXQJHQHLQHQ WFKWLJHQ%HXWHOPLW'XNDWHQGHQGXLQPHLQHU.RPPRGHILQGHQ XQGEHlXJHOQNDQQVWEHLJHIJWKDWVRZHUGHQZRKO DOOH %HGHQNHQDXIK|UHQ© ª6RPVVHQZLU©VSUDFKGLH+DXVIUDX ªYLHOOHLFKWDUJHU6QGHZLHVLHGLH9RUQHKPHQWUHLEHQGLH+DQG ELHWHQ©1RFKHKHGHU$OWHGDUDXIHWZDVHUZLGHUQNRQQWHWUDWGLH 7RFKWHU]XP=LPPHUKHUDXVXQGULHILKQ]XU'DPHZHOFKHVLFK QDFK5XKHVHKQHXQGLQGDVIUVLHEHVWLPPWH*HPDFKJHIKUW]X ZHUGHQZQVFKH'HU$OWHKDWWHGLHEHLGHQ=LPPHUFKHQGHV REHUQ6WRFNVVRJXWDXVVFKPFNHQODVVHQDOVHUHVQXU YHUPRFKWHXQGZDUQLFKWZHQLJEHWUHWHQDOV&|OHVWLQHIUXJRE HUDXHUGLHVHQ*HPlFKHUQQLFKWQRFKHLQVGHVVHQ)HQVWHU
KLQWHQKHUDXVJLQJHQEHVLW]H(UYHUQHLQWHGDVXQGIJWHQXUXP JDQ]JHZLVVHQKDIW]XVHLQKLQ]XGD]ZDUQRFKHLQHLQ]LJHV *HPDFKPLWHLQHP)HQVWHUQDFKGHP*DUWHQKHUDXVYRUKDQGHQ GLHVGUIWHDEHUJDUNHLQ=LPPHUVRQGHUQQXUHLQHVFKOHFKWH .DPPHUJHQDQQWZHUGHQ NDXPVRJHUlXPLJXPHLQ%HWWH HLQHQ7LVFKXQGHLQHQ6WXKOKLQHLQ]XVWHOOHQJDQ]HLQHUHOHQGHQ .ORVWHU]HOOHJOHLFK&|OHVWLQHYHUODQJWHDXJHQEOLFNOLFKGLHVH .DPPHU]XVHKHQXQGHUNOlUWHNDXPKLQHLQJHNRPPHQGD HEHQGLHVHV*HPDFKLKUHQ:QVFKHQXQG%HGUIQLVVHQ DQJHPHVVHQVHLGDVLHQXULQGLHVHPXQGNHLQHPDQGHUQ ZRKQHQXQGHVQXUGDQQZHQQLKU=XVWDQGGXUFKDXVJU|HUHQ 5DXPXQGHLQH.UDQNHQZlUWHULQHUIRUGHUQVROOHPLWHLQHP JU|HUQYHUWDXVFKHQZHUGH9HUJOLFKGHU$OWHVFKRQMHW]WGLHVHV HQJH*HPDFKPLWHLQHU.ORVWHU]HOOHVRZDUHVDQGHUQ7DJHVJDQ] GD]XJHZRUGHQ&|OHVWLQHKDWWHHLQ0DULHQELOGDQGLH:DQG JHKHIWHWXQGDXIGHQDOWHQK|O]HUQHQ7LVFKGHUXQWHUGHP%LOGH VWDQGHLQ.UX]LIL[KLQJHVWHOOW'DV%HWWHEHVWDQGLQHLQHP 6WURKVDFNXQGHLQHUZROOHQHQ'HFNHXQGDXHUHLQHPK|O]HUQHQ 6FKHPPHOXQGQRFKHLQHPNOHLQHQ7LVFKOLWW&|OHVWLQHNHLQ DQGHUHV*HUlW'LH+DXVIUDXDXVJHV|KQWPLWGHU)UHPGHQGXUFK GHQWLHIHQ]HKUHQGHQ6FKPHU]GHUVLFKLQLKUHPJDQ]HQ:HVHQ RIIHQEDUWHJODXEWHQDFKJHZ|KQOLFKHU:HLVHVLHDXIKHLWHUQ XQWHUKDOWHQ]XPVVHQGLH)UHPGHEDWDEHUPLWGHQUKUHQGVWHQ :RUWHQHLQH(LQVDPNHLWQLFKW]XYHUVW|UHQLQGHUDOOHLQPLWJDQ] GHU-XQJIUDXXQGGHQ+HLOLJHQ]XJHZDQGWHP6LQQVLH7U|VWXQJ ILQGH-HGHV7DJHVVRZLHGHU0RUJHQJUDXWHEHJDEVLFK &|OHVWLQH]XGHQ.DUPHOLWHUQXPGLH)UKPHVVH]XK|UHQ GHQ EULJHQ7DJVFKLHQVLHXQDXVJHVHW]W$QGDFKWVEXQJHQJHZLGPHW ]XKDEHQGHQQVRRIWHVDXFKQ|WLJZXUGHVLHLQLKUHP=LPPHU DXI]XVXFKHQIDQGPDQVLHHQWZHGHUEHWHQGRGHULQIURPPHQ %FKHUQOHVHQG6LHYHUVFKPlKWHDQGHUH6SHLVHDOV*HPVH DQGHUHV*HWUlQNDOV:DVVHUXQGQXUGLHGULQJHQGVWHQ 9RUVWHOOXQJHQGHV$OWHQGDLKU=XVWDQGGDV:HVHQGDVLQLKU OHEHEHVVHUH.RVW IRUGHUHNRQQWHVLHHQGOLFKYHUP|JHQ ]XZHLOHQ)OHLVFKEUKHXQGHWZDV:HLQ]XJHQLHHQ'LHVHV VWUHQJHNO|VWHUOLFKH/HEHQKLHOWHVDXFKMHGHULP+DXVHIUGLH %XHEHJDQJHQHU6QGHHUZHFNWHGRFK]XJOHLFKHU=HLWLQQLJHV 0LWOHLGHQXQGWLHIH(KUIXUFKWZR]XGHQQDXFKGHU$GHOLKUHU *HVWDOWGLHVLHJHQGH$QPXWMHGHULKUHU%HZHJXQJHQQLFKWZHQLJ EHLWUXJ:DVDEHUGLHVHQ*HIKOHQIUGLHIUHPGH+HLOLJHHWZDV
6FKDXHUOLFKHVEHLPLVFKWHZDUGHU8PVWDQGGDVLHGLH6FKOHLHU GXUFKDXVQLFKWDEOHJWHVRGDNHLQHULKU*HVLFKW]XHUVFKDXHQ YHUPRFKWH1LHPDQGNDPLQLKUH1lKHDOVGHU$OWHXQGGHU ZHLEOLFKH7HLOVHLQHU)DPLOLHXQGGLHVHQLHPDOVDXVGHP 6WlGWFKHQJHNRPPHQNRQQWHQXQP|JOLFKGXUFKGDV :LHGHUHUNHQQHQHLQHV*HVLFKWVGDVVLHYRUKHUQLFKWJHVHKHQ GHP*HKHLPQLVDXIGLH6SXUNRPPHQ:R]XDOVRGLH9HUKOOXQJ" 'LHJHVFKlIWLJH)DQWDVLHGHU:HLEHUHUIDQGEDOGHLQJUHXOLFKHV 0lUFKHQ(LQIUFKWHUOLFKHV$E]HLFKHQ VRODXWHWHGLH)DEHO GLH 6SXUGHU7HXIHOVNUDOOHKDWWHGDV*HVLFKWGHU)UHPGHQJUlOLFK YHU]HUUWXQGGDUXPGLHGLFNHQ6FKOHLHU'HU$OWHKDWWH0KHGHP *HZlVFKH]XVWHXHUQXQG]XYHUKLQGHUQGDZHQLJVWHQVYRU GHU 7UHVHLQHV+DXVHVQLFKW$EHQWHXHUOLFKHVYRQGHU)UHPGHQ JHVFKZDW]WZXUGHGHUHQ$XIHQWKDOWLQGHV%UJHUPHLVWHUV+DXVH IUHLOLFKLQGHU6WDGWEHNDQQWJHZRUGHQ,KUH*lQJHQDFKGHP .DUPHOLWHUNORVWHUEOLHEHQDXFKQLFKWXQEHPHUNWXQGEDOGQDQQWH PDQVLHGHV%UJHUPHLVWHUVVFKZDU]H)UDXZRPLWIUHLOLFKVLFK YRQVHOEVWGLH,GHHHLQHUVSXNKDIWHQ(UVFKHLQXQJYHUEDQG'HU =XIDOOZROOWHGDHLQHV 7DJHVDOVGLH7RFKWHUGHU)UHPGHQGLH 6SHLVHQLQGDV=LPPHUEUDFKWHGHU/XIWVWURPGHQ6FKOHLHU HUIDWHXQGDXIKRE PLW%OLW]HVVFKQHOOHZDQGWHVLFKGLH)UHPGH VRGDVLHVLFKLQGHPVHOEHQ0RPHQWGHP%OLFNGHV0lGFKHQV HQW]RJ'LHVHNDPDEHUHUEODWXQGDQDOOHQ*OLHGHUQ]LWWHUQG KHUDE.HLQH9HU]HUUXQJDEHUVRZLHGLH0XWWHUHLQ WRWHQEOHLFKHVKDWWHVLHHLQPDUPRUZHLHV$QWOLW]HUVFKDXWDXV GHVVHQWLHIHQ$XJHQK|KOHQHVVHOWVDPKHUYRUEOLW]WH'HU$OWH VFKREPLW5HFKWYLHOHVDXIGHV0lGFKHQV(LQELOGXQJDEHUDXFK LKPZDUHVLP*UXQGHJHQRPPHQVR]XPXWHZLHDOOHQ HU ZQVFKWHGDVYHUVW|UHQGH:HVHQWURW]DOOHU)U|PPLJNHLWGLHHV EHZLHVIRUWDXVVHLQHP+DXVH%DOGGDUDXIZHFNWHLQHLQHU1DFKW GHU$OWHGLH+DXVIUDXXQGVDJWHLKUGDHUVFKRQVHLWHLQLJHQ 0LQXWHQHLQOHLVHV:LPPHUQXQGbFK]HQHLQ.ORSIHQYHUQHKPH GDVYRQ&|OHVWLQHQV=LPPHU]XNRPPHQVFKHLQH'LH)UDXYRQ GHU$KQXQJHUJULIIHQZDVGDVVHLQN|QQHHLOWHKLQDXI6LHIDQG &|OHVWLQHQDQJH]RJHQXQGLQLKUH6FKOHLHUJHZLFNHOWDXIGHP %HWWHKDOERKQPlFKWLJOLHJHQXQGEHU]HXJWHVLFKEDOGGDGLH 1LHGHUNXQIWQDKHVHL6FKQHOOWUDIPDQGLHOlQJVWYRUEHUHLWHWHQ $QVWDOWHQXQGLQZHQLJHU=HLWZDUHLQJHVXQGHVKROGHV.QlEOHLQ JHERUHQ'LHV(UHLJQLVKDWWHPDQHVDXFKOlQJVWYRUDXVJHVHKHQ WUDWGRFKZLHXQHUZDUWHWHLQXQGYHUQLFKWHWHLQVHLQHQ)ROJHQ
GDVGUFNHQGHXQKHLPOLFKH9HUKlOWQLVPLWGHU)UHPGHQZHOFKHV DXIGHU)DPLOLHVFKZHUJHODVWHWKDWWH'HU.QDEHVFKLHQZLHHLQ VHKQHQGHU0LWWOHU&|OHVWLQHQGHP0HQVFKOLFKHQZLHGHUQlKHU]X EULQJHQ,KU=XVWDQGOLWWNHLQHVWUHQJHDVNHWLVFKHhEXQJHQXQG LQGHPLKUH+OIORVLJNHLWLKUGLH0HQVFKHQZHOFKHVLHPLW OLHEHQGHU6RUJIDOWSIOHJWHQDXIQ|WLJWHJHZ|KQWHVLHVLFKPHKU XQGPHKUDQLKUHQ8PJDQJ'LH+DXVIUDXGDJHJHQGLHQXQGLH .UDQNHZDUWHQLKUVHOEVWGLHQDKUKDIWH6XSSHNRFKHQXQG GDUUHLFKHQNRQQWHYHUJDLQGLHVHUKlXVOLFKHQ6RUJHDOOHV%|VH ZDVLKUVRQVWEHUGLHUlWVHOKDIWH)UHPGHLQGHQ6LQQJHNRPPHQ 6LHGDFKWHQLFKWPHKUGDUDQGDLKUHKUEDUHV+DXVYLHOOHLFKW]XP 6FKOXSIZLQNHOGHU6FKDQGHGLHQHQVROOWH'HU$OWHMXEHOWHJDQ] YHUMQJWXQGKlWVFKHOWHGHQ.QDEHQDOVVHLLKPHLQ(QNHONLQG JHERUHQXQGHUZLHDOOHEULJHKDWWHQVLFKGDUDQJHZ|KQWGD &|OHVWLQHYHUVFKOHLHUWEOLHEMDVHOEVWZlKUHQGGHU(QWELQGXQJ 'LH:HKPXWWHUKDWWHLKUVFKZ|UHQPVVHQGDWUHWHMDHLQ =XVWDQGGHU%HZXWORVLJNHLWHLQGRFKGLH6FKOHLHUQLFKWJHOSIW ZHUGHQVROOWHQDXHUYRQLKUGHU:HKPXWWHUVHOEVWLP)DOOGHU 7RGHVJHIDKU(VZDUJHZLGDGLH$OWH&|OHVWLQHQXQYHUVFKOHLHUW JHVHKHQVLHVDJWHDEHUGDUEHUQLFKWVDOV ª'LHDUPHMXQJH 'DPHPXVLFKMDZRKOVRYHUKOOHQ© 1DFKHLQLJHQ7DJHQ HUVFKLHQGHU.DUPHOLWHUP|QFKGHUGHQ.QDEHQJHWDXIWKDWWH 6HLQH8QWHUUHGXQJPLW&|OHVWLQHQQLHPDQGGXUIWH]XJHJHQVHLQ GDXHUWHOlQJHUDOV]ZHL6WXQGHQ0DQK|UWH LKQHLIULJVSUHFKHQ XQGEHWHQ$OVHUIRUWJHJDQJHQIDQGPDQ&|OHVWLQHQLP /HKQVWXKOVLW]HQGDXIGHP6FKRHGHQ.QDEHQXPGHVVHQ NOHLQH6FKXOWHUQHLQ6NDSXOLHUJHOHJWZDUXQGGHUHLQ$JQXVGHL DXIGHU%UXVWWUXJ:RFKHQXQG0RQDWHYHUJLQJHQRKQHGDZLH GHU%UJHUPHLVWHUJHJODXEWKDWWHXQGZLHHVLKPDXFKYRP )UVWHQ =JHVDJWZRUGHQ&|OHVWLQHPLWGHP.LQGHDEJHKROW ZXUGH6LHKlWWHJDQ]HLQWUHWHQN|QQHQLQGHQIULHGOLFKHQ.UHLV GHU)DPLOLHZlUHQGLHIDWDOHQ6FKOHLHUQLFKWJHZHVHQGLHLPPHU GHQOHW]WHQ6FKULWW]XUIUHXQGOLFKHQ$QQlKUXQJKHPPWHQ'HU $OWHQDKPHVVLFKKHUDXVGLHVGHU)UHPGHQVHOEVWIUHLPWLJ]X lXHUQGRFKDOVVLHPLWGXPSIHPIHLHUOLFKHQ7RQHUZLGHUWH ª1XU LP7RGHIDOOHQGLHVH6FKOHLHU©VFKZLHJHUGDYRQXQGZQVFKWH DXIVQHXHGDGHU:DJHQPLWGHUbEWLVVLQHUVFKHLQHQP|JH 'HU)UKOLQJZDUKHUDQJHNRPPHQYRQHLQHP6SD]LHUJDQJH NHKUWHGLH)DPLOLHGHV%UJHUPHLVWHUVKHLP%OXPHQVWUlXHLQ
GHQ+lQGHQWUDJHQGGHUHQVFK|QVWHGHUIURPPHQ&|OHVWLQH EHVWLPPWZDUHQ(EHQDOVVLHLQV+DXVWUHWHQZROOWHQVSUHQJWH HLQ5HLWHUKHUDQHLIULJQDFKGHP%UJHUPHLVWHUIUDJHQG'HU$OWH VSUDFKHUVHLVHOEVWGHU%UJHUPHLVWHUXQGVWHKHYRUVHLQHP +DXVH'DVSUDQJGHU5HLWHUKHUDEYRP3IHUGHGDVHUIHVWEDQG DQGHQ3IRVWHQXQGVWU]WHPLWGHPJHOOHQGHQ5XIª6LHLVWKLHU VLHLVWKLHU©LQV+DXVXQGGLH7UHSSHKHUDXI0DQK|UWHHLQH7U HLQVFKODJHQXQG&|OHVWLQHQV$QJVWJHVFKUHL'HU$OWHYRQ (QWVHW]HQHUIDWHLOWHQDFK'HU5HLWHU ZLHQXQVLFKWOLFKZDU HLQ2IIL]LHUYRQGHUIUDQ]|VLVFKHQ-lJHUJDUGHPLWYLHOHQ2UGHQ JHVFKPFNWKDWWHGHQ.QDEHQDXVGHU:LHJHJHULVVHQXQGLQGHQ OLQNHQPLWGHP0DQWHOXPVFKOXQJHQHQ$UPJHQRPPHQ GHQ UHFKWHQKDWWH&|OHVWLQHHUIDWDOOH.UDIWDXIELHWHQGGHQ5lXEHU GHV.LQGHV]XUFN]XKDOWHQ,P5LQJHQULGHU2IIL]LHUGHQ 6FKOHLHUKHUDEHLQWRGVWDUUHVPDUPRUZHLHV$QWOLW]YRQ VFKZDU]HQ/RFNHQXPVFKDWWHWEOLFNWHLKQDQJOKHQGH6WUDKOHQ DXVGHQWLHIHQ$XJHQK|KOHQVFKLHHQGZlKUHQGVFKQHLGHQGH -DPPHUW|QHDXVGHQKDOEJH|IIQHWHQXQEHZHJWHQ/LSSHQTXROOHQ 'HU$OWHQDKPZDKUGD&|OHVWLQHHLQHZHLHGLFKW DQVFKOLHHQGH0DVNHWUXJª(QWVHW]OLFKHV:HLEZLOOVWGXGD DXFKPLFKGHLQH5DVHUHLHUJUHLIH"©VFKULHGHU2IIL]LHULQGHPHU VLFKPLW*HZDOWORVULVRGD&|OHVWLQH]X%RGHQVWU]WH1XQ XPIDWHVLHDEHUVHLQH.QLHLQGHPVLHPLWGHP$XVGUXFNGHV XQVlJOLFKVWHQ6FKPHU]HVPLWHLQHP7RQGHUGDV+HU] GXUFKVFKQLWWIOHKWH ª/DPLUGDV.LQG R ODPLUGDV.LQG QLFKWXPGLHHZLJH6HOLJNHLWVROOVWGXPLFKEULQJHQ 8P&KULVWXV XPGHUKHLOLJHQ-XQJIUDXZLOOHQ ODPLUGDV.LQG ODPLUGDV .LQG© 8QGEHLGLHVHQ-DPPHUW|QHQUHJWHVLFKNHLQH0XVNHO UHJWHQVLFKQLFKWGLH/LSSHQGHV7RWHQDQWOLW]HVVRGDGHP$OWHQ GHU+DXVIUDX DOOHQGLHLKPJHIROJWYRU*UDXHQGDV%OXWLQGHQ $GHUQVWRFNWHª1HLQ©VFKULHGHU2IIL]LHUZLHLQKHOOHU 9HU]ZHLIOXQJªQHLQXQPHQVFKOLFKHVXQHUELWWOLFKHV:HLEGDV +HU]NRQQWHVWGXDXVGLHVHU %UXVWUHLHQDEHUYHUGHUEHQVROOVW GXQLFKWLPKHLOORVHQ:DKQVLQQGDV:HVHQGDVVLFKWU|VWHQGDQ GLHEOXWHQGH:XQGHOHJW© )HVWHUGUFNWHGHU2IIL]LHUGDV.LQG DQVLFKVRGDHVODXW]XZHLQHQEHJDQQ GDEUDFK&|OHVWLQHDXV LQHLQGXPSIHV+HXOHQ ª5DFKH GHV+LPPHOV5DFKHEHUGLFK GX0|UGHU© ª/DDE ODDE IRUWPLWGLUGX+|OOHQVSXN© NUHLVFKWHGHU2IIL]LHUXQGVFKOHXGHUWHPLWHLQHUNRQYXOVLYLVFKHQ %HZHJXQJGHV)XHV&|OHVWLQHQZHLWYRQVLFKXQGZROOWH]XU
7UHKHUDXV'HU$OWHWUDWLKPLQGHQ:HJHUULDEHUVFKQHOOHLQ 7HU]HUROKHUYRUULHIGLH0QGXQJJHJHQGHQ$OWHQJHNHKUW ª'LH .XJHOGXUFKGHQ.RSIGHPGHUGHP9DWHUVHLQ.LQG]XHQWUHLHQ JHGHQNW©VWU]WHGLH7UHSSHKHUDEVFKZDQJVLFKDXIV3IHUGRKQH GDV.LQG]XODVVHQXQGVSUHQJWHLQYROOHP*DORSSGDYRQ 'LH +DXVIUDXYROO+HU]HQVDQJVWZLHHVQXQXP&|OHVWLQHQVWHKHQ XQGZDVQXQPLWLKUDQ]XIDQJHQVHLQZUGHEHUZDQGLKU *UDXHQYRUGHUHQWVHW]OLFKHQ7RWHQPDVNHXQGHLOWHKHUDXILKU EHL]XVWHKHQ:LHHUVWDXQWHVLHDOVVLH &|OHVWLQHQPLWWHQLP =LPPHUJOHLFKHLQHU6WDWXHPLWKHUDEKlQJHQGHQ$UPHQODXWORV VWHKHQGIDQG6LHUHGHWHVLHDQNHLQH$QWZRUW1LFKWYHUP|JHQG GHQ$QEOLFNGHU0DVNH]XWUDJHQKLQJVLHLKUGLH6FKOHLHUXPGLH DXIGHP%RGHQODJHQNHLQ5HJHQXQG%HZHJHQ&|OHVWLQHZDULQ HLQHQDXWRPDWlKQOLFKHQ=XVWDQGJHVXQNHQGHUGLH+DXVIUDXPLW QHXHU$QJVWXQG3HLQHUIOOWHVRGDVLHJDQ]LQEUQVWLJ]X*RWW IOHKWHVLHQXUYRQGLHVHUXQKHLPOLFKHQ)UHPGHQ]XEHIUHLHQ,KUH %LWWHZXUGH]XU6WHOOHHUK|UWGHQQHEHQKLHOWGHUVHOEH:DJHQ GHU&|OHVWLQHQJHEUDFKWYRUGHU7UH'LHbEWLVVLQNDPPLWLKU )UVW =GHVDOWHQ%UJHUPHLVWHUVKRKHU*|QQHU$OVGHUHUIDKUHQ ZDVVLFKVRHEHQ]XJHWUDJHQVSUDFKHUVHKUPLOGXQGUXKLJ ª6R NDPHQZLU]XVSlWXQGPVVHQXQVZRKOLQ*RWWHV)JXQJ VFKLFNHQ©0DQEUDFKWH&|OHVWLQHQKHUDEGLHVLFKVWDUUXQG ODXWORVRKQH=HLFKHQHLJQHQ:LOOHQVXQGHLJQHU:LOONU IRUWIKUHQXQGLQGHQ:DJHQVHW]HQOLHGHUVFKQHOOIRUWUROOWH 'HP$OWHQGHUJDQ]HQ)DPLOLHZDUVR]XPXWHDOVHUZDFKWHQVLH QXQHUVWDXVHLQHPE|VHQVSXNKDIWHQ7UDXPGHUVLHVHKU JHlQJVWHW %DOGGDUDXIDOVVLFKGLHVLQGHP+DXVHGHV%UJHUPHLVWHUVYRQ / EHJHEHQZXUGHLQGHP=LVWHU]LHQVHU1RQQHQNORVWHU]X 2HLQH /RJHQVFKZHVWHUPLWXQJHZ|KQOLFKHU)HLHUOLFKNHLWEHJUDEHQXQG HLQGXPSIHV*HUFKWJLQJGDGLHVH/RJHQVFKZHVWHUGLH*UlILQ +HUPHQHJLOGDYRQ &JHZHVHQYRQGHUPDQJODXEWHVLHVHLPLW LKUHV9DWHUV6FKZHVWHUGHU)UVWLQYRQ =QDFK,WDOLHQ JHJDQJHQ=XUVHOELJHQ=HLWHUVFKLHQ*UDI1HSRPXNYRQ & +HUPHQHJLOGDV9DWHULQ:DUVFKDXXQGWUDWVLFKQXUHLQNOHLQHV *WFKHQLQGHU8NUDLQHYRUEHKDOWHQGVHLQHVlPWOLFKHQEULJHQ EHWUlFKWOLFKHQ%HVLW]XQJHQGHQEHLGHQ6|KQHQGHV)UVWHQ = VHLQHQ1HIIHQYHUP|JHHLQHVJHULFKWOLFKHQ$NWVRKQH (LQVFKUlQNXQJDE0DQIUDJWHQDFKGHU$XVVWDWWXQJVHLQHU
7RFKWHUGDKREHUGHQGVWHUQWUlQHQVFKZHUHQ%OLFNJHQ+LPPHO XQGVDJWHPLWGXPSIHU6WLPPH ª6LHLVWDXVJHVWDWWHW© (UQDKP JDUNHLQHQ$QVWDQGQLFKWDOOHLQMHQHV*HUFKWYRQ+HUPHQHJLOGDV 7RGHLP.ORVWHU]X 2]XEHVWlWLJHQVRQGHUQDXFKGDVEHVRQGHUH 9HUKlQJQLV]XRIIHQEDUHQGDVEHU+HUPHQHJLOGDJHZDOWHWXQG VLHHLQHUGXOGHQGHQ0lUW\ULQJOHLFKIUK]HLWLJLQGDV*UDE JH]RJHQ0DQFKH3DWULRWHQJHEHXJWDEHUQLFKW]HUNQLFNWGXUFK GHQ)DOOGHV9DWHUODQGHVJHGDFKWHQGHQ*UDIHQ DXIVQHXHLQ JHKHLPH9HUELQGXQJHQ]X]LHKHQGLHGLH+HUVWHOOXQJGHV SROQLVFKHQ6WDDWVEH]ZHFNWHQDEHUQLFKWPHKUGHQIHXULJHQIU )UHLKHLWXQG9DWHUODQGEHVHHOWHQ0DQQGHUVRQVW]XMHGHU JHZDJWHQ8QWHUQHKPXQJPLWXQHUVFKWWHUOLFKHP0XWHGLH+DQG ERWIDQGHQVLHVRQGHUQHLQHQRKQPlFKWLJHQYRQZLOGHP 6FKPHU]]HUULVVHQHQ*UHLVGHUDOOHQ:HOWKlQGHOQHQWIUHPGHWLP %HJULIIVWDQGVLFKLQWLHIHU(LQVDPNHLW]XYHUJUDEHQ6RQVW]X MHQHU=HLWDOVQDFKGHUHUVWHQ7HLOXQJ3ROHQVGLH,QVXUUHNWLRQ YRUEHUHLWHWZXUGHZDUGHV*UDIHQ1HSRPXNYRQ &6WDPPJXW GHUJHKHLPH6DPPHOSODW]GHU3DWULRWHQ'RUWHQW]QGHWHQVLFK GLH*HPWHUEHLIHLHUOLFKHQ0DKOHQ]XP.DPSIIUGDVJHIDOOHQH 9DWHUODQG'RUWHUVFKLHQZLHHLQ(QJHOVELOGYRP+LPPHOJHVHQGHW ]XUKHLOLJHQ:HLKH+HUPHQHJLOGDLQGHP.UHLVHGHUMXQJHQ +HOGHQ:LHHVGHQ)UDXHQLKUHU1DWLRQHLJHQQDKPVLHWHLODQ DOOHQVHOEVWDQSROLWLVFKHQ9HUKDQGOXQJHQXQGlXHUWHGLH/DJH GHU'LQJHZRKOEHDFKWHQGXQGHUZlJHQGLQHLQHP$OWHUYRQQRFK QLFKWVLHE]HKQ-DKUHQRIWPDQFKPDODOOHQEULJHQHQWJHJHQHLQH 0HLQXQJGLHYRQGHPDXHURUGHQWOLFKVWHQ6FKDUIVLQQYRQGHU NODUVWHQ8PVLFKW]HLJWHXQGGLHPHKUHQWHLOVGHQ$XVVFKODJJDE 1lFKVWLKUZDUQLHPDQGHQGDV7DOHQWGHVVFKQHOOHQhEHUEOLFNV GHV$XIIDVVHQVXQGVFKDUIJHUQGHWHQ'DUVWHOOHQVGHU/DJHGHU 'LQJHPHKUHLJHQDOVGHP*UDIHQ6WDQLVODXVYRQ 5HLQHP IHXULJHQKRFKEHJDEWHQ-QJOLQJHYRQ]ZDQ]LJ-DKUHQ6R JHVFKDKHVGD+HUPHQHJLOGDXQG6WDQLVODXVRIWDOOHLQLQUDVFKHQ 'LVNXVVLRQHQGLH]XU6SUDFKHJHEUDFKWHQ*HJHQVWlQGH YHUKDQGHOWHQ9RUVFKOlJHSUIWHQ DQQDKPHQ YHUZDUIHQ DQGHUHDXIVWHOOWHQXQGGDGLH5HVXOWDWHGHV=ZHLJHVSUlFKV ]ZLVFKHQGHP0lGFKHQXQGGHP-QJOLQJHRIWVHOEVWYRQGHQ DOWHQVWDDWVNOXJHQ0lQQHUQGLH]X5DWHVDHQDOVGDV.OJVWH XQG%HVWHZDV]X EHJLQQHQDQHUNDQQWZHUGHQPXWHQ:DVZDU QDWUOLFKHUDOVDQGLH9HUELQGXQJGLHVHUEHLGHQ]XGHQNHQLQ GHUHQZXQGHUEDUHQ7DOHQWHQGDV+HLOGHV9DWHUODQGHV
HPSRU]XNHLPHQVFKLHQ$XHUGHPZDUDEHUDXFKGLHQl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lULVFKH/DXIEDKQVHLQH -XJHQGXQG.UDIWHLQH6WHOOHLP+HHUDQZLHVKDWWHPLW/|ZHQPXW JHIRFKWHQ0LW1RWVFKPlKOLFKHU*HIDQJHQVFKDIWHQWJDQJHQDXI GHQ7RGYHUZXQGHWNDPHU]XUFN1XU+HUPHQHJLOGDIHVVHOWH LKQQRFKDQV/HEHQLQLKUHQ$UPHQJODXEWHHU7URVWYHUORUQH +RIIQXQJZLHGHU]XILQGHQ6RZLHHUQXUOHLGOLFKYRQVHLQHQ :XQGHQJHQHVHQHLOWHHUDXIGLH*WHUGHV*UDIHQ1HSRPXNXP GRUWDXIVQHXHDXIVVFKPHU]OLFKVWHYHUZXQGHW]XZHUGHQ +HUPHQHJLOGDHPSILQJLKQPLWEHLQDKHK|KQHQGHU9HUDFKWXQJ ª6HKLFKGHQ+HOGHQGHULQGHQ7RGJHKHQZROOWHIUGDV 9DWHUODQG"© 6RULHIVLHLKPHQWJHJHQ HVZDUDOVZHQQVLHLQ W|ULFKWHP:DKQVLQQGHQ%UlXWLJDPIUHLQHQMHQHU3DODGLQHGHU IDEHOKDIWHQ5LWWHU]HLWJHKDOWHQGHVVHQ6FKZHUWDOOHLQ$UPHHQ YHUQLFKWHQNRQQWH:DVKDOIHQDOOH%HWHXHUXQJHQGDNHLQH PHQVFKOLFKH.UDIW]XZLGHUVWHKHQYHUPRFKWHGHPEUDXVHQGHQ DOOHVYHUVFKOLQJHQGHQ6WURPGHUVLFKEHUGDV9DWHUODQG KLQZlO]WHZDVKDOIDOOHV)OHKHQGHULQEUQVWLJHQ/LHEH +HUPHQHJLOGDDOVN|QQHVLFKLKUWRGNDOWHV+HU]QXULPZLOGHQ 7UHLEHQGHU:HOWKlQGHOHQW]QGHQEOLHEEHLGHP(QWVFKOXLKUH +DQGQXUGDQQGHP*UDIHQ6WDQLVODXVJHEHQ]XZROOHQZHQQGLH )UHPGHQDXVGHP 9DWHUODQGHYHUWULHEHQVHLQZUGHQ'HU*UDI VDK]XVSlWHLQGD+HUPHQHJLOGDLKQQLHOLHEWHVRZLHHUVLFK EHU]HXJHQPXWHGDGLH%HGLQJQLVGLH+HUPHQHJLOGD DXIVWHOOWHYLHOOHLFKWQLHPDOVZHQLJVWHQVHUVWLQJHUDXPHU=HLW HUIOOWZHUGHQNRQQWH0LWGHP6FKZXUGHU7UHXHELVLQGHQ7RG YHUOLHHUGLH*HOLHEWHXQGQDKPIUDQ]|VLVFKH'LHQVWHGLHLKQLQ GHQ.ULHJQDFK,WDOLHQIKUWHQ 0DQVDJWGHQSROQLVFKHQ)UDXHQ QDFKGDHLQHLJQHVODXQLVFKHV:HVHQVLHDXV]HLFKQH7LHIHV *HIKOVLFKKLQJHEHQGHU/HLFKWVLQQVWRLVFKH6HOEVWYHUOHXJQXQJ
JOKHQGH/HLGHQVFKDIWWRGVWDUUH.lOWHDOOHVGDVZLHHVEXQW JHPLVFKWLQLKUHP*HPWHOLHJWHU]HXJWGDVZXQGHUOLFKHXQVWHWH 7UHLEHQDXIGHU2EHUIOlFKHGDVGHP6SLHO JOHLFKWGHULQVWHWHP :HFKVHOIRUWSOlWVFKHUQGHQ:HOOHQGHVLPWLHIVWHQ*UXQGH EHZHJWHQ%DFKV *OHLFKJOWLJVDK+HUPHQHJLOGDGHQ%UlXWLJDP VFKHLGHQDEHUNDXPZDUHQHLQLJH7DJHYHUJDQJHQDOVVLHVLFK YRQVROFKXQDXVVSUHFKOLFKHU6HKQVXFKWEHIDQJHQIKOWHZLHVLH QXUGLHJOKHQGVWH/LHEHHU]HXJHQNDQQ'HU6WXUPGHV.ULHJHV ZDUYHUUDXVFKWGLH$PQHVWLHZXUGHSURNODPLHUWPDQHQWOLHGLH SROQLVFKHQ2IIL]LHUHDXVGHU*HIDQJHQVFKDIW6RJHVFKDKHVGD PHKUHUHYRQ6WDQLVODXV :DIIHQEUGHUQVLFKQDFKXQGQDFKDXI GHV*UDIHQ*XWHHLQIDQGHQ0LWWLHIHP6FKPHU]JHGDFKWHPDQ MHQHUXQJOFNOLFKHQ7DJHDEHUDXFKPLWKRKHU%HJHLVWHUXQJGHV /|ZHQPXWVZRPLWDOOHDEHUNHLQHUPHKUDOV6WDQLVODXV JHIRFKWHQ(UKDWWHGLH]XUFNZHLFKHQGHQ%DWDLOORQHGDZR VFKRQDOOHVYHUORUHQVFKLHQDXIVQHXHLQV)HXHUJHIKUWHVZDU LKPJHJOFNWGLHIHLQGOLFKHQ5HLKHQPLWVHLQHU5HXWHUHL]X GXUFKEUHFKHQ'DV6FKLFNVDOGHV7DJHVZDQNWHGDWUDILKQHLQH .XJHOXQGPLWGHP$XVUXI ª9DWHUODQG +HUPHQHJLOGD©VWU]WH HULQ%OXWJHEDGHWYRP3IHUGHKHUDE-HGHV:RUWGLHVHU(U]lKOXQJ ZDUHLQ'ROFKVWLFKGHUWLHILQ+HUPHQHJLOGDV+HU]IXKUª1HLQ LFKZXWHVQLFKWGDLFKLKQXQDXVVSUHFKOLFKOLHEWHVHLWGHP HUVWHQ$XJHQEOLFNDOVLFKLKQVDK :HOFKHLQK|OOLVFKHV %OHQGZHUNNRQQWHPLFKbUPVWHYHUIKUHQGDLFK]XOHEHQ JHGDFKWHRKQHLKQGHUPHLQHLQ]LJHV/HEHQLVW ,FKKDEHLKQLQ GHQ7RGJHVFKLFNW HUNHKUWQLFKWZLHGHU© 6REUDFK +HUPHQHJLOGDDXVLQVWUPLVFKH.ODJHQGLHDOOHQLQGLH6HHOH GUDQJHQ6FKODIORVYRQVWHWHU8QUXKHJHIROWHUWGXUFKLUUWHVLH]XU 1DFKW]HLWGHQ3DUNXQG DOVYHUP|JHGHU1DFKWZLQGLKUH:RUWH KLQ]XWUDJHQ]XGHPIHUQHQ*HOLHEWHQULHIVLHLQGLH/IWHKLQHLQ ª6WDQLVODXV 6WDQLVODXV NHKUH]XUFN LFKELQHV +HUPHQHJLOGDLVWHVGLHGLFKUXIW K|UVWGXPLFKGHQQQLFKW NHKUH]XUFNVRQVWPXLFKYHUJHKHQLQEDQJHU6HKQVXFKWLQ WURVWORVHU9HU]ZHLIOXQJ©
+HUPHQHJLOGDVEHUUHL]WHU=XVWDQGVFKLHQEHUJHKHQ]XZROOHQLQ ZLUNOLFKHQKHOOHQ:DKQVLQQGHUVLH]XWDXVHQG7RUKHLWHQWULHE *UDI1HSRPXNYROO.XPPHUXQG$QJVWXPGDVJHOLHEWH.LQG JODXEWHGDlU]WOLFKH+OIHKLHUYLHOOHLFKWZLUNVDPVHLQN|QQWH XQGHVJHODQJLKPLQGHU7DWHLQHQ$U]W]XILQGHQGHUHVVLFK
JHIDOOHQOLHHLQLJH=HLWDXIGHP*XWH]XEOHLEHQXQGVLFKGHU /HLGHQGHQDQ]XQHKPHQ6RULFKWLJEHUHFKQHWVHLQHPHKU SV\FKLVFKHDOVSK\VLVFKH.XUPHWKRGHDEHUDXFKVHLQPRFKWHVR ZHQLJVLFKLKUH:LUNXQJDXFKJDQ]DEOHXJQHQOLHVREOLHEHV GRFK]ZHLIHOKDIWREYRQZLUNOLFKHP*HQHVHQMHPDOVGLH5HGH ZUGHVHLQN|QQHQGDQDFKODQJHU6WLOOHVLFKJDQ]XQHUZDUWHW ZLHGHUGLHVHOWVDPVWHQ3DUR[LVPHQHLQVWHOOWHQ(LQHLJQHV $EHQWHXHUJDEGHU6DFKHHLQHDQGHUH:HQGXQJ+HUPHQHJLOGD KDWWHHEHQGHQNOHLQHQ8ODQHQHLQ3SSFKHQGDVVLHVRQVWZLH GHQ*HOLHEWHQDQV+HU]JHGUFNWGHPVLHGLHVHVWHQ1DPHQ JHJHEHQXQZLOOLJLQV)HXHUJHZRUIHQZHLOHUGXUFKDXVQLFKW VLQJHQZROOWH ª3RGURV]WZRLDQDPQLHPLODPLOV]DSU]\LDV]QZ .UDLZE\ODHWF©,P%HJULIIYRQGLHVHU([SHGLWLRQLQLKU=LPPHU ]XUFN]XNHKUHQEHIDQGVLHVLFKDXIGHP9RUVDDODOVHVNOLQJHQG XQGNOLUUHQGKLQWHULKUKHUVFKULWW6LHVFKDXWHXPVLFKHUEOLFNWH HLQHQ2IIL]LHULQ YROOHU8QLIRUPGHUIUDQ]|VLVFKHQ-lJHUJDUGHGHU GHQOLQNHQ$UPLQGHU%LQGHWUXJXQGVWU]WHPLWGHPODXWHQ 5XI ª6WDQLVODXVPHLQ6WDQLVODXV©LKPRKQPlFKWLJLQGLH$UPH 'HU2IIL]LHUHLQJHZXU]HOWLP%RGHQYRU(UVWDXQHQXQG hEHUUDVFKXQJKDWWHQLFKWZHQLJ0KH+HUPHQHJLOGDGLHJUR XQGSSLJJHEDXWHEHQNHLQHJHULQJH/DVWZDUPLWHLQHP$UP GHVVHQHUQXUPlFKWLJDXIUHFKW]XHUKDOWHQ(UGUFNWHVLHIHVW XQGIHVWHUDQVLFKXQGLQGHPHU+HUPHQHJLOGDV+HU]DQVHLQHU %UXVWVFKODJHQIKOWHPXWHHUVLFKJHVWHKHQGDGLHVHLQVGHU HQW]FNHQGVWHQ$EHQWHXHUVHLGDVHUMHHUOHEW6HNXQGHDXI 6HNXQGHYHUJLQJGHU2IIL]LHUJDQ]HQW]QGHWYRP/LHEHVIHXHU GDVLQWDXVHQGHOHNWULVFKHQ)XQNHQGHUKROGHQ*HVWDOWGLHHULQ VHLQHQ$UPHQKLHOWHQWVWU|PWHGUFNWHJOKHQGH.VVHDXIGLH VHQ/LSSHQ6RIDQGLKQ*UDI1HSRPXNGHUDXVVHLQHQ =LPPHUQWUDW$XFKHUULHIDXIMDXFK]HQGYRU)UHXGH ª*UDI 6WDQLVODXV© ,QGHP$XJHQEOLFNHUZDFKWH+HUPHQHJLOGDXQG XPVFKODQJLKQLQEUQVWLJLQGHPVLHJDQ]DXHUVLFKYRQQHXHP ULHIª6WDQLVODXV PHLQ*HOLHEWHUPHLQ*DWWH© 'HU2IIL]LHULP JDQ]HQ*HVLFKWJOKHQG]LWWHUQG DXHUDOOHU)DVVXQJWUDWHLQHQ 6FKULWW]XUFNLQGHPHUVLFKVDQIW+HUPHQHJLOGDVVWUPLVFKHU 8PDUPXQJHQW]RJª(VLVWGHUVHVWH$XJHQEOLFNPHLQHV/HEHQV DEHUQLFKWVFKZHOJHQZLOOLFKLQGHU6HOLJNHLWGLHPLUQXUHLQ ,UUWXPEHUHLWHW LFKELQMDQLFKW6WDQLVODXV DFKLFKELQHVMD QLFKW© 6RVSUDFKGHU2IIL]LHUVWRWWHUQGXQG]DJHQG HQWVHW]W SUDOOWH+HUPHQHJLOGD]XUFNXQGDOVVLHVLFKGHQ2IIL]LHU
VFKlUIHULQV$XJHIDVVHQGEHU]HXJWGDGLHIUHLOLFKJDQ] ZXQGHUEDUHbKQOLFKNHLWGHV2IIL]LHUVPLWGHP*HOLHEWHQVLH JHWlXVFKWHLOWHVLHIRUWODXWMDPPHUQGXQGNODJHQG*UDI 1HSRPXNNRQQWHGDGHU2IIL]LHUVLFKQXQDOVGHQMQJHUQ9HWWHU GHV*UDIHQ6WDQLVODXVDOVGHQ*UDIHQ;DYHUYRQ 5NXQGWDWHV NDXPIUP|JOLFKKDOWHQGDGHU.QDEHLQVRNXU]HU=HLW]XP NUlIWLJHQ-QJOLQJHKHUDQJHZDFKVHQ)UHLOLFKNDPKLQ]XGDGLH 6WUDSD]HQGHV.ULHJVGHP*HVLFKWGHUJDQ]HQ+DOWXQJHLQHQ PlQQOLFKHUQ&KDUDNWHUJDEHQDOVHVVRQVWGHU)DOOJHZHVHQVHLQ ZUGH*UDI;DYHUKDWWHQlPOLFKPLWVHLQHPlOWHUQ9HWWHU 6WDQLVODXV]XJOHLFKGDV9DWHUODQGYHUODVVHQZLHHUIUDQ]|VLVFKH .ULHJVGLHQVWHJHQRPPHQXQGLQ,WDOLHQJHIRFKWHQ'DPDOVNDXP DFKW]HKQ-DKUHDOW]HLFKQHWHHUVLFKGRFKEDOGDOVEHVRQQHQHU XQGO|ZHQNKQHU.ULHJVKHOGDXIVROFKH:HLVHDXVGDLKQGHU )HOGKHUU]XVHLQHP$GMXWDQWHQHUKREXQGMHW]WZDUHUHLQ ]ZDQ]LJMlKULJHU-QJOLQJVFKRQ]XP2EULVWHQKHUDXIJHVWLHJHQ (UKDOWHQH:XQGHQQ|WLJWHQLKQHLQLJH=HLWDXV]XUXKHQ(UNHKUWH LQGDV9DWHUODQG]XUFNXQG$XIWUlJHYRQ6WDQLVODXVDQGLH *HOLHEWHIKUWHQLKQDXIGHQ/DQGVLW]GHV*UDIHQ1HSRPXNZRHU HPSIDQJHQZXUGHDOVVHLHUGHU*HOLHEWHVHOEVW*UDI1HSRPXN XQGGHU$U]WEHLGHJDEHQVLFKDOOHQXUHUVLQQOLFKH0KH +HUPHQHJLOGDGLHJDQ]YHUQLFKWHWYRQ6FKDPXQGELWWHUP 6FKPHU]LKU=LPPHUQLFKWYHUODVVHQZROOWHVRODQJH;DYHULP +DXVH]XEHUXKLJHQDEHUXPVRQVW;DYHUZDUDXHUVLFKGDHU +HUPHQHJLOGDQLFKWZLHGHUVHKHQVROOWH(UVFKULHELKUGDHU XQYHUVFKXOGHWHLQHIULKQXQJOFNOLFKHbKQOLFKNHLW]XKDUWEH $EHUQLFKWLKQDOOHLQVRQGHUQGHQ*HOLHEWHQ6WDQLVODXVVHOEVW WUlIHGDVYRQMHQHPYHUKlQJQLVYROOHQ0RPHQWHU]HXJWH 0LJHVFKLFNGDLKPGHPhEHUEULQJHUVHU/LHEHVERWVFKDIW MHW]W DOOH*HOHJHQKHLWJHUDXEWZRUGHQLKUVHOEVWZLHHUJHVROOW GHQ%ULHIGHQHUYRQ6WDQLVODXVEHLVLFKWUDJHHLQ]XKlQGLJHQ XQGQRFKDOOHVYRQ0XQG]X0XQGKLQ]X]XIJHQZDV6WDQLVODXV LQGHU+DVWGHV$XJHQEOLFNVQLFKWPHKUVFKUHLEHQNRQQWH +HUPHQHJLOGDV.DPPHUIUDXGLH;DYHULQVHLQ,QWHUHVVHJH]RJHQ EHUQDKPGLH%HVWHOOXQJ]XUJQVWLJHQ6WXQGHXQGZDVGHP 9DWHUGHP$U]WQLFKWJHOXQJHQEHZLUNWH;DYHUGXUFKVHLQ 6FKUHLEHQ+HUPHQHJLOGDHQWVFKORVLFKLKQ]XVHKHQ,QWLHIHP 6FKZHLJHQPLWQLHGHUJHVHQNWHP%OLFNHPSILQJVLHLKQLQLKUHP *HPDFK;DYHUQDKWHVLFKPLWOHLVHPVFKZDQNHQGHQ6FKULWWHU QDKP3ODW]YRUGHP6RIDDXIGHPVLHVDDEHULQGHPHUVLFK
KHUDEEHXJWHYRQGHP6WXKONQLHWHHUPHKUYRU+HUPHQHJLOGD DOVGDHUVDXQGVRIOHKWHHULQGHQUKUHQGVWHQ$XVGUFNHQ PLWHLQHP7RQDOVKDEHHUVLFKGHVXQYHU]HLKOLFKVWHQ 9HUEUHFKHQVDQ]XNODJHQQLFKWDXIVHLQ+DXSWP|JHVLHGLH 6FKXOGGHV,UUWXPVODGHQGHULKQGLH6HOLJNHLWGHVJHOLHEWHQ )UHXQGHVHPSILQGHQODVVHQ1LFKWLKQQHLQ6WDQLVODXVVHOEVWKDEH VLHLQGHU:RQQHGHV:LHGHUVHKHQVXPDUPW(UEHUJDEGHQ %ULHIXQGILQJDQYRQ6WDQLVODXV]XHU]lKOHQZLHHUPLWHFKW ULWWHUOLFKHU7UHXHVHOEVWLPEOXWLJHQ.DPSIVHLQHU'DPHJHGHQNH ZLHQXUVHLQ+HU]JOKHIU)UHLKHLWXQG9DWHUODQGXVZ;DYHU HU]lKOWHPLWOHEHQGLJHP)HXHUHUUL+HUPHQHJLOGHQKLQGLHDOOH 6FKHXEDOGEHUZXQGHQGHQ]DXEHULVFKHQ%OLFNLKUHU +LPPHOVDXJHQXQYHUZDQGWDXILKQULFKWHWHVRGDHUHLQQHXHU YRQ7XUDQGRWV%OLFNJHWURIIHQHU.DODIGXUFKEHEWYRQVHU :RQQHQXUPKVDPGLH(U]lKOXQJIRUWVSDQQ2KQHHVVHOEVW]X ZLVVHQEHGUlQJWYRQGHPLQQHUQ.DPSIJHJHQGLH/HLGHQVFKDIW GLHLQKHOOHQ)ODPPHQDXIORGHUQZROOWHYHUORUHUVLFKLQGLH ZHLWOlXIWLJH%HVFKUHLEXQJHLQ]HOQHU*HIHFKWH(UVSUDFKYRQ .DYDOOHULHDQJULIIHQ JHVSUHQJWHQ0DVVHQ HUREHUWHQ%DWWHULHQ 8QJHGXOGLJXQWHUEUDFKLKQ+HUPHQHJLOGDLQGHPVLHULHIª2K ZHJPLWGLHVHQEOXWLJHQ6]HQHQHLQHV6FKDXVSLHOVGHU+|OOH VDJH VDJHPLUQXUGDHUPLFKOLHEWGD6WDQLVODXVPLFK OLHEW© 'DHUJULII;DYHUJDQ] HUPXWLJW+HUPHQHJLOGDV+DQG GLHHUKHIWLJDQVHLQH%UXVWGUFNWHª+|UHLKQVHOEVWGHLQHQ 6WDQLVODXV©VRULHIHUXQGQXQVWU|PWHQGLH%HWHXUXQJHQGHU JOKHQGVWHQ/LHEHZLHVLHQXUGHP:DKQVLQQGHUYHU]HKUHQGVWHQ /HLGHQVFKDIWHLJHQYRQVHLQHQ/LSSHQ(UZDU]X+HUPHQHJLOGDV )HQJHVXQNHQVLHKDWWHLKQPLWEHLGHQ$UPHQXPVFKOXQJHQ DEHULQGHPHUVFKQHOODXIJHVSUXQJHQVLHDQVHLQH%UXVWGUFNHQ ZROOWHIKOWHHUVLFKKHIWLJ]XUFNJHVWRHQ+HUPHQHJLOGDVDKLKQ PLWVWDUUHPVHOWVDPHQ%OLFNDQXQGVSUDFKPLWGXPSIHU6WLPPH ª(LWOH3XSSHZHQQLFKGLFKDXFK]XP/HEHQHUZlUPHDQPHLQHU %UXVWVRELVWGXGRFKQLFKW6WDQLVODXVXQGNDQQVWHVDXFK QLPPHUZHUGHQ© +LHUDXIYHUOLHVLHGDV=LPPHUPLWOHLVHQ ODQJVDPHQ6FKULWWHQ;DYHUVDK]XVSlWVHLQH8QEHVRQQHQKHLW HLQ'DHUELV]XP:DKQVLQQLQ+HUPHQHJLOGDLQGLH%UDXWGHV YHUZDQGWHQ)UHXQGHVYHUOLHEWVHLIKOWHHUQXU]XOHEKDIWHEHQVR DEHUDXFKGDHUEHLMHGHP6FKULWWGHQHU]XJXQVWHQVHLQHU W|ULFKWHQ/HLGHQVFKDIW]XWXQJHVRQQHQVLFKZUGHWUHXORVHQ )UHXQGVFKDIWVEUXFKYRUZHUIHQPVVHQ6FKQHOODEUHLVHQRKQH
+HUPHQHJLOGDZLHGHU]XVHKHQGDVZDUGHUKHURLVFKH(QWVFKOX GHQHUZLUNOLFKDXIGHU6WHOOHVRZHLWDXVIKUWHGDHU]XSDFNHQ XQGVHLQHQ:DJHQDQ]XVSDQQHQEHIDKO*UDI1HSRPXNZDUKRFK YHUZXQGHUWDOV;DYHUYRQLKP$EVFKLHGQDKP HUERWDOOHVDXI LKQIHVW]XKDOWHQGRFKPLWHLQHU)HVWLJNHLWPHKUYRQHLQHU$UW .UDPSIDOVYRQZDKUHU*HLVWHVVWlUNHHU]HXJWEOLHE;DYHUGDEHL GDEHVRQGHUH8UVDFKHQLKQIRUWWULHEHQ'HQ6lEHOXPJHVFKQDOOW GLH)HOGPW]HLQGHU+DQGVWDQGHULQGHU0LWWHGHV=LPPHUV GHU%HGLHQWHPLWGHP0DQWHODXIGHP9RUVDDO XQWHQYRUGHU 7UHZLHKHUWHQXQJHGXOGLJGLH3IHUGH 'DJLQJGLH7UDXI +HUPHQHJLOGDWUDWKHUHLQPLWXQEHVFKUHLEOLFKHU$QPXWVFKULWWVLH DXIGHQ*UDIHQ]XXQGVSUDFKKROGOlFKHOQG ª6LHZROOHQIRUW OLHEHU;DYHU" XQGQRFKVRYLHOHVGDFKWLFKYRQPHLQHP JHOLHEWHQ6WDQLVODXV]XK|UHQ :LVVHQ6LHZRKOGDPLFK,KUH (U]lKOXQJHQZXQGHUEDUWU|VWHQ"© ;DYHUVFKOXJKRFKHUU|WHQG GLH$XJHQQLHGHUPDQQDKP3ODW]*UDI1HSRPXNYHUVLFKHUWHHLQ 0DOEHUGDVDQGHUHVHLWYLHOHQ0RQDWHQKDEHHU+HUPHQHJLOGD QLFKWLQGLHVHUKHLWHUQXQEHIDQJHQHQ6WLPPXQJJHVHKHQ$XI VHLQHQ:LQNZXUGHGDGLH=HLWKHUDQJHNRPPHQGLH$EHQGWDIHO LQGHPVHOEHQ=LPPHUEHUHLWHW'HUHGHOVWH8QJDUZHLQSHUOWHLQ GHQ*OlVHUQXQGYROOH*OXWDXIGHQ:DQJHQQLSSWH+HUPHQHJLOGD DXVGHPJHIOOWHQ3RNDOKRFKIHLHUQGGDV$QGHQNHQGHV*HOLHEWHQ )UHLKHLWXQG9DWHUODQG=XU1DFKWUHLVHLFKIRUWGDFKWH;DYHULP ,QQHUQXQGIUXJLQGHU7DWDOVGLH7DIHODXIJHKREHQGHQ %HGLHQWHQREGHU:DJHQZDUWH GHUHUZLGHUWHGHU%HGLHQWHVHL OlQJVWZLH*UDI1HSRPXNEHIRKOHQDEJHSDFNWXQGDEJHVSDQQWLQ GLH5HPLVHJHVFKREHQGLH3IHUGHIUlHQLP6WDOOXQG:R\FLHFK VFKQDUFKHXQWHQDXIGHP6WURKVDFN;DYHUOLH HVGDEHL EHZHQGHQ+HUPHQHJLOGDVXQYHUPXWHWH(UVFKHLQXQJKDWWHGHQ *UDIHQEHU]HXJWGDHVQLFKWDOOHLQP|JOLFKVRQGHUQDXFK UlWOLFKXQGDQJHQHKPVHL]XEOHLEHQXQGYRQGLHVHUhEHU]HXJXQJ NDPHU]XGHUDQGHUQGDHVQXUGDUDXIDQNRPPHVLFK]X EHVLHJHQGDVKHLW$XVEUFKHQGHULQQHUQ/HLGHQVFKDIW]X ZHKUHQGLHGHQJHLVWHVNUDQNHQ=XVWDQG+HUPHQHJLOGDV DXIUHL]HQGQXULKPLQMHGHU+LQVLFKWYHUGHUEOLFKZHUGHQN|QQWHQ :LHGDQQQXQDOOHVVLFKZHLWHUIJHQZUGHVREHVFKOR;DYHU VHLQH%HWUDFKWXQJVROOWHVHOEVW+HUPHQHJLOGDDXVLKUHQ7UlXPHQ HUZDFKWGLHKHLWHUH*HJHQZDUWGHUGVWHUQ=XNXQIWYRU]LHKHQ GDVOLHJHGHQQDOOHVLQGHU.RQVWHOODWLRQ]XVDPPHQZLUNHQGHU 8PVWlQGHXQGDQ7UHXORVLJNHLWDQ)UHXQGVFKDIWVEUXFKVHLQLFKW
]XGHQNHQ6RZLH;DYHUDQGHUQ7DJHV+HUPHQHJLOGHQZLHGHUVDK JHODQJHVLKPLQGHU7DWLQGHPHUVRUJOLFKDXFKGDV.OHLQVWH YHUPLHGZDVVHLQ]XKHLHV%OXWKlWWHLQ:DOOXQJVHW]HQN|QQHQ VHLQH/HLGHQVFKDIWQLHGHU]XNlPSIHQ,QGHQ6FKUDQNHQGHU VWUHQJVWHQ6LWWHEOHLEHQGMDVHOEVWHLQIURVWLJ=HUHPRQLHOO EHDFKWHQGJDEHUQXUGHP*HVSUlFKGLH6FKZLQJHQMHQHU *DODQWHULHGLHGHQ:HLEHUQPLWVHP=XFNHUYHUGHUEOLFKHV*LIW EHLEULQJW;DYHUHLQ]ZDQ]LJMlKULJHU-QJOLQJLQHLJHQWOLFKHQ /LHEHVKlQGHOQXQHUIDKUHQHQWIDOWHWHYRQGHPVLFKHUQ 7DNWIUV %|VHLP,QQHUQJHOHLWHWGLH.XQVWGHVHUIDKUHQHQ0HLVWHUV1XU YRQ6WDQLVODXVYRQVHLQHUXQDXVVSUHFKOLFKHQ/LHEH]XUVHQ %UDXWVSUDFKHUDEHUGXUFKGLHYROOH*OXWGLHHUGDQQHQW]QGHW ZXWHHUJHVFKLFNWVHLQHLJQHV%LOGGXUFKVFKLPPHUQ]XODVVHQVR GD+HUPHQHJLOGDLQDUJHU9HUZLUUXQJVHOEVWQLFKWZXWHZLH EHLGH%LOGHUGDVGHVDEZHVHQGHQ6WDQLVODXVXQGGDVGHV JHJHQZlUWLJHQ;DYHUWUHQQHQ;DYHUV*HVHOOVFKDIWZXUGHEDOG GHUDXIJHUHJWHQ+HUPHQHJLOGD]XP%HGUIQLVXQGVRJHVFKDKHV GDPDQVLHEHLQDKHEHVWlQGLJXQGRIWZLHLPWUDXOLFKHQ /LHEHVJHVSUlFK]XVDPPHQVDK'LH*HZRKQKHLWEHUZDQGPHKU XQGPHKU+HUPHQHJLOGDV6FKHXXQGLQHEHQGHP*UDGH EHUVFKULWW;DYHUMHQH6FKUDQNHQGHVIURVWLJHQ=HUHPRQLHOOVLQ GLHHUVLFKDQIDQJVPLWNOXJHP9RUEHGDFKWJHEDQQWKDWWH$UPLQ $UPJLQJHQ+HUPHQHJLOGDXQG;DYHULQGHP3DUNXPKHUXQG VRUJORVOLHVLHLKUH+DQGLQGHUVHLQLJHQZHQQHULP=LPPHU QHEHQLKUVLW]HQGYRQGHPJOFNOLFKHQ6WDQLVODXVHU]lKOWH.DP HVQLFKWDXI6WDDWVKlQGHODXIGLH6DFKHGHV9DWHUODQGHVDQVR ZDU*UDI1HSRPXNHEHQNHLQHV%OLFNHVLQGLH7LHIHIlKLJHU EHJQJWHVLFKPLWGHPZDVHUDXIGHU2EHUIOlFKHZDKU]XQHKPHQ LPVWDQGHVHLQIUDOOHVEULJHWRWHV*HPWYHUPRFKWHGLH YRUEHUIOLHKHQGHQ%LOGHUGHV/HEHQVQXUGHP6SLHJHOJOHLFKLP 0RPHQW]XUHIOHNWLHUHQVSXUORVVFKZDQGHQVLHGDKLQ2KQH +HUPHQHJLOGDVLQQHUHV:HVHQ]XDKQHQKLHOWHUHVIUJXWGD VLHHQGOLFKGLH3SSFKHQGLHEHLLKUHPW|ULJWHQZDKQVLQQLJHQ 7UHLEHQGHQ*HOLHEWHQYRUVWHOOHQPXWHQPLWHLQHPOHEHQGLJHQ -QJOLQJYHUWDXVFKWXQGJODXEWHPLWYLHOHU6FKODXKHLW YRUDXV]XVHKHQGD;DYHUGHULKPDOV6FKZLHJHUVRKQHEHQVR OLHEEDOGJDQ]LQ6WDQLVODXV 6WHOOHWUHWHQZHUGH(UGDFKWHQLFKW PHKUDQGHQWUHXHQ6WDQLVODXV;DYHUJODXEWHGLHVHVHEHQIDOOV GDQXQQDFKGHPHLQSDDU0RQDWHYHUJDQJHQ+HUPHQHJLOGDVR VHKULKUJDQ]HV:HVHQDXFKYRQGHP$QGHQNHQDQ6WDQLVODXV
HUIOOWVFKLHQHVVLFKGRFKJHIDOOHQOLHGD;DYHUPHKUXQG PHKUVLFKLKUDQQlKHUWHPLWHLJQHU%HZHUEXQJ(LQHV0RUJHQV KLHHVGD+HUPHQHJLOGD VLFKLQLKUH*HPlFKHUPLWGHU .DPPHUIUDXHLQJHVFKORVVHQKDEHXQGGXUFKDXVQLHPDQGHQ VHKHQZROOH*UDI1HSRPXNJODXEWHQLFKWDQGHUVDOVGDHLQ QHXHU3DUR[LVPXVHLQJHWUHWHQVHLGHUVLFKEDOGOHJHQZHUGH(U EDWGHQ*UDIHQ;DYHUGLH*HZDOWGLHHUEHU+HUPHQHJLOGD JHZRQQHQMHW]W]XLKUHP+HLO]XEHQZLHHUVWDXQWHHUDEHUDOV ;DYHUHVQLFKWDOOHLQGXUFKDXVYHUZHLJHUWHVLFK+HUPHQHJLOGHQ DXILUJHQGHLQH:HLVH]XQlKHUQVRQGHUQVLFKDXFKLQVHLQHP JDQ]HQ:HVHQDXIHLJQH$UWYHUlQGHUW]HLJWH6WDWWZLHVRQVW EHLQDKH]XNHFNDXI]XWUHWHQZDUHUYHUVFKFKWHUWDOVKDEHHU *HVSHQVWHUJHVHKHQGHU7RQVHLQHU6WLPPHVFKZDQNHQG GHU $XVGUXFNPDWWXQGXQ]XVDPPHQKlQJHQG (UVSUDFKGDYRQGD HUQXQGXUFKDXVQDFK:DUVFKDXPWHGDHU+HUPHQHJLOGHQ ZRKOQLHPDOVZLHGHUVHKHQZHUGH GDLQGHUOHW]WHQ=HLWLKU YHUVW|UWHV:HVHQLKP*UDXHQXQG(QWVHW]HQHUUHJW GDHU 9HU]LFKWJHOHLVWHWDXIDOOHV*OFNGHU/LHEHGDHUQXQHUVWLQGHU DQ:DKQVLQQJUHQ]HQGHQ7UHXH+HUPHQHJLOGDVGLH7UHXORVLJNHLW GLHHUDQGHP )UHXQGHEHJHKHQZROOHQ]XVHLQHUWLHIVWHQ %HVFKlPXQJIKOHGDVFKOHXQLJH)OXFKWVHLQHLQ]LJHV 5HWWXQJVPLWWHOVHL*UDI1HSRPXNEHJULIIDOOHVQLFKWQXUVFKLHQ HVLKPHQGOLFKNODU]XZHUGHQGD+HUPHQHJLOGDVZDKQVLQQLJH 6FKZlUPHUHLGHQ-QJOLQJDQJHVWHFNW(UVXFKWHLKPGLHV]X EHZHLVHQGRFKXPVRQVW;DYHUZLGHUVWUHEWHXPVRKHIWLJHUDOV GULQJHQGHU1HSRPXNLKPGLH1RWZHQGLJNHLWEHZLHVGDHU +HUPHQHJLOGDYRQDOOHQ%L]DUUHULHQKHLOHQIROJOLFKVLH ZLHGHUVHKHQPVVH6FKQHOOZDUGHU6WUHLWJHHQGHWDOV ;DYHU ZLHYRQXQVLFKWEDUHUXQZLGHUVWHKOLFKHU*HZDOWJHWULHEHQ KLQDEUDQQWHVLFKLQGHQ:DJHQZDUIXQGGDYRQIXKU *UDI1HSRPXNYROOHU*UDPXQG=RUQEHU+HUPHQHJLOGDV %HWUDJHQEHNPPHUWHVLFKQLFKWPHKUXPVLHXQGVRJHVFKDK HVGDPHKUHUH7DJHYHUJLQJHQGLHVLHXQJHVW|UWDXILKUHP =LPPHUHLQJHVFKORVVHQYRQQLHPDQGHQDOVLKUHU.DPPHUIUDX JHVHKHQ]XEUDFKWH
,QWLHIHQ*HGDQNHQJDQ]HUIOOWYRQGHQ+HOGHQWDWHQMHQHV 0DQQHVGHQGLH3ROHQGDPDOVDQEHWHWHQZLHHLQIDOVFKHV *|W]HQELOGVD1HSRPXNHLQHV7DJHVLQVHLQHP=LPPHUDOVGLH 7UDXIJLQJXQG+HUPHQHJLOGDLQYROOHU7UDXHUPLWODQJ
KHUDEKlQJHQGHP:LWZHQVFKOHLHUHLQWUDW/DQJVDPHQIHLHUOLFKHQ 6FKULWWHVQDKWHVLHVLFKGHP*UDIHQOLHVLFKGDQQDXIGLH.QLH QLHGHUXQGVSUDFKPLWEHEHQGHU6WLPPH ª2 PHLQ9DWHU *UDI 6WDQLVODXVPHLQJHOLHEWHU*DWWHLVWKLQEHU HUILHODOV+HOGLP EOXWLJHQ.DPSI YRUGLUNQLHWVHLQHEHMDPPHUQVZHUWH:LWZH© *UDI1HSRPXNPXWHGLHVXPVRPHKUIUHLQHQQHXHQ$XVEUXFK GHU]HUUWWHWHQ*HPWVVWLPPXQJ+HUPHQHJLOGDVKDOWHQDOVQRFK 7DJHV]XYRU1DFKULFKWHQYRQGHP:RKOEHILQGHQGHV*UDIHQ 6WDQLVODXVHLQJHODXIHQZDUHQ(UKRE+HUPHQHJLOGHQVDQIWDXI LQGHPHUVSUDFK ª%HUXKLJHGLFKOLHEH7RFKWHU6WDQLVODXVLVW ZRKOEDOGHLOWHULQGHLQH$UPH© 'DDWPHWH+HUPHQHJLOGDDXI ZLHLPVFKZHUHQ7RGHVVHXI]HUXQGVDQNYRQZLOGHP6FKPHU] ]HUULVVHQQHEHQGHP*UDIHQKLQLQGLH3ROVWHUGHV6RIDV'RFK QDFKZHQLJHQ6HNXQGHQZLHGHU]XVLFKVHOEVWJHNRPPHQVSUDFK VLHPLWZXQGHUEDUHU5XKHXQG)DVVXQJ ª/DHVPLFKGLUVDJHQ OLHEHU9DWHUZLHVLFK DOOHVEHJHEHQGHQQGXPXWHVZLVVHQ GDPLWGXLQPLUGLH:LWZHGHV*UDIHQ6WDQLVODXVYRQ 5 HUNHQQHVW :LVVHGDLFKYRUVHFKV7DJHQLQGHU $EHQGGlPPHUXQJPLFKLQGHP3DYLOORQDQGHU6GVHLWHXQVHUHV 3DUNVEHIDQG$OOHPHLQH*HGDQNHQPHLQJDQ]HV:HVHQGHP *HOLHEWHQ]XJHZHQGHWIKOWLFKPHLQH$XJHQVLFKXQZLOONUOLFK VFKOLHHQQLFKWLQ6FKODIQHLQLQHLQHQVHOWVDPHQ=XVWDQG YHUVDQNLFKGHQLFKQLFKWDQGHUVQHQQHQNDQQDOVZDFKHV 7UlXPHQ$EHUEDOGVFKZLUUWHXQGGU|KQWHHVXPPLFKKHULFK YHUQDKPHLQZLOGHV*HWPPHOHVILHOJDQ]LQGHU1lKH6FKXDXI 6FKX,FKIXKUDXIXQGZDUQLFKWZHQLJHUVWDXQWPLFKLQHLQHU )HOGKWWH]XEHILQGHQ9RUPLUNQLHWHHUVHOEVW PHLQ6WDQLVODXV ,FKXPVFKODQJLKQPLWPHLQHQ$UPHQLFKGUFNWHLKQDQPHLQH %UXVW ¾*HOREWVHL*RWW½ULHIHU¾GXOHEVWGXELVWPHLQ½ (U VDJWHPLULFKVHLJOHLFKQDFKGHU7UDXXQJLQWLHIH2KQPDFKW JHVXQNHQXQGLFKW|ULJW'LQJHULQQHUWHPLFKMHW]WHUVWGDMD 3DWHU&\SULDQXVGHQLFKLQGLHVHP$XJHQEOLFNHUVW]XU)HOGKWWH KLQDXVVFKUHLWHQVDKXQVMDHEHQLQGHUQDKHQ.DSHOOHXQWHUGHP 'RQQHUGHV*HVFKW]HVXQWHUGHPZLOGHQ7REHQGHUQDKHQ 6FKODFKWJHWUDXWKDWWH'HUJROGQH7UDXULQJEOLQNWHDQPHLQHP )LQJHU'LH6HOLJNHLWPLWGHULFKQXQDXIVQHXHGHQ*DWWHQ XPDUPWHZDUXQEHVFKUHLEOLFK QLHJHIKOWHVQDPHQORVHV (QW]FNHQGHVEHJOFNWHQ:HLEHVGXUFKEHEWHPHLQ,QQHUHV PLU VFKZDQGHQGLH6LQQH GDZHKWHHVPLFKDQPLWHLVNDOWHP)URVW LFKVFKOXJGLH$XJHQDXI HQWVHW]OLFKPLWWHQLP*HZKOGHU
ZLOGHQ6FKODFKW YRUPLUGLHEUHQQHQGH)HOGKWWHDXVGHUPDQ PLFKZDKUVFKHLQOLFKJHUHWWHW 6WDQLVODXVEHGUlQJWYRQ IHLQGOLFKHQ5HLWHUQ )UHXQGHVSUHQJHQKHUDQLKQ]XUHWWHQ ]X VSlWYRQKLQWHQKDXWLKQHLQ5HLWHUKHUDEYRP3IHUGH© $XIV QHXHVDQN+HUPHQHJLOGDEHUZlOWLJWYRQGHPHQWVHW]OLFKHQ 6FKPHU]RKQPlFKWLJ]XVDPPHQ1HSRPXNHLOWHQDFKVWlUNHQGHQ 0LWWHOQGRFKHVEHGXUIWHLKUHUQLFKWPLWZXQGHUEDUHU.UDIWIDWH VLFK+HUPHQHJLOGD]XVDPPHQª'HU:LOOHGHV+LPPHOVLVW HUIOOW©VSUDFKVLHGXPSIXQGIHLHUOLFKªQLFKW]XNODJHQ]LHPWHV PLUDEHUELV]XP7RGHGHP*DWWHQWUHXVROONHLQLUGLVFKHV %QGQLVPLFKYRQLKPWUHQQHQ8PLKQWUDXHUQIULKQIUXQVHU +HLOEHWHQGDVLVWMHW]WPHLQH%HVWLPPXQJXQGQLFKWVVROOGLHVH PLUYHUVW|UHQ©*UDI1HSRPXNPXWHPLWYROOHP5HFKWJODXEHQ GDGHULQQHUOLFKEUWHQGH:DKQVLQQ+HUPHQHJLOGDVVLFKGXUFK MHQH9LVLRQ/XIWJHPDFKWKDEHXQGGDGLHUXKLJHNO|VWHUOLFKH 7UDXHU+HUPHQHJLOGDVXPGHQ*DWWHQNHLQDXVVFKZHLIHQGHV EHXQUXKLJHQGHV7UHLEHQ]XOLHVRZDUGHP*UDIHQ1HSRPXN GLHVHU=XVWDQG GHQGLH$QNXQIWGHV*UDIHQ6WDQLVODXVVFKQHOO HQGHQPXWHJDQ]UHFKW/LH1HSRPXN]XZHLOHQHWZDVYRQ 7UlXPHUHLHQXQG9LVLRQHQIDOOHQVROlFKHOWH+HUPHQHJLOGD VFKPHU]OLFKGDQQGUFNWHVLHDEHUGHQJROGQHQ5LQJGHQVLHDP )LQJHUWUXJDQGHQ0XQGXQGEHQHW]WHLKQPLWKHLHQ7UlQHQ *UDI1HSRPXNEHPHUNWHPLW(UVWDXQHQGDGLHVHU5LQJZLUNOLFK HLQJDQ]IUHPGHUZDUGHQHUQLHEHLVHLQHU7RFKWHUJHVHKHQGD HVLQGHVVHQWDXVHQG)lOOHJDEZLHVLHGD]XJHNRPPHQVHLQ NRQQWHVRJDEHUVLFKQLFKWHLQPDOGLH0KHZHLWHU QDFK]XIRUVFKHQ:LFKWLJHUZDULKPGLHE|VH1DFKULFKWGD*UDI 6WDQLVODXVLQIHLQGOLFKH*HIDQJHQVFKDIWJHUDWHQVHL+HUPHQHJLOGD ILQJDQDXIHLJQH:HLVH]XNUlQNHOQVLHNODJWHRIWEHUHLQH VHOWVDPH(PSILQGXQJGLHVLHHEHQQLFKW.UDQNKHLWQHQQHQN|QQH GLHDEHULKUJDQ]HV:HVHQDXIVHOWVDPH$UWGXUFKEHEH8PGLHVH =HLWNDP)UVW =PLWVHLQHU*HPDKOLQ'LH)UVWLQKDWWHDOV +HUPHQHJLOGDV0XWWHUIUK]HLWLJVWDUELKUH6WHOOHYHUWUHWHQXQG VFKRQGHVKDOEZXUGHVLHYRQLKUPLWNLQGOLFKHU+LQJHEXQJ HPSIDQJHQ+HUPHQHJLOGDHUVFKORGHUZUGLJHQ)UDXLKUJDQ]HV +HU]XQGNODJWHPLWGHUELWWHUVWHQ:HKPXWGDXQHUDFKWHWVLH IUGLH:DKUKHLWDOOHU8PVWlQGHUFNVLFKWVGHUZLUNOLFK YROO]RJHQHQ7UDXXQJPLW6WDQLVODXVGLHEHU]HXJHQGVWHQ %HZHLVHKDEHPDQVLHGRFKHLQHZDKQVLQQLJH7UlXPHULQVFKHOWH 'LH)UVWLQYRQDOOHPXQWHUULFKWHWXQGYRQ+HUPHQHJLOGDV
]HUUWWHWHP*HPWV]XVWDQGHEHU]HXJWKWHWHVLFKZRKOLKU]X ZLGHUVSUHFKHQ VLHEHJQJWHVLFKGDPLWLKU]XYHUVLFKHUQGD GLH=HLWDOOHVDXINOlUHQZHUGHXQGGDHVZRKOJHWDQVHLVLFKLQ IURPPHU'HPXWGHP:LOOHQGHV+LPPHOVJDQ]]XHUJHEHQ $XIPHUNVDPHUZXUGHGLH)UVWLQDOV+HUPHQHJLOGDYRQLKUHP N|USHUOLFKHQ=XVWDQGHVSUDFKXQGGLHVRQGHUEDUHQ$QIlOOH EHVFKULHEGLHLKU,QQHUHV]XYHUVW|UHQVFKLHQHQ 0DQVDKZLHGLH )UVWLQPLWGHUlQJVWOLFKVWHQ6RUJIDOWEHU+HUPHQHJLOGDZDFKWH XQGZLHLKUH%HNPPHUQLVLQGHP*UDGHVWLHJDOV+HUPHQHJLOGD VLFKJDQ]]XHUKROHQVFKLHQ'LHWRGEODVVHQ:DQJHQXQG/LSSHQ U|WHWHQVLFKZLHGHUGLH$XJHQYHUORUHQGDVGVWUH XQKHLPOLFKH )HXHUGHU%OLFNZXUGHPLOGXQGUXKLJGLHDEJHPDJHUWHQ)RUPHQ UXQGHWHQVLFKPHKUXQGPHKUNXU]+HUPHQHJLOGDEOKWHJDQ]DXI LQYROOHU-XJHQGXQG6FK|QKHLW8QGGRFKVFKLHQGLH)UVWLQVLH IUNUlQNHUDOVMHPDOV]XKDOWHQGHQQ ª:LHLVWGLU ZDVKDVWGX PHLQ.LQG" ZDVIKOVWGX"©VRIUXJVLHTXlOHQGH%HVRUJQLVLP *HVLFKWVREDOG+HUPHQHJLOGDQXUVHXI]WHRGHULPPLQGHVWHQ HUEODWH*UDI1HSRPXNGHU)UVWGLH)UVWLQEHUDWHWHQVLFK ZDVHVGHQQQXQZHUGHQVROOHPLW+HUPHQHJLOGDXQGLKUHUIL[HQ ,GHH6WDQLVODXV :LWZH]XVHLQª,FKJODXEHOHLGHU©VSUDFKGHU )UVWªGDLKU:DKQVLQQXQKHLOEDUEOHLEHQZLUGGHQQVLHLVW N|USHUOLFKNHUQJHVXQGXQGQlKUWGHQ]HUUWWHWHQ=XVWDQGLKUHU 6HHOHPLWYROOHU.UDIW -D©IXKUHUIRUWDOVGLH)UVWLQ VFKPHU]OLFKYRUVLFKKLQEOLFNWHªMDVLHLVWNHUQJHVXQGXQHUDFKWHW VLH]XU8QJHEKUXQG]XLKUHPRIIHQEDUHQ1DFKWHLOZLHHLQH .UDQNHJHSIOHJWJHKlWVFKHOWXQGJHlQJVWHWZLUG©'LH)UVWLQ ZHOFKHGLHVH:RUWHWUDIHQIDWHGHQ*UDIHQ1HSRPXNLQV$XJH XQGVSUDFKUDVFKXQGHQWVFKLHGHQ ª1HLQ +HUPHQHJLOGDLVW QLFKWNUDQNDEHUOlJHHVQLFKWLP5HLFKGHU8QP|JOLFKNHLWGD VLHVLFKYHUJDQJHQKDEHQN|QQWHVRZUGHLFKEHU]HXJWVHLQ GDVLHVLFKLQJXWHU+RIIQXQJEHILQGH©'DPLWVWDQGVLHDXIXQG YHUOLHGDV=LPPHU:LHYRP%OLW]JHWURIIHQVWDUUWHQVLFK*UDI 1HSRPXNXQGGHU)UVWDQ'LHVHU]XHUVWGDV:RUWDXIQHKPHQG PHLQWHGDVHLQH)UDXDXFK]XZHLOHQYRQGHQVRQGHUEDUVWHQ 9LVLRQHQKHLPJHVXFKWZHUGH*UDI1HSRPXNVSUDFKDEHUVHKU HUQVW ª'LH)UVWLQKDWGDULQUHFKWGDHLQ9HUJHKHQGHU$UWYRQ VHLWHQ+HUPHQHJLOGDVGXUFKDXVLP5HLFKGHU8QP|JOLFKNHLWOLHJW ZHQQLFKGLUDEHUVDJHGDDOV+HUPHQHJLOGDJHVWHUQYRUPLU KHUJLQJPLUHVVHOEVWZLHHLQQlUULVFKHU*HGDQNHGXUFKGHQ6LQQ IXKU ¾1XQVHKWHLQPDO GLHMXQJH:LWZHLVWMDJXWHU+RIIQXQJ½
GDGLHVHU*HGDQNHRIIHQEDUQXUGXUFKGDV%HWUDFKWHQLKUHU *HVWDOWHU]HXJWZHUGHQNRQQWHZHQQLFKGLUGDVDOOHVVDJHVR ZLUVWGXHVQDWUOLFKILQGHQZLHGLH:RUWHGHU)UVWLQPLFKPLW WUEHU%HVRUJQLVMDPLWGHU SHLQOLFKVWHQ$QJVWHUIOOHQ© ª6R PX©HUZLGHUWHGHU)UVWªGHU$U]WRGHUGLHZHLVH)UDX HQWVFKHLGHQXQGHQWZHGHUGDVYLHOOHLFKWYRUHLOLJH8UWHLOGHU )UVWLQYHUQLFKWHWRGHUXQVHUH6FKDQGHEHVWlWLJVWZHUGHQ© 0HKUHUH7DJHVFKZDQNWHQEHLGHYRQ(QWVFKOX]X(QWVFKOX %HLGHQZXUGHQ+HUPHQHJLOGDV)RUPHQYHUGlFKWLJGLH)UVWLQ VROOWHHQWVFKHLGHQZDVMHW]W]XWXQ6LHYHUZDUIGLH(LQPLVFKXQJ HLQHVYLHOOHLFKWSODXGHUKDIWHQ$U]WHVXQGPHLQWHGDDQGHUH +OIHZRKOHUVWLQIQI0RQDWHQQ|WLJVHLQZUGHª:HOFKH +OIH"©VFKULH*UDI1HSRPXNHQWVHW]Wª-D©IXKUGLH)UVWLQPLW HUK|KWHU6WLPPHIRUWªHVLVWQXQJDUNHLQ=ZHLIHOPHKU +HUPHQHJLOGDLVWHQWZHGHUGLHYHUUXFKWHVWH+HXFKOHULQGLH MHPDOVJHERUHQRGHUHVZDOWHWHLQXQHUIRUVFKOLFKHV*HKHLPQLV JHQXJVLHLVWJXWHU+RIIQXQJ©*DQ]HUVWDUUWYRU6FKUHFNIDQG *UDI1HSRPXNNHLQH:RUWH HQGOLFKVLFKPKVDPHUPDQQHQG EHVFKZRUHUGLH)UVWLQNRVWHHVZDVHVZROOHYRQ+HUPHQHJLOGD VHOEVW]XHUIRUVFKHQZHUGHU8QJOFNVHOLJHVHLGHUGLH XQDXVO|VFKOLFKH6FKPDFK EHUVHLQ+DXVJHEUDFKWª1RFK© VSUDFKGLH)UVWLQªQRFKDKQHW+HUPHQHJLOGDQLFKWGDLFKXP LKUHQ=XVWDQGZHL9RQGHP0RPHQWZHQQLFKHVLKUVDJHQ ZHUGHZLHHVXPVLHVWHKWYHUVSUHFKHLFKPLUDOOHVhEHUUDVFKW ZLUGVLHGLH/DUYHGHU+HXFKOHULQIDOOHQODVVHQRGHUHVPXVLFK VRQVWLKUH8QVFKXOGDXIHLQHZXQGHUEDUH:HLVHRIIHQEDUHQ XQHUDFKWHWLFKHVDXFKQLFKW]XWUlXPHQYHUPDJZLHGLHVVROOWH JHVFKHKHQN|QQHQ©1RFKGHQVHOEHQ$EHQGZDUGLH)UVWLQPLW +HUPHQHJLOGDGHUHQPWWHUOLFKHV$QVHKQPLWMHGHU6WXQGH ]X]XQHKPHQVFKLHQDOOHLQDXILKUHP=LPPHU'DHUJULIIGLH )UVWLQGDVDUPH.LQGEHLEHLGHQ$UPHQEOLFNWHLKUVFKDUILQV $XJHXQGVDJWHPLWVFKQHLGHQGHP7RQ ª/LHEHGXELVWJXWHU +RIIQXQJ©'DVFKOXJ+HUPHQHJLOGDGHQZLHYRQKLPPOLVFKHU :RQQH YHUNOlUWHQ%OLFNLQGLH+|KHXQGULHIPLWGHP7RQGHV K|FKVWHQ(QW]FNHQV ª20XWWHU0XWWHULFKZHLHVMD /DQJH IKOWLFKHVGDLFKILHODXFKGHUWHXUH*DWWHXQWHUGHQ P|UGHULVFKHQ6WUHLFKHQGHUZLOGHQ)HLQGHGHQQRFK XQDXVVSUHFKOLFKJOFNOLFKVHLQVROOWH-D MHQHU0RPHQWPHLQHV K|FKVWHQLUGLVFKHQ*OFNVOHEWLQPLUIRUWLFKZHUGHLKQJDQ] ZLHGHUKDEHQGHQJHOLHEWHQ*DWWHQLQGHPWHXHUQ3IDQGHGHV
