Der Arkonide und der SonnenkЎnig

+$16.1(,)(/

'HU$UNRQLGHXQGGHU6RQQHQN|QLJ 3ODQHWHQURPDQ  -XOL  



  'HU ZHL‰KDDULJH 0DQQ GHU GHQ ([SHGLWLRQVJOHLWHU QDFK :HVWHQ VWHXHUWH KDWWH GDV *HIKO VLFK ODQJVDP GXUFK HLQHQ LQWHQVLYHQ 7UDXP ]X EHZHJHQ 9RQ GHU (LQVFKODJVWHOOH GHV 5lWVHOKDIWHQ 0HWHRULWHQ IKUWH GHU NDXP HUNHQQEDUH 3IDG GXUFK HLQH ZHLWH KJHOLJH *UDVHEHQH 'LH 6LHGOHU QDQQWHQVLH2XGU\V9DVWDEHULQ:LUNOLFKNHLWZDUNDXPHWZDVYRQHLQHU:VWH]XHUNHQQHQ'HU :HJ VFKOlQJHOWH VLFK QXQ EHU NOHLQH 6DQGIOlFKHQ KLQ GLH MHW]W NXU] YRU GHP *HZLWWHU VWXPSI XQWHUGHPOHW]WHQ/LFKWGHU6RQQHODJHQ'LHDXVJHZDVFKHQHQ)HOVHQGLH:HOOHQGHU%UDQGXQJGLH XQXQWHUEURFKHQJHJHQGHQ6WHLQKlPPHUWHQGLHVFKZDU]HQZLOGHQ:RONHQWUPHXQGGLH6WUlXFKHU XQG %VFKH GHU 0DFFKLD QDKPHQ HLQHQ XQZLUNOLFKHQ *ODQ] DQ $OOH .DQWHQ XQG /LQLHQ VFKLHQHQ YRU GHP $XVEUXFK GHV *HZLWWHUV IXQNHOQGH 5lQGHU LQ DOOHQ )DUEHQ GHV 6SHNWUXPV HLQHU IUHPGHQ 6RQQH]X]HLJHQ6HOEVWYRQGHU:LQGVFKXW]VFKHLEHXQGGHQ$UPDWXUHQGHV*OHLWHUVJLQJHQGLHVH HLJHQDUWLJHQ (OPVIHXHU DXV 5H\QROGV 6WHUQ ,9 YHUVFKZDQG KLQWHU GHQ :RONHQ 'HU 6FKDWWHQ ILHO EHU GLH /DQGVFKDIW XQG YHUVWlUNWH GDV *HIKO HLQH SKDQWDVWLVFKH :HOW EHWUHWHQ ]X KDEHQ 'DV )XQNJHUlWVXPPWH 'HU0DQQQDKPGDV0LNURSKRQDXVGHU+DOWHUXQJXQG]RJHVDQGHUJHULQJHOWHQ6FKQXU]XVLFK KHUDQ(UVWHXHUWHPLWGHU/LQNHQXQGGUFNWHGHQ.RQWDNWNQRSI ª-D"©IUDJWHHU ª+LHU)XQNDEWHLOXQJGHV6FKLIIHV:LUHUZDUWHQ6LH/RUGDGPLUDO© $WODQ]|JHUWHHLQZHQLJGDQQHUZLGHUWHHU ª,FKELQDXIGHP:HJ]XP6FKLII,FKGHQNHLFKNRPPHPLWWHQLQHLQHQVFKZHUHQ*HZLWWHUVWXUP 9LHOOHLFKWZDUWHLFKGDV(QGHXQWHUZHJVDE0DFKHQ6LHVLFKNHLQH6RUJHQ© ª9HUVWDQGHQ6LU©VDJWHGHU0DQQLQHLQHU$EWHLOXQJGHVVFKQHOOHQ6FKLIIHV6LHZDUHQKLHUDXI GHU .RORQLDOZHOW QDFK HLQHP HUHLJQLVDUPHQ )OXJ JHODQGHW 8QG ZDV VLH YRQ GHQ 6SXUHQ GHV 5lWVHOKDIWHQ0HWHRULWHQJHIXQGHQKDWWHQZDUKHU]OLFKZHQLJJHZHVHQ ª+DOWHQ6LHVLFKDQGLH.VWH6LU©VFKOXJGHU)XQNHUYRUª:LUKDEHQJXWH%LOGHU'RUWVWHKHQ ]ZLVFKHQGHQ*lUWHQXQG3ODQWDJHQJUR‰H6WHLQKlXVHU9LHOOHLFKWILQGHQ6LHGRUWHLQH8QWHUNXQIW© ª9LHOOHLFKW©HUZLGHUWH$WODQ:HLWYRULKPZHWWHUOHXFKWHWHHV'DV.QLVWHUQGHUDWPRVSKlULVFKHQ (QWODGXQJOLH‰GHQ/DXWVSUHFKHU]LWWHUQª(QGH© ª(QGH©VFKOR‰GHU)XQNHU $WODQVWHFNWHGDV0LNURSKRQ]XUFNXQGOHJWHZLHGHUEHLGH+lQGHDQGLH6WHXHUXQJGHUVFKZHUHQ 0DVFKLQH=ZHLKXQGHUWVHFK]LJ.LORPHWHUHWZDODJHQ]ZLVFKHQLKPXQGGHP6FKLIIXQGHUKDWWHHV NHLQHVZHJV HLOLJ (U ZROOWH GDV *HIKO GDV LKQ DQJHVLFKWV GLHVHU IDV]LQLHUHQG IUHPGDUWLJHQ /DQGVFKDIW EHIDOOHQ KDWWH HWZDV OlQJHU DXVNRVWHQ6LH KDWWHQ =HLW MHW]W QDFK GHP )HKOVFKODJ GHU IDVWGHWHNWLYLVFKDEJHODXIHQHQ6XFKDUEHLW ª(LQPHUNZUGLJHV/DQG«©PXUPHOWHGHU$UNRQLGH 6LH KDWWHQ GHQ 0HWHRULWHQ YHUIROJHQ ZROOHQ DEHU HU ZDU VFKQHOOHU JHZHVHQ DOV GLH 6FKLIIVPDQQVFKDIWGHV([SORUHUVDXVJHUHFKQHWKDWWH'DV6FKLIIGHU862NDPJOHLFK]HLWLJPLWGHP 0HWHRULWHQ YRU GHP 3ODQHWHQ DQ 'DV NRVPLVFKH *HVFKR‰ EHJDQQ EHUHLWV LQ GHQ GQQHQ DWPRVSKlULVFKHQ6FKLFKWHQDXI]XJOKHQ1LFKWVKDWWHGHP$XISUDOOZLGHUVWHKHQN|QQHQ.HLQ6WHLQ GHUVHOWVDPHQ5XLQHQNHLQHGHULQ:HOWUDXPNlOWHHUVWDUUWHQ%UFNHQXQGDEEU|FNHOQGHQ0DXHUQ NHLQ5HVWGHUXQEHNDQQWHQ.XOWXU'LH$XIVFKODJHQHUJLHYHUQLFKWHWH 



ZDV GHQ 6WXU] GXUFK GLH GLFKWHUHQ 6FKLFKWHQ GHU /XIWKOOH YRQ 5H\QROGV (LQ]LJHP 3ODQHWHQ EHUVWDQGHQKDWWH 'HU *OHLWHU VFKZHEWH MHW]W GUHL +DQGEUHLW EHU GHP %RGHQ 'HU 3IDG ZLFK QDFK OLQNV DXV ]XP VGOLFKHQ 8IHU :LHGHU ]XFNWH LP :HVWHQ HLQ %OLW] KHUXQWHU GXUFK GDV 6XPPHQ GHU 0DVFKLQHQ K|UWH$WODQQDFKHLQLJHQ6HNXQGHQGDV*UROOHQGHV'RQQHUV$WODQGUFNWHDXIHLQHQ.QRSIXQG GDV9HUGHFNIDOWHWHVLFKQDFKYRUQXQGUDVWHWHHLQ(LQH6HLWHQVFKHLEHVWLHJVXPPHQGKRFK 6LH KDWWHQ GHQ JDQ]HQ 7DJ JHDUEHLWHW $XFK GHU$UNRQLGH ZDU WURW] VHLQHV =HOODNWLYDWRUV PGH JHZRUGHQ 'LH 0DQQVFKDIW IORJ PLW GHU 6SDFH-HW YRUDXV XQG $WODQ ZROOWH ODQJVDP HQWODQJ GHV 0HHUHVPLWGHP*OHLWHU]XUFNVFKZHEHQ'DQQKDWWHHUGLH6WXUPZDUQXQJHUKDOWHQ±MHW]WPX‰WHHU VLFKHQWVFKHLGHQ,QHLQHUKDOEHQ6WXQGHZUGHGLH1DFKWKHUHLQEUHFKHQ(VJDEKLHUDPbTXDWRU HLQHDX‰HUJHZ|KQOLFKNXU]H'lPPHUXQJ ª,FKJODXEHLFKZHUGHGHQ9RUVFKODJGHV)XQNHUVEHIROJHQ©EHUOHJWH$WODQXQGEUHPVWHDEDOV GHU*OHLWHUDXIGHU.XSSHHLQHV+JHOVVFKZHEWH :LHGHU EOLW]WH HV ZLHGHU NUDFKWH GHU 'RQQHU 'LH :HOOHQ GUDX‰HQ MHQVHLWV GHU %XFKW EHNDPHQ ZHL‰H 6FKDXPNURQHQ $WODQ QLFNWH VDK VLFK ODQJVDP XP XQG EHPHUNWH ZHLW GUDX‰HQ DXI HLQHU +DOELQVHO GLH ZLH HLQ JHNUPPWHU =HLJHILQJHU DXVVDK HLQ +DXV PLW )XQNDQWHQQH XQG KRKHP ZHL‰HP.DPLQ ª'DV*HZLWWHUZLUGYHUGDPPWJHIlKUOLFK©VWHOOWHHUIHVWXQGVFKREGLH6WHXHUXQJZLHGHUYRU'HU *OHLWHU VHW]WH VLFK LQ %HZHJXQJ XQG JOLWW GHQ +JHO KLQXQWHU (LQLJH 0LQXWHQ VSlWHU EHIDQG VLFK $WODQLP=HQWUXPGHV8QZHWWHUV 5LQJV XP LKQ ]XFNWHQ ODQJH %OLW]H XQDXIK|UOLFK VFKPHWWHUWHQ GLH 'RQQHUVFKOlJH 'LH )HOVHQ VFKLHQHQ ]X EHEHQ 1RFK QLFKW HLQ HLQ]LJHU 7URSIHQ ZDU JHIDOOHQ $WODQ VFKDOWHWH VlPWOLFKH 6FKHLQZHUIHUGHV*OHLWHUVHLQXQGYHUVXFKWHYRUVLFKGHQ:HJ]XHUNHQQHQ(U KDWWH QLFKW GLH JHULQJVWH )XUFKW LQPLWWHQ GLHVHV ,QIHUQRV DXV ]XFNHQGHU NDONLJHU +HOOLJNHLW GLH VHLQH$XJHQEOHQGHWHXQGGHPHQWIHVVHOWHQ/lUPHQGHV'RQQHUV'DQQEHJDQQHV]XUHJQHQ =XHUVWVDKHUYRUVLFKDXIHLQHUDXVJHWURFNQHWHQ6FKODPPIOlFKHZLQ]LJH([SORVLRQHQYRQ6WDXE 'DQQ VFKOXJHQ GLH 7URSIHQ DXI GDV 9HUGHFN GHV *OHLWHUV (V NODQJ ZLH IDOOHQGHU .LHV RGHU ZLH ZLQ]LJH 0HWHRULWHQ 8QG VFKOLH‰OLFK UDXVFKWH HLQ GLFKWHU 9RUKDQJ DXV :DVVHU YRP +LPPHO 6FKODJDUWLJQDKPGLH6LFKWZHLWHDE,P/LFKWGHU6FKHLQZHUIHUXQGLQGHQNXU]HQ,QWHUYDOOHQGHU PlFKWLJHQ%OLW]HVDK$WODQGLH%DKQHQGHU5HJHQWURSIHQ+LQXQGZLHGHUJODXEWHHUZHLWYRUVLFK HLQ/LFKWDXIEOLW]HQ]XVHKHQ±GDV+DXVGHU6LHGOHU" ª,FKVROOWHJODXEHLFKGRUWKLQVWHXHUQ© 'LH7UDXPODQGVFKDIWULQJVXPLKQZDU]XWRVHQGHP/HEHQHUZDFKW$XVGHU'XQNHOKHLWVFKlOWHQ VLFKGLH8PULVVHYRQ)DEHOZHVHQXQGVXUUHDOLVWLVFKHQ%DXZHUNHQ)HOVHQ%lXPHQ%XVFKJUXSSHQ (LQJHKHLPHV/HEHQHUIOOWHVLH'RUW'DV/LFKW$WODQVFKREGLH6WHXHUXQJLQGLH5LFKWXQJXQG GHU*OHLWHUQlKHUWHVLFKGHP5DQGHLQHU3ODQWDJHGLH]XP6FKXW]JHJHQJU|‰HUH7LHUHPLWHLQHP OHXFKWHQGHQ 6FKZDFK(QHUJLH]DXQ XPJHEHQ ZDU 'DKLQWHU MHW]W VDK HU HV GHXWOLFK OHXFKWHWH HLQ KHOOHV /LFKW GXUFK HLQH JUR‰H *ODVVFKHLEH $WODQ OlFKHOWH 6HLQH HLQ]LJH $QJVW ZDU JHZHVHQ GLH 5LFKWXQJQLFKWHLQKDOWHQ]XN|QQHQ3O|W]OLFKIUHXWHHUVLFKDXIGLH*HERUJHQKHLWHLQHV5DXPHVDXI GLH *HVHOOVFKDIW YRQ 0HQVFKHQ (U VFKZHEWH ODQJVDP GXUFK GDV *HZLWWHU VDK HLQHQ EUHLWHQ .LHVZHJ ]ZLVFKHQ 0DXHUQ DXV 1DWXUVWHLQ GLH LQ LKUHU ([DNWKHLW QXU YRQ 5RERWHUQ HUULFKWHW VHLQ NRQQWHQ (LQ 1DPHQVVFKLOG OHXFKWHWH VWHFKHQG DXI DOV GLH 6FKHLQZHUIHU GLH 6WHLQWDIHO VWUHLIWHQ 68 0$5,1(5,ZDU]XOHVHQ±ZDVLPPHUHVEHGHXWHWH ª/DQJVDPZLUGHVXQJHPWOLFK©VDJWHVLFKGHU$UNRQLGH6HLQ([WUDVLQQPHOGHWHVLFK 'DV*HZLWWHULVWHLQH*HIDKUIUGLFK(VLVWHLQH6FKOVVHOVLWXDWLRQ²GXPX‰WLQGLH1lKHYRQ 0HQVFKHQNRPPHQ 6FKOVVHOVLWXDWLRQ" 'DV NRQQWH QXU EHGHXWHQ GD‰ VHLQ XQEHVWHFKOLFKHV ([WUDKLUQ LQ 9HUELQGXQJ PLW VHLQHP SKRWRJUDSKLVFKJHQDXHQ*HGlFKWQLVKHUDXVJHIXQGHQKDWWHGD‰(ULQQHUXQJV]ZDQJDXIWUHWHQZUGH ZHQQHUQRFKOlQJHUGXUFKGLHVHV&KDRVDXV+HOOLJNHLWXQG*HUlXVFKVFKZHEHQZUGH(UQLFNWH 



GLHVHV5LVLNRJLQJHUIUHLZLOOLJQLFKWHLQ(UEHVFKOHXQLJWHGDV)DKU]HXJHWZDVVWHXHUWHHVHQWODQJ GHU .XUYHQ GHV :HJHV XQG NDP LQ GHQ %HUHLFKGHU:LQGVFKDWWHQDOWHUZHLWDXVODGHQGHU%lXPH 'DVUDVHQGH+lPPHUQGHU5HJHQWURSIHQDXIGDV9HUGHFNGHV*OHLWHUVOLH‰QDFK9RU$WODQZXUGH GDV/LFKWDXVGHQ)HQVWHUQGHV+DXVHVKHOOHUKDOEYHUZLVFKWGXUFKGHQ5HJHQYRUKDQJ 'HU *OHLWHU SDVVLHUWH HLQHQ :DFKVWUDKO XQWHUEUDFK GLH RSWLVFKH 6FKUDQNH XQG KLHOW GLFKW QHEHQ GHP(LQJDQJ/DQJVDPVFKDOWHWHGHU$UNRQLGHGLH0DVFKLQHQDXVXQGGHU*OHLWHUVHQNWHVLFKDXI GHQ NQLUVFKHQGHQ .LHV 'LFKW QHEHQ GHU OLQNHQ 7U EHJDQQ HLQH $UW 3HUJROD DXV %DONHQ XQG 6WDKOHOHPHQWHQ EHU XQG EHU YRQ 3IODQ]HQ EHZDFKVHQ GHUHQ %OlWWHU LP /LFKW GHU 6FKHLQZHUIHU YRU1lVVHJOlQ]WHQ $WODQVFKDOWHWHDXFKGLH6FKHLQZHUIHUDEYHUOLH‰PLWHLQHP6SUXQJGHQ*OHLWHUXQGGXFNWHVLFKLQ GHQ:LQGVFKDWWHQGHU3HUJROD=HKQ0HWHUYRQLKPHQWIHUQW|IIQHWHVLFKHLQHEUHLWH7U+LQWHUGHU 6LOKRXHWWHHLQHV0DQQHVVDK$WODQGDVU|WOLFKJHOEH*OKHQHLQHV)HXHUV ª:LOONRPPHQ© ULHI GHU 0DQQ XQG VFKDOWHWH GLH YHUERUJHQH %HOHXFKWXQJ LQ GHQ %RKOHQ GHU 3HUJRODHLQ $WODQUDQQWHGXUFKGHQ5HJHQXQGEOLHEQHEHQGHP0DQQVWHKHQ ª'DQNH©VDJWHHUª,FKELQHLQHUDXVGHP8626FKLIIGDVLUJHQGZRLP:HVWHQVWHKW+DEHQ6LH YLHOOHLFKWHLQWURFNHQHV3OlW]FKHQIUPLFK"© ª6HOEVWYHUVWlQGOLFK©6LHVFKWWHOWHQVLFKGLH+lQGH ª,FKNHQQH6LH6LHVLQG$WODQ/RUGDGPLUDOGHU862MD"© $WODQ JULQVWH VHLQH *HJHQEHU DQ ZlKUHQG VLFK GLH VFKZHUH 7U ZLHGHU VFKOR‰ 6LH VWDQGHQ LQ HLQHUJUR‰HQ+DOOHGLHYRP/LFKWDXVHLQHPJHZDOWLJHQ.DPLQVFKZDFKDXVJHOHXFKWHWZXUGH(LQ %OLW]XQGGHUDXJHQEOLFNOLFKIROJHQGH'RQQHUVFKODJXQWHUEUDFKHQGDV*HVSUlFK$WODQVWHFNWHGLH )LQJHULQGLHVXPPHQGHQ2KUHQXQGHUNOlUWH ª,FK ELQ DOOHUGLQJV SULYDW KLHU :LU YHUVXFKWHQ GHQ 0HWHRU HLQ]XIDQJHQ DEHU ZLU KDWWHQ NHLQ *OFN6LHKDEHQGHQ(UGVWR‰JHVSUW"© -HW]W HUVW DOV VLH VLFK GHP =HQWUXP GHU +DOOH QlKHUWHQ VDK XQG EHJULII $WODQ PHKU YRQ VHLQHU QHXHQ 8PJHEXQJ =XHUVW K|UWH HU 0XVLN GLH DXV XQVLFKWEDU HLQJHEDXWHQ /DXWVSUHFKHUQ NDP (U GDFKWH VHNXQGHQODQJ QDFK GDQQ KDWWH HU GLH 0XVLN LGHQWLIL]LHUW (U HUVFKUDN (U KDWWH VLH VFKRQ HLQPDOJHK|UW1HLQ0HKUPDOVQDWUOLFKDEHUGDPDOVDOVVLHXUDXIJHIKUWZRUGHQZDU0HGHHYRQ 0DUF$QWRLQH&KDUSHQWLHUGHP.LUFKHQNDSHOOPHLVWHUYRQ3DULV ª0|FKWHQ 6LH VLFK QLFKW VHW]HQ XQG HLQHQ 6FKOXFN YRQ XQVHUHP :HLQ WULQNHQ"© HUNXQGLJWH VLFK VHLQ*DVWJHEHU ª-DGDQNH©PXUPHOWH$WODQXQGIROJWHGHP0DQQ 'LH+DOOHPD‰PHKUDOVIQI]HKQ]XIQI]HKQ0HWHUXQGZDUQLFKWK|KHUDOVGUHL0HWHU:HL‰H XQUHJHOPl‰LJYHUSXW]WHXQGYRQ$OWHUVVSXUHQEHUVlWH:lQGH0|EHOLQPRGHUQHQ)RUPHQDEHULQ NODVVLVFKHQ0DWHULDOLHQ+RO]VFKZHUH6WRIIH/HGHUXQG*ODV9RUGHP)HXHUVWDQGHQGUHLEHVHW]WH XQGHLQOHHUHU6HVVHOGD]ZLVFKHQQLHGULJH7LVFKH 9HUODVVHGLHVHV+DXV(VLVWHLQH*HGDQNHQIDOOHWREWHGHU([WUDVLQQ'LH(ULQQHUXQJZLUG GLFK HLQKROHQ 7UHQ XQG )HQVWHU 'XUFKJlQJH XQG VlPWOLFKH 0DXHUQ ZDUHQ EHZX‰W XQUHJHOPl‰LJ JHDUEHLWHW ZRUGHQ (LQH EUHLWH :HQGHOWUHSSH IKUWH LQ K|KHUJHOHJHQH 5lXPH ,Q VFKZHUH *ODVVLWSODWWHQYHUVFKZHL‰WORGHUWHQLQWHQVLYIDUELJH*UDILNHQDQGHQ:lQGHQ'HU'XIWYRQ KDU]LJHQ6FKHLWHQXQGHLQHPVFKZHUHQURWHQ:HLQGXUFK]RJGHQ5DXP ª0HLQ 1DPH LVW )DQFLVFR 'R\HQ© VDJWH GHU JUDXKDDULJH 0DQQ XQG EOLHE KLQWHU HLQHP 6HVVHO VWHKHQ ª'DV LVW XQVHU *DVW /RUGDGPLUDO $WODQ *DEULHOOH 'R\HQ PHLQH )UDX $QWRLQHWWH LKUH 0XWWHUXQGGDVLVW/H5RQGG $ODPEHUWPHLQ$VVLVWHQW© $WODQ EHJU‰WH GLH 3HUVRQHQ XQG )DQFLVFR UHLFKWH LKP HLQHQ 3RNDO YROO ZU]LJ ULHFKHQGHQ :HLQHV ª6LHPDFKHQHLQHQEHUDUEHLWHWHQ(LQGUXFN6LU©VDJWH'R\HQ 'LH 0XVLN ZDU ODXWHU JHZRUGHQ 0HGHDV .ODJH KDOOWH GXUFK GHQ 5DXP 'HU 'RQQHU XQG GLH %OLW]VFKOlJH XPUDKPWHQ GLH %DURFNDULH :LHGHU ]HUUWH GLH (ULQQHUXQJ DQ $WODQV 1HUYHQ (LQ :LQGVWR‰OLH‰GLH)ODPPHQGHV.DPLQIHXHUVKHOOHUDXIORGHUQXQG$WODQHUNDQQWHGLH*HVLFKWV]JH 



GHUYLHU3HUVRQHQGHXWOLFKHU'LH)UDXQLFKWYLHOMQJHUDOVKXQGHUWIQI]LJ-DKUHVD‰UHJXQJVORVLP 6HVVHOXQGVDKLKQDQ$XFKLKU*HVLFKWZHFNWH(ULQQHUXQJLQLKP ª,FK ELQ QLFKW EHUDUEHLWHW© VWHOOWH $WODQ IHVW XQG KRE GHQ 3RNDO ª$EHU GLHVHV *HZLWWHU GLHVH 8PJHEXQJKLHU±VLHZHFNHQ(ULQQHUXQJHQLQPLUGHQHQLFKQLFKWDXVZHLFKHQNDQQ© ª*XWHRGHUVFKOLPPH(ULQQHUXQJHQ"©HUNXQGLJWHVLFKGHU$VVLVWHQW ª:HQQMHPDQGVRDOWJHZRUGHQLVWZLHLFK©EHNDQQWHGHU$UNRQLGHXQGVHW]WHVLFKLQGHQ6HVVHO GHQ)DQFLVFR'R\HQKHUDQJHVFKREHQKDWWHªGDQQVLQGDXFKGLHELWWHUVWHQ(ULQQHUXQJHQ]XZHQLJHU VFKOLPPHQJHZRUGHQ© 'DV*HZLWWHU]RJZHLWHUQDFK2VWHQ 'LH%OLW]HZDUHQZHQLJHUJUHOOXQGVFKOXJHQIHUQHUXQGKLQWHUGHQ+JHOQHLQ'LH'RQQHUVFKOlJH OLH‰HQ DQ /DXWVWlUNH QDFK $XV GHP KDJHODUWLJHQ 5HJHQ ZDU HLQ PLOGHU 6FKDXHU JHZRUGHQ GHU ULQJVXPGDVWURFNHQH/DQGEHZlVVHUWH9RQDX‰HQGUDQJGXUFKRIIHQHNOHLQH)HQVWHUGDV5DXVFKHQ KHUHLQ'HU*HUXFKGHV)HXHUVZXUGHDEJHO|VWYRQGHPIULVFKHQ:LQG]XJGHU GXUFK GLH +DOOH ZHKWH 1XU GHU :HLQ URFK QRFK XQYHUlQGHUW V‰ 'LH %DURFNRSHU HUIOOWH GHQ 5DXP PLW LKUHQ .OlQJHQ 'LH JHVDPWH 8PJHEXQJ VFKLHQ WDWVlFKOLFK OLVWHQUHLFK ZLH HLQH )DOOH DXIJHEDXW ZRUGHQ ]X VHLQ HLQH YROONRPPHQH .XOLVVH IU $WODQV (ULQQHUXQJHQ (U IKOWH ZLH ODQJVDPGHUXQWHUJUQGLJH=ZDQJYRQLKP%HVLW]HUJULII 1RFK HLQLJH 0LQXWHQ LQ GHU =RQH XQG GX PX‰W UHGHQ 'HU 5HJHQ Ol‰W QDFK ± YHUODVVH GLHVHV +DXVVFKULHGHU([WUDVLQQ $WODQ VFKWWHOWH GHQ .RSI (U IKOWH VLFK PGH ]HUVFKODJHQ 1RFK NRQQWH HU DXV GHU *HGDQNHQIDOOH IOLHKHQ DEHU GLH 8PJHEXQJ GDV )HXHU GHU :HLQ XQG GLH 0XVLN EDQQWHQ LKQ LQ VHLQHQ6HVVHO(UEHJDQQ]|JHUQGQDFKGHPHUHLQHQODQJHQ6FKOXFNJHQRPPHQKDWWH ª'DV DOOHV KLHU NRPPW PLU EHNDQQW YRU ,FK ELQ HLQVW LQ HLQHP ZWHQGHQ *HZLWWHU LQ HLQ +DXV JHNRPPHQGDV,KUHP+DXVVHKUlKQOLFKZDU$OOHUGLQJVNDPLFKQLFKWDOOHLQVRQGHUQPLWHLQHP 0lGFKHQPLWEODXVFKZDU]HP+DDU :DUXPLVW,KU+DXVVRJHEDXW)DQFLVFR"© 'R\HQVDJWHUXKLJ ª(V LVW GHU 6WLO GHU *HJHQG $Q GLHVHU .VWH ZHUGHQ )UFKWH XQG :HLQ DQJHEDXW 'LH XQWHULUGLVFKHQ 5RERWIDEULNHQ YHUDUEHLWHQ VLH ZHLWHU :LU KDEHQ XQV HQWVFKORVVHQ GHQ %DXWUXSSV GLHVH )RUPHQ XQG GLHVH 0DWHULDOLHQ HLQ]XSURJUDPPLHUHQ 'LH %DXWHQ VLQG LQ GLH /DQGVFKDIW LQWHJULHUW© ª,FK YHUVWHKH© VDJWH $WODQ XQG VDK LQ GLH )ODPPHQ GHV )HXHUV ª8QG ZDUXP VSLHOHQ 6LH GLHVH XUDOWH0XVLN"© 'XUHQQVWPLWRIIHQHQ$XJHQZHLWHUWREWHGDV([WUDKLUQ'XSURYR]LHUVWGHLQH(ULQQHUXQJHQ'X ZHL‰WZLHVFKPHU]OLFKVLHVLQG ª:HLOXQVGLHVH0XVLNJHIlOOW©VDJWH$QWRLQHWWH'R\HQ 6LHEOLFNWH$WODQDQ,KPVFKLHQHVGD‰VLHLKQHUNDQQWH=ZLVFKHQGLHVHU)UDXXQGLKP EHVWDQGSO|W]OLFKHLQH9HUEXQGHQKHLWGLHLKPXQEHJUHLIOLFKZDU,KU*HVLFKWGLH$UWLKUHU NRQWUROOLHUWHQ %HZHJXQJHQ « GDV DOOHV NDQQWH HU 2EZRKO HV XQP|JOLFK ZDU VDJWH HU VLFK 6FKOLH‰OLFKIUDJWHGLHMXQJH)UDX ª6LH HULQQHUQ VLFK DOVR DXVJHO|VW GXUFK 8PJHEXQJ *HZLWWHU XQG 0XVLN DQ HLQHQ 7HLO DQ HLQH EHVWLPPWH=HLW,KUHVODQJHQ/HEHQV"© ª0HLQHVODQJHQ/HEHQVDXIGHP3ODQHWHQ(UGH©VWLPPWH$WODQ]Xª,FKKDEHGLH:DKO(QWZHGHU YHUODVVH LFK MHW]W IOXFKWDUWLJ GLHVHV +DXV XQG EHOHLGLJH PHLQH *DVWJHEHU RGHU LFK IDOOH LQ 7UDQFH XQGEHULFKWHDXVGLHVHUJHZLVVHQ=HLW© 1RFKHLQ6FKOXFN:HLQ1RFK]HKQ7DNWH0XVLNYRQ&KDUSHQWLHUULHIGHU([WUDVLQQ8QGGXPX‰W EHULFKWHQ $WODQ]XFNWH]XVDPPHQDOVGLH0XVLNODXWHUZXUGH 'LH .XOLVVH VHLQHU *HGDQNHQIDOOH VFKOR‰ VLFK ZLH 3URWRSODVPD XP LKQ 'LH :lQGH VFKLHQHQ QlKHU]XUFNHQ 9RP .DPLQ JLQJ HLQH VFKZDFKH *OXWZHOOH DXV 6WLPPHQ XQG 



*HVLFKWHU*HUFKHXQG.OlQJHYHUEDQGHQVLFK]XHLQHUJHZDOWLJHQ:RJHGLHLKQHUJULII XQGPLWVLFKZLUEHOWH6FKZHL‰WUDWDXIVHLQH6WLUQ(UVDJWHOHLVHXQGVHLQHU6WLPPHZDU DQ]XK|UHQGD‰HUVLFK]XU.RQ]HQWUDWLRQ]ZDQJ ª,FKZHUGH6LHPLWGLHVHU(U]lKOXQJEHOlVWLJHQPVVHQ,FKNDQQQLFKWPHKUDQGHUV© (UEHIDQGVLFKLQGHUXQVLFKHUHQ=RQH]ZLVFKHQ%HZX‰WVHLQXQG7UDQFH1RFKKDWWHGHU([WUDVLQQ LQ 9HUELQGXQJ PLW GHP SHUIHNWHQ *HGlFKWQLV XQG GHU (ULQQHUXQJ QLFKW GLH +HUUVFKDIW EHU GHQ $UNRQLGHQEHUQRPPHQDEHUGDVZDFKH%HZX‰WVHLQZXUGHPHKUXQGPHKU]XUFNJHGUlQJW ª(VZLUG]ZHLIHOORVNHLQH%HOlVWLJXQJVHLQ©VDJWHGHU*DVWJHEHUª.|QQHQZLU,KQHQLUJHQGZLH KHOIHQ"© ª,FKJODXEHQLFKW© (U VFKOR‰ GLH $XJHQ XQG VDQN LQVLFK ]XVDPPHQ 8QPHUNOLFK HQWVSDQQWH HU VLFK (U DWPHWH WLHI XQGVFKZHU0KVDPKREHUGHQ3RNDOXQGWUDQNLKQOHHUGDQQO|VWHQVLFKVHLQH)LQJHUXQGGHU 0HWDOOJHJHQVWDQG UROOWH EHU VHLQH 2EHUVFKHQNHO XQG .QLH ]X %RGHQ (V JDE HLQ VFKHSSHUQGHV *HUlXVFK 'DQQ UL‰ LKQ GLH :HOOH GHU (ULQQHUXQJ IRUW 0LQXWHQ YHUJLQJHQ 'R\HQ VFKDOWHWH GDV %DQGDEGLH0XVLNHUVWDUE $OVKDEHHUSO|W]OLFKQHXH.UDIWJHVFK|SIWULFKWHWHVLFK$WODQDXI(U|IIQHWHGLH$XJHQXQGVDK QDFKHLQDQGHULQGLHYLHU*HVLFKWHU$OVLKQGLHJUQHQ$XJHQGHUlOWHUHQ)UDXWUDIHQEHJDQQHU]X ]LWWHUQ$WODQVDJWHEHUUDVFKHQGNODU ª(V ZDU GDPDOV QDFK GHP $EHQWHXHU PLW GHP 6DPXUDL YRQ GHQ 6WHUQHQ ,FK ZXUGH ZLHGHU JHZHFNWDOVGHU$EVROXWLVPXVLQ(XURSDVHLQHQ+|KHSXQNWHUUHLFKWKDWWH(LQ5DXPVFKLIIZDULQ GHU *HJHQG YRQ 3DULV JHODQGHW 8QG LFK KDWWH HLQ 0lGFKHQ EHL PLU 7DLUL 1R &KL\X HLQH MXQJH -DSDQHULQ© 'LHNOXJHQ$XJHQGHUDOWHQ)UDXKLQJHQDQVHLQHP*HVLFKW(UPHUNWHHVQLFKW$EHU$QWRLQHWWH 'R\HQEHJDQQ]XDKQHQGD‰DXFKVLHQLFKWVDQGHUHVZDUDOVHLQHZLQ]LJH6FKDFKILJXUDXIHLQHP %UHWWXQEHNDQQWHU*U|‰H6RZLH$WODQ-HPDQGVFKREVLHKLQXQGKHU ª9HUVDLOOHV"©IUDJWH$QWRLQHWWH $WODQ QLFNWH 'DQQ ZXUGH VHLQ %OLFN ZLHGHU NODU 6HLQ .|USHU JHKRUFKWH VHLQHP ([WUDKLUQ XQG GHVVHQ(LQIOVVHQ$WODQEHJDQQ]XVSUHFKHQ      (V ZDUHQ YLHU 3HUVRQHQ XQG VLH VFKLHQHQ LQ NHLQ 6FKHPD KLQHLQ]XSDVVHQ -HGHQIDOOV KDWWHQ VLH EHUDOODQDOOHQ3OlW]HQGHV.RVPRVGHQVLHNDQQWHQEHPHUNHQVZHUWZHQLJ*OFNJHKDEW 'LpVD‰DQGHU6WHXHUXQJGHV6FKLIIHVDOVGLHJHOEH6RQQHVLFKGHXWOLFKHUDXIGHP9RUDXVVFKLUP DE]X]HLFKQHQEHJDQQ ª9LHOOHLFKWN|QQHQZLUDXIGLHVHU:HOW1\GHUKHOIHQ2GHU+LOIHEHNRPPHQ6RIHUQHVHLQHVROFKH ¾:HOW½LQGLHVHP6\VWHPEHUKDXSWJLEW© 7UR\ ZLGHUVSUDFK QDFKGHP HU GLH 6RQQH DXIPHUNVDP VWXGLHUW XQG HLQH VRUJIlOWLJH $QDO\VH DQJHIHUWLJWKDWWH ª(UIDKUXQJVJHPl‰ KDEHQ 6RQQHQ GLHVHV 7\SV 3ODQHWHQ DQ VLFK JHEXQGHQ +LHU LVW GHU %HZHLV *UDYLWDWLRQVVFKZDQNXQJHQJU|‰HUHQ$XVPD‰HV© ª'DQNH© VDJWH 'Lp XQG ULFKWHWH GHQ .XUV HLQ VS GD‰ GDV 6FKLII LQ NXU]HU =HLW LQQHUKDOE GHU (NOLSWLNLQGHQQRUPDOHQ:HOWUDXPJHKHQZUGH ª/DQGHQZLUHQGOLFK"©VW|KQWH1\GHUDXI ª*HGXOG©PDKQWH'LpXQGVFKLFNWHGDV6FKLII]XUFNLQGHQhEHUUDXP 6LHDOOHKDWWHQHLQHODQJHYHUZRUUHQH*HVFKLFKWHKLQWHUVLFK 6LHZDUHQNRVPLVFKH:DQGHUHUGLHVLFKQLFKWVVHKQOLFKHUZQVFKWHQDOVHLQHQ3ODW]DQGHPVLH ODQGHQ XQG LUJHQGZDQQ VWHUEHQ ZUGHQ 'LH +lOIWH LKUHU YRUDXVVLFKWOLFKHQ /HEHQVGDXHU ZDU DEJHODXIHQ XQG ZHQQ HV QLFKW JHODQJ HLQ EHVWLPPWHV %OXWSODVPD ]X EHNRPPHQ HQGHWH 1\GHUV 



/HEHQQRFKKLHULP6FKLII (VZlUHHLQ*OFNVIDOOKLHUHLQHQ3ODQHWHQ]XILQGHQDXIGHPHVGHQNHQGH:HVHQLKUHU$UWJDE 'D ZDU GLH 6DFKH PLW GHQ )LVFKPHQVFKHQ DXI (UDWKPXV 3DQW .\UUXV ,, 'Lp GLH ZRKO DNWLYVWH YRQDOOHQYLHUª:DQGHUHUQ©GDFKWHQDFKZlKUHQGGDV6FKLIIVLFKGXUFKGLHN|USHUORVHQ6FKOHLHU GHV8QVLFKWEDUHQ8QLYHUVXPVERKUWH6LHKDWWHVHKUJHQDXH9RUVWHOOXQJHQYRQGHP3ODQHWHQGHQ VLH VXFKWHQ (LQH :HOW GLH VLFK LQ HLQHU 3KDVH YRQ .XOWXU XQG =LYLOLVDWLRQ EHIDQG GLH XQWHUKDOE GHUMHQLJHQLKUHV+HLPDWSODQHWHQODJ :DVVHU XQG /DQG 6DXHUVWRIIDWPRVSKlUH XQG :HVHQ GLHLKQHQ JOLFKHQ 1LFKW VROFKH ZLH GLH )LVFKPHQVFKHQYRQ(UDWKPXV$XIUHFKWJHKHQGHGHQNHQGHXQGUHGHQGH0HQVFKHQ6ROFKHGLHJHUQ WUDQNHQ JHUQ *HVFKLFKWHQ HU]lKOWHQ XQG QRFK OLHEHU VROFKH K|UWHQ GLH 0XVLN NDQQWHQ XQG %DXZHUNHHUULFKWHWHQ(WZDV+DQGIHVWHVHWZDV:HVHQWOLFKHV 'LH*HVFKLFKWHGHUEHLGHQ3DDUHZDUODQJXQGHUOHEQLVUHLFK:ROOWH'Lp²VLHDXIHLQHQ1HQQHU EULQJHQ ZUGH GLH )RUPXOLHUXQJ VR RGHU lKQOLFK ODXWHQ :R DXFK LPPHU VLH VLFK DXIJHKDOWHQ KDWWHQ ZHOFKH $UEHLW VLH DQQDKPHQ ZHOFKH .RQGLWLRQHQ VLH IRUGHUWHQ ± EHUDOO VWHOOWHQ VLH QDFK NXU]HU =HLW IHVW GD‰ VLH DXVJHQXW]W ZXUGHQ XQG GD‰ QLHPDQG LKUH %HJDEXQJ HUNDQQWH 'LH %HJDEXQJ ZXUGH QLFKW JHEUDXFKW 6LH EHVWDQG EHL DOOHQ YLHUHQ GDULQ GD‰ VLH YHUVXFKWHQ GLH HUQVWKDIWHQ$XIJDEHQLKUHV/HEHQVPLWHLQHUJU|‰WP|JOLFKHQ0HQJHDQ6SD‰+XPRUXQG)UHXGH]X HUOHGLJHQ'DPLWJLQJHQVLHMHGHUDQGHUHQ*UXSSHDXIGLH1HUYHQ:UGHHVDXIGLHVHP3ODQHWHQ DXFKVRVHLQ" ª'Lp±ZLHOLHJWGHU.XUV"©VW|KQWH1\GHU (U ODJ PLW HLQHP JHEURFKHQHQ $UP XQG HLQHP VFKZHU YHUVWDXFKWHQ .Q|FKHO GHV UHFKWHQ )X‰HV KLOIORV LQ GHU VFKZHUHQ .|USHUIRUPOLHJH 9RU HLQLJHQ 7DJHQ ZDU HU GLH 7UHSSH YRP 6WHXHUUDXP KLQXQWHUJHVWU]WDOVHUGLH0DVFKLQHQQDFKVHKHQZROOWH1XQGDV6FKLIIZDURKQHKLQQLFKWPHKU YLHOZHUW«'LHVH0LOFKVWUD‰HZUGHQVLHDXINHLQHQ)DOOPHKUYHUODVVHQN|QQHQ ª1RFKHLQLJH6HNXQGHQGDQQVLQGZLUDXIGHU%DKQGHVYLHUWHQ3ODQHWHQ©VDJWHGLHMXQJH)UDX 6LHIUDJWHVLFK]XPKXQGHUWVWHQPDORELKUH6FK|QKHLWDXIHLQHPGHU3ODQHWHQDXIGHPVLHJHODQGHW ZDUHQ HLQ +LQGHUQLV JHZHVHQ ZDU RGHU HLQ 9RUWHLO -HGHQIDOOV ZDU VLH IHVW HQWVFKORVVHQ DXI GHU QlFKVWHQYLHOYHUVSUHFKHQGHQ:HOW]XODQGHQXQG±]XEOHLEHQ 9HUJDNDPDXVGHU.RPEVH ª+DW MHPDQG $SSHWLW" ,FK KDEH GLH OHW]WHQ WLHIJHNKOWHQ /HEHQVPLWWHO LQ GHQ +HUG JHVWHFNW:LUZHUGHQLQGLHVHP6\VWHPQHXHQ3URYLDQWDXIQHKPHQPVVHQ© ª%ULQJPLUHWZDV(LQ6WFN%UDWHQHLQHQ6FKOXFNYRQGLHVHPJHOEHQ$OJHQZHLQYRQ(UDWKPXV MD"©EDW'Lp ª0LUGDVVHOEH©VDJWH1\GHUª8QGHLQH6FKPHU]WDEOHWWH© (U PX‰WH VLFK VHKU VFKOHFKW IKOHQ ZHQQ HU XP HLQ 0HGLNDPHQW EDW GDFKWH 7UR\ GHU ]ZHLWH 0DQQ GHU *UXSSH 6LH KDWWHQ 1\GHU QLFKW GLH JDQ]H :DKUKHLW JHVDJW $XI (UDWKPXV XQWHU GHQ VHQJHQGHQ6WUDKOHQGHU6RQQHXQGGHVUDGLRDNWLYHQ6DWHOOLWHQKDWWHVHLQ.|USHUPHKUJHOLWWHQDOV GLH .|USHU GHU DQGHUHQ GUHL NRVPLVFKHQ 9DJDEXQGHQ :HQQ HU QLFKW EDOG LQ HLQH EHVVHUH 8PJHEXQJNDPZUGHHUQRFKYRU9HUODVVHQGHV6FKLIIHVVWHUEHQ ª$FKWXQJ©VDJWH'Lpª:LUYHUODVVHQGHQhEHUUDXP© 6HNXQGHQVSlWHUVFKZDQJVLFKGDV6FKLIILQHLQHU)ROJHNQLUVFKHQGHUXQGNQLVWHUQGHU*HUlXVFKH LQGHQGUHLGLPHQVLRQDOHQ:HOWUDXP]XUFN'LpGURVVHOWHGLH*HVFKZLQGLJNHLWXQGDNWLYLHUWHHLQH 6HULHNOHLQHUDEHUXQJHZ|KQOLFKHU*HUlWH9RULKQHQWDXFKWHHLQURWHU3ODQHWDXI 7UR\PXUPHOWH ª'HUYLHUWH3ODQHWGLHVHV6\VWHPV±QDFKGHQ$XVVDJHQXQVHUHU'HWHNWRUHQ"© ª6RLVWHV© ª6FKDOWHWGLH6SUVRQGHQHLQ,FKZLOOHQGOLFKDXVGLHVHU6WDKOGRVH UDXV©ULHI1\GHUODXW ª.HLQH 6RUJH 'HLQ :XQVFK GHFNW VLFK PLW XQVHUHP 9RUKDEHQ© VDJWH 9HUJD GLH PLW HLQHP 7DEOHWWYROOHU(VVHQGHQ3LORWHQUDXPEHWUDW 'DVVFKQHOOHVFKODQNH5DXPVFKLIIJLQJLQHLQH.XUYH(VKDWWHVLFKLQHLQHU*HUDGHQGHU6RQQH JHQlKHUWXQGZLFKMHW]WVHLWOLFKDXV(VUDVWHDXIGHQURWHQ3ODQHWHQ]XZXUGHDEHUPDOVODQJVDPHU 



XQG VFKZHQNWH LQ HLQH HQJH .XUYH HLQ 'LH .XJHO ZXFKV DQ GLH VWHULOH 2EHUIOlFKH ZXUGH GHXWOLFKHU (LQH 5HLKH YRQ 7HVWV ZXUGH GXUFKJHIKUW XQG VFKOLH‰OLFK DOV HLQ 6XPPHU HUW|QWH HUVFKLHQHQDXIHLQHP6FKLUPGLH'DWHQGHVHUVWHQ$QDO\VHGXUFKJDQJHV ª1LFKWV7RW©VDJWH'LpWUDXULJ ª:LHVWHKWHVPLWGHQlX‰HUHQ3ODQHWHQ"©ZROOWH1\GHUZLVVHQ ª1HJDWLY©HUZLGHUWH'LpXQGGUHKWHVLFKKDOEKHUXPª6LHVLQGDX‰HUKDOEGHU|NRORJLVFKHQ=RQH .DOWXQGXQZLUWOLFK© ª%OHLEHQ1XPPHUHLQV]ZHLXQGGUHL©VWHOOWH7UR\IHVW ª1LFKW1XPPHUHLQV©VFKUlQNWH'LpHLQª:LUKDEHQQXUQRFK]ZHL3ODQHWHQ]XU$XVZDKO,FK ZHUGHMHW]WGHQGULWWHQ3ODQHWHQVXFKHQXQGDQIOLHJHQ© ª(LQYHUVWDQGHQ©VDJWHQ7UR\XQG9HUJD 'DV 6FKLII YHUOLH‰ DXI HLQHU ODQJHQ 7DQJHQWH GHQ )OXJNUHLV XP GHQ WRWHQ 3ODQHWHQ :LHGHU DUEHLWHWHQ GLH 0DVVHGHWHNWRUHQ XQG VXFKWHQ GHQ LQWHUSODQHWDUHQ 5DXP DE 'DV $XJH GHU JHOEHQ 6RQQHOHXFKWHWHVWlUNHU(LQHJHVSDQQWH$WPRVSKlUHEHJDQQVLFKLQGHUJHUlXPLJHQ3LORWHQNDQ]HO DXV]XEUHLWHQ1LHPDQGVSUDFK 1\GHU HLQ 0DQQ GHVVHQ )lKLJNHLWHQ VLFK QLFKW JHQDX XPUHL‰HQ OLH‰HQ (U ZDU HLQH 1DWXUEHJDEXQJ(LQDEHQWHXHUOLFKHV/HEHQKDWWHLKQGD]XJHEUDFKWGD‰HUYLHOXQGXQXQWHUEURFKHQ JHOHUQWKDWWH(UYHUPRFKWH]ZDUQLFKWGLHVXEPLQLDWXULVLHUWHQ*HUlWH]XUHSDULHUHQDEHUHUNRQQWH VFKZHL‰HQ HEHQVR JXW ZLH PLW HLQHP KDUN\DQLVFKHQ 'HJHQ IHFKWHQ *DE PDQ LKP HLQH ([SORVLRQVZDIIH LQ GLH +DQG WUDI HU ZDV HU ZROOWH 8QG HU NRQQWH RIIHQVLFKWOLFK MHGHV *HWUlQN EHUHLWVYRP$QVFKDXHQWHVWHQ'LHVHVHLQHhEHUOHJXQJHQVWLPPWHQLQQHXQXQGQHXQ]LJYRQKXQGHUW )lOOHQ0XVLNXQGSKDQWDVWLVFKH*HVFKLFKWHQKHEWHHUEHVRQGHUV8QGMHW]WZUGHHUVWHUEHQZHQQ GRUWLQGHU1lKHGHUJHOEHQ6RQQHQLFKWHLQJHHLJQHWHU3ODQHWVHLQH%DKQ]RJ 9HUJD6LHOLHEWH3IODQ]HQ2UGQXQJXQG%DXZHUNH(VJDEQXUZHQLJH(UNHQQWQLVVHGLHVLHQLFKW YHUZHUWHQ NRQQWH ± VLH KDWWH HLQH /DZLQH YRQ :LVVHQ DXI DOOHQ 3ODQHWHQ JHVDPPHOW GLH GLHVHV NOHLQH7HDPEHVXFKWKDWWH(VZDUHQPHKUDOV]ZHL'XW]HQGJHZHVHQ6LHZDUVFKODQNJUR‰XQG VFK|Q )U 0lQQHU ZLH 7UR\ XQG 1\GHU ]ZHLIHOORV QLFKWV 8QJHZ|KQOLFKHV DEHU DXI GHQ :HOWHQ DXIGHQHQVLHDGlTXDWH9|ONHUJHWURIIHQKDWWHQZDU9HUJDV6FK|QKHLWVWHWV*HJHQVWDQGYLHOIlOWLJHU %HZXQGHUXQJ JHZHVHQ 6LH NRQVWUXLHUWH OHLGHQVFKDIWOLFK JHUQ 0DVFKLQHQ ± RKQH 5FNVLFKW RE GLHVH *HUlWH QW]OLFK ZDUHQ RGHU QLFKW $OV VLH YHUVXFKWH HLQHQ 9RONVVWDPP GHU LQ HLQHU VWXUPGXUFKWRVWHQ:VWHOHEWHPLWZLQGJHWULHEHQ:DVVHUSXPSHQDXV]XUVWHQ NODJWHPDQVLHGHU%ODVSKHPLHDQXQGMDJWHVLHKLQDXVLQGLH(LQ|GH :DVHUZDUWHWHVLHYRQGHP3ODQHWHQGHULKUHP:HJDPQlFKVWHQODJ" 9HUPXWOLFKQLFKWVDQGHUHVDOVDOOHDQGHUHQ5XKHXQG)ULHGHQ ª:DQQNRPPHQZLUHQGOLFKLQGLH1lKHGLHVHVYHUGDPPWHQ3ODQHWHQ"©VFKULH1\GHUDXI ª:LUZLVVHQQLFKWHLQPDOREHVGRUWHLQHQ3ODQHWHQJLEW8QGZHQQHVLKQJLEWREHUVRLVWZLH ZLULKQXQVZQVFKHQ8QGZLUN|QQHQQLFKWHLQPDODKQHQREHVGRUWYLHOOHLFKWDXFKQXUPHKUDOV HLQHLQ]LJHVOHEHQGHV:HVHQJLEW©(UZLQNWHDEXQGEUXPPWHª6FKRQJXW© 7UR\(UZDUHLQH$UW:LVVHQVFKDIWOHUIUYLHUYHUVFKLHGHQH'LV]LSOLQHQ(UEHKHUUVFKWHVlPWOLFKH .ULHJVNQVWHZDUHLQKHUYRUUDJHQGHU*HVFKLFKWVZLVVHQVFKDIWOHUNRFKWHJHUDGH]XPHLVWHUKDIWXQG PLW+LQJDEHXQGEHKHUUVFKWHGLH(LQULFKWXQJGHV6FKLIIHVYRQGHU5DGDUQDVHELV]XGHQ+HFNGVHQ (UZDUGHU/XVWLJVWHYRQLKQHQXQG]XJOHLFKGHU7ULQNIHVWHVWH(UVFKLHQGHQ$ONRKROGHQ1\GHU WHVWHWHPLWGHUJOHLFKHQ+LQJDEH]XOLHEHQZLHGDV.RPSRQLHUHQYRQH[TXLVLWHQ*HULFKWHQ6HLQH N|USHUOLFKH=lKLJNHLW6WlUNHXQG$XVGDXHUZDUHQEHPHUNHQVZHUW 'DV6FKLIIQlKHUWHVLFKMHW]WGHPGULWWHQ3ODQHWHQ ª(LQJXWHV%LOG©VDJWH'Lp ª(LQKRIIQXQJVYROOHV%LOG8QGVRYHUGDPPWUXQG©NQXUUWH1\GHU 6LHVDKHQGHQEODXHQ3ODQHWHQQDFKGHPGDV6FKLIIZLHGHUHLQH.XUYHHLQJHVFKODJHQKDWWH(UZDU IDVW Y|OOLJ YRQ GHU 6RQQH DQJHVWUDKOW XQG GDV VSLUDOLJH 0XVWHU GHU ZHL‰HQ :RONHQVWUXNWXUHQ EHJHLVWHUWHVLH ª'HWHNWRUHQ DQ 0lGFKHQ© 7UR\ V *HVLFKW PLW GHQ VFKDUIHQ =JHQ JOKWH YRU (UZDUWXQJ XQG 



.RQ]HQWUDWLRQ ª'HWHNWRUHQHLQJHVFKDOWHW©VDJWH'Lp 6LH ZDU GLH MQJVWH XQG VFK|QVWH GHU *UXSSH 'Lp ² 6LH ZDU HLQH GHU EHVWHQ 3LORWLQQHQ 0LW 0DVFKLQHQDOOHU $UW VFKLHQ VLH JHUDGH]X YHUZDFKVHQ ]X VHLQ $OOHV ZDV IORJ IXKU RGHU WDXFKWH ± 'Lp EHVD‰ HLQ LQWXLWLYHV9HUKlOWQLVGD]X8QGVLHOLWWYRQDOOHQDPPHLVWHQXQWHUGHP0DQJHODQ*HVHOOVFKDIWDQ HLQHU8PJHEXQJLQGHUVLHLKUH7DOHQWHHQWIDOWHQNRQQWH ª8QGZDVVDJHQGLHVHNOHLQHQ6SUGLQJHU"©ZROOWH7UR\ZLVVHQXQGEHXJWHVLFKYRUHLQHGLFNH KHL‰H%UDWHQVFKHLEH]ZLVFKHQ]ZHL%URWVWFNHQLQGHU+DQG ª6LHVDJHQ]XQlFKVWGD‰GLH/XIWIUXQVDWHPEDULVW:DUWHQZLUGLH$QDO\VHDE«© 'Lp VDK ]X ZLH VLFK DXI GHP 6FKLUP GLH 6\PEROH XQG GLH =HLFKHQ RUGQHWHQ :lKUHQG GDV 5DXPVFKLIIVLFKPHKUXQGPHKUGHP3ODQHWHQQlKHUWHHUNDQQWHQGLHYLHUNRVPLVFKHQ9DJDEXQGHQ GD‰ GLH $WPRVSKlUH GHV GULWWHQ 3ODQHWHQ JHQDX GLH 6SH]LILNDWLRQHQ DXIZLHV GLH VLH ]XP /HEHQ EUDXFKWHQ'DVVFKOR‰XQJHDFKWHWDQGHUHU7HVWHUJHEQLVVHGLH$QQDKPHHLQGD‰DXFKGLHEULJHQ .RQGLWLRQHQHQWVSUHFKHQGZDUHQ(WZDHLQH6WXQGHVSlWHUVWDUUWHQVLFK'LpXQG7UR\DQ'LpVDJWH QDFKGHQNOLFK ª(VVFKHLQWGD‰ZLUHLQHQ*OFNVWUHIIHUJH]RJHQKDEHQ'RUWN|QQHQZLUODQGHQXQGOHEHQ© 9HUJDPHLQWHODQJVDP ª7URW]GHU%HVWlWLJXQJGD‰HVGRUWXQWHQ6SXUHQLQWHOOLJHQWHU:HVHQJLEWVFKODJHLFKYRUGD‰ZLU LQ HLQHP *HELHW ODQGHQ LQ GHP HV 1DFKW LVW 'LH 'XQNHOKHLW LVW GLH )UHXQGLQ YRUVLFKWLJHU %HVXFKHU© ª,FKELQGHLQHU0HLQXQJ1XU«ODQGHWEDOG©VW|KQWH1\GHU 'DV6FKLIIVFKOXJHLQH8PODXIEDKQHLQ6LHJLQJHQWLHIHUXQGNDPHQLQGLH=ZLHOLFKW]RQHGLHLQ YLHUXQG]ZDQ]LJ 6WXQGHQ HWZD HLQPDO XP GLHVH :HOW ZDQGHUWH 0HHUH WDXFKWHQ DXI .VWHQ XQG :lOGHU XQG GLH PlDQGHUDUWLJHQ %lQGHU YRQ EUHLWHQ )OVVHQ 9HUJU|‰HUXQJHQ ZXUGHQ JHVFKDOWHW XQG PDQ VDK GLH 6LHGOXQJHQ GLH 6WUD‰HQ XQG %UFNHQ 6FKZHLJHQG EHUHLWHWHQ VLH VLFK DXI GLH /DQGXQJYRU6LHNDPHQLQGLH1lKHGHVZHVWOLFKHQ5DQGHVGHVJU|‰WHQLQGHU/LQLHGHVbTXDWRUV YHUODXIHQGHQ.RQWLQHQWHVLQHLQHJQVWLJH3RVLWLRQXQGVFKDOWHWHQHLQLJHWDXVHQG0HWHUEHUGHP %RGHQ GLH JHUlXVFKDUPHQ $QWLVFKZHUNUDIWWULHEZHUNH DQ 6XPPHQG VHQNWH VLFK GDV 6FKLII 'Lp VWHXHUWHHLQHQ3ODW]DQGHUGLHRSWLPDOHQ%HGLQJXQJHQERW (VJDE:DVVHUXQGIULVFKH/XIWGLHMHQHQDEJHVWDQGHQHQDVHSWLVFKHQ/XIWVWURPDEO|VHQZUGH GHU DXV GHQ ([KDXVWRUHQ NDP (V JDE :DVVHU LQ GHP PDQ )LVFKH IDQJHQ ZUGH :DOG LQ GHP MDJGEDUHV:LOGXQG9|JHO]XP%UDWHQJHIXQGHQZHUGHQNRQQWHQ8QGGLHQlFKVWH6LHGOXQJ±HLQ NOHLQHV 'RUI PLW HLQHP :HJHV\VWHP XQG HLQHP VFKOR‰ lKQOLFKHQ *XWVKRI ± ZDU QLFKW VRQGHUOLFK ZHLWHQWIHUQW ª:LHVWHKWHVPLWGHP9LUHQWHVWXQGGHU%DNWHULHQDQDO\VH"©HUNXQGLJWHVLFK7UR\OHLVH ª'LH*HUlWHODXIHQEHUHLWV© 1HEHQ 'Lp VWDQGHQ 7UR\ XQG 9HUJD 6LH EOLFNWHQ GLH 6FKLUPH DQ GLH HLQ ,QIUDURWELOG GHU /DQGVFKDIWZLHGHUJDEHQ(LQHUXKLJHQLFKW]XKJHOLJH*HJHQGEUHLWHWHVLFKXPVLHDXV/DQJVDP VDQN GDV 6FKLII DXI GLH EUHLWHQ 7HOOHU GHU /DQGHEHLQH IHGHUWH HLQ 'DV 6XPPHQ GHU 0DVFKLQHQ HUVWDUELPVHOEHQ0RPHQW ª:LHGHUHLQ9HUVXFK+RIIHQWOLFKLVWHVGHUOHW]WH©lFK]WH1\GHU 6LHGDFKWHQDOOHGDVVHOEH :HQQ GLHVHU 3ODQHW XQG GLHVH %HY|ONHUXQJ XQVHUH %HJDEXQJ EUDXFKHQ NDQQ XQG XQV GDIU LQ DQJHPHVVHQHU$UWHQWORKQWEOHLEHQZLUKLHUXQGYHUJHVVHQGLH:HLWHQGHV.RVPRV $OV GLH /XNHQ DXIJOLWWHQ GLH /DGHUlXPH HQWOIWHW ZXUGHQ XQG GLH NKOH IULVFKH /XIW GHU HUVWHQ -DKUHV]HLWLQV6FKLIIVWU|PWHXQGYRQGHQ 9HQWLODWRUHQ DXFK LQ GLH3LORWHQNDELQH JHGUFNW ZXUGH VDJWH'Lp ª:LU ZHUGHQ HLQHQ 3ODQHWDULHU IDQJHQ XQG VHLQ %OXW XQWHUVXFKHQ 8QG GDQQ JHKHQ ZLU GDUDQ 1\GHU]XKHOIHQ© ª9HUJH‰WGLH6SUDFKHQLFKW©PHLQWH1\GHUXQGYHUVXFKWHHLQ]XVFKODIHQ 



'LH7HVWVZDUHQHUIROJUHLFKYHUODXIHQ 'DV6FKLIIVPHWDOONKOWHVLFKDE+LHUZUGHQVLH EOHLEHQN|QQHQ2EVLHEOHLEHQGXUIWHQZUGHVLFKHUVWKHUDXVVWHOOHQ0DQEUDFKWH1\GHULQVHLQH JHUlXPLJH.DELQHXQGYHUOLH‰EHZDIIQHWXQGPLWJUR‰HU9RUVLFKWGDV6FKLII 1RFK LQ GLHVHU 1DFKW HQWGHFNWHQ 'Lp 7UR\ XQG 9HUJD GDV /DQGVFKOR‰ XQG GDV 'RUI 6LH ZDUHQ XQZHLW YRQ GHU +DXSWVWDGW HLQHV /DQGHV JHODQGHW GDV VLFK )UDQNUHLFK QDQQWH +LHU ZXFKV :HLQ KLHUZXUGHJHHUQWHWKLHUJDEHV3IHUGH'HU5HLWHUGHUDQLKUHP9HUVWHFNYRUEHLNDPGLHQWHLKQHQ DOV7HVWREMHNW (LQ/lKPVFKX‰IDXFKWHDXIJOHLFK]HLWLJVSUDQJ7UR\GHP3IHUGLQGLH=JHO6LHHQWQDKPHQGHP 0DQQHLQHQ/LWHU%OXWVHW]WHQGLH6RQGHQDQXQGHQWQDKPHQVHLQHP9HUVWDQGGHUVLFKQXQQLFKW PHKUZHKUHQNRQQWHHLQH0HQJH'DWHQ ª:LUKDEHQ3ODVPDXQGZLUKDEHQGLH6SUDFKH©VDJWH7UR\DOVVLH]XP6FKLII]XUFNIORJHQ ª8QGZLUKDEHQLKQLQHLQHU9HUIDVVXQJ]XUFNJHODVVHQGLHLKQJODXEHQODVVHQZLUGHUVHLYRP VFKHXHQGHQ3IHUGJHIDOOHQ© 6LH YHUZHQGHWHQ GLH QlFKVWHQ 7DJHGD]XVLFKDQ]XJOHLFKHQ'LH$UEHLWGHV,QWHJULHUHQVGDXHUWH UXQGHLQH:RFKH 'DQQZDUHQVLHEHUHLW±GLHVHV9HUIDKUHQKDWWHQVLHRIWJHQXJSUDNWL]LHUWVLHEHKHUUVFKWHQHVELV ]XPhEHUGUX‰6LHEHPHUNWHQMHGRFKEHLDOOHQLKUHQ$XVIOJHQGLHNOHLQH.XJHOQLFKWGLHLKQHQLQ DQJHPHVVHQHP$EVWDQGIROJWH 'DV6FKOR‰« 'LH.OHLGXQJXQGGLH6LWWHQ« 'LH$UEHLWGHU%DXHUQXQG6FKDQNZLUWHGHUYLHOHQ+DQGZHUNHUXQGGHV6FKDUIULFKWHUV« *HElXGH %FKHU XQG *HGDQNHQ 'LVNXVVLRQHQ XQG hEHUOHJXQJHQ 'LH %H]LHKXQJHQ GHU 0HQVFKHQXQWHUHLQDQGHU« 1DFK VLHEHQ RGHU PHKU 7DJHQ ZDU 1\GHU IDVW JHVXQG 1DFK GLHVHU =HLW EHKHUUVFKWHQ GLH YLHU NRVPLVFKHQ9DJDEXQGHQGLH6SUDFKH1XUQRFKZLQ]LJH(LQ]HOKHLWHQ ZUGHQVLHYHUUDWHQ$EHUGDJHJHQJDEHV0LWWHOXQG0HWKRGHQ6LHHUIXKUHQDOOHV 8QGGHU5RERWVSLRQHUIXKUZDVVLHHQWGHFNWHQ (UPHOGHWHDOOHVHLQHUXQEHNDQQWHQ,QVWDQ]6FKOLH‰OLFKUVWHWHQVLFKGLHYLHU9DJDEXQGHQDXVXQG ZDJWHQGHQHUVWHQ9RUVWR‰LQGLH=LYLOLVDWLRQGHVIUHPGHQ/DQGHV,KU=LHOZDUGHUIUKH$EHQGLP 6FKOR‰'RUWKDWWHQVLHHUIDKUHQZUGHHLQ)HVWJHJHEHQZHUGHQ6LHPHOGHWHQVLFKQLFKWDQDEHU VLHZUGHQDOV*lVWHDXVHLQHPIHUQHQ/DQGHUVFKHLQHQ0DQZUGHVLHDXIQHKPHQZLHH[RWLVFKH )UHXQGH6LHNDPHQDXVGHPJUR‰HQ5HLFKLP2VWHQ =XUJOHLFKHQ=HLWQlKHUWHVLFK$WODQLKUHP6FKLII      6HOEVWGLH(LQ]HOYRUJlQJHHLQHU5RXWLQHN|QQHQLPPHUZLHGHUDXIUHJHQGVHLQ,FKVDKGHQ.RSI PHLQHV 5RERWHUV 5LFR JOHLFK]HLWLJ PLW GHU )lKLJNHLW QDFK HLQHP ODQJHQ 7LHI VFKODI VHKHQ ]X N|QQHQVFKLHQHQDXFKPHLQH*HGDQNHQHUZDFKW]XVHLQ,FKEHJDQQPHLQHQ.|USHU]XVSUHQXQG VDKZLHVLFKPHLQH%UXVWPLWGHP=HOODNWLYDWRUKREXQGVHQNWH ª*HELHWHU© VDJWH 5LFR XQG KDQWLHUWH PLW GHQ $SSDUDWHQ GHU (UZHFNXQJVDQODJH $XI HLQHP ULHVLJHQ 6FKLUP YRU PLU ]RJHQ GLH %LOGHU DXV GHU ,QVHOZHOW GHU 6GVHH ªLFK KDEH GLFK ZHFNHQ PVVHQ© ª,VW«LVWHLQ6FKLIIJHODQGHW"©NUlFK]WHLFK ª-D(LQ6FKLIIPLWYLHU,QVDVVHQ6LHVFKHLQHQDEVROXWPHQVFKOLFK]XVHLQ,FKKDEHDOOHVPLWGHQ 6SLRQVRQGHQDXIJHQRPPHQ© ,FKVDKGLHOHW]WHQ%LOGHUGDV+DXVLQGHPLFKPLW7DLULJHZRKQWKDWWHGHQDOWHQNOXJHQ6DPXUDL XQG GLH 3DOPHQ/DQJVDPYHUEOD‰WHQGLH%LOGHUXQGGLH*HUlXVFKH6LHKDWWHQPLFKLQGHUHUVWHQ 



=HLW QDFK GHP $XIZDFKHQ GDYRU EHZDKUW ZDKQVLQQLJ ]X ZHUGHQ ± GHU $QVFKOX‰ DQ HUOHEWH $EHQWHXHUZDUKHUJHVWHOOW8QGDXFKGHU$QVFKOX‰DQPHLQHELWWHUHQUHVLJQLHUHQGHQ*HGDQNHQ ª:RLVWHVJHODQGHW"©0HLQ.HKONRSINDPODQJVDPXQWHUGLH.RQWUROOHGHU1HUYHQXQG0XVNHOQ ,FKIKOWHPLFK]HUVFKODJHQXQGXQDXVJHVFKODIHQ5LFRV6WLPPHZDUPLUYHUWUDXWMDKUWDXVHQGHODQJ ZDU HU PHLQ HLQ]LJHU ª)UHXQG© JHZHVHQ ,FK YHUVXFKWH PLFK DXI]XULFKWHQ DEHU GLH $UPPXVNHOQ EHJDQQHQ]X]LWWHUQ,FKZDUQRFK]XVFKZDFK«3O|W]OLFKHULQQHUWHLFKPLFKGD‰QHEHQPLU7DLUL VFKOLHIGLHMXQJH-DSDQHULQ ª,QHLQHU.XOWXUODQGVFKDIWGLHGXNHQQVW1DKHGHU+DXSWVWDGW3DULV© ,FK ]ZLQNHUWH 'XUFK PHLQHQ .UHLVODXI IO|VVHQ GLH EHOHEHQGHQ 0HGLNDPHQWH 'LH %DWWHULH YHUWUDXWHU*HUlWHGLHPHLQHQQHXHQ6WDUWLQGLH:LUNOLFKNHLWGLHVHU:HOWHUOHLFKWHUQZUGHQZDUHQ YRQ5LFRXPPHLQ/DJHUDXIJHEDXWZRUGHQ7DLULVFKOLHIDOVVHLVLHWRW±VLHZUGHHUVWQDFKPLU DXIJHZHFNWZHUGHQN|QQHQ ª3DULV"© ª6RLVWHV©VDJWH5LFRª(VVFKHLQHQEHPHUNHQVZHUWH3HUV|QOLFKNHLWHQ]XVHLQ'XZLUVWVLHVHKHQ N|QQHQVREDOGGXDXIQDKPHIlKLJIUQHXH(LQGUFNHELVW© ,FKVWLPPWHLQ*HGDQNHQ]X :LHGHU HLQPDO ZUGH LFK YHUVXFKHQ ZDV PLU VFKRQ ]DKOUHLFKH 0DOH PL‰JOFNW ZDU $QJHVLFKWV GLHVHV QHXHQ 3UREOHPV HUID‰WHQ PLFK HLQH 0HQJH YHUVFKLHGHQHU ]XP 7HLO ZLGHUVSUFKOLFKHU hEHUOHJXQJHQ ,FK DKQWH GD‰ HV DXFK GLHVPDO HLQHQ 5FNVFKODJ JHEHQ ZUGH GHU PLFK KLHUKHU ]XUFNWULHE $EHU GLH &KDQFH ZDU HEHQVR JUR‰ ZLH GLH :DKUVFKHLQOLFKNHLW GD‰ LFK QDFK YLHOHQ -DKUWDXVHQGHQ TXDOYROOHQ :DUWHQV HQGOLFK $5.21 HUUHLFKWH 0HQVFKHQ XQG ,GHHQ /LVW XQG .lPSIH 5HLVHQ XQG (UILQGXQJHQ « GDV HUZDUWHWH PLFK 8QG ZHQQ LFK YLHO *OFN KDWWH HLQ 5DXPVFKLIIGDVPLFKLQPHLQH+HLPDWEUDFKWHGLHVLFKLQ]ZLVFKHQYHUPXWOLFKGUDVWLVFKYHUlQGHUW KDEHQZUGH ª:HOFKH =HLW KDEHQ ZLU"© IUDJWH LFK XQG VXFKWH GDV 'DWXP DXI GHQ 6FKLUPHQ 5LFR KDWWH HV DXVJHEOHQGHW ª1XUZHQLJH-DKUHQDFKGHLQHPOHW]WHQ$EHQWHXHU©HUZLGHUWHGHUYHUOl‰OLFKH5RERW ª0DVNHQ"© ª'LHVHV0DOZLUVWGXLQHLQHUHLQ]LJHQ0DVNHDXIWUHWHQPVVHQ©VDJWH5LFRª:LUVROOWHQXQVLQ HLQLJHQ7DJHQGDUEHUXQWHUKDOWHQ%OHLEHOLHJHQ±LFKDUEHLWHZHLWHUDP6WlUNXQJVSURJUDPP© :lKUHQG PHLQ .|USHU YRQ GHQ 0DVFKLQHQ ILW JHPDFKW ZXUGH VHQNWH VLFK GLH +DXEH GHU +\SQRJHUlWHEHUPHLQHQ.RSI,FKEHJDQQGLHªQHXH©6SUDFKHGHV)UDQNUHLFKV]XOHUQHQGDVLFK PHKUPDOVVFKRQEHVXFKWKDWWH(VJDEQLFKWVHKUYLHOH8QWHUVFKLHGH (LQKXQGHUW RGHU PHKU 6WXQGHQ YHUJLQJHQ GDQQ NRQQWH LFK PLFK ZLHGHU EHZHJHQ XQG HWZDV DQGHUHV HVVHQ DOV GLHVH IOVVLJH 1DKUXQJ PLW GHULFK JHIWWHUW ZRUGHQ ZDU ZLH HLQ 6lXJOLQJ $OV LFKLQHLQHQVFKZHUHQZHL‰HQ0DQWHODXVIODXVFKLJHP6WRIIJHKOOWGXUFKGLHZDUPHQLQ0XVLN XQG )DUEHQVSLHOH JHEDGHWHQ 5lXPH PHLQHV VWlKOHUQHQ 8QWHUZDVVHU*HIlQJQLVVHV ZDQGHUWH EHHQGHWHQ GLH 0DVFKLQHQ JHUDGH GDV 3URJUDPP PLW GHP VLH GLH JUR‰H VFKODQNH -DSDQHULQ 7DLUL DXIZHFNWHQ 6LH ZUGH PLFK DOV H[RWLVFKH 6FK|QKHLW EHJOHLWHQ 3DULV $OOHV KDWWH VLFK YHUlQGHUW (LQ QHXHV =HLWDOWHU ZDU LQ (XURSD DQJHEURFKHQ ,FK HUOHEWH GLH ZLFKWLJVWHQ 6WDWLRQHQ DXI GHQ %LOGVFKLUPHQPLW:LHGHUOHUQWHLFK ª$WD\D© ,FK VHW]WH PLFK QHEHQ GDV 0lGFKHQ GDV YRQ GHQ WHFKQLVFKHQ 0DQLSXODWLRQHQ HWZDV HUVFKUHFNW ZDU 7DLUL ZDU QRFK LPPHU VR ZLH LFK VLH YRU GHP (LQVFKODIHQ YHUODVVHQ KDWWH ± QDFK GHP 6FK|QKHLWVLGHDOGHV6DPXUDLVWDDWHVZDUVLHKl‰OLFKDEHUKLHUEHLPLUXQGLQGHQ/lQGHUQULQJVXP GDV%LQQHQPHHUZUGHVLHDOVH[RWLVFKH6FK|QKHLWJHOWHQ,FKVWULFKEHULKUEODXVFKZDU]HVODQJHV +DDUXQGVDJWHOHLVH ª)UFKWH QLFKWV 'LH 0DVFKLQHQ GLH GLU JHKROIHQ KDEHQ HLQ]XVFKODIHQ ZHUGHQ GLFK DXFK JDQ] ZLHGHUKHUVWHOOHQ 'LH )UKOLQJVVRQQH ZLUG QRFK PHKU KHOIHQ :LU ZHUGHQ HLQH =HLW YROOHU 0XVLN XQGVFK|QHU'LQJHHUOHEHQ'XXQGLFK© /DQJVDPHUDUEHLWHWHQZLUXQVGLHYHUlQGHUWH6LWXDWLRQ 



:LUZUGHQ)UDQNUHLFKLQGHU5HJLHUXQJV]HLWGHVYLHU]HKQWHQ/XGZLJGHV6RQQHQN|QLJVZLHPDQ LKQQDQQWHEHWUHWHQ 8QVHUH$XVUVWXQJZXUGHYRQGHQ0DVFKLQHQKHUJHVWHOOW =ZHL -DJGKXQGH YROOURERWLVFK JUR‰ XQG YRQ H[RWLVFKHP $XVVHKHQ ,FK ZUGH GLH 0DVNH HLQHV (GHOPDQQHV DXV GHU QHXHQ :HOW DQQHKPHQ DXV GHP VGOLFKHQ $PHULND 'LH NRVPLVFKHQ 9DJDEXQGHQ GLH QDKH 3DULV *lVWH HLQHV 6FKOR‰KHUUQ ZDUHQ NDPHQ DQJHEOLFK DXV 5X‰ODQG GHP ULHVLJHQ 6WDDW LP 2VWHQ GHU YRQ HLQHU GHVSRWLVFKHQ )DPLOLH EHKHUUVFKW ZDU 'LH :DIIHQ ZXUGHQ EHUSUIW XQG DXVJHUVWHW GLH .OHLGXQJ 0Q]HQ XQG 6lWWHO ± ZLU PX‰WHQ HLQHQ SUXQNYROOHQ 5DKPHQXPXQVHQWZHUIHQGDPLWZLUJODXEKDIWZXUGHQ 7DLULIUDJWHDOVVLHZLHGHUKHUJHVWHOOWZDU ª:DVLVWXQVHU=LHO$WODQ"© ª:LUYHUVXFKHQGLHVHYLHU0HQVFKHQ]XEHUUHGHQPLWLKUHP6FKLIILQPHLQH+HLPDW]XIOLHJHQ LFKHUNOlUWHGLUGLH=XVDPPHQKlQJHDXIGHU6GVHHLQVHODOVXQVHU6DPXUDL)UHXQG]XK|UWH'DQQ NRPPWIUGLHVH:HOWHLQHJDQ]QHXH=HLW$EHUELV]XGLHVHP=LHOLVWHVZHLWXQGLFKZHL‰QLFKW REZLUHVEHUKDXSWHUUHLFKHQ© ª6LH ZLVVHQ QLFKWV YRQ XQV"© IUDJWH VLH 'LH 5HLWNOHLGXQJ GLH YRQ GHQ 0DVFKLQHQ QDFK $XIQDKPHQ JHPDFKW ZRUGHQ ZDU SD‰WH LKU KHUYRUUDJHQG 6LH VFKLHQ LKUH 3HUV|QOLFKNHLW XQXQWHUEURFKHQ YHUlQGHUQ ]X N|QQHQ 1RFK YRUKHU DOV VLH QDFNW XQWHU GHQ XOWUDYLROHWWHQ /DPSHQ JHOHJHQ KDWWH ZDU VLH HLQH 0LVFKXQJ ]ZLVFKHQ -DSDQHULQ XQG HLQHU 3HUOHQWDXFKHULQ GHU 6GVHH -HW]W YHUZDQGHOWH VLH VLFK LQ HLQH VFKZDU]KDDULJH (XURSlHULQ 'LH 0RQDWH PHLQHU (U]LHKXQJVYHUVXFKHVFKLHQHQDOVRGRFKJHZLVVH:LUNXQJHQJH]HLJW]XKDEHQ ª1HLQ6LHNHQQHQXQVQLFKW$EHUZLUNHQQHQVLH© 0HLQ*OHLWHUZXUGHV\VWHPDWLVFKEHODGHQ'LH(UIDKUXQJHQYRQ]ZHL'XW]HQGVROFKHU$EHQWHXHU ODJHQ LQ GHQ 3URJUDPPHQ GHU 0DVFKLQHQ 'LH *UXQGDXVVWDWWXQJ ZDU MHGHVPDO IDVW LGHQWLVFK 0HGLNDPHQWH XQG lU]WOLFKH +LOIVJHUlWH $UWLNHO GHV WlJOLFKHQ %HGDUIV HLQLJH 1DKUXQJVPLWWHO XQG HLQH 0DVVH YRQ VFKHLQEDU QXW]ORVHQ *HUlWHQ GLH HEHQIDOOV JHWDUQW ZDUHQ 'LHVHV 0DO ZUGH LFK QLFKW PLWWHQ LQ HLQH EDUEDULVFKH .XOWXU KLQHLQVWROSHUQ LQ )UDQNUHLFK ZDU EHUHLWV GLH HUVWH 5HFKHQPDVFKLQHHUIXQGHQZRUGHQ ª'X KDVW ZXQGHUEDUH 6DFKHQ KLHU $WODQ 6LH KDEHQ PLFK YLHOH 'LQJH XQG HLQH QHXH 6SUDFKH JHOHKUW©VDJWH7DLULXQGVWUDKOWHPLFKDXVLKUHQGXQNOHQPDQGHOI|UPLJHQ$XJHQDQ ª9HUJL‰ QLFKW© VFKUlQNWH LFK HLQ ªGD‰ ZLU QLHPDQGHP ]HLJHQ GUIHQ ZHU ZLU ZLUNOLFK VLQG 9LHOOHLFKWGHQIUHPGHQ*lVWHQ±DEHUDXFKQXUGDQQZHQQVLHQLFKWHUVFKUHFNHQ© ª,FKYHUVWHKH©VDJWHVLH 1DFK HWZD ]HKQ 7DJHQ ZDUHQ ZLU EHUHLW :LU QDKPHQ GHQ *OHLWHU XQG VWLHJHQ GXUFK GLH 'XQNHOKHLWGHV:DVVHUVDXI:LUIORJHQKRFKEHUGHQ:HOOHQGDKLQXQGNDPHQVFKOLH‰OLFKQDFK YLHOHQ6WXQGHQLQGLH1lKHGHVEHZX‰WHQ6FKORVVHV:RZDUGDV5DXPVFKLII" 1RFKZX‰WHLFKHVQLFKW $QHLQHPKHUUOLFKNODUHQ)UKOLQJVPRUJHQYHUVWHFNWHQZLUGHQ*OHLWHULQGHU1lKHGHV6WlGWFKHQV 0RUHWVXU/RLQJ LP 6GHQ YRQ 3DULV 7DJHODQJ ZDUHQ GLH 5RERWVSLRQH ]ZLVFKHQ GLHVHP 2UW XQG 3DULV XQG 9HUVDLOOHV XPKHUJHVFKZLUUW XQG KDWWHQ ZLFKWLJH %HREDFKWXQJHQ JHPDFKW :LU ZDUHQ NHLQH]HKQ.LORPHWHUYRQGHP6FKOR‰HQWIHUQWLQGHPVLFKGLHYLHUNRVPLVFKHQ*lVWHDXIKLHOWHQ =XQlFKVWDNWLYLHUWHLFKGLHEHLGHQ5RERW-DJGKXQGH+HFWRUXQG&DVWRU ª)UPLFKVLQGGDVDOOHVXQEHJUHLIOLFKH:XQGHU$WODQ©VDJWH7DLULXQGVFKPLHJWHVLFKDQPLFK 6LH VDK LQ LKUHP 5HLWNRVWP KLQUHL‰HQG DXV ,KU ODQJHV +DDU ZDU KRFKJHVWHFNW XQG XQWHU HLQHP IUHFKHQ-lJHUKWFKHQIHVWJHVWHFNW ª(VLVWLPPHUVRZHQQMHPDQGHLQ*HELHWEHWULWWGDVHUQLFKWKXQGHUWSUR]HQWLJNHQQW9RUVLFKW /LVWXQG%SHFNXQJ+HXWHLVWJUR‰HU0DUNWLQ0RUHW© ª:DVZLOOVWGXNDXIHQ"© ª3IHUGHXQGHLQH.XWVFKH$OV%HVXFKHUDXVHLQHPIHUQHQ/DQGPVVHQZLUSUXQNYROODXIWUHWHQ© 1XUYRQXQVHUHQ+XQGHQEHJOHLWHWGLHODQJOlXILJHQ5HLWHUSLVWROHQLQGHQEUHLWHQ/HGHUJUWHOQPLW GHQ *HKHLPIlFKHUQ JLQJHQ ZLU GHQ DXVJHIDKUHQHQ )HOGZHJ DXI GDV JUR‰H 'RUI ]X 'LH *ORFNHQ 



YRQ1RWUH'DPHEHJDQQHQ]XOlXWHQ$XIGHQ)HOGHUQDUEHLWHWHQGLH%DXHUQDEHUZLUVDKHQPHKU XQGPHKUNOHLQH*UXSSHQGLHVLFKYRQDOOHQ6HLWHQQlKHUWHQ(LQLJHWULHEHQ9LHKPLWVLFKDQGHUH WUXJHQ.lILJHPLW7DXEHQZLHGHUDQGHUHULWWHQRGHUVD‰HQDXI2FKVHQNDUUHQGHUHQ5lGHUNQDUUHQG GLH 5XKH GHV 9RUPLWWDJV ]HUPDKOWHQ 'LH 6RQQH ZDU VWDUN XQG NUlIWLJ hEHUDOO URFK HV QDFK ZDFKVHQGHQXQGEOKHQGHQ3IODQ]HQ:LUEHJDQQHQXQVZRKO]XIKOHQ ª'X KDVW *HOG" 8QG GX YHUVWHKVW HWZDV YRQ 3IHUGHQ"© IUDJWH 7DLUL XQG ZHGHOWH VLFK PLW GHP ODQJHQ5HLWKDQGVFKXK/XIW]X ª,QPHLQHPODQJHQ/HEHQKDEHQPLFKVFKRQVRYLHOH5R‰WlXVFKHU]XEHWUJHQYHUVXFKWGD‰LFK IDVWHLQHUGHULKUHQVHLQN|QQWH8QGPLWGHQ*ROGVWFNHQGLHLFKEHLPLUKDEHN|QQHQZLUXQVHLQ 6FKOR‰EDXHQODVVHQ© 6LHODFKWHODXW :LU HUUHLFKWHQ GLH %HIHVWLJXQJ ZXUGHQ VHOEVWYHUVWlQGOLFK HLQJHODVVHQ DEHU QHXJLHULJH %OLFNH IROJWHQ XQV 'LH *HUlXVFKH GHU .DUUHQUlGHU XQG GHU +XIVFKOlJH KDOOWHQ LQ GHU HQJHQ DXIZlUWV IKUHQGHQ *DVVH ZLGHU (LQH 6WDGW GLH QRFK LP 0LWWHODOWHU ]X VHLQ VFKLHQ $EHU GLH %lXPH GDV 5DXVFKHQ GHV )O‰FKHQV EHU HLQ :HKU GLH .OHLGXQJ GHU 0HQVFKHQ XQG GLH KHUXPUHQQHQGHQ +XQGHULHIHQHLQHQKHOOHUHQ(LQGUXFNKHUYRU ª+LHUYHUVDPPHOWVLFKDQ0DUNWWDJHQZRKOGDVJDQ]H/DQG"©IUDJWH7DLULKDOEODXW ª(VLVWHLQHGHUZHQLJHQ*HOHJHQKHLWHQ1DFKULFKWHQDXV]XWDXVFKHQ0DQHU]lKOWXQGK|UW]XPDQ VSULFKWEHUDOOHV±XQGVRYHUEUHLWHQVLFKGLH1HXLJNHLWHQGLHLQ:LUNOLFKNHLWXUDOWVLQG© ª%OHLEHQZLUOlQJHUKLHU"©IUDJWH7DLULXQGEOLFNWHVLFKQHXJLHULJXP ª-D :LU VXFKHQ HLQHQ QHWWHQ NOHLQHQ *DVWKRI LQ GHP ZLU JXW HVVHQ XQG RKQH $QJVW YRU 8QJH]LHIHUVFKODIHQN|QQHQ©HUZLGHUWHLFK /DQJVDP JLQJHQ ZLU GXUFK 0RUHWVXU/RLQJ 'DV 6WlGWFKHQ ZLPPHOWH YRQ /HEHQ )DKUHQGH 0XVLNDQWHQ VSLHOWHQ GDV 9LHK EUOOWH XQG GDV *HIOJHO JDFNHUWH XQG VFKULH DXIJHUHJW $P 0DUNWSODW] HUNDQQWH LFK GDV KlQJHQGH 6FKLOG HLQHQ .UXJ PLW KHUYRUTXHOOHQGHQ 5HEHQ LQ HLQHP JUQHQ.UDQ](VVFKLHQHLQKEVFKHUUXKLJHU*DVWKRI]XVHLQJHQJHQGZHLWHQWIHUQWYRP:DVVHU 'HU3ODW]GDYRUXQGYRUGHQ.LUFKHQVWXIHQZDUHLQHLQ]LJHV*HZLPPHOYRQ6WlQGHQXQG%UHWWHUQ (LQ MXQJHU %XUVFKH QlKHUWH VLFK XQV +HFWRU XQG &DVWRU EOLHEHQ VWHKHQ XQG VDKHQ VLFK PLW LKUHQ 5RERWDXJHQVLFKHUQGXP ª-D"©IUDJWHLFK ª+HUU©VDJWHGHUMXQJH0DQQXQG]RJVHLQH.DSSHª,KUJHKWXPKHUXQGVFKHLQWHWZDV]XVXFKHQ .DQQLFK(XFKKHOIHQ"© ,FKEOLFNWHLKQSUIHQGDQ6HLQ*HVLFKW]HLJWHHLQHQSILIILJHQ$XVGUXFN9LHOOHLFKWNRQQWHHUXQV KHOIHQ ª,Q ZHOFKHP *DVWKRI N|QQHQ ZLU DP EHVWHQ VFKODIHQ"© IUDJWH LFK XQG JDE LKP HLQ NOHLQHV *ROGVWFN ª'RUW LP .UXJ GHU JROGHQHQ 7UDXEHQ© VDJWH HU ª+HXWH LVW 0DUNWWDJ XQG PRUJHQ ZLUG HLQH 6SLHOJUXSSHKLHUVHLQ,FKZHL‰GD‰HVGRUWQRFKHLQLJH=LPPHUJLEW6LHKDEHQHLQHQJXWHQ:HLQ© :LU VFKOHQGHUWHQ GXUFK GDV *HZLPPHO =ZLVFKHQ GHQ 0DXHUQ GHV 3IDUUJDUWHQV XQG HLQHP NOHLQHQ NDKOHQ :lOGFKHQ ZDUHQ YLHOH 3IHUGH DQJHSIORFNW 'HU +DQGHO VFKLHQ OXVWORV LQ *DQJ ]X NRPPHQQXUZHQLJH*UXSSHQUHGHQGHU%DXHUQXQG+lQGOHUVWDQGHQKHUXP ª%UDXFKW,KU3IHUGH+HUU"© ª-D 8QG HLQH .XWVFKH :LU KDEHQ YLHO *HSlFN :HQQ GX XQV KLOIVW ZHQQ ZLU QLFKW EHWURJHQ ZHUGHQ±HVJLEWQRFKPHKU*ROG© (UQLFNWHJULQVHQGXQGYHUVLFKHUWHIU|KOLFK ª,FKNHQQHGLH5R‰WlXVFKHUDOOH8QGLFKNHQQHGHQ:LUWGHV.UXJHV+DOWHW(XFKDQPLFK+HUU© =XHUVWEHWUDWHQZLUGLH+HUEHUJHGHUHQ*DVWVWXEHVLFKPLW%DXHUQXQG/DQGOHXWHQJHIOOWKDWWH 6LH WUDQNHQ :HLQ XQG JU‰WHQ XQV PLW PHKU (KUHUELHWXQJ DOV LFK IU DQJHEUDFKW KLHOW 'HU :LUW IKUWHXQVLQ]ZHL=LPPHULPHUVWHQ6WRFNZHUNGHUHQ)HQVWHUDXIGHQ0DUNWSODW]KLQDXVVDKHQ:LU HUNXQGLJWHQXQVREZLUXQVHUH3IHUGHXQWHUVWHOOHQNRQQWHQXQGQDKPHQGLH=LPPHU'DQQOLH‰LFK GDV 0lGFKHQ LP 6FKXW] HLQHV +XQGHV ]XUFN XQG JLQJ ]XVDPPHQ PLW &DVWRU XQG GHP MXQJHQ 



0DQQKLQEHU]XGHQ3IHUGHKlQGOHUQ =ZHL6WXQGHQVSlWHUZDULFK%HVLW]HUYRQVWDUNHQ5HLWXQG.XWVFKSIHUGHQHLQHUNOHLQHQ.XWVFKH XQG +HUU IHLQHV .XWVFKHUV GHU MXQJH 0DQQ JLQJ IRUW XP VLFK HLQH /LYUHH VFKQHLGHUQ ]X ODVVHQ *ROG ZHFKVHOWH VHLQHQ %HVLW]HU XQG GHU HUVWH 7HLO GHU $XVUVWXQJ JHK|UWH PLU ,FK OLH‰ GLH YLHU 3IHUGHHLQVSDQQHQVFKZDQJPLFKDXIGHQ.XWVFKERFNXQGO|VWHGLH%UHPVH'HP5R‰KlQGOHUXQG GHP.XWVFKHQPDFKHUGLHPLUJHKROIHQKDWWHQULHILFK]X ª,FK ZHUGH MHW]W HLQH )DKUW XQWHUQHKPHQ :HKH (XFK ZHQQ ,KU PLU VFKOHFKWHV =HXJ YHUNDXIW KDEW© 6LHYHUVLFKHUWHQHLQPWLJXQGODXWVWDUNGD‰GLHVNHLQHVZHJVGHU)DOOVHLXQGLFKYHUOLH‰0RUHW VXU/RLQJ $OV LFK ]XUFNNDP ZDUHQ GLH 6lWWHO KLQWHQ DXI GHU .XWVFKH IHVWJHVFKQDOOW XQG XQVHUH VlPWOLFKH $XVUVWXQJ LQ GHQ ± QDFKJHDKPWHQ ± .LVWHQ YHUVWDXW 'HU *OHLWHU EOLHE LP 9HUVWHFN GXUFK )XQN DEUXIEHUHLW 'LH .XWVFKH KLHOW YRU GHP *DVWKRI LQ GHVVHQ 6WDOO EHUHLWV GLH 3IHUGH VWDQGHQ 'HU:LUWNDPKHUDXVXQGKREGLH$UPH ª,FKVHKHMHW]W,KUVHLGHLQKRKHU+HUUDXVHLQHPDQGHUHQ/DQG©ULHIHUXQGVWDUUWHGLHJUR‰HQ NRVWEDUHQ:DSSHQDQGHQ.XWVFKHQWUHQDQ,FKKDWWHVLHLQGHP9HUVWHFNDQJHVFKUDXEW ª6R LVW HV© VDJWH LFK XQG ZDUI LKP GLH ODQJHQ =JHO ]X ª8QG LFK VWUDIH PLWOHLGORV ZHQQ LFK EHVWRKOHQ ZHUGH $EHU LFK ELQ QLFKW JHL]LJ ± EULQJW HLQ JXWHV (VVHQ IU GUHL /HXWH DXI PHLQ =LPPHU XQG ZHQQGHU.XWVFKHU-HDQNRPPWVFKLFNWLKQKLQDXI© ª(VZLUGDOOHVQDFK(XUHP:LOOHQJHVFKHKHQ+HUU©ULHIGHU:LUW :lKUHQG LFK GLH NQDUUHQGH 7UHSSH ]X XQVHUHQ =LPPHUQ KLQDXIVWLHJ GDFKWH LFK EHU GLH OHW]WHQ 6WXQGHQ QDFK :LU PX‰WHQ XQV 6FKULWW XP 6FKULWW LQ GLHVH QHXH :HOW KLQHLQWDVWHQ DEHU GLHVH (LQ]HOVFKULWWHVROOWHQVHOEVWEHZX‰WVHLQXQGXQVVFKQHOOLQGLH1lKHGHUYLHU)UHPGHQEULQJHQ,FK ZUGHYRUVLFKWLJVHLQ±QLHPDQGNRQQWHVDJHQZLHGLHNRVPLVFKHQ9DJDEXQGHQUHDJLHUWHQZHQQ VLH HLQ JHVWUDQGHWHU 5DXPIDKUHU DQUHGHWH 'LH *HUlXVFKH GHV 0DUNWHV GHU VLFK PHKU XQG PHKU JHIOOWKDWWHYHUVFKLHGHQH*HUFKHXQGGHU/lUPULQJVXPZXUGHQZHQLJHUGHXWOLFKDOVLFKGLH7U ]XXQVHUHQ=LPPHUQVFKOR‰ 7DLUL OHKQWH VLFK DQ PLFK XQG VDJWH LQ LKUHP FKDUPDQWHQ )UDQ]|VLVFK GDV VLH PLW HLQHP XQGHILQLHUEDUHQDEHUK|FKVWUHL]YROOHQ$N]HQWVSUDFK ª,FKKDEHDOOHVPLWDQJHVHKHQ:LUKDEHQ3IHUGHXQGHLQHSUDFKWYROOH.XWVFKH:DQQUHLVHQZLU"© ª0RUJHQIUK,FKZHUGHDOOHUGLQJVHLQ0LWWHOJHJHQ8QJH]LHIHUKHUDXIEULQJHQ$EHU]XHUVWHVVHQ ZLU7DLUL© (V ZDU JHJHQ IQI 8KU DEHQGV DOV VLFK GHU 3ODW] ]XP 7HLO ZLHGHU JHOHHUW KDWWH :LU D‰HQ ]XVDPPHQPLW-HDQXQGIUDJWHQLKQDXV(UNDQQWHMHGHQ:HJKLHUULQJVXPXQGJDEPLUZLFKWLJH +LQZHLVH8QVHUQlFKVWHV=LHOZDUGHU*XWVKRILQGHPGLHYLHUNRVPLVFKHQ9DJDEXQGHQNXU]QDFK LKUHU/DQGXQJ$XIQDKPHJHIXQGHQKDWWHQ ª-HDQ© VDJWH LFK ª(LQHU PHLQHU +XQGH +HFWRU ZLUG GLH .XWVFKH EHZDFKHQ 'HU DQGHUH EOHLEW KLHUEHLXQVI3ILUVWGXGLFKXPGLH3IHUGHXQGGLH6lWWHONPPHUQ"© ª-D©VDJWHHUª,FKZHUGHLP6WDOOVFKODIHQ6ROOLFK%XFKPRUJHQZHFNHQ"© ,FKQLFNWH      1DFKHLQHPDXVJH]HLFKQHWHQ)UKVWFNVFKQDOOWHQZLUGLH.LVWHQIHVWHUXQG7DLULVHW]WHVLFKLQGLH .XWVFKH,KU3IHUGSUlFKWLJJH]lXPWXQGJHVDWWHOWZXUGHDQGHUKLQWHUHQ$FKVHDQJHEXQGHQXQG LFKZDUWHWHQHEHQGHP.XWVFKERFN'HU:LUWYHUDEVFKLHGHWHVLFKPLWYLHOHQ9HUEHXJXQJHQYRQXQV XQGULHIPLU]XDOVLFKPLFKLQGHQ6DWWHOGHV5DSSHQPLWGHU6WLUQEOHVVHVFKZDQJ ª*HEWDFKW+HUU+HXW]XWDJHVLQGGLH6WUD‰HQXQVLFKHU$OOHUOHL*HVLQGHOODXHUWDXIUHLFKH%HXWH© 



,FK ]RJ HLQH 5HLWHUSLVWROH DXV GHP 6DWWHOIXWWHUDO VFKOXJ DXI GHQ .QDXI GHU :DIIH GLH LFK LP *UWHOWUXJXQGVFKREPHLQHQ'HJHQQDFKKLQWHQ ª,FKELQNHLQHOHLFKWH%HXWH:LUW'DQNIUGLH:DUQXQJ© 'LH 3HLWVFKH NQDOOWH PHKUPDOV GLH 3IHUGHKXIH WUDSSHOWHQ EHU GDV JUREH 3IODVWHU GLH 5lGHU PDKOWHQDXIGHP6WHLQXQGGLHYLHU3IHUGH]RJHQDQ:LUXPUXQGHWHQGHQ0DUNWSODW]XQGLFK]RJ PLU ]XP 6FKXW] JHJHQ GLH 6RQQH GHQ +XW WLHIHU LQ GLH 6WLUQ -HDQ NRQQWH KHUYRUUDJHQG PLW GHQ 3IHUGHQXPJHKHQ ª$ORUV©ULHILFKXQGULWWQHEHQGHU.XWVFKHKHU7DLULZLQNWHDXVGHP)HQVWHU :LUYHUOLH‰HQGLH6WDGWXQGVFKOXJHQDP.UHX]ZHJGLH5LFKWXQJQDFK0HOXQHLQ+HFWRUUDQQWH ZHLWYRUGHU.XWVFKHHLQKHUGHUDQGHUH+XQGVLFKHUWHXQVHUHQ5FNHQ+LQWHUXQVHUKREVLFKHLQH OHLFKWH6WDXEZRONHGLHVFKQHOOQDFK2VWHQDEWULHE(LQ7HLOGHU1HUYHQVSDQQXQJILHOODQJVDPYRQ PLU DE XQG LFK ULFKWHWH PHLQH *HGDQNHQ DXI GLH EHYRUVWHKHQGHQ *HVFKHKQLVVH :UGH LFK DXFK GLHVPDOHLQHQKDUWHQEHVHVVHQHQ.DPSIDXVIHFKWHQPVVHQZLHLQPHLQHPOHW]WHQ$EHQWHXHU" ,FKKRIIWHHVQLFKW ª+HUU $WODQ GH O $UFRQ"© ULHI -HDQ YRP .XWVFKERFN XQG NQDOOWH PLW GHU 3HLWVFKH ,FK OLH‰ PLFK YRQGHU.XWVFKHEHUKROHQXQGULWWGDQQQHEHQLKPGDKLQ ª-D"© ª:LUVROOWHQJHJHQ0LWWDJUDVWHQ,FKZHL‰HLQHQ VFK|QHQ3ODW]LP6FKDWWHQQDKHHLQHU4XHOOH+HUU$WODQ© ª(LQYHUVWDQGHQ©ULHILFKXQGZLFKHLQHPKDOEXPJHVWU]WHQ%DXPDXVGXFNWHPLFKWLHIDXIGHQ +DOVGHV3IHUGHVª'RUWUDVWHQZLU© :LU NDPHQ GXUFK HLQH VFK|QH .XOWXUODQGVFKDIW (V ZDU DQJHQHKP ZDUP EHUDOO VDK PDQ GLH 3IODQ]HQDXIGHQ)HOGHUQ.OHLQH:lOGHUZHFKVHOWHQPLW+JHOQYROOHU5HEHQDE$UEHLWHUDXIGHQ )HOGHUQZLQNWHQXQGZLUZLQNWHQ]XUFN6FKOLH‰OLFKNXU]QDFKGHPK|FKVWHQ6RQQHQVWDQGERJ -HDQ YRQ GHP DXVJHIDKUHQHQ :HJ DE XQG EUDFKWH GLH 3IHUGH XQWHU GHQ DXVODGHQGHQ bVWHQ HLQHV XUDOWHQ %DXPHV ]XP 6WHKHQ $XI HLQHP PRRVEHUZXFKHUWHQ 6RFNHO HUKRE HLQH ]LHUOLFKH ZHL‰H 0DUPRUILJXULKUHQ$UP 'LH3IHUGHVFKDUUWHQXQGSUXVWHWHQ-HDQ]RJGLH%UHPVHDQXQGNOHWWHUWHPLWVWHLIHQ0XVNHOQYRP %RFN ª+LHUVLQGZLU+HUU$WODQ©VDJWHHUª6ROOLFKGHQ3URYLDQWDXVSDFNHQ"© ª,FKKHOIHGLU-HDQ©HUNOlUWH7DLULXQGOLH‰VLFKYRQPLUDXVGHU.XWVFKHKHEHQ :LUVFKLFNWHQGLH+XQGHDXVGLHGDV/DJHUXPNUHLVWHQ'LH3IHUGHZXUGHQDQGLH4XHOOHJHIKUW $XI GHP IODFKHQ 'HFNHO HLQHU 7UXKH EUHLWHWH7DLULGDV(VVHQDXV:LUVHW]WHQXQVDXI6WHLQHGLH VFKRQVHLW-DKUKXQGHUWHQDQGLHVHU6WHOOHDOV6LW]SOlW]HIQJLHUWHQXQGVWUHFNWHQGLH%HLQHDXV ª+HXWH DEHQG YLHOOHLFKW KHXWH QDFKW HUVW N|QQHQ ZLU EHL GHP *XWVKRI GHV +HUUQ YRQ 'UR\GHQ VHLQ©VDJWH-HDQPLWYROOHQ%DFNHQª:DVVXFKW,KUGRUW+HUU"© ª)UHXQGH *HQDXHU )UHPGH 9LHU IUHPGH $GHOLJH GLH LFK WUHIIHQ PX‰ ,FK PX‰ PLW LKQHQ ZLFKWLJH*HVSUlFKHIKUHQ© ª,FKYHUVWHKH'LH3IHUGHVLQGIULVFK,FKZHUGHPHLQ%HVWHVWXQ©HUZLGHUWH-HDQXQGWUDQNGHQ :HLQ LQ NOHLQHQ 6FKOXFNHQ ,FK VDK PLFK DXIPHUNVDP XP XQG VXFKWH PLW GHQ $XJHQ GLH EHLGHQ +XQGH'HU([WUDVLQQPHOGHWHVLFK :HQQ GLHVH 4XHOOH VHLW ODQJHU =HLW 5DVWSODW] LVW VR NDQQ GLHV HEHQVR JXW HLQ 7UHIISXQNW IU +DOXQNHQXQG5lXEHUVHLQ ,FK VWDQG DXI JLQJ KLQEHU ]X PHLQHP 5DSSHQ XQG ]RJ GLH 0HKU]ZHFNZDIIH DXV GHP ZDVVHUIHVWHQ )XWWHUDO 'LH 3IHUGH ]XSIWHQ DQ GHQ VSURVVHQGHQ *UDVKDOPHQ XQG VFKDUUWHQ XQJHGXOGLJ 'LH5RERWKLUQHGHUEHLGHQ+XQGHGDFKWHLFKKDWWHQ]ZDUGLH3URJUDPPHLKUHUGHPRQWLHUWHQRGHU ]HUVW|UWHQ9RUJlQJHUDEHUVLHPX‰WHQQRFKHLQLJHKXQGHUW6WXQGHQGHV/HUQSURJUDPPVEHUVLFK HUJHKHQODVVHQ,FKOLH‰PLUYRQ-HDQGHQ%HFKHUQRFKHLQPDOIOOHQXQGIUDJWH ª8QGGLH5lXEHUEDQGHQ"9HUKDOWHQVLHVLFKUXKLJ"© -HDQ KRE GLH 6FKXOWHUQ XQG JULQVWH EUHLW 'DQQ ]RJ HU VHLQ *HVLFKW LQ EHNPPHUWH )DOWHQ XQG 



HUNOlUWHQDFKGHQNOLFK ª,FKKDEHZHQLJJHK|UWYRQhEHUIlOOHQ+HUU$WODQ$EHUZLUKDWWHQHLQHQODQJHQKDUWHQ:LQWHU HVNDQQVHLQGD‰GLH5lXEHUVHKUDUPXQGGDKHUKXQJULJVLQG© ,FKZKOWHLQGHU7UXKHXQGEUDFKWHHLQHNOHLQH]ZHLOlXILJH:DIIH]XP9RUVFKHLQ6LHVDKDXV ZLHHLQH9RUGHUODGHUSLVWROHZLHHLQNOHLQHV7HU]HUROYHUVFKR‰DEHUDXIGHQEHLGHQ/lXIHQMHZHLOV IQI]HKQ6FKX‰,FKHUNOlUWH-HDQZLHGLH:DIIHIXQNWLRQLHUWHXQGHUEHJULIIVHKUVFKQHOO ª:LUZHUGHQYHUPXWOLFKQLFKWDQJHJULIIHQXQGEHUIDOOHQZHUGHQ© ª+RIIHQWOLFK©VFKOR‰7DLUL 6LH ZDU QDFKGHQNOLFK JHZRUGHQ VFKLHQ PLU )U HLQHQ 0HQVFKHQ GLHVHV 3ODQHWHQ GHU LQQHUKDOE UHODWLY NXU]HU =HLW YLHUPDO VHLQH 8PJHEXQJ ZHFKVHOQ PX‰WH ZDU HLQH QHXH 8PZHOW HLQ VWUDSD]L|VHV $EHQWHXHU 1LFKW IU PLFK LFK KDWWH PLFK GDUDQ JHUQ JHZ|KQW 6LH ZDU DXV LKUHU +HLPDWGHPMDSDQLVFKHQ*XWVKRIJHIORKHQKDWWHVLFKDP6WUDQGGHU6GVHHLQVHODXIJHKDOWHQZDU PLULQGLH+|KOHGHUEOLW]HQGHQ0DVFKLQHQJHIROJWXQGMHW]WHUOHEWHVLHGDV)UDQNUHLFKGHVIUKHQ DFKW]HKQWHQ-DKUKXQGHUWV %HHLOHGLFK(LQ$XIHQWKDOWLP)UHLHQLVWXQJHVXQGXQGJHIlKUOLFK6LHK]XGD‰LKUGHQ*XWVKRI HUUHLFKHQN|QQWIOVWHUWHGHU/RJLNVHNWRUZDUQHQG ,FKWUDQNDXVXQGVWDQGDXI ª/RV:HLWHU9LHOOHLFKWKDEHQZLUKHXWHDEHQGHLQIHVWHV'DFKEHUXQV©'HU+LPPHOKDWWHVLFK PHKU XQG PHKU EHZ|ONW DXV GHQ YLHOHQ NOHLQHQ ZHL‰HQ :RONHQ ZDU HLQH JUR‰H JUDXH :RONH JHZRUGHQ GLH GHQ ZHVWOLFKHQ +RUL]RQW EHUKUWH 'LH /XIW GHV IUKHQ 1DFKPLWWDJV VFKLHQ PLW (OHNWUL]LWlWJHODGHQ]XVHLQ =ZHL6WXQGHQODQJIROJWHQZLUGHU6WUD‰H:LUNDPHQDQSULPLWLYH:HJZHLVHUDXIGHQHQODQJH ]XVDPPHQJHVHW]WH2UWVQDPHQVWDQGHQ,UJHQGZRVWDQGGDVVFKZDU]H*HUVWHLQHV*DOJHQVXQGDP 6HLOEDXPHOWHHLQ.|USHUYRQ5DEHQXPIODWWHUW $PIUKHQ$EHQGKRE-HDQGHQ$UPXQGULHI ª+HUU.RPPWELWWH]XPLU© ,FKZHQGHWHPHLQ3IHUGXQGSUHVFKWH]XUFN ª'RUWYRUQLVWHLQ+RKOZHJ©VDJWH-HDQXQG]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQª:LUPVVHQ KLQGXUFKZHLOHLQHGHUZHQLJHQ%UFNHQEHUGLH6HLQHXQPLWWHOEDUGDKLQWHULVW6HLGDXIGHU+XW© ,FKQLFNWHJULPPLJXQGVFKQLSSWHPLWGHQ)LQJHUQ+HFWRUXQG&DVWRUVWREHQKHUDQXQGEOLHEHQ YRUGHP3IHUGVWHKHQ6LHKREHQGLH.|SIHXQGVDKHQPLFKDQ ª5HQQW YRUDXV© VDJWH LFK ª:HQQ LKU 0HQVFKHQ LQ GHU 1lKH GHV (LQVFKQLWWHV VHKW NRPPW ]XUFN© 6LHEHOOWHQNXU]XQGVFKDUIDXI 1DFK ZHQLJHQ 6HNXQGHQ ZDUHQ VLH YRU XQV YHUVFKZXQGHQ ,FK EHGHXWHWH 7DLUL KLQWHU PLU ]X EOHLEHQ'DVJHOEH%DQGGHU6WUD‰HVFKOlQJHOWHVLFKLQZLUUHQ/LQLHQELV]XHLQHPNOHLQHQ:DOGXQG ZXUGHKLQWHUGHQHUVWHQ%VFKHQXQVLFKWEDU,FKKREGLH:DIIHKRFKHQWVLFKHUWHGHQ/lKPVWUDKOHU XQG VDK PLFK DXIPHUNVDP XP .HLQH 9RJHOVFKZlUPH NUHLVWHQ EHU GHP :lOGFKHQ NHLQH 7LHUH IOFKWHWHQ ª/DQJVDPHU© ULHI LFK OHLVH ,FK ZX‰WH QLFKW ZDV HV ZDU DEHU HWZDV YRUQ PDFKWH PLFK VWXW]LJ 6FKUlJ KLQWHU PLU ULWW 7DLUL 'DQQ NDP HLQHU GHU +XQGH DXV GHP :DOG ]XUFNJHUDQQW XQG EHOOWH GUHLPDO *HIDKUULHIGHU([WUDVLQQ :LUYHUOLH‰HQGLHOHW]WH%LHJXQJGHU6WUD‰H1HEHQXQVHUVFKLHQHQGLHHUVWHQ%VFKHXQG%lXPH (V ZXUGH ]XVHKHQGV GXQNOHU 8QVHUH $XJHQ YHUVXFKWHQ GLH 'VWHUQLV ]X GXUFKGULQJHQ ,FK VHW]WH GLH6SRUHQHLQXQGJDORSSLHUWHVFKUlJGHQ$EKDQJKLQXQWHU:HLWYRQPLUK|UWHLFKGDV*HEHOOGHU +XQGH 'DQQ HLQHQ $XIVFKUHL ,FK ]JHOWH GDV 3IHUG ZDQGWH PHLQHQ .RSI XQG VDK ZLH -HDQ GLH .XWVFKH YRUVLFKWLJ GXUFK GLH .XUYH OHQNWH 7DLUL ULWW QHEHQ LKP ,FK VSUDQJ EHU HLQHQ *UDEHQ VHW]WHEHUHLQHQJHIDOOHQHQ6WDPPXQGVFKQLWWGHQ:HJDE,FKVDKQRFKLPPHUQLFKWV1XUGDV ZWHQGH*HEHOOGHUEHLGHQ5RERWKXQGH ª9HUGDPPW:DVVROOGDV"©IUDJWHLFKPLFK 



,FK ULWW VFKQHOO LP =LFN]DFN ]ZLVFKHQ GHQ 6WlPPHQ KLQGXUFK 'HU +RKOZHJ ZXUGH WLHIHU XQG VFKPDOHU ,FK ULWW DP UHFKWHQ 5DQG GHU 6FKOXFKW +LQWHU PLU HUVFKLHQ MHW]W GDV GXQNOH 'DFK GHU .XWVFKH$XVGHP$XJHQZLQNHOVDKLFKGLHJHERJHQHZHL‰H)HGHUDUQ+XWGHVMXQJHQ0lGFKHQV :HLWHU=ZHLJHVFKQHOOWHQ]XUFNXQGVFKOXJHQJHJHQPHLQH6FKHQNHO1RFKLPPHUVDKLFKQLFKWV 'DV*HEHOOKDWWHDXIJHK|UW,FKULWWVFKQHOOHUXQGEUDFKPLUUFNVLFKWVORV%DKQGXUFK%VFKHXQG KRKHV ZLSSHQGHV *UDV 'HU :DJHQ UROOWH VFKQHOOHU ZHUGHQG GHQ +RKOZHJ KLQXQWHU 'LH +RO]NO|W]H ULHEHQ VLFK NUHLVFKHQG DQ GHQ (LVHQUHLIHQ GHU )HOJHQ $OV LFK GHQ .RSI KRE XQG GHQ +LPPHO ]ZLVFKHQ GHQ VFKDXNHOQGHQ %DXPZLSIHOQ HUEOLFNWH PX‰WH LFK HUNHQQHQ GD‰ GLH JUDXH :RONHLKUH)DUEHLQHLQWLHIHV6FKZDU]YHUlQGHUWKDWWH(VVDKQDFKHLQHP*HZLWWHUDXV 'LH3HLWVFKHNQDOOWH :LHGHU PDFKWH GHU :HJ HLQH .UPPXQJ ,FK VDK ]ZLVFKHQ GHQ EUDXQHQ 6WlPPHQ HLQ 6WFN IDUELJH.OHLGXQJ(VEHZHJWHVLFK,FKEFNWHPLFKLP6DWWHOUL‰GDV3IHUGKHUXPXQGJDORSSLHUWH LQ HLQHP +DOENUHLV DXI GLH 6WHOOH ]X 5HFKWV QHEHQ PLU VSUDQJ HLQ 0DQQ DXI ,FK ]LHOWH EHU GHQ +DOVGHV3IHUGHVKLQZHJXQGVFKR‰LKPHLQHNUDFKHQGH/DGXQJGHV/lKPVWUDKOHUVLQGLH%UXVW$XV VHLQHP +DOV O|VWH VLFK HLQ ODQJJH]RJHQHV NUlFK]HQGHV *XUJHOQ (LQ DQJHURVWHWHU 'HJHQ ILHO DXV VHLQHU )DXVW ,FK ULWW ZHLWHU -HPDQG KRE HLQ DOWHV *HZHKU XQG IHXHUWH ,Q GHU JOHLFKHQ 6HNXQGH YHUVFKZDQG HU KLQWHU GHU :RONH DXV 3XOYHUUDXFK ,FK ]LHOWH LQ VHLQH 5LFKWXQJ LQV =HQWUXP GHU :RONHXQGDOVLFKVFKR‰]XFNWHGHUHUVWH%OLW]KHUXQWHU(LQIHUQHV'RQQHUJUROOHQIROJWHDOVLFKDQ GHPQLHGHUVWU]HQGHQ0DQQYRUEHLVSUHQJWH«DXIGHUDQGHUHQ6HLWHGHV+RKOZHJHVHQWGHFNWHLFK HLQHNOHLQH*UXSSHYRQ0lQQHUQGUHLRGHUYLHUZDUHQHVGLHXPHLQHQ%DXPKHUXPVWDQGHQ(LQHU KRE JHUDGH HLQH $[W XP HLQHQ GLFNHQ $VW ]X NDSSHQ 'HU ]ZHLWH NlPSIWH PLW GHP VFKODQNHQ -DJGKXQG ,FK VFKR‰ ]ZHLPDO GLH $[W IORJ VLFK EHUVFKODJHQG LP ZHLWHQ %RJHQ GDYRQ -HW]W EHUKROWHPLFKVLHEHQ0HWHUWLHIHUGLH.XWVFKHKLQWHUGHU7DLULULWW-HDQVWDQGPLWIHGHUQGHQ.QLHQ DXIGHP.XWVFKERFNKLHOWVLFKPLWHLQHU+DQGIHVWXQGIHXHUWHVFKQHOOKLQWHUHLQDQGHUGUHLPDOPLW GHUNOHLQHQ:DIIH'DQQHUNDQQWHHUGLH*HIDKU ª6FKQHOOHU©VFKULHLFK 'HUDQGHUH+XQGNDPLQJHZDOWLJHQ6SUQJHQYRQ1RUGHQGXUFKGHQ+RKOZHJ-HDQVWHFNWHGLH :DIIH]XUFNVFKOXJDXIGLH3IHUGHHLQXQGO|VWHGLH%UHPVH6FKOLQJHUQGXQGVFKQHOOHUZHUGHQG MDJWHGLH.XWVFKHGLHDEVFKVVLJH6WUD‰HKHUXQWHU7DLULULWWGLFKWKLQWHUGHU$FKVHLQHLQHU:RONH DXV6WDXE1DGHOQXQGKRFKJHVFKOHXGHUWHP/DXE ª9RUVLFKW'HU%DXP©EUOOWHLFKDXV/HLEHVNUlIWHQ 'HU 0DQQ PLW GHP GHU +XQG NlPSIWH WUDW PLW GHP )X‰ ZXFKWLJ JHJHQ GHQ $VW 'HU %DXP EHJDQQDQGHUJHNDSSWHQ6WHOOHNQLUVFKHQG]XEUHFKHQXQGQHLJWHVLFKODQJVDP,FK]LHOWHXQGVFKR‰ GHQ :HJHODJHUHU EHZX‰WORV -HDQ XQG 7DLUL VFKDXWHQ KRFK XQG HUNDQQWHQ GLH *HIDKU 'HU %DXPVWDPPZUGHJHQDXLQGHQ+RKOUDXPVWU]HQVHLQHbVWHPX‰WHQGLH.XWVFKH]HUVFKPHWWHUQ XQGGLH0HQVFKHQYHUOHW]HQ,FKVD‰ZLHHUVWDUUWLP6DWWHOXQGVDK]XZLHVLFKGHUIDOOHQGH lXP XQG GLH .XWVFKH HLQDQGHU QlKHUWHQ $OV GLH HUVWHQ bVWH PHLQH 6LFKW YHUVSHUUWHQ VDK LFK JHUDGHQRFKZLH7DLULLKU3IHUGVSRUQWHXQGGLH.XWVFKHEHUKROWH 6FKQHOOHUVFKULHPHLQ([WUDKLUQ 7DLUL ULWW MHW]W GLFKW QHEHQ GHQ JUR‰HQ 5lGHUQ (LQ HLQ]LJHU )HKOWULWW GHV 3IHUGHV ZUGH LKP GLH )‰HEUHFKHQGDV0lGFKHQDEZHUIHQXQGXQWHUGLH5lGHUVFKOHXGHUQ0HLQ+HU]VFKODJUDVWHGHU NDOWH6FKZHL‰EUDFKPLUDXV 'DQQ NUDFKWH GHU %DXP KHUXQWHU 6HLQH =ZHLJH SHLWVFKWHQ DXI GDV 'DFK GHU .XWVFKH bVWH NUDFKWHQXQGEUDFKHQVSOLWWHUQG'XPSIH*HUlXVFKHZDUHQ]XK|UHQ(LQH6WDXEZRONHZDOOWHDXI $OV LFK PHLQ 3IHUG KHUXPUL‰ XQG QDFK XQWHQ VWDUUWH NRQQWH LFK VHKHQ ZLH GLH .XWVFKH XQG GLH 5HLWHULQDXVGHU:RONHKHUYRUVFKRVVHQXQGLQGLHQlFKVWH.XUYHGHV+RKOZHJHVKLQHLQUDVWHQ ª'DVZDUYHUGDPPWNQDSS©PXUPHOWHLFKXQGIKOWHZLHPHLQH.QLH]X]LWWHUQEHJDQQHQ,FKULWW ODQJVDP ZHLWHU ELV GHU +DQJ ZHQLJHU VWHLO ZXUGH XQG ]ZDQJ GHQ 5DSSHQ GDQQ KLQXQWHU DXI GLH 6WUD‰H:LHGHUVFKOXJHLQ%OLW]LQGHU1lKHHLQ6HNXQGHQEUXFKWHLOHVSlWHUVFKPHWWHUWHGHU'RQQHU $OOHVHFKV3IHUGHVFKHXWHQZLHKHUQG 'HU +LPPHO ZDU LQ]ZLVFKHQ YRQ HLQHP WLHIHQ VFKZDU]HQ 7RQ 8QDEOlVVLJ ]XFNWHQ %OLW]H 'HU 



'RQQHU NUDFKWH DEHU HV UHJQHWH QLFKW 'LH .XWVFKH IXKU DXV GHP :DOG KLQDXV QlKHUWH VLFK GHU %UFNH XQG IXKU DXI HLQH 6FKHXQH PLW HLQHP YRUVSULQJHQGHQ 'DFK DXV +RO]VFKLQGHOQ ]X 'HU ZHL‰HJHNDONWH6WHLQGHV6RFNHOVOHXFKWHWHLP6FKHLQGHU%OLW]HDXI,FKEHUKROWHGDV*HVSDQQULWW VFKDUIDQGDV3IHUGGHV0lGFKHQVKHUDQXQGID‰WHQDFKGHU+DQG7DLULV ª,FKELQHUVFKURFNHQ©VDJWHVLHPLWHLQHPXQVLFKHUHQ/lFKHOQXQGVHW]WHVLFKLP6DWWHO]XUHFKW ª$EHUGDQQKDEHLFKHUNDQQWZDVLFK]XWXQKDWWH© ,KUH6WLPPHZDUKRFKXQG]LWWHUWH,FKOHJWHGHQ$UPXPLKUH6FKXOWHUQXQG]ZDQJGLH3IHUGH ODQJVDPHU ]X ZHUGHQ 'LH HUVWHQ GLFNHQ 7URSIHQ ILHOHQ hEHUDOO HUVFKLHQHQ NOHLQH )RQWlQHQ DXV 6WDXE 'LH .XWVFKH SROWHUWH EHU HLQH ODQJH HLQVDPH %UFNH DXV 6WHLQ XQG +RO]EDONHQ XQG IXKU VFKUlJDXIGLHYHUODVVHQH6FKHXQH]X*HQDXXQWHUGHP9RUGDFKKLHOW-HDQGLH3IHUGHDQ]RJGLH %UHPVHXQGVWLHJPLW]LWWHUQGHQ*OLHGHUQYRP.XWVFKERFNKHUXQWHU ,FKKDOIGHP0lGFKHQDXVGHP6DWWHOXQG]RJ7DLULDQPLFK ª'LH 0lQQHU GLH XQV EHUIDOOHQ KDEHQ© VDJWH LFK OHLVH XQG QDKP LKU GHQ VWDXEEHGHFNWHQ +XW YRP.RSIªVLQGDUPXQGDXVJHEHXWHW6LHUlFKHQVLFKIUGLH$XVEHXWXQJGXUFKGHQ$GHOLQGHP VLHGLH$GHOLJHQEHUIDOOHQ© -HDQKLHOWGLH3IHUGHIHVWXQGVDKPLFKDQ ª$EHUVLHEHUIDOOHQDXFKDQGHUH0HQVFKHQGLHQLFKWDGHOLJVLQG:DUWHQZLUGDV*HZLWWHUKLHU DE"© ª(VZLUGGDVEHVWHVHLQ©HQWJHJQHWHLFKª:LHZHLWLVWHVQRFKELV]XP+RIGHUHUYRQ'UR\GHQ"© ª(WZD]ZHL6WXQGHQ©VDJWH-HDQ :LU ZDUWHWHQ UXQG HLQH 6WXQGH =XHUVW WREWH VLFK GDV *HZLWWHU JHQDX EHU XQV DXV GDQQ ]RJ HV ZHLWHU$OVZLUZLHGHUORVIXKUHQUHJQHWHHVQXUQRFKOHLFKW:LUVD‰HQLQGHU.XWVFKHVDKHQDXV GHQ )HQVWHUQ KLQDXV XQG -HDQ KDWWH VLFK LQ PHLQHQ JUR‰HQ ZDVVHUGLFKWHQ 0DQWHO PLW GHP HLQJHZHEWHQ :DSSHQ JHKOOW 'LH 5HLWSIHUGH ZDUHQ DQ EHLGHQ 6HLWHQ GHV *HSlFNEUHWWHV DQJHEXQGHQ GLH +XQGH OLHIHQ YRU XQG KLQWHU GHU .XWVFKH 'LH 6WUD‰H VFKOlQJHOWH VLFK DOV KHOOHV %DQG ]ZLVFKHQ GHQ UHJHQQDVVHQ )HOGHUQ GDKLQ NDP DQ HLQH $E]ZHLJXQJ GHU ZLU IROJWHQ ,Q YHUZLWWHUWHQDOWHQ/HWWHUQVWDQGGRUW'UR\GHQ 'LH )UHPGHQ ZHUGHQ ZHLWHUJH]RJHQ VHLQ DEHU VLFKHU HUKlOVW GX ZLFKWLJH $XIVFKOVVH EHU VLH IOVWHUWHGHU([WUDVLQQ $OVLFKKHXWHNXU]YRUGHU/DQGXQJGHVYHUVWHFNWHQ*OHLWHUVPHLQH5RERWVRQGHQDEJHIUDJWKDWWH ZDUHQ GLH YLHU 9DJDEXQGHQ QRFK LP +DXV 'UR\GHQ JHZHVHQ ,Q]ZLVFKHQ PRFKWH VLFK HLQLJHV JHlQGHUWKDEHQ :LU EHWUDWHQ HLQHQ 6WDDW XQG HLQ /DQG GDV XQWHU GHU +HUUVFKDIW HLQHV .|QLJV ªYRQ *RWWHV *QDGHQ©VWDQG 'LH8QWHUVFKLHGHZDUHQEHUDOOGHXWOLFKVLFKWEDUJHZHVHQ:DVDXVGHU)HUQHZLHHLQSLWWRUHVNHV 'RUIDXVVDKZXUGHEHLQlKHUHU%HWUDFKWXQJ]XHLQHU$QVDPPOXQJYRQ$UPHQKlXVHUQ*HZDOWLJH 6WHXHUQ $EJDEHQ XQG 'LHQVWOHLVWXQJHQ IO|VVHQ LQ GLH 7DVFKHQ GHU /DQGEHVLW]HU XQG LQ GLH 6WDDWVNDVVH 'LHVH *HOGHU XQG /HLVWXQJHQ KLHOWHQ HLQH GQQH DEHU UFNVLFKWVORVH 6FKLFKW DQ GHU 0DFKW 6LHYHUN|USHUWHGLH.XOWXUXQGGHQ)RUWVFKULWWXQGKLHOWEHLGHVJOHLFKHUPD‰HQDXILQGHPVLHDOOHV IUVLFKEHDQVSUXFKWH±DEHUDXFKGDVNRQQWHLFKQLFKWlQGHUQ,FKPX‰WHPLFKDQSDVVHQZHQQLFK PHLQ=LHOHUUHLFKHQZROOWH'LHVHV=LHOKLH‰QDFKZLHYRU$5.21 8QG LFK ZUGH WXQ ZDV LFK NRQQWH XP LQ PHLQHU 8PJHEXQJ GDV /RV YRQ 8QWHUGUFNWHQ ]X HUOHLFKWHUQ 'HU5HJHQK|UWHDXINXU]QDFK6RQQHQXQWHUJDQJ$OVZLUGDV.OlIIHQYRQ+XQGHQK|UWHQZXUGH HV1DFKW:LUZDUHQYRUGHPDXVJHGHKQWHQ*XWVKRIDQJHNRPPHQ ª:HUGHQVLHXQVDXIQHKPHQ$WODQ"©IUDJWH7DLULEHVRUJW ª,FKKRIIHHV©VDJWHLFK (LQH7U|IIQHWHVLFK(LQH6LOKRXHWWHKREVLFKJHJHQGHQKHOOHQ+LQWHUJUXQGDE(LQHNUDIWYROOH 6WLPPHULHIEHUGHQ+RI ª:HUVHLG,KU)UHPGHU"© 



,FK VWLHJ DXV GHU .XWVFKH IKUWH 7DLUL QHEHQ PLU DXI GHQ /LFKWVFKHLQ ]X XQG HUNDQQWH HLQHQ KRFKJHZDFKVHQHQ VFKODQNHQ 0DQQ PLW EUHLWHQ 6FKXOWHUQ XQG ODQJHP +DDU GDV ELV ]X GHQ 6FKXOWHUQUHLFKWH ª0HLQ 1DPH LVW $WODQ GH O $UFRQ ,FK VXFKH GLH YLHU )UHPGHQ GLH (XUH *lVWH VLQG +HUU YRQ 'UR\GHQ©HUZLGHUWHLFK (UWUDW]XU6HLWHXQGPXVWHUWHXQVSUIHQG'DQQOlFKHOWHHUZREHLHUVFKOHFKWH=lKQH]HLJWH ª:LOONRPPHQ©VDJWHHUª$EHUGLH)UHPGHQVLQGEHUHLWVZLHGHUDXIGHP:HJQDFK0HOXQ© ª'UIHQZLUHLQWUHWHQ"©IUDJWH7DLULPLWLKUHPDN]HQWXLHUWHQ)UDQ]|VLVFK ª6HLGELWWHPHLQH*lVWH©DQWZRUWHWH+HUUYRQ'UR\GHQ 'LH )DPLOLH GHV +HUUQ YRQ 'UR\GHQ ]HLJWH VLFK JDVWIUHXQGOLFK DXIJHVFKORVVHQ XQG JHVSUlFKVEHUHLW XQG 7DLUL XQG LFK YHUWLHIWHQ XQVHUH .HQQWQLVVH YRQ /DQG XQG /HXWHQ YRQ GHQ VR]LDOHQ 6WUXNWXUHQ XQG GHP +RI ]X 9HUVDLOOHV 8QG YRQ GHQ YLHU )UHPGHQ 1DFK NXU]HU =HLW NDQQWHQZLUGLH1DPHQ 'Lp QDQQWH VLFK QXQ *DEULHOOH 'RUHDX 9HUJD ZDU ]X %HDWUL[ 9HUJDW\ JHZRUGHQ 1\GHU KDWWH VHLQHQ1DPHQLQ'LDQQRWGH-DUDJHlQGHUWXQG7UR\ZDU5R\HU$UFROD8QG,KUHUNOlUWHV=LHOZDU 9HUVDLOOHV 6LH ZROOWHQ GHQ *UR‰HQ .|QLJ GHQ 6RQQHQN|QLJ DOVR GHQ YLHU]HKQWHQ /XGZLJ NHQQHQOHUQHQ (VJHILHOLKQHQXQYRUVWHOOEDUJXWKLHUKDWWHQVLHJHVDJW $PQlFKVWHQ0RUJHQHUZDUWHWHQXQVHLQVWUDKOHQGHU+LPPHOHLQDXVJH]HLFKQHWHV(VVHQDXIGHU 7HUUDVVHGHVVFKOR‰lKQOLFKHQ*XWVKRIHVHLQH5HLKHDQJHQHKPHU*HVSUlFKHXQGHLQHHUVWDXQOLFKH 3HUVRQ (LQH HWZD VHFK]LJMlKULJH )UDX PLW NOXJHQ $XJHQ $QWRLQHWWH 'UR\GHQ GLH *UR‰PXWWHU GHV +DXVKHUUQ $XFKVLHZROOWHGHQ6RPPHULQXQPLWWHOEDUHU1lKHYRQ9HUVDLOOHVYHUEULQJHQHLQJH]ZlQJWLQGDV VWDUUH5HJOHPHQWGHVK|ILVFKHQ=HUHPRQLHOOV 0DFKHVLH]XGHLQHU)UHXQGLQIOVWHUWHHLQGULQJOLFKGHU/RJLNVHNWRU'XZLUVWGDQQDP+RIGHV .|QLJVHLQH9HUEQGHWHKDEHQGLHGLFKEHUDWHQNDQQ      :LUZDUHQUHLVHIHUWLJ 9RQ GHU 7HUUDVVH DXV VDKHQ ZLU ZLH GLH 'LHQHU XQG .QHFKWH GLH 3IHUGH DQVFKLUUWHQ XQG XQVHU *HSlFN IHVWVFKQDOOWHQ 9HUJOLFKHQ PLW DOOHQ DQGHUHQ 0HQVFKHQ GLH LFK LQ GHQ ZHQLJHQ 7DJHQ ELVKHUNHQQHQJHOHUQWKDWWHZDU$QWRLQHWWH'UR\GHQJHUDGH]XXQLYHUVDOJHELOGHW ª,Q GLHVHP -DKU ZLUG GLH 6FKOR‰NLUFKH YRQ 9HUVDLOOHV IHUWLJ© VDJWH 0DGDPH GH 'UR\GHQ ª8QG GDQQZHUGHQZLU/XOO\V&KDUSHQWLHUVXQGYLHOOHLFKWDXFKGLH:HUNHGHV'HXWVFKHQ%DFKGRUWK|UHQ N|QQHQ :X‰WHQ 6LH +HUU $WODQ GD‰ HLQ 3KLORVRSK YHUVXFKW KDW GLH 6SDOWXQJ GHU FKULVWOLFKHQ .LUFKHQZLHGHUDXI]XKHEHQ"© ª1HLQ©VDJWHLFKª$EHUZHULPPHUHVZDU±HUGUIWHGDPLWJHVFKHLWHUWVHLQ© 6LHQLFNWHXQGZHGHOWHPLWLKUHUVFKODQNHQ+DQGYRUPHLQHQ$XJHQ ª6RLVWHV/HLEQL]LVWJHVFKHLWHUW/HVWVHLQH7KHRGLFpHHLQEHPHUNHQVZHUWHV%XFK$XFKZHQQHV IUPHLQH$XJHQHLQNOHLQZHQLJ]XHQJJHGUXFNWLVW© ª'LHQDFKODVVHQGH*WH,KUHU$XJHQ0DGDPH©VDJWH7DLULXQGOlFKHOWHJUD]L|VªZLUGYRQGHUHQ 6FK|QKHLWLQGHQ6FKDWWHQJHVWHOOW© $QWRLQHWWHZDUILKUHLQHQEHUUDVFKWHQ%OLFN]X ª$UWLJ PHLQ .LQG© VDJWH VLH ª6HKU DUWLJ GDV .RPSOLPHQW ,KU ZHUGHW DP +RIH $XIVHKHQ HUUHJHQ*HEWJXWDXIVLHDFKW$WODQ'LH.DYDOLHUHZHUGHQVLFKXPVLHGXHOOLHUHQ© $XFKGLHVH*HIDKUVROOWHQLFKWXQWHUVFKlW]WZHUGHQZDUQWHGHU([WUDVLQQ ª,FKZHUGHVLHLQHLQGXQNOHV=LPPHUHLQVFKOLH‰HQ©YHUVLFKHUWHLFKODFKHQGª8QGQXUKLQ XQG 



ZLHGHUKHUDXVODVVHQ© 'LH YHUJDQJHQHQ 7DJH KDWWHQ PLU JH]HLJW ZLH VFKZHU HV IU PLFK VHLQ ZUGH PHLQ =LHO ]X YHUIROJHQXQGJOHLFK]HLWLJDQRQ\PLQGLH*HVFKHKQLVVHGLHVHV/DQGHVHLQ]XJUHLIHQ 6HLWGHU-DKUKXQGHUWZHQGHZDUHQLQDOOHQ7HLOHQGHU:HOWEHPHUNHQVZHUWH'LQJHJHVFKHKHQGLH LQLKUHU*HVDPWKHLWK|FKVWZLGHUVSUFKOLFKZDUHQXQGVFKOHFKW]XVDPPHQSD‰WHQ +DOOH\ KDWWH 0DJQHWIHOGNDUWHQ IU GLH 6FKLIIDKUW JH]HLFKQHW DEHU LQ 'HXWVFKODQG ZXUGHQ XQYHUKHLUDWHWH )UDXHQ EHVWHXHUW /HLEQL] JUQGHWH GLH 3UHX‰LVFKH $NDGHPLH GHU :LVVHQVFKDIWHQ JOHLFK]HLWLJKLHOWHQYLHOHª&KHPLNHU©QRFKGDV:DVVHUIUXPZDQGHOEDULQ(UGH +X\JHQV VFKlW]WH GLH (QWIHUQXQJ GHV 6LULXV RGHU +XQGVVWHUQV ± LFK NDQQWH GLHVH 6RQQH DXV GHQ 7DJHQLP$OWHQ5HLFKbJ\SWHQV±DXVVHLQHU+HOOLJNHLWDEHUEHUDOOLQ(XURSDGLHQWHGLH6lQIWHDOV 7UDQVSRUWPLWWHOIUYRUQHKPH0HQVFKHQ'HU%HJULIIGHUªFKHPLVFKHQ(OHPHQWH©ZXUGHSUl]LVLHUW :DKUVFKHLQOLFKNHLWVUHFKQXQJ ,QWHJUDOUHFKQXQJ XQG 'LIIHUHQWLDOUHFKQXQJ ZDUHQ EHNDQQW XQG+DOOH\KDWWHVRJDUGLH:LHGHUNHKUGHVQDFKLKPEHQDQQWHQ.RPHWHQEHUHFKQHW/HLEQL]IKUWH GHQ%HJULIIGHVª8QEHZX‰WHQ©HLQZDUIDEHUJOHLFK]HLWLJGHPJUR‰HQ,VDDN1HZWRQ3ODJLDWYRU,Q 9HUVDLOOHV XQG DQ YLHOHQ DQGHUHQ 6WHOOHQ XP 3DULV ZXFKVHQ GLH 3UXQNVFKO|VVHU DXV GHP %RGHQ $TXlGXNWH ZXUGHQ JHEDXW GRFK DP /RV GHU HLQIDFKHQ 0HQVFKHQ KDWWH VLFK QLFKW GDV JHULQJVWH JHlQGHUW 'LH $UPHQ EOLHEHQ DUP XQZLVVHQG XQG NUDQN XQG GLH 5HLFKHQ ZXUGHQ LPPHU UHLFKHU +LHULQ(XURSDVFKLHQHLQJLJDQWLVFKHU6WUXGHOVLFK]XGUHKHQGHUEHUGLH-DKUKXQGHUWHKLQZHJ VFKQHOOHU XQG VFKQHOOHU ZXUGH XQG LUJHQGZDQQ ]X HLQHU HFKWHQ *HIDKU ZHUGHQ NRQQWH 'HXWOLFK ZXUGHPLULQDOOGLHVHQ7DJHQZLHZLFKWLJHVZXUGHGD‰LFK$5.21HUUHLFKWH0HLQHYLHOIDFKHQ 'HQNDQVW|‰HKDWWHQVHOWHQGLH:LUNXQJHQJHKDEWGLHLFKEHDEVLFKWLJWH ª0DGDPH© VDJWH LFK OHLVH ªLFK ELQ VLFKHU GD‰ ZLU XQV LQ ZHQLJHQ :RFKHQ LQ GHU 1lKH YRQ 9HUVDLOOHV ZLHGHU WUHIIHQ ZHUGHQ ,FK EHDEVLFKWLJH PLFK GHP 6RQQHQN|QLJ DOV (UILQGHU XQG ,QJHQLHXUDQ]XELHWHQ© :LU YHUDEVFKLHGHWHQ XQV YRQHLQDQGHU (LQ QHXHU $EVFKQLWW GHU 5HLVH EHJDQQ 'LH )UHPGHQ EHDEVLFKWLJWHQHEHQIDOOVVLFKLQGHU1lKHYRQ9HUVDLOOHVRGHUJDULP6FKOR‰VHOEVWQLHGHU]XODVVHQ (VVFKLHQLKQHQDXIªPHLQHP©3ODQHWHQDXI/DUVDI,,,JXW]XJHIDOOHQ« 3HLWVFKHQNQDOOHQGXQGPLWDXVJHUXKWHQ3IHUGHQ]RJHQZLUVHLQHDEZlUWVGDYRQ 

  $OV ZLU XQV HLQ ZHQLJ VSlWHU GHP 6WlGWFKHQ 6FHDX[ QlKHUWHQ NDP +HFWRU EHOOHQG DXI PLFK ]XJHUDQQW(UJDEHLQEHVWLPPWHV6LJQDO -HPDQGQlKHUWVLFKHXFKVDJWHGHU([WUDVLQQ :LUGUHLZDUHQUHFKWJXWHU'LQJH:LUEHZHJWHQXQVGXUFKHLQHVFK|QH/DQGVFKDIWXQGMHPHKU ZLU XQV 3DULV QlKHUWHQ GHVWR GLFKWHU ZDU GDV /DQG EHVLHGHOW 6FKO|VVHU *XWVK|IH XQG NOHLQH 6LHGOXQJHQZXUGHQ]DKOUHLFKHUXQGVFK|QHUJHSIOHJWHU ª:DV KDW +HFWRU JHZROOW"© IUDJWH PLFK 7DLUL :LU ULWWHQ QHEHQHLQDQGHU ZHLW YRU GHU .XWVFKH GDKLQ ª(LQ5HLWHUNRPPWDXIXQV]X©HUNOlUWHLFK :LUVDKHQLKQHLQZHQLJVSlWHU'LFKWYRUXQV]JHOWHHUVHLQHQ6FKLPPHOXQGKREJU‰HQGGLH +DQG(LQMXQJHU0DQQQDFKGHP:DSSHQDXIVHLQHU-DFNHLP'LHQVWHLQHV$GHOLJHQ ª+HUU,KUVHLGQLFKW$WLDQGHO $UFRQ"© ª'RFKGHUELQLFK©VDJWHLFKª+DEW,KUHWZDVIUPLFK"© (UJULIILQVHLQHQEUHLWHQbUPHODXIVFKODJXQG]RJHLQHQYHUVLHJHOWHQ%ULHIKHUYRU ª(LQH%RWVFKDIWIU(XFKYRQPHLQHP+HUUQ9LFRPWHGH)OHXU\© ,FKKLHOWPHLQHQ5DSSHQDQXQGEUDFKGDV6LHJHODXIIDOWHWHGDVGLFNH3DSLHUDXVHLQDQGHU,QHLQHU 6FKULIWGLHHLQHKDUWHXQJHVFKXOWH+DQGJHVFKULHEHQKDEHQPRFKWHVWDQG]XOHVHQ +HUU$WODQGHO $UFRQ(XFKGLHEHVWHQ*U‰H,KUXQG(XUHHQW]FNHQGH)UHXQGLQVHLGPLUYRQ 0DGDPH$QWRLQHWWHGH'UR\GHQHPSIRKOHQZRUGHQ,FKZHL‰,KUVHLGDXIGHP:HJQDFK9HUVDLOOHV ,FKP|FKWH(XFKHLQODGHQEHLPLU$XIHQWKDOW]XQHKPHQHLQH-DJGLQPHLQHQ)RUVWHQXQGHLQ)HVW 



PLWK|ILVFKHU0XVLNZLUG(XFKGHQ$XIHQWKDOWYHUVFK|QHUQ%LWWHIROJWGHP%RWHQZHQQ,KUQLFKWV 'ULQJHQGHUHV]XWXQKDEW :LOONRPPHQLQPHLQHP6FKOR‰]X6FHDX[ 1LFRODV9LFRPWHGH)OHXU\ ,FKQLFNWHODQJVDP ª:LUIROJHQ(XFKMXQJHU0DQQ©VDJWHLFKª,KUKDEWQRFKDQGHUH*lVWH"© 0HLQH NXU]H )UHXQGVFKDIW PLW GHU DOWHQ 'DPH KDWWH DOVR EHUHLWV HUVWH )UFKWH JHWUDJHQ 0HLQH (U]lKOXQJHQ DXV HLQHP /DQG GDV QLHPDQG VR UHFKW ]X NHQQHQ VFKLHQ PX‰WHQ HLQH (PSIHKOXQJ JHZHVHQVHLQ ª$QGHUH XQG HEHQVR ZHLWJHUHLVWH *lVWH© VDJWH GHU %RWH ª,Q GUHL 6WXQGHQ VLQG ZLU LP 6FKOR‰ %LWWHUHLWHWPLUQDFK© (UKREZLHGHUGLH+DQGXQGULWWYRUDXV,FKJDE-HDQJHQDXH$QZHLVXQJHQXQGVHW]WHGLH6SRUHQ HLQ 1DFK NXU]HU =HLW ZLFKHQ ZLU YRQ GHU 6WUD‰H DP UHFKWHQ 6HLQHXIHU DE NDPHQ DXI HLQHQ QXU VFKZDFKDQJHGHXWHWHQ:HJGHULQYHUZLUUHQGHQ.XUYHQXQG6FKOHLIHQDP:DOGUDQGYRUEHLIKUWH (QGOLFKHUZHLWHUWHVLFKGLH/DQGVFKDIWGLH%lXPHWUDWHQ]XUFNXQGPDFKWHQHLQHUEUHLWHQ6FKQHLVH 3ODW]6LHZDUGDGXUFKJHVFKDIIHQZRUGHQGD‰PDQYRU-DKUHQRGHUQRFKOlQJHUHU=HLWVlPWOLFKH %lXPH ELV ]X HLQHU *UHQ]H JHIlOOW XQG GHQ GD]ZLVFKHQOLHJHQGHQ 6WUHLIHQ HLQJHHEQHW XQG QHX EHSIODQ]WKDWWH,QGHU0LWWHGHU6FKQHLVHOLHIGDVGRSSHOWH%DQG]ZHLHU.DQlOHHQWODQJ,P:DVVHU VSLHJHOWHVLFKGLH9RUGHUIURQWHLQHVNOHLQHQ6FKORVVHV(VVDKDXVQHKPHQGLG\OOLVFKDXV 7DLULVFKLHQKLQJHULVVHQ]XVHLQ6LHVWUDKOWHGHQ%RWHQXQGPLFKDQXQGHUNOlUWHVLHKDEHQRFK QLHPDOVVRHWZDV6FK|QHVJHVHKHQ ª'DVLVWGDV6FKOR‰GHV+HUUQYRQ)OHXU\©ULHIGHU%RWH ª(V VLHKW ZXQGHUEDU DXV© VWLPPWH LFK ]X (LQH JHZLVVH %HNOHPPXQJ EHVFKOLFK PLFK :DKUVFKHLQOLFK ZUGH LFK LQ NXU]HU =HLW GHQ )UHPGHQ JHJHQEHUVWHKHQ 6LH ZDUHQ LQ ZHLW JHULQJHUHP 0D‰ DOV LFK RGHU ZLU EHODVWHW ,KQHQ VFKLHQ QLFKW YLHO GDUDQ JHOHJHQ ]X VHLQ GHQ 3ODQHWHQ]XYHUODVVHQ ª(VLVWZXQGHUEDU9ROOHUVFK|QHU'LQJH8QGKHXWHYROOHU*lVWHDXVGHU8PJHEXQJ«GLH-DJG XQGGDV)HVW+HUU© :LUERJHQVFKDUIQDFKUHFKWVDEXQGNDPHQDQ%OXPHQEHHWHQYRUEHLGLH)DUEHQXQG)RUPHQYRQ 2UQDPHQWHQ]HLJWHQ=ZLVFKHQLKQHQEHIDQGHQVLFK:HJHDXVZHL‰HP.LHV'LH1DWXUZDUKLHULQ HLQHP0D‰XPJHVWDOWHWXQGPDQLSXOLHUWZRUGHQGDVLFKQLFKWJDQ]EHJULII:DUHVGHU9HUVXFKGLH 1DWXU GHQ HUIXQGHQHQ 6WLOHOHPHQWHQ XQWHU]XRUGQHQ" 2GHU ZROOWH VLFK KLHU HLQH K|KHUH 2UGQXQJ ]HLJHQ" (QWODQJ GHU %lXPH GHUHQ :LSIHO DXVVFKOLH‰OLFK JHUDGH .DQWHQ ]HLJWHQ ZLH DXFK GLH +HFNHQVWREHLQH*UXSSHYRQ5HLWHUQ ª,KUZHUGHWHUZDUWHW+HUU©VDJWHGHU%RWHODXW :LU IXKUHQ XQG ULWWHQ GXUFK GHQ :DOG EHU HLQLJH NOHLQH %UFNHQ GXUFK HLQH $QVDPPOXQJ ]LHUOLFKHU +lXVFKHQ LQ GHQHQ ZLH PLU -HDQ HUNOlUWH GLH 'LHQHU XQG *lUWQHU ZRKQWHQ LQ HLQHP JUR‰HQ%RJHQDXIGHQNLHVEHGHFNWHQ3ODW]YRUGHP3RUWDO]X(LQHEUHLWH7UHSSHIKUWHKLQDXIYRQ VWHLQHUQHQ *HOlQGHUQ XQG VFKPLHGHHLVHUQHQ /HXFKWHQ IODQNLHUW 'LHQHU VWDQGHQ GD XQG OLHIHQ DXI XQV]XDOVZLUKHUDQNDPHQ ª'HU+HUUYRQ)OHXU\©VDJWHGHU%RWH]RJVHLQHQ+XWXQGGHXWHWHDXIHLQHQPLWWHOJUR‰HQ0DQQLQ GHU 7UDFKW GLHVHU =HLW (U VDK DXV ZLH HLQ /DQGHGHOPDQQ GHVVHQ HLQ]LJH ,QWHUHVVHQ GLH -DJG GDV 7ULQNHQ XQG GLH )UDXHQ ZDUHQ 1LFRODV GHU 9LFRPWH YRQ )OHXU\ NDP VFKUlJ GLH EUHLWHQ ZHL‰HQ 7UHSSHQKHUXQWHUXQGHLOWHDXI7DLUL]X(UYHUEHXJWHVLFKKDOEJDODQWKDOEK|O]HUQXQGVDJWH ª,KUP‰WMHQHVVFK|QVWH0lGFKHQVHLQYRQGHP$QWRLQHWWHPLUEHULFKWHQOLH‰:LOONRPPHQ© 6LHOLH‰VLFKYRQLKPDXVGHP6DWWHOKHOIHQ'LHQHUEUDFKWHQ.XWVFKHXQG3IHUGHZHJ:LUGUHL VWDQGHQDXIGHPZHLWHQ3ODW]YRUGHU)UHLWUHSSH/DQJVDPVDKLFKPLFKXPXQGEHPHUNWH ª(XHU%HVLW]LVWHLQH3HUOHGHU/DQGVFKDIW+HUU(LQZDKUHV.OHLQRG© ª,KUVFKPHLFKHOW©HUZLGHUWHHUODFKHQGª0HLQH)UHXQGLQ$QWRLQHWWHYRQ'UR\GHQVDJWHPLU,KU N|QQWHW ZLOGH XQG DEHQWHXHUOLFKH *HVFKLFKWHQ DXV GHP /DQG HU]lKOHQ DXV GHP LKU NRPPW 'DV ZLUGGLH.DPLQUXQGHEHUHLFKHUQ© 



:LU WDXVFKWHQ HLQH 5HLKH YRQ $UWLJNHLWHQ DXV ZlKUHQG XQV )OHXU\ ]X GHQ ZHLW JH|IIQHWHQ 7RUIOJHOQKLQDXIIKUWH'DV6FKOR‰ZDUYRQHLQHUDXVJHODVVHQHQ0HXWHYRQ0HQVFKHQHUIOOWYRQ EHUDOOKHUK|UWHLFK)OFKHXQG*HOlFKWHU.OLUUHQYRQ*OlVHUQXQG3RNDOHQ6FKULWWHXQGHLQ]HOQH 7DNWHEDURFNHU0XVLN:LUWUDWHQHLQXQGZXUGHQDEHUPDOVEHJU‰W(VVFKLHQPLUDOVREDOOHGLH NOHLQHQ/DQGHGHOOHXWHPLWHLQDQGHUZHWWHLIHUWHQXPGLH/HEHQVDUWDP+RIHYRQ9HUVDLOOHVLQLKUHQ 6FKO|VVHUQQDFK]XDKPHQ :LUZXUGHQPLQGHVWHQVVLHE]LJ0HQVFKHQYRUJHVWHOOWHVZDUHLQ4XHUVFKQLWWGHV$GHOV]ZLVFKHQ 3DULV XQG 1HPRXUV 'DQQ JHOHLWHWH PDQ XQV LQ XQVHUH =LPPHU GLH LP HUVWHQ 6WRFN ODJHQ (LQ EUHLWHU%DONRQYHUOLHIYRUGHQKRKHQVFKPDOHQ)HQVWHUWUHQXQG]HLJWHHLQHQ$XVEOLFNLQGHQ3DUN 7DLULOHKQWHVLFKQHEHQPLUDQGLH%UVWXQJXQGVDKLQGHQ3DUNKLQXQWHULQGHPHLQ]HOQH*UXSSHQ VWDQGHQRGHUVSD]LHUWHQ ª6LH JOHLFKHQ )LJXUHQ DXI GHP 6FKDFKEUHWW 'LHVH )UDX GRUW QHEHQ GHP 6RFNHO PLW GHU 8UQH GDUDXI«VLHLVWVHKUVFK|Q© )QI]HKQ0HWHUVFKUlJXQWHUXQVOHKQWHHLQHVFKODQNHKRFKJHZDFKVHQH)UDX 'DV DXVJHVFKQLWWHQH .OHLG GDV VLH WUXJ EUDFKWH +DOV 6FKXOWHUQ XQG 'HNROOHWH GHXWOLFK ]XU *HOWXQJ'DV+DDUYRQHLQHPHLJHQWPOLFKHQ+HOOEUDXQZDUKRFKJHVWHFNW ª6LHLVWVFK|Q6LHEHVLW]WGLH6FK|QKHLWGLHDXVGHU)UHPGHNRPPW©VDJWHLFKOHLVHª(VLVW'Lp GLHVLFKMHW]W*DEULHOOH'RUHDXQHQQW'LH)UHPGHQVLQGDOVRKLHU© ª,FKYHUVWHKH©IOVWHUWH7DLULª'DV6SLHOKLQWHUGHQ.XOLVVHQEHJLQQW© ª-HW]WXQGKLHU©VDJWHLFK 9RUVLFKW'XZHL‰WZDVIUGLFKXQGHXFKDXIGHP6SLHOVWHKWZDUQWHGHU/RJLNVHNWRU ,PVHOEHQ$XJHQEOLFNKRE*DEULHOOHGHQ.RSIXQGVDKXQVDXIGHP%DONRQVWHKHQ,FK]RJPHLQHQ +XW XQG YROOIKUWH HLQH NRPSOL]LHUWH *HVWH GHU +|IOLFKNHLW 6LH QLFNWH OlFKHOQG GDQQ ZXUGH LKUH $XIPHUNVDPNHLW7DLULJHIHVVHOW%HLGH)UDXHQZHFKVHOWHQHLQHQ ODQJHQLQWHQVLYHQ%OLFN7DLULVDJWHVROHLVHGD‰QXULFKHVK|UHQNRQQWH ª6LHKDWPLFKHUNDQQW$WODQ© ,FKOlFKHOWHKLQXQWHUXQGHUZLGHUWH ª1LHPDQG NHQQW XQV 1LHPDQG ZHL‰ ZHU ZLU VLQG 1XU LFK NDQQ XQWHUVFKHLGHQ ZHU %HZRKQHU GLHVHV3ODQHWHQLVWXQGZHUDXVGHP:HOWUDXPNRPPW© (QGOLFK GUHKWH 'Lp*DEULHOOH ZLHGHU GHQ .RSI XQG ZLQNWH HLQHP 'LHQHU GHU HLQ 7DEOHWW PLW JHIOOWHQ 3RNDOHQ WUXJ 'HU OHW]WH %OLFN GHU $X‰HULUGLVFKHQ KDWWH PHLQHP VFKXOWHUODQJHQ ZHL‰HQ +DDU JHJROWHQ LFK WUXJ EODXJUDX JHIlUEWH +DIWVFKDOHQ XP GLH U|WOLFKH )DUEH PHLQHU $XJHQ ]X WDUQHQ 'LHQHUEUDFKWHQXQVHU*HSlFN 'HU +DXVKHUU HUVFKLHQ PLW VHLQHU )UDX HLQHU GHUEHQ ElXHUOLFKHQ 6FK|QKHLW GLH VLFK LQ .OHLGHU JH]ZlQJW KDWWH GLH LKU QLFKW VWDQGHQ 6LH RUGQHWHQ DQ VFKHXFKWHQ GLH %HGLHQVWHWHQ KHUXP XQG OLH‰HQ XQV VFKOLH‰OLFK DOOHLQ :LU ZDUHQ HLQJHODGHQ LQ HLQLJHQ 6WXQGHQ DP $EHQGHVVHQ WHLO]XQHKPHQ 8QWHQVWLPPWHQ0XVLNHULKUH,QVWUXPHQWH ª(VLVWQXUHLQH6WDWLRQDXIGHP:HJ]XPN|QLJOLFKHQ+RIQLFKWZDKU"©IUDJWH7DLULZlKUHQGLFK LKUKDOIGLH5HLWVWLHIHODXV]X]LHKHQ ª-D1LFKWPHKUDEHUDXFKQLFKWZHQLJHUZLFKWLJ©VDJWHLFKQDFKGHQNOLFKXQGZDUIPHLQHQ+XW DXIHLQHQ6HVVHOª+LHUZHUGHQZLUHLQLJHXQVHUHU)UHXQGHNHQQHQOHUQHQ$XFKGLH)UHPGHQZROOHQ QDFK9HUVDLOOHV-HHKHULFKPLWLKQHQ.RQWDNWEHNRPPHGHVWREHVVHU©      'LH1DFKWNDP'HU3DUNGHV6FKORVVHVZXUGHYRP0RQGOLFKWEHUJ|VVHQ1DFKGHP7DLULXQGLFK LQGHPULHVLJHQ3UXQNEHWWKLQWHUGHQKHUXQWHUJHODVVHQHQ9RUKlQJHQHLQLJH=HLWJHVFKODIHQKDWWHQ 



]RJHQZLUXQVODQJVDPXP,FKKDWWHHVEHIUFKWHW'LHK\JLHQLVFKHQ$QODJHQZDUHQPHKUDOVQXU GUIWLJ$XVXQVHUHPUHLFKKDOWLJHQ*HSlFNVXFKWHQZLU.OHLGXQJKHUYRUGLHGH]HQWDEHUZHUWYROO ZDU $XI DOOH )lOOH ZUGH XQVHU *HVFKPDFN $XIUHJXQJHQ YHUXUVDFKHQ ,P 3DUN ZDU HV VWLOO JHZRUGHQQXUHLQSDDU:LQGOLFKWHUEUDQQWHQXQGVFKXIHQZLQ]LJH,QVHOQGHU+HOOLJNHLW'LH*OXW LP .DPLQ VWUDKOWH ZRKOWXHQGH :lUPH DXV XQG GLH .HU]HQ IODFNHUWHQ LQ HLQHP OHLFKWHQ /XIW]XJ 8QWHUXQVVFKLHQVLFKGDVJHVDPWH+DXVDXIGDV(VVHQYRU]XEHUHLWHQ ª:DUXPJHKVWGXQLFKWHLQIDFKDXIGLH)UHPGHQ]XVDJVWLKQHQZHUGXELVWXQGZDVGXZLOOVW"© IUDJWH7DLULXQG]RJVLFKHLQHQ6FKXKPLWKRKHP$EVDW]DQ ,FKKDXFKWHGDV/HGHUGHV:DIIHQJHKlQJHVDQSROLHUWHHVPLWGHPbUPHOXQGHUZLGHUWH ª,FK KDEH LPPHU ZLHGHU GLH (UIDKUXQJ JHPDFKW GD‰ LQ GLHVHQ )lOOHQ GHU GLUHNWH :HJ GHU VFKOHFKWHVWH LVW ,FK PX‰ GHQ HLQPDOLJHQ JQVWLJHQ $XJHQEOLFN DEZDUWHQ 'Lp 7UR\ XQG LKUH )UHXQGHZUGHPHLQH(U|IIQXQJHQIUHLQHQGXPPHQ6FKHU]KDOWHQ© ª,FKYHUVWHKH'HU:HJ]XP5DXPVFKLIIIKUWDOVRVLFKHUEHU9HUVDLOOHV"© ª6RLVWHV©VDJWHLFK *U|‰WH6NHSVLVLVWDQJHEUDFKWVDJWHPHLQ([WUDKLUQ'XNHQQVWGLH)UHPGHQJXWDEHUQLFKWJXW JHQXJ'HQNHDQGLH]DKOUHLFKHQ)HKOVFKOlJH ª'LHQHU ZHUGHQ XQV ]X 7LVFK ELWWHQ© VDJWH 7DLUL ª*LEW HV HWZDV ZRUDXI LFK EHVRQGHUV DFKWHQ PX‰"© ,FKVFKWWHOWHGHQ.RSI,QDOOHQGLHVHQYHUZRUUHQHQ6WXQGHQXQG7DJHQZDUHQ0lGFKHQZLH7DLUL HLQ/LFKWEOLFNXQGHLQH(UKROXQJ ª1HLQ 9HUKDOWH GLFK QDWUOLFK XQG DEZDUWHQG XQG DOOHV LVW NODU© VDJWH LFK XQG VFKRE HLQH +DDUVWUlKQH YRQ LKUHP 2KU QDFK KLQWHQ 7DLUL VDK ZLH LPPHU KLQUHL‰HQG DXV ,KU .OHLG ZDU ]XJOHLFKUDIILQLHUWXQGHLQIDFKDQJHJOLFKHQGHUEHKHUUVFKHQGHQ0RGHXQGGHQQRFKIUHPGDUWLJ )U PHLQH .OHLGXQJ JDOW GDVVHOEH 'LH EHLGHQ NQVWOLFKHQ -DJGKXQGH ODJHQ YRU GHP .DPLQ :LHGHUHUJULIISLFKHLQ*HIKOGHU8QUXKHXQGGHU8QVLFKHUKHLW:LH VROOWHLFKYRUJHKHQ",FKKDWWHHVPLWYLHU5DXPIDKUHUQYRQHUVWDXQOLFKHU%HJDEXQJ]XWXQ ª:LHGDVNOLQJW±DOOHVLVWNODU©VDJWHGDV0lGFKHQ ª:HQQ LFK GLHVHQ 3ODQHWHQ YHUODVVHQ NDQQ XP PLW HLQHU $5.21)ORWWH ]XUFN]XNRPPHQ KDW VLFKMHGHU(LQVDW]JHORKQW©DQWZRUWHWHLFK :LUNDPHQLQHLQHQ.RUULGRUXQGEHWUDWHQDQGHVVHQ(QGHHLQSUlFKWLJHV7UHSSHQKDXV9RQXQWHQ NDP /lUP KHUDXI HLQ *HUXFK QDFK VFKZHOHQGHP +RO] XQG DOOHQ P|JOLFKHQ 6SHLVHQ VFKOXJ XQV HQWJHJHQDOVZLUGLHOHW]WHQ6WXIHQLQGHQJUR‰HQ6DDOKLQXQWHUJLQJHQ ª,KUVHKWZHLWJHUHLVWXQGIUHPGDXV+HUU$WODQDEHU(XUH%HJOHLWHULQLVWHLQH$XJHQZHLGH© +HUUYRQ)OHXU\VWDQGYRUXQVHLQHQ%HFKHULQGHU+DQG+LQWHULKPGUlQJWHQVLFKGLH*lVWH,FK OlFKHOWH XQG VDK PLFK XP 6FKRQ QDFK NXU]HU =HLW NRQQWH LFK GLH NRVPLVFKHQ 9DJDEXQGHQ HUNHQQHQ,KUHVFKODQNHQ*HVWDOWHQEHUUDJWHQGLHEULJHQ*lVWH 'LH $GHOLJHQ KLHU HQWVWDPPWHQ GHU JHVDPWHQ 8PJHJHQG (V ZDUHQ HLQIDFKH 0HQVFKHQ GHUHQ /HEHQVLQKDOWGLH-DJGZDUGDV7ULQNHQXQGMHGH)RUPGHU8QWHUKDOWXQJ1XUGLHZHQLJVWHQNRQQWHQ VFKUHLEHQ XQG OHVHQ XQG GLH $Q]HLFKHQ HLQHU KRKHQ .XOWXU GLH LFK IHVWJHVWHOOW KDWWH ZDUHQ DXI ZHQLJH(LQ]HOSHUVRQHQEHVFKUlQNW8P3DULVHEHQVRZLHDQYLHOHQDQGHUHQ6WHOOHQGLHVHV3ODQHWHQ 'HU /lUP GHV (VVHQV XQG GHU YLHOHQ *HVSUlFKH EHUW|QWH PKHORV GLH 0XVLN ,UJHQGZDQQ DQ GLHVHP $EHQG QDFKGHP GLH 7LVFKH DEJHUlXPWZDUHQEHJDEHQ7DLULXQGLFKXQVLQGLH1lKHGHU )UHPGHQ 'Lp*DEULHOOH VDK XQV NRPPHQ QLFNWH 9HUJD ]X XQG PDFKWH GUHL 6FKULWWH LQ XQVHUH 5LFKWXQJ ª6LHK DQ© VDJWH VLH LQ WDGHOORVHP )UDQ]|VLVFK ªGHU *DVW PLW GHP H[RWLVFKHQ +DDU XQG GHU IUHPGDUWLJHQ)UHXQGLQ© ,FKN‰WHLKUH+DQGVWHOOWH7DLULYRUXQGHUZLGHUWH ª(XUH 6FK|QKHLW LQVEHVRQGHUH GLH (XUHV 6FKZDQHQKDOVHV© VDJWH LFK XQG YHUVXFKWH QLFKW DOO]X VDUNDVWLVFK]XZLUNHQªLVWVRDXIIlOOLJGD‰ZLUGDQDFKKXQJHUQ(XFKNHQQHQ]XOHUQHQ© ª'LHZHLWH5HLVHDXVGHP/DQGLQGHPHV0HQVFKHQPLWZHL‰HP+DDUJLEWVFKHLQW(XUH5HGH JHZDQGWJHPDFKW]XKDEHQ© 



ª*HZDQGKHLW GHU 5HGH NDQQ N|USHUOLFKH 6FK|QKHLW VHOWHQ DXI ZLHJHQ XQG VFKRQ JDU QLFKW HUVHW]HQ©VDJWHLFKª:RKHUNRPPW,KU",FKK|UWHGD‰(XUH*UXSSHDXVYLHU3HUVRQHQEHVWHKW"© ª:LUNRPPHQDXVHLQHP5HLFKZHLWLP2VWHQ5X‰ODQG:LUVLQGKLHUXPGLH6LWWHQDP+RIGHV PlFKWLJVWHQ.|QLJV]XVWXGLHUHQ© ª'DVIJWVLFKZXQGHUEDU©PHLQWHLFKEHJHLVWHUWª$XFKZLUZROOHQQDFK9HUVDLOOHV,FKP|FKWH PLFKEHL+RIDOV(UILQGHUXQG0DQQIUDOOH*HOHJHQKHLWHQYRUVWHOOHQ© 6LH ]XFNWH ]XVDPPHQ 'LH GUHL DQGHUHQ 3HUVRQHQ VFKOHQGHUWHQ KHUDQ XQG VDKHQ PLFK HEHQVR SUIHQG DQ 7DLUL QDKP PHLQHQ $UP XQG LFK ZLQNWH HLQHP 'LHQHU GHU :HLQEHFKHU DXI HLQHP 7DEOHWWYRUEHLWUXJ 9RUVLFKW 6LH YHUVXFKHQ GLFK ]X DQDO\VLHUHQ 'X ELVW IU VLH HEHQIDOOV HLQ )UHPGHU ZDUQWH GHU ([WUDVLQQ :LUELOGHWHQHLQHNOHLQHVWLOOH*UXSSHLQPLWWHQGHV7UXEHOV ª,KUVHLG(UILQGHU":DVHUILQGHW,KUIUJHZ|KQOLFK"©HUNXQGLJWHVLFK*DEULHOOHGDQQ ª'LHVXQGMHQHV0DVFKLQHQXQGNKQH*HGDQNHQQHXH7HFKQLNHQXQGDOOHVZDVGHQ0HQVFKHQ KLOIW EHVVHU ]X OHEHQ XQG LKUH :HOW VFKQHOOHU XQG JUQGOLFKHU ]X HUNHQQHQ 1XU ELQ LFK NHLQ =DXEHUHU© ª:HULVWGDVVFKRQ©VDJWH1\GHUOHWKDUJLVFK :LUVDKHQHLQDQGHULP/LFKWGHVIODFNHUQGHQ.DPLQIHXHUV DQ (LQ 'LHQHU NDP XQG VWHOOWH HLQHQ /HXFKWHUDXIHLQHQQLHGULJHQ7LVFKPLWJHVFKZXQJHQHQ)‰HQ6LHWUDXWHQPLUQLFKWGLHYLHU/HXWH DXV GHP :HOWUDXP $XFK LKUH .OHLGXQJ ZDU VWLOYROO XQG WHXHU DEHU LP 6FKQLWW XQG LQ GHQ 9HU]LHUXQJHQ XQYHUNHQQEDU IUHPG XQG H[RWLVFK (LQH JXWH 7DUQXQJ ± HEHQVR JXW ZLH PHLQH ME ª'DQQ ZHUGHW ,KU (XFK PLW 5R\HU $UFROD GXHOOLHUHQ PVVHQ© VDJWH *DEULHOOH XQG LKUH $XJHQ OHXFKWHWHQDXI ª:DUXP"©IUDJWH7DLUL ª:HLO DXFK 5R\HU HLQ (UILQGHU LVW© HUNOlUWH 9HUJD RGHU %HDWUL[ 9HUJDW\ ª(U ZLOO GHP .|QLJ ]HLJHQZLHPDQNKQHUHXQGEHVVHUH3DOlVWHEDXHQNDQQ© ª,FK ZHUGH QLFKW NRQNXUULHUHQ© YHUVSUDFK LFK ª(V ZlUH YLHOOHLFKW QLFKW XQHUVSULH‰OLFK ]XVDPPHQ]XUHLVHQ,FKVFKlW]H,KUVHLGIU|KOLFKH0HQVFKHQXQGLFKODFKHDXFKJHUQ©VDJWHLFK ª(XHU:RKOVFK|QVWH*DEULHOOH© 6LHOlFKHOWHPLUEHUGHQ5DQGGHV3RNDOVKLQZHJ]XDEHULKUH$XJHQEOLHEHQHUQVW ª'RUWZRKHU,KUNRPPW±JLEWHVYLHOH0HQVFKHQZLH(XFK"©IUDJWH'LDQQRWG -DUD ª1HLQ©HUZLGHUWHLFKª1XUZHQLJH8QGGDYRQZLHGHUXPWUDXHQVLFKQXUHLQSDDUODQJH5HLVHQ ]XPDFKHQ$XIZHOFKHP:HJVHLG,KUJHNRPPHQ"© 6LHVFKZLHJHQYHUEOIIWGDQQZDUI5R\HUHLQ ª=X6FKLII8QGGDQQDXIGHP/DQGZHJ© ,FKQLFNWH ,P JOHLFKHQ $XJHQEOLFN VWHOOWH VLFK PLU GLH )UDJH RE LFK VLH ± PLFK YHUVWHOOHQG ± DXI GDV 5DXPVFKLIIDQVSUHFKHQVROOWHGDV]ZLVFKHQXUDOWHQ%lXPHQYHUERUJHQZDU/DQJHZUGHHVQLFKW XQHQWGHFNWEOHLEHQ6ROOWHLFKVROOWHLFKQLFKW" :DUWHDE(VLVWGDV.OJVWHVDJWHGHU/RJLNVHNWRU ª'DVLVWGHUEOLFKH:HJ$XILKPNDPHQDXFKZLU©VDJWH7DLULª:HQQLFKXQK|IOLFKELQXQG 9HUJOHLFKHDQVWHOOH«GLH*lVWHGLHVHV+DXVHVVLQGHLQJHZLVVHU*HJHQVDW]]XGHU%DXNXQVWXQG GHU$XVVWDWWXQJ6LHEHQHKPHQVLFKZLHUHLFKH%DXHUQLQHLQHP.|QLJVVFKOR‰6LHVLQGLKUHUVHOEVW QLFKW VLFKHU XQG DXV GLHVHP *UXQG VROO ZLH LFK K|UWH DXFK GDV DXVJHIHLOWH =HUHPRQLHOO LQ 9HUVDLOOHV HQWZRUIHQ ZRUGHQ VHLQ 8QG HV VLQG NDXP NOXJH 0HQVFKHQ XQWHU LKQHQ $X‰HU XQV QDWUOLFK© ,FK PX‰WH JHZDOWVDP HLQHQ /DFKDQIDOO XQWHUGUFNHQ DOV LFK GLH HUVWDXQWHQ *HVLFKWHU GHU NRVPLVFKHQ 9DJDEXQGHQVDK6LHKDWWHQGDV0lGFKHQHLQGHXWLJXQWHUVFKlW]WXQGZXQGHUWHQVLFKMHW]W(WZDV ZLH6WDXQHQRGHU5HVSHNWNDPLQGLH*HVLFKWHUYRQ'LpXQG9HUJD7UR\EH]LHKXQJVZHLVH'LDQQRW EFNWHVLFKKREPHLQHQ'HJHQDQXQGVDJWH 



ª(LQHHUVWDXQOLFKJXWH:DIIHhEHUKDXSWLVWGLH:DIIHQNXOWXULQGLHVHP/DQGVHKUKRFK© ,FK ]RJ GHQ 'HJHQ XQG EHZHJWH YRUVLFKWLJ GLH 6FKQHLGH /LFKWUHIOH[H KXVFKWHQ EHU GHQ IHLQ EHDUEHLWHWHQXQG]LVHOLHUWHQ$UNRQVWDKO7UR\VDKPLFKIDVWQHLGLVFKDQXQGPXUPHOWHOHLVH ª(LQVFK|QHV6WFN:RKHUKDEW,KUVLH"© ,FKGDFKWHDQGLHGUHL(UVDW]NOLQJHQLQPHLQHP*HSlFNXQGDQWZRUWHWH ª6LH ZHUGHQ YRQ HLQHP 6FKPLHG LQ PHLQHU +HLPDW JHIHUWLJW (LQ VFKODQNHU 0DQQ PLW HLQHP ZHLFKHQ*HVLFKWXQGJHVFKLFNWHQ)LQJHUQ© ª'DUILFKVLHVHKHQ"© ª*HUQ© 'LH*UXSSHJLQJLQGLH1lKHGHV/HXFKWHUVXQGEHZXQGHUWHGLH:DIIHGLHOHLFKWHUXQGEHVVHUZDU DOVDOOHU6WDKOLQ)UDQNUHLFK3O|W]OLFKGXUFK]XFNWHPLFKHLQIDVWXQYHUQQIWLJHU*HGDQNH,FKVDJWH ª,KUN|QQWIHFKWHQ+HUUYRQ-DUD"© 'LDQQRWZDQGWHVLFKXPXQGPDFKWHHLQLJH6FKHLQDXVIlOOHLQGLH5LFKWXQJGHV.DPLQV,FKVDKDQ VHLQHQ%HZHJXQJHQXQGDQGHUHUVWNODVVLJHQ+DQGKDEXQJGHU:DIIHGD‰HUHLQJXWHU)HFKWHUVHLQ PVVH ª/HLGOLFK,QGHUOHW]WHQ=HLWHWZDVDX‰HU*HZRKQKHLW©HUZLGHUWH9HUJDDQVHLQHU6WHOOH ,FKZDUIUXKLJHLQ ª0LU JHKW HV QLFKW DQGHUV ,FK VFKODJH HLQH :HWWH YRU :LU IHFKWHQ HLQH 5XQGH YHUVXFKHQ XQV QLFKW JHJHQVHLWLJ XP]XEULQJHQ ± XQG ZHQQ ,KU VLHJHQ VROOWHW VFKHQNH LFK (XFK HLQH GLHVHU .OLQJHQ© 'LDQQRW GHXWHWH DXI 5R\HU XQG VDJWH DFKVHO]XFNHQG X ª,FK PX‰ SDVVHQ 0HLQ %HLQ LVW VFKOHFKW YHUKHLOW,IWEHU5R\HUZlUHHLQZUGLJHU*HJQHU:DUXPWXW,KUOLHV$WLDQGHO $UFRQ"© ,FKVFKQDOOWHGHQ:DIIHQJXUWDEXQGOHJWHLKQYRUVLFKWLJDXIHLQH6LW]EDQN ª9LHOOHLFKW QXU XP (XFK ]X EHZHLVHQ GD‰ LFK PHKU YRQ (XUHU $UW ELQ DOV YRQ GHU XQVHUHU *DVWJHEHU© 'LpZDUIVSLW]HLQ ª,VWGLHVHU%HZHLVQ|WLJ(XUHU0HLQXQJQDFK"© ª,FKNHQQHQLFKWGLH6FKQHOOLJNHLWLQGHU,KU(XUH)HVWVWHOOXQJHQWUHIIW©JDELFKXQJHUKUW]XUFN ª*LOWGLH:HWWH+HUUYRQ$UFROD"© 5R\HU]RJVHLQHQ'HJHQXQGVDKLKQQDFKGHQNOLFKDQGDQQIUDJWHHUNXU] ª:LHODQJH":HOFKH%HGLQJXQJHQ"© ª%LVHLQHUIUHLZLOOLJDXIJLEW2KQH9HUOHW]XQJHQ© ª(LQYHUVWDQGHQ©VDJWH5R\HU$UFROD :LUOHJWHQXQVHUH-DFNHQDE]RJHQGLH+DQGVFKXKHDQXQGPD‰HQGLH/lQJHQGHU:DIIHQ+HUU YRQ)OHXU\NDPDXIXQV]XXQGVDKXQUXKLJYRQHLQHP]XPDQGHUHQ ª,KUVFKODJW(XFK"© ª:LU PHVVHQ QXU XQVHUH .UlIWH© VDJWH LFK ª(V JHKW QXU XP GLH (KUH GHV 6LHJHV XQG XP HLQH 6FKQHLGH(LQHDPVDQWH8QWHUKDOWXQJIUGLHDQGHUHQ*lVWH© )OHXU\ VFKOXJ PLU ODFKHQG DXI GLH 6FKXOWHU VFKZHQNWH VHLQHQ 3RNDO XQG ULHI PLW GU|KQHQGHU 6WLPPHLQGHQ6DDOKLQHLQ ª)UHXQGH(LQ'XHOO'LH+HUUHQGHO $UFRQXQG$UFRODPHVVHQVLFK6LHZROOHQXQV]HLJHQZLH PDQLQLKUHU+HLPDWNlPSIW©8QG]XXQVHWZDVOHLVHUVDJWHHU ª0RUJHQIUKJHKWGLH-DJGDQ6HLGYRUVLFKWLJ8QG]HUVWHFKWQLFKWGLH6HVVHOEH]JHVLHOHLGHQ VFKRQXQWHUGHQ6SRUHQ© ª6FKRQJXW© )ULVFKH6FKHLWHZXUGHQLQV)HXHUJHZRUIHQXQGORGHUWHQDXI.HU]HQHUVFKLHQHQEHUDOOXQGGLH *lVWHZLFKHQDQGLH:lQGH]XUFN5R\HUXQGLFKJULQVWHQXQVXQVFKOVVLJDQEHLGHKDWWHQZLUGDV *HIKO HLQH .RP|GLH ]X VSLHOHQ :LU WUDWHQ DQ 'LH %OLFNH GHU GUHL )UDXHQ ZDUHQ EHVRUJW XQG QHXJLHULJ]XJOHLFK'DQQYHUEHXJWHQZLUXQVKREHQGLH.OLQJHQVHQNWHQVLH ZLHGHUXQGJLQJHQLQ)HFKWVWHOOXQJ,FKJULIIDQ1DFKGHQHUVWHQ]HKQ6FKOlJHQPHUNWHLFKGD‰ LFK HLQHQ KHUYRUUDJHQGHQ *HJQHU YRU PLU KDWWH (U ZDU ZHQGLJ GXUFKWUDLQLHUW XQG PLW VFKQHOOHQ 



5HIOH[HQ DXVJHVWDWWHW 6HLQH 6WlUNH ODJ HLQGHXWLJ LQ GHU $EZHKU DEHU JHUDGH GDV PDFKWH LKQ JHIlKUOLFK,FKIKUWHHLQLJHPHLQHU6FKOlJHYRUGLHLFKLQYHUVFKLHGHQHQ.XOWXUHQJHOHUQWKDWWHHU NRQWHUWH VLH VFKQHOO XQG IDVW LQVWLQNWLY 'LH EOLW]HQGHQ .OLQJHQ IXKUHQ SIHLIHQG GXUFK GLH /XIW SUDOOWHQNOLUUHQGJHJHQHLQDQGHU'LH6RKOHQNQLUVFKWHQDXIGHP3DUNHWWERGHQ8QVHU$WHPEHJDQQ VFKQHOOHU]XZHUGHQ9RUVWR‰XQG$EZHKUZHFKVHOWHQVLFKDE±QRFKEHZHJWHQZLUXQVJOHLFKVWDUN LP .UHLV 'LH YLHOHQ IODFNHUQGHQ /LFKWHU WlXVFKWHQ %HZHJXQJHQ XQG *HVWHQ YRU GLH HV JDU QLFKW JDE 'DQQ ]RJ 5R\HU ODQJVDP ]XUFN LQ GLH 5LFKWXQJ GHV .DPLQV XQG VRPLW GHU *UXSSH VHLQHU )UHXQGH6XFKWHHU6FKXW]" ,FK ]HLJWH HLQH 3DUDGH VFKOXJ VHLQH :DIIH QDFK REHQ XQG NDP QlKHU :lKUHQG VLFK GLH 3DULHUVWDQJHQEHUKUWHQIUDJWH5R\HUVFKZHUDWPHQG ª:DUXPGLHVHU6FKDXNDUQSI$WODQ"© ª(LQH GHU 0HWKRGHQ (XFK EHVVHU NHQQHQ]XOHUQHQ© VDJWH LFK ª:LU N|QQHQ DXI GLHVHP :HJ )UHXQGHZHUGHQ© (UODFKWHQXUNXU] :LU WUHQQWHQ XQV XQG MHW]W JULII LFK DQ ,FK WULHE LKQ PLW .UHX]VFKOlJHQ HLQLJH 6FKULWWH ]XUFN DEHUMHGHU9HUVXFKLKPGLH:DIIHDXVGHU+DQG]XVFKODJHQRGHUGLH.OLQJH]HUEUHFKHQ]XODVVHQ PL‰JOFNWH6HLQ.|USHUEHZHJWHVLFKKLQXQGKHU$XVIlOOH]HUVW|UWHQPHLQH3DUDGHQ(LQ.DPSI RKQH GHXWOLFKH 9RUWHLOH DXI HLQHU GHU EHLGHQ 6HLWHQ *OHLFKZHUWLJH *HJQHU 6FKOLH‰OLFK DOV LFK PHLQH.UlIWHHUODKPHQVSUWHVFKOXJLFKHLQLJHXQJHZ|KQOLFKH6FKOlJHXQGZDQGWHGLH7ULFNVDQ GLHLFKDOV6DPXUDLJHOHUQWKDWWH0LWGHPOHW]WHQYRQVLHEHQYHUEOIIHQGHQ6FKOlJHQJHODQJHVPLU VHLQH .OLQJH GLFKW XQWHU GHP .RUE DE]XEUHFKHQ 6LH EHUVFKOXJ VLFK LQ GHU /XIW XQG EOLHE PLW HLQHPVLUUHQGHQ7RQLP3DUNHWWVWHFNHQ,FKVHQNWHGLH:DIIH ª(LQJXWHU.DPSI©VDJWHLFK (U ZLVFKWH VLFK GHQ 6FKZHL‰ YRQ GHU 6WLUQ 'LH DQGHUHQ *lVWH XPULQJWHQ XQV XQG ]HLJWHQ VLFK KRFKHUIUHXW7DLULUHLFKWHPLUHLQHQ3RNDO ª(LQJXWHU*HJQHU©HUZLGHUWH5R\HU ,FKVFKWWHOWH5R\HUV+DQGXQGVDJWH ª(VZDUHLQ9HUJQJHQPLW(XFK]XNlPSIHQ+HUU$UFROD:LUZROOHQHVPLWHLQLJHQ%HFKHUQ :HLQEHJLH‰HQ© ª6RN|QQHQZLUHVKDOWHQ©VDJWHHU 'LHHUVWHQ*lVWHYHUOLH‰HQGHQ6DDO'LH0XVLNHUKDWWHQOlQJVWDXIJHK|UW'DV)HXHUEUDQQWHPHKU XQGPHKUKHUDE7DLULXQGLFKVD‰HQHQJDQHLQDQGHUJHSUH‰WDXIHLQHPOHLFKWHQ6LW]P|EHO1HEHQ XQVVD‰HQ5R\HUXQG*DEULHOOHLQJUR‰HQ6HVVHOQ:LUWUDQNHQ:HLQ3O|W]OLFKPXUPHOWH5R\HU ª(LQH VHOWVDPH :HOW 'LH 0HQVFKHQ GLH VLH EHY|ONHUQ KDEHQ NHLQH $KQXQJ ZLH VFK|Q HV LVW )HVWH.lPSIHXQG-DJGHQ8QGHLQH1DWXUGHUHQ6FK|QKHLWLKUHVJOHLFKHQVXFKW© 'LH 9DJDEXQGHQ YHUWUXJHQ GHQ $ONRKRO HEHQVR JXW RGHU VFKOHFKW ZLH LFK $XFK VLH ZXUGHQ EHWUXQNHQ(LQHJHO|VWHKHLWHUH6WLPPXQJHUJULIIXQVDOOH ª,KU IKOW (XFK ZRKO LQ GLHVHP /DQG"© IUDJWH LFK YRUVLFKWLJ ,FK DKQWH GD‰ GLH $QWZRUW HLQH JU|‰HUH%HGHXWXQJKDWWHDOVLFKHVMHW]WYHUVWDQG*DEULHOOHXQG5R\HUQLFNWHQJOHLFK]HLWLJ ª:LU VLQG YLHO KHUXPJHNRPPHQ© YHUVLFKHUWH *DEULHOOH ª8QG EHUDOO YHUVWLH‰ PDQ XQV :LU UHLVWHQYRQHLQHP«/DQG]XPDQGHUHQ.HLQH=LYLOLVDWLRQJHILHOXQVRGHUEHVVHUZLUZDUHQ]X SUREOHPDWLVFKIUDQGHUH.XOWXUHQ+LHUZHUGHQZLUYHUPXWOLFKEOHLEHQ© 5R\HUWUDQNHLQHQJHZDOWLJHQ6FKOXFNXQGYHUVLFKHUWH ª:LUZHUGHQGLH%UFNHQKLQWHUXQVYHUEUHQQHQ9LHOOHLFKW.HLQH5FNNHKU",VWGDVHLQH/|VXQJ ±LFKEUDXFKHHLQHQNODUHQ.RSI(LQH)UDJH$WODQ*HKW,KUPRUJHQPLWDXIGLH-DJG"© ª'DQQ SD‰W HWZDV DXI 9HU« DXI %HDWUL[ 9HUJDW\ DXI 6LH UHLWHW ]LHPOLFK VFKOHFKW ZLUG HV DEHU QRFKOHUQHQ© ª,FKYHUVXFKHPHLQ%HVWHV©VDJWHLFKXQGVWDQGDXI ,FK KDWWH GHQ HUVFKURFNHQHQ VFKDUIHQ %OLFN EHPHUNW GHQ *DEULHOOH LKUHP )UHXQG ]XJHZRUIHQ KDWWH $EHU VLH EUDXFKWH NHLQH $QJVW ]X KDEHQ 'LH )UDQ]RVHQ ZUGHQ HV QLFKW PHUNHQ GHQQ VLH DKQWHQ QLFKW HLQPDO HWZDV YRQ GHU ZDKUHQ +HUNXQIW 8QG PLFK ZUGHQ VLH VRODQJH LFK HV QLFKW 



VHOEVWZROOWHDXFKQLFKWDOV)UHPGHQLGHQWLIL]LHUHQN|QQHQ ª$XIPRUJHQDOVR©VDJWH*DEULHOOH ª$XIPRUJHQ©VDJWH7DLUL (VZDUZHLWQDFK0LWWHUQDFKWDOVZLUXQVHU=LPPHUEHWUDWHQ,QGHUKDOEHQ'XQNHOKHLWJOKWHQQXU GLH$XJHQGHU5RERWKXQGH'DV)HXHULP.DPLQZDU]XVDPPHQJHIDOOHQXQGGXUFKHLQHKDOERIIHQH )HQVWHUWUGUDQJIHXFKWH/XIWKHUHLQ,FKOHJWH+RO]QDFKXQGVDK]XZLHVLFK7DLULDXV]RJ6SlWHU ]RJLFKGDV0lGFKHQDQPLFK ª'HLQ*HVLFKW$WODQ«GXVLHKVWHWZDVHQWVSDQQWDXV1LFKWPHKUGLHVHUDQJHVWUHQJWH=XJXPGLH /LSSHQ© ,FKN‰WHVLHXQGDQWZRUWHWHOHLVH ª:LU KDEHQ DXI JXWH XQYHUGlFKWLJH :HLVH .RQWDNW PLW LKQHQ EHNRPPHQ ,FK ELQ HLQHQ JUR‰HQ 6FKULWWZHLWHUJHNRPPHQ1XUJODXEHLFKGD‰VLHVLFKODQJHKLHUDXIKDOWHQZHUGHQRGHU]XPLQGHVW ZROOHQ'DVJLEWPLUHLQHQJUR‰HQ+DQGOXQJVVSLHOUDXP© ª:LUVROOWHQEHVVHUVFKODIHQ©VDJWHVLHª%LV]XP$QIDQJVLQGHVQXUQRFKHLQLJH6WXQGHQ© ª'XKDVWUHFKW© $XVQDKPVZHLVHGDFKWHLFKQRFKHKHLFKHLQVFKOLHIZDUPHLQ$XIHQWKDOWQLFKWYRQ.ULHJHQXQG .lPSIHQEHVWLPPW$XVQDKPVZHLVHYHUOLHIGHUODXWORVH.DPSIQLFKWLP*HWPPHOYRQ6FKODFKWHQ VRQGHUQLQ6FKO|VVHUQXQG*XWVK|IHQ8QGGDV6SLHOLQGHQ.XOLVVHQZUGHVLFKLP%DQQNUHLVGHV YLHU]HKQWHQ/XGZLJDEVSLHOHQ      'LH-DJGK|UQHUZHFNWHQXQV ª(V LVW HLQ %LOG GDV MDKUHODQJ PHLQH 7UlXPH EHY|ONHUWH $WODQ© VDJWH *DEULHOOH XQG OHJWH LKUH +DQGOHLFKWDXIPHLQHQ$UPª,VWHVQLFKWHLQ)HVWIUGLH$XJHQ"© ª-D8QGLQJHZLVVHU:HLVHDXFKIUGLH2KUHQ©VWLPPWHLFK]XXQGEHUXKLJWH7DLULV3IHUG:LU ELOGHWHQHLQH*UXSSHDXVVLHEHQ3HUVRQHQ'HU+DXVKHUUXQGZLUVHFKV)UHPGHQ 'LH-DJGWHLOQHKPHUVWDQGHQDXIGHU7HUUDVVHZHQLJVWHQVGLHPHLVWHQYRQLKQHQ6LHWUDQNHQ]XP $XIZlUPHQ KHL‰HQ JHZU]WHQ :HLQ 8QWHQ EHZHJWHQ VLFK XQUXKLJ GLH JHVDWWHOWHQ 3IHUGH YRP KHLVHUHQ+HFKHOQXQG%HOOHQGHU+XQGHHUVFKUHFNW0HLQH]ZHL-DJGKXQGHODJHQUXKLJQHEHQGHQ 3IHUGHQ XQVHUHU *UXSSH XQG VWDUUWHQ PLFK DQ 'LH -lJHU EOLHVHQ LQ LKUH JHNUPPWHQ +|UQHU 'DV ]ZHLWH6LJQDOhEHUDOOKDQWLHUWHQGLH-lJHUDQLKUHQXQJHIJHQ)OLQWHQ6DXIHGHUQXQG+LUVFKIlQJHU ZXUGHQ DXVJHWHLOW (LQH JHZDOWLJH 8QUXKH KHUUVFKWH DXI GHU 7UHSSH XQG ]ZLVFKHQ GHQ ZDUWHQGHQ 5HLWWLHUHQ'LH)HGHUQGHU+WHGLH)DUEHQGHU-DJGNOHLGHUGDV%OLW]HQGHUHUVWHQ6RQQHQVWUDKOHQ DXIEODQNHQ0HWDOOHQ±HVHUJDEHLQ%LOGGDVVHLQHVJOHLFKHQVXFKWH'HU+DXVKHUUWUDWMHW]WDQGLH 7UHSSHKHUDQXQGULHIODXW ª:LUWUHIIHQXQVDOOHDP0LWWDJZHQQGLH6RQQHDPK|FKVWHQVWHKW$QGHU%LHJXQJGHV%DFKHV KDEHQZLU=HOWHDXIJHVFKODJHQ'RUWZHUGHQZLUHVVHQ© ª(XUH7UlXPH*DEULHOOH©VDJWH7DLULOHLVHDEHUPLWHLQHUJHZLVVHQ6FKlUIHªKDEW,KULQ(XUHP /DQGNHLQHVROFKHQ-DJGHQ"© ª:LU KDEHQ HLQ VROFKHV %LOG QRFK QLH JHVHKHQ 8QG ZLU VLQG KHUXPJHNRPPHQ© PHLQWH 1\GHU 5R\HUKDOILKPLQGHQ6DWWHO'LH3IHUGHGDPSIWHQLQGHUPRUJHQGOLFKHQ.KOH 'LH -DJG ZXUGH QDFK HLQHP PLU XQEHNDQQWHQ =HUHPRQLHOO DEJHZLFNHOW $EHU LFK NDQQWH GLH HLQ]HOQHQ6FKULWWH'LH7HLOQHKPHUGHUFKDVVHVFKZDQJHQVLFKLQGLH6lWWHO'LH.lOWHGHV0RUJHQV XQGGHU:HLQYRPYHUJDQJHQHQ$EHQGOLH‰HQGLHOHW]WHQ+RUQVLJQDOHKHLVHUXQGIDOVFKHUNOLQJHQ DEHU HV VW|UWH QLHPDQGHQ ,FK VDK QXU ZLH 7DLUL LKU *HVLFKW YHU]RJ 'LH +XQGH NOlIIWHQ ZLH EHVHVVHQ ª:DLGPDQQVKHLO© VFKULH MHPDQG 'HU 5XI ZXUGH DXIJHQRPPHQ XQG ZHLWHUJHJHEHQ 'LH HUVWHQ 5HLWHU SUHVFKWHQORV.LHVVWREXQWHUGHQ+XIHQGHU7LHUHDXI GLH 3IRWHQ GHU+XQGHVFKDUUWHQLP 



DOWHQ/DXE1DFKHLQDQGHUYHUOLH‰HQHLQ]HOQH*UXSSHQGHQ9RUKRIXQGULWWHQDXIGHQ:DOG]X(V ZDUHQXQJHIlKUIQI]LJ5HLWHU±HVPRFKWHQHLQSDDUPHKURGHUZHQLJHUVHLQ$XVGHQ*HVLFKWHUQ VSUDFKHQ /HEHQVOXVW XQG $XIUHJXQJ HV EHIDQGHQ VLFK QXU ZHQLJH )UDXHQ XQWHU GHU -DJGJHVHOOVFKDIW ª/RV©VDJWHLFKXQGVHW]WHPLFKLP6DWWHO]XUHFKW,FKWUXJEHLGH5HLWHUSLVWROHQEHLPLUXQGGLH 1DFKDKPXQJHLQHVGHUXQJHIJHQVFKZHUHQ*HZHKUH7DLULXQG*DEULHOOHULWWHQQHEHQPLU%HDWUL[ XQGGLHEHLGHQ0lQQHUIROJWHQ.XU]H=HLWGDUDXIZDUGHU6FKOR‰KRIOHHUQXUHLQHHLQ]HOQH)HGHU VFKZHEWHODQJVDP]X%RGHQ(VVROOWH5RWZLOGXQG6FKZDU]ZLOGJHMDJWZHUGHQ 5R\HU $UFROD VFKULH YRQ KLQWHQ DOV ZLU LQ HLQHP KDOVEUHFKHULVFKHQ *DORSS EHU HLQHQ YHUZDKUORVWHQ$FNHUUDLQSUHVFKWHQ ª'LHVHV*HIKO,P6DWWHOEHLGLHVHP/LFKWQRFKGHQ.ODQJGHU+|UQHULP2KUXQGYRUXKVGLH $EHQWHXHUHLQHU-DJG,FKP|FKWHHZLJKLHUEOHLEHQ© *DEULHOOHULHIODFKHQG ª1LHPDQG KLQGHUW XQV GDUDQ 1XU VROOWHQ ZLU GLH (QWVFKHLGXQJ QRFK YHUVFKLHEHQ 1RFK NHQQHQ ZLU9HUVDLOOHVQXUDXV%LOGHUQ© 6LHZROOHQDXIGLHVHP3ODQHWHQEOHLEHQ+DOWHGLFKLQLKUHU1lKHDXIULHIGHU([WUDVLQQ ª:LU ZHUGHQ GDV KHUUOLFKVWH /HEHQ IKUHQ N|QQHQ 0LW XQVHUHP :LVVHQ XQG XQVHUHU %HJHLVWHUXQJVIlKLJNHLW ,FK EOHLEH KLHU© VDJWH *DEULHOOH XQG EHZHJWH LKUHQ .RSI XQUXKLJ LP NKOHQ:LQG'LH(UUHJXQJGLH9RUIUHXGHVHW]WHVLFKZHOOHQI|UPLJIRUWXQGJULIIDXIGLHJHVDPWH -DJGJHVHOOVFKDIW EHU -HPDQG IHXHUWH DXV %HJHLVWHUXQJ VHLQH )OLQWH DE (LQ XQJHKHXUHU 9RJHOVFKZDUP VWRE DXV GHQ =ZHLJHQ GHU QDKHQ %lXPH DXI (LQLJH YHUlQJVWLJWH +DVHQ UDVWHQ KDNHQVFKODJHQG DXV GHP 8QWHUKRO] XQG GLH +XQGH JHElUGHWHQ VLFK ZLH UDVHQG 'DQQ NDPHQ GLH HUVWHQ6WlPPHQlKHUHLQ:DOGDXV1DGHOK|O]HUQXQGEOlWWHUDEZHUIHQGHQ%lXPHQhEHUDOOVDKPDQ IULVFKHV*UQ ª,FK ZHUGH LQ (XUHU 1lKH EOHLEHQ %HDWUL[© ULHI LFK XQG ZDQGWH PLFK KDOE LP 6DWWHO 0HLQH EHLGHQ+XQGHOLHIHQ]ZDQ]LJ0HWHUYRUPHLQHP3IHUGXQGVW|EHUWHQGXUFKGDV8QWHUKRO] ª:DUXP" .|QQW ,KU (XUH $XJHQ QLFKW YRQ PLU ORVUHL‰HQ"© ULHI VLH UL‰ VLFK GHQ +XW YRP .RSI XQGVFKZHQNWHLKQ ª'DVDXFK$EHULFKZLOOYHUKLQGHUQGD‰,KUXQG(XHU3IHUGVLFKGLH%HLQHEUHFKHQ© ª6HKUOREHQVZHUW,FKN|QQWHODXWVFKUHLHQYRU9HUJQJHQ©ULHIVLH]XUFN 7DLUL EHZLHV ZDV VLH LQ LKUHP HUVWHQ /HEHQ JHOHUQW KDWWH 6LH VD‰ LP 6DWWHO ZLH HLQ LP .DPSI HUJUDXWHU 6DPXUDL XQG SUHVFKWH GLFKW QHEHQ PLU KHU :LU ULVVHQ GLH 3IHUGH LP =LFN]DFN ]ZLVFKHQ GHQ %DXPVWlPPHQ KLQ XQG KHU VSUDQJHQ EHU *UlEHQ 'LH *UXSSHQ ]RJHQ VLFK PHKU XQG PHKU DXVHLQDQGHU1XUZLUVHFKV3HUVRQHQEOLHEHQQDKHEHLHLQDQGHU 'LH 3IHUGH OLHIHQ DOV ZlUHQ VLH YRQ XQVHUHU (UUHJXQJ XQG )UHXGH DQJHVWHFNW 6LH JDORSSLHUWHQ GXUFKGHQ+RFKZDOG9RQDOOHQ6HLWHQGUDQJMHW]WGDV.OlIIHQGHU-DJGKXQGH]XXQVKHUDQ$XFK XQVHUH *UXSSH ELOGHWH QXQ HLQH 5HLKH XQG VSUHQJWH PHKU XQG PHKU LQ GDV 'XQNHO GHV GLFKWHUHQ )RUVWHVKLQHLQ 'LHVH/HEHQVIUHXGHLVWDXIIlOOLJ(VKDWHWZDV]XEHGHXWHQIOVWHUWHPL‰WUDXLVFKGHU([WUDVLQQ ,FKPRFKWHQLFKWGDUDQGHQNHQ ª,FKKDEHGLFKVHOWHQVRDXIJHUHJWXQGYHUJQJWJHVHKHQ©ULHIPLU7DLUL]X6LHKDWWHTXHUEHU GHP5FNHQXQVHU]ZHLWHVOHLFKWHUHV-DJGJHZHKU ª1LFKWDQGHUVIKOHLFKPLFK©JDELFK]XUFN (WZD]ZDQ]LJ0LQXWHQULWWHQZLUQDFK6GHQ'LH6RQQHVFKLPPHUWHLQ8QWHUEUHFKXQJHQUHFKWV YRQXQVGXUFKGLH6WlPPHXQGGHUVFKQHOOHUK\WKPLVFKH:HFKVHOYRQ+HOOXQG'XQNHOYHUZLUUWH 'DQQ HUUHLFKWHQ ZLU HLQ :DOGJHELHW GDV PLW 6LFKHUKHLW VHOWHQ EHWUHWHQ ZXUGH .HLQ 3IDG ZDU ]X HUNHQQHQ DEHU VFKRQ QDFK GHP HUVWHQ %HOOHQ YRQ +HFWRU VFKR‰ HLQ JUR‰HU +LUVFK PLW HLQHP SUDFKWYROOHQ*HZHLKDXVGHQ%VFKHQXQGVHW]WHLQULHVLJHQ)OXFKWHQGDYRQ,FKKLHOWPHLQ3IHUGDQ XQGVDKEHZXQGHUQGGLHHOHJDQWHQ6SUQJHGHV7LHUHV*DEULHOOHUL‰DP=JHOXQGGLFKWQHEHQPLU XQG7DLULVWLHJLKU3IHUGLQGLH+|KH ª:HOFK HLQH :HOW© VDJWH *DEULHOOH OHLVH 6LH DWPHWH VFKZHU LKUH :DQJHQ ZDUHQ JHU|WHW 'DV 



%OLW]HQ LKUHU $XJHQ YHUULHW PLU GD‰ VLH VLFK HEHQVR EHU GLHVHV XQYHUJOHLFKOLFK HOHJDQWH %LOG IUHXWH6LHVFKLHQbKQOLFKHVZLUNOLFKQRFKQLHJHVHKHQ]XKDEHQ ª:LUEHNRPPHQQRFKJHQXJ:LOG©ULHI7DLULª1LFKWVFKLH‰HQ© :LU ULWWHQ ZHLWHU DOV GDV URWEUDXQH 7LHU ]ZLVFKHQ GHQ IHUQHQ 6WlPPHQ YHUVFKZXQGHQ ZDU 'DV :LHKHUQGLHVHOWVDPKRFKNOLQJHQGHQ6FKVVHXQGGDV+XQGHJHEHOOZXUGHQLPPHUOHLVHU'LH-DJG ZDUDQJHEURFKHQ,UJHQGZRVFKPHWWHUWHHLQ+|UQ ª:HLWHU6FKQHOOHU©VFKULH'LDQQRWGH-DUD (U VFKLHQ LQ VHLQHP %HLQ NHLQHUOHL 6FKPHU]HQ PHKU ]X IKOHQ DOV ZLU KLQWHUHLQDQGHU HLQHQ VFKPDOHQ:LOGZHFKVHOKLQDXIULWWHQ'HUNDXPHUNHQQEDUH3IDGVFKOlQJHOWHVLFK]ZLVFKHQULHVLJHQ %DXPZXU]HOQ WDXFKWH LQ PRUDVWLJH *UlEHQ KLQHLQ ZXUGH LQ GHU 1lKH YRQ NQRUULJHQ (LFKHQ XQVLFKWEDU 'LH :KOVSXUHQ LP %RGHQ OLH‰HQ HUNHQQHQ GD‰ HV KLHU 6FKZDU]ZLOG JDE ,FK QDKP YRUVLFKWLJGLH)OLQWHYRQGHU6FKXOWHUDOVZLUXQVHLQHU=RQHQlKHUWHQGLHDXVYHUILO]WHP*HEVFK EHVWDQG)ULVFKH=ZHLJHXQGDOWHV*HlVW]XVDPPHQJHZHKWHV/DXEXQGHLQKDOEHV*HZHLKEUHLWHWHQ VLFK YRU XQVHUHQ $XJHQ DXV :LH ]ZHL %OLW]H VFKRVVHQ GLH -DJGKXQGH LQ GLH GXQNOHQ gIIQXQJHQ ]ZLVFKHQGHQ6WUlXFKHUQXQG'RUQHQ6HNXQGHQVSlWHUHUW|QWHHLQlUJHUOLFKHV*UXQ]HQGDQQKHOOH TXLHNHQGH6FKUHLH 9RUVLFKW6LHVLQGXQEHUHFKHQEDUZHQQPDQVLHUHL]WVDJWHGDV([WUDKLUQ 5R\HU]JHOWHVHLQ3IHUGGDVRIIHQVLFKWOLFKGLH:LWWHUXQJGHU6FKZDU]NLWWHODXIJHIDQJHQKDWWHXQG QHUY|VWlQ]HOWH(UIUDJWHODXWXQGHWZDVXQVLFKHU ª:LOGVFKZHLQH$UFRQ"© ª-D2KQH=ZHLIHO1HKPWGLH6DXIHGHU±VLHLVWEHVVHUDOVGLHVHPRQVWU|VHQ)OLQWHQ© ª'DQNH9RP3IHUGDXV"© ,FKODFKWHLKPLQV*HVLFKWXQGULHI ª,FKZHL‰GD‰HVLQ5X‰ODQGPHKU:LOGVFKZHLQHDOV%DXHUQJLEW:L‰W,KUQLFKWZLHPDQVROFKHV :LOGMDJW"© (UEOLQ]HOWHXQGVDKPLFKVWDUUDQ(LQZDFKVDPHUPL‰WUDXLVFKHU$XVGUXFNJOLWWEHUVHLQ*HVLFKW PLWGHQVFKDUIHQ)DOWHQ ª,FKZHL‰HV©VDJWHHUª$EHULFKIUFKWHGLHUXVVLVFKHQ:LOGVFKZHLQHVLQG]DKPHUDOVGLHVHKLHU +|UWQXU© 0LW.QLHQXQG=JHOQKLHOWLFKPHLQ3IHUGDXIGHU6WHOOH7DLULZLFKHWZDV]XUFN'LH)UHPGHQ YHUWHLOWHQ VLFK LQ HLQHP ZHLW DXVHLQDQGHUJH]RJHQHQ +DOENUHLV XP GDV DQQlKHUQG UXQGH *HEVFK 'DULQQHQVFKLHQHLQHUELWWHUWHU.DPSI]XWREHQ(LQPDOVDKLFK]ZLVFKHQGHQ5DQNHQZLH&DVWRULQ GLH/XIWJHZRUIHQZXUGHVLFKEHUVFKOXJXQGPLWGHQ/lXIHQKLOIORVUXGHUWH'DQQILHOHUZLHGHU KHUXQWHUXQGJHULHWDXVPHLQHP*HVLFKWVIHOG (LQKHOOHUZWHQGHU6FKUHLIDVWHLQH7URPSHWH'DQQIROJWHHLQKHLVHUHVGURKHQGHV*UXQ]HQ'HU (EHU GHU VSLW]H QDFK REHQ JHERJHQH +DXHU EHVD‰ VFKR‰ DXV HLQHU GHU XQGHXWOLFKHQ gIIQXQJHQ KHUDXVXQGQDKPGDV3IHUGYRQ%HDWUL[DQ+HFWRUKLQJLQVHLQHP1DFNHQXQGKDWWHVLFKLQHLQHP 2KUYHUELVVHQ-HW]WJUXQ]WHGHU(EHUDXIZDUIGHQ.RSIKLQXQGKHUXQGVWU]WHVLFKDXIGDV3IHUG GDVZLOGDXV]XNHLOHQXQG]XVFKHXHQEHJDQQ,FKElQGLJWHPHLQ3IHUGKLHOWPLFKVWHLILP6DWWHOXQG VFKZHQNWH PLW GHP ODQJHQ /DXI GHU )OLQWH KHUXP ,P JOHLFKHQ 0RPHQW DOV LFK GHQ =HLJHILQJHU NUPPWHSHLWVFKWHKLQWHUPLUHLQ6FKX‰DXI7DLULKDWWHGLHODQJH5HLWHUSLVWROHDEJHIHXHUWXQG YHUVFKZDQGIDVWLQGHU3XOYHUZRONH %HDWUL[ 3IHUGEHUVFKOXJVLFKIDVW ª+LOILKU©VFKULH7DLUL 6LHKDWWHJHWURIIHQ$EHUGDDOOH3IHUGHVFKHXWHQ%©UXQVHUH*UXSSHJHOlKPW-HGHUKDWWH]XWXQ XPQLFKWDXVGHP6DWWHOJHVFKOHXGHUW]XZHUGHQXQGVHLQ3IHUG]XElQGLJHQ,FKVDKGHQODQJHQ EOXWLJHQ 6WUHLIHQ GHU :XQGH GLH TXHU EHU GLH .HXOH GHV 7LHUHV JLQJ 'HU 6FKPHU] PDFKWH GHQ ULHVLJHQ (EHU ZDKQVLQQLJ (U ZXUGH YRQ ]ZHL +XQGHQ DQJHJULIIHQ GLH VLFK LQ VHLQHP )HOO YHUELVVHQ'LH+XIVFKOlJHGHVVFKHXHQGHQ3IHUGHVWUDIHQLKQLP1DFNHQXQGDQGHU6FKQDX]H,FK YLVLHUWH GDV %ODWW DQ XQG NUPPWH GHQ )LQJHU 'HU 5FNVWR‰ GHU :DIIH WUDI PHLQH 6FKXOWHU 'DV 7LHUNUHLVFKWHDXIXQGUDQQWHZLHZLOGLQHLQHPHQJHQ.UHLVKHUXP$XVGHP0DXOOLHI%OXW 



,FKKLHOWGLH:DIIHLQGHUOLQNHQ+DQGUL‰PHLQ3IHUGKHUXPXQGVSUHQJWHDXI%HDWUL[]X,KU7LHU KDWWH6FKDXPYRUGHP0DXOZLHKHUWHGXQNHOXQGUROOWHDQJVWYROOGLH$XJHQ'DQQUL‰HVVLFKORV XQG PDFKWH HLQHQ JHZDOWLJHQ 6SUXQJ $OV LFK PLFK YRUEHXJWH VDK LFK 'LDQQRW GHU LQ YROOHP *DORSSPLWJHIlOOWHU6DXIHGHU²HLQHU6WLFKZDIIHVRODQJZLHHLQH+HOOHEDUGHPLWHLQHUJOlQ]HQG JHVFKOLIIHQHQ 6SLW]H ± DXI GHQ (EHU ]XULWW LKQ UDPPWH XQG I|UPOLFK DXIVSLH‰WH ,FK VHW]WH EHU HLQHQJUR‰HQ%XVFKUDPPWHPHLQHP3IHUGGLH6SRUHQHLQXQGZXUGHVFKQHOOHU%HDWUL[VFKZDQNWH ZLH EHWUXQNHQ LP 6DWWHO YRU XQG ]XUFN XQG LKU 3IHUG ZXUGH LPPHU VFKQHOOHU :LU ULWWHQ GLFKW QHEHQHLQDQGHUKHUDEHUHVJHODQJPLUWURW]VFKQHOOHQ5LWWHVXQGDQJHVWUHQJWHU%HPKXQJHQQLFKW GLH GXUFKKlQJHQGHQ =JHO GHV 3IHUGHV ]X HUJUHLIHQ :LU VSUDQJHQ LQ UDVHQGHP *DORSS EHU :XU]HOQVHW]WHQEHU*UlEHQULWWHQKDDUVFKDUIDQ%DXPVWlPPHQYRUEHL%HDWUL[LMDWWHGLH$XJHQ JHVFKORVVHQ ,KU *HVLFKW ZDU OHLFKHQEOD‰ 6FKZHL‰WURSIHQ JOlQ]WHQ DXI GHU 6WLUQ XQG DXI GHU 2EHUOLSSH (QGOLFK DOV ZLU HLQH NOHLQH /LFKWXQJ EHUTXHUWHQ XQG HLQ NOHLQHV 5XGHO 5HKH DXIVFKHXFKWHQVWHOOWHLFKPLFKLQGHQ6WHLJEJHOQDXI ª)HVWKDOWHQ%HDWUL[©VFKULHLFK 'DQQ VFKQHOOWH LFK PLFK DXV GHQ 6WHLJEJHOQ VSUDQJ ]ZHL 0HWHU ZHLW XQG KLHOW PLFK DP +DOV LKUHV 3IHUGHV IHVW 'DV *HZHKU ZLUEHOWH GXUFK GLH /XIW XQG VFKOXJ NUDFKHQG LQ GLH %VFKH DOV PHLQH 6WLHIHO GHQ %RGHQ EHUKUWHQ 0LW GHU DQGHUHQ +DQG JULII LFK NXU] KLQWHU GHP .LHIHU GHV 3IHUGHV LQ GLH =JHO XQG UL‰ KDUW GDUDQ 1DFK GUHL ZHLWHUHQ 6SUQJHQ VWDQG GDV 3IHUG GD 6HLQH )ODQNHQ ]LWWHUWHQ HV URFK GXUFKGULQJHQG XQG HV DWPHWH NHXFKHQG ,FK VFKWWHOWH GHQ .RSI WlWVFKHOWH GDV 7LHU DP +DOV XQG PXUPHOWH EHUXKLJHQG 'DQQ VFKODQJ LFK GHQ =JHO XP HLQHQ %DXPDVWXQGDWPHWHWLHIGXUFK0HLQH.OHLGXQJZDUVFKPXW]LJXQG]XP7HLO]HUIHW]W ª,FK«LFKNDQQQLFKWPHKU©VDJWH%HDWUL[XQGVFKOR‰ZLHGHUGLH$XJHQ6LHVFKZDQNWHXQGILHO XQGLFKVSUDQJ]XUFNXPVLHDXI]XIDQJHQ*DQ]ODQJVDPNLSSWHVLHDXVGHP6DWWHOXQGLQPHLQH $UPH ,FK VWDQG HLQLJH 6HNXQGHQ ODQJ UHJXQJVORV GD GDQQ VHW]WH LFK VLH DXI HLQHQ PRGHUQGHQ %DXPVWDPPXQGVFKULH ª7DLUL5R\HU+LHUKHU© ,FK K|UWH HLQHQ UDVHQGHQ +XIVFKODJ .XU] GDUDXI WDXFKWH PHLQH VFKZDU]KDDULJH )UHXQGLQ DXI GLFKWJHIROJWYRQ5R\HU6LHIROJWHQGHP3IDGGHQXQVHUH3IHUGHJHWUDPSHOWKDWWHQXQGHUUHLFKWHQ GHQ 5DQG GHU /LFKWXQJ ,FK ZDUWHWH ELV 5R\HU DXV GHP 6DWWHO JHVSUXQJHQ ZDU GDQQ KLHOW HU GLH MXQJH)UDXIHVW9RQ7DLULV6DWWHOVFKQDOOWHLFKGLHNOHLQHOHGHUXPKOOWH)ODVFKHDEJLQJ]X%HDWUL[ ]XUFNXQGERJLKUHQ.RSI]XUFN,FKKLHOWLKUGLH1DVH]XXQGDOVVLHGHQ0XQG|IIQHWHIO|‰WH LFKLKUHLQHQNUlIWLJHQ6FKOXFNGHVVWDUNHQ$ONRKROVHLQ 6LH HUZDFKWH YRQ GHP +XVWHQDQIDOO GHU VLH VFKWWHOWH DOV GDV VFKDUIH =HXJ LKUH .HKOH KHUXQWHUOLHI 6LH|IIQHWHGLH$XJHQVDK7DLULDQGDQQPLFKVFKOLH‰OLFK5R\HU±GDQQVDJWHVLHVFKZDFK ª'DQNH,FKIUFKWHLFKKDEHGLH&RQWHQDQFHYHUORUHQ.XU]IULVWLJDEHUJUQGOLFK© 6LH HUKROWH VLFK LQ HLQHU YHUEOIIHQG NXU]HQ =HLW 1DFKGHP LKU +XVWHQ QDFKOLH‰ JULII VLH HLQ ]ZHLWHV0DOQDFKPHLQHU)ODVFKHXQGWUDQNHLQHQEHPHUNHQVZHUWJUR‰HQ6FKOXFN ª1RFKPDOV'DQN,VWGHU(EHU«© ª$WODQGHO $UFRQV6FKX‰XQGPHLQH6DXIHGHUKDEHQGDV7LHUJHW|WHW©VDJWH5R\HUUXKLJª$EHU LFK ELQ GDIU GD‰ ZLU XQV LQ GHU *HVHOOVFKDIW YRQ 'DPHQ HWZDV ZHQLJHU JHIlKUOLFKHV :LOG DXVVXFKHQ© 7DLULULWWQlKHU6LHIKUWH%HDWUL[ XQGPHLQ3IHUGDQGHQ=JHOQ5R\HUKDOI%HDWUL[LQGHQ6DWWHO ª'DVLVWDXFKPHLQH$QVLFKW©VDJWHLFKª5HLWHQZLUZHLWHU"$EHUHWZDVODQJVDPHU© 5R\HUXQG%HDWUL[QLFNWHQQXU,FKIDQGQDFKNXU]HU6XFKHPHLQH:DIIHOXGQHXGXUFKXQGGDQQ ULWWHQ ZLU KLQWHUHLQDQGHU DXI GLH 6WHOOH ]X DQ GHU *DEULHOOH XQG 'LDQQRW GHQ (EHU PLW ]XVDPPHQJHEXQGHQHQ /lXIHQ DQ HLQHQ DEJHKDFNWHQ $VW JHEXQGHQ KDWWHQ 6LH VDKHQ DXI DOV ZLU DQNDPHQGHXWHWHQDXIGLH+XQGHGLHVFKZHLIZHGHOQGQHEHQGHPWRWHQ(EHUVWDQGHQGDQQVDJWH 'LDQQRW ª(LQHJHIlKUOLFKH$XIUHJXQJ*HQDXGDVZDVZLUQDFKGHUODQJHQHUHLJQLVORVHQ5HLVHEUDXFKHQ© 3O|W]OLFKEUDFKHQVLHQDFKHLQDQGHULQHLQXQJHKHPPWHVIU|KOLFKHV*HOlFKWHUDXV,FKNDQQWHVLH 



QLFKW JHQXJ DEHU HLQHV VWDQG MHW]W IU PLFK IHVW 6LH VFKLHQHQ DXFK GHU JU|‰WHQ *HIDKU QRFK DX‰HURUGHQWOLFKOXVWLJH6HLWHQDEJHZLQQHQ]XN|QQHQ ,FKVFKWWHOWHGHQ.RSIXQGXQWHUEUDFKVLH ª1XQ IUHXW HV PLFK ZDKUOLFK PHLQH )UHXQGH© VDJWH LFK XQG WDVWHWH XQZLOONUOLFK QDFK PHLQHP =HOOVFKZLQJXQJVDNWLYDWRU XQWHU GHP -DJGZDPV ªGD‰ QLFKWV JHVFKHKHQ LVW XQG GD‰ ,KU DOOH VHKU OXVWLJ VHLG $EHU HV KlWWH OHLFKW JHVFKHKHQ N|QQHQ GD‰ VLFK %HDWUL[ GH 9HUJDW\ DQ HLQHP %DXPVWDPPGHQ6FKlGHO]HUVFKPHWWHUWKlWWH:DVGDQQ"© %HDWUL[ZDUIPLUHLQHQODQJHQQDFKGHQNOLFKHQ%OLFN]X ª'DQQ«GDQQKlWWHLFKQLFKWPHKUGLH0XVLNXQGGLH)HXHUZHUNHLQ9HUVDLOOHVHUOHEHQN|QQHQ 8QGGLH'XHOOHGHU0lQQHUGLHVLFKXPPLFKVWUHLWHQ8QGGLHYLHOHQDQGHUHQ'LQJHGLHGDV/HEHQ VRK|FKVWDQJHQHKPPDFKHQ,FKVROOWHIUFKWHLFKLQ=XNXQIWHWZDVYRUVLFKWLJHUVHLQ© ª:DV (XUHU $OOUH© PHLQWH 7DLUL NQDSS XQG LURQLVFK ªVLFKHUOLFK QLFKW VFKDGHQ ZUGH OLHEVWH )UHXQGLQ© ,FK YHUVXFKWH GLH 6]HQH ]X HQWZLUUHQ ,FK PX‰WH PLU HLQJHVWHKHQ GD‰ LFK GLHVH NRVPLVFKHQ 9DJDEXQGHQ QLFKW YHUVWDQG 6LH NDPHQ PLU YRU ZLH 0HQVFKHQ RGHU GD LFK ZHLWHVWJHKHQG LQ DUNRQLGLVFKHQ %HJULIIHQ GDFKWH ZLH $UNRQLGHQ GLH HLJHQWOLFK PLW LKUHP /HEHQ DEJHVFKORVVHQ KDWWHQ -HGHU ]XVlW]OLFKH 7DJ MHGH QHXH 6WXQGH VFKLHQ HLQ *HZLQQ ]X VHLQ GHQ PDQ PLW GHU ,QWHQVLWlWYRQ7RGNUDQNHQJHQR‰'LH)RUPZDUHQWVFKHLGHQGHUDOVGHU,QKDOW:RKHUNDPHQVLH" :HOFKH/HEHQVDXIIDVVXQJYHUWUDWHQGLHNRVPLVFKHQ9DJDEXQGHQ"8QGZLHNRQQWHLFKLKQHQVDJHQ ZDVLFKYRQLKQHQEUDXFKWH±IDVWVRZLFKWLJZDUHVIUPLFKZLHGDVHLJHQH/HEHQ",FKZX‰WHHV QLFKW0LQXWHQODQJEHUILHOPLFKGLH1LHGHUJHVFKODJHQKHLWVFKRQMHW]WDXIGHPHUVWHQ'ULWWHOGHU :HJVWUHFNHYHUVDJW]XKDEHQRGHULQGHQQlFKVWHQ7DJHQ]XYHUVDJHQ .HLQHGXPPHQ*HGDQNHQ$UNRQLGH%HKDOWHGHLQHQNKOHQDQDO\WLVFKHQ9HUVWDQGZLVSHUWHGHU /RJLNVHNWRU ª0HLQH $OOUH"© IUDJWH %HDWUL[ DOV ZLU DQULWWHQ XQG XQV QDFK *HOlQGHPHUNPDOHQ XPVDKHQ DQKDQGGHUHUZLUXQVHUH%HXWHZLHGHUILQGHQZUGHQª$OOUH",FKJODXEHQLFKWGD‰HVQRFKYLHOH 'LQJHJLEWGLHPLFKDXVGHU)DVVXQJEULQJHQ)UODQJH=HLWDXVGHU)DVVXQJEULQJHQ© ,FKULWWKLQWHULKUXQGVDJWHNXU]H=HLWVSlWHU ª2KQH =ZHLIHO NRPPW ,KU DOOH DXV HLQHP /DQG RGHU EHVVHU DXV HLQHU :HOW GLH IU (XFK ZHQLJ )UHXGHKDWWH9RUVLFKW'LH)DUEHQHLQHV3DUDGLHVHVEOHQGHQGLH .OlQJH WlXVFKHQ XQG VLQG UDVFK YHUKDOOW XQG PLWWHQ ]ZLVFKHQ GHQ EOKHQGHQ 5RVHQ KHEW GLH JLIWLJH1DWWHULKUHQ.RSI© ,FK KDWWH VR ODXW JHVSURFKHQ GD‰ MHGHU GHU YLHU 9DJDEXQGHQ PLFK K|UHQ PX‰WH ,FK HUQWHWH HLQ WLHIHVEHWUHWHQHV6FKZHLJHQ 

  ©$OVHVZDUP]XZHUGHQEHJDQQXQGZLUQLFKWVPHKUYRQGHQDQGHUHQ-lJHUQK|UWHQDX‰HUDEXQG ]X HLQHP +RUQUXI RGHU HLQHP 6FKX‰ VDKHQ ZLU HLQ 5XGHO 5HKH YRQ OLQNV QDFK UHFKWV ZHFKVHOQ =ZHLPDONUDFKWHQGLH)OLQWHQXQG]ZHL5HKHVFKOXJHQPLWGHQ/lXIHQXQGVDFNWHQLPIOFKWHQGHQ 6SUXQJ ]XVDPPHQ :LU EDQGHQ VLH DQ HLQHQ VWDUNHQ $VW PHUNWHQ XQV GLH 8PJHEXQJ XQG ULWWHQ ZHLWHU6FKOLH‰OLFKJHJHQ0LWWDJNDPHQZLUDQGHQEUHLWHQ%DFKGHUVLFKLQZLUUHQ/LQLHQGXUFK GHQ :DOG VFKOlQJHOWH :LU VDKHQ GDV KRFK ZXFKHUQGH 8QNUDXW DQ GHQ 8IHUQ XQG GLH +XQGH VW|EHUWHQ .HWWHQ YRQ )DVDQHQ DXI YRQ NOHLQHQ XQVFKHLQEDUHQ :DFKWHOQ XQG :LOGHQWHQ (LQ 6HH VFKLHQQLFKWIHUQ]XVHLQ ª,FK NDQQ PLFK HULQQHUQ© ULHI *DEULHOOH IU|KOLFK ªGD‰ GHU 9LFRPWH EDW YLHO *HIOJHO ]X VFKLH‰HQ+LHULVWGHUEHVWH3ODW]GDIU© ª$WODQ(XUH+XQGHVROOHQVLHXQV]XWUHLEHQ©VDJWH'LDQQRW ,FK VFKQLSSWH PLW GHQ )LQJHUQ +HFWRU XQG &DVWRU NDPHQ KHUDQJHVSUXQJHQ XQG EOLHEHQ YRU PLU VWHKHQ 1XU LFK ZX‰WH GD‰ LQ LKUHQ 6FKQDX]HQ VWDUNH 3URMHNWRUHQ YHUERUJHQ ZDUHQ $EHU GLH :DIIHQ ZXUGHQ QXU DE HLQHU JHZLVVHQ *HIDKUHQNODVVH YHUZHQGHW ZHQQ 7DLUL RGHU LFK LQ 



/HEHQVJHIDKUVFKZHEWHQ,FKGHXWHWHDXIGDV6FKLOIXQGGDV8QNUDXWGLH1HVVHOQ'DQQVDJWHLFK ª$XIVFKHXFKHQ'RUWKLQEHU© 'LH+XQGHEHOOWHQIDVWV\QFKURQ,KU)HOOZDUQRFKYRP%OXWGHV(EHUVEHGHFNW ª6LHJHKRUFKHQDXIV:RUW©ULHI%HDWUL[YHUZXQGHUW ª(LQH)ROJHODQJHU'UHVVXU%HDWUL[©HUZLGHUWH7DLULOHLVHª$XFK+XQGHYHUVWHKHQZDVPDQYRQ LKQHQZLOO,P*HJHQVDW]]X0HQVFKHQZHLJHUQVLHVLFKQXUVHOWHQ© ,FKJULQVWHLQQHUOLFK+LQXQGZLHGHUVDJWHGLHVHVHUVWDXQOLFKH0lGFKHQ'LQJHGLHVLHQLFKWYRQ PLUKDWWH 6RYLHOEHUGHLQH*HGDQNHQGD‰7DLULGDV3URGXNWGHLQHUSlGDJRJLVFKHQ%HPKXQJHQLVWVDJWH GDV([WUDKLUQEHUDXVVDUNDVWLVFK :LUVWLHJHQDEXQGEDQGHQGLH3IHUGHIHVW'DQQLQORFNHUHP*HVSUlFKJLQJHQZLUDQGLH6WHOOHQ GLHXQVJHHLJQHWHUVFKLHQHQ'LH+XQGHZDUWHWHQDP5DQGGHV*UQJUWHOVDXIPHLQHQ%HIHKO$OV ZLUGDVWDQGHQGLH%FKVHQLQGHQ+lQGHQULHILFKOHLVH ª+HFWRU&DVWRU6XFKW© 'LH +XQGH VHQNWHQ GLH .|SIH XQG VSUDQJHQ LQ GDV JUQH :LUUZDUU :LU ZDUWHWHQ JHVSDQQW $EHUPDOV EHUOHJWH LFK QLFKW RKQH 6SDQQXQJ ZLH VLFK GLH )UHPGHQ YHUKLHOWHQ +DWWHQ VLH LKUH HLJHQHQ:DIIHQJHWDUQWVRZLHLFK"2GHUYHUZHQGHWHQVLHWDWVlFKOLFKGLH*HZHKUHGHV+DXVKHUUQ MHQH VFKOHFKW IXQNWLRQLHUHQGHQ XQG NHLQHVZHJV WUHIIVLFKHUHQ *HUlWH" 7DLUL VWDQG QHEHQ PLU XQG KDWWHGLH)OLQWHVFKX‰EHUHLWDQGHU6FKXOWHU,KUVFKPDOHV*HVLFKWPLWGHQJUR‰HQVFKUlJHQ$XJHQ JOKWHYRU.RQ]HQWUDWLRQ ª7DLUL©VDJWHLFKOHLVH ª-D"© ª/DQJVDP VFKLH‰HQ 6LH ZHUGHQ VRQVW PL‰WUDXLVFK ZHQQ GLH 6FKVVH ]X VFKQHOO DXIHLQDQGHU IROJHQ:LUZROOHQZDUWHQZLHVLHVLFKYHUKDOWHQ© ª9HUVWHKH$EHU«ZDQQZLOOVWGXLKQHQVDJHQZHUGXZLUNOLFKELVW"© ,FK]XFNWHGLH6FKXOWHUQ ª.HLQHU ZHL‰ GHQ UHFKWHQ =HLWSXQNW© VDJWH VLH IOVWHUQG XQG QDKP GLH $XJHQ QLFKW YRQ GHU HLQIDFKHQ=LHOYRUULFKWXQJª9LHOOHLFKWLVWHVDPEHVWHQZHQQZLUVHFKV]XVDPPHQYRQ6FHDX[QDFK 9HUVDLOOHVUHLWHQ© ª'DVLVW]ZHLIHOORVVLQQYROO©JDELFK]X ª'DQQVROOWHVWGXVLHIUDJHQ,FKVFKODJHYRUGXXQWHUKlOWVWGLFKPLW'LpRGHU*DEULHOOH«VLHLVW DPPHLVWHQDXIJHVFKORVVHQ© .DXP KDWWH GDV 0lGFKHQ GDV OHW]WH :RUW JHVSURFKHQ HUKRE VLFK HLQ 6FKZlUP :LOGHQWHQ PLW IHXFKWHQ NODWVFKHQGHQ )OJHOVFKOlJHQ DXV GHP 6FKLOI 7DLUL VFKR‰ :LU EHVD‰HQ NHLQH 6FKURWODGXQJHQXQGLFKVWDXQWHDOVGLH]ZHLWH(QWHLQGHU/XIW]XVDPPHQ]XFNWHLQHLQHUVWHLOHQ .XUYHQDFKXQWHQILHOXQGLP:DVVHUGHU%DFKELHJXQJDXIVFKOXJ'DQQIHXHUWH5R\HUXQGVFKR‰ YRUEHL,FKVFKR‰HEHQIDOOVDEHULFK]LHOWHDXIHLQHQ)DVDQGHUPLWODQJHQ6FKULWWHQXQGIODWWHUQGHQ 6FKZLQJHQDXVHLQHU6HQNHDXIWDXFKWHXQGDXIIORJ,FKWUDILKQXQGPHUNWHPLUGHQ2UWDQGHPHU JHIDOOHQZDU 6HFKV-lJHUIHXHUWHQLQ0LQXWHQDEVWlQGHQ ª*HWURIIHQ©VFKULH'LDQQRWYRQJDQ]UHFKWV ª*HIHKOW© NQXUUWH LFK XQG OXG QHX GXUFK 'LH 3IHUGH VFKLHQHQ VLFK DQ GDV .QDOOHQ LQ]ZLVFKHQ JHZ|KQW ]X KDEHQ GHQQ VLH ]XSIWHQ DQ GHP IULVFKHQ *UDV :LU HUOHJWHQ HWZD ]HKQ YHUVFKLHGHQH 9|JHO :LOGHQWHQ )DVDQHQ RGHU DQGHUH 9|JHO GLH LFK QLFKW PLW 1DPHQ NDQQWH GDQQ VDJWHQ ZLU XQVGD‰HVUHLFKWH±VFKOLH‰OLFKJDEHVDX‰HUXQVQRFKDQGHUH-lJHUXQGZHUVROOWHGDVDOOHVHVVHQ" ª'LH+XQGH©VDJWHLFKXQGGHXWHWHQDFKYRUQ ª+DEW,KUVLHGUHVVLHUWGHO $UFRQ"©HUNXQGLJWHVLFK*DEULHOOH ª1HLQ,FKNDXIWHVLHGHP=FKWHUDE©ORJLFK &DVWRU XQG +HFWRU VXFKWHQ GLH JHW|WHWHQ 9|JHO XQG WUXJHQ VLH ]XVDPPHQ :LU KDWWHQ JHQDX GUHL]HKQ GHU 9|JHO JHWURIIHQ XQG PDFKWHQ GDUDXV HLQ %QGHO LQGHP ZLU LKUH )‰H ]XVDPPHQEDQGHQXQGGLH%HXWHDQHLQHP6DWWHOEHIHVWLJWHQ'DQQULWWHQZLUODQJVDPZHLWHU*HJHQ 



0LWWDJHUUHLFKWHQZLUPHKUGXUFK=XIDOOXQGXQVHUHP*HK|UIROJHQGGDV/DJHU'LH0HKU]DKOGHU DQGHUHQ-DJGWHLOQHKPHUZDULQ]ZLVFKHQHLQJHWURIIHQ±XQGYRQLKQHQZDUGLH+lOIWHEHUHLWVVWDUN EHWUXQNHQ 'LH /HEHQVHUZDUWXQJ ZDU UHODWLY QLHGULJ ]X MHQHU =HLW XQG LQ GLHVHU *HJHQG ± DXFK XQWHU GHQ $QJHK|ULJHQGHV$GHOV 0DQKDWWH=HOWHDXIJHVFKODJHQ)HXHUPLW%UDWVSLH‰HQXQG5RVWHQDQJHOHJW:HLQKHUEHLJHVFKDIIW 'LH %DXHUQ PX‰WHQ GLHVH $UEHLWHQ WXQ 'LH 3IHUGH ZXUGHQ DXVJHVFKLUUW XQG GLH 7HLOQHKPHU GHU IUVWOLFKHQ -DJG VHW]WHQ VLFK DXI %lQNH DXI 7HLOVWFNH YRQ %lXPHQ XQG DXI 6WHLQH VRZLH DXI 'HFNHQXQG.LVVHQ3RNDOHZXUGHQKHUXPJHUHLFKWXQGDPIUKHQ1DFKPLWWDJZDUHQGUHL9LHUWHO DOOHU -lJHU VDWWEHWUXQNHQXQGKHPPXQJVORV(LQLJH3lUFKHQYHUVFKZDQGHQLP'LFNLFKWXQG GDV .LFKHUQ ZDU KlXILJ ]X K|UHQ $Q GHQ *HVLFKWHUQ GHU 'LHQHU XQG GHU %DXHUQPlGFKHQ NRQQWH LFK JHQDXHUNHQQHQZLHGLH9HUKlOWQLVVHZLUNOLFKODJHQ'DVIDUEHQVSUKHQGH%LOGZDUHLQH.XOLVVH KLQWHUGHUHVJlUWH,UJHQGZDQQZUGHHLQHEOXWLJH5HYROXWLRQDOOHGLHVH0L‰VWlQGHKLQZHJIHJHQ 7DLUL XQG LFK ZDUHQ VR JXW ZLH QFKWHUQ 'DV 0lGFKHQ GDV PLFK MHGHQ 7DJ PHKU XQG PHKU YHUEOIIWHNDPDXIPLFK]XXQGVHW]WHVLFKQHEHQPLFKDXIGHQ%DXPVWDPP ª,FK IUDJH PLFK PDQFKPDO© VDJWH VLH OHLVH XQG OHKQWH VLFK DQ PHLQH 6FKXOWHU ªLQ ZHOFKH :HOW ZLUJHNRPPHQVLQG© ª:LUKDEHQVLHQLFKWDXVJHVXFKW/LHEVWH©VDJWHLFKHEHQVROHLVHXQGOHJWHPHLQHQ$UPXPLKUH 6FKXOWHUQ ª$EHU GDV DOOHV LVW IDOVFK ,Q PHLQHP NOHLQHQ 5HLFK DXI GHU ,QVHO ZDU DOOHV JHQDX JHWUHQQW IHVWJHOHJW LQ GHU )RUP HUVWDUUW DEHU GXUFK -DKUKXQGHUWH KLQGXUFK HUSUREW +LHU JLEW HV ]X YLHOH %UXFKVWHOOHQ $EHU GDV LVW QLFKW XQVHU 3UREOHP ,FK JODXEH GD‰ VLFK GLH .XOWXU GLH VSlWHUH *HQHUDWLRQHQ EHZXQGHUQ ZHUGHQ QXU DXI GLHVH KLQWHUKlOWLJH XQG JHZDOWWlWLJH :HLVH HUULFKWHQ Ol‰W© ,FKPXUPHOWH ª9HUJL‰QLFKWGD‰HV0lQQHUZLH&\UDQRGH%HUJHUDFJLEWGLHHLQH5HLVH]XP0RQGEHVFKULHEHQ KDEHQ :LU KDEHQ HLQHQ 0DQQ QDPHQV 7DVPDQ GHU LQ GHLQHU +HLPDW HLQH ZLFKWLJH 6HHIDKUWVSDVVDJHHQWGHFNWKDW :LUNHQQHQ.DUWHQ]HLFKQHUZLH0DWWKlXV0HULDQGHUGLHVHQ3ODQHWHQLQHLQ*UDGQHW]HLQ]HLFKQHW DXFK ZHQQ HU ]X ZHQLJ ,QIRUPDWLRQHQ IU HLQ SHUIHNWHV %LOG EHVLW]W 'HQNH DQ 5HPEUDQGW DQ -RKDQQ $PRV .RPHQVNL GHQ VLH &RPHQLXV QHQQHQ HU KDW SlGDJRJLVFKHV 1HXODQG EHWUHWHQ XQG ,GHHQYHUEUHLWHWGLHUHYROXWLRQlUVLQG© 6LHPHLQWHWURFNHQXQGRKQH%HJHLVWHUXQJ ª$OOHV'LQJHGLHHLQHPNOXJHQ0HQVFKHQVFKRQOlQJVWHLQJHIDOOHQVHLQP‰WHQPHLQ*HOLHEWHU 2EVLFKGHU0DQQ&URPZHOOQHQQWXQGHLQ'LNWDWRULVWREHU/XOO\KHL‰WXQG0XVLNVFKUHLEWGLH YRQlX‰HUVWHP:RKONODQJLVW±HUEHUHLFKHUWQXUGLH)DUELJNHLWGHU.XOLVVH'DVHLJHQWOLFKH:HVHQ ZLUGGDYRQQLFKWEHUKUW'HQNHDQGLH6FKXOHGHU6DPXUDL'RUWOHUQWHVWGXGHQ'LQJHQDXIGHQ HLJHQWOLFKHQ*UXQG]XJHKHQ© ,FK VWUHLFKHOWH LKUH :DQJH 6LH KDWWH VLFK LQ HLQ )HXHU KLQHLQJHVWHLJHUW GDV VHOEVW PLFK EHUUDVFKWH8QGLFKNRQQWHPLWHLQLJHU%HUHFKWLJXQJDQQHKPHQGD‰LFKNDXPQRFK]XYHUEOIIHQ ZlUH 1DFK HLQHU :HLOH LQ GHU PLFK GDV 6FKQDUFKHQ HLQHV GLFNHQ 0DQQHV VW|UWH VDJWH LFK OHLVH XQG QDFKGHQNOLFK ª,FKELQQLFKWGHU+HUUGHV.RVPRV7DLUL1R&KL\X,FKNDQQGDIUVRUJHQGD‰HVGLUJXWJHKW ,FK NDQQ YHUVXFKHQ GHLQH :XQGHQ ]X KHLOHQ ± GLHGHV9HUVWDQGHVRGHUGHV*HIKOVXQGGLH GHV .|USHUV $EHU LFK NDQQ QLFKW GLH (QWZLFNOXQJ JUR‰HU 5HLFKH lQGHUQ ,FK PX‰ PLFK VHOEVW GD]X ]ZLQJHQ PHLQH *HGDQNHQ DXI GDV 9RUKDEHQ ]X NRQ]HQWULHUHQ 8QG GLHVHV 9RUKDEHQ KHL‰W GDV 6WHUQHQVFKLII ]X QHKPHQ XQG QDFK $5.21 ]X IOLHJHQ 0LW GLU ]XVDPPHQ XQG PLW GHQ YLHU 9DJDEXQGHQ:HQQLFKPLWHLQHU)ORWWH]XUFNNRPPHQNDQQKDEHLFKEHUHFKWLJWH+RIIQXQJHQGLH PLVHUDEOHQ =XVWlQGH DXI GLHVHU SDUDGLHVLVFKHQ :HOW lQGHUQ ]X N|QQHQ 6RQVW QLFKW « XQG QLFKW HKHU© 



6LHN‰WHPLFKXQGHUZLGHUWH ª'DV ZHL‰ LFK ,Q VSlWHVWHQV ]ZHL 7DJHQ LVW HV VRZHLW VDJH GLU KDOWH GLFK DQ *DEULHOOH 6LH LQWHUHVVLHUWVLFKVHKUIUGLFK$EHUZHUGHPLUQLFKWXQWUHXEHLGLHVHP9HUVXFK© ª1HLQ©PXUPHOWHLFKYHUVRQQHQ 'HU5HVWGHV7DJHVYHUJLQJGDPLWGD‰GLH%DXHUQGDV/DJHUZLHGHUDEEUDFKHQGLH%HVWDQGWHLOH DXI :DJHQ YHUOXGHQ XQG LQ 5LFKWXQJ DXI GDV 6FKOR‰ GDYRQIXKUHQ 'LH -lJHU GLH 'LHQHU XQG .QHFKWH VDWWHOWHQ GLH 3IHUGH XQG VXFKWHQ GLH 6WUHFNH ]XVDPPHQ GLH 0HQJH GHV HUOHJWHQ :LOGHV %HL (LQEUXFK GHU 'XQNHOKHLW ZDUHQ DOOH *lVWH ZLHGHU LP 6FKOR‰ YHUVDPPHOW XQG IDVW DOOHV JHVFKRVVHQH:LOGZXUGHDXIGHP6FKOR‰KRIDXVJHOHJW (LQEDFFKDQWLVFKHV0DKOZXUGHJHUVWHW %UDWHQ XQG :HLQ %URW XQG 'HOLNDWHVVHQ 6DODWH XQG 6R‰HQ )UFKWH XQG =XFNHU]HXJ 0XVLN .HU]HQ .DPLQIHXHU XQG .OHLGHU ± HLQH JHZDOWLJH 0HQJH YRQ 3ULYLOHJLHUWHQ D‰ VLFK VDWW EHWUDQN VLFKODXVFKWHGHU0XVLNUL‰=RWHQWRUNHOWHXPKHUXQGEHQDKPVLFKUHLFKOLFKVFKOHFKW6LHNDQQWHQ HVQLFKWDQGHUV ,Q GHU 1lKH GHU 0XVLNHU VD‰HQ ZLU VHFKV ª)UHPGHQ© ,FK K|UWH ZLH *DEULHOOH OHLVH ]X %HDWUL[ VDJWH ª0HUNZUGLJ9HUZDQGWH*HLVWHUVFKHLQHQVLFKLPPHUVFKQHOO]XWUHIIHQ:LUDOOHKDEHQVFKHLQW HVGLHUHFKWH(LQVWHOOXQJ*HQX‰LPhEHUPD‰VFKDGHW© 'LH MXQJHQ )UDXHQ %HDWUL[ XQG *DEULHOOH ZXUGHQ KHIWLJ XQG DXI UKUHQG SOXPSH :HLVH YRQ JXWDXVVHKHQGHQ 0lQQHUQ XPZRUEHQ 1\GHU XQG 7UR\ VD‰HQ QHEHQ MXQJHQ 0lGFKHQ GHUHQ +HUNXQIW VLH QLFKW NDQQWHQ 'LHVH 0lGFKHQ ZDUHQ KLQJHULVVHQ XQG EHZHJWHQ VLFK I|UPOLFK LQ 7UDQFH*HJHQDOOHDQGHUHQPlQQOLFKHQ*lVWHVWDFKHQ5R\HUG $UFRODXQG'LDQQRWGH-DUDKHUDXV ZLH .RPHWHQ $OV VLFK GDV )HVW YHUOLHI V\PEROLVLHUW GXUFK GDV )HKOHQ GHU IODFNHUQGHQ .DPLQIODPPHQ ZlKUHQG VLFK GDV +RO] LQ ZHL‰H RGHU URWH *OXW YHUZDQGHOWH VD‰HQ QXU QRFK *DEULHOOHXQGLFKYRUGHP.DPLQ ,UJHQGZDQQVDJWHVLH ª:RLVW(XUH)UHXQGLQ$WODQ",FKEHZXQGHUH(XFKGLHVHV0lGFKHQLVWHUVWDXQOLFK© /DQJVDPHQWJHJQHWHLFK ª5R\HU XQG 'LDQQRW %HDWUL[ XQG ,KU 7DLUL XQG LFK « ZLU VLQG $X‰HQVHLWHU :LU NRPPHQ DXV HLQHU :HOW GLH DQGHUV LVW :LU GHQNHQ DQGHUV *UR‰]JLJHU JOHLFK]HLWLJ H[DNWHU XQG HLQJHHQJWHU 0HLQH)UHXQGLQZDUPGHVLHOHJWHVLFK]XP6FKODIHQ© ª8QG,KU© ª:LHN|QQWHMHPDQGGHUQHEHQ(XFKVLW]WPGHVHLQ"©VDJWHLFKLURQLVFKª(VZlUHHLQH6QGH ZLGHUGHQJXWHQ*HVFKPDFN(LQ9HUVWR‰JHJHQGLH$OOUHOLHEVWH)UHXQGLQ© 6LHODFKWHQHUY|V ª:DUXPVHLG,KUJUDX"© 6LHGHXWHWHDXIPHLQVFKXOWHUODQJHVZHL‰HV+DDU ª,FK VDK ]XYLHO ,FK UHJWH PLFK ]X RIW XQG ]X VHKU DXI 'DV JDE PHLQHP +DDU HLQHQ VLOEHUQHQ 6FKLPPHU© ª(VJHIlOOW(XFKKLHU"©HUNXQGLJWHVLHVLFK ª0LW0D‰HQ,FKNHQQH]XYLHO0HLQ=LHOXQGPHLQ(QGH±GDV(QGHHLQHUODQJHQ5HLVHGXUFKGLH :HOWGXUFKGLH=HLW±OLHJHQQLFKWKLHULQ9HUVDLOOHV© ª:R"© 8QVHUH 8QWHUKDOWXQJ KDWWH QXQ HLQ 6WDGLXP HUUHLFKW LQ GHP HV QXU ]ZHL 0|JOLFKNHLWHQ JDE HQWZHGHUHQWKOOWHLFKPLFKUFNVLFKWVORVRGHULFKERJGLH'LVNXVVLRQDXIHLQKDUPORVHV*OHLVDE ,FKHQWVFKOR‰PLFKLQVWLQNWLYXQGRKQHPLFK]XEHVLQQHQIUGLHOHW]WH0|JOLFKNHLW ª$Q DQGHUHU 6WHOOH $Q HLQHP 3XQNW GHQ LFK YLHOOHLFKW HLQHU JDQ] DOWHQ OLHEHQVZHUWHQ 'DPH HUNOlUHQNDQQ1LFKW(XFK,KUVHLG]XMXQJ,KUNHQQWGLH6WHUQHQLFKWQDFKGHQHQHLQ0DQQJUHLIW ,KUNHQQWQLFKWGLHJHKHLPHQ5HLFKHGLH,QVHOQGHU:QVFKHXQG*HGDQNHQGLHHLQ0DQQZLHLFK KDW© :LUVFKZLHJHQVHKUODQJH'DQQVDJWHVLHSO|W]OLFK 



ª(VLVWDOOHVHLQH)UDJHGHUSHUV|QOLFKHQ%H]LHKXQJ]XGHQ'LQJHQ6HKW,KU±LFKXQGPHLQHGUHL )UHXQGH VLQG :DQGHUHU 9DJDQWHQ 7URXEDGRXUH PHLQHWZHJHQ RGHU IDKUHQGHV 9RON :LU NHQQHQ YLHOH:HOWHQYLHOH'LQJHOH6WHUQHhEHUDOOZXUGHQZLUYHUVWR‰HQPHKURGHUPLQGHUDEJHOHKQW 8QG MHW]W VLQG ZLU LQ HLQHP /DQG ZR ZLU HWZDV JHOWHQ :R PDQ XQVHUH )UHXQGVFKDIW RGHU ZHQLJVWHQV XQVHUH %HNDQQWVFKDIW VXFKW 2KQH +LQWHUJHGDQNHQ :LU DOOH IKOHQ XQV LQ HLQHP 0D‰ ZRKO GDV ZLU ELVKHU LQ XQVHUHP /HEHQ QLFKW JHNDQQW KDEHQ 'DV LVW GLH XOWLPDWH DOOHU ,OOXVLRQHQ HQWNOHLGHWH:DKUKHLW© ª6HLG,KUVLFKHU"©IUDJWHLFKQXUXPHWZDV]XVDJHQ1HLQLFKZROOWHHVZLUNOLFKZLVVHQ ª:LUDOOHVLQGVLFKHU'LHOHW]WH(QWVFKHLGXQJIlOOWLQ9HUVDLOOHV5HLWHW,KUPLWXQV"© ª0LW9HUJQJHQ©VWLPPWHLFK]X 6LHVDKPLFKDQ6LHGXUFKERKUWHPLFKI|UPOLFKPLWLKUHP%OLFN'DQQWUDQN'LpQHUY|VXQGPLW ]LWWHUQGHQ)LQJHUQGHQOHW]WHQ6FKOXFN:HLQDXVLKUHP3RNDO6LHVDJWH ª9HUVDLOOHV(LQ:RUWZLHHLQ6\PERO(LQ%LOGZLHHLQ7UDXP,FKJODXEHGD‰ZLULP%DQQNUHLV GHV *UR‰HQ .|QLJV « LFK JODXEH GD‰ LFK (XFK YHUIKUHQ ZHUGH $WODQ GH O $UFRQ 1XU IU HLQH 1DFKW8QGZLUEHLGHZHUGHQGDUDQGHQNHQELVZLUVWHUEHQ© ,FKVWDQGDXIXQGYHUEHXJWHPLFK0LWHLQHPOHW]WHQ5HVWNDOWHU9HUQXQIWVDJWHLFK ª'LH*HGDQNHQHLQHV0HQVFKHQVLQGXQK|UEDU$EHULFKZHL‰ZDVMHPDQGGHQNWGHUKLQWHUHLQHU .XOLVVH GLH :DKUKHLW HUIlKUW ,FK ELQ QLFKW VR VLFKHU ZLH ,KU *DEULHOOH ,FK NDQQ (XFK NHLQH $QWZRUW JHEHQ :DUWHQ ZLU GHQ 0RQWDJ EHJLQQHQG GHQ $EHQG GHV 6RQQWDJHV DE 'LH OHW]WHQ 6WXQGHQ(UVWZHQQPDQJHVWRUEHQLVWNDQQPDQVDJHQGD‰PDQJHOHEWKDW© ,FKUHLFKWHLKUPHLQH+DQG6LHHUKREVLFKLQHLQHUXQYHUJOHLFKOLFKJUD]L|VHQ%HZHJXQJDXVGHP 6HVVHO ª,FKZHUGH(XUH0DVNHGXUFKVWR‰HQ© ª,KUZHUGHWYHUEOIIWVHLQ©HUZLGHUWHLFK ª.DXP'RUWZRLFKKHUNRPPHOl‰WPDQVLFKQLFKWYHUEOIIHQ© ª'LH*HVFKHKQLVVHGLHLFKPLWHUOHEWKDEHUHFKWIHUWLJHQPHLQH0DVNH,FKELQQLFKWGHUIUGHQ ,KUPLFKKDOWHW*DEULHOOH©VDJWHLFK ª,FKKDOWHHXFKIUPHKU±XQG]XJOHLFKIUZHQLJHU±DOV5R\HUXQG'LDQQRW©VDJWHVLHOHLVH(V ZDUIDVWHLQ)OVWHUQ ª,Q9HUVDLOOHV]HLJHLFK(XFKZHULFKELQ©VDJWHLFK :LUJLQJHQ]XVDPPHQGLH7UHSSHQKLQDXI$OVLFKVLFKHUZDUGD‰VLHVRUHDJLHUHQZUGHZLHLFK HVZQVFKWHIJWHLFKKLQ]Xª'Lp© ,KU*HVLFKWZHUGHLFKQLHPDOVYHUJHVVHQ 6LHJODXEWHVLFKYHUK|UW]XKDEHQ=XJOHLFKVDJWHLKU9HUVWDQGGD‰VLHGDVZDVVLHJHK|UWKDWWH VLFKHLQJHELOGHWKDEHQPX‰WH$WODQGHO $UFRQNRQQWHLKUHQ1DPHQQLFKWDXVJHVSURFKHQKDEHQ(LQ 6SXN"(LQODXWJHGDFKWHU*HGDQNH"'HUYHUGDPPWH:HLQ6LHEHWUDWLKU=LPPHU 0HLQH$XIUHJXQJZLFKHUVWDOVLFKGHQ.|USHU7DLULVQHEHQPLUVSUWH 'DV=LPPHUZXUGHYRQHLQHUHLQVDPHQ.HU]HEHOHXFKWHW'LH1DFKWLQGHUZLUXQVOLHEWHQZDU HLQHMHQHU1lFKWHLQGHUVLFKVFKlUIVWHJHLVWLJH.ODUKHLWXQEDUPKHU]LJXQGLP*UXQGHWURVWORV PLW GHU%HVFKZLQJWKHLWGHU7UXQNHQKHLWPLVFKWHQ(LQEHPHUNHQVZHUWHU=XVWDQG =ZHL7DJHVSlWHUZDUHQZLUDXIGHP:HJQDFK9HUVDLOOHV 'DV]ZHLWH'ULWWHOGHVODXWORVHQ.DPSIHVEHJDQQ«      $OVZLUQDFK:HVWHQULWWHQGLHYROOEHODGHQH.XWVFKHKLQWHUXQVEHVFKOLFKPLFKZLHGHUMHQHVDOWH *HIKOGHU8QUXKHXQGGURKHQGHQ*HIDKU ª/LHJWHVDQ9HUVDLOOHVDP6FKOR‰GHV6RQQHQN|QLJV"© ,FKZX‰WHVLFKHUOLFKZHLWDXVPHKUEHUGLHVHQ%DXXQGGLH8PVWlQGHGLHGD]XJHIKUWKDWWHQGD‰ 



GLHVHU+RIPLWVHLQHPVWUHQJHQ5HJOHPHQWHLQ9RUELOGIUGLHKDOEH]LYLOLVLHUWH:HOWGDUVWHOOWH$XV HLQHPNOHLQHQ-DJGVFKO|‰FKHQGHVGUHL]HKQWHQ/XGZLJZXUGHYRP-DKUDQGLHVHU3UXQNEDX 'HU $XIHQWKDOWDP+RIZDUNRVWVSLHOLJ1XU0HQVFKHQPLWYLHO*HOGNRQQWHQHVVLFKOHLVWHQLQ GHU 1lKH GHV .|QLJV ]X VHLQ $QGHUHUVHLWV ERW GLHVH 1lKH HLQH JUR‰H 0HQJH YRQ &KDQFHQ XQG 0|JOLFKNHLWHQ HPSRU]XNRPPHQ :XUGH GHU .|QLJ DXI HLQHQ .QVWOHU DXIPHUNVDP VR VFKLHQ GHVVHQJUR‰HV*OFNJHVLFKHUW]XVHLQ$XVGLHVHP*UXQGVWUHEWHQGLHYLHUNRVPLVFKHQ9DJDEXQGHQ QDFK9HUVDLOOHV±XQGLFKPLWLKQHQ :LU QlKHUWHQ XQV DXI 8PZHJHQ GHP 6FKOR‰ YRQ GHU 3DUNVHLWH KHU ,FK NDQQWH GLH EUHLWHQ *LWWHUWUHQYRQGHQ$XIQDKPHQGHU5RERWVRQGHQKHU$EHUQRFKZUGHHV6WXQGHQGDXHUQELVZLU DQNDPHQ *DEULHOOH 'RUHDX ZDQGWH VLFK LP 6DWWHO XP XQG KRE GLH +DQG $Q LKUHP )LQJHU IXQNHOWH HLQ ULHVLJHU5LQJEHUGHP5HLWKDQGVFKXK ª%DOGZLUGXQVGLHN|QLJOLFKH5HLWHUHLHQWJHJHQNRPPHQ8QVHUOHW]WHU*DVWJHEHUKDWHLQHQ%RWHQ JHVFKLFNW1RFKLPPHUXQWHUGHU:LUNXQJYRQ$ONRKRO'LDQQRW"© ª.HLQHVZHJV6FK|QVWH©ULHIGH-DUDª0HLQ(QWVFKOX‰VWHKWIHVW8QGZHQQLFKHVEHUHXHQPX‰ ,FKEOHLEHLQGLHVHP/DQGLFKEOHLEHKLHU«© 9HUVDLOOHV ODJ HLQLJH ZHQLJH .LORPHWHU VGZHVWOLFK YRQ 3DULV ,FK ZDU QHXJLHULJ ZLH VLFK GLH 6WDGW VHLW PHLQHP OHW]WHQ %HVXFK YHUlQGHUW KDWWH 'DFKWH LFK DQ GHQ *UR‰HQ .|QLJ NRQQWH LFK VLFKHUVHLQGD‰3DULVJHZDOWLJJHZDFKVHQZDU 6LHEOHLEHQKLHUVDJWHGHU([WUDVLQQ'RVEHGHXWHWGD‰VLHGDV5DXPVFKLIIQLFKWPHKUEUDXFKHQ ,FKULWWHWZDVVFKQHOOHUKLHOWPLFKGLFKWQHEHQ7DLULXQGIUDJWH ª,KU EOHLEW KLHU 'LDQQRW" %HGHXWHW GDV GD‰ ,KU XQG (XUH )UHXQGH QLFKW PHKU LQ GDV /DQG ]XUFNNHKUWDXVGHP,KUJHNRPPHQVHLG"© 5R\HU$UFRODHUZLGHUWH ª'DV KHL‰W HV ZRKO $EHU ZLU ZDUWHQ PLW XQVHUHP (QWVFKOX‰ QRFK ELV ZLU 9HUVDLOOHV VHOEVW NHQQHQ8QGGHQ.|QLJ© ª(V ZlUH HLQH OHLFKW KHUEHL]XIKUHQGH 0|JOLFKNHLW ZHQQ PDQ GHQ DOWHQ .|QLJ YHUVFKZLQGHQ ODVVHQXQGLQVHLQHU0DVNHDXIWUHWHQZUGH(LQH0|JOLFKNHLWGDV/HEHQQRFKHLQGUXFNVYROOHUXQG DEZHFKVOXQJVUHLFKHU]XJHVWDOWHQ© (U ODFKWH YHUOHJHQ DXI DOV HU GLH HUVFKURFNHQHQ *HVLFKWHU GHU DQGHUHQ VDK ,FK NRQQWH QLFKW JODXEHQGD‰HUHVDXFKQXUHQWIHUQWHUQVWJHPHLQWKDEHQPRFKWH*DEULHOOHPHLQWH ª:LUVLQG*lVWH$QXQVOLHJWHV]XJHUQJHVHKHQHQ*lVWHQ]XZHUGHQ6ROFKH,GHHQVROOWHVWGX QLFKWHLQPDOLQ*HGDQNHQKDEHQ'LDQQRW© ,FK EHPKWH PLFK VLH QLFKW HUNHQQHQ ]X ODVVHQ GD‰ LFK GDV YHUUlWHULVFKH 'X JHK|UW KDWWH :LU ULWWHQZHLWHUJHVFKW]WYRQGHQ+XQGHQPLW9RUUlWHQUHLFKEHODGHQ$EHULFKDKQWHGD‰ZLUXQV VSlWHVWHQVLQ9HUVDLOOHVWUHQQHQZUGHQ ª$XFK LFK ELQ GDIU GD‰ ZLU XQV HQGJOWLJ KLHU HLQULFKWHQ© PHLQWH 9HUJD RGHU %HDWUL[ ª0HLQ (QWVFKOX‰VWHKWDXFKIHVW© ª,FKYHUVWHKH(XFKQLFKWUHFKW©VDJWH7DLULODXWª,KUEHUOHJWVHLW7DJHQRE,KU:HLWHUUHLVHQRGHU KLHUEOHLEHQZROOW:DVLVWGDV3UREOHP5R\HU"© (UHUNOlUWHHVLKU +|UWHPDQGLHXQJHVDJWHQ:RUWHGDFKWHPDQQDFKXQGJLQJPDQYRQGHUULFKWLJHQ9RUDXVVHW]XQJ DXVGDQQVFKLHQHQVLHJHQDXDQGLHVHP3XQNWGHV3ODQHWHQJHIXQGHQ]XKDEHQZDVVLHHLQ/HEHQ ODQJ JHVXFKW KDWWHQ 6LH ZROOWHQ KLHU EOHLEHQ XQG KLHU LKU /HEHQ EHHQGHQ $OV LFK GLHV HUNDQQWH EHUXKLJWH LFK PLFK $EHU LFK PX‰WH PL‰WUDXLVFK EOHLEHQ $XFK (QWVFKOVVH GLH QLFKW VSRQWDQ JHWURIIHQZXUGHQNRQQWHQQRFKLQOHW]WHU6HNXQGHXPJHZRUIHQZHUGHQ$XIGHQ:HJHQULQJVXP KDWWH GHU 9HUNHKU ]XJHQRPPHQ 9LHOH :DJHQ OLQG YLHOH *UXSSHQ YRQ 5HLWHUQ XQG )X‰JlQJHUQ VWUHEWHQZLHDXFKZLUDXIGDV6FKOR‰]X 3O|W]OLFKVWLH‰+HFWRUHLQVFKDXHUOLFKHV+HXOHQDXV(UUDQQWHGUHLKXQGHUW0HWHUYRUXQVGDKLQ (LQ6LJQDO(LQHJU|‰HUH*UXSSHYRQ0HQVFKHQNDPDXIXQV]X ª:DVKDWGDV7LHU"©IUDJWH7DLUL 



ª:LUEHNRPPHQ%HVXFK©VDJWHLFKª9HUPXWOLFKZLUGXQV/XGZLJGHU9LHU]HKQWHLQIHLHUOLFKHP =XJHQWJHJHQNRPPHQ© ª(U ZHL‰ QRFK QLFKW HLQPDO ZHU ZLU VLQG ZDV ZLU ZROOHQ ± XQG GD‰ ZLU DXI VHLQ 6FKOR‰ ]XUHLWHQ© YHUVLFKHUWH 'LDQQRW JULPPLJ ª$X‰HUGHP VFKHLQW HU DOW XQG JHEUHFKOLFK JHZRUGHQ ]X VHLQ© +LQWHU GHU :HJNUPPXQJ VSUHQJWH MHW]W HLQH *UXSSH YRQ HWZD ]ZDQ]LJ 5HLWHUQ KHUYRU 'LH 0lQQHU ZDUHQ LQ GLH 8QLIRUPHQ XQG GLH +WH GHU N|QLJOLFKHQ 3DODVWZDFKHQ JHNOHLGHW XQG ULWWHQ DXVQDKPVORV DXI 5DSSHQ 6LH VWREHQ DXVHLQDQGHU ELOGHWHQ ]ZHL 5HLKHQ XQG NDPHQ DXI EHLGHQ 6HLWHQ GHV :HJHV DXI XQV ]X ,FK VDK IOFKWLJ GDV *HVLFKW GHV $QIKUHUV NKO XQG EHKHUUVFKW +ROWHQVLHXQVDE" :LUUFNWHQHWZDVHQJHU]XVDPPHQDOVGLH5HLWHUXQVHUUHLFKWKDWWHQ6LHKLHOWHQDQGUHKWHQGLH 3IHUGH XQG HVNRUWLHUWHQ XQV 'HU $QIKUHU ULWW DXI PLFK ]X ZHLO LFK KLQWHU *DEULHOOH ULWW XQG RIIHQVLFKWOLFKGHQ(LQGUXFNPDFKWHIUXQVHUH*UXSSHYHUDQWZRUWOLFK]XVHLQ ª,KU VHLG 'DPHQ XQG +HUUHQ GLH )UHXQGH YRQ 9LFRPWH )OHXU\"© IUDJWH HU OHLVH XQG RKQH EHVRQGHUH%HWRQXQJ ª6RLVWHV©YHUVLFKHUWHLKP*DEULHOOHª:LUUHLWHQDXIGDV6FKOR‰]XXQGZHUGHQYHUVXFKHQHLQH :RKQXQJLQGHU1lKHGHV+RIHV]XEHNRPPHQ© ª$QWRLQHWWHGH'UR\GHQXQGGHU9LFRPWH KDEHQ JHVFKULHEHQ6LHHPSIHKOHQ(XFKXQGZLUVLQG KLHUXP(XFKLQGLH4XDUWLHUH]XEULQJHQ(VLVWJXWJXWH)UHXQGHDQ+RIH]XKDEHQ© 'HU $QIKUHU ULWW QHEHQ PLU XQG PXVWHUWH RKQH GD‰ HV EHVRQGHUV DXIILHO XQVHUHQ IUHPGDUWLJHQ $XI]XJ (U VFKLHQ HLQHQ %OLFN IU 4XDOLWlW ]X KDEHQ GHQQ HU QLFNWH XQPHUNOLFK DEHU ]XIULHGHQ 7URW]GHPEOLHELQVHLQHQ$XJHQGHU$XVGUXFNHLQHVOHLFKWHQ0L‰WUDXHQV]XUFN ª:DVKDEW,KUYRU+HUU"©IUDJWHLFK ª$QWRLQHWWH GH 'UR\GHQ JHQLH‰W GLH *XQVW GHV .|QLJV 0DMHVWlW JHUXKHQ VLH HLQVW DOV 9HUWUDXWH JHKDEW]XKDEHQ6LHEDWLKQXPHLQHNOHLQH*XQVWXQGVRNRPPWHVGD‰LFKHLQNOHLQHV+DXVDP 5DQGH GHV 3DUNV ZHL‰ LQ GDV HLQ +HUU $WLDQ GH O $UFRQ PLW VHLQHU VFKZDU]KDDULJHQ )UHXQGLQ HLQ]LHKHQVROO'DV+DXVJHK|UW]XU+lOIWHGHU'DPHGH'UR\GHQ© ª,FKELQGHO $UFRQ©HUZLGHUWHLFKQLFKWRKQH9HUEOIIXQJª8QGLVWLQlKQOLFKUKUHQGHU:HLVH DXFKIUPHLQHYLHU)UHXQGHKLHUJHVRUJWZRUGHQ"© (UQLFNWH ª-D"© ª:LU KDEHQ 2UGHU VLH LQ HLQHP DQGHUHQ +DXV XQWHU]XEULQJHQ (V LVW QLFKW VR VFK|Q XQG DXFK ZHQLJHUVFK|QHLQJHULFKWHWDEHUHVLVWQlKHUDPVGOLFKHQ)OJHOGHV6FKORVVHV© 6FKRQ VHLW HLQLJHU =HLW ULWWHQ ZLU GXUFK GHQ JHSIOHJWHQ 3DUN -HW]W NDPHQ ZLU LQ GLH 1lKH GHV (LQJDQJHV 6ROGDWHQ H[HU]LHUWHQ VFKQHOOH .RPPDQGRV ZXUGHQ DXVJHVWR‰HQ XQG YHUJROGHWH .XWVFKHQUROOWHQODQJVDPDQXQVYRUEHL'LH$QODJHVFKREVLFKLQXQVHU%OLFNIHOG±DOOHLQZlUHQ ZLUKLHUXQWHUJHJDQJHQXQGKlWWHQQLFKWVJHIXQGHQ$EHUGHU$QIKUHUGHV5HLWHUWUXSSVKLHOW]XHUVW YRUHLQHPGHU+lXVHUDQGLHQHEHQGHUlX‰HUVWHQ8PJUHQ]XQJGHV6FKORVVHVVWDQGHQ ª+LHUKDWGHU9LFRPWHHLQ+DXVJHPLHWHW(UEHUOl‰WHVVHLQHQYLHUIUHPGHQ%HVXFKHUQ©VDJWH GHUVFKZDU]KDDULJH$QIKUHUXQGVFKREHLQHQ=HWWHO]XUFNLQVHLQHQbUPHODXIVFKODJ 8QVHUHNOHLQH.DUDZDQHKLHOWDQ ª'DVLVWHUVWDXQOLFK«DEHULQHLQLJHQ7DJHQZLVVHQZLUPHKU©VDJWH*DEULHOOHXQGEHWUDFKWHWH GLH HIHXEHUZXFKHUWHQ +DXVZlQGH XQG GHQ QDKHQ 3DUN GHU PLW GHU 5LHVHQDQODJH GHV 6FKORVVHV YHUVFKPRO]hEHUDOOVDKHQZLU*UXSSHQVSD]LHUHQGHU0HQVFKHQXQGHLQ]HOQH5HLWHU,QGHU)HUQH EOLHVHLQ-DJGKRUQ ª:LUPVVHQXQV]XHUVWHLQULFKWHQXQGGDQQ6FKULWWXP6FKULWWGLH8PJHEXQJHUIRUVFKHQ©VDJWH LFK ª,FK ZHL‰ QRFK QLFKW ZR ZLU ZRKQHQ ,FK EHVXFKH (XFK ZHQQ ZLU HLQJHULFKWHW VLQG 'DQQ VHKHQZLUZHLWHU© 8QEHPHUNW KDWWH LFK +HFWRU SURJUDPPLHUW 6FKRQ VHLW HLQLJHU =HLW XPVFKPHLFKHOWH HU *DEULHOOH 6R DXFK MHW]W DOV LFK LKU YRP 3IHUG KDOI (U ULHE VHLQHQ .RSI DQ LKUHQ .QLHQ 6LH VDK LKQ DQ WlWVFKHOWHVHLQHQ+DOVXQGLFKEHPHUNWHOHLVH 



ª(UPDJ(XFK*DEULHOOH%HKDOWHWLKQ±YRUOlXILJ6HLGJXW]XLKPHULVWHLQZHUWYROOHV7LHUIU GLH-DJG© 6LHQLFNWHOlFKHOQGXQGVDJWH ª*XW,FKGDQNH(XFK$WODQ:LUVHKHQXQVEDOG"© ª6REDOGZLHP|JOLFK©EHVWlWLJWHLFK (LQLJHGHU5HLWHUZDUHQDXVGHQ6lWWHOQJHVSUXQJHQXQGKDOIHQGHQ)UHPGHQHLQLJH.LVWHQXQG 7DVFKHQDXVXQVHUHU.XWVFKHDE]XODGHQXQGLQV+DXV]XWUDJHQ,FKPHUNWHPLUGLH/DJHJHQDXXQG VDK GHP 7UHLEHQ YRU GHQ 0DXHUQ GHV 6FKORVVHV ]X KLQWHU GHQ VFKZDU]HQ *LWWHUQ PLW GHQ VFKLPPHUQGHQ6SLW]HQ 'LH 5HLWHU VD‰HQ ZLHGHU DXI XQG ZLU ULWWHQ XQG IXKUHQ DXI GLH 6WDGW ]X 8QZHLW GHV %DVVLQ GH 6DWXUQHKLHOWGHU$QIKUHUZLHGHUDQ ª+LHULVWHV©VDJWHHU 'DV +DXV ODJ KDOE YHUVWHFNW DQ HLQHP VFKPDOHQ :DVVHUODXI %lXPH EUHLWHWHQ LKUH GLFNHQ bVWH EHU GDV +RO]VFKLQGHOGDFK DXV .OHLQH )HQVWHU HLQH JHVFKQLW]WH 7U XQG ZHL‰H6WHLQILJXUHQ]ZLVFKHQGHQ%VFKHQXQGGHQYHUZLOGHUWHQ%OXPHQEHHWHQ$XFKKLHU URFKHVQDFKGHQ/LHEOLQJVEOXPHQGHV*UR‰HQ.|QLJVQDFK-DVPLQ+\D]LQWKHQ7XOSHQ XQG7XEHURVHQ ª(VLVWVHKUVFK|Q.RPPWGLH*UlILQGH'UR\GHQQDFK"©ª ª-D:HQQHVZlUPHULVWVFKULHEVLHXQGZHQQGLH1lVVHLKUH*LFKWQLFKWVFKOLPPHUPDFKW6LH ZLUGKLHUZRKQHQ'DV+DXVLVW]LHPOLFKJUR‰© :LUEDQGHQGLH3IHUGHDQGHPVWHLQHUQHQ=DXQDQXQGJLQJHQXPV+DXV ª*HIlOOWHVGLU"©IUDJWH7DLUL ª%LVMHW]WMD$EHULFKKDEHVFKODJDUWLJHLQVFKOHFKWHV*HIKOZHQQLFKDQXQVHUH)UHXQGHGHQNH 'HVKDOEKDEHLFKDXFK*DEULHOOHGHQ+XQGDXIJHGUlQJW(UZLUGIUXQVEHREDFKWHQ© ª5LFKWHQZLUXQVHUVWHLQPDOHLQ©PHLQWHVLHDOVGLH0lQQHUGHU3DODVWZDFKHGHP.XWVFKHU-HDQ KDOIHQ GLH .LVWHQ LQV +DXV ]X EULQJHQ (V GDXHUWH PHKU DOV HLQHQ 7DJ ELV ZLU XQV HLQJHULFKWHW KDWWHQ $P QlFKVWHQ $EHQG NODSSWH LFK GHQ 'HFNHO GHU 6FKPXFNVFKDWXOOH GHV 0lGFKHQV DXI VFKDOWHWH GHQZLQ]LJHQ%LOGVFKLUPHLQXQGDNWLYLHUWHGLH%HREDFKWXQJVHLQULFKWXQJGHV5RERWHUV 'HU +XQG ODJ YRU GHP .DPLQIHXHU GUHKWH GHQ .RSI ,FK VDK QXU *DEULHOOH GLH DXVJHVWUHFNW LQ HLQHP 6HVVHO VFKOLHI HLQH 'HFNH EHU GHQ .QLHQ 'LH DQGHUHQ KDWWHQ RIIHQVLFKWOLFK GDV +DXV YHUODVVHQ ª1LFKWV©VDJWHLFKª'LH8QUXKHEOHLEW© 

  'LH 1DFKW ZDU XQJHZ|KQOLFK ZDUP 7DLUL XQG LFK JLQJHQ $UP LQ $UP GXUFK GHQ DXIJHUlXPWHQ *DUWHQ ]ZLVFKHQ GHP +DXV XQG GHP 5DQG GHU 6FKOR‰DQODJH :LU KDWWHQ EHLGH RKQH GD‰ ZLU GDUEHUJHVSURFKHQKDWWHQGDV*HIKOGD‰ZLUDQHLQHPHQWVFKHLGHQGHQ3XQNWDQJHODQJWZDUHQ ª:DVZLOOVWGXWXQ"©IUDJWH7DLULª,FKVFKODJHYRUGXJHKVWHLQIDFK]XLKQHQXQGVDJVWZDVGX ZLOOVW© ª,FKJODXEHHVLVWGDVEHVWH©HUZLGHUWHLFKª6LHVLQGHQWVFKORVVHQKLHU]XEOHLEHQ© 6LHN|QQHQGDV6FKLIIIHUQJHOHQNWVWDUWHQXQGLP2UELWNUHLVHQODVVHQ2GHUHVLQHLQHDQGHUH%DKQ EULQJHQVDJWHGHU([WUDVLQQHLQGULQJOLFK ª:DQQVSULFKVWGXPLWLKU"© ª0RUJHQ©VDJWHLFKª,FKYHUVSUHFKHHV© :LU JLQJHQ ODQJVDP ]XUFN LQV +DXV -HW]W EHIDQGHQ ZLU XQV RIIL]LHOO LP %DQQNUHLV GLHVHV XQJHZ|KQOLFKHQ 0DQQHV XQG GHVVHQ QRFK XQJHZ|KQOLFKHUHQ 5HJLHUXQJVVLW]HV 0HKUHUH WDXVHQG $GHOLJH DXV GHP JDQ]HQ /DQG OHEWHQ KLHU LQ 9HUVDLOOHV =XJOHLFK ZDU KLHU GLH (OLWH GHV /DQGHV 0lQQHUZLH5DFLQHDUEHLWHWHQXQGVSUDFKHQKLHU -HDQVFKOLHILQHLQHPGHUDFKW=LPPHUGHV(UGJHVFKRVVHVXQGZLUKDWWHQHVXQVLQGUHL=LPPHUQ 



GHVREHUHQ*HVFKRVVHVEHTXHPJHPDFKW,QHLQLJHQ7DJHQZUGHQGLH+DQGZHUNHUNRPPHQQHXH 9RUKlQJH QHXH 7HSSLFKH HLQ 7HLO GHU 0|EHO PX‰WH HUVHW]W ZHUGHQ 'DV .DPLQIHXHU EUDQQWH QHEHQ GHU 7UODJZDFKVDPGHU5RERWKXQG$OVHUVWHVKDWWHQZLUGDV%DGH]LPPHUJHVlXEHUW XQG GLH(LQULFKWXQJEHUKROW±MHW]WEUDQQWHXQWHUGHP.HVVHOHLQ)HXHUHVZDUEHUDOOJHPWOLFKZDUP 'LH *HJHQVWlQGH XQVHUHV SHUV|QOLFKHQ %HVLW]HV VFKXIHQ XP XQV KHUXP HLQH $WPRVSKlUH GHU %HKDJOLFKNHLW,FKIUHXWHPLFKEHUHLWVDXIGDVGXIWHQGH%DG ª1RFK QLHPDOV ELQ LFK GHU 3DVVDJH QDFK $5.21 VR QDKH JHZHVHQ ZHQQ LFK YRP JROGHQHQ 6FKLIIDEVHKH©VDJWHLFKª,FKEHGDXUHVHOEVWGLHVHV9HUVDLOOHVYHUODVVHQ]XPVVHQ,FKKlWWHKLHU YLHOOHUQHQXQGYLHOOHKUHQN|QQHQ© $XVGHU5LFKWXQJGHV%HWWHVKHUHUZLGHUWH7DLUL ª'DV DOOHV NDQQVW GX ZHQQ GX PLW HLQHU )ORWWH ]XUFNNRPPVW 1LPPVW GX PLFK PLW QDFK $5.21/LHEVWHU"© ª6HOEVWYHUVWlQGOLFK© 'DV 9RON GDV GHQ +RI XP GHQ .|QLJ ELOGHWH ZDU NHLQHVZHJV DOV HOHJDQW RGHU GHJHQHULHUW ]X EH]HLFKQHQ (V ZDUHQ PHLVW /HXWH YRP /DQG GLH VFKOHFKWH 0DQLHUHQ EHVD‰HQ XQG DQ GLH :LGULJNHLWHQGHV'DVHLQVJHZRKQWZDUHQ$OOH8QWHUWDQHQGLHJXWDQJH]RJHQZDUHQZXUGHQ]XU $XGLHQ]HLQJHODVVHQXQGNRQQWHQPLWGHU0DMHVWlWVSUHFKHQ ª0RUJHQ QDFKW LVW HLQ )HXHUZHUN DQJHVDJW 8QG 5HLWHUVSLHOH DXI GHP +RI© EHJDQQ 7DLUL ]X VFKZlUPHQ ª:LUVHKHQXQVGDV6SHNWDNHODQ/LHEVWH©YHUVSUDFKLFK :LUODJHQQHEHQHLQDQGHUDXIGHQZHLFKHQ 0DWUDW]HQGHV3UXQNEHWWHV$QGHU'HFNHXQGLQGHQ 9RUKlQJHQ IODFNHUWHQ GLH )ODPPHQ GHV .DPLQV hEHU GHP 6FKOR‰ XQG GHU 8PJHEXQJ ODJ HLQH XQLUGLVFKH 5XKH 1XU HLQ OHLFKWHU ZDUPHU :LQG VSLHOWH PLW GHQ %OlWWHUQ 0RUJHQ ZUGH LFK YHUVXFKHQPLW*DEULHOOH]XVSUHFKHQ,Q*HGDQNHQYHUVXFKWHLFKPHLQ$QOLHJHQ]XIRUPXOLHUHQXQG PHLQH $UJXPHQWH ]XUHFKW]XOHJHQ DEHU GDQQ OHQNWH PLFK GDV 0lGFKHQ DE GDV VLFK PLW DXIJHO|VWHPVFKXOWHUODQJHP+DDUEHUPLFKEHXJWH      $QGLHVHPVSlWHQ$EHQGVFKLHQHQ7DXVHQGHDXIGHQ%HLQHQ]XVHLQ 7DLUL XQG LFK KDWWHQ XQVHUH EHVWHQ .OHLGXQJVVWFNH KHUDXVJHVXFKW :LU VDKHQ IUHPGDUWLJ DEHU GHQQRFK PRGLVFK DXV ,FK WUXJ PHLQHQ 'HJHQ XQG HLQH GHU :DIIHQ XQG GDV 0lGFKHQ VDK KLQUHL‰HQG DXV 1XU ZHQLJH 0lQQHU DQ GHQHQ ZLU YRUEHLNDPHQ GUHKWHQ VLFK QLFKW XP RGHU PDFKWHQHQWVSUHFKHQGH%HPHUNXQJHQ'LHPHKUDOVYLHUKXQGHUW0HWHUODQJH)DVVDGHGHV6FKORVVHV ZDUHUOHXFKWHW.HU]HQVWDQGHQKLQWHUMHGHP)HQVWHU 5XQG HLQKXQGHUW 6WDWXHQ K|KHU DOV ]ZHL 0HWHU VFKLPPHUWHQ LQ GLHVHP PLOGHQ /LFKW DXI 'LH )OVVH XQG 6WU|PH )UDQNUHLFKV LQ %URQ]H YRQ GHQ KHUYRUUDJHQGVWHQ .QVWOHUQ DXVJHIKUW XPVWDQGHQ GDV :DVVHUSDUWHUUH XQG GLH EHLGHQ .DELQHWWH 6LH VFKLHQHQ GLH IODQLHUHQGHQ *lVWH DQ]XVHKHQ 0DQ KDWWH 3ODWWIRUPHQ DXIJHVFKODJHQ DXI GHQHQ GLH 0XVLNHU VD‰HQ GLH 1RWHQ YRQ :LQGOLFKWHUQEHOHXFKWHW ª6ROFKH)HVWHZHFKVHOQVLFKGDVJDQ]H-DKUEHUDE«©K|UWHLFKMHPDQGVDJHQª'HVZHJHQELQ LFKKLHU© :LU OlFKHOWHQ 0HQVFKHQ ]X GHUHQ *HVLFKWHU ZLU ]X NHQQHQ VFKLHQHQ 'LH 1DPHQ NDQQWHQ ZLU QLFKW'DQQHUW|QWHHLQVFKDUIHU5XI(LQ7URPPHOZLUEHOGDQQ]HUVFKQLWWHQGLH7|QHGHU)DQIDUHQ GLH6WLOOH (LQ GUHLVlW]LJHV 6WFN GHVVHQ KDXSWVlFKOLFK YHUZHQGHWH ,QVWUXPHQWH )DQIDUHQ 3DXNHQ XQG 7URPPHOQ ZDUHQ ZXUGH JHVSLHOW =ZHL 2UFKHVWHU XQG ]ZHL *UXSSHQ YRQ 6ROLVWHQ VD‰HQ VLFK JHJHQEHUGXUFKPHKUDOVGUHL‰LJ0HWHUJHWUHQQW±GLH(FKRZLUNXQJ ZDU YHUEOIIHQG XQG K|FKVW UHL]YROO $OV GHU OHW]WH 7RQ YHUNODQJ ± GLH 0HQJH ZDU LQ]ZLVFKHQ 



YHUVWXPPW ± VWLHJ DP (QGH GHV JUR‰HQ .DQDOV GLH HUVWH 5DNHWH LQ GLH /XIW ]HUWHLOWH VLFK XQG HQWIDOWHWHVLFKZLHHLQH%OXPHDXV)HXHUXQG)DUEHQ'LH0HQJHVWLH‰EHZXQGHUQGH5XIHDXV'LH 0XVLNHUSDFNWHQLKUH,QVWUXPHQWH]XVDPPHQXQGZDUWHWHQ 'DQQHLQH.HWWHYRQ'RQQHUVFKOlJHQXQGJHZDOWLJHQ%OLW]HQ(LQNQVWOLFKHV*HZLWWHUWREWHDP DQGHUHQ(QGHGHV3DUNV (VHULQQHUWHPLFKDQHWZDV 'HU ([WUDVLQQ PXUPHOWH GUlQJHQG 'HQNH DQ GLH SULPLWLYHQ *HVFKW]H DQ GLH ([SORVLRQHQ GHU 3XOYHUIlVVHUDQGLH6FKUDSQHOOV«GDPDOVLP'UHL‰LJMlKULJHQ.ULHJ$QGDV6FKLII« ª(VLVWSUlFKWLJ8QYRUVWHOOEDUVFK|Q©VDJWH7DLULQHEHQPLU,FKK|UWHLKUH6WLPPHDEHU LFKYHUJD‰VRIRUWZDVVLHVDJWH 'DV6FKLII±GDPDOV (LQH *HGDQNHQNHWWH OLHI DE 'LH YLHU )UHPGHQ KDWWHQ GDYRQ JHVSURFKHQ GLH %UFNHQ KLQWHU VLFK ]X YHUEUHQQHQ 'DV ZDU HWZDV 8QZLGHUUXIOLFKHV 9HUEUHQQHQ ± GDV NRQQWH EHGHXWHQ GD‰ VLH GDV 6FKLII ]HUVW|UWHQ ZHLO VLH HV QLFKW PHKU EHQ|WLJWHQ GHQQ VLH ZROOWHQ MD DXI GLHVHU :HOW EOHLEHQ XQG KLHU VWHUEHQ 'DV ZDU GLH 0|JOLFKNHLW DQ GLH LFK QLFKWJHGDFKWKDWWH1XUGLHVH$KQXQJVHLWGHPHUVWHQ=XVDPPHQWUHIIHQ6LHKDWWHPLFK QLFKWYHUODVVHQ8QGMHW]WHUNDQQWHLFKZHOFKHQ)HKOHULFKJHPDFKWKDWWH,FKZDUWHWH]X ODQJH,FKIKOWHPLFKXQVLFKHUXQGZDUWHWH:DVNRQQWHLFKWXQ" (VLVWQRFKQLFKW]XVSlWGUlQJWHGHU/RJLNVHNWRU 9RU XQV LQ HLQHP ZHLWHQ +DOENUHLV EUDQQWH GDV )HXHUZHUN DE 9|JHO IODWWHUWHQ HUVFKUHFNWGXUFKGLH%OLW]HXQGGLH)ODPPHQhEHUDOOVSLHJHOWHVLFKGDV]XFNHQGHIDUELJH /LFKW LQ GHQ KHOOHQ :RONHQ GHU YHUEUDQQWHQ 3XOYHUJDVH (V EHJDQQ GXUFKGULQJHQG ]X ULHFKHQXQGGHU1DFKWZLQGWULHEGLHGLFNHQ6FKZDGHQQDFK2VWHQKLQZHJ,FKVWDQGVWDUU GDXQGVDKZLHGHUGLH'HWRQDWLRQHQXQGGDV)HXHUYRUPLULQGHQHQGDVGUDFKHQIOJHOLJH 5DXPVFKLIIXQWHUJLQJDXIMHQHU/LFKWXQJLQMHQHQ-DKUHQGHVODQJHQ.ULHJHV ª:DVKDVWGX"©IUDJWH7DLULXQG]RJDQPHLQHU+DQGª*HIlOOWHVGLUQLFKW"© ,FKVDJWHVWDUU ª,FKPX‰*DEULHOOHILQGHQ6RIRUW© 7DLULVDKPLFKEHXQUXKLJWDQXQGYHUVWDQGQXUGLH+lOIWH ,FKZLHGHUKROWHZDVLFKJHVDJWKDWWHGDQQSDFNWHLFKVLHEHLGHQ6FKXOWHUQXQGVWLH‰KHUYRU ª'XJHKVWMHW]WLQV+DXV6FKQHOO:DUWHGRUWDXIPLFK8QGZHQQGXHLQHQGHU)UHPGHQVHKHQ VROOWHVWVDJHLKPHVJHKWXP/HEHQXQG7RG,FKODXIH]XLKUHP+DXVDXIGHUDQGHUHQ6HLWHGHV 3DUNV© ª$EHU«© ª6LHVSUHQJHQGDV6FKLII9LHOOHLFKW©VDJWHLFK 6LH EHJULII (QWVHW]HQ NDP LQ LKUH $XJHQ XQG VLH DWPHWH VFKZHU ,FK QLFNWH LKU ]X VFKRE ]ZHL 0lQQHU]XU6HLWHXQGUDQQWHORV'LH6RKOHQGHU6WLHIHONQLUVFKWHQDXIGHP.LHVDOVLFKORVUDQQWH ª,FK OLHI KLQEHU ]XP 6GSDUWHUUH VFKOXJ HLQH DQGHUH 'LFKWXQJ HLQ XQG NDP DP *HOlQGHU GHU 2UDQJHULHYRUEHL'DQQVSUDQJLFKLP=LFN]DFNGLHKXQGHUW6WXIHQKLQXQWHUXQGNDPDQGDV*LWWHU (VZDURIIHQXQGLFKUDVWHKLQGXUFK ª6FKQHOOHU©NHXFKWHLFK ,FKNRQQWHXQUHFKWKDEHQXQGVLHEHUDWVFKODJWHQQRFK$EHUPHLQH6NHSVLVVLHJWH,FKVWHOOWHPLU YRUZLHHLQHUGHUYLHU)UHPGHQYHUPXWOLFK1\GHUDXIGDV*HOWHWGHU)HUQ]QGXQJGUFNWH ,FKUDQQWHZHLWHU 9RUEHL DP *UR‰HQ :DVVHUEDVVLQ DXI GLH IHUQHQ 7lFKWHU GHU +lXVHU ]X .DOWHU 6FKZHL‰ WUDW DXI PHLQH6WLUQVLFNHUWHGXUFKGLH%UDXHQXQGEUDQQWHLQGHQ$XJHQ0HLQ+HU]VFKODJUDVWH,FKOLHI EHUGHQ.LHVVSUDQJDXIGHQ5DVHQXQGZXUGHVFKQHOOHU,FKVWROSHUWHEHUHLQ/LHEHVSlUFKHQDOV LFKGXUFKHLQHQVRUJIlOWLJJHVWXW]WHQ 7HLOHLQHU+HFNHVSUDQJ'DQQNDPHLQVWHLQHUQHV*HOlQGHU ,FK IODQNWH KLQEHU -HGH 6HNXQGH ZDU NRVWEDU GDV VDJWH PLU HLQH IXUFKWEDUH $KQXQJ ,FK UDQQWH XQGVWROSHUWHZHLWHUXQGKLHOWNUDPSIKDIWPHLQH6FKX‰ZDIIHIHVW :HLWHU 



6FKQHOOHU'LHHUVWHQ+lXVHUWDXFKWHQKLQWHUGHU.XOLVVHGHU%VFKHXQG%lXPHDXI(LQHNOHLQH NRVWEDUYHU]LHUWH.XWVFKHUDWWHUWHLQUDVHQGHU)DKUWTXHUEHUPHLQHQ:HJ'HU.XWVFKHUGURVFKDXI GLH3IHUGHHLQGLHLQMDJHQGHP*DORSSGDKLQVSUHQJWHQ ª(QGOLFK'RUWGDV+DXV©NHXFKWHLFKPLWGHPOHW]WHQ$WHP ,FKZDUIPLFKJHJHQGLH7UXQGGUFNWHGLHVFKZHUH.OLQNHQDFKXQWHQ :RKOJH|OWJOLWWGLH7UDXI ª*DEULHOOH'Lp©VFKULHLFKXQGVWU]WHLQGLH+DOOHKLQHLQ 1LHPDQG « QLFKWV « QXU GLH $VFKH LP .DPLQ XQG HLQH KHUXQWHUJHEUDQQWH .HU]H LQ HLQHP SUXQNYROOHQ/HXFKWHU ª1\GHU'LDQQRW©VFKULHLFKXQGZDQGWHPLFK]XU7UHSSH1LHPDQGDQWZRUWHWH ,FKUDQQWHPLWOHW]WHU.UDIWGLH7UHSSHKLQDXI*HQDXQHXQ]HKQ6WXIHQUHJLVWULHUWHLFKIOFKWLJ,FK EOLHEHLQH6HNXQGHDXIHLQHPNOHLQHQ$EVDW]VWHKHQXQGVDKGLH.HU]HQLP/HXFKWHU'DQQ|IIQHWH VLFKYRUPLUGLH7U ,FKIOVWHUWHNHXFKHQGXQGVFKZLW]HQG ª*DEULHOOH,FKPX‰HXFKVSUHFKHQ$OOH© 6LH VFKLHQHQ QXU NXU]H =HLW YRU PLU KHUHLQJHNRPPHQ ]X VHLQ 'HU +XQG NDP DQ LKUH 6HLWH VDK PLFKPL‰WUDXLVFKDQXQGVHQNWHGDQQGHQ.RSIZHGHOWHPLWGHPODQJHQ6FKZDQ] ª:DUXP$WODQ"©IUDJWHVLH6LHDKQWHQLFKWZHVZHJHQLFKKLHUZDU 6DJHHVLKU6FKQHOOVFKULHGHU([WUDVLQQ ,FKVDJWHGXPSI ª,FKPX‰HXFKVSUHFKHQ(VLVWZHJHQGHV«GHV5DXPVFKLIIHV© 6LH ]XFNWH ]XVDPPHQ VFKOR‰ LKUH $XJHQ ]X VFKPDOHQ 6FKOLW]HQ XQG VDK PLFK ODQJH XQG VFKZHLJHQGDQ,FKZLVFKWHGHQ6FKZHL‰DXVPHLQHP*HVLFKWXQGEHUXKLJWHPLFKODQJVDP'DQQ ILHOHQLKUH6FKXOWHUQQDFKYRUQ6LHGUHKWHVLFKXP]RJGLH+DQGVFKXKHDXVXQGJLQJLQV=LPPHU ]XUFN0LQGHVWHQVGUHL‰LJ.HU]HQEUDQQWHQLQULHVLJHQ/HXFKWHUQ'LpKROWHHLQHQVLOEHUQHQ.UXJ HLQHQ 3RNDO JR‰ :HLQ KLQHLQ XQG GUHKWH VLFK ZLHGHU XP 6LH NDP DXI PLFK ]X XQG GUFNWH PLW HLQHUUHVLJQLHUHQGHQ%HZHJXQJPLUGHQ3RNDOLQGLH+lQGH ª7ULQN$WODQ©VDJWHVLHª'HQJU|‰WHQ6FKOXFNGHLQHV/HEHQV© ,FKDKQWHHV,FKKDWWHHVJHDKQW9HUORUHQ,FKJHKRUFKWHXQGVHW]WHGHQ3RNDODE ª'DV5DXPVFKLIIDOVR'XZHL‰WHV:HUELVWGX"©IUDJWHVLHWRQORV ª(LQ VHLW ODQJHU =HLW JHVWUDQGHWHU 5DXPIDKUHU ,FK VXFKWH HXUH 1lKH ZHLO LFK YRQ GLHVHP EDUEDULVFKHQ3ODQHWHQZHJPX‰© ª:HL‰HV+DDU9HUPXWOLFKU|WOLFKH$XJHQKLQWHUGHQ.RQWDNWOLQVHQ'XELVW$UNRQLGH"© ,FKZDJWHQLFKW]XGHQNHQXQG]XDWPHQ ª-D© ª'DV6FKLIIZXUGHYHUVWHFNW'XKDVWHVDOVREHREDFKWHW8QGHWZDMHW]WVLQG1\GHUXQG9HUJDDP 6FKLII XQG ODGHQ DOOHV DXV ZDV ZLU EUDXFKHQ 'DV KHL‰W VLH KDEHQ HV VLFKHU VFKRQ DXI GLH VHFKV *HVSDQQHYHUODGHQGLHZLUJHPLHWHWKDEHQ'DV6FKLIIZXUGHJHVWDUWHWXQGMDJWIHUQJHVWHXHUWLQGLH 6RQQH© ,FKIKOWHZLHPHLQH.QLHZHLFKZXUGHQ:LHGHUWURFNQHWHPHLQ0XQGDXV(LQ]ZHLWHU6FKOXFN :HLQ (U ZLUNWH VRIRUW XQG VR NRQQWH LFK GDV )XUFKWEDUH HUWUDJHQ 'HU $ONRKRO KOOWH PHLQH *HGDQNHQLQHLQHQVLOEULJHQ1HEHO,FKJLQJVFKOHSSHQG]XHLQHP6HVVHOXQGILHOVFKZHUKLQHLQ ª,FKKDEHHLQHQVFKQHOOHQ*OHLWHU©VDJWHLFKUFNKDOWORVª.DQQLFKQRFKHWZDVKHOIHQ",VWQRFK =HLW"©,FKZXUGHODXWHUXQGHUUHJWHU6FKOLH‰OLFKVSUDQJLFKDXIHLQ)XQNHQ+RIIQXQJJOKWH DXI ZLH GLH +RO]NRKOH GHV .DPLQV ,FK VFKULH ª.DQQ LFK QRFK HWZDV DXVULFKWHQ ZHQQ LFK GHQ YHUVWHFNWHQ*OHLWHUDEUXIHXQGGLH5LFKWXQJGHV6FKLIIHVIOLHJH"© 6LHVFKWWHOWHLKU+DQGJHOHQN'HU%OLFNPLWGHPVLHPLFKDQVDKZDUYROOHU0LWOHLG,KUHJUR‰HQ $XJHQ ZXUGHQ GXQNHO hEHU LKUHQ 8QWHUDUP UXWVFKWH HLQ VFKZHUHV 6FKPXFNVWFN KHUXQWHU 6LH GUFNWHDXIHLQ*OLHGGHVGLFNHQ$UPUHLIHQVXQGHLQ5XELQVSUDQJDXVVHLQHU+DOWHUXQJ'DUXQWHU EHIDQGVLFKHLQHZLQ]LJH8KU6LHVWDUUWHGLH=LIIHUQDQXQGVFKWWHOWHGHQ.RSI ª7XWPLUOHLG:LUNOLFK(VLVW]XVSlW$UNRQLGH© 



ª:DUXP"©IUDJWHLFKNHXFKHQG ª'DV6FKLIILVWOlQJVWHQWODGHQXQGJHVWDUWHW:LUKDEHQGLHGUHL‰LJMlKULJH:DQGHUVFKDIWVDWW© ,FK VD‰ GD ZLH HUVWDUUW :LHGHU HLQPDO KDWWH LFK YHUVDJW $EHU « LFK EHJDQQ VFKRQ MHW]W QDFK (QWVFKXOGLJXQJHQ]XVXFKHQ'LpVFKDXWHDXIPLFKKHUXQWHUGDQQJLQJVLHQDFKNXU]HP=|JHUQ]X HLQHPGHUIQI)HQVWHUXQG|IIQHWHHLQHGRSSHOWH7U,FKVDKGDV]LHUOLFKH*HOlQGHUHLQHVZLQ]LJHQ %DONRQV ª.RPP©VDJWHVLHOHLVH ,FK VWDQG DXI JLQJ GLDJRQDO GXUFKV =LPPHU XQG WUDQN GHQ 3RNDO OHHU ,FK VWHOOWH LKQ DXI GHQ .DPLQVLPVXQGJLQJKLQDXVDXIGHQ%DONRQ6LHVWDQGGDXQGOHKQWHVLFKDQGLH0DXHU(IHXEOlWWHU UDVFKHOWHQXQWHULKUHQ6FKXOWHUEOlWWHUQ ª'RUW© ,KU $UP KRE VLFK XQG VLH GHXWHWH DXI GHQ REHUHQ 5DQG GHU :RONH GLH YRP 6FKOR‰ ]X XQV KHUEHUWULHE'DV/LFKWGHV9ROOPRQGHV]HLFKQHWHGLHREHUHQ5lQGHUGHU5DXFKVFKZDGHQLQHLQHU IHLQHQ VLOEHUQHQ /LQLH QDFK 'DUEHU VFKZHEWH GLH 0RQGVFKHLEH 8QG ]ZLVFKHQ GHQ .URQHQ GHU PlFKWLJHQ%lXPHXQGGHQHUVWHQ6WHUQHQVDKHQZLUEHLGHGHQIDVWJHUDGHQ6WULFK 'HU.RQGHQVVWUHLIHQ2GHUGDV)HXHUGHU'VHQVDJWHGHU/RJLNVHNWRU 'DV 5DXPVFKLII ZDU DXV VHLQHP 9HUVWHFN KHUDXV JHVWDUWHW (V UDVWH GXUFK GLH DXIIODPPHQGH /XIWKOOHXQGEHIDQGVLFKYHUPXWOLFKVFKRQMHW]WDXIHLQHP.XUVGHUHVLQZHQLJHQ6WXQGHQLQGHU 6RQQHYHUJOKHQODVVHQZUGH5XQGDFKW/LFKWPLQXWHQZDU/DUVDIV6WHUQHQWIHUQWOHVROHLOZUGH PDQVLHKLHUQHQQHQ'LH6RQQH'LHHUEDUPXQJVORVH6RQQHGLHZRKOWXHQGGLH+DXWEUlXQWHGLH 3IODQ]HQDVVLPLOLHUHQOLH‰XQG5DXPVFKLIIHIUD‰RKQHVLFK]XYHUlQGHUQ:DVZUGH%ODLVH3DVFDO VDJHQZHQQHUGLHVHQ9RUJDQJHUNDQQWKlWWH"3DVFDOZDUWRW 6HLWUXQGYLHU-DKU]HKQWHQ ª6WHXHUW1\GHUGDV6FKLIIYRP%RGHQDXV"©IUDJWHLFK $OV'Lp]XU$QWZRUWDQVHW]WHK|UWHLFKGDV*HUlXVFKGHVVWDUWHQGHQ6FKLIIHV(VZDUEHDFKWOLFK ODXW$OVVLHJHODQGHWZDUHQVFKLHQHQVLHDQGHUH$JJUHJDWHHLQJHVHW]W]XKDEHQ-FKIKOWHZLHVLFK GHUKDUWH.OXPSHQLQPHLQHP0DJHQDXIO|VWH'LHhEHONHLWEHJDQQYRQPHLQHP.|USHU%HVLW]]X HUJUHLIHQ ª1HLQ(USURJUDPPLHUWHGHQ.XUVVWHOOWHGLH6WDUWDXWRPDWLNHLQXQGYHUOLH‰GDV6FKLII© ,FKHUNXQGLJWHPLFKWURW]GHP ª*LEW HV NHLQH 0|JOLFKNHLW GDV 6FKLII DQ]XIXQNHQ XQG DXI GHU 6WUHFNH ELV ]XU 6RQQH ]XU .XUVlQGHUXQJ]XEULQJHQ"© ª*ODXEH PLU© VDJWH VLH ZlKUHQG GDV *HUlXVFK GHV hEHUVFKDOONQDOOV VLFK PLW GHP 3ODW]HQ GHU OHW]WHQ3XOYHUKOVHQPLVFKWHªLFKKlWWHHVXQWHUQRPPHQ$OOHVQXUXPGLU]XKHOIHQ:LUEUDXFKHQ GDV6FKLIIQLFKWXQGHLQHQ)OXJQDFK$5.21KlWWHHVDXFKQRFKEHUVWDQGHQ© ª$OVRNHLQH&KDQFHIUPLFK"© ª1HLQ (V WXW PLU OHLG $UNRQLGH 9HUVXFKH DOOHV ]X YHUJHVVHQ ,Q HLQLJHQ 6WXQGHQ KDW VLFK GDV 6FKLII LQ HLQLJH 0LOOLDUGHQ 3DUWLNHO GHV VRODUHQ 0DVVHQGHIHNWV YHUZDQGHOW LQ JOKHQGHV *DV GHU .RURQDRGHUGHU3KRWRVSKlUH© ,FKIOVWHUWH ª$OOHVZDUXPVRQVW$OOHV,FKZROOWHHXFKKHXWHDEHQGELWWHQPLUHLQH3DVVDJHQDFK$5.21]X HUP|JOLFKHQ© ª8QG GX ELVW ]X VSlW JHNRPPHQ 6HLW ZDQQ ELVW GX KLHU"© IUDJWH VLH XQG EHGHXWHWH PLU DXV GHU QDFK3XOYHUJDVHQULHFKHQGHQXQG]XGHPIHXFKWNDOWHQ/XIWLQV=LPPHU]XUFN]XJHKHQ ª6HLW -DKUWDXVHQGHQ© VDJWH LFK (LQ 5HVW 9HUQXQIW IXQNWLRQLHUWH QRFK XQG GD LFK QLHPDQGHP PHLQXQWHUVHHLVFKHV9HUVWHFNYHUUDWHQZROOWHIJWHLFKKLQ]Xª:HQLJVWHQVIKOHLFKHVVR,FKELQ ]XODQJHKLHU© ª$OVR]XODQJH© ª6RLVWHV©VDJWHLFK :LUVDKHQXQVDQ=ZHLDXIGLHVHP3ODQHWHQJHODQGHWH5DXPIDKUHU6LHIKOWHVLFKYLHOOHLFKWLP $XJHQEOLFNQLFKWEHVRQGHUVZRKODEHULFKNRQQWHNDXPHLQHQYHUQQIWLJHQ*HGDQNHQIDVVHQ,FK 



OHKQWHPLFKLP6HVVHO]XUFNXQGVFKOR‰GLH$XJHQ,FKHULQQHUWHPLFKQRFKDQGDVLQQHUH7UDLQLQJ GHV =HQ XQG YHUVXFKWH GLH +HUUVFKDIW EHU PHLQHQ 9HUVWDQG XQG PHLQHQ .|USHU ZLHGHU ]X HUODQJHQ6FKOLH‰OLFKVFKHQNWHLFKPLUQRFKHLQHQ3RNDOYROO:HLQXQGVDJWH ª'LpRGHU*DEULHOOH'RUHDX±LFKKDEHPHLQH&KDQFHYHUWDQ,KUZROOWKLHUEOHLEHQ"© 6LHQLFNWHXQGYHUVLFKHUWH ª%LV]XPHLQHP7RGH'DVZROOHQZLUDOOHXQGGHVKDOEVWDUWHWHQZLUQDFKUHLIOLFKHUhEHUOHJXQJ GDV 6FKLII 'DV ZDV ZLU DXV GHQ /DJHUUlXPHQ JHERUJHQ KDEHQ ZLUG XQV DXI DOOH )lOOH HLQ EHKDJOLFKHV /HEHQ JDUDQWLHUHQ $X‰HUGHP N|QQHQ ZLU KLHU DOOH XQVHUH 7UlXPH QDFKVSLHOHQ )U :HVHQ ZLH XQV LVW GLHVHU 3ODQHW HLQH $UW 6DQGNDVWHQ :LU N|QQHQ YHUVXFKHQ DOOH XQVHUH 7UlXPH ZDKUZHUGHQ]XODVVHQ:LOOVWGXGLFKDQVFKOLH‰HQ"© ª9LHOOHLFKW©VDJWHLFKGXPSIª,FKPX‰HUVWHLQPDOEHUGLH(QWWlXVFKXQJKLQZHJNRPPHQ$EHU ZLHLFKPLFKNHQQHZLUGGDVQLFKWODQJHGDXHUQ:LUVROOWHQXQVLQHLQLJHQ7DJHQWUHIIHQXQGDOOHV GLVNXWLHUHQ© 6LHOHJWHGDV6FKPXFNVWFNDEXQGZDUIHVDFKWORVDXIHLQ7LVFKFKHQPLWJHVFKZXQJHQHQ%HLQHQ ª'LHVHV0lGFKHQ7DLUL:HL‰VLH«"© ,FKQLFNWH ª6LHZHL‰DOOHV)DVWDOOHV,FKKDEHVLHYRQHLQHU,QVHOIHUQLP2VWHQPLWJHQRPPHQ6LHZLUGYRQ 7DJ ]X 7DJ NOJHU XQG GDV LVW HWZDV GDV PDQ YRQ GHQ ZHQLJVWHQ %HZRKQHUQ GLHVHU :HOW VDJHQ NDQQ© ª5LFKWLJ:LUZHUGHQHLQLJHEHPHUNHQVZHUWHNXOWXUHOOH$QVW|‰HJHEHQN|QQHQ8QGGX$WODQ± ZDVZLUVWGXWXQ"© ,FKODFKWHELWWHUDXI ª1LFKWV DQGHUHV :DV EOHLEW PLU EULJ 8QG HLQHV 7DJHV KDEH LFK DOOHV VDWW XQG YHUVFKZLQGH VR VFKQHOOEDQGXQJHVHKHQZLHLFKJHNRPPHQELQ© ª:RKLQ"©IUDJWHVLHIOVWHUQG ª,UJHQGZRKLQ©VDJWHLFK :LU VFKZLHJHQ XQG VDKHQ XQV DQ 1DFK HWZD HLQHU 6WXQGH NDP 9HUJD RGHU %HDWUL[ GH 9HUJDW\ XQGLQZHQLJHQ6lW]HQEHULFKWHWHLKU*DEULHOOHZDVJHVFKHKHQZDUXQGZHQVLHKLHUYRUVLFKKDWWHQ ,FKQLFNWHLPPHUQXUXQGWUDQNZHLWHU (QGOLFKKDWWHLFKGLH.UDIWDXI]XVWHKHQXQG]XVDJHQ ª0HLQH'DPHQ±LFKEHGDXHUHGD‰LFKPLFKJHKHQOLH‰$EHUGLH(QWWlXVFKXQJZDUIPLFKIDVWXP ,FK JHKH MHW]W LQ GLHVHV NOHLQH +DXV EHWULQNH PLFK YROONRPPHQ XQG ZHUGH GLH QlFKVWHQ 7DJH PHLQHQ5DXVFKDXVVFKODIHQ'DQQUHGHQZLUEHUDOOHV8QGEHUXQVHUH3OlQH]XU9HUVFK|QHUXQJ GHVPHQVFKOLFKHQ9HUVWDQGHVXQGGLHVHV3ODQHWHQ,FKJHKH© ª*XWH1DFKW©VDJWH9HUJDXQGEOLHEVLW]HQ$XFKVLHZDUPHKUDOVQXUYHUEOIIW ª,FKEULQJHGLFKDQGLH7U©PHLQWH*DEULHOOHXQGKDOIPLUGLH7UHSSHKLQXQWHU6LHN‰WHPLFK ]XP$EVFKLHGDXIGLH6WLUQXQGVFKOR‰GDQQGLH7UKLQWHUVLFK ,FKZDUDOOHLQPLWGHP.LHVXQWHUPHLQHQ6RKOHQXQGILPWPHLQHU(QWWlXVFKXQJ /DQJVDP ZDQGHUWH LFK GXUFK GHQ 3DUN XPJLQJ GHQ %DQDO XQG ZDU ]LHPOLFK HUVFK|SIW DOV LFK XQVHU+lXVFKHQHUUHLFKWH,FKVDK/LFKWKLQWHUGHQ6FKHLEHQXQGHLQH6LOKRXHWWH7DLUL1R&KL\X 6LHHUZDUWHWHPLFK 0LW +LOIH -HDQV GHQ VLH ZHFNWH VFKOHSSWH VLH PLFK GLH 7UHSSHQ KLQDXI XQG ELV ]X XQVHUHP SUXQNYROOHQ %HWW 6LH ]RJ PLFK DXV O|VFKWH GLH .HU]HQ XQG ZDUWHWH ELV LFK VFKOLHI LQ DONRKROLVFKHP1HEHOYHUVXQNHQ 'HU 6FKODI O|VFKWH HLQHQ 7HLO GHU %LWWHUNHLW LQ PLU DXV DEHU DOV LFK ZLHGHU HUZDFKWH IKOWH LFK PLFKVFKOHFKWXQDXVJHVFKODIHQXQGVFKPXW]LJ ,FKQDKPHLQKHL‰HV%DGPLW.UlXWHUDXV]JHQ 

  9LHU7DJHVSlWHU 



1\GHU 7UR\ XQG LFK KDWWHQ HLQ DXVJH]HLFKQHWHV )UKVWFN HLQJHQRPPHQ XQG VSD]LHUWHQ MHW]W GXUFK GLH *lUWHQ YRQ 9HUVDLOOHV -HGHQ 7DJ HQWGHFNWHQ ZLU HWZDV 1HXHV HLQHQ EHUUDVFKHQGHQ $XVEOLFN HLQ %DVVLQ RGHU HLQH DQGHUH *UXSSH DXV 6WHLQILJXUHQ RGHU %URQ]HSODVWLNHQ :LU DOOH PHUNWHQGD‰VLFKGHU)UKOLQJODQJVDP]XP6RPPHUZDQGHOWH ª,FK VHKH $WODQ GD‰ GX GHQ 6FKRFN HLQLJHUPD‰HQ JXW EHUVWDQGHQ KDVW© VDJWH 1\GHU XQG VDK PLFK YRQ GHU 6HLWH DQ 6HLQ *HVLFKW ZDU VFKDUI XQG LFK DKQWH GD‰ LKQ XQXQWHUEURFKHQ GLH 0|JOLFKNHLWHQEHVFKlIWLJWHQGLHHU]XKDEHQJODXEWH±GLHVHU0DQQKLHOWVLFKIUHLQKDOEHV*HQLH IUHLQHQWHFKQLVFKHQ+HLOVEULQJHUIUGLHVHV9RON ª(VEOLHEPLUQLFKWVDQGHUHVEULJ©PHLQWHLFKYHUGURVVHQXQGEHREDFKWHWHHLQ(LFKNlW]FKHQGDV YRU XQV EHU GHQ :HJ KXVFKWH XQV QHXJLHULJ XQG RKQH 6FKHX DQVDK XQG GDQQ HLQHQ 6WDPP VHQNUHFKWKLQDXIWXUQWHª,FKEHWUDQNPLFK]ZHLPDONXULHUWH]ZHLPDOHLQHQ.DWHUDXVXQGEHUOLH‰ PLFKGHP6HOEVWPLWOHLG7DLULVFKDIIWHHVPLFK]XWU|VWHQ© ª:LH VFK|Q GD‰ HV )UDXHQ JLEW© PHLQWH 7UR\ ª8QG KLHU DP +RI VLQG GLH VFK|QVWHQ )UDXHQ YHUVDPPHOW GLH LFK MH JHVHKHQ KDEH 6LH VLQG EHVRQGHUV GHQ .RPSOLPHQWHQ YRQ 5DXPIDKUHUQ DX‰HURUGHQWOLFKDXIJHVFKORVVHQ© ª:LHVFK|QIUGLFK©VDJWHLFKVDUNDVWLVFKª+RIIHQWOLFKKDEWLKUJHQJHQG0HGLNDPHQWHJHJHQ DOOHP|JOLFKHQ$QVWHFNXQJVJHIDKUHQEHLHXFK© (UZLQNWHDE ª*HQJHQG©VDJWHHUª1XQHUKHEWVLFKXQWHUXQVGLHJUR‰H)UDJHZDVZLUWXQ$EJHVHKHQGDYRQ GD‰ZLUXQVVHKUZRKOIKOHQGD‰MHGHU7DJGHQZLUHUOHEHQHLQZDKUJHZRUGHQHU7UDXPLVW:DV VROOHQZLUWXQ"© ,FKKREGLH+DQGXQGGHXWHWHDXIHLQH*UXSSH*lUWQHUGLHHLQHVHOWVDPH$UEHLWYHUULFKWHWHQ6LH YHUVHW]WHQ GLH EOKHQGHQ 3IODQ]HQ 'HU YLHU]HKQWH /XGZLJ VDK DQ IDVW MHGHP 0RUJHQ HLQ DQGHUHV %LOGZHQQHUDXIVWDQGXQGVHLQHQ3DUNEHWUDFKWHWH'LH3IODQ]HQXQG%OXPHQZXFKVHQLQ7|SIHQ GLH PDQ LQV (UGUHLFK YHUVHQNWH 'DGXUFK GD‰ PDQ GLH %HKlOWHU VFKQHOO DXVJUDEHQ XQG LPPHU ZLHGHU XPJUXSSLHUHQ NRQQWH YHUlQGHUWH VLFK GLH EDURFNH 2UQDPHQWLN WlJOLFK 2GHU LPPHU GDQQ ZHQQHVGHUJUHLVH6RQQHQN|QLJZQVFKWHGHUQDKHGHPVLHE]LJVWHQ*HEXUWVWDJZDU ª:DVVROOGHU+LQZHLV$WODQ"©IUDJWH7UR\ ª,FK ZROOWH GDPLW VDJHQ GD‰ GLHVH *lUWQHU HLQH $UEHLW WXQ GLH VLH JHOHUQW KDEHQ RGHU JHUQ DXVIKUHQ(LQMHGHUYRQXQVVROOWH]ZHL'LQJHYHUVXFKHQ© /DQJVDP VSD]LHUWHQ ZLU ZHLWHU =ZHL 'DPHQ ]X 3IHUGH YRQ HLQHP *DUGLVWHQ GHU 6FKOR‰ZDFKH JHIROJWXQGZRKODXFKEHVFKW]WULWWHQDQXQVYRUEHLXQGVDKHQVLFKQDFKXQVXP ª:HOFKH$WODQ"© ,FK ]|JHUWH 9HUJOLFKHQ PLW GLHVHQ YLHU 0HQVFKHQ ZDU LFK HLQ KRIIQXQJVORVHU 6NHSWLNHU :R LQ LKQHQHLQLQQHUHV)HXHU]XEUHQQHQVFKLHQGDFKWHLFKDQGLHHQGORVH.HWWHPHLQHU9HUVXFKHXQGGHU GDUDXVUHVXOWLHUHQGHQ0L‰HUIROJH1DFKGHQNOLFKIKUWHLFKDXV ª-HGHUVROOWHVHLQH,QWHUHVVHQXQGVHLQH%HJDEXQJHQSUIHQ'DQQVROOWHHUHLQHQ3ODQDXIVWHOOHQ ZDVLKPEHVRQGHUVOLHJWZDVHU¾HUILQGHQ½ZLOOZDVHUHUJUQGHQP|FKWH0LWGLHVHU$XIVWHOOXQJ JHKHQZLU]XP.|QLJXQGYHUVXFKHQVHLQH8QWHUVWW]XQJ]XHUKDOWHQ© bUJHUOLFKNQXUUWH1\GHU ª:DUXPGLHVHU8PZHJ":DUXPQLFKWJOHLFK(UILQGXQJHQXQWHUV9RONZHUIHQ"$X‰HUGHPVFKHLQW GLHVHU*UHLVHLQHUHFKWH%UHPVH]XVHLQ(UKlOWGLH.XOWXUDXI1LFKW]XOHW]WGXUFKVHLQH.ULHJH© ,FKODFKWHXQGVDJWH ª:HUGH+HHUIKUHUXQGEHVLHJHGLH+ROOlQGHU9LHOOHLFKWLVWHVGDVZDVGXEHVRQGHUVJXWNDQQVW© (UJULQVWHZXUGHQDFKGHQNOLFKXQGPXUPHOWHVFKOLH‰OLFKYRUVLFKKLQ ª,FK ZHUGH EHU GLHVH ,GHH QDFKGHQNHQ $EHU GX KDVW GLH )UDJH QLFKW EHDQWZRUWHW :DUXP GHU 8PZHJZHQQGHUGLUHNWH:HJP|JOLFKLVW"© ,FKHUZLGHUWHPLWXQJHZ|KQOLFKHU6FKlUIHXQG%HVWLPPWKHLW ª:LUOHEHQXQWHUHLQHUDEVROXWLVWLVFKHQ+HUUVFKDIWVIRUP'HU%XFKGUXFNLVWVFKRQHUIXQGHQ$EHU LFK NDQQ PLU GHQNHQ GD‰ HLQ .|QLJ GHU VHLQ 9RON ZHLWHU DXV]XEHXWHQ JHUXKW HLQH GHUDUW DXINOlUHULVFKH(UILQGXQJJDUQLFKWJHUQVLHKW© 



:LU EOLHEHQ VWHKHQ XQG EHWUDFKWHWHQ HLQHQ DOWHQ 0DQQ GHU LQ HLQLJH DX‰HURUGHQWOLFK NRVWEDUH .OHLGXQJVVWFNH JHKOOW ZDU (U VD‰ DXI HLQHU VWHLQHUQHQ %DQN XQG ZDUI %URWEURFNHQ LQV :DVVHU HLQHV.DQDOV*DEHVGRUWWDWVlFKOLFK)LVFKH(VVFKLHQVR,FKVSUDFKZHLWHU ª8QG GLHVHU EHZX‰WH (UILQGHU NDQQ VFKQHOOHU DOV HV LKP OLHE LVW YRU HLQ 7ULEXQDO JHVFKOHSSW YHUXUWHLOWXQGDXIJHNQSIWZHUGHQ9LHOH(UILQGXQJHQXQG(UILQGHUVLQGVROFKHEHVFKZHUOLFKHXQG MlKHQGHQGH:HJHJHJDQJHQPHLQHOLHEHQ)UHXQGH© 7UR\PHLQWHQDFKNXU]HUhEHUOHJXQJ ª'XVFKHLQVWQLFKWXQUHFKW]XKDEHQ$WODQ8QGIUZHOFKHQGHUYLHOHQP|JOLFKHQ:HJHZLUVWGX GLFKHQWVFKHLGHQ"© 9RUVLFKW $QWZRUWH QXU QDFK ODQJHU hEHUOHJXQJ 9HUUDWH LKQHQ QLFKWV ± GX ELVW IUHLZLOOLJ GHU :lFKWHUGLHVHV3ODQHWHQVDJWHGHU([WUDVLQQXQEHUK|UEDU ,FKODFKWH ª:DUXPODFKVWGX"©IUDJWH7UR\ ,FK VDK GHQ DOWHQ 0DQQ JHQDXHU DQ XQG YHUJOLFK GDV *HVLFKW XQG GLH *HVWLN PLW GHQ ,QIRUPDWLRQHQ GLH LFK GXUFK PHLQH 5RERWVSLRQH HLQJHKROW KDWWH ,FK ZX‰WH GD‰ GRUW QXU GUHL‰LJ 0HWHU YRQ XQV HQWIHUQW GHU .|QLJ VD‰ XQG GLH )LVFKH IWWHUWH 1LFKW HLQPDO GLH HPVLJHQ *lUWQHU VFKLHQHQLKQHUNDQQW]XKDEHQ ª,FKODFKHDXVJXWHP*UXQG©HUZLGHUWHLFKª,FKZHUGHYHUVXFKHQPLFKPLWDOOHQ*HLVWHVJU|‰HQ GLHVHU =HLW LQ 9HUELQGXQJ ]X VHW]HQ XQG PLW LKQHQ ]X VSUHFKHQ 6LH ZHUGHQ PLFK HLQLJHV OHKUHQ N|QQHQXQGYLHOOHLFKWNDQQLFKHLQH0HQJHXPVWU]OHULVFKHU*HGDQNHQYGHU$XINOlUXQJXQGHLQHV NRPPHQGHQ=HLWDOWHUVGHU9HUQXQIWDXIGLHVH:HLVHDXVVlHQ© 1\GHU JULQVWH PLFK DQ XQG PDFKWH HLQH YHUZHJHQH *HVWH 'LH %HZHJXQJ ZDU DXVJHVSURFKHQ XPIDVVHQGXQGEDURFN(UVDJWH ª,FK VSLHOH QRFK LPPHU PLW GHP *HGDQNHQ GHQ DOWHQ .|QLJ ]X HUVHW]HQ :lUH HLQ 0DQQ YRQ XQVHUHU .OXJKHLW XQG %LOGXQJ .|QLJ YRQ )UDQNUHLFK N|QQWH HU DOOH VHLQH 9RUKDEHQ GXUFKIKUHQ 'LHVHV 9RON ZUGH GDQQ LQ HLQLJHQ ZLFKWLJHQ 'LQJHQ GLH +HUUVFKDIW EHU GHQ 5HVW GLHVHV .RQWLQHQWVDQWUHWHQN|QQH$XFKEHU5X‰ODQGYRQGHPZLUQLFKWPHKUZLVVHQDOVGD‰PDQGRUW 5XVVLVFKVSULFKWXQGGLH=DUHQGLH/HLEHLJHQVFKDIWNXOWLYLHUHQELV]XP([]H‰© ª9HUJL‰GHLQHQ7UDXP1\GHU:LUDOOHVLQGGDJHJHQ©VDJWH7UR\KDUWª9HUJL‰LKQVFKQHOOXQG IULPPHU© ª(VZLUGPLUVFKZHUIDOOHQ© (U VFKLHQ WDWVlFKOLFK YRQ GLHVHU XQYHUQQIWLJHQ ,GHH EHVHVVHQ ]X VHLQ 0DFKW VFKLHQ 1\GHU ]X IDV]LQLHUHQ ,FK ZDU PLW GHU $QDO\VH VHLQHV XQW\SLVFKHQ 9HUKDOWHQV QRFK ODQJH QLFKW IHUWLJ ,P *HJHQVDW]]XVHLQHQ)UHXQGHQGLHLKQVHKUJHQDX]XNHQQHQVFKLHQHQ ª(LQ%HUXIRGHUYLHOPHKUHLQ6FKLFNVDOLQGHPGX.DXIHQPLWDOOHQ)UDXHQHWZDVDQIDQJHQGLFK DXVWREHQXQGVRJDUGHLQHQ,QWHOOHNWHLQVHW]HQNDQQVW'DVZUGHLFKDQGHLQHU6WHOOHYHUVXFKHQ© 1\GHUVWDUUWH7UR\DQXQGEHJULIIODQJVDP ª'XKDVWUHFKW,FKZHUGHPHLQH%HPKXQJHQGDUDXINRQ]HQWULHUHQLQGHUIUDQ]|VLVFKHQ$UPHH GHQ+DDUEHXWHOHLQ]XIKUHQ,FKPX‰QXUGDUDXIDFKWHQHLQLJHEHVRQGHUVZLFKWLJH6FKODFKWHQHLQHV GHUYLHOHQ.ULHJH]XJHZLQQHQ8QGVFKRQLVWPHLQ5XKPJHVLFKHUW© ª0DQFKPDOUHGHVWGXXQJHZ|KQOLFKGXPPHV=HXJ©VDJWH7UR\lUJHUOLFKª,P(UQVW$WODQ:DV ZLOOVWGXWXQ"© ,FKPHLQWHHVHUQVWDOVLFKHQWJHJQHWH ª,FK ZHUGH DOOH GLH YLHOYHUVSUHFKHQGHQ 7DOHQWH GLHVHV /DQGHV XQG GDUEHU KLQDXV DXFK DQGHUHU /lQGHU EHVXFKHQ XQG PLW LKQHQ VSUHFKHQ ,FK ZHUGH GDUDXI DFKWHQ GD‰ GLH (UJHEQLVVH GLHVHU *HVSUlFKHGHQ0HQVFKHQGLHVHV3ODQHWHQKHOIHQHLQZUGLJHUHV/HEHQ]XIKUHQ'DVPHLQHLFKLP (UQVWDXFKZHQQLFKGLH(UIROJHGXUFKDXVVNHSWLVFKEHXUWHLOH© ,FK VWHXHUWH XQVHUH *UXSSH XQDXIIlOOLJ DEHU JHQDX DXI GLH *HVWDOW GHV .|QLJV ]X $OV LFK PLFK XPVDKEHPHUNWHLFKGHQ+DXSWPDQQGHU3DODVWZDFKHGHUDXIVHLQHP5DSSHQVD‰XQGGHQ.|QLJ EHZDFKWH 'LH +DQG GHV MXQJHQ 0DQQHV ODJ DXI GHP UXQGHQ .ROEHQ VHLQHU VFKZHUHQ PLW *ROG HLQJHOHJWHQ5HLWHUSLVWROH 



,FKKRENXU]GLH+DQGGHU0DQQHUNDQQWHPLFKXQGQLFNWH 1\GHUVDJWHNXU] ª7UR\ KDW UHFKW ,FK VFKHLQH WDWVlFKOLFK IU HLQH $UW PLOLWlULVFKHU .DUULHUH JHVFKDIIHQ ]X VHLQ 9LHOOHLFKW UHIRUPLHUH LFK GLH IUDQ]|VLVFKH $UWLOOHULH 9LHOOHLFKW HUILQGH LFK HLQ 6FKQHOOIHXHUJHVFKW]© ,FKODFKWHXQGVDJWH ª'DVKDWHLQDQGHUHU0DQQVFKRQHUIXQGHQ/HRQDUGRGD9LQFL'LH,GHHZDUYRQPLU$EHUVLH VHW]WHVLFKQLFKWGXUFK.DONXOLHUHEHUHLWVMHW]WHLQHJHK|ULJH3RUWLRQ0L‰HUIROJHLQ© :LU VWDQGHQ YLHU 0HWHU YRQ GHU 6WHLQEDQN HQWIHUQW ,FK KLHOW GLH EHLGHQ 5DXPIDKUHU ]XUFN XQG VDJWHOHLVH ª'HU.|QLJ©8QGHWZDVODXWHUª*XWHQ0RUJHQ0DMHVWlW© 'HU DOWH 0DQQ PLW GHU ODQJHQ ZHL‰HQ 3HUFNH KRE GHQ .RSI XQG VDK XQV VFKZHLJHQG XQG PLW VFKDUIHQ$XJHQDQ,UJHQGZLHlKQHOWHHUHLQHPDOWHQ*HLHU(UQLFNWHOlFKHOWHNQDSSXQGVDJWHPLW EUFKLJHUEHIHKOVJHZRKQWHU6WLPPH ª,FK NHQQH (XFK XQG LFK NHQQH (XFK DXFK ZLHGHU QLFKW ,KU GRUW PLW GHP ZHL‰HQ +DDU GHV *UHLVHVXQGGHP*HVLFKWGHVMXQJHQ0DQQHV±,KUVHLGGHU)UHXQGGHU$QWRLQHWWHGH'UR\GHQQLFKW ZDKU"© ,FKEHXJWHHLQ.QLHQDKPGHQ+XWDEXQGYROOIKUWHHLQHODQJH%HZHJXQJ ª6RLVWHV0DMHVWlW©VDJWHLFKª,FKELQ$WODQGHO $UFRQ8QGLFKYHUVXFKHVHLWHLQLJHU=HLWGDV :RKOZROOHQ(XUHU0DMHVWlW]XHUUHJHQ© ª:DV GHQ 6WLO (XUHU .OHLGXQJ EHWULIIW VR KDEW ,KU HV EHUHLWV© VDJWH /XGZLJ ,FK PRFKWH PLFK GDJHJHQ ZHKUHQ DEHU GHU (LQGUXFN EOLHE VWDUN XQG OHEHQGLJ 9RU PLU KDWWH LFK HLQHQ 0DQQ GHU ]XP +HUUVFKHQ JHERUHQ ZRUGHQ ZDU XQG GHU VHLW VHLQHU .LQGKHLW JHKHUUVFKW KDWWH (LQH JHZLVVH $XUDGHU0DFKWXPJDELKQ(VZDUDOVZUGHGLH/XIWXPLKQKHUXPIOLPPHUQ±GDVGDFKWHQGLH PHLVWHQ VHLQHU 8QWHUWDQHQ )U XQV ZDU HU HLQ DOWHU 0DQQ PLW HLQHP JULHVJUlPLJHQ *HVLFKWVDXVGUXFNXPGHQKHUXPDOOH0HQVFKHQYRUVHLQHU0DFKWVFKDXGHUWHQXQGQLFKW]XDWPHQ ZDJWHQ ª,KU KDEW QLFKW YRQ XQV JHK|UW"© IUDJWH 7UR\ XQG PDFKWH HEHQIDOOV HLQH *HElUGH GHU (KUIXUFKW ª:LUVLQG)UHPGH5HLVHQGHDXVIUHPGHQ/lQGHUQXQGZLUVWDXQHQEHUGLH6FK|QKHLWGHQ6WLOXQG GLH3UDFKWGHU%DXWHQ8QGEHUGLH.OXJKHLWGHV+HUUVFKHUV© 'HU.|QLJEHWUDFKWHWHXQVVFKZHLJHQG(LQLJH6HNXQGHQODQJKDWWHQZLUDOOHGUHLGDV*HIKODOV RE XQV VHLQH $XJHQ GXUFKERKUHQ ZROOWHQ (U VFKLHQ JXWH 0HQVFKHQNHQQWQLV ]X EHVLW]HQ GHQQ HU GHXWHWHPLWVHLQHP6WRFNDXI1\GHUXQGVDJWH ª,KUVHLG+HUU'LDQQRWGH-DUD"© ª6RLVWHV0DMHVWlW©VDJWH'LDQQRW ª8QG,KUZROOWPLUHU]lKOHQGD‰,KUHLQJXWHU5HLWHUHLQPHLVWHUOLFKHU6FKW]HXQGHLQ0DQQVHLG GHUGDV6FKLFNVDOYRQ6FKODFKWHQEHHLQIOXVVHQNDQQ"8QG,KUKDEWEHVRQGHUVGHQ'DPHQHLQH5HLKH SKDQWDVWLVFKHU *HVFKLFKWHQHU]lKOWJHJHQGLHHLQ0DQQZLH9ROWDLUHYHUEOD‰W"© 'LDQQRWJHVWDWWHWHVLFKHLQKDOEYHUOHJHQHVKDOEWURW]LJHV/DFKHQXQGVDJWHOHLVH ª,KUKDEWUHFKW0DMHVWlW'LHVHU0DQQELQLFK,FKVXFKHHLQH%HVFKlIWLJXQJLQGHULFKIUHLH+DQG KDEH8QGLFKJODXEH,KUKDEWGLHVHQ3RVWHQIUPLFK© 'HU .|QLJ QLFNWH PHKUPDOV VFKRE VHLQH 3HUFNH QDFK KLQWHQ XQG VWLH‰ VHLQHQ 6WRFN KHIWLJ DXI GHQ%RGHQ ª,FK KDEH +XQGHUWH YRQ 0lQQHUQ GLH PLU LQ GHQ 2KUHQ OLHJHQ XQG YHUVXFKHQ HLQH 6WHOOXQJ ]X EHNRPPHQ ,FK KDEH .QVWOHU UHLFK JHPDFKW LFK KDEH %LOGKDXHU JHI|UGHUW LFK KDEH 0DQVDUW ]X HLQHU%HUKPWKHLWZHUGHQODVVHQ,FKZDUQH(XFK'LDQQRWGH-DUD© ª:RYRU"© -HW]W PHUNWHQ ZLU ZLHYLHO (QHUJLH QRFK LQ GHP IDVW 6LHE]LJMlKULJHQ VWHFNWH 6HLQH 6WLPPH ZDU ODXWHUXQGIHVWHUJHZRUGHQ-HGHV:RUWGDVHUDXVVSUDFKVFKLHQHUYRUKHUJHQDXDXIVHLQH:LUNXQJ XQWHUVXFKW]XKDEHQ,FK]ZLQNHUWHEHUUDVFKWXQGVDKGD‰GHU+DXSWPDQQGHU:DFKHXQUXKLJ]X 



ZHUGHQEHJDQQXQGODQJVDP]XXQVKHUDQULWW ª:HQQ ,KU PLU JXWH 3OlQH XQG JXWH 9RUVFKOlJH YRUOHJW ZHUGH LFK (XFK I|UGHUQ :HQQ QLFKW EOHLEW,KUHLQ6WDXENRUQLQGHU0DVVHHLQ*UDVKDOPDXIHLQHPN|QLJOLFKHQ5DVHQhEHUOHJWJHQDX ZDV,KUZROOW±XQGGDQQNRPPW]XPLU© 'LDQQRW EHXJWH HLQ .QLH KRE GHQ .RSI XQG VFKLHQ EHHLQGUXFNW ]X VHLQ (U VDJWH QDFK HLQLJHQ 6HNXQGHQ ª,FK GDQNH (XFK 0DMHVWlW ,FK ZHUGH PLFK DQ GLHVH OHXFKWHQGH 6WXQGH HULQQHUQ 9LHOOHLFKW HULQQHUW,KU(XFKDXFKGDUDQ$QGLHVH6WXQGHDQPLFKXQGDQPHLQHEHLGHQ)UHXQGH8QGDQGLH VFK|QHQ0lGFKHQGLHZLUPLWXQVEUDFKWHQ© 'HU.|QLJVDK]X%RGHQXQGVFKLHQGLH.LHVHO]X]lKOHQ:LUEOLHEHQVWHKHQXQGVDKHQXQVHLQLJH 0LQXWHQ ODQJ YHUEOIIW DQ 'HU +DXSWPDQQ HUNDQQWH GD‰ ZLU IU VHLQHQ +HUUQ NHLQH *HIDKU GDUVWHOOWHQXQG]JHOWH VHLQHQ 5DSSHQ 'DQQ PLW HLQHU UXFNKDIWHQ %HZHJXQJ VFKDXWH /XGZLJ YRQ *RWWHV *QDGHQ DXI XQG VDK XQV QDFKHLQDQGHU LQ GLH $XJHQ -HW]W EHVD‰ HU GHQ PGHQ HWZDV UHVLJQLHUHQGHQ DEHU XQJHEURFKHQHQ %OLFN HLQHV NOXJHQ DOWHQ 0DQQHV ,FK NRUULJLHUWH PHLQH hEHUOHJXQJHQ HV ZDU HLQ %OLFNYROOHU:HLVKHLW/HLVHVDJWHHU ª,Q ]HKQ 7DJHQ JHEH LFK HLQ (VVHQ 1XU ZHQLJH 0HQVFKHQ XQG HLQLJH HUOHVHQH 6SHLVHQ :LU ZHUGHQ EHL GHU 0XVLN GHV 0LFKHO5LFKDUG 'HODODQGH VRXSLHUHQ (U VFKULHE HLQLJH KEVFKH 0HORGLHQ ,FK ODGH (XFK DOOH HLQ ± QDFK GHP (VVHQ ZHUGHQ ZLU LP NOHLQHQ .UHLV GLVNXWLHUHQ N|QQHQ$XFKPHLQH5DWJHEHUZHUGHQGDEHLVHLQ© ,FKVDJWHPLWHFKWHU%HJHLVWHUXQJ ª'LH*WHHXUHU0DMHVWlWLVWEHNDQQW$EHU,KUEHUWUHIIW(XFKVHOEVW:LUVLQGPHKUDOVJHHKUW© (U QLFNWH GHXWHWH PLW GHP 6WRFN DXI GHQ :HJ XQG VDJWH OHLVH XQG PGH DOV KDEH LKQ GLH 8QWHUKDOWXQJHUVFK|SIW ª%LWWH OD‰W PLFK MHW]W DOOHLQ ,FK ELQ HLQDOWHU0DQQXQGGDV*HUlXVFK(XUHU6WLHIHOVRKOHQ VW|UW PLFKEHLP1DFKGHQNHQ8QGVHOEVWHLQ.|QLJPX‰DEXQG]XGHQNHQ© :LU YHUEHXJWHQ XQV DEHUPDOV XQG JLQJHQ (LQLJH 0LQXWHQ ODQJ VDJWH NHLQHU YRQ XQV HLQ :RUW 'DQQHUNOlUWH7UR\ ª1RFK QLH KDWWHQ ZLU HLQH VROFKH &KDQFH 1\GHU :LU VROOWHQ HLJHQWOLFK ZLH GLH :DKQVLQQLJHQ GXUFKGHQ3DUNUHQQHQXQG]X+DXVHEHUOHJHQZHOFKH,GHHQZLUKDEHQVROOWHQ© ª6R LVW HV© PHLQWH LFK ª9RUDXVJHVHW]W 1\GHU JLEW VHLQHQ EHPHUNHQVZHUWHQ (LQIDOO DXI )UDQNUHLFKLQGHU0DVNHGHVYLHU]HKQWHQ/XGZLJUHJLHUHQ]XZROOHQ© 1\GHU]XFNWHQXUGLH6FKXOWHUQ ª*HKHQ ZLU© VDJWH LFK ª+HXWH DEHQG ELQ LFK EHL (XFK ]X *DVW HGOH +HUUHQ 8QG ZLU ZHUGHQ YHUVXFKHQ XQVHUH =LHOH NODU ]X GHILQLHUHQ :HQQ VHFKV +LUQH ]XVDPPHQDUEHLWHQ GDQQ VHKH LFK WDWVlFKOLFKHLQH0|JOLFKNHLWGHQ)ULHGHQKHUEHL]XIKUHQXQGGDV/RVGHU0HQVFKHQ]XYHUEHVVHUQ RKQHGD‰ZLUGHVZHJHQ]X(LIHUHUQZHUGHQPVVHQ-HGH$UEHLWGLHHLQHQPLW%HIULHGLJXQJHUIOOW LVWJXW$XIKHXWHDEHQG1\GHU"7UR\" ª%LVKHXWHDEHQG© ,FKVDKLKQHQQDFKDOVVLHLQ5LFKWXQJGHV+DXVHVJLQJHQGHVVHQ0LHWHVLHQXQEH]DKOWHQ(VZDU LQ]ZLVFKHQ YRQ REHQ ELV XQWHQ JHUHLQLJW XQG GXUFKJHVHKHQ ZRUGHQ 'LH *HJHQVWlQGH DXV GHP 5DXPVFKLIIYHUWHLOWHQVLFKDXILQVJHVDPWIQI]HKQSUlFKWLJH5lXPHXQGILHOHQQLFKWVRQGHUOLFKDXI ZHLOVLFKGLHYLHUNRVPLVFKHQ9DJDEXQGHQKHUYRUUDJHQGWDUQWHQ 1\GHUV/lFKHOQJHILHOPLUQLFKW« $FKWHDXILKQ(UZLUGDOOHVYHUVXFKHQXP0DFKWLQVHLQH+lQGH]XEHNRPPHQ(UZLOOVLFKQLFKW SHUV|QOLFK EHUHLFKHUQ ZHLO HU ZHL‰ GD‰ VHLQH =HLW EHIULVWHW LVW $EHU HU OLHEW GLH 0DFKW XP GHU 0DFKWZLOOHQGUlQJWHGHU([WUDVLQQ (VZDUJXWGD‰LFKGLHPHLVWHQPHLQHU9RUWHLOHQLFKWSUHLVJHJHEHQKDWWH6REHIDQGVLFK+HFWRU GHUJHVFKHQNWH-DJGKXQGQRFKLPPHULP+DXVGHU9DJDEXQGHQ,FKZUGHLKQEHQXW]HQPVVHQ XP1\GHU]XEHUZDFKHQ %HLP HUVWHQ $Q]HLFKHQ GDIU GD‰ HU /XGZLJ HUPRUGHQ XQG VLFK DQ VHLQH 6WHOOH VHW]HQ ZUGH 



PX‰WHLFKHLQJUHLIHQ 'D PLU GHU )OXJ QDFK $5.21 ZHLWHUKLQ XQP|JOLFK ZDU GD GLHVH :HOW QRFK ODQJH DXI GLH $XINOlUXQJGXUFKGLH$QJHK|ULJHQHLQHUDXIJHNOlUWHQHUIDKUHQHQ5DVVHZDUWHQZUGHGXUIWHQGLH (LQJULIIH XQG GLH 'HQNDQVW|‰H HLQH EHVWLPPWH *U|‰HQRUGQXQJ QLFKW EHUVWHLJHQ ,FK KlWWH JHUQ HLQHQ5lGHUSIOXJNRQVWUXLHUWDEHULFKZUGHQLFKW]XVHKHQZHQQLQGLHKLHUDUFKLVFKHQ6WUXNWXUHQ EUXWDOHLQJHJULIIHQZXUGH%HVD‰1\GHUQlPOLFKHLQPDOVHLQH0DFKWZUGHVLHLKQNRUUXPSLHUHQ 8QGGDQQZDUHUQLFKWVDQGHUHVDOVHLQ7\UDQQ 'DVGDUIQLFKWJHVFKHKHQVDJWHGHU/RJLNVHNWRU ª(V ZLUG QLFKW JHVFKHKHQ© VDJWH LFK ZlKUHQG LFK PHLQHP +DXV HQWJHJHQVWUHEWH XQG PLFKGDUDXIIUHXWHDP1DFKPLWWDJPLW7DLULDXV]XUHLWHQ 'DV)HXHUZDUHUORVFKHQ« 'DV)HXHUGHU+RIIQXQJXQGGHUKDOEHQ*HZL‰KHLWHQGOLFKGLHVHQ3ODQHWHQYHUODVVHQ]XN|QQHQ 'LH+RIIQXQJPLWDQGHUHQ:HVHQDOVPLWEHVFKUlQNWHQ0HQVFKHQYHUNHKUHQ]XN|QQHQ3O|W]OLFK ZDUGLHVH+RIIQXQJHUORVFKHQ±RGHULQGHU6RQQHDXIJHIODPPW-HW]WNDPHQGLH7DJHXQG:RFKHQ GHU %HVLQQXQJ 0HLQH 0LVVLRQ ZDU ZLH DOOH YRUKHULJHQ JHVFKHLWHUW XQG QXU YRU PLU DOOHLQ EHVWHQIDOOV PLW GHP 5RERWHU 5LFR DOV =HXJHQ EHUQRPPHQ KDWWH 'HU :lFKWHU EHU GDV :RKO GLHVHV 3ODQHWHQ (LQ :lFKWHU GHVVHQ (LQIOX‰ QLFKW ZHLWHU UHLFKWH DOV VHLQ $UP $EHU LFK PX‰ WHHVDXVGLHVHUVHOEVWJHZlKOWHQ9HUSIOLFKWXQJKHUDXVLPPHUZLHGHUYHUVXFKHQ ,FKPX‰WHDXVGHUURWHQ*OXWZLHGHUHLQ)HXHUHQWIDFKHQ 1LFKW]XOHEKDIWQLFKW]XKHOOXQGQLFKW]XKHL‰$EHUGDXHUKDIW$WODQYRQ*RQR]DO.ULVWDOOSULQ] XQG)ORWWHQDGPLUDOVFKLFNWHVLFKLP=HQWUXPGHV$EVROXWLVPXVDQ$XINOlUXQJ]XEHWUHLEHQ ,FKEHJDQQELWWHU]XODFKHQ $OVLFKGDV+DXVHUUHLFKWHVDKLFKGLHEHLGHQ.XWVFKHQXQGGLHGUHL*HVSDQQH0HLQHDOWHNOXJH XQGDXVQHKPHQGJHLVWUHLFKH)UHXQGLQ0DGDPHGH'UR\GHQZDUDQJHNRPPHQ 9LHOOHLFKWZXUGHHVHLQJXWHV-DKU« ,FK HUWDSSWH PLFK ZLH LFK LPPHU VFKQHOOHU JLQJXQGVFKOLH‰OLFKDXIGDVHIHXEHUZXFKHUWH+DXV ]XOLHI&DVWRUNDPDXIPLFK]XJHVFKRVVHQXQGOLHIYRUPLUKHU 'DV6WLFKZRUW6\PSKRQLHVSRXUOHV6RXSHUVGX5R\±GLH7DIHOPXVLNYRQ'HODODQGH 0HLQ=LHOKLH‰9HUVXFKDXVHLQHUYHUIDKUHQHQXQGIU7DLULXQGPLFKKRIIQXQJVORVHQ6LWXDWLRQ GDVEHVWHIUXQVXQGIUP|JOLFKVWYLHOH0HQVFKHQ]XPDFKHQ ,FKPX‰WHVDUNDVWLVFKODFKHQXQGEOLHEDP(LQJDQJ]XP*DUWHQVWHKHQ ª:DUXP ODFKW ,KU PHLQ ZHL‰KDDULJHU )UHXQG"© IUDJWH $QWRLQHWWH GH 'UR\GHQ GLH LQ GHU +DOOH VWDQG ,FKHUZLGHUWH ª:HLO LFK JH]ZXQJHQ ELQ VWDWW GHV NXU]HQ HLQIDFKHQ GHQ JDQ] ODQJHQ XQG EHUGLHV EHVFKZHUOLFKHQ:HJ]XJHKHQ© 6LH OlFKHOWH PLFK DQ XQG JOLFK KHXWH PHKU GHQQ MH HLQHU NOHLQHQ VRUJVDP JHVFKQLW]WHQ XQG GHNRULHUWHQ)LJXUDXVDOWHP(OIHQEHLQ6FKOLH‰OLFKHUZLGHUWHVLHOHLVH ª,KUVHLGXQGDQNEDU$WODQ,KUKDEWPHKUDOVDOOH0HQVFKHQGLH,KUNHQQW,KUVROOWHWIURKVHLQ GD‰,KUGLH0|JOLFKNHLWKDEWEHUKDXSWHLQHQ:HJJHKHQ]XN|QQHQ© ,FKNDSLWXOLHUWHYRUGHU.OXJKHLWGLHVHU)UDX,FKN‰WHLKUH]HUEUHFKOLFKDXVVHKHQGHJHOEH+DQG PLWGHQNOHLQHQ$OWHUVIOHFNHQXQGVDJWH ª:LUIUHXHQXQV$QWRLQHWWHGD‰,KUKLHUVHLG(VZLUGHLQJXWHV-DKUIUDOOHZHUGHQ© 6LHQLFNWHXQGVFKOR‰ ª:HLO LFK GDV DKQWH NDP LFK KHU ,FK ZQVFKWH 7DLUL ZlUH PHLQH 7RFKWHU 2GHU LFK ZlUH MXQJ JHQXJXP(XFKYHUIKUHQ]XN|QQHQ© ª0DGDPHZHUGHQIULYRO©VDJWHLFKXQGWUXJVLHGLH7UHSSHKLQDXI6LHZDUVROHLFKWZLHHLQ.LQG (LQH +DQGYROO 0HQVFKHQ (LQH +DQGYROO 6FKLFNVDOH (LQ NXU]HU 0RPHQW KDWWH XQV ]XVDPPHQJHIKUW (LQLJH =HLW YHUOLHIHQ GLH :HJH GLHVHU 3HUVRQHQ SDUDOOHO ]XHLQDQGHU GDQQ WUHQQWHQVLHVLFKXQGJLQJHQIlFKHUI|UPLJQDFKDOOHQGHQNEDUHQ5LFKWXQJHQ8QGZLHGHUYHUVXFKWH LFKEHUPLFKKLQDXV]XZDFKVHQXQGPLWGHU+LOIHZHQLJHU0HQVFKHQXQGPHLQHUYLHO]XJHULQJHQ 



.HQQWQLVVH HWZDV ]X EHZHJHQ HWZDV ]X YHUlQGHUQ 1DFK 0|JOLFKNHLW ]XP *XWHQ 0HLQH +LOIVWUXSSH EHVWDQG DXV HLQHU DOWHQ )UDX GHUHQ 7RG LFK GXUFK HLQLJH JHULDWULVFKH 0HGLNDPHQWH KLQDXV]|JHUQ ZUGH XQG GDGXUFK GD‰ LFK LKU HLQLJH 6WXQGHQ ODQJ GHQ =HOODNWLYDWRU XPKlQJHQ ZUGH$XVHLQHPMDSDQLVFKHQ0lGFKHQGLHPLUDXIMHGHQXUGHQNEDUH:HLVHKDOIDEHUYRQGHULFK QLFKW HUZDUWHQ NRQQWH GD‰ VLH HLQ 5DXPVFKLII NRQVWUXLHUWH RGHU GDV NDXP H[LVWLHUHQGH %LOGXQJVZHVHQUHIRUPLHUWH8QGDXVYLHUDQGHUHQ:HVHQGHUHQ+HUNXQIWQLFKWJHQDX]XEHVWLPPHQ ZDUXQGGLHYLHUYHUVFKLHGHQH:HJHHLQVFKODJHQZUGHQ 8QGDXV]ZHL5RERWKXQGHQXQGHLQHP+DXIHQWHFKQLVFKHU+LOIVPLWWHOGLHEHLPXQEDUPKHU]LJHQ 0RUJHQOLFKWEHVHKHQEHVWHQIDOOVGHPHLJHQHQ6FKXW]GLHQWHQ (VZDUVFKZHUQLFKW]XUHVLJQLHUHQ $EHU GLH VFKHLQEDU VLQQORVHVWH 7lWLJNHLW KLHU LQ 9HUVDLOOHV ZDU LPPHU QRFK EHVVHU XQG YLHOYHUVSUHFKHQGHUDOVGLH)OXFKWLQGDVVWlKOHUQH*HIlQJQLVXQWHUGHQ:HOOHQGHV0HHUHV ,FKZUGHDOVR$WHPKROHQXQGDUEHLWHQPVVHQ,FKZDUHVJHZRKQW0LOOLRQHQ0HQVFKHQGLHVHV 3ODQHWHQJLQJHVZHVHQWOLFKVFKOHFKWHUDOVPLU (VLVWNHLQH6FKDQGH]X%RGHQ]XIDOOHQVDJWHGHU([WUDVLQQLQHLQHU3KDVHNDVXLVWLVFKHU/RJLN $EHUHVLVWHLQH6FKDQGHZHQQPDQQLFKWZLHGHUDXIVWHKHQZLOO      6lPWOLFKH)HQVWHUZDUHQZHLWJH|IIQHW9RQGUDX‰HQGUDQJGDV5DXVFKHQGHU%lXPHKHUHLQGLH XQUXKLJHQ 6FKUHLH GHU (QWHQ LP 6FKLOI GDV =LUSHQ GHU *ULOOHQ XQG GHU *HUXFK GHU 3IODQ]HQ (V ZXUGHMHGHQ7DJZlUPHUXQGVFKRQGLH1lFKWHOLH‰HQHUNHQQHQGD‰GHU6RPPHUQLFKWPHKUIHUQ ZDU$QWRLQHWWHOHJWHGHQ]LHUOLFKHQ+DQGVSLHJHOZHJXQGVDJWH ª:HQQ HLQH )UDX ZLH LFK VR RIW LQ GHQ 6SLHJHO VFKDXW LVW HV QLFKW PHKU (LWHONHLW VRQGHUQ 7DSIHUNHLW 7URW]GHP ± QDFK GHLQHU %HKDQGOXQJ$WODQ IKOH LFK PLFK XP ]ZDQ]LJ -DKUH MQJHU 6RJDUPHLQH*LFKWLVWYHUVFKZXQGHQ© ª(ULVWVFKRQHLQWDOHQWLHUWHUMXQJHU0DQQ©VWHOOWH%HDWUL[IHVWª:LUP|JHQLKQGHVKDOE© ª'DQNH©VDJWHLFKJDEGHP'LHQHUHLQHQ:LQN(UIOOWHGLH3RNDOHDXIXQGUHLFKWHGDV7DEOHWW PLWGHQ/HFNHUELVVHQKHUXP ª'DVJHIlKUOLFKVWHDOOHUEHUDXVFKHQGHQ*LIWHLVWGHU(UIROJ©VDJWHLFKGDQQª:LUOHEHQMHW]WVHLW HLQLJHQ:RFKHQLP6FKOR‰XQGKDEHQHLQH$XGLHQ]EHLP.|QLJYRUXQV:LHVWHKHQGLH3OlQH"© $QWRLQHWWH GH 'UR\GHQ KDWWH GLH XQWHUHQ 5lXPH GHV +DXVHV EH]RJHQ 7DJHODQJ ZDUHQ GLH +DQGZHUNHU EHVFKlIWLJW JHZHVHQ -HW]W OHXFKWHWH GHU JUR‰H 6DORQ LQ QHXHQ )DUEHQ (UOHVHQH .RVWEDUNHLWHQEHIDQGHQVLFKLQGHQ6FKUlQNHQ6FKZHUH9RUKlQJHKLHOWHQGLHIHXFKWH1DFKWOXIWDE :LUKDWWHQXQVKLHUYHUVDPPHOWXPEHUXQVHUH3OlQH]XGLVNXWLHUHQ ª,FK KDEH PHLQ .RQ]HSW EHUHLWV IHUWLJ© VDJWH LFK ª,FK ZHUGH EHUDOO ZR LFK PHLQH )LQJHU GD]ZLVFKHQ]ZlQJHQNDQQ9HUEHVVHUXQJHQHLQIKUHQ© 5R\HUODFKWH ª'HU -DPPHU PLW GHQ :HOWYHUEHVVHUHUQ LVW GD‰ VLH QLFKW EHL VLFK VHOEVW DQIDQJHQ :R LVW HLJHQWOLFK'LDQQRW"© ª(UOLH‰VLFKHQWVFKXOGLJHQ(UKDWLUJHQGHWZDVLP6FKOR‰]XWXQ'LH+DQGZHUNHUEUDXFKHQLKQ© ,PJOHLFKHQ$XJHQEOLFNNDPGHU-DJGKXQGYRP.DUPLQKHU]XSIWHPLFKYRUVLFKWLJDPbUPHOXQG VFKDXWHXQYHUZDQGWXQGDXIIRUGHUQGKLQEHU]XU7UHSSH,FKYHUVWDQGXQGQLFNWHLKP]X1LHPDQG KDWWH GLHVHQ =ZLVFKHQIDOO EHPHUNW :lKUHQG VLFK GLH DQGHUHQ EHU GLHVH 3OlQH DXVOLH‰HQ HQWVFKXOGLJWH LFK PLFK NXU] XQG JLQJ LQ XQVHUH 5lXPH KLQDXI 6HNXQGHQ VSlWHU KDWWH LFK GLH 7U YRQ LQQHQ DEJHVFKORVVHQ NODSSWH GLH 6FKDWXOOH DXI XQG DNWLYLHUWH GHQ NOHLQHQ %LOGVFKLUP 1RFK LPPHUEHREDFKWHWHGHUDQGHUH+XQGGLH)UHPGHQ ,FK OHJWH GHQ 6FKDOWHU XP GHU GLH DNXVWLVFKH 9HUELQGXQJ IUHLJDE =XHUVW VDK LFK NDXP HWZDV K|UWH DEHU HLQH .HWWH PHUNZUGLJHU *HUlXVFKH (V NODQJ DOV YHUVXFKH MHPDQG HLQH 6WLPPH 



QDFK]XDKPHQ'DQQGUHKWHGHU+XQGGHQ.RSIXQGYLVLHUWH DXI PHLQH ODXWORVHQ .RPPDQGRV GDV =LHODQ ,FKPXUPHOWHYHUEOIIW ª9HUGDPPW'LDQQRWGH-DUD© (UVWDQGYRUHLQHPGHU6SLHJHOLQVHLQHPSUlFKWLJHQNOHLQHQ=LPPHU$EHUHUKDWWHVLFKYHUlQGHUW ,FKVDKJHQDXHUKLQXQGGUHKWHDQGHU6FKUDXEHIUGLH6FKDUIDEVWLPPXQJ'DQQHUNDQQWHLFKGD‰ HU DQGHUH .OHLGHU DQJH]RJHQ KDWWH ,FK UXQ]HOWH GLH 6WLUQ GDFKWH QDFK YHUJOLFK GLH QHXHQ ,QIRUPDWLRQHQPLW(ULQQHUXQJHQPHLQHVSHUIHNWHQ*HGlFKWQLVVHVXQGVDKGD‰GH-DUD5RFN+RVH XQG6WLHIHOGHV.|QLJVWUXJ2GHUY|OOLJLGHQWLVFKH.RSLHQ ª1DFKWVJHKWHVQLFKW«]XYLHOH:DFKHQ«ZRKLQPLWGHP.|USHU«"©YHUVWDQGLFKXQGHXWOLFK 'HU(PSIDQJZDUDXVJH]HLFKQHWDEHU'LDQQRWKDWWHVHLQH6WLPPHGUDVWLVFKYHUlQGHUW(UEHPKWH VLFKMHPDQGHQQDFK]XDKPHQ«ZHQ" (U ]QGHWH HLQLJH .HU]HQ DQ VWHOOWH GLH EHLGHQ /HXFKWHU YRU GHP 6SLHJHO DXI XQG ]RJ VLFK GLH 3HUFNHEHUGHQ.RSI 'DQQODFKWHHUNXU] ª1LHPDQGZLUGHVPHUNHQ1LHPDQG© (UXQWHUQDKPHLQHQ5XQGJDQJGXUFKGDV=LPPHUZREHLHUVLFKDXIGHQ6WRFNVWW]WH9RQKLQWHQ XQGLP3URILOZDUHUQXQWDWVlFKOLFKPLWGHU0DMHVWlW]XYHUZHFKVHOQ8QGLFKZDUEHU]HXJWGD‰ HU DXFK HLQ 0LWWHO ILQGHQ ZUGH VHLQ *HVLFKW GHUDUW ]X YHUlQGHUQ GD‰ HU VHOEVW GLH QlFKVWH 8PJHEXQJGHVDOWHUQGHQ0RQDUFKHQWlXVFKHQZUGH ª=XHUVWODVVHLFK«YHUVFKZLQGHQ©IOVWHUWHHU (UOLHIHUWHPLUHLQHIDV]LQLHUHQGH6WXGLH(UVFKLHQLQGHQ7DJHQVHLWXQVHUHU4XDUWLHUQDKPHGHQ .|QLJXQXQWHUEURFKHQEHREDFKWHW]XKDEHQ6HLQ9HUKDOWHQZDUGHUDUWYHUEOIIHQGGD‰HVIDVWZLH HLQH3DURGLHZLUNWH9HUEOIIHQGHUDOVGDV2ULJLQDOGDFKWHLFK (U LVW WDWVlFKOLFK VR ZDKQVLQQLJ XQG ZLOO LQ GLH 0DVNH GHV .|QLJV VFKOSIHQ 'X PX‰W HV YHUKLQGHUQVDJWHGHU/RJLNVHNWRU ,FKODFKWHNXU]DXIXQGVDJWHPLUGD‰LFKQLFKWQXUGDV$WWHQWDWDXIGHQ.|QLJYHUKLQGHUQPX‰WH VRQGHUQ GD‰ DXFK JOHLFK]HLWLJ QLHPDQG XQG QLFKWV DXIIDOOHQ GXUIWH (UWDSSWH PDQ 1\GHU LQ GLHVHU 0DVNHVWDUEHU]ZHLIHOORV8QGPLWLKPVHLQH)UHXQGH$OVRVWDUEHQDXFKZLU,PVHOEHQ$WHP]XJ ZX‰WHLFKGD‰HLQJH]LHOWHU6FKX‰QLFKWGLHULFKWLJH/|VXQJZDU%UDXFKWHLFK9HUWUDXWH" (VVFKLHQEHVVHU]XVHLQ (LQHKDOEH6WXQGHVDKLFK]XZLH'LDQQRWGHQ*HVLFKWVDXVGUXFNXQGGLH*HVWLNGHV.|QLJVYRU GHP 6SLHJHO HLQEWH 'LHVHU 0DQQ KLHU EHVD‰ HLQ XQKHLPOLFK ZLUNHQGHV 7DOHQW ]XU .RSLH ]XP 1DFKDKPHQDQGHUHU0HQVFKHQ-HW]WIHKOWHQQXUQRFKGLH5XQ]HOQXQG)DOWHQGLHFKDUDNWHULVWLVFKH 1DVHXQGGHUPUULVFKH*HVLFKWVDXVGUXFN/DQJVDPWURWWHWHGHU+XQGQlKHUDQ'LDQQRWKHUDQ$OV GHUNRVPLVFKH9DJDEXQGGLHWDSSHQGHQ3IRWHQK|UWHGUHKWHHUGHQ.RSIXQGVWDUUWHGDV7LHUDQ $XIPHLQHP%LOGVFKLUPHUVFKLHQLQ*UR‰DXIQDKPHGDV*HVLFKWGHV0DQQHV ,FK]XFNWH]XVDPPHQ ª8QID‰EDU8QJODXEOLFK©IOVWHUWHLFK 'HUDOWH.|QLJVDKPLFKDQ'LH7lXVFKXQJZDUIDVWSHUIHNW2KQHMHGHV+LOIVPLWWHOZDUHVLKP JHOXQJHQ GLH *HVLFKWV]JH ]X NRSLHUHQ )JWH PDQ MHW]W QRFK HLQLJH 1DUEHQ )DOWHQ XQG HLQH DQGHUH$XJHQIDUEHKLQ]XZUGHMHGHU0HQVFKLQ)UDQNUHLFK'LDQQRWIUGHQYLHU]HKQWHQ/XGZLJ KDWHQ ª1XQ© VDJWH 'LDQQRW PLW GHU 6WLPPH GHV 0RQDUFKHQ XQG LQ GHVVHQ 'LNWLRQ ªHV EHOLHEW GLU +XQGPLFKDQ]XVWDUUHQ.HLQH6RUJHLFKKDEHPLFKQXUYHUlQGHUW,FKELQGHUDOWH'LDQQRW© 'HU+XQGUL‰GDV0DXODXIXQGJlKQWH'DQQVFKWWHOWHHUVLFKNOHPPWHGHQ6FKZDQ]]ZLVFKHQ GLH%HLQHXQGVFKOLFK]XUFN ª8QGHLQHV$EHQGVZHQQVLFKGHU+HUUVFKHULP3DUNHUJHKWZHUGHLFKLKQDXVZHFKVHOQ©VDJWH 'LDQQRW PLW VHLQHU QRUPDOHQ 6WLPPH XQG ULFKWHWH VLFK DXI (U ]RJ GLH 3HUFNH DE XQG YHUVWDXWH GDQQQDFKHLQDQGHUGLHHLQ]HOQHQ.OHLGXQJVVWFNHLQHLQHP6FKUDQNGHVVHQ6FKOVVHOHUDE]RJ ,FKZDUWHWHQRFKHLQLJH6HNXQGHQGDQQVFKDOWHWHLFKGLH9HUELQGXQJDXV 



ª'DVKDWWHLFKQLFKWHUZDUWHW©VDJWHLFKJULPPLJXQGYHUVWHFNWHPHLQH$XVUVWXQJZLHGHU-HW]W ZX‰WHLFKZDVLFK]XWXQKDWWH:LUDOOHVFKLHQHQXQVLQ1\GHUJHWlXVFKW]XKDEHQ ,FK JLQJ ZLHGHU KLQXQWHU LQ GHQ 6DORQ XQG IDQG GRUW GLH YLHU )UDXHQ LQ HLQH DQJHUHJWH 8QWHUKDOWXQJYHUWLHIW(VJLQJGDUXP$QWRLQHWWHV0HLQXQJIHVW]XVWHOOHQ6LHJDE%HDWUL[7DLULXQG *DEULHOOH5DWVFKOlJHXQG+LQZHLVHZDVLKUHU$QVLFKWQDFKGDV9RONEUDXFKWHXPEHVVHUOHEHQ]X N|QQHQ9LHOHVGDYRQZDUDOWXQGEHNDQQWHLQLJHVZDUVHOEVWPLUQHX6HLWLFK$QWRLQHWWHPHKUHUH 7DJH KLQGXUFK MHZHLOV HLQLJH 6WXQGHQ ODQJ GHQ $NWLYDWRU XPJHKlQJW KDWWH VFKLHQ VLH VLFK DXI ZXQGHUEDUH:HLVHYHUMQJW]XKDEHQ6LHVDK]ZDUQLFKWMQJHUDXVDEHULKU.|USHUZDUJHVQGHU DOVMH]XYRULQGHQOHW]WHQ-DKU]HKQWHQ ª,KUKDEWZLFKWLJH'LQJHQLFKWJHK|UW$WODQ©VDJWH0DGDPHGH'UR\GHQOHLVHª:DUHVZLFKWLJ ZDV,KULQ(XUHP=LPPHUWDWHW"© ,FKQLFNWHXQGYHUVLFKHUWHZDKUKHLWVJHPl‰ ª(VZDUVHKUZLFKWLJ$X‰HURUGHQWOLFKZLFKWLJ:LUZHUGHQXQVQDFKKHUGDUEHUXQWHUKDOWHQ© 6LHZDUIPLUHLQHQDEZDUWHQGHQQHXJLHULJHQ%OLFN]XXQGKREGHQ3RNDO ª,Q ]ZHL 7DJHQ LVW GDV *DVWPDKO GHV .|QLJV© VDJWH 5R\HU ª:LU ZHUGHQ GRUW HUVFKHLQHQ XQG XQVHUH*HGDQNHQYRUWUDJHQ© ª,FKODVVHPLFKEHUUDVFKHQ,QGHU=ZLVFKHQ]HLWN|QQHQZLU8QWHUULFKWEHL0DGDPHGH'UR\GHQ QHKPHQ1LHPDQGNHQQWGLHNRPSOL]LHUWHQ7LVFKVLWWHQ©VDJWH7DLULXQGOlFKHOWHPLU]X ª'DV LVW HLQH JXWH ,GHH :R GLH hEHU]HXJXQJVNUDIW QLFKW DXVUHLFKWVSULQJW KLOIUHLFK GLH (WLNHWWH HLQ© *DEULHOOHVWDQGDXIXQGVDK5R\HUXQG%HDWUL[DQ ª:LUJHKHQ"©IUDJWH%HDWUL[ ª-D© ,FKKREGLH+DQGXQGVDJWHOHLVHDEHULQEHVWLPPWHP7RQIDOO ª0LW (XFK *DEULHOOH PX‰ LFK VSUHFKHQ (V LVW ZLFKWLJ DEHU LFK ZHUGH HV NXU] PDFKHQ %OHLEW QRFKHLQLJH=HLWKLHUELWWH© :LU YHUDEVFKLHGHWHQ XQV YRQ GHQ )UHXQGHQ $OV QXU QRFK ZLU YLHU YRU GHP .DPLQ VD‰HQ EHULFKWHWH LFK *DEULHOOH ZDV LFK KHUDXVJHIXQGHQ KDWWH $OOHUGLQJV VWHOOWH LFK HV VR GDU DOV RE LFK VHOEVW'LDQQRWEHODXVFKWKlWWH'DV0lGFKHQZDUVWDUUYRU9HUZXQGHUXQJXQGVFKZLHJODQJH=HLW 'DQQIOVWHUWHVLH ª:DVVFKOlJVWGXYRU"© ª9HUJH‰WQLFKWGD‰HU(XHU)UHXQGLVW©PHLQWH$QWRLQHWWHOHLVH ª.HLQHVZHJV,FKVFKODJHYRUGD‰ZLULKQDXIGHP:HJ]XVHLQHUGXPPHQXQGXQEHGDFKWHQ7DW VWHOOHQ:LUDOOH*UHLIHQZLUYRUKHUHLQNDQQHUXQVHQWVFKOSIHQXQGVHLQ9RUKDEHQZDKUPDFKHQ :HQQZLU]XVSlWORVVFKODJHQVWHUEHQZLUDOOHZHLOXQVGLH3DODVWZDFKHELVEHUGLH*UHQ]HQGHV /DQGHVYHUIROJW© ª:DQQZROOWHHUGHQ.|QLJYHUVFKOHSSHQ"8QGZRKLQ"©HUNXQGLJWHVLFK7DLULEHVRUJWXQGVWDQG DXI6LHEHJDQQHLQHXQUXKLJH:DQGHUXQJGXUFKGHQ5DXP ª,FKZHL‰HVQLFKW:LUPVVHQLKQVWlQGLJEHREDFKWHQ$PEHVWHQZHFKVHOQZLUXQVDE©VDJWH LFK ª(LQYHUVWDQGHQ:LUGHUHVKHXWHZDJHQ"©IUDJWH'Lp ª1HLQ(UYHUVWHFNWHGLH7HLOHVHLQHUXQZUGLJHQ0DVNHUDGH©VDJWHLFKª$EHUYRQPRUJHQRGHU EHUPRUJHQDQZLUGHVJHIlKUOLFK© ª'LH 9RUVLFKW XQG GLH 5DIILQHVVH PLW GHU HU XQV DQJHORJHQ KDW XQG HV ZHLWHU YHUVXFKW LVW HLJHQWOLFK HLQ .RPSOLPHQW IU XQV© VDJWH *DEULHOOH QDFKGHQNOLFK ª'LHVHU 1DUU (U LVW QLFKW VFKOHFKW$WODQ±DEHUHUZLUGOHLFKWEHUPWLJZHQQHUNHLQHQHFKWHQ:LGHUVWDQGVSUW8QGGLH OHW]WHQ-DKUHKDEHQLKQLQHLQHP0D‰IUXVWULHUWGD‰HUMHW]WDOOHVQDFKKROHQZLOO© ª'HVZHJHQZHLOLFKGDVDOOHVEHUFNVLFKWLJHP|FKWHLFKDXFKQLFKWGD‰PHKUGDYRQZLVVHQDOV ZLU©PHLQWHLFKª'XILQGHVWDOOHLQ]XHXUHP+DXV"© ª-D0HLQ3IHUGLVWGUDX‰HQ-HDQKDWHVYHUVRUJW© 6LH YHUDEVFKLHGHWHQ VLFK XQG GDULQ ZDUHQ ZLU DOOHLQ :LU VFKZLHJHQ LQ XQVHUH *HGDQNHQ 



YHUVXQNHQ 9ROWDLUH KDWWH EHU GHQ .|QLJ JHVFKULHEHQ ª6R VHKU PDQ LKP DXFK VHLQ NOHLQOLFKHV *HKDEH VHLQHQ DOO]X JUR‰HQ +RFKPXW JHJHQEHU GHQ )UHPGHQ LQ GHQ 6WXQGHQ VHLQHV (UIROJHV VHLQH 6FKZlFKH IU YLHOH )UDXHQ VHLQH DOO]X JUR‰H 6WUHQJH LQ SHUV|QOLFKHQ $QJHOHJHQKHLWHQ XQG GLHOHLFKWVLQQLJHQWIHVVHOWHQ.ULHJHYRUZHUIHQPDJEHKDOWHQVHLQHJUR‰HQ9RU]JHXQGVHLQH7DWHQ GDV hEHUJHZLFKW EHU GLH )HKOHU© ,Q ]ZHL 7DJHQ ZUGHQ ZLU ZLVVHQ RE GLHVH &KDUDNWHULVLHUXQJ ]XWUDI'DQQHUVWNRQQWHLFKYHUVXFKHQPHLQH(QWWlXVFKXQJ]XYHUJHVVHQXQGLQQXW]YROOH$UEHLW ]XYHUZDQGHOQ $EHUGDGXUFKYHUVFKZDQGGDV3UREOHP'LDQQRWGH-DUDQLFKW 

  'HODODQGHVRUJWHIUGLHPXVLNDOLVFKH8QWHUKDOWXQJZlKUHQGGHU(VVHQVHLQHVKRKHQ*|QQHUV'LH 6WFNHSRXUOHV6RXSHUVGX5R\GLHKHXWHJHVSLHOWZXUGHQGLULJLHUWHGHU.RPSRQLVWVHOEVW±HVZDU HLQDXVJHVSURFKHQLQWLPHV(VVHQDQGHPQXUGUHL‰LJ3HUVRQHQWHLOQDKPHQGLHYRQHWZD]ZDQ]LJ 'LHQHUQXPVFKZLUUWZXUGHQ'HU.|QLJWKURQWHDP.RSIHQGHGHU7DIHOXQGZLUZXUGHQGHU5HLKH QDFKYRUJHVWHOOW0DQUHLFKWHXQV]LHUOLFKH*OlVHUPLWHLQHPJHOEHQDURPDWLVFKULHFKHQGHQ:HLQ 9HUJOLFKHQ PLW GHQ EULJHQ $QZHVHQGHQ XQG VHOEVW PLW GHP .|QLJ ERWHQ ZLU 3HUVRQHQ HLQHQ DXVJHVSURFKHQ JODQ]YROOHQ $QEOLFN :LU ZDUHQ HLQIDFK DEHU NRVWEDU JHNOHLGHW 6HOEVW XQVHUH :DIIHQ IXQNHOWHQ LP 6RQQHQOLFKW ZLH JHVFKOLIIHQH 'LDPDQWHQ 'LH 0DSSHQ PLW GHQ YHUVFKLHGHQVWHQ9RUVFKOlJHQXQG$QUHJXQJHQODJHQDXIQLHGULJHQ7LVFKHQDEVHLWVGHU7DIHO ª'LH0XVLNLVWNODUXQGZLUGPHLVWHUOLFKJHVSLHOW©VDJWH7DLULXQGVFKDXWHIDV]LQLHUWGHPNOHLQHQ 2UFKHVWHU]X-HGHV,QVWUXPHQWZDUQXUHLQPDOYHUWUHWHQXQGGLH0XVLNHUVFKLHQHQZDKUH9LUWXRVHQ ]XVHLQ.HLQ9HUJOHLFK]XGHP*HILHGHOGDVZLULQ6FHDX[JHK|UWKDWWHQ ª'HODODQGH GLULJLHUW VHOEVW HLQ HWZD IQI]LJMlKULJHU 0DQQ© IOVWHUWH $QWRLQHWWH :LU ZXUGHQ DXIJHIRUGHUWXQV]XVHW]HQ'LH(WLNHWWHDP+RIHZDUGHVZHJHQVRDXVJHIHLOWXQG]ZLQJHQGZHLO VLHGDVHLQ]LJH0LWWHOZDUPLWGHPVLFKGHU.|QLJ,QWULJHQXQG%HYRU]XJXQJHQ6FKPHLFKOHUXQG 8QZUGLJH YRP +DOV KDOWHQ NRQQWH (V ZDU HLQH .RPELQDWLRQ DXV ElXHUOLFKHQ 6LWWHQ XQG YHUIHLQHUWHU/HEHQVDUW=ZDUVSHLVWHPDQYRQHGHOVWHP7DIHOVLOEHUDEHUQRFKLPPHUJOLFKGHU7LVFK QDFKHLQLJHQ0LQXWHQGHV(VVHQVHLQHPNOHLQHQ6FKODFKWIHOG 'HU.|QLJKREVHLQ*ODVVDKPL‰WUDXLVFKGHQ:HLQDQXQGWUDQNHLQHQ6FKOXFN$WHPORVH6WLOOH WUDWHLQ0DMHVWlWEHOLHEWHQ]XVSUHFKHQ ª,FKKDEHKHXWHVLHEHQEHPHUNHQVZHUWH)UHXQGHHLQJHODGHQ=XHUVW$QWRLQHWWHGH'UR\GHQHLQH PHLQHUlOWHVWHQSDUGRQOlQJVWHQ9HUWUDXWHQ'LHDQGHUHQVHFKVGLHXQVIUHPGHUVFKHLQHQP|JHQ VLQGLKUH)UHXQGH,FKKDEHEHVFKORVVHQVLH]XI|UGHUQZHQQVLHHVYHUGLHQHQ© *HGlPSIWHU %HLIDOO ZXUGH JHVSHQGHW 'LH +|IOLQJH YHUJOLFKHQ LKUHQ .|QLJ PLW $SROO XQG YHUVLQQELOGOLFKWHQVHLQ:LUNHQPLWGHQEHUDXVVHJHQVUHLFKHQ6WUDKOHQGHU6RQQH ª/D‰WXQV]XHUVWVSHLVHQ©VDJWHGHUYLHU]HKQWH/XGZLJª'DQQZHUGHQZLUXQVXQWHUKDOWHQ© 'LH 6SHLVHQ ZXUGHQ DXIJHWUDJHQ 0DQ EHJDQQ PLW GHP 6HUYLHUHQ EHLP .|QLJ XQG HQGHWH DP DQGHUHQ(QGHGHU7DIHO$OOHVZDVKLHUDXVJHWHLOWYRUJHOHJWHLQJHJRVVHQXQGDXIJHWUDJHQZXUGH ZDUHUOHVHQVWH.FKHQNXQVWHLQH)UHXGHIUMHGHQ*DXPHQ,QGHVZDUGLHVHV(VVHQIHWWUHLFKXQG ODJVFKZHULP0DJHQ7URW]GHPD‰HQZLUJUR‰H3RUWLRQHQXQGWUDQNHQGHQDXVJH]HLFKQHWHQ:HLQ /HLVH7LVFKJHVSUlFKHEDKQWHQVLFKDQ'LH0XVLNVFKDIIWHHVGLHVWHLIH$WPRVSKlUHDXI]XORFNHUQ :LU HUIXKUHQ GD‰ GHU .|QLJ HLQH 0HQJH VHLQHU 5DWJHEHU HLQJHODGHQ KDWWH 6LH VROOWHQ XQV ZRKO SUIHQXQGXQVHUH,GHHQJHQDXXQWHUGLH/XSHQHKPHQ,FKEHPHUNWHPHKUPDOVZLH'LDQQRWGHQ .|QLJVWXGLHUWHDXIGLH%HZHJXQJHQHLQHVMHGHQ)LQJHUVDFKWHWH *DEULHOOH XQG LFK ZHFKVHOWHQ HLQHQ NXU]HQ YLHOVDJHQGHQ %OLFN 6LH KDWWH YHUVWDQGHQ ZDV LFK PHLQWH 9HUVXFKHGLHNRPPHQGHQ9HUKDQGOXQJHQJQVWLJ]XEHHLQIOXVVHQ'XXQGGHLQH)UHXQGHPVVHQ DOOH)UHLKHLWHQEHKDOWHQIOVWHUWHHLQGULQJOLFKGHU([WUDVLQQ 0DQ UHLFKWH XQV HLQ 'HVVHUW GDQQ DOV EHUUDVFKHQGH 1HXKHLW HLQH 7DVVH ELWWHUHQ .DIIHHV HLQH EHVRQGHUH 'HOLNDWHVVH IU GLHVH =HLW ± GDQQ WUXJHQ GLH 'LHQHU GDV *HVFKLUU KLQDXV 'LH *lVWH 



ZDUWHWHQXQGVWDQGHQDXIDOVGHU.|QLJVLFKHUKRE,FKQlKHUWHPLFKODQJVDPGHP0RQDUFKHQXQG VDJWHHLQH6SXUODXWHUDOVHVQ|WLJZDU ª:HQQ ,KU GLHVH %OXPHQ YRU GHQ )HQVWHUQ VHKW 0DMHVWlW GDQQ KDEW ,KU VLFKHU GHQ :XQVFK MHPDQGP|FKWHGHQ(LQGUXFNIUGLH(ZLJNHLWIHVWKDOWHQ© (UVDKPLFKPL‰WUDXLVFKDQ]ZLQNHUWHXQGEUXPPWH ª6RLVWHV)DKUWIRUWGHO $UFRQ© ,FKOlFKHOWHYHUELQGOLFKXQGIXKUIRUW ª:HQQHLQ*HPlOGHHQWVWHKWVRLVWHVHLQPDOLJ=ZDUN|QQHQHVYLHOH0HQVFKHQVHKHQDEHUHVLVW HLQH.RVWEDUNHLW:HQQHVQXQJHOlQJHYRQGLHVHP%LOGHLQHQ'UXFNKHU]XVWHOOHQ"(LQ'UXFNGHU DOOH)DUEHQZLHGHUJLEWXQGLQ.XSIHUSODWWHQDXV]XIKUHQLVW"7DXVHQGHYRQ%LOGHUQMHGHVVRVFK|Q ZLHHLQ*HPlOGHXQGZHUWYROOZLHGLH1DWXUVHOEVWN|QQHQHQWVWHKHQ6LHJOHLFKHQVLFKGDQQZLH HLQ(LGHPDQGHUHQ© 0DQVDUWV6FKZDJHU5REHUWGH&RWWHXQG&R\SHOGHUGDV'HFNHQJHPlOGHGHUN|QLJOLFKHQ.DSHOOH JHPDOWKDWWHQKRUFKWHQDXI ª'DVLVWELVMHW]WQLHPDQGHPJHOXQJHQ8QGLFK]ZHLIOHGDUDQGD‰HV(XFKJHOXQJHQLVW$UFRQ© VDJWH&R\SHO ,FKODFKWHLKPLQV*HVLFKWXQGYHUVLFKHUWHOHLVH ª1LHPDQG ZLOO (XUH .XQVW OlVWHUQ 'RUW GUEHQ KDEH LFK GLH =HLFKQXQJHQ ,KU ZHUGHW VHKHQ N|QQHQGD‰PLWQXUGUHL)DUEHQMHGHDQGHUH)DUEHXQG)DUEQXDQFHGDU]XVWHOOHQLVW'HQNW,KUDQ GLHXQJHDKQWHQ0|JOLFKNHLWHQGLHVHV9HUIDKUHQV"© 1DFKGHP LFK PHLQH =HLFKQXQJ DXVJHEUHLWHW XQG HUNOlUW KDWWH ZX‰WHQ IDVW DOOH KLHU LP 5DXPZDVGLHVH(UILQGXQJZHUWZDU *HZRQQHQ6LHVLQGLQWHUHVVLHUWVDJWHWULXPSKLHUHQGGDV([WUDKLUQ 'HU.|QLJVDJWHQDFKHLQHU:HLOH ª(LQ0DQQQDPHQV/H%ORQDUEHLWHWVFKRQODQJHDQGLHVHP9HUIDKUHQ%LVKHUVFKDIIWHHUHVQLFKW ,FKELWWH(XFKLKP]XKHOIHQ8QGZDVVROOGLHVHV%LOG]HLJHQ"© ,FKHUNOlUWHHVLKP ,QGHQQlFKVWHQGUHL6WXQGHQZDUHQZLUDOOHXQXQWHUEURFKHQEHVFKlIWLJW8QVHUH9RUVFKOlJHXQG 6FKLOGHUXQJHQGHUYHUVFKLHGHQVWHQ(UILQGXQJHQ±GDUXQWHUGHU'DPSIPDVFKLQH±ULVVHQGHQ.|QLJ XQG GHVVHQ 5DWJHEHU LQ LKUHQ %DQQ $P (QGH GHU 8QWHUKDOWXQJ ZXUGH XQV JUR‰]JLJVWH 8QWHUVWW]XQJ]XJHVLFKHUW-HGHUYRQXQVKDWWHVHLQH9RUVFKOlJHJHPDFKWXQGMHGHUDEJHVHKHQYRQ $QWRLQHWWHZUGHELQQHQNU]HVWHU=HLWLQGHU6WXIHQOHLWHUGHV(UIROJHVELVLQGLH1lKHGHV7KURQHV JHODQJHQN|QQHQ 1XU'LDQQRWZROOWHGDV9HUIDKUHQGUDVWLVFKDENU]HQ *HJHQ $EHQG HQWOLH‰ XQV GHU .|QLJ )DVW DOOH XQVHUH 3OlQH ZDUHQ JHELOOLJW ZRUGHQ XQG IDQGHQ EHUDXV JUR‰HQ $QNODQJ :LU KDWWHQ YHUPLHGHQ GDUDXI KLQ]XZHLVHQ GD‰ GLH PHLVWHQ 9HUEHVVHUXQJHQ EHVWHKHQGHU 7HFKQLNHQ XQG (UILQGXQJHQ QHXHU 9HUIDKUHQ VR ]XP %HLVSLHO GHV 3RU]HOODQV GHP9RONPHKUQW]WHQDOVGHP.|QLJVKRI $QGLHVHP$EHQGIHLHUWHQZLUHLQJUR‰HV)HVWLP+DXVGHU9DJDEXQGHQ      ,Q PHLQHU (ULQQHUXQJ EOLHEHQ GLH IROJHQGHQ 7DJH XQG :RFKHQ EHVWHKHQ (V ZDU HLQH VFK|QH UXKLJH =HLW $XV GHP VSlWHQ )UKOLQJ ZXUGH 6RPPHU 'LH 6FK|QKHLW GHV 3DUNV HLQHV 6\VWHPV JHRPHWULVFKHU)RUPHQHQWIDOWHWHVLFKHUVWMHW]WYROONRPPHQ'DV5DXVFKHQGHU:DVVHUNQVWHGLH XQ]lKOLJHQ )LJXUHQ XQG GDV :LOG GDV LQ HLQLJHQ *HELHWHQ GHV 3DUNV IUHL XPKHUOLHI GLH JXW DQJH]RJHQHQ 0HQVFKHQ HLQH 0HQJH SLNDQWHU RGHU WUDJLVFKHU *HVFKLFKWHQ 8QG GDQQ GLH YLHOHQ 1DFKPLWWDJHXQG$EHQGHLQGHQHQLFKPLW7DLULHLQJHODGHQZDURGHUVHOEVW(LQODGXQJHQJDE'LH NQVWOHULVFKH(OLWHXQGGLHEHVWHQ+DQGZHUNHUGLHDOOHVDPWEHLQDKH.QVWOHUZDUHQYHUVDPPHOWHQ 



VLFK%HKXWVDPVWUHXWHLFKPHLQH,QIRUPDWLRQHQDXV 5LFRULHI,QIRUPDWLRQHQDXVGHQ6SHLFKHUQGHUXQWHUVHHLVFKHQ5HFKHQPDVFKLQHQDE,FKEHNDPVLH DXIGHP)XQNZHJEHUPLWWHOWNRSLHUWHGLHYLHOHQ%LOGHUYRUGHP)HUQVHKVFKLUPXQGUHLFKWHGLHVH ,QIRUPDWLRQHQ DQ GLH *lVWH ZHLWHU :LH JHVDJW EHKXWVDP LQ NOHLQHQ 'RVHQ XQG VWHWV QXU VROFKH 'LQJHGLHVLHYHUDUEHLWHQNRQQWHQ$XIGLHVH$UWXQG:HLVHYHUKDOILFKLKQHQ]X(UNHQQWQLVVHQGLH VLH QLHPDOV HUIDKUHQ ZUGHQ ZHLO HLQH 5HLVH DQ GHQ EHWUHIIHQGHQ 2UW LQ GLH EHWUHIIHQGH 6FKXOH RGHU :HUNVWDWW NDXP ]X EHZlOWLJHQ ZDU $UFKLWHNWXU XQG 0DOHUHL QHXH 7HFKQLNHQ LQ YLHOHQ *HELHWHQ 7ULFNV IU GHQ *X‰ YRQ %URQ]HILJXUHQ 0DWHULDONXQGH XQG HLQIDFKH SK\VLNDOLVFKH *HVHW]H XQG GHUHQ $QZHQGXQJ « GDV ZDUHQ PHLQH HUVWHQ %HLWUlJH ]XU .XOWXU XQG =LYLOLVDWLRQ 1LHPDQGEHKLQGHUWHXQVHUH=XVDPPHQDUEHLW1XUHLQPDODOVY|OOLJXQYHUPLWWHOWGHU.|QLJVHOEVW HUVFKLHQLQ%HJOHLWXQJGHVMXQJHQ*DUGLVWHQZXUGHQZLUHWZDVQHUY|V/XGZLJDEHUVHW]WHVLFKLQ HLQHQ6HVVHOXQGVDJWHKDOEODXW ª)DKUW IRUW ,FK K|UH (XFK ]X XQG LFK ZHL‰ ]X VFKlW]HQ ZDV KLHU JHOHLVWHW ZLUG :HQQ ZLU DOOH HLQVWQLFKWPHKUVLQGZLUGPDQXQVHUH=HLWDOVHLQHJUR‰H=HLWEH]HLFKQHQPVVHQ© $PZHQLJVWHQVFKLHQLKQGLH(UILQGXQJGHU'DPSIPDVFKLQH]XLQWHUHVVLHUHQ $Q HLQHP VROFKHQ $EHQG GLH DQGHUHQ )UHXQGH ZDUHQ LQ]ZLVFKHQ ZLHGHU JHJDQJHQ ZXUGH LFK SO|W]OLFK PGH XQG VFKOLHI YRU GHQ =HLFKQXQJHQ HLQ GHQ .RSI DXI GLH 7LVFKSODWWH JHOHJW ,FK WUlXPWHZLOGXQGXQUXKLJXQG]XJOHLFKPLWGHP-DXOHQGHV+XQGHVWUDW7DLULHLQ ª'DLVWHWZDV/LHEVWHU©VDJWHVLHª'HU+XQG«LFKELQJDQ]DXIJHUHJW© 'XKDVWGDV3URJUDPPHQWZLFNHOW'HUDQGHUH+XQGZLOOGLFKZDUQHQGUlQJWHGHU/RJLNVHNWRU ,FK VDK DXV GHP )HQVWHU 'LH $EHQGGlPPHUXQJ EUDFK DQ ]XJOHLFK IlUEWH GLH *OXW HLQHV SUlFKWLJHQ6RQQHQXQWHUJDQJHVGLH%DXPZLSIHOURW 'HU+XQG 'RUW GUEHQ GXUFK GLH %UHLWH GHV 3DUNV YRQ XQV JHWUHQQW EHUZDFKWH GHU DQGHUH -DJGKXQG 'LDQQRWGH-DUD0HLQ3URJUDPPVDKYRUGD‰EHLPQlFKVWHQ$Q]HLFKHQIUHLQ$WWHQWDWGLH+XQGH VLFKJHJHQVHLWLJYHUVWlQGLJWHQ$OOHVZDUNODU±LFKPX‰WHHLQJUHLIHQ ,FKVWDQGDXIVXFKWHGHQNOHLQHQ/lKPVWUDKOHUXQGVWHFNWHLKQHLQ,FKVFKQDOOWHDXFKGHQEUHLWHQ *UWHOPLWGHP'HJHQXPXQGVFKULHKLQXQWHU ª-HDQ=ZHL3IHUGHVDWWHOQ0HLQHQ5DSSHQ]XHUVW© 'HU HKHPDOLJH %DXHUQEXUVFKH KDWWH VFKUHLEHQ XQG OHVHQ JHOHUQW XQG VLFK ]X HLQHP KRIIQXQJVYROOHQMXQJHQ0DQQHQWZLFNHOW(UULHI]XUFN ª6RIRUW+HUU© ,FK IKOWH GD‰ VLFK GLH (QWVFKHLGXQJ QlKHUWH 'DV 6LJQDO KDWWH EHGHXWHW GD‰ GHU NRVPLVFKH 9DJDEXQG VLFK DQVFKLFNWH VHLQH ZDKQVLQQLJH ,GHH LQ GLH 7DW XP]XVHW]HQ ,FK ID‰WH 7DLUL DQ GHQ 6FKXOWHUQXQGVDJWHOHLVH ª0lGFKHQK|UH]X'XPX‰WMHW]WKLQEHU]X*DEULHOOHXQGGHQDQGHUHQUHLWHQ6LHK]XGD‰GX GLHGUHL)UHXQGHDOOHLQVSUHFKHQNDQQVW6LHVROOHQLKUHP-DJGKXQGIROJHQ(UZLUGVLHLQGLH1lKH HLQHU6WHOOHEULQJHQDQGHULFKYHUVXFKH1\GHUDXI]XKDOWHQ6LHVROOHQVLFKVHKUEHHLOHQ,FKUHLWH MHW]WVRIRUWORV© ,FKKDWWHLKUDOOHVEHULFKWHWVLHZX‰WHXPZHOFKH'LQJHHVMHW]WJLQJ*HODQJHV1\GHUGHQ3ODW] GHV.|QLJVHLQ]XQHKPHQZDUDOOHVYHUORUHQ:LUOLHIHQGLH7UHSSHKLQXQWHU'HU-DJGKXQGIROJWH PLUVFKQHOOXQGDXIODXWORVHQ3IRWHQ$XFKHUNDQQWHVHLQH%HIHKOH'DVSRVLWURQLVFKH3URJUDPP VRUJWHGDIU ,FKULHIXQWHUGUFNW ª&DVWRU 'X ZLUVW PLFK DQ GLH 6WHOOH EULQJHQ DQ GHU VLFK 1\GHU DXIKlOW )XQNH GHLQHQ =ZLOOLQJVEUXGHUDQ6FKQHOO© (LQNXU]HV%HOOHQ]HLJWHPLUGD‰GHU5RERWPHFKDQLVPXVGHV+XQGHVJHKRUFKHQZUGH,FKUDQQWH XP GDV +DXV KHUXP QLFNWH -HDQ GDQNHQG ]X XQG YHUQHLQWH DOV HU PLFK IUDJWH RE HU PLU KHOIHQ N|QQH'DQQVFKZDQJLFKPLFKLQGHQ6DWWHOGHV3IHUGHVXQGULWWUFNVLFKWORVEHUGHQJHSIOHJWHQ 5DVHQ (LQ VFKQHOOHU IODFKHU 6SUXQJ XQG GHU 5DSSH VHW]WH EHU GLH VWHLQHUQH %UVWXQJ :LU YHUVFKZDQGHQ]ZLVFKHQGHQJHRPHWULVFKDQJHOHJWHQ5HLKHQGHU%VFKHXQGGXIWHQGHQ6WUlXFKHU 



&DVWRU OLHI JHQDX ]HKQ 0HWHU YRU GHP 3IHUG XQG VWHLJHUWH VHLQH *HVFKZLQGLJNHLW VREDOG ZLU VFKQHOOHUZXUGHQ,FKVHW]WHGLH6SRUHQHLQXQGGRQQHUWHLQKDOVEUHFKHULVFKHP*DGRSSHLQHQODQJHQ .LHVZHJKLQXQWHU =DKOORVH *HGDQNHQ VFK|VVHQ PLU GXUFK GHQ .RSI DOV LFK GHP +XQG IROJWH XQG PLU 0KH JDE QLHPDQGHQ EHU GHQ +DXIHQ ]X UHLWHQ 'HU 5DSSKHQJVW JULII ZHLWHU DXV DOV ZLU HLQHQ EUHLWHQ 5DVHQVWUHLIHQHUUHLFKWHQXQGGLH+XIHQLFKWPHKULP.LHVDXVUXWVFKWHQ'HUWURPPHOQGH+XIVFKODJ ZXUGHGXQNOHUXQGGURKHQGHU 9HUPXWOLFKZROOWH1\GHUGHQ.|QLJPLWHLQHP/lKPVWUDKOHUQLHGHUVFKLH‰HQXQGZHJEULQJHQ« $EHUZRKLQ":RKLQNRQQWHHUVHLQHQ*HIDQJHQHQEULQJHQ"1\GHUZDUNHLQ0|UGHUHUVSLHOWHQXU VHLQHQ7UDXPYRQ0DFKWXQG(LQIOX‰GXUFK)ULKQZDUGDVDOOHVHLQ6SLHOPLWKRKHP(LQVDW]« :LHZROOWHHUYRUJHKHQ"'DFKWHHUHUQVWKDIWPLWVHLQHPEHZX‰WORVHQ*HIDQJHQHQLQGLHVHU1DFKW 3DULVRGHU9HUVDLOOHVYHUODVVHQ]XN|QQHQ"(VZDU:DKQVLQQ« :LUJDORSSLHUWHQGXUFKGHQKDOEHQ3DUNXQGNDPHQOHLQH=RQHGLHHWZDVZHQLJHUJHSIOHJWZDU ,FK VDK YRU PLU YLHU VFKZDFKH /LFKWHU XQG HUNDQQWH DOV ZLU LQ UDVHQGHP *DORSS KHUDQVSUHQJWHQ GLH NOHLQH N|QLJOLFKH .XWVFKH 'LH EHLGHQ /DNDLHQ VD‰HQ DXI GHQ 7ULWWEUHWWHUQ XQG VFKLHQHQ ]X VFKODIHQ,FKULWWYRUEHLXQGEOLQ]HOWHLQGHUKDOEHQ'XQNHOKHLW9RUPLUERJMHW]W&DVWRUQDFKOLQNV DEXQGVWRELQJHZDOWLJHQ6lW]HQXQWHUGHQ%lXPHQKLQGXUFK6FKDWWHQKDIWVDKLFKZHLWUHFKWVHLQH *HVWDOW (V PX‰WH GHU .|QLJ VHLQ GHU RIIHQVLFKWOLFK PLW HLQHU PlQQOLFKHQ 6WDWXH HLQ XQK|UEDUHV =ZLHJHVSUlFKIKUWH $OVRKDWWH1\GHUQRFKQLFKW]XJHVFKODJHQ,FKDWPHWHHUOHLFKWHUWDXIXQG]JHOWHGDV3IHUG ª&DVWRU©IOVWHUWHLFK]LVFKHQGª:RLVW1\GHU© 'HU+XQGYHUKLHOWXQGVDKVLFKVXFKHQGXP,FKZX‰WHDXFKHUNRUUHVSRQGLHUWHODXWORVPLWGHP DQGHUHQ5RERWWLHU ,FKZDQGWHPLFKXP +DWGLFKGHU.|QLJEHPHUNW"$XINHLQHQ)DOOHUNHQQWHUGLFKOVDJWHGHU([WUDVLQQ ,FKKLHOWQHEHQHLQHPNQRUULJHQ6WDPPDQ'LFKWEHUPLUVWUHFNWHQVLFKGLHEUHLWHQbVWHDXV'HU 5DSSH ª XQG LFK YHUVFKPRO]HQ PLW GHU 'XQNHOKHLW 1XU QRFK GLH RIIHQHQ 5DVHQIOlFKHQ ODJHQ LQ HLQHP8QJHZLVVHQ=ZLHOLFKW'HU+XQGVWDQGVWDUUGDDOVZLWWHUHHU:LOG'DQQUL‰HUGHQ.RSI KRFKXQGEHOOWHGUHLPDONXU]XQGXQWHUGUFNW(UVDKVLFKQDFKPLUXPXQGVSUDQJYRUZlUWV(WZDV YHUKDOWHQ XQG ]|JHUQG EHUTXHUWH HU GHQ 5DVHQ KXVFKWH DP 6RFNHO HLQHU KDOEQDFNWHQ 'LDQD DXV 6WHLQYRUEHLXQGYHUVWHFNWHVLFK]ZLVFKHQ]ZHLUXQGHQ%VFKHQGLHPLWZHL‰HQXQGJHOEHQ%OWHQ EHUVlWZDUHQ,FKIROJWHLKPOHQNWHGDV3IHUG]ZLVFKHQGLH=ZHLJHGHVJUQHQ9HUVWHFNVXQG]RJ VFKDUIGHQ=JHODQ'DV3IHUGVWDQGUHJXQJVORV ,FKQDKPGHQ+XWDEXQGEDQGLKQDP6DWWHONQDXIIHVW'DQQHQWVLFKHUWHLFKGLHNOHLQH:DIIHGLH HLQHP'DPHQWHU]HUROQDFKJHELOGHWZDUXQGZDUWHWH 0HLQH2KUHQEHJDQQHQVLFKDQGLH6WLOOH]XJHZ|KQHQ 1LFKWV« 'DQQ 8QJHZLVVH *HUlXVFKH YRQ OLQNV DXV GHU 5LFKWXQJ GHU $YHQXH GH 6FHDX[ (LQLJH =ZHLJH NQDFNWHQ'DQQODQJVDPHU+XIVFKODJDXIHLQHP.LHVZHJ,FKGUHKWHGHQ.RSIXQGYHUVXFKWHGLH 'XQNHOKHLW]XGXUFKGULQJHQ-HW]WEOLFNWHLFKJHQDXLQGLH5LFKWXQJDXVGHUGLH*HUlXVFKHNDPHQ ,FK QDKP XQGHXWOLFKH %HZHJXQJHQ ZDKU GDQQ HLQ NXU]HV HUVFKUHFNWHV :LHKHUQ DOV 1\GHU VHLQ 3IHUGKHUXPUL‰XQGDXIGHQ5DVHQKLQDXIJDORSSLHUWH-HW]WVDKLFKLKQGHXWOLFK 6HLWOLFKYRQLKPGXFNWHVLFKHLQNOHLQHUHU6FKDWWHQJHJHQHLQHQ%DXPVWDPP'HUDQGHUH+XQG %VFKH EHZHJWHQ VLFK =ZHLJH VFKQHOOWHQ ]XUFN DOV 1\GHU OLQNV DQ PLU YRUEHLEOLFNHQG GLH 6WDWXHXQGGLH*HVWDOWGDQHEHQHUNDQQWH(UPX‰WHKHUDXVJHIXQGHQKDEHQLQZHOFKHU*HJHQGGHV ZHLWUlXPLJHQ3DUNVVLFKGHU.|QLJEHZHJWH,FKOLH‰LKQELVDXIIQI]HKQ0HWHUKHUDQNRPPHQXQG ZLQNWHGHP+XQG&DVWRUPLFK]XVLFKHUQ ª+DOW&KHYDOLHUGHOD1\GHU©VDJWHLFKVFKDUIXQGVDUNDVWLVFK (USDULHUWHVHLQ3IHUGGXUFKXQGHUVFKUDN(UID‰WHVLFKVHKUVFKQHOO6HLQH+DQGKREVLFKRKQH GD‰ LFK GLH %HZHJXQJ VDK XQG HU IHXHUWH (LQ JHGlPSIWHV .UDFKHQ HUW|QWH XQG HLQ IDKOHU %OLW] ]LVFKWH]ZLVFKHQPLUXQGGHP+DOVGHV3IHUGHVKLQGXUFKXQGWUDIGHQ%DXPVWDPP 



'DQQVSUDQJ&DVWRULQGUHL6lW]HQKHUDQZLUEHOWHKHUXPDOV1\GHUVHLQ3IHUGVSRUQWHXQGVSUDQJ LQ GLH +|KH ,FK VDK HLQHQ ODQJHQ JHWLJHUWHQ 6FKDWWHQ GXUFK GLH /XIW VHJHOQ 'DV 7LHU VFKQDSSWH QDFK GHU +DQG GHV 0DQQHV .XQVWVWRII]lKQH NOLUUWHQ DXI 0HWDOO GDQQ NUDFKWH HLQ ]ZHLWHU 6FKX‰ ,FKK|UWHZLHGHU+XQGZLHGHUDXIGHQ%RGHQVSUDQJXQGGLH:DIIHIDOOHQOLH‰ ª=XP7HXIHOPLWGLU$WODQ©NQXUUWH1\GHUXQGULWWDXIPLFK]X,FKK|UWHZLHHUVHLQHQ'HJHQ ]RJ (U WUXJ EHUHLWV GLH .OHLGXQJ GHV .|QLJV 6RJDU HLQHQ ZHLWHQ EHUDXV SUlFKWLJ EHVWLFNWHQ 0DQWHO GHVVHQ 6lXPH LP OHW]WHQ /LFKW GHV $EHQGV DXIJOlQ]WHQ $OV LFK DXVZLFK VFKHXWH PHLQ 3IHUGYRUGHPZHKHQGHQ0DQWHOXQGVWLHJLQGLH+|KH,FKVWLH‰JHJHQHLQHQ$VWKREGLH+DQGXQG YHUILQJ PLFK LQ GHQ =ZHLJHQ $OV LFK GDV 3IHUG XQWHU .RQWUROOH KDWWH ZLUEHOWH HLQ ]XUFNVFKQHOOHQGHU$VWGLHNOHLQH:DIIHDXVPHLQHU+DQG ª'XELVWHLQ1DUUXQGHLQ$QIlQJHU1\GHU©NQXUUWHLFK (UKDWWHPLFKIDVWHUUHLFKW0HLQ5DSSHPDFKWHHLQHQ6DW]LFKSUH‰WHPLFKWLHIDXIGHQ+DOVGHV 3IHUGHVXQGGHUPLWVFKDUIHU3Ul]LVLRQJHIKUWH'HJHQVWLFKWUDILQV/HHUH (UEULQJWGLFKXP2GHU]XPLQGHVWYHUOHW]WHUGLFK:HKUHGLFKWREWHGDV([WUDKLUQ ª$XV GHP :HJ +DOWH PLFK QLFKW DXI© ULHI HU XQWHUGUFNW LQ K|FKVWHU :XW ,FK ]ZDQJ PHLQ 3IHUG VLFK IDVW DXI GHU 6WHOOH ]X GUHKHQ XQG VLFK DXI]XElXPHQ *HJHQ GLH ZLUEHOQGHQ +XIH NDP 1\GHUQLFKWDQHUSDULHUWHGXUFKXQGULWWVFKDUIDQPLUYRUEHL,FKOLH‰PLFKDXVGHP6DWWHOIDOOHQ UROOWHPLFKDEXQG]RJGHQ'HJHQ,FKEOLHEVWHKHQXQGDOV1\GHUPLFKVDKODFKWHHUWULXPSKLHUHQG DXI XQG ULWW VFKDUI DXI PLFK ]X ,FK ZDUI PLFK GHP 3IHUG LQ GLH =JHO UL‰ VHLQHQ )X‰ DXV GHP 6WHLJEJHOXQGZHKUWH]ZHLVHLQHU6FKOlJHDE$OVLFKGHQ=JHOORVOLH‰VSUDQJGDV3IHUGYRUZlUWV XQGLFKULFKWHWHPLFKEOLW]VFKQHOODXVGHUJHEFNWHQ+DOWXQJDXI 'LH0XVNHOQPHLQHVOLQNHQ$UPHVVSDQQWHQVLFK ª9HUGDPPW©VFKULH1\GHUDXI 'LH.OLQJH]LVFKWHGLFKWEHUPHLQHQ.RSIKLQZHJ,PJOHLFKHQ$XJHQEOLFNZDUILFK1\GHUQDFK UHFKWVDXVGHP6DWWHOVSUDQJIQI6FKULWWH]XUFNXQGVDKGD‰EHLGH-DJGKXQGHVFKUlJKLQWHUPLU VWDQGHQXQGZDUWHWHQ,FKKDWWHGHQ'HJHQLQGHU+DQGXQGEOLHEVWHKHQ ª,FKZHL‰DOOHV1\GHU,FKZHUGHYHUKLQGHUQGD‰GXGHQDOWHQ0DQQXPEULQJVW© (U NQLHWH PLW HLQHP %HLQ QLHGHU XQG KRE GHQ ODQJHQ JOlQ]HQGHQ 6WDKO GHU :DIIH DXV GHP IHXFKWHQ*UDVDXI'DQQULFKWHWHHUVLFKDXIXQGNDPODQJVDPPLWVWHLIHQ.QLHQDXIPLFK]X ª'XZHL‰W«ZRKHU"© ,FKPDFKWHPLFKDXIHLQHQSO|W]OLFKHQ$QJULIIJHID‰W,Q]ZLVFKHQZDUHVQRFKHLQZHQLJGXQNOHU JHZRUGHQ ª$OOHZLVVHQHV©VDJWHLFKª1LHPDQGKDWHWZDVJHJHQGHLQH6SLHOH±DEHUZLUZHUGHQYHUKLQGHUQ GD‰GXGHQ.|QLJXPEULQJVW© (UNQXUUWH]ZLVFKHQGHQ=lKQHQ ª1XUGXVWHKVW]ZLVFKHQLKPXQGPLU8QGGDVQLFKWPHKUODQJH© ,FKKREGHQ$UPPLWGHP'HJHQXQGZDUQWHKDOEODXW ª,FK ZHUGH HV YHUKLQGHUQ 8QG JODXEH QLFKW GD‰ LFK ]|JHUH GLFK ]X W|WHQ RGHU VFKZHU ]X YHUOHW]HQ© ª'DVJODXEHLFKGLUVRJDU$UNRQLGH© 3O|W]OLFKJULIIHUDQ :LU EHLGH NlPSIWHQ QLFKW QDFK GHQ NODVVLVFKHQ 5HJHOQ GHV 'HJHQIHFKWHQV ,FK KDWWH ]X YLHOH DQGHUH 7HFKQLNHQ GHU 6WLFKZDIIHQ JHOHUQW XQG GDV JOHLFKH JDOW IU 1\GHU 'HQ HUVWHQ 6FKODJ SDULHUWHLFKPHLVWHUKDIWVFKOXJGLH:DIIH]XU6HLWHXQGGUDQJYRU,FKYHUVXFKWHLKQ]XXPJHKHQ XQG]X]ZLQJHQODQJVDPLQGLH5LFKWXQJ]XUFN]XZHLFKHQDXVGHUHUJHNRPPHQZDU ª/RV:HKUHGLFK1\GHU©]LVFKWHLFK ,FKVFKOXJJH]LHOWQDFKGHUDQGHUHQ.OLQJH'HU$UPXQGGDKLQWHUGHU0DQQZDUHQQLFKWVDQGHUHV DOVGXQNOH6FKDWWHQGLHPLWGHP+LQWHUJUXQGYHUVFKPRO]HQ1XUGHUEODQNH6WDKOGHU:DIIHQZDU VLFKWEDU $OOH DQGHUHQ 9RUWHLOH ILHOHQ ZHJ 1\GHU NlPSIWH IDVW QRFK EHVVHU DOV 5R\HU XQG LFK HULQQHUWHPLFKDQGLH:RUWHHLQHVDOWHQIDVWGUUHQ)HFKWPHLVWHUVPLWGHPLFKYRUHLQLJHQ7DJHQ HLQSDDU6WXQGHQJHEWKDWWH 



ª.HLQ *HIKO EHLP :DIIHQJDQJ GH O $UFRQ .HLQH%OXW NHLQ 7ULXPSK NHLQH $QJVW ± QXU NDOWH %HUHFKQXQJ1XUVRNDQQPDQVLHJHQ© 1\GHUKDWWHHVJHVFKDIIWVHLQHQ+D‰DXIGHQ0DQQGHUVLFK]ZLVFKHQLKQXQGGLH(UIOOXQJVHLQHV 7UDXPHV JHVFKREHQ KDWWH ]X XQWHUGUFNHQ (U IRFKW ORFNHU XQG JHO|VW ± XQG W|GOLFK JHIlKUOLFK 6HLQH:DIIHZLUEHOWHYRUPLUXPKHULFKZHKUWHGUHLUDVHQGVFKQHOOJHIKUWH6WLFKHDEXQGVSUDQJ ]XU6HLWH(UJ|QQWHPLUNHLQH$WHPSDXVH $EHUMHW]WVWDQGLFKPLWGHP5FNHQ]XGHU6WDWXHQHEHQGHUVLFK/XGZLJGHU9LHU]HKQWHDXIKLHOW ª$QJVW$WODQ"© ª1HLQ©VDJWHLFKOHLVHª,FKKDEHQXUGDYRU$QJVW«© ,FKGUDQJDXILKQHLQVFKOXJVHLQH'HFNXQJDXVHLQDQGHUXQGEUDFKWHLKPHLQHILQJHUWLHIH:XQGH DPUHFKWHQ2EHUDUPEHL ª«GD‰LFKGLFKW|WHQPX‰'LHVHU3UHLVLVW]XKRFKPHLQ)UHXQG© 9HUVXFKHLKQ]XYHUZXQGHQ6FKZlFKHXQG%OXWYHUOXVW«VRXIIOLHUWHGHU([WUDVLQQ 1\GHU ZDUI VHLQHQ 0DQWHO DE XQG EHZHJWH VLFK VFKUlJ QDFK UFNZlUWV ,FK IROJWH LKP XQG KLHOW VLFKHUHQ $EVWDQG $OV GHU 0DQQ LQ VHLQHP 5FNHQ GLH 1lKH YRQ %VFKHQ XQG GHQ 6lXOHQ HLQHU NOHLQHQ ]LHUOLFKHQ .RORQQDGH VSUWH EOLHE HU ZLHGHU VWHKHQ ,FK HUNDQQWH PHLQHQ 9RUWHLO HLQLJH 6HNXQGHQ ODQJ ZDU 1\GHU XQVFKOVVLJ (U SUH‰WH GDV +DQGJHOHQN JHJHQ GHQ $UP JHJHQ GLH :XQGH GLH VWDUN EOXWHWH $OV LFK PLFK PLW DXVJHVWUHFNWHU :DIIH QlKHUWH XQG PLW GHU 6SLW]H GHV 'HJHQVDXIVHLQH%UXVWGHXWHWHVSUDQJHU]XUFNDXIGLHVWHLQHUQHQ6WXIHQXQGZHKUWHGHQ6WLFKDE ª'XKDVWPLFKQRFKQLFKW©VDJWHHUXQGYHUVFKZDQGKLQWHUHLQHU6lXOH ,FKVWLH‰PLFKYRQGHUVHOEHQ6lXOHDEXQGIKUWHHLQH5HLKHVFKQHOOHU$QJULIIHDXIEHLGHQ6HLWHQ GLHVHVIOFKWLJHQ9HUVWHFNV1\GHUVSUDQJKLQXQGKHUVFKOXJPLWVHLQHU.OLQJHPHLQH:DIIHQDFK REHQ XQG XQWHQ XQG VSUDQJ PLW HLQHP PlFKWLJHQ 6DW] GUHL 6WXIHQ KLQDXI XQG OHKQWH VLFK JHJHQ HLQHQYLHUHFNLJHQ6RFNHO ª.RPPKHU©IOVWHUWHHU ,FKQlKHUWHPLFKYRUVLFKWLJXQGEHUHLWHWHPLFKDXIHLQHVHOEVWP|UGHULVFKH$NWLRQGHV0DQQHVYRU :LU YHUVXFKWHQ HLQLJH )LQWHQ DEHU ZLU EHLGH ZDUHQ ]X JXW DXVJHELOGHW XQG GDKHU ZLUNWHQ GLH 9HUVXFKHQLFKW:LHGHUZDUIVLFK1\GHUQDFKYRUQXQGKLHEXPVLFKNRQWUROOLHUWHMHGHQ6FKODJXQG VWDFK VFKOLH‰OLFK QDFK HWZD ]ZDQ]LJ EOLW]VFKQHOOHQ $QJULIIHQ ]X ,FK KHFKWHWH ]XU 6HLWH DEHU GLH 6SLW]HGHV'HJHQVGXUFKERKUWHPHLQOHGHUQHV:DPVXQGIXKU]ZLVFKHQ$UPXQG%UXVWKLQGXUFK ,FKIKOWHHLQHQEUHQQHQGHQ6FKPHU]XQWHUGHUOLQNHQ6FKXOWHU1\GHUUL‰GLH:DIIH]XUFNVHW]WH QHXDQXQGVWDFKDEHUPDOV]X0HLQ+DQGJHOHQNEHZHJWHVLFKGLH]LVFKHQGH.OLQJHZLUEHOWHKHUXP XQG VFKOXJ VHLQH :DIIH ]XU 6HLWH *OHLFK]HLWLJ WUDW LFK ]X XQG WUDI PLW GHU 6WLHIHOVSLW]H VHLQ 6FKLHQEHLQ,FKK|UWHZLHHUGLH/XIWHLQ]RJXQGGDQQHWZDVPXUPHOWH ,FK JLQJ ODQJVDP ]XUFN 6FKULWW XP 6FKULWW QlKHUWH LFK PLFK GHP =HQWUXP GHU UXQGHQ $QODJH =ZLVFKHQGHQ6lXOHQJDEHVNOHLQH:DVVHUEHFNHQYRQGHQHQGQQH6WUDKOHQLQGLH/XIWVFK|VVHQ XQG LQ HLQHP 5HJHQ VLOEHUQHU 7URSIHQ LQ GLH 6FKDOHQ ]XUFNILHOHQ EHU GLH 5lQGHU IORVVHQ XQG DXIJHIDQJHQZXUGHQ ª'X NDQQVW QLFKW VLHJHQ© VDJWH LFK ª8QG ZHQQ GX IOFKWHVW JUHLIHQ GLFK PHLQH +XQGH DQ .RPPKHUXQWHUXQGNlPSIHZHLWHU© :REOLHEHQGLHDQGHUHQ" +DWWH 7DLUL VLH QLFKW HUUHLFKW" 2GHU EHIDQGHQ VLH VLFK SHU QLFKW LP +DXV XQG PHLQH )UHXQGLQ PX‰WHVLHHUVWILQGHQ",FKZDJWHQLFKWGDUDQ]XGHQNHQGD‰HVLPOHW]WHQ$XJHQEOLFNQRFKHLQHQ 0L‰HUIROJJHEHQNRQQWH ª$XFKGXZLUVWQLFKWVLHJHQ©VDJWH1\GHUXQGNDP+URKHQGGLH6WXIHQKHUXQWHU:LUVWDQGHQXQV LP=HQWUXPGHUNUHLVUXQGHQ$QODJHJHJHQEHU5LQJVXPXQVELOGHWHQGLH:LSIHOHLQHQ$XVVFKQLWW JHJHQGHQ+LPPHO±ZLUNRQQWHQHLQDQGHUXQGHXWOLFKHUNHQQHQ'HXWOLFKJHQXJXPZHLWHUNlPSIHQ ]XN|QQHQ :LHGHUJULIIHUDQ -HW]WKDWWHHUHLQGHXWLJGLH$EVLFKWPLFKQLHGHU]XVWHFKHQ0HLQ=HOOVFKZLQJXQJVDNWLYDWRUEHJDQQ PLWGHLQHU$UEHLWHUVFKOR‰GLH:XQGHXQGOLQGHUWHGHQ6FKPHU] 



,FKVSUDQJ]XU6HLWHZHKUWHGHQNDOWHQ6WDKODEXQGVFKOXJ]X,FKWUDILKQDPOLQNHQ+DQGJHOHQN VHW]WHQDFKXQGYHUZLFNHOWHLKQLQHLQHQ.DPSILQGHPZLUXQVHUH.OLQJHQSDXVHQORVGLFKWYRUGHQ .|USHUQNUHX]WHQ'DQQJHODQJHVPLUPLWGHU6SLW]HGHV'HJHQV]ZLVFKHQ.RUEXQG3DULHUVWDQJH KLQGXUFK]XIDKUHQ 1\GHU VFKULH OHLVH DXI GDQQ UL‰ LFK PHLQH :DIIH KRFK YHUNDQWHWH JOHLFK]HLWLJ GDV+DQGJHOHQNXQGUL‰VHLQHQ'HJHQDXVGHUYHUOHW]WHQ+DQG'LH:DIIHZLUEHOWHVREDOGVLHVLFK YRQPHLQHU.OLQJHJHO|VWKDWWHGXUFKGLH/XIWXQGEOLW]WHLQHLQHPNDOWHQ/LFKWDXIGDVYRQUHFKWV NDP $OVVLHNOLUUHQGDXIGHQIHXFKWHQNDOWHQ6WHLQILHOK|UWHQZLUGLH+XIVFKOlJHYRQGUHLRGHUPHKU 3IHUGHQ ,FK HUNDQQWH DOV GDV HUVWH 7LHU PLW HLQHP MlKHQ 6DW] ]ZLVFKHQ GHQ 6WUlXFKHUQ KLQGXUFKVFKR‰GD‰'LpDQGHU6SLW]HULWWXQGHLQH)DFNHOLQGHU+DQGKLHOW'DV/LFKWZDU]XKHOO IUHLQHQRUPDOH)DFNHO±LFK]ZLQNHUWHXQGVWHOOWHIHVWGD‰HVRIIHQVLFKWOLFKHLQ*HJHQVWDQGDXV GHP5DXPVFKLIIZDU$OVGDV3IHUGUXWVFKHQGXQGVFKHXHQGEHUGLH6WXIHQ]ZLVFKHQGHQ6lXOHQ XQG GHQ :DVVHUVWUDKOHQ KLQGXUFK DXI GHQ %RGHQ GHU $QODJH VSUDQJ HUIOOWH GDV KDUWH JUHOOH /HXFKWHQGDV,QQHUHGHVUXQGHQRIIHQHQ7HPSHOV ª'Lp©PXUPHOWH1\GHUIDVVXQJVORV 6LHVFKZDQJVLFKRKQHLKQDXVGHQ$XJHQ]XODVVHQDXVGHP6DWWHO7DLUL7UR\XQG9HUJDNDPHQ QlKHUVWLHJHQDXVGHQ6lWWHOQXQGQlKHUWHQVLFKXQV1XULKUH6FKULWWHXQVHUNHXFKHQGHU$WHPXQG GDV3OlWVFKHUQGHV:DVVHUVZDUHQ]XK|UHQ/DQJVDPDWPHWHLFKHLQXQGDXVXQG]ZDQJPLFK]XU 5XKH1RFKLPPHUGHXWHWHGLHJHVFKOLIIHQH6SLW]HDXI1\GHUV%UXVW ª%HZHJHGLFKQLFKW©VDJWH'Lp :LU HUNDQQWHQ LKUH 6WLPPH QLFKW PHKU 6LH ZDU OHLVH XQG IDVW WRQORV DEHU YRQ HLQHU HLVLJHQ HQWVFKORVVHQHQ .lOWH GLH PLFK VFKDXGHUQ OLH‰ %OLW]DUWLJ HUKHOOWH VLFK HLQ ZHLWHUHU 7HLO LKUHU HUVWDXQOLFKHQ3HUV|QOLFKNHLW ª,KU«LKUVHLGDOOHJHJHQPLFK©VWLH‰1\GHUKHUYRU ª:LUVLQGIUGLFKGX1DUU©IDXFKWH'Lpª6RQVWZlUHQZLUQLFKWKLHU© 6LHNDPQlKHUXQGEOLHEQHEHQLKPVWHKHQ,QGHU+DQGWUXJVLHHLQHNOHLQHXQVFKHLQEDUH:DIIH GLHJHQDXVRDXVVDKZLHPHLQHJHWDUQWHQ6WUDKOHUXQG3DWURQHQZDIIHQ ª,FKJHEHQLFKWDXI©PXUPHOWH1\GHU (UVDKQDFKOLQNVXQGUHFKWV6HLQ.RSIEHZHJWHVLFKZLHGHU6FKlGHOHLQHV:LOGHVGDVVLFKLQGLH (QJH JHWULHEHQ IKOWH 6FKZHLJHQG NDPHQ GLH DQGHUHQ GLH 7UHSSHQ KHUXQWHU XQG EOLHEHQ VWHKHQ ,FK EHPKWH PLFK GDV =LWWHUQ PHLQHU +DQG ]X XQWHUGUFNHQ XQG EHREDFKWHWH ZDFKVDP 1\GHUV $XJHQ ª'X ZLUVW DXIJHEHQ 1\GHU VRQVW VLQG ZLU QLFKW PHKU GHLQH )UHXQGH :HQQ EHNDQQW ZLUG ZDV VLFKKLHUDEVSLHOWZDQGHUQZLULQV*HIlQJQLVZHQQXQVQLFKWYRUKHUGLH)OXFKWJOFNW8QGGX1DUU KDVW XQV GDV DOOHV HLQJHEURFNW 9HUJL‰ HLQ IU DOOHPDO GHLQHQ 7UDXP YRQ GHU $OOHLQKHUUVFKDIW GX NDQQVW QLFKW GLH JHULQJVWH (UIDKUXQJ IU GLHVH 3RVLWLRQ DQ GHU 6SLW]H HLQHU KRKHQ 3\UDPLGH PLWEULQJHQ*LEDXI:LGPHGLFKDOOHQDQGHUHQ'LQJHQDEHUYHUVXFKHQLHPDOVZLHGHUGHQ7KURQ HLQHVDEVROXWLVWLVFKHQ+HUUVFKHUV]XHUNOHWWHUQ© 'LpKDWWHXQEHWHLOLJWXQGNKOJHVSURFKHQDOVJLQJHVLHGDVDOOHVQLFKWGDVJHULQJVWHDQ6LHEOLFNWH 1\GHUXQYHUZDQGWLQV*HVLFKW ª1LHPDQG YHUVWHKW PLFK 1LHPDQG KLOIW PLU 8QG ZLU VLQG MDKUHODQJ GXUFK GDV $OO JHUDVW YRQ 1LHGHUODJH]X1LHGHUODJH:LUZDUHQDXFKDXI$5.21$WODQ'RUWIDQGHQZLUODXWHU:HLFKOLQJH ODXWHU7UlXPHU«DEHUZDVODQJZHLOHLFKGLFKGDPLW,KU«©3O|W]OLFKUHDJLHUWH1\GHU 1RFKHKHLFK]XVWR‰HQXQGLKQYHUZXQGHQNRQQWHVSUDQJHUQDFKUHFKWVXQGOLHIDXIGLH6WXIHQ]X 'Lp]XFNWHQLFKWPLWHLQHP0XVNHOLKUHVVFK|QHQEHKHUUVFKWHQ*HVLFKWHVDOVVLHGHQ=HLJHILQJHU NUPPWHXQGIHXHUWH=ZHLSHLWVFKHQGH(QWODGXQJHQKDOOWHQGXUFKGDVVWHLQHUQH5RQGHOO 1\GHU]XFNWH]XVDPPHQXQGElXPWHVLFKDXI(UNQLFNWHLQGHQ.QLHQHLQXQGEUDFKQDFK]ZHL ZHLWHUHQ6FKULWWHQODXWORV]XVDPPHQ6HLQH6FKXOWHUVFKOXJVFKZHUDXIGHQ6WHLQ ,FKVHQNWHPHLQHQ'HJHQXQGVDJWH]X*DEULHOOH ª'DVPX‰WHZRKOVHLQ%ULQJWLKQZHJ±LFKNPPHUHPLFKXPGHQ.|QLJ:LUVROOWHQYHUVXFKHQ 1\GHUDXV9HUVDLOOHVZHJ]XEULQJHQ,FKZHUGHPLW/XGZLJUHGHQ±IDOOVLFKLKQGRUWGUEHQQRFK 



DQWUHIIHLQGUHLKXQGHUW6FKULWW(QWIHUQXQJ© 'LpV%OLFNNRQQWHLFKQLFKWGHXWHQ6LHVDKPLFKHLQLJH6HNXQGHQODQJDQXQGPX‰WHLQGLHVHU=HLW HUNDQQW KDEHQ GD‰ LFK PLW JU|‰WHU 9HUDQWZRUWXQJ JHKDQGHOW KDWWH =ZHLPDO KlWWH LFK 1\GHU XPEULQJHQN|QQHQDEHULFKKDWWHJH]|JHUW±GDVDEHUZX‰WHDX‰HUPLUQLHPDQG2GHUGRFK"1\GHU PX‰WHHUNDQQWKDEHQGD‰LFKLKQVFKRQWHXQGQXULPlX‰HUVWHQ1RWIDOOKDQGHOQZUGH ª'DQNH© VDJWH *DEULHOOH OHLVH ª,FK EHGDQNH PLFK QRFK VHOEVW $WODQ $XI PHLQH $UW 6HLQ 3IHUG"© ª'RUWGUEHQ© ,FKVFKQLSSWHPLWGHQ)LQJHUQ&DVWRUXQG+HFWRUZDUHQ6HNXQGHQVSlWHUEHLPLU ª+ROW GHQ 0DQWHO XQG GDV 3IHUG GLHVHV 0DQQHV 8QG PHLQ 3IHUG© VDJWH LFK XQG VFKRE PHLQHQ 'HJHQ]XUFNLQGLH6FKHLGH ª:DVKDVWGXYRU"© 6LHVDJWHQDFKGHQOLFKDOVVSUlFKHVLH]XVLFKVHOEVW ª:LUEULQJHQLKQ]XUFNYHUVHW]HQLKQLQ7LHIVFKODIXQGUHGHQGDQQPLWLKP(ULVWDQIlOOLJXQG HU ZLUG VLFK HLQHV 7DJHV VHOEVW GXUFK VHLQHQ hEHUPXW XPEULQJHQ $EHU HU ZLUG DOV HLQ]HOQHU GHU 0HKUKHLWGDV.RQ]HSWQLFKWYHUGHUEHQ±ZLUEDXHQXQVJHUDGHDXI© ª,FKVDJHGHP.|QLJHUVROOLKQDQHLQHQ2UWHQWVHQGHQZRHUVHLQH7DOHQWHYROOHQWIDOWHQNDQQ© ª1DFK'HQDLQ"©IUDJWHVLH ª0|JOLFKHUZHLVH© 1RFK LPPHU YHUVWUHXWH GLH )DFNHO LKU HUEDUPXQJVORVHV /LFKW &DVWRU VFKOHSSWH ]ZLVFKHQ GHQ =lKQHQGHQODQJHQ0DQWHOXQGGLH=JHOYRQ1\GHUV3IHUG'DV7LHUWURWWHWHODQJVDPKLQWHUGHP +XQGKHU.XU]H=HLWGDQDFKNDP+HFWRUXQG]RJPHLQHQ5DSSHQPLWVLFK ª0RUJHQVSUHFKHQZLUEHUDOOHV©VDJWHLFKXQGVSUDQJGLH6WXIHQKLQDXI,FKVDKPLFKXPDOV LFKPLFKLQGHQ6DWWHOVFKZDQJ9HUJDXQG7UR\VFKOHSSWHQ1\GHUPLWVLFKXQGKREHQLKQVFKQHOOLQ GHQ6DWWHOGHV3IHUGHVEDQGHQLKQIHVWXQGKOOWHQGHQ]XVDPPHQJHVXQNHQHQ.|USHULQGHQZHLWHQ 0DQWHO 'DQQGUHKWH LFK PHLQ 7LHUKROWHDXVGHU6DWWHOWDVFKHHLQHGHUNOHLQHQJHWDUQWHQ)DFNHOQ XQG HQW]QGHWH VLH GXUFK .QRSIGUXFN 6LH EUDQQWH PLW HLQHU ODQJHQ )ODPPH VWDQN HQWVSUHFKHQG XQG YHUEUHLWHWH HLQ /LFKW GDV KHOOHU ZDU DOV GDV HLQHU QRUPDOHQ )DFNHO ,FK ULWW LQ HLQHP ZHLWHQ %RJHQ ]X GHU 6WHOOH DQ GHU LFK ]XOHW]W GHQ .|QLJ JHVHKHQ KDWWH ,FK KRE GLH )DFNHO KRFK EHU PHLQHQ.RSIXQGHUNDQQWHDOVLFKQlKHUNDPGHQDOWHQ0DQQ ,QJHEKUHQGHP$EVWDQGVWLHJLFKDEXQGJLQJODQJVDPDXILKQ]X ª0DMHVWlWZHUGHQVLFKHUNlOWHQ©VDJWHLFKOHLVH 'HU YLHU]HKQWH /XGZLJ VFKLHQ YHUVFKLHGHQH 5ROOHQ ]X VSLHOHQ ,FK NDQQWH LKQ DOV +HUUVFKHU GHU PLWlX‰HUVWHP3RPSDXIWUDWXQGYRQVLFKEHKDXSWHWHHUVHLGHU6WDDWXQGGLH6RQQHXQG$SROOLQ HLQHU 3HUVRQ ,FK KDWWH LKQ DOV PUULVFKHQ *UHLV YRQ *LFKW XQG VFKPHU]HQGHQ 1LHUHQ JHSODJW NHQQHQJHOHUQWXQGMHW]WVFKLHQLFKGLH5ROOHªZHLVHU$OWHU©PLW]XHUOHEHQ ª,FKHUNHQQH(XFK,KUVHLG&KHYDOLHUGHO $UFRQ© ª6RLVWHV©VDJWHLFKXQGEHXJWHNXU]GDV.QLHª0DMHVWlWVLW]HQDXINDOWHP6WHLQ9HUPXWOLFKVHLG ,KUYRQGHU0GLJNHLWEHUPDQQWZRUGHQ(XUH'LHQHUZDUWHQPLWGHU.XWVFKH© (UVDJWHNXU]XQGPLWHLQHUOlVVLJHQ*HVWH ª6ROOHQZDUWHQ:DVWUHLEW(XFKLQGLHVHU=HLWLQGLHVHQ7HLOPHLQHV*DUWHQV"© ,FKODFKWHNXU]XQGHUZLGHUWH ª'LH6RUJHXQGHLQH%LWWH8QGGDV:LVVHQGD‰LFK(XFKDOOHLQWUHIIH© (UODFKWHPLFKDQXQGVWDQGDXIPKVDPDXIVHLQHQ6WRFNJHVWW]W,FKVSUDQJKLQ]XXQGKDOILKP ª'RUW GUEHQ VWHKW PHLQ *DUGLVW (U ZUGH HKHU VWHUEHQ DOV GD‰ HU ]XOLH‰H GD‰ VLFK HLQ 8QZUGLJHUQlKHUW© ª:RKODQ©VDJWHLFKNKOªVLFKHUOLFKKDWHUGLH$XJHQHLQHU(XOHGLHQDFKWVMDJW'DUILFK(XFK ]XU.DURVVHEULQJHQ"© ª0HLQHWZHJHQ:DVZROOW,KUYRQPLU"© ,FKKROWHWLHI$WHPXQGJLQJ]XUFN]XP3IHUG,FK]RJGDV7LHUPLWPLUZlKUHQGLFKQHEHQGHP .|QLJ LQ GLH 5LFKWXQJ JLQJ LQ GHU GLH /DNDLHQ ZDUWHWHQ 0HLQH )DFNHO OHXFKWHWH GHQ :HJ DXV 



6FKDWWHQ YRQ %VFKHQ XQG VWHLQHUQHQ )UDXHQ XQG 0lQQHUQ YRUZLHJHQG DXV GHU JULHFKLVFKHQ 0\WKRORJLHYHUZDQGHOWHQVLFKLQ]ZHLGLPHQVLRQDOH*HVSHQVWHU ª,FKKDEHHLQHQ)UHXQG,KUNHQQWLKQ0DMHVWlW©VDJWHLFKª(VLVW'LDQQRWGH-DUD© ª-D" (LQ 0DQQ PLW ]X JUR‰HU 3KDQWDVLH 0DQFKPDO JODXEH LFK PLFK LQ LKP ZLHGHU]XHUNHQQHQ $OOHUGLQJVDOVMXQJHQ0DQQQLFKWDOVUHJLHUXQJVPGHQ*UHLV:DVLVWPLWLKP"© ,FKGDFKWHNXU]GDUEHUQDFKZDVLFKHEHQJHK|UWKDWWH$OVRVFKLHQGHU.|QLJJHPHUNW]XKDEHQ ZLHLKQ1\GHUEHREDFKWHWHXQGNRSLHUWH ª(UWUlXPWYRQ5XKPXQG0DFKW© ª:HU WUlXPW QLFKW GDYRQ" 2GHU YRQ *HOG" 2GHU )UDXHQ" 2GHU YRQ HLQHU (QWGHFNXQJ GLH LKQ EHUKPWPDFKW"© ª,KUEUDXFKWYRQDOOGHPQLFKWPHKU]XWUlXPHQ0DMHVWlW,KUKDEWGLHVDOOHVDQDXVJH]HLFKQHWHU 6WHOOH© ª'DVXQGGLH*LFKW©VDJWHHUª8QGZDVZROOW,KUIULKQ"© ª(ULVWHLQHUGHUEHVWHQ.lPSIHUGLHLFKNHQQH(UYHUVWHKWDOOHVYRPVFKPXW]LJHQ+DQGZHUNGHV .ULHJHV6FKLFNWLKQDQGLH*UHQ]HQGHU6FKODFKWIHOGHUXQGJHEWLKPHLQHQ%ULHIDQ0DUVFKDOOYRQ 9LOODUV PLW 'RUW NDQQ HU 5XKP VXFKHQ GLH 6FKODFKWHQ JHZLQQHQ XQG YLHOOHLFKW HLQVHKHQ OHUQHQ ZDVGHU5XKPZLUNOLFKEHGHXWHW© 1DFK HWZD GUHL‰LJ ODQJVDPHQ 6FKULWWHQ HUZLGHUWH GHU .|QLJ ZLHGHU LQ VHLQHQ QRUPDOHQ 7RQIDOO ]XUFNIDOOHQG ª*XW,FKYHUODVVHPLFKDXI(XFK$WODQ±,KUZL‰WZLHLFK(XFKHLQVFKlW]H,FKZHUGHLQHLQLJHQ 7DJHQHLQH%HVSUHFKXQJKDEHQ,KUYHUEUJW(XFKGD‰(XHU)UHXQGYRP.ULHJVKDQGZHUNZLUNOLFK HWZDVYHUVWHKW"© ª,FKJODXEHGD‰HUGLHHQWVFKHLGHQGHQ6FKODFKWHQIUGHQ)ULHGHQJHZLQQHQKHOIHQNDQQ© 'DV/LFKWEOHQGHWHGLH/DNDLHQ 6LHVSUDQJHQDXIXQGYHUVXFKWHQGHQ$QVFKHLQ]XHUZHFNHQXQUXKLJDXIGHQ.|QLJJHZDUWHW]X KDEHQ/DQJVDPJLQJHQZLUQlKHU'LH3IHUGHVFKHXWHQYRUGHQNQLVWHUQGHQ0DJQHVLXPIXQNHQGHU )DFNHO,FKKDOIGHP.|QLJLQGLH.DOHVFKHXQGVDJWHLQGHPLFKGHQ+XW]RJ ª,FKELWWH(XFK0DMHVWlW±VFKLFNWHLQHQ%RWHQLQGDV+DXVPHLQHU)UHXQGH%LWWHW&KHYDOLHUGH -DUD]X(XFKHUWHLOWLKPHLQHQ$XIWUDJXQGEHIHKOWLKPGLH6FKODFKWHQ]XJHZLQQHQ,FKELQVLFKHU HUZLUGJHKRUFKHQXQGWXQZDV,KUEHIHKOW© 'HU.|QLJVDQNlFK]HQGLQGLH3ROVWHUGHU.XWVFKH ª,KUOHJW(XUH+DQGLQV)HXHU"© ,FKHUZLGHUWHGLSORPDWLVFK ª1LHPDQG LVW VHLQHV 1lFKVWHQ VLFKHU $EHU LFK JODXEH HU ZLUG VLFK ZXQVFKJHPl‰ YHUKDOWHQ 0DMHVWlW© ,FK GUHKWH PLFK KDOE KHUXP XP PLW GHP EUHQQHQGHQ .RSI GHU )DFNHO QLFKW GDV 'DFK RGHU GLH 6HLWHGHU.XWVFKHLQ%UDQG]XVWHFNHQ ª*XW 9HUOD‰W (XFK DXI PLFK (XHU :XQVFK VROO HUIOOW ZHUGHQ ± LFK ELQ VLFKHU GD‰ ,KU HV ]X ZUGLJHQZL‰W© ,FKYHUQHLJWHPLFKXQGDQWZRUWHWH ª0HLQ'DQNJHEKUW(XFK0DMHVWlW© ,FKVFKOR‰GLH7UXQGVDK]XZLHGLH/DNDLHQDXIGHQ%RFNNOHWWHUWHQXQGVLFKDXIHLQ%UHWWEHU GHUKLQWHUHQ$FKVHVWHOOWHQ'LH3IHUGH]RJHQDQGLH/DWHUQHQEUDQQWHQKHOOHUXQGSO|W]OLFKWDXFKWH DXVGHP'XQNHOULQJVXPGHUMXQJH$QIKUHUGHU:DFKHDXI6HLQH$XJHQULFKWHWHQVLFKDXIPLFK (UOlFKHOWHNXU]XQGIUDJWHOHLVH ª,KUKDEWHLQHQJXWHQ.DPSIJHKDEW$WLDQGHO $UFRQ$EHUQXU,KUZL‰WZR,KUGLH6FKOlJHXQG )LQWHQJHOHUQWKDEW1LFKWLQ6GDPHULNDXQGDXFKQLFKWKLHULQ3DULV© 6HLQ3IHUGXQGHUZLUNWHQZLHHLQHGHUEURQ]HQHQ*HVWDOWHQUXQGXPGLH%DVVLQV ª,KUP|JWUHFKWKDEHQ©VDJWHLFKª$EHUGLHVLVWZRKOQLFKWGHU2UWXQGGLH6WXQGHGDUEHU]X VSUHFKHQ,FKEULQJH(XFK&KHYDOLHUJHUQPHLQH)LQWHQEHL© ª,Q2UGQXQJ6FKODIWUXKLJ© 



ª'DVVHOEHZQVFKHLFK(XFK© 'LH.XWVFKHYHUVFKZDQGLQGHU'XQNHOKHLW/DQJVDPULWWGHU*DUGLVWKLQWHUKHU,FKZLQNWHPHLQH +XQGH KHUDQ VWLHJ LQ GHQ 6DWWHO XQG ULWW VFKQHOO VRODQJH GLH )DFNHO QRFK /LFKW JDE ]XUFN ]XP +DXV ZR 7DLUL XQG $QWRLQHWWH GH 'UR\GHQ DXI PLFK ZDUWHWHQ 'DV $WWHQWDW DXI GHQ YLHU]HKQWHQ /XGZLJZDUYHUHLWHOWZRUGHQ:UGHGHUMXQJH*DUGLVWVFKZHLJHQ" ,P$XJHQEOLFNZDUHVPLUJOHLFKJOWLJ -HDQXQGLFKVDWWHOWHQGDV3IHUGDEULHEHQHVWURFNHQXQGIKUWHQHV]XGHQDQGHUHQ7LHUHQLQGHQ 6WDOO0GHXQG]HUVFKODJHQJLQJLFKLQGHQ6DORQWUDQNHLQH7DVVHKHL‰HQ7HHVWDUNPLW$ONRKRO YHUVHW]WXQGZDUWHWHGDUDXIGD‰PLUHLQKHL‰HV%DGEHUHLWHWZXUGH,FKVFKOLHIEDOGHLQ« « XQG HUZDFKWH QDFK HLQHP 7UDXP GHU PLFK VFKWWHOWH XQG HUVFKURFNHQ DXV GHP 6FKODI KRFKIDKUHQOLH‰ ,FK VDK 7DLUL XQG PLFK LQ HLQ 6\VWHP HLQJHJOLHGHUW GDV PLFK ± QLFKW QXU LP 7UDXP ± PLW 6FKUHFNHQ HUIOOWH ,FK IKOWH PLFK DEVFKHXOLFK DOOHLQ XQG YHUZDLVW HLQ HLQ]HOQHU 0DQQ LQPLWWHQ GLHVHV EDUEDULVFKHQ 3ODQHWHQ GHVVHQ ZLQ]LJH =RQHQ GHU =LYLOLVDWLRQ QLFKWV DQGHUHV DOV 2DVHQ LQ HLQHU JHZDOWLJHQ:VWHZDUHQ'UHL)UDXHQXQG]ZHL0lQQHUGLH YHUVXFKWHQ DXVLKUHU /DJHGDV EHVWH ]X PDFKHQ ± IU VLFK XQG IU GLHVHQ 3ODQHWHQ (V ZDU ZHQLJ JHQXJ GHQQ GDV *HVHW] GHU JUR‰HQ=DKODUEHLWHWHJHJHQXQV ª.DQQLFKGLUKHOIHQ"'XELVWXQUXKLJGXKDVWLP6FKODIJHVW|KQWXQGJHPXUPHOW© ,FKVHW]WHPLFKDXIXQGOHKQWHPLFKJHJHQGHQ*REHOLQGHU:DQGKLQWHUGHP%HWW7DLULZLVFKWH PHLQH6WLUQDEXQGVFKWWHOWHGHQ.RSI'DQQ]QGHWHVLHHLQSDDU.HU]HQDQXQGVDJWHIOVWHUQG ª:DVKDVWGXJHWUlXPW/LHEVWHU"© 'DV 0RQGOLFKW VLFNHUWH GXUFK GLH )HQVWHU ,FK KDWWH HV ELV ]XU KHXWLJHQ 1DFKW JHUDGH JHVFKDIIW PKVDPGLH(QWWlXVFKXQJ]XEHUZLQGHQGLHPLFKWDJHODQJJHVFKWWHOWKDWWH'DV5DXPVFKLIIGLH YRUOlXILJ OHW]WH &KDQFH IU HLQH 5FNNHKU QDFK $5.21 ZDU LQ GHU 6RQQH YHUJOKW 'Lp XQG 9HUJD1\GHUXQG7UR\IKOWHQVLFKKLHUPHKUDOVZRKOXQGLFKZX‰WHQLFKWZDVLFKWXQVROOWH,FK UHVLJQLHUWHLFKIKOWHPLFKEHUIRUGHUWXQGXQVLFKHU:DUHVPHLQH$XIJDEHGLHVH:HOW]XI|UGHUQ GHQ%DUEDUHQ]X]HLJHQZLHVLHGHUHLQVWGHQ$QVFKOX‰DQJDODNWLVFKH=LYLOLVDWLRQILQGHQNRQQWHQ" ª$OOHVP|JOLFKH/DXWHU'LQJHGLHPLFKHUVFKUHFNWHQ©VDJWHLFKXQGVWUHLFKHOWHLKUH6FKXOWHU 1DFK HLQHU :HLOH LQ GHU VLH HLQ *ODV YROO :HLQ JR‰ XQG PLU EUDFKWH VDJWH VLH QDFK ODQJHP 1DFKGHQNHQ ª:LUVROOWHQVROHEHQZLHZLUHVVFKRQHLQPDOWDWHQ9HUVXFKHGRFKKLHU]XWXQZDVGXNDQQVW± GDQQIOLHJHQZLUPLWGHLQHP*OHLWHUGDYRQXQGOHEHQLUJHQGZRLQGHU6RQQHXQGNPPHUQXQVXP QLFKWVDQGHUHVDOVXQVVHOEVW© ª9LHOOHLFKWLVWHVGDVEHVWH©VDJWHLFKXQGOLH‰PLFKZLHGHU]XUFNVLQNHQ $OVLFKGUHL7DJHVSlWHUPLWQHXHQ3OlQHQYRUVSUDFKXQGDQGHU7DIHOGHV.|QLJVVSHLVWHHUIXKU LFK ]X PHLQHU JUR‰HQ hEHUUDVFKXQJ GD‰ 'LDQQRW LQ]ZLVFKHQ PLW HLQHU .XWVFKH XQG HLQHP DXVIKUOLFKHQ %HJOHLWEULHI YRP .|QLJ XQWHU]HLFKQHW XQWHUZHJV ZDU XP /XGZLJ ]X KHOIHQ GHQ .ULHJJHJHQGLH+ROOlQGHU]XEHHQGHQ,FKOLH‰PLUQLFKWVDQPHUNHQDOVPLFK'LpDQEOLFNWH      0LWWHQLP6RPPHUYHUOLH‰XQV9HUJD (V ZDU IDVW Y|OOLJ XQEHPHUNW JHVFKHKHQ 6LH OHUQWH HLQHQ KRFKJHZDFKVHQHQ )UDQ]RVHQ NHQQHQ GHVVHQ(OWHUQRIIHQVLFKWOLFKXQEHJUHQ]WH*HOGPLWWHOEHVD‰HQ1LFRODVZDUIUVHLQ$OWHUHUVWDXQOLFK ZHLWJHUHLVW XQG HU VFKLHQ VRJDU GDV *HKHLPQLV XP VHLQH VFK|QH XQJHZ|KQOLFKH )UHXQGLQ ]X EHJUHLIHQ « MHGHQIDOOV UHVSHNWLHUWH HU HV XQG YHUEDUJ VHLQ UHJHOPl‰LJHV (UVWDXQHQ EHU GLH .OXJKHLWXQGGDV.|QQHQVHLQHU)UHXQGLQ $POHW]WHQ$EHQGHKHVLHHLQHODQJH5HLVHDQWUDWHQZDU%HDWUL[GH9HUJDW\EHLXQV6LHPDFKWH WURW]LKUHU$XIJHUHJWKHLWHLQHQHWZDVEHGUFNWHQ(LQGUXFN 



ª:DV ZLUVW GX WXQ 9HUJD"© IUDJWH 'Lp LQ HLQHP 7RQ DOV ZLVVH VLH JHQDX GD‰ VLH GHQ 1DPHQ 9HUJD]XPOHW]WHQPDODXVVSUHFKHQZUGHª:RKLQJHKWGLHODQJH5HLVHPLW1LFRODV"© 9RUVLFKWLJQLSSWH9HUJDDQGHU.DIIHHWDVVH6FKOLH‰OLFKHUZLGHUWHVLH ª:LUZROOHQDOOH/lQGHUULQJVXPGDV0LWWHOPHHUEHVXFKHQ1LFRODVLVWUHLFKXQGXQDEKlQJLJHU ZLUGPLUDOOHV]HLJHQ$XIGLHVH:HLVHVFKDIIHLFKHV7DXVHQGHYRQ,QIRUPDWLRQHQ]XYHUVWUHXHQ 9LHOOHLFKWJHKWHLQLJHVYRQGLHVHU$XVVDDWDXIXQGHQWZLFNHOWVLFK:HUZHL‰"© $QWRLQHWWH EHJULII XQWHU PHLQHU /HLWXQJ LQ]ZLVFKHQ GLH OHW]WHQ *HKHLPQLVVH GHV .DIIHHNRFKHQV MHGHQIDOOVOLH‰GLHVHV*HEUlXGDVZLUKHXWHWUDQNHQQLFKWV]XZQVFKHQEULJ ª5LFKWLJ :HU ZHL‰ HV"© PHLQWH LFK ª'LH HUVWHQ =JH DXI HLQHP ULHVLJHQ 6FKDFKEUHWW ZHUGHQ XQWHUQRPPHQ'LH$XIO|VXQJEHJLQQWGLH$XIVSOLWWHUXQJ«© %HKXWVDPXPGLH$EVFKLHGVVWLPPXQJQLFKW]X]HUUHL‰HQPHLQWH$QWRLQHWWHGH'UR\GHQ ª'LDQQRWVROOLQ]ZLVFKHQEHLP0DUVFKDOOHLQJHWURIIHQVHLQ:LHLFKKHXWHLQGHQ:DQGHOJlQJHQ K|UWHVFKHLQWVLFKGLH(QWVFKHLGXQJVVFKODFKW]XQlKHUQ,UJHQGZREHL'HQDLQLFKNHQQHGLHVHQ2UW QLFKW© 8QG LFK KDWWH JHUQ GDUDXI YHU]LFKWHW 1\GHUPLW+LOIHGHU5RERWVRQGHQYRQ5LFREHREDFKWHQ]X ODVVHQ:LUDOOHZDUHQVLFKHUGD‰HU]XVDPPHQPLWGHP0DUVFKDOOGH9LOODUVGHQ6LHJHUIHFKWHQ XQGZLHVLFK/XGZLJDXVGUFNWHªGLH(KUHGHV/DQGHVUHWWHQ©ZUGH ª'DVVSULFKWIULKQ±XQGIUXQVVFKOLH‰OLFKPX‰WHQZLULKQEHU]HXJHQGD‰HVHLQLUUVLQQLJHU 7UDXP ZDU VLFK DXI GLHVHQ 7KURQ ]X VHW]HQ© VDJWH 'Lp 6LH ZDU KHXWH JHO|VW XQG HWZDV PHODQFKROLVFK$XFKLKUVFKLHQGHU$EVFKLHGQDKH]XJHKHQ6LHKREGDV*ODVLQGHP%UDQQWZHLQ OHXFKWHWHJHJHQGLH.HU]HQIODPPHQXQGGUHKWHHVLQGHQVFKODQNHQ)LQJHUQ *HGDQNHQYHUORUHQVDJWHVLH ª0XVLNXQG0DOHUHLGXZLUVWHLQKLQUHL‰HQGHV0RGHOOVHLQ6LHKDEHQGLUYLHOH1DPHQJHQDQQW 1LPP DOOH 8QWHUODJHQ PLW GLU XQG VDJH GHQ 0lQQHUQ ZDV GX ZHL‰W 'DV LVW GHLQ %HLWUDJ 'HLQ *DVWJHVFKHQNDQGLHVHQ3ODQHWHQ8QGGXELVWVLFKHUGD‰GXQLHPDOVPHKUXQVHUH+LOIHEUDXFKHQ ZLUVW"© 9HUJDKREGLHVFKPDOHQ6FKXOWHUQXQGPXUPHOWHQDFKGHQNOLFK ª,FKKDEHGDV)XQNJHUlWDOV6FKPXFNVWFNJHWDUQW9LHOOHLFKWEHNRPPHQ1LFRODVXQGLFKLQGHQ -DKU]HKQWHQ GLH PLU JQVWLJHQIDOOV QRFK EOLHEHQ .LQGHU GLH XQVHU (UEH ZHLWHUIKUHQ N|QQHQ :HQQQLFKWDXFKJXW,FKMHGHQIDOOVZHUGHMHGHQ7DJGHQPLUGLHVH:HOWQRFKVFKHQNWJHQLH‰HQ± VRZLHGLH=HLWKLHULQ9HUVDLOOHVXQGLQ3DULVGHU6WDGWGHV/LFKWV© 3O|W]OLFK VFKLHQ VLH VLFK ]X EHVLQQHQ 6LH GUHKWH GHQ .RSI XQG PXVWHUWH ]XHUVW $QWRLQHWWH GDQQ 7DLULXQGVFKOLH‰OLFKPLFK6LHVFKZLHJODQJHXQGIUDJWHVFKOLH‰OLFK ª8QGLKU$WODQXQG7DLUL"© ,FKKREGLH6FKXOWHUQXQGVFKWWHOWHGHQ.RSI ª$XFK ZLU ZHUGHQ LUJHQGZDQQ ]X UHLVHQ EHJLQQHQ© VDJWH 7DLUL DQ PHLQHU 6WHOOH ª6R ZLH LFK $WODQNHQQHDOOHUGLQJVHUVWGDQQZHQQHUDOOHVZDVHUZHL‰XQGZDVVLHEHJUHLIHQKLHUJHOHKUWXQG ZHLWHUJHJHEHQKDW1LFKWHKHU© $QWRLQHWWHQLFNWH]XVWLPPHQGODFKWHOHLVHDXIXQGVFKOR‰ ª'DVLVWHVZRKO8QGYRQGHQ0HQVFKHQLQGLHVHU:HOWELQLFKGLHHLQ]LJHGLHDKQWZRKHULKU ZLUNOLFKNRPPWLKUIQIHUVWDXQOLFKHQ«0HQVFKHQ8QGLFKZHUGHGDV*HKHLPQLVPLWLQV*UDE QHKPHQ© 9HUJDHUWUXJGLH6WLPPXQJQLFKWPHKUXQGVWDQGDXI ª%OHLEWKLHU%OHLEWELWWHVLW]HQ©VDJWHVLHXQGNlPSIWHJHJHQGLH7UlQHQDQª'LpZLUGPLFK]XP :DJHQEULQJHQ1LFRODVZDUWHWVFKRQXQGPRUJHQIUKZHUGHQZLU9HUVDLOOHVKLQWHUXQVJHODVVHQ KDEHQ5LFKWXQJ6GHQ© 'HU$EVFKLHGZDUVHKUNXU]XQGVFKQHOO.HLQHUYRQXQVHUIXKUMHZDVGLHEHLGHQ)UDXHQDXIGHP :HJ YRP +DXVWRU ELV ]XU .XWVFKH JHVSURFKHQ KDWWHQ -HGHQIDOOV NDP 'Lp PLW HLQHP HUQVWHQ EHKHUUVFKWHQ*HVLFKW]XUFNXQGVFKZLHJELVVLFKGLHVHNOHLQH9HUVDPPOXQJDXIO|VWH =ZHL)LJXUHQZDUHQYRP6FKDFKEUHWWYHUVFKZXQGHQ« 9LHUEOLHEHQEULJXPLKUHQVHOEVWJHZlKOWHQ$XIWUDJ]XHUIOOHQXQGXP]XEHUOHEHQ0|JOLFKVW 



JXW]XEHUOHEHQ« 'LpXQG7UR\7DLULXQGLFK8QGLUJHQGZRXQHUUHLFKEDUIUXQV1\GHUGHUKLW]LJH7UlXPHU 7DWVlFKOLFK ZXUGH PLW GHP )ULHGHQ YRQ 8WUHFKW ]X GHVVHQ )HLHUQ GHU JUR‰H *HRUJ )ULHGULFK +lQGHOLQ/RQGRQGDV7HGHXPVFKULHEGHUODQJH.ULHJ]ZLVFKHQGHP5HLFK.|QLJ/XGZLJV GHV9LHU]HKQWHQXQG+ROODQGEHHQGHW:LUHUIXKUHQHVXQGIUHXWHQXQV $EHUZLUK|UWHQQLHZLHGHUHWZDVYRQ1\GHURGHUYRQHLQHP0DQQQDPHQV'LDQQRWGH-DUD hEULJHQVXPHVYRUZHJ]XQHKPHQDXFKQLFKWVYRQ9HUJDRGHU%HDWUL[GH9HUJDW\$XFKQLFKWV YRQHLQHU0DGDPH1LFRODVGH3HUUDXOW«      'LHIROJHQGH=HLWZDUYRQYLHO$UEHLWHUIOOW 'LHYLHU=XUFNJHEOLHEHQHQOHLVWHWHQPHKUDOVVLHVLFKYRUJHQRPPHQKDWWHQ$EHUZLUDUEHLWHWHQ GHUJHVWDOWGD‰QLHPDQGLQGHU=XNXQIWXQVHUH6SXUHQHUNHQQHQNRQQWH$OOHVJHVFKDKDQGHU6HLWH IlKLJHU0lQQHUXQG)UDXHQGHUHQ1DPHQIUGLH(UILQGXQJHQVWDQGHQ %HUNHOH\ HQWZLFNHOWH QLFKW RKQH PHLQH +LOIH HLQH QHXH 7KHRULH GHV 6HKHQV GLH QLFKWV DQGHUHV GDUVWHOOWH DOV HLQHQ 9RUOlXIHU HLQHU PRGHUQHQ 6LQQHVSK\VLRORJLH ,FK OHJWH HLQHQ .HLP GHU LQ VSlWHUHQ-DKUHQHLQH0HQJHQDWXUZLVVHQVFKDIWOLFKPHGL]LQLVFKHU(UNHQQWQLVVHEULQJHQVROOWH« -RKDQQ )ULHGULFK %|WWJHU HLQ YHUNUDFKWHU $OFKLPLVW DUEHLWHWH PLW GHP ª3K\VLNHU© YRQ 7VFKLUQKDXV]XVDPPHQ(LQHV7DJHVHUVFKLHQ7UR\EHLLKPYHUDQVWDOWHWHHLQH0HQJHHUVWDXQOLFKHU ([SHULPHQWHXQGHQWZLFNHOWHVRQHEHQEHLGLH7HFKQLNGHVPRGHUQHQ3RU]HOODQV$XJXVWGHU6WDUNH GHU VSlWHU 9HUVDLOOHV EHVXFKWH JUQGHWH PLW GHU +LOIH XQG GHU 8QWHUVWW]XQJ GHU GUHL 0lQQHU GLH 0HL‰HQHU 3RU]HOODQPDQXIDNWXU *ROG KDWWH HU JHVXFKW RGHU DXI GHP 8PZHJ EHU GHQ 6WHLQ GHU :HLVHQKHUVWHOOHQZROOHQXQGDOV(UILQGHUGHV3RU]HOODQVJLQJ%|WWJHULQGLH*HVFKLFKWHHLQ7UR\ YHUVFKZDQGDOVDOOH:LGHUVWlQGHEHVHLWLJWZDUHQZLHGHUYRQ%|WWJHUV6HLWHXQGZDQGWHVLFKQHXHQ (UILQGXQJHQ]X« 7DLULYROOEUDFKWHHLQ0HLVWHUVWFNZHLEOLFKHU'LSORPDWLH 2KQH GD‰ VLH HWZDV WDW ± DOOHV O|VWH VLH GXUFK *HVSUlFKH GXUFK ]LHOVWUHELJHV )UDJHQ XQG GXUFK +LQZHLVHGLHVLHLQ)UDJHQXQG'LVNXVVLRQHQHLQIOLH‰HQOLH‰±HUUHLFKWHVLHGD‰3RXUIRXUGX3HWLW HLQHZLVVHQVFKDIWOLFKH(UNHQQWQLVHUVWHQ5DQJHVSXEOL]LHUHQNRQQWH 'X3HWLWIDQGKHUDXVGD‰GLHOLQNH+LUQKlOIWHGLH%HZHJXQJHQGHUUHFKWHQ.|USHUKlOIWHVWHXHUWH± XQG QDWUOLFK XPJHNHKUW 7DLUL ZLHV LKP DXFK GHQ P|JOLFKHQ :HJ ]XU HPSLULVFKHQ (UIRUVFKXQJ GLHVHV HUVWDXQOLFKHQ (IIHNWV XQG DOV HU EHUJOFNOLFK YRQ VHLQHQ ELVODQJ PL‰WUDXLVFK XQG DEZHLVHQG UHDJLHUHQGHQ .ROOHJHQ JHIHLHUW ZXUGH ]RJ VLH VLFK OHLVH XQG DEZHKUHQG ]XUFN 7URW]GHPNRQQWHQLFKWYHUPLHGHQZHUGHQGD‰GHU1DPHGLHVHUNOXJHQ6WXGHQWLQEHNDQQWZXUGH« /lQJVWDUEHLWHWHQDQGHUH0lQQHUDOV/H%ORQPLWGHP'UHLIDUEHQ.XSIHUGUXFNPLWGHPLFKXQV EHL+RIHLQJHIKUWKDWWH« 'LH&KDULWpLPGHXWVFKHQ%HUOLQZXUGHJHJUQGHW :HU KDWWH GLH HUVWHQ 'HQNDQVW|‰H ]X GLHVHU PHGL]LQLVFKHQ (LQULFKWXQJ JHJHEHQ GHUHQ %HLVSLHO VFKQHOO6FKXOHPDFKWH" (LQHUYRQXQV« &KULVWRIRUL NRQVWUXLHUWH GDV +DPPHUNODYLHU +LHU ZDU 'Lp DP :HUN JHZHVHQ XQG KDWWH LKP +DQG]HLFKQXQJHQJHOLHIHUWXQG3OlQHJH]HLFKQHW6LHZDUHVDXFKGLHGDVIHUWLJH,QVWUXPHQW]XP HUVWHQPDO GHU gIIHQWOLFKNHLW YRUVWHOOWH .HLQH &KURQLN YHUPHUNWH GHQ 8PVWDQG GD‰ VLH HLQ NRPSOL]LHUWHV9RONVOLHGVSLHOWH 'LHVHV /LHG ZDU LKU LQ LKUHU .LQGKHLW JHOHKUW ZRUGHQ =XP HUVWHQPDO HUNODQJHQ DXI /DUVDI ,,, 0HORGLHQHLQHVIHUQHQXQEHNDQQWHQ3ODQHWHQ« 0LW/HLEQL]IKUWHLFKODQJH*HVSUlFKHDEHUHUPL‰YHUVWDQGPLFK'DV(UJHEQLVGLHVHVJHUDGH]X IXUFKWEDUHQ 0L‰YHUVWlQGQLVVHV VROOWH HLQH ª0RQDGRORJLH© ZHUGHQ GLH MDKUKXQGHUWHODQJ GLH 



3KLORVRSKLHEHIUXFKWHWHXQGVFKOLH‰OLFKGLH*HGDQNHQPXVWHUGHUHXURSlLVFKHQ3KLORVRSKHQLQHLQH 5LFKWXQJOHQNWHGLHLFKQLHPDOVEHDEVLFKWLJWKDWWH$EHUVRHQWVWHKHQDXVJXWHP:LOOHQHKUOLFKHU $EVLFKW ]XU $XINOlUXQJ XQG GHP :XQVFKGHQNHQ GDV DQGHUH QLFKW QDFKYROO]LHKHQ NRQQWHQ HQWVFKHLGHQGH )HKOHU $OOHUGLQJV « QRFK NHLQ 3KLORVRSK KDW GLH :HOWJHVFKLFKWH HQWVFKHLGHQG YHUlQGHUW (V ZDUHQ LQ LKUHU $UW HEHQIDOOV (PSLULNHU GHUHQ *HGDQNHQ XQG %FKHU QLFKW GLH P|JOLFKH=XNXQIWEHKDQGHOWHQVRQGHUQDQGHU9HUJDQJHQKHLWDQNQSIWHQ« 0LW&DVVLQLVSUDFK7UR\±*LRYDQQL'RPHQLFR&DVVLQLGHULWDOLHQLVFKH$VWURQRPHUIXKUNXU]YRU VHLQHP 7RG JHQDX ZDV HU HLJHQWOLFK EHREDFKWHW KDWWH 7UR\ OHJWH LKP JHVWRFKHQ VFKDUIH $XIQDKPHQGHU5LQJHGHV6DWXUQYRULQGHQHQGLH&DVVLQLVFKH7UHQQXQJJHQDX]XVHKHQZDU'LH YLHU6DWXUQPRQGHGLHGHU0DQQGHV)HUQURKUHVHQWGHFNWKDWWHHQWSXSSWHQVLFKIULKQDOV0RQGH LQQHUKDOEHLQHVJU|‰HUHQ6\VWHPV$XFKGLH 1DWXUGHV=RGLDNDOOLFKWHVYHUULHW7UR\LKP $EHUZLUVFKDIIWHQHVQLFKWEHVVHUH)HUQURKUH]XNRQVWUXLHUHQ±ZLUKDWWHQZHGHUGLH=HLWQRFKGLH )DFKOHXWHGD]X )DKUHQKHLW ªHUIDQG© HLQ 4XHFNVLOEHUWKHUPRPHWHU 'DPLW OHLWHWHQ ZLU HLQHQ ZLFKWLJHQ $EVFKQLWW GHU 0HWHRURORJLH HLQ GHU ª:LVVHQVFKDIW YRQ GHP ZDV KRFK REHQ LQ GHU /XIW© LVW ZLH GHU JULHFKLVFKH$XVGUXFNHVEHVDJW $OV (UJHEQLV XQVHUHU ZHLWHUHQ $UEHLW NRQVWUXLHUWH HLQ 0DQQ PLW 1DPHQ +HQU\ 0LOO VRJDU HLQH 6FKUHLEPDVFKLQHIU%OLQGHXQGHUKLHOWGDUDXIHLQ3DWHQW« :LUODFKWHQXQVKDOEWRWDOVZLUHUIDKUHQPX‰WHQGD‰(2UII\UHPLWVHLQHPª3HUSHWXXPPRELOH© VRJDU*HOHKUWHWlXVFKWH1LHPDQGNRQQWHLKPEHZHLVHQGD‰VHLQH.RQVWUXNWLRQHLQDXVJHPDFKWHU 6FKZLQGHOZDUXQGGD‰HLQªLPPHUEHZHJOLFKHV6\VWHP©JQVWLJVWHQIDOOVLPVFKZHUHORVHQ5DXP IXQNWLRQLHUWH:LUZX‰WHQGD‰GLHVQXUVFKHLQEDUVRZDUGD‰HVNHLQHQVFKZHUHORVHQ5DXPJDE GD‰ GDV *HVHW] YRQ GHU (UKDOWXQJ GHU (QHUJLH JDQ] DQGHUH 9RUDXVVHW]XQJHQ KDWWH « DEHU ZLH VROOWHQZLUGDVHUNOlUHQN|QQHQ«" 9ROWDLUHVFKULHEGLH7UDJ|GLHª2HGLSXV©ZLUKDWWHQLKQLQGHU%DVWLOOHEHVXFKHQGUIHQ« :LUVDKHQ:DWWHDX]XZLHHU0H]]HWLQXQG(LQVFKLIIXQJQDFKGHU,QVHO&\WKHUDVFKXIXQG*LOOHV EHJDQQ« :LU YHUEHVVHUWHQ GLH HUVWHQ 'DPSIPDVFKLQHQXQGPX‰WHQDXIKDOEHU6WUHFNHDXIJHEHQZHLOZLU NHLQH JHHLJQHWHQ 0DWHULDOLHQ IDQGHQ XQG QLHPDQG GHU VLFK GDIU LQWHUHVVLHUWH VLH ]X HQWZLFNHOQ $EHUGLH0DVFKLQHQQDFK3DSLQ±GHVVHQHUVWHU'DPSINRFKWRSIEHLP6FKDXNRFKHQGLH3HUFNHQ GHU DQZHVHQGHQ :LVVHQVFKDIWOHU YHUEUKW KDWWH ± XQG 1HZFRPHQ OLHIHQ OlUPHQG PLW ]X KRKHP (QHUJLHYHUEUDXFKXQGPLW]XVFKZDFKHU/HLVWXQJ« :LUVDKHQGLHHUVWHQ9RUIKUXQJHQGHVª9DXGHYLOOH©7KHDWHUV« :LUGLVNXWLHUWHQGLH,GHHGHU3RFNHQVFKXW]LPSIXQJVRODQJHELVPDQHQWVSUHFKHQGH9HUVXFKHPLW GHUhEHUWUDJXQJYRQHUNUDQNWHQDXIJHVXQGH0HQVFKHQZDJWH«PLWXQWHUVFKLHGOLFKHP(UIROJ $EHUZLUZDUHQDXIGHPULFKWLJHQ:HJ 9LHOPHKU GLH 0HQVFKHQ GLH XQVHUH ,GHHQ XQG 9RUVFKOlJH DXIJHJULIIHQ XQG ]X H[SHULPHQWLHUHQ EHJDQQHQ :HUOHKUWH+DOOH\GLH%HZHJXQJHQGHU)L[VWHUQH]XGLVNXWLHUHQ" :HUZDUDQGHU*UQGXQJGHU3RU]HOODQPDQXIDNWXULQ:LHQEHWHLOLJW" 8QG ZHU YHUWUDW ZLH :LOOLDP .HQW GLH ,GHH GHV *DUWHQV GHU ZLH HLQH QDWUOLFKH /DQGVFKDIW ZLUNWH" :HUUHJWHGHQ'UXFNGHUHUVWHQ%DQNQRWHQDQGLHMHQHDEJHJULIIHQHQ0Q]HQHUVHW]HQNRQQWHQ" ,FKZDUHVGHUGLH$QUHJXQJHQJDELQ3RPSHMLXQG+HUNXODQHXP]XJUDEHQXQGGLH:XQGHUGHU .XOWXUZLHGHU]XHQWGHFNHQGLHLFKJHQDXHUNDQQWHDOVMHGHUPHLQHUª=HLWJHQRVVHQ©" 7DLULHUIDQG©GLH*HEXUWV]DQJH 7UR\HQWZLFNHOWHGDV3RUWHUELHULQ(QJODQG« =ZHL 3DVVDJHQ GHU ª$UWHPLVH© YRQ 9ROWDLUH ZXUGHQ YRQ PLU JHVFKULHEHQ HU YHUlQGHUWH QXU ZHQLJH=HLOHQGLHLKQVSUDFKOLFKVW|UWHQ 8QGYLHOHVDQGHUHPHKU« 



$OV DP HUVWHQ 6HSWHPEHU  .|QLJ /XGZLJ GHU 9LHU]HKQWH VWDUE YHUOLH‰HQ ZLU 9HUVDLOOHV 6FKRQNXU]H=HLWYRUKHUKDWWHQZLUHLQ6FKO|‰FKHQDQGHUIUDQ]|VLVFKHQ0LWWHOPHHUNVWHJHNDXIW 7UR\UHLVWHLUJHQGZDQQGRUWKLQXPHVIUXQVHLQ]XULFKWHQ 'LH$XIO|VXQJJLQJZHLWHU«      (LQVFKHLQEDUQDPHQORVHU2UWDP0LWWHOPHHU)UKHU+HUEVW'DV/LFKWGXUFKGUDQJGLH/XIWXQG HUIOOWH GLH ULHVLJH $QODJH GHV QDWUOLFKHQ +DIHQV (LQH GRSSHOWH %XFKW GLH DXVVDK ZLH HLQ HLQJHVWU]WHVXQGVHLWODQJHPYRQ+XPXVJHIOOWHVXQGYRQ%lXPHQEHUZXFKHUWHV $PSKLWKHDWHU $XI HLQHP YRUVSULQJHQGHQ )HOVHQ NDXHUWH GDV +DXV HV ZDU HLQJHULFKWHW DOV GHU *OHLWHU PLW GHP 5HVW XQVHUHV %HVLW]HV ODQGHWH XQG PLW GHP +XQG &DVWRU GHU QRFK QLFKW ]HUVW|UW ZDU ª6HLWHLQHPKDOEHQ-DKULVW7UR\KLHU(UKDWDOOHVHLQJHULFKWHWRGHUHLQULFKWHQODVVHQXQGZLHLFK LKQNHQQHDXFKEH]DKOW©VDJWH*DEULHOOHª$EHUZRLVWHU"© :LUKDWWHQVHLWYLHU0RQDWHQQLFKWVYRQLKPJHK|UW ,FKWUDWDQGHQ5DQGHLQHU7HUUDVVHGLHYRQGHQ.URQHQPlFKWLJHU%lXPHEHUVFKDWWHWZDU0DQ KDWWHGLH%lXPHKLHUKLQDXIJHVFKOHSSWXQGLQUXQGH0DXHUU|KUHQPLW(UGUHLFKXQG6WHLQHQJHIOOW HLQJHSIODQ]W7UR\ZDULQDOOHPZDVHUWDWVHKUJUQGOLFK ª(UZLUGVLFKPHOGHQZHQQHUPHUNWGD‰ZLUKLHUVLQG© 'LpVDK7DLULDQXQGHQWJHJQHWHVFKURII ª,FKKDEHXQ]lKOLJH0DOHGDV)XQNJHUlWEHWlWLJW(UKlWWHVLFKPHOGHQPVVHQ© ,FK GHXWHWH QDFK XQWHQ 'RUW VDK LFK HLQ 6WFN HLQHV YRUVSULQJHQGHQ )HOVHQV GHU PLW +LOIH YRQ 6WHLQHQXQGVFKZHUHQ%DONHQGHUHQ$QRUGQXQJXQYHUNHQQEDU7UR\V+DQGVFKULIWWUXJHLQHNOHLQH %DGHSODWWIRUP JHVFKDIIHQ ZRUGHQ +LQ XQG ZLHGHU VFKOXJ HLQH %UDQGXQJVZHOOH JHJHQ GLH )HOVHQ XQG]HUVWlXEWH]X1HEHO ª'LH )LVFKHU %DXHUQ XQG GLH ZHQLJHQ+DQGZHUNHUN|QQHQXQVVDJHQZR7UR\LVWIDOOVVLHLKQ JHVHKHQKDEHQ:HQQQLFKW«©LFK]|JHUWHXQGIXKUGDQQHWZDVJHPl‰LJWHUIRUWª«GDQQZLOOHU QLFKWVPHKUYRQXQVZLVVHQ2GHUHULVWGRUWHUWUXQNHQ© ª(ULVWHLQDXVJH]HLFKQHWHU6FKZLPPHU© ª,QHLQHPXQEHNDQQWHQ*HZlVVHU©VDJWHLFK]X*DEULHOOHª8QGXQVEOHLEWQLFKWVDQGHUHVEULJ DOVGDV:DUWHQ3DFNHQZLUDXV© -HDQXQGZLUGUHL 'DV+DXVIOOWHVLFKPLWHLQHPVFKOlIULJHQ/HEHQ'LHHUVWHQ:RFKHQWDWHQZLUQLFKWVDQGHUHVDOV VRQQHQ XQG EDGHQ VFKZLPPHQ XQG ILVFKHQ :LU VFKXIHQ XP XQV KHUXP =RQHQ GHU 5XKH 'LH %DXHUQYHUNDXIWHQZDVZLU]XP/HEHQEUDXFKWHQ:LUZXUGHQIUHLHUXQGXQEHNPPHUW8QGLFK ZDJWH HV VRJDU GLH %lQGHU GHU 0DVFKLQHQ XQWHU GHP 0HHU DE]XVSLHOHQ XQG HUIOOWH GDGXUFK GDV +DXVPLW0XVLNDXVYLHOHQLUGLVFKHQ.XOWXUHSRFKHQ 7UR\NDPQLFKWZLHGHU :DUHUHUWUXQNHQ" 

  (LJHQWOLFKKDWWHLFKHVVFKRQJHZX‰WDOVLFKNXU]QDFKGHP6WDUWGHV5DXPVFKLIIHVGHQ)XQNDQUXI YRQ5LFREHNRPPHQKDWWH'HU5RERWULHIPLFKXQGWHLOWHPLULQODNRQLVFKHU'LNWLRQPLWGD‰GLH HLQ]LJH 0|JOLFKNHLW QDFK $5.21 ]X NRPPHQ QLFKW PHKU H[LVWLHUWH 'DUDXIKLQ HQWILHOHQ DOOH ZHLWHUHQ 6FKULWWH VLFK GLHVHU $XIJDEH ]X ZLGPHQ ,FK ZDU LQ JHZLVVHU :HLVH EORFNLHUW RGHU IDVW DXVJHVFKDOWHW:lKUHQGGLHYLHUNRVPLVFKHQ9DJDEXQGHQLKU6FKLIIYHUQLFKWHWHQZHLOVLHVLFKKLHU ZRKOIKOWHQKDWWHLFKQXUGLH:DKO]ZLVFKHQYHUDQWZRUWXQJVYROOHP+DQGHOQGDVGLH0HQVFKKHLW 



ZLHGHU HLQLJH NOHLQH 6FKULWWH ELV ]X GHP 3XQNW ZHLWHUEUDFKWH DQ GHP VLH LKU HUVWHV 5DXPVFKLII EDXHQ NRQQWH ± RGHU GHU 5FNNHKU LQ PHLQ VWlKOHUQHV *HIlQJQLV :LU KDWWHQ JHWDQ ZDV ZLU NRQQWHQ0HKUZXUGHQLFKWEHJULIIHQXQGIUYLHOHDQGHUH(QWZLFNOXQJHQZDUGLH=HLWQRFKQLFKW UHLI9HUJDZDUYHUVFKZXQGHQGHVJOHLFKHQ1\GHU$XFK7UR\VFKLHQVLFKHQWVFKORVVHQ]XKDEHQ VHLQH )UHXQGH ]X YHUODVVHQ ,FK NRQQWH HV YHUVWHKHQ GHQQ VR HQWJLQJHQ VLH GHU 9HUVXFKXQJ HLQH NOHLQH LVROLHUWH *UXSSH ]X ELOGHQ 9LHU RGHU GUHL 3HUVRQHQ JLQJHQ LQ GHU 0DVVH GHU %HY|ONHUXQJ RKQH6SXUHQDXI 8QGZDVXQWHUQHKPHLFKMHW]W"IUDJWHLFKPLFK 'XPX‰W]XUFNNHKUHQXQGZHLWHUZDUWHQ'HLQ/HEHQZLUGGXUFKGHQ=HOODNWLYDWRUJHVLFKHUWXQG GXNDQQVWQLFKWHUZDUWHQHLQLJH-DKUWDXVHQGH*HVFKLFKWHGLUHNWEHHLQIOXVVHQ]XN|QQHQVDJWHGHU /RJLNVHNWRU (UKDWWHZLHPHLVWYROONRPPHQUHFKW 'DV%RRWZLHJWHVLFKOHLFKWLQGHQ:HOOHQ'LH6RQQHEUDQQWHIDVWVHQNUHFKWKHUXQWHU:LUWULHEHQ EHUHLWV MHQVHLWV GHU EHLGHQ IHOVLJHQ GLFKW EHZDOGHWHQ 9RUVSUQJH GDKLQ YRQ GHQHQ GHU JHZDOWLJH 1DWXUKDIHQ YRU 9LOOD )UDQFD HLQJHVFKQUW ZXUGH .HLQ /IWFKHQ UHJWH VLFK 7DLUL XQG LFK ODJHQ G|VHQGDXIGHP%RGHQGHV)LVFKHUERRWHVGHVVHQ6HJHOVLFKVFKODIIDP0DVWVFKHXHUWH(VZDUHLQ DOWHV %RRW XQG URFK VWDUN QDFK )LVFK (LQ 7DJ LP IUKHQ +HUEVW LQ HLQHP ODQJZHLOLJHQ -DKU LUJHQGZDQQQDFKGHP7RGGHVYLHU]HKQWHQ/XGZLJ+LHUDP0LWWHOPHHULQGLHVHUDEJHVFKLHGHQHQ *HJHQGK|UWHPDQQLFKWVYRQGHU3ROLWLNGLHLQ9HUVDLOOHVJHPDFKWZXUGH0DQPHUNWHDXFKQLFKWV YRQGHU9HUVFKZHQGXQJGLHGRUWEHWULHEHQZXUGH:LUZDUHQZLHDEJHVFKQLWWHQ ª(LJHQWOLFK ZROOWHQ ZLU HLQ SDDU JUR‰H )LVFKH IU GDV $EHQGHVVHQ KHLPEULQJHQ© VDJWH 7DLUL VFKOlIULJXQGVSLHOWHJHGDQNHQORVPLWGHU.HWWHGHV$NWLYDWRUV ª(LJHQWOLFK ZROOWHQ ZLU© VDJWH LFK XQG JlKQWH 8QVHUH .|USHU JOlQ]WHQ YRP gO XQG YRP 6FKZHL‰(LQHP|UGHULVFKH+LW]HODKPWHXQV6RJDUGLH*HGDQNHQVFKLHQHQ]XVFKODIHQ ª.HLQHJUR‰H$QVWUHQJXQJ©VDJWHVLHª:LUKlQJHQGLH$QJHOQHLQIDFKEHU%RUGXQG«© ,FKVHW]WHPLFKDXIXQGZLVFKWHGHQ6FKZHL‰YRQGHU6WLUQ ª,FK NRPPH XP ,FK PX‰ LQV :DVVHU VRQVW ZHUGH LFK YHUUFNW© PXUPHOWH LFK 'HQ $NWLYDWRU OHJWHLFKLQGLH+DQGGHV0lGFKHQVVWHOOWHPLFKDXIGDV%UHWWLP+HFNGHV%RRWHVXQGVSUDQJLQV :DVVHU,FKVFKZDPPHLQLJH5XQGHQXPGDV%RRWKHUXPWDXFKWHPHKUPDOVDXIXQGEOLHEGDQQDP %RRWVUDQG ª'X VFKZLPPVW QLFKW"© IUDJWH LFK 'DV :DVVHU KDWWH PLFK QXU HLQ ZHQLJ HUIULVFKW LFK ZUGH HWZDVWLHIHUWDXFKHQ ª,FKZHUIHQXUGLH$QJHOQDXV©VDJWHVLH /lQJVW KDWWH LFK EHVFKORVVHQ VLH DEHUPDOV KLQXQWHU LQ GDV 7LHIVHHJHIlQJQLV PLW]XQHKPHQ 7DLUL ZDU ZHGHU MHQH lJ\SWLVFKH 3ULQ]HVVLQ QRFK GLH XQYHUJOHLFKEDUH $OH[DQGUD DEHU VLH ZDU HWZDV DQGHUHVXQGPHKU]XJOHLFK,FKOLHEWHVLH6LHYHUHLQWHGLH9RU]JHYLHOHU )UDXHQLQVLFKGLHLFKJHNDQQWXQGJHOLHEWKDWWHXQGVLHEHVD‰IDVWNHLQH1DFKWHLOH ª*XW(VJLEWPDVVHQKDIW)LVFKH,FKVDKVLHDOVLFKWDXFKWH©VDJWHLFKXQGZDUWHWH 6LHEHIHVWLJWHGLH.|GHUEDQGGLH6FKlIWHGHUELHJVDPHQ5XWHQIHVWXQGOHJWHGHQ$NWLYDWRUDXI GLH KHL‰HQ )HOOH 'DQQ VFKZDQJ VLH VLFK LQV :DVVHU WDXFKWH ODQJH XQG NDP QHEHQ PLU SUXVWHQG ZLHGHUKRFK,KU+DDUNOHEWHDQGHQ6FKXOWHUQXQGGHU%UXVW ª:DUP©VDJWHVLHª:DUPXQGVDO]LJ.RPPWDXFKHQZLUKLQXQWHUHUVFKUHFNHQZLUGLH)LVFKH© :LUEDGHWHQGHQ1DFKPLWWDJILQJHQYLHUJUR‰H)LVFKHGHUHQ1DPHQZLUQLFKWNDQQWHQ,FKZX‰WH QXU GD‰ VLH JHJULOOW XQG PLW gO XQG .FKHQNUlXWHUQ DX‰HURUGHQWOLFK JXW VFKPHFNWHQ 'DV 6FKZLPPHQ KDWWH XQV PGH JHPDFKW ZLU EUHLWHWHQ GDV VFKODIIH 6HJHO DXV GHVVHQ 6WRII PUEH NQLVWHUWH VFKXIHQ VR HLQH VFKPDOH 6FKDWWHQEDKQXQGVFKOLHIHQHLQ6FKODJDUWLJHUZDFKWHQZLU DOV GDV%RRWZLOG]XVFKDXNHOQDQILQJXQGHLQH:HOOHVHLWOLFKEHU%RUGVFKOXJXQGXQVPLWVDO]LJHP :DVVHUEHUVFKWWHWH ,FKVSUDQJDXIXQGWDXPHOWHDOVHLQ]ZHLWHU%UHFKHUGDV%RRWIDVWXPZDUI'DQQEFNWHLFKPLFK HUJULIIGHQ$NWLYDWRUXQGKlQJWHLKQPLUXP7DLULVHW]WHVLFKDXIXQGEHJULIIVRIRUW ª(LQ6WXUP$WODQ:LUPVVHQ]XUFN© 



ª1LFKWV DQGHUHV KDEH LFK YRU© ULHI LFK XQG VSUDQJ PLW HLQHP 6DW] LQV +HFN ,FK UL‰ GDV 5XGHU KHUXP XQG ZDUWHWH ELV VLFK GDV %RRW GDV YRP :LQG TXHU ]X GHQ :HOOHQ DEJHWULHEHQ ZXUGH ODQJVDPIDVW]XODQJVDPKHUXPGUHKWH3O|W]OLFKVFKLHQHVHLVNDOWJHZRUGHQ]XVHLQ'HU+LPPHO KDWWHVLFK]XU+lOIWHEH]RJHQQXUZHLWLP6GHQJDEHVHLQHQVFKPDOHQ6WUHLIHQGHULQGURKHQGHP 5RW JOKWH 'HU 6WXUP QDKP ]X XQG NDP LQ VFKDUIHQ NXU]HQ %|HQ 'DV %RRW WULHE MHW]W YRU GHP :LQG'DV6HJHOVFKOXJXQGNQDWWHUWHJHJHQGHQ0DVW,FKVWUHFNWHGLH+DQGDXVXQGKDOI7DLULLQV +HFN 6LH NODPPHUWH VLFK DQ HLQHP 6HLO DQ GDQQ ILHO VLH DOV GDV %RRW VLFK DEHUPDOV KRE XQG VHQNWHVFKZHUJHJHQPLFK ª+DOWHGDV5XGHU*HUDGHDXVLQGLH%XFKW©ULHILFK ª'DVNDQQLFKQLFKW© ª1XUIHVWKDOWHQ:LUGUIHQQLFKWNHQWHUQ0lGFKHQ©ULHILFK(LQVFKQHLGHQGHU:LQGXPKHXOWH XQV DOV LFK PLFK ELV ]XP 0DVW YRUNlPSIWH XQG YHUVXFKWH GDV HLQIDFKH 6HJHO ]X EHOHJHQ 'HU VFKZHUH GXUFKQl‰WH 6WRII UXWVFKWH DXV PHLQHQ )LQJHUQ 'DV 7DXHQGH VFKOXJ JHJHQ PHLQHQ +DOV HKHLFKHV]XIDVVHQEHNDPXQGKDVWLJEHOHJWH'HU:LQGILQJVLFKLP6HJHOEOlKWHHVGDV6FKODJHQ XQG.QDWWHUQK|UWHDXI'DV)LVFKHUERRWKREVHLQHQ%XJXQGVFKQLWWGXUFKHLQH:HOOHGDQQWDXFKWH HV ZLHGHU KLQXQWHU .QLHKRFK VWDQG GDV :DVVHU ]ZLVFKHQ GHQ %RUGZlQGHQ 'DV %RRW ZXUGH VFKQHOOHUXQGVFKQHOOHUXQGJOLWWGXUFKGLH3DVVDJH]ZLVFKHQGHQEHLGHQ/DQG]XQJHQ ª$WODQ:LUPVVHQDQ/DQG©ULHIGDV0lGFKHQ ,FKKLHOWPLFKIHVWXQGNURFKJHEFNW]XLKU]XUFN'HU:LQGZXUGHVWlUNHU'LH:HOOHQWUPWHQ VLFK,FKVDKPLFKXPXQGYHUVXFKWHHLQHQ3XQNW]XHQWGHFNHQDQGHPZLUODQGHQNRQQWHQ%LV]X XQVHUHP+DXVRGHUGHPNOHLQHQ+DIHQYRQ9LOOD)UDQFDZDUHV]XZHLWGHQQGDV%RRWZDUQLFKW PHKU LQ GHU /DJH XQV GRUWKLQ ]X EULQJHQ :LU KDWWHQ QLFKW HLQPDO HWZDV XP GDV :DVVHU DXV]XVFK|SIHQ,FKKLHOWPLWHLQHP$UP7DLULIHVWPLWGHUDQGHUHQ+DQGVWHXHUWHLFK ª:LUJHKHQXQWHU© 'DV%RRWZDUVFKQHOOHUJHZRUGHQ(VGXUFKVFKQLWWGLHKRKHQ:HOOHQYRQGHUHQ.|SIHQGHUZHL‰H 6FKDXP ZHJJHULVVHQ ZXUGH ,PPHU ZLHGHU VFKOXJ :DVVHU LQV %RRW ,FK VWHPPWH PLFK PLW DOOHU .UDIW JHJHQ GLH 3LQQH GHV 5XGHUV /DQJVDP XQG XQZLOOLJ JHKRUFKWH GDV WLHI LP :DVVHU OLHJHQGH %RRW ,FK EOLFNWH QDFK EDFNERUG GRUW VFKOXJ GLH :HOOH HLQHU JHZDOWLJHQ %UDQGXQJ JHJHQ GLH )HOVHQ 6LH OLHI DQ GHQ URVWURWHQ 6WHLQHQ HQWODQJ XQG RSIHUWH LKUH (QHUJLH LQ HLQHU 6HULH VFKZHUHU 6FKOlJH:DVVHUZXUGH]X6FKDXPXQG]X1HEHOGHQGHU6WXUPZHJUL‰'HU+LPPHOZDUVFKZDU] JHZRUGHQ XQG LUJHQGZR GRQQHUWH HV 'RUWKLQ NRQQWHQ ZLU QLFKW ZHLO GDV %RRW XQG ZLU DQ GHQ )HOVHQ]HUVFKPHWWHUWZHUGHQZUGHQ,FKVSlKWHGXUFKGHQ1HEHOXQGGLH*LVFKWQDFKYRUQXQGVDK MHQVHLWVGHU)HOVHQHWZDVLHEHQKXQGHUWIQI]LJ0HWHUHQWIHUQWHLQHVDQGLJH%XFKWDXFKVLHYRQGHU KHUHLQGUlQJHQGHQ%UDQGXQJEHUIOXWHW$EHUGRUWNRQQWHQZLUDXIVHW]HQXQGGXUFKGDV:DVVHUDXIV )HVWODQGIOFKWHQ ª'RUWKLQ 'LH 6WUHFNH PVVHQ ZLU VFKDIIHQ© VFKULH LFK JHJHQ GHQ 6WXUP ,FK NDQQWH DQGHUH 6WUPHXQGK|KHUH:HOOHQDEHULFKKDWWHVLHPLWEHVVHUHQ6FKLIIHQDEJHULWWHQ'DV6HJHOVSDQQWH VLFK SUDOO DEHU GLH )DVHUQ EHJDQQHQ VLFK YRQHLQDQGHU ]X O|VHQ 7DXZHUN XQG +RO] NQLUVFKWH GHU 0DVWERJVLFKLPPHUZLHGHUDEHUGDV%RRWVFKR‰GXUFKGDV:DVVHULQHLQHU=LFN]DFNOLQLHDXIGLH EH]HLFKQHWH6WHOOH]X:LUEHIDQGHQXQVLQGHU1lKHGHV/DQGHV ª,FKIUFKWHPLFK©ULHI7DLULXQGNODPPHUWHVLFKDQPHLQHQ$UP ,FKVDK]XP+LPPHOEHWUDFKWHWHXQUXKLJGDVDXIJHZKOWH0HHUXQGGLH%lXPHULQJVXPVLHVLFK XQWHUGHU:XFKWGHV6WXUPHVERJHQ'HUJUR‰HUXQGH+DIHQOLH‰GHQ:LQGLP.UHLVKHUXPJHKHQ KLHU GLFKW XQWHU /DQG EOLHV HU DXV YHUVFKLHGHQHQ 5LFKWXQJHQ ,FK PX‰WH LPPHU ZLHGHU GDV 5XGHU KHUXPOHJHQXQGYHUVXFKHQGHQ.XUVHLQLJHUPD‰HQ]XKDOWHQ 1RFKIQIKXQGHUW0HWHU« :LHGHUKREVLFKGDV%RRW'LHPlFKWLJH:HOOHOLH‰HVKDOEXPVFKODJHQHKHHVVLFKVFKZHUIlOOLJ ZLHGHUDXIULFKWHWH,FKKDWWHNHLQH$QJVWGLHYLHUKXQGHUW0HWHUELV]XGHUUHODWLYJHVFKW]WHQ%XFKW ]XVFKZLPPHQ±DEHUGDV0lGFKHQ«LFKPX‰WHHLQIDFKGRUWKLQ %HZDKUH5XKH(VVLQGQXUQRFKGUHLKXQGHUWIQI]LJ0HWHUVFKULHGHU([WUDVLQQ 'DV %RRW KRE XQG VHQNWH VLFK JHIlKUOLFK-HW]WHUVFKLHQDP5DQGGHV6HJHOVHLQNOHLQHU5L‰(U 



JLQJYRQHLQHP$XJHDXVGXUFKGDVHLQ7DXOLHI'HU5L‰ZXUGHEUHLWHUXQGEUHLWHULFKNRQQWHGLH HLQ]HOQHQ )lGHQ HUNHQQHQ 5L‰ GDV 6HJHO DXVHLQDQGHU ZDUHQ ZLU YHUORUHQ 'LH :HOOH GLH XQVHU %RRWDXILKUHQ.DPPJHKREHQXQGGRUWHLQLJHEDQJH6HNXQGHQODQJEDODQFLHUWKDWWH HUUHLFKWH MHW]W GLH )HOVHQ XQG OLHI GDUDQ HQWODQJ QDFK 1RUGHQ (LQ 1HEHO DXV :DVVHUWU|SIFKHQ KOOWH XQV HLQ XQG EOHQGHWH XQV DOV HU LQ GLH $XJHQ VFKOXJ 7DLUL ZDU VWDUU YRU 6FKUHFN 1RFK ]ZHLKXQGHUW 0HWHU 'LH NOHLQH %XFKW NDP QlKHU ,FK UHJLVWULHUWH DXWRPDWLVFK GD‰ ]ZHL NOHLQH )HOVEXFNHO]ZLVFKHQLKUXQGGHP%RRWLPPHUZLHGHUDXVGHP:DVVHUVWLH‰HQ ª:DVKDVWGXYRU"©ULHI7DLULPLWVHOWVDPKHOOHU6WLPPH ª%LV]XU%XFKW'LHOHW]WHQ0HWHUVFKZLPPHQRGHUDQ/DQGZDWHQ©VFKULHLFK]XUFN'HU:LQG UL‰XQVGLH:RUWHYRQGHQ/LSSHQ (VJHODQJPLUPLWHLQLJHQZWHQGHQ5XGHUEHZHJXQJHQGDV%RRWXPGHQHUVWHQ)HOVHQ]XVWHXHUQ $OVZLUHLQHQ0HWHUGDQHEHQYRUEHLJOLWWHQVDQNGDV%RRWWLHIQDFKXQWHQXQGGLHEUHFKHQGH:HOOH GLHDP6WHLQ]HUVWlXEWHXQGLQ*LVFKWIDKQHQZHJZHKWHVFKOXJYROOLQV%RRW(LQHUGHUJHDQJHOWHQ )LVFKH VFKZDPP ODQJVDP XQG PLW WRWHQ $XJHQ ]ZLVFKHQ GHQ %UHWWHUQ XQG GUHKWH XQV VHLQHQ ZHL‰HQ%DXFK]X'DV%RRWWULHEPLW]XP%HUVWHQJHVSDQQWHP6HJHOXQGNQLVWHUQGHP0DVWDXIGHQ ]ZHLWHQ )HOVHQ ]X $XI HLQHQ )HOVHQ" :R ZDU HU" ,FK PDFKWH PLFK EHUHLW PLW HLQHP JHZDOWLJHQ +HFKWVSUXQJXQWHU]XWDXFKHQXQG7DLULQRWIDOOV]XEHWlXEHQ:RZDUGHU)HOVHQ" ª+LHULVWHU«©PXUPHOWHLFKDOVHLQIXUFKWEDUHU6FKODJGDV%RRWHUVFKWWHUWH3ODQNHQEUDFKHQ NUDFKHQGDXVHLQDQGHUDOVGLH:HOOHGDV%RRWPLWWHQDXIGLH1DGHODXV6WHLQIDOOHQOLH‰'HU)HOVHQ WDXFKWH ]ZLVFKHQ 0DVW XQG +HFN DXI GDV %RRW EUDFK DXVHLQDQGHU ZLH =XQGHU ,Q GHUVHOEHQ 6HNXQGHUL‰GDV6HJHOTXHUDXVHLQDQGHU ª+DOWHGLFKIHVW©ULHILFKXQGOLH‰PLFKQDFKKLQWHQIDOOHQ7DLULLP$UP ,FKKROWHZlKUHQGLFKPLFKKDOEEHUVFKOXJKDVWLJ/XIWXQGEHNDPGHQ0XQGYROO:DVVHU'DQQ ZDU LFK XQWHUJHWDXFKW +LHU ZDU GDV :DVVHU QLFKW VR UDVHQG VWDUN EHZHJW ,FK EHUKUWH PLW GHQ )HUVHQ GHQ )HOVHQ VWLH‰ PLFK DE XQG VFKZDPP QXU PLW GHP UHFKWHQ $UP XQG GHQ )‰HQ ,FK WDXFKWHHWZD]ZDQ]LJ0HWHUGDQQVFKZHPPWHPLFKGLH6HHQDFKREHQ9RUPLUODJGLH%XFKWQXU QRFKGHU)HOVDEIDOOOLQNVQHEHQPLUZDULP:HJ'HU.RSIGHV0lGFKHQVEHZHJWHVLFKZLOG7DLUL VFKQDSSWH PLW JHVFKORVVHQHQ $XJHQ QDFK /XIW JXUJHOWH XQG VW|KQWH DXI ,FK VFKZDPP PLW DOOHQ .UlIWHQ DXI GLH %XFKW ]X EOLHE HLQPDO ZDVVHUWUHWHQG DXI GHU 6WHOOH XQG YHUVXFKWH XQWHU PHLQHQ )‰HQ*UXQG]XILQGHQ 6FKQHOOHU'DV0lGFKHQLVWKDOEWRWYRU$QJVW (LQH:HOOHVFKOXJEHUPHLQHP.RSI]XVDPPHQXQGGUFNWHPLFKXQWHU:DVVHU,FKVDKPLWZHLW RIIHQHQ $XJHQ XQWHU PLU GHQ 6DQGERGHQ DXIVWHLJHQ (LQLJH VFKDUINDQWLJH )HOVHQ ODJHQ GDUDXI 'DQQ6HNXQGHQVSlWHUULFKWHWHLFKPLFKDXIXQGNlPSIWHJHJHQGHQ6RJGHV:DVVHUVGDVSO|W]OLFK PLWHLQHP6FKZDOODXVGHU%XFKWVWU|PWH 0HLQH)‰HID‰WHQ*UXQG ,FK KRE GDV 0lGFKHQ KRFK XQG VFKWWHOWH HV ZlKUHQG LFK PLFK ]HQWLPHWHUZHLVH YRUDQNlPSIWH 'DQQ WUDI PLFK HLQH :HOOH LP 5FNHQ XQG VFKOHXGHUWH PLFK QDFK YRUQ 'HU .|USHU UXWVFKWH DXV PHLQHQ +lQGHQ ,FK GUHKWH PLFK KDOE XP JULII QDFK 7DLUL GDQQ ID‰WH LFK LP :DVVHU QDFK HLQHU ODQJHQ6WUlKQHLKUHV+DDUHV,FKEDOOWHGLH)LQJHU]XU)DXVW =XVSlW ,FK VDK DXV GHP $XJHQZLQNHO ZLH GLH QlFKVWH DXIVFKlXPHQGH :HOOH KHUDQUDVWH 6LH VFKOHSSWH 7UPPHUPLWVLFK(LQ+RO]VWFNVRJUR‰ZLHGHU0DVWXQGPLWHLQLJHQIOLHJHQGHQ6HLOHQGUHKWH XQGEHUVFKOXJVLFK'DVODQJH(QGHZLUEHOWHKHUXPGDQQWUDIHVPLFK ,FK VDFNWH EHZX‰WORV YRQ HLQHP XQJHKHXUHQ +LHE LQ GHQ 1DFNHQ JHWURIIHQ LQV VHLFKWH :DVVHU XQGEOLHEOLHJHQ« 

  (VZDUHQK|FKVWHQV6WXQGHQGLHLFKEHZX‰WORVZDU$OVLFKPLFKDXIULFKWHWHUDVWHGHU6FKPHU] DXVGHP1DFNHQGXUFKGHQKDOEHQ.|USHU'HU6FKPHU]PDFKWH 



PLFK ZDFK LFK |IIQHWH GLH $XJHQ XQG VDK EHU PLU HLQHQ VWUDKOHQG EODXHQ +LPPHO $OV LFK YRUVLFKWLJ]XDWPHQEHJDQQ±RGHUHVPLUZHQLJVWHQVHLQELOGHWH±IKOWHLFKNKOHIULVFKH/XIW'LH MHQVHLWLJHQ 8IHU ZDUHQ YRP /LFKW GHU XQWHUJHKHQGHQ 6RQQH EHUIOXWHW GLH %lXPH XQG )HOVHQ VFKLPPHUWHQXQQDWUOLFKLP/LFKWGHUPHGLWHUUDQHQ6RQQH,FKVWW]WHPLFKPLWGHQ+lQGHQDEXQG VWDQGHQGOLFKDXI]LWWHUQGHQ)X‰HQ 'HU$NWLYDWRUPHOGHWHVLFKGHU([WUDVLQQ ,QHLQHU5HIOH[EHZHJXQJJULIILFKDQGHQ+DOVDQGLH%UXVW'DVOHEHQVZLFKWLJH*HUlWKLQJQLFKW PHKUGRUW0LFKEHUILHOHLQOlKPHQGHU6FKUHFNHQ,FKPHUNWHZLHPHLQH+DXWHLVNDOWZXUGH ª7DLUL©PXUPHOWHLFKXQGVSXFNWH6DO]ZDVVHUDXV ,FKQDKPPLFK]XVDPPHQXQGYHUVXFKWHPHLQH*HGDQNHQ]XNOlUHQ'HU6WXUPPX‰WHXQPLWWHOEDU QDFKGHP.HQWHUQGHV%RRWHVDXIJHK|UWKDEHQGHQQVRQVWZUGHLFK]XPLQGHVWQRFK:RONHQDP +LPPHO VHKHQ 1LFKWV ,FK JLQJ ODQJVDP DXI GHQ 5DQG GHU 6DQGIOlFKH ]X GLH MHW]W PLW 7UHLEJXW EHUVlWZDU%OlWWHUXQG7DQJHLQLJH)LVFKH%UHWWHUXQG7HLOHGHV%RRWHV,FKVXFKWH=HQWLPHWHU XP=HQWLPHWHUGHV%RGHQVDEIDQGDEHUNHLQHQHLQ]LJHQ)X‰DEGUXFN(LQHGXPSIH$KQXQJEHU GLHLFKQLFKWQDFK]XGHQNHQZDJWHEUHLWHWHVLFKLQPLUDXV7DLUL«ZRZDUGDV0lGFKHQ"6LHKDWWH XQPLWWHOEDUQHEHQPLUGHQ%RGHQGHU%XFKWXQWHUGHQ6RKOHQJHIKOW,FKXPUXQGHWHGLH%XFKWXQG EHJDQQ]XIU|VWHOQ ª:RLVWGLHVHUYHUGDPPWH$NWLYDWRU©NQXUUWHLFKXPPLFKDE]XOHQNHQ ,FKJLQJZLHGHU]XUFN'DV*HUlWZDUZHVHQWOLFKVFKZHUHUDOV:DVVHUXQGZUGHDXINHLQHQ)DOO VHKU ZHLW IRUWJHVFKZHPPW ZRUGHQ VHLQ QDFKGHP HV GLH .UDIW GHU :HOOHQ PLU YRP +DOV JHULVVHQ KDWWH'LH.HWWHNRQQWHQLFKWJHULVVHQVHLQVLHZDUVRJXWZLHXQ]HUUHL‰EDU,FKVXFKWHGHQ%RGHQ DE XQG IKOWH ZLH PLU ODQJVDP EHO ZXUGH 0HLQ 0DJHQ UHYROWLHUWH JHJHQ GDV JHVFKOXFNWH 6DO]ZDVVHU(LQHKDOEH6WXQGHODQJZDQGHUWHLFKKLQXQGKHUZREHLLFKGDUDXIDFKWHWHPHLQH 6SXUHQ LPPHU GLFKW QHEHQHLQDQGHU ]X VHW]HQ $EHU XQWHU GHQ =HKHQ XQG 6RKOHQ XQG GHQ VXFKHQGHQ )LQJHUVSLW]HQ IDQG LFK LPPHU QXU IHXFKWHQ 6DQG ZLQ]LJH 6WHLQH XQG 0XVFKHOVFKDOHQ ,FK ZDWHWH VR ZHLW KLQDXV ZLH LFK NRQQWH XQG VXFKWH GLH 5lQGHU GHU )HOVHQ DE ,FK VDK QLFKWV $EVROXW QLFKWV /DQJVDP ZDWHWH LFK ZLHGHU ]XUFN XQG VDK LP VHOEHQ 0RPHQW GHQ VFKZDU]HQ 9RJHOGHUDQHWZDV]HUUWHGDVXQWHUGHP7UHLEKRO]YHUVWHFNWODJ ,FK]ZLQNHUWHXQGIKOWHGHQ6FKPHU]LQMHGHP0XVNHO$OVLFKQlKHUNDPVWDUUWHPLFKGHU9RJHO PLWVFKUlJJHVWHOOWHP.RSIDQZLSSWHPLWGHP6FKZDQ]XQGIORJHLQHQ0HWHUZHLWIRUW ,FK UDQQWH GLH OHW]WHQ 6FKULWWH XQG KDWWH GDQQ GLH .HWWH GHV $NWLYDWRUV LQ GHQ )LQJHUQ :LHGHU VFKZLQGHOWHPLU,FKVHW]WHPLFKDXIGHQ]HUVSOLWWHUWHQ0DVWXQGEHUJDEPLFKZUJHQG $OV GHU $NWLYDWRU PHLQH +DXW EHUKUWH VSUWH LFK GLH :HOOHQ GLH YRQ LKP DXVJLQJHQ XQG PLFK EHUXKLJWHQ$XVGHQ:HOOHQKHIWLJHQ6FKPHU]HVZXUGHQODQJVDPH6FKZLQJXQJHQGLHQDFKHLQLJHU =HLWJDQ]YHUVFKZXQGHQVHLQZUGHQ ª7DLUL«©IOVWHUWHLFK ,FKDKQWHGD‰VLHHUWUXQNHQZDU$QNHLQHUDQGHUHQ6WHOOHGLHVHV%HUHLFKHVGHU.VWHKlWWHVLHDQ /DQG NRPPHQ N|QQHQ hEHUDOO ZDUHQ VWHLO DEIDOOHQGH )HOVHQ 8QG GLHVH %XFKW KDWWH VLH QLFKW YHUODVVHQVRQVWKlWWHLFKLKUH)X‰DEGUFNHVHKHQPVVHQ,FKHQWVFKOR‰PLFKXQGNOHWWHUWHPKVDP XQG NHXFKHQGGLH VFKUlJH )OlFKH KLQDXIELV]XP .DPP GHU )HOVHQ 9RQ GRUW REHQ ZR LFK PLFK JHJHQ HLQHQ IHXFKWHQ %DXPVWDPP VWW]WH KDWWH LFK HLQHQ $XVEOLFN GHU HV PLU HUODXEWH GLH )HOVUlQGHUXQGGDV:DVVHUDE]XVXFKHQ,FKVXFKWHELVGLH6RQQHGHQ+RUL]RQWEHUKUWHDEHULFK VDKQLFKWV 'DQQ PDFKWH LFK PLFK DXI GHQ :HJ XQG HUUHLFKWH GDV +DXV JHJHQ 0LWWHUQDFKW -HDQ XQG 'Lp HUZDUWHWHQPLFKXQGDOVGLHMXQJH)UDXPHLQHQ*HVLFKWVDXVGUXFNVDKEHJDQQVLH]XZHLQHQ =ZHL 7DJH VSlWHU IDQG -HDQ XQZHLW XQVHUHU %DGHSODWWIRUP GHQ DQJHVFKZHPPWHQ .|USHU GHV 0lGFKHQV 6LH ZDU YRQ XQ]lKOLJHQ :XQGHQ EHGHFNW LKU *HVLFKW ZDU KDOE ]HUVFKPHWWHUW QXU GDV ODQJH+DDUVFKLHQXQYHUVHKUW]XVHLQXQGWURSIWHDOV-HDQGHQ.|USHUDXIVHLQHQ$UPHQEHUGLH ODQJHVWHLOH7UHSSHKLQDXIVFKOHSSWH :LUEHJUXEHQVLHDXIGHPNHLQHQ)ULHGKRIGHU6LHGOXQJ  



  7DJHODQJJHVFKDKEHUKDXSWQLFKWVDOVVHLGDV/HEHQLQGHPZHL‰HQ+DXVDXIGHU.OLSSHY|OOLJ HUVWRUEHQ-HDQKXVFKWHYHUVW|UWXQGVFKZHLJHQGXPKHUEHUHLWHWHGDV(VVHQXQGEHVRUJWHDOOHVZDV ZLU EUDXFKWHQ ,FK YHUNURFK PLFK LQ PHLQHQ 5lXPHQ XQG YHUVXFKWH PLW GLHVHP ]ZHLWHQ 6FKODJ IHUWLJ]XZHUGHQ8QGHLQHV7DJHVRGHUEHVVHUHLQHV1DFKWVJHVFKDKZDV'LpXQGLFKVFKRQODQJH JHDKQW KDWWHQ ,FK VD‰ LQ PHLQHP 6HVVHO VWDUUWH LQ GLH )ODPPHQ GHV )HXHUV XQG GDFKWH QDFK ,FK ZDU GLHVHV /HEHQV EHUGUVVLJ GLHVHV PDNDEUH 6SLHO YRQ +RIIQXQJ XQG 1LHGHUODJH 5HVLJQDWLRQ XQG NOHLQHQ 6LHJHQ PDFKWH PLFK NUDQN ,FK KlWWH PLFK HLJHQWOLFK OlQJVW GDUDQ JHZ|KQW KDEHQ PVVHQ DEHU VHOEVW PHLQ 9HUVWDQG XQWHUODJ GHU (ULQQHUXQJVYHUNOlUXQJ 'LH 'LQJH YHUORUHQ QDFK HLQLJHQ -DKUKXQGHUWHQ 6FKODI LKUHQ HLJHQWOLFKHQ 6WHOOHQZHUW XQG ZXUGHQ ]X $EHQWHXHUQ 1XU HLQ $XIHQWKDOWKDWWHPLFKELVKHUGHUDUWLJQLHGHUJHVFKPHWWHUWGD‰LFKPLFKQLFKWHLQPDOXQWHUPHQWDOHP =ZDQJGDUDQHULQQHUQZROOWH'LH=HLWLPªNODVVLVFKHQ©5RPXQWHU1HUR +LQWHUPLUK|UWHLFKHLQ*HUlXVFK2KQHQDFK]XGHQNHQZX‰WHLFKGD‰HV'LpZDU6LHWUDWDQGLH /HKQHPHLQHV6HVVHOVXQGOHJWHPLUGLH+DQGUFNHQJHJHQGLH:DQJHQ ª6SULFKQLFKWYLHO©VDJWHVLHOHLVH,KUH6WLPPHZDUJDQ]GXQNHOª,FKYHUVWHKHDOOHV© ,FKQLFNWH]|JHUQG,KUH1lKH]HLJWHPLUGD‰LFKQLFKWDOOHLQZDU ª,FK KDOWH HV HLQIDFK QLFKW PHKU DXV© VDJWH LFK ª8QG LFK HUNHQQH NHLQHQ *UXQG IU GLHV DOOHV :DUXPPX‰WHVLHVWHUEHQ"© ª:LUDOOHDXFKGLHJHODQGHWHQ5DXPIDKUHUVLQGQXU6FKDFKILJXUHQ-HPDQGVSLHOWPLWXQV1LPP HVKLQXQGYHUVXFKHGHLQHQNODUHQ9HUVWDQG]XEHKDOWHQ© 6LH]RJHLQHQ]ZHLWHQ6HVVHOKHUDQVWHOOWHGHQ:HLQNUXJXQGGLH3RNDOHDXIGHQ7LVFKXQGJR‰ HLQ ª9LHOOHLFKWWU|VWHWHVGLFKGD‰LFKPLFKLQGLFKYHUOLHEWKlWWHZHQQGDPDOVQLFKW7DLULJHZHVHQ ZlUH© VDJWH VLH 6LH VFKDIIWH HV PLFK DXV PHLQHQ WUEVHOLJHQ *HGDQNHQ KHUDXV]XUHL‰HQ +DVWLJ WUDQNLFKHLQHQ6FKOXFN:HLQXQGHUZLGHUWH ª:HQQ«LFKNDQQGLHVHV:RUWQLFKWPHKUK|UHQ© 3O|W]OLFKIKOWHLFKPLFKHLQJHVFKORVVHQHLQJHVSHUUW,FKQDKPPHLQHQ3RNDOKRELKUHQDXIXQG VDJWHPLWHLQHU%HZHJXQJGHV.RSIHV ª*HKHQZLUKLQDXVDXIGLH7HUUDVVH,FKPX‰DWPHQN|QQHQ8QGGLH6WHUQHDQVHKHQ6RQVWZHUGH LFKZDKQVLQQLJ© :LUVWDQGHQQHEHQHLQDQGHUDQGHUJHPDXHUWHQ%UVWXQJ'LpVHW]WHVLFKXQGEHWUDFKWHWHPLFKDOV VlKHVLHPLFK]XPHUVWHQPDO'DQQVDJWHVLHPLW+lUWH ª'HUJUR‰H$UNRQLGHHUVWLFNWDP6HOEVWPLWOHLG6LHKDQ:HQQGXHVVFKDIIHQZUGHVWRKQHGHQ VHOEVWVFKWLJHQ 6FKOHLHU YRU GHLQHQ $XJHQ LQ HLQHQ 6SLHJHO ]X VHKHQ ZUGHVW GX GDULQ HWZDV HUNHQQHQZDVGLFKHUVFKUHFNW© ,FKVHW]WHGHQ3RNDODEQDFKGHPLFKHLQHQODQJHQ6FKOXFNJHQRPPHQKDWWH ª-D"© ª'X ELVW MXQJ XQG VLHKVW JXW DXV 'X VLHKVW DXV ZLH HLQ 0DQQ ]ZLVFKHQ IQIXQGGUHL‰LJ XQG YLHU]LJ'XKDVWGLHVHV$PXOHWWGDVGLURIIHQVLFKWOLFK*HVXQGKHLWXQGODQJHV/HEHQJDUDQWLHUW«© ª=XODQJHV/HEHQ«© ª8QVLQQ 'X NDQQVW GLFK DXFK VHOEVW XPEULQJHQZHQQ GLHV HLQH /|VXQJ VHLQ VROOWH :HLWHU 'X KDVWDOOH0|JOLFKNHLWHQGLHHLQ0DQQDXIGLHVHU:HOWQXUKDEHQNDQQ'XELVWNOXJXQGVFKQHOO'X NDQQVW)UDXHQEH]DXEHUQXQGPLW0lQQHUQXPGLH:HWWHVDXIHQ'XNDQQVWIDVWDOOHV8QGLFKELQ EHU]HXJW GD‰ QRFK PHKU VROFKHU SRVLWLYHU 0|JOLFKNHLWHQ GRUW LQ GHLQHP XQEHNDQQWHQ 9HUVWHFN XQG =XIOXFKWVRUW ZDUWHQ 'X KDVW QLFKW GHQ JHULQJVWHQ *UXQG PHKU DQJHZLGHUW ]X VHLQ DOV MHGHU DQGHUHGHQNHQGH0DQQDXIGLHVHU:HOW,FKUHVSHNWLHUHGHQ6FKPHU]XP7DLULDEHULFKZLOOQLFKW DXFK GLH OHW]WHQ ,OOXVLRQHQ YHUOLHUHQ LQGHP LFK GLU ]XVHKH ZLH GX VHOEVWYHUJHVVHQ XQG IDVW PDVRFKLVWLVFKYHUVXFKVWGLUGDXHUQGVHOEVWOHLG]XWXQ© 6LHKDWY|OOLJUHFKWNRPPHQWLHUWHGHU([WUDVLQQ ª'XKDVWY|OOLJUHFKW©VDJWHLFKXQGYHUVXFKWHHLQVFKZDFKHV/lFKHOQª$EHULFKYHUOLHUHOHLFKW 



GHQ .RQWDNW ]XU :LUNOLFKNHLW ,FK KDEH DOOHV VFKRQ ]X RIW HUOHEW XQG GXUFKJHVWDQGHQ ,FK ELQ LQ JHZLVVHQ6WXQGHQEHVRQGHUVDQIlOOLJ© 6LHVDJWHUDXKZlKUHQGVLHLKUH)LQJHULQPHLQH+DQGVFKRE ª'XZLUVW7DLULHLQHV7DJHVYHUJHVVHQ)UKHURGHUVSlWHUXQGYLHOOHLFKWNDQQLFKGLUGDEHLKHOIHQ VLHHWZDVIUKHU]XYHUJHVVHQ'XYHUJL‰WZHLOGXYHUJHVVHQPX‰WGDVLVWHLQNRVPLVFKHV*HVHW] +DOWHPLFKIHVW$WODQGHQQLFKELQHEHQVRHLQVDPZLHGX© ,FK VFKWWHOWH GHQ .RSI DOV LFK LKU +DDU DQ PHLQHU :DQJH VSUWH 6LH OHKQWH OHLFKW DQ PHLQHU 6FKXOWHU:LUEOLFNWHQDXIGHQJUR‰HQ.HVVHOGHV1DWXUKDIHQVDXIGHPVLFKGHU0RQGVSLHJHOWHLQ 7DXVHQGHVLFKHOI|UPLJHU%OLW]H]HUULVVHQ ª'LH0lQQHULQ9HUVDLOOHVKDEHQVLFKXPGLFKGXHOOLHUW© ª,FKZHL‰©VDJWHVLHª8QGLFKKDEHVLHQLFKWDQGHUVEHWUDFKWHQN|QQHQDOV«LFKZHL‰HVQLFKW 6LH ZDUHQ XQLQWHUHVVDQW (QWZHGHU NOXJ Kl‰OLFK XQG XQJHSIOHJW RGHU IDVW ]X VFK|Q JHLVWORV XQG KHUYRUUDJHQGH-lJHU© 6LHODFKWHOHLVHXQGVWUHLFKHOWHPHLQHQ1DFNHQ ª$XFKGXELVWQLFKWPHLQ7\S$UNRQLGH,FKKDEHGLFKODQJHXQGDQDO\WLVFKEHREDFKWHW'XELVW LUJHQGZLHYHUUFNW'XNRPPVWPLUYRUZLHGHU$WODVYRQGHPGXXQVHLQPDOHU]lKOWKDVWGLHVHU $WODVDXVGHUJULHFKLVFKHQ6DJH'XYHUVXFKVWGLFKJHJHQGLH'UHKXQJGLHVHVGULWWHQ3ODQHWHQ]X VWHPPHQ 'X ELVW HLQ VRQGHUEDUHU 0DQQ UHVHUYLHUW XQG NKO 8QG JHUDGH]X EHVHVVHQ ZHQQ GX KDQGHOVW'XELVWVRQGHUEDUVWDUNXQGVFKZDFK]XJOHLFK,FKJODXEHZHQQPDQGLFK]XP+DQGHOQ ]ZLQJWELVWGXLQGHLQHP(OHPHQWXQGJOFNOLFK'LH5XKHOlKPWGLFK© :LUGLVNXWLHUWHQELVWLHILQGLH1DFKW $OOHVZDVZLUVDJWHQRGHUIUDJWHQHQGHWHLPPHUZLHGHULQGHU1lKHGHV]HQWUDOHQ7KHPDV:LH NRQQWHPDQDOVGHQNHQGHULQWHOOLJHQWHU0HQVFKDXIHLQHP3ODQHWHQZLHGLHVHPOHEHQ 1DWUOLFK N‰WHQ XQG OLHEWHQ ZLU XQV LQ GLHVHU 1DFKW 1XU LQ GLHVHU 1DFKW GHQQ XQVHU HUVWHU.X‰ZDUGDV6LJQDO]XPOHW]WHQ$NWGHU$XIO|VXQJJHZHVHQ 

  $PQlFKVWHQ0RUJHQVFKLHQHQZLUZLHGHU]ZHL)UHPGH]XVHLQGLHVLFK]XIlOOLJLQGLHVHP+DXV JHWURIIHQ KDWWHQ $EHU DOOHV KDWWH VLFK YHUlQGHUW $OV LFK DXI GLH 7HUUDVVH KLQDXVJLQJ DP IUKHQ 9RUPLWWDJVDKLFKPLWWHQLQGHU%XFKWHLQULHVLJHV6HJHOVFKLIIDQNHUQ (VZDUHLQ)UDFKWHUGHURIIHQVLFKWOLFK:DVVHUDXIQHKPHQZROOWH'LH)LVFKHUGHV'RUIHVUXGHUWHQ PLW LKUHQ %RRWHQ ]X GHP ODQJHQ ZHL‰JHVWULFKHQHQ 6FKLII XQG ILQJHQ GLH 7DXH DXI GLH YRQ %RUG JHZRUIHQZXUGHQ ª(LQH6HQVDWLRQIUGLHVH6LHGOXQJ©EHPHUNWH'LpGLHODXWORVQHEHQPLFKJHWUHWHQZDU ª6RLVWHV6ROOHQZLUGDV6FKLIIEHVXFKHQ"9LHOOHLFKWOHUQHQZLULQWHUHVVDQWH/HXWHNHQQHQ© ª9LHOOHLFKW©HUZLGHUWHVLHOXVWORV (VVFKLHQVR]XVHLQ0DQEUDFKWH)lVVHU]X:DVVHUXQGVFKOHSSWHVLHQDFK9LOOD)UDQFD =ZHL7DJHODQJZLFNHOWHVLFKHLQUHJHU9HUNHKUYRQ)LVFKHUERRWHQ]ZLVFKHQGHPVWHLQHUQHQ.DL XQG GHP +DQGHOVVFKLII DE 0DQ ]RJ YHUVFKLHGHQH )ODJJHQ DXI XQG DOV LFK DP GULWWHQ 7DJ DXIZDFKWHXQGPLFKEHZHJWHUXWVFKWHGDVEUHLWHVLOEHUQH$UPEDQGYRQPHLQHP.LVVHQ,FKNDQQWH HVGDV)XQNJHUlWZDUHLQJHEDXW$XJHQEOLFNOLFKEHJULIILFKZDVYRUJHIDOOHQZDU'LpGLHYRQGHU EHVFKDXOLFKHQ5XKHJHODQJZHLOWRGHUHUVFKUHFNWKDWWHGLHDOOHUOHW]WH9HUELQGXQJDEJHVFKQLWWHQ,FK HUZDUWHWHZHQQLFKDXIGLH%XFKWKLQDXVEOLFNHQZUGHGD‰GDV6FKLIIYHUVFKZXQGHQZDU,FKOLH‰ GDV%DQGYRUPHLQHQ$XJHQKLQXQGKHUEDXPHOQ ª6LHKDQ'LpKDWVLFKGLVNUHWHQWIHUQW© ,FKJLQJKLQDXVDXIGLH7HUUDVVH6HOEVWYHUVWlQGOLFKZDUGLH%XFKWYRQ9LOOD)UDQFDVROHHUZLHGLH 0RQDWH ]XYRU 1XU HLQ HLQ]HOQHV )LVFKHUERRW PLW GUHLHFNLJHP 6HJHO NUHX]WH ODQJVDP LP JODWWHQ :DVVHU 'Lp KDWWH DXFK -HDQ PLWJHQRPPHQ 9RQ DOOHP ZDV PLW 9HUVDLOOHV LQ 9HUELQGXQJ ]X EULQJHQ ZDU EHVD‰ LFK QXU QRFK GLH 3IHUGH XQG GLH .XWVFKH HLQHQ KHUXQWHUJHNRPPHQHQ 5RERWKXQGPLWDEJHVFKDEWHP)HOOXQGHLQLJH.LVWHQYROOHU.OHLQNUDP 



,FKZDUZLHGHUDOOHLQDXIGLHVHU:HOW0HLQHLQ]LJHU%HJOHLWHUZDUGHU5RERWKXQG,FKKDWWHQLFKWV PHKU ]X WXQ DOVR ILHO PLU GLH :DKO QLFKW PHKU VFKZHU ,FK EHWlWLJWH GLH )HUQVWHXHUXQJ PHLQHV *OHLWHUVXQGSDFNWHDOOHV]XVDPPHQZDVLFKEHVD‰'DQQVHW]WHLFKPLFKDXIGLHOHHUH7HUUDVVHXQG ZDUWHWH ,FKIKOWHHVJHQDX'LHVHU$XIHQWKDOWJLQJ]X(QGH:LUDOOHKDWWHQJHWDQZDVZLUNRQQWHQ)U PLFKZDUHVHLQZHLWHUHV*OLHGHLQHU.HWWHGHU1XW]ORVLJNHLW:LHGHUKDWWHLFKQLFKWVHUUHLFKW,FK ZDUGD]XYHUGDPPWDXIGLHVHP3ODQHWHQ]XOHEHQXQG]XZDUWHQLPPHUQRFKPLWGHU6HKQVXFKW QDFK $5.21 LP +HU]HQ 6RUJIlOWLJ GDFKWH LFK EHU DOOH GLH NOHLQHQ 6FKULWWH QDFK GLH YRP $XIZDFKHQELV]XPKHXWLJHQ7DJJHIKUWKDWWHQ :DUHWZDVDXVJHODVVHQZRUGHQ" 1HLQIOVWHUWHGHU([WUDVLQQ'XKDVWGHLQ3URJUDPPLQ9HUVDLOOHVHQWZRUIHQIDVWPXVWHUJOWLJ HUIOOW .RQQWHLFKQRFKHWZDVWXQ" .DXP 'X KDVW ]XVDPPHQ PLW GHQ YLHU NRVPLVFKHQ 9DJDEXQGHQ GLH :HOW XP HLQH 0HQJHZLVVHQVFKDIWOLFKHU(UNHQQWQLVVHEHUHLFKHUW .RQQWHLFKQRFKMHPDQGHPKHOIHQ±VHOEVWZHQQHVGDUXPJLQJPLFKDE]XOHQNHQ" -D6XFKH$QWRLQHWWHGH'UR\GHQDXIXQGKLOILKUOHLFKW]XVWHUEHQ ª-D©VDJWHLFKHQWVFKORVVHQ]XPLUª'DVZHUGHLFKWXQ8QG]ZDUVRIRUW© ,FKJLQJKLQXQWHULQGLH6LHGOXQJXQGVFKHQNWHGDV+DXVGHP*HLVWOLFKHQ(UEHJULIIQLFKWJOHLFK ZDV LFK ZROOWH DEHU GDQQ VHW]WHQ ZLU HLQH 8UNXQGH DXI XQG XQWHUVFKULHEHQ VLH 0HLQ ZLFKWLJHV *HSlFNKDWWHDXIGHU/DGHIOlFKHGHV*OHLWHUV3ODW],FKYHUOLH‰QDFK(LQEUXFKGHU'XQNHOKHLWGDV 'RUIXQGGDVHLQVDPH6FKO|‰FKHQDXIGHQ.OLSSHQ 'HU*OHLWHUVFKZHEWHUHJXQJVORVEHUGHQ%lXPHQGHU%XFKW ,FKQDKP$EVFKLHGYRQGLHVHU/DQGVFKDIW6LHODJJHLVWHUKDIWOHXFKWHQGXQWHUGHP/LFKW GHV YROOHQ 0RQGHV (LQH NDXP ZDKUQHKPEDUH %ULVH NUlXVHOWH GDV 0HHU ,FK IKOWH PLFK HUVFK|SIWXQGDXVJHODXJWZLHHLQ/lXIHUQDFKHLQHUODQJHQHUEDUPXQJVORVHQ6WUHFNH0LU EOLHE VRJDU GDV *OFN YHUZHKUW DXI GLH (UJHEQLVVH PHLQHV +DQGHOQV VWRO] VHLQ ]X N|QQHQ 6FKOLH‰OLFK EOLHE PLU QLFKWV DQGHUHV EULJ DOV GLH (ULQQHUXQJ GLH XQYHUlQGHUW IULVFKXQGVFKPHU]OLFKVHLQZUGH«GLHQlFKVWHQ-DKUKXQGHUWHODQJ'DVIU|KOLFKH/LHG GLH*HVSUlFKHXQGGDV.OLUUHQYRQ*OlVHUQGDVZLUNOLFKH/HEHQZDUHQYHUKDOOW 1XUPHLQH6WLPPXQJZDUXQYHUlQGHUWUHVLJQLHUHQG:LHZUGHHVDXIGLHVHUPHUNZUGLJHQ:HOW GHU%DUEDUHQZHLWHUJHKHQ" ,FK GUHKWH GHQ *OHLWHU XQG RULHQWLHUWH PLFK QDFK GHQ NDOWHQ 6WHUQHQ XQG GHP .RPSD‰ 6WXQGHQ VSlWHU ODQGHWH LFK GHQ *OHLWHU LQ GHU 1lKH GHV *XWVKRIHV GHU )DPLOLH YRQ 'UR\GHQ 'LH +XQGH VFKOXJHQ DQ DOV LFK DXI GHQ (LQJDQJ ]XVFKULWW 'LH 7LHUH HUNDQQWHQ PLFK QRFK XQG EOLHEHQ LQ PHLQHU1lKHVFKHXXQGEHUHLWDQ]XJUHLIHQ(VZDU]LHPOLFKVSlWJHZRUGHQ,FKKlPUULHUWHJHJHQ GLH7U(VGDXHUWHHLQLJH=HLWELVHLQHDOWH'LHQHULQRIIQHWHXQGHLQH/DWHUQHKRFKKLHOW ª+HUUYRQ$UFRQ©IOVWHUWHVLHXQGVFKOXJGLH+DQGYRUGHQ0XQGª,FKHUNHQQH(XFK1LHPDQG KDWJHJODXEWGD‰,KU«© 6LHEUDFKDEHLQWURFNHQHV6FKOXFK]HQNDPDXVLKUHU.HKOH ª,FKP|FKWHPHLQHDOWH)UHXQGLQEHVXFKHQ1LFROHWWH©VDJWHLFKª/HEWVLHQRFK"© :LUJLQJHQGXUFKGLHOHHUH+DOOH(VURFKQDFKNDOWHP5DXFKQDFK:HLQXQGIHXFKWHP+XQGHIHOO 9HUWUDXWH*HUFKH'LH'LHQHULQVDJWHVWRFNHQG ª0DGDPH OLHJW REHQ 6LH ZLUG VWHUEHQ 2K HV JHKW LKU JDU QLFKW JXW 6LH KDW RIW YRQ (XFK JHVSURFKHQ© ,FKVDJWHOHLVHQDFKGHPLFKPHLQHQ0DQWHOXQGGHQ*XUWPLW3LVWROHQXQG'HJHQDEJHOHJWKDWWH ª%ULQJHPLFK]XLKU1LFROHWWH8QGGDQQKROHPLUHLQHQNOHLQHQ%HFKHU:HLQHWZDV%UDWHQXQG HLQ6WFN%URWPLW%XWWHU© ª-D,FKWXHDOOHVIU(XFK© :LU JLQJHQ OHLVH GLH 7UHSSH KLQDXI HLQHQ .RUULGRU HQWODQJ XQG EOLHEHQ YRU HLQHU VFKPDOHQ 7U VWHKHQ 9RUVLFKWLJ ZXUGH GLH .OLQNH KHUXQWHUJHGUFNW NQDUUHQG JLQJ GLH 7U DXI (LQH HLQ]HOQH 



.HU]H EUDQQWH DXI GHP 7LVFK GXUFK HLQHQ NOHLQHQ +RO]VFKLUP DEJHEOHQGHW ,Q GHP %HWW ODJ HLQH ZLQ]LJH ]XVDPPHQJHVFKUXPSIWH *HVWDOW $OV ZLU HLQWUDWHQ |IIQHWH $QWRLQHWWH GH 'UR\GHQ GLH $XJHQ6LHZLUNWHQLQGHPIDOWLJHQDXVJH]HKUWHQ*HVLFKWULHVHQJUR‰'HU%OLFNZDUYHUVW|UW ª$WODQ©IOVWHUWH$QWRLQHWWH 'LH'LHQHULQEHJDQQZLHGHU]XZHLQHQVWHOOWHGLH/DWHUQHDEQDKPGHQ.HU]HQKDOWHUXQGYHUOLH‰ GDV =LPPHU ,FK QlKHUWH PLFK ODQJVDP GHP %HWW ,FK ZDU NHLQ $U]W DEHU LFK PHUNWH GD‰ GLH )UHXQGLQQLFKWPHKUODQJH]XOHEHQKDWWH ª,FKELQQRFKHLQPDOJHNRPPHQ©VDJWHLFKOHLVHVHW]WHPLFKDXIHLQHQ6WXKOQHEHQGDV%HWWXQG HUJULII LKUH +DQG ªXP PLFK YRQ (XFK ]X YHUDEVFKLHGHQ $QWRLQHWWH (V LVW HLQ ZHKPWLJHU $EVFKLHG© 'HQ $NWLYDWRU GX 1DUU VFKULH PHLQ ([WUDVLQQ ,FK EHJULII XQG OlFKHOWH 'DUDQ KDWWH LFK QLFKW JHGDFKW 'DV *HUlW NRQQWH DXFK NHLQH :XQGHU ZLUNHQ DEHU YLHOOHLFKW NRQQWH LFK LKU GLH OHW]WHQ 6WXQGHQHWZDVHUOHLFKWHUQ,FK|IIQHWHPHLQ+HPG]RJGHQ$NWLYDWRUEHUGHQ1DFNHQXQGKlQJWH LKQGHUDOWHQ)UDXXP ª(VZLUGGHUOHW]WH$EVFKLHGVHLQ©VDJWHVLHQDFKHLQHU:HLOH'DV*HUlWVFKLHQLKU%HILQGHQLQ YHUGlFKWLJHU (LOH ]X EHVVHUQ 'HU UDVVHOQGH $WHP EHUXKLJWH VLFK GLH EOlXOLFKH )DUEH GHU /LSSHQ ZLFKGLH7RGNUDQNHULFKWHWHVLFKDXI ª:LHJHKWHVGHQYLHU)UHXQGHQ"©HUNXQGLJWHVLHVLFKQDFKOlQJHUHP6FKZHLJHQ ,FKEHULFKWHWHLKUYRP9HUVFKZLQGHQ'LDQQRWGH-DUDVGHUEHUGLH+ROOlQGHUJHVLHJWKDWWHYRQ GHUJHSODQWHQODQJHQ5HLVH%HDWUL[ YRPVSXUORVHQ9HUVFKZLQGHQ5R\HU$UFRODVXQGGDYRQZLH 7DLULJHVWRUEHQZDUXQGPLFKDXFK'Lp]XVDPPHQPLW-HDQYHUODVVHQKDWWH ª1XQELVWGXDOOHLQ$WODQ©VDJWHVLHXQGDWPHWHIUHLHU'HU$NWLYDWRUZLUNWHDXVJH]HLFKQHW$EHU WURW]GHP ZUGH HU LKUHQ 7RG QLFKW DXIKDOWHQ N|QQHQ ª(LQ :XQGHU GLHVHV $PXOHWW© VDJWH VLH VSlWHUª,FKIKOHPLFKRKQH6FKPHU]HQDOVRELFKIOLHJHQN|QQWH© :LU XQWHUKLHOWHQ XQV EHU 9HUVDLOOHV XQG GHQ QHXHQ .|QLJ GHVVHQ KHUYRUVWHFKHQGHV 0HUNPDO VHLQH9HUVFKZHQGXQJVVXFKWXQGHLQH(EEHLQ)UDQNUHLFKV.DVVHZDUHQ'LHDOWH)UDXZXUGHPGHU XQGPGHU ª,FKZHUGHMHW]WVFKODIHQ©VDJWHVLHª'XJHKVW]XUFNLQGHLQ9HUVWHFN"© ª-D© HQWJHJQHWH LFK UXKLJ ª,FK ZHUGH DXFK VFKODIHQ $QWRLQHWWH /lQJHU DOV ,KU $EHU QLFKW VR WLHI© ,FK N‰WH VLH ]XP $EVFKLHG DXI GLH 6WLUQ 6LH VFKOLHI HLQ $OV LFK QDFK HLQHU 6WXQGH NHLQHQ 3XOVVFKODJPHKUVSUWHQDKPLFKGHQ$NWLYDWRUYRQLKUHP+DOVXQGVFKRELKQZLHGHUXQWHUPHLQ +HPG $XFK GLH OHW]WH9HUELQGXQJ]X GLHVHP /DQG XQG ]X GHQ 0HQVFKHQ ZDU JHULVVHQ ZLH HLQ GQQHU )DGHQ,FKVWDQGDXIQDKPGDV7DEOHWWPLWGHP(VVHQXQGGLH/DWHUQHXQGYHUOLH‰GDV=LPPHU ,Q]ZLVFKHQZDUWHWHQLQGHU+DOOHGLHPHLVWHQDQGHUHQ)DPLOLHQPLWJOLHGHU :LUXQWHUKLHOWHQXQVELV]XP0RUJHQ(UVWQDFKGHP)UKVWFNVDJWHLFKLKQHQGD‰$QWRLQHWWHWRW ZDU 0HLQ $EVFKLHGVJHVFKHQN DQ +HUUQ YRQ 'UR\GHQ ZDU GLH NOHLQH :DIIH XQG HLQH 0HQJH YRQ 3DWURQHQPXQLWLRQ 'DQQWUDWGHU*OHLWHUVHLQHQOHW]WHQ)OXJDQ« 

  $XFK GLH 5FNNHKU LP IUKHQ DFKW]HKQWHQ -DKUKXQGHUW ZDU QLFKW DQGHUV PHKU DOV HLQ 'XW]HQG lKQOLFKHU*HVFKHKQLVVH 5LFR HPSILQJ PLFK XQG ZLU SDFNWHQ DOOH ª$QGHQNHQ© DXV XQG VWHOOWHQ VLH LQ GDV NOHLQH LPSURYLVLHUWH 0XVHXP PHLQHU .XSSHO 'LH JHZRQQHQHQ (UNHQQWQLVVH XQG PHLQ SHUV|QOLFKHU %HULFKWZXUGHQDXIGLH%lQGHUGHU0DVFKLQHQJHVSURFKHQGHVJOHLFKHQGLHYLHOHQ0XVLNVWFNHGLH YRQ GHQ DXVJH]HLFKQHWHQ0LNURSKRQHQGHU 5RERWVSLRQH DXIJHQRPPHQ ZRUGHQ ZDUHQ %LOGHUXQG GLH =HLFKQXQJHQ PHLQHU ª(UILQGXQJHQ© ZXUGHQ JHVSHLFKHUW $OV LFK GLH YLHOHQ $XIQDKPHQ YRQ 



7DLULZLHGHUVDKKDWWHLFKHVSO|W]OLFKVHKUHLOLJZLHGHULQGHQELRORJLVFKHQ7LHIVFKODI]XIDOOHQ ª'X ZLUVW ZDUWHQ PVVHQ *HELHWHU© VDJWH 5LFR PLW VHLQHU XQPRGXOLHUWHQ 6WLPPH ª/DQJH ZDUWHQ%LVGLH%DUEDUHQHLQHLJHQHV5DXPVFKLIIEDXHQN|QQHQZHUGHQ-DKUKXQGHUWHYHUJHKHQ© ª8QG HV LVW ]ZHLIHOKDIW RE LQ GLHVHU =HLW ZLHGHU MHPDQG KLHU ODQGHW 'LHVH NRVPLVFKHQ 9DJDEXQGHQ«VLHKDEHQLKU6FKLII]HUVW|UWZHLOHVLKQHQKLHUVRJXWJHILHO'DVZHUGHLFKQLHPDOV EHJUHLIHQN|QQHQ© 8QGZLHGHUOLHIGDV3URJUDPPGHU9RUEHUHLWXQJHQDQ 'LH0DVFKLQHQEHUHLWHWHQPLFKYRUHQWNOHLGHWHQPLFKOHJWHQPLFKDXIGLHIODFKH/LHJHVWDWWXQG VFKOlIHUWHQPLFKHQGOLFKHLQ'DV$EHQWHXHU9HUVDLOOHVZDU]X(QGH      $WODQIKOWHVLFKDOVHUVHLQHDOWH8PJHEXQJZLHGHUZDKUQDKPDOVVHLHUDXVHLQHPWLHIHQ7UDXP HUZDFKW $XV HLQHP $OSWUDXP GHU LKP QLFKW GLH (UKROXQJ GHV 6FKODIHV JHJHEHQ VRQGHUQ LKQ DXVJHODXJWXQGHUVFK|SIWKDWWH6HLQH.HKOHZDUWURFNHQXQGHUIKOWHVLFKXP-DKUHJHDOWHUW ª6LHVLQGHUVFK|SIW/RUGDGPLUDO$WODQ©VDJWH)DQFLVFR'R\HQª:DVN|QQHQZLUIU6LHWXQ"© /DQJVDPGUHKWH$WODQGHQ.RSIXQGVDKLQGLH$XJHQGHV+DXVKHUUQ6HOWVDP(UNDPYRQVHLQHQ (ULQQHUXQJHQQLFKWORV,KPZDUDOVEHIlQGHHUVLFKQRFKLPPHULQGHU+DOOHGHVDOWHQ*XWVKRIHV LQGHVVHQREHUHQ5lXPHQGLHWRWH)UHXQGLQODJ$WODQYHUVXFKWHHLQ]|JHUQGHV/lFKHOQXQGEUDFKWH HLQH*ULPDVVH]XVWDQGH ª1LFKW YLHO 0LVWHU 'R\HQ© PXUPHOWH HU VFKZDFK XQG DWPHWH WLHI GXUFK ª(LQH KHL‰H XQG NDOWH 'XVFKHHLQNUlIWLJHV)UKVWFN±XQGVFKRQVLQG6LHPLFKXQGGDV5DXPVFKLIIGHU862ORV+DW VLFKGHU)XQNHUQRFKHLQPDOJHPHOGHW"© *DEULHOOH'R\HQQLFNWHXQGHUZLGHUWHKDOEODXW ª-D ,FK ELQ KLQDXVJHJDQJHQ ]XP *OHLWHU XQG KDEH GLH %HVDW]XQJ EHUXKLJW 6LH ZDUWHQ DXI 6LH DEHUVLHVDJWHQ6LHP‰WHQVLFKEHHLOHQ'HU6WUDQGVHL]XP6RQQHQEDGHQXQG6FKZLPPHQEHVWHQV JHHLJQHW© $WODQ VWDQG DXI XQG EHZHJWH VHLQH 6FKXOWHUPXVNXODWXU 6LH ZDU KDUW XQG YHUNUDPSIW XQG VFKPHU]WHYRPKDUWHQ+RO]GHV6HVVHOV ª+DEHQ 6LH MHPDOV YRQ GHQ NRVPLVFKHQ 9DJDEXQGHQ HWZDV JHK|UW" 9LHOOHLFKW VSlWHU EHL HLQHP DQGHUHQ « (LQVDW]"© IUDJWH HLQH 6WLPPH GLH HU QRFK JHQDX NDQQWH (U HUVWDUUWH XQG EOLFNWH KLQXQWHULQGHQDQGHUHQ6HVVHO'RUWKRE$QWRLQHWWH'R\HQGLH+DQG,KUH.QLH ZDUHQYRQHLQHUJUR‰HQIDUELJHQ'HFNHYHUKOOW ª1HLQ©VDJWH$WODQª1LHPDOVZLHGHU8QGGLH9RUVW|‰HGLHLFKLQVSlWHUHQ-DKUHQXQWHUQDKP VLQG QLFKW ZHUW EHULFKWHW ]X ZHUGHQ 6LH YHUVWlUNWHQ QXU QRFK PHLQHQ +RUURU YRU VROFKHQ 8QWHUQHKPXQJHQ© ª%LVDXIGLH(UOHEQLVVHLQ5RP©VDJWHGLHlOWHUH)UDX ,KUH $XJHQ LKU *HVLFKW GHU 7RQIDOO « DOOHV HQWVSUDFK IDVW JHQDX GHP GHU HFKWHQ $QWRLQHWWH 'UR\GHQ(LQHYHUEOIIHQGHIDVWSKDQWDVWLVFKHbKQOLFKNHLW$WODQVFKWWHOWHVLFKXQGVDJWH ª'LH (UOHEQLVVH LQ 5RP 1XQ VLH ZDUHQ QLFKW PHKU XQG QLFKW ZHQLJHU DQVWUHQJHQG XQG KRIIQXQJVORVDOVGLH6XPPHDOOHUDQGHUHQ0LVVLRQHQ$EHULFKZHUGHYHUVXFKHQVRODQJHLFKOHEH NHLQHP0HQVFKHQDXFKQXUHLQ6WHUEHQVZ|UWFKHQEHU5RPXQG1HUR]XYHUUDWHQ$X‰HUGHPKDEH LFK GLH (ULQQHUXQJ DQ MHQH =HLW VR VWDUN YHUGUlQJW GD‰ HV K|OOLVFK VFKZHU VHLQ GUIWH PHLQH (ULQQHUXQJHQDQ]XVSUHFKHQ/DVVHQZLUGDV:RILQGHLFKGLH'XVFKH0LVWHU'R\HQ"© 'HU +DXVKHUU QLFNWH XQG GHXWHWH ]XU 'HFNH (LQ IODPPHQGHV 0RUJHQURW EUHLWHWH VLFK EHU GHU %XFKW XQG GHQ %DXPNXOWXUHQ DXV 'DV /LFKW OLH‰ GLH .|USHU GHU 5RERWHU DXIVFKLPPHUQ $WODQ PX‰WHDQGDV6FKLIIXQGDQGLHQlFKVWHQ0LVVLRQHQDXIGLHVHU5HLVHGHQNHQ'LH6XFKHQDFKGHP 0HUNZUGLJHQ0HWHRUZDUlKQOLFKHUJHEQLVORVYHUODXIHQZLHVHLQ$EHQWHXHULQ9HUVDLOOHV ª,FK]HLJH,KQHQDOOHV:HQQ6LHVLFKHUKROWKDEHQZDUWHWHLQDXVJH]HLFKQHWHV)UKVWFNDXIXQV 



DOOH© (LQH GUHLYLHUWHO 6WXQGH VSlWHU NDP $WODQ ZLHGHU KHUXQWHU (U KDWWH PHKUPDOV NDOW XQG KHL‰ JHGXVFKW XQG IKOWH VLFK ZHVHQWOLFK EHVVHU 'HU 'UXFN LQ GHQ 6FKOlIHQ ZDU YHUJDQJHQ XQG GHU VFKOHFKWH*HVFKPDFNDXIGHU=XQJH ª'DV)UKVWFNZDUWHWGUDX‰HQ©VDJWH$QWRLQHWWH'R\HQGLHRIIHQVLFKWOLFKDXILKQJHZDUWHWKDWWH ª'DQNH©HUZLGHUWH$WODQª,FKKDEHHLQH)UDJHGLH6LHVLFKHUYHUEOIIHQZLUG© $OV$QWRLQHWWHLKQDQOlFKHOWHHUVFKUDNHUDEHUPDOV (V ZDU JHQDX GRV /lFKHOQ GHU )UDX GLH DXI HLQHP DQGHUHQ 3ODQHWHQ OlQJVW YHUPRGHUW RGHU ]X 6WDXE]HUIDOOHQZDU9|OOLJLGHQWLVFK ª6LHP|FKWHQVLFKHUHLQH)UDJHVWHOOHQGLHVLFKDXIGLHbKQOLFKNHLW]ZLVFKHQMHQHU$QWRLQHWWHXQG PLUEH]LHKWQLFKWZDKU"©IUDJWHGLH)UDXGHUHQ$OWHU$WODQDXIHWZDKXQGHUWIQI]LJ-DKUHVFKlW]HQ PX‰WH ª6RLVWHV©VDJWHHUYROOHU9HUZXQGHUXQJ(LQH5HLKHGXQNOHU$KQXQJHQEHUILHOLKQSO|W]OLTKHU NRQQWHVLFKQLFKWGHQNHQZLHVROFKHYHUEOIIHQGHQ=XIlOOLJNHLWHQEHUKDXSWP|JOLFKZDUHQ ª,FKHPSIHKOHHV,KQHQ/RUGDGPLUDO/DVVHQ6LHDOOHP‰LJHQhEHUOHJXQJHQ]XGLHVHP7KHPD ,FKZHL‰PHKUDOV6LHMHW]WYHUPXWHQDEHUZHQLJHUXPHWZDVHUNOlUHQ]XN|QQHQ© 6LH ZDU NOHLQHU DOV HU :LHGHU VFKOXJ VHLQH (ULQQHUXQJ ]X 6LH JLQJHQ QHEHQHLQDQGHU GXUFK HLQ 6\VWHP YRQ 7UHQ XQG ZLQNOLJHQ .RUULGRUHQ DOOH ZHL‰ JHVWULFKHQ KLQDXV DXI GLH 7HUUDVVH 6LH EHVWDQGDXVHLQHU$QRUGQXQJYRQ*ODVSODWWHQGLHYHUVHQNWZHUGHQNRQQWHQ-HW]WELOGHWHQVLHQRFK HLQHQ6FKXW]JHJHQGLH.KOHGHV0RUJHQVDEHUZHQQGLHHUVWHQ6RQQHQVWUDKOHQNDPHQZUGHQ VLHQLFKWPHKUJHEUDXFKWZHUGHQ ª,FKDKQHPDQFKHV©VDJWH$WODQª$EHUJODXEHQ6LHQLFKWGD‰LFKHLQ5HFKWDXI:DKUKHLWKDEH" 6FKOLH‰OLFK KDEH LFK ,KQHQ HLQHQ ZLFKWLJHQ $EVFKQLWW PHLQHV /HEHQV XQG GHU WHUUDQLVFKHQ *HVFKLFKWHEHULFKWHW© 'LHDOWH)UDXEHPHUNWHLQOHLFKWHP.RQYHUVDWLRQVWRQ ª(VVLQGQXUPHLQH7UlXPH$XIGLHVHP:HJEHVWHKWHLQHHQJH9HUZDQGWVFKDIW]ZLVFKHQPLUXQG GHU9HUJDQJHQKHLW$EHUELWWHVFKZHLJHQ6LHMHW]W,FKP|FKWHQLFKWGDUEHUVSUHFKHQ© ª(LQYHUVWDQGHQ© VDJWH $WODQ 'HU *HUXFK VWDUNHQ VFKZDU]HQ .DIIHHV HUIOOWH GLH 7HUUDVVH 'DV /LFKW YHUVFKHXFKWH GLH ODVWHQGHQ 6FKDWWHQ GHU 1DFKW GHU $UNRQLGH VSUWH ZLH GLH %HNOHPPXQJ XQG GLH 9HUNUDPSIXQJ ODQJVDP YRQ LKP DEILHOHQ ZLH GLH WURFNHQH +DXW HLQHU 6FKODQJH (LQH 6WXQGHVSlWHUOHKQWHHUVLFK ]XUFNXQGJHVWDWWHWHVLFKYRP+DXVKHUUQHLQHODQJH=LJDUHWWHDQ]XQHKPHQXQGODQJVDPXQGPLW *HQX‰]XUDXFKHQ ª,FKGDQNH,KQHQDOOHQ©VDJWHHUOHLVHª,FKVDKYRUKLQGD‰6LHHLQ%DQGJHUlWODXIHQOLH‰HQ'DUI LFKGLH$XI]HLFKQXQJEHKDOWHQ"© $QWRLQHWWH'R\HQOlFKHOWHLKQPLWHEHQVRYLHO&KDUPHDQZLHLKUHIHUQH=ZLOOLQJVVFKZHVWHU ª$EHU QXU ZHQQ 6LH XQV PLW QlFKVWHU 3RVW HLQH .RSLH VFKLFNHQ ,KUH %HULFKWH /RUGDGPLUDO SDVVHQDXVJH]HLFKQHW]XGHU0XVLNYRQ/XOO\XQG&KDUSHQWLHU© ª(LQYHUVWDQGHQ© =ZHL6WXQGHQVSlWHUKLHOWGHU*OHLWHUXQWHUGHQ/DQGHEHLQHQGHV6FKLIIHV'DVNOHLQH.RPPDQGR GHU8QLWHG6WDUV2UJDQLVDWLRQYHUOLH‰GLHVHQ3ODQHWHQGHUQXUVFKHLQEDUQLFKWVPLWGHU*HVFKLFKWH GHU(UGH]XWXQKDWWH$EHUDOV$WODQGLH 6WHUQH VDK GLH HU GDPDOV VR KlXILJ XQG PLW EUHQQHQGHU ,QWHQVLWlWYRP%RGHQGHU(UGHDXVDQJHVWDUUWKDWWHIKOWHHUGD‰]ZLVFKHQGHQ7UlXPHQHLQHUDOWHQ )UDX XQG GHU =HLW LQ 9HUVDLOOHV PHKU =XVDPPHQKlQJH EHVWHKHQ NRQQWHQ DOV HU MHPDOV HUIDKUHQ ZUGH8QGVFKOLH‰OLFKGDFKWHHUNXU]DQGLH=HLWGLH]ZLVFKHQ9HUVDLOOHVXQGGHPHUVWHQ.RQWDNW PLWGHPMXQJHQ3HUU\5KRGDQYHUJDQJHQZDU 9HUJOLFKHQPLW5RPRGHU9HUVDLOOHVZDUVLHVR]XVDJHQODQJZHLOLJJHZHVHQ« 'DV 6FKLII YHUOLH‰ GLH /XIWKOOH XQG GHU 3ODQHW EOLHE DOV OHXFKWHQGH .XJHO KLQWHU LKQHQ ]XUFN -HW]WKHUUVFKWHQZLHGHUGLHXQYHUlQGHUOLFKHQ*HVHW]HGHU*HJHQZDUW   



(1'(             %LWWHEHDFKWHQ6LHGLH9RUVFKDXDXIGHUQlFKVWHQ6HLWH $OV3(55<5+2'$17DVFKHQEXFK1UHUVFKHLQW 'DVXQVLFKWEDUH1HW] (LQ6FLHQFH)LFWLRQ5RPDQYRQ+*(ZHUV  0LW3HUU\5KRGDQXQG5DXPNDSLWlQ1HOVRQDXIGHU:HOWGHU7RWJHJODXEWHQ  ª'DVJLJDQWLVFKH8QWLHUUDVWHDXIGHQ+DQJ]X6HLQHPlFKWLJHQ3UDQNHQZLUEHOWHQJUR‰H:RONHQ 9XONDQDVFKHKRFKVWLH‰HQ)HOVEURFNHQ]XU6HLWHXQGDUEHLWHWHQVLFKLPPHUK|KHU2ER1DNXUXXQG 3HUU\ 5KRGDQ ZDUWHWHQ DP .UDWHUUDQG ELV GHU %OXHVNLQ*ULQG QXU QRFK ]HKQ 0HWHU XQWHU LKQHQ ZDU'DQQIHXHUWHQVLHJOHLFK]HLWLJ«© (LQH EHXQUXKLJHQGH 1DFKULFKW DXV HLQHP IHUQHQ .XJHOVWHUQKDXIHQ YHUDQOD‰W 3HUU\ 5KRGDQ HLQH YHUJHVVHQH:HOWDQ]XIOLHJHQXQGGRUWSHUV|QOLFKQDFKGHP5HFKWHQ]XVHKHQ(LQ1H[LDOLVWXQGGLH EHUKPWEHUFKWLJWHQ *HVFKZLVWHU *X\ DQG 0DEHO 1HOVRQ EHJOHLWHQ GHQ *UR‰DGPLQLVWUDWRU GHV 6RODUHQ,PSHULXPVDXIGLHVHUJHIDKUYROOHQ0LVVLRQ (LQ5RPDQDXVGHP-DKUKXQGHUW 3(55<5+2'$17DVFKHQEXFK 1U  LQ .U]H EHUDOO LP =HLWVFKULIWHQ %XFK XQG %DKQKRIVEXFKKDQGHOHUKlOWOLFK