(567(6.$3,7(/ %2520,5672'
'(5+(55'(55,1*( %$1',,
$UDJRUQHLOWHZHLWHUGHQ%HUJKLQDXI'DQQXQGZDQQEFNWHHU V...
341 downloads
2292 Views
3MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(567(6.$3,7(/ %2520,5672'
'(5+(55'(55,1*( %$1',,
$UDJRUQHLOWHZHLWHUGHQ%HUJKLQDXI'DQQXQGZDQQEFNWHHU VLFKXQGXQWHUVXFKWHGHQ%RGHQ+REELWVKDEHQHLQHQOHLFKWHQ6FKULWW XQGVHOEVWIUHLQHQ:DOGOlXIHUVLQGLKUH)XVSXUHQQLFKWOHLFKW]X OHVHQ GRFKQLFKWZHLWYRP*LSIHONUHX]WHHLQH4XHOOHGHQ3IDGXQGDXIGHUQDV VHQ(UGHVDKHUZDVHUVXFKWH ª,FKKDEHGLH=HLFKHQULFKWLJJHOHVHQ©VDJWHHU]XVLFKª)URGRLVW]XP %HUJJLSIHOJHODXIHQ:DVPDJHUGRUWZRKOJHVHKHQKDEHQ"$EHUHUNDP DXIGHPVHOEHQ:HJ]XUFNXQGLVWEHUJDEJHJDQJHQ© $UDJRUQ]|JHUWH(UKDWWHVHOEVWGHQ:XQVFK]XGHP+RFKVLW]]XJH KHQGHQQHUKRIIWHGRUWHWZDV]XVHKHQGDVLKQDXVVHLQHU5DWORVLJNHLW KHUDXVIKUHQN|QQWHGRFKGLH=HLWGUlQJWH3O|W]OLFKVSUDQJHU YRUDQXQG UDQQWH]XP*LSIHOEHUGLHJURHQ6WHLQSODWWHQXQGGLH6WXIHQKLQDXI $OVHUGDQQDXIGHP+RFKVLW]VDEOLFNWHHUVLFKXP$EHUGLH6RQQH VFKLHQYHUGXQNHOWXQGGLH:HOWYHUVFKZRPPHQXQGHQWUFNW(UZDQGWH VLFKYRQ1RUGHQULQJVXPZLHGHUQDFK1RUGHQ]XUFNXQGHUVDKQLFKWV DOVGLHIHUQHQ%HUJHQXUGRUWZRVLHLQJDQ]ZHLWHU)HUQHODJHQVDKHU ZLHGHUXPHLQHQJURHQ9RJHOYLHOOHLFKWHLQHQ$GOHUGHULQZHLWHQ.UHL VHQODQJVDP]XU(UGHQLHGHUVFKZHEWH :lKUHQGHUQRFKVFKDXWHYHUQDKPHQVHLQH VFKDUIHQ2KUHQ*HUlXVFKH LQGHP:DOGJHOlQGHXQWHQDP:HVWXIHUGHV)OXVVHV(UIXKU]XVDPPHQ (VZDUHQ6FKUHLHXQG]XVHLQHP(QWVHW]HQHUNDQQWHHUGDUXQWHUGLHUDX KHQ6WLPPHQYRQ2UNV'DQQSO|W]OLFKHUNODQJGDVWLHIW|QHQGH6FKPHW WHUQHLQHVJURHQ+RUQVXQGVHLQ6FKDOOWUDIDXIGLH%HUJHXQGKDOOWHLQ GHQ7lOHUQZLGHUXQGHUKREVLFK]XHLQHPPlFKWLJHQ5XIGHUGDV%UDX VHQGHV:DVVHUIDOOVEHUW|QWH ª'DV+RUQYRQ%RURPLU©ULHIHUª(ULVWLQ1RW©$UDJRUQVSUDQJEHU GLH6WXIHQXQGHLOWHGHQ3IDGKLQXQWHUª2ZHK(LQE|VHV*HVFKLFNOLHJW KHXWHDXIPLUXQGDOOHVZDVLFKWXHOlXIWIDOVFK:RLVW6DP"© :lKUHQGHUUDQQWHZDUHQGLH6FKUHLHHUVWODXWHUJHZRUGHQXQGGDQQ OHLVHUXQGGDV+RUQEOLHVYHU]ZHLIHOW:WHQGXQGVFKULOOVWLHJHQGLH 6FKUHLHGHU 2UNVDXIXQGSO|W]OLFKYHUVWXPPWHGDV+RUQ$UDJRUQHLOWH EHUGHQOHW]WHQ+DQJGRFKHKHHUGHQ)XGHV%HUJHVHUUHLFKWKDWWH ZXUGHQGLH*HUlXVFKHVFKZlFKHUXQGDOVHUVLFKQDFKOLQNVZDQGWHXQG DXIVLH]XOLHIHQWIHUQWHQVLHVLFKELVHUVLHVFKOLHOLFKQLFKWPHKUK|UWH (U]RJVHLQEODQNHV6FKZHUWXQGEUDFKPLWGHP5XI(OHQGLO(OHQGLO ]ZL VFKHQGHQ%lXPHQKLQGXUFK (LQH0HLOHYLHOOHLFKWYRQ3DUWK*DOHQDXIHLQHUNOHLQHQ/LFKWXQJQLFKW ZHLWYRP6HHIDQGHU%RURPLU(UVDPLWGHP5FNHQDQHLQHPJURHQ %DXPDOVREHUUXKH$EHU$UDJRUQVDKGDHUYRQYLHOHQVFKZDU]JH ILHGHUWHQ3IHLOHQGXUFKERKUWZDUVHLQ6FKZHUWKLHOWHUQRFKLQGHU+DQG GRFKZDUHVGLFKWDP+HIWDEJHEURFKHQVHLQLQ]ZHL7HLOHJHERUVWHQHV +RUQODJQHEHQLKP9LHOHHUVFKODJHQH2UNVODJHQXPLKQKHUXPXQG]X VHLQHQ)HQ $UDJRUQNQLHWHQHEHQLKPQLHGHU%RURPLU|IIQHWHGLH$XJHQXQG PKWHVLFK]XVSUHFKHQ6FKOLHOLFKNDPHQ]|JHUQGH:RUWHª,FKKDEH 5HL$QJHON#KWWSFRODHERRN]IELGH
YHUVXFKW)URGRGHQ5LQJZHJ]XQHKPHQ©VDJWHHUª(VWXWPLUOHLG,FK KDEHGDIUEH]DKOW©6HLQ%OLFNZDQGHUWHEHUGLHJHIDOOHQHQ)HLQGH ]XPLQGHVW]ZDQ]LJODJHQGRUWª6LHVLQGIRUWGLH+DOEOLQJHGLH2UNV KDEHQVLHPLWJHQRPPHQ,FKJODXEHVLHVLQGQLFKWWRW2UNVKDEHQVLHJH IHVVHOW©(UKLHOWLQQHXQGVFKORHUPDWWHWGLH$XJHQ1DFKHLQHP $XJHQEOLFNVSUDFKHUQRFKHLQPDO ª/HEZRKO$UDJRQ*HKQDFK0LQDV7LULWKXQGUHWWHPHLQ9RON,FK KDEHYHUVDJW© ª1HLQ©VDJWH$UDJRUQQDKPVHLQH+DQGXQGNWHLKQDXIGLH6WLUQ ª'XKDVWJHVLHJW:HQLJHKDEHQHLQHQVROFKHQ6LHJHUUXQJHQ6HLEHUX KLJW0LQDV7LULWKVROOQLFKWIDOOHQ© %RURPLUOlFKHOWH ª,QZHOFKHU5LFKWXQJVLQGVLHJHJDQJHQ":DU)URGRGD"©IUDJWH$UD JRUQ $EHU%RURPLUVSUDFKQLFKWPHKU ª2ZHK©VDJWH$UDJRUQª6RVWLUEWGHU(UEHYRQ'HQHWKRUGHV+HUUQ GHV7XUPVGHU :DFKH'DVLVWHLQELWWHUHV(QGH-HW]WLVWGLH*HPHLQVFKDIW JDQ]]HUVW|UW,FKELQHVGHUYHUVDJWKDW9HUJHEOLFKZDU*DQGDOIV9HU WUDXHQ]XPLU:DVVROOLFKQXQWXQ"%RURPLUKDWPLUDXIHUOHJWQDFK 0LQDV7LULWK]XJHKHQXQGPHLQ+HU]ZQVFKWHVDEHUZRVLQGGHU5LQJ XQGVHLQ7UlJHU":LHVROOLFKVLHILQGHQXQGGLH)DKUWYRUGHP6FKHLWHUQ EHZDKUHQ"© (LQH:HLOHNQLHWHHUQRFKJHEHXJWYRP6FKPHU]XQGXPNODPPHUWH %RURPLUV+DQG6RIDQGHQLKQ/HJRODVXQG*LPOL6LHNDPHQYRQGHQ ZHVWOLFKHQ+lQJHQGHV%HUJVODXWORVXQGNURFKHQ]ZLVFKHQGHQ %lXPHQKLQGXUFKDOVREVLHDXI-DJGVHLHQ*LPOLKDWWHGLH$[WLQGHU +DQGXQG/HJRODVVHLQODQJHV0HVVHUDOOHVHLQH3IHLOHZDUHQYHUVFKRVVHQ $OVVLHDXIGLH/LFKWXQJNDPHQKLHOWHQVLHEHVWU]WLQQHXQGGDQQEOLH EHQVLHHLQHQ$XJHQEOLFNVWHKHQGLH.|SIHYROO7UDXHUJHVHQNWGHQQHV VFKLHQLKQHQNODUZDVJHVFKHKHQZDU ª2ZHK©VDJWH/HJRODVXQGNDP]X$UDJRUQª:LUKDEHQLP:DOG YLHOH2UNVJHMDJWXQGHUVFKODJHQDEHUKLHUZlUHQZLUQW]OLFKHUJHZHVHQ :LUNDPHQDOVZLUGDV+RUQK|UWHQ² GRFK]XVSlWRIIHQEDU,FKIUFKWH GXKDVWHLQHW|GOLFKH:XQGHHUKDOWHQ© ª%RURPLULVWWRW©VDJWH$UDJRUQª,FKELQXQYHUOHW]WGHQQLFKZDU QLFKWEHLLKP(UILHODOVHUGLH+REELWVYHUWHLGLJWHZlKUHQGLFKDXIGHP %HUJZDU© ª'LH+REELWV©ULHI*LPOLª:RVLQGVLHQXQ":RLVW)URGR"© ª,FKZHLHVQLFKW©DQWZRUWHWH$UDJRUQPGHª(KHHUVWDUEKDW %RURPLUJHVDJWGDGLH2UNVVLHJHIHVVHOWKlWWHQHUJODXEWHQLFKWGDVLH WRWVHLHQ,FKVFKLFNWHLKQDXV0HUU\XQG3LSSLQ]XIROJHQDEHULFKKDEH LKQQLFKWJHIUDJWRE)URGRRGHU6DPEHLLKPZDUHUVWDOVHV]XVSlWZDU $OOHVZDVLFKKHXWHJHWDQKDEHLVWIDOVFKJHODXIHQ:DVLVWMHW]W]XWXQ"© ª=XHUVWPVVHQZLUGHQ*HIDOOHQHQEHVWDWWHQ©VDJWH/HJRODVª:LU N|QQHQLKQKLHUQLFKWZLH$DV]ZLVFKHQGLHVHQDEVFKHXOLFKHQ2UNVOLH JHQODVVHQ© ª$EHUZLUPVVHQXQVHLOHQ©VDJWH*LPOLª(UZUGHQLFKWZROOHQGD ZLUXQVKLHUODQJHDXIKDOWHQ:LUPVVHQGLH2UNVYHUIROJHQZHQQ+RII QXQJEHVWHKWGDLUJHQGZHOFKHYRQXQVHUHU*HPHLQVFKDIWQRFKDP /HEHQXQGLKUH*HIDQJHQHQVLQG© ª'RFKZLVVHQZLUQLFKWREGHU5LQJWUlJHUEHLLKQHQLVWRGHUQLFKW© 5HL$QJHON#KWWSFRODHERRN]IELGH
VDJWH$UDJRUQª6ROOHQZLULKQLQ6WLFKODVVHQ"0VVHQZLUQLFKW]XHUVW LKQVXFKHQ"(LQHVFKZHUH(QWVFKHLGXQJVWHKWXQVEHYRU© ª'DQQODWXQV]XHUVWWXQZDVZLUWXQPVVHQ©VDJWH/HJRODVª:LU KDEHQZHGHUGLH=HLWQRFKGLH:HUN]HXJHXPXQVHUHQ*HIlKUWHQDQJH PHVVHQ]XEHJUDEHQRGHULKPHLQHQ+JHODXI]XVFKWWHQ(LQ6WHLQJUDE N|QQWHQZLUYLHOOHLFKWEDXHQ© ª'LH$UEHLWZUGHKDUWXQG ODQJZLHULJVHLQKLHULQGHU1lKHJLEWHV NHLQH6WHLQHGLHZLUJHEUDXFKHQN|QQWHQQXUDP8IHU©VDJWH*LPOL ª'DQQODWXQVLKQPLWVHLQHQ:DIIHQXQGGHQ:DIIHQVHLQHUEHVLHJ WHQ)HLQGHLQHLQ%RRWOHJHQ©VDJWH$UDJRUQª:LUZHUGHQLKQ]XGHQ :DVVHUIlOOHQGHV5DXURVVFKLFNHQXQGLKQGHP$QGXLQEHUJHEHQ'HU 6WURPYRQ*RQGRUZLUG]XPLQGHVWGDIUVRUJHQGDNHLQE|VHV/HEHZH VHQVHLQH*HEHLQHHQWHKUW© 5DVFKGXUFKVXFKWHQVLHGLH/HLFKHQGHU2UNVXQGVFKLFKWHWHQLKUH 6FKZHUWHUJHVSDOWHQHQ+HOPHXQG6FKLOGHDXIHLQHQ+DXIHQ ª6HKW©ULHI$UDJRUQª+LHUILQGHQZLU%HZHLVH©$XVGHP+DXIHQ JUDXVDPHU:DIIHQQDKPHU]ZHL0HVVHUPLW%ODWWNOLQJHQXQGLQ*ROGXQG 5RWGDPDV]LHUWXQGDOVHUZHLWHUVXFKWHIDQGHUDXFKGLH6FKHLGHQ VFKZDU]XQGPLWNOHLQHQURWHQ(GHOVWHLQHQEHVHW]Wª'DVKLHULVWNHLQ .ULHJVJHUlWGHU2UNV©VDJWHHUª'LH+REELWVKDWWHQVLHJHWUDJHQ=ZHL IHOORVKDEHQGLH2UNVVLHJHUDXEWDEHUVLHIUFKWHWHQVLFKGLH0HVVHU]X EHKDOWHQGHQQVLHHUNDQQWHQVLHDOVGDVZDVVLHVLQG:DIIHQYRQ :HVWHUQLVPLW=DXEHUNUlIWHQDXVJHVWDWWHW]XP9HUGHUEHQYRQ0RUGRU -DZHQQXQVHUH)UHXQGHQRFKOHEHQVLQGVLHMHW]WZDIIHQORV,FKZHUGH GLH6DFKHQDQPLFKQHKPHQGHQQZHQQJOHLFKNDXP+RIIQXQJEH VWHKWKRIIHLFKGRFKLPPHUQRFKVLHLKQHQ]XUFNJHEHQ]XN|QQHQ© ª8QGLFK©VDJWH/HJRODVªZHUGHDOOH3IHLOHQHKPHQGLHLFKILQGHQ NDQQGHQQPHLQ.|FKHULVWOHHU©(UGXUFKVW|EHUWHGHQ+DXIHQXQG VXFKWHGHQ%RGHQDEXQGIDQGQLFKWZHQLJHGLHXQEHVFKlGLJWZDUHQXQG HLQHQOlQJHUHQ6FKDIWKDWWHQDOVMHQH3IHLOHGLHGLH2UNVJHZ|KQOLFKEH QXW]WHQ(UVDKVLHVLFKVHKUJHQDXDQ 8QG$UDJRUQVDKVLFKGLH*HIDOOHQHQDQXQGVDJWHª+LHUOLHJHQYLHOH GLHQLFKW'LHQHUYRQ0RUGRUVLQG(LQLJHVWDPPHQDXVGHP1RUGHQDXV GHP1HEHOJHELUJHZHQQLFKEHUKDXSWHWZDVYRQ2UNVXQGLKUHQ5DVVHQ YHUVWHKH8QGKLHUVLQGDQGHUHGLHPLUIUHPGVLQG,KUH$XVUVWXQJLVW JDQ]XQGJDUQLFKWQDFKGHU$UWYRQ2UNV© 'DODJHQYLHU%LOZL.ULHJHUYRQJU|HUHU*HVWDOWVFKZlU]OLFKVFKOLW] lXJLJPLWGLFNHQ%HLQHQXQGJURHQ+lQGHQ,KUH:DIIHQZDUHQNXU]H 6FKZHUWHUPLWEUHLWHQ.OLQJHQQLFKWGLHEHL2UNVEOLFKHQ.UXPPVlEHO XQGVLHKDWWHQ(LEHQKRO]ERJHQGLHLKUHU/lQJHXQG)RUPQDFKZLHGLH %RJHQGHU0HQVFKHQZDUHQ$XILKUHQ6FKLOGHQKDWWHQVLHHLQIUHPGHV :DSSHQHLQHNOHLQHZHLH+DQGLQPLWWHQHLQHVVFKZDU]HQ)HOGHVDXI GHU6WLUQVHLWHLKUHUHLVHUQHQ+HOPHZDUHLQHDXVHLQHPZHLHQ0HWDOOJH VFKPLHGHWH65XQHDQJHEUDFKW ª,FKKDEHGLHVH=HLFKHQQRFKQLHJHVHKHQ©VDJWH$UDJRUQª:DVEH GHXWHQVLHZRKO"© ª6VWHKWIU6DXURQ©VDJWH*LPOLª'DVLVWOHLFKW]XOHVHQ© ª1HLQ©VDJWH/HJRODVª6DXURQJHEUDXFKWNHLQH(OEHQUXQHQ© ª8QGHEHQVRZHQLJJHEUDXFKWHUVHLQHQULFKWLJHQ1DPHQXQGHUODXEW DXFKQLFKWGDHUJHVFKULHEHQRGHUDXVJHVSURFKHQZLUG©VDJWH$UDJRUQ ª8QGHUJHEUDXFKWNHLQ:HL'LH2UNVLP'LHQVWHYRQ%DUDGGUWUDJHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
GDV=HLFKHQGHV5RWHQ$XJHV©(UVWDQGHLQHQ$XJHQEOLFNLQ*HGDQNHQ YHUVXQNHQGDª6EHGHXWHW6DUXPDQYHUPXWHLFK©VDJWHHUVFKOLHOLFK ª'DLVW%|VHVLP*DQJHLQ,VHQJDUWXQGGHU:HVWHQLVWQLFKWOlQJHU VLFKHU(VLVWZLH*DQGDOIJHIUFKWHWKDWWHDXILUJHQGHLQH:HLVHKDWGHU 9HUUlWHU6DUXPDQ1DFKULFKWEHUXQVHUH)DKUWHUKDOWHQ(EHQVRZDKU VFKHLQOLFKZLUGHUDXFKEHU*DQGDOIV(QGH%HVFKHLGZLVVHQ9HUIROJHU DXV0RULDP|JHQ/yULHQV:DFKVDPNHLWHQWJDQJHQVHLQRGHUKDEHQYLHO OHLFKWGLHVHV/DQGJHPLHGHQXQGVLQGDXIDQGHUHQ3IDGHQQDFK,VHQJDUW JHODQJW2UNVZDQGHUQVFKQHOO'RFKKDW6DUXPDQYLHOH0|JOLFKNHLWHQ 1HXHV]XHUIDKUHQ(ULQQHUWLKUHXFKGHU9|JHO"© ª1XQZLUKDEHQMHW]WNHLQH=HLWEHU5lWVHOQDFK]XJUEHOQ©VDJWH *LPOLª/DWXQV%RURPLUIRUWWUDJHQ© ª$EHUGDQDFKZHUGHQZLUGLH5lWVHOO|VHQPVVHQZHQQZLUGLHULFK WLJH(QWVFKHLGXQJEHUXQVHUHQ:HJWUHIIHQVROOHQ©DQWZRUWHWH$UDJRUQ ª9LHOOHLFKWJLEWHVNHLQHULFKWLJH(QWVFKHLGXQJ©VDJWH*LPOL 'HU=ZHUJQDKPVHLQH$[WXQGKLHEPHKUHUHbVWHDE6LHEDQGHQVLH PLW%RJHQVHKQHQ]XVDPPHQXQGEUHLWHWHQLKUH0lQWHOEHUGDV*HVWHOO $XIGLHVHUURKHQ%DKUHWUXJHQVLHLKUHQWRWHQ*HIlKUWHQ]XP8IHUXQG QDKPHQDQ6LHJHVEHXWHYRQVHLQHPOHW]WHQ .DPSIPLWZDVVLHLKPPLW ]XJHEHQJHGDFKWHQ(VZDUQXUHLQNXU]HU:HJGHQQRFKIDQGHQVLHGLH $XIJDEHQLFKWOHLFKWGHQQ%RURPLUZDUHLQJURHUXQGVWDUNHU0DQQ $UDJRUQEOLHEDP8IHUXQGKLHOW:DFKHDQGHU%DKUHZlKUHQG/HJR ODVXQG*LPOL]X)XQDFK3DUWK*DOHQ]XUFNHLOWHQ(VZDUHLQH0HLOH RGHUQRFKZHLWHUXQGHVGDXHUWHHLQLJH=HLWHKHVLH]XUFNNDPHQXQG ]ZHL%RRWHJHVFKZLQGDP8IHUHQWODQJSDGGHOWHQ ª(WZDV6HOWVDPHVKDEHQZLU]XEHULFKWHQ©VDJWH/HJRODVª(VZDUHQ QXU]ZHL%RRWHDP6WHLOXIHU9RQGHPGULWWHQNRQQWHQZLUNHLQH6SXU HQWGHFNHQ©ª6LQG2UNVGRUWJHZHVHQ"©IUDJWH$UDJRUQ ª:LUVDKHQNHLQH6SXUHQYRQLKQHQ©DQWZRUWHWH*LPOLª8QG2UNV KlWWHQDOOH%RRWHJHQRPPHQRGHU]HUVW|UWXQGGDV*HSlFNHEHQVR© ª,FKZHUGHPLUGHQ%RGHQDQVHKHQZHQQZLUGRUWKLQNRPPHQ©VDJWH $UDJRUQ 1XQOHJWHQVLH%RURPLULQGLH0LWWHGHV%RRWHVGDVLKQGDYRQWUDJHQ VROOWH'LHJUDXH.DSX]HXQGGHQ(OEHQPDQWHOIDOWHWHQVLH]XVDPPHQXQG OHJWHQVLHLKPXQWHUGHQ.RSI6LHNlPPWHQVHLQODQJHVGXQNOHV+DDU XQG RUGQHWHQHVDXIVHLQHQ6FKXOWHUQ'HUJROGHQH*UWHOYRQ/yULHQIXQ NHOWHXPVHLQHQ/HLE'HQ+HOPOHJWHQVLHQHEHQLKQXQGDXIVHLQHQ 6FKRGDVJHVSDOWHQH+RUQXQGGDV+HIWXQGGLH%UXFKVWFNHVHLQHV 6FKZHUWV=XVHLQHQ)HQODJHQGLH6FKZHUWHUVHLQHU)HLQGH'DQQEHIH VWLJWHQVLHGHQ%XJGHV%RRWVDP+HFNGHVDQGHUHQXQG]RJHQHVKLQDXV DXIGDV:DVVHU7UDXULJUXGHUWHQVLHDP8IHUHQWODQJXQGDOVVLHLQGLH VFKQHOOIOLHHQGH6WURPULQQHHLQERJHQNDPHQVLHDQGHPJUQHQ5DVHQ YRQ3DUWK*DOHQYRUEHL'LHVWHLOHQ+lQJHGHV7RO%UDQGLUHUJOKWHQGHU 1DFKPLWWDJZDUVFKRQIRUWJHVFKULWWHQ$OVVLHQDFK6GHQIXKUHQVWLHJ YRULKQHQGHU6SUKUHJHQGHV5DXURVDXIXQGVFKLPPHUWHZLHHLQJROGH QHU1HEHO'DV7RVHQXQG'RQQHUQGHV:DVVHUIDOOVHUVFKWWHUWHGLHZLQG ORVH/XIW *UDPHUIOOWO|VWHQVLHGLH9HUWlXXQJGHV%HVWDWWXQJVERRWVGRUWODJ %RURPLUUXKLJIULHGOLFKEHUGLH7LHIHGHVIOLHHQGHQ:DVVHUVKLQZHJ JOHLWHQG'HU6WURPQDKPLKQ]XVLFKZlKUHQGVLHLKU%RRWPLWGHQ3DG GHOQ]XUFNKLHOWHQ(UWULHE DQLKQHQYRUEHLXQGODQJVDPHQWIHUQWHVLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
VHLQ%RRWXQGZXUGHNOHLQHUELVHVHLQGXQNOHU)OHFNYRUGHPJROGHQHQ /LFKWZDUXQGGDQQYHUVFKZDQGHVSO|W]OLFK5DXURVGU|KQWHXQYHUlQ GHUWZHLWHU'HU)OXKDWWH%RURPLU'HQHWKRUV6RKQ]XVLFKJHQRPPHQ XQGQLHZLHGHUZDUGHULQ0LQDV7LULWKDXIGHP:HLHQ7XUPJHVHKHQ ZRHUGHV0RUJHQV]XVWHKHQSIOHJWH'RFKLQVSlWHUHQ=HLWHQKLHHVLQ *RQGRUQRFKODQJHGDV(OEHQERRWVHLGHQ:DVVHUIDOOKLQXQWHUXQGGXUFK GLHVFKlXPHQGH)OXWJHIDKUHQXQGKDEHLKQGXUFK2VJLOLDWKXQGDQGHQ ]DKOUHLFKHQ0QGXQJHQGHV$QGXLQYRUEHLEHL1DFKWXQWHUGHQ6WHUQHQ KLQDXVJHWUDJHQLQGDV*URH0HHU (LQH:HLOHVFKZLHJHQGLHGUHL*HIlKUWHQXQGEOLFNWHQLKPQDFK'DQQ VSUDFK$UDJRUQª6LHZHUGHQ$XVVFKDXQDFKLKPKDOWHQYRP:HLHQ 7XUP©VDJWHHUªGRFKZLUGHUQLFKWKHLPNHKUHQYRP*HELUJHRGHUYRP 0HHU©'DQQEHJDQQHUODQJVDP]XVLQJHQ 'XUFK5RKDQEHU0RRUXQG)HOGXQGJUQHV:HLGHODQG %LVDQGLH0DXHUQ]LHKWGHU:LQGYRQ:HVWHQDXVJHVDQGW ª:DVEULQJVWGX1HXHVDXV:HVWHQR :LQGZDVVDJVWGX]X$EHQG PLUDQ" 6DKVWGXLP0RQGOLFKW%RURPLUGHQKRKHQ5LWWHUVPDQQ" ªhEHUVLHEHQ6WU|PHVDKLFKLKQEHU:DVVHUEUHLWXQGJUDX *HQ1RUGHQUHLWHQGXUFKOHHUHV/DQGGDV|GHLVWXQGUDXK 9LHOOHLFKWVDKLKQGHU1RUGZLQGGRUWZRLFKVHLQH6SXUYHUORUQ 8QGYHUQDKPGHQ6FKDOOGHQ'HQHWKRUV6RKQQRFKHLQPDOVWLHLQV +RUQ ª2%RURPLU9RQKRKHU:HKUEOLFNLFKJHQ:HVWHQDXV 'RFKDXVGHPPHQVFKHQOHHUHQ/DQGNDPVWGXQLFKWPHKUQDFK+DXV 'DQQVDQJ/HJRODV 9RQGHU0QGXQJKHUDXIYRQGHUIHUQHQ6HHNRPPWGHU6GZLQG KHUDQJHMDJW 'DV6FKUHLHQGHU0|ZHQEHJOHLWHWLKQZLHHUDQGHQ7RUHQNODJW ª:DVEULQJVWGX1HXHVDXV6GHQR:LQGZDVVDJVWGXPLUDQ ]XU1DFKW" :REOLHEHUGHU6FK|QH"8P%RURPLUKDOW LFKWUDXULJH:DFKW ª)UDJQLFKWQDFKVHLQHP$XIHQWKDOW² DXIVWXUPJHSHLWVFKWHP6WUDQG 8QWHUGXQNOHP+LPPHOOLHJW7RWHQJHEHLQ]XKDXILPZHLHQ6DQG 6RYLHOHNDPHQGHQ$QGXLQKHUDELQVEUDQGHQGH0HHU )UDJHGHQ1RUGZLQG:HQHUVFKLFNWZHLQLHPDQGDOVQXUHU 2%RURPLU=XU.VWHIKUW YRP7RUGHU6WUDH/DXI 'RFKPLWGHQ0|ZHQNDPVWGXQLFKWYRQGHUJUDXHQ6HHKHUDXI
'DQQVDQJ$UDJRUQZLHGHU 9RP7RUGHU.|QLJHKHUXQGYRUEHLDQ5DXURVWRVHQGHP)DOO 5HLWHWGHU1RUGZLQGDP7XUPHUNOLQJWVHLQHV+DUQHVNDOWHU6FKDOO :DVEULQJVWGX1HXHVDXV1RUGHQR:LQGZHOFKH.XQGHDPKHX WLJHQ7DJ" :HLWGXZRGHUNKQH%RURPLUVRODQJHZHLOHQPDJ" ª,FKYHUQDKPVHLQHQ5XIDP$PRQ+HQ'RUWVFKOXJHUVHLQH6FKODFKW *HERUVWHQZXUGHQ6FKLOGXQG6FKZHUW]XP$QGXLQJHEUDFKW 6LHEHWWHWHQGDVVWRO]H+DXSWGHQHGOHQ/HLE]XU5XK 6WURPDEZlUWVWUXJLKQ5DXURV)DOOGHPIHUQHQ0HHUH]X 5HL$QJHON#KWWSFRODHERRN]IELGH
2%RURPLU)ULPPHUVROOIRUWDQGHU7XUPGHU:DFKW *HQ1RUGHQVFKDXQ]XP:DVVHUIDOO]X5DXURV JROGQHU3UDFKW 6RHQGHWHQVLH'DQQZHQGHWHQVLHLKU%RRWXQGSDGGHOWHQVRUDVFKVLH JHJHQGLH6WU|PXQJDQNDPHQ]XUFNQDFK3DUWK*DOHQ ª'HQ2VWZLQGKDEWLKUPLUEHUODVVHQ©VDJWH*LPOLªDEHULFKZLOO QLFKWVEHULKQVDJHQ© ª6RVROOWHHVDXFKVHLQ©VDJWH$UDJRUQª,Q0LQDV7LULWKHUWUDJHQVLH GHQ2VWZLQGDEHUVLHIUDJHQLKQQLFKWQDFKVHLQHQ%RWVFKDIWHQ'RFK MHW]WKDW%RURPLUVHLQHQ:HJDQJHWUHWHQXQGZLUPVVHQXQVHLOHQGHQ XQVHUHQ]XZlKOHQ© (UXQWHUVXFKWHGLHJUQH:LHVHUDVFKDEHUJUQGOLFKXQGEFNWHVLFK RIW]XU(UGHª.HLQH2UNVVLQGKLHUJHZHVHQ©VDJWHHUª6RQVWNDQQLFK QLFKWVJHQDXIHVWVWHOOHQ8QVHUDOOHU)XVWDSIHQVLQGGDXQGJHKHQKLHUKLQ XQGGRUWKLQ,FKNDQQQLFKWVDJHQRELUJHQGZHOFKH+REELWV]XUFNJH NRPPHQVLQGVHLWGLH6XFKHQDFK)URGREHJDQQ©(UNHKUWH]XP6WHLOXIHU ]XUFNQDKHGHU6WHOOHZRGDV5LQQVDOYRQGHU4XHOOHKLQDXVLQGHQ)OX WU|SIHOWHª+LHUVLQGHLQSDDUGHXWOLFKH$EGUFNH©VDJWHHUª(LQ+REELW LVWLQGDV:DVVHUJHZDWHWXQGZLHGHU]XUFNDEHULFKNDQQQLFKWVDJHQ ZLHODQJHHVKHULVW© ª:LHHUNOlUVWGXGLUGDQQGDV5lWVHO"©IUDJWH*LPOL $UDJRUQDQWZRUWHWHQLFKWVRIRUWVRQGHUQJLQJ]XUFN]XP/DJHUSODW] XQGVDKVLFKGDV*HSlFNDQª=ZHL%QGHOIHKOHQ©VDJWHHUªXQGHLQV GDYRQLVWJHZL6DPVHVZDU]LHPOLFKJURXQGVFKZHU'DVVFKHLQWDOVR GLH/|VXQJ]XVHLQ)URGRLVWPLWGHP%RRWIRUWJHIDKUHQXQGVHLQ'LHQHU LVWPLWLKPJHIDKUHQ)URGRPX]XUFNJHNRPPHQVHLQDOVZLUDOOHIRUW ZDUHQ,FKWUDI6DPDOVHUGHQ%HUJKLQDXIJLQJXQGVDJWHLKPHUVROOH PLUIROJHQDEHURIIHQEDUKDWHUGDVQLFKWJHWDQ(UHUULHWGLH*HGDQNHQ VHLQHV+HUUQXQGNDPKLHUKHU]XUFNHKH)URGRIRUWZDU)URGRIDQGHV QLFKWOHLFKW6DP]XUFN]XODVVHQ© ª$EHUZDUXPOLHHUXQV]XUFNXQGRKQHHLQ:RUW"©IUDJWH*LPOL ª'DVZDUHLQHVHOWVDPH7DW© ª8QGHLQHWDSIHUH7DW©VDJWH$UDJRUQª6DPKDWWHUHFKWJODXEHLFK )URGRZROOWHQLFKWGDLKQLUJHQGHLQHUVHLQHU)UHXQGHDXIGHU7RGHVIDKUW QDFK0RUGRUEHJOHLWH$EHUHUZXWHGDHUVHOEVWJHKHQPXWH,UJHQG HWZDVJHVFKDKQDFKGHPHUXQVYHUODVVHQKDWWHGDVVWlUNHUZDUDOVVHLQH $QJVWXQGVHLQ =ZHLIHO© ª9LHOOHLFKWKDEHQLKQ2UNVGLHQDFKLKPVXFKWHQDXIJHVSUWXQGHU IORK©VDJWH/HJRODV ª(UIORKJHZL©VDJWH$UDJRUQªDEHUQLFKWYRU2UNVJODXEHLFK© :DVVHLQHU0HLQXQJQDFKGHU*UXQGIU)URGRVSO|W]OLFKHQ(QWVFKOX XQGVHLQH)OXFKWZDU VDJWH$UDJRUQQLFKW%RURPLUVOHW]WH:RUWHKLHOWHU ODQJHJHKHLP ª1XQVRYLHOLVWMHW]WZHQLJVWHQVNODU©VDJWH/HJRODVª)URGRLVWQLFKW PHKUDXIGLHVHU6HLWHGHV)OXVVHVQXUHUNDQQGDV%RRWJHQRPPHQKDEHQ 8QG6DPLVWEHLLKPQXUHUKlWWHVHLQ%QGHOJHQRPPHQ© ª:LUVWHKHQQXQYRUGHU(QWVFKHLGXQJ©VDJWH*LPOLªHQWZHGHUGDV OHW]WH%RRW]XQHKPHQXQG)URGR]XIROJHQRGHUDEHU]X)XGLH2UNV]X YHUIROJHQ%HLGHVLVWQLFKWVHKUKRIIQXQJVYROO:LUKDEHQEHUHLWVNRVWEDUH 6WXQGHQYHUORUHQ© ª/DWPLFK QDFKGHQNHQ©VDJWH$UDJRUQª8QGP|JHLFKMHW]WHLQH ULFKWLJH(QWVFKHLGXQJWUHIIHQXQGGDVE|VH*HVFKLFNGLHVHVXQVHOLJHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
7DJHVZHQGHQ©(UYHUKDUUWHHLQHQ$XJHQEOLFNVFKZHLJHQGª,FKZHUGH GLH2UNVYHUIROJHQ©VDJWHHUVFKOLHOLFKª,FKKlWWH)URGRQDFK0RUGRU JHIKUWXQGZlUHELV]XP(QGHPLWLKPJHJDQJHQDEHUZHQQLFKLKQ MHW]WLQGHU:LOGQLVVXFKHPXLFKGLH*HIDQJHQHQLP6WLFKODVVHQXQG VLHGHU)ROWHUXQGGHP7RGDXVOLHIHUQ0HLQ+HU]VSULFKWHQGOLFKGHXWOLFK GDV6FKLFNVDOGHV7UlJHUVOLHJWQLFKW OlQJHULQPHLQHU+DQG'LH*HPHLQ VFKDIWKDWLKUH5ROOHJHVSLHOW'HQQRFKN|QQHQZLUGLHZLUEULJJHEOLH EHQVLQGQLFKWXQVHUH*HIlKUWHQSUHLVJHEHQ.RPPW:LUZROOHQMHW]WJH KHQ/DWDOOHV]XUFNZDVHQWEHKUOLFKLVW:LUZROOHQYRUZlUWVHLOHQEHL 7DJXQGEHL1DFKW© 6LH]RJHQGDVOHW]WH%RRWKHUDXVXQGWUXJHQHV]XGHQ%lXPHQ'DUXQ WHUOHJWHQVLHGLHMHQLJHQLKUHU6DFKHQGLHVLHQLFKWEUDXFKWHQXQGQLFKW PLWQHKPHQNRQQWHQ'DQQYHUOLHHQVLH3DUWK*DOHQ'HU1DFKPLWWDJ YHUEODWHDOVVLH]XGHU/LFKWXQJ]XUFNNDPHQZR%RURPLUJHIDOOHQZDU 'RUWQDKPHQVLHGLH6SXUGHU2UNVDXI(VEHGXUIWHNHLQHUJURHQ.XQVW VLH]XILQGHQ ª.HLQDQGHUHV9RONWUDPSHOWGHUDUWLJKHUXP©VDJWH/HJRODVª(V VFKHLQWLKQHQ)UHXGH]XPDFKHQ3IODQ]HQGLHLKQHQQLFKWHLQPDOLP :HJHVLQG]X]HUVW|UHQXQGDE]XKDXHQ© ª$EHUWURW]DOOHGHPJHKHQVLHPlFKWLJVFKQHOO©VDJWH$UDJRUQªXQG ZHUGHQQLFKWPGH8QGVSlWHUPDJHVVHLQGDZLUXQVHUHQ:HJLQ |GHPNDKOHP*HOlQGHVXFKHQPVVHQ© ª$OVRLKQHQQDFK©VDJWH*LPOLª$XFK=ZHUJHYHUP|JHQVFKQHOO]X JHKHQXQGZHUGHQQLFKWHKHUPGHDOV2UNV$EHUHVZLUGHLQHODQJH 9HUIROJXQJZHUGHQVLHKDEHQHLQHQJURHQ9RUVSUXQJ© ª-D©VDJWH$UDJRUQªZLUDOOHZHUGHQGLH$XVGDXHUYRQ=ZHUJHQ EUDXFKHQ$EHUNRPPW0LW+RIIQXQJRGHURKQH+RIIQXQJZHUGHQZLU GHU6SXUXQVHUHU)HLQGHIROJHQ8QGZHKHLKQHQZHQQZLUXQVDOV VFKQHOOHUHUZHLVHQ:LUZHUGHQHLQHVROFKH+HW]MDJGYHUDQVWDOWHQGDVLH DOVHLQ:XQGHUEHWUDFKWHWZHUGHQZLUGXQWHUGHQ'UHL*HVFKOHFKWHUQ (OEHQ=ZHUJHQXQG0HQVFKHQ9RUZlUWVGLH'UHL-lJHU© :LHHLQ+LUVFKVSUDQJHUGDYRQ'XUFKGLH%lXPHHLOWHHU:HLWHUXQG LPPHUZHLWHUIKUWHHUVLHXQHUPGOLFKXQGVFKQHOOGDHUQXQHQGOLFK]X HLQHP(QWVFKOXJHNRPPHQZDU'LH:lOGHUXPGHQ6HHOLHHQVLHKLQWHU VLFK/DQJH+lQJHHUNORPPHQVLHGLHVLFKGXQNHOXQGVFKDUINDQWLJJHJHQ GHQVFKRQYRP6RQQHQXQWHUJDQJJHU|WHWHQ+LPPHODEKREHQ'LH'lP PHUXQJVHQNWHVLFKKHUDE6LHYHUVFKZDQGHQJUDXH6FKDWWHQLQHLQHP VWHLQLJHQ/DQG
5HL$QJHON#KWWSFRODHERRN]IELGH
=:(,7(6.$3,7(/ ',(5(,7(592152+$1
'LH'lPPHUXQJZXUGHGXQNOHU1HEHOKLQJKLQWHULKQHQ]ZLVFKHQGHQ WLHIHUVWHKHQGHQ%lXPHQXQGVFKZHEWHEHUGHQEOHLFKHQ5lQGHUQGHV $QGXLQGRFKZDUGHU+LPPHONODU6WHUQHNDPHQKHUYRU'HU]XQHK PHQGH0RQGVWDQGLP:HVWHQXQGGLH6FKDWWHQGHU)HOVHQZDUHQ VFKZDU]6LHKDWWHQGHQ)XVWHLQLJHU%HUJHHUUHLFKWXQGLKU6FKULWW ZXUGHODQJVDPHUGHQQHVZDUQLFKWPHKUVRHLQIDFKGHU6SXU]XIROJHQ +LHUHUVWUHFNWHQVLFKGLH$XVOlXIHUGHV(P\Q0XLOLQ]ZHLODQJHQ]HU NOIWHWHQ+|KHQ]JHQ'LHZHVWOLFKH6HLWHGHUEHLGHQ+|KHQ]JHZDU VWHLOXQGEHVFKZHUOLFKGRFKGLH|VWOLFKHQ+lQJHZDUHQVDQIWHUGXUFK IXUFKWYRQYLHOHQ:DVVHUULQQHQXQGVFKPDOHQ6FKOXFKWHQ'LHJDQ]H 1DFKWNOHWWHUWHQGLHGUHL*HIlKUWHQGXUFKGLHVHV|GH/DQGHUNORPPHQGHQ .DPPGHVHUVWHQXQGK|FKVWHQ+|KHQ]XJHVXQGVWLHJHQZLHGHUKLQXQWHU LQGLH'XQNHOKHLWHLQHVULHIHQJHZXQGHQHQ7DOVDXIGHUDQGHUHQ6HLWH ,QGHUVWLOOHQNDOWHQ6WXQGHYRUGHP0RUJHQJUDXHQKLHOWHQVLHGRUW HLQHNXU]H5DVW9RULKQHQZDUGHU0RQGVFKRQXQWHUJHJDQJHQXQGEHU LKQHQIXQNHOWHQGLH6WHUQHKLQWHULKQHQZDUGDV/LFKWGHV7DJHVQRFK QLFKWEHUGLHGXQNOHQ%HUJHKHUDXIJHNRPPHQ(LQHQ$XJHQEOLFNZDU $UDJRUQUDWORVGLH6SXUGHU2UNVKDWWHLQGDV7DOKLQXQWHUJHIKUWGRUW DEHUZDUVLHYHUVFKZXQGHQ ª,QZHOFKHU5LFKWXQJZHUGHQVLHJHJDQJHQVHLQZDVJODXEVWGX"© IUDJWH/HJRODVª1DFK1RUGHQXPHLQHQJHUDGHUHQ:HJQDFK,VHQJDUW HLQ]XVFKODJHQRGHUQDFK)DQJRUQZHQQGDVZLHGXYHUPXWHVWLKU=LHO LVW"2GHUQDFK6GHQXPDXIGLH(QWZDVVHU]XVWRHQ"© ª$XIGHQ)OXZHUGHQVLHQLFKW]XKDOWHQZHOFKHVLKU=LHODXFKLPPHU VHLQPDJ©VDJWH$UDJRUQª8QGVRIHUQGLH'LQJHLQ5RKDQQLFKWVHKU VFKOHFKWVWHKHQXQG6DUXPDQV0DFKWQLFKWHUKHEOLFK]XJHQRPPHQKDW ZHUGHQVLHGHQNU]HVWHQ:HJQHKPHQGHQVLHILQGHQN|QQHQEHUGLH :HLGHQGHU5RKLUULP/DWXQVLP1RUGHQVXFKHQ© 'DV7DOODJZLHHLQVWHLQHUQHU7URJ]ZLVFKHQGHQ%HUJJUDWHQXQGHLQ VFKPDOHU%DFKULHVHOWH]ZLVFKHQ)LQGOLQJHQDXIGHU7DOVRKOH(LQH )HOVZDQGGURKWH]XLKUHU5HFKWHQ]XU/LQNHQHUKREHQVLFKJUDXH+lQJH XQGHXWOLFKXQGVFKDWWHQKDIWLQGHUVSlWHQ1DFKW6LHJLQJHQZHLWHUHLQH 0HLOHRGHUPHKUQDFK1RUGHQ$UDJRUQVXFKWH]XP%RGHQJHEFNW]ZL VFKHQGHQ%RGHQIDOWHQXQG:DVVHUULQQHQGLH]XGHPZHVWOLFKHQ.DPP IKUWHQ/HJRODVZDUHLQ6WFNYRUDXV3O|W]OLFKVWLHGHU(OEHLQHQ5XI DXVXQGGLHDQGHUHQUDQQWHQ]XLKP ª:LUKDEHQVFKRQHLQLJHEHUKROWYRQGHQHQGLHZLUVXFKHQ©VDJWHHU ª6FKDXW©(U]HLJWHDXIHWZDVXQGVLHVDKHQGDGDVZDVVLH]XHUVWIU )LQGOLQJHJHKDOWHQKDWWHQGLHDP)XGHV$EKDQJVODJHQ]XVDPPHQJH NDXHUWH.|USHUZDUHQ)QIWRWH2UNVODJHQGD6LHZDUHQPLWYLHOHQ JUDXVDPHQ+LHEHQQLHGHUJHVWUHFNWXQG]ZHLHQZDUGHU.RSIDEJHVFKOD JHQZRUGHQ'HU%RGHQZDUQDYRQLKUHPGXQNOHQ%OXW ª+LHULVWHLQZHLWHUHV5lWVHO©VDJWH*LPOLª$EHUHVEHGDUIGHV7DJHV OLFKWVXQGGDUDXIN|QQHQZLUQLFKWZDUWHQ© ª8QGGHQQRFKZLHLPPHUGXHVDXVOHJVWHVVFKHLQWQLFKWRKQH+RII QXQJ]XVHLQ©VDJWH/HJRODVª)HLQGHGHU2UNVVLQGYHUPXWOLFKXQVHUH )UHXQGH/HEWLUJHQGMHPDQGLQGLHVHQ%HUJHQ"© ª1HLQ©VDJWH$UDJRUQª'LH5RKLUULPNRPPHQVHOWHQKLHUKHUXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
YRQ0LQDV7LULWKLVWHVZHLW9LHOOHLFKWKDEHQLUJHQGZHOFKH0HQVFKHQ DXV*UQGHQGLHZLUQLFKWNHQQHQKLHUJHMDJW,QGHVJODXEHLFKHVQLFKW© ª:DVJODXEVWGXGHQQ"©IUDJWH*LPOL ª,FKJODXEHGDGHU)HLQGVHLQHQHLJHQHQ)HLQGPLWJHEUDFKWKDW©DQW ZRUWHWH$UDJRUQª'LHVHKLHUVLQG1|UGOLFKH2UNVYRQZHLWKHU8QWHU GHQ(UVFKODJHQHQVLQGNHLQHGHUJURHQ2UNVPLWGHQVHOWVDPHQ=HLFKHQ (VKDW6WUHLWJHJHEHQYHUPXWHLFKQLFKWV8QJHZ|KQOLFKHVEHLGLHVHPDE VFKHXOLFKHQ9RON9LHOOHLFKWJDEHVHLQH0HLQXQJVYHUVFKLHGHQKHLWEHU GHQ:HJ© ª2GHUEHUGLH*HIDQJHQHQ©VDJWH*LPOLª+RIIHQZLUGDQLFKWDXFK VLHKLHUGHQ7RGJHIXQGHQKDEHQ© $UDJRUQVXFKWHGHQ%RGHQLQHLQHPJURHQ.UHLVDEDEHUNHLQHDQGH UHQ6SXUHQGHV.DPSIHVZDUHQ]XVHKHQ6LHJLQJHQZHLWHU6FKRQZXUGH GHU|VWOLFKH+LPPHOIDKOGLH6WHUQHYHUEODWHQXQGHLQJUDXHV/LFKW EUHLWHWHVLFKODQJVDPDXV(WZDVZHLWHUQ|UGOLFKNDPHQVLH]XHLQHU %RGHQIDOWHLQGHUHLQZLQ]LJHU%DFKKHUDEVWU]HQGXQGVLFKZLQGHQG HLQHQVWHLQLJHQ3IDGKLQXQWHULQGDV7DOJHEDKQWKDWWH'RUWZXFKVHQHLQ SDDU%VFKHXQGDQGHQ6HLWHQVWHOOHQZHLVH*UDV ª(QGOLFK©VDJWH$UDJRUQª+LHUVLQGGLH6SXUHQGLHZLUVXFKHQ 'LHVH:DVVHUULQQHKLQDXIGDVLVWGHU:HJGHQGLH2UNVQDFKLKUHU $XVHLQDQGHUVHW]XQJHLQJHVFKODJHQKDEHQ© 5DVFKIROJWHQGLH-lJHUMHW]WGHPQHXHQ3IDG$OVVHLHQVLHHUIULVFKW QDFKQlFKWOLFKHU5XKHVSUDQJHQVLHYRQ6WHLQ]X6WHLQ6FKOLHOLFKHU UHLFKWHQVLHGLH.XSSHGHVJUDXHQ%HUJVXQGHLQHSO|W]OLFKH%ULVHOLHLKU +DDUZHKHQXQGHUIDWHLKUH0lQWHOGHUNDOWH:LQGGHU0RUJHQGlPPH UXQJ $OVVLHVLFKXPZDQGWHQVDKHQVLHMHQVHLWVGHV)OXVVHVGLHIHUQHQ%HUJH LQ)ODPPHQ'HU7DJQDKPGHQ+LPPHOLQ%HVLW]'HUURWH5DQGGHU 6RQQHVWLHJEHUGLH*UDWHGHVGXQNOHQ/DQGHV9RULKQHQLP:HVWHQODJ GLH:HOWVWLOOIRUPORVXQGJUDXDEHUZlKUHQGVLHQRFKVFKDXWHQO|VWHQ VLFKGLH6FKDWWHQGHU1DFKWDXIGLH)DUEHQGHUHUZDFKHQGHQ(UGHNHKUWHQ ]XUFN*UQEHUIOXWHWHGLHZHLWHQ:LHVHQ YRQ5RKDQGHUZHLH1HEHO VFKLPPHUWHLQGHQ:DVVHUWlOHUQXQG]XU/LQNHQHUKREVLFKEODXXQG SXUSXUURWLQZHLWHU)HPHGUHLLJRGHUPHKU0HLOHQPRFKWHQHVVHLQGDV :HLH*HELUJHXQGVHLQHNRKOVFKZDU]HQ*LSIHOZDUHQPLWVFKLPPHUQ GHP6FKQHHEHGHFNWXQG YRQGHU0RUJHQU|WHURVLJEHUKDXFKW ª*RQGRU*RQGRU©ULHI$UDJRUQª,FKZROOWHLFKKlWWHGLFKLQHLQHU JOFNOLFKHUHQ6WXQGHZLHGHUJHVHKHQ1RFKIKUWPHLQ:HJQLFKWVG ZlUWV]XGHLQHQNODUHQ6WU|PHQ *RQGRU*RQGRUYRP*HELUJ]XP.VWHQVWULFK :HVWZLQGZHKWHGDV/LFKWGHU.|QLJVJlUWHQJOLFK +HOOHP5HJHQVRILHOHVDXIGHQ6LOEHUEDXP (LQVWPDOV7UPH7KURQXQG.URQHJROGQHU7UDXP *RQGRU*RQGRU:LUGGHU:HVWZLQGZLHGHUZHKQ" :HUGHQ0HQVFKHQGHQ6LOEHUEDXPGRUWZLHGHUVHKQ"
ª1XQODWXQVJHKHQ©VDJWHHUZDQGWHVHLQHQ%OLFNYRP6GHQDE XQGKLHOWLP:HVWHQXQG1RUGHQQDFKGHP:HJ$XVVFKDXGHQHUHLQ VFKODJHQPXWH 'HU*UDWDXIGHPGLH*HIlKUWHQVWDQGHQILHOYRULKUHQ)HQMlKDE 5HL$QJHON#KWWSFRODHERRN]IELGH
=ZDQ]LJ.ODIWHURGHUPHKUXQWHULKPODJHLQEUHLWHUXQG]HUNOIWHWHU)HO VHQYRUVSUXQJGHUSO|W]OLFKLQGHQ5DQGHLQHUVWHLOHQ)HOVZDQGDXVOLHI GHU2VWZDOOYRQ5RKDQ6RHQGHWHGHU(P\Q0XLOXQGGLHJUQHQ(EHQHQ GHU5RKLUULPHUVWUHFNWHQVLFKYRULKQHQVRZHLWGDV$XJHUHLFKWH ª6FKDXW©ULHI/HJRODVXQGZLHVKLQDXILQGHQEODVVHQ+LPPHOª'DLVW GHU$GOHUZLHGHU(ULVWVHKUKRFK(UVFKHLQWMHW]WIRUW]XIOLHJHQDXVGLH VHP/DQG]XUFNQDFKGHP1RUGHQ(UEHZHJWVLFKPLWJURHU6FKQHOOLJ NHLW6FKDXW© ª1HLQQLFKWHLQPDOPHLQH$XJHQN|QQHQLKQVHKHQPHLQJXWHU /HJR ODV©VDJWH$UDJRUQª(UPXZDKUOLFKKRFKGUREHQVHLQ,FKIUDJHPLFK ZHOFKHQ$XIWUDJHUKDWZHQQHVGHUVHOEH9RJHOLVWGHQLFKVFKRQ]XYRU JHVHKHQKDEH'RFKVFKDXW,FKVHKHHWZDVGDVQlKHULVWXQGGULQJHQGHU GRUWDXIGHU(EHQHEHZHJWVLFKHWZDV© ª9LHOHV©VDJWH/HJRODVª(VLVWHLQHJURH6FKDU]X)XDEHUPHKU NDQQLFKQLFKWVDJHQXQGDXFKQLFKWVHKHQZDVIU/HXWHHVVHLQP|JHQ 6LHVLQGQRFKYLHOH:HJVWXQGHQHQWIHUQW]Z|OIYHUPXWHLFKDEHUEHLGHU )ODFKKHLWGHU(EHQHOlWVLFKGLH(QWIHUQXQJVFKZHUVFKlW]HQ© ª'HQQRFKJODXEHLFKGDZLUQLFKWOlQJHULUJHQGHLQH6SXUEUDXFKHQ GLHXQVVDJWZHOFKHQ:HJZLUJHKHQVROOHQ©VDJWH*LPOLª/DWXQVVR UDVFKDOVP|JOLFKHLQHQ3IDGKLQXQWHU]XGHQ:HLGHQILQGHQ© ª,FKEH]ZHLIOHREZLUHLQHQ UDVFKHUHQ3IDGILQGHQZHUGHQDOVGHQYRQ GHQ2UNVJHZlKOWHQ©VDJWH$UDJRUQ 6LHIROJWHQLKUHQ)HLQGHQQXQEHLKHOOHP7DJHVOLFKW(VVFKLHQGDGLH 2UNVPLWJU|WP|JOLFKHU6FKQHOOLJNHLWYRUZlUWVJHKDVWHWZDUHQ$EXQG ]XIDQGHQGLH9HUIROJHU'LQJHGLHIDOOHQJHODVVHQRGHUZHJJHZRUIHQZRU GHQZDUHQ%HXWHOPLW:HJ]HKUXQJ5LQGHQXQG.DQWHQYRQKDUWHP JUDXHP%URWHLQHQ]HUULVVHQHQVFKZDU]HQ0DQWHOHLQHQVFKZHUHQHLVHQ EHVFKODJHQHQ6FKXKGHUDXIGHQ6WHLQHQHQW]ZHLJHJDQJHQZDU'LH6SXU IKUWHVLHQDFK1RUGHQDP.DPPGHV6WHLOKDQJVHQWODQJXQGVFKOLHOLFK NDPHQVLH]XHLQHUWLHIHQ6SDOWHGLHHLQJHUlXVFKYROOKHUDEVSUXGHOQGHU %DFKLQGHQ)HOVHLQJHVFKQLWWHQKDWWH,QGHUVFKPDOHQ6FKOXFKWIKUWHHLQ KROSULJHU3IDGZLHHLQH7UHSSHKLQXQWHULQGLH(EHQH 8QWHQNDPHQVLHPLWHLQHUVHOWVDPHQ3O|W]OLFKNHLWDXIGDV*UDVYRQ 5RKDQ:LHHLQJUQHV0HHUZRJWHHVELV]XP)XGHV(P\Q0XLO'HU KHUDEVWU]HQGH%DFKYHUVFKZDQGLPGLFKWHQ:XFKVYRQ.UHVVHXQG:DV VHUSIODQ]HQXQGVLHK|UWHQLKQXQWHUGHP*UQGDKLQSOlWVFKHUQODQJH VDQIWH$EKlQJHKLQXQWHU]XGHQ6PSIHQLPIHUQHQ7DOGHU(QWZDVVHU'HQ :LQWHUGHUVLFKQRFKLQGHQ%HUJHQKLHOWVFKLHQHQVLHKLQWHUVLFKJHODVVHQ ]XKDEHQ+LHUZDUGLH/XIWZHLFKHUXQGZlUPHUXQGGXIWHWHVFKZDFKDOV REVLFKGHU)UKOLQJVFKRQUHJHXQGGHU6DIWZLHGHUVWHLJHLQ.UDXWXQG %ODWW/HJRODVKROWHWLHI/XIWZLHHLQHUGHUQDFKODQJHP'UVWHQLQNDU JHQ*HJHQGHQHLQHQNUlIWLJHQ6FKOXFNWULQNW ª$KGHUIULVFKH'XIW©VDJWHHUª'DVLVWEHVVHUDOVYLHO6FKODI/DW XQVODXIHQ© ª/HLFKWH)HP|JHQKLHUJHVFKZLQGODXIHQ©VDJWH$UDJRUQª*H VFKZLQGHUYLHOOHLFKWDOVHLVHQEHVFKXKWH2UNV-HW]WKDEHQZLU$XVVLFKW LKUHQ9RUVSUXQJ]XYHUULQJHUQ© (LQHUKLQWHUGHPDQGHUHQOLHIHQVLHZLH-DJGKXQGHDXIHLQHUIULVFKHQ )lKUWHXQGLKUH$XJHQOHXFKWHWHQYRU8QJHGXOG)DVWJHQDXQDFK:HVWHQ KDWWHQGLHPDUVFKLHUHQGHQ2UNVLKUHKlOLFKHEUHLWH6SXUJHWUDPSHOWGDV GXIWLJH*UDVYRQ5RKDQZDU]HUWUHWHQXQGVFKZDU]JHZRUGHQDOVVLHYRUEHU 5HL$QJHON#KWWSFRODHERRN]IELGH
JLQJHQ3O|W]OLFKVWLH$UDJRUQHLQHQ6FKUHLDXVXQGZDQGWHVLFK]XU6HLWH ª%OHLEW©ULHIHUª)ROJWPLUQRFKQLFKW©(UUDQQWHUDVFKQDFKUHFKWV IRUWYRQGHU+DXSWVSXUGHQQHUKDWWHGRUW)XVWDSIHQJHVHKHQGLHVLFK YRQGHQDQGHUHQHQWIHUQWHQGLH$EGUFNHNOHLQHUXQEHVFKXKWHU)H $OOHUGLQJVZDUHQ VLHQLFKWZHLWJHODQJWHKHVLHYRQ2UN$EGUFNHQHLQ JHKROWZXUGHQGLHYRQYRPXQGYRQKLQWHQYRQGHU+DXSWVSXUJHNRP PHQZDUHQXQGJOHLFKZLHGHUXPNHKUWHQXQGVLFKLQGHP*HWUDPSHOYHU ORUHQ$QGHUHQWIHUQWHVWHQ6WHOOHEFNWHVLFK$UDJRUQXQGKREHWZDV YRP*UDVDXIGDQQOLHIHU]XUFN ª-D©VDJWHHUªHVLVWJDQ]NODUGLH)XVWDSIHQHLQHV+REELWV3LSSLQV JODXEHLFK(ULVWNOHLQHUDOVGHUDQGHUH8QGVFKDXWHXFKGDVDQ©(UKLHOW HWZDVKRFKGDVLP6RQQHQVFKHLQJOLW]HUWH(VVDKDXVZLHHLQ%XFKHQ EODWWGDVVLFKJHUDGHJH|IIQHWKDWWHVFK|QXQGIUHPGDUWLJLQGHUEDXPOR VHQ(EHQH ª'LH%URVFKHHLQHV(OEHQPDQWHOV©ULHIHQ/HJRODVXQG*LPOLZLHDXV HLQHP0XQGH ª1LFKW]ZHFNORVIDOOHQ/yULHQV%OlWWHU©VDJWH$UDJRUQª'LHVHVJLQJ QLFKW]XIlOOLJYHUORUHQHVLVWIRUWJHZRUIHQZRUGHQDOV=HLFKHQIULUJHQG MHPDQGHQGHUIROJHQN|QQWH,FKJODXEH3LSSLQLVW]XGLHVHP=ZHFNYRQ GHU6SXUIRUWJHODXIHQ© ª'DQQZDUHUZHQLJVWHQVDP/HEHQ©VDJWH*LPOLª8QGNRQQWHVHLQHQ 9HUVWDQGJHEUDXFKHQXQGVHLQH%HLQHDXFK'DVLVWHUPXWLJHQG8QVHUH 9HUIROJXQJLVWQLFKWYHUJHEOLFK© ª+RIIHQZLUGDHUIUVHLQH.KQKHLWQLFKW]XWHXHUEH]DKOHQPXWH© VDJWH/HJRODVª.RPPW/DWXQVZHLWHUJHKHQ'HU*HGDQNHDQGLHVHIU|K OLFKHQMXQJHQ/HXWHGLHZLH9LHKGDKLQJHWULHEHQZHUGHQWXWPLULQGHU 6HHOHZHK© 'LH6RQQHHUNORPPGHQ0LWWDJXQG]RJGDQQDP+LPPHOODQJVDPDE ZlUWV/HLFKWH:RONHQWULHEHQYRP0HHULPIHUQHQ6GHQKHUDXIXQG ZXUGHQYRP:LQGIRUWJHEODVHQ'LH6RQQHVDQN6FKDWWHQVWLHJHQLQGHU )HPHDXIXQGVWUHFNWHQYRP2VWHQKHUODQJH$UPHDXV1RFKJDEHQGLH -lJHUQLFKWDXI(LQ7DJZDUMHW]WYHUJDQJHQVHLW%RURPLUILHOXQGGLH 2UNVZDUHQQRFKZHLWYRUDXV(VZDUQLFKWVPHKUYRQLKQHQ]XVHKHQLQ GHPHEHQHQ)ODFKODQG $OVGLH6FKDWWHQGHU1DFKWVLHXPVFKORVVHQKLHOW$UDJRUQDQ1XU ]ZHLPDOZlKUHQGGHV7DJHVPDUVFKVKDWWHQVLHHLQHNXU]H:HLOHJHUDVWHW XQG]Z|OI0HLOHQODJHQMHW]W]ZLVFKHQLKQHQXQGGHP|VWOLFKHQ:DOOZR VLHLP0RUJHQJUDXHQJHVWDQGHQKDWWHQ ª(LQHVFKZLHULJH(QWVFKHLGXQJOLHJWMHW]WYRUXQV©VDJWHHUª6ROOHQ ZLUEHL1DFKWUXKHQRGHUZHLWHUJHKHQVRODQJHXQVHU:LOOHXQGXQVHUH .UDIWUHLFKHQ"© ª6RIHUQXQVHUH)HLQGHQLFKWDXFKUXKHQZHUGHQVLHXQVZHLW]XUFNODV VHQZHQQZLUKLHUEOHLEHQXP]XVFKODIHQ©VDJWH/HJRODV ª6LFKHUZHUGHQGRFK VHOEVW2UNVDXIGHP0DUVFKHLQH5DVWPDFKHQ PVVHQ"©IUDJWH*LPOL ª6HOWHQZDQGHUQ2UNVLQGHU6RQQHGXUFKRIIHQHV/DQGGRFKGLHVH KDEHQHVJHWDQ©VDJWH/HJRODVª*HZLZHUGHQVLHGHV1DFKWVQLFKW UXKHQ© ª$EHUZHQQVLHGHV1DFKWVODXIHQN|QQHQZLULKUHU6SXUQLFKWIRO JHQ©VDJWH*LPOL ª'LH6SXUYHUOlXIWJDQ]JHUDGHXQGJHKWZHGHUQDFKUHFKWVQRFKQDFK 5HL$QJHON#KWWSFRODHERRN]IELGH
OLQNVVRZHLWPHLQH$XJHQVHKHQN|QQHQ©VDJWH/HJRODV ª9LHOOHLFKWN|QQWHLFKHXFKDXIV*HUDWHZRKOLQGHU'XQNHOKHLWIKUHQ XQGGLH5LFKWXQJHLQKDOWHQ©VDJWH$UDJRUQª$EHUZHQQZLUXQVYHULU UHQRGHUVLHDEELHJHQGDQQN|QQWHHVZHQQHVKHOOZLUGODQJHGDXHUQ ELVZLUGLH6SXUZLHGHUILQGHQ© ª8QGDXFKGDVLVW]XEHGHQNHQ©VDJWH*LPOLªQXUEHL7DJHN|QQHQ ZLULUJHQGZHOFKH6SXUHQVHKHQGLHYRP:HJHIRUWIKUHQ6ROOWHHLQ*H IDQJHQHUHQWNRPPHQRGHUHLQHUZHJJHVFKOHSSWZHUGHQQDFK2VWHQVDJHQ ZLU]XP*URHQ6WURPQDFK0RUGRUGDQQN|QQWHQZLUGLH$Q]HLFKHQ EHUVHKHQXQGHVQLHPDOVHUIDKUHQ© ª'DVLVWZDKU©VDJWH$UDJRUQª$EHUZHQQLFKGLH=HLFKHQDQMHQHU 6WHOOHGRUWKLQWHQULFKWLJJHOHVHQKDEHGDQQVHW]WHQVLFKGLH2UNVGHU :HLHQ+DQGGXUFKXQGGLHJDQ]H*UXSSHLVWMHW]WDXIGHP:HJQDFK ,VHQJDUW,KUHELVKHULJH5LFKWXQJEHVWlWLJWPHLQH$QQDKPH© ª'HQQRFKZlUHHVYRUHLOLJLKUHU$EVLFKWHQJDQ]VLFKHU]XVHLQ©VDJWH *LPOLª8QGZLHLVWHVPLWGHP(QWNRPPHQ",P'XQNHOQZlUHQZLUDQ GHQ=HLFKHQYRUEHLJHJDQJHQGLHGLFK]XGHU%URVFKHIKUWHQ© ª'LH2UNVZHUGHQMHW]WGRSSHOWDXIGHU+XWVHLQXQGGLH*HIDQJHQHQ QRFKPGHU©VDJWH/HJRODVª(VZLUGNHLQ(QWNRPPHQPHKUJHEHQ VRIHUQZLUHVQLFKW]XZHJHEULQJHQ:LHGDVEHZHUNVWHOOLJWZHUGHQVROO OlWVLFKQLFKWPXWPDHQDEHU]XHUVWPVVHQZLUVLHHLQKROHQ© ª'RFKVHOEVWLFK=ZHUJYLHOHU:DQGHUXQJHQXQGQLFKWGHUDPZHQLJ VWHQDXVGDXHUQGHPHLQHV 9RONHVNDQQQLFKWGHQJDQ]HQ:HJQDFK,VHQ JDUWRKQH5DVW]XUFNOHJHQ©VDJWH*LPOLª$XFKPLUWXWGLH6HHOHZHK XQGLFKZlUHJHUQIUKHUDXIJHEURFKHQDEHUMHW]WPXLFKHLQZHQLJ UXKHQXPEHVVHUODXIHQ]XN|QQHQ8QGZHQQZLUUDVWHQGDQQLVWGLH VLFKWORVH1DFKWGLHULFKWLJH=HLWHV]XWXQ© ª,FKVDJWHHVVHLHLQHVFKZLHULJH(QWVFKHLGXQJ©VDJWH$UDJRUQª:LH ZROOHQZLUGLHVH)UDJHO|VHQ"© ª'XELVWXQVHU)KUHU©VDJWH*LPOLªXQGGXELVWHUIDKUHQLQGHU9HU IROJXQJ'XVROOVWHQWVFKHLGHQ© ª0HLQ+HU]KHLWPLFKZHLWHUJHKHQ©VDJWH/HJRODVª$EHUZLUPVVHQ ]XVDPPHQEOHLEHQ,FKZHUGHPLFKHXUHU0HLQXQJDQVFKOLHHQ© ª,KUEHUODWGLH:DKOHLQHPVFKOHFKWHQ:lKOHU©VDJWH$UDJRUQ ª6HLWZLUGXUFK$UJRQDWKJHNRPPHQVLQGZDUHQPHLQH(QWVFKHLGXQJHQ IDOVFK©(UVFKZLHJXQGVFKDXWHODQJHQDFK1RUGHQXQG:HVWHQLQGLH GXQNOHUZHUGHQGH1DFKW ª:LUZHUGHQQLFKWLP'XQNHOQJHKHQ©VDJWHHUVFKOLHOLFKª'LH*H IDKUGLH6SXURGHUDQGHUH=HLFKHQGHV.RPPHQVXQG*HKHQV]XEHUVH KHQVFKHLQWPLUGLHJU|HUH]XVHLQ:HQQGHU0RQGKHOOJHQXJZlUH N|QQWHQZLUVHLQ/LFKWDXVQW]HQDEHUOHLGHUJHKWHUIUKXQWHUXQGLVW QRFKVFKPDOXQGEOHLFK© ª8QGKHXWHQDFKWLVWHUVRZLHVRYHUKDQJHQ©PXUPHOWH*LPOLª,FK ZQVFKWHGLH+HUULQKlWWHXQVHLQVROFKHV/LFKWJHJHEHQZLHVLHHV)URGR JHVFKHQNWKDW© ª(VZLUGGRUWQ|WLJHUVHLQZRHVEHZDKUWZLUG©VDJWH$UDJRUQª%HL LKPOLHJWGLHZDKUH$XIJDEH'LHXQVHUHLVWQXUHLQHNOHLQH$QJHOHJHQ KHLWXQWHUGHQJURHQ7DJHQGLHVHU=HLW(LQHYHUJHEOLFKH9HUIROJXQJYRQ $QIDQJ DQYLHOOHLFKWGLHNHLQH(QWVFKHLGXQJYRQPLU]XP6FKHLWHUQYHU XUWHLOHQRGHU]XP*XWHQZHQGHQNDQQ1XQLFKKDEHPLFKHQWVFKLHGHQ 6RODWXQVGLH=HLWQW]HQVRJXWZLUN|QQHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
(UZDUIVLFKDXIGHQ%RGHQXQGVFKOLHIVRIRUWHLQGHQQHUKDWWHQLFKW JHVFKODIHQVHLWMHQHU1DFKWXQWHUGHP6FKDWWHQYRQ7RO%UDQGLU(KHGLH 0RUJHQGlPPHUXQJDP+LPPHOHUVFKLHQZDFKWHHUDXIXQGHUKREVLFK *LPOLVFKOXPPHUWHQRFKIHVWDEHU/HJRODVVWDQGVFKRQXQGVFKDXWHQDFK 1RUGHQLQGLH'XQNHOKHLWQDFKGHQNOLFKXQGVFKZHLJHQGZLHHLQMXQJHU %DXPLQHLQHUZLQGORVHQ1DFKW ª6LHVLQGZHLWZHLWIRUW©VDJWHHUWUDXULJXQGZDQGWHVLFK]X$UD JRUQª,FKZHLHVLQPHLQHP+HU]HQGDVLHLQGLHVHU1DFKWQLFKWJHUD VWHWKDEHQ1XUHLQ$GOHUN|QQWHVLHMHW]WQRFKHLQKROHQ© ª7URW]GHPZHUGHQZLULKQHQIROJHQVRJXWZLUN|QQHQ©VDJWH$UD JRUQ(UEFNWHVLFKXQGZHFNWHGHQ=ZHUJª.RPP:LUPVVHQZHLWHU© VDJWHHUª'LH)lKUWHZLUGNDOW© ª$EHUHVLVWQRFKGXQNHO©VDJWH*LPOLª6HOEVW/HJRODVDXIHLQHU%HUJ NXSSHN|QQWHVLH QLFKWVHKHQHKHGLH6RQQHDXIJHJDQJHQLVW© ª,FKIUFKWHVLHVLQGVRZHLWGDPHLQ$XJHVLHQLFKWYRP%HUJDXV QRFKLQGHU(EHQHQLFKWXQWHUGHP0RQGQRFKLQGHU6RQQHHUEOLFNHQ NDQQ©VDJWH/HJRODV ª:HQQGDV$XJHYHUVDJWEULQJWGLH(UGHXQVYLHOOHLFKW%RWVFKDIW© VDJWH$UDJRUQª'DV/DQGPXVW|KQHQXQWHULKUHQYHUKDWHQ)HQ© (UVWUHFNWHVLFKDXIGHP%RGHQDXVXQGSUHWHGDV2KUDXIV*UDV'RUW ODJHUVRODQJHUHJORVGD*LPOLVLFKIUDJWHREHUZRKORKQPlFKWLJJH ZRUGHQRGHUZLHGHUHLQJHVFKODIHQVHL6FKLPPHUQGNDPGLH0RUJHQGlP PHUXQJXQGODQJVDPEUHLWHWHVLFKHLQJUDXHV/LFKWXPVLHDXV6FKOLH OLFKVWDQG$UDJRUQDXIXQGMHW]WNRQQWHQVHLQH)UHXQGHVHLQ*HVLFKW VHKHQHVZDUEOHLFKXQGHLQJHIDOOHQXQGHUVDKYHUZLUUWDXV ª'LH%RWVFKDIW GHU(UGHLVWYHUVFKZRPPHQXQGXQNODU©VDJWHHU ª1LFKWVJHKWDXILKUDXIYLHOH0HLOHQLP8PNUHLV6FKZDFKXQGIHUQVLQG GLH)HXQVHUHU)HLQGH$EHUODXWVLQGGLH+XIHGHU3IHUGH0LUIlOOWHLQ GDLFKVLHVFKRQJHK|UWKDEHDOVLFKQRFKLP6FKODIDXIGHP%RGHQODJ XQGVLHVW|UWHQPHLQH7UlXPHJDORSSLHUHQGH3IHUGHGLHLQGHQ:HVWHQ ULWWHQ$EHUMHW]WHQWIHUQHQVLHVLFKQRFKZHLWHUYRQXQVXQGUHLWHQQDFK 1RUGHQ,FKIUDJHPLFKZDVLQGLHVHP/DQGJHVFKLHKW© ª/DWXQVJHKHQ©VDJWH/HJRODV 6REHJDQQ GHUGULWWH7DJLKUHU9HUIROJXQJ:lKUHQGDOOLKUHUODQJHQ 6WXQGHQPLW:RONHQXQGODXQLVFKHU6RQQHKLHOWHQVLHNDXPLQQHEDOG VFKULWWHQVLHNUlIWLJDXVEDOGUDQQWHQVLHDOVRENHLQH0GLJNHLWGDV )HXHUO|VFKHQN|QQHGDVVLHYHU]HKUWH6LHVSUDFKHQVHOWHQ'XUFKGLH JURH(LQVDPNHLWHLOWHQVLHGDKLQXQGLKUH(OEHQPlQWHOZDUHQZLH6FKDW WHQYRUGHP+LQWHUJUXQGGHUJUDXJUQHQ:LHVHQVRJDULPNDOWHQ6RQ QHQVFKHLQGHV0LWWDJVKlWWHQQXUZHQLJHHOELVFKH$XJHQVLHEHPHUNW HKHVLHJDQ]QDKHZDUHQ2IWGDQNWHQVLHLQLKUHP+HU]HQGHU+HUULQYRQ /yULHQIUGLH*DEHGHUOHPEDV GHQQVHOEVWEHLP/DXIHQNRQQWHQVLH GDYRQHVVHQXQGQHXH.UDIWVFK|SIHQ 'HQJDQ]HQ7DJIKUWHGLH6SXULKUHU)HLQGHJHUDGHDXVQDFK1RUGZH VWHQRKQHHLQH8QWHUEUHFKXQJRGHU$EZHLFKXQJ $OVVLFKZLHGHUXPGHU 7DJVHLQHP(QGH]XQHLJWHNDPHQVLH]XODQJHQEDXPORVHQ$EKlQJHQ GDV/DQGVWLHJDQXQG]RJVLFK]XHLQHU.HWWHEXFNOLJHU+JHOYRU LKQHQKLQDXV'LH2UNVSXUZXUGHVFKZlFKHUDOVVLHQDFK1RUGHQ]X LKQHQDEVFKZHQNWHGHQQGHU%RGHQZDUKlUWHUXQGGDV*UDVNU]HU,Q ZHLWHU)HPHVFKOlQJHOWHVLFK]XU/LQNHQGHU)OX(QWZDVVHUHLQVLOEHUQHV %DQGDXIJUQHP*UXQG.HLQVLFKEHZHJHQGHV*HVFK|SIZDU]XVHKHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
2IWIUDJWHVLFK$UDJRUQZDUXPVLHNHLQHUOHL$Q]HLFKHQYRQ7LHURGHU 0HQVFKVDKHQ'LH%HKDXVXQJHQGHU5RKLUULPODJHQ]XPHLVWYLHOH:HJ VWXQGHQHQWIHUQWLP6GHQXQWHUGHQEHZDOGWHWHQ$XVOlXIHUQGHV:HL HQ*HELUJHVGDVMHW]WLQ1HEHOXQG:RONHQYHUERUJHQZDULQGHVKDWWHQ GLH+HUUHQGHU5|VVHUIUKHUYLHOH+HUGHQXQG*HVWWHLQ2VWHPQHWXQ WHUKDOWHQGLHVHP|VWOLFKHQ7HLOLKUHV%HUHLFKVXQGGLH+LUWHQZDUHQYLHO JHZDQGHUWXQGKDWWHQVRJDU]XU:LQWHUV]HLWLQ/DJHUQXQG=HOWHQJHOHEW 'RFKMHW]WZDUGDVJDQ]H/DQGYHUODVVHQXQGHVKHUUVFKWHHLQ6FKZHLJHQ GDVQLFKWGLH6WLOOHGHV )ULHGHQV]XVHLQVFKLHQ ,QGHU'lPPHUXQJKLHOWHQVLHZLHGHUDQ=ZHLPDO]Z|OI:HJVWXQGHQ KDWWHQVLHMHW]WDXIGHQ(EHQHQYRQ5RKDQ]XUFNJHOHJWXQGGHU:DOOGHV (P\Q0XLOZDULQGHQ6FKDWWHQGHV2VWHQVYHUVFKZXQGHQ'HU1HXPRQG VFKLPPHUWHDQHLQHPQHEOLJHQ+LPPHODEHUHUJDEQXUZHQLJ/LFKWXQG GLH6WHUQHZDUHQYHUVFKOHLHUW ª-HW]WLVWPLUHLQH5DVW]HLWRGHUEHUKDXSWHLQH8QWHUEUHFKXQJXQVHUHU -DJGK|FKVWlUJHUOLFK©VDJWH/HJRODVª'LH2UNVVLQGXQVYRUDXVJHUDQQW DOVRE6DXURQV3HLWVFKHQKLQWHULKQHQVHLHQ,FKIUFKWHVLHKDEHQVFKRQ GHQ:DOGXQGGLHGXQNOHQ%HUJHHUUHLFKWXQGYHUVFKZLQGHQQXQLQGHQ 6FKDWWHQGHU%lXPH© *LPOLNQLUVFKWHPLWGHQ=lKQHQª'DVLVWHLQELWWHUHV(QGHXQVHUHU +RIIQXQJXQGDOOXQVHUHU0KH©VDJWHHU ª'HU+RIIQXQJYLHOOHLFKWDEHUQLFKWGHU0KH©VDJWH$UDJRUQª:LU ZHUGHQKLHUQLFKWXPNHKUHQ'HQQRFKELQLFKPGH©(UEOLFNWHGHQ :HJGHQVLHJHNRPPHQZDUHQ]XUFN]XU1DFKWKLQGLHVLFKLP2VWHQ ]XVDPPHQ]RJª,UJHQGHWZDV6HOWVDPHVLVWLQGLHVHP/DQGDP:HUN,FK PLWUDXHGHU6WLOOH,FKPLWUDXHVHOEVWGHPEOHLFKHQ0RQG'LH6WHUQH VLQGPDWWXQGLFKELQPGHZLHLFKHVVHOWHQ]XYRUZDUPGHZLHNHLQ :DOGOlXIHUVHLQVROOWHGHUHLQHGHXWOLFKH6SXU]XYHUIROJHQKDW'DLVW LUJHQGHLQ:LOOHGHUXQVHUHQ)HLQGHQ6FKQHOOLJNHLWYHUOHLKWXQGYRUXQV HLQHXQVLFKWEDUH6FKUDQNHHUULFKWHWHLQH0GLJNHLWGLHPHKULP+HU]HQ DOVLQGHQ*OLHGHUQVLW]W© ª)UZDKU©VDJWH/HJRODVª'DVKDEHLFKJHZXWVHLWZLU]XHUVWYRP (P\Q0XLOKHUDENDPHQ'HQQGHU:LOOHLVWQLFKWKLQWHUXQV VRQGHUQYRU XQV©(U]HLJWHZHLWEHUGDV/DQG5RKDQLQGHQGXQNHOQGHQ:HVWHQXQ WHUGHU0RQGVLFKHO ª6DUXPDQ©PXUPHOWH$UDJRUQª$EHUHUVROOXQVQLFKWGD]XEULQJHQ GDZLUXPNHKUHQ$QKDOWHQPVVHQZLUQRFKHLQPDOGHQQVFKDXW VHOEVWGHU0RQGJHUlW LQGLHVLFK]XVDPPHQ]LHKHQGHQ:RONHQ'RFKXQ VHU:HJOLHJWLP1RUGHQ]ZLVFKHQ+|KHQ]XJXQG)HQQZHQQGHU7DJ]X UFNNHKUW© :LH]XYRUZDU/HJRODVDOVHUVWHUDXIGHQ%HLQHQZHQQHUEHUKDXSW JHVFKODIHQKDWWHª(UZDFKW(UZDFKW©ULHIHUª5RWLVWGLH0RUJHQGlP PHUXQJ6HOWVDPH'LQJHHUZDUWHQXQVDP5DQGHGHV:DOGHV2EJXWH RGHUE|VHGDVZHLLFKQLFKWDEHUZLUZHUGHQJHUXIHQ(UZDFKW© 'LHDQGHUHQVSUDQJHQDXIXQGPDFKWHQVLFKIDVWVRJOHLFKZLHGHUDXI GHQ:HJ/DQJVDPNDPHQGLH+|KHQ]JHQlKHU(VZDUQRFKHLQH6WXQGH YRUGHP0LWWDJDOVVLHVLHHUUHLFKWHQJUQH+lQJHVWLHJHQDXI]XNDKOHQ .lPPHQGLHLQHLQHU5HLKHJHQDXQDFK1RUGHQYHUOLHIHQ=XLKUHQ)HQ ZDUGHU%RGHQWURFNHQXQGGDV*UDVNXU]DEHUHLQODQJHU6WUHLIHQWLHIHU JHOHJHQHV/DQGHV HWZD]HKQ0HLOHQEUHLWHUVWUHFNWHVLFK]ZLVFKHQLKQHQ XQGGHP)OXGHULQGVWHUHQ'LFNLFKWHQYRQ6FKLOIXQG%LQVHQGDKLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
]RJ*HQDXZHVWOLFKGHVVGOLFKVWHQ+DQJHVZDUHLQJURHU.UHLVZRGLH *UDVQDUEHDXIJHULVVHQZDUXQGQLHGHUJHWUHWHQYRQYLHOHQVWDPSIHQGHQ )HQ9RQKLHUDXVJLQJGLH2UNVSXUZHLWHUXQGZDQGWHVLFKQDFK1RU GHQGHQNDKOHQ5lQGHUQGHU%HUJHHQWODQJ$UDJRUQEOLHEVWHKHQXQGXQ WHUVXFKWHGLH)lKUWHJHQDX ª6LHUDVWHWHQKLHUHLQH:HLOH©VDJWHHUªDEHUVHOEVWGLHZHLWHUIKUHQGH 6SXULVWVFKRQDOW,FKIUFKWHGHLQ+HU]KDWZDKUJHVSURFKHQ/HJRODV GUHLPDO]Z|OI6WXQGHQYHUPXWHLFKLVWHVKHUGDGLH2UNVKLHUVWDQGHQ ZRZLUMHW]WVWHKHQ:HQQVLHLKUHQ6FKULWWEHLEHKLHOWHQPVVHQVLHJH VWHUQEHL6RQQHQXQWHUJDQJGLH*UHQ]HQYRQ)DQJRUQHUUHLFKWKDEHQ© ª,FKNDQQLP1RUGHQRGHU:HVWHQQLFKWVVHKHQDOV*UDVGDVLQ1HEHO EHUJHKW©VDJWH*LPOLª.|QQWHQZLUGHQ:DOGVHKHQZHQQZLUDXIGLH %HUJHVWLHJHQ"© ª(ULVWQRFKZHLWZHJ©VDJWH$UDJRUQª:HQQLFKPLFKUHFKWHULQ QHUHHUVWUHFNHQVLFKGLHVH+|KHQDFKWRGHUPHKU:HJVWXQGHQQDFK1RU GHQXQGQRUGZHVWOLFKYRP$XVWULWWGHU(QWZDVVHUOLHJWQRFKHLQDXVJH GHKQWHV/DQGZHLWHUHIQI]HKQ:HJVWXQGHQP|JHQHVVHLQ© ª*XWODWXQVZHLWHUJHKHQ©VDJWH*LPOLª0HLQH)HPVVHQGLH 0HLOHQYHUJHVVHQ6LHZlUHQZLOOLJHUZHQQPHLQ+HU]ZHQLJHUVFKZHUZlUH© 'LH6RQQHJLQJXQWHUDOVVLHVLFKHQGOLFKGHP(QGHGHU+|KHQ]JH QlKHUWHQ9LHOH6WXQGHQZDUHQVLHRKQH5DVWPDUVFKLHUW-HW]WJLQJHQVLH ODQJVDPXQG*LPOLV5FNHQZDUJHEHXJW6WHLQKDUWVLQGGLH=ZHUJHEHLP $UEHLWHQRGHU:DQGHUQDEHUGLHVHHQGORVH-DJGQDKPLKQDOOPlKOLFKPLW GDDOOH+RIIQXQJDXVVHLQHP+HU]HQVFKZDQG$UDJRUQJLQJKLQWHULKP GVWHUXQGVFKZHLJHQGXQGDEXQG]XEFNWHHUVLFKXPHLQH)XVSXU RGHUHLQ=HLFKHQ DXIGHP%RGHQ]XXQWHUVXFKHQ1XU/HJRODVVFKULWWVR OHLFKWGDKLQZLHHKXQGMHXQGVHLQH)HVFKLHQHQGDV*UDVNDXPQLH GHU]XGUFNHQXQGKLQWHUOLHHQNHLQH6SXUHQ'HQQLQGHU:HJ]HKUXQJ GHU(OEHQIDQGHUDOOH1lKUNUDIWGLHHUEUDXFKWHXQGHUYHUPRFKWH]X VFKODIHQZHQQHVYRQ0HQVFKHQVFKODIHQJHQDQQWZHUGHQNRQQWHLQGHP HUVHLQHQ*HLVWUXKHQOLHDXIGHQVHOWVDPHQ3IDGHQHOELVFKHU7UlXPH ZlKUHQGHUPLWRIIHQHQ$XJHQLP/LFKWGLHVHU:HOWZDQGHUWH ª/DWXQVZHLWHUDXIGLHVHQJUQHQ%HUJKLQDXIJHKHQ©VDJWHHU0GH IROJWHQLKPGLHDQGHUHQXQGHUNORPPHQGHQODQJHQ+DQJELVVLH]XP *LSIHONDPHQ(VZDUHLQNUHLVUXQGHU%HUJJODWWXQGNDKOGHUIUVLFK DOOHLQVWDQGGHUQ|UGOLFKVWHGLHVHV+|KHQ]XJV'LH6RQQHVDQNXQGGLH 6FKDWWHQGHV$EHQGVILHOHQ ZLHHLQ9RUKDQJ6LHZDUHQDOOHLQLQHLQHU JUDXHQJHVWDOWORVHQ:HOWRKQH0DXQG=LHO1XUZHLWHQWIHUQWLP1RUG ZHVWHQZDUHLQHWLHIHUH'XQNHOKHLWYRUGHPHUVWHUEHQGHQ/LFKWGDV 1HEHOJHELUJHXQGGHU:DOG]XVHLQHQ)HQ ª1LFKWVLVWKLHU]XVHKHQGDV XQVOHLWHQN|QQWH©VDJWH*LPOLª1XQ PVVHQZLUZLHGHUKDOWPDFKHQXQGGLH1DFKWKLQWHUXQVEULQJHQ(VZLUG NDOW© ª'HU:LQGNRPPWYRP6FKQHHLP1RUGHQ©VDJWH$UDJRUQ ª8QGHKHHVWDJWZLUGHUYRQ2VWHQNRPPHQ©VDJWH/HJRODVª$EHU UXKWZHQQLKUPW'RFKJHEWQLFKWDOOH+RIIQXQJDXI'DV0RUJHQLVW XQEHNDQQW5DWZLUGRIWJHIXQGHQEHL6RQQHQDXIJDQJ© ª'UHLPDOLVWDXIXQVHUHU-DJGGLH6RQQHVFKRQDXIJHJDQJHQXQGKDW NHLQHQ5DWJHEUDFKW©VDJWH*LPOL 'LH1DFKWZXUGHLPPHUNlOWHU$UDJRUQXQG*LPOLVFKOLHIHQXQUXKLJ XQGZDQQLPPHUVLHDXIZDFKWHQVDKHQVLH/HJRODVQHEHQVLFKVWHKHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
RGHUDXI XQGDEJHKHQHUVDQJLQVHLQHUHLJHQHQ6SUDFKHOHLVHYRUVLFK KLQXQGZlKUHQGHUVDQJWUDWHQLQGHPVWUHQJHQVFKZDU]HQ*HZ|OEH EHULKQHQGLH6WHUQHKHUYRU6R YHUJLQJGLH1DFKW*HPHLQVDPEHREDFK WHWHQVLHZLHVLFKGLH0RUJHQGlPPHUXQJODQJVDPDP+LPPHODXVEUHL WHWHGHUMHW]WQDFNWXQGZRONHQORVZDUELVVFKOLHOLFKGLH6RQQHDXIJLQJ 6LHZDUIDKOXQGNODU'HU:LQGNDPYRQ2VWHQXQGGHUJDQ]H1HEHO KDWWHVLFKYHU]RJHQZHLWH|GH/DQGHODJHQXPVLHLQGHPHUEDUPXQJVOR VHQ/LFKW 9RULKQHQXQGQDFK2VWHQVDKHQVLHGDVGHP:LQGDXVJHVHW]WH+RFK ODQGGHVgGODQGVYRQ5RKDQGDVVLHVFKRQYRUYLHOHQ7DJHQYRP*URHQ 6WURPDXVIOFKWLJHUEOLFNWKDWWHQ1RUGZHVWOLFKHUKREVLFKGHUGXQNOH :DOGYRQ)DQJRUQQRFK]HKQ:HJVWXQGHQZDUHQHVELV]XVHLQHQVFKDW WLJHQ5lQGHUQXQGVHLQHKLQWHUHQ+l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|JHQ:HLWKLQWHULKQHQVWLHJGXQNOHU5DXFKLQ GQQHQ5LQJHOQDXI (VODJHLQH6WLOOHEHUGHQYHUODVVHQHQ:HLGHQXQG*LPOLK|UWHZLHGHU :LQGLP*UDVUDVFKHOWH ª5HLWHU©ULHI$UDJRUQXQGVSUDQJDXIª9LHOH5HLWHUDXIVFKQHOOHQ 3IHUGHQNRPPHQXQVHQWJHJHQ© ª-D©VDJWH/HJRODVªHVVLQGHLQKXQGHUWXQGIQI*ROGEORQGLVWLKU +DDUXQGLKUH6SHHUHOHXFKWHQ,KU)KUHULVWVHKUJUR© $UDJRUQOlFKHOWHª6FKDUIVLQGGLH$XJHQGHU(OEHQ©VDJWHHU ª1HLQ'LH5HLWHUVLQGZHQLJPHKUDOVIQI:HJVWXQGHQHQWIHUQW© VDJWH/HJRODV ª)QI:HJVWXQGHQRGHUHLQH©VDJWH*LPOLªHQWNRPPHQN|QQHQZLU LKQHQQLFKWLQGLHVHPNDKOHQ/DQG6ROOHQZLUKLHUDXIVLHZDUWHQRGHU ZHLWHUJHKHQ"© ª:LUZROOHQZDUWHQ©VDJWH$UDJRUQª,FKELQPGHXQGXQVHUH-DJG LVWJHVFKHLWHUW2GHU]XPLQGHVWVLQGXQVDQGHUH]XYRUJHNRPPHQGHQQ GLHVH5HLWHUNRPPHQDXIGHU2UNVSXU]XUFN:LUN|QQHQ1DFKULFKWHQ YRQLKQHQEHNRPPHQ© ª2GHU6SHHUH©VDJWH*LPOL ª,FKVHKHGUHLOHHUH6lWWHODEHUNHLQH+REELWV©VDJWH/HJRODV ª,FKKDEHQLFKWJHVDJWGDZLUJXWH1DFKULFKWHQK|UHQZUGHQ©VDJWH $UDJRUQª'RFKREVFKOHFKWRGHUJXWZLUZHUGHQHVKLHUHUZDUWHQ© 'LHGUHL*HIlKUWHQYHUOLHHQMHW]WGLH%HUJNXSSHZRVLHHLQOHLFKWHV =LHOJHJHQGHQEODVVHQ+LPPHOJHZHVHQZlUHQXQGJLQJHQODQJVDPGHQ Q|UGOLFKHQ$EKDQJKLQXQWHU(LQZHQLJREHUKDOEGHV)XHVGHV%HUJHV 5HL$QJHON#KWWSFRODHERRN]IELGH
KLHOWHQVLHDQKOOWHQVLFKLQLKUH0lQWHOXQGVHW]WHQVLFK]XVDPPHQJH NDXHUWDXIGDVDXVJHEOHLFKWH*UDV'LH=HLWYHUJLQJODQJVDPXQGVFKOHS SHQG'HU:LQGZDUIULVFKXQGGXUFKGULQJHQG*LPOLZDUXQUXKLJ ª:DVZHLWGXEHUGLHVH5HLWHU$UDJRUQ"©IUDJWHHUª6LW]HQZLUKLHU XQGZDUWHQDXIHLQHQSO|W]OLFKHQ7RG"© ª,FKELQEHLLKQHQJHZHVHQ©DQWZRUWHWH$UDJRUQª6LHVLQGVWRO]XQG HLJHQZLOOLJDEHUDXIULFKWLJXQGJUR]JLJLP'HQNHQXQG+DQGHOQ NKQDEHUQLFKWJUDXVDPNOXJDEHUQLFKWJHOHKUWVLHVFKUHLEHQNHLQH %FKHUGRFKVLQJHQVLHYLHOH/LHGHUQDFK$UWGHU.LQGHUGHU0HQVFKHQ YRUGHQ'XQNOHQ-DKUHQ$EHULFKZHLQLFKWZDVLQOHW]WHU=HLWKLHUJH VFKHKHQLVWRGHUZHOFKHQ6LQQHVGLH5RKLUULPMHW]WVLQGDQJHVLFKWVGHV 9HUUlWHUV6DUXPDQXQG6DXURQV'URKXQJ6LHVLQGODQJH=HLW)UHXQGHGHV 9RONVYRQ*RQGRUJHZHVHQREZRKOVLHQLFKWPLWLKPYHUZDQGWVLQG'DV ZDULQMHQHQYHUJHVVHQHQ-DKUHQODQJHEHYRU(RUOGHU-XQJHVLHDXV GHP1RUGHQKLHUKHUEUDFKWHXQGYHUZDQGWVLQGVLHHKHUPLWGHQ%DUGLQ JHUQYRQ7KDLXQGGHQ%HRUQLQJHUQYRP:DOGXQWHUGHQHQPDQQRFK YLHOH0HQVFKHQVLHKWGLHVRJURXQGVFK|QVLQGZLHGLH5HLWHUYRQ 5RKDQ'LH2UNVZHUGHQVLH]XPLQGHVWQLFKWOLHEHQ© ª$EHU*DQGDOIVSUDFKYRQHLQHP*HUFKWGDVLH7ULEXWDQ0RUGRU HQWULFKWHQ©VDJWH*LPOL ª'DVJODXEHLFKHEHQVRZHQLJZLH%RURPLU©DQWZRUWHWH$UDJRUQ ª'LH:DKUKHLWZLUVWGXEDOGHUIDKUHQ©VDJWH/HJRODVª6LHQlKHUQVLFK VFKRQ© 6FKOLHOLFKNRQQWHVHOEVW*LPOLGHQIHUQHQ+XIVFKODJJDORSSLHUHQGHU 3IHUGHK|UHQ'LH5HLWHUGLHGHU2UNVSXUIROJWHQYHUOLHHQGHQ)OXXQG ZDQGWHQVLFKGHP+|KHQ]XJ]X6LHULWWHQZLHGHU:LQG -HW]WVFKDOOWHQGLH5XIHNODUHUNUlIWLJHU6WLPPHQEHUGLH:HLGHQ 3O|W]OLFKIHJWHQVLHPLW'RQQHUJHW|VHKHUDQXQGDOVGHUYRUGHUVWH5HLWHU DP)XGHV%HUJHVYRUEHLNDPERJHUDEXQGIKUWHGLH6FKDU]XUFNQDFK 6GHQGHQZHVWOLFKHQ5lQGHUQGHU+|KHQ]JHHQWODQJ,KPULWWHQVLH QDFKHLQHJURH6FKDUYRQ0lQQHUQLQ3DQ]HUKHPGHQSIHLOJHVFKZLQG VFKLPPHUQGVFKUHFNOLFKXQGVFK|QDQ]XVHKHQ ,KUH3IHUGHZDUHQVHKUJURVWDUNXQGZRKOJHVWDOWHWGDVJUDXH)HOO JOlQ]WHGLHODQJHQ6FKZHLIHIODWWHUWHQLP:LQGGLH0lKQHQDXIGHQ VWRO]HQ+lOVHQZDUHQJHIORFKWHQ'LH0HQVFKHQGLHDXILKQHQULWWHQ ZDUHQLKQHQHEHQEUWLJGDVIODFKVEORQGH+DDUTXROOXQWHULKUHQOHLFKWHQ +HOPHQKHUYRUXQGZDOOWHLQODQJHQ)OHFKWHQKLQWHULKQHQGLH*HVLFKWHUZD UHQHUQVWXQGNKQ,QGHQ+lQGHQKLHOWHQVLHNUlIWLJH(VFKHQVSHHUHEHPDOWH 6FKLOGHKLQJHQLKQHQEHUGHQ5FNHQODQJH6FKZHUWHUVWHFNWHQLQLKUHQ *HKlQJHQXQGGLHJOlQ]HQGHQ3DQ]HUKHPGHQUHLFKWHQLKQHQELVDXIGLH.QLH 3DDUZHLVHJDORSSLHUWHQVLHYRUEHLXQGREZRKOVLFKYRQ=HLW]X=HLW HLQHULP6WHLJEJHOHUKREXQGQDFKYRUQXQGQDFKEHLGHQ6HLWHQVFKDXWH VFKLHQHQVLHGLHGUHL)UHPGHQQLFKW]XEHPHUNHQGLHVWLOOGDVDHQXQGVLH EHREDFKWHWHQ'LH+HHUVFKDUZDUIDVWYRUEHUDOV$UDJRUQSO|W]OLFKDXI VWDQGXQGPLWODXWHU6WLPPHULHI ª:DVJLEWHV1HXHVLP1RUGHQLKU5HLWHUYRQ5RKDQ"© 0LWHUVWDXQOLFKHU6FKQHOOLJNHLWXQG*HVFKLFNOLFKNHLWEUDFKWHQVLH LKUH3IHUGH]XP6WHKHQZHQGHWHQXQGNDPHQDQJUHLIHQG]XUFN%DOGEH IDQGHQVLFKGLHGUHL*HIlKUWHQLQHLQHP5LQJYRQ5HLWHUQGLHHLQHQJH VFKORVVHQHQ.UHLVXPVLH]RJHQDXIGHQ%HUJKDQJKLQWHULKQHQKLQDXI XQGKLQXQWHULQGLH(EHQHUXQGXPVLHKHUXPXQGLPPHUPHKUQDFK 5HL$QJHON#KWWSFRODHERRN]IELGH
LQQHQGUlQJWHQ$UDJRUQVWDQGVFKZHLJHQGGDXQGGLHEHLGHQDQGHUHQ VDHQUHJORVXQGIUDJWHQVLFKZHOFKH:HQGXQJGLH'LQJHZRKOQHKPHQ ZUGHQ 2KQHHLQ:RUWRGHUHLQHQ5XIKLHOWHQGLH5HLWHUSO|W]OLFK(LQ'LFNLFKW YRQ6SHHUHQZDUDXIGLH)UHPGHQJHULFKWHWXQGHLQLJHGHU5HLWHUKDWWHQ %RJHQLQGHQ+lQGHQGLH3IHLOHEHUHLWVDXIGHQ6HKQHQDQJHOHJW 'DQQULWWHLQHUYRUZlUWVHLQJURHU0DQQJU|HUDOVGLHEULJHQVHLQ +HOPEXVFKZDUHLQZHLHU3IHUGHVFKZHLI(UQlKHUWHVLFKELVGLH6SLW]H VHLQHV6SHHUVHLQHQ)XYRQ$UDJRUQV%UXVWHQWIHUQWZDU$UDJRUQUKUWH VLFKQLFKW ª:HUVHLG,KUXQGZDVWXW,KULQGLHVHP/DQG"©IUDJWHGHU5HLWHULQ GHU*HPHLQVDPHQ6SUDFKHGHV:HVWHQVVHLQH5HGHZHLVHXQGVHLQ7RQIDOO ZDUHQGHQHQYRQ%RURPLUGHV0HQVFKHQDXV*RQGRUlKQOLFK ª6WUHLFKHUZHUGHLFKJHQDQQW©DQWZRUWHWH$UDJRUQª,FKNDPDXVGHP 1RUGHQ,FKMDJH2UNV© 'HU5HLWHUVSUDQJYRP3IHUG(UJDEVHLQHQ6SHHUHLQHPDQGHUHQGHU QHEHQLKQJHULWWHQXQGHEHQIDOOVDEJHVWLHJHQZDUXQG]RJVHLQ6FKZHUW (UVWDQG$UDJRUQJHJHQEHUXQGEHWUDFKWHWHLKQSUIHQGXQGQLFKWRKQH (UVWDXQHQ6FKOLHOLFKVSUDFKHUZLHGHU ª=XHUVWGDFKWHLFK,KUVHLGVHOEVW2UNV©VDJWHHUª$EHUMHW]WVHKH LFKGDGHPQLFKWVRLVW,KUZLWZDKUOLFKZHQLJYRQ2UNVZHQQ ,KU(XFKDXIGLHVH:HLVHDXIPDFKWVLH]XMDJHQ6LHZDUHQJHVFKZLQG XQGZRKOEHZDIIQHWXQGHVZDUHQYLHOH,KUZlUHWEDOGQLFKWPHKU -lJHUVRQGHUQ%HXWHJHZHVHQKlWWHW,KUVLHMHHLQJHKROW$EHUHWZDVLVW VHOWVDPDQ(XFK6WUHLFKHU©(UOLHVHLQHNODUHQOHXFKWHQGHQ$XJHQZLH GHUDXIGHP:DOGOlXIHUUXKHQª'DVLVWNHLQ1DPHIUHLQHQ0HQVFKHQ GHQ,KUDQJHEW8QGVHOWVDPLVWDXFK(XUH.OHLGXQJ6HLG,KUDXVGHP *UDVHQWVSUXQJHQ":LHNDPHVGD,KUXQVHUHP%OLFNHQWJLQJW"6HLG,KU HOELVFKHV9RON"© ª1HLQ©VDJWH$UDJRUQª1XUHLQHULVWHLQ(OE/HJRODVDXVGHP :DOGODQG5HLFKLPIHUQHQ'VWHUZDOG$EHUZLUVLQGGXUFK/RWKOyULHQ JHNRPPHQXQGGLH*HVFKHQNHXQGGLH*XQVWGHU+HUULQEHJOHLWHQXQV© 'HU5HLWHUVDKVLHHUQHXWYROO(UVWDXQHQDQDEHUVHLQ%OLFNZXUGHKDUW ª'DQQJLEWHVDOVRZLUNOLFKHLQH+HUULQLP*ROGHQHQ:DOGZLHDOWH 6DJHQEHULFKWHQ©VDJWHHUª:HQLJHHQWJHKHQLKUHQ1HW]HQKHLWHV(V VLQGVHOWVDPH=HLWHQ$EHUZHQQ,KULQLKUHU*XQVWVWHKWGDQQVHLGYLHO OHLFKWDXFK,KU1HW]NQSIHUXQG=DXEHUHU©(UZDUISO|W]OLFK/HJRODVXQG *LPOLHLQHQNDOWHQ%OLFN]Xª:DUXPVSUHFKW,KUQLFKW,KU6FKZHLJVD PHQ"©IUDJWHHU *LPOLVWDQGDXIXQGVWHOOWHVLFKEUHLWEHLQLJKLQHUSDFNWHGHQ*ULIIVHL QHU$[WXQGVHLQHGXQNOHQ$XJHQIXQNHOWHQª1HQQWPLU(XUHQ1DPHQ 3IHUGH+HUUGDQQZHUGHLFK(XFKPHLQHQQHQQHQXQGQRFKHLQLJHVGD]X VDJHQ©VDJWHHU ª:DVGDVEHWULIIW©VDJWHGHU5HLWHUXQGVWDUUWHKLQXQWHUDXIGHQ =ZHUJªVRVROOWHVLFK]XHUVWGHU)UHPGHHUNOlUHQ,QGHVKHLHLFKeRPHU eRPXQGV6RKQXQGZHUGHGHU'ULWWH0DUVFKDOOGHU5LGGHUPDUNJH QDQQW© ª'DQQeRPHUeRPXQGV6RKQ'ULWWHU0DUVFKDOOGHU5LGGHUPDUNODW (XFKYRQ*LPOLGHP=ZHUJ*OyLQV6RKQ YRUW|ULFKWHQ:RUWHQZDUQHQ ,KUVSUHFKWVFKOHFKWYRQGHPZDVVFK|QHULVWDOV,KU(XFKYRU]XVWHOOHQ YHUP|JWXQGQXUJHULQJHU9HUVWDQGNDQQ(XFKHQWVFKXOGLJHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
eRPHUV$XJHQEOLW]WHQXQGGLH0HQVFKHQYRQ5RKDQPXUUWHQ]RUQLJ GUlQJWHQKHUDQXQGKREHQGLH6SHHUHª,FKZUGH(XFKGHQ.RSIDEVFKOD JHQPLW%DUWXQGDOOHP+HUU=ZHUJZHQQHUQXUHWZDVK|KHUEHUGHQ (UGERGHQUDJWH©VDJWHeRPHU ª(UVWHKWQLFKWDOOHLQ©VDJWH/HJRODVVSDQQWHVHLQHQ%RJHQXQGOHJWH HLQHQ3IHLOHLQPLW+lQGHQGLHVLFKVRVFKQHOOEHZHJWHQGDLKQHQGHU %OLFNQLFKWIROJHQNRQQWHª,KUZUGHWVWHUEHQHKH,KU]XP6WUHLFKDXV KROWHW© eRPHUKREVHLQ6FKZHUWXQGGLH6DFKHKlWWHYLHOOHLFKWHLQE|VHV(QGH JHQRPPHQDEHU$UDJRUQVSUDQJ]ZLVFKHQVLHXQGKREGLH+DQGª9HU ]HLKWeRPHU©ULHIHUª:HQQ,KUPHKUZLWZHUGHW,KUYHUVWHKHQ ZDUXP,KUPHLQH*HIlKUWHQHU]UQWKDEW:LUKDEHQQLFKWV%|VHVJHJHQ 5RKDQLP6LQQXQGJHJHQNHLQHQ$QJHK|ULJHQVHLQHV9RONHVZHGHU 0DQQQRFK3IHUG:ROOW,KUQLFKWK|UHQZDVZLU]XEHULFKWHQKDEHQHKH ,KU]XVFKODJW"© ª-D©VDJWHeRPHUXQGVHQNWHVHLQH.OLQJHª$EHU:DQGHUHULQGHU5LG GHUPDUNZlUHQJXWEHUDWHQZHQQVLHLQGLHVHQ7DJHQGHV=ZHLIHOV ZHQLJHUKRFKPWLJZlUHQ=XHUVWQHQQWPLU(XUHQULFKWLJHQ1DPHQ© ª=XHUVWVDJWPLUZHP,KUGLHQW©DQWZRUWHWH$UDJRUQª6HLG,KU )UHXQGRGHU)HLQGYRQ6DXURQGHP'XQNOHQ*HELHWHULQ0RUGRU"© ª,FKGLHQHQXUGHP+HUUQGHU0DUN.|QLJ7KpRGHQ7KHQJHOV6RKQ© HUZLGHUWHeRPHUª:LUGLHQHQQLFKWGHU0DFKWGHVIHUQHQ6FKZDU]HQ/DQ GHVGRFKVLQGZLUDXFKQRFKQLFKWLQRIIHQHP.ULHJPLWLKPXQGZHQQ ,KUYRULKPIOLHKWGDQQYHUODW,KUDPEHVWHQGLHVHV/DQG$QDOOXQVH UHQ*UHQ]HQJLEWHV8QUXKHXQGZLUVLQGEHGURKWGRFKZQVFKHQZLU QXUIUHL]XVHLQXQG]XOHEHQZLHZLUJHOHEWKDEHQXQVHU(LJHQWXP]X EHZDKUHQXQGNHLQHPIUHPGHQ+HUUQVHLHUJXWRGHUE|VH]XGLHQHQ,Q EHVVHUHQ=HLWHQKLHHQZLU*lVWHIUHXQGOLFKZLOONRPPHQDEHUKHXW]XWDJH ILQGHWXQVGHUXQJHEHWHQH)UHPGHYRUVFKQHOOXQGKDUW1XQVSUHFKW:HU VHLG,KU":HPGLHQW,KU" $XIZHVVHQ %HIHKOMDJW,KU2UNVLQXQVHUP /DQG"© ª,FKGLHQHQLHPDQGHP©VDJWH$UDJRUQªDEHU6DXURQV'LHQHUYHUIROJH LFKLQMHGHP/DQGLQGDVVLHVLFKEHJHEHQP|JHQ8QWHUGHQVWHUEOLFKHQ 0HQVFKHQJLEWHVZHQLJHGLHPHKUEHU2UNVZLVVHQXQGQLFKWDXV IUHLHQ6WFNHQMDJHLFKVLHDXIGLHVH:HLVH'LH2UNVGLHZLUYHUIROJWHQ QDKPHQ]ZHLPHLQHU)UHXQGHJHIDQJHQ,QVROFKHU1RWZLUGHLQ0DQQ GHUNHLQ3IHUGKDW]X)XJHKHQXQGHUZLUGQLFKWXP(UODXEQLVELWWHQ GHU6SXUIROJHQ]XGUIHQ$XFKZLUGHUGLH.|SIHGHU)HLQGHQLFKW]lK OHQHVVHLGHQQPLWGHP6FKZHUW,FKELQQLFKWZDIIHQORV© $UDJRUQZDUIVHLQHQ0DQWHO]XUFN'LH(OEHQVFKHLGHJOLW]HUWHDOVHU VLHSDFNWHXQG$QG~ULOVKHOOH.OLQJHOHXFKWHWHZLHHLQH)ODPPHDOVHU VLHKHUDXV]RJª(OHQGLO©ULHIHU ª,FKELQ$UDJRUQ$UDWKRPV6RKQXQG ZHUGH(OHVVDUGHU(OEHQVWHLQXQG'~QDGDQJHQDQQWGHU(UEH,VLOGXUV (OHQGLOV6RKQYRQ*RQGRU+LHULVWGDV6FKZHUWGDVJHERUVWHQZDUXQG QHXJHVFKPLHGHWZXUGH:ROOW,KUPLUKHOIHQRGHUPLFKKLQGHUQ"(QW VFKHLGHW (XFKUDVFK© *LPOLXQG/HJRODVEHWUDFKWHWHQLKUHQ*HIlKUWHQHUVWDXQWGHQQVLHKDW WHQLKQQRFKQLHLQVROFKHP=RUQJHVHKHQ(UVFKLHQJHZDFKVHQ]XVHLQ ZlKUHQGeRPHUJHVFKUXPSIWZDUXQGLQVHLQHPOHEHQGLJHQ*HVLFKWHU EOLFNWHQVLHIOFKWLJGDV$EELOG GHU0DFKWXQG0DMHVWlWGHU.|QLJHDXV 6WHLQ(LQHQ$XJHQEOLFNVFKLHQHV/HJRODVDOVIODFNHUHHLQHZHLH 5HL$QJHON#KWWSFRODHERRN]IELGH
)ODPPHDXI$UDJRUQV6WLUQZLHHLQHVFKLPPHUQGH.URQH eRPHUWUDW]XUFNXQGHLQ$XVGUXFNHKUIUFKWLJHU6FKHXODJDXIVHL QHP*HVLFKW(UVFKOXJGLHVWRO]HQ$XJHQQLHGHUª(VVLQGZDKUOLFKVHOW VDPH=HLWHQ©PXUPHOWHHUª7UlXPHXQG6DJHQWDXFKHQDXVGHP*UDV DXIXQGZHUGHQOHEHQGLJ© ª6DJWPLU+HUU©IXKUHUIRUWªZDVEULQJW(XFKKLHUKHU"8QGZHOFKH %HGHXWXQJKDWWHQGLHGXQNOHQ:RUWH"/DQJHLVW%RURPLU'HQHWKRUV6RKQ VFKRQIRUWXPQDFKHLQHU$QWZRUW]XIRUVFKHQXQGGDV3IHUGGDVZLU LKPJHOLHKHQKDEHQNDPUHLWHUORV]XUFN:HOFKHV*HERWEULQJW,KUDXV GHP1RUGHQ"© ª'DV*HERWGHU(QWVFKHLGXQJ©VDJWH$UDJRUQª,KUP|JW7KpRGHQ 7KHQJHOV6RKQIROJHQGHVVDJHQRIIHQHU.ULHJOLHJWYRULKPPLW6DXURQ RGHUJHJHQLKQ.HLQHUYHUPDJMHW]W]XOHEHQZLHHUJHOHEWKDWXQG ZHQLJHZHUGHQEHKDOWHQZDVVLHLKUHLJHQQHQQHQ'RFKEHUGLHVHZLFK WLJHQ)UDJHQZHUGHLFKVSlWHUVSUHFKHQ:HQQGLH8PVWlQGHHVHUODXEHQ ZHUGHLFKVHOEVW]XP.|QLJNRPPHQ-HW]WELQLFKLQJURHU1RWXQG ELWWHXP+LOIHRGHUZHQLJVWHQVXP1DFKULFKWHQ,KUKDEWJHK|UWGDZLU HLQ2UNKHHUYHUIROJHQGDVXQVHUH)UHXQGHYHUVFKOHSSWKDW:DVN|QQW ,KUXQVVDJHQ"© ª'D,KUVLHQLFKWZHLWHU]XYHUIROJHQEUDXFKW©DQWZRUWHWHeRPHU ª'LH2UNVVLQGYHUQLFKWHW© ª8QGXQVHUH)UHXQGH"© ª:LUIDQGHQQXU2UNV© ª$EHUGDVLVWZDKUOLFKVHOWVDP©VDJWH$UDJRUQª+DEW,KUGLH(U VFKODJHQHQGXUFKVXFKW":DUHQGRUWNHLQHDQGHUHQ/HLFKHQDOVGLHYRQ 2UNV"6LHZlUHQNOHLQJHZHVHQQXU.LQGHULQ(XUHQ$XJHQVFKXKORV GRFKLQ*UDXJHNOHLGHW© ª'DZDUHQZHGHU=ZHUJHQRFK.LQGHU©VDJWHeRPHUª:LU]lKOWHQDOOH GLH(UVFKODJHQHQXQGSOQGHUWHQVLHXQGGDQQOHJWHQZLUVLHDXIHLQHQ+DX IHQXQGYHUEUDQQWHQVLHZLHHVXQVHUH6LWWHLVW'LH$VFKHUDXFKWQRFK© ª:LUVSUHFKHQQLFKWYRQ=ZHUJHQRGHU.LQGHUQ©VDJWH*LPOLª8QVHUH )UHXQGHZDUHQ+REELWV© ª+REELWV"©IUDJWHeRPHUª:DVPDJGHQQGDVVHLQ"(VLVWHLQVHOWVDPHU 1DPH© ª(LQVHOWVDPHU1DPHIUHLQVHOWVDPHV9RON©VDJWH*LPOLª$EHUGLHVH +REELWVZDUHQXQVVHKUWHXHU(VVFKHLQWGD,KULQ5RKDQYRQGHQ:RU WHQJHK|UWKDEWGLH0LQDV7LULWKEHXQUXKLJWHQ'LHVH+REELWVVLQG+DOE OLQJH© ª+DOEOLQJH©ODFKWHGHU5HLWHUGHUQHEHQeRPHUVWDQGª+DOEOLQJH $EHUGDVLVWGRFKQXUHLQNOHLQHV9RONLQDOWHQ/LHGHUQXQG.LQGHUPlU FKHQDXVGHP1RUGHQ/HEHQZLULQ6DJHQRGHUDXIGHUJUQHQ(UGHLP 7DJHVOLFKW"© ª(LQ0HQVFKPDJEHLGHVWXQ©VDJWH$UDJRUQª'HQQQLFKWZLUVRQ GHUQMHQHGLHQDFKXQVNRPPHQZHUGHQ GLH6DJHQXQVHUHU=HLWHUVFKDI IHQ'LHJUQH(UGHVDJW,KU"'DVLVWHLQJHZDOWLJHU6DJHQVWRIIREZRKO ,KUEHLKHOOLFKWHP7DJHDXILKUZDQGHOW© ª'LH=HLWGUlQJW©VDJWHGHU5HLWHUXQGDFKWHWH$UDJRUQVQLFKWª:LU PVVHQQDFK6GHQHLOHQ+HUUhEHUODVVHQZLUGLHVHQlUULVFKHQ/HXWH LKUHQ+LUQJHVSLQVWHQ2GHUODWXQVVLHIHVVHOQXQGYRUGHQ.|QLJEULQ JHQ© ª6WLOOeRWKDLQ©VDJWHeRPHULQVHLQHUHLJHQHQ6SUDFKHª/DPLFKHLQH 5HL$QJHON#KWWSFRODHERRN]IELGH
:HLOHDOOHLQ6DJGHQeRUHG VLHVROOHQVLFKDXIGHP3IDGVDPPHOQXQG VLFKEHUHLWPDFKHQXP]XU(QWIXUW]XUHLWHQ© 0XUUHQGWUDWeRWKDLQEHLVHLWHXQGVSUDFKPLWGHQDQGHUHQ%DOG]RJHQ VLHVLFK]XUFNXQGOLHHQeRPHUEHLGHQGUHL*HIlKUWHQ ª$OOHVZDV,KUVDJWLVWPHUNZUGLJ$UDJRUQ©VDJWHeRPHUª'HQ QRFKVSUHFKW,KUGLH:DKUKHLWGDVLVWNODUGHQQGLH0HQVFKHQGHU0DUN OJHQQLFKWXQGGHVKDOEZHUGHQVLHQLFKWOHLFKWJHWlXVFKW$EHU,KUKDEW QLFKWDOOHVJHVDJW:ROOW,KUQLFKWMHW]WDXVIKUOLFKHUEHU(XUHQ$XIWUDJ UHGHQGDPLWLFKEHXUWHLOHQNDQQZDV]XWXQLVW"© ª9RUYLHOHQ:RFKHQELQLFKYRQ,PODGULVZLHHVLQGHP9HUVJHQDQQW ZLUGDXIJHEURFKHQ©DQWZRUWHWH$UDJRUQª0LWPLUNDP%RURPLUYRQ 0LQDV7LULWK0HLQ$XIWUDJODXWHWHPLW'HQHWKRUV6RKQLQMHQH6WDGW]X JHKHQXPVHLQ9RONLP.ULHJJHJHQ6DXURQ]XXQWHUVWW]HQ'RFKKDWWH GLH*HPHLQVFKDIWPLWGHULFKZDQGHUWHHLQHQDQGHUHQ$XIWUDJ'DUEHU NDQQLFKMHW]WQLFKWVSUHFKHQ*DQGDOIGHU*UDXHZDUXQVHU)KUHU© ª*DQGDOI©ULHIeRPHUª*DQGDOI*UDXURFNLVWLQGHU0DUNEHNDQQW $EHULFKZDUQH(XFKVHLQ1DPHLVWQLFKWPHKU/RVXQJVZRUWIUGLH *XQVWGHV.|QLJV6HLW0HQVFKHQJHGHQNHQZDUHUYLHOH0DOHHLQ*DVWGHV /DQGHVXQGNDPZLHHVLKPEHOLHEWHQDFKNU]HUHU=HLWRGHUQDFKYLHOHQ -DKUHQ,PPHULVWHUGHU+HUROGVHOWVDPHU*HVFKHKQLVVHHLQ8QJOFNV ERWHVDJHQPDQFKHMHW]W 7DWVlFKOLFKVLQGVHLWVHLQHPOHW]WHQ.RPPHQLP6RPPHUDOOH'LQJH VFKOHFKWJHODXIHQ=XMHQHU=HLWEHJDQQXQVHU9HUGUXPLW6DUXPDQ%LV GDKLQ]lKOWHQZLU6DUXPDQ]XXQVHUHQ)UHXQGHQDEHU*DQGDOINDPGDQQ XQGZDUQWHXQVGDVLFKHLQXQHUZDUWHWHU.ULHJYRUEHUHLWH(UVDJWHHU VHOEVWVHLHLQ*HIDQJHQHULQ2UWKDQFJHZHVHQXQGPLWNQDSSHU1RWHQW NRPPHQXQGHUEDWXP+LOIH'RFK7KpRGHQZROOWHQLFKWDXILKQK|UHQ XQGHUJLQJIRUW6SUHFKWGHQ1DPHQ*DQGDOIQLFKWODXWYRU7KpRGHQDXV (ULVWHUJULPPW'HQQ*DQGDOIQDKPGDV3IHUGGDV6FKDWWHQIHOOKHLW GDVNRVWEDUVWHDOOHU5|VVHUGHV.|QLJVGDV+DXSWGHU0HDUDV GLHQXUGHU +HUUGHU0DUNUHLWHQGDUI'HQQGHU$KQHLKUHU5DVVHZDU(RUOVEHUKP WHV3IHUGGDVGLH6SUDFKHGHU0HQVFKHQYHUVWDQG9RUVLHEHQ1lFKWHQ NDP6FKDWWHQIHOO]XUFNGRFKGHU=RUQGHV.|QLJVLVWQLFKWJHULQJHU GHQQMHW]WLVWGDV3IHUGVFKHXXQGOlWVLFKYRQQLHPDQGHPDQUKUHQ© ª'DQQKDW6FKDWWHQIHOOVHLQHQ:HJYRPIHUQHQ1RUGHQDOOHLQJHIXQ GHQ©VDJWH$UDJRUQª'HQQGRUWKDEHQHUXQG*DQGDOIVLFKJHWUHQQW 'RFKZHKH*DQGDOIZLUGQLFKWPHKUUHLWHQ(UVWU]WHLQGHQ0LQHQYRQ 0RULDLQGLH'XQNHOKHLWXQGNHKUWQLFKWZLHGHU© ª'DVLVWHLQHVFKOLPPH1DFKULFKW©VDJWHeRPHUª=XPLQGHVWIUPLFK XQGYLHOHDQGHUHZHQQJOHLFKQLFKWIUDOOHZLH,KUPHUNHQZHUGHWZHQQ ,KU]XP.|QLJNRPPW© ª'LHVH1DFKULFKWLVWVFKPHU]OLFKHUDOVLUJHQGHLQHULQGLHVHP/DQGHHU PHVVHQNDQQREZRKOHVVFKZHUGDYRQEHWURIIHQZHUGHQPDJHKHGDV -DKUYLHOlOWHULVW©VDJWH$UDJRUQª$EHUZHQQGLH*URHQIDOOHQPV VHQ*HULQJHUHGLH)KUXQJEHUQHKPHQ0HLQH$XIJDEHZDUHVXQVHUH *HPHLQVFKDIWDXIGHPODQJHQ:HJYRQ0RULD]XIKUHQ'XUFK/yULHQ NDPHQZLU² EHUGDV,KUGLH:DKUKHLWHUIDKUHQVROOWHWHKH,KUZLHGHU GDYRQVSUHFKW²XQGGDQQGLHYLHOHQ:HJVWXQGHQHQWODQJGHV*URHQ 6WURPVELV]XGHQ)lOOHQYRQ5DXURV'RUWZXUGH%RURPLUHUVFKODJHQYRQ GHQVHOEHQ2UNVGLH,KUYHUQLFKWHWKDEW© ª$OOH(XUH1DFKULFKWHQVLQGVFKOLPP©ULHIeRPHUEHVWU]Wª*URHV 5HL$QJHON#KWWSFRODHERRN]IELGH
/HLGEHGHXWHWGLHVHU7RGIU0LQDV7LULWKXQGIUXQVDOOH'DVZDUHLQ HKUHQZHUWHU0DQQ6HLQ/REZDULQDOOHU0XQGH6HOWHQNDPHULQGLH 0DUNGHQQHUZDULPPHULQGHQ.ULHJHQDQGHQ2VWJUHQ]HQDEHULFK KDEHLKQJHVHKHQ0HKUZLH(RUOVIOLQNH6|KQHGHQQZLHGLHHUQVWHQ 0HQVFKHQYRQ*RQGRUHUVFKLHQHUPLUHLQHUGHUVLFKZDKUVFKHLQOLFKDOV HLQJURHU)KUHUVHLQHV9RONHVHUZLHVHQKlWWHZHQQVHLQH=HLWJHNRP PHQZlUH$EHUZLUKDEHQEHUGLHVHV8QJOFNNHLQ:RUWDXV*RQGRU JHK|UW:DQQLVWHUJHIDOOHQ"© ª+HXWHLVWHVGHUYLHUWH7DJVHLWHUHUVFKODJHQZXUGH©DQWZRUWHWH $UDJRUQª8QGVHLWGHP$EHQGMHQHV7DJHVVLQGZLUYRP6FKDWWHQGHV 7RO%UDQGLUELVKLHUKHUJHZDQGHUW© ª=X)X"©ULHIeRPHU ª-DVRZLH,KUXQVKLHUVHKW© 6WDXQHQPDOWHVLFKLQeRPHUV$XJHQª6WUHLFKHULVWHLQ]XDUPVHOLJHU 1DPH$UDWKRPV6RKQ©VDJWHHUª)OJHOIXQHQQHLFK(XFK'LHVH+HO GHQWDWGHUGUHL)UHXQGHVROOWHLQVRPDQFKHU+DOOHEHVXQJHQZHUGHQ )QIXQGYLHU]LJ:HJVWXQGHQKDEW,KU]XUFNJHOHJWHKHGHUYLHUWH7DJ VLFKQHLJW=lKLVW(OHQGLOV*HVFKOHFKW 'RFKQXQ+HUUZDVZQVFKW,KUGDLFKWXH",FKPXLQ(LOH]X 7KpRGHQ]XUFNNHKUHQ,FKVSUDFKYRUVLFKWLJYRUPHLQHQ0lQQHUQ(VLVW ULFKWLJGDZLUQRFKQLFKWLPRIIHQHQ.ULHJPLWGHP6FKZDU]HQ/DQG VLQGXQGHLQLJHGLHGDV2KUGHV.|QLJVKDEHQJHEHQIHLJHQ5DW GRFK GHU.ULHJNRPPW:LUZHUGHQXQVHUDOWHV%QGQLVPLW*RQGRUQLFKW O|VHQXQGVRODQJHVLHNlPSIHQZHUGHQZLULKQHQKHOIHQVRVDJHLFKXQG DOOHGLH]XPLUKDOWHQ'LH2VWPDUNGHU%HUHLFKGHV'ULWWHQ0DUVFKDOOV LVWPLUXQWHUVWHOOWXQGLFKKDEHDOOH XQVHUH+HUGHQXQG+LUWHQKHUDXVJH KROWXQGKLQWHUGLH(QWZDVVHU]XUFNJH]RJHQXQGQLHPDQGHQKLHUJHODV VHQDOV:DFKHQXQGVFKQHOOH6SlKHU© ª'DQQHQWULFKWHW,KUNHLQHQ7ULEXWDQ6DXURQ"©IUDJWH*LPOL ª'DVWXQZLUQLFKWXQGKDEHQHVQLHPDOVJHWDQ©VDJWHeRPHUXQG VHLQH$XJHQEOLW]WHQªREZRKOPLU]X2KUHQJHNRPPHQLVWGDGLHVH /JHYHUEUHLWHWZLUG9RUHLQLJHQ-DKUHQZQVFKWHGHU+HUUGHV6FKZDU ]HQ/DQGHV3IHUGHYRQXQV]XNDXIHQXPHLQHQKRKHQ3UHLVDEHUZLUZHL JHUWHQXQVGHQQHUEUDXFKW7LHUH IUHLQHQE|VHQ=ZHFN'DQQVFKLFNWH HUSOQGHUQGH2UNVXQGVLHVFKOHSSHQIRUWZDVVLHN|QQHQXQGZlKOHQ LPPHUGLHVFKZDU]HQ3IHUGHZHQLJHYRQGLHVHQVLQGMHW]WQRFKGD$XV GLHVHP*UXQGHLVWXQVHUH)HKGHPLWGHQ2UNVHUELWWHUW 'RFK]XU]HLWLVW6DUXPDQXQVHUH+DXSWVRUJH(UKDWGLH2EHUKHUUVFKDIW EHUGLHVHVJDQ]H/DQGJHIRUGHUWXQGVHLWYLHOHQ0RQDWHQKHUUVFKW.ULHJ ]ZLVFKHQXQV(UKDW2UNVLQVHLQH'LHQVWHJHQRPPHQXQG:ROIUHLWHU XQGE|VH0HQVFKHQXQGHUKDWGLH3IRUWHYRUXQVYHUVFKORVVHQVRGD ZLUZDKUVFKHLQOLFKYRQ2VWXQG:HVWEHGUlQJWZHUGHQ (VLVWVFKOLPPPLWHLQHPVROFKHQ)HLQG]XWXQ]XKDEHQHULVWHLQ YHUVFKODJHQHUJHVSHQVWLVFKHUXQGOLVWHQUHLFKHU=DXEHUHUXQGKDWYLHOH 9HUNOHLGXQJHQ(UHUVFKHLQWKLHUXQGGRUWKHLWHVDOVHLQDOWHU0DQQLQ .DSX]HXQG0DQWHO*DQGDOIVHKUlKQOLFKZLHYLHOHVLFKMHW]WDQLKQHULQ QHUQ6HLQH6SlKHUVFKOSIHQGXUFKMHGHV1HW]XQGVHLQHXQKHLOYHUKHL HQGHQ9|JHOVLQGEHUDOODP+LPPHO,FKZHLQLFKWZLHDOOGDVHQGHQ ZLUGXQGLFKDKQH%|VHVGHQQPLUVFKHLQWQLFKWDOOHVHLQH)UHXQGHZRK QHQLQ,VHQJDUW'RFKZHQQ,KU]XGHV.|QLJV+DXVNRPPWZHUGHW,KUHV VHOEVWVHKHQ:ROOW,KUQLFKWPLWNRPPHQ",VWPHLQH+RIIQXQJYHUJHEHQV 5HL$QJHON#KWWSFRODHERRN]IELGH
GD,KUPLUJHVDQGWVHLGDOVHLQH+LOIHLQ=ZHLIHOXQG1RW"© ª,FKZHUGHNRPPHQZHQQLFKNDQQ©VDJWH$UDJRUQ ª.RPPWMHW]W©VDJWHeRPHUª(OHQGLOV(UEHZlUHZDKUOLFKHLQH9HU VWlUNXQJIU(RUOV6|KQHLQGLHVHUE|VHQ=HLW*HUDGHMHW]WLVWHLQH 6FKODFKWDXIGHP:HVWHPQHWLP*DQJHXQGLFKIUFKWHVLHPDJVFKOHFKW IUXQVDXVJHKHQ 7DWVlFKOLFKELQLFK]XGHP5LWWQDFK1RUGHQRKQHGLH(UODXEQLVGHV .|QLJVDXIJHEURFKHQXQGLQPHLQHU$EZHVHQKHLWLVWVHLQ+DXVQXU VFKZDFKEHZDFKW$EHU6SlKHUYHUVWlQGLJWHQPLFKYRUGUHL1lFKWHQGD HLQH2UNVFKDUYRP2VWZDOOKHUDENRPPWXQGEHULFKWHWHQGDHLQLJHYRQ LKQHQGDVZHLH$E]HLFKHQYRQ6DUXPDQWUDJHQ8QGGDLFKDUJZ|KQWH ZDVLFKDPPHLVWHQIUFKWHQlPOLFKHLQ%QGQLV]ZLVFKHQ2UWKDQFXQG GHP'XQNOHQ7XUP]RJLFKPLWPHLQHQeRUHG GHQ$QJHK|ULJHQPHLQHU HLJHQHQ+DXVPDFKWDXVXQGYRU]ZHL7DJHQKROWHQZLUGLH2UNVEHL (LQEUXFKGHU1DFKWLQGHU1lKHGHV(QWZDOGVHLQ'RUWXP]LQJHOWHQZLU VLHXQGOLHIHUWHQLKQHQJHVWHUQLP0RUJHQJUDXHQHLQH6FKODFKW)QI]HKQ PHLQHU/HXWHYHUORULFKOHLGHUXQG]Z|OI3IHUGH'HQQGLH2UNVZDUHQ ]DKOUHLFKHUDOVZLUHUZDUWHWKDWWHQ$QGHUHKDWWHQVLFKLKQHQDQJH VFKORVVHQGLHDXVGHP2VWHQEHUGHQ*URHQ6WURPJHNRPPHQZDUHQ LKUH6SXULVWHLQZHQLJQ|UGOLFKYRQGLHVHU6WHOOHGHXWOLFK]XVHKHQ8QG QRFKDQGHUHNDPHQDXVGHP:DOG*URH2UNVGLHDXFKGLH:HLH +DQGYRQ,VHQJDUWWUXJHQGLHVH$UWLVWVWlUNHUXQGJUDXVDPHUDOVDOOH DQGHUHQ 7URW]GHPPDFKWHQZLUHLQ(QGHPLWLKQHQ$EHUZLUVLQGVFKRQ]X ODQJHIRUWJHZHVHQ:LUZHUGHQLP6GHQXQG:HVWHQJHEUDXFKW:ROOW ,KUQLFKWPLWNRPPHQ"(VVLQG3IHUGHEULJZLH,KUVHKW(VJLEW$UEHLW IUGDV6FKZHUW-DXQGDXFKIU*LPOLV$[WXQG/HJRODV %RJHQN|QQ WHQZLU9HUZHQGXQJILQGHQZHQQVLHPLUPHLQHYRUHLOLJHQ:RUWHEHU GLH+HUULQGHV:DOGHVYHU]HLKHQZROOHQ,FKVSUDFKQXUZLHDOOH0HQ VFKHQLQPHLQHP/DQGVSUHFKHQXQGJHUQZUGHLFKHLQHV%HVVHUHQEH OHKUWZHUGHQ© ª,FKGDQNH(XFKIU(XUHVFK|QHQ:RUWH©VDJWH$UDJRUQªXQGPHLQ +HU]YHUODQJWPLW(XFK]XNRPPHQDEHULFKNDQQPHLQH)UHXQGHQLFKW LP6XFKODVVHQVRODQJHQRFK+RIIQXQJEHVWHKW© ª(VEHVWHKWNHLQH+RIIQXQJ©VDJWHeRPHUª,KUZHUGHW(XUH)UHXQGH QLFKWDQGHQ1RUGJUHQ]HQILQGHQ© ª'HQQRFKVLQGXQVHUH)UHXQGHQLFKW]XUFNJHEOLHEHQ1LFKWZHLWYRP 2VWZDOOIDQGHQZLUHLQGHXWOLFKHV=HLFKHQGD]XPLQGHVWHLQHUYRQ LKQHQGRUWQRFKDP/HEHQZDU'RFK]ZLVFKHQGHP:DOOXQGGHQ+|KHQ ]JHQKDEHQZLUNHLQHZHLWHUH6SXUYRQLKQHQJHIXQGHQXQGNHLQH )lKUWHIKUWHQDFKGLHVHURGHUMHQHU6HLWHYRP:HJHDEZHQQPLFK PHLQH*HVFKLFNOLFKNHLWQLFKWJDQ]YHUODVVHQKDW© ª:DVJODXEW,KUGHQQZDVDXVLKQHQJHZRUGHQLVW"© ª,FKZHLHVQLFKW6LHP|JHQHUVFKODJHQXQG]XVDPPHQPLWGHQ2UNV YHUEUDQQWZRUGHQVHLQDEHU,KUZHUGHWVDJHQGDVN|QQHQLFKWVHLQXQG LFKIUFKWHHVDXFKQLFKW,FKNDQQPLUQXUGHQNHQGDVLHYRUGHU 6FKODFKWLQGHQ:DOGJHVFKOHSSWZRUGHQVLQGYLHOOHLFKWVRJDUHKH,KU (XUH)HLQGHXP]LQJHOWKDEW.|QQW,KUEHVFKZ|UHQGDNHLQHU(XUHP 1HW]DXIGLHVH:HLVHHQWJDQJHQLVW"© ª,FKZUGHVFKZ|UHQGDNHLQ2UNHQWNDPQDFKGHPZLUVLHJHVLFKWHW KDWWHQ©VDJWHeRPHUª:LUHUUHLFKWHQGHQ:DOGUDQGYRULKQHQXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHQQGDQDFKLUJHQGHLQ/HEHZHVHQXQVHUHQ5LQJGXUFKEUDFKGDQQZDUHV NHLQ2UNVRQGHUQEHVDLUJHQGHLQHHOELVFKH0DFKW© ª8QVHUH)UHXQGHZDUHQJHNOHLGHWZLHZLU©VDJWH$UDJRUQªXQG,KU VHLGEHLKHOOHP7DJHVOLFKWDQXQV YRUEHUJHULWWHQ© ª'DVKDWWHLFKYHUJHVVHQ©VDJWHeRPHUª(VLVWVFKZHULUJHQGHLQHU 6DFKHVLFKHU]XVHLQEHLVRYLHOHQ:XQGHUQ'LH:HOWLVWJDQ]VHOWVDPJH ZRUGHQ(OEHQXQG=ZHUJHZDQGHUQJHPHLQVDPEHUXQVHUHDOOWlJOLFKHQ :HLGHQXQG/HXWHVSUHFKHQPLWGHU+HUULQGHV:DOGHVXQGVLQGGHQQRFK DP/HEHQXQGGDV6FKZHUWGDVJHERUVWHQZDULQGHQODQJHQ=HLWDOWHUQ HKHGLH9lWHUXQVHUHU9lWHULQGLH0DUNULWWHQNHKUW]XUFNLQGHQ .ULHJ:LHVROOHLQ0HQVFKEHXUWHLOHQZDVHULQVROFKHQ=HLWHQWXQ VROO"© ª:LHHULPPHUJHXUWHLOWKDW©VDJWH$UDJRUQª*XWXQG%|VHKDEHQ VLFKQLFKWLQMQJVWHU=HLWJHlQGHUWXQGVLHVLQGDXFKQLFKW]ZHLHUOHLEHL (OEHQXQG=ZHUJHQDXIGHUHLQHQXQG0HQVFKHQDXIGHUDQGHUHQ6HLWH (LQ0DQQPXVLHXQWHUVFKHLGHQN|QQHQLP*ROGHQHQ:DOGHEHQVRZLH LQVHLQHPHLJHQHQ+DXV© ª'DVLVWIUHLOLFKZDKU©VDJWHeRPHUª$EHULFK]ZHLIOHZHGHUDQ(XFK QRFKDQGHU7DWGLH]XWXQPHLQ+HU]JHELHWHW'RFKVWHKWHVPLUQLFKW IUHLDOOHV]XWXQZDVLFKP|FKWH)UHPGHLQXQVHUHP/DQGHQDFK%HOLH EHQZDQGHUQ]XODVVHQHKHGHU.|QLJVHOEVWLKQHQGLH(UODXEQLVJLEWLVW JHJHQXQVHU*HVHW]XQGQRFKVWUHQJHULVWGLH9RUVFKULIWLQGLHVHQ7DJHQ GHU*HIDKU,FKKDEH(XFKJHEHWHQIUHLZLOOLJPLWPLU]XNRPPHQXQG,KU ZROOWQLFKW8QJHUQEHJLQQHLFKHLQHQ.DPSIYRQKXQGHUWJHJHQGUHL© ª,FKJODXEHQLFKWGD(XHU*HVHW]IUHLQHVROFKH*HOHJHQKHLWJHPDFKW ZXUGH©VDJWH$UDJRUQª8QGDXFKELQLFKNHLQ)UHPGHUGHQQLFKZDU VFKRQIUKHULQGLHVHP/DQGPHKUDOVHLQPDOXQGELQPLWGHP+HHUGHU 5RKLUULPJHULWWHQZHQQJOHLFKXQWHUDQGHUHP1DPHQXQGLQDQGHUHU9HU NOHLGXQJ(XFKKDEHLFKQRFKQLHJHVHKHQGHQQ,KUVHLGMXQJDEHULFK KDEHPLWeRPXQGJHVSURFKHQ(XUHP9DWHUXQGPLW7KpRGHQ7KHQJHOV 6RKQ1LHPDOVLQIUKHUHQ7DJHQKlWWHHLQKRKHU+HUUGLHVHV/DQGHV HLQHQ0DQQJH]ZXQJHQHLQHVROFKH6XFKHZLHGLHPHLQHDXI]XJHEHQ 0HLQH3IOLFKW]XPLQGHVWLVWNODUQlPOLFKZHLWHU]XJHKHQ1XQNRPPW eRPXQGV6RKQGLH(QWVFKHLGXQJPXHQGOLFKJHWURIIHQZHUGHQ+HOIW XQVRGHULPVFKOLPPVWHQ)DOOODWXQVJXWZLOOLJJHKHQ2GHUYHUVXFKW (XHU*HVHW]GXUFK]XIKUHQ:HQQ,KUGDVWXWZHUGHQZHQLJHU]X(XUHP .ULHJRGHU]X(XUHP.|QLJ]XUFNNHKUHQ© eRPHUVFKZLHJHLQHQ$XJHQEOLFNGDQQVSUDFKHUª8QVEHLGHQWXW(LOH QRW©VDJWHHUª0HLQH6FKDUEUHQQWGDUDXIIRUW]XUHLWHQXQGMHGH6WXQGH YHUULQJHUW(XUH+RIIQXQJ0HLQH(QWVFKHLGXQJODXWHW,KUGUIWJHKHQ XQGEHUGLHVZHUGHLFK(XFK3IHUGHOHLKHQ1XUXPHLQVELWWHLFK(XFK ZHQQ(XUH6XFKHEHHQGHWLVWRGHUVLFKDOVYHUJHEOLFKKHUDXVVWHOOWNHKUW PLWGHQ3IHUGHQEHU GLH(QWZDVVHU]XUFNQDFK0HGXVHOGGHPKRKHQ +DXVLQ(GRUDVZR7KpRGHQMHW]WVHLQHQ:RKQVLW]KDW6RZHUGHW,KU LKPEHZHLVHQGDLFKQLFKWIDOVFKJHXUWHLOWKDEH0HLQ(UJHKHQXQGYLHO OHLFKWVRJDUPHLQ/HEHQKlQJWDOVRGDYRQDEGD,KU(XHU:RUWKDOWHW (QWWlXVFKWPLFKQLFKW© ª'DVZHUGHLFKQLFKW©VDJWH$UDJRUQ (VULHIJURHV(UVWDXQHQXQGYLHOHILQVWHUHXQG]ZHLIHOQGH%OLFNHEHL VHLQHQ0DQQHQKHUYRUDOVeRPHU%HIHKOJDEGHQ)UHPGHQGLHEHU]lK OLJHQ3IHUGH]XOHLKHQGRFKQXUeRWKDLQZDJWHHLQRIIHQHV:RUW 5HL$QJHON#KWWSFRODHERRN]IELGH
ª(VPDJJXWXQGULFKWLJVHLQIUGLHVHQ+HUUQGHUGHP*HVFKOHFKWYRQ *RQGRUHQWVWDPPWZLHHUEHKDXSWHW©VDJWHHUªDEHUZHUKDWMHJHK|UW GDHLQ3IHUGGHU0DUNHLQHP=ZHUJHQJHJHEHQZLUG"© ª1LHPDQG©VDJWH*LPOLª8QGNHLQH6RUJHQLHPDQGZLUGDXFKMH GDYRQK|UHQ,FKZUGHHKHUODXIHQDOVDXIGHP5FNHQHLQHVVRJURHQ 7LHUVVLW]HQREHVPLUIUHLZLOOLJJHJHEHQRGHUJHQHLGHWZLUG© ª$EHUUHLWHQPXWGXVRQVWKlOWVWGXXQVDXI©VDJWH$UDJRUQ ª.RPPGXVROOVWKLQWHUPLUVLW]HQ)UHXQG*LPOL©VDJWH/HJRODV ª'DQQLVWDOOHVJXWXQGGXEUDXFKVWZHGHUHLQ3IHUG]XOHLKHQQRFKGLFK GDPLW]XSODJHQ© (LQJURHVGXQNHOJUDXHV3IHUGZXUGH$UDJRUQJHEUDFKWXQGHUEH VWLHJHVª+DVXIHOKHLWHV©VDJWHeRPHUª0|JHHVGLFKJXWWUDJHQXQG HLQHP EHVVHUHQ*HVFKLFNHQWJHJHQDOV*iUXOIVHLQHQOHW]WHQ+HUUQ©(LQ NOHLQHUHVXQGOHLFKWHUHVDEHUXQJHElUGLJHVXQGIHXULJHV3IHUGZXUGH /HJRODVJHEUDFKW$URGZDUVHLQ1DPH/HJRODVDEHUEDWLKP6DWWHOXQG =JHODE]XQHKPHQª,FKEUDXFKHVLHQLFKW©VDJWHHUXQGVSUDQJOHLFKW KLQDXIXQG]XU9HUZXQGHUXQJDOOHUZDU$URG]DKPXQGZLOOLJXQWHU LKPXQGJLQJKLHUKLQXQGGRUWKLQEORDXIHLQJHVSURFKHQHV:RUWKLQ GDVZDUGLHHOELVFKH$UWPLWDOOHQJXWHQ7LHUHQ*LPOLZXUGHKLQWHUVHL QHQ)UHXQGKLQDXIJHKREHQXQGHUNODPPHUWHVLFKDQLKPIHVWGHQQHU IKOWHVLFKGRUWHEHQVRXQEHKDJOLFKZLH6DP*DPGVFKLHLQHLQHP%RRW ª/HEWZRKOXQGP|JHW,KUILQGHQZDV,KUVXFKHW©ULHIeRPHUª.HKUW ]XUFNVRUDVFK,KUN|QQWXQGP|JHQXQVHUH6FKZHUWHUKHUQDFKVLFKJH PHLQVDPKHUYRUWXQ© ª,FKZHUGHNRPPHQ©VDJWH$UDJRUQ ª8QGLFKDXFK©VDJWH*LPOLª1RFKVWHKWGLH$QJHOHJHQKHLWGHU)UDX *DODGULHO]ZLVFKHQXQV,FKPX(XFKHUVWGLHIHLQH5HGHZHLVHOHKUHQ© ª:LUZHUGHQVHKHQ©VDJWHeRPHUª6RYLHOHVHOWVDPH'LQJHKDEHQVLFK HUHLJQHWGDHVQLFKWDOVGDVJU|WH:XQGHUHUVFKHLQHQZLUGGLH/RE SUHLVXQJHLQHUVFK|QHQ)UDXXQWHUGHQOLHEHQGHQ6FKOlJHQHLQHU=ZHUJHQ D[W]XOHUQHQ/HEWZRKO© 1DFKGLHVHQ:RUWHQWUHQQWHQVLHVLFK6HKUVFKQHOOZDUHQGLH3IHUGH YRQ5RKDQ$OV *LPOLQDFKHLQHUNXU]HQ:HLOH]XUFNVFKDXWHZDU eRPHUV6FKDUVFKRQNOHLQXQGZHLWHQWIHUQW$UDJRUQVFKDXWHQLFKW]X UFNHUEHREDFKWHWHGLH6SXUZlKUHQGVLHGDKLQVSUHQJWHQXQGHUEHXJWH GHQ.RSIWLHIDXIGHQ+DOVYRQ+DVXIHO(VGDXHUWHQLFKWODQJH GDHU UHLFKWHQVLHGDV8IHUGHU(QWZDVVHUXQGGRUWVWLHHQVLHDXIGLHDQGHUH 6SXUYRQGHUeRPHUJHVSURFKHQKDWWHXQGGLHYRP2VWHQKHUDXVGHP gGODQGNDP $UDJRUQVDDEXQGXQWHUVXFKWHGHQ%RGHQGDQQVSUDQJHUZLHGHULQ GHQ6DWWHOXQGULWWHLQ6WFNQDFK2VWHQZREHLHUVLFKDEVHLWVGHU6SXU KLHOWXPGLH)XDEGUFNHQLFKW]X]HUVW|UHQ'RUWVWLHJHUZLHGHUDEXQG IRUVFKWHDXIGHU(UGHLQGHPHU]X)XKLQXQGKHUJLQJ ª'DJLEWHVZHQLJ]XHQWGHFNHQ©VDJWHHUDOVHU]XUFNNDPª'LH +DXSWVSXULVWJDQ]YHUZLVFKWVHLWGLH5HLWHUDXIGHP5FNZHJKLHUYRU EHLNDPHQDXIGHP+LQZHJPVVHQVLHQlKHUDP)OXJHULWWHQVHLQ'RFK GLHVHQDFK2VWHQJHKHQGH6SXULVWIULVFKXQGGHXWOLFK(VVLQGNHLQH$Q ]HLFKHQGDGDLUJHQGZHOFKH)HLQGHUDQGHUHQ5LFKWXQJJLQJHQ]X UFN]XP$QGXLQ-HW]WPVVHQZLUODQJVDPHUUHLWHQXQGXQVYHUJHZLV VHUQGDNHLQH)lKUWHRGHU)XVWDSIHQDXIEHLGHQ6HLWHQDE]ZHLJHQ'LH 2UNVPVVHQYRQGLHVHP3XQNWDQJHPHUNWKDEHQGDVLHYHUIROJWZHU 5HL$QJHON#KWWSFRODHERRN]IELGH
GHQVLHKDEHQYLHOOHLFKWYHUVXFKWLKUH*HIDQJHQHQZHJ]XVFKDIIHQHKH VLHHLQJHKROWZXUGHQ© :lKUHQGVLHZHLWHUULWWHQZXUGHGHU7DJWUEH*URHJUDXH:RONHQ ]RJHQEHUGHP:DOGDXI(LQ1HEHOYHUVFKOHLHUWHGLH6RQQH,PPHU QlKHUNDPHQGLHEDXPEHVWDQGHQHQ+lQJHYRQ)DQJRUQXQGZXUGHQ ODQJ VDPGXQNOHUDOVGLH6RQQHQDFK:HVWHQZDQGHUWH6LHVDKHQNHLQ=HLFKHQ LUJHQGHLQHUQDFKUHFKWVRGHUOLQNVDE]ZHLJHQGHQ6SXUGRFKKLHUXQGGRUW NDPHQVLHDQHLQ]HOQHQ2UNVYRUEHLGLHJHIDOOHQZDUHQZlKUHQGVLH UDQQWHQXQGJUDXJHILHGHUWH3IHLOHVWHFNWHQLKQHQLP5FNHQRGHU+DOV 6FKOLHOLFKDOVGHU1DFKPLWWDJYHUEODWHNDPHQVLH]XP6DXPGHV :DOGHVXQGDXIHLQHURIIHQHQ/LFKWXQJ]ZLVFKHQGHQHUVWHQ%lXPHQIDQ GHQVLHGLH6WlWWHGHVJURHQ%UDQGHVGLH$VFKHZDUQRFKKHLXQG UDXFKWH'DQHEHQODJHLQJURHU+DXIHQYRQ+HOPHQXQG3DQ]HUQJHERU VWHQHQ6FKLOGHUQXQG]HUEURFKHQHQ6FKZHUWHUQ%RJHQXQG:XUIVSHHUHQ XQGDQGHUHP.ULHJVJHUlW$XIHLQHQ3IDKOLQGHU0LWWHZDUGHU.RSI HLQHVJURHQ%LOZLDXIJHVSLHWDQVHLQHP]HUWUPPHUWHQ+HOPNRQQWH PDQGDVZHLH$E]HLFKHQQRFKHUNHQQHQ(WZDVHQWIHUQWQLFKWZHLWYRQ GHU6WHOOHZRGHU)OXDXVGHP:DOGKHUDXVWUDWZDUHLQ+JHOJUDE(V ZDUQHXDXIJHZRUIHQGLHQDFNWH(UGHZDUPLWIULVFKJHVWRFKHQHU*UDV QDUEHEHGHFNWHLQ.UHLVYRQIQI]HKQLQGHQ %RGHQJHUDPPWHQ6SHHUHQ XPJDEHV $UDJRUQXQGVHLQH*HIlKUWHQVXFKWHQGDV6FKODFKWIHOGZHLWXQGEUHLW DEDEHUGDV/LFKWZXUGHVFKZlFKHUXQGEDOGVHQNWHVLFKGHU$EHQG GVWHUXQGQHEOLJ$OVGLH1DFKWKHUHLQEUDFKKDWWHQVLHNHLQH6SXUYRQ 0HUU\XQG3LSSLQJHIXQGHQ ª:LUN|QQHQQLFKWVPHKUWXQ©VDJWH*LPOLWUDXULJª8QVVLQGYLHOH 5lWVHODXIJHJHEHQZRUGHQVHLWZLU]XP7RO%UDQGLUNDPHQDEHUGLHVKLHU LVWDPVFKZHUVWHQ]XO|VHQ,FKYHUPXWHGLHYHUEUDQQWHQ.QRFKHQGHU +REELWVVLQGMHW]WYHUPHQJWPLWGHQHQGHU2UNV(VZLUGHLQHWUDXULJH .XQGHIU)URGRVHLQZHQQHUQRFKDP/HEHQLVWXPVLH]XK|UHQXQG DXFKWUDXULJIUGHQDOWHQ+REELWGHULQ%UXFKWDOZDUWHW(OURQGZDU GDJHJHQGDVLHPLWNDPHQ© ª$EHU*DQGDOIQLFKW©VDJWH/HJRODV ª'RFK*DQGDOIEHVFKORVHOEVWPLW]XNRPPHQXQGHUZDUGHUHUVWH GHUXPNDP©DQWZRUWHWH*LPOLª6HLQH9RUDXVVLFKWKDWLKQJHWURJHQ© ª*DQGDOIV(QWVFKOXJUQGHWHVLFKQLFKWDXIGDV9RUKHUZLVVHQYRQ 6LFKHUKHLWIULKQRGHUIUDQGHUH©VDJWH$UDJRUQª(VJLEW'LQJHGLH ]XEHJLQQHQEHVVHULVWDOVVLH]XYHUZHLJHUQVHOEVWZHQQLKU$XVJDQJ GXQNHOVHLQPDJ$EHULFKZLOOQRFKQLFKWYRQGLHVHP2UWDXIEUHFKHQ -HGHQIDOOVPVVHQZLUKLHUGDV0RUJHQOLFKWHUZDUWHQ© (LQ6WFN:HJVKLQWHUGHP6FKODFKWIHOGPDFKWHQVLHVLFKLKU/DJHUXQ WHUHLQHPDXVODGHQGHQ%DXPHUVDKZLHHLQH.DVWDQLHDXVGRFKWUXJHU QRFKYLHOHEUHLWHEUDXQH%OlWWHUHLQHVIUKHUHQ-DKUVZLHWURFNQH+lQGH PLWODQJHQJHVSUHL]WHQ)LQJHUQVLHUDVFKHOWHQWUDXULJLP1DFKWZLQG *LPOLIU|VWHOWH6LHKDWWHQMHGHU QXUHLQH'HFNHEHLVLFKª/DWXQVHLQ )HXHUDQ]QGHQ©VDJWHHUª,FKPDFKHPLUQLFKWVPHKUDXVGHU*HIDKU /DWGLH2UNVKHUDQVFKZLUUHQVR]DKOUHLFKZLH0RWWHQLP6RPPHUXP HLQH.HU]H© ª:HQQGLHVHXQJOFNOLFKHQ+REELWVVLFKLP:DOGYHULUUWKDEHQ N|QQWHHVVLHKLHUKHUORFNHQ©VDJWH/HJRODV ª8QGHVN|QQWHDXFKDQGHUH:HVHQDQORFNHQZHGHU2UNVQRFK+RE 5HL$QJHON#KWWSFRODHERRN]IELGH
ELWV©VDJWH$UDJRUQª:LUVLQGGHQ%HUJJHPDUNHQGHV9HUUlWHUV6DUX PDQQDKH$XFKVLQGZLUJHQDXDP5DQGHYRQ)DQJRUQXQGZLHHV KHLWLVWHVJHIlKUOLFKGLH%lXPHGLHVHV:DOGHVDQ]XUKUHQ© ª$EHUGLH5RKLUULPKDEHQKLHUJHVWHUQHLQHQJURHQ%UDQGJHVFKUW© VDJWH*LPOLªXQGVLHKDEHQ%lXPHJHIlOOWIUGDV)HXHUZLHPDQVHKHQ NDQQ'HQQRFKKDEHQVLHGLH1DFKWKHLOEHUVWDQGHQQDFKGHPLKUH $UEHLWEHHQGHWZDU© ª(VZDUHQLKUHUYLHOH©VDJWH$UDJRUQªXQGVLHVFKHUHQVLFKQLFKWXP )DQJRUQV=RUQGHQQVLHNRPPHQVHOWHQKLHUKHUXQGJHKHQQLFKWXQWHUGLH %lXPH'RFKXQVHU3IDGZLUGXQVZDKUVFKHLQOLFKLQGHQ:DOGVHOEVWKLQ HLQIKUHQ$OVRVHLYRUVLFKWLJ )lOOHNHLQOHEHQGHV+RO]© ª'DVLVWDXFKQLFKWQ|WLJ©VDJWH*LPOLª'LH5HLWHUKDEHQJHQXJ6SlQH XQG=ZHLJHEULJJHODVVHQXQGHVOLHJWPDVVHQKDIWWRWHV+RO]KHUXP©(U JLQJIRUWXP%UHQQKRO]]XVDPPHOQVFKLFKWHWHHVDXIXQGVFKOXJ)HXHU $UDJRUQVDLQGHVVFKZHLJHQGDQGHQJURHQ%DXPJHOHKQWWLHILQ*H GDQNHQXQG/HJRODVVWDQGDOOHLQLP)UHLHQVFKDXWHDXIGHQWLHIHQ6FKDW WHQGHV:DOGHVXQGEHXJWHVLFKYRUZLHHLQHUGHUDXI6WLPPHQODXVFKW GLHDXVGHU)HUQHUXIHQ $OVGHU=ZHUJHLQNOHLQHVKHOOHV)HXHULQ*DQJJHEUDFKWKDWWHUFN WHQGLHGUHL*HIlKUWHQQDKHKHUDQXQGVFKLUPWHQGHQ/LFKWVFKHLQPLW LKUHQNDSX]HQYHUKOOWHQ*HVWDOWHQDE/HJRODVEOLFNWHQDFKREHQ]XGHQ =ZHLJHQGHV%DXPVEHULKQHQ ª6FKDXW©VDJWHHUª'HU%DXPIUHXWVLFKEHUGDV)HXHU© (VPDJVHLQGDGLHWDQ]HQGHQ6FKDWWHQLKUH$XJHQQDUUWHQDEHUJH ZLNDPHVMHGHPGHU*HIlKUWHQVRYRUDOVEHXJWHQVLFKGLH=ZHLJHKLHU KLQXQGGRUWKLQXPEHUGLH)ODPPHQ]XNRPPHQZlKUHQGGLHREHUHQ bVWHVLFKKHUDEQHLJWHQGLHEUDXQHQ%OlWWHUVWDQGHQMHW]WVWHLIDEXQGULH EHQVLFKDQHLQDQGHUZLHYLHOHNDOWHDXIJHVSUXQJHQH+lQGHGHQHQGLH :lUPHZRKOWXW 'LH*HIlKUWHQVFKZLHJHQGHQQSO|W]OLFKPDFKWHVLFKGHUGXQNOHXQG XQEHNDQQWH:DOGGHUVRQDKHODJZLHHLQJURHVEHGUFNHQGHVJHLVWHU KDIWHV:HVHQEHPHUNEDUGDVHLQJHKHLPHV=LHOYHUIROJWH1DFKHLQHU :HLOHVSUDFK/HJRODVZLHGHU ª&HOHERUQKDWXQVGDYRUJHZDUQW]XZHLWQDFK)DQJRUQKLQHLQ]XJH KHQ©VDJWHHUª:HLWGX$UDJRUQZDUXP":DVIU6DJHQEHUGHQ :DOGKDW%RURPLUJHK|UW"© ª,Q*RQGRUXQGDQGHUVZRKDEHLFKYLHOH*HVFKLFKWHQJHK|UW©VDJWH $UDJRUQªDEHUKlWWH&HOHERUQQLFKWGLHVH:RUWHJHVSURFKHQKlWWHLFK VLHQXUIU0lUFKHQJHKDOWHQGLHVLFKGLH0HQVFKHQDXVJHGDFKWKDEHQ VHLWGDVZDKUH:LVVHQVFKZLQGHW,FKKDWWHGLFKVFKRQIUDJHQZROOHQZDV DQGHU6DFKHHLJHQWOLFKZDKULVW8QGZHQQHLQ(OEGHV:DOGHVHVQLFKW ZHLZLHVROOHLQ0HQVFKGDUDXIDQWZRUWHQ"© ª'XELVWZHLWHUJHZDQGHUWDOVLFK©VDJWH/HJRODVª,FKKDEHLQPHLQHP /DQGQLFKWVGDYRQJHK|UWDXHUHLQLJHQ/LHGHUQLQGHQHQHVKHLWGD GLH2QRGULPGLHGLH0HQVFKHQ(QWVQHQQHQKLHUYRUODQJHU=HLWOHEWHQ GHQQ)DQJRUQLVWDOWDOWVRJDUQDFKGHQ0DVWlEHQGHU(OEHQ© ª-DHULVWDOW©VDJWH$UDJRUQªVRDOWZLHGHU:DOGDQGHQ+JHOJUl EHUK|KHQXQGHULVWYLHOJU|HU(OURQGVDJWGLHEHLGHQVHLHQYHUZDQGW GLHOHW]WHQ%ROOZHUNHGHUPlFKWLJHQ:lOGHUGHU$OWYRUGHUHQ]HLWDOVGLH (UVWJHERUHQHQZDQGHUWHQZlKUHQGGLH0HQVFKHQQRFKVFKOLHIHQ'RFKKDW )DQJRUQLUJHQGHLQEHVRQGHUHV*HKHLPQLV:DVHVLVWZHLLFKQLFKW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª8QGLFKZLOOHVQLFKWZLVVHQ©VDJWH*LPOLª6W|UWQLFKWVZDVLQ)DQ JRUQKDXVWXPPHLQHWZLOOHQ© 6LHORVWHQGLH:DFKHQDXVXQGIUGLHHUVWH:DFKHILHOGDV/RVDXI *LPOL'LHEHLGHQDQGHUHQOHJWHQVLFKQLHGHU)DVWVRIRUWEHUPDQQWHVLH GHU6FKOXPPHUª*LPOL©VDJWH$UDJRUQVFKODIWUXQNHQªGHQNHGUDQHV LVWJHIlKUOLFK$VWRGHU=ZHLJYRQHLQHPOHEHQGHQ%DXPLQ)DQJRUQDE ]XKDXHQ$EHUODXIHDXIGHU6XFKHQDFKWRWHP+RO]QLFKWZHLWIRUW/D OLHEHUGDV)HXHUDXVJHKHQ:HFNHPLFKLP1RWIDOO© 'DPLWVFKOLHIHUIHVWHLQ/HJRODVODJVFKRQUHJORVGDGLHVFK|QHQ +lQGHEHUGHU%UXVWJHIDOWHWXQGVHLQH$XJHQLQGHQHQVLFKGLHOHEHQ GLJH1DFKWXQGGHUWLHIH7UDXPYHUPHQJWHQZDUHQQLFKWJHVFKORVVHQZLH HVGLH$UWGHU(OEHQLVW*LPOLVD]XVDPPHQJHNDXHUWDP)HXHUXQGIXKU PLWGHP'DXPHQQDFKGHQNOLFKEHUGLH6FKQHLGHVHLQHU$[W'HU%DXP UDVFKHOWH.HLQDQGHUHV*HUlXVFKZDU]XK|UHQ 3O|W]OLFKVFKDXWH*LPOLDXIXQGGDVWDQGDP5DQGHGHV)HXHUVFKHLQV HLQDOWHUJHEHXJWHU0DQQDXIHLQHQ6WDEJHVWW]WXQGLQHLQHQJUDXHQ 0DQWHOJHKOOWVHLQEUHLWNUHPSLJHU+XWZDUELVDXIGLH$XJHQKHUXQWHU JH]RJHQ*LPOLVSUDQJDXILP$XJHQEOLFN]XYHUEOIIWXPDXI]X VFKUHLHQREZRKOLKPVRIRUWGHU*HGDQNHGXUFKGHQ.RSIVFKRGD6DUX PDQVLHDXIJHVSUWKDEH$UDJRUQXQG/HJRODVGXUFKVHLQHUDVFKH%HZH JXQJJHZHFNWVHW]WHQVLFKDXIXQGVWDUUWHQ'HUDOWH0DQQVSUDFKQLFKW XQGJDEDXFKNHLQ=HLFKHQ ª1XQ9DWHUZDVN|QQHQZLUIU(XFKWXQ"©IUDJWH$UDJRUQXQG VSUDQJDXIGLH)Hª.RPPWXQGZlUPW(XFK ZHQQ(XFKNDOWLVW©(U WDWHLQHQ6FKULWWYRUZlUWVDEHUGHUDOWH0DQQZDUIRUW,QGHU1lKH NRQQWHQVLHNHLQH6SXUYRQLKPILQGHQXQGVLHZDJWHQQLFKWZHLW]X ZDQGHUQ'HU0RQGZDUXQWHUJHJDQJHQXQGGLH1DFKWVHKUGXQNHO 3O|W]OLFKVWLH/HJRODVHLQHQ6FKUHLDXVª'LH3IHUGHGLH3IHUGH© 'LH3IHUGHZDUHQIRUW6LHKDWWHQLKUH3IO|FNHKHUDXVJHULVVHQXQG ZDUHQYHUVFKZXQGHQ(LQH=HLWODQJVWDQGHQGLHGUHL*HIlKUWHQVWLOOXQG VFKZHLJHQGGDEHNPPHUWEHUGLHVHQQHXHQ6FKLFNVDOVVFKODJ6LHZDUHQ DP6DXPYRQ)DQJRUQXQGHQGORVH0HLOHQODJHQ]ZLVFKHQLKQHQXQGGHQ 0HQVFKHQYRQ5RKDQLKUHQHLQ]LJHQ)UHXQGHQLQGLHVHPZHLWHQJHIlKU OLFKHQ/DQG:lKUHQGVLHGRUWVWDQGHQZDUHVLKQHQDOVK|UWHQVLHIHUQ LQGHU1DFKW3IHUGHJHZLHKHU'DQQZDUZLHGHUDOOHVVWLOOELVDXIGDVNDOWH 5DVFKHOQGHV:LQGHV ª1XQVLHVLQGIRUW©VDJWH$UDJRUQVFKOLHOLFKª:LUN|QQHQVLHQLFKW VXFKHQRGHUHLQIDQJHQNRPPHQVLHQLFKWDXVIUHLHP:LOOHQZLHGHUPV VHQZLUXQVDOVRRKQHVLHEHKHOIHQ:LUVLQG]X)XDXIJHEURFKHQXQG GLH)HKDEHQZLUQRFK© ª)H©VDJWH*LPOLª:LUN|QQHQVLHDEHUQLFKWHEHQVRJXWHVVHQZLH DXILKQHQODXIHQ©(UZDUIHWZDV+RO]DXIGDV)HXHUXQGKRFNWHVLFK GDQHEHQ ª(UVWYRUHLQSDDU6WXQGHQZDUVWGXQLFKWEHUHLWGLFKDXIHLQ3IHUG YRQ5RKDQ]XVHW]HQ©ODFKWH/HJRODVª'XZLUVWQRFKHLQ5HLWHUZHUGHQ© ª(VLVWXQZDKUVFKHLQOLFKGDLFK*HOHJHQKHLWGD]XKDEHQZHUGH© VDJWH*LPOL ª:HQQLKUZLVVHQZROOWZDVLFKJODXEH©EHJDQQHUQDFKHLQHU:HLOH ZLHGHUªLFKJODXEHGDHV6DUXPDQZDU:HUVRQVW"(ULQQHUWHXFKDQ eRPHUV:RUWHHUHUVFKHLQWKLHUXQGGRUWDOVHLQDOWHU0DQQLQ.DSX]H XQG0DQWHO 'DVZDUHQVHLQH:RUWH(UKDWXQVHUH3IHUGHIRUWJHIKUW 5HL$QJHON#KWWSFRODHERRN]IELGH
RGHUVRHUVFKUHFNWGDVLHIRUWJHODXIHQVLQGXQGZLUVLW]HQQXQGD:LU ZHUGHQQRFKPHKUbUJHUEHNRPPHQPHUNWHXFKPHLQH:RUWH© ª,FKPHUNHVLHPLU©VDJWH$UDJRUQª$EHULFKKDEHDXFKJHPHUNW GDGLHVHUDOWH0DQQHLQHQ+XWWUXJNHLQH.DSX]H'HQQRFK]ZHLIOHLFK QLFKWGDGXULFKWLJYHUPXWHVWXQGZLUKLHUEHL1DFKWRGHU7DJLQ*H IDKUVLQG,QGHVN|QQHQZLUHLQVWZHLOHQQLFKWVWXQDOVXQVDXVUXKHQ VRODQJHHVJHKW,FKZHUGHMHW]WHLQH=HLWODQJZDFKHQ*LPOL,FKKDEHHV Q|WLJHUQDFK]XGHQNHQDOV]XVFKODIHQ© /DQJVDPYHUJLQJGLH1DFKW/HJRODVO|VWH$UDJRUQDEXQG*LPOLO|VWH /HJRODVDEXQGLKUH:DFKHQYHUVWULFKHQ$EHUQLFKWVJHVFKDK'HUDOWH 0DQQHUVFKLHQQLFKWZLHGHUXQGGLH3IHUGHNHKUWHQQLFKW]XUFN
5HL$QJHON#KWWSFRODHERRN]IELGH
'5,77(6.$3,7(/ ',(858.+$,
3LSSLQKDWWHHLQHQKlOLFKHQXQGEHlQJVWLJHQGHQ7UDXPHUVFKLHQGHQ :LGHUKDOOVHLQHUHLJHQHQNOHLQHQ6WLPPHLQVFKZDU]HQ7XQQHOQ]XK|UHQ GLH)URGR)URGR ULHI$EHUQLFKW)URGRNDPVRQGHUQ+XQGHUWHYRQDE VFKHXOLFKHQ2UNJHVLFKWHUQJULQVWHQLKQDXVGHQ6FKDWWHQDQ+XQGHUWH YRQDEVFKHXOLFKHQ$UPHQJULIIHQYRQDOOHQ6HLWHQQDFKLKP:RZDU 0HUU\" (UHUZDFKWH.DOWH/XIWEOLHVLKPLQV*HVLFKW(UODJDXIGHP5FNHQ 'HU$EHQGNDPXQGGHU+LPPHOEHULKPZXUGHGlPPULJ(UGUHKWH VLFKXPXQGIDQGGDGHU7UDXPQXUZHQLJVFKOLPPHUJHZHVHQZDUDOV GDV(UZDFKHQ6HLQH+DQGJHOHQNH%HLQHXQG.Q|FKHOZDUHQPLW6WULFNHQ JHEXQGHQ1HEHQLKPODJ0HUU\PLWEOHLFKHP*HVLFKWXQGHLQHPVFKPXW]L JHQ/DSSHQDXIGHU6WLUQ5LQJVXPVLHKHUVDHQRGHUVWDQGHQYLHOH2UNV ,Q3LSSLQVVFKPHU]HQGHP.RSIUHLKWHVLFKGLH(ULQQHUXQJODQJVDPDQ HLQDQGHUXQGO|VWHVLFKYRQGHQ7UDXPVFKDWWHQ1DWUOLFKHUXQG0HUU\ ZDUHQLQGHQ:DOGJHODXIHQ:DVZDULKQHQEORHLQJHIDOOHQ":DUXP ZDUHQVLHVRZHJJHVWU]WXQGKDWWHQVLFKJDUQLFKWXPGHQJXWHQ6WUHL FKHUJHNPPHUW"6LHZDUHQODQJHJHODXIHQXQGKDWWHQJHUXIHQ² 3LSSLQ NRQQWHVLFKQLFKWHULQQHUQZLHZHLWRGHUZLHODQJHXQGGDQQSO|W]OLFK ZDUHQVLHJHQDXLQHLQH*UXSSH2UNVKLQHLQJHUDQQWVLHVWDQGHQODX VFKHQGGDXQGVFKLHQHQ0HUU\XQG3LSSLQJDUQLFKW]XVHKHQELVVLHIDVW LQLKUHQ$UPHQJHODQGHWZDUHQ'DQQVFKULHQVLHXQGQRFK'XW]HQGH YRQ%LOZLVVHQVSUDQJHQ]ZLVFKHQGHQ%lXPHQKHUYRU0HUU\XQGHUKDW WHQLKUH6FKZHUWHUJH]RJHQDEHUGLH2UNVZROOWHQQLFKWNlPSIHQVRQ GHUQYHUVXFKWHQQXUVLH]XHUJUHLIHQVHOEVWQDFKGHP0HUU\YHUVFKLHGH QHQGLH$UPHXQG+lQGHDEJHVFKODJHQKDWWH'HUJXWH0HUU\ 'DQQZDU%RURPLU]ZLVFKHQGHQ%lXPHQKHUYRUJHVWUPW(UKDWWHVLH LQHLQHQ.DPSIYHUZLFNHOW9LHOHYRQLKQHQHUVFKOXJHUXQGGLHEULJHQ IORKHQ$EHUVLHZDUHQQRFKQLFKWZHLWDXIGHP:HJ]XUFNJHJDQJHQ DOVVLHHUQHXWDQJHJULIIHQZXUGHQGLHVPDOYRQPLQGHVWHQVKXQGHUW2UNV YRQGHQHQHLQLJHVHKUJURZDUHQXQGVLHVFK|VVHQHLQHQ+DJHOYRQ3IHL OHQDELPPHUDXI%RURPLU%RURPLUKDWWHVHLQJURHV+RUQJHEODVHQELV GLH:lOGHUZLGHUKDOOWHQXQG]XHUVWZDUHQGLH2UNVHUVFKURFNHQ]XUFN JHZLFKHQDOVDEHUNHLQH$QWZRUWDXIGLH(FKRVNDPKDWWHQVLHZWHQGHU GHQQMHDQJHJULIIHQ$QYLHOPHKUHQWVDQQVLFK3LSSLQQLFKW6HLQHOHW]WH (ULQQHUXQJZDUGD%RURPLUDQHLQHP%DXPOHKQWHXQGVLFKHLQHQ3IHLO KHUDXV]RJGDQQKDWWHVLFKSO|W]OLFK'XQNHOKHLWKHUDEJHVHQNW ª,FKQHKPHDQGDLFKHLQHQ6FKODJDXIGHQ.RSIEHNDP©VDJWH3LS SLQEHLVLFKª,FKZWHJHUQREGHUDUPH0HUU\VFKZHUYHUZXQGHWLVW :DVLVWPLW%RURPLUJHVFKHKHQ":DUXPKDEHQXQVGLH2UNVQLFKWJHW| WHW":RVLQGZLUXQGZRKLQJHKHQZLU"© (UNRQQWHGLH)UDJHQQLFKWEHDQWZRUWHQ(UIURUXQGIKOWHVLFKHOHQG ª,FKZQVFKWH*DQGDOIKlWWH(OURQGQLFKWEHUUHGHWXQVPLWJHKHQ]X ODVVHQ©GDFKWHHUª:DVELQLFKVFKRQQW]HJHZHVHQ"1XUHLQH/DVW HLQH/DVWHLQ*HSlFNVWFN8QGMHW]WELQLFKJHVWRKOHQZRUGHQXQGJH QDXVRHLQ*HSlFNVWFNIUGLH2UNV,FKKRIIH6WUHLFKHURGHUVRQVWZHU ZLUGNRPPHQXQGXQVDEKROHQ$EHUGDUILFKEHUKDXSWGDUDXIKRIIHQ" :UGHGDVQLFKWDOOHXQVHUH3OlQHXPVWRHQ",FKZROOWHLFKN|QQWHPLFK EHIUHLHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
(UVWUDPSHOWHHLQZHQLJJDQ]YHUJHEOLFK(LQHUGHULQGHU1lKHVLW]HQ GHQ2UNVODFKWHXQGVDJWH]XHLQHP*HIlKUWHQHWZDVLQLKUHUDEVFKHX OLFKHQ6SUDFKHª5XKGLFKDXVVRODQJHGXNDQQVWNOHLQHU1DUU©VDJWHHU GDQQ]X3LSSLQLQGHU*HPHLQVDPHQ6SUDFKHGLHEHLLKPIDVWVRKlOLFK NODQJZLHVHLQHHLJHQHª5XKGLFKDXVVRODQJHGXNDQQVW%DOGZHUGHQ ZLU9HUZHQGXQJILQGHQIUGHLQH%HLQH'XZLUVWQRFKZQVFKHQGDGX NHLQHKlWWHVWHKHZLUQDFK+DXVHNRPPHQ© ª:HQQ VQDFKPLUJLQJHZUGHVWGXZQVFKHQWRW]XVHLQ©VDJWHGHU DQGHUHª,FKZHUGHGLFK]XP4XLHWVFKHQEULQJHQGXMlPPHUOLFKH5DWWH© (UEHXJWHVLFKEHU3LSSLQXQGKLHOWLKPVHLQHJHOEHQ.ODXHQGLFKWYRUV *HVLFKW(UKDWWHHLQVFKZDU]HV0HVVHUPLWHLQHUODQJHQJH]DFNWHQ.OLQJH LQGHU+DQGª/LHJVWLOORGHULFKNLW]OHGLFKGDPLW©]LVFKWHHUª/HQNH QLFKWGLH$XIPHUNVDPNHLWDXIGLFKVRQVWYHUJHVVHLFKYLHOOHLFKWPHLQH %HIHKOH9HUIOXFKWVHLHQGLH,VHQJDUWHU8JO~NXEDJURQNVKDSXVKGXJ 6DUXPDQJOREE~EKRVKVNDL© (UHUJLQJVLFKLQVHLQHUHLJHQHQ6SUDFKHLQ HLQHUODQJHQZWHQGHQ5HGHGLHDOOPlKOLFKPLW%UXPPHQXQG.QXUUHQ HQGHWH (UVFKURFNHQODJ3LSSLQJDQ]VWLOOREZRKOGHU6FKPHU]DQVHLQHQ+DQG JHOHQNHQXQG.Q|FKHOQ]XQDKPXQGGLH6WHLQHDXIGHQHQHUODJVLFKLQ VHLQHQ5FNHQERKUWHQ8PVHLQH*HGDQNHQYRQVLFKVHOEVWDE]XOHQNHQ ODXVFKWHHUDQJHVSDQQWDXIDOOHVZDVHUK|UHQNRQQWH(VZDUHQYLHOH 6WLPPHQXPLKQKHUXPXQGREVFKRQGLH2UNVSUDFKHLPPHUQDFK+D XQG:XWNODQJVFKLHQGRFKGHXWOLFKHLQ6WUHLWDXVJHEURFKHQ]XVHLQXQG LPPHUKLW]LJHU]XZHUGHQ 3LSSLQPHUNWH]XVHLQHUhEHUUDVFKXQJGDHLQ*URWHLOGHU8QWHUKDO WXQJYHUVWlQGOLFKZDUYLHOHGHU2UNVEHGLHQWHQVLFKGHUJHZ|KQOLFKHQ 6SUDFKH2IIHQEDUJHK|UWHQVLH]ZHLRGHUGUHLYHUVFKLHGHQHQ6WlPPHQDQ XQGYHUVWDQGHQLKUHMHZHLOLJHQ2UNVSUDFKHQQLFKW(VZDUHLQHZWHQGH $XVHLQDQGHUVHW]XQJGDUEHULP*DQJHZDVMHW]W]XWXQVHLZHOFKHU :HJHLQ]XVFKODJHQVHLXQGZDVPLWGHQ*HIDQJHQHQJHVFKHKHQVROOH ª:LUKDEHQNHLQH=HLWVLHULFKWLJ]XW|WHQ©VDJWHHLQHU ª.HLQH=HLW ]XP6SLHOHQDXIGHU)DKUW© ª'DVOlWVLFKQLFKWlQGHUQ©VDJWHHLQDQGHUHUª$EHUZDUXPVLH QLFKWUDVFKW|WHQVLHMHW]WW|WHQ"6LHVLQGHLQHYHUGDPPWH/DVWXQGZLU KDEHQHVHLOLJ'HU$EHQGNRPPWXQGZLUVROOWHQXQVGUDQKDOWHQ© ª%HIHKO©VDJWHHLQHGULWWHWLHINQXUUHQGH6WLPPHª7|WHWDOOHDEHU 1,&+7GLH+DOEOLQVHVLHVROOHQVRVFKQHOODOVP|JOLFK /(%(1',* KHUJHEUDFKWZHUGHQ 'DVLVWPHLQ%HIHKO© ª:RIUZLOOPDQVLH"©IUDJWHQPHKUHUH6WLPPHQª:DUXPOHEHQGLJ" %HUHLWHQVLHYLHO6SD"© ª1HLQ,FKKDEHJHK|UWGDHLQHUYRQLKQHQHWZDVKDWHWZDVGDVIU GHQ.ULHJJHEUDXFKWZLUGLUJHQGZHOFKHHOELVFKHQ5lQNH-HGHQIDOOVVROOHQ VLHYHUK|UWZHUGHQ© ª,VWGDVDOOHVZDVGXZHLW":DUXPGXUFKVXFKHQZLUVLHQLFKWXQG VFKDXHQQDFK"9LHOOHLFKWILQGHQZLUHWZDVGDVZLUVHOEVWEUDXFKHQN|QQ WHQ© ª'DVLVWHLQHVHKUDXIVFKOXUHLFKH%HPHUNXQJ©K|KQWHHLQH6WLPPH ZHLFKHUDOVGLHDQGHUHQDEHUE|VHUª,FKZHUGHGDVYLHOOHLFKWPHOGHQ PVVHQ'LH*HIDQJHQHQGUIHQ1,&+7GXUFKVXFKWRGHUDXVJHSOQGHUW ZHUGHQVRODXWHWPHLQ %HIHKO© ª8QGPHLQHUDXFK©VDJWHGLHWLHIH6WLPPHª/HEHQGLJXQGVRZLHVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
JHIDQJHQJHQRPPHQZXUGHQQLFKWDXVJHUDXEW 'DVLVWPHLQ%HIHKO© ª$EHUQLFKWXQVHUHU©VDJWHQHLQLJHGHUHUVWHQ6WLPPHQª:LUVLQGGLH JDQ]H6WUHFNHYRQGHQ 0LQHQKHUJHNRPPHQXP]XW|WHQXQGXQVHUH /HXWH]XUlFKHQ,FKZQVFKH]XW|WHQXQGGDQQZLHGHULQGHQ1RUGHQ ]XUFN]XNHKUHQ© ª'DQQNDQQVWGXQRFKPDOZQVFKHQ©VDJWHGLHNQXUUHQGH6WLPPH ª,FKELQ8JO~N,FKEHIHKOH,FKNHKUHDXIGHPNU]HVWHQ:HJQDFK ,VHQJDUW]XUFN© ª,VW6DUXPDQGHU+HUURGHUGDV*URH$XJH"©IUDJWHGLHE|VH6WLPPH ª:LUVROOWHQVRIRUWQDFK/XJE~U]]XUFNNHKUHQ© ª:HQQZLUGHQ*URHQ6WURPEHUTXHUHQN|QQWHQJLQJHGDVYLHO OHLFKW©VDJWHHLQHDQGHUH6WLPPHª$EHUZLUVLQGQLFKWJHQXJXPXQV KLQXQWHU]XGHQ%UFNHQ]XZDJHQ© ª,FKELQKHUEHUJHNRPPHQ©VDJWHGLHE|VH6WLPPHª(LQJHIOJHOWHU 1D]JOHUZDUWHWXQVQ|UGOLFKDP2VWXIHU© ª0DJVHLQPDJVHLQ'DQQIOLHJVWGXPLWXQVHUHQ*HIDQJHQHQORVXQG EHNRPPVWDOOGHQ/RKQXQGGDV/RELQ/XJE~U]XQGZLUN|QQHQVHKHQ ZLHZLU]X)XGXUFKGLHVHV3IHUGH/DQGNRPPHQ1HLQZLUPVVHQ]X VDPPHQEOHLEHQ'LHVH/DQGHVLQGJHIlKUOLFKYROOHUZLGHUOLFKHU$XIUK UHUXQG:HJHODJHUHU© ª)UHLOLFKPVVHQZLU]XVDPPHQEOHLEHQ©NQXUUWH8JO~Nª,FKWUDXH HXFKNOHLQHQ6FKZHLQHQQLFKW,KUKDEWNHLQHQ6FKQHLGZHQQLKUQLFKWLQ HXUHQ6FKZHLQHVWlOOHQVHLG2KQHXQVZlUWLKUVFKRQDOOHGDYRQJHODXIHQ :LUVLQGGLHNlPSIHQGHQ8UXNKDL:LUKDEHQGHQJURHQ.ULHJHUHU VFKODJHQ:LUKDEHQGLH*HIDQJHQHQJHPDFKW:LUVLQGGLH'LHQHUYRQ 6DUXPDQGHP:HLVHQGHU:HLHQ+DQGGLH+DQGJLEWXQV0HQVFKHQ IOHLVFK]XHVVHQ:LUVLQGDXV,VHQJDUWJHNRPPHQXQGKDEHQHXFKKLHUKHU JHIKUWXQGZLUZHUGHQHXFKDXFKDXIGHP:HJGHQZLUZlKOHQ]X UFNIKUHQ,FKELQ 8JO~N,FKKDEHJHVSURFKHQ© ª'XKDVWPHKUDOVJHQXJJHVSURFKHQ8JO~N©K|KQWHGLHE|VH6WLPPH ª,FKP|FKWHPDOZLVVHQZLHGDVGHQHQLQ/XJE~U]JHIDOOHQZUGH6LH JODXEHQYLHOOHLFKW8JO~NV6FKXOWHUQPWHQYRQHLQHPDXIJHEODVHQHQ .RSIEHIUHLWZHUGHQ6LHIUDJHQYLHOOHLFKWZRVHLQHPHUNZUGLJHQ9RU VWHOOXQJHQKHUNRPPHQ.RPPHQVLHZRP|JOLFKYRQ6DUXPDQ":RIU KlOWHUVLFKHLJHQWOLFKGDHUDXVVLFKKHUDXVPLWVHLQHQGUHFNLJHQZHLHQ $E]HLFKHQDQIlQJW",Q/XJE~U]N|QQWHQVLHYLHOOHLFKWPLU*ULVFKQiNK EHLVWLPPHQLKUHPYHUWUDXWHQ%RWHQXQGLFK*ULVFKQiNKVDJHIROJHQGHV 6DUXPDQLVWHLQ1DUUXQGQRFKGD]XHLQGUHFNLJHUYHUUlWHULVFKHU1DUU $EHUGDV*URH$XJHUXKWDXILKP 6FKZHLQH KDWHUJHVDJW":LHJHIlOOWHVHXFKYRQGHQ6FKPXW]ZKOHUQ HLQHVGUHFNLJHQNOHLQHQ=DXEHUHUV6FKZHLQH JHQDQQW]XZHUGHQ"2UN IOHLVFKLVWHVZDVVLHHVVHQP|FKWHLFKZHWWHQ© 9LHOHODXWH5XIHLQGHU2UNVSUDFKHDQWZRUWHWHQLKPXQGODXWNOLUUWHQ :DIIHQGLHJH]RJHQZXUGHQ9RUVLFKWLJUROOWHVLFK3LSSLQDXIGLH6HLWH GHQQHUZROOWHVHKHQZDVJHVFKHKHQZUGH6HLQH%HZDFKHUZDUHQDXIJH VWDQGHQXPVLFKGHP.DPSIDQ]XVFKOLHHQ,P=ZLHOLFKWVDKHUHLQHQ JURHQVFKZDU]HQ2UNZDKUVFKHLQOLFK8JO~NGHU*ULVFKQiNKJHJHQ EHUVWDQGHLQHPJHGUXQJHQHQNUXPPEHLQLJHQ*HVFK|SI PLWVHKUEUHLWHU %UXVWXQGODQJHQ$UPHQGLHIDVWELVDXIGHQ%RGHQUHLFKWHQ8PVLH KHUXPVWDQGHQYLHOHNOHLQHUH%LOZLVVH3LSSLQYHUPXWHWHGDHVGLHDXV GHP1RUGHQZDUHQ6LHKDWWHQLKUH0HVVHUXQG6FKZHUWHUJH]RJHQ]|JHU 5HL$QJHON#KWWSFRODHERRN]IELGH
WHQDEHU8JO~NDQ]XJUHLIHQ 8JO~NEUOOWHXQGHLQH0HQJHDQGHUHU2UNVIDVWVRJURZLHHUUDQQ WHQYRUEHL'DQQVSUDQJ8JO~NSO|W]OLFKRKQH:DUQXQJYRUXQGVFKOXJ PLW]ZHLUDVFKHQ+LHEHQ]ZHLHQVHLQHU*HJQHUGLH.|SIHDE*ULVFKQiNK PDFKWHHLQHQ6FKULWW]XU6HLWHXQGYHUVFKZDQG LP6FKDWWHQ'LHDQGHUHQ ZLFKHQ]XUFNXQGHLQHUVWROSHUWHDOVHU]XUFNWUDWIOXFKHQGEHUGHQ DP%RGHQOLHJHQGHQ0HUU\'DVUHWWHWHLKPZDKUVFKHLQOLFKGDV/HEHQ GHQQ8JO~NV*HIROJVOHXWHVSUDQJHQEHULKQKLQZHJXQGVFKOXJHQHLQHQ DQGHUHQPLWLKUHQEUHLWNOLQJLJHQ6FKZHUWHUQQLHGHU(VZDUGHU%HZDFKHU PLWGHQJHOEHQ.ODXHQ(UILHOZLHHLQ6DFNDXI3LSSLQXQGKLHOWLPPHU QRFKVHLQODQJHV0HVVHUPLWGHUJH]lKPWHQ.OLQJHLQGHU+DQG ª6WHFNWHXUH:DIIHQZHJ©VFKULH8JO~Nª8QGPDFKWNHLQHQ8QVLQQ PHKU:LUJHKHQYRQKLHUVFKQXUVWUDFNVQDFK:HVWHQXQGGLH6WLHJHKLQ XQWHU9RQGRUWVFKQXUVWUDFNV]XGHQ+|KHQGDQQDP)OXHQWODQJ]XP :DOG8QGZLUPDUVFKLHUHQ7DJXQG1DFKW,VWNODU"© ª-HW]W©GDFKWH3LSSLQªZHQQHVGLHVHQKlOLFKHQ.HUOEORHLQELFKHQ =HLWNRVWHWELVHUVHLQH6FKDUZLHGHULQGHU*HZDOWKDWKDEHLFKHLQH*H OHJHQKHLW©(LQ+RIIQXQJVVFKLPPHUZDUDXIJHIODFNHUW'LH6FKQHLGHGHV VFKZDU]HQ0HVVHUVKDWWHVHLQHQ$UPDXIJHULW]WXQGZDUGDQQELV]XVHL QHP+DQGJHOHQNJHUXWVFKW(UVSUWHZLHLKPGDV%OXWDXIGLH+DQG WU|SIHOWHDEHUHUVSUWHDXFKGHQNDOWHQ6WDKODXIVHLQHU+DXW 'LH2UNVPDFKWHQVLFKIHUWLJXPZHLWHU]XPDUVFKLHUHQGRFKHLQLJHGHU 1RUGOlQGHUZDUHQQRFKVW|UULVFKXQGGLH,VHQJDUWHUHUVFKOXJHQ]ZHLZHL WHUHHKHGLHEULJHQNOHLQEHLJDEHQ(VJDEYLHO)OFKHXQG'XUFKHLQDQ GHU,P$XJHQEOLFNZDU3LSSLQXQEHREDFKWHW6HLQH%HLQHZDUHQIHVWYHU VFKQUWVHLQH$UPHDEHUQXUDQGHQ+DQGJHOHQNHQ]XVDPPHQJHEXQGHQ XQGVHLQH+lQGHODJHQYRULKP(UNRQQWHVLHEHLGH]XVDPPHQEHZHJHQ REZRKOGLH)HVVHOQJUDXVDPVWUDIIZDUHQ(UVFKREGHQWRWHQ2UNEHLVHLWH XQGZlKUHQGHUNDXP]XDWPHQZDJWHIXKUHUPLWGHP.QRWHQGHV 6WULFNVDXIGHU6FKQHLGHGHV0HVVHUVKLQXQGKHU6LHZDUVFKDUIXQGGLH WRWH+DQGKLHOWVLHIHVW'HU6WULFNZDUGXUFKJHVFKQLWWHQ5DVFKQDKP 3LSSLQLKQXQGNQSIWHLKQZLHGHU]XHLQHPORFNHUHQ$UPEDQGPLW]ZHL 6FKOLQJHQGDVHUVLFKEHUGLH*HOHQNHVWUHLIWH'DQQODJHUJDQ]VWLOO ª+HEWGLH*HIDQJHQHQGDDXI©EUOOWH8JO~Nª8QGGDLKUPLUNHLQH 0lW]FKHQPLWLKQHQPDFKW6LQGVLHQLFKWPHKUDP/HEHQZHQQZLU]X UFNNRPPHQGDQQZLUGDXFKQRFKMHPDQGVWHUEHQ© (LQ2UNQDKP3LSSLQZLHHLQHQ6DFNVWHFNWHVHLQHQ.RSI]ZLVFKHQ 3LSSLQVJHIHVVHOWHQ+lQGHQGXUFKSDFNWHVHLQH$UPHXQG]RJVLHQDFK XQWHQELV3LSSLQV*HVLFKWJHJHQGHQ2UNQDFNHQJHSUHWZXUGHGDQQ UDQQWHHUPLWLKPORV(LQDQGHUHUPDFKWHHVJHQDXVRPLW0HUU\'LH NODXHQKDIWH+DQGGHV2UNVXPNODPPHUWH3LSSLQV$UPHZLH(LVHQGLH 1lJHOVFKQLWWHQLKPLQV)OHLVFK(UVFKORGLH$XJHQXQGVDQNZLHGHULQ KlOLFKH7UlXPH 3O|W]OLFKZXUGHHUYRQQHXHPDXIGHQVWHLQLJHQ%RGHQJHZRUIHQ(V ZDUQRFKIUKLQGHU1DFKWDEHUGHUVFKPDOH0RQGJLQJVFKRQLP :HVWHQXQWHU6LHZDUHQDP5DQGHHLQHU)HOVZDQGGLHEHUHLQ0HHUYRQ EOHLFKHP1HEHOKLQDXVUDJWH0DQK|UWHHLQHQ:DVVHUIDOOLQGHU1lKH ª'LH6SlKHUVLQGHQGOLFK]XUFNJHNRPPHQ©VDJWHHLQ2UN ª1XQZDVKDEWLKUHQWGHFNW"©NQXUUWH8JO~NV6WLPPH ª1XUHLQHQHLQ]LJHQ5HLWHUXQGHUYHUVFKZDQGQDFK:HVWHQ-HW]WLVW DOOHVIUHL© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª1DLFKZLOO VJODXEHQ$EHUZLHODQJH",KU1DUUHQ,KUKlWWHWLKQHU VFKLHHQVROOHQ(UZLUG/lUPVFKODJHQ$P0RUJHQZHUGHQGLHYHU GDPPWHQ3IHUGH]FKWHUYRQXQVK|UHQ-HW]WPVVHQZLUGRSSHOWVFKQHOO ODXIHQ© (LQ6FKDWWHQEHXJWHVLFKEHU3LSSLQ(VZDU8JO~Nª6HW]GLFKDXI© VDJWHGHU2UNª0HLQH-XQJVKDEHQHVVDWWGLFKPLW]XVFKOHSSHQ:LU PVVHQMHW]WNOHWWHUQXQGGDVROOVWGXGHLQH%HLQHJHEUDXFKHQ-HW]WPDFK NHLQH6FKZLHULJNHLWHQ.HLQ6FKUHLHQNHLQ)OXFKWYHUVXFK:HQQGXXQV 6WUHLFKHVSLHOVWKDEHQZLU0LWWHOXQG:HJHGLFK]XEHVWUDIHQGLHGLU QLFKWJHIDOOHQZHUGHQREZRKOVLHGHLQH1W]OLFKNHLWIUGHQ+HUUQQLFKW EHHLQWUlFKWLJHQZHUGHQ© (UVFKQLWWGLH5LHPHQXP3LSSLQV%HLQHXQG.Q|FKHODXISDFNWHLKQ DP+DDUXQGVWHOOWHLKQDXIGLH)H3LSSLQILHOXPXQG8JO~N]RJLKQ ZLHGHUDP+DDUKRFK0HKUHUH2UNVODFKWHQ8JO~NVWHFNWHLKPHLQH)OD VFKH]ZLVFKHQGLH=lKQHXQGJRLKPHLQHEUHQQHQGH)OVVLJNHLWLQGHQ 6FKOXQG3LSSLQVSUWHZLHLKQHLQHJHZDOWLJH:lUPHGXUFKIOXWHWH'HU 6FKPHU]LQVHLQHQ%HLQHQXQG.Q|FKHOQ YHUVFKZDQG(UNRQQWHVWHKHQ ª8QGMHW]WGHUDQGHUH©VDJWH8JO~N3LSSLQVDKZLHHU]X0HUU\JLQJ GHUJDQ]LQGHU1lKHODJXQGLKPHLQHQ)XWULWWYHUVHW]WH0HUU\ VW|KQWH8JO~NSDFNWHLKQURK]RJLKQKRFKVRGDHUVDXQGULLKP GHQ9HUEDQGYRP.RSI'DQQVFKPLHUWHHUDXVHLQHUNOHLQHQ+RO]VFKDFK WHOLUJHQGHLQVFKZDU]HV=HXJDXIGLH:XQGH0HUU\VFKULHDXIXQG ZHKUWHVLFKZLHZLOG 'LH2UNVNODWVFKWHQXQGMRKOWHQª:LOOVHLQH0HGL]LQQLFKWQHKPHQ© K|KQWHQVLHª:HLQLFKWZDVJXWIULKQLVW+HL:LUZHUGHQQDFKKHU QRFK6SDKDEHQ© $EHULP$XJHQEOLFNZDU8JO~NQLFKWDXI6FKHU]HDXV(UEUDXFKWH (LOHXQGPXWHXQZLOOLJH*HIROJVOHXWHEHL/DXQHKDOWHQ(UKHLOWH0HUU\ DXI2UN:HLVHXQGVHLQH%HKDQGOXQJZLUNWHUDVFK1DFKGHPHUGHP +REELWPLW*HZDOWHLQHQ7UXQNDXVVHLQHU)ODVFKHHLQJHIO|WLKPGLH %HLQIHVVHOQDXIJHVFKQLWWHQXQGLKQKRFKJH]HUUWKDWWHVWDQG0HUU\DXI XQGVDK]ZDUEODDEHUJULPPLJXQGWURW]LJDXVXQGJDQ]XQGJDU OHEHQGLJ'LHNODIIHQGH:XQGHDXIVHLQHU6WLUQPDFKWHLKPNHLQ%H VFKZHUPHKUDEHUHUEHKLHOWHLQHEUDXQH1DUEHELVDQV(QGHVHLQHU7DJH ª1DQX3LSSLQ©VDJWHHUª'XELVWDOVRDXFKPLWJHNRPPHQDXIGLHVHQ NOHLQHQ$XVIOXJ":REHNRPPHQZLU%HWWXQG)UKVWFN"© ª1XQDEHU6FKOX©VDJWH8JO~Nª1LFKWVGHUJOHLFKHQ+DOWHW GHQ 0XQG.HLQH*HVSUlFKHXQWHUHLQDQGHU$OOH6FKHUHUHLHQZHUGHQDPDQ GHUHQ(QGHJHPHOGHWXQG(UZLUGVFKRQZLVVHQZLHHVHXFK]XYHUJHOWHQ LVW%HWWXQG)UKVWFNZHUGHWLKUVFKRQEHNRPPHQPHKUDOVLKUYHUWUD JHQN|QQW© 'LH2UNEDQGHEHJDQQHLQHVFKPDOH6FKOXFKWKLQDE]XVWHLJHQGLHQDFK XQWHQLQGLHQHEOLJH(EHQHIKUWH0HUU\XQG3LSSLQGXUFKHLQ'XW]HQG RGHUPHKU2UNVYRQHLQDQGHUJHWUHQQWNOHWWHUWHQPLWLKQHQKLQDE8QWHQ NDPHQVLHDXI*UDVXQGGHQ+REELWVJLQJGDV+HU]DXI ª1XQVFKQXUVWUDFNV ZHLWHU©EUOOWH8JO~Nª:HVWOLFKXQGHLQELFKHQ Q|UGOLFK)ROJW/XJGXVFK© ª$EHUZDVPDFKHQZLUEHL6RQQHQDXIJDQJ"©IUDJWHQHLQLJHGHU1RUG OlQGHU ª:HLWHUUHQQHQ©VDJWH8JO~Nª:DVJODXEWGHQQLKU"8QVLQV*UDVVHW ]HQXQGDXIGLH:HLKlXWHZDUWHQGDPLWVLHPLWXQVIUKVWFNHQ"© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª$EHUZLUN|QQHQQLFKWLP6RQQHQOLFKWUHQQHQ© ª,KUZHUGHWUHQQHQZHQQLFKKLQWHUHXFKELQ©VDJWH8JO~Nª5HQQW RGHULKUVHKWHXUHJHOLHEWHQ+|KOHQQLHZLHGHU%HLGHU:HLHQ+DQG :DVKDWHVIUHLQHQ=ZHFN%HUJPDGHQDXI GLH5HLVH]XVFKLFNHQGLH QXUKDOEDXVJHELOGHWVLQG5HQQWYHUIOXFKWQRFKPDO5HQQWVRODQJHHV 1DFKWLVW© 'DQQEHJDQQGLHJDQ]H6FKDUPLWGHQODQJHQVSULQJHQGHQ6FKULWWHQ GHU2UNV]XUHQQHQ6LHKLHOWHQNHLQH2UGQXQJVRQGHUQGUlQJHOWHQUHP SHOWHQXQGIOXFKWHQGHQQRFKZDULKUH*HVFKZLQGLJNHLWJHZDOWLJ-HGHU +REELWKDWWHHLQH:DFKHYRQGUHLHQ3LSSLQZDUDPZHLWHVWHQ]XUFN(U IUDJWHVLFKZLHODQJHHUZRKOEHLGLHVHU*DQJDUWZUGHPLWKDOWHQN|Q QHQHUKDWWHVHLWGHP0RUJHQQLFKWVJHJHVVHQ(LQHUGHU%HZDFKHUKDWWH HLQH3HLWVFKH$EHULP$XJHQEOLFNEUDQQWHQRFKGHU2UN7UXQNLQLKP $XFKVHLQ9HUVWDQGZDUKHOOZDFK 'DQQXQGZDQQWDXFKWHLQVHLQHP*HLVWXQJHUXIHQGDVVFKDUIJH VFKQLWWHQH*HVLFKWYRQ6WUHLFKHUDXIGHUVLFKEHUHLQHGXQNOH)lKUWH EHXJWXQGOlXIWLPPHUKLQWHUKHUOlXIW$EHUZDVNRQQWHVHOEVWHLQ:DOG OlXIHUVHKHQDXHUHLQHUYHUZLVFKWHQ6SXUYRQ2UNIHQ"6HLQHHLJHQHQ NOHLQHQ$EGUFNHXQG0HUU\VZDUHQEHJUDEHQXQWHUGHP*HWUDPSHOGHU HLVHQEHVFKODJHQHQ6FKXKHYRULKQHQXQGKLQWHULKQHQXQGXPVLHKHUXP 6LHZDUHQHWZDHLQH0HLOHYRQGHU)HOVZDQGDXVJHJDQJHQDOVVLFKGDV /DQGKLQXQWHU]RJLQHLQHEUHLWHIODFKH6HQNHZRGHU%RGHQZHLFKXQG QDZDU1HEHOKLQJGRUWGHULQGHQOHW]WHQ6WUDKOHQGHU0RQGVLFKHOEOD VFKLPPHUWH'LHGXQNOHQ*HVWDOWHQGHU2UNVYRULKPZXUGHQXQGHXWOLFK XQGGDQQYRP1HEHOJHVFKOXFNW ª+H9RUVLFKWLJMHW]W©EUOOWH8JO~NYRQKLQWHQ 3O|W]OLFKVFKR3LSSLQHLQ*HGDQNHGXUFKGHQ.RSIXQGHUIKUWHLKQ VRIRUWDXV(UZDQGWHVLFKQDFKUHFKWVXQGPDFKWHHLQHQ6DW]DXVGHU 5HLFKZHLWHVHLQHU]XSDFNHQGHQ%HZDFKHUNRSIEHULQGHQ1HEHOHUODQ GHWHDXIDOOHQ9LHUHQLP*UDV ª+DOW©VFKULH8JO~N (VJDEHLQHQ$XJHQEOLFN8QUXKHXQG9HUZLUUXQJ3LSSLQVSUDQJDXI XQGUDQQWH$EHUGLH2UNVZDUHQKLQWHULKPKHU(LQLJHWDXFKWHQSO|W] OLFKYRULKPDXI ª.HLQH+RIIQXQJ]XHQWNRPPHQ©GDFKWH3LSSLQª$EHUHVEHVWHKW +RIIQXQJGDLFKHLQLJHPHLQHU)XVSXUHQXQYHUVHKUWDXIGHPQDVVHQ %RGHQKLQWHUODVVHQKDEH©(UIDWHPLWVHLQHQEHLGHQ]XVDPPHQJHEXQGH QHQ+lQGHQDQGHQ+DOVXQGO|VWHGLH%URVFKHVHLQHV0DQWHOV*HUDGHDOV ODQJH$UPHXQGKDUWH.ODXHQLKQHUJULIIHQOLHHUVLHIDOOHQª'DZLUG VLHZRKOOLHJHQELVDQV(QGHGHU=HLW©GDFKWHHUª,FKZHLQLFKWZDUXP LFKGDVWDW:HQQGLHDQGHUHQHQWNRPPHQVLQGZHUGHQVLHZDKUVFKHLQ OLFKDOOHPLW)URGRPLWJHJDQJHQVHLQ© (LQ3HLWVFKHQULHPHQULQJHOWHVLFKXPVHLQH%HLQHXQGHUXQWHUGUFNWH HLQHQ6FKUHL ª*HQXJ©VFKULH8JO~NDOVHUKHUEHLUDQQWHª(UPXQRFKHLQHQZHLWHQ :HJODXIHQ/DWVLHEHLGHUHQQHQ*HEUDXFKWGLH3HLWVFKHQXUDOV0DK QXQJ© ª$EHUGDVLVWQLFKWDOOHV©IDXFKWHHU]X3LSSLQJHZDQGWª,FKZHUGH QLFKWVYHUJHVVHQ'LH6WUDIHLVWQXUDXIJHVFKREHQ/RVMHW]W© :HGHU3LSSLQQRFK0HUU\ZXWHQVSlWHUQRFKYLHOYRQGHPOHW]WHQ7HLO GHU:DQGHUXQJ6FKOHFKWH7UlXPHXQGE|VHV(UZDFKHQYHUPHQJWHQVLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
]XHLQHPODQJHQ-DPPHUWDODQGHVVHQ(QGHGLH+RIIQXQJLPPHUVFKZl FKHUVFKLPPHUWH6LHUDQQWHQXQGUDQQWHQXQGEHPKWHQVLFKGHQYRQ GHQ2UNVDQJHVFKODJHQHQ6FKULWWHLQ]XKDOWHQXQGDEXQG]XZXUGHQVLH YRQHLQHPJUDXVDPHQ5LHPHQJHSUJHOWGHUKLQWHUOLVWLJJHKDQGKDEW ZXUGH:HQQVLHVWHKHQEOLHEHQRGHUVWROSHUWHQZXUGHQVLHJHSDFNWXQG HLQH6WUHFNHPLWJHVFKOHLIW 'LH:lUPHGHV2UN7UDQNHVZDUYHUJDQJHQ3LSSLQIURUZLHGHUXQG LKPZDUEHO3O|W]OLFKILHOHUPLWGHP*HVLFKWLQV*UDV+DUWH+lQGH PLWUHLHQGHQ1lJHOQSDFNWHQ]XXQGKREHQLKQDXI:LHGHUHLQPDO ZXUGHHUZLHHLQ6DFNJHWUDJHQXQG'XQNHOKHLWKOOWHLKQHLQREHVGLH 'XQNHOKHLWHLQHUZHLWHUHQ1DFKWZDURGHUHLQH%OLQGKHLWVHLQHU$XJHQ GDVNRQQWHHUQLFKWVDJHQ 8QGHXWOLFKZXUGHHUVLFKOlUPHQGHU6WLPPHQEHZXWHVVFKLHQGD YLHOH2UNVHLQH5DVWYHUODQJWHQ8JO~NVFKULH3LSSLQZXUGHDXIGHQ %RGHQJHVFKOHXGHUWXQGEOLHEOLHJHQZLHHUKLQJHIDOOHQZDUELVVFKZDU]H 7UlXPHLKQXPILQJHQ$EHUQLFKWIU ODQJHHQWJLQJHUGHP6FKPHU] EDOGZDUHUZLHGHULPHLVHUQHQ*ULIIXQEDUPKHU]LJHU+lQGH/DQJH=HLW ZXUGHHUJHVFKWWHOWXQGJHUWWHOWXQGGDQQYHUJLQJGLH'XQNHOKHLW ODQJVDPHUNHKUWH]XUFNLQGLHZDFKH:HOWXQGPHUNWHGDHV0RUJHQ ZDU%HIHKOHZXUGHQJHEUOOWXQGHUZXUGHJURELQV*UDVJHZRUIHQ 'RUWODJHUHLQH:HLOHXQGNlPSIWHPLWGHU9HU]ZHLIOXQJ,KPZDU VFKZLQGOLJDEHUQDFKGHU+LW]HVHLQHV.|USHUVYHUPXWHWHHUGDLKP ZLHGHUHLQ7UXQNHLQJHIO|WZRUGHQZDU(LQ2UNEHXJWHVLFKEHULKQ XQG ZDUILKPHWZDV%URWXQGHLQHQ6WUHLIHQURKHVJHWURFNQHWHV)OHLVFK KLQ+HLKXQJULJDHUGDVDOWEDFNHQHJUDXH%URWDEHUQLFKWGDV)OHLVFK (UZDUDXVJHKXQJHUWDEHUGRFKQLFKWVRDXVJHKXQJHUWXP)OHLVFK]X HVVHQGDVLKPHLQ2UN]XJHZRUIHQKDWWH)OHLVFKYRQZHOFKHP/HEHZHVHQ ZDJWHHUQLFKW]XUDWHQ (UVHW]WHVLFKDXIXQGVFKDXWHVLFKXP0HUU\ZDUQLFKWZHLWYRQLKP 6LHZDUHQDP8IHUHLQHVUDVFKVWU|PHQGHQVFKPDOHQ)OXVVHV,QGHU)HPH WUPWHVLFKGDV*HELUJHHLQKRKHU*LSIHOILQJGLHHUVWHQ6RQQHQVWUDKOHQ DXI:LHHLQGXQNOHU6FKPXW]IOHFNODJDQGHQXQWHUHQ+lQJHQYRULKQHQ HLQ:DOG (VJDEYLHO*HVFKUHLXQG*HUHGHXQWHUGHQ2UNVHLQ6WUHLW]ZLVFKHQ GHQ1RUGOlQGHUQXQGGHQ,VHQJDUWHUQVFKLHQJOHLFKDXVEUHFKHQ]XZROOHQ (LQLJH]HLJWHQ]XUFNQDFK 6GHQXQGDQGHUHQDFK2VWHQ ª6HKUJXW©VDJWH8JO~NªhEHUODWVLHPLU.HLQ7|WHQZLHLFKHXFK VFKRQJHVDJWKDEHDEHUZHQQLKUGDVDXIJHEHQZROOWXPGHVVHQWZLOOHQ ZLUHLQHQVRZHLWHQ:HJ]XUFNJHOHJWKDEHQXPHV]XEHNRPPHQGDQQ JHEWHVDXI,FKZHUGHPLFKVFKRQGUXPNPPHUQ/DWGLHNlPSIHQGHQ 8UXNKDLGLH$UEHLWWXQZLHJHZ|KQOLFK:HQQLKUYRUGHQ:HLKlXWHQ $QJVWKDEWGDQQODXIW/DXIW'DLVWGHU:DOG©EUOOWHHUXQG]HLJWH QDFKYRPª/DXIWGDKLQ'DVLVWGDVEHVWHZRUDXILKUKRIIHQN|QQW $E PLWHXFK8QGVFKQHOOHKHLFKQRFKHLQSDDU.|SIHDEVFKODJHXPGHQDQ GHUHQHLQZHQLJ9HUVWDQGEHL]XEULQJHQ© (VJDEHLQLJHV*HIOXFKHXQG*HVFKOXUUHXQGGDQQPDFKWHVLFKGLH 0HKU]DKOGHU1RUGOlQGHUGDYRQXQGEHUKXQGHUWYRQLKQHQVWU]WHQORV XQG UDQQWHQZLHZLOGDP)OXHQWODQJDXIGDV*HELUJH]X'LH+REELWV EOLHEHQEHLGHQ,VHQJDUWHUQHLQHUJUDXVDPHQILQVWHUHQ%DQGHYRQPLQGH VWHQVDFKW]LJJURHQVFKZDU]EUDXQHQVFKOLW]lXJLJHQ2UNVPLWJURHQ %RJHQXQGNXU]HQEUHLWNOLQJLJHQ6FKZHUWHUQ(LQ SDDUYRQGHQJU|HUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
XQGNKQHUHQ1RUGOlQGHUQZDUHQEHLLKQHQJHEOLHEHQ ª-HW]WZHUGHQZLUXQVPLW*ULVFKQiNKEHIDVVHQ©VDJWH8JO~N'RFK VHOEVWHLQLJHVHLQHUHLJHQHQ*HIROJVOHXWHVFKDXWHQEHVRUJWQDFK6GHQ ª,FKZHL©NQXUUWH8JO~Nª'LHYHUIOXFKWHQ3IHUGHMXQJHQKDEHQ:LQG YRQXQVEHNRPPHQ$EHUGDVLVWDOOHLQGHLQH6FKXOG6QDJD'LUXQGGHQ DQGHUHQ6SlKHUQJHK|UWHQGLH2KUHQDEJHVFKQLWWHQ$EHUZLUVLQGGLH .lPSIHU:LUZHUGHQXQVQRFK3IHUGHIOHLVFKRGHUVRJDUZDV%HVVHUHV VFKPHFNHQODVVHQ© ,QGLHVHP$XJHQEOLFNVDK3LSSLQZDUXPHLQLJHDXVGHU6FKDUQDFK 2VWHQJH]HLJWKDWWHQ$XVGLHVHU5LFKWXQJGUDQJHQMHW]WUDXKH6FKUHLH XQG*ULVFKQiNKZDUZLHGHUGDXQGKLQWHULKPHLQSDDU'XW]HQGVHLQHV JOHLFKHQODQJDUPLJHNUXPPEHLQLJH2UNV(LQURWHV$XJHZDUDXILKUHQ 6FKLOGHQDXIJHPDOW8JO~NJLQJLKQHQHQWJHJHQ ª'XELVWDOVR]XUFNJHNRPPHQ"©VDJWHHUª+DVWHVGLUDQGHUVEHU OHJWZDV"© ª-DXPGDIU]XVRUJHQGDGLH%HIHKOHDXVJHIKUWZHUGHQXQGXP]X VHKHQREGLH*HIDQJHQHQLQ6LFKHUKHLWVLQG©DQWZRUWHWH*ULVFKQiNK ª$FKZLUNOLFK©VDJWH8JO~Nª9HUVFKZHQGHWH0KH,FKVRUJHGDIU GDGLH%HIHKOHXQWHUPHLQHP.RPPDQGRDXVJHIKUWZHUGHQ8QGZHV ZHJHQELVWGXVRQVWQRFK]XUFNJHNRPPHQ"'XJLQJVWLQ(LOHIRUW/LHHVW GXHWZDV]XUFN"© ª,FKOLHHLQHQ1DUUHQ]XUFN©K|KQWH*ULVFKQiNKª$EHUHUKDWWHHLQ SDDUKDQGIHVWH%XUVFKHQEHLVLFKGLH]XVFKDGHVLQGXPVLH]XYHUOLHUHQ ,FKZXWHGDGXVLHLQHLQHEOH/DJHEULQJVW,FKELQJHNRPPHQXP LKQHQ]XKHOIHQ© ª*URDUWLJ©ODFKWH8JO~Nª$EHUVRIHUQGXQLFKWHLQLJHQ6FKQHLG]XP .lPSIHQKDVWKDVWGXGHQIDOVFKHQ:HJHLQJHVFKODJHQ/XJE~U]ZDU GHLQ=LHO'LH:HLKlXWHNRPPHQ:DVLVWPLWGHLQHPVFK|QHQ1D]JO JHVFKHKHQ",VWZLHGHUXPHLQ5HLWWLHUXQWHULKPHUVFKRVVHQZRUGHQ"-D KlWWHVWGXLKQPLWJHEUDFKWKlWWHGDVQW]OLFKVHLQN|QQHQ² ZHQQGLHVH 1D]JOVZLUNOLFKDOOHVVLQGZDVVLHYRUJHEHQ© ª1D]JO1D]JO© VDJWH*ULVFKQiNKHUVFKDXHUQGXQGOHFNWHVLFKGLH /LSSHQDOVREGDV:RUWHLQHQEOHQ*HVFKPDFNKDEHGHQHUTXDOYROO DXVNRVWHWHª'XVSULFKVWYRQHWZDVGDVGXGLUQLFKWHLQPDOLQGHLQHQ YHUZRUUHQHQ7UlXPHQYRUVWHOOHQNDQQVW8JO~N©VDJWHHUª1D]JO $K $OOHVZDVVLHYRUJHEHQ(LQHV7DJHVZLUVWGXZQVFKHQGXKlWWHVWGDV QLFKWJHVDJW$IIH©IDXFKWHHUZWHQGª'XVROOVWZLVVHQGDVLHGLH /LHEOLQJHGHV*URHQ$XJHVVLQG$EHUGLHJHIOJHOWHQ1D]JO² QRFK QLFKWQRFKQLFKW(UZLOOQLFKWGDVLHVLFKVFKRQMHQVHLWVGHV*URHQ 6WURPV]HLJHQQLFKW]XEDOG6LHVLQGIUGHQ.ULHJ² XQGIUDQGHUH =ZHFNH© ª'XVFKHLQVWHLQH0HQJH]XZLVVHQ©VDJWH8JO~Nª0HKUDOVJXWIU GLFKLVWYHUPXWHLFK9LHOOHLFKWZHUGHQVLFKGLHLQ/XJE~U]IUDJHQZRKHU XQGZDUXPGXVRYLHOZHLW$EHULQ]ZLVFKHQN|QQHQZLHJHZ|KQOLFK GLH8UXNKDLYRQ,VHQJDUWGLH'UHFNDUEHLWPDFKHQ6WHKQLFKWVRJHLIHUQG GD +ROGHLQHQ+DXIHQ]XVDPPHQ'LHDQGHUHQ6FKZHLQHODXIHQLQGHQ :DOG'XIROJVWLKQHQEHVVHU'XZUGHVWQLFKWOHEHQG]XP*URHQ 6WURP]XUFNNRPPHQ/RVMHW]W*OHLFK,FKEOHLEHGLUDXIGHQ)HUVHQ© 'LH,VHQJDUWHUSDFNWHQ0HUU\XQG3LSSLQZLHGHUXQGKlQJWHQVLHVLFK DXIGHQ5FNHQ'DQQPDFKWHVLFKGLH6FKDUDXIGHQ:HJ6WXQGHXP 6WXQGHOLHIHQVLHXQGKLHOWHQQXUGDQQXQGZDQQLQQHXPGLH+REELWV 5HL$QJHON#KWWSFRODHERRN]IELGH
DQGHUHQ7UlJHPDXI]XSDFNHQ(QWZHGHUZHLOVLHVFKQHOOHUXQG]lKHU ZDUHQRGHUZHLO*ULVFKQiNKLUJHQGHLQHQ3ODQGDEHLYHUIROJWHOLHHQGLH ,VHQJDUWHUDOOPlKOLFKGLH2UNVDXV0RUGRUKLQWHUVLFKXQG*ULVFKQiNKV /HXWHELOGHWHQGLH1DFKKXW$XFKGHU9RUVSUXQJGHU1RUGOlQGHUYHUULQ JHUWHVLFK'HU:DOGNDPLPPHUQlKHU3LSSLQZXUGHJHTXHWVFKWXQGJH ]HUUWXQGDQVHLQHPVFKPHU]HQGHQ.RSIVFKHXHUWHQGLHGUHFNLJH%DFNH XQGGDVKDDULJH2KUGHV2UNVGHULKQWUXJ8QPLWWHOEDUYRULKPZDUHQ JHEHXJWH5FNHQXQGDXVGDXHUQGHNUlIWLJH%HLQHGLHVLFKKREHQXQG VHQNWHQXQDXIK|UOLFKDOVREVLHDXV'UDKWXQG+RUQVHLHQXQGGHQ7DNW YRQ$OEWUDXPVHNXQGHQHLQHUHQGORVHQ=HLWVFKODJHQ $P1DFKPLWWDJEHUKROWH8JO~NV6FKDUGLH1RUGOlQGHU6LHZDUHQ PDWWXQWHUGHQ6WUDKOHQGHUKHOOHQ6RQQHREZRKOHV:LQWHUVRQQHZDU GLHDQHLQHPEODVVHQNKOHQ+LPPHOVWDQGGLH.|SIHKLQJHQLKQHQ KHUDEXQGGLH=XQJHQVWUHFNWHQVLHKHUDXV ª0DGHQ©K|KQWHQGLH,VHQJDUWHUª,KUVHLGHUOHGLJW'LH:HLKlXWH ZHUGHQHXFKIDQJHQXQGIUHVVHQ6LHNRPPHQVFKRQ© (LQ6FKUHLYRQ*ULVFKQiNK]HLJWHGDGDVNHLQEORHU:LW]ZDU5HL WHUGLHVHKUVFKQHOOKHUDQIHJWHQZDUHQWDWVlFKOLFKJHVLFKWHWZRUGHQ QRFKZHLW]XUFNDEHUVLHNDPHQDXIGLH2UNV]XVLHNDPHQDXIVLH]X ZLHHLQH)OXWDXI/HXWHLP:DWWHQPHHUGLHDXIGHP7UHLEVDQGXPKHULU UHQ 'LH,VHQJDUWHUEHJDQQHQMHW]WPLWGRSSHOWHU6FKQHOOLJNHLW]XUHQ QHQGLH3LSSLQYHUEOIIWHHLQHHUVWDXQOLFKH/HLVWXQJIUGDV(QGHHLQHV :HWWODXIV'DQQVDKHUGDGLH6RQQHXQWHUJLQJXQGKLQWHUGHP1HEHO JHELUJHYHUVFKZDQG6FKDWWHQOHJWHQVLFKDXIGDV/DQG'LH.ULHJHUYRQ 0RUGRUKREHQGLH.|SIHXQGOLHIHQQXQ DXFKVFKQHOOHU'HU:DOGZDU GXQNHOXQGGLFKW6FKRQZDUHQVLHDQHLQSDDUDEVHLWVVWHKHQGHQ%lXPHQ YRUEHLJHNRPPHQ'DV/DQGEHJDQQ]XVWHLJHQLPPHUVWHLOHUDEHUGLH 2UNVKLHOWHQQLFKWDQ8JO~NXQG*ULVFKQiNKVFKULHQEHLGHXQGVSRUQWHQ VLH]XHLQHUOHW]WHQ$QVWUHQJXQJDQ ª6LHZHUGHQHVQRFKVFKDIIHQ6LHZHUGHQHQWNRPPHQ©GDFKWH3LSSLQ 8QGGDQQJHODQJHVLKPGHQ+DOV]XGUHKHQXPHLQHQ%OLFNEHUGLH 6FKXOWHU]XZHUIHQ(UVDKGD5HLWHULP2VWHQGLHEHUGLH(EHQH JDORSSLHUWHQVFKRQDXIJOHLFKHU+|KHPLWGHQ2UNVZDUHQ'HU6RQQHQ XQWHUJDQJYHUJROGHWHLKUH6SHHUHXQG+HOPHXQGVFKLPPHUWHDXILKUHP KHOOHQIODWWHUQGHQ+DDU6LHXPULQJWHQGLH2UNVYHUKLQGHUWHQGDVLH VLFK]HUVWUHXWHQXQGWULHEHQVLHGHQ)OXHQWODQJ (UKlWWHJHUQJHZXWZHOFKHU$UWGLHVHV9RONZDU(UZQVFKWHMHW]W HUKlWWHLQ%UXFKWDOPHKUJHOHUQWXQGPHKU/DQGNDUWHQXQG'LQJHEH WUDFKWHWDEHUGDPDOVVFKLHQHQGLH3OlQHIUGLH)DKUWLQVDFKYHUVWlQGLJH UHQ+lQGHQ]XVHLQXQGHUKDWWHQLHGDPLWJHUHFKQHWGDHUYRQ*DQGDOI RGHU6WUHLFKHURGHUVHOEVW)URGRJHWUHQQWZHUGHQZUGH$OOHVZDVHU YRQ5RKDQZXWHZDUGD*DQGDOIV3IHUG6FKDWWHQIHOODXVGLHVHP/DQG VWDPPWH'DVNODQJLQVRZHLWKRIIQXQJVYROO ª$EHUZRKHUZHUGHQVLHZLVVHQGDZLUNHLQH2UNVVLQG"©GDFKWHHU ª,FKJODXEHNDXPGDVLHKLHUXQWHQMHPDOVYRQ+REELWVJHK|UWKDEHQ ,FKVROOWHYHUPXWOLFKIURKVHLQGDHVVRDXVVLHKWDOVREGLHYLHKLVFKHQ 2UNVXPJHEUDFKWZHUGHQDEHULFKP|FKWHOLHEHUKHLOGDYRQNRPPHQ© :DKUVFKHLQOLFKZUGHQHUXQG0HUU\]XVDPPHQ PLWLKUHQ(QWIKUHUQ JHW|WHWZHUGHQHKHGLH0HQVFKHQYRQ5RKDQVLHDXFKQXUEHPHUNWHQ (LQLJHGHU5HLWHUVFKLHQHQ%RJHQVFKW]HQ]XVHLQGLHJHVFKLFNWYRP 5HL$QJHON#KWWSFRODHERRN]IELGH
JDORSSLHUHQGHQ3IHUGDXVVFK|VVHQ6LHULWWHQUDVFKDXI6FKXZHLWHKHUDQ XQG6FKRVVHQ3IHLOHDXIGLHQDFK]JOHULVFKHQ2UNVXQGPHKUHUHYRQ LKQHQILHOHQGDQQ]RJHQVLFKGLH5HLWHUDXVGHP%HUHLFKGHUDQWZRUWHQ GHQ%RJHQLKUHU)HLQGH]XUFNGLHZLOGVFK|VVHQDEHUQLFKWDQ]XKDOWHQ ZDJWHQ'DVJHVFKDKPHKUPDOVXQGEHLHLQHU*HOHJHQKHLWILHOHQ3IHLOH XQWHUGLH,VHQJDUWHU*HQDXYRU3LSSLQVWROSHUWHHLQHUYRQLKQHQXQG VWDQGQLFKWZLHGHUDXI 'LH1DFKWEUDFKKHUHLQRKQHGDGLH5HLWHU]XU6FKODFKWDQWUDWHQ 9LHOH2UNVZDUHQJHIDOOHQDEHUYROOH]ZHLKXQGHUWZDUHQQRFKEULJ,Q GHUIUKHQ'XQNHOKHLWNDPHQGLH2UNV]XHLQHP+JHO'HU6DXPGHV :DOGHVZDUVHKUQDKZDKUVFKHLQOLFKQLFKWPHKUDOVKXQGHUW]ZDQ]LJ 5XWHQHQWIHUQWDEHUVLHNRQQWHQQLFKWGDKLQJHODQJHQ'LH5HLWHUKDWWHQ VLHHLQJHNUHLVW(LQHNOHLQH*UXSSHZLGHUVHW]WHVLFK8JO~NV%HIHKOXQG UDQQWHDXIGHQ:DOG]XQXUGUHLNHKUWHQ]XUFN ª-DGDVLQGZLUQXQ©K|KQWH*ULVFKQiNKª(LQHIHLQH)KUXQJ,FK KRIIHGHUJURH8JO~NZLUGXQVDXFKZLHGHUKLQDXVIKUHQ© ª6HW]WGLHVH+DOEOLQJHDE©EHIDKO8JO~NRKQHVLFKXP*ULVFKQiNK]X NPPHUQª'X/XJGXVFKKROHQRFK]ZHLDQGHUHXQGEHZDFKHVLH6LH GUIHQQLFKWJHW|WHWZHUGHQHVVHLGHQQGLHGUHFNLJHQ:HLKlXWHEUH FKHQGXUFK9HUVWDQGHQ"6RODQJHLFKDP/HEHQELQZLOOLFKVLHKDEHQ $EHUVLHGUIHQQLFKWVFKUHLHQXQGVLHGUIHQQLFKWEHIUHLWZHUGHQ%LQ GHWLKQHQGLH%HLQH© 'HUOHW]WH7HLOGHV%HIHKOVZXUGHXQEDUPKHU]LJDXVJHIKUW$EHU3LS SLQVWHOOWHIHVWGDHU]XPHUVWHQPDOGLFKWEHL0HUU\ZDU'LH2UNV PDFKWHQHLQHQJHZDOWLJHQ/lUPEUOOWHQXQGUDVVHOWHQPLWLKUHQ:DIIHQ XQGGLH+REELWVNRQQWHQHLQH:HLOHPLWHLQDQGHUWXVFKHOQ ª,FKKDOWHQLFKWYLHOYRQDOOHGHP©VDJWH0HUU\ª,FKELQ]LHPOLFKIHU WLJ,FKN|QQWHZRKONDXPZHLWZHJNULHFKHQVHOEVWZHQQLFKIUHLZlUH© ª/HPEDV IOVWHUWH3LSSLQª/HPEDV LFKKDEHZHOFKH'XDXFK",FK JODXEHQLFKWGDVLHXQVHWZDVDEJHQRPPHQKDEHQDXHUXQVHUHQ 6FKZHUWHUQ© ª-DLFKKDWWHHLQ3lFNFKHQLQGHU7DVFKH©DQWZRUWHWH0HUU\ªDEHUHV PXY|OOLJ]HUNUPHOWVHLQ$XHUGHPNDQQLFKPHLQHQ0XQGQLFKWLQ GLH7DVFKHVWHFNHQ© ª%UDXFKVWGXDXFKQLFKW,FKKDEH©$EHULQGLHVHP$XJHQEOLFN ]HLJWHLKPHLQURKHU7ULWWGDGHU/lUPVLFKJHOHJWKDWWHXQGGLH%HZD FKHUDXISDWHQ 'LH1DFKWZDUNDOWXQGVWLOO5LQJVXPGHQ+JHODXIGHPVLFKGLH 2UNVJHVDPPHOWKDWWHQZXUGHQNOHLQH:DFKIHXHUDQJH]QGHWURWJROGHQ LQGHU'XQNHOKHLWHLQYROONRPPHQHU.UHLV6LHODJHQLQ5HLFKZHLWHHLQHV ZHLWHQ%RJHQVFKXVVHVDEHUGLH5HLWHUOLHHQVLFKQLFKWLP+HOOHQVHKHQ XQGGLH2UNVYHUJHXGHWHQYLHOH3IHLOHDOVVLHDXIGLH)HXHU]LHOWHQELV 8JO~NHVLKQHQXQWHUVDJWH'LH5HLWHUPDFKWHQNHLQ*HUlXVFK6SlWHULQ GHU1DFKWDOVGHU0RQGDXVGHP1HEHOKHUDXVWUDWNRQQWHPDQVLHJHOH JHQWOLFKVHKHQVFKDWWHQKDIWH*HVWDOWHQGLHZlKUHQGLKUHUXQDXIK|UOLFKHQ 5XQGHQGDQQXQGZDQQLQGHPZHLHQ/LFKWDXIVFKLPPHUWHQ ª6LHZROOHQ DXIGLH6RQQHZDUWHQYHUIOXFKWVROOHQVLHVHLQ©EUXPPWH HLQHUGHU%HZDFKHUª:DUXPVFKDUHQZLUXQVQLFKW]XVDPPHQXQGEUH FKHQGXUFK":DVGHQNWVLFKGHUDOWH8JO~NHLJHQWOLFKGDVP|FKWHLFK JHUQPDOZLVVHQ© ª6RP|FKWHVWGX"©IDXFKWH8JO~NGHUYRQKLQWHQKHUDQNDPª'X 5HL$QJHON#KWWSFRODHERRN]IELGH
JODXEVWZRKOLFKGHQNHEHUKDXSWQLFKWZDV"9HUIOXFKWVROOVWGXVHLQ 'XELVWHEHQVRVFKOHFKWZLHGHUDQGHUH+DXIHQGLH0DGHQXQGGLH$IIHQ DXV/XJE~U]=ZHFNORV]XYHUVXFKHQPLWLKQHQDQ]XJUHLIHQ6LHZUGHQ EORZLQVHOQXQGDXVUHLHQXQGGDVLQGPHKUDOVJHQXJYRQGLHVHQGUHN NLJHQ3IHUGHMXQJHQXPXQVDOOHVDPWLQGHU(EHQHQLHGHU]XPDFKHQ (VJLEWQXUHLQVZDVGLHVH0DGHQN|QQHQZLH+RO]ERKUHUN|QQHQVLHLP 'XQNHOQVHKHQ$EHUGLH:HLKlXWHKDEHQEHVVHUH1DFKWDXJHQDOVGLHPHL VWHQ0HQVFKHQQDFKDOOHPZDVLFKJHK|UWKDEHXQGYHUJHWLKUH3IHUGH QLFKW6LHN|QQHQGHQ1DFKWZLQGVHKHQKHLWHV,PPHUKLQJLEW VQRFKHW ZDVZDVGLHVHIHLQHQ%XUVFKHQQLFKWZLVVHQ0DXK~UXQGVHLQH-XQJVVLQG LP:DOGXQGVLHPWHQMHW]WHLJHQWOLFKMHGHQ$XJHQEOLFNDXIWDXFKHQ© 8JO~NV:RUWHJHQJWHQRIIHQEDUXPGLH,VHQJDUWHU]XEHU]HXJHQ DEHUGLHDQGHUHQ2UNVZDUHQVRZRKOHQWPXWLJWDOVDXFKDXIVlVVLJ6LH VWHOOWHQHLQSDDU:DFKHQDXIGRFKGLHPHLVWHQODJHQDXIGHP%RGHQXQG UXKWHQVLFKLQGHUDQJHQHKPHQ'XQNHOKHLWDXV7DWVlFKOLFKZDUHVZLHGHU VHKUGXQNHOJHZRUGHQGHQQGHU0RQGZDULP:HVWHQLQGLFNHQ:RONHQ YHUVFKZXQGHQXQG3LSSLQNRQQWHLQHLQSDDU)X(QWIHUQXQJQLFKWV VHKHQ'LH)HXHUZDUIHQNHLQHQ/LFKWVFKHLQDXIGHQ+JHO,QGHVEHJQJ WHQVLFKGLH5HLWHUQLFKWGDPLWQXUDXIGLH0RUJHQGlPPHUXQJ]XZDUWHQ XQGLKUH)HLQGHUXKHQ]XODVVHQ(LQSO|W]OLFKHU$XIVFKUHLDQGHU2VW VHLWHGHU.XSSH]HLJWHGDHWZDVQLFKWVWLPPWH2IIHQEDUZDUHQHLQLJH GHU0HQVFKHQGLFKWKHUDQJHULWWHQYRQGHQ3IHUGHQKHUXQWHUJHJOLWWHQDQ GHQ5DQGGHV/DJHUVJHNURFKHQXQGKDWWHQPHKUHUH2UNVJHW|WHWGDQQ ZDUHQVLHZLHGHUYHUVFKZXQGHQ8JO~NVWU]WHORVXPHLQHZLOGH)OXFKW ]XYHUKLQGHUQ 3LSSLQXQG0HUU\VHW]WHQVLFKDXI,KUH%HZDFKHU,VHQJDUWHUZDUHQ PLW8JO~NPLWJHJDQJHQ$EHUZHQQGLH+REELWVLUJHQGZLHDQHLQ(QWULQ QHQJHGDFKWKDWWHQGDQQZXUGHLKUH+RIIQXQJEDOG]XQLFKWH(LQODQJHU KDDULJHU$UPSDFNWHVLHEHLGHDP+DOVXQG]RJVLHQDKH]XHLQDQGHU8Q GHXWOLFKVDKHQVLH*ULVFKQiNKVJURHQ.RSIXQGVHLQDEVFKHXOLFKHV*H VLFKW]ZLVFKHQLKQHQVHLQVWLQNLJHU$WHPZDUDXILKUHQ:DQJHQ(UEH JDQQVLH]XEHWDWVFKHQXQG]XEHIKOHQ3LSSLQHUVFKDXHUWHDOVKDUWH NDOWH)LQJHUVHLQHQ5FNHQHQWODQJIXKUHQ ª1XQPHLQH.OHLQHQ©IOVWHUWH*ULVFKQiNKOHLVHª*HQLHWLKUGLH KEVFKH5DVW"2GHUQLFKW"9LHOOHLFKWLVWGHU2UWHLQZHQLJXQJHPWOLFK 6FKZHUWHUXQG3HLWVFKHQDXIGHUHLQHQ6HLWHXQGJDUVWLJH6SHHUHDXIGHU DQGHUHQ.OHLQH/HXWHVROOWHQVLFKQLFKWLQ$QJHOHJHQKHLWHQHLQPLVFKHQ GLH]XJURIUVLHVLQG©6HLQH)LQJHUWDVWHWHQLPPHUQRFK(LQ*ODQ] ZLHYRQHLQHPVFKZDFKHQDEHUKHLHQ)HXHUZDULQVHLQHQ$XJHQ 3O|W]OLFKVFKR3LSSLQHLQ*HGDQNHGXUFKGHQ.RSIDOVREHULKQXQ PLWWHOEDUYRQGHPKDUWQlFNLJHQ*HGDQNHQVHLQHV)HLQGHVDXIJHIDQJHQ KDEHª*ULVFKQiNKZHLYRQGHP5LQJ(UVXFKWQDFKLKPZlKUHQG 8JO~NEHVFKlIWLJWLVWZDKUVFKHLQOLFKZLOOHULKQVHOEVWKDEHQ©.DOWH )XUFKWZDULQ3LSSLQV+HU]HQGRFKJOHLFK]HLWLJEHUOHJWHHUZLHHU*UL VFKQiNKV9HUODQJHQIUVLFKDXVQW]HQN|QQH ª,FKJODXEHQLFKWGDGXLKQDXIGLHVH:HLVHILQGHVW©IOVWHUWHHUª(U LVWQLFKWOHLFKW]XILQGHQ© ª,KQ ILQGHQ"©IUDJWH*ULVFKQiNK6HLQH)LQJHUK|UWHQDXI]XNUDEEHOQ XQGSDFNWHQ3LSSLQV6FKXOWHUª:DVILQGHQ":RYRQUHGHVWGXGHQQ.OHL QHU"© (LQHQ$XJHQEOLFNVFKZLHJ3LSSLQ'DQQSO|W]OLFKJDEHULQGHU'XQ 5HL$QJHON#KWWSFRODHERRN]IELGH
NHOKHLWHLQNHKOLJHV*HUlXVFKYRQVLFKJROOXPJROOXP ª1LFKWVPHLQ 6FKDW]©IJWHHUKLQ]X 'LH+REELWVVSUWHQZLH*ULVFKQiNKV)LQJHU]XFNWHQª2KR©]LVFKWH GHU%LOZLOHLVHª'DVPHLQWHUQLFKWZDKU"2KR6HKUVHKU JHIlKUOLFK PHLQH.OHLQHQ© ª9LHOOHLFKW©VDJWH0HUU\MHW]WJDQ]DXIGHU+XWGHQQHUKDWWH3LSSLQV 9HUPXWXQJHUUDWHQª9LHOOHLFKWXQGQLFKWQXUIUXQV,PPHUKLQZHLWGX DPEHVWHQZDVGX]XWXQKDVW'XZLOOVWLKQKDEHQRGHUQLFKW"8QGZDV ZUGHVWGXIULKQJHEHQ"© ª:LOOLFKLKQ":LOOLFKLKQ"©IUDJWH*ULVFKQiNKDOVREHUYHUEOIIWVHL DEHUVHLQH$UPH]LWWHUWHQª:DVLFKGDIUJHEHQZUGH":DVPHLQWLKU GDPLW"© ª:LUPHLQHQ©VDJWH3LSSLQXQGZlKOWHVHLQH:RUWHYRUVLFKWLJªGDHV NHLQHQ=ZHFNKDWLP'XQNHOQ]XWDSSHQ:LUN|QQWHQGLU=HLWXQG 0KHVSDUHQ$EHU]XHUVWPXWGXXQVHUH%HLQHORVELQGHQRGHUZLUWXQ JDUQLFKWVXQGVDJHQQLFKWV© ª0HLQHOLHEHQHPSILQGOLFKHQNOHLQHQ1DUUHQ©]LVFKWH*ULVFKQiNK ªDOOHVZDVLKUKDEWXQGDOOHVZDVLKUZLWZLUG]XUUHFKWHQ=HLWVFKRQ DXVHXFKKHUDXVJHKROWZHUGHQDOOHV,KUZHUGHWZQVFKHQGDHVPHKU JlEHZDVLKUVDJHQN|QQWHWXPGHQ9HUK|UHQGHQ]XIULHGHQ]XVWHOOHQGDV ZHUGHWLKUZLUNOLFKZQVFKHQ]LHPOLFKEDOG:LUZHUGHQGLH8QWHUVX FKXQJQLFKWEHUVWU]HQ2JDQ]JHZLQLFKW:DVJODXEWLKUGHQQ ZDUXPLKUDP/HEHQJHODVVHQZXUGHW"0HLQHOLHEHQNOHLQHQ%XUVFKHQ ELWWHJODXEWPLUZHQQLFKVDJHGDHVQLFKWDXV)UHXQGOLFKNHLWJHVFKDK GDVLVWQLFKWHLQPDOHLQHUYRQ8JO~NV)HKOHP© ª(VIlOOWPLUQLFKWVFKZHUHV]XJODXEHQ©VDJWH0HUU\ª$EHULKU KDEWHXUH%HXWHQRFKQLFKW]XKDXVH8QGHVVLHKWQLFKWVRDXVDOVREVLH GHLQHQ:HJHLQVFKOlJW:HQQZLUQDFK,VHQJDUWNRPPHQGDQQZLUGHV QLFKWGHUJURH*ULVFKQiNKVHLQGHUGDUDXV9RUWHLO]LHKW6DUXPDQ ZLUGDOOHVQHKPHQZDVHUILQGHQNDQQ:HQQGXHWZDVIUGLFKKDEHQ ZLOOVWLVWMHW]WGHU$XJHQEOLFNHWZDV]XWXQ© *ULVFKQiNKJHULHWDOOPlKOLFKLQ:XW'HU1DPH6DUXPDQVFKLHQLKQ EHVRQGHUV]XHUERVHQ'LH=HLWYHUJLQJXQGGLH8QUXKHOHJWHVLFK8JO~N RGHUGLH,VHQJDUWHUNRQQWHQMHGH0LQXWH]XUFNNRPPHQª+DEWLKULKQ² HLQHUYRQHXFK"©NQXUUWHHU *ROOXPJROOXP VDJWH3LSSLQ ª%LQGHXQVHUH%HLQHORV©VDJWH0HUU\ 6LHVSUWHQZLHGLH$UPHGHV2UNVKHIWLJ]LWWHUWHQª9HUIOXFKWVROOW LKUVHLQLKUGUHFNLJHVNOHLQHV8QJH]LHIHU©]LVFKWHHUª(XUH%HLQHORVELQ GHQ"-HGH6HKQHHXUHV.|USHUVZHUGHLFKORVELQGHQ*ODXEWLKULFKNDQQ HXFKQLFKWELVDXIGLH.QRFKHQGXUFKVXFKHQ"(XFKGXUFKVXFKHQ",FK ZHUGHHXFKEHLGHLQ]XFNHQGH)HW]HQVFKQHLGHQ,FKEUDXFKHGLH+LOIH HXUHU%HLQHQLFKWXPHXFKZHJ]XEULQJHQ² XQGHXFKJDQ]IUPLFK]X KDEHQ© 3O|W]OLFKSDFNWHHUVLH'LH.UDIWLQVHLQHQODQJHQ$UPHQXQG6FKXO WHUQZDUHQWVHW]OLFK(UNOHPPWHMHGHQYRQLKQHQLQHLQH$FKVHOK|KOH XQG SUHWHVLHKHIWLJDQVHLQH6HLWHQHLQHJURHHUVWLFNHQGH+DQGOHJWH VLFKLKQHQEHLGHQDXIGHQ0XQG'DQQVSUDQJHUWLHIJHEFNWYRUZlUWV 5DVFKXQGVWLOOJLQJHUELVHUDQGHQ5DQGGHV+JHOVNDP'RUWVXFKWH HUVLFKHLQH/FNH]ZLVFKHQGHQ:DFKWSRVWHQDXVXQGYHUVFKZDQGZLH HLQE|VHU6FKDWWHQLQGHU1DFKWGHQ$EKDQJKLQXQWHUXQGGDQQQDFK 5HL$QJHON#KWWSFRODHERRN]IELGH
:HVWHQDXIGHQ)OX]XGHUDXVGHP:DOGKHUDXVVWU|PWH,QGLHVHU5LFK WXQJZDUHLQEUHLWHURIIHQHU5DXPPLWQXUHLQHP)HXHU 1DFKHWZDHLQHPKDOEHQ'XW]HQG.ODIWHUQKLHOWHUDQVFKDXWHVLFKXP XQGKRUFKWH1LFKWVZDU]XVHKHQRGHU]XK|UHQ(UNURFKODQJVDPZHL WHUIDVWJDQ]]XVDPPHQJHNUPPW'DQQKRFNWHHUVLFKKLQXQGODXVFKWH ZLHGHU'DQQDEHUVWDQGHUDXIDOVZROOWHHUHLQHQSO|W]OLFKHQ9RUVWR ZDJHQ,QHEHQGLHVHP$XJHQEOLFNWDXFKWHGLHGXQNOH*HVWDOWHLQHV5HL WHUVJHQDXYRULKPDXI(LQ3IHUGVFKQDXEWHXQGElXPWHVLFKDXI(LQ 0DQQVWLHHLQHQ5XIDXV *ULVFKQiNKZDUIVLFKSODWWDXIGHQ%RGHQXQG]HUUWHGLH+REELWVXQWHU VLFKGDQQ]RJHUVHLQ6FKZHUW =ZHLIHOORVZROOWHHUVHLQH*HIDQJHQHQ HKHUW|WHQDOV]XODVVHQGDVLHHQWNRPPHQRGHUEHIUHLWZHUGHQ$EHUHV ZDUVHLQ9HUGHUEHQ'DV6FKZHUWNOLUUWHVFKZDFKXQGJOlQ]WHHLQZHQLJ LP6FKHLQGHV)HXHUVGDVZHLWZHJ]XVHLQHU/LQNHQZDU(LQ3IHLONDP DXVGHU'XQNHOKHLWDQJHVFKZLUUWHUZDUJHVFKLFNWJH]LHOWRGHUYRP 6FKLFNVDOJHOHQNWXQGGXUFKERKUWHVHLQHUHFKWH+DQG*ULVFKQiNKOLHGDV 6FKZHUWIDOOHQXQGVFKULHDXI0DQK|UWHHLQUDVFKHV6WDPSIHQYRQ +XIHQXQGJHUDGHDOV*ULVFKQiNKDXIVSUDQJXQGOLHIZXUGHHUQLHGHUJH ULWWHQXQGYRQHLQHP6SHHUGXUFKERKUW(UVWLHHLQHQKlOLFKHQ]LWWHUQ GHQ6FKUHLDXVXQGODJVWLOO 'LH+REELWVEOLHEHQSODWWDXIGHP%RGHQZLH*ULVFKQiNKVLHKDWWHOLH JHQODVVHQ1RFKHLQ5HLWHUNDPUDVFKKHUEHLXPVHLQHP*HIlKUWHQ]X KHOIHQ2EHVQXQDQHLQHPEHVRQGHUVJXWHQ6HKYHUP|JHQRGHUDQHLQHU DQGHUHQ6LQQHVZDKUQHKPXQJODJMHGHQIDOOVVWLHJGDV3IHUGXQGVSUDQJ OHLFKWILJEHUVLHKLQZHJDEHUVHLQ5HLWHUVDKVLHQLFKWZLHVLHGDLQ LKUHQ(OEHQPlQWHOQODJHQ]XYHUVW|UW LP$XJHQEOLFNXQG]XYHUlQJVWLJW XPVLFK]XUKUHQ 6FKOLHOLFKUHJWH0HUU\VLFKXQGIOVWHUWHOHLVHª%LVKHULVWHVMDJDQ]JXW JHJDQJHQ$EHUZLHVROOHQZLUGHU*HIDKUHQWJHKHQDXIJHVSLHW]XZHUGHQ"© 'LH$QWZRUWNDPIDVWVRIRUW'LH6FKUHLHYRQ*ULVFKQiNKKDWWHQGLH 2UNVDXIJHVFKUHFNW$XVGHP*HKHXOXQG*HNUHLVFKHGDVYRQGHP +JHOKHUEHUGUDQJHQWQDKPHQGLH+REELWVGDLKU9HUVFKZLQGHQHQW GHFNWZRUGHQZDU8JO~NVFKOXJYHUPXWOLFKQRFKHLQSDDU.|SIHDE 'DQQSO|W]OLFKNDPHQDQWZRUWHQGH5XIHYRQ 2UNVWLPPHQYRQUHFKWV DXHUKDOEGHV.UHLVHVYRQ:DFKWIHXHUQDXVGHU5LFKWXQJGHV:DOGHVXQG GHV*HELUJHV2IIHQEDUZDU0DXK~UJHNRPPHQXQGJULIIGLH%HODJHUHU DQ0DQK|UWH3IHUGHJDORSSLHUHQ'LH5HLWHU]RJHQLKUHQ5LQJHQJHUXP GLH.XSSHXQGQDKPHQGLH*HIDKUGHU2UNSIHLOHDXIVLFKXPMHGHQ $XVIDOO]XYHUKLQGHUQZlKUHQGHLQH*UXSSHIRUWULWWXPVLFKPLWGHQ 1HXDQN|PPOLQJHQDXVHLQDQGHU]XVHW]HQ3O|W]OLFKPHUNWHQ0HUU\XQG 3LSSLQGDVLHRKQHVLFKIRUW]XEHZHJHQQXQDXHUKDOEGHV.UHLVHV ZDUHQQLFKWVODJ]ZLVFKHQLKQHQXQGGHU)OXFKW ª:HQQZLU©VDJWH0HUU\ªQXUGLH%HLQHXQG+lQGHIUHLKlWWHQGDQQ N|QQWHQZLUMHW]WHQWNRPPHQ$EHULFKNDQQDQGLH.QRWHQQLFKWKHUDQ XQGVLHDXFKQLFKWGXUFKEHLHQ© ª1LFKWQ|WLJHV]XYHUVXFKHQ©VDJWH3LSSLQª'DVZROOWHLFKGLUYRU KLQVDJHQLFKNRQQWHPHLQH+lQGHIUHLEHNRPPHQ'LHVH6FKOLQJHQVLQG EOR]XU7DUQXQJGUDQJHODVVHQ$EHULOLHEHUHUVWHLQZHQLJOHPEDV© (UVWUHLIWHGHQ6WULFNYRP+DQGJHOHQNXQGKROWHHLQ3lFNFKHQKHUDXV 'LH.XFKHQZDUHQ]HUEURFKHQDEHUQRFKIULVFKLQLKUHU%OlWWHUXPKO OXQJ'LH+REELWVDHQMHGHU]ZHLRGHUGUHL6WFN'HU*HVFKPDFNULHI 5HL$QJHON#KWWSFRODHERRN]IELGH
LKQHQZLHGHUVFK|QH*HVLFKWHUXQG*HOlFKWHUXQGJHVXQGH.RVWDXVZHLW ]XUFNOLHJHQGHQUXKLJHQ7DJHQLQV*HGlFKWQLV(LQH:HLOHDHQVLHQDFK GHQNOLFKVDHQLP'XQNOHQXQGDFKWHWHQQLFKWDXIGLH6FKUHLHXQG*H UlXVFKHGHUQDKHQ6FKODFKW3LSSLQNHKUWHDOVHUVWHUZLHGHULQGLH*HJHQ ZDUW]XUFN ª:LUPVVHQIRUW©VDJWHHUª(LQHQNOHLQHQ$XJHQEOLFN©*ULVFK QiNKV6FKZHUWODJJDQ]GLFKWEHLDEHUHVZDU]XVFKZHUXQGXQKDQG OLFKIULKQGHVKDOENURFKHUZHLWHUXQGDOVHUGHQ/HLFKQDPGHV%LOZL IDQG]RJHUHLQODQJHVVFKDUIHV0HVVHUDXVVHLQHU6FKHLGH'DPLW]HU VFKQLWWHUUDVFKLKUH)HVVHOQ ª1XQDEHUORV©VDJWHHUª:HQQZLUXQVHLQELFKHQZDUPJHPDFKW KDEHQN|QQHQZLUYLHOOHLFKWVRJDUZLHGHUVWHKHQXQGJHKHQ$EHUMHGHQ IDOOVIDQJHQZLUOLHEHUPLW.ULHFKHQDQ© 6LHNURFKHQ'LH*UDVQDUEHZDUWLHIXQGIHGHUQGXQGGDVKDOILKQHQ DEHUHVZDUHLQODQJZLHULJHVPKVHOLJHV*HVFKlIW6LH PDFKWHQHLQHQ JURHQ%RJHQXPGDV:DFKWIHXHUXQGDUEHLWHWHQVLFK6WFNIU6WFN YRUELVVLH]XP)OXNDPHQGHULQGHQVFKZDU]HQ6FKDWWHQXQWHUVHLQHQ VWHLOHQ8IHUQGDKLQVWU|PWH'DQQVFKDXWHQVLH]XUFN 'LH*HUlXVFKHKDWWHQVLFKJHOHJW2IIHQEDUZDUHQ 0DXK~UXQGVHLQH ª-XQJV©JHW|WHWRGHUYHUWULHEHQZRUGHQ'LH5HLWHUKDWWHQLKUHVWLOOHEH GURKOLFKH:DFKHZLHGHUDXIJHQRPPHQ6LHZUGHQLFKWPHKUVHKUODQJH GDXHUQ6FKRQJLQJGLH1DFKWLKUHP(QGHHQWJHJHQ,P2VWHQGHUXQEH Z|ONWJHEOLHEHQZDUEHJDQQGHU+LPPHOEOHLFK]XZHUGHQ ª:LUPVVHQLQ'HFNXQJJHKHQ©VDJWH3LSSLQªVRQVWZHUGHQZLUJH VHKHQ(VZLUGNHLQ7URVWIUXQVVHLQZHQQGLHVH5HLWHUHQWGHFNHQGD ZLUNHLQH2UNVVLQGQDFKGHPZLUWRWVLQG©(UHUKREVLFKXQGVWDPSIWH PLWGHQ)HQ DXIª'LHVH6WULFNHKDEHQPLFKZLH'UDKWHLQJHVFKQUW DEHUPHLQH)HZHUGHQZLHGHUZDQQ,FKN|QQWHMHW]WZHLWHUWRUNHOQ:LH VWHKW VPLWGLU0HUU\"© 0HUU\VWDQGDXIª-D©VDJWHHUªLFKNDQQ VVFKDIIHQ/HPEDV JHEHQ HLQHPZLUNOLFKQHXHQ0XW8QGDXHUGHPHLQJHVQGHUHV*HIKODOVGLH +LW]HGLHVHV2UN7UDQNV:RUDXVGHUZRKOEHVWHKHQPDJ"$EHULFK QHKPHDQHVLVWEHVVHUHVQLFKW]XZLVVHQ/DXQVHLQHQ6FKOXFN:DVVHU WULQNHQXPGHQ*HGDQNHQGDUDQIRUW]XVSOHQ© ª1LFKWKLHUGLH8IHUVLQG]XVWHLO©VDJWH3LSSLQª1XQYRUZlUWV© 6LHZDQGWHQVLFKXPXQGJLQJHQMHW]WQHEHQHLQDQGHUODQJVDPGHQ )OXODXIHQWODQJ+LQWHULKQHQQDKPGDV/LFKWLP2VWHQ]X:lKUHQGVLH JLQJHQWDXVFKWHQVLHLKUH*HGDQNHQDXVXQGUHGHWHQQDFK+REELW$UW OHLFKWKLQYRQGHPZDVLKQHQVHLWLKUHU*HIDQJHQQDKPHZLGHUIDKUHQZDU .HLQ=XK|UHUKlWWHDXVLKUHQ:RUWHQHQWQRPPHQGDVLHJUDXVDP JHOLWWHQKDWWHQLQHQWVHW]OLFKHU*HIDKUXQGRKQH+RIIQXQJJHZHVHQ ZDUHQ)ROWHUXQG7RG]XHQWJHKHQRGHUGDDXFKMHW]WZLHVLHJHQDX ZXWHQZHQLJ$XVVLFKWEHVWDQGGDVLHMHPDOVZLHGHULKUH)UHXQGHILQ GHQXQGLQ6LFKHUKHLWVHLQZUGHQ ª'XVFKHLQVWGHLQH6DFKHJXWJHPDFKW]XKDEHQ+HUU7XN©VDJWH 0HUU\ª)DVWHLQJDQ]HV.DSLWHOLP%XFKGHVDOWHQ%LOERZLUVWGXEHNRP PHQZHQQLFKMH*HOHJHQKHLWKDEHHVLKP]XEHULFKWHQ*XWH$UEHLW YRUDOOHPGDGXHUUDWHQKDVWZDVGDVKDDULJH6FKHXVDOLP6FKLOGH UKUWHXQGLKPXPGHQ%DUWJHJDQJHQELVW$EHULFKIUDJHPLFKRE LUJHQGMHPDQGXQVHUH6SXUYHUIROJHQXQGMHPDOVGLH%URVFKHILQGHQ ZLUG0LUZlUHHVJUlOLFKPHLQH]XYHUOLHUHQGRFKGHLQHIUFKWHLFKLVW 5HL$QJHON#KWWSFRODHERRN]IELGH
HQGJOWLJZHJ ,FKZHUGHPLFKHLQELFKHQDQVWUHQJHQPVVHQXPPLWGLUJOHLFK]X]LH KHQ,QGHU7DWZLUG9HWWHU%UDQG\ERFNMHW]WYRUDQJHKHQ1XQLVWGLH 5HLKHDQLKP,FKYHUPXWHGXKDVWQLFKWYLHO$KQXQJZRZLUVLQGDEHU LFKKDEHPHLQH=HLWLQ%UXFKWDOEHVVHUDXVJHQW]W:LUEHILQGHQXQV ZHVWOLFKGHU(QWZDVVHU'DVGLFNH(QGHGHV1HEHOJHELUJHVOLHJWYRUXQV XQGGHU)DQJRUQ:DOG© :lKUHQGHUQRFKVSUDFKUDJWHXQPLWWHOEDUYRULKQHQGHUGXQNOH6DXP GHV:DOGHVGURKHQGDXI'LH1DFKWVFKLHQXQWHUVHLQHQJUQHQ%lXPHQ =XIOXFKWJHVXFKW]XKDEHQXQGYRUGHUNRPPHQGHQ0RUJHQGlPPHUXQJ GDYRQ]XNULHFKHQ ª*HKYRUDQ+HUU%UDQG\ERFN©VDJW3LSSLQª2GHUJHK]XUFN:LU VLQGYRU)DQJRUQJHZDUQWZRUGHQ$EHUHLQHUGHUVRNOXJLVWZLUGGDV QLFKWYHUJHVVHQKDEHQ© ª+DEHLFKQLFKW©DQWZRUWHWH0HUU\ªGRFKGHU:DOGVFKHLQWPLUWURW] GHPQRFKEHVVHU]XVHLQDOVXP]XNHKUHQXQGPLWWHQLQHLQH6FKODFKW]X JHUDWHQ© (UIKUWH3LSSLQXQWHUGLHULHVLJHQ=ZHLJHGHU%lXPH:LHDOWVLH ZDUHQOLHVLFKQLFKWHUUDWHQ/DQJHVFKOHSSHQGH%DUWHYRQ)OHFKWHQKLQ JHQDQLKQHQKHUDEGLHVLFKLQGHPOHLFKWHQ:LQGKLQ XQGKHUZLHJWHQ $XVGHQ6FKDWWHQVSlKWHQGLH+REELWVKLQDXVXQGEOLFNWHQKLQXQWHUDXI GHQ+DQJNOHLQHKHLPOLFKH*HVWDOWHQXQGLQGHPGlPPULJHQ/LFKW VDKHQVLHZLH(OEHQNLQGHUDXVGLHDXIGHP*UXQGGHU=HLWYROO6WDXQHQ DXVGHP:LOGHQ:DOGKHUDXVVFKDXHQXQGLKUHHUVWH0RUJHQGlPPHUXQJ HUEOLFNHQ :HLWKLQWHUGHP*URHQ6WURPXQGGHQ%UDXQHQ/DQGHQ:HJVWXQGHQ EHUJUDXH:HJVWXQGHQHQWIHUQWNDPGLH0RUJHQGlPPHUXQJURWZLH HLQH)ODPPH/DXWHUVFKDOOWHQGLH-DJGK|UQHUVLH]XJUHQ'LH5HLWHU YRQ5RKDQZXUGHQSO|W]OLFKOHEHQGLJ(LQ+RUQDQWZRUWHWHZLHGHUXP GHPDQGHUHQ ,QGHUNDOWHQ/XIWK|UWHQ0HUU\ XQG3LSSLQGHXWOLFKGDV:LHKHUQYRQ 6FKODFKWURVVHQXQGGDVSO|W]OLFKH6LQJHQYLHOHU0lQQHU'HU5DQGGHU 6RQQHHUKREVLFKHLQ)HXHUERJHQEHUGHQ6DXPGHU:HOW'DQQJULIIHQ GLH5HLWHUPLWHLQHP6FKODFKWUXIYRP2VWHQDXVDQGDVURWH/LFKWJOlQ]WH DXI3DQ]HUKHPGHQXQG6SHHUHQ'LH2UNVVFKULHQXQGVFK|VVHQDOOH3IHLOH DEGLHLKQHQJHEOLHEHQZDUHQ'LH+REELWVVDKHQPHKUHUH5HLWHUIDOOHQ DEHUGLHDQGHUHQVSUHQJWHQGHQ%HUJKLQDXIXQGEHULKQKLQZHJXQG VFKZHQNWHQDEXQGJULIIHQYRQQHXHPDQ'LHPHLVWHQ2UNVGLHQRFKDP /HEHQZDUJHULHWHQLQ8QRUGQXQJXQGIORKHQKLHUKLQXQGGRUWKLQXQG HLQHUQDFKGHPDQGHUHQZXUGHQVLHYHUIROJWELV]XP7RG$EHUHLQH 6FKDUGLHVLFK]XHLQHPVFKZDU]HQ.HLO]XVDPPHQJHURWWHWKDWWHUDQQWH HQWVFKORVVHQLQ5LFKWXQJDXIGHQ:DOG*HUDGHQZHJVGHQ+DQJKLQDXI VWUPWHQVLHDXIGLH%HREDFKWHU]X-HW]WNDPHQVLHQlKHUXQGHVVFKLHQ VLFKHU]XVHLQGDVLHHQWNRPPHQZUGHQVFKRQKDWWHQVLHGUHL5HLWHU QLHGHUJHKDXHQGLHLKQHQGHQ:HJYHUOHJWHQ ª:LUKDEHQ]XODQJH]XJHVFKDXW©VDJWH0HUU\ª'DLVW8JO~N,FKZLOO LKQQLFKWZLHGHUWUHIIHQ©'LH+REELWVZDQGWHQVLFKDEXQGIORKHQWLHI KLQHLQLQGHQVFKDWWLJHQ:DOG 6RNDPHVGDVLHGHQOHW]WHQ.DPSIQLFKWVDKHQDOV8JO~NHLQJHKROW XQGJHQDXDP6DXPYRQ)DQJRUQJHVWHOOWZXUGH 'RUWZXUGHHUVFKOLH OLFKYRQeRPHUGHP'ULWWHQ0DUVFKDOOYRQ5RKDQHUVFKODJHQGHUDEJH 5HL$QJHON#KWWSFRODHERRN]IELGH
VHVVHQZDUXQGPLWLKP6FKZHUWJHJHQ6FKZHUWNlPSIWH8QGEHUGLH ZHLWHQ:HLGHQMDJWHQGLHVFKDUIlXJLJHQ5HLWHUGLHZHQLJHQ2UNVGLH HQWNRPPHQZDUHQXQGQRFK.UDIWKDWWHQ]XIOLHKHQ $OVVLHGDQQLKUHJHIDOOHQHQ*HIlKUWHQLQHLQ+JHOJUDEJHOHJWXQGGLH +HOGHQNODJHJHVXQJHQKDWWHQPDFKWHQGLH5HLWHUHLQJURHV)HXHUXQG ]HUVWUHXWHQGLH$VFKHLKUHU)HLQGH6RHQGHWHGHU6WUHLI]XJXQGNHLQH .XQGHGDYRQJHODQJWH MHPDOVQDFK0RUGRURGHU,VHQJDUWGRFKGHU5DXFK GHV%UDQGHVVWLHJ]XP+LPPHOHPSRUXQGZXUGHYRQYLHOHQZDFKVDPHQ $XJHQJHVHKHQ
5HL$QJHON#KWWSFRODHERRN]IELGH
9,(57(6.$3,7(/ %$80%$57
'HUZHLOJLQJHQGLH+REELWVVRUDVFKZLHGHUGXQNOHXQGGLFKWYHU IORFKWHQH:DOGHV]XOLHGHQ)OXODXIHQWODQJQDFK:HVWHQXQGKLQDXI ]XGHQ+lQJHQGHV*HELUJHVWLHIHUXQGWLHIHUQDFK)DQJRUQKLQHLQ/DQJ VDPOHJWHVLFKLKUH$QJVWYRUGHQ2UNVXQGLKU6FKULWWZXUGHJHPlFK OLFKHU(LQVHOWVDPHV(UVWLFNXQJVJHIKOEHUNDPVLHDOVREGLH/XIW]XP $WPHQ]XGQQRGHU]XNQDSSVHL 6FKOLHOLFKKLHOW0HUU\DQª6RN|QQHQZLUQLFKWZHLWHUJHKHQ©NHXFKWH HUª,FKEUDXFKH/XIW© ª/DXQVMHGHQIDOOVHWZDVWULQNHQ©VDJWH3LSSLQª,FKELQJDQ]DXVJH G|UUW©(UNOHWWHUWH]XHLQHUJURHQ%DXPZXU]HOGLHVLFK]XP)OXKLQ XQWHUZDQGEFNWHVLFKXQGVFK|SIWHPLWGHUKRKOHQ+DQGHWZDV:DVVHU (VZDUNODUXQGNDOWXQGHUWUDQNYLHOH6FKOXFNH0HUU\IROJWHLKP 'DV:DVVHUHUIULVFKWHVLHXQGVFKLHQLKQHQQHXHQ0XWHLQ]XIO|HQHLQH :HLOHVDHQ VLH]XVDPPHQDP)OXXIHUEHQHW]WHQLKUHZXQGHQ)HXQG %HLQHXQGEHWUDFKWHWHQGLH%lXPHUXQGXPGLHVLHVWLOOXPVWDQGHQHLQH 5HLKHKLQWHUGHUDQGHUHQELVVLHLQDOOHQ5LFKWXQJHQLQJUDXHP=ZLHOLFKW YHUVFKZDQGHQ ª,FKQHKPHDQGXKDVWXQVEHUHLWVLQGLH,UUHJHIKUW"©VDJWH3LSSLQ XQGOHKQWHVLFKDQHLQHQJURHQ%DXPVWDPPª:LUN|QQHQ]XPLQGHVWDQ GLHVHP)OX(QWZDVVHURGHUZLHLPPHUGXLKQQHQQVWHQWODQJJHKHQXQG DXIGHP:HJGHQZLUJHNRPPHQVLQGZLHGHUKLQDXVJHODQJHQ© ª'DVN|QQWHQZLUZHQQXQVHUH%HLQHHVVFKDIIWHQ©VDJWH0HUU\ªXQG ZHQQZLUULFKWLJDWPHQN|QQWHQ© ª-DHVLVWDOOHVVHKUGVWHUXQGVWLFNLJKLHUGULQQHQ©VDJWH3LSSLQª(V HULQQHUWPLFKLUJHQGZLHDQGDVDOWH=LPPHULQGHU*URHQ%HKDXVXQJGHU 7XNVLQGHQ6PLDOVLQ%XFNHOVWDGWHLQHULHVLJH%HKDXVXQJZRGLH0|EHO VHLW*HQHUDWLRQHQQLHPDOVXPJHVWHOOWRGHUDXVJHZHFKVHOWZRUGHQZDUHQ (VKHLWGHU$OWH7XNKDEHGRUWMDKUHODQJJHOHEWXQGHUXQGGDV =LPPHUZXUGHQJHPHLQVDPlOWHUXQGVFKlELJHU² XQGHVLVWDXFKQLFKWV GDUDQYHUlQGHUWZRUGHQVHLWHUYRUKXQGHUW-DKUHQVWDUE8QGGHU$OWH *HURQWLXVZDUPHLQ8U8UJURYDWHUHVLVWDOVRHLQELFKHQODQJHKHU $EHUGDVLVWQLFKWVJHJHQGHQ(LQGUXFNYRQ$OWHUGHQGLHVHU:DOGKHU YRUUXIW6FKDXGLUQXUGLHWUDXHUQGHQKlQJHQGHQ%DUWHXQG %DUWKDDUHGHU )OHFKWHQDQ8QGGLHPHLVWHQ%lXPHVLQGKDOEEHGHFNWPLW]HUIHW]WHQ WURFNHQHQ%OlWWHUQGLHQLHPDOVDE]XIDOOHQVFKHLQHQ8QRUGHQWOLFK,FK NDQQPLUQLFKWYRUVWHOOHQZLHGHU)UKOLQJKLHUDXVVHKHQZUGHZHQQHU MHNRPPWXQGQRFKZHQLJHUHLQ)UKMDKUVSXW]© ª$EHUGLH6RQQHPXMHGHQIDOOVPDQFKPDOKHUHLQJXFNHQ©VDJWH0HUU\ ª(VVLHKWZHGHUVRDXVQRFKKDWPDQHLQ*HIKOZLHPDQHVQDFK%LOERV %HVFKUHLEXQJYRP'VWHUZDOGKlWWH'HUZDUJDQ]GXQNHOXQGVFKZDU] XQGGLH+HLPDWGXQNOHUVFKZDU]HU*HVFK|SIH+LHULVWHVEORGlPPULJ XQGEHlQJVWLJHQGEDXPLVFK0DQNDQQVLFKQLFKWYRUVWHOOHQGDKLHU EHUKDXSW7LHUHOHEHQRGHUVLFKODQJHDXIKDOWHQ© ª1HLQXQG+REELWVDXFKQLFKW©VDJWH3LSSLQª8QGPLUJHIlOOWDXFK GHU*HGDQNHQLFKWGDZLUYHUVXFKHQZROOHQGHQ:DOG]XGXUFKTXHUHQ 1LFKWV]XHVVHQDXIKXQGHUW0HLOHQQHKPHLFKDQ:LHVWHKW VPLWXQVH UHQ9RUUlWHQ"© ª'LHVLQGNQDSS©VDJWH0HUU\ª:LUVLQGORVJHUDQQWPLWQLFKWVDOVHLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
SDDUVSlUOLFKHQ3lFNFKHQOHPEDV LQGHU7DVFKHXQGKDEHQDOOHVDQGHUH]X UFNJHODVVHQ©6LHVFKDXWHQVLFKDQZDVLKQHQYRQGHQ(OEHQ.XFKHQ QRFKJHEOLHEHQZDU]HUNUPHOWH%UXFKVWFNHIUHWZDIQIPDJHUH7DJH GDVZDUDOOHVª8QGQLFKWVZRPLWZLUXQV]XGHFNHQN|QQHQ©VDJWH 0HUU\ª:LUZHUGHQIULHUHQKHXWHQDFKWZRKLQZLUDXFKLPPHUJHKHQ© ª1DEHUGHQ:HJZROOHQZLUXQVOLHEHUMHW]WJOHLFKNODUZHUGHQ© VDJWH3LSSLQª'HU0RUJHQPXVFKRQZHLWIRUWJHVFKULWWHQVHLQ© *HUDGHGDEHPHUNWHQVLHHLQJHOEHV/LFKWGDVHWZDVZHLWHUZHJLP :DOGHUVFKLHQHQZDU6RQQHQVWUDKOHQZDUHQZRKOSO|W]OLFKGXUFKGDV :DOGGDFKJHGUXQJHQ ª1DQXVDJWH0HUU\ª'LH6RQQHPXLQHLQH:RONHJHUDWHQVHLQ ZlKUHQGZLUXQWHUGLHVHQ%lXPHQZDUHQXQGLVWMHW]WZLHGHUKHUYRUJH NRPPHQRGHUDEHUVLHLVWVFKRQKRFKJHQXJJHNOHWWHUWXPLQLUJHQGHLQH /LFKWXQJKLQHLQ]XVFKHLQHQ(VLVWQLFKWZHLW² ODXQVKLQJHKHQXQG QDFKVFKDXHQ© 6LHIDQGHQGDHVZHLWHUZDUDOVVLHJHGDFKWKDWWHQ'HU%RGHQVWLHJ QRFKLPPHUVWHLODQXQGZXUGHLPPHUVWHLQLJHU'DV/LFKWYHUEUHLWHUWH VLFKDOVVLHZHLWHUJLQJHQXQGEDOGVDKHQVLHGDHLQH)HOVZDQGYRU LKQHQODJGLH6HLWHHLQHV%HUJHVRGHUGDVVFKURIIH(QGHLUJHQGHLQHVODQ JHQ$XVOlXIHUVGHVIHUQHQ*HELUJHV.HLQ%DXPZXFKVDXILKUXQGGLH 6RQQHILHOYROODXILKUHVWHLQHUQH2EHUIOlFKH'LH=ZHLJHGHU%lXPHDQ LKUHP)XZDUHQVWHLIXQGEHZHJXQJVORVDXVJHVWUHFNWDOVREVLHVLFK QDFKGHU:lUPHUHFNWHQ:lKUHQGELVKHUDOOHVVRVFKlELJXQGJUDXDXV JHVHKHQKDWWHJOlQ]WHGHU:DOGMHW]WLQVDWWHQ%UDXQW|QHQXQGGHPJODW WHQ6FKZDU]JUDXGHU5LQGHZLHJHZLFKVWHV/HGHU'LH%DXPVWlPPHOHXFK WHWHQLQHLQHPVDQIWHQ*UQZLHMXQJHV*UDV9RUIUKOLQJRGHUHLQIOFK WLJHV7UDXPELOGGHV)UKOLQJVODJDXILKQHQ $QGHU9RUGHUVHLWHGHUVWHLQHUQHQ:DQGZDUHWZDVbKQOLFKHVZLHHLQH 7UHSSHHLQHQDWUOLFKHYLHOOHLFKWGLHGXUFKGDV9HUZLWWHUQXQG$EVSOLW WHUQGHV)HOVHQHQWVWDQGHQZDUGHQQVLHZDUUDXKXQGXQHEHQ+RFK REHQIDVWLQJOHLFKHU+|KHPLWGHQ:LSIHOQGHU:DOGElXPHZDUHLQH )HOVSODWWHEHUUDJWYRQHLQHP)HOVHQ1LFKWVZXFKVGRUWDXHUHLQSDDU *UlVHUQXQG8QNUlXWHUQDQLKUHP5DQGXQGHLQHPDOWHQ%DXPVWXPSI GHUQXUQRFK]ZHLKHUDEKlQJHQGHbVWHKDWWHHUVDKIDVWDXVZLHGLH *HVWDOWHLQHVNQRUULJHQDOWHQ0DQQHVGHUGRUWVWDQGXQGLQGHU0RUJHQ VRQQHEOLQ]HOWH ª'DJHKHQZLUKLQDXI©VDJWH0HUU\IU|KOLFKª8P/XIW]XVFKQDSSHQ XQGHLQHQ%OLFNDXIGDV/DQG]XZHUIHQ© 6LHNORPPHQXQGNOHWWHUWHQGHQ)HOVHQKLQDXI:HQQGLH7UHSSHDQJH OHJWZRUGHQZDUGDQQMHGHQIDOOVIUJU|HUH)HXQGOlQJHUH%HLQHDOV LKUH6LHZDUHQ]XHLIULJEHLGHU6DFKHXPVLFKGDUEHU]XYHUZXQGHP ZLHEHPHUNHQVZHUWVFKQHOOGLH6FKUDPPHQXQG:XQGHQLKUHU*HIDQJHQ VFKDIWJHKHLOWXQGLKUH/HEHQVNUDIW]XUFNJHNHKUWZDU6FKOLHOLFKNDPHQ VLH]XP5DQGHGHU)HOVSODWWHIDVWDP)XHGHVDOWHQ%DXPVWXPSIHVGDQQ VSUDQJHQVLHDXIZDQGWHQGHP%HUJGHQ5FNHQ]XKROWHQWLHI/XIWXQG VFKDXWHQKLQDXVQDFK2VWHQ6LHVDKHQGDVLHHUVWHWZDGUHLRGHUYLHU 0HLOHQZHLWLQGHQ:DOGKLQHLQJHNRPPHQZDUHQGLH.URQHQGHU%lXPH ]RJHQVLFKGHQ+DQJKLQXQWHUELV]XU(EHQH'RUWGLFKWDP6DXPGHV :DOGHVVWLHJLQKRKHQ6SLUDOHQVFKZDU]HUVLFKULQJHOQGHU5DXFKDXIGHU ZDOOHQG]XLKQHQKHUEHU]RJ ª'HU:LQGVSULQJWXP©VDJWH0HUU\ª(UKDWZLHGHUQDFK2VWHQJH 5HL$QJHON#KWWSFRODHERRN]IELGH
GUHKW(VLVWNDOWKLHUREHQ© ª-D©VDJWH3LSSLQªLFKIUFKWHHVLVWQXUHLQYRUEHUJHKHQGHU*ODQ] XQGDOOHVZLUGZLHGHUJUDXZHUGHQ:LHVFKDGH'LHVHUEHUZXFKHUWHDOWH :DOGVDKLP6RQQHQVFKHLQJDQ]DQGHUVDXV,FKKDWWHIDVWGDV*HIKO GDPLUGLH*HJHQGJHIlOOW© ª+DWWHVWIDVWGDV*HIKOGDGLUGHU:DOGJHIlOOW'DVLVWJXW'DVLVW XQJHPHLQIUHXQGOLFKYRQGLU©VDJWHHLQHIUHPGH6WLPPHª'UHKWHXFK PDOXPXQGODWPLFKHXUH*HVLFKWHUVHKHQ,FKKDEHIDVWGDV*HIKOGD LKUPLUEHLGHQLFKWJHIDOOWDEHUZLUZROOHQQLFKWKDVWLJVHLQ'UHKWHXFK XP©(LQHJURH+DQGPLWNQRUULJHQ.Q|FKHOQOHJWHVLFKLKQHQDXIGLH 6FKXOWHUXQGVLHZXUGHQKHUXPJHGUHKWVDQIWDEHUXQZLGHUVWHKOLFK GDQQKREHQ]ZHLJHZDOWLJH$UPHVLHKRFK 6LHVFKDXWHQLQHLQK|FKVWXQJHZ|KQOLFKHV*HVLFKW(VJHK|UWH]XHLQHU JURHQPHQVFKHQlKQOLFKHQIDVWWUROOlKQOLFKHQ*HVWDOWPLQGHVWHQVYLHU ]HKQ)XODQJVHKUVWlPPLJPLWHLQHPKRKHQ.RSIXQGNDXP HLQHP+DOV2EVLHLQHLQHQ6WRIIGHUZLHJUQHXQGJUDXH5LQGHDXVVDK JHNOHLGHWZDURGHUREGDVLKUH+DXWZDUZDUVFKZHU]XVDJHQ-HGHQIDOOV ZDUHQGLH$UPH]LHPOLFKQDKHDP 5XPSIQLFKWUXQ]OLJVRQGHUQPLW HLQHUEUDXQHQJODWWHQ+DXWEHGHFNW'LHJURHQ)HKDWWHQMHVLHEHQ =HKHQ'HUXQWHUH7HLOGHVODQJHQ*HVLFKWVZDUPLWHLQHPZDOOHQGHQ JUDXHQ%DUWEHGHFNWEXVFKLJIDVW]ZHLJDUWLJDQGHQ:XU]HOQGQQXQG PRRVLJDQGHQ (QGHQ$EHULP$XJHQEOLFNEHPHUNWHQGLH+REELWV ZHQLJDXHUGHQ$XJHQ'LHVHWLHIOLHJHQGHQ$XJHQVDKHQVLHMHW]WSU IHQGDQJHPHVVHQXQGHUQVWDEHUVHKUGXUFKGULQJHQG6LHZDUHQEUDXQ PLWHLQHPKHOOHQ*UQJHVSUHQNHOW6SlWHUKDW3LSSLQRIWYHUVXFKW VHLQHQ HUVWHQ(LQGUXFNYRQGLHVHQ$XJHQ]XEHVFKUHLEHQ ª0DQKDWWHGDV*HIKODOVREHLQJHZDOWLJHU%UXQQHQVFKDFKWKLQWHU LKQHQODJDQJHIOOWPLWGHQ(ULQQHUXQJHQHLQHUXQHQGOLFKODQJHQ=HLW XQGODQJHPEHGlFKWLJHPEHKDUUOLFKHP'HQNHQDEHUDXILKUHU2EHU IOlFKHVFKLOOHUWHGLH*HJHQZDUWZLH6RQQHGLHDXIGHQlXHUHQ%OlWWHUQ HLQHVULHVLJHQ%DXPHVVFKLPPHUWRGHUZLHGDV:HOOHQJHNUlXVHODXI HLQHPVHKUWLHIHQ6HH,FKZHLQLFKWDEHUPDQKDWWHGDV*HIKODOVRE HWZDVGDVLP%RGHQZlFKVW² VFKODIHQG N|QQWHPDQVDJHQRGHUVLFK HLQIDFKVHOEVWDOVHWZDV]ZLVFKHQ:XU]HOVSLW]HXQG%ODWWVSLW]H]ZLVFKHQ ULHIHU(UGHXQG+LPPHO(PSILQGHQGHV²SO|W]OLFKHUZDFKWZDUXQGHLQHQ PLWGHUVHOEHQEHGlFKWLJHQ$XIPHUNVDPNHLWEHWUDFKWHWHGLHHVVHLWHQGOR VHQ-DKUHQ VHLQHQHLJHQHQLQQHUHQ*HGDQNHQJHVFKHQNWKDWWH© ª+UDP+XP© PXUPHOWHGLH6WLPPHHLQHWLHIH6WLPPHZLHHLQVHKU WLHIHV+RO]EODVLQVWUXPHQWª6HKUPHUNZUGLJLQGHU7DW6HLQLFKWKDVWLJ GDVLVWPHLQ:DKOVSUXFK$EHUZHQQLFKHXFKJHVHKHQKlWWHHKHLFKHXUH 6WLPPHQK|UWH² GLHJHILHOHQPLUQHWWHNOHLQH6WLPPHQVLHHULQQHUWHQ PLFKDQHWZDVGHVVHQLFKPLFKQLFKWHQWVLQQHQNDQQ²ZHQQLFKHXFKJH VHKHQKlWWHHKHLFKHXFKK|UWHGDQQKlWWHLFKHXFKHLQIDFK]HUWUHWHQLFK KlWWHHXFKIUNOHLQH2UNVJHKDOWHQXQGPHLQHQ,UUWXPKLQWHUKHUHUNDQQW 6HKUPHUNZUGLJVHLGLKULQGHU7DW:XU]HOXQG=ZHLJVHKUPHUNZU GLJ© 3LSSLQZDU]ZDULPPHUQRFKHUVWDXQWIUFKWHWHVLFKDEHUQLFKWPHKU 8QWHUGHP%OLFNGLHVHU$XJHQYHUVSUWHHUHLQHVHOWVDPH%DQJLJNHLW DEHUNHLQH)XUFKWª%LWWH©VDJWHHUªZHUVHLG,KU"8QGZDVVHLG,KU"© 'LHDOWHQ$XJHQEHNDPHQHLQHQVRQGHUEDUHQ$XVGUXFNHLQH$UW 9RUVLFKWGLHWLHIHQ%UXQQHQZDUHQMHW]WEHGHFNWª+UDP MHQXQ©DQW 5HL$QJHON#KWWSFRODHERRN]IELGH
ZRUWHWHGLH6WLPPHªMDLFKELQHLQ(QWRGHUVRQHQQHQVLHPLFK-D(QW LVWGDV:RUW'HU (QWELQLFKN|QQWHWLKUQDFKHXUHU6SUHFKZHLVHVDJHQ )DQJRUQ ODXWHWPHLQ1DPHEHLPDQFKHQ%DXPEDUW PDFKHQDQGHUHGDU DXV%DXPEDUW ZLUGDQJHKHQ© ª(LQ(QW© IUDJWH0HUU\ª:DVLVWGDV"$EHUZLHQHQQW,KU(XFKGHQQ VHOEVW":LHLVW(XHUULFKWLJHU1DPH"© ª+XQXQ©HUZLGHUWH%DXPEDUWª+X'DVKLHHHLQ*HKHLPQLVYHUUD WHQ1LFKWVRKDVWLJ8QGLFK VWHOOHGLH)UDJHQ,KUVHLGLQPHLQHP /DQG :HUVHLGLKUGDVP|FKWHLFKPDOZLVVHQ",FKNDQQHXFKQLFKWXQWHUEULQ JHQ,KUVFKHLQWQLFKWDXIGHQDOWHQ/LVWHQ]XVWHKHQGLHLFKJHOHUQWKDEH DOVLFKMXQJZDU$EHUGDVZDUYRUODQJHUODQJHU=HLWXQGYLHOOHLFKW VLQGQHXH/LVWHQDXIJHVWHOOWZRUGHQ/DWPLFKVHKHQ/DWPLFKVHKHQ :LHJLQJHVGRFK" /HUQHGLH1DPHQGHU OHEHQGHQ:HVHQ (UVWQHQQHGLHYLHUGLHIUHLHQ9|ONHU 'LHlOWHVWHQDOOHUGLH(OEHQNLQGHU =ZHUJGHU6FKDW]JUlEHUKDXVHQGLP'XQNHO (QWGHU(UGVSURDOWZLHGLH%HUJH 0HQVFKGHUVWHUEOLFKH+HUUGHU3IHUGH +PKPKP +PKP %LHEHU%DXPHLVWHU5HKERFN6SULQJHU %lUVXFKW+RQLJ(EHUZLOONlPSIHQ +XQGLVWKXQJULJ+DVHLVWIXUFKWVDP $GOHULQ/IWHQ5LQGDXIGHU:HLGH +LUVFKGHU*HZHLKIUVW+DELFKWGHU6FKQHOOVWH 6FKZDQLVWDPZHLHVWHQ6FKODQJHDPNlOWHVWHQ +XPKPKXPKPZLHJLQJHV GHQQ"5XPWDPUXPWDPUXPWLWXP WDP(VZDUHLQHODQJH/LVWH$EHUMHGHQIDOOVVFKHLQWLKUQLUJHQGVKLQHLQ ]XSDVVHQ© ª:LUZHUGHQRIIHQEDUEHLGHQDOWHQ/LVWHQLPPHUDXVJHODVVHQXQGEHL GHQDOWHQ*HVFKLFKWHQDXFK©VDJWH0HUU\ª8QGGHQQRFKVLQGZLUVFKRQ ]LHPOLFKODQJHGD:LUVLQG+REELWV© ª:DUXPQLFKWHLQHQHXH=HLOHPDFKHQ"©IUDJWH3LSSLQ +REELWVGLH+DOEOLQJH(UGORFKEHZRKQHU 6FKLHEWXQVEHLGHQYLHUHQHLQQDFKGHP0HQVFKHQGHQ*URHQ/HXWHQ GDQQKDEW,KUHV© ª+PQLFKWVFKOHFKWQLFKWVFKOHFKW©VDJW%DXPEDUWª'DVZUGHJH KHQ,KUOHEWDOVRLQ+|KOHQZLH"'DVNOLQJWVHKUULFKWLJXQGDQJHPHVVHQ $EHUZHUQHQQWHXFKHLJHQWOLFK+REELWV" 'DVNOLQJWPLUJDUQLFKW HOELVFK'LH(OEHQKDEHQDOOGLHDOWHQ:|UWHUJHPDFKWVLHKDEHQGDPLW DQJHIDQJHQ© ª1LHPDQGVRQVWQHQQWXQV+REELWVVRQHQQHQZLUXQVVHOEVW©VDJWH 3LSSLQ ª+XPKPP6DFKWHVDFKWH1LFKWVRKDVWLJ,KUQHQQWHXFKVHOEVW +REELWV"$EHUGDVVROOWHWLKUQLFKWMHGHPHU]lKOHQ,KUZHUGHWHXUHQ HLJHQHQ1DPHQYHUUDWHQZHQQLKUQLFKWYRUVLFKWLJVHLG© ª'DPLWVLQGZLUQLFKWYRUVLFKWLJ©VDJWH0HUU\ª7DWVlFKOLFKELQLFK HLQ%UDQG\ERFN0HULDGRF%UDQG\ERFNREZRKOPLFKGLHPHLVWHQ/HXWH HLQIDFK0HUU\QHQQHQ© ª8QGLFKELQHLQ7XN3HUHJULQ7XNDEHULFKZHUGHLPDOOJHPHLQHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
3LSSLQRGHUHLQIDFK3LSJHQDQQW© ª+PDEHULKUVHLG ZLUNOLFKKDVWLJH/HXWHVHKHLFK©VDJWH%DXPEDUW ª(XHU9HUWUDXHQHKUWPLFKDEHULKUVROOWHWQLFKWJOHLFKVRRIIHQKHU]LJ VHLQ(VJLEW(QWVXQG(QWVZLWLKURGHUHVJLEW(QWVXQG/HEHZHVHQ GLHZLH(QWVDXVVHKHQ DEHUNHLQHVLQGN|QQWHPDQVDJHQ,FKZHUGHHXFK 0HUU\XQG3LSSLQQHQQHQZHQQLKUHUODXEW² QHWWH1DPHQ'HQQPHLQHQ 1DPHQZHUGHLFKHXFKQLFKWVDJHQMHGHQIDOOVMHW]WQRFKQLFKW©(LQVHOW VDPHU$XVGUXFNKDOEOLVWLJKDOEOXVWLJWUDWPLWHLQHPJUQHQ)ODFNHUQ LQVHLQH$XJHQª'HQQHUVWHQVZUGHHVYLHO=HLWNRVWHQPHLQ1DPH ZlFKVWGDXHUQGXQGLFKOHEHVFKRQVHKUVHKUODQJHGHVKDOELVWPHLQ 1DPHZLHHLQH*HVFKLFKWH:LUNOLFKH1DPHQHU]lKOHQHLQHPLQPHLQHU 6SUDFKHLPDOWHQ(QWLVFKZLHLKUVDJHQN|QQWHWGLH*HVFKLFKWHGHU 'LQJH]XGHQHQVLHJHK|UHQ(VLVWHLQHZXQGHUVFK|QH6SUDFKHDEHUHV EUDXFKWYLHO=HLWHWZDVLQLKU]XVDJHQZHLOZLUJDUQLFKWVLQLKUVDJHQ HVVHLGHQQHVORKQWVLFKVRYLHO=HLWDXI]XZHQGHQXPHV]XVDJHQXQG DQ]XK|UHQ ª$EHUQXQ©XQGGLH$XJHQZXUGHQJDQ]VWUDKOHQGXQGªJHJHQ ZlUWLJ©XQGVFKLHQHQNOHLQHU]XZHUGHQXQGIDVWVFKDUIªZDVJHKW HLJHQWOLFKYRU"8QGZDVKDEWLKUEHLDOOHGHP]XWXQ",FKNDQQHLQH 0HQJHVHKHQXQGK|UHQXQG ULHFKHQXQG IKOHQ YRQGLHVHPYRQGLH VHPYRQGLHVHPDODOODODOODUXPEDNDPDQGDOLQGRUEXU~PH (QW VFKXOGLJWGDVLVWHLQ7HLOPHLQHV1DPHQVGDIULFKZHLQLFKWZLHGDV :RUWLQGHQ6SUDFKHQGUDXHQKHLWLKUZLWVFKRQGDV'LQJDXIGHP ZLUVLQGZRLFKDQVFK|QHQ0RUJHQ VWHKHXQG$XVVFKDXKDOWHXQGEHU GLH6RQQHQDFKGHQNHXQGEHUGDV*UDVKLQWHUGHP:DOGXQGGLH3IHUGH XQGGLH:RONHQXQGGHQ/DXIGHU:HOW:DVJHKWYRU":DVIKUW*DQ GDOILP6FKLOGH"8QGGLHVH² EXUiUXP©HUJDEHLQHQULHIHQSROWHUQ GHQ7RQYRQVLFKZLHHLQ0LNODQJDXIHLQHUJURHQ2UJHO² ªGLHVH 2UNVXQGGHUMXQJH6DUXPDQXQWHQLQ,VHQJDUW",FKK|UHJHUQH1HXLJNHL WHQ$EHUQXQQLFKW]XUDVFK© ª(VJHKWHLQHJDQ]H0HQJHYRU©VDJWH0HUU\ªXQGVHOEVWZHQQZLU YHUVXFKWHQUDVFK]XVHLQZUGHHVODQJH=HLWEUDXFKHQHV]XHU]lKOHQ $EHU,KUVDJWHWXQVZLUVROOWHQQLFKWKDVWLJVHLQ6ROOWHQZLU(XFKLUJHQG HWZDVVREDOGHU]lKOHQ":UGHW,KUHVXQK|IOLFKILQGHQZHQQZLUIUDJ WHQZDV,KUPLWXQVWXQZROOWXQGDXIZHOFKHU6HLWH,KUVHLG"8QGKDEW ,KU*DQGDOIJHNDQQW"© ª-DLFKNHQQHLKQGHUHLQ]LJH=DXEHUHUGHUVLFKZLUNOLFKHWZDVDXV %lXPHQPDFKW©VDJWH%DXPEDUWª.HQQWLKULKQ"© ª-D©VDJWH3LSSLQWUDXULJª:LUNDQQWHQLKQ(UZDUHLQJXWHU)UHXQG XQGHUZDUXQVHU)KUHU© ª'DQQNDQQLFKHXUHDQGHUHQ)UDJHQEHDQWZRUWHQ©VDJWH%DXPEDUW ª,FKZHUGHQLFKWLUJHQGHWZDVPLW HXFKWXQQLFKWZHQQLKUGDPLWPHLQW !HXFKHWZDVDQWXQRKQHHXUH(LQZLOOLJXQJ(VN|QQWHVHLQGDZLU]X VDPPHQHWZDVWXQ,FKZHLQLFKWEHU6HLWHQ %HVFKHLG,FKJHKH PHLQHQ HLJHQHQ:HJDEHUHXHU:HJPDJHLQH=HLWODQJQHEHQPHLQHPKHUODXIHQ 'RFKVSUHFKWLKUYRQ0HLVWHU*DQGDOIDOVNRPPHHULQHLQHU*HVFKLFKWH YRUGLHEHHQGHWLVW© ª-D©VDJWH3LSSLQWUDXULJª'LH*HVFKLFKWHVFKHLQWZHLWHU]XJHKHQDEHU LFKIUFKWH*DQGDOINRPPWQLFKWPHKUGDULQYRU© ª+XVDFKWHVDFKWH©VDJWH%DXPEDUWª+XPKPMHQXQ©(UKLHOWLQQH XQGVFKDXWHGLH+REELWVODQJHDQª+XPMHQXQLFKZHLQLFKWZDVLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
VDJHQVROO6DFKWHVDFKWH© ª:HQQ,KUJHUQPHKUK|UHQP|FKWHW©VDJWH0HUU\ªZHUGHQZLUHV (XFKHU]lKOHQ$EHUGDVGDXHUWHLQLJH=HLW:UGHW,KUXQVQLFKWJHUQ DEVHW]HQ".|QQWHQZLUQLFKWKLHU]XVDPPHQLQGHU6RQQHVLW]HQVRODQJH VLHVFKHLQW",KUPWPGHZHUGHQZHQQ,KUXQVLPPHUKDOWHW© ª+PPGH" 1HLQLFKELQQLFKWPGH,FKZHUGHQLFKWOHLFKW PGH8QGLFKVHW]HPLFKQLFKWKLQ,FKELQQLFKWVHKUKPELHJVDP $EHUVFKDXWGLH6RQQHYHUVFKZLQGHWZLUNOLFK/DWXQVIRUWJHKHQYRQ GLHVHP² KDEWLKUJHVDJWZLHLKULKQQHQQW"© ª%HUJ"©VFKOXJ3LSSLQYRUª)HOVSODWWH"6WXIH"© PHLQWH0HUU\%DXP EDUWZLHGHUKROWHGLH:|UWHUQDFKGHQNOLFKª%HUJ -DGDVZDUHV$EHUHV LVWHLQKDVWLJHV:RUWIUHLQ'LQJGDVKLHULPPHUJHVWDQGHQKDWVHLWGLH VHU7HLOGHU:HOWJHVWDOWHWZXUGH0DFKWQLFKWV/DWXQVJHKHQ© ª:RKLQZHUGHQZLUJHKHQ"©IUDJWH0HUU\ ª,QPHLQ+DXVLQHLQVPHLQHU+lXVHU©DQWZRUWHWH%DXPEDUW ª,VWHVZHLW"© ª,FKZHLQLFKW,KUP|JWHVYLHOOHLFKWZHLWQHQQHQ$EHUZDVPDFKW GDVVFKRQ"© ª-DZLUKDEHQQlPOLFKDOOXQVHUH+DEHYHUORUHQ©VDJWH0HUU\ª:LU KDEHQQXUZHQLJ]XHVVHQ© ª2K+P'DUEHUEUDXFKWLKUHXFKNHLQH6RUJHQ]XPDFKHQ©VDJWH %DXPEDUWª,FKNDQQHXFKHLQHQ7UDQNJHEHQGHUHXFKIUHLQHODQJH ODQJH=HLWIULVFKXQGPXQWHUHUKDOWHQZLUG8QGZHQQZLUEHVFKOLHHQ XQV]XWUHQQHQGDQQNDQQLFKHXFKDXHUKDOEPHLQHV/DQGHVDQMHGHP 3XQNWDEVHW]HQGHQLKUEHVWLPPW/DWXQVJHKHQ© %DXPEDUWKLHOWGLH+REELWVVDQIWDEHUIHVWMHGHQLQHLQHU$UPEHXJH XQGKREHUVWGHQHLQHQ)XGDQQGHQDQGHUHQXQGVFKREGLH)HDQGHQ 5DQGGHU)HOVSODWWH'LHZXU]HOlKQOLFKHQ=HKHQNUDOOWHQVLFKDP)HOVHQ IHVW'DQQVWLHJHUVWHLIEHLQLJYRUVLFKWLJXQGJHPHVVHQ6WXIHXP6WXIH KLQDEELVHU]XP*UXQGGHV:DOGHVNDP 'RUWPDFKWHHUVLFKVRJOHLFKPLWODQJHQEHGlFKWLJHQ6FKULWWHQDXIGHQ :HJGXUFKGLH%lXPHWLHIHUXQGWLHIHULQGHQ:DOGKLQHLQQLHPDOVZHLW YRP)OXXQGVWHWLJJLQJHVKLQDXI]XGHQ+lQJHQGHU%HUJH9LHOHGHU %lXPHVFKLHQHQ]XVFKODIHQRGHULKQHEHQVRZHQLJ]XEHPHUNHQZLH LUJHQGHLQDQGHUHV*HVFK|SIGDVOHGLJOLFKYRUEHLJLQJGRFKHLQLJHEHEWHQ XQGHLQLJHKREHQLKUHbVWHKRFKEHUVHLQHQ.RSIDOVHUVLFKQlKHUWH $OOGLHZHLOZlKUHQGHUJLQJVSUDFKHUPLWVLFKVHOEVWLQHLQHPODQJHQ XQXQWHUEURFKHQHQ6FKZDOOPHORGLVFKHU7|QH 'LH+REELWVVFKZLHJHQHLQH=HLWODQJ0HUNZUGLJHUZHLVHIKOWHQVLH VLFKVLFKHUXQGEHKDJOLFKXQGHVJDEVHKUYLHOEHUGDVVLHQDFKGHQNHQ XQGVLFKYHUZXQGHUQNRQQWHQ6FKOLHOLFKZDJWH3LSSLQZLHGHU]XVSUH FKHQ ª%LWWH%DXPEDUW©VDJWHHUªGDUILFK(XFKHWZDVIUDJHQ":DUXPKDW &HOHERUQXQVYRUGHP:DOGJHZDUQW"(UVDJWHXQVZLUVROOWHQXQVKWHQ KLQHLQ]XJHUDWHQ© ª+PPKDWHUGDVJHVDJW"©JUXPPHOWH%DXPEDUWª8QGLFKKlWWHYLHO OHLFKW]LHPOLFKGDVVHOEHJHVDJWZHQQLKULQGHUDQGHUHQ5LFKWXQJJHJDQ JHQZlUW+WHWHXFKLQGHQ:DOGYRQ/DXUHOLQGyUHQDQ ]XJHUDWHQ6R SIOHJWHQLKQGLH(OEHQ]XQHQQHQDEHUMHW]WKDEHQVLHGHQ1DPHQYHU NU]W/RWKOyULHQ QHQQHQVLHHV9LHOOHLFKWKDEHQVLHUHFKWHVPDJVHLQ GDHUGDKLQVFKZLQGHWXQGQLFKWPHKUZlFKVW'DV/DQGGHV7DOVGHV 5HL$QJHON#KWWSFRODHERRN]IELGH
6LQJHQGHQ*ROGHVZDUHVHLQVWPDOV-HW]WLVWHVGLH7UDXPEOXPH1XQMD $EHUHVLVWHLQHVRQGHUEDUH*HJHQGXQGQLFKWMHGHUPDQQGDUIVLFKKLQ HLQZDJHQ,FKELQEHUUDVFKWGDLKUEHUKDXSWZLHGHUKHUDXVNDPWXQG QRFKYLHOEHUUDVFKWHUGDLKUEHUKDXSWKLQHLQNDPWGDVLVW)UHPGHQ VHLWYLHOHQ-DKUHQQLFKW JHOXQJHQ(VLVWHLQVRQGHUEDUHV/DQG 8QGGLHVHVDXFK+LHUKDEHQGLH/HXWH6FKDGHQHUOLWWHQ)UHLOLFK6FKD GHQ/DXUHOLQGyUHQDQOLQGHORUHQGRUPDOLQRUQpOLRQRUQHPDOLQ© VXPPWHHU YRUVLFKKLQª6LHEOHLEHQKLQWHUGHU:HOW]XUFNGDGULQQHQYHUPXWH LFK©VDJWHHUª:HGHUGLHVHV/DQGQRFKLUJHQGHWZDVDQGHUHVDXHUKDOE GHV*ROGHQHQ:DOGHVLVWZDVHVZDUDOV&HOHERUQMXQJZDU,PPHUKLQ 7DXUHOLOyPsDWXPEDOHPRUQD7XPEDOHWDXUsD/yPsDQRU GDVSIOHJWHQVLH]XVDJHQ'LH'LQJHKDEHQVLFKJHlQGHUWDEHULQPDQ FKHQ*HJHQGHQLVWHVQRFKZDKU© ª:DVPHLQW,KU"©IUDJWH3LSSLQª:DVLVWZDKU"© ª'LH%lXPHXQGGLH(QWV©VDJWH%DXPEDUWª,FKYHUVWHKHVHOEVWQLFKW DOOHVZDVYRUJHKWGHVKDOENDQQLFKHVHXFKQLFKWHUNOlUHQ(LQLJHYRQ XQVVLQGLPPHUQRFKZDKUH(QWVXQGDXIXQVHUH:HLVHOHEHQGLJJHQXJ DEHUYLHOHZHUGHQVFKOlIULJZHUGHQEDXPLVFKN|QQWHPDQVDJHQ'LH PHLVWHQ%lXPHVLQGQDWUOLFKHLQIDFK%lXPHDEHUYLHOHVLQGKDOEZDFK 0DQFKHVLQGKHOOZDFKXQGHLQSDDUQXQMDZHUGHQULFKWLJ(QWLVFK 'DV JHVFKLHKW LPPHU ª:HQQGDVHLQHP%DXPZLGHUIlKUWVWHOOWPDQIHVWGDHLQLJH VFKOHFKWH +HU]HQKDEHQ'DVKDWQLFKWVPLWLKUHP+RO]]XWXQGDVPHLQH LFKQLFKW1XQMDLFKNDQQWHHLQSDDUJXWHDOWH:HLGHQXQWHQDQGHU(QW ZDVVHUVLHVLQGVFKRQODQJHWRWOHLGHUO6LHZDUHQJDQ]KRKOVLHEUDFKHQWDW VlFKOLFKDXVHLQDQGHUDEHUVLHZDUHQVRIULHGOLFKXQGJXWDUWLJZLHHLQMXQ JHV%ODWW8QGGDQQJLEWHVHLQLJH%lXPHLQGHQ7lOHUQXQWHUGHP*H ELUJHJHVXQGZLHHLQ)LVFKLP:DVVHUXQGGHQQRFKGXUFKXQGGXUFK VFKOHFKW'LHVH6DFKHVFKHLQWVLFKDXV]XEUHLWHQ)UKHUJDEHVHLQLJHVHKU JHIlKUOLFKH*HJHQGHQLQGLHVHP/DQG1RFKLPPHUJLEWHVHLQSDDUVHKU ILQVWHUH6WHOOHQ© ª:LHGHU$OWH:DOGLP1RUGHQPHLQW,KUGDV"©IUDJWH0HUU\ ª)UHLOLFKIUHLOLFKVRlKQOLFKDEHU YLHOVFKOLPPHU,FK]ZHLIOHQLFKW GDLUJHQGHLQ6FKDWWHQGHU*URHQ'XQNHOKHLWQRFKGDREHQLP1RUGHQ OLHJWXQGVFKOHFKWH(ULQQHUXQJHQVLQGEHUOLHIHUW'RFKJLEWHVHQJH 7lOHULQGLHVHP/DQGYRQGHQHQGLH'XQNHOKHLWQLHPDOVKLQZHJJH]RJHQ ZXUGHXQGGLH%lXPHVLQGlOWHUDOVLFK,PPHUKLQZLUWXQZDVZLUN|Q QHQ:LUKDOWHQ)UHPGHXQGGLH:DJKDOVLJHQIHUQ8QGZLUOHKUHQXQG XQWHUULFKWHQZLUZDQGHUQXQGVHKHQQDFKGHP5HFKWHQ :LUVLQG%DXPKLUWHQZLUDOWHQ(QWV:HQLJJHQXJVLQGKHXWHYRQXQV QRFKEULJ6FKDIHZHUGHQZLH6FKDIKLUWHQXQG6FKDIKLUWHQZLH6FKDIH KHLWHVDEHUODQJVDPXQGEHLGHZHLOHQQLFKWODQJHDXIGLHVHU:HOW(V JHKWVFKQHOOHUXQGJUQGOLFKHUEHL%lXPHQXQG(QWVXQGJHPHLQVDP ZDQGHOQVLHGXUFKGLH=HLWDOWHU'HQQ(QWVVLQGPHKUZLH(OEHQZHQLJHU DXIVLFKVHOEVWEH]RJHQDOV0HQVFKHQXQGVLHYHUP|JHQVLFKEHVVHU LQDQGHUHKLQHLQ]XYHUVHW]HQ8QGGHQQRFKVLQG(QWVZLHGHUXPGHQ0HQ VFKHQlKQOLFKHUZDQGHOEDUHUDOV(OEHQXQGQHKPHQUDVFKHUN|QQWHPDQ VDJHQGLH)DUEHGHU$XHQZHOW DQ2GHUEHVVHUDOVEHLGHGHQQVLHVLQG VWDQGKDIWHUXQGYHUIROJHQLKUH=LHOHOlQJHU 0DQFKHYRQPHLQHU6LSSHVHKHQMHW]WJHQDXZLH%lXPHDXVXQGEUDXFKHQ HWZDV*URHVXPVLHDXI]XUWWHOQXQGZHQQVLHVSUHFKHQIOVWHUQVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
QXU$EHUPDQFKHYRQPHLQHQ%lXPHQVLQGDVWJHVFKPHLGLJXQGYLHOH N|QQHQPLWPLUUHGHQ1DWUOLFKEHJDQQHQGLH(OEHQGDPLWGLH%lXPH DXI]XZHFNHQXQGVLHGDV6SUHFKHQ]XOHKUHQXQGLKUH%DXPVSUDFKH]X OHUQHQ6LHZROOWHQLPPHUPLWDOOHPUHGHQGLHDOWHQ(OEHQ$EHUGDQQ NDPGLH*URH'XQNHOKHLWXQGVLH]RJHQEHUGDV0HHURGHUIORKHQLQ IHUQH7lOHUXQGYHUEDUJHQVLFKXQGPDFKWHQ*HGLFKWHEHUGLH7DJHGLH QLHPDOVZLHGHUNRPPHQZHUGHQ1LHPDOVZLHGHU)UHLOLFKIUHLOLFKHLQVW PDOHQZDUDOOHVHLQ:DOGYRQKLHUELV]XGHQ%HUJHQYRQ/XKQXQGGLHV KLHUZDUHLQIDFKGDV2VWHQGH 'DVZDUHQGDPDOVKHOOH7DJH'LH=HLWLVWYRUEHLGDLFKGHQJDQ]HQ 7DJZDQGHUQXQGVLQJHQNRQQWHXQGQLFKWVK|UWHDOVGHQ:LGHUKDOOPHL QHUHLJHQHQ6WLPPHLQGHQVFKOXFKWHQUHLFKHQ%HUJHQ'LH:lOGHUZDUHQ ZLHGLH:lOGHUYRQ/RWKOyULHQQXUGLFKWHUNUlIWLJHUMQJHU8QGZLHGLH /XIWGXIWHWH,FKYHUEUDFKWHPDQFKPDOHLQHJDQ]H:RFKHQXUPLW $WPHQ© %DXPEDUWYHUILHOLQ6FKZHLJHQVFKULWWPlFKWLJDXVXQGPDFKWHGHQ QRFKPLWVHLQHQJURHQ)HQNDXPHLQ*HUlXVFK'DQQEHJDQQHUZLH GHU]XVXPPHQXQGGDUDXVHQWVWDQGHLQHPXUPHOQGH0HORGLH$OOPlK OLFKPHUNWHQGLH+REELWVGDHULKQHQYRUVDQJ ,FKJLQJGXUFKGLH)OXUHQYRQ7DVDULQDQLP)UKOLQJ $K'HU'XIWXQGGLH)DUEHQGHV)UKOLQJVLQ1DQWDVDULRQ 8QGLFKVDJWH'LHVHVLVWJXW ,FK]RJGXUFKGLH8OPHQZlOGHUYRQ2VVLULDQGLP6RPPHU $K'LH0XVLNXQGGDV/LFKWLP6RPPHUDQGHQ6LHEHQ 6WU|PHQYRQ2VVLU 8QGLFKGDFKWH'LHVLVWGDV%HVWH =XGHQ%XFKHQYRQ1HOGRUHWKNDPLFKLP+HUEVW $K'DV*ROGXQGGDV5RWXQGGDV6HXI]HQGHU%OlWWHULP +HUEVWLQ7DXUQDQHOGRU -HGHU:XQVFKZDUJHVWLOOW =XGHQ.LHIHUQLP+RFKODQGYRQ'RUWKRQLRQVWLHJLFK LP:LQWHUKLQDXI $K'HU:LQGXQGGDV:HLXQGGDVVFKZDU]H*HlVWGHV :LQWHUVDXI2URGQD7K{Q =XP+LPPHOVWLHJPHLQH6WLPPHKLQDXIXQGVDQJ 1XQDEHUOLHJHQDOOMHQH/lQGHUXQWHUGHU:RJH 8QGLFKZDQGUHLQ$PEDURQDLQ7DXUHPRUQDLQ$OGDOyPs ,QPHLQHPHLJHQHQ5HLFKLP)DQJRUQODQGH :R:XU]HOQWLHIKLQDEUHLFKHQ 8QGGLH-DKUHVFKLFKWHQVLFKK|KHUDOV/DXEXQWHU%lXPHQ ,Q7DXUHPRUQDOyPs (UHQGHWHXQGJLQJVFKZHLJHQGZHLWHUXQGLQGHPJDQ]HQ:DOGZDUVR ZHLWGDV2KUUHLFKWHNHLQ/DXW]XK|UHQ 'HU7DJYHUEODWHXQGGLH'lPPHUXQJXPVFKODQJGLH6WlPPHGHU %lXPH(QGOLFKVDKHQGLH+REELWVGVWHUYRUVLFKDXIUDJHQGHLQ VWHLOHV GXQNOHV/DQGVLHZDUHQDP)XGHV*HELUJHVDQJHODQJWXQGDQGHQJU QHQ$XVOlXIHUQGHVKRKHQ0HWKHGUDV'HQ%HUJKHUDENDPLKQHQGLH MXQJH(QWZDVVHUHQWJHJHQYRQLKUHQ4XHOOHQKRFKREHQJHUlXVFKYROO EHU6WXIHXP6WXIHVSULQJHQG=XU5HFKWHQGHV)OXVVHVHUVWUHFNWHVLFK HLQODQJHU$EKDQJPLW*UDVEHGHFNWMHW]WJUDXLP=ZLHOLFKW.HLQH %lXPHZXFKVHQGRUWXQGHUODJRIIHQXQWHUGHP+LPPHO6WHUQHUXQNHO 5HL$QJHON#KWWSFRODHERRN]IELGH
WHQVFKRQLQ6HHQ]ZLVFKHQ8IHUQDXV:RONHQ %DXPEDUWVWLHJGHQ$EKDQJKLQDXIXQGVHLQ6FKULWWYHUODQJVDPWHVLFK NDXP3O|W]OLFKVDKHQGLH+REELWVHLQHEUHLWHgIIQXQJYRUVLFK=ZHL %lXPHVWDQGHQGRUWHLQHUDXIMHGHU6HLWHZLHOHEHQGH7RUSIRVWHQDEHUHV JDENHLQ7RUDEJHVHKHQYRQLKUHQVLFKNUHX]HQGHQXQGPLWHLQDQGHUYHU IORFKWHQHQ=ZHLJHQ$OVGHUDOWH(QWQlKHUNDPKREHQGLH%lXPHLKUH bVWHXQGDOOHLKUH%OlWWHU]LWWHUWHQXQGUDVFKHOWHQ'HQQHVZDUHQLPPHU JUQH%lXPHXQGLKUH%OlWWHUZDUHQGXQNHOXQGJOlQ]HQGXQGVFKLPPHU WHQLP=ZLHOLFKW+LQWHULKQHQZDUHLQZHLWHUHEHQHU5DXPDOVREGHU )XERGHQHLQHUJURHQ+DOOHLQGHQ%HUJKLQHLQJHKDXHQZRUGHQVHL$XI EHLGHQ6HLWHQVWLHJHQGLH:lQGHVFKUlJDQELVVLHIQI]LJ)XRGHUQRFK K|KHUZDUHQXQGHQWODQJMHGHU:DQGVWDQGHLQH5HLKH%lXPHGLHQDFK LQQHQ]XDXFKLPPHUK|KHUZXUGHQ $QLKUHPKLQWHUHQ(QGHZDUGLH)HOVZDQGVWHLODEHUXQWHQZDUVLH DXVJHK|KOWZRUGHQ]XHLQHPQLFKWWLHIHQ*HPDFKPLWHLQHPJHZ|OEWHQ 'DFKGDVHLQ]LJH'DFKGHU+DOOHDEJHVHKHQYRQGHQ=ZHLJHQGHU %lXPHGLHDPLQQHUHQ(QGHGHQJDQ]HQ%RGHQEHVFKDWWHWHQXQGQXU HLQHQEUHLWHQRIIHQHQ3IDGLQGHU0LWWHIUHLOLHHQ(LQNOHLQHU%DFKHQW ZLVFKWHREHQDQGHQ4XHOOHQGHP+DXSWVWURPVWU]WHKHOONOLQJHQGEHU GLHMlKDEIDOOHQGH)HOVZDQGXQGVWU|PWHLQVLOEHUQHQ7URSIHQZLHHLQ]DU WHU9RUKDQJYRUGHPJHZ|OEWHQ*HPDFKKHUDE'DV:DVVHUZXUGHLQ HLQHPVWHLQHUQHQ%HFNHQDXIGHP%RGHQ]ZLVFKHQGHQ%lXPHQZLHGHU DXIJHIDQJHQGRUWOLHIHVEHUXQGIORQHEHQGHPRIIHQHQ3IDGGDYRQ XPVLFKGUDXHQGHU(QWZDVVHU]XLKUHU5HLVHGXUFKGHQ:DOGZLHGHUDQ ]XVFKOLHHQ ª+P 'DVLQGZLUªVDJWH%DXPEDUWXQGEUDFKGDPLWVHLQODQJHV 6FKZHLJHQª,FKKDEHHXFKHWZDVLHE]LJWDXVHQG(QW6FKULWWHZHLWKHUJH EUDFKWDEHUZLHYLHOGDVQDFKGHP0DHXUHV/DQGHVLVWZHLLFKQLFKW -HGHQIDOOVVLQGZLUQDKHDP)XGHV/HW]WHQ%HUJHV(LQ 7HLOGHV1DPHQV GLHVHV2UWVN|QQWH4XHOOKDOOVHLQZHQQHULQHXUH6SUDFKHEHUVHW]W ZUGH0LUJHIlOOWHU+LHUZROOHQZLUKHXWHQDFKWEOHLEHQ©(UVHW]WHVLH DXIGHP*UDV]ZLVFKHQGHQ%DXPUHLKHQDEXQGVLHIROJWHQLKP]XGHP JURHQ*HZ|OEH'LH+REELWV PHUNWHQMHW]WGDHUEHLP*HKHQGLH.QLH NDXPEHXJWHVHLQH%HLQHDEHU]XODQJHQ6FKULWWHQDXVKROWHQ6HLQHJUR HQ=HKHQXQGVLHZDUHQZLUNOLFKJURXQGVHKUEUHLW VHW]WHHUYRU MHGHPDQGHUHQ7HLOVHLQHV)XHVIHVWDXIGHQ%RGHQ (LQHQ$XJHQEOLFNEOLHE%DXPEDUWXQWHUGHP5HJHQGHUKHUDEVWU]HQ GHQ4XHOOHVWHKHQXQGKROWHWLHI/XIWGDQQODFKWHHUXQGJLQJKLQHLQ(LQ JURHU6WHLQWLVFKVWDQGGRUWDEHUNHLQ6WXKO,PKLQWHUHQ7HLOGHV *HPDFKVZDUHVVFKRQJDQ]GXQNHO%DXPEDUWQDKP]ZHLJURH*HIlH DXIXQGVWHOOWHVLHDXIGHQ7LVFK6LHVFKLHQHQPLW:DVVHUJHIOOW]XVHLQ GRFKDOVHUVHLQH+lQGHEHUVLHKLHOWEHJDQQHQVLHVRIRUW]XOHXFKWHQ GDVHLQHPLWHLQHPJROGHQHQXQGGDVDQGHUHPLWHLQHPVDWWHQJUQHQ /LFKWYHUHLQWHUKHOOWHQGLHEHLGHQ/LFKWHUGDV*HPDFKDOVREGLH6RP PHUVRQQHGXUFKHLQ'DFKDXVMXQJHQ%OlWWHUQVFKHLQH$OVGLH+REELWV ]XUFNVFKDXWHQVDKHQVLHGDDXFKGLH%lXPHLQGHP9RUKRI]XOHXFK WHQEHJRQQHQKDWWHQVFKZDFK]XHUVWDEHU]XQHKPHQGVWlUNHUELVMHGHV %ODWWYRQ/LFKWJHVlXPWZDUPDQFKHJUQPDQFKHJROGHQPDQFKHURW ZLH.XSIHUXQGGLH%DXPVWlPPHVDKHQZLH6lXOHQDXVOHXFKWHQGHP 6WHLQDXV ª*XWJXWMHW]WN|QQHQZLUXQVZLHGHUXQWHUKDOWHQ©VDJWH%DXPEDUW 5HL$QJHON#KWWSFRODHERRN]IELGH
ª,KUVHLGGXUVWLJQHKPHLFKDQ9LHOOHLFKWVHLGLKUDXFKPGH7ULQNWGDV KLHU©(UJLQJLQGHQKLQWHUHQ7HLOGHV*HPDFKVXQGGDQQVDKHQVLHGD GRUWPHKUHUHJURH6WHLQNUJHPLWVFKZHUHQ'HFNHOQVWDQGHQ(LQHQGHU 'HFNHOQDKPHUDEWDXFKWHHLQHJURH6FK|SINHOOHLQGHQ.UXJXQGIOOWH GUHL6FKDOHQHLQHVHKUJURHXQG]ZHLNOHLQHUH6FKDOHQ ª'LHVLVWHLQ(QW+DXV©VDJWHHUªXQGGDJLEWHVOHLGHUNHLQH6WKOH $EHULKUGUIWHXFKDXIGHQ7LVFKVHW]HQ©(UKREGLH+REELWVDXIXQG VHW]WHVLHDXIGLHJURH6WHLQSODWWHVHFKV)XEHUGHP%RGHQXQGGD VDHQVLH OLHHQLKUH%HLQHEDXPHOQXQGWUDQNHQLQNOHLQHQ6FKOXFNHQ 'HU7UXQNZDUZLH:DVVHUWDWVlFKOLFKVFKPHFNWHHUVHKUlKQOLFKZLH GDV:DVVHUGHU(QWZDVVHUGDVVLHQDKHDP:DOGUDQGJHWUXQNHQKDWWHQ XQGWURW]GHPKDWWHHUHLQHQ'XIWRGHUHLQH:U]LJNHLWGLH VLHDQGHQ*H UXFKHLQHVIHUQHQ:DOGHVHULQQHUWHYRQHLQHPNKOHQ1DFKWZLQGKHU EHUJHWUDJHQ'LH:LUNXQJGHV7UXQNVEHJDQQLQGHQ=HKHQ]RJGXUFK VlPWOLFKH*OLHGHUXQGEUDFKWH(UIULVFKXQJXQG.UDIWZlKUHQGVLHELVLQ GLH+DDUVSLW]HQKLQDXIVWLHJ'LH +REELWVPHUNWHQJHUDGH]XZLHVLFKLKUH +DDUHDXIULFKWHWHQVLFKZHOOWHQXQGNUlXVHOWHQXQGZXFKVHQ:DV%DXP KDUWEHWUDIVREDGHWHHU]XHUVWVHLQH)HLQGHP%HFNHQXQWHUGHP*H Z|OEHXQGOHHUWHGDQQVHLQH6FKDOHLQHLQHP=XJHLQHPODQJHQODQJVD PHQ=XJ'LH+REELWVJODXEWHQHUZUGHQLHPDOVDXIK|UHQ (QGOLFKVHW]WHHUGLH6FKDOHDEª$K² DK©VHXI]WHHUª+PKXPMHW]W N|QQHQZLUXQVOHLFKWHUXQWHUKDOWHQ,KUN|QQWDXIGHP%RGHQVLW]HQXQG LFKZHUGHPLFKQLHGHUOHJHQGDVZLUGYHUKLQGHUQGDPLUGHU7UXQN]X .RSIVWHLJWXQGPLFKVFKOlIULJPDFKW© $XIGHUUHFKWHQ6HLWHGHV*HPDFKVVWDQGHLQJURHVQLHGULJHV%HWW QLFKWPHKUDOV]ZHL)XKRFKGLFKWEHGHFNWPLWJHWURFNQHWHP*UDVXQG $GOHUIDUQ%DXPEDUWOLHVLFKODQJVDPGDUDXIQLHGHUPLWQXUGHUOHLFK WHVWHQ$QGHXWXQJHLQHU%HXJXQJGHU.|USHUPLWWH ELVHUODQJDXVJH VWUHFNWGDODJGLH$UPHKLQWHUGHP.RSIXQG]XU'HFNHKLQDXIEOLFNWH DXIGHU/LFKWHUIODFNHUWHQZLHGDV6SLHOYRQ%OlWWHUQLP6RQQHQVFKHLQ 0HUU\XQG3LSSLQVDHQQHEHQLKPDXI.LVVHQDXV*UDV ª1XQHU]lKOWHXUH*HVFKLFKWHXQGEHUHLOWHXFKQLFKW©VDJWH%DXP EDUW 'LH+REELWVEHJDQQHQLKPDOOHLKUH$EHQWHXHUVHLWGHP$XIEUXFK YRQ+REELQJHQ]XHU]lKOHQ6LHKLHOWHQGLH5HLKHQIROJHQLFKWVHKUJHQDX HLQGHQQVLHILHOHQVLFKGDXHUQGJHJHQVHLWLJLQV:RUWXQG%DXPEDUWXQ WHUEUDFKGHQ6SUHFKHURIWXQGNDPDXILUJHQGHLQHQIUKHUHQ3XQNW]X UFNRGHUVWHOOWH)UDJHQEHUVSlWHUH(UHLJQLVVH6LHVDJWHQQLFKWGDV*H ULQJVWHEHUGHQ5LQJXQGHU]lKOWHQLKPDXFKQLFKWZDUXPVLHVLFKDXI GHQ:HJJHPDFKWKDWWHQRGHUZRKLQVLHJHKHQZROOWHQXQGHUIUDJWH DXFKJDUQLFKWQDFK*UQGHQ (UZDUXQJHPHLQEHJLHULJEHUDOOHVHWZDV]XHUIDKUHQEHUGLH5HL WHUEHU(OURQGXQG%UXFKWDOEHUGHQ$OWHQ:DOGXQG7RP%RPEDGLO GLH0LQHQYRQ0RULD XQG/RWKOyULHQXQG*DODGULHO,PPHUZLHGHUOLHHU VLFKGDV$XHQODQGXQGVHLQH/DQGVFKDIWEHVFKUHLEHQ$QGLHVHP3XQNW VDJWHHUHWZDV0HUNZUGLJHVª,KUVHKWQLHPDOVLUJHQGZHOFKHKP LUJHQGZHOFKH(QWVGRUWLQGHU*HJHQGRGHU"©IUDJWHHUª1DMDQLFKW (QWV(QWIUDXHQ VROOWHLFKHLJHQWOLFKVDJHQ© (QWIUDXHQ" IUDJWH3LSSLQª6LQGGLHEHUKDXSWZLH,KU"© ª-DKPDFKQHLQLFKZHLHVMHW]WZLUNOLFKQLFKW©VDJWH%DXPEDUW QDFKGHQNOLFKª$EHUHXHU/DQGZUGHLKQHQJHIDOOHQGHVKDOENDPLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
QXUGUDXI© %HVRQGHUVZLEHJLHULJZDU%DXPEDUWLQGHVEHLDOOHPZDV*DQGDOI EHWUDIXQGGLHDOOHUJU|WH1HXJLHU]HLJWHHULQEH]XJDXI6DUXPDQV7XQ XQG/DVVHQ'LH+REELWVEHGDXHUWHQVHKUGDVLHVRZHQLJGDUEHUZX WHQVLHNRQQWHQVLFKQXUDXIHLQHQVHKUXQJHQDXHQ%HULFKWYRQ6DPVWW ]HQEHUGDVZDV*DQGDOIGHP5DWHU]lKOWKDWWH$EHUMHGHQIDOOVZDUHQ VLHVLFKGDUEHUNODUGD8JO~NXQGVHLQH6FKDUDXV,VHQJDUWJHNRPPHQ ZDUHQXQGYRQ6DUXPDQDOVLKUHP+HUUQJHVSURFKHQKDWWHQ ª+PKXP©VDJWH%DXPEDUWDOVLKUH*HVFKLFKWHQDFKYLHOHP+LQXQG +HUHQGOLFKEHLGHU6FKODFKW]ZLVFKHQGHQ2UNVXQGGHQ5HLWHUQYRQ 5RKDQDQJHNRPPHQZDUª*XWJXWGDVLVWZDKUOLFKHLQJDQ]HV%QGHO YRQ1HXLJNHLWHQ,KUKDEWPLUQLFKWDOOHVHU]lKOWQHLQZLUNOLFKQLFKW JDQ]XQGJDUQLFKW$EHULFK]ZHLIOHQLFKWGDLKUHXFKVRYHUKDOWHWZLH *DQGDOIHVZQVFKHQZUGH'DLVWHWZDVVHKU:LFKWLJHVLP*DQJHGDV NDQQLFKVHKHQXQGZDVHVLVWZHUGHLFKYLHOOHLFKW]XUUHFKWHQ=HLWHU IDKUHQRGHU]XU8Q]HLW%HL:XU]HOXQG=ZHLJGDVLVWGRFKHLQHVHOWVDPH $QJHOHJHQKHLWGDZlFKVWHLQNOHLQHV9RONKHUDQGDVQLFKWLQGHQDOWHQ /LVWHQVWHKWXQGVLHKHGDGLHYHUJHVVHQHQ1HXQ5HLWHUHUVFKHLQHQZLHGHU XPVLH]XMDJHQXQG*DQGDOIQLPPWVLHDXIHLQHJURH)DKUWPLWXQG *DODGULHOEHKHUEHUJWVLHLQ&DUDV*DODGKRQXQG2UNVYHUIROJHQVLHEHU DOOGLH:HJVWXQGHQYRQ:LOGHUODQGVLHVFKHLQHQZDKUOLFKLQHLQHQJUR HQ6WXUPJHUDWHQ]XVHLQ,FKKRIIHVLHEHUVWHKHQLKQ© ª8QGZLHLVWHVPLW(XFKVHOEVW"©IUDJWH0HUU\ ª+XPKPLFKKDEHPLFKQLFKW XPGLH*URHQ.ULHJHJHNPPHUW© VDJWH%DXPEDUWª6LHEHWUHIIHQKDXSWVlFKOLFK(OEHQXQG0HQVFKHQ'DV LVWGLH$QJHOHJHQKHLWYRQ=DXEHUHUQ=DXEHUHUNPPHUQVLFKLPPHUXP GLH=XNXQIW,FKPDFKHPLUQLFKWJHUQ6RUJHQXPGLH=XNXQIW,FKELQ QLFKWJDQ]XQGJDUDXIGHU6HLWHYRQLUJHQGMHPDQGHPGHQQQLHPDQGLVW JDQ]XQGJDUDXIPHLQHU6HLWH ZHQQLKUYHUVWHKWZDVLFKPHLQHQLHPDQ GHPOLHJHQGLH:lOGHUVRDP+HU]HQZLHVLHPLUDP+HU]HQOLHJHQQLFKW HLQPDOGHQ(OEHQKHXW]XWDJH'HQQRFKKDEHLFKIUHXQGOLFKHUH*HIKOHIU GLH(OEHQDOVIUDQGHUHGHQQGLH(OEHQZDUHQHVGLHXQVYRUODQJHU=HLW YRQGHU6WXPPKHLWKHLOWHQXQGGDVZDUHLQJURHV*HVFKHQNGDVQLFKW YHUJHVVHQZHUGHQNDQQREZRKOXQVHUH:HJHVLFKVHLWGHPJHWUHQQW KDEHQ8QGGDQQJLEWHVQDWUOLFKHLQLJH/HEHZHVHQDXIGHUHQ6HLWHLFK JDQ]XQGJDUQLFKW ELQGLHVHEXUiUXP² ZLHGHUJDEHUHLQHQWLHIHQ JUXPPHOQGHQ/DXWGHV0LIDOOHQVYRQVLFK²GLHVH2UNVXQGLKUH+HUUHQ ,FKZDUGDPDOVEHVRUJWDOVGHU6FKDWWHQEHU'VWHUZDOGODJGRFKDOV HUVLFKQDFK0RUGRU]XUFN]RJPDFKWHLFKPLUHLQH:HLOHNHLQH*HGDQ NHQPHKU0RUGRULVWZHLWZHJ'RFKVFKHLQWHVGDGHU:LQGYRQ2VWHQ ZHKWXQGHVPDJVHLQGDGDV9HUGRUUHQDOOHU:lOGHUQlKHUUFNW(V JLEWQLFKWVZDVHLQDOWHU(QWWXQNDQQXPGHQ6WXUPDXI]XKDOWHQHU PXLKQEHUVWHKHQRGHU]XJUXQGHJHKHQ $EHU6DUXPDQMHW]W6DUXPDQLVWHLQ1DFKEDULKQNDQQLFKQLFKW EHUVHKHQ,FKPXHWZDVWXQQHKPHLFKDQ,QOHW]WHU=HLWKDEHLFKPLFK RIWJHIUDJWZDVLFKPLW6DUXPDQWXQVROOWH© ª:HULVW6DUXPDQ"©IUDJWH3LSSLQª:LW,KUHWZDVEHUVHLQH*H VFKLFKWH"© ª6DUXPDQLVWHLQ=DXEHUHU©DQWZRUWHWH%DXPEDUWª0HKUDOVGDVNDQQ LFKQLFKWVDJHQ,FKNHQQHGLH*HVFKLFKWHYRQ=DXEHUHUQQLFKW6LHWDXFK WHQ]XHUVWDXIQDFKGHPGLH*URHQ6FKLIIHEHUGDV0HHUJHNRPPHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ZDUHQDEHUREVLHPLWGHQ6FKLIIHQNDPHQNDQQLFKQLFKWVDJHQ6DUX PDQZXUGHDOVJURXQWHULKQHQDQJHVHKHQJODXEHLFK9RUHLQLJHU=HLW ² LKUZUGHWHVYRUVHKUODQJHU=HLWQHQQHQ² JDEHUHVDXIKHUXP]X ZDQGHUQXQGVLFKXPGLH$QJHOHJHQKHLWHQGHU0HQVFKHQXQG(OEHQ]X NPPHUQXQGHUOLHVLFKLQ$QJUHQRVWRGHU,VHQJDUWZLHGLH0HQVFKHQ YRQ5RKDQHVQHQQHQQLHGHU(UZDU]XQlFKVWVHKUIULHGOLFKDEHUVHLQ 5XKPEHJDQQ]XZDFKVHQ(UZXUGH]XP+DXSWGHV:HLHQ5DWVJH ZlKOWKHLWHVDEHUGDVJLQJQLFKWDOO]XJXWDXV,FKIUDJHPLFKMHW]WRE 6DUXPDQQLFKWVFKRQGDPDOVE|VH:HJHHLQVFKOXJ$EHUMHGHQIDOOV PDFKWHHUVHLQHQ1DFKEDUQNHLQH6FKHUHUHLHQ,FKSIOHJWHPLFKPLWLKP ]XXQWHUKDOWHQ(VJDEHLQH=HLWGDHULPPHULQPHLQHQ:lOGHUQZDQ GHUWH(UZDUK|IOLFKLQMHQHQ7DJHQEDWVWHWVXPPHLQH(UODXEQLV]X PLQGHVWZHQQHUPLFKWUDI XQGHUZDULPPHUEHJLHULJ]X]XK|UHQ,FK HU]lKOWHLKPYLHOH'LQJHGLHHUDOOHLQQLHKHUDXVJHIXQGHQKlWWHDEHULFK EHNDPQLHHLQH*HJHQOHLVWXQJ,FKNDQQPLFKQLFKWHULQQHUQGDHUPLU MHPDOVHWZDVHU]lKOWKDW8QGHUZXUGHLPPHU]XJHNQ|SIWHUVHLQ*H VLFKWZLHLFKHVHULQQHUH² LFKKDEHHVVHLWVRPDQFKHP7DJQLFKWJHVH KHQ²ZXUGHZLH)HQVWHULQHLQHU6WHLQPDXHUPLW)HQVWHUOlGHQDXIGHU ,QQHQVHLWH ,FKJODXEHLFKYHUVWHKHMHW]WZDVHUYRUKDW(UVFKPLHGHW5lQNHXP HLQH0DFKW]XZHUGHQ(UKDWQXU0HWDOOXQG5lGHULP6LQQXQGLKP OLHJWQLFKWVDQZDFKVHQGHQ/HEHZHVHQHVVHLGHQQLQVRZHLWDOVVLHLKP LP$XJHQEOLFNQW]HQ8QGMHW]WLVWHVNODUGDHUHLQVFKlQGOLFKHU9HU UlWHULVW(UKDWVLFKPLWEOHP9RONHLQJHODVVHQPLWGHQ2UNV%UP KXP6FKOLPPHUDOVGDVHUKDWLKQHQHWZDVDQJHWDQHWZDV*HIlKUOLFKHV 'HQQGLHVH,VHQJDUWHUVLQGHKHUZLHVFKOHFKWH0HQVFKHQ(VLVWHLQ.HQQ ]HLFKHQGHUE|VHQ:HVHQGLHLQGHU*URHQ'XQNHOKHLWNDPHQGDVLH GLH6RQQHQLFKWHUWUDJHQN|QQHQDEHU6DUXPDQV2UNVN|QQHQVLHDXVKDO WHQREZRKOVLHVLHKDVVHQ,FKIUDJHPLFKZDVHUJHPDFKWKDW"6LQGHV 0HQVFKHQGLHHUYHUGRUEHQKDWRGHUKDWHUGLH 5DVVHQGHU2UNVXQGGHU 0HQVFKHQJHNUHX]W"'DVZlUHHLQE|VHV9HUKlQJQLV© %DXPEDUWJUXPPHOWHHLQHQ$XJHQEOLFNDOVREHULUJHQGHLQHWLHIHXQ WHULUGLVFKHQWLVFKH9HUZQVFKXQJDXVVWLHHª9RUHLQLJHU=HLWEHJDQQLFK PLFK]XIUDJHQZLHGLH2UNVHVZDJHQNRQQWHQVRVFKODQNZHJGXUFK PHLQH:lOGHU]XJHKHQ©IXKUHUIRUWª(UVWVSlWHUHUULHWLFKGD6DUX PDQGDIUYHUDQWZRUWOLFKZDUXQGGDHUYRUODQJHU=HLWDOOH:HJHDXV JHNXQGVFKDIWHWXQGPHLQH*HKHLPQLVVHHQWGHFNWKDWWH(UXQGVHLQEOHV 9RONULFKWHQMHW]W=HUVW|UXQJHQDQ8QWHQDQGHQ*UHQ]HQIlOOHQVLH %lXPH² JXWH%lXPH(LQLJHGHU%lXPHKDXHQVLHEORXPXQGODVVHQVLH OLHJHQGDVLHYHUURWWHQ² 2UN6WUHLFKHVLQGGDVDEHUGLHPHLVWHQZHU GHQ]HUKDFNWXQGZHJJHVFKOHSSWXPGLH)HXHUYRQ2UWKDQF ]XVFKUHQ ,QGLHVHQ7DJHQVWHLJWLPPHU5DXFKDXIYRQ,VHQJDUW 9HUIOXFKWVROOHUVHLQ:XU]HOXQG$VW9LHOHGLHVHU%lXPHZDUHQ PHLQH)UHXQGH*HVFK|SIHGLHLFKYRQ1XXQG(LFKHODQNDQQWHYLHOH KDWWHQHLQHHLJHQH6WLPPHGLHQXQDXILPPHUYHUVWXPPWLVW8QGMHW]W LVWGRUWHLQgGODQGYROOHU%DXPVWPSIHXQG'RUQHQJHVWUSSZRHLQVW VLQJHQGH+DLQHZDUHQ,FKELQWUlJHJHZHVHQ,FKOLHGLH'LQJHODXIHQ 'DVPXDXIK|UHQ© %DXPEDUWHUKREVLFKPLWHLQHP5XFNYRP%HWWVWDQGDXIXQGVFKOXJ PLWGHU+DQGDXI GHQ7LVFK'LH/LFKWJHIlHHU]LWWHUWHQXQGVDQGWHQ]ZHL IODPPHQGH6WUDKOHQDXV(LQ)ODFNHUQZLHJUQHV)HXHUZDULQ%DXPEDUWV 5HL$QJHON#KWWSFRODHERRN]IELGH
$XJHQXQGVHLQ%DUWVWDQGVWHLIDEZLHHLQJURHU5HLVLJEHVHQ ª,FKZHUGHGHPHLQ(QGHEHUHLWHQ©VDJWHHUGU|KQHQGª8QGLKUVROOW PLWPLUNRPPHQ9LHOOHLFKWYHUP|JWLKUPLU]XKHOIHQ8QGHXUHQ)UHXQ GHQZHUGHWLKUDXIGLHVH:HLVHDXFKKHOIHQGHQQZHQQ6DUXPDQQLFKW (LQKDOWJHERWHQZLUGGDQQZHUGHQ5RKDQXQG*RQGRUHLQHQ)HLQGKLQWHU VLFKXQGDXFKHLQHQYRUVLFKKDEHQ:LUKDEHQGHQJOHLFKHQ:HJ² QDFK ,VHQJDUW© ª:LUZHUGHQPLW(XFKNRPPHQ©VDJWH0HUU\ª:LUZHUGHQWXQZDV ZLUN|QQHQ© ª-D©VDJWH3LSSLQª,FKZUGHHVJHUQVHKHQGDGLH:HLH+DQGEH VLHJWZLUG,FKZUGHJHUQGRUWVHLQVHOEVWZHQQLFKQLFKWYLHOQW]HQ N|QQWHLFKZHUGH8JO~NXQGGLH'XUFKTXHUXQJYRQ5RKDQQLFKWYHUJHV VHQ© ª*XW*XW©VDJWH%DXPEDUWª$EHULFKVSUDFKKDVWLJ:LUGUIHQ QLFKWKDVWLJVHLQ,FKELQ]XKLW]LJJHZRUGHQ,FKPXPLFKDENKOHQXQG QDFKGHQNHQGHQQHVLVWOHLFKWHU+DOW ]XUXIHQDOV(LQKDOW]XJHELHWHQ© (UJLQJPLWJURHQ6FKULWWHQ]XGHP*HZ|OEHERJHQXQGVWHOOWHVLFK HLQH=HLWODQJXQWHUGHQ6SUKUHJHQGHU4XHOOH'DQQODFKWHHUXQGVFKW WHOWHVLFKXQGZRLPPHUGLHJOLW]HUQGHQ:DVVHUWURSIHQYRQLKPDE XQG DXIGHQ%RGHQILHOHQGDVWUDKOWHQVLHZLHURWHXQGJUQH)XQNHQ(UNDP ]XUFNOHJWHVLFKZLHGHUDXIGDV%HWWXQGVFKZLHJ 1DFKHLQLJHU=HLWK|UWHQGLH+REELWVLKQZLHGHUPXUPHOQ(UVFKLHQ HWZDVDQGHQ)LQJHUQDE]X]lKOHQª)DQJRUQ)LQJODV)ODGULIIUHLOLFK IUHLOLFK©VHXI]WHHUªª'DVbUJHUOLFKHLVWGDQXUQRFKVRZHQLJYRQ XQVGDVLQG©VDJWHHU]XGHQ+REELWVJHZDQGWª1XUGUHLVLQGEULJYRQ GHQHUVWHQ(QWVGLHYRUGHU'XQNHOKHLWLQGHQ:lOGHUQZDQGHUWHQQXU LFK)DQJRUQXQG)LQJODVXQG)ODGULI VRODXWHQLKUHHOELVFKHQ1DPHQ LKUN|QQWVLH/RFNHQEODWWXQG%RUNHQKDXWQHQQHQZHQQHXFKGDVEHVVHU JHIlOOW8QGYRQXQVGUHLHQVLQG/RFNHQEODWWXQG%RUNHQKDXWIUGLHVH $QJHOHJHQKHLWQLFKWYRQJURHP1XW]HQ/RFNHQEODWWLVWVFKOlIULJJH ZRUGHQIDVWEDXPLVFKN|QQWHPDQVDJHQHUKDWVLFKDQJHZ|KQWGHQ JDQ]HQ6RPPHUKLQGXUFKKDOEVFKODIHQGIUVLFKDOOHLQGD]XVWHKHQELV]X GHQ.QLHQLPKRKHQ*UDVGHU:LHVHQ%HGHFNWPLWEOlWWULJHP+DDULVWHU ,P:LQWHUSIOHJWHHUDXI]XZDFKHQDEHULQOHW]WHU=HLWZDUHU]XWUlJH VHOEVWGDQQZHLW]XJHKHQ%RUNHQKDXWZRKQWHDQGHQ%HUJKlQJHQZHVW OLFKYRQ,VHQJDUW$OVRGRUWZRGDV8QKHLODPVFKOLPPVWHQZDU(U ZXUGHYRQGHQ2UNVYHUZXQGHWXQGYLHOHYRQVHLQHQ/HXWHQXQG%DXP KHUGHQZXUGHQHUPRUGHWXQGYHUQLFKWHW(ULVWKLQDXIJHJDQJHQLQGLH KRKHQ/DJHQ]XGHQ%LUNHQGLHHUDPOLHEVWHQKDWXQGHUZLUGQLFKW KHUXQWHUNRPPHQZROOHQ,PPHUKLQJODXEHLFKZRKOGDLFKHLQHJDQ] RUGHQWOLFKH*UXSSHYRQMQJHUHQ/HXWHQ]XVDPPHQEHNRPPHQN|QQWH² ZHQQLFKLKQHQGLH1RWZHQGLJNHLW EHJUHLIOLFKPDFKHQN|QQWHZHQQLFK VLHDXIUWWHOQN|QQWHZLUVLQGNHLQKDVWLJHV9RON:LHVFKDGHGDZLU QXUVRZHQLJHVLQG© ª:DUXPJLEWHVVRZHQLJHZHQQ,KUVFKRQVRODQJHLQGLHVHP/DQGH OHEW"©IUDJWH3LSSLQª6LQGYLHOHJHVWRUEHQ"© ª2QHLQ©VDJWH%DXPEDUWª.HLQHULVWJHVWRUEHQYRQLQQHQKHUDXVZLH PDQVDJHQN|QQWH0DQFKHVLQGQDWUOLFKYRQGHQhEHOQGHUODQJHQ -DKUHEHIDOOHQZRUGHQXQGPHKUQRFKVLQGEDXPLVFKJHZRUGHQ$EHU ZLUZDUHQQLHVHKU]DKOUHLFKXQGKDEHQXQVQLFKWYHUPHKUW(VKDWNHLQH (QWLQJVJHJHEHQ² NHLQH.LQGHUZUGHWLKUVDJHQVHLWHLQHUODQJHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
5HLKHYRQ-DKUHQQLFKW:LUKDEHQQlPOLFKGLH(QWIUDXHQYHUORUHQ© ª:LHEHUDXVWUDXULJ©VDJWH3LSSLQª:LHNDPHVGDVLHDOOHVWDU EHQ"© ª6LHVLQGQLFKWJHVWRUEHQ© VDJWH%DXPEDUWª,FKKDEHQLFKWJHVWRUEHQ JHVDJW:LUKDEHQVLHYHUORUHQVDJWHLFK:LUKDEHQVLHYHUORUHQXQG N|QQHQVLHQLFKWZLHGHUILQGHQ©(UVHXI]WHª,FKGDFKWHGLHPHLVWHQ/HXWH ZWHQGDV(VKDW/LHGHUJHJHEHQEHUGLH6XFKHGHU(QWVQDFKGHQ(QW IUDXHQGLHYRQ(OEHQXQG0HQVFKHQYRQ'VWHUZDOGELV*RQGRUJHVXQ JHQZRUGHQVLQG6LHN|QQHQQLFKWJDQ]YHUJHVVHQVHLQ© ª1XQLFKIUFKWHGLH/LHGHUVLQGQLFKWQDFK:HVWHQEHUGDV*HELUJH LQV$XHQODQGJHNRPPHQ©VDJWH0HUU\ª:ROOW,KUXQVQLFKWHWZDVPHKU HU]lKOHQRGHUXQVHLQVGHU/LHGHUYRUVLQJHQ"© ª-DGDVZLOOLFKZLUNOLFK©VDJWH%DXPEDUWDQVFKHLQHQGHUIUHXWEHU GLH%LWWHª$EHULFKNDQQHVQLFKWULFKWLJHU]lKOHQQXUNXU]XQGGDQQ PVVHQZLUXQVHUH8QWHUKDOWXQJEHHQGHQPRUJHQKDEHQZLU9HUVDPP OXQJHQHLQ]XEHUXIHQXQG$UEHLW]XHUOHGLJHQXQGYLHOOHLFKWHLQH)DKUW]X EHJLQQHQ© ª(VLVWHLQH]LHPOLFKPHUNZUGLJHXQGWUDXULJH*HVFKLFKWH©IXKUHU QDFKHLQHU3DXVHIRUWª$OVGLH:HOWMXQJZDUXQGGLH:lOGHUZHLWXQG ZLOGZDQGHUWHQGLH(QWV]XVDPPHQPLWGHQ(QWIUDXHQ² XQGGDPDOVJDE HV(QWPDLGHQDKZLHOLHEOLFKZDU)LPEUHWKLORGHU:HLGHQDVWGLH/HLFKW ILJHLQGHQ7DJHQXQVHUHU-XJHQG² XQGVLHKDXVWHQDXFK]XVDPPHQ $EHUXQVHUH+HU]HQHQWZLFNHOWHQVLFKGDQQQLFKWDXIGLHVHOEH:HLVH'LH (QWVVFKHQNWHQLKUH/LHEHGHQ'LQJHQGHQHQVLHLQGHU:HOWEHJHJQHWHQ XQGGLH(QWIUDXHQGDFKWHQDQDQGHUH'LQJH'HQQGLH(QWVOLHEWHQGLH JURHQ%lXPHXQGGLHZLOGHQ:lOGHUXQGGLH+lQJHGHUKRKHQ%HUJH XQGVLHWUDQNHQDXVGHQ*HELUJVElFKHQXQGDHQQXUMHQH)UFKWH GLHGLH %lXPHDXILKUHQ:HJIDOOHQOLHHQXQGVLHOHUQWHQYRQGHQ(OEHQXQG UHGHWHQPLWGHQ%lXPHQ'RFKGHQ(QWIUDXHQODJPHKUDQGHQJHULQJHUHQ %lXPHQXQGGHQ:LHVHQLP6RQQHQVFKHLQMHQVHLWVGHV)XHVGHU:lOGHU XQGLP)UKOLQJVDKHQVLHGLH6FKOHKHLP'LFNLFKWXQGGHQZLOGHQ$SIHO XQGGLH.LUVFKHEOKHQXQGLP6RPPHUGLHJUQHQ.UlXWHULQGHQ%DFK WlOHUQXQGDXIGHQKHUEVWOLFKHQ)HOGHUQGLHVDPHQWUDJHQGHQ*UlVHU6LH KDWWHQQLFKWGDV9HUODQJHQPLWGLHVHQ/HEHZHVHQ]XUHGHQGRFK ZQVFKWHQVLHVLHVROOWHQDXIGDVK|UHQXQGGHPJHKRUFKHQZDVLKQHQ JHVDJWZXUGH'LH(QWIUDXHQEHIDKOHQLKQHQQDFKLKUHQ:QVFKHQ]X ZDFKVHQXQG%ODWWXQG)UXFKW]XWUDJHQQDFKLKUHP*HVFKPDFNGHQQGLH (QWIUDXHQZQVFKWHQ2UGQXQJXQGhEHUIOXXQG)ULHGHQZRUXQWHUVLH YHUVWDQGHQGDGLH3IODQ]HQGRUWEOLHEHQZRVLHVLHKLQJHVHW]WKDWWHQ 6ROHJWHQGLH(QWIUDXHQ*lUWHQDQXPLQLKQHQ]XOHEHQ:LU(QWVDEHU ZDQGHUWHQZHLWHUKLQXQGNDPHQQXUGDQQXQGZDQQLQGLH*lUWHQ$OV GDQQGLH'XQNHOKHLWLP1RUGHQKHUHLQEUDFKEHUTXHUWHQGLH(QWIUDXHQ GHQ*URHQ6WURPXQGOHJWHQQHXH*lUWHQDQXQGEHVWHOOWHQQHXH)HOGHU XQGZLUVDKHQVLHVHOWHQHU$OVGLH'XQNHOKHLWEHVLHJWZDUEOKWHGDV /DQGGHU(QWIUDXHQSSLJXQGLKUH)HOGHUZDUHQYROOHU.RUQ9LHOH0HQ VFKHQOHUQWHQGLH.QVWHGHU(QWIUDXHQXQGHUZLHVHQLKQHQYLHO(KUH DEHUZLUZDUHQQXUHLQH6DJHIUVLHHLQ*HKHLPQLVLP+HU]HQGHV:DO GHV'HQQRFKVLQGZLULPPHUQRFKKLHUZlKUHQGDOOH*lUWHQGHU(QW IUDXHQYHUZVWHWVLQGGLH0HQVFKHQQHQQHQVLHMHW]WGLH%UDXQHQ/DQGH ,FKHQWVLQQHPLFKHVLVWVFKRQODQJHKHU² ]XGHU=HLWGHV.ULHJHV]ZL VFKHQ6DXURQXQGGHQ0HQVFKHQGHV0HHUHV²GDEHUNDPPLFKGHU 5HL$QJHON#KWWSFRODHERRN]IELGH
:XQVFK)LPEUHWKLOZLHGHU]XVHKHQ6HKUVFK|QZDUVLHQRFKLQPHLQHQ $XJHQDOVLFKVLH]XOHW]WJHVHKHQKDWWHZHQQ DXFKGHQ(QWPDLGHQYRQ HLQVWZHQLJlKQOLFK'HQQGLH(QWIUDXHQZDUHQJHEHXJWXQGJHEUlXQW GXUFKLKUHVFKZHUH$UEHLWLKU+DDUZDUYRQGHU6RQQHJHEOHLFKWXQG KDWWHQXQGLH)DUEHYRQUHLIHP.RUQXQGLKUH:DQJHQZDUHQZLHURWH b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|QHQ1DPHQJHUXIHQ8QGMHW]WVLQGGLH(QWIUDXHQQXUHLQH(ULQQH UXQJIUXQVXQGXQVHUH%DUWHVLQGODQJXQGJUDX'LH(OEHQGLFKWHWHQ YLHOH/LHGHUEHUGLH6XFKHGHU(QWVXQGHLQLJHGHU/LHGHUVLQGDXFKLQ GLH6SUDFKHQGHU0HQVFKHQHLQJHJDQJHQ'RFKZLUGLFKWHWHQNHLQH/LHGHU GDUEHUVRQGHUQEHJQJWHQXQVGDPLWLKUHVFK|QHQ1DPHQ]XVLQJHQ ZHQQZLUDQGLH(QWIUDXHQGDFKWHQ:LUJODXEHQGDZLUVLHLQHLQHU NRPPHQGHQ=HLWYLHOOHLFKWZLHGHUWUHIIHQXQGLUJHQGZRHLQ/DQGILQGHQ ZRZLU]XVDPPHQOHEHQN|QQHQXQGEHLGH6HLWHQ]XIULHGHQVLQG$EHUHV LVWJHZHLVVDJWZRUGHQGDGDVHUVWVHLQZLUGZHQQVLHXQGZLUDOOHVYHU ORUHQKDEHQZDVZLUMHW]WEHVLW]HQ8QGHVPDJZRKOVHLQGDGLHVH=HLW VLFKHQGOLFKQlKHUW'HQQ ZHQQ6DXURQHLQVWPDOVGLH*lUWHQ]HUVW|UWHVR LVWHVZDKUVFKHLQOLFKGDKHXWHGHU)HLQGDOOH:lOGHUYHUQLFKWHQZLUG (VJDEHLQHOELVFKHV/LHGGDVGDYRQVSUDFKRGHUZHQLJVWHQVYHUVWHKH LFKHVVR(VZXUGHIUKHUEHUDOODP*URHQ6WURPJHVXQJHQ(VZDU QLHPDOVHLQHQWLVFKHV/LHGZRKOJHPHUNWDXI(QWLVFKZlUHHVHLQVHKU ODQJHV/LHGJHZHVHQ6RODXWHWHVLQHXUHU6SUDFKH (17(QWIDOWHW)UKOLQJ%ODWWXP%ODWWVWHOOW%XFKHVFKRQLP6DIW 6FKLHWDXFKGHU :LOGEDFKVFKQHOOGDKLQXQGKDWGLH6RQQH.UDIW 0DFKWLQGHUKHUEHQ+|KHQOXIW]XZDQGHUQZLHGHU/XVW VDJPLUGDQQVFK|QLVW'HLQ/DQG²XQGNRPPDQPHLQH%UXVW (17 %ULFKW/HQ]LQPHLQH*lUWHQHLQXQGLVWGDV.RUQJHVlW )5$8%OKQPHLQH$SIHOElXPHUHLFKDOVZLHYRQ6FKQHHYHUZHKW 8QGO|VHQVLFKGLH6FKDXHUDEPLW6RQQHQVFKHLQXQG'XIW 'DQQNRPPLFKQLFKWPLFKKlOWHVKLHULQGHUJHOLHEWHQ/XIW (17:HQQ6RPPHUDOOHVEHUNRPPWGHU0LWWDJJROGHQZHEW :HQQXQWHUP%OlWWHUGDFKLP:DOGGHU6lPOLQJWUlXPWXQGOHEW .HLQEHUHV/DQGJLEWVDXIGHU:HOWDOVGLHVHVPHLQHKLHU NRPP]XUFNLFKUXIH'LFKRNRPP]XUFN]XPLU (17 :HQQ6RPPHU)UXFKWXQG%HHUHUHLIWXQGUXQGOLFKVFKZHOOHQOlW )5$8'HQ+DOPYHUJROGHWbKUHIOOWXQGUXIW]XP(UQWHIHVW :HQQ+RQLJTXLOOWXQG$SIHOSUDOOWZHKWPLOGHU:HVWZLH)|KQ ,FKNDQQQLFKWIRUWLFKEOHLEHKLHUPHLQ/DQGLVWZXQGHUVFK|Q (17.HKUW:LQWHUHLQGHU:LOGH0DQQGHU+JHOVFKOlJWXQG:DOG 'HU%lXPHVWU]WIROJWXQEHVWLUQWGLH1DFKWGHP7DJHEDOG 5HL$QJHON#KWWSFRODHERRN]IELGH
,PELWWHUQ5HJHQXQGEHL:LQGGDVFKDXLFKQDFK'LUDXV 'DUXILFK'LFKGDP|FKWHLFK]X'LU]X'LUQDFK+DXV (17 :HQQZLQWHUV6DQJXQG.ODQJYHUVWXPPWGDV'XQNHOQLHGHUIlOOW )5$8'HU%DXPYHUGRUUWGDV/LFKWGDKLQXQGWDWHQORVGLH:HOW :DUWLFKDXI'LFKXQGVFKDXQDFK'LUELVZLUXQVZLHGHUVHKQ ,P5HJHQZROOHQZLUGHQ:HJPLWVDPPHQZLHGHUJHKQ %(,'(0LWVDPPHQ]LHKHQZLUGHQ:HJGHULQGHQ:HVWHQIKUW ,QV/DQGGDVXQVHUEHLGHU+HU]]XU5XKHEULQJWXQGUKUW %DXPEDUWEHHQGHWHVHLQHQ*HVDQJª6RODXWHWHV©VDJWHHUª(VLVWQDWU OLFKHOELVFKIU|KOLFKUDVFKLQ:RUWHJHIDWXQGEDOG]X(QGH,FKJODXEH HVLVWUHFKWJXW$EHUGLH(QWVN|QQWHQLKUHUVHLWVPHKUVDJHQZHQQVLH =HLWKlWWHQ'RFKMHW]WZLOOLFKDXIVWHKHQXQGHLQZHQLJVFKODIHQ:R ZROOWLKUVWHKHQ"© ª:LUOHJHQXQVJHZ|KQOLFKKLQ]XP6FKODIHQ©VDJWH0HUU\ª:LU N|QQHQJXWEOHLEHQZRZLUVLQG© ª+LQOHJHQ]XP6FKODIHQ©VDJWH%DXPEDUWª1DWUOLFKWXWLKUGDV+P KXPGDVKDEHLFKYHUJHVVHQDOVLFKGDV/LHGVDQJKDEHLFKPLFKLP *HLVWLQDOWH=HLWHQYHUVHW]WKDEHIDVWJHGDFKWLFKXQWHUKLHOWHPLFKPLW MXQJHQ(QWLQJV1XQLKUN|QQWHXFKDXIGDV%HWWOHJHQ,FKZLOOLP 5HJHQVWHKHQ*XWH1DFKW© 0HUU\XQG3LSSLQNOHWWHUWHQDXIGDV%HWWXQGNXVFKHOWHQVLFKLQGLH ZHLFKH8QWHUODJHDXV*UDVXQG)DUQ6LHZDUIULVFKXQGVGXI WHQGXQGZDUP'LH/LFKWHUHUORVFKHQODQJVDPXQGGDV/HXFKWHQGHU %lXPHYHUEODWHGRFKGUDXHQXQWHUGHP*HZ|OEHERJHQVDKHQVLH %DXPEDUWVWHKHQUHJORVGLH$UPHEHUGHQ.RSIHUKREHQ'LHKHOOHQ 6WHUQHEOLFNWHQYRP+LPPHOKHUDEXQGHUKHOOWHQGHQ:DVVHUIDOOGHUDXI VHLQH)LQJHUXQGVHLQHQ.RSIVSUKWHXQGLQ+XQGHUWHQYRQVLOEHUQHQ 7URSIHQ]XVHLQHQ)HQKLQDEUDQQ'HP3OlWVFKHUQGHU7URSIHQODX VFKHQGVFKOLHIHQGLH+REELWVHLQ $OVVLHDXIZDFKWHQVFKLHQHLQHNKOH6RQQHLQGHQJURHQ9RUKRIXQG ELVKLQHLQDXIGHQ)XERGHQGHV*HPDFKV)HW]HQKRKHU:RONHQVHJHOWHQ GUREHQLQHLQHPVWHLIHQ:LQGDXV2VWHQ%DXPEDUWZDUQLFKW]XVHKHQ DEHUZlKUHQG0HUU\XQG3LSSLQLQGHP%HFNHQXQWHUGHP*HZ|OEHERJHQ EDGHWHQK|UWHQVLHLKQVXPPHQXQGVLQJHQDOVHUGHQ3IDG]ZLVFKHQGHQ %lXPHQHQWODQJNDP ª+XKR*XWHQ0RUJHQ0HUU\XQG3LSSLQ©EUXPPHOWHHUDOVHUVLH VDKª,KUVFKODIWODQJH,FKKDEHKHXWHVFKRQYLHOHKXQGHUW6FKULWWHJHWDQ -HW]WZHUGHQZLUHWZDVWULQNHQXQGGDQQ]XP(QWWKLQJJHKHQ© (UJRLKQHQDXVHLQHP6WHLQNUXJ]ZHLYROOH6FKDOHQHLQDEHUDXV HLQHPDQGHUHQ.UXJ'HU*HVFKPDFNZDUQLFKWGHUVHOEHZLHDP$EHQG ]XYRUHUZDUHUGLJHUXQGJHKDOWYROOHUVWlUNHQGHUXQGVR]XVDJHQPHKU ZLHHLQ1DKUXQJVPLWWHO:lKUHQGGLH+REELWVWUDQNHQXQGGDEHLDXIGHP %HWWUDQGVDHQXQGNOHLQH6WFNFKHQGHV(OEHQNXFKHQNQDEEHUWHQPHKU ZHLOVLHJODXEWHQGD(VVHQQXQPDO]XP)UKVWFNGD]XJHK|UHDOVZHLO VLHKXQJULJZDUHQ EOLHE%DXPEDUWVWHKHQVXPPWHDXI(QWLVFKRGHU (LELVFKRGHULQLUJHQGHLQHUIUHPGHQ6SUDFKHXQGVFKDXWH]XP+LPPHO KLQDXI ª:RLVW(QWWKLQJ"©ZDJWH3LSSLQ]XIUDJHQ ª+XZLH"(QWWKLQJ"©VDJWH%DXPEDUWXQGGUHKWHVLFKXPª'DVLVW NHLQ2UWHVLVWHLQH9HUVDPPOXQJGHU(QWV² ZDVKHXW]XWDJHQLFKWRIW YRUNRPPW$EHUHVLVWPLUJHOXQJHQYRQHLQHU]LHPOLFKJURHQ=DKOGDV 5HL$QJHON#KWWSFRODHERRN]IELGH
9HUVSUHFKHQ]XHUKDOWHQGDVLHNRPPHQ:LUZHUGHQXQVDQGHP2UW WUHIIHQZRZLUXQVLPPHUJHWURIIHQKDEHQ7DUQWREHOKHLWHUEHLGHQ 0HQVFKHQ(UOLHJWZHLWVGOLFKYRQKLHU:LUPVVHQYRUGHP0LWWDJ GRUWVHLQ© %DOGPDFKWHQVLH VLFKDXIGHQ:HJ%DXPEDUWWUXJGLH+REELWVLQGHQ $UPHQZLHDPYRULJHQ7DJ$P(LQJDQJ]XP9RUKRIZDQGWHHUVLFK QDFKUHFKWVPDFKWHHLQHQJURHQ6FKULWWEHUGHQ%DFKXQGJLQJZHLWHU QDFK6GHQDP)XJURHUVWHLOHU+lQJHHQWODQJZRZHQLJ%lXPHVWDQ GHQ:HLWHUREHQVDKHQGLH+REELWV'LFNLFKWHYRQ%LUNHQXQG(EHU HVFKHQXQGGDKLQWHUGXQNHOHPSRUVWHLJHQGH7DQQHQZlOGHU%DOGZDQGWH VLFK%DXPEDUWHLQZHQLJDEYRQGHQ%HUJHQXQGJHODQJWHLQWLHIH+DLQH ZRGLH%lXPHJU|HUZDUHQK|KHUXQGGLFKWHUDOVDOOHGLHGLH+REELWVMH JHVHKHQKDWWHQ(LQH:HLOHEHVFKOLFKVLHZLHGHUVFKZDFKGDVHUVWLFNHQGH *HIKOGDVVLHEHPHUNWKDWWHQDOVVLHVLFK]XHUVWQDFK)DQJRUQKLQHLQJH ZDJWKDWWHQDEHUHVYHUJLQJEDOG%DXPEDUWUHGHWHQLFKWPLWLKQHQ(U VXPPWHWLHIXQG QDFKGHQNOLFKYRUVLFKKLQGRFKNRQQWHQ0HUU\XQG3LS SLQNHLQHULFKWLJHQ:|UWHUYHUVWHKHQHVNODQJZLHEXPEXPUDPEXP EXUDUEXPEXPGDUDUEXPEXPGDUDUEXP XQGVRZHLWHUPLWVWlQGLJHP :HFKVHOYRQ7RQXQG5K\WKPXV'DQQXQGZDQQJODXEWHQVLHHLQH$QW ZRUW]XK|UHQHLQ6XPPHQRGHUHLQHQEHEHQGHQ7RQGHUDXVGHU(UGH]X NRPPHQVFKLHQRGHUDXVGHQ=ZHLJHQEHULKUHQ.|SIHQRGHUYLHOOHLFKW DXFKYRQGHQ6WlPPHQGHU%lXPHGRFK%DXPEDUWKLHOWQLFKWDQXQG GUHKWHDXFKGHQ.RSIQLFKW]XU6HLWH 6LHZDUHQVFKRQHLQHODQJH=HLWJHJDQJHQ² 3LSSLQKDWWHYHUVXFKWGLH ª(QWVFKULWWH©]X]lKOHQDEHUEHLXQJHIlKUGUHLWDXVHQGYHUKDVSHOWHHUVLFK ²DOV%DXPEDUWVHLQH*DQJDUWYHUODQJVDPWH3O|W]OLFKEOLHEHUVWHKHQ VHW]WHGLH+REELWVDEOHJWHGLHJHZ|OEWHQ+lQGHDQGHQ0XQGVRGDVLH HLQKRKOHV5RKUELOGHWHQGDQQEOLHVRGHUULHIHUKLQGXUFK(LQJHZDOWLJHV KXPKRP ZLHHLQWLHIW|QHQGHV+RUQHUVFKDOOWHLP:DOGXQGVFKLHQYRQ GHQ%lXPHQZLGHU]XKDOOHQ9RQZHLWKHUNDPDXVYHUVFKLHGHQHQ5LFK WXQJHQHLQlKQOLFKHVKXPKRPKXP GDVNHLQ(FKRVRQGHUQHLQH$QW ZRUWZDU %DXPEDUWVHW]WHVLFK0HUU\XQG3LSSLQMHW]WDXIGLH6FKXOWHUQXQGJLQJ ZHLWHUXQGGDQQXQGZDQQVWLHHUZLHGHUHLQHQ+RUQUXIDXVXQGMHGHV PDOZDUHQGLH$QWZRUWHQODXWHUXQGQlKHU$XIGLHVH:HLVHNDPHQVLH VFKOLHOLFK]XHLQHUXQGXUFKGULQJOLFKHUVFKHLQHQGHQ:DQGDXVGXQNOHQ LPPHUJUQHQ%lXPHQ%lXPHYRQHLQHU$UWGLHGLH+REELWVQLH]XYRU JHVHKHQKDWWHQVLHYHU]ZHLJWHQVLFKXQPLWWHOEDUDXVGHQ:XU]HOQXQG WUXJHQZLHGRUQHQORVH+XOVWElXPHHLQGLFKWHV.OHLGDXVGXQNOHQJOlQ ]HQGHQ%OlWWHUQXQGYLHOHVWHLIDXIUHFKWVWHKHQGH%OWHQlKUHQPLWJURHQ ROLYIDUEHQVFKLPPHUQGHQ.QRVSHQ %DXPEDUWZDQGWHVLFKQDFKOLQNVJLQJDQGLHVHUULHVLJHQ+HFNHYRUEHL XQGNDPPLWHLQSDDUJURHQ6FKULWWHQ]XHLQHPVFKPDOHQ(LQOD'XUFK LKQUKUWHHLQDXVJHWUHWHQHU3IDGGHUSO|W]OLFKHLQHQODQJHQVWHLOHQ+DQJ KLQXQWHUJLQJ'LH+REELWVVDKHQGDVLHKLQXQWHUVWLHJHQLQHLQHQJURHQ 7REHOIDVWVRUXQGZLHHLQH7ULQNVFKDOHVHKUEUHLWXQGWLHIXQGDP5DQG JHNU|QWPLWGHUKRKHQGXQNOHQLPPHUJUQHQ+HFNH'HU7REHOZDU LQQHQJODWWXQGJUDVEHGHFNWXQGHVJDENHLQH%lXPHDXHUGUHLVHKU KRKHQXQGVFK|QHQ:HLELUNHQGLHDXIGHP*UXQGGHU6FKDOHZXFKVHQ 1RFK]ZHLDQGHUH3IDGHIKUWHQKLQXQWHULQGHQ7REHOYRP:HVWHQXQG YRP2VWHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
0HKUHUH(QWVZDUHQVFKRQHLQJHWURIIHQ:HLWHUHNDPHQGLHDQGHUHQ 3IDGHKHUXQWHUXQGHLQLJHIROJWHQ%DXPEDUW$OVVLHVLFKQlKHUWHQVWDUU WHQGLH+REELWVVLHYHUZXQGHUWDQ6LHKDWWHQHUZDUWHWHLQH5HLKHYRQ *HVFK|SIHQ]XVHKHQGLH%DXPEDUWVRlKQOLFKZDUHQZLHHLQ+REELWGHP DQGHUHQMHGHQIDOOVLQGHQ$XJHQHLQHV)UHPGHQ XQGVLHZDUHQVHKU EHUUDVFKWGDGHPNHLQHVZHJVVRZDU'LH(QWVXQWHUVFKLHGHQVLFKYRQ HLQDQGHUZLH%lXPHYRQ%lXPHQPDQFKHXQWHUVFKLHGHQVLFKZLHHLQ %DXPYRQHLQHPDQGHUHQGHVVHOEHQ1DPHQVDEHUPLWJDQ]DQGHUHP :XFKVXQG:HUGHJDQJXQGPDQFKHXQWHUVFKLHGHQVLFKVRZLHHLQH %DXPDUWYRQHLQHUDQGHUHQZLH%LUNHYRQ%XFKHRGHU(LFKHYRQ7DQQH (VZDUHQHLQLJHlOWHUH(QWVGDElUWLJXQGNQRUULJZLHJHVXQGHDEHUXU DOWH%lXPHREZRKONHLQHUVRXUDOWDXVVDKZLH%DXPEDUW XQGHVZDUHQ JURHVWDUNH(QWVGDJXWJHZDFKVHQXQGJODWWKlXWLJZLH:DOGElXPH LQGHU%OWHLKUHU-DKUHDEHUHVZDUHQNHLQHMXQJHQ(QWVGDNHLQ1DFK ZXFKV,QVJHVDPWZDUHQHVHWZD]ZHL'XW]HQGGLHDXIGHPZHLWHQJUDVL JHQ%RGHQGHV7REHOVVWDQGHQXQGHEHQVRYLHOHZDUHQQRFKLP$Q PDUVFK =XHUVWZDUHQ0HUU\XQG3LSSLQYHUEOIIWEHUGLH0DQQLJIDOWLJNHLW GLHVLHVDKHQGLHYLHOHQ)RUPHQXQG)DUEHQXQG8QWHUVFKLHGHLQ8PIDQJ XQG+|KHXQG%HLQ XQG$UPOlQJHXQGLQGHU=DKOGHU=HKHQXQG)LQ JHUVLHVFKZDQNWHQ]ZLVFKHQGUHLXQGQHXQ (LQSDDUVFKLHQHQPHKU RGHUZHQLJHUPLW%DXPEDUWYHUZDQGW]XVHLQXQGOLHHQVLHDQ%XFKHQ RGHU(LFKHQGHQNHQ$EHUHVJDEDXFKDQGHUH$UWHQ 0DQFKHHULQQHUWHQ DQ.DVWDQLHQEUDXQKlXWLJH(QWVPLWVSUHL]ILQJULJHQ +lQGHQXQGNXU]HQGLFNHQ%HLQHQ0DQFKHHULQQHUWHQDQ(VFKHQKRFK XQGJUDGJHZDFKVHQHJUDXH(QWVPLWYLHOILQJULJHQ+lQGHQXQGODQJHQ %HLQHQPDQFKHDQ7DQQHQGLHJU|WHQ(QWV XQGDQGHUHZLHGHUXPDQ %LUNHQ(EHUHVFKHQXQG/LQGHQ$EHUDOVVLFKDOOH(QWVXP%DXPEDUWJH VFKDUWKDWWHQOHLFKWGLH.|SIHQHLJWHQPLWLKUHQJHPHVVHQHQPHORGLVFKHQ 6XPPHQPXUPHOWHQXQGGLH)UHPGHQODQJHXQGDXIPHUNVDPEHWUDFKWHWHQ VDKHQGLH+REELWVGDVLHDOOH]XUVHOEHQ)DPLOLHJHK|UWHQXQGDOOH GLHVHOEHQ$XJHQKDWWHQQLFKWDOOHVRDOWRGHUVRWLHIOLHJHQGZLH%DXP EDUWVDEHUDOOHPLWGHPVHOEHQEHGlFKWLJHQEHKDUUOLFKHQQDFKGHQNOLFKHQ $XVGUXFNXQGGHPVHOEHQJUQHQ$XIIODFNHUQ 6REDOGGLHJDQ]H*HVHOOVFKDIWYHUVDPPHOWZDUXQG%DXPEDUWLQHLQHP JURHQ.UHLVXPVWDQGVHW]WHHLQHVHOWVDPHXQGXQYHUVWlQGOLFKH8QWHUKDO WXQJHLQ'LH(QWVEHJDQQHQODQJVDP]XPXUPHOQHUVWILHOHLQHUHLQXQG GDQQHLQDQGHUHUELVVLHDOOHJHPHLQVDPLQHLQHPODQJHQVWHLJHQGHQXQG IDOOHQGHQ5K\WKPXVVDQJHQEDOGODXWHUDXIGHUHLQHQ6HLWHGHV5LQJV EDOGGRUWOHLVHUZHUGHQGXQGDXIGHUDQGHUHQ6HLWH]XHLQHP'U|KQHQDQ VWHLJHQG2EZRKO3LSSLQNHLQHVGHU:|UWHUYHUVWHKHQRGHUHUUDWHQNRQQWH ² HUQDKPDQGLH6SUDFKHVHL(QWLVFK²IDQGHU]XHUVW GHQ.ODQJVHKU HUIUHXOLFKDQ]XK|UHQDEHUDOOPlKOLFKVFKZDQGVHLQH$XIPHUNVDPNHLW 1DFKHLQHUODQJHQ=HLWXQGGHU*HVDQJOLHNHLQHUOHL$Q]HLFKHQHLQHV (QGHVHUNHQQHQ IUDJWHHUVLFKGD(QWLVFKHLQHVRªXQKDVWLJH©6SUDFKH ZDUREVLHVFKRQZHLWHUJHNRPPHQVHLHQDOVELV]XPª*XWHQ0RUJHQ© XQGIDOOV%DXPEDUWDOOH$QZHVHQGHQQDPHQWOLFKDXIUXIHQVROOWHZLH YLHOH7DJHHVZRKOGDXHUQZUGHELVVLHDOOHLKUH1DPHQJHVXQJHQKlW WHQª,FKZWHJHUQZDVMD RGHUQHLQ DXI(QWLVFKKHLW©GDFKWHHU(U JlKQWH %DXPEDUWPHUNWHHVVRIRUWª+PKDKHLPHLQ3LSSLQ©VDJWHHUXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
DOOHDQGHUHQ(QWVK|UWHQPLW6LQJHQDXIª,KUVHLGHLQKDVWLJHV9RONGDV KDEHLFKYHUJHVVHQXQGHVLVWVRZLHVRHUPGHQGHLQHU5HGH]X]XK|UHQ GLHPDQQLFKWYHUVWHKW,KUGUIWMHW]WKLQXQWHU,FKKDEHGHP(QWWKLQJ HXUH1DPHQJHVDJWXQGGLH(QWVKDEHQHXFKJHVHKHQXQGPLU]XJH VWLPPWGDLKUNHLQH2UNVVHLGXQGGHQDOWHQ/LVWHQHLQHQHXH=HLOHKLQ ]XJHIJWZHUGHQVROO:HLWHUVLQGZLUQRFKQLFKWJHNRPPHQDEHUIUHLQ (QWWKLQJLVWGDVVFKRQUDVFKH$UEHLW'XXQG0HUU\LKUN|QQWLP7REHO KHUXPVWUHLIHQZHQQLKUP|JW'DLVWHLQH4XHOOHPLWJXWHP:DV VHUZHQQLKUHLQH(UIULVFKXQJEUDXFKWGRUWGUEHQDP1RUGKDQJ (VVLQGQRFKHLQLJH:RUWH]XVDJHQHKHGDVHLJHQWOLFKH7KLQJEHJLQQW ,FKZHUGHQDFKKHU]XHXFKNRPPHQXQGHU]lKOHQZLHGLH'LQJH ODXIHQ© (UVHW]WHGLH+REELWVDE(KHVLHIRUWJLQJHQYHUEHXJWHQVLHVLFKWLHI 'LHVH$UWLJNHLWVFKLHQGLH(QWVVHKU]XEHOXVWLJHQQDFKGHP7RQLKUHV *HPXUPHLVXQGGHP$XIIODFNHUQLKUHU$XJHQ]XXUWHLOHQDEHUVLH ZDQGWHQVLFKEDOGZLHGHULKUHQHLJHQHQ$QJHOHJHQKHLWHQ]X0HUU\XQG 3LSSLQHUNORPPHQGHQ3IDGGHUYRQ:HVWHQNDPXQGVFKDXWHQGXUFKGLH gIIQXQJLQGHUJURHQ+HFNH/DQJHEDXPEHVWDQGHQH+lQJHVWLHJHQ YRP5DQGGHV7REHOVDXIXQGZHLWKLQWHULKQHQEHUGHQ7DQQHQGHV OHW]WHQ+|KHQ]XJHVHUKREVLFKVFKDUIXQGZHLGHU*LSIHOHLQHVKRKHQ %HUJV1DFK6GHQ]XLKUHU/LQNHQVDKHQVLHGHQ:DOGLQGHUJUDXHQ )HUQHDEIDOOHQ6HKUZHLWZHJZDUGRUWHLQEODVVHUJUQHU6FKLPPHUYRQ GHP0HUU\YHUPXWHWHGDHVGLH(EHQHQYRQ5RKDQZDUHQ ª,FKZWHJHUQZR,VHQJDUWOLHJW©VDJWH3LSSLQ ª,FKZHLQLFKWJHQDXZRZLUVLQG©VDJWH0HUU\ª$EHUGLHVHU*LSIHO GRUWLVWZDKUVFKHLQOLFKGHU0HWKHGUDVXQGVRZHLWLFKPLFKHULQQHUHOLHJW GHU5LQJYRQ ,VHQJDUWLQHLQHU*DEHOXQJRGHUWLHIHQ.OXIWDP(QGHGHV *HELUJHV:DKUVFKHLQOLFKLVWHVKLQWHUGLHVHPKRKHQ.DPP'RUWVFKHLQW 5DXFKRGHU'XQVW]XVHLQOLQNVYRQGHP*LSIHOJODXEVWGXQLFKW"© ª:LHLVW,VHQJDUW"©IUDJWH3LSSLQª,FKP|FKWHPDOZLVVHQZDVGLH (QWVEHUKDXSWJHJHQ,VHQJDUWDXVULFKWHQN|QQHQ© ª,FKDXFK©VDJWH0HUU\ª,VHQJDUWLVWHLQH$UW5LQJDXV)HOVHQRGHU %HUJHQJODXEHLFKPLWHLQHUIODFKHQ(EHQHLQQHQXQGHLQHU,QVHORGHU 6lXOHDXV)HOVHQLQGHU0LWWHJHQDQQW2UWKDQF6DUXPDQKDW HLQHQ7XUP GDUDXI(VJLEWHLQ7RUYLHOOHLFKWPHKUDOVHLQVLQGHPXPJHEHQGHQ :DOOXQGLFKJODXEHGDUDXVHUJLHWVLFKHLQ%DFKHUNRPPWDXVGHP *HELUJHXQGIOLHWGDQQGXUFKGLH3IRUWHYRQ5RKDQ(VVFKHLQWPLUQLFKW HLQH*HJHQGGHU$UW]XVHLQGLHGLH(QWVDQJUHLIHQN|QQHQ$EHULFK KDEHHLQPHUNZUGLJHV*HIKOEHLGLHVHQ(QWVLUJHQGZLHJODXEHLFK QLFKWGDVLHVRXQJHIlKUOLFKXQGQXQMDNRPLVFKVLQGZLHVLHVFKHLQHQ 6LHZLUNHQEHGlFKWLJVHOWVDPXQGJHGXOGLJIDVWWUDXULJXQGGRFKJODXEH LFKVLHN|QQWHQ DXIJHUWWHOWZHUGHQ:HQQGDVJHVFKLHKWGDQQZUGHLFK OLHEHUQLFKWDXIGHUDQGHUHQ6HLWHVHLQ© ª-D©VDJWH3LSSLQªLFKZHLZDVGXPHLQVW(VN|QQWHJHQDXGHUVHOEH 8QWHUVFKLHGVHLQZLH]ZLVFKHQHLQHUDOWHQ.XKGLHGDOLHJWXQGQDFKGHQN OLFKZLHGHUNlXWXQGHLQHPDQJUHLIHQGHQ6WLHUXQGGLH9HUlQGHUXQJ N|QQWHJDQ]SO|W]OLFKNRPPHQ,FKELQJHVSDQQWRE%DXPEDUWVLHDXIUW WHOQZLUG,FKELQEHU]HXJWGDHUGDVYHUVXFKHQZLOO$EHUVLHZROOHQ QLFKWJHUQDXIJHUWWHOWZHUGHQ%DXPEDUWVHOEVWZDUJHVWHUQDEHQGDXIJH UWWHOWDEHUGDQQXQWHUGUFNWHHUHVZLHGHU© 'LH+REELWVZDQGWHQVLFKZLHGHUXP'LH6WLPPHQGHU(QWVKREHQXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
VHQNWHQVLFKQRFKLPPHUEHLLKUHU%HUDWXQJ'LH6RQQHZDUMHW]WKRFKJH QXJJHVWLHJHQXPEHUGLHKRKH+HFNH]X VFKDXHQVLHVFKLPPHUWHDXI GHQ:LSIHOQGHU%LUNHQXQGHUIOOWHGLHQ|UGOLFKH6HLWHGHV7REHOVPLW HLQHPNDOWHQJHOEHQ/LFKW'DVDKHQVLHHLQHNOHLQHJOLW]HUQGH4XHOOH6LH JLQJHQDP5DQGGHUJURHQ6FKDOHDP)XGHULPPHUJUQHQ%lXPHHQW ODQJ² HVZDUDQJHQHKPGDVNKOH*UDVZLHGHUDQGHQ=HKHQ]XVSUHQ XQGQLFKWLQ(LOH]XVHLQ²XQGGDQQNOHWWHUWHQVLHKLQXQWHU]XGHPVSUX GHOQGHQ:DVVHU6LHWUDQNHQHLQZHQLJHVZDUHLQUHLQHUNDOWHUKHUEHU 7UDQNXQGVLHVHW]WHQVLFKDXIHLQHQPRRVLJHQ6WHLQXQGEHREDFKWHWHQ GLH6RQQHQIOHFNHQDXIGHP*UDVXQGGLH6FKDWWHQGHUVHJHOQGHQ:RONHQ GLHEHUGHQ*UXQGGHV7REHOVKLQZHJ]RJHQ'DV0XUPHOQGHU(QWVJLQJ ZHLWHU(VVFKLHQLKQHQHLQVHKUVHOWVDPHUXQGDEJHVFKLHGHQHU2UW]XVHLQ DXHUKDOELKUHU:HOWXQGIHUQYRQDOOHPGDVLKQHQMHZLGHUIDKUHQZDU (LQHJURH6HKQVXFKWEHUNDPVLHQDFKGHQ*HVLFKWHUQXQG6WLPPHQ LKUHU*HIlKUWHQEHVRQGHUVQDFK)URGRXQG6DPXQGQDFK6WUHLFKHU (QGOLFKWUDWHLQH3DXVHLP*HVSUlFKGHU(QWVHLQXQGDOVGLH+REELWV DXIVFKDXWHQVDKHQVLH%DXPEDUWPLWHLQHPDQGHUHQ(QWDXIVLFK]XNRP PHQ ª+PKXPKLHUELQLFKZLHGHU©VDJWH%DXPEDUWª:HUGHWLKUPGH RGHUXQJHGXOGLJKPZLH"1XQLFKIUFKWHLKUGUIWQRFKQLFKWXQJH GXOGLJZHUGHQ:LUKDEHQMHW]WGHQHUVWHQ$EVFKQLWW EHHQGHWDEHULFK PXLPPHUQRFKGHQMHQLJHQGLHZHLWZHJZRKQHQIHUQYRQ,VHQJDUW DOOHVP|JOLFKHHUNOlUHQXQGGDQDFKZHUGHQZLUHQWVFKHLGHQPVVHQZDV ]XWXQLVW,PPHUKLQHQWVFKHLGHQZDV]XWXQLVWGDXHUWIU(QWVQLFKWVR ODQJHZLHDOOGLH7DWVDFKHQXQG(UHLJQLVVHGXUFK]XJHKHQEHUGLHVLH VLFKNODUZHUGHQPVVHQ,QGHVKDWHVNHLQHQ=ZHFN]XOHXJQHQGDZLU QRFKODQJH=HLWKLHUVHLQZHUGHQHLQSDDU7DJHVHKUZDKUVFKHLQOLFK'HV KDOEKDEHLFKHXFKHLQHQ*HIlKUWHQPLWJHEUDFKW(UKDWHLQ(QWKDXVKLHU LQGHU1lKH%UHJDODGLVWVHLQHOELVFKHU1DPH(UVDJWHUKDEHVHLQHQ(QW VFKOXVFKRQJHIDWXQGEUDXFKHQLFKWEHLGHP7KLQJ]XEOHLEHQ+P KPHULVWGHUMHQLJHXQWHUXQVGHUHLQHPKDVWLJHQ(QWDPQlFKVWHQ NRPPW,KUPWHWHXFKHLJHQWOLFKJXWYHUWUDJHQ$XI:LHGHUVHKHQ© %DXPEDUWGUHKWHVLFKXPXQGJLQJYRQGDQQHQ %UHJDODGEOLHEHLQH:HLOHVWHKHQXQGEHWUDFKWHWHGLH+REELWVHUQVWXQG VLHVFKDXWHQLKQDQXQGIUDJWHQVLFKZDQQHUZRKOLUJHQGZHOFKH$Q]HL FKHQYRQª+DVWLJNHLW©HUNHQQHQODVVHQ ZUGH(UZDUJURXQGVFKLHQ HLQHUGHUMQJHUHQ(QWV]XVHLQHUKDWWHJODWWHJOlQ]HQGH+DXWDXI $UPHQXQG%HLQHQVHLQH/LSSHQZDUHQU|WOLFKXQGVHLQ+DDUJUDXJUQ (UNRQQWHVLFKELHJHQXQGZLHJHQZLHHLQVFKODQNHU%DXPLP:LQG 6FKOLHOLFKVSUDFKHU XQGVHLQH6WLPPHZDU]ZDUYROOW|QHQGDEHUK|KHU XQGNODUHUDOV%DXPEDUWV ª+DKPPHLQH)UHXQGHODWXQVHLQHQ6SD]LHUJDQJPDFKHQ©VDJWH HUª,FKELQ%UHJDODGGDVLVW)OLQNEDXPLQHXUHU6SUDFKH$EHUQDWUOLFK LVWGDVQXUHLQ6SLW]QDPH6RKDEHQVLHPLFKJHQDQQWVHLWLFKMD ]XHLQHP lOWHUHQ(QWJHVDJWKDEHHKHHUVHLQH)UDJHJDQ]DXVJHVSURFKHQKDWWH $XFKWULQNHLFKIOLQNXQGJHKHVFKRQZHJZHQQDQGHUHQRFKLKUH%DUWH EHIHXFKWHQ.RPPWPLWPLU© (UVWUHFNWH]ZHLZRKOJHVWDOWH$UPHDXVXQGJDEMHGHPGHU+REELWV HLQHODQJILQJULJH+DQG'HQJDQ]HQ7DJZDQGHUWHQVLHPLWLKPGXUFK GHQ:DOGVLQJHQGXQGODFKHQGGHQQ)OLQNEDXPODFKWHRIW(UODFKWH ZHQQGLH6RQQHKLQWHUHLQHU:RONHKHUYRUNDPHUODFKWHZHQQVLHDXI 5HL$QJHON#KWWSFRODHERRN]IELGH
HLQHQ%DFKRGHUHLQH4XHOOHVWLHHQGDQQEFNWHHUVLFKXQGVSULW]WHVLFK :DVVHUDXIGLH)HXQGGHQ.RSIPDQFKPDOODFKWHHUEHULUJHQGHLQ *HUlXVFKRGHUHLQ5DVFKHOQLQGHQ%lXPHQ:DQQLPPHUHUHLQH(EHU HVFKHVDKKLHOWHUDQGLH$UPHDXVJHVWUHFNWXQGVDQJXQGZLHJWHVLFK ZlKUHQGHUVDQJ %HL(LQEUXFKGHU1DFKWEUDFKWHHUVLH]XVHLQHP(QWKDXVQXUHLQPRR VLJHU6WHLQZDUHVGHUXQWHUHLQHPJUQHQ6WHLOKDQJDXIGHQ5DVHQJH VHW]WZDU(LQ.UHLVYRQ(EHUHVFKHQXPVWDQGLKQXQGHVJDE:DVVHUZLH LQDOOHQ(QWKlXVHUQ HLQHDXVGHP6WHLOKDQJKHUDXVVSUXGHOQGH4XHOOH6LH XQWHUKLHOWHQVLFKHLQH:HLOHELVVLFKGLH'XQNHOKHLWDXIGHQ:DOGVHQNWH 1LFKWZHLWHQWIHUQWK|UWHPDQLPPHUQRFKGLH6WLPPHQYRP(QWWKLQJ DEHUMHW]WVFKLHQHQVLHWLHIHUXQGZHQLJHUJHPlFKOLFKXQGDEXQG]XHU KREVLFKHLQHJHZDOWLJH6WLPPH]XHLQHPKRKHQXQGEHZHJWHQ*HVDQJ ZlKUHQGDOOHDQGHUHQHUVWDUEHQ$EHUQHEHQLKQHQUHGHWH%UHJDODGOHLVH IDVWIOVWHUQGLQLKUHUHLJHQHQ6SUDFKHXQGVLHHUIXKUHQGDHU]X%RU NHQKDXWV)DPLOLHJHK|UWHXQGGDGDV/DQGZRVLHJHZRKQWKDWWHQYHU ZVWHWZDU'DVVFKLHQGHQ+REELWVDXVUHLFKHQGXPVHLQHª+DVWLJNHLW© ]XHUNOlUHQ]XPLQGHVWZDVGLH2UNVEHWUDI ª(VJDE(EHUHVFKHQLQPHLQHU+HLPDW©VDJWHHUOHLVHXQGWUDXULJ ª(EHUHVFKHQGLH:XU]HOQJHVFKODJHQKDWWHQDOVLFKHLQ(QWLQJZDUYRU YLHOHQYLHOHQ-DKUHQDOVGLH:HOWQRFKIULHGOLFKZDU'LHlOWHVWHQKDWWHQ GLH(QWVJHSIODQ]WZHLOVLHGLH(QWIUDXHQGDPLWHUIUHXHQZROOWHQ$EHU GLH(QWIUDXHQEHWUDFKWHWHQGLH%lXPHXQGOlFKHOWHQXQGVDJWHQVLHZ WHQZRZHLHUH%OWHQXQGUHLFKHUH)UFKWHZFKVHQ'HQQRFKJLEWHV NHLQH%lXPHGLHVHUJDQ]HQ*DWWXQJGHU)DPLOLHGHU5RVHGLHPLUVR VFK|QYRUNRPPHQ8QGGLHVH%lXPHZXFKVHQXQGZXFKVHQELVGHU 6FKDWWHQHLQHVMHGHQZLHHLQHJUQH+DOOHZDUXQGLKUHURWHQ%HHUHQLP +HUEVWZDUHQHLQH/DVWXQGHLQH6FK|QKHLWXQGHLQ:XQGHU9|JHOSIOHJ WHQVLFKGRUW]XVDPPHOQ,FKPDJ9|JHOVHOEVWZHQQVLHVFKZDW]HQXQG GLH(EHUHVFKHKDWEHUJHQXJ'RFKZXUGHQGLH9|JHOXQIUHXQGOLFKXQG JLHULJXQGULVVHQDQGHQ%lXPHQXQGZDUIHQGLH)UFKWHKLQXQWHUXQG IUDHQVLHQLFKW'DQQNDPHQ2UNVPLWb[WHQXQGIlOOWHQPHLQH%lXPH ,FKNDPXQGULHIVLHEHLLKUHQODQJHQ1DPHQDEHUVLHHU]LWWHUWHQQLFKW VLHK|UWHQXQGDQWZRUWHWHQQLFKWVLHZDUHQWRW 22URIDUQs/DVVHPLVWD&DUQLPtULs 'LFK VDKLFK(EHUHVFKHPHLQLP6RPPHUZXQGHUEDU 8QGVWUDKOHQGVWHKQ'XWUXJVWGHU%OWHQ:HLDXI GHLQHP+DDU 'LH5LQGHKHOOGDV/DXEVROLFKWVRVDQIWGHU6WLPPH7RQ :LHWUXJVWGXKRFKGDV+DXSWJH]LHUWYRQJROGHQURWHU.U|Q 'HLQ+DDULVWJUDXGHLQ/DXELVWGUUYHUEODWGHU .URQH5RW 'LHOLHEH6WLPPHVSULFKWQLFKWPHKU'XELVWDXILPPHUWRW 22URIDUQs/DVVHPLVWD&DUQLPtULs
'LH+REELWVVFKOLHIHQHLQEHLP.ODQJYRQ%UHJDODGVOHLVHP*HVDQJGHU LQYLHOHQ6SUDFKHQGHQ8QWHUJDQJGHU%lXPHEHNODJWHGLHHUJHOLHEWKDWWH $XFKGHQQlFKVWHQ7DJYHUEUDFKWHQVLHLQVHLQHU*HVHOOVFKDIWDEHUVLH JLQJHQQLFKWZHLWIRUWYRQVHLQHPª+DXV©0HLVWVDHQVLHVFKZHLJHQGLP 6FKXW]GHV6WHLOKDQJVGHQQGHU:LQGZDUNlOWHUXQGGLH:RONHQGLFKWHU XQGJUDXHUHVJDE ZHQLJ6RQQHQVFKHLQXQGLQGHU)HUQHKREHQXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
VHQNWHQVLFKLPPHUQRFKGLH6WLPPHQGHU(QWVEHLP7KLQJPDQFKPDO ODXWXQGNUlIWLJPDQFKPDOOHLVHXQGWUDXULJPDQFKPDOEHZHJWHU PDQFKPDOODQJVDPXQGIHLHUOLFKZLHHLQ.ODJHOLHG(LQH]ZHLWH1DFKW NDPXQGLPPHUQRFKKLHOWHQGLH(QWVLKUH%HUDWXQJDEXQWHUHLOHQGHQ :RONHQXQGGDQQXQGZDQQDXIOHXFKWHQGHQ6WHUQHQ 'HUGULWWH7DJEUDFKDQGVWHUXQGZLQGLJ%HL6RQQHQDXIJDQJVWLHJHQ GLH6WLPPHQGHU(QWV]XHLQHPJURHQ*HVFKUHLDQXQGHUVWDUEHQGDQQ ZLHGHU:lKUHQGGHU0RUJHQVLFKKLQ]RJOHJWHVLFKGHU:LQGXQGGLH /XIWZXUGHGUFNHQGYRU(UZDUWXQJ'LH+REELWVVDKHQGD%UHJDODG MHW]WDXIPHUNVDPODXVFKWHREZRKOIUVLHGDV*HUlXVFKGHV7KLQJLQGHP HQJHQ7DOVHLQHV(QWKDXVHVQXUVFKZDFKZDU 'HU1DFKPLWWDJNDPXQGGLH6RQQHGLHQDFK:HVWHQ]XP*HELUJH YRUUFNWHVDQGWHODQJHJHOEH6WUDKOHQGXUFKGLH6SDOWHQXQG5LVVHGHU :RONHQ3O|W]OLFKPHUNWHQVLHGDDOOHVVHKUVWLOOZDUGHUJDQ]H:DOG ODXVFKWHVFKZHLJHQG1DWUOLFKGLH(QWVWLPPHQZDUHQYHUVWXPPW :DV EHGHXWHWHGDV"%UHJDODGVWDQGKRFKDXIJHULFKWHWXQGDQJHVSDQQWGDXQG VFKDXWHQDFK1RUGHQ]XUFN]XP7DUQWREHO 'DQQHUVFKDOOWHPLWHLQHP6FKPHWWHUQHLQODXWW|QHQGHU5XIUDKXP UDK 'LH%lXPHHU]LWWHUWHQXQGQHLJWHQVLFKDOVREHLQ:LQGVWRVLHHU IDWKDEH(VWUDWZLHGHU6WLOOHHLQXQGGDQQKREHLQH0DUVFKPXVLNDQ ZLHIHLHUOLFKH7URPPHOQXQGEHUGLH7URPPHOVFKOlJHXQGGDVEUDX VHQGH'U|KQHQHUKREHQVLFKKRFKXQGNUlIWLJVLQJHQGH6WLPPHQ 0LW 7URPPHOUROOHQ]LHKHQZLUWDUXQGDUXQGDUXQGDURP 'LH(QWVNDPHQLPPHUQlKHUXQGODXWHUHUNODQJLKU/LHG 0LW+RUQXQG7URPPHOQ]LHKHQZLUWDUNQDUNQDUNQDURP %UHJDODGQDKPGLH+REELWVDXIXQGYHUOLHVHLQ+DXV (VGDXHUWHQLFKWODQJHGDVDKHQVLHGLHKHUDQPDUVFKLHUHQGH6FKDUPLW ODQJHQ6FKULWWHQNDPHQGLH(QWVGHQ+DQJKHUDEDXIVLH]X%DXPEDUW JLQJDQGHU6SLW]HXQGHWZDIQI]LJIROJWHQLKPLPPHU]ZHLQHEHQHLQ DQGHUGLH)HLP*OHLFKVFKULWWXQGPLWGHQ+lQGHQDXILKUHQ6HLWHQGHQ 7DNWVFKODJHQG$OVVLHQlKHUNDPHQVDKPDQGDV%OLW]HQXQG )ODFNHUQ LKUHU$XJHQ ª+XPKRP+LHUNRPPHQZLUPLW*HGU|KQKLHUNRPPHQZLUHQG OLFK©ULHI%DXPEDUWDOVHU%UHJDODGXQGGLH+REELWVHUEOLFNWHª.RPPW VFKOLHWHXFKGHP7KLQJDQ:LUVLQGDXIGHP:HJ:LUVLQGDXIGHP :HJQDFK,VHQJDUW© ª1DFK,VHQJDUW©ULHIHQGLH(QWVYLHOVWLPPLJ ª1DFK,VHQJDUW© 1DFK ,VHQJDUW2EZRKOHVKDUWXQGVWHLQHUQGURKWYRU:DIIHQVWDUUW :lUVQRFKVRHKHUQQRFKVRVWDUNVWDUNELVLQVWLHIVWH.QRFKHQPDUN :LUVWUPHQHVZLUGULQJHQHLQ]HUEUHFKHQ7RUXQG0DXHUVWHLQ -HW]WEUHQQWVPLW6WXPSIXQG6WLHOHVEUHQQWXQGEUOOWLPIHXULJHQ (OHPHQW 0LW6FKLFNVDOVEDQQLQVGXQNOH/DQG² PLW7URPPHOUROOHQ]LHKHQZLU 1DFK,VHQJDUWPLW)OXFKXQG%DQQ 0LW)OXFKXQG%DQQPDUVFKLHUHQZLU 6RVDQJHQVLHDOVVLHQDFK6GHQPDUVFKLHUWHQ 0LWJOlQ]HQGHQ$XJHQRUGQHWHVLFK%UHJDODGQHEHQ%DXPEDUWHLQ'HU DOWH(QWQDKPMHW]WGLH+REELWVZLHGHUXQGVHW]WHVLHVLFKDXIGLH6FKXO WHUQXQGVRULWWHQVLHVWRO]DQGHU6SLW]HGHUVLQJHQGHQ6FKDUPLWNORS IHQGHQ+HU]HQXQGKRFKHUKREHQHQ.|SIHQ2EZRKOVLHHUZDUWHWKDWWHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
GDVFKOLHOLFKHWZDVJHVFKHKHQZUGHZDUHQVLHGRFKHUVWDXQWEHUGLH 9HUlQGHUXQJGLHPLWGHQ(QWVYRUJHJDQJHQZDU6LHVFKLHQVRSO|W]OLFK ZLHGHU'XUFKEUXFKHLQHU)OXWGLHODQJHYRQHLQHP'HLFK]XUFNJHKDOWHQ ZRUGHQZDU ª'LH(QWVKDEHQ]XJXWHU/HW]WLKUHQ(QWVFKOX]LHPOLFKUDVFKJHIDW QLFKWZDKU"©ZDJWH3LSSLQQDFKHLQLJHU=HLW]XVDJHQDOVGDV6LQJHQ HLQHQ$XJHQEOLFNLQQHKLHOWXQGQXUGDV7DNWVFKODJHQYRQ+lQGHQXQG )HQ]XK|UHQZDU ª5DVFK"©VDJWH%DXPEDUWª+XPMDLQGHU7DW5DVFKHUDOVLFKHUZDU WHWKDWWH,FKKDEHVLHWDWVlFKOLFKVHLWYLHOHQ=HLWDOWHUQQLFKWVRDXIJHUW WHOWJHVHKHQ:LU(QWVODVVHQXQVQLFKWJHUQDXIUWWHOQXQGZLUVLQGQLH DXIJHUWWHOWVRIHUQZLUXQVQLFKWGDUEHUNODUVLQGGDXQVHUH%lXPH XQGXQVHU/HEHQLQJURHU*HIDKUVLQG'DVLVWLQGLHVHP:DOGHQLFKWJH VFKHKHQVHLWGHQ.ULHJHQ]ZLVFKHQ6DXURQXQGGHQ0HQVFKHQYRP0HHU (VLVWGDV:HUNGHU2UNVGDVPXWZLOOLJH$EKDFNHQ² UiUXP² VRJDU RKQHGLHIDXOH$XVUHGHGDV)HXHUPVVHJHVFKUWZHUGHQZDVXQVVRHU ]UQWKDWXQGGLH9HUUlWHUHLHLQHV1DFKEDUQGHUXQVKlWWHKHOIHQVROOHQ =DXEHUHUPWHQPHKU9HUVWDQGKDEHQVLHKDEHQDXFKPHKU9HUVWDQG (VJLEWNHLQHQ)OXFKDXI(LELVFK(QWLVFKRGHULQGHQ6SUDFKHQGHU0HQ VFKHQ GHUNUlIWLJJHQXJLVWIUHLQHVROFKH9HUUlWHUHL1LHGHUPLW6DUX PDQ© ª:ROOW,KUZLUNOLFKGLH7RUHYRQ,VHQJDUWDXIEUHFKHQ"©IUDJWH0HUU\ ª+RKPQXQMDGDVN|QQWHQZLU,KUZLWYHUPXWOLFKQLFKWZLHVWDUN ZLUVLQG9LHOOHLFKWKDEWLKUYRQ7UROOHQJHK|UW"6LHVLQGPlFKWLJVWDUN $EHU7UROOHVLQGQXU1DFKELOGXQJHQGLHGHU)HLQGLQGHU*URHQ'XQ NHOKHLWHUVFKDIIHQKDWHLQH1DFKDKPXQJGHU(QWVHEHQVRZLH2UNVGHQ (OEHQQDFKJHlIIWVLQG:LUVLQGVWlUNHUDOV7UROOH:LUVLQGDXVGHP*H EHLQGHU(UGHJHPDFKW:LHGLH:XU]HOQYRQ%lXPHQN|QQHQZLU6WHLQ ]XP%HUVWHQEULQJHQQXUVFKQHOOHUZHLWVFKQHOOHUZHQQXQVHU*HLVW ZDFKJHUWWHOWLVW:HQQZLUQLFKWXPJHKDXHQRGHUGXUFK)HXHURGHUGHQ (LQIOXYRQ=DXEHUHLYHUQLFKWHWZHUGHQN|QQWHQZLU,VHQJDUWLQ6WFNH UHLHQXQGGLH0DXHUQLQ6FKXWWXQG7UPPHUOHJHQ© ª$EHU6DUXPDQZLUGGRFKYHUVXFKHQ(XFKDXI]XKDOWHQQLFKWZDKU"© ª+PDKMDVRLVWGDVZRKO'DVKDEHLFKQLFKWYHUJHVVHQ,FKKDEH VRJDUODQJHGDUEHUQDFKJHGDFKW$EHUZLW,KUYLHOHGHU(QWVVLQGMQ JHUDOVLFKXPYLHOH%DXPDOWHU6LHVLQGQXQDOOHDXIJHUWWHOWXQGLKU 6LQQLVWMHW]WQXUDXIHLQVJHULFKWHW,VHQJDUW]X]HUVW|UHQ$EHUHVZLUG QLFKWODQJHGDXHUQGDQQZHUGHQVLHZLHGHUDQIDQJHQ]XGHQNHQVLHZHU GHQHLQZHQLJUXKLJHUZHUGHQZHQQZLUXQVHUHQ$EHQGWUXQNQHKPHQ :DVIUHLQHQ'XUVWZLUKDEHQZHUGHQ$EHUODWVLHMHW]WPDUVFKLHUHQ XQGVLQJHQ:LUKDEHQHLQHQZHLWHQ:HJXQGGDEOHLEW=HLW]XP1DFK GHQNHQ(VLVWVFKRQHWZDVGDZLUDXIJHEURFKHQVLQG© %DXPEDUWPDUVFKLHUWHZHLWHUXQGVDQJHLQH:HLOHPLWGHQDQGHUHQ 'RFKQDFKHLQLJHU=HLWHUVWDUEVHLQH6WLPPH]XHLQHP0XUPHOQXQG GDQQVFKZLHJHUZLHGHU3LSSLQVDKGDVHLQHDOWH6WLUQ]XVDPPHQJH]R JHQXQGJHUXQ]HOWZDU6FKOLHOLFKEOLFNWHHUDXIXQG3LSSLQVDKHLQHQ WUDXULJHQ$XVGUXFNLQVHLQHQ$XJHQWUDXULJDEHUQLFKWXQJOFNOLFK(V ZDUHLQ/LFKWLQLKQHQDOVREGLHJUQH)ODPPHWLHIHUKLQHLQJHVXQNHQVHL LQGLHGXQNOHQ%URQQHQVHLQHV'HQNHQV ª1DWUOLFKLVWHVUHFKWZDKUVFKHLQOLFKPHLQH)UHXQGH©VDJWHHUEH GlFKWLJªUHFKWZDKUVFKHLQOLFKGDZLUXQVHUHP 6FKLFNVDOHQWJHJHQJH 5HL$QJHON#KWWSFRODHERRN]IELGH
KHQGHUOHW]WH0DUVFKGHU(QWV$EHUZHQQZLU]X+DXVHEOLHEHQXQG QLFKWVWlWHQZUGHXQVGDV6FKLFNVDOIUKHURGHUVSlWHUGRFKHUHLOHQ 'LHVHU*HGDQNHKDWVLFKVFKRQODQJHLQXQVHUHQ+HU]HQIHVWJHVHW]WXQG GDVLVWGHU*UXQGZDUXPZLUMHW]WPDUVFKLHUHQ(VZDUNHLQKDVWLJHU(QW VFKOX1XQPDJGHUOHW]WH0DUVFKGHU(QWVZHQLJVWHQVHLQ/LHGZHUW VHLQ)UHLOLFK©VHXI]WHHUªZHUGHQZLUYLHOOHLFKWDQGHUHQ/HXWHQKHOIHQ HKHZLUGDKLQVFKHLGHQ,PPHUKLQKlWWHLFKHVJHUQHUOHEWGDGLH/LHGHU EHUGLH(QWIUDXHQZDKUZHUGHQ9RQ+HU]HQJHUQKlWWHLFK)LPEUHWKLO ZLHGHUJHVHKHQ$EHUVRLVWHVQXQPDOPHLQH)UHXQGH/LHGHUWUDJHQZLH %lXPHQXU)UFKWH]XLKUHU=HLWXQGDXILKUH:HLVHXQGPDQFKPDOVLQG VLHYRU]HLWLJYHUGRUUW© 'LH(QWVVFKULWWHQPLWJURHU6FKQHOOLJNHLWYRUDQ6LHZDUHQKLQXQWHU JHVWLHJHQLQHLQHODQJH)DOWHGHV/DQGHVGLHQDFK6GHQDEILHOQXQEH JDQQHQVLHKLQDXI]XVWHLJHQXQGLPPHUZHLWHUKLQDXIDXIGHQKRKHQZHVW OLFKHQ*UDW'LH:lOGHUK|UWHQDXIXQGVLHNDPHQ]XYHUVWUHXWHQ*UXS SHQYRQ%LUNHQXQGGDQQ]XNDKOHQ+lQJHQZRQXUHLQSDDUKDJHUH7DQ QHQZXFKVHQ'LH6RQQHYHUVDQNKLQWHUGHPGXQNOHQ%HUJUFNHQYRU LKQHQ(LQHJUDXH'lPPHUXQJEUDFKKHUHLQ 3LSSLQVFKDXWHQDFKKLQWHQ'LH=DKOGHU(QWVZDUJHZDFKVHQ² RGHU ZDVJHVFKDK":RGLHGVWHUHQNDKOHQ+lQJHGLHVLHEHUTXHUWKDWWHQ OLHJHQVROOWHQJODXEWHHUMHW]W%DXPJUXSSHQ]XVHKHQ$EHUVLHEHZHJWHQ VLFK.RQQWHHVVHLQGDGLH%lXPHYRQ)DQJRUQHUZDFKWZDUHQXQGGHU :DOGVLFKHUKREXQGEHUGLH%HUJHLQGHQ.ULHJ]RJ"(UULHEVLFKGLH $XJHQXQGIUDJWHVLFKRE0GLJNHLWXQG6FKDWWHQLKQJHQDUUWKlWWHQ DEHUGLHJURHQJUDXHQ*HVWDOWHQJLQJHQVWHWLJYRUZlUWV(VZDUHLQ*H UlXVFKZLH:LQGLQYLHOHQ=ZHLJHQ 'LH(QWVQlKHUWHQVLFKMHW]WGHP .DPPGHV%HUJHVXQGDOOHV6LQJHQKDWWHDXIJHK|UW'LH1DFKWEUDFKKHU HLQXQGHVKHUUVFKWH6FKZHLJHQQLFKWVZDU]XK|UHQDOVHLQVFKZDFKHV =LWWHUQGHU(UGHXQWHUGHQ)HQGHU(QWVXQGHLQ5DVFKHOQHLQOHLVHV :LVSHUQ ZLHYRQYLHOHQGDKLQZHKHQGHQ%OlWWHUQ6FKOLHOLFKVWDQGHQVLH DXIGHP*LSIHOXQGVFKDXWHQKLQXQWHULQHLQHQGXQNOHQ$EJUXQGGLH JURH.OXIWDP(QGHGHV*HELUJHV1DQ&XUXQLUGDV7DOYRQ6DUXPDQ ª1DFKWOLHJWEHU,VHQJDUW©VDJWH%DXPEDUW
5HL$QJHON#KWWSFRODHERRN]IELGH
)h1)7(6.$3,7(/ '(5:(,66(5(,7(5
ª0LULVWNDOWELVDXIGLH.QRFKHQ©VDJWH*LPOLVFKOXJGLH$UPHXQWHU VLFKXQGVWDPSIWHPLWGHQ)HQDXI(QGOLFKZDUHV7DJJHZRUGHQ,P 0RUJHQJUDXHQKDWWHQVLHVLFKHLQ)UKVWFNEHUHLWHWVRJXWVLHNRQQWHQ MHW]WPDFKWHQVLHVLFKLQGHU]XQHKPHQGHQ+HOOLJNHLWGDUDQGHQ%RGHQ ZLHGHUQDFK6SXUHQGHU+REELWVDE]XVXFKHQ ª8QGYHUJHWGHQDOWHQ0DQQQLFKW©VDJWH*LPOLª,FKZlUHJOFN OLFKHUZHQQLFKGHQ$EGUXFNHLQHV6WLHIHOVVHKHQN|QQWH© ª:DUXPZUGHGLFKGDVJOFNOLFKHUPDFKHQ"©IUDJWH/HJRODV ª:HLOHLQDOWHU0DQQPLW)HQGLH6SXUHQKLQWHUODVVHQYLHOOHLFKW QLFKWPHKULVWDOVHU]XVHLQVFKLHQ©DQWZRUWHWHGHU=ZHUJ ª9LHOOHLFKW©VDJWHGHU(OEª$EHUKLHUKLQWHUOlWHLQVFKZHUHU6WLHIHO ZRP|JOLFKJDUNHLQHQ$EGUXFNGDV*UDVLVWKRFKXQGIHGHUQG© ª'DVZUGHHLQHQ:DOGOlXIHUQLFKWWlXVFKHQ©VDJWH*LPOLª)U$UD JRUQUHLFKWHLQXPJHERJHQHU+DOPXPLKQ]XGHXWHQ$EHULFKHUZDUWH QLFKWGDHULUJHQGZHOFKH6SXUHQILQGHW(VZDUHLQE|VHV7UXJELOGYRQ 6DUXPDQ ZDVZLUJHVWHUQJHVHKHQKDEHQ'DYRQELQLFKEHU]HXJWVHOEVW LPKHOOHQ0RUJHQOLFKW6HLQH$XJHQHUEOLFNHQXQVYLHOOHLFKWVRJDUMHW]W YRQ)DQJRUQDXV© ª'DVLVWUHFKWZDKUVFKHLQOLFK©VDJWH$UDJRUQªGHQQRFKELQLFKQLFKW VLFKHU,FKGHQNHDQGLH3IHUGH 'XVDJWHVWLQGHU1DFKW*LPOLHUKDEH VLHVRHUVFKUHFNWGDVLHIRUWJHODXIHQVHLHQ$EHUGDVJODXEHLFKQLFKW +DVWGXVLHJHK|UW/HJRODV".ODQJGLUGDVZLHHUVFKUHFNWH7LHUH"© ª1HLQ©VDJWH/HJRODVª,FKKDEHVLHGHXWOLFKJHK|UW:lUHHVQLFKW GXQNHO XQGZLUVHOEVWYHUlQJVWLJWJHZHVHQKlWWHLFKHKHUDQJHQRPPHQ HVVHLHQ7LHUHGLHVLFKSO|W]OLFKIUHXWHQ6LHJDEHQ/DXWHYRQVLFKZLH 3IHUGHHVWXQZHQQVLHHLQHQ)UHXQGWUHIIHQGHQVLHODQJHYHUPLW KDEHQ© ª'DVIDQGLFKDXFK©VDJWH$UDJRUQª$EHULFKNDQQGDV5lWVHOQLFKW O|VHQHVVHLGHQQVLHNHKUWHQ]XUFN1XQNRPPW(VZLUGUDVFKKHOO /DWXQV]XHUVWQDFKVFKDXHQXQGVSlWHUPXWPDHQ:LUVROOWHQKLHUDQ IDQJHQLQGHU1lKHXQVHUHV/DJHUSODW]HVVRUJIlOWLJDOOHVDEVXFKHQXQG XQVGDQQGHQ+DQJKLQDXI]XP:DOGYRUDUEHLWHQ'LH+REELWV]XILQGHQ LVWXQVHUH$XIJDEHZDVLPPHUZLUDXFKYRQXQVHUHP%HVXFKHULQGHU 1DFKWKDOWHQP|JHQ:HQQVLHGXUFKLUJHQGHLQHQJOFNOLFKHQ8PVWDQG HQWNRPPHQVLQGGDQQPVVHQVLHVLFKLQGHQ%lXPHQYHUVWHFNWKDEHQ VRQVWZlUHQVLHJHVHKHQZRUGHQ:HQQZLU]ZLVFKHQKLHUXQGGHP6DXP GHV:DOGHVQLFKWVILQGHQGDQQZHUGHQZLUDOVOHW]WHVQRFKDXIGHP 6FKODFKWIHOGXQGLQGHU$VFKHVXFKHQ$EHUGDEHVWHKWZHQLJ+RIIQXQJ GLH5HLWHUYRQ5RKDQKDEHQLKUH$UEHLW]XJXWJHPDFKW© (LQH=HLWODQJNURFKHQXQGWDVWHWHQGLH*HIlKUWHQDXIGHP%RGHQ KHUXP'HU%DXPVWDQGWUDXHUYROOEHULKQHQVHLQHWURFNHQHQ%OlWWHU KLQJHQMHW]WVFKODIIKHUDEXQGUDVFKHOWHQLPNDOWHQ2VWZLQG$UDJRUQ JLQJODQJVDPZHLWHU(UNDP]XU$VFKHGHV:DFKIHXHUV LQGHU1lKHGHV )OXXIHUVXQGEHJDQQGDQQGHQ%RGHQQRFKPDOVELV]XGHU.XSSHZR GHU.DPSIDXVJHIRFKWHQZRUGHQZDUVRUJIlOWLJ]XXQWHUVXFKHQ3O|W]OLFK EFNWHHUVLFKVRWLHIGDVHLQ*HVLFKWIDVWLP*UDVZDU'DQQULHIHUGLH DQGHUHQ6LHNDPHQDQJHUDQQW ª+LHUILQGHQZLUHQGOLFKHLQH1DFKULFKW©VDJWH$UDJRUQ(UKREHLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
EHVFKlGLJWHV%ODWWDXIGDPLWVLHHVVHKHQNRQQWHQHLQJURHVIDKOHV%ODWW LQJROGHQHU7|QXQJGDVMHW]WYHUEODWHXQGEUDXQZXUGHª+LHULVWHLQ 0DOORUQEODWWDXV/yULHQXQG.UPHOFKHQVLQGGDUDXIXQGQRFKHLQSDDU .UPHOLP*UDV8QGVFKDXWGDOLHJHQHLQLJH6WFNHYRQHLQHP]HU VFKQLWWHQHQ6WULFNJDQ]LQGHU1lKH© ª8QGKLHULVWGDV0HVVHUGDVVLH]HUVFKQLWWHQKDW©VDJWH*LPOL(U EFNWHVLFKXQG]RJDXVHLQHP*UDVEVFKHOLQ GHQVLHHLQVFKZHUHU)X KLQHLQJHWUHWHQKDWWHHLQHNXU]HJH]DFNWH.OLQJH'DVDEJHEURFKHQH+HIW ODJGDQHEHQª(VZDUHLQH2UNZDIIH©VDJWHHUKLHOWVLHEHKXWVDPXQGEH WUDFKWHWHYROO$EVFKHXGHQJHVFKQLW]WHQ*ULIIHUZDUZLHHLQKlOLFKHU .RSIJHVWDOWHWPLWVFKLHOHQGHQ$XJHQXQGHLQHPJLHUHQGHQ0XQG ª1DGDVLVWGDVVHOWVDPVWH5lWVHOGDVZLUMHJHIXQGHQKDEHQ©ULHI /HJRODVª(LQJHIHVVHOWHU*HIDQJHQHUHQWNRPPWVRZRKOGHQ2UNVDOVDXFK GHQXP]LQJHOQGHQ5HLWHUQ'DQQKlOWHUDQZl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lXPHJHIORJHQ(VPWHOHLFKWVHLQ LKQ]XILQGHQZLUEUDXFKHQQXUHEHQIDOOV)OJHO© ª'DZDUEHVWLPPW=DXEHUHLLP6SLHO©VDJWH*LPOLª:DVKDWGLHVHU DOWH0DQQKLHUJHPDFKW":DVKDVWGX$UDJRUQ]X/HJRODV /HVDUW]X VDJHQ".DQQVWGXVLHYHUEHVVHUQ"© ª9LHOOHLFKW©VDJWH$UDJRUQOlFKHOQGª'DVLQGQRFKHLQSDDUDQGHUH =HLFKHQLQGHU1lKHGLHLKUQLFKWEHUFNVLFKWLJWKDEW,FKVWLPPHHXFK ]XGDGHU*HIDQJHQHHLQ+REELWZDUXQGHQWZHGHU%HLQHRGHU+lQGH IUHLJHKDEWKDEHQPXHKHHUKLHUKHUNDP,FKYHUPXWHHVZDUHQGLH +lQGHZHLOGDV5lWVHOGDQQHLQIDFKHUZLUGXQGDXFKGHVKDOEZHLOHU QDFKPHLQHU'HXWXQJGHU6SXUHQYRQHLQHP2UNELV]XGLHVHU6WHOOHJH WUDJHQ ZRUGHQZDU%OXWLVWKLHUYHUJRVVHQZRUGHQHLQSDDU6FKULWWHHQW IHUQW2UNEOXW8QGGDQQVLQGEHUDOODQGLHVHU6WHOOH+XIVSXUHQXQG $Q]HLFKHQGDIUGDHWZDV6FKZHUHVZHJJHVFKOHLIWZXUGH'HU2UNLVW YRQ5HLWHUQHUVFKODJHQZRUGHQXQGVSlWHUKDWPDQVHLQH/HLFKH]XP )HXHUJH]HUUW$EHUGHU+REELWZXUGHQLFKWJHVHKHQHUZDUQLFKW!DXI IUHLHU)OXUGHQQHVZDU1DFKWXQGHUWUXJQRFKVHLQHQ(OEHQPDQWHO(U ZDUHUVFK|SIWXQGKXQJULJXQGHVLVWQLFKWYHUZXQGHUOLFKGDHUQDFK GHPHUVHLQH)HVVHOQPLWGHP0HVVHUVHLQHVJHIDOOHQHQ)HLQGHVGXUFK VFKQLWWHQKDWWHVLFKDXVUXKWHXQGHLQZHQLJDHKHHUGDYRQNURFK$EHU HVLVWWU|VWOLFK]XZLVVHQGDHUHLQSDDUOHPEDV LQGHU7DVFKHKDWWHRE ZRKOHURKQH$XVUVWXQJRGHU%QGHOZHJJHUDQQWZDUGDVLVWYLHOOHLFKW KREELWlKQOLFK,FKVDJHHUREZRKOLFKKRIIHXQGYHUPXWHGD0HUU\XQG 3LSSLQKLHU]XVDPPHQZDUHQ$OOHUGLQJVJLEWHVNHLQHQVLFKHUHQ%HZHLV GDIU© ª8QGZLHJODXEVWGXNDPHVGDHLQHUXQVHUHU)UHXQGHHLQH+DQG IUHLKDWWH"©IUDJWH*LPOL ª,FKZHLQLFKWZLHGDVNDP©DQWZRUWHWH$UDJRUQª8QGLFKZHL DXFKQLFKWZDUXP2UNVVLHZHJWUXJHQ1LFKWXPLKQHQEHLGHU)OXFKW]X 5HL$QJHON#KWWSFRODHERRN]IELGH
KHOIHQGHVVHQN|QQHQZLUVLFKHUVHLQ1HLQLFKJODXEHHKHUGDLFKMHW]W HLQHQ3XQNW]XYHUVWHKHQEHJLQQHGHUPLUYRQ$QIDQJDQUlWVHOKDIW ZDUZDUXPKDEHQVLFKGLH2UNVDOV%RURPLUJHIDOOHQZDUGDPLWEH JQJW0HUU\XQG3LSSLQJHIDQJHQ]XQHKPHQ"6LHKDEHQQLFKWQDFKXQV DQGHUHQJHVXFKWXQGDXFKXQVHU/DJHUQLFKWDQJHJULIIHQVWDWWGHVVHQVLQG VLHLQK|FKVWHU(LOHQDFK,VHQJDUW]XJHJDQJHQ1DKPHQVLHDQVLHKlWWHQ GHQ5LQJWUlJHUXQGVHLQHQJHWUHXHQ*HIlKUWHQJHIDQJHQ"'DVJODXEHLFK QLFKW,KUH+HUUHQKlWWHQQLFKWJHZDJW2UNVVRHLQGHXWLJH%HIHKOH]XHU WHLOHQQLFKWHLQPDOZHQQVLHVHOEVWVRYLHOJHZXWKlWWHQVLHKlWWHQ LKQHQJHJHQEHUQLFKWVRRIIHQYRQGHP5LQJJHVSURFKHQ2UNVVLQG NHLQHYHUWUDXHQVZUGLJHQ'LHQHU9LHOPHKUJODXEHLFKGDLKQHQEHIRK OHQZXUGH+REELWV JHIDQJHQ]XQHKPHQOHEHQGLJXPMHGHQ3UHLV-HPDQG XQWHUQDKPGHQ9HUVXFKYRUGHU6FKODFKWPLWGHQZHUWYROOHQ*HIDQJHQHQ GDYRQ]XVFKOHLFKHQ9HUUDWYLHOOHLFKW]LHPOLFKZDKUVFKHLQOLFKEHLGLHVHQ /HXWHQLUJHQGHLQJURHUXQGNKQHU2UNPDJYHUVXFKWKDEHQDOOHLQPLW GHU%HXWH]XHQWNRPPHQ]XHLJHQHP1XW]XQG)URPPHQ6RGDVLVW PHLQH/HVDUW(VPDJDQGHUHJHEHQ$EHUDXIHLQHVN|QQHQZLUMHGHQIDOOV UHFKQHQ]XPLQGHVWHLQHUXQVHUHU)UHXQGHNRQQWHIOLHKHQ(VLVWXQVHUH $XIJDEHLKQ]XILQGHQXQGLKP]XKHOIHQHKHZLUQDFK5RKDQ]XUFN NHKUHQ:LUGUIHQXQVQLFKWVFKUHFNHQODVVHQYRQ)DQJRUQGDLKQGLH 1RWLQGLHVHILQVWHUH*HJHQGWULHE© ª,FKZHLQLFKWZDVPLFKPHKUVFKUHFNW)DQJRUQRGHUGHU*HGDQNH DQGHQODQJHQ:HJGXUFK5RKDQ]X)X©VDJWH*LPOL ª'DQQODWXQVLQGHQ:DOGJHKHQ©VDJWH$UDJRUQ (VGDXHUWHQLFKWODQJHGDIDQG$UDJRUQQHXH=HLFKHQ$QHLQHU6WHOOH QDKHGHP8IHUGHU(QWZDVVHUVWLHHUDXI)XDEGUFNH+REELW $EGUFNHDEHU]XVFKZDFKXPYLHOGDUDXV]XHQWQHKPHQ'DQQHQW GHFNWHHUZHLWHUH6SXUHQXQWHUGHP6WDPPHLQHVJURHQ%DXPHVJH QDXDP:DOGUDQG'HUQDFNWHXQGWURFNHQH%RGHQYHUULHWQLFKWYLHO ª=XPLQGHVWHLQ+REELWVWDQGKLHUHLQH:HLOHXQGEOLFNWH]XUFNXQG GDQQZDQGWHHUVLFKDEXQGGHP:DOG]X©VDJWH$UDJRUQ ª'DQQPVVHQZLUDXFKKLQHLQJHKHQ©VDJWH*LPOLª$EHUGLHVHU )DQJRUQJHIlOOWPLUQLFKWXQGZLUVLQGYRULKPJHZDUQWZRUGHQ,FK ZQVFKWHGLH-DJGKlWWHZRDQGHUVKLQJHIKUW© ª,FKJODXEHQLFKWGDGHU:DOGE|VHLVWZDVLPPHUGLH6DJHQEHULFK WHQP|JHQ©VDJWH/HJRODV(UVWDQGDP6DXPGHV:DOGHVQDFKYRPJH EFNWDOVREHUODXVFKHXQGVWDUUWHPLWZHLW RIIHQHQ$XJHQLQGLH6FKDW WHQª1HLQHULVWQLFKWE|VHRGHUGDV%|VHGDVHVLQLKPJLEWLVWZHLW ZHJ,FKHPSIDQJHQXUHLQJDQ]VFKZDFKHV(FKRYRQGXQNOHQ2UWHQZR GLH+HU]HQGHU%lXPHVFKZDU]VLQG,QXQVHUHU1lKHLVWNHLQH%RVKHLW DEHULFKVSUH :DFKVDPNHLWXQG=RUQ© ª1XQHUKDWNHLQHQ*UXQGDXIPLFK]RUQLJ]XVHLQ©VDJWH*LPOLª,FK KDEHLKPQLFKWV]XOHLGHJHWDQ© ª'DVLVWJXW©VDJWH/HJRODVª$EHUGHQQRFKKDWHU6FKDGHQJHQRP PHQ,UJHQGHWZDVJHVFKLHKWGDGULQQHQRGHUZLUGJHVFKHKHQ6SUWLKU QLFKWGLH6SDQQXQJ"(VQLPPWPLUGHQ$WHP© ª,FKVSUHGDGLH/XIWVWLFNLJLVW©VDJWGHU=ZHUJª'LHVHU:DOGLVW OLFKWHUDOV'VWHUZDOGDEHUHULVWPXIILJXQGVFKlELJ© ª(ULVWDOWVHKUDOW©VDJWHGHU(OEª6RDOWGDLFKPLFKIDVWZLHGHU MXQJIKOHZLHLFKPLFKQLFKWJHIKOWKDEHVHLWLFKPLWHXFK.LQGHUQ ZDQGHUH(ULVWDOWXQGYROOHU(ULQQHUXQJ,FKN|QQWHKLHUJOFNOLFKVHLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHQQLFKLQIULHGOLFKHQ7DJHQKHUJHNRPPHQZlUH© ª'DVZLOOLFKJODXEHQ©VFKQDXEWH*LPOLª'XELVWVRZLHVRHLQ:DOG HOEREZRKO(OEHQDOOHU$UWVHOWVDPH/HXWHVLQG'HQQRFKWU|VWHVWGX PLFK:RGXKLQJHKVWGDZLOOLFKDXFKKLQJHKHQ$EHUKDOWHGHLQHQ %RJHQJULIIEHUHLWXQGLFKZLOOPHLQH$[WORFNHULP*UWHOWUDJHQ1LFKW XPVLHEHL%lXPHQ]XYHUZHQGHQ©IJWHHUKDVWLJKLQ]XXQGVFKDXWH]X GHP%DXPDXIXQWHUGHPVLHVWDQGHQª,FKP|FKWHQLFKWXQYHUVHKHQV GLHVHQDOWHQ0DQQWUHIIHQRKQHHWZDV6FKODJNUlIWLJHVEHLGHU+DQG]X KDEHQGDVLVWDOOHV/DWXQVJHKHQ© 'DPLWPDFKWHQVLFKGLHGUHL-lJHULQGHQ:DOGDXI/HJRODVXQG *LPOLEHUOLHHQHV$UDJRUQGLH6SXU]XILQGHQ(VJDEZHQLJIULKQ]X VHKHQ'HU:DOGERGHQZDUWURFNHQXQGPLWHLQHU6FKLFKW%OlWWHUEHGHFNW DEHUGDHUYHUPXWHWHGDGLH)OFKWHQGHQVLFKQDKHDP:DVVHUJHKDOWHQ KDWWHQNHKUWHHURIW]XP)OXXIHU]XUFN6RNDPHU]XGHU6WHOOHDQGHU 0HUU\XQG3LSSLQJHWUXQNHQXQGLKUH)HJHEDGHWKDWWHQ'RUWZDUHQ IUDOOHGHXWOLFK]XVHKHQGLH)XDEGUFNHYRQ]ZHL+REELWVGHUHLQH HWZDVNOHLQHUDOVGHUDQGHUH ª'DVLVWHLQHJXWH%RWVFKDIW©VDJWH$UDJRUQª$OOHUGLQJVVLQGGLH 6SXUHQ]ZHL7DJHDOW8QGHVVFKHLQWGDGLH+REELWVDQGLHVHU6WHOOHGDV 8IHUYHUODVVHQKDEHQ© ª:DVVROOHQZLUGHQQQXQWXQ"©VDJWH*LPOLª:LUN|QQHQVLHGRFK QLFKWGXUFKGLHJDQ]H)HVWXQJ)DQJRUQYHUIROJHQ:LUVLQGVFKOHFKW DXV JHUVWHWKLHUKHUJHNRPPHQ)LQGHQZLUVLHQLFKWEDOGZHUGHQZLULKQHQ QLFKWVPHKUQW]HQVRQGHUQXQVQXUQHEHQVLHVHW]HQN|QQHQXQGLKQHQ XQVHUH)UHXQGVFKDIWGDGXUFKEHZHLVHQGDZLUJHPHLQVDPYHUKXQJHUQ© ª:HQQGDVZLUNOLFKDOOHVLVWZDVZLUWXQ N|QQHQGDQQPVVHQZLUHV WXQ©VDJWH$UDJRUQª/DWXQVZHLWHUJHKHQ© 6FKOLHOLFKNDPHQVLH]XGHPMlKHQ6WHLOKDQJYRQ%DXPEDUWV%HUJXQG VFKDXWHQKLQDXI]XGHU)HOVZDQGXQGGHQXQHEHQHQ6WXIHQGLH]XGHU KRKHQ)HOVSODWWHIKUWHQ6RQQHQVWUDKOHQEUDFKHQGXUFKGLHHLOHQGHQ :RONHQXQGGHU:DOGVDKMHW]WZHQLJHUJUDXXQGGVWHUDXV ª/DWXQVKLQDXIJHKHQXQGXQVXPVFKDXHQ©VDJWH/HJRODVª0LU VWRFNWLPPHUQRFKGHU$WHP,FKZUGHJHUQHLQH:HLOHIULVFKHUH/XIW JHQLHHQ© 'LH*HIlKUWHQNOHWWHUWHQKLQDXI$UDJRUQNDPDOVOHW]WHUXQGJLQJ ODQJVDPHUEHUSUIWHGLH6WXIHQXQG9RUVSUQJHJHQDX ª,FKELQIDVWVLFKHUGDGLH+REELWVKLHUREHQZDUHQ©VDJWHHUª$EHU GDVLQGQRFKDQGHUH6SXUHQVHKUVHOWVDPH6SXUHQGLHLFKQLFKWEHJUHLIH ,FKELQJHVSDQQWREZLUYRQGLHVHP)HOVJHVLPVDXVHWZDVVHKHQZHUGHQ GDVXQVHUUDWHQOlWZLHVLHZHLWHUJHJDQJHQVLQG© (UWUDWKLQDXIXQGEOLFNWHVLFKXPDEHUHUVDKQLFKWVZDVLUJHQG ZLHQW]WH'LH)HOVSODWWHVFKDXWHQDFK6GHQXQG2VWHQDEHUQXULP 2VWHQZDUGLH$XVVLFKWIUHL'RUWNRQQWHHUGLH:LSIHOGHU%lXPHVHKHQ GLHLQ5HLKHQ]XU(EHQHDEILHOHQDXVGHUGLH*HIlKUWHQJHNRPPHQ ZDUHQ ª:LUKDEHQHLQHQODQJHQ8PZHJJHPDFKW©VDJWH/HJRODVª:LUKlWWHQ DOOH]XVDPPHQJHIDKUORVKLHUKHUJHODQJHQN|QQHQZHQQZLUGHQ*URHQ 6WURPDP]ZHLWHQRGHUGULWWHQ7DJYHUODVVHQXQGXQVQDFK:HVWHQJH VFKODJHQKlWWHQ:HQLJHN|QQHQYRUDXVVHKHQZRKLQLKU:HJVLHIKUW HKHVLHDQVHLQHP(QGHDQJHODQJWVLQG© ª$EHUZLUZROOWHQJDUQLFKWQDFK)DQJRUQNRPPHQ©VDJWH*LPOL 5HL$QJHON#KWWSFRODHERRN]IELGH
ª'HQQRFKVLQGZLUKLHU² XQGKEVFKLP1HW]JHIDQJHQ©VDJWH/HJR ODVª6FKDXW© ª:RKLQVFKDXHQ"©IUDJWH*LPOL ª'RUW]ZLVFKHQGHQ%lXPHQ© ª:R",FKKDEHNHLQH(OEHQDXJHQ© ª3VW6SULFKOHLVHU6FKDX©VDJWH/HJRODVXQG]HLJWHKLQXQWHUª'RUW XQWHQLP:DOGDXIGHP:HJGHQZLUJHUDGHJHNRPPHQVLQG(ULVWHV .DQQVWGXLKQQLFKWVHKHQZLHHUYRQ%DXP]X%DXPJHKW"© ª-DMHW]WVHKHLFKLKQ©]LVFKWH*LPOLª6FKDX$UDJRUQ+DEHLFK HXFKQLFKWJHZDUQW"'DLVWGHUDOWH0DQQ*DQ]LQVFKPXW]LJHQJUDXHQ /XPSHQGDUXP KDEHLFKLKQ]XHUVWQLFKWVHKHQN|QQHQ© $UDJRUQHUEOLFNWHHLQHJHEHXJWH*HVWDOWGLHVLFKODQJVDPEHZHJWH'HU 0DQQZDUQLFKWZHLWZHJXQGVDKZLHHLQDOWHU%HWWOHUDXVGHUPGH GDKLQ]RJXQGVLFKDXIHLQHQGHUEHQ6WRFNVWW]WH(UKLHOWGHQ.RSIJH VHQNWXQGVFKDXWHQLFKW]XLKQHQDXI,QDQGHUHQ/DQGHQKlWWHQVLHLKQ PLWIUHXQGOLFKHQ:RUWHQEHJUWGRFKMHW]WVWDQGHQVLHVWXPPGDXQG MHGHUHPSIDQGHLQHVHOWVDPH(UZDUWXQJHWZDVQlKHUWHVLFKGDVHLQHYHU ERUJHQH0DFKWEHVD² RGHUHWZDV%HGURKOLFKHV *LPOLVWDUUWHHLQH:HLOHPLWZHLWDXIJHULVVHQHQ$XJHQZlKUHQGGLH *HVWDOW6FKULWWXP6FKULWWQlKHUNDP'DQQYHUPRFKWHHUVLFKSO|W]OLFK QLFKWPHKU]XEHKHUUVFKHQXQGSODW]WHKHUDXVª'HLQ%RJHQ/HJRODV 6SDQQHLKQ0DFKGLFKEHUHLW(VLVW6DUXPDQ/D LKQQLFKWUHGHQRGHU XQVGXUFKHLQHQ=DXEHUEOHQGHQ6FKLH]XHUVW© /HJRODVQDKPVHLQHQ%RJHQXQGVSDQQWHLKQODQJVDPXQGDOVREHLQ DQGHUHU:LOOHLKP:LGHUVWDQGOHLVWH(UKLHOWHLQHQ3IHLOORFNHULQGHU +DQGOHJWHLKQDEHUQLFKWDXIGLH6HKQH$UDJRUQVWDQGVFKZHLJHQGGD VHLQ*HVLFKWZDUZDFKVDPXQGDQJHVSDQQW ª:DUXPZDUWHVWGX":DVLVWPLWGLUORV"©]LVFKWH*LPOLIOVWHUQG ª/HJRODVKDWUHFKW©VDJWH$UDJRUQUXKLJª:LUGUIHQQLFKWDXIHLQHQ DOWHQ0DQQVFKLHHQVRXQYHUPXWHWXQGRKQHLKQDQJHUXIHQ]XKDEHQ ZHOFKH)XUFKWRGHUZHOFKHU=ZHLIHODXFKLPPHUDXIXQVOLHJW%HREDFKWHW LKQXQGZDUWHWDE© ,QGLHVHP$XJHQEOLFNEHVFKOHXQLJWHGHUDOWH0DQQVHLQHQ6FKULWWXQG NDPPLWEHUUDVFKHQGHU6FKQHOOLJNHLW]XP)XGHU)HOVZDQG'DQQ VFKDXWHHUSO|W]OLFKDXIZlKUHQGGLHDQGHUHQUHJORVGDVWDQGHQXQG]X LKPKLQXQWHUEOLFNWHQ(VZDUNHLQ/DXW]XK|UHQ 6LHNRQQWHQVHLQ*HVLFKWQLFKWVHKHQHUWUXJHLQH.DSX]HXQGEHUGHU .DSX]HHLQHQEUHLWNUHPSLJHQ+XWVRGDVHLQH=JHELVDXIGLH1DVHQ VSLW]HXQGGHQJUDXHQ%DUWEHVFKDWWHWZDUHQ'HQQRFKJODXEWH$UDJRUQ HLQ)XQNHOQVFKDUIHUXQGOHXFKWHQGHU$XJHQXQWHUGHQYRQGHU.DSX]H EHVFKDWWHWHQ%UDXHQJHVHKHQ]XKDEHQ 6FKOLHOLFKEUDFKGHUDOWH0DQQGDV6FKZHLJHQª:DKUOLFKJXWGDLFK HXFKWUHIIHPHLQH)UHXQGH©VDJWHHUPLWOHLVHU6WLPPHªLFKP|FKWH PLWHXFKUHGHQ:ROOWLKUKHUXQWHUNRPPHQRGHUVROOLFKKLQDXINRPPHQ"© 2KQHHLQH$QWZRUWDE]XZDUWHQEHJDQQHUKLQDXI]XVWHLJHQ ª-HW]W©ULHI*LPOLª+DOWHLKQDXI/HJRODV© ª+DEHLFKQLFKWJHVDJWGDLFKPLWHXFKUHGHQP|FKWH"©IUDJWHGHUDOWH 0DQQª/HJGHQ%RJHQZHJ+HUU(OE© %RJHQXQG3IHLOILHOHQ/HJRODVDXVGHQ+lQGHQXQGVHLQH$UPHKLQ JHQVFKODIIKHUDE ª8QGGX+HUU=ZHUJQLPPELWWHGLH+DQGYRP$[WJULIIELVLFKREHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ELQ'XZLUVWNHLQHVROFKHQVFKODJNUlIWLJHQ0LWWHOEUDXFKHQ© *LPOLIXKU]XVDPPHQXQGVWDQGUHJORVZLHHLQ6WHLQGDXQGVWDUUWH ZlKUHQGGHUDOWH0DQQGLHURKHQ6WXIHQKXUWLJZLHHLQH=LHJHKLQDXI VSUDQJ$OOH0GLJNHLWVFKLHQYRQLKPDEJHIDOOHQ]XVHLQ$OVHUDXIGLH )HOVSODWWHWUDWOHXFKWHWHHWZDVDXI]XNXU]DOVGDPDQKlWWHVLFKHUVHLQ N|QQHQDEHUHLQUDVFKHV$XIEOLW]HQYRQ:HLOLHYHUPXWHQGDHLQ YRQGHQJUDXHQ/XPSHQYHUKOOWHVZHLHV*HZDQGHLQHQNXU]HQ$XJHQ EOLFNGXUFKVFKLPPHUWH*LPOLV$WHPKROHQZDULQGHU6WLOOHDOV HLQODXWHV =LVFKHQ]XK|UHQ ª*XWGDLFKHXFKWUHIIHZLHGHUKROHLFK©VDJWHGHUDOWH0DQQDOVHU DXIVLH]XNDP$OVHUHLQSDDU6FKULWWYRULKQHQZDUEOLHEHUVWHKHQ EHXJWHVLFKEHUVHLQHQ6WDEVWUHFNWHGHQ.RSIYRUXQGVDKVLHXQWHUVHL QHU.DSX]HVFKDUIDQª8QGZDVP|JWLKUZRKOLQGLHVHU*HJHQGWXQ"(LQ (OEHLQ0HQVFKXQGHLQ=ZHUJXQGDOOHDXIHOELVFKH:HLVHJHNOHLGHW =ZHLIHOORVJLEWHVHLQH*HVFKLFKWHKLQWHUDOOHGHPGLH]XK|UHQVLFKYHU ORKQW6ROFKH'LQJHVLHKWPDQKLHUQLFKWRIW© ª,KUVSUHFKWZLHHLQHUGHU)DQJRUQJXWNHQQW©VDJWH$UDJRUQª,VW GHPVR"© ª1LFKWJXW©VDJWHGHUDOWH0DQQª'DVZUGHGHQ/HUQHLIHUYLHOHU /HEHQV]HLWHQHUIRUGHUQ$EHULFKNRPPHDEXQG]XKLHUKHU© ª'UIWHQZLU(XUHQ1DPHQHUIDKUHQXQGGDQQK|UHQZDV,KUXQV]X VDJHQKDEW"©IUDJWH$UDJRUQª'HU0RUJHQYHUJHKWXQGZLUKDEHQHLQH $XIJDEHGLHQLFKWXQHUOHGLJWEOHLEHQNDQQ© ª:DVLFK]XVDJHQZQVFKWHGDVKDEHLFKJHVDJW:DVP|JWLKUKLHU WXQXQGZHOFKH*HVFKLFKWHN|QQWLKUEHUHXFKEHULFKWHQ":DVPHLQHQ 1DPHQEHWULIIW©(UXQWHUEUDFKVLFKXQGODFKWHODQJHXQGOHLVH$UD JRUQVSUWHZLHLKQEHLGLHVHP.ODQJHLQ6FKDXHUEHUOLHIHLQVHOWVDPHV NDOWHV(UEHEHQXQGGHQQRFKZDUHVQLFKW)XUFKWRGHU(QWVHW]HQZDVLKQ EHILHOHVZDUHKHUZLHGLHSO|W]OLFKH6FKlUIHHLQHUIULVFKHQ%ULVHRGHUGDV .ODWVFKHQYRQNDOWHP5HJHQGHUHLQHQXQUXKLJHQ6FKOlIHUZHFNW ª0HLQ1DPH©VDJWHGHUDOWH0DQQQRFKHLQPDOª+DEWLKULKQQLFKW EHUHLWVHUUDWHQ",KUKDEWLKQVFKRQIUKHUJHK|UWJODXEHLFK-DLKUKDEW LKQVFKRQIUKHUJHK|UW$EHUZLHLVWGDVQXQPLWHXUHU*HVFKLFKWH"© 'LHGUHL*HIlKUWHQVWDQGHQVWXPPGDXQGJDEHQNHLQH$QWZRUW ª0DQFKH/HXWHZUGHQ]X]ZHLIHOQEHJLQQHQREHXHU$XIWUDJEHU KDXSWDXVVSUHFKEDULVW©VDJWHGHUDOWH0DQQª=XP*OFNZHLLFKHWZDV GDUEHU,KUYHUIROJWGLH6SXUHQ]ZHLHUMXQJHU+REELWVJODXEHLFK-D +REELWV6WDUUWPLFKQLFKWVRDQDOVKlWWHWLKUGLHVHQVHOWVDPHQ1DPHQ QRFKQLHJHK|UW,KUKDEWLKQJHK|UWXQGLFKDXFK-DYRUJHVWHUQVLQG VLHKLHUKHUDXIJHNOHWWHUWXQGVLHWUDIHQMHPDQGHQGHQVLHQLFKWHUZDUWHW KDWWHQ7U|VWHWHXFKGDV"8QGQXQZROOWLKUJHUQZLVVHQZRVLHKLQJH EUDFKWZXUGHQ"1XUUXKLJYLHOOHLFKWNDQQLFKHXFKGDUEHUHWZDV1HXHV VDJHQ$EHUZDUXPVWHKWLKU"(XHU$XIWUDJLVWZLHLKUVHKWQLFKWPHKU VR GULQJHQGZLHLKUJODXEWHW:LUZROOHQXQVVHW]HQXQGHVXQVEHKDJ OLFKHUPDFKHQ© 'HUDOWH0DQQZDQGWHVLFKXPXQGJLQJ]XHLQHP+DXIHQKHUDEJHIDO OHQHU6WHLQHXQG)HOVEURFNHQDP)XGHUKLQWHUHQ6WHLOZDQG$OVREHLQ =DXEHUEDQQJHEURFKHQVHLHQWVSDQQWHQVLFKGLHDQGHUHQVRIRUWXQGEH ZHJWHQVLFK*LPOLV+DQGJULIIJOHLFKQDFKGHP6FKDIWVHLQHU$[W$UD JRUQ]RJVHLQ6FKZHUW/HJRODVKREVHLQHQ%RJHQDXI 'HUDOWH0DQQNPPHUWHVLFKQLFKWGDUXPVRQGHUQVHW]WHVLFKDXIHLQHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
QLHGULJHQIODFKHQ6WHLQ 'DQQVFKOXJVHLQJUDXHU0DQWHODXIXQGVLH VDKHQXQEH]ZHLIHOEDUGDHUGDUXQWHUJDQ]LQ:HLJHNOHLGHWZDU ª6DUXPDQ©ULHI*LPOLXQGVSUDQJPLWGHU$[WLQGHU+DQGDXILKQ ]Xª6SUHFKW6DJWXQVZR,KUXQVHUH)UHXQGHYHUERUJHQKDEW:DVKDEW ,KUPLWLKQHQJHPDFKW"6SUHFKWRGHULFKPDFKH(XFKHLQH'HOOHLQGHQ +XWPLWGHUIHUWLJ]XZHUGHQVHOEVWHLQHP=DXEHUHUVFKZHUIDOOHQZLUG© 'HUDOWH0DQQZDU]XVFKQHOOIULKQ(UVSUDQJDXIGLH)HXQGPLW HLQHP6DW]DXIHLQHQJURHQ)HOVEORFNKLQDXI'RUWVWDQG HUSO|W]OLFK JURJHZRUGHQVLHEHUUDJHQG6HLQH.DSX]HXQGGLHJUDXHQ/XPSHQ ZDUIHUDE6HLQZHLHV*HZDQGVFKLPPHUWH(UKREVHLQHQ6WDEXQG *LPOLV$[WHQWZDQGVLFKVHLQHP*ULIIXQGILHONOLUUHQGDXIGHQ %RGHQ$UDJRUQV6FKZHUWGDVHUIHVWLQGHUUHJORVHQ+DQGKLHOWORGHUWH YRQHLQHPSO|W]OLFKHQ)HXHU/HJRODVVWLHHLQHQODXWHQ5XIDXVXQG VFKRHLQHQ3IHLOKRFKLQGLH/XIWHUYHUVFKZDQGLQHLQHP)ODPPHQEOLW] ª0LWKUDQGLU©ULHIHUª0LWKUDQGLU© ª*XWGDLFKGLFKWUHIIHVDJHLFKZLHGHUXP]XGLU/HJRODV©VDJWHGHU DOWH0DQQ 6LHDOOHVWDUUWHQLKQDQ6HLQ+DDUZDUZHLZLH6FKQHHLQGHU6RQQH XQGVFKLPPHUQGZHLZDUVHLQ*HZDQGGLH$XJHQXQWHUGHQGLFKWHQ %UDXHQIXQNHOWHQXQGZDUHQGXUFKGULQJHQGZLHGLH6WUDKOHQGHU6RQQH 0DFKWZDULQVHLQHU+DQG+LQ XQGKHUJHULVVHQ]ZLVFKHQ6WDXQHQ )UHXGHXQG)XUFKWVWDQGHQVLHGDXQGEUDFKWHQNHLQ:RUWKHUDXV (QGOLFKUKUWH$UDJRUQVLFKª*DQGDOI©VFKULHHUª:LGHUDOOH+RII QXQJNHKUVWGXLQXQVHUHU1RW]XXQV]XUFN:HOFKHU6FKOHLHUODJDXI PHLQHP %OLFN*DQGDOI©*LPOLVDJWHQLFKWVVRQGHUQVDQNDXIGLH.QLH XQGOHJWHGLH+DQGYRUGLH$XJHQ ª*DQGDOI©ZLHGHUKROWHGHUDOWH0DQQDOVREHUVLFKDXVDOWHQ(ULQQH UXQJHQHLQHVODQJHQLFKWJHEUDXFKWHQ:RUWHVHQWVLQQHª-DGDVZDUGHU 1DPH,FKZDU*DQGDOI© (UVWLHJYRQGHP)HOVHQKHUDEQDKPVHLQHQJUDXHQ0DQWHOXQG]RJLKQ XPVLFKHVZDUDOVKDEHGLH6RQQHJHVFKLHQHQXQGVHLMHW]WZLHGHULQ :RONHQYHUERUJHQª-DLKUGUIWPLFKQRFK*DQGDOIQHQQHQ©VDJWHHU XQGGLH6WLPPHZDUGLH6WLPPHLKUHVDOWHQ)UHXQGHVXQG)KUHUVª6WHK DXIPHLQJXWHU*LPOL.HLQH6FKXOGWULIIWGLFKXQGPLULVWNHLQ/HLGJH VFKHKHQ)UZDKUPHLQH)UHXQGHNHLQHUYRQHXFKKDWHLQH:DIIHGLH PLFKYHUOHW]HQN|QQWH)UHXWHXFK:LUVLQGZLHGHUEHLVDPPHQ$P :HQGHSXQNW'HU JURH6WXUPNRPPWDEHUGDV*OFNKDWVLFKJHZHQGHW© (UOHJWH*LPOLGLH+DQGDXIGHQ.RSIXQGGHU=ZHUJVFKDXWHDXIXQG ODFKWHSO|W]OLFKª*DQGDOI©VDJWHHUª$EHUGXELVWMDJDQ]LQ:HL© ª-DMHW]WELQLFKZHL©VDJWH*DQGDOIª7DWVlFKOLFKELQ LFK6DUXPDQ N|QQWHPDQIDVWVDJHQ6DUXPDQZLHHUVHLQVROOWH$EHUQXQNRPPWHU ]DKOWPLUYRQHXFK,FKELQGXUFK)HXHUXQGWLHIHV:DVVHUJHJDQJHQVHLW ZLUXQVJHWUHQQWKDEHQ9LHOHVKDEHLFKYHUJHVVHQZRYRQLFKJODXEWH GDLFKHVZLVVHXQGZLHGHUXPYLHOHUIDKUHQGDVLFKYHUJHVVHQKDWWH 9LHOH'LQJHNDQQLFKYRQZHLWKHUVHKHQDEHUYLHOH'LQJHGLHJDQ]QDK VLQGNDQQLFKQLFKWVHKHQ(U]lKOWPLUYRQHXFK© ª:DVP|FKWHVWGXZLVVHQ"©IUDJWH$UDJRUQª$OOHVZDVJHVFKHKHQLVW VHLWZLUXQVDXIGHU%UFNHWUHQQWHQZlUHHLQHODQJH(U]lKOXQJ:LOOVW GXXQVQLFKWHUVW1DFKULFKWEHUGLH+REELWVJHEHQ"+DVWGXVLH JHIXQGHQXQGVLQGVLHLQ6LFKHUKHLW"© ª1HLQLFKKDEHVLHQLFKWJHIXQGHQ©VDJWH*DQGDOIª(VODJ'XQNHOKHLW 5HL$QJHON#KWWSFRODHERRN]IELGH
EHUGHQ7lOHUQGHV(P\Q0XLOXQGLFKZXWHQLFKWVYRQLKUHU*HIDQ JHQQDKPHELVGHU$GOHUHVPLUVDJWH© ª'HU$GOHU©VDJWH/HJRODVª,FKKDEHHLQHQ$GOHUJHVHKHQKRFKXQG ZHLWZHJGDVOHW]WH0DOYRUGUHL7DJHQEHUGHP(P\Q0XLO© ª-D©VDJWH*DQGDOIªGDVZDU*ZDLKLUGHU+HUUGHU:LQGHGHUPLFK YRQ2UWKDQFJHUHWWHWKDW,FKVFKLFNWHLKQYRUDXVXPGHQ)OX]XEHRE DFKWHQXQG1DFKULFKWHQ]XVDPPHOQ6HLQ$XJHLVWVFKDUIDEHUHUNDQQ QLFKWDOOHVVHKHQZDVXQWHU%HUJXQG%DXPJHVFKLHKW(LQLJHVKDWHUJH VHKHQXQGDQGHUHVKDEHLFK JHVHKHQ'HP5LQJYHUPDJLFKQXQQLFKW PHKU]XKHOIHQXQGDXFKNHLQHUYRQGHU*HPHLQVFKDIWGLHVLFKYRQ %UXFKWDODXIJHPDFKWKDWYHUPDJHV8PHLQ+DDUZlUHHUGHP)HLQG HQWKOOWZRUGHQDEHUHUHQWNDP,FKZDUGDUDQEHWHLOLJWGHQQLFK VDDQHLQHPKRKHQ2UWXQGNlPSIWHPLWGHP'XQNOHQ7XUPXQGGHU 6FKDWWHQ]RJYRUEHU'DQQZDULFKPGHVHKUPGHXQGLFKZDQGHUWH ODQJHLQGXQNOHQ*HGDQNHQ© ª'DQQZHLWGXHWZDVYRQ)URGR"©IUDJWH*LPOLª:LHJHKWHVLKP"© ª'DVNDQQLFKQLFKWVDJHQ(UZXUGHYRUHLQHUJURHQ*HIDKUJHUHWWHW DEHUYLHOHOLHJHQQRFKYRULKP(UEHVFKORDOOHLQQDFK0RUGRU]XJHKHQ XQGHUPDFKWHVLFKDXIGHQ:HJGDVLVWDOOHVZDVLFKVDJHQNDQQ© ª1LFKWDOOHLQ©VDJWH/HJRODVª:LUJODXEHQGD6DPPLWLKPJLQJ© ª$FK"©VDJWH*DQGDOIXQGVHLQH$XJHQOHXFKWHWHQDXIXQGHU OlFKHOWHª:LUNOLFK"'DVLVWPLUQHXXQGGHQQRFKEHUUDVFKWHVPLFK QLFKW*XW6HKUJXW,KUHUOHLFKWHUWPLUGDV+HU],KUPWPLUPHKUHU ]lKOHQ1XQVHW]WHXFK]XPLUXQGEHULFKWHWYRQHXUHU)DKUW© 'LH*HIlKUWHQVHW]WHQVLFKDXIGHQ%RGHQ]XVHLQHQ)HQXQG$UD JRUQEHJDQQGLH(U]lKOXQJ(LQHJDQ]H:HLOHVDJWH*DQGDOIQLFKWVXQG VWHOOWHNHLQH)UDJHQ(UKDWWHGLH+lQGHDXIGLH.QLHJHOHJWXQGGLH $XJHQJHVFKORVVHQ$OV$UDJRUQVFKOLHOLFKYRQ%RURPLUV7RGVSUDFK XQGYRQVHLQHUOHW]WHQ)DKUWDXIGHP*URHQ6WURPGDVHXI]WHGHUDOWH 0DQQ ª'XKDVWQLFKWDOOHVJHVDJWZDVGXZHLWRGHUHUUlWVW$UDJRUQPHLQ )UHXQG©VDJWHHUOHLVHª$UPHU%RURPLU,FKNRQQWHQLFKWVHKHQZDV LKPZLGHUIDKUHQZDU(VZDUHLQHVFKZHUH9HUVXFKXQJIUHLQHQVROFKHQ 0DQQHLQ.ULHJHUHLQ)UVWGHU0HQVFKHQ*DODGULHOVDJWHPLUHUVHLLQ *HIDKU$EHUHUHQWNDP]XOHW]W'HVVHQELQLFKIURK(VZDUQLFKWYHUJH EHQVGDGLHMXQJHQ+REELWVPLWXQVNDPHQXQGVHL VQXUXP%RURPLUV ZLOOHQ$EHUGDVLVWQLFKWGLHHLQ]LJH5ROOHGLHVLH]XVSLHOHQKDEHQ6LH VLQGQDFK)DQJRUQJHEUDFKWZRUGHQXQGLKU.RPPHQZDUZLHGDV)DOOHQ NOHLQHU6WHLQHGDVHLQH/DZLQHLP*HELUJHHLQOHLWHW:lKUHQGZLUXQV KLHUXQWHUKDOWHQK|UHLFKGDVHUVWH*HSROWHU6DUXPDQVROOWHEHVVHUQLFKW IHUQYRQGDKHLPVHLQZHQQGHU'DPPEULFKW© ª,QHLQHP3XQNWKDVWGXGLFKQLFKWJHlQGHUWOLHEHU)UHXQG©VDJWH $UDJRUQª'XVSULFKVWLPPHUQRFKLQ5lWVHOQ© ª:DV",Q5lWVHOQ"©VDJWH*DQGDOIª1HLQ'HQQLFKVSUDFKODXWPLW PLUVHOEVW(LQH$QJHZRKQKHLWGHU$OWHQVLHZlKOHQGHQ.OJVWHQGHU $QZHVHQGHQDXVXPPLWLKP]XUHGHQGLHODQJHQ(UNOlUXQJHQGLHGLH -XQJHQEUDXFKHQVLQGHUPGHQG©(UODFKWHDEHUHVNODQJMHW]WZDUP XQGIUHXQGOLFKZLHHLQ6RQQHQVWUDKO ª,FKELQQLFKWPHKUMXQJQLFKWHLQPDOQDFKGHU5HFKQXQJGHU0HQ VFKHQGHU$OWHQ+lXVHU©VDJWH$UDJRUQª:LOOVWGXPLUQLFKWGHLQH*H GDQNHQHWZDVGHXWOLFKHURIIHQEDUHQ"© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª:DVVROOLFKGHQQVDJHQ"©IUDJWH*DQGDOIXQGKLHOWHLQH:HLOHQDFK GHQNOLFKLQQHª6RVHKHLFKNXU]JHVDJWGLH'LQJHLP$XJHQEOLFNZHQQ GXPHLQH0HLQXQJVRNODUZLHP|JOLFKHUIDKUHQZLOOVW'HU)HLQGKDW QDWUOLFKVHLWODQJHPJHZXWGDGHU5LQJXQWHUZHJVLVWXQGGDHLQ +REELWLKQWUlJW(UZHLMHW]WZLHYLHOH]XXQVHUHU*HPHLQVFKDIWJHK|U WHQGLHVLFKYRQ%UXFKWDODXIGHQ:HJPDFKWHXQGZHOFKHU$UWZLU ZDUHQ$EHUHUHUNHQQWXQVHUH$EVLFKWQRFKQLFKWJHQDX(UQLPPWDQ GDZLUDOOHQDFK0LQDV7LULWKJHKHQGHQQGDVLVWHVZDVHUDQXQVHUHU 6WHOOHJHWDQKlWWH8QGQDFKVHLQHP:LVVHQZlUHGDVHLQVFKZHUHU6FKODJ IUVHLQH0DFKWJHZHVHQ7DWVlFKOLFKIUFKWHWHUVLFKVHKUZHLOHUQLFKW ZHLZHOFKHU0lFKWLJHSO|W]OLFKDXIWDXFKWGHQ5LQJEHVLW]WXQGLKQPLW .ULHJEHU]LHKWXPLKQQLHGHU]XZHUIHQXQGVHLQHQ3ODW]HLQ]XQHKPHQ 'DZLUGHQ:XQVFKKDEHQN|QQWHQLKQQLHGHU]XZHUIHQXQGQLHPDQGHQ DQVHLQH6WHOOH]XVHW]HQLVWHLQ*HGDQNHGHULKPJDUQLFKWLQGHQ6LQQ NRPPW'DZLUYHUVXFKHQN|QQWHQGHQ5LQJVHOEVW]X]HUVW|UHQGDV VWHOOWHUVLFKDXFKLQVHLQHQGXQNHOVWHQ7UlXPHQQLFKWYRU:RULQGX ]ZHLIHOORVXQVHU*OFNXQGXQVHUH+RIIQXQJHUNHQQVW'HQQGDHUVLFK .ULHJYRUVWHOOWKDWHUGHQ.ULHJHQWIHVVHOWZHLOHUJODXEWHUKDEHNHLQH =HLW]XYHUOLHUHQGHQQGHUMHQLJHGHUGHQHUVWHQ6FKODJIKUWZHQQHU KDUWJHQXJ]XVFKOlJWEUDXFKWGDQQYLHOOHLFKWQLFKWZHLWHU]X]XVFKODJHQ 'HVKDOEKDWHUGLH+HHUVFKDUHQGLHHUOlQJVWDXIJHVWHOOWKDWMHW]WLQ%H ZHJXQJJHVHW]WIUKHUDOVHUYRUJHKDEWKDWWH:HLVHU1DUU'HQQKlWWH HUVHLQHJDQ]H0DFKWHLQJHVHW]WXP0|UGHU]XVFKW]HQVRGDQLHPDQG KLQHLQNDQQXQGVHLQHJDQ]H$UJOLVWGDUDXIJHULFKWHWGHP5LQJQDFK]X MDJHQGDQQZlUHGLH+RIIQXQJZDKUOLFKJHVFKZXQGHQZHGHU5LQJQRFK 7UlJHUKlWWHQLKPODQJHHQWJHKHQN|QQHQ$EHUMHW]WVWDUUWVHLQ$XJH PHKULQGLH)HPHDOVLQGDVHLJHQH/DQGXQGYRUDOOHPVFKDXWHUDXI 0LQDV7LULWK6HKUEDOGZLUGVHLQH+HHUHVPDFKWZLHHLQ6WXUPGDUEHU KHUIDOOHQ 'HQQVFKRQZHLHUGDGLH%RWHQGLHHUDXVJHVDQGWKDWXPGHU*H PHLQVFKDIWDXI]XODXHUQZLHGHUXPJHVFKHLWHUWVLQG6LHKDEHQGHQ5LQJ QLFKWJHIXQGHQ8QGHEHQVRZHQLJKDEHQVLHLUJHQGZHOFKH+REELWVDOV *HLVHOQZHJJHVFKOHSSW+lWWHQVLHDXFKQXUGDVYROOEUDFKWZlUHHVHLQ VFKZHUHU6FKODJIUXQVJHZHVHQXQGHUKlWWHW|GOLFKVHLQN|QQHQ$EHU ZLUZROOHQXQVQLFKWGDV+HU]VFKZHUPDFKHQLQGHPZLUXQV DXVPDOHQ ZLHLKUHDQVWlQGLJH7UHXHLP'XQNOHQ7XUPDXIGLH3UREHJHVWHOOWZRU GHQZlUH'HU)HLQGZDUHUIROJORV² ELVKHU'DQN6DUXPDQ© ª'DQQLVW6DUXPDQDOVRNHLQ9HUUlWHU"©IUDJWH*LPOL ª2KGRFK©VDJWH*DQGDOIª'RSSHOWVRJDU8QGLVWHVQLFKWVHOWVDP" 1LFKWVZDVZLULQOHW]WHU=HLWHUGXOGHWKDEHQVFKLHQVRVFKPHU]OLFK]X VHLQZLH,VHQJDUWV9HUUDW6HOEVWZHQQPDQLKQDOV/DQGHVKHUUQXQG+HHU IKUHUEHWUDFKWHWLVW6DUXPDQVHKUVWDUNJHZRUGHQ(UEHGURKWGLH0HQ VFKHQYRQ5RKDQXQGHQW]LHKW0LQDV7LULWKLKUH+LOIHZlKUHQGGRFKGHU +DXSWVFKODJYRP2VWHQNRPPW$EHUHLQHYHUUlWHULVFKH:DIIHLVWLPPHU HLQH*HIDKUIUGLH+DQG$XFK6DUXPDQKDWWHLP6LQQGHQ5LQJIU VLFKVHOEVW]XHUEHXWHQRGHU]XPLQGHVWHLQLJH+REELWVJHIDQJHQ]XQHK PHQIUVHLQHE|VHQ=ZHFNH6RKDEHQXQVHUH)HLQGHJHPHLQVDPQXUHU UHLFKWGD0HUU\XQG3LSSLQPLWZXQGHUEDUHU6FKQHOOLJNHLWXQGJHUDGH ]XUUHFKWHQ=HLWQDFK)DQJRUQJHODQJWHQZRVLHVRQVWEHUKDXSWQLFKW KLQJHNRPPHQZlUHQ $XFKVLQGLKQHQMHW]WQHXH=ZHLIHODXIJHVWLHJHQGLHLKUH3OlQHVW|UHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
.HLQH1DFKULFKWEHUGLH6FKODFKWZLUGQDFK0RUGRUJHODQJHQGDQNGHQ 5HLWHUQYRQ5RKDQGRFKZHLGHU'XQNOH+HUUVFKHUGD]ZHL+REELWV LP(P\Q0XLOHUJULIIHQXQGJHJHQGHQ:LOOHQVHLQHUHLJHQHQ'LHQHUQDFK ,VHQJDUWYHUVFKOHSSWZXUGHQ-HW]WKDWHU,VHQJDUWHEHQVR]XIUFKWHQZLH 0LQDV7LULWK:HQQ0LQDV7LULWKIlOOWZLUGHV6DUXPDQVFKOHFKWHUJH KHQ© ª(VLVWHLQ-DPPHUGDXQVHUH)UHXQGHGD]ZLVFKHQOLHJHQ©VDJWH *LPOLª:HQQNHLQ/DQG,VHQJDUWYRQ0RUGRUWUHQQWHGDQQ N|QQWHQVLH NlPSIHQZlKUHQGZLU]XVFKDXHQXQGDEZDUWHQ© ª'HU6LHJHUZUGHVWlUNHUDXVGHP.DPSIKHUYRUJHKHQDOVVLHMHW]W EHLGHVLQGXQGIUHLYRQ=ZHLIHOQ©VDJWH*DQGDOIª$EHU,VHQJDUWNDQQ QLFKWJHJHQ0RUGRUNlPSIHQVRIHUQ6DUXPDQQLFKW]XHUVWGHQ 5LQJHU KlOW'HQZLUGHUMHW]WQLHPDOVHUKDOWHQ(UZHLQRFKQLFKWLQZHOFKHU *HIDKUHULVW(VJLEWYLHOHVZDVHUQLFKWZHL(UZDUVREHJLHULJVHLQH %HXWHLQGLH+DQG]XEHNRPPHQGDHUHVQLFKW]X+DXVHHUZDUWHQ NRQQWHVRQGHUQKHUDXVNDPXPVHLQHQ%RWHQHQWJHJHQ]XJHKHQXQGVLH]X EHODXHUQ$EHUHUNDPDXVQDKPVZHLVH]XVSlWGLH6FKODFKWZDUYRUEHL XQGHVJDEVFKRQQLFKWVPHKU]XKHOIHQHKHHUGLHVH*HJHQGHUUHLFKWH(U LVWQLFKWODQJHKLHUJHEOLHEHQ,FKEOLFNHLKPLQV+HU]XQGVHKHVHLQHQ =ZHLIHO(UKDWNHLQH=DXEHUPDFKWEHUGHQ:DOG(UJODXEWGDGLH 5HLWHUDXIGHP6FKODFKWIHOGDOOHHUVFKODJHQXQGYHUEUDQQWKDEHQDEHUHU ZHLQLFKWREGLH2UNVLUJHQGZHOFKH*HIDQJHQHQPLWJHEUDFKWKDWWHQ RGHUQLFKW8QGHUZHLQLFKWVYRQGHP6WUHLW]ZLVFKHQVHLQHQ'LHQHUQ XQGGHQ2UNVYRQ0RUGRUHEHQVRZHQLJZHLHUYRQGHP*HIOJHOWHQ %RWHQ© ª'HU*HIOJHOWH%RWH©ULHI/HJRODVª2EHUKDOEYRQ6DP*HELUKDEH LFKPLW*DODGULHOV%RJHQDXILKQJHVFKRVVHQXQGLKQYRP+LPPHOKHUDE JHKROW(UHUIOOWHXQVPLW )XUFKW:DVIUHLQQHXHU6FKUHFNHQLVWGDV"© ª(LQHUGHQGXPLW3IHLOHQQLFKWW|WHQNDQQVW©VDJWH*DQGDOIª'XKDVW QXUVHLQ5RJHW|WHW(VZDUHLQHJXWH7DWGRFKGHU5HLWHUEHNDPEDOG HLQQHXHV3IHUG'HQQHUZDUHLQ1D]JOHLQHUGHU1HXQGLHMHW]W DXIJHIOJHOWHQ5|VVHUQUHLWHQ%DOGZLUGLKU6FKUHFNHQGLHOHW]WHQ +HHUHXQVHUHU)UHXQGHEHUVFKDWWHQXQGGLH6RQQHYHUGXQNHOQ$EHUQRFK KDEHQVLHNHLQH(UODXEQLVGHQ6WURP]XEHUTXHUHQXQG6DUXPDQZHL QLFKWVYRQGLHVHUQHXHQ*HVWDOWGLHGHQ5LQJJHLVWHUQYHUOLHKHQZRUGHQ LVW6HLQH*HGDQNHQNUHLVHQLPPHUXPGHQ5LQJ:DUHUEHLGHU 6FKODFKW",VWHUJHIXQGHQZRUGHQ":DVJHVFKLHKWZHQQ7KpRGHQGHU +HUUGHU0DUNLKQHUKDOWHQXQGYRQVHLQHU0DFKWHUIDKUHQVROOWH"'DVLVW GLH*HIDKUGLHHUVLHKWXQG HULVWQDFK,VHQJDUW]XUFNJHHLOWXPVHLQHQ $QJULIIDXI5RKDQ]XYHUGRSSHOQXQG]XYHUGUHLIDFKHQ8QGGLHJDQ]H =HLWGURKWQRFKHLQH*HIDKUJDQ]LQGHU1lKHGLHHUQLFKWVLHKWZHLOHUVR PLWVHLQHQOHLGHQVFKDIWOLFKHQ*HGDQNHQEHVFKlIWLJWLVW(UKDW%DXPEDUW YHUJHVVHQ© ª-HW]WVSULFKVWGXZLHGHUPLWGLUVHOEVW©VDJWH$UDJRUQOlFKHOQG ª%DXPEDUWLVWPLUQLFKWEHNDQQW8QGLFKKDEHHLQHQ7HLOYRQ6DUXPDQV GRSSHOWHU1LHGHUWUDFKWHUUDWHQGHQQRFKEHJUHLIHLFKQLFKWZDVHVJHQW]W KDWGD]ZHL+REELWVQDFK)DQJRUQNDPHQDEJHVHKHQGDYRQGDHVXQV HLQHODQJHXQGYHUJHEOLFKH-DJGHLQJHWUDJHQKDW© ª:DUWHHLQH0LQXWH©ULHI*LPOLª'DLVWQRFKHWZDVZDVLFK]XHUVW JHUQZWH:DUVWGXHV*DQGDOIRGHU6DUXPDQGHQZLUJHVWHUQDEHQG VDKHQ"© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª0LFKKDEWLKUJHZLQLFKWJHVHKHQ©DQWZRUWHWH*DQGDOIªGDKHUPX LFKDQQHKPHQGDLKU6DUXPDQVDKW2IIHQEDUVLQGZLUXQVVRlKQOLFK GDGHLQ:XQVFKHLQHXQKHLOEDUH'HOOHLQPHLQHQ+XW]XPDFKHQHQW VFKXOGLJWZHUGHQPX© ª*XWJXW©VDJWH*LPOL,FKIUHXHPLFK GDGXHVQLFKWZDUVW© *DQGDOIODFKWHZLHGHUª-DPHLQJXWHU=ZHUJHVLVWWU|VWOLFKVLFK QLFKWLQDOOHQ3XQNWHQJHLUUW]XKDEHQ$OVRELFKGDVQLFKWQXU]XJXW ZWH$EHUQDWUOLFKKDEHLFKGLUQLHHLQHQ9RUZXUIGHVZHJHQJHPDFKW ZLHGXPLFKEHJUW KDVW:LHKlWWHLFKGDVWXQN|QQHQGHULFKPHLQHQ )UHXQGHQVRRIWGHQ5DWJHJHEHQKDEHVHOEVWLKUHQHLJHQHQ+lQGHQ]X PLWUDXHQZHQQVLHVLFKPLWGHP)HLQGEHIDVVHQ*HOREWVROOVWGXVHLQ *LPOL*OyLQV6RKQ9LHOOHLFKWZLUVWGXXQVEHLGHHLQHV7DJHV]XVDPPHQ VHKHQXQGGLUHLQ8UWHLOEHUXQVELOGHQ© ª$EHUGLH+REELWV©ZDUI/HJRODVHLQª:LUVLQGYRQZHLWKHUJHNRP PHQXPVLH]XVXFKHQXQGGXVFKHLQVW]XZLVVHQZRVLHMHW]WVLQG"© ª%HL%DXPEDUWXQGGHQ(QWV©VDJWH*DQGDOI ª'LH(QWV©ULHI$UDJRUQª'DQQVLQGGLHDOWHQ6DJHQZDKUEHUGLH %HZRKQHUGHUWLHIHQ:lOGHUXQGGLHULHVHQKDIWHQ+LUWHQGHU%lXPH"*LEW HVQRFK(QWVDXIGHU:HOW",FKGDFKWHVLHVHLHQQXUHLQH(ULQQHUXQJDQ DOWH=HLWHQZHQQVLHEHUKDXSWPHKUVLQGDOVHLQH6DJHYRQ5RKDQ© ª(LQH6DJHYRQ5RKDQ©ULHI/HJRODVª1HLQMHGHU(OELQ:LOGHUODQG KDW/LHGHUYRQGHQDOWHQ2QRGULPXQGLKUHPODQJZlKUHQGHQ.XPPHUJH VXQJHQ'HQQRFKVLQGVLHVHOEVWIUXQVQXUHLQH(ULQQHUXQJ:HQQLFK HLQHPEHJHJQHQVROOWHGHUQRFKDXIGLHVHU:HOWZDQGHOWGDQQZUGHLFK PLFKZDKUOLFKZLHGHUMXQJIKOHQ$EHU%DXPEDUWGDVLVWQXUHLQH hEHUVHW]XQJYRQ)DQJRUQLQGLH*HPHLQVDPH6SUDFKHGRFKVFKHLQVWGX YRQHLQHU3HUVRQ]XVSUHFKHQ:HULVWGLHVHU%DXPEDUW"© ª$KMHW]WIUDJVWGXYLHO©VDJWH*DQGDOIª'DVZHQLJHZDVLFKYRQ VHLQHUODQJHQXQGODQJZLHULJHQ*HVFKLFKWHZHLZUGHHLQH(U]lKOXQJ HUJHEHQIUGLHZLUMHW]WNHLQH=HLWKDEHQ%DXPEDUWLVW)DQJRUQGHU +WHUGHV:DOGHVHULVWGHUlOWHVWHGHU(QWVGDVlOWHVWH/HEHZHVHQGDV QRFKXQWHUGHU6RQQH LQ0LWWHOHUGHZDQGHOW,FKKRIIHZLUNOLFK/HJRODV GDGXLKPEHJHJQHQZLUVW0HUU\XQG3LSSLQZDUHQJOFNOLFKGUDQVLH WUDIHQLKQKLHUMXVWZRZLUVLW]HQ'HQQHUNDPYRU]ZHL7DJHQKHUXQG EUDFKWHVLHGDQQ]XVHLQHUIHUQHQ%HKDXVXQJDP)XHGHV*HELUJHV(U NRPPWRIWKLHUKHUEHVRQGHUVZHQQHUVLFK6RUJHQPDFKWXQGGLH*H UFKWHDXVGHU:HOWGUDXHQLKQEHXQUXKLJHQ,FKVDKLKQYRUYLHU7DJHQ GXUFKGLH%lXPHVWUHLFKHQXQGLFKJODXEHHUVDKPLFKDXFKGHQQHU EOLHEVWHKHQDEHULFKVSUDFKQLFKWZHLOLFKWLHILQ*HGDQNHQZDUXQG PGHQDFKPHLQHP.DPSIPLWGHP$XJHYRQ0RUGRUXQGHUUHGHWH DXFKQLFKWXQGULHIDXFKQLFKWPHLQHQ1DPHQ© ª9LHOOHLFKWKDWHUGLFKHEHQIDOOVIU6DUXPDQJHKDOWHQ©VDJWH*LPOL ª$EHUGXVSULFKVWYRQLKPDOVVHLHUHLQ)UHXQG,FKGDFKWH)DQJRUQVHL JHIlKUOLFK© ª*HIlKUOLFK©ULHI*DQGDOIª'DVELQLFKDXFKVHKUJHIlKUOLFKJHIlKU OLFKHUDOVDOOHVZDVGLUMHEHJHJQHQZLUGHVVHLGHQQGXZUGHVWOHEHQGLJ YRUGHQ7KURQGHV'XQNOHQ+HUUVFKHUVJHEUDFKWZHUGHQ8QG$UDJRUQ LVWJHIlKUOLFKXQG/HJRODVLVWJHIlKUOLFK'XELVWXPJHEHQYRQ*HIDKUHQ *LPOL*OyLQV6RKQGHQQGXVHOEVWELVWJHIlKUOLFKDXIGHLQH:HLVH*H ZLLVWGHU:DOGYRQ)DQJRUQJHIDKUYROO² QLFKWDPZHQLJVWHQIUMHQH GLH]XVFKQHOOPLWLKUHQb[WHQEHLGHU+DQGVLQGXQG)DQJRUQVHOEVWHU 5HL$QJHON#KWWSFRODHERRN]IELGH
LVWDXFKJHIlKUOLFKLQGHVLVWHUWURW]GHPZHLVHXQGIUHXQGOLFK'RFKMHW]W EURGHOWVHLQODQJHDXIJHVWDXWHU=RUQEHUXQGGHUJDQ]H:DOGLVWGDYRQ HUIOOW'LH$QNXQIWGHU+REELWVXQGGLH1DFKULFKWHQGLHVLHPLWEUDFK WHQKDEHQVHLQHQ=RUQ]XPhEHUODXIHQJHEUDFKWEDOGZLUGHUUHLHQG VHLQZLHHLQH)OXWDEHUGLH)OXWULFKWHWVLFKJHJHQ6DUXPDQXQGGLHb[WH YRQ,VHQJDUW(WZDVLVWLP%HJULII]XJHVFKHKHQGDVVHLWGHU$OWYRUGH UHQ]HLWQLFKWJHVFKHKHQLVWGLH(QWVHUZDFKHQXQGPHUNHQGDVLHVWDUN VLQG© ª:DVZHUGHQVLHWXQ"©IUDJWH/HJRODVYROO6WDXQHQ ª'DVZHLLFKQLFKW©VDJWH*DQGDOIª,FKJODXEHQLFKWGDVLHVHOEVW HVZLVVHQ,FKELQJHVSDQQW©(UVFKZLHJXQGVHQNWHGHQ.RSIWLHILQ*H GDQNHQ 'LHDQGHUHQVFKDXWHQLKQDQ(LQ6RQQHQVWUDKOILHOGXUFKUDVFKGDKLQ ]LHKHQGH:RONHQDXIVHLQH+lQGHGLHMHW]WPLWGHU,QQHQIOlFKHQDFKREHQ DXIVHLQHP6FKRODJHQVLHVFKLHQHQPLW/LFKWJHIOOW]XVHLQZLHHLQH 6FKDOHPLW:DVVHU6FKOLHOLFKEOLFNWHHUDXIXQGVWDUUWH LQGLH6RQQH ª'HU0RUJHQYHUJHKW©VDJWHHUª%DOGPVVHQZLUDXIEUHFKHQ© ª:HUGHQZLUDXIEUHFKHQXPXQVHUH)UHXQGH]XILQGHQXQG%DXPEDUW ]XVHKHQ"©IUDJWH$UDJRUQ ª1HLQ©VDJWH*DQGDOIª'DVLVWQLFKWGHU:HJGHQLKUHLQVFKODJHQ PW,FKKDEH:RUWH GHU+RIIQXQJJHVSURFKHQ$EHUQXUGHU+RIIQXQJ +RIIQXQJLVWQRFKNHLQ6LHJ.ULHJVWHKWXQVXQGDOOHQXQVHUHQ)UHXQGHQ EHYRUHLQ.ULHJLQGHPQXUGLH9HUZHQGXQJGHV5LQJHVXQVGLH*HZL KHLWGHV6LHJHVJHEHQN|QQWH(UHUIOOWPLFKPLWJURHU6RUJHXQGJURHU )XUFKWGHQQYLHOZLUG]HUVW|UWZHUGHQXQGDOOHVPDJYHUORUHQZHUGHQ ,FKELQ*DQGDOI*DQGDOIGHU:HLHDEHUQRFKLVW6FKZDU]PlFKWLJHU© (UVWDQGDXIEOLFNWHQDFK2VWHQXQGEHVFKDWWHWHVHLQH$XJHQDOVREHU 'LQJHLQZHLWHU)HPHVHKHGLHQLHPDQGVRQVWVHKHQNRQQWH'DQQVFKW WHOWHHUGHQ.RSIª1HLQ©VDJWHHUOHLVHªHULVWIUXQVQLFKWPHKUHU UHLFKEDU'DUEHU]XPLQGHVWODWXQVIURKVHLQ:LUN|QQHQQLFKWOlQJHU LQ9HUVXFKXQJJHUDWHQGHQ5LQJ]XYHUZHQGHQ:LUPVVHQKLQXQWHUJH KHQXQGHLQHU*HIDKUGLHGHU+RIIQXQJVORVLJNHLWQDKHNRPPWLQV$XJH VHKHQGRFKMHQHW|GOLFKH*HIDKULVWEHVHLWLJW© (UZDQGWHVLFKXPª.RPP$UDJRUQ$UDWKRPV6RKQ©VDJWHHU ª%HUHXHGHLQH(QWVFKHLGXQJLP7DOGHV(P\Q0XLOQLFKWQRFKQHQQHHV HLQHYHUJHEOLFKH9HUIROJXQJ'XKDVWXQWHU=ZHLIHOQGHQ3IDGJHZlKOW GHUGHUULFKWLJHVFKLHQGLH(QWVFKHLGXQJZDUJXWXQGLVWEHORKQWZRUGHQ 'HQQVRKDEHQZLUXQVUHFKW]HLWLJJHWURIIHQGLHZLUXQVVRQVWYLHOOHLFKW ]XVSlWJHWURIIHQKlWWHQ'RFKGLH$XIJDEHGHLQHU*HIlKUWHQLVWEHHQGHW 'HLQHQlFKVWH)DKUWLVWEHVWLPPWGXUFKGHLQJHJHEHQHV:RUW'XPXW QDFK(GRUDVJHKHQXQG7KpRGHQLQVHLQHU+DOOHDXIVXFKHQ'HQQGXZLUVW JHEUDXFKW$QG~ULOV*ODQ]PXMHW]WLQGHU6FKODFKWHQWKOOWZHUGHQZRU DXIHUVRODQJHJHZDUWHWKDW(VLVW.ULHJLQ5RKDQXQGVFKOLPPHUQRFK HVVWHKWVFKOHFKWXP7KpRGHQ© ª'DQQVROOHQZLUGLHIU|KOLFKHQMXQJHQ+REELWVQLFKWZLHGHUVHKHQ"© IUDJWH/HJRODV ª'DVKDEHLFKQLFKWJHVDJW©HUZLGHUWH*DQGDOIª:HUZHL"+DEW*H GXOG*HKWZRKLQLKU JHKHQPWXQGKRIIW1DFK(GRUDV,FKJHKHDXFK GRUWKLQ© ª(VLVWHLQODQJHU:HJIUHLQHQ0DQQ]X)XMXQJRGHUDOW©VDJWH $UDJRUQª,FKIUFKWHGLH6FKODFKWZLUGOlQJVWYRUEHLVHLQHKHLFKGRUW 5HL$QJHON#KWWSFRODHERRN]IELGH
KLQNRPPH© ª:LUZHUGHQVHKHQZLUZHUGHQVHKHQ©VDJWH*DQGDOIª:LOOVWGXQXQ PLWPLUNRPPHQ"© ª-DZLUZHUGHQ]XVDPPHQDXIEUHFKHQ©VDJWH$UDJRUQª$EHULFK ]ZHLIOHQLFKWGDGXYRUPLUDQNRPPHQZLUVWZHQQGXHVZQVFKVW©(U 6WDQGDXIXQGVFKDXWH*DQGDOIODQJHDQ'LHDQGHUHQEHWUDFKWHWHQVLH VFKZHLJHQGZLHVLHHLQDQGHUJHJHQEHUVWDQGHQ$UDJRUQ$UDWKRPV 6RKQZDUJURXQGKDUWZLH6WHLQGLH+DQGDXIGHP+HIWVHLQHV 6FKZHUWHVHUVDKDXVDOVKDEHHLQ.|QLJDXVGHQ1HEHOQGHV0HHUHVGLH *HVWDGHJHULQJHUHU0HQVFKHQEHWUHWHQ*HJHQLKQZLUNWHGLHDOWH*HVWDOW GHPWLJZHLVFKLPPHUQGMHW]WDOVREHLQ/LFKWLQLKUIODFNHUHJHEHXJW XQWHUGHU/DVWGHU-DKUHXQGGHQQRFKEHUHLQH0DFKWJHELHWHQGGLHGLH 6WlUNHYRQ.|QLJHQEHUWUDI ª6SUHFKHLFKQLFKWZDKU*DQGDOI©VDJWH$UDJRUQVFKOLHOLFKªGD GXZRLPPHUGXKLQJHKHQP|FKWHVWVFKQHOOHUDOVLFKGRUWHLQWUHIIHQ N|QQWHVW"8QGDXFKGLHVVDJHLFKGXELVWXQVHU+HHUIKUHUXQGXQVHU %DQQHU'HU'XQNOH*HELHWHUKDW1HXQ$EHUZLUKDEHQ(LQHQPlFKWLJHU DOVVLHGHQ:HLHQ5HLWHU(UKDWGDV)HXHUXQGGHQ$EJUXQGEHUVWDQ GHQXQGVLHVROOHQLKQIUFKWHQ:LUZHUGHQGRUWKLQJHKHQZRKLQHUXQV IKUW© ª-DJHPHLQVDPZHUGHQZLUGLUIROJHQ©VDJWH/HJRODVª'RFK]XHUVW ZUGHHVPHLQ+HU]HUOHLFKWHUQ*DQGDOI]XK|UHQZDVGLULQ0RULD ZLGHUIXKU:LOOVWGXHVXQVQLFKWHU]lKOHQ".DQQVWGXQLFKWVRODQJHEOHL EHQXPGHLQHQ)UHXQGHQ]XHU]lKOHQZLHGXHUUHWWHWZXUGHVW"© ª,FKELQVFKRQ]XODQJHJHEOLHEHQ©DQWZRUWHWH*DQGDOIª=HLWLVW NQDSS$EHUZHQQZLUHLQ-DKUGDIUDXIZHQGHQN|QQWHQZUGHLFK HXFKQLFKW DOOHVHU]lKOHQ© ª'DQQHU]lKOHXQVZDVGXZLOOVWXQGGLH=HLWHUODXEW©VDJWH*LPOL ª.RPP*DQGDOIHU]lKOHXQVZLHHVGLUPLWGHP%DOURJHUJLQJ© ª1HQQHLKQQLFKW©VDJWH*DQGDOIXQGHLQHQ$XJHQEOLFNVFKLHQHVDOV REHLQ6FKDWWHQGHV6FKPHU]HVEHUVHLQ*HVLFKWJOLWWXQGHUVDVFKZHL JHQGGDXQGVDKDOWDXVZLHGHU7RGª/DQJH=HLWILHOLFK©VDJWHHU VFKOLHOLFK]|JHUQGDOVREHVVFKZLHULJVHLGDUDQ]XUFN]XGHQNHQª/DQJH ILHOLFKXQGHUILHOPLWPLU6HLQ)HXHUZDUXPPLFK(VYHUEUDQQWHPLFK 'DQQVWU]WHQZLULQGDVWLHIH:DVVHUXQGDOOHVZDUGXQNHO.DOWZDUHV ZLHGLH6WXQGHGHV7RGHVIDVWHUVWDUUWHPHLQ+HU]© ª7LHILVWGHU$EJUXQGGHUYRQ'XULQV%UFNHEHUVSDQQWZLUGXQG QLHPDQGKDWLKQHUPHVVHQ©VDJWH*LPOL ª'HQQRFKKDWHUHLQHQ*UXQGMHQVHLWVYRQ/LFKWXQG:LVVHQ©VDJWH *DQGDOIª'RUWKLQNDPLFK]XOHW]W]XPlXHUVWHQ*UXQGGHV*HVWHLQV(U ZDUQRFKEHLPLU6HLQ)HXHUZDUHUVWLFNWDEHUMHW]WZDUHUHLQ:HVHQDXV 6FKOHLPVWlUNHUDOVHLQHZUJHQGH6FKODQJH :LUNlPSIWHQPLWHLQDQGHUWLHIXQWHUGHUOHEHQGLJHQ(UGHZR=HLWQLFKW JH]lKOWZLUG,PPHUZLHGHUXPVFKODQJHUPLFKLPPHUZLHGHUKLHELFKDXI LKQHLQELVHU]XOHW]WLQGXQNOH*lQJHHQWIORK6LHZDUHQQLFKWYRQ 'XULQV9RONDQJHOHJW*LPOL*OyLQV6RKQ:HLWZHLWXQWHUGHQWLHIVWHQ *UDEXQJHQGHU=ZHUJHQDJHQQDPHQORVH:HVHQDQGHU:HOW6HOEVW6DX URQNHQQWVLHQLFKW6LHVLQGlOWHUDOVHU1XQELQLFKGRUWJHZDQGHUW GRFKZLOOLFKQLFKWGDUEHUEHULFKWHQXPGDV/LFKWGHV7DJHVQLFKW]X YHUGXQNHOQ,QGLHVHU9HU]ZHLIOXQJZDUPHLQ)HLQGPHLQHHLQ]LJH+RII XQJXQGLFKYHUIROJWHLKQXQGEOLHELKPDXIGHQ)HUVHQ6REUDFKWHHU 5HL$QJHON#KWWSFRODHERRN]IELGH
PLFKVFKOLHOLFK]XUFN]XGHQJHKHLPHQ:HJHQYRQ.KD]DGGPDOO]X JXWNDQQWHHUVLHDOOH,PPHUKLQDXIJLQJHQZLUQXQELVZLU]XU(QGORVHQ 7UHSSHNDPHQ© ª/DQJHLVWVLHYHUJHVVHQJHZHVHQVDJWH*LPOLª9LHOHKDEHQJHVDJWVLH VHLQLHJHEDXWZRUGHQDXHULQGHU6DJHDEHUDQGHUHVDJHQVLHVHL]HU VW|UWZRUGHQ© ª6LHLVWJHEDXWZRUGHQXQGQLFKW]HUVW|UW©VDJWH*DQGDOIª9RQGHP WLHIVWHQ9HUOLHVELV]XPK|FKVWHQ*LSIHOIKUWHVLHHPSRUHLQHVLFKXQ DXIK|UOLFKKLQDXIVFKUDXEHQGH:HQGHOWUHSSHYRQYLHOHQWDXVHQG6WXIHQ ELVVLHHQGOLFKLQ'XULQV7XUPKHUDXVNDPGHULQGHQOHEHQGHQ)HOVYRQ =LUDN]LJLOKLQHLQJHPHLHOWLVWGHU6SLW]HGHU6LOEHU]LQQH 'RUWDXIGHP&HOHEGLOZDUHLQHLQVDPHV)HQVWHULP6FKQHHXQGGDYRU ODJHLQHVFKPDOH)OlFKHHLQVFKZLQGHOQGKRKHU+RUVWEHUGHQ1HEHOQ GHU:HOW'LH6RQQHVWUDKOWHGRUWIHXULJDEHUXQWHQZDUDOOHVLQ:RONHQ JHKOOW'RUWVSUDQJHUKLQDXVXQGDOVLFKHEHQKLQWHUGUHLQNDPJLQJHU YRQQHXHPLQ)ODPPHQDXI(VZDUQLHPDQGGDGHUHVVDKVRQVWZUGH GHU.DPSIDXIGHP*LSIHOYLHOOHLFKWQRFKLQVSlWHUHQ=HLWDOWHUQLQ/LH GHUQEHVXQJHQZHUGHQ©3O|W]OLFKODFKWH*DQGDOIª$EHUZDVZUGHQVLH LP/LHGVDJHQ"-HQHGLH YRQZHLWKHUKLQDXIVFKDXWHQJODXEWHQHLQ*HZLW WHUWREHDXIGHP%HUJ'RQQHUK|UWHQVLHXQG%OLW]HVDJWHQVLHVFKOXJHQ DXI&HOHEGLOHLQXQGVSUDQJHQ]XUFNDOV]QJHOQGH)ODPPHQ,VWGDV QLFKWJHQXJ"(LQPlFKWLJHU5DXFKVWLHJXPXQVDXI%URGHPXQG'DPSI (LVILHOZLH5HJHQ,FKZDUIPHLQHQ)HLQGQLHGHUXQGHUVWU]WHYRQGHU +|KHXQG]HUWUPPHUWHGLH6HLWHGHV%HUJHVZRHUEHLVHLQHP)DOODXI VFKOXJ'DQQXPILQJPLFK'XQNHOKHLWXQGLFKLUUWHXPKHURKQH*HGDQ NHQXQG=HLWJHIKOXQGLFKZDQGHUWH DXI:HJHQGLHLFKQLFKWQHQ QHQZLOO 1DFNWZXUGHLFK]XUFNJHVFKLFNW² IUHLQHNXU]H=HLWELVPHLQH$XI JDEHHUIOOWLVW8QGQDFNWODJLFKDXIGHP%HUJJLSIHO'HU7XUPKLQWHU PLUZDU]X6WDXE]HUIDOOHQGDV)HQVWHUYHUVFKZXQGHQGLHHLQJHVWU]WH 7UHSSHYHUVSHUUWGXUFKYHUEUDQQWHVXQG]HUEURFKHQHV*HVWHLQ,FKZDU DOOHLQYHUJHVVHQRKQH(QWULQQHQDXIGHUUDXKHQ=LQQHGHU:HOW'RUWODJ LFKXQGVWDUUWHHPSRUZlKUHQGGLH6WHUQHLP.UHLVH]RJHQXQGMHGHU7DJ ZDUVRODQJZLHHLQ/HEHQVDOWHUDXIGHU(UGH6FKZDFKGUDQJHQDQPHLQ 2KUGLHJHVDPPHOWHQ*HUlXVFKHDOOHU/DQGH*HEXUWXQG7RG6LQJHQXQG :HLQHQXQGGDVODQJVDPHLPPHUZlKUHQGHbFK]HQYRQEHUODVWHWHP*H VWHLQ8QGVRIDQGPLFKVFKOLHOLFKZLHGHUXP*ZDLKLUGHU+HUUGHU :LQGHXQGHUKREPLFKDXIXQGWUXJPLFKGDYRQ !,PPHULVWHVPHLQ6FKLFNVDOGHLQH/DVW]XVHLQ)UHXQGLQ1RWVDJWH LFK !(LQH/DVWELVWGXJHZHVHQHDQWZRUWHWHHU!DEHUMHW]WQLFKW/HLFKWZLH HLQH6FKZDQHQIHGHUELVWGXQXQLQPHLQHQ.ODXHQ'LH6RQQHVFKHLQW GXUFKGLFKKLQGXUFK,FKJODXEHZLUNOLFKQLFKWGDGXPLFKQRFK EUDXFKVWOLHHLFKGLFKIDOOHQZUGHVWGXLP:LQGGDKLQWUHLEHQ !/DPLFKQLFKWIDOOHQNHXFKWHLFKGHQQLFKVSUWHZLHGHU/HEHQLQ PLU!7UDJHPLFKQDFK/RWKOyULHQ !'DVLVWDXFKGHU%HIHKOGHU)UDX*DODGULHOGLHPLFKDXVJHVDQGWKDW QDFKGLU]XVXFKHQDQWZRUWHWHHU 6RNDPLFKQDFK&DUDV*DODGKRQXQGHUIXKUGDLKUHUVWNU]OLFKDXI JHEURFKHQZDUW,FKYHUZHLOWHLQGHUDOWHUORVHQ=HLWGLHVHV/DQGHVZRGLH 7DJH+HLOXQJEULQJHQQLFKW9HUIDOO+HLOXQJIDQGLFKXQGLFKZXUGHLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
:HLJHNOHLGHW5DWJDELFKXQGHUKLHOW5DW9RQGRUWNDPLFKDXI VHOWVDPHQ:HJHQXQG%RWVFKDIWHQEULQJHLFKHLQLJHQYRQHXFK)U$UD JRUQZXUGHPLUIROJHQGHVDXIJHWUDJHQ (OHVVDU(OHVVDUZRVLQGQXQGLH'~QHGDLQ" (XUH6LSSHVROOQLFKWPHKUIHUQHVHLQ %DOGVFKOlJWGLH6WXQGHGHU:LHGHUNHKU 6FKRQUHLWHQGLH*UDXHQYRQ1RUGHQKHU 'RFKGXQNHOOLHJWYRU(XFKGHU3IDG 'LH)DKUWGXUFKGDV/DQGGHU7RWHQQDKW /HJRODVVDQGWHVLHGLHVHV:RUW /HJRODV*UQEODWW,KUOHEWHW ELVKHU ,P:DOGYROOHU)UHXGH0HLGHWGDV0HHU +DEW,KUHLQPDOGDV6FKUHLHQGHU0|ZHQJHK|UW ,VWGHU)ULHGHGHU%lXPHIU(XFK]HUVW|UW *DQGDOIVFKZLHJXQGVFKORGLH$XJHQ ª'DQQKDWVLHPLUNHLQH%RWVFKDIWJHVFKLFNW"©IUDJWH*LPOLXQG VHQNWHGHQ.RSI ª'XQNHOVLQGLKUH:RUWH©VDJWH/HJRODVªXQGZHQLJEHGHXWHQVLHGH QHQGLHVLHHUKDOWHQ© ª'DVLVWNHLQ7URVW©VDJWH*LPOL ª:LHGHQQ"©VDJWH/HJRODVª+lWWHVWGXHVOLHEHUZHQQVLHRIIHQ]XGLU YRQGHLQHP7RGVSUlFKH"© ª-DZHQQVLHQLFKWVDQGHUHV]XVDJHQKlWWH© ª:DVLVWORV"©IUDJWH*DQGDOIXQG|IIQHWHGLH$XJHQª-DLFKJODXEH LFKNDQQHUUDWHQZDVLKUH:RUWHEHGHXWHQP|JHQ(QWVFKXOGLJH*LPOL ,FKKDEHQRFKHLQPDOEHUGLH%RWVFKDIWHQQDFKJHJUEHOW'RFKVLHKDW GLUHLQH1DFKULFKWJHVDQGWXQGVLHLVWZHGHUXQYHUVWlQGOLFKQRFKWUDXULJ !*LPOL*OyLQV6RKQVDJWHVLH!EHVWHOOWGLH*UHVHLQHU+HUULQ/RN NHQWUlJHUZRLPPHU,KUJHKWEHJOHLWHQ(XFKPHLQH*HGDQNHQ'RFK QHKPW(XFKLQDFKWGD,KU(XUH$[WDQGHQULFKWLJHQ%DXPOHJW©© ª,Q HLQHUJOFNOLFKHQ6WXQGHELVWGX]XXQV]XUFNJHNHKUW*DQGDOI© ULHI*LPOLXQGPDFKWHHLQHQ/XIWVSUXQJZlKUHQGHUODXWLQGHUVHOWVDPHQ =ZHUJHQVSUDFKHVDQJª.RPPWNRPPW©ULHIHUª'D*DQGDOIV.RSIMHW]W KHLOLJLVWODWXQVHLQHQDQGHUHQILQGHQGHQ]XVSDOWHQULFKWLJLVW© ª'DZHUGHQZLUQLFKWZHLW]XVXFKHQEUDXFKHQ©VDJWH*DQGDOIXQG VWDQGYRQVHLQHP6LW]DXIª.RPPW:LUKDEHQGLHJDQ]H=HLWYHUWDQGLH HLQHP:LHGHUVHKHQJHWUHQQWJHZHVHQHU)UHXQGH]XJHELOOLJWZHUGHQPX -HW]WLVW(LOHYRQQ|WHQ© (UKOOWHVLFKZLHGHULQVHLQHQDOWHQ]HUOXPSWHQ0DQWHOXQGJLQJ YRUDQ'LHDQGHUHQIROJWHQLKPUDVFKVWLHJHQVLHYRQGHUKRKHQ)HOV SODWWHKLQXQWHUXQGQDKPHQGHQ:HJ]XUFNGXUFKGHQ:DOGELV]XP 8IHUGHU(QWZDVVHU6LHVSUDFKHQHUVWZLHGHUDOVVLHMHQVHLWVGHV6DXPV YRQ)DQJRUQDXIGHP*UDVVWDQGHQ9RQLKUHQ3IHUGHQZDUNHLQH6SXU]X VHKHQ ª6LHVLQGQLFKW]XUFNJHNRPPHQ©VDJWH/HJRODVª(VZLUGHLQHPKVH OLJH:DQGHUXQJZHUGHQ© ª,FKZHUGHQLFKW]X)XJHKHQ'LH=HLWGUlQJW©VDJWH*DQGDOI'DQQ KREHUGHQ.RSIXQGVWLHHLQHQODQJHQ3ILIIDXV6RNODUXQGGXUFKGULQ JHQGZDUGHU7RQGDGLHDQGHUHQHUVWDXQWZDUHQHLQHVROFKH.ODQJIOOH YRQGLHVHQDOWHQElUWLJHQ/LSSHQ]XK|UHQ'UHLPDOSILIIHUXQGGDQQ VFKLHQHVDOVK|UWHQVLHVFKZDFKXQGYRQIHUQGDV:LHKHUQHLQHV3IHUGHV 5HL$QJHON#KWWSFRODHERRN]IELGH
GDVGHU2VWZLQGYRQGHU(EHQHKHUEHUWUXJ6LHZDUWHWHQYHUZXQGHUW(V GDXHUWHQLFKWODQJHGDNDPGDV*HUlXVFKYRQ+XIHQ]XHUVWNDXPPHKU DOVHLQ=LWWHUQGHV%RGHQVQXUIU$UDJRUQYHUQHKPEDUGHULP*UDV ODJGDQQVWHWLJODXWHUXQGGHXWOLFKHU]XHLQHPUDVFKHQ7UDEZHU GHQG ª'DNRPPWPHKUDOVHLQ3IHUG©VDJWH$UDJRUQ ª*HZL©VDJWH*DQGDOIª:LUVLQGHLQH]XVFKZHUH/DVWIUHLQV© ª(VVLQGGUHL©VDJWH/HJRODVGHUEHUGLH(EHQHVFKDXWHª6HKWZLHVLH UHQQHQ'D LVW+DVXIHOXQGPHLQ)UHXQG$URGQHEHQLKP$EHUGDLVW QRFKHLQGULWWHVGDVYRUDXVJDORSSLHUWHLQVHKUJURHV3IHUG6HLQHVJOHL FKHQKDEHLFKQRFKQLHJHVHKHQ© ª8QGZLUVWGXDXFKQLHZLHGHU©VDJWH*DQGDOIª'DVLVW6FKDWWHQIHOO (ULVWGDV+DXSWGHU0HDUDV GHU)UVWHQXQWHUGHQ3IHUGHQXQGQLFKW HLQPDO7KpRGHQ.|QLJYRQ5RKDQKDWMHHLQEHVVHUHV5RHUEOLFNW 6FKLPPHUWHVQLFKWZLH6LOEHUXQGOlXIWHVQLFKWVRVDQIWXQGJOHLFKPlLJ ZLHHLQIOLQNHU%DFK"(ULVWIUPLFKJHNRPPHQGDV3IHUGGHV:HLHQ 5HLWHUV:LU]LHKHQ]XVDPPHQLQGLH6FKODFKW© :lKUHQGGHUDOWH=DXEHUHUQRFKVSUDFKVSUHQJWHGDVJURH3IHUGGHQ $EKDQJKHUDXIDXIVLH]XVHLQ)HOOJOlQ]WHXQGVHLQH0lKQHIODWWHUWHLP :LQG'LHEHLGHQDQGHUHQZDUHQMHW]WZHLWKLQWHULKP6REDOG6FKDWWHQ IHOO*DQGDOIVDKPlLJWHHUVHLQHQ6FKULWWXQGZLHKHUWHODXWGDQQ WUDEWHHUOHLFKWDXILKQ]XVHQNWHGHQVWRO]HQ.RSIXQGVFKQXSSHUWHPLW VHLQHQJURHQ1VWHUQDP+DOVGHVDOWHQ0DQQHV *DQGDOIVWUHLFKHOWHLKQª(VLVWHLQODQJHU:HJYRQ%UXFKWDOPHLQ )UHXQG©VDJWHHUª$EHUGXELVWNOXJXQGVFKQHOOXQGLQGHU1RWJHNRP PHQ:HLWODXQVMHW]W]XVDPPHQUHLWHQXQGLQGLHVHU:HOWXQVQLFKW PHKUWUHQQHQ© %DOGNDPHQGLHDQGHUHQ3IHUGHXQGVWDQGHQVWLOOLQGHU1lKHDOV REVLH%HIHKOHHUZDUWHWHQª:LUUHLWHQVRJOHLFKQDFK0HGXVHOGGHU +DOOHHXUHV+HUUQ7KpRGHQ©VDJWH*DQGDOIHUQVW]XLKQHQ6LHQHLJ WHQGLH.|SIHª'LH=HLWGUlQJWDOVRZHQQLKUHUODXEWZROOHQZLUUHLWHQ :LUELWWHQHXFKVRYLHO6FKQHOOLJNHLWDXI]XELHWHQZLHLKUYHUP|JW+DVX IHOVROO$UDJRUQWUDJHQXQG$URG/HJRODV,FKZLOO*LPOLYRUPLFKVHW ]HQXQGPLW6FKDWWHQIHOOV(UODXEQLVZLUGHUXQVEHLGHWUDJHQ:LUZROOHQ QXUYRUKHUHLQZHQLJWULQNHQ© ª-HW]WYHUVWHKHLFKHLQHQ7HLOGHV5lWVHOVGHUOHW]WHQ1DFKW©VDJWH /HJRODVDOVHUOHLFKWDXI$URGV5FNHQVSUDQJª2EVLH]XHUVWDXV$QJVW IORKHQRGHUQLFKWMHGHQIDOOVWUDIHQXQVHUH3IHUGH6FKDWWHQIHOOLKUHQ$Q IKUHUXQGEHJUWHQLKQYROO)UHXGH:XWHVWGXGDHULQGHU1lKH ZDU*DQGDOI"© ª-DLFKZXWHHV©VDJWHGHU=DXEHUHUª,FKULFKWHWHPHLQH*HGDQNHQ DXILKQXQGEDWLKQVLFK]XHLOHQGHQQJHVWHUQZDUHUQRFKIHUQLP 6GHQGLHVHV/DQGHV6FKQHOOP|JHHUPLFKZLHGHU]XUFNWUDJHQ© *DQGDOIVSUDFKMHW]WPLW6FKDWWHQIHOOXQGGDV3IHUGVFKOXJHLQHQJXWHQ 6FKULWWDQGRFKQLFKW]XVFKQHOOIUGLHDQGHUHQ1DFKHLQHUNOHLQHQ :HLOHZDQGWHHUVLFKSO|W]OLFKYRP:HJDEXQGDQHLQHU6WHOOHZRGLH 8IHUQLHGULJHUZDUHQZDWHWHHUGXUFKGHQ)OXXQGKLHOWGDQQLQVG OLFKHU5LFKWXQJDXIHLQIODFKHV/DQG]XEDXPORVXQGZHLW:LHJUDXH :HOOHQIXKUGHU:LQGGXUFKGLHHQGORVHQ0HLOHQYRQ*UDV(VZDUNHLQ :HJXQGNHLQH6SXU]XVHKHQDEHU6FKDWWHQIHOO]|JHUWHXQGVFKZDQNWH QLFKW 5HL$QJHON#KWWSFRODHERRN]IELGH
ª(UVFKOlJWMHW]WGHQJHUDGHQ:HJ]X7KpRGHQV+DOOHQXQWHUGHQ+lQ JHQGHV:HLHQ*HELUJHVHLQ©VDJWH*DQGDOIª(VZLUGVRVFKQHOOHUJH KHQ'HU%RGHQLVWIHVWLP2VWHPQHWZRGHU+DXSWSIDGQDFK1RUGHQ OLHJWMHQVHLWVGHV)OXVVHVDEHU6FKDWWHQIHOONHQQWGHQ:HJGXUFKMHGHQ 6XPSIXQGMHGH6HQNH©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ª'RUWOLHJWGLH3IRUWHYRQ5RKDQ©VDJWH*DQGDOIª6LHLVWMHW]WIDVWJH QDXZHVWOLFKYRQXQV,QGLHVHU5LFKWXQJOLHJW,VHQJDUW© ª,FKVHKHHLQHQJURHQ5DXFK©VDJWH/HJRODVª:DVPDJGDVVHLQ"© ª.DPSIXQG.ULHJ©VDJWH*DQGDOIª5HLWHW]X©
5HL$QJHON#KWWSFRODHERRN]IELGH
6(&+67(6.$3,7(/ '(5.g1,*'(5*2/'(1(1+$//(
6LHULWWHQZHLWHUZlKUHQGGLH6RQQHXQWHUJLQJGXUFKGLHODQJH'lP PHUXQJXQGGLH]XQHKPHQGH1DFKW$OVVLHVFKOLHOLFKDQKLHOWHQXQGDE VDHQZDUVHOEVW$UDJRUQVWHLIXQGPGH*DQGDOIJHVWDQGLKQHQQXUHLQ SDDU6WXQGHQ5DVW]X/HJRODVXQG*LPOLVFKOLHIHQXQG$UDJRUQODJ IODFKDXVJHVWUHFNWDXIGHP5FNHQGRFK*DQGDOIEOLHEVWHKHQVWW]WH VLFKDXIVHLQHQ6WDEXQGVWDUUWHLQGLH'XQNHOKHLWQDFK2VWXQG:HVW $OOHVZDUVWLOOXQGNHLQ/HEHZHVHQZDU]XVHKHQRGHU]XK|UHQ$OVVLH GDQQDXIVWDQGHQZDUGLH1DFKWYRQODQJHQ:RONHQEHGHFNWGLHLQHLQHP HLVLJHQ:LQGVHJHOWHQ8QWHUGHPNDOWHQ0RQGJLQJHVZLHGHUZHLWHUVR VFKQHOOZLHEHL7DJHVOLFKW 6WXQGHQYHUJLQJHQXQGLPPHUQRFKULWWHQVLHGDKLQ*LPOLQLFNWHHLQ XQGZlUHYRQVHLQHP6LW]KHUXQWHUJHIDOOHQZHQQ*DQGDOILKQQLFKWJH SDFNWXQGJHVFKWWHOWKlWWH+DVXIHOXQG$URGPGHDEHUVWRO]IROJWHQ LKUHPUDVWORVHQ)KUHUHLQJUDXHU6FKDWWHQYRULKQHQNDXP]XVHKHQ 0HLOHDXI0HLOHOHJWHQVLH]XUFN'HU]XQHKPHQGH0RQGYHUVDQNLP ZRONLJHQ:HVWHQ 'LH/XIWZXUGHELWWHUNDOW/DQJVDPYHUEODWHLP2VWHQGLH'XQNHOKHLW ]XHLQHPNKOHQ*UDX,QZHLWHU)HUQH]XLKUHU/LQNHQVSUDQJHQURWH /LFKWVWUDKOHQEHUGLHVFKZDU]HQ:lOOHGHV(P\Q0XLO'LH0RUJHQGlP PHUXQJNDPNODUXQGVWUDKOHQGHLQ:LQGVWULFKEHULKUHQ3IDGXQG UDVFKHOWHGXUFKGLHVLFKELHJHQGHQ*UlVHU3O|W]OLFKEOLHE6FKDWWHQIHOOVWH KHQXQGZLHKHUWH*DQGDOIGHXWHWHQDFKYRP ª6FKDXW© ULHIHUXQGVLHVFKOXJHQGLHPGHQ$XJHQDXI9RULKQHQ HUKREVLFKGDV*HELUJHGHV6GHQVZHLJHNU|QWXQGVFKZDU]JHVWUHLIW 'LH*UDVODQGHHUVWUHFNWHQVLFKELV]XGHQ9RUEHUJHQGLHVLFKXPGHQ)X GHV*HELUJHVVFKDUWHQXQG]RJHQVLFKKLQDXILQYLHOHGHU7lOHUGLHQRFK GVWHUXQGGXQNHOZDUHQXQEHUKUWYRP/LFKWGHU0RUJHQGlPPHUXQJ XQGEDKQWHQVLFKGHQ:HJELVLQV+HU]GHVJURHQ*HELUJHV8QPLWWHOEDU YRUGHQ5HLWHUQ|IIQHWHVLFKGDVEUHLWHVWHGLHVHU7lOHUZLHHLQHODQJH 6FKOXFKW]ZLVFKHQGHQ%HUJHQ:HLWGULQQHQVDKHQVLHXQGHXWOLFKHLQHQ IDOWLJHQ*HELUJVVWRFNPLWHLQHPKRKHQ*LSIHODP$XVJDQJGHV7DOV VWDQGZLHHLQH6FKLOGZDFKHHLQHHLQVDPH$QK|KH=XLKUHQ)HQIOR ZLHHLQ6LOEHUIDGHQGHU)OXGHULQGHP7DOHQWVSUDQJDP5DQGGLHVHU $QK|KHVDKHQVLHQRFKZHLWHQWIHUQWHLQ*OLW]HUQLQGHUDXIJHKHQGHQ 6RQQHHLQHQ6FKLPPHUYRQ*ROG ª6SULFK/HJRODV©VDJWH*DQGDOIª6DJHXQVZDVGXGRUWYRUXQV VLHKVW© /HJRODVVFKDXWHQDFKYRUQXQGEHVFKDWWHWHVHLQH$XJHQYRUGHQQLHGUL JHQ6WUDKOHQGHUDXIJHKHQGHQ6RQQHª,FKVHKHHLQHQZHLHQ)OXGHU YRP6FKQHHKHUDENRPPW©VDJWHHUª:RHUDXVGHP6FKDWWHQGHV7DOV KHUDXVWULWWHUKHEWVLFKLP2VWHQHLQJUQHU%HUJ(LQ(UGZDOOXQGPlFK WLJH0DXHUQXQGHLQH'RUQHQKHFNHXPJHEHQLKQ'DULQQHQHUKHEHQVLFK GLH'lFKHUYRQ+lXVHUQXQGLQGHU0LWWHVWHKWDXIHLQHPJUQHQ%HUJ VDWWHOKRFKREHQHLQHJURH+DOOHGHU0HQVFKHQ8QGPHLQHQ$XJHQ VFKHLQWHVDOVKDEHVLHHLQJROGHQHV'DFK6HLQ*ODQ]OHXFKWHWZHLWEHU GDV/DQG*ROGHQVLQGDXFKGLH3IRVWHQLKUHU7UHQ'RUWVWHKHQ0lQQHU LQVFKLPPHUQGHU5VWXQJGRFKDOOHVVRQVWLQGHQ+|IHQVFKHLQWQRFK]X VFKODIHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª(GRUDVZHUGHQGLHVH+|IHJHQDQQW©VDJWH*DQGDOIªXQG0HGXVHOGLVW GLHJROGHQH+DOOH'RUWZRKQW7KpRGHQ7KHQJHOV6RKQ.|QLJGHU0DUN YRQ5RKDQ:LUVLQGPLWGHUDXIJHKHQGHQ6RQQH]XJOHLFKJHNRPPHQ 1XQOLHJWGHU:HJNODUYRUXQV'RFKPVVHQZLUYRUVLFKWLJHUUHLWHQ GHQQGHU.ULHJLVWDXVJHEURFKHQXQGGLH5RKLUULPGLH+HUUHQGHU5|V VHUVFKODIHQQLFKWDXFKZHQQHVYRQIHUQHVRDXVVLHKW=LHKWNHLQH :DIIHVSUHFKWNHLQKRFKPWLJHV:RUWUDWHLFKHXFKDOOHQHKHZLUYRU 7KpRGHQV7KURQVWHKHQ© 'HU0RUJHQZDUVWUDKOHQGXQGNODUXQG9|JHOVDQJHQDOVGLH5HLWHU ]XP)OXNDPHQ(UVWU|PWHUDVFKKLQDELQGLH(EHQHNUHX]WHMHQVHLWVGHV )XHVGHU%HUJHLKUHQ3IDGLQHLQHPJURHQ%RJHQXQGIORGDQQQDFK 2VWHQXPVLFKPLWGHUIHUQHQ(QWZDVVHULQLKUHPVFKLOILJHQ%HWW]XYHU HLQHQ'DV/DQGZDUJUQDXIGHQIHXFKWHQ:LHVHQXQGDQGHQJUDVEH VWDQGHQHQ8IHUQGHV)OXVVHVZXFKVHQYLHOH:HLGHQ,QGLHVHP VGOLFKHQ /DQGU|WHWHQVLHVLFKVFKRQDQGHQ=ZHLJVSLW]HQGDVLHGDV1DKHQGHV )UKOLQJVVSUWHQ'XUFKGHQ)OXIKUWHHLQH)XUW]ZLVFKHQQLHGULJHQ 8IHUQGLHVWDUN]HUWUHWHQZDUYRQ3IHUGHKXIHQ'LH5HLWHUGXUFKTXHUWHQ VLHXQGNDPHQDXIHLQHQEUHLWHQ]HUIXUFKWHQ:HJGHUVLFK]XGHPK|KHU JHOHJHQHQ/DQGKLQDXI]RJ $P)XHGHVPDXHUEHZHKUWHQ%HUJVYHUOLHIGHU:HJ]ZLVFKHQGHQ 6FKDWWHQYLHOHUKRKHUXQGJUQHU+JHOJUlEHU$XILKUHUZHVWOLFKHQ6HLWH ZDUGDV*UDVZHLZLHQDFKHLQHP6FKQHHWUHLEHQJOHLFKXQ]lKOLJHQ6WHU QHQEOKWHQGRUWNOHLQH%OXPHQLP5DVHQ ª6FKDXW©VDJWH*DQGDOIª:LHVFK|QVLQGGLHVHOHXFKWHQGHQ$XJHQLP *UDV,PPHUWUHXZHUGHQVLHJHQDQQW6LPEHOP\QsLQGHU6SUDFKHGHU 0HQVFKHQGLHVHV/DQGHVGHQQVLHEOKHQ]XDOOHQ-DKUHV]HLWHQXQG ZDFK VHQZRWRWH0lQQHUUXKHQ6HKW:LUVLQG]XGHQJURHQ+JHOJUlEHUQ JHNRPPHQLQGHQHQ7KpRGHQV$KQKHUUHQUXKHQ© ª6LHEHQ+JHOJUlEHUDXIGHU/LQNHQXQGQHXQDXIGHU5HFKWHQ©VDJWH $UDJRUQª9LHOHODQJH0HQVFKHQOHEHQVLQGYHUJDQJHQVHLWGLHJROGHQH +DOOHHUEDXWZXUGH© ª)QIKXQGHUWPDOVLQGVHLWGHPLQPHLQHU+HLPDWLP'VWHUZDOGGLH URWHQ%OlWWHUJHIDOOHQ©VDJWH/HJRODVªXQGGRFKVFKHLQWXQVGDVQXUHLQH NXU]H6SDQQH]XVHLQ© ª$EHUGHQ5HLWHUQGHU0DUNNRPPWGLH=HLWVRODQJYRU©VDJWH$UD JRUQªGDGLH(UEDXXQJGLHVHV+DXVHVQXUQRFKHLQH(ULQQHUXQJLP/LHG LVWXQGGLH-DKUHGDYRUVLQGYHUVXQNHQLP1HEHOGHU=HLW-HW]WQHQQHQ VLHGLHVHV/DQGLKUH+HLPDWLKU(LJHQXQGLKUH6SUDFKHKDWVLFKJHWUHQQW YRQGHULKUHUQ|UGOLFKHQ9HUZDQGWHQ©'DQQEHJDQQHUOHLVH]XVLQJHQLQ HLQHUGHP(OEXQGGHP=ZHUJXQEHNDQQWHQJHWUDJHQHQ6SUDFKHLQGHV ODXVFKWHQVLHDXIPHUNVDPGHQQVLHZDUVHKUPHORGLVFK ª'DVQHKPHLFKDQLVWGLH6SUDFKHGHU5RKLUULP©VDJWH/HJRODV ª'HQQVLHLVWZLHGLHVHV/DQGWHLOVZHLFKXQGZRJHQGXQGGDQQZLHGHU KDUWXQGVWUHQJZLHGDV*HELUJH$EHULFKNDQQQLFKWHUUDWHQZDVGDV /LHGEHGHXWHWQXUGDHVHUIOOWLVWYRQGHU7UDXULJNHLWVWHUEOLFKHU0HQ VFKHQ© ª6RODXWHWHVLQGHU*HPHLQVDPHQ6SUDFKH©VDJWH$UDJRUQªVRZRUW JHWUHXZLHLFKHVEHUVHW]HQNDQQ :RVLQG5HLWHUXQG5RXQGGDV+RUQGDVZHLWKLQKDOOHQGH" :RVLQG+DUQLVFKXQG+HOPXQGGDV+DDUGDVJOlQ]HQGZDOOHQGH" :RLVWGLH+DQGDQGHU+DUIH":RLVWGDVORGHUQGH)HXHU" 5HL$QJHON#KWWSFRODHERRN]IELGH
:RQXQ)UKOLQJXQG+HUEVWXQGYROOUHLIHQ.RUQHVGLH6FKHXHU" /DQJYHUJDQJHQZLH5HJHQLP:DOGXQG:LQGLQGHQbVWHQ ,P6FKDWWHQKLQWHUGHQ%HUJHQYHUVDQNHQGLH7DJHLP:HVWHQ :HUZLUGGHQ5DXFKGHVWRWHQ+RO]HVVDPPHOQJHKHQ 2GHUGLHIOXWHQGHQ-DKUHYRP0HHUZLHGHUNHKUHQVHKHQ" 6RVSUDFKHLQYHUJHVVHQHU'LFKWHULQ5RKDQYRUODQJHU=HLWXQGHULQQHUWH GDUDQZLHJURXQGVFK|Q(RUOGHU-XQJHZDUGHUYRP1RUGHQKLHUKHU ULWWXQGHVZDUHQ)OJHODQGHQ)HQVHLQHV5RVVHV)HODUyIGHV9DWHUV GHU3IHUGH'DVVLQJHQGLH0HQVFKHQQRFKGHV$EHQGV© 0LW GLHVHQ:RUWHQULWWHQGLH5HLVHQGHQDQGHQVWLOOHQ+JHOJUlEHUQ YRUEHL6LHIROJWHQGHPVLFKDQGHUJUQHQ6FKXOWHUGHU%HUJHKLQDXI]LH KHQGHQ:HJXQGNDPHQVFKOLHOLFK]XGHQZLQGJHSHLWVFKWHQ0DXHUQXQG GHQ7RUHQYRQ(GRUDV 'RUWVDHQYLHOH0lQQHULQJOlQ]HQGHU5VWXQJXQGVLHVSUDQJHQ VRIRUWDXIXQGYHUVSHUUWHQGHQ:HJPLW6SHHUHQª+DOWHWDQ,KU)UHP GHQGLH,KUKLHUXQEHNDQQWVHLG©ULHIHQVLHLQGHU6SUDFKHGHU5LGGHU PDUNXQGIUDJWHQQDFKGHQ1DPHQXQGGHP9RUKDEHQGHU)UHPGHQ(U VWDXQHQODJLQLKUHP%OLFNDEHUZHQLJ)UHXQGOLFKNHLWXQGILQVWHUVFKDX WHQVLHDXI*DQGDOI ª,FKYHUVWHKH(XUH5HGHJXW©DQWZRUWHWHHULQGHUVHOEHQ6SUDFKH ªGRFKZHQLJH)UHPGHWXQGDV:DUXPVSUHFKW,KUQLFKWGLH*HPHLQVDPH 6SUDFKHZLHHV6LWWHLVWLP:HVWHQZHQQ,KUHLQH$QWZRUWHUKDOWHQ ZROOW"© ª(VLVW.|QLJ7KpRGHQV%HIHKOGDQLHPDQGGXUFKVHLQH7RUHHLQWUHWHQ GDUIDXHUMHQHQGLHXQVHUH6SUDFKHYHUVWHKHQXQGXQVHUH)UHXQGHVLQG© HUZLGHUWHHLQHUGHU:lFKWHUª1LHPDQGLVWXQVZLOONRPPHQHVVHLGHQQ HUJHK|UH]XXQVHUHP9RONRGHUNRPPHDXV0XQGEXUJLP/DQGH*RQGRU :HUVHLG,KUGLH,KUVRUJORVEHUGLH(EHQHNRPPWVRVHOWVDPJHNOHLGHW VHLGXQGDXI3IHUGHQUHLWHWGLHZLHXQVHUHHLJHQHQ3IHUGHVLQG"/DQJH KDEHQZLUKLHU:DFKHJHKDOWHQXQG(XFKVFKRQYRQZHLWKHUEHREDFKWHW 1LHPDOVKDEHQZLUVRVHOWVDPH5HLWHUJHVHKHQQRFKHLQ3IHUGGDVVWRO]HU ZlUHDOVHLQHVYRQGLHVHQGLH,KUUHLWHW(VLVWHLQHVGHU0HDUDV VRIHUQ XQVHUH$XJHQQLFKWGXUFKLUJHQGHLQHQ=DXEHUJHWlXVFKWZHUGHQ6DJW VHLG,KUQLFKWHLQ=DXEHUHULUJHQGHLQ6SlKHUYRQ6DUXPDQRGHUVHLG,KU *DXNHOELOGHUVHLQHU=DXEHUNUDIW"6SUHFKWQXQXQG]ZDUUDVFK© ª:LUVLQGNHLQH*DXNHOELOGHU©VDJWH$UDJRUQªXQG(XUH$XJHQWlX VFKHQ(XFKQLFKW'HQQGLHVVLQGZDKUOLFK(XUH3IHUGHGLHZLUUHLWHQZLH ,KUYHUPXWOLFKVHKUZRKOZXWHWHKH,KUIUDJWHW'RFKVHOWHQUHLWHWGHU 'LHEKHLP]XP6WDOO+LHUVLQG+DVXIHOXQG$URGGLHeRPHUGHU'ULWWH 0DUVFKDOOGHU0DUNXQVHUVWYRU]ZHL7DJHQOLHK:LUEULQJHQVLHMHW]W ]XUFNZLHZLUHVLKPYHUVSURFKHQKDEHQ,VWeRPHUGHQQQLFKWKHLPJH NHKUWXQGKDWHUXQVHU.RPPHQQLFKWDQJHNQGLJW"© (LQEHWUEWHU$XVGUXFNWUDWLQGLH$XJHQGHV:lFKWHUVªhEHUeRPHU KDEHLFKQLFKWV]XVDJHQ©DQWZRUWHWHHUª:HQQ,KUGLH:DKUKHLW VSUHFKWZLUG7KpRGHQ]ZHLIHOORVGDYRQJHK|UWKDEHQ9LHOOHLFKWLVW(XHU .RPPHQQLFKWY|OOLJXQHUZDUWHW$EHUHUVWYRU]ZHL1lFKWHQNDP 6FKODQJHQ]XQJH]XXQVXQGVDJWHGDDXI%HIHKOYRQ7KpRGHQNHLQ )UHPGHUGLHVH7RUHGXUFKUHLWHQGDUI© ª6FKODQJHQ]XQJH"©VDJWH*DQGDOIXQGVDKGHQ:lFKWHUVFKDUI DQ ª6DJWQLFKWVPHKU0HLQH%RWVFKDIWLVWQLFKWIU6FKODQJHQ]XQJHVRQ GHPIUGHQ+HUUQGHU0DUNEHVWLPPW,FKELQLQ(LOH:ROOW,KUQLFKW 5HL$QJHON#KWWSFRODHERRN]IELGH
JHKHQRGHUMHPDQGHQVFKLFNHQXP]XPHOGHQGDZLUJHNRPPHQVLQG"© 6HLQH$XJHQIXQNHOWHQXQWHUGHQGLFKWHQ%UDXHQDOVHUVHLQHQ%OLFNDXI GHQ0DQQULFKWHWH ª-DLFKZLOOJHKHQ©DQWZRUWHWHHU]|JHUQGª$EHUZHOFKH1DPHQVROO LFKQHQQHQ"8QGZDVVROOLFKYRQ(XFKVDJHQ"$OWXQGPGHHUVFKHLQW ,KUMHW]WXQGGRFKVHLG,KUJUDXVDPXQGKDUWXQWHU(XUHPbXHUHQ GHXFKWPLU© ª6FKDUIVHKW,KUXQGVSUHFKWJXW©VDJWHGHU=DXEHUHUª'HQQLFKELQ *DQGDOI,FKELQ]XUFNJHNHKUW8QGVLHKHGDDXFKLFKEULQJHHLQ3IHUG ]XUFN+LHULVW6FKDWWHQIHOOGHU*URHGHQNHLQHDQGHUH+DQG]lKPHQ NDQQ8QGQHEHQPLUVWHKW$UDJRUQ$UDWKRUQV6RKQGHU(UEHYRQ .|QLJHQXQGHULVWDXIGHP:HJHQDFK0XQGEXUJ8QGKLHUVLQG/HJR ODVGHU(OEXQG*LPOLGHU=ZHUJXQVHUH*HIlKUWHQ*HKWQXQXQGVDJW (XUHP+HUUQGDZLUDQVHLQHP7RUVWHKHQXQGPLWLKPUHGHQP|FKWHQ ZHQQHUXQVHUODXEWLQVHLQH+DOOH]XNRPPHQ© ª6HOWVDPH1DPHQZDKUOLFKQHQQW,KU$EHULFKZHUGHVLHPHOGHQZLH ,KUHVHUELWWHWXQGGHQ%HIHKOPHLQHV+HUUQHQWJHJHQQHKPHQ©VDJWHGHU :lFKWHUª:DUWHWKLHUHLQHNOHLQH:HLOHXQGLFKZHUGH(XFKGLH$QW ZRUWEULQJHQGLHHUIUULFKWLJKlOW+RIIWQLFKW]XYLHO'LH7DJHVLQG GXQNHO©(UJLQJUDVFKYRQGDQQHQXQGOLHGLH)UHPGHQLQGHUZDFKVD PHQ2EKXWVHLQHU*HIlKUWHQ 1DFKHLQLJHU=HLWNDPHU]XUFNª)ROJWPLU©VDJWHHUª7KpRGHQHU ODXEW(XFKHLQ]XWUHWHQDEHUDOOH :DIIHQGLH,KUWUDJWXQGVHLHVDXFK QXUHLQ6WDEPW,KUDQGHU6FKZHOOHDEOHJHQ'LH7UKWHUZHUGHQVLH YHUZDKUHQ© 'LHGXQNOHQ7RUHZXUGHQJH|IIQHW'LH5HLVHQGHQWUDWHQHLQXQGIROJ WHQHLQHUKLQWHUGHPDQGHUHQLKUHP)KUHU6LHIDQGHQHLQHQEUHLWHQ3IDG PLWEHKDXHQHQ6WHLQHQJHSIODVWHUWEDOGVFKOlQJHOWHHUVLFKGHQ%HUJKLQ DXIEDOGHUNORPPHULKQLQNXU]HQ7UHSSHQOlXIHQPLWJXWDQJHOHJWHQ 6WXIHQ$QYLHOHQDXV+RO]HUEDXWHQ+lXVHUQXQGYLHOHQGXQNOHQ7UHQ NDPHQVLHYRUEHL1HEHQGHP:HJIORLQHLQHUVWHLQHUQHQ5LQQHHLQ %DFKPLWNODUHP:DVVHUJOLW]HUQGXQGSOlWVFKHUQG6FKOLHOLFKNDPHQVLH ]XP*LSIHOGHV%HUJV'RUWUDJWHHLQKRKHU6|OOHUEHUGHQJUQHQ%HUJ VDWWHODQVHLQHP)XVSUXGHOWHHLQHNODUH4XHOOHDXVHLQHP6WHLQLQGHQ GDV $EELOGHLQHV3IHUGHNRSIVHLQJHPHLHOWZDUGDUXQWHUZDUHLQJURHV %HFNHQDXVGHPGDV:DVVHUEHUOLHIXQGGHQKLQDEVWU|PHQGHQ%DFKVSHL VWH=XGHPJUQHQ%HUJVDWWHOIKUWHHLQH6WHLQWUHSSHKRFKXQGEUHLW XQGDXIEHLGHQ6HLWHQGHUREHUVWHQ6WXIHZDUHQ LQ6WHLQJHKDXHQH6LW]H 'RUWVDHQZHLWHUH:lFKWHUGLHJH]RJHQHQ6FKZHUWHUDXIGHQ.QLHQ'DV JROGEORQGH+DDUKLQJLKQHQLQ)OHFKWHQELVDXIGLH6FKXOWHUQGLH6RQQH ZDUGDV:DSSHQDXILKUHQJUQHQ6FKLOGHQLKUHODQJHQ+DUQLVFKHZDUHQ EODQNJHSXW]WXQG DOVVLHDXIVWDQGHQVFKLHQHQVLHJU|HU]XVHLQDOV VWHUEOLFKH0HQVFKHQ ª'RUWYRU(XFKVLQGGLH7UHQ©VDJWHGHU)KUHUª,FKPXMHW]W]X PHLQHP'LHQVWDP7RU]XUFN/HEWZRKO8QGP|JHGHU+HUUGHU0DUN JQlGLJ]X(XFKVHLQ© 5DVFKJLQJHUGHQ:HJZLHGHUKLQXQWHU'LHDQGHUHQVWLHJHQXQWHUGHQ %OLFNHQGHUKRFKJHZDFKVHQHQ:lFKWHUGLHODQJH7UHSSHHPSRU5HJORV VWDQGHQVLHREHQXQGVSUDFKHQNHLQ:RUWELV*DQGDOIGHQJHSIODVWHUWHQ 6|OOHUDPREHUVWHQ$EVDW]GHU7UHSSHEHWUDW'DQQSO|W]OLFKVDJWHQVLHPLW NODUHQ6WLPPHQK|IOLFKH:RUWHGHU%HJUXQJLQLKUHUHLJHQHQ6SUDFKH 5HL$QJHON#KWWSFRODHERRN]IELGH
ª+HLO,KU$QN|PPOLQJHYRQZHLWKHU©VDJWHQVLHXQGVLHULFKWHWHQ GLH*ULIIHLKUHU6FKZHUWHUDXIGLH5HLVHQGHQDOV=HLFKHQGHV)ULHGHQV *UQH(GHOVWHLQHEOLW]WHQLP6RQQHQOLFKW1XQWUDWHLQHUGHU:lFKWHUYRU XQGUHGHWHLQGHU*HPHLQVDPHQ6SUDFKH ª,FKELQ7KpRGHQV7RUZDUW©VDJWHHUª+iPDLVWPHLQ1DPH,FKPX (XFKELWWHQKLHU(XUH:DIIHQDE]XOHJHQHKH,KUHLQWUHWHW© /HJRODVJDELKPVHLQHQ'ROFKPLWGHPVLOEHUQHQ+HIWVHLQHQ.|FKHU XQG%RJHQª9HUZDKUWVLHJXW©VDJWHHUªGHQQVLHNRPPHQDXVGHP*RO GHQHQ:DOGXQGGLH+HUULQYRQ/RWKOyULHQKDWVLHPLUJHVFKHQNW© 6WDXQHQWUDWLQGLH$XJHQGHV0DQQHVXQGHUOHJWHGLH:DIIHQKDVWLJ DQGLH:DQGDOVREHUVLFKIUFKWHVLHLQGHU+DQG]XKDOWHQª.HLQ 0HQVFKZLUGVLHEHUKUHQGDVYHUVSUHFKHLFK(XFK©VDJWHHU $UDJRUQVWDQGHLQH:HLOH]|JHUQGGDª(VLVWQLFKWPHLQ:XQVFK© VDJWHHUªPHLQ6FKZHUWDE]XOHJHQXQG$QG~ULOLUJHQGHLQHPDQGHUHQ 0HQVFKHQLQGLH+DQG]XJHEHQ© ª(VLVW7KpRGHQV:XQVFK©VDJWH+iPD ª(VOHXFKWHWPLUQLFKWHLQGDGHU:XQVFKYRQ7KpRGHQ7KHQJHOV 6RKQXQGVHLHUDXFKGHU+HUUGHU0DUNPHKUJHOWHQVROODOVGHU:XQVFK YRQ$UDJRUQ$UDWKRPV6RKQ(OHQGLOV(UEHYRQ*RQGRU© ª'LHVLVW7KpRGHQV+DXVQLFKW$UDJRUQVXQGZlUHHUDXFK.|QLJYRQ *RQGRUDXI'HQHWKRUV7KURQ©VDJWH+iPDWUDWUDVFKYRUGLH7UXQG YHUVSHUUWHGHQ:HJ6HLQ6FKZHUWZDUMHW]WLQVHLQHU+DQGXQGGLH6SLW]H DXIGLH)UHPGHQJHULFKWHW ª'DVLVWPLJHV*HUHGH©VDJWH*DQGDOIª8QQ|WLJLVW7KpRGHQV9HU ODQJHQGRFKLVWHVVLQQORVHVDE]XOHKQHQ(LQ.|QLJVHW]WVHLQHQ:LOOHQ LQVHLQHUHLJHQHQ+DOOHGXUFKREHVQXQ7RUKHLWRGHU:HLVKHLWLVW© ª:DKUOLFK©VDJWH$UDJRUQª8QGLFKZUGHWXQXPZDVGHU+HUUGHV +DXVHVPLFKELWWHWXQGZlUH GLHVDXFKQXUHLQH+RO]IlOOHUKWWHZHQQLFK MHW]WLUJHQGHLQDQGHUHV6FKZHUWWUJHXQGQLFKW$QG~ULO© ª:LHLPPHUVHLQ1DPHVHLQPDJ©VDJWH+iPDªKLHUVROOW,KUHVDEOH JHQZHQQ,KUQLFKWDOOHLQJHJHQDOOH0DQQHQLQ(GRUDVNlPSIHQZROOW© ª1LFKWDOOHLQ©VDJWH*LPOLEHIKOWHGLH6FKQHLGHVHLQHU$[WXQG EOLFNWHILQVWHUDXIGHQ:lFKWHUDOVREHUHLQMXQJHU%DXPVHLGHQ]XIlO OHQ*LPOL/XVWYHUVSUWHª1LFKWDOOHLQ© ª5XKLJUXKLJ©VDJWH*DQGDOIª:LUDOOHVLQGKLHU)UHXQGH2GHUVROO WHQHVVHLQ GHQQGDV*HOlFKWHUYRQ0RUGRUZLUGXQVHUHLQ]LJHU/RKQ VHLQZHQQZLUXQVVWUHLWHQ0HLQ$XIWUDJLVWHLOLJ+LHU]XPLQGHVWLVW PHLQ 6FKZHUW%XUJVD+iPD9HUZDKUWHVJXW*ODPGULQJKHLWHVGHQQ GLH(OEHQKDEHQHVYRUODQJHU=HLWJHVFKPLHGHW1XQODWPLFKGXUFK .RPP$UDJRUQ© /DQJVDPVFKQDOOWH$UDJRUQVHLQ*HKlQJHDEXQGVWHOOWHVHOEVWVHLQ 6FKZHUWDXIUHFKWDQGLH:DQGª+LHUVWHOOHLFKHVKLQ©VDJWHHUª'RFK EHIHKOHLFK(XFKHVQLFKW]XEHUKUHQXQGQLFKW]X]XODVVHQGDHLQDQ GHUHUGLH+DQGGDUDXIOHJW,QGLHVHUHOELVFKHQ6FKHLGHUXKWGLH.OLQJH GLHJHERUVWHQZDUXQGQHXJHVFKPLHGHWZXUGH7HOFKDUKDWVLH]XHUVWJH DUEHLWHWYRUXQHQGOLFKHU=HLW=X7RGHNRPPHQVROOMHGHU0DQQGHU(OHQ GLOV6FKZHUW]LHKWDXHU(OHQGLOV(UEH© 'HU:lFKWHUWUDW]XUFNXQGEOLFNWH$UDJRUQYHUZXQGHUWDQª(V VFKHLQW,KUVHLGDXIGHQ)OJHOQGHV/LHGHVDXVYHUJHVVHQHQ7DJHQJH NRPPHQ©VDJWHHUª(VVROOVRVHLQZLH,KUEHIHKOW© ª*XW©VDJWH*LPOLªZHQQPHLQH$[W$QG~ULO]XU*HVHOOVFKDIWKDW 5HL$QJHON#KWWSFRODHERRN]IELGH
NDQQVLHDXFKKLHUEOHLEHQRKQHGDHVHLQH6FKDQGHZlUH©XQGHUOHJWH GLH$[WDXIGHQ)XERGHQª1XQDOVRZHQQDOOHVVRLVWZLH,KUHV ZQVFKWGDQQZROOHQZLUJHKHQXQGPLW(XUHP+HUUQVSUHFKHQ© 'HU:lFKWHU]|JHUWHLPPHUQRFKª(XHU6WDE©VDJWHHU]X*DQGDOI ª9HU]HLKWPLUDEHUDXFKHUPXDQGHU7UEOHLEHQ© ª7RUKHLW©VDJWH*DQGDOIª9RUVLFKWXQG8QK|IOLFKNHLWVLQG]ZHLHUOHL ,FKELQDOW:HQQLFKPLFKEHLP*HKHQQLFKWDXIPHLQHQ6WDEVWW]HQ NDQQGDQQZHUGHLFKKLHUGUDXHQVLW]HQEOHLEHQELVHV7KpRGHQEHOLHEW VHOEVWKHUDXV]XKXPSHOQXPPLWPLU]XUHGHQ© $UDJRUQODFKWHª-HGHUKDWHWZDVGDVLKP]XOLHELVWXPHVHLQHPDQ GHUHQDQ]XYHUWUDXHQ$EHUZROOW,KUZLUNOLFKHLQHPDOWHQ0DQQVHLQH 6WW]HQHKPHQ":ROOW,KUXQVQXQQLFKWHLQWUHWHQODVVHQ"© ª'HU6WDELQGHU+DQGHLQHV=DXEHUHUVPDJPHKUVHLQDOVHLQH+LOIH IUGDV$OWHU©VDJWH+iPD(UVDKGHQ(VFKHQVWDEVFKDUIDQDXIGHQ *DQGDOIVLFKVWW]WHª,P=ZHLIHOVIDOOZLUGLQGHVHLQYHUDQWZRUWXQJVYRO OHU0DQQDXIVHLQHHLJHQH.OXJKHLWYHUWUDXHQ,FKJODXEH,KUVHLG )UHXQGHXQGHKUHQZHUWH/HXWHGLHNHLQHE|VHQ$EVLFKWHQKDEHQ,KU GUIWKLQHLQJHKHQ© 'LH:lFKWHUVFKREHQMHW]WGLHVFKZHUHQ5LHJHODQGHQ7UHQ]XUFN XQGVWLHHQVLHODQJVDPQDFKLQQHQDXIXQGVLHNQDUUWHQLQLKUHQJURHQ $QJHOQ'LH5HLVHQGHQWUDWHQHLQ'ULQQHQHUVFKLHQHVLKQHQGXQNHOXQG ZDUPQDFKGHUNODUHQ/XIWDXIGHP%HUJ'LH+DOOHZDUODQJXQGEUHLW XQGYRQ6FKDWWHQXQG+DOEOLFKWHUIOOWPlFKWLJH6lXOHQWUXJHQGDVKRKH 'DFK'RFKKLHUXQGGRUWILHOHQKHOOH6RQQHQVWUDKOHQLQVFKLPPHUQGHQ %QGHOQGXUFKGLH|VWOLFKHQ)HQVWHUKRFKXQWHUGHPEUHLWHQ'DFKJHVLPV 'XUFKGHQ5DXFKDE]XJLP'DFKVFKLPPHUWHEHUGHQGQQHQDXIVWHLJHQ GHQ5DXFKVFKZDGHQGHU+LPPHOEODXQGEODX$OVVLFKLKUH$XJHQDQ GDV'lPPHUOLFKWJHZ|KQWKDWWHQEHPHUNWHQGLH5HLVHQGHQGDGHU)X ERGHQPLWYLHOIDUELJHQ6WHLQHQJHSIODVWHUWZDUYHUlVWHOWH5XQHQXQGVHOW VDPH6LQQELOGHUYHUIORFKWHQVLFKXQWHULKUHQ)HQ-HW]WVDKHQVLHDXFK GDGLH6lXOHQUHLFKJHVFKQLW]WZDUHQXQGPDWWJOlQ]WHQLQ*ROGXQGQXU KDOEHUNDQQWHQ)DUEHQ9LHOHJHZHEWH'HFNHQZDUHQDQGHQ:lQGHQDXI JHKlQJWXQGDXILKUHQZHLWHQ)OlFKHQHUJLQJHQVLFK*HVWDOWHQGHUDOWHQ 6DJHHLQLJHLP/DXIHGHU-DKUHYHUEODWHLQLJHLP6FKDWWHQQDFKJHGXQ NHOW$EHUDXIHLQH*HVWDOWILHOGDV6RQQHQOLFKWHLQMXQJHU0DQQDXI HLQHPZHLHQ3IHUG(UEOLHVHLQJURHV+RUQXQGVHLQJROGEORQGHV+DDU IODWWHUWHLP:LQG'DV3IHUGKDWWHGHQ.RSIJHKREHQXQGVHLQH1VWHUQ ZDUHQEUHLWXQGURWDOVHVZLHKHUWHGDHVGLH6FKODFKWYRQIHUQHZLWWHUWH 6FKlXPHQGHV:DVVHUJUQXQGZHLUDXVFKWHXQGZDOOWHXPVHLQH.QLH ª6FKDXW(RUOGHU-XQJH©VDJWH$UDJRUQª6RULWWHUDXVGHP1RUGHQ ]XGHU6FKODFKWDXIGHP)HOGYRQ&HOHEUDQW© 1XQVFKULWWHQGLHYLHU*HIlKUWHQYRUDQYRUEHLDQGHPKHOOEUHQQHQGHQ +RO]IHXHUDXIGHP+HUGLQGHU0LWWHGHU+DOOH'DQQEOLHEHQVLHVWHKHQ $PKLQWHUHQ(QGHGHV+DXVHVMHQVHLWVGHU)HXHUVWHOOHXQGQDFK1RUGHQ ]XGHQ7UHQEOLFNHQGZDUHLQHUK|KWHU6LW]PLWGUHL6WXIHQXQGLQGHU 0LWWHGHVHUK|KWHQ6LW]HVVWDQGHLQJURHUYHUJROGHWHU6HVVHO'DUDXIVD HLQYRP$OWHUVRJHEHXJWHU0DQQGDHUIDVWHLQ=ZHUJ]XVHLQVFKLHQ DEHUVHLQZHLHV+DDUZDUODQJXQGGLFKWXQGILHOLQJURHQ)OHFKWHQXQ WHUHLQHPGQQHQJROGHQHQ6WLUQUHLIKHUDE,QGHU0LWWHVHLQHU6WLUQ VFKLPPHUWHHLQHLQ]LJHUZHLHU'LDPDQW6HLQ%DUWODJZLH6FKQHHDXI VHLQHQ.QLHQGRFKVHLQH$XJHQVWUDKOWHQQRFKKHOOXQGIXQNHOWHQDOVHU 5HL$QJHON#KWWSFRODHERRN]IELGH
GLH)UHPGHQEHWUDFKWHWH+LQWHUVHLQHP6HVVHOVWDQGHLQHZHLJHNOHLGHWH )UDX$XIGHQ6WXIHQ]XVHLQHQ)HQVDGLH]XVDPPHQJHVFKUXPSIWH *HVWDOWHLQHV0DQQHVPLWHLQHPEOHLFKHQNOXJHQ*HVLFKWXQGVFKZHUOLGUL JHQ$XJHQ (VKHUUVFKWH6FKZHLJHQ'HUDOWH0DQQUKUWHVLFKQLFKWDXIVHLQHP 6HVVHO6FKOLHOLFKVSUDFK*DQGDOIª+HLO7KpRGHQ7KHQJHOV6RKQ,FK ELQ]XUFNJHNHKUW'HQQVHKW'HU6WXUPNRPPWXQGMHW]WVROOWHQVLFK DOOH)UHXQGH]XVDPPHQVFKDUHQGDPLWQLFKWMHGHUHLQ]HOQYHUQLFKWHW ZHUGH© /DQJVDPHUKREVLFKGHUDOWH0DQQXQGVWW]WHVLFKVFKZHUDXIHLQHQ NXU]HQVFKZDU]HQ6WDEPLWHLQHP*ULIIDXVZHLHP%HLQXQGMHW]W VDKHQGLH)UHPGHQGDHU]ZDUJHEHXJWDEHUQRFKLPPHUJURZDUXQG LQVHLQHU-XJHQGZDKUOLFKVWDWWOLFKXQGVWRO]JHZHVHQVHLQPXWH ª,FKJUH(XFK©VDJWHHUªXQGYLHOOHLFKWHUZDUWHW,KUHLQ:LOONRP PHQ'RFKXPGLH:DKUKHLW]XVDJHQHVLVW]ZHLIHOKDIWRE,KUKLHUZLOO NRPPHQVHLG+HUU*DQGDOI,PPHUVHLG,KUHLQ9RUERWHGHV/HLGVJHZH VHQ'DV8QKHLOIROJW(XFKZLH.UlKHQXQGMHKlXILJHUXPVRVFKOLP PHU,FKZLOO(XFKQLFKWGDUEHUWlXVFKHQDOVLFKK|UWHGD6FKDWWHQIHOO UHLWHUORV]XUFNJHNRPPHQZDUIUHXWHLFKPLFKEHUGLH+HLPNHKUGHV 3IHUGHVDEHUPHKUQRFKEHUGDV)HKOHQGHV5HLWHUVXQGDOVeRPHUGLH 1DFKULFKWEUDFKWHGD,KUHQGOLFKLQ(XHUHOHW]WH+HLPDWJHJDQJHQVHLG KDEHLFKQLFKWJHWUDXHUW'RFK1DFKULFKWHQDXVGHU)HPHVLQGVHOWHQ ZDKU+LHUVHLG,KUZLHGHU8QGPLW(XFKNRPPWVFKOLPPHUHV8QJOFN GHQQ]XYRUZLH]XHUZDUWHQZDU:DUXPVROOWHLFK(XFKZLOONRPPHQ KHLHQ*DQGDOI6WXUPNUlKH"6DJWPLUGDV©/DQJVDPVHW]WHHUVLFKZLH GHUDXIVHLQHQ6HVVHO ª,KUVSUHFKWZDKU+HUU©VDJWHGHUEOHLFKH0DQQGHUDXIGHQ6WXIHQ GHVHUK|KWHQ6LW]HVVDª.HLQHIQI7DJHVLQGYHUJDQJHQVHLWGLHELWWHUH %RWVFKDIWNDPGD7KpRUHG(XHU6RKQLQGHQ:HVWPDUNHQHUVFKODJHQ ZXUGH(XUHUHFKWH+DQGGHU=ZHLWH0DUVFKDOOGHU0DUN$XIeRPHULVW QLFKWYLHO9HUOD:HQLJH0DQQHQZlUHQ]XUFNJHEOLHEHQXP(XUH 0DXHP]XVFKW]HQZHQQHUKlWWHEHVWLPPHQGUIHQ8QGHEHQMHW]WHU IDKUHQZLUDXV*RQGRUGDGHU'XQNOH+HUUVFKHUVLFKLP2VWHQUHJW'DV LVWGLH6WXQGHGLHGLHVHU:DQGHUHUIUVHLQH5FNNHKUZlKOW)UZDKU ZDUXPVROOWHQZLU(XFKZLOONRPPHQKHLHQ+HUU6WXUPNUlKH"/iWKVSHOO QHQQHLFK(XFK6FKOHFKWH%RWVFKDIWXQGHLQHVFKOHFKWH%RWVFKDIWLVWHLQ VFKOHFKWHU*DVWKHLWHV©(UODFKWHJULPPLJDOVHUNXU]GLHVFKZHUHQ /LGHUKREXQGGLH)UHPGHQPLWGXQNOHQ$XJHQEHWUDFKWHWH ª,KUJHOWHWIUZHLVHPHLQ)UHXQG6FKODQJHQ]XQJHXQG]ZHLIHOORVVHLG ,KUHLQHJURH6WW]H(XUHV+HUUQ©DQWZRUWHWH*DQGDOIPLWVDQIWHU 6WLPPHª'HQQRFKPDJHLQ0DQQDXI]ZHLHUOHL$UWPLWVFKOHFKWHQ1DFK ULFKWHQNRPPHQ(UPDJHLQ8UKHEHUGHV%|VHQVHLQRGHUHUPDJHLQHU VHLQGHUQLFKWEHVVHUQZLOOZDVVFKRQJXWLVWVRQGHUQQXUNRPPWXPLQ =HLWHQGHU1RW+LOIH]XEULQJHQ© ª6RLVWHV©VDJWH6FKODQJHQ]XQJHª$EHUHVJLEWQRFKHLQHGULWWH$UW .QRFKHQSLFNHU/HXWHGLHVLFKLQDQGHUHU0HQVFKHQ7UDXHUHLQPLVFKHQ $DVJHLHUGLHYRP.ULHJIHWWZHUGHQ:HOFKH+LOIHKDEW,KUMHJHEUDFKW 6WXUPNUlKH"8QGZHOFKH+LOIHEULQJW,KUMHW]W"9RQXQVKDEW,KU+LOIH HUEHWHQDOV,KUGDVOHW]WH0DOKLHUZDUW'DPDOVKLH(XFKPHLQ+HUU LUJHQGHLQ3IHUG]XZlKOHQGDV,KUZROOWHWXQGGDQQ]XYHUVFKZLQGHQ XQG]XU9HUZXQGHUXQJDOOHUQDKPW,KULQ(XUHU8QYHUVFKlPWKHLW6FKDW 5HL$QJHON#KWWSFRODHERRN]IELGH
WHQIHOO0HLQ+HUUZDUEHUDXVEHWUEWGHQQRFKVFKLHQHVPDQFKHQGD NHLQ3UHLV]XKRFKVHLXP(XFKVFKQHOODXVGHP/DQG]XEULQJHQ,FK YHUPXWHMHW]WZLUGHVZDKUVFKHLQOLFKZLHGHUHLQPDODXIGDVVHOEHKHUDXV ODXIHQ,KUZHUGHWHKHU+LOIHHUELWWHQDOVJHZlKUHQ%ULQJW,KU0DQQHQ" %ULQJW,KU3IHUGH6FKZHUWHU6SHHUH"'DVZUGHLFK+LOIHQHQQHQGDVLVW HVZDVZLUMHW]WEUDXFKHQ$EHUZHUVLQGMHQHGLHDQ(XUHQ5RFNVFK| HQKlQJHQ"'UHL]HUOXPSWH:DQGHUHULQ*UDXXQG,KUVHOEVWVHLGGHU EHWWOHUlKQOLFKVWHYRQGHQYLHUHQ© ª'LH+|IOLFKNHLWLQ(XUHU+DOOHKDWOHW]WKLQHWZDVQDFKJHODVVHQ7KHR GHQ7KHQJHOV6RKQ©VDJWH*DQGDOIª+DWGHU%RWHYRQ(XUHP7RUQLFKW GLH1DPHQPHLQHU*HIlKUWHQJHPHOGHW"6HOWHQKDWHLQ+HUUYRQ5RKDQ GUHLVROFKH*lVWHHPSIDQJHQ:DIIHQKDEHQVLHDQ(XUHU7UDEJHOHJWGLH VRPDQFKHLQHQVWHUEOLFKHQ0DQQVHOEVWYRQGHQPlFKWLJVWHQZHUWVLQG *UDXVLQGLKUH*HZlQGHUGHQQGLH(OEHQKDEHQVLHJHNOHLGHWXQGVRVLQG VLHGXUFKGHQ6FKDWWHQJURHU*HIDKUHQELV]X(XUHU+DOOHJHODQJW© ª'DQQLVWHVZDKUZLHeRPHUEHULFKWHWHGD,KUYHUEQGHWVHLGPLW GHU=DXEHULQGHV*ROGHQHQ:DOGHV"©IUDJWH6FKODQJHQ]XQJHª'DVLVW QLFKWYHUZXQGHUOLFK,PPHUZXUGHQ5lQNHLQ'ZLPRUGHQHJHVSRQQHQ© *LPOLWUDWHLQHQ6FKULWWYRUGRFKVSUWHHUSO|W]OLFK*DQGDOIV+DQG DXIVHLQHU6FKXOWHUGLHLKQSDFNWHXQGHUEOLHEVWRFNVWHLIVWHKHQ 'ZLPRUGHQHR/yULHQ 6HOWHQEHWUHWHQYRQ6WHUEOLFKHQ :HQLJH0HQVFKHQEHNDPHQGHLQ/LFKW 'DVLPPHUOHXFKWHQGHMH]X*HVLFKW *DODGULHO*DODGULHO .ODULVWGDV:DVVHULQGHLQHP4XHOO :HLGHU6WHUQLQZHLHU+DQG 6FK|QHUQRFKVLQG/DXEXQG/DQG ,Q'ZLPRUGHQHLQ/yULHQ $OVGLH*HGDQNHQGHU6WHUEOLFKHQ 6RVDQJ*DQGDOIOHLVHXQGGDQQSO|W]OLFKYHUZDQGHOWHHUVLFK(UZDUI VHLQHQ]HUOXPSWHQ0DQWHODEUHFNWHVLFKXQGVWW]WHVLFKQLFKWPHKUDXI VHLQHQ6WDEXQGHUVSUDFKPLWHLQHUNODUHQNDOWHQ6WLPPH ª'LH:HLVHQUHGHQQXUEHUGDVZDVVLHZLVVHQ*UtPD*iOPyGV 6RKQ(LQHHLQIlOWLJH6FKODQJHVHLG,KUJHZRUGHQ'HVKDOEVFKZHLJWXQG EHKDOWHW(XUHJHVSDOWHQH=XQJHKLQWHU(XUHQ=lKQHQ,FKELQQLFKWGXUFK )HXHUXQG7RGJHJDQJHQXPYHUORJHQH:RUWHPLWHLQHP'LHQHU]XZHFK VHOQELVGHU%OLW]HLQVFKOlJW© (UKREVHLQHQ6WDE(LQ'RQQHUJUROOWH'DV6RQQHQOLFKWYRQGHQ|VW OLFKHQ)HQVWHUQZDUDXVJHO|VFKWGLHJDQ]H+DOOHZXUGHSO|W]OLFKGXQNHO ZLHGLH1DFKW'DV)HXHUYHUEODWH]XGVWHUHU*OXW1XU*DQGDOIZDU]X VHKHQHUVWDQGZHLXQG JURYRUGHPVFKZDU]JHZRUGHQHQ+HUG ,QGHU)LQVWHUQLVK|UWHQVLH6FKODQJHQ]XQJHV6WLPPH]LVFKHQª+DEH LFK(XFKQLFKWJHUDWHQ+HUUVHLQHQ6WDE]XYHUELHWHQ"'LHVHU1DUU+iPD KDWXQVEHWURJHQ©(VJDEHLQ$XIIODPPHQDOVREHLQ%OLW]GDV'DFK GXUFKVFKODJHQKDEH'DQQZDUDOOHVVWLOO6FKODQJHQ]XQJHODJIODFKDXI GHP%DXFKGDV*HVLFKWDXIGHQ%RGHQJHGUFNW ª1XQ7KpRGHQ7KHQJHOV6RKQZROOW,KUPLFKDQK|UHQ"©IUDJWH*DQ GDOIª(UELWWHW,KU+LOIH"©(UKREVHLQHQ6WDEXQG]HLJWHDXIHLQKRKHV )HQVWHU 'RUWVFKLHQVLFKGLH'XQNHOKHLWDXI]XNOlUHQXQGGXUFKGLHgII QXQJZDUKRFKXQGIHUQHLQ6WFNFKHQGHVVWUDKOHQGHQ+LPPHOV]X 5HL$QJHON#KWWSFRODHERRN]IELGH
VHKHQª1LFKWDOOHVLVWGXQNHO)DW0XW+HUUGHU0DUNGHQQEHVVHUH +LOIHZHUGHW,KUQLFKWILQGHQ.HLQHQ5DWKDEHLFKGHQHQ]XJHEHQGLH YHU]ZHLIHOQ'RFK5DWN|QQWHLFKJHEHQXQG%RWVFKDIWN|QQWHLFK(XFK EHUPLWWHOQ:ROOW,KUVLHK|UHQ"6LHLVWQLFKWIUDOOH2KUHQ,FKELWWH (XFKNRPPWKLQDXVYRU(XUH7UXQGVFKDXW(XFKXP=XODQJHKDEW,KU LP6FKDWWHQJHVHVVHQXQGHQWVWHOOWHQ%HULFKWHQXQGYHUORJHQHQ(LQIOVWH UXQJHQYHUWUDXW© /DQJVDPHUKREVLFK7KpRGHQYRQVHLQHP6HVVHO(LQVFKZDFKHV/LFKW YHUEUHLWHWHVLFKZLHGHULQGHU+DOOH'LH)UDXHLOWHDQGHV.|QLJV6HLWH XQGQDKPVHLQHQ$UPXQGPLWWDXPHOQGHQ6FKULWWHQVWLHJGHUDOWH 0DQQYRQGHPHUK|KWHQ6LW]KHUDEXQGJLQJGXUFKGLH+DOOH6FKODQJHQ ]XQJHEOLHEDXIGHP%RGHQOLHJHQ6LHNDPHQ]XU7UXQG*DQGDOI NORSIWH ª|IIQHW©ULHIHUª'HU+HUUGHU0DUNNRPPWKHUDXV© 'LH7UHQ|IIQHWHQVLFKXQGHLQIULVFKHU/XIW]XJEOLHVKHUHLQ(LQ :LQGZHKWHDXIGHP%HUJ ª6FKLFNW(XUH:lFKWHUKLQXQWHU]XU7UHSSH©VDJWH*DQGDOIª8QG,KU +HUULQODWPLFKHLQH:HLOHPLWLKPDOOHLQ,FKZLOOIULKQVRUJHQ© ª*HKeRZ\Q6FKZHVWHUWRFKWHU©VDJWHGHUDOWH.|QLJª'LH=HLWGHU )XUFKWLVWYRUEHL 'LH)UDXJLQJODQJVDP]XUFNLQV+DXV$OVVLH]XU7UNDPZDQGWH VLHVLFKXPXQGVFKDXWH]XUFN(UQVWXQGIUVRUJOLFKZDULKU%OLFNDOV VLHGHQ.|QLJYROOHU0LWOHLGDQVDK6HKUVFK|QZDULKU*HVLFKWXQGLKU ODQJHV+DDUZDUZLHHLQH )OXWYRQ*ROG6FKODQNXQGJURZDUVLHLQ LKUHPZHLHQ*HZDQGPLWGHPVLOEHUQHQ*UWHOGRFKVWDUNVFKLHQVLH]X VHLQXQGKDUWZLH6WDKOHLQH7RFKWHUYRQ.|QLJHQ6RHUEOLFNWH$UDJRUQ ]XPHUVWHQ0DOLPKHOOHQ/LFKWGHV7DJHVeRZ\QGLH+HUULQYRQ5RKDQ XQGIDQGVLHVFK|QVFK|QXQGNDOWZLHHLQ0RUJHQLPEOHLFKHQ)UKOLQJ QRFKQLFKW]XU)UDXOLFKNHLWJHUHLIW8QGVLHZXUGHSO|W]OLFKVHLQHUJH ZDKUGHVNKQHQ(UEHQYRQ.|QLJHQZHLVHQDFKYLHOHQ:LQWHUQJUDX JHNOHLGHWXQGHLQH0DFKWYHUEHUJHQGGLHVLHGHQQRFKVSUWH(LQHQ $XJHQEOLFNVWDQGVLHUHJORVZLHHLQ6WHLQGDQQZDQGWHVLHVLFKUDVFKXP XQGJLQJKLQHLQ ª1XQ+HUU©VDJWH*DQGDOIªVFKDXWDXI(XHU/DQG$WPHWZLHGHUGLH IULVFKH/XIW© 9RQGHPKRKHQ6|OOHUDXIGHPKRKHQ%HUJVDWWHOVDKHQVLHMHQVHLWVGHV 6WURPVGLHJUQHQ:HLGHQYRQ5RKDQLQGHUJUDXHQ(EHQHYHUEODVVHQ 9RUKlQJHYRQZLQGJHWULHEHQHP5HJHQVDQNHQVFKUlJKHUDE'HU+LPPHO EHULKQHQXQGLP:HVWHQZDUQRFKGXQNHOYRP*HZLWWHUXQGLQZHLWHU )HUQHIODFNHUWHQ%OLW]H]ZLVFKHQGHQ*LSIHOQYHUERUJHQHU%HUJH'RFK KDWWHGHU:LQGDXI1RUGJHGUHKWXQGVFKRQOLHGHU6WXUPQDFKGHUDXV GHP2VWHQJHNRPPHQZDUXQGYHU]RJVLFKQDFK6GHQ]XP0HHU3O|W] OLFKEUDFKGXUFKHLQHQ:RONHQVSDOWHLQ6RQQHQVWUDKO'LHKHUDEVWU|PHQ GHQ5HJHQVFKDXHUJOlQ]WHQZLH6LOEHUXQGLQGHU)HUQHJOLW]HUWHGHU)OX ZLHHLQVFKLPPHUQGHV*ODV ª(VLVWQLFKWVRGXQNHOKLHU©VDJWH7KpRGHQ ª1HLQ©VDJWH*DQGDOIª8QGDXFKGDV$OWHUOLHJWQLFKWVRVFKZHUDXI (XUHQ6FKXOWHUQZLHPDQFKH(XFKJODXEHQPDFKHQ:HUIW(XUH6WW]H IRUW© $XVGHV.|QLJV+DQGILHOGHUVFKZDU]H6WDENODSSHUQGDXIGLH6WHLQH (UULFKWHWHVLFKDXIODQJVDPZLHHLQ0DQQGHUVWHLIJHZRUGHQLVWQDFK 5HL$QJHON#KWWSFRODHERRN]IELGH
GHPHUVLFKODQJHEHUHLQHPKVHOLJH$UEHLWJHEHXJWKDWWH-HW]WVWDQG HUVWRO]XQGDXIUHFKWGDXQGVHLQH$XJHQZDUHQEODXDOVHULQGHQ VLFK|IIQHQGHQ+LPPHOEOLFNWH ª'XQNHOZDUHQPHLQH7UlXPHLQOHW]WHU=HLW©VDJWHHUªDEHULFKIKOH PLFKZLHQHXEHOHEW-HW]WZQVFKWHLFK,KUZlUHWIUKHUJHNRPPHQ *DQGDOI'HQQLFKIUFKWH,KUVHLGVFKRQ ]XVSlWJHNRPPHQXQGZHUGHW QXUGLHOHW]WHQ7DJHPHLQHV+DXVHVVHKHQ1LFKWODQJHPHKUZLUGGLH KRKH+DOOHVWHKHQGLH%UHJR(RUOV6RKQJHEDXWKDW)HXHUZLUGGHQ 7KURQYHU]HKUHQ:DVLVW]XWXQ"© ª9LHO©VDJWH*DQGDOIª'RFK]XHUVWVFKLFNWQDFKeRPHU9HUPXWHLFK QLFKWPLW5HFKWGD,KULKQJHIDQJHQKDOWHWDXI5DWYRQ*UtPDGHQDOOH DXHU(XFKGLH6FKODQJHQ]XQJHQHQQHQ"© ª'DVVWLPPW©VDJWH7KpRGHQª(UKDWWHVLFKJHJHQPHLQH%HIHKOHDXI JHOHKQWXQG*UtPDLQPHLQHU+DOOHPLWGHP7RGHEHGURKW© ª(LQ0DQQPDJ(XFKOLHEHQXQGGHQQRFK6FKODQJHQ]XQJHRGHUVHLQH 5DWVFKOlJHQLFKWOLHEHQ©VDJWH*DQGDOI ª'DVPDJVHLQ,FKZHUGHWXQZDV,KUEHJHKUW5XIWPLU+iPD'DHU VLFKDOV7RUZDUWDOVXQ]XYHUOlVVLJHUZLHVHQKDWVROOHU/DXIEXUVFKHZHU GHQ'HU6FKXOGLJHVROOGHQ6FKXOGLJHQYRU*HULFKWEULQJHQ©VDJWH7KHR GHQXQGVHLQH6WLPPHNODQJVWUHQJGRFKVFKDXWHHU*DQGDOIDQXQG OlFKHOWHXQGZlKUHQGHUGDVWDWJOlWWHWHQVLFKYLHOH6RUJHQIDOWHQXQG NDPHQQLFKWZLHGHU $OV+iPDJHUXIHQZRUGHQZDUXQGZLHGHU JLQJIKUWH*DQGDOI7KHR GHQ]XHLQHUVWHLQHUQHQ%DQNXQGVHW]WHVLFKYRUGHP.|QLJDXIGLHREHU VWH7UHSSHQVWXIH$UDJRUQXQGVHLQH*HIlKUWHQVWDQGHQQDKHEHL ª'LH=HLWUHLFKWQLFKWDOOHV]XVDJHQZDV,KUK|UHQVROOWHW©VDJWH *DQGDOIª,QGHVZHQQPHLQH+RIIQXQJQLFKWWUJWZLUGEDOGHLQH=HLW NRPPHQGDLFKDXVIKUOLFKHUVSUHFKHQNDQQ6FKDXW,KUVHLGLQHLQH QRFKJU|HUH*HIDKUJHUDWHQDOV6FKODQJHQ]XQJHV9HUVWDQGLQ(XUH 7UlXPHZHEHQNRQQWH'RFKVHKW,KUWUlXPWQLFKWOlQJHU,KUOHEW*RQ GRUXQG5RKDQVWHKHQQLFKWDOOHLQ'HU)HLQGLVWVWlUNHUDOVZLUHUPHVVHQ N|QQHQGRFKKDEHQZLUHLQH+RIIQXQJDQGLHHUQLFKWJHGDFKWKDW© 5DVFKVSUDFK*DQGDOIMHW]W6HLQH6WLPPHZDUOHLVHXQGKHLPOLFKXQG QLHPDQGDXHUGHP.|QLJK|UWHZDVHUVDJWH'RFKZlKUHQGHUVSUDFK OHXFKWHWHQ7KpRGHQV$XJHQLPPHUKHOOHUXQGVFKOLHOLFKVWDQGHUYRQ VHLQHU%DQNDXIVWUHFNWHVLFK]XVHLQHUJDQ]HQ*U|HXQG*DQGDOIWUDW QHEHQLKQXQGJHPHLQVDPVFKDXWHQVLHYRQGHU+|KHKLQDXVQDFK 2VWHQ ª:DKUOLFK©VDJWH*DQGDOIQXQPLWODXWHU6WLPPHVFKDUIXQGNODUªLQ GLHVHU5LFKWXQJOLHJWXQVHUH+RIIQXQJZRDXFKXQVHUHJU|WH)XUFKW VLW]W'DV6FKLFNVDOKlQJWQRFKDQHLQHP)DGHQ,QGHVEHVWHKW+RII QXQJZHQQZLUQXUHLQHNOHLQH:HLOHXQEHVLHJWEOHLEHQN|QQHQ© $XFKGLHDQGHUHQZDQGWHQQXQLKUHQ%OLFNQDFK2VWHQhEHUGLHWUHQ QHQGHQ0HLOHQGHV/DQGHVVFKDXWHQVLHVRZHLWGDV$XJHUHLFKWHXQG +RIIQXQJXQG)XUFKWWUXJHQLKUH*HGDQNHQQRFKZHLWHUEHUGDVGXQNOH *HELUJHKLQZHJLQGDV/DQGGHV6FKDWWHQV:RZDUMHW]WGHU5LQJWUlJHU" :LHGQQZDUIUZDKUGHU)DGHQDQGHPGDV6FKLFNVDOQRFKKLQJ(V VFKLHQ/HJRODVDOVHUVHLQHZHLWEOLFNHQGHQ$XJHQDQVWUHQJWHGDHU HLQHQZHLHQ6FKLPPHUHUVSlKWHYLHOOHLFKWIXQNHOWHLQGHU)HUQHGLH 6RQQHDXIHLQHU=LQQHGHV7XUPVGHU:DFKW8QGQRFKZHLWHUZHJXQ HQGOLFKIHUQXQGGHQQRFKHLQHJHJHQZlUWLJH'URKXQJZDUHLQHNOHLQH 5HL$QJHON#KWWSFRODHERRN]IELGH
)ODPPHQ]XQJH /DQJVDPVHW]WHVLFK7KpRGHQZLHGHUDOVREGLH0GLJNHLWQRFKGDUXP NlPSIWHLKQJHJHQ*DQGDOIV:LOOHQ]XEHKHUUVFKHQ(UZDQGWHVLFK XPXQGEHWUDFKWHWHVHLQJURHV+DXVª2ZHK©VDJWHHUªGDGLHVH VFKOLPPHQ7DJHPHLQHVHLQPVVHQXQGLQPHLQHP$OWHUNRPPHQVWDWW GHV)ULHGHQVGHQLFKYHUGLHQWKDEH:HKHXP%RURPLUGHQ7DSIHUHQ'LH -XQJHQJHKHQGDKLQXQGGLH$OWHQEOHLEHQYHUGRUUHQG©(UXPNODP PHUWHGLH.QLHPLWVHLQHQUXQ]OLJHQ+lQGHQ ª(XUH)LQJHUZUGHQVLFKLKUHUDOWHQ.UDIWEHVVHUHULQQHUQZHQQVLH HLQHQ6FKZHUWJULIISDFNWHQ©VDJWH*DQGDOI 7KpRGHQVWDQGDXIXQGOHJWHGLH+DQGDQGLH6HLWHDEHUNHLQ6FKZHUW ZDUDQVHLQHP*HKlQJHª:RKDW*UtPDHVYHUZDKUW"©PXUPHOWHHUIO VWHUQG ª1HKPWGLHVHVOLHEHU+HUU©VDJWHHLQHKHOOH6WLPPHª(VZDU(XFK LPPHU]X'LHQVWHQ©=ZHL0lQQHUZDUHQOHLVHGLH7UHSSHKHUDXIJHNRP PHQXQGVWDQGHQQXQHLQSDDU6WXIHQXQWHUGHP6|OOHUeRPHUZDUGRUW .HLQ+HOPZDUDXIVHLQHP.RSINHLQ+DUQLVFKDQVHLQHU%UXVWGRFKLQ GHU+DQGKLHOWHUHLQJH]RJHQHV6FKZHUWXQGDOVHUQLHGHUNQLHWHERWHU VHLQHP+HUUQGDV+HIWGDU ª:LHNRPPWGDV"©IUDJWH7KpRGHQVWUHQJ(UZDQGWHVLFK]XeRPHU XQGGLH0lQQHUEOLFNWHQLKQYHUZXQGHUWDQZLHHUMHW]WVWRO]XQGDXI UHFKWGDVWDQG:RZDUGHUDOWH0DQQGHUDXIVHLQHP6HVVHOJHNDXHUW RGHUVLFKDXIVHLQHQ6WRFNJHVWW]WKDWWH" ª,FKKDEHHVJHWDQ+HUU©VDJWH+iPD]LWWHUQGª,FKQDKPDQGD eRPHUIUHLJHODVVHQZHUGHQVROOWH6RJURZDUGLH)UHXGHPHLQHV+HU]HQV GDLFKYLHOOHLFKWJHIHKOWKDEH,QGHVGDHUZLHGHUIUHLZDUXQGHLQ0DU VFKDOOGHU0DUNLVWEUDFKWHLFKLKPVHLQ6FKZHUWZLHHUPLUJHERW© ª8PHV(XFK]X)HQ]XOHJHQPHLQ*HELHWHU©VDJWHeRPHU(LQHQ $XJHQEOLFNVDK7KpRGHQVFKZHLJHQGDXIeRPHUKLQDEGHUYRULKP NQLHWH%HLGHUKUWHQVLFKQLFKW ª:ROOW,KUQLFKWGDV6FKZHUWQHKPHQ"©IUDJWH*DQGDOI /DQJVDPVWUHFNWH7KpRGHQGLH+DQGDXV$OVVHLQH)LQJHUGHQ*ULII XPVFKORVVHQVFKLHQHVGHQ8PVWHKHQGHQGD)HVWLJNHLWXQG.UDIWLQVHL QHQVFKZDFKHQ$UP]XUFNNHKUWHQ3O|W]OLFKKREHUGLH.OLQJHXQG VFKZDQJVLHVRGDVLHLQGHU/XIWVFKLPPHUWHXQGSILII'DQQVWLHHU HLQHQODXWHQ5XIDXV6HLQH6WLPPHNODQJNODUDOVHULQGHU6SUDFKHYRQ 5RKDQHLQHQ $XIUXI]XGHQ:DIIHQVDQJ (UKHEWHXFKXQGK|UW5HLWHU7KpRGHQV )LQVWHUH7DWUHJWVLFKLP2VWHQ 'LH5|VVHUJH]lXPW'DV+RUQHUVFKDOOH $XI(RUOLQJDV 'LH:lFKWHUJODXEWHQVLHZHUGHQJHUXIHQXQGHLOWHQGLH7UHSSHKHU DXI6LHVFKDXWHQLKUHQ+HUUQYROOHU9HUZXQGHUXQJDQXQGZLHHLQ0DQQ ]RJHQVLHGDQQLKUH6FKZHUWHUXQGOHJWHQVLHLKP]X)HQª*HELHWHW EHUXQV©VDJWHQVLH ª:HVWX 7KpRGHQKRO© ULHIeRPHUª:LUVHKHQHVPLW)UHXGHGD,KU ZLHGHUHUODQJWZDV(XFK]XVWHKW1LHPDOVPHKUVROOJHVDJWZHUGHQ*DQ GDOIGD,KUQXU8QJOFNEULQJW© ª1LPPGHLQ6FKZHUW]XUFNeRPHU6FKZHVWHUVRKQ©VDJWHGHU.|QLJ ª*HK+iPDXQGKROHPLUPHLQHLJHQHV6FKZHUW*UtPDKDWHVLQ9HU ZDKUXQJ%ULQJHLKQHEHQIDOOV]XPLU1XQ*DQGDOI,KUVDJWHW,KUKDEHW 5HL$QJHON#KWWSFRODHERRN]IELGH
5DW]XHUWHLOHQZHQQLFKLKQK|UHQZROOWH:HOFKHVLVW(XHU5DW"© ª,KUKDEWLKQVFKRQDQJHQRPPHQ©DQWZRUWHWH*DQGDOIª(XHU9HU WUDXHQDXIeRPHUVHW]HQXQGQLFKWDXIHLQHQ0DQQYRQXQDXIULFKWLJHU *HVLQQXQJ7UDXHUXQG)XUFKWDEVFKWWHOQ'LHQlFKVWOLHJHQGH7DWWXQ -HGHU0DQQGHUUHLWHQNDQQVROOWHVRIRUWQDFK:HVWHQJHVFKLFNWZHUGHQ ZLHeRPHU(XFKJHUDWHQKDWZLUPVVHQ]XHUVWGLH%HGURKXQJGXUFK 6DUXPDQDXVVFKDOWHQVRODQJHZLU=HLWKDEHQ:HQQZLUVFKHLWHUQZHU GHQZLUXQWHUJHKHQ:HQQZLU(UIROJKDEHQ² GDQQZHUGHQZLUXQVGHU QlFKVWHQ$XIJDEH]XZHQGHQ'HUZHLOVROOWH(XHU9RONGDV]XUFNEOHLEW GLH)UDXHQXQGGLH.LQGHUXQGGLH$OWHQVLFK]XGHQ=XIOXFKWVWlWWHQ]X UFN]LHKHQGLH,KULP*HELUJHKDEW:DUHQVLHQLFKWIUHLQHQVFKOLPPHQ 7DJZLHGLHVHQYRUJHVHKHQ"/DWGLH/HXWH9RUUlWHPLWQHKPHQDEHUVLH VROOHQQLFKWVlXPHQXQGVLFKQLFKWPLW6FKlW]HQJURHQRGHUNOHLQHQEH ODVWHQ,KU/HEHQVWHKWDXIGHP6SLHO© ª'LHVHU5DWHUVFKHLQWPLUMHW]WJXW©VDJWH7KpRGHQª0HLQJDQ]HV 9RONVROOVLFKEHUHLWPDFKHQ'RFK,KUPHLQH*lVWH² PLW5HFKWVDJWHW ,KU*DQGDOIGDGLH+|IOLFKNHLWLQPHLQHU+DOOHQDFKJHODVVHQKDW,KU VHLGGLH1DFKWKLQGXUFKJHULWWHQXQGGHU9RUPLWWDJYHUJHKW,KUKDEW ZHGHU6FKODIQRFKHLQH0DKO]HLWJHKDEW(LQ*lVWHKDXVVROOEHUHLWJHPDFKW ZHUGHQGRUWVROOW,KUVFKODIHQZHQQ,KUJHJHVVHQKDEW© ª1HLQ+HUU©VDJWH$UDJRUQª(VJLEWNHLQH5DVWIUGLH0GHQ'LH 0DQQHQYRQ5RKDQPVVHQKHXWHUHLWHQXQGZLUZHUGHQPLWLKQHQUHL WHQ$[W6FKZHUWXQG%RJHQ:LUEUDFKWHQ VLHQLFKWPLWGDPLWVLHDQ (XUHU:DQGOHKQHQ+HUUGHU0DUN8QGLFKKDEHeRPHUYHUVSURFKHQ GDPHLQ6FKZHUWXQGVHLQ6FKZHUW]XVDPPHQJH]RJHQZHUGHQVROOHQ© ª1XQEHVWHKWZLUNOLFK+RIIQXQJDXI6LHJ©VDJWHeRPHU ª+RIIQXQJMD©VDJWH*DQGDOIª$EHU,VHQJDUWLVWVWDUN8QGDQGHUH *HIDKUHQVLQGLP9HU]XJH6lXPWQLFKW7KpRGHQZHQQZLUIRUWVLQG )KUW(XHU9RONJHVFKZLQG]XU)HVWXQJ'XQKDUJLQGHQ%HUJHQ© ª1HLQ*DQGDOI©VDJWHGHU.|QLJª,KUNHQQW(XUHHLJHQH+HLONXQVW QLFKW6RVROOHVQLFKWVHLQ,FKVHOEVWZLOOLQGHQ.ULHJ]LHKHQXQGLQGHU HUVWHQ6FKODFKWUHLKHIDOOHQZHQQHVVHLQPX'DQQZHUGHLFKEHVVHU VFKODIHQ© ª'DQQZLUGVHOEVWGLH1LHGHUODJHYRQ5RKDQUXKPUHLFKLP/LHGEHVXQ JHQZHUGHQ©VDJWH$UDJRUQ'LH.ULHJHUGLHLQGHU1lKHVWDQGHQNOLUU WHQPLWLKUHQ:DIIHQXQGULHIHQª'HU+HUUGHU0DUNZLUGUHLWHQ$XI (RUOLQJDV© ª'RFK(XHU9RONGDUIQLFKWXQEHZDIIQHWXQGIKUHUORVVHLQ©VDJWH *DQGDOIª:HUVROOHVOHLWHQXQGDQ(XUHU6WDWWEHIHKOLJHQ"© ª'DUEHUZHUGHLFKQDFKGHQNHQHKHLFKJHKH©DQWZRUWHWH7KpRGHQ ª+LHUNRPPWPHLQ5DWJHEHU© ,QGLHVHP$XJHQEOLFNWUDW+iPDDXVGHU+DOOH+LQWHULKPNDPVLFK ]ZLVFKHQ]ZHLDQGHUHQ0lQQHUQGXFNHQG*UtPDGLH6FKODQJHQ]XQJH 6HLQ*HVLFKWZDUDVFKIDKO6HLQH$XJHQEOLQ]HOWHQLP6RQQHQVFKHLQ +iPDNQLHWHQLHGHUXQGUHLFKWH7KpRGHQHLQODQJHV6FKZHUWLQHLQHU 6FKHLGHPLWJROGHQHQ6FKQDOOHQXQGPLWJUQHQ(GHOVWHLQHQEHVHW]W ª+LHU+HUULVW+HUXJULP(XUHDOWH.OLQJH©VDJWHHUª6LHZXUGHLQ VHLQHU7UXKHJHIXQGHQ1XUZLGHUZLOOLJJDEHUGLH6FKOVVHOKHUDXV9LHOH DQGHUH'LQJHVLQGGRUWGLH0DQQHQYHUPLWKDEHQ© ª'XOJVW©VDJWH6FKODQJHQ]XQJHª8QGGLHVHV6FKZHUWKDWPLUGHLQ +HUUVHOEVW]XU$XIEHZDKUXQJJHJHEHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª8QGMHW]WIRUGHUWHUHV]XUFN©VDJWH7KpRGHQª0LIlOOW(XFKGDV"© ª*DQ] JHZLQLFKW+HUU©VDJWH6FKODQJHQ]XQJHª,FKVRUJHIU(XFK XQGGLH(XUHQVRJXWLFKNDQQ'RFKHUPGHW(XFKQLFKWXQGEHDQ VSUXFKW(XUH.UDIWQLFKW]XVFKZHUhEHUODWHVDQGHUHQVLFKPLWGLHVHQ OlVWLJHQ*lVWHQ]XEHIDVVHQ(XUH0DKO]HLWZLUGJOHLFK DXIGLH7DIHOJH VWHOOW:ROOW,KUQLFKWKLQJHKHQ"© ª'DVZLOOLFK©VDJWH7KpRGHQª8QGODW(VVHQIUPHLQH*lVWHGDQH EHQDXIGLH7DIHOVWHOOHQ'DV+HHUUHLWHWKHXWH6HQGHWGLH+HUROGHDXV /DWDOOH]XVDPPHQUXIHQGLHQDKHZRKQHQ-HGHU0DQQXQGMHGHUNUlI WLJH%XUVFKHGHUIlKLJLVW:DIIHQ]XWUDJHQDOOHGLH3IHUGHKDEHQVRO OHQVLFKJHVDWWHOWDP7RUEHUHLWKDOWHQYRUGHU]ZHLWHQ6WXQGHQDFKGHP 0LWWDJ© ª/LHEHU+HUU©ULHI6FKODQJHQ]XQJHª(VLVWZLHLFKJHIUFKWHWKDEH 'LHVHU=DXEHUHUKDW(XFKYHUKH[W6ROOQLHPDQGKLHUEOHLEHQXPGLH*RO GHQH+DOOH(XUHU9lWHUXQGDOOH(XUH6FKlW]H]XYHUWHLGLJHQ"1LHPDQG XPGHQ+HUUQGHU0DUN]XVFKW]HQ"© ª:HQQGDV9HUKH[XQJLVW©VDJWH7KpRGHQªGDQQVFKHLQWVLHPLUKHLO VDPHUDOV(XUH(LQIOVWHUXQJHQ(XUH+HLONXQVWKlWWHPLFKELQQHQNXU]HP GD]XJHEUDFKWZLHHLQ7LHUDXIDOOHQYLHUHQ]XJHKHQ1HLQNHLQHUVROO ]XUFNEOHLEHQQLFKWHLQPDO*UtPD$XFK*UtPDVROOUHLWHQ*HKW,KU KDEWQRFK=HLWGHQ5RVWYRQ(XUHP6FKZHUW]XNUDW]HQ© ª+DEW(UEDUPHQ+HUU©ZLQVHOWH6FKODQJHQ]XQJHDXIGHP%RGHQNULH FKHQGª+DEW0LWOHLGPLWHLQHPGHUVLFKLQ(XUHP'LHQVWDXIJHULHEHQ KDW6FKLFNWPLFKQLFKWYRQ(XUHU6HLWH,FK]XPLQGHVWZLOO(XFKEHLVWH KHQZHQQDOOHDQGHUHQIRUWVLQG6FKLFNW(XUHQWUHXHQ*UtPD QLFKWIRUW© ª,KUKDEWPHLQ0LWOHLG©VDJWH7KpRGHQª8QGLFKVFKLFNH(XFKQLFKW YRQPHLQHU6HLWH,FKVHOEVW]LHKHPLWPHLQHQ0DQQHQLQGHQ.ULHJ,FK KHLH(XFKPLWPLU]XNRPPHQXQG(XUH7UHXH]XEHZHLVHQ© 6FKODQJHQ]XQJHEOLFNWHYRQHLQHP]XPDQGHUHQ,QVHLQHQ$XJHQZDU GHUJHMDJWH%OLFNHLQHV7LHUHVGDVLUJHQGHLQH/FNHLP.UHLVVHLQHU)HLQGH VXFKW(UOHFNWHVLFKGLH/LSSHQPLWHLQHUODQJHQEODVVHQ=XQJHª(LQVRO FKHU(QWVFKOXZDUYLHOOHLFKW]XHUZDUWHQYRQHLQHP)UVWHQDXV(RUOV +DXVZHQQHUDXFKDOWLVW©VDJWHHUª'RFKMHQHGLHLKQDXIULFKWLJOLH EHQZUGHQLKQLQVHLQHQOHW]WHQ-DKUHQVFKRQHQ'RFKVHKHLFKGDLFK ]XVSlWNRPPH$QGHUHGHQHQGHU7RGPHLQHV+HUUQYLHOOHLFKWZHQLJHU .XPPHUEHUHLWHQZUGHKDEHQLKQVFKRQEHUUHGHW:HQQLFKLKU:HUN QLFKWXQJHVFKHKHQPDFKHQNDQQGDQQK|UWZHQLJVWHQVLQVRZHLWDXI PLFK+HUU(LQHUGHU(XUH*HGDQNHQNHQQWXQG(XUH%HIHKOHLQ(KUHQ KlOWVROOWHLQ(GRUDVEOHLEHQ(UQHQQWHLQHQWUHXHQ9HUZDOWHU/DW(XUHQ 5DWJHEHUDOOHVYHUZDKUHQELV]X(XUHU5FNNHKU² LFKEHWHGDZLU VLHHUOHEHQP|JHQREZRKONHLQNOXJHU0DQQYLHO+RIIQXQJKDEHQGDUI© eRPHUODFKWHª8QGZHQQGLHVHU9RUZDQG(XFKQLFKWYRP.ULHJEH IUHLWHGHOVWH6FKODQJHQ]XQJH©VDJWHHUªZHOFKHVZHQLJHUHKUHQYROOH $PWZUGHW,KUDQQHKPHQ"(LQHQ6DFN0HKOLQV*HELUJHWUDJHQ² ZHQQ LUJHQGMHPDQG(XFKHLQHQDQYHUWUDXWH"© ª1HLQeRPHU,KUKDEWGLH$EVLFKWYRQ+HUUQ6FKODQJHQ]XQJHQLFKW Y|OOLJYHUVWDQGHQ©VDJWH*DQGDOIXQGVFKDXWH*UtPDGXUFKERKUHQGDQ ª(ULVWNKQXQGOLVWLJ6RJDU MHW]WVSLHOWHUQRFKPLWGHU*HIDKUXQGJH ZLQQWHLQHQ:XUI6WXQGHQPHLQHUNRVWEDUHQ=HLWKDWHUEHUHLWVYHU VFKZHQGHW1LHGHU6FKODQJH©VDJWHHUSO|W]OLFKPLWHQWVHW]OLFKHU6WLPPH ª$XIGHQ%DXFKPLWGLU:LHODQJHLVWHVKHUGD6DUXPDQGLFKJHNDXIW 5HL$QJHON#KWWSFRODHERRN]IELGH
KDW":DVZDUGHUYHUVSURFKHQH3UHLV":HQQDOOH0lQQHUWRWZlUHQVROO WHVWGXGLUGHLQHQ7HLOGHV6FKDW]HVQHKPHQXQGGLH)UDXGLHGXEH JHKUWHVW"=XODQJHKDVWGXVLHXQWHUGHLQHQ$XJHQOLGHUQEHREDFKWHWXQG LKUH6FKULWWHEHODXHUW© eRPHUSDFNWHVHLQ 6FKZHUWª'DVZXWHLFKVFKRQ©PXUPHOWHHUª$XV GLHVHP*UXQGHZROOWHLFKLKQEHUHLWVHUVFKODJHQXQGGDV*HVHW]GHU+DOOH PLDFKWHQ$EHUHVJLEWQRFKDQGHUH*UQGH©(UWUDWYRUGRFK*DQGDOI JHERWLKPPLWHLQHU+DQGEHZHJXQJ+DOW ªeRZ\QLVWMHW]WLQ6LFKHUKHLW©VDJWHHUª$EHUGX6FKODQJHQ]XQJH KDVWJHWDQZDVGXNRQQWHVWIUGHLQHQZDKUHQ+HUUQ(LQLJHQ/RKQKDVW GX]XPLQGHVWYHUGLHQW'RFK6DUXPDQN|QQWHVHLQH$EPDFKXQJHQOHLFKW EHUVHKHQ,FKZUGHGLUUDWHQUDVFK]XLKP]XJHKHQXQGLKQ]XHULQ QHUQGDPLWHUGHLQHWUHXHQ'LHQVWHQLFKWYHUJLW© ª,KUOJW©VDJWH6FKODQJHQ]XQJH ª'DV:RUWNRPPW]XRIWXQG]XOHLFKWYRQGHLQHQ/LSSHQ©VDJWH*DQ GDOIª,FKOJHQLFKW6FKDXW7KpRGHQKLHULVWHLQH6FKODQJH(VLVW JHIlKUOLFKVLHPLW]XQHKPHQXQGHEHQVRVLHKLHU]XODVVHQ6LH]XHUVFKOD JHQZlUHJHUHFKW$EHUVLHZDUQLFKWLPPHUVRZLHVLHMHW]WLVW(LQVW ZDUVLHHLQ0DQQXQGGLHQWH(XFKDXILKUH:HLVH*HEWLKPHLQ3IHUG XQGODWLKQVRIRUWJHKHQZRKLQHULPPHUZLOO1DFKVHLQHU(QWVFKHL GXQJN|QQW,KULKQEHXUWHLOHQ© ª+|UW,KUGDV6FKODQJHQ]XQJH"©IUDJWH7KpRGHQª'DVVWHKWIU(XFK ]XU:DKOPLWPLULQGHQ.ULHJ]XUHLWHQXQGXQVLQGHU6FKODFKWVHKHQ ]XODVVHQRE,KUDXIULFKWLJVHLGRGHU]XJHKHQZRKLQ,KUZROOW$EHU ZHQQZLUXQVGDQQZLHGHUWUHIIHQZHUGHLFKQLFKWEDUPKHU]LJVHLQ© /DQJVDPHUKREVLFK6FKODQJHQ]XQJH(UVDKVLHPLWKDOEJHVFKORVVHQHQ $XJHQDQ=XOHW]WEOLFNWHHU7KpRGHQVFKDUIDQXQG|IIQHWHGHQ0XQG DOVREHUVSUHFKHQZROOWH'DQQSO|W]OLFKULFKWHWHHUVLFKDXI6HLQH+lQGH ]XFNWHQ6HLQH$XJHQIXQNHOWHQ(LQHVROFKH%RVKHLWODJLQLKQHQGDGLH 0lQQHUYRULKP]XUFNZLFKHQ(UHQWEO|WHVHLQH=lKQHXQGPLWHLQHP ]LVFKHQGHQ$XVDWPHQVSXFNWHHUGHP.|QLJYRUGLH)HVSUDQJ]XU 6HLWHXQGIORKGLH7UHSSHKLQXQWHU ª,KPQDFK©VDJWH7KpRGHQª6HKW]XGDHUQLHPDQGHP6FKDGHQ]X IJWDEHUYHUOHW]WLKQQLFKWXQGKLQGHUWLKQQLFKW*HEWLKPHLQ3IHUG ZHQQHUHVZQVFKW© ª8QGZHQQHLQVLKQWUDJHQZLOO©VDJWHeRPHU (LQHUGHU:lFKWHUOLHIGLH7UHSSHKLQXQWHU(LQDQGHUHUJLQJ]XGHU 4XHOOHDP)XGHV%HUJVDWWHOVXQGVFK|SIWH:DVVHUPLWVHLQHP+HOP 'DPLWZXVFKHUGLH6WHLQHVDXEHUGLH6FKODQJHQ]XQJHEHVXGHOWKDWWH ª1XQPHLQH*lVWHNRPPW©VDJWH7KpRGHQª.RPPWXQGQHKPWGDV DQ(UIULVFKXQJHQ]X(XFKZDVGLH(LOHHUODXEW© 6LHJLQJHQ]XUFNLQGDVJURH+DXV6FKRQK|UWHQVLHXQWHQLQGHU 6WDGWGLH+HUROGHUXIHQXQGGLH.ULHJVK|UQHUEODVHQ'HQQGHU.|QLJ VROOWHDXVUHLWHQVREDOGGLH0lQQHUGHU6WDGWXQGMHQHGLHQDKHZRKQWHQ EHZDIIQHWXQGYHUVDPPHOWZHUGHQNRQQWHQ $QGHV.|QLJV7DIHOVDHQeRPHUXQGGLHYLHU*lVWHXQGDXFK)UDX eRZ\QZDUGDXQGZDUWHWHGHP.|QLJDXI6LHDHQXQGWUDQNHQUDVFK 'LHDQGHUHQVFKZLHJHQZlKUHQG7KpRGHQ*DQGDOIEHU6DUXPDQEH IUDJWH ª:LHZHLWVHLQ9HUUDW]XUFNJHKWZHUNDQQGDV HUUDWHQ"©VDJWH*DQ GDOIª(UZDUQLFKWLPPHUE|VH(LQVWPDOVGDUDQ]ZHLIOHLFKQLFKWZDUHU 5HL$QJHON#KWWSFRODHERRN]IELGH
HLQ)UHXQGYRQ5RKDQXQGVHOEVWDOVVHLQ+HU]NlOWHUZXUGHIDQGHU (XFKQRFKQW]OLFK$EHUVHLWODQJHPKDWHUQXQVFKRQ(XHU9HUGHUEHQ JHSODQWXQGGLH0DVNH GHU)UHXQGVFKDIWJHWUDJHQELVHUEHUHLWZDU,Q MHQHQ-DKUHQZDU6FKODQJHQ]XQJHV$XIJDEHOHLFKWXQGDOOHVZDV,KU WDWHWZXUGHLQ,VHQJDUWUDVFKEHNDQQWGHQQ(XHU/DQGZDURIIHQXQG )UHPGHNDPHQXQGJLQJHQ8QGLPPHUKDWWHW,KU6FKODQJHQ]XQJHV(LQ IOVWHUXQJHQLP2KUVLHYHUJLIWHWHQ(XUH*HGDQNHQHQWPXWLJWHQ(XHU +HU]VFKZlFKWHQ(XUH*OLHGHUZlKUHQGDQGHUHHVEHREDFKWHWHQXQG QLFKWVWXQNRQQWHQGHQQHUKLHOW(XUHQ:LOOHQJHIDQJHQ $EHUDOVLFKHQWIORKXQG(XFKZDUQWHGDZDUGLH0DVNHIUMHQHGLH VHKHQZROOWHQ]HUULVVHQ'DQDFKVSLHOWH6FKODQJHQ]XQJHHLQJHIlKUOLFKHV 6SLHOXQGWUDFKWHWHLPPHU(XFK]XUFN]XKDOWHQ(XFKGDUDQ]XKLQGHUQ (XUHJDQ]H.UDIW]XVDPPHOQ(UZDUJHVFKLFNWOXOOWHGLH9RUVLFKWGHU 0HQVFKHQHLQRGHUVFKUWHGLHbQJVWH ZLHHVGHP=ZHFNGLHQOLFKZDU (ULQQHUW,KU(XFKQLFKWZLHKDUWQlFNLJHUGDUDXIEHVWDQGGDEHLHLQHU :LOGJDQVMDJGLP1RUGHQNHLQ0DQQHQWEHKUWZHUGHQN|QQHZlKUHQGGLH XQPLWWHOEDUH*HIDKULP:HVWHQODJ"(UEHUUHGHWH(XFKeRPHU]XYHUELH WHQGLHSOQGHUQGHQ2UNV]XYHUIROJHQ+lWWHeRPHUQLFKW6FKODQJHQ]XQ JHV6WLPPHGLHPLW(XUHP0XQGHVSUDFK7URW]JHERWHQGDQQKlWWHQ GLHVH2UNVLQ]ZLVFKHQ,VHQJDUWHUUHLFKWXQGHLQHQKRKHQ3UHLVPLWJH EUDFKW1LFKWJHUDGHGHQ3UHLVGHQ6DUXPDQPHKUDOVDOOHVDQGHUHEH JHKUWDEHU]XPLQGHVW]ZHL$QJHK|ULJHPHLQHU*HPHLQVFKDIW%HWHLOLJWH DQHLQHUJHKHLPHQ+RIIQXQJEHUGLHLFKVHOEVWPLW(XFK+HUUQRFK QLFKWRIIHQVSUHFKHQNDQQ:DJW,KU(XFKYRU]XVWHOOHQZDVVLHMHW]W ZRP|JOLFKHUOHLGHQZUGHQRGHUZDV6DUXPDQLQ]ZLVFKHQ]XXQVHUHP 8QKHLOHUIDKUHQKDEHQN|QQWH"© ª,FKYHUGDQNHeRPHUYLHO©VDJWH7KpRGHQª(LQWUHXHV+HU]PDJHLQH WURW]LJH=XQJHKDEHQ© ª6DJWDXFK©VDJWH*DQGDOIªGDIUVFKLHOHQGH$XJHQGLH:DKUKHLW HLQVFKLHIHV*HVLFKWKDEHQPDJ© ª0HLQH $XJHQZDUHQWDWVlFKOLFKIDVWEOLQG©VDJWH7KpRGHQª$P PHLVWHQYRQDOOHQYHUGDQNHLFK(XFKPHLQ*DVW:LHGHUHLQPDOVHLG,KU UHFKW]HLWLJJHNRPPHQ,FKP|FKWH(XFKJHUQHLQ*HVFKHQNPDFKHQHKH ZLUDXIEUHFKHQQDFK(XUHU:DKO,KUEUDXFKWQXULUJHQGHWZDV]XQHQ QHQGDVPLUJHK|UW$OOHLQPHLQ6FKZHUWQHKPHLFKDXV© ª2ELFKUHFKW]HLWLJNDPRGHUQLFKWEOHLEWDE]XZDUWHQ©VDJWH*DQGDOI ª'RFKZDV(XHU*HVFKHQNEHWULIIW+HUUVRZLOOLFKHLQVZlKOHQGDV PLUELHWHWZDVLFKEUDXFKH6FKQHOOLJNHLWXQG6LFKHUKHLW*HEWPLU6FKDW WHQIHOO(UZDUPLUELVKHUQXUJHOLHKHQZHQQPDQHVHLQH/HLKJDEHQHQ QHQNDQQ$EHUMHW]WZHUGHLFKLKQLQJURH*HIDKUEULQJHQXQG6LOEHU JHJHQ6FKZDU]DXVVSLHOHQLFKP|FKWHQLFKWVJHIlKUGHQZDVPLUQLFKW JHK|UW8QGVFKRQEHVWHKWHLQ%DQGGHU/LHEH]ZLVFKHQXQV© ª,KUKDEWJXWJHZlKOW©VDJWH7KpRGHQªXQGLFKJHEHLKQMHW]WJHUQ ,PPHUKLQLVWHVHLQJURHV*HVFKHQN6FKDWWHQIHOOKDWQLFKWVHLQHVJOHL FKHQ,QLKPLVWHLQHVGHUPlFKWLJHQ5|VVHUGHUDOWHQ=HLWZLHGHUJHNHKUW (LQVROFKHVZLUGQLFKWZLHGHUNRPPHQ8QG(XFKPHLQHQDQGHUHQ*lVWHQ ZLOOLFKGDVDQELHWHQZDVLQPHLQHU:DIIHQNDPPHU]XILQGHQLVW 6FKZHUWHUEUDXFKW,KUQLFKWGRFKVLQGGRUW+HOPHXQG+DUQLVFKHYRQ WUHIIOLFKHU$UEHLW*HVFKHQNHGLHPHLQ9DWHUDXV*RQGRUHUKLHOW:lKOWXQ WHUGLHVHQHKHZLUDXIEUHFKHQXQGP|JHQVLH(XFKJXWH'LHQVWHWXQ© 1XQNDPHQ0lQQHUXQGEUDFKWHQ.ULHJVDXVUVWXQJDXVGHV.|QLJV 5HL$QJHON#KWWSFRODHERRN]IELGH
+RUWXQGVLHNOHLGHWHQ$UDJRUQXQG/HJRODVLQVFKLPPHUQGH3DQ]HU $XFK+HOPHZlKOWHQVLHXQG5XQGVFKLOGHLKUH%XFNHOZDUHQPLW*ROG EHU]RJHQXQGPLWJUQHQURWHQXQGZHLHQ(GHOVWHLQHQEHVHW]W*DQGDOI QDKPNHLQH5VWXQJXQG*LPOLEUDXFKWHNHLQHQ.HWWHQSDQ]HUVHOEVW ZHQQHLQHULQVHLQHU*U|HGDJHZHVHQZlUHGHQQHVJDEXQWHUGHQ6FKlW ]HQYRQ(GRUDVNHLQHEHVVHUH+DOVEHUJHDOVVHLQHNXU]H%UQQHGLHXQWHU GHP%HUJLP1RUGHQJHVFKPLHGHWZRUGHQZDU'RFKZlKOWHHUHLQHQ (LVHQKXWPLW/HGHUGHUJXWDXIVHLQHQUXQGHQ.RSISDWHXQGHLQHQNOHL QHQ6FKLOGQDKPHUDXFK(U]HLJWHGDVODXIHQGH3IHUGZHLDXIJUQGDV :DKU]HLFKHQGHV+DXVHVYRQ(RUO ª0|JHHU(XFKJXWEHVFKW]HQ©VDJWH7KpRGHQª(UZXUGH]X7KHQJHOV =HLWIUPLFKJHPDFKWDOVLFKQRFKHLQ.QDEHZDU© *LPOLYHUQHLJWHVLFKª,FKELQVWRO]+HUUGHU0DUN(XHU:DSSHQ]X WUDJHQ©VDJWHHUª7DWVlFKOLFKP|FKWHLFKHKHUHLQ3IHUGWUDJHQDOVYRQ HLQHPJHWUDJHQZHUGHQ0LUVLQGPHLQH)HOLHEHU$EHUYLHOOHLFKW NRPPHLFKQRFKGRUWKLQZRLFKVWHKHQXQGNlPSIHQNDQQ© ª(VPDJZRKOVHLQ©VDJWH7KpRGHQ 'HU.|QLJHUKREVLFKMHW]WXQGVRIRUWNDP eRZ\QKHUEHLXQGEUDFKWH :HLQª)HUWKX7KpRGHQKDOO© VDJWHVLHª1LPPQXQGHQ+XPSHQXQG WULQNHLQJOFNOLFKHU6WXQGH0|JH*HVXQGKHLWGHLQ.RPPHQXQG*HKHQ EHJOHLWHQ© 7KpRGHQWUDQNDXVGHP+XPSHQXQGVLHERWLKQGDQQGHQ*lVWHQDQ $OVVLHYRU$UDJRUQVWDQGKLHOWVLHSO|W]OLFKLQQHVFKDXWH]XLKPDXI XQGLKUH$XJHQOHXFKWHWHQ8QGHUEOLFNWHKLQXQWHUDXILKUVFK|QHV*H VLFKWXQGOlFKHOWHGRFKDOVHUGHQ+XPSHQQDKPWUDIHQVLFKLKUH+lQGH XQGHUPHUNWHZLHVLHEHLGHU%HUKUXQJHU]LWWHUWHª+HLO $UDJRUQ $UDWKRUQV6RKQ©VDJWHVLHª+HLO+HUULQYRQ5RKDQ©DQWZRUWHWHHU DEHUVHLQ*HVLFKWZDUMHW]WEHNPPHUWXQGHUOlFKHOWHQLFKW $OVVLHDOOHJHWUXQNHQKDWWHQJLQJGHU.|QLJGXUFKGLH+DOOH]XU7U 'RUWHUZDUWHWHQLKQGLH:lFKWHUXQG+HUROGH XQGDOOH5LWWHUXQG$Q IKUHUZDUHQYHUVDPPHOWGLHLQ(GRUDVJHEOLHEHQZDUHQRGHUQDKHEHL ZRKQWHQ ª6HKW,FKEUHFKHDXIXQGHVPDJYLHOOHLFKWPHLQOHW]WHU5LWWVHLQ© VDJWH7KpRGHQª,FKKDEHNHLQ.LQG7KpRGUHGPHLQ6RKQLVWHUVFKOD JHQ,FKEHVWLPPHeRPHUPHLQHQ6FKZHVWHUVRKQ]XPHLQHP(UEHQ.HK UHQZLUEHLGHQLFKW]XUFNGDQQZlKOWHLQHQQHXHQ+HUUQQDFKHXUHQ :QVFKHQ$EHULUJHQGMHPDQGHPPXLFKQXQPHLQ9RONDQYHUWUDXHQ GDVLFK]XUFNODVVHXPHVDQPHLQHU6WDWW]XIKUHQ:HUYRQHXFKZLOO EOHLEHQ"© 1LHPDQGVSUDFK ª*LEWHVNHLQHQGHQLKUQHQQHQZROOW"=XZHPKDWPHLQ9RON9HU WUDXHQ"© ª=X(RUOV+DXV©DQWZRUWHWH+iPD ª$EHUeRPHUNDQQLFKQLFKWHQWEHKUHQXQGHUZUGHDXFKQLFKW]X UFNEOHLEHQZROOHQ©VDJWHGHU.|QLJª8QGHULVWGHU/HW]WHGLHVHV+DX ª,FKKDEHQLFKWeRPHUJHVDJW©DQWZRUWHWH+iPDª8QGHULVWQLFKWGHU /HW]WH'DLVWeRZ\QeRPXQGV7RFKWHUVHLQH6FKZHVWHU6LHLVWIXUFKWORV XQGNKQ$OOHOLHEHQVLH/DWVLH+HUUVFKHULQGHU(RUOLQJDVVHLQZlK UHQGZLUIRUWVLQG© ª6RVROOHVVHLQ©VDJWH7KpRGHQª/DWGLH+HUROGHGHP9RONYHUNQ GHQGD)UDXeRZ\QHVIKUHQZLUG© 5HL$QJHON#KWWSFRODHERRN]IELGH
'DQQVHW]WHVLFKGHU.|QLJDXIGLH%DQNYRUVHLQHU7UXQGeRZ\Q NQLHWHYRULKPQLHGHUXQGHPSILQJYRQLKPHLQ6FKZHUWXQGHLQHQVFK| QHQ+DUQLVFKª/HEHZRKO6FKZHVWHUWRFKWHU©VDJWHHUª'XQNHOLVWGLH 6WXQGHGHQQRFKZHUGHQZLUYLHOOHLFKW]XU*ROGHQHQ+DOOH]XUFNNHKUHQ 'RFKLQ'XQKDUJNDQQVLFKGDV9RONODQJHYHUWHLGLJHQXQGZHQQGLH 6FKODFKWVFKOHFKWDXVJHKWZHUGHQGRUWKLQDOOHNRPPHQGLH HQWULQQHQ© ª6SULFKQLFKWVR©DQWZRUWHWHVLHª(LQ-DKUZLUGIUPLFKMHGHU7DJ GDXHUQGHUELV]XGHLQHU5FNNHKUYHUJHKW©'RFKDOVVLHVSUDFKZDQ GHUWHLKU%OLFN]X$UDJRUQGHUQDKHEHLVWDQG ª'HU.|QLJZLUG]XUFNNHKUHQ©VDJWHHUª)UFKWHW(XFKQLFKW1LFKW LP:HVWHQVRQGHUQLP2VWHQHUZDUWHWXQVXQVHU6FKLFNVDO© 'HU.|QLJJLQJQXQGLH7UHSSHKLQXQWHUXQG*DQGDOIZDUDQVHLQHU 6HLWH'LHDQGHUHQIROJWHQ$UDJRUQEOLFNWH]XUFNDOVVLH]XP7RU NDPHQ$OOHLQVWDQGeRZ\QYRUGHU7UGHV+DXVHVREHQDQGHU7UHSSH GDV6FKZHUWKDWWHVLHVHQNUHFKWYRUVLFKJHVWHOOWXQGLKUH+lQGHODJHQ DXIGHP+HIW6LHWUXJMHW]WGHQ+DUQLVFKXQGVFKLPPHUWHZLH6LOEHULQ GHU6RQQH *LPOLJLQJQHEHQ/HJRODVGLH$[WDXIGHU6FKXOWHUª1DHQGOLFKEUH FKHQZLUDXI©VDJWHHUª'LH0HQVFKHQEUDXFKHQYRU7DWHQYLHOH:RUWH 0HLQH$[WLVWXQUXKLJLQPHLQHU+DQG2EZRKOLFKQLFKWGDUDQ]ZHLIOH GDGLHVH5RKLUULPKDUW]XVFKODJHQN|QQHQZHQQHVVRZHLWLVW'HQQRFK LVWGDVQLFKWGLH.ULHJIKUXQJGLHPLU]XVDJW:LHVROO LFK]XP.DPSI NRPPHQ",FKZQVFKWHLFKN|QQWH]X)XJHKHQXQGZUGHQLFKWZLH HLQ6DFNJHJHQ*DQGDOIV6DWWHOEDXPEXPVHQ© ª(LQVLFKHUHU6LW]DOVPDQFKHUDQGHUHYHUPXWHLFK©VDJWH/HJRODV ª'RFKZLUG*DQGDOIGLFK]ZHLIHOORVJHUQDEVHW]HQZHQQGDV+DQGJH PHQJHEHJLQQWRGHUDXFK6FKDWWHQIHOOVHOEVW(LQH$[WLVWNHLQH:DIIH IUHLQHQ5HLWHU© ª8QGHLQ=ZHUJLVWNHLQ5HLWHU2UNKlOVHP|FKWHLFKDEKDXHQQLFKW GLH6FKlGHOYRQ0HQVFKHQVFKHUHQ©VDJWH*LPOLXQGNORSIWHDXIGHQ *ULIIVHLQHU$[W $P7RUIDQGHQVLHHLQJURHV.ULHJVKHHUDOWHXQGMXQJH0lQQHUXQG DOOHVDHQVFKRQLP6DWWHO0HKUDOV7DXVHQGZDUHQGRUWYHUVDPPHOW,KUH 6SHHUHZDUHQZLHHLQDXIUDJHQGHU:DOG/DXWHXQGIUHXGLJH5XIHVWLHHQ VLHDXVDOV7KpRGHQKHUDQNDP(LQLJHKLHOWHQGHV.|QLJV3IHUG6FKQHH PlKQHEHUHLWXQGDQGHUHKLHOWHQGLH3IHUGHYRQ$UDJRUQXQG/HJRODV *LPOLIKOWHVLFKXQEHKDJOLFKXQGUXQ]HOWHGLH6WLUQDEHUeRPHUNDP]X LKPVHLQ3IHUGDP=JHOIKUHQG ª+HLO*LPOL*OyLQV6RKQ©ULHIHUª,FKKDEHQRFKNHLQH=HLWJHKDEW XQWHU(XUHU=XFKWUXWHGLHIHLQH5HGHZHLVH]XOHUQHQZLH,KUPLUYHUVSUR FKHQKDEW$EHUZROOHQZLUXQVHUHQ6WUHLWQLFKWDXIVLFKEHUXKHQODVVHQ" =XPLQGHVWZHUGHLFKQLFKWV6FKOHFKWHVPHKUEHUGLH+HUULQGHV:DOGHV VDJHQ© ª,FKZLOOPHLQHQ=RUQ HLQH:HLOHYHUJHVVHQeRPHUeRPXQGV6RKQ© VDJWH*LPOLª$EHUZHQQ,KUMH*HOHJHQKHLWKDEW)UDX*DODGULHOPLW HLJHQHQ$XJHQ]XVHKHQGDQQVROOW,KUEHVWlWLJHQGDVLHGLHVFK|QVWH DOOHU)UDXHQLVWVRQVWZLUGXQVHUH)UHXQGVFKDIWHQGHQ© ª6RVHLHV©VDJWHeRPHUª'RFKELVGDKLQYHUJHEWPLUXQG]XP=HL FKHQ(XUHU9HUJHEXQJELWWHLFK(XFKUHLWHWPLWPLU*DQGDOIZLUGPLW GHP+HUUQGHU0DUNDQGHU6SLW]HVHLQGRFK)HXHUIXPHLQ3IHUGZLUG XQVEHLGHWUDJHQZHQQ,KUZROOW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª,FKGDQNH(XFKVHKU©VDJWH*LPOLKRFKHUIUHXWª,FKZLOOJHUQPLW (XFKNRPPHQZHQQ/HJRODVPHLQ*HIlKUWHQHEHQXQVUHLWHQGDUI© ª6RVROOHVVHLQ©VDJWHeRPHUª/HJRODV]XPHLQHU/LQNHQXQG$UDJRUQ ]XPHLQHU5HFKWHQXQGNHLQHUZLUGZDJHQXQVGLH6WLUQ]XELHWHQ© ª:RLVW6FKDWWHQIHOO"©IUDJWH*DQGDOI ª(ULVWDXIGHU:HLGHXQGQLFKW]XElQGLJHQ©DQWZRUWHWHQVLHª9RQ NHLQHP0HQVFKHQOlWHUVLFKDQUKUHQ'RUWOlXIWHUXQWHQDQGHU)XUW ZLHHLQ6FKDWWHQ]ZLVFKHQGHQ:HLGHQElXPHQ© *DQGDOISILIIXQGULHIODXWGHQ1DPHQGHV 3IHUGHVXQGLQZHLWHU)HPH KREHVGHQ.RSIXQGZLHKHUWHZDQGWHVLFKXPXQGVFKRZLHHLQ3IHLO DXIGDV+HHU]X ª.|QQWHGHU$WHPGHV:HVWZLQGHVHLQHVLFKWEDUH*HVWDOWDQQHKPHQ GDQQZUGHHUVRDXVVHKHQ©VDJWHeRPHUDOVGDVJURH3IHUGKHUEHLHLOWH XQG YRUGHP=DXEHUHUVWHKHQEOLHE ª'DV*HVFKHQNVFKHLQWVFKRQJHJHEHQ]XVHLQ©VDJWH7KpRGHQª'RFK K|UWPLFKDOOHDQ+LHUHUQHQQHLFKMHW]WPHLQHQ*DVW*DQGDOI*UDXURFN GHQZHLVHVWHQDOOHU5DWJHEHUGHQZLOONRPPHQVWHQGHU:DQGHUHU]XP +HU]RJGHU0DUN]XHLQHP)KUHUGHU(RUOLQJDVVRODQJHXQVHU*H VFKOHFKWZlKUWXQGVFKHQNHLKP6FKDWWHQIHOOGHQ)UVWHQGHU5|VVHU© ª,FKGDQNH(XFK.|QLJ7KpRGHQ©VDJWH*DQGDOI'DQQZDUIHUSO|W] OLFKVHLQHQJUDXHQ0DQWHODEVFKOHXGHUWHGHQ+XWIRUWXQGVSUDQJDXIV 3IHUG(UWUXJZHGHU+HOPQRFK+lPLVFK6HLQVFKQHHLJHV+DDUIODWWHUWH LP:LQGVHLQZHLHV*HZDQGVFKLPPHUWHEOHQGHQGLQGHU6RQQH ª6HKHWGHQ:HLHQ5HLWHU©ULHI$UDJRQXQGDOOHQDKPHQGLH:RUWH DXI ª8QVHU.|QLJXQGGHU:HLH5HLWHU©ULHIHQVLHª$XI(RUOLQJDV© 'LH7URPSHWHQHUNODQJHQ'LH3IHUGHElXPWHQVLFKDXIXQGZLHKHUWHQ 6SHHUHNOLUUWHQDQ6FKLOGH'DQQKREGHU.|QLJGLH+DQGXQGVRXQYHU PXWHWZLHGHUSO|W]OLFKH$XVEUXFKHLQHV6WXUPVULWWGDVOHW]WH+HHUYRQ 5RKDQGRQQHUQGJHQ:HVWHQ :HLWEHUGLH(EHQHVDKeRZ\QGDV*OLW]HUQLKUHU6SHHUHDOVVLHVWLOO XQGDOOHLQYRUGHQ7UHQGHVVFKZHLJHQGHQ+DXVHVVWDQG
5HL$QJHON#KWWSFRODHERRN]IELGH
6,(%7(6.$3,7(/ +(/06./$00
'LH6RQQHVWDQGVFKRQLP:HVWHQDOVVLHYRQ(GRUDVORVULWWHQXQGVLH VFKLHQLKQHQLQGLH$XJHQXQGYHUZDQGHOWHGLHZHOOLJHQ:HLGHQYRQ 5RKDQLQHLQHQJROGHQHQ'XQVW(LQYLHOEHQXW]WHU:HJIKUWHQDFK 1RUGZHVWHQHQWODQJGHQ9RUEHUJHQGHV:HLHQ*HELUJHVKLQDXIXQGKLQ XQWHULQHLQJUQHV/DQGXQGLKPIROJWHQVLHXQGEHUTXHUWHQLQYLHOHQ )XUWHQNOHLQHUDVFKH%lFKH:HLWYRULKQHQXQG]XLKUHU5HFKWHQUDJWH GDV1HEHOJHELUJHDXILPPHUGXQNOHUXQGK|KHUZXUGHHVMHPHKU0HLOHQ VLH]XUFNOHJWHQ'LH6RQQHJLQJODQJVDPYRULKQHQXQWHU+LQWHULKQHQ ]RJGHU$EHQGKHUDXI 'DV+HHUULWWZHLWHU'LH 1RWWULHEVLH'DVLHIUFKWHWHQ]XVSlW]X NRPPHQULWWHQVLHVRVFKQHOOVLHNRQQWHQXQGKLHOWHQVHOWHQDQ*H VFKZLQGXQGDXVGDXHUQGZDUHQGLH5|VVHUYRQ5RKDQDEHUHVZDUHQ YLHOH:HJVWXQGHQ]XEHZlOWLJHQ9LHU]LJ:HJVWXQGHQXQGPHKUZDUHQ HVZLHGHU9RJHOIOLHJWYRQ(GRUDV]XGHQ)XUWHQGHV,VHQZRVLHGLH 0DQQHQGHV.|QLJV]XILQGHQKRIIWHQGLH6DUXPDQV+HHUHDXIKLHOWHQ 'LH1DFKWXPILQJVLH6FKOLHOLFKKLHOWHQVLHDQXPLKU/DJHUDXI]X VFKODJHQ(WZDIQI6WXQGHQZDUHQVLHJHULWWHQXQGQXQ ZHLWGUDXHQLQ GHUZHVWOLFKHQ(EHQHXQGGHQQRFKODJPHKUDOVGLH+lOIWHGHV:HJVQRFK YRULKQHQ,QHLQHPJURHQ.UHLVXQWHUGHPJHVWLUQWHQ+LPPHOXQGGHP ]XQHKPHQGHQ0RQGUVWHWHQVLHVLFKMHW]WIUGLH1DFKW6LH]QGHWHQ NHLQH)HXHUDQGHQQVLHZDUHQXQVLFKHUZDVJHVFKHKHQZUGH'RFK VWHOOWHQVLHEHULWWHQH:DFKHQDXIXQG6SlKHUULWWHQZHLWYRUDXVXQGYHU VFKZDQGHQZLH6FKDWWHQLQGHQ)DOWHQGHV/DQGHV'LHODQJH1DFKWYHU JLQJRKQH1DFKULFKWHQRGHU:DUQXQJHQ,P0RUJHQJUDXHQHUVFKDOOWHQ GLH+|UQHUXQGELQQHQHLQHU6WXQGHZDUHQVLHZLHGHUDXIGHP:HJ 1RFKZDUGHU+LPPHOZRONHQORVGRFKGLH/XIWZDUGUFNHQGHVZDU ZDUPIUGLH-DKUHV]HLW'LHDXIJHKHQGH6RQQHZDULQ'XQVWJHKOOWXQG KLQWHULKU]RJODQJVDPHLQH]XQHKPHQGH'XQNHOKHLWDP+LPPHOKHUDXI DOVREHLQHJHZDOWLJHV*HZLWWHUYRQ2VWHQNlPH8QGIHUQLP1RUGZH VWHQVFKLHQHLQH]ZHLWH'XQNHOKHLWEHUGHP)XGHV1HEHOJHELUJHV]X VFKZHEHQHLQ6FKDWWHQGHUODQJVDPDXVGHP=DXEHUHUWDOKHUDENURFK *DQGDOIEOLHE]XUFNXQGZDUWHWHDXI/HJRODVGHUQHEHQeRPHUULWW ª'XKDVWGLHVFKDUIHQ$XJHQGHLQHUVFK|QHQ6LSSH/HJRODV©VDJWHHU ªXQGVLHN|QQHQHLQHQ6SDW]HQYRQHLQHP)LQNHQXQWHUVFKHLGHQGHUHLQH :HJVWXQGHHQWIHUQWLVW6DJPLUNDQQVWGXLUJHQGHWZDVGRUWGUEHQLQ 5LFKWXQJ,VHQJDUWVHKHQ"© ª9LHOH0HLOHQKHJHQGD]ZLVFKHQ©VDJWH/HJRODVLQGHPHUGRUWKLQ VWDUUWHXQGGLH$XJHQPLWVHLQHUODQJHQ+DQGEHVFKDWWHWHª,FKVHKHHLQH 'XQNHOKHLW*HVWDOWHQEHZHJHQVLFKGDULQJURH*HVWDOWHQZHLWZHJDP 8IHUGHV)OXVVHV$EHUZDVIU*HVFK|SIHHVVLQGNDQQLFKQLFKWVDJHQ 1LFKW1HEHORGHU:RONHQYHUHLWHOQPHLQH6LFKWGDLVWHLQYHUVFKOHLHUQGHU 6FKDWWHQGHQLUJHQGHLQH0DFKWEHUGDV/DQGZLUIWXQGHUEHZHJWVLFK ODQJVDPVWURPDEZlUWV(VLVWDOVREGDV=ZLHOLFKWXQWHUHQGORVHQ%lX PHQYRQGHQ%HUJHQKHUDEIOXWH© ª8QGKLQWHUXQVNRPPWHLQZDKUHU6WXUPDXV0RUGRU©VDJWH*DQGDOI ª(VZLUGHLQHVFKZDU]H1DFKWVHLQ© $P]ZHLWHQ7DJLKUHV5LWWHVQDKPGLH6FKZOHGHU/XIW]X$P 1DFKPLWWDJEHJDQQHQGLHGXQNOHQ:RONHQVLH]XEHUKROHQHLQGVWHUHU 5HL$QJHON#KWWSFRODHERRN]IELGH
%DOGDFKLQPLWVLFKDXIWUPHQGHQ5lQGHUQJHVSUHQNHOWPLWEOHQGHQGHP /LFKW'LH6RQQHJLQJXQWHUEOXWURWLQHLQHPUDXFKLJHQ'XQVW'LH 6SHHUHGHU5HLWHUEHNDPHQIHXULJH6SLW]HQDOVGLHOHW]WHQ/LFKWVWUDKOHQ GLH6WHLOKlQJHGHV*LSIHOVGHV7KULK\UQHHUOHXFKWHWHQMHW]WZDUHQVLHGHP Q|UGOLFKVWHQ$UPGHV:HLHQ*HELUJHVVHKUQDKHGUHLJH]DFNWHQ6SLW ]HQGLHLQGHQ6RQQHQXQWHUJDQJVWDUUWHQ,QGHPOHW]WHQURWHQ*OKHQ VDKHQGLH0DQQHQGHU9RUKXWHLQHQVFKZDU]HQ)OHFNHLQHQ5HLWHUGHU DXIVLH]XNDP6LHKLHOWHQDQXQGHUZDUWHWHQLKQ (UNDPHLQPGHU0DQQPLWHLQJHGHOOWHP+HOPXQGJHVSDOWHQHP 6FKLOG/DQJVDPVDHUDEXQGVWDQGHLQH:HLOHNHXFKHQGGD6FKOLHOLFK VSUDFKHUª,VWeRPHUKLHU"©IUDJWHHUª(QGOLFKNRPPWLKUGRFK]XVSlW XQGPLW]XJHULQJHQ .UlIWHQ'LH'LQJHVLQGVFKOHFKWJHJDQJHQVHLW 7KpRGUHGILHO*HVWHUQZXUGHQZLUXQWHUVFKZHUHQ9HUOXVWHQEHUGHQ ,VHQ]XUFNJHGUlQJWYLHOHNDPHQXPDOVVLHGHQ)OXEHUTXHUWHQ'DQQ VWLHHQLQGHU1DFKWIULVFKH+HHUHEHUGHQ)OXDXIXQVHU/DJHUYRU *DQ],VHQJDUWPXOHHUVHLQXQG6DUXPDQKDWGLHZLOGHQ%HUJEHZRKQHU XQGGDV+LUWHQYRONYRQ'XQODQGMHQVHLWVGHU)OVVHEHZDIIQHWXQGDXFK DXIXQVORVJHODVVHQ:LUZXUGHQEHUZlOWLJW'HU6FKLOGZDOOEUDFK(U NHQEUDQGYRQ:HVWIROGLVWPLWDOOHQ0DQQHQ GLHHUVDPPHOQNRQQWH]X VHLQHU)HVWXQJLQ+HOPV.ODPPDEJH]RJHQ'LHEULJHQVLQGYHUVWUHXW :RLVWeRPHU"6DJWLKPYRPLVWQLFKWV]XHUKRIIHQ(UVROOWHQDFK (GRUDV]XUFNNHKUHQHKHGLH:|OIHYRQ,VHQJDUWKLHUKHUNRPPHQ© 7KpRGHQKDWWHVFKZHLJHQGKLQWHUVHLQHQ:lFKWHUQJHVHVVHQYHUERUJHQ YRUGHQ%OLFNHQGHV0DQQHVMHW]WWULHEHUVHLQ3IHUGYRUZlUWVª.RPP WULWWYRUPLFKKLQ&HRUO©VDJWHHUª,FKELQKLHU'DVOHW]WH+HHUGHU (RUOLQJDVLVWDXVJHULWWHQ(VZLUGQLFKWRKQH6FKODFKW]XUFNNHKUHQ© 'DV*HVLFKWGHV0DQQHVOHXFKWHWHYRU)UHXGHXQG(UVWDXQHQ(UULFK WHWHVLFKDXI'DQQNQLHWHHUQLHGHUXQGERWGHP.|QLJVHLQVFKDUWLJHV 6FKZHUWGDUª(UWHLOWPLU(XUH%HIHKOH+HUU©ULHIHUª8QGYHU]HLKWPLU ,FKGDFKWH© ª'XGDFKWHVWLFKEOLHEHLQ0HGXVHOGJHEHXJWZLHHLQDOWHU%DXPXQWHU GHP:LQWHUVFKQHH6RZDUHVDOVGXLQGHQ.ULHJULWWHVW'RFKHLQ:HVW ZLQGKDWGLH=ZHLJHJHVFKWWHOW©VDJWH7KpRGHQª*HEWGHP0DQQHLQ IULVFKHV3IHUG/DWXQVUHLWHQXQG(UNHQEUDQG]X+LOIHNRPPHQ© :lKUHQG 7KpRGHQVSUDFKZDU*DQGDOIHLQ6WFNFKHQYRUDXVJHULWWHQ VDGRUWDOOHLQXQGVWDUUWHJHQ1RUGHQQDFK,VHQJDUWXQGJHQ:HVWHQDXI GLHXQWHUJHKHQGH6RQQH-HW]WNDPHU]XUFN ª5HLWHW7KpRGHQ©VDJWHHUª5HLWHWQDFK+HOPV.ODPP*HKWQLFKW]X GHQ)XUWHQGHV,VHQXQGEOHLEWQLFKWLQGHU(EHQH,FKPX(XFKIUNXU]H =HLWYHUODVVHQ6FKDWWHQIHOOVROOPLFKMHW]WUDVFKGDYRQWUDJHQXPHLQHQ $XIWUDJ]XHUOHGLJHQ©'DQQZDQGWHHUVLFKDQ$UDJRUQXQGeRPHUXQG GLH0DQQHQDXVGHP+HHUEDQQGHV.|QLJVXQGULHIª%HVFKW]WGHQ +HUUQGHU0DUNJXWELVLFK]XUFNNRPPH(UZDUWHWPLFKDQ+HOPV7RU /HEWZRKO© (UVDJWHHLQ:RUW]X6FKDWWHQIHOOXQGZLHHLQ3IHLOYRP%RJHQVSUDQJ GDVJURH3IHUGGDYRQ:lKUHQGVLHQRFKVFKDXWHQZDUHVYHUVFKZXQ GHQHLQ6LOEHUEOLW]LP6RQQHQXQWHUJDQJHLQ:LQGEHUGHP*UDVHLQ 6FKDWWHQGHUHQWIORKXQGGHP%OLFNHQWVFKZDQG6FKQHHPlKQHVFKQDXEWH XQGElXPWHVLFKDXIXQGZROOWHLKPIROJHQGRFKQXUHLQJHVFKZLQGHU 9RJHOKlWWHLKQHLQKROHQN|QQHQ ª:DVEHGHXWHWGDV"©VDJWHHLQHUGHU:lFKWHU]X+iPD 5HL$QJHON#KWWSFRODHERRN]IELGH
ª'D*DQGDOI*UDXURFNVLFKHLOHQPX©DQWZRUWHWH+iPDª,PPHU JHKWXQGNRPPWHUXQHUZDUWHW© ª:HQQ6FKODQJHQ]XQJHKLHUZlUHZUGHHUXQVFKZHUHLQH(UNOlUXQJ ILQGHQ©VDJWHGHUDQGHUH ª'DVLVWZRKOZDKU©VDJWH+iPDªDEHUZDVPLFKEHWULIIWVRZLOOLFK ZDUWHQELVLFK*DQGDOIZLHGHUVHKH© ª9LHOOHLFKWZLUVWGXODQJHZDUWHQ©VDJWHGHUDQGHUH 'DV+HHUYHUOLHMHW]WGLH6WUDH]XGHQ)XUWHQGHV,VHQXQGKLHOWVLFK PHKUQDFK6GHQ'LH1DFKWEUDFKKHUHLQXQGLPPHUQRFKULWWHQVLH'LH %HUJHNDPHQQlKHUGRFKGLHKRKHQ*LSIHOGHV7KULK\UQHZDUHQVFKRQ YHUVFKZRPPHQYRUGHPVLFKYHUGXQNHOQGHQ+LPPHO1RFKHLQLJH0HLOHQ HQWIHUQWDPDQGHUHQ(QGHGHV7DOVYRQ:HVWIROGODJHLQHJUQH7DO PXOGHHLQJURHU(LQVFKQLWWLP*HELUJHYRQGHPDXVHLQH6FKOXFKWLQ GLH%HUJHKLQHLQIKUWH'LH0HQVFKHQGLHVHV/DQGHVQDQQWHQVLH+HOPV .ODPPQDFKHLQHP+HOGHQDXVDOWHQ.ULHJHQGHUKLHUVHLQH=XIOXFKW VWlWWHJHKDEWKDWWH,PPHUVWHLOHUXQGVFKPDOHU]RJVLHVLFKYRQ1RUGHQ KHUXQWHUGHP6FKDWWHQGHV7KULK\UQHLQ GLH%HUJHKLQHLQELVVLFKDXI EHLGHQ6HLWHQGLHYRQ.UlKHQEHY|ONHUWHQ)HOVZlQGHZLHPlFKWLJH7UPH HUKREHQXQGGDV/LFKWDXVVFKO|VVHQ %HL+HOPV7RUDP(LQJDQJ]XU.ODPPVWLHYRQGHUQ|UGOLFKHQ)HOV ZDQGHLQ*UDWYRU$XIGLHVHP)HOVYRUVSUXQJVWDQGHQKRKH0DXHUQDXV XUDOWHQ6WHLQHQXQGLQLKUHU0LWWHHLQVWRO]HU7XUP%HLGHQ0HQVFKHQ KLHHVLQGHQZHLW]XUFNOLHJHQGHQUXKPUHLFKHQ7DJHQYRQ*RQGRU KDEHQGLH0HHU.|QLJHGLHVH)HVWXQJPLW+LOIHYRQ5LHVHQJHEDXW'LH +RUQEXUJZXUGHVLHJHQDQQWGHQQHLQHDXIGHP7XUPJHEODVHQH7URP SHWHKDOOWHLQGHU.ODPPGDKLQWHUZLGHUDOVREOlQJVWYHUJHVVHQH+HHUH DXV+|KOHQXQWHUGHQ%HUJHQLQGHQ.ULHJ]|JHQ$XFKHLQH0DXHUKDW WHQGLH0HQVFKHQGHUDOWHQ=HLWYRQGHU+RUQEXUJ]XUVGOLFKHQ)HOV ZDQGJH]RJHQXPGHQ(LQJDQJ]XU6FKOXFKW]XYHUVSHUUHQ8QWHULKU IORLQHLQHPEUHLWHQEHUZ|OEWHQ$E]XJVJUDEHQGHU.ODPPEDFKKLQ GXUFK(UVFKOlQJHOWHVLFKXPGHQ)XGHV+RUQIHOVHQVXQGIORGDQQLQ HLQHUWLHIHQ:DVVHUULQQHPLWWHQGXUFKHLQHEUHLWHJUQH*HKUHGLHVDQIW YRQ+HOPV7RU]X+HOPV'HLFKDEILHO9RQGRUWDXVIORGHU%DFKLQV .ODPPWDOXQGKLQDXVLQGDV7DOYRQ:HVWIROG,QGHU+RUQEXUJDP +HOPV7RUZRKQWHMHW]W(UNHQEUDQGGHU+HUUYRQ:HVWIROGDQGHQ*UHQ ]HQGHU0DUN'DHUNOXJZDUKDWWHHUDOVGLH'URKXQJGHV.ULHJHVGLH 7DJHYHUGVWHUWHGLH0DXHUDXVJHEHVVHUWXQGGLH)HVWXQJYHUVWlUNW 'LH5HLWHUZDUHQQRFKLQGHPWLHIHQ7DOYRUGHP(LQJDQJ]XU.ODPP DOVVLH6FKUHLHXQG+|UQHUEODVHQYRQLKUHQ.XQGVFKDIWHUQK|UWHQGLH YRUDXVJHULWWHQZDUHQ$XVGHU'XQNHOKHLWNDPHQ3IHLOHDQJHVFKZLUUW (LQ.XQGVFKDIWHUNDPUDVFK]XUFNXQGEHULFKWHWHEHUDOOLP7DOVHLHQ :ROIUHLWHUXQGHLQ+HHUYRQ2UNVXQGZLOGHQ0HQVFKHQHLOHYRQGHQ )XUWHQGHV,VHQQDFK6GHQKHUDQXQGVHLRIIHQEDUDXIGHP:HJQDFK +HOPV.ODPP ª:LUKDEHQYLHOHYRQXQVHUHQ/HXWHQKLHUJHIXQGHQGLHHUVFKODJHQ ZRUGHQVLQGDOVVLHKLHUKHUIORKHQ©VDJWHGHU.XQGVFKDIWHUª8QGZLU KDEHQYHUVWUHXWH*UXSSHQJHWURIIHQGLHIKUHUORVKHUXPLUUWHQ:DVDXV (UNHQEUDQGJHZRUGHQLVWVFKHLQWNHLQHU]X ZLVVHQ:DKUVFKHLQOLFKZLUG HUHLQJHKROWZHUGHQHKHHU+HOPV7RUHUUHLFKHQNDQQZHQQHUQLFKW VFKRQXPJHNRPPHQLVW© ª+DWPDQYRQ*DQGDOIHWZDVJHVHKHQ"©IUDJWH7KpRGHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ª-D+HUU9LHOHKDEHQHLQHQDOWHQ0DQQLQ:HLDXIHLQHP3IHUGJHVH KHQGHUZLHGHU:LQGLP*UDVKLHUKLQXQGGRUWKLQEHUGLH(EHQHQJH ULWWHQLVW0DQFKHJODXEWHQHVVHL6DUXPDQ(VKHLWHUKDEHVLFKYRU(LQ EUXFKGHU1DFKWQDFK,VHQJDUWDXIJHPDFKW0DQFKHVDJHQDXFK6FKODQ JHQ]XQJHVHLYRUKHUJHVHKHQZRUGHQHUJLQJQDFK1RUGHQPLWHLQHU *UXSSH2UNV© ª(VZLUG6FKODQJHQ]XQJHVFKOHFKWHUJHKHQZHQQ*DQGDOILKQHLQKROW© VDJWH7KpRGHQª,QGHVIHKOHQPLUMHW]WPHLQHEHLGHQ5DWJHEHUGHUDOWH XQGGHUQHXH$EHULQGLHVHU1RWKDEHQZLUNHLQHEHVVHUH:DKODOVQDFK +HOPV7RU]XJHKHQZLH*DQGDOIJHVDJWKDWRE(UNHQEUDQGGRUWLVWRGHU QLFKW,VWHVEHNDQQWZLHJURGDV+HHULVWGDVYRQ1RUGHQNRPPW"© ª(VLVWVHKUJUR©VDJWHGHU.XQGVFKDIWHUª:HUIOLHKW]lKOWMHGHQ )HLQGGRSSHOWGRFKKDEHLFKPLWEHKHU]WHQ0lQQHUQJHVSURFKHQXQGLFK ]ZHLIOHQLFKWGDGLH+DXSWPDFKWGHV)HLQGHVYLHOH0DOHVRJURLVWZLH DOOHVZDVZLUKLHUKDEHQ© ª'DQQODWXQVUDVFKVHLQ©VDJWHeRPHUª/DWXQVGXUFKMHQH)HLQGH KLQGXUFKVWRHQGLHVFKRQ]ZLVFKHQXQVXQGGHU)HVWXQJVWHKHQ(VJLEW +|KOHQLQ+HOPV.ODPPZRVLFK+XQGHUWHYHUEHUJHQP|JHQXQGJH KHLPH:HJHIKUHQYRQGRUWKLQDXILQGLH%HUJH© ª9HUWUDXHQLFKWDXIJHKHLPH:HJH©VDJWHGHU.|QLJª6DUXPDQKDW GLHVHV/DQGVHLWODQJHPDXVJHNXQGVFKDIWHW'RFKPDJXQVHUH9HUWHLGL JXQJDQGLHVHP2UWODQJHZlKUHQ/DWXQVJHKHQ© $UDJRUQXQG/HJRODVZDUHQMHW]WPLWeRPHULQGHU9RUKXW:HLWHUULW WHQVLHGXUFKGLHGXQNOH1DFKWLPPHUODQJVDPHUDOVGLH'XQNHOKHLW]X QDKPXQGLKU:HJQDFK6GHQDQVWLHJK|KHUXQGLPPHUK|KHULQGLH GVWHUHQ)DOWHQDP)XHGHU%HUJH6LHIDQGHQZHQLJH)HLQGHYRUVLFK +LHUXQGGRUWVWLHHQVLHDXIKHUXPVWUHLIHQGH2UNEDQGHQDEHUVLHIORKHQ HKHGLH5HLWHUVLHJHIDQJHQQHKPHQRGHUHUVFKODJHQNRQQWHQ ª(VZLUGQLFKWODQJHGDXHUQIUFKWHLFK©VDJWHeRPHUªELVGLH$Q NXQIWGHV+HHUVGHV.|QLJVGHQ)KUHUQXQVHUHU)HLQGHEHNDQQWLVW6DUX PDQRGHUZHOFKHQ$QIKUHUHUDXFKLPPHUDXVJHVDQGWKDW© +LQWHULKQHQQDKPGHU.ULHJVOlUP]X-HW]WK|UWHQVLHGXUFKGLH'XQ NHOKHLWKHUEHUJHWUDJHQPLW|QHQGHV6LQJHQ6LHZDUHQ VFKRQKRFKKLQ DXILQGDV.ODPPWDOJHVWLHJHQDOVVLH]XUFNEOLFNWHQ'DVDKHQVLH)DN NHOQXQ]lKOLJHIHXULJH/LFKWSXQNWHYHUVWUHXWZLHURWH%OXPHQDXIGHQ VFKZDU]HQ)HOGHUQKLQWHULKQHQRGHUVLFKDXVGHP7LHIODQGKHUDXI]LHKHQG LQODQJHQIODFNHUQGHQ 5HLKHQ+LHUXQGGRUWORGHUWHHLQJU|HUHU%UDQG DXI ª(VLVWHLQJURHV+HHUXQGXQVKDUWDXIGHQ)HUVHQ©VDJWH$UDJRUQ ª6LHEULQJHQ)HXHUPLW©VDJWH7KpRGHQªXQGYHUEUHQQHQLP9RUEHL ]LHKHQ6WDOO6FKREHUXQG%DXP'DVKLHUZDUHLQUHLFKHV7DOXQGKDWWH YLHOH*HK|IWH:HKHIUPHLQ9RON© ª,FKZROOWHHVZlUH7DJXQGZLUN|QQWHQLKQHQHQWJHJHQUHLWHQZLHHLQ 6WXUPDXVGHP*HELUJH©VDJWH$UDJRUQª(VJUlPWPLFKYRULKQHQ]X IOLHKHQ© ª:LUEUDXFKHQQLFKWYLHOZHLWHU]XIOLHKHQ©VDJWHeRPHUª1LFKWZHLW YRUXQVOLHJWMHW]W+HOPV'HLFKHLQDOWHU*UDEHQXQG6FKXW]ZDOOGLH GXUFKGLH7DOPXOGHJH]RJHQVLQG]ZHL$FKWHOPHLOHQXQWHU+HOPV7RU 'RUWN|QQHQZLUZHQGHQXQGHLQH6FKODFKWOLHIHUQ© ª1HLQZLUVLQG]XZHQLJHXPGHQ'HLFK]XYHUWHLGLJHQ©VDJWH7KHR GHQª(ULVWHLQH0HLOHODQJRGHUQRFKOlQJHUXQGGLH%UHVFKHLVWEUHLW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª$QGHU%UHVFKHPXXQVHUH1DFKKXWVWDQGKDOWHQZHQQZLUEHGUlQJW ZHUGHQ©VDJWHeRPHU :HGHU6WHUQHQRFK0RQGVFKLHQHQDOVGLH5HLWHU]XU%UHVFKHLP'HLFK NDPHQZRGHU%DFK YRQREHQKHUDXVWUDWXQGQHEHQLKPGLH6WUDHYRQ GHU+RUQEXUJKHUXQWHUIKUWH'HU6FKXW]ZDOOUDJWHSO|W]OLFKYRULKQHQ DXIHLQKRKHU6FKDWWHQKLQWHUHLQHPGXQNOHQ*UDEHQ$OVVLHGDUDXI]X ULWWHQZXUGHQVLHYRQHLQHP3RVWHQDQJHUXIHQ ª'HU+HUUGHU0DUNUHLWHWQDFK+HOPV7RU©DQWZRUWHWHeRPHUª,FK eRPHUeRPXQGV6RKQVSUHFKH© ª'DVLVWHLQHJXWH%RWVFKDIWDXIGLHZLUQLFKWPHKU]XKRIIHQZDJWHQ© VDJWHGHU3RVWHQª(LOWHXFK'HU)HLQGLVWHXFKDXIGHQ)HUVHQ© 'DV+HHUULWWGXUFKGLH%UHVFKHXQGKLHOWDXIGHPOHLFKWDQVWHLJHQGHQ 5DVHQGDKLQWHUDQ6LHHUIXKUHQMHW]W]XLKUHU)UHXGHGD(UNHQEUDQG]XU 9HUWHLGLJXQJYRQ+HOPV7RUYLHOH.ULHJHU]XUFNJHODVVHQKDWWHXQGQRFK ZHLWHUHVLFKKLHUKHUJHUHWWHWKDWWHQ ª7DXVHQG0DQQKDEHQZLUYLHOOHLFKWGLH]X)XNlPSIHQN|QQHQ© VDJWH*DPOLQJHLQDOWHU0DQQGHU)KUHUGHUMHQLJHQGLHGHQ'HLFKEH ZDFKWHQª$EHUGLHPHLVWHQYRQLKQHQKDEHQ]XYLHOH:LQWHUHUOHEWZLH LFKRGHU]XZHQLJHZLHPHLQHV6RKQHV6RKQKLHU:DVK|UWPDQYRQ(U NHQEUDQG"*HVWHUQKLHHVGDHUVLFKKLHUKHU]XUFN]LHKWPLWDOOHQGLH YRQ:HVWIROGV5HLWHUQEULJVLQG$EHUHUNDPQLFKW© ª,FKIUFKWHGDHUMHW]WQLFKWNRPPHQZLUG©VDJWHeRPHUª8QVHUH .XQGVFKDIWHUKDEHQNHLQH1DFKULFKWHQEHULKQHUKDOWHQXQGGDVJDQ]H 7DOKLQWHUXQVZLPPHOWYRQ)HLQGHQ© ª,FKZQVFKWHHUZlUHHQWNRPPHQ©VDJWH7KpRGHQª(UZDUHLQJH ZDOWLJHU.lPSH'LH7DSIHUNHLWYRQ+HOPGHU+DPPHUKDQGZDULQLKP ZLHGHUOHEHQGLJJHZRUGHQ$EHUKLHUN|QQHQZLUQLFKWDXILKQZDUWHQ :LUPVVHQMHW]WXQVHUHJDQ]H6WUHLWPDFKWKLQWHUGHQ:lOOHQVDPPHOQ 6HLGLKUJXWYHUVRUJW":LUEULQJHQZHQLJ9RUUlWHPLWGHQQZLUZDUHQ DXVJHULWWHQ]XHLQHURIIHQHQ6FKODFKWQLFKW]XHLQHU%HODJHUXQJ© ª+LQWHUXQVLQGHQ+|KOHQGHU.ODPPVLQGGUHL9LHUWHOGHV9RONVYRQ :HVWIROG$OWXQG-XQJ.LQGHUXQG)UDXHQ©VDJWH*DPOLQJª$EHU DXFKJURH9RUUlWHYRQ/HEHQVPLWWHOQVLQGDQJHOHJWZRUGHQXQGYLHOH 7LHUHVLQGGDXQG)XWWHUIUVLH© ª'DVLVWJXW©VDJWHeRPHUª6LHYHUEUHQQHQXQGSOQGHUQDOOHVZDV LP7DO]XUFNJHEOLHEHQLVW© ª:HQQVLHQDFK+HOPV7RUNRPPHQXQGXPXQVHUH:DUHQIHLOVFKHQ ZROOHQZHUGHQVLHHLQHQKRKHQ3UHLVEH]DKOHQPVVHQ©VDJWH*DPOLQJ 'HU.|QLJXQGGDV+HHUULWWHQZHLWHU9RUGHP'DPPZHJGHUGHQ %DFKNUHX]WHVDHQVLHDE,QHLQHUODQJHQ5HLKHIKUWHQVLHLKUH3IHUGH GLH5DPSHKLQDXIXQGGXUFKVFKULWWHQGLH7RUHGHU+RUQEXUJ'RUWZXU GHQVLHZLHGHUXPYROO)UHXGHXQGZLHGHUHUZHFNWHU+RIIQXQJEHJUW GHQQQXQZDUHQJHQXJ/HXWHGDXPVRZRKOGLH%XUJDOVDXFKGHQ 6FKXW]ZDOO]XEHPDQQHQ 5DVFKWHLOWHeRPHUVHLQH/HXWHHLQ'HU.|QLJXQGGLH0DQQHQVHLQHV +HHUEDQQVEHVHW]WHQGLH+RUQEXUJXQGGRUWZDUHQDXFKYLHOHGHU0DQ QHQYRQ:HVWIROG'RFKDXIGHQ.ODPPZDOOXQGVHLQHQ7XUPXQGGDKLQ WHUVWHOOWHeRPHUGHQJU|WHQ7HLOVHLQHU6WUHLWPDFKWGHQQKLHUVFKLHQGLH 9HUWHLGLJXQJEHGHQNOLFKHUZHQQGHU$QJULIIHQWVFKORVVHQXQGLQYROOHU 6WlUNHXQWHUQRPPHQZUGH'LH3IHUGHZXUGHQYRQGHQ/HXWHQGLHHQW EHKUWZHUGHQNRQQWHQZHLWKLQDXILQGLH.ODPPJHIKUW 5HL$QJHON#KWWSFRODHERRN]IELGH
'HU.ODPPZDOOZDU]ZDQ]LJ)XKRFKXQGVREUHLWGD YLHU0DQQ QHEHQHLQDQGHUDXILKPJHKHQNRQQWHQJHVFKW]WGXUFKHLQH%UXVWZHKU EHUGLHQXUHLQJURHU0DQQKLQZHJVFKDXHQNRQQWH+LHUXQGGRUW ZDUHQ6FKLHVFKDUWHQ]ZLVFKHQGHQ6WHLQHQ'LHVH)HVWXQJVPDXHUZDU EHUHLQH7UHSSHHUUHLFKEDUGLHYRQHLQHU7ULPlXHUHQ+RIGHU+RUQ EXUJKHUDEIKUWHYRQGHU.ODPPDXVIKUWHQZHLWHUKLQWHQQRFKGUHL 7UHSSHQDXIGHQ:DOOGRFKZDUVHLQH9RUGHUVHLWHJODWWXQGVHLQHJURHQ 6WHLQHZDUHQVRJHVFKLFNWDXIHLQDQGHUJHVHW]WGDNHLQ)X+DOWILQGHQ NRQQWHXQGREHQ KLQJHQVLHEHUZLHHLQHYRP0HHUDXVJHK|KOWH.OLSSH *LPOLVWDQGJHJHQGLH6FKDQ]HJHOHKQWDXIGHP:DOO/HJRODVVD REHQDXIGHU%UXVWZHKUILQJHUWHDQVHLQHP%RJHQKHUXPXQGVWDUUWHKLQ DXVLQGLH'VWHUQLV ª'DVLVWPHKUQDFKPHLQHP*HVFKPDFN©VDJWHGHU=ZHUJXQG VWDPSIWHPLWGHQ)HQDXIGLH6WHLQHª,PPHUJHKWPLUGDV+HU]DXI ZHQQZLULQGLH1lKHGHV*HELUJHVNRPPHQ'DVLVWJXWHU)HOVHQKLHU 'LHVHV/DQGKDWHLQ]lKHV*HEHLQ,FKVSUWHHVLQPHLQHQ)HQDOVZLU YRP'HLFKKHUDXINDPHQ*LEPLUHLQ-DKU=HLWXQGKXQGHUW0DQQYRQ PHLQHU6LSSHXQGLFKZUGHGDUDXVHLQH)HVWXQJPDFKHQDQGHUVLFK +HHUHZLH:HOOHQEUHFKHQZUGHQ© ª'DUDQ]ZHLIOHLFKQLFKW©VDJWH/HJRODVª$EHUGXELVWHLQ=ZHUJ XQG=ZHUJHVLQGVHOWVDPH/HXWH0LUJHIlOOWGLHVHU2UWQLFKWXQGDXFK EHL7DJHVOLFKWZLUGHUPLUQLFKWEHVVHUJHIDOOHQ'RFKWU|VWHVWGXPLFK *LPOLXQGLFKELQIURKGDGXQHEHQPLUVWHKVWPLWGHLQHQVWDQGIHVWHQ %HLQHQXQGGHLQHUKDUWHQ$[W,FKZQVFKWHHVZlUHQPHKUYRQGHLQHU 6LSSHEHLXQV$EHUQRFKPHKUZUGHLFKIUKXQGHUWJXWH%RJHQVFKW ]HQDXV'VWHUZDOGJHEHQ:LUZHUGHQVLHEUDXFKHQ'LH5RKLUULPKDEHQ 6FKW]HQGLHDXILKUH:HLVHJXWVLQGDEHUHVVLQG]XZHQLJHKLHU]X ZHQLJH© ª(VLVWGXQNHO]XP6FKLHHQ©VDJWH*LPOLª7DWVlFKOLFKLVWHV=HLW]XP 6FKODIHQ6FKODIHQ,FKKDEHHLQVRVWDUNHV%HGUIQLVGDQDFKZLHLFKQLH JODXEWHGDHLQ=ZHUJHVKDEHQZUGH5HLWHQPDFKWPGH'HQQRFKLVW PHLQH$[WXQUXKLJLQPHLQHU+DQG*LEPLUHLQH5HLKH2UNQDFNHQXQG 3ODW]]XP$XVKROHQXQGDOOH0GLJNHLWZLUGYRQPLUDEIDOOHQ© /DQJ]RJVLFKGLH=HLWKLQ:HLWXQWHQLP7DOEUDQQWHQLPPHUQRFK YHUHLQ]HOWH)HXHU'LH+HHUHYRQ,VHQJDUWUFNWHQMHW]WVFKZHLJHQGYRU 0DQNRQQWHLKUH)DFNHOQVHKHQGLHVLFKLQYLHOHQ5HLKHQGLH7DOPXOGH KLQDXI]RJHQ 3O|W]OLFKK|UWHPDQYRP'HLFK6FKUHLHQXQG5XIHQXQGGDVZWHQGH 6FKODFKWJHVFKUHLYRQ0HQVFKHQ)ODPPHQGH%UlQGHHUVFKLHQHQEHUGHP 5DQGXQGVDPPHOWHQVLFKDQGHU%UHVFKH'DQQ]HUVWUHXWHQVLHVLFKXQG YHUVFKZDQGHQ0lQQHUJDORSSLHUWHQ]XUFNEHUGDV)HOGXQGGLH5DPSH ]XP7RUGHU+RUQEXUJKLQDXI'LH1DFKKXWGHU:HVWIROGHUZDUJHNRPPHQ ª'HU)HLQGLVWQDKH©VDJWHQVLHª:LUKDEHQDOOH3IHLOHYHUVFKRVVHQ GLHZLUKDWWHQXQGGHU'HLFKZLPPHOWYRQ2UNV$EHUHUZLUGVLHQLFKW ODQJHDXIKDOWHQ6FKRQHUVWUPHQVLHDQYLHOHQ3XQNWHQGLH%|VFKXQJLQ GLFNHQ6FKZlUPHQZLH:DQGHUDPHLVHQ$EHUZLUKDEHQVLHJHOHKUW NHLQH)DFNHOQ]XWUDJHQ© (VZDUMHW]WQDFK0LWWHPDFKW'HU+LPPHOZDUY|OOLJGXQNHOXQGGLH 8QEHZHJWKHLWGHUGUFNHQGHQ/XIWNQGLJWH6WXUPDQ3O|W]OLFKZXUGHQ GLH:RONHQYRQHLQHUEOHQGHQGHQ+HOOLJNHLWDXIJHULVVHQ9HUlVWHOWH%OLW]H IXKUHQQLHGHUDXIGLH|VWOLFKHQ%HUJH)UHLQHQNXU]HQ$XJHQEOLFNVDKHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
GLH%HREDFKWHUDXIGHQ:lOOHQGHQJDQ]HQ5DXP]ZLVFKHQVLFKXQGGHP 'HLFKYRQZHLHP/LFKWHUKHOOWHUZLPPHOWHYRQVFKZDU]HQ*HVWDOWHQ HLQLJHZDUHQXQWHUVHW]WXQGEUHLWDQGHUHKRFKJHZDFKVHQXQGJULPPLJ PLWKRKHQ+HOPHQXQGVFKZDU]HQ6FKLOGHQ+XQGHUWHXQG$EHUKXQGHUWH HUJRVVHQVLFKEHUGHQ'HLFKXQGGXUFKGLH%UHVFKH'LHGXQNOH)OXWVWLHJ YRQ)HOVHQ]X)HOVHQELV]XGHQ:lOOHQHPSRU'RQQHUJUROOWHLP7DO 5HJHQSHLWVFKWHKHUDE (LQ+DJHOYRQ3IHLOHQVFKZLUUWHEHUGLH)HVWXQJVPDXHUXQGSUDOOWH NOLUUHQGDQGHQ6WHLQHQDE0DQFKH3IHLOHIDQGHQHLQ=LHO'HU$QJULII DXI+HOPV.ODPPKDWWHEHJRQQHQDEHUNHLQ/DXWXQGNHLQ5XIYRQGULQ QHQZDU]XK|UHQXQGHVNDPHQNHLQH3IHLOHDOV(UZLGHUXQJ 'LHDQJUHLIHQGHQ6FKDUHQKLHOWHQDQYHUEOIIWEHUGLHVFKZHLJHQGH 'URKXQJYRQ)HOVXQG:DOO,PPHUZLHGHUXQGZLHGHU]HUULVVHQ%OLW]H GLH'XQNHOKHLW'DQQVFKULHQGLH2UNVVFKZDQJHQ6SHHUXQG6FKZHUW XQGVFK|VVHQHLQHQ+DJHOYRQ3IHLOHQDXIMHGHQGHUVLFKDXIGHU )HVWXQJVPDXHU]HLJWHXQGGLH0DQQHQGHU0DUNEOLFNWHQYHUZXQGHUWDXI HLQZLHHVLKQHQVFKLHQJURHV)HOGYRQGXQNOHP.RUQJHVFKWWHOWYRP 6WXUP GHV.ULHJHVXQGMHGHbKUHIXQNHOWHPLWHLQHPJH]DFNWHQ/LFKW (KHUQH7URPSHWHQHUVFKDOOWHQ'HU)HLQGVWLHYRUHLQLJHJHJHQGHQ .ODPPZDOODQGHUHJHJHQGHQ'DPPZHJXQGGLH5DPSHGLH]XGHQ 7RUHQGHU+RUQEXUJKLQDXIIKUWH'RUWZDUHQGLHJU|WHQ2UNVXQGGLH ZLOGHQ0HQVFKHQDXVGHQ'XQODQG0RRUHQHLQJHVHW]W(LQHQ$XJHQEOLFN ]|JHUWHQVLHXQGGDQQJLQJHQVLHYRU,P6FKHLQGHU%OLW]HVDKPDQDXI MHGHP+HOPXQG6FKLOGDOV:DSSHQGLHJUDXVLJH+DQGYRQ,VHQJDUW6LH HUUHLFKWHQGHQ*LSIHOGHV)HOVHQVVLHGUlQJWHQ]XGHQ7RUHQ 'DQQHQGOLFKNDPHLQH$QWZRUWHLQ+DJHOYRQ3IHLOHQXQG6WHLQHQ WUDIVLH6LHZDQNWHQZLFKHQ]XUFNXQGJULIIHQZLHGHUDQXQGZLHGDV KHUDQZRJHQGH0HHUKLHOWHQVLHMHGHVPDODQHLQHPK|KHUHQ3XQNWDQ :LHGHUHUVFKDOOWHQ7URPSHWHQXQGHLQH*UXSSHEUOOHQGHU0HQVFKHQ VSUDQJYRUZlUWV6LHKLHOWHQLKUHJURHQ6FKLOGHEHUVLFKZLHHLQ'DFK ZlKUHQGVLH]ZLVFKHQVLFKGLHJURHQ6WlPPH]ZHLHUPlFKWLJHU%lXPH WUXJHQ+LQWHULKQHQVFKDUWHQVLFK2UN%RJHQVFKW]HQ]XVDPPHQXQG VFKLFNWHQHLQHQ +DJHOYRQ3IHLOHQJHJHQGLH%RJHQVFKW]HQDXIGHQ:lO OHQ6LHHUUHLFKWHQGLH7RUH'LHYRQVWDUNHQ$UPHQJHVFKZXQJHQHQ 6WlPPHSUDOOWHQPLWGXUFKGULQJHQGHP'U|KQHQDXIGDV+RO]:HQQHLQ 0DQQILHO]HUPDOPWYRQHLQHPKHUDEJHVFKOHXGHUWHQ6WHLQVSUDQJHQ]ZHL DQGHUHDQVHLQHQ3ODW],PPHUZLHGHUXQGZLHGHUVWLHHQGLHJURHQ 5DPPHQNUDFKHQGYRU eRPHUXQG$UDJRUQVWDQGHQ]XVDPPHQDXIGHP.ODPPZDOO6LHK|U WHQGDV%UOOHQGHU6WLPPHQXQGGDVGXPSIH6FKODJHQGHU5DPPHQXQG EHLHLQHPSO|W]OLFKHQ$XIOHXFKWHQ HUNDQQWHQVLHGLH*HIDKUDQGHQ 7RUHQ ª.RPPW©VDJWH$UDJRUQª'DVLVWGLH6WXQGHGDZLUJHPHLQVDPGLH 6FKZHUWHU]LHKHQZHUGHQ© %OLW]VFKQHOOUDQQWHQVLHDP:DOOHQWODQJXQGGLH6WXIHQKLQXQWHUXQG JHODQJWHQLQGHQlXHUHQ+RIDXIGHP)HOVHQ:lKUHQGVLHOLHIHQULHIHQ VLHHLQH+DQGYROOEHKHU]WHU6WUHLWHU]XVLFK(VJDEHLQHNOHLQH$XVIDOO SIRUWHDQHLQHUZHVWOLFKHQ(FNHGHV%XUJZDOOVZRGLH)HOVZDQGELV]X LKPYRUUDJWH$XIGLHVHU6HLWHOLHIHLQVFKPDOHU3IDGELV]XGHPJURHQ 7RU]ZLVFKHQGHP:DOOXQGGHPVWHLOHQ5DQGGHV)HOVHQV=XVDPPHQ VSUDQJHQeRPHUXQG$UDJRUQGXUFKGLHVH7UGLFKWJHIROJWYRQLKUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
0lQQHUQ:LHHLQVIXKUHQGLHEHLGHQ6FKZHUWHUDXVGHU6FKHLGH ª*~WKZLQH©ULHIeRPHUª*~WKZLQHIUGLH0DUN© ª$QG~ULO©ULHI$UDJRUQª$QG~ULOIUGLH'~QHGDLQ© 9RQGHU6HLWHDQJUHLIHQGVWU]WHQVLHVLFKDXIGLHZLOGHQ0lQQHU$Q G~ULOKREVLFKXQGILHOQLHGHUXQGJOlQ]WHPLWZHLHP)HXHU(LQ6FKUHL VWLHJDXIYRQ:DOOXQG7XUPª$QG~ULO$QG~ULO]LHKWLQGHQ.ULHJ'LH .OLQJHGLHJHERUVWHQZDUHUVWUDKOWZLHGHU© 9ROO6FKUHFNHQOLHHQGLH5DPPHUGLH%lXPHIDOOHQXQGZDQGWHQVLFK ]XU)OXFKWGRFKGLH0DXHULKUHU6FKLOGHJHULHWLQV:DQNHQDOVREGHU %OLW]HLQJHVFKODJHQKDEHXQGVLHZXUGHQKLQZHJJHIHJWQLHGHUJHPDFKW RGHUEHUGHQ)HOVHQLQGHQVWHLQLJHQ%DFKXQWHQJHZRUIHQ'LH2UN %RJHQVFKW]HQVFK|VVHQZLHZLOGXQGIORKHQGDQQ (LQHQ$XJHQEOLFNKLHOWHQeRPHUXQG$UDJRUQYRUGHQ7RUHQLQQH 'HU'RQQHUJUXPPHOWHMHW]WLQGHU)HUQH1RFK]XFNWHQ%OLW]H]ZLVFKHQ GHQ%HUJHQLP6GHQ(LQIULVFKHU:LQGEOLHVZLHGHUYRQ1RUGHQ'LH :RONHQZDUHQDXIJHULVVHQXQGWULHEHQGDKLQXQG6WHUQHVFKLPPHU WHQKLQGXUFKXQGEHUGHQ%HUJHQDXIGHU6HLWHGHU7DOPXOGHVWDQGLP :HVWHQGHU0RQGXQGVFKLPPHUWHJHOELQGHQ*HZLWWHUZRONHQ ª:LUVLQGQLFKW]XIUKJHNRPPHQ©VDJWH$UDJRUQPLWHLQHP%OLFN DXIGLH7RUH,KUHJURHQ$QJHOQXQGHLVHUQHQ5LHJHOZDUHQKHUDXVJHULV VHQXQGYHUERJHQYLHOHLKUHU%RKOHQZDUHQJHEURFKHQ ª'HQQRFKN|QQHQZLUQLFKWKLHUDXHUKDOEGHU:lOOHEOHLEHQZHQQ ZLUVLHYHUWHLGLJHQZROOHQ©VDJWHeRPHUª6FKDXW©(U]HLJWHDXIGHQ 'DPPZHJ6FKRQVDPPHOWHVLFKZLHGHUHLQHJURH6FKDUYRQ2UNVXQG 0HQVFKHQMHQVHLWVGHV%DFKV3IHLOHVFKZLUUWHQKHUEHUXQGVSUDQJHQYRQ GHQ6WHLQHQEHULKQHQDEª.RPPW:LUPVVHQ]XUFNXQGYHUVXFKHQ 6WHLQH XQG%DONHQLQQHQYRUGHQ7RUHQDXI]XVFKLFKWHQ.RPPWMHW]W© 6LHZDQGWHQVLFKXPXQGUDQQWHQ,QGLHVHP$XJHQEOLFNVSUDQJHWZD HLQ'XW]HQG2UNVGLHUHJORVXQWHUGHQ(UVFKODJHQHQJHOHJHQKDWWHQDXI XQGNDPOHLVHXQGUDVFKKLQWHUKHU=ZHLZDUIHQVLFKQHEHQeRPHUDXI GHQ%RGHQEUDFKWHQLKQ]X)DOOXQGVWU]WHQVLFKDXILKQ'RFKHLQH NOHLQHGXQNOH*HVWDOWGLHQLHPDQGEHPHUNWKDWWHVSUDQJDXVGHP6FKDW WHQKHUYRUXQGVWLHHLQHQKHLVHUHQ6FKUHLDXV%DUXN.KD]kG.KD]kG DLPrQX (LQH$[WZXUGHJHVFKZXQJHQXQGVDXVWHQRFKHLQPDOQLHGHU =ZHL2UNVZDUHQGLH.|SIHDEJHVFKODJHQ'LHEULJHQIORKHQ eRPHUNDPJHUDGHPKVDPDXIGLH%HLQHDOV$UDJRUQ]XUFNUDQQWH XPLKP]XKHOIHQ 'LH$XVIDOOSIRUWHZXUGHZLHGHUJHVFKORVVHQGLHHLVHUQH7UYHUULHJHOW XQGDXIGHU,QQHQVHLWHPLW6WHLQHQYHUUDPPHOW$OVDOOHLQ6LFKHUKHLW ZDUHQZDQGWHVLFKeRPHUXPª,FKGDQNH(XFK*LPOL*OyLQV6RKQ© VDJWHHUª,FKZXWHQLFKWGD,KUPLWXQVGHQ$XVIDOOJHPDFKWKDWWHW $EHURIWHUZHLVWVLFKGHUXQJHEHWHQH*DVWDOVGLHEHVWH *HVHOOVFKDIW:LH NDPW,KUGDKLQ"© ª,FKIROJWH(XFKXPGLH6FKOlIULJNHLWDE]XVFKWWHOQ©VDJWH*LPOL ª$EHULFKVDKPLUGLH%HUJEHZRKQHUDQXQGVLHVFKLHQHQPLUDOO]XJUR IUPLFK]XVHLQGHVKDOEVHW]WHLFKPLFKQHEHQHLQHQ6WHLQXP(XUHP 6FKZHUWNDPSI]X]XVFKDXHQ© ª(VZLUGPLUQLFKWOHLFKWIDOOHQHV(XFK]XYHUJHOWHQ©VDJWHeRPHU ª(VPDJVLFKQRFKVRPDQFKH*HOHJHQKHLWHUJHEHQHKHGLH1DFKWYRU EHLLVW©ODFKWHGHU=ZHUJª$EHULFKELQ]XIULHGHQ%LVMHW]WKDWWHLFK QLFKWVDQGHUHVQLHGHUJHKDXHQDOV+RO]VHLWLFK0RULDYHUOLH© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª=ZHL©VDJWH*LPOLXQGNORSIWHDXIVHLQH$[W(UZDU]XVHLQHP3ODW] DXIGHP:DOO]XUFNJHNHKUW ª=ZHL"©VDJWH/HJRODVª,FKKDEHHVEHVVHUJHPDFKWREZRKOLFKMHW]W QDFKYHUVFKRVVHQHQ3IHLOHQVXFKHQPXPHLQHVLQGDOOH ,PPHUKLQEH WUlJWPHLQH=DKOPLQGHVWHQV]ZDQ]LJ'RFKVLQGGDVQXUHLQSDDU%OlWWHU LP:DOG© 'HU+LPPHONOlUWHVLFKMHW]WUDVFKDXIXQGGHUXQWHUJHKHQGH0RQG VFKLHQKHOO'RFKEUDFKWHGDV/LFKWGHQ5HLWHUQGHU0DUNZHQLJ+RII QXQJ'HU)HLQGYRULKQHQ VFKLHQVLFKYHUPHKUWVWDWWYHUPLQGHUW]X KDEHQXQGLPPHUPHKUGUlQJWHQYRP7DOGXUFKGLH%UHVFKHKHUHLQ'HU $XVIDOODXIGHP)HOVHQKDWWHQXUNXU]HQ$XIVFKXEJHZlKUW'HU$Q JULIIJHJHQGLH7RUHZXUGHYHUGRSSHOW:LHHLQ0HHUEUDXVWHQGLH+HHUH YRQ,VHQJDUWJHJHQGHQ.ODPPZDOO$P)XGHV:DOOVZLPPHOWHHVYRQ HLQHP(QGHELV]XPDQGHUHQYRQ2UNVXQG%HUJEHZRKQHUQ6HLOHPLW (QWHUKDNHQZXUGHQVFKQHOOHUEHUGLH%UXVWZHKUJHVFKOHXGHUWDOVGLH 0lQQHUVLHDEVFKQHLGHQRGHU]XUFNZHUIHQNRQQWHQ+XQGHUWHYRQODQ JHQ/HLWHUQZXUGHQDQJHVWHOOW9LHOHZXUGHQXPJHVWU]WXQG]HUVW|UW DEHULPPHUQHXHDQJHVHW]WXQGGLH2UNVNOHWWHUWHQDQLKQHQKLQDXI ZLH$IIHQLQGHQGXQNOHQ:lOGHUQGHV6GHQV9RUGHP:DOOKlXIWHQ VLFK7RWHXQG9HUZXQGHWHZLH6FKLQGHOQLQHLQHP6WXUPLPPHUK|KHU WUPWHQVLFKGLHVFKHXOLFKHQ+DXIHQXQGLPPHUQRFKJULIIGHU)HLQGDQ 'LH0lQQHUYRQ5RKDQZXUGHQPGH$OOHLKUH3IHLOHZDUHQYHU EUDXFKWXQGDOOH6SHHUHYHUVFKRVVHQLKUH6FKZHUWHUZDUHQVFKDUWLJXQG LKUH6FKLOGHJHVSDOWHQ'UHLPDOVDPPHOWHQeRPHUXQG$UDJRUQVLHZLH GHUXQGGUHLPDOIODPPWH$QG~ULOEHLHLQHPYHU]ZHLIHOWHQ$QJULIIDXI GHUGHQ)HLQGYRP:DOOYHUWULHE 'DQQHUKREVLFKHLQ/lUPKLQWHQLQGHU.ODPP:LH5DWWHQZDUHQ 2UNVGXUFKGHQEHUZ|OEWHQ*UDEHQGXUFKGHQGHU%DFK KLQDXVIORJH NURFKHQ'RUWKDWWHQVLHVLFKLP6FKDWWHQGHU)HOVHQJHVDPPHOWELVGHU $QJULIIREHQDPKLW]LJVWHQZDUXQGIDVWDOOH9HUWHLGLJHUDXIGHQ:DOO JHVWU]WZDUHQ'DQQVSUDQJHQVLHKLQDXV6FKRQZDUHQHLQLJHELV]XP 5DFKHQGHU.ODPPYRUJHGUXQJHQXQGEHLGHQ3IHUGHQDQJHODQJWXQG NlPSIWHQPLWGHQ:DFKHQ 0LWHLQHPZLOGHQ6FKUHLGHUYRQGHQ)HOVHQZLGHUKDOOWHVSUDQJ*LPOL YRP:DOOKLQXQWHUª.KD]kG.KD]kG %DOGKDWWHHU$UEHLWJHQXJ ª$LRL©ULHIHUª'LH2UNVVLQGKLQWHUGHP:DOO$LRL.RPP/HJR ODV(VVLQGJHQXJIUXQVEHLGH.KD]kGDLPrQX 'HUDOWH*DPOLQJEOLFNWHYRQGHU+RUQEXUJKHUDEXQGK|UWHEHUDOO GHP/lUPGLHJHZDOWLJH6WLPPHGHV=ZHUJHQª'LH2UNVVLQGLQGHU .ODPP©ULHIHUª+HOP+HOP9RUZlUWV+HOPLQJDV©VFKULHHUDOVHU GLH7UHSSHYRP)HOVHQKLQXQWHUVSUDQJPLWYLHOHQ0DQQHQYRQ:HVWIROG KLQWHUVLFK ,KU$QJULIIZDUKHIWLJXQGSO|W]OLFKXQGGLH2UNVZLFKHQYRULKQHQ ]XUFN(VGDXHUWHQLFKWODQJHGDZDUHQVLHLQGHU(QJHGHU6FKOXFKWXP ]LQJHOWXQGDOOHZXUGHQHUVFKODJHQRGHUVFKUHLHQGLQGLH7LHIHGHU .ODPPJHWULHEHQZRGLH:lFKWHUGHUYHUERUJHQHQ+|KOHQVLHQLHGHU PDFKWHQ ª(LQXQG]ZDQ]LJ©ULHI*LPOL(UKROWH]XHLQHP]ZHLKlQGLJHQ6WUHLFK DXVXQGVWUHFNWHGHQOHW]WHQ2UN]X%RGHQª-HW]WEHUWULIIWPHLQH(QG ]DKOGLHYRQ+HUUQ/HJRODVZLHGHU© ª:LUPVVHQGLHVHV5DWWHQORFKYHUVWRSIHQ©VDJWH*DPOLQJª=ZHUJH 5HL$QJHON#KWWSFRODHERRN]IELGH
N|QQHQJHVFKLFNWPLW6WHLQHQXPJHKHQKHLWHV/HLVWHWXQV+LOIH+HUU© ª:LUEHDUEHLWHQ6WHLQHZHGHUPLW6FKODFKWl[WHQQRFKPLWXQVHUHQ)LQ JHUQlJHOQ©VDJWH*LPOLª$EHULFKZLOOKHOIHQVRZHLWLFKNDQQ© 6LHVDPPHOWHQDOOHVDQNOHLQHQ)LQGOLQJHQXQG]HUEURFKHQHQ6WHLQHQ ZDVVLHLQGHU1lKHILQGHQNRQQWHQXQGXQWHU*LPOLV/HLWXQJYHUVSHUUWHQ GLH:HVWIROG0DQQHQGDVLQQHUH(QGHGHV$EIOXJUDEHQVELVQXUQRFK HLQVFKPDOHU'XUFKODEOLHE'HUYRP5HJHQDQJHVFKZROOHQH.ODPPEDFK VFKlXPWHXQGEURGHOWHLQVHLQHPHLQJHHQJWHQ%HWWXQGEUHLWHWHVLFKODQJ VDPLQNDOWHQ7PSHOQYRQ)HOVHQ]X)HOVHQDXV ª2EHQZLUGHVWURFNQHUVHLQ©VDJWH*LPOLª.RPPW*DPOLQJODWXQV VHKHQZLHGLH'LQJHDXIGHP:DOOVWHKHQ© (UNOHWWHUWHKLQDXVXQGIDQG/HJRODVQHEHQ$UDJRUQXQGeRPHU'HU (OEZHW]WHVHLQODQJHV0HVVHU)UHLQH:HLOHZDUHLQH6WRFNXQJLP$Q JULIIHLQJHWUHWHQQDFKGHPGHU9HUVXFKGXUFKGHQ$E]XJVJUDEHQGXUFK ]XEUHFKHQJHVFKHLWHUWZDU ª(LQXQG]ZDQ]LJ©VDJWH*LPOL ª*XW©VDJWH/HJRODVª$EHUPHLQH5HFKQXQJEHWUlJWMHW]W]ZHL'XW ]HQG(VZDU0HVVHUDUEHLWKLHUREHQ© eRPHUXQG$UDJRUQVWW]WHQVLFKPGHDXILKUH6FKZHUWHU=XLKUHU /LQNHQZXUGHGDV/lUPHQXQG*HW|VHGHU6FKODFKWDXIGHP)HOVHQZLHGHU ODXWHU'RFKGLH+RUQEXUJKLHOWLPPHUQRFKVWDQGZLHHLQH,QVHOLP 0HHU,KUH7RUHZDUHQ]HUVW|UWDEHUEHUGLHLQQHQDXIJHWUPWHQ%DONHQ XQG6WHLQHZDUELVKHUNHLQ)HLQGYRUJHGUXQJHQ $UDJRUQEOLFNWHKLQDXI ]XGHQEOHLFKHQ6WHUQHQXQG]XP0RQGGHU MHW]WKLQWHUGHQZHVWOLFKHQ%HUJHQGLHGDV7DOXPVFKORVVHQYHUVDQN ª'LHVH1DFKWNRPPWPLUZLH-DKUHYRU©VDJWHHUª:LHODQJHZLOOGHU 7DJQRFKVlXPHQ"© ª'LH0RUJHQGlPPHUXQJLVWQLFKWPHKUIHUQ©VDJWH*DPOLQJGHUKHU DXIJHNOHWWHUWZDUXQGMHW]WQHEHQLKPVWDQGª$EHUGLH0RUJHQGlPPH UXQJZLUGXQVQLFKWKHOIHQIUFKWHLFK© ª'HQQRFKLVWGLH0RUJHQGlPPHUXQJLPPHUGLH+RIIQXQJGHU0HQ VFKHQ©VDJWH$UDJRUQ ª$EHUGLHVH*HVFK|SIHYRQ,VHQJDUWGLHVHKDOEHQ2UNVXQG%LOZL PHQVFKHQGLH6DUXPDQVYHUGHUEWH=DXEHUNUDIWJH]FKWHWKDWGLHZHUGHQ QLFKWVFKZDFKLQGHU6RQQH©VDJWH*DPOLQJª8QGHEHQVRZHQLJGLHZLO GHQ0HQVFKHQDXVGHQ%HUJHQ+|UW,KUQLFKWLKUH6WLPPHQ"© ª,FKK|UHVLH©VDJWHeRPHUª$EHULQPHLQHQ2KUHQVLQGVLHQXUGDV .UHLVFKHQYRQ9|JHOQXQGGDV*HEUOOYRQ7LHUHQ© ª'HQQRFKVLQGYLHOHGDGLHLQGHU6SUDFKHYRQ'XQODQGVFKUHLHQ© VDJWH*DPOLQJª,FKNHQQHGLHVH6SUDFKH(VLVWHLQHDOWH0HQVFKHQVSUD HKHXQGZXUGHHLQVWLQYLHOHQZHVWOLFKHQ 7lOHUQGHU0DUNJHVSURFKHQ +RUFKW6LHKDVVHQXQVXQGIUHXHQVLFKGHQQXQVHU8QWHUJDQJVFKHLQW LKQHQJHZL]XVHLQ!'HU.|QLJGHU.|QLJVFKUHLHQVLH!:LUZROOHQ LKUHQ.|QLJJHIDQJHQQHKPHQ7RGGHQ)RUJRLO7RGGHQ6WURKN|SIHQ 7RGGHQ5lXEHUQDXVGHP1RUGHQ6ROFKH1DPHQJHEHQVLHXQV,Q HLQHPKDOEHQ-DKUWDXVHQGKDEHQVLHLKUHQ*UROOGDUEHUQLFKWYHUJHVVHQ GDGLH+HUUHQYRQ*RQGRU(RUOGHP-XQJHQGLH0DUNYHUOLHKHQXQG HLQ%QGQLVPLWLKPJHVFKORVVHQKDEHQ'LHVHQDOWHQ+DKDW6DUXPDQ JHVFKUW6LHVLQGHLQNDPSIZWLJHV9RONZHQQVLHHLQPDODXIJHUWWHOW VLQG6LHZHUGHQMHW]WQLFKW]XUFNZHLFKHQREQXQGLH$EHQG RGHU0RU JHQGlPPHUXQJNRPPWELV7KpRGHQJHIDQJHQJHQRPPHQLVWRGHUVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
VHOEVWHUVFKODJHQVLQG© ª'HQQRFKZLUGPLUGHU7DJ+RIIQXQJEULQJHQ©VDJWH$UDJRUQ ª+HLWHVQLFKWGDGLH+RUQEXUJQRFKQLHHLQJHQRPPHQZXUGHZHQQ 0HQVFKHQVLHYHUWHLGLJWHQ"© ª6RVDJHQGLH6lQJHU©VDJWHeRPHU ª'DQQODWXQVVLHYHUWHLGLJHQXQGKRIIHQ©VDJWH$UDJRUQ :lKUHQGVLHQRFKPLWHLQDQGHUVSUDFKHQ VFKPHWWHUWHQ7URPSHWHQ 'DQQJDEHVHLQ*HW|VHXQGHLQ$XIEOLW]HQYRQ)ODPPHQXQG5DXFK 'DV:DVVHUGHV.ODPPEDFKVHUJRVLFK]LVFKHQGXQGVFKlXPHQGQDFK GUDXHQHVZDUQLFKWPHKUJHVWDXWHLQNODIIHQGHV/RFKZDULQGHQ:DOO JHVSUHQJWZRUGHQ(LQH6FKDUGXQNOHU*HVWDOWHQVWU|PWHKLQHLQ ª(LQH7HXIHOHLYRQ6DUXPDQ©ULHI$UDJRUQª6LHVLQGZLHGHULQGHQ $E]XJVJUDEHQJHNURFKHQZlKUHQGZLUXQVXQWHUKLHOWHQXQGKDEHQGDV )HXHUYRQ2UWKDQFXQWHUXQVHUHQ)HQDQJH]QGHW(OHQGLO(OHQGLO© VFKULHHUXQGVSUDQJKLQXQWHULQGLH%UHVFKHDEHULQHEHQGLHVHP$XJHQ EOLFNZXUGHQ+XQGHUWHYRQ/HLWHUQDQGLH)HVWXQJVPDXHUJHVWHOOWhEHU GHQ:DOOXQGXQWHUGHP:DOOZRJWHGHUOHW]WH$QJULIIZLHHLQHGXQNOH :HOOHJHJHQHLQHQ6DQGKJHO'LH9HUWHLGLJXQJZXUGHGDYRQJHIHJW (LQLJHGHU5HLWHUZXUGHQ]XUFNJHWULHEHQZHLWHUXQGLPPHUZHLWHULQGLH .ODPPVLHILHOHQXQGNlPSIWHQZlKUHQGVLH6FKULWWXP6FKULWW]XGHQ +|KOHQ]XUFNZLFKHQ$QGHUHEDKQWHQVLFKLKUHQ:HJ]XUFN]XU )HVWXQJ (LQHEUHLWH7UHSSHIKUWHYRQGHU.ODPP ]XGHP)HOVHQXQGGHPKLQ WHUHQ7RUGHU+RUQEXUJKLQDXI1DKHEHLGHU7UHSSHVWDQG$UDJRUQ,Q VHLQHU+DQGJOlQ]WH$QG~ULOQRFKXQGGHU6FKUHFNHQGHV6FKZHUWHVKLHOW GHQ)HLQGHLQH:HLOH]XUFNZlKUHQGDOOHGLHGLH7UHSSHHUUHLFKHQNRQQ WHQHLQHUQDFKGHPDQGHUHQKLQDXI]XP7RUJHODQJWHQ+LQWHUGHQ REHUHQ6WXIHQNQLHWH/HJRODV6HLQ%RJHQZDUJHVSDQQWDEHUHLQHLQ]LJHU LUJHQGZRDXIJHOHVHQHU3IHLOZDUDOOHVZDVHUQRFKKDWWHXQGHUVWDUUWH MHW]WKLQXQWHUEHUHLWGHQHUVWHQ2UN]XHUVFKLHHQGHU HVZDJHQZUGH VLFKGHU7UHSSH]XQlKHUQ ª$OOHGLHN|QQHQVLQGMHW]WGULQQHQXQGLQ6LFKHUKHLW$UDJRUQ©ULHI HUª.RPP]XUFN© $UDJRUQHLOWHGLH7UHSSHKLQDXIDEHULP/DXIHQVWROSHUWHHUYRU 0GLJNHLW6RIRUWVSUDQJHQVHLQH)HLQGHYRU6FKUHLHQGNDPHQGLH2UNV GLH7UHSSHKLQDXIXQGVWUHFNWHQLKUHODQJHQ$UPHDXVXPLKQ]XSDN NHQ'HUYRUGHUVWHILHOPLW/HJRODV OHW]WHP3IHLOLQGHU.HKOHDEHUGLH DQGHUHQVSUDQJHQEHULKQKLQZHJ'DQQNUDFKWHHLQJURHU)HOGVWHLQ GHUYRQGHPlXHUHQ:DOOKHUXQWHUJHVFKOHXGHUWZRUGHQZDUDXIGLH 7UHSSHXQGWULHEGLH2UNVLQGLH.ODPP]XUFN$UDJRUQHUUHLFKWHGLH 7UXQGVFKOXJVLHUDVFKKLQWHUVLFK]X ª'LH'LQJHVWHKHQVFKOHFKWPHLQH)UHXQGH©VDJWHHUXQGZLVFKWHVLFK PLWGHP$UPGHQ6FKZHLYRQGHU6WLUQ ª6FKOHFKWJHQXJ©VDJWH/HJRODVªDEHUQRFKQLFKWKRIIQXQJVORV VRODQJHZLUGLFKEHLXQVKDEHQ:RLVW*LPOL"© ª'DVZHLLFKQLFKW©VDJWH$UDJRUQª=XOHW]WVDKLFKLKQDXIGHP 3ODW]KLQWHUGHP:DOONlPSIHQDEHUGHU)HLQGKDWXQVJHWUHQQW© ª2ZHK'DVLVW HLQHVFKOHFKWH1DFKULFKW©VDJWH/HJRODV ª(ULVWEHKHU]WXQGVWDUN©VDJWH$UDJRUQª/DWXQVKRIIHQGDHU QDFKKLQWHQ]XGHQ+|KOHQHQWNRPPW'RUWZUGHHUHLQH:HLOHLQ 6LFKHUKHLWVHLQ6LFKHUHUDOVZLU6ROFKHLQ=XIOXFKWVRUWPWHHLQHP 5HL$QJHON#KWWSFRODHERRN]IELGH
=ZHUJHQJHIDOOHQ© ª'DVPXPHLQH+RIIQXQJVHLQ©VDJWH/HJRODVª$EHULFKZQVFKWH HUZlUHKLHUKHUJHNRPPHQ,FKZROOWH+HUUQ*LPOLVDJHQGDPHLQH =DKOMHW]WQHXQXQGGUHLLJEHWUlJW© ª:HQQHUVLFK]XGHQ+|KOHQGXUFKVFKOlJWZLUGHUGLFKZLHGHUEHU WUHIIHQ©ODFKWH$UDJRUQª1LHKDEHLFKHLQH$[WJHVHKHQGLHVRJH VFKZXQJHQZXUGH© ª,FKPXJHKHQXQGPLU3IHLOHVXFKHQ©VDJWH/HJRODVª,FKZROOWHGLH 1DFKWQlKPHHLQ(QGHXQGLFKKlWWHEHVVHUHV/LFKW]XP6FKLHHQ© $UDJRUQJLQJMHW]WLQGLH)HVWXQJ'RUWK|UWH HU]XVHLQHP(QWVHW]HQ GDeRPHUGLH+RUQEXUJQLFKWHUUHLFKWKDWWH ª1HLQHUNDPQLFKW]XP)HOVHQ©VDJWHHLQHUGHU:HVWIROG0DQQHQ ª,FKVDKLKQ]XOHW]WDOVHU0lQQHUXPVLFKVFKDUWHXQGDP(LQJDQJ]XU .ODPPNlPSIWH*DPOLQJZDUEHLLKPXQGGHU=ZHUJDEHULFKNRQQWH QLFKW]XLKQHQNRPPHQ© $UDJRUQJLQJZHLWHUGXUFKGHQLQQHUHQ+RIXQGVWLHJKLQDXI]XHLQHU KRKHQ.DPPHULP7XUP'RUWVWDQGGHU.|QLJGXQNHOYRUHLQHPVFKPD OHQ)HQVWHUXQGVFKDXWHKLQDXVEHUGDV7DO ª:DVJLEWHV1HXHV$UDJRUQ"©IUDJWHHU ª'HU.ODPPZDOOLVWJHQRPPHQ+HUUXQGGLHJDQ]H9HUWHLGLJXQJKLQ ZHJJHIHJWDEHUYLHOHKDEHQVLFKKLHUKHUDXIGHQ)HOVJHUHWWHW© ª,VWeRPHUKLHU"© ª1HLQ+HUU'RFKKDEHQVLFKYLHOHYRQ(XUHQ/HXWHQLQGLH.ODPP]X UFNJH]RJHQXQGPDQFKHVDJHQeRPHUVHLXQWHULKQHQ$P(QJSD PDJHVLKQHQJHOLQJHQGHQ)HLQGDXI]XKDOWHQXQGLQGLH+|KOHQ]XHQW NRPPHQ:HOFKH+RIIQXQJVLHGRUWKDEHQZHLLFKQLFKW© ª0HKUDOVZLU*XWH9RUUlWHKHLWHV8QGGLH/XIWLVWEHN|PPOLFK GRUWZHLOVLHGXUFK6SDOWHQLP)HOVKRFKREHQDE]LHKHQNDQQ1LHPDQG NDQQVLFKJHJHQHQWVFKORVVHQH0lQQHUGHQ(LQJDQJHU]ZLQJHQ6LHZHU GHQVLFKGRUWODQJHKDOWHQN|QQHQ© ª$EHUGLH2UNVKDEHQHLQH7HXIHOHLDXV2UWKDQFPLWJHEUDFKW©VDJWH $UDJRUQª6LHKDEHQHLQ6SUHQJIHXHUXQGGDPLWKDEHQVLHGHQ:DOOHLQ JHQRPPHQ:HQQVLHQLFKWLQGLH+|KOHQJHODQJHQN|QQHQPDJHVVHLQ GDVLHGLHGLHGULQQHQVLQGDEULHJHOQ$EHUMHW]WPVVHQZLUDOOHXQVHUH *HGDQNHQXQVHUHUHLJHQHQ9HUWHLGLJXQJ]XZHQGHQ© ª,FKYHU]HKUHPLFKLQGLHVHP*HIlQJQLV©VDJWH7KpRGHQª+lWWHLFK HLQHQ6SHHUHLQOHJHQXQGYRUPHLQHQ0DQQHQDXIGDV6FKODFKWIHOGUHLWHQ N|QQHQGDQQKlWWHLFKYLHOOHLFKWZLHGHU.DPSIHVOXVWYHUVSUWXQGGDEHL PHLQ(QGHJHIXQGHQ$EHUKLHUELQLFKZHQLJQW]H© ª+LHUZHUGHW,KUZHQLJVWHQVLQGHUVWlUNVWHQ)HVWXQJGHU0DUNEH VFKW]W©VDJWH$UDJRUQª:LUKDEHQPHKU+RIIQXQJ(XFKLQGHU+RUQ EXUJ]XYHUWHLGLJHQDOVLQ(GRUDVRGHUVRJDULQ'XQKDUJLP*HELUJH© ª(VKHLWGDGLH+RUQEXUJQLHPDOVEHLHLQHP$QJULIIHLQJHQRPPHQ ZXUGH©VDJWH7KpRGHQª$EHUMHW]WLVWPHLQ+HU]YROO=ZHLIHO'LH:HOW YHUlQGHUWVLFKXQGDOOHVZDVHLQVWVWDUNZDUHUZHLVWVLFKQXQDOVXQVL FKHU:LHVROOLUJHQGHLQ7XUPHLQHUVROFKHQ=DKOYRQ)HLQGHQXQGVRO FKHPWROONKQHQ+DVWDQGKDOWHQ"+lWWHLFKJHZXWGD,VHQJDUWV 6WlUNHVRJURJHZRUGHQLVWZlUHLFKLKUYLHOOHLFKWQLFKWVRXQEHVRQQHQ HQWJHJHQJHULWWHQWURW]*DQGDOIVJDQ]HU=DXEHUNXQVW6HLQ5DWHUVFKHLQW MHW]WQLFKWVRJXWZLHLP6FKHLQGHU0RUJHQVRQQH© ª%HXUWHLOW*DQGDOIV5DWQLFKWHKHDOOHVYRUEHULVW+HUU©VDJWH$UD 5HL$QJHON#KWWSFRODHERRN]IELGH
JRUQ ª'DV(QGHZLUGQLFKWODQJHDXIVLFKZDUWHQODVVHQ©VDJWHGHU.|QLJ ª$EHULFKZLOOQLFKWKLHUHQGHQJHIDQJHQZLHHLQDOWHU'DFKVLQHLQHU )DOOH6FKQHHPlKQHXQG+DVXIHOXQGGLH3IHUGHPHLQHU:DFKHVLQGLPLQ QHUHQ+RI:HQQGLH0RUJHQGlPPHUXQJNRPPWZHUGHLFKPHLQHQ0DQ QHQEHIHKOHQ+HOPV+RUQ]XEODVHQXQGLFKZHUGHKLQDXVUHLWHQ:ROOW ,KUGDQQPLWPLUUHLWHQ$UDWKRPV6RKQ"9LHOOHLFKWZHUGHQZLUXQV HLQHQ:HJEDKQHQRGHUHLQ(QGHILQGHQGDVHLQ/LHGZHUWVHLQZLUG ² ZHQQLUJHQGMHPDQGEULJEOHLEWXPVSlWHUYRQXQV]XVLQJHQ© ª,FKZHUGHPLW(XFKUHLWHQ©VDJWH$UDJRUQ (UQDKP$EVFKLHGXQGNHKUWH]XGHQ:lOOHQ]XUFNPDFKWHEHUDOO GLH5XQGHHUPXWLJWHGLH0DQQHQXQGOHLVWHWH%HLVWDQGZRLPPHUGHU $QJULIIKHIWLJZDU/HJRODVEHJOHLWHWHLKQ6SUHQJIHXHUIODPPWHQYRQ XQWHQDXIXQGHUVFKWWHUWHQGLH6WHLQH(QWHUKDNHQZXUGHQJHVFKOHXGHUW XQG/HLWHUQDQJHVWHOOW,PPHUZLHGHUHUUHLFKWHQGLH2UNVGLH.URQHGHV lXHUHQ:DOOVXQGLPPHUZLHGHUZDUIHQGLH9HUWHLGLJHUVLH KLQXQWHU 6FKOLHOLFKVWDQG$UDJRUQEHUGHQJURHQ7RUHQXQGDFKWHWHQLFKW GHU3IHLOHGHV)HLQGHV$OVHUKLQDXVVFKDXWHVDKHUGDGHU|VWOLFKH +LPPHOEODZXUGH'DQQKREHUGLHZDIIHQORVH+DQGGLH+DQGIOlFKH QDFKDXHQDOV=HLFKHQGHU8QWHUKDQGOXQJ 'LH2UNVEUOOWHQXQGVSRWWHWHQª.RPPKHUXQWHU.RPPKHUXQWHU© VFKULHQVLHª:HQQGXPLWXQVVSUHFKHQZLOOVWNRPPKHUXQWHU%ULQJ GHLQHQ.|QLJKHUDXV:LUVLQGGLHNlPSIHQGHQ8UXNKDL:LUZHUGHQ LKQDXVVHLQHP/RFKKHUDXVKROHQZHQQHUQLFKWNRPPW%ULQJGHLQHQ .|QLJKHUDXVGHQ'UFNHEHUJHU© ª'HU.|QLJEOHLEWRGHUNRPPWZLHHVLKPEHOLHEW©VDJWH$UDJRUQ ª:DVWXVWGXGDQQKLHU"©IUDJWHQVLHª:DUXPVFKDXVWGXKLQDXV" :LOOVWGXGLH*U|HXQVHUHV+HHUHVVHKHQ":LUVLQGGLHNlPSIHQGHQ 8UXNKDL© ª,FK VFKDXHKLQDXVXPGLH0RUJHQGlPPHUXQJ]XVHKHQ©VDJWH$UD JRUQ ª8QGZDVLVWPLWGHU0RUJHQGlPPHUXQJ"©K|KQWHQVLHª:LUVLQGGLH 8UXNKDLZLUK|UHQQLFKWDXI]XNlPSIHQEHL7DJRGHU1DFKWEHLVFK| QHP:HWWHURGHU*HZLWWHU:LUNRPPHQXP]XW|WHQEHL6RQQHRGHU 0RQG:DVLVWPLWGHU0RUJHQGlPPHUXQJ"© ª1LHPDQGZHLZDVLKPGHUQHXH7DJEULQJHQZLUG©VDJWH$UDJRUQ ª0DFKWHXFKGDYRQHKHHUIUHXFKE|VHDXVJHKW© ª*HKZHJRGHUZLUVFKLHHQGLFKYRP:DOOKHUXQWHU©VFKULHQVLH ª'DVLVWNHLQH8QWHUKDQGOXQJ'XKDVWQLFKWV]XVDJHQ© ª'DVKDEHLFKQRFK]XVDJHQ©DQWZRUWHWH$UDJRUQª.HLQ)HLQGKDW ELVKHUGLH+RUQEXUJHLQJHQRPPHQ=LHKWDERGHUNHLQHLQ]LJHUYRQHXFK ZLUGYHUVFKRQWZHUGHQ.HLQHLQ]LJHUZLUGDP/HEHQEOHLEHQXP1DFK ULFKWHQ]XUFN QDFKGHP1RUGHQ]XEULQJHQ,KUZLWQLFKWLQZHOFKHU *HIDKULKUVHLG© (LQHVROFKH0DFKWXQGN|QLJOLFKH*U|HZXUGHDQ$UDJRUQRIIHQEDU DOVHUDOOHLQEHUGHQ]HUVW|UWHQ7RUHQYRUGHP+HHUVHLQHU)HLQGHVWDQG GDYLHOHGHUZLOGHQ0HQVFKHQLQQHKLHOWHQXQGEHUGLH6FKXOWHU]XUFN ]XP7DOEOLFNWHQXQGPDQFKHVFKDXWHQ]ZHLIHOQG]XP+LPPHODXI $EHUGLH2UNVODFKWHQPLWODXWHU6WLPPHXQGHLQ+DJHOYRQ:XUIVSHH UHQXQG3IHLOHQVFKZLUUWHEHUGHQ:DOODOV$UDJRUQKLQXQWHUVSUDQJ (VJDEHLQ*HW|VHXQGHLQHQ)HXHUVWR'HU%RJHQJDQJEHUGHP7RU 5HL$QJHON#KWWSFRODHERRN]IELGH
DXIGHPHUYRUHLQHP$XJHQEOLFNQRFKJHVWDQGHQKDWWHVWU]WHNUDFKHQG LQ5DXFKXQG6WDXELQVLFK]XVDPPHQ'LH9HUUDPPHOXQJZXUGHDXVHLQ DQGHUJHULVVHQDOVKDEHGHU%OLW]KLHUDQJHVFKODJHQ$UDJRUQUDQQWH]XP 7XUPGHV.|QLJV 'RFKJHUDGHDOVGDV7RUILHOXQGGLH2UNVULQJVXPVLFKVFKUHLHQG]XP $QJULIIUVWHWHQHUKREVLFKHLQ*HPXUPHOKLQWHULKQHQZLHHLQ:LQGLQ GHU)HPHXQGHVVFKZROODQ]XHLQHP*HVFKUHLYLHOHU6WLPPHQGLHVHOW VDPH1HXLJNHLWHQLQGHU0RUJHQGlPPHUXQJDXVULHIHQ$OVGLH2UNVDXI GHP)HOVHQGLH(QWVHW]HQVUXIHK|UWHQ]DXGHUWHQVLHXQGVFKDXWHQVLFK XP8QGGDQQHUVFKDOOWHSO|W]OLFKXQGVFKUHFNOLFK+HOPVJURHV+RUQ $OOHGLHGHQ.ODQJK|UWHQ]LWWHUWHQ9LHOHGHU2UNVZDUIHQVLFKDXI GHQ%RGHQXQGKLHOWHQVLFKPLWGHQ.ODXHQGLH2KUHQ]X$XVGHU .ODPPNDPGHU:LGHUKDOO]XUFNHLQ6FKPHWWHUQQDFKGHPDQGHUHQDOV REDXIMHGHP)HOVXQGMHGHP%HUJHLQPlFKWLJHU+HUROGVWQGH$EHUDXI GHQ:lOOHQVFKDXWHQGLH0lQQHUDXIXQGKRUFKWHQHUVWDXQWGHQQGHU :LGHUKDOOYHUNODQJQLFKW'LH+RUQVLJQDOHZXUGHQLQGHQ%HUJHQJHEOD VHQQlKHUMHW]WXQGODXWHUDQWZRUWHWHQVLHHLQDQGHUXQGVFKPHWWHUWHQXQ JHVWPXQGXQJHKHPPW ª+HOP+HOP©ULHIHQGLH5HLWHUª+HOPLVWDXIHUVWDQGHQXQG]LHKW ZLHGHULQGHQ.ULHJ+HOPIU.|QLJ7KpRGHQ© 8QG]XJOHLFKPLWGLHVHP5XINDPGHU.|QLJ:HLZLH6FKQHHZDU VHLQ3IHUGJROGHQVHLQ6FKLOGXQGODQJVHLQ6SHHU=XVHLQHU5HFKWHQULWW $UDJRUQ(OHQGLOV(UEHXQGKLQWHULKPGLH5LWWHUGHV+DXVHVYRQ(RUO GHP-XQJHQ/LFKWZXUGHGHU+LPPHO'LH1DFKWYHUJLQJ ª9RUZlUWV(RUOLQJDV©0LWHLQHP.ULHJVUXIXQGJURHP*HVFKUHLJULI IHQVLHDQ+HUDEYRQGHQ7RUHQEUDXVWHQVLHIHJWHQEHUGHQ'DPPZHJ XQGIXKUHQGXUFKGLH+HHUHYRQ,VHQJDUWZLHHLQ:LQGGXUFKGDV*UDV +LQWHULKQHQDXVGHU.ODPPHUVFKROOHQGLHODXWHQ5XIHGHU0DQQHQGLH DXVGHQ+|KOHQKHUDXVNDPHQXQGGHQ)HLQGYRUVLFKKHUWULHEHQ+HUDXV NDPHQDOOH0DQQHQGLHDXIGHP)HOVHQJHEOLHEHQZDUHQ8QGLPPHU QRFKKDOOWHGHU.ODQJEODVHQGHU+|UQHULQGHQ%HUJHQZLGHU 9RUDQULWWHQVLHGHU.|QLJXQGVHLQH*HIlKUWHQ+DXSWOHXWHXQG .lPSIHUILHOHQRGHUIORKHQYRULKQHQ:HGHU2UNQRFK0HQVFKKLHOW LKQHQVWDQG,KUH5FNHQZDUHQGHQ6FKZHUWHUQXQG6SHHUHQGHU5HLWHU XQGLKUH*HVLFKWHUGHP7DO]XJHZDQGW6LHZHLQWHQXQGMDPPHUWHQGHQQ )XUFKWXQGJURHV6WDXQHQZDUHQEHUVLHJHNRPPHQPLWGHP$QEUXFK GHV7DJHV 6RULWW.|QLJ7KpRGHQYRQ+HOPV.ODPPXQGEDKQWHVLFKGHQ:HJ ]XPJURHQ'HLFK'RUWKLHOWGDV+HHUDQ(VZDUQXQKHOOHU7DJ6RQ QHQVWUDKOHQIODPPWHQEHUGHQ|VWOLFKHQ%HUJHQDXIXQGJOLW]HUWHQDXI LKUHQ6SHHUHQ$EHUVLHVDHQVWXPPDXILKUHQ3IHUGHQXQGVWDUUWHQKLQ XQWHUDXIGDV.ODPPWDO 'DV/DQGZDUYHUZDQGHOW:RYRUKHUGDVJUQH7DOJHOHJHQKDWWHXQG VHLQHJUDVEHGHFNWHQ+lQJHVLFKGLHHPSRUVWHLJHQGHQ%HUJHKLQDXI]RJHQ UDJWHMHW]WHLQ:DOGDXI*URH%lXPHNDKOXQGVWLOOVWDQGHQGRUWLQ HLQHU5HLKHKLQWHUGHUDQGHUHQPLWYHUVFKOXQJHQHQ=ZHLJHQXQGDOWHUV JUDXHQ:LSIHOQLKUHJHZXQGHQHQ:XU]HOQZDUHQLQGHPODQJHQJUQHQ *UDVYHUJUDEHQ'XQNHOKHLWZDUXQWHULKQHQ=ZLVFKHQGHP'HLFKXQG GHP6DXPGLHVHVQDPHQORVHQ:DOGHVODJHQQXU]ZHL$FKWHOPHLOHQ'RUW NDXHUWHQMHW]W6DUXPDQVVWRO]H+HHUHYROO6FKUHFNHQYRUGHP.|QLJXQG YROO6FKUHFNHQYRUGHQ%lXPHQ6LHVWU|PWHQKHUDEYRQ+HOPV7RUELV 5HL$QJHON#KWWSFRODHERRN]IELGH
GDVJDQ]H*HOlQGHREHUKDOEGHV'HLFKVYRQLKQHQIUHLZDUDEHUXQWHU KDOEZDUHQVLHGLFKW]XVDPPHQJHGUlQJWZLHVFKZlUPHQGH)OLHJHQ9HU JHEOLFKNURFKHQXQGNOHWWHUWHQVLHDQGHQ:lQGHQGHU7DOPXOGHKHUXP XQGYHUVXFKWHQ]XHQWNRPPHQ,P2VWHQZDUGLH6HLWHGHV7DOV]XVWHLO XQGVWHLQLJDXIGHUOLQNHQ6HLWHYRQ:HVWHQKHUQlKHUWHVLFKLKUHQG JOWLJHV9HUKlQJQLV 'RUWHUVFKLHQSO|W]OLFKDXIHLQHP*UDWHLQ5HLWHULQ:HLJHNOHLGHW VFKLPPHUQGLQGHUDXIJHKHQGHQ6RQQHhEHUGLHQLHGULJHQ%HUJHHUNODQ JHQGLH+|UQHU+LQWHULKPEHUGLHODQJHQ+lQJHHLOHQGNDPHQWDXVHQG 0DQQ]X)XLKUH6FKZHUWHUKDWWHQVLHLQGHQ+lQGHQ,QLKUHU0LWWH VFKULWWHLQ0DQQJURXQGVWDUN6HLQ6FKLOGZDUURW$OVHUDQGHQ 5DQGGHV7DOVNDPVHW]WHHUHLQJURHVVFKZDU]HV+RUQDQGLH/LSSHQ XQGEOLHVVFKPHWWHUQG ª(UNHQEUDQG©ULHIHQGLH5HLWHUª(UNHQEUDQG© ª6HKWGHU:HLH5HLWHU©ULHI$UDJRUQª*DQGDOILVWZLHGHUJHNRP PHQ© ª0LWKUDQGLU0LWKUDQGLU©VDJWH/HJRODVª'DVLVWZDKUOLFK=DXEHUHL .RPPW,FKP|FKWHPLUGLHVHQ:DOGDQVFKDXHQHKHGHU=DXEHUYHU JHKW© 'LH+HHUHYRQ,VHQJDUWVFKULHQOHQNWHQLKUH6FKULWWHKLHUKLQXQGGRUW KLQXQGILHOHQYRQHLQHP6FKUHFNHQLQGHQDQGHUHQ:LHGHUHUVFKDOOWHGDV +RUQYRP7XUP+LQDEGXUFKGLH%UHVFKHLP'HLFKJULIIGDV+HHUGHV .|QLJVDQ+LQDEYRQGHQ%HUJHQVSUDQJ(UNHQEUDQGGHU+HUUYRQ:HVW IROG+LQDEVSUDQJ6FKDWWHQIHOOZLHHLQ+LUVFKGHUWULWWVLFKHULP*HELUJH OlXIW'HU:HLH5HLWHUNDPEHUVLHXQGGHU6FKUHFNHQVHLQHU$QNXQIW HUIOOWHGHQ)HLQGPLW:DKQVLQQ'LHZLOGHQ0HQVFKHQ ILHOHQYRULKP]X %RGHQ'LH2UNVZLFKHQ]XUFNXQGVFKULHQXQGZDUIHQ6FKZHUWXQG 6SHHUEHLVHLWH:LHHLQVFKZDU]HU5DXFKYRQHLQHPDXIVWHLJHQGHQ:LQG JHWULHEHQIORKHQVLH-DPPHUQGYHUVFKZDQGHQVLHXQWHUGHPZDUWHQGHQ 6FKDWWHQGHU%lXPHXQGDXVGLHVHP6FKDWWHQNDPNHLQHUMHPDOV]XUFN
5HL$QJHON#KWWSFRODHERRN]IELGH
$&+7(6.$3,7(/ '(5:(*1$&+,6(1*$57
6RWUDIHQVLFKLP/LFKWHHLQHVVFK|QHQ0RUJHQV.|QLJ7KpRGHQ XQG*DQGDOIGHU:HLH5HLWHUDXIGHPJUQHQ*UDVQHEHQGHP .ODPPEDFKZLHGHU$XFK$UDJRUQ$UDWKRPV6RKQZDUGDXQG /HJRODVGHU(OEXQG(UNHQEUDQGYRQ:HVWIROGXQGGLH5LWWHUGHV*ROGHQHQ +DXVHV8PVLHVFKDUWHQVLFKGLH5RKLUULPGLH5HLWHUGHU0DUNLKU (UVWDXQHQEHUWUDILKUH6LHJHVIUHXGHXQGLKU%OLFNZDUDXIGHQ:DOG JHULFKWHW 3O|W]OLFKHUKREVLFKHLQODXWHU5XIXQGKHUDEYRP'HLFKNDPHQMHQH GLHLQGLH.ODPP]XUFNJHWULHEHQZRUGHQZDUHQ(VNDPGHUDOWH*DP OLQJXQGeRPHUeRPXQGV6RKQXQGQHEHQLKPJLQJ*LPOLGHU=ZHUJ (UKDWWHNHLQHQ+HOPXQGXPVHLQHQ.RSIZDUHLQEOXWEHIOHFNWHU/HLQHQ YHUEDQGJHVFKOXQJHQDEHUVHLQH6WLPPHZDUODXWXQGNUlIWLJ ª=ZHLXQGYLHU]LJ+HUU/HJRODV©ULHIHUª/HLGHULVWPHLQH$[WMHW]W VFKDUWLJGHU]ZHLXQGYLHU]LJVWHKDWWHHLQHQHLVHUQHQ.UDJHQXPGHQ+DOV :LHVWHKWHVEHLGLU"© ª'XKDVWPHLQ(UJHEQLVXPHLQVEHUWURIIHQ©DQWZRUWHWH/HJRODV ª$EHULFKPLJ|QQHGLUGLH%HXWHQLFKWVRIURKELQLFKGLFKDXIGHQ %HLQHQ]XVHKHQ© ª:LOONRPPHQeRPHU6FKZHVWHUVRKQ©VDJWH7KpRGHQª-HW]WGDLFK GLFKLQ6LFKHUKHLWVHKHELQLFKZDKUOLFKIURK© ª+HLO+HUUGHU0DUN©VDJWHeRPHUª'LHGXQNOH1DFKWLVWYHUJDQJHQ XQGHVLVWZLHGHU7DJJHZRUGHQ'RFKGHU7DJKDWVHOWVDPH%RWVFKDIWJH EUDFKW©(UZDQGWHVLFKXPXQGEOLFNWHHUVWDXQWHUVWDXIGHQ:DOGXQG GDQQDXI*DQGDOIª:LHGHUHLQPDONRPPW,KULQGHU6WXQGHGHU1RWXQ HUZDUWHW©VDJWHHU ª8QHUZDUWHW"©VDJWH*DQGDOIª,FKKDEHGRFKJHVDJWLFKZUGH]X UFNNRPPHQXQG(XFKKLHUWUHIIHQ© ª$EHU,KUKDEWQLFKWGLH6WXQGHJHQDQQWXQGDXFKGLH$UW(XUHV .RPPHQVQLFKWYRUDXVJHVDJW6HOWVDPH+LOIHEULQJW,KU,KUVHLGHLQ PlFKWLJHU=DXEHUHU*DQGDOIGHU:HLH© ª'DVPDJVHLQ$EHUZHQQGHPVRLVWGDQQKDEHLFKHVELVMHW]WQRFK QLFKWJH]HLJW,FKKDEHQXUJXWHQ5DWLQGHU*HIDKUJHJHEHQXQGPLUGLH 6FKQHOOLJNHLWYRQ6FKDWWHQIHOO]XQXW]HJHPDFKW(XUHHLJHQH7DSIHUNHLW KDWPHKUYROOEUDFKWXQGGLHNUlIWLJHQ%HLQHGHU:HVWIROG0DQQHQGLH GXUFKGLH1DFKWPDUVFKLHUWVLQG© 'DQQVFKDXWHQDOOHPLWQRFKJU|HUHU9HUZXQGHUXQJDXI*DQGDOI (LQLJHZDUIHQILQVWHUH%OLFNHDXIGHQ:DOGXQGIXKUHQVLFKPLWGHU+DQG EHUGLH6WLUQDOVRE VLHJODXEWHQLKUH$XJHQVlKHQDQGHUVDOVVHLQH *DQGDOIODFKWHODQJHXQGIU|KOLFKª'LH%lXPH"©IUDJWHHUª1HLQLFK VHKHGHQ:DOGHEHQVRGHXWOLFKZLH,KU$EHUGDVLVWNHLQH7DWYRQPLU 'DVLVWHWZDVGDVEHUGHQ5DWGHU:HLVHQKLQDXVJHKW%HVVHUDOV PHLQ 3ODQXQGVRJDUEHVVHUDOVPHLQH+RIIQXQJKDWVLFKGHU$XVJDQJHUZLHVHQ© ª:HQQHVQLFKW(XUH=DXEHUHLZDUZHVVHQZDUHVGDQQ"©IUDJWH7KHR GHQª6DUXPDQVQLFKWGDVLVWNODU*LEWHVQRFKHLQHQPlFKWLJHUHQ:HL VHQGHUXQVXQEHNDQQWLVW"© ª(VLVWNHLQH=DXEHUHLVRQGHUQHLQHZHLWlOWHUH0DFKW©VDJWH*DQGDOI ª(LQH0DFKWGLHDXIGHU(UGHZDQGHOWHHKHGHU(OEVDQJRGHUGHU+DP PHUHUNODQJ© 5HL$QJHON#KWWSFRODHERRN]IELGH
(K(U]ZDUGJHIXQGHQXQG%DXPJHIlOOW $OVMXQJXQWHUP0RQGHODJGLH:HOW (K5LQJZDUGJHVFKPLHGHWZDU(U VFKRQDOW (K8QKHLOHUZHFNWJLQJ(UXPLP:DOG ª8QGZDVPDJGLH/|VXQJ(XUHV5lWVHOVVHLQ"©IUDJWH7KpRGHQ ª:HQQ,KUGDVHUIDKUHQZROOWVROOWHW,KUPLWPLUQDFK,VHQJDUWNRP PHQ©DQWZRUWHWH*DQGDOI ª1DFK,VHQJDUW"©ULHIHQVLH ª-D©VDJWH*DQGDOI ª,FKNHKUHQDFK,VHQJDUW]XUFNXQGZHUZLOO PDJPLWPLUNRPPHQ'RUWZHUGHQZLUYLHOOHLFKWVHOWVDPH'LQJHVHKHQ© ª$EHUHVJLEWQLFKWJHQXJ0lQQHULQGHU0DUNQLFKWHLQPDOZHQQVLH DOOHKHUDQJHKROWXQGYRQ:XQGHQXQG0GLJNHLWJHKHLOWZlUHQXP 6DUXPDQV)HVWHDQ]XJUHLIHQ©VDJWH7KpRGHQ ª7URW]GHPJHKHLFKQDFK,VHQJDUW©VDJWH*DQGDOIª,FKZHUGHQLFKW ODQJHGRUWEOHLEHQ0HLQ:HJOLHJWMHW]WRVWZlUWV(UZDUWHWPLFKLQ(GR UDVHKHGHU0RQGDEQLPPW© ª1HLQ©VDJWH7KpRGHQª,QGHUGXQNOHQ6WXQGHYRU GHU0RUJHQGlP PHUXQJ]ZHLIHOWHLFKDEHUMHW]WZROOHQZLUXQVQLFKWWUHQQHQ,FKZHUGH PLW(XFKNRPPHQZHQQGDV(XHU5DWLVW© ª,FKZLOOPLW6DUXPDQVSUHFKHQVREDOGHVMHW]WP|JOLFKLVW©VDJWH *DQGDOIªXQGGDHU(XFKJURHV8QUHFKWJHWDQKDWZlUHHV DQJHPHVVHQ ZHQQ,KUGDEHLZlUHW'RFKZLHEDOGXQGZLHVFKQHOOZHUGHW,KUUHLWHQ"© ª0HLQH0DQQHQVLQGPGHYRP.DPSI©VDJWHGHU.|QLJªXQGDXFK LFKELQPGH'HQQLFKELQZHLWJHULWWHQXQGKDEHZHQLJJHVFKODIHQ ZHK0HLQ$OWHULVWQLFKWYRUJHWlXVFKW RGHUQXU6FKODQJHQ]XQJHV(LQIO VWHUXQJHQ]X]XVFKUHLEHQ(VLVWHLQ/HLGHQGDVNHLQ$U]WY|OOLJKHLOHQ NDQQQLFKWHLQPDO*DQGDOI© ª'DQQODWDOOHGLHPLWPLUUHLWHQVROOHQMHW]WUXKHQ©VDJWH*DQGDOI ª:LUZHUGHQXQVLP6FKDWWHQGHV$EHQGVDXIGHQ:HJPDFKHQ'DVLVW JHQDXVRJXWGHQQPHLQ5DWODXWHWGDDOO(XHU.RPPHQXQG*HKHQYRQ QXQDQVRJHKHLPZLHP|JOLFKVHLQVROOWH'RFKEHIHKOWQLFKWYLHOHQ0lQ QHUQ(XFK]XEHJOHLWHQ7KpRGHQ:LUJHKHQ]XHLQHU8QWHUKDQGOXQJ QLFKW]XHLQHP.DPSI© 'HU.|QLJZlKOWHGDQQ0lQQHUDXVGLHXQYHUOHW]WZDUHQXQGVFKQHOOH 3IHUGHKDWWHQXQGVDQGWHVLHPLWGHU6LHJHVQDFKULFKWLQMHGHV7DOGHU 0DUNXQGVLHEHUEUDFKWHQDXFKVHLQH$XIIRUGHUXQJGDDOOH0lQQHU MXQJHXQGDOWHHLOLJVWQDFK(GRUDVNRPPHQVROOWHQ'RUWZROOWHGHU+HUU GHU0DUNDP]ZHLWHQ7DJQDFKGHP9ROOPRQGHLQH9HUVDPPOXQJDOOHU GLH:DIIHQWUDJHQNRQQWHQDEKDOWHQ8PPLWLKPQDFK,VHQJDUW]XUHL WHQZlKOWHGHU.|QLJeRPHUXQG]ZDQ]LJ0DQQVHLQHV+HHUEDQQVDXV *DQGDOIVROOWHQ$UDJRUQ/HJRODV XQG*LPOLEHJOHLWHQ7URW]VHLQHU9HU ZXQGXQJZROOWHGHU=ZHUJQLFKW]XUFNEOHLEHQ ª(VZDUQXUHLQVFKZDFKHU+LHEXQGGHU+HOPOHQNWHLKQDE©VDJWHHU ª(VEUDXFKWHPHKUDOVHLQHQVROFKHQ2UNNUDW]HUXPPLFK]XUFN]XKDOWHQ© ª,FKZHUGHGLH:XQGHYHUVRUJHQZlKUHQGGXUXKVW©VDJWH$UDJRUQ 'HU.|QLJNHKUWHQXQLQGLH+RUQEXUJ]XUFNXQGVFKOLHIVRIULHGOLFK ZLHHUVHLW-DKUHQQLFKWJHVFKODIHQKDWWHXQGDXFKVHLQHDXVJHZlKOWHQ %HJOHLWHUUXKWHQ'RFKGLHDQGHUHQDOOHGLHQLFKWYHUOHW]WRGHUYHUZXQGHW ZDUHQEHJDQQHQHLQHVFKZHUH$UEHLW'HQQYLHOHZDUHQLP.DPSIJHIDO OHQXQGODJHQWRWDXIGHP6FKODFKWIHOGRGHULQGHU.ODPP .HLQ2UNZDUDP/HEHQJHEOLHEHQLKUH/HLFKHQZDUHQXQ]lKOLJ$EHU 5HL$QJHON#KWWSFRODHERRN]IELGH
VHKUYLHOHGHU%HUJEHZRKQHUKDWWHQVLFKHUJHEHQXQGVLHKDWWHQ$QJVW XQGIOHKWHQXP*QDGH 'LH0HQVFKHQGHU0DUNQDKPHQLKQHQGLH:DIIHQDEXQGVHW]WHQVLH ]XU$UEHLWHLQ ª+HOIWMHW]WGDV8QKHLOZLHGHUJXW]XPDFKHQ]XGHPLKUEHLJHWUDJHQ KDEW©VDJWH(UNHQEUDQGª8QGQDFKKHUVROOWLKUHLQHQ(LGOHLVWHQQLHPDOV ZLHGHUEHZDIIQHWGLH)XUWHQGHV,VHQ]XEHUVFKUHLWHQRGHUHXFKGHQ)HLQ GHQGHU0HQVFKHQDQ]XVFKOLHHQXQGGDQQVROOWLKUIUHLLQHXHU/DQG]X UFNNHKUHQ'HQQLKUVHLGYRQ6DUXPDQYHUIKUWZRUGHQ9LHOHYRQHXFK KDEHQGHQ7RGJHIXQGHQDOV(QWJHOWIUHXHU9HUWUDXHQDXILKQDEHUKlW WHWLKUJHVLHJWZlUHHXHU/RKQQXUZHQLJEHVVHUJHZHVHQ© 'LH0HQVFKHQYRQ'XQODQGZDUHQHUVWDXQWGHQQ6DUXPDQKDWWHLKQHQ JHVDJWGLH0HQVFKHQYRQ5RKDQVHLHQJUDXVDPXQGZUGHQLKUH*HIDQ JHQHQOHEHQGLJYHUEUHQQHQ ,QGHU0LWWHGHV6FKODFKWIHOGVYRUGHU+RUQEXUJZXUGHQ]ZHL+JHO JUlEHUDXIJHZRUIHQXQGDOOH5HLWHUGHU0DUNKLQHLQJHOHJWGLHEHLGHU 9HUWHLGLJXQJJHIDOOHQZDUHQGLHMHQLJHQDXVGHQ2VWWlOHUQDXIGHUHLQHQ 6HLWHXQGGLHMHQLJHQDXV:HVWIROGDXIGHUDQGHUHQ ,QHLQHP*UDEDOOHLQ XQWHUGHP6FKDWWHQGHU+RUQEXUJODJ+iPDGHU+DXSWPDQQGHU:DFKH GHV.|QLJV(UZDUYRUGHP7RUJHIDOOHQ 'LH2UNVZXUGHQ]XJURHQ+DXIHQDXIJHVFKLFKWHWZHLWDEYRQGHQ +JHOJUlEHUQGHU0HQVFKHQQLFKWIHUQYRP6DXPGHV:DOGHV8QG GLH /HXWHZDUHQVHKUEHVRUJWGHQQGLH%HUJHYRQ$DVZDUHQ]XJURXPVLH ]XEHJUDEHQRGHU]XYHUEUHQQHQ6LHKDWWHQZHQLJ+RO]]XP)HXHUPD FKHQXQGNHLQHUKlWWHJHZDJWHLQH$[WDQGLHVHOWVDPHQ%lXPH]X OHJHQVHOEVWZHQQ*DQGDOIVLHQLFKWGDYRUJHZDUQWKlWWH5LQGHRGHU =ZHLJ]XEHVFKlGLJHQZHQQVLHQLFKWJURH*HIDKUHQDXIVLFKODGHQ ZROOWHQ ª/DWGLH2UNVOLHJHQ©VDJWH*DQGDOIª'HU0RUJHQPDJQHXHQ5DW EULQJHQ© $P1DFKPLWWDJPDFKWHVLFKGLH%HJOHLWXQJGHV.|QLJVEHUHLWDXI]X EUHFKHQ'DV:HUNGHU%HVWDWWXQJEHJDQQJHUDGHHUVWXQG7KpRGHQ WUDXHUWHXP+iPDVHLQHQ+DXSWPDQQXQGZDUIGLHHUVWH(UGHDXIVHLQ *UDEª*URHV8QUHFKWKDW6DUXPDQZDKUOLFKPLUXQGGLHVHPJDQ]HQ /DQG]XJHIJW©VDJWHHUª8QGLFKZHUGHGHVVHQHLQJHGHQNVHLQZHQQ LFKLKQWUHIIH© 'LH6RQQHQlKHUWHVLFKVFKRQGHQ%HUJHQZHVWOLFKGHU7DOPXOGHDOV 7KpRGHQXQG*DQGDOIXQGLKUH*HIlKUWHQYRP'HLFKKHUDEULWWHQ+LQWHU LKQHQKDWWHVLFKHLQHJURH0HQVFKHQPHQJHDQJHVDPPHOWVRZRKOGLH 5HLWHUDOVDXFKGDV9RONYRQ:HVWIROGDOWXQGMXQJ)UDXHQXQG.LQGHU GLHDXVGHQ+|KOHQKHUDXVJHNRPPHQZDUHQ0LWKHOOHQ6WLPPHQVDQJHQ VLHHLQ6LHJHVOLHGXQGGDQQVFKZLHJHQVLHXQGIUDJWHQVLFKZDVZRKOJH VFKHKHQZUGHGHQQLKUH%OLFNHZDUHQDXIGLH%lXPHJHULFKWHWXQGVLH IUFKWHWHQVLFKYRULKQHQ 'LH5HLWHUNDPHQ]XP:DOGXQGKLHOWHQDQ3IHUGXQG0DQQZDUHQ XQZLOOLJKLQHLQ]XUHLWHQ'LH%lXPHZDUHQJUDXXQGGURKHQGXQGHLQ 6FKDWWHQRGHU1HEHOODJEHULKQHQ'LH(QGHQLKUHUODQJHQVFKOHSSHQGHQ =ZHLJHKLQJHQKHUDEZLHVXFKHQGH)LQJHULKUH:XU]HOQHUKREHQVLFK YRP%RGHQZLHGLH*OLHGHUVHOWVDPHU8QJHKHXHUXQGGXQNOH+|KOHQ WDWHQVLFKXQWHULKQHQDXI$EHU*DQGDOIULWWZHLWHUXQGIKUWHGLH *UXSSHDQXQGZRGLH6WUDHYRQGHU+RUQEXUJDXIGLH%lXPHVWLH 5HL$QJHON#KWWSFRODHERRN]IELGH
VDKHQVLHMHW]WHLQHgIIQXQJ ZLHHLQJHZ|OEWHV7RUXQWHUPlFKWLJHQ =ZHLJHQGXUFKGLHVHV7RUULWW*DQGDOIXQGVLHIROJWHQLKP'DQQPHUN WHQVLH]XLKUHU9HUZXQGHUXQJGDGLH6WUDHZHLWHUUKUWHXQGGHU .ODPPEDFKDQLKUHQWODQJOLHIXQGGHU+LPPHOGDUEHUZDURIIHQXQG YROOJROGHQHQ/LFKWV'RFKDXIEHLGHQ6HLWHQZDUHQGLHJURHQ5HLKHQ YRQ%lXPHQVFKRQLQ'lPPHUXQJJHKOOWXQG]RJHQVLFKKLQELV]XXQ GXUFKGULQJOLFKHQ6FKDWWHQXQGGRUWK|UWHQVLHGDV.QDUUHQXQGbFK]HQ YRQ=ZHLJHQXQGIHUQH6FKUHLHXQGGDV*HUlXVFKZRUWORVHU6WLPPHQGLH ZWHQGPXUPHOWHQ.HLQ2UNRGHUDQGHUHV/HEHZHVHQZDU]XVHKHQ /HJRODVXQG*LPOLULWWHQMHW]W]XVDPPHQDXIHLQHP3IHUGXQGVLHKLHO WHQVLFKGLFKWQHEHQ*DQGDOIGHQQ*LPOLKDWWH$QJVWYRUGHP:DOG ª(VLVWKHLKLHUGULQQHQ©VDJWH/HJRODV]X *DQGDOIª,FKVSUHHLQHQ JURHQ=RUQXPPLFK0HUNVWGXDXFKZLHGLH/XIWLQGHLQHQ2KUHQ SRFKW"© ª-D©VDJWH*DQGDOI ª:DVLVWDXVGHQHOHQGHQ2UNVJHZRUGHQ"©IUDJWH/HJRODV ª'DVJODXEHLFKZLUGNHLQHUMHPDOVHUIDKUHQ©VDJWH*DQGDOI (LQH:HLOHULWWHQVLHVFKZHLJHQGZHLWHUDEHU/HJRODVVFKDXWHLPPHU YRQHLQHU6HLWH]XUDQGHUHQXQGKlWWHRIWDQJHKDOWHQXPDXIGLH*HUlX VFKHGHV:DOGHV]XODXVFKHQZHQQ*LPOLHVHUODXEWKlWWH ª'DVVLQGGLHVHOWVDPVWHQ%lXPHGLHLFKMHJHVHKHQKDEH©VDJWHHU ª8QGLFKKDEHVRPDQFKH(LFKHDXVGHU(LFKHOELV]XP6LHFKWXPGHV $OWHUVKHUDQZDFKVHQVHKHQ,FKZQVFKWHLFKKlWWHMHW]W0XHXPXQWHU LKQHQKHUXP]XZDQGHUQVLHKDEHQ6WLPPHQXQGPLWGHU=HLWN|QQWHLFK YLHOOHLFKWLKUH*HGDQNHQYHUVWHKHQ© ª1HLQQHLQ©VDJWH*LPOLª:LUZROOHQVLHLQ5XKHODVVHQ,FKHUUDWH LKUH*HGDQNHQVFKRQ+DDXIDOOHVZDVDXI]ZHL%HLQHQJHKWXQGLKU *HVSUlFKGUHKWVLFKXP=HUPDOPHQXQG(UGURVVHOQ© ª1LFKW+DDXIDOOHVZDVDXI]ZHL%HLQHQJHKW©VDJWH/HJRODVª'D LUUVWGXGLFKJODXEHLFK6LHKDVVHQGLH2UNV'HQQGLH%lXPHVLQGQLFKW YRQKLHUXQGZLVVHQZHQLJYRQ(OEHQXQG0HQVFKHQ:HLWHQWIHUQWVLQG GLH7lOHUDXVGHQHQVLHVWDPPHQ$XVGHU7LHIH)DQJRUQV*LPOLNRP PHQVLHYHUPXWOLFK© ª'DQQLVWGDVGHUJHIlKUOLFKVWH:DOGLQ0LWWHOHUGH©VDJWH*LPOLª,FK VROOWHGDQNEDUVHLQIUGLH5ROOHGLHVLHJHVSLHOWKDEHQDEHULFKOLHEHVLH QLFKW'XPDJVWVLHZXQGHUYROOILQGHQGRFKLFKKDEHHLQJU|HUHV:XQ GHULQGLHVHP/DQGJHVHKHQVFK|QHUDOVMHGHU+DLQXQGMHGHV*HK|O]GLH MHZXFKVHQPHLQ+HU]LVWQRFKJDQ]HUIOOWGDYRQ 6HOWVDPLVWGLH$UWGHU0HQVFKHQ/HJRODV+LHUKDEHQVLHHLQHVGHU :XQGHUGHU1|UGOLFKHQ:HOWXQGZDVVDJHQVLHGDUEHU"+|KOHQVDJHQ VLH+|KOHQ/|FKHULQGLHPDQVLFKLQ.ULHJV]HLWHQIOFKWHWLQGHQHQ PDQ)XWWHUDXIEHZDKUW0HLQOLHEHU/HJRODVZHLWGXGDGLH*URWWHQ YRQ+HOPV.ODPPZHLWXQGVFK|QVLQG"'LH=ZHUJHZUGHQHLQHHQGORVH :DOOIDKUWXQWHUQHKPHQEORXPVLH]XEHWUDFKWHQZHQQHVQXUEHNDQQW ZlUHGDHVVROFKH'LQJHJLEW2MDVLHZUGHQZDKUOLFKUHLQHV*ROG GDIUJHEHQZHQQVLHQXUHLQHQNXU]HQ%OLFNGDUDXIZHUIHQN|QQWHQ© ª8QGLFKZUGH*ROGGDIUJHEHQXPPLFKGDYRQIUHL]XNDXIHQ©VDJWH /HJRODVª8QGGRSSHOWVRYLHOXPZLHGHUKHUDXVJHODVVHQ]XZHUGHQ ZHQQLFKPLFKLQLKQHQYHULUUWH© ª'XKDVWVLHQLFKWJHVHKHQGHVKDOEYHU]HLKHLFKGLUGHLQHQ6FKHU]© VDJWH*LPOLª$EHUGXUHGHVWZLHHLQ1DUU)LQGHVWGXMHQH+DOOHQVFK|Q 5HL$QJHON#KWWSFRODHERRN]IELGH
ZRHXHU.|QLJXQWHUGHP%HUJLQ'VWHUZDOGZRKQWXQGEHLGHUHQ(U VFKDIIXQJ=ZHUJHYRUODQJHU=HLWKDOIHQ"6LHVLQGQXUHOHQGH/|FKHULP 9HUJOHLFK]XGHQ*URWWHQGLHLFKKLHUJHVHKHQKDEHXQHUPHOLFKH+DOOHQ HUIOOWYRQHLQHUHZLJZlKUHQGHQ0XVLNGHV:DVVHUVGDVKLQXQWHUWU|SIHOW LQ7HLFKHVRVFK|QZLH.KHOHG]kUDPLP6WHUQHQOLFKW 8QG/HJRODVZHQQGLH)DFNHOQDQJH]QGHWZHUGHQXQG0HQVFKHQDXI GHQVDQGLJHQ%|GHQXQWHUGHQZLGHUKDOOHQGHQ*HZ|OEHQHLQKHUJHKHQDK GDQQ/HJRODVGDQQJOLW]HUQ(GHOVWHLQHXQG.ULVWDOOHXQG$GHUQYRQ HGOHQ(U]HQLQGHQJHJOlWWHWHQ:lQGHQXQGGDV/LFKWOHXFKWHWGXUFK 0DUPRUIDOWHQPXVFKHOJOHLFKGXUFKVFKHLQHQGZLHGLHOHEHQGLJHQ+lQGH GHU.|QLJLQ*DODGULHO'DVLQGZHLHXQGVDIUDQJHOEH6lXOHQXQGURVLJH ZLHGLH0RUJHQU|WH/HJRODVJHULIIHOWXQGYHUVFKOXQJHQLQWUDXPKDIWHQ )RUPHQVLHVWUHEHQYRQYLHOIDUELJHQ%|GHQHPSRU]XGHQ6FKOXVWHLQHQ GHV'DFKHV)OJHO6WUlQJH9RUKlQJHVR]DUWZLHJHIURUHQH:RONHQ 6SHHUH%DQQHU=LQQHQYRQKlQJHQGHQ3DOlVWHQ6WLOOH6HHQVSLHJHOQVLH ZLGHUHLQHVFKLPPHUQGH:HOWVFKDXWKHUDXIDXVGXQNOHQ:HLKHUQEH GHFNWPLWNODUHP*ODV6WlGWHZLH'XULQV*HLVWVLHVLFKNDXPLP6FKODI KlWWHDXVPDOHQN|QQHQHUVWUHFNHQVLFKEHU3UDFKWVWUDHQXQG6lXOHQ K|IHELV]XGHQGXQNOHQ:LQNHOQLQGLHNHLQ/LFKWGULQJHQNDQQ8QG SOLQNHLQVLOEHUQHU7URSIHQIlOOWXQGGLHUXQGHQ.ULQJHODXIGHP*ODV ODVVHQDOOH7UPHVLFKYHUEHXJHQXQGZLH:DVVHUSIODQ]HQXQG.RUDOOHQ LQHLQHU0HHUHVJURWWHZRJHQVLH'DQQZLUGHV$EHQGVLHYHUEODVVHQXQG YHUEOHLFKHQGLH)DFNHOQ]LHKHQZHLWHULQHLQHDQGHUH.DPPHUXQGHLQHQ DQGHUHQ7UDXP'DLVWHLQH.DPPHUQDFKGHUDQGHUHQ/HJRODVHLQH +DOOHVFKOLHWVLFKDQGLHDQGHUHHLQ*HZ|OEHDQVDQGHUH7UHSSHDXI 7UHSSHXQGLPPHUZHLWHUIKUHQGLHJHZXQGHQHQ3IDGHKLQHLQLQGDV +HU]GHV*HELUJHV+|KOHQ'LH*URWWHQYRQ+HOPV.ODPP(LQJOFN OLFKHU=XIDOOZDUHVGHUPLFKGRUWKLQYHUVFKOXJ(VEULQJWPLFK]XP :HLQHQVLH]XYHUODVVHQ© ª'DQQZLOOLFKGLU]XGHLQHP7URVWZQVFKHQ*LPOL©VDJWHGHU(OE ªGDGXGHQ.ULHJKHLOEHUVWHKHQP|JHVWXQG]XUFNNHKUHQNDQQVWXP VLHZLHGHU]XVHKHQ$EHUHU]lKOHHVQLFKWGHLQHUJDQ]HQ9HUZDQGWVFKDIW 1DFKGHLQHU6FKLOGHUXQJJLEWHVDQVFKHLQHQGQLFKWPHKUYLHOIUVLH]X WXQ9LHOOHLFKWVLQGGLH0HQVFKHQGLHVHV/DQGHVZHLVHGDVLHVRZHQLJ GDUEHUVDJHQHLQH6LSSHJHVFKlIWLJHU=ZHUJHPLW+DPPHUXQG0HLHO N|QQWHPHKUYHUGHUEHQDOV GLH0HQVFKHQJHPDFKWKDEHQ© ª1HLQGXYHUVWHKVWGDVQLFKW©VDJWH*LPOLª.HLQ=ZHUJN|QQWHEHL VROFKHU6FK|QKHLWXQJHUKUWEOHLEHQ1LHPDQGDXV'XULQV*HVFKOHFKW ZUGHLQGLHVHQ+|KOHQQDFK6WHLQHQRGHU(U]JUDEHQQLFKWHLQPDOZHQQ 'LDPDQWHQXQG*ROGGRUW]XILQGHQZlUHQ)lOOVWGX+DLQHYRQEOKHQ GHQ%lXPHQLP)UKOLQJXP%UHQQKRO]]XEHNRPPHQ"'LHVH/LFKWXQJHQ YRQEOKHQGHP6WHLQZUGHQZLUKHJHQXQGSIOHJHQXQGQLFKW6WHLQH GDULQEUHFKHQ0LWEHKXWVDPHU*HVFKLFNOLFKNHLWHLQOHLFKWHV.ORSIHQKLHU XQGGRUW² HLQNOHLQHU)HOVVSOLWWHUYLHOOHLFKWXQGQLFKWPHKUDQHLQHP JDQ]HQEHGDFKWVDPHQ7DJ² VRN|QQWHQZLUDUEHLWHQXQGLP/DXIHGHU -DKUHZUGHQZLUQHXH:HJHEDKQHQXQGIHUQH.DPPHUQHUVFKOLHHQGLH QRFKGXQNHOVLQGXQGQXUDOVHLQH/HHUHKLQWHU6SDOWHQLP)HOVXQGHXWOLFK VLFKWEDUZHUGHQ8QG/LFKWHU/HJRODV:LUZUGHQ/LFKWHUPDFKHQ/DP SHQZLHVLHHLQVWLQ.KD]DGGPHUVWUDKOWHQXQGZHQQZLUHVZQVFK WHQZUGHQZLUGLH1DFKWYHUWUHLEHQGLHGRUWOLHJWVHLWGLH%HUJHHU VFKDIIHQZXUGHQXQGZHQQZLUXQVQDFK5XKHVHKQWHQZUGHQZLUGLH 5HL$QJHON#KWWSFRODHERRN]IELGH
1DFKW]XUFNNHKUHQODVVHQ© ª'XUKUVWPLFK*LPOL©VDJWH/HJRODVª6RKDEHLFKGLFKQRFKQLH UHGHQK|UHQ)DVWEULQJVWGXPLFKGD]XGDLFKHVEHGDXHUHGLH+|KOHQ QLFKWJHVHKHQ]XKDEHQ+|U]X/DXQVHLQ$ENRPPHQWUHIIHQ² ZHQQ ZLUEHLGHDXVGHQ*HIDKUHQGLHXQVHUZDUWHQKHLO]XUFNNHKUHQZROOHQ ZLUHLQH:HLOH]XVDPPHQZDQGHUQ'XVROOVWPLWPLU)DQJRUQEHVXFKHQ XQGGDQQZHUGHLFKGLFKEHJOHLWHQXP+HOPV.ODPP]XVHKHQ© ª'DVZlUHQLFKWGHU+HLPZHJGHQLFKZlKOHQZUGH©VDJWH*LPOL ª$EHULFKZHUGH)DQJRUQHUWUDJHQZHQQGXPLUYHUVSULFKVWPLW]XGHQ +|KOHQ]XUFN]XNRPPHQXQGGLFKPLWPLUDQLKUHQ:XQGHP]XHU IUHXHQ© ª'DVYHUVSUHFKHLFKGLU©VDJWH/HJRODVª$EHUQXQPVVHQZLUOHLGHU +|KOHQXQG:DOGHLQH:HLOH]XUFNODVVHQ6FKDX:LUNRPPHQ]XP (QGHGHU%lXPH:LHZHLWLVWHVQDFK,VHQJDUW*DQGDOI"© ª8QJHIlKUIQI]HKQ:HJVWXQGHQZLH6DUXPDQV.UlKHQIOLHJHQ© VDJWH*DQGDOIª)QIYRP$XVJDQJGHV.ODPPWDOVELV]XGHQ)XUWHQ XQGYRQGRUW QRFK]HKQELV]XGHQ7RUHQYRQ,VHQJDUW$EHUZLUZHUGHQ KHXWHQDFKWQLFKWGLHJDQ]H6WUHFNHUHLWHQ© ª8QGZHQQZLUGRUWDQJHNRPPHQZDVZHUGHQZLUGDVHKHQ"©IUDJWH *LPOLª'XPDJVWHVZLVVHQDEHULFKNDQQHVQLFKWHUUDWHQ© ª,FKZHLHVVHOEVWQLFKWJDQ]VLFKHU©DQWZRUWHWHGHU=DXEHUHUª,FK ZDUJHVWHUQEHL(LQEUXFKGHU1DFKWGRUWDEHUYLHOPDJVHLWGHPJHVFKHKHQ VHLQ'HQQRFKZLUVWGXJODXEHLFKQLFKWVDJHQGDGLH)DKUWYHUJHEOLFK JHZHVHQVHL² DXFKZHQQGLH*OLW]HUQGHQ+|KOHQYRQ$JODURQG]XUFN JHEOLHEHQVLQG© 6FKOLHOLFKKDWWHQGLH*HIlKUWHQGLH%lXPHKLQWHUVLFKJHODVVHQXQG VWHOOWHQIHVWGDVLHDXIGHP*UXQGGHU7DOPXOGHDQJHNRPPHQZDUHQ ZRGLH6WUDHYRQ+HOPV.ODPPVLFKWHLOWXQGJHQ2VWHQQDFK(GRUDV XQGJHQ1RUGHQ]XGHQ)XUWHQGHV,VHQIKUW$OVVLHYRP:DOGVDXP IRUWVFKULWWHQKLHOW/HJRODVDQXQGEOLFNWHEHGDXHUQG]XUFN3O|W]OLFKVWLH HUHLQHQ6FKUHLDXV ª'DVLQG$XJHQ©VDJWHHUª$XJHQEOLFNHQDXVGHQ6FKDWWHQGHU =ZHLJHKHUDXV1RFKQLHKDEHLFKVROFKH$XJHQJHVHKHQ© hEHUUDVFKWYRQVHLQHP$XIVFKUHLKDWWHQDXFKGLHDQGHUHQDQJHKDOWHQ XQGVLFKXPJHZDQGWDEHU/HJRODVVFKLFNWHVLFKDQ]XUFN]XUHLWHQ ª1HLQQHLQ©ULHI*LPOLª7XZDVGXZLOOVWLQGHLQHU9HUUFNWKHLW DEHUODPLFKHUVWDEVWHLJHQ,FKZLOONHLQH$XJHQVHKHQ© ª%OHLEKLHU/HJRODV*UQEODWW©VDJWH*DQGDOIª*HKQLFKW]XUFNLQ GHQ:DOGQRFKQLFKW-HW]WLVWHVQLFKWGLHULFKWLJH=HLWIUGLFK© :lKUHQGHUQRFKVSUDFKNDPHQGUHLVHOWVDPH*HVWDOWHQ]ZLVFKHQGHQ %lXPHQKHUYRU+RFKJHZDFKVHQZLH7UROOHZDUHQVLH ]Z|OIRGHUPHKU )XJURLKUHNUlIWLJHQ.|USHUVWlPPLJZLHMXQJH%lXPHVFKLHQHQPLW *HZlQGHUQRGHUHLQHU+DXWYRQHQJDQOLHJHQGHP*UDXXQG%UDXQEHNOHL GHW]XVHLQ,KUH*OLHGHUZDUHQODQJXQGLKUH+lQGHKDWWHQYLHOH)LQJHU LKU+DDUZDUVWHLIXQGLKUH%DUWHJUDXJUQZLH0RRV6LHEOLFNWHQPLW HUQVWHQ$XJHQXPVLFKDEHUVLHVFKDXWHQQLFKWDXIGLH5HLWHULKU%OLFN ZDUQDFK1RUGHQJHULFKWHW3O|W]OLFKOHJWHQVLHLKUHODQJHQ+lQGHDQGHQ 0XQGXQGVDQGWHQVFKDOOHQGH5XIHDXVNODUZLHGLH7|QHHLQHV+RUQV DEHUPHORGLVFKHUXQGYLHOIlOWLJHU'LH5XIHZXUGHQEHDQWZRUWHWXQGDOV VLHVLFKZLHGHUXPGUHKWHQVDKHQGLH5HLWHUGDDQGHUH*HVFK|SIHYRQ GHUVHOEHQ$UWUDVFKGXUFKGDV*UDVKHUDQVFKULWWHQ6LHNDPHQYRQ1RU 5HL$QJHON#KWWSFRODHERRN]IELGH
GHQKHUXQGLKUH*DQJDUWHULQQHUWHDQZDWHQGH5HLKHUDEHUQLFKWLKUH *HVFKZLQGLJNHLWGHQQEHLLKUHQODQJHQ6FKULWWHQEHZHJWHQVLFKLKUH %HLQHVFKQHOOHUDOVGLH)OJHOHLQHV5HLKHUV'LH5HLWHUVFKULHQODXWYRU 9HUZXQGHUXQJXQGHLQLJHOHJWHQGLH+DQGDXIGHQ6FKZHUWJULII ª,KUEUDXFKWNHLQH:DIIHQ©VDJWH*DQGDOIª'DVVLQGQXU+LUWHQ(V VLQGNHLQH)HLQGHWDWVlFKOLFKNPPHUQVLHVLFKEHUKDXSWQLFKWXPXQV© 6RVFKLHQHVZLUNOLFKGHQQDOVHUGDVVDJWHVFKULWWHQGLHJURHQ*H VFK|SIHRKQHHLQHQ%OLFNDXIGLH5HLWHU]XZHUIHQLQGHQ:DOGXQGYHU VFKZDQGHQ ª+LUWHQ"©IUDJWH7KpRGHQª:RVLQGLKUH+HUGHQ":DVIU/HXWHVLQG GDV*DQGDOI"'HQQHVLVWNODUGDVLH(XFKMHGHQIDOOVQLFKWIUHPGVLQG© ª(VVLQGGLH+LUWHQGHU%lXPH©DQWZRUWHWH*DQGDOIª,VWHVVRODQJH KHUVHLW,KUGHQ*HVFKLFKWHQDP.DPLQJHODXVFKWKDEW"(VJLEW.LQGHULQ (XUHP/DQGGLHDXVGHQYHUIORFKWHQHQ)lGHQGHU(U]lKOXQJHQGLH$QW ZRUWDXI(XUH)UDJHKHUDXVILQGHQN|QQWHQ,KUKDEW(QWVJHVHKHQR .|QLJ(QWVDXVGHP)RUVW)DQJRUQGHQ,KULQ(XUHU6SUDFKH(QWZDOG QHQQW+DEW,KUJHJODXEWGHU1DPHVHLLKPQXUDXVEORHU/DXQHJHJH EHQZRUGHQ"1HLQ7KpRGHQHVLVWDQGHUVIUVLHVHLG,KUQXUHLQHYRUEHU JHKHQGH*HVFKLFKWHDOOGLH-DKUHYRQ(RUOGHP-XQJHQELV]X7KpRGHQ GHP$OWHQ]lKOHQZHQLJIUVLHXQGDOOH7DWHQ(XUHV+DXVHVVLQGQXU .OHLQLJNHLWHQ© 'HU.|QLJDQWZRUWHWHQLFKWª(QWV©VDJWHHUVFKOLHOLFKª$XVGHQ 6FKDWWHQGHU6DJHEHJLQQHLFKGDV:XQGHUGHU%lXPHHLQZHQLJ]XYHU VWHKHQ,FKHUOHEHVHOWVDPH7DJH/DQJHKDEHQZLUXQVHUH7LHUHYHUVRUJW XQGXQVHUH)HOGHUEHVWHOOWXQVHUH+lXVHUJHEDXWXQVHUH:HUN]HXJHJH VFKPLHGHWRGHUVLQGKLQDXVJHULWWHQXP0LQDV7LULWKLQVHLQHQ.ULHJHQ]X XQWHUVWW]HQ8QGGDVQDQQWHQZLUGDV/HEHQGHU0HQVFKHQGHQ/DXIGHU :HOW:HQLJNPPHUWHQZLUXQVXPGDVZDVMHQVHLWVXQVHUHU*UHQ]HQ ODJ/LHGHUKDEHQZLUGLHYRQGLHVHQ'LQJHQEHULFKWHQDEHUZLUYHUJHV VHQVLHQXUXQVHUH.LQGHUOHKUHQZLUVLHHLQ%UDXFKEHUGHQPDQQLFKW YLHOQDFKGHQNW8QGMHW]WVLQGGLH/LHGHUDXVVHOWVDPHQ*HJHQGHQ]XXQV JHNRPPHQXQGZDQGHOQVLFKWEDUXQWHUGHU6RQQH© ª,KUVROOWHWIURKVHLQ.|QLJ7KpRGHQ©VDJWH*DQGDOIª'HQQQLFKWQXU GDVNOHLQH/HEHQGHU0HQVFKHQLVWMHW]WLQ*HIDKUVRQGHUQDXFKGDV /HEHQMHQHU*HVFK|SIHGLH,KUIUHLQHQ6DJHQVWRIIJHKDOWHQKDEW,KU VHLGQLFKWRKQH 9HUEQGHWHVHOEVWZHQQ,KUVLHQLFKWNHQQW© ª'HQQRFKVROOWHLFKDXFKWUDXULJVHLQ©VDJWH7KpRGHQª'HQQZLH LPPHUGDV.ULHJVJOFNDXVJHKHQZLUGN|QQWHHVQLFKWGDPLWHQGHQGD YLHOHVZDVVFK|QXQGZXQGHUYROOZDUIULPPHUDXV0LWWHOHUGHYHU VFKZLQGHQZLUG"© ª'DVPDJVHLQ©VDJWH*DQGDOIª'DV%|VHYRQ6DXURQOlWVLFKQLFKW Y|OOLJEHVHLWLJHQXQGHVNDQQDXFKQLFKWVRJHWDQZHUGHQDOVVHLHVJDU QLFKWJHZHVHQ$EHUVROFKH7DJH]XHUOHEHQLVWXQVHU6FKLFNVDO/DWXQV QXQGLH)DKUWIRUWVHW]HQGLHZLUEHJRQQHQKDEHQ© 'LH*UXSSHZDQGWHVLFKGDQQDEYRQGHU7DOPXOGHXQGGHP:DOGXQG VFKOXJGLH6WUDH]XGHQ)XUWHQHLQ/HJRODVIROJWHQXUZLGHUVWUHEHQG'LH 6RQQHZDUXQWHUJHJDQJHQXQGVFKRQKLQWHUGHP5DQGGHU:HOWYHU VFKZXQGHQGRFKDOVVLHDXVGHP 6FKDWWHQGHU%HUJHKHUDXVULWWHQXQG QDFK:HVWHQ]XU3IRUWHYRQ5RKDQVFKDXWHQZDUGHU+LPPHOQRFKURW XQGHLQEUHQQHQGHV/LFKWZDUXQWHUGHQWUHLEHQGHQ:RONHQ'XQNHO KREHQVLFKGDYRQYLHOHVFKZDU]JHIOJHOWH9|JHODEGLHGRUWLKUH.UHLVH 5HL$QJHON#KWWSFRODHERRN]IELGH
]RJHQ0DQFKH GLH]XLKUHQ+RUVWHQLQGHQ)HOVHQ]XUFNNHKUWHQIORJHQ WUDXULJNUlFK]HQGEHUVLHKLQZHJ ª'LH$DVNUlKHQZDUHQDXIGHP6FKODFKWIHOGDP:HUN©VDJWHeRPHU 6LHULWWHQQXQLQJHPlFKOLFKHP6FKULWWZHLWHUXQGGLH'XQNHOKHLW VHQNWHVLFKDXIGLH(EHQHQXPVLHKHUDE/DQJVDP]RJGHU]XQHKPHQGH 0RQGKHUDXIGHUEDOGYROOVHLQZUGHXQGLQVHLQHPNDOWHQ6LOEHUOLFKW KREXQGVHQNWHVLFKGDVDQVWHLJHQGH*UDVODQGZLHHLQZHLWHVJUDXHV 0HHU6LHZDUHQYRQGHU:HJNUHX]XQJDXVHWZDYLHU6WXQGHQJHULWWHQ DOVVLHVLFK GHQ)XUWHQQlKHUWHQ/DQJH+lQJH]RJHQVLFKVFKQHOOKLQXQWHU ZRVLFKGHU)OX]ZLVFKHQKRKHQJUDVEHVWDQGHQHQ*HOlQGHVWXIHQEHUVWHL QLJHQ8QWLHIHQDXVGHKQWH9RP:LQGKHUEHUJHWUDJHQK|UWHQVLHGDV +HXOHQYRQ:|OIHQ,KUH+HU]HQZDUHQVFKZHUGHQQVLHJHGDFKWHQGHU YLHOHQ0DQQHQGLHDQGLHVHU6WHOOHLP.DPSIJHIDOOHQZDUHQ 'LH6WUDHWDXFKWHHLQ]ZLVFKHQVWHLOHQ5DVHQE|VFKXQJHQXQGEDKQWH VLFKLKUHQ:HJGXUFKGLH*HOlQGHVWXIHQELV]XP)OXXIHUXQGGDQQDXI GHUDQGHUHQ6HLWHZLHGHUHPSRU(VJDEGUHL 5HLKHQIODFKHU7ULWWVWHLQH EHUGHQ)OXXQG]ZLVFKHQLKQHQIUGLH3IHUGH)XUWHQGLHYRQEHLGHQ 8IHUQDXV]XHLQHPNDKOHQ:HUGHULQGHU0LWWHIKUWHQ'LH5HLWHUEOLFN WHQKLQXQWHUDXIGHQhEHUJDQJXQGHUNDPLKQHQVHOWVDPYRUGHQQGLH )XUWHQZDUHQLPPHUHLQH6WlWWHJHZHVHQGLHHUIOOWZDUYRQGHP7RVHQ XQG3OlWVFKHUQYRQ:DVVHUEHU6WHLQHGRFKMHW]WZDUHVKLHUVWLOO'DV )OXEHWWZDUIDVWWURFNHQHLQH|GH:VWHYRQJUREHP.LHVXQGJUDXHP 6DQG ª'DVLVWHLQHWURVWORVH6WlWWHJHZRUGHQ©VDJHeRPHUª:HOFKH.UDQN KHLWKDWGHQ)OXEHIDOOHQ"9LHOHVFK|QH'LQJHKDW6DUXPDQ]HUVW|UW+DW HUDXFKGLH4XHOOHQGHV,VHQYHUQLFKWHW"© ª6RVFKHLQWHV©VDJWH*DQGDOI ª2ZHK©VDJWH7KpRGHQª0VVHQZLUGLHVHQ:HJQHKPHQZRGLH $DV7LHUHVRYLHOHJXWH5HLWHU GHU0DUNYHUVFKOLQJHQ"© ª'DVLVWXQVHU:HJ©VDJWH*DQGDOIª6FKPHU]OLFKLVWGHU7RG(XUHU 0DQQHQGRFKZHUGHW,KUVHKHQGD]XPLQGHVWGLH:|OIHGHV*HELUJHV VLHQLFKWYHUVFKOLQJHQ$QLKUHQ)UHXQGHQGHQ2UNVWXQVLHVLFKJWOLFK GDVLVWHVZDVLKUHVJOHLFKHQXQWHU)UHXQGVFKDIWYHUVWHKW.RPPW© 6LHULWWHQ]XP)OXKLQXQWHUXQGDOVVLHQlKHUNDPHQK|UWHQGLH:|OIH PLWLKUHP*HKHXODXIXQGVFKOLFKHQGDYRQ$QJVWEHILHOVLHDOVVLH*DQ GDOILP0RQGVFKHLQVDKHQXQG6FKDWWHQIHOOVHLQ3IHUGGDVZLH6LOEHU JOlQ]WH'LH5HLWHUEHUTXHUWHQGLH)XUWELV]XGHP,QVHOFKHQXQGJOLW ]HUQGH$XJHQEHREDFKWHWHQVLHPDWWDXVGHQ6FKDWWHQGHU8IHU ª6FKDXW©VDJWH*DQGDOIª+LHUKDEHQ)UHXQGHJHDUEHLWHW© 8QGVLHVDKHQGDLQGHU0LWWHGHV:HUGHUVHLQ+JHOJUDEHUULFKWHW ZDUXPJHEHQYRQHLQHP.UHLVDXV6WHLQHQXQGYLHOHQLQGHQ%RGHQJH VWHFNWHQ6SHHUHQ ª+LHUOLHJHQDOOH0HQVFKHQGHU0DUNGLHLQGHU1lKHGLHVHV2UWHVJH IDOOHQVLQG©VDJWH*DQGDOI ª+LHUODWVLHUXKHQ©VDJWHeRPHUª8QGZHQQLKUH6SHHUHYHUPRGHUW XQGYHUURVWHWVLQGP|JHLKU+JHOJUDEQRFKODQJHKLHUVWHKHQXQGGLH )XUWHQGHV,VHQEHZDFKHQ© ª,VWGDVDXFK(XHU:HUN*DQGDOIPHLQ)UHXQG"©IUDJWH7KpRGHQª,KU YROOEULQJWYLHODQHLQHP$EHQGXQGLQHLQHU1DFKW© ª0LW+LOIHYRQ6FKDWWHQIHOO² XQGDQGHUHQ©VDJWH*DQGDOIª,FKULWW VFKQHOOXQGZHLW'RFKKLHUDQGLHVHP+JHOJUDEZLOOLFKGDV]X(XUHP 5HL$QJHON#KWWSFRODHERRN]IELGH
7URVWVDJHQYLHOHILHOHQLQGHQ.lPSIHQDQGHQ)XUWHQDEHUZHQLJHUDOV GDV*HUFKWEHVDJWH(VZXUGHQPHKUYHUVWUHXWDOVHUVFKODJHQLFKVDP PHOWHDOOHGLHLFKILQGHQNRQQWH(LQLJHYRQLKQHQVFKLFNWHLFK]X(UNHQ EUDQGHLQLJHVHW]WHLFKIUGLH$UEHLWHLQGLH,KUKLHUVHKWXQGVLHVLQG LQ]ZLVFKHQQDFK(GRUDV]XUFNJHNHKUW6FKRQYRUKHUKDWWHLFKYLHOHDQ GHUHGRUWKLQJHVFKLFNWGDPLWVLH(XHU+DXVEHVFKW]HQ6DUXPDQKDWWH ZLHLFKZXWHVHLQHJDQ]H6WUHLWPDFKWJHJHQ(XFKLQ0DUVFKJHVHW]WXQG VHLQH'LHQHUKDWWHQDOOHDQGHUHQ$XIWUlJHEHLVHLWHJHODVVHQXQGZDUHQ QDFK+HOPV.ODPPJHJDQJHQGLH/DQGHVFKLHQHQIUHLYRQ)HLQGHQLQGHV IUFKWHWHLFKGD:ROIUHLWHUXQG3OQGHUHUGHQQRFKQDFK0HGXVHOGUHL WHQN|QQWHQZlKUHQGHVXQYHUWHLGLJWZDU'RFKMHW]WJODXEHLFKEUDXFKW ,KUQLFKWV]XIUFKWHQ,KUZHUGHW(XHU+DXVZRKOYRUEHUHLWHWDXI(XUH 5FNNHKUILQGHQ© ª8QGIURKZHUGHLFKVHLQHVZLHGHU]XVHKHQ©VDJWH7KpRGHQªREZRKO PHLQ$XIHQWKDOWGRUWGDUDQ]ZHLIOHLFKQLFKWMHW]WQXUNXU]VHLQZLUG© 'DPLWVDJWHGLH*UXSSHGHU,QVHOXQGGHP+JHOJUDE/HEHZRKOXQG EHUTXHUWHGHQ)OXXQGHUNORPPGDVDQGHUH8IHU'DQQULWWHQVLHZHLWHU IURKGLHWUDXULJHQ)XUWHQKLQWHUVLFKJHODVVHQ]XKDEHQ$OVVLHVLFKHQW IHUQWHQEUDFKGDV*HKHXOGHU:|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|QLJZDUPGH6LHZDUHQDP)XGHV 1HEHOJHELUJHVDQJHODQJWXQGGLHODQJHQ$XVOlXIHUGHV1DQ&XUXQtU UHFNWHQVLFKLKQHQHQWJHJHQ'XQNHOODJGDV7DOYRULKQHQGHQQGHU 0RQGVWDQGMHW]WLP:HVWHQXQGVHLQ/LFKWZXUGHYRQGHQ%HUJHQYHU GHFNW'RFKDXVGHQWLHIHQ6FKDWWHQGHV7DOVVWLHJHLQHULHVLJH6lXOHYRQ 5DXFKXQG'DPSIDXIGDVLHKRFKHPSRUUDJWHILQJVLHGLH6WUDKOHQGHV XQWHUJHKHQGHQ0RQGHVDXIXQGYHUEUHLWHWHVLFKLQVFKLPPHUQGHQ:HOOHQ VFKZDU]XQGVLOEHUQEHUGHQJHVWLUQWHQ+LPPHO ª:DVKlOWVWGXGDYRQ*DQGDOI"©IUDJWH$UDJRUQª0DQZUGHPHL QHQGDVJDQ]H=DXEHUHU7DOVWHKHLQ%UDQG© ª+HXW]XWDJHOLHJWLPPHU'XQVWEHUGLHVHP7DO©VDJWHeRPHUª$EHU QLH]XYRUKDEHLFKHWZDV'HUDUWLJHVJHVHKHQ'DVLVWHKHU'DPSIDOV 5DXFK6DUXPDQKHFNWLUJHQGHLQH7HXIHOHLDXVXPXQV]XEHJUHQ9LHO OHLFKWNRFKWHUGDVJDQ]H:DVVHUGHV,VHQXQGGDVLVWGHU*UXQGZDUXP GHU)OXDXVJHWURFNQHWLVW© ª9LHOOHLFKW©VDJWH*DQGDOIª0RUJHQZHUGHQZLUHUIDKUHQZDVHUWXW 1XQODWXQVHLQH:HLOHUXKHQZHQQZLUN|QQHQ© 6LHODJHUWHQVLFKQHEHQGHP)OXEHWWGHV,VHQHVZDULPPHUQRFKVWLOO XQGOHHU(LQLJHYRQLKQHQVFKOLHIHQHLQZHQLJ'RFKVSlWHULQGHU1DFKW VFKULHQGLH:DFKHQDXIXQGDOOHHUZDFKWHQ'HU0RQGZDUYHUVFKZXQ GHQ6WHUQHVWDQGHQDP+LPPHO$EHUEHUGHQ%RGHQNURFKHLQH'XQ NHOKHLWGLHVFKZlU]HUZDUDOVGLH1DFKW$XIEHLGHQ6HLWHQGHV)OXVVHV ZlO]WHVLHVLFKDXIVLH]XXQGDQLKQHQYRUEHLQDFK1RUGHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ª%OHLEWZRLKUVHLG©VDJWH*DQGDOIª=LHKWNHLQH:DIIHQ:DUWHW 8QGHVZLUGDQHXFKYRUEHL]LHKHQ© (LQ1HEHOVDPPHOWHVLFKXPVLHhEHULKQHQVFKLPPHUWHQVFKZDFKHLQ SDDU6WHUQHDEHUDXIEHLGHQ6HLWHQHUKREHQVLFK0DXHUQYRQXQGXUFK GULQJOLFKHU)LQVWHUQLVVLHZDUHQLQHLQHUVFKPDOHQ6FKQHLVH]ZLVFKHQVLFK EHZHJHQGHQ6FKDWWHQWUPHQ6WLPPHQK|UWHQVLH)OVWHUQXQGbFK]HQ XQGHLQHQGORVHVUDVFKHOQGHV6HXI]HQGLH(UGHEHEWHXQWHULKQHQ/DQJH HUVFKLHQHVLKQHQGDVLHGDVDHQXQGVLFKIUFKWHWHQGRFKVFKOLHOLFK ZDUHQGLH'XQNHOKHLWXQGGDV*HUlXVFKYRUEHLJH]RJHQXQGYHUVFKZDQGHQ ]ZLVFKHQGHQ$XVOlXIHUQGHV*HELUJHV :HLWLP6GHQDXIGHU+RUQEXUJK|UWHQGLH0HQVFKHQPLWWHQLQGHU 1DFKWHLQHQJURHQ/lUPZLHHLQHQ:LQGLP7DOXQGGHU%RGHQHU]LW WHUWHXQGDOOHIUFKWHWHQVLFKXQGNHLQHUZDJWHKLQDXV]XJHKHQ'RFK DP0RUJHQJLQJHQVLHKLQDXVXQGZDUHQHUVWDXQWGHQQGLHHUVFKODJHQHQ 2UNVZDUHQIRUWXQGGLH%lXPHDXFK:HLWKLQXQWHULQGDV7DOGHU .ODPPZDUGDV*UDVQLHGHUJHWUHWHQXQGEUDXQJHWUDPSHOWDOVRE5LHVHQ +LUWHQJURH9LHKKHUGHQGRUWKlWWHQZHLGHQODVVHQGRFKHLQH0HLOHXQ WHUKDOEGHV'HLFKVZDUHLQHJHZDOWLJH*UXEHLQGHU(UGHDXVJHKREHQZRU GHQXQGDXILKUZDUHQ6WHLQH]XHLQHP%HUJDQJHKlXIW'LH0HQVFKHQ JODXEWHQGDGLH2UNVGLHVLHHUVFKODJHQKDWWHQGRUWEHJUDEHQZDUHQ DEHUREMHQHGLH LQGHQ:DOGJHIORKHQZDUHQGDEHLZDUHQNRQQWHNHLQHU VDJHQGHQQQLHPDQGVHW]WHMHPDOVGHQ)XDXIMHQHQ%HUJ'LH7RGHVK|KH ZXUGHHUVSlWHUJHQDQQWXQGNHLQ*UDVZROOWHGRUWZDFKVHQ$EHUGLH VHOWVDPHQ%lXPHZXUGHQQLHPDOVZLHGHULP.ODPPWDOJHVHKHQVLHZDUHQ GHV1DFKWV]XUFNJHJDQJHQXQGZHLWJHZDQGHUWELV]XGHQGXQNOHQ 7lOHUQYRQ)DQJRUQ6RKDWWHQVLHVLFKDQGHQ2UNVJHUlFKW 'HU.|QLJXQGVHLQH%HJOHLWXQJVFKOLHIHQLQMHQHU1DFKWQLFKWPHKU DEHUVLHVDKHQXQGK|UWHQVRQVWQLFKWV6HOWVDPHVPLWHLQHU$XVQDKPH GLH6WLPPHGHV)OXVVHVQHEHQLKQHQHUZDFKWHSO|W]OLFK(VJDEHLQ5DX VFKHQYRQ:DVVHUGDV]ZLVFKHQGHQ6WHLQHQKLQDEVWU]WHXQGDOVHVYRU EHUZDUIORXQGVSUXGHOWHGHU,VHQZLHGHULQVHLQHP%HWWZLHHKXQGMH ,P0RUJHQJUDXHQPDFKWHQVLHVLFKEHUHLWZHLWHU]XUHLWHQ'DV/LFKW NDPJUDXXQGEODXQGVLHVDKHQGLH6RQQHQLFKWDXIJHKHQ'LH/XIWZDU VFKZHUYRQ1HEHOXQG4XDOPKLQJEHUGHP/DQG6LHULWWHQODQJVDP XQGMHW]WDXIGHU6WUDH6LHZDUEUHLWXQGKDUWXQGJXWJHSIOHJW8QGHXW OLFKNRQQWHQVLHGXUFKGHQ'XQVWGLHODQJHQ$XVOlXIHUGHV*HELUJHVHU NHQQHQGDV]XLKUHU/LQNHQDXIUDJWH6LHZDUHQQDFK1DQ&XUXQtUJH NRPPHQLQGDV=DXEHUHU7DO(VZDUHLQJHVFKW]WHV7DOXQGQXUQDFK 6GHQRIIHQ(LQVWPDOVZDUHVVFK|QXQGJUQJHZHVHQXQGGHU,VHQ GXUFKIORHVGHUVFKRQWLHIXQGNUlIWLJZDUHKHHUGLH(EHQHQHUUHLFKWH GHQQHUZXUGHJHVSHLVWYRQYLHOHQ4XHOOHQXQGNOHLQHUHQ%lFKHQ]ZL VFKHQGHQ%HUJHQYRQGHQHQGHU5HJHQGDV(UGUHLFKDEJHVFKZHPPW KDWWHXQGULQJVXPGHQ)OXKDWWHHLQHUIUHXOLFKHVIUXFKWEDUHV/DQGJH OHJHQ 6RZDUHVMHW]WQLFKW8QWHUGHQ:lOOHQYRQ,VHQJDUWZDUHQQRFK)HO GHUGLH6DUXPDQV+|ULJHEHVWHOOWKDWWHQGRFKGHUJU|WH7HLOGHV7DOV ZDUHLQH:LOGQLVYRQ8QNUDXWXQG'RUQHQJHVWUSSJHZRUGHQ%URPEHH UHQZXFKHUWHQDXIGHP%RGHQRGHUUDQNWHQVLFKEHU%XVFKXQG %|VFKXQJXQGELOGHWHQVWUXSSLJH+|KOHQLQGHQHQNOHLQH7LHUHKDXVWHQ .HLQ%DXPZXFKVGRUWDEHU]ZLVFKHQGHQSSLJHQ*UlVHUQNRQQWHPDQ QRFKGLHYHUEUDQQWHQXQGD[WEHKDXHQHQ6WPSIHDOWHU+DLQHVHKHQ(V 5HL$QJHON#KWWSFRODHERRN]IELGH
ZDUHLQWUDXULJHV/DQGVWXPPMHW]WELVDXIGDVVWHLQHUQH*HUlXVFKIOLQ NHU*HZlVVHU5DXFKXQG'DPSI]RJHQLQILQVWHUHQ:RONHQGDUEHUKLQ XQGODJHUWHQLQGHQ6HQNHQ'LH5HLWHUVSUDFKHQQLFKW9LHOH]ZHLIHOWHQLQ LKUHP+HU]HQXQGIUDJWHQVLFK]XZHOFKHPXQKHLOYROOHQ(QGHLKUH)DKUW ZRKOIKUH 1DFKGHPVLHHLQLJH0HLOHQJHULWWHQZDUHQZXUGHGLH6WUDHJDQ]EUHLW VLHZDUPLWJURHQIODFKHQ6WHLQHQJHSIODVWHUWGLHYLHUNDQWLJEHKDXHQ XQGJHVFKLFNWYHUOHJWZDUHQNHLQ*UDVKDOPZDULQLUJHQGHLQHU)XJH]X VHKHQ7LHIH*RVVHQLQGHQHQ:DVVHUWU|SIHOWHOLHIHQ]XEHLGHQ6HLWHQ 3O|W]OLFKUDJWHYRULKQHQHLQHKRKH6lXOHDXI6LHZDUVFKZDU]XQGDXI LKUUXKWHHLQJURHU6WHLQGHUDOVGDV$EELOGHLQHUODQJHQ:HLHQ+DQG JHPHLHOWXQGDQJHPDOWZDU,KUH)LQJHU]HLJWHQQDFK1RUGHQ1LFKWZHLW YRQKLHUGDVZXWHQVLHPXWHQMHW]WGLH7RUHYRQ,VHQJDUWVWHKHQXQG LKUH+HU]HQZDUHQVFKZHUGRFKLKUH$XJHQNRQQWHQGHQ1HEHOYRU LKQHQQLFKWGXUFKGULQJHQ 8QWHUGHP$XVOlXIHUGHV*HELUJHVLQQHUKDOEGHV=DXEHUHU7DOVKDWWH VHLWXQ]lKOLJHQ-DKUHQMHQHDOWH6WlWWHJHVWDQGHQGLHGLH0HQVFKHQ,VHQ JDUWQDQQWHQ7HLOZHLVHZDUVLHJHVFKDIIHQZRUGHQDOVGDV*HELUJHHQW VWDQGGRFKPlFKWLJH$QODJHQKDWWHQGLH0HQVFKHQYRQ:HVWHUQLVGRUW HLQVWHUULFKWHW XQG6DUXPDQKDWWHODQJHGRUWJHOHEWXQGZDUQLFKWPLJ JHZHVHQ 6RVDKHVDXVVRODQJH6DUXPDQDXIGHU+|KHVHLQHU0DFKWZDUXQG YRQYLHOHQIUGDV2EHUKDXSWGHU=DXEHUHUJHKDOWHQZXUGH(LQJURHU 5LQJZDOODXV6WHLQZLHVLFKWUPHQGH.OLSSHQUDJWHDXVGHP6FKXW]GHV *HELUJVKDQJHVKHUDXVYRQGHPHUDXVJLQJXQGGDQQZLHGHU]XLKP]X UFNNHKUWH1XUHLQHLQ]LJHU(LQJDQJZDUDQJHOHJWZRUGHQHLQJURHU *HZ|OEHERJHQGHUDXVGHPVGOLFKHQ:DOOKHUDXVJHPHLHOWZDU'XUFK GHQVFKZDU]HQ)HOVHQZDUKLHUHLQODQJHU*DQJJHEURFKHQZRUGHQGHUDQ EHLGHQ(QGHQPLWPlFKWLJHQHLVHUQHQ7RUHQDEJHVFKORVVHQZDU6LHZDUHQ VRJHDUEHLWHWXQGDXILKUHJHZDOWLJHQ$QJHOQJHVHW]WVWlKOHUQH3IRVWHQ GLHLQGHQOHEHQGHQ6WHLQJHWULHEHQZDUHQGDVLHZHQQVLHHQWULHJHOW ZDUHQ PLWHLQHPOHLFKWHQ6WRGHU$UPHJHUlXVFKORVEHZHJWZHUGHQ NRQQWHQ:HUKLQHLQJHODQJWHXQGVFKOLHOLFKDXVGHPZLGHUKDOOHQGHQ *DQJKHUDXVNDPHUEOLFNWHHLQHQJURHQ.UHLVHWZDVDXVJHK|KOWZLHHLQH ULHVLJHIODFKH6FKVVHOHLQH0HLOHPDHUYRQ5DQG]X5DQG(LQVWZDUHU JUQJHZHVHQXQGYRQEDXPEHVWDQGHQHQ6WUDHQGXUFK]RJHQXQGYROOHU +DLQHIUFKWHUHLFKHU%lXPHEHZlVVHUWYRQ%lFKHQGLHYRP*HELUJH KHUDELQHLQHQ6HHIO|VVHQ$EHUQLFKWV*UQHVZXFKVGRUWLQ6DUXPDQV OHW]WHQ7DJHQ'LH:HJHZDUHQPLW6WHLQSODWWHQJHSIODVWHUWGXQNHOXQG KDUWXQGDQLKUHQ5lQGHUQ]RJHQVLFKVWDWWGHU%lXPHODQJH5HLKHQYRQ 6lXOHQKLQPDQFKHDXV0DUPRUPDQFKHDXV.XSIHUXQG(LVHQYHUEXQ GHQGXUFKVFKZHUH.HWWHQ 9LHOH+lXVHUJDEHV8QWHUNQIWH+DOOHQXQG'XUFKJlQJH GLHDXIGHU LQQHUHQ6HLWHLQGLH:lOOHKLQHLQJHKDXHQZRUGHQZDUHQXQGZLHGHUKLQ DXVUKUWHQVRGDGHURIIHQH.UHLVYRQ]DKOORVHQ)HQVWHUQXQGGXQNOHQ 7UHQEHUEOLFNWZXUGH7DXVHQGHNRQQWHQGRUWKDXVHQ$UEHLWHU'LH QHU+|ULJHXQG.ULHJHUPLWHLQHP JURHQ:DIIHQODJHU:|OIHZXUGHQLQ WLHIGDUXQWHUOLHJHQGHQ+|KOHQJHIWWHUWXQGZLHLQHLQHP6WDOOJHKDOWHQ $XFKGLH(EHQHZDUDQJHERKUWXQGXQWHUJUDEHQ6FKlFKWHZDUHQWLHILQ GHQ%RGHQKLQHLQJHWULHEHQLKUHREHUHQ(QGHQZDUHQPLWQLHGULJHQ +JHOQXQG.XSSHOQDXV6WHLQEHGHFNWVRGDGHU5LQJYRQ,VHQJDUWLP 5HL$QJHON#KWWSFRODHERRN]IELGH
0RQGVFKHLQZLHHLQ)ULHGKRIYRQXQUXKLJHQ7RWHQDXVVDK'HQQGHU %RGHQ]LWWHUWH'LH6FKlFKWHIKUWHQEHUYLHOHVFKUlJH6WROOHQXQG:HQ GHOWUHSSHQKLQXQWHULQULHIH9HUOLHVHGRUWKDWWH6DUXPDQ6FKlW]H:DUHQ ODJHU:DIIHQNDPPHUQ6FKPLHGHQXQGJURH6FKPHO]|IHQ(LVHUQH5lGHU GUHKWHQVLFKGRUWXQXQWHUEURFKHQXQG+lPPHUGU|KQWHQ'HV1DFKWV VWU|PWHQ'DPSIZRONHQDXVGHQ6FKORWHQDXIGLHYRQXQWHQURWHVRGHU EODXHVRGHUJLIWJUQHV/LFKWILHO $OOH6WUDHQOLHIHQ]ZLVFKHQLKUHQ.HWWHQDXIGHQ0LWWHOSXQNW]X 'RUWVWDQGHLQ7XUPYRQZXQGHUEDUHU)RUP(UZDUYRQGHQDOWHQ%DX PHLVWHUQJHVWDOWHWZRUGHQGLHGHQ5LQJYRQ,VHQJDUWHLQJHHEQHWKDWWHQ XQGGRFKVFKLHQHUHLQ*HELOGH]XVHLQGDVQLFKWYRQ 0HQVFKHQKDQGJH IHUWLJWVRQGHUQGHUHLQVWEHLGHU)ROWHUXQJGHU%HUJHDXVGHP*HEHLQGHU (UGHKHUDXVJHULVVHQZRUGHQZDU(LQH%HUJVSLW]HZDUHUXQGHLQH)HOVHQ LQVHOVFKZDU]XQGKDUWJOlQ]HQGYLHUPlFKWLJH3IHLOHUDXVYLHOVHLWLJHP 6WHLQZDUHQ]XHLQHP YHUEXQGHQGRFKQDKHGHP*LSIHOOLHIHQVLHLQNODI IHQGHQ6SLW]HQDXVLKUH=LQQHQZDUHQKDUWZLH6SHHUVSLW]HQXQGVFKDUI NDQWLJZLH0HVVHU=ZLVFKHQLKQHQZDUHLQVFKPDOHU5DXPXQGGRUW NRQQWHHLQ0DQQDXIHLQHP%RGHQDXVJHJOlWWHWHP6WHLQPLWVHOWVDPHQ =HLFKHQEHVFKULIWHWIQIKXQGHUW)XEHUGHU(EHQHVWHKHQ'DVZDU2UW KDQF6DUXPDQV%XUJGHUHQ1DPHPLW$EVLFKWRGHUGXUFK=XIDOO HLQH ]ZLHIlOWLJH%HGHXWXQJKDWWHGHQQLQGHUHOELVFKHQ6SUDFKHEHGHXWHWRUW KDQF 6SLW]EHUJDEHULQGHUDOWHQ6SUDFKHGHU0DUN$UJOLVWLJHU*HLVW (LQHVWDUNH)HVWXQJXQGZXQGHUEDUZDU,VHQJDUWXQGODQJHZDUHV VFK|QJHZHVHQXQGPlFKWLJH+HUUHQKDWWHQGRUWJHZRKQW*RQGRUV9HU ZHVHULP:HVWHQXQGZHLVH0lQQHUKDWWHQGLH6WHUQHEHREDFKWHW$EHU 6DUXPDQKDWWHHVDOOPlKOLFKVHLQHQVLFKlQGHUQGHQ3OlQHQDQJHSDWXQG YHUEHVVHUWZLHHUJODXEWHGRFKWlXVFKWHHUVLFK² GHQQDOOHMHQH=DXEHU NQVWHXQGKLQWHUOLVWLJHQ9RUKDEHQXPGHUHQWZLOOHQHUVHLQHUIUKHUHQ :HLVKHLWHQWVDJWKDWWHXQGGLHHUOHLFKWJOlXELJIUVHLQHHLJHQHQKLHOW NDPHQQXUDXV0RUGRUGDKHUZDUGDVZDVHUPDFKWHHLQ1LFKWVQXU HLQHNOHLQH1DFKDKPXQJGHU(QWZXUIHLQHV.LQGHVRGHUGLH6FKPHLFKHOHL HLQHV6NODYHQMHQHUJHZDOWLJHQ)HVWXQJ:DIIHQNDPPHU*HIlQJQLV %UXWVWlWWHJURHU0DFKW%DUDGGUGHV'XQNOHQ7XUPVGHUNHLQHQ 1HEHQEXKOHUGXOGHWHXQGEHU6FKPHLFKHOHLODFKWHXQGGHQUHFKWHQ $XJHQEOLFNDEZDUWHQNRQQWHVLHJHVVLFKHULQVHLQHP6WRO]XQGVHLQHUXQ HUPHOLFKHQ6WlUNH 'DVZDU6DUXPDQV)HVWHZLHGDV*HUFKWEHVDJWHGHQQVHLW0HQ VFKHQJHGHQNHQKDWWHQGLH%HZRKQHUYRQ5RKDQVHLQH7RUHQLFKWGXUFK VFKULWWHQDEJHVHKHQYLHOOHLFKWYRQHLQLJHQZHQLJHQZLH6FKODQJHQ]XQJH GLHKHLPOLFKNDPHQXQGNHLQHP0HQVFKHQHU]lKOWHQZDVVLHJHVHKHQKDW WHQ -HW]WULWW*DQGDOI]XGHUJURHQ6lXOHPLWGHU+DQGXQGDQLKUYRUEHL XQGZlKUHQGHUGDVWDWVDKHQGLH5HLWHU]XLKUHU9HUZXQGHUXQJGDGLH +DQGQLFKWOlQJHUZHL]XVHLQVFKLHQ6LHZDUEHIOHFNWZLHPLWJHWURFN QHWHP%OXWXQGDOVVLHJHQDXHUKLQVFKDXWHQHUNDQQWHQVLHGDLKUH 1lJHOURWZDUHQ2KQHGDUDXI]XDFKWHQULWW*DQGDOIZHLWHULQGHQ 1HEHOXQGZLGHUVWUHEHQGIROJWHQVLHLKP5LQJVXPHUVWUHFNWHQVLFKQXQ DOVREHVHLQHSO|W]OLFKH)OXWJHJHEHQKDEHEUHLWH:DVVHUWPSHOQHEHQ GHU6WUDHIOOWHQGLH6HQNHQDXVXQG5LQQVDOHULHVHOWHQ]ZLVFKHQGHQ 6WHLQHQ 6FKOLHOLFKKLHOW*DQGDOIDQXQGZLQNWHLKQHQXQGVLHNDPHQXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
VDKHQGDVLFKKLQWHULKPGHU1HEHOYHU]RJHQKDWWHXQGHLQHEODVVH 6RQQHVFKLHQ'LH0LWWDJVVWXQGHZDUYRUEHU6LHZDUHQDQGHQ7RUHQ YRQ,VHQJDUWDQJHODQJW $EHUGLH7RUHZDUHQKHUDXVJHULVVHQXQGODJHQEHVFKlGLJWDXIGHP %RGHQ8QGULQJVXPZDUHQZHLWXQGEUHLW6WHLQHYHUVWUHXW]HUVSUXQJHQ XQG]HUVSOLWWHUWLQXQ]lKOLJH]DFNLJH%UXFKVWFNHRGHU]X7UPPHUKDXIHQ DXIJHWUPW'HUJURH7RUERJHQVWDQGQRFKDEHUHUIKUWHMHW]WLQHLQHQ GDFKORVHQ$EJUXQGGHUXQWHULUGLVFKH*DQJZDUEORJHOHJWXQGLQGLH NOLSSHQlKQOLFKHQ:lOOHDQEHLGHQ6HLWHQZDUHQJURH6SDOWHQXQG%UH VFKHQJHULVVHQLKUH7UPHZDUHQ]X6WDXE]HUWUPPHUW+lWWHVLFKGDV *URH0HHULP=RUQHUKREHQXQGZlUHLQHLQHPZLOGHQ6WXUPDXIGLH %HUJHQLHGHUJHVWU]WHVKlWWHNHLQHJU|HUH=HUVW|UXQJDQULFKWHQN|QQHQ 'HU5LQJKLQWHUGHP7RUZDUPLWGDPSIHQGHP:DVVHUJHIOOWHLQEUR GHOQGHU.HVVHOLQGHP7UPPHUYRQ%DONHQXQG5XQGK|O]HUQ.LVWHQ XQG.lVWHQXQG]HUEURFKHQHV*HUlWVFKZDPPHQXQGWULHEHQ9HUERJHQH XQGVFKUlJVWHKHQGH6lXOHQUDJWHQPLWLKUHQJHERUVWHQHQ6FKlIWHQEHU GLH)OXWKLQDXVDEHUDOOH6WUDHQZDUHQEHUVFKZHPPW)HUQVFKLHQGLH 6WHOOH]XVHLQKDOEYHUVFKOHLHUWLQHLQHUZDOOHQGHQ:RONHZRVLFKGLH)HO VHQLQVHOHUKRE'XQNHOXQGKRFKXQJHEURFKHQYRQGHP6WXUPVWDQG QRFKGHU7XUPYRQ2UWKDQF)DKOHV:DVVHUXPVSOWHVHLQHQ)X 'HU.|QLJXQGVHLQH%HJOHLWXQJVDHQVFKZHLJHQGDXILKUHQ3IHUGHQ XQGVWDXQWHQDOVVLHVDKHQGD6DUXPDQV0DFKWYHUQLFKWHWZDUDEHU ZLHGDVNRQQWHQVLHQLFKWHUUDWHQ8QGMHW]WULFKWHWHQVLHLKUHQ%OLFNDXI GHQ7RUERJHQXQGGLH]HUVW|UWHQ7RUH'RUWVDKHQVLHGLFKWQHEHQVLFK HLQHQJURHQ7UPPHUKDXIHQXQGSO|W]OLFKEHPHUNWHQVLH]ZHLNOHLQH *HVWDOWHQGLHEHKDJOLFKDXILKPODJHQJUDXJHNOHLGHWNDXP]XVHKHQ ]ZLVFKHQGHQ6WHLQHQ'DVWDQGHQ)ODVFKHQXQG6FKVVHOQXQG3ODWWHQ QHEHQLKQHQDOVREVLHJHUDGHZRKOJHVSHLVWKlWWHQXQGVLFKMHW]WYRQGHU $QVWUHQJXQJDXVUXKWHQ(LQHUVFKLHQ]XVFKODIHQGHUDQGHUHVDPLWJH NUHX]WHQ%HLQHQXQGGHQ$UPHQKLQWHUGHP.RSIDQHLQHQ)HOVEURFNHQ JHOHKQWXQGOLHDXVVHLQHP0XQGODQJH6FKZDGHQXQGNOHLQH5LQJHDXV GQQHPEODXHP5DXFKKHUDXVVWU|PHQ (LQHQ$XJHQEOLFNVWDUUWHQ7KpRGHQXQGeRPHUXQGVHLQH0DQQHQVLH YHUEOIIWDQ,QPLWWHQDOOGHU=HUVW|UXQJYRQ,VHQJDUWVFKLHQLKQHQGDV GHUPHUNZUGLJVWH$QEOLFN]XVHLQ$EHUHKHGHU.|QLJVSUHFKHQ NRQQWHZXUGHGLHNOHLQHUDXFKDXVVWRHQGH*HVWDOWSO|W]OLFKLKUHU JHZDKUZLHVLHGRUWVFKZHLJHQGDP5DQGGHV1HEHOVVDHQ(UVSUDQJ DXI(UVDKMXQJDXVRGHUZLHHLQMXQJHU0DQQREZRKOHUQLFKWYLHO PHKUDOVKDOEVRJURZDUZLHHLQ0DQQVHLQEUDXQJHORFNWHU.RSIZDU XQEHGHFNWGRFKKDWWHHUHLQHQDEJHWUDJHQHQ0DQWHODQYRQGHUVHOEHQ)DU EHXQG)RUPZLH*DQGDOIV*HIlKUWHQDOVVLHQDFK(GRUDVNDPHQ(UYHU EHXJWHVLFKVHKUWLHIXQGOHJWHGLH+DQGDXIGLH%UXVW'DQQWDWHUVRDOV REHUGHQ=DXEHUHUXQGVHLQH)UHXQGHQLFKWEHPHUNHXQGZDQGWHVLFKDQ eRPHUXQGGHQ.|QLJ ª:LOONRPPHQPHLQH+HUUHQLQ,VHQJDUW©VDJWHHUª:LUVLQGGLH7RU ZlFKWHU0HULDGRF6DUDGRFV6RKQLVWPHLQ1DPHXQGPHLQ*HIlKUWH GHUOHLGHUYRQ0GLJNHLWEHUPDQQWLVW©² KLHUJDEHUGHPDQGHUHQ HLQHQ6WRPLWGHP)X² ªLVW3HUHJULQ3DODGLQV6RKQDXVGHP+DXVH 7XN)HUQLP1RUGHQOLHJWXQVHUH+HLPDW'HU+HUU6DUXPDQLVWGULQQHQ GRFKLP$XJHQEOLFNIKUWHUHLQHJHKHLPH%HVSUHFKXQJPLWHLQHPJHZLV VHQ6FKODQJHQ]XQJHVRQVWZUGHHU]ZHLIHOORVKLHUVHLQXPVROFKH(KUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
JlVWH]XHPSIDQJHQ© ª'DVZUGHHU]ZHLIHOORV©ODFKWH*DQGDOIª8QGZDUHV6DUXPDQGHU HXFKEHIDKOVHLQHEHVFKlGLJWHQ7RUH]XEHZDFKHQXQGDXIGLH$QNXQIW YRQ*lVWHQDFKW]XKDEHQVRIHUQHXUH$XIPHUNVDPNHLWYRQ7HOOHUXQG )ODVFKHDEJHOHQNWZHUGHQNRQQWH"© ª1HLQOLHEHU+HUUGLH$QJHOHJHQKHLWHQWJLQJLKP©DQWZRUWHWH0HUU\ ZUGHYROOª(ULVWVWDUNEHVFKlIWLJWJHZHVHQ8QVHU$XIWUDJVWDPPWYRQ %DXPEDUWGHUGLH9HUZDOWXQJYRQ,VHQJDUWEHUQRPPHQKDW(UEHIDKO PLUGHQ+HUUQYRQ5RKDQPLWSDVVHQGHQ:RUWHQ]XEHJUHQ,FKKDEH PHLQ%HVWHVJHWDQ© ª8QGZLHVWHKW VPLWGHLQHQ*HIlKUWHQ":LHVWHKW VPLW/HJRODVXQG PLU"©ULHI*LPOLGHUVLFKQLFKWOlQJHU]XEHKHUUVFKHQYHUPRFKWHª,KU 6FKXUNHQLKUZROOILJHQXQGNUDXVN|SILJHQ)DXOHQ]HU(LQHIHLQH-DJG KDEWLKUXQVHLQJHEURFNW=ZHLKXQGHUW:HJVWXQGHQGXUFK6XPSIXQG :DOG6FKODFKWXQG7RG XPHXFK]XUHWWHQ8QGKLHUILQGHQZLUHXFK VFKPDXVHQGXQGIDXOHQ]HQG² XQGUDXFKHQG5DXFKHQG:RKDEWLKUGDV .UDXWKHULKU6FKXIWH"+DPPHUXQG=DQJH,FKELQVRKLQ XQGKHUJHULV VHQ]ZLVFKHQ=RUQXQG)UHXGHGDHVHLQ:XQGHUVHLQZLUGZHQQLFK QLFKWSODW]H© ª'XVSULFKVWPLUDXVGHU6HHOH*LPOL©ODFKWH/HJRODVª2EZRKOLFK HKHUHUIDKUHQP|FKWHZLHVLHDQGHQ:HLQNDPHQ© ª(LQVKDEWLKUDXIHXUHU-DJGQLFKWJHIXQGHQXQGGDVLVWVFKlUIHUHU 9HUVWDQG©VDJWH3LSSLQXQGEOLQ]HOWHPLWHLQHP$XJHª+LHUILQGHWLKU XQVDXIGHP6FKODFKWIHOGGHV6LHJHVVLW]HQGLQPLWWHQGHU.ULHJVEHXWHJDQ ]HU+HHUHXQGLKUZXQGHUWHXFKZLHZLU]XHLQSDDUZRKOYHUGLHQWHQ $QQHKPOLFKNHLWHQNDPHQ© ª:RKOYHUGLHQW"©VDJWH*LPOLª'DVNDQQLFKQLFKWJODXEHQ© 'LH5HLWHUODFKWHQª.HLQ=ZHLIHOZLUVLQG=HXJHGHV:LHGHUVHKHQV JXWHU)UHXQGH©VDJWH7KpRGHQª'DVVLQGDOVRGLH9HUORUHQHQDXV(XUHU *HPHLQVFKDIW*DQGDOI"(VLVWGDV6FKLFNVDOGLHVHU7DJHGDVLHYROO :XQGHUVLQG9LHOHKDEHLFKVFKRQJHVHKHQVHLWLFKPHLQ+DXVYHUOLH XQGQXQVWHKWKLHUYRUPHLQHQ$XJHQQRFKHLQDQGHUHV9RONGHU6DJH 6LQGGDVQLFKW+DOEOLQJHGLHPDQFKHXQWHUXQV+ROE\WODQQHQQHQ"© ª+REELWVZHQQLFKELWWHQGDUI+HUU©VDJWH3LSSLQ ª+REELWV"©IUDJWH7KpRGHQª(XUH6SUDFKHLVWVHOWVDPYHUlQGHUWDEHU GHU1DPHNOLQJWVRQLFKWXQSDVVHQG+REELWV.HLQ%HULFKWGHQLFKJH K|UWKDEHOlWGHU:DKUKHLW*HUHFKWLJNHLWZLGHUIDKUHQ© 0HUU\YHUEHXJWHVLFKXQG3LSSLQVWDQGDXIXQGYHUEHXJWHVLFKWLHI ª,KUVHLGVHKUJWLJ+HUURGHUYLHOPHKUKRIIHLFKGDLFK(XUH:RUWHVR DXIIDVVHQGDUI©VDJWHHUª8QGDXFKGDVLVWHLQ:XQGHU,QYLHOHQ/DQ GHQELQLFKJHZDQGHUWVHLWLFKPHLQH+HLPDWYHUOLHXQGELVMHW]WKDEH LFKQLHPDOV/HXWHJHIXQGHQGLHLUJHQGZHOFKH*HVFKLFKWHQEHU+REELWV NDQQWHQ© ª0HLQ9RONNDPYRUODQJHU=HLWDXVGHP1RUGHQ©VDJWH7KpRGHQ ª$EHULFKZLOOHXFKQLFKWWlXVFKHQZLUNHQQHQNHLQH*HVFKLFKWHQEHU +REELWV%HLXQVKHLWHVOHGLJOLFKGDZHLWHQWIHUQWKLQWHUYLHOHQ%HUJHQ XQG)OVVHQGDV9RONGHU+DOEOLQJHOHEWGDVLQ+|KOHQ LQ6DQGGQHQ ZRKQW$EHUHVJLEWNHLQH6DJHQEHULKUH7DWHQGHQQHVKHLWGDVLH ZHQLJWXQXQGGHQ$QEOLFNGHU0HQVFKHQPHLGHQGHQQVLHYHUP|JHQLP +DQGXPGUHKHQ]XYHUVFKZLQGHQXQGVLHN|QQHQLKUH6WLPPHQVRYHU ZDQGHOQGDVLHGHP=LUSHQYRQ9|JHOQlKQHOQ$EHUHVVFKHLQWGD 5HL$QJHON#KWWSFRODHERRN]IELGH
QRFKPHKUJHVDJWZHUGHQN|QQWH© ª'DVN|QQWHHVIUHLOLFK+HUU©VDJWH0HUU\ ª=XHUVWHLQPDO©VDJWH7KpRGHQªKDEHLFKQLFKWJHK|UWGDVLH5DXFK DXVGHP0XQGDXVVSHLHQ© ª'DVLVWQLFKWEHUUDVFKHQG©DQWZRUWHWH0HUU\ª'HQQGDVLVWHLQH .XQVWGLHZLUHUVWVHLWHLQSDDU*HQHUDWLRQHQDXVJHEWKDEHQ(VZDU 7REROG+RUQEOlVHUDXV/DQJJUXQGLP6GYLHUWHOGHU]XHUVWGDVHFKWH 3IHLIHQNUDXWLQVHLQHQ*lUWHQ]RJHWZDLP-DKUQDFKXQVHUHU=HLW UHFKQXQJ:LHGHUDOWH7REROG]XGHU3IODQ]HNDP© ª,KUZLWQLFKWLQZHOFKHU*HIDKU,KUVHLG7KpRGHQ©XQWHUEUDFK*DQ GDOIª'LHVH+REELWVN|QQHQDP5DQGHGHV9HUGHUEHQVVLW]HQXQGGLH )UHXGHQGHV7LVFKHVHU|UWHUQRGHUYRQGHQNOHLQHQ7DWHQLKUHU9lWHU *URYlWHUXQG8UJURYlWHU XQGHQWIHUQWHU9HWWHUQQHXQWHQ*UDGHVHU]lK OHQZHQQ,KUVLHPLWEHUPlLJHU*HGXOGGD]XHUPXWLJW(LQHDQGHUH=HLW ZlUHSDVVHQGHUIUGLH*HVFKLFKWHGHV5DXFKHQV:RLVW%DXPEDUW 0HUU\"© ª'UEHQDXIGHU1RUGVHLWHJODXEHLFK(UJLQJXPVLFKHWZDV]X WULQ NHQ]XKROHQ² VDXEHUHV:DVVHU'LHPHLVWHQDQGHUHQ(QWVVLQGEHLLKP LPPHUQRFKPLWLKUHU$UEHLWEHVFKlIWLJW² GRUWGUEHQ©0HUU\GHXWHWH PLWGHU+DQGDXIGHQGDPSIHQGHQ6HHXQGDOVVLHKLQVFKDXWHQK|UWHQ VLHHLQIHUQHV5XPSHOQXQG*UROOHQDOV REHLQH/DZLQHYRP*HELUJHKHU DEVWU]H$XVGHU)HUQHNDPHLQ+XPKRPZLH+|UQHUGLH]XP6LHJ EOLHVHQ ª8QGLVW2UWKDQFXQEHZDFKWJHEOLHEHQ"©IUDJWH*DQGDOI ª'DLVWGDV:DVVHU©VDJWH0HUU\ª$EHU)OLQNEDXPXQGHLQLJHDQGHUH SDVVHQDXI1LFKWDOOHGLHVH3IRVWHQXQG6lXOHQLQGHU(EHQHVLQGYRQ 6DUXPDQJHSIODQ]W)OLQNEDXPLVWJODXEHLFKLQGHU1lKHGHV)HOVHQV DP)XGHU7UHSSH© ª-DGDVWHKWHLQJURHUJUDXHU(QW©VDJWH/HJRODVªDEHUVHLQH$UPH KlQJHQKHUDEXQGHUVWHKWVWLOOZLHHLQ7USIRVWHQ© ª'LH0LWWDJVVWXQGHLVWYRUEHL©VDJWH*DQGDOIªXQGZLUKDEHQMHGHQ IDOOVVHLWGHPIUKHQ0RUJHQQLFKWVJHJHVVHQ'HQQRFKP|FKWHLFK%DXP KDUWVRVFKQHOOZLHP|JOLFKVHKHQ+DWHUPLUNHLQH%RWVFKDIWKLQWHUODV VHQRGHUKDEHQ7HOOHUXQG)ODVFKHHVDXVHXUHP*HGlFKWQLVYHUWULHEHQ"© ª(UKLQWHUOLHHLQH%RWVFKDIW©VDJWH0HUU\ªXQGLFKZROOWHJHUDGH GDUDXI]XVSUHFKHQNRPPHQDEHULFKZXUGHGXUFKYLHOHDQGHUH)UDJHQ GDUDQJHKLQGHUW,FKVROOWHEHVWHOOHQZHQQGHU+HUUGHU0DUNXQG*DQ GDOI]XP1RUGZDOOUHLWHQZROOHQGDQQZHUGHQVLH%DXPEDUWGRUWILQGHQ XQGVLHZHUGHQLKPZLOONRPPHQVHLQ,FKGDUIKLQ]XIJHQGDVLHGRUW DXFKHWZDV9RU]JOLFKHV]XHVVHQILQGHQGDVYRQ(XUHQJHKRUVDPVWHQ 'LHQHUQHQWGHFNWXQGDXVJHZlKOWZXUGH©(UYHUEHXJWHVLFK *DQGDOIODFKWHª'DVLVWEHVVHU©VDJWHHUª1XQ7KpRGHQZROOW,KU PLWPLU]X%DXPEDUWUHLWHQ":LUPVVHQHLQHQ8PZHJPDFKHQDEHUHV LVWQLFKWZHLW:HQQ,KU%DXPEDUWVHKWZHUGHW,KUYLHOOHUQHQ'HQQ %DXPEDUWLVW)DQJRUQGHUlOWHVWHXQGGDV2EHUKDXSWGHU (QWVXQGZHQQ ,KUPLWLKPUHGHWZHUGHW,KUGLH6SUDFKHGHVlOWHVWHQDOOHU/HEHZHVHQ K|UHQ© ª,FKZLOOPLW(XFKNRPPHQ©VDJWH7KpRGHQª/HEWZRKOPHLQH+RE ELWV0|JHQZLUXQVLQPHLQHP+DXVHZLHGHUWUHIIHQ'RUWVROOWLKUQHEHQ PLUVLW]HQXQGPLUDOOHVHU]lKOHQZDVHXHU+HU]EHJHKUWGLH7DWHQHXUHU 9RUIDKUHQVRZHLWLKUVLHDXI]lKOHQN|QQWXQGDXFKYRQGHPDOWHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
7REROGZHUGHQZLUUHGHQXQGYRQVHLQHU.UlXWHUNXQGH/HEWZRKO© 'LH+REELWVYHUEHXJWHQVLFKWLHIª'DVDOVRLVWGHU.|QLJYRQ5RKDQ© VDJWH3LSSLQOHLVHª(LQQHWWHUDOWHU%XUVFKH6HKUK|IOLFK©
5HL$QJHON#KWWSFRODHERRN]IELGH
1(817(6.$3,7(/ 75(,%*8781'%(87(
*DQGDOIXQGGHU.|QLJXQGVHLQH%HJOHLWXQJULWWHQGDYRQVLHZDQGWHQ VLFKQDFK2VWHQXPGLH]HUVW|UWHQ:lOOHYRQ,VHQJDUW]XXPJHKHQ$EHU $UDJRUQ*LPOLXQG/HJRODVEOLHEHQ]XUFN6LHOLHHQ$URGXQG+DVX IHOIUHLODXIHQGDPLWVLHQDFK*UDVVXFKHQNRQQWHQXQGNDPHQXQGVHW] WHQVLFKGDQQ]XGHQ+REELWV ª*XWJXW©VDJWH$UDJRUQª'LH-DJGLVWYRUEHUXQGHQGOLFKWUHIIHQ ZLUXQVGRUWZLHGHUZRKLQ]XNRPPHQNHLQHUYRQXQVMHYRUJHKDEW KDWWH© ª8QGQXQGDGLH*URHQIRUWVLQGXPZLFKWLJH$QJHOHJHQKHLWHQ]X HU|UWHUQ©VDJWH/HJRODVªN|QQHQGLH-lJHUYLHOOHLFKWGLH/|VXQJHQLKUHU NOHLQHQ5lWVHOHUIDKUHQ:LUKDEHQHXUH6SXUYHUIROJW ELV]XP:DOGDEHU HVJLEWQRFKPDQFKHVGHVVHQ:DKUKHLWLFKJHUQHUIDKUHQZUGH© ª8QGHVJLEWDXFKQRFKYLHOH'LQJHGLHZLUEHUHXFKZLVVHQZROOHQ© VDJWH0HUU\ª(LQLJHVKDEHQZLUYRQ%DXPEDUWJHK|UWGHP$OWHQ(QW DEHUGDVLVWEHLZHLWHPQLFKWJHQXJ© ª$OOHV]XVHLQHU=HLW©VDJWH/HJRODVª:LUZDUHQGLH-lJHUXQGLKU VROOWHWDOVHUVWHVHLQHQ%HULFKWEHUHXFKJHEHQ© ª2GHUDOV]ZHLWHV©VDJWH*LPOLª(VZUGHEHVVHUJHKHQQDFKHLQHU 0DKO]HLW,FKKDEHHLQH.RSIZXQGHXQGGHU0LWWDJLVWVFKRQYRUEHL,KU )DXOHQ]HUN|QQWHW]XU%HVVHUXQJPHLQHU*HVXQGKHLWEHLWUDJHQZHQQLKU IUXQVHWZDVYRQGHU.ULHJVEHXWHILQGHWYRQGHULKUJHVSURFKHQKDEW (VVHQXQG7ULQNHQZUGHQHLQHQ7HLOPHLQHU5HFKQXQJJHJHQHXFKEHJOHL FKHQ© ª'DQQVROOVWGXHVKDEHQ©VDJWH3LSSLQª:ROOWLKUKLHUHVVHQRGHULQ JU|HUHU%HKDJOLFKNHLWLQGHQhEHUUHVWHQYRQ6DUXPDQV:DFKKDXV² GRUW GUEHQXQWHUGHP7RUERJHQ":LUKDEHQKLHUGUDXHQJHWDIHOWXPHLQ $XJHDXIGLH6WUDH]XKDEHQ© ª:HQLJHUDOVHLQ$XJH©VDJWH*LPOLª$EHULFKZLOOLQNHLQ2UNKDXV JHKHQXQGDXFKNHLQ2UN)OHLVFKDQUKUHQRGHULUJHQGHWZDVZDVVLHLQ GHQ.ODXHQJHKDEWKDEHQ© ª'D]XZUGHQZLUHXFKQLFKWDXIIRUGHUQ©VDJWH0HUU\ª9RQ2UNV KDEHQZLUVHOEVWJHQXJJHKDEWGDVUHLFKWDXI/HEHQV]HLW$EHUHVJDE QRFK YLHODQGHUHV9RONLQ,VHQJDUW6DUXPDQKDW9HUVWDQGJHQXJEHZDKUW XPVHLQHQ2UNVQLFKW]XWUDXHQ(UKDWWH0HQVFKHQGLHVHLQH7RUHEH ZDFKWHQHLQLJHVHLQHUWUHXHVWHQ'LHQHUQHKPHLFKDQ-HGHQIDOOVZXUGHQ VLHEHYRU]XJWXQGEHNDPHQJXWH9HUSIOHJXQJ© ª8QG3IHLIHQNUDXW"©IUDJWH*LPOL ª1HLQGDVJODXEHLFKQLFKW©ODFKWH0HUU\ª$EHUGDVLVWHLQHDQGHUH *HVFKLFKWHGLHELVQDFKGHP(VVHQZDUWHQNDQQ© ª'DQQODWXQVJHKHQXQGHWZDVHVVHQ©VDJWHGHU=ZHUJ 'LH+REELWVJLQJHQYRUDQVLHGXUFKVFKULWWHQGHQ7RUERJHQXQGNDPHQ ]XHLQHUEUHLWHQ7UDXIGHUOLQNHQ6HLWHDPREHUHQ(QGHHLQHU7UHSSH 'LH7UIKUWHXQPLWWHOEDULQHLQHJURH.DPPHUGLHZHLWHUHNOHLQH 7UHQDQGHUJHJHQEHUOLHJHQGHQ:DQGKDWWHXQGHLQHQ+HUGXQG 6FKRUQVWHLQDQHLQHU6HLWH'LH.DPPHUZDUDXVGHP*HVWHLQKHUDXVJH KDXHQXQGVLHPXWHHLQVWGXQNHOJHZHVHQVHLQGHQQLKUH)HQVWHUJLQJHQ QXUDXIGHQXQWHULUGLVFKHQ*DQJ$EHUMHW]WGUDQJ/LFKWKHUHLQGXUFKGDV ]HUVW|UWH'DFK$XIGHP+HUGEUDQQWHHLQ+RO]IHXHU 5HL$QJHON#KWWSFRODHERRN]IELGH
ª,FKKDEHHLQELFKHQJHKHL]W©VDJWH3LSSLQª'DVPXQWHUWHXQVDXI EHLGHP1HEHO(VZDUHQZHQLJ6FKHLWHGDXQGGDVPHLVWH+RO]GDVZLU ILQGHQNRQQWHQZDUQD$EHUHVLVWHLQPlFKWLJHU=XJLP6FKRUQVWHLQ HUVFKHLQWGXUFKGHQ)HOVHQLQV)UHLH]XIKUHQXQGLVW]XP*OFNQLFKW YHUVFKWWHW(LQ)HXHULVWQW]OLFK,FKZHUGHHXFKHWZDV%URWU|VWHQ(V LVWQlPOLFKGUHLRGHUYLHU7DJHDOWIUFKWHLFK© $UDJRUQXQGVHLQH*HIlKUWHQVHW]WHQVLFKDQHLQ(QGHGHVODQJHQ 7LVFKHVXQGGLH+REELWVYHUVFKZDQGHQGXUFKHLQHGHULQQHUHQ7UHQ ª'HU9RUUDWVUDXPLVWGDGULQQHQXQG]XP*OFNEHUGHU)OXWK|KH© VDJWH3LSSLQDOVVLH]XUFNNDPHQEHODGHQPLW7HOOHUQ6FKDOHQ%HFKHUQ 0HVVHUQXQG(ZDUHQDOOHU$UW ª8QGGXEUDXFKVWQLFKWGLH1DVH]XUPSIHQEHUGDV)XWWHU+HUU *LPOL©VDJWH0HUU\ª'DVLVWNHLQ2UN]HXJVRQGHUQ0HQVFKHQQDKUXQJ ZLH%DXPEDUWHVQHQQW:ROOWLKU:HLQRGHU%LHU"'DLVWHLQ)DGULQQHQ ² VHKUDQQHKPEDU8QGGDVKLHULVWHUVWNODVVLJHVJHS|NHOWHV6FKZHLQH IOHLVFK2GHULFKNDQQHXFKHLQSDDU6FKLQNHQVFKHLEHQDEVFKQHLGHQXQG VLHEUDWHQZHQQLKUZROOW(VWXWPLUOHLGGDHVNHLQ*UQ]HXJJLEWGLH /LHIHUXQJHQZDUHQLQGHQOHW]WHQ7DJHQVR]XVDJHQXQWHUEURFKHQ$OV QlFKVWHQ*DQJNDQQLFKHXFKQXU%XWWHUXQG+RQLJ]XHXUHP%URWDQELH WHQ6HLGLKUGDPLW]XIULHGHQ"© ª$OOHUGLQJV©VDJWH*LPOLª'LH5HFKQXQJLVWEHWUlFKWOLFKHUPlLJW© 'LHGUHLZDUHQEDOGPLWLKUHU0DKO]HLWEHVFKlIWLJWXQGRKQHGLHJH ULQJVWH6FKDPPDFKWHQVLFKGLHEHLGHQ+REELWV]XP]ZHLWHQ0DODQV (VVHQª:LUPVVHQXQVHUHQ*lVWHQ*HVHOOVFKDIWOHLVWHQ©VDJWHQVLH ª,KUVHLGKHXWHEHUDXVK|IOLFK©ODFKWH/HJRODVª$EHUZHQQZLUQLFKW JHNRPPHQZlUHQZUGHWLKUHXFKYLHOOHLFKWVFKRQJHJHQVHLWLJZLHGHU *HVHOOVFKDIWOHLVWHQ© ª0DJVHLQXQGZDUXPDXFKQLFKW"©VDJWH3LSSLQª:LUZXUGHQ VFKOHFKWYHUN|VWLJWEHLGHQ2UNVXQGKDWWHQVFKRQYRUKHUWDJHODQJZHQLJ JHQXJJHKDEW(VLVWODQJHKHUGDZLUQDFK+HU]HQVOXVWHVVHQNRQQWHQ© ª(VVFKHLQWHXFKQLFKWJHVFKDGHW]XKDEHQ©VDJWH$UDJRUQª7DWVlFK OLFKVHKWLKUQDFKEOKHQGHU*HVXQGKHLWDXV© ª)UHLOLFKGDV WXWLKU©VDJWH*LPOLXQGVDKVLHEHUGHQ5DQGVHLQHV %HFKHUVVFKDUIDQª7DWVlFKOLFKHXHU+DDULVWGRSSHOWVRGLFNXQGORFNLJ ZLHGDPDOVDOVZLUXQVWUHQQWHQXQGLFKN|QQWHVFKZ|UHQGDLKUEHLGH HWZDVJHZDFKVHQVHLGZHQQGDVEHL+REELWVHXUHV$OWHUVP|JOLFKLVW 'LHVHU%DXPEDUWKDWHXFKMHGHQIDOOVQLFKWKXQJHUQODVVHQ© ª'DVKDWHUQLFKW©VDJWH0HUU\ª$EHU(QWVWULQNHQQXUXQGWULQNHQ LVWQLFKWJHQXJXPHLQHQ]XIULHGHQ]XVWHOOHQ%DXPEDUWV*HWUlQNHP|JHQ QDKUKDIWVHLQDEHUPDQKDWGDV%HGUIQLV QDFKHWZDV+DQGIHVWHP8QG VHOEVWOHPEDV VLQGQLFKWVREHO]XU$EZHFKVOXQJ© ª+DEWLKUYRQGHQ:DVVHUQGHU(QWVJHWUXQNHQ"©IUDJWH/HJRODV ª'DQQJODXEHLFKLVWHVZDKUVFKHLQOLFKGD*LPOLV$XJHQLKQQLFKWJH WURJHQKDEHQ6HOWVDPH/LHGHUVLQGYRQ)DQJRUQV*HWUlQNHQJHVXQJHQ ZRUGHQ© ª9LHOHVHOWVDPH*HVFKLFKWHQVLQGEHUGDV/DQGHU]lKOWZRUGHQ©VDJWH $UDJRUQª,FKELQQLHKLQHLQJHNRPPHQ(U]lKOWPLUGRFKPHKUGDYRQ XQGYRQGHQ(QWV© ª'LH(QWV©VDJWH3LSSLQªGLH(QWVVLQG² QXQMDGLH(QWVVLQGYRU DOOHQ'LQJHQJDQ]DQGHUV$EHULKUH$XJHQLKUH$XJHQVLQGVHKU PHUNZUGLJ©(UYHUVXFKWHHVQRFKPLWHLQSDDUWDVWHQGHQ:RUWHQXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
JDEHVGDQQDXIª1DMD©PHLQWHHUGDQQªHLQLJHKDEWLKUMDVFKRQDXV GHU)HUQHJHVHKHQ² MHGHQIDOOVKDEHQVLHHXFKJHVHKHQXQGEHULFKWHWGD LKUXQWHUZHJVZDUW² XQGLKUZHUGHWQRFKYLHOHDQGHUHVHKHQQHKPHLFK DQHKHLKUYRQKLHUDXIEUHFKW,KUPWHXFKVHOEVWHLQ%LOGYRQLKQHQ PDFKHQ© ª1XQQXQ©VDJWH*LPOLª:LUEHJLQQHQGLH*HVFKLFKWHLQGHU0LWWH ,FKP|FKWHHLQHQ%HULFKWLQGHUULFKWLJHQ5HLKHQIROJHKDEHQGHUPLWGHP VHOWVDPHQ7DJEHJLQQWDQGHPXQVHUH*HPHLQVFKDIW]HUEUDFK© ª'XVROOVWLKQEHNRPPHQZHQQ=HLWGDIULVW©VDJWH0HUU\ª$EHU ]XHUVWHLQPDO² ZHQQLKUPLW(VVHQIHUWLJVHLG² VROOWLKUHXUH3IHLIHQ VWRSIHQXQGDQ]QGHQ8QGGDQQN|QQHQZLUHLQH=HLWODQJVRWXQDOV VHLHQZLUDOOHZLHGHUKHLOXQGVLFKHULQ%UHHRGHULQ%UXFKWDO© (U]RJHLQHQNOHLQHQOHGHUQHQ7DEDNVEHXWHOKHUDXVª:LUKDEHQKDX IHQZHLVH7DEDN©VDJWHHUª8QGLKUDOOHN|QQWPLWQHKPHQVRYLHOLKU ZROOWZHQQZLUDXIEUHFKHQ+HXWHPRUJHQKDEHQZLUHWZDV%HUJXQJVDU EHLWJHOHLVWHW3LSSLQXQGLFK(LQH0HQJH6DFKHQVFKZLPPHQKLHUKHUXP 3LSSLQZDUHVGHU]ZHLNOHLQH)lVVHUIDQGGLHDXVLUJHQGHLQHP.HOOHU RGHU9RUUDWVKDXVKHUDXIJHVFKZHPPWZRUGHQZDUHQQHKPHLFKDQ$OV ZLUVLH|IIQHWHQVWHOOWHQZLUIHVWGDVLHHLQVRJXWHV3IHLIHQNUDXWHQW KLHOWHQZLHPDQHVVLFKQXUZQVFKHQNDQQXQGJDQ]XQYHUGRUEHQ© *LPOLQDKPHWZDVULHEHV]ZLVFKHQGHQ+DQGIOlFKHQXQGVFKQXSSHUWH ª(VIKOWVLFKJXWDQXQGULHFKWJXW©VDJWHHU ª(VLVWDXFKJXW©VDJWH0HUU\ª0HLQOLHEHU*LPOLHVLVW/DQJJUXQG %ODWW'LH+RUQEOlVHU%UDQGPDUNHQZDUHQDXIGHQ)lVVHUQVRGHXWOLFK ZLHQXUZDV:LHHVKLHUKHUNDPDKQHLFKQLFKW)U6DUXPDQVSHUV|Q OLFKHQ%HGDUIQHKPHLFKDQ,FKZXWHJDUQLFKWGDHVVRZHLWLQV$XV ODQGYHUVFKLFNWZXUGH$EHUMHW]WNRPPWHVXQVJXW]XVWDWWHQQLFKW ZDKU"© ª:UGHHV©VDJWH*LPOLªZHQQLFKHLQH3IHLIHGDIUKlWWH/HLGHU KDEHLFKPHLQHLQ0RULDRGHUQRFKIUKHUYHUORUHQ*LEWHVNHLQH3IHLIH XQWHUDOOHXUHU%HXWH"© ª1HLQOHLGHUQLFKW©VDJWH0HUU\ª:LUKDEHQNHLQHHLQ]LJHJHIXQ GHQQLFKWHLQPDOKLHULQGHQ:DFKWVWXEHQ6DUXPDQKDWGLHVH.|VWOLFK NHLWRIIHQEDUIUVHLQHQ(LJHQEHGDUI]XUFNJHKDOWHQ8QGLFKJODXEH QLFKWGDHV=ZHFNKlWWHDQGHQ7UHQYRQ2UWKDQF]XNORSIHQXQGLKQ XPHLQH3IHLIH]XELWWHQ:LUPVVHQXQVLQGLH3IHLIHQWHLOHQZLHHV JXWH)UHXQGHLQHLQHU1RWODJHWXQVROOWHQ© ª(LQHQ$XJHQEOLFNPDO©VDJWH3LSSLQ(UIXKUPLWGHU+DQGLQGDV %UXVWVWFNVHLQHU-DFNHXQGKROWHHLQHQNOHLQHQZHLFKHQ%HXWHODQHLQHU 6FKQXUKHUDXVª,FKWUDJHHLQSDDU6FKlW]HDXIGHUEORHQ+DXWGLHIU PLFKVRNRVWEDUVLQGZLH5LQJH+LHULVWHLQHUPHLQHDOWHK|O]HUQH3IHLIH 8QGKLHULVWQRFKHLQHUHLQHXQJHEUDXFKWH,FKKDEHVLHHLQHQZHLWHQ :HJPLWJHVFKOHSSWREZRKOLFKQLFKWZHLZDUXP,FKKDWWHZLUNOLFK QLHPDOVHUZDUWHWLUJHQGZRDXIGHU)DKUW3IHLIHQNUDXW]XILQGHQZHQQ PHLQHLJHQHVDOOHZDU$EHUMHW]WLVWVLHDOVRGRFKVHKUQW]OLFK©(UKLHOW HLQHNOHLQH3IHLIHPLWHLQHPEUHLWHQIODFKHQ.RSIKRFKXQGJDEVLH *LPOLª*OHLFKWGDVGLH5HFKQXQJ]ZLVFKHQXQVDXV"©IUDJWHHU ª$XVJOHLFKHQ©ULHI*LPOLª+|FKVWJURPWLJHU+REELWLFKVWHKH WLHILQGHLQHU6FKXOG© ª1DVFK|QLFKJHKHZLHGHULQGLHIULVFKH/XIWXP]XVHKHQZDV:LQG XQG+LPPHOWUHLEHQ©VDJWH/HJRODV 5HL$QJHON#KWWSFRODHERRN]IELGH
ª:LUNRPPHQPLWGLU©VDJWH$UDJRUQ 6LHJLQJHQKLQDXVXQGVHW]WHQVLFKDXIGLH6WHLQKDXIHQYRUGHP7RUZHJ 6LHNRQQWHQMHW]WZHLWLQV7DOKLQDEEOLFNHQGHU1HEHOKREVLFKXQG ZXUGHYRP:LQGGDYRQJHWUDJHQ ª1XQZROOHQZLUHVXQVKLHUHLQZHQLJJHPWOLFKPDFKHQ©VDJWH$UD JRUQª:LUZHUGHQDP5DQGHGHV9HUGHUEHQVVLW]HQXQGVFKZlW]HQZLH *DQGDOIVDJWZlKUHQGHUDQGHUVZREHVFKlIWLJWLVW,FKYHUVSUHHLQH 0GLJNHLWZLHVHOWHQ]XYRU©(U]RJVHLQHQJUDXHQ0DQWHOXPVLFKGHU VHLQ3DQ]HUKHPGYHUEDUJXQGVWUHFNWHVHLQHODQJHQ%HLQHDXV'DQQOHJWH HUVLFKDXIGHQ5FNHQXQGHQWOLHYRQVHLQHQ/LSSHQHLQHGQQH5DXFK IDKQH ª6FKDXW©VDJWH3LSSLQª6WUHLFKHUGHU:DOGOlXIHULVWZLHGHUGD© ª(ULVW QLHZHJJHZHVHQ©VDJWH$UDJRUQª,FKELQ6WUHLFKHUXQGDXFK '~QDGDQXQGLFKJHK|UHVRZRKO]X*RQGRUZLH]XP1RUGHQ© 6LHUDXFKWHQHLQH:HLOHVFKZHLJHQGXQGGLH6RQQHVFKLHQDXIVLHQLH GHUVLHVFKLFNWHLKUH6WUDKOHQVFKUlJLQGDV7DOKLQHLQDXVZHLHQ:RO NHQKRFKLP:HVWHQ/HJRODVODJVWLOOVFKDXWHPLWUXKLJHQ$XJHQ]XU 6RQQHXQG]XP+LPPHOKLQDXIXQGVDQJOHLVHYRUVLFK6FKOLHOLFKVHW]WH HUVLFKDXIª1XQDEHUORV©VDJWHHUª'LH=HLWYHUJHKWXQGGHU1HEHO YHU]LHKWVLFKRGHUZUGHHVWXQZHQQLKUVHOWVDPHQ/HXWHHXFKQLFKWLQ 5DXFKKOOWHW:LHLVWHVPLWGHU*HVFKLFKWH"© ª1XQPHLQH*HVFKLFKWHEHJLQQWGDPLWGDLFKLP'XQNHOQDXIZDFKWH XQGPLFKYRQREHQELVXQWHQJHIHVVHOWLQHLQHP2UNODJHUZLHGHUIDQG© VDJWH3LSSLQª/DWPLFKPDOEHUOHJHQZDVLVWKHXWHIUHLQ7DJ"© ª'HUIQIWH0lU]QDFKGHU$XHQODQG5HFKQXQJ©VDJWH$UDJRUQ3LS SLQUHFKQHWHDQGHQ)LQJHUQQDFKª(UVWYRUQHXQ7DJHQ©VDJWHHU ª0LUVFKHLQWHVHLQ-DKUKHU]XVHLQGDZLUJHIDQJHQJHQRPPHQZXUGHQ 1DMDREZRKOGLH+lOIWHGDYRQZLHHLQE|VHU7UDXPZDUQHKPHLFKDQ GDHVGUHLVHKUHQWVHW]OLFKH7DJHZDUHQGLHIROJWHQ0HUU\ZLUGPLFK EHULFKWLJHQZHQQLFKLUJHQGHWZDV:LFKWLJHVYHUJHVVH² LFKZLOOQLFKWDXI (LQ]HOKHLWHQHLQJHKHQGLH3HLWVFKHQXQGGHU6FKPXW]XQGGHU*HVWDQN XQGDOOGDV(VOlWVLFKQLFKWHULQQHUQ©'DQQEHJDQQHUPLWHLQHP %HULFKWEHU%RURPLUV.DPSIXQGGHQ2UNPDUVFKYRP(P\Q0XLOELV ]XP:DOG'LHDQGHUHQQLFNWHQZHQQGLHYHUVFKLHGHQHQ3XQNWHPLWLKUHQ 0XWPDXQJHQEHUHLQVWLPPWHQ ª+LHUVLQGHLQLJH6FKlW]HGLHLKUKDEWIDOOHQODVVHQ©VDJWH$UDJRUQ ª,KUZHUGHWIURKVHLQVLH]XUFN]XEHNRPPHQ©(UORFNHUWHVHLQ*HKlQJH XQWHUGHP0DQWHOXQG]RJGLHEHLGHQLQLKUHQ6FKHLGHQVWHFNHQGHQ'RO FKHKHUDXV
1DFKGHP$XHQODQG.DOHQGHUKDWWHMHGHU0RQDW 7DJH ª1D©VDJWH0HUU\ª,FKKDWWHQLHHUZDUWHWVLHZLHGHU]XVHKHQ,FK KDEHHLQSDDU2UNVPLWPHLQHPJHNHQQ]HLFKQHWDEHU8JO~NKDWVLHXQV GDQQDEJHQRPPHQ:LHHUVWDUUWH=XHUVWJODXEWHLFKHUZUGHPLFKHU GROFKHQDEHUGDQQZDUIHUGLH'LQJHUZHJDOVREHUVLFKGDUDQYHUEUDQQW KlWWH© ª8QGKLHULVWDXFKGHLQH%URVFKH3LSSLQ©VDJWH$UDJRUQª,FKKDEH VLHJXWDXIJHKREHQGHQQVLHLVWHLQVHKUNRVWEDUHV6WFN© ª,FKZHL©VDJWH3LSSLQª(VZDUVFKPHU]OLFKVLFKYRQLKU]XWUHQQHQ DEHUZDVKlWWHLFKVRQVWWXQN|QQHQ"© ª1LFKWVVRQVW©DQWZRUWHWH$UDJRUQª(LQHUGHULQGHU1RWQLFKWHLQHQ 6FKDW]ZHJZHUIHQNDQQLVWLQ)HVVHOQ'XKDVWUHFKWGDUDQJHWDQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª'DV'XUFKVFKQHLGHQGHU6WULFNHDQGHLQHQ+DQGJHOHQNHQGDVZDU VHKUSILIILJ©VDJWH*LPOLª*OFNKDVWGXGDEHLJHKDEWDEHUGXKDVWGLH *HOHJHQKHLWPLWEHLGHQ+lQGHQHUJULIIHQN|QQWHPDQVDJHQ© ª8QGKDVWXQVHLQKEVFKHV5lWVHODXIJHJHEHQ©VDJWH/HJRODVª,FK IUDJWHPLFKREGLUZRKO)OJHOJHZDFKVHQVHLHQ© ª/HLGHUQLFKW©VDJWH3LSSLQª$EHULKUZXWHWQLFKWVYRQ*UL VFKQiNK©,KPVFKDXGHUWHXQGHUVDJWHQLFKWVPHKUVRQGHUQEHUOLHHV 0HUU\YRQGLHVHQOHW]WHQJUDXHQKDIWHQ$XJHQEOLFNHQ]XHU]lKOHQGHQ JUDSVFKHQGHQ+lQGHQGHPKHLHQ$WHPXQGGHUHQWVHW]OLFKHQ.UDIWLQ *ULVFKQiNKVKDDULJHQ$UPHQ ª$OOGDVEHUGLH2UNVYRQ0RUGRURGHU/XJE~U]ZLHVLHHVQHQQHQ EHXQUXKLJWPLFK©VDJWH$UDJRUQª'HU'XQNOH+HUUVFKHUZHLVFKRQ]X YLHOXQGVHLQH'LHQHUDXFKXQGRIIHQVLFKWOLFKVDQGWH*ULVFKQiNKQDFK GHP6WUHLWLUJHQGHLQH%RWVFKDIWEHUGHQ)OX'DV5RWH$XJHZLUGQDFK ,VHQJDUWVFKDXHQ$EHUMHGHQIDOOVLVW6DUXPDQMHW]WLQGLH*UXEHJHIDOOHQ GLHHUVHOEVWJHJUDEHQKDW© ª-DZHOFKH6HLWHDXFKLPPHUJHZLQQWVHLQH$XVVLFKWHQVLQG VFKOHFKW©VDJWH0HUU\ª$OOHVEHJDQQIULKQVFKLHI]XJHKHQYRQGHP $XJHQEOLFNDQGDVHLQH2UNVLQ5RKDQGHQ)XDXIGLH(UGHVHW]WHQ© ª:LUKDEHQGHQDOWHQ6FKXIWIOFKWLJJHVHKHQRGHUMHGHQIDOOVGHXWHWH *DQGDOIGDVDQ©VDJWH*LPOLª$P5DQGGHV)RUVWHV© ª:DQQZDUGDV"©IUDJWH3LSSLQ ª9RUIQI1lFKWHQ©VDJWH $UDJRUQ ª/DWPLFKPDOEHUOHJHQ©VDJWH0HUU\ª9RUIQI1lFKWHQ² MHW]W NRPPHQZLU]XHLQHP7HLOGHU*HVFKLFKWHYRQGHPLKUQLFKWVZLW:LU WUDIHQ%DXPEDUWDP0RUJHQQDFKGHU6FKODFKWXQGLQMHQHU1DFKWZDUHQ ZLULQ4XHOOKDOOHLQHPVHLQHU(QWKlXVHU$PQlFKVWHQ0RUJHQJLQJHQ ZLU]XP(QWWKLQJGDVKHLW]XHLQHU9HUVDPPOXQJGHU(QWVXQGGDVZDU GDV6RQGHUEDUVWHZDVLFKMHLQPHLQHP/HEHQJHVHKHQKDEH'DV7KLQJ GDXHUWHGHQJDQ]HQ7DJXQGQRFKGHQQlFKVWHQXQGZLUYHUEUDFKWHQGLH 1lFKWHEHLHLQHP(QWPLW1DPHQ)OLQNEDXP8QGGDQQVSlWDP1DFK PLWWDJGHVGULWWHQ7DJHVLKUHV7KLQJVJHULHWHQGLH(QWVSO|W]OLFKLQ=RUQ (VZDUHUVWDXQOLFK'HU:DOGZDUVRYROOHU6SDQQXQJDOVREVLFKHLQ*H ZLWWHULQLKP]XVDPPHQEDOOHGDQQHQWOXGVLFKDOOHVDXIHLQPDO,FK ZQVFKWHLKUKlWWHWLKU/LHGK|UHQN|QQHQDOVVLHPDUVFKLHUWHQ© ª:HQQ6DUXPDQHVJHK|UWKlWWHZlUHHUMHW]WKXQGHUW0HLOHQZHLW ZHJXQGZHQQHUDXFKDXIVHLQHQHLJHQHQ%HLQHQKlWWHUHQQHQPVVHQ© VDJWH3LSSLQ ª:lUV QRFKVRHKHUQQRFKVRVWDUNVWDUNELVLQVWLHIVWH.QRFKHQPDUN :LUVWUPHQHVZLUGULQJHQHLQ]HUEUHFKHQ7RUXQG0DXHUVWHLQ (VZDUQRFKVHKUYLHOOlQJHU(LQJURHU7HLOGHV/LHGHVKDWWHNHLQH :RUWHXQGZDUZLHHLQH0HORGLHYRQ+|UQHUQXQG7URPPHOQ(VZDU VHKUDXIUHJHQG$EHULFKJODXEWHHVVHLQXUHLQH0DUVFKPXVLNXQGQLFKW PHKUQXUHLQ/LHG² ELVLFKKLHUKHUNDP-HW]WZHLLFKHVEHVVHU© ª:LUNDPHQEHUGHQOHW]WHQ.DPPQDFK1DQ&XUXQtUKHUXQWHUQDFK (LQEUXFKGHU1DFKW©IXKU0HUU\IRUWª'DKDWWHLFK]XPHUVWHQ0DOGDV *HIKOGDGHU:DOGVHOEVWKLQWHUXQVKHUJLQJ,FKJODXEWHLFKWUlXPWH HLQHQHQWLVFKHQ7UDXPDEHU3LSSLQKDWWHHVDXFKEHPHUNW:LUKDWWHQ EHLGH$QJVWDEHUHUVWVSlWHUIDQGHQZLUPHKUGDUEHUKHUDXV (VZDUHQGLH+XRUQVVRQHQQHQGLH(QWVVLHMHGHQIDOOVLQGHU!.XU] VSUDFKH%DXPEDUWZROOWHQLFKWYLHOEHUVLHVDJHQDEHULFKJODXEHHV 5HL$QJHON#KWWSFRODHERRN]IELGH
VLQG(QWVGLHIDVWZLH%lXPHJHZRUGHQVLQGMHGHQIDOOVGHP$XVVHKHQ QDFK6LHVWHKHQKLHUXQGGRUWLP:DOGRGHUDP:DOGVDXPVFKZHLJHQG XQGHLQHHQGORVH:DFKHEHUGLH%lXPHKDOWHQGDEHUWLHILQGHQGXQNHO VWHQ7lOHUQJLEWHV+XQGHUWHXQGDEHU+XQGHUWHYRQLKQHQJODXEHLFK (VVWHFNWHLQHJURH.UDIWLQLKQHQXQGVLHVFKHLQHQLPVWDQGH]XVHLQ VLFKLQ6FKDWWHQ]XKOOHQHVLVWVFKZLHULJVLHJHKHQ]XVHKHQ$EHUVLH EHZHJHQVLFK6LHN|QQHQVHKUUDVFKJHKHQZHQQVLHZWHQGVLQG0DQ VWHKWVWLOOXQGVFKDXWVLFKYLHOOHLFKWGDV:HWWHUDQRGHUODXVFKWGHP 5DVFKHOQGHV:LQGHVXQGGDQQSO|W]OLFKPHUNWPDQGDPDQPLWWHQLQ HLQHP:DOGYRQJURHQXPKHUWDSSHQGHQ%lXPHQ VWHKW6LHKDEHQQRFK 6WLPPHQXQGN|QQHQPLWGHQ(QWVUHGHQ² GDUXPZHUGHQVLH+XRUQVJH QDQQWVDJW%DXPEDUW²DEHUVLHVLQGVRQGHUEDUXQGZLOGJHZRUGHQ*H IlKUOLFK,FKZUGHHLQHQPlFKWLJHQ6FKUHFNEHNRPPHQZHQQLFKVLH WUlIHXQGNHLQHHFKWHQ(QWV GDZlUHQGLHDXIVLHDXISDVVHQ 1XQMDLQGHUIUKHQ1DFKWNURFKHQZLUHLQHODQJH6FKOXFKWKLQXQWHU LQGDVREHUH(QGHGHV=DXEHUHU7DOVGLH(QWVPLWDOOLKUHQUDVFKHOQGHQ +XRUQVKLQWHUVLFK:LUNRQQWHQVLHQDWUOLFKQLFKWVHKHQDEHUGLHJDQ]H /XIWZDUHUIOOWYRQ.QDUUHQ(VZDUVHKUGXQNHOHLQHZRONLJH1DFKW6LH JLQJHQVHKUVFKQHOOVREDOGVLHGLH%HUJHYHUODVVHQKDWWHQXQGPDFKWHQ HLQ*HUlXVFKZLHHLQEUDXVHQGHU:LQG'HU0RQGNDPQLFKWGXUFKGLH :RONHQXQGQLFKWODQJHQDFK0LWWHPDFKWVWDQGHLQKRKHU:DOGULQJV XPGLH1RUGVHLWHYRQ,VHQJDUW(VZDUHQNHLQH)HLQGH]XVHKHQXQGDXFK NHLQH:DFKWSRVWHQ(LQ/LFKWVFKLPPHUWHDXVHLQHPKRKHQ)HQVWHULP 7XUPGDVZDUDOOHV %DXPEDUWXQGQRFKHLQSDDU(QWVNURFKHQZHLWHUJDQ]KHUXPELVLQ 6LFKWZHLWHGHUJURHQ7RUH3LSSLQXQGLFKZDUHQEHLLKP:LUVDHQDXI %DXPEDUWV6FKXOWHUQXQGLFKVSUWHGLHEHEHQGH*HVSDQQWKHLWLQLKP $EHUVHOEVWZHQQVLHDXIJHUWWHOWVLQGN|QQHQ(QWVVHKUYRUVLFKWLJXQG JHGXOGLJVHLQ6LHVWDQGHQVWLOOZLH%LOGVlXOHQDWPHQGXQGODXVFKHQG 'DQQJDEHVPLWHLQHPPDOHLQHQXQHUK|UWHQ$XIUXKU7URPSHWHQHU VFKDOOWHQXQGGLH:lOOHYRQ,VHQJDUWKDOOWHQZLGHU:LUJODXEWHQZLU VHLHQHQWGHFNWZRUGHQXQGGLH6FKODFKWZUGHEHJLQQHQ$EHUQLFKWVGHU JOHLFKHQ6DUXPDQVJDQ]HV+HHU]RJDE,FKZHLQLFKWYLHOEHUGLHVHQ .ULHJRGHUEHUGLH5HLWHUYRQ5RKDQDEHU6DUXPDQVFKHLQWYRUJHKDEW]X KDEHQGHQ.|QLJXQGDOOHVHLQH0DQQHQPLWHLQHPHQWVFKHLGHQGHQ 6FKODJIHUWLJ]XPDFKHQ(UHQWEO|WH,VHQJDUW,FKVDKGHQ)HLQGJHKHQ HQGORVH5HLKHQPDUVFKLHUHQGHU2UNVXQG*UXSSHQYRQLKQHQULWWHQDXI JURHQ:|OIHQ$XFK$EWHLOXQJHQYRQ0HQVFKHQZDUHQGDEHL9LHOH YRQLKQHQWUXJHQ)DFNHOQXQGLQLKUHP6FKHLQNRQQWHLFKLKUH*HVLFKWHU VHKHQ'LHPHLVWHQZDUHQJHZ|KQOLFKH0HQVFKHQ]LHPOLFKJURXQGGXQ NHOKDDULJXQGJULPPLJDEHUQLFKWEHVRQGHUVE|VHDXVVHKHQG'RFKJDEHV HLQSDDUDQGHUHGLHZDUHQHQWVHW]OLFKPDQQVKRFKDEHUPLW%LOZLJHVLFK WHPEOlOLFKWFNLVFKXQGVFKOLW]lXJLJ:LWLKUVLHHULQQHUWHQPLFK VRIRUWDQMHQHQ6GOlQGHULQ%UHHQXUZDUHUQLFKWVRRIIHQVLFKWOLFKRUN lKQOLFKZLHGLHPHLVWHQYRQGLHVHQ© ª,FKGDFKWHDXFKDQLKQ©VDJWH$UDJRUQª:LUPXWHQLQ+HOPV .ODPPPLWYLHOHQYRQGLHVHQKDOEHQ2UNVIHUWLJZHUGHQ(VVFKHLQWMHW]W NODU]XVHLQGDMHQHU6GOlQGHUHLQ6SlKHUYRQ6DUXPDQZDUDEHUREHU PLWGHQ6FKZDU]HQ5HLWHUQ]XVDPPHQDUEHLWHWHRGHUIU6DUXPDQDOOHLQ GDVZHLLFKQLFKW(VLVWEHLGLHVHPEOHQ9RONVFKZHUIHVW]XVWHOOHQ ZDQQVLHPLWHLQDQGHUYHUEQGHWVLQGXQGZDQQVLHHLQDQGHUEHWUJHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª1XQYRQDOOGHQYHUVFKLHGHQHQ$UWHQ]XVDPPHQPVVHQHVDOOHUPLQ GHVWHQV]HKQWDXVHQGJHZHVHQVHLQ©VDJWH0HUU\ª6LHEUDXFKWHQHLQH 6WXQGHXPDXVGHQ7RUHQKHUDXV]XNRPPHQ(LQLJHJLQJHQGLH6WUDH KLQXQWHU]XGHQ)XUWHQXQGHLQLJHVFKZHQNWHQDEQDFK2VWHQ(LQH %UFNHLVWGRUWXQWHQJHEDXWZRUGHQHWZDHLQH0HLOHHQWIHUQWZRGHU )OXLQHLQHPVHKUWLHIHQ%HWWVWU|PW,KUN|QQWHWHVYRQKLHUVHKHQZHQQ LKUDXIVWQGHW6LHVDQJHQDOOHPLWUDXKHQ6WLPPHQXQGODFKWHQXQG PDFKWHQHLQHQVFKHXOLFKHQ/l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lPPHUQXQGQDFK6DUXPDQ]XUXIHQ(VNDPNHLQH$QWZRUW DXHU3IHLOHQXQG6WHLQHQYRQGHQ:lOOHQ$EHU3IHLOHQW]HQQLFKWVJH JHQ(QWV6LHWXQLKQHQQDWUOLFKZHKXQGPDFKHQVLHZWHQGZLH6WHFK IOLHJHQ$EHUHLQ(QWNDQQPLW2UNSIHLOHQYROOJHVWHFNWVHLQZLHHLQ 1DGHONLVVHQXQGQLPPWGRFKNHLQHQHUQVWOLFKHQ6FKDGHQ6LHN|QQHQ]XP %HLVSLHOQLFKWYHUJLIWHWZHUGHQXQGLKUH+DXWVFKHLQWVHKUGLFN]XVHLQ XQG]lKHUDOV%RUNH(VEHGDUIHLQHVVHKUVWDUNHQ$[WKLHEHVXPVLH HUQVWOLFK]XYHUOHW]HQb[WHP|JHQVLHQLFKW$EHUHVPWHQVHKUYLHOH $[WVFKZLQJHUDXIHLQHQ(QWNRPPHQHLQ0DQQGHUHLQPDODXIHLQHQ (QWHLQKDXWKDWQLHPDOV*HOHJHQKHLW]XHLQHP]ZHLWHQ+LHE(LQ)DXVW VFKODJYRQHLQHP(QW]HUNQOOW(LVHQZLHGQQHV%OHFK $OV%DXPEDUWHLQSDDU3IHLOHLQVLFKKDWWHNDPHUDOOPlKOLFKLQ)DKUW RGHUZXUGHDXVJHVSURFKHQ!KDVWLJZLHHUVDJHQZUGH(UJDEHLQJH ZDOWLJHVKXPKRP YRQVLFKXQGQRFKHLQ'XW]HQG(QWVNDPPLWODQJHQ 6FKULWWHQKHUDQ(LQZWHQGHU(QWNDQQHLQHP$QJVWPDFKHQ,KUH)LQ JHUXQGLKUH=HKHQNUDOOHQVLFKHLQIDFKDP)HOVHQIHVWXQGVLHUHLHQLKQ DXIZLH%URWNUXVWHQ(VZDUDOVVlKHPDQGLH$UEHLWYRQJURHQ%DXP ZXU]HOQLQKXQGHUW-DKUHQDOOHVLQHLQSDDU$XJHQEOLFNH]XVDPPHQJH GUlQJW 6LHVFKREHQXQG]RJHQXQGULVVHQXQGVFKWWHOWHQXQGKlPPHUWHQXQG NQDOOEXPVNOLUUNUDFK QDFKIQI0LQXWHQODJHQGLHULHVLJHQ7RUH]HU VW|UWDP%RGHQXQGHLQLJH(QWVIUDHQVLFKVFKRQLQGLH:lOOHKLQHLQ ZLH.DQLQFKHQLQHLQH6DQGJUXEH,FKZHLQLFKWZDV6DUXPDQJODXEWH ZDVGDYRUVLFKJLQJDEHUMHGHQIDOOVZXWHHUQLFKWZLHHUGDPLWIHUWLJ ZHUGHQVROOWH6HLQH=DXEHUHLPDJQDWUOLFKLQOHW]WHU=HLWQDFKJHODVVHQ KDEHQDEHUMHGHQIDOOVJODXEHLFKGDHUQLFKWYLHO6FKQHLGKDW QLFKWYLHOHFKWHQ0XWDOOHLQLQHLQHUPLOLFKHQ/DJHRKQHHLQHQ+DXIHQ YRQ+|ULJHQXQG0DVFKLQHQXQG'LQJHQZHQQLKUZLWZDVLFKPHLQH 6HKUDQGHUVDOVGHUDOWH*DQGDOI,FKIUDJHPLFKREVHLQ5XKPQLFKWGLH JDQ]H=HLWKDXSWVlFKOLFKVHLQHU.OXJKHLW]X]XVFKUHLEHQZDUVLFKLQ ,VHQJDUWQLHGHU]XODVVHQ© ª1HLQ©VDJWH$UDJRUQª(LQVWPDOVZDUHUVREHGHXWHQGZLHVHLQ 5XKPEHVDJWH6HLQ:LVVHQZDUJURVHLQ9HUVWDQGVFKDUIXQGVHLQH +lQGHZXQGHUEDUJHVFKLFNWXQG HUKDWWH0DFKWEHUGLH*HGDQNHQYRQ 5HL$QJHON#KWWSFRODHERRN]IELGH
DQGHUHQ'LH:HLVHQNRQQWHHUEHUUHGHQXQGGLHNOHLQHUHQ*HLVWHU NRQQWHHUHLQVFKFKWHUQ'LHVH0DFKWEHVLW]WHUJHZLQRFK(VJLEWQLFKW YLHOHLQ0LWWHOHUGHYRQGHQHQLFKEHKDXSWHQZUGHGDPDQVLFKDXIVLH YHUODVVHQN|QQWHZHQQPDQVLHDOOHLQPLWLKPUHGHQOLHHQLFKWHLQPDO MHW]WGDHUHLQH1LHGHUODJHHUOLWWHQKDW9LHOOHLFKW*DQGDOI(OURQGXQG *DODGULHOGDMHW]WVHLQH%RVKHLWDXIJHGHFNWLVWDEHUVHKUZHQLJDQGHUH© ª$XIGLH(QWVNDQQPDQVLFKYHUODVVHQ© VDJWH3LSSLQª(UVFKHLQW LKQHQHLQPDOXPGHQ%DUWJHJDQJHQ]XVHLQDEHUQLHPDOVZLHGHU8QG MHGHQIDOOVKDWHUVLHQLFKWYHUVWDQGHQXQGHUEHJLQJGHQJURHQ)HKOHU GDHUVLHEHLVHLQHQ%HUHFKQXQJHQDXHUDFKWOLH(UKDWWHVLHQLFKWHLQ JHSODQWXQG HVZDUNHLQH=HLWHLQHQ3ODQDXI]XVWHOOHQQDFKGHPVLHVLFK DQGLH$UEHLWJHPDFKWKDWWHQ.DXPKDWWHXQVHU$QJULIIEHJRQQHQILQ JHQGLHSDDULQ,VHQJDUW]XUFNJHEOLHEHQHQ5DWWHQDQGXUFKMHGHV/RFK ]XHQWZLVFKHQGDVGLH(QWVJHPDFKWKDWWHQ'LH(QWVOLHHQGLH0HQVFKHQ JHKHQQDFKGHPVLHVLHYHUK|UWKDWWHQ]ZHLRGHUGUHL'XW]HQGDOOHLQDQ GLHVHP(QGH,FKJODXEHQLFKWGDYLHOH2UNVJURHRGHUNOHLQHHQWND PHQ-HGHQIDOOVQLFKWGHQ+XRUQVHLQJDQ]HU:DOGYRQLKQHQVWDQG]X MHQHU=HLWUXQGXP,VHQJDUW]XVlW]OLFK]XGHQHQGLHGDV7DOKLQXQWHUJH JDQJHQZDUHQ $OVGLH(QWVHLQHQJURHQ7HLOGHUVGOLFKHQ:lOOHLQ6FKXWWYHUZDQ GHOWKDWWHQXQGGHU5HVWVHLQHU/HXWHVLFKDXVGHP6WDXEHJHPDFKWXQG LKQYHUODVVHQKDWWHIORK6DUXPDQYROOHU6FKUHFNHQ(UVFKHLQWDP7RUJH ZHVHQ]XVHLQDOVZLUDQNDPHQ,FKQHKPHDQGDHU]XVFKDXWHZLHVHLQ SUlFKWLJHV+HHUDXVUFNWH$OVVLFKGLH(QWVLKUHQ:HJQDFKGULQQHQ EDKQWHQYHUVFKZDQGHUHLOLJVW=XHUVWHQWGHFNWHQVLHLKQQLFKW$EHUGLH 1DFKWKDWWHVLFKDXVJHEUHLWHWXQGGLH6WHUQHVFKLHQHQVHKUKHOOKHOOJH QXJIUGLH(QWVXPHWZDV]XVHKHQXQGSO|W]OLFKVWLH)OLQNEDXPHLQHQ 6FKUHLDXVª'HU%DXPP|UGHUGHU%DXPP|UGHU©)OLQNEDXPLVWHLQVDQI WHV*HVFK|SIDEHUHUKDWHLQHQXPVRZLOGHUHQ+DDXI6DUXPDQDOVVHLQ 9RONJUDXVDPXQWHU2UNl[WHQ]XOHLGHQKDWWH(UVSUDQJYRPLQQHUHQ7RU DXVGHQ:HJKLQXQWHUXQGHUNDQQUHQQHQZLHGHU:LQGZHQQHUDXIJH UWWHOWLVW(LQHEODVVH*HVWDOWHLOWHGDYRQ]ZLVFKHQGHQ6FKDWWHQGHU6lX OHQXQGVLHKDWWHGLH6WXIHQ]XU7XUPWUVFKRQIDVWHUUHLFKW$EHUHVZDU VHKUNQDSS)OLQNEDXPZDUVRZWHQGKLQWHULKPKHUGDQXUHLQRGHU ]ZHL6FKULWWHIHKOWHQXPLKQ]XSDFNHQXQG]XHUZUJHQDOVHUGXUFKGLH 7UVFKOSIWH $OV6DUXPDQZLHGHUKHLOLQ2UWKDQFZDUGDXHUWHHVQLFKWODQJHELVHU HLQLJHVHLQHUZHUWYROOHQ9RUULFKWXQJHQLQ*DQJVHW]WH=XGLHVHU=HLW ZDUHQYLHOH(QWVLQ,VHQJDUWHLQLJHZDUHQ)OLQNEDXPJHIROJWXQGDQGHUH ZDUHQYRP1RUGHQXQG2VWHQKHUHLQJHNRPPHQVLHVWUHLIWHQMHW]WXPKHU XQGULFKWHWHQHLQH0HQJH6FKDGHQDQ3O|W]OLFKVWLHJHQ)HXHUXQGYHUSH VWHWH'QVWHDXIEHUDOOLQGHU(EHQHEHJDQQHQGLH6FKORWHXQG6FKlFKWH ]XVSXFNHQXQG]XVSHLHQ0HKUHUH(QWVZXUGHQDQJHVHQJW(LQHUYRQ LKQHQ%XFKHQEHLQKLHHUJODXEHLFKHLQVHKUJURHUXQGVWDWWOLFKHU(QW JHULHWLQHLQHQ6WUDKOYRQIOVVLJHP)HXHUXQGEUDQQWHZLHHLQH)DFNHO HLQHQWVHW]OLFKHU$QEOLFN 'DVEUDFKWHVLH]XU5DVHUHL,FKKDWWHJHJODXEWVLHVHLHQYRUKHUVFKRQ ULFKWLJDXIJHUWWHOWJHZHVHQDEHULFKKDWWHPLFKJHLUUW-HW]WVDKLFKZLH HVZLUNOLFKZDU(UVFKWWHUQGZDUHV6LHVFKULHQXQGEUOOWHQXQGWURP SHWHWHQELV6WHLQHDOOHLQGXUFKGHQ.UDFKEDUVWHQXQGKHUDEILHOHQ0HUU\ XQGLFKODJHQDXIGHP%RGHQXQGVWRSIWHQXQVGLH0lQWHOLQGLH2KUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
,PPHUUXQGXPGHQ)HOVHQYRQ2UWKDQFVWDSIWHQXQGWREWHQGLH (QWVZLHHLQKHXOHQGHU6WXUPVWU]WHQ6lXOHQXPVFKOHXGHUWHQ/DZL QHQYRQ)HOGVWHLQHQGLH6FKlFKWHKLQXQWHUZDUIHQULHVLJH6WHLQSODW WHQLQGLH/XIWZLH%OlWWHU'HU7XUPVWDQGLQPLWWHQHLQHVEUDXVHQGHQ :LUEHOVWXUPV,FKVDKHLVHUQH3IRVWHQXQG%URFNHQYRQ0DXHUZHUN+XQ GHUWHYRQ)XKRFKIOLHJHQXQGJHJHQGLH)HQVWHUYRQ2UWKDQFNUDFKHQ $EHU%DXPEDUWYHUORUGHQ.RSIQLFKW=XP*OFNKDWWHHUNHLQH9HU EUHQQXQJHQ(UZROOWHQLFKWGDVLFKVHLQH/HXWHLQLKUHU:XWVHOEVWYHU OHW]WHQXQGHUZROOWHQLFKWGD6DUXPDQLQGHUDOOJHPHLQHQ9HUZLUUXQJ GXUFKLUJHQGHLQ/RFKHQWNDP9LHOHGHU(QWVZDUIHQVLFKJHJHQGHQ2UW KDQF)HOVHQDEHUDQLKPVFKHLWHUWHQVLH(ULVWVHKUJODWWXQGKDUW ,UJHQGHLQH=DXEHUHLVWHFNWYLHOOHLFKWLQLKPGLHlOWHUXQGVWlUNHULVWDOV 6DUXPDQ-HGHQIDOOVNRQQWHQVLHVLFKQLFKWDQLKPIHVWNUDOOHQRGHULKQ DXFKQXUHLQHQ6SDOWDXIUHLHQXQGVLHEHNDPHQ3UHOOXQJHQXQG9HUOHW ]XQJHQGDEHL 'HVKDOEJLQJ%DXPEDUWLQGHQ5LQJXQGVFKULH6HLQHJHZDOWLJH 6WLPPHEHUW|QWHDOOGHQ/lUP3O|W]OLFKWUDW7RWHQVWLOOHHLQ'DK|UWHQ ZLUHLQVFKULOOHV*HOlFKWHUDXVHLQHPKRKHQ)HQVWHULP7XUP'DVKDWWH HLQHVRQGHUEDUH:LUNXQJDXIGLH(QWV6LHKDWWHQYRU:XWJHNRFKWMHW]W ZXUGHQVLHNDOWKDUWZLH(LVXQGUXKLJ 6LHYHUOLHHQGLH(EHQHXQG VFKDUWHQVLFKXP%DXPEDUWGHUJDQ]VWLOOVWDQG(UVSUDFKHLQH:HLOHLQ LKUHUHLJHQHQ6SUDFKHPLWLKQHQLFKQHKPHDQHUHU]lKOWHLKQHQYRQ HLQHP3ODQGHQHUVFKRQYRUODQJHU=HLWLQVHLQHPDOWHQ.RSIDXVJHKHFNW KDWWH'DQQYHUVFKZDQGHQVLHHLQIDFKVFKZHLJHQGLQGHPJUDXHQ/LFKW 'HU7DJEUDFKDQ]XGLHVHU=HLW 6LHVWHOOWHQHLQH:DFKHDP7XUPDXIJODXEHLFKDEHUGLH:lFKWHU ZDUHQVRJXWLQGHQ6FKDWWHQYHUERUJHQXQGYHUKLHOWHQVLFKVRVWLOOGD LFKVLHQLFKWVHKHQNRQQWH 'LHDQGHUHQJLQJHQQDFK1RUGHQ'HQJDQ]HQ 7DJZDUHQVLHEHVFKlIWLJWXQGDXHU6LFKW:LUZXUGHQGLHPHLVWH=HLW DOOHLQJHODVVHQ(VZDUHLQWURVWORVHU7DJXQGZLUZDQGHUWHQHLQZHQLJ XPKHUREZRKOZLUXQVDXVGHP%OLFNIHOGGHU)HQVWHUYRQ2UWKDQFKHU DXVKLHOWHQVRZHLWZLUNRQQWHQVLHVWDUUWHQXQVVREHGURKOLFKDQ(LQJXW 7HLOGHU=HLWYHUEUDFKWHQZLUGDPLWQDFKHWZDV(EDUHP]XVXFKHQ8QG ZLUVHW]WHQXQVDXFKKLQXQGXQWHUKLHOWHQXQVXQG]HUEUDFKHQXQVGHQ .RSIZDVZRKOZHLWLP6GHQLQ5RKDQJHVFKHKHXQGZDVDXVGHQEUL JHQYRQXQVHUHU*HPHLQVFKDIWJHZRUGHQVHL$EXQG]XK|UWHQZLULQ GHU)HUQHGDV5XPSHOQXQG)DOOHQYRQ6WHLQHQXQGGXPSIH6FKOlJHGLH LQGHQ%HUJHQZLGHUKDOOWHQ $P1DFKPLWWDJJLQJHQZLUXPGHQ5LQJKHUXPXQGZROOWHQVFKDXHQ ZDVJHVFKDK'DZDUHLQJURHUVFKDWWLJHU:DOGYRQ+XRUQVREHQDP7DO XQGHLQZHLWHUHUXPGHQ1RUGZDOOKHUXP:LUZDJWHQQLFKWKLQHLQ]XJH KHQ$EHUPDQK|UWHGDGULQQHQHLQH]HUUHQGHUHLHQGH$UEHLWYRU VLFKJLQJ(QWVXQG+XRUQVKREHQJURH*UXEHQXQG*UlEHQDXVXQG PDFKWHQJURH7HLFKHXQG'lPPHXQGVDPPHOWHQGDVJDQ]H:DVVHUGHV ,VHQXQGDOOHUDQGHUHQ4XHOOHQXQG%lFKHGLHVLHILQGHQNRQQWHQ:LU OLHHQVLHGDEHL ,QGHU'lPPHUXQJNDP%DXPEDUW]XP7RU]XUFN(UVXPPWHXQG EUXPPWHYRUVLFKKLQXQGVFKLHQ]XIULHGHQ]XVHLQ(UVWDQGGDXQG UHFNWHVHLQHJURHQ$UPHXQG%HLQHXQGKROWHWLHI/XIW,FKIUDJWHLKQ REHUPGHVHL !0GH"IUDJWHHU!PGH"1HLQQLFKWPGHQXUVWHLI,FKEUDXFKH 5HL$QJHON#KWWSFRODHERRN]IELGH
HLQHQJXWHQ6FKOXFNDXVGHU(QWIOXW:LUKDEHQVFKZHUJHDUEHLWHWZLU KDEHQPHKU6WHLQHJHEURFKHQXQG(UGHDQJHQDJWDOVLQYLHOHQ-DKUHQYRU KHU$EHUHVLVWIDVWIHUWLJ:HQQGLH1DFKWKHUHLQEULFKWKDOWHWHXFK QLFKWLQGHU1lKHGLHVHV7RUVRGHULQGHPDOWHQXQWHULUGLVFKHQ*DQJDXI 'DPDJ:DVVHUGXUFKNRPPHQ² XQG HVZLUGHLQH:HLOHXQUHLQHV:DVVHU VHLQELVDOOGHU6FKPXW]YRQ6DUXPDQIRUWJHZDVFKHQLVW'DQQNDQQGHU ,VHQZLHGHUNODUIOLHHQ(UEHJDQQHLQELFKHQPHKUYRQGHQ:lOOHQ QLHGHU]XUHLHQDXIHLQHJHPlFKOLFKH:HLVHQXUGHV6SDHVKDOEHU :LUEHUOHJWHQXQVJHUDGHZRZLUXQVZRKOJHIDKUORVKLQOHJHQXQG HLQZHQLJVFKODIHQN|QQWHQDOVGDV(UVWDXQOLFKVWHYRQDOOHPJHVFKDK 0DQK|UWHHLQHQ5HLWHUUDVFKGLH6WUDHKHUDXINRPPHQ0HUU\XQGLFK ODJHQVWLOOXQG%DXPEDUWYHUVWHFNWHVLFKLQGHQ6FKDWWHQXQWHUGHP7RU ERJHQ3O|W]OLFKNDPHLQJURHV3IHUGDQJHVSUHQJWZLHHLQ6LOEHUEOLW](V ZXUGHVFKRQGXQNHODEHULFKNRQQWHGDV*HVLFKWGHV5HLWHUVGHXWOLFK VHKHQHVVFKLHQ]XOHXFKWHQXQGDOOHVHLQH.OHLGHUZDUHQZHL,FKVHW]WH PLFKEORDXIXQGVWDUUWHPLWRIIHQHP0XQG,FKYHUVXFKWH]XUXIHQ DEHULFKNRQQWHQLFKW (VZDUDXFKQLFKWQ|WLJ(UKLHOWJHQDXEHLXQVDQXQGVFKDXWHDXIXQV KHUDE!*DQGDOIVDJWHLFKVFKOLHOLFKDEHUPHLQH6WLPPHZDUQXUHLQ )OVWHUQ6DJWHHUHWZD!1DQX3LSSLQ'DVLVWDEHU HLQHHUIUHXOLFKH hEHUUDVFKXQJ"1HLQNHLQHVZHJV(UVDJWH!6WHKDXIGX(LQIDOWVSLQVHO YRQHLQHP7XN:RXPDOOHVLQGHU:HOWLVW%DXPEDUWLQDOOGLHVHQ 7UPPHUQ",FKZLOO]XLKP5DVFK %DXPEDUWK|UWHVHLQH6WLPPHXQGNDPVRIRUWDXVGHQ6FKDWWHQKHUDXV XQGGDVZDUHLQHVHOWVDPH%HJHJQXQJ,FKZDUEHUUDVFKWZHLOVLHEHLGH EHUKDXSWQLFKWEHUUDVFKW]XVHLQVFKLHQHQ*DQGDOIKDWWHRIIHQVLFKWOLFK HUZDUWHW%DXPEDUWKLHU]XILQGHQXQG%DXPEDUWKlWWHVLFKIDVWDEVLFKW OLFKDQGHQ7RUHQDXIJHKDOWHQKDEHQN|QQHQXPLKQ]XWUHIIHQ'RFK KDWWHQZLUGHPDOWHQ(QWDOOHVEHU0RULDHU]lKOW$EHUPLUILHOGDQQHLQ VRQGHUEDUHU%OLFNHLQGHQHUXQVGDPDOV]XJHZRUIHQKDWWH,FKNDQQQXU DQQHKPHQGDHU*DQGDOIJHVHKHQRGHULUJHQGZHOFKH1DFKULFKWHQYRQ LKPEHNRPPHQKDWWHDEHUQLFKWVLQ(LOHKDWWHVDJHQZROOHQ!6HLQLFKW KDVWLJLVWVHLQ:DKOVSUXFK$EHUQLHPDQGQLFKWHLQPDO(OEHQZHUGHQ YLHOEHU*DQGDOIV7lWLJNHLWVDJHQZHQQHUQLFKWGDLVW !+XP*DQGDOIVDJWH%DXPEDUW!,FKELQIURKGD,KUJHNRPPHQ VHLG+RO]XQG:DVVHU6WRFNXQG6WHLQGLHNDQQLFKEHKHUUVFKHQDEHU KLHULVWHLQ=DXEHUHUPLWGHPPDQIHUWLJZHUGHQPX !%DXPEDUWVDJWH*DQGDOI!LFKEUDXFKH(XUH+LOIH,KUKDEWYLHOJHWDQ DEHULFKEUDXFKHPHKU,FKPXPLWXQJHIlKU]HKQWDXVHQG2UNVIHUWLJ ZHUGHQ 'DQQJLQJHQGLHEHLGHQZHJXQGKLHOWHQLQLUJHQGHLQHU(FNHHLQH%HUD WXQJDE(VPX%DXPEDUWVHKUKDVWLJYRUJHNRPPHQVHLQGHQQ*DQGDOI ZDULQIUFKWHUOLFKHU(LOHXQGUHGHWHVFKRQVHKUVFKQHOOHKHVLHDXHU +|UZHLWHZDUHQ6LHZDUHQ QXUHLQSDDU0LQXWHQZHJYLHOOHLFKWHLQH 9LHUWHOVWXQGH'DQQNDP*DQGDOI]XXQV]XUFNXQGVFKLHQHUOHLFKWHUW IDVWIU|KOLFK-HW]WVDJWHHUDXFKGDHUVLFKIUHXHXQV]XVHKHQ !$EHU*DQGDOIULHILFK!ZRELVWGXJHZHVHQ"8QGKDVWGXGLHDQGH UHQJHVHKHQ !:RLPPHULFKJHZHVHQELQLFKELQ]XUFNDQWZRUWHWHHUDXIHFKWH *DQGDOI$UW!-DLFKKDEHHLQLJHGHUDQGHUHQJHVHKHQ$EHUGLH1HXLJ NHLWHQPVVHQZDUWHQ(VLVWKHXWHHLQHJHIlKUOLFKH1DFKWXQGLFKPX 5HL$QJHON#KWWSFRODHERRN]IELGH
VFKQHOOUHLWHQ'RFKPDJGHU0RUJHQKHOOHUVHLQXQGGDQQZHUGHQZLU XQVZLHGHUVHKHQ3DWJXWDXIHXFKDXIXQGKDOWHWHXFKYRQ2UWKDQFIHUQ /HEWZRKO %DXPEDUWZDUVHKUQDFKGHQNOLFKQDFKGHP*DQGDOIIRUWZDU2IIHQEDU KDWWHHULQNXU]HU=HLWHLQH0HQJHHUIDKUHQXQGYHUGDXWHHV(UVDKXQV DQXQGVDJWH!+PQDMDLFKILQGHLKUVHLGQLFKWVRKDVWLJH/HXWHZLH LFKJHJODXEWKDEH,KUKDEWYLHOZHQLJHUJHVDJWDOVLKUKlWWHWVDJHQN|Q QHQXQGQLFKWPHKUDOVLKUVROOWHW+PGDVLVWZDKUOLFKHLQJDQ]HU+DX IHQ1HXLJNHLWHQ1DQXQPX%DXPEDUWZLHGHUDQGLH$UEHLW (KHHUJLQJKROWHQZLUQRFKHLQSDDU1HXLJNHLWHQDXVLKPKHUDXVXQG VLHPXQWHUWHQXQVJDQ]XQGJDUQLFKWDXI$EHULP$XJHQEOLFNGDFKWHQ ZLUPHKUDQHXFKGUHLDOVDQ)URGRXQG6DPRGHUGHQDUPHQ%RURPLU 'HQQZLUVFKO|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lWHUJDEHVHLQPlFKWLJHV 'RQQHUJUROOHQLP6GHQXQG%OLW]HIHUQEHU5RKDQ$EXQG]XNRQQWHQ ZLU%HUJJLSIHOVHKHQ 0HLOHQXQG$EHUPHLOHQHQWIHUQWGLHSO|W]OLFKZHL XQGVFKZDU]KHUDXVUDJWHQXQGGDQQZLHGHUYHUVFKZDQGHQ8QGKLQWHU XQVZDUHQ*HUlXVFKHZLH'RQQHULQGHQ%HUJHQDEHUDQGHUV=X=HLWHQ KDOOWHGDVJDQ]H7DOZLGHU (VPXXQJHIlKUXP0LWWHUQDFKWJHZHVHQVHLQDOVGLH(QWVGLH'lPPH GXUFKVWDFKHQXQGDOOGDVJHVDPPHOWH:DVVHUGXUFKHLQ/RFKLP1RUGZDOO QDFK,VHQJDUWKLQHLQOHLWHWHQ'LH+XRUQ)LQVWHUQLVZDUYRUEHUJHJDQJHQ XQGGHU'RQQHUKDWWHVLFKYHU]RJHQ'HU0RQGJLQJKLQWHUGHPZHVW OLFKHQ*HELUJHXQWHU ,VHQJDUWEHJDQQVLFKPLWVFKZDU]HQNULHFKHQGHQ%lFKHQXQG7PSHOQ ]XIOOHQ6LHJOLW]HUWHQLPOHW]WHQ6FKHLQGHV0RQGHVDOVVLHVLFKEHU GLH(EHQHDXVEUHLWHWHQ'DQQXQGZDQQIDQGHQGLH:DVVHUPDVVHQLKUHQ :HJKLQXQWHULQLUJHQGHLQHQ6FKDFKWRGHUHLQ%HOIWXQJVURKU0lFKWLJH ZHLH'lPSIH]LVFKWHQKRFK5DXFKVWLHJLQGLFNHQ6FKZDGHQDXI(VJDE (QWODGXQJHQXQG)HXHUVW|H(LQHJURH6FKODQJHDXV'DPSIZLUEHOWH HPSRUXQGULQJHOWHVLFKUXQGXP2UWKDQFELVHUDXVVDKZLHHLQKRKHU :RONHQJLSIHOIHXULJYRQXQWHQXQGPRQGEHVFKLHQHQYRQREHQ8QG LPPHUPHKU:DVVHUPDVVHQHUJRVVHQVLFKELV,VHQJDUWZLHHLQULHVLJHU IODFKHU.RFKWRSIDXVVDKGHUGDPSIWHXQGEURGHOWH© ª:LUVDKHQJHVWHUQ1DFKWYRP6GHQDXVHLQH:RONHYRQ5DXFKXQG 'DPSIDOVZLU]XU(LQPQGXQJYRQ1DQ&XUXQtUNDPHQ©VDJWH$UD JRUQª:LUIUFKWHWHQGD6DUXPDQLUJHQGHLQHQHXH7HXIHOHLIUXQV DXVKHFNWH© ª(UQLFKW©VDJWH3LSSLQª(UHUVWLFNWHZDKUVFKHLQOLFKXQGODFKWHQLFKW PHKU$P0RUJHQJHVWHUQPRUJHQZDUGDV:DVVHULQDOOH/|FKHUKLQ DEJHVXQNHQXQGHVZDUGLFKWHU1HEHO:LUIOFKWHWHQXQVLQGHQ:DFKW UDXPGDGUEHQXQGZLUKDWWHQ]LHPOLFKH$QJVW'HU6HHEHJDQQEHU 5HL$QJHON#KWWSFRODHERRN]IELGH
]XODXIHQXQGVLFKGXUFKGHQDOWHQXQWHULUGLVFKHQ*DQJ]XHUJLHHQXQG GDV:DVVHUVWLHJUDVFKGLH6WXIHQKLQDXI:LUJODXEWHQZLUZUGHQZLH GLH2UNVLQHLQHU)DOOHJHIDQJHQVHLQDEHUZLUIDQGHQHLQH:HQGHOWUHSSH DQGHU5FNVHLWHGHV9RUUDWVUDXPVGLHXQVKLQDXIDXIGHQ7RUERJHQ EUDFKWH'DV+LQDXVNRPPHQZDUVHKUVFKZLHULJGHQQGLH*lQJHZDUHQ ]HUVW|UWZRUGHQXQGELVREHQKDOE]XJHVFKWWHWPLWKHUDEJHIDOOHQHQ6WHL QHQ'DVDHQZLUGDQQKRFKEHUGHU)OXWXQGVFKDXWHQ]XZLH,VHQJDUW HUWUDQN'LH(QWVOHQNWHQLPPHUPHKU:DVVHUKLQHLQELVDOOH)HXHUDXV JHO|VFKWXQGDOOH+|KOHQYROOZDUHQ'HU1HEHOVDPPHOWHVLFKODQJVDP XQGYHUGLFKWHWHVLFK]XHLQHUULHVLJHQ:RONHQJORFNHVLHPXHLQH0HLOH KRFKJHZHVHQVHLQ$P$EHQGVWDQGHLQJURHU5HJHQERJHQEHUGHQ |VWOLFKHQ%HUJHQXQGGDQQZXUGHGHU6RQQHQXQWHUJDQJGXUFKHLQHQ GLFKWHQ1LHVHOUHJHQDXIGHQ*HELUJVKlQJHQYHUGXQNHOW(VZDUDOOHVJDQ] VWLOO(LQSDDU:|OIHKHXOWHQNODJHQGLQGHU)HPH,QGHU1DFKWXQWHUEUD FKHQGLH(QWVGHQ=XIOXXQGOHLWHWHQGHQ,VHQZLHGHULQVHLQDOWHV%HWW 8QGGDVZDUGDV(QGHYRQDOOHP 6HLWGHPVLQNWGDV:DVVHUZLHGHU(VZLUGLUJHQGZRXQWHUGHQ+|KOHQ $EIOVVHJHEHQGHQNHLFKPLU:HQQ6DUXPDQDXVVHLQHQ)HQVWHUQ VFKDXWPXDOOHVHLQHQXQRUGHQWOLFKHQWURVWORVHQ$QEOLFNELHWHQ:LU NDPHQXQVVHKUYHUODVVHQYRU1LFKWHLQHLQ]LJHU(QWZDU]XVHKHQPLW GHPPDQVLFKLQDOOGHQ7UPPHUQXQWHUKDOWHQNRQQWHXQGNHLQHQHXHQ 1DFKULFKWHQ:LUYHUEUDFKWHQGLH1DFKWGDGUEHQEHUGHP7RUERJHQ XQGHVZDUNDOWXQGIHXFKWXQGZLUVFKOLHIHQQLFKW:LUKDWWHQHLQ*H IKODOVREMHGH0LQXWHHWZDVJHVFKHKHQN|QQWH6DUXPDQLVWQRFKLQVHL QHP7XUP1DFKWVZDUHLQ*HUlXVFK]XK|UHQZLHZHQQHLQ:LQGGDV 7DOKHUDXINRPPW,FKJODXEHGLH(QWVXQGGLH+XRUQVGLHZHJJHZHVHQ ZDUHQNDPHQGDQQ]XUFNDEHUZRVLHMHW]WDOOHKLQJHJDQJHQVLQGZHL LFKQLFKW(VZDUHLQQHEOLJHUIHXFKWHU0RUJHQDOVZLUKHUXQWHUNOHWWHUWHQ XQGXQVZLHGHUXPVFKDXWHQXQGQLHPDQGGDZDU8QGGDVLVWXQJHIlKU DOOHVZDVHV]XHU]lKOHQJLEW(VHUVFKHLQWMHW]WIDVWIULHGOLFKQDFKDOOGHP $XIUXKU8QGDXFKLUJHQGZLHVLFKHUHUVHLW*DQGDOI]XUFNNDP,FK N|QQWHMHW]WVFKODIHQ© (LQH:HLOHVFKZLHJHQVLHDOOH*LPOLVWRSIWHVHLQH3IHLIHQHXª'DLVW HWZDVEHUGDVLFKPLUGHQ.RSI]HUEUHFKH©VDJWHHUDOVHUVLHPLW )HXHUVWHLQXQG=XQGHUDQ]QGHWHª6FKODQJHQ]XQJH,KUKDEW7KpRGHQ JHVDJWHUVHLEHL6DUXPDQ:LHLVWHUKHUJHNRPPHQ"© ª$FKMDLKQKDEHLFKYHUJHVVHQ©VDJWH3LSSLQª(UNDPHUVWKHXWH PRUJHQ:LUKDWWHQJHUDGHGDV)HXHUDQJH]QGHWXQGHWZDVJHIUKVWFNW DOV%DXPEDUWZLHGHUDXIWDXFKWH:LUK|UWHQLKQGUDXHQEUDEEHOQXQG XQVHUH1DPHQUXIHQ !,FKELQYRUEHLJHNRPPHQXP ]XVHKHQZLHHVHXFKJHKWPHLQH -XQJVVDJWHHU!XQGHXFKHLQSDDU1HXLJNHLWHQ]XEHUEULQJHQ'LH +XRUQVVLQG]XUFNJHNRPPHQ$OOHVLVWJXWIUHLOLFKVHKUJXWVRJDU ODFKWHHUXQGVFKOXJVLFKDXIGLH6FKHQNHO!.HLQH2UNVPHKULQ,VHQJDUW NHLQHb[WHPHKU8QGHLQSDDU/HXWHZHUGHQDXVGHP6GHQKHUDXINRP PHQHKHGHU7DJDOWLVWHLQLJHGLH]XVHKHQLKUIURKVHLQZHUGHW .DXPKDWWHHUGDVJHVDJWGDK|UWHQZLU+XIJHUlXVFKHDXIGHU6WUDH :LUVWU]WHQKLQDXVYRUV7RUXQGLFKVWDQGGDXQGVWDUUWHXQGHUZDUWHWH KDOEXQGKDOE6WUHLFKHUXQG*DQGDOIDQGHU6SLW]HHLQHV+HHUHVKHUDQUHL WHQ]XVHKHQ$EHUDXVGHP1HEHOKHUDXVULWWHLQ0DQQDXIHLQHPDOWHQ PGHQ3IHUGXQGHUVHOEVWVDKZLHHLQZXQGHUOLFKYHUGUHKWHV*HVFK|SI 5HL$QJHON#KWWSFRODHERRN]IELGH
DXV6RQVWZDUQLHPDQGGD$OVHUDXVGHP1HEHOKHUDXVNDPXQGSO|W] OLFKGLH=HUVW|UXQJHQXQG9HUKHHUXQJHQYRUVLFKVDKVDHUGDXQG JORW]WHXQGVHLQ*HVLFKWZXUGHIDVWJUQ(UZDUVREHVWU]WGDHUXQV ]XHUVWJDUQLFKW]XEHPHUNHQVFKLHQ$OVHUXQVDEHUVDKVWLHHUHLQHQ 6FKUHLDXVXQGYHUVXFKWHVHLQHQ*DXO]XZHQGHQXQGGDYRQ]XUHLWHQ 'RFK%DXPEDUWPDFKWHGUHLODQJH6FKULWWHVWUHFNWHVHLQHQODQJHQ$UP DXVXQGKRELKQDXVGHP6DWWHO6HLQ3IHUGJLQJYRU6FKUHFNGXUFKXQG HUZDUIVLFKElXFKOLQJVDXIGHQ%RGHQ(UVDJWHHUVHL*UtPD)UHXQGXQG 5DWJHEHUGHV.|QLJVXQGYRQ7KpRGHQPLWZLFKWLJHQ%RWVFKDIWHQ]X 6DUXPDQJHVFKLFNWZRUGHQ !1LHPDQGVRQVWZDJWHGXUFKGDVRIIHQH/DQG]XUHLWHQZRHVYRQ EOHQ2UNVZLPPHOWHVDJWHHU!GHVKDOEZXUGHLFKHQWVDQGW8QGLFK KDEHHLQHJHIlKUOLFKH)DKUWKLQWHUPLUXQGELQKXQJULJXQGPGH,FKELQ ZHLWDEYRQPHLQHP:HJQDFK1RUGHQJHIORKHQYRQ:|OIHQYHUIROJWH ,FKEHPHUNWHGLH6HLWHQEOLFNHGLHHU%DXPEDUW]XZDUIXQGVDJWHEHL PLU!/JQHU%DXPEDUWVDKLKQDXIVHLQHODQJVDPH JHPlFKOLFKH:HLVH PHKUHUH0LQXWHQDQELVGHUXQJOFNOLFKH0DQQXQUXKLJDXIGHP%RGHQ KLQ XQGKHUUXWVFKWH'DQQVFKOLHOLFKVDJWHHU!+DKPLFKKDEH(XFK HUZDUWHW+HUU6FKODQJHQ]XQJH'HU0DQQIXKU]XVDPPHQEHLGHP 1DPHQ!*DQGDOIZDUDOVHUVWHUKLHU'HVKDOEZHLLFKEHU(XFKVRYLHO ZLHLFKZLVVHQPXXQGLFKZHLZDVLFKPLW(XFK]XWXQKDEH6WHFNW DOOH5DWWHQLQHLQH)DOOHVDJWH*DQGDOIXQGGDVZHUGHLFK,FKELQMHW]W GHU+HUUYRQ,VHQJDUWXQG6DUXPDQLVWLQVHLQHP7XUPHLQJHVSHUUWGD N|QQW,KUKLQJHKHQXQGLKPDOOH%RWVFKDIWHQEULQJHQGLH,KU(XFKDXV GHQNHQN|QQW !/DWPLFKJHKHQODWPLFKJHKHQVDJWH6FKODQJHQ]XQJH!,FKNHQQH GHQ:HJ !,KUNDQQWHWGHQ:HJGDUDQ]ZHLIOHLFKQLFKWVDJWH%DXPEDUW!$EHU GLH'LQJHKDEHQVLFKKLHUHLQZHQLJJHlQGHUW*HKWXQGVHKW (UOLH6FKODQJHQ]XQJHJHKHQXQGHUKXPSHOWHGDYRQGXUFKGHQ7RU ERJHQZLUGLFKWKLQWHULKPKHUELVHULQGHQ5LQJKLQHLQNDPXQGGLH JDQ]HQ)OXWHQVHKHQNRQQWHGLH]ZLVFKHQLKPXQG2UWKDQFODJHQ'DQQ GUHKWHHUVLFK]XXQVXP !/DWPLFKIRUWJHKHQJUHLQWHHU!/DWPLFKIRUWJHKHQ0HLQH%RW VFKDIWHQVLQGMHW]WQXW]ORVH !'DVVLQGVLHDOOHUGLQJVAVDJWH%DXPEDUW!$EHU,KUKDEWQXU]ZHL 0|JOLFKNHLWHQEHLPLU]XEOHLEHQELV*DQGDOIXQG(XHU+HUUNRPPHQ RGHUGDV:DVVHU]XEHUTXHUHQ:HOFKHZROOW,KU" 'HU0DQQ]LWWHUWHDOVVHLQ+HUUHUZlKQWZXUGHXQGVHW]WHHLQHQ)X LQV:DVVHUDEHUHU]RJLKQZLHGHU]XUFN!,FKNDQQQLFKW6FKZLPPHUQ VDJWHHU !'DV:DVVHULVWQLFKWWLHIVDJWH%DXPEDUW!(VLVWVFKPXW]LJDEHUGDV ZLUG(XFKQLFKWVFKDGHQ+HUU6FKODQJHQ]XQJH-HW]WKLQHLQPLW(XFK 'DUDXIKLQVWROSHUWHGHU8QJOFNOLFKHKLQHLQLQGLH)OXW'DV:DVVHU UHLFKWHLKPIDVWELV]XP+DOVHKHHUVRZHLWZHJZDUGDLFKLKQQLFKW PHKUVHKHQNRQQWH'DV/HW]WHZDVLFKYRQLKPVDKZDUGDHUVLFKDQ LUJHQGHLQDOWHV)DRGHU6WFN+RO]NODPPHUWH$EHU%DXPEDUWZDWHWH KLQWHULKPKHUXQGEHUZDFKWHVHLQ9RUZlUWVNRPPHQ !6RHULVWGULQQHQVDJWHHUDOVHU]XUFNNDP!,FKVDKLKQGLH6WXIHQ KLQDXINULHFKHQZLHHLQHVFKPLHULJH5DWWH(VLVWQRFKMHPDQGLP7XUP HLQH+DQGNDPKHUDXVXQG]RJLKQKLQHLQ'DLVWHUQXQXQGLFKKRIIH 5HL$QJHON#KWWSFRODHERRN]IELGH
GDV:LOONRPPHQZLUGQDFKVHLQHP*HVFKPDFNVHLQ-HW]WPXLFKJHKHQ XQGPLUGHQ6FKODPPDEZDVFKHQ,FKELQGUEHQDXIGHU1RUGVHLWHZHQQ MHPDQGPLFKVSUHFKHQZLOO(VJLEWNHLQUHLQHV:DVVHUKLHUXQWHQGDVHLQ (QWWULQNHQRGHULQGHPHUEDGHQN|QQWH'HVKDOEZLOOLFKHXFKEHLGHELW WHQDQGLHVHP7RUDXIGLH/HXWH]XZDUWHQGLHNRPPHQ(VZLUGGHU+HUU GHU*HILOGHYRQ5RKDQVHLQZRKOJHPHUNW,KUPWLKQVRJXWEHJUHQ ZLHLKUN|QQWVHLQH0DQQHQKDEHQHLQHJURH6FKODFKWPLWGHQ2UNV DXVJHUHFKWHQ9LHOOHLFKWNHQQWLKUEHVVHUDOV(QWVGLHULFKWLJH$UWYRQ 0HQVFKHQZRUWHQIUHLQHQVROFKHQ+HUUQ=XPHLQHU=HLWKDWHVYLHOH +HUUHQDXIGHQ JUQHQ)HOGHUQJHJHEHQXQGLFKKDEHLKUH5HGHZHLVHRGHU LKUH1DPHQQLHJHOHUQW6LHZHUGHQ0HQVFKHQQDKUXQJKDEHQZROOHQXQG LKUZLWGDUEHU%HVFKHLGQHKPHLFKDQ$OVRVXFKWHWZDVZRYRQLKU JODXEWGDHVIUHLQHQ.|QLJHEDULVWZHQQLKUN|QQW8QGGDVLVWGDV (QGHGHU*HVFKLFKWH2EZRKOLFKJHUQZLVVHQP|FKWHZHUGLHVHU6FKODQ JHQ]XQJHLVW:DUHUZLUNOLFKGHV.|QLJV5DWJHEHU"© ª'DVZDUHU©VDJWH$UDJRUQªXQGDXHUGHP6DUXPDQV6SlKHUXQG 'LHQHULQ5RKDQ'DV6FKLFNVDOZDUQLFKWIUHXQGOLFKHU]XLKPDOVHUHV YHUGLHQW'HU$QEOLFNGHU=HUVW|UXQJYRQDOOHPZDVHUIUVWDUNXQG JURDUWLJKLHOWPXIDVWVFKRQJHQXJ6WUDIHJHZHVHQVHLQ'RFKIUFKWH LFKGDLKQQRFK6FKOLPPHUHVHUZDUWHW© ª-DLFKJODXEHQLFKWGD%DXPEDUWLKQDXV)UHXQGOLFKNHLWQDFK2UW KDQFVFKLFNWH©VDJWH0HUU\ª,KPVFKLHQGLH6DFKHHLQJULPPLJHV9HU JQJHQ]XEHUHLWHQXQGHUODFKWHYRUVLFKKLQDOVHU]XVHLQHP%DGXQG 7UXQNJLQJ:LUKDWWHQHLQHDUEHLWVUHLFKH=HLWGDQDFKKDEHQQDFK7UHLE JXWJHVXFKWXQGDOOHVGXUFKVW|EHUW:LUIDQGHQDQYHUVFKLHGHQHQ6WHOOHQ LQGHU1lKH]ZHLRGHUGUHL9RUUDWVUlXPHEHUGHU)OXWK|KH$EHU%DXP EDUWVFKLFNWHHLQSDDU(QWVKHUXQWHUXQGVLHWUXJHQHLQHJDQ]H0HQJH YRQGHP=HXJZHJ !:LUEUDXFKHQ0HQVFKHQQDKUXQJIUIQIXQG]ZDQ]LJAVDJWHQGLH (QWVDOVRN|QQWLKUVHKHQGDMHPDQGHXUH*UXSSHVRUJIlOWLJJH]lKOW KDWHKHLKUDQNDPW,KUGUHLVROOWHWRIIHQEDUPLWGHQJURHQ/HXWHQJH KHQ$EHUGDEHLZlUHWLKUDXFKQLFKWEHVVHUZHJJHNRPPHQ:LUKDEHQ JHQDXVRYLHO*XWHVEHKDOWHQZLHZLUZHJJHVFKLFNWKDEHQGDVYHUVSUHFKH LFKHXFK%HVVHUVRJDUGHQQZLUKDEHQNHLQH*HWUlQNHPLWJHVFKLFNW !:LHVWHKW VPLW*HWUlQNHQ"IUDJWHLFKGLH(QWV !(VJLEW:DVVHUYRP,VHQVDJWHQVLH!XQGGDVLVWJXWJHQXJIU(QWV XQG0HQVFKHUQ$EHULFKKRIIHGLH(QWVKDEHQ=HLWJHIXQGHQHWZDVYRQ LKUHQ7UlQNHQDXVGHQ*HELUJVTXHOOHQ]XEUDXHQXQGGDQQZHUGHQZLU VHKHQZLH*DQGDOIV%DUWVLFKNUlXVHOWZHQQHU]XUFNNRPPW1DFKGHP GLH(QWVJHJDQJHQZDUHQZDUHQZLUPGHXQGKXQJULJ$EHUZLUPXUU WHQQLFKW² XQVHUH0KHQZDUHQZRKOEHORKQWZRUGHQ%HLXQVHUHU6XFKH QDFK0HQVFKHQQDKUXQJHQWGHFNWH3LSSLQXQWHUDOOGHP7UHLEJXWGLH3HUOH GLHVH+RUQEOlVHU)lVVHU!3IHLIHQNUDXWLVWEHVVHUQDFKGHP(VVHQVDJWH 3LSSLQVRLVWGLH/DJHHQWVWDQGHQ© ª-HW]WYHUVWHKHQZLU GDVDOOHVYROONRPPHQ©VDJWH*LPOL ª$OOHVPLWHLQHU$XVQDKPH©VDJWH$UDJRUQª7DEDNEOlWWHUDXVGHP 6GYLHUWHOLQ,VHQJDUW-HPHKULFKGDUEHUQDFKGHQNHXPVRVHOWVDPHU ILQGHLFKHV,FKELQQLHLQ,VHQJDUWJHZHVHQGRFKLFKELQLQGLHVHP/DQG JHZDQGHUWXQGLFKNHQQHGLH|GHQ*HJHQGHQVHKUJXWGLH]ZLVFKHQ 5RKDQXQGGHP$XHQODQGOLHJHQ6HLWYLHOHQ-DKUHQKDEHQZHGHU:DUHQ QRFK/HXWHGLHVHQ:HJJHQRPPHQQLFKWRIIHQMHGHQIDOOV6DUXPDQKDW 5HL$QJHON#KWWSFRODHERRN]IELGH
JHKHLPH9HUELQGXQJHQ]XLUJHQGMHPDQGHPLP$XHQODQGYHUPXWHLFK 6FKODQJHQ]XQJHVN|QQHQYLHOOHLFKWQRFKLQDQGHUHQ+lXVHUQDOV.|QLJ 7KpRGHQVJHIXQGHQZHUGHQ:DUHLQ'DWXPDXIGHQ)lVVHUQ"© ª-D©VDJWH3LSSLQª(VZDUGLHHU(UQWHDOVRYRPYRULJHQ-DKU QHLQQHLQYRPYRUYRULJHQQDWUOLFKHLQJXWHU-DKUJDQJ© ª1XQMDZHOFKHV8QKHLODXFKLPPHULP*DQJHZDUHVLVWMHW]WYRUEHL KRIIHLFKRGHUHVLVWJHJHQZlUWLJDXHUKDOEXQVHUHU5HLFKZHLWH©VDJWH $UDJRUQª,PPHUKLQJODXEHLFKLFKVROOWHHV*DQGDOIJHJHQEHUHUZlK QHQZHQQHVDXFKDOVHLQH.OHLQLJNHLWHUVFKHLQHQPDJEHLVHLQHQJURHQ $QJHOHJHQKHLWHQ© ª,FKZUGHJHUQZLVVHQZDVHUWXW©VDJWH0HUU\ª'HU1DFKPLWWDJLVW VFKRQZHLWIRUWJHVFKULWWHQ/DWXQVJHKHQXQGXQVXPVFKDXHQ-HW]W NDQQVWGX,VHQJDUWMHGHQIDOOVEHWUHWHQ6WUHLFKHUZHQQGXZLOOVW$EHUHV LVWNHLQVHKUHUIUHXOLFKHU$QEOLFN©
5HL$QJHON#KWWSFRODHERRN]IELGH
=(+17(6.$3,7(/ 6$580$1667,00(
6LHVFKULWWHQGXUFKGHQ]HUVW|UWHQXQWHULUGLVFKHQ*DQJXQGEOLHEHQDXI HLQHP6WHLQKDXIHQVWHKHQVLHVWDUUWHQDXIGHQGXQNOHQ)HOVHQ2UWKDQF XQGVHLQHYLHOHQ)HQVWHUQRFKLPPHUHLQH'URKXQJLQGHU9HUZVWXQJ ULQJVXP'DV:DVVHUZDUMHW]WIDVWJDQ]DEJHODXIHQ+LHUXQGGRUWZDUHQ QRFKHLQSDDUGVWHUH7PSHOEULJJHEOLHEHQPLW$EVFKDXPXQG7UP PHUQEHGHFNWGRFKGHUJU|WH7HLOGHVZHLWHQ.UHLVHVODJZLHGHURIIHQ GDHLQH:LOGQLVDXV6FKODPPXQGGXUFKHLQDQGHUJHZUIHOWHQ)HOVEURN NHQXQWHUEURFKHQYRQJHVFKZlU]WHQ/|FKHUQXQGJHWSIHOWPLW3IRVWHQ XQG6lXOHQGLHVLFKJOHLFKVDPWUXQNHQKLHUKLQXQGGRUWKLQQHLJWHQ$P 5DQGGHV]HUVW|UWHQ.HVVHOVODJHQJHZDOWLJH(UGZlOOHXQG+lQJHZLH 6FKLQGHOQGLHYRQHLQHPJURHQ6WXUPKRFKJHZLUEHOWZRUGHQVLQGXQG GDKLQWHU]RJVLFKGDVJUQHXQGYHUVFKOXQJHQH7DOLQHLQHUODQJHQ 6FKOXFKW]ZLVFKHQGHQGXQNOHQ$XVOlXIHUQGHV*HELUJHVKLQDXI-HQVHLWV GHU:VWHQHLVDKHQVLH5HLWHUGLHVLFKLKUHQ:HJEDKQWHQVLHNDPHQ YRQGHU1RUGVHLWHXQGQlKHUWHQVLFK2UWKDQFVFKRQ ª'DLVW*DQGDOIXQG7KpRGHQXQGVHLQH0DQQHQ©VDJWH/HJRODV ª/DWXQVLKQHQHQWJHJHQJHKHQ© ª*HKWYRUVLFKWLJ©VDJWH0HUU\ª0DQFKH6WHLQSODWWHQVLQGORVHXQG N|QQWHQKRFKNLSSHQXQGHXFKLQLUJHQGHLQH*UXEHVFKOHXGHUQZHQQLKU QLFKWDXISDW© 6LHIROJWHQGHQhEHUEOHLEVHOQGHUHLQVWLJHQ6WUDHYRQGHQ7RUHQ]X 2UWKDQFXQGJLQJHQODQJVDPGHQQGLH6WHLQSODWWHQZDUHQJHVSUXQJHQ XQGJOLWVFKLJ$OVGLH5HLWHUVLHNRPPHQVDKHQKLHOWHQVLHLP6FKDWWHQ GHV)HOVHQDQXQGZDUWHWHQDXIVLH*DQGDOIULWWLKQHQHQWJHJHQ ª-D%DXPEDUWXQGLFKKDEHQHLQHDQUHJHQGH%HUDWXQJJHKDEWXQGHLQ SDDU3OlQHJHVFKPLHGHW©VDJWHHUª8QGZLUDOOHKDEHQGLHVHKUQ|WLJH 5XKHJHKDEW-HW]W PVVHQZLUZHLWHU,FKKRIIHLKU*HIlKUWHQKDEWHXFK DXFKDXVJHUXKWXQGHUIULVFKW"© ª'DVKDEHQZLU©VDJWH0HUU\ª$EHUXQVHUH%HUDWXQJIKUWH]X QLFKWV,PPHUKLQVLQGZLU6DUXPDQJHJHQEHUMHW]WIUHXQGOLFKHUJHVLQQW DOVYRUKHU© ª:LUNOLFK"©VDJWH*DQGDOIª1DLFKQLFKW,FKKDEHQRFKHLQHOHW]WH $XIJDEHHKHLFKJHKH,FKPX6DUXPDQHLQHQ$EVFKLHGVEHVXFKDEVWDW WHQ*HIlKUOLFKXQGZDKUVFKHLQOLFKQXW]ORVDEHUHVPXVHLQ:HUYRQ HXFKZLOONDQQPLWNRPPHQ² DEHUVHLGDXIGHU+XW8QGVSRWWHWQLFKW 'DVLVWMHW]WQLFKWGHUULFKWLJH$XJHQEOLFNGDIU© ª,FKZLOOPLWNRPPHQ©VDJWH*LPOLª,FKZLOOLKQVHKHQXQGIHVWVWHOOHQ REHUZLUNOLFKDXVVLHKWZLHGX© ª8QGZLHZLOOVWGXGDVIHVWVWHOOHQ+HUU=ZHUJ"©IUDJWH*DQGDOI ª6DUXPDQN|QQWHLQGHLQHQ$XJHQZLH LFKDXVVHKHQZHQQGDVVHLQHQ $EVLFKWHQGLHHUGLUJHJHQEHUKDWI|UGHUOLFKZlUH8QGELVWGXVFKRQ ZHLVHJHQXJDOOHVHLQH)lOVFKXQJHQ]XGXUFKVFKDXHQ"1DZLUZHUGHQHV YLHOOHLFKWHUOHEHQ(VPDJVHLQGDHUVLFKVFKHXWVLFKYRUVRYLHOHQYHU VFKLHGHQHQ$XJHQ]X]HLJHQ$EHULFKKDEHDOOHQ(QWVEHIRKOHQDXHU 6LFKWZHLWH]XEOHLEHQDOVRN|QQHQZLULKQYLHOOHLFKWEHUUHGHQKHUDXV]X
NRPPHQ© ª:RULQEHVWHKWGLH*HIDKU"©IUDJWH3LSSLQª:LUGHUDXIXQVVFKLHHQ RGHU)HXHUDXVGHP)HQVWHUKHUDXVJLHHQ"2GHUNDQQHUXQVDXVGHU(QW 5HL$QJHON#KWWSFRODHERRN]IELGH
IHUQXQJEHKH[HQ"© ª'DVOHW]WHLVWGDVZDKUVFKHLQOLFKVWHZHQQPDQVRUJORVELV]XVHLQHU 7UUHLWHW©VDJWH*DQGDOIª$EHUPDQZHLQLFKWZDVHUWXQNDQQRGHU YLHOOHLFKWYHUVXFKHQZLOO6LFKHLQHPLQGLH(QJHJHWULHEHQHQZLOGHQ7LHU ]XQDKHPLVWQLFKWXQJHIlKUOLFK8QG6DUXPDQEHVLW]W.UlIWHGLHLKU QLFKWYHUPXWHW+WHWHXFKYRUVHLQHU6WLPPH© 6LHNDPHQMHW]WDQGHQ)XYRQ2UWKDQF(UZDUVFKZDU]XQGGHU)HO VHQVFKLPPHUWHDOVREHUQDVHL'LHYLHOHQ2EHUIOlFKHQGHV6WHLQVKDW WHQVFKDUIH.DQWHQDOVREVLHIULVFKKHUDXVJHPHLHOWZRUGHQZlUHQ(LQ SDDU.HUEHQXQGDP%RGHQOLHJHQGHVFKXSSHQlKQOLFKH6SOLWWHUZDUHQGLH HLQ]LJHQ6SXUHQGLHYRQGHU:XWGHU(QWV]XUFNJHEOLHEHQZDUHQ $XIGHU|VWOLFKHQ6HLWHLQGHP:LQNHO]ZLVFKHQ]ZHL3IHLOHUQZDU HLQHJURH7UKRFKEHUGHU(UGHXQGGDUEHUZDUHLQPLW/lGHQYHUVH KHQHV)HQVWHUGDVDXIHLQHQPLWHLQHP(LVHQJLWWHUXPJHEHQHQ%DONRQ KLQDXVJLQJ%LV]XU6FKZHOOHGHU7UIKUWHHLQH7UHSSHYRQVLHEHQXQG ]ZDQ]LJEUHLWHQ6WXIHQGLHPLW+LOIHLUJHQGHLQHUXQEHNDQQWHQ.XQVWIHU WLJNHLWDXVGHPVHOEHQVFKZDU]HQ*HVWHLQKHUDXVJHKDXHQZDUHQ'DVZDU GHUHLQ]LJH(LQJDQJ]XP7XUPDEHUYLHOHKRKH)HQVWHUPLWWLHIHQ/HLEXQ JHQZDUHQLQGLHHPSRUUDJHQGHQ:lQGHHLQJHVFKQLWWHQKRFKREHQ VFKDXWHQVLHZLHNOHLQH$XJHQDXIGLHVWHLOHQ+lQJHGHU%HUJH $P)XHGHU7UHSSHVDHQ*DQGDOIXQGGHU.|QLJDEª,FKZLOOKLQ DXIJHKHQ©VDJWH*DQGDOIª,FKELQLQ2UWKDQFJHZHVHQXQGNHQQHPHLQH *HIDKU© ª8QGLFKZLOODXFKKLQDXIJHKHQ©VDJWHGHU.|QLJª,FKELQDOWXQG IUFKWHNHLQH*HIDKUPHKU,FKZQVFKHPLWGHP)HLQG]XVSUHFKHQGHU PLUVRYLHO8QUHFKWDQJHWDQKDWeRPHUVROOPLWPLUNRPPHQXQGGDIU VRUJHQGDPHLQHEHWDJWHQ)HQLFKWVWUDXFKHOQ© ª:LH,KUZROOW©VDJWH*DQGDOIª$UDJRUQVROOPLWPLUPLWNRPPHQ /DWGLHDQGHUHQDP)XHGHU7UHSSHDXIXQVZDUWHQ6LHZHUGHQGRUWJH QXJVHKHQXQGK|UHQZHQQHVHWZDV]XVHKHQXQG]XK|UHQJLEW© ª1HLQ©VDJWH*LPOLª/HJRODVXQGLFKZROOHQLKQPHKUDXVGHU1lKH VHKHQ:LUDOOHLQYHUWUHWHQ KLHUXQVHUH6LSSHQ:LUZHUGHQDXFKPLWNRP PHQ© ª.RPPWGHQQ©VDJWH*DQGDOIXQGGDPLWVWLHJHUGLH6WXIHQKLQDXI XQG7KpRGHQJLQJQHEHQLKP 'LH5HLWHUYRQ5RKDQVDHQ]XEHLGHQ6HLWHQGHU7UHSSHXQEHKDJOLFK DXILKUHQ3IHUGHQXQGVFKDXWHQILQVWHUKLQDXI]XGHPJURHQ7XUPEH VRUJWZDVLKUHP+HUUQZRKOZLGHUIDKUHQZHUGH0HUU\XQG3LSSLQVDHQ DXIGHUXQWHUVWHQ6WXIHXQGNDPHQVLFKXQZLFKWLJYRUXQGDXFKJHIlKU GHW ª(LQHKDOEHNLW]OLJH0HLOHYRQKLHUELV]XP7RU©PXUPHOWH3LSSLQ ª,FKZQVFKWHLFKN|QQWHPLFKXQEHPHUNWGDYRQVWHKOHQXQGZLHGHULQ GHQ:DFKUDXPJHKHQ:DUXPVLQGZLUHLJHQWOLFKKHUJHNRPPHQ":LU ZHUGHQQLFKWJHEUDXFKW© *DQGDOIVWDQGYRUGHU7UYRQ2UWKDQFXQGVFKOXJPLWVHLQHP6WDE GDJHJHQ(VNODQJKRKOª6DUXPDQ6DUXPDQ©ULHIHUPLWODXWHUEHIHK OHQGHU6WLPPHª6DUXPDQNRPPKHUDXV© (LQH=HLWODQJNDPNHLQH$QWZRUW6FKOLHOLFKZXUGHGDV)HQVWHUEHU GHU7UDXIJHULHJHOWDEHUPDQVDKQLHPDQGHQLQGHUGXQNOHQgIIQXQJ ª:HULVWGD"©IUDJWHHLQH6WLPPHª:DVZQVFKWLKU"© 7KpRGHQIXKU]XVDPPHQª,FKNHQQHGLHVH6WLPPH©VDJWHHUªXQGLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
YHUIOXFKHGHQ7DJGDLFK]XPHUVWHQPDODXIVLHK|UWH© ª*HKXQGKROH6DUXPDQQDFKGHPGXVHLQ%HGLHQWHUJHZRUGHQELVW *UtPD6FKODQJHQ]XQJH©VDJWH*DQGDOIª8QGYHUVFKZHQGHXQVHUH=HLW QLFKW© 'DV)HQVWHUZXUGHJHVFKORVVHQ6LHZDUWHWHQ3O|W]OLFKVSUDFKHLQHDQ GHUH6WLPPHOHLVHXQGPHORGLVFKDOOHLQLKU.ODQJZDUHLQH9HU]DXEH UXQJ-HQHGLHDUJORVGLHVHU6WLPPHODXVFKWHQNRQQWHQVHOWHQGLH:RUWH EHULFKWHQGLHVLHJHK|UWKDWWHQXQGZHQQVLHHVWDWHQZXQGHUWHQVLH VLFKGHQQZHQLJhEHU]HXJXQJVNUDIWZDULQLKQHQJHEOLHEHQ0HLVWHQVHU LQQHUWHQVLHVLFKQXUGDHVHLQH)UHXGHJHZHVHQZDUGLH6WLPPHVSUH FKHQ]XK|UHQDOOHVZDVVLHVDJWHVFKLHQNOXJXQGYHUQQIWLJ]XVHLQ XQGGHU:XQVFKHUZDFKWHLQLKQHQGXUFKUDVFKH=XVWLPPXQJVHOEVWNOXJ ]XHUVFKHLQHQ:HQQDQGHUHVSUDFKHQNODQJHQLKUH6WLPPHQLP9HU JOHLFKGD]XVFKULOOXQGJUREXQGZHQQVLHGHU6WLPPHZLGHUVSUDFKHQ HQWEUDQQWHbUJHULQGHQ+HU]HQMHQHUGLHYRQLKUEH]DXEHUWZDUHQ%HL PDQFKHQKLHOWGHU=DXEHUQXUVRODQJHDQZLHGLH6WLPPH]XLKQHQ VSUDFKXQGZHQQVLHPLWHLQHPDQGHUHQVSUDFKOlFKHOWHQVLHZLH0lQQHU OlFKHOQGLHGDV.XQVWVWFNHLQHV*DXNOHUVVFKRQGXUFKVFKDXHQZlKUHQG DQGHUHQRFK0XQGXQG1DVHDXIVSHUUHQ )UYLHOHZDUDOOHLQGHU.ODQJ GHU6WLPPHDXVUHLFKHQGVLHLP%DQQH]XKDOWHQDEHUEHLGHQMHQLJHQGLH YRQLKUEH]ZXQJHQZRUGHQZDUHQKLHOWGHU=DXEHUDQDXFKZHQQVLH ZHLWIRUWZDUHQXQGLPPHUK|UWHQVLHGLHVHVDQIWH6WLPPHIOVWHUQXQG VLHDQVSRUQHQ$EHUNHLQHUEOLHEXQJHUKUWNHLQHUZLHVLKUH%LWWHQXQG %HIHKOH]XUFNRKQHHLQH$QVWUHQJXQJGHV*HLVWHVXQGGHV:LOOHQV VRODQJHHUQRFKGLH+HUUVFKDIWGDUEHUKDWWH ª1XQ"©IUDJWHVLHMHW]WVDQIWª:DUXPPWLKUPHLQH5XKHVW|UHQ" :ROOWLKUPLUEHUKDXSWNHLQHQ)ULHGHQJ|QQHQEHL7DJRGHUEHL1DFKW"© ,KU7RQZDUGHUHLQHVIUHXQGOLFKHQ+HU]HQVGDVEHWUEWLVWEHUXQYHU GLHQWH8QJHUHFKWLJNHLWHQ 6LHVFKDXWHQHUVWDXQWKLQDXIGHQQVLHKDWWHQLKQJDUQLFKWNRPPHQ K|UHQXQGVLHVDKHQHLQH*HVWDOWDP*HOlQGHUVWHKHQGLH]XLKQHQKHU DEEOLFNWHHLQDOWHU0DQQLQHLQHQZHLWHQ0DQWHOJHKOOWGHVVHQ)DUEH QLFKWOHLFKWDXV]XPDFKHQZDUGHQQVLHlQGHUWHVLFKZHQQVLHLKUH $XJHQEHZHJWHQRGHUHUVLFKUKUWH6HLQ*HVLFKWZDUODQJGLH6WLUQ KRFKXQGHUKDWWHWLHIOLHJHQGHGXQNOH$XJHQGLHVFKZHU]XHUJUQGHQ ZDUHQREZRKOLKU$XVGUXFNMHW]WHUQVWXQGJWLJZDUXQGHLQZHQLJ PGH+DDUXQG%DUWZDUHQZHLGRFKVDKPDQXP/LSSHQXQG2KU QRFKVFKZDU]H6WUlKQHQ ªbKQOLFKXQGGRFKXQlKQOLFK©PXUPHOWH*LPOL ª'RFKZDVJLEWHV©VDJWHGLHVDQIWH6WLPPHª=XPLQGHVW]ZHLYRQ HXFKNHQQHLFKPLW1DPHQ*DQGDOINHQQHLFK]XJXWXPYLHO+RIIQXQJ ]XKDEHQGDHUKLHU+LOIHRGHU5DWVXFKW$EHU,KU7KpRGHQ+HUUGHU 0DUNYRQ5RKDQVHLGHUNHQQEDUDQ(XUHPHGOHQ:DSSHQXQGPHKUQRFK DQGHPVFK|QHQ$QWOLW]GHV+DXVHVYRQ(RUO2ZUGLJHU6RKQ7KHQJHOV GHV+|FKVWEHUKPWHQ:DUXPVHLG,KUQLFKWIUKHUJHNRPPHQXQGDOV )UHXQG"6HKUKDEHLFKJHZQVFKW(XFK]XVHKHQGHQPlFKWLJVWHQ.|QLJ GHUZHVWOLFKHQ/DQGHXQGEHVRQGHUVLQGLHVHQOHW]WHQ-DKUHQXP(XFK YRUGHQXQNOXJHQXQGE|VHQ5DWJHEHUQ]XEHZDKUHQGLH(XFKXPJHEHQ ,VWHVVFKRQ]XVSlW"7URW]GHU8QELOOHQGLHPLU]XJHIJWZRUGHQVLQG DQGHQHQGLH0HQVFKHQYRQ5RKDQOHLGHUHLQHQJHZLVVHQ$QWHLOJHKDEW KDEHQP|FKWHLFK(XFKQRFKLPPHUUHWWHQXQGYRUGHP8QWHUJDQJEH 5HL$QJHON#KWWSFRODHERRN]IELGH
ZDKUHQGHUXQYHUPHLGOLFKQlKHUUFNWZHQQ,KUDXIGLHVHU6WUDHZHLWHU UHLWHWGLH,KUHLQJHVFKODJHQKDEW:DKUOLFKLFKDOOHLQNDQQ(XFKMHW]W KHOIHQ© 7KpRGHQPDFKWHGHQ0XQGDXIDOVREHUVSUHFKHQZROOWHDEHUHUVDJWH QLFKWV(UEOLFNWHKLQDXI]X6DUXPDQV*HVLFKWPLWGHQGXQNOHQHUQVWHQ $XJHQGLHDXILKQJHULFKWHWZDUHQXQGGDQQ]X*DQGDOIDQVHLQHU6HLWH XQGHUVFKLHQ]X]DXGHUQ*DQGDOIJDENHLQ=HLFKHQHUVWDQGVWLOOZLH 6WHLQZLHHLQHUGHUJHGXOGLJDXIHLQH$XIIRUGHUXQJZDUWHWGLHQRFK QLFKWHUJDQJHQLVW'LH5HLWHUUHJWHQVLFK]XHUVWXQGPXUPHOWHQEHLIlOOLJ ]X6DUXPDQV:RUWHQXQGGDQQZDUHQDXFKVLHVWLOOZLH0HQVFKHQXQWHU HLQHP=DXEHUEDQQ,KQHQVFKLHQDOVKDEH*DQGDOIQLHPDOVVRVFK|QXQG SDVVHQGPLWLKUHP+HUUQJHVSURFKHQ*UREXQGKRFKPWLJHUVFKLHQHQ LKQHQMHW]WDOOHVHLQH9HUKDQGOXQJHQPLW7KpRGHQ8QGHLQ6FKDWWHQ NURFKEHULKUH+HU]HQGLH)XUFKWYRUHLQHUJURHQ*HIDKUGDV(QGHGHU 0DUNLQHLQHU'XQNHOKHLWLQGLH*DQGDOIVLHWULHEZlKUHQG6DUXPDQ QHEHQHLQHP7RU]XU)OXFKWVWDQGGDVHUKDOERIIHQKLHOWVRGDHLQ /LFKWVWUDKOKLQGXUFKILHO(VKHUUVFKWHHLQEHGUFNWHV6FKZHLJHQ *LPOLGHU=ZHUJZDUHVGHUHVSO|W]OLFKEUDFKª'LH:RUWHGLHVHV=DX EHUHUVVWHKHQDXIGHP.RSI©JUROOWHHUXQGSDFNWHGHQ*ULIIVHLQHU$[W ª,QGHU6SUDFKHYRQ2UWKDQFEHGHXWHW+LOIH8QWHUJDQJXQG5HWWHQEHGHX WHW(UVFKODJHQGDVLVWNODU$EHUZLUVLQGQLFKWKLHUKHUJHNRPPHQXP ]XELWWHQ© ª5XKLJ©VDJWH6DUXPDQXQGIUHLQHQIOFKWLJHQ$XJHQEOLFNZDU VHLQH6WLPPHZHQLJHUPLOGHXQGHLQ)XQNHOQIODFNHUWHLQVHLQHQ$XJHQ DXIXQGYHUVFKZDQGZLHGHUª1RFKVSUHFKHLFKQLFKWPLW(XFK*LPOL *OyLQV6RKQ©VDJWHHUª)HUQLVW(XUH+HLPDWXQGYRQJHULQJHU%HGHX WXQJVLQGIU(XFKGLH:LUUHQGLHVHV/DQGHV'RFKZDUHVQLFKW(XUH HLJHQH$EVLFKWGD,KULQVLHKLQHLQYHUZLFNHOWZXUGHWXQGGHVKDOEZLOO LFK(XFKQLFKWWDGHOQZHJHQGHU5ROOHGLH,KUJHVSLHOWKDEW² HLQHWDS IHUHGDUDQ]ZHLIOHLFKQLFKW'RFKELWWHLFKHUODXEWPLU]XHUVWPLWGHP .|QLJYRQ5RKDQ]XVSUHFKHQPHLQHP1DFKEDUQXQGHLQVWPHLQHP )UHXQG :DVKDEW,KU]XVDJHQ.|QLJ7KpRGHQ":ROOW,KU)ULHGHQPLWPLU KDEHQXQGDOOH+LOIHGLHPHLQLQODQJHQ-DKUHQHUODQJWHV:LVVHQ]XJH ZlKUHQYHUPDJ":ROOHQZLUJHPHLQVDPEHUDWVFKODJHQ ZLHGLHE|VHQ=HL WHQ]XEHVWHKHQVLQGXQGXQVHUH6FKlGHQZLHGHUJXWPDFKHQPLWVRYLHO JXWHP:LOOHQGDXQVHUEHLGHU%HVLW]WPHU]XVFK|QHUHU%OWHNRPPHQ GHQQMH]XYRU"© 1RFKLPPHUDQWZRUWHWH7KpRGHQQLFKW2EHUJHJHQ=RUQDQNlPSIWH RGHUJHJHQ=ZHLIHONRQQWHNHLQHUVDJHQeRPHUVSUDFK ª+HUUK|UWPLFK©VDJWHHUª-HW]WYHUVSUHQZLUGLH*HIDKUYRUGHU ZLUJHZDUQWZXUGHQ6LQGZLUDXVJHULWWHQ]XP6LHJXPVFKOLHOLFKLQ 6FKUHFNHQYHUVHW]W]XZHUGHQYRQHLQHPDOWHQ/JQHUPLW+RQLJDXIVHL QHUJHVSDOWHQHQ=XQJH"6RZUGHGHULQGHU)DOOHJHIDQJHQH:ROIPLWGHQ +XQGHQVSUHFKHQZHQQHUN|QQWH:HOFKH+LOIHNDQQHU(XFKLQ:LUN OLFKNHLWJHZlKUHQ"(UZQVFKWVLFKMDQLFKWVDOVVHLQHUMlPPHUOLFKHQ /DJH]XHQWULQQHQ$EHUZROOW,KUXQWHUKDQGHOQPLWGLHVHP0DQQGHU QXU9HUUlWHUHLXQG0RUGLP6LQQKDW"'HQNWDQ7KHRGUHGDQGHU)XUW XQGGDV*UDEYRQ+iPDLQ+HOPV.ODPP© ª:HQQZLUYRQYHUJLIWHWHQ=XQJHQUHGHQZDVVROOHQZLUGDQQYRQ (XUHUVDJHQMXQJH6FKODQJH"©IUDJWH6DUXPDQXQGGDV$XIIODPPHQVHL 5HL$QJHON#KWWSFRODHERRN]IELGH
QHU :XWZDUMHW]WGHXWOLFK]XVHKHQª'RFKNRPPWeRPHUeRPXQGV 6RKQ©IXKUHUGDQQZLHGHUPLWVDQIWHU6WLPPHIRUWª-HGHP0DQQVHLQH 5ROOH7DSIHUNHLWGHU:DIIHQLVWGLH(XUHXQGKRKH(KUHJHZLQQW,KU GDGXUFK(UVFKODJWZHQ(XHU+HUUDOV)HLQGHEHQHQQWXQGEHJQJW(XFK GDPLW0LVFKW(XFKQLFKWLQ6WDDWVDQJHOHJHQKHLWHQGLH,KUQLFKWYHUVWHKW 'RFKZHUGHW,KUYLHOOHLFKWKHUDXVILQGHQZHQQ,KU.|QLJZHUGHWGDPDQ VHLQH)UHXQGHPLW%HGDFKWZlKOHQPX6DUXPDQV)UHXQGVFKDIWXQGGLH 0DFKWYRQ2UWKDQFN|QQHQQLFKWOHLFKWKLQDEJHWDQZHUGHQZHOFKH*UQGH ]X.ODJHQZLUNOLFKHRGHUHLQJHELOGHWHDXFKLPPHUYRUOLHJHQP|JHQ,KU KDEWHLQH6FKODFKWJHZRQQHQQLFKWHLQHQ.ULHJ² XQGGDVGDQNHLQHU +LOIHDXIGLH,KUQLFKWZLHGHUUHFKQHQN|QQW(VPDJVHLQGD,KUGHQ 6FKDWWHQGHV:DOGHVGHPQlFKVWYRU(XUHU7UILQGHWHULVWXQEHUHFKHQ EDUXQGXQYHUVWlQGLJXQGOLHEWGLH0HQVFKHQQLFKW $EHUPHLQ+HUUYRQ5RKDQPXLFKHLQ0|UGHUJHQDQQWZHUGHQ ZHLOWDSIHUH0lQQHULP.DPSIHJHIDOOHQVLQG":HQQ,KULQGHQ.ULHJ ]LHKWXQQ|WLJHUZHLVHGHQQLFKZROOWHLKQQLFKWGDQQZHUGHQ0lQQHUHU VFKODJHQ'RFKZHQQLFKGHVZHJHQHLQ0|UGHUELQGDQQLVW(RUOVJDQ]HV +DXVPLW0RUGEHIOHFNWGHQQHVKDWYLHOH.ULHJHJHIKUWXQGYLHOHDQJH JULIIHQGLHLKP7URW]ERWHQ'HQQRFKKDWHVQDFKKHUPLWYLHOHQ)ULHGHQ JHVFKORVVHQXQGLVWJXWGDEHLJHIDKUHQGHQQHVZDUVWDDWVPlQQLVFKNOXJ ,FKVDJH.|QLJ7KpRGHQVROOHQZLU)ULHGHQXQG)UHXQGVFKDIWKDEHQ,KU XQGLFK"(VOLHJWLQXQVHUHU+DQG© ª:LUZHUGHQ)ULHGHQKDEHQ©VDJWH7KpRGHQVFKOLHOLFKPLWEHOHJWHU 6WLPPHXQGPKVDP(LQLJHGHU5HLWHUVWLHHQ)UHXGHQUXIHDXV7KpRGHQ KREGLH+DQGª-DZLUZHUGHQ)ULHGHQKDEHQ©VDJWHHUMHW]WPLWNODUHU 6WLPPHªZLUZHUGHQ)ULHGHQKDEHQZHQQ,KUXQGDOO(XUH:HUNHYHU QLFKWHWVHLG² XQGGLH:HUNH(XUHVGXQNOHQ+HUUQGHPLKUXQVDXVOLH IHUQZROOWHW,KUVHLGHLQ/JQHU6DUXPDQXQGHLQ9HUIKUHUGHU+HU]HQ GHU0HQVFKHQ,KUVWUHFNWPLUGLH+DQGHQWJHJHQXQGLFKHUNHQQHQXU HLQHQ)LQJHUGHU.ODXHYRQ0RUGRU*UDXVDPXQGNDOW6HOEVWZHQQ(XHU .ULHJJHJHQPLFKJHUHFKWJHZHVHQZlUH² ZDVHUQLFKWZDUGHQQZHQQ LKU]HKQPDOVRNOXJZlUHWKlWWHW,KUGRFKNHLQ5HFKWPLFKXQGPHLQ 5HLFK]X(XUHPHLJHQHQ9RUWHLO]XEHKHUUVFKHQZLH,KUHVZQVFKWHW² VHOEVWGDQQZDVZHUGHW,KUEHU(XUH)HXHUVEUQVWHLQ:HVWIROGVDJHQ XQGEHUGLH.LQGHUGLHGRUWJHW|WHWZXUGHQ"8QGVLHKDEHQ+DPDV.|U SHUYRUGHQ7RUHQGHU+RUQEXUJ]HUKDFNWQDFKGHPHUWRWZDU:HQQ,KU DQHLQHP%DONHQ(XUHV)HQVWHUVZLHDQHLQHP*DOJHQKlQJW]XP9HUJQ JHQ(XUHUHLJHQHQ.UlKHQGDQQZHUGHLFK)ULHGHQKDEHQPLW(XFKXQG 2UWKDQF6RYLHOIU(RUOV+DXV(LQXQEHGHXWHQGHU6RKQJURHU9RUIDK UHQELQLFKDEHULFKKDEHHVQLFKWQ|WLJ(XFKGLH+DQG]XOHFNHQ:HQ GHW(XFKDQGHUVZRKLQ'RFKLFKIUFKWH(XUH6WLPPHKDWLKUHQ=DXEHU YHUORUHQ© 'LH5HLWHUVWDUUWHQ]X7KpRGHQKLQDXIZLH0HQVFKHQGLHDXVHLQHP 7UDXPDXIIDKUHQ0LW|QHQGZLHGLH6WLPPHHLQHVDOWHQ5DEHQNODQJGLH LKUHV+HUUQLQLKUHQ2KUHQQDFK6DUXPDQV:RKOODXW$EHU6DUXPDQZDU HLQH:HLOHDXHUVLFKYRU=RUQ(UEHXJWHVLFKEHUGDV*HOlQGHUDOVRE HUGHQ.|QLJPLWVHLQHP6WDEVFKODJHQZROOWH(LQLJHQNDPHVSO|W]OLFK YRUDOVVlKHQVLHHLQH6FKODQJHGLHVLFK]XVDPPHQUROOWHKHVLHLKUH*LIW ]lKQHLQGDV2SIHUVFKOlJW ª*DOJHQXQG.UlKHQ©]LVFKWHHUXQGHVVFKDXGHUWHVLHVRDEVFKHXOLFK KDWWHVLFKGLH6WLPPHYHUlQGHUWª6FKZDFKVLQQLJHU*UHLV:DVLVW(RUOV 5HL$QJHON#KWWSFRODHERRN]IELGH
+DXVDQGHUHVDOVHLQHVWURKJHGHFNWH6FKHXQHZR6WUDHQUlXEHULQVWLQNL JHP5DXFKWULQNHQXQGLKUH6SU|OLQJHVLFK]ZLVFKHQGHQ+XQGHQDXI GHP)XERGHQVLHOHQ" =XODQJHVLQGVLHVHOEVWGHP*DOJHQHQWURQQHQ 'RFKGHU)DOOVWULFNNRPPWODQJVDP]LHKWVLFKGLH6FKOLQJH]XIHVWXQG KDUW]XOHW]W+lQJWZHQ,KUZROOW©-HW]WlQGHUWHVLFKVHLQH6WLPPHZLH GHUZlKUHQGHUDOOPlKOLFKVHLQH6HOEVWEHKHUUVFKXQJ]XUFNJHZDQQª,FK ZHLQLFKWZDUXPLFKGLH*HGXOGDXIEULQJHPLW(XFK]XUHGHQ'HQQLFK EUDXFKH(XFKQLFKWXQGDXFKQLFKW(XUHNOHLQH%DQGHJDORSSLHUHQGHU5HL WHUHEHQVREHUHLW]XU)OXFKWZLH]XP$QJULII7KpRGHQ3IHUGHKHUU9RU ODQJHU=HLWERWLFK(XFKHLQH0DFKWVWHOOXQJDQGLH(XHU9HUGLHQVWXQG (XUHQ9HUVWDQGEHUVWLHJ,FKKDEHGDV$QJHERWZLHGHUKROWVRGDMHQH GLH,KULQGLH,UUHIKUWGHXWOLFKVHKHQN|QQHQZHOFKHUDQGHUH:HJ]XU :DKOVWHKW,KUEHUVFKWWHWPLFKPLW3UDKOHUHLHQXQG6FKPlKXQJHQ6R VHLHVGHQQ.HKUWKHLPLQ(XUH+WWHQ $EHUGX*DQGDOI8PGLFK]XPLQGHVWJUlPHLFKPLFKGHQQGHLQH 6FKDQGHGDXHUWPLFK:LHNRPPWHVGDGXVROFKH*HVHOOVFKDIWHUWUDJHQ NDQQVW"'HQQGXELVWVWRO]*DQGDOI² XQGQLFKWRKQH9HUVWDQGKDVW HLQHQHGOHQ6LQQXQG$XJHQGLHVRZRKOWLHIDOVDXFKZHLWVHKHQ1LFKW HLQPDOMHW]WZLOOVWGXDXIPHLQHQ5DWK|UHQ"©*DQGDOIVFKDXWHKLQDXI ª:DVKDVWGX]XVDJHQZDVGXQLFKWVFKRQEHLXQVHUHUOHW]WHQ%HJHJQXQJ JHVDJWKlWWHVW"©IUDJWHHUª2GHUYLHOOHLFKWKDVWGXHWZDV ]XZLGHUUXIHQ"© 6DUXPDQ]|JHUWHª:LGHUUXIHQ"©ZLHGHUKROWHHUDOVREHUDQJHVWUHQJW QDFKGlFKWHª:LGHUUXIHQ",FKWUDFKWHWHGLU]XGHLQHP1XW]XQG)URP PHQ]XUDWHQDEHUGXKDVWNDXP]XJHK|UW'XELVWVWRO]XQGOLHEVWHV QLFKW5DW]XHPSIDQJHQGHQQGXKDVWIUZDKUHLQHQHLJHQHQ6FKDW]DQ :HLVKHLW$EHUEHLMHQHU*HOHJHQKHLWLUUWHVWGXJODXEHLFKXQGKDVW PHLQH$EVLFKWHQEHZXWIDOVFKDXVJHOHJW,FKIUFKWHGDLFKLQPHLQHP (LIHUGLFK]XEHU]HXJHQGLH*HGXOGYHUORU8QGGDVEHGDXHUHLFKZLUN OLFK'HQQLFKKHJWHNHLQHQ*UROOJHJHQGLFKXQGVHOEVWMHW]WKHJHLFK NHLQHQ*UROOREZRKOGX]XPLU]XUFNNHKUVWLQGHU*HVHOOVFKDIWYRQ*H ZDOWWlWLJHQXQG8QZLVVHQGHQ:LHVROOWHLFKDXFK"6LQGZLUQLFKWEHLGH 0LWJOLHGHUHLQHVKRKHQXQGDOWHQ2UGHQVGHVKHUYRUUDJHQGVWHQLQ0LWWHO HUGH"8QVHUH)UHXQGVFKDIWZUGHXQVEHLGHQ]XP1XW]HQJHUHLFKHQ9LHO N|QQWHQZLUQRFKJHPHLQVDPYROOEULQJHQXPGLH:LUUHQGHU:HOW]XEH UHLQLJHQ/DXQVHLQDQGHUYHUVWHKHQXQGGLHVHJHULQJHUHQ/HXWHDXVXQ VHUHQ*HGDQNHQ YHUEDQQHQ/DVLHXQVHUHU(QWVFKHLGXQJHQKDUUHQ8P GHV*HPHLQZRKOVZLOOHQELQLFKEHUHLWGDV*HZHVHQH]XEHULFKWLJHQXQG GLFK]XHPSIDQJHQ:LOOVWGXGLFKQLFKWPLWPLUEHUDWHQ":LOOVWGXQLFKW KHUDXINRPPHQ"© 6RJURZDUGLH0DFKWGLH6DUXPDQEHLVHLQHUOHW]WHQ$QVWUHQJXQJ DXVEWHGDNHLQHUGHULQ+|UZHLWHVWDQGXQEHHLQGUXFNWEOLHE'RFK MHW]WZDUGLH9HU]DXEHUXQJHLQHY|OOLJDQGHUH6LHK|UWHQGLHPLOGHQ9RU ZUIHHLQHVJWLJHQ.|QLJVJHJHQHLQHQLUUHQGHQDEHUYLHOJHOLHEWHQ'LH QHU'RFKZDUHQVLHDXVJHVFKORVVHQODXVFKWHQQXUDQGHU7UDXI:RUWH GLHQLFKWIUVLHEHVWLPPWZDUHQXQHU]RJHQH.LQGHURGHUGXPPH'LHQVW ERWHQGLHHLQVFKZHUYHUVWlQGOLFKHV*HVSUlFKGHUbOWHUHQPLWDQK|UHQ XQGVLFK*HGDQNHQGDUEHUPDFKHQZLHHVVLFKDXILKU6FKLFNVDODXVZLU NHQZHUGH$XVHGOHUHP+RO]ZDUHQGLHVHEHLGHQJHVFKQLW]WYHUHKUXQJV ZUGLJXQGZHLVH(VZDUXQYHUPHLGOLFKGDVLHHLQ%QGQLVHLQJHKHQ ZUGHQ*DQGDOIZUGHLQGHQ7XUPKLQDXIVWHLJHQXPLQGHQKRKHQ*H PlFKHUQYRQ2UWKDQFWLHIJUQGLJH'LQJH]XHU|UWHUQGLHVLHQLFKW]XEH 5HL$QJHON#KWWSFRODHERRN]IELGH
JUHLIHQYHUPRFKWHQ'LH7UZUGHJHVFKORVVHQZHUGHQXQGVLHZUGHQ GUDXHQEOHLEHQZHJJHVFKLFNWXPGLHLKQHQ]XJHWHLOWH$UEHLWRGHU 6WUDIH]XHUZDUWHQ6HOEVWLQ7KpRGHQV*HLVWQDKPGHU*HGDQNH*HVWDOW DQZLHHLQ6FKDWWHQGHV=ZHLIHOVª(UZLUGXQVYHUUDWHQHUZLUGJHKHQ XQGZLUZHUGHQYHUORUHQVHLQ© 'DQQODFKWH*DQGDOI'DV7UXJELOGYHUVFKZDQGZLHHLQ5DXFKZ|ON FKHQ ª6DUXPDQ6DUXPDQ©VDJWH*DQGDOILPPHUQRFKODFKHQGª6DUXPDQ GXKDVWGHLQHQ%HUXIYHUIHKOW'XKlWWHVWGHV.|QLJV+RIQDUUVHLQXQG GHLQ%URWXQGDXFK6FKOlJHGDPLWYHUGLHQHQVROOHQGDGXVHLQH5DWJHEHU QDFKlIIVW'XPHLQH*WH©(UKLHOWLQQHXPEHUVHLQH+HLWHUNHLWKLQ ZHJ]XNRPPHQª(LQDQGHUYHUVWHKHQ",FKIUFKWHPLFKNDQQVWGXQLFKW EHJUHLIHQ$EHUGLFK6DUXPDQYHUVWHKHLFKMHW]WQXU]XJXW'HLQH%H ZHLVIKUXQJHQXQGGHLQH7DWHQKDEHLFKEHVVHULP*HGlFKWQLVDOVGXDQ QLPPVW$OVLFKGLFK]XOHW]WEHVXFKWHZDUVWGXGHU*HIlQJQLVZlUWHUYRQ 0RUGRUXQGGRUWKLQVROOWHLFKJHVFKLFNWZHUGHQ1HLQGHU*DVWGHUYRP 'DFKIOLHKWZLUGHVVLFK]ZHLPDOEHUOHJHQHKHHUGXUFKGLH7U]XUFN NRPPW1HLQLFKJODXEHQLFKWGDLFKKLQDXINRPPHQZHUGH$EHUK|UH 6DUXPDQ]XPOHW]WHQPDO:LOOVWGXQLFKWKHUXQWHUNRPPHQ",VHQJDUWKDW VLFKDOVZHQLJHUVWDUNHUZLHVHQDOVGXJHKRIIWXQGGLUHLQJHELOGHWKDWWHVW 6RPDJHVDXFKPLWDQGHUHQ'LQJHQJHKHQDXIGLHGXQRFKYHUWUDXVW :lUHHVQLFKWJXW,VHQJDUWIUHLQH:HLOH]XYHUODVVHQ"6LFKYLHOOHLFKW QHXHQ'LQJHQ]X]XZHQGHQ"hEHUOHJHHV6DUXPDQ:LOOVWGXQLFKWKHUXQ WHUNRPPHQ"© (LQ6FKDWWHQ]RJEHU6DUXPDQV*HVLFKWGDQQZXUGHHVWRWHQEOD(KH HUHVYHUEHUJHQNRQQWHVDKHQVLHKLQWHUGHU0DVNHGLH6HHOHQTXDOHLQHV =ZHLIHOQGHQGHUDQVHLQHU=XIOXFKWVWlWWHQLFKWEOHLEHQZLOOVLFKDEHU IUFKWHWVLH]XYHUODVVHQ(LQH6HNXQGH]|JHUWHHUXQGDOOHKLHOWHQGHQ $WHPDQ'DQQVSUDFKHUXQGVHLQH6WLPPHZDUVFKULOOXQGNDOW6WRO] XQG+DJHZDQQHQGLH2EHUKDQGEHULKQ ª:LOOLFKKHUXQWHUNRPPHQ"©VSRWWHWHHUª.RPPWHLQXQEHZDIIQHWHU 0DQQYRUGLH7U XPPLW5lXEHUQ]XUHGHQ",FKNDQQGLFKYRQKLHUDXV JXWJHQXJK|UHQ,FKELQNHLQ1DUUXQGLFKWUDXHGLUQLFKW*DQGDOI6LH VWHKHQQLFKWRIIHQDXIPHLQHU7UHSSHDEHULFKZHLZRGLHZLOGHQ:DOG JHLVWHUDXIGHLQHQ%HIHKOODXHP© ª9HUUlWHUVLQGLPPHUDUJZ|KQLVFK©DQWZRUWHWH*DQGDOIPGHª'X EUDXFKVWQLFKWIUGHLQ/HEHQ]XIUFKWHQ,FKZLOOGLFKQLFKWW|WHQRGHU YHUOHW]HQZLHGXZLVVHQZUGHVWZHQQGXPLFKZLUNOLFKYHUVWQGHVW 8QGLFKKDEHGLH0DFKWGLFK]XVFKW]HQ,FKELHWHGLUHLQHOHW]WH*HOH JHQKHLW'XNDQQVW2UWKDQFYHUODVVHQIUHL² ZHQQGXHVZQVFKVW© ª'DVNOLQJWJXW©K|KQWH6DUXPDQª*DQ]XQGJDUQDFKGHU$UWYRQ *DQGDOIGHP*UDXHQVRKHUDEODVVHQGXQGVREHUDXVIUHXQGOLFK,FK ]ZHLIOHQLFKWGDGX2UWKDQFSDVVHQGXQGPHLQ)RUWJHKHQ]ZHFNGLHQOLFK ILQGHQZUGHVW'RFKZDUXPVROOWHLFKGHQ:XQVFKKDEHQIRUW]XJHKHQ" 8QGZDVPHLQVWGXPLW!IUHL"(VJLEW%HGLQJXQJHQQHKPHLFKDQ"© ª*UQGHIUGDV)RUWJHKHQNDQQVWGXYRQGHLQHQ)HQVWHUQDXVVHKHQ© DQWZRUWHWH*DQGDOIª$QGHUHZHUGHQGLUQRFKHLQIDOOHQ'HLQH'LHQHU VLQGYHUQLFKWHWXQGYHUVWUHXWGHLQH1DFKEDUQKDVWGXGLU]X)HLQGHQJH PDFKWXQGGHLQHQQHXHQ+HUUQKDVWGXEHWURJHQRGHUHVZHQLJVWHQVYHU VXFKW:HQQVHLQ$XJHVLFKKLHUKHUZHQGHWZLUGHVGDVURWH$XJHGHV =RUQVVHLQ $EHUZHQQLFK!IUHLVDJHGDQQPHLQHLFK!IUHLIUHLYRQ 5HL$QJHON#KWWSFRODHERRN]IELGH
)HVVHOQ.HWWHQRGHU%HIHKO]XJHKHQZRKLQGXZLOOVWVRJDU² VRJDU QDFK0RUGRU6DUXPDQZHQQGXHVZQVFKVW'RFK]XHUVWZLUVWGXPLU GHQ6FKOVVHOYRQ2UWKDQFDXVKlQGLJHQXQGGHLQHQ6WDE6LHVROOHQ8Q WHUSIlQGHUVHLQIUGHLQ9HUKDOWHQXQGGLUVSlWHU]XUFNJHJHEHQZHUGHQ ZHQQGXVLHYHUGLHQVW© 6DUXPDQV*HVLFKWZXUGHOHLFKHQEODZXWYHU]HUUWXQGHLQURWHV)XQ NHOQOHXFKWHWHLQVHLQHQ$XJHQDXI(UODFKWHK|KQLVFKª6SlWHU©ULHIHU XQGVHLQH6WLPPHZXUGHVFKULOOª6SlWHU-D:HQQGXDXFKGLH6FKOVVHO YRQ%DUDGGUVHOEVWKDVWQHKPHLFKDQXQGGLH.URQHQYRQVLHEHQ .|QLJHQXQGGLH6WlEHGHU)QI=DXEHUHUXQGGXGLUHLQ3DDU6WLHIHOEH VRUJWKDVWGLHIQI1XPPHUQJU|HUVLQGDOVGLH GLHGXMHW]WWUlJVW(LQ EHVFKHLGHQHU3ODQ.DXPHLQHUEHLGHPPHLQH+LOIHQ|WLJLVW,FKKDEH DQGHUHV]XWXQ6HLNHLQ1DUU:HQQGXPLWPLUYHUKDQGHOQZLOOVW VRODQJHGXHLQH0|JOLFKNHLWKDVWJHKHZHJXQGNRPPH]XUFNZHQQGX QFKWHUQELVW8QGEULQJHGLHVH+DOVDEVFKQHLGHUXQGGDVNOHLQH/XPSHQ SDFNGDVDQGHLQHQ5RFNVFK|HQEDXPHOWQLFKWZLHGHUPLW*XWHQ7DJ© (UZDQGWHVLFKXPXQGYHUOLHGHQ%DONRQ ª.RPP]XUFN6DUXPDQ©VDJWH*DQGDOILQEHIHKOHQGHP7RQ=XU 9HUZXQGHUXQJGHUDQGHUHQZDQGWHVLFK6DUXPDQZLHGHUXPXQGDOVRE HUJHJHQVHLQHQ:LOOHQJH]RJHQZUGHNDPHUODQJVDP]XGHPHLVHUQHQ *HOlQGHU]XUFNVWW]WHVLFKGDUDXIXQGDWPHWHPKVDP6HLQ*HVLFKW ZDUUXQ]OLJXQG]XVDPPHQJHVFKUXPSIW6HLQH+DQGXPNODPPHUWHGHQ VFKZHUHQVFKZDU]HQ6WDEZLHHLQH.ODXH ª,FKKDEHGLUQLFKWHUODXEW]XJHKHQ©VDJWH*DQGDOIVWUHQJª,FKELQ QRFKQLFKWIHUWLJ'XELVWHLQ1DUUJHZRUGHQ6DUXPDQXQGGHQQRFKEH PLWOHLGHQVZHUW1RFKMHW]WKlWWHVWGXYRQ7RUKHLWXQG%RVKHLWDEODVVHQ XQGQW]OLFKVHLQN|QQHQ$EHUGXKDVWGLFKGDIUHQWVFKLHGHQ]XEOHL EHQXQGDQGHQ=LHOHQGHLQHUDOWHQ5lQNHZHLWHU]XQDJHQ$OVREOHLEH $EHULFKZDUQHGLFKGXZLUVWQLFKWOHLFKWZLHGHUKHUDXVNRPPHQ1LFKW HKHGLHGXQNOHQ+lQGHGHV2VWHQVQDFKGLUJUHLIHQ6DUXPDQ©ULHIHU XQGVHLQH6WLPPHQDKPDQ.UDIWXQG1DFKGUXFN]Xª6LHKHLFKELQQLFKW *DQGDOIGHU*UDXHGHQGXEHWURJHQKDVW,FKELQ*DQGDOIGHU:HLHGHU YRP7RGH]XUFNJHNHKUWLVW'XKDVWMHW]WNHLQH)DUEHXQGLFKYHUVWRH GLFKDXVGHP2UGHQXQGDXVGHP5DW© (U KREGLH+DQGXQGVSUDFKODQJVDPPLWHLQHUNODUHQNDOWHQ6WLPPH ª6DUXPDQGHLQ6WDELVW]HUEURFKHQ©0DQK|UWHHLQ.QDFNHQGHU6WDE ]HUVSOLWWHUWHLQ6DUXPDQV+DQGXQGVHLQREHUHV(QGHILHO*DQGDOIYRUGLH )Hª*HK©VDJWH*DQGDOI0LWHLQHP6FKUHLZLFK6DUXPDQ]XUFNXQG NURFKGDYRQ,QGLHVHP$XJHQEOLFNZXUGHHLQVFKZHUHUJOlQ]HQGHU*H JHQVWDQGYRQREHQKHUDEJHVFKOHXGHUW(USUDOOWHYRQGHPHLVHUQHQ*HOlQ GHUDEDOV6DUXPDQHVJHUDGHYHUODVVHQKDWWHVDXVWHGLFKWDQ*DQGDOIV .RSIYRUEHLXQGILHODXIGLH7UHSSHQVWXIHDXIGHUHUVWDQG'DV*HOlQGHU JDEHLQHQKHOOHQ7RQYRQVLFKXQG]HUEDUVW'LH6WXIH]HUVSUDQJXQG ]HUVSOLWWHUWH]XJOLW]HUQGHQ%UXFKVWFNHQ$EHUGHU%DOOZDUXQEHVFKl GLJWHUUROOWHGLH6WXIHQKLQDEHLQH.ULVWDOONXJHOGXQNHOYRQHLQHPLQ QHUHQ)HXHUHUKHOOW$OVVLHZHLWHUVSUDQJ]XHLQHP7PSHOOLHI3LSSLQ KLQWHUGUHLQXQGKREVLHDXI ª'LHVHU0RUGEXEH©ULHIeRPHU$EHU*DQGDOIZDUXQJHUKUWª1HLQ GDVLVWQLFKWYRQ6DUXPDQJHZRUIHQZRUGHQ©VDJWHHUªQLFKWHLQPDODXI VHLQ*HKHLJODXEHLFK(VNDPYRQHLQHP)HQVWHUZHLWHUREHQ(LQ$E VFKLHGVJHVFKRYRQ+HUUQ6FKODQJHQ]XQJHYHUPXWHLFKDEHUVFKOHFKWJH 5HL$QJHON#KWWSFRODHERRN]IELGH
]LHOW© ª9LHOOHLFKWGHVKDOEVFKOHFKWJH]LHOWZHLOHUVLFKQLFKWGDUEHUNODUZHU GHQNRQQWHZHQHUPHKUKDWHGLFKRGHU6DUXPDQ©VDJWH$UDJRUQ ª'DVPDJZRKOVHLQ©VDJWH*DQGDOIª*HUPJHQ7URVWZHUGHQGLHEHL GHQGDULQILQGHQHLQDQGHU*HVHOOVFKDIW]XOHLVWHQVLHZHUGHQVLFKJHJHQ VHLWLJPLW:RUWHQ]HUPUEHQ$EHUGLH6WUDIHLVWJHUHFKW:HQQ6FKODQ JHQ]XQJHMHPDOVDXV2UWKDQFKHUDXVNRPPWGDQQLVWGDVPHKUDOVHU YHUGLHQW ª.RPPPHLQ-XQJHGDVQHKPHLFK,FKKDEHGLFKQLFKWDXIJHIRUGHUW HVDQ]XIDVVHQ©ULHIHUDOVHUVLFKUDVFKXPGUHKWHXQGVDKZLH3LSSLQGLH 7UHSSHKHUDXINDPODQJVDPDOVREHUHLQHVFKZHUH/DVWWUJH(UJLQJ LKPHQWJHJHQQDKPGHP+REELWKDVWLJGLHGXQNOH.XJHODEXQGYHUEDUJ VLHLQGHQ)DOWHQVHLQHV0DQWHOVª'DVZHUGHLFKLQ9HUZDKUXQJQHK PHQ©VDJWHHUª'LHVHV'LQJKlWWH6DUXPDQEHVWLPPWQLFKWJHUQZHJJH ZRUIHQ© ª$EHUYLHOOHLFKWKDWHUQRFKDQGHUH'LQJHGLHHUZHUIHQNDQQ©VDJWH *LPOLª:HQQGLHVGDV(QGHGHU8QWHUKDOWXQJLVWGDQQODWXQVZHQLJ VWHQVDXVGHU6WHLQZXUIZHLWHKHUDXVJHKHQ© ª(VLVWGDV(QGH©VDJWH*DQGDOIª/DWXQVJHKHQ© 6LHNHKUWHQGHQ7UHQYRQ2UWKDQFGHQ5FNHQXQGJLQJHQKLQXQWHU 'LH5HLWHUMXEHOWHQGHP.|QLJYROO)UHXGH]XXQGJUWHQ*DQGDOI6DUX PDQV=DXEHUEDQQZDUJHEURFKHQVLHKDWWHQJHVHKHQZLHHUDXIHLQHQ 5XIKLQNDPXQGGDYRQNURFKHQWODVVHQ ª6RGDVLVWHUOHGLJW©VDJWH*DQGDOIª-HW]WPXLFK%DXPEDUWVXFKHQ XQGLKPVDJHQZLHGLH'LQJHYHUODXIHQVLQG© ª(UZLUGHVGRFKJHZLYHUPXWHWKDEHQ"©IUDJWH0HUU\ª%HVWDQGGLH :DKUVFKHLQOLFKNHLWGDVLHDQGHUVDXVJHKHQZUGHQ"© ª1HLQHVZDUQLFKWZDKUVFKHLQOLFK©DQWZRUWHWH*DQGDOIªREZRKOHV DQ HLQHP+DDUJHKDQJHQKDWWH$EHULFKKDWWH*UQGHHV]XYHUVXFKHQ HLQLJHEDUPKHU]LJHXQGDQGHUHGLHHVZHQLJHUZDUHQ=XPHUVWHQPDO ZXUGH6DUXPDQJH]HLJWGDGLH0DFKWVHLQHU6WLPPHLP6FKZLQGHQZDU (UNDQQQLFKWVRZRKO*HZDOWKHUUVFKHUDOVDXFK5DWJHEHUVHLQ:HQQGLH =HLWIUGLH9HUVFKZ|UXQJUHLILVWEOHLEWVLHQLFKWOlQJHUJHKHLP'HQ QRFKJHULHWHULQGLH)DOOHXQGYHUVXFKWHPLWVHLQHQ2SIHUQHLQ]HOQIHU WLJ]XZHUGHQZlKUHQGDQGHUH]XK|UWHQ'DQQJDELFKLKPHLQHOHW]WHXQG ELOOLJH*HOHJHQKHLW VLFK]XHQWVFKHLGHQVRZRKO0RUGRUDOVDXFKVHLQH HLJHQHQ3OlQHDXI]XJHEHQXQGGDGXUFK:LHGHUJXWPDFKXQJ]XOHLVWHQ GDHUXQVLQXQVHUHU1RWKLOIW(UNHQQWXQVHUH1RWQLHPDQGEHVVHUDOV HU6HKUQW]OLFKKlWWHHUXQVVHLQN|QQHQ$EHUHUKDWHVYRUJH]RJHQ XQVGLH+LOIH]XYHUVDJHQXQGGLH0DFKWYRQ2UWKDQF]XEHKDOWHQ(UZLOO QLFKWGLHQHQVRQGHUQEHIHKOHQ-HW]WOHEWHULQ$QJVWYRUGHP6FKDWWHQ YRQ0RUGRUXQGGHQQRFKWUlXPWHUGDYRQGHQ6WXUP]XEHUVWHKHQ 8QVHOLJHU1DUU(UZLUGYHUVFKOXQJHQZHUGHQZHQQGLH0DFKWGHV 2VWHQVLKUH$UPHQDFK,VHQJDUWDXVVWUHFNW:LUN|QQHQ2UWKDQFQLFKW YRQDXHQ]HUVW|UHQDEHU6DXURQ² ZHUZHLZDVHUWXQNDQQ"© ª8QGZHQQ6DXURQQLFKWVLHJW":DVZLUVWGXLKPGDQQDQWXQ"©IUDJWH 3LSSLQ ª,FK"1LFKWV©VDJWH*DQGDOIª,FKZLOOLKPQLFKWVDQWXQ,FKWUDFKWH QLFKWQDFK+HUUVFKDIW:DVDXVLKPZHUGHQZLUG"'DVNDQQLFKQLFKW VDJHQ(VJUlPWPLFKGDVRYLHOHVZDVJXWZDUQXQLQGHP7XUPYHU URWWHW,PPHUKLQVLQGGLH'LQJHIUXQVQLFKWVFKOHFKWJHJDQJHQ6HOWVDP 5HL$QJHON#KWWSFRODHERRN]IELGH
VLQGGLH:HQGXQJHQGHV6FKLFNVDOV2IWVFKDGHW+DVLFKVHOEVW,FK VWHOOHPLUYRUVHOEVWZHQQZLUKLQHLQJHJDQJHQZlUHQKlWWHQZLUQXU ZHQLJ6FKlW]HLQ2UWKDQFILQGHQN|QQHQGLHNRVWEDUHUZlUHQDOVGDV 'LQJGDV6FKODQJHQ]XQJHDXIXQVKHUDEJHZRUIHQKDW© (LQVFKULOOHU6FKUHLGHUSO|W]OLFKDEEUDFKNDPDXVHLQHPRIIHQHQ)HQ VWHUKRFKREHQ ª(VVFKHLQWGD6DUXPDQGDVDXFKILQGHW©VDJWH*DQGDOIªhEHUODVVHQ ZLUVLHVLFKVHOEVW© 6LHNHKUWHQQXQ]XGHP]HUVW|UWHQ7RU]XUFN.DXPZDUHQVLHXQWHU GHP*HZ|OEHERJHQKLQGXUFKJHJDQJHQDOV%DXPEDUWXQGHLQ'XW]HQGDQ GHUHU(QWVDXVGHQ6FKDWWHQGHUDXIJHKlXIWHQ6WHLQHZRVLHJHVWDQGHQ KDWWHQKHUDXVNDPHQ$UDJRUQ*LPOLXQG/HJRODVVWDUUWHQVLHYHUZXQ GHUWDQ ª+LHUVLQGGUHLPHLQHU*HIlKUWHQ%DXPEDUW©VDJWH*DQGDOIª,FKKDEH YRQLKQHQJHVSURFKHQDEHU,KUKDEWVLHQRFKQLFKWJHVHKHQ©(UQDQQWH LKUH1DPHQ 'HU$OWH(QWVDKVLHODQJHXQGIRUVFKHQGDQXQGVSUDFKGDQQQDFKHLQ DQGHUPLWLKQHQ=XOHW]WZDQGWHHUVLFKDQ/HJRODVª6RVHLG,KUDOVRGHQ JDQ]HQ:HJYRQ'VWHUZDOGKHUJHNRPPHQPHLQJXWHU(OE"(LQVHKU JURHU:DOGZDUHVHLQVW© ª8QGLVWHVQRFK©VDJWH/HJRODVª$EHUQLFKWVRJURGDZLUGLH ZLUGRUWOHEHQHVMHPGHZUGHQQHXH%lXPH]XVHKHQ,FKZUGHEHU DXVJHUQLQ)DQJRUQV:DOGZDQGHUQ,FKELQNDXPEHUVHLQHQ6DXPKLQ DXVJHODQJWXQGKDWWHQLFKWGHQ:XQVFKXP]XNHKUHQ© %DXPEDUWV$XJHQVWUDKOWHQYRU)UHXGHª,FKKRIIH(XHU:XQVFKZLUG (XFKHUIOOWHKHGLH%HUJHYLHOlOWHUVLQG©VDJWHHU ª,FKZHUGHNRPPHQZHQQLFK*HOHJHQKHLWKDEH©VDJWH/HJRODVª,FK KDEHHLQ$ENRPPHQPLWPHLQHP)UHXQGJHWURIIHQGDZLUZHQQDOOHV JXWJHKWJHPHLQVDP)DQJRUQEHVXFKHQ² PLW(XUHU(UODXEQLV© ª-HGHU(OEGHUPLW(XFKNRPPWZLUGZLOONRPPHQVHLQ©VDJWH%DXP EDUW ª'HU)UHXQGYRQGHPLFKVSUHFKHLVWNHLQ(OE©VDJWH/HJRODVª,FK PHLQH*LPOL*OyLQV6RKQKLHU©*LPOLYHUEHXJWHVLFKWLHIXQGGLH$[W UXWVFKWHDXVVHLQHP*UWHOXQGILHONOLUUHQGDXIGHQ%RGHQ ª+XPKP-HQXQ©VDJWH%DXPEDUWXQGEOLFNWHLKQILQVWHUDQª(LQ =ZHUJXQG$[WWUlJHU +XP,FKELQGHQ(OEHQZRKOJHVLQQWDEHU,KU YHUODQJWYLHO'DVLVWHLQHVHOWVDPH)UHXQGVFKDIW© ª6HOWVDPPDJVLHHUVFKHLQHQ©VDJWH/HJRODVª$EHUVRODQJH*LPOLOHEW ZHUGHLFKQLFKWDOOHLQQDFK)DQJRUQNRPPHQ6HLQH$[WLVWQLFKWIU %lXPHVRQGHUQIU2UNQDFNHQR)DQJRUQ+HUUYRQ)DQJRUQV:DOG =ZHLXQGYLHU]LJHUVFKOXJHULQGHU6FKODFKW© ª+X6DFKWHVDFKWH©VDJWH%DXPEDUWª'DVK|UWVLFKEHVVHUDQ1XQ GLH'LQJHZHUGHQLKUHQ/DXIQHKPHQHVLVWQLFKWQ|WLJLKQHQHQWJHJHQ ]XHLOHQ$EHUMHW]WPVVHQZLUXQVIUHLQH:HLOHWUHQQHQ'HU7DJ QlKHUWVLFKVHLQHP(QGHGRFK*DQGDOIVDJW,KUPWHWYRU(LQEUXFKGHU 1DFKWIRUWUHLWHQXQGGHU+HUUGHU0DUNLVWXQJHGXOGLJQDFK+DXVH]X NRPPHQ© ª-DZLUPVVHQJHKHQXQG]ZDUJOHLFK©VDJWH*DQGDOIª,FKIUFKWH LFKPX(XFK(XUH7RUKWHUIRUWQHKPHQ$EHU,KUZHUGHWDXFKRKQHVLH JDQ]JXW]XUHFKWNRPPHQ© ª'DVZHUGHLFKYLHOOHLFKW©VDJWH%DXPEDUWª$EHULFKZHUGHVLHYHU 5HL$QJHON#KWWSFRODHERRN]IELGH
PLVVHQ:LUVLQGLQVRNXU]HU=HLW)UHXQGHJHZRUGHQGDLFKJODXEHLFK ZHUGHDOOPlKOLFKKDVWLJ² YLHOOHLFKWZDFKVHLFKUFNZlUWVZLHGHUGHU -XJHQGHQWJHJHQ$EHUMHGHQIDOOVZDUHQVLHGLHHUVWHQQHXHQ/HEHZHVHQ XQWHUGHU6RQQHRGHUGHP0RQGGLHLFKVHLWVRPDQFKHPODQJHQODQJHQ 7DJJHVHKHQKDEH,FKKDEHLKUH1DPHQGHU/DQJHQ/LVWHDQJHIJW'LH (QWVZHUGHQVLHVLFKPHUNHQ (QWVGLH(UGVSURVVHDOWZLHGLH%HUJH :HLWKLQZDQGHUQGH:DVVHUWULQNHU 8QGKXQJULJZLH-lJHUGLH+REELWNLQGHU 'DVODFKHQGH9|ONFKHQGLHNOHLQHQ/HXWH XQGVLHVROOHQ)UHXQGHEOHLEHQVRODQJH%OlWWHUQHXHQWVWHKHQ/HEWZRKO $EHUZHQQLKUREHQLQHXUHPHUIUHXOLFKHQ/DQGLP$XHQODQG1HXHV K|UWGDQQJHEWPLU%HVFKHLG,KUZLWZDVLFKPHLQHZHQQLKUYRQGHQ (QWIUDXHQHWZDVK|UWRGHUVHKW.RPPWVHOEVWZHQQLKUN|QQW© ª'DVZHUGHQZLU©VDJWHQ0HUU\XQG3LSSLQDXVHLQHP0XQGHXQGVLH ZDQGWHQVLFKUDVFKDE%DXPEDUWVFKDXWHVLHDQVFKZLHJHLQH:HLOHXQG VFKWWHOWHQDFKGHQNOLFKGHQ.RSI'DQQZDQGWHHUVLFKDQ*DQGDOI ª6DUXPDQZROOWHDOVRQLFKWIRUWJHKHQ"©IUDJWHHUª,FKKDWWHHVDXFK QLFKWDQJHQRPPHQ6HLQ+HU]LVWVRYHUVWRFNWZLHGDVHLQHVVFKZDU]HQ +XRUQ,QGHVZlUHLFKEHVLHJWXQGDOOHPHLQH%lXPHYHUQLFKWHWZRUGHQ ZUGHLFKDXFKQLFKWKHUDXVNRPPHQZHQQLFKQRFKHLQGXQNOHV/RFK KlWWHXPPLFKGDULQ]XYHUVWHFNHQ© ª1HLQ©VDJWH*DQGDOIª$EHU,KUKDEWDXFKQLFKW5lQNHJHVFKPLHGHW XPGLHJDQ]H:HOWPLW(XUHQ%lXPHQ]XEHGHFNHQXQGDOOHDQGHUHQ/HEH ZHVHQ]XHUVWLFNHQ$EHUVRLVWHVQXQ6DUXPDQEOHLEWKLHUXPVHLQHQ +D]XQlKUHQXQGZLHGHUVROFKH1HW]H]XVSLQQHQZLHHUYHUPDJ(UKDW GHQ6FKOVVHO YRQ2UWKDQF$EHUHUGDUIQLFKWHQWIOLHKHQ© ª:LUNOLFKQLFKW'DIUZHUGHQGLH(QWVVRUJHQ©VDJWH%DXPEDUW ª6DUXPDQVROOQLFKWGHQ)XEHUGHQ)HOVHQKLQDXVVHW]HQRKQHPHLQH (UODXEQLV'LH(QWVZHUGHQLKQEHZDFKHQ© ª*XW©VDJWH*DQGDOIª'DVKDWWHLFKJHKRIIW-HW]WNDQQLFKJHKHQXQG PLFKDQGHUHQ'LQJHQ]XZHQGHQXQGKDEHHLQH6RUJHZHQLJHU$EHU,KU PWYRUVLFKWLJVHLQ'DV:DVVHULVWJHVXQNHQ(VZLUGQLFKWJHQXJVHLQ :DFKHQXPGHQ7XUPDXI]XVWHOOHQIUFKWHLFK,FK]ZHLIOHQLFKWGDUDQ GDWLHIH *lQJHXQWHU2UWKDQFJHJUDEHQZRUGHQVLQGXQG6DUXPDQKRIIW GRUWEDOGXQEHPHUNWHLQ XQGDXVJHKHQ]XN|QQHQ:HQQ,KUGLH0KH DXI(XFKQHKPHQZROOWGDQQELWWHLFK(XFKGDV:DVVHUZLHGHUKLQHLQ IOLHHQ]XODVVHQXQG]ZDUVRODQJHELV,VHQJDUW]XHLQHPVWHKHQGHQ*H ZlVVHUJHZRUGHQLVWRGHU,KUGLH$XVJlQJHHQWGHFNW:HQQDOOHXQWHULU GLVFKHQ5lXPHEHUIOXWHWXQGGLH$XVJlQJHYHUVSHUUWVLQGGDQQPX 6DUXPDQREHQEOHLEHQXQGDXVGHQ)HQVWHUQJXFNHQ© ªhEHUODWHVGHQ(QWV©VDJWH%DXPEDUWª:LUZHUGHQ GDV7DOYRQ REHQELV XQWHQDEVXFKHQXQGXQWHUMHGHP.LHVHOVWHLQQDFKVFKDXHQ(V NRPPHQZLHGHU%lXPHKHUXPKLHU]XOHEHQDOWH%lXPHZLOGH%lXPH 'HQ:DFKWZDOGZHUGHQZLULKQQHQQHQ1LFKWHLQ(LFKK|UQFKHQZLUG KLHUKHUXPODXIHQRKQHGDLFKGDYRQZHLhEHUODWHVGHQ(QWV(KH QLFKWGLH-DKUHLQGHQHQHUXQVJHTXlOWKDWVLHEHQPDOYHUVWULFKHQVLQG ZHUGHQZLUQLFKWPGHZHUGHQLKQ]XEHZDFKHQ
5HL$QJHON#KWWSFRODHERRN]IELGH
(/)7(6.$3,7(/ '(53$/$17,5
'LH6RQQHVDQNKLQWHUGHPODQJHQZHVWOLFKHQ$XVOlXIHUGHV*HELUJHV DOV*DQGDOIXQGVHLQH*HIlKUWHQXQGGHU.|QLJPLWVHLQHQ5HLWHUQYRQ ,VHQJDUWDXIEUDFKHQ *DQGDOIVHW]WH0HUU\KLQWHUVLFKXQG$UDJRUQQDKP3LSSLQ=ZHLGHU 0DQQHQGHV.|QLJVZXUGHQYRUDXVJHVFKLFNWXQGVLHULWWHQUDVFKXQG ZDUHQEDOGXQWHQLP7DOXQGDXHU6LFKWZHLWH'LHDQGHUHQIROJWHQLQJH PlFKOLFKHP6FKULWW ,QHLQHUIHLHUOLFKHQ5HLKHVWDQGHQ(QWVZLH6WDWXHQDP7RUVLHKDWWHQ LKUHODQJHQ$UPHJHKREHQJDEHQDEHUNHLQHQ7RQYRQVLFK0HUU\XQG 3LSSLQEOLFNWHQ]XUFNDOVVLHGLHJHZXQGHQH6WUDHHLQ6WFN KLQXQWHU JHULWWHQZDUHQ1RFKVFKLHQGLH6RQQHDP+LPPHODEHUODQJH6FKDWWHQ ODJHQEHU,VHQJDUWJUDXH7UPPHUGLHLQGHU'XQNHOKHLWYHUVDQNHQ %DXPEDUWVWDQGMHW]WDOOHLQGRUWZLHGHUIHUQH6WXPSIHLQHVDOWHQ%DXPV GLH+REELWVGDFKWHQDQLKUHHUVWH%HJHJQXQJDXIGHPVRQQLJHQ)HOVYRU VSUXQJZHLWHQWIHUQWDQ)DQJRUQV*UHQ]HQ 6LHNDPHQ]XGHU6lXOHGHU:HLHQ+DQG'LH6lXOHVWDQGQRFKDEHU GLHJHPHLHOWH+DQGZDUKHUXQWHUJHZRUIHQZRUGHQXQGLQNOHLQH6WFNH ]HUVSUXQJHQ*HQDXLQGHU0LWWHGHU6WUDH ODJGHU=HLJHILQJHUZHL LQGHU'lPPHUXQJVHLQURWHU1DJHOYHUGXQNHOWHVLFK]XVFKZDU] ª'LH(QWVDFKWHQDXIMHGH(LQ]HOKHLW©VDJWH*DQGDOI 6LHULWWHQZHLWHUXQGGHU$EHQGVHQNWHVLFKDXIGDV7DO ª5HLWHQZLUKHXWHDEHQGZHLW*DQGDOI"©IUDJWH0HUU\QDFKHLQHU :HLOHª,FKZHLQLFKWZLHGLU]XPXWHLVWZHQQNOHLQHV/XPSHQSDFN KLQWHUGLUEDXPHOWDEHUGDV/XPSHQSDFNLVWPGHXQGZLUGIURKVHLQ PLW%DXPHOQDXI]XK|UHQXQGVLFKKLQ]XOHJHQ© ª'XKDVWGDVDOVRJHK|UW"©IUDJWH*DQGDOIª/DHVGLFKQLFKWYHUGULH HQ6HLGDQNEDUGDNHLQHOlQJHUHQ:RUWHDQGLFKJHULFKWHWZXUGHQ(U KDWWHHXFKLP$XJH:HQQGDVHLQ7URVWLVWIUGHLQHQ6WRO]GDQQZUGH LFKVDJHQGDHULP$XJHQEOLFNPHKUDQGLFKXQG3LSSLQGHQNWDOVDQ DOOHDQGHUHQYRQXQV:HULKUVHLG ZLHLKUGRUWKLQNDPWXQGZDUXP ZDVLKUZLWRELKUJHIDQJHQJHQRPPHQZRUGHQZDUWXQGZHQQMDZLH LKUHQWNDPWDOVDOOH2UNV]XJUXQGHJLQJHQ² YRQVROFKHQNOHLQHQ5lWVHOQ ZLUG6DUXPDQVJURHU*HLVWJHSODJW(LQHK|KQLVFKH%HPHUNXQJYRQLKP 0HULDGRFLVWHLQH6FKPHLFKHOHLZHQQGXGLFKGXUFKVHLQH$QWHLOQDKPH JHHKUWIKOVW© ª'DQNH©VDJWH0HUU\ª$EHUHVLVWHLQHJU|HUH(KUHDQGHLQHQ 5RFNVFK|HQ]XEDXPHOQ*DQGDOI(UVWHQVHLQPDOKDWPDQLQGLHVHU/DJH *HOHJHQKHLWHLQH)UDJHHLQ]ZHLWHV0DO]XVWHOOHQ5HLWHQZLUKHXWHDEHQG ZHLW"© *DQGDOIODFKWHª1LFKWNOHLQ]XNULHJHQGLHVHU+REELW$OOH=DXEHUHU VROOWHQLQLKUHU2EKXWHLQRGHU]ZHL+REELWVKDEHQGLHGLH=DXEHUHUGLH %HGHXWXQJGHV:RUWVOHKUHQXQGVLHYHUEHVVHUQ,FKELWWHXP(QWVFKXOGL JXQJ$EHULFKKDEHPLUVRJDUEHUGLHVHHLQIDFKHQ'LQJH*HGDQNHQJH PDFKW:LUZHUGHQQRFKHLQSDDU6WXQGHQZHLWHUUHLWHQJHPlFKOLFKELV ZLU]XP(QGHGHV7DOVNRPPHQ0RUJHQPVVHQZLUVFKQHOOHUUHLWHQ $OVZLUNDPHQKDWWHQZLUYRUYRQ,VHQJDUWDXVVFKQXUVWUDFNVEHU GLH(EHQH]XP+DXVGHV.|QLJVLQ(GRUDV]XUFN]XNHKUHQHLQ5LWWYRQ HLQSDDU7DJHQ$EHUZLUKDEHQHVXQVEHUOHJWXQGGHQ3ODQJHlQGHUW 5HL$QJHON#KWWSFRODHERRN]IELGH
%RWHQVLQGVFKRQQDFK+HOPV.ODPPXQWHUZHJVXPGLH5FNNHKUGHV .|QLJVIUPRUJHQDQ]XNQGLJHQ9RQGRUWZLUGHUPLWYLHOHQ0DQQHQ DXI3IDGHQGXUFKGLH%HUJHQDFK'XQKDUJUHLWHQ9RQQXQDQVROOHQQLH PHKUDOV]ZHLRGHUGUHL]XVDPPHQRIIHQEHU/DQGJHKHQEHL7DJHRGHU 1DFKWZHQQHVVLFKYHUPHLGHQOlW© ª1LFKWVRGHUHLQHGRSSHOWH=XWHLOXQJGDVLVWGHLQH$UW©VDJWH0HUU\ ª,FKIUFKWHLFKVFKDXHQLFKWZHLWHUDOVELV]XP%HWWKHXWHQDFKW:R XQGZDVLVW+HOPV.ODPPXQGDOOHVDQGHUH",FKZHLQLFKWGDV*HULQJVWH EHUGLHVHV/DQG© ª'DQQOHUQVWGXEHVVHUHWZDVZHQQGXEHJUHLIHQZLOOVWZDVJHVFKLHKW $EHUQLFKWJHUDGHMHW]WXQGQLFKWYRQPLULFKPXEHU]XYLHOHGULQ JHQGH'LQJHQDFKGHQNHQ© ª*XWLFKZHUGHPLFKDP/DJHUIHXHUDQ6WUHLFKHUKHUDQPDFKHQHULVW ZHQLJHUUHL]EDU$EHUZDUXPDOOGLHVH*HKHLPKDOWXQJ",FKGDFKWHZLU KlWWHQGLH6FKODFKWJHZRQQHQ"© ª-DZLUKDEHQJHZRQQHQDEHUQXUGHQHUVWHQ6LHJHUUXQJHQXQGGDV YHUJU|HUWDQVLFKVFKRQXQVHUH*HIDKU(VJDELUJHQGHLQ%LQGHJOLHG]ZL VFKHQ,VHQJDUWXQG0RUGRUGDVLFKQRFKQLFKWHUJUQGHWKDEH:LHVLH 1DFKULFKWHQDXVWDXVFKWHQZHLLFKQLFKWJHQDXDEHUVLHWDWHQHV'DV $XJHYRQ%DUDGGUZLUGXQJHGXOGLJQDFKGHP=DXEHUHU7DOEOLFNHQ JODXEHLFKXQGQDFK5RKDQ-HZHQLJHUHVVLHKWXPVREHVVHU© 'LH6WUDH]RJVLFKODQJVDPLQV7DOKLQXQWHU(LQPDOHQWIHUQWHUHLQ PDOQlKHUIORGHU,VHQLQVHLQHPVWHLQLJHQ%HWW'LH1DFKWNDPYRP *HELUJHKHUDE'HUJDQ]H1HEHOKDWWHVLFKJHKREHQ(LQNDOWHU:LQG EOLHV'HU]XQHKPHQGH0RQGMHW]WVFKRQIDVWYROOHUIOOWHGHQ|VWOLFKHQ +LPPHOPLWHLQHPEOHLFKHQNKOHQ6FKHLQ'LH6FKXOWHUQGHV*HELUJHV]X LKUHU 5HFKWHQILHOHQDELQNDKOH%HUJH'LHZHLWH(EHQHHUVFKORVLFKJUDX YRULKQHQ 6FKOLHOLFKKLHOWHQVLHDQ'DQQYHUOLHHQVLHGLH6WUDHXQGULWWHQDXI GHPOLHEOLFKHQ+RFKODQGJUDVZHLWHU1DFKHLQHU0HLOHLQZHVWOLFKHU5LFK WXQJNDPHQVLH]XHLQHPVFKPDOHQ7DO(V|IIQHWHVLFKQDFK6GHQXQG VFKPLHJWHVLFKDQGHQ+DQJGHVUXQGHQ'RO%DUDQGHVOHW]WHQ%HUJVGHU Q|UGOLFKHQ.HWWHJUQDQVHLQHP)XGHU*LSIHOPLW+HLGHEHVWDQGHQ 'LH7DOVHLWHQZDUHQEHUZXFKHUWYRQYRUMlKULJHQ)DUQZHGHOQXQG]ZL VFKHQLKQHQVWLHHQGLHIHVW]XVDPPHQJHUROOWHQ)UKMDKUVWULHEHJHUDGH GXUFKGLHVGXIWHQGH(UGH'RPEVFKHVWDQGHQGLFKWDXIGHQXQWHUHQ +lQJHQXQGXQWHULKQHQVFKOXJHQVLHLKU/DJHUDXI]ZHL6WXQGHQHWZD YRUGHU0LWWHPDFKW,QHLQHU0XOGH]QGHWHQVLHHLQ)HXHUDQ]ZLVFKHQ GHQ:XU]HOQHLQHVDXVODGHQGHQ:HLGRPVJURZLHHLQ%DXPJH NUPPWYRP$OWHUDEHUJHVXQGLQMHGHP$VW.QRVSHQVFKZHOOWHQDQ MHGHU=ZHLJVSLW]H 3RVWHQZXUGHQDXIJHVWHOOWMHZHLOV]ZHLIUHLQH:DFKH'LHEULJHQ KOOWHQVLFKQDFKGHPVLH]X$EHQGJHJHVVHQKDWWHQLQHLQHQ0DQWHOXQG HLQH'HFNHXQGVFKOLHIHQ'LH+REELWVODJHQIUVLFKDOOHLQLQHLQHP:LQ NHODXIHLQHP+DXIHQYRQDOWHP)DUQ0HUU\ZDUVFKOlIULJDEHU3LSSLQ VFKLHQVHOWVDPXQUXKLJ'HU)DUQNQDFNWHXQGUDVFKHOWHZlKUHQG HUVLFK KHUXPZDUIXQGZlO]WH ª:DVLVWORV"©IUDJWH0HUU\ª/LHJVWGXDXIHLQHP$PHLVHQKDXIHQ"© ª1HLQ©VDJWH3LSSLQªDEHUHVLVWVRXQEHKDJOLFK,FKP|FKWHPDOZLV VHQZLHODQJHHVKHULVWGDLFKLQHLQHP%HWWJHVFKODIHQKDEH"© 0HUU\JlKQWHª=lKOHVDQGHQ)LQJHUQDE©VDJWHHUª'XPXWGRFK 5HL$QJHON#KWWSFRODHERRN]IELGH
ZLVVHQZLHODQJHHVKHULVWGDZLU/yULHQYHUOLHHQ© ª$FKGDV©VDJWH3LSSLQª,FKPHLQHHLQULFKWLJHV%HWWLQHLQHP 6FKODI]LPPHU© ª1DGDQQ%UXFKWDO©VDJWH0HUU\ª$EHULFKN|QQWHKHXWHEHUDOO VFKODIHQ© ª'XKDVW*OFNJHKDEW0HUU\©VDJWH3LSSLQOHLVHQDFKHLQHU3DXVH ª'XELVWPLW*DQGDOIJHULWWHQ© ª1DXQG"© ª+DVWGXLUJHQGZHOFKH1HXLJNHLWHQLUJHQGZHOFKH$XINOlUXQJHQDXV LKPKHUDXVJHKROW"© ª-DHLQHJDQ]H0HQJH0HKUDOVJHZ|KQOLFK$EHUGXKDVWHVDOOHV RGHUGDVPHLVWHGDYRQJHK|UW'XZDUVWJDQ]LQGHU1lKHXQGZLUKDEHQ NHLQH*HKHLPQLVVHDXVJHWDXVFKW$EHUPRUJHQNDQQVWGXPLWLKPUHLWHQ ZHQQGXJODXEVWGDGXPHKUDXVLKPKHUDXVKROHQNDQQVW² XQGZHQQ HUGLFKKDEHQZLOO© ª.DQQLFK"*XW$EHUHULVW]XJHNQ|SIWQLFKWZDKU"(UKDWVLFKJDQ] XQGJDUQLFKWJHlQGHUW© ª2KGRFK©VDJWH0HUU\XQGZDFKWHHLQELFKHQDXI(UEHJDQQVLFK]X IUDJHQZDVVHLQHQ*HIlKUWHQHLJHQWOLFKTXlOWHª(ULVWJHZDFKVHQRGHUVR HWZDVbKQOLFKHV(UNDQQVRZRKOIUHXQGOLFKHUDOVDXFKEHlQJVWLJHQGHU VRZRKOIU|KOLFKHUDOVDXFKIHLHUOLFKHUVHLQDOVIUKHUJODXEHLFK(UKDW VLFKYHUlQGHUWQXUKDEHQZLUQRFKNHLQH*HOHJHQKHLWJHKDEWIHVW]XVWHO OHQZLHVHKU$EHUGHQNHGRFKDQGHQOHW]WHQ7HLOGHU6DFKHPLW6DUX PDQ(ULQQHUHGLFKGD6DUXPDQHLQVW*DQGDOIV2EHUHUZDUGHU2EHUVWH GHV5DWVZDVLPPHUGDVJHQDXVHLQPDJ(UZDU6DUXPDQGHU:HLH *DQGDOILVWMHW]WGHU:HLH6DUXPDQNDPDOVHVLKPEHIRKOHQZXUGH XQGVHLQ6WDEZXUGHLKPJHQRPPHQXQGGDQQZXUGHLKPHLQIDFKEHIRK OHQ]XJHKHQXQGHUJLQJ© ª1DZHQQ*DQGDOIVLFKEHUKDXSWJHlQGHUWKDWGDQQLVWHU]XJH NQ|SIWHUGHQQMHGDVLVWDOOHV©EHKDXSWHWH3LSSLQª'LHVHU² *ODVEDOO ]XP%HLVSLHO(UVFKHLQWPlFKWLJHUIUHXWGDUEHU]XVHLQ(UZHLRGHU YHUPXWHWHWZDVGDUEHU$EHUVDJWHUXQVZDV"1HLQQLFKWHLQ:RUW ,PPHUKLQKDEHLFKLKQDXIJHKREHQXQGGDYRUEHZDKUWLQHLQHQ7PSHO ]XUROOHQ.RPPPHLQ-XQJHGDVQHKPHLFK² GDVZDUDOOHV,FKP|FKWH JHUQZLVVHQZDVIUHLQ'LQJGDVLVW(VZDUVRVHKUVFKZHU©3LSSLQ ZXUGHJDQ]OHLVHDOVREHUHLQ6HOEVWJHVSUlFKIKUWH ª$FKVR©VDJWH0HUU\ªGDVLVWHVZDVGLFKSODJW"1XQ3LSSLQPHLQ -XQJHYHUJLQLFKW*LOGRUV$XVVSUXFK² GHQ6DPLPPHUDQIKUWH 0LVFKGLFKQLFKWLQGLH$QJHOHJHQKHLWHQYRQ=DXEHUHUQHLQGHQQVLH VLQGVFKZLHULJXQGUDVFKHU]UQW© ª$EHUVHLW0RQDWHQZDUXQVHUJDQ]HV/HEHQQXUHLQHLQ]LJHV(LQPL VFKHQLQGLH$QJHOHJHQKHLWHQYRQ=DXEHUHUQ©VDJWH3LSSLQª,FKKlWWH JHUQHLQSDDU$XVNQIWHXQGQLFKWQXU*HIDKU,FKZUGHPLUGHQ%DOO JHUQPDOJHQDXDQVHKHQ© ª6FKODIMHW]W©VDJWH0HUU\ª)UKHURGHUVSlWHUZLUVWGXJHQXJHU IDKUHQ0HLQOLHEHU3LSSLQNHLQ7XNKDWMHPDOVHLQHQ%UDQG\ERFNDQ 1HXJLHUEHUWURIIHQDEHULVWGDVMHW]WGHUULFKWLJH=HLWSXQNW"© ª6FKRQJXW:DVVFKDGHWHVZHQQLFKGLUVDJHZDVLFKJHUQP|FKWH HLQHQ%OLFNDXIGLHVHQ6WHLQZHUIHQ",FKZHLGDLFKLKQQLFKWKDEHQ NDQQZHLOGHUDOWH*DQGDOIGUDXIVLW]WZLHHLQH+HQQHDXIGHP(L$EHU HVKLOIWPLUQLFKWYLHOZHQQLFKYRQGLUQLFKWVK|UHDOVGXNDQQVWHV 5HL$QJHON#KWWSFRODHERRN]IELGH
QLFKWKDEHQDOVRVFKODI© ª:DVN|QQWHLFKVRQVWVDJHQ"©IUDJWH0HUU\ª(VWXWPLUOHLG3LSSLQ DEHUGXPXWZLUNOLFKELV]XP0RUJHQZDUWHQ1DFKGHP)UKVWFN ZHUGHLFKHEHQVRQHXJLHULJVHLQZLHGXXQGDXIMHGHQXUP|JOLFKH:HLVH EHKLOIOLFKVHLQEHLP=DXEHUHU%HVFKZDW]HQ$EHULFKNDQQMHW]WQLFKW OlQJHUZDFKEOHLEHQ:HQQLFKQRFKHLQPDOJlKQHZHUGHLFK.LHIHUVSHUUH EHNRPPHQ*XWH1DFKW© 3LSSLQVDJWHQLFKWVPHKU(UODJMHW]WVWLOOGRFKGHU6FKODIZROOWHQLFKW NRPPHQXQGHUZXUGHDXFKQLFKWJHI|UGHUWGXUFKGDVOHLVH$WHPJH UlXVFKYRQ0HUU\GHUHLQSDDU0LQXWHQQDFKGHPHU*XWH1DFKWJHVDJW KDWWHHLQJHVFKODIHQZDU'HU*HGDQNHDQGLHGXQNOH.XJHOVFKLHQVWlUNHU ]XZHUGHQDOVDOOHVUXKLJZXUGH3LSSLQVSUWHZLHGHULKU*HZLFKWLQGHQ +lQGHQXQGVDKZLHGHUGLHJHKHLPQLVYROOHURWH7LHIHLQGLHHUHLQHQ $XJHQEOLFNJHVFKDXWKDWWH(UZDUIVLFKKLQXQGKHUXQGYHUVXFKWHDQ HWZDVDQGHUHV]XGHQNHQ 6FKOLHOLFKNRQQWHHUHVQLFKWOlQJHUHUWUDJHQ(UVWDQGDXIXQGVFKDXWH VLFKXP(VZDUNKOXQGHU]RJVHLQHQ 0DQWHOXPVLFK'HU0RQG VFKLHQNDOWXQGZHLXQWHQLQGHPHQJHQ7DOXQGGLH6FKDWWHQGHU %VFKHZDUHQVFKZDU]5LQJVXPODJHQVFKODIHQGH*HVWDOWHQ'LHEHLGHQ :DFKHQZDUHQQLFKW]XVHKHQYLHOOHLFKWZDUHQVLHREHQDXIGHP%HUJ RGHULP)DUQYHUERUJHQ9RQ LUJHQGHLQHPSO|W]OLFKHQ'UDQJJHWULHEHQ GHQHUQLFKWYHUVWDQGJLQJ3LSSLQOHLVH]XGHU6WHOOHZR*DQGDOIODJ(U EOLFNWHDXILKQKLQXQWHU'HU=DXEHUHUVFKLHQ]XVFKODIHQDEHUHUKDWWH GLH/LGHUQLFKWJDQ]JHVFKORVVHQGDZDUHLQ*OLW]HUQYRQ$XJHQXQWHU GHQODQJHQ:LPSHUQ3LSSLQWUDWUDVFK]XUFN$EHU*DQGDOIUKUWHVLFK QLFKWXQGZLHGHUXPYRUZlUWVJHWULHEHQKDOEJHJHQVHLQHQ:LOOHQNURFK GHU+REELWKLQWHUGHP.RSIGHV=DXEHUHUVKHUDQ*DQGDOIZDULQHLQH 'HFNHHLQJHUROOWXQGKDWWHVHLQHQ0DQWHOGDUEHUJHEUHLWHWXQGGLFKW QHEHQLKP]ZLVFKHQVHLQHUUHFKWHQ6HLWHXQGGHPDQJHZLQNHOWHQ$UP ZDUHLQ+JHOFKHQHWZDV5XQGHVLQHLQGXQNOHV7XFKJHKOOW*DQGDOIV +DQGVFKLHQJHUDGHHUVWKHUXQWHUJHJOLWWHQ]XVHLQXQGODJMHW]WDXIGHP %RGHQ 0LWDQJHKDOWHQHP$WHPNURFK3LSSLQQlKHU)XXP)X6FKOLHOLFK NQLHWHHUVLFKKLQ9HUVWRKOHQVWUHFNWHHUGLH+lQGHYRUXQGKREGHQ .OXPSHQODQJVDPKRFKHUVFKLHQMHW]WQLFKWVRVFKZHU]XVHLQZLHHUHU ZDUWHWKDWWHª$OVRYLHOOHLFKWGRFKEORHLQ/XPSHQEQGHO©GDFKWHHU PLWHLQHPVHOWVDPHQ*HIKOGHU(UOHLFKWHUXQJDEHUHUOHJWHGDV%QGHO QLFKWZLHGHUKLQ(LQHQ$XJHQEOLFNEOLHEHUVWHKHQ'DQQNDPLKPHLQ *HGDQNH(UVFKOLFKDXI=HKHQVSLW]HQZHJXQGNDPPLWHLQHPJURHQ 6WHLQ]XUFN 5DVFK]RJHUMHW]WGDV7XFKDEKOOWHGHQ6WHLQGDULQHLQNQLHWHVLFK ZLHGHUKLQXQGOHJWHLKQQHEHQGLH+DQGGHV=DXEHUHUV'DQQHQGOLFKVDK HUVLFKGDV'LQJDQGDVHUDXVJHZLFNHOWKDWWH'DZDUHVHLQHJODWWH.UL VWDOONXJHOGXQNHOMHW]WXQGHUORVFKHQODJEORYRUVHLQHQ .QLHQ3LSSLQ KREVLHDXIEHGHFNWHVLHKDVWLJPLWVHLQHP0DQWHOXQGKDWWHVLFKVFKRQ KDOEXPJHGUHKWXPZLHGHU]XVHLQHU/DJHUVWDWW]XJHKHQ,QGLHVHP $XJHQEOLFNEHZHJWHVLFK*DQGDOILP6FKODIXQGPXUPHOWHHLQLJH:|UWHU VLHVFKLHQHQDXVHLQHUIUHPGHQ6SUDFKH]XVHLQHUVWUHFNWHGLH+DQGDXV XQGXPNODPPHUWHGHQHLQJHZLFNHOWHQ6WHLQGDQQVHXI]WHHUXQGEHZHJWH VLFKQLFKWPHKU ª'XDOEHUQHU7RU©PXUPHOWH3LSSLQ]XVLFKVHOEVWª'XEULQJVWGLFKLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
IXUFKWEDUH6FKZLHULJNHLWHQ/HJGDV'LQJVFKQHOOZLHGHUKLQ©$EHUMHW]W PHUNWHHUGDVHLQH.QLH]LWWHUWHQXQGHUZDJWHQLFKWQDKJHQXJ]XGHP =DXEHUHUKLQ]XJHKHQXPGDV%QGHO]XHUUHLFKHQª1XQNDQQLFKHV QLFKWZLHGHU]XUFNOHJHQ©GDFKWHHUªRKQHLKQ]XZHFNHQQLFKWHKHLFK HLQELFKHQUXKLJHUELQ$OVRNDQQLFKHVPLUDXFKHUVWPDOEHWUDFKWHQ $OOHUGLQJVQLFKWJHUDGHKLHU©(UVWDKOVLFKGDYRQXQGVHW]WHVLFKDXIHLQ *UDVKJHOFKHQQLFKWZHLWYRQVHLQHU/DJHUVWDWW'HU0RQGVFKLHQMHW]W EHUGHQ5DQGGHV7DOVKHUHLQ 3LSSLQKDWWHGLH.QLHDQJH]RJHQXQGKLHOWGHQ%DOO]ZLVFKHQLKQHQ(U EHXJWHVLFKWLHIGDUEHUXQGVDKDXVZLHHLQQDVFKKDIWHV.LQGGDVVLFKLQ HLQHP:LQNHOIHUQYRQGHQDQGHUHQEHUHLQH6FKVVHOPLW(VVHQKHU PDFKW(U]RJVHLQHQ0DQWHOEHLVHLWHXQGVWDUUWHDXIGHQ%DOO'LH/XIW VFKLHQVWLOOXQGVSDQQXQJVJHODGHQ]XVHLQ=XHUVWZDUGLH.XJHOGXQNHO VFKZDU]ZLH3HFKNRKOHXQGGDV0RQGOLFKWJOlQ]WHDXILKUHU2EHUIOlFKH 'DQQNDPHQHLQVFKZDFKHV*OKHQXQGHLQH%HZHJXQJLQLKUHU0LWWH XQGGLH.XJHOKLHOW3LSSLQV$XJHQIHVWVRGDHUMHW]WQLFKWZHJVFKDXHQ NRQQWH%DOGVFKLHQGDVJDQ]H,QQHUH]XEUHQQHQGHU%DOOGUHKWHVLFK RGHUGLH/LFKWHULQQHQNUHLVWHQ3O|W]OLFKJLQJHQGLH/LFKWHUDXV3LSSLQ NHXFKWHXQGZHKUWHVLFKDEHUHUEOLHEYRUJHEHXJWVLW]HQXQGXPNODP PHUWHGHQ%DOOPLWEHLGHQ+lQGHQ7LHIHUXQGLPPHUWLHIHUEHXJWHHUVLFK XQGZXUGHGDQQVWHLIVHLQH/LSSHQEHZHJWHQVLFKHLQH:HLOHODXWORV 'DQQILHOHUPLWHLQHP6FKUHL]XUFNXQGODJVWLOO 'HU6FKUHLZDUGXUFKGULQJHQG'LH:DFKHQVSUDQJHQYRP$EKDQJ DXI%DOGZDUGDVJDQ]H/DJHUDXIGHQ%HLQHQ ª6RGDVLVWGHU'LHE©VDJWH*DQGDOI+DVWLJZDUIHUVHLQHQ0DQWHO EHUGLH.XJHOXQGOLHVLHOLHJHQª$EHUGX3LSSLQ'DVLVWHLQH VFKPHU]OLFKH:HQGXQJGHU'LQJH©(UNQLHWHQHEHQ3LSSLQQLHGHU'HU +REELWODJUHJORVDXIGHP5FNHQXQGVWDUUWHPLWOHHUHP%OLFN]XP+LP PHOHPSRUª'LHVH7HXIHOHL:HOFKHV8QKHLOKDWHUDQJHULFKWHW² IUVLFK VHOEVWXQGXQVDOOH"©'DV*HVLFKWGHV=DXEHUHUVZDUYHU]HUUWXQGYHU VW|UW (UQDKP3LSSLQV+DQGEHXJWHVLFKEHUVHLQ*HVLFKWXQGKRUFKWH RE HUDWPHGDQQOHJWHHULKPGLH+DQGDXIGLH6WLUQ'HU+REELWHU VFKDXHUWH6HLQH$XJHQVFKO|VVHQVLFK(UVFKULHDXIXQGZlKUHQGHU VLFKDXIVHW]WHVWDUUWHHUEHVWU]WDXIDOOGLH*HVLFKWHUXPLKQGLHEOHLFK ZDUHQLP0RQGOLFKW ª(ULVWQLFKWIUGLFK6DUXPDQ©ULHIHUPLWVFKULOOHUXQGWRQORVHU 6WLPPHXQGZLFKYRU*DQGDOI]XUFNª,FKZHUGHVRIRUWGDQDFKVFKLFNHQ 9HUVWHKVWGX"6DJHQXUGDV©'DQQYHUVXFKWHHUDXI]XVWHKHQXQG]XIOLH KHQDEHU*DQGDOIKLHOWLKQVDQIWIHVW ª3HUHJULQ7XN©VDJWHHUª.RPP]XUFN© 'HU+REELWHQWVSDQQWHVLFKOLHVLFK]XUFNIDOOHQXQGXPNODPPHUWH GLH+DQGGHV=DXEHUHUVª*DQGDOI©ULHIHUª*DQGDOIYHU]HLKPLU© ª9HU]HLKHQ"©VDJWHGHU=DXEHUHUª6DJPLUHUVWZDVGXJHWDQKDVW© ª,FKLFKKDEHGHQ%DOOJHQRPPHQXQGLKQDQJHVFKDXW©VWDPPHOWH 3LSSLQª8QGLFKVDK'LQJHGLHPLFKHUVFKUHFNWHQ8QGLFKZROOWHZHJ JHKHQDEHULFKNRQQWHQLFKW8QGGDQQNDPHUXQGYHUK|UWHPLFKXQGHU VDKPLFKDQXQG² XQGGDVLVWDOOHVZRUDQLFKPLFKHULQQHUH© ª'DVJHQJWQLFKW© VDJWH*DQGDOIVWUHQJª:DVKDVWGXJHVHKHQXQG ZDVKDVWGXJHVDJW"© 3LSSLQVFKORGLH$XJHQXQG]LWWHUWHVDJWHDEHUQLFKWV6LHDOOHVWDUU 5HL$QJHON#KWWSFRODHERRN]IELGH
WHQLKQVFKZHLJHQGDQQXU0HUU\ZDQGWHVLFKDE$EHU*DQGDOIV*HVLFKW ZDULPPHUQRFKKDUWª5HGH©VDJWHHU 0LWOHLVHU]|JHUQGHU6WLPPHEHJDQQ3LSSLQXQGODQJVDPZXUGHQ VHLQH:RUWHNODUHUXQGQDFKGUFNOLFKHUª,FKVDKHLQHQGXQNOHQ+LPPHO XQGKRKH)HVWXQJVPDXHUQ©VDJWHHUª8QGZLQ]LJH6WHUQH(VVFKLHQVHKU ZHLWZHJXQGYRUODQJHU=HLWXQGGHQQRFKVFKDUIXQGGHXWOLFK'DQQ OHXFKWHWHQGLH6WHUQHDXIXQGYHUVFKZDQGHQ² VLHZXUGHQYHUGHFNWYRQ /HEHZHVHQPLW)OJHOQ6HKUJURHQJODXEHLFKLQ:LUNOLFKNHLWDEHULQ GHP*ODVVDKHQVLHZLH)OHGHUPlXVHDXVGLHXPGHQ7XUPVFKZLUUWHQ ,FKJODXEWHHVVHLHQQHXQ(LQHV EHJDQQVWUDFNVDXIPLFK]X]XIOLHJHQXQG ZXUGHJU|HUXQGJU|HU(VKDWWHHLQHQWVHW]OLFKHV² QHLQQHLQ,FK NDQQHVQLFKWVDJHQ ,FKYHUVXFKWHIRUW]XNRPPHQZHLOLFKJODXEWHHVZUGHKHUDXVIOLHJHQ DEHUDOVHVGLHJDQ]H.XJHOEHGHFNWHYHUVFKZDQGHV'DQQNDPHU(U VSUDFKQLFKWVRGDLFKNHLQH:RUWHK|UHQNRQQWH(UVFKDXWHQXUXQG LFKYHUVWDQG !6RGXELVWDOVR]XUFNJHNRPPHQ":DUXPKDVWGXHVVRODQJHXQWHU ODVVHQ%HULFKW]XHUVWDWWHQ" ,FKDQWZRUWHWHQLFKW(UVDJWH!:HUELVWGX",FKDQWZRUWHWHLPPHU QRFKQLFKWDEHUHVWDWHQWVHW]OLFKZHKXQGHUEHGUlQJWHPLFKGHVKDOE VDJWHLFK!(LQ+REELW 'DQQVFKLHQHUPLFKSO|W]OLFK]XVHKHQXQGHUODFKWHPLFKDXV(VZDU JUDXVDP(VZDUDOVRELFKYRQ'ROFKHQGXUFKERKUWZUGH,FKZHKUWH PLFK$EHUHUVDJWH!:DUWHHLQHQ$XJHQEOLFN:LUZHUGHQXQVEDOG ZLHGHUWUHIIHQ6DJH6DUXPDQGLHVH.|VWOLFKNHLWLVWQLFKWIULKQ,FK ZHUGHVRIRUWGDQDFKVFKLFNHQ9HUVWHKVWGX"6DJHQXUGDV'DQQVWDUUWH HUPLFKKlPLVFKDQ,FKKDWWHGDV*HIKODOVRELFK]HUEUHFKH1HLQQHLQ ,FKNDQQQLFKWPHKUVDJHQ,FKHULQQHUHPLFKDQVRQVWQLFKWV© ª6FKDXPLFKDQ©VDJWH*DQGDOI 3LSSLQVDKLKPXQPLWWHOEDULQGLH$XJHQ6FKZHLJHQGKLHOWGHU=DXEH UHUVHLQHQ%OLFNHLQHNXU]H:HLOHIHVW'DQQZXUGHVHLQ*HVLFKWIUHXQG OLFKHUXQGGHU6FKDWWHQHLQHV/lFKHOQVHUVFKLHQ(UOHJWH3LSSLQVDQIWGLH +DQGDXIGHQ.RSI ª(VLVWJXW©VDJWHHUª6DJHQLFKWVPHKU'XKDVWNHLQHQ6FKDGHQ GDYRQJHWUDJHQ(VLVWNHLQH/JHLQGHLQHQ$XJHQZLHLFKJHIUFKWHW KDWWH$EHUHUKDWQLFKWODQJHPLWGLUJHVSURFKHQ(LQ1DUUDEHUHLQ HKUOLFKHU1DUUEOHLEVWGX3HUHJULQ7XN.OJHUHKlWWHQLQHLQHUVROFKHQ /DJHYLHOOHLFKW6FKOLPPHUHVDQJHULFKWHW$EHUPHUNHGLUGDV'XXQG DXFKDOOHGHLQH)UHXQGHLKUVHLGGXUFKHLQHQJOFNOLFKHQ=XIDOOZLHPDQ GDVQHQQWJHUHWWHWZRUGHQ'XNDQQVWQLFKWHLQ]ZHLWHV0DOGDUDXIUHFK QHQ:HQQHUGLFKJOHLFKXQGDXIGHU6WHOOHYHUK|UWKlWWHGDQQKlWWHVWGX IDVWJHZLDOOHVJHVDJWZDVGXZHLW]XXQVHUDOOHU9HUGHUEHQ$EHUHU ZDU]XKDEJLHULJ(UZROOWHQLFKWQXU$XVNQIWHHUZROOWHGLFK XQG ]ZDUUDVFKXPVLFKLQDOOHU5XKHLP'XQNOHQ7XUPPLWGLU]XEHIDVVHQ 6FKDXGHUHQLFKW:HQQGXGLFKLQGLH$QJHOHJHQKHLWHQYRQ=DXEHUHUQ HLQPLVFKHQZLOOVWGDQQPXWGXEHUHLWVHLQDQVROFKH'LQJH]XGHQNHQ 'RFKOD HVJXWVHLQ,FKYHU]HLKHGLU6HLJHWURVW'LH'LQJHKDEHQVLFK DOVQLFKWVRVFKOLPPHUZLHVHQZLHVLHKlWWHQVHLQN|QQHQ© (UKRE3LSSLQVDQIWDXIXQGWUXJLKQ]XVHLQHU/DJHUVWDWW0HUU\IROJWH LKPXQGVHW]WHVLFKQHEHQ3LSSLQª%OHLEHOLHJHQXQGUXKHGLFKDXV3LS SLQZHQQGXNDQQVW©VDJWH*DQGDOIª9HUWUDXHPLU:HQQGXZLHGHUHLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
-XFNHQLQGHQ+lQGHQYHUVSUVWVDJHHVPLU'HUJOHLFKHQNDQQJHKHLOW ZHUGHQ$EHUMHGHQIDOOVPHLQOLHEHU+REELWOHJHPLUQLFKWZLHGHUHLQHQ )HOVEURFNHQXQWHUGHQ(OOERJHQ6RMHW]WZHUGHLFKHXFKEHLGHHLQH:HLOH DOOHLQODVVHQ© 'DPLWNHKUWH*DQGDOI]XGHQDQGHUHQ]XUFNGLHLPPHUQRFKEHVRUJW XQGQDFKGHQNOLFKEHLGHP2UWKDQF6WHLQVWDQGHQª*HIDKUNRPPWLQGHU 1DFKWZHQQPDQHVDPZHQLJVWHQHUZDUWHW©VDJWHHUª:LU VLQGPLW NQDSSHU1RWGDYRQJHNRPPHQ© ª:LHJHKWHV3LSSLQGHP+REELW"©IUDJWH$UDJRUQ ª,FKJODXEHHVZLUGMHW]WDOOHVJXWVHLQ©DQWZRUWHWH*DQGDOIª(U ZXUGHQLFKWODQJHIHVWJHKDOWHQXQG+REELWVKDEHQHLQHUVWDXQOLFKHV(U KROXQJVYHUP|JHQ'LH(ULQQHUXQJRGHUGHU6FKUHFNHQGDYRQZHUGHQ ZDKUVFKHLQOLFKUDVFKYHUEODVVHQ=XUDVFKYLHOOHLFKW:LOOVWGX$UDJRUQ GHQ2UWKDQF6WHLQQHKPHQXQGLKQEHKWHQ"(VLVWHLQHJHIlKUOLFKH9HU DQWZRUWXQJ© ª*HIlKUOLFKIUZDKUDEHUQLFKWIUDOOH©VDJWH$UDJRUQª(VJLEW HLQHQGHUYRQ5HFKWVZHJHQ$QVSUXFKDXILKQHUKHEHQNDQQ'HQQGLHV LVWGHU3DODQWtU YRQ2UWKDQFDXV(OHQGLOV6FKDW]GHQGLH.|QLJHYRQ *RQGRUGRUWKLQJHEUDFKWKDEHQ-HW]WUFNWPHLQH6WXQGHQlKHU,FK ZHUGHLKQQHKPHQ© *DQGDOIVDK$UDJRUQDQXQG ]XUhEHUUDVFKXQJGHUEULJHQKREHU GDQQGHQEHGHFNWHQ6WHLQDXIXQGYHUQHLJWHVLFKDOVHULKQEHUUHLFKWH ª(PSIDQJWLKQ+HUU©VDJWHHUªDOV9RUERWHQDQGHUHU'LQJHGLH]X UFNJHJHEHQZHUGHQVROOHQ$EHUZHQQLFK(XFKIUGHQ*HEUDXFK(XUHV (LJHQWXPVHLQHQ5DWJHEHQGDUIVRJHEUDXFKWLKQQLFKW² QRFKQLFKW 6HLGYRUVLFKWLJ© ª:DQQELQLFKKDVWLJRGHUXQYRUVLFKWLJJHZHVHQGHULFKVRYLHOHODQJH -DKUHJHZDUWHWXQGPLFKYRUEHUHLWHWKDEH"©IUDJWH$UDJRUQ ª1LHPDOVELVKHU'DQQVWUDXFKHOWQLFKWDP(QGHGHV:HJV©DQWZRUWHWH *DQGDOIª'RFK]XPLQGHVWKDOWHWGLHVHV'LQJJHKHLP,KUXQGDOOHDQGH UHQGLHKLHUVWHKHQ'HU+REELW3HUHJULQVROOWHYRUDOOHPQLFKWZLVVHQ ZRHVDXIEHZDKUWZLUG'LHE|VH$QZDQGOXQJPDJLKQZLHGHUEHUNRP PHQ'HQQOHLGHUKDWHU GHQ6WHLQLQGHU+DQGJHKDEWXQGKLQHLQJH VFKDXWZDVQLHPDOVKlWWHJHVFKHKHQGUIHQ(UKlWWHLKQLQ,VHQJDUWQLFKW EHUKUHQVROOHQXQGLFKKlWWHUDVFKHUVHLQPVVHQ$EHUPHLQH*HGDQ NHQZDUHQDXI6DUXPDQJHULFKWHWXQGLFKHUULHWGLH$UWGHV6WHLQVHUVW DOVHV]XVSlWZDU(UVWMHW]WELQLFKPLUEHULKQNODUJHZRUGHQ© ª-DHVNDQQNHLQ=ZHLIHOEHVWHKHQ©VDJWH$UDJRUQª=XPLQGHVWNHQ QHQZLUMHW]WGDV%LQGHJOLHG]ZLVFKHQ,VHQJDUWXQG0RUGRUXQGZLHHV ZLUNWH9LHOLVWGDPLWHUNOlUW© ª6HOWVDPH.UlIWHKDEHQXQVHUH)HLQGHXQGVHOWVDPH6FKZlFKHQ©VDJWH 7KpRGHQª$EHUHVJLEWHLQHQDOWHQ6SUXFK2IWZLUGE|VHU:LOOH%|VHV YHUHLWHOQ© ª'DVKDWPDQYLHOH0DOHHUOHEW©VDJWH*DQGDOIª$EHUGLHVPDOKDEHQ ZLUPHUNZUGLJHV*OFNJHKDEW(VN|QQWHVHLQGD LFKGXUFKGHQ +REELWYRUHLQHPVFKZHUHQ)HKOHUEHZDKUWZXUGH,FKKDWWHGDUEHU QDFKJHGDFKWRELFKGLHVHQ6WHLQVHOEVWHUSUREHQVROOWHRGHUQLFKWXP VHLQH9HUZHQGXQJV]ZHFNHKHUDXV]XILQGHQ+lWWHLFKGDVJHWDQGDQQ KlWWHLFKPLFKLKPRIIHQEDUW1RFKELQ LFKQLFKWEHUHLWIUHLQHVROFKH 3UIXQJIDOOVLFKHVZLUNOLFKMHVHLQZHUGH$EHUVHOEVWZHQQLFKGLH .UDIWJHKDEWKlWWHPLFK]XUFN]X]LHKHQZlUHHVYHUKlQJQLVYROOJHZHVHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHQQHUPLFKJHVHKHQKlWWHMHW]WVFKRQ² HKHGLH6WXQGHNRPPWGD*H KHLPKDOWXQJQLFKWOlQJHUQW]W© ª'LHVH6WXQGHLVWMHW]WJHNRPPHQJODXEHLFK©VDJWH$UDJRUQ ª1RFKQLFKW©VDJWH*DQGDOIª(VEOHLEWHLQHNXU]H=HLWGHV=ZHLIHOV GLHZLUDXVQW]HQPVVHQ'HU)HLQGJODXEWGDVLVWNODUGDGHU6WHLQLQ 2UWKDQFVHL² ZDUXPVROOWHHUGDVDXFKQLFKWJODXEHQ"8QGGDGDKHUGHU +REELWGRUWJHIDQJHQZDUXQGYRQ6DUXPDQGHULKQIROWHUQZROOWHJH ]ZXQJHQZXUGHLQGDV*ODV]XVFKDXHQ'LHVHUGXQNOH*HLVWZLUGMHW]W HUIOOWVHLQYRQGHU6WLPPHXQGGHP*HVLFKWGHV+REELWVXQGYRQ(UZDU WXQJHVPDJHLQLJH=HLWGDXHUQELVHUVHLQHQ,UUWXPHUNHQQW:LUPV VHQGLHVH=HLWZDKUQHKPHQ:LUVLQG]XJHPlFKOLFKJHZHVHQ:LUPV VHQDXIEUHFKHQ'LH1DFKEDUVFKDIWYRQ,VHQJDUWLVWNHLQH*HJHQGLQGHU PDQVLFKDXIKDOWHQVROOWH,FKZHUGHVRIRUWPLW3HUHJULQ7XNYRUDXVUHLWHQ )ULKQZLUGHVEHVVHUVHLQDOVLP'XQNHOQ]XOLHJHQZlKUHQGDQGHUH VFKODIHQ© ª,FKZLOOeRPHUXQG]HKQ5HLWHUKLHUEHKDOWHQ©VDJWHGHU.|QLJª6LH VROOHQIUKDP7DJPLWPLUUHLWHQ'LHEULJHQN|QQHQPLW$UDJRUQPLW JHKHQXQGUHLWHQVREDOGLKQHQGHU6LQQGDQDFKVWHKW© ª:LH,KUZROOW©VDJWH*DQGDOIª$EHUEHJHEW(XFKVRVFKQHOO,KU N|QQWLQGHQ6FKXW]GHU%HUJHQDFK+HOPV.ODPP© ,QGLHVHP$XJHQEOLFNILHOHLQ6FKDWWHQDXIVLH'DVKHOOH0RQGOLFKW ZDUSO|W]OLFKJOHLFKVDPDEJHVFKQLWWHQ(LQLJHGHU5HLWHUVFKULHQODXWDXI XQGGXFNWHQVLFKXQGKLHOWHQGLH$UPHEHUGHQ.RSIDOVZROOWHQVLH HLQHQ6FKODJYRQREHQDEZHKUHQHLQHEOLQGH)XUFKWXQGHLQH7RGHVNlOWH EHILHOVLH.DXHUQGEOLFNWHQVLHDXI(LQHULHVLJHJHIOJHOWH*HVWDOW]RJ ZLHHLQHVFKZDU]H:RONHYRUGHP0RQGYRUEHL.UHLVHQGVFKZHQNWHVLH QDFK1RUGHQDEXQGIORJPLWJU|HUHU*HVFKZLQGLJNHLWDOVMHGHU:LQG YRQ0LWWHOHUGH'LH6WHUQHYHUEODWHQYRULKU6LHZDUIRUW 6LHVWDQGHQDXIVWDUUZLH6WHLQH*DQGDOIEOLFNWHQDFKREHQGLH$UPH QDFKXQWHQDXVJHVWUHFNWGLH+lQGH]XU)DXVWJHEDOOW ª1D]JO©ULHIHUª'HU%RWHYRQ0RUGRU'HU6WXUPNRPPW'LH1D] JOKDEHQGHQ)OXEHUTXHUW5HLWHWUHLWHW:DUWHWQLFKWDXIGLH0RUJHQ GlPPHUXQJ/DWQLFKWGLH6FKQHOOHQDXIGLH/DQJVDPHQZDUWHQ5HLWHW© (UOLHIIRUWXQGULHI6FKDWWHQIHOOZlKUHQGHUUDQQWH$UDJRUQIROJWH LKP*DQGDOIJLQJ]X3LSSLQXQGQDKPLKQLQGLH$UPHª'XVROOVWGLHV PDOPLWPLUNRPPHQ©VDJWHHUª6FKDWWHQIHOOVROOGLUVHLQH*DQJDUW]HL JHQ©'DQQUDQQWHHU]XGHU6WHOOHZRHUJHVFKODIHQKDWWH6FKDWWHQIHOO VWDQGVFKRQGD'HU=DXEHUHUKlQJWHVLFKGHQNOHLQHQ%HXWHOGHUVHLQ JDQ]HV*HSlFNZDUEHUGLH6FKXOWHUXQGVSUDQJDXIGHQ5FNHQGHV 3IHUGHV$UDJRUQKRE3LSSLQDXIXQGOHJWHLKQHLQJHKOOWLQ0DQWHOXQG 'HFNH*DQGDOILQGLH$UPH ª/HEWZRKO)ROJWUDVFK©ULHI*DQGDOIª)RUW6FKDWWHQIHOO© 'DVJURH3IHUGZDUIGHQ.RSI]XUFN6HLQZDOOHQGHU6FKZHLI]XFNWH LP0RQGOLFKW'DQQVSUDQJHUYRUZlUWVGLH(UGHPLWGHQ+XIHQVFKOD JHQGXQGEUDXVWHGDKLQZLHGHU1RUGZLQGYRP*HELUJH ª(LQHVFK|QHJHUXKVDPH1DFKW©VDJWH0HUU\]X$UDJRUQª0DQFKH /HXWHKDEHQXQZDKUVFKHLQOLFKHV*OFN(UZROOWHQLFKWVFKODIHQXQGHU ZROOWHPLW*DQGDOIUHLWHQ² EHLGHVKDWHUHUUHLFKW6WDWWLQHLQHQ6WHLQ YHUZDQGHOW]XZHUGHQGHUDOVHLQH:DUQXQJDXILPPHUGDUKLHUVWHKW© ª:HQQGXGHUHUVWHJHZHVHQZlUVWGHUGHQ2UWKDQF6WHLQDXIKREXQG QLFKWHUZLHZlUHHVGDQQMHW]W"©IUDJWH$UDJRUQª'XKlWWHVW6FKOLPPH 5HL$QJHON#KWWSFRODHERRN]IELGH
UHVDQULFKWHQN|QQHQ:HUNDQQHVVDJHQ"$EHU MHW]WLVWHVGHLQ*OFN PLWPLUPLW]XNRPPHQIUFKWHLFK6RIRUW*HKXQGPDFKGLFKIHUWLJXQG EULQJHDOOHVPLWZDV3LSSLQ]XUFNJHODVVHQKDW(LOGLFK© hEHUGLH(EHQHIORJ6FKDWWHQIHOOGDKLQXQGEUDXFKWHQLFKWDQJHVSRUQW RGHUJHOHQNW]XZHUGHQ:HQLJHUDOVHLQH6WXQGHZDUYHUJDQJHQXQGVLH KDWWHQGLH)XUWHQGHV,VHQHUUHLFKWXQGGXUFKTXHUW'DV+JHOJUDEGHU 5HLWHUXQGVHLQHNDOWHQ6SHHUHODJHQJUDXKLQWHULKQHQ 3LSSLQHUKROWHVLFK,KPZDUZDUPDEHUGHU:LQGDXIVHLQHP*HVLFKW ZDUVFKDUIXQGHUIULVFKHQG(UZDUEHL*DQGDOI'HU6FKUHFNHQGHV6WHLQV XQGGHVDEVFKHXOLFKHQ6FKDWWHQVYRUGHP0RQGYHUEODWHQZLH'LQJHGLH LP1HEHOGHV*HELUJHVRGHULQHLQHPIOFKWLJHQ7UDXP]XUFNEOLHEHQ(U KROWHWLHI/XIW ª,FKZXWHJDUQLFKWGDGXXQJHVDWWHOWUHLWHVW*DQGDOI©VDJWHHU ª'XKDVWZHGHU*HVFKLUUQRFK=JHO© ª,FKUHLWHVRQVWQLFKWDXI(OEHQDUWDXHUDXI6FKDWWHQIHOO©VDJWH*DQ GDOIª$EHU6FKDWWHQIHOOZLOONHLQ=DXP]HXJKDEHQ0DQUHLWHW6FKDWWHQ IHOOQLFKWHULVWJHZLOOWHLQHQ]XWUDJHQ² RGHUQLFKW:HQQHUJHZLOOWLVW GDQQUHLFKWGDV'DQQLVWHVVHLQH$QJHOHJHQKHLWGDIU]XVRUJHQGD PDQDXIVHLQHP5FNHQEOHLEWVRIHUQPDQQLFKWLQGLH/XIWVSULQJW© ª:LHVFKQHOOWUDEWHU"©IUDJWH3LSSLQª)DVWVRVFKQHOOZLHGHU:LQG DEHUVHKUJOHLFKPlLJ8QGZLHOHLFKWVHLQH7ULWWHVLQG© ª(UWUDEWMHW]WVRJHVFKZLQGZLHGDVVFKQHOOVWH3IHUGJDORSSLHUHQ N|QQWH©DQWZRUWHWH*DQGDOIªDEHUIULKQLVWGDVQLFKWVFKQHOO'DV /DQGVWHLJWKLHUHLQZHQLJXQGLVWXQHEHQHUDOVMHQVHLWVGHV)OXVVHV$EHU VFKDXZLHGDV:HLH*HELUJHQlKHUUFNWXQWHUGHQ6WHUQHQ'DKLQWHU VWHKHQGLH=LQQHQGHV7KULK\UQHZLHVFKZDU]H6SHHUH(VZLUGQLFKWODQJH GDXHUQGDQQHUUHLFKHQZLUGLH:HJNUHX]XQJXQGNRPPHQ]XP.ODPP WDOZRYRU]ZHL1lFKWHQGLH6FKODFKWJHVFKODJHQZXUGH© 3LSSLQVFKZLHJHLQH:HLOH(UK|UWH*DQGDOIOHLVHYRUVLFKKLQVLQJHQ XQGNXU]H%UXFKVWFNHYRQ9HUVHQLQYLHOHQ6SUDFKHQPXUPHOQZlKUHQG GLH0HLOHQXQWHULKQHQGDKLQOLHIHQ6FKOLHOLFKJLQJ*DQGDOI]XHLQHP /LHGEHUGHVVHQ:RUWHGHU+REELWYHUVWHKHQNRQQWHHLQLJH=HLOHQGUDQ JHQGXUFKGDV%UDXVHQGHV:LQGHVGHXWOLFKDQVHLQ2KU +RKH6FKLIIHKRKH+HUUVFKHU 'UHLPDOGUHL :DVEUDFKWHQVLHDXVYHUVXQNHQHP/DQG hEHUGDVIOXWHQGH0HHU" 6LHEHQ6WHUQHXQGVLHEHQ6WHLQH 8QGHLQHQZHLHQ%DXP ª:DVVDJVWGX*DQGDOI"©IUDJWH3LSSLQ ª,FKELQJHUDGHLP*HLVWHLQLJH*HGLFKWHGHUhEHUOLHIHUXQJGXUFKJH JDQJHQ©DQWZRUWHWHGHU=DXEHUHUª'LH+REELWVQHKPHLFKDQKDEHQVLH YHUJHVVHQVHOEVWGLHMHQLJHQGLHVLHHLQVWNDQQWHQ© ª1HLQQLFKWDOOH©VDJWH3LSSLQª8QGZLUKDEHQYLHOHHLJHQHGLHGLFK YLHOOHLFKWQLFKWIHVVHOQZUGHQ$EHUGLHVHVKDEHLFKQLHJHK|UW:RUEHU LVWHV² GLHVLHEHQ6WHUQHXQGVLHEHQ6WHLQH"© ªhEHUGLH3DODQWtUL GHU.|QLJHYRQHLQVW©VDJWH*DQGDOI ª8QGZDVVLQG3DODQWtUL"© ª'HU1DPHEHGHXWHWGDVZDVLQZHLWH)HUQHVFKDXW 'HU2UWKDQF6WHLQ ZDUHLQHUGDYRQ© ª'DQQLVWHUQLFKW² QLFKW©² 3LSSLQ]|JHUWH² ªQLFKWYRP)HLQGJH 5HL$QJHON#KWWSFRODHERRN]IELGH
PDFKW"© ª1HLQ©VDJWH*DQGDOIª8QGDXFKQLFKWYRQ6DUXPDQ'DVEHUVWHLJW VHLQH*HOHKUVDPNHLWXQG6DXURQVDXFK'LH3DODQWtUL NRPPHQYRQQRFK ZHLWHUKHUDOV:HVWHUQLVDXV(OGDPDU'LH1ROGRUKDEHQVLHJHPDFKW )sDQRUVHOEVWKDWVLHYLHOOHLFKWJHDUEHLWHWLQ7DJHQGLHVRODQJHYHUJDQJHQ VLQGGDVLFKGLH=HLWLQ-DKUHQQLFKWHUPHVVHQOlW$EHUHVJLEWQLFKWV ZDV6DXURQQLFKWE|VHQ=ZHFNHQ]XIKUHQNDQQ:HKHIU6DUXPDQ(V ZDUVHLQ8QWHUJDQJZLHLFKMHW]WHUNHQQH*HIlKUOLFKIUXQVDOOHVLQGGLH (UILQGXQJHQHLQHV:LVVHQVGDVJU|HULVWDOVXQVHUHLJHQHV'HQQRFK PXHUGLH6FKXOGDXIVLFKQHKPHQ1DUULKQ]XVHLQHPHLJHQHQ9RUWHLO JHKHLP]XKDOWHQ.HLQ:RUWGDYRQKDWHUMH]XLUJHQGHLQHP0LWJOLHGGHV 5DWVJHVDJW(VZDUXQVQLFKWEHNDQQWGDHLQHUGHU3DODQWtUL *RQGRUV 8QWHUJDQJEHUGDXHUWKDWWH$XHUKDOEGHV5DWVHULQQHUWHPDQVLFKXQ WHUGHQ(OEHQXQGGHQ0HQVFKHQQLFKWHLQPDOGDHVGHUDUWLJH'LQJHJH JHEHQKDWWHDEJHVHKHQYRQHLQHPHLQ]LJHQ*HGLFKWGHUhEHUOLHIHUXQJGDV XQWHU$UDJRUQV9RONHUKDOWHQJHEOLHEHQZDU© ª:RIUKDEHQGLH0HQVFKHQYRQHLQVWVLHJHEUDXFKW"©IUDJWH3LSSLQ HUIUHXWXQGHUVWDXQWGDHU$QWZRUWDXIVRYLHOH)UDJHQHUKLHOWXQGJH VSDQQWZLHODQJHGDVDQKDOWHQZUGH ª8PZHLW]XVHKHQXQGLQ*HGDQNHQPLWHLQDQGHU]XVSUHFKHQ©VDJWH *DQGDOIª$XIGLHVH:HLVHKDEHQVLHGDV5HLFK*RQGRUODQJHEHKHUUVFKW XQGJHHLQW6LHKDWWHQ6WHLQHLQ0LQDV$QRUXQG0LQDV,WKLOXQGLQ2UW KDQFLP5LQJYRQ,VHQJDUW'HUEHKHUUVFKHQGHXQGYRUWUHIIOLFKVWHGLHVHU 6WHLQHZDUXQWHUGHU.XSSHOGHU6WHUQHLQ2VJLOLDWKYRUGHVVHQ=HUVW| UXQJ'LHGUHLDQGHUHQZDUHQZHLWZHJLP1RUGHQ,P+DXVHYRQ(OURQG ZLUGHU]lKOWVLHVHLHQLQ$QQ~PLQDVXQG$PRQ6OJHZHVHQXQG(OHQ GLOV6WHLQZDUDXIGHQ7XUPEHUJHQGLHQDFK0LWKORQGVFKDXHQLP*ROI YRQ/XKQZRGLHJUDXHQ6FKLIIHOLHJHQ -HGHU3DODQWtUVSUDFKPLWMHGHPDEHULQ2VJLOLDWKNRQQWHPDQVLHDOOH ]XVDPPHQ]XUJOHLFKHQ=HLWEHWUDFKWHQ-HW]W]HLJWHVVLFKGDGHU3DODQ WtUYRQ2UWKDQFHUKDOWHQJHEOLHEHQLVWZHLOGLHVHU7XUPGHQ6WUPHQGHU =HLWZLGHUVWDQGHQKDW'RFKDOOHLQN|QQWHHUQXUNOHLQH%LOGHUYRQZHLW HQWIHUQWHQ'LQJHQXQGOlQJVWYHUJDQJHQHQ7DJHQVHKHQ6HKUQW]OLFK ZDUGDV]ZHLIHOORVIU6DUXPDQLQGHVVFKHLQWHVGDHUGDPLWQLFKW]X IULHGHQZDU:HLWHUXQGZHLWHUKLQDXVVFKDXWHHUELVHUHLQHQ%OLFNDXI %DUDGGUZDUI'DQQZDUHUHQWGHFNW :HUZHLZRDOOHMHQHDQGHUHQ6WHLQHMHW]WOLHJHQ]HUEURFKHQRGHUYHU JUDEHQRGHULP0HHUYHUVXQNHQ"'RFKHLQHQ]XPLQGHVWPX6DXURQHU KDOWHQXQGVHLQHQ=ZHFNHQ8QWHUWDQJHPDFKWKDEHQ,FKYHUPXWHHVZDU GHU,WKLO6WHLQGHQQHUKDW0LQDV,WKLOYRUODQJHU=HLWHUREHUWXQGLQ HLQHQE|VHQ2UWYHUZDQGHOW0LQDV0RUJXOLVWHVJHZRUGHQ /HLFKWNDQQPDQVLFKMHW]WYRUVWHOOHQZLHVFKQHOO6DUXPDQVVFKZHLIHQ GHV$XJHHLQJHIDQJHQXQGIHVWJHKDOWHQZXUGHXQGZLHHUVHLWGHPLPPHU DXVGHU)HUQHEHUUHGHWZXUGHXQGHLQJHVFKFKWHUWZHQQGLHhEHUUHGXQJ QLFKW DXVUHLFKWH'HUEHWURJHQH%HWUJHUGHU+DELFKWLQGHU*HZDOWGHV $GOHUVGLH6SLQQHLQHLQHPVWlKOHUQHQ1HW]6HLWZDQQIUDJHLFKPLFK LVWHUJH]ZXQJHQZRUGHQRIW]XVHLQHP*ODV]XNRPPHQXPEHUZDFKW XQGJHOHLWHW]XZHUGHQXQGZLHODQJHVFKRQLVWGHU2UWKDQF6WHLQLPPHU VRDXI%DUDGGUDXVJHULFKWHWGDHUGLH*HGDQNHQXQGGHQ$QEOLFN HLQHVMHGHQGHUKLQHLQVFKDXWGRUWKLQWUlJWVRIHUQGHU+LQHLQVFKDXHQGH QLFKWHLQHQDGDPDQWHQHQ:LOOHQKDW8QGZLHHUHLQHQDQ]LHKW+DEHLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
HVQLFKWVHOEVWYHUVSUW"6RJDUMHW]WYHUODQJWPHLQ+HU]GDQDFKPHLQHQ :LOOHQDQLKP]XHUSUREHQXPKHUDXV]XILQGHQRELFKLKPGHQ6WHLQ QLFKWHQWUHLHQXQGLKQGRUWKLQULFKWHQN|QQWHZRKLQLFKZROOWH² XP EHUGLHZHLWHQ6WU|PHGHV0HHUHVXQGGHU=HLWDXIGDV6FK|QH7LULRQ]X EOLFNHQXQGGLHXQYRUVWHOOEDUH+DQGXQGGHQ*HLVWYRQ)sDQRUDQGHU $UEHLW]XVHKHQDOVGHU:HLHXQGDXFKGHU*ROGHQH%DXPQRFKEOK WHQ©(UVHXI]WHXQGVFKZLHJ ª,FKZQVFKWHLFKKlWWHGDVDOOHVYRUKHUJHZXW©VDJWH3LSSLQª,FK KDWWHNHLQH$KQXQJZDVLFKWDW© ª2GRFKGDVKDWWHVWGX©VDJWH*DQGDOIª'XZXWHVWGDGXGLFK IDOVFKXQGW|ULFKWYHUKLHOWHVWXQGGDVKDVWGXGLUVHOEVWJHVDJWREZRKO GXQLFKWGDUDXIK|UWHVW,FKKDEHGLUGDVDOOHVQLFKWYRUKHUJHVDJWGHQQ QXUGDGXUFKGDLFKEHU DOOHVQDFKJHGDFKWKDEHZDVJHVFKHKHQLVW KDEHLFKHVHQGOLFKYHUVWDQGHQMHW]WHUVWGDZLU]XVDPPHQUHLWHQ$EHU KlWWHLFKIUKHUJHVSURFKHQGDQQKlWWHHVGHLQ9HUODQJHQQLFKWYHUPLQ GHUWRGHUHVGLUOHLFKWHUJHPDFKWLKP]XZLGHUVWHKHQ,P*HJHQWHLO1HLQ YHUEUDQQWH)LQJHUVLQGGHUEHVWH/HKUPHLVWHU'DQDFKJHKWHLQ5DWEHU )HXHU]X+HU]HQ© ª$OOHUGLQJV©VDJWH3LSSLQª:HQQDOOHVLHEHQ6WHLQHMHW]WYRUPLUDXV JHEUHLWHWZlUHQZUGHLFKGLH$XJHQVFKOLHHQXQGGLH+lQGHLQGLH 7DVFKHQVWHFNHQ© ª*XW©VDJWH*DQGDOIª'DVKDWWHLFKJHKRIIW© ª$EHULFKZUGHJHUQZLVVHQ©EHJDQQ3LSSLQ ª(UEDUPHQ©ULHI*DQGDOIª:HQQGLH(UWHLOXQJYRQ$XVNQIWHQGLFK YRQGHLQHU1HXJLHUKHLOHQVROOGDQQZHUGHLFKGHQ5HVWPHLQHU7DJH GDPLWYHUEULQJHQGLU]XDQWZRUWHQ:DVZLOOVWGXQRFKZLVVHQ"© ª'LH1DPHQDOOHU6WHUQHXQGDOOHU/HEHZHVHQXQGGLHJDQ]H*HVFKLFKWH YRQ0LWWHOHUGHXQGGHV2EHUKLPPHOVXQGGHU7UHQQHQGHQ0HHUH©ODFKWH 3LSSLQª1DWUOLFK:DUXPZHQLJHU"$EHULFKKDEHHVQLFKWHLOLJKHXWH QDFKW,P$XJHQEOLFNPDFKWHLFKPLUQXU*HGDQNHQEHUGHQVFKZDU]HQ 6FKDWWHQ,FKK|UWHGLFKUXIHQ!%RWHYRQ0RUGRU:DVZDUGDV":DV NRQQWHHULQ,VHQJDUWWXQ"© ª(VZDUHLQ6FKZDU]HU5HLWHUPLW)OJHOQHLQ1D]JO©VDJWH*DQGDOI ª(UKlWWHGLFKPLWQHKPHQXQG]XP'XQNOHQ7XUPEULQJHQN|QQHQ© ª$EHUHULVWGRFKQLFKWJHNRPPHQXPPLFK]XKROHQ"©VWDPPHOWH 3LSSLQª,FKPHLQHHUZXWHQLFKWGDLFK© ª1DWUOLFKQLFKW©VDJWH*DQGDOIª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|QQWH(UKDWNHLQHQ6WHLQXPGDPLW]X VHKHQXQGHUNDQQGHQ$XIIRUGHUXQJHQQLFKW)ROJHOHLVWHQ6DXURQZLUG JODXEHQHUKDOWHGHQ*HIDQJHQHQQXU]XUFNXQGZHLJHUHVLFKGHQ6WHLQ ]XJHEUDXFKHQ(VZLUG6DUXPDQQLFKWV QW]HQZHQQHUGHP%RWHQGLH :DKUKHLWVDJW'HQQ,VHQJDUWPDJ]HUVW|UWVHLQGRFKHULVWLQ2UWKDQF LPPHUQRFKLQ6LFKHUKHLW2EHUZLOORGHUQLFKWHUZLUGLPPHUDOV$XI 5HL$QJHON#KWWSFRODHERRN]IELGH
UKUHUHUVFKHLQHQ'HQQRFKKDWHUXQV]XUFNJHZLHVHQVRDOVREHUJH UDGHGDVYHUPHLGHQZROOWH:DVHULQHLQHUGHUDUWKRIIQXQJVORVHQ/DJH WXQZLOONDQQLFKQLFKWHUUDWHQ6RODQJHHULQ2UWKDQFLVWKDWHUJODXEH LFKGLH0DFKWGHQ1HXQ5HLWHUQ]XZLGHUVWHKHQ'DVPDJHUYHUVXFKHQ (UPDJYHUVXFKHQGHQ1D]JOLQGLH)DOOH]XORFNHQRGHU]XPLQGHVWGDV *HVFK|SIDXIGHPHUMHW]WUHLWHW]XW|WHQ,QGLHVHP)DOOPX5RKDQDXI VHLQH3IHUGHDXISDVVHQ $EHULFKNDQQQLFKWVDJHQZLHHVIUXQVDXVJHKHQZLUGRE JXWRGHUVFKOHFKW(VPDJVHLQGDGLH5DWVFKOVVHGHV)HLQGHVYHUZLUUW RGHU YHUKLQGHUWZHUGHQGXUFKVHLQHQ=RUQDXI6DUXPDQ9LHOOHLFKWZLUG HUHUIDKUHQGDLFKDXIGHU7UHSSHYRQ2UWKDQFVWDQG² PLW+REELWVDQ PHLQHQ5RFNVFK|HQ2GHUGDHLQ(UEHYRQ(OHQGLOOHEWXQGQHEHQPLU VWDQG:HQQVLFK6FKODQJHQ]XQJHQLFKWGXUFKGLH5VWXQJYRQ5RKDQ WlXVFKHQOLHZLUGHUVLFKDQ$UDJRUQHULQQHUQXQGDQGHQ5HFKWVDQ VSUXFKGHQHUHUKRE'DVLVWHVZDVLFKIUFKWH8QGVRIOLHKHQZLU² QLFKWYRUGHU*HIDKUVRQGHUQLQHLQHJU|HUH*HIDKU-HGHU6FKULWWYRQ 6FKDWWHQIHOOEULQJWGLFKGHP/DQGGHV6FKDWWHQVQlKHU3HUHJULQ7XN© 3LSSLQDQWZRUWHWHQLFKWVRQGHUQSDFNWHVHLQHQ0DQWHODOVRELKP SO|W]OLFKNDOWJHZRUGHQVHL*UDXHV/DQG]RJXQWHULKQHQYRUEHL ª6FKDXMHW]W©VDJWH*DQGDOIª'LH:HVWIROG7lOHUOLHJHQYRUXQV+LHU NRPPHQZLUZLHGHUDXIGLH|VWOLFKH6WUDH]XUFN'HUGXQNOH6FKDWWHQ GRUWGUEHQLVWGHU$XVJDQJGHV.ODPPWDOV,QGLHVHU5LFKWXQJOLHJHQ $JODURQGXQGGLH*OLW]HUQGHQ+|KOHQ)UDJHPLFKQLFKWQDFKLKQHQ )UDJH*LPOLZHQQLKUHXFKZLHGHUWUHIIWXQG]XPHUVWHQPDOZLUVWGX YLHOOHLFKWHLQHOlQJHUH$QWZRUWHUKDOWHQDOVGXZQVFKVW'XZLUVWGLH +|KOHQQLFKWVHOEVWVHKHQQLFKWDXIGLHVHU)DKUW%DOGZHUGHQVLHZHLW KLQWHUXQVOLHJHQ© ª,FKGDFKWHGXZUGHVWLQ+HOPV.ODPPKDOWPDFKHQ©VDJWH3LSSLQ ª:RKLQZLOOVWGXGHQQ"© ª1DFK0LQDV7LULWKHKHGLH:RJHQGHV.ULHJHVHVXPVFKOLHHQ© ª2K8QGZLHZHLWLVWGDV"© ª0HLOHQEHU0HLOHQ©DQWZRUWHWH*DQGDOIª'UHLPDOVRZHLWZLHGLH %HKDXVXQJHQGHV.|QLJV7KpRGHQXQGGLHVHOLHJHQPHKUDOVKXQGHUW 0HLOHQ|VWOLFKYRQKLHUZLH GHU%RWHYRQ0RUGRUIOLHJW6FKDWWHQIHOO PXHLQHOlQJHUH6WUHFNHODXIHQ:HUZLUGVLFKDOVVFKQHOOHUHUZHLVHQ" :LUZHUGHQMHW]WELV7DJHVDQEUXFKUHLWHQXQGGDVVLQGQRFKHLQLJH 6WXQGHQ'DQQPXVHOEVW6FKDWWHQIHOOUXKHQLQLUJHQGHLQHP7DOLQGHQ %HUJHQLQ(GRUDVKRIIHLFK6FKODIHZHQQGXNDQQVW'HQHUVWHQ6FKLP PHUGHU0RUJHQU|WHVLHKVWGXYLHOOHLFKWDXIGHPJROGHQHQ'DFKYRQ(RUOV +DXV8QG]ZHL7DJHVSlWHUZLUVWGXGHQSXUSXUQHQ6FKDWWHQGHV%HUJHV 0LQGROOXLQDXIGHQ:lOOHQGHV7XUPVYRQ'HQHWKRUVHKHQZHLLP0RU JHQOLFKW )RUWQXQ6FKDWWHQIHOO/DXIHGX*URKHU]LJHUODXIHZLHGXQLH]XYRU JHODXIHQELVW-HW]WNRPPHQZLU]XGHQ/DQGHQZRGXDOV)RKOHQDXI ZXFKVWXQGMHGHQ6WHLQNHQQVW/DXIHQXQ,QGHU6FKQHOOLJNHLWOLHJWXQ VHUH+RIIQXQJ© 6FKDWWHQIHOOZDUIGHQ.RSI]XUFNXQGZLHKHUWHODXWDOVREHLQH7URP SHWHLKQ]XU6FKODFKWJHUXIHQKDEH'DQQVFKQHOOWHHUGDYRQ)XQNHQVWR EHQXQWHUVHLQHQ+XIHQGLH1DFKWVHQNWHVLFKDXILKQKHUDE $OVLKQDOOPlKOLFKGHU6FKODIEHUPDQQWHKDWWH3LSSLQHLQVHOWVDPHV *HIKOHUXQG*DQGDOIZDUHQVWLOOZLH6WHLQXQGVDHQDXIGHP6WDQG 5HL$QJHON#KWWSFRODHERRN]IELGH
ELOGHLQHVUHQQHQGHQ3IHUGHVZlKUHQGGLH:HOWXQWHUVHLQHQ)HQ GDKLQ]RJXQGGHU:LQGKHIWLJEUDXVWH
5HL$QJHON#KWWSFRODHERRN]IELGH
(567(6.$3,7(/ 60e$*2/6=b+081*
9,(57(6%8&+
ª-D+HUUMHW]WVLW]HQZLUZLUNOLFKLQGHU3DWVFKH©VDJWH6DP*DP GVFKLH9HU]DJWVWDQGHUQHEHQ)URGROLHGLH6FKXOWHUQKlQJHQXQGVWDUUWH PLW]XVDPPHQJHNQLIIHQHQ$XJHQKLQDXVLQGLH'VWHUQLV (VZDUGHUGULWWH$EHQGVHLWVLHVLFKYRQ GHU*HPHLQVFKDIWJHWUHQQW KDWWHQVRZHLWVLHZXWHQIDVWZDUHQVLHPLWGHP=lKOHQGHU6WXQGHQ GXUFKHLQDQGHUJHNRPPHQLQGHQHQVLHJHNOHWWHUWXQG]ZLVFKHQGHQNDKOHQ +lQJHQXQG)HOVHQGHV(P\Q0XLOKHUXPJHLUUWZDUHQPDQFKPDOPX WHQVLHXPNHKUHQZHLOHVQLFKWZHLWHUJLQJXQGPDQFKPDOZDQGHUWHQVLH LQHLQHPJURHQ.UHLV]XHLQHU6WHOOH]XUFNDQGHUVLHVFKRQYRU6WXQ GHQJHZHVHQZDUHQ'HQQRFKKDWWHQVLHVLFKLPJURHQXQGJDQ]HQVWHWLJ QDFK2VWHQYRUJHDUEHLWHWXQGVLFKVRQDKHDPlXHUHQ.DPPGLHVHVVHOW VDPYHUIORFKWHQHQ.QlXHOVYRQ%HUJHQJHKDOWHQZLHVLHQXUHLQHQ:HJ ILQGHQNRQQWHQ'RFKLPPHUIDQGHQVLHGDGLHlXHUHQ%HUJVHLWHQVWHLO KRFKXQGXQZHJVDPZDUHQXQGILQVWHUDXIGLH(EHQHKLQDEEOLFNWHQKLQ WHULKUHQGXUFKHLQDQGHUJHZUIHOWHQ$XVOlXIHUQODJHQIDKOHIDXOLJH 6PSIHZRQLFKWVVLFKEHZHJWHXQGQLFKWHLQPDOHLQ9RJHO]XVHKHQZDU 'LH+REELWVVWDQGHQMHW]WDP5DQGHHLQHUKRKHQNDKOHQXQGGVWHUHQ )HOVZDQGGHUHQ)XLQ1HEHOJHKOOWZDUKLQWHULKQHQHUKREVLFKGDV ]HUNOIWHWH+RFKODQGJHNU|QWYRQ]LHKHQGHQ:RONHQ(LQNDOWHU:LQG EOLHVYRQ2VWHQ'LH1DFKWYHUGLFKWHWHVLFKEHUGHQJHVWDOWORVHQ/DQGHQ YRULKQHQLKUEODVVHV*UQYHUEOLFK]XHLQHPGVWHUHQ%UDXQ)HUQ]X LKUHU5HFKWHQIORGHU$QGXLQGHUZlKUHQGGHV7DJHVGDQQXQGZDQQ DXIJHVFKLPPHUWKDWWHZHQQGLH6RQQHGXUFKEUDFKMHW]WZDUHULQ6FKDW WHQYHUERUJHQ$EHULKUH$XJHQEOLFNWHQQLFKWEHUGHQ)OXKLQZHJ]X UFNQDFK*RQGRU]XLKUHQ)UHXQGHQ]XGHQ/DQGHQGHU0HQVFKHQ 1DFK6GHQXQG2VWHQVWDUUWHQVLHZRDP5DQGHGHUQDKHQGHQ1DFKW HLQHGXQNOH/LQLH]XHUNHQQHQZDUZLHHLQIHUQHV*HELUJHYRQEHZH JXQJVORVHP5DXFK'DQQXQGZDQQIODFNHUWHDQGHU.LPP]ZLVFKHQ +LPPHOXQG(UGHHLQZLQ]LJHUURWHU6FKLPPHUDXI ª:DVIUHLQH3DWVFKH©VDJWH6DPª'DVLVWGHUHLQ]LJH2UWLQDOOGHQ /DQGHQYRQGHQHQZLUJHK|UWKDEHQGHQZLUQLFKWYRQQDKVHKHQZRO OHQXQGJHQDXGDVLVWGHUHLQ]LJH2UWDQGHQZLU]XJHODQJHQVXFKHQ 8QGJHUDGHGDN|QQHQZLUJDQ]XQGJDUQLFKWKLQNRPPHQ:LUVLQGGHQ IDOVFKHQ:HJJHNRPPHQVFKHLQWHV:LUN|QQHQQLFKWKLQXQWHUXQG ZHQQZLUKLQXQWHUNlPHQZUGHQZLUIHVWVWHOOHQGDGDVJDQ]HJUQH /DQGHLQHNHOKDIWHV0RRULVWGDZHWWHLFK3IXL5LHFKVWGXHV"©(U VFKQXSSHUWHLP:LQG ª-DLFKULHFKHHV©VDJWH)URGRDEHUHUUKUWHVLFKQLFKWXQGVHLQH $XJHQEOLFNWHQZHLWHUKLQVWDUUDXIGLHGXQNOH/LQLHXQGGLHIODFNHUQGH )ODPPHª0RUGRU©IOVWHUWHHUª:HQQLFKVFKRQGDKLQJHKHQPX GDQQZQVFKWHLFKLFKN|QQWHVFKQHOOKLQNRPPHQXQG6FKOXPDFKHQ© ,KPVFKDXGHUWH'HU:LQGZDUNKOXQGGHQQRFKJHVFKZlQJHUWPLW HLQHPNDOWHQ0RGHUJHUXFKª1XQMD©VDJWHHUXQGZDQGWHHQGOLFKVHLQHQ %OLFNDEªZLUN|QQHQQLFKWGLHJDQ]H1DFKWKLHUEOHLEHQ3DWVFKHRGHU QLFKW:LUPVVHQHLQHJHVFKW]WHUH6WHOOHILQGHQXQGQRFKHLQPDO ODJHUQXQGYLHOOHLFKWZLUGGHUQlFKVWH7DJXQVHLQHQ3IDG]HLJHQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª2GHUGHUEHUQlFKVWHXQGGHUEHUEHUQlFKVWH©EUXPPWH6DP ª2GHUYLHOOHLFKWJDUNHLQ7DJ:LUVLQGGHQIDOVFKHQ:HJJHNRPPHQ© ª,FKZWHHVJHUQ©VDJWH)URGRª(VLVWPHLQ6FKLFNVDOJODXEHLFK]X GLHVHP6FKDWWHQGDGUEHQ]XJHKHQVRGDHLQ:HJVLFKILQGHQZLUG $EHUZLUG*XWRGHU%|VHLKQPLU]HLJHQ"8QVHUH+RIIQXQJEHUXKWHDXI 6FKQHOOLJNHLW9HU]XJVSLHOWGHP)HLQGLQGLH+lQGH² XQGMHW]WKDEHQ ZLU VLFKELQLP9HU]XJ,VWHVGHU:LOOHGHV'XQNOHQ7XUPVGHU XQV OHQNW"$OOHPHLQH(QWVFKHLGXQJHQKDEHQVLFKDOVVFKOHFKWHUZLHVHQ,FK KlWWHGLH*HPHLQVFKDIWVFKRQYLHOIUKHUYHUODVVHQXQGYRQ1RUGHQKHU NRPPHQVROOHQ|VWOLFKGHV6WURPVXQGGHV(P\Q0XLOXQGGDQQZHLWHU EHUGHQIHVWHQ*UXQGXQG%RGHQGHU:DOVWDWWELV]XGHQ3lVVHQYRQ 0RUGRU$EHUMHW]WN|QQHQGXXQGLFKDOOHLQGHQ:HJ]XUFNQLFKWILQ GHQXQGGLH2UNVVWUHLIHQDXIGHP2VWXIHUXPKHU-HGHU7DJGHUYHU JHKWEHGHXWHWGDHLQNRVWEDUHU7DJYHUORUHQLVW,FKELQPGH6DP,FK ZHLQLFKWZDV ZLUPDFKHQVROOHQ:DVKDEHQZLUQRFKDQ9HUSIOH JXQJ"© ª1XUGLHVHZLHKHLHQVLHOHPEDV +HUU)URGR(LQHJDQ]H0HQJH $EHUVLHVLQGEHVVHUDOVQLFKWVDXIGLH'DXHU2EZRKOLFKGDPDOVDOVLFK VLH]XHUVW]ZLVFKHQGLH=lKQHVWHFNWHQLFKWJODXEWHGDLFKPLUMHPDOV HLQH$EZHFKVOXQJZQVFKHQZUGH-HW]WWXHLFKHVDEHUHLQ6WFNHLQ IDFKHV%URWXQGHLQ.UXJ² DFKHLQKDOEHU.UXJ%LHUGLHZUGHQULFKWLJ UXWVFKHQ'HQJDQ]HQ:HJYRPOHW]WHQ/DJHUKDEHLFKPHLQ.RFKJHVFKLUU PLWJHVFKOHSSWXQGZDVKDWHVJHQW]W"1LFKWVXP)HXHU]XPDFKHQGD PLWIlQJW VVFKRQDQXQGQLFKWV]XNRFKHQQLFKWPDO*UDV© 6LHGUHKWHQVLFKXPXQGJLQJHQKLQXQWHULQHLQHVWHLQLJH6HQNH'LHLP :HVWHQXQWHUJHKHQGH6RQQHYHUVDQNLQ:RONHQXQGGLH1DFKWNDP UDVFK$EZHFKVHOQGVFKOLHIHQVLHVRJXWVLHEHLGHU.lOWHNRQQWHQLQ HLQHU.XKOH]ZLVFKHQJURHQJH]DFNWHQ=LQQHQYRQYHUZLWWHUWHP)HOV ZHQLJVWHQVZDUHQVLHYRUGHP2VWZLQGJHVFKW]W ª+DVWGXVLHZLHGHUJHVHKHQ+HUU)URGR"©IUDJWH6DPDOVVLHLPNDO WHQIUKHQ0RUJHQJUDXHQVWHLIXQGYHUIURUHQGDVDHQXQGOHPEDV NDXWHQ ª1HLQ©VDJWH)URGRª6HLW]ZHL1lFKWHQKDEHLFKQLFKWVJHK|UWXQG QLFKWVJHVHKHQ© ª,FKDXFKQLFKW©VDJWH6DPª%U'LHVH$XJHQKDEHQPLUZLUNOLFK $QJVWJHPDFKW$EHUYLHOOHLFKWKDEHQZLULKQHQGOLFK DEJHVFKWWHOWGHQ HOHQGHQ6FKOHLFKHU*ROOXP,FKZLOOLKPJROOXP LQGLH.HKOHJHEHQ ZHQQLFKMHVHLQHQ+DOVLQGLH)LQJHUEHNRPPH© ª,FKKRIIHGDVZLUVWGXQLFKWEUDXFKHQ©VDJWH)URGRª,FKZHLQLFKW ZLHHUXQVJHIROJWLVWDEHUYLHOOHLFKWKDWHUXQVZLHGHUYHUORUHQZLHGX VDJVW,QGLHVHPWURFNHQHQ|GHQ/DQGN|QQHQZLUQLFKWYLHOH)XDE GUFNHRGHU:LWWHUXQJKLQWHUODVVHQQLFKWHLQPDOIUVHLQHVFKQIIHOQGH 1DVH© ª,FKKRIIHVRLVWHV©VDJWH6DPª,FKZQVFKWHZLUN|QQWHQLKQHLQ IUDOOHPDOORVZHUGHQ© ª,FKDXFK©VDJWH)URGRªDEHUHULVWQLFKWPHLQH+DXSWVRUJH,FK ZQVFKWHZLUN|QQWHQYRQGLHVHQ%HUJHQZHJNRPPHQ,FKKDVVHVLH,FK IKOHPLFKJDQ]QDFNWDXIGHU2VWVHLWHVRDXIJHSIODQ]WKLHUPLWQLFKWVDOV GHPWRWHQ)ODFKODQG]ZLVFKHQPLU XQGGLHVHP6FKDWWHQGDGUEHQ'DLVW HLQ$XJHGULQ.RPPZHLWHU:LUPVVHQKHXWHLUJHQGZLHKLQXQWHUNRP PHQ© $EHUGHU7DJ]RJVLFKKLQXQGDOVGHU1DFKPLWWDJLQGHQ$EHQG 5HL$QJHON#KWWSFRODHERRN]IELGH
EHUJLQJNOHWWHUWHQVLHLPPHUQRFKDQGHP*UDWHQWODQJXQGKDWWHQNHL QHQ$XVZHJJHIXQGHQ 0DQFKPDOELOGHWHQVLHVLFKLQGHU6WLOOHGHVZVWHQ/DQGHVHLQGDVLH VFKZDFKH*HUlXVFKHKLQWHUVLFKK|UWHQHLQHQIDOOHQGHQ6WHLQRGHUGHQ 6FKULWWWDSVHQGHU)HDXIGHP)HOVHQ'RFKZHQQVLHDQKLHOWHQXQG ODXVFKWHQK|UWHQVLHQLFKWVPHKU QLFKWVDOVGHQ:LQGGHUVHXI]HQGEHU GLH.DQWHQGHU6WHLQHIXKU² GRFKVHOEVWGDVHULQQHUWHVLHDQ$WHPGHU OHLVH]ZLVFKHQVFKDUIHQ=lKQHQ]LVFKWH 'HQJDQ]HQ7DJZlKUHQGVLHVLFKYRUDQNlPSIWHQKDWWHVLFKGHU lXHUH.DPPGHV(P\Q0XLODOOPlKOLFKQDFK 1RUGHQJH]RJHQ$QVHL QHP5DQGHUVWUHFNWHVLFKMHW]WHLQHZHLWHDEIDOOHQGH(EHQHYRQ]HUNOIWH WHPXQGYHUZLWWHUWHP)HOVKLHUXQGGRUWGXUFKVFKQLWWHQYRQJUDEHQDUWL JHQ5LQQHQGLHVLFKVWHLOKLQXQWHU]RJHQ]XWLHIHQ.OIWHQLQGHU)HOV ZDQG8PHLQHQ3IDGLQGLHVHQ6FKOXFKWHQ]XILQGHQGLHLPPHUWLHIHU XQGKlXILJHUZXUGHQPXWHQVLFK)URGRXQG6DPQDFKOLQNVKDOWHQ ]LHPOLFKZHLWZHJYRQGHU.DQWHXQGVLHPHUNWHQJDUQLFKWGDVLH VFKRQPHKUHUH0HLOHQODQJVDPDEHUVWHWLJEHUJDEJHJDQJHQZDUHQGLH 2EHUNDQWHGHU)HOVZDQGQlKHUWHVLFKGHU(EHQHGHV7LHIODQGHV 6FKOLHOLFKZXUGHQVLH]XP$QKDOWHQJH]ZXQJHQ'HU*UDWPDFKWH MHW]WHLQHVFKlUIHUH.HKUHQDFK1RUGHQXQGZXUGHGXUFKHLQHWLHIHUH 6FKOXFKWXQWHUEURFKHQ$XIGHUDQGHUHQ6HLWHVWLHJHUZLHGHU DQYLHOH .ODIWHULQHLQHPHLQ]LJHQ6SUXQJHLQHJURHJUDXH)HOVZDQGHUKREVLFK YRULKQHQMlKDEJHVFKQLWWHQZLHPLWGHP0HVVHU6LHNRQQWHQQLFKWZHL WHUJHUDGHDXVJHKHQVRQGHUQPXWHQVLFKHQWZHGHUQDFK:HVWHQRGHU 2VWHQKDOWHQ$EHULP:HVWHQZUGHQ VLHQXULQQHXH0KVDOXQG9HU ]|JHUXQJHQJHUDWHQXQG]XUFN]XP+HU]HQGHU%HUJHNRPPHQLP 2VWHQZUGHQVLH]XPlXHUHQ$EKDQJJHODQJHQ ª(VEOHLEWQLFKWVEULJDOVGLHVH5LQQHKLQXQWHU]XNOHWWHUQ6DP©VDJWH )URGRª/DXQVVHKHQZRVLHKLQIKUW© ª,QHLQHQVFKHXOLFKHQ$EJUXQGGDZHWWHLFK©VDJWH6DP 'LH.OXIWZDUOlQJHUXQGWLHIHUDOVHVGHQ$QVFKHLQJHKDEWKDWWH(LQ 6WFNZHLWHUXQWHQIDQGHQVLHHLQSDDUNQRUULJHXQGYHUNUSSHOWH%lXPH GLHHUVWHQGLHVLHVHLW7DJHQVDKHQJU|WHQWHLOVYHUNUSSHOWH%LUNHQXQG KLHUXQGGRUWHLQH7DQQH9LHOHZDUHQDEJHVWRUEHQXQGGUUELVDXIV 0DUNYRQGHQ2VWZLQGHQ]HUELVVHQ(LQVWLQPLOGHUHQ7DJHQPXWHHVHLQ UHFKWGLFKWHV*HEVFKLQGHU6FKOXFKWJHZHVHQVHLQDEHUMHW]WK|UWHQGLH %lXPHQDFKHWZDIQIXQG]ZDQ]LJ.ODIWHUQDXIREZRKOVLFKDOWHJHERU VWHQH6WXPSHQIDVWELV]XP5DQGGHU)HOVZDQGKLQ]RJHQ'HU%RGHQGHU 5LQQHGLHDQHLQHU)HOVYHUZHUIXQJHQWODQJOLHIZDUXQHEHQGXUFKDEJH VSOLWWHUWH6WHLQHXQGILHOVWHLODE$OVVLHVFKOLHOLFKDQLKUHP(QGHDQJH ODQJWZDUHQEHXJWH)URGRVLFKYRUXQGVDKEHUGHQ5DQG ª6FKDX©VDJWHHUª:LUPVVHQHLQVFK|QHV6WFNKHUXQWHUJHNRPPHQ VHLQRGHUDEHUGLH)HOVZDQGLVWQLHGULJHUJHZRUGHQ+LHULVWVLHYLHOQLHG ULJHUDOVYRUKHUXQGVLHKWOHLFKWHUDXV© 6DPNQLHWHVLFKQHEHQLKQXQGVFKDXWHZLGHUVWUHEHQGKLQXQWHU'DQQ EOLFNWHHUKLQDXI]XGHUJURHQ)HOVZDQGGLHVLFK]XLKUHU/LQNHQHUKRE ª/HLFKWHU©EUXPPWHHUª1DMDLFKQHKPHDQHVLVWLPPHUOHLFKWHUKLQ XQWHU DOVKLQDXI]XJHKHQ:HUQLFKWIOLHJHQNDQQNDQQVSULQJHQ© ª'DVZlUHDOOHUGLQJVHLQJURHU6SUXQJ©VDJWH)URGRª8QJHIlKUQD MD©HUPDGLH(QWIHUQXQJNXU]PLWGHQ$XJHQ² ªXQJHIlKUDFKW]HKQ .ODIWHUZUGHLFKVFKlW]HQ1LFKWPHKU© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª8QGGDVLVWJHQXJ©VDJWH6DPª8II:LHLFKHVKDVVHYRQHLQHU +|KHKLQXQWHU]XVHKHQ$EHUVHKHQLVWEHVVHUDOVNOHWWHUQ© ª7URW]GHPJODXEHLFK©VDJWH)URGRªZLUN|QQWHQKLHUNOHWWHUQXQG LFKJODXEHZLUZHUGHQHVYHUVXFKHQPVVHQ6FKDXGHU)HOVLVWJDQ]DQ GHUVDOVYRUHLQSDDU0HLOHQ(UKDWVLFKJHVHQNWXQGLVWULVVLJJHZRUGHQ© 7DWVlFKOLFKZDUGLH$XHQVHLWHQLFKWPHKUVWHLOVRQGHUQQHLJWHVLFK HLQZHQLJQDFKDXHQ6LHVDKZLHHLQJURHU)HVWXQJVZDOORGHUHLQ +DIHQGDPPDXVGHUHQ*UXQGPDXHUQVLFKYHUODJHUWKDWWHQVRGDVLFK LKUH6FKLFKWHQYHUVFKREHQKDWWHQXQGGXUFKHLQDQGHUJHUDWHQZDUHQXQG JURH6SDOWHQXQGODQJHVFKUlJH9RUVSUlQJHZDUHQ]XUFNJHEOLHEHQGLH VWHOOHQZHLVHGLH%UHLWHYRQ7UHSSHQVWXIHQKDWWHQ ª8QGZHQQZLUYHUVXFKHQZROOHQKLHUKHUXQWHU]XNRPPHQGDQQYHU VXFKHQZLUHVEHVVHUJOHLFK(VZLUGIUKGXQNHO,FKJODXEHHVJLEWHLQ *HZLWWHU© 'HUUDXFKLJH'XQVWGHV*HELUJHVLP2VWHQYHUORUVLFKLQHLQHUWLHIHUHQ 6FKZlU]HGLHVLFKVFKRQPLWODQJHQ$UPHQZHVWZlUWVDXVVWUHFNWH'HU DXINRPPHQGH:LQGWUXJHLQIHUQHV'RQQHUJUROOHQKHUEHU)URGR VFKQXSSHUWHLQGHU/XIWXQGZDUIHLQHQ]ZHLIHOQGHQ%OLFN]XP+LPPHO (UVFKQDOOWHVLFKGHQ*UWHOEHUGHQ0DQWHO]RJLKQIHVWXQGKlQJWH VLFKVHLQHQOHLFKWHQ5XFNVDFNEHUGHQ5FNHQ'DQQWUDWHUDQGHQ 5DQGª,FKZLOO VYHUVXFKHQ©VDJWHHU ª6HKUJXW©VDJWH6DPILQVWHUª$EHULFKJHKH]XHUVW© ª'X"©IUDJWH)URGRª:LHVRKDVWGXGHLQH$QVLFKWEHUGDV.OHWWHUQ JHlQGHUW"© ª,FKKDEHPHLQH$QVLFKWQLFKWJHlQGHUW$EHUHVLVWQXUYHUQQIWLJ GHQQDFKXQWHQ]XWXQGHUDPZDKUVFKHLQOLFKVWHQDXVUXWVFKHQZLUG,FK ZLOOQLFKWDXIGLFKGUDXIIDOOHQXQGGLFKPLWUHLHQ² VLQQORV]ZHLPLW HLQHP6WXU]XP]XEULQJHQ© (KH)URGRLKQGDYRQDEKDOWHQNRQQWHVHW]WHHUVLFKKLQVFKZDQJGLH %HLQHEHUGHQ5DQGGUHKWHVLFKXPXQGVXFKWHPLWGHQ=HKHQQDFK HLQHP3ODW]]XP6WHKHQ(VLVW]ZHLIHOKDIWREHUNDOWEOWLJMHPDOVHWZDV JHWDQKDWGDVWDSIHUHURGHUXQYHUQQIWLJHUZDU ª1HLQQHLQ6DPGXDOWHU(VHO©VDJWH)URGRª'XEULQJVWGLFKEH VWLPPWXPZHQQGXGDUXQWHUJHKVWRKQHDXFKQXUHLQHQ%OLFNXP]X VHKHQ ZRGXHLJHQWOLFKKLQZLOOVW.RPP]XUFN©(USDFNWH6DPXQWHU GHQ$FKVHOK|KOHQXQG]RJLKQZLHGHUKHUDXIª1XQZDUWHHLQELFKHQ XQGKDEH*HGXOG©VDJWHHU'DQQOHJWHHUVLFKDXIGHQ%RGHQEHXJWH VLFKYRUXQGVFKDXWHKLQXQWHUDEHUGDV/LFKWVFKLHQUDVFK]XVFKZLQGHQ REZRKOGLH6RQQHQRFKQLFKWXQWHUJHJDQJHQZDUª,FKJODXEHKLHUN|Q QHQZLUHVVFKDIIHQ©VDJWHHUSO|W]OLFKª,FKMHGHQIDOOVN|QQWHHVXQGGX DXFKZHQQGXQLFKWGHQ.RSIYHUOLHUVWVRQGHUQPLUJHQDXIROJVW© ª,FKZHLQLFKWZLHGXVRVLFKHUVHLQNDQQVW©VDJWH6DPª%HLGLHVHP /LFKWNDQQVWGXMDJDUQLFKWELVXQWHQVHKHQ8QGZHQQGXQXQ]XHLQHU 6WHOOHNRPPVWZRHVQLFKWVJLEWZRGXGHLQH)HRGHU+lQGHKLQVHW]HQ NDQQVW"© ª'DQQNOHWWHUHLFKHEHQ]XUFNQHKPHLFKDQ©VDJWH)URGR ª/HLFKWJHVDJW©ZDQGWH6DPHLQª%HVVHUELV]XP0RUJHQZDUWHQ ZHQQHVKHOOHULVW© ª1HLQQLFKWZHQQLFK VYHUPHLGHQNDQQ©VDJWH)URGRPLWHLQHUVHOWVD PHQSO|W]OLFKHQ+HIWLJNHLWª0LULVWHVXPMHGH6WXQGHXPMHGH0LQXWH OHLG,FKJHKHMHW]WKLQXQWHUXQGYHUVXFKHHV%OHLEHREHQELVLFK]XUFN 5HL$QJHON#KWWSFRODHERRN]IELGH
NRPPHRGHUGLFKUXIH© (UKLHOWVLFKPLWGHQ+lQGHQDQGHUVWHLQHUQHQ.DQWHGHV$EKDQJVIHVW XQGOLHVLFKODQJVDPKLQDEXQGHUVWDOVVHLQH$UPHIDVWJDQ]DXVJH VWUHFNWZDUHQIDQGHQVHLQH=HKHQHLQHQ9RUVSUXQJª(LQ6FKULWWQDFKXQ WHQ©VDJWHHUª8QGGLHVHU9RUVSUXQJYHUEUHLWHUWVLFKQDFKUHFKWV'D N|QQWHLFKVRJDUVWHKHQRKQHPLFKIHVW]XKDOWHQ,FKZLOO©6HLQH :RUWHZXUGHQMlKXQWHUEURFKHQ 'LHHLOHQGH'XQNHOKHLWGLHMHW]WLPPHUVFKQHOOHUZXUGHEUDXVWHYRP 2VWHQKHUDQXQGYHUVFKODQJGHQ+LPPHO(VJDEHLQHQWURFNHQHQGXUFK GULQJHQGHQ'RQQHUVFKODJXQPLWWHOEDUEHULKQHQ6HQJHQGH%OLW]HIXKUHQ ]ZLVFKHQGHQ%HUJHQQLHGHU'DQQVHW]WHHLQZWHQGHU6WXUPHLQXQG YHUPLVFKWPLWVHLQHP%UDXVHQNDPHLQKRKHUVFKULOOHU6FKUHL*HQDXVR HLQHQ6FKUHLKDWWHQGLH+REELWVIHUQYRQKLHULP%UXFKJHK|UWQDFKGHP VLH+REELQJHQYHUODVVHQKDWWHQXQGVHOEVWGRUWLQGHQ:lOGHUQGHV $XHQODQGHVZDULKQHQGDV%OXWLQGHQ$GHUQHUVWDUUW+LHUGUDXHQLQ GHU:LOGQLVZDUGHU6FKUHFNHQQRFKZHLWJU|HUHUGXUFKERKUWHVLHPLW NDOWHQ.OLQJHQGHV(QWVHW]HQVXQGGHU9HU]ZHLIOXQJ+HU]XQG$WHP VWRFNWHLKQHQ6DPILHOIODFKDXIV*HVLFKW8QZLOONUOLFKOHJWH)URGRGLH +lQGHEHUGHQ.RSIXQGGLH2KUHQXQGKLHOWVLFKQLFKWPHKUIHVW(U VFKZDQNWHUXWVFKWHXQGVFKOLWWHUWHPLWHLQHP:HKJHVFKUHLDEZlUWV 6DPK|UWLKQXQGNURFKPLWOHW]WHU$QVWUHQJXQJDQGHQ5DQGª+HUU +HUU©ULHIHUª+HUU© (VNDPNHLQH$QWZRUW6DP]LWWHUWHDPJDQ]HQ/HLEHDEHUHUKROWHWLHI /XIWXQGVFKULH QRFKHLQPDOª+HUU©'HU:LQGVFKLHQVHLQH6WLPPHLQ VHLQH.HKOH]XUFN]XEODVHQDEHUDOVHUYRUEHL]RJGLH5LQQHKLQDXIEUDX VWHXQGGDQQEHUGLH%HUJHKLQZHJGUDQJHLQOHLVHUDQWZRUWHQGHU5XI DQVHLQ2KU ª6FKRQJXWVFKRQJXW,FKELQKLHU$EHULFK NDQQQLFKWVVHKHQ© )URGRULHIPLWVFKZDFKHU6WLPPH7DWVlFKOLFKZDUHUJDUQLFKWZHLW ZHJ(UZDUJHVFKOLWWHUWXQGQLFKWJHIDOOHQXQGPLWHLQHP5XFNDXIHLQHP EUHLWHUHQ9RUVSUXQJQXUHLQSDDU(OOHQWLHIHUZLHGHUDXIGLH%HLQHJH NRPPHQ=XP*OFNZDUGLH)HOVZDQGDQGLHVHU6WHOOHHLQJHEDXFKWXQG GHU:LQGKDWWHLKQJHJHQGLH:DQGJHGUFNWVRGDHUQLFKWYRUQEHU JHNLSSWZDU(UVWW]WHVLFKHWZDVDEOHJWHVHLQ*HVLFKWDQGHQNDOWHQ 6WHLQXQGIKOWHZLHVHLQ+HU]VFKOXJ$EHUHQWZHGHUZDUHVY|OOLJGXQ NHOJHZRUGHQRGHUVHLQH$XJHQKDWWHQGLH6HKNUDIWYHUORUHQ$OOHVZDU VFKZDU]XPLKQ(UIUDJWHVLFKREHUEOLQGJHZRUGHQVHL(UKROWHWLHI/XIW ª.RPP]XUFN.RPP]XUFN©K|UWHHU6DPV6WLPPHDXVGHU 6FKZlU]HREHQ ª,FKNDQQQLFKW©VDJWHHUª,FKNDQQQLFKWVHKHQ,FKNDQQPLFKQLFKW IHVWKDOWHQ,FKNDQQPLFKQRFKQLFKWEHZHJHQ© ª:DVNDQQLFKWXQ+HUU)URGR":DVNDQQLFKWXQ"©ULHI6DPXQG EHXJWHVLFKJHIlKUOLFKZHLWYRU:DUXPNRQQWHVHLQ+HUUQLFKWVHKHQ"(V ZDUGVWHUJHZLDEHUGRFKQLFKWVRGXQNHO(UVDK)URGRXQWHUVLFK HLQHJUDXHYHUORUHQH*HVWDOWJHJHQGHQ)HOVHQJHOHKQW$EHUHUZDUZHLW DXHUKDOEGHU5HLFKZHLWHHLQHUKHOIHQGHQ+DQG (VJDEHLQHQZHLWHUHQ'RQQHUVFKODJXQGGDQQNDPGHU5HJHQ,Q 6WU|PHQPLW+DJHOYHUPLVFKWSHLWVFKWHHUJHJHQGHQ)HOVHQELWWHUNDOW ª,FKNRPPHUXQWHU]XGLU©VFKULH6DPREZRKOHUQLFKWKlWWHVDJHQ N|QQHQZLHHULKPHLJHQWOLFK]X+LOIHNRPPHQVROOWH ª1HLQQHLQZDUWH©ULHI)URGRMHW]WVFKRQHWZDVODXWHUª0LUZLUG V 5HL$QJHON#KWWSFRODHERRN]IELGH
EDOGEHVVHUJHKHQ,FKIKOHPLFKVFKRQEHVVHU:DUWH'XNDQQVWQLFKWV WXQRKQHHLQ6HLO© ª(LQ6HLO©ULHI6DPXQGUHGHWHLQVHLQHU$XIUHJXQJXQG(UOHLFKWHUXQJ ZLUUHV=HXJª-DZHQQLFK VQLFKWYHUGLHQHDP(QGHYRQHLQHPDXIJH KlQJW]XZHUGHQDOV:DUQXQJIU'XPPN|SIH1LFKWVDOVHLQ7|OSHOELVW GX6DP*DPGVFKLHRIWJHQXJKDWGHU2KPGDV]XPLUJHVDJWHLQHVWH KHQGH5HGHQVDUWYRQLKP(LQ6HLO© ª+|UPLW6FKZlW]HQDXI©ULHI)URGRGHUVLFKMHW]WVRZHLWHUKROWKDWWH GDHU]XJOHLFKEHOXVWLJWXQGYHUlUJHUWZDUª/DGHQ2KPDXVGHP 6SLHO6ROOGHLQ*HUHGHEHGHXWHQGDGXHLQ6HLOLQGHU7DVFKHKDVW" :HQQMDGDQQKHUDXVGDPLW© ª-D+HUU)URGRLQPHLQHP5XFNVDFN+XQGHUWHYRQ0HLOHQKDEHLFK V PLWJHVFKOHSSWXQGVFKODQNZHJYHUJHVVHQ© ª'DQQPDFKGLFKDQGLH$UEHLWXQGODHLQ(QGHKHUXQWHU© 5DVFKQDKP6DPVHLQHQ5XFNVDFNXQGZKOWHGDULQ7DWVlFKOLFKODJ DXIGHP%RGHQHLQH5ROOHGHVVHLGLJJUDXHQ6HLOVGDVGDV9RONYRQ/yULHQ DQJHIHUWLJWKDWWH(UZDUIVHLQHP+HUUQHLQ(QGH]X'LH'XQNHOKHLWO|VWH VLFKYRQ)URGRV$XJHQRGHUVHLQ6HKYHUP|JHQNHKUWH]XUFN(UNRQQWH GLHJUDXH/HLQHVHKHQZLHVLHEDXPHOQGKHUXQWHUNDPXQGHUJODXEWH HLQHQVFKZDFKHQ6LOEHUVFKHLQ]XVHKHQ-HW]WGDHUHLQHQ3XQNWLQGHU 'XQNHOKHLWKDWWHDXIGHQHUVHLQHQ%OLFNULFKWHQNRQQWHZDULKPZHQL JHUVFKZLQGOLJ(UEHXJWHVLFKYRUNQRWHWHVLFKGDV(QGHXPGLH.|USHU PLWWHXQGSDFNWHGLH/HLQHGDQQPLWEHLGHQ+lQGHQ 6DPWUDWHLQHQ6FKULWW]XUFNVWHPPWHGLH)HJHJHQHLQHQ%DXP VWXPSIHLQSDDU(OOHQYRP5DQGHQWIHUQW+DOEJH]RJHQKDOENOHWWHUQG NDP)URGRKHUDXIXQGZDUIVLFKDXIGHQ%RGHQ 'RQQHUJUXPPHOWHXQGUXPSHOWHLQGHU)HPHXQGHVUHJQHWHQRFK VWDUN'LH+REELWVNURFKHQLQGLH5LQQH]XUFNDEHUVLHIDQGHQGDQLFKW YLHO6FKXW]%lFKOHLQEHJDQQHQKHUDE]XULQQHQEDOGZXUGHQVLH]XHLQHU )OXWGLHDXIGHQ6WHLQHQVSULW]WHXQGVFKlXPWHXQGEHUGHQ)HOVHQVSUX GHOWHZLHDXVGHQ7UDXIHQHLQHVJURHQ'DFKHV ª,FKZlUHGDXQWHQKDOEHUWUXQNHQRGHUHLQIDFKZHJJHVSOWZRUGHQ© VDJWH)URGRª:HOFK*OFNGDGXGDV6HLOKDWWHVW© ª0HKU*OFNZHQQLFKIUKHUGDUDQJHGDFKWKlWWH©VDJWH6DPª9LHO OHLFKWHULQQHUVWGXGLFKGDVLHGLH6HLOHLQGLH%RRWHOHJWHQDOVZLUDXI EUDFKHQLQGHPHOELVFKHQ/DQG,FKKDWWH*HIDOOHQDQLKQHQJHIXQGHQ XQGYHUVWDXWHHLQH5ROOHLQPHLQHP5XFNVDFN-DKUHODQJKHUVRNRPPW V PLUYRU!6LHP|JHQHLQH+LOIHVHLQLQPDQFKHQ1RWODJHQVDJWHHU+DO GLURGHUHLQHUYRQGLHVHQ/HXWHQ8QGHUKDWUHFKWJHKDEW© ª(LQ-DPPHUGDLFKQLFKWGDUDQJHGDFKWKDEHDXFKHLQH5ROOHPLW]X QHKPHQ©VDJWH)URGR$EHULFKKDEHGLH*HPHLQVFKDIWLQVROFKHU(LOH XQG9HUZLUUXQJYHUODVVHQ:HQQZLUJHQXJGDYRQKlWWHQN|QQWHQZLU GDV6HLOEHQXW]HQXPKLQXQWHU]XNRPPHQ:LHODQJLVWGHLQ6WFNHLJHQW OLFK"© 6DPUROOWHHVODQJVDPDEXQGPDHVPLWGHP$UPª)QI]HKQ ]ZDQ]LJGUHLLJ(OOHQPHKURGHUZHQLJHU©VDJWHHU ª:HUKlWWHGDVJHGDFKW©ULHI)URGR ª-DZHUZRKO"©VDJWH6DPª(OEHQVLQGZXQGHUEDUH/HXWH(VVLHKWHLQ ELFKHQGQQDXVDEHUHVLVWIHVWXQGLQGHU+DQGZHLFKZLH0LOFK 3DFNWVLFKDXFKJXW]XVDPPHQXQGLVWIHGHUOHLFKW:XQGHUEDUH/HXWHEH VWLPPW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª'UHLLJ(OOHQ©VDJWH)URGRQDFKGHQNOLFKª,FKJODXEHGDVZUGHUHL FKHQ:HQQGDV*HZLWWHUYRUEHLLVWHKHGLH1DFKWKHUHLQEULFKWGDQQZLOO LFK VYHUVXFKHQ© ª'HU5HJHQKDWVFKRQIDVWDXIJHK|UW©VDJWH6DPª$EHUPDFKQLFKW ZLHGHULUJHQGZDV*HIlKUOLFKHVLP'XQNHOQ+HUU)URGR8QGLFKELQ QRFKQLFKWEHUGLHVHQ6FKUHLEHLGHP6WXUPZHJJHNRPPHQRGHUGX HWZD":LHHLQ6FKZDU]HU5HLWHUNODQJHV² DEHUHLQHUKRFKREHQLQGHU /XIWDOVREVLHIOLHJHQN|QQHQ,FKJODXEHZLUODVVHQGLHVHQ9HUVXFKOLH EHUELVGLH1DFKWYRUEHLLVW© ª8QGLFKJODXEHLFKP|FKWHQLFKWHLQHQ$XJHQEOLFNOlQJHUDOVHVVHLQ PXDXIGLHVHP*UDWIHVWVLW]HQZlKUHQGGLH$XJHQGHV'XQNOHQ/DQGHV EHUGLH6PSIHKHUEHUVWDUUHQ©VDJWH)URGR 'DPLWVWDQGHUDXIXQGJLQJZLHGHU]XP*UXQGGHU5LQQHKLQXQWHU(U VFKDXWHKLQDXV,P2VWHQZXUGHGHU+LPPHOZLHGHUNODU'LH5l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|PHQGHQ6PSIHQ ZDUGHUWLHIEODXH$EHQGKLPPHOZLHGHURIIHQXQGHLQSDDUEOHLFKH6WHUQH HUVFKLHQHQZLHNOHLQHZHLH/|FKHULP+LPPHOV]HOWEHUGHP]XQHKPHQ GHQ0RQG ª(VWXWJXWZLHGHUVHKHQ]XN|QQHQ©VDJWH)URGRXQGDWPHWHWLHI ª:HLWGXGDLFKHLQH:HLOHJODXEWHLFKKlWWHPHLQ$XJHQOLFKWYHUOR UHQ"9RQGHP%OLW]RGHUHWZDVQRFK6FKOLPPHUHQ,FKNRQQWHQLFKWV VHKHQEHUKDXSWQLFKWVELVGDVJUDXH6HLOKHUXQWHUNDP(VVFKLHQ LUJHQGZLH]XVFKLPPHUQ© ª(V VLHKWVR]XVDJHQVLOEHUQLP'XQNHOQDXV©VDJWH6DPª+DEHVQLH YRUKHUEHPHUNWDOOHUGLQJVNDQQLFKPLFKDXFKQLFKWHULQQHUQGDLFKHV MHKHUDXVJHKROWKDEHQDFKGHPLFKHVHLQPDOYHUVWDXWKDWWH$EHUZHQQ GXVRHQWVFKORVVHQELVW]XNOHWWHUQ+HUU)URGRZLHZLOOVWGXHVGDQQ YHUZHQGHQ"'UHLLJ(OOHQRGHUVDJHQZLU]HKQ.ODIWHUGHLQHU6FKlW]XQJ QDFKLVWGLH)HOVZDQGQLFKWK|KHU© )URGRGDFKWHHLQH:HLOHQDFKª0DFKHVDQGHP%DXPVWXPSIIHVW 6DP©VDJWHHUª'DQQVROOVWGXJODXEHLFKGLHVPDOGHLQHQ:LOOHQKDEHQ XQGDOVHUVWHUJHKHQ,FKZHUGHGLFKKLQXQWHUODVVHQXQGGXEUDXFKVW QLFKWPHKU]XWXQDOVGLFKPLW+lQGHQXQG)HQYRP)HOVHQDE]XVWR HQ$OOHUGLQJVZHQQGXDEXQG]XPLWGHLQHPJDQ]HQ*HZLFKWDXI HLQLJHGHU9RUVSUQJHWULWWVWXQGPLUHLQH 5XKHSDXVHJ|QQVWZLUGGDV KLOIUHLFKVHLQ:HQQGXXQWHQELVWNRPPHLFKQDFK,FKIKOHPLFKMHW]W ZLHGHUJDQ]JXW© ª6HKUVFK|Q©VDJWH6DPEHGUFNWª:HQQHVVFKRQVHLQPXGDQQ ZROOHQZLUHVJOHLFKKLQWHUXQVEULQJHQ©(UQDKPGDV6HLOXQGEHIHVWLJWH HVDQGHP%DXPVWXPSIGHUGHP5DQGDPQlFKVWHQZDUGDVDQGHUH(QGH NQSIWHHUVLFKGDQQXPGHQ/HLE:LGHUVWUHEHQGGUHKWHHUVLFKXPXQG VFKLFNWHVLFKDQ]XP]ZHLWHQ0DOGHQ:HJQDFKXQWHQDQ]XWUHWHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
(VHUZLHVVLFKMHGRFKDOVQLFKWKDOEVRVFKOLPPZLH HUHUZDUWHWKDWWH 'DV6HLOVFKLHQLKP=XYHUVLFKWHLQ]XIO|HQREZRKOHUPHKUDOVHLQPDO GLH$XJHQVFKORZHQQHUQDFKXQWHQ]ZLVFKHQVHLQH)HVDK(LQHXQ DQJHQHKPH6WHOOHNDPZRHVNHLQHQ9RUVSUXQJJDEXQGGLH)HOVZDQG VWHLOXQGHLQNXU]HV6WFNVRJDUXQWHUK|KOWZDUGDUXWVFKWHHUDEXQG EDXPHOWHDQGHUVLOEHUQHQ/HLQH$EHU)URGROLHLKQODQJVDPXQGVWHWLJ KLQDEXQGVFKOLHOLFKZDUHVEHUVWDQGHQ6HLQHJU|WH$QJVWZDUJHZH VHQGDGDV6HLO]X(QGHVHLQN|QQWHZlKUHQGHUQRFKKRFKREHQZDU GRFKKDWWH)URGRQRFKHLQHJXWH%XFKWLQGHU+DQGDOV6DPDXIGHP %RGHQDQODQJWHXQGULHIª,FKELQXQWHQ©6HLQH6WLPPHGUDQJGHXWOLFK KHUDXIDEHU)URGRNRQQWHLKQQLFKWVHKHQVHLQJUDXHU(OEHQPDQWHOYHU VFKZDPPLP=ZLHOLFKW )URGREUDXFKWHHWZDVPHKU =HLWXPLKP]XIROJHQ(UKDWWHGDV6HLO XPGHQ/HLEXQGREHQZDUHVIHVWXQGHUKDWWHHVJHNU]WVRGDHVLKQ KRFK]LHKHQZUGHHKHHUGHQ%RGHQHUUHLFKWHHUZROOWHGLH*HIDKUHLQHV 6WXU]HVDXVVFKDOWHQGHQQHUKDWWHQLFKWHEHQVRYLHO=XWUDXHQ]XGLHVHU GQQHQJUDXHQ/HLQHZLH6DP'HQQRFKJDEHV]ZHL6WHOOHQDQGHQHQHU VLFKJDQ]XQGJDUGHU/HLQHDQYHUWUDXHQPXWHJODWWH)OlFKHQZRVHOEVW VHLQHNUlIWLJHQ+REELWILQJHUNHLQHQ+DOWIDQGHQXQGGLH9RUVSUQJH ZDUHQZHLWDXVHLQDQGHU$EHUVFKOLHOLFK ZDUDXFKHUXQWHQ ª*XW©ULHIHUª:LUKDEHQ VJHVFKDIIW:LUVLQGGHP(P\Q0XLOHQW NRPPHQ8QGZDVNRPPWQXQIUDJHLFKPLFK"9LHOOHLFKWZHUGHQZLUXQV EDOGZLHGHUQDFKJXWHPKDUWHP)HOVHQXQWHUGHQ)HQVHKQHQ© $EHU6DPDQWZRUWHWHQLFKWHUVWDUUWH]XUFNDXIGLH)HOVZDQGª7|O SHO©VDJWHHUª'XPPN|SIH0HLQVFK|QHV6HLO'DLVWHVDQHLQHQ%DXP VWXPSIJHNQSIWXQGZLUVLQGXQWHQ(LQHVRQHWWHNOHLQH7UHSSHIUGHQ VFKOHLFKHQGHQ*ROOXPZLHZLUQXUKLQWHUODVVHQNRQQWHQ$PEHVWHQVWHO OHQZLUQRFKHLQ6FKLOGDXIGDPLWHUZHLZHOFKHQ:HJZLUJHJDQJHQ VLQG,FKIDQGHVJLQJDOOHVHLQELFKHQ]XJODWW© ª:HQQGXGLUHLQHDQGHUH0|JOLFKNHLWYRUVWHOOHQNDQQVWZLHZLUEHLGH GDV6HLOKlWWHQEHQXW]HQXQGHVGHQQRFKPLWKHUXQWHUEULQJHQN|QQHQ GDQQGDUIVWGXGHQ7|OSHORGHUMHGHQDQGHUHQ1DPHQGHQGHU2KPGLU JDEDQPLFKZHLWHUUHLFKHQ©VDJWH)URGRª.OHWWHUHKLQDXIPDFKHVORV XQGODGLFKVHOEVWKLQXQWHUZHQQGXZLOOVW© 6DPNUDW]WHVLFKGHQ.RSIª1HLQLFKNDQQPLUDXFKQLFKWYRUVWHOOHQ ZLHLFKELWWHXP(QWVFKXOGLJXQJ©VDJWHHUª$EHULFKODVVHHVQLFKWJHUQ GRUWXQGGDVLVWHLQH7DWVDFKH©(UVWUHLFKHOWHGDV6HLOXQGVFKWWHOWHHV VDQIWª(VIlOOWPLUVFKZHUPLFKYRQLUJHQGHWZDV]XWUHQQHQZDVLFK DXVGHP(OEHQODQGPLWJHEUDFKWKDEH 9LHOOHLFKWKDW*DODGULHOHVVRJDU VHOEVWJHPDFKW*DODGULHO©PXUPHOWHHUXQGQLFNWHWUDXULJPLWGHP.RSI (UVFKDXWHKLQDXIXQG]RJ]XPOHW]WHQ0DODQGHP6HLOJOHLFKVDP]XP $EVFKLHG =XUY|OOLJHQhEHUUDVFKXQJGHUEHLGHQ+REELWVNDPHVORV6DPILHO YRUQEHUXQGGDVODQJHJUDXH6HLOJOLWWOHLVHKHUXQWHUXQGEOLHEDXILKP OLHJHQ)URGRODFKWHª:HUKDWGDV6HLOJHNQRWHW"©IUDJWHHUª*XWGD HVZHQLJVWHQVVRODQJHJHKDOWHQKDW:HQQLFKGDUDQGHQNHGDLFKGHL QHP.QRWHQPHLQJDQ]HV*HZLFKWDQYHUWUDXW KDEH© 6DPODFKWHQLFKWª9LHOOHLFKWELQLFKQLFKWWFKWLJEHLP.OHWWHUQ+HUU )URGR©VDJWHHULQEHOHLGLJWHP7RQªDEHUYRQ6HLOHQXQG.QRWHQYHU VWHKHLFKHWZDV(VOLHJWLQGHU)DPLOLHN|QQWHPDQVDJHQ6FKOLHOLFK KDWWHQPHLQ*URYDWHUXQGQDFKLKP PHLQ2QNHO$QGLZDVGHUlOWHVWH 5HL$QJHON#KWWSFRODHERRN]IELGH
%UXGHUYRP2KPLVWYLHOH-DKUHHLQH6HLOHUEDKQGUEHQLQ5HHSIHOG8QG LFKKDEHHLQHQVRIHVWHQ.QRWHQDQGHP%DXPVWXPSIJHPDFKWZLHQXU LUJHQGHLQHULP$XHQODQGRGHUVRQVWZRLKQKlWWHPDFKHQN|QQHQ© ª'DQQPXGDV6HLOJHULVVHQVHLQ² DXIJHVFKHXHUWDQGHU)HOVNDQWH QHKPHLFKDQ©VDJWH)URGR ª,FKZHWWHGDVLVWHVQLFKW©VDJWH6DPPLWHLQHUQRFKEHOHLGLJWHUHQ 6WLPPH(UEFNWHVLFKXQGXQWHUVXFKWHGLH(QGHQª1HLQGDVLVWHVDXFK QLFKW1LFKWHLQH6WUlKQH© ª'DQQIUFKWHLFKPXHVGRFKGHU.QRWHQJHZHVHQVHLQ©VDJWH )URGR 6DPVFKWWHOWHGHQ.RSIXQGDQWZRUWHWHQLFKW1DFKGHQNOLFKOLHHUGDV 6HLOGXUFKGLH)LQJHUJOHLWHQª'XNDQQVWHVKDOWHQZLHGXZLOOVW+HUU )URGR©VDJWHHUVFKOLHOLFKªDEHULFKJODXEHGDV 6HLONDPYRQVHOEVW KHUXQWHU² DOVLFKULHI©(UUROOWHHVDXIXQGYHUVWDXWHHVOLHEHYROOLQVHL QHP5XFNVDFN ª-HGHQIDOOVNDPHV©VDJWH)URGRªXQGGDVLVWGLH+DXSWVDFKH$EHU MHW]WPVVHQZLUXQVXQVHUHQQlFKVWHQ6FKULWWEHUOHJHQ(VZLUGEDOG 1DFKW VHLQ:LHVFK|QGLH6WHUQHVLQGXQGGHU0RQG© ª'DEHLJHKWHLQHPZLUNOLFKGDV+HU]DXIQLFKWZDKU"©VDJWH6DPXQG VFKDXWHKLQDXIª(LELVFKVLQGVLHLUJHQGZLH8QGGHU0RQGQLPPW]X(LQ RGHU]ZHL1lFKWHKDEHQZLULKQEHLGLHVHPZRONLJHQ:HWWHUJDUQLFKWJH VHKHQ(UVFKHLQWVFKRQ]LHPOLFKKHOO© ª-D©VDJWH)URGRªDEHUHVGDXHUWQRFKHLQSDDU7DJHELVHUYROOLVW ,FKJODXEHZLUZROOHQHVPLWGHQ6PSIHQOLHEHUQLFKWEHLP/LFKWHLQHV KDOEHQ0RQGHVYHUVXFKHQ© ,QGHQHUVWHQ6FKDWWHQGHU1DFKWPDFKWHQVLHVLFKDXI]XPQlFKVWHQ $EVFKQLWWLKUHU:DQGHUXQJ1DFKHLQHU:HLOHVFKDXWH6DPVLFKXPXQG EOLFNWHGRUWKLQ]XUFNZRKHUVLHJHNRPPHQZDUHQ'HU$XVJDQJGHU 5LQQHZDUHLQHVFKZDU]H(LQNHUEXQJLQGHUGVWHUHQ)HOVZDQGª,FKELQ IURKGDZLUGDV6HLOKDEHQ©VDJWHHUª-HGHQIDOOVKDEHQZLUGLHVHP :HJHODJHUHUHLQNOHLQHV5lWVHODXIJHJHEHQ(UNDQQHVPLWVHLQHQKl OLFKHQ)ORVVHQIHQDXIGLHVHQ9RUVSUQJHQYHUVXFKHQ© 6LHEDKQWHQVLFKHLQHQ:HJIRUWYRQGHU)HOVZDQGGXUFKHLQH:LOGQLV YRQ)LQGOLQJHQXQGUDXKHQ6WHLQHQGLHQDFKGHPKHIWLJHQ5HJHQQDXQG VFKOSIULJZDUHQ'DV*HOlQGHILHOQRFKLPPHUVWDUNDE6LHZDUHQQRFK QLFKWZHLWJHJDQJHQDOVVLH]XHLQHUJURHQ6SDOWHNDPHQGLHSO|W]OLFK VFKZDU]]XLKUHQ)HQJlKQWH6LHZDUQLFKWEUHLWDEHUGRFK]XEUHLW XPVLHLQGHPGVWHUHQ/LFKW]XEHUVSULQJHQ6LHJODXEWHQ:DVVHULQGHU 7LHIHJXUJHOQ]XK|UHQ'LH6SDOWH]RJVLFKOLQNVYRQLKQHQQDFK1RUGHQ KLQ]XUFN]XGHQ%HUJHQXQGYHUVSHUUWHLKQHQDOVRGHQ:HJLQGLHVHU 5LFKWXQJMHGHQIDOOVVRODQJH HVGXQNHOZDU ª:LUVROOWHQHVOLHEHUZLHGHUZHLWHUVGOLFKDQGHU)HOVZDQGHQW ODQJYHUVXFKHQJODXEHLFK©VDJWH6DPª9LHOOHLFKWILQGHQZLUGDLUJHQG HLQ9HUVWHFNRGHUVRJDUHLQH+|KOHRGHUVRZDV© ª,FKQHKPHHVDQ©VDJWH)URGRª,FKELQPGHXQGJODXEHQLFKWGD LFKKHXWHQDFKWQRFKYLHOOlQJHU]ZLVFKHQ6WHLQHQKHUXPNOHWWHUQNDQQ² REZRKOPLUGLH9HU]|JHUXQJlUJHUOLFKLVW,FKZQVFKWHZLUKlWWHQHLQHQ NODUHQ:HJYRUXQV'DQQZUGHLFKZHLWHUJHKHQELVPHLQH%HLQHQLFKW PHKUPLWPDFKHQ© 6LHIDQGHQGDV*HKHQDQGHP]HUNOIWHWHQ)XGHV(P\Q0XLOQLFKW HLQIDFKHU8QG6DPIDQGDXFKNHLQHUOHL9HUVWHFNRGHU0XOGHGLH6FKXW] 5HL$QJHON#KWWSFRODHERRN]IELGH
JHERWHQKlWWHQQXUNDKOHVWHLQLJH+lQJHEHUGHQHQVLFKGLH)HOVZDQG DXIWUPWHXQGLPPHUK|KHUXQGVWHLOHUZXUGHMHZHLWHUVLH]XUFNJLQJHQ (UVFK|SIWZDUIHQVLHVLFKHLQIDFKDXIGHQ%RGHQDXIGHUZLQGJHVFKW]WHQ 6HLWHHLQHV)LQGOLQJVQLFKWZHLWYRP)XGHV$EJUXQGV'RUWVDHQVLH HLQH:HLOHWUDXULJ]XVDPPHQJHNDXHUWLQGHUNDOWHQVWHLQLJHQ1DFKW'HU 0RQGVWDQGMHW]WKRFKDP+LPPHOXQGZDUNODU6HLQGQQHVZHLHV /LFKWEHOHXFKWHWHGLH9RUGHUVHLWHQGHU6WHLQHXQGGLHNDOWHGURKHQGH)HOV ZDQGXQGYHUZDQGHOWHGLHJDQ]HGUlXHQGH'XQNHOKHLWLQNKOHVEODVVHV *UDXYRQVFKZDU]HQ6FKDWWHQGXUFKVFKQLWWHQ ª1DMD©VDJWH)URGRVWDQGDXIXQG]RJVHLQHQ0DQWHOIHVWHUXPVLFK ª'XVFKOlIVWMHW]WHLQELFKHQ6DPXQGQLPPVWPHLQH'HFNH,FKJHKH HLQH:HLOHDOV3RVWHQDXIXQGDE©3O|W]OLFKHUVWDUUWHHUEFNWHVLFKXQG SDFNWH6DPDP$UPª:DVLVWGDV"©IOVWHUWHHUª6FKDXGRUWGUEHQ DXIGHU)HOVZDQG© 6DPEOLFNWHKLQEHUXQGSILIIGXUFKGLH=lKQHª6VV©VDJWHHUª'D KDEHQZLU V'DVLVWGLHVHU*ROOXP6FKODQJHQXQG1DWWHUQ8QGZHQQ PDQVLFKYRUVWHOOWGDLFKJHJODXEWKDWWHZLUYHUZLUUHQLKQPLWXQVHUHP ELFKHQ.OHWWHUQ6FKDXGLUGDVDQ:LHHLQHVFKHXOLFKHNUDEEHOQGH 6SLQQHDXIHLQHU:DQG© $XIGHU9RUGHUVHLWHHLQHU%HUJOHKQHVWHLOXQGIDVWJODWWVFKLHQVLHLP 0RQGOLFKW]XVHLQEHZHJWHVLFKHLQNOHLQHVVFKZDU]HV*HVFK|SIPLWJH VSUHL]WHQ*OLHGHUQDEZlUWV9LHOOHLFKWIDQGHQ VHLQHZHLFKHQVLFKDQNODP PHUQGHQ+lQGHXQG=HKHQ6SDOWHQXQG6WW]HQGLHNHLQ+REELWMHKlWWH VHKHQRGHUEHQXW]HQN|QQHQDEHUHVVDKDXVDOVREHVHLQIDFKDXINOHEUL JHQ3IRWHQNU|FKHZLHLUJHQGHLQJURHVEHXWHOVWHUQHVLQVHNWHQlKQOLFKHV 7LHU8QG HVNDPKHUXQWHUPLWGHP.RSI]XHUVWDOVREHVVHLQHQ:HJ ZLWWHUH$EXQG]XKREHVODQJVDPGHQ.RSIXQGGUHKWHLKQELVQDFK KLQWHQDXIVHLQHPODQJHQPDJHUHQ+DOVXQGGLH+REELWVVDKHQIOFKWLJ ]ZHLNOHLQHEODOHXFKWHQGH3XQNWHVHLQH$XJHQGLHNXU]]XP0RQG KLQDXIEOLQ]HOWHQXQGGDQQUDVFKZLHGHUYRQGHQ/LGHUQEHGHFNWZXUGHQ ª*ODXEVWGXHUNDQQXQVVHKHQ"©IUDJWH6DP ª,FKZHLHVQLFKW©VDJWH)URGROHLVHª$EHULFKJODXEHQLFKW6RJDU IUIUHXQGOLFKH$XJHQVLQGGLHVH(OEHQPlQWHOVFKZHU]XVHKHQ6HOEVW DXIHLQSDDU6FKULWW(QWIHUQXQJNDQQLFKGLFKLP6FKDWWHQQLFKWVHKHQ 8QGLFKKDEHJHK|UWGDHU6RQQHRGHU0RQGQLFKWPDJ© ª:DUXPNRPPWHUGDQQDEHUJHUDGHKLHUKHUXQWHU"©IUDJWH6DP ª/HLVH6DP©VDJWH)URGRª(UNDQQXQVYLHOOHLFKWULHFKHQ8QGHU NDQQVRJXWK|UHQZLH(OEHQJODXEHLFK,FKGHQNHPLUHUKDWMHW]WHWZDV JHK|UWXQVHUH6WLPPHQZDKUVFKHLQOLFK:LUKDEHQGDGUEHQHLQH 0HQJHJHVFKULHQXQGELVYRUHLQHU0LQXWHKDEHQZLUXQVYLHO]XODXW XQWHUKDOWHQ© ª1DLFKKDEHLKQOlQJVWVDWW©VDJWH6DPª)UPLFKLVWHUHLQPDO]X RIWJHNRPPHQXQGLFKZHUGHHLQ:|UWFKHQPLWLKPUHGHQZHQQLFK NDQQ,FKJODXEHVRZLHVRQLFKWGDZLULKPHQWNRPPHQN|QQWHQ©6DP ]RJVLFKVHLQHJUDXH.DSX]HJXWEHUV*HVLFKWXQGNURFKYHUVWRKOHQ]XU .OLSSH ª9RUVLFKWLJ©IOVWHUWH)URGRGHUKLQWHUKHUNDPª(UVFKUHFNHLKQQLFKW (ULVWYLHOJHIlKUOLFKHUDOVHUDXVVLHKW© 'DVVFKZDU]HNULHFKHQGH*HVFK|SIKDWWHMHW]WGUHL9LHUWHOGHV:HJV QDFKXQWHQJHVFKDIIWXQGZDUYLHOOHLFKWIQI]LJ)XRGHUZHQLJHUEHU GHP)XGHU.OLSSH0lXVFKHQVWLOONDXHUWHQGLH+REELWVLP6FKDWWHQGHV 5HL$QJHON#KWWSFRODHERRN]IELGH
JURHQ)LQGOLQJVXQGEHREDFKWHWHQLKQ(UVFKLHQ]XHLQHUVFKZLHULJHQ 6WHOOHJHNRPPHQRGHUEHULUJHQGHWZDVEHXQUXKLJW]XVHLQ6LHK|UWHQ LKQVFKQIIHOQXQGDEXQG]XVWLHHUHLQHQPLW|QHQGHQ]LVFKHQGHQ 6FKQDXIHUDXVGHUZLHHLQ)OXFKNODQJ(UKREGHQ.RSIXQGVLHJODXE WHQLKQVSXFNHQ]XK|UHQ'DQQVHW]WHHUVLFKZLHGHULQ%HZHJXQJ-HW]W K|UWHQVLHVHLQHNUlFK]HQGHXQGSIHLIHQGH6WLPPH ª$FKVVV9RUVLFKWPHLQ6FKDW]0HKU(LOHZHQLJHU6FKQHOOLJNHLW :LUGUIHQXQVQLFKWGHQ+DOVEUHFKHQQLFKWZDKU6FKDW]"1HLQ6FKDW] ² JROOXP©(UKREZLHGHUGHQ.RSIEOLQ]HOWH]XP0RQGXQGVFKOR UDVFKGLH$XJHQª:LUKDVVHQHV©]LVFKWHHUª+lOLFKHVKlOLFKHVVFKDX GHUKDIWHV/LFKWLVVHV² VSXFNWXQVDQ6FKDW]² WXWXQVHUHQ$XJHQZHK© (UNDPMHW]WWLHIHUKHUXQWHUXQGVHLQ=LVFKHQZXUGHGHXWOLFKHUXQG NODUHUª:RLVWHUZRLVWHUPHLQ6FKDW]PHLQ6FKDW]"(VLVWXQVHUHU MDZRKOXQGZLUZROOHQLKQ'LH'LHEHGLH'LHEHGLHGUHFNLJHQNOHLQHQ 'LHEH:RVLQGVLHPLWPHLQHP6FKDW]"9HUIOXFKWVROOHQVLHVHLQ:LU KDVVHQVLH ª(VNOLQJWQLFKWDOVREHUZWHZRZLUVLQGQLFKWZDKU"©IOVWHUWH 6DPª8QGZDVLVWVHLQ6FKDW]"0HLQWHUGHQ© ª3VW©KDXFKWH)URGRª(UNRPPWMHW]WQlKHUQDKJHQXJXPHLQ)O VWHUQ]XK|UHQ© 7DWVlFKOLFKKDWWH*ROOXPSO|W]OLFKZLHGHULQQHJHKDOWHQXQGVHLQHQJUR HQ.RSIDQGHPGUUHQ+DOVYRQHLQHU6HLWH]XUDQGHUHQJHVWUHFNWDOV REHUODXVFKH6HLQHEODVVHQ$XJHQZDUHQKDOERIIHQ6DPKLHOWVLFK]X UFNREZRKOHVLKPLQGHQ)LQJHUQ]XFNWH6HLQH$XJHQYROOHU:XWXQG $EVFKHXZDUHQDXIGDVHOHQGH*HVFK|SIJHKHIWHWGDVMHW]WZLHGHUZHL WHUJLQJXQGLPPHUQRFKYRUVLFKKLQIOVWHUWHXQG]LVFKWH 6FKOLHOLFKZDUHUQLFKWPHKUDOVHWZD]Z|OI)XYRP%RGHQGLUHNW EHULKUHQ.|SIHQ9RQGLHVHU6WHOOHDXVJLQJHVVWHLOQDFKXQWHQGHQQGHU )HOVHQZDUOHLFKWDXVJHK|KOWXQGVHOEVW*ROOXPNRQQWHNHLQHUOHL+DOWILQ GHQ(UVFKLHQGHQ9HUVXFK]XPDFKHQVLFKXP]XGUHKHQGDPLWHUPLW GHQ%HLQHQ]XHUVWQDFKXQWHQNlPHDOVHUSO|W]OLFKPLWVFKULOOHPSIHL IHQGHP6FKUHLDEVWU]WH,P)DOOHQVFKODQJHUVHLQH$UPHXQG%HLQHXP VLFKZLHHLQH6SLQQHGHUHQDEZlUWVUKUHQGHU)DGHQJHULVVHQLVW 6DPZDULP1XDXVVHLQHP9HUVWHFNKHUDXVXQGPLWHLQSDDU6lW]HQ DP)XGHU.OLSSH(KH*ROOXPDXIVWHKHQNRQQWHZDUHUEHULKP$EHU HUVWHOOWHIHVWGD*ROOXPHLQKlUWHUHU%URFNHQZDUDOVHUHUZDUWHWKDWWH VHOEVWVRXQHUZDUWHWEHUUXPSHOWXQGQLFKWDXIGHU+XWQDFKVHLQHP 6WXU](KH6DPLKQSDFNHQNRQQWHVFKODQJHQVLFKODQJH$UPHXQG%HLQH XPLKQXQGKLHOWHQVHLQH$UPHIHVWXQGHLQNODPPHUQGHU*ULIIVDQIW DEHUHQWVHW]OLFKVWDUNXPVFKQUWHLKQZLHVLFKODQJVDP]X]LHKHQGH 6WULFNHIHXFKWNDOWH)LQJHUWDVWHWHQQDFKVHLQHU.HKOH'DQQELVVHQLKQ VFKDUIH=lKQHLQGLH6FKXOWHUQ(UNRQQWHQLFKWVWXQDOVVHLQHQKDUWHQ UXQGHQ6FKlGHOGHP*HVFK|SIVHLWOLFKLQV*HVLFKW]XVWRHQ*ROOXP ]LVFKWHXQGVSXFNWHOLHDEHUQLFKWORV (VZlUH6DPVFKOHFKWHUJDQJHQZHQQHUDOOHLQJHZHVHQZlUH$EHU )URGRVSUDQJDXIXQGUL6WLFKDXVGHU6FKHLGH0LWGHUOLQNHQ+DQG]RJ HU*ROOXPV.RSIDQVHLQHPGQQHQJODWWHQ+DDU]XUFNELVVHLQODQJHU +DOVJHVWUHFNWZDUXQG]ZDQJVHLQHEODVVHQJLIWLJHQ$XJHQLQGHQ +LPPHO]XVWDUUHQ ª/DORV*ROOXP©VDJWHHUª'DVLVW6WLFK'XKDVWLKQVFKRQ HLQPDO JHVHKHQ/DORVRGHUGXEHNRPPVWLKQGLHVPDO]XVSUHQ,FKZHUGHGLU 5HL$QJHON#KWWSFRODHERRN]IELGH
GLH.HKOHGXUFKVFKQHLGHQ© *ROOXPEUDFK]XVDPPHQXQGZXUGHVFKODIIZLHHLQQDVVHU)DGHQ6DP VWDQGDXIXQGEHWDVWHWHVHLQH6FKXOWHU6HLQH$XJHQVSUKWHQYRU=RUQ DEHUHUNRQQWHVLFKQLFKWUlFKHQVHLQHOHQGHU)HLQGODJGHPWLJDXIGHQ 6WHLQHQXQGZLPPHUWH ª7XWXQVQLFKWZHK/DQLFKW]XGDVLHXQVZHKWXQ6FKDW]6LH ZHUGHQXQVGRFKQLFKWZHKWXQGLHQHWWHQNOHLQHQ+REELWVH":LUKDWWHQ QLFKWV%|VHVYRUDEHUVLHVSUDQJHQ DXIXQVZLH.DW]HQDXIDUPH0lXVHU GDVWDWHQVLH6FKDW]8QGZLUVLQGVRDOOHLQJROOXP :LUZHUGHQQHWW]X LKQHQVHLQVHKUQHWWZHQQVLHQHWW]XXQVVLQGQLFKWZDKUMDMD© ª1DZDVVROOQXQPLWLKPJHVFKHKHQ"©IUDJWH6DPª)HVVHOQGDPLWHU XQVQLFKWPHKUQDFKVFKOHLFKHQNDQQGDVVDJHLFK© ª$EHUGDVEULQJWXQVXPGDVEULQJWXQVXP©ZLPPHUWH*ROOXP ª*UDXVDPHNOHLQH+REELWVH8QVIHVVHOQLQGHPNDOWHQKDUWHQ/DQGXQG XQVYHUODVVHQJROOXPJROOXP© 6FKOXFK]HUVWLHJHQDXILQVHLQHUNROOHUQ GHQ.HKOH ª1HLQ©VDJWH)URGRª:HQQZLULKQW|WHQGDQQPVVHQZLULKQJDQ] XQGJDUW|WHQ$EHUGDVN|QQHQZLUQLFKWVRZLHGLH'LQJHOLHJHQ $UPHU.HUO(UKDWXQVNHLQ/HLGJHWDQ© ª$FKKDWHUQLFKW©VDJWH6DPXQGULHEVHLQH6FKXOWHUª-HGHQIDOOV KDWWHHUHVYRUXQG KDWHVYRUGDZHWWLFK8QVLP6FKODIHUZUJHQGDV LVWVHLQ3ODQ© ª'DVZLOOLFKJODXEHQ©VDJWH)URGRª$EHUZDVHUZLUNOLFKYRUKDWLVW HWZDVDQGHUHV©(UKLHOWHLQH:HLOHLQQHXQGGDFKWHQDFK*ROOXPODJVWLOO XQGK|UWHPLW:LPPHUQDXI6DPVWDUUWHLKQILQVWHUDQ 'DQQVFKLHQHV)URGRDOVK|UHHUJDQ]GHXWOLFKDEHUZHLWHQWIHUQW 6WLPPHQDXVGHU9HUJDQJHQKHLW :HOFKHLQ-DPPHUGD%LOERGLHVHVHOHQGH*HVFK|SIQLFKWHUGROFKWKDW DOVHUGLH*HOHJHQKHLWKDWWH (LQ-DPPHU",KQMDPPHUWH*ROOXP0LWOHLGXQG(UEDUPHQKLHOWHQVHLQH +DQG]XUFNQLFKWRKQH1RWZROOWHHUW|WHQ ,FKHPSILQGHNHLQHUOHL0LWOHLGIU*ROOXP(UYHUGLHQWGHQ7RG 9HUGLHQWLKQ'DVZLOOLFKJODXEHQ9LHOHGLHOHEHQYHUGLHQHQGHQ7RG 8QGPDQFKHGLHVWHUEHQYHUGLHQHQGDV/HEHQ.DQQVWGXHVLKQHQJHEHQ" 'DQQVHLDXFKQLFKWVRUDVFKPLWHLQHP7RGHVXUWHLOEHLGHU+DQGZHLOGX XPGHLQHHLJHQH6LFKHUKHLWIUFKWHVW'HQQVHOEVWGLH:HLVHQN|QQHQ QLFKWDOOH$EVLFKWHQHUNHQQHQ ª1XQJXW©DQWZRUWHWHHUODXWXQGVHQNWHVHLQ 6FKZHUWª$EHULFK KDEHLPPHUQRFK$QJVW8QGGHQQRFKZHUGHLFKZLHGXVLHKVWGLHVHP DUPHQ:LFKWQLFKWV]XOHLGHWXQ'HQQMHW]WGDLFKLKQVHKHKDEHLFK 0LWOHLGPLWLKP© 6DPVWDUUWHVHLQHQ+HUUQDQGHQQHUVFKLHQPLWMHPDQGHP]XUHGHQ GHUQLFKWGDZDU*ROOXPKREGHQ.RSI ª-DDUPHU.HUOVLQGZLU6FKDW]©JUHLQWHHUª(OHQG(OHQG+REELWV ZHUGHQXQVQLFKWW|WHQQHWWH+REELWV© ª1HLQGDVZHUGHQZLUQLFKW©VDJWH)URGRª$EHUZLUZHUGHQGLFK DXFKQLFKWODXIHQODVVHQ'XELVWYROOHU%RVKHLWXQG6FKOHFKWLJNHLW*RO OXP'XZLUVWPLWXQVPLWNRPPHQPVVHQGDVLVWDOOHVGDPLWZLUHLQ $XJHDXIGLFKKDEHQ$EHUGXPXWXQVKHOIHQZHQQGXNDQQVW(LQH /LHEHLVWGHUDQGHUHQZHUW© ª-DMDZLUNOLFK©VDJWH*ROOXPXQGVHW]WHVLFKDXIª1HWWH+REELWV 5HL$QJHON#KWWSFRODHERRN]IELGH
:LUZHUGHQPLWLKQHQNRPPHQ,KQHQVLFKHUH:HJHVXFKHQLQGHU'XQ NHOKHLWMDGDVZHUGHQZLU8QGZRJHKHQVLHKLQLQGLHVHQNDOWHQKDUWHQ /DQGHQGDVP|FKWHQZLUZLVVHQMDGDVP|FKWHQZLUZLVVHQ©(UVFKDXWH ]XLKQHQDXIXQGLQVHLQHQEODVVHQEOLQ]HOQGHQ$XJHQIODFNHUWHIUHLQH 6HNXQGHHLQVFKZDFKHU6FKLPPHUYRQ9HUVFKODJHQKHLWXQG%HJHKUOLFKNHLW DXI 6DPVDKLKQZWHQGDQXQGVDXJWHDQVHLQHQ=lKQHQDEHUHUVFKLHQ]X VSUHQGDHWZDVDQGHU6WLPPXQJVHLQHV+HUUQVRQGHUEDUZDUXQGHV EHLGHU6DFKHQLFKWVPHKU]XHU|UWHUQJDE'HQQRFKZDUHUHUVWDXQWEHU )URGRV$QWZRUW )URGRVDK*ROOXPGLUHNWLQGLH$XJHQGLH]XVDPPHQ]XFNWHQXQGVHL QHP%OLFNDXVZLFKHQª'XZHLWHVRGHUHUUlWVWHVZHQLJVWHQV6PpDJRO© VDJWHHUOHLVHXQGVWUHQJª:LUJHKHQQDWUOLFKQDFK0RUGRU8QGGX ZHLWGHQ:HJGRUWKLQJODXEHLFK© ª$FK6VV©VDJWH*ROOXPXQGSUHWHGLH+lQGHDXIGLH2KUHQDOVRE LKPHLQHVROFKH)UHLPWLJNHLWXQGGDVRIIHQH$XVVSUHFKHQGHU1DPHQ ZHKWXHª:LUKDEHQ VHUUDWHQMDZLUKDEHQ VHUUDWHQ©IOVWHUWHHU ª8QGZLUZROOWHQQLFKWGDVLHJHKHQQLFKWZDKU"1HLQ6FKDW]QLFKW GLHQHWWHQ+REELWV$VFKH$VFKHXQG6WDXEXQG'XUVWJLE VGD8QG +|KOHQ+|KOHQ+|KOHQXQG2UNV7DXVHQGHYRQ2UNV1HWWH+REELWV GUIHQQLFKW² VVV² ]XVROFKHQ2UWHQJHKHQ© ª'XELVWDOVRGDJHZHVHQ"©GUlQJWH)URGRª8QGHV]LHKWGLFKGRUWKLQ ]XUFNQLFKWZDKU"© ª-D-D1HLQ©NUHLVFKWH*ROOXPª(LQPDOGXUFK=XIDOOZDUHVQLFKW ZDKU6FKDW]"-DGXUFK=XIDOO8QGZLUZROOHQQLFKW]XUFNJHKHQQHLQ QHLQ©'DQQSO|W]OLFKlQGHUWHQVLFKVHLQH6WLPPHXQG6SUDFKHXQGHU VFKOXFK]WHNHKOLJXQGUHGHWHDEHUQLFKWPLWLKQHQª/DPLFK]XIULHGHQ JROOXP 'XWXVWPLUZHKPHLQHDUPHQ+lQGHJROOXP ,FKZLULFK ZLOOQLFKW]XUFNNRPPHQ,FKNDQQLKQQLFKWILQGHQ,FKELQPGH ,FK ZLUN|QQHQLKQQLFKWILQGHQJROOXPJROOXP 1HLQQLUJHQGV6LHVLQG LPPHUZDFK=ZHUJH0HQVFKHQXQG(OEHQHQWVHW]OLFKH(OEHQPLWKHOOHQ $XJHQ,FKNDQQLKQQLFKWILQGHQ$FK©(UVWDQGDXIXQGEDOOWHVHLQH ODQJH+DQG]XHLQHUNQRFKLJHQIOHLVFKORVHQ)DXVWXQGGURKWHGDPLWJHQ 2VWHQª:LUZROOHQQLFKW©ULHIHUª1LFKWIUGLFK©'DQQEUDFKHUZLH GHU]XVDPPHQª*ROOXPJROOXP© ZLPPHUWHHUPLWGHP*HVLFKWDXIGHP %RGHQª6FKDXXQVQLFKWDQ*HKZHJ*HKVFKODIHQ© ª(UZLUGQLFKWZHJJHKHQRGHUVFKODIHQDXIGHLQHQ%HIHKO6PpDJRO© VDJWH)URGRª$EHUZHQQGXZLUNOLFKZLHGHUIUHLVHLQZLOOVWYRQLKP GDQQPXWGXPLUKHOIHQ8QGGDVIUFKWHLFKEHGHXWHWGDGXIUXQV HLQHQ:HJ]XLKPILQGHQPXW'XEUDXFKVWQLFKWGLHJDQ]H6WUHFNHPLW ]XJHKHQQLFKWEHUGLH7RUHGLHVHV/DQGHVKLQDXV© *ROOXPVHW]WHVLFKZLHGHUDXIXQGVDKLKQPLWKDOEJHVFKORVVHQHQ /LGHUQDQª(ULVWGDGUEHQ©NUlFK]WHHUª,PPHUGD2UNVZHUGHQHXFK GHQJDQ]HQ:HJEULQJHQ/HLFKW2UNV]XILQGHQ|VWOLFKGHV6WURPV %LWWHQLFKW6PpDJRO$UPHUDUPHU6PpDJROHUJLQJVFKRQYRUODQJHU =HLWZHJ6LHQDKPHQLKPVHLQHQ6FKDW]XQGMHW]WLVWHUYHUORUHQ© ª9LHOOHLFKWZHUGHQZLULKQZLHGHUILQGHQZHQQGXPLWXQVPLW NRPPVW©VDJWH)URGR ª1HLQQHLQQLHPDOV(ULVWYHUORUHQVHLQ6FKDW]©VDJWH*ROOXP ª6WHKDXI©VDJWH)URGR *ROOXPVWDQGDXIXQGZLFK]XUFNDQGLH)HOVZDQG 5HL$QJHON#KWWSFRODHERRN]IELGH
ª1XQK|UH©VDJWH)URGRª.DQQVWGXHLQHQ:HJOHLFKWHUEHL7DJRGHU EHL1DFKWILQGHQ":LUVLQGPGHDEHUZHQQGXGLFKIUGLH1DFKWHQW VFKHLGHVWZHUGHQZLUKHXWHQDFKWDXIEUHFKHQ© ª'LHJURHQ/LFKWHUWXQXQVHUHQ$XJHQZHKZLUNOLFK©MDPPHUWH*RO OXPª1LFKWXQWHUGHP:HLHQ*HVLFKWQRFKQLFKW%DOGZLUGHVKLQWHU GLH%HUJHJHKHQMD5XKWHXFKHUVWHLQELFKHQDXVQHWWH+REELWV© ª'DQQVHW]GLFKKLQ©VDJWH)URGRªXQGUKUGLFKQLFKW© 'LH+REELWVVHW]WHQVLFKQHEHQLKQMHGHUDXIHLQHU6HLWHOHKQWHQGHQ 5FNHQDQGLH)HOVZDQGXQGVWUHFNWHQGLH%HLQHDXV(VZDUQLFKWQ|WLJ VLFKPLW:RUWHQ]XYHUVWlQGLJHQVLHZXWHQGDVLHQLFKWHLQHQ$XJHQ EOLFNVFKODIHQGXUIWHQ/DQJVDP]RJGHU0RQGYRUEHL6FKDWWHQILHOHQYRQ GHQ%HUJHQXQGDOOHVZXUGHGXQNHOYRULKQHQ'LH6WHUQHZXUGHQGLFKW XQGKHOODP+LPPHOREHQ.HLQHUGHUGUHLEHZHJWHVLFK*ROOXPVDPLW DQJH]RJHQHQ%HLQHQGDGLH.QLHXQWHUGHP.LQQ+lQGHXQG)HIODFK DXIGHP%RGHQJHVSUHL]WGLH$XJHQJHVFKORVVHQDEHUHUVFKLHQDQJH VSDQQW]XVHLQDOVREHUQDFKGHQNHRGHUODXVFKH )URGREOLFNWH]X6DPKLQEHU,KUH%OLFNHWUDIHQVLFKXQGVLHYHUVWDQ GHQVLFK6LHVHW]WHQVLFKJHUXKVDPHUKLQOHKQWHQGLH.|SIH]XUFNXQG VFKO|VVHQGLH$XJHQRGHUWDWHQVR%DOGZDULKUOHLVHV$WHPJHUlXVFK]X K|UHQ*ROOXPV+lQGH]XFNWHQHLQZHQLJ.DXPZDKUQHKPEDUEHZHJWH HUGHQ.RSIQDFKOLQNVXQGUHFKWVXQGHLQ6FKOLW]|IIQHWHVLFKHUVWLQ HLQHP$XJHXQGGDQQLPDQGHUHQ'LH+REELWVJDEHQNHLQ=HLFKHQ 0LWHLQHUEHUUDVFKHQGHQ%HKHQGLJNHLWXQG6FKQHOOLJNHLWVWU]WH*RO OXPSO|W]OLFKPLWHLQHP6SUXQJZLHHLQ*UDVKSIHURGHU)URVFKYRP %RGHQZHJLQGLH'XQNHOKHLW$EHUGDVZDUJHQDXGDVZDV)URGRXQG 6DPHUZDUWHWKDWWHQ6DPZDUEHULKPHKHHUQDFKVHLQHP6SUXQJ]ZHL 6FKULWWHJHPDFKWKDWWH)URGRNDPKLQWHUKHUSDFNWHLKQDP%HLQXQG]RJ LKQ]XUFN ª'HLQ6HLON|QQWHVLFKZLHGHUXPDOVQW]OLFKHUZHLVHQ6DP©VDJWHHU 6DPKROWHGDV6HLOKHUDXVª8QGZRZROOWHVWGXKLQLQGHQNDOWHQ KDUWHQ/DQGHQ+HUU*ROOXP"©EUXPPWHHUª'DVP|FKWHQZLUZLVVHQ IUHLOLFKGDVP|FKWHQZLUZLVVHQ8PHLQLJHYRQGHLQHQ2UNVIUHXQGHQ]X ILQGHQGDZHWWHLFK'XKlOLFKHVWFNLVFKHV*HVFK|SI8PGHQ+DOV VROOWHGLUGDV6HLOJHVFKOXQJHQZHUGHQXQGPLWHLQHPIHVWHQ.QRWHQ GD]X© *ROOXPODJVWLOOXQGYHUVXFKWHNHLQHZHLWHUHQ.QLIIH(UDQWZRUWHWH 6DPQLFKWZDUILKPDEHUHLQHQUDVFKHQJLIWLJHQ%OLFN]X ª:LUEUDXFKHQLKQQXUIHVW]XKDOWHQ©VDJWH)URGRª:LUZROOHQGDHU OlXIWDOVRKDWHVNHLQHQ=ZHFNVHLQH%HLQH]XIHVVHOQ² RGHUVHLQH $UPHGLHVFKHLQWHUIDVWHEHQVRYLHO]XJHEUDXFKHQ.QSIHHLQ(QGH XPVHLQHQ.Q|FKHOXQGEHKDOWHGDVDQGHUH(QGHIHVWLQGHU+DQG© (USDWHDXI*ROOXPDXIZlKUHQG6DPGHQ.QRWHQPDFKWH'DV(UJHE QLVEHUUDVFKWHVLHEHLGH*ROOXPEHJDQQ]XVFKUHLHQHLQGQQHVGXUFK GULQJHQGHV*HNUHLVFKVHKUVFKHXOLFKDQ]XK|UHQ(UNUPPWHXQGZDQG VLFKXQGYHUVXFKWHPLWGHP0XQG]XP.Q|FKHO]XNRPPHQXQGGDV6HLO GXUFK]XEHLHQ(UVFKULHLPPHUZHLWHU 6FKOLHOLFKZDU)URGREHU]HXJWGDHUZLUNOLFK6FKPHU]HQKDWWH $EHUHVNRQQWHQLFKWYRQGHP.QRWHQVHLQ(UXQWHUVXFKWHLKQXQGIDQG GDHUQLFKW]XIHVWZDUYLHOPHKUNDXPIHVWJHQXJ6DPZDUJXWPWLJHU DOVVHLQH:RUWHª:DVLVWORVPLWGLU"©IUDJWHHUª:HQQGXYHUVXFKVW ZHJ]XUHQQHQPXWGXDQJHEXQGHQZHUGHQDEHUZLUZROOHQGLUQLFKW 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHKWXQ© ª(VWXWXQVZHKHVWXWXQVZHK©]LVFKWH*ROOXPª(VLVWHLVNDOWHV VFKQHLGHWHLQ(OEHQKDEHQHV]XVDPPHQJHGUHKWYHUIOXFKWVROOHQVLHVHLQ +lOLFKHJUDXVDPH+REELWV'DUXPKDEHQZLUQDWUOLFK]XIOLHKHQYHU VXFKW6FKDW]:LUDKQWHQGDVLHJUDXVDPH+REELWVVLQG6LHEHVXFKHQ (OEHQZLOGH(OEHQPLWOHXFKWHQGHQ$XJHQ1HKPWHVXQVDE(VWXWXQV ZHK© ª1HLQLFKZHUGHHVGLUQLFKWDEQHKPHQ©VDJWH)URGRªVRIHUQGX QLFKW©² HUXQWHUEUDFKVLFKXQGGDFKWHHLQHQ$XJHQEOLFNQDFK² ªVRIHUQ GXQLFKWLUJHQGHLQ9HUVSUHFKHQDEJLEVWDXIGDVLFKPLFKYHUODVVHQ NDQQ© ª:LUZHUGHQVFKZ|UHQ]XWXQZDVHUZLOOMDMD©VDJWH*ROOXPVLFK LPPHUQRFKZLQGHQGXQGQDFKVHLQHP.Q|FKHOIDVVHQGª(VWXWXQV ZHK© ª6FKZ|UVWGX"©IUDJWH)URGR ª6PpDJRO©VDJWH*ROOXPSO|W]OLFKXQGGHXWOLFK|IIQHWHGLH$XJHQ ZHLWXQGVWDUUWH)URGRPLWHLQHPVHOWVDPHQ)XQNHOQDQª6PpDJROZLUG DXIGHQ6FKDW]VFKZ|UHQ© )URGRULFKWHWHVLFKDXIXQG ZLHGHUZDU6DPYHUEOIIWEHUVHLQH:RUWH XQGVHLQHVWUHQJH6WLPPHª$XIGHQ6FKDW]":LHNDQQVWGXHVZDJHQ"© VDJWHHUª'HQNHGRFK (LQ5LQJVLH]XNQHFKWHQVLHDOOH]XILQGHQ :UGHVWGXGHLQ9HUVSUHFKHQGDUDQELQGHQ6PpDJRO"(UZLUGGLFKGDPLW IHVWKDOWHQ$EHUHULVWQRFKYHUUlWHULVFKHUDOVGX(UPDJGHLQH:RUWH YHUGUHKHQ6HLYRUVLFKWLJ© *ROOXPGXFNWHVLFKª$XIGHQ6FKDW]DXIGHQ6FKDW]©ZLHGHUKROWHHU ª8QGZDVZUGHVWGXVFKZ|UHQ"©IUDJWH)URGR ª6HKUVHKUJXW]XVHLQ©VDJWH*ROOXP'DQQNURFKHU]X)URGRV )HQEOLHEYRULKPDXIGHP%RGHQOLHJHQXQGIOVWHUWHKHLVHUHLQ 6FKDXHUEHUUDQQLKQDOVREGLH:RUWHVRJDUVHLQH.QRFKHQYRU$QJVW ]LWWHUQOLHHQª6PpDJROZLUGVFKZ|UHQQLHPDOVQLHPDOV]X]XODVVHQGD (ULKQEHNRPPW1LHPDOV6PpDJROZLUGLKQUHWWHQ$EHUHUPXDXI GHQ6FKDW]VFKZ|UHQ© ª1HLQ1LFKWDXILKQ©VDJWH)URGRXQGEOLFNWHVWUHQJDEHUPLWOHLGLJ DXILKQKLQXQWHUª'XZLOOVWLKQMDQXUVHKHQXQGEHUKUHQZHQQGX NDQQVWREZRKOGXZHLWGDHUGLFKYHUUFNWPDFKHQZUGH 1LFKWDXI LKQ6FKZ|UHEHLLKPZHQQGXZLOOVW'HQQGXZHLWZRHULVW-DGX ZHLWHV6PpDJRO(ULVWYRUGLU© (LQHQ$XJHQEOLFNVFKLHQHV6DPDOVVHLVHLQ+HUUJHZDFKVHQXQG*RO OXPJHVFKUXPSIWHLQJURHUVWUHQJHU6FKDWWHQHLQPlFKWLJHU+HUUGHU VHLQH3UDFKWLQHLQHUJUDXHQ:RONHYHUKOOWXQG]XVHLQHQ)HQHLQ NOHLQHUZLQVHOQGHU+XQG'HQQRFKZDUHQGLHEHLGHQLQLUJHQGHLQHU :HLVHHLQDQGHUYHUZDQGWXQGQLFKWIUHPGVLHNRQQWHQHLQHUGHVDQGHUHQ *HGDQNHQHUUDWHQ*ROOXPULFKWHWHVLFKDXIXQGEHJDQQ)URGR]XWlW VFKHOQXQGYRUVHLQHQ.QLHQ]XVFKDUZHQ]HOQ ª1LHGHU1LHGHU©VDJWH)URGRª-HW]WVDJHGHLQ9HUVSUHFKHQ© ª:LUYHUVSUHFKHQMDLFKYHUVSUHFKH©VDJWH*ROOXPª,FKZLOOGHP +HUUQGHV6FKDW]HVGLHQHQ*XWHU+HUUJXWHU6PpDJROJROOXP JROOXP© 3O|W]OLFKEHJDQQHU]XZHLQHQXQGZLHGHULQVHLQHQ.Q|FKHO]XEHLHQ ª1LPPGDV6HLODE6DP©VDJWH)URGR :LGHUVWUHEHQGJHKRUFKWH6DP6RIRUWVWDQG*ROOXPDXIXQGEHJDQQ 5HL$QJHON#KWWSFRODHERRN]IELGH
KHUXP]XVSULQJHQZLHHLQJHSUJHOWHU.|WHUGHVVHQ+HUULKQJHVWUHLFKHOW KDW9RQGLHVHP$XJHQEOLFNDQNDPHLQH9HUlQGHUXQJEHULKQGLH HLQLJH=HLWDQKLHOW(UVSUDFKPLWZHQLJHU=LVFKHQXQG:LPPHUQXQGHU UHGHWHXQPLWWHOEDUPLWVHLQHQ*HIlKUWHQQLFKWPHKUPLWVHLQHP6FKDW] (UGXFNWHVLFKXQGZLFK]XUFNZHQQVLHLQVHLQH1lKHNDPHQRGHUHLQH SO|W]OLFKH%HZHJXQJPDFKWHQXQGHUYHUPLHGHVLKUH(OEHQPlQWHO]XEH UKUHQDEHUHUZDUIUHXQGOLFKXQGZLUNOLFKEHPLWOHLGHQVZHUWEHVWUHEW LKQHQ]XJHIDOOHQ(UNLFKHUWHXQGVSUDQJYRU)UHXGHLQGLH/XIWZHQQ LUJHQGHLQ6FKHU]JHPDFKWZXUGHRGHUDXFKZHQQ)URGRIUHXQGOLFKPLW LKPVSUDFKXQGHUZHLQWHZHQQ)URGRLKQ]XUHFKWZLHV6DPVDJWH HLJHQWOLFKZHQLJ]XLKP(UPLWUDXWHLKPPHKUGHQQMHXQGPRFKWHGHQ QHXHQ*ROOXPGHQ6PpDJROQRFKZHQLJHUDOVGHQDOWHQZHQQGDVEHU KDXSW P|JOLFKZDU ª6R*ROOXPRGHUZLHLPPHUZLUGLFKQHQQHQVROOHQ©VDJWHHUªQXQ DEHUORV'HU0RQGLVWZHJXQGGLH1DFKWYHUJHKW:LUEUHFKHQEHVVHU DXI© ª-DMD©VWLPPWH*ROOXP]XXQGKSIWHKHUXPª/RVJHKHQZLU(V JHKWQXUHLQHQ:HJKLQEHU]ZLVFKHQGHP1RUGHQGHXQGGHP6GHQGH ,FKKDEHLKQJHIXQGHQZLUNOLFK2UNVEHQXW]HQLKQQLFKW2UNVNHQQHQ LKQQLFKW2UNVJHKHQQLFKWEHUGLH6PSIHVLHJHKHQ0HLOHQXQG0HL OHQGUXPKHUXP(LQ*OFNGDLKUKLHUODQJNDPW(LQ*OFNGDLKU 6PpDJROJHIXQGHQKDEWMD)ROJW6PpDJRO© (UJLQJHLQSDDU6FKULWWHZHJXQGEOLFNWHIUDJHQG]XUFNZLHHLQ+XQG GHUVLH]XHLQHP6SD]LHUJDQJDXIIRUGHUWª:DUWHHLQELFKHQ*ROOXP© ULHI6DPª*HKMHW]WQLFKW]XZHLWYRUDXV,FKZLOOGLUDXIGHQ)HUVHQ EOHLEHQXQGKDEHGDV6HLOJULIIEHUHLW© ª1HLQQHLQ©VDJWH*ROOXPª6PpDJROKDWYHUVSURFKHQ© ,QWLHIHU1DFKWXQWHUGHQKDUWHQNODUHQ6WHUQHQEUDFKHQVLHDXI*RO OXPIKUWHVLHHLQ6WFN]XUFNQDFK1RUGHQDXIGHP:HJGHQVLHJH NRPPHQZDUHQGDQQERJHUQDFKUHFKWVDEYRQGHPVWHLOHQ5DQGGHV (P\Q0XLOEHUGLH]HUNOIWHWHQVWHLQLJHQ+lQJH]XGHPXQHUPHOLFKHQ 6XPSIJHELHWXQWHQ5DVFKXQGOHLVHYHUVFKZDQGHQVLHLQGHU'XQNHOKHLW hEHUDOOGHQYLHOHQ|GHQ0HLOHQYRUGHQ7RUHQYRQ0RUGRUODJHLQ VFKZDU]HV6FKZHLJHQ
5HL$QJHON#KWWSFRODHERRN]IELGH
=:(,7(6.$3,7(/ ',('85&+48(581*'(56h03)(
*ROOXPJLQJUDVFKGDEHLVWUHFNWHHU.RSIXQG+DOVYRUXQGEHQXW]WH RIWVHLQH+lQGHHEHQVRZLHGLH)H)URGRXQG6DPPXWHQVLFKVHKU DQVWUHQJHQXPPLWLKP6FKULWW]XKDOWHQDEHUHUVFKLHQQLFKWPHKUDQ )OXFKW]XGHQNHQXQGZHQQVLH]XUFNEOLHEHQGUHKWHHUVLFKXPXQG ZDUWHWHDXIVLH1DFKHLQLJHU=HLWEUDFKWHHUVLHDQGHQ5DQGGHUVFKPD OHQ5LQQHDXIGLHVLHVFKRQIUKHUJHVWRHQZDUHQDEHUMHW]WZDUHQVLH ZHLWHUZHJYRQGHQ%HUJHQ ª+LHULVWHV©ULHIHUª'DXQWHQGULQLVWHLQ:HJMD-HW]WIROJHQZLU LKPQDFKGUDXHQGDGUEHQ©(U]HLJWHQDFK6GHQXQG2VWHQDXIGLH 6PSIH'HUHQ'QVWHVWLHJHQLKQHQLQGLH1DVHVFKZHUXQGIDXOVHOEVW LQGHUNDOWHQ1DFKWOXIW *ROOXPVXFKWHREHQXQGXQWHQ HQWODQJGHV5DQGHVXQGVFKOLHOLFKULHI HULKQHQ]Xª+LHU+LHUN|QQHQZLUUXQWHUJHKHQ6PpDJROJLQJGLHVHQ :HJHLQPDOLFKJLQJGLHVHQ:HJDOVLFKPLFKYRUGHQ2UNVYHUVWHFNWH© (UJLQJYRUDQGLH+REELWVIROJWHQLKPXQGVWLHJHQKLQXQWHULQGLH 'VWHUQLV(VZDUQLFKWVFKZLHULJGHQQGLH6SDOWHZDUDQGLHVHU6WHOOH QXUHWZDIQI]HKQ)XWLHIXQGHWZDHLQ'XW]HQGEUHLW$XIGHP*UXQG IOR:DVVHUWDWVlFKOLFKZDUHVGDV%HWWHLQHVGHUYLHOHQNOHLQHQ)OVVH GLHYRQGHQ%HUJHQKHUDEWU|SIHOWHQXQGGLHVWHKHQGHQ7PSHOXQG6PSIH VSHLVWHQ*ROOXPKLHOWVLFKQDFKUHFKWVPHKURGHUZHQLJHUQDFK6GHQ XQGJLQJSODQVFKHQGGXUFKGHQVHLFKWHQVWHLQLJHQ%DFK(UVFKLHQKRFK HQW]FNW]XVHLQGDV:DVVHUDQGHQ)HQ]XVSUHQODFKWHYHUJQJWYRU VLFKKLQXQGNUlFK]WHVRJDUPDQFKPDOHLQH$UW/LHG 'DVZVWLJH/DQG (VEHLWGLH+DQG (VQDJWDP)X )HOVHQXQG6WHLQ .HLQ)OHLVFKQXU*HEHLQ )UDDXVLVW6FKOX 'RFKLQNKOHQ3IXKOHQ :ROO QZLUXQVVXKOHQ 8QG)HLP)OX 1XQZROOHQZLUJHUQ ª+D+D:DVZROOHQZLU"©VDJWHHUXQGZDUIGHQ+REELWVHLQHQYHU VWRKOHQHQ%OLFN]Xª:LUZROOHQ VHXFKVDJHQ©NUlFK]WHHUª(UKDW V VFKRQODQJHHUUDWHQGHU%HXWOLQKDW VHUUDWHQ©6HLQH$XJHQIXQNHOWHQ XQGDOV6DPGHQ6FKLPPHULQGHU'XQNHOKHLWVDKIDQGHULKQNHLQHVZHJV HUIUHXOLFK 2KQH$WHPKDXFK :LHGLH7RWHQDXFK 7URW]GHPOHEHQGLJ 6FKOSIULJEHKHQGLJ ,P6XPSIQLFKWYHUVLQNHQ GRFKLPPHU]XWULQNHQ $XIGUUHP6WHLQ *HKW$UPHUHLQ $EHUZLUJHZLQQHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
:R:DVVHUULQQHQ (LQVHU)LVFK 'HQIDQJHQZLUQRFK ,P:DVVHUORFK 6RVDIWLJIULVFK 'LHVH:RUWHPDFKWHQ6DPQXUHLQH6FKZLHULJNHLWGHXWOLFKHUXQGGULQJ OLFKHUGLHLKQYRQGHP$XJHQEOLFNDQEHXQUXKLJWKDWWHDOVHUEHJULII GDVHLQ+HUU*ROOXPDOV)KUHUDQQHKPHQZROOWHGLH6FKZLHULJNHLWGHU (UQlKUXQJ(UNDP QLFKWGUDXIGDVHLQ+HUUDXFKGDUDQJHGDFKWKDEHQ N|QQWHDEHUYRQ*ROOXPQDKPHUHVDQ:LHKDWWHVLFK*ROOXPEHU KDXSWEHLVHLQHUJDQ]HQHLQVDPHQ:DQGHUXQJHUQlKUW"ª1LFKW]XJXW© GDFKWH6DPª(UVLHKWJDQ]VFK|QYHUKXQJHUWDXV1LFKW]XZlKOHULVFK XP]XYHUVXFKHQZLH+REELWVVFKPHFNHQZHQQ VNHLQH)LVFKHJLEWGD ZHWWHLFK² YRUDXVJHVHW]WHUN|QQWHXQVLP6FKODIEHUUXPSHOQ1DGDV ZLUGHUQLFKW² 6DP*DPGVFKLH]XP%HLVSLHOQLFKW© 6LHVWROSHUWHQHLQHODQJH=HLWGXUFKGLHGXQNOHVLFKZLQGHQGH 5LQQH RGHUMHGHQIDOOVNDPHVGHQPGHQ)HQYRQ)URGRXQG6DPVRYRU'LH 5LQQH]RJVLFKQDFK2VWHQXQGDOVVLHZHLWHUJLQJHQYHUEUHLWHUWHVLHVLFK XQGZXUGHDOOPlKOLFKIODFKHU6FKOLHOLFKZXUGHGHU+LPPHOREHQEOD YRPHUVWHQ0RUJHQJUDXHQ*ROOXPKDWWHNHLQ=HLFKHQYRQ0GLJNHLWHU NHQQHQODVVHQDEHUMHW]WVFKDXWHHUDXIXQGEOLHEVWHKHQ ª7DJLVWQDK©IOVWHUWHHUDOVRE7DJHWZDVVHLGDVLKQK|UHQXQGLKQ DQVSULQJHQN|QQWHª6PpDJROZLOOKLHUEOHLEHQLFKZLOOKLHUEOHLEHQXQG GDV*HOEH*HVLFKWZLUGPLFKQLFKWVHKHQ© ª:LUZlUHQIURKGLH6RQQH]XVHKHQ©VDJWH)URGRªDEHUZLUZROOHQ DXFKKLHUEOHLEHQZLUVLQG]XPGHXPMHW]WQRFKZHLWHU]XJHKHQ© ª,KUVHLGQLFKWNOXJGDLKUIURKVHLGEHUGDV*HOEH*HVLFKW©VDJWH *ROOXPª(VYHUUlWHXFK1HWWHYHUQQIWLJH+REELWVEOHLEHQEHL6PpDJRO 2UNVXQGE|VH:HVHQVLQGXQWHUZHJV6LHN|QQHQZHLWVHKHQ%OHLEWKLHU XQGYHUVWHFNWHXFKPLWPLU© 'LHGUHLOLHHQVLFKDP)XGHUIHOVLJHQ:DQGGHU5LQQHQLHGHUXP VLFKDXV]XUXKHQ'LH5LQQHZDUKLHUQLFKWYLHOK|KHUDOVGDHLQJURHU 0DQQGDULQVWHKHQNRQQWHXQGDXIGHP%RGHQZDUHQEUHLWHXQGWURN NHQHIODFKH)HOVYRUVSUQJHGDV:DVVHUIORLQHLQHP%HWWDXIGHUDQGH UHQ6HLWH)URGRXQG6DPVHW]WHQVLFKDXIHLQHQGHU9RUVSUQJHXQGUXK WHQLKUH5FNHQDXV*ROOXPSDGGHOWHXQGNUDEEHOWHLP%DFKKHUXP ª:LUPVVHQHLQZHQLJHVVHQ©VDJWH)URGRª%LVWGXKXQJULJ6PHD JRO":LUKDEHQQLFKWYLHODEHUZLUZHUGHQGLUHWZDVEULJODVVHQ© %HLGHP:RUWKXQJULJ WUDWHLQJUQOLFKHV)XQNHOQLQ*ROOXPVEOHLFKH $XJHQXQGVLHVFKLHQHQPHKUGHQQMHDXVVHLQHPGQQHQXQJHVXQGHQ *HVLFKWKHUYRU]XUDJHQ(LQHQ$XJHQEOLFNILHOHULQVHLQHDOWH*ROOXP $UW]XUFNª:LUVLQGDXVJHKXQJHUWMDDXVJHKXQJHUWVLQGZLU6FKDW]© VDJWHHUª:DVLVVHVZDVVLHHVVHQ"+DEHQVLHJXWH)LVFKH"©6HLQH=XQJH KLQJ]ZLVFKHQVHLQHQVFKDUIHQJHOEHQ=lKQHQKHUDXVXQGHUOHFNWHVLFK GLHIDUEORVHQ/LSSHQ ª1HLQZLUKDEHQNHLQHQ)LVFK©VDJWH)URGRª:LUKDEHQQXUGDVKLHU ©HUKLHOWHLQH/HPEDV:DIIHOKRFKªXQG:DVVHUZHQQGDV:DVVHU KLHUWULQNEDULVW© ª-DMDJXWHV:DVVHU©VDJWH*ROOXPª7ULQNWHVWULQNWHVVRODQJHZLU N|QQHQ$EHUZDVLVWHVZDVVLHKDEHQ6FKDW]".DQQPDQHVNDXHQ" 6FKPHFNWHV"© 5HL$QJHON#KWWSFRODHERRN]IELGH
)URGREUDFKHLQ6WFNFKHQYRQHLQHU:DIIHODEXQGJDEHVLKPDXIGHU %OlWWHUYHUSDFNXQJ*ROOXPVFKQIIHOWHDQGHP%ODWWXQGVHLQ$XVGUXFN lQGHUWHVLFKVHLQ*HVLFKWYHU]RJVLFKYROO$EVFKHXXQG]HLJWHZLHGHU HLQHQ$QIOXJVHLQHUDOWHQ%RVKHLWª6PpDJROULHFKWHV©VDJWHHUª%OlWWHU DXVGHP(OEHQODQGSIXL6LHVWLQNHQ(UNOHWWHUWHLQ GLHVHQ%lXPHQXQG HUNRQQWHGHQ*HUXFKQLFKWYRQGHQ+lQGHQDEZDVFKHQPHLQHQQHWWHQ +lQGHQ©(UOLHGDV%ODWWIDOOHQQDKPHLQH(FNHYRQGHQOHPEDV XQG NQDEEHUWHGDUDQ(UVSXFNWHXQGZXUGHYRQHLQHP+XVWHQDQIDOOJHSDFNW ª$FK1HLQ©VWRWWHUWHHUª,KUZROOWGHQDUPHQ6PpDJROHUVWLFNHQ 6WDXEXQG$VFKHGDVNDQQHUQLFKWHVVHQ(UPXKXQJHUQ$EHU6PHD JROPDFKWGDVQLFKWVDXV1HWWH+REELWV6PpDJROKDWYHUVSURFKHQ(U ZLUGKXQJHUQ+REELWQDKUXQJNDQQHUQLFKWHVVHQ(UZLUGKXQJHUQ $UPHUGQQHU6PpDJRO© ª(VWXWPLUOHLG©VDJWH)URGRªDEHULFKNDQQGLUQLFKWKHOIHQIUFKWH LFK,FKJODXEHGLHVH1DKUXQJZLUGGLUJXWWXQZHQQGXVLHQXUYHUVX FKHQZUGHVW$EHUYLHOOHLFKWNDQQVWGXQLFKWHLQPDOYHUVXFKHQMHGHQ IDOOVMHW]WQRFKQLFKWO© 'LH+REELWVNDXWHQVFKZHLJHQGDQLKUHQOHPEDV 6DPIDQGVLH VFKPHFNWHQLUJHQGZLHYLHOEHVVHUDOVLQGHUJDQ]HQOHW]WHQ=HLW*ROOXPV 9HUKDOWHQKDWWHLKQZLHGHUDXILKUH:U]LJNHLWDXIPHUNVDPJHPDFKW $EHUHUIKOWHVLFKQLFKWZRKOLQVHLQHU+DXW*ROOXPEHREDFKWHWHMHGHQ .UPHOYRQGHU+DQGELV]XP0XQGZLHHLQEHWWHOQGHU+XQGQHEHQGHP 6WXKOHLQHV(VVHQGHQ(UVWDOVVLHIHUWLJZDUHQXQGVLFKDQVFKLFNWHQVLFK DXV]XUXKHQVDKHURIIHQEDUHLQGDVLHNHLQHKHLPOLFKHQ/HFNHUELVVHQ KDWWHQYRQGHQHQHUHWZDVDEEHNRPPHQN|QQWH'DQQVWDQGHUDXIXQG VHW]WHVLFKHLQSDDU6FKULWWHHQWIHUQWKLQXQGZLPPHUWHHLQZHQLJ ª+|UPDO©IOVWHUWH6DP)URGR]XQLFKWDOO]XOHLVHHVZDULKPHLJHQW OLFKJOHLFKJOWLJRE*ROOXPLKQK|UWHRGHUQLFKWª:LUPVVHQHWZDV VFKODIHQDEHUQLFKWEHLGH]XJOHLFKZHQQGLHVHUKXQJULJH6FKXIWLQGHU 1lKHLVW9HUVSUHFKHQKLQ9HUVSUHFKHQKHU6PpDJRORGHU*ROOXPZLUG VHLQH*HZRKQKHLWHQQLFKWLQDOOHU(LOHlQGHUQGDN|QQWLFKVFKZ|UHQ 6FKODIGXMHW]W+HUU)URGRXQGLFKZHFNHGLFKZHQQLFKPHLQH/LGHU QLFKWPHKUDXIKDOWHQNDQQ,PPHUDEZHFKVHOQGZLHELVKHUVRODQJHHU IUHLKHUXPOlXIW© ª9LHOOHLFKWKDVWGXUHFKW6DP©VDJWH)URGRRKQHGLH6WLPPH]XVHQ NHQª(VLVW HLQH9HUlQGHUXQJLQLKPYRUJHJDQJHQDEHUZHOFKHU$UWVLH LVWXQGZLHWLHIVLHJHKWGDUEHUELQLFKPLUQRFKQLFKWNODU,P(UQVW JODXEHLFKDOOHUGLQJVQLFKWGDZLUXQVIUFKWHQPVVHQ² ]XU]HLW ,PPHUKLQZDFKHZHQQGXZLOOVW/DPLFK]ZHL6WXQGHQVFKODIHQ$EHU QLFKWPHKUXQGZHFNHPLFKGDQQ© 6RPGHZDU)URGRGDLKP GHU.RSIDXIGLH%UXVWVDQNXQGHUVFKRQ VFKOLHIQDFKGHPHUGLHVH:RUWHNDXPJHVSURFKHQKDWWH*ROOXPVFKLHQ NHLQH$QJVWPHKU]XKDEHQ(UUROOWHVLFK]XVDPPHQXQGVFKOLHIJDQ] VRUJORVUDVFKHLQ%DOG]LVFKWHVHLQ$WHPOHLVHGXUFKVHLQH]XVDPPHQJH ELVVHQHQ=lKQHDEHUHUODJPlXVFKHQVWLOO:HLO6DPQDFKHLQHU:HLOH IUFKWHWHGDHUDXFKHLQQLFNHQZUGHZHQQHUVRGDVDXQGVHLQH]ZHL *HIlKUWHQDWPHQK|UWHVWDQGHUDXIXQGVWLH*ROOXPVDQIWDQ6HLQH +lQGHVWUHFNWHQVLFKXQG]XFNWHQDEHUVRQVWEHZHJWHHUVLFKQLFKW6DP EHXJWHVLFK]XLKPKLQXQWHUXQGVDJWHGLFKWDQVHLQHP2KUILVFK DEHUHV NDPNHLQH$QWZRUWYRQ*ROOXPQLFKWHLQPDOHLQ6WRFNHQGHV$WHPV 6DPNUDW]WHVLFKGHQ.RSIª(UPXZLUNOLFKVFKODIHQ©PXUPHOWHHU 5HL$QJHON#KWWSFRODHERRN]IELGH
ª8QGZHQQLFKZLH*ROOXPZlUHZUGHHUQLHZLHGHUDXIZDFKHQ©(U XQWHUGUFNWHGHQ*HGDQNHQDQVHLQ6FKZHUWXQGGDV6HLOGHULKPLQGHQ 6LQQJHNRPPHQZDUJLQJZLHGHU]XVHLQHP+HUUQXQGVHW]WHVLFKQHEHQ LKQ $OVHUDXIZDFKWHZDUGHU+LPPHOEHULKPGVWHUQLFKWKHOOHUVRQ GHUQ GXQNOHUDOVEHLLKUHP)UKVWFN6DPVSUDQJDXI1LFKW]XOHW]W GDUDQGDHUVLFKVRNUlIWLJIKOWHXQGKXQJULJZDUHUNDQQWHHUSO|W] OLFKGDHUGHQJDQ]HQKHOOLFKWHQ7DJYHUVFKODIHQKDWWHQHXQ6WXQGHQ PLQGHVWHQV)URGRVFKOLHILPPHUQRFKJDQ]IHVWXQGODJMHW]WDXVJHVWUHFNW DXIGHU6HLWH*ROOXPZDUQLFKW]XVHKHQ9HUVFKLHGHQHYRUZXUIVYROOH 1DPHQIUVLFKVHOEVWJLQJHQ6DPGXUFKGHQ.RSIGLHDXVGHPYlWHU OLFKHQ:RUWVFKDW]GHV2KPVWDPPWHQGDQQILHOLKPDXFKHLQGDVHLQ +HUU5HFKWJHKDEWKDWWH LP$XJHQEOLFNKDWWHHVQLFKWVJHJHEHQZRYRU PDQVLFKVFKW]HQPXWH6LHZDUHQMHGHQIDOOVEHLGHDP/HEHQXQGQLFKW HUZUJW ª$UPHU.HUO©VDJWHHUKDOEUHXPWLJª,FKP|FKWHPDOZLVVHQZRHU KLQJHJDQJHQLVW"© ª1LFKWZHLWQLFKWZHLW©VDJWHHLQH6WLPPHEHULKP(UVFKDXWHDXI XQGVDKGHQ8PULYRQ*ROOXPVJURHP.RSIXQGVHLQHQ2KUHQJHJHQ GHQ$EHQGKLPPHO ª+HZDVPDFKVWGXGHQQ"©ULHI6DPVHLQ$UJZRKQNHKUWH]XUFN NDXPGDHUGLHVHV*HVFK|SIVDK ª6PpDJROLVWKXQJULJ©VDJWH*ROOXPª%LQJOHLFK]XUFN© ª.RPPMHW]W]XUFN©VFKULH6DPª+H.RPP]XUFN©$EHU*ROOXP ZDUYHUVFKZXQGHQ )URGRZDFKWHDXIDOVHU6DPUXIHQK|UWHHUVHW]WHVLFKDXIXQGULHE VLFKGLH$XJHQª1DQX©VDJWHHUª,VWZDVORV":LHVSlWLVWHV"© ª:HLQLFKW©VDJWH6DPª1DFK6RQQHQXQWHUJDQJVFKlW]HLFK8QGHU LVWZHJ6DJWHULVWKXQJULJ© ª%HXQUXKLJHGLFKQLFKW©VDJWH)URGRª'DNDQQPDQQLFKWVPDFKHQ (UZLUG]XUFNNRPPHQGXZLUVWHVVHKHQ'DV9HUVSUHFKHQZLUGQRFK HLQH:HLOHKDOWHQ8QGVHLQHQ6FKDW]ZLOOHUVRZLHVRQLFKWYHUODVVHQ© )URGRPDFKWHQLFKWYLHO$XIKHEHQVGDYRQDOVHUK|UWHGDVLHEHLGH VWXQGHQODQJIHVWJHVFKODIHQKDWWHQZlKUHQG*ROOXPXQG]ZDUHLQVHKU KXQJULJHU*ROOXPIUHLXQGXQJHEXQGHQQHEHQLKQHQJHZHVHQZDUª'HQN GLUNHLQHYRQGHQ6FKLPSIQDPHQGHV2KPVDXV©VDJWHHUª'XZDUVWWRG PGHXQGHVKDWVLFKDOVJXWKHUDXVJHVWHOOWMHW]WVLQGZLUEHLGHDXVJH UXKW8QGZLUKDEHQHLQHQKDUWHQ:HJYRUXQVGHQVFKOLPPVWHQ:HJ YRQDOOHQ© ª:DVGDV(VVHQEHWULIIW©VDJWH6DPª:LHODQJHZHUGHQZLUEUDXFKHQ XPGLHVH6DFKH]XHUOHGLJHQ"8QGZHQQVLHHUOHGLJWLVWZDVZHUGHQZLU GDQQWXQ"'LHVH:HJ]HKUXQJKlOWXQVDXIZXQGHUEDUH$UWDXIGHQ%HL QHQREZRKOVLHGDV,QQHUHQLFKWVRUHFKWEHIULHGLJWZLHPDQVDJHQ N|QQWHQDFKPHLQHP*HIKOMHGHQIDOOVQLFKWZDVNHLQH8QK|IOLFKNHLW JHJHQGLHVHLQVROOGLHVLHJHPDFKWKDEHQ$EHUHWZDVGDYRQPXPDQ MHGHQ7DJHVVHQXQGHVZLUGQLFKWPHKU,FKVFKlW]HZLUKDEHQJHQXJ IUVDJHQZLUGUHL:RFKHQRGHUVRXQGGDVPLWHQJJHVFKQDOOWHP5LH PHQXQGQXUIUGHQKRKOHQ=DKQZRKOJHPHUNW:LUVLQGELVKHUHLQEL FKHQJUR]JLJGDPLWXPJHJDQJHQ© ª,FKZHLQLFKWZLHODQJHZLUEUDXFKHQXP² XPIHUWLJ]XZHUGHQ© VDJWH)URGRª:LUVLQGLQGHQ%HUJHQMlPPHUOLFKDXIJHKDOWHQZRUGHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
$EHU6DPZHLV*DPGVFKLHPHLQOLHEHU +REELW² ZLUNOLFK6DPPHLQ OLHEVWHU+REELWPHLQDOOHUEHVWHU)UHXQG²LFKJODXEHQLFKWGDZLUXQV GDUEHU*HGDQNHQPDFKHQPVVHQZDVQDFKKHUNRPPW'LH6DFKHHUOH GLJHQ ZLHGXHVDXVGUFNVW² ZHOFKH+RIIQXQJEHVWHKWGDZLUVLHMH HUOHGLJHQZHUGHQ"8QGZHQQZLUHVWXQZHUZHLZDVGDEHLKHUDXV NRPPW":HQQGHU(LQHLQV)HXHUJHKWXQGZLULQGHU1lKHVLQG",FK IUDJHGLFK6DPZLUGHVMHZDKUVFKHLQOLFKVHLQGDZLUZLHGHU%URWEUDX FKHQ",FKJODXEHHVQLFKW:HQQZLUXQVHUH*OLHGHUVRHUQlKUHQN|QQHQ GDVLHXQVELV]XP6FKLFNVDOVEHUJEULQJHQGDQQLVWGDVDOOHVZDVZLU WXQN|QQHQ0HKUDOVLFKWXQNDQQGDV*HIKOKDEHLFKDOOPlKOLFK© 6DPQLFNWHVFKZHLJHQG(UQDKPGLH+DQGVHLQHV+HUUQXQGEHXJWH VLFKEHUVLH(UNWHVLHQLFKWGRFKVHLQH7UlQHQILHOHQGDUDXI'DQQ ZDQGWHHUVLFKDEIXKUVLFKPLWGHPbUPHOEHUGLH1DVHVWDQGDXI VWDSIWHKHUXPYHUVXFKWH]XSIHLIHQXQGVDJWH]ZLVFKHQVHLQHQYHUVFKLHGH QHQ%HPKXQJHQª:RLVWGDVYHUIOL[WH*HVFK|SI"© 7DWVlFKOLFKGDXHUWHHVQLFKWODQJH ELV*ROOXP]XUFNNDPDEHUHUNDP VROHLVHGDVLHLKQQLFKWK|UWHQHKHHUYRULKQHQVWDQG6HLQH)LQJHUXQG VHLQ*HVLFKWZDUHQPLWVFKZDU]HP6FKODPPEHVFKPLHUW(UNDXWHXQG VDEEHUWHQRFK:DVHUNDXWHIUDJWHQVLHQLFKWXQGPRFKWHQDXFKQLFKW GUDQGHQNHQ ª:UPHURGHU.lIHURGHULUJHQGZDV6FKOHLPLJHVDXVGHQ/|FKHUQ© GDFKWH6DPª%UU'DVDEVFKHXOLFKH*HVFK|SIGHUDUPH.HUO© *ROOXPVDJWHQLFKWV]XLKQHQELVHUNUlIWLJJHWUXQNHQXQGVLFKLP %DFKJHZDVFKHQKDWWH'DQQNDPHU]XLKQHQVLFKGLH/LSSHQ OHFNHQG ª%HVVHUMHW]W©VDJWHHUª6LQGZLUDXVJHUXKW"%HUHLW]XJHKHQ"1HWWH+RE ELWVVLHVFKODIHQVFK|Q9HUWUDXWLKU6PpDJROMHW]W"6HKUVHKUJXW© 'HUQlFKVWH$EVFKQLWWLKUHU)DKUWZDU]LHPOLFKJHQDXVRZLHGHUOHW]WH $OVVLHZHLWHUJLQJHQZXUGHGLH5LQQHLPPHUIODFKHUXQGGDV*HIlOOH LKUHV%RGHQVLPPHUDOOPlKOLFKHU,KU*UXQGZDUZHQLJHUVWHLQLJVRQGHUQ HUGLJHUXQGODQJVDPJLQJHQLKUH:lQGHLQEORH%|VFKXQJHQEHU6LH EHJDQQVLFK]XZLQGHQXQG]XZDQGHUQ'LH1DFKWQlKHUWHVLFKLKUHP (QGHDEHU:RONHQYHUKOOWHQMHW]W0RQGXQG6WHUQHXQGVLHPHUNWHQGDV .RPPHQGHV7DJHVQXUGDUDQGDVLFKODQJVDPHLQVSlUOLFKHVJUDXHV /LFKWYHUEUHLWHWH ,QHLQHUNKOHQ6WXQGHNDPHQVLH]XP(QGHGHV:DVVHUODXIV'LH %|VFKXQJHQZXUGHQPRRVJUQH(UGKJHOhEHUGHQOHW]WHQ9RUVSUXQJ DXVYHUZLWWHUWHP*HVWHLQVWU]WHGHU%DFKJXUJHOQGKLQDELQHLQEUDXQHV 0RRUXQGZDUGQLFKWPHKUJHVHKHQ7URFNHQHV6FKLOI]LVFKWHXQG UDVFKHOWHREZRKONHLQ:LQG]XVSUHQZDU $XIEHLGHQ6HLWHQXQGYRULKQHQODJHQMHW]WDXVJHGHKQWH)HQQHXQG 6PSIHGLHVLFKLQGHPGlPPULJHQ=ZLHOLFKWZHLWQDFK6GHQXQG2VWHQ HUVWUHFNWHQ1HEHOVFKZDGHQVWLHJHQVLFKNUlXVHOQGXQGGDPSIHQGYRQ GXQNOHQXQGHNOHQ7PSHOQDXIGHUHQ*HVWDQNVWLFNLJLQGHUVWLOOHQ/XIW KLQJ:HLWLQGHU)HUQHMHW]WIDVWJHQDXVGOLFKHUKREHQVLFKGLH*H ELUJVZlOOHYRQ0RUGRUZLHHLQH]HUNOIWHWHVFKZDU]H:RONHQEDQNEHU HLQHPJHIlKUOLFKHQLQ1HEHOJHKOOWHQ0HHU 'LH+REELWVZDUHQMHW]WY|OOLJLP*ROOXPV+DQG6LHZXWHQQLFKWXQG NRQQWHQHVLQGHUGXQVWLJHQ%HOHXFKWXQJQLFKWHUUDWHQGDVLHLQ:LUN OLFKNHLWDPQ|UGOLFKHQ(QGHGHU6PSIHZDUHQGLHVLFKYRQKLHUDXVQDFK 6GHQHUVWUHFNHQ6LHKlWWHQZHQQVLHGDV/DQGJHNDQQWKlWWHQRKQH JURH9HU]|JHUXQJHLQIDFKHLQ6WFN]XUFNJHKHQN|QQHQXQGZHQQVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
VLFKGDQQ QDFK2VWHQJHKDOWHQKlWWHQZlUHQVLHEHUKDUWH6WUDHQ]X GHUNDKOHQ(EHQH'DUJRODGJHNRPPHQGHPDOWHQ6FKODFKWIHOGYRUGHQ 7RUHQYRQ0RUGRU9LHO+RIIQXQJERWHLQVROFKHU:HJDOOHUGLQJVDXFK QLFKW$XIMHQHUVWHLQLJHQ(EHQHJDEHVNHLQH'HFNXQJXQGGLH6WUDHQ GHU2UNVXQGGHU6ROGDWHQGHV)HLQGHVUKUWHQEHUVLHKLQZHJ1LFKW HLQPDOGLH0lQWHOYRQ/yULHQKlWWHQVLHGRUWYHUERUJHQ ª:HOFKH5LFKWXQJZROOHQZLUQXQHLQVFKODJHQ6PpDJRO"©IUDJWH )URGRª0VVHQZLUGLHVHEHOULHFKHQGHQ)HQQHEHUTXHUHQ"© ª1LFKWQ|WLJJDUQLFKWQ|WLJ©VDJWH*ROOXPª1LFKWZHQQGLH+REELWV GDVGXQNOH*HELUJHHUUHLFKHQXQG,KQVHKUVFKQHOOVHKHQZROOHQ=XUFN HLQELFKHQXQGKHUXPHLQELFKHQ©² VHLQNQRFKLJHU$UPGHXWHWH QDFK1RUGHQXQG2VWHQ² ªXQGLKUN|QQWDXIKDUWHQNDOWHQ6WUDHQELV ]XGHQ7RUHQVHLQHV/DQGHVNRPPHQ(LQH0HQJHYRQVHLQHQ/HXWHQZLUG GRUWQDFK*lVWHQ$XVVFKDXKDOWHQVHKUHUIUHXWVLHJOHLFK]X,KP]X EULQJHQRMD6HLQ$XJHEHZDFKWGLHJDQ]H=HLWGHQ:HJ(VKDW6PpDJRO GRUWHUZLVFKWYRUODQJHU=HLW©*ROOXPHUVFKDXHUWHª$EHU6PpDJRO KDWVHLWGHPVHLQH$XJHQJHEUDXFKWMDMDVHLWGHPKDEHLFK$XJHQ XQG)HXQG1DVHJHEUDXFKW,FKNHQQHDQGHUH:HJH6FKZLHULJHUH QLFKWVRVFKQHOOHDEHUEHVVHUHZHQQZLUQLFKWYRQ,KPJHVHKHQZHUGHQ ZROOHQ)ROJW6PpDJRO(UNDQQHXFKGXUFKGLH6PSIHEULQJHQGXUFKGLH 1HEHOQHWWHGLFNH1HEHO)ROJW6PpDJROVHKUYRUVLFKWLJGDQQN|QQWLKU HLQHQODQJHQ:HJHLQHQUHFKWODQJHQ:HJJHKHQHKH(UHXFKHUZLVFKW MDYLHOOHLFKW©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lXIHQZDU=ZLVFKHQGLHVHQNRQQWHQJHVFKLFNWH $XJHQXQG)HHLQHQYHUVFKOXQJHQHQ3IDGILQGHQ*ROOXPEHVDJHZL GLHVH*HVFKLFNOLFKNHLWXQGEUDXFKWHVLHDXFK6HLQ.RSIDQGHPODQJHQ +DOVGUHKWHVLFKKLHUKLQXQGGRUWKLQXQGHUVFKQIIHOWHXQGPXUPHOWH GLHJDQ]H=HLWYRUVLFKKLQ0DQFKPDOKREHUGLH+DQGXQGJHERWLKQHQ +DOWZlKUHQGHUHLQ6WFNFKHQZHLWHUNURFKGHQ%RGHQPLWGHQ)LQJHUQ RGHU=HKHQDEWDVWHWHRGHUEORODXVFKWHHLQ2KUDXIGLH(UGHJHSUHW (VZDUODQJZHLOLJXQGHUPGHQG.DOWHUIHXFKWHU:LQWHUKHUUVFKWH QRFKLQGLHVHPYHUODVVHQHQ/DQG'DVHLQ]LJH*UQZDUGHU6FKDXPYRQ EOHLFKHP.UDXWDXIGHQGXQNOHQIHWWLJHQ2EHUIOlFKHQGHUWUEHQ*H ZlVVHU7RWH*UlVHUXQGIDXOHQGHV6FKLOIUDJWHDXILQGHQ1HEHOQZLHJH ]DFNWH6FKDWWHQYRQODQJYHUJHVVHQHQ6RPPHUQ ,P/DXIHGHV7DJHVZXUGHHVHLQZHQLJKHOOHUGHU1HEHOKREVLFKXQG ZXUGHGQQHUXQGGXUFKVLFKWLJHU+RFKEHUGHU)lXOQLVXQGGHQ'Q VWHQGHU:HOW]RJGLH6RQQHMHW]WJROGHQLKUH%DKQLQHLQHPKHLWHUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
/DQGXQGVSLHJHOWHVLFKLQVFKLPPHUQGHQ0HHUHQDEHUQXUHLQIOFKWLJHV *HVSHQVWYRQLKUNRQQWHQVLHKLHUXQWHQVHKHQYHUVFKZRPPHQEOHLFK GDVZHGHU)DUEHQRFK:lUPHDEJDE$EHUVFKRQEHLGLHVHPVFKZDFKHQ +LQZHLVDXILKU'DVHLQEOLFNWH*ROOXPILQVWHUGUHLQXQGVFKDXGHUWH(U XQWHUEUDFKLKUH:DQGHUXQJXQGVLHUDVWHWHQZLHJHMDJWHNOHLQH7LHUHDQ GHQ5lQGHUQHLQHVJURHQEUDXQHQ6FKLOIGLFNLFKWVKRFNHQG(VKHUUVFKWH HLQHWLHIH6WLOOHQXUREHUIOlFKOLFKXQWHUEURFKHQYRQGHPVFKZDFKHQ %HEHQOHHUHU6DPHQEVFKHOXQGGHP=LWWHUQDEJHEURFKHQHU*UDVKDOPH LQNOHLQHQ/XIWEHZHJXQJHQGLHVLHQLFKWVSUHQNRQQWHQ ª1LFKWHLQ9RJHO©VDJWH6DPWUDXULJ ª1HLQNHLQH9|JHO©VDJWH*ROOXPª1HWWH9|JHO©(UOHFNWHVLFKGLH =lKQHª.HLQH9|JHOKLHU(VJLEW6FKODQJHQ:UPHU7LHUHLQGHQ7P SHOQ+DXIHQZHLVH7LHUHKDXIHQZHLVKlOLFKH7LHUH.HLQH9|JHO©VFKOR HUEHWUEW6DPVDKLKQYROO$EVFKHXDQ 6RYHUEUDFKWHQVLHGHQGULWWHQ7DJLKUHU:DQGHUXQJPLW*ROOXP(KH GLH6FKDWWHQ GHV$EHQGVLQJOFNOLFKHUHQ/l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lWWHYLHOOHLFKWNHLQHUYRQLKQHQHLQHQ:HJKLQGXUFKJHIXQGHQ 3O|W]OLFKZXUGHHVJDQ]GXQNHOVHOEVWGLH/XIWVFKLHQVFKZDU]]XVHLQ XQGGDV$WPHQILHOLKQHQVFKZHU$OV/LFKWHUDXIWDXFKWHQULHE6DPVLFK GLH$XJHQHUGDFKWHHUVHLYHUUFNWJHZRUGHQ(UVWVDKHUHLQ/LFKWLP OLQNHQ$XJHQZLQNHOGHQ+DXFKHLQHVEODVVHQ6FKHLQVGHUZLHGHUYHU VFKZDQG$EHUEDOGNDPHQQHXHPDQFKHZLHGVWHUVFKLPPHUQGHU 5DXFKPDQFKHZLHQHEOLJH)ODPPHQGLHVFKZDFKEHUXQVLFKWEDUHQ.HU ]HQIODFNHUQKLHUXQGGRUWZDQGHQVLHVLFKZLH*HVSHQVWHUODNHQGLHYRQ YHUERUJHQHQ+lQGHQJHVFKZHQNWZHUGHQ$EHUNHLQHUVHLQHU*HIlKUWHQ VSUDFKHLQ:RUW6FKOLHOLFKNRQQWH6DPHVQLFKWOlQJHUHUWUDJHQ ª:DVLVWDOOGDV*ROOXP"©IUDJWHHUIOVWHUQGª'LHVH/LFKWHU"6LHVLQG MHW]WULQJVXPXQV6LQGZLUHLQJHVFKORVVHQ":DVIU/LFKWHUVLQGGDV"© *ROOXPVFKDXWHDXI(LQGXQNOHV:DVVHUZDUYRULKPXQGHUNURFKDXI GHP%RGHQKLHUKLQXQGGRUWKLQLP=ZHLIHOEHUGHQ:HJª-DVLHVLQG ULQJVXPXQV©IOVWHUWHHUª'LHWFNLVFKHQ/LFKWHU.HU]HQYRQ/HLFKHQ MDMD$FKWHQLFKWGUDXI6LHKVLHQLFKWDQ)ROJHLKQHQQLFKW:RLVWGHU +HUU"© 6DPVFKDXWHVLFKXPXQGVWHOOWHIHVWGD)URGRZLHGHU]XUFNJHEOLHEHQ ZDU(UNRQQWHLKQQLFKWVHKHQ(UJLQJHLQSDDU6FKULWWHLQGLH'XQNHO KHLW]XUFNZDJWHDEHUQLFKWVLFKZHLW]XHQWIHUQHQRGHUODXWHU]XUXIHQ DOVPLWHLQHPKHLVHUHQ)OVWHUQ3O|W]OLFKVWLHHUDQ)URGRGHULQ*HGDQ NHQYHUORUHQGDVWDQGXQGGLHIDKOHQ/LFKWHUEHWUDFKWHWH6HLQH+lQGHKLQ JHQVFKODIIDQVHLQHQ6HLWHQ:DVVHUXQG6FKODPPWURSIWHYRQLKQHQ KHUDE ª.RPP +HUU)URGR©VDJWH6DPª6LHKVLHQLFKWDQ*ROOXPVDJWZLU 5HL$QJHON#KWWSFRODHERRN]IELGH
VROOWHQHVQLFKWWXQ/DXQVPLWLKP6FKULWWKDOWHQXQGVRVFKQHOOZLH P|JOLFKDXVGLHVHUYHUIOXFKWHQ*HJHQGUDXVNRPPHQ² ZHQQZLUN|Q QHQ© ª*DQ]UHFKW©VDJWH)URGRDOVREHUDXVHLQHP7UDXP]XUFNNHKUWH ª,FKNRPPH*HKZHLWHU© $OV6DPZLHGHUYRUZlUWVHLOWHVWROSHUWHHUEHUHLQHDOWH:XU]HORGHU HLQ*UDVEVFKHO(UILHODXIGLH+lQGHGLHWLHILQ]lKHQ0RUDVWHLQVDQ NHQVRGDVHLQ*HVLFKWGLFKWDQGLH2EHUIOlFKHGHVGXQNOHQ3IXKOVNDP (VJDEHLQVFKZDFKHV=LVFKHQHLQZLGHUOLFKHU*HUXFKVWLHJDXIGLH/LFK WHUIODFNHUWHQXQGWDQ]WHQXQGZLUEHOWHQ(LQHQ$XJHQEOLFNODQJVDKGDV :DVVHUXQWHULKPDXVZLHHLQ)HQVWHUPLWHLQHUVFKPXW]LJHQ6FKHLEHYHU JODVWGXUFKGLHHUEOLFNWH(U]HUUWHVHLQH+lQGHDXVGHP0RUDVWKHUDXV XQGVSUDQJPLWHLQHP6FKUHL]XUFNª'DVLQG7RWHWRWH*HVLFKWHULP :DVVHU©VDJWHHUYROO(QWVHW]HQª7RWH*HVLFKWHU© *ROOXPODFKWHª'LH7RWHQVPSIHMDMDVRKHLHQVLH©NLFKHUWHHU ª'XVROOWHVWQLFKWKLQHLQVHKHQZHQQGLH.HU]HQDQJH]QGHWVLQG© ª:HULVWGDV":DVLVWGDV"©IUDJWH6DPVFKDXGHUQGXQGZDQGWHVLFK]X )URGRXPGHUMHW]WKLQWHULKPZDU ª,FKZHLHVQLFKW©VDJWH)URGRPLWWUDXPlKQOLFKHU6WLPPHª$EHU LFKKDEHVLHDXFKJHVHKHQ,QGHQ7PSHOQDOVGLH.HU]HQDQJH]QGHW ZXUGHQ6LHOLHJHQLQDOOGHQ7PSHOQEOHLFKH*HVLFKWHUWLHIWLHIXQWHU GHPGXQNOHQ:DVVHU,FKVDKVLHJULPPLJH*HVLFKWHUXQGE|VHXQGHGOH *HVLFKWHUXQGWUDXULJH9LHOH*HVLFKWHUVWRO]XQGVFK|QPLW.UDXWLQGHP VLOEULJHQ+DDU$EHUDOOHYHUIDXOWYHUZHVWDOOHWRW(LQXQKHLPOLFKHV /LFKWLVWLQLKQHQ©)URGREHGHFNWHGLH$XJHQPLWGHU+DQGª,FKZHL QLFKWZHUVLHVLQGDEHULFKJODXEWH0HQVFKHQXQG(OEHQ]XVHKHQXQG 2UNVQHEHQLKQHQ© ª-DMD©VDJWH*ROOXPª$OOHWRWDOOHYHUIDXOW(OEHQXQG0HQVFKHQ XQG2UNV'LH7RWHQVPSIH+LHUZDUYRUODQJHU=HLWHLQHJURH 6FKODFKWMDGDVKDEHQVLH6PpDJROHU]lKOWDOVHUMXQJZDUDOVLFKMXQJ ZDUHKHGHU6FKDW]NDP(VZDUHLQHJHZDOWLJH6FKODFKW*URH0HQ VFKHQPLWODQJHQ6FKZHUWHUQXQGHQWVHW]OLFKH(OEHQXQGVFKUHLHQGH2UNV 6LHNlPSIWHQ7DJHXQG0RQDWHODQJDXIGHU(EHQHEHLGHQ6FKZDU]HQ 7RUHQ$EHUGLH6PSIHVLQGVHLWGHPJHZDFKVHQXQGKDEHQGLH*UlEHU JHVFKOXFNWLPPHUZDQGHUQGZDQGHUQG© ª$EHUGDVZDUYRUHLQHP=HLWDOWHURGHUPHKU©VDJWH6DPª'LH7RWHQ N|QQHQGRFKQLFKWZLUNOLFKGDVHLQ,VWGDVLUJHQGZLH6FKXUNHUHLGLHLP 'XQNOHQ/DQGDXVJHKHFNWZXUGH"© ª:HUZHL"6PpDJROZHLHVQLFKW©DQWZRUWHWH*ROOXPª0DQNDQQVLH QLFKWHUUHLFKHQPDQNDQQVLHQLFKWEHUKUHQ:LUKDEHQHVHLQPDOYHU VXFKWMD6FKDW],FKYHUVXFKWHHVHLQPDODEHUPDQNDQQVLHQLFKWHUUHL FKHQ1XU*HVWDOWHQVLQG]XVHKHQPDQNDQQVLHQLFKWDQIDVVHQ1HLQ 6FKDW]$OOHWRW© 6DPVDKLKQILQVWHUDQXQGHVVFKDXGHUWHLKQZLHGHUDOVHUHUUDWHQ]X N|QQHQJODXEWHZDUXP6PpDJROYHUVXFKWKDEHVLHDQ]XIDVVHQª1DLFK ZLOOVLHQLFKWVHKHQ©VDJWHHUª1LHPDOVZLHGHU.|QQHQZLUQLFKWZHLWHU JHKHQGDPLWZLUZHJNRPPHQ"© ª-DMD©VDJWH*ROOXPª$EHUODQJVDPJDQ]ODQJVDP6HKUYRUVLFKWLJ 6RQVWJHKHQ+REELWVKLQXQWHU]XGHQ7RWHQXQG]QGHQDXFKNOHLQH.HU ]HQDQ)ROJW6PpDJRO6FKDXWQLFKWQDFK/LFKWHP© (UNURFKQDFKUHFKWVXQGVXFKWHQDFKHLQHP3IDGXPGHQ3IXKOKHUXP 5HL$QJHON#KWWSFRODHERRN]IELGH
'LHEHLGHQDQGHUHQNDPHQGLFKWKLQWHULKPJHEFNWXQGJHEUDXFKWHQRIW LKUH+lQGHZLHHUDXFKª'UHLN|VWOLFKHNOHLQH*ROOXPVLQHLQHU5HLKH ZHUGHQZLUVHLQZHQQGDVQRFKODQJHVRZHLWHUJHKW©GDFKWH6DP 6FKOLHOLFKNDPHQVLH]XP(QGHGHVVFKZDU]HQ3IXKOVXQGHVZDUJH IlKUOLFKZLHVLHLKQNULHFKHQGRGHUYRQHLQHPYHUHLQ]HOWHQWUJHULVFKHQ *UDVEVFKHO]XPQlFKVWHQVSULQJHQGEHUTXHUWHQ2IWVWROSHUWHQVLHWUD WHQRGHUILHOHQPLWGHQ+lQGHQ]XHUVWLQ:DVVHUGDVVREHOURFKZLH HLQH-DXFKHJUXEHXQG]XOHW]WZDUHQVLHIDVWELV]XP+DOVYHUVFKPLHUW XQGEHVXGHOWXQGHNHOWHQ VLFKYRUHLQDQGHU (VZDUVSlWLQGHU1DFKWDOVVLHHQGOLFKZLHGHUDXIIHVWHUHQ%RGHQ NDPHQ*ROOXP]LVFKWHXQGIOVWHUWHYRUVLFKKLQDEHURIIHQEDUZDUHU ]XIULHGHQDXILUJHQGHLQHJHKHLPQLVYROOH:HLVHGXUFKLUJHQGHLQH9HUELQ GXQJYRQ7DVW XQG*HUXFKVVLQQXQGHLQXQKHLPOLFKHV(ULQQHUXQJVYHUP| JHQDQ)RUPHQLP'XQNHOQVFKLHQHUJHQDX]XZLVVHQZRHUZLHGHUZDU XQGZLHGHU:HJGDQQYHUOLHI ª-HW]WJHKHQZLUZHLWHU©VDJWHHUª1HWWH+REELWV7DSIHUH+REELWV 6HKUPGHQDWUOLFKGDVVLQGZLUDXFKPHLQ6FKDW]ZLUDOOH$EHUZLU PVVHQGHQ+HUUQYRQGHQE|VHQ/LFKWHPZHJEULQJHQMDMDGDVPVVHQ ZLU©0LWGLHVHQ:RUWHQPDFKWHHUVLFKZLHGHUDXIQDKH]XLP7UDEXQG HVVFKLHQIDVWHLQ3IDG]ZLVFKHQKRKHQ%LQVHQ]XVHLQDXIGHPVLHKLQWHU LKPKHUVWROSHUQVRVFKQHOOVLHNRQQWHQ$EHUQDFKHLQHUNOHLQHQ:HLOH EOLHEHUSO|W]OLFKVWHKHQVFKQXSSHUWHXQVFKOVVLJLQGHU/XIWXQG]LVFKWH DOVREHUEHVRUJWRGHUZLHGHUXQ]XIULHGHQVHL ª:DVLVWORV"©EUXPPWH6DPGHUGLH=HLFKHQIDOVFKYHUVWDQGª:DUXP PXWGXVFKQXSSHUQ"'HU*HVWDQNZLUIWPLFKIDVWXPZHQQLFKPLUGLH 1DVH]XKDOWH'XVWLQNVWXQGGHU+HUUVWLQNWGLHJDQ]H*HJHQGVWLQNW© ª-DMDXQG6DPVWLQNW©DQWZRUWHWH*ROOXPª'HUDUPH6PpDJROULHFKW HVDEHUGHUJXWH6PpDJROHUWUlJWHV+LOIWGHPQHWWHQ+HUUQ$EHUGDV PDFKWQLFKWV'LH/XIWEHZHJWVLFKHVlQGHUWVLFKZDV6PpDJROPDFKW VLFK*HGDQNHQHULVWQLFKWIURK© (UJLQJZLHGHUZHLWHUDEHUVHLQH8QUXKHZXFKVXQGGDQQXQGZDQQ ULFKWHWHHUVLFK]XVHLQHUJDQ]HQ*U|HDXIXQGUHFNWHGHQ+DOVQDFK 2VWHQXQG6GHQ(LQH=HLWODQJNRQQWHQGLH+REELWVZHGHUK|UHQQRFK VSUHQZDVLKQEHGUFNWH'DQQEOLHEHQVLHSO|W]OLFKDOOHGUHLVWHKHQHU VWDUUWHQXQGODXVFKWHQ)URGRXQG6DPVFKLHQHVDOVK|UWHQVLHLQZHLWHU )HUQHHLQHQNODJHQGHQ6FKUHLKRFKXQGGQQXQGJUDXVDP6LHHU VFKDXHUWHQ,QGHPVHOEHQ$XJHQEOLFNZXUGHQVLHJHZDKUGDVLFKGLH /XIWEHZHJWHXQGHVZXUGHVHKUNDOW$OVVLHDQJHVSDQQWODXVFKWHQK|U WHQVLHHLQ*HUlXVFKZLHHLQLQGHU)HUQHDXINRPPHQGHU:LQG'LHQHE OLJHQ/LFKWHU IODFNHUWHQYHUGXQNHOWHQVLFKXQGHUORVFKHQ *ROOXPUKUWHVLFKQLFKW=LWWHUQGXQGYRUVLFKKLQVFKQDWWHUQGVWDQGHU GDELVGHU:LQGGHU]LVFKHQGXQGIDXFKHQGEHUGLH6PSIHIHJWHVLH HUIDWH'LH1DFKWZXUGHZHQLJHUGXQNHOKHOOJHQXJGDVLHIRUPORVH 1HEHOVFKZDGHQVHKHQRGHUKDOEVHKHQNRQQWHQGLHVLFKZLQGHQGXQG GUHKHQGVLHHLQKOOWHQXQGEHUVLHKLQZHJ]RJHQ$OVVLHDXIVFKDXWHQ EHPHUNWHQVLHGDGLH:RONHQDXIULVVHQXQGLQ)HW]HQGDKLQVHJHOWHQ XQGGDQQVFKLPPHUWHKRFKLP6GHQGHU0RQGGXUFKGDV]LHKHQGH*H Z|ON (LQHQ$XJHQEOLFNHUIUHXWHVHLQ$QEOLFNGLH+HU]HQGHU+REELWVDEHU *ROOXPNDXHUWHVLFKKLQXQGPXUPHOWH)OFKHDXIGDV:HLH*HVLFKW$OV )URGRXQG6DP]XP+LPPHOKLQDXIVWDUUWHQXQGULHIGLHIULVFKHUH/XIW 5HL$QJHON#KWWSFRODHERRN]IELGH
HLQDWPHWHQVDKHQVLHVLHGDQQNRPPHQHLQHNOHLQH:RONHGLHYRQGHQ YHUIOXFKWHQ%HUJHQKHUDQIORJHLQVFKZDU]HU6FKDWWHQDXV0RUGRUHLQH ULHVLJH*HVWDOWJHIOJHOWXQGXQKHLOYROO6LH]RJYRUGHP0RQGYRUEHL XQGIORJPLWHLQHPP|UGHULVFKHQ6FKUHLQDFK:HVWHQPLWLKUHUXQKHLP OLFKHQ*HVFKZLQGLJNHLWGHQ:LQGEHUKROHQG 6LHILHOHQYRUQEHUXQGEOLHEHQDFKWORVDXIGHUNDOWHQ(UGHOLHJHQ $EHUGHU6FKDWWHQGHV6FKUHFNHQVZHQGHWHXQGNHKUWH]XUFNIORJMHW]W QLHGULJHUJHQDXEHULKQHQXQGZLUEHOWHPLWVHLQHQJHVSHQVWLJHQ)OJHOQ GLH6XPSIGQVWHDXI8QGGDQQZDUHUIRUW]XQLFNJHIORJHQQDFK0RUGRU PLWGHU6FKQHOOLJNHLWGHV=RUQVYRQ6DXURQXQGKLQWHULKPEUDXVWHGHU :LQGXQGOLHGLH7RWHQVPSIHNDKOXQG|GH]XUFN6RZHLWGDV$XJH UHLFKWHELV]XGHUIHUQHQ'URKXQJGHV*HELUJHVZDUGLHQDFNWH:LOGQLV JHVSUHQNHOWPLWGHPGDQQXQGZDQQDXIVFKLPPHUQGHQ0RQGOLFKW )URGRXQG6DPVWDQGHQDXIXQGULHEHQVLFKGLH$XJHQZLH.LQGHUGLH DXVHLQHPE|VHQ7UDXPDXIZDFKHQXQGPHUNHQGDGLHYHUWUDXWH1DFKW GLH:HOWQRFKXPIlQJW$EHU*ROOXP ODJDXIGHP%RGHQDOVREHUEH WlXEWVHL6LHKREHQLKQXQWHU0KHQDXIXQGHLQH=HLWODQJZROOWHHU QLFKWDXIVFKDXHQVRQGHUQNQLHWHDXIGLH(OOERJHQJHVWW]WXQGEHGHFNWH GHQ+LQWHUNRSIPLWVHLQHQJURHQDXVJHEUHLWHWHQ+lQGHQ ª*HLVWHU©ZLPPHUWHHUª*HLVWHUPLW)OJHOQ'HU6FKDW]LVWLKU+HUU 6LHVHKHQDOOHVDOOHV1LFKWVNDQQVLFKYRULKQHQYHUEHUJHQ9HUIOXFKWVHL GDV:HLH*HVLFKW8QGVLHZHUGHQ,KPDOOHVVDJHQ(UVLHKW(UZHL $FKJROOXPJROOXPJROOXP©(UVWDOVGHU0RQGLP:HVWHQZHLWKLQWHU 7RO%UDQGLUXQWHUJHJDQJHQZDUVWDQGHUDXIXQGJLQJZHLWHU 9RQGLHVHU=HLWDQJODXEWH6DPZLHGHUHLQH9HUlQGHUXQJEHL*ROOXP ]XVSUHQ(UVFKDUZHQ]HOWHPHKUXQGZDUVFKHLQEDUIUHXQGOLFKDEHU ]X=HLWHQEHPHUNWH6DPHLQHQVHOWVDPHQ$XVGUXFNLQ VHLQHQ$XJHQEH VRQGHUV)URGRJHJHQEHUXQGPHKUXQGPHKUILHOHUZLHGHULQVHLQHDOWH 6SUHFKZHLVH]XUFN1RFKHWZDVPDFKWH6DP]XQHKPHQG6RUJH)URGR VFKLHQPGH]XVHLQHLQH0GLJNHLWGLHDQ(UVFK|SIXQJJUHQ]WH(UVDJWH QLFKWVMDHUVSUDFKEHUKDXSWNDXPXQGHUNODJWHQLFKWDEHUHUJLQJ ZLHHLQHUGHUHLQH/DVWWUlJWGHUHQ*HZLFKWLPPHUJU|HUZLUG8QGHU VFKOHSSWHVLFKGDKLQODQJVDPHUXQGLPPHUODQJVDPHUVRGD6DPRIW *ROOXPELWWHQPXWH]XZDUWHQXQGLKUHQ+HUUQQLFKW]XUFN]XODVVHQ 7DWVlFKOLFKVSUWH)URGREHLMHGHP6FKULWWGHULKQGHQ7RUHQYRQ 0RUGRUQlKHUEUDFKWHGDGHU5LQJDQGHU.HWWHXPVHLQHQ+DOVEHGUN NHQGHUZXUGH(UHPSIDQGLKQMHW]WDOOPlKOLFKDOVHLQZLUNOLFKHV*HZLFKW GDVLKQQDFK2VWHQ]RJ$EHUZHLWPHKUZXUGHHU EHXQUXKLJWGXUFKGDV $XJHVRQDQQWHHUHVEHLVLFK(VZDUPHKUDOVGDV=HUUHQGHV5LQJHV ZDVEHZLUNWHGDHUVLFKEHLP*HKHQGXFNWHXQGEFNWH'DV$XJHGLH VHVHQWVHW]OLFKHZDFKVHQGH*HIKOGDHLQIHLQGOLFKHU:LOOHPLWJURHU 0DFKWGDUXPUDQJDOOH6FKDWWHQGHU:RONHQXQGGHU(UGHXQGGHV)OHL VFKHV]XGXUFKGULQJHQXQGHLQHQ]XVHKHQHLQHQXQWHUVHLQHQW|GOLFKHQ %OLFN]XEDQQHQQDFNWEHZHJXQJVORV6RGQQVRVFKZDFKXQGGQQ ZDUHQGLH6FKOHLHUJHZRUGHQGLHGLHVHQ%OLFNQRFKDEZHKUWHQ)URGR ZXWHJHQDXZRGLHVHU:LOOHVLFKJHJHQZlUWLJDXIKLHOWXQGZRVHLQ0LW WHOSXQNWZDUHEHQVRJHQDXZLHHLQ0DQQGLH5LFKWXQJGHU6RQQHPLW JHVFKORVVHQHQ$XJHQDQJHEHQNDQQ(UZDQGWHVLFKLKP]XXQGVSUWH VHLQH.UDIWDXIVHLQHU6WLUQ *ROOXPHPSIDQGZDKUVFKHLQOLFKHWZDVbKQOLFKHV$EHUZDVLQVHLQHP XQJOFNOLFKHQ+HU]HQYRUJLQJ]ZLVFKHQGHP'UlQJHQGHV$XJHVXQGGHU 5HL$QJHON#KWWSFRODHERRN]IELGH
*LHUQDFKGHP5LQJGHUVRQDKHZDUXQGVHLQHPGHPWLJHQ9HUVSUH FKHQGDVHUKDOEDXV)XUFKWYRUNDOWHP6WDKODEJHJHEHQKDWWHDKQWHQGLH +REELWVQLFKW)URGRYHUVFKZHQGHWHNHLQHQ*HGDQNHQGDUDQ6DPZDU KDXSWVlFKOLFKPLWVHLQHP+HUUQEHVFKlIWLJWXQGEHPHUNWHNDXPGLH GXQNOH:RONHGLHDXIVHLQHLJHQHV+HU]JHIDOOHQZDU(UOLH)URGRMHW]W YRUVLFKJHKHQKDWWHHLQZDFKVDPHV$XJHDXIMHGHVHLQHU%HZHJXQJHQ VWW]WHLKQZHQQHUVWUDXFKHOWHXQGYHUVXFKWHLKPPLWXQEHKROIHQHQ :RUWHQ0XW]X]XVSUHFKHQ $OVHVHQGOLFK7DJZXUGHZDUHQGLH+REELWVEHUUDVFKWZLHYLHOQlKHU VLHGHPXQKHLOYROOHQ*HELUJHVFKRQJHNRPPHQZDUHQ'LH/XIWZDUMHW]W NODUHUXQGNlOWHUXQGREZRKOGLH:lOOHYRQ0RUGRUQRFKZHLWDEODJHQ ZDUHQVLHGHQQRFKQLFKWOlQJHUHLQHZRONLJH'URKXQJDP5DQGHGHU 6LFKWVRQGHUQEOLFNWHQZLHJULPPLJHVFKZDU]H7UPHILQVWHUEHUHLQH WURVWORVH(LQ|GH'LH6PSIHK|UWHQDXIXQGYHUORUHQVLFKLQWRWHP7RUI ERGHQXQGDXVJHGHKQWHQPLWWURFNHQHPULVVLJHP6FKODPPEHGHFNWHQ 1LHGHUXQJHQ'DV/DQGYRULKQHQVWLHJLQODQJHQIODFKHQ+lQJHQNDKO XQGHUEDUPXQJVORV]XGHU:VWHQHLDQGLHDQ6DXURQV7RUODJ 6RODQJHGDVJUDXH/LFKWDQKLHOWKRFNWHQVLHZLH:UPHU]XVDPPHQJH NDXHUWXQWHUHLQHPVFKZDU]HQ6WHLQGDPLWGHUJHIOJHOWH6FKUHFNHQPLW VHLQHQJUDXVDPHQ$XJHQVLHQLFKWLP9RUEHLIOLHJHQHUVSlKH'HU5HVW GLHVHU:DQGHUXQJZDUGHU6FKDWWHQHLQHUZDFKVHQGHQ)XUFKWEHLGHUGLH (ULQQHUXQJQLFKWVILQGHQNRQQWHGDVVLHEHJUQGHWH=ZHLZHLWHUH1lFKWH NlPSIWHQVLHVLFKGXUFKGDVEHVFKZHUOLFKHSIDGORVH/DQG'LH/XIWVFKLHQ LKQHQUDXK]XZHUGHQXQGZDUHUIOOWYRQHLQHPELWWHUHQ*HVWDQNGHU LKQHQGHQ$WHPQDKPXQGGHQ0XQGDXVG|UUWH $PIQIWHQ0RUJHQVHLWVLHVLFKPLW*ROOXPDXIGHQ:HJJHPDFKW KDWWHQKLHOWHQVLHZLHGHUHLQPDODQ'XQNHOLQGHU0RUJHQGlPPHUXQJ UHFNWHVLFKGDVJURH*HELUJHHPSRU]X+DXEHQDXV5DXFKXQG:RONHQ $P)XHGHV*HELUJHVHUVWUHFNWHQVLFKJHZDOWLJH9RUVSUQJHXQG]HU NOIWHWH%HUJHYRQGHQHQGLHQlFKVWHQNDXPHLQ'XW]HQG0HLOHQHQWIHUQW ZDUHQ)URGREOLFNWHVLFKYROO(QWVHW]HQXP6RJUDXVLJGLH7RWHQVPSIH XQGGLHXQIUXFKWEDUHQ0RRUHGHV1LHPDQGVODQGHVJHZHVHQZDUHQZHLW DEVFKHXOLFKHUZDUGDV/DQGGDVGHUKHUDQNULHFKHQGH7DJVHLQHQ]XUFN VFKUHFNHQGHQ$XJHQHQWKOOWH6HOEVW]XGHP3IXKOGHU7RWHQ*HVLFKWHU ZUGHHLQDEJHKlUPWHV7UXJELOGGHVJUQHQ)UKOLQJVNRPPHQDEHU KLHUKHUZUGHQ)UKOLQJRGHU6RPPHUQLHPDOVZLHGHUNRPPHQ+LHU OHEWHQLFKWVQLFKWHLQPDOGLH DXVVlW]LJHQ*HZlFKVHGLHYRQ)lXOQLV ]HKUHQ'LHVFKZHUDWPHQGHQ7PSHOZDUHQEHGHFNWPLW$VFKHXQGNULH FKHQGHP6FKODPPZLGHUZlUWLJZHLXQGJUDXDOVREGDV*HELUJHGHQ 6FKPXW]VHLQHU(LQJHZHLGHEHUGDV/DQGJHVSLHQKDEH+RKH+JHOYRQ ]HUEU|FNHOWHPXQG]HUPDOPWHP)HOVJURH.HJHODXVYHUEUDQQWHUXQG JLIWEHIOHFNWHU(UGHVWDQGHQLQHQGORVHQ5HLKHQGDZLHHLQHNHOKDIWHU )ULHGKRIGHUODQJVDPLQGHPZLGHUVWUHEHQGHQ/LFKWVLFKWEDUZXUGH 6LHZDUHQ]XGHU(LQ|GHJHNRPPHQGLHYRU0RUGRUODJGDVGDXHU KDIWH'HQNPDOGHUGXQNOHQ$UEHLWVHLQHU+|ULJHQGDVEOHLEHQVROOWH ZHQQDOOHLKUH=LHOH]XQLFKWHJHPDFKWZlUHQHLQJHVFKlQGHWHV/DQGXQ KHLOEDUHUNUDQNW² HVVHLGHQQGDV*URH0HHUZUGHHVEHUIOXWHQXQG PLW9HUJHVVHQKHLWUHLQLJHQª0LULVWVFKOHFKW©VDJWH6DP)URGRVSUDFK QLFKW (LQH:HLOHVWDQGHQVLHGDZLH0lQQHUDP5DQGHHLQHV6FKODIVLQGHP HLQ$OEWUDXPODXHUWXQGGHQVLHDEZHKUHQREZRKOVLHZLVVHQGDVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
QXUGXUFKGLH'XQNHOKHLW]XP0RUJHQJHODQJHQN|QQHQ'DV/LFKWEUHL WHWHVLFKDXVXQGZXUGHKlUWHU'LHNHXFKHQGHQ*UXEHQXQGJLIWLJHQ +JHOZXUGHQDEVFKHXOLFKNODU'LH6RQQHVWDQGKRFK]ZLVFKHQ:RONHQ XQGODQJHQ5DXFKIDKQHQDEHUVHOEVWGDV6RQQHQOLFKWZDUJHVFKlQGHW'LH +REELWVEHJUWHQGLHVHV/LFKWQLFKWXQIUHXQGOLFKHUVFKLHQHVLKQHQHV YHUULHWVLHLQLKUHU+LOIORVLJNHLW² NOHLQHSLHSVHQGH*HVSHQVWHUGLH]ZL VFKHQGHQ$VFKHQKDXIHQGHV'XQNOHQ+HUUVFKHUVHLQKHUZDQGHUWHQ =XPGHXPZHLWHU]XJHKHQVXFKWHQVLHQDFKLUJHQGHLQHP3ODW]ZR VLHUDVWHQNRQQWHQ(LQH:HLOHVDHQVLHRKQH]XVSUHFKHQLP6FKDWWHQ HLQHV6FKODFNHQKJHOVGRFKIDXOH'lPSIHHQWVWU|PWHQLKPUHL]WHQLKUH .HKOHQXQGQDKPHQLKQHQGHQ$WHP*ROOXPZDUGHUHUVWHGHUDXIVWDQG 6SXFNHQGXQGIOXFKHQGHUKREHUVLFKXQGRKQHHLQ:RUWRGHUHLQHQ%OLFN DXIGLH+REELWVNURFKHUDXIDOOHQ9LHUHQGDYRQ)URGRXQG6DPNURFKHQ LKPQDFKELVVLH]XHLQHUEUHLWHQIDVWUXQGHQ6HQNHPLWKRKHQ%|VFKXQ JHQQDFK:HVWHQNDPHQ6LHZDUNDOWXQGWRWXQGHLQIDXOLJHU6XPSI YRQ|OLJHPYLHOIDUELJHP6FKOLFNEHGHFNWHLKUHQ%RGHQ,Q GLHVHPEOHQ /RFKNDXHUWHQVLHVLFKQLHGHUXQGKRIIWHQLQVHLQHP6FKDWWHQGHU$XI PHUNVDPNHLWGHV$XJHV]XHQWJHKHQ 'HU7DJYHUJLQJODQJVDP(LQJURHU'XUVWTXlOWHVLHDEHUVLHWUDQNHQ QXUHLQSDDU7URSIHQDXVLKUHQ)ODVFKHQ² VLHKDWWHQVLH]XOHW]WLQGHU 5LQQHJHIOOWGLHLKQHQMHW]WZHQQVLHDQVLH]XUFNGDFKWHQDOVHLQ3ODW] GHV)ULHGHQVXQGGHU6FK|QKHLWHUVFKLHQ'LH+REELWVEHUQDKPHQDE ZHFKVHOQGGLH:DFKH=XHUVWNRQQWHQVLHEHLGHEHUKDXSWQLFKWVFKODIHQ VRPGHVLHDXFKZDUHQGRFKDOV GLH6RQQHLQIHUQHODQJVDP]LHKHQGH :RONHQKLQDEVDQNVFKOXPPHUWH6DPHLQ)URGRZDUDQGHU5HLKH:DFKH ]XKDOWHQ(UOHJWHVLFK]XUFNDXIGHQ$EKDQJGHU6HQNHDEHUGDVHU OHLFKWHUWHGDV*HIKOGHU%UGHQLFKWGLHDXILKPODVWHWH(UEOLFNWHKLQ DXI]XGHPUDXFKJHVWUHLIWHQ+LPPHOXQGVDKVHOWVDPH7UXJELOGHUGXQNOH UHLWHQGH*HVWDOWHQXQG*HVLFKWHUDXVGHU9HUJDQJHQKHLW(UEUDFKWHGLH =HLWHQGXUFKHLQDQGHUXQGVFKZHEWH]ZLVFKHQ6FKODIXQG:DFKVHLQELV LKQ9HUJHVVHQEHUNDP 3O|W]OLFKZDFKWH6DPDXI XQGJODXEWHHUKDEHVHLQHQ+HUUQUXIHQ K|UHQ(VZDU$EHQG)URGRNRQQWHQLFKWJHUXIHQKDEHQGHQQHUZDU HLQJHVFKODIHQXQGKLQXQWHUJHUXWVFKWIDVWELVDXIGHQ*UXQGGHU6HQNH *ROOXPZDUEHLLKP(LQHQ$XJHQEOLFNJODXEWH6DPHUZROOH)URGRZHN NHQGDQQVDKHUGDGHPQLFKWVRZDU*ROOXPUHGHWHPLWVLFKVHOEVW 6PpDJROZDULQHLQHU$XVHLQDQGHUVHW]XQJEHJULIIHQPLWLUJHQGHLQHPDQ GHUHQ*HGDQNHQGHUGLHVHOEH6WLPPHJHEUDXFKWHVLHDEHUSLHSVHQXQG ]LVFKHQOLH(LQEOHLFKHV)XQNHOQXQGHLQJUQHV)XQNHOQZHFKVHOWHQLQ VHLQHQ$XJHQDEZlKUHQGHUVSUDFK ª6PpDJROKDWYHUVSURFKHQ©VDJWHGHUHUVWH*HGDQNH ª-DMDPHLQ6FKDW]©NDPGLH$QWZRUWªZLUKDEHQYHUVSURFKHQXQ VHUHQ6FKDW]]XUHWWHQGDPLW(ULKQQLFKWEHNRPPW² QLHPDOV$EHUHU JHKW]X,KP MDPLWMHGHP6FKULWWQlKHU:DVZLOOGHU+REELWPLWLKP PDFKHQGDVP|FKWHQZLUZLVVHQMDGDVP|FKWHQZLUZLVVHQ© ª,FKZHLHVQLFKW,FKNDQQ VQLFKWlQGHUQ'HU+HUUKDWLKQ6PpDJRO KDWYHUVSURFKHQGHP+HUUQ]XKHOIHQ© ª-DMDGHP+HUUQ]XKHOIHQGHP+HUUQGHV6FKDW]HV$EHUZHQQZLU GHU+HUUZlUHQGDQQN|QQWHQZLUXQVVHOEVWKHOIHQMDXQGLPPHUQRFK GDV9HUVSUHFKHQKDOWHQ© ª$EHU6PpDJROVDJWHHUZROOHVHKUVHKUJXWVHLQ1HWWHU+REELW(U 5HL$QJHON#KWWSFRODHERRN]IELGH
QDKPGHQJUDXVDPHQ6WULFNYRQ6PpDJROV%HLQDE(U VSULFKWIUHXQGOLFK PLWPLU© ª6HKUVHKUJXWZLHPHLQ6FKDW]"/DXQVJXWVHLQJXWZLH)LVFK 6HUDEHUQXU]XXQV'HPQHWWHQ+REELWQDWUOLFKQLFKWZHKWXQQHLQ QHLQ© ª$EHUEHLGHP6FKDW]KDEHQZLUGDV9HUVSUHFKHQDEJHJHEHQ©ZDQGWH 6PpDJROV6WLPPHHLQ ª'DQQQLPPLKQ©VDJWHGLHDQGHUHªXQGZLUZROOHQLKQVHOEVWEHKDO WHQ'DQQZHUGHQZLUGHU+HUUVHLQJROOXP /DGHQDQGHUHQ+REELW GHQKlOLFKHQPLWUDXLVFKHQ+REELWODLKQNULHFKHQMDJROOXP© ª$EHUQLFKWGHQQHWWHQ+REELW"© ª$FKQHLQQLFKWZHQQHVXQVQLFKWJHIlOOW,PPHUKLQLVWHUHLQ%HXW OLQPHLQ6FKDW]MDHLQ%HXWOLQ(LQ%HXWOLQKDWLKQJHVWRKOHQ(UIDQG LKQXQGKDWQLFKWVJHVDJWQLFKWV:LUKDVVHQ%HXWOLQV© ª1HLQQLFKWGLHVHQ%HXWOLQ© ª'RFKMHGHQ%HXWOLQ$OOH/HXWHGLHGHQ6FKDW]EHKDOWHQ:LUPVVHQ LKQKDEHQ© ª$EHU(UZLUGHVVHKHQ(UZLUGHVZLVVHQ(UZLUGLKQXQVZHJQHK PHQ© ª(UVLHKW(UZHL(UKDWJHK|UWZLHZLUGDVDOEHUQH9HUVSUHFKHQDE JDEHQ² JHJHQ6HLQHQ%HIHKOMD0VVHQLKQQHKPHQ'LH*HLVWHUVXFKHQ 0VVHQLKQQHKPHQ© ª1LFKWIU,KQ© ª1HLQ6HU6FKDXPHLQ6FKDW]ZHQQZLULKQKDEHQGDQQN|QQHQ ZLUHQWIOLHKHQVHOEVWYRU,KPQLFKWZDKU"9LHOOHLFKWZHUGHQZLUVHKU VWDUNVWlUNHUDOVGLH*HLVWHU+HUU6PpDJRO"*ROOXPGHU*URH"'HU*RO OXP-HGHQ7DJ)LVFKHVVHQGUHLPDODP7DJIULVFKDXVGHP0HHU$OOHU K|FKVWHU*ROOXP0VVHQLKQKDEHQ:LUZROOHQLKQZLUZROOHQLKQZLU ZROOHQLKQ© ª$EHUVLHVLQG]ZHL6LHZHUGHQ]XVFKQHOODXIZDFKHQXQGXQVW|WHQ© ZLPPHUWH6PpDJROPLWOHW]WHU$QVWUHQJXQJª1LFKWMHW]W1RFKQLFKW© ª:LUZROOHQLKQ$EHU©² XQGKLHUJDEHVHLQHODQJH3DXVHDOVREHLQ QHXHU*HGDQNHHUZDFKWVHLª1RFKQLFKWZLH"9LHOOHLFKWQLFKW6LHN|QQWH KHOIHQ-D6LH© ª1HLQQHLQ6RQLFKW©MDPPHUWH6PpDJRO ª-D:LUZROOHQLKQ:LUZROOHQLKQ© -HGHVPDOZHQQGHU]ZHLWH*HGDQNHVSUDFKVFKREVLFK*ROOXPVODQJH +DQGYRUXQGWDWVFKWHQDFK)URGRXQGGDQQZXUGHVLHPLWHLQHP5XFN ]XUFNJH]RJHQZHQQ6PpDJROZLHGHUVSUDFK6FKOLHOLFKVFKO|VVHQVLFK VHLQHEHLGHQ$UPHPLWGHQODQJHQJHERJHQHQXQG]XFNHQGHQ)LQJHUQXP VHLQHQ+DOV 6DPKDWWHJDQ]VWLOOJHOHJHQJHIHVVHOWYRQGLHVHU$XVHLQDQGHUVHW]XQJ DEHUMHGH%HZHJXQJGLH*ROOXPPDFKWHXQWHUVHLQHQKDOEJHVFKORVVHQHQ /LGHUQEHREDFKWHW6HLQHPHLQIDFKHQ*HPWZDUJHZ|KQOLFKHU+XQJHU GDV9HUODQJHQ+REELWV]XHVVHQDOVGLH+DXSWJHIDKUHUVFKLHQHQGLHYRQ *ROOXPDXVJLQJ-HW]WHUNDQQWHHUGDGHPQLFKWVRZDU*ROOXPYHU VSUWHGLHHQWVHW]OLFKH$Q]LHKXQJGHV5LQJHV'HU'XQNOH+HUUVFKHUZDU QDWUOLFK(UDEHU6DP]HUEUDFKVLFKGHQ.RSIZHU6LHZRKOVHL,UJHQG MHPDQGPLWGHPVLFKGDVDUPH:XUPDXIVHLQHQ:DQGHUXQJHQDQJH IUHXQGHWKDWWHYHUPXWHWHHU'DQQYHUJDHUGLHVHQ3XQNWGHQQGLH 'LQJHZDUHQGHXWOLFK]XZHLWJHJDQJHQXQGZXUGHQJHIlKUOLFK$OOH 5HL$QJHON#KWWSFRODHERRN]IELGH
VHLQH*OLHGHUZDUHQPlFKWLJVFKZHUDEHUHUUDSSHOWHVLFKPKVDPDXI XQGVHW]WHVLFKKLQ(WZDVZDUQWHLKQYRUVLFKWLJ]XVHLQXQGQLFKW]X]HL JHQGDHUGLH$XVHLQDQGHUVHW]XQJPLWDQJHK|UWKDWWH(UVWLHHLQHQ ODXWHQ6HXI]HUDXVXQGJlKQWHKHU]KDIW ª:LHVSlWLVWHV"©IUDJWHHUYHUVFKODIHQ *ROOXPVWLHHLQHQODQJHQ=LVFKODXWGXUFKGLH=lKQH(UVWDQGHLQHQ $XJHQEOLFNDXIJHVSDQQWXQGGURKHQGXQGGDQQEUDFKHU]XVDPPHQ ILHOQDFKYRPDXIDOOH9LHUHXQGNURFKGLH%|VFKXQJGHU6HQNHKLQDXI ª1HWWH+REELWV1HWWHU6DP©VDJWHHUª6FKODIPW]HQMD6FKODIPW]HQ /DWGHQJXWHQ6PpDJROZDFKHQ$EHUHVLVW$EHQG'lPPHUXQJ NULHFKWKHUDQ=HLW]XJHKHQ© ª+|FKVWH=HLW©GDFKWH6DPª8QGDXFK=HLWGDZLUXQVWUHQQHQ© 'HQQRFKNDPLKPGHU*HGDQNHREHVMHW]WQLFKWHEHQVRJHIlKUOLFK VHL *ROOXPIUHLODXIHQ]XODVVHQDOVLKQEHLLKQHQ]XEHKDOWHQª9HUIOXFKW VROOHUVHLQ,FKZQVFKWHHUZUGHHUZUJW©PXUPHOWHHU(UVWROSHUWH GLH%|VFKXQJKLQXQWHUXQGZHFNWHVHLQHQ+HUUQ 6HOWVDPDEHU)URGRIKOWHVLFKHUIULVFKW(UKDWWHJHWUlXPW'HUGXQNOH 6FKDWWHQZDUYRUEHUJH]RJHQXQGHLQVFK|QHV:XQVFKELOGKDWWHLKQLQ GLHVHP/DQGGHU.UDQNKHLWKHLPJHVXFKW1LFKWVEOLHEGDYRQLQVHLQHU(U LQQHUXQJGHQQRFKZDUHUGLHVHV7UDXPVZHJHQIURKXQGLKPZDUOHLFK WHUXPV+HU]6HLQH%UGHODVWHWHZHQLJHUDXILKP*ROOXPEHJUWHLKQ PLWKXQGHlKQOLFKHU)UHXQGOLFKNHLW(UNLFKHUWHXQGVFKZDW]WHOLHVHLQH ODQJHQ)LQJHUNQDFNHQXQGWlWVFKHOWH)URGRV.QLH)URGROlFKHOWHLKQDQ ª.RPP©VDJWHHUª'XKDVWXQVJXWXQGWUHXJHIKUW'LHVLVWGHU OHW]WH$EVFKQLWW%ULQJXQV]XP7RUXQGGDQQZHUGHLFKQLFKWYRQGLU YHUODQJHQZHLWHU]XJHKHQ%ULQJXQV]XP7RUXQGGXPDJVWJHKHQ ZRKLQGXZLOOVW² QXUQLFKW]XXQVHUHQ)HLQGHQ© ª=XP7RUZLH"©TXLHWVFKWH*ROOXPRIIHQEDUEHUUDVFKWXQGHU VFKUHFNWª=XP7RUVDJWGHU+HUU-DVRVDJWHU8QGGHUJXWH6PpDJRO WXWXPZDVHUELWWHWRMD$EHUZHQQZLUQlKHUNRPPHQZHUGHQZLU YLHOOHLFKWVHKHQGDQQZHUGHQZLUVHKHQ(VZLUGJDUQLFKWQHWWDXVVHKHQ QHLQ2QHLQ© ª/RVPLWGLU©VDJWH6DPª1XQZROOHQ ZLU VKLQWHUXQVEULQJHQ© ,QGHUKHUDEVLQNHQGHQ'lPPHUXQJNOHWWHUWHQVLHDXVGHU6HQNHKHUDXV XQGVXFKWHQVLFKODQJVDPLKUHQ:HJGXUFKGDVWRWH/DQG6LHZDUHQQRFK QLFKWZHLWJHJDQJHQGDYHUVSUWHQVLHZLHGHUXPGLH$QJVWGLHVLHEHIDO OHQKDWWHDOVGLHJHIOJHOWH*HVWDOWEHUGLH6PSIHJHIHJWZDU6LHEOLH EHQVWHKHQXQGNDXHUWHQVLFKDXIGHQEHOULHFKHQGHQ%RGHQDEHUVLH VDKHQQLFKWVDPGVWHUHQ$EHQGKLPPHOXQGEDOG]RJGLH'URKXQJYRU EHUKRFKEHULKUHQ.|SIHQYLHOOHLFKWDXVJHVDQGW]XHLQHPUDVFKHQ $XIWUDJYRQ%DUDGGU1DFKHLQHU:HLOHVWDQG*ROOXPDXIXQGNURFK ZLHGHUZHLWHUPXUUHQGXQG]LWWHUQG (WZDHLQH6WXQGHQDFK0LWWHPDFKEHILHOVLHGLH)XUFKWHLQGULWWHV0DO DEHUMHW]WVFKLHQHVHQWIHUQWHU]XVHLQDOVREGDV:HVHQPLWHQWVHW]OLFKHU *HVFKZLQGLJNHLWKRFKEHUGHQ:RONHQJHQ:HVWHQIO|JH*ROOXPZDU LQGHVKLOIORVYRU(QWVHW]HQXQGEHU]HXJWGDVLHJHMDJWZUGHQGDLKU .RPPHQEHNDQQWVHL ª'UHLPDO©ZLPPHUWHHUª'UHLPDOLVWHLQH'URKXQJ6LHVSUHQXQV KLHUVLHVSUHQGHQ6FKDW]'HU6FKDW]LVWLKU+HUU:LUN|QQHQDXIGLH VHP:HJQLFKWZHLWHUJHKHQQHLQ(VKDWNHLQHQ=ZHFNNHLQHQ=ZHFN© %LWWHQXQGIUHXQGOLFKH:RUWHQW]WHQQLFKWVPHKU(UVWDOV)URGRHV 5HL$QJHON#KWWSFRODHERRN]IELGH
LKPZWHQGEHIDKOXQGGLH+DQGDXIGHQ6FKZHUWJULIIOHJWHVWDQG*RO OXPZLHGHUDXI'DQQHQGOLFKHUKREHUVLFKNQXUUHQGXQGJLQJZLHHLQ JHSUJHOWHU+XQGYRULKQHQKHU 6RVWROSHUWHQVLHZHLWHUGXUFKGDVEHVFKZHUOLFKH(QGHGHU1DFKWXQG ELV]XU$QNXQIWHLQHVZHLWHUHQ7DJHVGHU$QJVWJLQJHQVLHVFKZHLJHQG PLWJHVHQNWHQ.|SIHQVLHVDKHQQLFKWVXQGK|UWHQQLFKWVDOVGDV%UDXVHQ GHV:LQGHVLQLKUHQ2KUHQ
5HL$QJHON#KWWSFRODHERRN]IELGH
'5,77(6.$3,7(/ '$66&+:$5=(725,679(563(557
(KHGHUQlFKVWH7DJJUDXWHZDULKUH:DQGHUXQJQDFK0RUGRUYRU EHU'LH6PSIHXQGGLH:VWHODJHQKLQWHULKQHQ9RULKQHQUDJWHQ GXQNHOYRUHLQHPEOHLFKHQ+LPPHOGLHEHGURKOLFKHQ*LSIHOGHUJURHQ *HELUJHHPSRU ,P:HVWHQYRQ0RUGRUHUVWUHFNWHVLFKGLHGVWHUH.HWWHGHV(SKHO '~DWKGHV6FKDWWHQJHELUJHVXQGLP1RUGHQHUKREHQVLFKGLH]HUNOIWHWHQ 6SLW]HQXQGNDKOHQ*UDWHGHV(UHG/LWKXLJUDXZLH$VFKH'RFKGRUWZR VLFKGLHVH.HWWHQHLQDQGHUQlKHUWHQGLHLQ:LUNOLFKNHLWQXU7HLOHHLQHV HLQ]LJHQJURHQ:DOOHVXPGLHGVWHUHQ(EHQHQ/LWKODGXQG*RUJRURWK XQGGDVUDXKH%LQQHQPHHU1~UQHQZDUHQUHFNWHQ VLHODQJH$UPHQDFK 1RUGHQXQG]ZLVFKHQGLHVHQ$UPHQODJHLQWLHIHU(LQVFKQLWW'DVZDU &LULWK*RUJRUGHU*HLVWHUSDGHU(LQJDQJ]XP/DQGHGHV)HLQGHV+RKH )HOVZlQGHILHOHQDXIEHLGHQ6HLWHQ]XGHP3DDEYRQGHPDXV]ZHL VWHLOH%HUJHYRUVWLHHQEHLQVFKZDU]XQGNDKO$XILKQHQVWDQGHQGLH =lKQHYRQ0RUGRU]ZHLVWDUNHXQGKRKH7UPH,QOlQJVWYHUJDQJHQHQ 7DJHQZDUHQVLHYRQGHQ0HQVFKHQYRQ*RQGRUHUEDXWZRUGHQLQLKUHP 6WRO]XQGLKUHU0DFKWQDFK6DXURQV1LHGHUZHUIXQJXQG)OXFKWGDPLWHU QLFKWYHUVXFKHQVROOWHLQVHLQDOWHV5HLFK]XUFN]XNHKUHQ'RFK*RQGRUV 6WlUNHVFKZDQGXQGGLH0HQVFKHQZDUHQXQWlWLJXQGODQJH-DKUHVWDQ GHQGLH7UPHOHHU'DQQNHKUWH6DXURQ]XUFN1XQZXUGHQGLH:DFK WUPHGLHYHUIDOOHQZDUHQDXVJHEHVVHUWXQGPLW:DIIHQ EHVWFNWXQG PLWXQDXIK|UOLFKHU:DFKVDPNHLWEHPDQQW6WHLQYHUNOHLGHWZDUHQVLHPLW GXQNOHQ)HQVWHUK|KOHQGLHQDFK1RUGHQXQG2VWHQXQG:HVWHQJLQJHQ XQGDXVMHGHP)HQVWHUVWDUUWHQVFKODIORVH$XJHQ 4XHUEHUGHQ3DYRQ)HOVZDQG]X)HOVZDQGKDWWHGHU 'XQNOH+HUU VFKHUHLQHQVWHLQHUQHQ6FKXW]ZDOOJHEDXW,QLKPJDEHVHLQHLQ]LJHV HLVHUQHV7RUXQGDXIVHLQHQ=LQQHQVFKULWWHQ3RVWHQXQDXIK|UOLFKDXI XQGDE8QWHUGHQ%HUJHQZDUHQ+XQGHUWHYRQ+|KOHQXQG0DGHQO|FKHUQ LQGHQ)HOVJHERKUWGRUWODXHUWHHLQ+HHUYRQ2UNVXPDXIHLQ=HLFKHQ KLQKHUDXV]XVWU]HQZLHVFKZDU]H$PHLVHQGLHLQGHQ.ULHJ]LHKHQ 1LHPDQGNRQQWHDQGHQ=lKQHQYRQ0RUGRUYRUEHLRKQHLKUHQ%L]XVS UHQHVVHLGHQQ6DXURQKDEHLKQ]XVLFKEHVWHOOWRGHUHUZLVVHGLHJHKHLPH /RVXQJGLHLKP0RUDQQRQGDVVFKZDU]H7RUGLHVHV/DQGHV|IIQHW 'LHEHLGHQ+REELWVVWDUUWHQYROO9HU]ZHLIOXQJDXIGLH7UPHXQGGHQ :DOO6HOEVWDXVGHU(QWIHUQXQJVDKHQVLHLQGHPGlPPULJHQ/LFKWGLH %HZHJXQJGHUVFKZDU]HQ:DFKHQDXIGHP:DOOXQGGLH3RVWHQYRUGHP 7RU/LHJHQGEOLFNWHQVLHMHW]WEHUGHQ5DQGHLQHUIHOVLJHQ0XOGHXQWHU GHPDXVJHVWUHFNWHQ6FKDWWHQGHVQ|UGOLFKVWHQ$XVOlXIHUVGHV(SKHO '~DWK,QJHUDGHP)OXJKlWWHHLQH.UlKHYLHOOHLFKWQXUHLQH$FKWHOPHLOH ]ZLVFKHQLKUHP9HUVWHFNXQGGHUVFKZDU]HQ6SLW]HGHVQlKHUJHOHJHQHQ 7XUPV]XUFNJHOHJW(LQVFKZDFKHU5DXFKNUlXVHOWHVLFKEHULKPDOVRE LQGHP%HUJGDUXQWHU)HXHUVFKZHOWH 'HU7DJNDPXQGGLHIDKOH6RQQHVFKLHQPDWWEHUGLHOHEORVHQ*UDWH GHV(UHG/LWKXL'DQQK|UWHPDQSO|W]OLFKGHQ .ODQJHKHUQVFKPHWWHUQGHU 7URPSHWHQYRQGHQ:DFKWUPHQHUVFKDOOWHQVLHXQGLQGHU)HPHDQW ZRUWHWHQ)DQIDUHQDXVYHUERUJHQHQ)HVWXQJHQXQG9RUSRVWHQLQGHQ%HU JHQXQGDXVQRFKJU|HUHU)HPHDEHUWLHIXQGXQKHLOYROOKDOOWHQLQGHP OHHUHQ/DQGGDKLQWHUGLHPlFKWLJHQ+|UQHUXQG7URPPHOQYRQ%DUDGGU 5HL$QJHON#KWWSFRODHERRN]IELGH
ZLGHU(LQQHXHUVFKUHFNOLFKHU7DJGHU$QJVWXQGGHV.DPSIHVZDUIU 0RUGRUDQJHEURFKHQGLH1DFKWZDFKHQZXUGHQLQLKUH9HUOLHVHXQG WLHIHQ+DOOHQJHVFKLFNWXQGGLH7DJZDFKHQE|VlXJLJXQGJUDXVDP ]RJHQ DXILKUH3RVWHQ6WDKOVFKLPPHUWHXQGHXWOLFKDXIGHQ=LQQHQ ª1DKLHUVLQGZLU©VDJWH6DPª+LHULVWGDV7RUXQGIUPLFKVLHKW HVVRDXVDOVREGDVXQJHIlKUVRZHLWLVWZLHZLUMHNRPPHQZHUGHQ 0HLQ:RUWGHU2KPZUGHHLQLJHV]XVDJHQKDEHQZHQQHUPLFKMHW]W VlKH+DWRIWJHVDJWPLWPLUZUGHHVHLQE|VHV(QGHQHKPHQZHQQLFK QLFKWDXISDVVH$EHUMHW]WJODXEHLFKQLFKWGDLFKGHQ$OWHQMHZLHGHU VHKHQZHUGH6HLQH*HOHJHQKHLWLFKKDEGLU VMDJHVDJW6DP ZLUGHUYHU SDVVHQXPVRVFKOLPPHU9RQPLUDXVN|QQWHHUHVPLUVRODQJHVDJHQ ZLHLKPGLH3XVWHUHLFKWZHQQLFKQXUVHLQDOWHV*HVLFKWZLHGHUVHKHQ N|QQWH$EHULFKPWHPLFKZRKOHUVWZDVFKHQVRQVWZUGHHUPLFK QLFKWHUNHQQHQ,FKQHKPHDQHVKDWNHLQHQ=ZHFN]XIUDJHQ!ZHOFKHQ :HJQHKPHQZLUMHW]W":LUN|QQHQQLFKWZHLWHUJHKHQ² HVVHLGHQQZLU ZROOHQGLH2UNVXP+LOIHELWWHQ© ª1HLQQHLQ©VDJWH*ROOXPª.HLQHQ=ZHFN:LUN|QQHQQLFKWZHLWHU JHKHQ6PpDJROKDWHVJHVDJW(UVDJWHZLUZHUGHQ]XP7RUJHKHQXQG GDQQZHUGHQZLUVHKHQ8QGZLUVHKHQHV2MDPHLQ6FKDW]ZLUVHKHQ HV6PpDJROZXWHGDGLH+REELWVQLFKWGLHVHQ:HJJHKHQN|QQHQ2 MD6PpDJROZXWHHV© ª:DUXP]XP+HQNHUKDVWGXXQVGDQQKLHUKHUJHEUDFKW"©IUDJWH6DP GHUQLFKWLQGHU6WLPPXQJZDUJHUHFKWRGHU YHUQQIWLJ]XVHLQ ª'HU+HUUKDW VJHVDJW'HU+HUUVDJW%ULQJXQV]XP7RU$OVRJXW 6PpDJROWXWHV'HU+HUUKDW VJHVDJWGHUNOXJH+HUU© ª'DVKDEHLFKJHWDQ©VDJWH)URGR6HLQ*HVLFKWZDUILQVWHUXQG VWDUUDEHUHQWVFKORVVHQ(UZDUVFKPXW]LJKDJHUXQGYRQ0GLJNHLWYHU ]HKUWDEHUHUGXFNWHVLFKQLFKWOlQJHUXQGVHLQH$XJHQZDUHQNODUª,FK KDEHGDVJHVDJWZHLOLFKEHDEVLFKWLJHQDFK0RUGRU]XJHKHQXQGNHLQHQ DQGHUHQ:HJZHL'DKHUZHUGHLFKGLHVHQ:HJQHKPHQ,FKELWWHQLH PDQGHQPLWPLU ]XJHKHQ© ª1HLQQHLQ+HUU©MDPPHUWH*ROOXPWlWVFKHOWHLKQXQGVFKLHQVHKU EHNPPHUW]XVHLQª.HLQHQ=ZHFNGLHVHU:HJ.HLQHQ=ZHFN%ULQJ GHQ6FKDW]QLFKW]X,KP:HQQ(ULKQEHNRPPWZLUGHUXQVDOOHYHU QLFKWHQGLHJDQ]H:HOWYHUQLFKWHQ%HKDOWHLKQQHWWHU+HUUXQGVHL IUHXQGOLFK]X6PpDJRO/DQLFKW,KQLKQEHNRPPHQ2GHUJHKZHJJHK ZHJ]XQHWWHQ2UWHQXQGJLEWLKQGHPNOHLQHQ6PpDJRO]XUFN-DMD +HUUJLELKQ]XUFNZLH"6PpDJROZLUGLKQJXWDXIKHEHQHUZLUGYLHO *XWHVWXQEHVRQGHUVGHQQHWWHQ+REELWV+REELWVJHKHQQDFK+DXVH *HKWQLFKW]XP7RU© ª0LULVWEHIRKOHQZRUGHQLQGDV/DQG0RUGRU]XJHKHQXQGGHVKDOE ZHUGHLFKJHKHQ©VDJWH)URGRª:HQQHVQXUHLQHQHLQ]LJHQ:HJJLEW GDQQPXLFKLKQQHKPHQ:DVGDQQNRPPWPXHEHQNRPPHQ© 6DPVDJWHQLFKWV'HU$XVGUXFNYRQ)URGRV*HVLFKWZDUJHQXJIU LKQHUZXWHGDMHGHV:RUWYRQLKPQXW]ORVZDU8QGVFKOLHOLFKKDWWH HUGLH6DFKHYRQ$QIDQJDQQLFKWZLUNOLFKKRIIQXQJVYROOEHWUDFKWHW GRFKGDHUHLQIU|KOLFKHU+REELWZDUEUDXFKWHHUNHLQH+RIIQXQJ VRODQJHGLH9HU]ZHLIOXQJKLQDXVJHVFKREHQZHUGHQNRQQWH1XQZDUHQVLH ]XPELWWHUHQ(QGHJHNRPPHQ$EHUHUKDWWHGLHJDQ]H=HLWWUHX]XVHL QHP+HUUQJHKDOWHQGDUXPZDUHUMDDXFKKDXSWVlFKOLFKPLWJHNRPPHQ XQGHUZUGHZHLWHU]XLKPKDOWHQ6HLQ+HUUZUGHQLFKWDOOHLQQDFK 5HL$QJHON#KWWSFRODHERRN]IELGH
0RUGRUJHKHQ6DPZUGHPLWLKPJHKHQ² XQGMHGHQIDOOVZUGHQVLH *ROOXPORVZHUGHQ *ROOXPOLHVLFKLQGHVQLFKWDEVFKWWHOQ(UNQLHWHYRU)URGRUDQJ GLH+lQGHXQGJUHLQWHª1LFKWGLHVHQ:HJ+HUU©EHWWHOWHHUª(VJLEW HLQHQDQGHUHQ:HJ2MDZLUNOLFK(LQHQDQGHUHQ:HJGXQNOHUVFKZLH ULJHU]XILQGHQJHKHLPHU$EHU6PpDJRONHQQWLKQ/D6PpDJROLKQGLU ]HLJHQ© ª(LQHQDQGHUHQ:HJ"©IUDJWH)URGR]ZHLIHOQGXQGEOLFNWHIRUVFKHQG DXI*ROOXPKLQDE ª-D-DZLUNOLFK(VJDE HLQHQDQGHUHQ:HJ6PpDJROIDQGLKQ/D XQVJHKHQXQGVHKHQREHUQRFKGDLVW© ª'XKDVWYRUKHUQLHGDYRQJHVSURFKHQ© ª1HLQ'HU+HUUKDWQLFKWVJHIUDJW'HU+HUUVDJWHQLFKWZDVHUYRU KDWWH(UHU]lKOWHVGHPDUPHQ6PpDJROQLFKW(U VDJW6PpDJROEULQJ PLFK]XP7RU² XQGGDQQ$XI:LHGHUVHKHQ6PpDJRONDQQZHJODXIHQ XQGJXWVHLQ$EHUMHW]WVDJWHULFKEHDEVLFKWLJHDXIGLHVHP:HJQDFK 0RUGRU]XJHKHQ'HVKDOEKDW6PpDJROJURH$QJVW(UZLOOGHQQHWWHQ +HUUQQLFKWYHUOLHUHQ8QGHU KDWYHUVSURFKHQKDWGHP+HUUQVHLQ9HU VSUHFKHQJHJHEHQGHQ6FKDW]]XUHWWHQ$EHUGHU+HUUZLUGLKQ]X,KP EULQJHQVWUDFNV]XU6FKZDU]HQ+DQGZHQQGHU+HUUGLHVHQ:HJJHKW $OVRPX6PpDJROVLHEHLGHUHWWHQXQGLKPIlOOWHLQDQGHUHU:HJHLQ GHUIUKHUHLQPDOGDZDU1HWWHU+HUU6PpDJROVHKUJXWKLOIWLPPHU© 6DPUXQ]HOWHGLH6WLUQ+lWWHHUPLWGHQ$XJHQ/|FKHULQ*ROOXPERK UHQN|QQHQHUKlWWHHVJHWDQ6HLQ6LQQZDUYRQ=ZHLIHOQHUIOOW$OOHP $QVFKHLQQDFKZDU*ROOXPDXIULFKWLJEHNPPHUWXQG EHVWUHEW)URGR]X KHOIHQ$EHUDOV6DPVLFKGHUPLWDQJHK|UWHQ$XVHLQDQGHUVHW]XQJHQW VDQQILHOHVLKPVFKZHU]XJODXEHQGDGHUODQJHXQWHUGUFNWH6PpDJRO VLFKGXUFKJHVHW]WKDEHQVROOWHGLHVH6WLPPHMHGHQIDOOVKDWWHQLFKWGDV OHW]WH:RUWEHLGHU$XVHLQDQGHUVHW]XQJJHKDEW6DPYHUPXWHWHGDGLH EHLGHQ+lOIWHQYRQ6PpDJROXQG*ROOXPRGHU6FKOHLFKHUXQG6WLQNHU ZLHHUVLHLP*HLVWQDQQWH :DIIHQVWLOOVWDQGXQGHLQHLQVWZHLOLJHV%QG QLVJHVFKORVVHQKDWWHQNHLQHUYRQEHLGHQZROOWHGDGHU)HLQGGHQ5LQJ EHNDPEHLGHZROOWHQ)URGRYRUGHU*HIDQJHQQDKPHEHZDKUHQXQGVR ODQJHDOVP|JOLFKLP$XJHEHKDOWHQ² MHGHQIDOOVVRODQJH6WLQNHUHLQH 0|JOLFKNHLWKDWWHGLH+DQGDXIVHLQHQª6FKDW]©]XOHJHQ2EHVZLUNOLFK HLQHQDQGHUHQ:HJQDFK0RUGRUJDEEH]ZHLIHOWH6DP ª8QGHVLVWJXWGDGLHEHLGHQ+lOIWHQGHVDOWHQ%|VHZLFKWVQLFKWZLV VHQZDVGHU+HUUZLUNOLFKYRUKDW©GDFKWHHUª:HQQHUZWHGD+HUU )URGRYHUVXFKWPLWVHLQHP6FKDW]HLQIUDOOHPDO6FKOX]XPDFKHQXQG DOOGDVGDQQZUGHHV]LHPOLFKUDVFKbUJHUJHEHQGDZHWWHLFK,UJHQG ZLHKDWGHUDOWH6WLQNHUVROFKH$QJVWYRUGHP)HLQG XQGVWHKWXQWHU HLQHU$UW%HIHKOYRQLKPRGHUVRQVWZDV²GDHUXQVHKHUYHUUDWHQ ZUGHDOVVLFKGDEHLHUZLVFKHQ]XODVVHQGDHUXQVKLOIWXQGHKHUDOV ]X]XODVVHQGDVHLQ6FKDW]YLHOOHLFKWHLQJHVFKPRO]HQZLUG'DV]XPLQ GHVWLVWPHLQH9RUVWHOOXQJ8QGLFKKRIIHGHU+HUUZLUG VVLFKJHQDX EHUOHJHQ(ULVWVRNOXJZLHQXUHLQHUDEHUHULVWZHLFKKHU]LJGDVLVWHU (VEHUVWHLJWGLH)lKLJNHLWHLQHV*DPGVFKLH]XHUUDWHQZDVHUDOVQlFK VWHVWXQZLUG© )URGRDQWZRUWHWH*ROOXPQLFKWVRIRUW:lKUHQG6DPGLHVH=ZHLIHO GXUFKGHQVFKZHUIlOOLJHQDEHUJHVFKHLWHQ.RSIJLQJHQVWDUUWH)URGRKLQ EHU]XGHQGXQNOHQ)HOVZlQGHQYRQ&LULWK*RUJRU'LH6HQNHLQGHUVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
=XIOXFKWJHVXFKWKDWWHQZDULQGLH6HLWHHLQHVQLHGULJHQ%HUJHVHLQJHJUD EHQHLQZHQLJK|KHUDOVHLQODQJHVJUDEHQDUWLJHV7DOGDV]ZLVFKHQGLH VHP%HUJXQGGHQ$XVOlXIHUQGHV*HELUJHVODJ,QGHU0LWWHGHV7DOV VWDQGHQGLHVFKZDU]HQ*UXQGPDXHUQGHVZHVWOLFKHQ:DFKWXUPV,P0RU JHQOLFKWZDUHQMHW]WGLH6WUDHQGLHEHLGHP7RUYRQ0RUGRU]XVDPPHQ OLHIHQGHXWOLFK]XVHKHQEODXQGVWDXELJHLQHVFKOlQJHOWHVLFK]XUFN QDFK1RUGHQHLQH]ZHLWHYHUVFKZDQG|VWOLFKLQGHQ1HEHOQGLHDP)X GHV(UHG/LWKXLKLQJHQHLQHGULWWHOLHIDXILKQ]X6LHPDFKWHHLQHVFKDUIH .HKUHXPGHQ7XUPWDXFKWHLQHLQHVFKPDOH7DOVFKOXFKWHLQXQGNDP GDQQQLFKWZHLWXQWHUKDOEGHU6HQNHZRHUVWDQGYRUEHL,P:HVWHQ]X VHLQHU5HFKWHQERJVLHDE]RJVLFKDQGHQ6FKXOWHUQGHV*HELUJHVHQWODQJ XQGYHUVFKZDQGGDQQQDFK6GHQLQGHQWLHIHQ6FKDWWHQGLHGLHJDQ]H ZHVWOLFKH6HLWHGHV(SKHO'~DWKHLQKOOWHQZRHUVLHQLFKWPHKUVHKHQ NRQQWHZDQGHUWHVLHZHLWHULQGHPVFKPDOHQ/DQG]ZLVFKHQGHP*HELUJH XQGGHP*URHQ6WURP :lKUHQGHUVFKDXWHEHPHUNWH)URGRGDDXIGHU(EHQHYLHO$XIUXKU XQG%HZHJXQJZDU(VVFKLHQDOVREJDQ]H+HHUHDXIGHP0DUVFKVHLHQ REZRKOVLH]XPJU|WHQ7HLOGXUFKGLH'QVWHXQG'l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lEHUQOlQJVWYHU JDQJHQHU7DSIHUNHLW'LHVHKLHUZDUHQ0HQVFKHQYRQDQGHUHU5DVVHDXV GHQJHZDOWLJHQ2VWODQGHQGLHVLFKDXI%HIHKOLKUHV2EHUKHUUQHLQIDQGHQ +HHUHGLHGHV1DFKWVYRUVHLQHP7RUJHODJHUWKDWWHQXQGQXQKLQHLQPDU VFKLHUWHQXPVHLQH6WUHLWPDFKW]XYHUVWlUNHQ$OVREHUVLFKSO|W]OLFK GHU*HIDKULKUHU/DJHEHZXWJHZRUGHQVHLDOOHLQLP]XQHKPHQGHQ/LFKW GHV7DJHVVRQDKHGLHVHUJHZDOWLJHQ%HGURKXQJ]RJVLFK)URGRUDVFK VHLQHGQQH.DSX]HIHVWEHUGHQ.RSIXQGWUDW]XUFNLQGLH0XOGH 'DQQZDQGWHHUVLFKDQ*ROOXP ª6PpDJRO©VDJWHHUª,FKZLOOGLUQRFKHLQPDOYHUWUDXHQ7DWVlFKOLFK PXLFKHVZRKOWXQXQGHVVFKHLQWPHLQ6FKLFNVDO]XVHLQ+LOIHYRQGLU ]XHUKDOWHQYRQGHPLFKVLHDPZHQLJVWHQHUZDUWHWHXQGGHLQ6FKLFNVDO PLU]XKHOIHQQDFKGHPGXPLFKODQJHPLWE|VHU$EVLFKWYHUIROJWKDVW %LVKHUKDVWGXGLFKXPPLFKYHUGLHQWJHPDFKWXQGGHLQ9HUVSUHFKHQJH WUHXOLFKJHKDOWHQ)UZDKULFKVDJHGDVXQGPHLQHHVVR©IJWHHUPLW HLQHP%OLFNDXI6DPKLQ]XªGHQQ]ZHLPDOVLQGZLUQXQLQGHLQHU*HZDOW JHZHVHQXQGGXKDVWXQVNHLQ/HLGJHWDQ$XFKKDVWGXQLFKWYHUVXFKW PLUGDVDE]XQHKPHQZRQDFKGXHLQVWWUDFKWHWHVW0|JHGDVGULWWH0DO VLFKDOVGDVEHVWHHUZHLVHQ$EHULFKZDUQHGLFK6PpDJROGXELVWLQ*H IDKU© ª-DMD+HUU©VDJWH*ROOXPª6FKUHFNOLFKH*HIDKU6PpDJROV.QRFKHQ ]LWWHUQZHQQHUGDUDQGHQNWDEHUHUOlXIWQLFKWIRUW(UPXGHPQHWWHQ +HUUQKHOIHQ© ª,FKPHLQWHQLFKWGLH*HIDKUGLHIUXQVDOOHEHVWHKW©VDJWH)URGRª,FK 5HL$QJHON#KWWSFRODHERRN]IELGH
PHLQHHLQH*HIDKUIUGLFKDOOHLQ'XKDVWGHLQ9HUVSUHFKHQEHVFKZRUHQ EHLGHPZDVGXGHQ6FKDW]QHQQVW'HQNHGDUDQ(UZLUGGLFKGDPLW IHVWKDOWHQDEHUHUZLUGQDFKHLQHU 0|JOLFKNHLWWUDFKWHQHV]XGHLQHP HLJHQHQ9HUGHUEHQ]XYHUGUHKHQ6FKRQMHW]WELVWGXXQDXIULFKWLJ*DQ] W|ULFKWKDVWGXGLFKPLUJHJHQEHUJHUDGHYHUUDWHQ*LELKQ6PpDJRO]X UFN KDVWGXJHVDJW6DJHGDVQLFKWZLHGHU/DGLHVHQ*HGDQNHQQLFKWLQ GLU JURZHUGHQ'XZLUVWLKQQLHPDOV]XUFNEHNRPPHQ$EHUGDV9HU ODQJHQQDFKLKPPDJGLFK]XHLQHPELWWHUHQ(QGHYHUOHLWHQ'XZLUVWLKQ QLHPDOV]XUFNEHNRPPHQ,QGHUK|FKVWHQ1RW6PpDJROZUGHLFKGHQ 6FKDW]DXIVHW]HQXQGGHU6FKDW]KDWGLFKVFKRQYRUODQJHU=HLWEH KHUUVFKW:HQQLFKLKQWUDJHQXQGGLUEHIHKOHQZUGHGDQQZUGHVWGX JHKRUFKHQXQGVHLHVDXFKYRQHLQHU.OLSSHKHUDE]XVSULQJHQRGHUGLFK LQV)HXHU]XVWU]HQ8QGGDVZUGHPHLQ%HIHKOVHLQ$OVRVHLYRUVLFK WLJ6PpDJRO© 6DPVDKVHLQHQ+HUUQDQHUNHQQHQGDEHUDXFKEHUUDVFKWDQHUKDWWH HLQHQ$XVGUXFNLP*HVLFKWXQGHLQHQ7RQLQGHU6WLPPHGLH6DPQRFK QLHHUOHEWKDWWH(UKDWWHLPPHUGLH9RUVWHOOXQJJHKDEWGDGLH)UHXQG OLFKNHLWGHVOLHEHQ+HUUQ)URGRYRQVRKRKHP5DQJVHLGDVLHHLQJHZLV VHV0DYRQ%OLQGKHLWHLQVFKOLHHQPVVH1DWUOLFKZDUHUREZRKOGDV GD]XLP:LGHUVSUXFKVWDQGGHUIHVWHQhEHU]HXJXQJGD+HUU)URGRGDV NOJVWH*HVFK|SIGHU:HOWVHLP|JOLFKHUZHLVHPLW$XVQDKPHYRPDOWHQ +HUUQ%LOERXQGYRQ*DQGDOI *ROOXPKlWWHDXIVHLQH:HLVHXQGVHKU YLHOJHUHFKWIHUWLJWHUZHLOHU)URGRHUVWVHKUYLHONU]HUNDQQWHYLHOOHLFKW GHQVHOEHQ)HKOHUEHJHKHQXQG)UHXQGOLFKNHLWPLW%OLQGKHLWYHUZHFKVHOQ N|QQHQ-HGHQIDOOVYHUVHW]WHLKQGLHVH5HGHLQ9HUOHJHQKHLWXQG6FKUHN NHQ(UZlO]WHVLFKDXIGHP%RGHQXQGNRQQWHNHLQNODUHV:RUWVSUHFKHQ DXHUQHWWHU+HUU )URGRZDUWHWHHLQH:HLOHJHGXOGLJGDQQVSUDFKHUZLHGHUXQGZHQLJHU VWUHQJª6R*ROOXPRGHU6PpDJROZHQQGXZLOOVWQXQHU]lKOHPLUYRQ GLHVHPDQGHUHQ:HJXQG]HLJHPLUZHQQGXNDQQVWZHOFKH+RIIQXQJLQ LKPOLHJWJHQXJXPHV]XUHFKWIHUWLJHQZHQQLFKYRQPHLQHPNODUHQ :HJDEZHLFKH,FKELQLQ(LOH© $EHU*ROOXPZDULQHLQHPMDPPHUYROOHQ=XVWDQGXQG)URGRV'UR KXQJKDWWHLKQJDQ]]HUPUEW(VZDUQLFKWHLQIDFKHLQHQNODUHQ%HULFKW YRQLKP]XHUKDOWHQEHLDOOVHLQHP*HPXUPHOXQG*HSLHSVHXQGGHQKlX ILJHQ8QWHUEUHFKXQJHQZHQQHUDXIGHP%RGHQKHUXPNURFKXQGVLH EHLGHEDWVLHVROOWHQ]XPªDUPHQNOHLQHQ6PpDJRO©IUHXQGOLFKVHLQ1DFK HLQHU:HLOHZXUGHHUHWZDVUXKLJHUXQG)URGRHUIXKU6WFNIU6WFN GDHLQ:DQGHUHUZHQQHUGHU6WUDHIROJWHGLHYRQ(SKHO'~DWKQDFK :HVWHQIKUWHQDFKHLQLJHU=HLW]XHLQHU.UHX]XQJLQHLQHP.UHLVGXQN OHU%lXPHNlPH=XU5HFKWHQJLQJHLQH6WUDHKLQXQWHUQDFK2VJLOLDWK XQG]XGHQ%UFNHQGHV$QGXLQGLH6WUDHLQGHU0LWWHJLQJQDFK6GHQ ª:HLWHUZHLWHUZHLWHU©VDJWH*ROOXPª:LUVLQGQLHGLHVHQ:HJJH JDQJHQDEHUHVKHLWHULVWKXQGHUW:HJVWXQGHQODQJELVPDQGDV*URH :DVVHUVHKHQNDQQGDVQLHVWLOOLVW'D JLEWHVPDVVHQKDIW)LVFKHXQG JURH9|JHOGLH)LVFKHIUHVVHQQHWWH9|JHO$EHUZLUVLQGQLHGDKLQJH JDQJHQOHLGHUQHLQZLUKDWWHQQLH*HOHJHQKHLW8QGQRFKZHLWHUGDVLQG PHKU/lQGHUKHLWHVDEHUGDV*HOEH*HVLFKWLVWGRUWVHKUKHLXQGHV JLEW VHOWHQ:RONHQXQGGLH0HQVFKHQVLQGJUDXVDPXQGKDEHQGXQNOH *HVLFKWHU:LUZROOHQGLHVHV/DQGQLFKWVHKHQ© ª1HLQ©VDJWH)URGRª$EHUGXVFKZHLIVWYRQGHLQHP:HJDE:DVLVW 5HL$QJHON#KWWSFRODHERRN]IELGH
PLWGHUGULWWHQ$E]ZHLJXQJ"© ª2MDRMDHVJLEWHLQHQGULWWHQ:HJ©VDJWH*ROOXPª'DVLVWGLH 6WUDHQDFKOLQNV6RIRUWEHJLQQWVLH]XVWHLJHQKRFKKRFKKLQDXIZLQGHW VLHVLFKXQGNOHWWHUW]XUFN]XGHQKRKHQ6FKDWWHQ:HQQVLHVLFKXPGHQ VFKZDU]HQ)HOVHQKHUXP]LHKWGDQQZLUVWGXVLHVHKHQSO|W]OLFKZLUVWGX VLHEHUGLUVHKHQXQGGXZLUVWGLFKYHUEHUJHQZROOHQ© ª6LHVHKHQVLHVHKHQ":DVZLUGPDQVHKHQ"© ª'LHDOWH)HVWXQJVHKUDOWVHKUVFKUHFNOLFKMHW]W:LUK|UWHQIUKHU*H VFKLFKWHQDXVGHP6GHQDOV6PpDJROMXQJZDUYRUODQJHU=HLW2MDZLU K|UWHQYLHOH*HVFKLFKWHQGHV$EHQGVZHQQZLUDP8IHUGHV*URHQ6WURPV VDHQLQGHP:HLGHQODQGDOVDXFKGHU6WURPMQJHUZDUJROOXPJROOXP© (UEHJDQQ]XZHLQHQXQG]XPXUPHOQ'LH+REELWVZDUWHWHQJHGXOGLJ ª*HVFKLFKWHQDXVGHP6GHQ©IXKU*ROOXPGDQQIRUWªEHUGLHKRFK JHZDFKVHQHQ0HQVFKHQPLWGHQOHXFKWHQGHQ$XJHQXQGLKUH+lXVHUZLH %HUJHDXV6WHLQXQGGLHVLOEHUQH.URQHLKUHV.|QLJVXQGVHLQHQ:HLHQ %DXPZXQGHUVFK|QH*HVFKLFKWHQ6LHEDXWHQVHKUKRKH7UPHXQGHLQHU ZDUVLOEHUZHLXQGLQLKPZDUHLQ6WHLQZLHGHU 0RQGXQGUXQGXP ZDUHQJURHZHLH0DXHUQ2MDHVJDEYLHOH*HVFKLFKWHQEHUGHQ7XUP GHV0RQGHV© ª'DVPX0LQDV,WKLOJHZHVHQVHLQGDV,VLOGXU(OHQGLOV6RKQEDXWH© VDJWH)URGRª,VLOGXUZDUHVGHUGHP)HLQGGHQ)LQJHUDEVFKQLWW© ª-D² (UKDWQXU YLHUDQGHU6FKZDU]HQ+DQGDEHUGDVLVWJHQXJ©VDJWH *ROOXPHUVFKDXHUQGª8QG(UKDW,VLOGXUV6WDGW© ª:DVKDWHUQLFKW"©IUDJWH)URGRª$EHUZDVKDWGHU7XUPGHV0RQ GHVPLWXQV]XWXQ"© ª1XQ+HUUHUZDUGDXQGHULVWGDGHUKRKH7XUPXQGGLHZHLHQ +lXVHUXQGGLH0DXHUDEHUQLFKWQHWWMHW]WQLFKWVFK|Q(UKDWLKQYRU ODQJHU=HLWHUREHUW-HW]WLVWHVHLQHQWVHW]OLFKHU2UW:DQGHUHU]LWWHUQ ZHQQVLHLKQVHKHQVLHNULHFKHQDXHU6LFKWVLHYHUPHLGHQVHLQHQ6FKDW WHQ$EHUGHU+HUUZLUGGLHVHQ :HJJHKHQPVVHQ(VLVWGHUHLQ]LJHDQ GHUH:HJ'HQQGDV*HELUJHLVWGRUWQLHGULJHUXQGGLHDOWH6WUDHJHKW KLQDXIXQGKLQDXIELVVLHREHQHLQHQGXQNOHQ3DHUUHLFKWXQGGDQQJHKW VLHZLHGHUKLQXQWHU² QDFK*RUJRURWK©6HLQH6WLPPHHUVWDUE]XHLQHP )OVWHUQXQGHUHUVFKDXHUWH ª$EHUZLHVROOXQVGDVKHOIHQ"©IUDJWH6DPª*HZLZHLGHU)HLQG DOOHVEHUVHLQHLJHQHV*HELUJHXQGMHQH6WUDHZLUGGRFKZRKOHEHQVR VFKDUIEHZDFKWZLHGLHVHKLHU"'HU7XUPLVWGRFKQLFKWOHHUQLFKWZDKU"© ª2QHLQQLFKW OHHU©IOVWHUWH*ROOXPª(UHUVFKHLQWOHHUDEHUHULVWHV QLFKWRQHLQ6HKUVFKUHFNOLFKH:HVHQOHEHQGD2UNVMDLPPHU2UNV DEHUQRFKVFKOLPPHUH:HVHQQRFKVFKOLPPHUH:HVHQOHEHQGDDXFK'LH 6WUDHVWHLJWJHQDXELVXQWHUGHQ6FKDWWHQGHV:DOOVXQGIKUWGXUFK GDV7RU1LFKWVEHZHJWVLFKDXIGLHVHU6WUDHEHUGDVVLHQLFKW%HVFKHLG ZLVVHQ'LH:HVHQGULQQHQZLVVHQHVGLH6WXPPHQ:lFKWHU© ª'DVLVWDOVRGHLQ5DW©VDJWH6DPªGDZLUQRFKHLQHQZHLWHUHQODQ JHQ0DUVFKQDFK6GHQPDFKHQEORGDPLWZLULQGHUVHOEHQRGHUHLQHU QRFKVFKOLPPHUHQ3DWVFKHVLW]HQZHQQZLUGDKLQNRPPHQIDOOVHVXQV EHUKDXSWJHOLQJW"© ª1HLQZLUNOLFKQLFKW©VDJWH*ROOXPª'LH+REELWVPVVHQGDVHLQVH KHQPVVHQYHUVXFKHQHV]XYHUVWHKHQ(UHUZDUWHWNHLQHQ$QJULIIDQ GLHVHU6WUDH6HLQ$XJHLVWEHUDOODEHUHVVFKDXWDXIPHUNVDPHUDXI PDQFKH*HJHQGHQDOVDXIDQGHUH(UNDQQQLFKWEHUDOO]XJOHLFKVHLQ 5HL$QJHON#KWWSFRODHERRN]IELGH
QRFKQLFKW(UKDWQlPOLFKGDVJDQ]H/DQGZHVWOLFKYRP6FKDWWHQJHELUJH ELVKLQXQWHU]XP6WURPHUREHUWXQG(UKlOW MHW]WGLH%UFNHQEHVHW]W(U JODXEWQLHPDQGN|QQH]XP0RQGWXUPNRPPHQRKQHDQGHQ%UFNHQ HLQHJURH6FKODFKW]XVFKODJHQRGHURKQHHLQH0HQJH%RRWHGLHPDQ QLFKWYHUEHUJHQNDQQXQG(UZUGHHVHUIDKUHQ© ª'XVFKHLQVWHLQH0HQJH]XZLVVHQEHUGDVZDV(UWXWXQGGHQNW© VDJWH6DPª+DVWGXLQOHW]WHU=HLWPLWLKPJHVSURFKHQ"2GHUEORPLW 2UNVJHSODXGHUW"© ª.HLQQHWWHU+REELWQLFKWYHUQQIWLJ©VDJWH*ROOXPPLWHLQHPZ WHQGHQ%OLFNDXI6DPHUZDQGWHVLFKDQ)URGRª6PpDJROKDWPLW 2UNVJHVSURFKHQMDQDWUOLFKHKHHUGHQ+HUUQWUDIXQGPLWYLHOHQ/HX WHQHULVWZHLWJHZDQGHUW8QGZDVHUMHW]WVDJWVDJHQYLHOH/HXWH+LHU LP1RUGHQLVWGLHJURH*HIDKUIU,KQXQGIUXQV(UZLUGDXVGHP 6FKZDU]HQ7RUKHUDXVNRPPHQHLQHV7DJHVEDOG'DVLVWGHUHLQ]LJH :HJDXIGHPJURH+HHUHPDUVFKLHUHQN|QQHQ$EHUGRUWXQWHQLP :HVWHQKDW(UNHLQH$QJVWXQGGDVLQGGLH6WXPPHQ:lFKWHU ª(EHQ©VDJWH6DPGHUQLFKWDXVGHU)DVVXQJ]XEULQJHQZDUª8QGGD VROOHQZLUDOVRKLQDXIJHKHQXQGDP7RUNORSIHQXQGIUDJHQREGDVGHU ULFKWLJH:HJQDFK0RUGRULVW"2GHUVLQGVLH]XVWXPPXP]XDQWZRU WHQ"'DVLVWQLFKWYHUQQIWLJ'DVN|QQWHQZLUJHQDXVRJXWKLHUWXQXQG XQVHLQHODQJH:DQGHUXQJHUVSDUHQ© ª0DFKNHLQH:LW]HGDUEHU©]LVFKWH*ROOXPª(VLVWQLFKWNRPLVFK QHLQ1LFKWEHOXVWLJHQG(VLVWEHUKDXSWQLFKWYHUQQIWLJ]XYHUVXFKHQ QDFK0RUGRUKLQHLQ]XNRPPHQ$EHUZHQQGHU+HUUVDJWLFKPXJHKHQ RGHULFKZLOOJHKHQ GDQQPXHUHVLUJHQGZLHYHUVXFKHQ$EHUHUGDUI QLFKW]XGHUHQWVHW]OLFKHQ6WDGWJHKHQRQHLQQDWUOLFKQLFKW'DUXP KLOIW6PpDJROGHUQHWWH6PpDJROREZRKOQLHPDQGLKPVDJWZRUXPHV VLFKHLJHQWOLFKKDQGHOW6PpDJROKLOIWZLHGHU(UIDQGLKQ(UNHQQWLKQ© ª:DVKDVWGXJHIXQGHQ"©IUDJWH)URGR *ROOXPNDXHUWHVLFKQLHGHUXQGVHLQH6WLPPHZXUGHZLHGHU]XHLQHP )OVWHUQª(LQHQNOHLQHQ3IDGGHULQV*HELUJHKLQDXIIKUWXQGGDQQHLQH 7UHSSHHLQHVFKPDOH7UHSSHRMDVHKUODQJXQGVFKPDO8QGGDQQQRFK PHKU6WXIHQ8QGGDQQ©VHLQH6WLPPHZXUGHQRFKOHLVHUªHLQHQ *DQJHLQHQ GXQNOHQ*DQJXQGVFKOLHOLFKHLQHNOHLQH6FKOXFKWXQG HLQHQ3IDGKRFKEHUGHP+DXSWSD'DVZDUGHU:HJDXIGHP6PpD JRODXVGHU'XQNHOKHLWHQWNDP$EHUHVZDUYRU-DKUHQ'HU3IDGPDJ MHW]WYHUVFKZXQGHQVHLQDEHUYLHOOHLFKWQLFKWYLHOOHLFKWQLFKW© ª'DVJHIlOOWPLUDOOHVJDQ]XQGJDUQLFKW©VDJWH6DPª.OLQJW]XHLQ IDFKMHGHQIDOOVEHLP(U]lKOHQ:HQQGLHVHU3IDGQRFKGDLVWGDQQZLUG HUDXFKEHZDFKWVHLQ:DUHUQLFKWEHZDFKW*ROOXP"©$OVHUGDVIUDJWH VDKHUHLQJUQHV)XQNHOQLQ*ROOXPV$XJHRGHUJODXEWHHV]XVHKHQ *ROOXPPXUPHOWHDQWZRUWHWHDEHUQLFKW ª,VWHUQLFKWEHZDFKW"©IUDJWH)URGRVWUHQJª8QGELVWGXDXVGHU'XQ NHOKHLWHQWNRPPHQ 6PpDJRO":DUGLUQLFKWYLHOPHKUHUODXEWZRUGHQ]X JHKHQXPHLQHQ$XIWUDJ]XHUOHGLJHQ"'DV]XPLQGHVWJODXEWH$UDJRUQ GHUGLFKYRUHLQLJHQ-DKUHQDQGHQ7RWHQVPSIHQIDQG© ª(VLVWHLQH/JH©]LVFKWH*ROOXPXQGHLQE|VHV)XQNHOQWUDWLQVHLQH $XJHQDOV$UDJRUQJHQDQQWZXUGHª(UORJEHUPLFKMDGDVWDWHU,FK ELQHQWNRPPHQLFK$UPHUJDQ]DOOHLQ7DWVlFKOLFKZXUGHPLUJHVDJW LFKVROOHQDFKGHP6FKDW]VXFKHQXQGLFKKDEHJHVXFKWXQGJHVXFKW QDWUOLFKKDEHLFKGDV$EHUQLFKWIUGHQ6FKZDU]HQ'HU6FKDW]ZDU 5HL$QJHON#KWWSFRODHERRN]IELGH
XQVHUHUHUZDUPHLQHUGDVVDJHLFKGLU,FKELQHQWNRPPHQ© )URGRHPSIDQGHLQHVHOWVDPH*HZLKHLWGD*ROOXPEHLGLHVHU6DFKH DXVQDKPVZHLVHQLFKWVRZHLWYRQGHU:DKUKHLWHQWIHUQWZDUZLHYHUPX WHWZHUGHQNRQQWHGDHULUJHQGZLHHLQHQ:HJDXV0RUGRUJHIXQGHQ KDWWHXQG]XPLQGHVWJODXEWHHVVHLDXIVHLQHHLJHQH*HVFKLFNOLFKNHLW]X UFN]XIKUHQJHZHVHQ(UVWHQVHLQPDOILHOLKPDXIGD*ROOXPGDV:RUW LFK JHEUDXFKWKDWWHXQGGDVZDUJHZ|KQOLFKHLQ=HLFKHQGDIUVRVHOWHQ HVDXFKYRUNDPGDLUJHQGZHOFKH5HVWHGHUDOWHQ:DKUKDIWLJNHLWXQG $XIULFKWLJNHLWLP$XJHQEOLFNGLH2EHUKDQGKDWWHQ$EHUVHOEVWZHQQHU *ROOXPLQGLHVHP3XQNWWUDXHQNRQQWHYHUJD)URGRGHQQRFKGLH/LVWHQ GHV)HLQGHVQLFKW'DVª(QWNRPPHQ©NRQQWHHUODXEWRGHUVRHLQJHULFKWHW ZRUGHQXQGLP'XQNOHQ7XUPZRKOEHNDQQWJHZHVHQVHLQ8QGMHGHQIDOOV EHKLHOW*ROOXPJDQ]GHXWOLFKHLQH0HQJHIUVLFK ª,FKIUDJHGLFKQRFKHLQPDO©VDJWHHUªZLUGGLHVHUJHKHLPH:HJQLFKW EHZDFKW"© $EHU$UDJRUQV1DPHKDWWH*ROOXPGLH/DXQHYHUGRUEHQ(UKDWWHGDV JHNUlQNWH*HEDUHQHLQHVGHU/JH9HUGlFKWLJHQGHUDXVQDKPVZHLVHGLH :DKUKHLWJHVSURFKHQRGHUHLQHQ7HLOGHU:DKUKHLWJHVDJWKDWWH(UDQW ZRUWHWHQLFKW ª,VWHUQLFKWEHZDFKW"©ZLHGHUKROWH)URGR ª-DMDYLHOOHLFKW.HLQHVLFKHUHQ2UWHLQGLHVHP/DQG©VDJWH*ROOXP PUULVFKª.HLQHVLFKHUHQ2UWH$EHUGHU+HUUPXHVYHUVXFKHQRGHU QDFK+DXVHJHKHQ.HLQDQGHUHU:HJ©6LHNRQQWHQLKQQLFKWGD]XEULQ JHQPHKU]XVDJHQ'HQ1DPHQGHVJHIlKUOLFKHQ2UWHVXQGGHVKRKHQ 3DVVHVNRQQWHRGHUZROOWHHUQLFKWQHQQHQ 'HU1DPHZDU&LULWK8QJROHLQEHOEHOHXPGHWHU1DPH$UDJRUQ KlWWHLKQHQYLHOOHLFKWGHQ1DPHQXQGVHLQH%HGHXWXQJVDJHQN|QQHQ *DQGDOIKlWWHVLHJHZDUQW$EHUVLHZDUHQDOOHLQXQG$UDJRUQZDUZHLW XQG*DQGDOIVWDQGLQPLWWHQGHU9HUZVWXQJYRQ,VHQJDUWXQGNlPSIWH PLW6DUXPDQDXIJHKDOWHQGXUFK9HUUDW'RFKDXFKZlKUHQGHUVHLQH OHW]WHQ :RUWHDQ6DUXPDQULFKWHWHXQGGHU3DODQWtUNUDFKHQGXQGIHXULJDXIGLH6WX IHQYRQ2UWKDQFILHOZDUVHLQ'HQNHQEHL)URGRXQG6DPZHLVEHUGLH ODQJHQ0HLOHQIRUVFKWHVHLQ6LQQQDFKLKQHQYROO+RIIQXQJXQG0LWOHLG 9LHOOHLFKWVSUWH)URGRHVRKQHHV]XZLVVHQHEHQVRZLHHUHVDXI $PRQ+HQJHVSUWKDWWHREZRKOHUGRFKJODXEWHGD*DQGDOIGDKLQJH JDQJHQVHLIULPPHUGDKLQJHJDQJHQLQGHQ6FKDWWHQLPIHUQHQ0RULD (UVDHLQHODQJH=HLWDXIGHP%RGHQVFKZHLJHQGGHQ.RSIJHVHQNWXQG WUDFKWHWHVLFKDOOHVLQV*HGlFKWQLV]XUFN]XUXIHQZDV*DQGDOILKPJH VDJWKDWWH$EHUIUVHLQH(QWVFKHLGXQJNRQQWHHUVLFKNHLQHV5DWVHQW VLQQHQ7DWVlFKOLFKZDULKQHQ*DQGDOIV)KUXQJ]XIUKJHQRPPHQ ZRUGHQ]XIUKZl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|VHV6FKLFNVDO$EHUHUKDWWHHVVHOEVWDXIVLFKJHQRP PHQLQVHLQHPHLJHQHQ:RKQ]LPPHULQMHQHPZHLW]XUFNOLHJHQGHQ)UK 5HL$QJHON#KWWSFRODHERRN]IELGH
OLQJHLQHVDQGHUHQ-DKUHVVRZHLW]XUFNOLHJHQGGDHVMHW]WZLHHLQ .DSLWHOLQHLQHU*HVFKLFKWHYRQGHU-XJHQGGHU:HOWZDUDOVGLH%lXPH YRQ6LOEHUXQG*ROGQRFKLQ%OWHVWDQGHQ(VZDUHLQHE|VH(QWVFKHL GXQJ:HOFKHQ:HJVROOWHHUZlKOHQ"8QGZHQQEHLGH]X6FKUHFNHQXQG 7RGIKUWHQZHOFKHQ:HUWKDWWH GDQQHLQH(QWVFKHLGXQJEHUKDXSW" 'HU7DJ]RJVLFKKLQ(LQWLHIHV6FKZHLJHQEUHLWHWHVLFKEHUGLHNOHLQH JUDXH0XOGHDXVLQGHUVLHODJHQVRQDKHGHQ*UHQ]HQGHV/DQGHVGHU )XUFKWHLQ6FKZHLJHQGDVVSUEDUZDUDOVZlUHHVHLQGLFNHU6FKOHLHU GHUVLHYRQGHUJDQ]HQ8PZHOWDEVFKORhEHULKQHQZDUHLQEODVVHV +LPPHOVJHZ|OEHJHVWUHLIWPLWIOFKWLJHP5DXFKDEHUHVVFKLHQKRFKXQG IHUQ]XVHLQDOVREHVGXUFKHLQHQXQHQGOLFKHQ/XIWUDXPEOHLHUQYRQ JUEHOQGHQ*HGDQNHQHUEOLFNWZHUGH 1LFKWHLQPDOHLQYRUGHU6RQQHVFKZHEHQGHU$GOHUZUGHGLH+REELWV EHPHUNWKDEHQZLHVLHGDXQWHUGHU/DVWGHV6FKLFNVDOVVDHQVFKZHL JHQGUHJORVLQLKUHGQQHQJUDXHQ0lQWHOJHKOOW(LQHQ$XJHQEOLFN KlWWHHUYLHOOHLFKWLQQHJHKDOWHQXP*ROOXP]XEHWUDFKWHQHLQHZLQ]LJH DXIGHP%RGHQDXVJHVWUHFNWH*HVWDOWGDODJYLHOOHLFKWGDV*HULSSHHLQHV YHUKXQJHUWHQ0HQVFKHQNLQGHVDQGHPGLH]HUOXPSWHQ.OHLGHUQRFKKLQ JHQGLHODQJHQ$UPHXQG%HLQHIDVWNQRFKHQZHLXQGNQRFKHQGUU NHLQ)OHLVFKDQGHP]XSLFNHQVLFKORKQWH )URGRKDWWHGHQ.RSIEHUGLH.QLHJHEHXJWDEHU6DPOHKQWHVLFK]X UFNGLH+lQGHKLQWHUGHP.RSIXQGVWDUUWHDXVVHLQHU.DSX]HKHUDXV DXIGHQOHHUHQ+LPPHO=XPLQGHVWZDUHUHLQHJDQ]H:HLOHOHHU'DQQ SO|W]OLFKJODXEWH6DPHLQHYRJHOlKQOLFKH*HVWDOW]XVHKHQGLHLQVHLQHQ *HVLFKWVNUHLVKLQHLQIORJGRUWVFKZHEWHXQGGDQQZLHGHUIRUWIORJ=ZHL ZHLWHUHIROJWHQLKUXQGGDQQHLQHYLHUWH6LHVDKHQNOHLQDXVGHQQRFK ZXWHHULUJHQGZLHGDVLHULHVLJZDUHQHLQHJHZDOWLJH)OJHOVSDQQZHLWH KDWWHQXQGLQJURHU+|KHIORJHQ(UEHGHFNWHGLH$XJHQXQGEHXJWH VLFKJHGXFNWYRU(UZDUYRQGHUVHOEHQZDUQHQGHQ)XUFKWHUIOOWGLHHU EHLGHU$QZHVHQKHLWGHU6FKZDU]HQ5HLWHUYHUVSUWKDWWHGHPKLOIORVHQ (QWVHW]HQGDVGHU6FKUHLLP:LQGXQGGHU6FKDWWHQDXIGHP0RQGDXV JHO|VWKDWWHQREZRKOHVMHW]WQLFKWVRQLHGHUGUFNHQGXQG]ZLQJHQGZDU GLH%HGURKXQJZDUHQWIHUQWHU$EHUHLQH%HGURKXQJZDUHV)URGRHPS IDQGVLHDXFK6HLQ*HGDQNHQJDQJZDUXQWHUEURFKHQ(UEHZHJWHVLFKXQG HUVFKDXHUWHDEHUHUVFKDXWHQLFKWDXI*ROOXPUROOWHVLFK]XVDPPHQZLH HLQHLQGLH(QJHJHWULHEHQH6SLQQH'LHJHIOJHOWHQ*HVWDOWHQNUHLVWHQ VWLHHQUDVFKKHUDEXQGHLOWHQ]XUFNQDFK0RUGRU 6DPKROWHWLHI/XIWª'LH5HLWHUVLQGZLHGHUXQWHUZHJVKRFKREHQLQ GHU/XIW©VDJWHHUKHLVHUIOVWHUQGª,FKKDEHVLHJHVHKHQ*ODXEVWGXVLH NRQQWHQXQVVHKHQ"6LHZDUHQVHKUKRFK8QGZHQQHV6FKZDU]H5HLWHU VLQGGLHVHOEHQZLHIUKHUGDQQN|QQHQVLHEHL7DJHQLFKWYLHOVHKHQ QLFKWZDKU"© ª1HLQYLHOOHLFKWQLFKW©VDJWH)URGRª$EHULKUH 5|VVHUN|QQWHQ VHKHQ8QGGLHVHJHIOJHOWHQ:HVHQDXIGHQHQVLHMHW]WUHLWHQN|QQHQ ZDKUVFKHLQOLFKPHKUVHKHQDOVMHGHVDQGHUH*HVFK|SI6LHVLQGZLHJURH $DVY|JHO6LHVXFKHQQDFKHWZDVGHU)HLQGKlOW$XVVFKDXIUFKWHLFK© 'DV*HIKOGHV6FKUHFNHQV YHUJLQJDEHUGLHVLHHLQKOOHQGH6WLOOHZDU XQWHUEURFKHQ(LQH=HLWODQJZDUHQVLHYRQGHU:HOWDEJHVFKQLWWHQJHZH VHQZLHDXIHLQHUXQVLFKWEDUHQ,QVHOMHW]WZDUHQVLHZLHGHUVFKXW]ORVGLH *HIDKUZDU]XUFNJHNHKUW$EHU)URGRVSUDFKQLFKWPLW*ROOXPXQGWUDI NHLQH(QWVFKHLGXQJ(UKDWWHGLH$XJHQJHVFKORVVHQDOVREHUWUlXPH 5HL$QJHON#KWWSFRODHERRN]IELGH
RGHUQDFKLQQHQEOLFNHLQVHLQ+HU]XQGLQGLH(ULQQHUXQJ(QGOLFKVWDQG HUDXIXQGHVVFKLHQDOVZROOHHUVSUHFKHQXQGHLQHQ(QWVFKOXIDVVHQ 'RFKVDJWHHUª+RUFK:DVLVWGDV"© (LQHQHXH)XUFKWSDFNWHVLH6LHK|UWHQ6LQJHQXQGKHLVHUH5XIH=XHUVW VFKLHQHVZHLWZHJ]XVHLQDEHUHVQlKHUWHVLFKHVNDPDXIVLH]X,KQHQ DOOHQVFKRGHU*HGDQNHGXUFKGHQ.RSIGDGLH6FKZDU]HQ6FKZLQJHQ VLHHUVSlKWXQG%HZDIIQHWHJHVFKLFNWKDWWHQXPVLH]XHUJUHLIHQNHLQH *HVFKZLQGLJNHLWVFKLHQ]XJURIUGLHVHHQWVHW]OLFKHQ'LHQHUYRQ6DX URQ6LHNDXHUWHQVLFKKLQXQGODXVFKWHQ'LH6WLPPHQXQGGDV.OLUUHQ YRQ:DIIHQXQG$XVUVWXQJZDUHQVHKUQDK)URGRXQG6DPORFNHUWHQ LKUHNOHLQHQ6FKZHUWHULQGHQ6FKHLGHQ(LQH)OXFKWZDUXQP|JOLFK *ROOXPHUKREVLFKODQJVDPXQGNURFKLQVHNWHQJOHLFK]XP5DQGGHU 6HQNH6HKUYRUVLFKWLJULFKWHWHHUVLFK=ROOXP=ROODXIELVHU]ZLVFKHQ ]ZHL)HOV]DFNHQKLQEHUVFKDXHQNRQQWH'RUWEOLHEHUHLQH=HLWODQJRKQH VLFK]XEHZHJHQRGHUHLQ*HUlXVFK]XPDFKHQ3O|W]OLFKHQWIHUQWHQVLFK GLH6WLPPHQZLHGHUXQGZXUGHQODQJVDPXQK|UEDU,QGHU)HPHEOLHVHLQ +RUQDXIGHP)HVWXQJVZDOOYRQ0RUDQQRQ'DQQ]RJVLFK*ROOXP]X UFNXQGVFKOSIWHKLQXQWHULQGLH0XOGH ª0HKU0HQVFKHQJHKHQQDFK0RUGRU©VDJWHHUOHLVHª'XQNOH*HVLFK WHU:LUKDEHQ0HQVFKHQZLHGLHVHQRFKQLHJHVHKHQQHLQ6PpDJRO QLFKW6LHVLQGJULPPLJ6LHKDEHQVFKZDU]H$XJHQXQGODQJHVVFKZDU ]HV+DDUXQGJROGHQH5LQJHLQGHQ2KUHQMDPDVVHQKDIW VFK|QHV*ROG 8QGPDQFKHKDEHQURWH)DUEHDXILKUHQ:DJHQXQGURWH0lQWHOXQG LKUH)DKQHQVLQGURWXQGGLH6SLW]HQLKUHU6SHHUHXQGVLHKDEHQUXQGH 6FKLOGHJHOEXQGVFKZDU]PLWJURHQ6WDFKHOQ1LFKWQHWWZLHVHKUJUDX VDPHE|VH0HQVFKHQVHKHQVLHDXV)DVWVRVFKOLPPZLH2UNVXQGYLHO JU|HU6PpDJROJODXEWVLHVLQGDXVGHP6GHQJHNRPPHQMHQVHLWVYRP (QGHGHV*URHQ6WURPVGLHVH6WUDHNDPHQVLHKHUDXI6LHVLQGZHLWHU JH]RJHQ]XP6FKZDU]HQ7RUDEHUQRFKPHKUP|JHQIROJHQ,PPHUPHKU 9RONNRPPWQDFK0RUGRU(LQHV7DJHVZHUGHQDOOH9|ONHUGULQQHQVHLQ© ª:DUHQGDLUJHQGZHOFKH2OLIDQWHQ"©IUDJWH6DPXQGYHUJDVHLQH $QJVWZHLOHUVREHJLHULJZDUDXI1HXLJNHLWHQYRQIUHPGHQ*HJHQGHQ ª1HLQNHLQH2OLIDQWHQ:DVVLQG2OLIDQWHQ"©IUDJWH*ROOXP 6DPVWDQGDXIOHJWHGLH+lQGHDXIGHQ5FNHQZLHHUHVLPPHUWDW ZHQQHUª3RHVLHDXIVDJWH© XQGEHJDQQ *UDXZLHGLH0DXV *URZLHHLQ+DXV 6FKQDX]HZLH6FKODQJH (UGHEHEWEDQJH =LHKLFKGXUFKV*UDV %DXPEULFKWZLH*ODV +|UQHULP0DXO 6FKWWOHLFKIDXO 0HLQ2KUHQSDDU -DKUXP-DKU =LHKLFKGDKLQ /HJPLFKQLHKLQ 2OLIDQWELQLFKEHQDQQW *U|WHULP/DQG 5LHVLJXQGDOW 0HLQH*HVWDOW 5HL$QJHON#KWWSFRODHERRN]IELGH
6DKVW GXPLFKKLH 9HUJLWGXQLH 6DKVWGXPLFKQLFKW *ODXEVWGXDXFKQLFKW 'DHVPLFKJLEW 'RFKDOVHKUOLFKHU2OLIDQW %OHLELFKEHNDQQW ª'DV©VDJWH6DPDOVHUPLW$XIVDJHQIHUWLJZDUªGDVLVWHLQ*HGLFKW DXVGHP$XHQODQG8QVLQQYLHOOHLFKWXQGYLHOOHLFKWDXFKQLFKW$EHU ZLUKDEHQDXFKXQVHUH*HVFKLFKWHQXQG1HXLJNHLWHQDXVGHP6GHQ ZHLWGX,QGHQDOWHQ7DJHQKDEHQ+REELWVDEXQG]X:DQGHUXQJHQXQ WHUQRPPHQ$OOHUGLQJVNDPHQQLFKWYLHOH]XUFNXQGQLFKWDOOHVZDVVLH HU]lKOWHQZXUGHJHJODXEW1HXLJNHLWHQDXV%UHH XQGQLFKWYHUOlOLFKZLH $XHQODQGJHUFKWH ZLHPDQVRVDJW$EHULFKKDEH*HVFKLFKWHQJHK|UW EHUGLHJURHQ/HXWHGDXQWHQLQGHQ6RQQHQODQGHQ6FKZlU]OLQJHQHQ QHQZLUVLHLQXQVHUHQ*HVFKLFKWHQXQGVLHUHLWHQDXI2OLIDQWHQKHLWHV ZHQQVLHNlPSIHQ6LHVWHOOHQ+lXVHUXQG7UPHDXIGLH5FNHQGHU2OL IDQWHQXQGZDVQLFKWDOOHVXQGGLH2OLIDQWHQEHZHUIHQVLFKJHJHQVHLWLJ PLW)HOVEURFNHQXQG%lXPHQ$OVGXVDJWHVW!0HQVFKHQDXVGHP6GHQ DOOHLQ5RWXQG*ROGGDVDJWHLFK!:DUHQGDLUJHQGZHOFKH2OLIDQWHQ" 'HQQZHQQZHOFKHGDZlUHQGDQQZROOWHLFKVLHPLUDQVHKHQ*HIDKU RGHUQLFKW$EHUQXQQHKPHLFKQLFKWDQGDLFKMHPDOV2OLIDQWHQ VHKHQZHUGH9LHOOHLFKWJLEWHVVROFKH7LHUHJDUQLFKW©(UVHXI]WH ª1HLQNHLQH2OLIDQWHQ©VDJWH*ROOXPZLHGHUª6PpDJROKDWQLFKWYRQ LKQHQJHK|UW(UZLOOQLFKWGDHVVLHJLEW6PpDJROZLOOYRQKLHUIRUWJH KHQXQGVLFKLUJHQGZRYHUVWHFNHQZRHVVLFKHUHULVW6PpDJROZLOOGD GHU+HUUJHKW1HWWHU+HUUZLOOHUQLFKWPLW6PpDJROPLWNRPPHQ"© )URGRVWDQGDXI(UKDWWHEHLDOOVHLQHQ6RUJHQJHODFKWDOV6DPGDVDOWH /LHGYRP2OLIDQW ]XPEHVWHQJDE XQGGDV/DFKHQKDWWHLKQYRQGHU8Q VFKOVVLJNHLWEHIUHLWª,FKZQVFKWHZLUKlWWHQWDXVHQG2OLIDQWHQPLW *DQGDOIDXIHLQHPZHLHQDQGHU6SLW]H©VDJWHHUª'DQQZUGHQZLU XQVYLHOOHLFKWHLQHQ:HJEDKQHQLQGLHVHVE|VH/DQG$EHUZLUKDEHQVLH QLFKWEORXQVHUHHLJHQHQPGHQ%HLQHGDVLVWDOOHV1XQ6PpDJROGHU GULWWH:HJPDJVLFKDOVGHUEHVWHHUZHLVHQ,FKZHUGHPLWGLUNRPPHQ© ª*XWHU+HUUNOXJHU+HUUQHWWHU+HUU©ULHI*ROOXPHQW]FNWXQGWlW VFKHOWH)URGRV.QLHª*XWHU+HUU'DQQUXKWMHW]WQHWWH+REELWVLP 6FKDWWHQGHU6WHLQHGLFKWXQWHUGHQ6WHLQHQ5XKWHXFKDXVXQGOLHJWVWLOO ELVGDV*HOEH*HVLFKWIRUWJHKW'DQQN|QQHQZLUVFKQHOOODXIHQ/HLVHXQG VFKQHOOZLH6FKDWWHQPVVHQZLUVHLQ©
5HL$QJHON#KWWSFRODHERRN]IELGH
9,(57(6.$3,7(/ .5b87(581'.$1,1&+(13)())(5
'LHZHQLJHQ6WXQGHQGDHVQRFKKHOOZDUUXKWHQVLHXQGUFNWHQ LPPHULQGHQ6FKDWWHQQDFKZlKUHQGGLH6RQQHZHLWHUZDQGHUWHELVHQG OLFKGHU6FKDWWHQGHVZHVWOLFKHQ5DQGVLKUHU0XOGHODQJZXUGHXQG'XQ NHOKHLWGLHJDQ]H6HQNHHUIOOWH'DQQDHQVLHHLQZHQLJXQGWUDQNHQ VSDUVDP*ROOXPDQLFKWVQDKPDEHUJHUQHWZDV:DVVHUDQ ª-HW]WEHNRPPHQZLUEDOGPHKU©VDJWHHUXQGOHFNWHVLFKGLH/LSSHQ ª*XWHV:DVVHUIOLHWLQGHQ%lFKHQKLQDE]XP*URHQ6WURPQHWWHV :DVVHULQGHQ/DQGHQLQGLHZLUJHKHQ6PpDJROZLUGGRUWYLHOOHLFKW DXFK1DKUXQJILQGHQ(ULVWVHKUKXQJULJMDJROOXP© (UOHJWHVHLQHEHL GHQJURHQIODFKHQ+lQGHDXIVHLQHQHLQJHVXQNHQHQ/HLEXQGHLQEODVVHV JUQHV)XQNHOQWUDWLQVHLQH$XJHQ 'LH'lPPHUXQJZDUWLHIDOVVLHVLFKHQGOLFKDXIPDFKWHQEHUGHQ ZHVWOLFKHQ5DQGGHU0XOGHNURFKHQXQGZLH*HLVWHULQGHP]HUNOIWHWHQ /DQGDQGHQ5lQGHUQGHU6WUDHYHUVFKZDQGHQ'HU0RQGZDUMHW]WGUHL 1lFKWHYRUGHP9ROOPRQGDEHUHUVWNXU]YRUGHU0LWWHUQDFKWHUKREHU VLFKEHUGDV*HELUJHXQGGLHIUKH1DFKWZDUVHKUGXQNHO(LQHLQ]LJHV URWHV/LFKWEUDQQWHKRFKREHQLQGHQ7UPHQGHU:HKUGRFKVRQVWZDU YRQGHUVFKODIORVHQ:DFKHDXIGHP0RUDQQRQQLFKWV]XVHKHQRGHU]X K|UHQ 9LHOH0HLOHQVFKLHQGDVURWH$XJHLKQHQQDFK]XVWDUUHQDOVVLHIORKHQ XQGGXUFKXQZLUWOLFKHVVWHLQLJHV/DQGVWROSHUWHQ6LHZDJWHQQLFKWDXI GHU6WUDH]XJHKHQVRQGHUQEHKLHOWHQVLH]XU/LQNHQXQGIROJWHQLKUHP /DXIVRJXWVLHNRQQWHQLQJHULQJHU(QWIHUQXQJ6FKOLHOLFKDOVGLH 1DFKWDOWZXUGHXQGVLHVFKRQPGHZDUHQGHQQVLHKDWWHQQXUHLQH NQDSSHNXU]H5DVWJHPDFKWVFKUXPSIWHGDV/LFKW]XHLQHPNOHLQHQIHXUL JHQ3XQNW]XVDPPHQXQGYHUVFKZDQGGDQQVLHKDWWHQGLHGXQNOHQ|UG OLFKH6FKXOWHUGHVQLHGULJHUHQ*HELUJHVXPUXQGHWXQGJLQJHQQXQQDFK 6GHQ 0LW VHOWVDPHUOHLFKWHUWHP+HU]HQUDVWHWHQVLHQXQZLHGHUDEHUQLFKW ODQJH)U*ROOXPJLQJHQVLHQLFKWUDVFKJHQXJ1DFKVHLQHU6FKlW]XQJ ZDUHQHVIDVWGUHLLJ:HJVWXQGHQYRQ0RUDQQRQELV]XU:HJNUHX]XQJ REHUKDOEYRQ2VJLOLDWKXQGHUKRIIWHGLHVH6WUHFNHLQYLHU1DFKWPlU VHKHQ]XUFN]XOHJHQ'HVKDOEPDFKWHQVLHVLFKEDOGZLHGHUDXIELVVLFK GLH0RUJHQGlPPHUXQJODQJVDPLQGHUZHLWHQJUDXHQ(LQVDPNHLWDXV]X GHKQHQEHJDQQ)DVWDFKW:HJVWXQGHQZDUHQVLHJHODXIHQXQGGLH+RE ELWVKlWWHQQLFKWZHLWHUJHKHQN|QQHQVHOEVWZHQQVLHHVJHZDJWKlWWHQ 'DV]XQHKPHQGH/LFKWHQWKOOWHLKQHQHLQ/DQGGDVVFKRQZHQLJHUXQ ZLUWOLFKXQGYHUKHHUWZDU'DV*HELUJHUDJWHLPPHUQRFKXQKHLOYROO]X LKUHU/LQNHQDXIDEHUQDKHEHLVDKHQVLHGLHVGOLFKH6WUDHGLHQXQYRQ GHPVFKZDU]HQ)XGHU%HUJHIRUWVWUHEWHXQGVFKUlJQDFK:HVWHQYHUOLHI +LQWHULKUZDUHQ$EKlQJHGLHPLWGVWHUHQ%lXPHQZLHPLWGXQNOHQ :RONHQEHGHFNWZDUHQDEHUULQJVXPODJHLQ]HUNOIWHWHV+HLGHODQGEH VWDQGHQPLW%HVHQKHLGHXQG*LQVWHUXQG+DUWULHJHOXQGDQGHUHQ6WUlX FKHUQGLHVLHQLFKWNDQQWHQ+LHUXQGGRUWVDKHQVLH*UXSSHQYRQKRKHQ 7DQQHQ7URW]LKUHU0GLJNHLWJLQJGHQ+REELWVGDV+HU]HLQZHQLJDXI GLH/XIWZDUIULVFKXQGGXIWHQGXQGHULQQHUWHVLHDQGDV+RFKODQGLPIHU QHQ1RUGYLHUWHO(VWDWJXWJOHLFKVDPHLQHQ$XIVFKXE]XKDEHQLQ HLQHP/DQG]XZDQGHUQGDVHUVWVHLWHLQSDDU-DKUHQXQWHUGHU+HUUVFKDIW 5HL$QJHON#KWWSFRODHERRN]IELGH
GHV'XQNOHQ*HELHWHUVVWDQGXQGQRFKQLFKWY|OOLJYHUNRPPHQZDU $EHUVLHYHUJDHQLKUH*HIDKUQLFKWXQGDXFKQLFKWGDV6FKZDU]H7RU GDVQRFKDOO]XQDKHZDUZHQQDXFKYHUERUJHQKLQWHUGHQGVWHUHQ +|KHQ6LHVDKHQVLFKQDFKHLQHP9HUVWHFNXPZRVLH6FKXW]IlQGHQYRU E|VHQ$XJHQVRODQJHGDV7DJHVOLFKWDQGDXHUWH 'HU7DJYHUJLQJXQEHKDJOLFK6LHODJHQWLHILQGHU+HLGHXQG]lKOWHQ GLHODQJVDPYHUJHKHQGHQ6WXQGHQDXVLQGHQHQVLFKZHQLJ]XYHUlQGHUQ VFKLHQGHQQLPPHUQRFKZDUHQVLHXQWHUGHQ6FKDWWHQGHV(SKHO'~DWK XQGGLH6RQQHZDUYHUVFKOHLHUW)URGRVFKOLHI]HLWZHLVHWLHIXQGIULHGOLFK HQWZHGHUYHUWUDXWHHU*ROOXPRGHUHUZDU ]XPGHXPVLFKVHLQHWZHJHQ ]XEHXQUXKLJHQ$EHU6DPYHUPRFKWHQLFKWPHKUDOV]XG|VHQVHOEVWDOV *ROOXPRIIHQVLFKWOLFKIHVWVFKOLHIXQGVLFKLQVHLQHQJHKHLPHQ7UlXPHQ KLQ XQGKHUZDUIXQG]XFNWH+XQJHUYLHOOHLFKWPHKUQRFKDOV0L WUDXHQKLHOW6DP ZDFKHUVHKQWHVLFKDOOPlKOLFKQDFKHLQHUJXWHQ0DKO ]HLWZLHGDKHLPªHWZDV+HLHPDXVGHP7RSI© 6REDOGGDV/DQGXQWHUGHUNRPPHQGHQ1DFKW]XHLQHPIRUPORVHQ*UDX YHUEODWHEUDFKHQVLHZLHGHUDXI1DFKHLQHUNOHLQHQ:HLOHIKUWH*RO OXPVLHKLQXQWHU ]XGHUVGOLFKHQ6WUDHXQGGDQDFKJLQJHQVLHUDVFKHU REZRKOGLH*HIDKUJU|HUZDU6LHVSLW]WHQGLH2KUHQQDFKGHP*HUlXVFK YRQ+XIHQRGHU)HQDXIGHU6WUDHYRULKQHQRGHUKLQWHULKQHQDEHU GLH1DFKWYHUJLQJXQGVLHK|UWHQZHGHU)XJlQJHUQRFK5HLWHU 'LH6WUDHZDULQHLQHUOlQJVWYHUJDQJHQHQ=HLWDQJHOHJWZRUGHQXQG DXIHLQHU6WUHFNHYRQHWZDGUHLLJ0HLOHQXQWHUKDOEGHV0RUDQQRQZDU VLHQHXHUOLFKDXVJHEHVVHUWZRUGHQGRFKZHLWHULP6GHQJULIIGLH:LOGQLV DXIVLHEHU'DV:HUNGHU0HQVFKHQYRQ HLQVWZDUQRFK]XVHKHQDQ LKUHUJHUDGHQVWHWLJHQ5LFKWXQJXQGLKUHPHEHQHQ9HUODXIGDQQXQG ZDQQVFKQLWWVLHLKUHQ:HJGXUFK%HUJKlQJHRGHUEHUVSUDQJHLQHQ%DFK DXIHLQHPEUHLWHQVFK|QJHIRUPWHQ%RJHQDXVGDXHUKDIWHP0DXHUZHUN DEHUVFKOLHOLFKYHUVFKZDQGHQDOOH6SXUHQYRQ6WHLQPHW]DUEHLWHQDE JHVHKHQYRQHLQHPJHEURFKHQHQ3IHLOHUKLHUXQGGRUWGHUQRFKDXV GHQ%VFKHQDQGHU6HLWHKHUDXVVFKDXWHRGHUDOWHQ3IODVWHUVWHLQHQGLH ]ZLVFKHQ8QNUDXWXQG0RRVYHUERUJHQZDUHQ+HLGHXQG%lXPHXQG $GOHUIDUQ NURFKHQKHUXQWHUXQGKLQJHQEHUGLH%|VFKXQJHQRGHUEUHLWH WHQVLFKDXIGHU6WUDHVHOEVWDXV=XOHW]WVDKVLHQXUQRFKZLHHLQZHQLJ EHQXW]WHUOlQGOLFKHU.DUUHQZHJDXVDEHUVLHVFKOlQJHOWHVLFKQLFKWVRQ GHUQEHKLHOWLKUHVWHWLJH5LFKWXQJEHLXQGEUDFKWHGLH:DQGHUHUDXIGHP VFKQHOOVWHQ:HJHYRUDQ 6RJHODQJWHQVLHLQGLHQ|UGOLFKHQ*HPDUNHQMHQHV/DQGHVGDVGLH 0HQVFKHQHLQVW,WKLOLHQQDQQWHQHLQOLHEOLFKHV/DQGPLWHPSRUNOLPPHQ GHQ:lOGHUQXQGUDVFKKHUDEVWU]HQGHQ%lFKHQ'LH1DFKWZXUGHVFK|Q XQWHUGHQ6WHUQHQXQGGHPUXQGHQ0RQGXQGHVVFKLHQGHQ+REELWVGD GHU'XIWGHU/XIW]XQDKPZlKUHQGVLHZHLWHUJLQJHQDXV*ROOXPV 6FKQDXIHQXQG0XUUHQZDU]XHQWQHKPHQGDDXFKHULKQEHPHUNWHXQG QLFKWVFKlW]WH%HLGHQHUVWHQ$Q]HLFKHQGHV7DJHVKLHOWHQVLHZLHGHUDQ 6LHZDUHQ]XP(QGHHLQHVODQJHQ'XUFKVWLFKVJHNRPPHQWLHIXQGVWHLO ZDQGLJLQGHU0LWWHGXUFKGHQVLFKGLH6WUDHLKUHQ:HJGXUFKHLQHQ VWHLQLJHQ.DPPEDKQWH-HW]WNOHWWHUWHQVLHGLHZHVWOLFKH%|VFKXQJKLQDXI XQGVFKDXWHQVLFKXP 'HU7DJEHJDQQDP+LPPHOXQGVLHVDKHQGDGHU$EVWDQGYRP*H ELUJHMHW]WYLHOJU|HUZDUHV]RJVLFKLQHLQHUODQJHQ.UPPXQJQDFK 2VWHQ]XUFNXQGYHUORUVLFKLQGHU)HUQH9RULKQHQILHOHQQDFK:HVWHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
VDQIWH+lQJHDEXQGOLHIHQWLHIXQWHQLQYHUVFKZRPPHQHQ'XQVWVFKOHLHUQ DXV5LQJVXPZDUHQNOHLQH:lOGHUYRQKDU]LJHQ%lXPHQ7DQQHQ XQG=HGHUQXQG=\SUHVVHQXQGDQGHUH$UWHQGLHLP$XHQODQGXQEH NDQQWZDUHQPLWEUHLWHQ/LFKWXQJHQ]ZLVFKHQLKQHQ8QGEHUDOOZDU HLQH)OOHYRQVGXIWHQGHQ.UlXWHUQXQG 6WUlXFKHUQ'LHODQJH:DQGH UXQJYRQ%UXFKWDOKDWWHVLHZHLWVGOLFKLKUHVHLJHQHQ/DQGHVJHIKUW DEHUHUVWMHW]WLQGLHVHUJHVFKW]WHUHQ*HJHQGHPSIDQGHQGLH+REELWVGD VLHLQHLQHPDQGHUHQ/DQGVWULFKZDUHQ+LHUZDUGHU)UKOLQJVFKRQDP :HUN*UQH 7ULHEHGXUFKVWLHHQ0RRVXQG/DXEGLH/lUFKHQZDUHQ JUQJHILQJHUWNOHLQH%OXPHQ|IIQHWHQVLFKLP*UDVGLH9|JHOVDQJHQ ,WKLOLHQGHUMHW]WYHUODVVHQH*DUWHQYRQ*RQGRUEHVDQRFKLPPHUHLQH ]HU]DXVWHIHHQKDIWH/LHEOLFKNHLW 1DFK6GHQXQG:HVWHQEOLFNWHHUDXIGLHZDUPHQXQWHUHQ7lOHUGHV $QGXLQZDUQDFK2VWHQDEJHVFKLUPWGXUFKGHQ(SKHO'~DWKXQGGHQ QRFKQLFKWLP%HUJVFKDWWHQJHJHQ1RUGHQJHVFKW]WGXUFKGHQ(P\Q 0XLOXQGGHQVGOLFKHQ/IWHQXQGIHXFKWHQ:LQGHQYRPIHUQHQ0HHU ]XJlQJOLFK9LHOHJURH%lXPHZXFKVHQGRUWYRUODQJHU=HLWJHSIODQ]W GRFKXQJHSIOHJWLP$OWHULQPLWWHQHLQHV*HZLUUVVRUJORVZXFKHUQGHU $EN|PPOLQJHXQG+DLQHXQGGLFKWH*HEVFKHJDEHVPLW7DPDULVNHQ XQGVFKDUIHQ7HUSHQWLQSLVWD]LHQPLW2OLYHQXQG/RUEHHUXQGHVJDE :DFKROGHUXQG0\UWHQXQG7K\PLDQGHULQ%VFKHQZXFKVRGHUPLW VHLQHQKRO]LJHQNULHFKHQGHQ7ULHEHQYHUERUJHQH6WHLQHPLWGXQNOHQ7HS SLFKHQEHU]RJ6DOEHLHQYLHOHU$UWHQWUXJHQEODXHRGHUURWHRGHUEOD JUQH%OWHQXQG0DMRUDQXQGIULVFKVSULHHQGH3HWHUVLOLHXQGYLHOH .UlXWHUGHUHQ)RUPHQXQG*HUFKH6DPV*DUWHQNXQGHEHUVWLHJHQ'LH *URWWHQXQG)HOVZlQGHZDUHQVFKRQEHVWHUQWPLW6WHLQEUHFKXQG0DXHU SIHIIHU6FKOVVHOEOXPHQXQG$QHPRQHQHUZDFKWHQLQGHQ+DVHOJHE VFKHQXQG1DU]LVVHQXQGYLHOH/LOLHQEOWHQQLFNWHQPLWLKUHQKDOEJH|II QHWHQ.|SIHQLP*UDVGXQNHOJUQHV*UDVZXFKVDQGHQ:HLKHUQNK OHQ0XOGHQLQGHQHQKHUDEVWU]HQGH%lFKHDXILKUHU:DQGHUXQJKLQDE ]XP$QGXLQYHUZHLOWHQ 'LH5HLVHQGHQNHKUWHQGHU6WUDHGHQ5FNHQXQGJLQJHQEHUJDE :lKUHQGVLHVLFKLKUHQ:HJGXUFK%XVFKXQG.UDXWEDKQWHQVWLHJHQ VH'IWHXPVLHDXI*ROOXPKXVWHWHXQGZUJWHDEHUGLH+REELWV DWPHWHQWLHIXQGSO|W]OLFKODFKWH6DPDXV+HU]HQVOXVWQLFKWZHJHQHLQHV 6FKHU]HV6LHIROJWHQHLQHP%DFKGHUKXUWLJYRULKQHQKLQDESOlWVFKHUWH 3O|W]OLFKEUDFKWHHUVLH]XHLQHPNOHLQHQNODUHQ6HHLQHLQHUIODFKHQ 0XOGHHUODJLQGHQYHUIDOOHQHQhEHUEOHLEVHOQHLQHVDOWHQVWHLQHUQHQ%HN NHQVGHVVHQJHPHLHOWHU5DQGIDVWJDQ]YRQ0RRVXQG5RVHQUDQNHQ EHUZXFKHUWZDU,ULV6FKZHUWHUVWDQGHQLQ5HLKHQKHUXPXQG6HHURVHQ EOlWWHUVFKZDPPHQDXIVHLQHUGXQNOHQVLFKVDQIWNUlXVHOQGHQ2EHUIOl FKHDEHUHUZDUWLHIXQGIULVFKXQGDPKLQWHUHQ(QGHOLHIHUEHUHLQH 6WHLQVFKZHOOHVDQIWEHU +LHUZXVFKHQVLHVLFKXQGWUDQNHQVLFKVDWWDQGHPKHUHLQVWU|PHQGHQ %DFK'DQQVXFKWHQVLHQDFKHLQHP5DVWSODW]XQG9HUVWHFNGHQQGLHVHV /DQGVRVFK|QHVLKQHQHUVFKLHQZDUMHW]WGHQQRFKIHLQGOLFKHV*HELHW 1RFKZDUHQVLHQLFKWVHKUZHLWYRQGHU6WUDHXQGVHOEVWDXIGLHVHUNXU ]HQ6WUHFNHKDWWHQVLHGLH1DUEHQDOWHU.ULHJHXQGGLHIULVFKHUHQ:XQGHQ JHVHKHQGLHYRQ2UNVXQGDQGHUHQDEVFKHXOLFKHQ'LHQHUQGHV'XQNOHQ +HUUVFKHUVJHVFKODJHQZRUGHQZDUHQHLQH*UXEHPLWXQEHGHFNWHP8QUDW XQG$EIDOOZLOONUOLFKDEJHKDFNWHXQG]XP6WHUEHQOLHJHQJHODVVHQH 5HL$QJHON#KWWSFRODHERRN]IELGH
%lXPHXQGE|VH5XQHQRGHUGDVJUDXVDPH=HLFKHQGHV$XJHVZDUHQPLW URKHQ$[WKLHEHQLQGLH5LQGHHLQJHVFKQLWWHQ 6DPNOHWWHUWHXQWHUKDOEGHV$EIOXVVHVGHV6HHVKHUXPEHURFKXQGEH IKOWHGLHLKPQLFKWYHUWUDXWHQ3IODQ]HQXQG%lXPHXQG IUHLQHQ $XJHQEOLFNYHUJDHU0RUGRUZXUGHLQGHVSO|W]OLFKZLHGHUDQGLHDOOJH JHQZlUWLJH*HIDKUHULQQHUW(UVWROSHUWHEHUHLQHQQRFKYRP)HXHUYHU VHQJWHQ.UHLVXQGLQVHLQHU0LWWHIDQGHUHLQHQ+DXIHQYHUNRKOWHUXQG ]HUWUPPHUWHU.QRFKHQXQG6FKlGHO'HUUDVFKH:XFKVGHU:LOGQLVPLW %URPEHHUHQXQG+HFNHQURVHQXQGNULHFKHQGHU:DOGUHEH]RJEHUHLWVHLQHQ 6FKOHLHUEHUGLHVH6WlWWHGHVHQWVHW]OLFKHQ6FKPDXVHQVXQG6FKODFKWHQV DEHUVLHZDUQLFKWDOW6DPHLOWH]XUFN]XVHLQHQ*HIlKUWHQVDJWHDEHU QLFKWVGLH.QRFKHQVROOWHQOLHEHULQ5XKHJHODVVHQXQGQLFKWYRQ*ROOXP EHIKOWXQGGXUFKVW|EHUWZHUGHQ ª/DWXQVREHQHLQHQ3ODW]VXFKHQZRZLUXQVKLQOHJHQN|QQHQ© VDJWHHUª1LFKWXQWHQ:HLWHUREHQZHQQ VQDFKPLUJHKW© (LQ6WFNFKHQREHUKDOEGHV6HHVIDQGHQVLHHLQWLHIHVEUDXQHV%HWWDXV YRUMlKULJHP)DUQ'DKLQWHUVWDQGHLQH*UXSSHGXQNHOEOlWWULJHU/RUEHHU ElXPHVLH]RJHQVLFKHLQHVWHLOH%|VFKXQJKLQDXIGLHREHQPLWDOWHQ =HGHUQEHVWDQGHQZDU+LHUEHVFKORVVHQVLH]XUDVWHQXQGGHQ7DJ]XYHU EULQJHQGHUVFKRQVRQQLJXQGZDUP]XZHUGHQYHUVSUDFK(LQVFK|QHU 7DJXPDXILKUHP:HJHQWODQJGHQ+DLQHQXQG/LFKWXQJHQYRQ,WKLOLHQ XPKHU]XVWUHLIHQDEHUZHQQ2UNVDXFKGDV6RQQHQOLFKWVFKHXHQP|JHQ VRJDEHVKLHUGRFK]XYLHOH3OlW]HZRVLHVLFKYHUVWHFNHQXQGDXIGHU /DXHUOLHJHQNRQQWHQXQGDQGHUHE|VH$XJHQZDUHQXQWHUZHJV6DXURQ KDWWHYLHOH'LHQHU*ROOXPMHGHQIDOOVZUGHVLFKXQWHUGHP*HOEHQ*H VLFKWQLFKWYRQGHU6WHOOHUKUHQ%DOGZUGHHVEHUGLHGXQNOHQ*UDWH GHV(SKHO'~DWKEOLFNHQ XQG*ROOXPZUGHVFKZDFKZHUGHQXQGVLFK YRU/LFKWXQG+LW]HGXFNHQ 6DPKDWWHZlKUHQGVLHPDUVFKLHUWHQHUQVWOLFKEHUGLH(PlKUXQJV IUDJHQDFKJHGDFKW-HW]WGDGLH9HU]ZHLIOXQJGHVXQGXUFKVFKUHLWEDUHQ 7RUVKLQWHULKPODJQHLJWHHUQLFKWVRZLHVHLQ+HUUGD]XNHLQHQ*HGDQ NHQGDUDXI]XYHUVFKZHQGHQZLHVLHLKU/HEHQIULVWHQVROOWHQZHQQLKU $XIWUDJHUVWHLQPDOHUIOOWZDUXQGMHGHQIDOOVHUVFKLHQHVLKPNOJHU GLH:HJ]HKUXQJGHU(OEHQIUNRPPHQGHVFKOHFKWH=HLWHQDXI]XVSDUHQ 6HFKV7DJHZDUHQYHUJDQJHQVHLWHUJHVFKlW]WKDWWHGDVLHQXUQRFK HLQHQNQDSSHQ9RUUDWIUGUHL:RFKHQKlWWHQª(UUHLFKHQZLUGDV)HXHU LQGLHVHU=HLWN|QQHQZLUXQWHUGLHVHQ8PVWlQGHQYRQ*OFNVDJHQ© GDFKWHHUª8QGYLHOOHLFKWZROOHQZLUDXFK]XUFNNRPPHQ9LHOOHLFKW© $XHUGHPZDUHUQDFKGHPODQJHQ1DFKWPDUVFKGHP%DGHQXQG 7ULQNHQQRFKKXQJULJHUDOVJHZ|KQOLFK(LQ$EHQGEURWRGHUHLQ)UK VWFNDP)HXHULQGHUDOWHQ.FKHDP%HXWHOKDOGHQZHJGDVZDUHVZDV HUHLJHQWOLFKZROOWH(LQ*HGDQNHNDPLKPXQGHUGUHKWH VLFK]X*ROOXP XP*ROOXPZDUJHUDGHLP%HJULIIVLFKDOOHLQGDYRQ]XVFKOHLFKHQXQG NURFKDXIDOOHQ9LHUHQGXUFKGHQ)DUQ ª+H*ROOXP©ULHI6DPª:RJHKVWGXKLQ"$XIGLH-DJG"+|U]X DOWHU6FKQIIOHUGXPDJVWXQVHU(VVHQQLFKWXQGDXFKLFKKlWWHQLFKWV JHJHQHLQH$EZHFKVOXQJ'HLQQHXHU:DKOVSUXFKLVWLPPHUKLOIVEHUHLW .|QQWHVWGXQLFKWIUHLQHQKXQJULJHQ+REELWHWZDV*HHLJQHWHVILQGHQ"© ª-DYLHOOHLFKW©VDJWH*ROOXPª6PpDJROKLOIWLPPHUZHQQVLHELWWHQ² ZHQQVLHQHWWELWWHQ© ª5LFKWLJ©VDJWH 6DPª,FKELWWH8QGZHQQGDVQLFKWQHWWJHQXJLVW 5HL$QJHON#KWWSFRODHERRN]IELGH
EHWWHOHLFK© *ROOXPYHUVFKZDQG(UZDUHLQLJH=HLWZHJXQGQDFKGHP)URGRHLQ SDDU%LVVHQOHPEDV JHJHVVHQKDWWHOHJWHHUVLFKWLHILQGHQEUDXQHQ)DUQ XQGVFKOLHIHLQ6DPVFKDXWHLKQDQ'DVIUKH0RUJHQOLFKWNURFKJHUDGH HUVWKHUDELQGLH6FKDWWHQXQWHUGHQ%lXPHQDEHUHUVDKGDV*HVLFKWVHL QHV+HUUQVHKUGHXWOLFKXQGDXFKVHLQH+lQGHGLHHQWVSDQQWQHEHQLKP DXIGHP%RGHQODJHQ'DVHULQQHUWHLKQSO|W]OLFKGDUDQZLH)URGRGDJH OHJHQKDWWHDOVHULQ(OURQGV+DXVVFKOLHIQDFKVHLQHUW|GOLFKHQ9HUZXQ GXQJ'DPDOVKDWWH6DPDOVHU:DFKHKLHOWEHPHUNWGD]X=HLWHQHLQ /LFKWVFKZDFKLQLKP]XVFKLPPHUQVFKLHQDEHUMHW]WZDUGDV/LFKWVRJDU QRFKGHXWOLFKHUXQGVWlUNHU)URGRV*HVLFKWZDUIULHGYROOGLH6SXUHQYRQ $QJVWXQG6RUJHZDUHQYHUVFKZXQGHQDEHUHVVDKDOWDXVDOWXQG VFK|QDOVREVLFKGLH-DKUHGHU5HLIHGLHVLFKLQYLHOHQIHLQHQ/LQLHQDXV SUlJHQXQGYRUKHUYHUERUJHQZDUHQMHW]WHQWKOOWHQREZRKOGDV*HVLFKW GDVVHOEHJHEOLHEHQZDU1LFKWGD6DP*DPGVFKLHHVVLFKVHOEVWJHJHQ EHUVRDXVGUFNWH(UVFKWWHOWHGHQ.RSIDOVREHU:RUWHVLQQORVIlQGH XQGPXUPHOWHª,FKOLHEHLKQ6RLVWHUXQGPDQFKPDOVFKLPPHUWHV LUJHQGZLHGXUFK$EHULFKOLHEHLKQREHUQXQVRLVWRGHUQLFKW© *ROOXPNDPOHLVH]XUFNXQGVFKDXWH6DPEHUGLH6FKXOWHU$OVHU )URGRVDKVFKORHUGLH$XJHQXQGNURFKRKQHHLQHQ/DXWYRQVLFK]X JHEHQ]XUFN6DPNDPHLQHQ$XJHQEOLFNVSlWHU]XLKPXQGIDQGLKQ NDXHQGXQGYRUVLFKKLQPXUPHOQG$XIGHP%RGHQQHEHQLKPODJHQ ]ZHLNOHLQH.DQLQFKHQGLHHUJLHULJ]XEHlXJHQEHJDQQ ª6PpDJROKLOIWLPPHU©VDJWHHUª(UKDW.DQLQFKHQJHEUDFKWQHWWH .DQLQFKHQ$EHUGHU+HUUVFKOlIWXQGYLHOOHLFKWZLOO6DPDXFKVFKODIHQ :LOOHUMHW]WNHLQH.DQLQFKHQ"6PpDJROYHUVXFKW]XKHOIHQDEHUHUNDQQ QLFKWLP+DQGXPGUHKHQ9LHFKHUIDQJHQ© 6DPKDWWHLQGHVQLFKWGDV*HULQJVWHJHJHQ.DQLQFKHQXQGVDJWHHV=X PLQGHVWQLFKWJHJHQJHNRFKWH.DQLQFKHQ$OOH+REELWVN|QQHQQDWUOLFK NRFKHQGHQQGLHVH.XQVWEHJLQQHQVLHVFKRQYRUGHP/HVHQXQG6FKUHL EHQ]XOHUQHQZDVPDQFKHQLHHUUHLFKHQ DEHU6DPZDUHLQJXWHU.RFK VHOEVWQDFK+REELW0DVWlEHQXQGDXILKUHQ:DQGHUXQJHQKDWWHHUHLQ JUR7HLOGHU/DJHUNRFKHUHLHUOHGLJWZHQQGD]X*HOHJHQKHLWZDU+RII QXQJVYROOVFKOHSSWHHULPPHU QRFKHWZDVYRQVHLQHU$XVUVWXQJPLW HLQHNOHLQH=XQGHUEFKVH]ZHLNOHLQHIODFKH.RFKW|SIHYRQGHQHQGHU NOHLQHUHLQGHQJU|HUHQSDWHGULQQHQODJHQHLQ+RO]O|IIHOHLQHNXU]H ]ZHL]LQNLJH*DEHOXQGHLQSDDU)OHLVFKVSLHHXQGJDQ]]XXQWHUVWLP 5XFNVDFNZDULQHLQHUIODFKHQ+RO]VFKDFKWHOHLQGDKLQVFKZLQGHQGHU 6FKDW]YHUVWHFNWHWZDV6DO]$EHUHUEUDXFKWH)HXHUXQGQRFKHLQLJHV GD]X (UGDFKWHHLQELFKHQQDFKZlKUHQGHUVHLQ0HVVHUKHUDXVKROWHHV VDXEHUPDFKWHXQGZHW]WHXQGGLH.DQLQFKHQYRU]XEHUHLWHQEHJDQQ(U ZROOWHGHQVFKODIHQGHQ)URGRDXFKQLFKWHLQSDDU0LQXWHQDOOHLQODVVHQ ª+|UH*ROOXP©VDJWHHUªLFKKDEHQRFKHLQHQ$XIWUDJIUGLFK*HK XQGIOOHGLHVH7|SIHPLW:DVVHUXQGEULQJVLHPLU]XUFN© ª6PpDJROZLUG:DVVHUKROHQMD©VDJWH*ROOXPª$EHUZRIUZLOOGHU +REELWVRYLHO:DVVHUKDEHQ"(UKDWJHWUXQNHQHUKDWVLFKJHZDVFKHQ© ª=HUEULFKGLUQLFKWGHQ.RSI©VDJWH6DPª:HQQGXHVQLFKWHUUDWHQ NDQQVWZLUVWGXHVEDOGKHUDXVILQGHQ8QGMHVFKQHOOHUGXGDV:DVVHU KROVWXPVRVFKQHOOHUZLUVWGXHVHUIDKUHQ%HVFKlGLJHPHLQH7|SIHQLFKW VRQVWPDFKLFK+DFNIOHLVFKDXVGLU© 5HL$QJHON#KWWSFRODHERRN]IELGH
$OV*ROOXPIRUWZDUEHWUDFKWHWH6DP)URGRQRFKHLQPDO(UVFKOLHI LPPHUQRFKUXKLJDEHU6DPZDUMHW]WYRUDOOHPEHWURIIHQYRQGHU0DJHU NHLWVHLQHV*HVLFKWVXQGVHLQHU+lQGHª=XGQQXQGDEJH]HKUWLVWHU© PXUPHOWHHUª'DVLVWQLFKWULFKWLJIUHLQHQ+REELW:HQQLFKHVVFKDIIH GLHVH.DUQLFNHO]XNRFKHQGDQQZHUGHLFKLKQZHFNHQ© 6DPVXFKWHVLFKHWZDVYRQGHPWURFNHQVWHQ)DUQ]XVDPPHQGDQQNOHW WHUWHHUGLH%|VFKXQJKLQDXIXQGVDPPHOWHHLQ%QGHO=ZHLJHXQGDEJH EURFKHQHV+RO]GHUKHUXQWHUJHIDOOHQH$VWHLQHU=HGHUZHLWHUREHQOLH IHUWHLKPHLQHDQVHKQOLFKH0HQJH(UVWDFKHLQSDDU5DVHQVRGHQDP)X GHU%|VFKXQJJOHLFKQHEHQGHP)DUUHQGLFNLFKWDXVPDFKWHHLQIODFKHV /RFKXQGOHJWHVHLQ%UHQQKRO]KLQHLQ'DHUJHVFKLFNWZDUPLW)HXHUVWHLQ XQG=XQGHUKDWWHHUEDOGHLQNOHLQHV)HXHULQ*DQJ(VPDFKWHZHQLJ RGHUJDUNHLQHQ5DXFKGXIWHWHDEHUZU]LJ(UEFNWHVLFKJHUDGHEHU VHLQ)HXHUVFKLUPWHHVDEXQGOHJWHGLFNHUHV+RO]QDFKDOV*ROOXP]X UFNNDPHUWUXJGLH7|SIHYRUVLFKWLJXQGEUXPPWHYRUVLFKKLQ (UVHW]WHGLH7|SIHDEXQGGDQQSO|W]OLFKVDKHUZDV6DPWDW(UJDE HLQHQGQQHQ]LVFKHQGHQ6FKUHLYRQVLFKXQGVFKLHQVRZRKOHUVFKUHFNW DOVDXFK lUJHUOLFK]XVHLQª$FK6VV² QHLQ©ULHIHUª1HLQ$OEHUQH +REELWVW|ULFKWMDW|ULFKW'DVGUIHQVLHQLFKWWXQ© ª:DVGUIHQVLHQLFKWWXQ"©IUDJWH6DPEHUUDVFKW ª1LFKWGLHJDUVWLJHQURWHQ=XQJHQPDFKHQ©]LVFKWH*ROOXPª)HXHU )HXHU'DVLVWJHIlKUOLFKMDGDVLVWHV(VEUHQQWHVW|WHW8QGHVZLUG )HLQGHDQORFNHQMDGDVZLUGHV© ª'DVJODXEHLFKQLFKW©VDJWH6DPª,FKVHKHQLFKWHLQZDUXPHVGDV VROOWHZHQQPDQNHLQQDVVHV=HXJGUDXIZLUIWXQGGLFNHQ4XDOPPDFKW $EHUZHQQHVTXDOPWGDQQTXDOPWHVHEHQ'DUDXIZLOOLFK VDQNRPPHQ ODVVHQ,FKZLOOGLHVH.DUQLFNHONRFKHQ© ª.DQLQFKHQNRFKHQ©]HWHUWH*ROOXPHQWVHW]Wª'DVVFK|QH)OHLVFKYHU GHUEHQGDV6PpDJROIUGLFKDXIJHVSDUWKDWGHUDUPHKXQJULJH6PHD JRO:R]X":R]XDOEHUQHU+REELW"6LHVLQGMXQJVLHVLQG]DUWVLHVLQGQHWW ,VLHLVLH©(UJULIIQDFKGHPQlFKVWJHOHJHQHQ.DQLQFKHQGDVVFKRQDE JH]RJHQZDU ª1XQQXQ©VDJWH6DPª-HGHUDXIVHLQH:HLVH8QVHU%URWZUJWGLFK XQGPLFKZUJWURKHV.DUQLFNHO:HQQGXPLUHLQ.DUQLFNHOVFKHQNVW GDQQLVWGDV.DUQLFNHOPHLQVYHUVWHKVWGXXQGLFKNDQQ VNRFKHQZHQQ LFK/XVWGD]XKDEH8QGGDVKDEHLFK'XEUDXFKVWPLUQLFKW]X]XVHKHQ *HKXQGIDQJQRFKHLQVXQGLHVZLHGXHVPDJVW² LUJHQGZRIUGLFK DXHU6LFKW'DQQZLUVWGXGDV)HXHUQLFKWVHKHQXQGLFKZHUGHGLFK QLFKWVHKHQXQGZLUEHLGHZHUGHQJOFNOLFKHUVHLQ,FKZHUGHGDIUVRU JHQGDGDV)HXHUQLFKWUDXFKWZHQQGDVHLQ7URVWIUGLFKLVW© *ROOXP]RJVLFKPXUUHQG]XUFNXQGNURFKLQGHQ)DP6DPEHVFKlI WLJWHVLFKPLWVHLQHQ7|SIHQª:DVHLQ+REELW]X.DUQLFNHOQEUDXFKW© VDJWHHU]XVLFKªVLQG.UlXWHUXQG:XU]HOQEHVRQGHUV7IWHQ² JDQ]]X VFKZHLJHQYRQ%URW.UlXWHUGDVOlWVLFKRIIHQEDUHLQULFKWHQ© ª*ROOXP©ULHIHUOHLVHª$OOHUJXWHQ'LQJHVLQGGUHL,FKEUDXFKHHLQ SDDU.UlXWHU©*ROOXPVWUHFNWHGHQ.RSIDXVGHP)DUQDEHUVHLQ$XV GUXFNZDUZHGHUKLOIUHLFKQRFKIUHXQGOLFKª(LQSDDU/RUEHHUEOlWWHU HWZDV7K\PLDQXQG6DOEHLGDVUHLFKW² HKHGDV:DVVHUNRFKW©VDJWH 6DP ª1HLQ©VDJWH*ROOXPª6PpDJROLVWQLFKWHUIUHXW8QG6PpDJROPDJ ULHFKHQGH%OlWWHUQLFKW(ULWNHLQ*UDVRGHU:XU]HOQQHLQ6FKDW]QLFKW 5HL$QJHON#KWWSFRODHERRN]IELGH
HKHHUYHUKXQJHUWRGHUVHKUNUDQNLVWDUPHU6PpDJRO© ª6PpDJROZLUGLQ7HXIHOV.FKHNRPPHQZHQQGLHVHV:DVVHUNRFKW XQGHUQLFKWWXWZRUXPHUJHEHWHQZLUG©EUXPPWH6DPª6DPZLUGVHL QHQ.RSIKLQHLQVWHFNHQMD6FKDW]8QGLFKZUGHLKQDXFKQDFK5EHQ XQG0RKUHQXQG7IWHQVXFKHQODVVHQZHQQGLH-DKUHV]HLWGDQDFKZlUH ,FKZHWWHHVJLEWDOOHP|JOLFKHQJXWHQ'LQJHGLHLQGLHVHP/DQGZLOG ZDFKVHQ)UHLQKDOEHV'XW]HQG7IWHQZUGHLFKYLHOJHEHQ© ª6PpDJROZLUGQLFKWJHKHQRQHLQ6FKDW]GLHVPDOQLFKW©]LVFKWH*RO OXPª(UKDW$QJVWXQGLVWVHKUPGHXQGGLHVHU+REELWLVWQLFKWQHWW JDQ]XQGJDUQLFKWQHWW6PpDJROZLOOQLFKWQDFK:XU]HOQXQG0RKUHQ JUDEHQXQG² 7IWHQ:DVVLQG7IWHQ6FKDW]ZLHZDVVLQG7IWHQ"© ª.DUWRIIHOQ©VDJWH6DPª'LHJDQ]H:RQQHGHV2KPXQGHLQHVHO WHQJXWH8QWHUODJHIUHLQHQOHHUHQ0DJHQ'XZLUVWNHLQHILQGHQDOVR EUDXFKVWGXDXFKQLFKWGDQDFK]XVXFKHQ$EHUVHLHLQOLHEHU6PpDJRO XQGKROHPLUGLH.UlXWHUGDQQZHUGHLFKHLQHEHVVHUH0HLQXQJYRQGLU KDEHQ8QGEHUGLHVZHQQGXGLFKEHVVHUVWXQGDXFKJXWEOHLEVWZHUGH LFKGLUGHPQlFKVWPDO7IWHQNRFKHQ'DVZHUGHLFKJHEDFNHQHQ)LVFK XQG %UDWNDUWRIIHOQDQJHULFKWHWYRQ6*DPGVFKLH'DN|QQWHVWGXQLFKW QHLQVDJHQ© ª'RFKGRFKZLUN|QQWHQ1HWWHQ)LVFKYHUGHUEHQLKQYHUEUHQQHQ*LE PLUMHW]W )LVFKXQGEHKDOWHGHLQHJDUVWLJHQ%UDWNDUWRIIHOQ© ª'XELVWHLQKRIIQXQJVORVHU)DOO©VDJWH6DPª*HKVFKODIHQ© =XJXWHU/HW]WPXWHHUVLFKVHOEVWVXFKHQZDVHUKDEHQZROOWHDEHU HUEUDXFKWHQLFKWZHLW]XJHKHQXQGNRQQWHGLH6WHOOHZRVHLQ+HUUODJ LP$XJHEHKDOWHQ(LQH:HLOHVD6DPQDFKGHQNOLFKGDXQGXQWHUKLHOW GDV)HXHUELVGDV:DVVHUKHLZDU'DV7DJHVOLFKWQDKP]XXQGGLH/XIW ZXUGHZDQQGHU7DXYHUVFKZDQGYRQ*UDVXQG%ODWW%DOGODJHQGLH .DQLQFKHQLQ6WFNHJHVFKQLWWHQPLWGHQ]XVDPPHQJHEXQGHQHQ.UDX WHUQLQGHQ7|SIHQXQGNRFKWHQ)DVWZlUH6DPGDEHLHLQJHVFKODIHQ(U OLHVLHIDVWHLQH6WXQGHEUXW]HOQSUIWHVLHDEXQG]XPLWGHU*DEHOXQG NRVWHWHGLH%UKH $OVHUJODXEWHGDDOOHVIHUWLJVHLQDKPHUGLH7|SIHYRP)HXHUXQG NURFK]X)URGR)URGR|IIQHWHGLH$XJHQKDOEDOV6DPEHLLKPVWDQG XQGGDQQZDFKWHHUDXVVHLQHP7UDXPDXIHLQZHLWHUHUIUHXQGOLFKHU QLFKWZLHGHUEHOHEEDUHU7UDXPGHV)ULHGHQV ª1DQX6DP©VDJWHHUª'XUXKVWQLFKW",VWLUJHQGZDVQLFKWLQ2UG QXQJ":LHVSlWLVWHV"© ª(LQSDDU6WXQGHQQDFK7DJHVDQEUXFK©VDJWH6DPªXQGQDKHDQKDOE QHXQQDFKGHU$XHQODQG8KUYLHOOHLFKW$EHUHVLVWVRZHLWDOOHVLQ2UG QXQJ2EZRKOHVQLFKWJDQ]GDVLVWZDVLFKULFKWLJQHQQHQZUGHNHLQH 6XSSHQZU]HNHLQH=ZLHEHOQNHLQH7IWHQ,FKKDEHHLQELFKHQ)OHLVFK IUGLFKXQGHWZDV%UKH+HUU)URGR:LUGGLUJXWWXQ'XPXWVLHDXV GHLQHP%HFKHUWULQNHQRGHUJOHLFKDXVGHP7RSIZHQQVLHHLQELFKHQ DEJHNKOWLVW,FKKDEHNHLQH6FKVVHOQPLWJHEUDFKWXQGEHUKDXSWQLFKWV 5LFKWLJHV© )URGRJlKQWHXQGVWUHFNWHVLFKª'XKlWWHVWGLFKDXVUXKHQVROOHQ 6DP©VDJWHHUª8QGHLQ)HXHUDQ]QGHQZDUJHIlKUOLFKLQGLHVHU*H JHQG$EHULFKELQZLUNOLFKKXQJULJ+P.DQQLFKHVYRQKLHUDXVULH FKHQ":DVKDVWGXJHNRFKW"© ª(LQ*HVFKHQNYRQ6PpDJRO©VDJWH6DPª(LQSDDUMXQJH.DUQLFNHO 2EZRKOLFKPLUYRUVWHOOHGDVLH*ROOXPMHW]WOHLGWXQ$EHUHVJLEW 5HL$QJHON#KWWSFRODHERRN]IELGH
QLFKWVGD]XDXHUHLQSDDU.UlXWHUQ© 6DPXQGVHLQ+HUUVHW]WHQVLFKLQGHQ)DUQDHQLKUHQ.DQLQFKHQSIHI IHUJOHLFKDXVGHQ7|SIHQXQGWHLOWHQVLFKLQGLHDOWH*DEHOXQGGHQ/|I IHO6LHJ|QQWHQVLFKGD]XMHGHUHLQKDOEHV 6WFNYRQGHUHOELVFKHQ:HJ ]HKUXQJ(VNDPLKQHQZLHHLQ)HVWPDKOYRU ª+H*ROOXP©ULHI6DPXQGSILIIOHLVHª.RPPKHU1RFKLVW=HLWGLFK DQGHUV]XEHVLQQHQ(VLVWQRFKHWZDVEULJZHQQGXGRFKQRFKJHNRFK WHV.DUQLFNHOYHUVXFKHQZLOOVW©(VNDPNHLQH$QWZRUW ª1DVFK|QHUZLUGZRKOZHJJHJDQJHQVHLQXPVLFKDXFKHWZDV]X VXFKHQ:LUZHUGHQ VDXIHVVHQ©VDJWH6DP ª8QGGDQQPXWGXHWZDVVFKODIHQ©VDJWH)URGR ª$EHUQLFNHGXQLFKWHLQZHQQLFKGLH$XJHQ]XPDFKH+HUU)URGR,FK ELQQLFKWDOO]XVLFKHUZDVLKQEHWULIIW'DLVWHLQHJDQ]H0HQJHYRQ6WLQ NHU² GHPE|VHQ*ROOXPZHQQGXPLFKYHUVWHKVW² LQLKPXQGGDVZLUG VWlUNHU2EZRKOLFKJODXEHGDHUMHW]W]XHUVWYHUVXFKHQZUGHPLFK]X HUZUJHQ:LUVLQGXQVQLFKWJDQ]HLQLJXQGHULVWQLFKW]XIULHGHQPLW 6DPRQHLQ6FKDW]JDQ]XQGJDUQLFKW]XIULHGHQ© 6LHDHQDXIXQG6DPJLQJ]XP%DFKXPVHLQ*HVFKLUU]XVSOHQ$OV HUDXIVWDQGXP]XUFN]XJHKHQVFKDXWHHUGHQ$EKDQJKLQDXI,QGLH VHP$XJHQEOLFNVDKHUGLH6RQQHDXIWDXFKHQDXVGHP4XDOPRGHU'XQVW RGHUGXQNOHQ6FKDWWHQRGHUZDVLPPHUHVZDUZDVLP2VWHQKLQJXQG VLHVFKLFNWHLKUHJROGHQHQ6WUDKOHQKLQDEDXIGLH%lXPHXQG/LFKWXQJHQ ULQJVXP'DQQEHPHUNWHHUHLQGQQHV*HULQJHOYRQEODXJUDXHP5DXFK GHXWOLFK]XVHKHQLP6RQQHQOLFKWGHUDXVGHP'LFNLFKWYRULKPDXIVWLHJ (VWUDILKQZLHHLQ6FKODJGDGLHVGHU5DXFKYRQVHLQHPNOHLQHQ.RFK IHXHUZDUGDVHU]XO|VFKHQYHUVlXPWKDWWH ª'DVJHKWQLFKW1LHKlWWHLFKJHGDFKWGDPDQHVVRVLHKW©PXUPHOWH HUXQGVFKLFNWHVLFKDQ]XUFN]XHLOHQ3O|W]OLFKEOLHEHUVWHKHQXQG ODXVFKWH+DWWHHUHLQHQ3ILIIJHK|UWRGHUQLFKW"2GHUZDUHVGHU5XI HLQHVIUHPGHQ9RJHOV":HQQHVHLQ3ILIIZDUGDQQZDUHUQLFKWDXV)UR GRV5LFKWXQJJHNRPPHQ-HW]WSILIIHVZLHGHUYRQHLQHUDQGHUHQ6WHOOH 6DPEHJDQQVRVFKQHOOEHUJDXI]XUHQQHQZLHHUQXUNRQQWH (UVWHOOWHIHVWGDHLQ.LHQGHUDPlXHUHQ(QGHQRFKJHEUDQQWKDWWH HWZDV)DUQDP5DQGHGHV)HXHUVHQW]QGHWKDWWHXQGGHUDXIIODPPHQGH )DUQKDWWHGLH*UDVVRGHQ]XP6FKZHOHQJHEUDFKW+DVWLJWUDWHUGLH5HVWH GHV)HXHUVDXVYHUVWUHXWHGLH$VFKHXQGOHJWHGLH*UDVVRGHQEHUGDV /RFK'DQQNURFKHU]X)URGR]XUFN ª+DVWGXHLQHQ3ILIIJHK|UWXQGHWZDVGDVZLHHLQH$QWZRUWNODQJ"© IUDJWHHUª9RUHLQSDDU0LQXWHQ,FKKRIIHHVZDUQXUHLQ 9RJHODEHUHV NODQJHLJHQWOLFKQLFKWVRHKHUZLHMHPDQGGHUHLQHQ9RJHOUXIQDFK PDFKWIDQGLFK8QGLFKIUFKWHPHLQELFKHQ)HXHUKDWJHUDXFKW:HQQ LFKMHW]W8QKHLODQJHULFKWHWKDEHZHUGHLFKHVPLUQLHYHU]HLKHQ8QG YLHOOHLFKWDXFKNHLQH*HOHJHQKHLWPHKUGD]XKDEHQ ª3VW©IOVWHUWH)URGRª,FKJODXEHLFKKDEH6WLPPHQJHK|UW© 'LHEHLGHQ+REELWVSDFNWHQLKUH5XFNVlFNHVFKQDOOWHQVLHXPEHUHLW ]XU)OXFKWXQGNURFKHQWLHIHULQGHQ)DUQ'RUWKRFNWHQVLHVLFKKLQXQG ODXVFKWHQ (VZDUHQXQ]ZHLIHOKDIW6WLPPHQ6LHVSUDFKHQOHLVHXQGYHUVWRKOHQ DEHUVLHZDUHQQDKXQGNDPHQLPPHUQlKHU'DQQVSUDFKSO|W]OLFKHLQH 6WLPPHJDQ]GLFKW ª+LHU+LHULVWHVZRGHU5DXFKKHUJHNRPPHQLVW©VDJWHVLHª(VZLUG 5HL$QJHON#KWWSFRODHERRN]IELGH
JDQ]QDKVHLQ,P)DUQ]ZHLIHOORV:LUZHUGHQ VJOHLFKKDEHQZLHHLQ .DUQLFNHOLQGHU)DOOH'DQQZHUGHQZLUVHKHQZDVIUHLQ:HVHQHVLVW© ª)UHLOLFKXQGZDVHVZHL©VDJWHHLQH]ZHLWH6WLPPH $XIHLQPDONDPHQYLHU0HQVFKHQDXVYHUVFKLHGHQHQ5LFKWXQJHQGXUFK GHQ)DUQJHVWDSIW'D)OXFKWXQG9HUVWHFNHQQLFKWOlQJHUP|JOLFKZDU VSUDQJHQ)URGRXQG6DPDXIGLH)HVWHOOWHQVLFK5FNHQDQ5FNHQ XQG]RJHQLKUHNOHLQHQ6FKZHUWHU :HQQVLHHUVWDXQWZDUHQEHUGDVZDVVLHVDKHQGDQQZDUHQLKUH +lVFKHUQRFKHUVWDXQWHU9LHUKRFKJHZDFKVHQH0HQVFKHQVWDQGHQGD =ZHLKDWWHQ6SHHUHLQGHQ+lQGHQPLWEUHLWHQJOlQ]HQGHQ6SLW]HQ =ZHLKDWWHQJURH%RJHQIDVWPDQQVKRFKXQGJURH.|FKHUPLWODQJHQ JUQJHILHGHUWHQ3IHLOHQ$OOHKDWWHQ6FKZHUWHUDQGHU6HLWHXQGZDUHQLQ *UQXQG%UDXQYRQYHUVFKLHGHQHU7|QXQJJHNOHLGHWDOVREGDVJQVWL JHUVHLXPXQJHVHKHQLQGHQ/LFKWXQJHQYRQ,WKLOLHQ]XZDQGHUQ*UQH 6WXOSHQKDQGVFKXKHEHGHFNWHQLKUH+lQGHXQGLKUH*HVLFKWHUZDUHQYHU KOOWGXUFK.DSX]HQXQGJUQH0DVNHQPLW$XVQDKPHGHU$XJHQGLH VHKUVFKDUIXQG VWUDKOHQGZDUHQ6RIRUWGDFKWH)URGRDQ%RURPLUGHQQLQ LKUHP:XFKVLKUHU+DOWXQJXQG5HGHZHLVHZDUHQGLHVH0HQVFKHQLKP lKQOLFK ª:LUKDEHQQLFKWJHIXQGHQZDVZLUVXFKWHQ©VDJWHHLQHUª$EHUZDV KDEHQZLUHLJHQWOLFKJHIXQGHQ"© ª.HLQH2UNV©VDJWHHLQ DQGHUHUXQGOLHGDV+HIWVHLQHV6FKZHUWHVORV GDVHUJHSDFNWKDWWHDOVHU6WLFKLQ)URGRV+DQGEOLQNHQVDK ª(OEHQ"©VDJWHHLQGULWWHU]ZHLIHOQG ª1HLQNHLQH(OEHQ©VDJWHGHUYLHUWHGHUJU|WHYRQLKQHQXQGZLHHV VFKLHQLKU$QIKUHUª(OEHQZDQGHUQKHXW]XWDJHQLFKWLQ,WKLOLHQ8QG (OEHQVLQGZXQGHUVFK|QDQ]XVHKHQRGHUVRKHLWHVMHGHQIDOOV© ª:RPLW,KUPHLQWGDZLUQLFKWVFK|QVLQGZHQQLFK(XFKULFKWLJYHU VWHKH©VDJWH6DPª9LHOHQ'DQN8QGZHQQ,KUIHUWLJVHLGEHUXQV]X UHGHQGDQQVDJW,KUXQVYLHOOHLFKWZHU,KU VHLGXQGZDUXP,KU]ZHL PGH:DQGHUHUQLFKWUXKHQODVVHQN|QQW© 'HUJURH0DQQODFKWHJULPPLJª,FKELQ)DUDPLU+HHUPHLVWHUYRQ *RQGRU©VDJWHHUª$EHUHVJLEWNHLQH:DQGHUHULQGLHVHP/DQGQXUGLH 'LHQHUGHV'XQNOHQ7XUPVRGHUGHV:HLHQ© ª$EHUZLUVLQGZHGHUGDVHLQHQRFKGDVDQGHUH©VDJWH)URGRª8QG :DQGHUHUVLQGZLUZDVLPPHU+HHUPHLVWHU)DUDPLUDXFKVDJHQPDJ© ª'DQQHLOW(XFK(XFKXQG(XUHQ$XIWUDJ]XHUNOlUHQ©VDJWH)DUDPLU ª:LUKDEHQHLQ:HUN]XYROOEULQJHQXQGGLHVLVWZHGHUGLHULFKWLJH=HLW QRFKGHUULFKWLJH2UW]XP5lWVHOUDWHQRGHUXP9HUKDQGOXQJHQ]XIKUHQ 1XQORV:RLVWGHU'ULWWHYRQ(XUHU*UXSSH"© ª'HU'ULWWH"© ª-DGHUVFKOHLFKHQGH.HUOGHQZLUGDXQWHQVHLQH1DVHLQGHQ7HLFK VWHFNHQVDKHQ(UVLHKWKlOLFKDXV,UJHQGHLQHDOV6SlKHUJH]FKWHWH2UN JDWWXQJQHKPHLFKDQRGHUHLQ+DQGODQJHUYRQLKQHQ$EHUHULVWXQV HQWNRPPHQGXUFKLUJHQGHLQH$UJOLVW© ª,FKZHLQLFKWZRHULVW©VDJWH)URGRª(ULVWQXUHLQ=XIDOOVJH IlKUWHGHQZLUXQWHUZHJVJHWURIIHQKDEHQXQGLFKELQQLFKWIULKQYHU DQWZRUWOLFK:HQQ,KULKQILQGHWYHUVFKRQWLKQ%ULQJWLKQKHURGHU VFKLFNWLKQ]XXQV(ULVWQXUHLQHOHQGHU/DQGVWUHLFKHUXQGLFKKDEHLKQ HLQH:HLOHXQWHUPHLQH2EKXWJHQRPPHQ$EHUZDVXQVEHWULIIWVRVLQG ZLU+REELWVDXVGHP$XHQODQGGDVIHUQLP1RUGHQXQG:HVWHQKLQWHU 5HL$QJHON#KWWSFRODHERRN]IELGH
YLHOHQ)OVVHQOLHJW)URGR'URJRV6RKQLVWPHLQ1DPHXQGPLWPLULVW 6DPZHLV+DPIDVWV6RKQHLQHKUHQZHUWHU+REELWLQPHLQHQ'LHQVWHQ :LUKDEHQZHLWH:HJH]XUFNJHOHJWGHQQZLUVLQGDXV%UXFKWDOJHNRP PHQRGHU,PODGULVZLHPDQFKHHVQHQQHQ©+LHUVWXW]WH)DUDPLUXQG ODXVFKWHDXIPHUNVDPª6LHEHQ*HIlKUWHQKDWWHQZLU(LQHQYHUORUHQZLU LQ0RULDGLHDQGHUHQYHUOLHHQZLUEHL3DUWK*DOHQREHUKDOEYRQ5DXURV ]ZHL9HUZDQGWHYRQPLUDXFKHLQ=ZHUJZDUGDEHLXQGHLQ(OEXQG ]ZHL0HQVFKHQ(VZDUHQ$UDJRUQXQG%RURPLUGHUVDJWHHUVHLDXV 0LQDV7LULWKJHNRPPHQHLQHU6WDGWLP6GHQ© ª%RURPLU©ULHIHQGLHYLHU0HQVFKHQZLHDXVHLQHP0XQGH ª%RURPLUGHU6RKQGHV+HUUQ'HQHWKRU"©IUDJWH)DUDPLUXQGVHLQ*H VLFKWQDKPHLQHQVHOWVDPVWUHQJHQ$XVGUXFNDQª,KUNDPWPLWLKP"'DV LVWIUZDKUHLQH1HXLJNHLWZHQQVLH]XWULIIW:LVVHW,KUNOHLQHQ)UHP GHQGD%RURPLU'HQHWKRUV6RKQGHU+RKH9HUZHVHUGHV:HLHQ 7XUPVZDUXQGXQVHU2EHU+HHUPHLVWHUVFKPHU]OLFKYHUPLVVHQZLULKQ :HUVHLG,KUGHQQXQGZDVKDWWHW,KUPLWLKP]XVFKDIIHQ"$QWZRUWHW UDVFKGHQQGLH6RQQHVWHLJWVFKRQ© ª6LQG(XFKGLHUlWVHOKDIWHQ:RUWHEHNDQQWGLH%RURPLUQDFK%UXFKWDO EUDFKWH"©HUZLGHUWH)URGR 'DVJHERUVWHQH6FKZHUWVROOWLKUVXFKHQ 1DFK,PODGULVZDUGHVJHEUDFKW ª'LH:RUWHVLQGIUZDKUEHNDQQW©VDJWH)DUDPLUHUVWDXQWª(VLVWHLQ %HZHLVIU(XUH$XIULFKWLJNHLWGD,KUVLHHEHQIDOOVNHQQW© ª$UDJRUQGHQLFKQDQQWHLVWGHU7UlJHUGHV6FKZHUWVGDVJHERUVWHQ ZDU©VDJWH)URGRª8QGZLUVLQGGLH+DOEOLQJHYRQGHQHQLQGHP*H GLFKWGLH5HGHLVW© ª'DVVHKHLFK©VDJWH)DUDPLUQDFKGHQNOLFKª2GHUYLHOPHKUVHKHLFK GDHVVRVHLQN|QQWH$EHUZDVLVW,VLOGXUV)OXFK"© ª'DVLVWJHKHLP©DQWZRUWHWH)URGRª=ZHLIHOORVZLUGHV]XJHJHEHQHU =HLWHUNOlUWZHUGHQ© ª:LUPVVHQPHKUGDUEHUHUIDKUHQ©VDJWH)DUDPLUªXQGK|UHQZDV (XFKVRZHLWJHQ2VWHQJHEUDFKWKDWXQWHUGHQ6FKDWWHQYRQGUEHQ²© HUGHXWHWHKLQEHUXQGQDQQWHNHLQHQ1DPHQª$EHUQLFKWMHW]W:LU KDEHQHWZDV]XHUOHGLJHQ,KUVHLGLQ*HIDKUXQG,KUKlWWHWKHXWHZHGHU EHU)HOGQRFK6WUDHZHLWNRPPHQN|QQHQ(VZLUGKLHULQGHU1lKH KDUWH*HIHFKWHJHEHQHKHGHU7DJVLFKYROOHQGHW'DQQ7RGRGHUUDVFKH )OXFKW]XUFN]XP$QGXLQ,FKZHUGH]ZHL0DQQ]X(XUHP6FKXW]]X UFNODVVHQ]X(XUHPXQGPHLQHP%HVWHQ'HUNOXJH0DQQYHUWUDXWNHL QHQ=XIDOOVEHJHJQXQJHQDXIGHU6WUDHLQGLHVHP/DQG:HQQLFK]X UFNNHKUHZLOOLFKPHKUPLW(XFKVSUHFKHQ© ª/HEWZRKO©VDJWH)URGRXQGYHUEHXJWHVLFK WLHIª*ODXEWZDV,KU P|JWDEHULFKELQHLQ)UHXQGDOOHU)HLQGHGHV(LQHQ)HLQGHV:LUZUGHQ PLW(XFKJHKHQZHQQZLU+DOEOLQJHKRIIHQN|QQWHQ(XFKQW]OLFK]X VHLQVREHKHU]WHQXQGVWDUNHQ0lQQHUQZLH,KU]XVHLQVFKHLQWXQG ZHQQPHLQ$XIWUDJHVHUODXEWH0|JHGDV/LFKWOHXFKWHQDXI(XUHQ 6FKZHUWHUQ© ª'LH+DOEOLQJHVLQGK|IOLFKH/HXWHZDVLPPHUVLHVRQVWVHLQP|JHQ© VDJWH)DUDPLUª/HEWZRKO© 'LH+REELWVVHW]WHQVLFKZLHGHUKLQDEHUVLHVSUDFKHQQLFKWPLWHLQDQ GHUEHULKUH*HGDQNHQXQG=ZHLIHO'LFKWEHLLKQHQLPJHVSUHQNHOWHQ 6FKDWWHQGHUGXQNOHQ/RUEHHUElXPHEOLHEHQ]ZHL0lQQHUDOV:DFKH$E 5HL$QJHON#KWWSFRODHERRN]IELGH
XQG]XQDKPHQVLHLKUH0DVNHQDEXPVLFKDE]XNKOHQDOVGLH+LW]HGHV 7DJHV]XQDKPXQG)URGRVDKGDVLHVWDWWOLFKH0HQVFKHQZDUHQEOD KlXWLJ GXQNHOKDDULJPLWJUDXHQ$XJHQXQGWUDXULJHQXQGVWRO]HQ*H VLFKWHUQ6LHXQWHUKLHOWHQVLFKOHLVHXQWHUHLQDQGHU]XHUVWLQGHU*HPHLQVD PHQ6SUDFKHDEHUQDFKGHU$UWGHUlOWHUHQ=HLWXQGGDQQJLQJHQVLH]X HLQHUDQGHUHQ6SUDFKHEHULKUHUHLJHQHQ=X VHLQHU9HUZXQGHUXQJ PHUNWH)URGRZlKUHQGHU]XK|UWHGDVLHVLFKGHU(OEHQVSUDFKHEHGLHQ WHQRGHUHLQHUGLHQXUZHQLJDQGHUVZDUXQGHUVDKVLHHUVWDXQWDQGHQQ HUZXWHQXQGDVLH'~QHGDLQGHV6GHQVVHLQPXWHQ0HQVFKHQYRP 6WDPPHGHU+HUUHQYRQ:HVWHUQLV 1DFKHLQHU:HLOHVSUDFKHU]XLKQHQDEHUVLHZDUHQ]|JHUQGXQGYRU VLFKWLJPLWLKUHQ$QWZRUWHQ6LHKLHHQ0DKOXQJXQG'DPURG6|OGQHU YRQ*RQGRUXQGVLHZDUHQ:DOGOlXIHUYRQ,WKLOLHQGHQQLKUH9RUIDKUHQ KDWWHQHLQVWLQ,WKLOLHQJHOHEWHKHHVEHUUDQQWZXUGH8QWHUGLHVHQ0lQ QHUQZlKOWHGHU+HUU'HQHWKRUGLHMHQLJHQDXVGLHIULKQ6WUHLI]JHXQ WHUQDKPHQXQGKHLPOLFKGHQ$QGXLQEHUTXHUWHQZLHXQGZRZROOWHQ VLHQLFKWVDJHQ XP2UNVXQGDQGHUH)HLQGHGLHVLFK]ZLVFKHQGHP (SKHO'~DWKXQGGHP)OXKHUXPWULHEHQ]XEHUIDOOHQ ª(VVLQGDQQlKHUQG]HKQ:HJVWXQGHQYRQKLHU]XP2VWXIHUGHV$Q GXLQ©VDJWH0DKOXQJªXQGZLUNRPPHQVHOWHQVRZHLWLQV/DQG$EHU ZLUKDEHQEHLGLHVHU)DKUWHLQHQQHXHQ$XIWUDJZLUVLQGJHNRPPHQXP GHQ0HQVFKHQDXV+DUDGDXVGHP+LQWHUKDOWDXI]XODXHUQ9HUIOXFKWVRO OHQVLHVHLQ© ª)UHLOLFKYHUIOXFKWVHLHQGLH6GOlQGHU©VDJWH'DPURGª(VKHLW HLQVWKDEHQ9HUELQGXQJHQEHVWDQGHQ]ZLVFKHQ*RQGRUXQGGHQ.|QLJUHL FKHQGHV+DUDGLP)HPHQ6GHQREZRKOHVQLHPDOV)UHXQGVFKDIWZDU 'DPDOVYHUOLHIHQXQVHUH*UHQ]HQZHLWVGOLFKMHQVHLWVGHU0QGXQJHQ GHV$QGXLQXQG8PEDUGDVQlFKVWJHOHJHQHLKUHU5HLFKHHUNDQQWHXQ VHUH+HUUVFKDIWDQ$EHUGDVZDUYRUODQJHU=HLW6HLWYLHOHQ0HQVFKHQ DOWHPKDWHVNHLQHQ9HUNHKUPHKU]ZLVFKHQXQVJHJHEHQ1XQKDEHQZLU OHW]WKLQHUIDKUHQGDGHU)HLQGEHLLKQHQJHZHVHQLVWXQGVLHVLQG]X,KP EHUJHJDQJHQRGHU]XUFN]X,KP² VLHZDUHQLPPHUJHQHLJWVLFKVHL QHP:LOOHQ]XXQWHUZHUIHQ² ZLHDXFKVRYLHOHLP2VWHQ,FK]ZHLIOH QLFKWGD*RQGRUV7DJHJH]lKOWXQGGLH0DXHUQYRQ0LQDV7LULWKGHP 8QWHUJDQJJHZHLKWVLQGVRJURLVW6HLQH6WlUNHXQG%RVKHLW© ª$EHUGHQQRFKZROOHQZLUQLFKWPLJGDVLW]HQXQG,KQDOOHVWXQODV VHQZLHHUHVP|FKWH©VDJWH0DKOXQJª'LHVHYHUIOXFKWHQ6GOlQGHU NRPPHQMHW]WGLHDOWHQ6WUDHQKHUDXIPDUVFKLHUWXPGLH6WUHLWPDFKWLP 'XQNOHQ7XUP]XYHUVWlUNHQ-DDXIHEHQGHQ6WUDHQGLH*RQGRUV*H VFKLFNOLFKNHLWDQJHOHJWKDW8QGVLHJHKHQLPPHUXQEHNPPHUWHUZLH ZLUK|UHQZHLOVLHJODXEHQGLH 0DFKWLKUHVQHXHQ+HUUQVHLJURJHQXJ VRGDGHUEORH6FKDWWHQ6HLQHU%HUJHVLHEHVFKW]HQZLUG:LUNRPPHQ XPLKQHQHLQHDQGHUH/HKUH]XHUWHLOHQ*URH9HUElQGHYRQLKQHQVLQG ZLHXQVYRUHLQLJHQ7DJHQJHPHOGHWZXUGHDXIGHP0DUVFKQDFK1RU GHQ(LQHLKUHU$EWHLOXQJHQPXXQVHUHU6FKlW]XQJQDFKLUJHQGZDQQ YRUGHP0LWWDJKLHUYRUEHLNRPPHQ² DXIGHU6WUDHREHQZRVLHGHQ 'XUFKVWLFKGXUFKOlXIW'LH6WUDHPDJGXUFKODXIHQDEHUGLH6GOlQGHU QLFKW1LFKWVRODQJH)DUDPLU+HHUPHLVWHULVW(ULVWMHW]WGHU)KUHUEHL DOOHQJHIlKUOLFKHQ8QWHUIDQJHQ$EHUVHLQ/HEHQLVWJHIHLWRGHUGDV 6FKLFNVDOVFKRQWLKQIULUJHQGHLQHQDQGHUHQ=ZHFN© ,KUH8QWHUKDOWXQJHUVWDUE]XHLQHPODXVFKHQGHQ6FKZHLJHQ$OOH 5HL$QJHON#KWWSFRODHERRN]IELGH
ZDUHQVWLOOXQGDXIPHUNVDP6DPKRFNWHDP5DQGHGHV)DUQGLFNLFKWVXQG KLHOW$XVVFKDX0LWVHLQHQVFKDUIHQ+REELWDXJHQVDKHUGDQRFKYLHO PHKU0HQVFKHQLQGHU1lKHZDUHQ(UVDKZLHVLHGLH+lQJHKLQDXI VFKOLFKHQHLQ]HOQRGHULQODQJHQ5HLKHQXQGVLFKGDEHLLPPHULP6FKDWWHQ GHU+DLQHRGHU'LFNLFKWHKLHOWHQRGHULQLKUHUEUDXQHQXQGJUQHQ.OHL GXQJNDXPVLFKWEDUGXUFK*UDVXQG)DUQNURFKHQ$OOHWUXJHQ.DSX]HQ XQG0DVNHQKDWWHQ6WXOSHQKDQGVFKXKHDQGHQ+lQGHQXQGZDUHQEH ZDIIQHWZLH)DUDPLUXQGVHLQH*HIlKUWHQ(VGDXHUWHQLFKWODQJHGD ZDUHQDOOHDQLKQHQYRUEHLXQGYHUVFKZXQGHQ'LH6RQQHVWLHJELVVLH VLFKGHP6GHQQlKHUWH'LH6FKDWWHQVFKUXPSIWHQ ª,FKP|FKWHPDOZLVVHQZRGHUYHUIOL[WH*ROOXPLVW©GDFKWH6DPDOV HULQGHQWLHIHUHQ6FKDWWHQ]XUFNNURFKª(UKDWJXWH$XVVLFKWPLWHLQHP 2UNYHUZHFKVHOWXQGDXIJHVSLHWRGHUYRP*HOEHQ*HVLFKWJHU|VWHW]X ZHUGHQ$EHULFKQHKPHDQHUZLUGVFKRQDXIVLFKDXISDVVHQ©(UOHJWH VLFKQHEHQ)URGRXQGVFKOXPPHUWHHLQ $OVHUDXIZDFKWHJODXEWHHU+|UQHUEODVHQ]XK|UHQ(UVHW]WHVLFK DXI(VZDU KRFKDP0LWWDJ'LH3RVWHQVWDQGHQZDFKVDPXQGDQJH VSDQQWLP6FKDWWHQGHU%lXPH3O|W]OLFKHUVFKDOOWHQGLH+|UQHUODXWHUXQG ]ZHLIHOORVYRQREHQYRQGHU.XSSHGHV+DQJHV6DPJODXEWH6FKUHLHXQG DXFKZLOGHV*HEUOO]XK|UHQDEHUGDV*HUlXVFKZDUVFKZDFKDOVNlPH HVDXVLUJHQGHLQHUIHUQHQ+|KOH'DQQEUDFKSO|W]OLFKJDQ]LQGHU1lKH .DPSIOlUPDXVJHQDXEHULKUHP9HUVWHFN(UK|UWHGHXWOLFKGDVKDOOHQGH .QLUVFKHQYRQ6WDKODXI6WDKOGDV.OLUUHQYRQ6FKZHUWHUQDXI(LVHQKWHQ GHQGXPSIHQ6FKODJYRQ.OLQJHQDXI6FKLOGHQ0HQVFKHQVFKULHQXQG NUHLVFKWHQXQGHLQHKHOOHODXWH6WLPPHULHI*RQGRU*RQGRU ª(VNOLQJWDOVREKXQGHUW6FKPLHGHDOOH]XJOHLFKKlPPHUQ©VDJWH6DP ]X)URGRª1lKHUP|FKWHLFKVLHMHW]WQLFKWKDEHQ© $EHUGHU/lUPQlKHUWHVLFKª6LHNRPPHQ©ULHI'DPURGª6FKDXW (LQLJHGHU6GOlQGHUVLQGDXVGHU)DOOHDXVJHEURFKHQXQGIOLHKHQYRQGHU 6WUDH'DVLQGVLH8QVHUH/HXWHYHUIROJHQVLHXQGGHU+HHUPHLVWHUYRU QHZHJ© %HJLHULJPHKU]XVHKHQVWDQG6DPDXIXQGEHJDEVLFK]XGHQ:DFK SRVWHQ(UNOHWWHUWHHLQZHQLJEHUJDXIELV]XGHPJU|HUHQGHU/RUEHHU ElXPH)OFKWLJVDKHUVFKZlU]OLFKH0HQVFKHQLQ5RWGLHLQHLQLJHU(QW IHUQXQJGHQ+DQJKLQXQWHUUDQQWHQXQGJUQJHNOHLGHWH.ULHJHUHLOWHQ LKQHQQDFKXQGKDXWHQVLHQLHGHUZlKUHQGVLHIORKHQ9LHOH3IHLOH VFKZLUUWHQGXUFKGLH/XIW'DQQSO|W]OLFKILHOHLQ0DQQXQPLWWHOEDUEHU GHQ5DQGGHUVFKW]HQGHQ%|VFKXQJXQGVWU]WH]ZLVFKHQGHQVFKODQNHQ %lXPHQKLQGXUFKIDVWDXIVLHGUDXI(UEOLHELQGHP)DUQHLQSDDU)X HQWIHUQWOLHJHQGDV*HVLFKWQDFKXQWHQXQGJUQJHILHGHUWH3IHLOHVWDNHQ XQWHUHLQHPJROGHQHQ.UDJHQLQVHLQHP+DOV6HLQSXUSXUURWHV*HZDQG ZDU]HUIHW]WVHLQ3DQ]HUKHPGDXVEHUHLQDQGHUJUHLIHQGHQ%URQ]HSOlWW FKHQZDU]HUULVVHQXQG]HUKDXHQVHLQHVFKZDU]HQPLW*ROGGXUFKZLUN WHQ+DDUIOHFKWHQEOXWJHWUlQNW6HLQHEUDXQH+DQGXPNODPPHUWHQRFKGDV +HIWHLQHVJHERUVWHQHQ6FKZHUWHV (VZDUGLHHUVWH6FKODFKWYRQ0HQVFKHQJHJHQ0HQVFKHQGLH6DP PLWHUOHEWHXQGVLHJHILHOLKPQLFKWVHKU(UZDUIURKGDHUGDV*HVLFKW GHV7RWHQ QLFKWVHKHQNRQQWH(UIUDJWHVLFKZLHGHU0DQQZRKOKLHXQG ZRHUKHUNDPXQGREHUZLUNOLFKHLQE|VHV+HU]KDWWHRGHUZHOFKH/JHQ RGHU'URKXQJHQLKQ]XGHPODQJHQ0DUVFKYRQVHLQHU+HLPDWYHUDQODW KDWWHQXQGREHUQLFKWLQ:LUNOLFKNHLWOLHEHULQ)ULHGHQGRUWJHEOLHEHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ZlUH² DOOGLHVH*HGDQNHQJLQJHQLKPEOLW]VFKQHOOGXUFKGHQ.RSIZXU GHQDEHUEDOGZLHGHUYHUWULHEHQ'HQQJHUDGHDOV0DKOXQJDXIGHQ*HIDO OHQHQ]XWUDWHUKREVLFKHLQQHXHU/lUP*URHV*HVFKUHLXQG*HUXIH 8QGPLWWHQGULQK|UWH6DPHLQVFKULOOHV*HEUOORGHU7URPSHWHQ8QG GDQQHLQPlFKWLJHV6WRHQXQG6WDPSIHQZLHJHZDOWLJH5DPPHQGLHDXI GHQ%RGHQDXIWUHIIHQ ª2EDFKW2EDFKW©ULHI'DPURGVHLQHP*HIlKUWHQ]Xª0|JHQGLH 9DODULKQDEZHQGHQ0XPDN0XPDN© =XVHLQHU9HUZXQGHUXQJXQGVHLQHP(QWVHW]HQXQGQDFKKDOWLJHP(QW ]FNHQVDK6DPHLQHULHVLJH*HVWDOWGXUFKGLH%lXPHEUHFKHQXQGGHQ $EKDQJKHUXQWHUUHQQHQ*URZLHHLQ+DXVYLHOJU|HUDOVHLQ+DXV VFKLHQHULKP]XVHLQHLQLQ*UDXJHKOOWHUVLFKEHZHJHQGHU%HUJ)XUFKW XQG 6WDXQHQYHUJU|HUWHQLKQYLHOOHLFKWLQGHQ$XJHQGHV+REELWVDEHU GHU0XPDNYRQ+DUDGZDUWDWVlFKOLFKHLQ7LHUYRQJHZDOWLJHQ$XVPD HQXQGVHLQHVJOHLFKHQZDQGHOWKHXWHQLFKWPHKULQ0LWWHOHUGHVHLQH 6WDPPHVJHQRVVHQGLHQRFKLQMQJHUHU=HLWOHEHQVLQGQXU$QGHXWXQ JHQVHLQHU*U|HXQG+RKHLW+HUDQNDPHUVWUDFNVDXIGLH%HREDFKWHU ]XXQGGDQQVFKZHQNWHHUJHUDGHLPUHFKWHQ$XJHQEOLFN]XU6HLWHUDVWH QXUHLQSDDU(OOHQHQWIHUQWYRUEHLXQGGHU%RGHQVFKZDQNWHXQWHULKUHQ )HQZLH%lXPHZDUHQGLHJURHQ%HLQHGLHXQJHKHXUHQ2KUHQVWDQ GHQDEGHUODQJH5VVHOZDUHUKREHQZLHHLQHULHVLJH6FKODQJHGLHJH UDGHGLH*LIW]lKQHLQLKU2SIHUVFKODJHQZLOOGLHNOHLQHQURWHQ$XJHQ ZXWHQWEUDQQW'LHKRUQDUWLJHQQDFKREHQJHULFKWHWHQ6WR]lKQHZDUHQ PLWJROGHQHQ%lQGHUQXPZXQGHQXQGWURSIWHQYRQ%OXW6HLQ=DXP]HXJ LQ3XUSXUXQG5RWKLQJLQ)HW]HQXPLKQ:DVDXIVHLQHPVWDPSIHQGHQ 5FNHQODJZDUHQRIIHQEDUGLH5HVWHHLQHVUHJHOUHFKWHQ.ULHJVWXUPVGHU EHLVHLQHPZWHQGHQ5DVHQGXUFKGHQ:DOG]HUWUPPHUWZRUGHQZDU XQGKRFKDXIVHLQHP1DFNHQNODPPHUWHVLFKQRFKYHU]ZHLIHOWHLQHZLQ ]LJH*HVWDOWIHVW² HLQJHZDOWLJHU.ULHJHUHLQ5LHVHXQWHUGHQ6FKZlU]XQ JHQ :HLWHUGRQQHUWHGDVJURH7LHUXQGVWDSIWHLQEOLQGHU:XWGXUFK7HLFK XQG'LFNLFKW3IHLOH VSUDQJHQXQGKSIWHQRKQH6FKDGHQDQ]XULFKWHQ EHUGLHGUHLIDFKH+DXWVHLQHU)ODQNHQ0lQQHUEHLGHU6HLWHQIORKHQYRU LKPDEHUYLHOHEHUKROWHHUXQG]HUWUDPSHOWHVLHDP%RGHQ%DOGZDUHU DXHU6LFKWDEHULPPHUQRFKWURPSHWHWHXQGVFKQDXEWHHULQGHU )HPH :DVDXVLKPZXUGHKDW6DPQLHHUIDKUHQREHUHQWNDPXQGHLQH=HLW ODQJLQGHU:LOGQLVXPKHUVWUHLIWHELVHUIHUQGHU+HLPDW]XJUXQGHJLQJ RGHUREHUZHLWHUUDVWHELVHULQGHQ*URHQ6WURPVWU]WHXQGYHUVFKOXQ JHQZXUGH 6DPKROWHWLHI/XIWª(LQ2OLIDQWZDUHV©VDJWHHUª(VJLEWDOVR2OL IDQWHQXQGLFKKDEHHLQHQJHVHKHQ:LHDXIUHJHQG$EHUQLHPDQG]X +DXVHZLUGHVPLUJODXEHQ1DZHQQGDVYRUEHLLVWGDQQZLOOLFKHLQ ELFKHQVFKODIHQ© ª6FKODIWVRODQJH,KUN|QQW©VDJWH0DKOXQJª$EHU GHU+HHUPHLVWHU ZLUG]XUFNNRPPHQZHQQHUXQYHUOHW]WLVWXQGZHQQHUNRPPWZHUGHQ ZLUUDVFKDXIEUHFKHQ:LUZHUGHQYHUIROJWZHUGHQVREDOGGLH1DFK ULFKWYRQXQVHUHU7DWGHQ)HLQGHUUHLFKWXQGGDVZLUGQLFKWODQJH GDXHUQ© ª*HKWOHLVHZHQQ,KUPW©VDJWH6DPª1LFKWQ|WLJPHLQHQ6FKODI ]XVW|UHQ,FKELQGLHJDQ]H1DFKWJHZDQGHUW© 5HL$QJHON#KWWSFRODHERRN]IELGH
0DKOXQJODFKWHª,FKJODXEHQLFKWGDGHU+HHUPHLVWHU(XFKKLHUODVVHQ ZLOO+HUU6DPZHLV©VDJWHHUª$EHUZLUZHUGHQ VMDVHKHQ©
5HL$QJHON#KWWSFRODHERRN]IELGH
)h1)7(6.$3,7(/ '$6)(167(51$&+:(67(1
6DPJODXEWHQXUHLQSDDU0LQXWHQJHVFKODIHQ]XKDEHQDOVHUDXI ZDFKWHXQGIHVWVWHOOWHGDHVVFKRQVSlWDP1DFKPLWWDJXQG)DUDPLU]X UFNJHNRPPHQZDU(UKDWWHYLHOH0HQVFKHQPLWJHEUDFKWWDWVlFKOLFK ZDUHQMHW]WDOOHGLH GHQhEHUIDOOEHUOHEWKDWWHQDXIGHPQDKHQ$EKDQJ YHUVDPPHOW]ZHL RGHUGUHLKXQGHUW0DQQ6LHVDHQLQHLQHPZHLWHQ +DOENUHLVXQGDQGHURIIHQHQ6HLWHVD)DUDPLUDXIGHP%RGHQZlKUHQG )URGRYRULKPVWDQG(VVDKVHOWVDPDXVZLHGDV9HUK|UHLQHV*HIDQJH QHQ 6DPNURFKDXVGHP)DUQKHUDXVDEHUQLHPDQGEHDFKWHWHLKQXQGHU VHW]WHVLFKDQV(QGHGHU5HLKHQGHU0lQQHUZRHUDOOHVZDVYRUVLFK JLQJVHKHQXQGK|UHQNRQQWH(USDWHDXIXQGODXVFKWHDXIPHUNVDPEH UHLWVHLQHP+HUUQ]X+LOIH]XHLOHQIDOOVHVQ|WLJZl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ª$EHUEHLP.RPPHQGHV+DOEOLQJVVROOWH,VLOGXUV)OXFKHUZDFKHQVR PXPDQMHGHQIDOOVGLH:RUWHYHUVWHKHQ©EHKDUUWHHUª:HQQ,KUDOVR GHU+DOEOLQJVHLGGHUJHQDQQWZXUGHGDQQKDEW,KUGLHVHV'LQJZDV LPPHUHVVHLQPDJJHZL]XGHP5DWPLWJHEUDFKWYRQGHP,KUVSUHFKW XQGGRUWVDK%RURPLUHV/HXJQHW,KUGDV"© )URGRDQWZRUWHWHQLFKWª$KD©VDJWH)DUDPLUª'DQQP|FKWHLFK PHKUYRQ(XFKGDUEHUHUIDKUHQGHQQZDV%RURPLUDQJHKWJHKWDXFK PLFKDQ(LQ2UNSIHLOW|WHWH,VLOGXUZLHDOWH(U]lKOXQJHQEHULFKWHQ $EHU2UNSIHLOHJLEWHVYLHOHXQGGHQ$QEOLFNYRQHLQHPKlWWH%RURPLU YRQ*RQGRUQLFKWDOVHLQ=HLFKHQGHV6FKLFNVDOVDQJHVHKHQ+DWWHW,KU GDV'LQJLQ9HUZDKUXQJ"(VLVWJHKHLPVDJW,KUDEHULVWHVGDVQLFKW ZHLO,KUHVYHUEHUJHQZROOWHW"© ª1HLQQLFKWZHLOLFKHVVRZROOWH©DQWZRUWHWH)URGRª(VJHK|UWPLU QLFKW(VJHK|UWNHLQHP6WHUEOLFKHQNHLQHPJURHQXQGNHLQHPNOHLQHQ ZHQQHLQHU$QVSUXFKGDUDXIHUKHEHQN|QQWHGDQQZlUHHV$UDJRUQ $UDWKRUQV6RKQGHQLFKJHQDQQWKDEHGHU)KUHUXQVHUHU*HPHLQVFKDIW YRQ0RULDELV5DXURV© ª:DUXPHUXQGQLFKW%RURPLU)UVWHQVRKQGHU6WDGWGLHYRQ(OHQGLOV 6|KQHQJHJUQGHWZXUGH"© ª:HLO$UDJRUQLQGLUHNWHU/LQLHYRQ9DWHU]X9DWHUYRQ,VLOGXU (OHQGLOV6RKQDEVWDPPW8QGGDV6FKZHUWGDVHUWUlJWLVW(OHQGLOV 6FKZHUW© (LQ0XUPHOQGHU9HUZXQGHUXQJGXUFKOLHIGHQ.UHLVGHU0lQQHU (LQLJHULHIHQODXWª(OHQGLOV6FKZHUW(OHQGLOV6FKZHUWNRPPWQDFK 0LQDV7LULWK'DVLVWHLQHJURH%RWVFKDIW©$EHU)DUDPLUV*HVLFKWZDU XQJHUKUW ª9LHOOHLFKW©VDJWHHUª$EHUHLQVRKRKHU$QVSUXFKZLUGEHJUQGHW 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHUGHQPVVHQXQGNODUH%HZHLVHZHUGHQJHIRUGHUWZHUGHQZHQQGLHVHU $UDJRUQMHPDOVQDFK0LQDV7LULWK NRPPW(UZDUQLFKWJHNRPPHQQRFK LUJHQGHLQHUYRQ(XUHU*HPHLQVFKDIWDOVLFKYRUVHFKV7DJHQDXIEUDFK© ª%RURPLUJDEVLFK]XIULHGHQPLWGLHVHP$QVSUXFK©VDJWH)URGRª)U ZDKUZHQQ%RURPLUKLHUZlUHZUGHHUDOOH(XUH)UDJHQEHDQWZRUWHQ 8QGGDHUVFKRQYRUYLHOHQ7DJHQLQ5DXURVZDUXQGEHDEVLFKWLJWHJOHLFK ]X(XUHU6WDGW]XJHKHQZHUGHW,KUZHQQ,KU]XUFNNHKUWGLH$QWZRU WHQGRUWHUIDKUHQ0HLQ$QWHLODQGHU*HPHLQVFKDIWZDULKPEHNDQQW ZLHDXFKDOOHQDQGHUHQGHQQGHU$XIWUDJZDUPLUYRQ(OURQGYRQ,POD GULVVHOEVWYRUGHPJDQ]HQ5DWHUWHLOWZRUGHQ,Q(UIOOXQJMHQHV$XI WUDJVNDPLFKLQGLHVHV/DQGDEHUHVVWHKWPLUQLFKW]XLKQLUJHQG MHPDQGHPDXHUKDOEGHU*HPHLQVFKDIW]XRIIHQEDUHQ'HQQRFKZUGHQ MHQHGLHEHKDXSWHQJHJHQGHQ)HLQG]XNlPSIHQJXWGDUDQWXQPHLQHQ $XIWUDJQLFKW]XKLQGHUQ© )URGRV7RQZDUVWRO]ZLHLPPHULKP]XPXWHVHLQPRFKWHXQG6DP ELOOLJWHLKQDEHUHUEHVlQIWLJWH)DUDPLUQLFKW ª6R©VDJWHHUª,KUKHLWPLFKPLFKXPPHLQHHLJHQHQ$QJHOHJHQKHL WHQ]XNPPHUQXQGQDFK+DXVH]XJHKHQXQG(XFKLQ)ULHGHQ]XODVVHQ %RURPLUZLUGPLUDOOHVHU]lKOHQZHQQHUNRPPW:HQQHUNRPPWVDJW ,KU:DUW,KUHLQ)UHXQGYRQ%RURPLU"© /HEKDIWWDXFKWHYRU)URGRVJHLVWLJHP$XJHGLH(ULQQHUXQJGDUDQDXI ZLH%RURPLULKQDQJHJULIIHQKDWWHXQGHLQHQ$XJHQEOLFN]|JHUWHHU )DUDPLUV%OLFNGHULKQEHREDFKWHWHZXUGHKlUWHUª%RURPLUZDUHLQWDS IHUHV0LWJOLHGXQVHUHU*HPHLQVFKDIW©VDJWH)URGRVFKOLHOLFKª-DLFKIU PHLQ7HLOZDUVHLQ)UHXQG© )DUDPLUOlFKHOWHJULPPLJª'DQQZUGHHV(XFKEHWUEHQ]XHUIDKUHQ GD%RURPLUWRWLVW"© ª'DVZUGHPLFKIUZDKUEHWUEHQ©VDJWH)URGR'DQQEHPHUNWHHU GHQ$XVGUXFNLQ)DUDPLUV$XJHQXQGVWDPPHOWHª7RW"©IUDJWHHU ª0HLQW,KUHULVWWRWXQG,KUZXWHWHV"+DEW,KUYHUVXFKWPLFKPLW :RUWHQKHUHLQ]XOHJHQXQG(XHU6SLHOPLWPLU]XWUHLEHQ"2GHUYHUVXFKW ,KUMHW]WPLFKPLWHLQHU/JHLQGLH)DOOH]XORFNHQ"© ª,FKZUGHQLFKWHLQPDOHLQHQ2UNPLWHLQHU/JHLQGLH)DOOHORFNHQ© VDJWH)DUDPLU ª:LHLVWHUGHQQJHVWRUEHQXQGZRKHUZLW,KUHV"'D,KUGRFKVDJW NHLQHUGHU*HPHLQVFKDIWKDEHGLH6WDGWHUUHLFKWDOV,KUVLHYHUOLHHW"© ª:DVGLH$UWVHLQHV7RGHVEHWULIIWVRKDWWHLFKJHKRIIWGDVHLQ )UHXQGXQG*HIlKUWHPLUEHULFKWHQZUGHZLHHVGD]XNDP© ª$EHUHUZDUJHVXQGXQGPXQWHUDOVZLUXQVWUHQQWHQ8QGHULVWQRFK DP/HEHQVRYLHOLFKZHL2EZRKOHVJHZLYLHOH*HIDKUHQDXIGHU:HOW JLEW© ª9LHOHIUZDKU©VDJWH)DUDPLUªXQG9HUUDWLVWQLFKWGLHJHULQJVWH© 6DPZDULPPHUXQJHGXOGLJHUXQGZWHQGHUJHZRUGHQEHLGLHVHU8QWHU KDOWXQJ'LHVHOHW]WHQ:RUWHZDUHQPHKUDOVHUHUWUDJHQNRQQWHXQGHU SODW]WHPLWWHQLQGHQ.UHLVKLQHLQXQGVWHOOWHVLFKQHEHQVHLQHQ+HUUQ ª(QWVFKXOGLJH+HUU)URGR©VDJWHHUªDEHUGDVKDWMHW]WODQJHJHQXJ JHGDXHUW(UKDWNHLQ5HFKWVRPLWGLU]XUHGHQ1DFKDOOHPZDVGX GXUFKJHPDFKWKDVWHEHQVR]XVHLQHPXQGDOOGLHVHUJURHQ0HQVFKHQ 9RUWHLOZLHIUVRQVWMHPDQGHQ ª+|UWPDO+HHUPHLVWHU©(USIODQ]WHVLFKJHQDXYRU)DUDPLUDXIGLH +lQGHLQGLH+IWHQJHVWHPPWXQGPLWHLQHP$XVGUXFNLP*HVLFKWDOV 5HL$QJHON#KWWSFRODHERRN]IELGH
REHUHVPLWHLQHPMXQJHQ+REELW]XWXQKDEHGHULKPªSDPSLJ©JHNRP PHQZDUDOVHULKQZHJHQ%HVXFKHQLP2EVWJDUWHQYHUK|UWH(VJDEHLQL JHV*HPXUPHODEHUDXFK*ULQVHQDXIGHQ*HVLFKWHUQGHU]XVFKDXHQGHQ 0lQQHUGHU$QEOLFNLKUHV+HHUPHLVWHUVGHUDXIGHP%RGHQVD$XJH LQ$XJHPLWHLQHPMXQJHQ+REELWGHUEUHLWEHLQLJXQG]RUQVSUKHQG GDVWDQGGDVZDUHWZDVZDVVLHQRFKQLFKWHUOHEWKDWWHQª+|UWPDO© VDJWHHUª:RUDXIZROOW,KUKLQDXV"/DWXQV]XU6DFKHNRPPHQHKHDOOH 2UNVYRQ0RUGRUEHUXQVKHUIDOOHQ:HQQ,KUJODXEWPHLQ+HUUKDEH GLHVHQ%RURPLUHUPRUGHWXQGVHLGDQQZHJJHODXIHQGDQQKDEW,KUNHLQHQ 9HUVWDQGDEHUVDJWHVXQGGDPLW6FKOX8QGGDQQODWXQVZLVVHQZDV ,KUGHVZHJHQ]XWXQJHGHQNW$EHUHVLVWHLQ-DPPHUGD/HXWHGLH GDYRQUHGHQGDVLHJHJHQGHQ)HLQGNlPSIHQQLFKWDQGHUHLKUH3IOLFKW DXILKUH:HLVHHUOHGLJHQODVVHQN|QQHQRKQHVLFKHLQ]XPLVFKHQ'HU )HLQGZUGHVLFKPlFKWLJIUHXHQZHQQHU(XFKMHW]WVHKHQN|QQWH:UGH JODXEHQHUKDW QHQQHXHQ)UHXQGEHNRPPHQ© ª*HGXOG©VDJWH)DUDPLUDEHURKQHbUJHUª5HGHQLFKWYRUGHLQHP +HUUQGHUPHKU9HUVWDQGKDWDOVGX$EHUGXEUDXFKVWPLFKQLFKWEHU XQVHUH*HIDKU]XEHOHKUHQ6HOEVWVRQHKPHLFKPLUHLQZHQLJ=HLWXPLQ HLQHUVFKZLHULJHQ$QJHOHJHQKHLWULFKWLJ]XXUWHLOHQ:lUHLFKVRKDVWLJ ZLHGXKlWWHLFKGLFKYLHOOHLFKWVFKRQOlQJVWHUVFKODJHQ'HQQPHLQ%H IHKOODXWHWDOOH]XHUVFKODJHQGLHLFKLQGLHVHP/DQGHILQGHXQGGLHNHLQH (UODXEQLVGHV+HUUQYRQ*RQGRUKDEHQ$EHULFKHUVFKODJH0HQVFKRGHU 7LHUQLFKWRKQH1RWXQGDXFKQLFKWJHUQZHQQHVQ|WLJLVW8QGHEHQVR ZHQLJUHGHLFKXQQW]$OVRVHLJHWU|VWHW6HW]HGLFK]XGHLQHP+HUUQ XQGVFKZHLJHVWLOO© 6DPVHW]WHVLFKVFKZHUIlOOLJKLQXQGGLH5|WHZDULKPLQV*HVLFKWJH VWLHJHQ)DUDPLUZDQGWHVLFKZLHGHUDQ)URGRª,KUIUDJWHWZRKHULFK ZLVVHGD'HQHWKRUV6RKQWRWLVW7RGHVERWVFKDIWHQKDEHQYLHOH)OJHO 2IWEULQJWGLH1DFKWGHQQlFKVWHQ$QJHK|ULJHQ1DFKULFKW KHLWHV %RURPLUZDUPHLQ%UXGHU© (LQ6FKDWWHQGHV.XPPHUV]RJEHUVHLQ*HVLFKWª(ULQQHUW,KU(XFKDQ HWZDV%HVRQGHUHVGDV]XU$XVUVWXQJGHV+HUUQ%RURPLUJHK|UWH"© )URGRGDFKWHHLQHQ$XJHQEOLFNQDFKIUFKWHWHHVN|QQHZLHGHUHLQH )DOOHVHLQXQGIUDJWHVLFKZLHGLHVH$XVHLQDQGHUVHW]XQJZRKOHQGHQ ZUGH0LWNQDSSHU1RWKDWWHHUGHQ5LQJYRUGHPOVWHUQHQ=XJULIIYRQ %RURPLUEHZDKUWXQGZLHHVLKPQXQXQWHUVRYLHOHQNULHJHULVFKHQXQG VWDUNHQ0HQVFKHQHUJHKHQZUGHZXWHHUQLFKW'HQQRFKKDWWHHULP *UXQGHVHLQHV+HU]HQVGDV*HIKOGD)DUDPLUREZRKOHUVHLQHP%UXGHU VHKUlKQOLFKVDKHLQZHQLJHUHLJHQQW]LJHUXQGHUQVWHUHUXQGNOJHUHU 0DQQZDUª,FKHULQQHUHPLFKGD%RURPLUHLQ+RUQEHLVLFKWUXJ© VDJWHHUVFKOLHOLFK ª,KUHULQQHUW(XFKJXWXQGZLHHLQHUGHULKQZLUNOLFKJHVHKHQKDW© VDJWH)DUDPLUª'DQQN|QQW,KUHVYLHOOHLFKWYRU(XUHPJHLVWLJHQ$XJH VHKHQHLQJURHV+RUQGHV$XHURFKVHQDXVGHP2VWHQPLW6LOEHUEH VFKODJHQXQGPLWDOWHUWPOLFKHQ%XFKVWDEHQEHVFKULIWHW'LHVHV+RUQKDW VHLWYLHOHQ*HQHUDWLRQHQGHUlOWHVWH6RKQXQVHUHV+DXVHVJHWUDJHQXQGHV KHLWZHQQHV LQGHU1RWLUJHQGZRLQQHUKDOEYRQ*RQGRUV*UHQ]HQGLH GDV5HLFKHLQVWKDWWHJHEODVHQZHUGHYHUKDOOHVHLQ5XIQLFKWXQJHK|UW )QI7DJHHKHLFKPLFK]XGLHVHU)DKUWDXIPDFKWHKHXWHYRUHOI7DJHQ HWZDXPGLHVH6WXQGHK|UWHLFKGDV+RUQHUVFKDOOHQYRP 1RUGHQKHU ZLHHVVFKLHQDEHUXQGHXWOLFKDOVZlUHHVQXUHLQ(FKRLP*HLVW)UHLQH 5HL$QJHON#KWWSFRODHERRN]IELGH
E|VH9RUEHGHXWXQJKLHOWHQZLUHVPHLQ9DWHUXQGLFKGHQQZLUKDWWHQ NHLQH1DFKULFKWHQYRQ%RURPLUJHKDEWVHLWHUIRUWJHJDQJHQZDUXQG NHLQ:lFKWHUDQXQVHUHQ*UHQ]HQKDWWHLKQ]XUFNNRPPHQVHKHQ8QGLQ GHUGULWWHQ1DFKWGDQDFKZLGHUIXKUPLUHWZDVQRFK6HOWVDPHUHV ,FKVDGHV1DFKWVDQGHQ:DVVHUQGHV$QGXLQLQGHUJUDXHQ'XQNHO KHLWXQWHUGHPMXQJHQEODVVHQ0RQGXQGEHZDFKWHGHQHZLJGDKLQ]LH KHQGHQ6WURPXQGGDVWUDXULJH6FKLOIUDVFKHOWH6REHZDFKHQZLULPPHU GLH8IHUQDKH2VJLOLDWKGDVXQVHUH)HLQGHMHW]WWHLOZHLVHEHVHW]WKDEHQ GHQQYRQGRUWPDFKHQVLH$XVIlOOHXPXQVHUH/DQGH]XYHUZVWHQ'RFK LQMHQHU1DFKWVFKOLHIGLHJDQ]H:HOW]XU0LWWHUQDFKWVVWXQGH'DQQVDK LFKHLQ%RRWRGHUJODXEWHHV]XVHKHQGDVDXIGHP:DVVHUWULHEJUDX VFKLPPHUQGHLQNOHLQHV%RRWYRQVHOWVDPHU)RUPPLWHLQHPKRKHQ%XJ XQGQLHPDQGZDUGDGHUHVUXGHUWHRGHUVWHXHUWH (LQ6FKUHFNHQEHILHOPLFKGHQQHVZDUYRQHLQHPEOHLFKHQ/LFKWXPJH EHQ'RFKVWDQGLFKDXIXQGJLQJDQV8IHUXQGEHJDQQKLQDXV]XZDWHQLQ GHQ6WURPGHQQLFKZXUGH]XLKPKLQJH]RJHQ'DQQGUHKWGDV%RRWDXI PLFK]XXQGYHUODQJVDPWHVHLQH*HVFKZLQGLJNHLWXQGWULHEJHPlFKOLFKLQ 5HLFKZHLWHPHLQHU+DQGDQPLUYRUEHLGRFKZDJWHLFKQLFKWHV]XEH UKUHQ(VODJWLHILP:DVVHUDOVVHLHVVFKZHUEHODGHQXQGPLUVFKLHQ DOVHVXQWHUPHLQHP%OLFNYRUEHL]RJGDHVIDVWJDQ]PLWNODUHP:DVVHU JHIOOWVHLYRQGHPGDV/LFKWDXVJLQJXQGXPJHEHQYRP:DVVHUODJHLQ VFKODIHQGHU.ULHJHU (LQJHERUVWHQHV6FKZHUWODJDXIVHLQHQ.QLHQ,FKVDKYLHOH:XQGHQDQ LKP(VZDU%RURPLUPHLQ%UXGHUWRW,FKHUNDQQWHVHLQH5VWXQJVHLQ 6FKZHUWVHLQJHOLHEWHV*HVLFKW(LQVQXUYHUPLWHLFKVHLQ+RUQ(LQV QXUNDQQWHLFKQLFKW HLQHQVFK|QHQ*UWHOXPVHLQHQ/HLEGHUDXVVDK DOVEHVWQGHHUDXVYHUVFKOXQJHQHQJROGHQHQ%OlWWHUQ%RURPLU ULHILFK :RLVWGHLQ+RUQ":RKLQJHKVWGX"2%RURPLU 'RFKHUZDUIRUW'DV %RRWGUHKWHZLHGHULQGLH6WU|PXQJXQGYHUVFKZDQGVFKLPPHUQGLQGHU 1DFKW7UDXPKDIWZDUHVXQGGRFKNHLQ7UDXPGHQQHVJDENHLQ(UZD FKHQ8QGLFK]ZHLIOHQLFKWGDUDQGDHUWRWLVWXQGGHQ6WURPKLQDEJH IDKUHQLVW]XP0HHU© ª2ZHK©VDJWH)URGRª)UZDKUGDVZDU%RURPLUZLHLFKLKQNDQQWH 'HQQGHUJROGHQH*UWHOZDULKPLQ/RWKOyULHQYRQ)UDX*DODGULHOJH VFKHQNWZRUGHQ6LHZDUHVGLHXQVVRNOHLGHWHZLH,KUXQVVHKWLQ (OEHQ*UDX'LHVH6SDQJHLVWYRQGHUVHOEHQ0DFKDUW©(U]HLJWHDXIGDV JUQHXQGVLOEHUQH%ODWWGDVVHLQHQ0DQWHOXQWHUKDOEGHV+DOVHV]XVDP PHQKLHOW )DUDPLUEHWUDFKWHWHVLHJHQDXª6LHLVWVFK|Q©VDJWHHUª-DHVLVWGLH VHOEH$UEHLW,KUVHLGDOVRGXUFKGDV/DQG/yULHQJHNRPPHQ"/DXUHOLQ GyUHQDQZXUGHHVHLQVWJHQDQQWDEHUQXQLVWHVVFKRQODQJHDXVGHP :LVVHQGHU0HQVFKHQHQWVFKZXQGHQ©IJWHHUOHLVHKLQ]XXQGEHWUDFK WHWH)URGRPLWHLQHPQHXHQ(UVWDXQHQLQVHLQHQ$XJHQª9LHOHVZDVPLU DQ(XFKVHOWVDPHUVFKLHQEHJLQQHLFKMHW]W]XYHUVWHKHQ:ROOW,KUPLU QLFKWPHKUVDJHQ"'HQQHVLVWHLQELWWHUHU*HGDQNHGD%RURPLULQ6LFKW ZHLWHVHLQHV+HLPDWODQGHVVWDUE© ª1LFKWPHKUNDQQLFKVDJHQDOVZDVLFKJHVDJWKDEH©DQWZRUWHWH )URGRª2EZRKO(XUH(U]lKOXQJPLFKPLWE|VHQ$KQXQJHQHUIOOW(LQ 7UDXPELOGZDUHVZDV,KUVDKWXQGQLFKWPHKULUJHQGHLQ6FKDWWHQHLQHV 8QJOFNVGDVVLFKHUHLJQHWKDWRGHUVLFKHUHLJQHQZLUG6RIHUQHVQLFKW WDWVlFKOLFKHLQHOJHQKDIWH/LVWGHV)HLQGHVZDU,FKKDEHGLH*HVLFKWHU 5HL$QJHON#KWWSFRODHERRN]IELGH
YRQVFK|QHQ.ULHJHUQDXVDOWHU=HLWVFKODIHQGXQWHUGHQ7PSHOQGHU 7RWHQVPSIHJHVHKHQRGHUHVVFKLHQVRGXUFKVHLQHE|VH=DXEHUNXQVW© ª1HLQVRZDUHVQLFKW©VDJWH)DUDPLUª'HQQVHLQH:HUNHHUIOOHQGDV +HU]PLW$EVFKHXDEHUPHLQ+HU]ZDUYRQ.XPPHUXQG0LWOHLGHU IOOW© ª'RFKZLHN|QQWHGHUJOHLFKHQLQ:LUNOLFKNHLWJHVFKHKHQ"©IUDJWH )URGRª'HQQNHLQ%RRWKlWWHYRQ7RO %UDQGLUEHUGLHIHOVLJHQ%HUJHJH WUDJHQZHUGHQN|QQHQXQG%RURPLUEHDEVLFKWLJWHEHUGLH(QWZDVVHUXQG GLH)HOGHUYRQ5RKDQKHLP]XNHKUHQ8QGZLHKlWWHGHQQHLQ6FKLIIGLH VFKlXPHQGH)OXWGHU)lOOHGXUFKIDKUHQN|QQHQRKQHLQGHQEURGHOQGHQ *HZlVVHUQ XQWHU]XJHKHQDXFKZHQQHVPLW:DVVHUJHODGHQZDU"© ª,FKZHLHVQLFKW©VDJWH)DUDPLUª$EHUZRKHUNDPGDV%RRW"© ª$XV/yULHQ©VDJWH)URGRª,QGUHLVROFKHQ%RRWHQUXGHUWHQZLUGHQ $QGXLQKLQXQWHUELV]XGHQ)lOOHQ6LHZDUHQDXFK(OEHQ:HUN© ª,KUVHLG GXUFKGDV9HUERUJHQH/DQGJHNRPPHQ©VDJWH)DUDPLUªDEHU HVVFKHLQWDOVKDEHW,KUZHQLJYRQVHLQHU0DFKWYHUVWDQGHQ:HQQ0HQ VFKHQPLWGHU+HUULQGHU=DXEHUHLGLHLP*ROGHQHQ:DOGZRKQW]XWXQ KDEHQGDQQPDJHVVHLQGDVLHVHOWVDPHU'LQJHJHZlUWLJVHLQPVVHQ 'HQQHVLVWJHIlKUOLFKIUVWHUEOLFKH0HQVFKHQDXHUKDOEGHU:HOWGLHVHU 6RQQH]XZDQGHOQXQGZHQLJHNDPHQGHUHLQVWXQYHUlQGHUWYRQGRUW]X UFNKHLWHV 2%RURPLUR%RURPLU ULHIHUª:DVKDWVLH]XGLUJHVDJWGLH+HU ULQGLHQLFKWVWLUEW":DVKDWVLHJHVHKHQ":DVHUZDFKWHGDPDOVLQGHL QHP+HU]HQ":DUXPELVWGXMHQDFK/DXUHOLQGyUHQDQJHJDQJHQXQGQLFKW DXIGHLQHPHLJHQHQ:HJJHNRPPHQXQGQLFKWDP0RUJHQDXIGHQ3IHU GHQYRQ5RKDQKHLPJHULWWHQ"© 'DQQZDQGWHHUVLFKZLHGHUDQ)URGRXQGVSUDFKZLHYRUKHUPLWOHLVHU 6WLPPHª$XIGLHVH)UDJHQQHKPHLFKDQN|QQWHW,KU)URGR'URJRV 6RKQHLQLJH$QWZRUWHQJHEHQ$EHUYLHOOHLFKWQLFKWKLHUXQGQLFKWMHW]W $EHUGDPLW,KUQLFKWLPPHUQRFKPHLQH(U]lKOXQJIUHLQ7UDXPELOG KDOWHWZLOOLFK(XFKGLHVHVVDJHQ%RURPLUV+RUQNHKUWHVFKOLHOLFKLQ :LUNOLFKNHLW]XUFNXQGQLFKWQXUVFKHLQEDU'DV+RUQNDPDEHUHVZDU LQ]ZHL7HLOHJHVSDOWHQVHLHVGXUFKHLQHQ$[WKLHERGHU6FKZHUWVWUHLFK 'LH%UXFKVWFNHZXUGHQHLQ]HOQDQ/DQGJHVSOWHLQHVZXUGH]ZLVFKHQ GHP6FKLOIJHIXQGHQZR6SlKHUYRQ*RQGRU:DFKHKLHOWHQLP1RUGHQ XQWHUKDOEGHU(QWZDVVHU0QGXQJHQGDVDQGHUHZXUGHLQGHU)OXWZLU EHOQGYRQHLQHPJHIXQGHQGHUHLQHQ$XIWUDJDXIGHP:DVVHUKDWWH 6HOWVDPH=XIlOOHDEHUGLH6RQQHEULQJWHVDQGHQ7DJKHLWHV 8QGQXQOLHJWGDV+RUQGHVlOWHVWHQ6RKQVLQ]ZHL6WFNHQDXI'HQH WKRUV6FKRGHUDXIVHLQHP7KURQVLW]WXQGDXI1DFKULFKWHQZDUWHW8QG ,KUN|QQWPLUQLFKWVGDUEHUVDJHQZLHGDV+RUQJHVSDOWHQZXUGH"© ª1HLQLFKZXWHQLFKWVGDYRQ©VDJWH)URGRª$EHUGHU7DJDQGHP ,KUHVHUVFKDOOHQK|UWHWZHQQ(XUH6FKlW]XQJVWLPPWZDUGHU7DJDQ GHPZLUXQVWUHQQWHQDOVLFKXQGPHLQ'LHQHUGLH*HPHLQVFKDIWYHUOLH HQ8QGQXQHUIOOWPLFK(XUH(U]lKOXQJPLW)XUFKW'HQQZHQQ%RUR PLUGDPDOVLQ*HIDKUZDUXQGHUVFKODJHQZXUGHGDQQPXLFKEHIUFK WHQGDDXFKDOOHPHLQH*HIlKUWHQ]XJUXQGHJHJDQJHQVLQG8QGVLH ZDUHQPHLQH9HUZDQGWHQXQGPHLQH)UHXQGH :ROOW,KUQLFKW(XUHQ=ZHLIHOEHLVHLWHVFKLHEHQXQGPLFKJHKHQODV VHQ",FKELQPGHXQGNXPPHUYROOXQGYHUlQJVWLJW$EHULFKKDEHQRFK HLQH7DW]XWXQRGHUVLH]XYHUVXFKHQHKHDXFKLFKHUVFKODJHQZHUGH 5HL$QJHON#KWWSFRODHERRN]IELGH
8QG(LOHLVWXPVRPHKUJHERWHQZHQQZLU]ZHL+DOEOLQJHDOVHLQ]LJH YRQXQVHUHU*HPHLQVFKDIWEULJJHEOLHEHQVLQG .HKUW]XUFN)DUDPLUWDSIHUHU+HHUPHLVWHUYRQ*RQGRUXQGYHUWHLGLJW (XUH6WDGWVRODQJH,KUN|QQWXQGODWPLFKJHKHQZRKLQPHLQ6FKLFNVDO PLFKIKUW© ª)UPLFKJLEWHVNHLQHQ7URVWEHLXQVHUHU8QWHUKDOWXQJ©VDJWH)DUD PLUªDEHU,KUVFKOLHWGDUDXVDXIPHKU6FKUHFNHQDOVQRWZHQGLJ6RIHUQ GDV9RONYRQ/yULHQQLFKWVHOEVW]XLKPNDPZHUKDWGDQQ%RURPLUZLH IUHLQ%HJUlEQLVKHUJHULFKWHW"1LFKW2UNVRGHU'LHQHUGHV1DPHQORVHQ (LQLJHYRQ(XUHU*HPHLQVFKDIWYHUPXWHLFKVLQGQRFKDP/HEHQ $EHUZDVLPPHU DXFKLQGHU1RUGPDUNJHVFKDKDQ(XFK)URGR]ZHLIOH LFKQLFKWOlQJHU:HQQKDUWH=HLWHQPLUGLH)lKLJNHLWJHJHEHQKDEHQ :RUWHXQG7DWHQYRQ0HQVFKHQ]XEHXUWHLOHQGDQQPDJLFKDXFK+DOE OLQJHULFKWLJHLQVFKlW]HQ$OOHUGLQJV©² XQGMHW]WOlFKHOWHHU² ªKDEW ,KUHWZDV6HOWVDPHVDQ(XFK)URGRYLHOOHLFKWHLQHOELVFKHV:HVHQ'RFK PHKUKlQJWYRQXQVHUHQ:RUWHQDEGLHZLUPLWHLQDQGHUVSUHFKHQDOVLFK ]XHUVWJODXEWH,FKVROOWH(XFKPLW]XUFNQDFK0LQDV7LULWKQHKPHQ GDPLW,KUYRU'HQHWKRU5HGHXQG $QWZRUWVWHKWXQGPHLQ/HEHQZLUG ]X5HFKWYHUZLUNWVHLQZHQQLFKMHW]WHLQHQ:HJHLQVFKODJHGHUVLFKIU L PHLQH6WDGWDOVVFKOHFKWHUZHLVW'HVKDOEZLOOLFKQLFKWKDVWLJHQWVFKHL GHQZDVJHVFKHKHQVROO,QGHVPVVHQZLURKQH9HU]|JHUXQJYRQKLHU DXIEUHFKHQ© (UVSUDQJDXIXQGJDEHLQLJH%HIHKOH6RIRUWYHUWHLOWHQVLFKGLH0lQ QHUGLHLP.UHLVXPLKQJHVHVVHQKDWWHQLQNOHLQH*UXSSHQGLHHLQHQ JLQJHQKLHUKLQGLHDQGHUHQGRUWKLQXQGUDVFKYHUVFKZDQGHQVLHLQGHQ 6FKDWWHQGHU)HOVHQXQG%lXPH%DOGZDUHQQXU0DKOXQJXQG'DPURG ]XUFNJHEOLHEHQ ª1XQZHUGHWLKU)URGRXQG6DPZHLVPLWPLUXQGPHLQHQ/HLEZlFK WHUQPLWNRPPHQ©VDJWH)DUDPLUª$XIGHU6WUDHN|QQW,KUQLFKWQDFK 6GHQZHLWHUJHKHQZHQQGDV(XUH$EVLFKWZDU6LHZLUGHLQLJH7DJODQJ XQVLFKHUVHLQXQGQDFKGLHVHP+DQGJHPHQJHQRFKVFKlUIHUEHREDFKWHW ZHUGHQDOVELVKHU8QGKHXWHJODXEHLFKN|QQW,KUVRZLHVRQLFKWPHKU ZHLWJHKHQGHQQ,KUVHLGPGH8QGZLUDXFK:LUJHKHQMHW]W]XHLQHU JHKHLPHQ6WlWWHGLHZLUKDEHQHWZDVZHQLJHUDOV]HKQ0HLOHQYRQKLHU 'LH2UNVXQG6SlKHUGHV)HLQGHVKDEHQVLHQRFKQLFKWJHIXQGHQXQG ZHQQVLHHVWlWHQN|QQWHQZLUGHQ2UWODQJHJHJHQYLHOHKDOWHQ'RUW N|QQHQZLUHLQH:HLOHUDVWHQXQGXQVDXVUXKHQXQG,KUPLWXQV$P 0RUJHQZHUGHLFKGDQQHQWVFKHLGHQZDVIUPLFKGDV%HVWH]XWXQLVW XQGIU(XFK© )URGREOLHEQLFKWVDQGHUHVEULJDOVGLHVHP%HJHKUHQ]XHQWVSUHFKHQ (VVFKLHQMHGHQIDOOVLP$XJHQEOLFNHLQNOXJHV9RUJHKHQ]XVHLQGHQQ GXUFKGLHVHQhEHUIDOOGHU0HQVFKHQYRQ*RQGRUZDUHLQH:DQGHUXQJLQ ,WKLOLHQJHIlKUOLFKHUGHQQMHJHZRUGHQ 6LHPDFKWHQVLFKVRIRUWDXIGHQ:HJ0DKOXQJXQG'DPURGJLQJHQHLQ 6WFNYRUDXVXQG)DUDPLUIROJWHPLW)URGRXQG6DP6LHKLHOWHQVLFK GLHVVHLWVGHV7HLFKVLQGHPGLH+REELWVJHEDGHWKDWWHQEHUTXHUWHQGHQ %DFKHUNORPPHQHLQHODQJH%|VFKXQJXQGYHUVFKZDQGHQLQGHPJUQ VFKDWWLJHQ:DOGODQGGDVVLFKDEZlUWVXQGQDFK:HVWHQKLQ]RJ:lKUHQG VLHJLQJHQVRUDVFKZLHGLH+REELWVNRQQWHQXQWHUKLHOWHQVLHVLFKOHLVH ª,FKKDEHXQVHUH8QWHUKDOWXQJDEJHEURFKHQ©VDJWH)DUDPLUªXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
]ZDUQLFKWQXUZHLOGLH=HLWGUlQJWHZRUDQPLFK0HLVWHU6DPZHLVHULQ QHUWHVRQGHUQDXFKGHVKDOEZHLOZLUDXI'LQJHNDPHQGLHEHVVHUQLFKW RIIHQYRUYLHOHQ0HQVFKHQHU|UWHUWZHUGHQ$XVGLHVHP*UXQGHZDQGWH LFKPLFKOLHEHUGHU$QJHOHJHQKHLWPHLQHV%UXGHUV]XXQGOLH,VLOGXUV )OXFK EHLVHLWH,KUZDUWQLFKWY|OOLJDXIULFKWLJPLWPLU)URGR© ª,FKKDEHQLFKWJHORJHQXQGYRQGHU:DKUKHLWDOOHVJHVDJWZDVLFK NRQQWH©HUZLGHUWH)URGR ª,FKPDFKH(XFKNHLQHQ9RUZXUI©VDJWH)DUDPLUª,KUVSUDFKWJH ZDQGWLQHLQHUVFKZLHULJHQ/DJHXQGNOXJZLHPLUVFKLHQ$EHULFKHU IXKURGHUHUULHWPHKUYRQ(XFKDOV(XUH:RUWHVDJWHQ,KUZDUW%RURPLU QLFKWIUHXQGOLFKJHVLQQWRGHUWUHQQWHW(XFKQLFKWLQ)UHXQGVFKDIW,KUXQG DXFK0HLVWHU6DPZHLVKHJWHWLUJHQGHLQHQ*UROO1XQLFKOLHEWHLKQVHKU XQGZUGHVHLQHQ7RGJHUQUlFKHQGHQQRFKNDQQWHLFKLKQJXW,VLOGXUV IOXFK² LFKZUGHPXWPDHQGD,VLOGXUV)OXFK ]ZLVFKHQ(XFKVWDQG XQGGHU$QOD]XP+DGHULQ(XUHU*HPHLQVFKDIWZDU*HZLKDQGHOWHV VLFKGDEHLXPHLQZLFKWLJHV(UEVWFNLUJHQGHLQHU$UWXQGGHUOHL'LQJH VWLIWHQNHLQHQ)ULHGHQXQWHU9HUEQGHWHQQLFKWZHQQDXVDOWHQ(U]lKOXQ JHQHWZDVJHOHUQWZHUGHQNDQQ7UHIIHLFKQLFKWIDVWLQV6FKZDU]H"© ª)DVW©VDJWH)URGRªDEHUQLFKWJDQ](VJDENHLQHQ+DGHULQXQVHUHU *HPHLQVFKDIWREZRKO=ZHLIHOEHVWDQGHQ=ZHLIHOZHOFKHQ:HJZLUYRP (P\Q0XLODXVHLQVFKODJHQVROOWHQ$EHUPDJGDVVHLQZLHLKPZROOH DOWH(U]lKOXQJHQOHKUHQXQVDXFKGLH*HIDKUXQEHVRQQHQHU:RUWHEHU VROFKH'LQJHZLH² (UEVWFNH© ª$KGDQQLVWHVVRZLHLFKHVPLUGDFKWH,KUKDWWHWDOOHLQPLW%RUR PLU9HUGUX(UZROOWHGDGLHVHV'LQJQDFK0LQDV7LULWKJHEUDFKW ZHUGH2ZHKHVLVWHLQE|VHV6FKLFNVDOGDV(XFKGHU,KULKQ]XOHW]W VlKHWGLH/LSSHQYHUVFKOLHWXQGPLUYRUHQWKlOWZDVLFKHUIDKUHQ P|FKWHZDVEHZHJWHVHLQ+HU]XQGVHLQH*HGDQNHQLQVHLQHQOHW]WHQ 6WXQGHQ2EHUIHKOJLQJRGHUQLFKWGHVVHQELQLFKVLFKHUHUVWDUEJXW XQGYROOEUDFKWHHWZDV*XWHV6HLQ*HVLFKWZDUVRJDUVFK|QHUDOVLP /HEHQ $EHU)URGR LFKEHGUlQJWH(XFK]XHUVWVFKZHUZHJHQ,VLOGXUV)OXFK 9HU]HLKWPLU(VZDUXQNOXJ]XVROFKHU6WXQGHXQGDQVROFKHP2UW,FK KDWWHQLFKW=HLWJHKDEW]XP1DFKGHQNHQ:LUKDWWHQHLQHVFKZHUH 6FKODFKWJHVFKODJHQXQGHVJDEPHKUDOVJHQXJZDVPHLQHQ*HLVWEH VFKlIWLJWH'RFKZlKUHQGLFKQRFKPLW(XFKVSUDFKNDPLFKGHP=LHO QlKHUXQGVFKRGHVKDOEDEVLFKWOLFKGDQHEHQ'HQQ,KUPWZLVVHQGD YLHOHVQRFKEHZDKUWLVWYRQDOWHU.XQGHXQWHUGHQ+HUUVFKHUQGHU6WDGW ZDVLP$XVODQGQLFKWEHNDQQWLVW:LUYRQPHLQHP+DXVVWDPPHQQLFKW YRQ(OHQGLODEREZRKOGDV%OXWYRQ1~PHQRULQXQVHUHQ$GHUQIOLHW 'HQQXQVHUH/LQLHJHKW]XUFNDXI0DUGLOGHQJXWHQ7UXFKVHGHUDQ GHV.|QLJV6WDWWKHUUVFKWHDOVGHU.|QLJLQGHQ.ULHJ]RJ8QGGDVZDU .|QLJ(lUQXUGHUOHW]WHGHU/LQLHYRQ$QiULRQXQGHUZDUNLQGHUORVXQG NHKUWHQLFKW]XUFN8QGGLH7UXFKVHVVHKDEHQVHLWMHQHP7DJLQGHU 6WDGWJHKHUUVFKWREZRKOHVYRUYLHOHQ0HQVFKHQDOWHUQZDU 8QGGDUDQHULQQHUHLFKPLFKYRQ%RURPLUDOVHUHLQ.QDEHZDUXQGZLU ]XVDPPHQGLH9HUJDQJHQKHLWXQVHUHU9RUIDKUHQXQGGLH*HVFKLFKWHXQVH UHU6WDGWOHUQWHQGDHVLKPLPPHUPLILHOGDVHLQ9DWHUNHLQ.|QLJZDU L !:LHYLHOHKXQGHUW-DKUHEUDXFKWHVELVHLQ7UXFKVH.|QLJZLUGZHQQ GHU.|QLJQLFKW]XUFNNHKUW"IUDJWHHU !:HQLJH-DKUHYLHOOHLFKWDQDQGH 5HL$QJHON#KWWSFRODHERRN]IELGH
UHQ2UWHQPLWHLQHUJHULQJHUHQ.|QLJVZUGHDQWZRUWHWHPHLQ9DWHU!,Q *RQGRUZUGHQ]HKQWDXVHQG-DKUHQLFKWUHLFKHQ2ZHKGHUDUPH%RUR PLU9HUUlW(XFKGDVQLFKWHWZDVEHULKQ"© ª2MD©VDJWH)URGRª'HQQRFKEHKDQGHOWHHU$UDJRUQLPPHUPLW(KU HUELHWXQJ© ª'DUDQ]ZHLIOHLFKQLFKW©VDJWH)DUDPLUª:HQQHUEHU]HXJWZDUYRQ $UDJRUQV$QVSUXFKZLH,KUVDJWGDQQYHUHKUWHHULKQJHZLVHKU $EHUGHU(UQVWIDOOZDUQRFKQLFKWHLQJHWUHWHQ1RFKZDUHQVLHQLFKWQDFK 0LQDV7LULWKJHNRPPHQRGHU1HEHQEXKOHULQGHQ.ULHJHQYRQ0LQDV 7LULWKJHZRUGHQ 'RFKVFKZHLIHLFKDE:LULP+DXVHYRQ'HQHWKRUEHVLW]HQYLHODOWHV :LVVHQDXVODQJHUhEHUOLHIHUXQJXQGYLHOH'LQJHVLQGEHUGLHVLQXQVH UHQ6FKDW]NDPPHUQDXIEHZDKUW%FKHUXQG7DIHOQDXIYHUJLOEWHV3HUJD PHQWJHVFKULHEHQMDVRJDUDXI6WHLQXQGDXI%OlWWHUQYRQ*ROGXQG6LO EHULQYHUVFKLHGHQHU6FKULIW0DQFKHNDQQKHXWHQLHPDQGPHKUOHVHQ XQGLPEULJHQVFKODJHQQXUZHQLJHVLHMHPDOVDXI,FKYHUPDJHLQZHQLJ GDULQ]XOHVHQGHQQLFKKDEH8QWHUULFKWJHKDEW:HJHQGLHVHU$XI]HLFK QXQJHQNDPGHU*UDXH3LOJHU]XXQV,FKVDKLKQ]XHUVWDOVLFKHLQ.LQG ZDUXQGVHLWGHPLVWHU]ZHL RGHUGUHLPDOGDJHZHVHQ© ª'HU*UDXH3LOJHU"©IUDJWH)URGRª+DWWHHUHLQHQ1DPHQ"© ª0LWKUDQGLUQDQQWHQZLULKQQDFK(OEHQDUW©VDJWH)DUDPLUªXQGHU ZDUHV]XIULHGHQ9LHOH1DPHQKDEHLFKLQYLHOHQ/lQGHUQ VDJWHHU 0LWKUDQGLUKHLHLFKEHLGHQ(OEHQ7KDUNQEHLGHQ=ZHUJHQ2OyULQ ZDULFKLQPHLQHU-XJHQGLP:HVWHQGHUYHUJHVVHQLVWLP6GHQ,QFi QXVLP1RUGHQ*DQGDOILQGHQ2VWHQJHKHLFKQLFKW © ª*DQGDOI©VDJWH)URGRª,FKGDFKWHPLUVFKRQGDHUHVVHL*DQGDOI GHU*UDXHGHUWHXHUVWHDOOHU5DWJHEHU'HU)KUHUXQVHUHU*HPHLQVFKDIW (ULVWLQ0RULDXPJHNRPPHQ© ª0LWKUDQGLULVWXPJHNRPPHQ©VDJWH)DUDPLUª(LQE|VHV6FKLFNVDO VFKHLQW(XUH*HPHLQVFKDIWYHUIROJW]XKDEHQ(VLVWZDKUOLFKVFKZHU]X JODXEHQGDHLQHUPLWVRYLHO:HLVKHLWXQG0DFKW² GHQQYLHOHZXQGHU YROOH'LQJHKDWHUXQWHUXQVJHWDQ² VWHUEHQXQGVRYLHO:LVVHQGHU:HOW YHUORUHQJHKHQVROO6HLG,KUGHVVHQVLFKHUXQGKDWHU(XFKQLFKWHLQIDFK YHUODVVHQXQGLVWGRUWKLQJHJDQJHQZRKLQHUZROOWH"© ª/HLGHUQHLQ©VDJWH)URGRª,FKVDKLKQLQGHQ$EJUXQGVWU]HQ© ª,FKEHJUHLIHGDHVGDEHLLUJHQGHLQHJURH*HVFKLFKWHGHV 6FKUHFNHQV JLEW©VDJWH)DUDPLUªGLH,KUPLUYLHOOHLFKWGHV$EHQGVHU]lKOW'LHVHU 0LWKUDQGLUZDUZLHLFKMHW]WYHUPXWHPHKUDOVHLQ*HOHKUWHUHLQJURHU 8UKHEHUYRQ7DWHQGLHLQXQVHUHU=HLWJHVFKHKHQ+lWWHHUXQWHUXQVJH ZHLOWXPXQVEHUGLHVFKZLHULJHQ:RUWHXQVHUHV7UDXPV]XEHUDWHQ GDQQKlWWHHUVLHXQVHUNOlUHQN|QQHQRKQHGDHVQ|WLJJHZHVHQZl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
K|UHQREZRKOZLUEHULKQZHQLJHU]XHU]lKOHQKDWWHQGHQQQLFKWV*H QDXHVZDUMHPDOVEHLXQVEHNDQQWEHUVHLQ(QGH© -HW]WVHQNWH)DUDPLUVHLQH6WLPPH]XHLQHP)OVWHUQª$EHUVRYLHOHU IXKURGHUHUULHWLFKXQGKDEHHVVHLWGHPLPPHULQPHLQHP+HU]HQJH KHLPJHKDOWHQ GD,VLOGXUHWZDVYRQGHU+DQGGHV8QJHQDQQWHQQDKP HKHHUYRQ*RQGRUIRUWJLQJXQGQLHPDOVZLHGHUXQWHUVWHUEOLFKHQ0HQ VFKHQJHVHKHQZXUGH+LHUJODXEHLFKODJGLH$QWZRUWDXI0LWKUDQ GLUV)UDJHQ$EHUHVVFKLHQGDPDOVHLQH)UDJH]XVHLQGLHQXUMHQH HWZDVDQJLQJGLHQDFK*HOHKUVDPNHLWGHUDOWHQ=HLWWUDFKWHWHQ$XFKDOV GLHUlWVHOKDIWHQ:RUWHXQVHUHV7UDXPVXQWHUXQVHU|UWHUWZXUGHQGDFKWH LFKQLFKWGDUDQGD,VLOGXUV)OXFK GDVVHOEHVHLQN|QQWH'HQQ,VLOGXU ZXUGHDXVGHP+LQWHUKDOWEHUIDOOHQXQGYRQ2UNSIHLOHQJHW|WHWZLHGLH HLQ]LJH6DJHEHULFKWHWGLHZLUNDQQWHQXQG0LWKUDQGLUKDWPLUQLHPHKU JHVDJW :DVGLHVHV'LQJLQ:LUNOLFKNHLWLVWYHUPDJLFKQLFKW]XHUUDWHQDEHU LUJHQGHLQPDFKWYROOHVXQGJHIlKUOLFKHV(UEVWFNPXHVVHLQ(LQHJUDX VDPH:DIIHYLHOOHLFKWYRP'XQNOHQ+HUUVFKHUHUVRQQHQ:HQQHVHLQ 'LQJZlUHGDV9RUWHLOLQGHU6FKODFKWJHZlKUWGDQQZLOOLFKZRKOJODX EHQGD%RURPLUGHU6WRO]HXQG)XUFKWORVHRIWXQEHVRQQHQLPPHUEH VRUJWXPGHQ6LHJYRQ0LQDV7LULWKXQGVHLQHQHLJHQHQ5XKPGDEHL HLQVROFKHV'LQJEHJHKUHQXQGYRQLKPYHUORFNWZHUGHQN|QQWH$FK GDHUMHGLHVHQ$XIWUDJHUKLHOW,FKKlWWHGD]XHUZlKOWZHUGHQVROOHQ YRQPHLQHP9DWHUXQGGHP5DWGHU$OWHQDEHUHUGUlQJWHVLFKYRUGDHU GHUbOWHUHXQG.KQHUHZDUZDVEHLGHVVWLPPW XQGHUOLHVLFKQLFKW ]XUFNKDOWHQ $EHUIUFKWHGLFKQLFKWPHKU,FKZUGHGLHVHV'LQJQLFKWQHKPHQ XQGZHQQLFKHVDXIGHU6WUDHIlQGH1LFKWZHQQ0LQDV7LULWKLQ6FKXWW XQG$VFKHILHOHXQGLFKDOOHLQGLH6WDGWGDGXUFKUHWWHQN|QQWHGDLFK GLH:DIIHGHV'XQNOHQ+HUUVFKHUV]XLKUHP:RKOXQGPHLQHP5XKP YHUZHQGH1HLQLFKWUDJHNHLQ9HUODQJHQQDFKVROFKHQ6LHJHQ)URGR 'URJRV6RKQ© ª8QGGHU5DWDXFKQLFKW©VDJWH)URGRª8QGLFKHEHQIDOOVQLFKW,FK P|FKWHQLFKWV]XWXQKDEHQPLWGHUOHL'LQJHQ© ª:DVPLFKEHWULIIW©VDJWH)DUDPLUªLFKP|FKWHGHQ:HLHQ%DXP ZLHGHULQ%OWHVHKHQLQGHQ+|IHQGHU.|QLJHXQGGDGLH6LOEHUQH .URQH]XUFNNHKUHXQG0LQDV7LULWK)ULHGHQKDEHGDHVZLHGHUGDV 0LQDV$QRUYRQHLQVWVHLYROOYRQ/LFKWHUKDEHQXQGOLHEOLFKVFK|QZLH HLQH.|QLJLQXQWHUDQGHUHQ.|QLJLQQHQQLFKWHLQH*HELHWHULQEHUYLHOH +|ULJHQHLQQLFKWHLQPDOHLQHJWLJH+HUULQZLOOLJHU+|ULJHU.ULHJPX VHLQVRODQJHZLUXQVHU/HEHQYHUWHLGLJHQJHJHQHLQHQ=HUVW|UHUGHUVRQVW XQVDOOHYHUVFKOLQJHQZUGHDEHUGDVEODQNH6FKZHUWOLHEHLFKQLFKWXP VHLQHU6FKlUIHZLOOHQGHQ3IHLOQLFKWXPVHLQHU6FKQHOOLJNHLWZLOOHQGHQ .ULHJHUQLFKWXPVHLQHV5XKPHVZLOOHQ,FKOLHEHQXUGDVZDVVLHYHUWHL GLJHQGLH6WDGWGHU0HQVFKHQYRQ1~PHQRUXQGLFKP|FKWHGDVLHJH OLHEWZHUGHZHJHQLKUHU(ULQQHUXQJVNUDIWLKUHV$OWHUVLKUHU6FK|QKHLW XQGMHW]LJHQ:HLVKHLW1LFKWJHIUFKWHWVROOVLHZHUGHQHVVHLGHQQVR ZLH0HQVFKHQGLH:UGHHLQHVDOWHQXQGZHLVHQ0DQQHVIUFKWHQ $OVR IUFKWHW(XFKQLFKWYRUPLU,FKYHUODQJHQLFKWGD,KUPLUPHKU VDJW,FKYHUODQJHQLFKWHLQPDOGD,KUPLUVDJWRELFKMHW]WPHKULQV 6FKZDU]HWUHIIH$EHUZHQQ,KUPLUYHUWUDXHQZROOWGDQQNDQQLFK(XFK YLHOOHLFKWEHL(XUHUMHW]LJHQ$XIJDEHZDVLPPHUVLHVHLQPDJ5DWHUWHL 5HL$QJHON#KWWSFRODHERRN]IELGH
OHQXQGYLHOOHLFKW+LOIHJHZlKUHQ© )URGRDQWZRUWHWHQLFKW)DVWKlWWHHUGHP9HUODQJHQQDFK+LOIHXQG 5DWXQGGHP:XQVFKQDFKJHJHEHQGLHVHPHUQVWHQMXQJHQ0DQQGHVVHQ :RUWHNOXJXQGHKUOLFKNODQJHQDOOHV]XVDJHQZDVLKQEHZHJWH$EHU LUJHQGHWZDVKLHOWLKQ]XUFN6HLQ+HU]ZDUEHGUFNWYRQ)XUFKWXQG 6RUJHZHQQHUXQG6DPZLHHVIDVWVFKLHQDOOHLQYRQGHQ1HXQ:DQGH UHUQEULJJHEOLHEHQZDUHQGDQQZDUHQVLHGLHHLQ]LJHQGLHQRFKGDV*H KHLPQLVLKUHV$XIWUDJVNDQQWHQ%HVVHUXQYHUGLHQWHV0LWUDXHQDOVXQ EHVRQQHQH:RUWH8QGGLH(ULQQHUXQJDQ%RURPLUDQGLHHQWVHW]OLFKH 9HUlQGHUXQJGLHGLH9HUORFNXQJGHV5LQJHVEHLLKPEHZLUNWKDWWHZDU LKPVHKUJHJHQZlUWLJZHQQHU)DUDPLUDQVFKDXWHXQGVHLQHU6WLPPH ODXVFKWHXQlKQOLFKZDUHQVLHHLQDQGHUXQGGRFKDXFKQDKYHUZDQGW 6LHZDQGHUWHQHLQH:HLOHVFKZHLJHQG]RJHQZLHJUDXHXQGJUQH 6FKDWWHQXQWHUGHQDOWHQ%lXPHQGDKLQXQGLKUH)HPDFKWHQNHLQ*H UlXVFKEHULKQHQVDQJHQYLHOH9|JHOXQGGLH6RQQHJOLW]HUWHDXI GHP EODQNHQ'DFKDXVGXQNOHQ=ZHLJHQLQGHQLPPHUJUQHQ:lOGHUQYRQ ,WKLOLHQ 6DPKDWWHVLFKDQGHU8QWHUKDOWXQJQLFKWEHWHLOLJWREZRKOHU]XJHK|UW KDWWHXQGJOHLFK]HLWLJKDWWHHUPLWVHLQHQVFKDUIHQ+REELW2KUHQDXIDOOH OHLVHQ:DOGJHUlXVFKHULQJVXPJHDFKWHW(WZDVZDULKPDXIJHIDOOHQGD LQGHPJDQ]HQ*HVSUlFK*ROOXPV1DPHNHLQHLQ]LJHV0DOYRUJHNRPPHQ ZDU(UZDUIURKGDUEHUREJOHLFKHUGDV*HIKOKDWWHHUN|QQHZRKO NDXPGDUDXIKRIIHQGHQ1DPHQQLHZLHGHU]XK|UHQ%DOGPHUNWHHU DXFKGDVLH]ZDUIUVLFKJLQJHQDEHUGRFKYLHOH0HQVFKHQLQGHU1lKH ZDUHQQLFKWQXU'DPURGXQG0DKOXQJKXVFKWHQYRULKQHQLQGLH6FKDW WHQXQGZLHGHUKLQDXVVRQGHUQDXFKDQGHUHDQEHLGHQ6HLWHQDOOHZDUHQ UDVFKXQGKHLPOLFKDXIGHP:HJ]XLUJHQGHLQHPEHVWLPPWHQ2UW (LQPDODOVHUSO|W]OLFK]XUFNVFKDXWHDOVREHLQ.ULEEHOQGHU+DXW LKPYHUULHWHGDHUYRQKLQWHQEHREDFKWHWZHUGHJODXEWHHUNXU]HLQH NOHLQHGXQNOH*HVWDOW]XVHKHQGLHKLQWHUHLQHQ%DXPVWDPPVFKOSIWH(U PDFKWHVFKRQGHQ0XQGDXIXPHWZDV]XVDJHQGDQQVFKORHULKQZLH GHUª,FKELQQLFKWVLFKHU©VDJWHHU]XVLFKªXQGZDUXPVROOLFKVLHDQ GHQDOWHQ%|VHZLFKWHULQQHUQZHQQVLHLKQYHUJHVVHQKDEHQ",FK ZQVFKWHLFKN|QQWHHV© 6RJLQJHQVLHZHLWHUELVGHU:DOGOLFKWHUZXUGHXQGGDV/DQGVWHLODE ]XIDOOHQEHJDQQ'DQQZDQGWHQVLHVLFKZLHGHUQDFKUHFKWVXQGNDPHQ EDOG]XHLQHPNOHLQHQ)OXLQHLQHUHQJHQ6FKOXFKWHVZDUGHUVHOEH%DFK GHUZHLWREHUKDOEDXVGHPUXQGHQ7HLFKKHUDXVJHWU|SIHOWZDUMHW]W ZDUHU]XHLQHPUHLHQGHQ:LOGEDFK JHZRUGHQXQGVSUDQJEHUYLHOH 6WHLQHLQHLQHPWLHIHLQJHJUDEHQHQ%HWWGDVPLW6WHFKSDOPHQXQG%XFKV EDXPEHUZDFKVHQZDU$OVVLHQDFK:HVWHQVFKDXWHQVDKHQVLHXQWHU VLFKLQKHOOHP'XQVW7LHIODQGXQGDXVJHGHKQWH:LHVHQXQGIHUQLQGHU XQWHUJHKHQGHQ6RQQHJOLW]HUWHQGLHEUHLWHQ*HZlVVHUGHV$QGXLQ ª+LHUPXLFK(XFKOHLGHUHLQH8QK|IOLFKNHLWDQWXQ©VDJWH)DUDPLU ª,FKKRIIH,KUZHUGHWHVHLQHPYHU]HLKHQGHUELVKHUEHLVHLQHQ%HIHKOHQ +|IOLFKNHLWZDOWHQXQG(XFKZHGHUHUVFKODJHQQRFKIHVVHOQOLH$EHUHV LVWHLQH9RUVFKULIWGDNHLQ)UHPGHUQLFKWHLQPDOHLQHUDXV5RKDQGDV PLWXQVNlPSIWPLWRIIHQHQ$XJHQGHQ:HJVHKHQVROOGHQZLUMHW]WJH KHQ,FKPX(XFKGLH$XJHQYHUELQGHQ© ª:LH,KUZROOW©VDJWH)URGRª6HOEVWGLH(OEHQWXQHVQRWIDOOVXQGPLW YHUEXQGHQHQ$XJHQKDEHQZLUGLH*UHQ]HQGHVVFK|QHQ/RWKOyULHQEHU 5HL$QJHON#KWWSFRODHERRN]IELGH
VFKULWWHQ*LPOLGHU=ZHUJQDKPHVEHODEHUGLH+REELWVHUWUXJHQHV© ª(VLVWNHLQVRVFK|QHU2UW]XGHPLFK(XFKIKUHQZHUGH©VDJWH)DUD PLUª$EHULFKELQIURKGD,KUHVZLOOLJXQGQLFKWHU]ZXQJHQDXI(XFK QHKPW© /HLVHULHIHUXQGVRIRUWWUDWHQ0DKOXQJXQG'DPURGDXVGHQ%lXPHQ KHUYRUXQGNDPHQ]XLKP]XUFNª9HUELQGHWGLHVHQ*lVWHQGLH$XJHQ© VDJWH)DUDPLUª)HVWDEHUVRGDHVLKQHQNHLQ8QEHKDJHQYHUXUVDFKW 'LH+lQGHIHVVHOWLKQHQQLFKW6LHZHUGHQLKU:RUWJHEHQGDVLHQLFKW ]XVHKHQYHUVXFKHQ,FKN|QQWHLKQHQYHUWUDXHQGDVLHIUHLZLOOLJGLH $XJHQVFKOLHHQDEHU$XJHQZHUGHQ]ZLQNHUQZHQQ)HVWROSHUQ )KUWVLHVRGDVLHQLFKWVWUDXFKHOQ© 0LWJUQHQ6FKlUSHQYHUEDQGHQGLH:lFKWHUGHQ+REELWVQXQGLH $XJHQXQG]RJHQLKQHQGLH.DSX]HQIDVWELVDXIGHQ0XQGKLQXQWHU GDQQHUJULIIHQVLHMHGHUHLQHQEHLGHU+DQGXQGJLQJHQZHLWHU$OOHVZDV )URGRXQG6DPYRQGLHVHUOHW]WHQ0HLOHGHV:HJHVZXWHQHUULHWHQVLH LP'XQNHOQ1DFKHLQHUNOHLQHQ:HLOHPHUNWHQVLHGDVLHDXIHLQHP VWDUNDEVFKVVLJHQ3IDGZDUHQEDOGZXUGHHUVRVFKPDOGDVLHKLQWHU HLQDQGHUJHKHQPXWHQXQGDXIEHLGHQ6HLWHQHLQHVWHLQLJH:DQGVWUHLI WHQLKUH:lFKWHUOHLWHWHQVLHYRQKLQWHQLQGHPVLHGLH+lQGHIHVWDXI LKUH6FKXOWHUQOHJWHQ'DQQXQGZDQQNDPHQVLHDQUDXKH6WHOOHQXQG ZXUGHQHLQH:HLOHKRFKJHKREHQXQGGDQQZLHGHUDEJHVHW]W,PPHUZDU GDV*HUlXVFKGHVIOLHHQGHQ:DVVHUV]XLKUHU5HFKWHQXQGHVNDPQlKHU XQGZXUGHODXWHU6FKOLHOLFKZXUGHQVLHDQJHKDOWHQ5DVFKGUHKWHQ0DK OXQJXQG'DPURGVLHPHKUPDOVVRGDVLHMHGHV5LFKWXQJVJHIKOYHUOR UHQ6LHVWLHJHQHLQZHQLJDXIZlUWVHVNDPLKQHQNDOWYRUXQGGDV5DX VFKHQGHV%DFKVZDUOHLVHUJHZRUGHQ'DQQZXUGHQVLHDXIJHKREHQXQG KLQXQWHUJHWUDJHQYLHOH6WXIHQKLQXQWHUXQGXPHLQH(FNH3O|W]OLFKK|U WHQVLHGDV:DVVHUZLHGHUODXWMHW]WUDXVFKHQGXQGSOlWVFKHUQG(V VFKLHQULQJVXPVLH]XVHLQXQGVLHVSUWHQHLQHQIHLQHQ5HJHQDXI+lQ GHQXQG:DQJHQ6FKOLHOLFKZXUGHQVLHZLHGHUDXIGLH)HJHVWHOOW (LQHQ$XJHQEOLFNVWDQGHQVLHVRKDOElQJVWOLFKPLWYHUEXQGHQHQ $XJHQXQGZXWHQQLFKWZRVLHZDUHQXQGQLHPDQGVSUDFK 'DQQK|UWHQVLH)DUDPLUKLQWHUVLFKª/DWVLHVHKHQ©VDJWHHU'LH 6FKlUSHQZXUGHQLKQHQDEJHQRPPHQXQGGLH.DSX]HQ]XUFNJH]RJHQ XQGVLHEOLQ]HOWHQXQGUDQJHQQDFK/XIW 6LHVWDQGHQDXIHLQHPQDVVHQ%RGHQDXVJHJOlWWHWHP6WHLQVR]XVDJHQ GHU6FKZHOOH]XHLQHPURKEHKDXHQHQ)HOVHQWRUGDVVLFKKLQWHULKQHQ|II QHWH$EHUYRULKQHQKLQJHLQGQQHU6FKOHLHUDXV:DVVHUVRQDKGD )URGRLKQPLWDXVJHVWUHFNWHP$UPKlWWHHUUHLFKHQN|QQHQ(UEOLFNWH QDFK:HVWHQ'LHZDDJHUHFKWHQ6WUDKOHQGHUXQWHUJHKHQGHQ6RQQHWUDIHQ DXILKQXQGGDVURWH/LFKWEUDFKVLFKLQYLHOHIODFNHUQGH6WUDKOHQYRQ VWlQGLJZHFKVHOQGHU)DUEH(VZDUDOVVWQGHQVLHDP)HQVWHULUJHQGHLQHV (OEHQWXUPVPLWHLQHP9RUKDQJDXVDXIJHIlGHOWHP*HVFKPHLGHDXV6LOEHU XQG*ROGXQG5XELQHQ6DSKLUHQXQG$PHWK\VWHQEHOHXFKWHWYRQHLQHP QLFKWYHU]HKUHQGHQ)HXHU ª:HQLJVWHQVVLQGZLUGXUFKHLQHQJOFNOLFKHQ=XIDOOLQGHUULFKWLJHQ 6WXQGHJHNRPPHQXP(XFKIU(XUH*HGXOG]XEHORKQHQ©VDJWH)DUD PLUª'LHVLVWGDV)HQVWHUGHV6RQQHQXQWHUJDQJV+HQQHWK$QQQGHV VFK|QVWHQDOOHU:DVVHUIlOOHLQ,WKLOLHQGHP/DQGYLHOHU4XHOOHQ:HQLJH )UHPGHKDEHQHVMHJHVHKHQ$EHUHVOLHJWNHLQHN|QLJOLFKH+DOOHKLQWHU LKPGLHLKPHQWVSUlFKH7UHWHWQXQHLQXQGVFKDXW© 5HL$QJHON#KWWSFRODHERRN]IELGH
:lKUHQGHUQRFKVSUDFKYHUVDQNGLH6RQQHXQGGDV)HXHUYHUEODWHLQ GHPIOLHHQGHQ:DVVHU6LHZDQGWHQVLFKXPXQGJLQJHQXQWHUGHPQLHG ULJHQEHGURKOLFKHQ7RUERJHQKLQGXUFK*OHLFKZDUHQVLHLQHLQHU)HOVHQ NDPPHUZHLWXQGURKPLWHLQHPXQJOHLFKPlLJJHQHLJWHQ'DFK(LQ SDDU)DFNHOQZDUHQDQJH]QGHWXQGZDUIHQHLQGVWHUHV/LFKWDXIGLH JOHLHQGHQ:lQGH9LHOH0HQVFKHQZDUHQVFKRQGD $QGHUHNDPHQ LPPHUQRFK]X]ZHLWXQG]XGULWWGXUFKHLQHGXQNOHVFKPDOH7UDQ HLQHU6HLWH$OVLKUH$XJHQVLFKDQGLH'XQNHOKHLWJHZ|KQWKDWWHQ VDKHQGLH+REELWVGDGLH+|KOHJU|HUZDUDOVVLHYHUPXWHWKDWWHQXQG JHZDOWLJH9RUUlWHDQ:DIIHQXQG/HEHQVPLWWHOQEDUJ ª-DGDVLVWXQVHUH=XIOXFKWVWlWWH©VDJWH)DUDPLUª.HLQVHKUEHKDJ OLFKHU2UWDEHUKLHUN|QQW,KUGLH1DFKWLQ)ULHGHQYHUEULQJHQ:HQLJ VWHQVLVWHVWURFNHQXQGHVJLEWHWZDV]XHVVHQZHQQDXFKNHLQ)HXHU )UKHUIORGDV:DVVHUGXUFKGLHVH+|KOHXQGGXUFKGHQ7RUERJHQKLQ DXVDEHUZHLWHUREHQLQGHU6FKOXFKWKDWWHQHLQVWJHVFKLFNWH+DQGZHUNHU VHLQHQ/DXIYHUlQGHUWXQGGHU%DFKZXUGHJDQ]REHQPLWHLQHPGRSSHOW KRKHQ*HIlOOHEHUGLH)HOVHQJHOHLWHW$OOH=XJlQJH]XGLHVHU*URWWH ZXUGHQGDPDOVJHJHQGDV(LQGULQJHQYRQ:DVVHUXQGDOOHPDQGHUHQJH VLFKHUWPLW$XVQDKPHYRQHLQHP-HW]WJLEWHVQXU]ZHL:HJHQDFK GUDXHQGHU'XUFKJDQJGRUWGUEHQGXUFKGHQ,KUPLWYHUEXQGHQHQ $XJHQNDPWXQGGXUFKGHQ)HQVWHUYRUKDQJLQHLQWLHIHV %HFNHQYROO VWHLQHUQHU'ROFKH1XQUXKWHLQH:HLOHELVGLH$EHQGPDKO]HLWDQJHULFK WHWLVW© ,QHLQHP:LQNHOZXUGHGHQ+REELWVHLQQLHGULJHV%HWWDQJHZLHVHQDXI GDVVLHVLFKOHJHQNRQQWHQZHQQVLHZROOWHQ'LH0HQVFKHQPDFKWHQVLFK GHUZHLOOHLVHXQGPLWUXKLJHU(LOIHUWLJNHLWLQGHU+|KOH]XVFKDIIHQ /HLFKWH7LVFKHGLHDQGHQ:lQGHQJHOHKQWKDWWHQZXUGHQDXI%|FNHJH VHW]WXQG*HVFKLUUGDUDXIJHVWHOOW'DV*HVFKLUUZDUHLQIDFKXQGJU|WHQ WHLOVXQYHU]LHUWDEHUYRQJXWHUXQGVFK|QHU0DFKDUWUXQGH3ODWWHQ 6FKVVHOQXQG7HOOHUDXVEUDXQHPJODVLHUWHP7RQRGHUJHGUHFKVHOWHP %XFKVEDXPKRO]JODWWXQGVDXEHU+LHUXQGGRUWVWDQGHLQ%HFKHURGHU HLQH6FKDOHDXV%URQ]HXQGHLQ+XPSHQDXVJODWWHP6LOEHUZXUGHYRU GHQ3ODW]GHV+HHUPHLVWHUVLQGHU0LWWHGHV LQQHUVWHQ7LVFKHVJHVWHOOW )DUDPLUJLQJ]ZLVFKHQGHQ/HXWHQDXIXQGDEXQGEHIUDJWHMHGHQGHU KHUHLQNDPPLWOHLVHU6WLPPH0DQFKHNDPHQ]XUFNYRQGHU9HUIROJXQJ GHU6GOlQGHUDQGHUHGLHDOV6SlKHULQGHU1lKHGHU6WUDH]XUFNJHODV VHQZRUGHQZDUHQNDPHQDOVOHW]WH$OOH6GOlQGHUZDUHQJHW|WHWZRU GHQPLW$XVQDKPHGHVJURHQ0XPDNZDVDXVLKPJHZRUGHQZDU NRQQWHNHLQHUVDJHQ.HLQHUOHL%HZHJXQJHQGHV)HLQGHVZDUHQ]XVHKHQ JHZHVHQQLFKWHLQPDOHLQ2UN6SlKHUZDUXQWHUZHJV ª'XKDVWQLFKWVJHVHKHQXQGJHK|UW$QERUQ"©IUDJWH)DUDPLUGHQMHQL JHQGHUDOVOHW]WHUNDP ª1HLQ+HUU©VDJWHGHU0DQQª:HQLJVWHQVNHLQHQ2UN$EHULFKVDK HWZDVGDVHLQZHQLJVHOWVDPZDURGHUJODXEWHHV]XVHKHQ(VZXUGH VFKRQVHKUGXQNHOXQGGDQQPDFKHQGLH$XJHQ GLH'LQJHJU|HUDOVVLH VHLQVROOWHQ$OVRYLHOOHLFKWZDUHVQLFKWPHKUDOVHLQ(LFKK|UQFKHQ© 6DPVSLW]WHGLH2KUHQDOVHUGDVK|UWHª:HQQHVHLQVZDUGDQQMHGHQ IDOOVHLQVFKZDU]HV(LFKK|UQFKHQXQGLFKVDKNHLQHQ6FKZDQ](VZDU ZLHHLQ6FKDWWHQDXIGHP%RGHQXQGHVKXVFKWHKLQWHUHLQHQ%DXP VWDPPDOVLFKQlKHUNDPXQGNOHWWHUWHVRVFKQHOOKLQDXIZLHHVQXUHLQ (LFKK|UQFKHQN|QQWH,KUZROOWMDQLFKWGDZLUZLOGH7LHUHRKQH*UXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
HUVFKODJHQXQGHVVFKLHQQLFKWPHKU]XVHLQGHVKDOEYHUVXFKWHLFKHV QLFKWPLWHLQHP3IHLO(VZDUVRZLHVR]XGXQNHOIUHLQHQVLFKHUHQ6FKX XQGGDV*HVFK|SIZDULP+DQGXPGUHKHQLQGHU)LQVWHUQLVGHU%OlWWHU YHUVFKZXQGHQ$EHULFKEOLHEHLQH:HLOHVWHKHQGHQQHVNDPPLUVHOW VDPYRUXQGGDQQHLOWHLFKKLHUKHU ,FKJODXEWH]XK|UHQGDGDV*H VFK|SIPLFKYRQREHQDQ]LVFKWHDOVLFKZHLWHUJLQJ(LQJURHV(LFKK|UQ FKHQYLHOOHLFKW0DJVHLQGDXQWHUGHP6FKDWWHQGHV8QJHQDQQWHQ HLQLJH7LHUHYRQ'VWHUZDOGKLHUKHULQXQVHUH:lOGHUZDQGHUQ'RUWJLEW HVVFKZDU]H(LFKK|UQFKHQZLHHVKHLW© ª9LHOOHLFKW©VDJWH)DUDPLUª$EHUGDVZlUHHLQE|VHV9RU]HLFKHQ ZHQQHVVRZlUH:LUZROOHQQLFKWGLHDXVGHP'VWHUZDOG(QWNRPPH QHQLQ,WKLOLHQKDEHQ©6DPELOGHWHVLFKHLQGDHUHLQHQUDVFKHQ%OLFN DXIGLH+REELWVZDUIDOVHUVSUDFKDEHU6DPVDJWHQLFKWV(LQH:HLOH ODJHQHUXQG)URGRDXIGHP5FNHQXQGEHREDFKWHWHQGLH)DFNHOQXQGGLH 0HQVFKHQGLHKLQXQGKHUJLQJHQXQGOHLVHPLWHLQDQGHUUHGHWHQ'DQQ VFKOLHI)URGRSO|W]OLFKHLQ 6DPNlPSIWHPLWVLFKXQGHUKREDOOHP|JOLFKHQ(LQZHQGXQJHQª(U PDJJDQ]LQ2UGQXQJVHLQ©GDFKWHHUªDEHUYLHOOHLFKWDXFKQLFKW 6FK|QH5HGHQP|JHQHLQYHUGHUEWHV+HU]YHUEHUJHQ©(UJlKQWHª(LQH JDQ]H:RFKHN|QQWHLFKVFKODIHQXQGHVZUGHPLUJXWEHNRPPHQ8QG ZDVNDQQLFKWXQZHQQLFKZDFKEOHLEHLFKDOOHLQXQWHUDOOGLHVHQJURHQ 0HQVFKHQ"1LFKWV6DP*DPGVFKLHDEHUWURW]GHPPXWGXZDFKEOHL EHQ©8QGLUJHQGZLHEUDFKWHHUHVDXFKIHUWLJ'DV/LFKWYHUEODWHYRU GHU+|KOHQWUGHUJUDXH6FKOHLHUGHVKHUDEVWU]HQGHQ:DVVHUVZXUGH GVWHUXQGYHUORUVLFKLQGHQZDFKVHQGHQ6FKDWWHQ,PPHUKLHOWGDV*H UlXVFKGHV:DVVHUVDQQLHPDOVlQGHUWHHVVHLQH0HORGLHGHV0RUJHQV GHV$EHQGVRGHUGHV1DFKWV(VPXUPHOWHXQGIOVWHUWHYRQ6FKODI6DP ERKUWHVLFKGLH.Q|FKHOLQGLH$XJHQ -HW]WZXUGHQQRFKPHKU)DFNHOQDQJH]QGHW(LQ)D:HLQZXUGHDQ JHVWRFKHQ9RUUDWVIlVVHUZXUGHQJH|IIQHW'LH0HQVFKHQKROWHQ:DVVHU YRP:DVVHUIDOO(LQLJHZXVFKHQVLFKGLH+lQGHLQ%HFNHQ(LQHJURH .XSIHUVFKDOHZXUGH)DUDPLUJHEUDFKWXQGHUZXVFKVLFKDXFK ª:HFNWXQVHUH*lVWH©VDJWHHUªXQGEULQJWLKQHQ:DVVHU(VLVW (VVHQV]HLW© )URGRVHW]WHVLFKDXIJlKQWHXQGUHFNWHVLFK6DPGHUHVQLFKWJH Z|KQWZDUEHGLHQW]XZHUGHQVDKGHQJURHQ0HQVFKHQEHUUDVFKWDQ GHUVLFKEFNWHXQGLKPHLQ:DVVHUEHFNHQKLQKLHOW ª6WHOOWHVDXIGHQ%RGHQ+HUUELWWHVFK|Q©VDJWHHUª(VLVWHLQIDFKHU IUPLFKXQGIU(XFK©=XU9HUZXQGHUXQJXQG%HOXVWLJXQJGHU0HQ VFKHQWDXFKWHHUGDQQVHLQHQ.RSILQGDVNDOWH:DVVHUXQGEHQHW]WH+DOV XQG2KUHQ ª,VWHV6LWWHLQHXUHP/DQGVLFKYRUGHP$EHQGHVVHQGHQ.RSI]X ZDVFKHQ"©IUDJWHGHU0DQQGHUGLH+REELWVEHGLHQWH ª1HLQYRUGHP)UKVWFN©VDJWH6DPª$EHUZHQQPDQZHQLJJH VFKODIHQKDWLVWNDOWHV:DVVHUDXIGHP+DOVZLH5HJHQDXIHLQHPYHU ZHONWHQ6DODWNRSI6R-HW]WNDQQLFKODQJHJHQXJZDFKEOHLEHQXPHLQ ELFKHQ]XHVVHQ© 6LHZXUGHQ]X6LW]HQQHEHQ)DUDPLUJHIKUWPLW)HOOHQEHGHFNWHQ)lV VHUQGLH]XLKUHU%HTXHPOLFKNHLWK|KHUDOVGLH%lQNHGHU0HQVFKHQZD UHQ(KHVLHDHQGUHKWHQVLFK)DUDPLUXQGDOOHVHLQH0DQQHQXPXQG EOLFNWHQHLQHQ$XJHQEOLFNVFKZHLJHQGQDFK:HVWHQ)DUDPLUEHGHXWHWH 5HL$QJHON#KWWSFRODHERRN]IELGH
)URGRXQG6DPHVJOHLFKIDOOV]XWXQ ª'DVWXQZLULPPHU©VDJWHHUDOVVLHVLFKVHW]WHQª:LUEOLFNHQQDFK 1~PHQRUGDVZDUXQGMHQVHLWVGDYRQQDFK(OEHQKHLPGDVLVWXQGQDFK GHPZDVMHQVHLWVYRQ(OEHQKHLPLVWXQGLPPHUVHLQZLUG+DEW,KUNHLQH VROFKH6LWWHEHLGHQ0DKO]HLWHQ"© ª1HLQ©VDJWH)URGRXQGNDPVLFKVHOWVDPElXULVFKXQGXQHU]RJHQYRU ª$EHUZHQQZLU*lVWHVLQGYHUEHXJHQZLUXQVYRUXQVHUHP*DVWJHEHU XQGQDFKGHPZLUJHJHVVHQKDEHQVWHKHQZLUDXIXQGGDQNHQLKP© ª'DVWXQZLUDXFK©VDJWH)DUDPLU 1DFKVRODQJHQ:DQGHUXQJHQGHP/DJHUOHEHQXQGGHQLQGHUHLQVD PHQ:LOGQLVYHUEUDFKWHQ7DJHQNDPGHQ+REELWVGDV$EHQGHVVHQZLH HLQ)HVWPDKOYRUEODJHOEHQ:HLQ]XWULQNHQGHUNKOXQGZU]LJZDU XQG%URWXQG%XWWHUJHS|NHOWHV)OHLVFKXQGJHWURFNQHWH)UFKWHXQG JXWHQURKHQ.lVH]XHVVHQPLWVDXEHUHQ+lQGHQXQGVDXEHUHP%HVWHFN XQG*HVFKLUU:HGHU)URGRQRFK6DPOHKQWHQLUJHQGHWZDVDEGDVLKQHQ DQJHERWHQZXUGHXQGJULIIHQDXFKHLQ]ZHLWHVXQGVRJDUHLQGULWWHV0DO ]X'HU:HLQGXUFKVWU|PWHLKUH$GHUQXQGPGHQ*OLHGHUVLHIKOWHQ VLFKVRJOFNOLFKXQGHVZDULKQHQVROHLFKWXPV+HU]ZLHQLFKWPHKU VHLWVLHGDV/DQG/yULHQYHUODVVHQKDWWHQ 1DFKGHU0DKO]HLWIKUWH)DUDPLUVLHLQHLQHQDEJHOHJHQHQ:LQNHOLP KLQWHUHQ7HLOGHU+|KOHGHUWHLOZHLVHVRJDUGXUFK9RUKlQJHDEJHVFKLUPW ZDUHLQ6WXKOXQG]ZHL+RFNHUZXUGHQGRUWKLQJHEUDFKW(LQHNOHLQH 6WHLQJXWODPSHEUDQQWHLQHLQHU1LVFKH ª,KUZHUGHWYLHOOHLFKWEDOGGHQ:XQVFKKDEHQ]XVFKODIHQ©VDJWHHU ªXQGEHVRQGHUVGHUJXWH6DPZHLVGHUYRUGHP(VVHQQLFKWGLH$XJHQ VFKOLHHQZROOWH² REHUIUFKWHWHHLQHQSUlFKWLJHQ+XQJHUGDPLWDE]X VWXPSIHQRGHUDXV)XUFKWYRUPLUGDVZHLLFKQLFKW$EHUHVLVWQLFKW JXWJOHLFKQDFKHLQHU0DKO]HLW]XVFKODIHQYRUGHUPDQODQJHJHIDVWHW KDW:LUZROOHQXQVHLQH:HLOHXQWHUKDOWHQ$XI(XUHU:DQGHUXQJYRQ %UXFKWDOPW,KUYLHO(U]lKOHQVZHUWHVHUOHEWKDEHQ8QGDXFK,KUZUGHW YLHOOHLFKWJHUQHWZDVYRQXQVXQGGHQ/DQGHQZR,KUMHW]WVHLGHUIDKUHQ (U]lKOWPLUYRQ%RURPLUPHLQHP%UXGHUXQGYRPDOWHQ0LWKUDQGLUXQG GHPVFK|QHQ9RONYRQ/RWKOyULHQ© )URGRZDUQLFKWPHKUVFKOlIULJXQGZDUEHUHLW]XHU]lKOHQ$EHUREZRKO LKPGDV(VVHQXQGGHU:HLQGLHLQQHUH8QUXKHJHQRPPHQKDWWHQKDWWH HUGRFKQLFKWVHLQHJDQ]H9RUVLFKWHLQJHEW6DPVWUDKOWHXQGVXPPWH YRUVLFKKLQDEHUDOV)URGRUHGHWHEHJQJWHHUVLFK]XHUVWGDPLW]X]XK| UHQXQGQXUJHOHJHQWOLFKVHLQH=XVWLPPXQJ]XlXHUQ )URGRHU]lKOWHYLHOH*HVFKLFKWHQDEHULPPHUOHQNWHHUGDV*HVSUlFK YRQGHU$XIJDEHGHU*HPHLQVFKDIWXQGYRP5LQJDEXQGOLHVLFKVWDWW GHVVHQZHLWOlXILJEHUGLHWDSIHUH5ROOHDXVGLH%RURPLUEHLDOOLKUHQ $EHQWHXHUQJHVSLHOWKDWWHEHLGHQ:|OIHQLQGHU:LOGQLVLP6FKQHHXQ WHUGHP&DUDGKUDVXQGLQGHQ0LQHQYRQ0RULDZR*DQGDOIXPNDP )DUDPLUZDUVHKUEHHLQGUXFNWYRQGHU6FKLOGHUXQJGHV.DPSIHVDXIGHU %UFNH ª(VPXIU%RURPLUVHKUlUJHUOLFKJHZHVHQVHLQYRU2UNVGDYRQ]X ODXIHQ©VDJWHHUªRGHUDXFKYRUGHPJUDXVDPHQ:HVHQGDV,KUHUZlKQW KDEWGHP%DOURJ² REZRKOHUGHUOHW]WHZDUGHUJLQJ© ª(UZDUGHUOHW]WH©VDJWH)URGRªDEHU$UDJRUQPXWHXQVZHLWHU IKUHQ(UDOOHLQNDQQWHQDFK*DQGDOIV7RGGHQ:HJ$EHUKlWWHQVLH QLFKWGLH6RUJHXPXQVNOHLQHUH/HXWHJHKDEWGDQQJODXEHLFKQLFKWGD 5HL$QJHON#KWWSFRODHERRN]IELGH
HURGHU%RURPLUJHIORKHQZlUHQ© ª9LHOOHLFKWZlUHHVEHVVHUJHZHVHQZHQQ%RURPLUGRUWPLW0LWKUDQGLU XPJHNRPPHQZlUH©VDJWH)DUDPLUªXQGQLFKWGHP6FKLFNVDOHQWJHJHQ JHJDQJHQZlUHGDVLKQREHUKDOEGHU)lOOHYRQ5DXURVHUZDUWHWH© ª9LHOOHLFKW$EHUHU]lKOWPLUQXQYRQ(XUHQ6FKLFNVDOHQ©VDJWH)URGR XQGOHQNWHGDPLWZLHGHUDEª'HQQLFKZUGHJHUQPHKUYRQ0LQDV,WKLO XQG2VJLOLDWKHUIDKUHQXQG0LQDV7LULWKGHPODQJHDXVKDUUHQGHQ:HO FKH+RIIQXQJKDEW,KUIUGLHVH6WDGWLQ(XUHPODQJHQ.ULHJ"© ª:HOFKH+RIIQXQJZLUKDEHQ"©VDJWH)DUDPLUª(VLVWODQJHKHUGD ZLUQRFK+RIIQXQJKDWWHQ(OHQGLOV6FKZHUWPDJVLHZHQQHVZLUNOLFK ]XUFNNHKUWQHXHQWIODPPHQDEHULFKJODXEHQLFKWGDHVPHKUEH ZLUNHQZLUGDOVGHQE|VHQ7DJKLQDXVVFKLHEHQHVVHLGHQQHVNlPH QRFKXQHUZDUWHWHDQGHUH+LOIHYRQ(OEHQRGHU0HQVFKHQ'HQQGHU)HLQG QLPPWDQ6WlUNH]XXQGZLUQHKPHQDE:LUVLQGHLQVFKZLQGHQGHV 9RONHLQIUKOLQJVORVHU+HUEVW 'LH0HQVFKHQYRQ1~PHQRUKDWWHQVLFKZHLWXPDQGHQ8IHUQXQGLQ PHHUZlUWVJHOHJHQHQ*HELHWHQGHU*URHQ/DQGHQLHGHUJHODVVHQDEHU ]XPJU|WHQ7HLOYHUILHOHQVLHLQ9HUGHUEWKHLWXQG7RUKHLW9LHOHIKOWHQ VLFKKLQJH]RJHQ]XU'XQNHOKHLWXQGGHQVFKZDU]HQ.QVWHQPDQFKHHU JDEHQVLFKY|OOLJGHP0LJJDQJXQG:RKOOHEHQXQGPDQFKHNlPSIWHQ XQWHUHLQDQGHUELVVLHLQLKUHU6FKZlFKHYRQGHQZLOGHQ0HQVFKHQEH VLHJWZXUGHQ 'DVKHLWQLFKWGDE|VH.QVWHMHLQ*RQGRUDXVJHEWRGHUGHU 1DPHQORVHGRUWMHPDOVLQ(KUHQJHQDQQWZXUGHXQGGLHDXVGHP:HVWHQ PLWJHEUDFKWH:HLVKHLWXQG6FK|QKHLWZHLOWHQODQJHLP5HLFKGHU6|KQH YRQ(OHQGLOGHP6FK|QHQXQGVLQGDXFKKHXWHQRFKGRUWHUKDOWHQ'HQ QRFKKDW*RQGRUVHLQHQ1LHGHUJDQJVHOEVWKHUEHLJHIKUWGHQQHVYHUILHO DOOPlKOLFKLQ1DUUKHLWXQGJODXEWHGHU)HLQGGHUGRFKQXU YHUEDQQWXQG QLFKWYHUQLFKWHWZDUVHLXQWlWLJ 'HU7RGZDUDOOJHJHQZlUWLJZHLOGLH1~PHQRUHULPPHUQRFKZLHVLH HVDXFKLQLKUHPDOWHQ.|QLJUHLFKJHWDQXQGHVGHVKDOEYHUORUHQKDWWHQ QDFKHLQHPVLFKQLHPDOVlQGHUQGHQ/HEHQWUDFKWHWHQ'LH.|QLJHOLHHQ *UDEPlOHUEDXHQGLHSUlFKWLJHUZDUHQDOVGLH+lXVHUGHU/HEHQGHQXQG VFKlW]WHQDOWH1DPHQLKUHV6WDPPEDXPVK|KHUHLQDOVGLH1DPHQGHU 6|KQH.LQGHUORVH)UVWHQVDHQLQDOWHUVJUDXHQ+DOOHQXQGJUEHOWHQ EHU$KQHQNXQGHLQJHKHLPHQ.DPPHUQPLVFKWHQYHUZHONWH*UHLVH VWDUNH=DXEHUWUlQNHRGHUEHIUDJWHQDXIKRKHQNDOWHQ7UPHQGLH6WHUQH 8QGGHUOHW]WH.|QLJYRQ$QiULRQV6WDPPKDWWHNHLQHQ(UEHQ $EHUGLH7UXFKVHVVHZDUHQNOJHUXQGJOFNOLFKHU.OJHUGHQQVLH IULVFKWHQGLH.UDIWXQVHUHV9RONHVPLWGHP VWDQGKDIWHQ9RONYRQGHU 0HHUHVNVWHDXIXQGPLWGHQNKQHQ%HUJEHZRKQHUQYRQ(UHG1LPUDLV 8QGVLHVFKO|VVHQ:DIIHQVWLOOVWDQGPLWGHQVWRO]HQ9|ONHUQGHV1RUGHQV GLHXQVRIWDQJHJULIIHQKDWWHQ0HQVFKHQYRQJURHU7DSIHUNHLWDEHUHQW IHUQWPLWXQVYHUZDQGWXQlKQOLFKGHQZLOGHQ2VWOLQJHQRGHUGHQJUDXVD PHQ+DUDGULP 6RJHVFKDKHVGDVLHXQVLQGHQ7DJHQYRQ&LULRQGHV=Z|OIWHQ 7UXFKVHVVHVXQGPHLQ9DWHULVWGHUVHFKVXQG]ZDQ]LJVWH ]X+LOIHNDPHQ XQGDXIGHPJURHQ6FKODFKWIHOGYRQ&HOHEUDQWXQVHUH)HLQGHYHUQLFKWH WHQGLHXQVHUHQ|UGOLFKHQ%H]LUNHEHVHW]WKDWWHQ(VVLQGGLH5RKLUULP ZLHZLUVLHQHQQHQGLH+HUUHQGHU5|VVHUXQGZLUWUDWHQLKQHQGLH)HOGHU YRQ&DOHQDUGKRQDEGLHVHLWGHP5RKDQKHLHQGHQQGLHVHU%H]LUNZDU 5HL$QJHON#KWWSFRODHERRN]IELGH
ODQJHQXUVSlUOLFKEHY|ONHUWJHZHVHQ8QGVLHZXUGHQXQVHUH9HUEQGH WHQXQGKDEHQVLFKLPPHUDOVWUHXHUZLHVHQXQVLQGHU1RWJHKROIHQXQG XQVHUH1RUGPDUNHQXQGGLH3IRUWHYRQ5RKDQEHVFKW]W 9RQXQVHUHPEHUOLHIHUWHQ:LVVHQXQGXQVHUHQ6LWWHQKDEHQVLHJH OHUQWZDVVLHZROOWHQXQGLKUH(GHOOHXWHVSUHFKHQ]XU1RWXQVHUH 6SUDFKHGHQQRFKKDOWHQVLHDQGHQ%UlXFKHQLKUHU9lWHUXQGDQLKUHQ (ULQQHUXQJHQIHVWXQGXQWHUHLQDQGHUVSUHFKHQVLHLKUHQ|UGOLFKH6SUD FKH8QGZLUOLHEHQVLHKRFKJHZDFKVHQH0lQQHUXQGVFK|QH)UDXHQ EHLGHJOHLFKWDSIHUEORQGKDDULJPLWKHOOHQ$XJHQXQGVWDUNVLHHULQ QHUQXQVDQGLH-XJHQGGHU0HQVFKHQZLHVLHLQGHU$OWYRUGHUHQ]HLW ZDUHQ7DWVlFKOLFKEHKDXSWHQXQVHUH*HOHKUWHQGDVLHVHLWDOWHUVKHU GLHVHbKQOLFKNHLWPLWXQVKDEHQZHLOVLH DXVGHQVHOEHQ'UHL+lXVHUQGHU 0HQVFKHQVWDPPHQGLHGLH1~PHQRUHU]X%HJLQQZDUHQYLHOOHLFKWVWDP PHQVLHQLFKWYRQ+DGRUGHP*ROGKDDULJHQGHP(OEHQIUHXQGDEGRFK YRQGHQMHQLJHQVHLQHU6|KQHXQGVHLQHV9RONHVGLHQLFKWEHUGDV0HHU LQGHQ:HVWHQJLQJHQXQGGHP5XIQLFKWIROJWHQ 'HQQVRVFKlW]HQZLUGLH0HQVFKHQLQXQVHUHUhEHUOLHIHUXQJHLQGLH +RKHQRGHUGLH0HQVFKHQGHV:HVWHQVQHQQHQZLUGLHMHQLJHQGLH1~PH QRUHUZDUHQXQGGLH0LWWOHUHQ9|ONHUGLH0HQVFKHQGHV=ZLHOLFKWVZLH GLH5RKLUULPXQGLKUH9HUZDQGWHQGLHQRFKIHUQLP1RUGHQOHEHQXQG GLH:LOGHQGLH0HQVFKHQGHU'XQNHOKHLW :HQQLQGHVGLH5RKLUULPLQPDQFKHU%H]LHKXQJXQVlKQOLFKHUJHZRU GHQVLQGXQGDQ.XQVWIHUWLJNHLWXQG6DQIWPXW]XJHQRPPHQKDEHQVR VLQGDXFKZLULKQHQlKQOLFKHU JHZRUGHQXQGN|QQHQNDXPQRFKGLH%H ]HLFKQXQJ+RFKEHDQVSUXFKHQ:LUVLQG0LWWOHUH0HQVFKHQGHV=ZLH OLFKWVJHZRUGHQKDEHQDEHUGLH(ULQQHUXQJDQDQGHUH'LQJHEHZDKUW 'HQQHEHQVRZLHGLH5RKLUULPHUDFKWHQZLUMHW]WGHQ.ULHJXQGGLH7DS IHUNHLWDOVHWZDVDQVLFK*XWHVVRZRKOHLQ=HLWYHUWUHLEDOVDXFKHLQ=LHO XQGREJOHLFKZLULPPHUQRFKGHU$QVLFKWVLQGGDHLQ.ULHJHUPHKU )lKLJNHLWHQXQG:LVVHQEHVLW]HQVROOWHDOVQXUGLH)HUWLJNHLWGHU:DIIHQ XQGGHV7|WHQVVFKlW]HQZLUHLQHQ.ULHJHUQLFKWVGHVWRWURW]K|KHUHLQDOV 0lQQHUDQGHUHU%HUXIH'DVLVWLQXQVHUHQ7DJHQHLQH1RWZHQGLJNHLW*H UDGHVRZDUPHLQ%UXGHU%RURPLUHLQKHOGHQPWLJHU0DQQXQGGHVKDOE JDOWHUDOVGHUEHVWH0DQQLQ*RQGRU8QGIUZDKUVHKUWDSIHUZDUHU VHLWODQJHQ-DKUHQLVWNHLQ(UEHYRQ0LQDV7LULWKVRNKQLP6WUHLWJHZH VHQLPPHUYRUQLQGHU6FKODFKWXQGNHLQHUKDWDXIGHP*URHQ+RUQ HLQHQJHZDOWLJHUHQ7RQJHEODVHQ©)DUDPLUVHXI]WHXQGVFKZLHJHLQH :HLOH ª,KUVDJWLQDOO(XUHQ*HVFKLFKWHQQLFKWYLHOEHUGLH(OEHQ+HUU© VDJWH6DPGHUSO|W]OLFK0XWJHIDWKDWWH,KPZDUDXIJHIDOOHQGD)DUD PLUGLH(OEHQYROO(KUHUELHWXQJ]XHUZlKQHQVFKLHQXQGGDVZDUHV ZHQLJHUVHLQH+|IOLFKNHLWVHLQ(VVHQXQGGHU:HLQZDVLKP6DPV+RFK DFKWXQJHLQJHWUDJHQXQGVHLQHQ$UJZRKQEHVFKZLFKWLJWKDWWH ª)UHLOLFKQLFKW0HLVWHU6DPZHLV©VDJWH)DUDPLUªGHQQLFKELQQLFKW JHOHKUWLQ(OEHQNXQGH'RFKEHUKUVWGXKLHUHLQHQZHLWHUHQ3XQNWLQ GHPZLUXQVJHlQGHUWKDEHQEHLXQVHUHP1LHGHUJDQJYRQ1~PHQRU]X 0LWWHOHUGH'HQQZLHGXYLHOOHLFKWZHLWZHQQ0LWKUDQGLUHXHU*HIlKUWH ZDUXQGLKUPLW(OURQGJHVSURFKHQKDEWNlPSIWHQGLH(GDLQGLH9lWHU GHU1~PHQRUHULQGHQHUVWHQ.ULHJHQDQGHU6HLWHGHU(OEHQXQGZXUGHQ EHORKQWPLWGHU9HUOHLKXQJGHV.|QLJUHLFKVLQPLWWHQGHV0HHUVLQ6LFKW ZHLWHYRQ(OEHQKHLP$EHULQ0LWWHOHUGHKDEHQVLFKLQGHQ7DJHQGHU 5HL$QJHON#KWWSFRODHERRN]IELGH
'XQNHOKHLWGLH0HQVFKHQXQG(OEHQHLQDQGHUHQWIUHPGHWGXUFKGLH/LVWHQ GHV)HLQGHVXQGGHQODQJVDPHQ:DQGHOGHU=HLWHQLQGHQHQMHGH*DWWXQJ LKUHJHWUHQQWHQ:HJHZHLWHUKLQDEVFKULWW'LH0HQVFKHQIUFKWHQGLH (OEHQMHW]WXQGPLWUDXHQLKQHQXQGGHQQRFKZLVVHQVLHZHQLJYRQ LKQHQ8QGZLULQ*RQGRUZHUGHQZLHDQGHUH0HQVFKHQZLHGLH0HQ VFKHQLQ5RKDQGHQQVHOEVWVLHGLHGRFK)HLQGHGHV'XQNOHQ+HUUVFKHUV VLQGPHLGHQGLH(OEHQXQGVSUHFKHQYROO)XUFKWYRQGHP*ROGHQHQ:DOG ,QGHVJLEWHVXQWHUXQVQRFKHLQLJHGLHVLFKPLWGHQ(OEHQHLQODVVHQ ZHQQVLHN|QQHQXQGGDQQXQGZDQQJHKWHLQHUKHLPOLFKQDFK/yULHQ XQGNHKUWVHOWHQ]XUFN,FKQLFKW'HQQLFKKDOWHHVIUJHIlKUOLFKIU VWHUEOLFKH0HQVFKHQZLOOHQWOLFKGDVbOWHUH9RONDXI]XVXFKHQ'HQQRFK EHQHLGHLFKHXFKGDLKUPLWGHU:HLHQ+HUULQJHVSURFKHQKDEW© ª'HU+HUULQYRQ/yULHQ*DODGULHO©ULHI6DPª,KUVROOWHWVLHVHKHQ ZLUNOLFK,KUVROOWHWVLHVHKHQ+HUU,FKELQQXUHLQ+REELWXQG*lUWQHU ELQLFK]X+DXVHYRQ%HUXI+HUUZHQQ,KUPLFKYHUVWHKWXQGLFKELQ QLFKWVHKUJXWLQGHU'LFKWNXQVW² NDQQNHLQH*HGLFKWHPDFKHQHLQSDDU NRPLVFKH9HUVHYLHOOHLFKWDEXQG]XYHUVWHKW,KUDEHUNHLQHULFKWLJHQ *HGLFKWH²XQGGHVKDOENDQQLFK(XFKQLFKWVDJHQZLHLFKHVPHLQH(V VROOWHJHVXQJHQZHUGHQ,KUPWHW6WUHLFKHUKLHUKDEHQGDVKHLW $UDJRUQRGHUDXFKGHQDOWHQ+HUUQ%LOER$EHULFKZQVFKWHLFK N|QQWHHLQ/LHGEHUVLHGLFKWHQ6FK|QLVWVLH+HUU:XQGHUVFK|Q 0DQFKPDOZLHHLQJURHUEOKHQGHU%DXPPDQFKPDOZLHHLQHZHLH 1DU]LVVHNOHLQXQGVFKODQN+DUWZLH'LDPDQWVDQIWZLH0RQGVFKHLQ :DUPZLH6RQQHQVFKHLQNDOWZLH)URVWLQGHQ6WHUQHQ6WRO]XQGIHUQ ZLHHLQ6FKQHHJHELUJHXQGVRIU|KOLFKZLHQXULUJHQGHLQ MXQJHV0lGFKHQ GDVLFKMHVDKPLW7DXVHQGVFK|QFKHQLP+DDU]XU)UKOLQJV]HLW$EHU GDVLVWHLQH0HQJH8QVLQQXQGWULIIWHVQLFKW© ª'DQQPXVLHIUZDKUOLHEOLFKVHLQ©VDJWH)DUDPLUª*HIlKUOLFK VFK|Q© ª,FKZHLQLFKWVEHUJHIlKUOLFK© VDJWH6DPª0LU NRPPWHVVRYRU GDGLH/HXWHLKUH*HIDKUPLWVLFKQDFK/yULHQEULQJHQXQGVLHGDILQGHQ ZHLOVLHVLHPLWJHEUDFKWKDEHQ$EHUYLHOOHLFKWN|QQWHW,KUVLHJHIlKUOLFK QHQQHQZHLOVLHLQVLFKVRVWDUNLVW,KU,KUN|QQWHWDQLKU]HUVFKHOOHQ ZLHHLQ6FKLII DQHLQHP)HOVHQRGHU(XFKHUWUlQNHQZLHHLQ+REELWLQ HLQHP)OX$EHUZHGHU)HOVHQQRFK)OXZlUHQGDUDQ6FKXOG1XQ %RUR©(UKLHOWLQQHXQGZXUGHURW ª-D"1XQ"%RURPLU ZROOWHVWGXVDJHQ"©IUDJWH)DUDPLUª:DVZROOWHVW GXVDJHQ"(UEUDFKWHVHLQH*HIDKUPLW"© ª-D+HUUYHU]HLKWDXFKZHQQHUHLQJURDUWLJHU0DQQZDU(XHU%UX GHUZHQQLFKGDVVDJHQGDUI,KUVHLGGLHJDQ]H=HLWDXIGHUULFKWLJHQ )lKUWHJHZHVHQ1XQLFKKDEH%RURPLUEHREDFKWHWXQGLKP]XJHK|UWGHQ JDQ]HQ:HJYRQ%UXFKWDO² LFKSDWHDXIPHLQHQ+HUUQDXIZLH,KUYHU VWHKHQZHUGHWXQGPHLQWHHVQLFKWE|VHPLW%RURPLU²XQGHVLVWPHLQH $QVLFKWGDHUHUVWLQ/yULHQNODUHUNDQQWHZDVLFKVFKRQIUKHUHUUDWHQ KDWWHZDVHUZROOWH9RQGHP$XJHQEOLFNDQGDHULKQ]XHUVWVDK ZROOWHHUGHQ5LQJGHV)HLQGHV© ª6DP©ULHI)URGRHQWVHW]W(UZDUHLQH=HLWODQJWLHILQVHLQHHLJHQHQ *HGDQNHQYHUVXQNHQJHZHVHQXQGZXUGHSO|W]OLFKXQG]XVSlWDXVLKQHQ KHUDXVJHULVVHQ ª%HZDKU PLFK©VDJWH6DPXQGZXUGHHUVWEODXQGGDQQSXUSXUURW ª'DKDEHLFKZLHGHUZDVDQJHULFKWHW6REDOGGXGHLQHQJURHQ0XQG 5HL$QJHON#KWWSFRODHERRN]IELGH
DXIPDFKVWWULWWVWGXLQV)HWWQlSIFKHQ VDJWHGHU2KPLPPHU]XPLUXQG UHFKWKDWWHHU$FKGXOLHEHV%LFKHQ 1XQK|UWPDO+HUU©(UVFKDXWH]X)DUDPLUDXIPLWDOOHP0XWGHQHU DXIEULQJHQNRQQWHª/DWHVPHLQHQ+HUUQQLFKWHQWJHOWHQGDVHLQ'LH O QHUQLFKWVDOVHLQ1DUULVW,KUKDEWGLHJDQ]H=HLWVHKUVFK|QJHVSURFKHQ GDELQLFKQLFKWPHKUDXIGHU+XWJHZHVHQDOV,KUYRQ(OEHQXQGDOOGHP HU]lKOWKDEW$EHU*URPWLJLVWZHUJURPWLJKDQGHOW KHLWHVEHL XQV-HW]WKDEW,KU*HOHJHQKHLW]X]HLJHQZDV,KUZHUWVHLG© ª6RVFKHLQWHV©VDJWH)DUDPLU]|JHUQGXQGVHKUOHLVHPLWHLQHPVHOWVD PHQ/lFKHOQª'DVLVWDOVRGLH/|VXQJDOOGHU5lWVHO'HU(LQH5LQJYRQ GHPDQJHQRPPHQZXUGH HUVHLDXVGHU:HOWYHUVFKZXQGHQ8QG%RUR PLUYHUVXFKWHLKQVLFKPLW*HZDOW]XQHKPHQ"8QGLKUHQWNDPW"8QG UDQQWHWGHQJDQ]HQ:HJ² ]XPLU8QGKLHULQGHU:LOGQLVKDEHLFK HXFK]ZHL+DOEOLQJHXQGHLQ+HHUYRQ0HQVFKHQXQWHUPHLQHP%HIHKO XQGGHQ5LQJGHU5LQJH(LQVFK|QHU*OFNVIDOO(LQH*HOHJHQKHLWIU )DUDPLU+HHUPHLVWHUYRQ*RQGRU]X]HLJHQZDVHUZHUWLVW+D©HU VWDQGDXIVHKUJURXQGVWUHQJXQGVHLQHJUDXHQ$XJHQIXQNHOWHQ )URGRXQG6DPVSUDQJHQYRQLKUHQ+RFNHUQDXIXQGVWHOOWHQVLFK QHEHQHLQDQGHUPLWGHP5FNHQ]XU:DQGXQGWDVWHWHQQDFKLKUHQ 6FKZHUWJULIIHQ(VKHUUVFKWH6FKZHLJHQ$OOGLH0HQVFKHQLQGHU+|KOH K|UWHQDXI]XUHGHQXQGVDKHQVLHYHUZXQGHUWDQ$EHU)DUDPLUVHW]WH VLFKZLHGHUDXIVHLQHQ6WXKOXQGEHJDQQOHLVH]XODFKHQXQGGDQQZXUGH HUSO|W]OLFKZLHGHUHUQVW ª:HKHIU%RURPLU(VZDUHLQH]XVFKZHUH$QIHFKWXQJ©VDJWHHU ª:LHKDEWLKUPHLQH7UDXHUYHUPHKUWLKU]ZHLIUHPGHQ:DQGHUHUDXV HLQHPIHUQHQ/DQGGLHLKUGLH*HIDKUGHU0HQVFKHQEHLHXFKWUDJW$EHU LKUN|QQW0HQVFKHQVFKOHFKWHUEHXUWHLOHQDOVLFK+DOEOLQJH:LUVLQGDXI ULFKWLJZLU0HQVFKHQYRQ*RQGRU:LUUKPHQXQVVHOWHQXQGKDQ GHOQGDQQRGHUVWHUEHQEHLGHP9HUVXFK1LFKWZHQQLFKHVDXIGHU 6WUDHIlQGHZUGHLFKGLHVHV'LQJQHKPHQ KDEHLFKJHVDJW6HOEVW ZHQQLFKHLQ0DQQZlUHGHQHVQDFKGLHVHP'LQJHJHOVWHWXQGRE ZRKOLFKJDUQLFKWJHQDXZXWHZDVGLHVHV'LQJZDUDOVLFKHVVDJWH ZUGHLFKGLHVH:RUWHLPPHUQRFKDOVHLQ*HOEGHDQVHKHQXQGGDUDQ JHEXQGHQVHLQ $EHULFKELQNHLQVROFKHU0DQQ2GHULFKELQNOXJJHQXJXP]XZLV VHQGDHV*HIDKUHQJLEWYRUGHQHQHLQ0HQVFKIOLHKHQPX%OHLEWLQ )ULHGHQVLW]HQ8QGVHLJHWU|VWHW6DPZHLV:HQQHVVFKHLQWDOVKDEHVW GXJHIHKOWGDQQGHQNHGDHVYRP6FKLFNVDOVREHVWLPPWZDU'HLQ+HU] LVWQLFKWQXUWUHXVRQGHUQDXFKKHOOVLFKWLJXQGVDKNODUHUDOVGHLQH $XJHQ'HQQVRVHOWVDPHVVFKHLQHQPDJHVZDUXQJHIlKUOLFKPLUGDV NXQG]XWXQ(VPDJVRJDUGHLQHP+HUUQGHQGXOLHEVWQW]HQ(VVROO VLFK]XVHLQHP9RUWHLODXVZLUNHQZHQQHVLQ PHLQHU0DFKWVWHKW$OVR VHLJHWU|VWHW$EHUQHQQHGLHVHV'LQJQLFKWZLHGHUODXWEHL1DPHQ(LQ PDOLVWJHQXJ© 'LH+REELWVNDPHQ]XLKUHQ+RFNHUQ]XUFNXQGVHW]WHQVLFKJDQ]VWLOO KLQ'LH0HQVFKHQZDQGWHQVLFKZLHGHULKUHQ*HWUlQNHQXQG*HVSUlFKHQ ]X GHQQVLHQDKPHQDQLKU+HHUPHLVWHUKDEHPLWGHQNOHLQHQ*lVWHQ LUJHQGHLQHQ6SDJHWULHEHQXQGHUVHLMHW]WYRUEHL ª-D)URGRQXQHQGOLFKYHUVWHKHQZLUHLQDQGHU©VDJWH)DUDPLUª:HQQ ,KUGLHVHV'LQJDXI(XFKJHQRPPHQKDEWQLFKWIUHLZLOOLJVRQGHUQDXI 5HL$QJHON#KWWSFRODHERRN]IELGH
%LWWHQDQGHUHUGDQQGDXHUW,KUPLFKXQGLFKHKUH(XFK8QGLFKVWDXQH EHU(XFKGD,KUHVYHUERUJHQKDOWHWXQGQLFKWEHQXW]W,KUVHLGHLQ QHXHV9RONXQGHLQHQHXH:HOWIUPLFK,VW(XUHJDQ]H6LSSHYRQJOHL FKHU$UW"(XHU/DQGPXHLQ5HLFKGHV)ULHGHQVXQGGHU=XIULHGHQKHLW VHLQXQG*lUWQHUPVVHQGRUWKRFKLQ(KUHQVWHKHQ© ª1LFKWDOOHVLVWJXWGRUW©VDJWH)URGRªGRFK*lUWQHUZHUGHQDOOHUGLQJV JHHKUW© ª$EHUGLH/HXWHPVVHQGRUWPGHZHUGHQVHOEVWLQLKUHQ*lUWHQZLH DOOH/HEHZHVHQXQWHUGHU 6RQQHGLHVHU:HOW8QGLKUVHLGIHUQGHU+HLPDW XQGHUPGHWYRP:DQGHUQ1LFKWVPHKUKHXWHDEHQG6FKODIWLKUEHLGHQ ² LQ)ULHGHQZHQQLKUN|QQW)UFKWHWHXFKQLFKW,FKZLOOLKQQLFKW VHKHQRGHUEHUKUHQRGHUPHKUYRQLKPZLVVHQDOVLFKZHLZDVJHQXJ LVW GDPLWQLFKWZRP|JOLFKGLH*HIDKUPLUDXIODXHUHXQGLFKGLH3UIXQJ VFKOHFKWHUEHVWHKHDOV)URGR'URJRV6RKQ*HKWQXQ]XU5XKH² DEHUHUVW VDJWPLUQRFKZHQQ,KUZROOWZRKLQ,KU]XJHKHQXQGZDV,KU]XWXQ ZQVFKW'HQQLFKPXZDFKHQXQGZDUWHQ XQGQDFKGHQNHQ'LH=HLW YHUJHKW$P0RUJHQPVVHQZLUMHGHUGHQXQVYRUJHVFKULHEHQHQ:HJ VFKQHOOEHVFKUHLWHQ© )URGRKDWWHJHPHUNWZLHHU]LWWHUWHQDFKGHPGHUHUVWH6FKUHFNYRUEHL ZDU1XQXPILQJLKQHLQHJURH0GLJNHLWZLHHLQH:RONH(UNRQQWH VLFKQLFKWPHKUYHUVWHOOHQXQG:LGHUVWDQGOHLVWHQ ª,FKZROOWHHLQHQ:HJQDFK0RUGRUVXFKHQ©VDJWHHUPDWWª,FKZROOWH QDFK*RUJRURWKJHKHQ,FKPXGHQ)HXULJHQ%HUJVXFKHQXQGGDV'LQJ LQGHQ.UDWHUGHU6FKLFNVDOVNOIWHZHUIHQ*DQGDOIKDWGDVJHVDJW,FK JODXEHQLFKWGDLFKMHPDOVGRUWKLQJHODQJH© )DUDPLUVWDUUWHLKQHLQHQ$XJHQEOLFNHUQVWXQGYHUZXQGHUWDQ'DQQ ILQJHULKQDXIDOVHUSO|W]OLFKVFKZDQNWHKRELKQVDQIWKRFKXQGWUXJ LKQ]XGHP%HWWZRHULKQQLHGHUOHJWHXQGZDUP]XGHFNWH)URGRILHO VRIRUWLQWLHIHQ6FKODI (LQ]ZHLWHV%HWWZXUGHQHEHQLKQJHVWHOOWIUVHLQHQ'LHQHU6DP ]|JHUWHHLQHQ$XJHQEOLFNGDQQYHUEHXJWHHUVLFKVHKUWLHIª*XWH1DFKW +HHUPHLVWHUPHLQ+HUU©VDJWHHUª,KUKDEWGLH*HOHJHQKHLWHUJULIIHQ +HUU© ª+DEHLFKGDVJHWDQ"©IUDJWH)DUDPLU ª-D+HUUXQG(XUHQ:HUWEHZLHVHQGHQK|FKVWHQ© )DUDPLUOlFKHOWHª(LQYRUZLW]LJHU'LHQHU0HLVWHU6DPZHLV$EHU QHLQGDV/REGHU/REHQVZHUWHQLVWGHUK|FKVWH/RKQ'HQQRFKJDEHVKLHU QLFKWV]XOREHQ,FKZDUZHGHULQ9HUVXFKXQJ QRFKKDWWHLFKGHQ :XQVFKHWZDVDQGHUHV]XWXQDOVZDVLFKJHWDQKDEH© ª1XQMD+HUU©VDJWH6DPª,KUKDEWJHVDJWPHLQ+HUUKDEHHWZDV (OEHQKDIWHVDQVLFKXQGGDVZDUJXWXQGULFKWLJ$EHULFKNDQQGLHV VDJHQDXFK,KUKDEWHWZDVDQ(XFK+HUUGDVPLFK² QXQMDDQ*DQGDOI GHQ=DXEHUHUHULQQHUW© ª9LHOOHLFKW©VDJWH)DUDPLUª9LHOOHLFKWHUNHQQVWGXYRQIHUQHHWZDV YRQ1~PHQRU*XWH1DFKW©
5HL$QJHON#KWWSFRODHERRN]IELGH
6(&+67(6.$3,7(/ '(59(5%27(1(:(,+(5
$OV)URGRDXIZDFKWHEHXJWHVLFK)DUDPLUEHULKQ)UHLQH6HNXQGH SDFNWHQLKQGLHDOWHQbQJVWHXQGHUVHW]WHVLFKDXIXQGVFKUHFNWH]XUFN ª(VJLEWQLFKWV]XIUFKWHQ©VDJWH)DUDPLU ª,VWHVVFKRQ0RUJHQ"©IUDJWH)URGRJlKQHQG ª1RFKQLFKWDEHUGLH1DFKWQlKHUWVLFKLKUHP(QGHXQGGHU9ROOPRQG JHKWXQWHU:ROOW,KUNRPPHQXQGHVVHKHQ"$XFKJHKWHVXPHWZDV ZR]XLFK(XUHQ5DWKDEHQP|FKWH(VWXWPLUOHLG(XFKDXVGHP6FKODI ]XZHFNHQDEHUZROOW,KUNRPPHQ" ª,FKNRPPH©VDJWH)URGRVWDQGDXIXQGIU|VWHOWHHLQZHQLJDOVHUGLH 'HFNHXQGZDUPHQ)HOOHYHUOLH(V NDPLKPNDOWYRULQGHUIHXHUORVHQ +|KOH'DV5DXVFKHQGHV:DVVHUVZDUODXWLQGHU6WLOOH(U]RJVHLQHQ 0DQWHODQXQGIROJWH)DUDPLU 6DPZXUGHGXUFKLUJHQGHLQ*HIKOGHU9RUVLFKWSO|W]OLFKZDFKVDK ]XHUVWGDVOHHUH%HWWVHLQHV+HUUQXQGVSUDQJDXI'DQQVDKHU]ZHL GXQNOH*HVWDOWHQ)URGRXQGHLQHQ0HQVFKHQXQWHUGHP7RUERJHQVWHKHQ GHUMHW]WYRQHLQHPEODVVHQZHLHQ/LFKWHUIOOWZDU(UHLOWHLKQHQQDFK DQ5HLKHQYRQ0HQVFKHQYRUEHLGLHDXI0DWUDW]HQHQWODQJGHU:DQG VFKOLHIHQ$OVHU]XP+|KOHQDXVJDQJNDPVDKHUGDGHU9RUKDQJMHW]W HLQEOHQGHQGHU6FKOHLHUDXV6HLGHXQG3HUOHQXQG6LOEHUIlGHQJHZRUGHQ ZDUVFKPHO]HQGH(LV]DSIHQDXV0RQGVFKHLQ$EHUHUKLHOWQLFKWLQQH XPHV]XEHZXQGHUQVRQGHUQZDQGWHVLFKXPXQGIROJWHVHLQHP+HUUQ GXUFKGLHVFKPDOH7ULQGHU+|KOHQZDQG =XHUVWJLQJHQVLHHLQHQVFKZDU]HQ*DQJHQWODQJGDQQYLHOHQDVVH6WX IHQKLQDXIXQGVRNDPHQVLH]XHLQHPNOHLQHQ7UHSSHQDEVDW]HUZDULQ GHQ)HOVKLQHLQJHKDXHQXQGYRQGHPEODVVHQ+LPPHOHUOHXFKWHWGHUKRFK EHUHLQHPODQJHQWLHIHQ6FKDFKWVFKLPPHUWH9RQKLHUDXVIKUWHQ]ZHL 7UHSSHQOlXIHZHLWHUGHUHLQHVFKLHQ]XGHPKRKHQ8IHUGHV%DFKV]XJH KHQGHUDQGHUHQDFKOLQNV'LHVHPIROJWHQVLH(UZHQGHOWHVLFKQDFK REHQZLHHLQH7XUPWUHSSH (QGOLFKNDPHQVLHDXVGHUVWHLQHUQHQ'XQNHOKHLWKHUDXVXQGVFKDXWHQ VLFKXP6LHVWDQGHQDXIHLQHPEUHLWHQIODFKHQ)HOVHQRKQH*HOlQGHURGHU %UVWXQJ=XLKUHU5HFKWHQLP2VWHQVSUDQJGHU:LOGEDFKEHUYLHOH)HO VHQVWXIHQVWU|PWHGDQQGXUFKHLQVWHLOHV%HWWXQGIOOWHHLQHJODWWJHKDX HQH5LQQHPLWGXQNOHQVFKDXPJHVSUHQNHOWHQ:DVVHUPDVVHQ)DVW]X LKUHQ)HQVWU]WHHUZLUEHOQGXQGEURGHOQGMlKEHUGHQ*UDWLQHLQHQ $EJUXQGGHU]XLKUHU/LQNHQJlKQWH1DKHDP5DQGVWDQGGRUWVFKZHL JHQGHLQ0DQQXQGEOLFNWHKLQXQWHU )URGRZDQGWHVLFKXPXQGEHREDFKWHWHZLHGLHJHVFKPHLGLJHQ:DVVHU DUPHVLFKNUPPWHQXQGWDXFKWHQ'DQQKREHUGLH$XJHQXQGEOLFNWHLQ GLH)HPH'LH:HOWZDUVWLOOXQGNDOWDOVREGLH0RUJHQGlPPHUXQJQDKH VHL:HLWLP:HVWHQJLQJGHU9ROOPRQGXQWHUUXQGXQG ZHL%OHLFKH 1HEHOVFKLPPHUWHQLQGHPJURHQ7DOXQWHQHLQHEUHLWH.OXIWYROOVLOEUL JHP'XQVWXQWHUGHPGLHNKOHQ1DFKWJHZlVVHUGHV$QGXLQGDKLQ VWU|PWHQ-HQVHLWVODXHUWHHLQHVFKZDU]H'XQNHOKHLWXQGLQLKUIXQNHOWHQ KLHUXQGGRUWNDOWVFKDUIIHUQXQGZHLZLH=lKQHYRQ*HVSHQVWHUQGLH *LSIHOGHV(UHG1LPUDLVGHV:HLHQ*HELUJHVLP5HLFKH*RQGRUGLH 6SLW]HQPLWHZLJHP6FKQHHEHGHFNW (LQH:HLOHVWDQG)URGRGRUWDXIGHPKRKHQ)HOVXQGHLQ6FKDXHUEHU 5HL$QJHON#KWWSFRODHERRN]IELGH
UDQQLKQDOVHUVLFKIUDJWHRELUJHQGZRLQGHU:HLWHGHUQlFKWOLFKHQ /DQGHVHLQHDOWHQ*HIlKUWHQZDQGHUWHQRGHUVFKOLHIHQRGHUWRWGDODJHQLQ HLQ/HLFKHQWXFKDXV1HEHOJHKOOW:DUXPZDUHUKLHUKHUJHEUDFKWXQG DXVGHP6FKODIGHU9HUJHVVHQEHVFKHUWHJHULVVHQZRUGHQ" 6DPZDUDXIHLQH$QWZRUW DXIGLHVHOEH)UDJHHUSLFKWXQGNRQQWHVLFK QLFKW]XUFNKDOWHQQXUIUGDV2KUVHLQHV+HUUQEHVWLPPWZLHHU JODXEWH]XPXUPHOQª(LQHVFK|QH$XVVLFKWRKQH=ZHLIHO+HUU)URGR DEHUNDOWIUV+HU]JDQ]]XVFKZHLJHQYRQGHQ.QRFKHQ:DVJHKWKLHU YRU"© )DUDPLUK|UWHHVXQGDQWZRUWHWHGDUDXIª0RQGXQWHUJDQJEHU*RQ GRU,WKLOGHU6FK|QHYHUOlW0LWWHOHUGHXQGEOLFNWDXIGLHZHLHQ+DDUH GHVDOWHQ0LQGROOXLQ'DVLVWHLQZHQLJ)U|VWHOQZHUW$EHUQLFKWXPGDV ]XVHKHQKDEHLFKHXFKKHUJHEUDFKW² REZRKOGX6DPEHUKDXSWQLFKW KHUJHEUDFKWZXUGHVWVRQGHUQQXUGLH6WUDIHIUGHLQH9RUVLFKWEH]DKOVW (LQ6FKOXFN:HLQVROOHVZLHGHUJXWPDFKHQ'RFKVFKDXWQXQ© (UJLQJKLQDXI]XGHPVFKZHLJHQGHQ3RVWHQDQGHPGXQNOHQ5DQG XQG)URGRIROJWHLKP6DPEOLHE]XUFN(UIKOWHVLFKVRZLHVRVFKRQXQ VLFKHUDXIGLHVHUKRKHQQDVVHQ)HOVSODWWH)DUDPLUXQG)URGREOLFNWHQ KLQXQWHU7LHIXQWHQVDKHQVLHZLHVLFKGLHZHLHQ*HZlVVHULQHLQ VFKlXPHQGHV%HFNHQHUJRVVHQXQGGDQQLQHLQHPRYDOHQ7HLFK]ZLVFKHQ GHQ)HOVHQGXQNHOKHUXPZLUEHOWHQELVVLHZLHGHULKUHQ:HJKLQDXVIDQ GHQGXUFKHLQHVFKPDOH3IRUWHXQGGDYRQIORVVHQVFKlXPHQGXQGSOlW VFKHUQG]XUXKLJHUHQXQGHEHQHUHQ%HUHLFKHQ'DV0RQGOLFKWILHOQRFK VFKUlJDXIGHQ)XGHV:DVVHUIDOOVXQGVFKLPPHUWHDXIGHQ:HOOHQGHV 7HLFKV3O|W]OLFKEHPHUNWH)URGRHLQNOHLQHVGXQNOHV*HVFK|SIDXIGHP GLHVVHLWLJHQ8IHUDEHUZlKUHQGHUHVQRFKEHWUDFKWHWHWDXFKWHHVXQG YHUVFKZDQGJHQDXKLQWHUGHP6SUXGHOQXQG%URGHOQGHV:DVVHUIDOOHVXQG GXUFKVFKQLWWGDVVFKZDU]H:DVVHUVRVlXEHUOLFKZLHHLQ3IHLORGHUHLQ KRFKNDQWLJHU6WHLQ )DUDPLUZDQGWHVLFKDQGHQ0DQQQHEHQLKPª1XQZDVPHLQVWGX ZDVGDVLVW$QERUQ"(LQ(LFKK|UQFKHQRGHUHLQ(LVYRJHO*LEWHV VFKZDU]H(LVY|JHOLQGHQ1DFKWZHLKHUQYRQ'VWHUZDOG"© ª(VLVWNHLQ9RJHOZDVLPPHUHVVRQVWVHLQPDJ©DQWZRUWHWH$QERUQ ª(VKDWYLHU*OLHGPDHQXQGWDXFKWZLHHLQ0HQVFKXQGHVEHKHUUVFKW GLH.XQVWVHKUJXW:RUDXILVWHVDXV"6XFKWHVHLQHQ:HJ]XXQVHUHP 9HUVWHFNKLQWHUGHP9RUKDQJ"(VVFKHLQWGDZLUHQGOLFKHQWGHFNWZRU GHQVLQG,FKKDEHPHLQHQ%RJHQKLHUXQGDQGHUH%RJHQVFKW]HQIDVWVR JXWH6FKW]HQZLHLFKVHOEVWVWHKHQDQMHGHP8IHU:LUZDUWHQQXUDXI (XUHQ%HIHKO]XP6FKLHHQ+HHUPHLVWHU© ª6ROOHQZLUVFKLHHQ"©IUDJWH)DUDPLU]X)URGRJHZDQGW )URGRDQWZRUWHWHHLQHQ$XJHQEOLFNQLFKW'DQQVDJWHHUª1HLQ1HLQ LFKELWWH(XFKQLFKW]XVFKLHHQ©:HQQ6DPHVJHZDJWKlWWHKlWWHHU ª-D©JHVDJWUDVFKHUXQGODXWHU(UNRQQWHHVVHOEVWQLFKWVHKHQDEHUHU HUULHWDXVLKUHQ:RUWHQVHKUZRKOZDVVLHEHWUDFKWHWHQ ª,KUZLWDOVRZDVIUHLQ*HVFK|SIGDVLVW"©IUDJWH)DUDPLUª1XQ QDFKGHP,KUHVJHVHKHQKDEWVDJWPLUZDUXPHVJHVFKRQWZHUGHQVROO %HLXQVHUHQJDQ]HQ8QWHUKDOWXQJHQKDEW,KUNHLQHLQ]LJHV0DOYRQ(XUHP :DQGHUJHIlKUWHQJHVSURFKHQXQGLFKOLHLKQYRUOlXILJEHLVHLWH'DV NRQQWHZDUWHQELVHUJHIDQJHQXQGYRUPLFKJHEUDFKWZUGH,FKVFKLFNWH PHLQHWFKWLJVWHQ-lJHUDXVLKQ]XVXFKHQDEHUHUHQWVFKOSIWHLKQHQ XQGVLHEHNDPHQLKQQLFKWPHKU]X*HVLFKWDXHU$QERUQKLHUGHULKQ 5HL$QJHON#KWWSFRODHERRN]IELGH
JHVWHUQLQ GHU'lPPHUXQJVDK$EHUMHW]WKDWHUHLQHVFKOLPPHUHhEHU WUHWXQJEHJDQJHQDOVEOR.DUQLFNHO]XIDQJHQLP+RFKODQGHUKDWHV JHZDJWQDFK+HQQHWK$QQQ]XNRPPHQXQGVHLQ/HEHQLVWYHUZLUNW ,FKVWDXQHEHUGDV*HVFK|SIVRKHLPOLFKXQGGXUFKWULHEHQ ZLHHULVW NRPPWHUXQGYHUJQJWVLFKLQGHP7HLFKJHQDXYRUXQVHUHP)HQVWHU *ODXEWHU0HQVFKHQVFKODIHQGLHJDQ]H1DFKWRKQH:DFKHQ":DUXPWXW HUGDV"© ª'DUDXIJLEWHV]ZHL$QWZRUWHQJODXEHLFK©VDJWH)URGRª=XPHLQHQ ZHLHUZHQLJYRQ0HQVFKHQXQGZHQQHUDXFKGXUFKWULHEHQLVWVRLVW (XUH=XIOXFKWVWlWWHVRYHUVWHFNWGDHUYLHOOHLFKWJDUQLFKWZHLGDKLHU 0HQVFKHQYHUERUJHQVLQG=XPDQGHUHQJODXEHLFKGDHUGXUFKHLQEH KHUUVFKHQGHV9HUODQJHQKLHUKHUJHORFNWZLUGGDVVWlUNHULVWDOVVHLQH 9RUVLFKW© ª(UZLUGKLHUKHUJHORFNWVDJW,KU"©IUDJWH)DUDPLUOHLVHª.DQQHU GHQQYRQ(XUHU%UGHZLVVHQRGHUZHLHUHVVRJDU"© ª$OOHUGLQJV(UWUXJVLHVHOEVWYLHOH-DKUH© ª(UWUXJVLH"©IUDJWH)DUDPLUXQGKROWHWLHI/XIWYRU9HUZXQGHUXQJ ª'LHVH6DFKHYHUZLFNHOWVLFKLQLPPHUQHXH5lWVHO'DQQYHUIROJWHU LKQ"© ª9LHOOHLFKW(ULVWLKPWHXHU$EHUGDYRQVSUDFKLFKQLFKW© ª:DVVXFKWGDV*HVFK|SIGHQQGDQQ"© ª)LVFK©VDJWH)URGRª6FKDXW© 6LHVWDUUWHQKLQXQWHUDXIGHQGXQNOHQ:HLKHU(LQNOHLQHUVFKZDU]HU .RSIWDXFKWHDPKLQWHUHQ(QGHGHV7HLFKVDXIJHUDGHDXHUKDOEGHUWLH IHQ6FKDWWHQGHV)HOVHQ.XU]EOLW]WHHWZDV6LOEHUQHVDXIXQGHVJDEHLQHQ :LUEHONOHLQHU:HOOHQ'DQQVFKZDPPHWZDVDQGLH6HLWHXQGPLWZXQ GHUEDUHU%HKHQGLJNHLWNOHWWHUWHHLQHIURVFKlKQOLFKH*HVWDOWDXVGHP:DV VHUXQGGDV8IHUKLQDXI6RIRUWVHW]WHVLHVLFKKLQXQGEHJDQQDQGHP NOHLQHQVLOEHUQHQ'LQJ]XQDJHQGDVJOLW]HUWHDOVHVEHZHJWZXUGHGLH OHW]WHQ6WUDKOHQGHV0RQGHVILHOHQMHW]WKLQWHUGLH)HOVZDQGDP(QGHGHV :HLKHUV )DUDPLUODFKWHOHLVHª)LVFK©VDJWHHUª'DVLVWHLQZHQLJHUJHIlKU OLFKHU+XQJHU2GHUYLHOOHLFKWDXFKQLFKW)LVFKDXVGHP:HLKHU+HQQHWK $QQQPDJLKQDOOHVNRVWHQZDVHU]XJHEHQKDW© ª-HW]WKDEHLFKLKQJHQDXYRUGHP3IHLO©VDJWH$QERUQª6ROOLFK QLFKWVFKLHHQ+HHUPHLVWHU"'HQQXQDXIJHIRUGHUWKLHUKHU]XNRPPHQEH GHXWHWQDFKXQVHUHP*HVHW]GHQ7RG© ª:DUWH$QERUQ©VDJWH)DUDPLUª'LHVLVWHLQHVFKZLHULJHUH$QJHOH JHQKHLWDOVHVVFKHLQW:DVKDEW,KUMHW]W]XVDJHQ)URGR":DUXPVROO WHQZLULKQVFKRQHQ"© ª'DV*HVFK|SILVWXQJOFNOLFKXQGKXQJULJ©VDJWH)URGRªXQGVLFK VHLQHU*HIDKUQLFKWEHZXW8QG*DQGDOI(XHU0LWKUDQGLUZUGH(XFK JHKHLHQKDEHQLKQDXVGLHVHPXQGDQGHUHQ*UQGHQQLFKW]XW|WHQ(U YHUERWGHQ(OEHQHV]X WXQ,FKZHLQLFKWJHQDXZDUXPXQGEHUGDV ZDVLFKPXWPDHNDQQLFKKLHUQLFKWRIIHQVSUHFKHQ$EHUGLHVHV*H VFK|SILVWLQLUJHQGHLQHU:HLVHPLWPHLQHP$XIWUDJYHUNQSIW%LV,KU XQVIDQGHWXQGPLWQDKPWZDUHUPHLQ)KUHU© ª(XHU)KUHU©VDJWH)DUDPLUª'LH6DFKHZLUGLPPHUVHOWVDPHU,FK ZUGHYLHOIU(XFKWXQ)URGRDEHUGDVNDQQLFKQLFKW]XJHVWHKHQGLH VHQGXUFKWULHEHQHQ:DQGHUHUQDFKVHLQHP:LOOHQIUHLYRQKLHUZHJJHKHQ ]XODVVHQXPVLFK(XFKVSlWHUZLHGHUDQ]XVFKOLHHQZHQQHVLKPEHOLHEW 5HL$QJHON#KWWSFRODHERRN]IELGH
RGHUYRQ2UNVJHIDQJHQ]XZHUGHQXQGXQWHU$QGURKXQJYRQ6WUDIH DOOHV]XVDJHQZDVHUZHL(UPXJHW|WHWRGHUJHIDQJHQJHQRPPHQZHU GHQ*HW|WHWZHQQHUQLFKWVHKUUDVFKJHIDQJHQJHQRPPHQZLUG$EHU ZLHNDQQGLHVHVVFKOSIULJH:HVHQYRQYLHOHUOHL*HVWDOWJHIDQJHQZHUGHQ ZHQQQLFKWGXUFKHLQHQJHILHGHUWHQ3IHLO"© ª/DWPLFKOHLVH]XLKPKLQXQWHUJHKHQ©VDJWH)URGRª,KUN|QQW(XUH %RJHQJHVSDQQWODVVHQXQGZHQLJVWHQVPLFKHUVFKLHHQZHQQHVPLUPL OLQJW,FKZHUGHQLFKWGDYRQODXIHQ© ª*HKWGHQQXQGHLOW(XFK©VDJWH)DUDPLUª:HQQHUOHEHQGGDYRQ NRPPWVROOWHHUIUGHQ5HVWVHLQHUXQJOFNOLFKHQ7DJH(XHUJHWUHXHU 'LHQHUVHLQ)KUH)URGR]XP8IHUKLQXQWHU$QERUQXQGJHKWOHLVH'DV *HVFK|SIKDW1DVHXQG2KUHQ*LEPLUGHLQHQ%RJHQ© 0XUUHQGJLQJ$QERUQYRUDXVEHUGLH:HQGHOWUHSSHELV]XGHP7UHS SHQDEVDW]XQGGDQQEHUGLHDQGHUH7UHSSHXQGVFKOLHOLFKNDPHQVLH]X HLQHPNOHLQHQKLQWHUGLFKWHQ%VFKHQYHUERUJHQHQ'XUFKJDQJ/HLVH VFKULWWHQVLHKLQGXUFKXQG)URGRVDKGDVLHREHQDPVGOLFKHQ8IHUGHV :HLKHUVVWDQGHQ(VZDUMHW]WGXQNHOXQGGHU:DVVHUIDOOZDUEODXQG JUDXXQGVSLHJHOWHQXUGHQQRFKDPZHVWOLFKHQ+LPPHOYHUZHLOHQGHQ 0RQGZLHGHU(UNRQQWH*ROOXPQLFKWVHKHQ(UJLQJHLQNXU]HV6WFN ZHLWHUXQG$QERPNDPOHLVHKLQWHULKP KHU ª*HKWZHLWHU©IOVWHUWHHU)URGRLQV2KUª6HLGDXI(XUHU5HFKWHQYRU VLFKWLJ:HQQ,KULQGHQ:HLKHUIDOOWNDQQ(XFKQLHPDQGDXHU(XUHP ILVFKHQGHQ)UHXQGKHOIHQ8QGYHUJRWQLFKWGD%RJHQVFKW]HQLQGHU 1lKHVLQGDXFKZHQQ,KUVLHQLFKWVHKW© )URGRNURFKZHLWHUXQGJHEUDXFKWHVHLQH+lQGHQDFK*ROOXP$UWXP VHLQHQ:HJ]XHUWDVWHQXQGVLFKDE]XVWW]HQ'LH)HOVHQZDUHQJU|WHQ WHLOVIODFKXQGJODWWDEHUVFKOSIULJ(UKLHOWLQQHXQGODXVFKWH=XHUVW K|UWHHUNHLQHQ/DXWDXHUGHPXQDXIK|UOLFKHQ5DXVFKHQGHV:DVVHUIDOOV KLQWHULKP'DQQK|UWHHUQLFKWZHLWYRUQHLQ]LVFKHQGHV0XUPHOQ ª)LVFKQHWWHU)LVFK:HLHV*HVLFKWLVWHQGOLFKYHUVFKZXQGHQMD 6FKDW]-HW]WN|QQHQZLU)LVFKLQ)ULHGHQHVVHQ1HLQQLFKWLQ)ULHGHQ 6FKDW]'HQQ6FKDW]LVWYHUORUHQMDYHUORUHQ'UHFNLJH+REELWVJUl OLFKH+REELWV:HJXQGKDEHQXQVYHUODVVHQJROOXP XQG6FKDW]LVWZHJ 1XUGHUDUPH6PpDJROLVWJDQ]DOOHLQ.HLQ6FKDW]*UlOLFKH0HQVFKHQ VLHZHUGHQLKQQHKPHQZHUGHQPHLQHQ6FKDW]VWHKOHQ'LHEH :LUKDVVHQ VLH)LVFKQHWWHU)LVFK0DFKWXQVVWDUN0DFKW$XJHQVFKDUI)LQJHU NUlIWLJMD6LHHUZUJHQ6FKDW]6LHDOOHHUZUJHQMDZHQQZLU*HOHJHQ KHLWKDEHQ1HWWHU)LVFK1HWWHU)LVFK© 6RJLQJHVZHLWHUIDVWHEHQVRXQDXIK|UOLFKZLHGHU:DVVHUIDOOQXUXQ WHUEURFKHQYRQHLQHPVFKZDFKHQVDEEHUQGHQXQGJOXFNVHQGHQ*HUlXVFK )URGREHUOLHIHVNDOWDOVHUYROO0LWOHLGXQG$EVFKHXODXVFKWH(U ZQVFKWHHVZUGHDXIK|UHQXQGHUEUDXFKWHGLHVH6WLPPHQLHZLHGHU]X K|UHQ$QERUQZDUQLFKWZHLWKLQWHULKP(UN|QQWH]XUFNNULHFKHQXQG LKQELWWHQ]XYHUDQODVVHQGDGLH-lJHUVFKLHHQ:DKUVFKHLQOLFKN|QQ WHQVLHGLFKWJHQXJKHUDQNRPPHQZlKUHQG*ROOXPIUDXQGQLFKWDXI GHU+XWZDU1XUHLQ6FKXGHUWUDIXQG)URGRZUGHGLHMlPPHUOLFKH 6WLPPHDXILPPHUORVVHLQ$EHUQHLQ*ROOXPKDWWHMHW]WHLQHQ$Q VSUXFKJHJHQLKQ(LQ'LHQHUKDWHLQHQ$QVSUXFKJHJHQGHQ+HUUQDXI 'LHQVWOHLVWXQJVHOEVW'LHQVWOHLVWXQJLQ$QJVW6LHZlUHQ]XJUXQGHJH JDQJHQLQGHQ7RWHQVPSIHQRKQH*ROOXP)URGRZXWHDXFKLUJHQGZLH JDQ]JHQDXGD*DQGDOIHVQLFKWJHZQVFKWKlWWH 5HL$QJHON#KWWSFRODHERRN]IELGH
ª)LVFKQHWWHU)LVFK©VDJWHGLH6WLPPH ª6PpDJRO©VDJWHHUHLQZHQLJODXWHU'LH6WLPPHEUDFKDE ª6PpDJROGHU+HUULVWJHNRPPHQXPQDFKGLU]XVXFKHQ'HU+HUULVW KLHU.RPP6PpDJRO©(VNDPNHLQH$QWZRUWDEHUHLQOHLVHV=LVFKHQ ZLHEHLP$WHPKROHQ ª.RPP6PpDJRO©VDJWH)URGRª:LUVLQGLQ*HIDKU'LH0HQVFKHQ ZHUGHQGLFKW|WHQZHQQVLHGLFKKLHUILQGHQ.RPPVFKQHOOZHQQGX GHP7RGHQWJHKHQZLOOVW.RPP]XP+HUUQ© ª1HLQ©VDJWHGLH6WLPPHª.HLQQHWWHU+HUU9HUOlWGHQDUPHQ6PHD JROXQGJHKWPLWQHXHQ)UHXQGHQ'HU+HUUNDQQZDUWHQ6PpDJROLVW QRFKQLFKWIHUWLJ© ª:LUKDEHQNHLQH=HLW©VDJWH)URGRª%ULQJGHLQHQ)LVFKPLW.RPP© ª1HLQPXHUVWGHQ)LVFKDXIHVVHQ© ª6PpDJRO©VDJWH)URGRYHU]ZHLIHOWª6FKDW]ZLUGE|VHVHLQ,FKZHUGH GHQ6FKDW]QHKPHQXQGVDJHQ/DLKQGLH*UlWHQVFKOXFNHQXQGGUDQHU VWLFNHQ'DQQZLUVWGXQLHZLHGHU)LVFKHVVHQ.RPP6FKDW]ZDUWHW© (VJDEHLQVFKDUIHV=LVFKHQ3O|W]OLFKNDP*ROOXPDXVGHU'XQNHOKHLW DQJHNURFKHQDXIDOOHQ9LHUHQZLHHLQVWURPHUQGHU+XQGGHPª3ODW]© ]XJHUXIHQZLUG(UKDWWHHLQHQKDOEJHJHVVHQHQ)LVFKLP0XQGXQGHLQHQ ]ZHLWHQLQGHU+DQG(UNDPGLFKWDQ)URGRKHUDQIDVW1DVHDQ1DVH XQGVFKQIIHOWHDQLKP6HLQHEOHLFKHQ$XJHQOHXFKWHWHQ'DQQQDKPHU GHQ)LVFKDXVGHP0XQGXQGVWDQGDXI ª1HWWHU+HUU©IOVWHUWHHUª1HWWHU+REELWNRPPW]XUFN]XPDUPHQ 6PpDJRO'HUJXWH6PpDJRONRPPW1XQODXQVJHKHQVFKQHOOJHKHQMD 'XUFKGLH%lXPHVRODQJHGLH*HVLFKWHUGXQNHOVLQG -DNRPPODXQV JHKHQ© ª-DZLUZHUGHQEDOGJHKHQ©VDJWH)URGRª$EHUQLFKWJOHLFK,FK ZHUGHPLWGLUPLWJHKHQZLHLFKYHUVSURFKHQKDEH,FKYHUVSUHFKHHVQRFK HLQPDO$EHUQLFKWMHW]W'XELVWQRFKQLFKWLQ6LFKHUKHLW,FKZLOOGLFK UHWWHQDEHUGXPXWPLUYHUWUDXHQ© ª:LUPVVHQGHP+HUUQYHUWUDXHQ"©IUDJWH*ROOXP]ZHLIHOQG ª:DUXP":DUXPQLFKWJOHLFKJHKHQ":RLVWGHUDQGHUHGHUPUULVFKH XQK|IOLFKH+REELW":RLVWHU"© ª'DREHQ©VDJWH)URGRXQG]HLJWHDXIGHQ:DVVHUIDOOª,FKJHKHQLFKW RKQHLKQ:LUPVVHQ]XLKP]XUFNJHKHQ©6HLQ0XWVDQN'DVVDK]X VHKUQDFK%HWUXJDXV(UIUFKWHWHQLFKWZLUNOLFKGD)DUDPLU]XODVVHQ ZUGH*ROOXP]XW|WHQDEHUZDKUVFKHLQOLFKZUGHHULKQJHIDQJHQQHK PHQODVVHQXQGIHVVHOQXQGZDV)URGRWDWZUGHGHPDUPHQKLQWHUKlO WLJHQ*HVFK|SIVLFKHUZLH9HUUlWHUHLYRUNRPPHQ:DKUVFKHLQOLFKZUGHHV XQP|JOLFKVHLQHVLKPYHUVWlQGOLFKRGHUJODXEKDIW]XPDFKHQGD)URGR LKPDXIGLHHLQ]LJH:HLVHGLHLKP]XU9HUIJXQJVWDQGGDV/HEHQUHW WHWH:DVVRQVWNRQQWHHUWXQXPEHLGHQ6HLWHQJHJHQEHUVRZHLWDOV P|JOLFK:RUW]XKDOWHQ"ª.RPP©VDJWHHUª6RQVWZLUG6FKDW]lUJHU OLFK:LUJHKHQMHW]W]XUFNGHQ%DFKKLQDXI*HKORVJHKORVJHKGX YRUDXV© *ROOXPNURFKHLQ6WFNFKHQGLFKWDP5DQGHQWODQJVFKQIIHOQG XQG PLWUDXLVFK0LWHLQHPPDOKLHOWHUDQXQGKREGHQ.RSIª'DLVWZDV© VDJWHHUª.HLQ+REELW©3O|W]OLFKGUHKWHHUVLFKXP(LQJUQHV)XQNHOQ IODFNHUWHLQVHLQHQYRUVWHKHQGHQ$XJHQª+HUU+HUU%|VH7FNLVFK )DOVFK©]LVFKWHHU(UVSXFNWHXQGVWUHFNWHVHLQHODQJHQ$UPHPLWGHQ ZHLHQNQDFNHQGHQ)LQJHUQDXV 5HL$QJHON#KWWSFRODHERRN]IELGH
,QGLHVHP$XJHQEOLFNUDJWH$QERUQVJURHVFKZDU]H*HVWDOWGURKHQG KLQWHULKPDXIXQGQDKPLKQVLFKYRU(LQHJURHVWDUNH+DQGSDFNWH LKQLP*HQLFNXQGKLHOWLKQIHVW(UIXKUKHUXPZLHGHU%OLW]JDQ]QD XQGVFKOHLPLJZLHHUZDUZDQGVLFKZLHHLQ$DOXQGELXQGNUDW]WH ZLHHLQH.DW]H$EHUQRFK]ZHL0lQQHUNDPHQDXVGHQ6FKDWWHQ ª+DOWVWLOO©VDJWHGHUHLQHª6RQVWVWHFNHQZLUGLFKYROO1DGHOQZLHHLQ ,JHO+DOWVWLOO© *ROOXPZXUGHVFKODIIXQGEHJDQQ]XZLQVHOQXQG]XZHLQHQ6LHIHV VHOWHQLKQQLFKWJHUDGHVHKUVDQIW ª6DFKWHVDFKWH©VDJWH)URGRª(UNDQQHVDQ.UDIWPLW(XFKQLFKWDXI QHKPHQ7XWLKPQLFKWZHKZHQQ,KU VYHUPHLGHQN|QQW(UZLUGUXKLJHU VHLQZHQQ,KUHVQLFKWWXW6PpDJRO6LHZHUGHQGLUQLFKWZHKWXQ,FK ZHUGHPLWGLUJHKHQXQGGLUVROONHLQ/HLGJHVFKHKHQ(VVHLGHQQVLH ZUGHQPLFKDXFKW|WHQ9HUWUDXHGHP+HUUQ© *ROOXPGUHKWHVLFKXPXQGVSLHLKQDQ'LH0lQQHUKREHQLKQKRFK ]RJHQLKPHLQH.DSX]HEHUGLH$XJHQXQGWUXJHQLKQIRUW )URGRIROJWHLKQHQXQGIKOWHVLFKVHKUXQJOFNOLFK6LHJLQJHQGXUFK GHQ(LQJDQJKLQWHUGHQ%VFKHQXQGGDQQGLH7UHSSHQKLQXQWHUGXUFKGLH *lQJHLQGLH+|KOH=ZHLRGHUGUHL)DFNHOQZDUHQDQJH]QGHWZRUGHQ O 'LH0lQQHUZDFKWHQDXI6DPZDUGD(UZDUIGHPVFKODIIHQ%QGHO GDVGLH0lQQHUWUXJHQHLQHQVRQGHUEDUHQ%OLFN]Xª+DVWLKQHUZLVFKW"© IUDJWHHU)URGR ª-D2GHUYLHOPHKUQHLQLFKKDEHLKQQLFKWHUZLVFKW(UNDP]XPLU ZHLOHUPLU]XHUVWYHUWUDXWHIUFKWHLFK,FKZROOWHQLFKWGDHUVRJHIHV VHOWZUGH,FKKRIIHHVZLUGJXWJHKHQDEHUPLULVWGDV*DQ]HJUlOLFK© ª0LUDXFK©VDJWH6DPª8QGQLFKWVZLUGMHPDOVJXWJHKHQZHQQGLH VHV+lXIFKHQ(OHQGGDEHLLVW© (LQ0DQQNDPZLQNWHGHQ+REELWVXQGEUDFKWHVLH]XGHP1HEHQUDXP LP+LQWHUJUXQGGHU+|KOH)DUDPLUVDGRUWDXIVHLQHP6WXKOXQGGLH /DPSHLQGHU1LVFKHEHUVHLQHP.RSIZDUZLHGHUDQJH]QGHWZRUGHQ(U EHGHXWHWHLKQHQVLFKDXIGLH+RFNHUQHEHQLKP]XVHW]HQª%ULQJW:HLQ IUGLH*lVWH©VDJWHHUª8QG EULQJWGHQ*HIDQJHQHQ]XPLU© 'HU:HLQZXUGHJHEUDFKWXQGGDQQNDP$QERUQXQGWUXJ*ROOXP(U ]RJ*ROOXPGLH.DSX]HYRP.RSIXQGVWHOOWHLKQDXIGLH)HZREHLHU KLQWHULKPVWDQGXPLKQ]XVWW]HQ*ROOXPEOLQ]HOWHXQGYHUEDUJGLH %RVKHLWVHLQHU$XJHQKLQWHUGHQVFKZHUHQEOHLFKHQ/LGHUQ6HKUMlPPHU OLFKVDKHUDXVWURSIHQGXQGQDXQGHUURFKQDFK)LVFKHLQHQKLHOWHU QRFKLQGHU+DQG VHLQVSlUOLFKHV+DDUKLQJLKPZLHJHLOHV8QNUDXWEHU GLHNQRFKLJH6WLUQVHLQH1DVHWULHIWH ª/DWXQVORV/DWXQVORV©VDJWHHUª'HU6WULFNWXWXQVZHKMDGDV WXWHUHUWXWXQVZHKXQGZLUKDEHQQLFKWVJHWDQ© ª1LFKWV"©IUDJWH)DUDPLUXQGVDKGDVXQJOFNOLFKH*HVFK|SIVFKDUIDQ DEHUVHLQ*HVLFKWGUFNWHZHGHUbUJHUQRFK0LWOHLGRGHU(UVWDXQHQDXV ª1LFKWV"+DVWGXQLHPDOVHWZDVJHWDQGDV)HVVHOQRGHUHLQHQRFKVFKOLP PHUH6WUDIHYHUGLHQW",QGHVKDEHLFK]XP*OFNGDUEHUQLFKW]XEHILQ GHQ$EHUKHXWH1DFKWELVWGXGRUWKLQJHNRPPHQZRKLQ]XNRPPHQ GHQ7RGEHGHXWHW'LH)LVFKHGLHVHV:HLKHUVVLQGWHXHUHUNDXIW© *ROOXPOLHGHQ)LVFKIDOOHQª:LOONHLQHQ)LVFK©VDJWHHU ª'HU3UHLVLVWQLFKWIUGHQ)LVFKIHVWJHVHW]W©VDJWH)DUDPLUª1XUKHU ]XNRPPHQXQGGHQ:HLKHU]XEHWUDFKWHQVFKOLHWGLH7RGHVVWUDIHHLQ,FK 5HL$QJHON#KWWSFRODHERRN]IELGH
KDEHGLFKELVKHUYHUVFKRQWDXI%LWWHQ YRQ)URGRGHUVDJWGDGX]XPLQ GHVWYRQLKPHLQLJHQ'DQNYHUGLHQWKDVW$EHUGXPXWDXFKPLU5HGH XQG$QWZRUWVWHKHQ:LHKHLWGX":RKHUNRPPVWGX"8QGZRKLQ ZLOOVWGXJHKHQ":DVLVWGHLQH$XIJDEH"© ª:LUVLQGYHUORUHQYHUORUHQ©VDJWH*ROOXPª.HLQ 1DPHNHLQH$XI JDEHNHLQ6FKDW]QLFKWV1XUYHUODVVHQQXUKXQJULJ-DZLUVLQGKXQJ ULJ(LQSDDUNOHLQH)LVFKHJUlOLFKHJUlWLJHNOHLQH)LVFKIUHLQDUPHV *HVFK|SIXQGVLHVDJHQ7RG6RZHLVHVLQGVLHVRJHUHFKWVREHUDXVJH UHFKW© ª1LFKW VHKUZHLVH©VDJWH)DUDPLUª$EHUJHUHFKWMDYLHOOHLFKWVRJH UHFKWZLHXQVHUELFKHQ:HLVKHLW]XOlW%LQGHLKQORV)URGR©)DUDPLU QDKPHLQNOHLQHV1DJHOPHVVHUDXVGHP*UWHOXQGJDEHV)URGR*ROOXP PLYHUVWDQGGLH*HVWHNUHLVFKWHXQGILHO]X%RGHQ ª1XQ6PpDJRO©VDJWH)URGRª'XPXWPLUYHUWUDXHQ,FKZHUGHGLFK QLFKWLP6WLFKODVVHQ$QWZRUWHZDKUKHLWVJHPlZHQQGXNDQQVW(V ZLUG]XGHLQHP9RUWHLOXQGQLFKW]XGHLQHP6FKDGHQVHLQ©(UGXUFK VFKQLWWGLH6WULFNHDQ*ROOXPV+DQGJHOHQNHQXQG.Q|FKHOQXQGVWHOOWH LKQDXIGLH)H ª.RPPKLHUKHU©VDJWH)DUDPLUª6FKDXPLFKDQ.HQQVWGXGHQ 1DPHQGLHVHV2UWV"%LVWGXVFKRQIUKHUKLHUJHZHVHQ"© /DQJVDPKRE*ROOXPGHQ%OLFNXQGVFKDXWH)DUDPLUXQZLOOLJLQGLH $XJHQ$OOHV)XQNHOQZDUDXVVHLQHQ$XJHQYHUVFKZXQGHQXQGVLH VWDUUWHQHLQHNXU]H=HLWWUEHXQGEOHLFKLQGLHNODUHQEHKDUUOLFKHQ $XJHQGHV0HQVFKHQYRQ*RQGRU(VKHUUVFKWHHLQXQEHZHJWHV6FKZHL JHQ'DQQOLH*ROOXPGHQ.RSIVLQNHQXQGVDFNWH]XVDPPHQELVHU]LW WHUQGDP%RGHQODJª:LUZLVVHQHVQLFKWXQGZLUZROOHQHVQLFKWZLV VHQ©ZLPPHUWHHUª.DPHQQLHPDOVKHUZHUGHQQLHPDOVZLHGHUNRP PHQ© ª(VJLEWYHUVSHUUWH7UHQXQGYHUVFKORVVHQH)HQVWHULQGHLQHP*HLVW XQGGXQNOH5lXPHKLQWHULKQHQ©VDJWH)DUDPLUª$EHULQGLHVHP)DOO VFKlW]HLFKGDGXGLH:DKUKHLWVSULFKVW'DVLVWJQVWLJIUGLFK:HO FKHQ(LGZLOOVWGXVFKZ|UHQQLHPDOV]XUFN]XNHKUHQXQGQLHPDOVLUJHQG HLQ/HEHZHVHQGXUFK:RUWRGHU=HLFKHQKLHUKHU]XIKUHQ"© ª'HU+HUUZHLHV©VDJWH*ROOXPPLWHLQHP6HLWHQEOLFNDXI)URGRª-D HUZHLHV:LUZHUGHQHVGHP+HUUQYHUVSUHFKHQZHQQHUXQVUHWWHW :LUZHUGHQHVEHL,KPYHUVSUHFKHQMD©(UNURFK]X)URGRV)HQ ª5HWWHXQVQHWWHU+HUU©ZLPPHUWHHUª6PpDJROYHUVSULFKWEHLP6FKDW] YHUVSULFKWHVDXIULFKWLJ1LHPDOVZLHGHUNRPPHQQLHPDOVUHGHQQHLQ QLHPDOV1HLQ6FKDW]QHLQ© ª6HLG,KUGDPLW]XIULHGHQ"©IUDJWH)DUDPLU ª-D©VDJWH)URGRª=XPLQGHVWPW,KUHQWZHGHUGLHVHV9HUVSUHFKHQ DQQHKPHQRGHU(XHU*HVHW]DXVIKUHQ0HKUZHUGHW,KUQLFKWHUKDOWHQ $EHULFK KDEHLKPYHUVSURFKHQGDLKPZHQQHU]XPLUNlPHNHLQ /HLGJHVFKlKH8QGLFKP|FKWHPLFKQLFKWJHUQDOVXQDXIULFKWLJHUZHLVHQ© )DUDPLUEHUOHJWHHLQHQ$XJHQEOLFNª6HKUJXW©VDJWHHUVFKOLHOLFK ª,FKEHUDQWZRUWHGLFKGHLQHP+HUUQ)URGR'URJRV6RKQ(UVROOHUNOl UHQZDVHUPLWGLUWXQZLOO© ª$EHU+HUU)DUDPLU©VDJWH)URGRXQGYHUEHXJWHVLFKª,KUKDEWELV MHW]WQRFKQLFKW(XUHQ(QWVFKOXKLQVLFKWOLFKGHVEHVDJWHQ)URGRYHUNQ GHWXQGHKHHUQLFKWEHNDQQWLVWNDQQ)URGRVHLQH3OlQHIUVLFK RGHU VHLQH*HIlKUWHQQLFKWIHVWOHJHQ(XHU8UWHLOZDUELV]XP0RUJHQKLQDXV 5HL$QJHON#KWWSFRODHERRN]IELGH
JHVFKREHQGRFKGHU0RUJHQLVWMHW]WQDKH© ª'DQQZLOOLFKPHLQHQ8UWHLOVVSUXFKIlOOHQ©VDJWH)DUDPLUª:DV(XFK EHWULIIW)URGRHUNOlUHLFK(XFKVRZHLWHVDQPLUOLHJWPLWK|KHUHU*H QHKPLJXQJIUHLLP*HELHWYRQ*RQGRUELV]XGHQZHLWHVWHQVHLQHUDOWHQ *UHQ]HQPLWGHUHLQ]LJHQ$XVQDKPHGDZHGHU,KUQRFKMHPDQGGHU (XFKEHJOHLWHW(UODXEQLVKDWXQJHEHWHQZLHGHU]XGLHVHP2UW]XNRP PHQ'LHVHU8UWHLOVVSUXFKVROOHLQ-DKUXQGHLQHQ7DJJHOWHQXQGGDQQ HQGHQHVVHLGHQQGD,KUYRUGLHVHU=HLWQDFK0LQDV7LULWKNRPPWXQG YRUGHP+HUUQXQG7UXFKVHGHU6WDGWHUVFKHLQW'DQQZHUGHLFKLKQELW WHQ]XEHVWlWLJHQZDVLFKJHWDQKDEHXQGHVOHEHQVODQJ]XPDFKHQ,Q ]ZLVFKHQVROOZHQLPPHU,KUXQWHU(XUHQ6FKXW]QHKPWDXFKXQWHUPHL QHP6FKXW]XQGGHP6FKLUPYRQ*RQGRUVWHKHQ6HLG,KUEHIULHGLJW"© )URGRYHUEHXJWHVLFKWLHIª,FKELQEHIULHGLJW©VDJWHHUªXQGLFKVWHOOH PLFK(XFK]XU9HUIJXQJZHQQGDVIUHLQHQVRHGOHQXQGHKUHQYROOHQ +HUUQYRQ:HUWLVW© ª(VLVWYRQJURHP:HUW©VDJWH)DUDPLUª8QGQHKPW,KUQXQGLHVHV *HVFK|SI6PpDJROXQWHU(XUHQ6FKXW]"© ª,FKQHKPH6PpDJROXQWHUPHLQHQ6FKXW]©VDJWH)URGR6DPVHXI]WH K|UEDUDEHUQLFKWEHUGHQ$XVWDXVFKYRQ+|IOLFKNHLWHQGLHHUZLHHV MHGHU+REELWWXQZUGHGXUFKDXVELOOLJWH7DWVlFKOLFKKlWWHHLQHVROFKH $QJHOHJHQKHLWLP$XHQODQGVHKUYLHOPHKU:RUWHXQG9HUEHXJXQJHQ HUIRUGHUW ª'DQQVDJHLFK]XGLU©ZDQGWHVLFK)DUDPLUDQ*ROOXPªGDGXXQWHU 7RGHVVWUDIHVWHKVWDEHUVRODQJHGXPLW)URGRZDQGHUVWELVWGXIUXQVHU 7HLOVLFKHU6ROOWHVWGXLQGHVMHPDOVYRQHLQHP0HQVFKHQYRQ*RQGRU KHUXPLUUHQGXQGRKQHLKQJHIXQGHQZHUGHQVROOGDV8UWHLOYROOVWUHFNW ZHUGHQ8QGP|JHGLFKGHU7RGUDVFKHUHLOHQLQ*RQGRURGHUDXHUKDOE ZHQQGXLKPQLFKWJXWGLHQVW-HW]WDQWZRUWHPLUZRKLQZLOOVWGXJHKHQ" 'XZDUVWVHLQ)KUHUVDJWHU:RKLQKDVWGXLKQJHIKUW"©*ROOXPDQW ZRUWHWHQLFKW ª,FKZLOOQLFKWGDGDVJHKHLPEOHLEW©VDJWH)DUDPLUª$QWZRUWHPLU RGHULFKZHUGHPHLQ8UWHLOXPVWRHQ©*ROOXPDQWZRUWHWHLPPHUQRFK QLFKW ª,FKZHUGHIULKQDQWZRUWHQ©VDJWH)URGRª(UEUDFKWHPLFK]XP 6FKZDU]HQ7RUZLHLFKJHEHWHQKDWWHDEHUHVZDUXQGXUFKVFKUHLWEDU© ª(VJLEWNHLQRIIHQHV7RU]XP1DPHQORVHQ/DQG©VDJWH)DUDPLU ª$OVZLUGDVVDKHQNHKUWHQZLUXPXQGJLQJHQDXIGHU6GVWUDHZHL WHU©IXKU)URGRIRUWª'HQQHUVDJWHHVJHEHHLQHQ:HJLQGHU1lKHYRQ 0LQDV,WKLORGHUHVN|QQHLKQJHEHQ© ª0LQDV0RUJXO©VDJWH)DUDPLU ª,FKZHLHVQLFKWJHQDX©VDJWH)URGR ª$EHUGHU3IDGNOLPPWJODXEH LFKKLQDXILQV*HELUJHDQGHU1RUGVHLWHMHQHV7DOVLQGHPGLHDOWH6WDGW OLHJW(UIKUWKLQDXI]XHLQHUKRKHQ6FKOXFKWXQGGDQQKLQXQWHU]X² GHPZDVMHQVHLWVOLHJW© ª:LW,KUGHQ1DPHQGLHVHVKRKHQ3DVVHV"©IUDJWH)DUDPLU ª1HLQ©VDJWH)URGR ª(UKHLW&LULWK8QJRO©*ROOXP]LVFKWHVFKDUIXQGEHJDQQYRUVLFK KLQ]XPXUPHOQª,VWGDVQLFKWVHLQ1DPH"©IUDJWH)DUDPLU]XLKPJH ZDQGW ª1HLQ©VDJWH*ROOXPXQGGDQQVFKULHHUVFKULOODXIDOVRELKQHWZDV JHVWRFKHQKDEHª-DMDZLUK|UWHQGHQ1DPHQHLQPDO$EHUZDVEHGHX 5HL$QJHON#KWWSFRODHERRN]IELGH
WHWXQVGHU1DPH"'HU+HUUVDJWHUPXKLQHLQ$OVRPVVHQZLU LUJHQGHLQHQ:HJYHUVXFKHQ(VJLEWNHLQHQDQGHUHQ:HJGHQPDQYHUVX FKHQNDQQQHLQ© ª.HLQHQDQGHUHQ:HJ"©IUDJWH)DUDPLUª:RKHUZHLWGXGDV"8QG ZHUKDWDOOGLH*UHQ]JHELHWHGLHVHVGXQNOHQ5HLFKVHUIRUVFKW"©(UVDK *ROOXPODQJHXQGQDFKGHQNOLFKDQ'DQQVSUDFKHUZLHGHUª%ULQJGLHVHV *HVFK|SIZHJ$QERUQ%HKDQGHOHLKQVDQIWDEHUEHZDFKHLKQ8QGGX 6PpDJROYHUVXFKHQLFKWLQGHQ:DVVHUIDOO]XWDXFKHQ'LH)HOVHQKDEHQ GRUWVROFKH=DFNHQGDGXYRUGHLQHU=HLWJHW|WHWZUGHVW9HUODXQV MHW]WXQGQLPPGHLQHQ)LVFKPLW© $QERUQJLQJKLQDXVXQG*ROOXPNURFKYRULKPKHU'HU9RUKDQJ]X GHP1HEHQUDXPZXUGH]XJH]RJHQ ª)URGRLFKJODXEHLQGLHVHP3XQNWKDQGHOW,KUVHKUXQNOXJ©VDJWH )DUDPLUª,KUVROOWHWQLFKWPLWGLHVHP*HVFK|SIPLWJHKHQ(VLVWE|VH© ª1HLQQLFKWGXUFKZHJE|VH©VDJWH)URGR ª1LFKWJDQ]YLHOOHLFKW©VDJWH)DUDPLUªDEHU%RVKHLWIULWDQLKPZLH HLQ.UHEVJHVFKZUXQGGDV%|VHZlFKVW(UZLUG(XFK]XQLFKWV*XWHP IKUHQ:HQQ,KU(XFKYRQLKPWUHQQHQZROOWZHUGHLFKLKPIUHLHV*H OHLWXQGHLQHQ)KUHUJHEHQ]XMHGHP2UWDQGHQ*UHQ]HQYRQ*RQGRU GHQHUQHQQHQPDJ© ª(UZUGHGDVQLFKWDQQHKPHQ©VDJWH)URGRª(UZUGHPLUIROJHQ ZLHHUHVODQJHJHWDQKDW8QGLFKKDEHLKPYLHOH0DOHYHUVSURFKHQLKQ XQWHUPHLQHQ6FKXW]]XQHKPHQXQGGDKLQ]XJHKHQZRKLQHUPLFKIKUW ,KUZROOWPLFKGRFKQLFKWDXIIRUGHUQLKPJHJHQEHUWUHXEUFKLJ]XZHU GHQ"© ª1HLQ©VDJWH)DUDPLUª$EHUPHLQ+HU]ZROOWHHV'HQQHVHUVFKHLQW ZHQLJHUYHUZHUIOLFKHLQHPDQGHUHQ0DQQ]XUDWHQGLH7UHXH]XEUHFKHQ DOVHVVHOEVW]XWXQEHVRQGHUVZHQQPDQVLHKWZLHHLQ)UHXQGRKQHHV ]XZLVVHQLQVHLQ9HUGHUEHQUHQQW$EHUQHLQ² ZHQQHUPLW(XFKJHKHQ ZLOOPW,KULKQQXQHUWUDJHQ'RFKJODXEHLFKQLFKWGD,KUJHKDOWHQ VHLGQDFK&LULWK8QJRO]XJHKHQZRYRQHU(XFKZHQLJHUJHVDJWKDWDOV HUZHL6RYLHOKDEHLFKNODULQVHLQHP*HLVWHUNDQQW*HKWQLFKWQDFK &LULWK8QJRO© ª:RKLQVROOLFKGHQQJHKHQ"©IUDJWH)URGRª=XUFN]XP6FKZDU]HQ 7RUXQGPLFKGHU:DFKHDXVOLHIHUQ":DVZLW,KUYRQGLHVHP2UWGDV VHLQHQ1DPHQVRVFKUHFNOLFKPDFKW"© ª1LFKWV*HQDXHV©VDJWH)DUDPLUª:LUYRQ*RQGRUJHKHQKHXW]XWDJH QLHPDOVZHLWHUQDFK2VWHQDOVELV]XU 6WUDHXQGNHLQHUYRQXQVMQJH UHQ0lQQHUQKDWHVMHJHWDQRGHUGHQ)XDXIGDV6FKDWWHQJHELUJHJH VHW]W9RQLKPNHQQHQZLUQXUDOWH%HULFKWHXQGGLH*HUFKWHYHUJDQJH QHU7DJH$EHULUJHQGHLQGXQNOHU6FKUHFNHQKDXVWLQGHQ3lVVHQREHU KDOEYRQ0LQDV0RUJXO:HQQ&LULWK8QJROJHQDQQWZLUGHUEOHLFKHQDOWH 0lQQHUXQG*HOHKUWHXQGVFKZHLJHQ 'DV7DOYRQ0LQDV0RUJXOYHUILHOGHP%|VHQYRUVHKUODQJHU=HLWXQG HVZDUHLQH'URKXQJXQGHLQ*HJHQVWDQGGHV6FKUHFNHQVZlKUHQGGHU YHUEDQQWH)HLQGQRFKLQGHU)HPHZHLOWHXQG,WKLOLHQJU|WHQWHLOVLQXQ VHUHU+DQGZDU:LH,KUZLWZDUGLHVH6WDGWHLQVWHLQH)HVWXQJVWRO] XQGVFK|Q0LQDV,WKLOGLH=ZLOOLQJVVFKZHVWHUXQVHUHUHLJHQHQ6WDGW $EHUVLHZXUGHHUREHUWYRQJUDXVDPHQ0HQVFKHQGLHGHU)HLQGLQVHLQHU HUVWHQ0DFKWEHKHUUVFKWHXQGGLHQDFKVHLQHP6WXU]KHLPDWORVXQGKHU UHQORVXPKHUZDQGHUWHQ(VKHLWGDLKUH)UVWHQ0HQVFKHQYRQ1~PH 5HL$QJHON#KWWSFRODHERRN]IELGH
QRUZDUHQGLHGHU%RVKHLWYHUIDOOHQZDUHQLKQHQKDWWHGHU)HLQG5LQJH GHU0DFKWJHJHEHQXQGHUKDWVLHKLQZHJJHUDIIWOHEHQGH*HLVWHUVLQGVLH JHZRUGHQHQWVHW]OLFKXQGE|VH1DFKGHPHUIRUWZDUQDKPHQVLH0LQDV ,WKLOHLQXQGZRKQWHQGRUWXQGVLHEUDFKWHQGLH6WDGWXQGGDVJDQ]H7DO ULQJVXPLQ9HUIDOO6LHVFKLHQOHHUXQGZDUHVGRFKQLFKWGHQQHLQHJH VWDOWORVH)XUFKWOHEWHLQQHUKDOEGHU]HUVW|UWHQ0DXHUQ1HXQ)UVWHQ ZDUHQGRUWXQGQDFKGHU5FNNHKULKUHV+HUUQGLHVLHKHLPOLFKI|UGHU WHQXQGYRUEHUHLWHWHQZXUGHQVLHZLHGHUVWDUN'DQQNDPHQGLH1HXQ 5HLWHUDXVGHQ7RUHQGHV6FKUHFNHQVKHUDXVXQGZLUNRQQWHQLKQHQQLFKW :LGHUVWDQGOHLVWHQ1lKHUW(XFKQLFKWLKUHU)HVWH,KUZHUGHWHUVSlKW ZHUGHQ(VLVWHLQ2UWVFKODIORVHU%RVKHLWYROOHUOLGORVHU$XJHQ*HKW QLFKWGLHVHQ:HJ© ª'RFKZRKLQVRQVWZROOW,KUPLFKZHLVHQ"©IUDJWH)URGRª,KUVHOEVW VDJW,KUN|QQWPLFKQLFKW]XP*HELUJHIKUHQXQGDXFKQLFKWKLQEHU EULQJHQ$EHUEHUGLH%HUJHPXLFKGHQQLFKELQGXUFKIHLHUOLFKHV*H O|EQLVJHJHQEHUGHP5DWYHUSIOLFKWHWHLQHQ:HJ]XILQGHQRGHU]X JUXQGH]XJHKHQ8QGZHQQLFKMHW]WXPNHKUHXQGGDVELWWHUH(QGHGHV :HJHVYHUZHLJHUHZRKLQVROOLFKGDQQXQWHU(OEHQRGHU0HQVFKHQJH KHQ":UGHW,KUZROOHQGDLFKPLWGLHVHP'LQJQDFK*RQGRUNRPPH GHP'LQJGDV(XUHQ%UXGHUYRU%HJLHUGHZDKQVLQQLJPDFKWH":HOFKHQ =DXEHUZUGHHVLQ0LQDV7LULWKEHZLUNHQ"6ROOHV]ZHL6WlGWH0LQDV 0RUJXOJHEHQGLHHLQDQGHUGLH=lKQH]HLJHQEHUHLQWRWHV/DQGKLQZHJ HUIOOWYRQ)lXOQLV"© ª'DVZUGHLFKQLFKWZROOHQ©VDJWH)DUDPLU ª:DVZROOW,KUGHQQGDLFKWXH"© ª,FKZHLHVQLFKW1XUP|FKWHLFKQLFKWGD,KU7RGRGHU)ROWHUXQJ HQWJHJHQJHKW8QGLFKJODXEHQLFKWGD0LWKUDQGLUGLHVHQ:HJJHZlKOW KlWWH© ª$EHUQDFKGHPHUQLFKWPHKUGDLVWPXLFKGLH3IDGHHLQVFKODJHQ GLHLFKILQGHQNDQQ8QGGLH=HLWUHLFKWQLFKWODQJH]XVXFKHQ©VDJWH )URGR ª(VLVWHLQKDUWHV6FKLFNVDOXQGHLQKRIIQXQJVORVHU$XIWUDJ©VDJWH )DUDPLUª$EHU]XPLQGHVWHULQQHUW(XFKPHLQHU:DUQXQJKWHW(XFK YRUGLHVHP)KUHU6PpDJRO(UKDWVFKRQIUKHUJHPRUGHW'DVOHVHLFKLQ LKP©(UVHXI]WH ª-DVRKDEHQZLUXQVJHWURIIHQXQGWUHQQHQXQV)URGR'URJRV6RKQ ,KUEUDXFKWNHLQHPLWOHLGLJHQ:RUWHLFKKHJHNHLQH+RIIQXQJ(XFK MHPDOVXQWHUGLHVHU6RQQHZLHGHU]XVHKHQ$EHU,KUVROOWQXQPLWPHLQHQ 6HJHQVVSUFKHQIU(XFKXQG(XHUJDQ]HV9RONYRQGDQQHQJHKHQ5XKW HLQZHQLJZlKUHQGHLQH0DKO]HLWIU(XFKEHUHLWHWZLUG ,FKZUGHJHUQHUIDKUHQZLHGLHVHUVFKOHLFKHQGH6PpDJROLQGHQ%HVLW] GHV'LQJHVNDPYRQGHPZLUVSUHFKHQXQGZLHHUHVYHUORUDEHUMHW]W ZLOOLFK(XFKQLFKWGDPLWEHOlVWLJHQ:HQQ,KUHQWJHJHQDOOHU(UZDUWXQ JHQLQGLH/DQGHGHU/HEHQGHQ]XUFNNHKUWXQGZLUXQVHUH*HVFKLFKWH QRFKPDOVHU]lKOHQLQGHU6RQQHDQHLQHU0DXHUVLW]HQGEHUDOWHQ.XP PHUODFKHQGGDQQVROOW,KUHVPLUHU]lKOHQ%LVGDKLQRGHUELV]XHLQHU DQGHUHQ=HLWGLHVHOEVWGLH6HKHQGHQ6WHLQHYRQ1~PHQRUQLFKW]XHUNHQ QHQYHUP|JHQOHEWZRKO© (UVWDQGDXIYHUEHXJWHVLFKWLHIYRU)URGR]RJGHQ9RUKDQJDXIXQG JLQJKLQDXVLQGLH+|KOH 5HL$QJHON#KWWSFRODHERRN]IELGH
6,(%7(6.$3,7(/ :$1'(581*=806&+(,'(:(*
)URGRXQG6DPNHKUWHQ]XLKUHQ%HWWHQ]XUFNOHJWHQVLFKVFKZHLJHQG KLQXQGUXKWHQHLQZHQLJZlKUHQGGLH0HQVFKHQVLFKUHJWHQXQGGLH $XIJDEHQGHV7DJHVEHJDQQHQ1DFKHLQHU:HLOHZXUGHLKQHQ:DVVHU JHEUDFKWXQGGDQQZXUGHQVLH]XHLQHP7LVFKJHIKUWDXIGHP(VVHQIU GUHLDQJHULFKWHWZDU)DUDPLUIUKVWFNWHPLWLKQHQ6HLW GHU6FKODFKW DP7DJH]XYRUKDWWHHUQLFKWJHVFKODIHQGHQQRFKVDKHUQLFKWPGH DXV $OVVLHIHUWLJZDUHQVWDQGHQVLHDXIª0|JHNHLQ+XQJHU(XFKXQWHU ZHJVTXlOHQ©VDJWH)DUDPLUª,KUKDEWZHQLJ:HJ]HKUXQJDEHULFKKDEH DQJHRUGQHWGDHLQNOHLQHU9RUUDWYRQ/HEHQVPLWWHOQGLHIU:DQGHUHU JHHLJQHWVLQGLQ(XUH5XFNVlFNHJHSDFNWZLUG,KUZHUGHWNHLQHQ0DQJHO DQ:DVVHUKDEHQVRODQJH,KULQ,WKLOLHQZDQGHUWDEHUWULQNWYRQNHLQHP %DFKGHUYRQ,PODG0RUJXOKHUDEIOLHWGHP7DOGHV/HEHQGHQ7RGHV 'DVPXLFK(XFKDXFKVDJHQ0HLQH6SlKHUXQG%HREDFKWHUVLQGDOOH]X UFNJHNHKUWVRJDUHLQLJHGLHELVLQ6LFKWZHLWHGHV0RUDQQRQJHNURFKHQ VLQG6LHDOOHVWHOOWHQHWZDV0HUNZUGLJHVIHVW'DV/DQGLVWOHHU1LFKWV LVWDXIGHU6WUDHNHLQ*HUlXVFKYRQ)X+RUQRGHU%RJHQVHKQHLVW LUJHQGZR]XK|UHQ(LQHDEZDUWHQGH6WLOOHOLHJWEHUGHP1DPHQORVHQ /DQG,FKZHLQLFKWZDVGDVEHGHXWHW$EHUGLH=HLWHLQHUZLFKWLJHQ (QWVFKHLGXQJQlKHUWVLFK(LQ6WXUPNRPPW(LOW(XFKVRODQJH,KU N|QQW:HQQ,KUEHUHLWVHLGODWXQVJHKHQ'LH6RQQHZLUGVLFKEDOG EHUGLH6FKDWWHQHUKHEHQ© 'LH5XFNVlFNHGHU+REELWVZXUGHQLKQHQJHEUDFKWHLQZHQLJVFKZHUHU ZDUHQVLHDOVYRUKHU XQGDXFK]ZHLNUlIWLJH6W|FNHDXVJHJOlWWHWHP +RO]PLW(LVHQEHVFKODJHQXQGPLWJHVFKQLW]WHQ.QlXIHQGXUFKGLHJH IORFKWHQH/HGHUULHPHQOLHIHQ ª,FKKDEHNHLQHSDVVHQGHQ*HVFKHQNHGLHLFK(XFKEHLXQVHUHP$E VFKLHGJHEHQN|QQWH©VDJWH)DUDPLUªDEHUQHKPWGLHVH6W|FNHDQ6LH P|JHQGHQMHQLJHQGLHQOLFKVHLQGLHLQGHU:LOGQLVZDQGHUQRGHUNOHWWHUQ 'LH0HQVFKHQGHV:HLHQ*HELUJHVEHQXW]HQVLHGLHVHDOOHUGLQJVVLQG DXI(XUH*U|H]XUHFKWJHVFKQLWWHQXQGQHXEHVFKODJHQZRUGHQ6LHVLQG DXVGHPVFK|QHQ%DXP/HEHWKURQ KHUJHVWHOOWGHQGLH6FKUHLQHUYRQ*RQ GRUOLHEHQXQGHLQH=DXEHUNUDIWLVW LKQHQYHUOLHKHQZRUGHQ]XILQGHQ XQG]XUFN]XNHKUHQ0|JHGLHVH=DXEHUNUDIWQLFKWYHUVDJHQXQWHUGHP 6FKDWWHQLQGHQ,KUJHKW© 'LH+REELWVYHUEHXJWHQVLFKWLHI ª+|FKVWJWLJHU*DVWJHEHU©VDJWH)URGRªPLUZDUYRQ(OURQGGHP +DOEHOEHQJHVDJWZRUGHQLFKZUGH)UHXQGVFKDIWXQWHUZHJVILQGHQ KHLPOLFKHXQGXQHUZDUWHWH*HZLHUZDUWHWHLFKQLFKWVROFKH)UHXQGVFKDIW ZLH,KUVLHPLUEHZLHVHQKDEW6LHJHIXQGHQ]XKDEHQYHUZDQGHOW8QJOFN LQJURHV*OFN© 1XQPDFKWHQVLHVLFK]XP$XIEUXFKEHUHLW*ROOXPZXUGHDXVLUJHQG HLQHP:LQNHORGHU9HUVWHFNKHUJHEUDFKWXQGHUVFKLHQ]XIULHGHQHU]X VHLQDOVYRUKHUREZRKOHUVLFKGLFKWDQ)URGRKLHOWXQG)DUDPLUV%OLFN DXVZLFK ª(XUHP)KUHUPVVHQGLH$XJHQYHUEXQGHQZHUGHQ©VDJWH)DUDPLU ªGRFK(XFKXQG6DPZHLVHUODVVHLFKHVZHQQ,KUHVZQVFKW© *ROOXPZLQVHOWHXQGZDQGVLFKXQGKLHOWVLFKDQ)URGRIHVWDOVVLH 5HL$QJHON#KWWSFRODHERRN]IELGH
NDPHQXPLKPGLH$XJHQ]XYHUELQGHQ8QG)URGRVDJWHª9HUELQGHW XQVDOOHQGUHLHQGLH$XJHQXQGPLU]XHUVWGDQQZLUGHUYLHOOHLFKW VHKHQGDLKPQLFKWV]XOHLGHJHWDQZHUGHQVROO©6RJHVFKDKHVXQGVLH ZXUGHQDXVGHU+|KOH+HQQHWK$QQQKLQDXVJHIKUW1DFKGHPVLHGLH *lQJHXQG7UHSSHQKLQWHUVLFKKDWWHQVSUWHQVLHGLHNKOH0RUJHQOXIW IULVFKXQGOLHEOLFKXPVLFK,PPHUQRFKEOLQGJLQJHQVLHHLQH NXU]H=HLW ZHLWHU]XHUVWKLQDXIXQGGDQQVDQIWDEZlUWV6FKOLHOLFKEHIDKO)DUDPLU LKQHQGLH%LQGHQDE]XQHKPHQ6LHVWDQGHQZLHGHUXQWHUGHQ=ZHLJHQGHV :DOGHV1LFKWVZDUYRQGHP:DVVHUIDOO]XK|UHQGHQQHLQODQJHUVLFK QDFK6GHQHUVWUHFNHQGHU+DQJODJMHW]W]ZLVFKHQLKQHQXQGGHU 6FKOXFKWLQGHUGHU%DFKIOR,P:HVWHQVDKHQVLH/LFKWGXUFKGLH %lXPHVFKLPPHUQDOVREGLH:HOWGRUWSO|W]OLFKHLQ(QGHKDEHDQHLQHP 5DQGGHUQXUDXIGHQ+LPPHOKLQDXVEOLFNW ª+LHUWUHQQHQVLFKXQVHUH:HJH©VDJWH)DUDPLUª:HQQ,KUPHLQHP 5DWIROJWGDQQZHUGHW,KU(XFKQRFKQLFKWQDFK2VWHQZHQGHQ*HKWJH UDGHDXVZHLWHUGHQQVRZHUGHW,KUDXIYLHOH0HLOHQGXUFKGHQ:DOGJH GHFNWVHLQ:HVWOLFKYRQ(XFKLVWHLQ*UDWYRQGHPDXVGDV/DQGLQGLH JURHQ7lOHUDEIlOOWPDQFKPDOSO|W]OLFKXQGVWHLOPDQFKPDOLQODQJHQ +lQJHQ+DOWHW(XFKGLFKWDQGLHVHP*UDWXQGGHQ$XVOlXIHUQGHV:DO GHV=X%HJLQQ(XUHU:DQGHUXQJN|QQW,KUEHL7DJHVOLFKWODXIHQJODXEH LFK'DV/DQGJLEWVLFKHLQHP7UDXPYRQIDOVFKHP)ULHGHQKLQXQGIU HLQH:HLOHKDWVLFKDOOHV%|VH]XUFNJH]RJHQ/DWHV(XFKJXWHUJHKHQ VRODQJH,KUN|QQW© 'DQQXPDUPWHHUGLH+REELWVQDFKGHU6LWWHVHLQHV9RONHVHUEFNWH VLFKOHJWHGLH+lQGHDXILKUH6FKXOWHUQXQGNWHVLHDXIGLH6WLUQª*HKW PLWGHQJXWHQ :QVFKHQDOOHUJXWHQ0HQVFKHQ©VDJWHHU 6LHYHUEHXJWHQVLFKELV]XP%RGHQ'DQQZDQGWHHUVLFKXPXQGRKQH ]XUFN]XVFKDXHQYHUOLHHUVLHXQGJLQJ]XVHLQHQEHLGHQ:lFKWHUQGLH HLQZHQLJDEVHLWVVWDQGHQ'LH+REELWVVWDXQWHQPLWZHOFKHU6FKQHOOLJ NHLWGLHVHJUQJHNOHLGHWHQ0HQVFKHQMHW]WDXVVFKULWWHQXQGIDVWLP+DQG XPGUHKHQZDUHQVLHYHUVFKZXQGHQ'HU:DOGZR)DUDPLUJHVWDQGHQ KDWWHVFKLHQOHHUXQG|GHDOVREHLQ7UDXPYRUEHUJH]RJHQVHL )URGRVHXI]WHXQGZDQGWHVLFKQDFK6GHQ$OVREHUVHLQH0LDFK WXQJDOOVROFKHU+|IOLFKNHLWHQEHNXQGHQZROOWHVFKDUUWH*ROOXPLQGHU ORFNHUHQ(UGHDP)XHHLQHV%DXPVª6FKRQZLHGHUKXQJULJ"©GDFKWH 6DPª6RQXQDEHUZHLWHU© ª6LQGVLHHQGOLFKZHJ"©IUDJWH*ROOXPª*UlOLFKHE|VH0HQVFKHQ 6PpDJROV+DOVWXWLPPHUQRFKZHKMDWXWZHK/DWXQVJHKHQ© ª-DODWXQVJHKHQ©VDJWH)URGRª$EHUZHQQGXQXUVFKOHFKWVSUH FKHQNDQQVWYRQMHQHQGLHGLU*QDGHHUZLHVHQGDQQVFKZHLJH© ª1HWWHU+HUU©VDJWH*ROOXPª6PpDJROKDWQXU6SDJHPDFKW(UYHU ]HLKWLPPHUMDMDVHOEVWGLHNOHLQHQ%HWUJHUHLHQGHVQHWWHQ+HUUQ2MD QHWWHU+HUUQHWWHU6PpDJRO© )URGRXQG6DPDQWZRUWHWHQQLFKW6LHVFKXOWHUWHQLKUH5XFNVlFNHQDK PHQGLH6W|FNHLQGLH+DQGXQGJLQJHQKLQHLQLQGLH:lOGHUYRQ,WKLOLHQ =ZHLPDOUDVWHWHQVLHDQGLHVHP7DJHXQGDHQHWZDVYRQGHQ9RUUl WHQGLH)DUDPLULKQHQPLWJHJHEHQKDWWHJHWURFNQHWH)UFKWHXQG3|NHO IOHLVFKJHQXJIUYLHOH7DJHXQG%URWGDVVRODQJHUHLFKHQZUGHZLH HVQRFKIULVFKZDU*ROOXPDQLFKWV 'LH6RQQHVWLHJXQG]RJXQJHVHKHQEHULKUHQ.|SIHQGDKLQXQGEH JDQQ]XVLQNHQXQGGDV/LFKWGDVGXUFKGLH%lXPHILHOZXUGHJROGHQLP 5HL$QJHON#KWWSFRODHERRN]IELGH
:HVWHQXQGLPPHUQRFKZDQGHUWHQVLHZHLWHULQGHPNKOHQJUQHQ 6FKDWWHQXQGULQJVXPZDU6WLOOH'LH9|JHOVFKLHQHQDOOHIRUWJHIORJHQ RGHUVWXPPJHZRUGHQ]XVHLQ 'LH'XQNHOKHLWNDPIUK]XGHPVFKZHLJHQGHQ:DOGXQGHKHGLH 1DFKWKHUHLQEUDFKKLHOWHQVLHDQGHQQVLHZDUHQPGHQDFKGHPVLHYRQ +HQQHWK$QQQVLHEHQRGHUPHKU:HJVWXQGHQJHODXIHQZDUHQ)URGR OHJWHVLFKKLQXQGVFKOLHIGLHJDQ]H1DFKWGXUFKLQGHPWLHIHQ/DXEXQWHU HLQHPDOWHQ%DXP6DPQHEHQLKPZDUXQUXKLJHUHUZDFKWHYLHOH0DOH DXIDEHUQLHPDOVZDUHWZDVYRQ*ROOXP]XVHKHQGHUVLFKGDYRQJHPDFKW KDWWHDOVGLHDQGHUHQVLFK]XU5XKHOHJWHQ2EHUVHOEVWLQLUJHQGHLQHP QDKHJHOHJHQHQ/RFKJHVFKODIHQRGHUUXKHORVQDFK%HXWHVW|EHUQGGXUFK GLH1DFKWJHZDQGHUWZDUVDJWHHUQLFKWDEHUPLWGHPHUVWHQ7DJHV VFKLPPHUNDPHU]XUFNXQGZHFNWHVHLQH*HIlKUWHQ ª0VVHQDXIVWHKHQMDPVVHQVLH©VDJWHHUª/DQJH:HJHQRFK]XJH KHQQDFK6GHQXQG2VWHQ+REELWVPVVHQVLFKHLOHQ© 'HU7DJYHUJLQJXQJHIlKUZLHGHUYRULJHQXUGDGLH6WLOOHQRFKWLHIHU HUVFKLHQGLH/XIWZDUGUFNHQGXQGHVZXUGHVWLFNLJXQWHUGHQ%lXPHQ (VZDUDOVREVLFKHLQ*HZLWWHU]XVDPPHQEUDXH*ROOXP EOLHERIWVWHKHQ VFKQXSSHUWHLQGHU/XIWPXUPHOWHGDQQYRUVLFKKLQXQGGUlQJWHVLH]X JU|HUHU(LOH :lKUHQGGHVGULWWHQ$EVFKQLWWVLKUHV7DJHVPDUVFKHVXQGDOVGHU 1DFKPLWWDJVHLQHP(QGH]XJLQJORFNHUWHVLFKGHU:DOGDXIXQGGLH %lXPHZDUHQJU|HUXQGZXFKVHQYHUHLQ]HOWHU*URH6WHFKSDOPHQYRQ JHZDOWLJHP8PIDQJVWDQGHQGXQNHOXQGIHLHUOLFKDQDXVJHGHKQWHQ/LFK WXQJHQKLHUXQGGDDXFKDOWHUVJUDXH(VFKHQXQGULHVLJH(LFKHQGLHJH UDGHLKUHEUDXQJUQHQ.QRVSHQDXVVWUHFNWHQ5LQJVXPODJHQIUHLHJUQH *UDVIOlFKHQJHVSUHQNHOWPLW6FK|OONUDXWXQG$QHPRQHQZHLXQGEODX GLHVLFKMHW]W]XP6FKODIHQHLQJHUROOWKDWWHQXQGHVJDEJDQ]H)HOGHUPLW %OlWWHUQYRQ:DOGK\D]LQWKHQLKUHJHVFKPHLGLJHQ*ORFNHQVWHQJHOVWLHHQ HEHQGXUFKGLHZHLFKH(UGH.HLQ/HEHZHVHQ7LHURGHU9RJHOZDU]X VHKHQDEHUDXIGLHVHQRIIHQHQ6WHOOHQEHNDP*ROOXP$QJVWXQGVLHJLQ JHQMHW]WYRUVLFKWLJXQGKXVFKWHQYRQHLQHPODQJHQ6FKDWWHQ]XPQlFK VWHQ 'DV/LFKWYHUEODWHDOVVLH]XP(QGHGHV:DOGHVNDPHQ'RUWVHW]WHQ VLHVLFKXQWHUHLQHDOWHNQRUULJH(LFKHGLHLKUHZLH6FKODQJHQJHULQJHOWH :XU]HOQHLQHVWHLOHDEEU|FNHOQGH%|VFKXQJKLQDEVDQGWH(LQWLHIHV GVWHUHV7DOODJYRULKQHQ$XIGHQMHQVHLWLJHQ+lQJHQZDUGHU:DOG ZLHGHUGLFKWHUEODXXQGJUDXXQWHUGHPWUEHQ$EHQGXQGHUVWUHFNWH VLFKZHLWHUQDFK6GHQ=XLKUHU5HFKWHQHUJOKWHGDV*HELUJHYRQ*RQ GRUIHUQLP:HVWHQXQWHUHLQHPIHXHUJHIOHFNWHQ+LPPHO=XLKUHU/LQNHQ ODJ'XQNHOKHLWGLHKRFKUDJHQGHQ:lOOHYRQ0RUGRUXQGDXVGLHVHU 'XQNHOKHLWNDPGDVODQJJHVWUHFNWH 7DOXQGILHOLQHLQHULPPHUEUHLWHU ZHUGHQGHQ6HQNHVWHLO]XP$QGXLQDE$XIGHU7DOVRKOHIORHLQKXUWL JHU%DFK)URGRK|UWHVHLQHVWHLQHUQH6WLPPHGXUFKGLH6WLOOHKHUDXIGULQ JHQXQGQHEHQLKPVFKOlQJHOWHVLFKDXIGLHVHU6HLWHGHV7DOVZLHHLQ EODVVHV%DQGHLQH6WUDHKLQXQWHULQNKOHJUDXH1HEHOGLHNHLQ6WUDKO GHUXQWHUJHKHQGHQ6RQQHHUUHLFKWH'RUWVFKLHQHV)URGRDOVHUNHQQHHU JOHLFKVDPDXIHLQHPVFKDWWLJHQ0HHUVFKZLPPHQGGLHKRKHQGVWHUHQ 6SLW]HQXQGJH]DFNWHQ=LQQHQDOWHU7UPHYHUORUHQXQGGXQNHO (UZDQGWHVLFKDQ*ROOXPª:HLWGXZRZLUVLQG"©IUDJWHHU ª-D+HUU*HIlKUOLFKH2UWH'LHVLVWGLH6WUDHYRP7XUPGHV0RQGHV 5HL$QJHON#KWWSFRODHERRN]IELGH
GLHKLQXQWHUIKUW]XGHU]HUVW|UWHQ6WDGWDQGHQ8IHUQGHV6WURPV'LH ]HUVW|UWH6WDGWMDVHKUKlOLFKHU2UWYROOHU)HLQGH:LUKlWWHQGHQ5DW O GHU0HQVFKHQQLFKWEHIROJHQVROOHQ'LH+REELWVVLQGZHLWYRP:HJHDE JHNRPPHQ0VVHQMHW]WQDFK2VWHQJHKHQGRUWKLQDXI©(UGHXWHWHPLW VHLQHPNQRFKLJHQ$UPDXIGDVGXQNHOQGH*HELUJHª8QGZLUN|QQHQ GLHVH6WUDHQLFKWEHQXW]HQ2QHLQ*UDXVDPH/HXWHNRPPHQKLHUODQJ KHUXQWHUYRQGHP7XUP© )URGREOLFNWHKLQDEDXIGLH6WUDH-HW]WMHGHQIDOOVJLQJQLHPDQGGRUW 6LHHUVFKLHQHLQVDPXQGYHUODVVHQDOVIKUHVLH]XXQEHZRKQWHQ7UP PHUQLP1HEHO'RFKODJHLQH)HLQGVHOLJNHLWLQGHU/XIWDOVREWDWVlFKOLFK :HVHQGLHVH6WUDHKLQDXI XQGKLQXQWHUJHKHQN|QQWHQGLHNHLQ$XJH ]XVHKHQYHUPRFKWH)URGRHUVFKDXHUWHDOVHUZLHGHUDXIGLHIHUQHQ=LQ QHQEOLFNWHGLHMHW]WLQGHU1DFKWYHUVFKZDQGHQXQGGDV*HUlXVFKGHV :DVVHUVVFKLHQNDOWXQGJUDXVDPGLH6WLPPHGHV0RUJXOGXLQGHVYHUSH VWHWHQ%DFKVGHUYRP*HLVWHUWDOKHUDEIOR ª:DVVROOHQZLUWXQ"©IUDJWHHUª:LUVLQGODQJHXQGZHLWJHODXIHQ 6ROOHQZLUXQVLUJHQGHLQHQ3ODW]LP:DOGVXFKHQZRZLUXQVYHUVWHFNHQ XQGKLQOHJHQN|QQHQ"© ª1LFKWJXWVLFKLP'XQNHOQYHUVWHFNHQ©VDJWH*ROOXPª$P7DJH PVVHQVLFKGLH+REELWVMHW]WYHUVWHFNHQMDDP7DJH© ª$FKNRPP©VDJWH6DPª:LUPVVHQXQVHLQELFKHQDXVUXKHQ VHOEVWZHQQZLUPLWWHQLQGHU1DFKWZLHGHUDXIVWHKHQ'DQQZLUGHVQRFK VWXQGHQODQJGXQNHOVHLQ=HLWJHQXJIUHLQHQODQJHQ0DUVFKZHQQGX GHQ:HJZHLW© :LGHUVWUHEHQGZDU*ROOXPGDPLWHLQYHUVWDQGHQXQGHUZDQGWHVLFK ZLHGHUGHQ%lXPHQ]XXQGJLQJHLQH:HLOHQDFK2VWHQHQWODQJGHPXQ UHJHOPlLJHQ6DXPGHV:DOGHV(UZROOWHVRQDKHGHUEOHQ6WUDH QLFKWDXIGHP%RGHQUDVWHQXQGQDFKHLQLJHQ(U|UWHUXQJHQNOHWWHUWHQVLH KLQDXILQGLH*DEHOXQJHLQHUJURHQ6WHLQHLFKHGHUHQGLFNHbVWH]XVDP PHQDXVGHP6WDPPKHUDXVWUDWHQXQGHLQJXWHV9HUVWHFNXQGHLQH UHFKW EHKDJOLFKH=XIOXFKWERWHQ'LH1DFKWEUDFKKHUHLQXQGHVZXUGHVWRFN GXQNHOXQWHUGHP6FKXW]GDFKGHV%DXPV)URGRXQG6DPWUDQNHQHLQ ZHQLJ:DVVHUXQGDHQHWZDV%URWXQGJHWURFNQHWH)UFKWHDEHU*ROOXP UROOWHVLFKVRIRUW]XVDPPHQXQGVFKOLHI'LH+REELWVWDWHQNHLQ$XJH]X (VPXNXU]QDFK0LWWHPDFKWJHZHVHQVHLQDOV*ROOXPDXIZDFKWH SO|W]OLFKEHPHUNWHQVLHGDVHLQHEODVVHQ$XJHQOLGORV]XLKQHQKHUEHU VFKLPPHUWHQ(UODXVFKWHXQGVFKQIIHOWHXQGGDVVFKLHQZLHLKQHQ VFKRQIUKHUDXIJHIDOOHQZDUVHLQHEOLFKH$UWXQG:HLVH]XVHLQGLH 6WXQGHGHU1DFKWDXVILQGLJ]XPDFKHQ ª6LQGZLUDXVJHUXKW"+DEHQZLUVFK|QJHVFKODIHQ"©IUDJWHHUª/DW XQVJHKHQ© ª:HGHUGDVHLQHQRFKGDVDQGHUH©EUXPPWH6DPª$EHUZLUZHUGHQ JHKHQZHQQZLUPVVHQ© *ROOXPOLHVLFKVRIRUWYRQGHQ=ZHLJHQGHV%DXPVKLQXQWHUDXIDOOH 9LHUHIDOOHQXQGGLH+REELWVIROJWHQLKPHWZDVODQJVDPHU .DXPZDUHQVLHXQWHQJLQJHQVLHZHLWHU*ROOXPZLHGHUXPYRUDQ QDFK2VWHQGLHGXQNOHQ+lQJHKLQDXI6LHNRQQWHQZHQLJVHKHQGHQQHV ZDUMHW]WVRWLHIH1DFKWGDVLHGLH%DXPVWlPPHNDXPEHPHUNWHQHKH VLHJHJHQVLHVWLHHQ'HU%RGHQZXUGHXQHEHQHUXQGGDV*HKHQVFKZLHUL JHUDEHU*ROOXPVFKLHQNHLQHVZHJVEHXQUXKLJW(UIKUWHVLHGXUFK 5HL$QJHON#KWWSFRODHERRN]IELGH
'LFNLFKWHXQG'RUQHQJHVWUSSPDQFKPDODP 5DQGHLQHUWLHIHQ6FKOXFKW RGHUHQWODQJHLQHVGXQNOHQ*UDEHQVPDQFKPDOKLQXQWHULQVFKZDU]HYRQ %VFKHQYHUGHFNWH6HQNHQXQGZLHGHUKLQDXVDEHUZHQQVLHMHHLQZHQLJ EHUJDEJLQJHQGDQQZDUGHUQlFKVWH+DQJLPPHUOlQJHUXQGVWHLOHU6LH VWLHJHQVWlQGLJ$OVVLHGDVHUVWHPDODQKLHOWHQVFKDXWHQVLH]XUFNXQG QDKPHQGLH:LSIHOGHV:DOGHVGHQVLHKLQWHUVLFKJHODVVHQKDWWHQXQ GHXWOLFKZLHHLQHQULHVLJHQGLFKWHQ6FKDWWHQZDKUHLQHGXQNOHUH1DFKW XQWHUGHPGXQNOHQOHHUHQ+LPPHO(LQHJURH6FKZlU]HVFKLHQVLFKODQJ VDPYRP2VWHQKHUDXI]XWUPHQXQGGLHEOlOLFKYHUVFKZRPPHQHQ 6WHUQH]XYHUVFKOLQJHQ6SlWHUHQWNDPGHUXQWHUJHKHQGH0RQGGHUYHUIRO JHQGHQ:RONHDEHUHUKDWWHHLQHQ+RIGHULQHLQHPNUlQNOLFKHQ*HOE OHXFKWHWH 6FKOLHOLFKZDQGWHVLFK*ROOXPDQGLH+REELWVª%DOG7DJ©VDJWHHU ª+REELWVPVVHQVFKQHOOPDFKHQ,VWJHIlKUOLFKLQGLHVHQ*HJHQGHQRKQH 'HFNXQJ]XVHLQ(LOWHXFK© (UEHVFKOHXQLJWHVHLQHQ6FKULWWXQGVLHIROJWHQLKPPGH%DOGEHJDQ QHQVLHHLQHQJURHQ%HUJUFNHQ]XHUNOLPPHQ*U|WHQWHLOVZDUHUPLW GLFKWZDFKVHQGHP6WHFKJLQVWHUXQG3UHLVHOEHHUHQEHVWDQGHQXQGPLW QLHGULJHPNUlIWLJHP'RUQHQJHVWUSSREZRKOVLFKKLHUXQGGRUW/LFK WXQJHQDXIWDWHQGLH1DUEHQIULVFKHU%UlQGH'LH*LQVWHUEVFKHZXUGHQ ]DKOUHLFKHUDOVVLHVLFKGHU%HUJNXSSHQlKHUWHQVHKUDOWXQGJUR ZDUHQVLHGUUXQGODQJEHLQLJXQWHQDEHUREHQGLFKWXQGVFKRQPLW JHOEHQ%OWHQEHVWHFNWGLHLQGHU'lPPHUXQJVFKLPPHUWHQXQGHLQHQ VFKZDFKHQVHQ'XIWDXVVWU|PWHQ6RKRFKZDUHQGLHGRUQLJHQ'LN NLFKWH GDGLH+REELWVDXIUHFKWXQWHULKQHQODXIHQNRQQWHQZLHGXUFK ODQJHWURFNHQH6FKQHLVHQDXIHLQHP7HSSLFKDXVHLQHUGLFNHQVWDFKOLJHQ /DXEVFKLFKW $PMHQVHLWLJHQ(QGHGLHVHVEUHLWHQ%HUJUFNHQVXQWHUEUDFKHQVLHLKUHQ 0DUVFKXQGNURFKHQXPVLFK]XYHUVWHFNHQXQWHUHLQGLFKWHV*HVWUSS YRQ'RUQEVFKHQ'LHLQHLQDQGHUYHUIORFKWHQHQ=ZHLJHKLQJHQELV]XP %RGHQKLQDEXQGZXUGHQEHUZXFKHUWYRQHLQHPUDQNHQGHQ*HZLUUDOWHU :LOGURVHQ7LHIGULQQHQZDUHLQHKRKOH+DOOHPLW'DFKVSDUUHQDXVWRWHQ =ZHLJHQXQG5DQNHQXQGHLQHP'DFKDXVGHQHUVWHQ%OlWWHUQXQG7ULH EHQGHV)UKOLQJV'RUWODJHQVLHHLQH:HLOHQRFK]XPGHXP]XHVVHQ XQGGXUFKGLH/|FKHULQLKUHP9HUVWHFNKLQDXVVFKDXHQGZDUWHWHQVLH GDHVODQJVDP7DJZHUGH $EHUHVZXUGHQLFKW7DJVRQGHUQHVNDPQXUHLQWRWHVEUDXQHV=ZLH OLFKW,P2VWHQZDUHLQGXQNHOURWHU*ODQ]XQWHUGHQGURKHQGHQ:RONHQ HVZDUQLFKWGDV5RWGHU0RUJHQGlPPHUXQJhEHUGDVDEIDOOHQGH/DQG GD]ZLVFKHQEOLFNWHGDV*HELUJH(SKHO'~DWKILQVWHU]XLKQHQKHUEHU VFKZDU]XQGIRUPORVXQWHQZRGLH1DFKWQRFKGLFKWODJXQGQLFKWKLQ ZHJ]RJREHQPLWJH]DFNWHQ6SLW]HQXQG*UDWHQGLHVLFKKDUWXQGGUR KHQGYRQGHPIHXULJHQ*ODQ]DEKREHQ)HUQ]XLKUHU5HFKWHQUDJWHQDFK :HVWHQHLQJURHU9RUVSUXQJGHV*HELUJHVHPSRUGXQNHOXQGVFKZDU] LQPLWWHQGHU6FKDWWHQ ª:HOFKHQ:HJJHKHQZLUYRQKLHUDXV"©IUDJWH)URGRª,VWGDVGHU (LQJDQJ]XP² ]XP0RUJXOWDOGRUWGUEHQKLQWHUGLHVHUVFKZDU]HQ%HUJ PDVVH"© ª0VVHQZLUMHW]WVFKRQGDUEHUQDFKGHQNHQ"©VDJWH6DPª:LUZHU GHQGRFKEHVWLPPWDPKHXWLJHQ7DJQLFKWZHLWHUJHKHQZHQQ VEHUKDXSW 7DJLVW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª9LHOOHLFKWQLFKWYLHOOHLFKWQLFKW©VDJWH*ROOXPª$EHUZLUPVVHQ EDOGJHKHQ]XP6FKHLGHZHJ-D]XP6FKHLGHZHJ'DVLVWGHU:HJGD GUEHQMD+HUU© 'HUURWH*ODQ]EHU0RUGRUYHUJLQJ'DV=ZLHOLFKWZXUGHGXQNOHUDOV JHZDOWLJH'lPSIHLP2VWHQDXIVWLHJHQXQGEHUVLHKLQZHJ]RJHQ)URGR XQG6DPDHQHLQZHQLJXQGOHJWHQVLFKGDQQKLQDEHU*ROOXPZDUXQ UXKLJ(UZROOWHQLFKWVYRQLKUHQ9RUUlWHQHVVHQDEHUHUWUDQNHLQZHQLJ :DVVHUXQGNURFKGDQQXQWHUGHQ%VFKHQXPKHUVFKQIIHOQGXQGPXU PHOQG'DQQYHUVFKZDQGHUSO|W]OLFK ª8P]XMDJHQQHKPHLFKDQ©VDJWH6DPXQGJlKQWH(UZDUDOVHUVWHU PLW6FKODIHQDQGHU5HLKHXQGEDOGZDUHUWLHILQHLQHP7UDXP(U JODXEWHHUVHLZLHGHULP*DUWHQYRQ%HXWHOVHQGXQGVXFKHQDFKHWZDV DEHUHUKDWWHHLQHQVFKZHUHQ6DFNDXIGHP5FNHQVRGDHUJHEFNW JLQJ$OOHVVFKLHQVHKUYHUXQNUDXWHWXQGLUJHQGZLHYHUZLOGHUW]XVHLQ XQG'RUQHQJHVWUSSXQG)DUQPDFKWHQVLFKDXIGHQ%HHWHQXQWHQDQGHU +HFNHEUHLW ª(LQ6WFN$UEHLWIUPLFKGDVVHKHLFKDEHULFKELQVRPGH©VDJWH HUGDXHUQG3O|W]OLFKILHOLKPHLQZDVHUVXFKWHª0HLQH3IHLIH©VDJWHHU XQGGDPLWZDFKWHHUDXI ª$OEHUQ©VDJWHHU]XVLFKDOVHUGLH$XJHQDXIPDFKWHXQGVLFK IUDJWHZDUXPHUHLJHQWOLFKXQWHUGHU+HFNHOLHJHª6LHLVWGRFKGLHJDQ]H =HLWLQGHLQHP5XFNVDFN©'DQQZXUGHHUVLFKDOVHUVWHVGDUEHUNODU GDGLH3IHLIH]ZDULQVHLQHP5XFNVDFNVHLQN|QQWHHUDEHUNHLQHQ7DEDN KDWWHXQGDOV]ZHLWHVGDHU+XQGHUWHYRQ0HLOHQYRQ%HXWHOVHQGHQW IHUQWZDU(UVHW]WHVLFKDXI(VVFKLHQIDVWGXQNHO]XVHLQ:DUXPKDWWH LKQVHLQ+HUUDXHUGHU5HLKHZHLWHUVFKODIHQODVVHQJOHLFKELV]XP $EHQG" ª+DVWGXQLFKWJHVFKODIHQ+HUU)URGR"©IUDJWHHUª:LHVSlWLVWHV"(V VFKHLQWUHFKWVSlW]XVHLQ© ª1HLQ©VDJWH)URGRª$EHUGHU7DJZLUGGXQNOHUVWDWWKHOOHUGXQNOHU XQGGXQNOHU0HLQHU$QVLFKWQDFKLVWHVQRFKQLFKW0LWWDJXQGGXKDVW QXUXQJHIlKUGUHL6WXQGHQJHVFKODIHQ© ª,FKP|FKWHPDOZLVVHQZDVORVLVW©VDJWH6DPª=LHKWHLQ*HZLWWHU DXI":HQQMDGDQQZLUGHVGDVVFKOLPPVWHVHLQGDVHVMHJDE:LUZHU GHQXQVZQVFKHQLQHLQHPWLHIHQ/RFK]XVHLQXQGQLFKWEORXQWHU HLQHU+HFNH©(UODXVFKWHª:DVLVWGDV"'RQQHURGHU7URPPHOQRGHUZDV"© ª,FKZHLHVQLFKW©VDJWH)URGRª(VLVWVFKRQHLQHJDQ]H:HLOHLP *DQJH0DQFKPDOVFKHLQWGHU%RGHQ]X]LWWHUQPDQFKPDOLVWHVDOV SRFKHHLQHPGLHGUFNHQGH/XIWLQGHQ2KUHQ© 6DPVDKVLFKXPª:RLVW*ROOXP"©IUDJWHHUª,VWHUQRFKQLFKW]X UFNJHNRPPHQ"© ª1HLQ©VDJWH)URGRª9RQLKPLVWQLFKWV]XVHKHQXQGQLFKWV]XK|UHQ© ª1DLFKNDQQLKQQLFKWDXVVWHKHQ©VDJWH6DPª7DWVlFKOLFKLFKKDEH QLHPDOVHWZDVDXIHLQH:DQGHUXQJPLWJHQRPPHQEHLGHPLFKZHQLJHU WUDXULJZlUHHVXQWHUZHJV]XYHUOLHUHQ$EHUHVZUGHLKPlKQOLFK VHKHQQDFKGHPHUDOOGLHVH0HLOHQPLWJHNRPPHQLVWGDHUJHUDGHMHW]W YHUORUHQJHKWZHQQZLULKQDPQ|WLJVWHQEUDXFKHQ² GDVKHLWZHQQHU EHUKDXSWMHYRQ1XW]HQLVWZDVLFKEH]ZHLIOH© ª'XYHUJLWGLH6PSIH©VDJWH)URGRª,FKKRIIHHVLVWLKPQLFKWVJH VFKHKHQ© ª8QGLFKKRIIHHUIKUWQLFKWV%|VHVLP6FKLOGH8QGDXHUGHPKRIIH 5HL$QJHON#KWWSFRODHERRN]IELGH
LFKGDHUQLFKWLQDQGHUH+lQGHIlOOWZLHPDQVDJHQN|QQWH'HQQGDQQ ZHUGHQZLUDXFKEDOGLQ6FKZLHULJNHLWHQJHUDWHQ© ,QGLHVHP$XJHQEOLFNZDUZLHGHUHLQUROOHQGHVXQGGU|KQHQGHV*H UlXVFK]XK|UHQODXWHUMHW]WXQGWLHIHU'HU%RGHQVFKLHQXQWHULKUHQ )HQ]XHU]LWWHUQª,FKJODXEHZLUVLQGVRZLHVRLQ6FKZLHULJNHLWHQ© VDJWH)URGRª,FKIUFKWHXQVHUH:DQGHUXQJQlKHUWVLFKLKUHP(QGH© ª9LHOOHLFKW©VDJWH6DPª$EHUZR/HEHQLVWLVWQRFK+RIIQXQJ ZLH GHU2KP]XVDJHQSIOHJWHXQG9HUODQJHQQDFKGHU:HLQEXGGHO ZLHHU PHLVWHQVKLQ]XIJWH,HLQHQ+DSSHQ+HUU)URGRXQGVFKODIGDQQHLQ ELFKHQ© 'HU1DFKPLWWDJZLH6DPDQQDKPGDPDQLKQQHQQHQPXWH VFKOHSSWHVLFKKLQ:HQQHUDXVGHP9HUVWHFNKLQDXVVFKDXWHVDKHUQXU HLQHVFKZDU]JUDXHVFKDWWHQORVH:HOWGLHODQJVDP]XHLQHUJHVWDOWORVHQ IDUEORVHQ'VWHUQLVYHUEODWH(VZDUVFKZODEHUQLFKWZDUP)URGR VFKOLHIXQUXKLJZDUIVLFKKLQXQGKHUXQGPXUPHOWHPDQFKPDO =ZHLPDO JODXEWH6DP]XK|UHQGDHU*DQGDOIV1DPHQDXVVSUDFK'LH=HLWVFKLHQ VLFKXQHQGOLFKKLQ]X]LHKHQ3O|W]OLFKK|UWH6DPHLQ=LVFKHQKLQWHUVLFK XQGGDZDU*ROOXPDXIDOOHQ9LHUHQXQGVWDUUWHVLHPLWIXQNHOQGHQ $XJHQDQ ª:DFKWDXIZDFKWDXILKU6FKODIPW]HQ©IOVWHUWHHUª:DFKWDXI .HLQH=HLW]XYHUOLHUHQ:LUPVVHQJHKHQMDZLUPVVHQVRIRUWJHKHQ .HLQH=HLW]XYHUOLHUHQ© 6DPEOLFNWHLKQDUJZ|KQLVFKDQHUVFKLHQHUVFKUHFNWRGHUDXIJHUHJW ª-HW]WJHKHQ":DVIKUVWGXLP6FKLOGH"(VLVWQRFKQLFKW=HLW(VNDQQ QRFKQLFKWHLQPDO7HH=HLWVHLQ]XPLQGHVWQLFKWLQDQVWlQGLJHQ*HJHQ GHQZRPDQ7HHWULQNW© ª'XPPNRSI©]LVFKWH*ROOXPª:LUVLQGQLFKWLQDQVWlQGLJHQ*HJHQ GHQ'LH=HLWZLUGNQDSSMDVLHOlXIWVFKQHOO.HLQH=HLW]XYHUOLHUHQ :LUPVVHQJHKHQ:DFKDXI+HUUZDFKDXI©(UJULIIQDFK)URGRXQG )URGRDXVGHP6FKODIJHULVVHQVHW]WHVLFKDXIXQGSDFNWHLKQDP$UP *ROOXPULVLFKORVXQGZLFK]XUFN ª6LHGUIHQQLFKWGXPPVHLQ©]LVFKWHHUª:LUPVVHQJHKHQ.HLQH =HLW]X YHUOLHUHQ©8QGVRQVWQLFKWVNRQQWHQVLHDXVLKPKHUDXVKROHQ :RHUJHZHVHQVHLXQGZDVHUJODXEHGDVLFK]XVDPPHQEUDXHXQG ZHVKDOEHUVRDXI(LOHGUlQJWHGDVZROOWHHUQLFKWVDJHQ6DPZDU YRQWLHIHP0LWUDXHQHUIOOWXQG]HLJWHGDVDXFKDEHU)URGROLHQLFKW HUNHQQHQZDVLKPGXUFKGHQ.RSIJLQJ(UVHXI]WHVFKXOWHUWHVHLQHQ 5XFNVDFNXQGPDFKWHVLFKEHUHLWLQGLHVLFKLPPHUPHKU]XVDPPHQ]LH KHQGH'XQNHOKHLWKLQDXV]XJHKHQ 6HKUYHUVWRKOHQIKUWH*ROOXPVLHGHQ%HUJKDQJKLQXQWHUEOLHELQ'HN NXQJZRLPPHUHVP|JOLFKZDUXQGUDQQWHIDVW]XP%RGHQJHEHXJW EHUDOOHRIIHQHQ6WHOOHQ'RFKZDUGDV/LFKWMHW]WVRWUEHGDVHOEVWHLQ VFKDUIlXJLJHV7LHUGHU:LOGQLVGLH+REELWVXQWHULKUHQ.DSX]HQXQGLQ LKUHQJUDXHQ0lQWHOQNDXPKlWWHVHKHQRGHUDXFKK|UHQN|QQHQGHQQ VLHJLQJHQVRYRUVLFKWLJZLHHVGLHNOHLQHQ/HXWHYHUP|JHQ2KQHGDHLQ =ZHLJNQDFNWHRGHUHLQ%ODWWUDVFKHOWHOLHIHQVLHYRUEHUXQGYHUVFKZDQ GHQ 8QJHIlKUHLQH6WXQGHJLQJHQVLHVRVFKZHLJHQGHLQHUKLQWHUGHPDQ GHUHQEHGUFNWYRQGHU'VWHUQLVXQGGHUY|OOLJHQ6WLOOHGHV/DQGHVGLH QXUGDQQXQGZDQQXQWHUEURFKHQZXUGHYRQGHPVFKZDFKHQ*UROOHQZLH YRQZHLWHQWIHUQWHP'RQQHURGHU7URPPHOVFKOlJHQLQLUJHQGHLQHP7DO 5HL$QJHON#KWWSFRODHERRN]IELGH
GHU%HUJH+HUXQWHUJLQJHQVLHYRQLKUHP9HUVWHFNGDQQZDQGWHQVLHVLFK QDFK6GHQXQGJLQJHQHLQHQVRJHUDGHQ:HJZLHLKQ*ROOXPQXUILQGHQ NRQQWHEHUHLQHQODQJHQ]HUNOIWHWHQ+DQJGHUVLFK]XP*HELUJHKLQ DXI]RJ3O|W]OLFKHUEOLFNWHQVLHYRUVLFKZLHHLQHVFKZDU]HDXIUDJHQGH 0DXHUHLQH%DXPUHLKH$OVVLH QlKHUNDPHQVDKHQVLHGDHV%lXPH YRQULHVLJHP8PIDQJZDUHQVHKUDOWVFKLHQHQVLH]XVHLQXQGLPPHU QRFKUDJWHQVLHKRFKDXIZHQQJOHLFKLKUH:LSIHOGUUXQGDEJHEURFKHQ ZDUHQDOVRE6WXUPXQG%OLW]EHUVLHKLQZHJJHIHJWZDUHQVLHLQGHV QLFKW]XW|WHQRGHULKUHXQHUJUQGOLFKHQ:XU]HOQ]XHUVFKWWHUQYHU PRFKWKDWWHQ ª'HU6FKHLGHZHJMD©IOVWHUWH*ROOXPGLHHUVWHQ:RUWHGLHJHVSUR FKHQZRUGHQZDUHQVHLWVLHLKU9HUVWHFNYHUODVVHQKDWWHQª:LUPVVHQ KLHUODQJJHKHQ©(UZDQGWHVLFKMHW]WQDFK2VWHQXQGIKUWHVLHGHQ+DQJ KLQDXIXQGGDQQSO|W]OLFKODJVLHYRULKQHQGLH6GVWUDHGLHVLFKDQ GHQ$XVOlXIHUQGHV*HELUJHVHQWODQJ]RJELVVLHPLWHLQHPPDOLQGHQ JURHQ.UHLVYRQ%lXPHQHLQWDXFKWH ª'LHVLVWGHUHLQ]LJH:HJ©IOVWHUWH*ROOXPª.HLQH3IDGHMHQVHLWVGHU 6WUDH.HLQH3IDGH:LUPVVHQ]XP6FKHLGHZHJJHKHQ$EHUHLOWHXFK 6HLGOHLVH© 6RKHLPOLFKZLH6SlKHULP/DJHUYRQ)HLQGHQNURFKHQVLHKLQXQWHUDXI GLH6WUDHXQGVWDKOHQVLFKDQLKUHPZHVWOLFKHQ5DQGXQWHUGHUVWHLQHU QHQ%|VFKXQJHQWODQJVHOEVWJUDXZLH6WHLQHXQGOHLFKWILJZLHMDJHQGH .DW]HQ6FKOLHOLFKHUUHLFKWHQVLHGLH%lXPHXQGIDQGHQGDVLHLQHLQHP JURHQGDFKORVHQ.UHLVVWDQGHQLQGHU0LWWHRIIHQXQWHUGHPGVWHUHQ +LPPHOXQGGLH=ZLVFKHQUlXPH]ZLVFKHQGHQJHZDOWLJHQ6WlPPHQ ZDUHQZLHGLHJURHQGXQNOHQ%|JHQLUJHQGHLQHU]HUVW|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|QLJHYRQ$UJRQDWK'LH -DKUHKDWWHQDQLKUJHQDJWXQGJHZDOWWlWLJH+lQGHKDWWHQVLHYHUVWP PHOW,KU.RSIIHKOWHXQGDQVHLQH6WHOOHZDU]XP+RKQHLQUXQGHUJURE EHKDXHQHU6WHLQJHVHW]WZRUGHQURKDQJHPDOWYRQUXSSLJHQ+lQGHQVR GDHUZLHHLQJULQVHQGHV*HVLFKWDXVVDKPLWHLQHPHLQ]LJHQURWHQ$XJH PLWWHQDXIGHU6WLUQ$XIGHQ.QLHQGHU*HVWDOWDXILKUHPPlFKWLJHQ 7KURQXQGEHUDOODXIGHP6RFNHOZDUHQVLQQORVH.ULW]HOHLHQYHUPLVFKW PLWGHQDEVFKHXOLFKHQ6FKULIW]HLFKHQGLHGDV0DGHQYRONYRQ0RUGRU YHUZHQGHWH 3O|W]OLFKVDK)URGRDOVGLHZDDJUHFKWHQ6WUDKOHQGDUDXIILHOHQGHQ .RSIGHVDOWHQ.|QLJVHUZDUEHLVHLWHJHUROOWXQGODJDP6WUDHQUDQG 5HL$QJHON#KWWSFRODHERRN]IELGH
ª6FKDX6DP©ULHIHUVRYHUEOIIWGDHUHVQLFKWIUVLFKEHKDOWHQ NRQQWHª6FKDX'HU.|QLJKDWZLHGHUHLQH.URQH© 'LH$XJHQZDUHQKRKOXQGGHUKHUDXVJHPHLHOWH%DUWEHVFKlGLJWDEHU GLHKRKHVWUHQJH6WLUQVFKPFNWHHLQHNOHLQH.URQHDXV6LOEHUXQG*ROG (LQHUDQNHQGH3IODQ]HPLW%OWHQZLHNOHLQHZHLH6WHUQHKDWWHVLFKEHU GLH%UDXHQJHVFKOXQJHQDOVZROOHVLHGHPJHIDOOHQHQ.|QLJ(KUHUELHWXQJ EH]HXJHQXQGLQGHQ6SDOWHQ]ZLVFKHQVHLQHPVWHLQHUQHQ+DDUVFKLP PHUWHJHOEHU0DXHUSIHIIHU ª6LHN|QQHQQLFKWDXI LPPHUVLHJHQ©VDJWH)URGR8QGGDQQSO|W]OLFK ZDUGDVNXU]H$XIOHXFKWHQYRUEHL'LH6RQQHWDXFKWHXQWHUXQGYHU VFKZDQGXQGDOVREHLQH/DPSHYHUGXQNHOWZUGHEUDFKGLHVFKZDU]H 1DFKWKHUHLQ
5HL$QJHON#KWWSFRODHERRN]IELGH
$&+7(6.$3,7(/ ',(75(33(1921&,5,7+81*2/
*ROOXP]HUUWHDQ)URGRV0DQWHOXQG]LVFKWHYRU$QJVWXQG8QJHGXOG ª:LUPVVHQJHKHQ©VDJWHHUª:LUGUIHQKLHUQLFKWVWHKHQEOHLEHQ(LOW (XFK© :LGHUVWUHEHQGZDQGWH)URGRGHP:HVWHQGHQ5FNHQXQGIROJWHVHL QHP)KUHUGHULKPYRUDQJLQJLQGLH'XQNHOKHLWGHV2VWHQV6LHYHUOLH HQGHQ.UHLVGHU%l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|VFKXQJ (LQODQJDQVWHLJHQGHV7DOHLQWLHIHU$EJUXQGGHV6FKDWWHQV]RJVLFK ZHLWKLQDXILQGDV*HELUJH-HQVHLWVDEHUQRFKYRP7DOXPVFKORVVHQHU KREHQVLFKDXIHLQHP)HOVHQEHUGHQVFKZDU]HQ.QLHQGHV(SKHO'~DWK GLH0DXHUQXQGGHU7XUPYRQ0LQDV0RUJXO$OOHVZDUULQJVXPGXQNHO (UGHXQG+LPPHODEHU0LQDV0RUJXOZDUYRQ/LFKWHUKHOOW(VZDUQLFKW GDVHLQJHIDQJHQH0RQGOLFKWGDVYRUODQJHU=HLWGXUFKGLH0DUPRUZlOOH YRQ0LQDV,WKLOIOXWHWHGHP7XUPGHV0RQGHVGHUVFK|QXQGVWUDKOHQG LQGHU6HQNH]ZLVFKHQGHQ%HUJHQVWDQG%OHLFKHUYLHOPHKUDOVGHUDQ HLQHUODQJVDPHQ9HUILQVWHUXQJVLHFKHQGH0RQGZDUGDV/LFKWMHW]WIODN NHPGXQGZHKHQGZLHHLQHXQJHVXQGH$XVGQVWXQJYRQ9HUZHVXQJHLQ /HLFKHQOLFKWHLQ/LFKWGDVQLFKWVHUKHOOWH,QGHQ0DXHUQXQGLP7XUP ZDUHQ)HQVWHU]XVHKHQZLHXQ]lKOLJHVFKZDU]H/|FKHUGLHQDFKLQQHQ LQV/HHUHVFKDXWHQDEHUGLHREHUVWH6WHLQVFKLFKWGHV7XUPVGUHKWHVLFK ODQJVDP]XHUVWKLHUKLQXQGGDQQGRUWKLQHLQULHVLJHUJHVSHQVWLVFKHU .RSIGHULQGLH1DFKWKLQDXVVFKLHOWH(LQHQ$XJHQEOLFNVWDQGHQGLHGUHL *HIlKUWHQYHUVFKUHFNWGDXQGVWDUUWHQKLQDXIPLWXQZLOOLJHQ$XJHQ *ROOXPZDUGHUHUVWHGHUVLFKIDWH:LHGHU]HUUWHHUGUlQJHQGDQLKUHQ 0lQWHOQDEHUHUVSUDFKNHLQ:RUW)DVW]RJHUVLHPLWVLFK-HGHU6FKULWW ZDUZLGHUVWUHEHQGXQGGLH=HLWVFKLHQVLFK]XYHUODQJVDPHQVRGD]ZL VFKHQGHP$QKHEHQXQGGHP$XIVHW]HQHLQHV)XHV0LQXWHQGHV:LGHU ZLOOHQVYHUJLQJHQ 6RNDPHQVLHODQJVDP]XGHUZHLHQ%UFNH+LHUEHUTXHUWHGLH VFKZDFKVFKLPPHUQGH6WUDHGHQ%DFKLQGHU0LWWHGHV7DOVXQG]RJVLFK LQ:LQGXQJHQKLQDXI]XP7RUGHU6WDGWHLQHVFKZDU]HgIIQXQJLP lXHUHQ5LQJGHUQ|UGOLFKHQ:lOOH%UHLWH1LHGHUXQJHQHUVWUHFNWHQVLFK DXIEHLGHQ8IHUQVFKDWWLJH:LHVHQYROOEODVVHUZHLHU%OXPHQ/HXFK WHQGZDUHQDXFKVLHVFK|QXQGGHQQRFKYRQVFKDXHUOLFKHU)RUPZLH :DKQJHELOGHLQHLQHPXQUXKLJHQ7UDXPXQGVLHVWU|PWHQHLQHQVFKZD 5HL$QJHON#KWWSFRODHERRN]IELGH
FKHQZLGHUZlUWLJHQ/HLFKHQJHUXFKDXVHLQ+DXFKYRQ)lXOQLVODJLQGHU /XIW9RQ:LHVH]X:LHVHVSUDQJGLH%UFNH6WHLQELOGHUVWDQGHQDP %UFNHQNRSIJHNRQQWLQ PHQVFKOLFKHUXQGWLHULVFKHU*HVWDOWJHPHLHOW DEHUDOOHZDUHQHQWVWHOOWXQGHNHOKDIW'DV:DVVHUGDVXQWHQIORZDU VWLOODEHUHVGDPSIWHGRFKGHU'DPSIGHUDXIVWLHJXQGXPGLH%UFNH ZRJWHXQGZDOOWHZDUW|GOLFKNDOW)URGRVSUWHZLHVHLQH6LQQH VLFK YHUQHEHOWHQXQGVHLQ9HUVWDQGVLFKYHUGXQNHOWH'DQQSO|W]OLFKDOVRE HLQHDQGHUH.UDIWDOVVHLQHLJHQHU:LOOHDP:HUNVHLEHJDQQHU]XHLOHQ YRUZlUWV]XWDXPHOQGLH+lQGHWDVWHQGDXVJHVWUHFNWVHLQ.RSIYRQHLQHU 6HLWH]XUDQGHUHQEDXPHOQG6DPXQG*ROOXPUDQQWHQLKPEHLGHQDFK 6DPILQJVHLQHQ+HUUQLQGHQ$UPHQDXIDOVHUVWROSHUWHXQGJHUDGHDXI GHU6FKZHOOHGHU%UFNHIDVWJHIDOOHQZlUH ª1LFKWGDODQJ1HLQQLFKWGDODQJ©IOVWHUWH*ROOXPDEHUGHU$WHP ]ZLVFKHQVHLQHQ=lKQHQVFKLHQGLHGUFNHQGH6WLOOHZLHHLQ3ILII]X]HU UHLHQXQGHUNDXHUWHVLFKYROO(QWVHW]HQDXIGHQ%RGHQ ª+DOWDQ+HUU)URGR©VDJWH6DP)URGRLQV2KUª.RPP]XUFN 1LFKWGDODQJ*ROOXPVDJWQHLQXQGGLHVPDOELQLFKVHLQHU0HLQXQJ© )URGRIXKUVLFKPLWGHU+DQG EHUGLH6WLUQXQG]ZDQJVLFKGHQ%OLFN YRQGHU6WDGWDXIGHP%HUJDE]XZHQGHQ'HUOHXFKWHQGH7XUP]RJLKQLQ VHLQHQ%DQQXQGHUNl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|GOLFKHQ%OXPHQKLQWHUVLFKJHODVVHQKDWWHYHU EODWHHUXQGZXUGHGXQNHOZlKUHQGHUVLFKLP=LFN]DFNDQGHQQ|UG OLFKHQ+lQJHQGHV7DOVKLQDXIZDQG $XIGLHVHP3IDGVFKOHSSWHQVLFKGLH+REELWVYRUDQVLHJLQJHQQHEHQ HLQDQGHUXQGNRQQWHQ*ROOXPYRUVLFKQLFKWVHKHQDXHUZHQQHUVLFK XPGUHKWHXQGLKQHQZLQNWH'DQQVFKLPPHUWHQVHLQH$XJHQJUQOLFK ZHLYLHOOHLFKWVSLHJHOWHQVLHGHQXQJHVXQGHQ0RUJXO6FKHLQZLGHURGHU ZDUHQHQWIODPPWYRQHLQHUHQWVSUHFKHQGHQLQQHUHQ6WLPPXQJ'LHVHV W|GOLFKHQ*ODQ]HVXQGGHUGXQNOHQ$XJHQK|KOHQZDUHQVLFK)URGRXQG 6DPLPPHUEHZXWGDXHUQGEOLFNWHQVLHlQJVWOLFKEHUGLH6FKXOWHUXQG GDXHUQG]ZDQJHQVLHLKUHQ%OLFNZLHGHUDXIGHQGXQNHOZHUGHQGHQ3IDG /DQJVDPVFKOHSSWHQVLHVLFKYRUDQ$OVVLHEHUGHQ*HVWDQNXQGGLH 'lPSIHGHVJLIWLJHQ%DFKVKLQDXVNDPHQZXUGHLKU$WHPOHLFKWHUXQG LKUH.|SIHNODUHUDEHUMHW]WZDUHQLKUH*OLHGHUWRGPGHDOVREVLHGLH JDQ]H1DFKWVFKZHUEHODGHQJHODXIHQRGHUODQJHJHJHQHLQHVWDUNH6WU| PXQJJHVFKZRPPHQVHLHQ6FKOLHOLFKNRQQWHQVLHQLFKWZHLWHUJHKHQ RKQHHLQH8QWHUEUHFKXQJ )URGREOLHEVWHKHQXQGVHW]WHVLFKDXIHLQHQ6WHLQ6LHKDWWHQMHW]WGHQ *LSIHOHLQHVNDKOHQIHOVLJHQ+|FNHUVHUNORPPHQ9RULKQHQODJHLQH(LQ VHQNXQJLQGHU7DOVHLWHXQGXPGHUHQREHUHQ5DQGKHUXPJLQJGHU3IDG 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHLWHUXQGHUZDUQLFKWPHKUDOVHLQEUHLWHV*HVLPVPLWHLQHP$EJUXQG ]XU5HFKWHQEHUGLHVWHLOH)ODQNHGHV*HELUJHVNURFKHUKLQDXIELVHU REHQLQGHU6FKZlU]HYHUVFKZDQG ª,FKPXHLQH:HLOHUDVWHQ6DP©IOVWHUWH)URGRª(ULVWVRVFKZHU 6DPPHLQ-XQJHVHKUVFKZHU,FKP|FKWHPDOZLVVHQZLHZHLWLFKLKQ QRFKWUDJHQNDQQ"-HGHQIDOOVPXLFKPLFKDXVUXKHQHKHLFKPLFKGD KLQDXIZDJH©(U]HLJWHDXIGHQVFKPDOHQ:HJ ª3VW3VW©]LVFKWH*ROOXPXQGHLOWH]XLKQHQ]XUFNª3VW©(UOHJWH GHQ)LQJHUDXIGLH/LSSHQXQGVFKWWHOWHQDFKGUFNOLFKGHQ.RSI(U]RJ )URGRDPbUPHOXQGGHXWHWHDXIGHQ3IDG$EHU)URGRZROOWHQLFKWZHL WHUJHKHQ ª1RFKQLFKW©VDJWHHUªQRFKQLFKW©0GLJNHLWXQGPHKUDOV0GLJ NHLWEHGUFNWHLKQHVVFKLHQDOVREHLQVWDUNHU=DXEHUEDQQDXIVHLQHP *HLVWXQGVHLQHP.|USHUOlJHª,FKPXPLFKDXVUXKHQ©PXUPHOWHHU 1XQZXUGHQ*ROOXPV$QJVWXQG8QUXKHVRJURGDHUZLHGHU VSUDFKXQGKLQWHUGHUYRUJHKDOWHQHQ+DQG]LVFKWHDOVZROOHHUYHUKLQ GHUQGDXQJHVHKHQH/DXVFKHULQGHU/XIWGDV*HUlXVFKK|UHQª1LFKW KLHUQHLQ1LFKWKLHUUDVWHQ1DUUHQ$XJHQN|QQHQXQVVHKHQ:HQQVLH DXIGLH%UFNHNRPPHQZHUGHQVLHXQVVHKHQ.RPPWZHJ.OHWWHUW NOHWWHUW.RPPW© ª.RPP+HUU)URGR©VDJWH6DPª(UKDWZLHGHUUHFKW:LUN|QQHQ KLHUQLFKWEOHLEHQ© ª1XQJXW©VDJWH)URGRPLWHLQHUIHUQHQ 6WLPPHZLHHLQHUGHUKDOELP 6FKODIVSULFKWª,FKZLOO VYHUVXFKHQ©0GHVWDQGHUDXI $EHUHVZDU]XVSlW,QGLHVHP$XJHQEOLFNHUEHEWHGHU)HOVXQG]LW WHUWHXQWHULKQHQ'DVPlFKWLJHUXPSHOQGH*HUlXVFKODXWHUDOV]XYRU GU|KQWHLP%RGHQXQGKDOOWHLQGHQ%HUJHQZLGHU'DQQNDPPLWYHUVHQ JHQGHU3O|W]OLFKNHLWHLQJURHUURWHU%OLW]:HLWKLQWHUGHP|VWOLFKHQ*H ELUJHIXKUHUEHUGHQ+LPPHOXQGIlUEWHGLHILQVWHUGURKHQGHQ:RONHQ PLWKHOOHP5RW,QGLHVHP7DOGHV6FKDWWHQVXQGGHVNDOWHQW|GOLFKHQ /LFKWVHUVFKLHQGDVXQHUWUlJOLFKJHZDOWWlWLJXQGKHIWLJ:LHJH]DFNWH 'ROFKHKREHQVLFK)HOVJLSIHOXQG*UDWHLQJUHOOHU6FKZlU]HYRQGHUDXIOR GHUQGHQ)ODPPHLQ*RUJRURWKDE'DQQNDPHLQJHZDOWLJHU'RQQHU VFKODJ 8QG0LQDV0RUJXODQWZRUWHWH)DKOH%OLW]HIODPPWHQDXIJH]DFNWH EODXH)ODPPHQVFK|VVHQYRP7XUPXQGGHQXPJHEHQGHQ%HUJHQHPSRU LQGLHGXQNOHQ:RONHQ'LH(UGHVW|KQWHXQGDXVGHU6WDGWNDPHLQ 6FKUHL9HUPLVFKWPLWUDXKHQKRKHQ6WLPPHQZLHYRQ5DXEY|JHOQXQG GHPVFKULOOHQ:LHKHUQYRQ3IHUGHQZLOGYRU5DVHUHLXQG$QJVWNDPHLQ ]HUUHLHQGHU6FKUHL]LWWHUQGXQGUDVFK]XHLQHUGXUFKGULQJHQGHQ7RQ K|KHDQVWHLJHQGGLHQLFKWPHKUDQ]XK|UHQZDU'LH+REELWVIXKUHQ KHUXPZDUIHQVLFK]X%RGHQXQGKLHOWHQVLFKPLWGHQ+lQGHQGLH2KUHQ $OVGHUHQWVHW]OLFKH6FKUHLHQGHWHXQGEHUHLQODQJHVDEVFKHXOLFKHV :HKNODJHQLQ6WLOOHEHUJLQJKRE)URGRODQJVDPGHQ.RSI-HQVHLWVGHV HQJHQ7DOVIDVWDXIJOHLFKHU+|KHPLWVHLQHQ$XJHQVWDQGHQGLH:lOOH GHUE|VHQ6WDGWXQGLKUK|KOHQDUWLJHV7RUGDVZLHHLQ RIIHQHU0XQGPLW VFKLPPHUQGHQ=lKQHQJHVWDOWHWZDU|IIQHWHVLFKZHLW8QGDXVGHP7RU NDPHLQ+HHU 'LHJDQ]H)HOGVFKDUZDUVFKZDU]JHNOHLGHWGXQNHOZLHGLH1DFKW9RU GHQGVWHUHQ0DXHUQXQGGHPOHXFKWHQGHQ3IODVWHUGHU6WUDHNRQQWH )URGRVLHVHKHQNOHLQHVFKZDU]H*HVWDOWHQHLQH5HLKHKLQWHUGHUDQGHUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
UDVFKXQGOHLVHPDUVFKLHUHQGXQGVLHHUJRVVHQVLFKDXVGHP7RULQHLQHP HQGORVHQ6WURP9RULKQHQULWWHLQHJURH6FKDU5HLWHUGLHVLFKZLHEH IRKOHQH6FKDWWHQEHZHJWHQXQGDQLKUHU6SLW]HZDUHLQHUGHUJU|HUZDU DOVDOOHDQGHUHQHLQ5HLWHUJDQ]VFKZDU]ELVDXIGHQ+HOPGHQHUDXI GHPNDSX]HQEHGHFNWHQ.RSIWUXJXQGGHUZLHHLQH.URQHDXVVDKXQGPLW HLQHPJHIlKUOLFKHQ/LFKWIODFNHUWH-HW]WQlKHUWHHUVLFKXQWHQGHU%UFNH XQG)URGRVVWDUUHQGH$XJHQIROJWHQLKPXQIlKLJ]X]ZLQNHUQRGHUVLFK DE]XZHQGHQ*HZLZDUGDVGHU+HUUGHU1HXQ5HLWHUGHU]XU(UGH]X UFNJHNHKUWZDUXPVHLQJHVSHQVWLVFKHV+HHULQGLH6FKODFKW]XIKUHQ +LHUMDKLHUZDUWDWVlFKOLFKGHUKDJHUH.|QLJGHVVHQNDOWH+DQGGHQ 5LQJWUlJHUPLWVHLQHPW|GOLFKHQ'ROFKQLHGHUJHVWUHFNWKDWWH'LHDOWH :XQGHEHEWHYRU6FKPHU]XQGHLQHJURH.lOWHJULIIQDFK)URGRV+HU ]HQ :lKUHQGGLHVH*HGDQNHQLKQPLW*UDXHQHUIOOWHQXQGHUIHVWJHEDQQW ZDUZLHGXUFKHLQHQ=DXEHUKLHOWGHU5HLWHUSO|W]OLFKXQPLWWHOEDUYRU GHP=XJDQJ]XU%UFNHXQGKLQWHULKPEOLHEGDVJDQ]H+HHUVWHKHQ(U ]|JHUWHXQGHVKHUUVFKWH7RWHQVWLOOH9LHOOHLFKWZDUHVGHU5LQJGHUGHQ *HLVWHUIUVWHQULHIXQGHLQHQ$XJHQEOLFNZDUHUEHXQUXKLJWGHQQHU VSUWHLUJHQGHLQHDQGHUH0DFKWLQVHLQHP7DO+LHUKLQXQGGRUWKLQ ZDQGWHHUYROO)XUFKWGHQEHKHOPWHQXQGJHNU|QWHQ.RSIXQGVXFKWHPLW VHLQHQXQVLFKWEDUHQ$XJHQGLH6FKDWWHQDE)URGRZDUWHWHZLHHLQ9RJHO DXIGDV1lKHUNRPPHQHLQHU6FKODQJHXQIlKLJVLFK]XEHZHJHQ8QG ZlKUHQGHUZDUWHWHYHUQDKPHUGUlQJHQGHUGHQQMH]XYRUGHQ%HIHKOGHQ 5LQJDXI]XVHW]HQ$EHUVRVWDUNGHU'UDQJDXFKZDUVRYHUVSUWHHU MHW]WNHLQH1HLJXQJLKPQDFK]XJHEHQ(UZXWHGDGHU5LQJLKQQXU YHUUDWHQZUGHXQGGDHUVHOEVWZHQQ HULKQDXIVHW]WHQLFKWGLH0DFKW KDWWHGHP0RUJXO.|QLJGLH6WLUQ]XELHWHQ² QRFKQLFKW(VJDELQVHL QHPHLJHQHQ:LOOHQQLFKWVPHKUZDVGLHVHP%HIHKO)ROJH]XOHLVWHQEH UHLWZDUREZRKOHUGRFKLQ$QJVWXQG6FKUHFNHQYHUVHW]WZDUXQGHU VSUWHQXUGDHLQHJURH0DFKWYRQDXHQDXILKQHLQVWUPWH6LHHU JULIIVHLQH+DQGXQGZlKUHQG)URGRLP*HLVW]XVFKDXWHHVQLFKWZROOWH DEHUJHVSDQQWZDUDOVREHULUJHQGHLQHZHLW]XUFNOLHJHQGH*HVFKLFKWH EHWUDFKWH VFKREVLHVHLQH+DQG=ROOXP=ROO]XGHU.HWWHXPVHLQHQ +DOV'DQQUHJWHVLFKVHLQHLJHQHU:LOOHODQJVDP]ZDQJHUGLH+DQG]X UFNXQGYHUDQODWHVLHHWZDVDQGHUHV]XVXFKHQHWZDVGDVDQVHLQHU %UXVWYHUERUJHQODJ.DOWXQGKDUWVFKLHQHV]XVHLQDOVVHLQ*ULIIHVXP VFKOR*DODGULHOV3KLROHGLHHUVRODQJHZLHHLQHQ6FKDW]JHKWHWXQGELV ]XGLHVHU6WXQGHIDVWYHUJHVVHQKDWWH$OVHUVLHEHUKUWHZDUIUHLQH :HLOHMHGHU*HGDQNHDQGHQ5LQJDXVVHLQHP6LQQYHUEDQQW(UVHXI]WH XQGVHQNWHGHQ.RSI ,QGLHVHP$XJHQEOLFNZDQGWHVLFKGHU*HLVWHUN|QLJDEJDEVHLQHP 3IHUGGLH6SRUHQXQGULWWEHUGLH%UFNHXQGVHLQJDQ]HVGXQNOHV+HHU IROJWHLKP9LHOOHLFKWWURW]WHQGLH(OEHQNDSX]HQVHLQHQXQVLFKWEDUHQ $XJHQXQGGHU*HLVWVHLQHVNOHLQHQ)HLQGHVGHUJHVWlUNWZRUGHQZDU KDWWHVHLQ'HQNHQDEJHOHQNW$EHUHUZDULQ(LOH6FKRQKDWWHGLH6WXQGH JHVFKODJHQXQGDXIVHLQHVJURHQ+HUUQ*HKHLPXWHHUJHJHQGHQ :HVWHQLQGHQ.ULHJ]LHKHQ %DOGZDUHUYRUEHLJHULWWHQZLHHLQ6FKDWWHQLQGHQ6FKDWWHQGLHVLFK VFKODQJHOQGH6WUDHKLQXQWHUXQGKLQWHULKPEHUTXHUWHQGLHGXQNOHQ 5HLKHQQRFKLPPHUGLH%UFNH6HLWGHQ7DJHQYRQ,VLOGXUV0DFKWZDU QLHPDOVHLQVRJURHV+HHUDXVGLHVHP7DOJHNRPPHQNHLQVRJUDXVDPHV 5HL$QJHON#KWWSFRODHERRN]IELGH
XQGZDIIHQVWDUNHV+HHUKDWWHMHGLH)XUWHQGHV$QGXLQDQJHJULIIHQXQG GHQQRFKZDUHVQXUHLQVXQGQLFKWGDVJU|WHGHU+HHUHGLH0RUGRUMHW]W DXVVDQGWH )URGREHZHJWHVLFK8QGSO|W]OLFKVFKOXJVHLQ+HU])DUDPLUHQWJHJHQ ª'HU6WXUPLVWHQGOLFKORVJHEURFKHQ©GDFKWHHUª'LHVHVJURH$XIJHERW DQ6SHHUHQXQG6FKZHUWHUQJHKWQDFK2VJLOLDWK:LUG)DUDPLUUHFKW]HLWLJ KLQNRPPHQ"(UYHUPXWHWHHVDEHUZXWHHUGLH6WXQGH"8QGZHUNDQQ MHW]WGLH)XUWHQKDOWHQZHQQGHU.|QLJGHU1HXQ5HLWHUNRPPW"8QG QRFKDQGHUH+HHUHZHUGHQNRPPHQ,FKELQ]XVSlWGUDQ$OOHVLVWYHUOR UHQ=XODQJHVlXPWHLFKXQWHUZHJV$OOHVLVWYHUORUHQ6HOEVWZHQQPHLQ $XIWUDJDXVJHIKUWZLUGZLUGQLHPDQGHVHUIDKUHQ1LHPDQGZLUGGD VHLQGHPLFKHVVDJHQNDQQ(VZLUGYHUJHEHQVVHLQ©hEHUPDQQWYRQ 6FKZlFKHZHLQWHHU8QGLPPHUQRFK]RJGDV+HHUYRQ0RUGRUEHUGLH %UFNH 'DQQK|UWHHUDXVJURHU)HPHDOVREHVDXVGHQ(ULQQHUXQJHQGHV $XHQODQGHVNlPHDQHLQHPVRQQHQKHOOHQIUKHQ0RUJHQZHQQGHU7DJ VLFKPHOGHWHXQG7UHQJH|IIQHWZXUGHQ6DPV6WLPPHª:DFKDXI+HUU )URGR:DFKDXI©+lWWHGLH6WLPPHKLQ]XJHIJWª'HLQ)UKVWFNLVW IHUWLJ©GDQQZlUHHUNDXPEHUUDVFKWJHZHVHQ6DPPDFKWHHVJHZL VHKUGULQJHQGª:DFKDXI+HUU)URGR6LHVLQGZHJ©VDJWHHU (VJDEHLQHQGXPSIHQ.ODQJ'LH7RUHYRQ0LQDV0RUJXOKDWWHQVLFK JHVFKORVVHQ'LHOHW]WH5HLKHYRQ6SHHUWUlJHUQZDUGLH6WUDHKLQXQWHUJH ]RJHQXQGYHUVFKZXQGHQ'HU7XUP]HLJWHQRFKEHUGDV7DOKLQZHJGLH =lKQHDEHUGDV/LFKWLQLKPYHUEODWH'LHJDQ]H6WDGWYHUILHOZLHGHULQ HLQHQGXQNOHQVFKZHUODVWHQGHQ6FKDWWHQXQGLQ6WLOOH:HQQJOHLFKVWLOO VRZDUVLHGRFKYROOHU:DFKVDPNHLW ª:DFKDXI+HUU)URGR6LHVLQGZHJXQGZLUJHKHQEHVVHUDXFK'D LVWLUJHQGHWZDVQRFKOHEHQGLJLQGLHVHU*HJHQGHWZDVPLW$XJHQRGHU PLWHLQHPVHKHQGHQ9HUVWDQGZHQQGXZHLWZDVLFKPHLQHXQGMHOlQ JHUZLUDQHLQHU6WHOOHEOHLEHQXPVRHKHUZLUGHVXQVDXVILQGLJPDFKHQ .RPPZHLWHU+HUU)URGR© )URGRKREGHQ.RSIXQGVWDQGGDQQDXI'LH9HU]ZHLIOXQJZDUQLFKW YRQLKPJHZLFKHQDEHUGLH6FKZlFKHZDUYRUEHL(UOlFKHOWHVRJDUJULP PLJGHQQHUHPSIDQGMHW]WHEHQVRNODUZLHHUHLQHQ$XJHQEOLFN]XYRU QRFKGDV*HJHQWHLOHPSIXQGHQKDWWHGDHUQlPOLFKGDVZDVHU]XWXQ KDWWHWXQPXWHZHQQHUNRQQWHXQGGDHVXQZLFKWLJZDURE)DUDPLU RGHU$UDJRUQRGHU(OURQGRGHU*DODGULHORGHU*DQGDOIRGHUVRQVWMHPDQG HVMHHUIKUH(UQDKPVHLQHQ6WRFNLQHLQH+DQGXQGGLH3KLROHLQGLHDQ GHUH$OVHUVDKGDGDVNODUH/LFKWLKPVFKRQGXUFKGLH)LQJHUVWU|PWH VFKREHUGLH3KLROHXQWHUVHLQHQ0DQWHOXQGGUFNWHVLHDQV+HU]'DQQ ZDQGWHHUVLFKDEYRQGHU6WDGW0RUJXOGLHMHW]WQLFKWPHKUZDUDOVHLQ JUDXHU6FKLPPHUEHUHLQHPGXQNOHQ$EJUXQGXQGVFKLFNWHVLFKDQGHQ :HJQDFKREHQHLQ]XVFKODJHQ 2IIHQEDUZDU*ROOXPDXIGHP*HVLPVZHLWHULQGLH'XQNHOKHLWJHNUR FKHQDOVVLFKGLH7RUHYRQ0LQDV0RUJXODXIWDWHQXQGKDWWHGLH+REELWV JHODVVHQZRVLHZDUHQ-HW]WNURFKHU]XUFNPLWNODSSHUQGHQ=lKQHQ XQG]XFNHQGHQ)LQJHUQª7|ULFKW'XPP©]LVFKWHHUª(LOWHXFK6LH GUIHQQLFKWJODXEHQGDGLH*HIDKUYRUEHLLVW,VWVLHQLFKW(LOWHXFK© 6LHDQWZRUWHWHQQLFKWIROJWHQLKPDEHUDXIGDVDQVWHLJHQGH*HVLPV(V JHILHOLKQHQEHLGHQQLFKWVHKUQLFKWHLQPDOQDFKGHPVLHVRYLHOHQDQGH UHQ*HIDKUHQLQV$XJHJHVHKHQKDWWHQDEHUHVZDUQLFKWODQJ%DOGHU 5HL$QJHON#KWWSFRODHERRN]IELGH
UHLFKWHGHU3IDGHLQHDEJHUXQGHWH.DQWHZRVLFKGHU%HUJKDQJZLHGHU DXVEDXFKWHXQGGRUWWDXFKWHHUSO|W]OLFKGXUFKHLQHVFKPDOHgIIQXQJLQ GHQ)HOVHLQ6LHZDUHQ]XGHUHUVWHQ7UHSSHJHNRPPHQYRQGHU*ROOXP JHVSURFKHQKDWWH(VZDUIDVWY|OOLJGXQNHOXQGVLHNRQQWHQQLFKWYLHO ZHLWHUVHKHQDOVELV]XLKUHQDXVJHVWUHFNWHQ+lQGHQGRFKVFKLPPHUWHQ *ROOXPV$XJHQEODPHKUHUH)XEHULKQHQDOVHUVLFK]XLKQHQXP GUHKWH ª9RUVLFKWLJ©IOVWHUWHHUª6WXIHQ(LQH0HQJH6WXIHQ0WYRUVLFK WLJVHLQ© 9RUVLFKWZDUJHZLYRQQ|WHQ=XHUVWZDU)URGRXQG6DPZRKOHU]X PXWHZHLOVLHQXQDXIEHLGHQ6HLWHQHLQH:DQGKDWWHQDEHUGLH7UHSSH ZDUIDVWVRVWHLOZLHHLQH/HLWHUXQGZlKUHQGVLHLPPHUK|KHUKLQDXIVWLH JHQZXUGHQVLHVLFKPHKUXQGPHKUGHVODQJHQVFKZDU]HQ*HIlOOHVKLQWHU LKQHQEHZXW8QGGLH6WXIHQZDUHQVFKPDOLQXQJOHLFKPlLJHP$E VWDQGXQGRIWWFNLVFKVLHZDUHQDEJHWUHWHQXQGJODWWDQGHQ.DQWHQ PDQFKHZDUHQJHERUVWHQXQGPDQFKH]HUVSUDQJHQZHQQPDQGHQ)X GDUDXIVHW]WH'LH+REELWVTXlOWHQVLFKYRUDQELVVLHVLFKVFKOLHOLFKPLW YHU]ZHLIHOWHQ)LQJHUQDQGHQREHUHQ6WXIHQIHVWNODPPHUWHQXQGLKUH VFKPHU]HQGHQ.QLH]ZDQJHQVLFK]XEHXJHQXQG]XVWUHFNHQXQGMHWLH IHUVLFKGLH7UHSSHLQGHQVWHLOHQ%HUJKLQHLQIUDXPVRK|KHUUHFNWHQ VLFKGLH)HOVZlQGHEHULKUHQ.|SIHQ (QGOLFKDOVVLHJHUDGHGDV*HIKOKDWWHQVLHN|QQWHQHVQLFKWPHKUHU WUDJHQVDKHQVLH*ROOXPV$XJHQZLHGHU]XLKQHQKHUXQWHUVFKDXHQª:LU VLQGREHQ©IOVWHUWHHUª'LHHUVWH7UHSSHLVWYRUEHL.OXJH+REELWVGD VLHVRKRFKNOHWWHUQVHKUNOXJH+REELWV1XUQRFKHLQSDDU6WXIHQXQG GDVLVWDOOHVMD© 6FKZLQGOLJXQGVHKUPGHIROJWHQ6DPXQG)URGRLKPNURFKHQGLH OHW]WHQ6WXIHQKLQDXIVHW]WHQVLFKGDQQKLQXQGULHEHQLKUH%HLQHXQG .QLH6LHZDUHQLQHLQHPWLHIHQGXQNOHQ'XUFKJDQJGHULPPHUQRFK YRULKQHQ]XVWHLJHQVFKLHQ ZHQQDXFKPlKOLFKHUXQGRKQH6WXIHQ*RO OXPOLHVLHQLFKWODQJHUDVWHQ ª(VNRPPWQRFKHLQH7UHSSH©VDJWHHUª(LQHYLHOOlQJHUH7UHSSH 5XKWHXFKDXVZHQQZLUREHQVLQGDXIGHUQlFKVWHQ7UHSSH-HW]WQRFK QLFKW© 6DPVW|KQWHª/lQJHUVDJWHVWGX"©IUDJWHHU ª-DMDOlQJHU©VDJWH*ROOXPª$EHUQLFKWVRVFKZLHULJ'LH+REELWV VLQGGLH*HUDGH7UHSSHKLQDXIJHNOHWWHUW-HW]WNRPPWGLH*HZXQGHQH 7UHSSH© ª8QGZDVGDQQ"©IUDJWH6DP ª:LUZHUGHQVHKHQ©VDJWH*ROOXPVDQIWª2MDZLUZHUGHQVHKHQ© ª,FKGDFKWHGXKDVWJHVDJWGDVHLHLQXQWHULUGLVFKHU*DQJ©VDJWH6DP ª,VWGDQLFKWHLQ*DQJRGHULUJHQGHWZDVGXUFKGDVZLUGXUFKPVVHQ"© ª2MDGDLVWHLQ*DQJ©VDJWH*ROOXPª$EHUGLH+REELWVN|QQHQVLFK DXVUXKHQHKHVLHHVPLWLKPYHUVXFKHQ:HQQVLHGDGXUFKNRPPHQGDQQ VLQGVLHVFKRQEHLQDKHREHQ6HKUQDKHZHQQVLHGDGXUFKNRPPHQ MD© )URGRIU|VWHOWH'DV.OHWWHUQKDWWHLKQLQ6FKZHLJHEUDFKWDEHUMHW]W ZDULKPNDOWXQGHV]RJHQWVHW]OLFKLQGHPGXQNOHQ'XUFKJDQJNDOW EOLHVHVYRQGHQXQVLFKWEDUHQ+|KHQREHQKHUDE(UVWDQGDXIXQGVFKW WHOWHVLFKª1DMDJHKHQZLUZHLWHU©VDJWHHUª'DVKLHULVWNHLQ3ODW] ]XP6LW]HQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
'HU'XUFKJDQJVFKLHQVLFKPHLOHQZHLWKLQ]X]LHKHQXQGLPPHUVWU|PWH GLHHLVLJH/XIWEHUVLHKLQZHJGLHDOOPlKOLFK]XHLQHPELWWHUNDOWHQ:LQG ZXUGH'DV*HELUJHVFKLHQ]XYHUVXFKHQVLHPLWVHLQHPW|GOLFKHQ$WHP HLQ]XVFKFKWHUQVLH]XU8PNHKU]XYHUDQODVVHQHKHVLH]XGHQ*HKHLPQLV VHQDXIGHQ+|KHQJHODQJWHQRGHUVLHZHJ]XEODVHQLQGLH'XQNHOKHLW KLQWHULKQHQ6LHPHUNWHQQXUGDVLHGDV(QGHGHV*DQJHVHUUHLFKWKDW WHQDOVVLHSO|W]OLFK]XLKUHU5HFKWHQNHLQH:DQGPHKUIKOWHQ6LHNRQQ WHQVHKUZHQLJVHKHQ*URHVFKZDU]HIRUPORVH%HUJPDVVHQXQGWLHIH JUDXH6FKDWWHQWUPWHQVLFKEHULKQHQXQGULQJVXPDXIDEHUGDQQXQG ZDQQIODFNHUWHHLQVFKZDFKHVURWHV/LFKWXQWHUGHQGURKHQGHQ:RONHQ DXIXQGIUHLQHQ$XJHQEOLFNPHUNWHQVLHGDKRKH*LSIHOYRULKQHQ XQGDXIEHLGHQ6HLWHQZLH6lXOHQHLQULHVLJHVGXUFKKlQJHQGHV'DFKWUX JHQ6LHVFKLHQHQ+XQGHUWHYRQ)XJHNOHWWHUWXQGQXQDXIHLQHPEUHLWHQ )HOVYRUVSUXQJ]XVHLQ(LQH)HOVZDQGZDU]XLKUHU/LQNHQHLQ$EJUXQG ]XLKUHU5HFKWHQ *ROOXPJLQJYRUDQGLFKWXQWHUGHU)HOVZDQG9RUOlXILJVWLHJHQVLH QLFKWPHKUDEHUGHU%RGHQZDUMHW]W]HUNOIWHWHUXQGJHIlKUOLFKLP'XQ NHOQXQGHVODJHQ)HOVEO|FNHXQGKHUDEJHIDOOHQH6WHLQEURFNHQDXIGHP :HJ6LHJLQJHQODQJVDPXQGYRUVLFKWLJ:LHYLHOH6WXQGHQYHUVWULFKHQ ZDUHQVHLWVLHLQV0RUJXO7DOJHNRPPHQZDUHQNRQQWHQZHGHU6DP QRFK)URGRVFKl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|KHUKLQDXI]RJXQGZDQGVLFKGLH7UHSSHELVVLH VFKOLHOLFKPLWHLQHPOHW]WHQNXU]HQXQGJHUDGHQ/DXI]XHLQHUZHLWHUHQ HEHQHQ)OlFKHKHUDXINORPP'HU3IDGKDWWHVLFKYRQGHP+DXSWSDLQ GHUJURHQ6FKOXFKWHQWIHUQWXQGYHUIROJWHMHW]WVHLQHQHLJHQHQJHIlKU OLFKHQ:HJDXIGHP*UXQGHLQHUNOHLQHUHQ6FKOXFKWLQGHQK|KHUHQ%HUHL FKHQGHV(SKHO'~DWK8QGHXWOLFKNRQQWHQGLH+REELWVKRKH3IHLOHUXQG JH]DFNWH)HOV]LQQHQDXIEHLGHQ6HLWHQHUNHQQHQXQGGD]ZLVFKHQZDUHQ JURH6SDOWHQXQG5LVVHGLHVFKZlU]HUDOVGLH1DFKWJlKQWHQZRYHUJHV VHQH:LQWHUJHQDJWXQGGHQVRQQHQORVHQ6WHLQJHIRUPWKDWWHQ8QGMHW]W VFKLHQGDVURWH/LFKWDP+LPPHOVWlUNHU]XZHUGHQDOOHUGLQJVZXWHQ VLHQLFKWREWDWVlFKOLFKHLQIXUFKWEDUHU0RUJHQ]XGLHVHP2UWGHV6FKDW WHQVNDPRGHUREVLHQXUGLH)ODPPHQLUJHQGHLQHU*HZDOWWlWLJNHLWYRQ 6DXURQEHLGHU)ROWHUXQJYRQ*RUJRURWKDXIGHUDQGHUHQ6HLWHVDKHQ ,PPHUQRFKZHLWHQWIHUQWXQGLPPHUQRFKKRFKREHQVDK)URGRDOVHU DXIVFKDXWHZLHHUYHUPXWHWHGLH.U|QXQJGLHVHVELWWHUHQ:HJHV*HJHQGLH GXQNOH5|WHGHV|VWOLFKHQ+LPPHOV]HLFKQHWHVLFKLQGHPREHUVWHQ*UDW HLQH6FKOXFKWDEVFKPDOXQGWLHIHLQJHVFKQLWWHQ]ZLVFKHQ]ZHLVFKZDU]HQ 9RUVSUQJHQXQGDXIMHGHP9RUVSUXQJZDUHQ]ZHL+|UQHUDXV6WHLQ (UEOLHEVWHKHQXQGVFKDXWHDXIPHUNVDPHU'DV+RUQ]XU/LQNHQZDU 5HL$QJHON#KWWSFRODHERRN]IELGH
KRFKXQGVFKODQNXQGLQLKPEUDQQWHHLQURWHV/LFKWRGHUDEHUGDVURWH /LFKWLP/DQGGDKLQWHUVFKLPPHUWHGXUFKHLQ/RFKKLQGXUFK-HW]WVDKHU HVHVZDUHLQVFKZDU]HU7XUPGHUEHUGHPlXHUHQ3DDXIUDJWH(UEH UKUWH6DPV$UPXQG]HLJWHGRUWKLQ ª'DVJHIlOOWPLUQLFKW©VDJWH6DPª$OVRLVWGLHVHUJHKHLPH:HJYRQ GLUGRFKEHZDFKW©EUXPPWHHU]X*ROOXPJHZDQGWª:LHGXGLHJDQ]H =HLWZXWHVWQHKPHLFKDQ"© ª$OOH:HJHVLQGEHZDFKWMD©VDJWH*ROOXPª1DWUOLFKVLQGVLHEH ZDFKW $EHULUJHQGHLQHQ:HJPVVHQGLH+REELWVYHUVXFKHQ(VN|QQWH VHLQGDGLHVHUDPZHQLJVWHQEHZDFKWLVW9LHOOHLFKWVLQGVLHDOOHLQGLH JURH6FKODFKWJH]RJHQYLHOOHLFKW© ª9LHOOHLFKW©PXUUWH6DPª1DHVVFKHLQWQRFKZHLWZHJ]XVHLQXQG HVJHKWQRFKHLQJDQ]HV6WFN UDXIELVZLUGDVLQG8QGGDQQNRPPW QRFKGHUXQWHULUGLVFKH*DQJ,FKJODXEHGXVROOWHVWGLFKMHW]WDXVUXKHQ +HUU)URGR,FKZHLQLFKWZLHVSlWHVLVWRE7DJRGHU1DFKWDEHUZLU VLQGVFKRQ6WXQGHQXQG6WXQGHQJHJDQJHQ© ª-DZLUPVVHQ5DVWPDFKHQ©VDJWH)URGRª/DWXQVLUJHQGHLQHQ ZLQGJHVFKW]WHQ:LQNHOVXFKHQXQG.UDIWVDPPHOQ² IUGLHOHW]WH 5XQGH©'HQQVRJODXEWHHUZlUHHV'LH6FKUHFNHQGHV/DQGHVGRUWGU EHQXQGGLHGRUW]XHUIOOHQGH$XIJDEHVFKLHQHQHQWUFNWQRFK]XIHUQ XPLKQ]XEHXQUXKLJHQ6HLQJDQ]HU6LQQZDUGDUDXIJHULFKWHWKLQGXUFK RGHUEHUGLHVHXQEHUZLQGOLFKH0DXHUXQG6FKXW]ZHKUKLQZHJ]XNRP PHQ6REDOGHUGLHVHV'LQJGHU8QP|JOLFKNHLWYROOEULQJHQNRQQWHZUGH GHU$XIWUDJGDQQLUJHQGZLHVFKRQHUOHGLJWZHUGHQ6RVFKLHQHVLKP ZHQLJVWHQVLQGLHVHUGXQNOHQ6WXQGHGHU0GLJNHLWZlKUHQGHUVLFKQRFK LQGHQVWHLQLJHQ6FKDWWHQXQWHU&LULWK8QJRODETXlOWH ,QHLQHUGXQNOHQ6SDOWH]ZLVFKHQ]ZHLJURHQ)HOVHQSIHLOHUQVHW]WHQVLH VLFKKLQ)URGRXQG6DPHLQZHQLJZHLWHUGULQQHQXQG*ROOXPKRFNWH QDKHDP(LQJDQJDXIGHP%RGHQ'RUWQDKPHQGLH+REELWVLKUHZLHVLH DQQDKPHQOHW]WH0DKO]HLWHLQHKHVLHLQGDV1DPHQORVH/DQGKLQXQWHU JLQJHQRGHUYLHOOHLFKWVRJDUGLHOHW]WH0DKO]HLWGLHVLHMH]XVDPPHQHLQ QHKPHQZUGHQ6LHDHQYRQGHQ9RUUlWHQDXV*RQGRUXQG:DIIHOQYRQ GHU:HJ]HKUXQJGHU(OEHQXQGVLHWUDQNHQHLQZHQLJ$EHUPLWLKUHP :DVVHUJLQJHQVLHVSDUVDPXPXQGJ|QQWHQVLFKQXUVRYLHOXPLKUHWURN NHQHQ0QGHUDQ]XIHXFKWHQ ª,FKP|FKWHPDOZLVVHQ ZDQQZLUZLHGHU:DVVHUILQGHQZHUGHQ"© VDJWH6DPª$EHULFKQHKPHDQVHOEVWGDGUEHQZHUGHQVLHWULQNHQ" 2UNVWULQNHQGRFKQLFKWZDKU"© ª-DVLHWULQNHQ©VDJWH)URGRª$EHUGDYRQZROOHQZLUQLFKWVSUHFKHQ 6ROFKH*HWUlQNHVLQGQLFKWVIUXQV© ª'DQQLVWHVXPVRQ|WLJHUXQVHUH)ODVFKHQ]XIOOHQ©VDJWH6DP ª$EHUKLHUJLEWHVJDUNHLQ:DVVHU.HLQ3OlWVFKHUQXQGNHLQ5LHVHOQ KDEHLFKJHK|UW8QGDXHUGHPVDJWH)DUDPLUZLUVROOWHQNHLQ:DVVHULQ 0RUJXOWULQNHQ© ª.HLQ:DVVHUGDVDXV,PODG0RUJXOKHUDXVIOLHWZDUHQVHLQH:RUWH© VDJWH)URGRª:LUVLQGMHW]WQLFKWLQGLHVHP7DOXQGZHQQZLUDXIHLQH 4XHOOHVWRHQZUGHQGDQQZUGHVLHKLQHLQ XQGQLFKWKHUDXVIOLHHQ© ª,FKZUGHLKUQLFKWWUDXHQ©VDJWH6DPªQLFKWELVLFKDP9HUGXUVWHQ ZlUH0DQVSUWLUJHQGHWZDV%|VDUWLJHVDQGLHVHP2UW©(UVFKQXSSHUWH ª8QGHLQHQ*HUXFKJODXEHLFK0HUNVWGXHV"(LQNRPLVFKHU*HUXFKVWLN NLJ*HIlOOWPLUQLFKW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª0LUJHIlOOWKLHUEHUKDXSWJDUQLFKWV©VDJWH)URGRª:HGHU6WXIH QRFK6WHLQZHGHU+DXFKQRFK5DXFK(UGH/XIWXQG:DVVHUDOOHVVFKHLQW YHUZQVFKW]XVHLQ$EHUXQVHU:HJLVWQXQHLQPDOVRIHVWJHOHJW© ª-DGDVLVWHU©VDJWH6DPª8QGZLUZUGHQEHUKDXSWJDUQLFKWKLHU VHLQZHQQZLUPHKUGDUEHUJHZXWKlWWHQHKHZLUDXIEUDFKHQ$EHU LFKQHKPH DQGDHVRIWVRLVW'LHWDSIHUHQ7DWHQLQGHQDOWHQ*HVFKLFK WHQXQG/LHGHUQ+HUU)URGR$EHQWHXHUZLHLFKVLHLPPHUQDQQWH,FK JODXEWHGDVZlUHQ7DWHQ]XGHQHQGLHZXQGHUYROOHQ/HXWHLQGHQ*H VFKLFKWHQVLFKDXIPDFKWHQXQGQDFKGHQHQVLH$XVVFKDXKLHOWHQZHLOVLH HVZROOWHQZHLOGDVDXIUHJHQGZDUXQGGDV/HEHQHLQELFKHQODQJZHLOLJ HLQH$UW=HLWYHUWUHLEN|QQWHPDQVDJHQ$EHUVRLVWHVQLFKWEHLGHQ*H VFKLFKWHQGLHZLUNOLFKZLFKWLJZDUHQRGHUEHLGHQHQGLHHLQHPLP*H GlFKWQLVEOHLEHQ*HZ|KQOLFKVFKHLQHQGLH/HXWHHLQIDFKKLQHLQJHUDWHQ]X VHLQ² LKUH:HJHZDUHQQXQHLQPDOVRIHVWJHOHJWZLHGXHVDXVGUFNVW $EHULFKQHKPHDQVLHKDWWHQHLQH0HQJH*HOHJHQKHLWHQZLHZLUXP]X NHKUHQQXUWDWHQVLHHVQLFKW8QGZHQQVLHHVJHWDQKlWWHQGDQQZWHQ ZLU VQLFKWGHQQGDQQZlUHQVLHYHUJHVVHQZRUGHQ:LUK|UHQYRQGH QHQGLHHLQIDFKZHLWHUJLQJHQ² XQGQLFKWDOOH]XHLQHPJXWHQ(QGH ZRKOJHPHUNW]XPLQGHVWQLFKW]XGHPZDVGLH/HXWHLQHLQHU*HVFKLFKWH XQGQLFKWDXHUKDOEHLQJXWHV(QGHQHQQHQ'XZHLWVFKRQQDFK+DXVH NRPPHQXQGIHVWVWHOOHQGDDOOHVLQ2UGQXQJLVWZHQQDXFKQLFKWJDQ] ZLHYRUKHU² ZLHEHLPDOWHQ+HUUQ%LOER$EHUGDVVLQGQLFKWLPPHUGLH EHVWHQ*HVFKLFKWHQ]XP+|UHQREZRKOVLHGLHEHVWHQ*HVFKLFKWHQVHLQ P|JHQ LQGLHPDQKLQHLQJHUDWHQNDQQ,FKP|FKWHPDOZLVVHQLQZDVIU HLQHU$UW*HVFKLFKWHZLUVLQG"© ª'DELQLFKDXFKJHVSDQQW©VDJWH)URGRª$EHULFKZHLHVQLFKW 8QGVRLVWGDVEHLHLQHUZLUNOLFKHQ*HVFKLFKWH1LPPLUJHQGHLQHGLHGX JHUQKDVW'XZHLWRGHUHUUlWVWYLHOOHLFKWZDVIUHLQH$UW*HVFKLFKWH HVLVWREVLHHLQJOFNOLFKHVRGHUHLQWUDXULJHV(QGHKDWDEHUGLH/HXWHLQ GHU*HVFKLFKWHZLVVHQHVQLFKW8QGGXZLOOVWDXFKQLFKWGDVLHHVZLV VHQ© ª1HLQ+HUUQDWUOLFKQLFKW%HUHQ]XP%HLVSLHOHUKDWQLHPDOVJH JODXEWGDHUGLHVHQ6LOPDULODXVGHU(LVHUQHQ.URQHLQ7KDQJRURGULP EHNRPPHQZUGHXQGHUEHNDPLKQGRFKXQGGDVZDUHLQHVFKOLPPHUH *HJHQGXQGHLQHVFKZlU]HUH*HIDKUDOVXQVHUH$EHUGDVLVWQDWUOLFK HLQHODQJH*HVFKLFKWHXQG VLHJHKWEHU*OFNKLQDXVELV]X*UDPXQG DXFKGDUEHUKLQDXV² XQGGHU6LOPDULOJLQJZHLWHUXQGNDP]X(lUHQGLO $FKXQGGDUDQKDEHLFKMDQLHJHGDFKW+HUU:LUKDEHQ² GXKDVW HWZDVYRQGHP/LFKWLQGLHVHP6WHUQHQJODVGDVGLH+HUULQGLUJDE:HQQ PDQVLFKGDVEHUOHJWGDQQVLQGZLUMDLPPHUQRFKLQGHUVHOEHQ*H VFKLFKWH6LHJHKWQRFKZHLWHU+|UHQGHQQGLHJURHQ*HVFKLFKWHQQLH PDOVDXI"© ª1HLQDOV*HVFKLFKWHQHQGHQVLHQLHPDOV©VDJWH)URGRª$EHUGLH /HXWHLQLKQHQNRPPHQXQGJHKHQZHQQLKU$QWHLOHQGHW8QVHU$QWHLO ZLUGVSlWHUHQGHQ² RGHUIUKHU© ª8QGGDQQN|QQHQZLUXQVDXVUXKHQXQGHWZDVVFKODIHQ©VDJWH6DP (UODFKWHELWWHUª8QGJHQDXGDVPHLQHLFK+HUU)URGR,FKPHLQH VFKOLFKWXQGHLQIDFK5XKHXQG6FKODIXQGDP0RUJHQDXIZDFKHQXPLP *DUWHQ]XDUEHLWHQ,FKIUFKWHGDVLVWDOOHVZRUDXILFK]XU]HLWKRIIH$OO GLHJURHQZLFKWLJHQ3OlQHVLQGQLFKWIUPHLQHVJOHLFKHQ,PPHUKLQ ZWHLFKJHUQREZLUMHPDOVLQ/LHGHUQRGHU*HVFKLFKWHQYRUNRPPHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHUGHQ:LUVLQGQDWUOLFKLQHLQHU DEHULFKPHLQHLQ:RUWHJHIDW ZHLWGXDP.DPLQHU]lKOWRGHUDXVHLQHPJURHQGLFNHQ%XFKPLW URWHQXQGVFKZDU]HQ%XFKVWDEHQYRUJHOHVHQ-DKUHXQG-DKUHVSlWHU8QG GLH/HXWHZHUGHQVDJHQ!/DXQVYRQ)URGRXQGGHP5LQJK|UHQ8QG VLHZHUGHQVDJHQ!'DVLVWHLQHPHLQHU/LHEOLQJVJHVFKLFKWHQ)URGRZDU VHKUWDSIHUQLFKWZDKU3DSD"² !-DPHLQ-XQJHGHUEHUKPWHVWHGHU +REELWVXQGGDVVDJWYLHO© ª(VVDJWYLHO]XYLHO©VDJWH)URGRXQGHUODFKWHODQJHXQGNODUXQG DXV+HU]HQVJUXQG(LQVROFKHV *HUlXVFKZDULQGLHVHQ*HJHQGHQQLFKW JHK|UWZRUGHQVHLW6DXURQQDFK0LWWHOHUGHNDP6DPVFKLHQHVSO|W]OLFK DOVREDOOH6WHLQHODXVFKWHQXQGGLHKRKHQ)HOVHQVLFKEHUVLHEHXJWHQ $EHU)URGRDFKWHWHLKUHUQLFKWHUODFKWHZLHGHUª$FK6DP©VDJWHHU ªGLU]X]XK|UHQPDFKWPLFKLUJHQGZLHVRIU|KOLFKDOVREGLH*HVFKLFKWH VFKRQJHVFKULHEHQVHL$EHUGXKDVWHLQHGHUZLFKWLJVWHQKDQGHOQGHQ3HU VRQHQDXVJHODVVHQ6DPZHLVGHQ%HKHU]WHQ!,FKZLOOPHKUYRQ6DPK|UHQ 3DSD:DUXPKDVWGXQLFKWPHKUGDYRQHU]lKOWZLHHUUHGHW3DSD"'DV PDJLFKJHUQGDVEULQJWPLFK]XP/DFKHQ8QG)URGRZlUHRKQH6DP QLFKWZHLWJHNRPPHQQLFKWZDKU3DSD"© ª$EHU+HUU)URGR©VDJWH6DPªGXVROOWHVWGLFKQLFKWGDUEHUOXVWLJ PDFKHQ,FKKDEHHVHUQVWJHPHLQW© ª,FKDXFK© VDJWH)URGRªXQGLFKPHLQHHVQRFKHUQVW:LUHLOHQGHQ 'LQJHQ]XVHKUYRUDXV'XXQGLFK6DPZLUVWHFNHQLPPHUQRFKDQGHQ VFKOLPPVWHQ2UWHQGHU*HVFKLFKWHXQGK|FKVWZDKUVFKHLQOLFKZLUGLUJHQG MHPDQGDQGLHVHU6WHOOHVDJHQ!.ODSSMHW]WGDV%XFK]X3DSDZLUZROOHQ QLFKWPHKUZHLWHUOHVHQ© ª9LHOOHLFKW©VDJWH6DPª$EHULFKZlUHHVQLFKWGHUGDVVDJWH'LQJH GLHJHWDQXQGYRUEHLVLQGXQG]XHLQHUJURHQ*HVFKLFKWHJHK|UHQVLQG DQGHUV-DVRJDU*ROOXPN|QQWHLQHLQHU*HVFKLFKWHJXWVHLQEHVVHU MHGHQIDOOVDOVLKQXPVLFK]XKDEHQ8QGHUKDWIUKHU*HVFKLFKWHQDXFK JHUQJHKDEWQDFKVHLQHUHLJHQHQ%HKDXSWXQJ,FKP|FKWHPDOZLVVHQRE HUVLFKIUGHQ+HOGHQRGHUIUGHQ%|VHZLFKWKlOW"© ª*ROOXP©ULHIHUª0|FKWHVWGXJHUQGHU+HOGVHLQ"² 1DZRLVWHU GHQQMHW]WZLHGHUKLQ"© (VZDUNHLQH6SXUYRQLKP]XVHKHQDP$XVJDQJLKUHV6FKOXSIZLQNHOV RGHULQGHQ6FKDWWHQQDKHEHL(UKDWWHLKU(VVHQDEJHOHKQWREZRKOHUZLH JHZ|KQOLFKHLQHQ6FKOXFN:DVVHUDQJHQRPPHQKDWWHXQGGDQQKDWWHHV VRDXVJHVHKHQDOVREHUVLFK]XVDPPHQUROOWHXP]XVFKODIHQ6LHKDWWHQ DQJHQRPPHQGDMHGHQIDOOVHLQVVHLQHU=LHOHDOVHUDP7DJH]XYRUVR ODQJHDEZHVHQGZDUGLH-DJGDXILUJHQGHWZDV(EDUHVQDFKVHLQHPHLJH QHQ*HVFKPDFNJHZHVHQZDU$EHUZDUXPKHXWH" ª0LUJHIlOOWHVQLFKWZHQQHUVLFKVRZHJVFKOHLFKWRKQHHWZDV]X VDJHQ©VDJWH6DPª8QGDPDOOHUZHQLJVWHQMHW]W+LHUREHQNDQQHUQLFKW QDFKHWZDV(EDUHPVXFKHQHVVHLGHQQHVJLEWLUJHQGHLQH$UW)HOVHQ GLHLKP]XVDJW1LFKWPDOHLQELFKHQ0RRVJLEWHV© ª(VKDWNHLQHQ=ZHFNVLFKMHW]WEHULKQ]XDUJHP©VDJWH)URGR ª2KQHLKQKlWWHQZLUQLFKWVRZHLWNRPPHQN|QQHQQLFKWHLQPDOELVLQ 6LFKWZHLWHGHV3DVVHVXQGGHVKDOEPVVHQZLUXQVPLWVHLQHQ(LJHQKHLWHQ DEILQGHQ:HQQHUIDOVFKLVWLVWHUHEHQIDOVFK© ª7URW]GHPZUGHLFKLKQOLHEHULP$XJHEHKDOWHQ©VDJWH6DPª8P VRPHKUZHQQHUIDOVFKLVW(ULQQHUVWGXGLFKGDHUQLHPDOVVDJHQ O 5HL$QJHON#KWWSFRODHERRN]IELGH
ZROOWHREGLHVHU3DEHZDFKWLVWRGHUQLFKW"8QGMHW]WVHKHQZLUGDHLQHQ 7XUP² XQGHUPDJYHUODVVHQVHLQRGHUDXFKQLFKW*ODXEVWGXHULVW ZHJJHJDQJHQXPVLH]XKROHQ2UNVRGHUZDVLPPHUVLHVLQG"© ª1HLQGDVJODXEHLFKQLFKW©DQWZRUWHWH)URGRª6HOEVWZHQQHULUJHQG HWZDV%|VHVLP6FKLOGHIKUWXQGGDVLVWVFKlW]HLFKQLFKWXQZDKU VFKHLQOLFK,FKJODXEHQLFKWGDHVGDVLVW2UNVKROHQRGHULUJHQGZHOFKH DQGHUHQ'LHQHUGHV)HLQGHV:DUXPKlWWHHUGDPLWELVMHW]WZDUWHQXQG GLHJDQ]H0KHGHU.OHWWHUHLDXIVLFKQHKPHQXQGVRGLFKWDQGDV/DQG KHUDQNRPPHQVROOHQGDVHUIUFKWHW":DKUVFKHLQOLFKKlWWHHUXQVVHLW ZLULKQWUDIHQVFKRQYLHOH0DOHDQGLH2UNVYHUUDWHQN|QQHQ1HLQZHQQ EHUKDXSWGDQQLVWHVHLQNOHLQHU:LQNHO]XJYRQLKPDOOHLQGHQHUIU JDQ]JHKHLPKlOW© ª-DLFKJODXEHGXKDVWUHFKW+HUU)URGR©VDJWH6DPª1LFKWGDHV PLFKPlFKWLJWU|VWHW'DUEHUELQLFKPLUY|OOLJNODULFK]ZHLIOHQLFKW GDHUPLFK PLW.XKDQGGHQ2UNVDXVOLHIHUQZUGH$EHULFKKDEHVHL QHQ² 6FKDW]YHUJHVVHQ1HLQLFKQHKPHDQHVZDUGLHJDQ]H=HLW'HU 6FKDW]IUGHQDUPHQ6PpDJRO 'DVLVWGHUHLQ]LJH*HGDQNHEHLDOOVHLQHQ NOHLQHQ5lQNHQZHQQHUZHOFKHVFKPLHGHW$EHUZLHLKPGDVGDEHLQW ]HQVROOGDHUXQVKLHUKHUDXIJHEUDFKWKDWGDVLVWPHKUDOVLFKHUUDWHQ NDQQ© ª6HKUZDKUVFKHLQOLFKNDQQHUHVVHOEVWQLFKWHUUDWHQ©VDJWH)URGR ª8QGLFKJODXEHDXFKQLFKWGDHUQXUHLQHQNODUHQ3ODQLQVHLQHPYHU ZLUUWHQ.RSIKDW,FKJODXEHHLQHVWHLOVYHUVXFKWHUZLUNOLFKGHQ6FKDW] YRUGHP)HLQG]XUHWWHQVRODQJHHUNDQQ'HQQHVZUGHDXFKIULKQGDV HQGJOWLJH9HUKlQJQLVVHLQZHQQGHU)HLQGLKQEHNlPH8QG]XPDQGH UHQ7HLOZDUWHWHUYLHOOHLFKWQXUGHQULFKWLJHQ$XJHQEOLFNXQGHLQHJQ VWLJH*HOHJHQKHLWDE© ª-D6FKOHLFKHUXQG6WLQNHUZLHLFKLKQQDQQWH©VDJWH6DPª$EHU MHQlKHUGLHEHLGHQGHP/DQGGHV)HLQGHVNRPPHQXPVRlKQOLFKHU ZLUG6FKOHLFKHUXQG6WLQNHU0HUNGLUPHLQH:RUWHZHQQZLUMHGHQ3D HUUHLFKHQZLUGHUXQVEHVWLPPWGDVNRVWEDUVWH'LQJQLFKWEHUGLH*UHQ]H EULQJHQODVVHQRKQHXQVLUJHQGZHOFKH6FKZLHULJNHLWHQ]XPDFKHQ© ª1RFKVLQGZLUQLFKWGD©VDJWH)URGR ª1HLQDEHUZLUVROOWHQGLH$XJHQDXIKDOWHQELVGDKLQ:HQQZLU VFKODIHQGHUZLVFKWZHUGHQZLUG6WLQNHUVHKUEDOGGLH2EHUKDQGJHZLQ QHQ1LFKWGDHVJHIlKUOLFKIUGLFKZlUHZHQQGXMHW]WGLH$XJHQ]X PDFKVW8QJHIlKUOLFKZHQQGXGLFKWEHLPLUOLHJVW,FKZlUHKHU]OLFK IURKZHQQGXHWZDVVFKOlIVW,FKZHUGH:DFKHKDOWHQXQGVRZLHVR ZHQQGXGLFKWEHLPLUELVWXQGLFKGHQ$UPXPGLFKOHJHN|QQWHQLH PDQGQDFKGLUJUDSVFKHQRKQHGDGHLQ6DPHVPHUNW© ª6FKODIHQ©VDJWH)URGRXQGVHXI]WHDOVREHUYRQHLQHU:VWHDXVGLH /XIWVSLHJHOXQJYRQNKOHP*UQJHVHKHQKDEHª-DVHOEVWKLHUN|QQWH LFKVFKODIHQ© ª'DQQVFKODIH+HUU/HJGHLQHQ.RSILQPHLQHQ6FKR© 8QGVRIDQG*ROOXPVLHQDFK6WXQGHQDOVHU]XUFNNDPGHQ3IDGKLQ XQWHUNUDXFKHQGXQGNULHFKHQGDXVGHU'VWHUQLVZHLWHUYRP6DPVD JHJHQGHQ6WHLQJHOHKQWVHLQ.RSIZDU]XU6HLWHJHVXQNHQXQGHUDWPHWH VFKZHU,QVHLQHP6FKRODJ)URGRV.RSIWLHILP6FKODIDXI)URGRVZHL HU6WLUQODJHLQHYRQ6DPVEUDXQHQ+lQGHQXQGGLHDQGHUHKDWWHHUVHL QHP+HUUQOHLFKWDXIGLH%UXVWJHOHJW,KUHUEHLGHU*HVLFKWHUZDUHQIULHG OLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
*ROOXPEHWUDFKWHWHVLH(LQVHOWVDPHU$XVGUXFNKXVFKWHEHUVHLQ PDJHUHVKXQJULJHV*HVLFKW'HU*ODQ]YHUEODWHLQVHLQHQ$XJHQXQG VLHZXUGHQWUEHXQGJUDXDOWXQGPGH(LQVFKPHU]KDIWHU.UDPSI VFKLHQLKQ]XEHIDOOHQHUZDQGWHVLFKDEVFKDXWHKLQDXI]XP3DXQG VFKWWHOWHGHQ.RSIDOVREHUHLQHQLQQHUHQ.DPSIDXVIHFKWH'DQQNDP HU]XUFNVWUHFNWH]|JHUQGVHLQH]LWWHUQGH+DQGDXVXQGEHUKUWHVHKU YRUVLFKWLJ)URGRV.QLH² DEHUGLH%HUKUXQJZDUIDVWHLQH/LHENRVXQJ +lWWHHLQHUGHU6FKOlIHULKQVHKHQN|QQHQGDQQZUGHQVLHIUHLQHQ IOFKWLJHQ$XJHQEOLFNJHJODXEWKDEHQHLQHQDOWHQPGHQ+REELW]XHU EOLFNHQ]XVDPPHQJHVFKUXPSIWXQWHUGHU/DVWGHU-DKUHGLHLKQZHLWEHU VHLQH=HLWKLQDXVJHEUDFKWKDEHQEHU)UHXQGHXQG9HUZDQGWHKLQDXV XQGGLH)HOGHUXQG%lFKHGHU-XJHQGHLQDOWHVYHUKXQJHUWHVEHPLWOHL GHQVZHUWHV*HVFK|SI $EHUEHLGLHVHU%HUKUXQJEHZHJWHVLFK)URGRXQGVFKULHOHLVHDXILP 6FKODIXQGVRIRUWZDU6DPKHOOZDFK'DVHUVWHZDVHUVDKZDU*ROOXP² ªQDFKGHP+HUUQJUDSVFKHQG©GDFKWHHU ª+HGX©VDJWHHUJUREª:DVKDVWGXYRU"© ª1LFKWVQLFKWV©VDJWH*ROOXPVDQIWª1HWWHU+HUU© ª'DVZLOOLFKPHLQHQ©VDJWH6DPª$EHUZRELVWGXJHZHVHQ² ZHJ JHVFKOLFKHQ]XP6FKQIIHOQXQGZLHGHU]XUFNJHVFKOLFKHQGXDOWHU%|VH ZLFKW"© *ROOXPZLFK]XUFNXQGHLQJUQHV)XQNHOQIODFNHUWHXQWHUVHLQHQ VFKZHUHQ/LGHUQDXI)DVWVSLQQHQDUWLJVDKHUMHW]WDXVPLWVHLQHQYRUVWH KHQGHQ$XJHQXQGDXIVHLQHQDQJHZLQNHOWHQ*OLHGHUQKRFNHQG'HU IOFKWLJH$XJHQEOLFNZDUXQZLGHUUXIOLFKYRUEHUª6FKQIIHOQVFKQI IHOQ©]LVFKWHHUª+REELWVVLQGLPPHUVRK|IOLFKMD2KQHWWH+REELWV 6PpDJROEULQJWVLHDXIJHKHLPHQ:HJHQKHUDXIGLHVRQVWQLHPDQGILQGHQ N|QQWH0GHLVWHUGXUVWLJLVWHUMDGXUVWLJXQGHUIKUWVLHXQGVXFKW QDFK3IDGHQXQGVLHVDJHQVFKQIIHOQVFKQIIHOQ 6HKUQHWWH)UHXQGHR MDPHLQ6FKDW]VHKUQHWW© 6DPKDWWHHWZDV*HZLVVHQVELVVHDOOHUGLQJVDXFKQLFKWPHKU=XWUDXHQ ª(QWVFKXOGLJH©VDJWHHUª(QWVFKXOGLJHDEHUGXKDVWPLFKDXVGHP 6FKODIDXIJHVFKUHFNW8QGLFKKlWWHQLFKWVFKODIHQGUIHQXQGGHVKDOEZDU LFKHLQELFKHQVFKDUI$EHU+HUU)URGRGHULVWVRPGHGDLFKLKQEDW HLQ$XJH]X]XWXQQDMDXQGVRLVWGDVJHNRPPHQ(QWVFKXOGLJH$EHUZR ELVWGXJHZHVHQ"© ª6FKQIIHOQ©VDJWH*ROOXPXQGGDVJUQH)XQNHOQYHUVFKZDQGQLFKW DXVVHLQHQ$XJHQ ª%LWWHVFK|Q©VDJWH6DPªJDQ]ZLHGXZLOOVW,FKYHUPXWHHVLVWQLFKW ZHLWYRQGHU:DKUKHLWHQWIHUQW8QGMHW]WVFKOHLFKHQZLUZRKOEHVVHUDOOH ]XVDPPHQZHLWHU:LHVSlWLVWHV",VWHVKHXWHRGHUPRUJHQ"© ª(VLVWPRUJHQ©VDJWH*ROOXPªRGHUHVZDUPRUJHQDOVGLH+REELWV HLQVFKOLHIHQ6HKUW|ULFKWVHKUJHIlKUOLFK² ZHQQGHUDUPH6PpDJROQLFKW KHUXPJHVFKQIIHOWKlWWHXPDXI]XSDVVHQ© ª,FKJODXEHYRQGHP:RUWZHUGHQZLUEDOGJHQXJKDEHQ©VDJWH6DP ª$EHUPDFKGLUQLFKWVGUDXV,FKZHUGHGHQ+HUUQDXIZHFNHQ©/LHEHYROO VWULFKHU)URGRGDV+DDUDXVGHU6WLUQEHXJWHVLFKKLQXQWHUXQGVSUDFK OHLVH]XLKP ª:DFKDXI+HUU)URGR:DFKDXI© )URGREHZHJWHVLFKXQGPDFKWHGLH$XJHQDXIXQGDOVHU6DPV*H VLFKWEHUVLFKJHEHXJWVDKOlFKHOWHHUª'XZHFNVWPLFKDEHUIUK6DP 5HL$QJHON#KWWSFRODHERRN]IELGH
QLFKWZDKU"©VDJWHHUª(VLVWMDQRFKGXQNHO© ª-DKLHULVWHVLPPHUGXQNHO©VDJWH6DPª$EHU*ROOXPLVW]XUFNJH NRPPHQ+HUU)URGRXQGHUVDJWHVLVWPRUJHQ:LUPVVHQDOVRZHLWHU JHKHQ'LHOHW]WH5XQGH© )URGRKROWHWLHI/XIWXQGVHW]WHVLFKDXIª'LHOHW]WH5XQGH©VDJWHHU ª1DQX6PpDJRO"+DVWGXZDV]XHVVHQJHIXQGHQ"+DVWGXGLFKDXVJH UXKW"© ª1LFKWV]XHVVHQNHLQH5DVWQLFKWVIU6PpDJRO©VDJWH*ROOXPª(U LVWHLQ6FKQIIOHU© 6DPVFKQDO]WHPLWGHU=XQJHEH]lKPWHVLFKDEHU ª/HJGLUQLFKWVHOEHU6FKLPSIQDPHQ]X6PpDJRO©VDJWH)URGRª'DV LVWXQNOXJREVLHZDKURGHUIDOVFKVLQG© ª6PpDJROKDW]XQHKPHQZDVLKPJHJHEHQZLUG©DQWZRUWHWH*ROOXP ª,KPZXUGHGHU1DPHYRQGHPIUHXQGOLFKHQ0HLVWHU6DPZHLVJHJHEHQ GHP+REELWGHUVRYLHOZHL© )URGRVDK6DPDQª-D+HUU©VDJWHHUª,FKKDEHGDV:RUWJHEUDXFKW DOVLFKSO|W]OLFKDXVGHP6FKODIDXIZDFKWHXQGDOOGDVXQGLKQLQGHU 1lKHIDQG,FKVDJWHPLUWlWHHVOHLGDEHUEDOGZLUG VPLUQLFKWPHKU OHLGWXQ© ª$FKUHGHQZLUQLFKWPHKUGDYRQ©VDJWH)URGRª$EHUMHW]WVFKHLQHQ ZLUDPHQWVFKHLGHQGHQ3XQNWDQJHODQJW]XVHLQGXXQGLFK6PpDJRO6DJ PLUN|QQHQZLUGHQZHLWHUHQ:HJDOOHLQILQGHQ":LUVLQGLQ6LFKWZHLWH GHV3DVVHVHLQHV:HJHVKLQHLQXQGZHQQZLULKQMHW]WILQGHQN|QQHQ GDQQQHKPHLFKDQGDPDQXQVHU$ENRPPHQDOVHUOHGLJWEHWUDFKWHQ NDQQ'XKDVWJHWDQZDVGXYHUVSURFKHQKDVWXQGGXELVWIUHL IUHL GDKLQ]XUFN]XJHKHQZRGX1DKUXQJXQG5XKHILQGHVWZRLPPHUGX KLQJHKHQZLOOVWDXHU]XGHQ'LHQHUQGHV)HLQGHV8QGHLQHV7DJHV ZHUGHLFKGLFKYLHOOHLFKWEHORKQHQLFKRGHUMHQHGLHVLFKPHLQHUHULQ ª1HLQQHLQQRFKQLFKW©MDPPHUWH*ROOXPª2QHLQ6LHN|QQHQGHQ :HJQLFKWVHOEVWILQGHQRGHU"2QHLQZLUNOLFKQLFKW'DNRPPWQRFK GHUXQWHULUGLVFKH*DQJ6PpDJROPXZHLWHUPLWJHKHQ.HLQH5XKH.HLQH 1DKUXQJ1RFKQLFKW©
5HL$QJHON#KWWSFRODHERRN]IELGH
1(817(6.$3,7(/ .$1.5$6/$8(5
(VPRFKWHMHW]WWDWVlFKOLFK7DJVHLQZLH*ROOXPVDJWHDEHUGLH+RE ELWVNRQQWHQZHQLJ8QWHUVFKLHGVHKHQHVVHLGHQQGDGHUGVWHUH+LP PHOYLHOOHLFKWQLFKWJDQ]VRVFKZDU]ZDUVRQGHUQHKHUZLHHLQHJURH 5DXFKJORFNHVWDWWGHU'XQNHOKHLWGHUWLHIHQ1DFKWGLHVLFKQRFK LPPHU LQ6SDOWHQXQG6HQNHQDXIKLHOWYHUKOOWHHLQJUDXHUYHUVFKZRPPHQHU 6FKDWWHQGLHVWHLQHUQH:HOWULQJVXP6LHJLQJHQZHLWHU*ROOXPYRUDXV XQGGLH+REELWVMHW]WQHEHQHLQDQGHUGLHODQJH6FKOXFKWKLQDXI]ZLVFKHQ GHQ3IHLOHUQXQG6lXOHQDXV]HUVSOLWWHUWHPXQGYHUZLWWHUWHP)HOVGLHZLH ULHVLJHXQJHVWDOWH6WDQGELOGHU]XEHLGHQ6HLWHQDXIUDJWHQ.HLQ/DXWZDU ]XK|UHQ(WZDVZHLWHUYRUQXQJHIlKUHLQH0HLOHYLHOOHLFKWZDUHLQH JURHJUDXH:DQGGLHOHW]WHJHZDOWLJHHPSRUJHVFKOHXGHUWH0DVVHYRQ *HELUJVJHVWHLQ'XQNOHUUDJWHVLHDXIXQGZXUGHLPPHUK|KHUMHQlKHU VLHNDPHQELVVLHVLFKKRFKEHULKQHQDXIWUPWHXQGGLH$XVVLFKWDXI DOOHVZDVMHQVHLWVODJYHUVSHUUWH7LHIHU6FKDWWHQKDWWHVLFK]XLKUHQ )HQJHVDPPHOW6DPVFKQXSSHUWHLQGHU/XIW ª+XK 'LHVHU*HUXFK©VDJWHHUª(UZLUGVWlUNHUXQGVWlUNHU©3O|W] OLFKZDUHQVLHLQGHP6FKDWWHQXQGLQVHLQHU0LWWHVDKHQVLHGLHgIIQXQJ HLQHU+|KOHª'DJHKWGHU:HJKLQHLQ©VDJWH*ROOXPOHLVHª'DVLVWGHU (LQJDQJ]XGHPXQWHULUGLVFKHQ*DQJ©(UVSUDFKVHLQHQ1DPHQQLFKWDXV 7RUHFK8QJRO.DQNUDV/DXHU(LQ*HVWDQNNDPDXVLKPKHUDXVQLFKWGHU ZLGHUZlUWLJH9HUZHVXQJVJHUXFKYRQGHQ0RUJXO:LHVHQVRQGHUQHLQH EOH$XVGQVWXQJDOVREXQEHVFKUHLEEDUHU8QUDWGULQQHQLP'XQNHOQ DXIJHKlXIWXQGJHVDPPHOWZHUGH ª,VWGDVGHUHLQ]LJH:HJ6PpDJRO"©IUDJWH)URGR ª-DMD©DQWZRUWHWHHUª-DZLUPVVHQMHW]WGLHVHQ:HJJHKHQ© ª:LOOVWGXGDPLWVDJHQGDGXVFKRQPDOGXUFKGLHVHV/RFKJHJDQJHQ ELVW"©IUDJWH6DPª3IXL$EHUYLHOOHLFKWPDFKHQGLUVFKOHFKWH*HUFKH QLFKWVDXV© *ROOXPV$XJHQIXQNHOWHQª(UZHLQLFKWZDVXQVZDVDXVPDFKW QLFKWZDU6FKDW]"1HLQHUZHLHVQLFKW$EHU6PpDJRONDQQZDVHU WUDJHQ-D(ULVWGXUFKJHJDQJHQ2MDJDQ]GXUFK(VLVWGHUHLQ]LJH :HJ© ª8QGZRKHUNRPPWGHU*HUXFKGDVP|FKWHLFKPDOZLVVHQ©VDJWH 6DPª(ULVWZLH² QDLFKP|FKWHQLFKWVDJHQZLH,UJHQGHLQYLHKLVFKHV 2UNORFKGDZHWWHLFKPLWLKUHP'UHFNYRQKXQGHUW-DKUHQGULQ© ª1XQMD©VDJWH)URGRª2UNVRGHUQLFKWZHQQ VGHUHLQ]LJH:HJLVW PVVHQZLULKQHLQVFKODJHQ© 6LHKROWHQWLHI/XIWXQGJLQJHQKLQHLQ1DFKHLQSDDU6FKULWWHQZDUHQ VLHYRQlXHUVWHUXQGXQGXUFKGULQJOLFKHU'XQNHOKHLWXPJHEHQ6HLWGHQ OLFKWORVHQ*lQJHQYRQ0RULDKDWWHQ)URGRRGHU6DPQLFKWPHKUVROFKH 'XQNHOKHLWHUOHEWXQGZHQQGDVEHUKDXSWP|JOLFKZDUGDQQZDUVLH KLHUQRFKWLHIHUXQGGLFKWHU'RUWKDWWHVLFKGLH/XIWEHZHJWKDWWHPDQ HLQHQ:LGHUKDOOJHK|UWXQGHLQ5DXPJHIKOJHKDEW+LHUZDUGLH/XIW VWLOOVWHKHQGGUFNHQGXQGGHU6FKDOOYHUKDOOWHQLFKW6LHZDQGHUWHQ VR]XVDJHQ LQHLQHPYRQHFKWHU'XQNHOKHLWKHUYRUJHEUDFKWHP'XQVWGHU ZHQQHUHLQJHDWPHWZXUGHQLFKWQXUGLH$XJHQVRQGHUQDXFKGHQ*HLVW PLW%OLQGKHLWVFKOXJVRGDVHOEVWGLH(ULQQHUXQJDQ)DUEHQXQG)RUPHQ XQG/LFKWEHUKDXSWDXVGHQ*HGDQNHQYHUVFKZDQG1DFKWZDULPPHU 5HL$QJHON#KWWSFRODHERRN]IELGH
JHZHVHQXQGZUGHLPPHUVHLQXQG1DFKWZDUDOOHV $EHUHLQH=HLWODQJNRQQWHQVLHQRFKIKOHQXQGWDWVlFKOLFKVFKLHQ]X HUVWGHU7DVWVLQQLKUHU)HXQG)LQJHUIDVWVFKPHU]KDIWJHVFKlUIW'LH :lQGHIKOWHQVLFK]XLKUHUhEHUUDVFKXQJJODWWDQ XQGELVDXIHLQH 6WXIHGDQQXQGZDQQZDUGHU%RGHQQLFKWKROSULJVRQGHUQJOHLFKPlLJ XQGVWLHJVWHWLJXQGVWDUN'HU*DQJZDUKRFKXQGEUHLWVREUHLWGDGLH +REELWVREZRKOVLHQHEHQHLQDQGHUJLQJHQXQGGLH6HLWHQZlQGHQXUEH UKUWHQZHQQVLHGLH+lQGHDXVVWUHFNWHQDEJHVRQGHUWZDUHQDEJHVFKQLW WHQXQGDOOHLQLQGHU'XQNHOKHLW *ROOXPZDUDOVHUVWHUKLQHLQJHJDQJHQXQGVFKLHQQXUHLQSDDU6FKULWWH YRULKQHQ]XVHLQ6RODQJHVLHQRFKDXIVROFKH'LQJH]XDFKWHQYHUPRFK WHQK|UWHQVLHVHLQHQ]LVFKHQGHQXQGNHXFKHQGHQ$WHPJHQDXYRUVLFK $EHUQDFKHLQLJHU=HLWZXUGHQLKUH6LQQHHPSILQGXQJVORVHUVRZRKO 7DVWJHIKODOVDXFK*HK|UVWXPSIWHQDEXQGLPPHUZHLWHUJLQJHQVLH XQGWDVWHWHQVLFKYRUDQKDXSWVlFKOLFKGXUFKGLH:LOOHQVNUDIWPLWGHUVLH KLQHLQJHJDQJHQZDUHQGHP:LOOHQGXUFK]XNRPPHQXQGGHP:XQVFK VFKOLHOLFKGDVKRKH7RUGDKLQWHU]XHUUHLFKHQ (KHVLHVHKUZHLWJHJDQJHQZDUHQ² YLHOOHLFKWDEHU=HLWXQG(QW IHUQXQJNRQQWH6DPVHKUEDOGQLFKWPHKUDEVFKlW]HQ²PHUNWHHUDOV HUGLH:DQGEHIKOWHGDDXIGHU6HLWHHLQHgIIQXQJZDUHLQHQ $XJHQEOLFNYHUVSUWHHUHLQHQVFKZDFKHQ+DXFKYRQZHQLJHUGUFNHQGHU /XIWXQGGDQQZDUHQVLHYRUEHLJHJDQJHQ ª+LHUJLEWHVPHKUDOVHLQHQ*DQJ©IOVWHUWHHUPKVDPHVZDU VFKZLHULJVHLQHP$WHP.ODQJ]XYHUOHLKHQª(VLVWHLQVRRUNlKQOLFKHU 2UWZLHHVQXUHLQHQJHEHQNDQQ© 'DQDFKNDP]XHUVWHUDXIGHU5HFKWHQXQGGDQQ)URGRDXIGHU/LQNHQ DQGUHLRGHUYLHUVROFKHUgIIQXQJHQYRUEHLPDQFKHEUHLWHUPDQFKHNOHL QHUDEHUQRFKEHVWDQGNHLQ=ZHLIHOEHUGHQ+DXSWZHJGHQQHUZDUJH UDGHERJQLFKWDEXQGJLQJVWHWLJDXIZlUWV$EHUZLHODQJZDUHUZLH YLHOYRQDOOHGHPZUGHQVLHQRFKHUWUDJHQPVVHQRGHUHUWUDJHQN|QQHQ" 'LH8QEHZHJWKHLWGHU/XIWQDKPLPPHUPHKU]XZlKUHQGVLHVWLHJHQ XQGMHW]WZDUHVLKQHQDOVVSUWHQVLHLQGHPEOLQGHQ'XQNHOLUJHQGHLQHQ :LGHUVWDQGGHUGLFKWHUZDUDOVGLHYHUSHVWHWH/XIW$OVVLHVLFKYRUDQ NlPSIWHQIKOWHQVLH'LQJHDQLKUHQ.|SIHQHQWODQJVWUHLFKHQRGHUDQ LKUHQ+lQGHQODQJH)KOHURGHUKHUDEKlQJHQGH*HZlFKVHYLHOOHLFKWVLH NRQQWHQQLFKWVDJHQZDVHVZDU8QGGHU*HVWDQNQDKPLPPHUPHKU]X (UQDKP]XELVHVLKQHQIDVWVFKLHQGDLKQHQGHU*HUXFKVVLQQDOVHLQ]L JHUJHEOLHEHQVHLXQGGDVDOVHLQH)ROWHUIUVLH(LQH6WXQGH]ZHL6WXQ GHQGUHL6WXQGHQZLHYLHOHKDWWHQVLHLQGLHVHPOLFKWORVHQ/RFKYHU EUDFKW"6WXQGHQ² 7DJHHKHU:RFKHQ6DPJLQJYRQGHU*DQJZDQGZHJ XQGUFNWHQlKHUDQ)URGRKHUDQXQGLKUH+lQGHEHUKUWHQVLFKXQGVLH JLQJHQ+DQGLQ+DQGZHLWHU 6FKOLHOLFKVWLH)URGRGHUVLFKDQGHUOLQNHQ:DQGHQWODQJWDVWHWH SO|W]OLFKDXIHLQHQOHHUHQ5DXP)DVWZlUHHUVHLWOLFKLQV1LFKWVJHIDOOHQ +LHUZDUHLQHgIIQXQJLP)HOVGLHVHKUYLHOEUHLWHUZDUDOVDOOHDQGHQHQ VLHELVKHUYRUEHLJHNRPPHQZDUHQ8QGDXVLKUNDPHLQVREOHU*HVWDQN XQGHLQVRVWDUNHU(LQGUXFNYRQODXHUQGHU%RVKHLWGD)URGRVFKZLQGOLJ ZXUGH8QGLQGHPVHOEHQ$XJHQEOLFNWDXPHOWHDXFK6DPXQGILHOYRUQ EHU )URGRYHUVXFKWHGHUhEHONHLWXQGGHU)XUFKW+HUU]XZHUGHQXQG SDFNWH6DPV+DQGª$XI©VDJWHHULQHLQHPVWLPPORVHQKHLVHUHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
)OVWHUQª(VNRPPWDOOHVYRQGRUWGHU*HVWDQNXQGGLH*HIDKU1XQORV 6FKQHOO© (UQDKPVHLQHJDQ]HEULJJHEOLHEHQH.UDIWXQG(QWVFKORVVHQKHLW]XVDP PHQ]RJ6DPKRFKXQG]ZDQJVHLQHHLJHQHQ)HVLFK]XEHZHJHQ6DP VWROSHUWHQHEHQLKPKHU(LQ6FKULWW]ZHL6FKULWWHGUHL6FKULWWH² HQGOLFK VHFKV6FKULWWH9LHOOHLFKWZDUHQVLHDQGHUIUFKWHUOLFKHQXQVLFKWEDUHQ gIIQXQJYRUEHLDEHUREGDVVRZDURGHUQLFKWMHGHQIDOOVZDUHVSO|W]OLFK OHLFKWHUYRUDQ]XNRPPHQDOVRELUJHQGHLQIHLQGOLFKHU:LOOHVLHIUGHQ $XJHQEOLFNIUHLJHJHEHQKDEH6LHNlPSIWHQVLFKZHLWHUYRUDQLPPHU QRFK+DQGLQ+DQG $EHUIDVWVRJOHLFKJHULHWHQVLHLQHLQHQHXH6FKZLHULJNHLW'HU*DQJ JDEHOWHVLFKRGHUVRVFKLHQHVZHQLJVWHQVXQGLP'XQNHOQNRQQWHQVLH QLFKWKHUDXVILQGHQZHOFKHVGHUEUHLWHUH:HJZDURGHUZHOFKHUJHUDGH YHUOLHI:HOFKHQVROOWHQVLHHLQVFKODJHQGHQOLQNHQRGHUGHQUHFKWHQ"6LH ZXWHQQLFKWZRYRQVLHVLFKOHLWHQODVVHQVROOWHQGHQQRFKZUGHHLQH IDOVFKH(QWVFKHLGXQJIDVWJHZLYHUKlQJQLVYROOVHLQ ª:HOFKHQ:HJLVW*ROOXPJHJDQJHQ"©NHXFKWH6DPª8QGZDUXPKDW HUQLFKWJHZDUWHW"© ª6PpDJRO©YHUVXFKWH)URGR]XUXIHQª6PpDJRO©$EHUVHLQ6WLPPH NUlFK]WHQXUHLQWRQORVHU/DXWYHUOLHVHLQH/LSSHQ(VNDPNHLQH$QW ZRUWNHLQ:LGHUKDOOQLFKWHLQPDOHLQ%HEHQGHU/XIW ª'LHVPDOLVWHUZLUNOLFKZHJQHKPHLFKDQ©PXUPHOWH6DPª,FKYHU PXWHJHQDXKLHUKDWHUXQVKHUEULQJHQZROOHQ*ROOXP:HQQLFKGLFKMH ZLHGHULQGLH)LQJHUEHNRPPHZLUGHVGLUOHLGWXQ© $OVVLHLP'XQNHOQKHUXPWDVWHWHQXQGVXFKWHQPHUNWHQVLHPLW HLQHPPDOGDGLHgIIQXQJDXIGHU/LQNHQYHUVSHUUWZDUHQWZHGHUJLQJ HVKLHUQLFKWZHLWHURGHUDEHUHLQJURHU6WHLQZDULQGHQ'XUFKJDQJJH IDOOHQª'DVNDQQQLFKWGHU:HJVHLQ©IOVWHUWH)URGRª2EHVQXQULFK WLJRGHUIDOVFKLVW ZLUPVVHQGHQDQGHUHQQHKPHQ© ª8QGVFKQHOO©NHXFKWH6DPª+LHULVWHWZDV6FKOLPPHUHVDOV*ROOXP ,FKVSUHGDXQVHWZDVDQVLHKW© 6LHZDUHQQLFKWPHKUDOVHLQSDDU(OOHQJHJDQJHQDOVYRQKLQWHQHLQ /DXWNDPHUVFKUHFNHQGXQGJUDXVLJLQGHUEHGUFNHQGHQGXPSIHQ6WLOOH HLQJXUJHOQGHVEURGHOQGHV*HUlXVFKXQGHLQODQJHVJLIWLJHV=LVFKHQ6LH IXKUHQKHUXPDEHUQLFKWVZDU]XVHKHQ0lXVFKHQVWLOOVWDQGHQVLHGD VWDUUHQGXQGZDUWHQGRKQH]XZLVVHQZRUDXIVLHZDUWHWHQ ª'DVLVWHLQH)DOOH©VDJWH6DP XQGHUOHJWHGLH+DQGDXIGDV+HIWVHL QHV6FKZHUWHVXQGGDEHLGDFKWHHUDQGLH'XQNHOKHLWGHV+JHOJUDEVDXV GHPGDV6FKZHUWNDPª,FKZQVFKWHGHUDOWH7RPZlUHMHW]WLQGHU 1lKH©GDFKWHHU8QGDOVHUGDQQGDVWDQG'XQNHOKHLWXPLKQXQGHLQH 6FKZlU]HGHU9HU]ZHLIOXQJXQG:XWLP+HU]HQVFKLHQHVLKPDOVVHKH HUHLQ/LFKWHLQ/LFKWLP*HLVWIDVWXQHUWUlJOLFKKHOO]XHUVWZLHHLQ6RQ QHQVWUDKOIUGLH$XJHQYRQMHPDQGHPGHUODQJHLQHLQHUIHQVWHUORVHQ *UXEHYHUERUJHQZDU'DQQZXUGHGDV/LFKW]XU)DUEHJUQJROGVLOEHU ZHL:HLWHQWIHUQWZLHDXIHLQHPNOHLQHQ%LOGGDV(OEHQILQJHUJH]HLFK QHWKDWWHQVDKHU)UDX*DODGULHODXIGHP*UDVLQ/yULHQVWHKHQXQG*H VFKHQNHZDUHQLQLKUHU+DQG8QGGX5LQJWUlJHU K|UWHHUVLHDXVGHU )HUQHDEHUGHXWOLFKVDJHQIUGLFKKDEHLFKGLHVYRUEHUHLWHW 'DVEURGHOQGH=LVFKHQNDPQlKHUXQGHVJDEHLQ.QDFNHQZLHYRQ LUJHQGHLQHPJURHQ*OLHGHUWLHUGDVVLFKLP'XQNHOQPLWEHGlFKWLJHU(QW VFKORVVHQKHLWEHZHJWH(LQ*HVWDQN]RJLKPYRUDXVª+HUU+HUU©ULHI 5HL$QJHON#KWWSFRODHERRN]IELGH
6DPXQGVHLQH6WLPPHZXUGHZLHGHUOHEHQGLJXQGGUlQJHQGª'DV*H VFKHQNGHU+HUULQ'DV6WHUQHQJODV(LQ/LFKWIUGLFKDQGXQNOHQ2UWHQ VROOWHHVVHLQVDJWHVLH'DV6WHUQHQJODV© ª'DV6WHUQHQJODV"©PXUPHOWH)URGRZLHHLQHUGHULP6FKODIDQWZRUWHW XQGNDXPHWZDVEHJUHLIWª$FKMD:DUXPKDWWHLFKHVYHUJHVVHQ"(LQ /LFKWZHQQDOOHDQGHUHQ/LFKWHUDXVJHKHQ 8QGMHW]WNDQQXQVIUZDKU QXU/LFKWDOOHLQKHOIHQ© /DQJVDPJULIIVHLQH+DQGLQVHLQH%UXVWWDVFKHXQGODQJVDPKLHOWHU *DODGULHOV3KLROHKRFK(LQHQ$XJHQEOLFNVFKLPPHUWHVLHVFKZDFKZLHHLQ DXIJHKHQGHU6WHUQGHUVLFKJHJHQVFKZHUHHUGJHEXQGHQH1HEHOZHKUW XQGDOVGDQQLKUH.UDIW]XQDKPXQG+RIIQXQJLQ)URGRV+HU]HQNHLPWH EHJDQQVLH]XEUHQQHQXQGHLQHVLOEHUQH)ODPPHHQWIDFKWHVLFKHLQZLQ ]LJHU.HUQYRQEOHQGHQGHP/LFKWDOVRE(lUHQGLOVHOEVWKHUDEJHNRPPHQ VHLYRQGHQKRKHQZHVWOLFKHQ3IDGHQPLWGHPOHW]WHQ6LOPDULODXIGHU 6WLUQ'LH'XQNHOKHLWZLFKYRUGHP/LFKW]XUFNELVHVLP0LWWHOSXQNW HLQHU.XJHODXVGXUFKVLFKWLJHP.ULVWDOOVFKLHQXQGGLH+DQGGLHHVKLHOW PLWZHLHP)HXHUIXQNHOWH )URGREHWUDFKWHWHYROO6WDXQHQGLHVHVZXQGHUEDUH*HVFKHQNGDVHUVR ODQJHEHLVLFKJHWUDJHQKDWWHRKQHVHLQHQYROOHQ:HUWXQGVHLQH0DFKW ]XYHUPXWHQ6HOWHQKDWWHHUVLFKXQWHUZHJVGDUDQHULQQHUWELVVLH]XP 0RUJXO7DONDPHQXQGQLHPDOVKDWWHHUHVEHQXW]WZHLOHUIUFKWHWHGDV /LFKWN|QQHVLHYHUUDWHQ$L\D(lUHQGLO(OHQLRQ$QFDOLPD ULHIHUXQG ZXWHQLFKWZDVHUJHVSURFKHQKDWWHGHQQHVVFKLHQDOVVSUlFKHGXUFK VHLQH6XPPHHLQHDQGHUH HLQHNODUHXQGYRQGHUYHUSHVWHWHQ/XIWGHU +|KOHQLFKWEHHLQWUlFKWLJWH6WLPPH $EHUDQGHUH.UlIWHJLEWHVLQ0LWWHOHUGH0lFKWHGHU1DFKWXQGVLH VLQGDOWXQGVWDUN8QG6LHGLHLQGHU'XQNHOKHLWZDQGHOWHKDWWHYRUXQ HUPHOLFKHQ=HLWHQ(OEHQGLHVHQ5XIDXVVWRHQK|UHQXQGVHLQHUQLFKWJH DFKWHWXQGHUVFKFKWHUWHVLHDXFKMHW]WQLFKWHLQ$OV)URGRVSUDFK VSUWHHUGDHLQHJHZDOWLJH%RVKHLWDXILKQJHULFKWHWZDUXQGHLQ W|GOLFKHU%OLFNLKQEHWUDFKWHWH1LFKWZHLWXQWHQLP*DQJ]ZLVFKHQ LKQHQXQGGHUgIIQXQJZRVLHJHWDXPHOWXQGJHVWROSHUWZDUHQJH ZDKUWHHU$XJHQGLHVLFKWEDUZXUGHQ]ZHLJURH7UDXEHQYLHOIHQ VWULJHU$XJHQ² GLHVLFKQDKHQGH'URKXQJ]HLJWHHQGOLFKLKUZDKUHV *HVLFKW'LH6WUDKOHQGHV6WHUQHQJODVHVZXUGHQYRQGHQWDXVHQG)D FHWWHQGHU$XJHQJHEURFKHQXQG]XUFNJHZRUIHQDEHUKLQWHUGHP*OLW ]HUQEHJDQQHLQEOHLFKHVW|GOLFKHV)HXHUVWHWLJLQZHQGLJ]XJOKHQHLQH LQLUJHQGHLQHUWLHIHQ*UXEHGHVE|VHQ'HQNHQVHQWIDFKWH)ODPPH8Q JHKHXHUOLFKHXQGDEVFKHXOLFKH$XJHQZDUHQHVWLHULVFKXQGGHQQRFK HUIOOWYRQ(QWVFKORVVHQKHLWXQGKlOLFKHP(UJ|W]HQVLFKDQLKUHP 2SIHUZHLGHQGGDVRKQH+RIIQXQJDXI(QWNRPPHQLQGLH)DOOHJHUDWHQ ZDU 9RQ(QWVHW]HQJHSDFNWEHJDQQHQ)URGRXQG6DPODQJVDP]XUFN]X ZHLFKHQXQGZLHJHEDQQWEOLFNWHQVLHDXIGDV6WDUUHQGLHVHUXQKHLP OLFKHQ$XJHQDEHUHEHQVRYLHOZLHVLH]XUFNZLFKHQUFNWHQGLH$XJHQ YRU)URGRV+DQG]LWWHUWHXQGODQJVDPVHQNWHVLFKGLH3KLROH'DQQ SO|W]OLFKYRQGHPIHVVHOQGHQ%DQQEHIUHLWLQYHUJHEOLFKHP6FKUHFNHQ ]XU%HOXVWLJXQJGHU$XJHQHLQZHQLJ]XUHQQHQZDQGWHQVLHVLFKXP XQGIORKHQ]XVDPPHQDEHUDOVVLHUDQQWHQVFKDXWH)URGR]XUFNXQGVDK YROO(QWVHW]HQGDGLH$XJHQVRJOHLFKKLQWHUKHUNDPHQ'HU7RGHVJH VWDQNXPJDELKQZLHHLQH:RONH 5HL$QJHON#KWWSFRODHERRN]IELGH
ª%OHLEVWHKHQEOHLEVWHKHQ©ULHIHUYHU]ZHLIHOWª5HQQHQKDWNHLQHQ =ZHFN© /DQJVDPNURFKHQGLH$XJHQQlKHU ª*DODGULHO©ULHIHUQDKPDOOVHLQHQ0XW]XVDPPHQXQGKREGLH 3KLROHQRFKHLQPDOKRFK'LH$XJHQKLHOWHQDQ9RUEHUJHKHQGHU VFKODIIWHLKU%OLFNDOVREVLHGXUFKHLQHQ$QIOXJYRQ=ZHLIHOJHWUEW ZUGHQ'DHQWEUDQQWH)URGRV+HU]LQLKPXQGRKQHGDUEHUQDFK]XGHQ NHQZDVHUWDWREHV7RUKHLWVHLRGHU9HU]ZHLIOXQJRGHU0XWQDKPHU GLH3KLROHLQGLHOLQNH+DQGXQG]RJGDV6FKZHUWPLWGHUUHFKWHQ6WLFK IXKUDXVGHU 6FKHLGHXQGGLHVFKDUIH(OEHQNOLQJHIXQNHOWHLQGHPVLOEHU QHQ/LFKWDEHUDQGHQ5lQGHUQIODFNHUWHHLQEODXHV)HXHU'DQQKLHOW )URGRGHU+REELWDXVGHP$XHQODQGGHQ6WHUQKRFKGDVKHOOH6FKZHUW YRUJHVWUHFNWXQGJLQJXQHQWZHJWKLQXQWHUXPGLH$XJHQ ]XWUHIIHQ 6LH]XFNWHQ=ZHLIHOHUIOOWHVLHDOVVLFKGDV/LFKWQlKHUWH(LQVQDFK GHPDQGHUHQHUORVFKHQVLHXQG]RJHQVLFKODQJVDP]XUFN1LH]XYRU KDWWHHLQHVRW|GOLFKH+HOOLJNHLWVLHJHTXlOW9RU6RQQH0RQGXQG6WHU QHQZDUVLHLQLKUHPXQWHULUGLVFKHQ9HUVWHFNVLFKHUDEHUQXQZDUHLQ 6WHUQLQGLH(UGHVHOEVWKLQDEJHVWLHJHQ,PPHUQlKHUNDPHUXQGGLH $XJHQEHJDQQHQ]XYHU]DJHQ(LQVQDFKGHPDQGHUHQZXUGHGXQNHOVLH ZDQGWHQVLFKDEXQGHLQJURHU.|USHUGHQGDV/LFKWQLFKWHUUHLFKHQ NRQQWHVFKREVHLQHQ6FKDWWHQGD]ZLVFKHQ'LH$XJHQZDUHQIRUW ª+HUU+HUU©ULHI6DP(UZDUGLFKWKLQWHU)URGRDXFKHUKDWWHVHLQ 6FKZHUWJH]RJHQXQGJULIIEHUHLWª+LPPHOQRFKPDO$EHUGLH(OEHQZU GHQHLQ/LHGGDUDXVPDFKHQZHQQVLHMHGDYRQK|UWHQ8QGP|JHLFKDP /HEHQEOHLEHQXPHVLKQHQ]XHU]lKOHQXQGVLHVLQJHQ]XK|UHQ$EHU JHKZHLWHU+HUU*HKQLFKWKLQXQWHULQGLH+|KOH-HW]WKDEHQZLUGLH HLQ]LJH*HOHJHQKHLW0DFKHQZLUGDZLUDXVGLHVHPVWLQNLJHQ/RFK UDXVNRPPHQ© 8QGVRNHKUWHQVLHZLHGHUXP=XHUVWJLQJHQXQGGDQQUDQQWHQVLH GHQQDOVVLHZHLWHUNDPHQVWLHJGHU%RGHQGHV*DQJHVVWHLODQXQGPLW MHGHP6FKULWWNORPPHQVLHK|KHUEHUGHQ*HVWDQNGHUXQVLFKWEDUHQ /DJHUVWDWWXQG.UDIWNHKUWHLQLKUH*OLHGHUXQGLKU+HU]]XUFN$EHU LPPHUQRFKODXHUWHGHU+DGHU:lFKWHULQKLQWHULKQHQYLHOOHLFKWEOLQG HLQH=HLWODQJDEHUXQEHVLHJWLPPHUQRFKDXI7RGHUSLFKW8QGQXQNDP LKQHQHLQ6WURPNKOHUXQGGQQHU/XIWHQWJHJHQ'LHg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hEHUGLH+|KHXQG%UHLWHGHV *DQJHVZDUHLQULHVLJHV1HW]JHVSRQQHQRUGHQWOLFKZLHGDV1HW]HLQHU 5LHVHQVSLQQHDEHUGLFKWHUJHZHEWXQGZHLWJU|HUXQGMHGHU)DGHQZDU GLFNZLHHLQ6HLO 6DPODFKWHHUELWWHUWª6SLQQHQZHEHQ©VDJWHHUª,VWGDVDOOHV"6SLQQHQ ZHEHQ$EHUZDVIUHLQH6SLQQH0DFKHQZLUXQVUDQUXQWHUPLW 5HL$QJHON#KWWSFRODHERRN]IELGH
LKQHQ© :WHQGKLHEHUPLWGHP6FKZHUWDXIVLHHLQDEHUGHU)DGHQDXIGHQHU VFKOXJULQLFKW(UJDEHLQZHQLJQDFKXQGVSUDQJGDQQ]XUFNZLHHLQH JH]XSIWH%RJHQVHKQHOHQNWHGLH.OLQJHDEXQGVFKOHXGHUWH6FKZHUWXQG $UPKRFK'UHLPDOVFKOXJ6DPPLWDOOHU.UDIW]XXQGHQGOLFKULHLQ HLQ]LJHUGHU]DKOORVHQ6WUlQJHXQGULQJHOWHXQGGUHKWHVLFKXQGSHLWVFKWH GXUFKGLH/XIW(LQ(QGHWUDI6DPV+DQGHUVFKULHYRU6FKPHU]DXIIXKU ]XUFNXQGOHJWHGLH+DQGEHUGHQ0XQG ª'DVZLUG7DJHGDXHUQGHQ:HJDXIGLHVH:HLVHIUHL]XPDFKHQ©VDJWH HUª:DVNDQQPDQWXQ"6LQGGLHVH$XJHQ]XUFNJHNRPPHQ"© ª1HLQQLFKW]XVHKHQ©VDJWH)URGRª$EHULFKKDEHLPPHUQRFKGDV *HIKOGDVLHPLFKDQVFKDXHQRGHUDQPLFKGHQNHQYLHOOHLFKWLUJHQG HLQHQ3ODQVFKPLHGHQ:UGHGLHVHV/LFKWJHVHQNWRGHUVFKZlFKHUZHU GHQGDQQZUGHQVLHVFKQHOOZLHGHUNRPPHQ© ª=XOHW]WQRFKLQGHU)DOOHJHIDQJHQ©VDJWH6DPHUELWWHUWXQGVHLQH :XWEHUVWLHJZLHGHU0GLJNHLWXQG9HU]ZHLIOXQJª)OLHJHQLP1HW] 0|JH)DUDPLUV)OXFKGLHVHQ*ROOXPWUHIIHQXQG]ZDUVFKQHOO© ª'DVZUGHXQVMHW]WQLFKWVQW]HQ©VDJWH)URGRª.RPPODXQV VHKHQZDV6WLFKDXVULFKWHQNDQQ(VLVWHLQH(OEHQNOLQJH*UDXVLJH 6SLQQZHEHQZDUHQLQGHQGXQNOHQ6FKOXFKWHQYRQ%HOHULDQGZRHVJH VFKPLHGHWZXUGH$EHUGXPXW:DFKSRVWHQVHLQXQGGLH$XJHQIHUQKDO WHQ+LHUQLPPGDV6WHUQHQJODV)UFKWHGLFKQLFKW+DOWHHVKRFKXQG SDJXWDXI© 'DQQJLQJ)URGR]XGHPJURHQJUDXHQ1HW]XQGKLHEGDUDXIPLW HLQHPZHLWDXVKROHQGHQ6WUHLFK]RJGLHVFKDUIH6FKQHLGHEHUHLQH5HLKH GLFKWJHNQSIWHU6WUlQJHXQGVSUDQJVRIRUW]XUFN'LHEODXVFKLPPHUQGH .OLQJHVFKQLWWGXUFKVLHKLQGXUFKZLHHLQH6LFKHOGXUFK*UDVXQGVLH]HU VSUDQJHQXQGNUPPWHQVLFKXQGKLQJHQGDQQORVHKHUDE(LQJURHU 6SDOWZDUJHPDFKW 6WUHLFKDXI6WUHLFKIKUWHHUELV]XOHW]WGDVJDQ]H1HW]VRZHLWHUHVHU UHLFKHQNRQQWH]HUIHW]WZDUXQGGHUREHUH7HLOZLHHLQORFNHUHU6FKOHLHU LPKHUHLQNRPPHQGHQ:LQGZHKWHXQGZRJWH'LH)DOOHZDUDXIJHEUR FKHQ ª.RPP©ULHI)URGRª:HLWHUZHLWHU©(LQHVWUPLVFKH)UHXGHEHULKU (QWNRPPHQDXVGHP5DFKHQGHU9HU]ZHLIOXQJHUIOOWHSO|W]OLFKVHLQHQ 6LQQ,KPZDUVFKZLQGOLJDOVKDEHHUHLQHQVWDUNHQ:HLQJHWUXQNHQ(U VSUDQJKLQDXVXQGULHIPLWODXWHU6WLPPH 6HLQHQ$XJHQGLHGLH+|KOHGHU1DFKWGXUFKZDQGHUWKDWWHQHUVFKLHQ GDVGXQNOH/DQGKHOO'LHJURHQ5DXFKZRONHQZDUHQDXIJHVWLHJHQXQG GQQHUJHZRUGHQXQGGLHOHW]WHQ6WXQGHQHLQHVGVWHUHQ7DJHVYHUJLQ JHQGHUURWH*ODQ]EHU0RUGRUZDUHLQHUWUEHQ'VWHUQLVJHZLFKHQ 'HQQRFKVFKLHQHV)URGRGDHUDXIHLQHQ0RUJHQSO|W]OLFKHU+RIIQXQJ EOLFNH)DVWKDWWHHUGHQ*LSIHOGHU:DQGHUUHLFKW1XUQRFKHLQZHQLJ K|KHU'LH.OXIW&LULWK8QJROODJYRULKPHLQHXQGHXWOLFKH(LQNHUEXQJ LQGHPVFKZDU]HQ*UDWXQGGLH)HOVHQK|UQHUUDJWHQ]XEHLGHQ6HLWHQ GXQNHOLQGHQ+LPPHO(LQUDVFKHU/DXIHLQHNXU]H6WUHFNHXQGHUZUGH GXUFKVHLQ ª'HU3D6DP©ULHIHUXQGDFKWHWHQLFKWGDUDXIZLHVHLQH6WLPPH JHOOWHGLHEHIUHLWYRQGHQHUVWLFNHQGHQ'QVWHQGHV*DQJHVMHW]WKHOO XQGXQJHVWPHUVFKDOOWHª'HU3D/DXIODXIXQGGDQQVLQGZLUGXUFK ² GXUFKHKHLUJHQGMHPDQGXQVDXIKDOWHQNDQQ© 5HL$QJHON#KWWSFRODHERRN]IELGH
6DPNDPKLQWHUKHUVRVFKQHOOLKQVHLQH%HLQHWUXJHQDEHUVRVHKUHU VLFKIUHXWHIUHL]XVHLQVRXQUXKLJZDUHUXQGZlKUHQGHUUDQQWH VFKDXWHHUGDXHUQG]XUFN]XGHPGXQNOHQ%RJHQGHV*DQJHVXQGIUFK WHWH$XJHQ]XVHKHQ RGHULUJHQGHLQHXQYRUVWHOOEDUH*HVWDOWGLHKHUDXV VSUDQJXPVLH]XYHUIROJHQ=XZHQLJZXWHHURGHUDXFKVHLQ+HUUYRQ .DQNUDV9HUVFKODJHQKHLW6LHKDWWHYLHOH$XVJlQJHYRQLKUHP/DJHU 8QHQGOLFKODQJHKDWWHVLHGRUWJHKDXVWHLQE|VHV*HVFK|SILQ6SLQQHQ JHVWDOWXQGHEHQMHQHVZHOFKHVHLQVWLP/DQGHGHU(OEHQLP:HVWHQGDV MHW]WXQWHUGHP0HHULVWJHOHEWKDWWHHEHQMHQHVJHJHQGDV%HUHQYRU ODQJHU=HLWLP*HELUJHGHV6FKUHFNHQVLQ'RULDWKJHNlPSIWKDWWHXQGVR ZDUHU]X/~WKLHQJHNRPPHQDXIGHP JUQHQ5DVHQLQPLWWHQGHV6FKLHU OLQJVLP0RQGVFKHLQ:LH.DQNUDKLHUKHUJHNRPPHQZDUYRUGHP9HUGHU EHQIOLHKHQGEHULFKWHWNHLQH(U]lKOXQJGHQQDXVGHQ'XQNOHQ-DKUHQ VLQGZHQLJH(U]lKOXQJHQDXIXQVJHNRPPHQ$EHUVLHZDUQRFKGDGLH VFKRQYRU6DXURQGRUWJHZHVHQZDUXQGYRUGHPHUVWHQ6WHLQYRQ%DUDG GUXQGVLHGLHQWHQLHPDQGHPDXHUVLFKVHOEVWWUDQNGDV%OXWYRQ (OEHQXQG0HQVFKHQDXIJHGXQVHQXQGIHWWJHZRUGHQEHLHQGORVHP%U WHQEHULKUHQ6FKPDXVHQ1HW]HDXV6FKDWWHQZHEHQG'HQQDOOH/HEHZH VHQZDUHQLKUH1DKUXQJXQGLKU(UEURFKHQHV'XQNHOKHLW,KUHJHULQJHUH %UXW%DQNHUWHGHUDUPVHOLJHQ0lQQFKHQLKUHUHLJHQHQ1DFKNRPPHQGLHVLH XPEUDFKWHYHUEUHLWHWHVLFKEHUDOOYRQ%HUJVFKOXFKW]X%HUVFKOXFKWYRP (SKHO'~DWKELV]XGHQ|VWOLFKHQ%HUJHQELV'RO*XOGXUXQGGHQ)H VWXQJHQYRQ'VWHUZDOG'RFKNHLQHUYHUPRFKWHZLHVLH.DQNUDGLH *URHGDVOHW]WH.LQGYRQ8QJROLDQWGLHXQJOFNOLFKH:HOW]XSODJHQ 6FKRQYRU-DKUHQKDWWH*ROOXPVLHHUEOLFNW6PpDJROGHULQDOOHQGXQN OHQ/|FKHUQKHUXPVW|EHUWHXQGLQYHUJDQJHQHQ7DJHQKDWWHHUVLFKJH EHXJWXQGVLHYHUHKUWXQGGLH'XQNHOKHLWLKUHU%RVKDIWLJNHLWEHJOHLWHWH LKQDXIDOOHQ:HJHQVHLQHU0KVDOXQGVFKQLWWLKQDEYRP/LFKWXQGYRQ 5HXH8QGHUKDWWHYHUVSURFKHQLKU1DKUXQJ]XEULQJHQ$EHULKU*HOVW ZDUQLFKWVHLQ*HOVW:HQLJZXWHVLHYRQ7UPHQ5LQJHQRGHULUJHQG HWZDVGDVYRQ*HLVWRGHU+DQGHUVRQQHQZDUXQGZHQLJODJLKUGDUDQ GLHVLHQXUGHQ7RGIUDOOHDQGHUHQHUVHKQWH*HLVWXQG.|USHUXQGIU VLFKVHOEVWHLQEHUVDWWHV/HEHQDOOHLQDXIJHEOlKWELVGLH%HUJHVLHQLFKW PHKUDXIKDOWHQXQGGLH'XQNHOKHLWVLHQLFKWPHKUXPIDQJHQNRQQWH $EHUGLHVHV9HUODQJHQZDUQRFKIHUQXQGODQJHZDUVLHMHW]WVFKRQ KXQJULJJHZHVHQXQGKDWWHLQLKUHU+|KOHJHODXHUWZlKUHQG6DXURQV 0DFKWZXFKVXQG/LFKWXQG/HEHZHVHQVHLQH*UHQ]HQPLHGHQXQGGLH 6WDGWLP7DOZDUWRWXQGNHLQ(OERGHU0HQVFKNDPLQLKUH1lKHQXU GLHXQJOFNOLFKHQ2UNV$UPVHOLJH1DKUXQJXQGYRUVLFKWLJ$EHUIUHV VHQPXWHVLHXQGZLHHLIULJVLHDXFKQHXH:HQGHOJlQJHYRP3DXQG LKUHP7XUPJUXEHQLPPHUIDQGVLHLUJHQGHLQHQ:HJXPVLHHLQ]XIDQ JHQ$EHUHVJHOVWHWHVLHQDFKVHUHP)OHLVFK8QG*ROOXPKDWWHHVLKU JHEUDFKW ª:LUZHUGHQVHKHQZLUZHUGHQVHKHQ©VDJWHHURIW]XVLFKVHOEVW ZHQQLKQGDV%|VHEHUNDPDXIGHPJHIlKUOLFKHQ:HJYRP(P\Q0XLO ]XP0RUJXO7DOªZLUZHUGHQVHKHQRMDHVPDJZRKOVHLQZHQQ6LHGLH .QRFKHQXQGGLHEULJJHEOLHEHQHQ.OHLGHUZHJZLUIWGDZLULKQILQGHQ LKQEHNRPPHQGHQ6FKDW]HLQH%HORKQXQJIUGHQDUPHQ6PpDJROGHU QHWWHV(VVHQEULQJW8QGZLUZHUGHQGHQ6FKDW]UHWWHQZLHZLUYHUVSUR FKHQKDEHQ2MD8QGZHQQZLULKQLQ6LFKHUKHLWKDEHQGDQQZLUG6LH HVHUIDKUHQRMDGDQQZHUGHQZLUHV,KUKHLP]DKOHQPHLQ6FKDW]'DQQ 5HL$QJHON#KWWSFRODHERRN]IELGH
ZHUGHQZLUHVMHGHPKHLP]DKOHQ© 6RGDFKWHHU LQVJHKHLPLQVHLQHU$UJOLVWGLHHUQRFKYRULKU]XYHUEHU JHQKRIIWHVHOEVWDOVHUZLHGHU]XLKUJHNRPPHQZDUXQGVLFKWLHIYRULKU YHUEHXJWKDWWHZlKUHQGVHLQH*HIlKUWHQVFKOLHIHQ 8QGZDV6DXURQEHWULIIWVRZXWHHUZRVLHODXHUWH(VIUHXWHLKQGD VLHGRUWKXQJULJDEHUPLWXQYHUPLQGHUWHU%RVKHLWKDXVWHHLQH]XYHUOlVVL JHUH:DFKHDQGLHVHPDOWHQ3IDGLQVHLQ/DQGDOVMHGHDQGHUHGLHVHLQH /LVWKlWWHHUVLQQHQN|QQHQ8QG2UNVZDUHQQW]OLFKH+|ULJHDEHUHV JDELKUHUPHKUDOVJHQXJ:HQQ.DQNUDVLHGDQQXQGZDQQILQJXP LKUHQ+XQJHU]XVWLOOHQGDQQZDUHVLKUYHUJ|QQWHUNRQQWHVLHHQWEHK UHQ8QGZLHHLQ0HQVFKGHUVHLQHU.DW]HVHLQH.DW]HQHQQWHUVLHRE ZRKOVLHLKPQLFKWJHK|UW PDQFKPDOHLQHQ/HFNHUELVVHQ]XZLUIWVR VFKLFNWH6DXURQLKU*HIDQJHQHIUGLHHUNHLQHEHVVHUH9HUZHQGXQJ KDWWHHUOLHVLH]XLKUHU+|KOHWUHLEHQXQGVLFK%HULFKWHUVWDWWHQZLHVLH PLWLKQHQYHUIXKU 6ROHEWHQVLHEHLGHMHGHUHUJ|W]WHVLFKDQVHLQHQ5lQNHQXQGIUFKWHWH NHLQHQ$QJULIINHLQHQ=RUQRGHULUJHQGHLQ(QGHLKUHUEHLGHU%RVKHLW 1RFKQLHZDUHLQH)OLHJH.DQNUDV1HW]HQWJDQJHQXQGXPVRJU|HUZDU LKUH:XWXQGLKU+XQJHU $EHUQLFKWVYRQGLHVHP%|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ª2UNV©PXUPHOWHHUª$XIGLHVH:HLVHZHUGHQZLU VQLHVFKDIIHQ'D VLQG2UNVLQGHU1lKHXQGQRFK6FKOLPPHUHVDOV2UNV©'DQQNHKUWHHU UDVFK]XVHLQHUDOWHQ*HZRKQKHLWGHU+HLPOLFKNHLW]XUFNXQGXPVFKOR PLWGHU+DQGGLHNRVWEDUH3KLROHGLHHUQRFKWUXJ5RWYRQVHLQHPHLJH QHQOHEHQGLJHQ%OXWVFKLPPHUWHVHLQH+DQGHLQHQ$XJHQEOLFNXQGGDQQ VWHFNWHHUGDVYHUUlWHULVFKH/LFKWWLHILQVHLQH%UXVWWDVFKHXQG]RJVHLQHQ (OEHQPDQWHOXPVLFK-HW]WYHUVXFKWHHUVHLQHQ6FKULWW]XEHVFKOHXQLJHQ 'HU9RUVSUXQJVHLQHV+HUUQYHUJU|HUWHVLFKVFKRQZDUHUXQJHIlKU ]ZDQ]LJ6FKULWWHYRULKPXQGKXVFKWHGDKLQZLHHLQ6FKDWWHQEDOGZUGH HULQGLHVHUJUDXHQ:HOWGHP%OLFNHQWVFKZXQGHQVHLQ .DXPKDWWH6DPGDV/LFKWGHV6WHUQHQJODVHVYHUERUJHQGDNDPVLH(LQ 6WFNFKHQYRUDXVXQG]XVHLQHU/LQNHQVDKHUSO|W]OLFKDXVHLQHP VFKZDU]HQ6FKDWWHQORFKXQWHUGHU)HOVZDQGGDVZLGHUZlUWLJVWH*HVFK|SI KHUDXVNRPPHQGDVHUMHHUEOLFNWKDWWHVFKUHFNOLFKHUDOVGHU6FKUHFNHQ HLQHVE|VHQ7UDXPV)DVWZLHHLQH6SLQQHZDUVLHDEHUJU|HUDOVGLHJUR HQ5DXEWLHUHXQGHQWVHW]OLFKHUDOVVLHZHJHQGHUE|VHQ(QWVFKORVVHQKHLW LQLKUHQXQEDUPKHU]LJHQ$XJHQ(EHQGLHVH$XJHQYRQGHQHQHUJH JODXEWKDWWHVLHVHLHQHLQJHVFKFKWHUWXQGEHVLHJWZDUHQZLHGHUGDYRQ HLQHPJUDXVDPHQ)XQNHOQHUKHOOWXQGLQ7UDXEHQDQLKUHPYRUJHVWUHFNWHQ .RSIVLW]HQG*URH+|UQHUKDWWHVLHXQGKLQWHULKUHPNXU]HQVWLHODUWL 5HL$QJHON#KWWSFRODHERRN]IELGH
JHQ+DOVZDULKUULHVLJHUJHVFKZROOHQHU/HLEHLQJHZDOWLJHUDXIJHEOlK WHU6DFN]ZLVFKHQLKUHQ%HLQHQVFKDXNHOQGXQGGXUFKKlQJHQG,KU 5XPSIZDUVFKZDU]PLWEOlXOLFKHQ0DOHQEHGHFNWDEHUGLH8QWHUVHLWH GHV%DXFKHVZDUIDKOXQGOHXFKWHQGXQGVWU|PWHHLQHQ*HVWDQNDXV,KUH %HLQHZDUHQDQJH]RJHQGLHJURHQNQRWLJHQ*HOHQNHUDJWHQKRFKEHU LKUHQ5FNHQKLQDXVXQGVLHKDWWH+DDUHGLHZLH6WDKOVWDFKHOQKHUDXV VWDQGHQXQGDQMHGHP%HLQVDHLQH.ODXH 6REDOGVLHLKUHQZHLFKHQZDEEHOLJHQ.|USHUXQGGLHDQJHZLQNHOWHQ *OLHGPDHQDXVGHPREHUHQ$XVJDQJLKUHU/DJHUVWDWWKHUDXVJHTXHWVFKW KDWWHEHZHJWHVLHVLFKPLWHQWVHW]OLFKHU*HVFKZLQGLJNHLWEDOGDXILKUHQ NQDFNHQGHQ%HLQHQUHQQHQGEDOGHLQHQSO|W]OLFKHQ6DW]PDFKHQG6LHZDU ]ZLVFKHQ6DPXQGVHLQHP+HUUQ(QWZHGHUVDKVLH6DPQLFKWRGHUVLH PLHGLKQLP$XJHQEOLFNZHLOHUGDV/LFKWWUXJXQGULFKWHWHLKUHJDQ]H $EVLFKWDXIHLQHHLQ]LJH%HXWHDXI)URGRGHUVHLQHU3KLROHEHUDXEW DFKWORVGHQ 3IDGKLQDXIOLHIXQGYRQVHLQHU*HIDKUQRFKQLFKWVDKQWH 6FKQHOOUDQQWHHUDEHU.DQNUDZDUVFKQHOOHUPLWHLQSDDU6SUQJHQ ZUGHVLHLKQKDEHQ 6DPNHXFKWHXQGQDKPDOOH/XIWGLHHUQRFKKDWWH]XVDPPHQXP]X UXIHQª6FKDXQDFKKLQWHQ©VFKULHHUª3DDXI+HUU,FK©DEHU SO|W]OLFKZXUGHVHLQ6FKUHLHUVWLFNW (LQHODQJHIHXFKWNDOWH+DQGOHJWHVLFKLKPDXIGHQ0XQGXQGHLQH DQGHUHSDFNWHLKQDP+DOVZlKUHQGVLFKHWZDVXPVHLQH%HLQHVFKODQJ hEHUUXPSHOWILHOHUQDFKKLQWHQLQGLH$UPHVHLQHV$QJUHLIHUV ª+DEHQZLULKQ©]LVFKWHLKP*ROOXPLQV2KUª(QGOLFKPHLQ6FKDW] KDEHQZLULKQMDGHQKlOLFKHQ+REELW:LUQHKPHQGLHVHQ6LHZLUG GHQDQGHUHQNULHJHQ2MD.DQNUDZLUGLKQNULHJHQQLFKW6PpDJROHU KDWYHUVSURFKHQHUZUGHGHP+HUUQJDU QLFKWVWXQ$EHUGLFKKDWHU GXKlOLFKHUGUHFNLJHUNOHLQHU6FKQIIOHU©HUVSXFNWHDXI6DPV+DOV :XWEHUGHQ9HUUDWXQG9HU]ZHLIOXQJGDUEHUGDHUDXIJHKDOWHQ ZXUGHZlKUHQGVHLQ+HUULQW|GOLFKHU*HIDKUZDUYHUOLHKHQ6DPHLQH +HIWLJNHLWXQG.UDIWGLHZHLWEHUDOOHVKLQDXVJLQJHQZDV*ROOXPYRQ GLHVHPVFKZHUIlOOLJHQGXPPHQ+REELWIUGHQHULKQKLHOWHUZDUWHW KDWWH*ROOXPVHOEVWKlWWHVLFKQLFKWVFKQHOOHURGHUZWHQGHUKHUDXVZLQ GHQN|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|W]OLFKVWHPPWHHUVHLQH%HLQHDXI GHQ%RGHQXQGZDUIVLFKPLWDOOHU*HZDOWQDFKKLQWHQ *ROOXPGHUQLFKWHLQPDOGLHVHQHLQIDFKHQ.QLIIYRQ6DPHUZDUWHW KDWWHILHOXP6DPDXILKQGUDXIXQGHUEHNDPGDV*HZLFKWGHVVWlPPL JHQ+REELWVDXIGHQ0DJHQ(LQVFKDUIHV=LVFKHQNDPDXVLKPKHUDXV XQGIUHLQH6HNXQGHORFNHUWHVLFKVHLQ*ULIIXP6DPV.HKOHDEHUVHLQH )LQJHUKDWWHQLPPHUQRFKGLH6FKZHUWKDQGXPNODPPHUW6DPZDUIVLFK 5HL$QJHON#KWWSFRODHERRN]IELGH
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lVVLJNHLWYHUIKUWGHQ)HKOHUEHJDQ JHQ]XUHGHQXQGVLFK]XIUHXHQHKHHUEHLGH+lQGHDP+DOVGHV2SIHUV KDWWH$OOHVZDUVFKLHIJHJDQJHQPLWVHLQHPVFK|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|WHQ$EHUHKHHULKQHLQKROHQNRQQWHZDU*ROOXP YHUVFKZXQGHQ$OVVLFKGDQQGLHGXQNOH+|KOHYRULKPDXIWDWXQGLKP GHU*HVWDQNHQWJHJHQNDPWUDILKQGHU*HGDQNHDQ)URGRXQGGDV8QJH KHXHUZLHHLQ'RQQHUVFKODJ(UIXKUKHUXPXQGUDVWHZLHZLOGGHQ3IDG KLQDXIXQGULHILPPHUZLHGHUXQGZLHGHUGHQ1DPHQVHLQHV+HUUQ(V ZDU]XVSlW,QVRZHLWZDU*ROOXPV$QVFKODJJHOXQJHQ
5HL$QJHON#KWWSFRODHERRN]IELGH
=(+17(6.$3,7(/ ',((176&+(,'81*(19210(,67(56$0:(,6
)URGRODJPLWGHP*HVLFKWQDFKREHQDXIGHP%RGHQXQGGDV8QJH WPEHXJWHVLFKEHULKQVRYHUVHVVHQDXIVHLQ2SIHUGDHVDXI6DP XQGVHLQ5XIHQQLFKWDFKWHWHELVHUJDQ]QDKHZDU$OVHUKHUEHLVWU]WH VDKHUGD)URGRVFKRQJHIHVVHOWZDUGLHJHZDOWLJHQ6SLQQIlGHQXPZDQ GHQLKQYRQGHQ.Q|FKHOQELV]XU6FKXOWHUXQGGDV8QJHWPEHJDQQLKQ PLWVHLQHQJURHQ9RUGHUSIRWHQKDOEKRFK]XKHEHQXQGKDOEZHJ]XVFKOHL IHQ =ZLVFKHQ6DPXQG)URGRODJDXIGHP%RGHQVFKLPPHUQG)URGRV (OEHQNOLQJHZRVLHLKPQXW]ORVDXVGHU+DQGJHIDOOHQZDU6DPQDKP VLFKQLFKWGLH=HLWXP]XEHUOHJHQZDV]XWXQVHLRGHUREHUWDSIHU RGHUWUHXRGHU]RUQHUIOOWVHL0LWHLQHP6FKUHLVSUDQJHUYRUXQGSDFNWH GDV6FKZHUWVHLQHV+HUUQPLWGHU/LQNHQ'DQQJULIIHUDQ.HLQZWHQ GHUHU$QVWXUPZDUMHLQGHUZLOGHQ:HOWGHU7LHUHJHVHKHQZRUGHQZR LUJHQGHLQYHU]ZHLIHOWHVNOHLQHV*HVFK|SIPLWZLQ]LJHQ=lKQHQEHZDIIQHW HLQHQ7XUPDXV+RUQXQG)HOODQVSULQJWGHUEHUVHLQHPJHIDOOHQHQ*H IlKUWHQDXIUDJW $OVRE.DQNUDGXUFKVHLQHQVFKZDFKHQ6FKUHLDXVLUJHQGHLQHPKlPL VFKHQ7UDXPDXIJHVFKHXFKWZRUGHQVHLZDQGWHVLHODQJVDPGLHHQWVHW] OLFKH%RVKHLWLKUHV%OLFNVDXILKQ$EHUIDVWHKHVLHJHZDKUZXUGHGD HLQJU|HUHU=RUQDOVVLHLKQLQXQ]lKOLJHQ-DKUHQMHHUOHEWKDWWHVLHDQ JULIIVFKQLWWLKUGDVVFKLPPHUQGH6FKZHUWLQGHQ)XXQGKLHEGLH.ODXH DE6DPVSUDQJKLQHLQLQGLH:|OEXQJHQLKUHU%HLQHXQGPLWHLQHP UDVFKHQ6WRPLWGHUDQGHUHQ+DQGVWDFKHUQDFKGHQ7UDXEHQYRQ $XJHQDXILKUHPJHVHQNWHQ.RSI(LQJURHV$XJHZXUGHGXQNHO -HW]WZDUGDVHOHQGH*HVFK|SIJHQDXXQWHULKUXQGLP$XJHQEOLFN DXHU5HLFKZHLWHLKUHV6WDFKHOVXQGLKUHU.ODXHQ,KUJHZDOWLJHU/HLEPLW VHLQHPIDXOLJHQ/HXFKWHQZDUEHULKPXQGGHU*HVWDQNZDUILKQIDVW XP6HLQH:XWUHLFKWHLQGHVQRFKIUHLQHQ]ZHLWHQ+LHEXQGHKHVLHVLFK DXILKQIDOOHQODVVHQNRQQWHXPLKQXQGVHLQHQJDQ]HQNOHLQHQXQYHU VFKlPWHQ0XW]X]HUPDOHQ]RJHULKUPLWYHU]ZHLIHOWHU.UDIWGLHVFKLP PHUQGH(OEHQNOLQJHEHU $EHU.DQNUDZDUQLFKWZLH'UDFKHQNHLQHZHLFKHUH6WHOOHKDWWHVLH DXHULKUHQ$XJHQ.QRWLJXQGQDUELJZDULKUHXUDOWH+DXWDEHUYRQLQ QHQKHUDXVLPPHUGLFNHUJHZRUGHQGXUFKHLQHE|VHZXFKHUQGH6FKLFKW QDFKGHUDQGHUHQ'LH.OLQJHULLKUHLQHIXUFKWEDUNODIIHQGH:XQGH DEHUGLHVHDEVFKHXOLFKHQ)DOWHQNRQQWHQYRQNHLQHU0HQVFKHQNUDIWGXUFK ERKUWZHUGHQQLFKWHLQPDOZHQQ(OERGHU=ZHUJGLH:DIIHJHVFKPLHGHW RGHUGLH+DQGYRQ%HUHQRGHU7~ULQVLHJHIKUWKlWWH6LHZLFK]XUFN YRUGHP6WUHLFKXQGKREGDQQGHQJURHQ6DFNLKUHV%DXFKHVKRFKEHU 6DPV.RSI*LIWVFKlXPWHXQGVSUXGHOWHDXVGHU:XQGH-HW]WVSUHL]WHVLH LKUH%HLQHXQGGUFNWHLKUHQJHZDOWLJHQ.|USHUZLHGHUDXILKQKLQXQWHU =XIUK'HQQ6DPVWDQGQRFKDXIGHQ%HLQHQHUOLHVHLQHLJHQHV 6FKZHUWIDOOHQXQGKLHOWPLWEHLGHQ+lQGHQGLH(OEHQNOLQJHPLWGHU 6SLW]HQDFKREHQKRFKXPGDVJUDXVLJH'DFKDE]XZHKUHQXQGVRVWLH .DQNUDVLFKVHOEVWPLWGHUWUHLEHQGHQ.UDIWLKUHVHLJHQHQJUDXVDPHQ:LO OHQVPLWHLQHU.UDIWGLHJU|HUZDUDOVGLHLUJHQGHLQHV5HFNHQDXIHLQHQ VFKQHLGHQGHQ'RUQ7LHIWLHIVWDFKHUZlKUHQG6DPODQJVDP]X%RGHQ JHGUFNWZXUGH 5HL$QJHON#KWWSFRODHERRN]IELGH
1LHPDOVLQLKUHUJDQ]HQDOWHQ:HOWGHU%RVKHLWKDWWH.DQNUDHLQHQVRO FKHQ6FKPHU]HUIDKUHQRGHUVLFKWUlXPHQODVVHQ GDVLHLKQHUIDKUHQ ZUGH1LFKWGHUEHKHU]WHVWH.ULHJHUGHVDOWHQ*RQGRUQRFKGHUZLOGHVWH 2UNGHULKULQGLH)lQJHJHUDWHQZDUKDWWHQLKUMHPDOVVROFKHQ:LGHU VWDQGJHOHLVWHWRGHUGLH:DIIHJHJHQLKUJHOLHEWHV)OHLVFKJHULFKWHW(LQ 6FKDXHUEHUOLHI VLH6LHKREVLFKZLHGHUKRFKHQWZDQGVLFKGHP 6FKPHU]]RJLKUHJHNUPPWHQ*OLHGHUXQWHUVLFKXQGPDFKWHHLQHQ NUDPSIKDIWHQ6DW]UFNZlUWV 6DPZDUQHEHQ)URGRV.RSIDXIGLH.QLHJHIDOOHQLKPVFKZDQGHQGLH 6LQQHLQGHPEOHQ*HVWDQNPLWEHLGHQ+lQGHQKDWWHHUQRFKGHQ 6FKZHUWJULIIJHSDFNW'XUFKGHQ1HEHOYRUVHLQHQ$XJHQJHZDKUWHHU XQGHXWOLFK)URGRV*HVLFKWXQGKDUWQlFNLJPKWHHUVLFKVLFKZLHGHULQ GLH*HZDOW]XEHNRPPHQXQGVLFKGHU2KQPDFKW]XHQW]LHKHQGLHLKQ XPILQJ/DQJVDPKREHUGHQ.RSIXQGVDKVLHQXUHLQSDDU6FKULWWHHQW IHUQWZLHVLHLKQEHlXJWH$XVLKUHP5VVHOUDQQJLIWLJHU6SHLFKHOXQG HLQHJUQH)OVVLJNHLWWU|SIHOWHXQWHULKUHPYHUZXQGHWHQ$XJHKHUDXV 'DNDXHUWHVLHLKUEHEHQGHU%DXFKIODFKDXIGHP%RGHQGLHJURHQ %|JHQLKUHU%HLQH]LWWHUQGZlKUHQGVLHVLFK]XHLQHPQHXHQ6SUXQJVDP PHOWH² GLHVPDOXP]X]HUPDOPHQXQGWRW]XVWHFKHQQLFKWEORHLQNOHLQ ZHQLJ*LIWXPLKU]DSSHOQGHV2SIHU]XU5XKH]XEULQJHQGLHVPDOXPHV ]XW|WHQXQGGDQQLQ6WFNH]XUHLHQ :lKUHQGDXFK6DPVLFKKLQNDXHUWHXQGDOVHUVLHDQVFKDXWHVHLQHQ 7RGLQLKUHQ$XJHQVDKNDPLKPHLQ*HGDQNHDOVREHLQHIHUQH6WLPPH JHVSURFKHQKDEHXQGHUVW|EHUWHPLWGHUOLQNHQ+DQGLQVHLQHU%UXVWWD VFKHXQGIDQGZDVHUVXFKWHNDOWXQGKDUWXQGIHVWNDPVLHLKPEHLGHU %HUKUXQJLQHLQHUJHVSHQVWLVFKHQ:HOWGHV6FKUHFNHQVYRU*DODGULHOV 3KLROH ª*DODGULHO©VDJWHHUVFKZDFKXQGGDQQK|UWHHUIHUQDEHUGHXWOLFK 6WLPPHQGLH5XIHGHU(OEHQGLHXQWHUGHQ6WHUQHQLQGHQJHOLHEWHQ 6FKDWWHQGHV$XHQODQGHV ZDQGHUWHQXQGGLH0XVLNGHU(OEHQGLHHULP 6FKODILQGHU+DOOHGHV)HXHUVLQ(OURQGV+DXVYHUQRPPHQKDWWH *LOWKRQLHO$(OEHUHWK 8QGGDQQO|VWHVLFKVHLQH=XQJHXQGVHLQH6WLPPHULHILQHLQHU6SUDFKH GLHHUQLFKWNDQQWH $(OEHUHWK*LOWKRQLHO RPHQHOSDODQGLULHO OHQDLORQVLGL QJXUXWKRV $WLURQLQ)DQXLORV 8QGGDPLWVWDQGHUWDXPHOQGDXIXQGZDUZLHGHU6DPZHLVGHU+REELW +DPIDVWV6RKQ ª1XQNRPPGX6FKHXVDO©ULHIHUª'XKDVWPHLQHQ+HUUQYHUOHW]WGX 8QWLHUXQGGDIUZLUVWGXEH]DKOHQ:LUJHKHQZHLWHUDEHUHUVWUHFKQHQ ZLUPLWGLUDE.RPPXQGYHUVXFKHVQRFKPDO© $OVREVHLQXQEH]ZLQJEDUHU0XWGLH:LUNXQJVNUDIWGHV*ODVHVLQ *DQJJHVHW]WKlWWHOHXFKWHWHHVSO|W]OLFKLQVHLQHU+DQGZLHHLQHZHLH )DFNHO(VIODPPWHDXIZLHHLQH6WHUQVFKQXSSHGLHGDVGXQNOH+LPPHOV ]HOWPLWXQHUWUlJOLFKHU+HOOLJNHLWGXUFKVFKQHLGHW.HLQVROFKHU6FKUHFNHQ DXVGHP+LPPHOKDWWHMH]XYRULQ.DQNUDV*HVLFKWJHEUDQQW6HLQH6WUDK OHQGUDQJHQLQLKUHQYHUZXQGHWHQ.RSIHLQXQGGXUFKVFKQLWWHQLKQPLW XQHUWUlJOLFKHP6FKPHU]XQGGLHHQWVHW]OLFKH6HXFKHGHV/LFKWVJULIIYRQ $XJH]X$XJHEHU6LHILHO]XUFNLKUH9RUGHUIH]XFNWHQLQGHU/XIW 5HL$QJHON#KWWSFRODHERRN]IELGH
LKU$XJHQOLFKWYHUVHQJWYRQLQQHUHQ%OLW]HQLKU*HLVWJHSHLQLJW'DQQ ZDQGWHVLHLKUHQYHUOHW]WHQ.RSIDEUROOWHVLFK ]XU6HLWHXQGEHJDQQ .ODXHXP.ODXH]XUgIIQXQJLQGHUGXQNOHQ)HOVZDQGKLQWHQ]XNULH FKHQ 6DPJULIIDQ(UVFKZDQNWHZLHHLQ%HWUXQNHQHUDEHUHUJULIIDQ8QG .DQNUDZDUHQGOLFKHQWPXWLJW]XVDPPHQJHVFKUXPSIWLQGHU1LHGHUODJH XQGVLH]XFNWHXQG]LWWHUWHDOVVLHYHUVXFKWHYRULKPGDYRQ]XHLOHQ6LH HUUHLFKWHGLH+|KOHSUHWHVLFKDQGHQ%RGHQKLQWHUOLHHLQHJUQJHOEH 6FKOHLPVSXUXQGVFKOSIWHKLQHLQDOV6DPJHUDGHHLQHQOHW]WHQ+LHEJH JHQLKUHQDFKVFKOHSSHQGHQ%HLQHIKUWH'DQQILHOHU]X%RGHQ L .DQNUDZDUIRUWXQGREVLHODQJHLQLKUHU+|KOHOLHJHQEOLHELKUH%RV KHLWXQGLKUHQ6FKPHU]QlKUWHXQGLQODQJVDPYHUJHKHQGHQ-DKUHQGHU 'XQNHOKHLWYRQLQQHQKHUDXVJHQDVXQGLKUHWUDXEHQI|UPLJHQ$XJHQ KHLOWHQELVVLHZLHGHUXPPLWWRGEULQJHQGHU*LHULKUHHQWVHW]OLFKHQ)DOO VWULFNHLQGHQ6FKOXFKWHQGHV6FKDWWHQJHELUJHVVSDQQEHULFKWHWGLHVH(U ]lKOXQJQLFKW 6DPZDUDOOHLQ$OVVLFKGHU$EHQGGHV1DPHQORVHQ/DQGHVDXIGDV .DPSIIHOGVHQNWHNURFKHUPGH]XVHLQHP+HUUQ]XUFNª+HUUOLHEHU +HUU©VDJWH6DPXQGZDUWHWHZlKUHQGHLQHUODQJHQ6WLOOHXQGODXVFKWH YHUJHEOLFK 6RVFKQHOOHUNRQQWHVFKQLWWHUGDQQGLHIHVVHOQGHQ6WULFNHDXIXQG OHJWH)URGRGHQ.RSIDXIGLH%UXVWXQGDQVHLQHQ0XQGDEHUNHLQH /HEHQVUHJXQJNRQQWHHUIHVWVWHOOHQXQGDXFKQLFKWGDVVFKZlFKVWH)ODW WHUQGHV+HU]HQVVSUHQ2IWULHEHUVHLQHV+HUUQ+lQGHXQG)HXQG EHUKUWHVHLQH6WLUQDEHUDOOHVZDUNDOW ª)URGR+HUU)URGR©ULHIHUª/DPLFKKLHUQLFKWDOOHLQ'HLQ6DP UXIW*HKQLFKWGRUWKLQZRKLQLFKGLUQLFKWIROJHQNDQQ:DFKDXI+HUU )URGR2KZDFKGRFKDXI)URGRPHLQOLHEHUOLHEHU)URGR:DFKDXI© 'DQQZDOOWH=RUQLQLKPDXIXQGLQHLQHP$QIDOOYRQ5DVHUHLUDQQWH HUXPGHQ.|USHUVHLQHV+HUUQKHUXPVWDFKLQGLH/XIWVFKOXJDXI6WHLQH XQGVFKULH+HUDXVIRUGHUXQJHQ0LWHLQHPPDONDPHU]XUFNEHXJWHVLFK QLHGHUXQGEHWUDFKWHWH)URGRV*HVLFKWEOHLFKXQWHULKPLQGHU'XQNHO KHLW8QGSO|W]OLFKVDKHUGDHULQGHP%LOGZDUGDVLKPLQ*DODGULHOV 6SLHJHOLQ/yULHQJH]HLJWZRUGHQZDU)URGRODJIHVW VFKODIHQGPLWEOHL FKHP*HVLFKWXQWHUHLQHUJURHQGXQNOHQ)HOVZDQG2GHUIHVWVFKODIHQG ZLHHUGDPDOVJODXEWHª(ULVWWRW©VDJWHHUª(UVFKOlIWQLFKWHULVWWRW© 8QGDOVREVHLQH:RUWHGDV*LIWZLHGHUZLUNVDPJHPDFKWKlWWHQVFKLHQ HVLKPGDGLH)DUEHGHV*HVLFKWVJUQOLFKIDKOZXUGH 8QGGDQQEHUNDPLKQVFKZDU]H9HU]ZHLIOXQJXQG6DPEHXJWHVLFK ]XP%RGHQXQG]RJVHLQHJUDXH.DSX]HEHUGHQ.RSIXQGHVZXUGH 1DFKWLQVHLQHP+HU]HQXQGHUZXWHQLFKWVPHKU $OVHQGOLFKGLH6FKZlU]HYRUEHU]RJVFKDXWH6DPDXIXQG6FKDWWHQ ZDUHQULQJVXPLKQDEHUZLHYLHOH0LQXWHQRGHU6WXQGHQVLFKGLH:HOW GDKLQJHVFKOHSSWKDWWHZXWHHUQLFKW(UZDUQRFKDQGHUVHOEHQ6WHOOH XQGVHLQ+HUUODJLPPHUQRFKWRWQHEHQLKP'LH%HUJHZDUHQQLFKWHLQ JHVWU]WXQGGLH(UGHQLFKWXQWHUJHJDQJHQ ª:DVVROOLFKQXUWXQ":DVVROOLFKQXUWXQ"©VDJWHHUª%LQLFKGHQ JDQ]HQ:HJPLWLKPKLHUKHUJHNRPPHQIUQLFKWVXQGZLHGHUQLFKWV"© 8QGGDQQHULQQHUWHHUVLFKVHLQHUHLJHQHQ6WLPPHVLHKDWWH]X%HJLQQ LKUHU:DQGHUXQJ:RUWHJHVSURFKHQGLHHUGDPDOVVHOEVWQLFKWYHUVWDQG 5HL$QJHON#KWWSFRODHERRN]IELGH
,FKKDEHQRFKHWZDV]XWXQHKHDOOHVYRUEHLLVW,FKPXHVGXUFK VFKDXHQ+HUUZHQQGXPLFKYHUVWHKVW ª$EHUZDVNDQQLFKWXQ"'RFKQLFKW+HUUQ)URGRWRWXQGXQEHJUDEHQ KRFKREHQDXIGHP*HELUJHYHUODVVHQXQGQDFK+DXVHJHKHQ"2GHUZHL WHUJHKHQ":HLWHUJHKHQ"©ZLHGHUKROWHHUXQGHLQHQ$XJHQEOLFNSDFNWHQ LKQ=ZHLIHOXQG$QJVWª:HLWHUJHKHQ"0XLFKGDVWXQ"8QGLKQYHUODV VHQ"© 'DQQHQGOLFKEHJDQQHU]XZHLQHQXQGHUJLQJ]X)URGROHJWHLKQ RUGHQWOLFKKLQIDOWHWHLKPGLHNDOWHQ+lQGHDXIGHU%UXVWXQGKOOWHLKQ LQVHLQHQ0DQWHOXQGHUOHJWHVHLQHLJHQHV6FKZHUWDXIHLQH6HLWHXQGGHQ 6WRFNGDV*HVFKHQNYRQ)DUDPLUDXIGLHDQGHUH ª:HQQLFKZHLWHUJHKHQVROO©VDJWHHUªGDQQPXLFKGHLQ6FKZHUW QHKPHQZHQQGXHUODXEVW+HUU)URGRDEHULFKOHJHGLHVHVQHEHQGLFK ZLHHVQHEHQGHPDOWHQ.|QLJLQGHP+JHOJUDEJHOHJHQKDWWHXQGGX KDVWGHLQVFK|QHV0LWKULO3DQ]HUKHPGYRPDOWHQ+HUUQ%LOER8QGGHLQ 6WHUQHQJODV+HUU)URGRGDVKDVWGXPLUJHOLHKHQXQGLFKZHUGHHVEUDX FKHQGHQQLFKZHUGHMHW]WLPPHULP'XQNHOQVHLQ(VLVW]XJXWIUPLFK XQGGLH+HUULQKDWHVGLUJHVFKHQNWDEHUYLHOOHLFKWZLUGVLHHVYHUVWHKHQ 9HUVWHKWGXHV +HUU)URGR",FKPXZHLWHUJHKHQ© $EHUHUNRQQWHQLFKWJHKHQQRFKQLFKW(UNQLHWHQLHGHUXQGQDKP )URGRV+DQGXQGNRQQWHVLHQLFKWORVODVVHQ8QGGLH=HLWYHUJLQJXQGHU NQLHWHLPPHUQRFKKLHOWGLH+DQGVHLQHV+HUUQXQGIKUWHLQVHLQHP,Q QHUHQHLQH$XVHLQDQGHUVHW]XQJ -HW]WYHUVXFKWHHU.UDIW]XILQGHQXPVLFKORV]XUHLHQXQGDXIHLQH HLQVDPH:DQGHUXQJ]XJHKHQ² XP5DFKH]XQHKPHQ:HQQHUHUVWHLQ PDOJHKHQNRQQWHGDQQZUGHVHLQH:XWLKQEHUDOOH6WUDHQGHU:HOW EULQJHQLKQYHUIROJHQGELVHULKQHQGOLFKKDWWH*ROOXP'DQQZUGH *ROOXPLQLUJHQGHLQHPKHLPOLFKHQ:LQNHOVWHUEHQ$EHUGDVZDUHV QLFKWZDV]XWXQHUDXVJH]RJHQZDU(VZUGHVLFKQLFKWORKQHQGHVZH JHQVHLQHQ+HUUQ]XYHUODVVHQ(VZUGHLKQQLFKW]XUFNEULQJHQ1LFKWV ZUGHLKQ]XUFNEULQJHQ(VZlUHEHVVHUVLHZlUHQEHLGHWRW8QGDXFK GDVZUGHHLQHHLQVDPH:DQGHUXQJVHLQ (UVFKDXWHDXIGLHJOlQ]HQGH6SLW]HGHV6FKZHUWV(UGDFKWHDQGLH2UWH KLQWHQZRHVHLQHQVFKZDU]HQ*UDWJDEXQGHLQHQOHHUHQ6WXU]LQV 1LFKWV$XIGLHVHP:HJJDEHVNHLQ(QWNRPPHQ'DVEHGHXWHWHQLFKWV WXQQLFKW HLQPDO5DFKHEHQ'DVZDUHVQLFKWZDV]XWXQHUDXVJH]RJHQ ZDUª:DVVROOLFKGHQQWXQ"©ULHIHUZLHGHUXQGMHW]WVFKLHQHUGLHELW WHUH$QWZRUWJHQDX]XZLVVHQHV]XGXUFKVFKDXHQ $XFKHLQHHLQVDPH :DQGHUXQJXQGGLHVFKOLPPVWH ª:DV",FKDOOHLQVROO]XGHQ6FKLFNVDOVNOIWHQJHKHQXQGGDVDOOHV"©(U ]DJWHQRFKDEHUGLH(QWVFKORVVHQKHLWZXFKVª:DV",FK VROOLKP GHQ5LQJ DEQHKPHQ"'HU5DWKDWLKQLKPJHJHEHQ© 'RFKGLH$QWZRUWNDPVRIRUWª8QGGHU5DWKDWLKP*HIlKUWHQPLW JHJHEHQGDPLWGHU$XIWUDJQLFKWVFKHLWHUQVROOWH8QGGXELVWGHU/HW]WH GHUJDQ]HQ*HPHLQVFKDIW'HU$XIWUDJGDUIQLFKWVFKHLWHUQ© ª,FKZQVFKWHLFKZlUHQLFKWGHU/HW]WH©VW|KQWHHUª,FKZQVFKWH GHUDOWH*DQGDOIZlUHKLHURGHUVRQVWMHPDQG:DUXPELQLFKJDQ]DOOHLQ EULJJHEOLHEHQXPHLQHQ(QWVFKOX]XIDVVHQ",FKPDFKHHVEHVWLPPW YHUNHKUW8QGHVLVWQLFKWPHLQH6DFKHGHQ5LQJ]XQHKPHQXQGPLFK YRU]XGUlQJHOQ© ª$EHUGXKDVWGLFKQLFKWYRUJHGUlQJHOWGXELVWYRUJHVFKREHQZRUGHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
8QGZDVGDVEHWULIIWGDGXQLFKWGHUULFKWLJHRGHUSDVVHQGH7UlJHUELVW QXQ+HUU)URGRZDUHVQLFKWN|QQWHPDQVDJHQXQG+HUU%LOERDXFK QLFKW6LHKDWWHQVLFKQLFKWVHOEVWDXVJHZlKOW© ª1XQMDLFKPXVHOEVWHLQHQ(QWVFKOXIDVVHQ8QGLFKZHUGHLKQIDV VHQ$EHULFKZHUGHHVEHVWLPPWYHUNHKUWPDFKHQGDVZUGH6DP *DPGVFKLHlKQOLFKVHKHQ 1XQZLOOLFKPDOEHUOHJHQZHQQZLUKLHUJHIXQGHQZHUGHQRGHU+HUU )URGRJHIXQGHQZLUGXQGHUKDWGDV'LQJEHLVLFKGDQQZLUGGHU)HLQGHV EHNRPPHQ8QGGDVLVWGDV(QGHYRQXQVDOOHQYRQ/yULHQXQG%UXFKWDO XQGYRP$XHQODQGXQGYRQDOOHP8QGHVLVWNHLQH=HLW]XYHUOLHUHQ VRQVWLVWHVVRZLHVRGDV(QGH'HU.ULHJKDWEHJRQQHQXQGHVLVWPHKU DOVZDKUVFKHLQOLFKGDGLH'LQJHIUGHQ)HLQGVFKRQJXWVWHKHQ.HLQH 0|JOLFKNHLWPLW,KP]XUFN]XJHKHQ XQG5DWRGHU(UODXEQLVHLQ]XKROHQ 1HLQHQWZHGHUKLHUVLW]HQELVVLHNRPPHQXQGPLFKDXIGHU/HLFKHGHV +HUUQW|WHQXQG,KQEHNRPPHQRGHU,KQQHKPHQXQGJHKHQ©(UKROWH WLHI/XIWª'DQQKHLWHV,KQQHKPHQ© (UEFNWHVLFK6HKUVDQIWPDFKWHHUGLH6SDQJHDP+DOVDXIXQGIXKU PLWGHU+DQGLQ)URGRV5RFNPLWGHUDQGHUHQ+DQGKREHUGDQQVHLQHQ .RSINWHGLHNDOWH6WLUQXQG]RJOHLFKWGLH.HWWHEHULKQ8QGGDQQ OHJWHHUGHQ.RSIVWLOOZLHGHUKLQ.HLQH9HUlQGHUXQJ]HLJWHVLFKDXIGHP UXKLJHQ*HVLFKWXQGGDGXUFKZDU6DPPHKUDOVGXUFKDOOHDQGHUHQ=HL FKHQHQGOLFKEHU]HXJWGD)URGRJHVWRUEHQZDUXQGGLH$XIJDEHDEJH JHEHQKDWWH ª/HEZRKO+HUUPHLQ/LHEHU©PXUPHOWHHUª9HU]HLKGHLQHP6DP(U ZLUGDQGLHVH6WHOOH]XUFNNRPPHQZHQQGLH$XIJDEHHUOHGLJWLVW² ZHQQHUHVVFKDIIW8QGGDQQZLUGHUGLFKQLFKWZLHGHUYHUODVVHQ5XKH KLHUELVLFKNRPPHXQGP|JHNHLQE|VHV*HVFK|SIGLUQDKHNRPPHQ :HQQGLH+HUULQPLFKK|UHQN|QQWHXQGPLUHLQHQ:XQVFKHUIOOWHGDQQ ZUGHLFKPLUZQVFKHQGDLFK ]XUFNNRPPHXQGGLFKKLHUZLHGHU ILQGH/HEZRKO© 8QGGDQQEHXJWHHUVHOEVWGHQ+DOVXQGVWUHLIWHGLH.HWWHEHUXQG VRIRUWZXUGHVHLQ.RSIGXUFKGDV*HZLFKWGHV5LQJHV]XP%RGHQJH]R JHQDOVRELKPHLQJURHU6WHLQXPJHEXQGHQZRUGHQZlUH$EHUODQJ VDPDOVREGDV*HZLFKWJHULQJHUZHUGHRGHUHLQHQHXH.UDIWLQLKPHU ZDFKVHKREHUGHQ.RSIXQGPLWHLQHUJURHQ$QVWUHQJXQJVWDQGHU GDQQDXIXQGPHUNWHGDHUJHKHQXQGVHLQH/DVWWUDJHQNRQQWH8QG HLQHQ$XJHQEOLFNKREHUGLH3KLROHKRFKXQGEOLFNWHKLQDEDXIVHLQHQ +HUUQXQGGDV/LFKWEUDQQWHMHW]WVDQIWPLWGHPPLOGHQ6WUDKOHQGHV $EHQGVWHUQVLP6RPPHUXQGLQGLHVHP/LFKWKDWWH)URGRV*HVLFKWZLH GHUHLQHVFK|QH)DUEHEOHLFKDEHUYRQHLQHUHOELVFKHQ6FK|QKHLWZLHEHL HLQHPGHUVFKRQODQJHGLH6FKDWWHQGXUFKZDQGHUWKDWWH8QGPLWGHP VFKPHU]OLFKHQ7URVWGLHVHVOHW]WHQ$QEOLFNVZDQGWHVLFK6DPDEYHUEDUJ GDV/LFKWXQGVFKZDQNWHLQGLH]XQHKPHQGH'XQNHOKHLW (UEUDXFKWHQLFKWZHLW]XJHKHQ'HU*DQJODJHLQ6WFNKLQWHULKPGLH 6FKOXFKWHLQSDDUKXQGHUW(OOHQRGHUZHQLJHUYRULKP'HU3IDGZDULQGHU 'VWHUQLVVLFKWEDUHLQHWLHIH6SXUHLQLQXQHQGOLFKHQ=HLWHQDXVJHWUHWHQHU :HJGHUQXQLQHLQHUODQJJHVWUHFNWHQ0XOGHPLW)HOVZlQGHQDXIEHLGHQ 6HLWHQVDQIWKLQDXIIKUWH'LH0XOGHYHUHQJWHVLFK UDVFK%DOGNDP6DP]X HLQHUODQJHQ7UHSSHPLWIODFKHQ6WXIHQ'HU2UNWXUPZDUMHW]WUHFKWVEHU LKPXQGGDVURWH/LFKWLQLKPJOKWHQRFK6DPZDULQGHPGXQNOHQ 6FKDWWHQGDUXQWHUYHUERUJHQ(UHUUHLFKWHGDVREHUH(QGHGHU7UHSSHXQG 5HL$QJHON#KWWSFRODHERRN]IELGH
ZDUQXQHQGOLFKLQGHU6FKOXFKW ª,FKKDEHPHLQHQ(QWVFKOXJHIDW©VDJWHHUGDXHUQG]XVLFKVHOEVW $EHUGDVKDWWHHUQLFKW2EZRKOHUVHLQ0|JOLFKVWHVJHWDQKDWWHHVVLFK JXW]XEHUOHJHQVRJLQJLKPGDVZDVHUWDWGRFKGXUFKDXVJHJHQGHQ 6WULFKª+DEHLFKHVIDOVFKJHPDFKW"©PXUPHOWHHUª:DVKlWWHLFKWXQ VROOHQ"© $OVGLH6WHLOZlQGHGHU6FKOXFKWLKQHLQVFKO|VVHQHKHHUGHQHLJHQW OLFKHQ*LSIHOHUUHLFKWHHKHHUHQGOLFKGHQ3IDGHUEOLFNWHGHULQGDV 1DPHQORVH/DQGKLQXQWHUIKUWHZDQGWHHUVLFKXP(LQHQ$XJHQEOLFN VFKDXWHHU]XUFNLQXQHUWUlJOLFKHP=ZHLIHOEHIDQJHQ:LHHLQHQNOHLQHQ )OHFNLQGHU]XQHKPHQGHQ'VWHUQLVNRQQWHHUQRFKGLHgIIQXQJGHV *DQJHVVHKHQXQGHUJODXEWH]XVHKHQRGHU]XHUUDWHQZR)URGRODJ(U ELOGHWHVLFKHLQGRUWXQWHQVHLHLQVFKZDFKHU6FKLPPHUDXIGHP%RGHQ RGHUYLHOOHLFKWWlXVFKWHQLKQVHLQH7UlQHQDOVHUKLQXQWHUVFKDXWHDXIGLH VHQKRKHQVWHLQLJHQ2UWZRVHLQJDQ]HV/HEHQLQ7UPPHUJHJDQJHQ ZDU ª:HQQPLUQXUPHLQ:XQVFKHUIOOWZHUGHQN|QQWHPHLQHLQ]LJHU :XQVFK©VHXI]WHHUª]XUFN]XJHKHQXQGLKQZLHGHU]XILQGHQ©'DQQ HQGOLFKZDQGWHHUVLFKXP]XGHP:HJYRULKPXQGPDFKWHHLQSDDU 6FKULWWHGLHVFKZHUVWHQXQGZLGHUVWUHEHQGVWHQGLHHUMHJHWDQKDWWH 1XUHLQSDDU6FKULWWHXQGMHW]WQXUQRFKHLQSDDUZHLWHUHXQGGDQQ ZUGHHUKLQXQWHUJHKHQXQGGLHVH+|KHQLHZLHGHUVHKHQ8QGGDQQ SO|W]OLFKK|UWHHU6FKUHLHQXQG6WLPPHQ(UVWDQGPXFNVPlXVFKHQVWLOO 2UNVWLPPHQ6LHZDUHQYRULKPXQGKLQWHULKP(LQ*HUlXVFKYRQ VWDPSIHQGHQ)HQXQGPLW|QHQGHQ5XIHQ2UNVNDPHQ]XU6FKOXFKW KHUDXIYRQGHUDQGHUHQ6HLWHYLHOOHLFKWYRQLUJHQGHLQHP(LQJDQJ]XP 7XUP6WDPSIHQGH)HXQG5XIHKLQWHULKP(UIXKUKHUXP(UVDK NOHLQHURWH/LFKWHU)DFNHOQGLHGRUWXQWHQEOLQNWHQDOVVLHDXVGHP*DQJ NDPHQ(QGOLFKZDUGLH-DJGLP*DQJH'DVURWH$XJHGHV7XUPVZDU QLFKWEOLQGJHZHVHQ(UZDUJHIDQJHQ -HW]WZDUGDV)ODFNHUQGHUVLFKQlKHUQGHQ)DFNHOQXQGGDV.OLUUHQYRQ :DIIHQYRULKPVHKUQDK,QHLQHU0LQXWHZUGHQVLHGHQ*LSIHOHUUHL FKHQXQGLKQHUZLVFKHQ(UKDWWH]XODQJHJHEUDXFKWVHLQHQ(QWVFKOX]X IDVVHQXQGMHW]WQW]WHHUQLFKWVPHKU:LHNRQQWHHUHQWNRPPHQRGHU VLFKUHWWHQRGHUGHQ5LQJUHWWHQ"'HU5LQJ(UZDUVLFKNHLQHV*HGDQNHQV XQGNHLQHU(QWVFKHLGXQJEHZXW(UPHUNWHQXUGDHUGLH.HWWHKHUDXV ]RJXQGGHQ5LQJLQGLH +DQGQDKP'LH6SLW]HGHU2UNJUXSSHWDXFKWHLQ GHU6FKOXFKWYRULKPDXI'DVWUHLIWHHULKQEHU 'LH:HOWYHUlQGHUWHVLFKXQGHLQHLQ]LJHU$XJHQEOLFNZDUDQJHIOOW PLWHLQHU6WXQGHGHV'HQNHQV6RIRUWZXUGHHUJHZDKUGDGDV*HK|U VLFKVFKlUIWHZlKUHQGGDV6HKYHUP|JHQDEQDKPDEHUDQGHUVDOVLQ.DQ NUDV+|KOH$OOH'LQJHXPLKQZDUHQMHW]WQLFKWGXQNHOVRQGHUQYHU VFKZRPPHQGDEHLZDUHUVHOEVWLQHLQHUJUDXHQGXQVWLJHQ:HOWDOOHLQ ZLHHLQNOHLQHUVFKZDU]HUIHVWHU)HOVHQXQGGHU5LQJGHUVHLQHOLQNH +DQGKLQXQWHUGUFNWHZDUZLHHLQ.UHLVDXVKHLHP*ROG(UKDWWHJDQ] XQGJDUQLFKWGDV*HIKOXQVLFKWEDUVRQGHUQLQHQWVHW]OLFKHUXQGHLQ]LJ DUWLJHU:HLVHVLFKWEDU]XVHLQXQGHUZXWHGDLUJHQGZRHLQ$XJH QDFKLKPIRUVFKWH (UK|UWHGDV.UDFKHQYRQ6WHLQXQGGDV0XUPHOQYRQ:DVVHUIHUQLP 0RUJXO7DOXQGZHLWHUXQWHQXQWHUGHP)HOVGHQJXUJHOQGHQ-DPPHU YRQ.DQNUDGLHXPKHUWDSSWHLQLUJHQGHLQHPYHUERUJHQHQ*DQJYHUOR 5HL$QJHON#KWWSFRODHERRN]IELGH
UHQXQG6WLPPHQLQGHQ9HUOLHVHQGHV7XUPVXQGGLH6FKUHLHGHU2UNV DOVVLHDXVGHP*DQJKHUDXVNDPHQXQGEHWlXEHQGLQVHLQHQ2KUHQ GU|KQHQGGHU.UDFKGHU)HXQGGDVGXUFKGULQJHQGH*HVFKUHLGHU2UNV YRULKP(UZLFK]XU)HOVZDQG]XUFN$EHUVLHPDUVFKLHUWHQKHUDQZLH HLQ*HLVWHUKHHUJUDXHYHU]HUUWH*HVWDOWHQLQHLQHP1HEHOQXU$QJVW WUlXPHPLWEOHLFKHQ)ODPPHQLQGHQ+lQGHQ8QGVLHJLQJHQDQLKP YRUEHL(UGXFNWHVLFKXQGYHUVXFKWHLQLUJHQGHLQH6SDOWH]XNULHFKHQXP VLFK]XYHUVWHFNHQ (UODXVFKWH'LH2UNVDXVGHPXQWHULUGLVFKHQ*DQJXQGGLHDQGHUHQ GLHKLQXQWHUPDUVFKLHUWHQKDWWHQHLQDQGHUJHVHKHQXQGEHLGH*UXSSHQ HLOWHQVLFKMHW]WXQGVFKULHQ(UK|UWHVLHEHLGHJDQ]GHXWOLFKXQGYHU VWDQGZDVVLHVDJWHQ9LHOOHLFKWEHZLUNWHGHU5LQJGDPDQ6SUDFKHQ YHUVWDQGRGHUEHUKDXSWYHUVWDQGLQVEHVRQGHUHGLH'LHQHUYRQ6DXURQ VHLQHP6FK|SIHUVRGD6DPZHQQHUDXISDWHGLH*HGDQNHQYHUVWDQG XQGVLFKVHOEVWEHUVHW]WH*HZLKDWWHGHU5LQJEHWUlFKWOLFKDQ0DFKW ]XJHQRPPHQDEHUHLQVYHUPLWWHOWHHUQLFKWXQGGDVZDU0XW,P $XJHQEOLFNGDFKWH6DPQXUGDUDQVLFK]XYHUVWHFNHQXQGOLHJHQ]XEOHL EHQELVDOOHVZLHGHUUXKLJHUZDUXQGHUODXVFKWHlQJVWOLFK(UZXWH QLFKWZLHQDKHGLH6WLPPHQZDUHQGLH:RUWHVFKLHQHQIDVWLQVHLQHQ 2KUHQ]XVHLQ ª+HGD*RUEDJ:DVPDFKVWGXKLHUREHQ"+DVWVFKRQJHQXJYRP .ULHJ"© ª%HIHKOGX7|OSHO8QGZDVWXVWGX6FKDJUDW"+DVWHVVDWWKLHUREHQ ]XODXHUQ"'HQNVWGDUDQ]XP.lPSIHQKHUXQWHU]XNRPPHQ"© ª%HIHKOHIUGLFK,FKEHIHKOLJHGLHVHQ3D$OVRVHLK|IOLFK:DVKDVW GX]XEHULFKWHQ"© ª1LFKWV© ª+H+H+XVVD©(LQ6FKUHLXQWHUEUDFKGLH8QWHUKDOWXQJGHU)KUHU 'LH2UNVZHLWHUXQWHQKDWWHQSO|W]OLFKHWZDVJHVHKHQ6LHEHJDQQHQ]X UHQQHQ'LHDQGHUHQDXFK ª+H+HGD'DLVWHWZDV/LHJWJHQDXDXIGHP:HJ(LQ6SlKHUHLQ 6SlKHU©(VJDEHLQ7XWHQKHLVHUHU+|UQHUXQGHLQ*HZLUUEHOOHQGHU 6WLPPHQ 0LWHLQHPHQWVHW]OLFKHQ6FKODJHUZDFKWH6DPDXVVHLQHUlQJVWOLFKHQ 6WLPPXQJ6LHKDWWHQVHLQHQ+HUUQJHVHKHQ:DVZUGHQVLHWXQ"(U KDWWH*HVFKLFKWHQYRQ2UNVJHK|UWGLHHLQHPGDV%OXWHUVWDUUHQOLHHQ (VZDUQLFKW]XHUWUDJHQ (UVSUDQJDXI(UOLHGLH$XIJDEHXQGDOOH (QWVFKOVVHIDKUHQXQG)XUFKWXQG=ZHLIHOPLWLKQHQ(UZXWHMHW]WZR VHLQ3ODW]ZDUXQGJHZHVHQZDUDQGHU6HLWHVHLQHV+HUUQREZRKOLKP QLFKWNODUZDUZDVHUGRUWWXQN|QQWH=XUFNUDQQWHHUGLH6WXIHQKLQ XQWHUGHQ3IDGKLQXQWHU]X)URGR ª:LHYLHOHVLQGGRUW"©GDFKWHHUª'UHLLJRGHUYLHU]LJPLQGHVWHQVYRP 7XUPXQGHUKHEOLFKPHKUDOVGDVYRQXQWHQVFKlW]HLFK:LHYLHOHNDQQ LFKW|WHQHKHVLHPLFKNULHJHQ"6LHZHUGHQGLH)ODPPHGHV6FKZHUWHV VHKHQVREDOGLFKHV]LHKHXQGIUKHURGHUVSlWHUZHUGHQVLHPLFKNULH JHQ,FKP|FKWHPDOZLVVHQREHLQ/LHGHVMHHUZlKQHQZLUG:LH6DP ZHLVDXIGHP+RKHQ3DILHOXQGHLQHQ:DOOYRQ/HLFKHQXPVHLQHQ +HUUQDXIWUPWH1HLQNHLQ/LHG1DWUOLFKQLFKWGHQQGHU5LQJZLUGJH IXQGHQZHUGHQXQGHVZLUGNHLQH/LHGHUPHKUJHEHQ,FKNDQQ VQLFKW lQGHUQ0HLQ3ODW]LVWEHL+HUUQ)URGR6LHPVVHQGDVYHUVWHKHQ² (OURQGXQGGHU5DWXQGGLHJURHQ+HUUHQXQG)UDXHQPLWDOOLKUHU:HLV 5HL$QJHON#KWWSFRODHERRN]IELGH
KHLW,KUH3OlQHVLQGJHVFKHLWHUW,FKNDQQQLFKWLKU5LQJWUlJHUVHLQ1LFKW RKQH+HUUQ)URGR© $EHUGLH2UNVZDUHQIUVHLQHQJHWUEWHQ%OLFNMHW]WDXHU6LFKW(U KDWWHNHLQH=HLWJHKDEWEHUVLFKVHOEVWQDFK]XGHQNHQGRFKMHW]WPHUNWH HUGDHUPGHZDUPGHIDVWELV]XU(UVFK|SIXQJVHLQH%HLQHZUGHQ LKQQLFKWWUDJHQZLHHUZROOWH(UZDU]XODQJVDP'HU3IDGVFKLHQPHL OHQODQJ:RKLQZDUHQVLHDOOHJHJDQJHQLQGHP1HEHO" 'DZDUHQVLHZLHGHU1RFKHLQJXWHV6WFNYRULKP(LQH0HQJH*H VWDOWHQXPHWZDVGDVDXIGHP%RGHQODJHLQSDDUVFKLHQHQKLHUKLQXQG GRUWKLQ]XVWU]HQJHEFNWZLH+XQGHDXIHLQHU6SXU(UYHUVXFKWHHLQH OHW]WH$QVWUHQJXQJ]XPDFKHQ ª/RV6DP©VDJWHHUª6RQVWNRPPVWGXZLHGHU]XVSlW©(UORFNHUWH GDV6FKZHUWLQGHU6FKHLGH,QHLQHU0LQXWHZUGHHUHV]LHKHQXQGGDQQ (VJDEHLQZLOGHV*HVFKUHL*HMRKOHXQG*HOlFKWHUDOVHWZDVYRP %RGHQDXIJHKREHQZXUGHª+DXUXFN+DXUXFN$XI$XI© 'DQQULHIHLQH6WLPPHª1XQORV'HQVFKQHOOHQ:HJ=XUFN]XP8Q WHUHQ7RU6LHZLUGXQVKHXWHQDFKWDOOHP$QVFKHLQQDFKQLFKWEHOlVWLJHQ© 'LHJDQ]H2UNEDQGHVHW]WHVLFKLQ%HZHJXQJ9LHULQGHU0LWWHWUXJHQHLQHQ .|USHUKRFKDXILKUHQ6FKXOWHUQª+DXUXFN© 6LHKDWWHQ)URGRPLWJHQRPPHQ6LHZDUHQIRUW(UNRQQWHVLHQLFKWHLQ KROHQ,PPHUQRFKTXlOWHHUVLFKYRUDQ'LH2UNVHUUHLFKWHQGHQ*DQJ XQGJLQJHQKLQHLQ'LHPLWGHU/DVW]XHUVWXQGKLQWHULKQHQJDEHVHLQH JDQ]H0HQJH*HUDQJHOXQG*HVFKXEVH6DPNDPKLQWHUGUHLQ(U]RJGDV 6FKZHUWHLQEODXHV)ODFNHUQLQVHLQHU]LWWHUQGHQ+DQGDEHUVLHVDKHQHV QLFKW*HUDGHDOVHUNHXFKHQGKHUDQNDPYHUVFKZDQGGHUOHW]WHYRQLKQHQ LQGHPGXQNOHQ/RFK (LQHQ$XJHQEOLFNVWDQGHUGDVFKQDSSWHQDFK/XIWXQGKLHOWVLFKGLH %UXVW'DQQIXKUHUVLFKPLWGHPbUPHOEHUV*HVLFKWZLVFKWH6FKPXW] 6FKZHLXQG7UlQHQDEª9HUGDPPWHU'UHFN©VDJWHHUXQGHLOWHLKQHQ QDFKLQGLH'XQNHOKHLW (VNDPLKPQLFKWPHKUVHKUGXQNHOYRULP*DQJHKHUZDUHVDOVREHU DXVHLQHPGQQHQ'XQVWVFKOHLHULQGLFKWHUHQ1HEHOJHNRPPHQVHL6HLQH 0GLJNHLWQDKP]XDEHUVHLQ:LOOHZXUGHXPVRKlUWHU (UJODXEWHGHQ 6FKHLQGHU)DFNHOQHLQ6WFNFKHQYRUVLFK]XVHKHQDEHUVRVHKUHUHV DXFKYHUVXFKWHHUNRQQWHVLHQLFKWHLQKROHQ2UNVJHKHQUDVFKLQXQWHULU GLVFKHQ*lQJHQXQGGLHVHQ*DQJNDQQWHQVLHJXWGHQQWURW].DQNUD PXWHQVLHLKQRIWEHQXW]HQZHLOHVGHUVFKQHOOVWH:HJYRQGHU7RWHQ 6WDGWEHUGDV*HELUJHZDU:DQQLQGHUZHLW]XUFNOLHJHQGHQ9HUJDQ JHQKHLWGHU+DXSWJDQJXQGGLHJURHUXQGH+|KOHLQGHU.DQNUDYRUXQ HQGOLFKODQJHU=HLWLKUHQ:RKQVLW]DXIJHVFKODJHQKDWWHDQJHOHJWZRUGHQ ZDUHQZXWHQVLHQLFKW$EHUYLHOH1HEHQZHJHKDWWHQVLHVHOEVWDXIEHL GHQ6HLWHQJHJUDEHQXPEHLLKUHP.RPPHQXQG*HKHQLP$XIWUDJLKUHU +HUUHQGLH+|KOH]XYHUPHLGHQ+HXWHQDFKWKDWWHQVLHQLFKWYRUZHLW KLQXQWHU]XJHKHQVRQGHUQHLOWHQ]XHLQHPVHLWOLFKHQ'XUFKJDQJGHU]X UFN]XLKUHP:DFKWXUPDXIGHP)HOVHQIKUWH'LHPHLVWHQYRQLKQHQ ZDUHQIU|KOLFKHQW]FNWEHUGDVZDVVLHJHIXQGHQXQGJHVHKHQKDWWHQ XQGZlKUHQGVLHUDQQWHQVFKZDW]WHQXQGVFKULHQVLHZLHHVLKUH$UW ZDU6DPK|UWHGDV*HVFKUHLLKUHUUDXKHQ6WLPPHQHLQW|QLJXQGGXUFK GULQJHQGLQGHUEHZHJXQJVORVHQ/XIWXQG]ZHL6WLPPHQNRQQWHHUYRQ DOOHQEULJHQXQWHUVFKHLGHQVLHZDUHQODXWHUXQGQlKHUEHLLKP'LH +DXSWOHXWHGHUEHLGHQ*UXSSHQVFKLHQHQDOVOHW]WH]XJHKHQXQGVLHXQ 5HL$QJHON#KWWSFRODHERRN]IELGH
WHUKLHOWHQVLFKGDEHL ª.DQQVWGXGHLQHQ+DXIHQQLFKWGD]XEULQJHQZHQLJHU5DGDX]X PDFKHQ6FKDJUDW"©EUXPPWHGHUHLQHª:LUZROOHQXQV.DQNUDQLFKWDXI GHQ+DOVODGHQ© ª$FKK|UDXI*RUEDJ'HLQHPDFKHQPHKUDOVGHQKDOEHQ.UDFK© VDJWHGHUDQGHUHª$EHUODGLH-XQJVGRFKVSLHOHQ8P.DQNUDEUDXFKHQ ZLUXQVHLQH=HLWODQJNHLQH6RUJHQ]XPDFKHQVFKlW]HLFK6LHKDWDXI
QHP1DJHOJHVHVVHQVFKHLQW VXQGGDUEHUZHUGHQZLUQLFKWZHLQHQ +DVWGXHVQLFKWJHVHKHQHLQHVFKHXOLFKH6FKZHLQHUHLGHQJDQ]HQ:HJ ELV]XLKUHUYHUIOXFKWHQ+|KOH":HQQZLUHVHLQPDOXQWHUEXQGHQKDEHQ GDQQKDEHQZLU VKXQGHUWPDOXQWHUEXQGHQ$OVRODVLHODFKHQ8QGZLU KDEHQHQGOLFKHLQELFKHQ*OFNJHKDEWKDEHQHWZDVEHNRPPHQZDV /XJE~U]KDEHQZLOO© ª$FK/XJE~U]ZLOOHVKDEHQ":DVJODXEVWGXLVWHV"(LELVFKVLHKWHV PLUDXVDEHU]XNOHLQ:DVLVWVRJHIlKUOLFKDQHLQHPVROFKHQ:HVHQ"© ª:HLLFKQLFKWELVZLU VDQJHVHKHQKDEHQ© ª2KR6LHKDEHQGLUDOVRQLFKWJHVDJWZDVGX]XHUZDUWHQKDVW"6LH VDJHQXQVQLFKWDOOHVZDVVLHZLVVHQQLFKWZDKU"1LFKWPDOGLH+lOIWH $EHUVLHN|QQHQDXFK)HKOHUPDFKHQVHOEVWGLH+|FKVWHQ© ª3VW*RUEDJ©6FKDJUDWKDWWHGLH6WLPPHJHVHQNWVRGD6DPVHOEVW PLWVHLQHPVHOWVDPJHVFKlUIWHQ*HK|UPLWNQDSSHU1RWYHUVWHKHQNRQQWH ZDVHUVDJWHª'DVPDJVHLQDEHUVLHKDEHQEHUDOO$XJHQXQG2KUHQ HLQLJHK|FKVWZDKUVFKHLQOLFKXQWHUPHLQHQ/HXWHQ$EHUHVEHVWHKWNHLQ =ZHLIHOGDVLHEHULUJHQGHWZDVEHXQUXKLJWVLQG'LH1D]JOXQWHQ VLQGEHXQUXKLJWQDFKGHLQHP%HULFKWXQG/XJE~U]DXFK(WZDVZlUHIDVW HQWZLVFKW© ª)DVWVDJVWGX©VDJWH*RUEDJ ª1DVFK|Q©VDJWH6FKDJUDWªDEHUZLUZHUGHQVSlWHUGDUEHUUHGHQ :DUWHELVZLU]XP8QWHUHQ:HJNRPPHQ'DLVWHLQH6WHOOHZRZLUHLQ ELFKHQUHGHQN|QQHQZlKUHQGGLH-XQJVZHLWHUJHKHQ© .XU]GDQDFKVDK6DPGLH)DFNHOQYHUVFKZLQGHQ'DQQJDEHVHLQUXP SHOQGHV*HUlXVFKXQGJHUDGHDOVHUVLFKEHHLOWHHLQHQ%XPV6RZHLWHU YHUPXWHQNRQQWHKDWWHQGLH2UNVGHQ:HJYHUODVVHQXQGZDUHQ]XHEHQ GHP'XUFKJDQJJHNRPPHQPLWGHP)URGRXQGHUHVYHUVXFKWKDWWHQXQG GHUYHUVSHUUWJHZHVHQZDU 'DVFKLHQHLQJURHU6WHLQLP:HJ]XOLHJHQDEHUGLH2UNVZDUHQ LUJHQGZLHKLQGXUFKJHODQJWGHQQHUK|UWHLKUH6WLPPHQDXIGHUDQGHUHQ 6HLWH6LHUDQQWHQLPPHUQRFKZHLWHUWLHIHUXQGWLHIHULQGHQ%HUJKLQHLQ ]XUFN]XP7XUP6DPZDUYHU]ZHLIHOW6LHWUXJHQGLH/HLFKHVHLQHV +HUUQIRUWIULUJHQGHLQHQEOHQ=ZHFNXQGHUNRQQWHQLFKWIROJHQ(U VFKOXJXQGVFKREDQGHP%ORFNXQGZDUIVLFKGDJHJHQDEHUHUJDEQLFKW QDFK'DQQK|UWHHUQLFKWZHLWGULQQHQZLHHUJODXEWHGLHEHLGHQ+DXSW OHXWHZLHGHUUHGHQ(UVWDQGVWLOOXQGODXVFKWHHLQZHQLJXQGKRIIWHYLHO OHLFKWHWZDV1W]OLFKHV]XHUIDKUHQ9LHOOHLFKWZUGH*RUEDJGHU]X 0LQDV0RUJXO]XJHK|UHQVFKLHQKHUDXVNRPPHQXQGGDQQZUGHHU KLQHLQVFKOSIHQN|QQHQ ª1HLQLFKZHLHVQLFKW©VDJWH*RUEDJª'LH1DFKULFKWHQNRPPHQLQ GHU5HJHOVFKQHOOHUGXUFKDOVLUJHQGHWZDVIOLHJHQN|QQWH$EHULFKIRU VFKHQLFKWQDFKZLHGDVJHVFKLHKW$PXQJHIlKUOLFKVWHQZHQQPDQHV QLFKWWXW%U:HQQLFKDQGLHVH1D]JOGHQNHEHUOlXIWHVPLFKHLVNDOW 6LH]LHKHQGLUGLH+DXWYRP/HLEHVREDOGVLHGLFKDQVHKHQXQGODVVHQ 5HL$QJHON#KWWSFRODHERRN]IELGH
GLFKJDQ]NDOWLP'XQNHOQDXIGHUDQGHUHQ6HLWH$EHU(UPDJVLHVLH VLQG6HLQH/LHEOLQJHKHXW]XWDJHHVKDWDOVRNHLQHQ=ZHFN]XPXUUHQ,FK VDJHGLUHVLVWNHLQ6SDXQWHQLQGHU6WDGW]XGLHQHQ© ª'XVROOWHVWHVPDOKLHUREHQYHUVXFKHQPLW.DQNUD]XU*HVHOOVFKDIW© VDJWH6FKDJUDW ª,FKZUGHHVJHUQLUJHQGZRYHUVXFKHQZRNHLQHUYRQLKQHQLVW$EHU MHW]WLVW.ULHJXQGZHQQGHUYRUEHLLVWP|JHQGLH'LQJHOHLFKWHUVHLQ© ª(VVWHKWJXWIUXQVKHLWHV© ª'DVP|FKWHQVLHJHUQ©EUXPPWH*RUEDJª:LUZHUGHQVHKHQ$EHU MHGHQIDOOVZHQQHVPLWGHP.ULHJZLUNOLFKJXWJHKWGDQQVROOWHHVHUKHE OLFKPHKU3ODW]JHEHQ:DVPHLQVWGX² ZHQQZLUHLQH0|JOLFKNHLW KDEHQGXXQGLFKGDQQKDXHQZLUDEXQGPDFKHQXQVLUJHQGZRPLWHLQ SDDU]XYHUOlVVLJHQ-XQJVVHOEVWlQGLJLUJHQGZRZRHVJXWHXQGOHLFKWHU UHLFKEDUH%HXWHJLEWXQGNHLQHJURVSXULJHQ9RUJHVHW]WHQ© ª$K©VDJWH6FKDJUDWª:LHLQDOWHQ=HLWHQ© ª-D©VDJWH*RUEDJª$EHUUHFKQHQLFKWGUDXI,FKPDFKHPLU]LHPOLFKH 6RUJHQ:LHLFKJHVDJWKDEHGLH+RKHQ+HUUHQIUHLOLFK©VHLQH6WLPPH VHQNWHVLFKIDVW]XHLQHP)OVWHUQªIUHLOLFKVHOEVWGLH*U|WHQN|QQHQ )HKOHUPDFKHQ(WZDVZlUHIDVWHQWZLVFKWVDJVWGX,FKVDJHHWZDVLVW HQWZLVFKWXQGZLUPVVHQGDQDFK$XVVFKDXKDOWHQ,PPHUPVVHQGLH DUPHQ8UXNVGLH.DUUHDXVGHP'UHFN]LHKHQXQGHUQWHQZHQLJ'DQN $EHUYHUJLGDVQLFKWGLH)HLQGHOLHEHQXQVHEHQVRZHQLJZLH,KQXQG ZHQQVLH,KQXQWHUNULHJHQGDQQVLQGZLUDXFKJHOLHIHUW$EHUQXQK|U PDOZDQQELVWGXDXVJHVDQGWZRUGHQ"© ª9RUHLQHU6WXQGHXQJHIlKUJHUDGHEHYRUGXXQVVDKVW(LQH0HOGXQJ NDP1D]JOEHVRUJW6SlKHUDXI7UHSSHEHIUFKWHW'RSSHOWH:DFKVDP NHLW6WUHLIH]XPREHUHQ(QGHGHU7UHSSH ,FKNDPVRIRUW© ª6FKOLPPH*HVFKLFKWH©VDJWH*RUEDJª3DDXI² XQVHUH6WXPPHQ :lFKWHUZDUHQYRUPHKUDOV]ZHL7DJHQVFKRQXQUXKLJGDVZHLLFK $EHUPHLQH6WUHLIHEHNDPDXFKDPQlFKVWHQ7DJQRFKNHLQHQ0DUVFKEH IHKOXQGHVZXUGHDXFKNHLQH%RWVFKDIW QDFK/XJE~U]JHVDQGWZHLOGDV *URH6LJQDODXIVWLHJXQGGHU+RKH1D]JOLQGHQ.ULHJ]RJXQGDOOGDV 8QGGDQQNRQQWHQVLHHLQHJDQ]H:HLOH/XJE~U]QLFKWGD]XEHNRPPHQ GHU6DFKH$XIPHUNVDPNHLW]X]ROOHQZLHPLUJHVDJWZXUGH© ª'DV$XJHZDUDQGHUVZREHVFKlIWLJWQHKPHLFKDQ©VDJWH6FKDJUDW ª*URH'LQJHJHVFKHKHQLP:HVWHQKHLWHV© ª'DVZLOOLFKJODXEHQ©NQXUUWH*RUEDJª$EHULQ]ZLVFKHQVLQG)HLQGH GLH7UHSSHKHUDXIJHNRPPHQ8QGZDVKDVWGXJHPDFKW"'XVROOVW:DFKH KDOWHQQLFKWZDKU6RQGHUEHIHKOH RGHUQLFKW":RIUELVWGXHLJHQWOLFK GD"© ª-HW]WUHLFKW VDEHU'XEUDXFKVWPLFKQLFKWEHUPHLQH3IOLFKWHQ]X EHOHKUHQ:LUKDEHQDXIJHSDW:LUZXWHQGDNRPLVFKH'LQJHYRU VLFKJHKHQ© ª6HKUNRPLVFKH© ª-DVHKUNRPLVFKH/LFKWHUXQG5XIHQXQGGDVDOOHV$EHU.DQNUD KDWWHVLFKJHUHJW0HLQH-XQJVVDKHQVLHXQGLKUHQ6FKQIIOHU© ª,KUHQ6FKQIIOHU":DVLVWGHQQGDV"© ª'XPXWLKQJHVHKHQKDEHQHLQHQNOHLQHQGQQHQVFKZDU]HQ.HUO VLHKWVHOEVWZLH QH6SLQQHDXVRGHUYLHOOHLFKWPHKUZLH QYHUKXQJHUWHU )URVFK(ULVWVFKRQIUKHUKLHUJHZHVHQ.DPGDVHUVWH0DODXV /XJE~U] YRU-DKUHQXQGZLUHUKLHOWHQ%HIHKOYRQ*DQ]2EHQLKQODXIHQ]XODV 5HL$QJHON#KWWSFRODHERRN]IELGH
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© ª1LFKWVVDJVWGX+DVWGXGHLQH$XJHQQLFKWDXIJHVSHUUWGDKLQWHQ" ,FKVDJHGLULFKELQEHVRUJW:DVLPPHUGLH7UHSSHKHUDXINDPLVWGXUFK JHNRPPHQ(VKDWLKUH6SLQQHQZHEHQGXUFKJHVFKQLWWHQXQGLVWJODWWDXV GHU+|KOH UDXVJHNRPPHQ'DVLVWHWZDVZRUEHUPDQQDFKGHQNHQ VROOWH© ª1XQMDDEHU]XOHW]WKDWVLHLKQGRFKJHNULHJWQLFKWZDKU"© ª,KQJHNULHJW" :HQJHNULHJW"'LHVHQNOHLQHQ%XUVFKHQ":HQQ HUGHU HLQ]LJHJHZHVHQZlUHGDQQKlWWHVLHLKQELQQHQNXU]HPLQLKUH6SHLVH NDPPHUJHEUDFKWXQGGDZlUHHUMHW]W8QGZHQQ/XJE~U]LKQKDEHQ ZLOOGDQQZUGHVWGX KLQJHKHQPVVHQXPLKQ]XKROHQ+EVFKIU GLFK$EHUGDZDUHQPHKUDOVHLQHU© $QGLHVHP3XQNWEHJDQQ6DPDXIPHUNVDPHU]XODXVFKHQXQGSUHWH VHLQ2KUDQGHQ6WHLQ ª:HUKDWGLH6WULFNHGXUFKVFKQLWWHQPLWGHQHQVLHLKQJHIHVVHOWKDWWH 6FKDJUDW"'HUVHOEHGHUGLH6SLQQHQZHEHQGXUFKVFKQLWW+DVWGXGDVQLFKW JHVHKHQ"8QGZHUKDWGLH+RKH)UDXPLWHLQHU1DGHOJHVWRFKHQ"'HU VHOEHVFKlW]HLFK8QGZRLVWHU":RLVWHU6FKDJUDW"© 6FKDJUDWDQWZRUWHWHQLFKW ª'DPXWGXPDOHLQELFKHQQDFKGHQNHQZHQQGHLQ*ULSVUHLFKW(V LVWQLFKW]XP/DFKHQ1LHPDQGQLFKWHLQHLQ]LJHUKDWMH]XYRU.DQNUD PLWHLQHU1DGHOJHVWRFKHQZLHGXJHQDXZLVVHQVROOWHVW'DVLVWZHLWHU NHLQ8QJOFNDEHUGHQNHGRFK² GDLVWKLHUHLQHUDXIIUHLHP)XGHUJH IlKUOLFKHULVWDOVMHGHUDQGHUHYHUGDPPWH$XIUKUHUGHQHVMHJDEVHLW GHQVFKOHFKWHQDOWHQ=HLWHQVHLWGHUJURHQ%HODJHUXQJ(WZDVLVWHQW ZLVFKW© ª8QGZDVLVWHVGDQQ"©EUXPPWH6FKDJUDW ª1DFKDOOHQ$Q]HLFKHQ+DXSWPDQQ6FKDJUDWZUGHLFKVDJHQGD HLQJHZDOWLJHU.ULHJHUKLHUIUHLKHUXPOlXIWHLQ(OEK|FKVWZDKUVFKHLQOLFK PLWHLQHP(OEHQVFKZHUWMHGHQIDOOV XQGYLHOOHLFKWDXFKPLWHLQHU$[WXQG DXFKLQGHLQHP%H]LUNOlXIWHUIUHLKHUXPXQGGXKDVWLKQQLHDXVILQGLJ JHPDFKW:LUNOLFKVHKUNRPLVFK©*RUEDJVSXFNWHDXV6DPOlFKHOWHJULP PLJEHLGLHVHU%HVFKUHLEXQJYRQVLFK ª1DMDGXKDVWVFKRQLPPHUVFKZDU]JHVHKHQ©VDJWH6FKDJUDWª'X NDQQVWGLH=HLFKHQGHXWHQZLHGXZLOOVWDEHUHVPDJQRFKDQGHUH:HJH JHEHQVLH]XHUNOlUHQ-HGHQIDOOVKDEHLFKEHUDOO:lFKWHUDXIJHVWHOOW XQGLFKJHGHQNHPLFKMHZHLOVQXUPLWHLQHU6DFKH]XEHIDVVHQ:HQQLFK PLUGHQ%XUVFKHQGHQZLUJHIDQJHQKDEHQ DQJHVHKHQKDEHGDQQZHUGH LFKDQIDQJHQPLUEHUHWZDVDQGHUHV6RUJHQ]XPDFKHQ© ª,FKYHUPXWHGXZLUVWEHLGHPNOHLQHQ.HUOQLFKWYLHOILQGHQ©VDJWH *RUEDJª(UKDWPLWGHPZLUNOLFKHQ8QKHLOYLHOOHLFKWJDUQLFKWV]XWXQ 5HL$QJHON#KWWSFRODHERRN]IELGH
'HUJURH.HUOPLWGHPVFKDUIHQ6FKZHUWVFKHLQWVRZLHVRJHJODXEW]X KDEHQGDHUQLFKWYLHOZHUWLVW² KDWLKQGDHLQIDFKOLHJHQODVVHQUHJHO UHFKWH(OEHQ/LVW© ª:LUZHUGHQVHKHQ.RPPQXQZHLWHU:LUKDEHQJHQXJJHUHGHW/D XQVMHW]WHLQHQ%OLFNDXIGHQ*HIDQJHQHQZHUIHQ© ª:DVZLOOVWGXPLWLKPPDFKHQ"9HUJLQLFKWGDLFKLKQ]XHUVWHQW GHFNWKDEH:HQQ VLUJHQGHLQHQ6SDJLEWPVVHQLFKXQGPHLQH-XQJV GDEHLVHLQ© ª1XQQXQ©EUXPPWH6FKDJUDWªLFKKDEHPHLQH%HIHKOH8QGHV ZUGHPLFKXQGGLFK.RSIXQG.UDJHQNRVWHQLKQHQ]XZLGHU]XKDQGHOQ -HGHU GHUVLFKXQEHIXJWKLHUDXIKlOWXQGYRQGHU:DFKHJHIXQGHQZLUG VROOLP7XUPIHVWJHVHW]WZHUGHQ'HU*HIDQJHQHVROODXVJH]RJHQZHUGHQ *HQDXH%HVFKUHLEXQJYRQMHGHP6WFN.OHLGXQJ:DIIHQ%ULHI5LQJ RGHU6FKPXFNVWFNPXVRIRUWQDFK/XJE~U]JHVFKLFNWZHUGHQXQGQXU QDFK/XJE~U]8QGGHU*HIDQJHQHVROOVLFKHUHLQJHVSHUUWZHUGHQXQGXQ YHUOHW]WEOHLEHQEHL7RGHVVWUDIHIUMHGHQ$QJHK|ULJHQGHU:DFKHELV(U MHPDQGHQVFKLFNWRGHU6HOEVWNRPPW'DV LVWNODUXQGGHXWOLFKXQGGDV ZHUGHLFKWXQ© ª$XVJH]RJHQ"©IUDJWH*RUEDJª:DV=lKQH1lJHO+DDUHXQGDOOHV"© ª1HLQQLFKWVGHUJOHLFKHQ(ULVWIU/XJE~U]VDJHLFKGLUGRFK0DQ ZLOOLKQKHLOXQGXQYHUVHKUWKDEHQ© ª'DVZLUGGLUVFKZHUIDOOHQ©ODFKWH*RUEDJª(ULVWMHW]WQLFKWVDOV $DV:DV/XJE~U]PLWVROFKHP=HXJZLOONDQQLFKQLFKWHUUDWHQ(U N|QQWHJHQDXVRJXWJOHLFKYRUGLH+XQGHJHKHQ© ª'X1DUU©NQXUUWH6FKDJUDWª'XKDVWVHKUNOXJJHUHGHWDEHUHVJLEW HLQH0HQJHZDVGXQLFKWZHLWREZRKO VGLHPHLVWHQDQGHUHQ/HXWHZLV VHQ'XZLUVWYRUGLH+XQGHRGHU]X.DQNUDJHKHQZHQQGXQLFKWDXI SDW$DV,VWGDVDOOHVZDVGXYRQGHU+RKHQ)UDXZHLW":HQQVLHPLW 6WULFNHQIHVVHOWGDQQLVWVLHDXI)OHLVFKDXV6LHIULWNHLQWRWHV)OHLVFK XQG VlXIWNHLQNDOWHV%OXW'LHVHU%XUVFKHLVWQLFKWWRW© 6DPZXUGHVFKZLQGOLJXQGHUKLHOWVLFKDP6WHLQIHVW,KPZDUDOVRE GLHJDQ]HGXQNOH:HOWDXIGHP.RSIVWQGH6RJURZDUVHLQ6FKUHFN GDHUIDVWRKQPlFKWLJJHZRUGHQZlUHDEHUZlKUHQGHUQRFKGDUXP NlPSIWHEHL6LQQHQ]XEOHLEHQK|UWHHUWLHILQVHLQHP,QQHUHQHLQHNULWL VFKHbXHUXQJª'X1DUUHULVWQLFKWWRWXQGGHLQ+HU]ZXWHHV9HU ODGLFKQLFKWDXIGHLQHQ.RSI6DPZHLVHULVWQLFKWGHLQHGHOVWHU7HLO 'HLQ)HKOHULVWHVGDGXQLHPDOVZLUNOLFK+RIIQXQJKDWWHVW:DVLVW MHW]W]XWXQ"©,P$XJHQEOLFNQLFKWVDOVVLFKJHJHQGLHUHJORVHQ6WHLQH]X OHKQHQXQG]XODXVFKHQGHQHNHOKDIWHQ2UNVWLPPHQ]X]XK|UHQ ª.ODU©VDJWH6FKDJUDWª6LHKDWPHKUDOVHLQ*LIW:HQQVLHDXIGHU -DJGLVWGDQQJLEWVLHLKQHQQXUHLQHQ.ODSVDXIGHQ1DFNHQXQGVLH ZHUGHQVRVFKODSSZLHHQWJUlWHWHU)LVFKXQGGDQQPDFKWVLHPLWLKQHQ ZDVVLHZLOO(ULQQHUVWGXGLFKDQGHQDOWHQ8IWKDN":LUKDWWHQLKQVHLW 7DJHQYHUPLW'DQQIDQGHQZLULKQLQHLQHP:LQNHODXIJHKlQJWZDU HUDEHUHUZDUKHOOZDFKXQGVWDUUWH:LHZLUODFKWHQ9LHOOHLFKWKDWWHVLH LKQYHUJHVVHQDEHUZLUUKUWHQLKQQLFKWDQ² HVKDWNHLQHQ=ZHFNVLFK PLU,KUHLQ]XODVVHQ1HH² GLHVHUNOHLQH'UHFNVDFNZLUGLQHLQSDDU6WXQ GHQDXIZDFKHQXQG DEJHVHKHQYRQHLQELFKHQhEHONHLWZLUGHUJDQ]LQ 2UGQXQJVHLQ2GHUZUGHHVVHLQZHQQ/XJE~U]LKQLQ)ULHGHQOLHH 8QGQDWUOLFKDEJHVHKHQGDYRQGDHUVLFKIUDJHQZLUGZRHULVWXQG ZDVPLWLKPJHVFKHKHQLVW© 5HL$QJHON#KWWSFRODHERRN]IELGH
ª8QGZDVPLWLKPJHVFKHKHQZLUG©ODFKWH*RUEDJª:LUN|QQHQLKP MHGHQIDOOVHLQSDDU*HVFKLFKWHQHU]lKOHQZHQQZLUQLFKWVDQGHUHVWXQ N|QQHQ,FKQHKPHQLFKWDQGDHUMHPDOVLPVFK|QHQ/XJE~U]ZDUGHV KDOEZLUGHUYLHOOHLFKWJHUQZLVVHQZROOHQZDVHU]XHUZDUWHQKDW(V ZLUGVSDLJHUVHLQDOVLFKJHJODXEWKDEH/DXQVJHKHQ© ª(VZLUGNHLQHQ6SDJHEHQGDVVDJHLFKGLU©HUZLGHUWH6FKDJUDW ª8QGHUPXLQVLFKHUHP*HZDKUVDPEOHLEHQVRQVWVLQGZLUDOOHVRJXW ZLHWRW© ª1DVFK|Q$EHUZHQQLFKGXZlUHZUGHLFKGHQ*URHQIDQJHQGHU QRFKIUHLKHUXPOlXIWHKHGXHLQHQ%HULFKWQDFK/XJE~U]VFKLFNVW(V ZUGHQLFKWDOO]XKEVFKNOLQJHQZHQQGXVDJVWGXKDVWGDV.lW]FKHQ JHIDQJHQXQGGLH.DW]HHQWZLVFKHQODVVHQ© 'LH6WLPPHQZXUGHQDOOPlKOLFKOHLVHU6DPK|UWHGDVLFK6FKULWWH HQWIHUQWHQ(UHUKROWHVLFKYRQVHLQHP6FKUHFNXQGMHW]WSDFNWHLKQHLQH ZLOGH:XWª$OOHVKDEHLFKYHUNHKUWJHPDFKW©ULHIHUª,FKZXWHGD LFKGDVWXQZUGH-HW]WKDEHQVLHLKQGLH7HXIHOGLH'UHFNVlFNH1LH PDOVGHLQHQ+HUUQYHUODVVHQQLHPDOVQLHPDOVGDVZDUPHLQULFKWLJHU *UXQGVDW]8QGLFKZXWHHVLQPHLQHP+HU]HQ0|JHPLUYHU]LHKHQ ZHUGHQ-HW]WPXLFK]XLKP]XUFN,UJHQGZLHLUJHQGZLH© (U]RJVHLQ6FKZHUWZLHGHUXQGVFKOXJPLWGHP+HIWDQGHQ6WHLQDEHU HVJDEQXUHLQHQGXPSIHQ.ODQJ'DV 6FKZHUWOHXFKWHWHLQGHVVRKHOOGD HULQGHP6FKHLQHLQZHQLJVHKHQNRQQWH=XVHLQHUhEHUUDVFKXQJPHUNWH HUGDGHUJURH%ORFNGLH)RUPHLQHUVFKZHUHQ7UKDWWHXQGQLFKWHLQ PDOGRSSHOWVRKRFKZLHHUJURZDU'DUEHUZDUHLQGXQNOHUOHHUHU 5DXP]ZLVFKHQGHU2EHUNDQWHXQGGHPQLHGULJHQ*HZ|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lKHU-HW]WVFKLHQHQVLHJDQ]GLFKW]XVHLQ ª'DVLVWHVZDVLFKWXQZHUGH©VDJWH6FKDJUDWLQ]RUQLJHP7RQª,KQ LQGLHREHUVWH.DPPHUVWHFNHQ© ª:R]X"©EUXPPWH*RUEDJª+DVWGXXQWHQNHLQH*HIlQJQLVVH"© ª(UNRPPWDXI1XPPHUVLFKHUGDVVDJHLFKGLU©DQWZRUWHWH6FKDJUDW ª9HUVWHKVWGX"(ULVWZHUWYROO,FKWUDXHQLFKWDOOHQPHLQHQ-XQJVXQG NHLQHPYRQGHLQHQXQGGLUDXFKQLFKWZHQQGXDXI6SDYHUVHVVHQELVW (UNRPPWGDKLQZRLFKLKQKDEHQZLOOXQGZRGXQLFKWKLQNRPPVW ZHQQGXQLFKWK|IOLFKEOHLEVW*DQ]QDFKREHQVDJHLFK'DZLUGHU VLFKHUVHLQ© ª:LUGHUGDV"©VDJWH6DPª'XYHUJLWGHQJURHQPlFKWLJHQ(OEHQ NULHJHUGHUQRFKIUHLKHUXPOlXIW©XQGGDPLWUDQQWHHUXPGLHOHW]WH
5HL$QJHON#KWWSFRODHERRN]IELGH
(FNHXQGPXWHIHVWVWHOOHQGDHUGXUFKLUJHQGHLQH7lXVFKXQJGHV*DQ JHVRGHUGHV*HK|UVGDVGHU5LQJLKPYHUOLHKGLH(QWIHUQXQJIDOVFKHLQ JHVFKlW]WKDWWH 'LHEHLGHQ2UNVZDUHQLPPHUQRFKHLQ6WFNYRUDXV(UNRQQWHVLH MHW]WVHKHQVFKZDU]XQGJHGUXQJHQYRUHLQHPURWHQ)HXHUVFKHLQ'HU *DQJYHUOLHIHQGOLFKJHUDGHHLQH6WHLJXQJKLQDXIXQGDQVHLQHP(QGH ZDUHQJURH'RSSHOWUHQGLHZHLWRIIHQVWDQGHQXQGZDKUVFKHLQOLFKLQ GLHWLHIHQ.DPPHUQZHLWXQWHUGHPKRKHQ+RUQGHV7XUPVIKUWHQ'LH 2UNVPLWGHU/DVWZDUHQVFKRQKLQGXUFKJHJDQJHQ *RUEDJXQG6FKDJUDW QlKHUWHQVLFKGHP7RU 6DPK|UWHSO|W]OLFKKHLVHUHV6LQJHQ+|UQHUEODVHQXQGGDV'U|KQHQ YRQ*RQJVHLQDEVFKHXOLFKHU/lUP*RUEDJXQG6FKDJUDWZDUHQVFKRQ DXIGHU6FKZHOOH 6DPVFKULHXQGVFKZDQJ6WLFKDEHUVHLQHNOHLQH6WLPPHJLQJLQGHP *HW|VHXQWHU1LHPDQGDFKWHWHDXILKQ 'LHJURHQ7UHQVFKOXJHQ]X%XP'LHHLVHUQHQ5LHJHOVFKQDSSWHQ HLQ.OLUU'DV7RUZDUJHVFKORVVHQ6DPZDUIVLFKJHJHQGLHYHUULHJHOWHQ HKHUQHQ7RUIOJHOXQGILHOEHVLQQXQJVORVDXIGHQ%RGHQ(UZDUGUDXHQ LQGHU'XQNHOKHLW)URGRZDUDP/HEHQDEHUYRP)HLQGJHIDQJHQ
5HL$QJHON#KWWSFRODHERRN]IELGH