'HU.ULVWDOOSULQ]
M 1U 'HU.ULVWDOOSULQ] 9RUZRUW
$WODQ
'DV %XFK GHU ³$7/$1%FKHU´ EHJLQQW H...
47 downloads
791 Views
1MB 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
'HU.ULVWDOOSULQ]
M 1U 'HU.ULVWDOOSULQ] 9RUZRUW
$WODQ
'DV %XFK GHU ³$7/$1%FKHU´ EHJLQQW HLQHQ QHXHQ $EVFKQLWW GHU XQV VRIHUQ QLFKWV 8QHUZDUWHWHV GD]ZLVFKHQNRPPW YLHOH -DKUH EHVFKlIWLJHQ ZLUG 0LW 'HU .ULVWDOOSULQ] EHJOHLWHQ ZLU $WODQ LQ VHLQH -XJHQG]HLW XQG VFKODJHQ VRPLW HLQ .DSLWHO VHLQHU VFKLOOHUQGHQ /HEHQVJHVFKLFKWH DXI GDV VFKRQ DQ DQGHUHU 6WHOOH YHU|IIHQWOLFKW ZXUGHXQGQXQLP*HZDQGGHU³%ODXElQGH´KRIIHQWOLFKZLHGHUYLHOHDOWHXQGQRFKPHKU QHXH$QKlQJHUILQGHQZLUG ,P 5DKPHQ GHU LQVJHVDPW 5RPDQH XPIDVVHQGHQ $7/$1+HIWVHULH HUVFKLHQHQ ]ZLVFKHQ XQG XQWHU GHP 7LWHO $7/$1H[NOXVLY 'HU +HOG YRQ $UNRQ ]XQlFKVW LP YLHUZ|FKHQWOLFKHQ %lQGH ELV GDQQ LP ]ZHLZ|FKHQWOLFKHQ :HFKVHOPLWGHQ$EHQWHXHUQ,P$XIWUDJGHU0HQVFKKHLW%lQGHELV GDQDFK LP QRUPDOHQ Z|FKHQWOLFKHQ 5K\WKPXV %lQGH ELV LQVJHVDPW 5RPDQH 'LHPHLVWHQGDYRQZDUHQLP,FK(U]lKOVWLODXV$WODQV6LFKWJHVFKULHEHQ +DQGOXQJV]HLWUDXP ZDUHQ GLH -DKUH ELV YRU &KULVWXV LQ $UNRQ]HLWUHFKQXQJ DXVJHGUFNW ELV GD $UN LQ GHQHQ $WODQ ]XQlFKVW YRQ VHLQHU ZDKUHQ +HUNXQIW DOV .ULVWDOOSULQ] XQG GHU (UPRUGXQJ VHLQHV 9DWHUV ,PSHUDWRU *RQR]DO 9,, GXUFK GHVVHQ %UXGHU 2UEDQDVFKRO HUIXKU XQG GDUDQ JLQJ GHQ .DPSI JHJHQ GHQ %UXGHUP|UGHU DXI]XQHKPHQ 'LHVH +DXSWWKHPDWLN SUlJWH ]ZDU VlPWOLFKH ³-XJHQGDEHQWHXHU´ WUDW MHGRFK LP 9HUODXI GLYHUVHU 8QWHU]\NOHQ PLWXQWHU LQ GHQ +LQWHUJUXQG²YRU DOOHP EHLP 7KHPHQNUHLV ULQJV XP GLH ³*ROGHQH *|WWLQ´ ,VFKWDU XQG LKU DXV GHP 0LNURNRVPRV VWDPPHQGHV 9RON GHU 9DUJDQHQ %lQGH ELV VRZLHGHPXP$NRQ$NRQ%lQGHELV (UVW DE %DQG NRQ]HQWULHUWH VLFK GLH +DQGOXQJ ZLHGHU PHKU DXI GLH +DXSWWKHPDWLN GHV .DPSIHV JHJHQ ,PSHUDWRU 2UEDQDVFKRO ,,, KLHUEHL JDE HV MHGRFK DXFK ZLHGHUKROWH 6FKDXSODW]ZHFKVHO XQG DQGHUH +DXSWSURWDJRQLVWHQ²XQWHU DQGHUHP /HER $[WRQ DOLDV 6LQFODLU 0DURXW .HQQRQ GHQ 0DJQRUW|WHU .OLQVDQWKRU XQG $OJRQNLQ
'HU.ULVWDOOSULQ]
M
$WODQ
(UHLJQLVVH JHVFKLOGHUW ZHUGHQ GLH $WODQV 9RUJHVFKLFKWH DXVPDFKHQ QlPOLFK VHLQH ZDKUH +HUNXQIW DOV .ULVWDOOSULQ] GHV *URHQ ,PSHULXPV XQG GLH (UPRUGXQJ VHLQHV 9DWHUV )U PLFK DOV %HDUEHLWHU GHU +HIWURPDQH ZDU XQG LVW HV IDV]LQLHUHQG LQ GLH +DQGOXQJ HLQ]XVWHLJHQ GLH LFK GDPDOV DOV ³1XU)DQ´ YHUIROJWH PLW $WODQ PLW ILHEHUWH XQG QLFKW LP 7UDXP GDUDQ GDFKWH GLHVH *HVFKLFKWHQ HLQPDO ]X HLQHP VFK|Q JHEXQGHQHQ %XFK ]XVDPPHQVWHOOHQ ]X GUIHQ (V PDFKW PLFK VWRO] XQG GDQNEDU GLHVHQ³-RE´]XEHUQHKPHQGHUYLHOPHKUDOV³QXU´-RELVW 'DQNEDU ELQ LFK ZLH VFKRQ EHL GHQ %FKHUQ GHU $UNRQ7ULORJLH DXFK IU GLH HPVLJH 0LWDUEHLW GHU +HLQ]HOPlQQHNHQ LUQ +LQWHUJUXQG DXI GHUHQ XQHUVHW]OLFKH +LOIH LFK NHLQHVZHJV YHU]LFKWHQ P|FKWH GD VLH PLW .ULWLN XQG $QUHJXQJHQ GDV (QWVWHKHQ EHJOHLWHWHQ 'DQN DOVR DQ +HLNR ³0U -DKQQLOOLRQHQFKURQLN´ /DQJKDQV .XUW .REOHU 0LFKDHO%HFNXQGVHOEVWYHUVWlQGOLFK²0LFKDHO³0U=HLWUDIIHU´7KLHVHQ 8QG HEHQIDOOV 'DQN DQ ³.1)´ GHU VLFK LQWHQVLY GDIU HLQJHVHW]W KDW GD HV EHUKDXSW]XU8PVHW]XQJGHU-XJHQGDEHQWHXHUNRPPHQNRQQWH 9LHO6SDPLW'HU.ULVWDOOSULQ]$G$VWUD 5DLQHU&DVWRU 3URORJ $XV 9RUZRUW GHU YRQ 3URIHVVRU 'U KLVW 'U SKLO &\U $EDHODUG $HVFXQQDU HUVWHOOWHQ XQG KHUDXVJHJHEHQHQ LQ YLHOHQ %HUHLFKHQ QRFK OFNHQKDIWHQ %LRJUDSKLH$WODQV*lD3URYFRQ)DXVW (WOLFKH 'LQJH WUDIHQ ]XIlOOLJ ]XVDPPHQ ]XU UHFKWHQ =HLW 'HU $XIWUDJ HLQ YHUELQGOLFKHV YRUOlXILJ HQGJOWLJHV *HVFKLFKWVELOG 7HUUDV XQG GHU 0HQVFKKHLW ]X VFKDIIHQ HUJLQJ VFKRQ YRU HLQLJHQ -DKUHQ DQ GLH &KPRUO8QLYHUVLWlW YRQ 6RO &LW\ 6HLW GLHVHU=HLWZXUGHQGLHEHVWHQXQGSUl]LVHVWHQ*HVFKLFKWVGDWHQPHKIIDFKEHUSUIWXQG NRPSOHWWLHUW YHULIL]LHUW XQG PLW GHQ QHXHVWHQ %LOGHP XQG +RORJUDSKLHQ DXVJHVWDWWHW ]XVDPPHQJHIJW .RUUHNWXUHQ XQG (UJlQ]XQJHQ GLH VLFK VHl $XJXVW GXUFK $WODQV (U]lKOXQJHQ HUJDEHQ ZXUGHQ DQ GHQ ULFKWLJHQ 6WHOOHQ HLQJHDUEHLWHW WH[WOLFK DEJHVHW]WXQGIORVVHQLQGLH$11$/(1'(50(16&++(O7HEHQVRHLQZLHQXQDXFKLQ VHLQH%LRJUDSKLH 8QHQGOLFKHU 'DQNJHEKUW PHLQHQ 6WXGHQWHQ ]DKOUHLFKHQ DQGHUHQ 0LWDUEHLWHP GHQ /HNWRUHQ .RUUHNWRUHQ 'HVLJQHP /H[LNRJUDIHQ XQG YLHOHQ DQGHUHQ YRU DOOHP MHQHQ GLH GLYHUVH 6HNXQGlUOLWHUDWXU EHLVWHXHUWHQ 862+LVWRULVFKHV .RUSV PLW YLHOHQ *HKHLPDNWHQ 0DUJLQDOLHQ XQG 8QWHUODJHQ GLH 5HGDNWLRQGHU (1=<&/23$('O$ 7(55$1,$ GHU$GPLQLVWUDWLRQV)XQGXV YHUVFKLHGHQH 9HUODJH DOV5HFKWVQDFKIROJHULKUHUPLW7HUUDYHUVFKROOHQHQ9RUJlQJHU /lQJVW KDW 3UlWHQGHQW $WODQ YROOVWlQGLJ JHKHLOW XQG RKQH ZHLWHUHQ (ULQQHUXQJVGUXFN ZLHGHU GLH 5HJLHUXQJVJHVFKlIWH GHV 1HXHQ (LQVWHLQVFKHQ ,PSHULXPV EHPRPPHQ 'LH 0|JOLFKNHLW KLQVLFKWOLFK XQNODUHU 3XQNWH VHLQHU %HULFKWH XQGGDPLW]XVDPPHQKlQJHQGHU6HNXQGlUHUVFKHLQXQJHQQDFK]XKDNHQVLQGOHLGHUQXU LQ EHVFKUlQNWHP 8PIDQJ JHJHEHQ DXV YHUVWlQGOLFKHQ *UQGHQ LVW $WODQ QLFKW EHUHLW HPHXWLQGHQ6SUHFK]ZDQJVHLQHU(ULQQHUXQJHQ]XYHUIDOOHQ
'HU.ULVWDOOSULQ]
M
$WODQ
,Q HLQHP 3XQNW MHG RFK OLH HU VLFK ]X HLQHU EHPHUNHQVZHUWHQ 5LFKWLJVWHOOXQJ EHZHJHQ ,P ZHLWHU XQWHQ ]LWLHUWHQ $EVFKQLWW YRQ &XQQDUG 5H]NODGLGHV¶ ³=DKOHQ =HQWXULHQ=LHOHXQG=HXJQLVVH´ZXUGHDOV'DWXPGHU%HJHJQXQJ$WODQVPl2WWDFDOLDV )DUWXORRQ GDV -DKU HUZlKQW WDWVlFKOLFK DEHU VR GHU $UNRQLGH Pl HLQHP LURQLVFKHQ /lFKHOQ KDEH GLHVH VFKRQ IQI]LJ -DKUH IUXKHU VWDWWJHIXQGHQ VHL GXUFK 9HUPLWWOXQJ GHV ,PSHULDOHQ $UFKLYDUV XQG +LVWRULNHUV +HPPDU 7D.KDOORXS ]XVWDQGH JHNRPPHQ XQG KDEH LKQ $WODQ IDVW LQ GLH EHUXFKWLJWH (U]lKOWUDQFH VHLQHV SKRWRJUDSKLVFKHQ*HGlFKWQLVVHVIDOOHQODVVHQZ|UWOLFKVDJWHHUZHLWHU ³,UJHQG MHPDQG PX PLFK IDOVFK YHUVWDQGHQ KDEHQ GHVKDOE ZXUGH DXV HEHQ $XI GLH +LQWHUJUQGH GHU (QWVWHKXQJ GHV YRQ ,KQHQ 3URIHVVRU VR JHVFKlW]WHQ :HUNHV QDPHQV $8)67,(* 81' 1,('(5*$1* '(6$5.21,',6&+(1,03(5,806ZHUGHLFKQLFKWHLQJHKHQ8PDEHU,KUHEHUHFKWLJWH 1HXJLHU]XEHIULHGLJHQEHUUHLFKHLFK,KQHQHLQHPLWHLQHU5HLKHYRQ$QPHUNXQJHQXQG =XVDW]LQIRUPDWLRQHQ YHUVHKHQH 6SHLFKHUNRSLH GHV GDPDOV YRQ PHLQHP EHPHUNHQVZHUWHQ /HKUPHLVWHU HUVWHOOWHQ 20O5*26.ULVWDOOV (U EHIUHLWH PLFK YRP 'UXFNGHU(ULQQHUXQJHQHKHLFKPLFKLQHLQHQHQGORVSODSSHUQGHQ=RPELHYHUZDQGHOQ NRQQWH JHQDX ZLHHUHVNXU]YRUVHLQHP UlWVHOKDIWHQ 9HUVFKZLQGHQ LQ PHLQHU-XJHQG WDW XPPLFK µ'LQJH YHUJHVVHQ RGHULQ HLQHPDQGHUHQ/LFKWVHKHQ]X ODVVHQ 'HP EHJHKUOLFKHQ*OLW]HUQLQ+HPPDUV$XJHQNRQQWHLFKGDPDOVQLFKWVHQWJHJHQKDOWHQHU HUKLHOW HLQH GHU ZHQLJHQ 6SHLFKHUNRSLHQ XQG KDW VLFK DXFK ODQJH²YHUPXWOLFK EHL YLHO 5RWZHLQ XQG GHOLNDWHP (VVHQ²PLW )DUWXORRQ XQWHUKDOWHQ %HLGHQ PX HV JURHV 9HUJQJHQ EHUHLWHW KDEHQ PHLQHQ (ULQQHUXQJHQ GLH HLQH RGHU DQGHU )XQRWH DQ]XIJHQ 8QG ,KQHQ 3URIHVVRU ZQVFKH LFK HEHQIDOOV YLHO 6SD 1XQ NRQQHQ 6LH VLFK QDFK GHQ DOV µ=HLWDEHQWHXHU EHNDQQW JHZRUGHQHQ *HVFKLFKWHQ LQ MHQH YHUWLHIHQ GLHZRKODOVµ-XJHQGDEHQWHXHU]XXPVFKUHLEHQZlUHQ´ &XQQDUG 5H]NODGLGHV =DKOHQ =HQWXULHQ =LHOH XQG =HXJQLVVH²DXV GHU $UEHl GHV862+LVWRULVFKHQ.RUSV6RQGHUGUXFN3RXQGHU&LW\0DUV $OVHLQ8626SH]LDOLVWGHUDXIVHLQH1DPHQVQHQQXQJNHLQHQ:HUWOHJWH]XP HUVWHQPDODXIGLH(UZlKQXQJGHU6FKULIWRGHUGHV7H[WHVMHQHVHSRFKDOHQ%XFKHVPLW GHP ]XUFNKDOWHQGHQ 7LWHO $8)67O(* 81' 1,('(5*$1* '(6 $5.21,',6&+(1 ,03(5,806 VWLH ULVNLHUWHQ ZLU HV XQVHUHQ &KHI ZlKUHQG HLQHUVHLQHU *XWH/DXQH 3KDVHQ QlKHU]X EHIUDJHQ )ROJHQGH (LQ]HOKHLWHQ ZDUHQ ]X HUIDKUHQ ZREHL DXFK GHU /HLFKWHVWJOlXELJH VLFK VWHWV YRU $XJHQ KDOWHQ VROOWH GD /RUGDGPLUDO $WODQ LQ VROFKHQ )lOOHQPlGHUUHLQHQ:DKUKHLWEHKXWVDPXPJHKW7DWVDFKHLVW'DV%XFKHUVFKLHQXP LQJHULQJHU$XIODJHZXUGHHWZD-DKUHVSlWHUDXVGHP$UNRQLGLVFKHQEHUVHW]W XQGLQHLQHU$XIODJHYRQQXPHULHUWHQ([HPSODUHQJHGUXFNW:HUDEHUYHUELUJWVLFK KLQWHU:RI0DUO6WDUFR":HUZDU5LDUQH5LY/HQN" 'LH$QWZRUWNRQQWHZLHIROJWODXWHQ8P$WODQLVWDXI$UNRQGHU,PSHUDWRU *RQR]DO$FKWXQGKDW6FKZLHULJNHLWHQPLWGHQHQWVFKOXXQIlKLJHQ$UNRQLGHQHUVFKLHQ ZlKUHQGHLQHU$XGLHQ]LP.ULVWDOOSDODVWHLQ0DQQGHVVHQ$XIWUHWHQXQG$XVVHKHQVLFK ZRKOWXHQG YRP EULJHQ 6FKUDQ]HQ XQG %LWWVWHOOHUJHKDEH DEKRE $WODQ²GLHV HUJDE DXFK HLQH (UZlKQXQJ LP -DKU ²ZLGPHWH GLHVHP %HVXFKHU HLQH PHKUVWXQGLJH 3ULYDWDXGLHQ] 'DEHL WUDW HLQ ZDV PLU DXV ³JHZ|KQOLFK JXW XQWHUULFKWHWHQ .UHLVHQ´ ]XJHWUDJHQZXUGHDEHU0DQEHDFKWHGLH]HLWOLFKHQ$EVWlQGH'HU%HVXFKHUVHL2WWDF GHU &DOXULHU JHZHVHQ 'LHV VHL HLQH .RUSHUPDVNH )DUWXORRQ GHV %DXFKDXIVFKQHLGHUV HUIXKU LFK %HL GHU SULYDWHQ /DQJ$XGLHQ] VHLHQ $WODQV EORFNLHUWH -XJHQGHULQQHUXQJHQ
'HU.ULVWDOOSULQ]
M
$WODQ
IUHLJHZRUGHQ2WWDF)DUWXORRQKDEHGHVKDOEPLWHLQHPZHLWHUHQ20,5*26.ULVWDOOGLH %ORFNDGH ZLHGHUKROW RGHU YHUVWlUNW GDEHL KDEH GHU .ULVWDOO $WODQV (ULQQHUXQJHQ JHVSHLFKHUWXQGVHLLQGLH+lQGH6WDUFRVXQG5LY/HQNVJHIDOOHQ $EHU $XV ³JHZ|KQOLFK EHVVHU XQWHUULFKWHWHQ 4XHOOHQ´ HUIXKU LFK GD K|FKVWZDKUVFKHLQOLFK )DUWXORRQ MHQHU 6WDUFR XQG $WODQ VHOEVW GHU DQGHUH 9HUIDVVHU /HQN JHZHVHQ ZlUHQ GLH DXV HLQHU IDPRVHQ /DXQH KHUDXV EHVFKORVVHQ MHQH DUNRQLGLVFKH &KURQLN ]X VFKUHLEHQ XQG VHOEVW XUDOWDUNRQLGLVFKH 6SHLFKHULQKDOWH HLQ]XDUEHLWHQ 8QG DXFK GLH PLW 2ELJHP YHUEXQGHQHQ 0XWPDXQJHQ )DUWXORRQ GHU $OWHUVORVH VHL HLQ :HUN]HXJ YRQ (6 JHEH LFK PLW DOOHU 9RUVLFKW ZHLWHU (LQ ZHLWHUHV )DV]LQRVXPLVWGDDOOH([HPSODUHGHUhEHUVHW]XQJDXVGHP$UNRQLGLVFKHQYHUJULIIHQ XQGYHUVFKROOHQVLQG 'LH LQ GLHVHP 7H[W DXI GDV -DKU GDWLHUWH (UZlKQXQJ NRQQWH JHIXQGHQ ZHUGHQ VLH JHK|UW ]XP 'DWHQIXQGXV GHV 862+LVWRULVFKHQ .RUSV XQG ZLUG QDFKIROJHQGHEHQIDOOV]LWFHUW 6HDQ 1HOO )H\N 0DUJLQDOLHQ ]X GHQ $QQDOHQ GHV 862+LVWRULVFKHQ .RUSV $ ,$'0862$UFKLY4XLQWR&HQWHU ZXUGH/RUGDGPLUDO$WODQGHU(LQVDW]EHULFKW³%DLNXODU´DP1RYHPEHU EHUUHLFKW 9RQ EHVRQGHUHP ,QWHUHVVH IU GLHVHV 0DUJLQDOLHQ .DSLWHO LVW MHQH 3HUVRQ GLH GHQ YHUGHFNW DUEHLWHQGHQ 8626SH]LDOLVWHQ 7HNHQHU XQG .HQQRQ LP 9HUODXI LKUHV %DLNXODU$XIHQWKDOWHV EHJHJQHWH XQG LKQHQ EHL VHLQHP $XIWULWW DXI GHP YRQ *XDODSD 5XQGDDXVJHULFKWHWHQ)HVWDOV³2WWDFGHU&DOXULHU´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³(U LVW HLQ SKDQWDVWLVFKHU *HVFKLFKWHQHU]lKOHU (U EHVLW]W &KDUPH XQG :LW] LVW HLQ JHLVWUHLFKHU 8QWHUKDOWHU²(U EHVLW]W NHLQ *HOG NHLQHQ %HVLW] DEHU HU YHUVWHKW HV VLFK¶ DOOHLQ PLW +LOIH VHLQHU (U]lKONXQVW GXUFKV /HEHQ ]X VFKODJHQ (U LVW HLQ 6FKQRUUHU HLQ OLHEHQVZHUWHU 6FKQRUUHU²0DQ QHQQW LKQ DXFK GHQ µ6WHPHQZDQGHUHUF (U NHQQW DOOH :HLWHQGLHVHU*DOD[LV8QGDOOH3HUV|QOLFKNHLWHQGLHVHU*DOD[LVNHQQHQLKQ-HGHUPDQQ UHFKQHWHVVLFKDOV(KUHDQ2WWDFDOV*DVW]XKDEHQ$XFK5XQGDZLUGHV]XVFKlW]HQ ZLVVHQGDHULKQEHVXFKW´ $OVLFK]XIlOOLJPLWLKPDOOHLQEHLHLQHP=LHUWHLFK]XVDPPHQWUDIDQWZRUWHWHHUDXI PHLQH %HPHUNXQJ GD HU VLFK XQGXUFKVFKDXEDU XQG JHKHLPQLVYROO JHEH PLW HLQHP VFKOLFKWHQ ³,FK ELQ &DOXULHU´²RKQH MHGRFK DXI PHLQH 1DFKIUDJH ZR GLHVHV &DOXULHQ OLHJHHLQ]XJHKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
VDJWHHUEHLGHU9HUDEVFKLHGXQJ³*UXHQ6LH$WODQYRQPLU2EHUVW7HNHQHU (V KDW PLFK VHKU JHIUHXW 6LH XQG 2EHUVWOHXWQDQW .HQQRQ LQ GHU QHXHQ 5ROOH ZLHGHU]XVHKHQ1RFKPDOVJUHQ6LH$WODQYRQPLU´ 0LWGLHVHQ:RUWHQEHUUHLFKWHHUPLUHLQ)DUEIRWRGDVHLQHQMXQJHQ0DQQ]HLJWH GHU HLQH HQWIHUQWH $KQOLFKNHLW PLW LKP EHVD :LFKWLJ :LH NDQQ HLQ GDKHUJHODXIHQHU 6WHPHQZDQGHUHU HLQHV GHU EHVWJHKWHWHQ *HKHLPQLVVH GHU 862 NHQQHQ " :RKHU NHQQW2WWDFXQVHUHZDKUH,GHQWLWlW" (KHUDOV)XQRWHEHUOLHIHUWZXUGH/RUGDGPLUDO$WODQVHUVWDXQOLFKH5HDNWLRQDXI GHQ%HULFKWXQGGDV)RWR(UVDKHVODQJHDQUXQ]HOWHGLH6WLUQGRFKSO|W]OLFKOlFKHOWH HU ³$FK GHU LVW GDV´ PXUPHOWH HU XQG DQ VHLQHQ $GMXWDQWHQ JHZDQGW IJWH HU KLQ]X³(VLVWDOOHVLQ2UGQXQJ5LFKWHQ6LHGDV7HNHQHUDXV´ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ *RUWDYRUGHU]ZHLWH3ODQHWYRQ*RUWDYRUV6WHPZDUHLQHZLOGH:HOWDP5DQG GHV*URHQ,PSHULXPVDXIGHUGLHDUNRQLGLVFKH=LYLOLVDWLRQXQGGLHXQJH]lKPWH1DWXU HLQH$UW6\PELRVHHLQJHJDQJHQZDUHQQLFKWXPVRQVWZXUGHGHU3ODQHWQDFKVHLQHPLQ GHU6SLQQHQZVWHXPJHNRPPHQHQ(QWGHFNHU³.DPSI7DYRUV´JHQDQQW'DYRQVHLWHQ GHU$UNRQLGHQNHLQ,QWHUHVVHEHVWDQGGHQ3ODQHWHQ]XNXOD¶YLHUHQXQGV\VWHPDWLVFK]X EHVLHGHOQJDEHVQXULQHLQHPZHLWHQ8PNUHLVXPGHQ5DXPKDIHQGHV.RQWLQHQWV 7DLJRUHLQHEHVFKHLGHQH,QGXVWULHXQGGLHQ|WLJVWHQWHFKQLVFKHQ$QODJHQ'LHEULJH /DQGNDUWH*RUWDYRUVZLHVGDJHJHQYLHOHJURHZHLH)OlFKHQDXIGLHMHQH/DQGVWULFKH EH]HLFKQHWHQGLHQRFKYRQNHLQHP$UNRQLGHQEHWUHWHQZRUGHQZDUHQ9RUDOOHPEHWUDI GLHVGHQ.RQWLQHQW%DUJDNDXIGHU6GXQGGHQ,QVHONRQWLQHQW%\VKOXUDJDXIGHU 1RUGKHPLVSKlUH 2EZRKOGLH=LYLOLVDWLRQKLHUNDXP)XJHIDWKDWWH²RGHUJHUDGHGHVZHJHQ² HUIUHXWHVLFKGHU3ODQHWHLQHVUHJHQ=XVWURPVYRQ=XZDQGHUHPGLHGHQYHUVFKLHGHQVWHQ 9|ONHUQHQWVWDPPWHQXQGDXVDOOHQ7HLOHQGHV*URHQ,PSHULXPVXQGDXVIHPHQ XQEHNDQQWHQ5HJLRQHQGHU*DOD[LVNDPHQGLHEHLGHQ$UNRQLGHQ³gGH,QVHO´JHQDQQW ZXUGH(VKDQGHOWHVLFKGXUFKZHJVXP$EHQWHXUHUJHVFKHLWHUWH([LVWHQ]HQXQG DQGHUH]ZLHOLFKWLJH*HVWDOWHQ6LHZDUHQHVGLHGDV*HVDPWELOGYRQ*RUWDYRUSUlJWHQ² VLHPDFKWHQDXVGHP3ODQHWHQHLQHQ:DUHQXPVFKODJSODW]IU6FKPXJJOHUXQG+HKOHU HLQ3DUDGLHVIU'LHEHXQG%HWUXJHUHLQ$V\OIU0|UGHU9HUIHPWHXQGDOOH*HMDJWHQ 'D*RUWDYRULQGHU5DQG]RQHGHV7DL$UN¶7XVVDQODJ/LFKWMDKUHYRP $UNRQV\VWHPHQWIHUQWZDUHLQHUGHU*UXQGHGDIUZDUXPVLFK)DUWXORRQKLHU QLHGHUJHODVVHQKDWWH'HU$UP2UEDQDVFKROV,,,GHV,PSHUDWRUVGHVDUNRQLGLVFKHQ 5HLFKHVZDUODQJDEHUELVKLHUKHUUHLFKWHHURIIHQEDUQLFKW=XPLQGHVWZDU)DUWXORRQ ELVKHUYRUVHLQHP=XJULIIVLFKHUJHZHVHQ$OV/HLEDU]W$UPDQFN'HFODQWHUVJHQRHU JURHV$QVHKHQXQGHLQHJHZLVVH,PPXQLWlW'HU7DWRZLHGHURIIL]LHOOH7LWHOGHV DUNRQLGLVFKHQ3ODQHWHQYHUZDOWHUVODXWHWHVFKLUPWHLKQYRUDOOHQ*HIDKUHQDE 9RUXQVEUHLWHWHVLFKYRQVLOEULJHP1HW]ZHUNEHUVSDQQWGLHVFKLHUHQGORVH 6SLQQHQZVWHDXV,FKVDDQJHVSDQQWKLQWHUGHP6WHXHUGHV'ULIWHUV'HQ3ODW]QHEHQ PLUKDWWH)DUWXORRQHLQJHQRPPHQ0HLQ/HKUPHLVWHUXQG=LHKYDWHUVWDUUWHDXVGHU
'HU.ULVWDOOSULQ]
M
$WODQ
.ODUVLFKWNDQ]HO,FKKlWWH]XJHUQHJHZXWZDVLQVHLQHPKDDUORVHQ6FKlGHOYRUJLQJ $OVLFKLKPYRQGHU6HLWHHLQHQ%OLFN]XZDUIULFKWHWHHUNXU]VHLQHJHOEHQ$XJHQDXI PLFK$EHUVLHZDUHQDXVGUXFNVORV 1XUXPHWZDV]XVDJHQIUDJWHLFK³%HVFKlIWLJWGLFKGHU1RWUXI"´ ³,FKGHQNHQXUGDUDQGD/HXWHLQ1RWJHUDWHQVLQGGHQHQZLUKHOIHQPVVHQ´ ,FKYHUVXFKWHQLFKWWLHIHULQLKQ]XGULQJHQ0LUPDFKWHGDV6FKZHLJHQQLFKWV DXV*DQ]LP*HJHQWHLOLFKZDUVRJDUIURKPLFKDXIGLH)DKUWNRQ]HQWULHUHQ]X N|QQHQ'DV7DUNLKOGDVPLFKLPPHUDQHLQHQNORELJHQ7DIHOEHUJHULQQHUWHZDUOlQJVW KLQWHUGHP+RUL]RQWYHUVFKZXQGHQ(VUDJWHDP5DQGGHU6SLQQHQZVWHDXIQLFKW EHVRQGHUVKRFKDEHUGRFKJLJDQWLVFK'HU*UXQGULKDWWHGLH)RUPHLQHVVWXPSIHQ 'UHLHFNVZDU]HKQ.LORPHWHUODQJXQGVHFKV.LORPHWHUEUHLW(VJDOWDOVHLQHXUDOWH )HVWXQJDEHUQLHPDQGZXWHZHUVLHHLQVWHUEDXWKDWWH'DV0DWHULDOJOLFKlXHUOLFK %URQ]HXQGZLUNWHXQEHDUEHLWHW=DKOUHLFKH9RUVSUQJH(UKHEXQJHQXQG.XSSHOQ XQWHUEUDFKHQGHQ9HUODXIGHU0DXHUQ )DUWXORRQKDWWHPLUHUNOlUWGDGHUJU|WH7HLOGHV*HElXGHVXQWHUGHU 2EHUIOlFKHYHUERUJHQZDUXQGZDKUVFKHLQOLFKQRFKQLHPDOVEHWUHWHQZXUGH:HQQHU PLFKQLFKWLPPHUZLHGHUHUPDKQWKlWWHZlUHLFKVLFKHUOLFK|IWHUHLQHPGHUYLHOHQ *HKHLPJlQJHJHIROJW,FKNDQQWHGDV7DUNLKOELVDXIVHLQHQVXESODQHWDULVFKHQ7HLO UHFKWJXW+LHUKDWWHLFKPHLQH-XJHQG]XJHEUDFKWXQGPLWGHU7RFKWHUGHV7DWR JHVSLHOW'DEHLZDUHVQLFKWDXVJHEOLHEHQGD)DUQDWKLDXQGLFKVWHWVQHXH*l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³*URHQ.DPSIHV´ YRU]XVWRHQ 'HQQDXHUXQ]lKOLJHQXQEHNDQQWHQ*HIDKUHQJDEHVKLHUGLHVWlQGLJH %HGURKXQJGLHGHU:VWHGHQ1DPHQJHJHEHQKDWWH=ZHL0HWHUEHUGHP%RGHQ VSDQQWHVLFK]ZLVFKHQXQUHJHOPlLJYHUWHLOWHQ3IHLOHUQEHUGDVJHVDPWH*HELHWHLQ 1HW]DXVDUPGLFNHQ6LOEHUVWUlQJHQ1LHPDQGZXWHZHUGLHVHV1HW]HUVFKDIIHQXQG ZHOFKHP=ZHFNHVXUVSUQJOLFKJHGLHQWKDWWH0DQYHUPXWHWHDEHUGDGLH(UEDXHU MHQH:HVHQJHZHVHQZDUHQGLHDXFKGDV7DUNLKOHUULFKWHWKDWWHQ,QGHQHUVWHQSDDU KXQGHUW.LORPHWHUQGHU6SLQQHQZVWHYHUOLHIHQGLH6LOEHUVWUlQJHPHLVWLQJURHQ $EVWlQGHQYRQPLWXQWHU+XQGHUWHQ0HWHUQ]XP=HQWUXPGHU:VWHKLQZXUGHGDV 1HW]GDJHJHQLPPHUGLFKWHU 8Q]lKOLJH*OFNVULWWHUZDUHQDXVJH]RJHQXPVHLQH5lWVHO]XO|VHQGLH ZHQLJVWHQYRQLKQHQZDUHQOHEHQG]XUFNJHNHKUW$XFK7DYRUGHUGDV6RQQHQV\VWHP GD$UNNDWDORJLVLHUWKDWWHZDUKLHUJHVWRUEHQ'LH6LOEHUVWUlQJHEHKLHOWHQLKU *HKHLPQLVIUVLFK ,FKZXWHQXUGDGDVHQGORVZLUNHQGHDQVFKHLQHQGLQVLFKJHVFKORVVHQH1HW] PDQFKPDO]XYLEULHUHQXQG]XVXPPHQEHJDQQ'LH9LEUDWLRQHQXQGGHUJHVSHQVWLVFKH .ODQJVFKOXJHQDOOH/HEHZHVHQLQGHQ%DQQXQGYHUXUVDFKWHQEHLLKQHQ
'HU.ULVWDOOSULQ]
M
$WODQ
+DOOX]LQDWLRQHQDQGHQHQVFKRQXQ]lKOLJH:VWHQZDQGHUHU]HUEURFKHQZDUHQ,FK VHOEVWKDWWHGDV9LEULHUHQXQG6XPPHQGHV6SLQQHQQHW]HVQRFKQLHHUOHEWXQGNRQQWH PLUDXFKQLFKWYRUVWHOOHQGDPDQLKPYHUILHOZHQQPDQVLFKPLWGHUQ|WLJHQ :LOOHQVDQVWUHQJXQJGDJHJHQZHKUWH ³(VVLQGVFKRQJDQ]DQGHUHDOVGXVFKZDFKJHZRUGHQ$WODQ´KDWWH)DUWXORRQ JHPHLQWDOVLFKLKPPHLQHhEHUOHJXQJHQPLWJHWHLOWKDWWH'DVlUJHUWHPLFKGHQQHV OLHPLFKYHUPXWHQGD)DUWXORRQPHLQH)lKLJNHLWHQXQWHUVFKlW]WH'LHVHbXHUXQJ KDWWHHUDEHUVFKRQYRUHLQLJHU=HLWJHWDQ,Q]ZLVFKHQVFKLHQHUVHLQH0HLQXQJEHU PLFKJHlQGHUW]XKDEHQQXQLQZHQLJHQ3HULRGHQZXUGHLFKVFKOLHOLFKDFKW]HKQ $UNRQMDKUHDOW0DQFKPDOHUVFKLHQHVPLUGDHUPLFKDOVJOHLFKZHUWLJDQHUNDQQWH 6RZLHDQGLHVHP0RUJHQGHP3UDJRGHU&RURPDGD$UNDOVGHU 1RWUXIDXVGHU:VWHLP7DUNLKOHLQJHJDQJHQZDU)DUWXORRQKDWWH]XJHVWLPPWGDLFK GDV6WHXHUGHV'ULIWHUVEHUQDKP'DVZHUWHWHLFKDOVVWLOOH$QHUNHQQXQJXQGHV HUIOOWHPLFKPLW6WRO],FKQDKPPLUYRU)DUWXORRQV9HUWUDXHQQLFKW]XHQWWlXVFKHQXQG GHQ'ULIWHUVLFKHUDQV=LHO]XEULQJHQ0DUDXWKDQV5XLQHQGLHNQDSSYLHUKXQGHUW .LORPHWHUYRP7DUNLKOHQWIHUQWZDUHQ ³(VLVWKHL´VDJWH(LVNUDOOHKLQWHUPLU³%HLGLHVHU+LW]HZHUGHLFKQRFK ]HUIOLHHQ´ ,FKPXWHXQZLOONUOLFKJULQVHQ'LH)XUFKWGHV&KUHWNRUVYRUH[WUHPHU+LW]HXQG ]XJURHU.lOWHZDUVFKRQNUDQNKDIW$EHULFKWDWLKPGHQ*HIDOOHQXQGHUK|KWHGLH /HLVWXQJGHU.OLPDDQODJH*OHLFKQDFKXQVHUHP6WDUWKDWWHHUVLFKEHUGLHQLHGULJH 7HPSHUDWXULP'ULIWHUEHVFKZHUWVRGDLFKGLH+HL]XQJHLQVFKDOWHQPXWH ³,VWHV(XFKVRUHFKWHGOHU+HUU"´HUNXQGLJWHLFKPLFKVS|WWLVFK
'HU.ULVWDOOSULQ]
M
$WODQ
³'DQNH$WODQ´VDJWH(LVNUDOOHRKQHDXIPHLQHQ7RQIDOOHLQ]XJHKHQ³,FKVSUH ZLHVLFKPHLQH.|USHUVWUXNWXUZLHGHUIHVWLJW´ ³$XVZHLFKHQ´ULHI)DUWXORRQZHLOYRUXQVSO|W]OLFKHLQH6DQGGQHDXIWDXFKWH GLHIDVWELV]XP6LOEHUQHW]KLQDXIUHLFKWH $EHULFKODFKWHQXU³'LHVHV+LQGHUQLVQLPPWGHU'ULIWHUPLW/HLFKWLJNHLW´ :LUHUUHLFKWHQGLH'QHXQGLFKVFKDOWHWHGLH6DXJGVHQHLQGLHDOVNORELJH =\OLQGHUVHLWOLFKGHU5DXSHQNHWWHQDQJHEUDFKWZDUHQXQGKDXSWVlFKOLFKGD]XGLHQWHQ +LQGHUQLVVHZLHGLHVH'QHDE]XWUDJHQ,FKGURVVHOWHGLH*HVFKZLQGLJNHLWZlKUHQG GLH6DXJGVHQDXIOKHXOWHQXQGLQLKUHP6RJGLH'QHLPPHUQLHGULJHUZXUGH'HU6DQG ZXUGHGXUFKHLQ5RKUV\VWHP]XP+HFNGHV'ULIWHUVJHOHLWHWXQGGRUWGXUFKHLQ*HEOlVH DXVJHVWRHQ3O|W]OLFKJDEHVHLQVFKHSSHUQGHV*HUlXVFKXQGGDV+HXOHQGHU'VHQ JLQJLQHLQ'U|KQHQEHUGDVGHQ'ULIWHUYLEULHUHQOLH ³:DVLVWGDV"´ULHILFKEHUUDVFKWXQGZDUI)DUWXORRQHLQHQIUDJHQGHQ%OLFN]X 1RFKEHYRULFKYRQLKP$QWZRUWHUKLHOWVDKLFKGXUFKGLH:DQGDXVIHLQVWHP 6DQGVWDXEHLQLJHVFKHPHQKDIWH*HVWDOWHQDXIXQVHU5DXSHQIDKU]HXJ]XNRPPHQ-HW]W EHJULIILFK=DJRUHQ'LH6DQGGQHLVWHLQH)DOOHGHU:XVWHQEHZRKQHU 2KQHODQJH]XEHUOHJHQIXKULFKGHQ'ULIWHUUFNZlUWVDXVGHU'QHKHUDXV ZHQGHWHLKQXPQHXQ]LJ*UDGXQGIXKUPLW+|FKVWEHVFKOHXQLJXQJGDYRQ$EHUNDXP ZDULFKDXVGHPDXIJHZLUEHOWHQ6WDXEWDXFKWHGLUHNWYRUXQVHLQHZHLWHUH'QHDXI,FK NRQQWHLKUJHUDGHQRFKDXVZHLFKHQXQGIXKUHLQHQGHU:VWHQEHZRKQHUQLHGHUGHU SO|W]OLFKYRUGHP%XJGHV.HWWHQIDKU]HXJHVVWDQG6HLQZHLWHU8PKDQJEUHLWHWHVLFK DXVIODWWHUWHIUHLQHQ0RPHQWVDKLFKVHLQYHU]HUUWHV(FKVHQJHVLFKWJDQ]GHXWOLFK² GDQQYHUVFKZDQGHUXQWHUGHQ5DXSHQNHWWHQ'HU'ULIWHUUROOWHEHULKQKLQZHJ:LU HUUHLFKWHQZLHGHUIUHLHV*HOlQGHYRUXQVZDUHQNHLQHZHLWHUHQ+LQGHUQLVVHPHKU 'HQQRFKIXKULFKZHLWHUDOVVHLHQDOOH'XQNOHQ6KH¶+XKDQGHV8QWHUUHLFKVKLQWHUXQV KHU ³'XNDQQVWZLHGHUODQJVDPHUIDKUHQ´PXUPHOWH)DUWXORRQ³'LH*HIDKULVW YRUEHL´ ,FKGURVVHOWHGLH*HVFKZLQGLJNHLWXQGZDUILKPHLQHQZWHQGHQ%OLFN]X ³:DUXPKDVWGXPLFKQLFKWIUKHUJHZDUQW"'XKDVWGRFKHUNDQQWGDGLH'QHHLQH )DOOHGHU:VWHQEHZRKQHUZDU'XPXWJHZXWKDEHQGDVLHXQWHUGHP6DQG DOOHUOHL*HUPSHOYHUVWHFNWKDEHQXPXQVHUH6DXJGVHQ]XYHUVWRSIHQ:DUXPKDVW GXPLFKQLFKWGDUDXIDXIPHUNVDPJHPDFKW"´ ³,FKGDFKWHGXZUGHVWGLH)DOOHYRQVHOEVWHUNHQQHQ´DQWZRUWHWHHU JOHLFKPWLJ 2EZRKOHUHVQLFKWYRUZXUIVYROOVDJWHGHXWHWHLFKHVDOV9RUZXUI³,FKKDEHGLH )DOOHQLFKWVRIRUWHUNDQQW´JHVWDQGLFK³$EHUDOVGLH6LWXDWLRQNULWLVFKZXUGHUHDJLHUWH LFKULFKWLJ(VLVWPLUDXFKRKQHGHLQH8QWHUVWW]XQJJHOXQJHQGHQ'ULIWHUDXVGHP *HIDKUHQEHUHLFK]XEULQJHQ´ ³'DIUJHEKUWGLUPHLQHYROOVWH$QHUNHQQXQJ´YHUVLFKHUWHHU³$XVGLHVHP 9RUIDOOKDEHLFKHLQHIUPLFKWU|VWOLFKH(UNHQQWQLVJHZRQQHQ´ ³:HOFKH"´HUNXQGLJWHLFKPLFKDQJULIIVOXVWLJ ³'DGHU6FKOHUGHQ/HKUHUGRFKQRFKQLFKWEHUWULIIW´ 8QVHUH%OLFNHWUDIHQVLFKXQGSO|W]OLFKPXWHQZLUEHLGHODFKHQ%LVKHUKDWWHLFK LQ)DUWXORRQQXUPHLQHQ/HKUPHLVWHUPHLQHQ%HVFKW]HUXQGHLQH$UW9DWHUJHVHKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
'RFKLQGLHVHP$XJHQEOLFNPHUNWHLFKGDVLFKXQVHU9HUKlOWQLV]XHLQDQGHUJHlQGHUW KDWWH²HVZDUHLQH)UHXQGVFKDIWXQWHU0lQQHUQGDUDXVJHZRUGHQ ³0LULVWNDOW´K|UWHLFK(LVNUDOOHYRP5FNVLW]DXVVDJHQ³,FKEHIUFKWHGD PHLQ.|USHUHUVWDUUW´ ,FKVHXI]WHZLVFKWHPLUGHQ6FKZHLYRQGHU6WLUQXQGVFKDOWHWHGLH .OLPDDQODJHDXI³+HL]XQJ´)DUWXORRQODFKWHQRFKODXWHU ³'D´)DUWXORRQGHXWHWHSO|W]OLFKQDFKYRUQH'LH6RQQHKDWWHLKUHQ+|FKVWVWDQG EHUVFKULWWHQGLH6LOEHUVWUlQJHZDUIHQYHUZLUUHQGH6FKDWWHQDXIGLH:VWHEHUGHUHQ EOHQGHQGHP6DQGGLH/XIW]LWWHUWH'DGXUFKZXUGHPHLQH6LFKWEHKLQGHUW ,FKGDFKWH)DUWXORRQKlWWHZLHGHUHLQ+LQGHUQLVHQWGHFNWGHVKDOEGURVVHOWHLFK GLH*HVFKZLQGLJNHLW$EHUGDQQZDUPLUNODUZDVHUPHLQWH$XIHLQHPGHUDUPGLFNHQ 6WUlQJHVDKLFKHLQHQULHVLJHQ5DXEYRJHOKRFNHQHLQHQ2OX]JDGLH6SDQQZHLWHQYRQ EHU]HKQ0HWHUQHUUHLFKWHQ(UOHEWHQLFKWPHKUZDUY|OOLJJHEOHLFKWXQGZLUNWH YHUZHONWRGHUPXPLIL]LHUW,FKVWHXHUWHGHQ'ULIWHUXQWHULKPKLQGXUFK %LOGHUZLHGLHVHZDUHQNHLQVHOWHQHU$QEOLFNLQGHU6SLQQHQZVWH:HQQLFKGLH VXJJHVWLYH:LUNXQJGHU6LOEHUVWUlQJHDXFKQRFKQLH]XVSUHQEHNDPVRKDVWHLFK VFKRQYLHOHJHVHKHQGLHDXIHLQHDQGHUH$UWXQG:HLVH2SIHUGHV6SLQQHQQHW]HV ZXUGHQ,QGHQ6LOEHUVWUlQJHQYHUEDUJVLFKHLQHXQKHLPOLFKHW|GOLFKH.UDIW:HUGDPQ¶ LQ%HUKUXQJNDPZDUXQUHWWEDUYHUORUHQ6HLQ%OXWYHUNRFKWHLQ*HGDQNHQVFKQHOOH² XQG]XUFNEOLHEHLQHDXVJHWURFNQHWHZHONH0XPLH(VZDUHLQVFKQHOOHUGHQQRFK VFKUHFNOLFKHU7RG,FKHUWDSSWHPLFKEHLGHUhEHUOHJXQJZLHHVZRKO(LVNUDOOHHUJHKHQ PRFKWHZHQQHUGDV6SLQQHQQHW]EHUKUWH'HQQLQVHLQHQ.UDOOHQZRKQWHHLQHlKQOLFK XQKHLPOLFKH.UDIWZLHLQGHQ6LOEHUVWUlQJHQ ³,VWGLUKHLRGHUNDOW"´HUNXQGLJWHLFKPLFKEHLGHP&KUHWNRU ³1HLQGLH7HPSHUDWXULVWJHUDGHUHFKW´DQWZRUWHWHHU]XPHLQHUhEHUUDVFKXQJ ,FKGUHKWHPLFKNXU]]XLKPXPPXWHPLFKDEHUVRIRUWZLHGHUDEZHQGHQ2EZRKODQ (LVNUDOOHV$QEOLFNJHZ|KQWZDUHVPLULQGLHVHP$XJHQEOLFNQLFKWP|JOLFKVHLQH *HVLFKWV]JHLQGHPNULVWDOOHQHQWUDQVSDUHQWHQ.RSI]XHUNHQQHQ (LVNUDOOHYHUGDQNWHGLHVH8PVFKUHLEXQJQLFKWQXUGHU7DWVDFKHGDMHJOLFKH RUJDQLVFKH0DWHULHGLHHUPLWVHLQHQ]X.UDOOHQJHIRUPWHQ+lQGHQDQIDWH]X(LV ZXUGH(UZLUNWHDXFKLQVHLQHU(UVFKHLQXQJDOVVHLHUDXV(LVJHKDXHQ6HLQ.|USHU VHLQ.RSIXQGVHLQH*OLHGPDHQZDUHQY|OOLJWUDQVSDUHQWVRGDGDVEXQWH*HZLUUYRQ 0XVNHOQ1HUYHQIDVHUQ$GHUQXQG2UJDQHQ]XVHKHQZDU(VZDUVRJDUIU/HXWHGLH VWlQGLJPLWLKP]XWXQKDWWHQQLFKWLPPHUOHLFKWLQVHLQHP*HVLFKW]XOHVHQ'HQQGLH 7UDQVSDUHQ]YHUZLUUWHXQGHVILHOVFKZHUIHVW]XVWHOOHQREGLHYHUVFKLHGHQHQ 6LQQHVRUJDQHLQQHQRGHUDXHQVDHQ(UZDUYRQDUNRQRLGHU*HVWDOWZHQQJOHLFKYRQ ]ZHUJHQKDIWHP:XFKVUHLFKWHHUPLUVHOEVWLQDXIJHULFKWHWHP=XVWDQGYRQ0HWHU QXUNQDSSELV]XU%UXVW (VNODQJVHOWVDPDEHU(LVNUDOOHOLHEWHGLH:lUPHMHZlUPHUHVZXUGHGHVWR EHZHJOLFKHUZXUGHHUDXFK$EHUHUIUFKWHWHH[WUHPH+LW]HZHLOHUGDQQ]X]HUIOLHHQ JODXEWH0LQGHVWHQVHEHQVROFKH$QJVWKDWWHHUYRUQLHGULJHQ7HPSHUDWXUHQZHLOHU GDQQVLFKHUZDUVFKRQGXUFKGLHJHULQJVWH(UVFKWWHUXQJLQ(LQ]HONULVWDOOH]X]HUIDOOHQ (UOHEWHVWlQGLJPLWGLHVHU$QJVWYRU+LW]HXQG.lOWHVLHZDUVHLQZXQGHU3XQNW(U ZDJWHQLFKWHLQPDO.OHLGXQJ]XWUDJHQVRIHUQHVQLFKWXQEHGLQJWQRWZHQGLJZDU8QG ZHLOHUVHLQH$QJVWQLFKWEHKHUUVFKWHVSUDFKHUVWlQGLJGDUEHUXQGYHUODQJWHZHQQHV GLH*HJHEHQKHLWHQ]XOLHHQLPPHUZLHGHU7HPSHUDWXUNRUUHNWXUHQ(LVNUDOOHQDQQWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
ZLUGHQ&KUHWNRUZHLOHUNHLQHQ(LJHQQDPHQKDWWHXQGHUVHOEVWVLFKDXFKNHLQHQ JHEHQZROOWH ³,VWGLH7HPSHUDWXUVRUHFKW"´ ³-DVLFKHUGRFK,FKIKOHPLFKJDQ]DXVJH]HLFKQHW´(LVNUDOOHV$QWZRUWNODQJ XQZLUVFK³:LHVRIUDJVWGXGDXHUQG":LOOVWGXGLFKEHUPLFKOXVWLJPDFKHQ"´ ,FKKREDEZHKUHQGHLQH+DQG1RFKEHYRULFKHWZDVHQWJHJQHQNRQQWHVDJWH )DUWXORRQ³%LVWGXVLFKHUGDGHU.XUVVWLPPW$WODQ"´ ³$EVROXW´ )DUWXORRQVFKZLHJ:HLOHVVHLQNRQQWHGDLKPHWZDVDXIJHIDOOHQZDUZDV PHLQHU$XIPHUNVDPNHLWHQWJLQJEHUSUIWHLFKQRFKHLQPDODOOH,QVWUXPHQWHNRQQWH DEHUQLFKWVIHVWVWHOOHQGDVDXIHLQH.XUVDEZHLFKXQJKLQZLHV³:LUIDKUHQLQGLH 5LFKWXQJLQGHU0DUDXWKDQV5XLQHQOLHJHQ´ (UHQWJHJQHWHQLFKWVVRQGHUQVDKVWDUUJHUDGHDXV,FKKREGLH6FKXOWHUQXQG PXVWHUWHLKQDXVGHQ$XJHQZLQNHOQ(UZDUQXUHLQHQ0HWHUIQIXQGVHFK]LJJURXQG ]LHPOLFKNRUSXOHQW$XIGHQHUVWHQ%OLFNZLUNWHHUVRJDUXQJHPHLQIHWWXQGXQEHKROIHQ $EHUZHULKQNDQQWHGHUZXWHQXU]XJXWZLHVFKQHOOXQGEHKHQGHHUVLFKEHZHJHQ NRQQWHZHQQHVGDUDXIDQNDP:DVPDQIU)HWWKLHOWZDUHQLQ:LUNOLFKNHLW 0XVNHOVWUlQJHGLHLKPXQJHZ|KQOLFKH.UlIWHYHUOLHKHQLFKZXWHHVDXVOHLGYROOHU (UIDKUXQJ6HLQH*ODW]HJOlQ]WHLP6RQQHQOLFKWXPVRGXQNOHUZDUGHUJHNUlXVHOWH 9ROOEDUW'LHNOXJHQJHOEHQ$XJHQODJHQ]ZLVFKHQGLFNHQ:OVWHQXQGYHUVFKZDQGHQ EHLQDKHGDULQ(UDJHUQXQGJXWXQGKDWWHHLQHJDQ]H0HQJHIUKEVFKHVFKODQNH )UDXHQEULJ $XI.OHLGXQJOHJWHHUGDJHJHQNHLQHQEHVRQGHUHQ:HUW:HQQPDQGLHDGHOLJHQ $UNRQLGHQ]XP9HUJOHLFKKHUDQ]RJGLHLQHLQHPZDKUHQ5DXVFKYRQ3UXQNVXFKWGXUFK GDV7DUNLKOVWRO]LHUWHQZLUNWHHUGDJHJHQVRJDUlUPOLFK:LHJHZ|KQOLFKWUXJHUVHLQHQ +DUQLVFKHLQHQYHUEHXOWHQXQGEODQNJHZHW]WHQ%UXVWSDQ]HU*HJHQHLQH(QHUJLHZDIIH QW]WHHLQHVROFKH%OHFKZHVWHHLJHQWOLFKQLFKWV²REZRKOVLHDXV$UNRQVWDKOLQGHU$UW GHU$UNRQ5LWWHUGHQ'DJRULVWDVJHIHUWLJWZDU$EHUHUYHU]LFKWHWHQXUVHOWHQDXIGLHVHV PHUNZUGLJH%HNOHLGXQJVVWFNGHPPDQDQVDKGDHVVFKRQYRUHWOLFKHQ-DKUHQ JHVFKPLHGHWZRUGHQZDU'DUDXIDQJHVSURFKHQZDUXPHUVLFKQLFKWGDYRQWUHQQHQ ZROOWHPHLQWHHUQXUGDGHU+DUQLVFKHLQH(ULQQHUXQJDQVFK|QHUH=HLWHQVHL (LQ]HOKHLWHQGDUEHUNRQQWHQLFKWHLQPDOLFKLKPHQWORFNHQZHQQZLUXQWHUYLHU $XJHQZDUHQ,FKKDWWHHVOlQJVWDXIJHJHEHQLKQDXVKRUFKHQ]XZROOHQ:HQQHUQLFKW YRQVHOEVWVHLQ*HKHLPQLVOIWHQZLOOVROOHUHVHEHQEOHLEHQODVVHQ,P7DUNLKO NXUVLHUHQGLHZLOGHVWHQ*HUXFKWHEHULKQGDFKWHLFK2EZRKOPDQFKHYRQLKQHQ KDDUVWUlXEHQGHU8QVLQQZDUHQEHVDHQDQGHUHEHVWLPPWHLQ.|UQFKHQ:DKUKHLW 1LHPDQGZHLZDVHUIUKHUJHWDQKDW(LJHQWOLFKZHLQLHPDQGDXI*RUWDYRUZRKHU )DUWXORRQHLQVWJHNRPPHQLVW$EHUHUPDFKWNHLQ+HKOGDUDXVGDHUHUIROJUHLFKDOV *ODGLDWRUJHNDPSIWXQGRIIHQEDUVRJDUEHLGHQ.$<08857(6WHLOJHQRPPHQKDW$XV GLHVHU=HLWKDWHUPLUGLHXQZDKUVFKHLQOLFKVWHQ*HVFKLFKWHQHU]lKOW 9HUPXWOLFKWUHQQWHHUVLFKGHVKDOEQLHPDOVYRQVHLQHP'DJRUVFKZHUWLQGHPLFK VFKRQVHLWPHLQHU.LQGKHLWJHKHLPQLVYROOH.UlIWHYHUPXWHWH(VZDUNXU]PLWEUHLWHU .OLQJHXQGHLQHP.QDXIGHUPLFKVWHWVXQJHPHLQIDV]LQLHUWKDWWH6HLQHVHOWVDPH)LJXU VFKLHQDXV6LOEHUJHDUEHLWHW]XVHLQGRFK(LQ]HOKHLWHQOLHHQVLFKQLFKWHLQPDOEHL JHQDXHUHU%HWUDFKWXQJHUNHQQHQ,P*HJHQWHLOMHJHQDXHUPDQVLHDQVDKGHVWRPHKU VFKLHQHQLKUH.RQWXUHQ]X]HUIOLHHQ,FKKDWWHPLWGHP6NDUJZLH)DUWXORRQGDV
'HU.ULVWDOOSULQ]
M
$WODQ
6FKZHUWQDQQWHVFKRQVHOEVWJHIRFKWHQNRQQWHDEHUGDUDQQLFKWV$XHUJHZ|KQOLFKHV HQWGHFNHQ²DXHUGDHVVHKUJXWLQGHU+DQGODJ:lUHGDQLFKWGLH)LJXUJHZHVHQ $OV.LQGZDULFKGDYRQVRYHU]DEHUWGDLFKPLUJHVFKZRUHQKDWWHLQ )DUWXORRQV)XVWDSIHQ]XWUHWHQXQGVHLQH+HOGHQWDWHQ]XEHUWUHIIHQ6HOWVDPHUZHLVH QDKPHUPHLQHQ6FKZXUHUQVWGHQLFKLP$OWHUYRQHWZD]HKQ-DKUHQDXVJHVSURFKHQ KDWWH,FKHULQQHUHPLFKQRFKKHXWHHLQHV$XVVSUXFKVGHUPLFKGDPDOVQDFKKDOWLJ EHHLQGUXFNWKDWWH ³:HQQGXHLQPDOJURELVW$WODQ´KDWWHHUJHVDJW³ZLUVWGXPLFKLQDOOHP EHUWUHIIHQGHVVHQELQLFKVLFKHU'XZLUVWPXWLJHUVHLQXQGLQWHOOLJHQWHUZLUVWHLQHQ VWlUNHUHQ:LOOHQEHVLW]HQXQGPHKU7DWNUDIW8QGGDVDOOHVZLUVWGXELWWHUQ|WLJKDEHQ GHQQYRUGLUOLHJWHLQGRUQLJHUXQGJHIlKUOLFKHU:HJ$EHUZDVLQPHLQHU0DFKWOLHJW ZHUGHLFKWXQXPGLFKIUGHLQH$XIJDEH]XZDSSQHQ´ %LVKHXWHZXWHLFKQLFKWZDVHUPLWGLHVHQJHKHLPQLVYROOHQ$QGHXWXQJHQ PHLQWH$EHUHUKDWWHVHLQ9HUVSUHFKHQJHKDOWHQXQGZDUPLUHLQKHUYRUUDJHQGHU /HKUPHLVWHUJHZHVHQ,FKZDUPLUVWHWVVLFKHUGDHVNHLQHQ0HQVFKHQLQGHU*DOD[LV JDEGHUPHKUZXWHDOVHU'RFKVHOEVWHUEHKHUUVFKWHQDWXUJHPlQLFKWVlPWOLFKH :LVVHQVJHELHWH'HVKDOEZDUHQZLHGHUKROW6SLW]HQZLVVHQVFKDIWOHUPHLQHV9RONHVLQ DOOHU+HLPOLFKNHLW]XPHLQHQ/HKUHUQJHZRUGHQJHKHLPQLVYROOH0lQQHUGLHLQV7DUNLKO NDPHQXQGQDFKHLQLJHU=HLWZLHGHUYHUVFKZDQGHQRKQHLKUHZDKUH,GHQWLWlW]X RIIHQEDUHQ0HLQ/HEHQVZHJZDUYRQ)DUWXORRQEHVWLPPWZRUGHQ(UKDWWHGDIU JHVRUJWGDLFKLQGHQOHW]WHQ-DKUHQHLQHHUVWNODVVLJH+RFKVFKXODXVELOGXQJHUKLHOW (LQHRIIL]LHOOH+RFKVFKXOHJDUHLQHZLHGLH*DODNWRQDXWLVFKH$NDGHPLHYRQ ,SUDVDKDWWHLFKQLFKWEHVXFKHQN|QQHQGHQQGLHJDEHVDXI*RUWDYRUQLFKW)UPLFK ZDUHVMHGRFKHLQJOFNOLFKHU8PVWDQGGDHLQDOWHVDUNRQLGLVFKHV*HVHW]GLHSULYDWH 8QWHUULFKWXQJQLFKWQXUJHVWDWWHWHVRQGHUQGHUHQ(UJHEQLVVRJDURIIL]LHOODQHUNDQQWH YRUDXVJHVHW]WGHU3UIOLQJKLHOWGHP([DPHQVWDQG,FKHQWWlXVFKWH)DUWXORRQQLFKWHU XQGVHLQH)UHXQGHKDWWHPLFKVWHWVKHUYRUUDJHQGYRUEHUHLWHW 6HLQHPHGL]LQLVFKHQ.HQQWQLVVHZDUHQGHUDUWJURXQGVHLQH+HLOHUIROJHVR YHUEOIIHQGGDHUGHU/HLEDU]WXQG9HUWUDXWHGHV7DWRZXUGH(UZDUQLFKWQXU ³%DXFKDXIVFKQHLGHU´VRQGHUQDXFKHLQ:LVVHQVFKDIWOHUXQGHLQ3KLORVRSKXQGHU XQWHUULFKWHWHVFKRQVHLWODQJHU=HLWGLHMXQJHQ$GOLJHQ6HLQ(LQIOXDXI*RUWDYRUZDU EHDFKWOLFKXQGVWDQGGHPGHV7DWRYRQ*RUWDYRULQNHLQHU:HLVHQDFK(UKDWWHPLU VHLQH.HQQWQLVVHYHUPLWWHOWVRGDLFKLP7DUNLKODOVVHLQ$VVLVWHQWWlWLJVHLQNRQQWH XQGHUKDWWHPLFKNlPSIHQXQGPHLQHQ9HUVWDQG]XJHEUDXFKHQJHOHKUW $EHUZHQQHVXPEHVWLPPWH'LQJHJHKWGDQQVFKZHLJWHUVLFKDXV,FKZDULKP ]X'DQNYHUSIOLFKWHWGDHUPLFKLP$OWHUYRQYLHU$UNRQMDKUHQEHLVLFKDXIJHQRPPHQ XQGJURJH]RJHQKDWWH'RFKLFKNRQQWHXQGZROOWHQLFKWUHFKWJODXEHQGDHUEHU PHLQH+HUNXQIWQLFKWVZXWH(UEHKDXSWHWHGDLFKHLQH9ROOZDLVHZDUDOVHUPLFK KLHUDXI*RUWDYRUJHIXQGHQKDWWHXQGPDFKWHGDQQLPQlFKVWHQ$WHP]XJ JHKHLPQLVYROOH$QGHXWXQJHQ $EHULFKELQDXVGHP$OWHUKHUDXVZRLFKLKQPLWPHLQHQ)UDJHQEHGUlQJWH GDFKWHLFK1XUKLQXQGZLHGHUZHQQVLFKGLH*HOHJHQKHLWERWYHUVXFKWHLFKLKQPLW/LVW XQG7FNH]XEHUUXPSHOQ'RFKVHOEVWZHQQHUPHLQH$EVLFKWQLFKWGXUFKVFKDXW VFKZHLJWHUZLHGLH6SLQQHQZVWH )DUWXORRQJDOWDOVXQJODXEOLFKUHLFKPLW%H]LHKXQJHQVRJDULQGLH.UHLVHGHV +RFKDGHOVGHUIHUQHQ.ULVWDOOZHOWLP+HU]HQGHV.XJHOVWHUQKDXIHQV7KDQWXU/RNVHOEVW
'HU.ULVWDOOSULQ]
M
$WODQ
DEHUGDIUJDEHVHEHQVRZHQLJHLQH%HVWlWLJXQJZLHIUGLHDQGHUHQ*HVFKLFKWHQGLH PDQVLFKEHULKQHU]lKOWH9LHOHEHKDXSWHWHQVRJDUGDHUQLFKWHLQPDOHLQ$UNRQLGH VHLZDVEHWUDFKWHWHPDQVHLQHJHGUXQJHQH*HVWDOWXQGVHLQHJHOEHQ$XJHQQLFKW HLQPDOVRXQJODXEZUGLJNODQJ$EHUGDUEHUODFKWH)DUWXORRQQXU²XQGVFKZLHJVLFK DXV$QJHEOLFKZDUHUMHW]WDUNRQLGLVFKH-DKUHDOWGHU6WDQGDUG]HLWUHFKQXQJLP7DL $UN¶7XVVDQ ³(VLVWKHL´PHOGHWHVLFK(LVNUDOOHZLHGHUXQGULPLFKDXVGHQ*HGDQNHQ,FK UHJXOLHUWHDXWRPDWLVFKGLH.OLPDDQODJH 9RUXQVODJGLHHLQW|QLJH6DQGODQGVFKDIWEHUGLHVLFKGDVORFNHUH1HW]GHU VLOEHUQHQ6WUlQJHVSDQQWH$EHUGDV%LOGKDWWHVLFKLQ]ZLVFKHQJHlQGHUW:LQGZDU DXIJHNRPPHQXQGWULHE)DKQHQDXV6WDXEXQG6DQGN|UQHUQYRUVLFKKHU'LH6LFKW ZXUGHLPPHUVFKOHFKWHU*RUWDYRUV6WHUQVFKLPPHUWHQXUQRFKVFKZDFKXQGU|WOLFK GXUFKGLHEUlXQOLFKH:RONH ³'HU:LQGZLUGVWlUNHU´VWHOOWHLFKEHXQUXKLJWIHVW³,FKJODXEHHVGDXHUWQLFKW PHKUODQJHELVHU]XHLQHP6DQGVWXUPDXVDUWHW´ ³'DPLWGUIWHVWGXUHFKWKDEHQ´VWLPPWH)DUWXORRQ]X³:HQQGXZLOOVW EHUQHKPHLFKGDV6WHXHU´ ,FKQDKPVHLQ$QJHERWGDQNEDUDQ1LFKWGDLFKPLUQLFKW]XJHWUDXWKlWWHGHQ 'ULIWHUDXFKGXUFKGHQ6DQGVWXUP]XOHQNHQ$EHUPHLQH.RQ]HQWUDWLRQVIlKLJNHLWKDWWH GXUFKGLHODQJH)DKUWQDFKJHODVVHQHVZUGHPLUJXWWXQPLFKHWZDV]XHQWVSDQQHQ ,FKKLHOWGHQ'ULIWHUDQVWLHJDXVXQGZROOWHXPGDV)DKU]HXJDXIGLHDQGHUH 6HLWHJHKHQ'DJDEGHU%RGHQXQWHUPHLQHQ)HQQDFK,FKYHUVXFKWHQRFKPLFKDQ GHQ5DXSHQNHWWHQIHVW]XKDOWHQDEHULFKZDUVFKRQELV]XU*UWHOOLQLHYHUVXQNHQ (LVNUDOOHVJOlVHUQHV*HVLFKWHUVFKLHQLQGHU/XNH(UEHXJWHVLFKZHLWKLQDXVXQG VWUHFNWHPLUVHLQH]XHLQHU.UDOOHJHIRUPWH+DQGHQWJHJHQ,FKGDFKWHDQVHLQH )lKLJNHLWRUJDQLVFKH0DWHULHGXUFKVHLQHQ*ULII]X(LVHUVWDUUHQ]XODVVHQXQG ]|JHUWH0HLQH%HIUFKWXQJHQZDUHQQDWUOLFKJUXQGORVGHQQ(LVNUDOOHKDWWHVHLQH XQKHLPOLFKHQ.UlIWHLQGHU*HZDOW'RFKELVLFKPLUGHVVHQEHZXWZDUZDULFKQRFK WLHIHUJHVXQNHQXQGNRQQWHVHLQH+DQGQLFKWPHKUHUUHLFKHQ 3O|W]OLFKHUNODQJYRQXQWHQHLQ.QLUVFKHQXQG'U|KQHQ²XQGGHU'ULIWHUVHQNWH VLFK]XU6HLWH'HU%RGHQXQWHUPLUJDEHQGJOWLJQDFKXQGLFKVWU]WHLQPLWWHQHLQHU 6WDXEZRONHLQGLH7LHIH ,FKSUDOOWHDXIZHLFKHQ6DQGXQGNRQQWHPHLQHQ)DOOPLWGHQ%HLQHQDEIDQJHQ $EHUYRQREHQILHOHQZHLWHUH6DQGPDVVHQKHUXQWHU,FKVFKW]WHPHLQ*HVLFKWXQG DWPHWHLQGLH$UPEHXJHZlKUHQGLFKGXUFKGHQ6DQGLQGDVYRUPLUOLHJHQGH*HZ|OEH VWDSIWHhEHUPLUZDUHLQNQLUVFKHQGHV*HUlXVFK$OVLFKDXIEOLFNWHVDKLFKZLHVLFK GHUPlFKWLJH6FKDWWHQGHV'ULIWHUVZHLWHUEHUGLH(LQVWXU]VWHOOHVFKRE+XVWHQG VWROSHUWHLFKYRUZlUWVZHLOGDPLW]XUHFKQHQZDUGDGXUFKGDV*HZLFKWGHV .HWWHQIDKU]HXJVZHLWHUH7HLOHGHV*HZ|OEHV]XP(LQVWXU]JHEUDFKWZXUGHQ 'HUXQPLWWHOEDUHQ*HIDKUNRQQWHLFK]ZDUHQWULQQHQOLHIDEHUGDLFKQLFKWV VHKHQNRQQWHJHJHQHLQ+LQGHUQLV(VZDUHLQHJODVKDUWH:DQGPLWXQ]lKOLJHQ VFKDUIHQ*UDWHQDQGHQHQLFKPLUGLH+DQGDXIULW]WH:LHGHUJDEHVHLQHQ NQLUVFKHQGHQ/DXW²XQGGDQQUXWVFKWHGHU'ULIWHUKDOELQGLH%RGHQ|IIQXQJSUDOOWH JHJHQGLH:DQGXQGYHUNHLOWHVLFK $OV5XKHHLQJHWUHWHQXQGQXUQRFKGDV+HXOHQGHV6WXUPHV]XK|UHQZDUK|UWH LFK)DUWXORRQV5XI³$WODQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³,FKELQKLHUXQWHQ%HLPLULVWDOOHVLQ2UGQXQJLFKELQXQYHUOHW]W´ ³'DVEHUXKLJWPLFK´ *OHLFKGDUDXIJOLWWGXUFKHLQHQVFKZDFKHUKHOOWHQ6SDOWVHLQPlFKWLJHU.|USHU )UHLQHQ0RPHQW]DSSHOWHQGLHNXU]HQPXVNXO|VHQ%HLQHLQGHU/XIWGDQQSOXPSVWH GHU6FKDWWHQLQGLH7LHIH+LQWHULKPIROJWHHLQHVFKODQNHGXUFKVFKHLQHQGH*HVWDOW (LVNUDOOH ³:RVLQGZLUKLHU"´IUDJWHGHU&KUHWNRUXQGKXVWHWH ³,FKYHUPXWHGDGLHVHU8QWHUVFKOXSIYRQ6FKDW]VXFKHUQJHVFKDIIHQZXUGH´ VDJWHLFKXQGOLHPHLQH+lQGHYRUVLFKWLJEHUGLHJODVLHUWH6DQGZDQGJOHLWHQ³(V VLHKWJDQ]VRDXVDOVKlWWHQVLHGLHVH+|KOHPLWLKUHQ/XFFRW6WUDKOHUQDXVGHP6DQG JHVFKPRO]HQ´ ³.HLQ:XQGHUGDGLH'HFNHGDV*HZLFKWGHV'ULIWHUVQLFKWWUDJHQNRQQWH´ PHLQWH)DUWXORRQNQXUUHQG,QVHLQHU+DQGEOLW]WHHLQ+DQGVFKHLQZHUIHUDXIGHVVHQ KHOOHU.HJHOGXUFKGHQDXIJHZLUEHOWHQ'XQVWVWDFKXQGGDV*HZ|OEHGXUFKGUDQJ³-HW]W KDEHQZLUGLH%HVFKHUXQJ$XVHLJHQHU.UDIWEHNRPPHQZLUGHQ'ULIWHUZRKOQLFKW ZLHGHUIORWW´ ,FKVDKPLFKLQGHP*HZ|OEHDXVJODVLHUWHP6DQGXP(VZDU]LHPOLFKEUHLWXQG ODQJJHVWUHFNW'HQYHUVFKWWHWHQ7HLOQLFKWPLWJHUHFKQHWZDUHVJURJHQXJXPPHKU DOV]ZDQ]LJ0lQQHUQ3ODW]]XELHWHQ$PDQGHUHQ(QGHERJHLQ*DQJQDFKOLQNVDE ³:HQLJVWHQVN|QQHQZLUKLHUXQWHQGDV(QGHGHV6DQGVWXUPVDEZDUWHQ´1DFK HLQHU3DXVHIJWH(LVNUDOOH]XIULHGHQKLQ]X³+LHUXQWHQLVWHV]XPLQGHVWDQJHQHKP NKO´ ³'HU6DQGVWXUPNDQQGHQJDQ]HQ7DJDQGDXHUQ´VDJWH)DUWXORRQlUJHUOLFK ³6RODQJHN|QQHQZLUQLFKWZDUWHQ6FKOLHOLFKPDFKHQZLUNHLQH6SD]LHUIDKUWVRQGHUQ ZROOHQLQ1RWJHUDWHQHQ6FKDW]VXFKHUQKHOIHQ´ ³(LQWRWHU%DXFKDXIVFKQHLGHUQW]WLKQHQDXFKQLFKWV´HQWJHJQHWHLFKUDXK ³0HLQVWGXQLFKWGDHVEHVVHUZlUHHUVWHLQPDOHLQH5DVWHLQ]XOHJHQ"'HU 6DQGVWXUPVFKHLQWVHLQHQ+|KHSXQNWHUUHLFKW]XKDEHQ(VZlUH6HOEVWPRUGXQWHU GLHVHQ%HGLQJXQJHQGHQ:HJGXUFKGLH6SLQQHQZVWHIRUW]XVHW]HQ'XVHOEVWKDVWPLU HUNOlUWGDVLFKGHU:VWHQVDQGGXUFK5HLEXQJVWDWLVFKDXIOlGWXQGGDQQHLQHQJXWHQ /HLWHUIUGLH.UlIWHGHU6LOEHUVWUlQJHDEJLEW´ ³'XKDVWQDWUOLFKUHFKW$WODQ:LUPVVHQ]XPLQGHVWZDUWHQELVGHU6WXUP DENOLQJW(UVWGDQQN|QQHQZLUGHQ:HJ]X)XIRUWVHW]HQ´ ³'DQQVHKHQZLUXQVKLHUHLQPDOXP´VFKOXJLFKYRUQDKPPLU)DUWXORRQV 6FKHLQZHUIHUXQGJLQJ]XP(QGHGHV*HZ|OEHV $OVLFKLQGHQVFKPDOHQ6HLWHQJDQJOHXFKWHWHVWHOOWHLFKHQWWlXVFKWIHVWGDHU QXU]HKQ6FKULWWHODQJZDUXQGGDQQDQHLQHU:DQGDXVJHVFKPRO]HQHPXQGZLHGHU HUVWDUUWHP6DQGHQGHWH)DUWXORRQNDPKLQ]XVFKREPLFKEHLVHLWHXQGEHWUDWGHQ NXU]HQ*DQJGHUVRVFKPDOZDUGDHUGLH:lQGHIDVWPLWGHQ6FKXOWHUQVWUHLIWH$P (QGHDQJHNRPPHQ]RJHUVHLQ6FKZHUWXQGVFKOXJGDPLWHLQLJH0DOHDXIGLH*ODVXU HLQ(LQLJHIDXVWJURH%URFNHQVSOLWWHUWHQDE)DUWXORRQVSUDQJEHKHQGH]XUFNVFKRE GDV6NDUJLQGLH6FKHLGHXQG]RJVHLQHQ+RFKHQHUJLH/XFFRW,PHUVWHQ0RPHQWZDU PLUVHLQH+DQGOXQJUlWVHOKDIWZHLOPLUVHLQEUHLWHU.|USHUGHQ%OLFNYHUVSHUUWH$EHU GDQQVDKLFKZLHGLH:DQG6SUQJHEHNDPXQGHLQVWU]WH0DVVHQORVHQ6DQGHV HUJRVVHQVLFKLQGHQ*DQJ
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQVFKRHLQHQEUHLWJHIlFKHUWHQ(QHUJLHVWUDKODE,FKGDFKWHGDHUGHQ 6DQGVFKPHO]HQZROOWHXPVRHLQH%DUULHUH]XHUULFKWHQXQG]XYHUKLQGHUQGD ZHLWHUH0DVVHQLQGHQ*DQJVWU|PWHQ'RFKGDPLWEHJQJWHHUVLFKQLFKW(UVFKPRO] HLQHgIIQXQJLQGLH:DQG'LH+LW]HOLHXQV]XUFNZHLFKHQDEHUDOVHUGHQ ,PSXOVVWUDKOHUVFKOLHOLFKDEVHW]WHVDKLFKGDHUHLQHQ'XUFKODJHVFKDIIHQKDWWH GHULQHLQ*HZ|OEHPQGHWH,FKULFKWHWHGHQ6WUDKOGHU6WDEODPSHGXUFKGLHgIIQXQJ XQGHUEOLFNWHHLQH+|KOHPLWHEHQHP%RGHQXQG:lQGHQDXVHLQHPPDWWHQ XQEHNDQQWHQ0DWHULDO ³=DJRRWKGDVYHUJHVVHQH/DE\ULQWK´PXUPHOWH)DUWXORRQ,FKVDKLKQIUDJHQG DQDEHUHUJDEPLUNHLQH(UNOlUXQJ2KQHHLQZHLWHUHV:RUW]XYHUOLHUHQVWLHJHUGXUFK GLHgIIQXQJXQGUXWVFKWHEHUHLQH6DQGKDOGHLQGLH.DYHUQHKLQDE 'LH+|KOHZDUJU|HUXQGODJGHXWOLFKWLHIHUXQWHUGHU2EHUIOlFKHDOVGHULQGHQ 6DQGJHVFKPRO]HQH8QWHUVFKOXSIGXUFKGHQZLUHLQJHGUXQJHQZDUHQ=ZHL*lQJH GRSSHOWPDQQVKRFKXQGHEHQVREUHLWIKUWHQQDFKOLQNVXQGUHFKWV³:DVEHGHXWHW =DJRRWK"´HUNXQGLJWHLFKPLFKEHL)DUWXORRQ³,FKKDEHGHQ1DPHQQRFKQLHJHK|UW´ ³,FKHUIXKULKQVHOEVWHUVWYRUHLQLJHQ-DKUHQYRQHLQHP6FKDW]VXFKHU'LH 6SLQQHQZVWHLVWYRQHLQHPVXESODQHWDUHQ/DE\ULQWKGXUFK]RJHQ%LVKHUVWLHPDQ DEHUQXUDXIYHUVFKWWHWH$EVFKQLWWH'HUVWHUEHQGH6FKDW]VXFKHUEHKDXSWHWHGHQ 6LOEHUVWUlQJHQGHVW|GOLFKHQ1HW]HVQDFKJHJDQJHQ]XVHLQXQGGXUFK%HUHFKQXQJHQ GLHDQJHEOLFKDXI3OlQHQGHU8UHLQZRKQHUEHUXKWHQGHQ9HUODXIGHV*DQJJHZLUUV ]XPLQGHVWWHLOZHLVHUHNRQVWUXLHUW]XKDEHQ(UNRQQWHHVMHGRFKQLFKWPHKUHUIRUVFKHQ ZHLOHUGHQ=DJRUHQLQGLH+lQGHILHOXQGVLFKQXUQRFKVWHUEHQGLQV7DUNLKOUHWWHWH´ ³'DUEHUKDVWGXPLUQLHHWZDVHU]lKOW´VDJWHLFKPLWOHLVHP9RUZXUI (UUDQJVLFKQXUHLQPLOGHV/lFKHOQDE0LUVFKLHQDOVZROOHHUPLUGDPLWVDJHQ GDHVQRFKYLHOPHKUXQG:LFKWLJHUHVJlEHGDVHUPLUYHUVFKZLHJ'DVZROOWHLFK VRJDUDN]HSWLHUHQQXUlUJHUWHHVPLFKGDHUPLFKDOVVHLQHQ9HUWUDXWHQQLFKWHLQPDO LQVREHODQJORVH'LQJHZLHGHQ=ZLVFKHQIDOOPLWGHPVWHUEHQGHQ6FKDW]VXFKHU HLQZHLKWH(VNRQQWHDEHUQDWUOLFKDXFKVHLQGDHUQXUGDUEHUVFKZLHJZHLOHUHV QLFKWHUZlKQHQVZHUWIDQGZHQQHLQ$EHQWHXUHULQGHU6SLQQHQZVWHYRQGHQ=DJRUHQ RGHUGHQ2RWKHUQEHUIDOOHQZXUGH ³,FKKDE¶V´ULHILFKSO|W]OLFK³'HU%HJULII=DJRRWKVHW]WVLFKDXVGHQEHLGHQ 1DPHQGHU:VWHQEHZRKQHU]XVDPPHQ$EHUZLHVRZXUGHGDV/DE\ULQWKQDFKLKQHQ EHQDQQW"(VZXUGHGRFKYRQGHQ8UHLQZRKQHUQHUEDXWRGHU"´ ³'LH=DJRUHQXQG2RWKHUKDXVHQKLHU´)DUWXORRQGHXWHWHDXIGHQQDFKUHFKWV DE]ZHLJHQGHQ6WROOHQ³:HQQZLU*OFNKDEHQLVWGDV/DE\ULQWKDXIHLQHOlQJHUH 6WUHFNHQLFKWYHUVFKWWHWXQGZLUN|QQHQXQVGDULQHLQJXWHV6WFN0DUDXWKDQV5XLQHQ QlKHUQ:LURULHQWLHUHQXQVSHU6DWHOOLWHQ1DYLJDWLRQXQGEUDXFKHQQLFKW]XEHIUFKWHQ GDZLUXQVYHULUUHQ*HKVWGX]XP'ULIWHU]XUFNXQGKROVWGLH$XVUVWXQJ$WODQ":LU EHQ|WLJHQQXUGDV1|WLJVWH:DVVHU/HEHQVPLWWHOXQGPHLQHQ(UVWH+LOIH.RIIHU´ ,FKNOHWWHUWHGHQ6DQGKDQJKLQDXIXQGHLOWHGXUFKGDV*HZ|OEH]XU (LQVWXU]VWHOOH'HU6WXUPKDWWHZHLWHUH6DQGPDVVHQKHUHLQJHZHKWDEHUGHU'ULIWHUVLFK QLFKWPHKUZHLWHUJHVHQNW,FK]RJPLFKDQGHQ5DXSHQNHWWHQKLQDXIYRP6WXUP XPIDXFKWXQGNOHWWHUWHLQGLH.DQ]HO8PGLH$XVUVWXQJ]XVDPPHQ]XVWHOOHQ EHQ|WLJWHLFKQXUZHQLJH$XJHQEOLFNHHEHQVRVFKQHOOKDWWHLFKVLHLQHLQHP7RUQLVWHU YHUSDFNWGHQLFKPLUDXIGHQ5FNHQVFKQDOOWH0HLQ%OLFNILHODXIHLQHQ
'HU.ULVWDOOSULQ]
M
$WODQ
+DQGVFKHLQZHUIHU,FKQDKPLKQHEHQVRDQPLFKZLHGHQ]ZHLWHQ/XFFRW ,PSXOVVWUDKOHU $OVLFKDXVGHU.DQ]HONOHWWHUWHVFKLHQHVPLUGDGHU6WXUPQRFKKHIWLJHU JHZRUGHQZDU'HU6DQGSHLWVFKWHPLUPLWHOHPHQWDUHU.UDIWJHJHQGDV*HVLFKWXQG LFKPXWHGLH$XJHQVFKOLHHQXQGGHQ$WHPDQKDOWHQ'HQQRFKYHUULHJHOWHLFKGHQ 'ULIWHUVRUJIlOWLJ(UVWDOVLFKZLHGHULQGHU+|KOHZDUZDJWHLFK/XIW]XKROHQ$EHUDOV LFKHLQLJH6FKULWWHLQGHPVFKPDOHQ6HLWHQJDQJ]XUFNJHOHJWKDWWHKLHOWLFKDQ9RUPLU ODJDOOHVLP'XQNHOQ:DUXPKDW)DUWXORRQGLH/DPSHDXVJHVFKDOWHW" 9RUVLFKWLJWDVWHWHLFKPLFKGDVOHW]WH6WFNELV]XP'XUFKODZHLWHU'DQQ ODXVFKWHLFK0LUZDUDOVYHUQHKPHLFKHLQYHUKDOWHQHV6FKDUUHQ,UJHQGHWZDVRGHU MHPDQGQlKHUWHVLFKPLU,FKOLHGHQ+DQGVFKHLQZHUIHUDXIEOLW]HQ,P/LFKWVDKLFK ]ZHL2RWKHUGLHVLFKDQVFKOLFKHQXQGGHQ6DQGKDQJYRUPLUHUUHLFKWHQ$OVGHUKHOOH .HJHOVLHWUDI]XFNWHQVLH]XUFNXQGKREHQLKUHNQRFKLJHQ+lQGHVFKW]HQGYRUGLH *HVLFKWHU (VKLHGDGLH2RWKHU1DFKNRPPHQYRQ6FKDW]VXFKHUQZDUHQGHUHQ 2UJDQLVPXVGXUFKGLH6SLQQHQZVWHYHUlQGHUWZRUGHQZDUDQJHEOLFKPXWLHUWH $UNRQLGHQ6LHVDKHQDXVZLHMHQHHUEOHLFKWHQXQGPXPLIL]LHUWHQ7RWHQGLHPLWGHQ 6LOEHUVWUlQJHQLQ%HUKUXQJJHNRPPHQZDUHQ,KUH*HVLFKWHUZDUHQHQWVWHOOWH)UDW]HQ RKQH$XJHQ1DVHXQG2KUHQ'LH=lKQHLKUHUEUHLWHQOLSSHQORVHQ0QGHUZDUHQ NUlIWLJJHQXJXPHLQHP0DQQPLWHLQHP%LGHQ$UPYRP5XPSI]XWUHQQHQ6LH NDPHQQXULQGHU1DFKWDXIGLH2EHUIOlFKHZHLO/LFKWVLHEOHQGHWHXQGLKUH .|USHUVXEVWDQ]]HUVHW]WH'LH)LQVWHUQLVZDULKU(OHPHQWVLHZDUHQ1DFKWJHVFK|SIH GLHVLFKDQJHEOLFKPLWWHOV8OWUDVFKDOORULHQWLHUWHQ $OVLFKHUNDQQWHPLWZHOFKHQ*HJQHUQLFKHV]XWXQKDWWHEUDXFKWHLFKQXUGHQ 6WUDKOGHV6FKHLQZHUIHUVDXIVLH]XULFKWHQXPVLHLQGLH)OXFKW]XVFKODJHQ6LH VFKULHQDXIDOVVLHYROOJHWURIIHQZXUGHQXQG]RJHQVLFKLQSDQLVFKHP(QWVHW]HQLQGHQ OLQNHQ6HLWHQVWROOHQ]XUFN,FKZDUWHWHELVGDV*HUlXVFKLKUHU6FKULWWHYHUNOXQJHQZDU GDQQUXWVFKWHLFKEHUGLH6DQGKDOGHLQGDV*HZ|OEHKLQXQWHU9RQ)DUWXORRQXQG (LVNUDOOHIHKOWHMHGH6SXU ,FKJLQJ]XGHP6WROOHQGHULQGLH5LFKWXQJIKUWHLQGHUDXFK0DUDXWKDQV 5XLQHQODJHQ ³)DUWXORRQ´ULHILFKHUKLHOWDEHUNHLQH$QWZRUW$OVLFKGHQ/LFKWNHJHOGHU 6WDEODPSHKLQHLQVFKZHQNWHVDKLFKHLQHQ6FKHPHQLQHLQHQ6HLWHQJDQJIOFKWHQ(LQ 2RWKHU,FKNRQQWHPLUQLFKWYRUVWHOOHQGD)DUWXORRQVLFKYRQGHQ0XWDQWHQKDWWH EHUZlOWLJHQODVVHQGLHQLFKWVVRVHKUIUFKWHWHQZLHGDV/LFKW:DVLVWKLHUZlKUHQG PHLQHU$EZHVHQKHLWYRUJHIDOOHQ" :HLOLFKNHLQH$Q]HLFKHQGDIUILQGHQNRQQWHGDHLQ.DPSIVWDWWJHIXQGHQ KDWWHZDQGWHLFKPLFKHQGJOWLJGHPUHFKWVYRQPLUOLHJHQGHQ6WROOHQ]X:HQQ )DUWXORRQHVDXVLUJHQGHLQHP*UXQGIUUDWVDPJHKDOWHQKDWWHGLHVHV*HZ|OEH]X YHUODVVHQGDQQPXWHHUGHQ*DQJEHQXW]WKDEHQGHULQGLH5LFKWXQJYRQ0DUDXWKDQV 5XLQHQIKUWH'HU6WROOHQYHUOLHIVFKQXUJHUDGH$EHUVFKRQEDOGVWLHLFKDXIHLQHQ 6HLWHQJDQJGHUGHQ6WROOHQNUHX]WH,FKULFKWHWHGHQ6FKHLQZHUIHULQVFKQHOOHU)ROJHLQ EHLGH5LFKWXQJHQXQGVDKZLHVLFK2RWKHUIOXFKWDUWLJYRUGHP/LFKWLQ6LFKHUKHLW EUDFKWHQ 9RQ)DUWXORRQXQG(LVNUDOOHZDUQLFKWV]XVHKHQ$OVREOLHELFKLP+DXSWVWROOHQ $XFKLPQlFKVWHQ4XHUJDQJERWVLFKPLUGDVJOHLFKH%LOG'UHL2RWKHUKDWWHQKLHU
'HU.ULVWDOOSULQ]
M
$WODQ
JHODXHUW$OVLFKMHGRFKGHQ6WUDKOGHV6FKHLQZHUIHUVDXIVLHULFKWHWHIOFKWHWHQVLH VFKUHLHQG ³)DUWXORRQ´.HLQH$QWZRUW0LUZXUGHXQKHLPOLFK(VZDUPLUXQHUNOlUOLFKZLH GHU%DXFKDXIVFKQHLGHUXQGGHU&KUHWNRUHLQIDFKYHUVFKZLQGHQNRQQWHQ,FKZDUQLFKW VRODQJHIRUWJHZHVHQDOVGDVLHHLQHJURH6WUHFNHKlWWHQ]XUFNOHJHQN|QQHQ6LH PVVHQPHLQH5XIHHLQIDFKK|UHQ,QPHLQHU5DWORVLJNHLWZLFKLFKLQHLQHQ6HLWHQJDQJ DXV(UYHUOLHIQLFKWJHUDGHVRQGHUQZDQGVLFKLQHQJHQ%LHJXQJHQGDKLQVRGDLFK LPPHUQXUHLQLJH6FKULWWHZHLWVHKHQNRQQWH0LUZDUDOVK|UWHLFK*HUlXVFKHGLHVLFK HQWIHUQWHQ'HVKDOEEHJDQQLFKVFKQHOOHU]XODXIHQ(VZDUPLULQGLHVHP$XJHQEOLFN JOHLFKJOWLJZHQLFKGDYRUPLUKDWWHHJDOREHVVLFKXPHLQHQ2RWKHURGHU=DJRUHQ KDQGHOWH,FKZHUGHLKQVWHOOHQXQGDXVLKPKHUDXV]XEHNRPPHQYHUVXFKHQREHU HWZDVEHU)DUWXORRQXQG(LVNUDOOHZHL $OVLFKXPGLHQlFKVWH%LHJXQJNDPZDUGHUJHZXQGHQH*DQJ]X(QGH.QDSS YRUPLUVDKLFKHLQHQ2RWKHUGHUVLFKYHU]ZHLIHOWPLW$UPHQXQG%HLQHQJHJHQGLH :lQGHVWHPPWHDXFKHLQ6WFNLQGLH+|KHJHODQJWHGDQQDEHUZLHGHUDEUXWVFKWH(U HUNDQQWHGDHULQGLH(QJHJHWULHEHQZDUXQGVWHOOWHVLFK]XP.DPSI'LH+lQGH VFKW]HQGYRUGDVOLFKWHPSILQGOLFKH*HVLFKWKDOWHQGZDQGWHHUVLFKLQPHLQH5LFKWXQJ XQGGXFNWHVLFK]XP6SUXQJ ,FKUHFNWHGLH+DQGODPSHYRUXQGGUFNWHPLFKJHJHQGLHIXJHQORVH:DQG'D LKQGDV/LFKWEOHQGHWHXQGHUPLFKQLFKWVHKHQNRQQWHPXWHHUVLFKDQGHU/LFKWTXHOOH RULHQWLHUHQXQGPLFKLQGHU0LWWHGHV*DQJHVYHUPXWHQ,QGHP0RPHQWDOVHU]XP 6SUXQJDQVHW]WHJULIISO|W]OLFKHLQH+DQGDXVGHU:DQGXQG]RJPLFKKLQGXUFK(LQH .UDOOHQKDQGOHJWHVLFKDXIPHLQHQ0XQG 'XQNHOKHLW'HU*DQJLQGHPLFKPLFKHEHQQRFKEHIXQGHQKDWWHZXUGHQRFK YRQPHLQHP6FKHLQZHUIHUHUKHOOWXQGLFKVDKZLHGXUFKHLQH*ODVZDQGGHQ2RWKHU VSULQJHQXQGLQV/HHUHJUHLIHQ8QGGDQQHUW|QWHHLQPDUNHUVFKWWHUQGHU6FKUHL(U K|UWHVLFKDQDOVNlPHHUYRQHLQHU)UDX 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ (UJHILHOVLFKLQGHU5ROOHGHVJHKHLPQLVXPZLWWHUWHQ0DQQHV(UVSLHOWHGHQ /HEHPDQQGHUDQNHLQHUVFK|QHQ)UDXDFKWORVYRUEHLJHKHQNRQQWHXQGGHQ*RXUPHW IUGHQ6SHLVHXQG7UDQNHLQµ7HLOVHLQHV/HEHQVLQKDOWHVZDUHQ(UVSLHOWHGLHVH5ROOHQ JXWZHLOVLHLUJHQGZLHVHLQHP&KDUDNWHUHQWVSUDFKHQ8QGGRFKZDUGLH3HUV|QOLFKNHLW GLHHUGHQ$GHOLJHQLP7DUNLKO]HLJWHQXUHLQH0DVNH 'HQZLUNOLFKHQ)DUWXORRQKDWWHDXI*RUWDYRUQRFKQLHPDQGNHQQHQJHOHUQWQLFKW HLQPDO$WODQZHQQJOHLFKGLHVHPJHJHQEHU)DUWXORRQVHLQH0DVNHPDQFKPDOOIWHWH 'RFKDXFKGDVQXUVRZHLWGD$WODQLKQQLFKWY|OOLJGXUFKVFKDXHQNRQQWH'HQQZHU HUZDUXQGZHOFKHV=LHOHUVLFKJHVHW]WKDWWHGXUIWH$WODQHUVWHUIDKUHQZHQQGLHVHU VHLQHOHW]WH3UIXQJEHVWDQGHQKDWWH²XQGVHOEVWGDQQZUGHHV'LQJHJHEHQGLH )DUWXORRQIUVLFKEHKDOWHQPXWH 2EZRKOHUQXQVFKRQVHLWQDKH]XGUHL]HKQ$UNRQMDKUHQLQ6LFKHUKHLWOHEWHKDWWH VHLQH:DFKVDPNHLWQLFKWQDFKJHODVVHQ$XIVHLQHP/HEHQODVWHWHQQRFKGLH6FKDWWHQ GHU9HUJDQJHQKHLWXQGGLH(ULQQHUXQJWLFNWHLQLKPZLHHLQH=HLWERPEH(LQHV7DJHV
'HU.ULVWDOOSULQ]
M
$WODQ
ZXUGHHUGLHVH=HLWERPEH]XQGHQ$EHUQRFKZDUGHU=HLWSXQNWGLH9HUJDQJHQKHLW OHEHQGLJZHUGHQ]XODVVHQQLFKWJHNRPPHQ1RFKPXWHHUVFKZHLJHQQRFKPXWH HUGDV*HKHLPQLVIUVLFKEHKDOWHQ:LHODQJH3UDJRV3HULRGHQ-DKUH"1HLQ GHVVHQZDUHUVLFKHUHUZUGHQRFKYRU$EODXIGHVQlFKVWHQ-DKUHVGHPLQGHU DUNRQLGLVFKHQ=HLWUHFKQXQJ$WODQJHJHQEHU5HFKHQVFKDIWDEOHJHQ'HQQGLH=HLWZDU UHLIGLHHUVWHQ0DQDKPHQZDUHQEHUHLWVHLQJHOHLWHWEDOGZUGHQVLH*RUWDYRUIU LPPHUYHUODVVHQ ³6WLOO=DJRUHQ´UDXQWHPLUMHPDQG]X)DUWXORRQV6WLPPH,FKHPSIDQGJURH (UOHLFKWHUXQJGDUEHUGHQ%DXFKDXIVFKQHLGHU]XK|UHQ(LVNUDOOHQDKPGLHNDOWH+DQG YRQPHLQHP0XQGXQGVFKDOWHWHPHLQH+DQGODPSHDXVGLHLFKIHVWXPNODPPHUWKLHOW ,FKZDUYRUhEHUUDVFKXQJ]XNHLQHU%HZHJXQJIlKLJ ³:R´EHJDQQLFKDEHU)DUWXORRQEUDFKWHPLFKGXUFKHLQHQ]LVFKHQGHQ/DXW ]XP6FKZHLJHQ-HW]WHUVWKDWWHLFK*HOHJHQKHLWPLFKXP]XVHKHQ ,FKEHIDQGPLFKLQHLQHPULHVLJHQ*HZ|OEH+LQWHUPLUZDUHLQH:DQGGLHDOOHV /LFKW]XVFKOXFNHQVFKLHQ.QDSSEHUPHLQHP.RSIVFKZDQJVLFKGLH'HFNHLQZHLWHP %RJHQQDFKREHQGLHLFKMHGRFKPHKUHUDKQWHDOVVHKHQNRQQWHGHQQDXFKVLHVFKLHQ DXVYROONRPPHQHU6FKZlU]H]XEHVWHKHQ,Q,QQHUHQGHU+|KOHVHOEVWKHUUVFKWH GDJHJHQHLQDQJHQHKPHVVFKDWWHQORVHV/LFKWGDVDXVNHLQHUEHVWLPPWHQ4XHOOHNDP VRQGHUQYRQQLUJHQGZRXQGGRFKJOHLFK]HLWLJYRQEHUDOONDP 'HU6DDOJOLFKHLQHP$XGLWRULXPRGHUHLQHU$UHQDXQGYHUMQJWHVLFK WULFKWHUI|UPLJ]XU0LWWHKLQ1XUJDEHVLQGHPZHLWHQ5XQGNHLQH6LW]UHLKHQVRQGHUQ ELV]XPDQQVKRKHEXFNHOLJH(UKHEXQJHQPLWZDU]HQDUWLJHQ$XVZFKVHQ'DUDXI KRFNWHQJURHXQGVFKODQNH(FKVHQZHVHQGLHLQZHLWH*HZlQGHUJHKOOWZDUHQ =DJRUHQ (VPRFKWHQHWZD]ZDQ]LJVHLQGLHVLFKEHUGLH%XFNHOYHUWHLOWKDWWHQ6LH JDEHQXQDUWLNXOLHUWH/DXWHYRQVLFKXQGVFKOXJHQPLWLKUHQ:XUIXQG6WLFKZDIIHQLP 7DNWGD]XDXIGHQ%RGHQ,KUHJURHQVWDUUHQ$XJHQJOKWHQLQHLQHPJHVSHQVWLVFKHQ *UQXQGZDUHQDXIGLHMXQJH)UDXJHULFKWHWGLHLQGHU0LWWHGHVNHJHOI|UPLJHQ5XQGV ODJ9RQLKUPXGHU6FKUHLJHNRPPHQVHLQ 6LHODJDXIGHP%RGHQXQGDWPHWHVFKZHU,KUH.OHLGXQJKLQJLQ)HW]HQYRQ LKUHP.|USHU'LFKWQHEHQLKUHP.RSIVWHFNWHHLQ6SHHULP%RGHQ-HW]WNODPPHUWHVLH VLFKPLWHLQHU+DQGGDUDQIHVWVWW]WHVLFKPLWGHUDQGHUHQDXIXQG]RJVLFKODQJVDP KRFK'DEHLJOLWWHQLKUH$XJHQlQJVWOLFKEHUGLHODXHUQGHQ5HLKHQGHU(FKVHQZHVHQ 3O|W]OLFKYHUVXFKWHVLHDXVGHU$UHQD]XIOFKWHQ%OLW]VFKQHOOHUNOHWWHUWHVLHHLQHGHU $XIEDXWHQZLFKHLQHP=DJRUHQDXVGHULKULQGHQ:HJVSUDQJ]ZlQJWHVLFKGXUFK HLQH/FNHXQGHUNORPPGHQQlFKVWHQ%XFNHO (LQHUGHU=DJRUHQIROJWHXQGVWLHPLWHLQHPZLGHUKDNHQEHZHKUWHQ6SHHUQDFK LKU'HU:LGHUKDNHQYHUILQJVLFKLQLKUHP]HUVFKOLVVHQHQ8PKDQJVRGDVLHQDFK KLQWHQJHULVVHQZXUGH'HU6WRIIULXQGGLH)UDXUXWVFKWHUFNOLQJVEHUGLH %RGHQHUKHEXQJLQGLH$UHQDPLWWHKLQXQWHUVFKULHLQ7RGHVDQJVW/LQNVXQGUHFKWV WDXFKWHQ=DJRUHQDXIGLHPLW'ROFKHQ6FKZHUWHUQXQG/DQ]HQXPVLFKVFKOXJHQ6LH ULW]WHQGDEHLQLFKWHLQPDOGLH+DXWGHU)UDX(UVWDOVVLHVWLOOODJOLHHQGLH=DJRUHQYRQ LKUDE ³:LUN|QQHQQLFKWWDWHQORV]XVHKHQZLHGLHVH%HVWLHQVLHTXlOHQ´,FKPDFKWH HLQHHQWVFKORVVHQH%HZHJXQJ
'HU.ULVWDOOSULQ]
M
$WODQ
(LVNUDOOHKLHOWPLFKDP$UP]XUFN³)DUWXORRQEHKDXSWHWLPPHUGDGXLQMHGHU 6LWXDWLRQUXKLJXQGEHVRQQHQVHLVW´UDXQWHGHU&KUHWNRU³$EHUPLUVFKHLQWGDGDVQXU GDQQ]XWULIIWZHQQNHLQH)UDXLP6SLHOLVW´ ,FKVFKWWHOWHLKQXQZLOOLJDEZHLOPLUVHLQH$QGHXWXQJPLILHOXQGVLFK )DPDWKLDV%LOGLQPHLQH*HGDQNHQVFKRE³,FKZUGHMHGHPLQGLHVHU/DJHKHOIHQ´ ³=ZHLIHOORV´EHVWlWLJWH)DUWXORRQ³$EHUPHLQVWGXQLFKWGDZLUHLQHQ JQVWLJHUHQ$XJHQEOLFNDEZDUWHQVROOWHQ"´ ,FKEHUXKLJWHPLFKZLHGHU'LHEHLGHQKDWWHQQDWUOLFKUHFKW(VKDOIGHUMXQJHQ )UDXQLFKWZHQQZLUEOLQGOLQJVDXIGLH=DJRUHQORVVWUPWHQZLUPXWHQWDNWLVFKNOXJ YRUJHKHQ=DJRUHQODVVHQVLFKQLFKWVROHLFKWZLH2RWKHUHLQVFKFKWHPGXUFKIXKUHV PLFK6LHVFKHXHQZHGHUYRU/LFKW]XUFNQRFKIUFKWHQVLH6WUDKOZDIIHQ ³:DVVFKOlJVWGXYRU)DUWXORRQ"´EUXPPWHLFK (UEOLFNWHPLFKHUVWDXQWDQ³:DVVFKOlJVWGXYRU´ ,PHUVWHQ0RPHQWZDULFKEHUUDVFKWGDHUPLUGLH(QWVFKHLGXQJEHUOLH $EHULFK]HUEUDFKPLUQLFKWGHQ.RSIGDUEHUVRQGHUQEHUHJWHPLUZLHZLUGHU)UDX KHOIHQNRQQWHQ6LHZDUHLQH$UNRQLGLQGDVNRQQWHLFKXQVFKZHUHUNHQQHQ²HLQH VFK|QHEHUGLHVQXQDOOHUGLQJVYRQGHQ=DJRUHQ]LHPOLFK]XJHULFKWHWDQ$UPHQXQG %HLQHQXQGLP*HVLFKW]HUVFKXQGHQ ,FKULHIPLULQV*HGl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lQJHQGHV 6SLQQHQQHW]HVYHUPXWHWHQ]XRSIHUQ,KU5LWXDOZDUVRHLQIDFKZLHJUDXVDP=XHUVW MDJWHQVLHLKUH2SIHUELVGHU:LGHUVWDQGJHEURFKHQZDUGDQQVHW]WHQVLHVLHGHU W|GOLFKHQ.UDIWGHU6LOEHUVWUlQJHDXV 0LFKVFKDXGHUWHEHLGHP*HGDQNHQGDZLUGLHVHP6FKLFNVDOQXUNQDSS HQWJDQJHQZDUHQ'HQQQLHPDQGDQGHUHVDOVGLH=DJRUHQZDUHQHVMDJHZHVHQGLH YHUVXFKWKDWWHQPLWGHQLQGHQ6DQGGQHQYHUERUJHQHQ+LQGHUQLVVHQXQVHUHQ'ULIWHU IDKUXQWDXJOLFK]XPDFKHQ:HQQHVLKQHQJHOXQJHQZlUHXQV]XVWRSSHQZlUHQZLU MHW]WYHUPXWOLFKEOHLFKH0XPLHQ8QGGLHVHV6FKLFNVDOGURKWDXFKGHU)UDXZHQQHV XQVQLFKWJHOLQJWVLH]XEHIUHLHQ ³:LHODQJHZLUGHVQRFKGDXHUQELVGLH=DJRUHQGLH)UDXRSIHUQZHUGHQ"´ HUNXQGLJWHLFKPLFK ³6LHLVWDP(QGHLKUHU.UlIWH´)DUWXORRQPDFKWHHLQHYDJH+DQGEHZHJXQJ ³8QWHUDQGHUHQ8PVWlQGHQKlWWHQVLHVLHZDKUVFKHLQOLFKVFKRQOlQJVW]XU2EHUIOlFKH JHEUDFKW9HUPXWOLFKZROOHQVLHGDV(QGHGHV6DQGVWXUPHVDEZDUWHQ´ ,FKQLFNWH'DVVHOEHKDWWHLFKPLUEHUOHJW³'DQQKDEHQZLUQRFKHWZDV=HLWXQG N|QQHQPHLQHQ3ODQYLHOOHLFKWYHUZLUNOLFKHQ´ ³:DVKDVWGXYRU"´ ,FKJDE)DUWXORRQNHLQH$QWZRUW(VPDFKWHPLU6SDHLQPDOGHQ6SLH XP]XGUHKHQXQGLKQEHUPHLQH$EVLFKWHQLPXQNODUHQ]XODVVHQ³)XQNWLRQLHUWGLH
'HU.ULVWDOOSULQ]
M
$WODQ
*HKHLPWUGXUFKGLHLKUPLFKJHKROWKDEWDXFKLQGLHDQGHUH5LFKWXQJ".DQQ(LVNUDOOH LQGHQ*DQJ]XUFNNHKUHQGXUFKGHQLFKJHNRPPHQELQ"´ ³:DUXPQLFKWHUKDWMDKLQDXVJHJULIIHQDOVHUGLFK]XXQV]RJ´DQWZRUWHWH )DUWXORRQVWLUQUXQ]HOQG³$EHUHVKDQGHOWVLFKQLFKWXPHLQH*HKHLPWUVRQGHUQHKHU XPHLQH0DWHULHSURMHNWLRQGLHZLHHLQ9RUKDQJ/LFKWXQG6FKDOODEKlOWVFKHLQEDUIHVW DEHUGRFK]XGXUFKVFKUHLWHQXQG´ ³'DVJHQJWPLU´XQWHUEUDFKLFKLKQXQGZDQGWHPLFKDQGHQ&KUHWNRU³,FK P|FKWHGDGXLQGDV/DE\ULQWK]XUFNNHKUVWXQGVRYLHOH2RWKHUZLHQXUP|JOLFK KLHUKHUWUHLEVW$OOHVZHLWHUHZLUGVLFKILQGHQ1LPPEHLGH6FKHLQZHUIHUPLWGDPLWGX GLH2RWKHUZLHHLQH+HUGHLQGLHJHZQVFKWH5LFKWXQJGLULJLHUHQNDQQVW7UDXVWGXGLU GDV]X"´ ³,Q=DJRRWKKHUUVFKWHLQDQJHQHKPHV.OLPDKLHUIKOHLFKPLFKULFKWLJZRKO´ EHKDXSWHWH(LVNUDOOHXQGYHUVFKZDQGGXUFKGLHQXUVFKHLQEDUXQGXUFKGULQJOLFKH:DQG 'LH=DJRUHQWURPPHOWHQPLWLKUHQ:DIIHQHLQHQZLOGHQ5K\WKPXVRIIHQVLFKWOLFK ZROOWHQVLHLKU2SIHUDXIVFKHXFKHQ$EHUGLH$UNRQLGLQODJVFKZHUDWPHQGDXIGHP %RGHQXQGUKUWHVLFKQLFKW$OVVLHHLQPDOGHQ.RSIKREVFKULHQGLH(FKVHQZHVHQ WULXPSKLHUHQG'RFKJOHLFKGDUDXIOLHHQVLHHLQHQWWlXVFKWHV0XUUHQK|UHQZHLOGLH )UDXDQVFKHLQHQGQLFKWPHKUGLH.UDIWKDWWHVLFK]XDXI]XULFKWHQ ³:HLWGXZLHYLHOH$XVJlQJHHVJLEW)DUWXORRQ"´ (U]XFNWHPLWGHQ$FKVHOQ³=ZHLKDEHLFKHQWGHFNWVLHEHILQGHQVLFKDXIGHU JHJHQEHUOLHJHQGHQ6HLWH]ZLVFKHQGHQ%XFNHOQ'RUWKDEHQGLH=DJRUHQ3RVWHQ DXIJHVWHOOW$EHUZDKUVFKHLQOLFKJLEWHVZHLWHUH´ ,FKZLQNWHDEXQGVFKOLFKORV³'DVLVWIUPHLQHQ3ODQQLFKWVRZLFKWLJ +DXSWVDFKHZLUZLVVHQZRKLQZLUXQVZHQGHQPVVHQQDFKGHPZLUGDV0lGFKHQ EHIUHLWKDEHQ:LUPVVHQDXIMHGHQ)DOODXIGLHDQGHUH6HLWH:LHVHLGLKUEHUKDXSW KLHUKHUJHNRPPHQ"´ ³$OVGX]XP'ULIWHU]XUFNJLQJVWWDXFKWHQGLH=DJRUHQDXI:LUZROOWHQXQVQLFKW DXIHLQHQ.DPSIHLQODVVHQGHVKDOE]RJHQZLUXQVLQGHQ6WROOHQ]XUFNXPXQV]X YHUVWHFNHQ$EHUGDQQVDKHQZLUDXVXQVHUHP8QWHUVFKOXSIGDGLH=DJRUHQHLQH *HIDQJHQHKDWWHQ'HVKDOEIROJWHQZLULKQHQ8QGGDQQJDEHVSO|W]OLFKNHLQ=XUFN PHKUGHQQKLQWHUXQVNDPHLQH]ZHLWH$EWHLOXQJ=DJRUHQQDFK:LUVWDQGHQSO|W]OLFK DP(QGHGHVJHZXQGHQHQ*DQJHV$EHUGDVLFKGLH=DJRUHQYRUXQVQLFKWLQ/XIW DXIJHO|VWKDEHQNRQQWHQVXFKWHLFKELVLFKGLHVHQ'XUFKJDQJIDQG´ :LUKDWWHQLP6FKXW]GHUEXFNHOI|UPLJHQ%RGHQHUKHEXQJHQGLH JHJHQEHUOLHJHQGH6HLWHVFKRQIDVWHUUHLFKWDOVGLHMXQJH)UDXZLHGHUHLQHQ6FKUHL DXVVWLH,FKEOLFNWHLQGLH$UHQDKLQXQWHUHLQ=DJRUHVSUDQJYRUEUHLWHWHVHLQHQ 8PKDQJDXVXQGKREGDV6FKZHUW]XP6WR0LUZDUNODUGDHUGLH$UNRQLGLQQLFKW W|WHQZROOWHVRQGHUQQXUEHDEVLFKWLJWHLKU6FKPHU]]X]XIJHQXPVLHDXI]XVWDFKHOQ 'HQQRFKZROOWHLFKGDVQLFKW]XODVVHQ1RFKHKHHV)DUWXORRQYHUKLQGHUQNRQQWHKDWWH LFKPHLQHQ6WUDKOHUJH]RJHQMXVWLHUWHLKQXQGGUFNWHDE (LQIHLQHU(QHUJLHVWUDKOEOLW]WHIUGHQ%UXFKWHLOHLQHV:LPSHUQVFKODJHVDXIXQG WUDIGHQ(FKVHQVFKlGHO'HU=DJRUHILHOZLHYRP%OLW]JHIlOOW'LHDQGHUHQVFKZLHJHQ YHUEOIIOGDQQHUKREVLFKODXWHV*HVFKUHL6LHKREHQLKUH:DIIHQDOVZROOWHQVLHVLFK JHJHQHLQHQXQVLFKWEDUHQ)HLQGYHUWHLGLJHQDQGHUHXQWHUVXFKWHQYHUlQJVWLJWLKUHQ WRWHQ$UWJHQRVVHQ ³'DVZDUOHLFKWIHUWLJ´UJWH)DUWXORRQXQGNUDW]WHVLFKGHQ%DUW
'HU.ULVWDOOSULQ]
M
$WODQ
³.HLQHVZHJV´HQWJHJQHWHLFK³6FKOLHOLFKKDVWGXPLUGHQ7ULFNEHLJHEUDFKW ZLHPDQHLQHQ6FKXDEIHXHUWRKQHGDMHPDQGHWZDVPHUNWDXHUGHP*HWURIIHQHQ´ )DUWXORRQKDWWHQRFKHLQHQ(LQZDQGDXIGHU=XQJHDEHUHUVSUDFKLKQQLFKWDXV ZHLOZLUGLHDQGHUH+|KOHQVHLWHHUUHLFKWHQ'LH=DJRUHQKDWWHQVLFKZLHGHUEHUXKLJW $EHUVLHNDPHQGHUMXQJHQ)UDXQLFKWPHKU]XQDKH,FKVDKLKUHPHQWVHW]WHQ*HVLFKW DQGDVLHDPOLHEVWHQGDYRQJHODXIHQZlUH$EHUVLHZDU]XVHKUJHVFKZlFKW ³+RIIHQWOLFKYHULUUWVLFK(LVNUDOOHQLFKW´PXUPHOWHLFK )DUWXORRQ VFKWWHOWH QXU GHQ .RSI 'LH =DJRUHQ EHJDQQHQ ZLHGHU PLW LKUHQ :DIIHQDXIGHQ%RGHQ]XWURPPHOQ'LH)UDXEDUJLKUHQ.RSILQGHQ+lQGHQXQGKLHOW VLFK GLH 2KUHQ ]X ZRUDXIKLQ GLH (FKVHQZHVHQ QXU QRFK NUlIWLJHU WURPPHOWHQ ,KUH XQDUWLNXOLHUWHQ 6FKUHLH ZXUGH LPPHU ODXWHU XQG ZLOGHU =ZHL YRQ LKQHQ VSUDQJHQ YRQ LKUHQ 3OlW]HQ LQ GLH $UHQD $OV GLH )UDX GLH EOLW]HQGHQ :DIIHQ VDK UDIIWH VLH VLFK DXI XQGYHUVXFKWH]XIOFKWHQ²XQGJHQDXGDVKDWWHQGLH=DJRUHQEH]ZHFNW ,FK EDOOWH GLH +lQGH ZHLO LFK EHIUFKWHWH GDV VLFK GDV JUDXVDPH 6SLHO ZLHGHUKROHQ ZUGH $EHU VRZHLW NDP HV GLHVPDO QLFKW $XI GHU JHJHQEHUOLHJHQGHQ 6HLWH JHQDX DQ MHQHU 6WHOOH ZR (LVNUDOOH GXUFK GLH 0DWHULHSURMHNWLRQ YHUVFKZXQGHQ ZDUEHPHUNWHLFKHLQH%HZHJXQJ(LQH*HVWDOWWDXFKWHDXIGDQQHLQH]ZHLWHXQGHLQH GULWWH²XQGHVZXUGHQLPPHUPHKU%DOGGUlQJWHQVLFK]ZLVFKHQGHQ%XFNHODXIWDXWHQ DQ GLH ]HKQ 2RWKHU :HLO VLH SO|W]OLFK YRQ GHP VFKDWWHQORVHQ /LFKW XPJHEHQ ZDUHQ ZROOWHQVLH]XUFNZHLFKHQ$EHULKUHQDFKIROJHQGHQ$UWJHQRVVHQYHUVSHUUWHQLKQHQGHQ :HJ XQG GUlQJWHQ VLH QDFK YRUQH 8QG GDQQ WDXFKWH (LVNUDOOH PLW GHQ EHLGHQ 6FKHLQZHUIHUQ DXI XQG YHUVSHUUWH LKQHQ HQGJOWLJ GHQ 5FNZHJ 'HQ 2RWKHUQ EOLHE NHLQHDQGHUH:DKODOV]ZLVFKHQGHQ$XIEDXWHQQDFKXQWHQ]XNOHWWHUQXQGQDFKHLQHP DQGHUHQ$XVJDQJ]XVXFKHQ ³*OHLFKLVWHVVRZHLW%HUHLW)DUWXORRQ"´ ³-D´ 8QWHUGHVVHQHQWGHFNWHQDXFKGLH=DJRUHQGLH0XWDQWHQ6LHOLHHQYRQGHU)UDX DE XQG VWU]WHQ VLFK GHQ YHUPHLQWOLFKHQ $QJUHLIHUQ HQWJHJHQ 'LH 2RWKHU VWHOOWHQ VLFK MHGRFKQLFKWVRQGHUQYHUVXFKWHQLKU+HLOLQGHU)OXFKW'DV/LFKWVFKZlFKWHLKUH6LQQH XQGIJWHLKQHQ6FKPHU]HQ]X6LHZROOWHQQXUGHU+HOOLJNHLWHQWULQQHQXQGVLFKLQGLH 'XQNHOKHLWUHWWHQ,PPHUZLHGHUUDQQWHQVLHJHJHQGLHVFKZDU]HQ:DQGHDQGLHDOOHV /LFKWDEVRUELHUWHQRKQHMHGRFKHLQHQ'XUFKJDQJ]XILQGHQ ³-HW]W´ ,FK VSUDQJ DXV GHU 'HFNXQJ DXI HLQHQ GHU $XIEDXWHQ VHW]WH YRQ GHP %XFNHODXIGHQQlFKVWHQEHUXQGHUUHLFKWHPLWZHLWHUHQ6SUQJHQGLH$UHQDZRVLFK GLH )UDX KDOE DXIJHULFKWHW KDWWH XQG GHP VHOWVDPHQ .DPSI ]ZLVFKHQ =DJRUHQ XQG 2RWKHUQYHUVWlQGQLVORV]XVDK ³+DE¶NHLQH$QJVW´ULHILFK³:LUEULQJHQGLFKLQ6LFKHUKHLW´ 6LH ZLUEHOWH ]X PLU KHUXP XQG VFKULH JHOOHQG ,FK ZXQGHUWH PLFK EHU LKUH 5HDNWLRQ YHUVWDQG QLFKW ZDUXP VLH VLFK YRU PLU IUFKWHWH 'RFK GDQQ EHPHUNWH LFK GD VLH DQ PLU YRUEHLEOLFNWH ,FK IXKU KHUXP XQG VDK GHQ =DJRUHQ GHU PLW VHLQHP 6FKZHUWDXVKROWH$OVGLH.OLQJHGHQK|FKVWHQ3XQNWHUUHLFKWHWDXPHOWHHUXQGVDQNLQ VLFK]XVDPPHQ)DUWXORRQKDWWHLKQHUVFKRVVHQ ³*LEPLUZHLWHUKLQ5FNHQGHFNXQJ´ULHILFKNPPHUWHPLFKZLHGHUXPGLH)UDX XQGKDOILKUDXIGLH%HLQH³.DQQVWGXJHKHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
6LHPDFKWHHLQHQ6FKULWWXQGILHOPLULQGLH$UPH,FKKREVLHKRFKXQGOHJWHVLH PLU EHU GLH 6FKXOWHU )DUWXORRQ NDP DQ PHLQH 6HLWH VHLQH $XJHQ IXQNHOWHQ (U KDWWH GHQ 6WUDKOHU ZHJJHVWHFNW XQG KLHOW GDV 6NDUJ LQ GHU +DQG PLW GHP HU GHQ $QJULII ]ZHLHU =DJRUHQ DEZHKUWH 'HQ HLQHQ IlOOWH HU PLW HLQHP VHLWOLFK JHIKUWHQ +LHE ZlKUHQGHUGHQDQGHUHQPLWHLQHPNUlIWLJHQ5XFNEHUVHLQH6FKXOWHUVFKOHXGHUWH ³5FN]XJ(LVNUDOOH´ULHILFKDXVYROOHU.HKOH,FKKDWWHGHQ&KUHWNRUVHLWVHLQHP $XIWDXFKHQQLFKW]X*HVLFKWEHNRPPHQKRIIWHMHGRFKGDHUVLFKDXVHLJHQHU.UDIWELV ]XXQVGXUFKVFKODJHQNRQQWH )DUWXORRQ HUUHLFKWH HLQH PDQQVJURH gIIQXQJ ]ZLVFKHQ ]ZHL $XIEDXWHQ 'HU 3RVWHQ GHU KLHU DXIJHVWHOOW ZDU OLHI LKP JHUDGHZHJV LQ GDV 6FKZHUW 'HU %DXFKDXIVFKQHLGHUZLQNWHPLUXQGYHUVFKZDQGGDQQGXUFKGLHgIIQXQJ,FKKDWWHGHQ $XVJDQJHEHQIDOOVHUUHLFKWDOVKLQWHUPLUHLQWLHULVFKHU6FKUHLHUNODQJXQGPLFKSO|W]OLFK HWZDVDP%HLQSDFNWH,FKYHUORUGDV*OHLFKJHZLFKWXQGGUHKWHPLFKLP)DOOHQQRFKXP PHLQH HLJHQH $FKVH ZlKUHQG GLH MXQJH )UDX ]X %RGHQ SUDOOWH 'HU =DJRUH GHU PLW HLQHU+DQGPHLQ%HLQXPNODPPHUWKLHOW]LHOWHPLWHLQHU/DQ]HDXIPLFK(UNDPQLFKW PHKUGD]XGHQW|GOLFKHQ6WRDXV]XIKUHQ(LQNOHLQHUVFKODQNHU.|USHUODQGHWHDXI LKP]ZHLNULVWDOOLQH$UPHJULIIHQQDFKVHLQHP+DOVXQGXPVFKORVVHQLKQ'HQ=DJRUHQ GXUFKOLHIHLQ=LWWHUQGDQQEOLHEHUUHJORVOLHJHQ ³'DQNH (LVNUDOOH´ VDJWH LFK 'HU &KUHWNRU KDWWH GHQ =DJRUHQ GXUFK EORH %HUKUXQJJHW|WHW ,FKVWDQGDXIKREGLH)UDXGLHGDV%HZXWVHLQYHUORUHQKDWWHZLHGHUDXIPHLQH 6FKXOWHUXQGHLOWHGXUFKGHQ$XVJDQJ(LVNUDOOHEOLHEKLQWHUPLUXPPLU5FNHQGHFNXQJ ]XJHEHQ$EHUGLH=DJRUHQYHUIROJWHQXQVQLFKW:DKUVFKHLQOLFKZDUHQVLH]XVHKUPLW GHQ 2RWKHUQ EHVFKlIWLJW 9RU XQV ODJ HLQH ODQJJHVWUHFNWH +DOOH HUOHXFKWHW YRQ GHP YHUZLUUHQGHQVFKDWWHQORVHQ/LFKW'HU%RGHQZDUZHOOHQI|UPLJXQGZLHVYLHOHJU|HUH XQG NOHLQHUH %XFNHO DXI GLH VLFK DXFK EHU GLH :lQGH XQG GLH 'HFNH HUVWUHFNWHQ 'D]ZLVFKHQ JDE HV LQ XQUHJHOPlLJHQ $EVWlQGHQ gIIQXQJHQ YRQ XQWHUVFKLHGOLFKHU )RUP )DVW ZXUGH PLU EHL GHP $QEOLFN GLHVHV ZLH RUJDQLVFK JHZDFKVHQHQ 5DXPHV VFKZLQGOLJ 3O|W]OLFK ZXWH LFK QLFKW PHKU ZR REHQ XQG XQWHQ ZDU 'LH (UKHEXQJHQ XQG 9HUWLHIXQJHQ GHV %RGHQV XQG GHU :lQGH GDV VHOWVDPH /LFKW DOO GLHVH (LQGUFNH WlXVFKWHQPHLQH6LQQHLQHLQHP0DHGDLFKGDV*OHLFKJHZLFKWXQGGLH2ULHQWLHUXQJ YHUORU ³+LHUKHU´K|UWHLFK)DUWXORRQUXIHQDEHULFKNRQQWHLKQQLFKWVHKHQ9RUPHLQHQ $XJHQYHUVFKZDPPHQGLH.RQWXUHQ,FKVFKWWHOWHGHQ.RSIELV)DUWXORRQLQPHLQHP JHWUEWHQ %OLFNIHOG HUVFKLHQ (U VWDQG YRU HLQHU XQEHOHXFKWHWHQ gIIQXQJ XQG VWUHFNWH PLU GLH NUlIWLJH +DQG HQWJHJHQ ,FK HUJULII VLH XQG IKOWH HUOHLFKWHUW ZLH LFK ]X LKP JH]RJHQZXUGH ³:DVLVWSDVVLHUW"´IUDJWHLFKNHXFKHQGZlKUHQGHUPLUGDV0lGFKHQDEQDKP ³'X ELVW HLQHU 6LQQHVWlXVFKXQJ HUOHJHQ 0LU JLQJ HV lKQOLFK %HLQDKH KlWWH LFK PLFK LQ GHP *ODXEHQ HLQHQ 6HLWHQJDQJ YRU PLU ]X KDEHQ LQ HLQH %RGHQ|IIQXQJ JHVWU]W 'LHVH VXJJHVWLYH $UFKLWHNWRQLN VFKHLQW MHGRFK QXU IU GDV DUNRQLGLVFKH $XJH YHUKlQJQLVYROOH $XVZLUNXQJHQ ]X KDEHQ (LVNUDOOH KDW VLFK MHGHQIDOOV PLW WUDXPZDQGOHULVFKHU6LFKHUKHLWGXUFKGHQ5DXPEHZHJW´ ³$EHUHVZDUPLUGDEHLHWZDV]XKHL´IJWHGHU&KUHWNRUKLQ]X
'HU.ULVWDOOSULQ]
M
$WODQ
³,FK ELQ DXFK JDQ] VFK|Q LQV 6FKZLW]HQ JHNRPPHQ´ JHVWDQG LFK ,FK ZDU )DUWXORRQGDQNEDUGDHUPLUGLH%HZXWORVHDEJHQRPPHQKDWWHGDLFKGHQ7RUQLVWHU PLWGHU$XVUVWXQJWUXJ ³:LU ZHUGHQ GLHVHQ :HJ QHKPHQ´ )DUWXORRQ GHXWHWH LQ GHQ JHZXQGHQHQ 5|KUHQWXQQHOYRUXQVGHUVLFKEHUHLWVQDFKZHQLJHQ6FKULWWHQLQDEVROXWHU'XQNHOKHLW YHUORU³'DHUQLFKWEHOHXFKWHWLVWZLUGHUZRKOYRQGHQ=DJRUHQQLFKWEHQXW]W8QGDXI 2RWKHUZHUGHQZLULQGLHVHP7HLOGHV/DE\ULQWKVNDXPWUHIIHQ(LQYHUVWDQGHQ$WODQ"´ ³,P3ULQ]LSVFKRQ´ ³8QGZDVVW|UWGLFKDQPHLQHP9RUVFKODJ"´ ³'DHVHLQ9RUVFKODJLVWXQGNHLQH(QWVFKHLGXQJ´ 0LU ZDU LQ OHW]WHU =HLW VFKRQ RIW DXIJHIDOOHQ GD HU GLH 9HUDQWZRUWXQJ DXI PLFK EHUWUXJ 'DV HKUWH PLFK ZHLO HV PLU ]HLJWH GD HU PLFK YROO XQG JDQ] DQHUNDQQWH $QGHUHUVHLWVPXWHLFKPLFKDEHUDXFKIUDJHQZHOFKHQ=ZHFNHUGDPLWYHUIROJWH :LU KDWWHQ XQV LP =DJRRWK QDFK GHU $UPEDQGJHUlWDQ]HLJH GHV 6DWHOOLWHQ ,PSXOVHV LQ 5LFKWXQJ GHU 5XLQHQVWDGW EHZHJW XQG HLQH JURH 6WUHFNH ]XUFNJHOHJW $EHU GLHVHV /DE\ULQWK EDUJ VR YLHOH *HKHLPQLVVH XQG XQEHNDQQWH $QODJHQ GD LFK GHP*HUlWNHLQULFKWLJHV9HUWUDXHQVFKHQNWH)DUWXORRQVFKORVLFKPHLQHU0HLQXQJDQ XQG KDWWH QLFKWV GDJHJHQ DOV LFK LKP YRUVFKOXJ EHL QlFKVWHU *HOHJHQKHLW ]XU 2EHUIOlFKH]XUFN]XNHKUHQ :LU PDFKWHQ 5DVW QDFKGHP )DUWXORRQ KLQWHU HLQHU 0DWHULHSURMHNWLRQ HLQH VHOEVWOHXFKWHQGH .XJHO]HOOH JHIXQGHQ KDWWH GLH XQV DXVUHLFKHQG 3ODW] ERW :lKUHQG )DUWXORRQ GLH :XQGHQ GHU MXQJHQ )UDX EHKDQGHOWH VXFKWH (LVNUDOOH QDFK HLQHP :HJ ]XU2EHUIOlFKH8PVLFKLQGHP/DE\ULQWKQLFKW]XYHULUUHQZROOWHHUGHQ:HJPLWHLQHP ³.KOVWLIW´ PDUNLHUHQ 'LH 3DUWLNHO GHV 6WLIWHV KLQWHUOLHHQ NHLQH RSWLVFK VLFKWEDUHQ 6SXUHQGLH0DUNLHUXQJHQNRQQWHQDEHUYRQ(LVNUDOOHGXUFKLKUH:lUPHDEVRUELHUHQGH (LJHQVFKDIWOHLFKWJHIXQGHQZHUGHQ 'LHMXQJH$UNRQLGLQHUODQJWHGDV%HZXWVHLQZLHGHUXQGNDPUDVFK]X.UlIWHQ QDFKGHP)DUWXORRQVLHEHKDQGHOWKDWWHHUIUDJWH³:LHKHLWGX"´ ³$]KLUD´ ³:LHELVWGXLQGDV/DE\ULQWKJHNRPPHQ$]KLUD"´ZROOWHLFKZLVVHQ ³9DIURQ GLHVHV 6FKHXVDO KDW PLFK GHQ =DJRUHQ DXVJHOLHIHUW´ VDJWH VLH KDHUIOOW ³8QGZHULVW9DIURQ"´ ³(U LVW YRU ]ZHL 3UDJRV ]XVDPPHQ PLW YLHU DQGHUHQ 0lQQHUQ ]X XQV JHVWRHQ 0LUZDUHUYRPHUVWHQ$XJHQEOLFNDQYHUKDW'LHDQGHUHQPRFKWHQLKQDXFKQLFKW´ 6LH EHDQWZRUWHWH EHUHLWZLOOLJ XQVHUH )UDJHQ GRFK LFK XQWHUEUDFK VLH PLW HLQHU +DQGEHZHJXQJ ³:LOOVW GX PLU QLFKW DOOHV GHU 5HLKH QDFK HU]lKOHQ" 0LFK LQWHUHVVLHUW ZRVLFKGDVDOOHV]XJHWUDJHQKDWXQG]XZHPGXJHK|UVW´ 6LH ZLVFKWH VLFK HLQH 6WUlKQH LKUHV ZHLEORQGHQ +DDUHV DXV GHU 6WLUQ XQG OlFKHOWH HQWVFKXOGLJHQG REZRKO VLH VFKDXGHUWH ´'X PXW YHU]HLKHQ ZHQQ LFK ZLUU GDKHUUHGHDEHULFKELQQRFKZLHEHQRPPHQ:DVPLUGLHVH(FKVHQDQJHWDQKDEHQ NDQQLFKQLFKWVROHLFKWYHUJHVVHQ´ ³'XEUDXFKVWXQVQLFKWV]XVDJHQZHQQGLUQLFKWGDQDFKLVW´ 6LH VFKWWHOWH GHQ .RSI XQG HUJULII PHLQH +DQG ³,FK KDEH QLFKWV ]X YHUVFKZHLJHQ .|QQW LKU PLFK ]X PHLQHP 9DWHU ]XUFNEULQJHQ"´ 1DFKGHP LFK LKU GDV YHUVSURFKHQ KDWWH VDJWH VLH ³:LU KDWWHQ XQV HLQHU 6FKDW]VXFKHUJUXSSH
'HU.ULVWDOOSULQ]
M
$WODQ
DQJHVFKORVVHQ GLH LQ 0DUDXWKDQV 5XLQHQ LKU /DJHU DXIJHVFKODJHQ KDW (V JLEW QRFK DQGHUH ULYDOLVLHUHQGH *UXSSHQ 1LFKW VHOWHQ NRPPW HV ]X *HZDOWWlWLJNHLWHQ XQG VRJDU ]XEOXWLJHQ.lPSIHQ´ ³,FKNHQQHGLH6LWXDWLRQGLHEHLGHQ5XLQHQKHUUVFKW´XQWHUEUDFKLFKVLH³(U]lKO YRQGLU´ 9RUYLHU]LJ7RQWDVHUIXKUHQZLUYRQ$]KLUDVHLHQ9DIURQXQGVHLQHYLHU%HJOHLWHU LQGHQ5XLQHQDXIJHWDXFKW1DFKGHPVLHPLWGHQDQGHUHQ*UXSSHQYHUKDQGHOWKDWWHQ VHW]WHQVLHVLFKDXFKPLWGHU*UXSSHLKUHV9DWHUVLQ9HUELQGXQJ9DIURQVFKOXJLKPGHQ =XVDPPHQVFKOX DOOHU LQ GHQ 5XLQHQ OHEHQGHQ 6FKDW]VXFKHU YRU²XQG EHDQVSUXFKWH QDWUOLFKGDV.RPPDQGR$]KLUDV9DWHUGHUNHLQ*OFNVULWWHUZDUVRQGHUQHLQ/DNWURWH GHUGLH6SXUHQGHU8UHLQZRKQHU*RUWDYRUVXQWHUVXFKWHMDJWH9DIURQGDYRQQDFKGHP DXFKGLHDQGHUHQGHU*UXSSHQLFKWVYRQHLQHP=XVDPPHQVFKOXZLVVHQZROOWHQ *HVWHUQ DOV LKU 9DWHU PLW GHU 0HKU]DKO GHU DQGHUHQ 0lQQHU XQWHUZHJV ZDU GUDQJ 9DIURQ JHZDOWVDP LQ LKUH ³)HVWXQJ´ HLQ XQG HQWIKUWH $]KLUD $XI GHP :HJ ]X HLQHU DQGHUHQ 5XLQH ZXUGHQ VLH YRQ =DJRUHQ EHUIDOOHQ (LQHU YRQ 9DIURQV /HXWHQ YHUKDQGHOWH PLW GHQ (FKVHQZHVHQ XQG DOV VLFK KHUDXVVWHOOWH GD VLH HLQ 2SIHU YHUODQJWHQOLHIHUWH9DIURQLKQHQ$]KLUDDXV'LHVH*HVFKLFKWHZDUQLFKWXQJHZ|KQOLFK 6ROFKH XQG lKQOLFKH =ZLVFKHQIlOOH JHK|UWHQ IDVW ]XP WlJOLFKHQ /HEHQ LQ 0DUDXWKDQV 5XLQHQ $EHU LFK IDQG HV XQYHUDQWZRUWOLFK YRQ $]KLUDV 9DWHU VLH DXI HLQH VROFKH ([SHGLWLRQPLW]XQHKPHQODXWVDJWHLFKGDVDOOHUGLQJVQLFKW ³:HUGHWLKUPLFK]XUFNEULQJHQ"´ ³:LU KDEHQ GHQVHOEHQ :HJ´ VDJWH LFK ³:LU KDEHQ LP 7DUNLKO HLQHQ 1RWUXI DXIJHIDQJHQGHUDXVGHQ5XLQHQJHNRPPHQVHLQPX´ 6LHXPNODPPHUWHPHLQHQ$UP³+RIIHQWOLFKLVW9DWHUQLFKWV]XJHVWRHQ´ ³'XPXWQLFKWJOHLFKGDV6FKOLPPVWHDQQHKPHQ´ ³$EHU9DIURQ´ ³µ9RQ GHQHQ GLH LQ GHQ 5XLQHQ OHEHQ LVW MHGHU ]ZHLWH HLQ 9DIURQ´ VDJWH LFK DEIlOOLJ ³(V LVW XQZDKUVFKHLQOLFK GD GHU 1RWUXI HWZDV PLW GHP YRQ GLU JHVFKLOGHUWHQ =ZLVFKHQIDOO]XWXQKDW(KHUZlUHHVGHQNEDUGDGHLQ9DWHULQVHLQHUJURHQ6RUJH XPGLFKXQVHUH+LOIHDQJHIRUGHUWKDW´ ,FKPHUNWHLKUDQGDVLHGDUDQQRFKZHQLJHUJODXEHQNRQQWH$EHU]XP*OFN ZXUGH LFK GHU XQGDQNEDUHQ $XIJDEH ZHLWHUH WU|VWHQGH :RUWH ]X ILQGHQ GXUFK (LVNUDOOHV(UVFKHLQHQHQWKREHQHUVDJWH³,FKKDEHHLQHQ$XVJDQJJHIXQGHQ´ :LU GDFKWHQ VFKRQ GD (LVNUDOOH GHQ YRQ LKP HQWGHFNWHQ $XVJDQJ QLFKW ZLHGHUILQGHQ ZUGH (U ]HUUWH MHGHQIDOOV JDQ] VFK|Q DQ XQVHUHQ 1HUYHQ ZHLO HU EHKDXSWHWH GD LKP GLH .DOWPDUNLHUXQJHQ QLFKW PHKU GLH 5LFKWXQJ DQ]HLJWHQ GD VLH VLFK]XVFKQHOOGXUFKGLH/XIWWHPSHUDWXUHUZlUPWKDWWHQ ³:LUZHUGHQQLHPHKUKLQDXVILQGHQ´MDPPHUWH$]KLUDVLH]LWWHUWHYRU$QJVWXQG LFKIUDJWHPLFKZLHVLHELVKHUGDV/HEHQLQGHQ5XLQHQHUWUDJHQKDWWH6LHPDFKWHQLFKW GHQ(LQGUXFNYRQMHPDQGHPGHUVLFKGHQUDXKHQ6LWWHQLQGHU:LOGQLVGLHVHV3ODQHWHQ DQSDVVHQ NRQQWH $EHU VLH ZDU VFK|Q XQG YLHOOHLFKW KDWWH VLH JHJODXEW PLW LKUHP $XVVHKHQGLH5DXKEHLQHGHU6SLQQHQZVWHXPGHQ)LQJHUZLFNHOQ]XN|QQHQ ³:LUVLQGULFKWLJ´VDJWH(LVNUDOOHGHUGLH)KUXQJEHUQRPPHQKDWWH :LUVFKDOWHWHQXQVHUH6FKHLQZHUIHUDXVDOVGHU.RUULGRULQHLQH+DOOHPQGHWH GLHYRQHLQHPVFKZDFKHQ/LFKWVFKHLQHUKHOOWZDU)LQJHUGLFNHU:VWHQVWDXEGHUGXUFK
'HU.ULVWDOOSULQ]
M
$WODQ
LUJHQGHLQHgIIQXQJYRQGHU2EHUIOlFKHKHUHLQJHZHKWZRUGHQVHLQPXWHEHGHFNWHGHQ %RGHQ ³7DJHVOLFKW´ ULHI )DUWXORRQ XQG GHXWHWH QDFK YRUQ -HW]W VDK LFK HEHQIDOOV GHQ VFKPDOHQ /LFKWVWUHLI GHU VFKUlJ LQ GDV *HZ|OEH ILHO (LQH :lFKWH YHUEDFNHQHU 0LQHUDOLHQXQG6DQGHVUHLFKWHYRP%RGHQELV]XGHUgIIQXQJLQGHU'HFNHKLQDXIGLH JURJHQXJZDUXP]ZHL$UNRQLGHQJOHLFK]HLWLJKLQGXUFK]XODVVHQ(LQVWDUNHU/XIW]XJ ZLUEHOWH6WDXEDXIXQGWULHELKQXQVLQ1DVHXQG0XQG$]KLUDKXVWHWH,FKGUFNWHVLH LQVWLQNWLYDQPLFKXQGVLHEDUJLKU*HVLFKWDQPHLQHU%UXVW ³(VZlUHJDUQLFKWNOXJMHW]WLQGLH:VWH]XJHKHQ´VDJWH(LVNUDOOH ³:LHVR"´9HUZXQGHUWVDKLFKLKQDQ³'HU6WXUPVFKHLQWGRFKDXIHLQHUWUlJOLFKHV 0DDEJHIODXW]XVHLQ´ ³'DV VFKRQ $EHU GRUW REHQ LVW HV LPPHU QRFK KHL 6RODQJH GLH 6RQQH QLFKW XQWHUJHJDQJHQLVWLVWHVGRUWREHQXQHUWUlJOLFKKHL´ )DUWXORRQ ODFKWH JULII LQ VHLQH 0HGLNDPHQWHQWDVFKH XQG EHUUHLFKWH (LVNUDOOH HLQHQZHLWHUHQ.KOVWLIW³:HQQGXGLH+LW]HQLFKWPHKUDXVKlOWVWUHLEGLFKGDPLWHLQ´ :LU WUDQNHQ HLQLJH 6FKOXFNH :DVVHU EHYRU ZLU GDV /DE\ULQWK YHUOLHHQ $OV LFK ]XU2EHUIOlFKHNDPVDKLFKVRIRUWGLH5XLQHQGLH]ZLVFKHQYHUHLQ]HOWHQ6LOEHUVWUlQJHQ LQGHQDEHQGOLFKHQ+LPPHOUDJWHQ ³:LUKDEHQHVJHVFKDIIW´ULHILFKHUOHLFKWHUWXQGKDOI$]KLUDDXVGHUgIIQXQJ³'LH 5XLQHQVLQGJDQ]QDKH:LUN|QQHQVLHQRFKYRU6RQQHQXQWHUJDQJHUUHLFKHQ´ $]KLUD EOLFNWH GXUFK GLH EUHLWHQ /FNHQ LQ GHP VLOEHUQHQ 1HW] EHU XQVHUHQ .|SIHQ ]X GHQ KDOEYHUIDOOHQHQ %DXZHUNHQ GLH LP W\SLVFKHQ DUNRQLGLVFKHQ 7ULFKWHUVWLO HUEDXWZDUHQ,KUH/LSSHQ]LWWHUWHQOHLFKWDOVVLHVDJWH³9RQKLHUVHKHQVLHXQKHLPOLFK DXV6LHZLUNHQZLHDXVJHVWRUEHQ$EHUVLHVLQGYRQ9HUEUHFKHUQEHZRKQW´ ³:HQQ GX GLH 6FKDW]VXFKHU VR YHUDEVFKHXVW ZDUXP OHEVW GX GDQQ LQ LKUHU *HVHOOVFKDIW"´ ³,FKZROOWH9DWHUQLFKWDOOHLQODVVHQ´VDJWHVLHOHLVH³(ULVWVRVRZHOWIUHPG(U EUDXFKWMHPDQGGHUIULKQVRUJW8QGLFKNRQQWHQLFKWZLVVHQGDHV/HXWHJLEWGLH VROFKIXUFKWEDUHU'LQJHIlKLJVLQG´ ³6FKRQ JXW $]KLUD´ )DUWXORRQ ZDUI PLU HLQHQ VWUDIHQGHQ %OLFN ]X ³$WODQ KDW HV QLFKWVRJHPHLQW´ ,FK ZROOWH LKQ VFKRQ IUDJHQ ZDV LFK GHQQ $]KLUD JHWDQ KDWWH GD HU VLH VR YHKHPHQW LQ 6FKXW] QDKP OLH HV DEHU EOHLEHQ :HQQ )UDXHQ LP 6SLHO ZDUHQ ZXWH PDQ QLH ZLH PDQ EHL GHP %DXFKDXIVFKQHLGHU GUDQ ZDU ,FK VFKULWW VR VWDUN DXV GD GHU 6DQG DXIVWRE $]KLUD EHDFKWHWH LFK QLFKW PHKU VROOWH VLFK )DUWXORRQ GRFK XP VLH NPPHUQ (LVNUDOOH NDP DQ PHLQH 6HLWH ³(V LVW KHL´ VDJWH HU VW|KQHQG XQG ULHE VLFK XQDEOlVVLJPLWGHP.KOVWLIWHLQ³+RIIHQWOLFKVSUHQXQVGLH=DJRUHQQLFKWDXI,QGLHVHU +LW]HELQLFKQLFKWIlKLJ]XNlPSIHQ´ ³:LUKDEHQHVEDOGJHVFKDIIW´WU|VWHWHLFKLKQ )DUWXORRQ EOLHE PLW $]KLUD HWZDV KLQWHU XQV XQG XQWHUKLHOW VLFK DQJHUHJW PLW LKU ,FK YHUVXFKWH QLFKW KLQ]XK|UHQ NRQQWH DEHU QLFKW YHUKLQGHUQ GD HLQLJH *HVSUlFKVIHW]HQ DQ PHLQ 2KU GUDQJHQ 'DV *HK|UWH UHLFKWH DXV XP PLU )DUWXORRQV 9HUKDOWHQ EHJUHLIOLFKHU ]X PDFKHQ ,FK JULQVWH VWLOO YRU PLFK KLQ 'HU 'LFNH KDW VHOEVW *HIDOOHQDQGHU.OHLQHQJHIXQGHQ ³,FK]HUIOLHH´MDPPHUWH(LVNUDOOHJHTXlOW
'HU.ULVWDOOSULQ]
M
$WODQ
³'DV NRPPW GDYRQ ZHLO GX VR YLHO UHGHVW 'XUFK GLH 0XQGEHZHJXQJHQ ODGHQ VLFKGHLQH.|USHUNULVWDOOHDXIXQGHUKLW]HQVLFKQRFKPHKU´ ³'DVZDUHLQJHVFKPDFNORVHU:LW]$WODQ´3O|W]OLFKEOLHEHUVWHKHQXQGOHJWHPLU GLH +DQG DXI GHQ 8QWHUDUP 'LH .lOWH VHLQHU +DQGIOlFKH YHUVHW]WH PLU HLQHQ 6FKRFN XQGOLHPLFKDEUXSWDQKDOWHQ,FKJULIIDXWRPDWLVFKQDFKPHLQHU:DIIH$EHULFKNRQQWH VLHVWHFNHQODVVHQ (WZD ]ZDQ]LJ 6FKULWWH YRU XQV ZDU HLQHU GHU .QRWHQSXQNWH GHV 6SLQQHQQHW]HV ]X VHKHQ 'XW]HQGH 6LOEHUVWUlQJH OLHIHQ KLHU ]XVDPPHQ XQG YHUHLQWHQ VLFK ]X HLQHU 3ODWWIRUPDP(QGHHLQHV3IHLOHUV'DUDXIKRFNWHQGLHJHEOHLFKWHQ/HLFKQDPHYRQGUHL :HVHQDUNRQLGLVFKHU$EVWDPPXQJ,KUVFKXOWHUODQJHVHKHPDOVVLOEULJHV+DDUZDUQXQ YRQHLQHPVWXPSIHQ*UDXXQGEHZHJWHVLFKLP:LQG+LQWHUPLUVFKULH$]KLUDDXI ³6FKDXQLFKWKLQ0lGFKHQ´K|UWHLFK)DUWXORRQVDJHQ ³:DV PHLQVW GX GD]X"´ IUDJWH LFK GHQ %DXFKDXIVFKQHLGHU ³(V VFKHLQW IDVW DOV KDQGOHHVVLFKXP2SIHUGHUµ=DJRUHQ´ ³(V LVW HLQH 2SIHUJDEH DQ GHQ VXPPHQGHQ *RWW GHV 6LOEHUQHW]HV´ )DUWXORRQ UXQ]HOWH GLH 6WLUQ XQG VFKWWHOWH JHGDQNHQYHUORUHQ GHQ .RSI ³'DV JHIlOOW PLU QLFKW ,PPHUZHQQGLH=DJRUHQORV]LHKHQXPVLFK2SIHUIULKUHJUDXVDPHQ5LWHQ]XKROHQ VWHKWHLQH.UlIWHHQWODGXQJGHU6LOEHUVWUlQJHEHYRU´ ,FK QLFNWH )DUWXORRQ KDWWH PLU GDYRQ EHULFKWHW GD GLH 9LEUDWLRQHQ XQG GDV VXJJHVWLYH 6XPPHQ GHV 6LOEHUQHW]HV VWHWV HLQVHW]WH ZHQQ GLH =DJRUHQ LKUHP *RWW EHVRQGHUV YLHOH 2SIHU GDUEUDFKWHQ (U YHUPXWHWH GD GLH (FKVHQZHVHQ DXV LUJHQGZHOFKHQ *UQGHQ GLH EHYRUVWHKHQGH $NWLYLWlW GHV 6SLQQHQQHW]HV YRUDXVDKQHQ NRQQWHQ ³.HQQVWGXGLHVH0lQQHU$]KLUD"´IUDJWHLFK 6LH SUHWH VLFK HQJHU DQ )DUWXORRQ XQG VDJWH VFKOXFK]HQG ³,FK NDQQ QLFKW KLQVHKHQ´ ³(V ZlUH DEHU P|JOLFK GD HV VLFK XP 6FKDW]VXFKHU KDQGHOW GLH GX NHQQVW´ VDJWH)DUWXORRQ³:LUIQXUHLQHQ%OLFNDXIVLH'D]XZLUVWGXGLFKVLFKHUOLFKEHUZLQGHQ N|QQHQ´ $]KLUD KRE ]DJKDIW GHQ .RSI XQG EOLFNWH PLW ]XVDPPHQJHNQLIIHQHQ $XJHQ DXI GLH GUHL EOHLFKHQ PXPLIL]LHUWHQ 7RWHQ (V ZDU DOV ZUGH VLH YRQ GHUHQ $QEOLFN K\SQRWLVLHUWXQGN|QQHGLH$XJHQQLFKWPHKUYRQLKQHQZHQGHQ ³-D´ IOVWHUWH VLH ³,FK NHQQH VLH ]XPLQGHVW HLQHQ (U JHK|UW ]X /D\ 0DQRV¶ *UXSSH(UZDUHLQVNUXSHOORVHU0|UGHU´ ³*HKHQZLUZHLWHU´YHUODQJWH)DUWXORRQXQGOHJWHLKUGHQ$UPXPGLH6FKXOWHU .XU]GDUDXIHUUHLFKWHQZLUGLH5XLQHQ(VKDQGHOWHVLFKXPDFKW7ULFKWHUEDXWHQ YRQGHQHQGHUJU|WHKXQGHUW0HWHUKRFKZDU(LQ9RUJlQJHU$UPDQFN'HFODQWHUVGHU 7DWR0DUDXWKDQKDWWHVLHYRUODQJHU=HLWHUULFKWHQODVVHQXPHLQH$UNRQLGHQVLHGOXQJ ]XJUQGHQ$EHUGHU9HUVXFKKLHUHLQHZHLWHUH%DVWLRQGHUDUNRQLGLVFKHQ=LYLOLVDWLRQ ]XHUVFKDIIHQVFKHLWHUWHGLH6SLQQHQZVWHZDU6LHJHUJHEOLHEHQ ,Q]ZLVFKHQ ZDUHQ GLH 7ULFKWHUEDXWHQ JU|WHQWHLOV YHUIDOOHQ $EHU GLH =HUIDOOVHUVFKHLQXQJHQ ZDUHQ QLFKW DOOHLQ DXI GLH :LWWHUXQJVHLQIOVVH ]XUFN]XIKUHQ 'HQ JU|WHQ 7HLO GHU =HUVW|UXQJHQ KDWWHQ GLH =DJRUHQ XQG GLH 6FKDW]VXFKHU DQJHULFKWHW GLH KLHU KDXVWHQ 'LH 0DFKWNlPSIH GLH PLW DOOHQ 0LWWHOQ JHIKUW ZXUGHQ KDWWHQEHUDOOLKUH6SXUHQKLQWHUODVVHQ
'HU.ULVWDOOSULQ]
M
$WODQ
8QGGRFKZDU/HEHQLQGHQ5XLQHQ(VZDUHLQHUElUPOLFKHV/HEHQVWlQGLJYRP 7RG EHUVFKDWWHW XQG YRQ GHU WUJHULVFKHQ +RIIQXQJ DXI XQHUPHOLFKH 5HLFKWPHU JHWUDJHQ 'LH 0lQQHU XQG )UDXHQ GLH LQ GLH 6SLQQHQZVWH YRUGUDQJHQ KDWWHQ QXU XQNODUH9RUVWHOOXQJHQGDYRQZRQDFKVLHHLJHQWOLFKVXFKWHQ6LHOHJWHQVLFKQLFKWIHVW (VZDULKQHQHJDOREVLHGLH6FKlW]HHLQHUOlQJVWYHUJDQJHQHQ.XOWXULP=DJRRWKGHP YHUJHVVHQHQ /DE\ULQWK IDQGHQ RE VLH DXI (U]DGHUQ XQG DQGHUH 5RKVWRIITXHOOHQ VWLHHQ RGHU LQ GHQ 5XLQHQ GLH 6FKDW]NDPPHU GHV 7DWRV 0DUDXWKDQ HQWGHFNWHQ 6LH HUKRIIWHQVLFK5HLFKWXPLQLUJHQGHLQHU)RUP $EHU GLH +RIIQXQJHQ ZHUGHQ HQWWlXVFKW GDFKWH LFK .DXP MHPDQG NRPPW DXV GHU 6SLQQHQZVWH ]XUFN²XQG QRFK ZHQLJHU DOV UHLFKH /HXWH 'HQ PHLVWHQ ZLUG G LH :VWH]XP6FKLFNVD/ 'DV ZDUHQ 0DUDXWKDQV 5XLQHQ HLQH NOHLQH 2DVH *HVWUDQGHWHU GHUHQ 6HKQVFKWH XQHUIOOW EOLHEHQ XQG GHUHQ 6WUHEHQ QLFKW DQV =LHO IKUWH 'LH HLQ]HOQHQ *HElXGH ZDUHQ GXUFK .XQVWVWRIINRQVWUXNWLRQHQ XQG SULPLWLYH +lQJHEUFNHQ PLWHLQDQGHUYHUEXQGHQ9RQHLQLJHQGHU9HUVWUHEXQJHQKLQJHQNRUEDUWLJH*HELOGHGLH GHQ 6FKDW]VXFKHUQ DOV 8QWHUNQIWH GLHQWHQ $QGHUH 6FKDW]VXFKHU KDWWHQ VLFK DQ VFKZHU ]XJlQJOLFKHQ 6WHOOHQ GHU 5XLQHQ %HIHVWLJXQJHQ DXV GHQ YHUVFKLHGHQVWHQ 0DWHULDOLHQ HUULFKWHW ,P /DXIH GHU =HLW ZDUHQ DXV GHP YHUIDOOHQHQ *HPlXHU GLH EL]DUUVWHQ *HELOGH ZLH *HVFKZUH KHUDXVJHZDFKVHQ 9LHOH YRQ GLHVHQ DEHQWHXHUOLFK DQPXWHQGHQ %DXZHUNHQ KDWWH $]KLUD EHULFKWHW ZXUGHQ HUELWWHUW YHUWHLGLJW XQG KHL XPNlPSIW ,P $XJHQEOLFN ZLUNWH GLH 5XLQHQVWDGW MHGRFK ZLH DXVJHVWRUEHQ 1XU GDV +HXOHQ GHV :LQGHV ]ZLVFKHQ GHQ *HPlXHUQ ZDU ]X K|UHQ NHLQ /HEHZHVHQ ]HLJWH VLFK ³:R OLHJW GHU 8QWHUVFKOXSI GHU *UXSSH GHLQHV 9DWHU $]KLUD"´ IUDJWH )DUWXORRQ ZlKUHQGHUGLH5XLQHQDXIPHUNVDPEHREDFKWHWH ³:LUZRKQHQLQGHUREHUVWHQ(WDJHGHV7ULFKWHUEDXVYRQGHPQXUQRFKHLQ7HLO GHU$XHQZDQGVWHKW´DQWZRUWHWHVLHXQGZLHVPLWGHUDXVJHVWUHFNWHQ+DQGQDFKOLQNV 'DVYRQLKUEH]HLFKQHWH%DXZHUNUDJWHZLH GDV6NHOHWWHLQHVXUZHOWOLFKHQ0RQVWUXPV IQI]LJ 0HWHU LQ GLH +|KH $Q GHU K|FKVWHQ 6WHOOH ZDU DQ GLH QDFK DXHQ JHZ|OEWH +DXSWZDQGHLQHXQI|UPLJH.RQVWUXNWLRQJHEDXW ³(LQH OHLFKW ]X YHUWHLGLJHQGH )HVWXQJ´ )DUWXORRQ UXQ]HOWH GLH 6WLUQ XQG IJWH QDFKGHQNOLFK KLQ]X ³$EHU GHU :HJ GRUWKLQ IKUW ]ZLVFKHQ GHQ DQGHUHQ 5XLQHQ KLQGXUFKVRGDZLUIUGLHULYDOLVLHUHQGHQ*UXSSHQHLQOHLFKWHV=LHODEJHEHQZUGHQ´ ,FK VWLPPWH GHP %DXFKDXIVFKQHLGHU ]X =ZDU VLQG ZLU QHXWUDO DEHU GLH 7DWVDFKHGDVLFK$]KLUDEHLXQVEHILQGHWNDQQGLH)HLQGHLKUHV9DWHUVGD]XYHUOHLWHQ XQVDOV*HJQHU]XEHWUDFKWHQ GDFKWHLFKXQGVDJWH³:LUPVVHQHVGHQQRFKZDJHQ XQG XQV ]X $]KLUDV 9DWHU GXUFKVFKODJHQ 'DQDFK N|QQHQ ZLU LPPHU QRFK KHUDXV]XILQGHQYHUVXFKHQZHUGHQ1RWUXIDEJHVFKLFNWKDW´ ³'DLVWMHPDQG´ULHI(LVNUDOOHXQGGHXWHWH]XP)XGHUQlFKVWOLHJHQGHQ5XLQH GLHNDXPKXQGHUW6FKULWWHYRQXQVHQWIHUQWZDU (LQJUQKlXWLJHVHQWIHUQWDUNRQRLGHV:HVHQZLQNWHXQVPLWVHLQHQYLHU$UPHQ ,FK HUNDQQWH GD HV VLFK XP HLQHQ ]ZHUJHQKDIWHQ 0DQROHU KDQGHOWH GHU LQ GHQ HLQWHLOLJHQ .DSX]HQPDQWHO HLQHV :VWHQEHZRKQHUV JHNOHLGHW ZDU $OV HU VLFK HLQLJH 6FKULWWHDXVGHP6FKXW]GHU5XLQHQZDJWHHUZDFKWHGLH:VWHYRUXQVSO|W]OLFK]XP /HEHQ
'HU.ULVWDOOSULQ]
M
$WODQ
'HU 6DQG JHULHW DQ HLQLJHQ 6WHOOHQ LQ %HZHJXQJ XQG =DJRUHQ NDPHQ ]XP 9RUVFKHLQ 6LH PXWHQ VLFK LP 6FKXW] GHU 'lPPHUXQJ DQ GLH 5XLQHQVWDGW DQJHVFKOLFKHQ XQG VLFK GDQQ LP 6DQG HLQJHJUDEHQ KDEHQ XP 6FKDW]VXFKHUQ DXI]XODXHUQ'HU0DQROHUZDQGWHVLFKEHLP$QEOLFNGHU(FKVHQZHVHQ]XU)OXFKW%HYRU HU]ZLVFKHQGHQ5XLQHQYHUVFKZLQGHQNRQQWHERKUWHVLFKHLQ6SHHULQVHLQHQ5FNHQ ,FK VDK ZLH GHU *UQKlXWHU ]XVDPPHQEUDFK GDQQ PXWH LFK PLFK DXI GLH =DJRUHQ NRQ]HQWULHUHQGLHXQVDQJULIIHQ 9RQGHQDFKW=DJRUHQZDUHQLQQHUKDOEZHQLJHU$XJHQEOLFNHQXUQRFKYLHUEULJ )DUWXORRQ W|WHWH ]ZHL YRQ LKQHQ ]ZHL ZHLWHUH JLQJHQ DXI PHLQ .RQWR ,FK VWUHFNWH VLH PLW HLQHP )HXHUVWR PHLQHV 6WUDKOHUV QLHGHU 'DQQ KDWWHQ XQV GLH EULJHQ $QJUHLIHU HUUHLFKW ,FK EUDFKWH NHLQHQ ZHLWHUHQ 6FKX PHKU DQ VRQGHUQ NRQQWH JHUDGH QRFK HLQHP=DJRUHQDXVZHLFKHQGHUPLWVHLQHP6SHHUQDFKPLUVWLH'XUFKGLH:XFKWGHV $QODXIVVWU]WHGHU=DJRUHDQPLUYRUEHLXQGLFKVFKOXJLKPGHQ/DXIPHLQHU:DIIHDXI GHQ+LQWHUNRSI'HU+LHEVFKDOWHWHLKQ]ZDUQLFKWDXVDEHUHUPDFKWHLKQLPPHUKLQVR EHQRPPHQGDHUQLFKWUDVFKJHQXJUHDJLHUHQNRQQWH0HLQQlFKVWHU$QJULIINDPIU LKQ VR EHUUDVFKHQG GD HU QLFKW HLQPDO HLQH $EZHKUEHZHJXQJ PDFKWH DOV LFK LKP GLH+DQGNDQWHJHJHQGHQ.HKONRSIVFKOXJ(UEUDFKU|FKHOQG]XVDPPHQ 0HLQH %HJOHLWHU EHQ|WLJWHQ PHLQH +LOIH QLFKW PHKU )DUWXORRQ VWDQG EUHLWEHLQLJ GDGDV6NDUJVWREHUHLWPGHU+DQG=XVHLQHQ)HQODJEOXWEHUVWU|PWHLQ=DJRUH HLQZHLWHUHULQXQQDWUOLFKHU9HUUHQNXQJGDQHEHP'DHUNHLQH:XQGHKDWWHQDKPLFK DQ GD (LVNUDOOH LKQ JHW|WHW KDWWH (EHQVR ZLH GHQ OHW]WHQ GHQ GHU &KUHWNRU JHUDGH DXVVHLQHPW|GOLFKHQ:UJHJULIIIUHLOLH3O|W]OLFKVFKULH$]KLUDJHOOHQGDXI,FKZLUEHOWH KHUXPXQGVDKZLHVLFKDXVGHU6SLQQHQZVWHZHLWHUH(FKVHQZHVHQQlKHUWHQ ³=XGHQ5XLQHQ´EHIDKOLFKXQGJDEHLQLJHXQJH]LHOWH6FKVVHDXIGLH$QJUHLIHU DE EHYRU LFK $]KLUDV +DQG HUJULII XQG PLW LKU DXI GDV QlFKVWOLHJHQGH 7ULFKWHUEDXZHUN ]XOLHI $OV LFK GDFKWH GD ZLU LQ 6LFKHUKHLW ZlUHQ VFKULH $]KLUD HUQHXW XQG VWROSHUWH ,FK NRQQWH VLH JHUDGH QRFK DXIIDQJHQ XQG HUJULII LKUHQ 2EHUDUP GXUFK PHLQH )LQJHU VLFNHUWHHWZDV:DUPHV1DVVHV²%OXW ,FK]RJVLHLQGHQ6FKXW]HLQHV*HPlXHUV6LHVWDUUWHPLWZHLWJH|IIQHWHQ$XJHQ DXI LKUHQ EOXWHQGHQ 2EHUDUP GDQQ JOLWW LKU %OLFN DXI GHQ JUQKlXWLJHQ 0DQROHU GHU XQZHLWYRQXQVODJ2EZRKOGHU6SHHUDXVVHLQHP5FNHQUDJWHEHZHJWHHUVLFKQRFK ³)DUWXORRQ´ULHILFK³.PPHUHGLFKXPGHQ0DQROHU´ 'HU %DXFKDXIVFKQHLGHU SDFNWH GHQ YLHUDUPLJHQ *UQKlXWHU XQWHU GHQ $UPHQ XQG ]RJ LKQ LQ GHQ 6FKXW] GHV *HPlXHUV ,FK KRE LQ]ZLVFKHQ PHLQHQ 6WUDKOHU XQG ZDQGWH PLFK GHQ $QJUHLIHUQ ]X $EHU GLH =DJRUHQ WUDWHQ EHUHLWV GHQ 5FN]XJ DQ 6LH PXWHQ HUNDQQW KDEHQ GD VLH XQV QLFKWV PHKU DQKDEHQ NRQQWHQ :DKUVFKHLQOLFK EHIUFKWHQVLHDXFKGDXQVGLH5XLQHQEHZRKQHU]X+LOIHNRPPHQ ³:LU VLQG LQ 6LFKHUKHLW´ VDJWH LFK HUOHLFKWHUW ³(LVNUDOOH EHKDOWH GLH :VWH LP $XJH,FKNPPHUHPLFKXP$]KLUD´ )DUWXORRQ KDWWH GHQ 0DQROHU DXI GLH 6HLWH JHEHWWHW XQG EHJXWDFKWHWH GHVVHQ 5FNHQZXQGH'HU6SHHUVDVRWLHIGDHULKQQLFKWKHUDXV]LHKHQNRQQWHRKQHGHP 0DQROHU QRFK PHKU ]X VFKDGHQ $OV LFK )DUWXORRQV %OLFN EHJHJQHWH VFKWWHOWH GHU %DXFKDXIVFKQHLGHUOHLFKWGHQ.RSI ,FKXQWHUVXFKWH$]KLUDV$UPZXQGH³(VLVWQLFKWVFKOLPP´VDJWHLFKEHUXKLJHQG XQGQDKPGHQ7RUQLVWHUYRP5FNHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³,FKLFKHUKLHOWHLQHQIXUFKWEDUHQ6FKODJDOVPLFKGHU6SHHUWUDIXQGJODXEWH HUZUGHPLUGHQ$UPGXUFKERKUHQ´VDJWHVLHOHLVHLKU*HVLFKWZDUXQQDWUOLFKEOD ³(V LVW QXU HLQH )OHLVFKZXQGH ,FK YHUELQGH VLH XQG JHEH GLU HLQ %HUXKLJXQJVPLWWHO'DQQIKOVWGXGLFKZLHGHUEHVVHU$]KLUD´ 'HU 0DQROHU VFKOXJ GLH $XJHQ DXI XQG VWDUUWH PLW JODVLJHP %OLFN YRU VLFK KLQ ³:DVLVWSDVVLHUW"´VDJWHHULQJHEURFKHQHP$UNRQLGLVFK(UEHZHJWHGLHYLHU$UPH XQGYHUVXFKWHQDFKVHLQHP5FNHQ]XJUHLIHQ ³5XKLJ´ JHERW LKP )DUWXORRQ XQG GUFNWH VHLQH $UPH ]XUFN ³'X EUDXFKVW 5XKH)UHXQG´ ³:HU KDW PLFK "´ IUDJWH GHU 0DQROHU OHLVH $XV VHLQHP 0XQGZLQNHO IOR JUQOLFKYHUIlUEWHU6SHLFKHO ³'LH=DJRUHQKDEHQGLFKJHWURIIHQEHYRUGXGLFKLQ6LFKHUKHLWEULQJHQNRQQWHVW´ DQWZRUWHWH)DUWXORRQ ³$FKGLH=DJRUHQ-DLFKHULQQHUHPLFK´ 1DFKGHP LFK $]KLUDV $UPZXQGH YHUEXQGHQ XQG LKU HLQ %HUXKLJXQJVPLWWHO JHJHEHQ KDWWH ZDQGWH LFK PLFK GHP 0DQROHU ]X ³:LU KDEHQ GLH =DJRUHQ ]XUFNJHVFKODJHQ6LHVLQGNHLQH*HIDKUPHKU´ (U YHU]RJ GDV *HVLFKW ³6LH VLQG HLQH VWlQGLJH %HGURKXQJ 6LH VXFKHQ QDFK 2SIHUQIULKUHQVXPPHQGHQ*RWW´ $OVPLFKGHU%OLFNVHLQHUJODVLJHQ$XJHQWUDIQLFNWHLFK³:LUKDEHQGUHLYRQ/D\ 0DQRV /HXWHQ JHVHKHQ GLH LKQHQ LQ GLH +lQGH JHIDOOHQ VLQG *HK|UVW GX ]XU VHOEHQ *UXSSH"´ 'HU0DQROHUQLFNWHVFKZDFK³,FKELQ/D\0DQRV¶/D\V6WHOOYHUWUHWHU$OVHU HXFKVDKVFKLFNWHHUPLFKXPHXFK]XLKP]XEULQJHQ6HLGLKU"´ ³:LU NRPPHQ DXV GHP 7DUNLKO XQG VLQG HLQHP 1RWUXI JHIROJW GHU YRQ KLHU JHNRPPHQVHLQPX´VDJWHLFK 'UHL VHLQHU $UPH ]XFNWHQ QDFK YRUQ XQG WDVWHWHQ QDFK PLU $OV VHLQH +lQGH PHLQH 5HFKWH XPVFKORVVHQ ZDU VHLQ 'UXFN QXU VFKZDFK ³,KU PW ]X /D\ (U ZLOO HXFKVSUHFKHQ´ ³+DW/D\0DQRVGHQ1RWUXIDEJHJHEHQ"´ 'HU0DQROHUO|VWHGHQ*ULIIYRQPHLQHP$UPXQGYHUVXFKWHVLFKDXIVHLQHYLHU +lQGH]XVWW]HQ³,FKZHUGHHXFK]XLKP´(UEUDFKNUDIWORV]XVDPPHQ ³+DW/D\0DQRVGHQ1RWUXIDEJHJHEHQ"´ZLHGHUKROWHLFKPHLQH)UDJH$EHUGHU 0DQROHUJDENHLQH$QWZRUWPHKU ³7RW´ NRQVWDWLHUWH )DUWXORRQ GUFNWH GHP 0DQROHU GLH $XJHQ ]X XQG ]RJ GHQ 6SHHUPLWHLQHP5XFNDXVVHLQHP5FNHQ ³-HW]WZLVVHQZLULPPHUQRFKQLFKWZDVKLHUHLJHQWOLFKJHVSLHOWZLUG´ ³'RFK´ HQWJHJQHWH )DUWXORRQ XQG EOLFNWH DXV ]XVDPPHQJHNQLIIHQHQ $XJHQ LQ GLH :VWH ³:LU ZLVVHQ ZDUXP GLH 5XLQHQ ZLH DXVJHVWRUEHQ ZLUNHQ 'LH %HZRKQHU IUFKWHQGLH=DJRUHQGLH2SIHUVXFKHQ´ ,FK QLFNWH =X DQGHUHQ =HLWHQ EHJQJWHQ VLFK GLH =DJRUHQ GDPLW 5HLVHQGH ]X EHUIDOOHQ GLH YRP 5DXPKDIHQ QDKH GHP 7DUNLKO DXV VFKZlUPWHQ RGHU GRUWKLQ XQWHUZHJV ZDUHQ 6REDOG VLH MHGRFK GHU %OXWUDXVFK EHUNDP VFKORVVHQ VLH VLFK ]X JURHQ .DPSIWUXSSV ]XVDPPHQ EHUILHOHQ VRJDU 6LHGOXQJHQ XQG PDQ ZDU DXFK LQ 0DUDXWKDQV 5XLQHQ QLFKW YRU LKQHQ VLFKHU 'DV HLQ]LJH ZDV GLH =DJRUHQ GDQQ
'HU.ULVWDOOSULQ]
M
$WODQ
IUFKWHWHQ ZDU GDV 6XPPHQ XQG 9LEULHUHQ GHU 6LOEHUVWUlQJH GHQQ JHJHQ GLH GDEHL HQWVWHKHQGHK\SQRVXJJHVWLYH6WUDKOXQJZDUHQVRJDUVLHQLFKWJHIHLW ³,FK VFKODJH YRU GD ZLU HUVW HLQPDO /D\ 0DQRV DXIVXFKHQ XQG XQV DQK|UHQ ZDVHUYRQXQVZLOO(VZlUHP|JOLFKGDHUGHU$EVHQGHUGHV1RWUXIVLVW´ ³$EHU ZDV ZLUG LQ]ZLVFKHQ DXV PHLQHP 9DWHU"´ $]KLUD VSUDQJ DXI $OV ZLU LKU NHLQH$QWZRUWJDEHQVDJWHVLHHQWVFKORVVHQ³:HQQLKUPLFKQLFKWEHJOHLWHWZHUGHLFK PLFKDOOHLQELV]XPHLQHP9DWHUGXUFKVFKODJHQ´ ³1LFKWV GHUJOHLFKHQ ZLUVW GX WXQ VFK|QHV .LQG´ VDJWH SO|W]OLFK MHPDQG KLQWHU XQV ,FK ZLUEHOWH KHUXP XQG VWDUUWH DXI GLH YLHU %RJHQVFKW]HQ GLH ]ZLVFKHQ GHQ 0DXHUWUPPHUQVWDQGHQ'UHLYRQLKQHQZDUHQ$UNRQLGHQGHUYLHUWHZDUHLQ0DQROHU GHU]ZHL%RJHQJOHLFK]HLWLJVSDQQWH,KUH3IHLOHZDUHQDXIXQVJHULFKWHW ³5KUW HXFK QLFKW YRP )OHFN´ VDJWH HLQHU GHU $UNRQLGHQ 'LH ODQJHQ VLOEHUEORQGHQ +DDUH XPJDEHQ ZLH HLQ .RSIVFKXW] GDV *HVLFKW ZDUHQ ]X NXQVWYROOHQ 0XVWHUQJHIRUPWXQGULQJHOWHQVLFKZHOOHQI|UPLJEHUVHLQH6FKXOWHUQELVDXIGLH%UXVW XQGDXIGHQ5FNHQ³%HLGHUJHULQJVWHQYHUGlFKWLJHQ%HZHJXQJVFKLHHQZLUVRIRUW´ $]KLUDVFKULHDXIXQGUDQQWHGDYRQ ³$]KLUD´ULHI)DUWXORRQXQGZROOWHLKUIROJHQDEHUGHU0DQROHUYHUVWHOOWHLKPGHQ :HJ 'LH YLHU %RJHQVFKW]HQ PDFKWHQ NHLQH $QVWDOWHQ $]KLUD ]X IROJHQ GHQQ YRQ KRFK REHQ HUW|QWH SO|W]OLFK HLQ NHKOLJHV .UlFK]HQ XQG HLQ PlFKWLJHU ODQJJH]RJHQHU 6FKDWWHQ VWU]WH LQ GLH 7LHIH (V ZDU HLQ ULHVLJHU 2OX]JD5DXEYRJHO GHU VHLQH 6FKZLQJHQDXVEUHLWHWHDOVHUEHU$]KLUDZDUVLHPLWGHQ.UDOOHQHUJULIIXQGVLFKJOHLFK GDUDXI PLW LKU XQWHU VFKZHUIlOOLJHP )OJHOVFKODJ LQ GLH /IWH HUKRE (U YHUVFKZDQG LQ HLQHU/FNHGHU$XHQZDQGGHVKDOEYHUIDOOHQHQ7ULFKWHUJHElXGHV 'HU $UNRQLGH PLW GHU HLJHQZLOOLJHQ +DDUWUDFKW JULQVWH ³:LU ZHUGHQ HXFK MHW]W HQWZDIIQHQXQG]X/D\0DQRVEULQJHQ:HQQHXFKHXHU/HEHQOLHELVWVROOWHWLKUEHVVHU QLFKWDQ*HJHQZHKUGHQNHQ´ )DUWXORRQ JULQVWH ]XUFN ³,KU WXW XQV QXU HLQHQ *HIDOOHQ GHQQ ZLU ZROOWHQ VRZLHVR]X/D\0DQRV´ 7ULFKWHUEDXWHQ ZDUHQ 0HLVWHUZHUNH GHU DUNRQLGLVFKHQ $UFKLWHNWXU LQ GHU 5HJHO QXU GXUFK (LQJlQJH LP 6WLHOIXQGDPHQW RGHU SHU *OHLWHU DXV GHU /XIW ]XJlQJOLFK 'LH 5lXPOLFKNHLWHQ VHOEVW ZDUHQ WHUUDVVHQI|UPLJ DQ GHU ,QQHQVHLWH GHU 7ULFKWHUZDQG DQJHRUGQHWVRGDGLH0LWWHHLQHVMHGHQ%DXZHUNVIUHLZDUIU%HSIODQ]XQJHQGLH]X SDUDGLHVLVFKHQ 3DUNV XQG *lUWHQ DQJHRUGQHW ZXUGHQ 9RQ GLHVHU 3UDFKW ZDU LQ 0DUDXWKDQV 5XLQHQ QLFKWV PHKU ]X VHKHQ 'LH ,QQHQKRIJlUWHQ ZDUHQ PLW GHQ *HElXGHQ YHUIDOOHQ GLH H[RWLVFKHQ 3IODQ]HQ OlQJVW DEJHVWRUEHQ 1XU ZHQLJH GHU DQSDVVXQJVIlKLJHQ *HZlFKVH UDQNWHQ VLFK ]ZLVFKHQ GHQ 7UPPHUQ GHU HLQ]HOQHQ (WDJHQ 'XUFK GLH YHUlQGHUWHQ 8PZHOWEHGLQJXQJHQ KDWWHQ VLFK ]XGHP 0XWDWLRQHQ HQWZLFNHOW ³0HLQ 1DPH LVW $UGHOR´ VWHOOWH VLFK GHU $UNRQLGH PLW GHQ ]X HLQHP .RSISDQ]HU HQWIUHPGHWHQ+DDUHQYRUZlKUHQGZLUGXUFK6FKlFKWHEHUKDOEYHUIDOOHQH7UHSSHQ]X GHQ K|KHUHQ 6WRFNZHUNHQ DXIVWLHJHQ ³(V NDQQ VHLQ GD LKU LQ GHU QlFKVWHQ =HLW PLW PLU]XWXQKDEHQZHUGHW´ ³+RIIHQWOLFKZLUVWGXHVVSlWHUQLFKWEHUHXHQXQVHUH%HNDQQWVFKDIWJHPDFKW]X KDEHQ$UGHOR´VDJWH)DUWXORRQLURQLVFKXQGQDQQWHHEHQIDOOVXQVHUH1DPHQXQGGHQ *UXQGXQVHUHV+LHUVHLQV
'HU.ULVWDOOSULQ]
M
$WODQ
$UGHOR ODFKWH QXU ³/D\ 0DQRV ZLUG VLFK IUHXHQ HLQHQ %DXFKDXIVFKQHLGHU ]X *DVW EHL VLFK ]X KDEHQ :HQQ HU K|UW GD GX IU GDV :RKO GHV 7DWR YRQ *RUWDYRU YHUDQWZRUWOLFKELVWZLUGLKQGDVGRSSHOWEHHLQGUXFNHQ´ :LU HUUHLFKWHQ GDV (QGH GHU 7UHSSH XQG LFK VFKlW]WH GD ZLU XQV ]ZDQ]LJ (WDJHQKRFKEHUGHU:VWHEHIDQGHQ'XUFKHLQ/RFKLQGHU$XHQPDXHUNRQQWHLFK DXI GDV WLHI XQWHU XQV OLHJHQGH 6SLQQHQQHW] VHKHQ YRQ GHP GLH OHW]WHQ 6WUDKOHQ GHU XQWHUJHKHQGHQ6RQQHUHIOHNWLHUWZXUGHQ$UGHORKLHOWYRUHLQHP]ZDQ]LJ6FKULWWHEUHLWHQ XQGPHKUHUH6WRFNZHUNHWLHIHQ$EJUXQGDQ$XIGHUDQGHUHQ6HLWHGHV$EJUXQGVZDU GLH:DQGYRQ3IODQ]HQPLWJURHQJHOEHQ%OlWWHUQEHZDFKVHQ ³+HVFKODIWLKUGRUWGUEHQ"´ULHI$UGHOR³/DWHQGOLFKGLH=XJEUFNHKHUXQWHU´ (U KDWWH QRFK QLFKW DXVJHVSURFKHQ DOV VLFK HLQ DUPVSDQQHQEUHLWHU 7HLO GHU JHJHQEHUOLHJHQGHQ :DQG UDVVHOQG VHQNWH :HQLJ VSlWHU VSDQQWH VLFK HLQH YRQ ]ZHL (LVHQNHWWHQ JHKDOWHQH %UFNH EHU GHQ $EJUXQG XQG $UGHOR IRUGHUWH XQV DXI ³/RV JHKWYRUDQ´ ,FKEHWUDWDOVHUVWHUGLHVFKPDOH%UFNH)DUWXORRQXQG(LVNUDOOHIROJWHQ$XIGHU DQGHUHQ 6HLWH ZXUGHQ ZLU YRQ GUHL 0DQROHUQ HPSIDQJHQ 'HU 7HLO GHV *HElXGHV LQ GHQ ZLU NDPHQ ZDU QRFK UHFKW JXW HUKDOWHQ ZHQQJOHLFK QLFKWV PHKU YRQ GHU XUVSUQJOLFKHQ (LQULFKWXQJ YRUKDQGHQ ZDU ,Q GLH :lQGH ZDUHQ %UXFKVWFNH GHV VFKZDU]HQ0DWHULDOVHLQJHODVVHQPLWGHP7HLOHGHV=DJRRWKHU/DE\ULQWKVDXVJHNOHLGHW ZDUHQ XQG HU]HXJWHQ VFKDWWHQORVH /LFKWLQVHOQ (V KHUUVFKWH HLQ ]LHPOLFKHV 'XUFKHLQDQGHU %DOOHQ XQG .LVWHQ ZDUHQ EHUHLQDQGHUJHVWDSHOW 0DVFKLQHQWHLOH VWDQGHQQHEHQ:DIIHQXQG/HEHQVPLWWHOYRUUlWHQ0LUILHOVRIRUWDXIGDHVVLFKEHLGHQ :DIIHQ GXUFKZHJV XP 6FKZHUWHU /DQ]HQ .HXOHQ XQG DQGHUH SULPLWLYH .DPSIPLWWHO KDQGHOWH6WUDKOHUXQGDQGHUHPRGHUQH:DIIHQZDUHQQLFKW]XVHKHQ$XFK/D\0DQRV¶ /HXWH ZDUHQ QXU PLW SULPLWLYHQ :DIIHQ DXVJHUVWHW 'DV OLH PLFK EHIUFKWHQ GD ZLU XQVHUH6WUDKOHUZRKONDXPZLHGHUVHKHQZUGHQ $UGHORYHUVFKZDQGPLWVHLQHQ/HXWHQLQHLQHP6HLWHQJDQJXQGEHUOLHXQVGHQ GUHL 0DQROHUQ 6LH QDKPHQ XQV LQ GLH 0LWWH XQG EUDFKWHQ XQV LQ HLQHQ JURHQ 6DDO GHVVHQ %RGHQ PLW )HOOHQ DXVJHOHJW ZDU DXI GHQHQ .LVVHQ GHU YHUVFKLHGHQVWHQ *U|HQ)DUEHQXQG)RUPHQYHUVWUHXWODJHQ(QWODQJHLQHU:DQGVWDQGHQ%HXWHVWFNH GLH IU GDV /HEHQ LQ GHQ 5XLQHQ HLQHQ XQJHZRKQWHQ /X[XV GDUVWHOOWHQ (LQH ZHLWHUH :DQGZDUDQHLQLJHQ6WHOOHQGXUFKEURFKHQVRGDLFKHLQHQ$XVEOLFNDXIGLHDQGHUHQ 5XLQHQKDWWH'UHLLJRGHUIQIXQGGUHLLJ0DQQVOlQJHQYRQGHQ'XUFKEUFKHQHQWIHUQW UHFNWH VLFK HLQ VFKPDOHU *HElXGHUHVW LQ GHQ +LPPHO $Q GHU K|FKVWHQ 6WHOOH EHIDQG VLFK HLQH JURH 3ODWWIRUP DXI GHU HLQLJH 2OX]JD QLVWHWHQ (LQHU YRQ LKQHQ ODQGHWH PLW HLQHP =DJRUHQ LQ GHQ .ODXHQ 'DV DXJHQEOLFNOLFK IROJHQGH *HNUHLVFKH OLH PLFK VFKDXGHUQXQGLFKZDQGWHPLFKYRQGHPJUDXVDPHQ6FKDXVSLHODE 8QZHLWYRQXQVVWDQGLQGHU0LWWHGHV6DDOHVHLQWKURQDUWLJHU6HVVHOLQGHPHLQ XQJHZ|KQOLFK JURHU 0DQROHU VD +LQWHU LKP KRFNWH DXI GHU 5FNHQOHKQH HLQHU GHU JHIlKUOLFKHQ 5DXEY|JHO ³6HLG PLU ZLOONRPPHQ HGOH +HUUHQ´ ULHI GHU *UQKlXWLJH LQ WDGHOORVHP$UNRQLGLVFKXQGEUHLWHWHVHLQHYLHU$UPHLQHLQHUEHUVFKZHQJOLFKHQ*HVWH DXV ³0HLQH 9DVDOOHQ KDEHQ PLU EHULFKWHW GD LKU DXV GHP 7DUNLKO NRPPW 'DV LVW DXVJH]HLFKQHWXQGGUIWHVLFKYRUWHLOKDIWIUPHLQH3OlQHDXVZLUNHQ0LW(GHOOHXWHQZLUG 3URQWLHUHKHUYHUKDQGHOQDOVPLW0lQQHUQXQJHZLVVHU+HUNXQIW´ )DUWXORRQPDFKWH]ZHLVFKQHOOH6FKULWWHDXIGHQ0DQROHU]X$OVGHU5LHVHQYRJHO MHGRFKXQUXKLJPLWGHQ)OJHOQIODWWHUWHXQGVHLQHQVFKDUIHQ6FKQDEHODXIULKLHOWGHU
'HU.ULVWDOOSULQ]
M
$WODQ
%DXFKDXIVFKQHLGHU LQQH ³,FK ELQ )DUWXORRQ /HLEDU]W GHV 7DWRV $UPDFN 'HFODQWHU´ VDJWH HU PLW JULPPLJHU :UGH ³6ROO LFK (XUHQ :RUWHQ HQWQHKPHQ GD ,KU GHQ 1RWUXI QXUDEJHJHEHQKDEWXPPLFKKLHUKHU]XORFNHQXQGIULUJHQGZHOFKHGXQNOHQ3OlQH]X PLEUDXFKHQ"´ 'HU0DQROHUZLUNWH]LHPOLFKHUVWDXQW(UEHUVSLHOWHVHLQHhEHUUDVFKXQJMHGRFK VFKQHOOXQGVDJWHHUIUHXW³'HU%DXFKDXIVFKQHLGHUGHV7DWRVHLG,KUDOVR'DVWULIIWVLFK VHKUJXW9RQ(XFKGDUILFKHUZDUWHQGD,KU(XUHQ9HUVWDQGJHEUDXFKHQZHUGHWXQG (XFKQLFKW]XLUJHQGZHOFKHQ8QEHVRQQHQKHLWHQKLQUHLHQODW$OV%DXFKDXIVFKQHLGHU LVWGDV/HEHQHLQHV,QWHOOLJHQ]ZHVHQIU(XFKKHLOLJ'HVKDOEKRIIHLFKGD,KUDOOHVWXQ ZHUGHWXP$]KLUD]XUHWWHQ´ ,FKWUDWDQ)DUWXORRQV6HLWHGHQQHUY|VHQ9RJHOQLFKWDXVGHQ$XJHQODVVHQG XQGVDJWH]XGHP0DQROHU³,KUKDEW)DUWXORRQV)UDJHQRFKQLFKWEHDQWZRUWHW:DUG,KU HVGHUGHQ1RWUXIDEJHVFKLFNWKDW/D\0DQRV"´ ,Q GHP JUQHQ *HVLFKW GHV 0DQROHUV VSLHJHOWH VLFK ZLHGHU hEHUUDVFKXQJ JHSDDUW PLW bUJHU ³:DV UHGHW ,KU GD YRQ HLQHP 1RWUXI" ,FK EHVLW]H QLFKW HLQPDO HLQ )XQNJHUlW:R]XDXFK",FKNDQQPLULQMHGHU/DJHVHOEVWKHOIHQ´ ³:HQQGDVVRLVWGDQQEUDXFKW,KUXQVQLFKW´VDJWHLFK³/DWXQVJHKHQGDPLW ZLUXQVXPMHQHNPPHUQN|QQHQGLHXP+LOIHJHUXIHQKDEHQ´ ³*HQXJ JHUHGHW´ ULHI /D\ 0DQRV lUJHUOLFK 'HU 2OX]JD VWLH VLFK ZLH DXI .RPPDQGR YRQ GHU 5FNHQOHKQH GHV 7KURQHV DE XQG VHJHOWH PLW DXVJHEUHLWHWHQ 6FKZLQJHQDXIPLFK]X,FKNRQQWHPLFKJHUDGHQRFK]X%RGHQIDOOHQODVVHQEHYRUHU PLFKPLWGHQ.UDOOHQ]XIDVVHQEHNDP$OVLFKZLHGHUDXIGHQ%HLQHQVWDQGKDWWHGDV 7LHU VHLQHQ 3ODW] DXI GHP 7KURQ OlQJVW ZLHGHU HLQJHQRUQPHQ ³'DV ZDU QXU HLQH :DUQXQJ 'DV QlFKVWH 0DO ZHQQ LFK $\II DXI GLFK KHW]H ZLUG GLU GHLQH VFKQHOOH 5HDNWLRQQLFKWVQW]HQ:HUELVWGXGDGXGLFKVRDXIVSLHOVW"´ ³,FKELQ$WODQGHU*HKLOIH)DUWXORRQV´ /D\0DQRVGHXWHWHDXI(LVNUDOOHXQGIUDJWH³8QGZHUELVWGX"´ ³(LVNUDOOH´ /D\ 0DQRV NLFKHUWH ³(LQ WUHIIHQGHU 1DPH 'X VLHKVW DXV ZLH HLQ ZDQGHOQGHU (LVEHUJGHUVLFKLQGLH:VWHYHULUUWKDW´(UVFKOXJPLW]ZHL+lQGHQJOHLFK]HLWLJDXIGLH /HKQHQ³,FKVHKHGDPDQPLWHXFKGHXWOLFKHUVSUHFKHQPX,P*UXQGHJHQRPPHQ LVWHVHJDOZRKHULKUNRPPWXQGZDVLKUKLHUZROOW(VLVWVRJDUP|JOLFKGDLKUQLFKWV EHU $]KLUD XQG LKUHQ 9DWHU ZLW $EHU GDV 6FKLFNVDO KDW HXFK PLW LKU ]XVDPPHQJHIKUWVRGDLKUIUVLHYHUDQWZRUWOLFKVHLG´ ³,KUN|QQWXQVQLFKW]ZLQJHQ/D\0DQRV´EHJDQQ)DUWXORRQDEHUGHU0DQROHU XQWHUEUDFKLKQPLWHLQHU+DQGEHZHJXQJ ³/D GLHVH JHVFKZROOHQH $QUHGH %DXFKDXIVFKQHLGHU ZLU VLQG KLHU QLFKW LP 7DUNLKO,FKZHLGDGXDOOHVWXQZLUVWXPLKU/HEHQ]XUHWWHQ:HQQGXWXVWZDVLFK YRQGLUYHUODQJHELVWGXHLQ IUHLHU0DQQXQGNDQQVWGHLQHU3IOLFKWQDFKNRPPHQ$EHU EHYRUGXGHQHQKLOIVWGLHGHQDQJHEOLFKHQ1RWUXIDEJHVFKLFNWKDEHQZLUVWGXPLUHLQHQ 'LHQVWHUZHLVHQ´ ³:DVYHUODQJVWGXYRQXQV"´ 'HU 0DQROHU VHXI]WH HUOHLFKWHUW ³-HW]W VSULFKVW GX HQGOLFK ZLH HLQ 0DQQ ,FK P|FKWH GD LKU 3URQWLHU DXIVXFKW XQG LKP VDJW GD VHLQH 7RFKWHU $]KLUD PHLQH *HIDQJHQH LVW (U NDQQ VLH ZLHGHUKDEHQ ZHQQ HU PLU GLH 6FKlW]H EHUOlW GLH HU LP =DJRRWKJHIXQGHQKDW:HLJHUWHUVLFKPXVHLQH7RFKWHUVWHUEHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³8QGZDUXPVFKLFNVWGXJHUDGHXQVDOV8QWHUKlQGOHU"´)DUWXORRQVFKWWHOWHGHQ .RSI³:DUXPHQWVHQGHVWGXQLFKWHLQHQGHLQHU/HXWH"´ ³'DV KDWWH LFK XUVSUQJOLFK YRU $EHU LFK ELQ ]X GHU (LQVLFKW JHNRPPHQ GD NHLQHU PHLQHU 0lQQHU UHGHJHZDQGW JHQXJ LVW XP GLH 9HUKDQGOXQJHQ PLW 3URQWLHU IKUHQ ]X N|QQHQ 'X HLJQHVW GLFK GDIU YLHO EHVVHU 6HL IURK GD LFK GLFK PLW GLHVHU $XIJDEHEHWUDXH*HQDXVRJXWKlWWHLFKHXFKDOOHGUHLW|WHQODVVHQN|QQHQ´ ³'DUDQLVWHWZDV:DKUHV$EHUHUZDUWHQLFKW]XYLHOYRQXQV:LUN|QQHQ$]KLUDV 9DWHUQLFKW]ZLQJHQDXIGHQ7DXVFKKDQGHOHLQ]XJHKHQ´ ³(U ZLUG DXI PHLQH %HGLQJXQJHQ HLQJHKHQ XP VHLQH 7RFKWHU ZRKOEHKDOWHQ ]XUFN]XEHNRPPHQ´ JDE VLFK /D\ 0DQRV EHU]HXJW ³'X EUDXFKVW QLFKWV DQGHUHV ]X WXQ DOV 3URQWLHU PLW VDFKOLFKHQ $UJXPHQWHQ DXVHLQDQGHU]XVHW]HQ ZDV VHLQH 7RFKWHU HUZDUWHW ZHQQ HU PLU GHQ 6FKDW] YRQ =DJRRWK QLFKW DXVKlQGLJW 'DPLW GX VLHKVW ZHOFKHV 9HUWUDXHQ LFK LQ GHLQH hEHUUHGXQJVNXQVW VHW]H ODVVH LFK GHLQH EHLGHQ )UHXQGHPLWGLUJHKHQ´ ³(UZDUWHVW GX GD HLQHU YRQ XQV ]XUFNNRPPW XP GLU 3URQWLHUV 1DFKULFKW ]X EHUEULQJHQ"´ 'HU 0DQROHU ZLHJWH GHQ .RS
³6REDOG LKU HXUH $XIJDEH HUOHGLJW KDEW VHLG LKU IUHL,FKJHEHHXFK$UGHORPLWGHUPLU3URQWLHUV$QWZRUWEHUEULQJHQZLUG,KUKDEWHLQH 7RQWD =HLW XP GHQ DOWHQ 1DUUHQ XP]XVWLPPHQ ,VW $UGHOR QDFK GLHVHU )ULVW QLFKW ]XUFNZLUG$]KLUDVWHUEHQ´ ³(LQH 7RQWD´ ULHI )DUWXORRQ ³6R ODQJH ZLUG HV YHUPXWOLFK VFKRQ GDXHUQ ELV ZLU XQV]X3URQWLHUV9HUVWHFNGXUFKJHVFKODJHQKDEHQ´ 'HU 0DQROHU ODFKWH ³,KU ZHUGHW QDWUOLFK IOLHJHQ´ 0LFK VFKDXGHUWH DOV LFK DXV 5LFKWXQJ GHU 0DXHUGXUFKEUFKH HLQ WURFNHQHV .UlFK]HQ XQG GDV NQDOOHQGH 6FKODJHQ YRQ )OJHOQ K|UWH 9LHU GHU 5LHVHQY|JHO NDPHQ GXUFK GLH gIIQXQJHQ LQ GHQ 6DDO JHIORJHQ³,KUZHUGHWVRVFKQHOOVHLQZLHGHU:LQGXQGEUDXFKWHXFK]XGHPQLFKWHLQPDO PLW GHQ DQGHUHQ %DQGHQ RGHU GHQ =DJRUHQ KHUXP]XVFKODJHQ (V EHVWHKW GHPQDFK DXFKNHLQ*UXQGHXFKGLH6WUDKOHQZDIIHQ]XUFN]XJHEHQ,FKZHUGHVLHDOV*HVFKHQN IUPLFKEHKDOWHQ´ )DUWXORRQ EDOOWH ZWHQG GLH +lQGH ]X )lXVWHQ ³:HQQ GX XQV RKQH :DIIHQ DXVVHW]WVLQGZLULQGHQ5XLQHQYHUORUHQ*LEPLUZHQLJVWHQVPHLQ6FKZHUW]XUFNXQG EHUODDXFKPHLQHQ)UHXQGHQ6FKZHUWHU/D\0DQRV:HQQZLU3URQWLHUXQEHZDIIQHW JHJHQEHUWUHWHQVLQGZLUYRQYRUQKHUHLQLQGHUVFKZlFKHUHQ3RVLWLRQ´ /D\0DQRVEHUOHJWHNXU]GDQQJDEHU)DUWXORRQV)RUGHUXQJQDFK³,FKZHUGH GLU DXFK GHLQH $XVUVWXQJ EHUODVVHQ (LQ 5DW %DXFKDXIVFKQHLGHU 6XFK .RP\DOV *UXSSH DXI 'HU 9RRO\QHVHU KDW HLQ )XQNJHUlW²XQG ZDKUVFKHLQOLFK GHQ 1RWUXI DEJHVFKLFNW8QWHUVHLQHQ/HXWHQZWHWHLQHIXUFKWEDUH6HXFKH´ ³(LQH6HXFKH"´ ³-D HLQH 6HXFKH 6REDOG GX PHLQHQ $XIWUDJ DXVJHIKUW KDVW NDQQVW GLFK XP GHQ9RRO\QHVHUNPPHUQ6HLWKHXWHPRUJHQGHU$XVEUXFKGHU6HXFKHEHUDOOEHNDQQW ZXUGHZDJWVLFKNHLQHUGHU5XLQHQEHZRKQHUPHKUDXVVHLQHP9HUVWHFN:LUZlUHQGLU DOOH ]X 'DQN YHUSIOLFKWHW ZHQQ GX GLH 6HXFKHQJHIDKU EDQQHQ N|QQWHVW %DXFKDXIVFKQHLGHU´ ³'DQNHIUGLH$XVNXQIW´VDJWH)DUWXORRQPLWNDXPXQWHUGUFNWHU:XW $UGHOR NDP LQ GHQ 7KURQVDDO EHUJDE )DUWXORRQ GDV 6NDUJ XQG VHLQHQ (UVWH +LOIH.RIIHU (LVNUDOOH XQG PLU KlQGLJWH HU HEHQIDOOV HLQ 6FKZHUW DXV ,FK VDK GD HU
'HU.ULVWDOOSULQ]
M
$WODQ
PHLQHQ6WUDKOHULP*UWHOVWHFNHQKDWWH³,FKZQVFKHJXWHQ)OXJXQGYLHO(UIROJ´ULHI XQV /D\ 0DQRV ]XP $EVFKLHG QDFK DOV ZLU XQV GHQ )lQJHQ GHU YLHU 2OX]JD DQYHUWUDXWHQ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ (UKDWWHLQGHQGUHL]HKQ-DKUHQGLHHUVLFKDXI*RUWDYRUEHIDQGXQ]lKOLJH 5HLVHQLQXQEHNDQQWH*HELHWHXQWHPRPPHQXQGNDQQWHGDKHUGHQ3ODQHWHQZLHNHLQ DQGHUHU(UZDULPHZLJHQ(LVGHUSRODUHQ*HELHWHHEHQVR]X+DXVHZLHLQGHQ GDPSIHQGHQ'VFKXQJHOQGHUbTXDWRU]RQHRGHUDXIGHQDXVJHGHKQWHQ0HHUHQ(U KDWWHDXIVHLQHQ5HLVHQXQ]lKOLJH*HKHLPQLVVHGHUIUKHUHQ%HZRKQHUHQWUlWVHOWLQ GHQHQHU$QJHK|ULJHGHV*URHQ$OWHQ9RONVYHUPXWHWHYRQGHPQXU/HJHQGHQ EHULFKWHWHQXQGVLH]XVHLQHP9RUWHLOJHQXW]W 6HLQHHLQVDPHQ6WUHLI]JHGXUFKGLH:LOGQLVYRQ*RUWDYRUZDUHQMHGRFKQLFKWDXI VHLQH$EHQWHXHUOXVW]XUFN]XIKUHQZLHHUDQGHUHQJHJHQEHUEHKDXSWHWHVRQGHP KDWWHQHLQ]LJXQGDOOHLQGHP=ZHFNJHGLHQWIUGHQ)DOOYRU]XVRUJHQGDGLH -l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|QOLFKNHLWDXVHLJHQHU.UDIWXQGHLJHQHU,QLWLDWLYH]XIRUPHQ $WODQZDUQLFKWPHKUDXIGHQ6FKXW]DQGHUHUDQJHZLHVHQHUVWHOOWHVHLQHQ 0DQQ²DEHUZUGHHUVLFKGHU0|UGHUGLHGLHJDQ]H*DOD[LVQDFKLKPGXUFKIRUVFKWHQ HUZHKUHQN|QQHQ")DUWXORRQZDUQLFKWVLFKHUREVLFK$WODQDOOHLQJHJHQ2UEDQDVFKROV +lVFKHUEHZlKUHQNRQQWH'HQQGLHVH.RSIJHOGMlJHUZDUHQJUDXVDPVWlUNHUXQGYLHO JHIlKUOLFKHUDOVDOOH*HJQHUGLH$WODQELVKHUJHKDEWKDWWH )OLHJHQZDUKHUUOLFKDEHUHVHQWVSUDFKQLFKWPHLQHP*HVFKPDFNLQGHQ )lQJHQHLQHV5DXEYRJHOVKRFKEHUGHU:VWH]XVFKZHEHQ²QRFKGD]XZREHUDOO ]ZLVFKHQGHQ5XLQHQ)HLQGHODXHUWHQGHQHQLFKHLQOHLFKWHV=LHOERW*OFNOLFKHUZHLVH NDPHV]XNHLQHQ=ZLVFKHQIlOOHQ'HQQRFKZDULFKIURKDOVZLU/D\0DQRV¶5XLQHZHLW KLQWHUXQVJHODVVHQKDWWHQXQGXQVGHPVNHOHWWDUWLJHQ*HElXGHUHVWQlKHUWHQDQ GHVVHQ)ODQNHGLHEL]DUUH.RQVWUXNWLRQYRQ3URQWLHUV8QWHUVFKOXSIKLQJ :LUKDWWHQXQVHU=LHOIDVWHUUHLFKWDOVLFKEHPHUNWHGDXQVLQHLQLJHP$EVWDQG HLQIQIWHU5DXEYRJHOIROJWH-HW]WKROWHHUUDVFKDXIIORJDQXQVYRUEHLXQGNUHLVWH GDQQEHU3URQWLHUV³)HVWXQJ´,FKHUNDQQWHGLH*HVWDOWGLHGHU2OX]JDLQGHQ.ODXHQ KLHOW(VZDU$]KLUD ³9DWHU´ULHIVLHYHU]ZHLIHOW
'HU.ULVWDOOSULQ]
M
$WODQ
:DVEH]ZHFNW/D\0DQRVPlGLHVHP0DQ|YHU",QGHPEL]DUUHQ*HELOGHGHV 0DXHUVNHOHWWVVFKZDQJHLQH/XNHDXI(LQH*HVWDOWHUVFKLHQGDULQYRQGHUQXUGLH REHUH+lOIWH]XVHKHQZDU,FKHUEOLFNWHODQJHVZHLHVZDOOHQGHV+DDUGDVHLQXUDOW ZLUNHQGHV*HVLFKWXPUDKPWH ³$]KLUD´'HU5DXEYRJHOGHU$UGHORLQGHQ.UDOOHQKLHOWIORJVRQDKHDQGHU/XNH YRUEHLGDGHU:HLKDDULJHHUVFKURFNHQ]XUFNZLFK,PQlFKVWHQ0RPHQWUDJWHGHU /DXIHLQHV/XFFRWDXVGHUgIIQXQJ ³0DFKHQ6LHNHLQH'XPPKHLWHQ3URQWLHU´ULHI$UGHOR³:HQQ6LHGDV)HXHU HU|IIQHQVHKHQ6LH,KUH7RFKWHUQLFKWOHEHQGZLHGHU´ ³:DVYHUODQJWLKU7HXIHOGHQQYRQPLU"´ ³:LUVLQGJHNRPPHQXPPLW,KQHQEHUGHQ3UHLV,KUHU7RFKWHU]XYHUKDQGHOQ´ EUOOWH$UGHOR³/D\0DQRVKDWXQVJHVFKLFNW/DVVHQ6LHXQVODQGHQGDQQN|QQHQZLU XQVEHUGLH(LQ]HOKHLWHQXQWHUKDOWHQ´ 'LH/XNHZXUGHPLWHLQHPODXWHQ.QDOOJHVFKORVVHQ$UGHOROLHVLFKYRQVHLQHP 5LHVHQYRJHODEVHW]HQGDQQZDU(LVNUDOOHDQGHU5HLKH)DUWXORRQXQGLFKEHNDPHQ IDVWJOHLFK]HLWLJIHVWHQ%RGHQXQWHUGHQ)HQXQGLFKDWPHWHHUOHLFKWHUWDXI'LH 2OX]JDVWLHJHQNUlFK]HQGDXIXQGVHJHOWHQGDYRQ ³9RQMHW]WDQYHUKDQGHOVWGX%DXFKDXIVFKQHLGHU´VDJWH$UGHOR³$EHUYHUJL QLHGDHVXPGDV/HEHQGHU.OHLQHQJHKW8QGGHQNGLUNHLQH7ULFNVDXV,QHLQHU 7RQWDVFKLFNW/D\0DQRVHLQHQVHLQHU9|JHOXPPLFKDE]XKROHQ(UHUZDUWHWHLQH SRVLWLYH(QWVFKHLGXQJ´ ³,FKZHL´NQXUUWH)DUWXORRQ 9RUXQV|IIQHWHVLFKHLQHJHSDQ]HUWH7XU(LQ$UNRQLGHWUDWYRU(UZDUQXUPLW HLQHP'ROFKEHZDIIQHWXQGKDWWHVHLQXQJHSIOHJWHV+DDULP1DFNHQ]XHLQHP.QRWHQ JHVFKOXQJHQ+LQWHULKPHUVFKLHQHQ]ZHLZHLWHUH0lQQHUGLHHLQHQlKQOLFK YHUZDKUORVWHQ(LQGUXFNPDFKWHQ³,KUVHLGEHZDIIQHW´VDJWHGHU0DQQPLWGHP JHNQRWHWHQ+DDU³%HVVHULKUOHJWHXUH6FKZHUWHUDP(LQJDQJDE´ )DUWXORRQVFKWWHOWHGHQ.RSI³:LUNRPPHQLQ)ULHGHQXQGZLUGHQNHQQLFKW GDUDQXQVYRUHXFK]XHUQLHGULJHQ3URQWLHUPXXQVVFKRQYHUWUDXHQZHQQHU:HUW GDUDXIOHJWVHLQH7RFKWHUOHEHQGZLHGHU]XVHKHQ:LUEHKDOWHQXQVHUH:DIIHQ´ ,FKVDKGHP0DQQGLH8QVLFKHUKHLWDQ:DKUVFKHLQOLFKKDWWHLKP3URQWLHU DXIJHWUDJHQXQV]XHQWZDIIQHQXQGXQVXQWHUDOOHQ8PVWlQGHQ]X3URQWLHU]XEULQJHQ 'DVLFKDEHUEHLGHVQLFKWPLWHLQDQGHUYHUHLQEDUHQOLHZXWHGHU:DFKWSRVWHQQLFKW ZLHHUVLFKYHUKDOWHQVROOWH'LH(QWVFKHLGXQJZXUGHLKPYRQ3URQWLHUVHOEVW DEJHQRPPHQ ³/DVLHHLQ:DFFRU´GUDQJVHLQH6WLPPH]XXQVKHUDXV³,FKZHUGH]ZHLYRQ LKQHQHPSIDQJHQDEHUVLHGUIHQNHLQH)HXHUZDIIHQWUDJHQ'LHDQGHUHQEHLGHQ EHKlOWVWGXLP$XJH´ 'HU0DQQPLWGHP+DDUNQRWHQJDEXQVGHQ:HJIUHL$OVZLUDQLKP YRUEHLJLQJHQGHXWHWHHUDXI)DUWXORRQXQGPLFKXQGVDJWH³'X'LNNHUXQGGX )UHXQGFKHQLKUGUIW]XP/DNWURWH,KUDQGHUHQZHUGHWPLU*HVHOOVFKDIWOHLVWHQ´ :LUEHWUDWHQGLH%HIHVWLJXQJ3URQWLHUV6LHVDKYRQLQQHQQLFKWZHQLJHUVNXUULO ZLHYRQDXHQDXV'LHJHVDPWH.RQVWUXNWLRQZXUGHYRQ3IHLOHUQDXV0HWDOOXQG .XQVWVWRIIJHWUDJHQGLHZLHGHUXPGXUFKTXHUXQGOlQJVODXIHQGH9HUVWUHEXQJHQ YHUEXQGHQZDUHQ,QGLHVHV1HW]ZHUNZDUHQ=HOOHQHLQJHKlQJWGLHGHQ%HZRKQHUQDOV 8QWHUNQIWHRGHU/DJHUUlXPHGLHQWHQ'LHJU|WHGLHVHU=HOOHQEHUXQVHUHQ.|SIHQ
'HU.ULVWDOOSULQ]
M
$WODQ
EHVWDQGDXVEHVRQGHUVZLGHUVWDQGVIlKLJHQ3DQ]HUSODWWHQ$XVHLQHU2IIQXQJLQLKUHP %RGHQZXUGHHLQH6WULFNOHLWHUKHUXQWHUJHODVVHQ $UGHORNQXUUWH³,FKEHVWHKHGDUDXIEHLGHQ9HUKDQGOXQJHQGDEHL]XVHLQ´ )DUWXORRQVFKWWHOWHGHQ.RSIXQGVDJWHJULQVHQG³/D\0DQRVKDWPLU DXIJHWUDJHQGLH9HUKDQGOXQJHQ]XIKUHQ$OVREHVWLPPHLFKDXFKPHLQHQ%HJOHLWHU 'XKDVWGRFK/DNWURWH3URQWLHUV%HGLQJXQJHQJHK|UWHUOlWQLHPDQGHQPLWHLQHU )HXHUZDIIH]XVLFK(VLVWEHVVHUGXEOHLEVWKLHU]XUFN$UGHOR(LVNUDOOHZLUGGLU *HVHOOVFKDIWOHLVWHQ´ $UGHOR]XFNWH]XVDPPHQVHLQ*HVLFKWXQWHUGHP+DDUKHOPYHU]HUUWHVLFK,FK GDFKWHVFKRQHUZUGHGLH%HKHUUVFKXQJYHUOLHUHQXQGGLH:DIIH]LHKHQ$EHUGDQQ EHVDQQHUVLFKXQGIJWHVLFK)DUWXORRQV$QRUGQXQJ ³6RLVWHVUHFKW$UGHOR´VDJWHGHU%DXFKDXIVFKQHLGHUVS|WWLVFK³/D\0DQRV ZLUGPLWGLU]XIULHGHQVHLQ´ ,FKNOHWWHUWH]XHUVWGLH6WULFNOHLWHUKLQDXI$OVLFKGXUFKGLH/XNHNDPZXUGHPLU GHU/DXIHLQHVVFKZHUHQ,PSXOVVWUDKOHUVXQWHUGLH1DVHJHKDOWHQGHVVHQ 0QGXQJVNUDIWIHOGEHGURKOLFKJOKWH ³9HUOLHUHQ6LHQXUQLFKWGLH1HUYHQ/DNWURWH3URQWLHU/D\0DQRVKDWXQV JHVFKLFNWGDPLWZLUPLW,KQHQYHUKDQGHOQ0HKUZROOHQZLUJDUQLFKW´ ,FKEOLHEQHEHQGHUgIIQXQJVWHKHQGLH+lQGHLQJHQJHQGHU(QWIHUQXQJYRP .QDXIPHLQHV6FKZHUWHVKDOWHQGXQGEHWUDFKWHWHPHLQ*HJHQEHU3URQWLHUZDUJUR XQGVFKODQNZLUNWHDEHUGXUFKVHLQHJHEHXJWH+DOWXQJHWZDVNOHLQHU6HLQODQJHU VFKPDOHU6FKlGHOYHUVFKZDQGIDVW]XU*lQ]HXQWHUGHPODQJHQZLUUHQ+DDU8QWHU VHLQHUKRKHQ6WLUQIXQNHOWHQ]ZHLGXQNHOURWH$XJHQLKU%OLFNZHFKVHOWHYRQPLU]X )DUWXORRQGHUVLFKVW|KQHQGGXUFKGLHHWZDVHQJHgIIQXQJ]ZlQJWH3URQWLHUV UXQ]HOLJHV*HVLFKWOLHLKQXUDOWHUVFKHLQHQDEHUGLH$XJHQVSUKWHQYRU/HEHQXQG 7DWNUDIW ³6LHN|QQHQ,KUH:DIIHZHJOHJHQ/DNWURWH´VDJWH)DUWXORRQ³6LHKDEHQQLFKWV YRQXQV]XEHIUFKWHQ:LUJHK|UHQQLFKW]X/D\0DQRV¶*UXSSH(UKDWXQVGD]X JH]ZXQJHQDOVVHLQH8QWHUKlQGOHU]XIXQJLHUHQ:LUPXWHQDXIVHLQH%HGLQJXQJHQ HLQJHKHQXPGDV/HEHQ,KUHU7RFKWHUQLFKW]XJHIlKUGHQ´ 3URQWLHUEHWUDFKWHWHXQVSUIHQG³6LHVHKHQWDWVlFKOLFKQLFKWZLH9HUEUHFKHU DXV:HUVLQG6LHXQGZDVKDEHQ6LHPLWGLHVHP0DQROHU]XVFKDIIHQ",UJHQGZLH NRPPHQ6LHPLUEHNDQQWYRU´ )DUWXORRQEHULFKWHWHPLWNQDSSHQ:RUWHQ³:LUNRPPHQDXVGHP7DUNLKOXQG VLQGHLQHP1RWUXIJHIROJW$]KLUDKDEHQZLULP=DJRRWKDXVGHQ.ODXHQGHU=DJRUHQ JHUHWWHWXQGVLQGGDQQ/D\0DQRV¶/HXWHQLQGLH+lQGHJHUDWHQ´ ³,FKELQJHQHLJW,KUH*HVFKLFKWH]XJODXEHQ´3URQWLHUEHKLHOWGLH:DIIHZHLWHUKLQ DXIXQVJHULFKWHW³1XUYHUVWHKHLFKQLFKWGD/D\0DQRVDXVJHUHFKQHW6LHVHLQH *HIDQJHQHQVFKLFNW(UPXGRFKGDPLWUHFKQHQGD6LHQLFKWPHKU]XLKP ]XUFNNHKUHQ´ ³/D\0DQRVKDWXQV]ZDUGLH)UHLKHLWYHUVSURFKHQ´ZDUILFKHLQ³$EHUHUNDQQ VLFKHUVHLQGD)DUWXORRQGHUGHU%DXFKDXIVFKQHLGHUGHV7DWRYRQ*RUWDYRULVWGDV /HEHQ,KUHU7RFKWHUQLFKWOHLFKWIHUWLJDXIV6SLHOVHW]HQZLUG/DNWURWH'HU0DQROHUOLH XQVDEHUDXFKGHVKDOEIUHLZHLOHU$QJVWYRUGHU6HXFKHKDWGLHLQ.RP\DOV*UXSSH DXVJHEURFKHQVHLQVROO(ULVWVHOEVWGDUDQLQWHUHVVLHUWGDZLULKUH$XVZHLWXQJ YHUKLQGHUQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³,FKKDEHYRQGHU6HXFKHJHK|UW´3URQWLHUEOLFNWHXQVQRFKHLQPDOSUIHQGDQ GDQQOHJWHHUGHQ6WUDKOHUHQWVFKORVVHQZHJ³,FKJODXEH,KQHQ/HLEDU]WGHV7DWR²LFK HULQQHUHPLFK6LHKDEHQNHLQHQ*UXQGPLFK]XEHOJHQ:HOFKH1DFKULFKWVROOHQ6LH PLUYRQ/D\0DQRVEHUEULQJHQ":DVYHUODQJWHUIU$]KLUD"´ ³(UP|FKWHGHQ6FKDW]GHQ6LHLP=DJRRWKJHKREHQKDEHQ´VDJWH)DUWXORRQ 3URQWLHUV$XJHQZHLWHWHQVLFKYRU(UVWDXQHQVHLQHhEHUUDVFKXQJVFKLHQHFKW]X VHLQ³:HOFKHQ6FKDW]"´ )DUWXORRQXQGLFKZHFKVHOWHQHLQHQVFKQHOOHQ%OLFN³,FKKDEHNHLQH$KQXQJXP ZHOFKHQ6FKDW]HVJHKW´YHUVLFKHUWHHU³$EHULFKKDWWHGHQ(LQGUXFNGD/D\0DQRV ZXWHZRYRQHUUHGHWH(UVFKLHQGDUEHULQIRUPLHUW]XVHLQGD6LHHWZDVYRQ:HUW JHIXQGHQKDEHQ'DVZLOOHUKDEHQ²LP7DXVFKJHJHQ$]KLUD:HQQ6LHVHLQH )RUGHUXQJHQQLFKWHUIOOHQZLUGHU,KUH7RFKWHUW|WHQ'DVLVWNHLQHOHHUH'URKXQJ 3URQWLHU,FKELQEHU]HXJWGDHUHVHUQVWPHLQW´ ³(UZHLDOVRGDLFKLP/DE\ULQWKHWZDVJHIXQGHQKDEHZDVIUPLFKHLQHQ JURHQ:HUWEHVLW]W´PXUPHOWH3URQWLHU]XVLFKVHOEVW³9RQZHPZHLHUGDV"(VNDQQ VHLQGDHLQHUPHLQHU/HXWH]XDQGHUHQ6FKDW]VXFKHUQGDUEHUJHVSURFKHQKDW,FK KlWWHZLVVHQPVVHQGDVLHQLFKWYHUOlOLFKVLQG,FKKDEHVLHDXIGHP5DXPKDIHQIU GLHVH([SHGLWLRQDQJHZRUEHQZRKOZLVVHQGGDHVVLFKXP$EHQWHXUHUXQG *OFNVULWWHUKDQGHOW$EHUEHVVHUH/HXWHZDUHQQLFKWDXI]XWUHLEHQ´ ³(VKDWMHW]WNHLQHQ6LQQPHKUGDUEHU]XJUEHOQYRQZHP/D\0DQRVEHU ,KUHZHUWYROOHQ)XQGHLQIRUPLHUWZXUGH´VDJWH)DUWXORRQ³/D\0DQRVKlOW,KUH7RFKWHU JHIDQJHQXQGHUJLEWVLHQXULP7DXVFKJHJHQ,KUHQ6FKDW]IUHL´ 3URQWLHU VFKWWHOWH ODQJVDP GHQ .RSI GDEHL ODJ XP VHLQH /LSSHQ HLQ ELWWHUHV /lFKHOQ ³/D\ 0DQRV NDQQ QLFKW HUIDKUHQ KDEHQ ZRUXP HV VLFK EHL PHLQHQ )XQGHQ KDQGHOWGHQQLFKKDEH]XQLHPDQGHPGDUEHUJHVSURFKHQ´(U]XFNWHUHVLJQLHUHQGPLW GHQ6FKXOWHUQ'DQQEOLFNWHHUXQVDQXQGIJWHKLQ]X³'HU0DQROHUZLUG$]KLUDQLFKW IUHLODVVHQVHOEVWZHQQLFKLKPDOOHPHLQH6FKlW]HJHEH´ ³'DV EHUODVVHQ 6LH QXU XQV /DNWURWH´ VDJWH LFK VFKQHOO ³:LU ZHUGHQ GDIU VRUJHQGDHUVLFKDQGLH$EPDFKXQJKlOW´ 3URQWLHUZDUYRQPHLQHQ:RUWHQQLFKWEHU]HXJW(UVFKWWHOWHZLHGHUGHQ.RSI ³/D\0DQRVZLUGHQWWlXVFKWVHLQZHQQLFKLKPPHLQH6FKlW]HEHUODVVH'HQQVLHVLQG IU LKQ Y|OOLJ ZHUWORV (V KDQGHOW VLFK XP .XOWXU]HXJQLVVH GHU 8UHLQZRKQHU YRQ *RUWDYRUGLHQXULGHHOOHQ:HUWKDEHQ6HKHQ6LHVHOEVW´ (U HLOWH LQ GHQ UFNZlUWLJHQ 7HLO GHV 5DXPHV :lKUHQG HU XQV GHQ 5FNHQ ]XZDQGWH K|UWH LFK GXUFK GLH %RGHQ|IIQXQJ HLQH 5HLKH VHOWVDPHU *HUlXVFKH ,FK NQLHWHKLQXQGEOLFNWHKLQXQWHU(LVNUDOOHUDQJXQWHQPLW$UGHOR'HU&KUHWNRUYHUVXFKWH $UGHORPLWVHLQHQ.UDOOHQ]XSDFNHQDEHUGHUZDUJHVFKLFNW8QGHUVFKLHQ]XZLVVHQ ZHOFKH XQKHLPOLFKHQ .UlIWH LQ (LVNUDOOHV +lQGHQ ODJHQ HU VFKOXJ PLW GHP .QDXI GHU :DIIH DXI GHQ &KUHWNRU HLQ XQG UDPPWH LKQ GDQQ PLW GHP .RS
(V JHODQJ (LVNUDOOH $UGHORV +DOV PLW EHLGHQ +lQGHQ ]X XPIDVVHQ²XQG HU GUFNWH ]X ,FK ZROOWH VFKRQ DXIDWPHQGRFKGDQQPHUNWHLFKGD$UGHOREHUKDXSWNHLQH:LUNXQJ]HLJWH'DVOLH PLFKYHUPXWHQGDVHLQH3DQ]HUIULVXU(LVNUDOOHVW|GOLFKH.UlIWHDEKLHOW$UGHOREHIUHLWH VLFKDXVGHU8PNODPPHUXQJXQGVFKOXJ(LVNUDOOHPLWHLQHPIXUFKWEDUHQ+LHEQLHGHU
'HU.ULVWDOOSULQ]
M
$WODQ
$OV LFK PLFK ]XUFN]LHKHQ ZROOWH HQWGHFNWH PLFK $UGHOR XQG ]LHOWH PLW GHP 6WUDKOHU DXI PLFK ³.HLQH %HZHJXQJ $WODQ VRQVW LVW GHLQH /DXIEDKQ DOV %DXFKDXIVFKQHLGHUMlK]X(QGH´ ³'X PXW GHQ 9HUVWDQG YHUORUHQ KDEHQ´ HQWIXKU HV PLU ³:HQQ /D\ 0DQRV HUIlKUW GD GX DXI GLHVH :HLVH GLH 9HUKDQGOXQJHQ JHVW|UW KDVW ZLUG HU GLFK VHLQHQ 9|JHOQ]XP)UDYRUZHUIHQ´ $UGHOR ODFKWH ³'LH VLQG DXI =DJRUHQ VSH]LDOLVLHUW ,P EULJHQ VFKHUH LFK PLFK HLQHQ 'UHFN XP /D\ 0DQRV ,FK ZLOO GHQ 6FKDW] IU PLFK DOOHLQ KDEHQ /RV VDJ GHP /DNWURWH GD HU GDPLW KHUDXVUFNHQ VROO VRQVW ODVVH LFK HXFK GRUW REHQ VFKPRUHQ 8QG3URQWLHUVROOVLFKNHLQH7ULFNVHLQIDOOHQODVVHQ6HLQWUHXHU'LHQHU:DFFRUKDWPLU YHUUDWHQZLHGLH6FKDWXOOHDXVVLHKWLQGHUGHU6FKDW]LVW´ $OVR LVW :DFFRU GHU 9HUUlWHU GXUFK]XFNWH HV PLFK XQG $UGHOR IlOOW VHLQHUVHLWV ZLHGHU /D\ 0DQRV LQ GHQ 5FNHQ GHU ZLHGHUXP JODXEW LKP YHUWUDXHQ ]X NRQQHQ (V ZDU JURWHVN XQG HQWEHKUWH QLFKW HLQHU JHZLVVHQ 3LNDQWHULH GD VLH DOOH KLQWHU HLQHP 6FKDW] KHU ZDUHQ GHU IU VLH QLFKW GHQ JHULQJVWHQ :HUW KDWWH ,FK KlWWH GDV DOOHV DPVDQWJHIXQGHQ²ZHQQHVQLFKWXPGDV/HEHQ$]KLUDVJHJDQJHQZlUH ³,FKZDUWHQLFKWPHKUODQJH3URQWLHU´ULHI$UGHOR 2KQH PLFK YRQ GHU 6WHOOH ]X UKUHQ VDJWH LFK ³*HEHQ 6LH LKP GHQ 6FKDW] /DNWURWH´ ³$EHUZDVZLUGGDQQDXV$]KLUD"´ ³6DJWHQ6LHQLFKWVHOEVWGD/D\0DQRVNDXPDXIGHQ7DXVFKKDQGHOHLQJHKHQ ZUGH"´HULQQHUWHLFKLKQ³:HQQ$UGHORJODXEWGDHUPLWGHP6FKDW]JOFNOLFKZLUG VROOHULKQKDEHQ´ ³$WODQKDWUHFKW´K|UWHLFK)DUWXORRQKLQWHUPLUVDJHQ³(VKDWNHLQHQ6LQQGD ZLU XQV ZHJHQ GLHVHU 6FKDWXOOH RSIHUQ :LU ZHUGHQ VFKRQ HLQHQ DQGHUHQ :HJ ILQGHQ XP$]KLUDDXV]XO|VHQ´ 1RFKZlKUHQG)DUWXORRQVSUDFKYHUQDKPLFKKLQWHUPLU*HUlXVFKHGLHVLFKZLH GDV 2IIQHQ XQG 6FKOLHHQ HLQHV %HKlOWHUV DQK|UWHQ XQG LFK ZXWH GD )DUWXORRQ PHLQHQ YHUVWHFNWHQ :LQN YHUVWDQGHQ KDWWH XQG KDQGHOWH *OHLFK GDUDXI NDP 3URQWLHU PLW GHU 6FKDWXOOH LQ PHLQ %OLFNIHOG 6LH ZDU HWZD XQWHUDUPODQJ KDOE VR EUHLW XQG HLQH +DQGVSDQQHKRFK,FKQDKPVLH3URQWLHUDXVGHU+DQGXQGUHLFKWHVLH$UGHORKLQXQWHU GHUVLHHQWJHJHQQDKPRKQHGDEHLGLH:DIIH]XVHQNHQ ³6LHIKOWVLFKVROHLFKWDQ´VDJWH$UGHORPLWUDXLVFK ³(V LVW HLQ DOWHU $EHUJODXEH GD GHU :HUW HLQHV 'LQJHV DQ VHLQHP *HZLFKW JHPHVVHQZLUG´ ³,FK ZHUGH PLFK WURW]GHP GDYRQ EHU]HXJHQ GD GLH 6FKDWXOOH QLFKW HWZD OHHU LVW´$UGHOR]RJVLFKUFNZlUWVJHKHQG]XUJHSDQ]HUWHQ7XU]XUFN(UJULIIKLQWHUVLFK |IIQHWHGHQ5LHJHOXQGVWLHGLH7XUDXI(UVWMHW]W|IIQHWHHUGHQ'HFNHOGHV.DVWHQV 6HLQH $XJHQ ZHLWHWHQ VLFK YRU (QWVHW]HQ DOV HLQH JUQH *DVZRONH KHUYRUTXROO (U VFKULHDXIGLH:DIIHHQWILHOVHLQHU+DQGXQGHUJULIIVLFKQDFK$WHPULQJHQGDQGHQ +DOV(UWDXPHOWHLQV)UHLHVWUDXFKHOWHXQGUROOWHEHUGLH3ODWWIRUP,FKVDKZLHHUGLH 6FKDWXOOHLPPHUQRFKDQVLFKJHSUHWEHUGHQ5DQGNLSSWHXQGLQGLH7LHIHILHO ³-HW]WZDUDOOPHLQH)RUVFKXQJVDUEHLWYHUJHEHQV´VDJWH3URQWLHUGXPSI³8QGHV JLEWNHLQH0|JOLFKNHLW$]KLUD]XUHWWHQ´ ³,FK NRQQWH QLFKW DKQHQ GD $UGHOR PLWVDPW GHU 6FKDWXOOH LQ GLH 7LHIH VWU]HQ ZUGH´ PXUPHOWH )DUWXORRQ ]HUNQLUVFKW ³'LH 3KLROH GLH LFK LQ GDV .lVWFKHQ OHJWH
'HU.ULVWDOOSULQ]
M
$WODQ
HQWKLHOWQXUHLQ*DVPLWEHWlXEHQGHU:LUNXQJ$EHUVLHEUDXFKHQQLFKW]XUHVLJQLHUHQ /DNWURWH:LUZHUGHQKLQXQWHUVWHLJHQXQG,KQHQ,KUHQ6FKDW]]XUFNEULQJHQ´ 3URQWLHU ZLQNWH DE ³'DV KDEH LFK JDU QLFKW JHPHLQW DOV LFK VDJWH GD PHLQH )RUVFKXQJVDUEHLW XPVRQVW ZDU (V LVW PLU DXFK HJDO RE LFK GLH 8QWHUODJHQ ]XUFNEHNRPPH 2KQH $]KLUD KDW DOOHV NHLQHQ 6LQQ PHKU /D\ 0DQRV ZLUG PLU QLFKW JODXEHQ GD LFK NHLQH 5HLFKWPHU EHVLW]H PLW GHQHQ LFK $]KLUD DXVO|VHQ N|QQWH (U ZLUG DQQHKPHQ GD LFK DQ GHP 7DXVFKJHVFKlIW QLFKW LQWHUHVVLHUW ELQ XQG HU ZLUG $]KLUDW|WHQ´ ³:LU ZHUGHQ VFKRQ HLQHQ :HJ ILQGHQ XP GHQ 0DQROHU ]X EHUOLVWHQ´ EHKDXSWHWH LFK REZRKO LFK LP $XJHQEOLFN VHOEVW QRFK NHLQHQ $XVZHJ VDK ³:LU EUDXFKHQLKPQLFKWDXIGLH1DVH]XELQGHQGDHVGLH5HLFKWPHUGLHHUVLFKHUKRIIW JDUQLFKWJLEW´ ³$WODQ KDW UHFKW´ VWLPPWH )DUWXORRQ ]X ³:LU N|QQHQ ]XP 6FKHLQ DXI GHQ 7DXVFKKDQGHO HLQJHKHQ $EHU ZLU PVVHQ ]XHUVW =HLW JHZLQQHQ XP HLQHQ 3ODQ DXV]XDUEHLWHQ´ 8QWHUGHVVHQ NDP GHU YRQ $UGHOR QLHGHUJHVFKODJHQH (LVNUDOOH ZLHGHU ]X VLFK ³:lKUHQG LKU PLW GHP /DNWURWH GLH 9HUKDQGOXQJHQ IKUWHW´ EHULFKWHWH HU ³YHUOLH :DFFRUPLWGHQEHLGHQDQGHUHQ0lQQHUQGLH)HVWXQJ(UEHJUQGHWHGDVGHQEHLGHQ DQGHUHQJHJHQEHUGDPLWGDGLH)DOOHQNRQWUROOLHUWZHUGHQPWHQGLHGLH=XJlQJH DEVLFKHUQ 0LU ZDU DEHU DOV KHUUVFKH ]ZLVFKHQ LKP XQG $UGHOR HLQ VWXPPHV (LQYHUVWlQGQLV 'HU 9HUGDFKW GD GLH EHLGHQ XQWHU HLQHU 'HFNH VWHFNHQ N|QQWHQ HUVFKLHQ PLU ]XHUVW DEVXUG $EHU LFK EOLHE ZDFKVDP VR GD HV IU PLFK QLFKW JDQ] XQYRUEHUHLWHWNDPDOV$UGHORPLFKHUVFKLHHQZROOWH´(UEOLFNWHDXIVHLQH+lQGHXQG VFKWWHOWHGHQ.RSI³,FKYHUVWHKHQLFKWZLHVRPHLQH)lKLJNHLWEHLLKPYHUVDJWH´ ³6HLQH +DDUWUDFKW EHZDKUWH LKQ YRU GHLQHP HLVLJHQ *ULII´ VDJWH LFK ³,FK KDEH HXFKEHREDFKWHW$UGHORVSUlSDULHUWH+DDUHVFKW]WHQLKQZLHHLQ3DQ]HU´ ³µ:DFFRU KDW VLFKHUOLFK PLW $UGHOR YHUHLQEDUW GLH %HXWH ]X WHLOHQ´ YHUPXWHWH )DUWXORRQ ³)LQGHW HU EHL $UGHORV /HLFKH QLFKW GLH HUZDUWHWHQ 5HLFKWPHU ZLUG HU DQQHKPHQ GD GHU 6FKDW] VLFK LPPHU QRFK KLHU EHILQGHW 9HUPXWOLFK ZLUG HU VLFK PLW HLQLJHQDQGHUHQYHUEQGHQXPGLH)HVWXQJ]XVWUPHQ´ ³'DV VROO HU QXU YHUVXFKHQ´ PHLQWH 3URQWLHU JULPPLJ ³,FK ZHUGH GLHVHQ 9HUEUHFKHUQ HLQHQ KHLHQ (PSIDQJ EHUHLWHQ ,FK KDEH HLQHQ ,PSXOVVWUDKOHU VLH GDJHJHQVLQGQXUPLW6SHHUHQXQG3IHLOXQG%RJHQDXVJHUVWHW$XHUGHPJLEWHVHLQH 5HLKHYRQ)DOOHQGLH:DFFRU]ZDUNHQQWGLHHUDEHUHUVWHQWVFKlUIHQPX´ ³7URW]GHPVLQG6LHKLHUQLFKWPHKULQ6LFKHUKHLW/DNWURWH´ZDQGWH)DUWXORRQHLQ ³'DV ZDU LFK QLH ,FK KDEH PLFK LQ 6LFKHUKHLW JHZlKQW ZHLO LFK GHQ /HXWHQ YHUWUDXWH=XPHUVWHQPDOPHUNWHLFKGDVLHIDOVFKHV6SLHOPLWPLUWULHEHQDOVLFKPLFK PLWHLQLJHQYRQLKQHQLP=DJRRWKEHIDQG6LHOLHHQPLFKDOOHLQ]XUFNZDKUVFKHLQOLFK LQGHU+RIIQXQJGDLFKPLFKLP/DE\ULQWKYHULUUWH$EHULFKIDQGKLQDXV6LHEHWHXHUWHQ ]ZDU LKUH 8QVFKXOG DEHU LFK JODXEWH LKQHQ QLFKW $OV ZLU LQ GHQ 8QWHUVFKOXSI NDUQHQ IDQGLFK:DFFRUJHIHVVHOWYRUGLHDQGHUHQZDUHQDOOHJHW|WHW:DFFRUHU]lKOWHPLUGD 9DIURQ HLQJHGUXQJHQ VHL XQG $]KLUD JHUDXEW KDEH -HW]W JODXEH LFK IDVW GD :DFFRU 9DIURQLQGLH)HVWXQJJHODVVHQKDW´ ³:lUH HV QLFKW P|JOLFK GD :DFFRU VLFK DXFK GLHVPDO PLW 9DIURQ YHUEQGHW"´ JDELFK]XEHGHQNHQ³'D9DIURQHLQPDOJHOXQJHQLVW,KUH)HVWXQJ]XVWUPHQNDQQHV
'HU.ULVWDOOSULQ]
M
$WODQ
LKP DXFK HLQ ]ZHLWHV 0DO JHOLQJHQ 6LH PVVHQ YRQ KLHU IRUW /DNWURWH EHYRU :DFFRU 9HUVWlUNXQJJHKROWKDWXQG6LHEHODJHUW´ ³6ROOHQVLHUXKLJNRPPHQ´3URQWLHUZDUQLHGHUJHVFKODJHQ³,FKKDEHLPPHUQRFK HLQHQ )OXFKWZHJ RIIHQ GHU QLFKW HLQPDO :DFFRU EHNDQQW LVW $EHU ZRYRU VROO LFK HLJHQWOLFK IOLHKHQ" ,FK KDEH QLFKWV PHKU ]X YHUOLHUHQ 6ROO 9DIURQ VHLQHQ 7ULXPSK KDEHQ´ ³:HQQ HV HLQHQ )OXFKWZHJ JLEW XP VR EHVVHU´ VDJWH LFK ³6LH N|QQHQ PLW XQV XQEHPHUNW ,KUHQ 6WW]SXQNW YHUODVVHQ ZlKUHQG XQV GLH DQGHUHQ QRFK KLHU YHUPXWHQ 6REDOGVLHGLH)HVWXQJVWUPHQN|QQHQZLUYHUVXFKHQ$]KLUD]XEHIUHLHQ´ ³:LH ZROOHQ 6LH GDV DQVWHOOHQ"´ (U PDFKWH HLQH UHVLJQLHUHQGH +DQGEHZHJXQJ ³7FKKDEHQLFKWGDVZDV/D\0DQRVDOV*HJHQZHUWIU$]KLUDIRUGHUW´ $OV LFK LKP DQWZRUWHQ ZROOWH K|UWH LFK YRQ GUDXHQ HLQ DQKDOWHQGHV .UlFK]HQ XQG(LVNUDOOHULHI³/D\0DQRV¶5LHVHQYRJHOGHU$UGHORDEKROHQVROO´ ³8QGIOLHJWGHU2OX]JDRKQH$UGHOR]XUFNZLUG/D\0DQRVPHLQH7RFKWHUW|WHQ KDEH LFK UHFKW"´ 3URQWLHU UWWHOWH YHU]ZHLIHOW DQ )DUWXORRQV 6FKXOWHU ³:DV VROOHQ ZLU WXQ"$UGHORLVWGRFKWRW'HU5LHVHQYRJHOZLUGDOOHLQ]XUFNIOLHJHQXQG´ ³1HLQ´VDJWHLFKHQWVFKORVVHQ³,FKZHUGHDQ$UGHORV6WHOOH]XUFNIOLHJHQ´ ³'DV ZlUH 6HOEVWPRUG $WODQ´ NQXUUWH )DUWXORRQ ³/D\ 0DQRV ZLUG HLQH )DOOH YHUPXWHQXQGGLFKVHLQHQ5DXEY|JHOQDXVOLHIHUQ´ ³1LFKWZHQQHUGHQ.|GHUVFKOXFNWGHQLFKLKPDQELHWH´DQWZRUWHWHLFKKDVWLJ PHLQH *HGDQNHQ UDVWHQ ³,FK ZHUGH LKP ZDKUKHLWVJHWUHX HU]lKOHQ GD $UGHOR GRSSHOWHV6SLHOWULHE,FKZHUGH/D\0DQRV]XYHUVWHKHQJHEHQGDZLULKPQLFKWPHKU WUDXHQXQGLFKGHVKDOEPLWHHUHQ+lQGHQ]XUFNJHNRPPHQELQ(UZLUGHVDN]HSWLHUHQ PVVHQ GD LFK HLQHQ QHXWUDOHQ 7UHIISXQNW QHQQH DQ GHP $]KLUD JHJHQ GHQ 6FKDW] DXVJHWDXVFKW ZHUGHQ VROO :HOFKHQ 2UW ZUGHQ 6LH DOV 7UHIISXQNW YRUVFKODJHQ /DNWURWH"(UVROOWHIU/D\0DQRVOHLFKW]XJlQJOLFKXQGDXFKDQGHUHQ*UXSSHQEHNDQQW VHLQ ,FK ZHUGH VDJHQ GD GRUW GHU 6FKDW] LP 0RUJHQJUDXHQ EHUJHEHQ ZLUG ,Q]ZLVFKHQPWLKUYHUVXFKHQGDV9HUWUDXHQHLQHUDQGHUHQ*UXSSH]XJHZLQQHQXP VLHGDQQLPHQWVFKHLGHQGHQ$XJHQEOLFNJHJHQ/D\0DQRVDXV]XVSLHOHQ:DKUHQGGLH DQGHUHQ VLFK JHJHQVHLWLJ GLH 6FKlGHO HLQVFKODJHQ YHUVXFKW LKU $]KLUD XQG PLFK ]X EHIUHLHQ´ ³'DVK|UWVLFKHLQIDFKHUDQDOVHVLQGHU7DWXP]XVHW]HQVHLQZLUG´JDE3URQWLHU ]XEHGHQNHQ'UDXHQNUlFK]WHZLHGHUGHU5LHVHQYRJHO(UVFKLHQEHUHLWVXQJHGXOGLJ ]XZHUGHQ ³(V LVW WURW]GHP HLQ JXWHU 3ODQ´ EHKDXSWHWH )DUWXORRQ XQG IJWH KLQ]X ³-HGHQIDOOVLVWHVGLHHLQ]LJH0|JOLFKNHLW=HLW]XJHZLQQHQ0LUJHIlOOWQXUQLFKWGDGX GLFK/D\0DQRVDOV*HLVHODQELHWHVW$WODQ,FK´ ³:LU N|QQHQ QLFKW PHKU ODQJH ZDUWHQ´ XQWHUEUDFK (LVNUDOOH GHQ %DXFKDXIVFKQHLGHU XQJHGXOGLJ ³VRQVW NHKUW GHU 5DXEYRJHO DOOHLQ ]XUFN :HOFKHQ 7UHIISXQNWVFKODJHQ6LHDOVRYRU/DNWURWH"´ ³0DUDXWKDQV3UXQNVDDOZlUHVRJXWJHHLJQHWZLHMHGHUDQGHUH2UWDXFK´PHLQWH 3URQWLHU]|JHUQG ³$OVR 0DUDXWKDQV 3UXQNVDDO´ (LVNUDOOH VWUPWH DXI GLH 3ODWWIRUP KLQDXV EHYRU LKQMHPDQGGDUDQKLQGHUQNRQQWH ³(LVNUDOOH´VFKULHLFKXQGZROOWHLKPIROJHQEOLHEMHGRFKLQGHU7UVWHKHQ'HU 2OX]JD VFKR KHUDE SDFNWH PLW VHLQHQ .UDOOHQ GHQ &KUHWNRU XQG IORJ PLW LKP GDYRQ
'HU.ULVWDOOSULQ]
M
$WODQ
³:LU VHKHQ XQV LP 0RUJHQJUDXHQ´ ULHI LFK (LVNUDOOH QRFK QDFK 'DQQ ZDU GHU 5LHVHQYRJHO PLW LKP ]ZLVFKHQ GHQ QlFKWOLFKHQ 5XLQHQ YHUVFKZXQGHQ ,FK NHKUWH LQ 3URQWLHUV 8QWHUVFKOXSI ]XUFN XQG VFKLPSIWH ³'LHVHU YHUGDPPWH &KUHWNRU XQG VHLQH (LJHQPlFKWLJNHLW´ )DUWXORRQNORSIWHPLUDXIGLH6FKXOWHU³(VKDWVHLQ*XWHVGD(LVNUDOOHDQGHLQHU 6WHOOH JHJDQJHQ LVW ,FK EHQ|WLJH GLFK DOV $VVLVWHQWHQ XP .RP\DOV *UXSSH DXI]XVXFKHQ(LVNUDOOHN|QQWHPLUEHLGHU%HNlPSIXQJGHU6HXFKHQLFKWKHOIHQ´ ³:ROOHQ6LHWDWVlFKOLFKLQGLH)HVWXQJGHV9RRO\QHVHUVJHKHQ"´3URQWLHUVDKXQV XQJOlXELJDQ³:DVZLUGGDQQDXV$]KLUD"´ ³:LU VLQG KLHUKHU JHNRPPHQ XP LQ 1RW JHUDWHQHQ 6FKDW]VXFKHUQ ]X KHOIHQ´ VDJWH)DUWXORRQ³(JDOZDVSDVVLHUWLFKZHUGHGLHVH/HXWHGLHXQVHUHU+LOIHEHGUIHQ QLFKW LP 6WLFK ODVVHQ /DNWURWH $EHU ZLU ZHUGHQ DXFK YHUVXFKHQ LKUHU 7RFKWHU ]X KHOIHQ9LHOOHLFKWOlWVLFKVRJDUGDVHLQHPLWGHPDQGHUHQYHUELQGHQ=HLJHQ6LHXQV MHW]WGHQ*HKHLPJDQJ´ 3URQWLHUPDFKWHHLQHQQLHGHUJHVFKODJHQHQ(LQGUXFNDOVHUXQVLQGHQKLQWHUHQ 7HLO GHU )HVWXQJ IKUWH =ZLVFKHQ 0DWHULDOEDOOHQ ZDU HLQH YLHUHFNLJH 9HUWLHIXQJ ]X VHKHQGLHDXVGHPJOHLFKHQ0DWHULDOZLH GHUEULJH%RGHQ]XEHVWHKHQVFKLHQDEHU 3URQWLHU HUNOlUWH ³(V KDQGHOW VLFK KLHU QLFKW XP IHVWH 0DWHULH VRQGHUQ XP HLQH WlXVFKHQG lKQOLFKH 3URMHNWLRQ 'LH (U]HXJXQJ YRQ 0DWHULHSURMHNWLRQHQ LVW HLQHV GHU *HKHLPQLVVHGLHLFKGHP=DJRRWKHQWUL´ ³:LU NHQQHQ GLHVHV 3KlQRPHQ´ VDJWH )DUWXORRQ ³8QG ZDV EHILQGHW VLFK GDUXQWHU"´ ³(LQ6FKDFKWGHUGXUFKGLH$XHQPDXHU]XP)XGHV7ULFKWHUVIKUW´ ³'DQQQLFKWVZLHKLQXQWHU´ 'HUILQVWHUH6FKDFKWVFKLHQNHLQ(QGH]XQHKPHQ(U]RJVLFKHQWODQJGHUQDFK DXHQJHZ|OEWHQ:DQGLQGLH7LHIHXQGPRFKWHHLQVWGHU%HOIWXQJJHGLHQWKDEHQ,Q GLH:DQGZDUHQLQUHJHOPlLJHQ$EVWlQGHQIDXVWJURH/|FKHUHLQJHVWDQ]WGXUFKGLH LFK LQV )UHLH EOLFNHQ NRQQWH XQG GLH HLQHQ JXWHQ +DOW ERWHQ 0LU ZDU QLFKW NODU ZRIU 0DUDXWKDQ GLHVHV ³%HOIWXQJVV\VWHP´ JHVFKDIIHQ KDWWH XQG LFK KDWWH DXFK QRFK QLH YRQHLQHUlKQOLFKHQ(LQULFKWXQJLQHLQHPGHU7ULFKWHUEDXWHQJHK|UW 2E VLFK 0DUDXWKDQV $UFKLWHNW GXUFK GHQ HQWVWHKHQGHQ /XIW]DJ HLQH EHVVHUH .OLPDWLVLHUXQJ GHU :RKQUlXPH HUKRIIW KDW" 'LHVH *HGDQNHQ JLQJHQ PLU ZlKUHQG GHV $EVWLHJVGXUFKGHQ.RSI3URQWLHUKDWWHGHQ$QIDQJJHPDFKW)DUWXORRQNDPKLQWHULKP XQG LFK ELOGHWH GHQ $EVFKOX 3URQWLHU ZDU PLW VHLQHP ,PSXOVVWUDKOHU EHZDIIQHW LFK KDWWH PHLQHQ /XFFRW GHQ $UGHOR VLFK DQJHHLJQHW KDWWH ZLHGHUEHNRPPHQ )DUWXORRQ EHJQJWHVLFKPLWVHLQHP6NDUJ6HLQH,QVWUXPHQWHQWDVFKHKDWWHLFKEHUQRPPHQZHLO HU DXFK VR VFKRQ 6FKZLHULJNHLWHQ KDWWH VLFK GXUFK GHQ VFKPDOHQ 6FKDFKW KLQGXUFK]X]ZlQJHQ (QGOLFK VSUWH LFK %RGHQ XQWHU GHQ )HQ 'LH 'XQNHOKHLW ZDU KLHU QRFK XQGXUFKGULQJOLFKHU DOV LP 6FKDFKW ,FK WDVWHWH PLFK DQ HLQHU :DQG HQWODQJ ELV LFK ]X HLQHU 6WHOOH NDP GLH YRP VFKZDFKHQ 6WHUQHQOLFKW HUKHOOW ZDU 9RU PLU KREHQ VLFK ]ZLVFKHQGHQ0DXHUUXLQHQ]ZHL6FKHPHQDE,FKVWLHJHJHQHLQHQZHLFKHQ.|USHU² HLQH+DQGVFKRDXIPLFK]XXQGOHJWHVLFKPLUDXIGHQ0XQG ³=DJRUHQ´IOVWHUWH)DUWXORRQGLFKWDQPHLQHP2KU,FK]RJXQZLOONUOLFKPHLQHQ 6WUDKOHU )DUWXORRQ JDE PHLQHQ 0XQG ZLHGHU IUHL XQG LFK VFKOLFK PLFK QlKHU DQ GLH 0DXHU XP HLQHQ hEHUEOLFN DXI GDV YRU XQV OLHJHQGH 5XLQHQIHOG ]X EHNRPPHQ ,P
'HU.ULVWDOOSULQ]
M
$WODQ
HUVWHQ 0RPHQW VDK LFK QXU GLH YDJHQ 8PULVVH YRQ 6FKXWWKDOGHQ XQG GLH GDUDXV KHUDXVUDJHQGHQ0DXHUUHVWH$EHUGDQQJHZDKUWHLFKHLQH%HZHJXQJ(LQ=DJRUHJLQJ JHUl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|W]OLFK ZDU YRU XQV HLQ *HUlXVFK GDV QLFKW YRQ GHQ =DJRUHQ VWDPPHQ NRQQWH*OHLFKGDUDXIWDXFKWHHLQ0DQQKLQWHUHLQHU0DXHUDXIGHUHLQHQ6SHHUXQGHLQ .UXPPVFKZHUWLQGHU+DQGKLHOW(UHQWGHFNWHGLHGUHL=DJRUHQXQGVFKULHHUVFKURFNHQ DXIDOVVLHVLFKDXILKQVWU]WHQ 'DV ZDU DXFK IU XQV GDV =HLFKHQ ]XP $QJULII )DUWXORRQ ZDUI VLFK PLW DXVJHEUHLWHWHQ $UPHQ DXI GLH YLHU .lPSIHQGHQ GLH HLQ ZLUUHV .QlXHO ELOGHWHQ ,FK ]HUUWH HLQHQ =DJRUHQ DP %HLQ KHUDXV XQG EHWlXEWH LKQ GXUFK HLQHQ 6FKODJ PLW GHU %UHLWVHLWH PHLQHV 6FKZHUWHV JHJHQ GHQ 6FKlGHO 1RFK EHYRU LFK PLFK GHP QlFKVWHQ *HJQHU]XZHQGHQNRQQWHZDUGHU.DPSIEHHQGHW)DUWXORRQKDWWHGLHEHLGHQDQGHUHQ =DJRUHQ PLW GHQ EORHQ )lXVWHQ XQVFKlGOLFK JHPDFKW -HW]W ]RJ HU GHQ 0DQQ XQWHU GHQ EHLGHQ EHZXWORVHQ (FKVHQZHVHQ KHUYRU XQG UL LKQ DP +DOVDXVVFKQLWW VHLQHV 8PKDQJVKRFK ³6LHK PDO $WODQ ZHQ ZLU GD KDEHQ´ VDJWH )DUWXORRQ PLW JHVSLHOWHU hEHUUDVFKXQJ³:DVIUHLQ=XIDOOGDZLUGLHVHQDOWHQ%HNDQQWHQKLHUDQWUHIIHQ´ ³:DFFRU´HQWIXKUHVPLU3URQWLHUYHUOLHVHLQ9HUVWHFNXQGNDP]XXQV$OVHU :DFFRUV1DPHQK|UWHVFKULHHU³9HUUlWHU´XQGZROOWHVLFKDXILKQVWU]HQ,FKPXWH LKQJHZDOWVDP]XUFNKDOWHQ :DFFRU VFKOXFNWH ³:HOFK HLQ *OFN GD LKU JHUDGH JHNRPPHQ VHLG VRQVW KlWWHQGLHVH%HVWLHQPLWPLUGDVJOHLFKHJHWDQZLHPLWGHQEHLGHQDQGHUHQ´ 3URQWLHU ZDU DXHU VLFK YRU :XW ³6FKDGH ZlUH HV QLFKW XP GLFK JHZHVHQ 9HUUlWHU´ ³0lLJHQ 6LH ,KUH 6WLPPH /DNWURWH´ HUPDKQWH LKQ )DUWXORRQ ³:HU ZHL ZLH YLHOH=DJRUHQKLHUQRFKKHUXPODXIHQ´ ³,QGHU5XLQHVLQGNHLQHPHKU´EHKDXSWHWH:DFFRU³$EHUGUDXHQZLPPHOWHV YRQLKQHQ6LHKDEHQVLFKWDJVEHULP6DQGHLQJHJUDEHQXQGNRPPHQMHW]WDXVLKUHQ 9HUVWHFNHQ´ ³'X KDWWHVW ZRKO ]XYLHO $QJVW XP GLFK GXUFK GLH :VWH ]X ZDJHQ ZDV"´ )DUWXORRQV 6WLPPH NODQJ K|KQLVFK ³2GHU ZDUWHVW GX LPPHU QRFK DXI GHLQHQ .XPSDQ $UGHOR"´ :DFFRU VDJWH PLW EUFKLJHU 6WLPPH ³,FK KDEH JHVHKHQ ZLH HU LQ GLH 7LHIH VWU]WH ,KU KDEW LKQ PLW GHU 6FKDWXOOH JDQ] VFK|Q KHUHLQJHOHJW 6HLQ 3HFK GD HU GDUDXIKHUHLQJHIDOOHQLVW0LULVWGDVHJDO´(U]XFNWHPLWGHQ$FKVHOQ³,FKELQDXIGHQ 6FKDW]QLFKWVRYHUVHVVHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³$FK"´ PDFKWH )DUWXORRQ ³8QG ZDUXP KDVW GX GLFK LPPHU QRFK KLHU KHUXPJHWULHEHQ" hEHUOHJWHVW GX YLHOOHLFKW ]XIlOOLJ ZLH GX GLH )HVWXQJ NQDFNHQ N|QQWHVW"´ :DFFRUODFKWHJHNQVWHOW³(VZDUGXPPYRQPLUPLFKPLW$UGHORHLQ]XODVVHQ $EHUPLUZDUDXFKNODUGDLFKQLFKWPHKU]X3URQWLHU]XUFNJHKHQNRQQWH$OVRIUDJWH LFKPLFKZHOFKHU*UXSSHLFKPLFKDQVFKOLHHQN|QQWH'DLFKEHL/D\0DQRVHEHQIDOOV LQ8QJQDGHJHIDOOHQVHLQGUIWHEOLHEPLUDOVHLQ]LJHU$XVZHJQXUQRFK.RP\DOEULJ =XGHP9RRO\QHVHUKDEHLFKLPPHUJXWH%H]LHKXQJHQJHKDEW´ ³$KD´PDFKWH)DUWXORRQYHUVWlQGQLVYROO³'XZROOWHVWDOVRGHQ9RRO\QHVHUGDIU JHZLQQHQGHQ6FKDW]GHV/DNWURWH]XKHEHQ´ ³:R GHQNVW GX KLQ )DUWXORRQ´ :DFFRU JDE VLFK HQWUVWHW ³,FK ZROOWH QXU LQ .RP\DOV *UXSSH DXIJHQRPPHQ ZHUGHQ 9RQ GHP 6FKDW] ZDU NHLQH 5HGH GHQ KDWWH LFKOlQJVWZLHGHUYHUJHVVHQ´ ³6R"'DQQZXUGHHVZRKOQLFKWVPLWGHP$QVFKOXDQ.RP\DOV*UXSSHXQGHV ]RJGLFKZLHGHUKLHUKHU´ ³.RP\DO QDKP PLFK PLW RIIHQHQ $UPHQ DXI (U EHQ|WLJW MHGHQ JHVXQGHQ 0DQQ ZHLOVHLQH/HXWHXQWHUGHU6HXFKHOHLGHQ$OVLFKGHP9RRO\QHVHUMHGRFKVDJWHGDVGX PLW GHLQHP *HKLOIHQ EHL 3URQWLHU ELVW VFKLFNWH HU PLFK VRIRUW ZLHGHU ORV XP GLFK ]X KROHQ .RP\DO VDJWH GD HU HLQHQ 1RWUXI DEJHVFKLFNW KDW HU EUDXFKW GHLQH +LOIH %DXFKDXIVFKQHLGHU ,FK ZDU PLW PHLQHQ EHLGHQ .DPHUDGHQ JHUDGH DXI GHP :HJ ]X HXFKDOVXQVGLH=DJRUHQEHUILHOHQ´ ³.RP\DOZDUHVDOVRGHUXQVJHUXIHQKDW%LVWGXEHUHLWXQV]XLKP]XIKUHQ"´ ³'HVZHJHQELQLFKKLHU´VDJWH:DFFRUHLIULJ³,FKZHUGHHXFKKLQEULQJHQ(VJLEW KLHUJDQ]LQGHU1lKHVRJDUHLQH%UFNHGLH]XGHU5XLQHIKUWLQGHU.RP\DOKDXVW VRGDZLUQLFKWGXUFKGLH:VWHPVVHQ1RFKHLQPDOP|FKWHLFKLQGLHVHU1DFKWGHQ =DJRUHQQLFKWEHJHJQHQ(VLVWEHVVHUZLUYHUVFKZLQGHQYRQKLHU´ )DUWXORRQ ]|JHUWH QRFK ³'X ELVW GHU JHERUHQH ,QWULJDQW :DFFRU 'X N|QQWHVW VRJDUDP+RIHYRQ2UEDQDVFKRO.DUULHUHPDFKHQGHQQGXKDVW3URQWLHUDQ/D\0DQRV YHUUDWHQ KDVW /D\ 0DQRV PLW $UGHOR KLQWHUJDQJHQ XQG ELHGHUVW GLFK QXQ .RP\DO DQ :LHYLHOHQ+HUUHQGLHQVWGXHLJHQWOLFKQRFK"´ :DFFRUDQWZRUWHWHPLWEHUUDVFKHQGHU2IIHQKHLW³,P*UXQGHJHQRPPHQDUEHLWH LFKQXUIUPLFK´ ³:DUXPKDVWGXGLFKQLFKWDQ9DIURQJHZDQGWGHPGXVFKRQHLQPDOHLQHQ7LS JHJHEHQKDVW"´ $EHUPDOV DQWZRUWHWH :DFFRU YHUEOIIHQG RIIHQ ³9DIURQ KDW VLFK PLW .RP\DO ]XVDPPHQJHWDQ:XWHVWGXGDVQLFKW%DXFKDXIVFKQHLGHU"´ :DFFRU NOHWWHUWH PLW XQJODXEOLFKHU %HKHQGLJNHLW GLH 5XLQHQ KLQDXI :LU KDWWHQ 0KH LKP ]X IROJHQ YRU DOOHP 3URQWLHU ZDU GLHVH N|USHUOLFKH $QVWUHQJXQJ QLFKW JHZ|KQW(UOHJWHLPPHUZLHGHUHLQH9HUVFKQDXISDXVHHLQXP]X$WHP]XNRPPHQVR GDDXFKZLUDQGHUHQJH]ZXQJHQZDUHQ]XUDVWHQ ³%HHLOW HXFK´ GUlQJWH :DFFRU ³-HGH +XQGHUWVWHO 7RQWD NDQQ EHU /HEHQ XQG 7RG HQWVFKHLGHQ :HQQ .RP\DOV 0lQQHU QLFKW EDOG +LOIH EHNRPPHQ ZLUG VLH GLH 6HXFKHXPEULQJHQ´ 'HU :HJ IKUWH EHU VFKPDOH 0DXHUJUDWH XQG HLQVWXU]JHIlKUGHWH (WDJHQ GHV HKHPDOLJHQ *HElXGHV :LU EHIDQGHQ XQV LQ MHQHU 5XLQH ]X GHU DXFK GDV KRFKDXIUDJHQGH 0DXHUVNHOHWW JHK|UWH DXI GHP VLFK 3URQWLHUV )HVWXQJ EHIDQG QXU
'HU.ULVWDOOSULQ]
M
$WODQ
HEHQ DXI GHU JHJHQEHUOLHJHQGHQ 6HLWH XQG GHXWOLFK WLHIHU 6FKOLHOLFK VDKHQ ZLU LP 6WHUQHQOLFKWYRUXQVHLQH+lQJHEUFNHGLHVLFKKXQGHUW0HWHUZHLWEHUGLH:VWHELV ]XUQlFKVWHQ5XLQHVSDQQWH$QLKUHUWLHIVWHQ6WHOOHEHUKUWHGLH.RQVWUXNWLRQIDVWGUHL 6LOEHUVWUlQJH GHV 6SLQQHQQHW]HV GLH ]ZLVFKHQ GHQ HKHPDOLJHQ 7ULFKWHUEDXWHQ YHUOLHIHQ ³'RUW GUEHQ LVW .RP\DOV )HVWXQJ´ VDJWH :DFFRU ³:LU VLQG JOHLFK GD $XI GHU +lQJHEUFNH PW LKU HXFK UXKLJ YHUKDOWHQ 6LH GDUI QLFKW VFKZDQNHQ XQG DXFK QLFKW ]XVHKUEHODVWHWZHUGHQGHQQVRQVWVHQNWVLHVLFKXQGNRPPWPLWGHQ6LOEHUVWUlQJHQLQ %HUKUXQJ(VLVWEHVVHUZLUODVVHQ]ZLVFKHQXQVJURH$EVWlQGHXPGDV*HZLFKW]X YHUWHLOHQ´ 3URQWLHU HUUHLFKWH NHXFKHQG GLH 3ODWWIRUP DQ GHU GLH +lQJHEUFNH YHUDQNHUW ZDU,FKZDUZlKUHQGGHV$XIVWLHJVKLQWHULKPJHEOLHEHQXPLKP]X+LOIHNRPPHQ]X N|QQHQ IDOOV HU LQ 6FKZLHULJNHLWHQ JHULHW 3URQWLHU ZDUI QRFK HLQHQ OHW]WHQ %OLFN ]X VHLQHU)HVWXQJKLQDXIGLHYRQXQVHUHP6WDQGRUWDXVJXW]XHUNHQQHQZDUXQGVLFKDOV GXQNOH6LOKRXHWWHYRUGHQ6WHUQHQDE]HLFKQHWH :DFFRU JULQVWH XQG IUDJWH ³%HIUFKWHQ 6LH QLFKW GD ZlKUHQG ,KUHU $EZHVHQKHLWMHPDQGGHQ6FKDW]KHEHQN|QQWH/DNWURWH"´ 3URQWLHU VFKZLHJ YHUELVVHQ )DUWXORRQ JDE DQ VHLQHU 6WHOOH GLH $QWZRUW ³'HU /DNWURWH KDW VHLQH )HVWXQJ VFKRQ OlQJVW DXIJHJHEHQ²VHLW HU PHUNWH GD HU VHLQHQ /HXWHQQLFKWPHKUYHUWUDXHQNRQQWH6HLXQEHVRUJW:DFFRUGHU6FKDW]ZXUGHEHUHLWV LQ6LFKHUKHLWJHEUDFKW´ ,FKJODXEWHLQ:DFFRUV$XJHQHLQJLHULJHV)XQNHOQ]XHUNHQQHQDEHUHUYHUNQLII VLFKMHGHZHLWHUH)UDJH6FKOLHOLFKZROOWHHUZHLWHUKLQGHQ$QVFKHLQHUZHFNHQGDHU DQGHPYHUPHLQWOLFKHQ6FKDW]QLFKWLQWHUHVVLHUWVHL(UEHWUDWGLH+lQJHEUFNH³:DUWH ELVLFKGLUGDV=HLFKHQJHEH)DUWXORRQ'DQQHUVWIROJVWGXPLU´ $OVHULQJHQJHQGHU(QWIHUQXQJZDUIUDJWH3URQWLHUVROHLVHGDQXU)DUWXORRQ XQG LFK HV K|UHQ NRQQWHQ ³:ROOHQ 6LH :DFFRU HWZD YHUUDWHQ ZHOFKHQ 7UHIISXQNW ZLU PLW/D\0DQRVYHUHLQEDUWKDEHQ"´ ³'DVEHUODVVHQ6LHQXUPLU/DNWURWH´VDJWH)DUWXORRQHEHQVROHLVH ³'X NDQQVW NRPPHQ %DXFKDXIVFKQHLGHU´ ULHI :DFFRU DOV HU DXI GHU +lQJHEUFNHHWZDIQI]HKQ6FKULWWH]XUFNJHOHJWKDWWH³'LHDQGHUHQVROOHQLQJOHLFKHQ $EVWlQGHQIROJHQ´ )DUWXORRQ EHZHJWH VLFK YRUVLFKWLJ EHU GLH %UFNH GLH OHLFKW ]X VFKZDQNHQ EHJDQQ (U VWROSHUWH DOV HU DXI HLQH ORVH .XQVWVWRIISODWWH WUDW NRQQWH VLFK MHGRFK DQ GHP+DOWHVHLODEIDQJHQ ³+H´ ULHI :DFFRU lUJHUOLFK ³3D EHVVHU DXI ZRKLQ GX WULWWVW %DXFKDXIVFKQHLGHU´ 3URQWLHUEHWUDWGLH+lQJHEUFNHXQGWDVWHWHVLFKYRUVLFKWLJZHLWHU,FKIROJWHLKP LQ HLQHP $EVWDQG YRQ IQI]HKQ 6FKULWWHQ :LU NDPHQ VFKQHOO YRUDQ GLH %UFNH VFKZDQNWHZHQLJHUDOVLFKDQIDQJVEHIUFKWHWKDWWH$OVLFKPLFKXQJHIlKULQGHU0LWWH EHIDQG ZDUHQ GLH 6LOEHUVWUlQJH QXU HWZD HLQH $UPOlQJH XQWHU PLU :DFFRU KDWWH GLH DQGHUH 6HLWH HUUHLFKW ,FK JODXEWH LQ GHU 'XQNHOKHLW ]X HUNHQQHQ GD HU XQV ZLQNWH GDQQ ZDU HU LQ HLQHU QRFK GXQNOHUHQ gIIQXQJ YHUVFKZXQGHQ .XU] GDUDXI YHUVFKZDQG DXFK)DUWXORRQGDULQ 3URQWLHU VFKULH SO|W]OLFK DXI XQG PDFKWH HLQH VR KHIWLJH .|USHUEHZHJXQJ GD GLH +lQJHEUFNH ]X VFKDXNHOQ EHJDQQ ,FK VDK ZLH HU GLH +DOWHVHLOH ORVOLH VHLQHQ
'HU.ULVWDOOSULQ]
M
$WODQ
,PSXOVVWUDKOHU LQ $QVFKODJ EUDFKWH XQG DXI HLQ =LHO XQWHU LKP VFKR (LQ %OLW] ]XFNWH DXI GHP GHU 7RGHVVFKUHL HLQHV =DJRUHQ IROJWH $XI GHP KHOOHQ :VWHQVDQG EHZHJWH VLFK HLQH 6FKDU GXQNOHU *HVWDOWHQ ,FK EUDFKWH HEHQIDOOV PHLQHQ 6WUDKOHU LQ $QVFKODJ XQG IHXHUWH LQ GLH 5HLKH GHU =DJRUHQ GLH PLW ODQJHQ +DNHQ QDFK 3URQWLHUV %HLQHQ DQJHOWHQ ³.PPHUQ 6LH VLFK QLFKW XP GLH =DJRUHQ /DNWURWH´ ULHI LFK ³0DFKHQ 6LH GD 6LHZHLWHUNRPPHQ1XUQRFKZHQLJH6FKULWWHGDQQVLQG6LHDXVGHP*HIDKUHQEHUHLFK XQGGLH=DJRUHQN|QQHQ6LHQLFKWPHKUHUUHLFKHQ´ $EHU3URQWLHUZDUQLFKWPHKULQGHU/DJHPHLQHQ5DW]XEHIROJHQ(UYHUORUDXI GHUVFKZDQNHQGHQ%UFNHGHQ+DOWUXWVFKWHDEXQGNRQQWHVLFKJHUDGHQRFKDQHLQHP GLFNHQ 7UlJHUGUDKWVHLO IHVWNODPPHUQ ,FK UDQQWH ]X LKP NDP DEHU ]X VSlW 'LH :LGHUKDNHQ KDWWHQ VLFK LQ VHLQHU +RVH YHUIDQJHQ XQG GLH =DJRUHQ ]HUUWHQ VR KHIWLJ GD 3URQWLHU ORVODVVHQ PXWH (U ILHO VFKUHLHQG LQ GLH 7LHIH ODQGHWH DXI GHP ZHLFKHQ 6DQG XQG ZXUGH YRQ GHQ =DJRUHQ VRIRUW ZLHGHU LQ GLH +|KH JHVFKOHXGHUW 'DV ZLHGHUKROWH VLFK GUHLPDO GDQQ ODQGHWH 3URQWLHUV .|USHU DXI HLQHP DUPGLFNHQ 6LOEHUVWUDQJXQGEOLHEGDUDQKDIWHQ ,FK EOLFNWH DXWRPDWLVFK ZHJ ZROOWH QLFKW PLW DQVHKHQ PVVHQ ZDV PLW GHP 8QJOFNOLFKHQ JHVFKDK 3URQWLHU NRQQWH QLFKW PHKU JHKROIHQ ZHUGHQ GHVKDOE PDFKWH LFK GD LFK GDV DQGHUH (QGH GHU +lQJHEUFNH HUUHLFKWH 'RUW ZXUGH LFK EHUHLWV YRQ ]ZHL NUlIWLJHQ $UNRQLGHQ HUZDUWHW GLH PLFK HQWZDIIQHWHQ )DUWXORRQ ZDU YRU PLU GDV JOHLFKHZLGHUIDKUHQ,FKK|UWHLKQVFKLPSIHQXQGIOXFKHQXQGVLFKEHUGLH%HKDQGOXQJ EHVFKZHUHQGLHHLQHV%DXFKDXIVFKQHLGHUVXQZUGLJVHL ³'XKDVWNHLQHQ*UXQGGLFKDXI]XUHJHQ´VDJWHHLQHVRQRUH0lQQHUVWLPPH³:LU KDEHQGLUGHLQ+DQGZHUNV]HXJJHODVVHQXQGPLWGHP6FKZHUWNDQQVWGX.UDQNKHLWHQ RKQHKLQQLFKWEHNlPSIHQ´ (LQLJH 0lQQHU ODFKWHQ ,FK ZXUGH GXUFK HLQHQ *DQJ LQ HLQHQ YRQ ]ZHL )DFNHOQ HUKHOOWHQ 5DXP JHVWRHQ 'RUW XPULQJWHQ VHFKV 0lQQHU )DUWXORRQ XQG :DFFRU (LQHU YRQLKQHQHLQGXUFKVFKQLWWOLFKJURHUDEHUXQJHZ|KQOLFKPXVNXO|VHU$UNRQLGHGHUZLH )DUWXORRQHLQHQ%UXVWSDQ]HUWUXJZDUIHLQHPGHUDQGHUHQVRHEHQ)DUWXORRQV6NDUJ]X 'HU %DXFKDXIVFKQHLGHU ZLUEHOWH MHGRFK EOLW]VFKQHOO KHUXP XQG ILQJ VHLQ 6FKZHUW DXI QRFKEHYRUGHUDQGHUHGDQDFKJUHLIHQNRQQWH ,FK UHDJLHUWH LP JOHLFKHQ 0RPHQW VFKOXJ PHLQHP YHUGXW]WHQ 1HEHQPDQQ GLH )DXVWLQGLH0DJHQJUXEHXQGHQWZDQGLKPGDV6FKZHUWGDVHUPLUDEJHQRPPHQKDWWH 'DQQVSUDQJLFKQDFKYRUQHVWLHGLH0lQQHUEHLVHLWHXQGVWHOOWHPLFKPLWGHP5FNHQ ]X)DUWXORRQGHUEHUHLWVLQ'DJRU.DPSIVWHOOXQJJHJDQJHQZDU ³%LVWGXDOV%DXFKDXIVFKQHLGHUJHNRPPHQRGHUDOV%DUULNDGHQVWUPHU"´ULHIGHU PXVNXO|VH$UNRQLGHDXVVLFKHUHU(QWIHUQXQJ ³(EHQ ZHLO LFK LQ GHU (LJHQVFKDIW DOV %DXFKDXIVFKQHLGHU IUHLZLOOLJ ]X HXFK JHNRPPHQ ELQ ODVVH LFK PLFK QLFKW DOV *HIDQJHQHQ EHKDQGHOQ´ VDJWH )DUWXORRQ NQXUULJ³%UDXFKWLKUPHLQH+LOIHELQLFKEHUHLWVLHHXFK]XJHEHQ:ROOWLKUDEHUPHLQ 6NDUJPWLKUHVHXFKKROHQ´ 'HU PXVNXO|VH $UNRQLGH GHU DQVFKHLQHQG GHU :RUWIKUHU ZDU VFKZLHJ HLQHQ 0RPHQWYHUEOIIWGDQQODFKWHHUXQGVDJWHDQHUNHQQHQG³'HLQH:RUWHLPSRQLHUHQPLU %DXFKDXIVFKQHLGHU'XKDVWHLQ5HFKWGDUDXIGHLQ6FKZHUW]XEHKDOWHQ(QWVFKXOGLJH PHLQ9HUKDOWHQ,FKKDEHDXVVFKOLHOLFKPLW+DOXQNHQ]XWXQVRGDLFKYHUJHVVHZLH
'HU.ULVWDOOSULQ]
M
$WODQ
PLW HLQHP (KUHQPDQQ XQG 'DJRULVWD XP]XJHKHQ LVW 0HLQ 1DPH LVW 3O\WXURQ ,FK P|FKWHGLUGLH+DQG]XU9HUV|KQXQJUHLFKHQ´ )DUWXORRQ HUJULII QXU ]|JHUQG GLH DXVJHVWUHFNWH +DQG 3O\WXURQ UHJLVWULHUWH HV VWLUQUXQ]HOQG ZlKUHQG )DUWXORRQ VDJWH ³(V N|QQWH LPPHUKLQ VHLQ GD GLH 6HXFKH DQVWHFNHQGLVWXQGGXUFK%HUKUXQJEHUWUDJHQZLUG´ 3O\WXURQ ODFKWH ZLHGHU ³$FK GLH 6HXFKH 6LH LVW EHVWLPPW QLFKW EHUWUDJEDU VRQVW ZlUHQ ZLU VFKRQ DOOH GDYRQ EHWURIIHQ .RPPW MHW]W LFK ZHUGH HXFK ]X .RP\DO IKUHQ (LQ -DPPHU GD 3URQWLHU QLFKW PHKU DP /HEHQ LVW GHU 9RRO\QHVHU KlWWH VLFK JHUQHPLWLKPXQWHUKDOWHQ´ ³6HLQ 7RG LVW NHLQ EHVRQGHUV JURHU 9HUOXVW´ ZDUI :DHFRU VFKQHOO HLQ ³'HU %DXFKDXIVFKQHLGHUXQGVHLQ*HKLOIHJHQRVVHQVHLQYROOVWHV9HUWUDXHQ6LHZLVVHQYLHO EHU GHQ /DNWURWH XQG ZHUGHQ .RP\DO DOOHV HU]lKOHQ ZDV HU EHU LKQ ZLVVHQ ZLOO 'DYRQELQLFKEHU]HXJW´ ³:HQQGDVVRLVWN|QQHQZLU3URQWLHUYHUJHVVHQ´VDJWH3O\WXURQ )DUWXORRQZHFKVHOWHHLQHQVFKQHOOHQ%OLFNPLWPLUGHUPLU]HLJWHGDZLUEHLGH DQGDVVHOEHGDFKWHQ:DFFRUPXWH.RP\DOYRQ3URQWLHUV6FKDW]HU]lKOWKDEHQ²XQG HEHQKDWWHHUZRKO3O\WXURQ]XYHUVWHKHQJHEHQZROOHQGDZLUZXWHQZRGHU6FKDW] YHUVWHFNWZDU:LUZXUGHQLQHLQHQIHQVWHUORVHQ6DDOJHIKUWGHVVHQDQGHUH=XJlQJH YHUPDXHUWZDUHQ(LQH+lOIWHGHV*HZ|OEHVZXUGHYRQ]HKQ)DFNHOSHUKHOOWGLHDQGHUH +lOIWH ODJ LP 'XQNHOQ XQG ZDU GXUFK HLQH PDQQVKRKH 0DXHU PLW =LQQHQ YRP EULJHQ 5DXPJHWUHQQW ,QGHU0LWWHGHU%DUULHUHJDEHVHLQHQ'XUFKODGHVVHQ7RUIOJHORIIHQVWDQGHQ =ZLVFKHQ LKQHQ VDK LFK HLQ VHOWVDPHV *HIlKUW²]XPLQGHVW IDQG LFK NHLQH EHVVHUH %H]HLFKQXQJ GDIU (V KDQGHOWH VLFK XP HLQH ]ZHL 0HWHU GXUFKPHVVHQGH 6FKDOH GLH YLHU 5lGHU XQG VHFKV PHFKDQLVFKH *HOHQNVWW]HQ ]XU )RUWEHZHJXQJ DXIZLHV ,Q GHU 6FKDOHHQWGHFNWHLFKHLQHJDOOHUWDUWLJHSXOVLHUHQGH0DVVH ³'DVLVWGHU%DXFKDXIVFKQHLGHUPLWVHLQHP*HKLOIHQ.RP\DO´3O\WXURQ]RJVLFK DQGLH:DQG]XUFN $XV GHU 6FKDOH ZXUGH HLQ 3VHXGRSRGLXP HPSRUJHUHFNW LQ GHVVHQ NRSIJUR YHUGLFNWHP (QGH VLFK HLQ DUNRQRLGHV *HVLFKW ELOGHWH 'LH $XJHQ VWDUUWHQ XQV DQ GHU 0XQG EHZHJWH VLFK XQG VDJWH LQ HLQZDQGIUHLHP $UNRQLGLVFK ³,FK KlWWH JHJODXEW GD GX PHLQHP 5XI VFKQHOOHU )ROJH OHLVWHQ ZUGHVW %DXFKDXIVFKQHLGHU :HQQ GX VRIRUW DXIJHEURFKHQ ZlUVW QDFKGHP GX PHLQHQ )XQNVSUXFK HUKDOWHQ KDVW KlWWHVW GX DQJH YRU6RQQHQXQWHUJDQJKLHUVHLQPVVHQ´ ³:LU ZXUGHQ DXIJHKDOWHQ .RP\DO´ DQWZRUWHWH )DUWXORRQ ³=XHUVW YHUORUHQ ZLU XQVHUHQ'ULIWHUGDQQPXWHQZLUJHJHQGLH=DJRUHQNlPSIHQXQGILHOHQVFKOLHOLFK/D\ 0DQRV¶%DQGHLQGLH+lQGH$EHULFKKRIIHGDXQVHUH+LOIHQLFKW]XVSlWNRPPW:R VLQGGLHYRQGHU6HXFKHEHIDOOHQHQ0lQQHU",FKZHUGHPLFKVRIRUWXPVLHNPPHUQ´ ³(V JLEW JDU NHLQH 6HXFKH´ DQWZRUWHWH .RP\DO 'DV 3VHXGRSRGLXP PLW GHP DUNRQLGLVFKHQ *HVLFKW ZDQGWH VLFK ]XU 6HLWH ³,FK KDEH QXU PHLQHP )UHXQG 9DIURQ HLQHQ *HIDOOHQ JHWDQ DOV LFK GHQ 1RWUXI DEVFKLFNWH ,VW GHU %DXFKDXIVFKQHLGHU GHU 0DQQGHQGXVXFKVW9DIURQ"´ +LQWHU GHQ =LQQHQ HUVFKLHQHQ IQI *HVWDOWHQ DQ GHQHQ LFK ZHJHQ GHU XQJHQJHQGHQ %HOHXFKWXQJ NHLQH (LQ]HOKHLWHQ ]X HUNHQQHQ ZDUHQ $EHU HV KDQGHOWH VLFK HLQGHXWLJ XP $UNRQLGHQ (LQHU GLHVHU 0lQQHU VDJWH ³-D HV LVW GHU %DXFKDXIVFKQHLGHU)DUWXORRQGHUPLULQGLH)DOOHJHJDQJHQLVW´
'HU.ULVWDOOSULQ]
M
$WODQ
'HU%DXFKDXIVFKQHLGHU)DUWXORRQ )DUWXORRQKDWWH$WODQXQ]lKOLJHQ%HZlKUXQJVSUREHQDXVJHVHW]W-HQHGLHVHLQH SV\FKLVFKH)lKLJNHLWHQEHDQVSUXFKWHQKLHOWHQVLFKPLWMHQHQGLHVHLQHN|USHUOLFKHQ (LJHQVFKDIWHQIRUGHUWHQGLH:DDJH(VZDUZLFKWLJGD$WODQHLQHQZHQGLJHQ*HLVW EHVDDEHUQRFKZLFKWLJHUZDUHVGDHUPLWGHU:DIIHXP]XJHKHQYHUVWDQG(UPXWH LPVWDQGHVHLQVHLQ/HEHQLQMHGHU6LWXDWLRQYHUWHLGLJHQ]XN|QQHQ'DVZDUPLWHLQ *UXQGZDUXP)DUWXORRQLKQ]XJHIlKUOLFKHQ(LQVlW]HQPLWQDKPEHLGHQHQHVQLFKW VHOWHQXP7RGXQG/HEHQJLQJ%LVKHUKDWWH$WODQDOOHHZlKUXQJVSUREHQEHVWDQGHQXQG DOOH*HIDKUHQJHPHLVWHUW)U$WODQVVSlWHUHQ([LVWHQ]NDPSIZDUGDVHLQHJXWH $XVJDQJVSRVLWLRQ $WODQKDWWHLKQLPPHUZLHGHUYHUEOIIW(VZDUHQRIWQXU.OHLQLJNHLWHQGLH )DUWXORRQVWLOOH$QHUNHQQXQJXQG%HZXQGHUXQJDEQ|WLJWHQ$EHUVHOEVWZHQQ$WODQ (QWVFKHLGXQJHQLQQHEHQVlFKOLFKHQ'LQJHQWUDI]HLJWHVLFKGDHUMHGHVHLQHU +DQGOXQJHQUHLIOLFKEHUOHJWHXQGGHQQRFKYRQVFKQHOOHP(QWVFKOXZDU)DUWXORRQ HUNDQQWHGD$WODQV*UXQGDXVELOGXQJDEJHVFKORVVHQZDUXQGHULKPQLFKWV1HXHV PHKUEHLEULQJHQNRQQWH$WODQPXWHQXQGDVLKPEHLJHEUDFKWH:LVVHQSUDNWLVFK DQZHQGHQXQGGDUDXVDXVVHLQHQ(UIROJHQXQG0LHUIROJHQ²GLH/HKUHQIUVHLQ ZHLWHUHV/HEHQ]LHKHQ 8QG$WODQOHPWHVRVFKQHOOGD)DUWXORRQVLFKQXUZXQGHPXQGLKQEHZXQGHP NRQQWH'DVHUODXEWH)DUWXORRQVHLQH5ROOHDOV/HKUPHLVWHUQDFKXQGQDFKDE]XOHJHQ XQGVLFKDOVGDV]X]HLJHQZDVHUWDWVlFKOLFKZDU $WODQVWUHXHUJHEHQHU'LHQHU'HQQQRFKZDUHLQVFKZHUHU(LQJULIILQ$WODQV 6FKLFNVDOQ|WLJ8PVHLQH=XNXQIWJHVWDOWHQ]XN|QQHQPXWH)DUWXORRQGLH*HLVWHUGHU 9HUJDQJHQKHLWKHUDXIEHVFKZ|UHQ 'HU1RWUXIZXUGHQXUDEJHVFKLFNWXPXQVLQHLQH)DOOH]XORFNHQ8QGZLU 1DUUHQVLQGEOLQGOLQJVKLQHLQJHWDSSW6RJHVHKHQZDUHVVRJDUHLQ6HJHQGDZLUYRQ GHQ=DJRUHQXQGGDQQYRQ/D\0DQRVDXIJHKDOWHQZXUGHQVRQVWZlUHQZLUYLHOOHLFKW VFKRQOlQJVWWRW$QGHUHUVHLWVZlUHQZLUYRUVLFKWLJHUXQGPLWUDXLVFKHUJHZHVHQZHQQ XQVGLHDQGHUHQ(UHLJQLVVHQLFKWDEJHOHQNWKlWWHQ'LH)UDJHZHUGLHVHU9DIURQZDU XQGZDUXPHUXQVLQGLH)DOOHORFNWHZDULP$XJHQEOLFNRKQH%HGHXWXQJ ,FK]RJPHLQ6FKZHUWLPVHOEHQ$XJHQEOLFNZLH)DUWXORRQ:DFFRUGHUQHEHQ XQVJHVWDQGHQKDWWHVSUDQJHQWVHW]W]XUFNXQGHLOWH]X.RP\DOV/HXWHQGLHHQWODQJ GHU:DQGVWDQGHQ,FKUHFKQHWHPXUJHJHQVLHJXWH&KDQFHQDXVGHQQNHLQHUYRQ LKQHQEHVDHLQHQ6WUDKOHUVLHZDUHQZLHZLUOHGLJOLFKPLW6FKZHUWHUQEHZDIIQHW ³.RPPWQXULKU6FKXUNHQ´NQXUUWH)DUWXORRQ³,KUVROOWVHKHQGDGHU %DXFKDXIVFKQHLGHUGHV7DWR$UPDQFN'HFODQWHUQLFKWQXUPLWGHP6NDOSHOOXP]XJHKHQ YHUVWHKW´ ³+DOW´ULHI9DIURQWUDWHLQHQ6FKULWWYRUXQGKREJHELHWHULVFKGLH+DQG-HW]WVDK LFKGDHUHLQH]HUVFKOLVVHQH8QLIRUPGHUDUNRQLGLVFKHQ)ORWWHWUXJ³.RP\DOVDJ GHLQHQ/HXWHQGDVLHYRQLKUHQ:DIIHQNHLQHQ*HEUDXFKPDFKHQVROOHQ´VDJWHHUDQ GHQ9RRO\QHVHUJHZDQGWGHUQXQHLQH5HLKHZHLWHUHU3VHXGRSRGLHQDXVGHU
'HU.ULVWDOOSULQ]
M
$WODQ
7UDJVFKDOHDXVJHIDKUHQKDWWH³(VZDUDEJHPDFKWGDGXPLUGHQ%DXFKDXIVFKQHLGHU OHEHQGDXVOLHIHUVW´ ³(UJHK|UWGLU9DIURQ´HUW|QWHHVDXVGHPHLQHP$UNRQLGHQQDFKHPSIXQGHQHQ 0XQGGHV9RRO\QHVHUV³.HLQHUPHLQHU/HXWHZLUGGHP%DXFKDXIVFKQHLGHUHLQ+lUFKHQ NUXPPHQ,FKELQHEHQIDOOVGDUDQLQWHUHVVLHUWGDHUDP/HEHQEOHLEW´ 9DIURQEOLFNWHGHQ3VHXGRNRSIGHV9RRO\QHVHUVHUVWDXQWDQ³(VZXQGHUWPLFK GDGXSO|W]OLFK,QWHUHVVHDQGHP%DXFKDXIVFKQHLGHU]HLJVW.RP\DO,FKKDEHGLFK GDIUEH]DKOWGDGXPLU)DUWXORRQXQYHUVHKUWDEOLHIHUVW'HLQH:RUWHK|UHQVLFKDEHU IDVWVRDQDOVZROOWHVWGXMHW]WJHJHQGLHVH$EPDFKXQJYHUVWRHQ´ .RP\DOV3VHXGRJHVLFKW]HLJWHHLQ*ULQVHQ³.HLQHVZHJV9DIURQ)DUWXORRQ JHK|UWGLU$EHUGHQ=HLWSXQNWVHLQHU$XVOLHIHUXQJEHVWLPPHLFK%HYRULFKLKQGLU EHUODVVHPXLFKYRQLKPQRFKHLQLJH'LQJHHUIDKUHQ´ ³,FKODVVHQLFKWXPPHLQ/HEHQVFKDFKHUQ´ULHI)DUWXORRQ]RUQLJ ³.RPPWQXUKHU(VZLUGVLFK]HLJHQRELKUHXFKPLWPLUXQGPHLQHP*HKLOIHQ PHVVHQN|QQW´ 3O\WXURQQDKPDOVHLQ]LJHUGLH+HUDXVIRUGHUXQJDQ(U]RJVHLQ6FKZHUWXQG JLQJLQ.DPSIVWHOOXQJ³'XVLHKVWPLUJDQ]VRDXVDOVKlWWHVWGXVFKRQYLHOH$UHQHQ VLHJUHLFKYHUODVVHQ)DUWXORRQ´VDJWHHUPLWKlPLVFKHP/lFKHOQ³$EHULFKPXGLU VDJHQGDDXFKLFKHLQ*ODGLDWRUZDUXQGVRJDUDQGHQ.$<08857(6WHLOJHQRPPHQ KDEH´ ³=XUFN3O\WXURQ´VFKDOWHWHVLFK.RP\DOHLQ³,QGLHVHP5DXPZLUGKHXWHNHLQ %OXWIOLHHQ8QGGX)DUWXORRQZLUVWVHKHQGDGXJDUNHLQHDQGHUH0|JOLFKNHLWKDVW DOVGLFKPLUNDPSIORV]XHUJHEHQ´ )DUWXORRQZDQGWHVLFKLQ5LFKWXQJGHV9RRO\QHVHUV²XQGNRQQWHGHQ%OLFNQLFKW PHKUYRQLKPO|VHQ,FKPHUNWHGDPLWGHP%DXFKDXIVFKQHLGHUHLQH9HUlQGHUXQJYRU VLFKJLQJ6HLQ*HVLFKWYHU]HUUWHVLFKDOVVHLHUHLQHUEHUPHQVFKOLFKHQ%HODVWXQJ DXVJHVHW]WDOVPVVHHUPLWDOOHU.UDIWJHJHQLUJHQGHWZDVDQNlPSIHQ0LUZDUVRIRUW NODUGDYRQGHP9RRO\QHVHUHLQHXQKHLPOLFKH0DFKWDXVJLQJGLH)DUWXORRQLQLKUHQ %DQQJHVFKODJHQKDWWH2EZRKOLFKGDVZXWHEOLFNWHLFK]X.RP\DO²XQGNDP HEHQIDOOVQLFKWPHKUYRQLKPORV 'DVIRUPORVHJDOOHUWDUWLJH:HVHQTXROOEHUGHQ5DQGGHU6FKDOH]X%RGHQXQG JOLWWPLWZDOOHQGHQ%HZHJXQJHQDXIXQV]X.RP\DOIXKU]ZHL3VHXGRSRGLHQDXVGDV HLQHZDU]XHLQHPDUNRQRLGHQ*HVLFKWJHIRUPWEHLPDQGHUHQELOGHWHVLFKDQVHLQHP (QGHHLQEHUGLPHQVLRQLHUWHV$XJH9RQGLHVHPJLQJHLQHPDJLVFKHVXJJHVWLYH.UDIW DXV,FKNRQQWHPHLQHQ%OLFNQLFKWGDYRQO|VHQXQGNHLQHQNODUHQ*HGDQNHQPHKU IDVVHQ3O|W]OLFKEHVDLFKNHLQHQHLJHQHQ:LOOHQPHKUXQGREZRKOLFKYHUVXFKWHDQ DQGHUH'LQJH]XGHQNHQXQGPLFKYRQGHPOHXFKWHQGHQLULVLHUHQGHQ$XJH DE]XZHQGHQJHODQJHVPLUQLFKW)DUWXORRQZDUZRKOQRFKVFKOLPPHUGUDQDOVLFK GHQQDXILKQNRQ]HQWULHUWH.RP\DOVHLQHK\SQRWLVFKHQ.UlIWH$XVGHQ$XJHQZLQNHOQ VDKLFKYHUVFKZRPPHQZLHGHU%DXFKDXIVFKQHLGHUDPJDQ]HQ.|USHU]LWWHUQGLQGLH .QLHJLQJ(UNlPSIWHPLWGHUJDQ]HQ:LOOHQVDQVWUHQJXQJGHUHQHUPlFKWLJZDUJHJHQ GLH%HHLQIOXVVXQJDQ ³'XNDQQVWGLFKQLFKWJHJHQPLFKDXIOHKQHQ)DUWXORRQ´K|UWHLFKGLH6WLPPH GHV9RRO\QHVHUVDXVZHLWHU)HUQH³'XPXWPLUJHKRUFKHQGXZLUVWPLUDOOHVVDJHQ ZDVLFKYRQGLUZLVVHQZLOO´ ³1HLQ´NDPHVNDXPYHUVWlQGOLFKEHU)DUWXORRQV/LSSHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³'RFK´VDJWH.RP\DOEHVWLPPW³'XZLUVWDOOHPHLQH)UDJHQZDKUKHLWVJHWUHX EHDQWZRUWHQ0HKUYHUODQJHLFKQLFKWYRQGLU(VLVWVFKDGHGD3URQWLHUQLFKWPHKU OHEWGHQQYRQLKPKlWWHLFKGLHJHZQVFKWHQ$XVNQIWHOHLFKWHUHUKDOWHQ$EHUDXFKGX ZLUVWPLUVDJHQZDVLFKZLVVHQZLOO´ ³,FKZHUGHHVWXQ´ 'DVIRUPORVH:HVHQKDWWH)DUWXORRQXQGPLFKIDVWHUUHLFKW-HW]WUHFNWHHVGDV 3VHXGRSRGLXPPLWGHPPDJLVFKHQ$XJHK|KHUELVHVPLW)DUWXORRQV.RSIDXIJOHLFKHU +|KHZDU³'XZHLWGD3URQWLHUHLQHQ6FKDW]JHIXQGHQKDW"´ ³-DHUKDWPLUDOOHVGDUEHUHU]lKOW´VDJWH)DUWXORRQHVNODQJDOVZUGHLKQGDV 6SUHFKHQYRQHLQHUVFKZHUHQ/DVWEHIUHLHQ³(UKDWLP=DJRRWKYLHOHZHUWYROOH)XQGH JHPDFKWXQGVLHLQVHLQHU)HVWXQJJHKRUWHW$EHUGRUWVLQGVLHQLFKWPHKU3URQWLHU PLWUDXWHVHLQHQ/HXWHQ²]X5HFKWZLHVLFKKHUDXVVWHOOWH:DFFRUYHUULHWLKQDQ/D\ 0DQRVXQGGHU0DQROHUHQWIKUWH3URQWLHUV7RFKWHU$]KLUDXPVLHJHJHQGHQ6FKDW] DXV]XWDXVFKHQ'LHhEHUJDEHVROOLP0RUJHQJUDXHQVWDWWILQGHQ´ ³'DVLVWHLQHLQWHUHVVDQWH1HXLJNHLW3URQWLHUKDWWHVLFKDOVRHQWVFKORVVHQDXI /D\0DQRV¶)RUGHUXQJHQHLQ]XJHKHQ"´ ³-DHUZDUQXUGDUDQLQWHUHVVLHUWVHLQH7RFKWHUZLHGHU]XVHKHQ´VSUXGHOWHHV DXV)DUWXORRQKHUYRU³1DFKGHP$UGHORYHUXQJOFNWZDUVFKLFNWHQZLU(LVNUDOOHDOV 8QWHUKlQGOHU]XGHP0DQROHU(UKDWLKPGLHhEHUJDEHEHGLQJXQJHQPLWJHWHLOW´ ³8QGZLHODXWHQGLHVH%HGLQJXQJHQ"´ ³/D\0DQRVVROOLP0RUJHQJUDXHQ$]KLUD]X0DUDXWKDQV3UXQNVDDOEULQJHQGRUW ZROOWHQZLULKPGHQ6FKDW]EHUJHEHQ´ ³'DVZHUGHWLKUQLFKW´XQWHUEUDFK.RP\DOVS|WWLVFK ,FKVDKZLHGDVOHXFKWHQGH$XJHODQJVDPHUORVFKXQGGHU9RRO\QHVHU]XVHLQHU 6FKDOH]XUFNIOR,PVHOEHQ0DHZLHVLFKGDVK\SQRWLVFKH$XJHDXIO|VWHZLFKGHU %DQQYRQPLUXQGGLH)lKLJNHLWNODUH*HGDQNHQIDVVHQ]XN|QQHQNHKUWH]XUFN 0HLQHHUVWH(UNHQQWQLVZDUGD)DUWXORRQXQWHUGHPK\SQRWLVFKHQ'UXFNQLFKW ]XVDPPHQJHEURFKHQZDU(UKDWWHGHQ9RRO\QHVHUEHUOLVWHWLQGHPHUVFKHLQEDUDOO VHLQ:LVVHQIUHLZLOOLJSUHLVJHJHEHQKDWWHXQGGDGXUFKYHUIlQJOLFKHQ)UDJHQDXVGHP :HJJHJDQJHQZDU ,FKNRQQWHQLFKWXPKLQGHQ%DXFKDXIVFKQHLGHU]XEHZXQGHUQ(UZDUQLFKWLQ GHU/DJHJHZHVHQVLFKGHUK\SQRVXJJHVWLYHQ.UDIWGHV9RRO\QHVHUVY|OOLJ]X HQW]LHKHQDEHUHVZDULKPJHOXQJHQLKPQXUGDVPLW]XWHLOHQZDVHULKQVRZLHVR ZLVVHQODVVHQZROOWH)DUWXORRQKDWQXUMHQH(LQ]HOKHLWHQZHLWHUJHJHEHQGLH7HLO XQVHUHV3ODQHVZDUHQ (UVWDQGMHW]WVFKZHUDWPHQGGDXQGEDOOWHGLH+lQGH]X)lXVWHQ³'XKDVWPLFK EHUOLVWHW.RP\DO´]LVFKWHHUPLWJHVSLHOWHU:XW³$EHUJODXEHQXUQLFKWGDGXGDPLW GDV6SLHOJHZRQQHQKDVW2EZRKOGXMHW]WZHLWGDGHU6FKDW]LQ0DUDXWKDQV 3UXQNVDDOYHUVWHFNWLVWQW]WGLUGDVQLFKWV'XNDQQVWLKQQLFKWEHUJHQZHLO/D\0DQRV YRUGLU]XU6WHOOHVHLQZLUG´ ³,FKKDEHPLFKVFKRQLPPHUJHIUDJWRE/D\0DQRV¶*UXSSHWDWVlFKOLFKVR VFKODJNUlIWLJLVWZLHPDQVDJW´VDJWHGHU9RRO\QHVHU³%LVKHUVFKRELFKGDV .UlIWHPHVVHQLPPHUZLHGHUKLQDXV²HVODJDXFKNHLQ*UXQGGDIUYRU$EHUMHW]WKDEH LFKHLQHQJXWHQ9RUZDQGGLHVHQDQJHEHULVFKHQ0DQROHUYHUQLFKWHQG]XVFKODJHQ,FK ZHUGHGLU]HLJHQ9DIURQZLHPDQHVPDFKWXP+HUUEHU0DUDXWKDQV5XLQHQ]X ZHUGHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
$XI9DIURQVVFKDUIJHVFKQLWWHQHQ*HVLFKWV]JHQHUVFKLHQHLQ/lFKHOQ³,FKELQ JDUQLFKWGDUDXIYHUVHVVHQGLH5XLQHQEHZRKQHU]XEHKHUUVFKHQ$OVLFKYHUODQJWHGD VLFKDOOH*UXSSHQXQWHUPHLQHP.RPPDQGR]XVDPPHQVFKOLHHQVROOHQWDWLFKGDV QXUXPP|JOLFKVWYLHOH0lQQHUDXIPHLQHU6HLWH]XKDEHQ,FKNRQQWHMDQLFKWZLVVHQ GD)DUWXORRQDXIGLH8QWHUVWW]XQJYRQ'HFODQWHUV6ROGDWHQYHU]LFKWHWXQGDOOHLQLQGLH 5XLQHQNRPPW,FKKDWWHQLHGLH$EVLFKWKLHUVHKDIW]XZHUGHQ'LH5XLQHQJHK|UHQ GLU8QGGDGXGHLQ=LHOHUUHLFKWKDVWXQG)DUWXORRQIUGLFKQXW]ORVJHZRUGHQLVW VROOWHVWGXLKQPLUEHUODVVHQ0HKUYHUODQJHLFKQLFKW´ ³(UJHK|UWGLU´YHUVLFKHUWH.RP\DO³$EHULFKELQQRFKQLFKWJDQ]PLWLKPIHUWLJ (UPXPLFK]XP3UXQNVDDOEHJOHLWHQ(UVWZHQQLFKLP%HVLW]GHV6FKDW]HVELQZHUGH LFKLKQDQGLFKDXVKlQGLJHQ´ ³,FKZDUQHGLFK.RP\DOWUHLEHGHLQ6SLHOQLFKW]XZHLW´VDJWH9DIURQGURKHQG 'HU9RRO\QHVHUEOLHEXQEHHLQGUXFNW³:HQQGXXQEHGLQJWGHLQH.UlIWHPLW MHPDQGHPPHVVHQZLOOVW9DIURQVSDUHVLHGLUIUGHQ.DPSIPLW/D\0DQRV¶0lQQHUQ DXI'DGLUVRYLHOGDUDQJHOHJHQLVW)DUWXORRQOHEHQG]XEHNRPPHQVROOWHVWGXHLQ ZDFKVDPHV$XJHDXILKQKDEHQ,FKPDFKHGLFKGDIUYHUDQWZRUWOLFKGDHUQLFKW HQWZLVFKWXQGGDLKPQLFKWV]XVW|W´ 9DIURQVNDOWH$XJHQULFKWHWHQVLFKDXI)DUWXORRQ³,FKZHUGHPLFKXPLKQ NPPHUQ´ ,FKIUDJWHPLFKLQGLHVHP$XJHQEOLFNREGLHEHLGHQ0lQQHUHLQDQGHUYRQIUKHU KHUNDQQWHQXQGYLHOOHLFKWHLQHDOWH5HFKQXQJPLWHLQDQGHU]XEHJOHLFKHQKDWWHQ$EHU DOVLFK)DUWXORRQYRQGHU6HLWHSUIHQGDQVDKZDUVHLQ*HVLFKWEDUMHJOLFKHQ $XVGUXFNV ³,FKKDEH9DIURQNHLQHLQ]LJHV0DO]X*HVLFKWEHNRPPHQ´VDJWH)DUWXORRQDOV ZLUGHQK|FKVWHQGHU7ULFKWHUEDXWHQHUUHLFKWKDWWHQ(UVSUDFK]XPHUVWHQPDOVHLWGHP 9HUODVVHQYRQ.RP\DOV)HVWXQJ ³:DVVW|UWGLFKGDUDQ"´ZROOWHLFKZLVVHQ ³,FKIUDJHPLFKQXUZLHHV9DIURQPDFKWXQV]XEHZDFKHQRKQHVLFKEOLFNHQ]X ODVVHQ´ :LUKDWWHQGHQ:HJYRQ.RP\DOV9HUVWHFN]XGHP*HElXGHPLWGHP3UXQNVDDO GXUFKGDV/DE\ULQWK]XUFNJHOHJW'DVKDWWHGHQ9RUWHLOGDZLUQLFKWEHIUFKWHQ PXWHQLQHLQHQ+LQWHUKDOWGHU=DJRUHQ]XJHUDWHQGHQQLQMHQHQ7HLOGHV/DE\ULQWKV GHUXQWHUGHU5XLQHQVWDGWODJGUDQJHQGLH(FKVHQZHVHQRIIHQEDUQXUVHOWHQYRU .RP\DOKDWWHGHQ:HJGXUFKGDV=DJRRWKKDXSWVlFKOLFKGHVKDOEJHZlKOWGDPLW/D\ 0DQRV¶0lQQHUGHQ$XIPDUVFKVHLQHU6WUHLWNUlIWHQLFKWEHREDFKWHQNRQQWHQ'HU 0DQROHUVROOWHDKQXQJVORVLQGLH)DOOHJHKHQ²JHQDXVRZLH)DUWXORRQXQGLFKHVXQV XUVSUQJOLFKJHGDFKWKDWWHQ8QVHU3UREOHPZDUQXUZLHZLUXQVHUHQ:DFKWHUQ HQWNRPPHQNRQQWHQXP$]KLUDXQG(LVNUDOOH]XEHIUHLHQGLHEHVWLPPWYRQGHP VFKODXHQ/D\0DQRVLQVHLQHP9HUVWHFN]XUFNJHODVVHQZRUGHQZDUHQ.RP\DOV 0lQQHUGLHVWlQGLJXPXQVZDUHQZDUHQGDVJHULQJHUH3UREOHP)DUWXORRQVFKLHQ PHKUGDUEHULQ6RUJH]XVHLQGDVLFK9DIURQGHUMDIUXQVHUH6LFKHUKHLW YHUDQWZRUWOLFKZDULP+LQWHUJUXQGKLHOW 'D)DUWXORRQDEHUYRQVLFKDXVQLFKWGDUDXIHLQJLQJVSUDFKLFKLKQGLUHNWGDUDXI DQXQGIUDJWHLKQUXQGKHUDXV³:DVKlOWVWGXYRQ9DIURQ"´ ³,FKZHUGH¶DXVLKPQLFKWUHFKWNOXJ´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKOLHQRFKQLFKWORFNHU³(UVFKHLQWPLUJHIlKUOLFKHUDOV.RP\DOXQG/D\0DQRV ]XVDPPHQJHQRPPHQ]XVHLQ´ ³)UXQVLVWHUDXIMHGHQ)DOOJHIlKUOLFKHU´VDJWHHUQXU .RP\DOOLHVLFKPLWVDPWVHLQHU6FKDOHYRQDFKWNUlIWLJHQ0lQQHUQWUDJHQ REZRKOVHLQ8QWHUVDW]HLQHQHLJHQHQ$QWULHEEHVD,FKZDUPLUQLFKWNODUGDUEHURE GHU0RWRUGHIHNWZDURGHUREHUVLFKQXUWUDJHQOLHZHLOHUGDULQHLQH0|JOLFKNHLWVDK VHLQH0DFKW]XGHPRQVWULHUHQ,FKZDUJHQHLJW]XJODXEHQGDGHU9RRO\QHVHUGLH VFKODJNUlIWLJVWH*UXSSHLQQHUKDOEGHU5XLQHQEHVD,PPHUKLQEHIHKOLJWHHUDQGLH IQI]LJ0lQQHUGDVZDUHQEHVWLPPWGRSSHOWVRYLHOZLH/D\0DQRV]XU9HUIJXQJ VWDQGHQ hEHUGHQ$XVJDQJGHVEHYRUVWHKHQGHQ.DPSIHVNDQQHVHLJHQWOLFKNHLQH=ZHLIHO JHEHQGDFKWHLFK.RP\DOKDWQLFKWQXUGLHhEHUPDFKWVRQGHUQDXFKGLHJQVWLJHUH 3RVLWLRQ6HLQH0lQQHUN|QQHQVLFKHLQJHKHQGDXIGHQ.DPSIYRUEHUHLWHQZlKUHQG /D\0DQRVNHLQH$KQXQJYRQGHP+LQWHUKDOWKDW .RP\DOV0lQQHUYHUWHLOWHQVLFKUXQGXPGHQ3UXQNVDDOJLQJHQLQGHU1lKHGHU =XJlQJHLQ6WHOOXQJXP/D\0DQRVGHQ)OXFKWZHJDE]XVFKQHLGHQXQGEH]RJHQ KRFKJHOHJHQH9HUVWHFNHVRGDVLHPLWLKUHQ3IHLOHQDXFK/D\0DQRV¶JHIUFKWHWVWH :DIIHGLH2OX]JD5LHVHQY|JHOHUUHLFKHQNRQQWHQ6LHJHODQJWHQGXUFKHLQHLQIDFKHV +LOIVPLWWHODQVFKLHUXQ]XJlQJOLFKH6WHOOHQZRVLHEHVWLPPWQLHPDQGYHUPXWHWH(LQ ODQJHV6HLOPLWHLQHP:LGHUKDNHQDQHLQHP(QGHGHQVLHYRUVHQNUHFKWHQ0DXHUQVR JHVFKLFNWLQGLH+|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lXPWXQGHQWODQJGHU:lQGHEHUHLQDQGHUJHVFKLFKWHWZRUGHQVRGD]XU 0LWWHHLQHVWXIHQI|UPLJDEIDOOHQGH7ULEQHHQWVWDQGGLHGHQIUHLHQ3ODW]LP=HQWUXP XPJDE =ZHLIHOORVHLQH$UHQDLQGHUGLH5XLQHQEHZRKQHUQLFKWVHOWHQ.DPSIVSLHOH YHUDQVWDOWHQ,FKYHUPXWHWHGDGRUWDXFK*HIDQJHQHJHJHQ=DJRUHQLQGHQ.DPSI JHVFKLFNWZXUGHQRGHUHVZXUGHQYRQQHX]XHLQHU*UXSSHJHVWRHQHQ0LWJOLHGHUQ 0XWSUREHQYHUODQJWRGHUDEHUHVZXUGHQ'XHOOH]ZLVFKHQGHQ$QIKUHUQ]ZHLHURGHU PHKUHUHU*UXSSHQDXVJHWUDJHQ$Q$QOlVVHQ]X.DPSIVSLHOHQPDQJHOWHVGHQ 5XLQHQEHZRKQHUQEHVWLPPWQLH ³6LHNRPPHQ´ULHIHLQHUYRQ.RP\DOV%RJHQVFKW]HQYRQVHLQHP3RVWHQ6RIRUW YHUVFKZDQGHQDOOHDQGHUHQLQLKUHQ'HFNXQJHQ.RP\DOOLHVLFKPLWVHLQHU6FKDOHLQ GHQ6FKXW]NXQVWYROOEHUHLQDQGHUJHVWDSHOWHU0RQROLWKHQEULQJHQ²GRUWZDUHUYRU/D\ 0DQRV¶5LHVHQY|JHOQVLFKHU'HU$ODUPUXIZDUIUXQVHUH%HZDFKHUGDV=HLFKHQXQV DXVXQVHUHP9HUVWHFNLQGLH$UHQD]XWUHLEHQ6LHULFKWHWHQLKUH3IHLOHXQG6SHHUHDXI XQVVRGDZLUNHLQH0|JOLFKNHLW]XU)OXFKWEHVDHQ ³/RVPDFKWGDLKULQV)UHLHNRPPW´IRUGHUWHHLQHUGHUYLHU%HZDFKHU²HVZDU 3O\WXURQ³,KUWXWDOVVHLQLFKWVYRUJHIDOOHQGDPLW/D\0DQRVNHLQHQ9HUGDFKWVFK|SIW 6ROOWHWLKUYHUVXFKHQLKQ]XZDUQHQVSLFNHQZLUHXFKPLW3IHLOHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
,P/XIWUDXPEHUGHU$UHQDWDXFKWHQEHUHLWVGLHHUVWHQ2OX]JDDXI-HGHUYRQ LKQHQKLHOWHLQHQYRQ/D\0DQRV¶.ULHJHUQLQGHQ.UDOOHQ'LHPHLVWHQYRQLKQHQZDUHQ 0DQROHUVRGDLFKDXVGLHVHU(QWIHUQXQJQLFKWHUNHQQHQNRQQWHREVLFK/D\0DQRV GDUXQWHUEHIDQG'LHHUVWHQ5LHVHQY|JHOVHW]WHQLKUHOHEHQGHQ/DVWHQDXIGHQ 6WHLQTXDGHUQULQJVXPGLH$UHQDDEHUKREHQVLFKGDQQZLHGHUXQGNUHLVWHQEHUXQV =ZDQ]LJYRQ/D\0DQRV¶/HXWHQKDWWHQVLFKYHUWHLOWDOVHLQEHVRQGHUVJURHU 5DXEYRJHOHUVFKLHQ$OVHU]XXQVKHUXQWHUVHJHOWHHUNDQQWHLFK/D\0DQRVLQGHQ )lQJHQ ³'HU6FKXIWKDWGRFKWDWVlFKOLFK$]KLUDXQG(LVNUDOOHLQVHLQHP9HUVWHFN ]XUFNJHODVVHQ´]LVFKWHLFKZWHQGREZRKOZLUGDVLQXQVHUHQ3ODQHLQNDONXOLHUW KDWWHQ ³'DVZLUGLKPNHLQ*OFNEULQJHQ´PXUPHOWH)DUWXORRQ ³:LHVROOHQZLUXQVMHW]WDXVGHU$IIlUH]LHKHQ/HKUPHLVWHU"´ /D\0DQRVVFKZHEWHIQI0HWHUEHUGHP%RGHQGHU$UHQDDOVMHPDQGVFKULH ³'DVLVWHLQ+LQWHUKDOW´²8QGGDVZDUGDV=HLFKHQ:lKUHQG.RP\DOV%RJHQVFKW]HQ GLH5DXEY|JHOXQWHU%HVFKXQDKPHQGUDQJHQGLH6FKZHUWXQG/DQ]HQNlPSIHUDXI /D\0DQRV¶0lQQHUHLQ/D\0DQRV¶/LHEOLQJVYRJHOILHOGHP3IHLOKDJHODOVHUVWHU]XP 2SIHU(UWUXGHOWHOLHVHLQHQ+HUUQMHGRFKQLFKWORVODQGHWHQDKHGHU)HOVWULEQH ZHLFKDXIGHP%RGHQXQGEHGHFNWHLKQVFKW]HQGPLWZHLWJHVSDQQWHQ)OJHOQ ³)RUWYRQKLHU´ULHI)DUWXORRQXQGUDQQWHDXIGHQ6FKXW]GHUQDKHQ7UPPHU]X :HQLJH6FKULWWHGDYRUEOLHEHUMHGRFKVWHKHQ3O\WXURQYHUVWHOOWHXQVPLWGUHL %RJHQVFKW]HQGHQ:HJ ³+LHUNRPPWLKUHUVWGXUFKZHQQLKUXQV]XP6FKDW]JHIKUWKDEW´'DVZDUHQ GLHOHW]WHQ:RUWHGLH3O\WXURQVSUDFK*OHLFKGDUDXIZXUGHHUPLWGHQDQGHUHQYRQ HLQHU)HXHUORKHHUIDW'HU:HJIUXQVZDUIUHL²/D\0DQRV¶0lQQHUKDWWHQGDV +LQGHUQLVXQEHZXWIUXQVIRUWJHUlXPW'LH(UHLJQLVVHXPXQVEHUVWU]WHQVLFK$XV GHU5LFKWXQJLQGHU.RP\DOXQWHUGHQ0RQROLWKHQPLWVHLQHQ/HLEZlFKWHUQ=XIOXFKW JHVXFKWKDWWHHUNODQJHLQIXUFKWEDUHV*HW|VH,FKVDKZLHHLQHGHU6WW]HQYRQHLQHP (QHUJLHVWUDKO]HUVFKPRO]HQZXUGHVRGDGDVJHVDPWHVWHLQHUQH*HELOGH ]XVDPPHQEUDFKXQG.RP\DOXQWHUVLFKEHJUXE ³'DGDV.DPSIJHVFKHKHQHLQHVROFKH:HQGXQJQHKPHQZUGHGDPLWKDWGHU 9RRO\QHVHUEHVWLPPWQLFKWJHUHFKQHW´)DUWXORRQEFNWHVLFKXQGKRE]ZHL6HLOHPLW :LGHUKDNHQDXI(LQHVZDUIHUPLU]X³9LHOOHLFKWN|QQHQZLUVLHQRFKEUDXFKHQ´ ,FKZXWHZRUDQHUGDFKWH$EHUGDPLWZROOWHLFKPLFKQRFKQLFKWEHVFKlIWLJHQ =XHUVWPXWHQZLUVHKHQGDZLUGDV.DPSIJHELHWKLQWHUXQVOLHHQ8QZLOONUOLFK GDFKWHLFKDQ9DIURQXQGIUDJWHPLFKZRKLQHUYHUVFKZXQGHQZDU ³'DPVVHQZLUKLQDXI´VDJWH)DUWXORRQXQGGHXWHWHDXIGLHVHQNUHFKWYRUXQV DXIUDJHQGH0DXHU9LHU]LJ0HWHUEHUXQVVDKHQZLUGLH0DXHUGXUFKEUFKHGLH]X/D\ 0DQRV¶7KURQVDDOIKUWHQ8QZHLWGDYRQHUKREVLFKGHUQDGHODUWLJH0DXHUUHVWDQ GHVVHQ6SLW]HGDV1HVWGHU2OX]JD5LHVHQY|JHOZDU,P$XJHQEOLFNEHIDQGHQVLFKGRUW QXU]ZHLYRQLKQHQ (LQLJH(WDJHQKDWWHQZLUDXIGHUYRQ/D\0DQRV¶/HXWHQHUULFKWHWHQ7UHSSH ]XUFNJHOHJW$EHUGDGLH)HVWXQJEHVWLPPWYRQHLQLJHQ0lQQHUQEHZDFKWZXUGH ZDJWHQZLUXQVQLFKWELV]XU=XJEUFNH'DVOHW]WH6WFNPXWHQZLUEHUGLH VHQNUHFKWH:DQG]XUFNOHJHQ(VZDUGLHHLQ]LJH0|JOLFKNHLWXQEHPHUNWLQGLH )HVWXQJHLQ]XGULQJHQ
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQVFKZDQJVHLQ6HLOXQGVFKOHXGHUWHGHQ:LGHUKDNHQVFKZXQJYROO KLQDXI6FKRQEHLPHUVWHQ9HUVXFKIDQGGLHVHULQHLQHP6SDOW+DOW0LUJHODQJHVHUVW EHLPGULWWHQ9HUVXFKGDV(QWHUVHLO]XYHUDQNHUQ:LUNOHWWHUWHQDQGHPORVH EDXPHOQGHQ6HLOKLQDXIXQGHUUHLFKWHQXQJHKLQGHUWHLQHQ0DXHUYRUVSUXQJGHUEUHLW JHQXJZDUXPXQVEHLGHQ3ODW]]XELHWHQ,FKEOLFNWH]XGHQ5DXEY|JHOQKLQEHU 1RFKYHUKLHOWHQVLHVLFKUXKLJXQGEHQDKPHQVLFKDOVKlWWHQVLHXQVQLFKWHQWGHFNW ³:HQQZLU*OFNKDEHQEOHLEHQVLHIULHGOLFK´IOVWHUWH)DUWXORRQ ,FKKHJWHGLHVWLOOH+RIIQXQJGDVLHVRGUHVVLHUWZDUHQQXUDXI/D\0DQRV¶ ODXWORVH*HGDQNHQEHIHKOH]XUHDJLHUHQ$EHULFKVSUDFKHVQLFKWODXWDXV²YLHOOHLFKW ZHLOPLFKGDV/HEHQDXI*RUWDYRUHLQZHQLJDEHUJOlXELVFKJHPDFKWKDWWH+LHUJDEHV YLHO5lWVHOKDIWHVXQG*HKHLPQLVYROOHVXQGVWHWVKLQJHVPLWGHQXQEHNDQQWHQ 8UHLQZRKQHUQ]XVDPPHQGLHDXFKGDV7DUNLKOJHEDXWKDWWHQ³6FKDIIHQZLUGDVOHW]WH 6WFNLQHLQHU(WDSSH"´ ³9HUVXFKHQZLUHV´ ,FKOLHGDV(QWHUVHLOURWLHUHQJDEPLWMHGHU8PGUHKXQJPHKU/HLQHXQG VFKOHXGHUWHGDV6HLOVFKOLHOLFKPLWNUDIWYROOHP6FKZXQJLQGLH+|KH,FKK|UWHGDV NUDW]HQGH*HUlXVFKDOVGHU+DNHQDXIGLH0DXHUSUDOOWH$EHUHUILHOJOHLFKGDUDXI ZLHGHUKLQXQWHU %HLP]ZHLWHQ9HUVXFKEOLHEHUREHQXQGLFKVDJWHJULQVHQG³0DFKHVPLUQDFK )DUWXORRQ´ (UVFKWWHOWHPLWHUQVWHU0LHQHGHQ.RSIXQGJLQJQLFKWDXIPHLQHQ*DOJHQKXPRU HLQ³:LUN|QQHQXQVQLFKWDXI6SLHOHUHLHQHLQODVVHQ6|KQFKHQ%HJQJHQZLUXQV GLHVPDOPLWGHPHLQHQ6HLO6REDOGGXREHQELVWIROJHLFKGLU´ ³6FKDGH´VDJWHLFKJHVSLHOWHQWWlXVFKW³,FKZHWWHGDGXGLHVPDOPHKU 9HUVXFKHEHQ|WLJWKlWWHVWDOVLFK$EHUGXKDVWQDWUOLFKUHFKW´ ,FKNOHPPWHPLUGDV6FKZHUW]ZLVFKHQGLH=lKQHXPHVVFKQHOOHU]XU+DQG]X KDEHQIDOOVREHQDXIPLFKHLQHhEHUUDVFKXQJZDUWHWHXQGKDQJHOWHUQLFKDQGHP6HLO KRFK$OVLFKNQDSSXQWHUGHU0DXHU|IIQXQJZDUODXVFKWHLFK$XVGHP7KURQVDDOZDU NHLQ*HUlXVFK]XK|UHQ$EHUGDUDXIYHUOLHLFKPLFKQLFKW0LFKDQ0DXHUYRUVSUQJHQ XQGLQ5LW]HQIHVWKDOWHQGNOHWWHUWHLFKHQWODQJGHU0DXHU]XUQlFKVWHQ2IIQXQJ'RUW DQJHNRPPHQODXVFKWHLFKZLHGHU1RFKLPPHUZDUNHLQ*HUlXVFK]XK|UHQ-HW]WHUVW ZDJWHLFKPLFK]XYROOHU*U|HDXI]XULFKWHQXQGYRUVLFKWLJLQGHQ7KURQVDDO]XEOLFNHQ (UZDUOHHU,FKJDE)DUWXORRQGDV=HLFKHQGDHUXQEHVRUJWIROJHQN|QQWHXQG VFKZDQJPLFKLQGHQ5DXP'DV6FKZHUWLQGHU+DQGVDKLFKPLFKXP $OV)DUWXORRQHLQWUDINRQQWHLFKLKPPLWUXKLJHP*HZLVVHQEHULFKWHQGD QLHPDQGGDZDUGHUXQVHU(LQGULQJHQEHPHUNWKDWWH(UQLFNWHQXUXQGVFKOLFKVLFK ]XP$XVJDQJGHV7KURQVDDOV%HYRUHUGHQQlFKVWHQ5DXPEHWUDWEOLHEHUVWHKHQXQG GHXWHWHQDFKYRUQH=ZHL0lQQHUODJHQDXIGHP%RGHQGHUHQ.|USHU(LQVFKVVHYRQ (QHUJLHVWUDKOHQDXIZLHVHQ$OVRLVWYRUXQVVFKRQMHPDQGJHZDOWVDPKLHU HLQJHGUXQJHQHLQ*UXQGIUXQVQRFKYRUVLFKWLJHU]XVHLQ1DFKZHQLJHQ6FKULWWHQ EOLHE)DUWXORRQZLHGHUVWHKHQ,FKODXVFKWHHEHQIDOOVXQGPLUZDUDOVK|UWHLFKIHUQH 6WLPPHQ ³'DVSULFKWMHPDQG´UDXQWHLFK(UQLFNWHXQGVHW]WHVLFKZLHGHULQ%HZHJXQJ,Q GHUHLQHQ+DQGKDWWHHUVHLQ6NDUJLQGHUDQGHUHQGDV]XVDPPHQJHUROOWH6HLO,FKZDU VHLQHP%HLVSLHOJHIROJWXQGKDWWHGDV(QWHUVHLOHEHQIDOOV]XVDPPHQJHUROOWXQG
'HU.ULVWDOOSULQ]
M
$WODQ
ZXUIEHUHLWLQGHU+DQG:LUNDPHQGHQ6WLPPHQLPPHUQlKHU3O|W]OLFKYHUVWXPPWHQ VLHMHGRFK'DQQZDUGDVOHLVH:LPPHUQHLQHU)UDX]XK|UHQ$]KLUD )DUWXORRQ]XFNWH]XVDPPHQDOVHUGDV:LPPHUQK|UWHXQGEHVFKOHXQLJWH VHLQHQ6FKULWW,FKZROOWHLKQHUPDKQHQNHLQH8QYRUVLFKWLJNHLW]XEHJHKHQDEHUHU KDWWHVLFKEHUHLWVDEJHVHW]W$OVLFKXPGLHQlFKVWH%LHJXQJNDPZDUHUPHLQHQ %OLFNHQHQWVFKZXQGHQ9RUPLU]ZHLJWHGHU.RUULGRULQVSLW]HP:LQNHOLQ]ZHL 5LFKWXQJHQDE9RQOLQNVK|UWHLFKHLQ*HUlXVFKXQGGDQQZLHGHUGDVYHUKDOWHQH .ODJHQHLQHU)UDX -HPDQGVDJWHXQJHKDOWHQ³'XVROOVWVFKUHLHQYHUGDPPWHV%LHVW,FKZLOOGD GXJHK|UWZLUVW´ ,FKKRIIWHGDEHLGH.RUULGRUHDQHLQ=LHOIKUWHQXQGZDQGWHPLFKQDFKUHFKWV 8QGGDVZDUXQVHUH5HWWXQJ,FKNDPLQHLQHQ5DXPGHVVHQ'HFNHHLQJHVWU]WZDU 'DUEHUVSDQQWHVLFKGHUIUHLH+LPPHO,FKHUEOLFNWHIQI$UNRQLGHQLQGHQ]HUIHW]WHQ 8QLIRUPHQGHU5DXPIORWWH(LQHUYRQLKQHQ²HVZDU9DIURQ²KLHOW$]KLUDDOVOHEHQGHQ 6FKLOGYRUVLFKXQGGUFNWHLKUHLQHQ'ROFKDQGLH%UXVW0LUILHODXIGDHLQH:DQGYRQ 6FKOLQJJHZlFKVHQXPUDQNWZDU8QGGRUWHQWGHFNWHLFKDXFK(LVNUDOOHYRQGHQ]lKHQ ILQJHUGLFNHQ/LDQHQDQGLH:DQGJHIHVVHOW 9DIURQVHW]WH$]KLUDGHQ'ROFKIHVWHUDQGLH%UXVW6LHYHU]RJGDV*HVLFKWYRU 6FKPHU]3O|W]OLFKZHLWHWHQVLFKLKUH$XJHQVLHULHIEHUUDVFKW³)DUWXORRQ´ 'LHVHNOHLQH1lUULQ9DIURQXQGVHLQH/HXWHKlWWHQ)DUWXORRQQLFKWHQWGHFNWDEHU $]KLUDV$XVUXIYHUULHWLKQ'LH0lQQHUEUDFKWHQLKUH6WUDKOHULQ$QVFKODJ$]KLUDUL VLFKYRQ9DIURQORVXQGUDQQWHDXI)DUWXORRQ]XGHULQGHQ.RUULGRU]XUFNJHVSUXQJHQ ZDU(LQHQDGHOGQQH(QHUJLHEDKQ]XFNWHDXI²XQGLFKVWLHHLQHQXQDUWLNXOLHUWHQ 6FKUHLDXVXPGLH0lQQHUYRQ$]KLUDXQG)DUWXORRQDE]XOHQNHQ7DWVlFKOLFKZDQGWHQ VLHLKUH$XIPHUNVDPNHLWPLU]X(VYHUZLUUWHVLHGDVLHHVDXIHLQPDOYRQ]ZHL6HLWHQ PLW*HJQHUQ]XWXQKDWWHQ :LHGHUEOLW]WHHLQ(QHUJLHVWUDKODEHUHUVFKRQLFKWLQPHLQH5LFKWXQJ6WDWW GHVVHQVFKULH$]KLUDDXIElXPWHVLFK]XUFNVRVDKLFKVLHLPPHUQRFKYRUPLUDOV LFKGDV(QWHUVHLOPLWYROOHU:XFKWZDUI'HUVFKZHUH:LGHUKDNHQWUDIHLQHQGHU0lQQHU JHJHQGLH%UXVWXQGERKUWHVLFKLQVHLQHQ.|USHU'XUFKGLH:XFKWGHV$XISUDOOVZXUGH HUQDFKKLQWHQXQGJHJHQGLHDQGHUHQJHVFKOHXGHUW'DGXUFKKDWWHLFK=HLW]X(LVNUDOOH ZVSULQJHQXQGLKQPLWHLQLJHQ6FKZHUWKLHEHQ]XEHIUHLHQ $EHUGDVZDUXQNOXJJHKDQGHOWGHQQVRYHUVFKDIIWHLFK9DIURQXQGGHQGUHL YHUEOLHEHQHQ0lQQHUQHLQH$WHPSDXVH6LHKDWWHQVLFKYRQGHUHUVWHQhEHUUDVFKXQJ HUKROWXQGVLFKDXIXQVHLQJHVWHOOW6LHKlWWHQPLFKVLFKHUOLFKNDOWEOWLJHUVFKRVVHQ ZHQQHVQLFKW]XHLQHPXQHUZDUWHWHQ=ZLVFKHQIDOOJHNRPPHQZlUHhEHUXQV HUVFKLHQHQ]ZHLPlFKWLJH6FKDWWHQ²GLHEHLGHQ5LHVHQY|JHODXVGHP1HVW,FKKDWWH NHLQH$KQXQJZDVVLHDXIJHVFKUHFNWKDWWHPXWHLKQHQMHGRFKIULKU(LQJUHLIHQ GDQNEDUVHLQ6LHVWU]WHQVLFKDXIGLH0lQQHU9DIURQVFKRHLQHQ9RJHODE'HU ]ZHLWHYHUNUDOOWHVLFKLQGHP*HVLFKWHLQHVGHU0lQQHUEHYRUDXFKLKQGHUW|GOLFKH 6WUDKOHUUHLFKWH ³:HJYRQKLHU(LVNUDOOH´ULHILFKXQGUDQQWHDXIGHQ.RUULGRUKLQDXV'RUW VWLHHQZLUPLW)DUWXORRQ]XVDPPHQ +LQWHUXQVVFKULHHLQHUYRQ9DIURQV0lQQHUQZLHDP6SLH³,FKELQEOLQG 9HUGDPPWLFKNDQQQLFKWVPHKUVHKHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQKDWWHHLQJHVHKHQGDXQVHUHHLQ]LJH&KDQFHLQGHU)OXFKWEHVWDQG (VZlUH6HOEVWPRUGJHZHVHQGHQ.DPSIPLW9DIURQXQGVHLQHQ/HXWHQIRUW]XVHW]HQ 6LHZDUHQXQVPLWLKUHQ+RFKHQHUJLHZDIIHQKDXVKRFKEHUOHJHQ ³:DVLVWPLW$]KLUD"´IUDJWHLFK)DUWXORRQZlKUHQGZLUGXUFKGLH.RUULGRUHXQG 5lXPHXQGEHUGLH7UHSSHQYRQ/D\0DQRV¶)HVWXQJKDVWHWHQ6LHKDWWHGHQ6FKX PLWLKUHP.|USHUDEJHIDQJHQGHU)DUWXORRQJHJROWHQKDWWH ³7RW´ ³9DIURQLVWEHUGLH=XJEUFNHJHNRPPHQ´]LVFKWH(LVNUDOOH³(UKDWGDPLW JHSUDKOWGDHUDXFKEHL/D\0DQRVHLQHQ9HUELQGXQJVPDQQKDWWH´ ³+RIIHQWOLFKKDWGHUGLH=XJEUFNHQRFKQLFKWHLQJHKROW´VDJWHLFK ³'DVNDQQHUQLFKW´EHKDXSWHWH(LVNUDOOH³9DIURQKDWLKQDOV'DQNIUVHLQH 'LHQVWHLQV-HQVHLWVEHI|UGHUW´ :LUPXWHQHVJOHLFKJHVFKDIIWKDEHQ6RZHLWLFKPLFKHULQQHUQNRQQWHODJYRU XQVQXUQRFKHLQH7UHSSHXQGHLQNXU]HU.RUULGRUGDQQKDWWHQZLUGLH=XJEUFNH HUUHLFKW,FKLUUWHPLFKQLFKW$OVZLUDQV(QGHGHV.RUULGRUVNDPHQODJYRUXQVGLH (LQJDQJVKDOOH²XQGGDKLQWHUVSDQQWHVLFKGLH=XJEUFNHEHUGHQ$EJUXQG$XILKU NDXHUWHHLQ0DQQGHUYHUOHW]WZDUXQGVLFKDQVFKHLQHQGPLWOHW]WHU.UDIWGRUWKLQ JHVFKOHSSWKDWWH(UKLHOWLUJHQGHWZDVLQGHU+DQG$OVHUXQVNRPPHQVDKODFKWHHU DXVYROOHU.HKOHDXIXQGPDFKWHHLQH%HZHJXQJ ³,Q'HFNXQJ´VFKULHLFKXQGZDUIPLFK]X%RGHQ ,PQlFKVWHQ0RPHQWNDPHV]XHLQHUGU|KQHQGHQ([SORVLRQ'HU9HUZXQGHWH KDWWHVLFKVHOEVWPLWGHU=XJEUFNHLQGLH/XIWJHVSUHQJW'HU'RQQHUZDUNDXP DEJHNOXQJHQDOV)DUWXORRQDXIVSUDQJXQG]XP$EJUXQGUDQQWH(UVFKZDQJGDV (QWHUVHLOEHUGHP.RSIXQGZDUIHVGDQQEHUGLH.OXIW'HU:LGHUKDNHQYHUILQJVLFK DXIGHUDQGHUHQ6HLWHLQHLQHU%RGHQYHUWLHIXQJ)DUWXORRQ]RJPLWDOOHU.UDIWDQGHP 6HLOXPVHLQH%HODVWEDUNHLW]XSUIHQ$OVHU]XIULHGHQEHPHUNWHGDHVKLHOW YHUNQRWHWHHUGDV(QGHLQHLQHP0DXHUJHZlFKVXQGEHIDKO³/RV$WODQ]XHUVWGX´ ,FKJHKRUFKWHRKQH:LGHUUHGHXQGKDQJHOWHPLFKPLWVFKQHOOHQZHLWJUHLIHQGHQ 6FKZQJHQEHUGHQ$EJUXQG1RFKEHYRULFKDXIGHUDQGHUHQ6HLWHZDUIROJWHPLU (LVNUDOOH'DV6HLOKLHOWDXFKXQVEHLGH,FK]RJPLFKDXIGLH3ODWWIRUPKLQDXIXQG ZDUWHWHDXI(LVNUDOOHXPLKPEHKLOIOLFK]XVHLQ(UVWDOVZLUEHLGHIHVWHQ%RGHQXQWHU GHQ)HQKDWWHQZDJWHVLFK)DUWXORRQEHUGHQ$EJUXQG'DHUQLFKWYLHOOHLFKWHUZDU DOV(LVNUDOOHXQGLFK]XVDPPHQJHQRPPHQEHODVWHWHLFKGHQ:LGHUKDNHQPLWPHLQHP .|USHUJHZLFKW6LFKHULVWVLFKHU )DUWXORRQVFKDIIWHHVHUNOHWWHUWHVFKQDXIHQGDXIGLH3ODWWIRUPXQGULGHQ :LGHUKDNHQDXVGHU9HUDQNHUXQJ,QGHP$XJHQEOLFNDOVLP(LQJDQJGHU)HVWXQJ 9DIURQDXIWDXFKWHVFKOHXGHUWH)DUWXORRQGHQ+DNHQGDYRQ9DIURQPXWHLQ'HFNXQJ JHKHQXPYRQGHP:XUIJHVFKRQLFKWJHWURIIHQ]XZHUGHQ'DVYHUVFKDIIWH)DUWXORRQ GLH=HLWGLHHUEUDXFKWHXPVLFKLQ6LFKHUKHLW]XEULQJHQ:LUKDVWHWHQGLH7UHSSH KLQXQWHU³-HW]WKDEHQZLUHLQHQJHQJHQGJURHQ9RUVSUXQJ´NHXFKWH)DUWXORRQ³%LV 9DIURQXQGVHLQHGUHL/HXWHGHQ$EJUXQGEHUZXQGHQKDEHQVLQGZLUOlQJVWDXHU 5HLFKZHLWHLKUHU6WUDKOHU´ ³(UKDWQXUQRFK]ZHL+HOIHU´VDJWHLFK³'HPGULWWHQKDEHQGLH5DXEY|JHOGLH $XJHQDXVJHNUDW]W´ ³.RPPWDOVRDXIMHGHQYRQXQVQXUQRFKHLQHU´VDJWH(LVNUDOOH
'HU.ULVWDOOSULQ]
M
$WODQ
³7URW]GHPVLQGVLHXQVPLWGHQ(QHUJLHZDIIHQLPPHUQRFKEHUOHJHQ´JDE )DUWXORRQ]XEHGHQNHQ³8QVEOHLEWNHLQHDQGHUH:DKODOVVLHLQV=DJRRWK]XORFNHQ 'RUW²XQGEHUKDXSWLQGHU:VWH²N|QQHQZLUHVDPHKHVWHQPLWLKQHQDXIQHKPHQ´ ³:lUHHVQLFKWEHVVHUZHQQZLUYHUVXFKWHQGDV7DUNLKO]XHUUHLFKHQ"´VFKOXJ LFKYRU³9LHOOHLFKWJHEHQVLHGDQQLKU9RUKDEHQDXI´ )DUWXORRQVFKWWHOWHGHQ.RSI³9DIURQZLUGQLFKWHKHUUXKHQELVHUXQVJHVWHOOW KDW(UKDWDOOHVDXIV6SLHOJHVHW]WXPXQV]XHUZLVFKHQ(UKDWXQVVRJDUGLH)OXFKW DXV0DUDXWKDQV3UXQNVDDOHUP|JOLFKWXQGXQVGDQQLQ/D\0DQRV¶9HUVWHFN DXIJHODXHUWZHLOHUZXWHGDZLUKLHUKHUNRPPHQZUGHQ1HLQ9DIURQJLEWQLFKW DXI´ (QGOLFKKDWWHQZLUGLH7UHSSHQKLQWHUXQVJHODVVHQ9RUXQVODJGLH 6SLQQHQZVWH(LVNUDOOHNODPPHUWHVLFKlQJVWOLFKPLWVHLQHQHLVNDOWHQ+lQGHQDQ PHLQHQ2EHUDUP$P|VWOLFKHQ+RUL]RQWKHOOWHVFKRQGHU+LUQPHODXI²GHU7DJDXI *RUWDYRUZDUQXU7RQWDV6WDQGDUG]HLWODQJEDOGHUVFKLHQ*RUWDYRUV6WHUQXQG PLWLKPGLH+LW]H+LQWHUXQVHUNODQJHQGLH6FKULWWHXQVHUHU9HUIROJHU ³:RUDXIZDUWHQZLUQRFK"´)DUWXORRQZROOWHVLFKLQ%HZHJXQJVHW]HQ ,FKKLHOWLKQDQGHU6FKXOWHU]XUFN³)lOOWGLUQLFKWVDXI"+|UVWGXGDV6XPPHQ GDVLQGHU/XIWOLHJW"8QGYHUVXFKHLQPDOGLH6LOEHUVWUlQJHPLWGHQ%OLFNHQ]XHUIDVVHQ 'XNDQQVWVLHQLFKWNODUVHKHQVLHVLQGYHUVFKZRPPHQ6LHYLEULHUHQ)DUWXORRQ´ 8QZHLWYRQXQVWDXFKWHHLQ=DJRUHDXI(UVFKLHQXQVQLFKW]XEHPHUNHQ VRQGHUQEHZHJWHVLFKPLWWlQ]HOQGHQ6FKULWWHQGXUFKGLH:VWH ³:LUVLQGYHUORUHQZHQQZLUMHW]WLQGLH:VWHJHKHQXQGXQVGHQ +DOOX]LQDWLRQHQDXVVHW]HQ´VDJWH(LVNUDOOHVFKDXGHUQG ³:ROOWLKUHXFKOLHEHU9DIURQDXVOLHIHUQ"´)DUWXORRQOLHILQGLH6SLQQHQZVWH KLQDXV ³'DVLQGVLH´HUW|QWHHLQ5XIKLQWHUXQV 'D]|JHUWHDXFKLFKQLFKWOlQJHUXQGIOFKWHWHPGLH:VWH(LVNUDOOHVFKORVLFK PLUDQXQGPXUPHOWH³(LJHQWOLFKLVWHVHJDORELFKPLFKHUVFKLHHQODVVHRGHULQGHU 6RQQHQJOXW]HUIOLHH´ 9RUPLUHQWVWDQGHLQLQVLFKYHUVFKOXQJHQHU5HJHQERJHQ,FKEHWUDWLKQ(V QXW]WHPLUQLFKWVGDLFKPLUVDJWHHVKDQGOHVLFKQXUXPHLQH+DOOX]LQDWLRQGHU 6LOEHUVWUlQJH'DV%HZXWVHLQHLQHUOHW]WOLFKW|GOLFKHQ,OOXVLRQ]XP2SIHU]XIDOOHQ YHUWULHEGLH6LQQHVWlXVFKXQJQLFKW 8QGGLH,OOXVLRQZDUSHUIHNW,FKVDKXQWHUPLUGDVEUHLWH%DQGGDVDXVDOOHQ )DUEHQGHV6SHNWUXPV]XVDPPHQJHVHW]WZDU(VJLQJVLFKDXIGHP5HJHQERJHQJXW HUZDUZHLFKXQGIHGHUQG9RUPLUVWLHJHUVWHLOLQGLH+|KHEHUVFKOXJVLFKPDFKWH HLQHZHLWH6FKOHLIHXQGYHUNQRWHWHVLFKGDQQ $PIDV]LQLHUHQGVWHQZDUGDVLFKGDV%DQGGHV5HJHQERJHQVYHUEUHLWHUWHMH ZHLWHUHVYRQPLUHQWIHUQWZDU²VWDWWXPJHNHKUW$OVLFKGLH$QK|KHKLQDXIVWLHJKDWWH LFKLPPHUQRFKGDV*HIKODXIHLQHU:DDJHUHFKWHQ]XVHLQ'LH6FKZHUNUDIWZLHVVWHWV VHQNUHFKWDXIGLH(EHQHGHV5HJHQERJHQVEHUGHQLFKOLHI(UZDULPPHUXQWHQXQG HVHQWVWDQGIUPLFKGHU(LQGUXFNGDLFKDXIGHU6WHOOHOLHIXQGGHU5HJHQERJHQVLFK XQWHUPLUIRUWEHZHJWH,FKNDPPLUYRUZLHHLQ9HUVXFKVWLHUGDVVLFKLQHLQHP/DXIUDG EHIDQGXQGQLFKWYRQGHU6WHOOHNDPREZRKOHVZLHYHUUFNWUDQQWH (VKDWNHLQHQ6LQQDXIGHU6WHOOH]XWUHWHQGDFKWHLFKXQGYHUVXFKWHPLFK]XP 5DQGGHV5HJHQERJHQVGXUFK]XVFKODJHQ,FKYHUOLHGLHEODXH=RQHUDQQWHEHUGLH
'HU.ULVWDOOSULQ]
M
$WODQ
YHUVFKLHGHQHQ*UQVFKDWWLHUXQJHQDXIGDVJHOEH%DQG]XZHFKVHOWHYRQGRUW]X 2UDQJHEHUXQGNDPDXIGDVURWH)HOG*OHLFKPXWHLFKHVJHVFKDIIWKDEHQ-HW]W PXWHLFK]XP(QGHGHV5HJHQERJHQEDQGHVNRPPHQ9LROHWW²%ODX*UQ²*HOE5RW ,FKZDUYHU]ZHLIHOW'DO|VWHVLFKGHU6SXNDXI,FKZDUZLHGHULQGHU:VWH:DVZDU DXV)DUWXORRQXQG(LVNUDOOHJHZRUGHQ":RZDUHQ9DIURQXQGVHLQH/HXWH"8QGZRZDU GDV6SLQQHQQHW]",FKEOLFNWH]XP+LPPHO²EHUPLUZDUHQNHLQH6LOEHUVWUlQJH%HIDQG LFKPLFKQLFKWPHKULQGHU6SLQQHQZVWH",FKVDKGDV7DUNLKO0DWWEURQ]HQHUKREHV VLFKZLHHLQ7DIHOEHUJDXVGHU:VWH-HPDQGOLHIDXIPLFK]X(VZDU)DUQDWKLD *HOLHEWH)DUQDWKLD ³$WODQ$FKWXQJ´ ,FKZDUIPLFKGHP0lGFKHQPHLQHU7UlXPHYRUGLH)HhEHUPLUH[SORGLHUWH HLQH6RQQH2EZRKOLFKQLFKWLQGHQEHUVWHQGHQ*OXWEDOOJHEOLFNWKDWWHZXUGHLFK JHEOHQGHW)DUQDWKLDKDWWHVLFKLQ1LFKWVDXIJHO|VW'DVPXWH)DUWXORRQPLWVHLQHP =XUXIHUUHLFKWKDEHQ6WDWW)DUQDWKLDVDKLFKSO|W]OLFKHLQHQ6ROGDWHQ(UVWDQG ]XVDPPHQPLWPLULP1LFKWV(VJDEQXUXQVEHLGH(UNDPLQVHOWVDPHU+DOWXQJDXI PLFK]X$XVVHLQHU5HFKWHQVFKRVVHQURWH%OLW]H'LHVH%OLW]HVSULW]WHQPLULQV *HVLFKWHVVFKPHFNWHVOLFKDXIPHLQHQ/LSSHQ%OXW 'HU6ROGDWEOXWHWH6HLQH8QLIRUPZDU]HUVFKOLVVHQHUVFKLHQPLFKQLFKW]X EHPHUNHQ6HLQ*HVLFKW]HLJWHHLQHQYHUNOlUWHQ$XVGUXFNDOVVlKHHUHWZDV :XQGHUEDUHVGDVPLUYHUVFKORVVHQEOLHE(LQHUYRQ9DIURQV/HXWHQGXUFK]XFNWHHV PLFK(UZDUYHUZXQGHWXQGNRQQWHPLFKQLFKWVHKHQ'LH5HFKWHKLQJVFKODIIKHUDE GLH/LQNHZDUKDOEHUKREHQXQGKLHOWGHQ+RFKHQHUJLH/XFFRWXPNUDPSIW6HLQ =HLJHILQJHUNUPPWHVLFKXQGJDQ]QDKHHQWVWDQGHLQHJLJDQWLVFKH6RQQH ³,FKHUZLVFKHGLFK)DUWXORRQ´VFKULHGHU0DQQ6HLQH6WLPPHNODQJDQJHQHKP LQPHLQHQ2KUHQDEHUHVPLILHOPLUGDHUPLFKPLW)DUWXORRQYHUZHFKVHOWH³8QGLFK ZHUGHGLFKW|WHQHJDOREHV9DIURQSDWRGHUQLFKW´ 3O|W]OLFKVDKLFKIUHPGDUWLJH%LOGHUGLHQLFKW]XGHQIUHXQGOLFKHQ9LVLRQHQ SDWHQ²MHPDQGLQHLQHP+DUQLVFKVFKOXJPLWHLQHP6FKZHUWDXIHLQHQ0DQQHLQGHU DXVVHLQHU:DIIHW|GOLFKH6WUDKOHQVFKVVHIHXHUWH'HU0DQQPLWGHP6FKZHUWZDU )DUWXORRQGHUDQGHUHVDQNEOXWEHUVWU|PW]XVDPPHQ'LHVHVUHDOLVWLVFKH%LOG YHUVFKZDQGVRIRUWZLHGHU²XQGLFKVDKGHQ6ROGDWHQHUEOKHQhEHUDOODXVVHLQHP .|USHUVSURVVHQURWH.QRVSHQDXVGHQ%OWHQEOlWWHUQHQWIDOWHWHQVLFKURWH:DVVHUIlOOH HUJRVVHQVLFKLQGHQ:VWHQVDQGXQGYHUOLHKHQLKPLKUH)DUEHIlUEWHQLKQEOXWURW (WZDVHUIDWHPHLQHQ.|USHU³6LHKLKQGLUJHQDXDQ´VDJWH)DUWXORRQPLW KHLVHUHU6WLPPH³(UZDUHLQHUXQVHUHU)HLQGH,FKKDEHLKQJHW|WHW´,FKVDKDXIGDV 0HHUGHUURWHQ%OWHQ6LHYHUZHONWHQXQG]HUIORVVHQZXUGHQN|UQLJZLHGHU :VWHQVDQG³6LHKVWGXGHQ:VWHQVDQGGHUURWJHWUlQNWLVWYRP%OXWXQVHUHV)HLQGHV $WODQ"´-DLFKVDKGLH:LUNOLFKNHLW ³6FKWWOHGLH,OOXVLRQDE´GUDQJ)DUWXORRQV6WLPPHLQPLFK³(VJHKWZHQQGX GLFKDXIPDUNDQWH3XQNWHGHU5HDOLWlWNRQ]HQWULHUVW.RQ]HQWULHUHGLFKDXIGHQ %OXWIOHFN'DJRU´ ³9RUPHLQHQ$XJHQYHUVFKZLPPWDOOHV´PXUPHOWHLFKLUULWLHUW'DZDUQLFKWPHKU GHUEOXWJHWUlQNWH:VWHQVDQGVRQGHUQHLQ0HHUPLWURWVFKlXPHQGHP:DVVHU ³8QVHUHQ)HLQGHQHUJHKWHVQLFKWEHVVHU´NHXFKWH)DUWXORRQ³6LHVLQGYRQGHQ +DOOX]LQDWLRQHQHEHQIDOOVEHWURIIHQ²PHKUQRFKDOVLFK0DQFKPDOJHOLQJWHVPLUGLH 9LVLRQHQDE]XVFKWWHOQXQGNODU]XVHKHQ9HUVXFKHVDXFK$WODQ´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKVWUHQJWHPLFKDQ8QGIUHLQHQ$XJHQEOLFNVDKLFKWDWVlFKOLFK)DUWXORRQYRU PLUVHLQ%UXVWSDQ]HUZDUYRP%OXWGHV)HLQGHVJHIlUEW³,FKNDQQURWQLFKWVHKHQ´ULHI LFK²XQGZDUVFKRQZLHGHULQGHPURWHQ0HHUXQWHUJHWDXFKW ³%OHLEKLHU5KUGLFKQLFKWYRP)OHFN´EHIDKO)DUWXORRQ³,FKVHKHHLQHQXQVHUHU )HLQGHZLHHU(LVNUDOOHQDFKVWHOOW(UVFKHLQWLKQDEHUQLFKWIUHLQHQ*HJQHU]XKDOWHQ ´ )DUWXORRQVFKZDPPGDYRQGDQQHVVDKDXVDOVZUGHHUZDWHQ1HLQGDVZDU DXFKQLFKWULFKWLJGHQQZHQQPDQGXUFK:DVVHUZDWHWPXPDQJHJHQHLQHQ :LGHUVWDQGDQNlPSIHQ)DUWXORRQDEHUUDQQWHGDYRQDOVJlEHHVIULKQNHLQ +LQGHUQLV(VH[LVWLHUWHLQ:LUNOLFKNHLWDXFKNHLQ+LQGHUQLVGDV:DVVHUJDEHVQXULQ PHLQHU,OOXVLRQVZHOW,FKKDUUWHDQPHLQHP3ODW]DXVZLH)DUWXORRQHVJHVDJWKDWWH'LH :HOOHQVFKDXNHOWHQPLFKKLQXQGKHU,FKVSUWHZLHLFKVHHNUDQNZXUGH$OOHVQXU (LQELOGXQJVDJWHLFKPLU$EHUGDVKDOIPLUQLFKWJHJHQGLHLQPLUDXIVWHLJHQGH8EHONHLW ,FKPXIRUWYRQKLHU 'LFKWEHUPLUVDKLFKHLQHQUHWWHQGHQ6WHJ:LHUXKLJHUDXVGHU%UDQGXQJ UDJWH,FKVSUDQJYHUIHKOWHPHLQ=LHODEHUNQDSS,FKEOLQ]HOWHXQGHUNDQQWHXPZDV HVVLFKZLUNOLFKKDQGHOWHhEHUPLUZDUGDVW|GOLFKH1HW]GHU6LOEHUVWUlQJH'HUDQGHUH VSUDQJHEHQIDOOVZHUHUZDUXQGZRKHUHUNDPZXWHLFKQLFKW(UZDUIUPLFKQXUGHU DQGHUH:ROOWHHUVLFKDXFKDXVGHPVFKlXPHQGHQ0HHUDQUXKLJHUH*HVWDGHUHWWHQ" 6ROOWHHUHVQXUWXQGDQQJDEHVDXIGLHVHU:HOWHLQHQ6FKXUNHQZHQLJHU$EHUZDV ZHQQGHUDQGHUH(LVNUDOOHZDU" ³(LVNUDOOH´ULHILFKXQGHLOWHEHUGLHWREHQGHQ:HOOHQDXILKQ]X³(LVNUDOOH QLFKW²HVZlUHGHLQ7RG´ ³,FKHUZLVFKHGLFKVFKRQGX+XQG´EUOOWHGHUDQGHUH(VZDUQLFKW(LVNUDOOH ³,FKZHUGHGLUPLWGHQEORHQ+lQGHQGDV*HQLFNEUHFKHQ%DXFKDXIVFKQHLGHU´ ,FKZXWHSO|W]OLFKGDLFKYRUPLU9DIURQVHOEVWRGHUHLQHQVHLQHU0lQQHUKDWWH )DUWXORRQWDXFKWHXQYHUPLWWHOWOLQNVYRQPLUDXIDEHUGHU0DQQEOLFNWHLQGLH+|KHDOV N|QQHHUGHQ%DXFKDXIVFKQHLGHUGRUWVHKHQ%HVWLPPWVDKHULKQDXFKGRUWREHQ² DEHUHUZXWHQLFKWGDHLQH,OOXVLRQLKQQDUUWH)DUWXORRQQW]WHGHQ9RUWHLODXV(U VFKOLFKVLFKPLWJH]FNWHP6NDUJDQGHQ*HJQHUKHUDQZlKUHQGGLHVHUJODXEWHGD GLH%HGURKXQJYRQREHQNlPH(UVSUDQJ'LHVPDOEHNDPHUHWZDV]XIDVVHQ6HLQ 7ULXPSKJHKHXOHUVWDUEEHUHLWVLP$QVDW],FKVWDUUWHIDV]LQLHUWDXILKQ²HUKDWWHVLFK YHUlQGHUWZDU]XHLQHP:HVHQYRQXQJODXEOLFKHU6FK|QKHLWJHZRUGHQ7LHILQPLUDEHU ZXWHLFKZLHGLH:LUNOLFKNHLWDXVVDKREZRKOVLHVLFKPHLQHQ$XJHQYHUVFKOR ³:LHGHUHLQHUZHQLJHU´K|UWHLFK)DUWXORRQIU|KOLFKVLQJHQ³-HW]WLVWQXUQRFK 9DIURQEULJ+LHUEULQJHLFKGLU(LVNUDOOH%OHLEWYRQQXQDQ]XVDPPHQ´ -HPDQGNODPPHUWHVLFKDQPLFK³'XELVWNDOWZLHHLQ(LVEORFN$WODQ´K|UWHLFK (LVNUDOOHVYHUWUDXWH6WLPPH)UHLQHQ0RPHQWVDKLFKGDVNULVWDOOHQH*HVLFKWGHV &KUHWNRUVDEHUGDQQZDULFKZLHGHUOHLQXPIORUWYRQ6FKOHLHUQJUQHQ/LFKWV1XUGHU 'UXFNYRQ(LVNUDOOHV+DQG]HLJWHPLUGDHUGDZDU ³9LHOH.LORPHWHULP8PNUHLVJLEWHVQLFKWV.DOWHV(LVNUDOOH´PXUPHOWHLFK³:LU VLQGLQGHU6SLQQHQZVWHXQGGLH6RQQHEUHQQWDXIXQVKHUDE'DVPXWGXGLULQV %HZXWVHLQUXIHQ´ ³$EHUPLULVWNDOW´MDPPHUWHGHU&KUHWNRU³:DVQW]WHVPLUGDPHLQ9HUVWDQG GLH:DKUKHLWHUIDW)UPLFKVLQGPHLQH*HIKOHHQWVFKHLGHQG8QGLFKVSUHZLHGLH
'HU.ULVWDOOSULQ]
M
$WODQ
.lOWHVLFKLQPHLQHQ.|USHUVFKOHLFKW6WRQLFKWDQPLFKDQ$WODQVRQVWEHUVWHLFK,FK ]HUVSULQJHO|VHPLFKLQ6SOLWWHUDXI´ ³(VLVWKHL(LVNUDOOH´YHUVXFKWHLFKLKPHLQ]XUHGHQ (UOLHPLFKDEUXSWORV³1HLQQHLQ,FKIKOHGRFKZLHLFKHUVWDUUH8QGGLH .lOWHJHKWYRQGLUDXV9HUGDPPWELVWGXNDOW$WODQ´ ³/DXIQLFKWZHJ(LVNUDOOH´ULHILFKYHU]ZHLIHOWXQGWDVWHWHXPPLFK$EHUGHU &KUHWNRUZDUQLFKWPHKUGD ³,FKEUDXFKHHLQHQZDUPHQ3RO´K|UWHLFKVHLQH6WLPPHYRQLUJHQGZRDXVGHP JUQHQ/LFKWVFKOHLHUNRPPHQ³,FKEUDXFKH:lUPHXQGLFKZHUGHVLHILQGHQ´ ³(LVNUDOOH´ (LQ5|FKHOQHUNODQJGHPHLQWLHIHU6HXI]HUGHU(UOHLFKWHUXQJIROJWH³,FKKDEH GLH:lUPHTXHOOHJHIXQGHQ$WODQ´ULHI(LVNUDOOHWULXPSKLHUHQG³'LH.lOWHNDQQPLU QLFKWVPHKUDQKDEHQ,FKNDQQPLFKKLHUZlUPHQ´ 0LFKVFKDXGHUWH,FKVWROSHUWHEHUHWZDV$OVLFKPLWGHQ+lQGHQXPPLFK WDVWHWHIKOWHLFKGLH.RQWXUHQHLQHUDUNRQRLGHQ*HVWDOWGLHYRUPLUNDXHUWH'HUJUQH 6FKOHLHUO|VWHVLFKDXI,FKZDUZLHGHULQGHU6SLQQHQZVWH=XPHLQHQ)HQVDKLFK (LVNUDOOHGHUDXI9DIURQNQLHWHXQGVHLQH]X.UDOOHQJHIRUPWHQ+lQGHDQGHVVHQ +HU]JHJHQGSUHWH9DIURQZDUHLQHQVFKQHOOHQ7RGJHVWRUEHQVHLQ+HU]PXWHLQ *HGDQNHQVFKQHOOH]X(LVHUVWDUUWVHLQ ,FKEOLFNWHXPPLFK)DUWXORRQZDUQXU]ZDQ]LJ6FKULWWHYRQXQVHQWIHUQW(UNDP ODQJVDP]XXQVZLUNWHY|OOLJHUVFK|SIWGHU.DPSIJHJHQGLH9LVLRQHQPXWHLKQGLH OHW]WHQ.UDIWUHVHUYHQJHNRVWHWKDEHQ,FKVDKDXFKGLHEHLGHQ+HOIHU9DIURQV'HUHLQH ODJEOXWEHUVWU|PWLP6DQGGHUDQGHUHEDXPHOWHDQHLQHP6LOEHUVWUDQJ)DUWXORRQ VFKRE(LVNUDOOHEHLVHLWHGHULPPHUQRFKDXIVHLQHP2SIHUNQLHWHXQGXQJOlXELJDXI VHLQH+lQGHVWDUUWH)DUWXORRQGXUFKVXFKWH9DIURQ1DFKHLQHU:HLOHVWDQGGHU %DXFKDXIVFKQHLGHUDXI(UEOLFNWHPLW]XVDPPHQJHNQLIIHQHQ$XJHQYRUVLFKLQV/HHUH 'DQQVWLHHUHLQH9HUZQVFKXQJDXV ³:DVKDVWGXHQWGHFNW"´HUNXQGLJWHLFKPLFKEHLLKP (UGHXWHWHDXI9DIURQXQGVDJWH³'DVZDUHQ.UDODVHQHQ´(LQHQlKHUH (UNOlUXQJJDEHUQLFKWDEVRQGHUQZHFKVHOWHGDV7KHPD³:LUPVVHQ]XP7DUNLKO ]XUFN1HKPWGHQ7RWHQGLH:DIIHQDE:LUZHUGHQVLHQRFKJXWJHEUDXFKHQN|QQHQ´ ³6ROOWHQZLUQLFKWYHUVXFKHQDQ.RP\DOV)XQNJHUlWKHUDQ]XNRPPHQXQG 8QWHUVWW]XQJDQIRUGHUQ"´VFKOXJLFKYRU )DUWXORRQOHKQWHGDVHQWVFKLHGHQDE³$XINHLQHQ)DOO:LUPVVHQGHQ:HJ ]XUFNDXVHLJHQHU.UDIWVFKDIIHQ'HVKDOE]XHUVW]XP'ULIWHULFKZHLJHQDXZRHU VLFKEHILQGHW´ ,FKYHUVWDQGQLFKWZDUXPHUVLFKZHLJHUWH+LOIHKHUEHL]XUXIHQIDQGPLFKDEHU PLWVHLQHU(QWVFKHLGXQJDE)DUWXORRQZLUGVFKRQZLVVHQZDVHUWXW 'LH6RQQHNOHWWHUWHK|KHUXQGK|KHUXQGEUDQQWHHUEDUPXQJVORVDXIXQV KHUXQWHU'DV6LOEHUQHW]EHUXQVHUHQ.|SIHQVSHQGHWHNHLQHQ6FKDWWHQ7URW]GHPZDU HVHLQHVRQGHUEDUH(UOHLFKWHUXQJVLFKLQVHLQHP6FKXW]IRUW]XEHZHJHQ8PGDV]X HUUHLFKHQPXWHQZLUXQVLQHLQHPVHOWVDPHQ=LFN]DFNEHZHJHQ 'DVHULQQHUWHPLFKDQPHLQH.LQGKHLW'DPDOVKDWWHLFKPLW)DUQDWKLDHLQ6SLHO JHVSLHOW(VJDOWLQEHVWLPPWHQ5lXPHQGHV7DUNLKOVJHZLVVH0RVDLNHQLFKW]X EHWUHWHQXQGDQGHUH]XEHYRU]XJHQ:HU]XHUVWHLQJUQHV%RGHQPRVDLNEHWUDWKDWWH YHUORUHQ$PDQGHUHQ7DJZDUHQZLHGHUDQGHUH%RGHQSODWWHQWDEX
'HU.ULVWDOOSULQ]
M
$WODQ
bKQOLFKZDUHVMHW]W(LVNUDOOHXQGLFKZLUKLHOWHQXQVDQGLH6SLHOUHJHOQXQG IROJWHQGHQGQQHQ6FKDWWHQOLQLHQGHU6LOEHUVWUlQJH1XU)DUWXORRQNPPHUWHVLFKQLFKW GDUXPXQGJLQJVFKQXUJHUDGHZHLWHU1DFKHLQLJHU=HLWHUNDQQWHLFKGDLFKPLFKYLHO PHKUYHUDXVJDEWHZHQQLFKPLFKDQGHQYHUVFKOXQJHQHQ6FKDWWHQSIDGKLHOWXQGIROJWH GHP%DXFKDXIVFKQHLGHUV 1XU(LVNUDOOHOLHVLFKQLFKWEHLUUHQ³:HQQLFKGLHVHQ0DUVFKEHUVWHKHZHUGH LFK LQ GHU 6SLQQHQZVWH HLQ (LVPRQXPHQW HUEDXHQ ODVVHQ´ VDJWH HU HUQVWKDIW ³,FK ZHUGH LQV 3RODUJHELHW SLOJHUQ GRUW HLQ ULHVLJHV 6WDQGELOG DXV GHP (LV KDXHQ XQG HV KLHUKHU VFKDIIHQ ODVVHQ 8QG LFK ZHUGH NHLQH .RVWHQ IU WHFKQLVFKH (LQULFKWXQJHQ VFKHXHQ GDPLW GDV 0RQXPHQW QLFKW XQWHU GHQ VHQJHQGHQ 6WUDKOHQ GHU 6RQQH GDKLQVFKPLO]W´ 'DV HZLJH *HMDPPHU GHV &KUHWNRUV JLQJ PLU ODQJVDP DXI GLH 1HUYHQ ³:DV ZUGH LFK IU HWZDV $ENKOXQJ JHEHQ´ IOVWHUWH HU ZlKUHQG ZLU ]X )DUWXORRQ DXIVFKORVVHQ GHU HLQH 3DXVH PDFKWH ³,FK KDOWH GLHVH +LW]H QLFKW PHKU DXV ,FK ]HUIOLHHQRFK´ ³:HQQ GX ]HUIOLHW ZHUGH LFK GLFK LQ HLQHP %HKlOWHU DXIIDQJHQ XQG GLFK DQ HLQHP2UWGHLQHU:DKOEHLVHW]HQ´VFKQDX]WHLFKLKQDQ(LVNUDOOHZDUZLHQLFKWDQGHUV ]XHUZDUWHQHLQJHVFKQDSSW0HLQHWZHJHQVRLOHUHVVHLQ ,FK OLWW XQWHU GHQ 6WUDSD]HQ JHQDX ZLH HU XQG ODJ GHQ DQGHUHQ GHVZHJHQ QLFKW GDXHUQGLQGHQ2KUHQ )DUWXORRQ YHU]RJ NHLQH 0LHQH (U VWDQG QXU GD XQG VWDUUWH LQV /HHUH ,FK ZDU EHU]HXJWGDHUVLFKLQ*HGDQNHQPLW9DIURQEHVFKlIWLJWH(UKDWLKQXQGGLHDQGHUHQ DOV.UDODVHQHQEH]HLFKQHW ³=DJRUHQ´ULHI(LVNUDOOHSO|W]OLFKXQGKREVHLQHQ6WUDKOHU ³/D GLH :DIIH XQWHQ´ YHUODQJWH )DUWXORRQ XQG PDUVFKLHUWH XQEHLUUW ZHLWHU 'LH 6RQQHKDWWHGHQ+|FKVWVWDQGHUUHLFKW'HU6DQGJOKWHKHLHUDOVGLH6RQQH,FKKlWWH PLUDPOLHEVWHQGLH6WLHIHOYRQGHQ%HLQHQJHULVVHQDEHUGDQQZlUHQPHLQH)XVRKOHQ ZRKOYRP6DQGJHU|VWHWZRUGHQ ³=DJRUHQ´ ZLHGHUKROWH (LVNUDOOH ³9HUGDPPW %DXFKDXIVFKQHLGHU VLHKVW GX GLH (FKVHQQLFKW":LUODXIHQLKQHQJHQDXLQGLH$UPH´ 'LH(FKVHQZHVHQKDWWHQVLFKELVKHUXQJHZ|KQOLFKIULHGOLFKYHUKDOWHQ$EHUGDV WDWHQVLHLPPHUQDFKGHPVLFKLKU³VXPPHQGHU*RWW´GHU6LOEHUVWUlQJHJHPHOGHWKDWWH ³/D LKQHQ LKUHQ )ULHGHQ´ VDJWH )DUWXORRQ ,FK K|UWH VHLQHU 6WLPPH GLH (UVFK|SIXQJ DQ ³$EHUVLHKDEHQ$XIVWHOOXQJJHJHQXQVJHQRPPHQ´ULHI(LVNUDOOHDODUPLHUW³6LH EHZHJHQVLFK´ ³'DVLVWQXUGHU:LQG´ ³6LHNRPPHQDXIXQV]X´ ³'DVLVWHLQHRSWLVFKH7lXVFKXQJ'DV)OLPPHUQGHU/XIWWlXVFKWGLFK´ :LU NDPHQ DQ GHQ ]ZDQ]LJ =DJRUHQ YRUEHL (LVNUDOOH EHUXKLJWH VLFK DOV HU DXV GHU 1lKH VDK GD VLH DQ GHQ 6LOEHUVWUlQJHQ EDXPHOWHQ :HOFKH 9LVLRQHQ PDJ LKQHQ GDV 6XPPHQ XQG 9LEULHUHQ GHV 6LOEHUQHW]HV YRUJHJDXNHOWKDEHQ GD VLH VLFK GDUDXIJHVWU]WKDEHQ"EHUOHJWHLFKDEHUGDVZUGHIULPPHULKU*HKHLPQLVEOHLEHQ 0HLQH )H ZXUGHQ LPPHU VFKZHUHU 9RU PLU WDXPHOWH )DUWXORRQ GXUFK GHQ 6DQG ,PPHU ZHQQ HU GHQ HLQHQ )X KRE QHLJWH HU VLFK DXI GLH DQGHUH 6HLWH 6HLQ
'HU.ULVWDOOSULQ]
M
$WODQ
$QEOLFNPDFKWHPLFKJDQ]VFKZLQGHOLJ(VNRVWHWHLKQVROFKH.UDIWDQVWUHQJXQJGXUFK GHQ6DQG]XZDWHQDOVNOHEHHULKPDQGHQ)HQ$EHUHUOHJWHVHLQHQ%UXVWSDQ]HU QLFKWDEREZRKOLFKHVYRQLKPYHUODQJWH³'XPXWGLFKZLHLQHLQHP%DFNRIHQIKOHQ 'HLQ+DUQLVFKVDXJWGLH+LW]HDXI:LUILKQZHJ%HIUHLHGLFKYRQGHP%DOODVW´ $EHU JHQDXVRJXW KlWWH PDQ YRQ LKP YHUODQJHQ N|QQHQ HU VROOH VHLQH +DXW DEVWUHLIHQ (LVNUDOOH XQG LFK VWW]WHQ HLQDQGHU ,FK SURILWLHUWH GDYRQ PHKU DOV HU GHQQ VHLQ.|USHUIKOWHVLFKDQJHQHKPNKODQ ³+|UVWGXHV$WODQ"´ ³'DV6XPPHQ"´ ³-D´ ³-HW]WVLQGZLUYHUORUHQ'LH6LOEHUVWUlQJHEHJLQQHQZLHGHU]XYLEULHUHQ,QGHU /XIWOLHJWGDV6XPPHQ´ ³1DUUHQ´KHUUVFKWHXQV)DUWXORRQDQRKQHVLFKQDFKXQVXP]XGUHKHQ³'DVLVW QXUGHU:LQG´ ,FK VFKWWHOWH GHQ .RSI REZRKO HU HV QLFKW VHKHQ NRQQWH 9RU XQV WDXFKWH HLQ IUHPGDUWLJHV XQG GRFK LUJHQGZLH YHUWUDXWHV *HELOGH DXI 'LH 6LOEHUVWUlQJH VFKLHQHQ QLFKWPHKU]XH[LVWLHUHQ,FKULPLFKYRQ(LVNUDOOHORVXQGEHVFKOHXQLJWHPHLQHQ6FKULWW EHUKROWH)DUWXORRQ ³'DV7DUNLKO´ULHI(LVNUDOOH ,FKNDQQWHGLH0DHDXVZHQGLJREZRKOLFKGDV%DXZHUNYRQKLHUDXVQLFKWVR H[DNW KlWWH DEVFKlW]HQ N|QQHQ +DOOX]LQDWLRQHQ 'LH 6LOEHUVWUlQJH YHUPLWWHOWHQ XQV QLFKW VFKUHFNHQHUUHJHQGH %LOGHU VRQGHUQ HUIOOWHQ XQV XQVHUH JHKHLPVWHQ :QVFKH 6LH ]DEHUWHQ DXV GHP :VWHQVDQG GDV 7DUNLKO (V ODJ LP 6FKHLQ GHU 6RQQH GD HUVWUDKOWH LQ GHU )DUEH XQEHKDXHQHU %URQ]H XQG GLH XQ]lKOLJHQ EXFNHODUWLJHQ $XIEDXWHQZDUIHQYHUKHLXQJVYROOHNKOH6FKDWWHQ,FKZXUGHQRFKVFKQHOOHU:HQQLFK VFKRQHLQHU,OOXVLRQ]XP2SIHUILHOVROOWHPLUDXFKGHU$QEOLFN)DUQDWKLDVJHJ|QQWVHLQ ,FKZQVFKWHVLHKHUEHLZQVFKWHVLHPLWJU|WHU:LOOHQVDQVWUHQJXQJKHUEHL $EHUGLH6LOEHUVWUlQJH]DEHUWHQVLHQLFKWLQGLH:VWH6WDWWGHVVHQHUVFKXIGDV 6XPPHQXQG9LEULHUHQHLQHQ7UXSSYRQ6ROGDWHQ ,FKEOLHEVWHKHQ'DVZDUNHLQH,OOXVLRQ'LH%LOGHUZDUHQ]XZLUNOLFKNHLWVQDK'LH 6ROGDWHQEHVDHQGLHULFKWLJH3URSRUWLRQ]XU8PJHEXQJVLHYHUXUVDFKWHQ*HUlXVFKH GLHV\QFKURQ]XLKUHQ%HZHJXQJHQZDUHQVLHEHKLHOWHQHLQHH[DNWH)RUUQDWLRQEHL'DV ZDU GLH 5HDOLWlW :LU KDWWHQ HV WDWVlFKOLFK JHVFKDIIW $EHU DXV LUJHQGHLQHP *UXQG NRQQWHLFKQLFKWWULXPSKLHUHQ 'HU JURH .DPSIJOHLWHU ZDU QDKH GHP KDOE LP 6DQG YHUVXQNHQHQ 'ULIWHU JHODQGHW:lKUHQGHLQLJH6ROGDWHQGLH8PJHEXQJVLFKHUWHQXQWHUVXFKWHQDQGHUHGDV 5DXSHQIDKU]HXJ (V ZDU DXIJHEURFKHQ XQG WRWDO DXVJHSOQGHUW :DV QLFKW QLHW XQG QDJHOIHVW ZDU KDWWHQ GLH =DJRUHQ JHVWRKOHQ 1DWUOLFK KDWWHQ ZLU GDPLW UHFKQHQ PVVHQ DEHU LQVJHKHLUQ KDWWH LFK GRFK JHKRIIW GD VLH ZHQLJVWHQV GDV )XQNJHUlW XQEHUKUW OLHHQ VR GD ZLU XQV PLW GHP 7DUNLKO LQ 9HUELQGXQJ VHW]HQ NRQQWHQ 9LHOOHLFKW KlWWH )DUWXORRQ VRJDU VHLQH (LQVWHOOXQJ JHlQGHUW XQG VLFK GD]X EHUUHGHQ ODVVHQ+LOIHKHUEHL]XUXIHQ$EHUGLHVH6SHNXODWLRQZDUVRZLHVRKLQIlOOLJ 'LH6ROGDWHQZDUHQDOOHVVWDWWOLFKHKRFKJHZDFKVHQH$UNRQLGHQGLHGLH8QLIRUP GHU/HLEJDUGHGHV7DWRWUXJHQGLHPHLVWHQYRQLKQHQNDQQWHLFK ,KU$QIKUHUHLQ2UEWRQLP5DQJHLQHVHLQIDFKHQ0RQGWUlJHUVWUDWYRU)DUWXORRQ XQG VDJWH EHGlFKWLJ ³)DUWXORRQ %DXFKDXIVFKQHLGHU GHV 7DWR $UPDQFN 'HFODQWHU LFK
'HU.ULVWDOOSULQ]
M
$WODQ
YHUKDIWH 6LH LP 1DPHQ 6HLQHU (UKDEHQKHLW ,PSHUDWRU 2UEDQDVFKRO GHP 'ULWWHQ ,FK HUZDUWHYRQ,KQHQGD6LHNHLQHQ:LGHUVWDQGOHLVWHQXQGMHQH+DOWXQJEHZDKUHQGLH HLQHP0DQQZLH,KQHQ]XU(KUHJHUHLFKW´ ³:LGHUVWDQG+DOWXQJ´VDJWH)DUWXORRQDEIlOOLJVHLQ%OLFNZDUIHVWDOVHULKQDXI GHQ $QIKUHU GHU /HLEJDUGH ULFKWHWH ³:HU KDW GLHVH 9HUKDIWXQJ EHIRKOHQ" 7DWR 'HFODQWHU"´ 'HU /HLEJDUGLVW ]|JHUWH $EHU GDQQ EHUZDQG HU VLFK XQG VDJWH PLW YHUWUDXOLFK JHVHQNWHU6WLPPH³,P3DODVWLVWHLQ9HUWUDXWHUGHV,PSHUDWRUVHLQJHWURIIHQ(UKDWDOOH 9ROOPDFKWHQ (U ZDU HV DXFK GHU ,KUH 9HUKDIWXQJ YHUODQJWH )ROJHQ 6LH XQV MHW]W )DUWXORRQ´ 'LH/HLEJDUGLVWHQQDKPHQGHQ%DXFKDXIVFKQHLGHULQLKUH0LWWHXQGPDUVFKLHUWHQ PLWLKPLQ5LFKWXQJGHV.DPSIJOHLWHUVGDYRQ(LVNUDOOHXQGLFKEOLHEHQXQEHKHOOLJWXQG IUHL ,FK ZDU YLHO ]X EHQRPPHQ XQG HUVFK|SIW XP DXFK QXU HLQHQ HLQ]LJHQ NODUHQ *HGDQNHQIDVVHQ]XN|QQHQ(VZDUDOOHVVREHUUDVFKHQGXQGVFKQHOOJHNRPPHQ )DUWXORRQYHUKDIWHW$XVZHOFKHP*UXQG":DVKDWHUJHWDQ",FKEHJULIIHVQLFKW $EHU LFK ZDU HQWVFKORVVHQ HV KHUDXV]XILQGHQ ,FK HUJULII (LVNUDOOHV NULVWDOOHQHQ $UP XQGIROJWHGHQ6ROGDWHQ]XP*OHLWHU:DVLPPHUDXFKJHVFKHKHQZLUG)DUWXORRQNDQQ DXIPLFK]DKOHQ %HLP )OXJ ]XP 7DUNLKO EOLQ]HOWH LFK YRU 0GLJNHLW G|VHQG DXI GLH XQWHU XQV GDKLQ]LHKHQGH 6SLQQHQZVWH PLW LKUHQ LPPHU ZHLWHU DXIIlFKHUQGHQ 6LOEHUVWUlQJHQ RKQH VLH ZLUNOLFK ]X VHKHQ (LQH RGHU PD[LPDO ]ZHL 7RQWDV ZUGH HV GDXHUQ ELV ZLU XQVHU=LHOHUUHLFKWHQ²ZHQLJ=HLWXP]X.UlIWHQ]XNRPPHQ:LUZDUHQVHLWPHKUDOV ]ZDQ]LJ7RQWDVDXIGHQ%HLQHQ1HEHQPLUVFKQDUFKWH(LVNUDOOHXQGDXFKPLUILHOHQGLH $XJHQ]X ³'X PXW HVVHQ XQG VFKODIHQ ZHQQ VLFK GLU GD]X *HOHJHQKHLW ELHWHW´ JODXEWH LFK )DUWXORRQV $QZHLVXQJHQ GXUFK PHLQHQ .RSI KXVFKHQ ]X K|UHQ ³:HU ZHL ZDQQ GLHQlFKVWHNRPPW´ 8QG ZHLWHUH *HGDQNHQ VFKRQ KDOE LP 6FKODI YHUVXQNHQ 6RODQJH LFK ]XUXFNGHQNHQ NDQQ OHEH LFK DXI *RUWDYRU )DUWXORRQ VFKHLQW QLHPDOV LQ (UIDKUXQJ JHEUDFKW ]X KDEHQ ZHU PHLQH (OWHP ZDUHQ ZHQLJVWHQV VSUDFK HU QLH GDUEHU 7URW]GHP KDEH LFK LQ PDQFKHQ 7RQWDV GHV 1DFKGHQNHQV GDV *HIKO GD HU PHKU GDUEHU ZHL DOV HU ]X VDJHQ EHUHLW LVW *RUWDYRU LVW HLQH :HOW DP 5DQG GHV *URHQ ,PSHULXPVGHU$UNRQLGHQ6LHVSLHOWNHLQHEHVRQGHUH5ROOHLPJDODNWRSROLWLVFKHQ6LQQH :LUKDEHQQLFKWYLHOPLWGHQ,PSHULDOHQ%HK|UGHQ]XWXQXQGGDVVFKHLQW)DUWXORRQQXU UHFKW ]X VHLQ 'HP 7DWR YRQ *RUWDYRU KDEHQ ZLU HV ]X YHUGDQNHQ GD XQVHU /HEHQ UXKLJ XQG IULHGYROO YHUOLHI²ZHQLJVWHQV ELV KHXWH $UPDQFN 'HFODQWHU LVW VR HWZDV ZLH HLQ2QNHOIUPLFKXQGDOV:DLVHQNLQGZDULFKIUMHGHQ2QNHOGDQNEDU 'LH 7RFKWHU GHV 7DWR KLH )DUQDWKLD XQG ZDU IQI]HKQ $UNRQMDKUH DOW 6HOWHQ KDWWH LFK HLQ VFK|QHUHV *HVFK|SI DOV VLH JHVHKHQ XQG LFK ZDJWH ]X EHKDXSWHQ GD DXFKLFKLKUQLFKWJOHLFKJOWLJZDU-HGHQIDOOVYHUEDQGXQVHLQHIHVWH)UHXQGVFKDIW(V YHUJLQJNDXPHLQ7DJDQGHPZLUXQVQLFKWVDKHQ,FKKRIIWHGDQLHPDQGHWZDVYRQ GHQ*HIKOHQDKQWHGLHZLUIUHLQDQGHUKHJWHQZHGHULKU9DWHUQRFK)DUWXORRQ:DUXP KDWPDQGHQ%DXFKDXIVFKQHLGHUYHUKDIWHW":DVJHKWKLHUYRU"
'HU.ULVWDOOSULQ]
M
$WODQ
'HU%DXFKDXIVFKQHLGHU)DUWXORRQ $OVHUGDPDOVPLWGHP9LHUMlKULJHQQDFK*RUWDYRUJHIORKHQZDUJHVFKDKGLHV PLWGHU$EVLFKW$WODQJUR]X]LHKHQXQGLKP]XVHLQHP5HFKW]XYHUKHOIHQZHQQGLH =HLWJHNRPPHQZDU'LHHUVWHQ-DKUHZDUHQGLHVFKZLHULJVWHQJHZHVHQGHQQ)DUWXORRQ VWDQGIDVWDOOHLQJHJHQHLQHQEHUPlFKWLJHQ)HLQG(VZDUHLQODQJHVXQG]lKHV 5LQJHQELVHUDXI*RUWDYRUVHLQH3RVLWLRQGHUDUWJHIHVWLJWKDWWHXP$WODQRSWLPDOHQ 6FKXW]ELHWHQ]XN|QQHQ (UZXUGH]XHLQHUHLQIOXUHLFKHQ3HUV|QOLFKNHLWDXI*RUWDYRUVHLQH6WHOOXQJDOV /HLEDU]WGHV7DWR$UPDQFN'HFODQWHUPDFKWHLKQQDKH]XXQDQJUHLIEDU²XQGHLQ7HLO VHLQHV(LQIOXVVHVEHUWUXJVLFKPLWGHQ-DKUHQDXFKDXIVHLQHQ6FKW]OLQJ$WODQGHQHU DQJHEOLFKLQGHU:LOGQLVGLHVHU:HOWJHIXQGHQKDWWH)DUWXORRQV7DUQXQJZDUQDKH]X SHUIHNWHVJDEQXUHLQHYHUZXQGEDUH6WHOOH'DVZDU$WODQVHOEVW $WODQZDULP7DUNLKOJURJHZRUGHQGDVDOV3DODVWGHV7DWRGLHQWHXQG]XJOHLFK GLHHLQ]LJH%DVWLRQDUNRQLGLVFKHU=LYLOLVDWLRQDXIGLHVHUJHVHW]ORVHQ:HOWGDUVWHOOWH²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aGHVJHZDOWLJHQ%DXZHUNV=ZDQ]LJ.LORPHWHU |VWOLFKEUHLWHWHVLFKGDV5DXPKDIHQJHOlQGHDXIUXQG]HKQ.LORPHWHUQ'XUFKPHVVHU DXVXPVlXPWYRQEHVFKHLGHQHQ3URGXNWLRQVDQODJHQXQG)DEULNHQGLHMHGRFKGHQ %HGDUIGLHVHU:HOWGHFNWHQVRIHUQHUQLFKWGXUFK+DQGHOXQG6FKPXJJHOEHVWULWWHQ ZXUGH (LVNUDOOHVWDQGQHEHQPLUXQGIUDJWH³:DVKDWGDV]XEHGHXWHQ":DUXPZLUG )DUWXORRQDXI%HIHKOGHV,PSHUDWRUVYHUKDIWHW":DVKDWHUYHUEURFKHQ"8QGZDUXP XQWHUQLPPW'HFODQWHUQLFKWVGDJHJHQ"´ ³,VWGRFKNODU(LVNUDOOHGDGHU7DWRQLFKWVJHJHQHLQHQGLUHNWHQ%HDXIWUDJWHQ 6HLQHU(UKDEHQKHLW,PSHUDWRU2UEDQDVFKROXQWHUQHKPHQNDQQ(UPXVHLQHQ%HIHKOHQ JHKRUFKHQREHUZLOORGHUQLFKW´ 'HU*HVLFKWVDXVGUXFNGHV&KUHWNRUVZDUVHLQHU7UDQVSDUHQ]ZHJHQQXUVFKZHU ]XHUNHQQHQDEHULFKJODXEWHGRFKVRHWZDVZLHJULPPLJH(QWVFKORVVHQKHLWGDULQ]X OHVHQ'DVHQWVSUDFKJHQDXPHLQHQHLJHQHQ*HIKOHQ:DVLPPHUDXFKJHVFKDKZLU ZUGHQ)DUWXORRQQLHPDOVLP6WLFKODVVHQ$OOH0GLJNHLWXQG(UVFK|SIXQJVFKLHQYRQ HLQHP$XJHQEOLFN]XPDQGHUHQZLHZHJJHZLVFKW ³*HKHQZLULQGDV7DUNLKO´VDJWH(LVNUDOOHJDQ]UXKLJ ³-D´,FKQLFNWHHQWVFKORVVHQ³*HKHQZLU´ :LUEHWUDWHQGHQ%URQ]HEHUJGXUFKHLQHQGHUXQJH]lKOWHQ1HEHQHLQJlQJHQDKH VHLQHU2VWVSLW]H1LHPDQGKLQGHUWHXQVGDUDQREZRKOLFKQDFKGHQ9RUNRPPQLVVHQ XP)DUWXORRQPLWJU|HUHU$XIPHUNVDPNHLWGHU7DWR/HLEJDUGHJHUHFKQHWKDWWH 8QEHPHUNWJHODQJWHQZLULQGDV*HElXGHXQGHLOWHQVRVFKQHOOZLUQXUNRQQWHQ]X
'HU.ULVWDOOSULQ]
M
$WODQ
XQVHUHQ:RKQUlXPHQLQGHU]ZDQ]LJVWHQ(WDJH6LHJHK|UWHQ]XHLQHP7UDNWULQJVXP HLQHQ]\OLQGULVFKHQ,QQHQKRIGHUYRP%RGHQQLYHDXELV]XHLQHUKDOEWUDQVSDUHQWHQ 'DFKNXSSHOUHLFKWHXQGYRQ*DOHULHWHUUDVVHQEHJUHQ]WZXUGH9HUJOHLFKEDUH :RKQWUDNWHPLWEHVWHQVIXQNWLRQLHUHQGHU9HUXQG(QWVRUJXQJGXUFK$QODJHQGHU (UEDXHUEHU5DPSHQEUHLWH7UHSSHQXQG$QWLJUDYVFKlFKWH]XJlQJOLFKJDEHVLP 7DUNLKO]X7DXVHQGHQ 'DVULHVLJH*HElXGHPLWVHLQHQ0HWHUDXIUDJHQGHQYRQ%XNNHOQ $XVZFKVHQXQGJHVFKZXQJHQHQ(UNHUQEHU]RJHQHQ)DVVDGHQZDUQXU]XHLQHP %UXFKWHLOJHQXW]W'LHPHLVWHQGHUEHUGLPHQVLRQLHUWHQ.DPPHUQ6lOHXQG+DOOHQ ZDUHQNDKOXQGOHHU]ZDUJHQDXZLHGLHVFKHLQEDUHQGORVHQ.RUULGRUH7XQQHOXQG 9HUELQGXQJVZHJHPLWLKUHQJHUDGHQRGHUJHZHQGHOWHQ5DPSHQYRQSHUPDQHQWHU %HOHXFKWXQJHUKHOOWGHUHQ(QHUJLHYHUVRUJXQJXQHUPGOLFKDUEHLWHQGH0HLOHU EHUQDKPHQDEHUEDUMHJOLFKHUPRELOHU$XVVWDWWXQJ9RQGHQXQEHNDQQWHQ6FK|SIHUQ ZDUHQNHLQHEHZHJOLFKHQ(LQULKWXQJHQSHUV|QOLFKH'LQJHRGHUYHUJOHLFKEDUH +LQWHUODVVHQVFKDIWHQJHIXQGHQZRUGHQ(VJDEQXUGDV7DUNLKODQVLFKDXVJHUlXPW RGHUQLHPDOVEH]RJHQJHKHLPQLVYROOXQGLQYLHOHQ6HNWRUHQYRUDOOHPGHQWLHIXQWHU GHU2EHUIOlFKHJHOHJHQHQXQHUIRUVFKW 'HU*UXQGULGHVJOHLFKVFKHQNOLJHQ'UHLHFNVRULHQWLHUWHVLFKQDFKGHQ +LPPHOVULFKWXQJHQ'LH]HKQ.LORPHWHUPHVVHQGH/lQJVVHLWHYHUOLHIH[DNWQRUG VGOLFKGLH6SLW]HLQGHUGHUQRUG|VWOLFKHXQGGHUVG|VWOLFKH'UHLHFNVFKHQNHO ]XVDPPHQWUDIHQZLHVQDFK2VWHQ5LFKWXQJ5DXPKDIHQ+LHUVSLHOWHVLFKGDV +DXSWOHEHQDE(VJDEGLH$GPLQLVWUDWLRQGHV7DWRVHLQHSULYDWHQ³3DODVWEHUHLFKH´ 8QWHUNQIWHIU=FKQWDXVHQGH%HZRKQHULKUH:HUNVWlWWHQ*HVFKlIWHRGHU%URV (LVNUDOOHXQGLFKVFKZDQJHQXQVDXVGHP$QWLJUDYVFKDFKWIROJWHQHLQHPYRP ,QQHQKRIIRUWIKUHQGHQ.RUULGRUERJHQQDFKOLQNVXQGHUUHLFKWHQNXU]GDUDXIGLH YLHOUlXPLJH8QWHUNXQIWGLHLFKPLWPHLQHP=LHKYDWHUXQG/HKUPHLVWHUEHZRKQWH'LH 7UJOLWWODXWORV]XU6HLWHQDFKGHPLFKPHLQHUHFKWH+DQGLQ%UXVWK|KHDXIGHQ +DQGOLQLHQVHQVRUJHSUHWKDWWH ³:DVQXQ"´(LVNUDOOHQDKPLQHLQHP6HVVHO3ODW]GHUYLHO]XJURIULKQZDU ³:LUN|QQHQGRFKQLFKWHLQIDFKKLQJHKHQXQGIUDJHQZDUXPPDQ)DUWXORRQ IHVWJHQRPPHQKDW´ :LUKDWWHQNHLQH$KQXQJZRKLQPDQ)DUWXORRQJHEUDFKWKDWWHDEHULFK YHUPXWHWHGDHUVLFKMHW]WLQMHQHP7HLOGHV7DUNLKODXIOKLHOWGHQ$UPDQFN'HFODQWHU IUVLFKXQGVHLQH)DPLOLHLQ$QVSUXFKQDKP ³'DVZlUHHLQ)HKOHU´VWLPPWHLFKLKP]X³:LUZLVVHQQLFKWZDVJHJHQLKQ YRUOLHJW9LHOOHLFKWKDQGHOWHVVLFKQXUXPHLQ0LYHUVWlQGQLV´ ³,FKP|FKWHZLVVHQREGHUhEHUIDOOLQGHU6SLQQHQZVWHHWZDVGDPLW]XWXQKDW´ VDQQ(LVNUDOOHYRUVLFKKLQ6HLQHUHFKWH+DQGEDOOWHVLFK]XU)DXVWDOVZROOHHUHLQHQ 8QVLFKWEDUHQLQHLQHQ.OXPSHQ(LVYHUZDQGHOQ³,FKJODXEHQLHPDOVLQPHLQHP/HEHQ GD)DUWXORRQHLQ9HUEUHFKHULVW´ ³1DWUOLFKKDWXQVHU%DXFKDXIVFKQHLGHUQLFKWVYHUEURFKHQ´EHNUlIWLJWHLFK EHU]HXJW³$EHUHUKDWRIW$QGHXWXQJHQJHPDFKWVRDOVVHLHUPLWGHP,PSHUDWRUQLFKW ]XIULHGHQ9LHOOHLFKWLVWHU]XXQYRUVLFKWLJJHZHVHQ´ (LVNUDOOH]XFNWHPLWGHQ$FKVHOQ³8QGZLHILQGHQZLUKHUDXVZDVPLW)DUWXORRQ JHVFKLHKW"´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKGDFKWHDQGLHUlWVHOKDIWHQ(UEDXHUGHV7DUNLKOXQGGLHYRQLKQHQDQJHOHJWHQ *HKHLPJlQJH-HW]WZDULFKLKQHQGDQNEDUIULKUH9RUDXVVLFKW³'UDXHQLP.RUULGRU VWHKWHLQH)LJXU´ ³'LHVHVYLHUEHLQLJH8QJHKHXHU"´ ³-DGDVPHLQHLFK´,FKOlFKHOWH³,VWGLUGDUDQQRFKQLHHWZDVDXIJHIDOOHQ"´ (LVNUDOOHVDKPLFKHUVWDXQWDQ³:DVVROOWHPLUDXIJHIDOOHQVHLQ"´ ³.RPPPLWLFKZHUGHGLUHLQ*HKHLPQLVYHUUDWHQGDVDXHUPLUNHLQHULP 7DUNLKO]XNHQQHQVFKHLQW$EJHVHKHQYRQ)DUQDWKLDQDWUOLFK´ ³)DUQDWKLD"´ZXQGHUWHVLFK(LVNUDOOH ³'XZHLWGDZLU]XVDPPHQDXIJHZDFKVHQVLQG.LQGHUKDEHQLKUH *HKHLPQLVVHXQGVRZDUHQZLUQDWUOLFKVHKUVWRO]GDUDXI'LQJH]XNHQQHQGLHGHQ (UZDFKVHQHQXQEHNDQQWEOLHEHQ(VJLEWHLQHQ*DQJGXUFKGLHGLFNHQ0DXHUQ(U YHUELQGHWXQVHUHQ:RKQWUDNWPLWGHPGHV7DWR´ (LVNUDOOHQLFNWH³$KDXQGZHQQPDQ)DUWXORRQLQGLH*HPlFKHUGHV7DWR JHEUDFKWKDWEHVWHKWIUXQVHLQH0|JOLFKNHLWVLH]XEHODXVFKHQ´ ³'DIULVWGHU*HKHLPJDQJHLQVWJHGDFKWJHZHVHQ.RPP´ 'HU.RUULGRUZDUHLJHQWOLFKPHKUHLQ7XQQHOPLWJHZ|OEWHU'HFNH$XVHLQHP 6FKDFKWGUDQJGlPPHULJHV/LFKW:LUODXVFKWHQNRQQWHQDEHUNHLQ*HUlXVFK YHUQHKPHQ9RUVLFKWLJQDKPLFK(LVNUDOOHV+DQGXQG]RJLKQPLWPLUKLQEHU]XGHU VHOWVDPHQ)LJXUDXVNDOWHP0HWDOO,FKKDWWHPLFKDOV.LQGLPPHUYRUGHP PHUNZUGLJHQ:HVHQJHIUFKWHWGDVVLHGDUVWHOOWH,QPHLQHPJDQ]HQ/HEHQKDWWHLFK QRFKQLHHLQVROFKHV7LHUJHVHKHQ(VKDWWHHLQHQPlFKWLJHQ.|USHUGHUDXIYLHU GLFNHQ%HLQHQUXKWH'HU.RSIZDUPLWHLQHU0lKQHJROGJHOEHU+DDUHEHGHFNWGLHIDVW ELV]XP6RFNHOUHLFKWHQ,PDXIJHULVVHQHQ0DXOVDHQ]ZHL5HLKHQJXW KHUDXVJHDUEHLWHWHU=lKQHGLHHLQHP$QJVWHLQMDJHQNRQQWHQ1RFKHLQPDOEHU]HXJWH LFKPLFKGDYRQGDQLHPDQGLQGHU1lKHZDUGDQQEFNWHLFKPLFK]XGHPPDVVLYHQ 6RFNHOKLQDEXQGGUFNWHPLWEHLGHQ+lQGHQJOHLFK]HLWLJJHJHQ]ZHLVSUEDUH (UKHEXQJHQ6RIRUWZXUGHHLQOHLVHV%UXPPHQK|UEDUGDVDXVGHP,QQHUQGHV PHWDOOHQHQ7LHUHV]XNRPPHQVFKLHQJOHLFK]HLWLJEHJDQQHVVLFKPLWGHP6RFNHO]X GUHKHQ'DUXQWHUZXUGHHLQHgIIQXQJVLFKWEDUXQG6WXIHQGLHVFKUlJQDFKXQWHQLQGLH 7LHIHIKUWHQ (LVNUDOOHVWDUUWHVNHSWLVFKLQGDV'XQNHO'HU&KUHWNRUGHUVFKRQHZLJDXI *RUWDYRU]XOHEHQVFKLHQZDUHLQSUREOHPDWLVFKHU%HJOHLWHUHUIUFKWHWHGDV 8QEHNDQQWH8QKHLPOLFKHKDWWH$QJVWDXVJURHU+LW]HLQJURH.lOWHRGHUXPJHNHKUW ]XJHUDWHQ ³1XUZHQLJH0HWHUGDQQJHKWHVZLHGHUDXIZlUWV´EHUXKLJWHLFKLKQ³:LUEOHLEHQ DXIGLHVHU(WDJHGXZLUVWVHKHQ.RPP(LVNUDOOHZLUPVVHQXQVEHHLOHQ'LHgIIQXQJ VFKOLHWVLFKJOHLFKZLHGHU´ ,FKZDUWHWHQLFKWELVHUVLFKHQWVFKORVVHQKDWWHVRQGHUQUXWVFKWHPLWHLQHU JHVFKLFNWHQ%HZHJXQJGXUFKGHQEUHLWHQ6SDOWXQGVWDQGGDQQDXIGHUREHUVWHQ6WXIH ,FKGUHKWHPLFKXPXQGZLQNWH(LVNUDOOHGHUVHLQH%HGHQNHQHQGOLFKEHUZXQGHQKDWWH XQGPLUIROJWH.DXPVWDQGHUQHEHQPLUEHJDQQVLFKGLHgIIQXQJZLHGHU]XVFKOLHHQ 'LH7LHUILJXUGUHKWHVLFKDXILKUHQDOWHQ3ODW]]XUFN(VZDUGXQNHODEHUZHLWHUYRUXQV VFKLPPHUWHHLQVFKZDFKHV/LFKW(VZDUHLQ6WFN*DQJZDQGGDVLPPHUVROHXFKWHWH (VNDPDXVGHP,QQHUQGHVEURQ]HlKQOLFKHQ0HWDOOVXQGZXUGHYRQHLQHU
'HU.ULVWDOOSULQ]
M
$WODQ
(QHUJLHTXHOOHGHU(UEDXHUJHVSHLVW)DVWEHUDOOLP7DUNLKOJDEHVVROFKH %HOHXFKWXQJHQ ³:LUGHVQLFKWNlOWHU"´HUNXQGLJWHVLFK(LVNUDOOHEHVRUJW ,FKPXWHEHUVHLQHHZLJH$QJVWOlFKHOQ³1HLQGLH7HPSHUDWXULVWNRQVWDQW $EHUZLUGUIHQJOHLFKQLFKWPHKUVSUHFKHQ.RPPKDOWGLFKDQPLUIHVW´ 'HU*DQJIROJWH]LHPOLFKJHQDXGHU5LFKWXQJGHV+DXSWNRUULGRUVGHUHLQH5HLKH YRQ:RKQWUDNWHQYHUEDQG'LH:DQGGHV.RUULGRUVZDUGLFNJHQXJUODJHQJHQG 3ODW]IUGHQ*HKHLPJDQJEOLHE1DFKHLQHU:HLOHZDUZHLWYRUXQVGDV*HPXUPHOYRQ 6WLPPHQ]XK|UHQ,FKEUDXFKWH(LVNUDOOHQXQQLFKWPHKU]XZDUQHQHUZXWHVHOEVW %HVFKHLG:HQQZLUGLH6WLPPHQK|UHQNRQQWHQZUGHQXQVDXFKXPJHNHKUWLKUH %HVLW]HUK|UHQZHQQZLUHLQHQ/DXWYRQXQVJDEHQ'HU*DQJZXUGHHQJHU5HFKWV XQGOLQNVNRQQWHLFKGLH:lQGHPLWDXVJHVWUHFNWHQ+lQGHQEHUKUHQ'LH'HHNHZDU ]ZHL0HWHUKRFK6FKULWWIU6FKULWWVFKOLFKHQZLUXQVZHLWHU'DV6WLPPHQJHPXUPHO ZXUGHODXWHUELVLFKGHQJULPPLJHQ7RQIDOOGHV7DWRYRQ)DUWXORRQVGXQNOHP2UJDQ XQWHUVFKHLGHQNRQQWH'LHEHLGHQ0lQQHUVFKLHQHQDOOHLQ]XVHLQZDVLFKUQLUDEHU QDFKGHP9RUJHIDOOHQHQQLFKWJXWYRUVWHOOHQNRQQWH$EHUZLUZUGHQHVEDOGZLVVHQ (LQIHLQHU/LFKWVFKLPPHUNDP]HKQ0HWHUYRUXQVDXVGHU:DQG'RUWZDUHLQ OlQJOLFKHU6FKOLW]NDXPHLQHQ=HQWLPHWHUKRFKXQGHLQHQKDOEHQ0HWHUODQJVRGD EHTXHP]ZHLRGHUGUHL3HUVRQHQQHEHQHLQDQGHUGDYRUVWHKHQXQGKLQGXUFKEOLFNHQ NRQQWHQ0DQVDKDXVJHULQJHU+|KHGLUHNWKLQDELQGHQJURHQ%HUDWXQJVVDDOGHV 7DWRLQGHPHUGLH%HVSUHFKXQJHQPLWGHQ9HUWUHWHUQGHV3ODQHWHQDEKLHOW5LQJVXP VWDQGHQPlFKWLJH6lXOHQGLHGLHKRKHXQGUHLFKOLFKYHU]LHUWH'HFNHWUXJHQ'LH:lQGH ZDUHQPLWYHUVFKQ|UNHOWHQ)LJXUHQEHGHFNWXQGLFKZDUEHU]HXJWGDHLQLJHYRQ LKQHQZHLWHUH*HKHLPJlQJHRGHU/DXVFKHUSRVWHQYHUEDUJHQ'HUOlQJOLFKH7LVFKXQG GLH6WKOHVWDQGHQHUK|KWDXIHLQHP3RGLXP ,P6DDOJDEHVIQI6HVVHOUHLKHQIUHYHQWXHOOH=XVFKDXHU+HXWHJDEHVNHLQH VROFKHQQXUHLQLJHZLOGDXVVHKHQGH.HUOHGLHPLFKYRPHUVWHQ$XJHQEOLFNDQ9DIURQV /HXWHHULQQHUWHQPLWGHQHQZLUHVLQGHU6SLQQHQZVWH]XWXQJHKDEWKDWWHQ,KUHIDVW ]HUOXPSWH%HNOHLGXQJZLUNWHZLHHLQH$UW8QLIRUP6LHWUXJHQPRGHUQVWH(QHUJLHVWUDKOHU XQGKDWWHQDOOH$XVJlQJHEHVHW]W(VVLHKWJDQ]VRDXVDOVVHLDXFKGHU7DWRLKU *HIDQJHQHU ³2QNHO´$UPDQFN'HFODQWHUZDUHLQVQHXQ]LJJUR6HLQ*HVLFKWZLUNWHJULPPLJ XQGYHUVFKORVVHQ'LHVWDUUH0DVNHVHLQHU$XWRULWlWZDUVRIRUWGDZHQQ)UHPGH HUVFKLHQHQPLWGHQHQHU]XYHUKDQGHOQKDWWH-HW]WKDWWHHUVLHZLHGHUVHLQHRIIL]LHOOH 0DVNH,KPJHJHQEHUDP7LVFKVD)DUWXORRQ:LUVDKHQLQGHQ6DDOXQGZDJWHQ NDXP]XDWPHQGDPLWXQVNHLQ:RUWYRQGHPHQWJLQJZDVXQWHQJHVSURFKHQZXUGH ³ZlUHGRFKHLQHVROFKH%HVFKXOGLJXQJPHKUDOVOlFKHUOLFK´VDJWH)DUWXORRQ JHUDGHZWHQGXQGNQDOOWHGLHGLFNH)DXVWDXIGLH7LVFKSODWWH³:DVVROOLFKGHQQPLW VROFKHQ'LQJHQ]XWXQKDEHQ"+LHUYRQ*RUWDYRUDXV"´ 'HU7DWRVDKQLFKWVHKUJOFNOLFKDXVDEHUHUYHUVXFKWHVHLQH 8QHQWVFKORVVHQKHLWGXUFK$XWRULWlW]XEHUVSLHOHQ³'DVNDQQXQGZLOOLFKQLFKW HQWVFKHLGHQ)DUWXORRQ'HU%HDXIWUDJWH2UEDQDVFKROVEHVLW]WDOOH9ROOPDFKWHQGHV ,PSHULXPVXQGKDWGHQ$XIWUDJGHQ$U]W)DUWXORRQ]XEHIUDJHQ0HKUZHLLFKDXFK QLFKW9LHOPHKUZLOOLFKDXFKQLFKWZLVVHQ´ ³:HULVWGLHVHU%HDXIWUDJWH"´
'HU.ULVWDOOSULQ]
M
$WODQ
³6LHZHUGHQLKQJOHLFKVHKHQ)DUWXORRQ´,FKYHUQDKPPLWHLQLJHP(UVWDXQHQ GDGHU7DWRPHLQHQ3IOHJHYDWHUI|UPOLFKHUDOVVRQVWEHKDQGHOWH7URW]LKUHU XQWHUVFKLHGOLFKHQ5DQJVWHOOXQJZDUHQVLHVWHWVJXWH)UHXQGHJHZHVHQXQGKDWWHQVLFK JXWYHUVWDQGHQ$EHUMHW]W ³:REOHLEWGHU.HUO"´SROWHUWH)DUWXORRQ³6ROOHUVLFKGRFK]HLJHQXQGPLULQV *HVLFKWVDJHQZDVLFKDQJHEOLFKYHUEURFKHQKDEH´ ³'DVZLUGHUVLFKHUOLFKEDOGWXQ´YHUVSUDFKGHU7DWRUXKLJ(LQH:HLOHVFKZLHJHQ GLHEHLGHQ0lQQHUXQGVWDUUWHQVLFKDQGHUHLQHZWHQGGHUDQGHUHHLQZHQLJ YHUOHJHQ'HU7DWRIKOWHVLFKQLFKWZRKOLQVHLQHU+DXWGDVVDKLFKDXIGHQHUVWHQ %OLFN (QGOLFKVDJWH)DUWXORRQ³:HQQLFKPLUPHLQH:lFKWHUVRDQVHKHXQGVLHPLW GHQ.HUOHQYHUJOHLFKHGLHXQVLQGHU6SLQQHQZVWHEHUILHOHQNRPPHQPLUUHFKW VHOWVDPH9HUPXWXQJHQ$UPDQFN:HQQVLHULFKWLJVHLQVROOWHQVWHKHQPLUHLQLJH VFKZHUH7RQWDVEHYRU2GHUVROOWHQ6LH7DWRQRFKQLHPDOVHWZDVYRQGHQ.UDODVHQHQ JHK|UWKDEHQ"´ 'DLVWHUZLHGHUGHU$XVGUXFN)DUWXORRQKDWWHLKQVFKRQHLQPDOJHEUDXFKWDOVHU 9DIURQXQGGHVVHQ0lQQHULQGHU:VWHVDK,FKKDWWHLKQQLHYRUKHULQPHLQHP/HEHQ JHK|UWXQGDXFK(LVNUDOOHVFKLHQQLFKW]XZLVVHQXPZHQHVVLFKGDEHLKDQGHOWH ³.UDODVHQHQ"´GHKQWHGHU7DWRVFKHLQEDUEHIUHPGHWDEHULFKVDKVHLQHP *HVLFKWDQGDHUJHQDXZXWHZRYRQ)DUWXORRQVSUDFK ³-DGLH.UDODVHQHQ´ZLHGHUKROWHPHLQ3IOHJHYDWHUZWHQG$EHULQVHLQHU 6WLPPHVFKZDQJSO|W]OLFKQRFKHWZDVDQGHUHVDOVKLOIORVH:XWPLW,FKHUNDQQWHHV VRIRUW(VLVW$QJVW³'LHJUDXVDPVWHYHUNRPPHQVWHXQGYHUZHJHQVWH6|OGQHUWUXSSH XQVHUHVKRFKJHOLHEWHQ+|FKVWHGOHQ'LH%OXWKXQGHGHV,PSHUDWRUV,KU$QIKUHULVW´ (UVWRFNWHSO|W]OLFKXQGVWDUUWHGHQ7DWRPLWZHLWDXIJHULVVHQHQ$XJHQDQ(U KROWHWLHI/XIWXQGVFKZLHJ0LUVHOEVWVWRFNWHGHU$WHP ,FKKDEHGRFKVFKRQYRQGHQ.UDODVHQHQJHK|UWGXUFKIXKUHVPLFKDEHUGDV ILHOPLUHUVWLQGLHVHP$XJHQEOLFNHLQLQGHP)DUWXORRQVLHDOV6|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¶7XVVDQRKQHHLQHQKRKHQ3UHLVEH]DKOHQ]XPVVHQ²KlXILJPLWVHLQHP /HEHQ ³-D´VDJWHGHU7DWRODQJVDP³(UVHOEVW´ $XIGHUDQGHUHQ6HLWHGHV6DDOVYRQXQVHUHP9HUVWHFNDXVJXW]XVHKHQ VWDQGHQ]ZHL3RVWHQQHEHQHLQHP3RUWDOGHVVHQ)OJHOMHW]WDXIVFKZDQJHQ:HQLJH $XJHQEOLFNHVSlWHUNDPHLQ0DQQKHUHLQGHUVRKDJHUXQGGUUZDUZLHLFKQRFKQLHLQ
'HU.ULVWDOOSULQ]
M
$WODQ
PHLQHP/HEHQHLQHQ$UNRQLGHQJHVHKHQKDWWH(UPDFKWHGUHLRGHUYLHU6FKULWWHLQGHQ 6DDOGDQQEOLHEHUVWHKHQ6HLQH%HZHJXQJHQZDUHQPHUNZUGLJUXFNDUWLJVRDOVVHL HUHLQHDXIJH]RJHQH3XSSH:DVPLUVRIRUWDXIILHOZDUGLH7DWVDFKHGDHUNHLQH $XJHQ]XKDEHQVFKLHQ'RUWZRVLHKlWWHQVHLQVROOHQVDHQ]ZHLWULFKWHUI|UPLJH HWZDYLHURGHUIQI=HQWLPHWHUODQJH0HWDOOJHELOGHGLHPLWVLOEHUQHQ.ODPPHUQ YHUEXQGHQZDUHQ'LHVH³%ULOOH´ZXUGHGXUFK5LHPHQDP.RSIIHVWJHKDOWHQ,FK YHUPXWHWHGHVKDOEGDGHU0DQQEOLQGZDUXQGQXUPLW+LOIHVHLQHVVHOWVDPHQ ,QVWUXPHQWVVHKHQNRQQWH1XQNRQQWHLFKPLUDXFKVHLQHUXFNDUWLJHQ%HZHJXQJHQ EHLP*HKHQHUNOlUHQ 7URW]VHLQHUKDJHUHQ)LJXUWUXJHUHLQHHQJDQOLHJHQGH/HGHUNRPELQDWLRQGLH VHLQH'UUKHLWQRFKEHWRQWH6FKRQVHLQ*HVLFKWZLUNWHZLHHLQOHEHQGHU7RWHQVFKlGHO HVZDUHLQJHIDOOHQXQGNQRFKLJ$XIGHP.RSIVDHLQHDEJHJULIIHQH/HGHUNDSSH $XIIlOOLJZDUQRFKHWZDVDQGHUHV(UWUXJHLQHQNOHLQHQXQGKDQGOLFKHQ,PSXOVVWUDKOHU DPUHFKWHQ8QWHUDUPGHUDUWPLW/HGHUVFKODXIHQEHIHVWLJWGDHUGDPLWVFKLHHQ NRQQWHRKQHLKQHUVWDXVHLQHU*UWHOWDVFKH]LHKHQ]XPVVHQ.DXPKDWWHGHU0DQQ GHQ6DDOEHWUHWHQVDKLFKGDV(QWVHW]HQLQGHQ$XJHQPHLQHV3IOHJHYDWHUV.HLQ =ZHLIHOHUNHQQWLKQ ³'HU%OLQGH6RIJDUW´VWLH)DUWXORRQPLWJHSUHWHU6WLPPHKHUYRU$OV$QWZRUW HUKLHOWHU]XHUVWHLQKlPLVFKHV.LFKHUQ'DEHLPDFKWHGHU0DQQZLHGHUHLQLJH6FKULWWH ELVHUGHQ7LVFKHUUHLFKWH6HLQHOLQNH+DQGWDVWHWHEHUGLH+RO]SODWWHGDQQHUVWVHW]WH HUVLFKLQHLQHQGHU6HVVHOQDFKGHPHULKQHLQ6WFN]XUFNJHVFKREHQKDWWH(U VWUHFNWHGLH%HLQHZHLWYRQVLFKXQGPXVWHUWH)DUWXORRQPLWVHLQHQNQVWOLFKHQ$XJHQ ³'LH6SXUZDUDOVRULFKWLJ´VDJWHHUPLWHLQHU.lOWHLQVHLQHU6WLPPHGLHPLFK VFKDXGHUQOLH:DVZLOOGLHVHV8QJHKHXHUYRQ)DUWXORRQGHUPLULPPHUHLQJWLJHU 3IOHJHYDWHUXQG)UHXQGJHZHVHQLVW"³(VKDWODQJHJHGDXHUWELVLFKGLFKIDQG´VDJWH GHU%OLQGH6RIJDUWXQGEHWUDFKWHWHVHLQ2SIHUPLWGHQNQVWOLFKHQ$XJHQGLHVHLQH +lOLFKNHLWQXUQRFKPHKUKHUYRUKREHQ³,FKKDEHGLUHLQHQ%HIHKOXQVHUHV,PSHUDWRUV ]XYHUOHVHQXQGLFKELQVLFKHUGDGXPLUHLQHQZHUWYROOHQ+LQZHLVJHEHQNDQQVW :HQQQLFKWVRZLUVWGXHVEHUHXHQ(VZLUGNHLQ1DPHJHQDQQWNHLQH(LQ]HOKHLW QLFKWV,FKELQEHU]HXJWGXZHLWDXFKVRZDVXQGZHUJHPHLQWLVW%LVWGXEHUHLW"´ )DUWXORRQYHUPRFKWHQLFKWHLQPDO]XQLFNHQ:LHJHOlKPWVDHULQVHLQHP 6HVVHO6HLQVRQVWVRIHWWHVXQGOHEHQVOXVWLJHV*HVLFKWZLUNWHWURW]GHVVFKZDU]HQ 9ROOEDUWVDXIHLQPDOKDJHUXQGYHUIDOOHQ(UVFKLHQ]XZLVVHQGDVHLQH/DXIEDKQ]X (QGHZDU,FKEHZXQGHUWHLKQWURW]GHPLQGLHVHQVFKLFNVDOVVFKZHUHQ$XJHQEOLFNHQ REZRKOLFKQLFKWVYRQGHPEHJULIIZDVGDXQWHQLQGHP6DDOYRUVLFKJLQJ$EHU )DUWXORRQKDWWHWURW]VHLQHU$QJVWLPPHUQRFKGHQ0XWHQGOLFKPLWHLQHP1LFNHQGHV .RSIHV]XHUNOlUHQGDHUEHUHLWVHLGLH%RWVFKDIWGHV,PSHUDWRUV]XYHUQHKPHQ 'HU%OLQGHVDJWH³6LHODXWHW'HU.ULVWDOOSULQ]OHEW%ULQJPLUVHLQHQ.RSI´'HU %OLQGH6RIJDUWVDK)DUWXORRQODQJHDQ³.DQQVWGXGDPLWHWZDVDQIDQJHQ9HUUlWHU"´ 2EPHLQ3IOHJHYDWHUHWZDVGDPLWDQ]XIDQJHQZXWHNRQQWHLFKQLFKWEHXUWHLOHQ LFKMHGHQIDOOVNRQQWHHVQLFKW )DUWXORRQVDZLHHUVWDUUWGDQQVSUDQJHUPLWHLQHP6DW]DXIGLH%HLQHXQGULHI ³'HU.ULVWDOOSULQ]VROOQRFKOHEHQ":DVLPPHU6LHDXFKGHQNHQ6RIJDUW6LHN|QQHQ QLFKWDKQHQZLHVHKUPLFKGLHVH1DFKULFKWIUHXW%HGHXWHWVLHGRFKQLFKWPHKUXQG QLFKWZHQLJHUDOVGD2UEDQDVFKROGHU'ULWWH]X8QUHFKWXQVHU,PSHUDWRULVW6HLQ 1HIIH.ULVWDOOSULQ]0DVFDUHQLVWGHUUHFKWPlLJH+HUUVFKHU´(UVHW]WHVLFKZLHGHU
'HU.ULVWDOOSULQ]
M
$WODQ
VFKHLQEDUHUVFK|SIWYRQGLHVHP*HIKOVDXVEUXFKGHULKQ]ZHLIHOORVGDV/HEHQNRVWHQ ZUGH³:DVKDEHLFKGDPLW]XWXQ6RIJDUW"´ $XFKGHU7DWR]HLJWHLQQHUH%HZHJXQJDEHUHUEOLHEUXKLJVLW]HQ,FKEHJDQQLKQ ]XKDVVHQREZRKOLFKVHLQH0RWLYHYHUVWDQG:UGHHUDQGHUVKDQGHOQZUGHHUQLFKW QXUVHLQ/HEHQVRQGHUQDXFKGDVVHLQHU)DPLOLHDXIV6SLHOVHW]HQXQGGDPLWDXFKGDV YRQ)DUQDWKLD ³'HLQH)UDJHLVWEHUIOVVLJ´VDJWHGHU%OLQGHHLVNDOW³'XZHLWJHQDXZDVLFK PHLQHXQGZLHLFKHVPHLQH:LUZHUGHQGHQ.RSIGHV.ULVWDOOSULQ]HQQDFK$UNRQ EULQJHQXQGGXZLUVWXQVGDEHLKHOIHQ´ ³:LHVROOWHLFKGDV"´ ³'DVZHLWGXEHVVHUDOVLFK)DUWXORRQ'XELVWQLFKWXPVRQVWGHU/HLEDU]W *RQR]DOVJHZHVHQEHYRUGLHVHUEHLHLQHPEHGDXHUOLFKHQ-DJGXQIDOOVHLQ/HEHQYHUORU XQGVHLQ%UXGHULKPDXIGHQ.ULVWDOOWKURQIROJWH´ ³'HU8QIDOOZDU0RUG´HUZLGHUWH)DUWXORRQNKOGHUQXQNHLQH+HPPXQJHQ PHKU]XKDEHQVFKLHQVRDOVZROOHHUXQWHUDOOHQ8PVWlQGHQGLH$XIPHUNVDPNHLWGHU .UDODVHQHQDXIVLFKDOOHLQOHQNHQXPHLQHQDQGHUHQ]XVFKRQHQ³8QGYLHOOHLFKWZDUHQ 6LHGHU0|UGHU%OLQGHU6RIJDUW´ 'LH%HWRQXQJLQGHU$QUHGHHQWJLQJPLUQLFKW6LHNDQQWHQHLQDQGHUXQGNRQQWHQ VLFKDXIVROFKH$QGHXWXQJHQEHVFKUlQNHQXPEHLPDQGHUHQHLQH5HDNWLRQ]XHU]LHOHQ (LQHQ$XJHQEOLFNODQJVDKHVVRDXVDOVZROOWHGHUVFKUHFNOLFKH%OLQGHDXIVSULQJHQ DEHUHUEHKHUUVFKWHVLFKHUVWDXQOLFKJXW(UVFKHXFKWHGLHKHUEHLODXIHQGHQ:DFKHQPLW HLQHUKHUULVFKHQ+DQGEHZHJXQJ]XUFN³6RGDVDOVRLVWGHLQHhEHU]HXJXQJXORRQ" 'XZHLWGDGDPLWGHLQ7RGHVXUWHLOJHVSURFKHQZXUGH"´ ³-DGDVZHLLFK%ULQJHQ6LHHVHQGOLFKKLQWHUVLFK´ 'HU%OLQGH6RIJDUWJULQVWHWHXIOLVFK³'DVN|QQWHGLUVRSDVVHQ9HUUlWHU(LQ VFKQHOOHU7RGXQGDOOHVLVWYRUEHLQLFKWZDKU"'XLUUVW:HQQGXVWLUEVWGDQQZROOHQZLU DXFKDOOHXQVHU9HUJQJHQGDUDQKDEHQ'XDXFKQlPOLFKDP7RG$EHUIUDJHPLFK QLFKWZDVYRUKHUVHLQZLUG´ ³,FKZHUGHPLFKKWHQ´VDJWHPHLQ3IOHJHYDWHUPLWHLQHP*OHLFKPXWGHUPLU XQEHJUHLIOLFKZDU hEHUKDXSWEHJULIILFKLPPHUZHQLJHU:DUXPIRUGHUW)DUWXORRQGLHVHQ%OLQGHQVR KHUDXV":DUXPVSULFKWHUVLFKVHOEVWGDV7RGHVXUWHLOLQGHPHUGHQ,PSHUDWRURIIHQ DQJUHLIW":DVEH]ZHFNWHUGDPLW"8QG(UVROOGHU/HLEDU]WGHVIUKHUHQ,PSHUDWRUV JHZHVHQVHLQYRQ*RQR]DO9,,",FKZXWHNHLQH$QWZRUWHQDXIGLH)UDJHQGLHPLU GXUFKGHQ6LQQVFKRVVHQ=XYLHOHVDQ)DUWXORRQZDUJHKHLPQLVYROOGLH*HUFKWHEHU LKQXQGVHLQ9RUOHEHQ/HJLRQ6ROOWHHVVWLPPHQZUGHHLQLJHVYHUVWlQGOLFKHU6RJDU HLQHGHUDUWEHGHXWHQGH6WHOOXQJDP+RIGHV.ULVWDOOSDODVWHVWUDXHLFKLKP]X 'HU%OLQGHEHXJWHVLFKYRU³+|U]X)DUWXORRQLFKPDFKHGLUHLQHQ9RUVFKODJ 'XZLUVWPLUYHUUDWHQZRGHU.ULVWDOOSULQ]VWHFNWXQGLFKZHUGHYHUJHVVHQZDVKLHU HEHQJHVSURFKHQZXUGH,FKODVVHGLFKIUHL´ )DUWXORRQKDWWH]ZHLIHOORVGHQHUVWHQIXUFKWEDUHQ6FKRFNEHUZXQGHQ YHU]LFKWHWHQXQHEHQIDOOVDXIGLHK|IOLFKH$QUHGH³'XZLOOVWPLFKIUHLODVVHQ6RIJDUW" 'DVJODXEVWGXGRFKZRKOVHOEVWQLFKW´-HW]WGX]WHULKQHEHQIDOOV³+LHUVLQGYLHOH =HXJHQDQZHVHQGGHU7DWRXQGGHLQH0lQQHU:LOOVWGXVLHDOOHXPEULQJHQGDPLWVLH VFKZHLJHQ"´(UVFKWWHOWHGHQ.RSI³1HLQPHLQ/LHEHUDXIVRHLQELOOLJHV9HUVSUHFKHQ IDOOHLFKQLFKWKHUHLQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³'XZLUVWPLUVDJHQZRGHU.ULVWDOOSULQ]LVWRELFKGLUGDV/HEHQYHUVSUHFKHRGHU QLFKW$OVRUHGH´ )DUWXORRQOlFKHOWHEHUOHJHQ³6HOEVWZHQQLFKGDVWlWHZHLOLFKHVYLHOOHLFKW ZWHZDVZROOWLKUPLWLKPDQIDQJHQ"´ ³6HLQHQ.RSIGHP,PSHUDWRUEULQJHQZLHGLHVHUHVEHILHKOW´ ³'DQQPWLKULKQVRW|WHQGDGHU.RSIXQEHVFKlGLJWEOHLEW(LQULFKWLJHV .XQVWVWFNZHQQPDQHLQHQ,PSXOVVWUDKOHUEHQW]W´ ³0HLQH/HXWHKDEHQGDVJHEWXQGZHQQHVGLFKLQWHUHVVLHUWZHUGHQZLUHVGLU HLQPDOYRUIKUHQ=XHUVWZHUGHQGLH%HLQH]HUVWUDKOWGDQQ´ ³+|UHQZLUGDPLWDXI6FKHXVDO´EDW)DUWXORRQDQJHZLGHUW³-HGH0KHLVW YHUJHEOLFK,FKZHLZLUNOLFKQLFKWVYRQGHP.ULVWDOOSULQ]HQ$EHULFKNDQQQXUKRIIHQ GDHUQRFKOHEW²GHU*HUHFKWLJNHLWKDOEHU´ ³$XIVHLQHQ.RSIKDWGHU,PSHUDWRUHLQH%HORKQXQJDXVJHVHW]WPLWGHUPDQVLFK HLQHQJDQ]HQ3ODQHWHQNDXIHQNDQQ)DUWXORRQ$EHUGHU.RSIPXXQEHVFKlGLJWVHLQ GDPLWHU]XLGHQWLIL]LHUHQLVW´ ³,FKKDEHQLFKWVGDPLW]XWXQ´ 'HU%OLQGHJULQVWHOLVWLJ³$FKXQGZDUXPYHUVFKZDQGHLQJHZLVVHU/HLEDU]W )DUWXORRQVRSO|W]OLFKXQGVSXUORVDOV2UEDQDVFKROGHQYHUZDLVWHQ7KURQEHVWLHJ"´ ³,FKKDWWHPHLQH*UQGH´ ³6LFKHUXQGLFKNHQQHVLH´ ³(EHQQLFKW'LHGDPDOLJHQ:LUUHQSDWHQPLUQLFKWDOVRYHUOLHLFK$UNRQ,FK IDQGKLHUDXI*RUWDYRUHLQHQHXH+HLPDWXQGHLQHQHXH$UEHLWGLHPLUEHKDJW,FKIKOWH PLFKKLHUZRKODOVRNHKUWHLFKDXFKQLFKWQDFK$UNRQ]XUFN:DVVROOWHLFKGRUW" 9LHOOHLFKWGHQ%UXGHUPHLQHVHKHPDOLJHQ+HUUQEHLEHVWHU*HVXQGKHLWHUKDOWHQGDPLW HUZHLWHUH0RUGHEHIHKOHQNRQQWH"´ 9RQPHLQHP9HUVWHFNDXVNRQQWHLFKEHREDFKWHQGDVLFKGHU%OLQGHQXUQRFK PKVDPEHKHUUVFKWH)DUWXORRQIRUGHUWHLKQPLWMHGHP6DW]QHXKHUDXV,FKEHJDQQ PLFK]XIUDJHQZDUXPHUGDVZRKOWDW:DVKDWHUGDYRQVHLQ/HEHQVROHLFKWIHUWLJ DXIV6SLHO]XVHW]HQ":DUXPYHUVXFKWHUQLFKWHLQ$UUDQJHPHQWPLWGHPXQKHLPOLFKHQ %OLQGHQ]XWUHIIHQGDVEHLGHQGLHQW" ³,FKNHQQHHLQHQHLQVDPHQXQGSDUDGLHVLVFKHQ3ODQHWHQ´VDJWH6RIJDUW VFKOLHOLFKEHWRQWUXKLJ³1LHPDQGGHQLFKGRUWKLQEULQJHQODVVHYHUOlWLKQMHZLHGHU +lWWHVWGX/XVWLKQGLUDQ]XVHKHQ)DUWXORRQ"´ ³'HLQH)ROWHUZHOW"*DQEHUDDQGHU3ODQHWGHUQDPHQORVHQ6FKPHU]HQ":DUXP QLFKW%OLQGHU6RIJDUW"(UZUGHPLFKLQWHUHVVLHUHQ,FKIUDJHPLFKQXUZDVGXGRUWYRQ PLUHUIDKUHQP|FKWHVW,FKZHLQLFKWVXQGPHKUNDQQVWDXFKGXQLFKWDXVPLU KHUDXVKROHQ´ ³:LUZHUGHQMDVHKHQ´(UGHXWHWHDXI)DUWXORRQV+DUQLVFK³:DVVROOGHUGLU QRFKQW]HQ"2GHUGHLQH'DJRUNHQQWQLVVH"8QGJDUGDV6FKZHUWGDVGXDQGHLQHU 6HLWHWUlJVW",FKODVVHHVGLUGHQQZDVKLOIWHVGLUJHJHQXQVHUH,PSXOVVWUDKOHU"(VKLOIW GLUJHQDXVRZHQLJZLHGHLQH$XVUHGHQ,FKZHUGHGLH:DKUKHLWHUIDKUHQ,FKJHEHGLU IQI7RQWDV=HLW´ ³=HLW²ZR]X"´ ³=XP1DFKGHQNHQ9HUUlWHU=XP1DFKGHQNHQGDUEHUREGXKLHUDXIGLHVHU VFK|QHQ:HOWZHLWHUKLQDOV$U]WDUEHLWHQP|FKWHVWRGHUREGXPLWPLUNRPPVWXP PHLQHQ3DUDGLHVSODQHWHQNHQQHQ]XOHUQHQ,VWGDVNODUJHQXJ)DUWXORRQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
³=LHPOLFKNODUQXUJODXEHLFKGLUQLFKW6HOEVWZHQQLFKHWZDVZWHXQGHVGLU VDJHQZUGHNRPPVWGXNDXPDXIGHQ*HGDQNHQPLFKDP/HEHQ]XODVVHQ´ ³:HQLJVWHQVZUGHVWGXVFKQHOOVWHUEHQ´VDJWHGHU%OLQGH(UVWDQGDXIXQGJDE VHLQHQ:DFKHQHLQHQ:LQN'DQQZDQGWHHUVLFKDQGHQ7DWRGHUELVKHUQRFKNHLQ HLQ]LJHV:RUWJHVDJWKDWWH³7DWR6LHZHUGHQVRIUHXQGOLFKVHLQPLUGDVEHVWHXQG VLFKHUVWH9HUOLHVGLHVHVDEVRQGHUOLFKHQ3DODVWHV]X]HLJHQLQGHPGHU*HIDQJHQH ZDUWHQNDQQ,FKZLOOQLFKWGDLKPHLQ/HLGJHVFKLHKW,FKEUDXFKHLKQQRFK8QGYRU DOOHQ'LQJHQ´6HLQH6WLPPHZXUGHGURKHQGHU³XQGYRUDOOHQ'LQJHQZLUGLKQGHU ,PSHUDWRUQRFKEUDXFKHQ´ $XFKGHU7DWRVWDQGPLWVWHLIZLUNHQGHU%HZHJXQJDXI6HLQ%OLFNVWUHLIWH )DUWXORRQQXUNXU]YROOHU0LWOHLGXQG%HGDXHUQ³'LHXQHUIRUVFKWHQ7LHIHQGHV7DUNLKO VWHKHQ]X,KUHU9HUIJXQJ(UKDEHQHU6RIJDUW´VDJWHHUXQWHUZUILJXQGYHUEHXJWH VLFK³,FKZHUGH6LHLQGHQ%ODXHQ7UDNWIKUHQ´ 'DQDFKZXUGHNHLQ:RUWPHKUJHVSURFKHQ'LH:DFKHQIKUWHQPHLQHQ 3IOHJHYDWHUDXVGHP6DDO'HU%OLQGH6RIJDUWXQG'HFODQWHUIROJWHQLKQHQHEHQVR VFKZHLJVDP :LUZDUWHWHQHLQH:HLOHELVVLFKGLH6FKULWWHHQWIHUQWKDWWHQGDQQ]RJLFK (LVNUDOOHHLQ6WFN]XUFNELVZLUYRUMHGHP/DXVFKHUVLFKHUZDUHQ³:DVKlOWVWGX GDYRQ")DUWXORRQLVWYHUORUHQZHQQZLULKPQLFKWKHOIHQ´ ³:LUZHUGHQLKPKHOIHQ´VDJWH(LVNUDOOHHQWVFKORVVHQ³2GHUJODXEVWGXLFK ZUGHHLQHQJXWHQ)UHXQGHLQIDFKLP6WLFKODVVHQQXUZHLOPDQHWZDVYRQLKPZLVVHQ ZLOOGDVHUQLFKWZHL"´ ³2EHUZLUNOLFKQLFKWVZHL"´DUJZ|KQWHLFKLQ(ULQQHUXQJYLHOHUUlWVHOKDIWHU $QGHXWXQJHQPHLQHV/HKUPHLVWHUV ³1DWUOLFKQLFKW´(LVNUDOOHIJWHKLQ]X³8QGZHQQHUGRFKHWZDVZHLKDWHU VFKRQVHLQH*UQGHGHQ0XQG]XKDOWHQ,FKYHUWUDXHLKP´ 6LHEULQJHQLKQDOVRLQGLH7LHIHLQMHQH5HJLRQGLHDXFKLFKQLFKWNHQQHXQGGLH ZLUDOOHIUFKWHQ³.RPP(LVNUDOOHJHKHQZLU]XUFN´ :LUDWPHWHQHUOHLFKWHUWDXIDOVZLUZLHGHULPJURHP:RKQUDXPXQVHUHU 8QWHUNXQIWZDUHQXQGGLH7UKLQWHUXQVJHVFKORVVHQKDWWHQ,FKKROWHHLQLJH (UIULVFKXQJHQGHQQ]XHLQHUDQVWlQGLJHQ0DKO]HLWYHUVSUWHQZLUEHLGHNHLQHQ ULFKWLJHQ$SSHWLW1RFKHLQPDOJLQJHQZLUGLHIUXQVXQEHJUHLIOLFKHQ(UHLJQLVVHGXUFK GLHPLWDOOHU'HXWOLFKNHLW]HLJWHQGDPHLQ3IOHJHYDWHUVLFKQLFKWVFKHXWHGHQ ,PSHUDWRUDQ]XJUHLIHQXPYRQHLQHUDQGHUHQ6DFKHDE]XOHQNHQ (ULVWGHU*HIDQJHQHGHV%OLQGHQ6RIJDUW$EHUZLUKDEHQQRFKIQI7RQWDV )DPDWKLD0HUNZUGLJGDVLHPLUJHUDGHLQGLHVHP$XJHQEOLFNHLQILHO)UVLHEHVWDQG NHLQH*HIDKUVRODQJHVLFKLKU9DWHUDXVGHUJDQ]HQ6DFKHKHUDXVKLHOW:HQQLFKVLH DEHUKLQHLQ]RJZDUDXFKLKU/HEHQJHIlKUGHW$XIGHUDQGHUHQ6HLWHNRQQWHLFK )DUWXORRQQLFKWLP6WLFKODVVHQ0XLFKGHVKDOE(LVNUDOOHLQPHLQHJHKHLPVWHQ*HIKOH HLQZHLKHQ"'DVZLOOLFKHLJHQWOLFKDXINHLQHQ)DOO'LHVHUOHEHQGLJH(LVEORFNZHLQLFKW HLQPDOZLUNOLFKZDV*HIKOHVLQG /DXWVDJWHLFK³:LUPVVHQ)DUQDWKLDIUDJHQ´ ³'LH7RFKWHUGHV7DWR"´ ³'XZHLWGDLFKPLWLKUEHIUHXQGHWELQ´ ³1DVLFKHUZHUZHLGDVQLFKW",KUNHQQWHXFKYRQ.LQGKHLWDQ$EHUZDVKDW GDVPLW)DUWXORRQ]XWXQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
³,FKZHLGDVLHYLHOHGHUWLHIHQ5HJLRQHQGHV7DUNLKOEHVVHUNHQQWDOVLFK ZHQLJVWHQVYRP+|UHQVDJHQ6LHNDQQXQVYHUUDWHQZRGHU%ODXH7UDNWLVWGHUDOV *HIlQJQLVLKUHV9DWHUVJHQXW]WZLUG´ ³6WLPPWGHU%ODXH7UDNW´(LVNUDOOHQLFNWH]XVWLPPHQG³:LUN|QQHQVLHIUDJHQ´ ³'XZDUWHVWKLHU´VDJWHLFK$OOHVPXWHHUMDQLFKWZLVVHQ³,FKJHKH]X )DUQDWKLD:LUZHUGHQMDVHKHQREVLHXQVKHOIHQZLOO´ ³6HLYRUVLFKWLJ´ZDUQWH(LVNUDOOH³$XIGDVZHLEOLFKH*HVFKOHFKWLVWNHLQ9HUOD´ ,FKJULQVWHYHUOLHXQVHUHQ:RKQWUDNWXQGQDKPGHQRIIL]LHOOHQ:HJ(VZDU QLFKWXQJHZ|KQOLFKGDLFKWDJVEHUGLH7RFKWHUGHV7DWRDXIVXFKWHDXFKMHW]WQLFKW GDZLUlOWHUXQGUHLIHUJHZRUGHQZDUHQ-HGHUZXWHGDZLUVFKRQDOV.LQGHU ]XVDPPHQJHVSLHOWKDWWHQXQGDXFKKHXWHQRFKIDVWXQ]HUWUHQQOLFKZDUHQ:DUXPDOVR VROOWHLFKVLHQLFKWEHVXFKHQ",FKEHJHJQHWHQLHPDQGHP)DUQDWKLDEHZRKQWHLKUH HLJHQHQ5lXPHGLHDQGHQDXVJHGHKQWHQ:RKQEHUHLFKLKUHU(OWHUQDQJUHQ]WHQ(V KDWWHVLHQLHLP/HEHQJHVW|UWGDVLHHLQHQ9DWHUXQG]ZHL³0WWHU´KDWWHYRQGHQHQ DOOHUGLQJVQXUGLHHLQHLKUHULFKWLJHZDU,KUH(U]LHKXQJZDUWURW]GHPVWUHQJJHZHVHQ XQGQLHPDOVKDWWHVLHHVJHZDJWJHJHQGHQ:LOOHQLKUHU(OWHUQ]XKDQGHOQ'HQQRFK EHVDVLHLKUHQHLJHQHQ.RSIXQGDXFKLKUH*HKHLPQLVVH 9RUVLFKWLJNORSIWHLFKDQLKUH7XU6LH|IIQHWH0LWLKUHQIQI]HKQ$UNRQMDKUHQZDU VLHIDVWHUZDFKVHQ=LHUOLFKJHEDXWXQGHLQVVLHE]LJJURHPSIDQGLFKVLHDOVVHKU ZRKOSURSRUWLRQLHUW,KUH$XJHQVWUDKOWHQKHOOURWGDVVLOEHUIDUEHQH+DDUUHLFKWHLKUELV]X GHQ6FKXOWHUQKHUDE ³'X$WODQ",FKGDFKWHGXZlUHVWPLWGHP%DXFKDXIVFKQHLGHU´6LHZXWHGD ZLUQDFKGHP1RWUXILQGLH6SLQQHQZVWHDXIJHEURFKHQDUHQXQGVFKLHQPLFKQRFK QLFKW]XUFNHUZDUWHW]XKDEHQ ³%LWWH)DUQDWKLDVWHOOMHW]WNHLQH)UDJHQ.RPPPLW´ ³:RKLQ"´ ³,Q)DUWXORRQV:RKQXQJ,FKPXPLWGLUUHGHQ´ ³6RZLFKWLJ"´6LHOlFKHOWHVFKHOPLVFK³:DVLVWHVGHQQ"´ ³:LUGUIHQNHLQH=HLWYHUVlXPHQNHLQH0LOOLWRQWD=LHKGLUZDUPH6DFKHQDQ YLHOOHLFKWZLUGHVNKOGRUWZRKLQZLUJHKHQPVVHQ8QGVWHOOMHW]WNHLQH)UDJHQPHKU 'DV/HEHQPHLQHV9DWHUVKlQJWGDYRQDE´ ³,FK]LHKPLUQXUVFKQHOOHWZDVEHU´ ,FKVWDQGDXIGHP.RUULGRUXQGODXVFKWHQDFKEHLGHQ6HLWHQ-HGHQ$XJHQEOLFN JODXEWHLFKHLQHQGLHVHU.UDODVHQHQDXIWDXFKHQ]XVHKHQ'DVZDUQDWUOLFK EHUWULHEHQPHLQH6RUJHXP)DUWXORRQZXFKVIDVW]XP9HUIROJXQJVZDKQDXV(QGOLFK KXVFKWH)DUQDWKLDDXVGHU7UGLHVLFKKLQWHULKUVFKOR6LHWUXJHLQHQZDUPHQ0DQWHO XQGHLQHQKHOOEODXHQ6FKDOGHQLFKVFKRQNDQQWH,KU*HVLFKWYHUULHW1HXJLHUXQG %HVRUJWKHLW ³:DVLVWGHQQPLWGHLQHP9DWHU"´ ³.RPPVWHOOMHW]WNHLQH)UDJHQ´6LHIROJWHPLUJHKRUVDPDEHUHVEOLHEPLUNHLQH =HLWPLFKGDUEHU]XIUHXHQGDVLHPLUVRYHUWUDXWH(VVWDQGPHKUDXIGHP6SLHODOV XQVHUH)UHXQGVFKDIWXQVHU9HUWUDXHQXQGYLHOOHLFKWXQVHUH/LHEH:LUHUUHLFKWHQ XQVHUHQ:RKQWHLO(LVNUDOOHVDLQHLQHP6HVVHOXQGEOLFNWHXQVHQWJHJHQ ³,FKEHJUHGLFK(UODXFKWH)DUQDWKLD´VDJWHHUHUOHLFKWHUWXQGVWDQGDXIXPLKU GHQ0DQWHODE]XQHKPHQ,FKKLHOWGLHVH*HVWHIUUHLQH=HLWYHUVFKZHQGXQJ8QV
'HU.ULVWDOOSULQ]
M
$WODQ
EOLHEHQQXUQRFKYLHUHLQKDOE7RQWDV³6HW]GLFKXQGK|UJXW]XRGHUKDW$WODQGLUVFKRQ DOOHVEHULFKWHW"´ ³hEHUKDXSWQLFKWVKDWHUJHVDJW(LVNUDOOH(ULVWVWXPPZLHHLQWRWHU.UHHO´ ³'DVVLHKWLKPlKQOLFK´PHLQWH(LVNUDOOHXQGVDKPLFKGXUFKGULQJHQGDQ ZlKUHQGLFKQXUPLWGHQ6FKXOWHUQ]XFNWH ³+|UWDXIPLWGHQHZLJHQ$QVSLHOXQJHQHU]lKOWPLUHQGOLFKZDVEHUKDXSW SDVVLHUWLVW´ :LUEHULFKWHWHQ6LHVDQXUVWXPPGDXQGODXVFKWH$OVLFKGHQ³%ODXHQ7UDNW´ HUZlKQWHXQGVLHGDEHLIUDJHQGDQVDKZXUGHLKU*HVLFKWQDFKGHQNOLFK'DQQZXUGHHV EHVRUJWXQGVFKOLHOLFKZXUGHHVZHLYRU6FKUHFN³'HU%ODXH7UDNW"´6LHVDKXQV IXUFKWVDPDQ³$WODQGDZDUHQVRJDUZLUQRFKQLFKWREZRKOZLUGDV7DUNLKOEHVVHU]X NHQQHQJODXEHQDOVMHGHUDQGHUH,FKK|UWHGDYRQDEHUGDVLVWDXFKDOOHV´ ³:ROLHJWHU"´IUDJWHLFK 6LHGHXWHWHPLWGHU+DQGDXIGHQ)XERGHQ³'RUWLUJHQGZRGRUWXQWHQ0HLQ 9DWHUOlWYRQGHQ/HLEJDUGLVWHQ9HUEUHFKHUXQG*HIDQJHQHGRUWKLQVFKDIIHQXQG HLQVSHUUHQ(VPXVFKUHFNOLFKLQGHQ9HUOLHVHQVHLQ$XFKVROOHVGRUW*HLVWHUJHEHQ´ 'LH*HLVWHUGHUOlQJVWYHUVWRUEHQHQXQGYHUVFKROOHQHQ(UEDXHUGHV7DUNLKO VROOWHQLQGHQ7LHIHQLKU8QZHVHQWUHLEHQKLHHV9LHOOHLFKWVWLPPWHGDVYLHOOHLFKW DXFKQLFKW9LHOH*HUFKWHXQGDXIJHEDXVFKWH(U]lKOXQJHQZDUHQLP8PODXI YHUPXWOLFKPLWHLQ*UXQGZHVKDOEQLFKWPHKU$UNRQLGHQXQG*RUWDYRUHULP7DUNLKO OHEWHQXQGZRKQWHQ(LVNUDOOHVWUDQVSDUHQWHV*HVLFKWEHU]RJVLFKPLWHLQHU$UWJUDXHP JHNUlXVHOWHP%HODJHUZDUPDQFKPDOQRFKDEHUJOlXELVFKHUDOVYLHOH%HZRKQHUGLHVHU +LQWHUZHOWDP5DQGHGHV*URHQ,PSHULXPV ³/DVVHQZLUGLH*HLVWHU)DUQDWKLD´VDJWHLFK³'XZHLWGDLFKQLFKWDQVLH JODXEH*lEHHVZHOFKHZlUHQZLULKQHQDXIXQVHUHQ6WUHLI]JHQOlQJVWEHJHJQHW´ 1XQVRJDQ]VWLPPWGDVQLFKW³ ³GDFKWHLFKYRQSO|W]OLFKHQ(ULQQHUXQJHQKHLPJHVXFKW.LQGHUODFKHQKDOOWH GXUFKGLH'XQNHOKHLWHLQH0lGFKHQVWLPPHULHI8QYHUVWlQGOLFKHV'DQQPHLQHUDXKH $QWZRUWHEHQIDOOVHLQYDJHV*HUlXVFKDQ5DQGHPHLQHV:DFKEHZXWVHLQV3O|W]OLFK VDKLFKVLHJHQDXIDVWJUHLIEDUQDKH=Z|OI$UNRQMDKUHDOWZDU)DUQDWKLDGDPDOV,KU /DFKHQWUDIPLFKELVLQV0DUN,FKJODXEWHPLFKVHOEVW]XVHKHQ9LHU]HKQMlKULJVFKRQ KRFKDXIJHVFKRVVHQGDV0lGFKHQXP.RSIOlQJHEHUUDJHQG,FKZXWHJHQDXZDV LFKLQGLHVHP$XJHQEOLFNJHGDFKWKDWWHIKOWHZLHGHUGLH=XQHLJXQJGDV.ULEEHOQLP %DXFKGHQWURFNHQHQ+DOV,KU/DFKHQUHL]WHPLFKHVILHOVFKZHULQLKUHU1lKHHLQHQ NODUHQ.RSI]XEHZDKUHQ²XQGSO|W]OLFKKDWWHLFKHLQH$UW(LVKDXFKYHUVSUWIXKU XQZLOONUOLFKKHUXPVWDUUWHGXUFKGHQ.RUULGRURKQHDOOHUGLQJVMHPDQGHQHQWGHFNHQ]X N|QQHQ6RJDUMHW]WOLHPLFKGLH(ULQQHUXQJDQGHQ(LVKDXFKIU|VWHOQJDQ]LQWHQVLY ZDUGDV*HIKOJHZHVHQYRQ(WZDVRGHU-HPDQGJHVWUHLIWEHUKUWZRUGHQ]XVHLQ YRQMHPDQGHPGHQLFK]XNHQQHQJODXEWH*HLVWHU"8QVLQQ ³'RUWZRHVVLHJLEWVLQGZLUQRFKQLHJHZHVHQ$WODQ´EHKDUUWH)DUQDWKLD ³'DVLVWULFKWLJ6HOEVWZHQQGLH*HLVWHULQGHQWLHIVWHQ5HJLRQHQGHV7DUNLKO KDXVHQEHWULIIWGDVQLFKWGHQ%ODXHQ7UDNW(UGLHQWDOV*HIlQJQLVDOVRNDQQHVGRUW NHLQH*HLVWHUJHEHQ:LOOVWGXXQVGRUWKLQIKUHQ)DUQDWKLD"´ 6LHVWDUUWHPLFKHQWVHW]WDQ³,QGHQ%ODXHQ7UDNW"'DVYHUODQJVWGXYRQPLU"´ ³,FKPXHV)DUQDWKLD'DV/HEHQ)DUWXORRQVKlQJWGDYRQDE,FKPXLKQ EHIUHLHQGDVYHUVWHKVWGXGRFK(ULVWYHUORUHQZHQQZLULKPQLFKWKHOIHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³$EHUGLHVHU%OLQGH´ ³-HGHULVW]XEHUOLVWHQVRJDUHU:LUQHKPHQ/HEHQVPLWWHOXQGHWZDV]XWULQNHQ PLWGDPLWZLUXQVHLQH=HLWODQJLQGHQ*lQJHQGHU7LHIHYHUERUJHQKDOWHQN|QQHQ:LU PVVHQXQVUHFKW]HLWLJHQWVFKHLGHQ:HQQGXQLFKWPLWNRPPHQZLOOVWEHVFKUHLEHPLU ZHQLJVWHQVGHQ:HJDEHUGXPXWGLFKEHHLOHQZHLOHVGDQQOlQJHUGDXHUW´ 6LHVDKPLFKDQIRUVFKHQGXQGYROOHU+LQJDEH6LHYHUWUDXWHPLUDEHUVLHKDWWH DXFKVFKUHFNOLFKH)XUFKWYRUGHPZDVYRUXQVODJ³*XWLFKNRPPHPLWHXFK´VDJWH VLHSO|W]OLFK³8QWHUHLQHU%HGLQJXQJ´ ³8QGGLHZlUH"´HUNXQGLJWHLFKPLFKJHVSDQQW ³0HLQ9DWHUGDUIQLHPDOVHUIDKUHQGDLFKHXFKJHKROIHQKDEH(UZUGHHVPLU QLHPDOVYHU]HLKHQGDLFKHWZDVWDWZRPLWHUYLHOOHLFKWQLFKWHLQYHUVWDQGHQJHZHVHQ ZlUH´ ,FKGXUIWHVLHQLFKWDQOJHQ³'DVN|QQHQZLUGLUQLFKWYHUVSUHFKHQ)DUQDWKLD ZHLOZLUQLFKWZLVVHQZLHGHLQ9DWHUGHQNW²XQGZHLOZLUDXFKQLFKWZLVVHQZLHGDV $EHQWHXHUDXVJHKW9LHOOHLFKWJHOLQJWHVXQV)DUWXORRQ]XEHIUHLHQXQGXQEHPHUNW]X HQWNRPPHQYLHOOHLFKWDXFKQLFKW:LHVROOHQZLUGDQQGHLQH$QZHVHQKHLWHUNOlUHQ"´ 6LHZLFKPHLQHP%OLFNDXV³'DVNDQQGDQQQLHPDQG$EHULFKIKUHHXFK WURW]GHP:DQQ"´ ,FKDWPHWHHUOHLFKWHUWDXIXQGDXFKGDV*HVLFKW(LVNUDOOHVZLUNWHVRDOVKDEHHV MHPDQGPLWHLQHP/HGHUDEJHZLVFKW'HU%HODJZDUYHUVFKZXQGHQ³6RIRUW)DUQDWKLD² XQG,FKGDQNHGLU´ 6LHOlFKHOWHXQGVLHZDUZXQGHUVFK|QZHQQVLHOlFKHOWH ,QDOOHU(LOHSDFNWHLFK/HEHQVPLWWHOXQG*HWUlQNH]XVDPPHQXQGYHUVWDXWHVLH LQHLQHP5FNHQEHXWHOGDQQYHUWHLOWHLFK+DQGODPSHQDQ(LVNUDOOHXQG)DUQDWKLD6LH JLQJYRUZlKUHQGLFKVLFKHUWH'HU.RUULGRUZDUDXFKMHW]WOHHUXQGQLHPDQGZDU]X VHKHQ+DVWLJEHWlWLJWH)DUQDWKLDGHQ0HFKDQLVPXVGHUgIIQXQJGLHLQ³XQVHUHQ´ *HKHLPJDQJIKUWH'HU6RFNHOGUHKWHVLFKXQGVFKQHOOYHUVFKZDQGHQZLULQGHP 7XQQHOGHUXQVHUHEHLGHQ:RKQWUDNWHYHUEDQG'LH2IIQXQJVFKORVLFKZLHGHU,FK ZDU]LHPOLFKYHUEOIIOEHUGLH7DWVDFKHGDHLQ:HJLQGLHXQEHNDQQWH7LHIH DXVJHUHFKQHWEHUXQVHUHQ*DQJIKUWHGHQZLUVFKRQXQ]lKOLJH0DOHEHQXW]WKDWWHQ )DUQDWKLDKDWWHLKU*HKHLPQLVJXWIUVLFKEHKDOWHQ%HL*HOHJHQKHLWPXWHLFKVLH IUDJHQZRKHUVLHLKUH.HQQWQLVVHKDWWHDEHUMHW]WZDUNHLQH=HLWGD]X(LQH:HLOH IROJWHQZLUGHP*DQJ:LUSDVVLHUWHQDXFKMHQH6WHOOHDQGHU(LVNUDOOHXQGLFK JHODXVFKWKDWWHQ-HW]WZDUGHU6DDOOHHU:LUKDVWHWHQZHLWHU)DUQDWKLDYRUDQ6LH |IIQHWHGHQ*HKHLP]XJDQJ]XHLQHP1HEHQJDQJGHUVFKUlJLQGLHXQHUJUQGOLFKH 7LHIHIKUWH ,FKEOLHEVWHKHQXQGOHXFKWHWHLQGHQ7XQQHO³)DUQDWKLDZRKLQIKUWHU"´ ,QLKUHU6WLPPHZDUQLFKWPHKUGDVOHLVHVWH=LWWHUQ³=XP%ODXHQ7UDNWXQWHU DQGHUHP´ ³:HLWHU´VDJWHLFK³:LUKDEHQQXUQRFKYLHU7RQWDV´ ³=HLWJHQXJXPYRU.lOWH]XEHUVWHQ´IOVWHUWH(LVNUDOOH ,FKLJQRULHUWHVHLQH%HPHUNXQJXQGIROJWH)DUQDWKLDGLHZHLWHUJHJDQJHQZDU 'LFKWKLQWHUPLUNDP(LVNUDOOH$OVZLUPHLQHU6FKlW]XQJQDFKHWZDHLQHQ.LORPHWHU ]XUFNJHOHJWKDWWHQEHIDQGHQZLUXQVIDVWGUHLLJ0HWHUXQWHUGHUSODQHWDUHQ 2EHUIOlFKH6HOEVWYHUVWlQGOLFKZDUGHURIIL]LHOOH:HJ]XP%ODXHQ7UDNWNU]HUGHQQ PDQZUGHVLFKZRKONDXPGLH0KHPDFKHQ*HIDQJHQHVRZHLWGXUFKGLHVFKZHU
'HU.ULVWDOOSULQ]
M
$WODQ
EHJHKEDUHQ*HKHLPJlQJH]XVFKOHSSHQ9HUPXWOLFKJDEHVVRJDUHLQHQ/LIWRGHUHLQHQ $QWLJUDYVFKDFKW+RKOKDOOWHQXQVHUH6FKULWWHYRQGHQ:lQGHQXQGGHU'HFNH]XUFN (VK|UWHVLFKVRDQDOVPDUVFKLHUHHLQHJDQ]H7UXSSHGXUFKGLHXQKHLPOLFKH8QWHUZHOW XQGPLUNDPHVYRUDOVN|QQHPDQGDV*HWUDSSHONLORPHWHUZHLWK|UHQ,FKPDFKWH )DUQDWKLDGDUDXIDXIPHUNVDPXQGVLHEOLHEVWHKHQ ³(VGDXHUWQLFKWPHKUODQJHGDQQPVVHQZLUZLUNOLFKYRUVLFKWLJHUVHLQDEHU MHW]WEHVWHKWQRFKNHLQH*HIDKU9RP%ODXHQ7UDNWXQGGHQEHNDQQWHQ:HJHQVLQGZLU GXUFKHLQHGLFNH:DQGJHWUHQQWGLHNHLQ*HUlXVFKGXUFKOlW´ ,FKVDKDXIGLH8KU1RFKGUHLHLQKDOE7RQWDVIDOOVGHU%OLQGH6RIJDUWQLFKWDXI GHQ*HGDQNHQNDPGLH)ULVW]XYHUNU]HQ2KQH$XIHQWKDOWKDVWHWHQZLUZHLWHU,FK HQWVDQQPLFKGHUJUDXHQYROOHQ*HVFKLFKWHQGLHPDQEHUGLHXQHUIRUVFKWH:HOWGHV 7DUNLKOHU]lKOWH9LHOHKDWWHQDQJHEOLFKYHUVXFKWLQVLHHLQ]XGULQJHQXQGNDXPMHPDQG ZDU]XUFNJHNHKUW²HLQDEVFKUHFNHQGHV%HLVSLHOGDVVWHWVVWlUNHUJHZHVHQZDUDOV )DUQDWKLDVXQGPHLQHNLQGOLFKH1HXJLHU=ZHLPDOZDULFKGDEHLDOV)DUWXORRQY|OOLJ DXVJHPHUJHOWHXQGHQWNUlIWHWH*HVWDOWHQEHKDQGHOQPXWHRKQHLKQHQKHOIHQ]X N|QQHQ8QJHDFKWHWGLHVHV6FKLFNVDOVNXUVLHUWHQGHQQRFKPlUFKHQKDIWH%HULFKWHEHU GLH8QWHUZHOWXQGHVZXUGHVRJDUEHKDXSWHWGDHV)OVVHXQGULFKWLJH6HHQKLHU JlEHWLHIXQWHUGHU2EHUIOlFKHGHV3ODQHWHQ$EHUGDUDQNRQQWHLFKQLFKWVRUHFKW JODXEHQ$XFKIUGLHYHUPHLQWOLFKHQ*HLVWHUPXWHHVHLQHYHUQQIWLJH(UNOlUXQJ JHEHQ ,FKVWLHJHJHQ)DUQDWKLDGLHLKUHQ6FKULWWYHUODQJVDPWKDWWH³:LUVLQGJOHLFK GD´VDJWHVLHOHLVH³*LEWHVQRFKHWZDV]XVDJHQ"6SlWHUN|QQHQZLUXQVQLFKWPHKU XQWHUKDOWHQZHLOGHU%ODXH7UDNWVWlQGLJEHZDFKWZLUG(LQH7UHSSHIKUWYRQLKPDXV GLUHNWLQVREHUH7DUNLKO,FKJODXEHQLFKWGDZLUVLHVSlWHUDOV)OXFKWZHJEHQXW]HQ N|QQHQ´ ,FKlUJHUWHPLFKEHUPLFKVHOEVW'DUEHUKDWWHLFKPLUQRFKNHLQH*HGDQNHQ JHPDFKW:HQQZLU)DUWXORRQEHIUHLWKDWWHQEOLHELPPHUQRFK=HLW]XP1DFKGHQNHQ 'LH+DXSWVDFKHLVWZLUKROHQLKQHUVWHLQPDOKHLODXVGHP9HUOLHV ³,VWZDV"´HUNXQGLJWHVLFK(LVNUDOOHKLQWHUPLU ³:LUNRPPHQJOHLFKLQGHQ%ODXHQ7UDNW´NOlUWHLFKLKQDXI ³'DQQKDEHQZLUHVZHQLJVWHQVKLQWHUXQV´ ³,P*HJHQWHLOPHLQ)UHXQGGDQQOLHJWHUVWDOOHVQRFKYRUXQV´GlPSIWHLFKVHLQH JHIlKUOLFKH=XYHUVLFKW(UNOLUUWHYRUVLFKKLQXQGVFKZLHJ )DUQDWKLDJLQJZHLWHU1DFK]HKQ0HWHUQERJGHU*DQJOLQNVDEXQGHQGHWHGDQQ MlKYRUHLQHU:DQG'LH7RFKWHUGHV7DWREOLHEVWHKHQXQGZDUWHWHELVZLUEHLLKU ZDUHQ-HW]WIOVWHUWHVLHQXUQRFK³(LQHJHKHLPH7XUGLHQLHPDQGNHQQW:HQQZLUVLH |IIQHQVLQGZLUEHUHLWVLP%ODXHQ7UDNW$EHUHVJLEW+XQGHUWHYRQNOHLQHQ5lXPHQGLH PDQ]X*HIlQJQLV]HOOHQXPJHEDXWKDW(VZLUGQLFKWOHLFKWVHLQGHLQHQ9DWHU]XILQGHQ $WODQ´ ³'DQQPVVHQZLUHEHQVXFKHQ´ (LVNUDOOHVDJWH³'LHYHUVWlUNWHQ:DFKHQYHUUDWHQVHLQHQ$XIHQWKDOWVRUW´ ³'DVDOOHUGLQJVN|QQWHVHLQ´VWLPPWH)DUQDWKLD]X(KHVLHGLH7U|IIQHWH IUDJWHVLHQRFK³8QGZDVWXQZLUZHQQZLUGHQ:DFKHQEHJHJQHQ":LUKDEHQNHLQH :DIIHQ´ 'DVZDUGHU$XJHQEOLFNLQGHPPLUVLHGHQGKHLHLQILHOGDLFKGHQ ,PSXOVVWUDKOHUYHUJHVVHQKDWWH8QGMHW]WNRQQWHQZLUQLFKWPHKUXPNHKUHQ,FKKlWWH
'HU.ULVWDOOSULQ]
M
$WODQ
PLFKRKUIHLJHQN|QQHQ(LVNUDOOHUHFNWHPLUVHLQH+DQGHQWJHJHQXQGVFKOXJYRU³:LU PDFKHQ(LVDXVLKQHQ´ ³:HQQZLU=HLWGD]XKDEHQ´NQXUUWHLFKZWHQGEHUPLFKVHOEVW³$EHUZLU ZHUGHQVFKRQPLWLKQHQIHUWLJXQGZHQQZLUHUVWHLQHQ3RVWHQHUOHGLJWKDEHQEHVLW]HQ ZLUDXFKHLQH:DIIH´ :LUYHUHLQEDUWHQQRFKHLQLJH=HLFKHQPLWGHQHQZLUXQVODXWORVYHUVWlQGLJHQ NRQQWHQGDQQEFNWHVLFK)DUQDWKLDXPGLH*HKHLPWU]X|IIQHQ9|OOLJJHUlXVFKORV VFKREVLFKGLH:DQG]XU6HLWHXQGJDEGHQ$XVJDQJIUHL'DV0lGFKHQKXVFKWHDOV HUVWHYRQXQVKLQDXVDXIHLQHQVFKZDFKHUOHXFKWHWHQXQGVHKUEUHLWHQ.RUULGRUXQG ZLQNWHXQV]XEHHLOHQ+LQWHUXQVJOLWWGLH0DXHUZLHGHU]XXQGQLFKWGHUJHULQJVWH 6SDOWYHUULHWGDVLFKKLHUHLQH7XUEHIDQG5HJORVVWDQGHQZLUGDJHJHQGLH:DQG JHGUFNW5HFKWVXQGOLQNVJDEHVNHLQH6WHOOHDQGHUZLUXQVKlWWHQYHUVWHFNHQ N|QQHQ:HQQMHW]WMHPDQGNDPZDUHQZLUYHUORUHQHVVHLGHQQHVJHODQJXQVLKQ YRUGHP$ODUPXQVFKlGOLFK]XPDFKHQ=XPHUVWHQPDONDPPLU]X%HZXWVHLQZRUDXI ZLUXQVGDHLQJHODVVHQKDWWHQ%HVRQGHUVVFKZHUZRJGLH7DWVDFKHGDLFK)DUQDWKLD LQJU|WH*HIDKUJHEUDFKWKDWWH:HQQLKUHWZDVSDVVLHUWLVWHVPHLQH6FKXOGXQGLFK ZHUGHPLUPHLQ/HEHQODQJ9RUZIIHPDFKHQ ,FKK|UWH0lQQHUVWLPPHQJHGlPSIWXQGDXVZHLWHU)HUQH6LHNDPHQYRQOLQNV 5HFKWVYHUORUVLFKGHU.RUULGRULQDEVROXWHU)LQVWHUQLV /LQNVKLQJHJHQOHXFKWHWHQLQUHJHOPlLJHQ$EVWlQGHQGLHVFKHLQEDUHZLJ JOLPPHQGHQ4XDGUDWHLQGHQ:lQGHQ'HU%RGHQEHVWDQGDXVKHOOEODXHPVWDWWGHP EURQ]HIDUEHQHQ0DWHULDO²GHVKDOEGHU³%ODXH7UDNW´")DUQDWKLDZLQNWHXQV]XXQG VFKOLFKODXWORVZHLWHUGHQ6WLPPHQHQWJHJHQ0HKUDOVHLQPDOGHXWHWHVLHJHJHQGLH EODQNH%URQ]HZDQGGHV.RUULGRUVXQGJDEPLUGXUFK=HLFKHQ]XYHUVWHKHQGDGRUW HLQH*HKHLPWUZDU$EHUVRVHKULFKDXFKPHLQH$XJHQDQVWUHQJWHHVZDUPLU XQP|JOLFKGDV*HULQJVWH]XHQWGHFNHQ0LUILHOOHGLJOLFKDXIGDVLFKVROFKH6WHOOHQ VWHWVJHQDXLQGHU0LWWH]ZLVFKHQ]ZHL/HXFKWTXDGUDWHQEHIDQGHQ 'DQQK|UWHQZLUSO|W]OLFK6FKULWWH)DUQDWKLDVSUDQJDXIGLHUHFKWH6HLWHZRHLQ 1HEHQJDQJLQGHQ+DXSWNRUULGRUPQGHWH'LHVPDOEUDXFKWHQZLUNHLQH$XIIRUGHUXQJ (LVNUDOOHXQGLFKKXVFKWHQDXIOHLVHQ6RKOHQKLQWHULKUKHUXQGYHUVFKZDQGHQNHLQHQ :LPSHUQVFKODJ]XIUKLQGHPVFKPDOHQ6WROOHQGHUVRQLHGULJZDUGDZLUNDXP VWHKHQNRQQWHQ/HGLJOLFKIU(LVNUDOOHZDUGLH'HFNHKRFKJHQXJ'LH6FKULWWHQlKHUWHQ VLFKXQDXIKDOWVDPEOLHEHQGDQQLQGHU/DXWVWlUNHHLQH0LOOLWRQWDJOHLFKXQGHQWIHUQWHQ VLFKZLHGHU )DUQDWKLDKROWHWLHI/XIWXQGKDXFKWHPLULQV2KU³'LH:DFKDEO|VXQJ:LU PVVHQZDUWHQGHQQGLHDQGHUHQNRPPHQEDOGXQGJHKHQQDFKREHQ:HQLJVWHQV KDEHQZLUQXQGLH*HZLKHLWGDZLUHVQXUPLWHLQHU:DFKPDQQVFKDIW]XWXQKDEHQ´ ,FKQLFNWHXQGJDENHLQH$QWZRUW(VGDXHUWHHLQH=HKQWHO7RQWDELVGLH DEJHO|VWHQ3RVWHQNDPHQ'HPQDFKZDUHQGLH*HIlQJQLVVHPHKUHUHKXQGHUW0HWHU YRQXQVHUHPMHW]LJHQ6WDQGRUWHQWIHUQW:LUKDWWHQQRFKEHUGUHL7RQWDV=HLW'DV VROOWHHLJHQWOLFKJHQJHQ'HQ6FKULWWHQQDFK]XXUWHLOHQKDQGHOWHHVVLFKXP K|FKVWHQVYLHURGHUIQI0lQQHUGLHMHW]WGLH6WXIHQHUUHLFKWHQXQGQDFKREHQJLQJHQ ,KUH6FKULWWHZXUGHQOHLVHUELVVLHHQGOLFKYHUVWXPPWHQ ³-HW]W´IOVWHUWH)DUQDWKLDXQGJLQJDEHUPDOVHQHUJLVFKYRUDQ,FKNRQQWHPLFK QXUEHUVLHZXQGHUQ:DVZDUDXVGHPVRQVWVRVFKFKGHUQHQ0lGFKHQJHZRUGHQ"
'HU.ULVWDOOSULQ]
M
$WODQ
:LHVHKUKDWWHVLHVLFKYHUZDQGHOW8QGDVDOOHVQXUXPPHLQHQ3IOHJHYDWHUDXVGHP *HIlQJQLV]XKROHQ"*DEHVQLFKWQRFKDQGHUH*UQGH" :LUHUUHLFKWHQGLH7UHSSHGLHQDFKREHQIKUWH6LHZDUEUHLWXQGKHOOHUOHXFKWHW ,FKKlWWHJHUQJHZXWZRVLHHQGHWHDEHULFKZDJWHMHW]WNHPH)UDJHPHKU9RUXQV ODJHLQHEHQIDOOVKHOOHU.RUULGRU5HFKWVXQGOLQNVNRQQWHLFKLQUHJHOPlLJHQ $EVWlQGHQYHUJLWWHUWH7XUHQHUNHQQHQGLH]XGHQHLQ]HOQHQ=HOOHQIKUWHQ(LQHQHXH *HIDKU:LUPXWHQDQGLHVHQ7XUHQYRUEHLXQGZHQQLQGHQ=HOOHQGDKLQWHU *HIDQJHQHZDUHQZUGHQVLHXQVXQZHLJHUOLFKVHKHQXQGYLHOOHLFKWVRJDUHUNHQQHQ ,FKJDE)DUQDWKLDHLQ=HLFKHQVWHKHQ]XEOHLEHQXQGVWHOOWHGDQQLQXQVHUHU =HLFKHQVSUDFKHHLQHHQWVSUHFKHQGH)UDJH6LHZLUNWHLPHUVWHQ$XJHQEOLFNEHVWU]W DEHUGDQQJDEVLHPLU]XYHUVWHKHQGDZLUXQVYRUVLFKWLJLPPHUELV]XHLQHPGHU *LWWHUKHUDQVFKOHLFKHQXQGGLHJHIlKUOLFKH6WHOOHPLWHLQHPVFKQHOOHQ6DW]EHUZLQGHQ PXWHQ0|JOLFKH*HIDQJHQHZUGHQGDQQQLFKWVDOVHLQHQ6FKDWWHQVHKHQXQG YLHOOHLFKWDQQHKPHQHLQHUGHU:lUWHUVHLYRUEHLJHODXIHQ'DVZDUPHLQHU0HLQXQJ QDFKNHLQHEHVRQGHUVZLUNXQJVYROOH0HWKRGHDEHUPLUILHODXFKNHLQHEHVVHUHHLQ %HYRUZLUXQVHUHQ0DUVFKIRUWVHW]WHQEHREDFKWHWHQZLUGHQ.RUULGRUGHUYRU XQVODJJHQDXHU(UZDUYLHOOHLFKW]ZHLKXQGHUW0HWHUODQJXQGHQGHWHYRUHLQHUJODWWHQ :DQGRKQH=HOOHQ)DUQDWKLDJDE]XYHUVWHKHQGDHUGRUWLPUHFKWHQ:LQNHOQDFK UHFKWVDEERJXQGZHLWHU0KUWH'DZLUQLHPDQGHQVHKHQNRQQWHQVWDQGIUPLFKIHVW GDVLFK)DUWXORRQQLFKWLQGLHVHP7HLOGHV*HIlQJQLVWUDNWVDXIOLHOW(VZDUGHPQDFK XQQ|WLJGLH=HOOHQKLHU]XNRQWUROOLHUHQ'LH:lUWHUZUGHQ)DUWXORRQV$XIHQWKDOWVRUW YHUUDWHQ :LUQDKPHQQHEHQHLQDQGHU$XIVWHOOXQJXQGDXIHLQ=HLFKHQEHZHJWHQZLUXQV JOHLFK]HLWLJQDFKYRUQXQG³EHUVSUDQJHQ´GLHHUVWHQEHLGHQ=HOOHQ'LH*LWWHUWUHQ ZDUHQVFKPDOVRGDPDQDXVGHU=HOOHKHUDXVQLFKWZHLWQDFKOLQNVRGHUUHFKWVVHKHQ NRQQWHDEHUZHUVLFKDQGLH6WlEHGUFNWHKlWWHXQVYLHOOHLFKWEHPHUNHQN|QQHQ(LQ %OLFNKDWWHPLUZlKUHQGGHV6SUXQJHVMHGRFKJH]HLJWGDEHLGH=HOOHQQLFKWEHVHW]W ZDUHQ(VGDXHUWHODQJHELVZLUGLH]ZHLKXQGHUW0HWHU]XUFNJHOHJWKDWWHQXQGWURW] GLHVHU/DQJVDPNHLWZDUHQZLUDXHU$WHPDOVZLUGLHUHFKWZLQNOLJH%LHJXQJHUUHLFKWHQ 1XQK|UWHQZLUGLH6WLPPHQGHU:lUWHU'LHVPDOOLHLFKQLFKW]XGD)DUQDWKLDGHQ $QIDQJPDFKWH0LWVDQIWHU*HZDOWKLHOWLFKVLH]XUFNXQGOXJWHYRUVLFKWLJXPGLH(FNH :DVLFKVDKOLHPHLQHELVKHULJH=XYHUVLFKWHQGJOWLJVFKZLQGHQ'DV+HU]NORSIWHVR ODXWLQPHLQHU%UXVWGDLFKJODXEWHGLH:lFKWHUGRUWKLQWHQN|QQWHQHVK|UHQ 9RUPLUODJHLQIDVWYLHU0HWHUEUHLWHU.RUULGRUKHOOHUOHXFKWHWXQGPLW=HOOHQWUHQ DXIEHLGHQ6HLWHQ,QHWZD0QI]LJ0HWHUQ(QWIHUQXQJVWDQGHQGUHL.UDODVHQHQXQGHLQ *RUWDYRUHUZDKUVFKHLQOLFKHLQ$QJHK|ULJHUYRQ'HFODQWHUV/HLEJDUGH(VNRQQWHNHLQ =ZHLIHOGDUDQEHVWHKHQGDVLHHLQHGHU=HOOHQEHVRQGHUVJXW]XEHZDFKHQKDWWHQ XQGQRFKZHQLJHU=ZHLIHOEHVWDQGHQDQGHU7DWVDFKHGDHVGLH=HOOHPHLQHV 3IOHJHYDWHUVZDU ,FK]RJGHQ.RSIZLHGHU]XUFNXQGZDJWHHV]XIOVWHUQ³:LHVROOHQZLUDQVLH KHUDQNRPPHQRKQHGDVLHXQVVHKHQ"´ =XPHUVWHQPDOZLUNWHDXFK)DUQDWKLDPXWORV³(VLVWXQP|JOLFK$WODQ'HU .RUULGRULVW]XKHOOHUOHXFKWHWXQGVHOEVWZHQQVLHQLFKWDXISDVVHQN|QQHQVLHXQV NDXPEHUVHKHQ´ ,FKVDKDXIGLH8KU³.HLQHGUHL7RQWDVPHKUGDQQZHUGHQVLHLKQKROHQ:LU PVVHQHVLQHLQHUKDOEHQ7RQWDVFKDIIHQVRQVWKDEHQZLUNHLQHQ9RUVSUXQJ´
'HU.ULVWDOOSULQ]
M
$WODQ
'LH/DJHZDULQGHU7DWKRIIQXQJVORV$EHULFKNRQQWHXQGZROOWHQLFKWDXIJHEHQ (LVNUDOOHOHJWHVHLQHJOlVHUQHQ/LSSHQDQPHLQ2KU³/DWPLFKYRUJHKHQ,FKELQIDVW Y|OOLJWUDQVSDUHQWXQGVLHEHNRPPHQHLQHQKHLOORVHQ6FKUHFNZHQQVLHPHLQH2UJDQH XQG.QRFKHQGXUFKGLH/XIWVFKZHEHQVHKHQ'DQQQXW]WLKUGLH*HOHJHQKHLWXQG NRPPWQDFK´ ,FKEHUOHJWH'DVZDUYLHOOHLFKWGLHHLQ]LJH0|JOLFKNHLW,FKUHFKQHWHGDPLWGD GLH.UDODVHQHQQRFKQLHHLQHQ&KUHWNRUJHVHKHQKDWWHQ8QGVHOEVWZHQQVLHVFKRQ HLQHQLP7DJHVOLFKWJHVHKHQKDWWHQZDULKQHQVHLQ$QEOLFNEHLNQVWOLFKHP/LFKW VLFKHUOLFKXQJHZRKQW:HQQZLULKUHhEHUUDVFKXQJQXW]HQN|QQHQ´*XW(LVNUDOOH DEHUVHLYRUVLFKWLJ9HUJLQLFKWGDVLHVFKZHUEHZDIIQHWVLQG:HQQVLHVLFK]XIUK YRQLKUHP6FKUHFNHUKROHQELVWGXHUOHGLJW6LHZHUGHQGLFKUFNVLFKWVORVW|WHQ´ (LVNUDOOHZLQNWHDE³'DVZROOWHQVFKRQYLHOH´ (LQH%HPHUNXQJGLHPLU]X%HZXWVHLQIKUWHGDHUYLHOlOWHUZDUXQGJHQDX ZLHPHLQ/HKUPHLVWHUVHLQH*HKHLPQLVVHKDWWHEHUGLHHUQLFKWVSUDFK,FKKLHOW )DUQDWKLDV+DQGDOVHUGLH'HFNXQJYHUOLHXQGPLWWHQLP.RUULGRUDXIGLHYLHU:lUWHU ]XPDUVFKLHUWH,QGHU7DWVDKHUPHKUDOVXQKHLPOLFKDXV'DV/LFKWILHOGXUFKVHLQHQ JOlVHUQHQ.|USHUXQGGLH2UJDQH.QRFKHQXQG1HUYHQVFKLHQHQIUHLLQGHU/XIW]X VFKZHEHQ=XXQVHUHP*OFNNDPXQVHLQZHLWHUHU8PVWDQG]X+LOIHGHQQGHU6ROGDW GHV7DWRGUHKWHVLFKXPXQGJLQJLQGLHHQWJHJHQJHVHW]WH5LFKWXQJGDYRQ :DKUVFKHLQOLFKEHUSUIWHHUGHQZHLWHUKLQWHQOLHJHQGHQ7HLOGHV%ODXHQ7UDNWV'LH GUHL.UDODVHQHQEOLFNWHQLKPQDFKXQGZDQGWHQXQVGDKHUGHQ5FNHQ]X (LVNUDOOHNDPELVDXI]HKQ0HWHUKHUDQGDQQVDJWHHLQHUGHU.UDODVHQHQHWZDV ]XVHLQHQ*HIlKUWHQXQGDOVVLHVLFKXPGUHKWHQHUEOLFNWHQVLHGHQ&KUHWNRU)UHLQHQ $XJHQEOLFNVFKLHQHQVLHHUVWDUUWXQGEHZHJWHQVLFKQLFKW$OVVLHVLFKGDQQGRFK UHJWHQHUNDQQWHLFKGDVLHWURW]LKUHVYHUNRPPHQHQ$XVVHKHQV]XHLQHU(OLWHWUXSSH JHK|UWHQ-HGHQIDOOVZDUHQVLHJXWWUDLQLHUWXQGUHDJLHUWHQVFKQHOO$EHU(LVNUDOOHZDU QRFKVFKQHOOHU(UZDUEHLLKQHQHKHVLHLKUH:DIIHQHQWVLFKHUWXQGKRFKJHULVVHQ KDWWHQ*OHLFK]HLWLJUDQQWHLFKKLQWHU(LVNUDOOHKHUXPLKP]XKHOIHQ$OOHLQKDWHUJHJHQ GLHVHGUHL*HJQHUNDXPHLQH&KDQFH ,FKVROOWHPLFKWlXVFKHQGHQQHUKDQGHOWHEHUHLWV0LWEHLGHQ+lQGHQ]XJOHLFK JULIIHU]XXQGSDFNWH]ZHLGHU.HUOHIHVWDP$UP0LWDOOHU.UDIWTXHWVFKWHHUVHLQH )LQJHUXPLKU)OHLVFKXQGVLHEUOOWHQDXIDOVLKUH$UPH]XEODQNHP(LVZXUGHQ6LH OLHHQLKUH,PSXOVVWUDKOHUIDOOHQXQGYHUVXFKWHQPLWGHPSO|W]OLFKHQ6FKPHU]XQG 6FKRFNIHUWLJ]XZHUGHQ'HUGULWWH.UDODVHQHVFKRQRFKDEHUGHU6FKXSDVVLHUWH (LVNUDOOHQXULQXQJHIlKUOLFKHU'LVWDQ]'LHDXVVWUDKOHQGH+LW]HMHGRFKEHZLUNWHGD GHU&KUHWNRUQRFKEHZHJOLFKHUXQGVFKQHOOHUZXUGH9RQGHQQHJDWLYHQ(LQZLUNXQJHQ HLQHVSO|W]OLFKHQ7HPSHUDWXUXQWHUVFKLHGHVNRQQWHLFKMHGHQIDOOVQLFKWVEHPHUNHQ² DXFKGHU$UPGLHVHV0DQQHVHUVWDUUWHVHLQH:DIIHSROWHUWH]X%RGHQ(LVNUDOOHEFNWH VLFKEOLW]VFKQHOOKREHLQHQGHU,PSXOVVWUDKOHUDXIXQGW|WHWHHKHLFKGDJHJHQ SURWHVWLHUHQNRQQWHDOOHGUHL.UDODVHQHQ$OVLFKLKQHQWVHW]WDQVDKPHLQWHHU ODNRQLVFK³6LHZROOWHQXQVHU/HEHQ$WODQXQGZLUQHKPHQGDVLKUH'DVLVWDOOHV´ 9RU(QWVHW]HQEOHLFKHUUHLFKWHXQV)DUQDWKLD)DVVXQJVORVVDKVLHDXIGLHGUHL WRWHQ0lQQHU³:RLVW)DUWXORRQ"´IUDJWHVLHPLWEHOHJWHU6WLPPHXQGHULQQHUWHXQVDQ XQVHUHHLJHQWOLFKH$XIJDEH³:LUPVVHQLKQVXFKHQ´ ³(UNDQQQLFKWZHLWVHLQ´YHUPXWHWHLFK
'HU.ULVWDOOSULQ]
M
$WODQ
³'HU/HLEZlFKWHUPXEDOG]XUFNNRPPHQ´VDJWH(LVNUDOOH³,FKSDVVHDXI ZlKUHQGLKU)DUWXORRQVXFKW´ 'HQYLHUWHQ:lUWHUKlWWHLFKIDVWYHUJHVVHQQXUJXWGD(LVNUDOOHDQLKQGDFKWH =XVDPPHQPLW)DUQDWKLDOLHILFKYRQ=HOOH]X=HOOHELVZLULQGHU]HKQWHQRGHUHOIWHQ PHLQHQ3IOHJHYDWHUIDQGHQ(UVFKLHQYRQGHP9RUIDOOQLFKWVEHPHUNW]XKDEHQGHQQ HUKRFNWHLQHLQHU(FNHVHLQHV9HUOLHVHVXQGVWLHUWHYRUVLFKKLQ(UVDKQLFKWHLQPDO DXIDOVHUXQVHUH6FKULWWHYHUQDKP ³)DUWXORRQ´ULHI)DUQDWKLDHUIUHXWIUVLHZDUHUQLFKWZHQLJHUHLQ³2QNHO´ZLHIU PLFKLKU9DWHU%LVKHXWHKDWWHQZLUIDVW]XU)DPLOLHJHK|UW)DUWXORRQV6WDWXVDOV %DXFKDXIVFKQHLGHUXQG+RIPHGLNHUZDUYRQDOOHQDQHUNDQQWXQGJHVFKlW]WJHZHVHQ (UEOLFNWHDXIXQGVDKXQV,FKKDWWHQLHLQPHLQHP/HEHQHLQHQHUVWDXQWHUHQ *HVLFKWVDXVGUXFNJHVHKHQLQGHQVLFKGDQQ(QWVHW]HQPLVFKWH ³6HLGLKUYHUUFNWJHZRUGHQ"´'DVZDUDOOHVZDVHUVDJWH ³'UHKXQVGHQ5FNHQ]X´EHIDKOLFKLKPXQGKREGHQ6WUDKOHUXPGDV*LWWHU GXUFK]XVFKZHLHQ³(VZLUGHLQZHQLJZDUPZHUGHQ´ )DUWXORRQVFKWWHOWHHQWVFKORVVHQGHQ.RSI³1HLQLFKODVVHPLFKQLFKWYRQHXFK EHIUHLHQ0LWGHUJDQ]HQ6DFKHPXLFKDOOHLQIHUWLJZHUGHQ1RFKN|QQWLKUHXHU/HEHQ UHWWHQXQGHXFKLQ6LFKHUKHLWEULQJHQQLHPDQGZLUGHXFKYHUGlFKWLJHQ´(UVDKPLFK IUDJHQGDQ³:LHKDEWLKUHVEHUKDXSWJHVFKDIIWDQGHQ:lUWHUQYRUEHL]XNRPPHQ"´ ³6LHVLQGWRW´ )DUWXORRQVFKLHQQRFKHUVFKURFNHQHUDOVYRUKHU³'DQQVHLGLKUYHURUHQLKU :DKQVLQQLJHQ:LHNRQQWHWLKUGDVQXUWXQ"´ ³:LUZROOWHQXQGZLUZHUGHQGLFKKLHUKHUDXVKROHQ´VDJWHLFKZWHQGEHU VHLQHQ6WDUUVLQQ³0DFKNHLQH6FKZLHULJNHLWHQXQGGUHKGLFKXP,FKVFKPHO]HGDV *LWWHU´ 'LHVPDOJHKRUFKWHHU(UPRFKWHZRKOHLQVHKHQGDHUNHLQHDQGHUH:DKO KDWWHQDFKGHPZLUGLHGUHL:lFKWHUJHW|WHWKDWWHQ(VGDXHUWHQLFKWODQJHGDQQNRQQWH )DUWXORRQVHLQH=HOOHYHUODVVHQ(UVDK)DUQDWKLDODQJHDQXQGPHLQWHGDQQ³'XKDVW $WODQJHKROIHQ"'DQQELVWGXWDSIHUHUDOVGHLQ9DWHU'XPXWPLFKVHKUJHUQKDEHQ ZHQQGXGDVZDJWHVW´ $POLHEVWHQKlWWHLFKLKPYHUUDWHQGDVLHHVIUPLFKJHWDQKDWWHDEHULFK]RJ HVYRU]XVFKZHLJHQ,Q]ZLVFKHQNHKUWH(LVNUDOOH]XUFNXQGWHLOWHXQVPLWGDHUGHQ YLHUWHQ:lUWHUQLFKWJHIXQGHQKDWWH'HU0DQQGHU/HLEZDFKHPXWHGHQ%ODXHQ7UDNW DOVRDXIHLQHPDQGHUHQ:HJZLHGHUYHUODVVHQKDEHQ)DUWXORRQEHUQDKPMHW]WGLH )KUXQJ³:LUZHUGHQYHUVXFKHQGXUFKHXUHQ*HKHLPJDQJRGHUGLH7UHSSHZLHGHU QDFKREHQ]XJHODQJHQ9LHOOHLFKWN|QQHQZLUXQVHLQH:HLOHLQPHLQHU:RKQXQJ YHUEHUJHQ1LHPDQGZHLZHUGLHGUHL.UDODVHQHQXPJHEUDFKWKDWXQGZHQQPDQ HXFKLQGHU=ZLVFKHQ]HLWQLFKWYHUPLWKDWN|QQWHHVGRFKP|JOLFKVHLQGD´ (UVFKZLHJ8QGHUKDWWHDXFKDOOHQ*UXQGGD]X9RP.RUULGRUKHUHUW|QWHQ 0DUVFKWULWWH(LVNUDOOHKXVFKWHYRUELV]XU%LHJXQJXQGVSlKWHYRUVLFKWLJXPGLH(FNH 'DQQNDPHUVFKQHOOKHUEHLJHODXIHQ³(LQHJDQ]H.RORQQH)DUWXORRQ0LQGHVWHQV ]ZDQ]LJ0lQQHU/HLEJDUGLVWHQGHV7DWRXQG.UDODVHQHQ:DVVROOHQZLUMHW]WWXQ"´ ³/RVKLQWHUPLUKHU,FKZHLHLQHQYRUOlXILJHQ$XVZHJ´ 1DFKHLQLJHU=HLWEHJDQQLFKPLFKGDUEHU]XZXQGHUQZLHJXWVLFK)DUWXORRQ KLHUXQWHQDXVNDQQWH:LUKDWWHQOlQJVWGLH*UHQ]HGHU5HJLRQEHUVFKULWWHQGLH )DUQDWKLDEHNDQQWZDUZHQQDXFKQXUYRP+RUHQVDJHQ:LUGUDQJHQQXQLQDEVROXW
'HU.ULVWDOOSULQ]
M
$WODQ
XQEHNDQQWHV*HELHWYRU0HLQHU0HLQXQJQDFKPXWH)DUWXORRQVFKRQPHKUDOVHLQPDO KLHUXQWHQJHZHVHQVHLQ0LWWUDXPZDQGOHULVFKHU6LFKHUKHLWIKUWHHUXQVDQIDQG VFKPDOH1HEHQVWROOHQXQGJHKHLPH7XUHQGLHHUPLW5RXWLQH]X|IIQHQYHUVWDQG0LU EOLHENHLQH=HLWLKP)UDJHQ]XVWHOOHQDEHULFKQDKPPLUYRUGDVEHLQlFKVWEHVWHU *HOHJHQKHLWQDFK]XKROHQ 6FKOLHOLFKQDFKHLQHPDQVWUHQJHQGHQ0DUVFKGXUFKHLQHQVFKPDHQ*DQJ RKQH/LFKWHUUHLFKWHQZLUHLQHJU|HUH.DPPHUGLH]XXQVHUDOOHU(UVWDXQHQPLWDOWHQ 0|EHOQHLQJHULFKWHWZDU)DUWXORRQEHREDFKWHWHPLWVLFKWOLFKHP9HUJQJHQZLHZLUXQV YHUEOIIWXPVDKHQXQGDXIGLH6FKUlQNH.lVWHQXQG%HWWHQVWDUUWHQ(VZDUQLFKW JHUDGHNKODEHUWURW]GHPIURULFK(LVNUDOOHJLQJHVEHVWLPPWlKQOLFKJDQ]DEJHVHKHQ YRQ)DUQDWKLDGLHOHLVHXQG]LWWHUQGIUDJWH³:RVLQGZLU"´ )DUWXORRQGHXWHWHDXIGLH%HWWHQ³6HW]WHXFK.LQGHUKLHUVLQGZLUYRUHUVWVLFKHU :DVKDVWGXLQGHP%HXWHO$WODQ"´ (UVWMHW]WEHPHUNWHLFKGDLFK+XQJHUKDWWH³=XP*OFNKDEHLFKGDUDQ JHGDFKW´HUZLGHUWHLFKXQGSDFNWHGLH9RUUlWHDXV³$EHUHVZlUHQHWWZHQQGX LQ]ZLVFKHQ)DUQDWKLDV)UDJHEHDQWZRUWHQZUGHVW´ (UNDXWHXQGPHLQWHGDQQ³:RZLUVLQG"1XQZLUEHILQGHQXQVLQGHU7LHIHGHV 7DUNLKOHWZDKXQGHUW0HWHUXQWHUGHU2EHUIOlFKH6HLGEHUXKLJWKLHUZLUGXQVQLHPDQG VXFKHQ$EHUZLUN|QQHQQLFKWHZLJKLHUEOHLEHQ´ ³'HU:HJ]XUFNLVWZHLW´JDE(LVNUDOOH]XEHGHQNHQ )DUWXORRQVFKWWHOWHGHQ.RSI³'XLUUVWPHLQJOlVHUQHU)UHXQG(VJLEWHLQHQ GLUHNWHQ$XIJDQJJDQ]LQGHU1lKHDEHUDXHUPLUVFKHLQWLKQQLHPDQG]XNHQQHQ,Q HLQHUKDOEHQ7RQWDNDQQLFKLQPHLQHU:RKQXQJVHLQXQG]ZDULQPHLQHP 6FKODI]LPPHUGXUFKGLH:DQG:LUVLQGLP.UHLVJHODXIHQXQGEHILQGHQXQVMHW]WXQWHU GHU:RKQXQJGHV7DWR´(UOlFKHOWHXQGGHXWHWHJHJHQGLH'HFNH³6RJDUGLH *HIlQJQLVVHVLQGIDVWVHQNUHFKWEHUXQV´ ³:RKHUZHLWGXGDVDOOHV"´IUDJWHLFKLKQJHUDGHKHUDXV (UVDKPLFKIDVWQDFKVLFKWLJDQ³,FKKDWWHLQGHQYHUJDQJHQHQ-DKUHQYLHO=HLW GDV7DUNLKO]XVWXGLHUHQ,FKZROOWHKHUDXVILQGHQZRKHUHVVWDPPWXQGZHUHVHUEDXWH 8PHVJOHLFKYRUZHJ]XQHKPHQ,FKIDQGHVQLFKWKHUDXVDEHULFKOHUQWHEHLPHLQHQ 1DFKIRUVFKXQJHQIDVWDOOH5HJLRQHQXQG(WDJHQGHV%DXZHUNVNHQQHQ:HQQPDQGDV 7DUNLKONRPSOHWWDXVEDXHQZUGHIlQGHQLQLKPYLHOH0LOOLRQHQ$UNRQLGHQ3ODW]´ ³8QGGXNHQQVWVHLQH*HKHLPQLVVH"´ ³1DWUOLFKQLFKWDOOHDEHUYLHOH´ ,FKKDWWHQRFKHLQHDQGHUH)UDJHDXIGHP+HU]HQXQGZDUQLFKWEHUHLWVLH OlQJHUKLQDXV]X]|JHUQ³:DUXPKDWPDQGLFKYHUKDIWHW"´ (UEHWUDFKWHWHPLFKQDFKGHQNOLFK³6RZHLWLFKHXUHQ%HPHUNXQJHQHQWQHKPHQ NRQQWHZDUWLKU=HXJHPHLQHV9HUK|UV,FKZHLGDHVJHKHLPH*lQJHXQG /DXVFKHUSRVWHQLP5DWVVDDOJLEW'XKDVWDOVRDOOHVHUIDKUHQZDUXPIUDJVWGX"´ ³8QGZDVLVWPLW,PSHUDWRU*RQR]DOV6RKQ"´ ³,FKZHLHVQLFKW´ ³'DQQYHUVWHKHLFKQLFKWZDUXPGLH6SXUGHU6RIJDUWIROJWHDXVJHUHFKQHW]XGLU IKUWH´ ³0HLQ-XQJHGXGDUIVWQLFKWYHUJHVVHQGDLFKYLHOJHVHKHQXQGHUOHEWKDEH ,FKZDU*RQR]DOV/HLEDU]W0LFKZXQGHUWHVQLFKWGD6RIJDUWPLFKYHUIROJWH´
'HU.ULVWDOOSULQ]
M
$WODQ
(LVNUDOOHVFKOXFNWHGHQOHW]WHQ%LVVHQKLQXQWHU,FKNRQQWHGHQ1DKUXQJVEUHL GXUFKVHLQH6SHLVHU|KUHUXWVFKHQVHKHQ³:DVJHVFKLHKWQXQ"%OHLEHQZLUKLHU"´ )DUWXORRQQLFNWHUXKLJ³(VGUIWHLP$XJHQEOLFNGHUVLFKHUVWH3ODW]VHLQGHQZLU XQVYRUVWHOOHQN|QQHQ1XUZHUGHQZLUEDOG+XQJHUEHNRPPHQ,FKZHUGHQRFKKHXWH QDFKREHQJHKHQXQGIU1DFKVFKXEVRUJHQ%HLGHU*HOHJHQKHLWHUIDKUHLFKYLHOOHLFKW ZHOFKH0DQDKPHQQDFKPHLQHU)OXFKWJHWURIIHQZXUGHQXQGZHQPDQYHUGlFKWLJW´ )DUQDWKLDVDJWHEHVWLPPW³'XZLUVWQLFKWJHKHQ)DUWXORRQVRQGHUQPLUGHQ :HJEHVFKUHLEHQ,FKELQXQYHUGlFKWLJXQGMHGHUZHLGDLFKRIWLP7DUNLKO KHUXPVWUHLIH6HOEVWZHQQPDQPLFKHQWGHFNWEHGHXWHWGDVQLFKWV´ ³$XINHLQHQ)DOOGDUIVWGXGLFKHLQHUVROFKHQ*HIDKUDXVVHW]HQ´VDJWHLFK³,FK YHUELHWHHVGLU´ ,KUHUVWDXQWHU%OLFNVWUHLIWHPLFK³9HUELHWHQ"´IUDJWHVLHJHGHKQWXQGOlFKHOWH GDQQ³0LUNDQQQLHPDQGHWZDVYHUELHWHQZHLOLFKIUHLZLOOLJKLHUELQ'HQNWQDFK:HQQ PDQ)DUWXORRQIDWZDUDOOHVXPVRQVWXQGDXFK$WODQXQG(LVNUDOOHZUGHQLQ 9HUGDFKWJHUDWHQ0LUDEHUNDQQQLHPDQGHWZDVYRUZHUIHQ,FKKDEHHLQHQPHLQHU 6WUHLI]JHXQWHUQRPPHQGDVLVWDOOHV´ 2ELFKQXQZROOWHRGHUQLFKWLFKPXWHLKUHU/RJLNUHFKWJHEHQ)DUWXORRQHUJLQJ HVZRKOlKQOLFKGHQQHUEHJDQQRKQHZHLWHUH'LVNXVVLRQLKUGHQ:HJ]XHUNOlUHQ 6FKRQQDFKGHPGULWWHQ6DW]ZLQNWH)DUQDWKLDDE³6FKRQJXW)DUWXORRQLFKNHQQHGLH 6WHOOHXQGYRQGDDQGHQ5FNZHJ]XP:RKQWUDNW(VGDXHUWQLFKWODQJHELVLFK ]XUFNELQ´ ³:LUZHUGHQVRODQJH$QJVWXPGLFKKDEHQ´VDJWH)DUWXORRQVDKVLHDQXQG IJWHHUQVWKLQ]X³(VVHLGHQQGXJLEVWXQVHLQ9HUVSUHFKHQ´ ³(LQ9HUVSUHFKHQ"´ ³'DGXYHUVXFKVWGHLQH:RKQXQJ]XHUUHLFKHQ²XQGVLHQLFKWPHKU9HUOlW 1LHPDQGKDWGHLQH$EZHVHQKHLWEHPHUNWXQGGXZlUVWLQ6LFKHUKHLW:LUGUHLEOHLEHQ KLHU6SlWHUZHQQVLFKGLH$XIUHJXQJJHOHJWKDWJLEVWGXXQVHLQH1DFKULFKW'DQQ VFK|SIWQLHPDQGPHKU9HUGDFKWHQQGXZLHGHUHLQHQ6WUHLI]XJLP7DUNLKOXQWHUQLPPVW´ 6LHVFKWWHOWHGHQ.RSI³'DV9HUVSUHFKHQEHNRPPVWGXQLH2QNHO,FKJHK|UH MHW]W]XHXFKXQGLFKEOHLEHEHLHXFK(UZDUWHWPLFKLQHLQHU7RQWD]XUFNHVN|QQHQ DXFK]ZHLZHUGHQ,FKPXQRFK/HEHQVPLWWHOEHVFKDIIHQ´ (KHZLULKUZHLWHU]XUHGHQNRQQWHQVWDQGVLHDXIXQGYHUVFKZDQGLP DQJUHQ]HQGHQ*DQJ,FKZROOWHVLH]XUFNKDOWHQDEHU)DUWXORRQHUJULIIPHLQHQ$UP ³/DVLH$WODQ6LHKDWLKUHQHLJHQHQ:LOOHQ(VZlUHJXWZHQQZLUXQWHUGHVVHQHWZDV VFKODIHQ:LUZHUGHQEDOGXQVHUHJDQ]HQ.UlIWHEUDXFKHQ´ ,FKEHIROJWHVHLQHQ5DWXQGVWUHFNWHPLFKDXIHLQHPGHU%HWWHQDXV.XU]H=HLW VSlWHUVFKOLHILFKHLQGLH6WUDSD]HQGHUOHW]WHQHLQHLQKDOE3UDJRVIRUGHUWHQLKUHQ7ULEXW 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ 'HU%OLQGH6RIJDUWJDNXQWHU(LQJHZHLKWHQLPJDQ]HQ,PSHULXPDOVGDV JUDXVDPVWH9ROO]DJVRUJDQGHV,PSHUDWRUV(UXQGVHLQH6|OGQHUJUXSSHGLH JHIUFKWHWHQ.UDODVHQHQ$QJHEOLFKEHVDHUVRJDUHLQHQHLJHQHQ3ODQHWHQDXIGHQHU VHLQH*HIDQJHQHQEUDFKWHXPVLHGRUWPLWVHLQHQXQJODXEOLFKHQ0HWKRGHQ]X
'HU.ULVWDOOSULQ]
M
$WODQ
YHUK|UHQ1XUPLWDEVROXWHQ9ROO]XJVPHOGXQJHQNHKUWHHUQDFKHLQHP$XIWUDJ]X 2UEDQDVFKRO,,,]XUXFN8QGHVZDUGHU%OLQGH6RIJDUWGHUYRQVHLQHP+HUPDXIGLH 6XFKHQDFKGHP.ULVWDOOSULQ]HQDXVJHVFKLFNWZRUGHQZDU²XQGGDPLWDXFKQDFK )DUWXORRQ 'DV9RUJHKHQGHV%DXFKDXIVFKQHLGHUVZDUHLQ6SLHOPLWKRKHP(LQVDW] JHZHVHQGHVVHQ$XVJDQJRIWPDOVDXIGHV0HVVHUV6FKQHLGHJHVWDQGHQKDWWH 2UEDQDVFKRO,,,KDWWHEHUDOOVHLQH6SLW]HOVRDXFKLP7DUNLKOXQGHVZDULPPHU]X EHIUFKWHQGDVLH9HUGDFKWVFK|SIWHQ)DUWXORRQKDWWHJHJODXEWGD$WODQVLFKQLFKW YHUUDWHQNRQQWHZHLOHUQLFKWVEHUVHLQH+HUNXQIWZXWH$EHUGDKDWWHGHU %DXFKDXIVFKQHLGHUHLQHVYHUJHVVHQQlPOLFK$WODQVIUKH.LQGKHLWVHULQQHUXQJHQ6LH ZDUHQYHUVFKZRPPHQXQGWDXFKWHQQXUVFKZDFKLQ)RUPYRQ7UlXPHQXQG *HGDQNHQDVVR]LDlRQHQDXI$XFKLQ*HVSUlFKHQPLWGHQ$GHOLJHQGLHVLFKXP$UNRQ XQGGHQ.ULVWDOOSDODVWGUHKWHQKDWWH$WODQRIW$VVR]LDWLRQHQGLHVHLQHIUXKHVWH-XJHQG EHWUDIHQ6HLQH)UDJHQGLHHUDOV.LQGXQGGDQQDOVKHUDQUHLIHQGHU0DQQVWHOOWH PDFKWHQ)DUWXORRQZLHGHUKROW3UREOHPH (LQHV7DJHVZlUHQGLHVHVSRUDGLVFKDXIWDXFKHQGHQ(ULQQHUXQJVIUDJPHQWH EHLQDKH]XP9HUKlQJQLVJHZRUGHQ$WODQHU]lKOWHHLQHP$GHOLJHQPlGHPHUVLFK DQJHIUHXQGHWKDWWHGDHUEHVWLPPWH9RUVWHOOXQJHQYRQ$UNRQ,GHU.ULVWDOOZHOW *RV¶5DQWRQXQGGHP.ULVWDOOSDODVWKDEHREZRKOHUQRFKQLHGRUWJHZHVHQZDUXQG GHQQRFKYRQ'LQJHQEHULFKWHWHGLHGHUgIIHQWOLFKNHLWXQEHNDQQWVHLQPXWHQ 'HU$GHOLJHHLQ*QVWOLQJ2UEDQDVFKROVVFK|SIWHVRIRUW9HUGDFKW'RFKEHYRUHU GLHVHQZHLWHUOHLWHQNRQQWHJHODQJHV)DUWXORRQLKQDXV]XVFKDOWHQ $WODQZDUGHUHLQ]LJH=HXJHIUVHLQH7DW8QGHUIUDJWH)DUWXORRQZDUXPGLHVHU GHQ0DQQJHW|WHWKDWWHGHPHUVHLQH)UHXQGVFKDIWXQGEOLQGHV9HUWUDXHQJHVFKHQNW KDWWH'DPDOVZDU)DUWXORRQQDKHGDUDQJHZHVHQLKPGLHYROOH:DKUKHLW]XJHVWHKHQ $EHUHUWDWHVGDQQGRFKQLFKW'LH9HPXQIWVLHJWHXQGVHLWKHUVDK)DUWXORRQYROO 8QJHGXOGGHU7RQWDHQWJHJHQDQGHPHUVHLQ6FKZHLJHQHQGOLFKEUHFKHQNRQQWH² EDOGZDUGLHVHVFKZHUH=HLWEHUVWDQGHQ ,FKHUZDFKWHDEUXSWDOV)DUQDWKLDGLHEHLGHQ%HXWHOHLQIDFKIDOOHQOLHXQG]X ZHLQHQEHJDQQ,FKVSUDQJYRP%HWWXQGHLOWH]XLKU%HKXWVDPQDKPLFKVLHLQPHLQH $UPH³)DUQDWKLDHVLVWMDDOOHVJXW'XELVWZLHGHUEHLXQVGXKDVWHVEHUVWDQGHQ´ $EHUVLHK|UWHQLFKWDXI]XZHLQHQ,KU.|USHUZXUGHZLHYRQ.UlPSIHQJHVFKWWHOW 9RUVLFKWLJIKUWHLFKVLH]XP%HWWXQGGUFNWHVLHVDQIWQLHGHU³'XPXWGLFKDXVUXKHQ 0lGFKHQ9HUJLGLH$XIUHJXQJ´ )DUWXORRQXQG(LVNUDOOHZDUHQHEHQIDOOVHUZDFKW6LHNDPHQKHUEHLXQG(LVNUDOOH IUDJWHYHUVWlQGQLVORV³:DVKDWVLHGHQQ"´ ,FKZDUILKPHLQHQZWHQGHQ%OLFN]X³'X(LVNORW]´WDGHOWHLFKLKQ³'DVDOOHV JHKWVRJDUPLUDQGLH1HUYHQ´ )DUQDWKLDULFKWHWHVLFKDXI6LHVDKXQVGHU5HLKHQDFKDQ³,FKZHUGHQLHPHKU ]XPHLQHQ(OWHUQ]XUFNNHKUHQN|QQHQ´VDJWHVLHPLWUDXKHU6WLPPHXQGEHJDQQ HUQHXW]XVFKOXFK]HQ³,FKJODXEHLFKKDEHGHQ%OLQGHQ6RIJDUWHUVFKODJHQ(UZROOWH HUZROOWHPLFKLQPHLQHP=LPPHU´ 6LHEUDFKDEXQGVDQNLQGLH3ROVWHU]XUFN)DUWXORRQZDUWRWHQEODJHZRUGHQ XQGVWDUUWHPLFKKLOIORVDQ(LVNUDOOHPDFKWHVLFKXQJHUKUWDQGHQ%HXWHOQ]XVFKDIIHQ XQGXQWHUVXFKWHLKUHQ,QKDOW0HKUPDOVJUXQ]WHHUEHIULHGLJW,FKOHJWH)DUQDWKLDGLH +DQGDXIGLHKHLH6WLUQ³'XPXWGLFKMHW]WDXVUXKHQGDQQNDQQVWGXXQVDOOHV
'HU.ULVWDOOSULQ]
M
$WODQ
HU]lKOHQ(VKDW=HLWK|UVWGX":LUVLQGDOOHLQ6LFKHUKHLW2GHU´,FKHUVFKUDNEHL GHP*HGDQNHQIDVW]X7RGH³2GHULVWGLUMHPDQGKLHUKHUJHIROJWZHLOGXVRDXHU $WHPELVW"´ 6LHVFKWWHOWHGHQ.RSIKLHOWGLH$XJHQMHGRFKJHVFKORVVHQ*HGXOGLJZDUWHWHQ ZLU6LHKDWGHQ%OLQGHQ6RIJDUWYHUOHW]W²RGHUYLHOOHLFKWJHW|WHW"-HGHQIDOOVKDWVLHPLW LKPHLQH$XVHLQDQGHUVHW]XQJJHKDEWXQGLVWLKPHQWNRPPHQ'DQQDOOHUGLQJVNDQQVLH YRUHUVWQLFKW]XUFNNHKUHQYLHOOHLFKWQLHPHKU1XQLVWVLHDXI*HGHLKXQG9HUGHUEPLW XQVYHUEXQGHQ )DUWXORRQIOVWHUWH³6LHPXVLFKHUVWHUKROHQGDQQNDQQVLHEHULFKWHQ´ $EHU)DUQDWKLDVFKOXJGLH$XJHQDXIXQGVFKWWHOWHGHQ.RSI³,FKZLOOMHW]W HU]lKOHQXQGGDQQVFKODIHQ²ZHQQLFKVFKODIHQNDQQ(VLVWEHVVHULKUZLWHVVFKRQ MHW]WGDQQN|QQWLKUEHUOHJHQZLHHVZHLWHUJHKW´ )DPDWKLD6LHIDQGGHQYRQ)DUWXORRQEHVFKULHEHQHQHUVWHQ*HKHLPJDQJPLW GHQQDFKREHQIKUHQGHQ6WXIHQVRIRUWXQGIROJWHLKPELV]XPQlFKVWHQ0HUNPDO 'DQQPXWHVLHHLQ6WFNLQZDDJHUHFKWHU5LFKWXQJODXIHQELVVLHQDFKHLQHUVFKDUIHQ 5HFKWVELHJXQJHLQHQLKUEHNDQQWHQ.RUULGRUEHWUDWYRQGHPDXVVLHLQNQDSS]ZHL =HKQWHO7RQWDLKUH=LPPHUZRKOEHKDOWHQHUUHLFKWH6LH|IIQHWHGLH7UXQGKXVFKWH KLQHLQ*UHQ]HQORVHUOHLFKWHUW]RJVLHGHQ0DQWHODXVOLHVLFKDXILKU%HWWIDOOHQXQG VWUHFNWHVLFKDXV'LH9HUVXFKXQJMHW]WHLQIDFKGLH$XJHQ]XVFKOLHHQXQGDOOHVIU HLQHQE|VHQ7UDXP]XKDOWHQZXUGHEHUJURDEHUGLH6RUJHXPLKUH)UHXQGHZDU JU|HU+DVWLJHUKREVLHVLFKXQGVFKDOWHWHGHQ1DFKULFKWHQNDQDOGHV*RUWDYRU7ULYLGV HLQ 6LHKDWWHGHQ%OLQGHQ6RIJDUWQRFKQLHLQLKUHP/HEHQJHVHKHQDEHU$WODQV %HVFKUHLEXQJYRQLKPJHQJWHLKQVRIRUW]XHUNHQQHQ'HUKlOLFKH$QEOLFN HUVFKUHFNWHVLHGHUDUWGDVLHDPOLHEVWHQGHQ$SSDUDWZLHGHUDEJHVFKDOWHWKlWWHDEHU VLH]ZDQJVLFKGD]XVHLQHQ:RUWHQ]XODXVFKHQ6RIJDUWEHULFKWHWHYRQGHU)OXFKWGHV 9HUEUHFKHUV)DUWXORRQXQGVHW]WHIUGLH:LHGHUHUJUHLIXQJHLQHXQJHZ|KQOLFKKRKH %HORKQXQJDXV&KURQQHUV 'DVPXHUWXQZHLOGHU%DXFKDXIVFKQHLGHUEHUDOOVREHOLHEWLVWXQGLKQNDXP MHPDQGIUHLZLOOLJYHUUDWHQZUGHGDFKWH)DUQDWKLD*OHLFK]HLWLJJDEGHU$QIKUHUGHU JHIUFKWHWHQ.UDODVHQHQGHQDOOJHPHLQHQ$ODUP]XVWDQGEHNDQQWGHQGHU7DWRDXIVHLQ *HKHLDXVJHO|VWKDEH'LH-DJGDXIGHQ(QWIORKHQHQKDWWHEHJRQQHQ)DUQDWKLD DWPHWHDXIDOVGDVZLGHUZlUWLJH*HVLFKWYHUVFKZDQG 6LHHPSIDQGHVDOVZDKUH(UKROXQJQXQHLQHQ2UEWRQGHU/HLEJDUGLVWHQ]X VHKHQGHUGLHIUGHQ$ODUPIDOOEOLFKHQ$QZHLVXQJHQDQGLH%HY|ONHUXQJLP7DUNLKO ZHLWHUJDE(VJLQJGUXQWHUXQGGUEHUGDVPHUNWH)DUQDWKLDEDOG)DUWXORRQPXWHIU 6RIJDUWXQJHKHXHUZLFKWLJVHLQDEHUYLHOOHLFKWZDUHVDXFKQXUGHUJHNUlQNWH6WRO] GLHVHV+HQNHUVYRQ,PSHUDWRU2UEDQDVFKROV*QDGHQGDUEHUGDVHLQ*HIDQJHQHU JHIORKHQZDU 8QYHUPLWWHOWHUNODQJGHU7UVXPPHU)DUQDWKLDVFKUDN]XVDPPHQXQGZDJWH QLFKW]XDWPHQ:DUHQVLHLKUVFKRQDXIGHU6SXU"$EHUGDQQZUGHQVLHQLFKW6LH JLQJXQG|IIQHWH(VZDULKU9DWHU]ZHL*DUGLVWHQQDKPHQKLQWHULKP+DOWXQJDQ(U VFKLHQHUOHLFKWHUWDOVHUVLHVDK ³'XELVWZLHGHUGD"´IUDJWHHUXQGWUDWHLQ)DUQDWKLDVFKORGLH7UXQGIROJWH LKP(UGHXWHWHDXIGDV7ULYLGJHUlW³'XKDVWDOOHVJHK|UW")DUWXORRQLVWJHIORKHQ´ ³-DLFKK|UWHHV9DWHU8QGLFKKRIIHPDQILQGHWLKQQLFKW´
'HU.ULVWDOOSULQ]
M
$WODQ
(UVDKVLFKHUVFKURFNHQXPDOVIUFKWHHUHLQHQKHLPOLFKHQ/DXVFKHU³,P 7DUNLKOKDEHQGLH:lQGH2KUHQ´ZDUQWHHU³6RHWZDVGDUIVWGXQLFKWZLHGHUVDJHQ K|UVWGX"´ ,KUHUXKLJH*HODVVHQKHLWNHKUWH]XUFN³.HLQH6RUJH9DWHUKLHUNDQQXQV QLHPDQGEHODXVFKHQ'XNDQQVWJDQ]VLFKHUVHLQLFKNHQQHGLH*HKHLPQLVVHGHV 7DUNLKO´ (UVFKLHQEHUXKLJWXQGVHW]WHVLFKLQHLQHQ6HVVHO³6HLWURW]GHPYRUVLFKWLJ GLHVHU$EJHVDQGWH2UEDQDVFKROVLVWHLQZDKUHU7HXIHO,FKIUFKWHHUZLUG)DUWXORRQ ZLHGHUHLQIDQJHQ:RZLOOHUGHQQKLQ"'DV7DUNLKOLVWXPVWHOOWGDNRPPWQLHPDQG GXUFK´ ³.RQQWHVWGX2QNHO)DUWXORRQZLUNOLFKQLFKWKHOIHQ9DWHU"´ ³'DPLWKlWWHLFKXQVDOOHLQJU|WHV8QJOFNJHVWU]WPHLQ.LQG1LHPDQG KDQGHOWXQJHVWUDIWJHJHQGHQ:LOOHQGHV,PSHUDWRUV,FKKDEHQLFKWVIULKQWXQN|QQHQ DEHUHVVLHKWQXQJDQ]VRDXVDOVKlWWHQGDVDQGHUHIUPLFKJHWDQ'UHL.UDODVHQHQ ZXUGHQYRQGHQXQEHNDQQWHQ%HIUHLHUQJHW|WHW6RIJDUWWREW(UKDWYHUVSURFKHQGLH %HIUHLHU)DUWXORRQVPLWDXIVHLQHQ)ROWHUSODQHWHQ]XQHKPHQ:DVGDVIUVLHEHGHXWHW ZLVVHQZLUDOOH´ )DUQDWKLDOlFKHOWH³=XHUVWPXHUVLHKDEHQ´ ³'XELVWIURKEHU)DUWXORRQV%HIUHLXQJ"´(UVWDUUWHVLHIUDJHQGDQ³'DQQ]HLJHV QLHPDQGHPDXHUPLU´ ³1DWUOLFKQLFKW:HUPDJHVJHZHVHQVHLQ"´ (U]XFNWHPLWGHQ$FKVHOQ³8EULJHQVZRVWHFNW$WODQ",FKNRPPHHEHQDXV )DUWXORRQV:RKQXQJGDLVWHUQLFKW$XFK(LVNUDOOHLVWYHUVFKZXQGHQREZRKOVLHEHLGH QDFKGHU9HUKDIWXQJGDV7DUNLKOEHWUHWHQKDEHQ´ ³'DV7DUNLKOLVWVHKUJUR9DWHU´ ³-DVHKUJURVRJDUPHLQ.LQG'XNHQQVWQXUHLQHQZLQ]LJHQ%UXFKWHLODEHU ZDKUVFKHLQOLFKLPPHUQRFKPHKUDOVLFK:LHVWHKWHVGDPLW$WODQ"´ 6LHPXWHDXIGHU+XWVHLQ³(UKDWPLFKRIWEHJOHLWHWDEHULFKJODXEHQLFKWGD HUDOOHLQXQGRKQHPHLQH)KUXQJ6WUHLI]JHXQWHUQHKPHQZUGH:DUXPIUDJVWGX 9DWHU"´ ³(VZlUHGRFKQXU]XQDWUOLFKZHQQHUDXIGHQ*HGDQNHQNlPHVHLQHQ9DWHU ]XEHIUHLHQQLFKWZDKU"-HGHQIDOOVPXLFKGDVDQQHKPHQZHQQHUQLFKWEDOGZLHGHU DXIWDXFKW´ ³8QGZHQQHVVRZlUH²ZDVZUGHVWGXWXQ",KQYHUUDWHQ"´ ³1HLQDEHULFKN|QQWHLKPDXFKQLFKWKHOIHQ´ 6LHJODXEWHLKPDXIV:RUW(UZUGHVLFKQHXWUDOYHUKDOWHQQLFKWQXU VHLQHWZHJHQVRQGHUQYRUDOOHQ'LQJHQGHU6LFKHUKHLWVHLQHU)DPLOLHZHJHQ³,FKELQ PGHLFKP|FKWHVFKODIHQ´VDJWHVLH 'HFODQWHUZDUIQRFKHLQHQOHW]WHQ%OLFNDXIGLH7ULYLGSURMHNWLRQGLHLQ6FKULIWIRUP QHXH$QZHLVXQJHQYHUEUHLWHWHVWDQGDXIXQGJLQJ]XU7U³,FKZHUGHZLHGHUQDFKGLU VHKHQ´ 6LHVDKLKPQDFKXQGVLHKDWWHGDVYHU]ZHLIHOWH*HIKOLKQ]XPOHW]WHQPDO JHVHKHQ]XKDEHQ:HQQLFKMHW]WKLHUEOHLEHXQGDOOHVYHUJHVVHZDVPLW$WODQXQG )DUWXORRQ]XVDPPHQKlQJWELQLFKDOOH6RUJHQORV1LHPDQGNRQQWHLKUHWZDVDQKDEHQ QLFKWHLQPDOGHUVFKUHFNOLFKH6RIJDUWXQGVHLQHYHUUXFKWH*DUGH$WODQ6LHVSUDQJDXI XQGYHUULHJHOWHGLH7XUVRUJIlOWLJGDPLWVLHQLHPDQGEHUUDVFKHQNRQQWHGDQQ
'HU.ULVWDOOSULQ]
M
$WODQ
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|IIQHWHGLH7XU² XQGVWDQGYRUGHP%OLQGHQ6RIJDUW )UHLQHQHQGORVVFKHLQHQGHQ0RPHQWZDULKUDOVPVVHVLHGDV%HZXWVHLQ YHUOLHUHQ,KUH.QLHEHJDQQHQ]X]LWWHUQXQGVLHVFKORGLH$XJHQEHLP$QEOLFNGHU KDJHUHQ*HVWDOWXQGGHVVFKUHFNOLFKHQ*HVLFKWHV$EHUGDQQZXUGHLKUYRQHLQHP $XJHQEOLFN]XPDQGHUHQDQGHUHQNODUGDQXQDOOHVHLQ]LJXQGDOOHLQYRQLKUDEKLQJ YRQLKUHU*HLVWHVJHJHQZDUWXQGLKUHP9HUKDOWHQGHPWHXIOLVFKHQ+lVFKHUJHJHQEHU 6LH]ZDQJVLFK]XHLQHP/lFKHOQ ³2K´VDJWHVLHPHKUQLFKW (LQKlOLFKHV*ULQVHQEHU]RJVHLQ*HVLFKWXQGPDFKWHHV]XHLQHU*ULPDVVH ³'DVVFK|QH0lGFKHQZLOOYHUUHLVHQ"´(UGHXWHWHDXIGLH%HXWHO³:LUKDEHQ $ODUP]XVWDQGPHLQ.LQG´ -HQlKHULFKGHU:DKUKHLWPLWPHLQHQ$XVUHGHQNRPPHGHVWRXQYHUGlFKWLJHU ZHUGHLFKZLUNHQGDFKWH)DUQDWKLD³1LFKWYHUUHLVHQ=KGRSDQQXUZDQGHUQ,FK ZDQGHUHLPPHUGXUFKGDV7DUNLKOZHQQLFK/DQJHZHLOHKDEH´ ³6LHN|QQHQPLFK6RIJDUWQHQQHQ´(ULVWXQJHPHLQK|IOLFKIDQG)DUQDWKLDYROOHU :LGHUZLOOHXQGOLHLKQZHLWHUVSUHFKHQ³6LHNHQQHQGDV7DUNLKOVLFKHUOLFKVHKUJXW QHKPHLFKDQ:DUHQ6LHVFKRQHLQPDOLP%ODXHQ7UDNW"´ 6LHVFKWWHOWHVLFKLQHKUOLFKHP(QWVHW]HQ³1HLQGDVLVWQDWUOLFKYHUERWHQ=KGR 6RIJDUW'RUWKLQGDUILFKQLFKWJHKHQ0HLQ9DWHUKDWHVPLUYHUERWHQ´ ³8QG6LHEHIROJHQDOOH9HUERWH"´ ³6HOEVWYHUVWlQGOLFKLFKELQHLQHJHKRUVDPH7RFKWHU´ (UJULQVWHZLHGHU³'HVKDOEZROOWHLFK,KQHQHLQHQ%HVXFKDEVWDWWHQ,KU$XVIOXJ KDWGRFKQRFK=HLWRGHUQLFKW"´ 6LHQLFNWHVWXPPXQGOLHVLFKYRQLKPLQGLH:RKQXQJ]XUFNGUlQJHQIUDJWH lQJVWOLFK³:DVZROOHQ6LHYRQPLU6RIJDUW"´ ³1XUHLQSDDU)UDJHQPHKUQLFKW:DVLVWLQGHQ%HXWHOQ"´ 6LH]|JHUWHXQGGDVZDUHLQ)HKOHU(UQDKPLKUGLH%HXWHODXVGHQ ZLGHUVWDQGVORVHQ+lQGHQXQG|IIQHWHVLH'DQQVDKHUVLHDQXQGMHW]WOlFKHOWHHUQLFKW PHKU³'DVZROOHQ6LHDOOHVDXIHLQHPNOHLQHQ6SD]LHUJDQJYHU]HKUHQ*QlGLJVWH"6LH PVVHQHLQHQXQJHKHXHUJURHQ0DJHQKDEHQ´(UEHXJWHVLFKYRUXQGVWULFKPLW VHLQHUPDJHUHQ+DQGEHULKUHQ%DXFKHKHVLHHVYHUKLQGHUQNRQQWH'DV*ULQVHQ GDVGDV7DWVFKHOQEHJOHLWHWHMDJWHLKU6FKDXGHUEHUGHQ5FNHQ)DUQDWKLDIKOWH GDVLFKGLHIHLQHQ+lUFKHQDXILKUHQ$UPHQDXIULFKWHWHQ³6LHKWDEHUJDUQLFKWVRDXV ILQGHLFK´ )U)DUQDWKLDVFKLHQQXQDOOHVYHUORUHQ]XVHLQ.UDPSIOKDIWVXFKWHVLHQDFK HLQHU$XVUHGH³,FKKDEHPLFKHLQPDOYHULUUW6RIJDUW´VDJWHVLHVRKDUPORVXQG
'HU.ULVWDOOSULQ]
M
$WODQ
XQEHIDQJHQZLHP|JOLFK³XQGIDQG]ZHL3UDJRVODQJQLFKW]XUFN%HLQDKHZlUHLFK YHUGXUVWHWXQGYHUKXQJHUW'DVVROOPLUQLFKWQRFKHLQPDOSDVVLHUHQ´ (UEHWUDFKWHWHGLH/HEHQVPLWWHOYRUUlWH³'DVYHUVWHKHLFK$EHULFKJODXEHHV ,KQHQQLFKW6LHZLVVHQZRVLFKGHUHQWIORKHQH)DUWXORRQYHUERUJHQKlOWXQGZROOHQLKP KHOIHQ)KUHQ6LHPLFK]XLKP´ ³,FKZHLHVZLUNOLFKQLFKW´ (UQlKHUWHVLFKLKUXQGJDELKUHLQHQKHIWLJHQ6WRGHUVLHDXIGDV%HWWZDUI 6FKQHOOVHW]WHHUVLFKQHEHQVLHVRGDVLHQLFKWHQWNRPPHQNRQQWH'LHUHFKWH+DQG PLWGHPDP8QWHUDUPEHIHVWLJWHQ6WUDKOHUZDUNHLQH]HKQ=HQWLPHWHUYRQLKUHP ]LWWHUQGHQ.|USHUHQWIHUQW³5HGHQ6LHVFKRQ7RFKWHUGHVHKUHQZHUWHQ7DWRYRQ *RUWDYRUZHQQ6LHQLFKWZROOHQGDLFK,KQHQZHKWXH´ 6LHDKQWHQLFKWZDVHUYRUKDWWHDEHULKU,QVWLQNWZDUQWHVLH9HU]ZHLIHOW ZDQGHUWHLKU%OLFNXPKHUXQGVXFKWHQDFKHLQHU:DIIHhEHULKUDXIHLQHPVFKPDOHQ %RUGVWDQGHLQHPHWDOOHQH)LJXU6LHZDUHLQH1DFKELOGXQJGHVYLHUEHLQLJHQ DXVJHVWRUEHQHQ7LHUHVGDV=HLFKHQYLHOHU*HKHLPJlQJH6LHZDU]ZDQ]LJ=HQWLPHWHU KRFKXQGVHKUVFKZHU:HQQHVLKUJHODQJVLHPLWHLQHU+DQG]XIDVVHQXQGGHP 9HUKDWHQDXIGHQ.RSI]XVFKPHWWHUQ'HU%OLQGH6RIJDUWPLWVHLQHQPHWDOOLVFKHQ 7ULFKWHUDXJHQVRKDWWH$WODQLKUJHVDJWNRQQWHQLFKWVR³VFKQHOOVHKHQ´ZLHHLQ JHVXQGHU$UNRQLGH'DVNRQQWHGLH5HWWXQJVHLQ ³,FKZLOOQLFKW´ULHIVLHXPLKQQRFKPHKUKHUDXV]XIRUGHUQXQGVHLQH $XIPHUNVDPNHLWDE]XOHQNHQ (UEHXJWHVLFKZHLWHUYRUXQG|IIQHWHLKUHQ0DQWHO'DEHLKDWWHHUVLFKWOLFK0KH GLHHLQ]HOQHQ9HUVFKOVVH]XILQGHQVHLQH)LQJHU]LWWHUWHQYRUSO|W]OLFKHU(UUHJXQJ)U HLQHQ$XJHQEOLFNQXUVDK)DUQDWKLDQLFKWVDQGHUHVDOVGLH/HGHUNDSSHGLHVHLQHQ.RSI EHGHFNWH0LWHLQHP5XFNULFKWHWHVLHVLFKDXIDOVZROOHVLHVLFKZHKUHQXQGDOVHUVLH RKQHDXI]XEOLFNHQQLHGHU]XGUFNHQYHUVXFKWHJULIIVLHPLWGHUUHFKWHQ+DQGQDFKREHQ XQGSDFNWHGLH0HWDOOILJXU0LWDOOHU.UDIWOLHVLHGHQVFKZHUHQ*HJHQVWDQGDXIGLH /HGHUNDSSHIDOOHQ'HU%OLQGH6RIJDUWVDFNWHVRIRUW]XVDPPHQXQGILHOEHUVLH6LH VFKOXJQRFKPDOV]XXQGQRFKPDOV1XUPLW0KHNRQQWHVLHVLFKYRQGHU/DVWEHIUHLHQ 6RIJDUWZDUEHZXWORVRGHUWRWMHGHQIDOOVUKUWHHUVLFKQLFKWPHKUhEHUVHLQH6WLUQ UDQQ%OXWXQGHVZXUGHLPPHUPHKU )DUQDWKLDVFKORLKUHQ%HULFKWPLWGHQ:RUWHQ³,FKZHLZLUNOLFKQLFKWREHUWRW LVWRGHUQLFKW9LHOOHLFKWKDWGLH/HGHUNDSSHGHQ6FKODJJHGlPSIWMHGHQIDOOVZDUHU EHZXWORV$EHUZHQQHUZLHGHU]XVLFKNRPPWGDQQZHLHUGDLKUKLHUXQWHQVHLG (UKDWVFKQHOONRPELQLHUWDOVHUGLH/HEHQVPLWWHOHQWGHFNWH,QDOOHU+DVWKDEHLFKGLH %HXWHOJHSDFNW'LH7UPHLQHU:RKQXQJKDEHLFKPLWGHU.RGHNDUWHYHUULHJHOW'DQQ ELQLFKGDYRQJHODXIHQ'HU5FNZHJYHUOLHIRKQHZHLWHUHQ=ZLVFKHQIDOO´ (LQH:HLOHVFKZLHJHQZLUEHWUHWHQ(QGOLFKVDJWH)DUWXORRQ³'DV7DUNLKOLVWYRQ DXHQDEJHULHJHOW6HOEVWZHQQHVXQVQXQJHOlQJHXQEHPHUNWGLH2EHUIOlFKH]X HUUHLFKHQJlEHHVNHLQH)OXFKW(VJLEWYRUHUVWEHUKDXSWNHLQH)OXFKWQXUHLQ 9HUVWHFNHQ8QG]ZDULQGHQXQEHNDQQWHQ7LHIHQGHV7DUNLKO1XUGRUWVLQGZLUVLFKHU´ (LVNUDOOHVFKDXGHUWH]XVDPPHQ³,VWHVGDNDOW"2GHUKHL"´ ³'XKDVWQLFKWV]XEHIUFKWHQ´ZLFK)DUWXORRQDXV ,FKVFKOXJYRUGLH3DXVH]XYHUOlQJHUQXQGQRFKLQGLHVHP5DXP]XEOHLEHQ GDPLW)DUQDWKLD*HOHJHQKHLWHUKLHOWVLFK]XHUKROHQ6LHPXWHHLQHQIUFKWHUOLFKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
6FKRFNHUOLWWHQKDEHQDOVVLHEHJULIIZDV6RIJDUWPLWLKUWXQZROOWH1LHPDQGVSUDFKHV DXVDEHUZLUDOOHZXWHQHV 2KQH$SSHWLWDHQZLUHLQH.OHLQLJNHLWXQGSDFNWHQGHQ5HVWZLHGHU]XVDPPHQ 'DQQGXUFKIXKUPLFKHLQVFKUHFNOLFKHU*HGDQNH³)DUWXORRQ´VDJWHLFKPLWEHEHQGHU 6WLPPH³:LUKDEHQQLFKWV]XWULQNHQ)DUQDWKLDKDWYHUJHVVHQ´ (UQLFNWHODQJVDPQDWUOLFKKDWWHHLQ0DQQZLHHUGDVVFKRQHUNDQQW³'LH /HEHQVPLWWHOUHLFKHQIUYLHOH3UDJRVZHQQZLUVSDUVDPGDPLWXPJHKHQXQG YHUGXUVWHQZHUGHQZLUQLFKWVRVFKQHOO'RUWZRKLQZLUJHKHQJLEWHVPHKU:DVVHUDOV ZLUWULQNHQN|QQHQ´ ³:RKHUZHLWGXGDV"´ ³,FKZHLHVHEHQ´ 'DPLWOHJWHHUVLFKDXIVHLQ%HWWXQGVFKORGLH$XJHQ0LUEOLHEQLFKWVDQGHUHV EULJDOVHVLKPJOHLFK]XWXQ2EZRKOPGHGDXHUWHHVGLHVPDOVHKUYLHOOlQJHU HLQ]XVFKODIHQ)DUQDWKLDNXVFKHOWHVLFKDQPLFKLFKOHJWHGHQ$UPXPVLHXQGVWDUUWH ]XU'HFNH9RQHLQHP7DJ]XPDQGHUHQZDUXQVHUDOOHU/HEHQDXIGHQ.RSIJHVWHOOW ZRUGHQQRFKQLHZDUGLH=XNXQIWVRXQVLFKHU,FKKDWWHGDV*HIKOGHQ%RGHQXQWHU GHQ)HQYHUORUHQ]XKDEHQ$OOHVXQGMHGHUVFKLHQLQ)UDJHJHVWHOOWQXU)DUQDWKLD KDWWHEHZLHVHQZDVVLHQRFKQLHLQ:RUWHJHIDWKDWWH:lUHHVPLUYRUKHUQLFKWVFKRQ NODUJHZRUGHQVSlWHVWHQVMHW]WKlWWHLFKPLFKLQVLHYHUOLHEW =ZDQ]LJ7RQWDVVSlWHUKDWWHLFKHUQHXW*HOHJHQKHLW)DUWXORRQVHUVWDXQOLFKH .HQQWQLVVH]XEHZXQGHUQ(VZDUPLUY|OOLJNODUGDHUQLFKW]XPHUVWHQPDOGLHVHQ ³YHUERWHQHQ´7HLOGHV7DUNLKOEHWUDW6REHUXKLJHQGGLHVH7DWVDFKHDXFKIUXQV )OFKWOLQJHVHLQPRFKWHVLHYHUJU|HUWHGDV*HKHLPQLVXPPHLQHQ3IOHJHYDWHU:LU EHQXW]WHQQXQNHLQHXQVLFKWEDUYRUKDQGHQHQ*HKHLPWUHQPHKUVRQGHUQZDQGHUWHQ GXUFKEUHLWH.RUULGRUHXQGZHLWH+DOOHQGHUHQ'HFNHQRIWPHKUDOV]HKQ0HWHUEHU XQVLQHLQHPJHOEOLFKHQ/LFKWVFKLPPHUWHQ,QYLHOHQGLHVHU+DOOHQVWDQGHQ0DVFKLQHQ XQG*HUlWHGHUHQ6LQQQLHPDQGYRQXQVDXFKQXUHUUDWHQNRQQWH6HOEVW)DUWXORRQ NRQQWHXQVQLFKWVDJHQZDVVLHEHGHXWHWHQXQGZHUVLHHLQVWJHVFKDIIHQKDWWH :HQLJVWHQVEHKDXSWHWHHUGDV 7LHIXQWHUXQVZDUHLQVWlQGLJHV9LEULHUHQXQGIDVWODXWORVHV6XPPHQVRDOV OLHIHQGRUW0RWRUHQXQG$JJUHJDWH(LVNUDOOHVSUDFKGLH9HUPXWXQJDXVHVPVVHVLFK XPGLHHZLJIXQNWLRQLHUHQGH(QHUJLHDQODJHKDQGHOQGLHDXFKGLH*lQJHHUOHXFKWHWH XQGGDVJHVDPWH7DUNLKOPLW6WURPYHUVRUJWH'HPZLGHUVSUDFK)DUWXORRQQLFKW³'RUW EHILQGHQVLFKHEHQIDOOVGLHEULJHQ9HUXQG(QWVRUJXQJVDQODJHQ.OLPDWLVLHUXQJ+HL XQG.DOWZDVVHU$XIEHUHLWHUGHUVDQLWlUHQ(LQULFKWXQJHQXQGVRZHLWHU´ )DUQDWKLDJLQJQHEHQPLU6LHKDWWHVLFKZLHGHUHUKROWXQGPDFKWHHLQHQ ]XYHUVLFKWOLFKHQ(LQGUXFN'HQ6FKRFNVFKLHQVLHYHUNUDIWHW]XKDEHQVLHZXWHGD HVQXQNHLQ=XUFNPHKUJDE )DUWXORRQEOLHESO|W]OLFKVWHKHQ³1XUQRFKZHQLJHKXQGHUW0HWHUXQGLKUZHUGHW HLQHhEHUUDVFKXQJHUOHEHQ,FKELQVFKRQPHKUPDOVKLHUJHZHVHQDEHUVWHWVIHKOWHPLU GLH=HLWPLFKJHQDXXP]XVHKHQ-HW]WKDEHQZLU=HLWVHKUYLHO=HLW:LUZHUGHQHLQ RGHU]ZHL7DJHLQGHU6WDGWYHUEULQJHQ´ ³6WDGW"´,FKVDKLKQDQDOVKDEHHUGHQ9HUVWDQGYHUORUHQ³:DVZLOOVWGXGDPLW VDJHQ"'RFKQLFKWHWZDGDHVKLHUXQWHQHLQHULFKWLJH6WDGWJLEW"´ ³:DULFKQLFKWGHXWOLFKJHQXJ"´6HLQH6WLPPHYHUULHW*HUHL]WKHLW
'HU.ULVWDOOSULQ]
M
$WODQ
:LUJLQJHQZHLWHUGHU.RUULGRUZXUGHEUHLWHU(UHULQQHUWHPLFKDQGLHULHVLJHQ 6WUDHQXQG$OOHHQGLHLFKLQ%HULFKWHQJHVHKHQKDWWHGLHDQGHUH3ODQHWHQGHV ,PSHULXPVXQGLKUHJLJDQWLVFKHQ6WlGWH]HLJWHQ$XFKKLHUVFKLHQHVYHUVFKLHGHQH )DKUEDKQHQ]XJHEHQDEHULFKVDKNHLQHLQ]LJHV)DKU]HXJ'LH/HLWVFKLHQHQ XQWHUWHLOWHQGLHJODWWH0HWDOOIOlFKHLQIQIYHUVFKLHGHQH6WUHLIHQMHGHUELV]XIQI0HWHU EUHLW*DQ]DPlXHUVWHQ5DQGJDEHV]XEHLGHQ6HLWHQJHULIIHOWH5ROOElQGHUIUGLH )XJlQJHUDEHUVLHVWDQGHQMHW]WVWLOO8QGGDQQPQGHWHGLH$OOHHLQHLQHU XQYRUVWHOOEDUHQJURHQ+|KOH9RUXQVODJZLUNOLFKHLQHULFKWLJH6WDGWPHKUHUHKXQGHUW 0HWHUXQWHUGHU2EHUIOlFKHYRQ*RUWDYRU 'LH$OOHHVHQNWHVLFKLQVLHKLQDEXQGZLUVWDQGHQKRFKEHULKUXQGNRQQWHQVLH IDVWJDQ]EHUEOLFNHQ(VJDEHLQZRKOHLQJHWHLOWHV1HW]YRQ6WUDHQLQUDGLDOHUXQG NRQ]HQWULVFKHU$QRUGQXQJJOHLFKPlLJH%DXWHQYRQ6lXOHQXQG4XDGHUIRUPPLW VSLHJHOQGHQ)DVVDGHQXQGGD]ZLVFKHQ3OlW]HXQGQXQDEJHVWRUEHQH3DUNDQODJHQ 'DUEHUVSDQQWHVLFKHLQNQVWOLFKHUEODXHU+LPPHOPLWHLQHUVWUDKOHQGHQ.XQVWVRQQH EHUGHQVRJDUHLQLJH]HUIDVHUWH:|ONFKHQ]RJHQ'HU'XUFKPHVVHUGHU6WDGWPRFKWH ]ZHL.LORPHWHUEHWUDJHQGLH+|KHELV]XU.XQVWVRQQHVFKlW]WHLFKDXI]ZHLKXQGHUW 0HWHUDEHULFKNRQQWHPLFKDXFKWlXVFKHQ )DUWXORRQJHQRPLWVLFKWOLFKHP9HUJQJHQXQVHUH)DVVXQJVORVLJNHLW(U GHXWHWHDXIHLQIRUWODXIHQGHV6LPVHQWODQJGHU+|KOHQZDQGXQGIRUGHUWHXQVDXI VHLQHP%HLVSLHO]XIROJHQ(UVHW]WHVLFKVRGDHUGLH6WDGWVHKHQNRQQWH ³,FKHQWGHFNWHVLHYRUHWZD]HKQ-DKUHQDOVLFKPLFKGDVHUVWHPDOVRZHLW YRUZDJWH6LHLVWHLQ:XQGHUZHUNQLFKWDUNRQLGLVFKHU%DXNXQVWXQG7HFKQLNDEHU VRZHLWLFKPLFKHULQQHUQNDQQZLUGHLQHVROFKH6WDGWQLUJHQGZRHUZlKQW'LH (ULQQHUXQJDQVLHLVWGHPQDFKYHUORUHQJHJDQJHQLKU$OWHUXQGLKUH(UEDXHUVLQG XQEHNDQQW*DQ]VLFKHUZDUHQHVNHLQH$UNRQLGHQGLHVLHHUEDXWHQVRQGHUQ $QJHK|ULJHMHQHUXQVXQEHNDQQWHQ=LYLOLVDWLRQGLHYRUXQVKLHUDXIGLHVHU:HOWZDUHQ $XIYLHOH:HOWHQZXUGHQ$UWHIDNWHXQG5XLQHQGHV*URHQ9RONHVJHIXQGHQYRQGHP YLHOH/HJHQGHQXQG6DJHQEHULFKWHQ0LFKZXQGHUWHVFKRQGDPDOVGDDOOH )DKU]HXJHGLHRKQH=ZHLIHOHLQVWKLHUGDV6WUDHQELOGEHOHEWHQYHUVFKZXQGHQVLQG *HQDXVRYHUVFKZXQGHQZLHGLH:HVHQGLHHLQVWKLHUOHEWHQ´ (LVNUDOOHVDJWHWURFNHQ³9LHOOHLFKWPDFKWHQVLHHLQHQ$XVIOXJXQGIDQGHQQLFKW PHKU]XUFN"´ )DUWXORRQQLFNWHLKPRKQH6SRWW]X³9LHOOHLFKWKDVWGXVRJDUUHFKWPLWGHLQHP :LW]´ (VZDUXQEHJUHLIOLFK'DYHUEUDFKWHPDQPHKUDOVHLQ-DKU]HKQWLQHLQHPDQVLFK VFKRQEHPHUNHQVZHUWHQ³3DODVW´XQGDKQWHQLFKWGDXQWHUHLQHPQRFKEHGHXWHQGHUH 5HVWHHLQHUVWRO]HQ=LYLOLVDWLRQUXKWHQXQEHDFKWHWXQGXQEHNDQQW:LUPDFKWHQHLQH 3DXVHXQGDHQHLQZHQLJ$OOPlKOLFKYHUVSUWHLFK'XUVWXQGVDJWHHVDXFK )DUWXORRQZLQNWHDE³.HLQH6RUJHPHLQ-XQJHGRUWXQWHQLQGHU6WDGWJLEWHV JHQXJ:DVVHU)ULVFKHV:DVVHU'LH$QODJHQDUEHLWHQQRFKLPPHU9HUPXWOLFKVHLW -DKUWDXVHQGHQ´ 6HLQH0LWWHLOXQJZLUNWH]XJOHLFKEHUXKLJHQGXQGEHNOHPPHQG:DUXPKDEHQGLH (UEDXHUXQG.RQVWUXNWHXUHHLQHUVROFKHQ6WDGWXQWHUGHU2EHUIOlFKHLKUHU:HOWJHOHEW ZHQQGLH%HGLQJXQJHQREHQEHVVHUZDUHQDOVKLHUXQWHQ":HOFKHQ*UXQGKDEHQVLH JHKDEWVLFKLQGLH7LHIH]XUFN]X]LHKHQ"8QGYRUDOOHQ'LQJHQ:RKLQVLQGVLH YHUVFKZXQGHQ"
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQVFKLHQPHLQH*HGDQNHQ]XHUUDWHQ³(VLVWVLQQORVVLFK)UDJHQ]X VWHOOHQ$WODQ,FKKDEHHVVHLW]HKQ-DKUHQJHWDQXQGNHLQH$QWZRUWJHIXQGHQ'LH 6WDGWLVWGDPHKULVWQLFKW]XVDJHQ6HKHQZLUVLHXQVDQZHQQZLUJHJHVVHQKDEHQ´ $OVZLUDXVJHUXKWXQGVDWWZDUHQIROJWHQZLUZHLWHUGHU$OOHHXQGHUUHLFKWHQGLH HUVWHQ+lXVHU1LFKWVNRQQWHPLFKGDYRQDEKDOWHQHLQHVYRQLKQHQ]XEHWUHWHQXP]X WULQNHQREZRKO)DUWXORRQPHLQWHZLUNlPHQVFKRQEDOG]XHLQHP%UXQQHQ,QGHQ 5lXPHQJDEHVVRJDUQRFK0|EHO'HU=ZHFNHLQLJHUZDUPLUVRIRUWNODUZlKUHQGLFK PLWDQGHUHQEHUKDXSWQLFKWVDQ]XIDQJHQZXWH$EHULFKIDQGGHQ:DVVHUVSHQGHU $OVLFKDXIGHQ.QRSIGUFNWHVSUXGHOWHHLVNDOWHVXQGIULVFKHV:DVVHUDXVHLQHP JHVFKZXQJHQHQ+DKQ,FKWUDQNELVLFKQLFKWPHKUNRQQWH0HLQ9HUWUDXHQ]X )DUWXORRQZXFKVPLWMHGHP6FKOXFN'LHDQGHUHQKDWWHQDXIPLFKJHZDUWHW:LUVHW]WHQ XQVZLHGHULQ0DUVFKNDXPGDLFK]XLKQHQ]XUFNJHNHKUWZDU )DUWXORRQZROOWHXQV]XHLQHPJDQ]EHVWLPPWHQ3ODW]IKUHQGHQHUYRQIUKHU KHUNDQQWH³'RUWILQGHQZLUHLQHJXWHXQGEHTXHPH8QWHUNXQIW]XGHP:DVVHUXQG QRFKHLQLJHDQGHUH'LQJHGLHHXFKLQWHUHVVLHUHQGUIWHQ:HQQZLU*OFNKDEHQ ZHUGHQZLUVRJDUHUIDKUHQZDVREHQLP3DODVWYRUVLFKJHKW-HQH,QWHOOLJHQ]HQGLH GDV7DUNLKOHUEDXWHQKDEHQDQDOOHVJHGDFKWVRJDUGDUDQGDZLUHLQHV7DJHVHLQHQ )OXFKWZHJEUDXFKHQZUGHQ´ 'HU:HJIKUWHZHLWHULQGLHWRWH6WDGWKLQHLQELVZLUPHLQHU6FKlW]XQJQDFKLKU =HQWUXPHUUHLFKWKDWWHQ(LQUXQGHU3ODW]DOV0LWWHOSXQNWGHU6LHGOXQJLQGHQYLHOH 6WUDHQPQGHWHQXQGGHUYRQIQIJHVFKRVVLJHQ5HLKHQKlXVHUQJHVlXPWZXUGH'HU .XQVWKLPPHOEHUXQVZDUZHLWHUKLQVWUDKOHQGEODXXQGGLH$WRPVRQQHVWDQGQXQ JHQDXVHQNUHFKWEHUXQV]ZHLIHOORVHLQHYRQVWDUNHQ3UDOOIHOGHUQJHElQGLJWH 0LNURIXVLRQV]RQH'HU³+RUL]RQW´ZXUGHGXUFKGLH+lXVHUYHUGHFNWDEHULFKNRQQWHPLU YRUVWHOOHQGDHUDXVYHUNOHLGHWHQ)HOVZlQGHQEHVWDQG9HUPXWOLFKZDUHQLQLKQHQ DXFKKRORJUDSKLVFKH3URMHNWRUHQPRQWLHUWGLH]XUUHDOLWlWVHFKWHQ6LPXODWLRQGHV +LPPHOVEHLWUXJHQ+LHULP6WDGW]HQWUXPMHGHQIDOOVYHUORUPDQVFKRQQDFKNXU]HU=HLW GDV*HIKOLQHLQHUULHVLJHQ+|KOHQNXSSHO]XVHLQ ³,FKKDWWHQLHPDOVJHGDFKWGDHVVRHWZDVKLHUXQWHQJHEHQN|QQWH´OLH )DUQDWKLDVLFKYHUQHKPHQ³'DVLVWSKDQWDVWLVFK´ 0LWDXVJHVWUHFNWHP$UPGUHKWHVLFK)DUWXORRQHLQPDOXPVHLQH$FKVH³+LHU KDEHQVLHJHOHEWGLH)UHPGHQGLHGDV7DUNLKOHUEDXWHQ9RQKLHUDXVKDEHQVLH YLHOOHLFKWGHQJDQ]HQ3ODQHWHQUHJLHUWVRZLHHVKHXWHGHU7DWRLP1DPHQGHV*URHQ ,PSHULXPVWXW+LHUZLUGXQVQLHPDQGILQGHQXQGZLUVLQGVLFKHU8QGQXQIROJWPLU,KU ZHUGHWVHKHQZLHJXWHVLVWZHQQPDQDXI6LWXDWLRQHQZLHGLHVHYRUEHUHLWHWLVW$Q DOOHVNRQQWHLFKQDWUOLFKDXFKQLFKWGHQNHQ´IJWHHULQHLQHP7RQIDOOKLQ]XDOVZROOH HUVLFKHQWVFKXOGLJHQ³DEHULPPHUKLQ´ (LVNUDOOHVW|KQWHYRU:RKOEHKDJHQ³:LHZDUPHVLVW)UHXQGH:HQLJVWHQV EOHLEWGLH6RQQHLPPHUDPVHOEHQ)OHFNVWHKHQ²KRIIHLFKGRFK´ ³'DVEOHLEWVLHDEHULQUHJHOPlLJHQ=HLWDEVWlQGHQHUOLVFKWVLHGDQQZLUGHV 1DFKW²XQGNKOHU'LH$XWRPDWLNLVWLUJHQGZRWLHIXQWHUXQVLP)HOVYHUERUJHQLFK KDEHVLHQRFKQLFKWJHIXQGHQ6LHPXPLWGHU(QHUJLHVWDWLRQLQ9HUELQGXQJVWHKHQ´ (UIKUWHXQV]XHLQHPGHU+lXVHUYRQGHQHQGDVHLQHVRDXVVDKZLHGDV DQGHUH%UHLWH6WXIHQ]HLJWHQXQVGHQ:HJLQV,QQHUH$OOHVZDUHUVWDXQOLFKJXW HUKDOWHQVRDOVN|QQWHQGLHXUVSUQJOLFKHQ%HZRKQHUMHGHQ$XJHQEOLFN]XUFNNHKUHQ
'HU.ULVWDOOSULQ]
M
$WODQ
YRQHLQHP7DJHVDXVIOXJYLHOOHLFKW9RQGHUJURHQ9RUKDOOHDXV]ZHLJWHQ*lQJHDE 7UHQVDKLFKNHLQH $EHU)DUWXORRQGHXWHWHDXIHLQHZHLWHUH7UHSSH³:LUJHKHQQDFKREHQ´VDJWHHU XQGVFKULWWYRUDQ,P]ZHLWHQ6WRFNZHUNJDEHV7UHQ)DUWXORRQ|IIQHWHHLQHYRQLKQHQ LQGHPHUGLH+DQGDXIHLQHQ:lUPHVHQVRUSUHWHXQGOLHXQVPLWHLQHULURQLVFKHQ 9HUEHXJXQJGHQ9RUWULWW³'DUILFKGHQ+HUUVFKDIWHQPHLQH=ZHLWZRKQXQJ]HLJHQ"´ 'LHVHUYHUIOL[WH+HLPOLFKWXHUGDFKWHLFKXQZLOONUOLFKDOVLFKLQGHPEHUDXV NRPIRUWDEOHQ:RKQUDXPVWDQGGHUPLWDOOHQP|JOLFKHQ(LQULFKWXQJVJHJHQVWlQGHQ DXVJHVWDWWHWZDU)DUWXORRQPXWHVLHEHUDOOLQGHU6WDGWHLQJHVDPPHOWKDEHQVRDOV ZROOHHUHLQ0XVHXPHU|IIQHQ (UVWDQGGDXQGJULQVWHZlKUHQGZLUVHLQH³=ZHLWZRKQXQJ´EHZXQGHUWHQ³,FK KDEHJHDKQWGDLFKVLHHLQHV7DJHVEUDXFKHQZUGH´VDJWHHUXQGVHW]WHVLFKLQ HLQHQPHUNZUGLJJHIRUPWHQ6HVVHO³(LVNUDOOHVFKOLHGLH7UGDPLWHVQLFKW]LHKW´ :LUEHVLFKWLJWHQGLHDQJUHQ]HQGHQ5lXPHGLHMHGRFKPHLVWXQP|EOLHUWZDUHQ ,QHLQLJHQVWDQGHQ%HWWHQRGHU5XKHODJHU)DUWXORRQULHIKLQWHUPLUKHU³'LH]ZHLWH7U OLQNV$WODQ'LH.FKH´ (VZDUQXUJXWGDLFKPLUYRUJHQRPPHQKDWWHEHUQLFKWVPHKUHUVWDXQW]X VHLQ=ZDUNDPHQPLUHLQLJHGHU*HJHQVWlQGHLQGHU.FKHIUHPGDUWLJYRUDEHULFK NRQQWHLKUHQ=ZHFNZHQLJVWHQVHUUDWHQ'HU:DVVHUVSHQGHUMHGHQIDOOVIXQNWLRQLHUWH,Q HLQHP.KOIDFKHQWGHFNWHLFK/HEHQVPLWWHODXVGHQ9RUUlWHQGHV7DWR6LHUHLFKWHQIU PLQGHVWHQV]ZHL$UNRQ3HULRGHQ,FKNHKUWHLQV:RKQ]LPPHU]XUFN³'XKDVWGHLQH )OXFKWMDEHVWHQVYRUEHUHLWHW´PXUPHOWHLFKXQGVHW]WHPLFK³+DVWGXQRFKPHKU hEHUUDVFKXQJHQDXI/DJHU"´ )DUWXORRQQLFNWH³6LFKHUOLFKLFKKDEHVLHHXFKMDYHUVSURFKHQ´9RP6HVVHODXV EHGLHQWHHUHLQH)HUQNRQWUROOH(LQHGHU6FKUDQNWUHQ|IIQHWHVLFKHLQ*HUlWPLWHLQHP TXDGUDWPHWHUJURHQ %LOGVFKLUP ZXUGH DXVJHIDKUHQ XQG OHXFKWHWH VRIRUW DXI ,FK HUNDQQWH GHQ %HUDWXQJVVDDO GHV 7DWR ³:LH LKU VHKW NDQQ PDQ YRQ KLHU DXV JHQDX YHUIROJHQZDVGDREHQJHVFKLHKW8EULJHQVVWDPPWGLHVH(LQULFKWXQJQLFKWYRQPLU,FK IDQGVLHKLHUYRUXQGVLHIXQNWLRQLHUWHLQZDQGIUHL6FKDGHGDJHUDGHNHLQH%HUDWXQJ VWDWWILQGHWDEHUZLUZHUGHQHVIUKHURGHUVSlWHUHUOHEHQ´ 'HU %LOGVFKLUP HUORVFK XQG YHUVFKZDQG ZLHGHU 1XQ KDWWH VLFK DXFK )DUQDWKLD YRQ LKUHU hEHUUDVFKXQJ HUKROW ,FK ]HLJWH LKU GLH .FKH XQG GLH 9RUUlWH ZLH HV )DUWXORRQV $UW HQWVSUDFK ZDUHQ HLQLJH HUOHVHQH .RVWOLFKNHLWHQ GDEHL 6LH NRQQWH QXU GHQ .RSI VFKWWHOQ ³$OV RE GHLQ /HKUPHLVWHU JHDKQW KlWWH GD HU HLQHV 7DJH ZUGH IOLHKHQ PVVHQ $WODQ 1XQ EHJLQQH LFK ]X JODXEHQ GD DOOHV GRFK QRFK JXW ZLUG 'LHVHU6RIJDUWNDQQMDQLFKWLPPHUDXI*RUWDYRUEOHLEHQXQGQDFKXQVVXFKHQIDOOVHU EHUKDXSWQRFKOHEW,FKKRIIHGDHUQRFKOHEW'HU*HGDQNHHLQHQ$UNRQLGHQJHW|WHW ]XKDEHQZlUHPLUXQHUWUlJOLFK6HOEVWEHLLKP´ ³(ULVWNHLQ$UNRQLGHVRQGHUQHLQH%HVWLH´VDJWH(LVNUDOOHGHULKUH:RUWHJHK|UW KDWWH³:HOFKHV%HWWGDUILFKKDEHQ"´ 6HLQH)UDJHZDUZLHHLQ6WLFKZRUW:LUVSUWHQSO|W]OLFKGLH0GLJNHLWZLH%OHLLQ GHQ*OLHGHUQXQGEDOGKDWWHQZLUXQVEHUGLH%HWWHQYHUWHLOW 'LH6RQQHZDUIUHLQLJH7RQWDVHUORVFKHQDEHUGDYRQKDWWHLFKQLFKWVEHPHUNW )DUWXORRQEHVWlWLJWHPLUGDLFKPHKUDOV]HKQ7RQWDVJHVFKODIHQKDWWH,FKIKOWHPLFK GHPHQWVSUHFKHQGHUIULVFKWXQGWDWHQNUlIWLJ'HQDQGHUHQHUJLQJHVJHQDXVR1DFKGHP
'HU.ULVWDOOSULQ]
M
$WODQ
)UKVWFNGDV)DUQDWKLD]EHUHLWHWHDOVZLULKUKHOIHQZROOWHQVFKHXFKWHVLHXQVDXV GHU.FKH²VDHQZLU]XVDPPHQLP:RKQUDXP )DUWXORRQ EHVFKlIWLJWH VLFK PLW GHP hEHUZDFKXQJVJHUlW XQG HUNOlUWH PLU GLH %HGLHQXQJ ³8QG KLHU LVW GHU :lKOHU $WODQ :LU N|QQHQ QLFKW QXU GHQ 6LW]XQJVVDDO EHUZDFKHQ VRQGHUQ DXFK HLQHQ 7HLO GHV REHUHQ XQG XQWHUHQ 7DUNLKO +LHU ´²HLQ QHXHV %LOG HUVFKLHQ DXI GHP 0RQLWRU²³ GHU %ODXH 7UDNW =LHPOLFK ZDV ORV QLFKW ZDKU"´ 'HU EUHLWH +DXSWNRUULGRU ZDU PLW 6ROGDWHQ GHV 7DWR XQG HLQLJHQ .UDODVHQHQ DQJHIOOW6LHVWDQGHQKHUXPDOVZDUWHWHQVLHDXIHWZDV(LQLJHYRQLKQHQWUXJHQ%HXWHO XQG (WXLV DQ GHU +IWH 9HUSIOHJXQJ RGHU 0XQLWLRQ GDV NRQQWHQ ZLU QLFKW IHVWVWHOOHQ MHGHQIDOOV ZDUHQ DOOH VFKZHU EHZDIIQHW ,P +LQWHUJUXQG ZDU GLH 7UHSSH ]X VHKHQ GLH QDFK REHQ LQ GHQ 3DODVW IKUWH 'RUW ZDU MHW]W %HZHJXQJ ]X HUNHQQHQ 'UHL 0lQQHU VWLHJHQ]XP%ODXHQ7UDNWKHUDEXQGHLQHUYRQLKQHQ ³'HU%OLQGH6RIJDUW´VDJWH)DUWXORRQUXKLJ³(UKDWDOVRGHLQHQ6FKODJEHUOHEW )DUQDWKLD*OHLFKZHUGHQZLUZLVVHQZDVHUYRUKDW´ =XVDPPHQ PLW VHLQHQ EHLGHQ %HJOHLWHUQ EHO DXVVHKHQGHQ .UDODVHQHQ HUUHLFKWHHUGHQ7UXSSXQGEOLHEVWHKHQ0LWNUlFK]HQGHU6WLPPHJDEHUEHNDQQWGD PDQQXQLQGLHXQEHNDQQWHQ7LHIHQGHV7DUNLKOYRUVWRHQZHUGHXPGRUWHLQH6SXUGHU )OFKWOLQJH]XILQGHQ (UVFKOR³,FKEUDXFKHVLHOHEHQGLJVRZRKO)DUWXORRQZLHDXFKGDV0lGFKHQ ,KUNHQQWGLH%HORKQXQJIUGLHEHLGHQ(VLVWDXFKP|JOLFKGD)DUWXORRQV=LHKVRKQ ]XLKQHQJHK|UWGRFKIUGHQJLEWHVNHLQH%HORKQXQJZRKODEHUIUGLHVHQVHOWVDPHQ &KUHWNRU GHU PLQGHVWHQV HLQHQ .UDODVHQHQ HUPRUGHW KDW ZHQQ QLFKW DOOH GUHL :R LVW GHU 0DQQ GHU XQV IKUHQ ZROOWH"´ (LQ 2UEWRQH GHU /HLEJDUGLVWHQ WUDW YRU XQG QDKP +DOWXQJDQ³*XWGDQQJHKYRUDQ=HLJXQVGHQ:HJ´ 6LH VHW]WHQ VLFK LQ 0DUVFK XQG HQWVFKZDQGHQ XQVHUHQ %OLFNHQ ZHLO GHU YHUVWHFNWH$XIQDKPHVHQVRULKQHQQLFKW]XIROJHQYHUPRFKWHXQGLFKIUDJWHEHXQUXKLJW ³2EVLHELVKLHUKHUNRPPHQZHUGHQ"´ ³0|JOLFK´ DQWZRUWHWH )DUWXORRQ QDFKGHQNOLFK ³'HU YHUGDPPWH %OLQGH VFKUHFNW YRUQLFKWV]XUFN´ ³:DVN|QQHQZLUJHJHQVLHXQWHUQHKPHQ"´ ³:HQQ VLH XQV ILQGHQ EOHLEW XQV QXU GLH )OXFKW PHLQ 6RKQ ,FK NHQQH HLQHQ :HJ GHU QRFK ZHLWHU KLQDE LQ GLH 7LHIHQ IKUW DEHU GRUW ZHUGHQ ZLU NHLQH 6WDGW XQG NHLQHQ.RPIRUWPHKUILQGHQ(VGUIWHJXWVHLQZHQQZLUYLHU3DNHWHPLW/HEHQVPLWWHOQ XQG :DVVHUYRUUlWHQ YRUEHUHLWHQ GDPLW ZLU NHLQH =HLW YHUOLHUHQ ZHQQ VLH NRPPHQ VROOWHQ 'DV PDFKVW GX )DUQDWKLD ,FK NPPHUH PLFK XP GLH :DUQDQODJH GLH LFK GDPDOVHQWGHFNWH9LHOOHLFKWNDQQPDQVLHDNWLYLHUHQ´ ,FK VWHOOWH NHLQH )UDJHQ PHKU )DUWXORRQ ZUGH VFKRQ ZLVVHQ ZDV HU ]X WXQ KDWWH:lKUHQGHUXQWHUZHJVZDUVDLFKYRUGHPhEHUZDFKXQJVJHUlWXQGIDQGEDOG KHUDXVZDVPDQGDPLWDOOHVVHKHQNRQQWH=XPHLQHUPDORVHQ9HUEOIIXQJPXWHLFK IHVWVWHOOHQ GD JHKHLPH .DPHUDV VHOEVW LQ XQVHUHU ELVKHULJHQ :RKQXQJ HLQJHEDXW ZDUHQ 'DQQ HUVFKLHQHQ *lQJH GHV XQWHUHQ 7DUNLKO HLQVDP XQG YHUODVVHQ /HLGHU NDQQWHLFKPLFKEHLDOOHUELVKHUHLQJHELOGHWHQ.HQQWQLVGHU$QODJHGRFK]XZHQLJDXV XP V\VWHPDWLVFK YRUJHKHQ ]X N|QQHQ (LVNUDOOH XQWHUQDKP XQWHUGHVVHQ HLQHQ 5XQGJDQJ GXUFK GLH 6WDGW XQG NHKUWH PLW HLQHP +DXIHQ 3OXQGHU ]XUFN GHQ HU PLW]XQHKPHQJHGDFKWH,FKVWDXQWHZDVHUDOOHVJHIXQGHQKDWWH
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ NDP NXU] YRU GHP (UO|VFKHQ GHU 6RQQH ]XUFN ³,FK GHQNH GD HV NODSSW:HQQVLHGLH6WDGWILQGHQGDQQQXUDXIGHPJOHLFKHQ:HJZLHZLU8QGGDLVW HLQRSWLVFKHU6HQVRUHLQJHEDXW1XULVWHVYRQMHW]WDEQRWZHQGLJGDVWlQGLJHLQHUYRQ XQV GHQ %LOGVFKLUP EHREDFKWHW 6REDOG GHU %OLQGH XQG VHLQH /HXWH GDUDXI ]X VHKHQ VLQGKDEHQZLUHLQHKDOEH7RQWD=HLWPHKUDXINHLQHQ)DOO,FKZHUGHPLWGHU:DFKH EHJLQQHQ´ ,FK EHGDXHUWH ]XWLHIVW GD HV QXQ PLW XQVHUHU 5XKH YRUEHL VHLQ VROOWH $XI GHU DQGHUHQ 6HLWH NRQQWHQ ZLU DEHU DXFK QLFKW HZLJ KLHU EOHLEHQ $OV )DUQDWKLD HLQJHVFKODIHQZDUJLQJLFKLQPHLQ=LPPHU(LVNUDOOHKRFNWHQRFKDXIVHLQHP%HWWXQG ZKOWHLQVHLQHQQHXHQ6FKlW]HQ,FKJULQVWHLKP]XXQGZDUIPLFKGDQQDXIPHLQ%HWW 'HU%OLQGH6RIJDUWXQGGLH.UDODVHQHQNDPHQ]ZHL3UDJRVVSlWHU(LVNUDOOHGHU :DFKHKDWWHHQWGHFNWHVLHDXIGHP%LOGVFKLUP6LHZDUHQQXUNXU]]XHUNHQQHQGDQQ ZDUHQVLHDXVGHP%OLFNZLQNHOGHU.DPHUD)DUWXORRQEHIDKOXQVGLH9RUUDWVSDNHWH]X EULQJHQXQGXQVDXIGLH)OXFKWYRU]EHUHLWHQ )DUWXORRQ JDE XQV HLQH =HKQWHO 7RQWD XQG VDJWH ³,PPHUKLQ KDEHQ VLH YLHU]LJ 7RQWDV EHQ|WLJW GLH UHODWLY HLQIDFKH 6WUHFNH ]XUFN]XOHJHQ 6LH ZHUGHQ PGH XQG HUVFK|SIW VHLQ $OOHUGLQJV ZLUG LKQHQ GHU $QEOLFN GHU 6WDGW QHXHQ $XIWULHE JHEHQ 8QG GRFKZHUGHQVLHXQVYRQKLHUDXVQLFKWPHKUIROJHQN|QQHQZHQQZLUNOXJJHQXJVLQG NHLQH 6SXUHQ ]X KLQWHUODVVHQ 'LH 6WDGW KDW HLQ JXWHV 'XW]HQG $XVJlQJH GLH DOOH LQ YHUVFKLHGHQH5LFKWXQJHQIKUHQ:LUQHKPHQGHQVFKZHUVWHQ´ ³$EHU)DUWXORRQ´EHJDQQLFKZXUGHMHGRFKYRQLKPXQWHUEURFKHQ ³,KU PW PLU YHUWUDXHQ ,FK ZHL JHQDX ZDV LFK WXH :LFKWLJ LVW GD ZLU GLH 9HUIROJHUDEVFKWWHOQ(VIlOOWPLUQLFKWOHLFKWGLH6WDGW]XYHUODVVHQDEHUHVLVWVLQQORV ZHQQZLUYHUVXFKHQZROOWHQXQVLQLKU]XYHUEHUJHQ)UKHURGHUVSlWHUZUGHPDQXQV HQWGHFNHQ´ ³+LQ]X NRPPW´ VDJWH (LVNUDOOH ³GD GLH 9HUIROJHU PLQGHVWHQV HLQLJH 7DJH EUDXFKHQXPGLH6WDGWJUQGOLFK]XGXUFKVXFKHQ%LVGDKLQVLQGZLUYHUVFKZXQGHQ´ )DUWXORRQQLFNWHLKP]X³:LUZHUGHQ=HLWJHZLQQHQXQGLFKELQVLFKHUZLUILQGHQ DXFKHLQQHXHV9HUVWHFN,FKGHQNHGDVFKRQDQHWZDVJDQ]%HVWLPPWHVGRFK]XYRU P|FKWHLFKHLQHDQGHUH0|JOLFKNHLWLQ%HWUDFKW]LHKHQ´ :LUVDKHQLKQIUDJHQGDQDEHUHUVFKWWHOWHGHQ.RSIXQGVFKZLHJVLFKDXV,FK ZXWHZLHVLQQORVHVVHLQZUGHLKQMHW]WXP$XVNXQIW]XELWWHQ:LUQDKPHQXQVHUH %QGHO XQG YHUOLHHQ GDV +DXV 9RQ QXQ DQ DFKWHWHQ ZLU GDUDXI NHLQH 6SXUHQ ]X KLQWHUODVVHQ 'LH 9HUIROJHU ZUGHQ GDV +DXV ILQGHQ GDUDQ NRQQWH NHLQ =ZHLIHO EHVWHKHQ DEHU GDQQ VROOWHQ VLH JODXEHQ GD ZLU XQV LQ /XIW DXIJHO|VW KDWWHQ 2KQH HLQHQ +LQZHLV DXI XQVHUH )OXFKWULFKWXQJ ZUGH HV VLH YLHO =HLW NRVWHQ QDFK XQV ]X VXFKHQ 'LH 6WUDHQ ]X GHQ $XHQEH]LUNHQ GHU 6WDGW IKUWHQ DOOH EHUJDXI GHP ³+RUL]RQW´ HQWJHJHQ )DUWXORRQ WULHE XQV UHJHOUHFKW DQ XQG ZLU IROJWHQ VHLQHP %HIHKO ZHLOHUEHVVHUZLVVHQPXWHZLHYLHO=HLWXQVQRFKEOLHE:LUHUUHLFKWHQHLQHQIODFKHQ EUHLWHQ 7XQQHO GHU LQ GHQ )HOV GHU 8QWHUZHOW KLQHLQIKUWH (UVW DOV ZLU GULQQHQ ZDUHQ KLHOW)DUWXORRQDQ³5XKWHXFKMHW]WDXV:LUKDEHQQRFKHLQHQZHLWHQ0DUVFKYRUXQV´ (UJLQJHLQ6WFN]XUFNELV]XP$XVJDQJGHV7XQQHOVGHUQLFKWVDQGHUHVDOV ZLHGHU HLQH GHU )DKUEDKQ$OOHHQ ZDU 9RUVLFKWLJ EOLFNWH HU ]XU 6WDGW ]XUFN ,FK WUDW QHEHQ LKQ GHQQ LFK NRQQWH PHLQH 1HXJLHU QLFKW OlQJHU EH]lKPHQ )DUQDWKLD XQG
'HU.ULVWDOOSULQ]
M
$WODQ
(LVNUDOOHKDWWHQVLFKDXIGLH(UK|KXQJJHVHW]WGLHGLH)DKUEDKQEHJUHQ]WH³6LHKVWGX VFKRQHWZDV"´ (U QLFNWH RKQH PLFK DQ]XEOLFNHQ ³'RUW GUEHQ VWHKHQ VLH ]ZHL .LORPHWHU YRQ KLHUXQGVHKHQ]XPHUVWHQPDOLQLKUHP/HEHQGLH6WDGW,FKP|FKWHZLVVHQZDVQXQLQ LKQHQYRUJHKW´ 'LH 9HUIROJHU ZDUHQ QLFKWV DOV ZLQ]LJH )OHFNHQ GLH VLFK NDXP JHJHQ GHQ EOlXOLFKHQ³+RUL]RQW´DEKREHQ7URW]GHPVDKLFKVLHZHQQDXFKNHLQH(LQ]HOKHLWHQ,FK VDKVLHEHUGLH'lFKHUGHU6WDGWKLQZHJGLHMDLQHLQHU6HQNHODJ.OHLQH3XQNWHGLH VLFKDXIJHUHJWKLQXQGKHUEHZHJWHQ ³'LH 6WDGW ZLUG VLH DXIKDOWHQ´ IOVWHUWH LFK REZRKO PDQ XQV EHU ]ZHLWDXVHQG 0HWHU KLQZHJ QLHPDOV K|UHQ NRQQWH ³.DQQVW GX PLU QLFKW YHUUDWHQ ZRKLQ ZLU JHKHQ ZHUGHQ"´ (UOlFKHOWHNQDSSZXUGHDEHUZLHGHUHUQVW³'RFKGDVZLOOLFK:LUJHKHQLQGHQ DXFKPLUXQEHNDQQWHQ7HLOGHV7DUNLKO´ ,FKHUVWDUUWH³8QEHNDQQW":LHZLOOVWGXXQVGHQQIKUHQZHQQGXGHQ:HJXQG GDV=LHOQLFKWNHQQVW"´ ³(LQLJH %HUHLFKH NHQQH LFK XQG LFK KDEH HLQH %HVFKUHLEXQJ JHOHVHQ 'DQDFK PVVHQZLUXQVULFKWHQ´ ³%HVFKUHLEXQJ"´,FKZXQGHUWHPLFKLPPHUPHKUEHULKQ³:RKHUKDWWHVWGXHLQH %HVFKUHLEXQJGHVVHQZDVDOVXQEHNDQQWJLOW"´ ³,QGHU%LEOLRWKHNGHV7DWRVWHKWHLQ%XFKHLQHVXQWHU7DXVHQGHQ1LHPDQGKDW HV MH EHDFKWHW DEHU LFK IDQG HV 8QG LFK ODV HV (V HQWKlOW GHQ JHVDPWHQ 3ODQ GHV 7DUNLKOXQGDXFKGLH)OXFKWZHJHDXVLKP$OOHUGLQJVVLQGPLUGDHLQLJH'LQJHQRFKQLFKW NODU +LQ]X NRPPW HLQH DQGHUH 7DWVDFKH 'DV %XFK LVW DOW (V NDQQ VLFK LQ GHU =ZLVFKHQ]HLW HLQLJHV JHlQGHUW KDEHQ $EHU IHVW VWHKW GD HV YRQ HLQHP $UNRQLGHQ JHVFKULHEHQZXUGHQLFKWYRQGHQ(UEDXHUQGHV7DUNLKO´ 0LU HUVFKLHQ HV VHKU XQZDKUVFKHLQOLFK GD DXHU )DUWXORRQ QRFK QLHPDQG GLHVHV %XFK JHIXQGHQ KDWWH ,VW HV P|JOLFK GD HLQ VROFKHV %XFK LQ HLQHU %LEOLRWKHN VWHKWRKQHMHJHOHVHQ]XZHUGHQ"-HPDQGKDWHVGRUWKLQJHVWHOOWYLHOOHLFKWNDWDORJLVLHUW $XIGHUDQGHUHQ6HLWHGHU6WDGWIRUPLHUWHQVLFKGLH3XQNWHXQGEHJDQQHQGDQQ LKUHQ0DUVFK]XGHQ+lXVHUQ,FKNRQQWHPLUYRUVWHOOHQZLHXQVHUHQ9HUIROJHUQ]XPXWH ZDUXQGLFKEHQHLGHWHVLHQLFKW)DUWXORRQ]RJPLFKPLWVLFK³:LUPVVHQQXQZHLWHU (V ZlUH VLQQORV YRQ KLHU DXV ]X]XVHKHQ ZDV VLH WXQ 8QG QRFK HLQPDO :LU GUIHQ QLFKWVKLQWHUODVVHQZDVLKQHQYHUUDWHQN|QQWHZHOFKHQ:HJZLUJHQRPPHQKDEHQ´ (LVNUDOOH NDP LQ DUJH %HGUlQJQLV ZHLO HU EHUHLWV GDV HUVWH 6WFN VHLQHU .XULRVLWlWHQVDPPOXQJ ZHJZHUIHQ ZROOWH )DUWXORRQ KLHOW LKP HLQHQ NXU]HQ DEHU VHKU HLQGULQJOLFKHQ 9RUWUDJ XQG EHWRQWH GD HU LKQ JHZDUQW KlWWH (U YHUVSUDFK GHP &KUHWNRU MHGRFK GD VLFK EDOG HLQH *HOHJHQKHLW ELHWHQ ZUGH EHUIOVVLJHQ %DOODVW ORV]XZHUGHQ 'LH $OOHH HQGHWH YRU HLQHU )HOVZDQG ,FK IUDJWH )DUWXORRQ ZHOFKHQ 6LQQ GLHVH EUHLWHQ )DKUEDKQHQ ZRKO KlWWHQ GLH HLQIDFK DEUXSW YRU HLQHU :DQG DXIOK|UWHQ HU DQWZRUWHWH³(VJLEW]ZHL0|JOLFKNHLWHQ(QWZHGHUKDWWHQGLH(UEDXHUGHU6WDGWXQGGHV 7DUNLKO XUVSUQJOLFK DQGHUH 3OlQH VLQG DEHU QLFKW PHKU GD]X JHNRPPHQ VLH ]X YHUZLUNOLFKHQ RGHU DEHU GLH JODWWHQ )HOVZlQGH DP (QGH GHU 6WUDHQ VLQG QLFKWV
'HU.ULVWDOOSULQ]
M
$WODQ
DQGHUHV DOV 7DUQXQJ 9LHOOHLFKW VHW]HQ VLFK GLH 6WUDHQ GDKLQWHU IRUW :LU VLQG PLWWHQ GULQLP7DUNLKODEHUHVJLEWVHLQH*HKHLPQLVVHQLFKWSUHLV´ (LVNUDOOH XQG )DUQDWKLD JLQJHQ KLQWHU XQV )DUWXORRQ KDWWH HLQHQ VFKPDOHQ 6HLWHQJDQJ JHIXQGHQ GHU KLQWHU HLQHU *HKHLPWU ODJ (U VFKLHQ VLH QXU QDFK GHU %HVFKUHLEXQJHQWGHFNW]XKDEHQXQGHVZDUNDXPGDPLW]XUHFKQHQGDMHPDQGGHU GLHVH%HVFKUHLEXQJQLFKWNDQQWHVLHEHUKDXSWKLHUYHUPXWHWH)RUWDQJDEHVNHLQ/LFKW PHKUXQGZLUPXWHQHLQHGHU/DPSHQHLQVFKDOWHQ 'HU*DQJIKUWHVFKUlJDEZlUWV$OOPlKOLFKNRQQWHLFKPLUQLFKWPHKUYRUVWHOOHQ GD ZLU QRFK WLHIHU LQ GLH .UXVWH GHV 3ODQHWHQ YRUVWLHHQ 0HLQHU 6FKlW]XQJ QDFK EHIDQGHQ ZLU XQV EDOG WDXVHQG 0HWHU XQWHU GHU 2EHUIOlFKH YRQ *RUWDYRU $OV VLFK HQGOLFK GHU *DQJ ]X HLQHP ZHJHQ GHU PDQJHOQGHQ /HXFKWNUDIW XQVHUHU /DPSHQ VFKHLQEDU JUHQ]HQORVHQ 6DDO YHUEUHLWHUWH RGHU LQ LKQ PQGHWH EHJHJQHWHQ ZLU GHQ HUVWHQKLHUH[LVWLHUHQGHQ/HEHZHVHQ )DUQDWKLD VFKULH DXI DOV SO|W]OLFK LP /LFKWNHJHO XQVHUHU /DPSH HLQH EOHLFKH JHVLFKWVORVH.XJHOHUVFKLHQGLHYRQ]ZHLGQQHQ6SLQQHQEHLQHQJHWUDJHQZXUGH9LHU HEHQVR GQQH $UPH IXFKWHOWHQ LQ GHU /XIW KHUXP DOV ZROOWHQ VLH XQV =HLFKHQ JHEHQ )DUWXORRQZDUVWHKHQJHEOLHEHQ ³'LH6WXPPHQ'LHQHU´VDJWHHUUXKLJ³.HLQH*HIDKU$EHUVLHN|QQHQXQVOlVWLJ ZHUGHQ 6LH GLHQWHQ HLQVW GHQ XQEHNDQQWHQ (UEDXHUQ GHV 7DUNLKO XQG EHUOHEWHQ LKUH +HUUHQVRIHUQVLHEHUKDXSWOHEHQ:LUEUDXFKHQXQVQLFKWYRULKQHQ]XIUFKWHQGHQQ VLH WXQ XQV QLFKWV $EHU VLH ZHUGHQ XQV DXFK QLFKW KHOIHQ N|QQHQ GHQQ HV JLEW NHLQH 0|JOLFKNHLWVLFKPLWLKQHQ]XYHUVWlQGLJHQ´ )DUQDWKLD SDFNWH PHLQHQ $UP VR IHVW GD LFK YRU 6FKPHU] XQG hEHUUDVFKXQJ IDVWDXIJHVW|KQWKlWWH³,FKK|UWHYRQLKQHQ´ ³.HLQH$QJVW´EHUXKLJWHLFKVLH³6LHVLQGKDUPORVXQGZROOHQQXUGLHQHQ$EHU RIWLVWDXFKGDV%HGLHQWZHUGHQKLQGHUOLFKXQGJHIlKUOLFK´ ,FK KDWWH HEHQIDOOV VFKRQ YRQ GHQ 6WXPPHQ 'LHQHUQ JHK|UW (LQPDO LQ PHLQHP /HEHQ ZDU LFK HLQHP VROFKHQ .XJHOZHVHQ EHJHJQHW $XI HLQHP PHLQHU 6SD]LHUJlQJH LP 7DUNLKO ZDU HV JHZHVHQ XQG LFK ZDU HUVFKURFNHQ GDYRQJHODXIHQ RKQH PLU GLH VHOWVDPH.XJHOJHVWDOWQlKHUDQ]XVHKHQ$XV%HULFKWHQZXWHLFKGDVLHIUKHU|IWHU DXV GHP 7DUNLKO DQ GLH 2EHUIOlFKH JHNRPPHQ ZDUHQ XP GHQ $UNRQLGHQ ]X GLHQHQ GLHVH MHGRFK LKUH 'LHQVWH EHUKDXSW QLFKW ZROOWHQ 'HQQ GLH 6WXPPHQ 'LHQHU YHUULFKWHWHQ$UEHLWHQGLHY|OOLJVLQQORVZDUHQ 'LH .XJHO NDP KHUEHL JURWHVN LQ LKUHQ %HZHJXQJHQ XQG QDKH]X XQZLUNOLFK LQ LKUHU(UVFKHLQXQJ:RYRQOHEWHQVLHKLHUXQWHQZRHVZHGHU1DKUXQJQRFK/LFKWJDE" .RQQWHQ VLH LP 'XQNHOQ H[LVWLHUHQ XQG VLFK YHUPHKUHQ" 2GHU ZDUHQ VLH XQVWHUEOLFK" (LQH]ZHLWH.XJHOWDXFKWHDXIGDQQGLHGULWWHYLHUWHIQIWH%DOGZDUHQZLUYRQ]ZHL 'XW]HQG6WXPPHQ'LHQHUQXPULQJWGLHRIIHQEDUXQVHU*HSlFN]XWUDJHQZQVFKWHQ )DUWXORRQ EHIDKO XQV GLH %HXWHO PLW GHQ /HEHQVPLWWHOQ DXI NHLQHQ )DOO DXV GHU +DQG ]X JHEHQ VDJWH MHGRFK ]X (LVNUDOOH ³*LE LKQHQ GHLQHQ 3OXQGHU ,FK ELQ EHU]HXJWGDVLHLKQLUJHQGZRYHUVFKZLQGHQODVVHQ'DQQVLQGZLULKQORV´ :LGHUVWUHEHQGOLHVLFK(LVNUDOOHHUOHLFKWHUQ'LH6WXPPHQ'LHQHUULVVHQLKPGLH LQ GHU 6WDGW JHVDPPHOWHQ $QGHQNHQ QXU VR DXV GHU +DQG XQG KDVWHWHQ DXI LKUHQ GQQHQ %HLQHQ HLIULJ GDYRQ 9HUPXWOLFK ZlUH HV XQVHUHQ /HEHQVPLWWHOSDNHWHQ lKQOLFK HUJDQJHQ KlWWHQ ZLU VLH GHQ GLHQVWHLIULJHQ .XJHOJHLVWHUQ EHUODVVHQ *H]VWHU -HW]W
'HU.ULVWDOOSULQ]
M
$WODQ
ZXWHLFKSO|W]OLFKZDUXPMHGHUREHQLP7DUNLKODQ*HLVWHUJODXEWH(VNRQQWHVLFKQXU XPGLHVHJHKHLPQLVYROOHQ:HVHQKDQGHOQGLHLKUHHLQVWLJHQ+HUUHQEHUOHEWKDWWHQ ³:LUPVVHQVLHORVZHUGHQ´VDJWH)DUWXORRQ³$EHUZLH"´ ³+DEHQZLUNHLQH$XIJDEHIUVLH"´IUDJWHLFK ³'LHKlWWHQZLUDEHUZLHVROOWHQZLULKQHQGDVYHUVWlQGOLFKPDFKHQ":LUN|QQWHQ VLH LQ GLH 6WDGW VFKLFNHQ GDPLW VLH VLFK XP GHQ %OLQGHQ 6RIJDUW XQG VHLQH /HXWH NPPHUQ´ ³'DV ZUGH GLHVH DXIOKDOWHQ´ YHUPXWHWH LFK IDQG DEHU DXFK NHLQH /RVXQJ GHV 3UREOHPV )DUQDWKLD ]RJ PLFK ]XU 6HLWH ,FK DKQWH GD VLH HWZDV DXI GHP +HU]HQ KDWWH³:DVLVW)DUQDWKLD"´ ³9HUVSULFKVWGXPLUPLFKQLFKW]XYHUUDWHQ"´ ,FKKDWWHQLFKWGLHJHULQJVWH$KQXQJZRYRQVLHHLJHQWOLFKVSUDFK³6DJHQGOLFK ZDVORVLVW´ 6LHVXFKWHHWZDVLQGHQ7DVFKHQLKUHV0DQWHOVXQG]RJHVGDQQKHUYRU(VZDU HLQ )DGHQNQlXHO (V ZDU ´(LQH 6SXU $WODQ LFK KDEH HLQH 6SXU KLQWHUODVVHQ $EHU QLFKW GHU 9HUIROJHU ZHJHQ VRQGHUQ XQVHUHWZHJHQ :LU KlWWHQ QLHPDOV PHKU KHUDXVJHIXQGHQ ZHQQ GHLQHP 9DWHU HWZDV SDVVLHUW ZlUH 'DUXP KDEH LFK YRQ GHU 6WDGWDXVGHQ)DGHQDEUROOHQODVVHQ´ :LU ZDUHQ YHUORUHQ GHQQ HV ZDU SUDNWLVFK XQP|JOLFK GD GLH 9HUIROJHU GHQ $QIDQJ GHV )DGHQV QLFKW EHU NXU] RGHU ODQJ IDQGHQ GHQQ GLH +|KOHQDXVJlQJH ZUGHQ VLH JDQ] JHQDX LQ $XJHQVFKHLQ QHKPHQ 8QG GDQQ EUDXFKWHQ VLH LKP QXU ]X IROJHQ³:LHNRQQWHVWGXGDVQXUWXQ"´VDJWHLFKOHLVH³+DW(LVNUDOOHQLFKWVEHPHUNW"´ ³(UKDWPLUVRJDUJHKROIHQ´ ,FKEHUOHJWH:LUPXWHQGLHJHOHJWH6SXUZLHGHUEHVHLWLJHQGDVZDUNODU$EHU ZHUYRQXQVYHUVSUWHVFKRQ/XVWGHQJDQ]HQODQJHQ:HJZLHGHU]XUFN]XODXIHQXP GHQJHOHJWHQ)DGHQHLQ]XVDPPHOQ"³:LUPVVHQHV)DUWXORRQVDJHQ´ ³,FKKDEH$QJVW´ 'DVZDUPLUQXQEHLDOOHU/LHEH]XLKUHJDO8QVHUH6LFKHUKHLWXQGXQVHU/HEHQ JLQJHQ YRU ³:DUWH KLHU )DUQDWKLD ,FK PDFKH HV IU GLFK XQG KDE NHLQH $QJVW ,FK JODXEHGHLQ)DGHQLVWXQVHUH5HWWXQJYRUGHQ6WXPPHQ'LHQHUQ´ ,FKJLQJ]XPHLQHP3IOHJHYDWHUXQGEHULFKWHWHLKPZDV)DUQDWKLDLQLKUHU$QJVW JHWDQ KDWWH =XHUVW ZLUNWH HU YHUlUJHUW DEHU GDQQ DOV LFK GLH 6WXPPHQ 'LHQHU HUZlKQWH KHOOWH VLFK VHLQ *HVLFKW DXI (LVNUDOOH VWDQG GDEHL XQG JULQVWH JOlVHUQ ³'DV LVW GLH /gVXQJ´ VDJWH )DUWXORRQ XQG QDKP GDV .QlXHO GDV )DUQDWKLD LKP UHLFKWH (U KLHOW HV GHQ 6WXPPHQ 'LHQHUQ HQWJHJHQ ³$XIUROOHQ´ VDJWH HU ODQJVDP XQG VHKU GHXWOLFK³.|QQWLKUGDVYHUVWHKHQ"$XIUROOHQ´(UPDFKWHHVLKQHQYRULQGHPHUHLQLJH 0HWHU]XUFNJLQJXQGGDEHLGDV.QlXHOVRUJVDPDXIUROOWH³,PPHUGHP)DGHQQDFKELV ]XU6WDGW´ (VGDXHUWHHLQH:HLOHDEHUGDQQKDWWHQGLH6WXPPHQ'LHQHUEHJULIIHQZDVHU YRQ LKQHQ ZROOWH 2E VLH QXQ /HEHZHVHQ ZDUHQ RGHU 5RERWHU YLHOOHLFKW VRJDU $QGURLGHQPLWRUJDQLVFKHQ*HKLUQHQRGHUZDVDXFKLPPHUMHGHQIDOOVKDWWHPDQVLH]X XQEHGLQJWHP *HKRUVDP SURJUDPPLHUW RGHU HU]RJHQ (LQLJH YRQ LKQHQ HLOWHQ LQ GHQ *DQJ]XUFNXQGKREHQGHQ)DGHQDXIZlKUHQGDQGHUHGHU.XJHOQPLWGHP.QlXHOLQ GHQ+lQGHQKDOIHQLKQDXI]XZLFNHOQ6FKZHLJHQGYHUVFKZDQGHQVLHLP'XQNHO
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQDWPHWHDXIGDQQ]RJHU)DUQDWKLDDQVLFK³0HLQ.LQGGDVJLQJQRFK HLQPDO JXW DEHU VDJH PLU LQ =XNXQIW ZHQQ GX VHOEVWlQGLJ KDQGHOQ P|FKWHVW 9HUVSULFKVWGXPLUGDV"´ 6LHVDKLKQ]HUNQLUVFKWDQXQGQLFNWHPHKUPDOV³,FKYHUVSUHFKHHV´ ³*XW'LH6WXPPHQ'LHQHUKDEHQQXQJHQXJGDPLW]XWXQGHQ)DGHQ]XILQGHQ XQG DXI]XZLFNHOQ 6LH ZHUGHQ GDEHL ELV ]XU 6WDGW JHODQJHQ XQG GHQ 9HUIROJHUQ EHJHJQHQ ,KUHQ 6FKUHFN NDQQ LFK PLU YRUVWHOOHQ ,FK KRIIH QXU GD VLH QLFKW ]X YLHOH GHUKDUPORVHQ.XJHOQW|WHQ´ )DUQDWKLDHUVFKUDN³'DUDQKDEHLFKQLFKWJHGDFKW´ (UZLQNWHDE³6LHZHUGHQVLFKZHKUHQGLH6WXPPHQ'LHQHU,FKZHLGDVLH GD]XGLH0|JOLFKNHLWKDEHQ6WHOOWNHLQH)UDJHQ´ (UVFKHLQWDOOHV]XZLVVHQYHUUlWMHGRFKQXUZHQLJGDFKWHLFKXQGZXUGHGXUFK VHLQH 9HUKDQGOXQJHQ PLW GHQ 6WXPPHQ 'LHQHUQ DEJHOHQNW (LQLJH YRQ LKQHQ ZDUHQ ]XUFNJHEOLHEHQXQGXPVFKZlUPWHQXQV,PPHUZLHGHUGHXWHWH)DUWXORRQLQGHQ*DQJ ]XUFNGHU]XU6WDGWIKUWH(UJDE+DQG]HLFKHQPDFKWHGLH%HZHJXQJGHV$XIUROOHQV QDFK XQG ZLHGHUKROWH VLH VR ODQJH ELV GLH 6WXPPHQ 'LHQHU GDV (LQVDPPHOQ GHV )DGHQV IU GLH ZLFKWLJVWH $XIJDEH GHV 8QLYHUVXPV KDOWHQ PXWHQ $XFK VLH YHUVFKZDQGHQ XQG ZLU ZDUHQ HQGOLFK ZLHGHU DOOHLQ :LU JLQJHQ ZHLWHU ,PPHU QRFK IKUWH GHU *DQJ LQ GLH 7LHIH XQG ZHLW YRU PLU JODXEWH LFK GDV IHUQH 5DXVFKHQ HLQHV :DVVHUIDOOV]XK|UHQ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ 2UEDQDVFKRO,,,KHUUVFKWHJUDXVDPXQGUFNVLFKWVORV(UIHVWLJWHVHLQH0DFKWDOV ,PSHUDWRUGHV*URHQ,PSHULXPVLQGHPHUGLH*HJQHULQGHQHLJHQHQ5HLKHQ JQDGHQORVHOLPLQLHUWHXQGJHJHQ9|ONHUGLHVLFKVHLQHP5HJLPHQLFKWXQWHURUGQHQ ZROOWHQJURDQJHOHJWH6WUDIDNWLRQHQHLQOHLWHWH2EZRKO2UEDQDVFKROV7UXSSHQQHEHQ GLHVHQNOHLQHQ6FKDUPW]HOQJHJHQGLHUHYROWLHUHQGHQ9|ONHUVFKRQVHLW-DKUHQLQ HLQHQVLFKDXVZHLWHQGHQ.ULHJJHJHQGLH0HWKDQDWPHUYHUZLFNHOWZDUHQVWDQGHQGLH $UNRQLGHQGHV*URHQ,PSHULXPVLQGHU%OWHLKUHU(QWZLFNOXQJ'LHVZDUMHGRFKLQ NHLQHU:HLVHGDV9HUGLHQVWYRQ2UEDQDVFKRO,,,JDQ]LP*HJHQWHLOHUZDUGDEHLDOOHV]X ]HUVW|UHQZDVVHLQH9RUJl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lLJH7KURQIROJHUGHQQ*RQR]DO9,, KLQWHUOLHHLQHQ6RKQGHU]XP=HLWSXQNWGHV³8QIDOOV´YLHU$UNRQMDKUHDOWZDU'RFKGHU .ULVWDOOSULQ]YHUVFKZDQGXQPLWWHOEDUQDFK*RQR]DOV7RG2UEDQDVFKROOLHLKQIUWRW HUNOlUHQXQGEHVWLHJVHOEVWGHQ7KURQ(VJLQJGDV*HUFKWGD2UEDQDVFKROQLFKWQXU
'HU.ULVWDOOSULQ]
M
$WODQ
VHLQHQ+DOEEUXGHUGHQ,PSHUDWRUEHVHLWLJHQOLHVRQGHPDXFKGHVVHQ6RKQ 0DVFDUHQDXIGHP*HZLVVHQKDWWH1XUZHQLJHZXWHQHVEHVVHU2UEDQDVFKRO,,/ KDWWHPLWGHP9HUVFKZLQGHQGHV.ULVWDOOSULQ]HQQLFKWV]XWXQDEHUHUDKQWHGDHU QRFKDP/HEHQZDU 'HVKDOEVDK2UEDQDVFKRO,,,VHLQH0DFKWJHIlKUGHWXQGHUOLHEHUDOOLQGHU *DOD[LVILHEHUKDIWQDFKGHP.ULVWDOOSULQ]HQIDKQGHQ%LVKHUMHGRFKRKQH(UIROJ 2UEDQDVFKROVHLQ]LJHU$QKDOWVSXQNWZDUGD]XVDPPHQPLWGHPUHFKWPlLJHQ 7KURQIROJHUDXFKGHU/HLEDU]WYRQ*RQR]DO9,,GHUJHKHLPQLVXPZLWWHUWH)DUWXORRQ YHUVFKZXQGHQZDU'UHL]HKQ$UNRQMDKUHODQJZDU2UEDQDVFKROV-DJGHUIROJORV JHEOLHEHQ)DUWXORRQKDWWH$UNRQXQGGHQ.ULVWDOOSDODVWKLQWHUVLFK]XUXFNJHODVVHQXP GDV/HEHQGHV9LHUMlKULJHQ]XVFKW]HQGHQQ³$WODQ´ZDUGHU.ULVWDOOSULQ] -HZHLWHUZLUYRUGUDQJHQGHVWRODXWHUZXUGHGDV5DXVFKHQ(LVNUDOOHEHJDQQ]X IU|VWHOQDOVHVNlOWHUZXUGH(UEOLHEVWHKHQ³,FKZHUGH]HUVSULQJHQ)DUWXORRQGHQQ ZLUNRPPHQLQHLQHQ(LVNHOOHU'DVVFKDGHWPHLQHU*HVXQGKHLW´ $XFK)DUWXORRQEOLHEVWHKHQZLHZLUDOOH³(LVNHOOHU"´GHKQWHHUGLH)UDJH³1HLQ GDVLVWNHLQ(LVNHOOHUPHLQ)UHXQG:LUNRPPHQZDKUVFKHLQOLFK]XGHP :DVVHUUHVHQRLUGHUXQEHNDQQWHQ(UEDXHU0LW(LVKDWGDVZHQLJ]XWXQ´ ³*URH7HPSHUDWXUXQWHUVFKLHGH)DUWXORRQPXWGXZLVVHQ´ ³,FKZHLHVVHLEHUXKLJW$EHUGLHSDDU*UDGZHUGHQGLFKQLFKW]HUVSULQJHQ ODVVHQ'HU8QWHUVFKLHGLVWQXUJHULQJ´ :LUJLQJHQZHLWHU,FKZXUGHGDV*HIKOQLFKWORVKLHUVFKRQHLQPDOJHZHVHQ]X VHLQRGHUZHQLJVWHQVDQHLQHPlKQOLFKHQ2UW'LH(ULQQHUXQJGDUDQVFKOXPPHUWHWLHI LQPHLQHP8QWHUEHZXWVHLQDEHULFKZDJWHHVMHW]WQLFKW)DUWXORRQHLQH)UDJH]X VWHOOHQ(UVFKLHQVHOEVW]XEHVFKlIWLJW]XVHLQGHQ0HUNPDOHQ]XIROJHQGLHHUQRFK LP*HGlFKWQLVKDWWH:HQQLFKLKQLQVHLQHU.RQ]HQWUDWLRQVW|UWHNRQQWHQZLUXQV YHULUUHQXQGGDVZUGHXQVHUHQ7RGEHGHXWHQ,FKZDUVLFKHUKLHUQLFKWPHKU KHUDXV]XILQGHQ'HU%RGHQZXUGHIHXFKWXQGVFKOSIULJ%LVKHUZDUHULPPHU VWDXEWURFNHQJHZHVHQ (LVNUDOOHVFKLPSIWHXQDEOlVVLJYRUVLFKKLQXQGNQGLJWHDOOH=HKQWHO7RQWDVHLQ (QGHDQ=XP*OFNNDQQWHQZLULKQXQGNPPHUWHQXQVQLFKWXPVHLQ*HUHGH$EHU LFKIURUXQG)DUQDWKLDIURUHEHQIDOOV,FK]ZDQJVLHXQWHULKUHQ0DQWHOQRFKPHLQH -DFNHDQ]X]LHKHQ1DFKGHPNXU]HQ$XIHQWKDOWJLQJHQZLURKQH3DXVHZHLWHU7URW] GHU.lOWHYHUVSUWHLFK'XUVW6HLWGHP9HUODVVHQGHU6WDGWKDWWHLFKNHLQHQ7URSIHQ PHKUJHWUXQNHQ 'HU*DQJYHUEUHLWHUWHVLFKXQGZXUGHK|KHU,FKOLHGHQ/LFKWNHJHOPHLQHU /DPSHDQGHQ:lQGHQHQWODQJZDQGHUQ6LHZDUHQJODWWIDVWZLHSROLHUWDEHUVLH EHVWDQGHQDXV)HOVQLFKWDXVGHPEURQ]HlKQOLFKHQ0HWDOOGDVLFKYRQGHQREHUHQ 5HJLRQHQKHUNDQQWH+LHUKDWWHGLH1DWXU%DXPHLVWHUJHVSLHOWGDUDQNRQQWHNHLQ =ZHLIHOEHVWHKHQDOOHUGLQJVKDWWHQGLH)UHPGHQVSlWHUQDFKJHKROIHQ )DUWXORRQEOLHEVREHUUDVFKHQGVWHKHQGDLFKJHJHQLKQVWLH³:LUZHUGHQ EDOG]XPJURHQ6HHJHODQJHQ´VDJWHHUXQGEHJDQQVHLQ/HEHQVPLWWHOSDNHW]X |IIQHQ³,FKELQIUHLQH3DXVH´ ³,FKKlWWHHLQLJH)UDJHQ´PXUPHOWH(LVNUDOOHEHNORPPHQ ³'DQQIUDJMHW]WKDEHQZLU=HLW´ 'HU&KUHWNRUPXVWHUWHLKQYROOHU=ZHLIHO³8QGGXZLUVWDQWZRUWHQ"´ ³=XPLQGHVWZHUGHLFKHVYHUVXFKHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³1DVFK|Q´(LVNUDOOHNDXWHPLWJOlVHUQHQ%DFNHQ³:DVLVWGHUJURH6HH"´ ³1LFKWV%HVRQGHUHVHLJHQWOLFKQXU:DVVHU´ (LVNUDOOHVFKOXFNWHK|UEDU³-D:DVVHUGDVGDFKWHLFKPLU8QGVRQVWQLFKWV"´ ³'RFK´VDJWH)DUWXORRQWURFNHQ³8IHU´ ³$KD8IHUDOVRDXFK´ZLHGHUKROWH(LVNUDOOH³(LQULFKWLJHU6HH,-QGZHQQZLULKQ HUUHLFKHQZDVWXQZLUGDQQ"´ ³,FKZHLHVQLFKW´JHVWDQG)DUWXORRQ³,FKNHQQHGHQ6HHDXFKQXUDXVGHU %HVFKUHLEXQJ:DVZLUK|UHQPXGHU:DVVHUIDOOVHLQGHULKQVSHLVW'LH %HVFKUHLEXQJVWLPPWDOVR´ :LUDHQYRQGHQ9RUUlWHQYRQGHQHQZLUQRFKQLFKWZXWHQZLHODQJHVLH UHLFKHQVROOWHQ,FKEHPHUNWHGD)DUQDWKLDNDXPHWZDV]XVLFKQDKP,FKUFNWH QlKHUDQVLHKHUDQ³+DVWGXNHLQHQ+XQJHU)DUQDWKLD"´ 6LHVFKWWHOWHGHQ.RSI³(VLVWDOOHVVRVRVFKUHFNOLFKVRXQHUZDUWHW'LHVH 5lXPHKLHUVLQGYHUERWHQ:LUZHUGHQVWHUEHQ´ ,FKEHUXKLJWHVLH³1HLQ)DUQDWKLDZLUZHUGHQQLFKWVWHUEHQ0DQKDWGLUGDVQXU HLQJHUHGHWZHLOQLHPDQGZLOOGDMHPDQGELVKLHUKHUYRUGULQJW,FKZHLDXFKQLFKW ZDUXPGDVVRLVW9LHOOHLFKWHLQHIDOVFKDXVJHOHJWHhEHUOLHIHUXQJ´,FKZDQGWHPLFKDQ )DUWXORRQ³:DVPHLQVWGX"´ (UQLFNWH³'XNDQQVWUHFKWKDEHQ$WODQhEHUOLHIHUXQJHQZHUGHQVHKURIWIDOVFK DXVJHOHJW'DVNRPPWDXIDOOHQ:HOWHQYRU´ )DUQDWKLDDQXQGRFKHWZDVZHQQDXFKPLWVLFKWOLFKHP:LGHUZLOOHQ,FK YHUVSUWHQRFKPHKU'XUVWDOV]XYRU(QGOLFKQDFK7RQWDVZLHPLUVFKLHQJDE )DUWXORRQGDV=HLFKHQ]XP$XIEUXFK:LUSDFNWHQXQVHUH%QGHOXQGIROJWHQLKP(U WUXJQXQGLH/DPSHXQGJLQJVHKUODQJVDP0LWMHGHP6FKULWWZXUGHGDV5DXVFKHQ ODXWHU,FKJODXEWHLQGHU/XIWEHUHLWVGLH)HXFKWLJNHLW]XVSUHQ(LVNUDOOHGHUGHQ $EVFKOXELOGHWHEHWRQWHPHKUIDFKGDHUGDVHLQIDFKQLFKWDXVKLHOWHXQGMHGHQ $XJHQEOLFN]HUVSULQJHQPVVH 8QGGDQQHQGHWHGHU*DQJVRSO|W]OLFKGDLFKIDVWJHVWROSHUWZlUH:HQQ )DUWXORRQPLFKQLFKWJHKDOWHQKlWWHZlUHLFKPLW]LHPOLFKHU6LFKHUKHLWLQV:DVVHU JHIDOOHQGHQQGHU8IHUSIDGZDUQXU]ZHL0HWHUEUHLW9RUXQVODJGHU6HH,PHUVWHQ $XJHQEOLFNGUlQJWHVLFKPLUGLH9LVLRQDXIZLHGHUYRUGHU6WDGW]XVWHKHQQXUGDVLH GLHVPDOYRQ:DVVHUEHUIOXWHWZDU'LH+|KOHKDWWHlKQOLFKH$XVPDHXQGDXFKEHU LKUJDEHVGHQNQVWOLFKHQ+LPPHOPLWHLQHU$WRPVRQQH$OOHUGLQJVOHXFKWHWHVLHQXU VFKZDFKVRDOVVLPXOLHUHVLHHLQHSURJUDPPLHUWH1DFKW5HFKWVVWU]WHDXVGHP ³+LPPHO´HLQULHVLJHU:DVVHUIDOOLQGLH7LHIHXQGHU]HXJWHHLQHQPlFKWLJHQ:LUEHO ZHLHU6FKDXPPDVVHQ'LH:HOOHQUROOWHQEHUGHQ6HHXQGVWUHLIWHQNHLQH]ZHL0HWHU YRUPLUGDVIODFKH8IHU)DUWXORRQEHVWlWLJWHPHLQH9HUPXWXQJLQGHPHUVDJWH³,FK QHKPHDQKLHUZDUHLQVWHEHQIDOOVHLQH6WDGWDEHUHLQH1DWXUNDWDVWURSKHEHUIOXWHWH VLH'DVPXJHVFKHKHQVHLQEHYRUGDV%XFKJHVFKULHEHQZXUGHLQGHPQXUYRQGHP 6HHGLH5HGHLVW8PHKUOLFK]XVHLQLP$XJHQEOLFNZHLLFKDXFKQLFKWPHKUZHLWHU $EHUZLUKDEHQZHQLJVWHQV:DVVHU$WODQZDUVWGXQLFKWGXUVWLJ"´ ,FKVHW]WHPHLQHQ%HXWHODEXQGNOHWWHUWHGLH)HOVE|VFKXQJKLQDE'DV:DVVHU ZDUIODFKXQGGLH:RJHQOLHIHQ]LVFKHQGDXV0LWGHU+DQGVFK|SIWHLFKGDVHLVNDOWH 1DXQGWUDQN(VVFKPHFNWHJXWXQGIULVFK'LHDQGHUHQIROJWHQPHLQHP%HLVSLHO 'DQQHUVWJLQJHQZLUHLQ6WFNZHLWHUOLQNVGLHVWHLOH)HOVZDQGXQGUHFKWVGHQ6HHELV
'HU.ULVWDOOSULQ]
M
$WODQ
ZLUHLQH1LVFKHIDQGHQGLHHLQLJHUPDHQWURFNHQZDU'LHKHUXPOLHJHQGHQ )HOVEURFNHQGLHQWHQXQVDOV6LW]SOlW]H (LVNUDOOHYHUJDVHLQHbQJVWHXQGIUDJWH³)DUWXORRQZLHJHKWHVQXQZHLWHU"'X KDVWGDV%XFKJHOHVHQGDVZLUDOOHQLFKWNHQQHQ:LUVWGXXQVMHPDOV]XUFNDQV/LFKW IKUHQ"´ )DUWXORRQZDUILKPHLQHQIRUVFKHQGHQ%OLFN]X'DQQOlFKHOWHHU³,VWGLUNDOW"´ ,FKKLHOWGDVIUHLQ$EOHQNXQJVPDQ|YHUDEHULP$XJHQEOLFNKDWWHLFKDQGHUH 6RUJHQ)DUQDWKLDV]LWWHUQGHU.|USHUGUlQJWHVLFKJHJHQPLFKVLHVXFKWH6FKXW]XQG :lUPH,FKOHJWHGHQ$UPXPVLH ³-DPLULVWNDOW)DUWXORRQDEHULFKVWHOOWHGLUHLQH)UDJH´ ³:LHHVZHLWHUJHKW",FKPXYHUVXFKHQPLFK]XHULQQHUQ(LVNUDOOH,FKKDEH GDV%XFKJHOHVHQDEHUGDPDOVNRQQWHLFKQLFKWZLVVHQGDLFKHLQPDODOOH 'HWDLONHQQWQLVVHEHQ|WLJHQZUGH'HQQRFKZHUGHQZLUGLH6FKZHOOHILQGHQYHUOD GLFKGDUDXI´ ³'LH6FKZHOOH":DVLVWGDV"´ )DUWXORRQPDFKWHHLQ*HVLFKWDOVKDEHHUEHUHLWV]XYLHOJHVDJW³(LQH %H]HLFKQXQJDXVGHP%XFK,FKZHLQLFKWZDVVLHEHGHXWHW,FKKRIIHHLQHQ )OXFKWZHJ'HU6HHKLHULVWHLQHGHU6WDWLRQHQGRUWKLQ$OVRVLQGZLUDXIGHPULFKWLJHQ :HJ´ ³:DUXPKHLWHV6FKZHOOH"´ERKUWH(LVNUDOOHZHLWHU ³,FKZHLHVQLFKW´ZLHGHUKROWH)DUWXORRQ0HKUEHNDP(LVNUDOOHQLFKWDXVLKP KHUDXVXQGLFKYHUVXFKWHHVHUVWJDUQLFKW)DUQDWKLDNXVFKHOWHVLFKDQPLFK6LH ]LWWHUWHQLFKWPHKUVRVHKUZLHDQIDQJV0HLQH.|USHUZlUPHWDWLKUVLFKWOLFKZRKO,FK ZDUIURKVRQHEHQLKUVLW]HQ]XGUIHQ,KUHQ%OLFNHQGLHVLHPLU]XZDUINRQQWHLFK HQWQHKPHQGDVLHlKQOLFKHPSIDQGZLHLFK1DFKHLQHU:HLOHVDJWH)DUWXORRQ³:LU PVVHQGHP8IHUQDFKOLQNVIROJHQELVZLUGHQHLQ]LJHQ*DQJHQWGHFNHQGHU]XUFN LQV7DUNLKOIKUW'DQDFKHUUHLFKHQZLUGDQQGHQ)OXGHU=lKLJNHLW²VRZHQLJVWHQV VWDQGHVLP%XFK,FKNDQQPLUQLFKWYRUVWHOOHQZDVGDVVHLQVROO´ )OXGHU=lKLJNHLWGDVZDUYLHOOHLFKWHLQHXQ]XWUHIIHQGHhEHUVHW]XQJIDOOVGLH 2ULJLQDOVFKULIWLQHLQHUIUHPGHQ6SUDFKHDEJHIDWJHZHVHQZDU ³8QGGHU6HH"´IUDJWH(LVNUDOOH³(VNRPPWODXIHQGQHXHV:DVVHUKLQ]XDOVR PXHVHLQHQ$EIOXJHEHQ9LHOOHLFKWWULWWHVVRJDUDQLUJHQGHLQHU6WHOOHDQGHU 2EHUIOlFKHDXV´ ³'DVLVWULFKWLJ´JDE)DUWXORRQ]X³$EHUGXYHUJLWGDZLUXQVLQPHKUDOV WDXVHQG0HWHU7LHIHDXIOKDOWHQ:LHVROOWHGDV:DVVHUQDFKREHQVWHLJHQ"(VYHUOLHUW VLFKVLFKHULQQRFKJU|HUHU7LHIHRGHUDEHUHVZLUGGXUFKHLQH3XPSDQODJHQDFKREHQ EHI|UGHUW,FKKDEHNHLQH/XVWLQHLQHVROFKH$QODJH]XJHUDWHQ´ 'DKDWWHHUDXFKZLHGHUUHFKW8QVHUH/DJHZDUKRIIQXQJVORVZHQQ)DUWXORRQ NHLQHQ$XVZHJIDQG:DVLVWGLH³6FKZHOOH´GLHHUQXUNXU]HUZlKQWKDW" ³.|QQWHQZLUZHQLJVWHQVHLQ)HXHUPDFKHQ´PXUPHOWH(LVNUDOOH ³/HLGHUKDEHQZLUNHLQ+RO]´VDJWHLFKXQGGUFNWH)DUQDWKLDIHVWHUDQPLFK³0LU LVWQLFKWVHKUNDOW´ (LVNUDOOHVWUHLIWHPLFKPLWHLQHP%OLFNXQGVWHOOWHDQ]JOLFKIHVW³'DVJODXEHLFK GLUJHUQ´ $POLHEVWHQKlWWHLFKLKQLQGHQ6HHJHZRUIHQ6WDWWGHVVHQZDQGWHLFKPLFKDQ )DUWXORRQ³:LHJHKWHVMHW]WZHLWHU"´
'HU.ULVWDOOSULQ]
M
$WODQ
³:HQQZLUXQVDXVJHUXKWKDEHQYHUVXFKHQZLUGHQ*DQJDPDQGHUHQ(QGH GHV6HHV]XILQGHQGDQQVHKHQZLUZHLWHU´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lUOLFKHV/LFKWDEHUHVJHQJWHZLUEUDXFKWHQXQVHUH/DPSHQ QLFKW'LHDQGHUH6HLWHGHV6HHVYHUVFKZDPPLQGHU'lPPHUXQJ 9RUXQVPDFKWHGHU8IHUZHJHLQHVFKDUIH%LHJXQJQDFKOLQNVVRDOVIROJHHU HLQHU$XVEXFKWXQJ,FKEHPHUNWHGD)DUWXORRQSO|W]OLFKVFKQHOOHUDXVVFKULWW(UVFKLHQ HLQ0HUNPDODXVGHP%XFKZLHGHUHUNDQQW]XKDEHQ(VZDULQGHU7DWHLQH%XFKWDEHU GHU:HJZXUGH]XHLQHPUHJHOUHFKWHQ3ODWHDXGDVPLFKDQHLQH7HUUDVVHHULQQHUWH 6RJDUHLQ(LQJDQJZDUYRUKDQGHQ)DUWXORRQVWHXHUWHHQWVFKORVVHQGDUDXI]XXQGEOLHE GDQQVWHKHQ³'DVLVWHV´VHXI]WHHUZLHYRQHLQHU/DVWEHIUHLW³'HU:HJ]XP)OXGHU =lKLJNHLW´ ³:HQQHUXQVQXUZHLWHUEULQJW´)DUWXORRQUHDJLHUWHQLFKWDXIPHLQHVNHSWLVFKH %HPHUNXQJ(UVFKDOWHWHVHLQH/DPSHDQXQGJLQJZHLWHU:RKORGHUEHOIROJWHQZLU LKPRKQHQlKHUH(UNOlUXQJHQHUKDOWHQ]XKDEHQ%RGHQXQG:DQGHGHV7XQQHOV VDKHQVRDXVDOVVHLKLHUODQJH=HLW:DVVHUGXUFKJHIORVVHQ'LH6SXUHQGHV $EVFKOHLIHQVZDUHQGHXWOLFK]XHUNHQQHQ9LHOOHLFKWKDWWHGHU6HHHLQPDOKLHUVHLQHQ =XIOXJHKDEW ³9HUIOXFKWNDOW´NQXUUWH(LVNUDOOHKLQWHUPLU ,FKEOLHEVWHKHQXQGVDJWH³$OOPlKOLFKEHJLQQHLFKPLFKEHUGLFK]XZXQGHUQ PHLQ/LHEHU'XKDVWWURW]XQVHUHU5DWVFKOlJHQLFKWVDQJH]RJHQXQGUHQQVWQDFNW KHUXP.HLQ:XQGHUZHQQGXIULHUVW$OVRKDOWGHQ0XQG´'DVZDU]LHPOLFKJURE ]XJHJHEHQDEHUPLWVHLQHPHZLJHQ*HUHGHHULQQHUWHHUXQVLPPHUZLHGHUGDUDQZLH NDOWHVKLHUXQWHQZLUNOLFKZDU ³.OHLGXQJQXW]WEHLPLUQLFKWV´JUXPPHOWHHUXQGZROOWH]XHLQHPlQJHUHQ 9RUWUDJEHUVHLQHQVHOWVDPHQ0HWDEROLVPXVDQVHW]HQDEHULFKEUDFKWHLKQPLWHLQHP :LQN]XP6FKZHLJHQ )DUWXORRQKDWWHVLFKQLFKWXPGHQNXU]HQ'LDORJJHNPPHUWVRQGHUQZDU ZHLWHUJHJDQJHQ'HU7XQQHOPDFKWHHLQLJH%LHJXQJHQ6FKOLHOLFKNDPHQVRJDU DXVJHZDVFKHQH6WXIHQHLQVLFKHUHV=HLFKHQGDIUGDGHU*DQJEHUHLWVYRUGHU .DWDVWURSKHH[LVWLHUWKDEHQPXWH,PPHUZLHGHUUXWVFKWHQZLUDEGHQQYRQGHQ 6WXIHQZDUQLFKWYLHOEULJJHEOLHEHQ%HLP$QVWHLJHQZXUGHXQVZHQLJVWHQVZDUP GDIUPHFNHUWH(LVNUDOOHQXQEHUGLHXQJHZRKQWH$QVWUHQJXQJ 3O|W]OLFKEOLHE)DUWXORRQVWHKHQXQGOHXFKWHWHGLH:lQGHPLWVHLQHU/DPSHDE DOVVXFKHHUHWZDVJDQ]%HVWLPPWHV,FKNRQQWHPLUQLFKWYRUVWHOOHQGDGDV:DVVHU HLQHVROFKH0DUNLHUXQJEULJJHODVVHQKDWWHHQWVDQQPLFKGDQQDEHUUHFKW]HLWLJGD )DUWXORRQEHKDXSWHWKDWWHGDV%XFKVHLHUVWQDFKGHU.DWDVWURSKHJHVFKULHEHQ ZRUGHQ ³$KDGDLVWHVMD´ULHIHUVFKOLHOLFKXQGULFKWHWHGHQ/LFKWNHJHODXIHLQH =HLFKQXQJLP)HOV³*HQDXZLHEHVFKULHEHQ6LHPXYRQGHP9HUIDVVHUGHV%XFKHV
'HU.ULVWDOOSULQ]
M
$WODQ
VWDPPHQ(VLVWEULJHQVKDQGJHVFKULHEHQDOVRJLEWHVYHUPXWOLFKQXUGLHVHVHLQH ([HPSODU´ ³8QGZDVEHGHXWHWGDV=HLFKHQ"´,FKVWXGLHUWHGLHXQYHUVWlQGOLFKH (LQJUDYLHUXQJ(VZDUHQ]ZHL/LQLHQGLHZLH6LQXVNXUYHQDXVVDKHQ ³'DVZHUGHQZLUEDOGZLVVHQ´JDE)DUWXORRQZRUWNDUJ]XUFN³,FKPXQXUGHQ 0HFKDQLVPXVQRFKILQGHQ´ :LUEOLHEHQVWHKHQZlKUHQGHUGLH)HOVZDQGDEWDVWHWH)UHLQHQ$XJHQEOLFN KDWWHLFKHLQHVFKUHFNOLFKH9LVLRQ:DVZDUZHQQPDQXQVLQHLQHW|GOLFKH)DOOHJHORFNW KDWWH":HQQKLQWHUGHUYHUERUJHQHQ7XUGHU*UXQGHLQHVZHLWHUHQ6HHVZDU"(UZUGH DXIXQVKHUDEVWU]HQXQVPLWVLFKUHLHQXQGHUWUlQNHQ$EHUGDQQEOLHEPLUNHLQH=HLW PHKU]XP1DFKGHQNHQ'LH:DQG|IIQHWHVLFKXQGNHLQ:DVVHUVWU]WHDXIXQVKHUDE (LQIDVWZDUPHU/XIWKDXFKWUDIXQVXQGKLQWHUPLUVW|KQWH(LVNUDOOHYRU:RKOEHKDJHQ DXI'LHJHVDPWH9HQWLODWLRQLP7DUNLKOIXQNWLRQLHUWHHLQZDQGIUHLVRQVWZlUHQZLUOlQJVW HUVWLFNW,QGHQ7LHIHQPXWHQDOOH0DVFKLQHQQRFKVRDUEHLWHQZLHVLHYRU XQGHQNOLFKHQ=HLWHQSURJUDPPLHUWZRUGHQZDUHQ )DUWXORRQVDJWH³:DUWHWKLHULFKJHKHYRUDQ.RPPWHUVWQDFKZHQQLFKHXFK UXIH´ 2KQHXQVHUHQ3URWHVWDE]XZDUWHQYHUVFKZDQGHULQGHU)HOV|IIQXQJ:LU EOLHEHQVWHKHQXQGVFKDOWHWHQHLQHGHUYHUEOLHEHQHQ/DPSHQDQ'LH*HKHLPWU PDFKWHNHLQH$QVWDOWHQVLFKZLHGHU]XVFKOLHHQ,FKNRQQWH)DUWXORRQV6FKULWWHQRFK ODQJHK|UHQGDQQZXUGHHVVWLOO ³:DUXPJHKWHUDOOHLQYRU"´IOVWHUWH)DUQDWKLDlQJVWOLFK ³9LHOOHLFKWYHUPXWHWHUHLQHJHIlKUOLFKH6WHOOHGLHHUHUNXQGHQP|FKWH´VDJWH LFK³(UZLUGEDOG]XUFNNHKUHQ´ :LUVSUDFKHQQLFKWYLHOZHLOHVQLFKWV]XVSUHFKHQJDE:LUNRQQWHQQXUDXI )DUWXORRQV5FNNHKUZDUWHQ8QGGDQQK|UWHQZLUVHLQH6FKULWWH:HQLJVSlWHUVDKHQ ZLUGHQ6FKHLQVHLQHU/DPSHXQGGDQQVWDQGHUZLHGHUYRUXQV³.RPPW´VDJWHHU NXU]³:LUVLQGHLQ6WFNZHLWHU´ (UVWDOVZLULQGHPQHXHQ*DQJZDUHQOLHHUGLH)HOVWUKLQWHUXQV]XJOHLWHQVR GDXQVHYHQWXHOOH9HUIROJHUQLFKWILQGHQNRQQWHQ'DQQEHUQDKPHUZLHGHUGLH )KUXQJ³%HYRUZLUGHQ)OXGHU=lKLJNHLWHUUHLFKHQPVVHQZLUGXUFKHLQLJH5lXPH YRQGHQHQLFKPLUHLQHQHEHQDQJHVHKHQKDEH,FKQHKPHDQVLHVLQGhEHUEOHLEVHO HKHPDOLJHU6SHUU]RQHQRGHUWHFKQLVFKH9HUVXFKVODERUV6RVWHKWHVDXFKLP%XFK DOOHUGLQJVRKQHHLQHYHUQQIWLJH(UNOlUXQJ7XWLPPHUJHQDXGDVZDVLFKHXFKVDJH GDQQSDVVLHUWXQVQLFKWV´ ³:LOOVWGXXQVQLFKWHUNOlUHQ"´EHJDQQLFKDEHUHUXQWHUEUDFKPLFKIDVWJURE ³(UVWGDQQZHQQHVVRZHLWLVW$WODQ,FKZHLMHW]WQRFKQLFKWYLHOPHKUDOVGX RGHUGLHDQGHUHQ,PHUVWHQ5DXPZLUGGLH*UDYLWDWLRQDXIJHKREHQ'DPLWZHUGHQZLU OHLFKWIHUWLJ:DVGDQDFKIROJWQXQZLUZHUGHQVHKHQ´ (UEOLHEVWHKHQDOVZLUGHQ6DDOHUUHLFKWHQGHUY|OOLJOHHUZDU$OOHUGLQJV HQWGHFNWHLFKPHWDOOHQH5LQJHXQG+DOWHJULIIHDQGHQ:lQGHQXQG]ZDULQPLQGHVWHQV IQI0HWHUQ+|KH9HUPXWOLFKKDWWHQGLHXQEHNDQQWHQ(UEDXHUGHV7DUNLKOKLHULKUH NQIWLJHQ5DXPIDKUHUDXIGLH6FKZHUHORVLJNHLWYRUEHUHLWHW ³(VVLQGIQI]LJ0HWHU9LVLHUWGLH7XUJHJHQEHUDQXQGVWRWHXFKYRUVLFKWLJ YRP%RGHQDEVREDOGLKUNHLQ*HZLFKWPHKUVSUW$XFKDQGHU'HFNHVLQG+DOWHULQJH
'HU.ULVWDOOSULQ]
M
$WODQ
6REDOGLKUHLQHQIDVVHQN|QQWNRUULJLHUWGLH5LFKWXQJIDOOVHVQRWZHQGLJLVW=ZDUJLEW HVNHLQHXQWHUVWW]HQGHQ3UDOOIHOGHUDEHUVRQVWLVWHVZLHLQHLQHP$QWLJUDYVFKDFKW´ 9RUVLFKWLJEHUVFKULWW)DUWXORRQGLHXQVLFKWEDUH6FKZHOOHXQGWDXPHOWH*HUDGH QRFKUHFKW]HLWLJVWLHHUVLFKDEXQGVHJHOWHGDQQJHZLFKWVORVVFKUlJQDFKREHQELV VHLQHDXVJHVWUHFNWHQ+lQGHGLH'HFNHEHUKUWHQ(UJDEVHLQHP.|USHUHLQHDQGHUH 5LFKWXQJDOOHUGLQJVEHJDQQHUVLFKXPVHLQH/lQJVDFKVH]XGUHKHQ%HLPQlFKVWHQ 5LQJEUHPVWHHUVHLQHQ)OXJDEZLQNWHXQVDXIPXQWHUQG]XXQGIORJGDQQZHLWHU JHUDGHDXIGLHgIIQXQJ]XGLHGHQ$XVJDQJELOGHWH.XU]GDYRUHUJULIIHUHLQHQ]ZHLWHQ +DOWHULQJKLHOWVLFKIHVWXQGVFKREGDQQVHLQH)HVRZHLWYRUELVHUGDV*HZLFKW]X VSUHQEHJDQQ'DQQHUVWOLHHUORVODQGHWHDXIDOOHQYLHUHQLQGHP*DQJGHUKLQWHU GHUgIIQXQJODJXQGULHIXQV]X³'HUQlFKVWHELWWH´ )DUQDWKLDEHUVFKOXJVLFKNXU]QDFKGHP$EVWR2KQH]XEHUOHJHQVSUDQJLFK KLQWHULKUKHUKROWHVLHHLQXQGSDFNWHVLH*HPHLQVDPWUXGHOWHQZLUGXUFKGHQ VFKZHUHORVHQ5DXPELVHVPLUJHODQJHLQHQGHUVHLWOLFKHQ5LQJH]XIDVVHQ'LH+lOIWH GHU6WUHFNHKDWWHQZLUEHUHLWVKLQWHUXQV,FKYLVLHUWH)DUWXORRQDQXQGVWLHµPLFK HUQHXWDE)DUQDWKLDKLHOWLFKIHVWXPVFKOXQJHQ.XU]YRUGHP(LQJDQJEHUKUWHLFKPLW GHQ)HQGHQ%RGHQKWHWHPLFKDEHUPLFKZLHGHUDE]XVWRHQ,FKYHUVSUWHVFKRQ GDVHLQVHW]HQGH*HZLFKWXQVHUHU.|USHU )DUWXORRQILQJXQVDXIHKHZLU]X%RGHQVWU]HQNRQQWHQ³*XWJHPDFKW´OREWH HUXQGULHI(LVNUDOOH]X³8QGQXQGX6HLYRUVLFKWLJGDPLWGXQLFKWJHJHQGLH'HFNH VFKOlJVWXQG]HUEULFKVW´ (LVNUDOOHDQWZRUWHWHQLFKWVYLVLHUWHXQVHLQHQ$XJHQEOLFNODQJDQGDQQVWLHHU VLFKNXU]HQWVFKORVVHQDE,PJHUDGHQ)OXJVHJHOWHHUTXHUGXUFKGHQ5DXPXQG ODQGHWHGLUHNWYRUXQVHUHQ)XHQ:LUILQJHQLKQDXIXQGVWHOOWHQLKQDXIGLH%HLQH ³'RQQHUZHWWHU´EUXPPWH)DUWXORRQLURQLVFK³:RKDVWGXGHQQGDVJHOHUQW"´ (LVNUDOOHJULQVWH³'DVKDEHLFKQLFKWJHOHUQWGDVLVWHLQIDFK.|QQHQ´ 1DFKQXUKXQGHUW0HWHUQHUUHLFKWHQZLUGHQ]ZHLWHQ6DDO6WXPPVWDQGHQZLU DP(LQJDQJXQGEHWUDFKWHWHQLKQ1LHPDQGYRQXQVDKQWHZDVXQVLQLKPHUZDUWHWH (VJDENHLQH(LQULFKWXQJVJHJHQVWlQGHNHLQH+DOWHULQJHNHLQH0DVFKLQHQ(VJDE QLFKWVDOVGLHNDKOHQ:DQGHXQGGLHPDWWVFKLPPHUQGH'HFNH'HU$XVJDQJODJXQV JHQDXJHJHQEHUIQI]LJ0HWHUHQWIHUQW)DUWXORRQOHXFKWHWHLP*DQJXPKHUELVHU HLQHQ6WHLQIDQGJURZLHHLQH0lQQHUIDXVW(UZDUILKQLQ5LFKWXQJGHV JHJHQEHUOLHJHQGHQ$XVJDQJVXQGHWZDV0HUNZUGLJHVJHVFKDK'HU6WHLQIORJHLQHQ JXWHQ0HWHUGDQQYHUVFKZDQGHU(UO|VWHVLFKHLQIDFKLQ/XIWDXIZLUNRQQWHQLKQQLFKW PHKUVHKHQ$EHUIDVW]XUJOHLFKHQ=HLWVFKOXJGUEHQDPDQGHUHQ(QGHGHV6DDOV HWZDVDXIGHQ%RGHQUROOWHHLQ6WFNXQGEOLHEGDQQXQEHVFKlGLJWOLHJHQ'HU6WHLQ )DUWXORRQDWPHWHDXI³(LQH$UW0DWHULHWUDQVPLWWHUZUGHLFKEHKDXSWHQGDPLU NHLQHEHVVHUH(UNOlUXQJHLQIlOOW:LUZHUGHQEHLP%HWUHWHQGHV5DXPVHQWPDWHULDOLVLHUW XQG]XPDQGHUHQ(QGHWUDQVSRUWLHUW,FKQHKPHDQHVKDQGHOWVLFKXPHLQH 9HUVXFKVVWDWLRQ,FKJHKHZLHGHUYRU:DUWHW´ (KHLFKLKQGDUDQKLQGHUQNRQQWHJLQJHUZHLWHU(UYHUVFKZDQGYRUXQVHUHQ $XJHQDOVKlWWHHVLKQQLHJHJHEHQXQGQRFKHKHLFKULFKWLJEHJULIIVWDQGHUVFKRQDXI GHUDQGHUHQ6HLWHXQGZLQNWHXQVIU|KOLFK]X,FKQDKP)DUQDWKLDEHLGHU+DQGQLFNWH (LVNUDOOHHUPXQWHUQG]XJLQJLQGDVXQVLFKWEDUH7UDQVPLWWHUIHOGKLQHLQ²XQGVWDQG DXJHQEOLFNOLFKQHEHQ)DUWXORRQ:LUKDWWHQQLFKWVYHUVSUWNHLQHQ6FKPHU]NHLQHQ =HLWYHUOXVWQLFKWV(LVNUDOOHNDPHEHQIDOOVZRKOEHKDOWHQEHLXQVDQ
'HU.ULVWDOOSULQ]
M
$WODQ
(VIROJWHQDQGHUH6lOH,QHLQHPKDWWHQZLUHVPLWHUK|KWHU6FKZHUNUDIW]XWXQ XQGNRQQWHQXQVQXUDXIDOOHQYLHUHQNULHFKHQGIRUWEHZHJHQ=XHUVWNDPH[WUHPH+LW]H GDQQH[WUHPH.lOWH+LHUPDFKWH(LVNUDOOH6FKZLHULJNHLWHQ'LH+LW]HOLHHUVLFKQRFK JHIDOOHQDEHUGLUHNWGDKLQWHUODJGLH.lOWHNDPPHU]ZDUQXU]ZDQ]LJ0HWHUODQJDEHU LPPHUKLQPLWHLQHU7HPSHUDWXUGLHZHLWXQWHUGHP*HIULHUSXQNWGHV:DVVHUVODJ:LU OLHHQLKP=HLWVLFKYRQGHUHUK|KWHQ7HPSHUDWXUZLHGHUDXIQRUPDOXP]XVWHOOHQXQG ZDUWHWHQDXIGHUDQGHUHQ6HLWH(UNlPSIWHPLWVLFKVHOEVWGDVNRQQWHQZLUGHXWOLFK VHKHQ ³/DXIVFKQHOO´ULHI)DUWXORRQ³'DNDQQQLFKWYLHOSDVVLHUHQ´ ³,FKYHUZDQGOHPLFKLQ'LDPDQWHQ´MDPPHUWH(LVNUDOOHEHVRUJW³6FKRQHLQ :LPSHUQVFKODJZlUH]XYLHO´ ³8QVLQQGXZLUVWHVVFKDIIHQGXPXWHVVFKDIIHQ:LUKDEHQHVGDQQKLQWHU XQV9RUXQVOLHJWGHU)OXGHU=lKLJNHLW´ ³+|UWVLFKQLFKWJHUDGHEHVRQGHUVWURVWUHLFKDQ´VDJWH(LVNUDOOHXQGEHUHLWHWH VLFKDXIGHQ/DXIYRU³,KUPWPLFKGRUWDXIIDQJHQIDOOVLFKQRFKKHLOVHLQVROOWH$OVR MHW]W´ (UUDQQWHORVXQGODQGHWHLQXQVHUHQ$UPHQ$EVROXWKHLOXQGLQHLQHP6WFN(U VFKQDXIWHXQGPHLQWH³1DZDVKDEHLFKHXFKJHVDJW",FKVFKDIIHHV´ :LUZDUHQVSUDFKORV (VNDPHQQXQNHLQHZHLWHUHQ6lOHPHKUDEHUHVUHLFKWHXQVDXFKVR$P)OX GHU=lKLJNHLWZROOWHQZLUHLQH3DXVHPDFKHQ(LQH7RQWDJLQJHQZLUXQGQRFKLPPHU NRQQWHQZLUGDVYHUPXWHWH5DXVFKHQGHVXQWHULUGLVFKHQ)OXVVHVQLFKWK|UHQXQGGRFK VWDQGHQZLUSO|W]OLFKDQVHLQHP8IHU$OVLFKGLHWUlJHGDKLQ]LHKHQGH0DVVHVDKZXWH LFKVRIRUWZDUXPLKQGHUXQEHNDQQWH$XWRUGHVJHKHLPQLVYROOHQ%XFKHV)OXGHU =lKLJNHLWJHWDXIWKDWWH(VZDUNHLQ:DVVHUGDVHUIKUWHVRQGHUQHLQHWUEH0DVVH GLHPLFKDQ6LUXSHULQQHUWHhEHULKPVSDQQWHVLFKHLQHSKRVSKRUHV]LHUHQGHXQGZHLW JHZ|OEWH)HOVHQGHFNHELV]XPMHQVHLWLJHQ8IHU'HU)OXZDUPHLQHU6FKlW]XQJQDFK ]ZHLKXQGHUW0HWHUEUHLW(UIORYRQOLQNVQDFKUHFKWVODQJVDPXQGVFKZHUIlOOLJIDVW ZLHIOVVLJHV%OHLRGHU4XHFNVLOEHU=XGHU(QWWlXVFKXQJEHUGLH1DWXUGHV)OXVVHV NDPHLQHZHLWHUHGLHIDVWQRFKVFKOLPPHUVHLQPXWH'HU:HJZDU]X(QGH(U HQGHWHSUDNWLVFKLQGHU]lKHQ0DVVH5HFKWVXQGOLQNVJDEHVQLFKWVDOVVWHLOH:DQGH :LUVWDQGHQDXIGHP)HOVYRUVSUXQJXQGVWDUUWHQUDWORVDXIGHQ)OX ³:LUPDFKHQ3DXVHXQGGHQNHQQDFK´EHVWLPPWH)DUWXORRQ³%LVMHW]WKDEHQZLU LPPHUHLQHQ$XVZHJJHIXQGHQ´ (LQHJDQ]H:HLOHVD)DUWXORRQGDXQGJUEHOWH0LUNDPHVVRYRUDOVVXFKHHU LQVHLQHU(ULQQHUXQJQDFKHWZDVJDQ]%HVWLPPWHP:LUVW|UWHQLKQQLFKWGHQQZLU ZXWHQGDHUGDQQVHKUXQJHKDOWHQZHUGHQNRQQWH,FKVWDQGDXIXQGJLQJ]XP )OXXIHU1DFKOlQJHUHP=|JHUQWDXFKWHLFKHLQHQ)LQJHULQGLH%UKH6LHZDUNKO XQG]lKZLH%UHL2EZRKOLFKGDVJHJHQEHUOLHJHQGH8IHUVHKHQNRQQWHYHUVFKZDQG GHU)OXOLQNVXQGUHFKWVLQHLQHPVFKLPPHUQGHQ1HEHO0HLQHU6FKlW]XQJQDFKEHWUXJ GLH6LFKWHWZDGUHLKXQGHUW0HWHU1HEHQPLUIDQGLFKHLQHQ6WHLQ,FKKRELKQDXIXQG ZDUILKQLQZHLWHP%RJHQLQGLHWUlJHGDKLQ]LHKHQGH)OVVLJNHLW(UVFKOXJDXIYHUVDQN DEHUQLFKWVRIRUW +LQWHUPLUVDJWH)DUWXORRQ³:LUPVVHQGHQ)OXEHUTXHUHQGDVJHKW HLQGHXWLJDXVGHP%XFKKHUYRUDEHUHVLVWXQP|JOLFK+lWWHQZLUZHQLJVWHQVHLQ%RRW ´
'HU.ULVWDOOSULQ]
M
$WODQ
³'DIHKOHQXQVQXQGLH0|EHODXVGHU6WDGW´PHLQWHLFKKRIIQXQJVORV³:LU N|QQWHQHLQ)OR]XVDPPHQEDXHQ´ ³0|EHO´(UVDKPLFKIUHXGLJDQ³,P%XFKZHUGHQHLQJHULFKWHWH.DPPHUQ HUZlKQWGLHVLFK]ZLVFKHQGHU6SHUU]RQHXQGGHP)OXEHILQGHQ:LUVLQG ZDKUVFKHLQOLFKDQLKQHQYRUEHLJHODXIHQ:DUWHWKLHULFKZHUGHQDFKVHKHQ´ ³(VKDWQDFKGHU6SHUU]RQHNHLQH$E]ZHLJXQJHQJHJHEHQ´VDJWHLFK (UOlFKHOWHPLUZRKOZROOHQG]X³1DWUOLFKQLFKWDEHUHVJLEWMDVFKOLHOLFK *HKHLPWUHQ´ (UKDWWHUHFKW:LUNRQQWHQDQHLQHP'XW]HQG*HKHLPWUHQYRUEHLJHODXIHQVHLQ RKQHVLH]XEHPHUNHQ)DUWXORRQVWDQGDXIXQGYHUVFKZDQGPLWVHLQHU7DVFKHQODPSH LQGHP*DQJDXVGHPZLUJHNRPPHQZDUHQ)DUQDWKLDKDWWHLKUHQ0DQWHODXVJH]RJHQ ZHLOHVYHUKlOWQLVPlLJZDUPJHZRUGHQZDU $XFK(LVNUDOOHVFKLHQVLFKZRKO]XIKOHQ(UGHXWHWHDXIGHQWUlJH GDKLQ]LHKHQGHQ)OX³7ULQNHQZLUGPDQGDV=HXJMDZRKONDXPN|QQHQ´ ³,FKZUGHHVGLUQLFKWUDWHQ´VDJWHLFK³$EHULFKP|FKWHZLVVHQZDVHVLVW´ ³,FKQLFKW´(LVNUDOOHHUKREVLFKXQGIJWHKLQ]X³,FKVHKHPLFKHLQZHQLJLQGHU *HJHQGXP9LHOOHLFKWILQGHLFKHWZDV´ (UYHUVFKZDQGHEHQIDOOVLQGHP*DQJ)DUQDWKLDXQGLFKZDUHQDOOHLQ6LHVD QHEHQPLUHQJDQPLFKJHVFKPLHJW,FKHQWVDQQPLFKGHUYLHOHQJHPHLQVDPHQ ([NXUVLRQHQGLHZLUXQWHUQRPPHQKDWWHQVFKRQGDPDOVDOVZLUQRFK.LQGHUZDUHQ 1LH]XYRUVSUWHLFKVRLQWHQVLYGDXQVPHKUYHUEDQGDOVEORH)UHXQGVFKDIW'LH *HZLKHLWLKUHU1lKHJDEPLUHLQ*HIKOGHU6LFKHUKHLWGHUDEVROXWHQ*HERUJHQKHLW 1XUXPHWZDV]XVDJHQXQGPHLQH9HUOHJHQKHLW]XEHUZLQGHQIUDJWHLFK³+DVW GX$QJVW"´ 6LHVDKPLFKDQ³,FKKDEHNHLQH$QJVWGHQQGXELVWEHLPLU´ ,KU9HUWUDXHQZDUUKUHQGXQGJHUDGHLQGLHVHP$XJHQEOLFNPXWHLFKZLHGHU DQGHQ%OLQGHQ6RIJDUWGHQNHQGHURKQHMHGH6NUXSHOGDV/HEHQGLHVHV0lGFKHQV ]HUVW|UWKlWWH-DLFKZUGHLKQW|WHQZHQQHUPLUMHPDOVEHJHJQHWH³)DUWXORRQZLUG HLQHQ$XVZHJILQGHQ´ 6LHNXVFKHOWHVLFKDQPLFK³2EHUHLQHQILQGHWRGHUQLFKWGLH+DXSWVDFKHLVWZLU VLQG]XVDPPHQ,FKKDEHQXU$QJVWXPPHLQHQ9DWHU'HU%OLQGHZLUGVLFKDQLKP UlFKHQ´ ³'D]XKDWHUNHLQHQ*UXQGGXKDVWGLFKQXUJHZHKUW'DVZHLGHU%OLQGHJDQ] JHQDX'HP7DWRZLUGQLFKWVJHVFKHKHQ´ :LUVFKZLHJHQ(LVNUDOOHNDP]XHUVW]XUFN6HLQH+lQGHZDUHQOHHU³,FKKDEH QLFKWVJHIXQGHQQXUNDKOH)HOVZlQGH)DUWXORRQLVWYHUVFKZXQGHQ(UPXHLQH *HKHLPWUHQWGHFNWKDEHQ´ ³:DUVWGXELV]XU6SHUU]RQH"´ ³-D.HLQH6SXUYRP%DXFKDXIVFKQHLGHU´ 'DV9HUVFKZLQGHQ)DUWXORRQVEHUXKLJWHPLFK'LH$QJDEHQLQGHP JHKHLPQLVYROOHQ%XFKVFKLHQHQWDWVlFKOLFKDOOH]XVWLPPHQ'DQQZUGHHUDXFK 0DWHULDO]XP%DXHLQHV)ORHVILQGHQ(UNDPHLQHKDOEH7RQWDVSlWHU]XUFN³:LU KDEHQ*OFN´WHLOWHHUPLWXQGVHW]WHVLFKµ¶$OOHUGLQJVPVVHQZLUGDV=HXJXQJHIlKU HLQHQKDOEHQ.LORPHWHUVFKOHSSHQ$EHUZLUEDXHQHLQ)OR´ ³6FKDIIHQZLUHVGDPLW]XPDQGHUHQ8IHU]XJHODQJHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
³'HLQ6WHLQLVWQLFKWJOHLFKXQWHUJHJDQJHQDOVRWUlJWGLH)OVVLJNHLWEHVVHUDOV :DVVHU$OOHUGLQJVZLUGDXFKGHU:LGHUVWDQGJU|HUVHLQ´ ³(LQHDQGHUH6DFKHLVWQRFK´ZDUI(LVNUDOOHHLQ³REZLUDPDQGHUHQ8IHUJOHLFK GLHULFKWLJH/DQGHVWHOOHILQGHQ:HQQHVGRUWVRDXVVLHKWZLHKLHUN|QQHQZLUODQJH VXFKHQ´ ³8QGKLHUVLW]HQEOHLEHQN|QQHQZLUDXFKQLFKW´)DUWXORRQEHHQGHWHGLHQXW]ORVH 'LVNXVVLRQ )DUQDWKLDEOLHEDP/DJHUSODW]ZlKUHQGZLU)DUWXORRQLQGHQ*DQJIROJWHQ(U KDWWHGLH)HOVWURIIHQJHODVVHQVRGDZLURKQHZHLWHUHQ$XIHQWKDOWDQV=LHO JHODQJWHQ(VZDUHQPHKUHUHNOHLQHUHLQGHQ)HOVHQJHVFKPRO]HQHXQGPLW (QWOIWXQJVVFKlFKWHQYHUVHKHQH.DPPHUQ6WDXEODJDXIGHQ (LQULFKWXQJVJHJHQVWlQGHQGLHZLU]XP7HLOVFKRQYRQGHU6WDGWKHUNDQQWHQ6LH EHVWDQGHQHEHQIDOOVDXVGHPXQEHNDQQWHQ.XQVWVWRIIXQGDXV0HWDOO,FKKDWWHVRIRUW GHQ(LQGUXFNGDHVVLFKXP1RWXQWHUNQIWHKDQGHOWHDEHULFKNRQQWHPLFKQDWUOLFK DXFKWlXVFKHQ:LUZXWHQDOOH]XZHQLJYRQMHQHQ8QEHNDQQWHQGLHGDVDOOHVHUEDXW KDWWHQ ³'LH)UDJHLVWREZLUGDV0DWHULDOEHDUEHLWHQN|QQHQ´PXUPHOWH(LVNUDOOHYROOHU =ZHLIHO³:HQQHVGLH-DKUWDXVHQGHEHUGDXHUWKDWZHUGHQZLUHVQLFKWPLWGHQEORHQ +lQGHQDXVHLQDQGHUQHKPHQN|QQHQ´ ³'DUDQKDEHLFKVFKRQJHGDFKW´VDJWH)DUWXORRQ³,FKKDEHPLFKKLHU XPJHVHKHQ(LQSDDU5lXPHZHLWHUJLEWHVHLQH:HUNVWDWW1RWIDOOVKDEHQZLUXQVHUH 6WUDKOHUGHQHQZLGHUVWHKWDXFKGLHVHV0DWHULDOQLFKW´ :LUIDQGHQVlJHlKQOLFKH,QVWUXPHQWHGLHXQVMHGRFKQLFKWZHLWHUKDOIHQ(VEOLHE QLFKWVDQGHUHVEULJDOVHLQLJHGHUODQJJHVWUHFNWHQ.lVWHQLQKDQGOLFKH6WFNH]X VFKQHLGHQXQG]ZDUPLWGHP,PSXOVVWUDKOHUGHQ(LVNUDOOHYRUVRUJOLFKPLWJHQRPPHQ KDWWH'LHDQGHUHQZDUHQEHL)DUQDWKLD]XUFNJHEOLHEHQ ³'LH)OVVLJNHLWWUlJW´YHUVLFKHUWH)DUWXORRQDOVLFKHLQH%HPHUNXQJZHJHQGHU 6FKZHUHGHV0DWHULDOVPDFKWH³,KUVSH]LILVFKHV*HZLFKWLVWGHXWOLFKJU|HUDOVGDVYRQ :DVVHU'DVLVWPHLQHJHULQJVWH6RUJH,FKIUDJHPLFKQXUREZLUEHUKDXSW YRUDQNRPPHQXQGGHQ)OXEHUTXHUHQN|QQHQ'HU9HUIDVVHUGHV%XFKHVMHGHQIDOOV PXHVJHVFKDIIWKDEHQVRQVWKlWWHHUQLFKWGDVEHVFKUHLEHQN|QQHQZDVZLUDXIGHU DQGHUHQ6HLWHILQGHQZHUGHQ´ 'DQQZHUGHQZLUHVDXFKVFKDIIHQVDJWHLFKPLU]XYHUVLFKWOLFK0LWQHXHP0XW JLQJHQZLUDQGLH$UEHLWXQGVFKOHSSWHQ6WFNIU6WFN]XGHPNOHLQHQ3ODWHDXDP )OXXIHU'RUWVFKZHLWHQZLUDOOHV]XHLQHPXQI|UPLJHQ)OR]XVDPPHQQDFKGHPZLU HLQ6WFNGHV0DWHULDOVLQGLHWUEH%UKHJHZRUIHQXQGIHVWJHVWHOOWKDWWHQGDHV VFKZDPPXQGQLFKWXQWHUJLQJ)DUQDWKLDKDOIVRJXWHVJLQJ,PPHUZLHGHUZDQGHUWH LKUVXFKHQGHU%OLFNKLQEHU]XPMHQVHLWLJHQ8IHUGDVLPEOHLFKHQ'XQVWYHUVFKZDPP VRGDNHLQH(LQ]HOKHLWHQHUNHQQEDUZXUGHQ(VZUGHHLQH)DKUWLQV8QJHZLVVH ZHUGHQGDVZDUXQVDOOHQNODUDEHUZLUNRQQWHQZHGHUKLHUVLW]HQEOHLEHQQRFK XPNHKUHQ 1DFKGUHL7RQWDVZDUGDV)ORIHUWLJXQGDEHUPDOVSOlGLHUWH)DUWXORRQIUHLQH ZRKOYHUGLHQWH3DXVH ³'LH 6WXPPHQ 'LHQHU KlWWHQ XQV JXW KHOIHQ N|QQHQ´ NQXUUWH (LVNUDOOH XQG XQWHUVXFKWH VHLQH )LQJHU RE VLH QRFK KHLO ZDUHQ ³$EHU GLH HUVFKHLQHQ MD QXU GDQQ ZHQQPDQVLHQLFKWEUDXFKW´
'HU.ULVWDOOSULQ]
M
$WODQ
:LU DHQ ZlKUHQG )DUWXORRQ QRFK HLQPDO LQ GLH .DPPHUQ ]XUFNJLQJ XP 7ULQNZDVVHU]XKROHQ=ZHLYROOH.DQLVWHUGLHZLUJHIXQGHQKDWWHQVWHOOWHQZLUDXIGDV )OR DXI GDV ZLU DXFK XQVHUH /HEHQVPLWWHOYRUUlWH OXGHQ 'DQQ HUVW VFKREHQ ZLU HV YRUVLFKWLJ LQ GHQ WUlJHQ 6WURP (V VDQN QXU ZHQLJH =HQWLPHWHU HLQ 6FKQHOO VSUDQJHQ ZLUKLQWHUKHUXQGQDKPHQGLHXQJHIJHQ3DGGHOGLHZLU]XVDPPHQJHEDVWHOWKDWWHQ 6FKRQEHLPHUVWHQ³5XGHUVFKODJ´ZlUHGDVPHLQHIDVW]HUEURFKHQVRJURZDU GHU:LGHUVWDQGGHUVLFKPLUHQWJHJHQVWHOOWH$EHUZLUWULHEHQDOOPlKOLFKYRP8IHUIRUW DOOHUGLQJVQLFKWLQ5LFKWXQJGHVDQGHUHQ8IHUVVRQGHUQVWURPDEZlUWV ³$XI NHLQHQ )DOO GUIHQ ZLU ]XYLHO DEWUHLEHQ´ ZDUQWH )DUWXORRQ ³:LU PVVHQ KLQEHUXQGZHQQHVQRFKVRDQVWUHQJHQGLVW´ 'DV ZDU OHLFKWHU JHVDJW DOV JHWDQ 9HU]ZHLIHOW UKUWHQ ZLU LQ GHP IUDJZUGLJHQ %UHLKHUXPXQGJDQ]DOOPlKOLFKHQWIHUQWHQZLUXQVYRP8IHU(LQ=XUFNKlWWHHVMHW]W RKQHKLQ QLFKW PHKU JHJHEHQ GHQQ ZLU KDWWHQ XQV EHUHLWV ]HKQ 0HWHU YRP 3ODWHDX HQWIHUQW XQG VWURPDXIZlUWV ZlUHQ ZLU NHLQHQ =HQWLPHWHU YRUDQJHNRPPHQ 9RP 8IHUIHOVHQ VHOEVW ZDUHQ ZLU GUHL 0HWHU HQWIHUQW GLH ODQJVDPH 6WU|PXQJ QDKP XQV XQDXIKDOWVDP PLW (V ZDU HLQH XQZLUNOLFKH 6LWXDWLRQ 'LH 3DGGHO WDXFKWHQ LQ GHQ %UHL VLH VFKREHQ GDV )OR SUDNWLVFK EHU LKQ KLQZHJ XQG ZHQQ GHU 'UXFN GHU 3DGGHO QDFKOLHVDQNHVZLHGHUHLQ9RQ6FKZLPPHQNRQQWHNHLQH5HGHVHLQZLUZXUGHQYRQ GHU )OVVLJNHLW JHWUDJHQ ZHQQ PDQ GDV =HXJ EHUKDXSW DOV )OVVLJNHLW EH]HLFKQHQ NRQQWH,PPHUKLQZDUHQZLUQDFKHLQHU=HKQWHO7RQWDDQVWUHQJHQGHU$UEHLWHWZDIQI]LJ 0HWHUYRP8IHUHQWIHUQW$OOHUGLQJVZDUHQZLUDXFKXPGLHJOHLFKH6WUHFNHIOXDEZlUWV JHWUDJHQZRUGHQ ³3DXVH´ EHIDKO )DUWXORRQ XQG VDQN ]XUFN )DUQDWKLD ZROOWH XQV DEO|VHQ DEHU ZLU JHVWDWWHWHQ HV LKU QLFKW 6LH NRQQWH XQV MHW]W DXFK QLFKW KHOIHQ (LVNUDOOH PHFNHUWH XQG NRQVWDWLHUWH GD HV LKP ]X ZDUP VHL ,FK UHDJLHUWH QLFKW :LU QDKPHQ GLH $UEHLW ZLHGHU DXI XP QLFKW QRFK ZHLWHU DE]XWUHLEHQ $OOPlKOLFK EHNDPHQ ZLU HLQ ELFKHQ 8EXQJXQGQlKHUWHQXQVVFKQHOOHUGHPMHQVHLWLJHQ8IHUDEHUQLFKWVFKQHOOJHQXJ ,FK K|UWH HV DOV HUVWHU (V ZDU HLQ XQUHJHOPlLJHV ³3ODWVFKHQ´ GDV OHLVH XQG GDQQODXWHUDXVGHU5LFKWXQJNDPLQGLHZLUWULHEHQ=XHUVWYHUPRFKWHLFKHVPLUQLFKW ]XHUNOlUHQDEHUGDQQNDPPLUHLQIUFKWHUOLFKHU9HUGDFKW'HU6WURPGHV]lKIOVVLJHQ %UHLV PXWH EHU HLQH 6FKZH+H LQ GLH 7LHIH VWU]HQ XQG ]ZDU VWFNZHLVH XQG LQ JURHQ %URNNHQ QXU GDV HUNOlUWH GDV SODWVHKHQGH *HUlXVFK $EHU VR VHKU LFK PHLQH $XJHQDXFKDQVWUHQJWHLFKNRQQWHGHQ%HJLQQGHV)DOOHVQLFKWHUNHQQHQ )DUWXORRQ KDWWH HEHQIDOOV HUUDWHQ DXI ZHOFKH *HIDKU ZLU ]XWULHEHQ (U ULHI XQV HLQH :DUQXQJ ]X XQG ZLU YHUGRSSHOWHQ XQVHUH $QVWUHQJXQJHQ :LU PXWHQ YRU GHP )DOOGDVDQGHUH8IHUHUUHLFKHQRGHUZLUZDUHQUHWWXQJVORVYHUORUHQ/lQJVWKDWWHQZLU GLH 0LWWH GHV 6WURPHV EHUTXHUW -HW]W NDPHQ ZLU DXFK VFKQHOOHU YRUDQ ZHQQ DXFK QRFK QLFKW VFKQHOO JHQXJ XP DXIDWPHQ ]X N|QQHQ 'DV YHUKlQJQLVYROOH $XINODWVFKHQ GHU%UHLEURFNHQNDPLPPHUQlKHU,FKYHUVXFKWHGLH9LVLRQ]XYHUVFKHXFKHQGLHVLFK PLU XQZLOONUOLFK DXIGUlQJWH ,FK VDK XQV PLW GHP ]HUEUHFKOLFKHQ )OR EHU GLH )HOVHQVFKZHOOH NLSSHQ ]XVDPPHQ PLW GHU ]lKHQ )OVVLJNHLW YLHOOHLFKW VRJDU LQ LKU HLQJHVFKORVVHQ:LUVWU]WHQLQGLH7LHIHXQGWDXFKWHQLQHLQHQ6HHGHUPLWGHPWUEHQ 6LUXS DQJHIOOW ZDU 9LHOOHLFKW JDE HV HLQ $XIWDXFKHQ YLHOOHLFKW DXFK QLFKW -HGHQIDOOV EHNDPHQZLUNHLQH/XIWPHKUXQGDOOPlKOLFKPXWHQZLUHUVWLFNHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³:HQQ ZLU *OFN KDEHQ VFKDIIHQ ZLU HV QRFK´ XQWHUEUDFK )DUWXORRQ PHLQH GVWHUHQ *HGDQNHQ ³%LV ]XP )DOO PVVHQ HV QRFK PHKU DOV GUHLKXQGHUW 0HWHU VHLQ DEHUGDV8IHULVWQXUQRFKDFKW]LJHQWIHUQW´ (U PRFKWH UHFKW KDEHQ DEHU PHLQH $UPH EHJDQQHQ ]X HUODKPHQ ,FK NRQQWH NDXPQRFKGDV3DGGHOEHZHJHQ(LVNUDOOHHUJLQJHVlKQOLFK$EHUHUUXGHUWHYHU]ZHLIHOW XQG PLW DOOHQ VHLQHQ YHUEOLHEHQHQ .UlIWHQ 6HOEVW )DUQDWKLD QDKP GLH +lQGH ]X +LOIH XP XQV EHU GHQ YHUIOXFKWHQ %UHL ]X VFKLHEHQ 1RFK IQI]LJ 0HWHU ELV ]XP UHWWHQGHQ 8IHU'DQQVDKLFKGHQ5DQGGHV$EJUXQGV'LH6WU|PXQJZDUVWlUNHUJHZRUGHQ:LU ZDUHQQRFKGUHLLJ0HWHUYRP8IHUHQWIHUQW)DUWXORRQGUFNWHSO|W]OLFKRKQHHLQ:RUW GHU(UNOlUXQJ)DUQDWKLDVHLQ3DGGHOLQGLH+DQGXQGVSUDQJHKHZLULKQ]XUFNKDOWHQ NRQQWHQ LQ GHQ %UHL YRU GHP )OR (U VDQN VFKQHOO HLQ DEHU QXU ELV ]XU 0LWWH VHLQHV %DXFKHV6SlWHUEHVWlWLJWHHUXQVGDHUGLH7LHIHPLWGHP3DGGHO]XYRUDEJHPHVVHQ KDWWH 0LW EHLGHQ +lQGHQ SDFNWH HU ]X XQG EHJDQQ VLFK VHLWOLFK ]XU 6WU|PXQJ GHP 8IHU]X]XEHZHJHQ+LQWHUGHP)ORHQWVWDQGHLQ]lKHU6WUXGHOGHUVLFKQXUZLGHUZLOOLJ VFKOR(LVNUDOOHXQGLFKEHJULIIHQDXFKRKQH:RUWHGLH$EVLFKW)DUWXORRQV:LUKDOIHQ NUIIOLJPLWXQVHUHQ3DGGHOQQDFKXQGDXFK)DUQDWKLDUXGHUWHELVLKUGHU6FKZHLYRQ GHU 6WLUQ UDQQ ,PPHU QlKHU NDPHQ ZLU GHP 8IHU DQ GHP LFK HLQHQ VFKPDOHQ 3IDG HUNDQQWH:HQQZLUHVHUUHLFKWHQZDUHQZLUJHUHWWHW²YRUHUVWZHQLJVWHQV$EHUGHU)DOO ZDUQXUQRFKKXQGHUW0HWHUHQWIHUQW 'HU %UHL UHLFKWH )DUWXORRQ QRFK ELV ]X GHQ .QLHQ XQG ZHQQ HU VWHKHQEOLHE NRQQWH HU GDV )OR KDOWHQ RKQH GD HV ZHLWHU DEWULHE .XU] HQWVFKORVVHQ VSUDQJ LFK HEHQIDOOVLQGLH]lKH%UKHXPLKP]XKHOIHQ,FKVSUWHLKUHQNUlIWLJHQ:LGHUVWDQGDQ GHQ 6FKLHQEHLQHQ DEHU QXQ ZXWH LFK GD XQV QLFKWV PHKU SDVVLHUHQ NRQQWH :LU ZUGHQ GDV 8IHU PLW 6LFKHUKHLW HUUHLFKHQ XQG ZDV GDQDFK JHVFKDK ZDU PLU LP $XJHQEOLFNY|OOLJHJDO:LU]RJHQGDV)ORDQ/DQGGHQQQLHPDQGNRQQWHZLVVHQRE ZLUHVQLFKWQRFKHLQPDOEUDXFKHQZUGHQ ³:LUKDEHQ*OFNJHKDEW´VDJWH)DUWXORRQXQGGHXWHWHDXIGHQMlKHQ*UDWGHU GDV (QGH GHV )OXVVHV XQG GHQ %HJLQQ GHV )DOOV PDUNLHUWH ³:LU ZlUHQ YHUORUHQ JHZHVHQ´ 'DV ZXWH LQ]ZLVFKHQ MHGHU YRQ XQV :LU VDPPHOWHQ XQVHUH 9RUUlWH HLQ XQG EUDFKWHQVLHLQ6LFKHUKHLW'HU8IHUSIDGZDUQXUHLQHQ0HWHUEUHLWDEHUGDVJHQJWH(U IKUWHLQEHLGH5LFKWXQJHQ$OV)DUWXORRQXQGLFKXQVHLQHQ%OLFN]XZDUIHQZXWHQZLU EHLGHZDVZLUZROOWHQ ³:DUWHWKLHU´VDJWHHU]XGHQDQGHUHQ³,FKVHKHPLUPLW$WODQGHQ$EJUXQGDQ´ ,FK VFKDXGHUWH DOV LFK GHQ )DOO VDK )DVW KXQGHUW 0HWHU ILHO GHU %UHL LQ JURHQ %URFNHQLQGLH7LHIHXQGYHUVDQNLQGHUIDVWXQEHZHJOLFKHQ)OlFKHHLQHV6HHV(VJDE NDXP :HOOHQ VR ]lKIOVVLJ ZDU HU 'HU 3IDG HQGHWH XQPLWWHOEDU DP *UDW PDWWHV *OLPPHQEHU]RJGLH+|KOHQGHFNH ³,FK GDFKWH PLU GD HV KLHU QLFKW ZHLWHUJHKW DEHU LFK ZROOWH PLFK EHU]HXJHQ $WODQ :LU PVVHQ IOXDXIZlUWV ELV ZLU GHQ QlFKVWHQ *DQJ HUUHLFKHQ 'RUW JHKW HV ZHLWHU´ ³8QGZRKLQ"´ (UVDKPLFKPLWHLQHPPHUNZUGLJHQ%OLFNDQ³=XU6FKZHOOHPHLQ-XQJH´
'HU.ULVWDOOSULQ]
M
$WODQ
$EHUPDOVVWHOOWHLFKNHLQH)UDJHQ(UPXWHZLVVHQZDVYRUXQVODJXQGELVKHU KDWWH HU XQV JXW JHIKUW ,FK KDWWH YROOVWHV 9HUWUDXHQ ]X LKP ³:LU VROOWHQ HLQ SDDU 7RQWDVVFKODIHQ´ (UQLFNWH³'DVZHUGHQZLUDXFKDEHUQLFKWKLHU:HQQZLUGHQ*DQJJHIXQGHQ KDEHQ NDQQ HV QLFKW PHKU ZHLW ELV ]X GHQ QlFKVWHQ :RKQNDPPHUQ VHLQ 'RUW UXKHQ ZLUXQVDXV:LUPVVHQDXI)DUQDWKLD5FNVLFKWQHKPHQ´ :LUNHKUWHQ]XGHQDQGHUHQ]XUFNGLHVLFKWOLFKGDUEHUHQWWlXVFKWZDUHQGD ZLU GLH ZRKOYHUGLHQWH 3DXVH YHUVFKREHQ KDWWHQ :LU QDKPHQ GDV *HSlFN DXI XQG PDUVFKLHUWHQVWURPDXIZlUWVELVZLUGHQHUKRIIWHQ7XQQHOLQGHU)HOVZDQGIDQGHQ'HU 3IDGIKUWHZHLWHUDP6WURPHQWODQJ ³,P%XFKVWHKWQLFKWVGDUEHU´VDJWH)DUWXORRQDOVHUXQVHUHIUDJHQGHQ%OLFNH EHPHUNWH ³:DKUVFKHLQOLFK KDW VLFK GHU 9HUIDVVHU QLFKW GLH 0KH JHPDFKW LKP ]X IROJHQ:LUZHUGHQHVDXFKQLFKWWXQHVVHLGHQQGHU7XQQHOEULQJWXQVQLFKW]XP=LHO´ :LUVFKDOWHWHQHLQHGHU/DPSHQDQGHQQLQGHP*DQJZDUHVGXQNHO$EHUGDV VWHWH 9LEULHUHQ XQWHU XQVHUHQ )HQ EOLHE HLQ VLFKHUHV =HLFKHQ GDIU GD DXFK KLHU GLH(QHUJLHYHUVRUJXQJDUEHLWHWH(VJDENHLQH*HKHLPWUHQPHKU0HKUPDOV]ZHLJWHQ 1HEHQJlQJHDEDEHU)DUWXORRQLJQRULHUWHVLH=LHOVWUHELJIROJWHHUGHP+DXSWJDQJELV VLFKGLHVHU]XHLQHU+DOOHYHUEUHLWHUWHGLHRIIHQVLFKWOLFKHLQH$UW9HUWHLOHUVWHOOHZDU'HU %DXFKDXIVFKQHLGHU EOLHE VWHKHQ XQG EHWUDFKWHWH GLH HLQ]HOQHQ (LQJlQJH ]X ZHLWHUHQ 7XQQHOV GDQQ GHXWHWH HU DXI HLQHQ YRQ LKQHQ ³'DV PX HU VHLQ 1XU QRFK IQI]LJ 0HWHUXQGZLUN|QQHQUXKHQ´ :LUVDJWHQQLFKWVGLH0GLJNHLWODJZLH%OHLLQXQVHUHQ*OLHGHUQ:HQQHVQDFK PLUJLQJHZlUHLFKIU]ZHLRGHUGUHL7DJH5DVW$XFK)DUQDWKLDVDKJDQ]VRDXVDOV N|QQH VLH HLQH OlQJHUH 5XKHSDXVH JXW YHUWUDJHQ 1XU (LVNUDOOH ZLUNWH IULVFK XQG PXQWHUDEHUGDVNDPZDKUVFKHLQOLFKGDKHUGDGLH7HPSHUDWXUNRQVWDQWEOLHEXQGEHL HWZD]ZDQ]LJ*UDGODJ'LH:RKQUlXPHXQWHUVFKLHGHQVLFKNDXPYRQMHQHQGLHZLUDP DQGHUHQ8IHUJHIXQGHQKDWWHQ6LHERWHQ6FKXW]XQG6LFKHUKHLW6RJDUIULVFKHV:DVVHU XQG 7RLOHWWHQ ZDUHQ YRUKDQGHQ (LVNUDOOH JUXQ]WH ]XIULHGHQ ZDUI VHLQHQ 9HUSIOHJXQJVEHXWHODXIHLQHVGHU%HWWHQXQGJDENDWHJRULVFKEHNDQQW³+LHUEOHLEHLFK´ )DUWXORRQQLFNWH³:LUDXFKZHQLJVWHQVHLQHQ7DJ´ ³1XUHLQHQ7DJ"´HUNXQGLJWHVLFK(LVNUDOOH ³1DWUOLFK RGHU JODXEVW GX YLHOOHLFKW JOHLFK XP GLH QlFKVWH (FNH LVW HLQ *HVFKlIWLQGHPGXDOOHVNDXIHQNDQQVW"8QVHUH/HEHQVPLWWHOUHLFKHQQRFKIUHLQLJH 3UDJRV´ )DUQDWKLD ZXVFK VLFK XQG OHJWH VLFK GDQQ KLQ 6LH ZDU HLQJHVFKODIHQ HKH LFK QRFKPLWLKUUHGHQNRQQWH$XFKLFKZDUPGH:LUZDUHQDOOHPGHXQGHUVFK|SIW ,FKZXWHQLFKWZLHODQJHLFKJHVFKODIHQKDWWH-HGHQIDOOVZDU)DUWXORRQQLFKWLQ VHLQHP%HWWDOVLFKHUZDFKWH(LVNUDOOHVFKOLHIQRFK)DUQDWKLDHEHQIDOOV$XIGHP%HWW PHLQHV3IOHJHYDWHUVVDKLFKHLQHQ=HWWHO9RUVLFKWLJXPGLHDQGHUHQQLFKW]XZHFNHQ VWDQGLFKDXIXQGQDKPLKQ,FKODV $XI GHP :HJ ]XU 6FKZHOOH JLEW HV QRFK HLQH 6FKZLHULJNHLW ,FK PX VLH EHVHLWLJHQYLHOOHLFKWNDQQLFKYHUKDQGHOQ 'DV ZDU DOOHV XQG GDV 5lWVHO KDWWH VLFK DEHUPDOV YHUJU|HUW 0LW ZHP ZLOO )DUWXORRQ YHUKDQGHOQ" (LQ XQJHKHXHUOLFKHU *HGDQNH GXUFK]XFNWH PLFK (U ZLUG GRFK ZRKOQLFKWVRYHUUFNWVHLQEHUHLQHVGHU1DFKULFKWHQJHUlWHPLWGHP%OLQGHQ6RIJDUW LQ9HUELQGXQJ]XWUHWHQ"(UPXGRFKZLVVHQZLHVLQQORVGDVLVW²DXHUGHPZUGHHU
'HU.ULVWDOOSULQ]
M
$WODQ
GHQ9HUIROJHPGDPLWYHUUDWHQGDZLUQRFKOHEHQ1HLQVRXQEHUOHJWZLUG)DUWXORRQ QLHPDOVKDQGHOQVLFKHUKlWWHHUGDQQYRUKHUPLWXQVGDUEHUJHVSURFKHQ:DVDEHULVW GDQQGDV+LQGHPLVXQGPLWZHPZLOOHUYHUKDQGHOQ" ,FK OHJWH PLFK ZLHGHU DXIV %HWW VFKOR DEHU QLFKW PHKU GLH $XJHQ 'HU 6FKODI KDWWHPLFKHUIULVFKWQDFKPHLQHU8KUKDWWHHU]HKQ7RQWDVJHGDXHUWDEHULFKKDWWHGDV *HIKOPHKUHUH7DJHJHVFKODIHQ]XKDEHQ$XFKYHUVSUWHLFK+XQJHUDEHULFKZROOWH ZDUWHQ ELV GLH DQGHUHQ HUZDFKWHQ 0HLQ DQIlQJOLFKHU 2SWLPLVPXV ZDU HLQ ZHQLJ JHVFKZXQGHQ $OV ZLU )DUWXORRQ DXV VHLQHP *HIlQJQLV JHKROW KDWWHQ XQG JHIORKHQ ZDUHQVDKIUPLFKDOOHVQRFKJDQ]DQGHUVDXV$EHUQXQZDUHQZLUEHUHLWVVHLW7DJHQ XQWHUZHJV XQG QLFKW YLHO ZHLWHU JHNRPPHQ ZDV GLH (QWIHUQXQJ EHWUDI 6HOEVW ZHQQ REHQGLH:HOWXQWHUJLQJKlWWHQZLUHVQLFKWEHPHUNW :RKLQ VROOWHQ ZLU EHUKDXSW" 'DV 7DUNLKO ZDU YRQ GHQ .UDODVHQHQ XPVWHOOW 1LHPDQGZUGHHVEHWUHWHQRGHUYHUODVVHQN|QQHQRKQHHQWVSUHFKHQGNRQWUROOLHUW]X ZHUGHQ(VJDEQXUHLQHHLQ]LJH0|JOLFKNHLWHLQHUVROFKHQ.RQWUROOH]XHQWJHKHQ:LU PXWHQ HLQHQ $XVJDQJ ILQGHQ GHU VR ZHLW YRP 7DUNLKO HQWIHUQW ]XU 2EHUIOlFKH IKUWH GDZLUGHQ5LQJGHU%HODJHUHUKLQWHUXQVOLHHQ*DEHVYLHOOHLFKW9HUELQGXQJHQ]XP =DJRRWK/DE\ULQWK GHU 6SLQQHQZVWH" :DU GDV YLHOOHLFKW GLH YRQ )DUWXORRQ HUZlKQWH ³6FKZHOOH´" (LVNUDHUlNHOWHVLFKXQGVFKOXJGLH$XJHQDXI(UVDK]XPLUKHUEHUXQGVWHOOWH IHVW GD DXFK LFK QLFKW PHKU VFKOLHI :RUWORV UHLFKWH LFK LKP )DUWXORRQV 1DFKULFKW (U ODV VLH XQG UHLFKWH GHQ =HWWHO ]XUFN ³'DQQ KDEHQ ZLU MHW]W =HLW HLQH .OHLQLJNHLW ]X HVVHQ´ VDJWH HU OHLVH XP )DUQDWKLD QLFKW DXI]XZHFNHQ ³,FK KDEH +XQJHU ZLH HLQ ZLHHLQ´ ³&KUHWNRU´KDOILFKDXV(UJULQVWHXQGQLFNWH)DUQDWKLDULFKWHWHVLFKDXI ³.HLQH (LQZlQGH GDJHJHQ´ ODFKWH VLH $EHU DOV VLH GHQ =HWWHO JHOHVHQ KDWWH ODFKWHVLHQLFKWPHKU³9HUKDQGHOQ"0LWZHPZLOOHUGHQQKLHUXQWHQYHUKDQGHOQ"´ ³,VWPLUHJDO´(LVNUDOOHZKOWHEHUHLWVLQGHQ9RUUlWHQ³:LUZHUGHQHVQRFKIUK JHQXJHUIDKUHQ´ (U KDWWH UHFKW :LU NRQQWHQ MHW]W DQ XQVHUHU /DJH QLFKWV lQGHUQ XQG PXWHQ ZDUWHQELV)DUWXORRQ]XUFNNHKUWH%LVGDKLQJHGDFKWHQZLUGLH=HLW]XQXW]HQ:HLWHUH GUHL7RQWDVYHUJLQJHQ7RQWDVXQWlWLJHQ:DUWHQV$OVLFKEHJDQQPLUHUQVWOLFK6RUJHQ XP )DUWXORRQ ]X PDFKHQ K|UWHQ ZLU QlKHU NRPPHQGH 6FKULWWH (V PXWHQ VHLQH 6FKULWWHVHLQGHQQZHUDXHUXQVVROOWHVLFKQRFKKLHUXQWHQDXIKDOWHQ"(UZDUHVDXFK ³,KU VHLG HQGOLFK ZDFK"´ VDJWH HU DOV HU GHQ 5DXP EHWUDW XQG VLFK VHW]WH ³,FK GDFKWHVFKRQLKUZROOWIU3UDJRVVFKODIHQ+DEWLKUPHLQHQ=HWWHOJHIXQGHQ"´ ³:RELVWGXJHZHVHQ"´HUNXQGLJWHVLFK)DUQDWKLD³0LWZHPKDVWGXYHUKDQGHOW"´ ³$FK KDEH LFK YHUJHVVHQ GDV ]X HUZlKQHQ" 0LW GHQ 6WXPPHQ 'LHQHUQ QDWUOLFK,P%XFKZLUGHUZlKQWGDVLHQLHPDQGHQ]XU6FKZHOOHODVVHQ´ $Q GLH 6WXPPHQ 'LHQHU GLHVH NXJHOI|UPLJHQ :HVHQ KDWWH QLHPDQG YRQ XQV JHGDFKW$EHUZLHVROOWHPDQPLWLKQHQYHUKDQGHOQZHQQVLHVWXPPXQGWDXE]XVHLQ VFKLHQHQ"³8QGZDVKDEHQVLHJHVDJW"´IUDJWHLFKLURQLVFK (U ]XFNWH PLW GHQ $FKVHOQ ³hEHUKDXSW QLFKWV DEHU DXV LKUHP 9HUKDOWHQ JHKW HLQGHXWLJ KHUYRU GD VLH QLHPDQGHQ GXUFKODVVHQ ZROOHQ 6LH EORFNLHUHQ GHQ :HJ ]XU 6FKZHOOH´ (LVNUDOOH IUDJWH JHUHL]W ³:LOOVW GX XQV QLFKW HQGOLFK HLQPDO YHUUDWHQ ZDV HV PLW GLHVHU6FKZHOOHDXIVLFKKDW"´
'HU.ULVWDOOSULQ]
M
$WODQ
³,FK ZHL HV DXFK QLFKW´ JDE )DUWXORRQ VHHOHQUXKLJ ]XUFN ³,FK NHQQH GHQ %HJULII QXU DXV GHP %XFK XQG DXV GHU NXU]HQ (UZlKQXQJ JHKW EOR KHUYRU GD VLH HLQH $UW YRQ $XVJDQJ DXV GHP %HUHLFK GHV 7DUNLKO EHGHXWHW 8QG ]ZDU HLQHQ DEVROXW VLFKHUHQ$XVJDQJ'DVLVWDOOHVZDVLFKZHL´ ³8QGGLH6WXPPHQ'LHQHUZHLJHUQVLFKXQVGXUFK]XODVVHQ"´ ³'DV JHKW DXV LKUHP 9HUKDOWHQ HLQZDQGIUHL KHUYRU´ EHVWlWLJWH )DUWXORRQ ³,FK KDEHYHUVXFKWVLH]XYHUMDJHQ$EVROXW]ZHFNORV(VVLQG]XYLHOH´ ³6SLHOHQZLUGRFK%DOOPLWLKQHQ´VFKOXJ(LVNUDOOHJUDQWLJYRU ³6RYLHO%HLQHXQG$UPHKDVWGXJDUQLFKW´ :HQQGLHVH6FKZHOOHLQGHU7DWXQVHUH5HWWXQJEHGHXWHWHPXWHQZLUVLHDXFK HUUHLFKHQ GDV VWDQG IHVW $XI GHU DQGHUHQ 6HLWH ZLGHUVWUHEWH HV XQV JHJHQ GLH KDUPORVHQ .XJHOQ PLW *HZDOW YRU]XJHKHQ 0LW XQVHUHQ 6WUDKOHUQ KlWWHQ ZLU VLH VLFKHUOLFK YHUVFKHXFKHQ N|QQHQ DEHU GDV ZlUH QLFKW RKQH 9HUOXVWH IU VLH DEJHJDQJHQ9LHOOHLFKWJDEHVHLQHDQGHUH0|JOLFKNHLW,FKIUDJWHUDWORV³:DVQXQ"´ )DUWXORRQJULQVWH³=XHUVWHLQPDOKDEHLFK+XQJHU´ (LQH7RQWDVSlWHUSDFNWHQZLUXQVHUH6DFKHQ]XVDPPHQXQGIROJWHQ)DUWXORRQ LQHLQHQEUHLWHQ.RUULGRUGHU]XXQVHUHP(UVWDXQHQZLHGHUEHOHXFKWHWZDU'LH/XIWZDU ZDUP XQG IULVFK +LHU XQWHQ VFKLHQ DOOHV QRFK ZLH YRU 7DXVHQGHQ YRQ -DKUHQ ]X IXQNWLRQLHUHQ 9LHOOHLFKW ZDUHQ GLH 6WXPPHQ 'LHQHU IU GLH :DUWXQJ YHUDQWZRUWOLFK :HQQ VLH RUJDQLVFKH /HEHZHVHQ ZDUHQ XQG VLFK QLFKW YHUPHKUWHQ PXWHQ VLH XQVWHUEOLFK VHLQ $EHU ZHQQ VLH VLFK YHUPHKUWHQ EHJDQQ LFK PLFK ]X IUDJHQ ZRYRQ HUQlKUWHQVLHVLFK",FKQHLJWHLPPHUPHKU]XGHU$XIIDVVXQJGDVLH$QGURLGHQRGHU 5RERWHUVHLQPXWHQ8QGGDQQVWDQGHQZLUYRULKQHQ6LHEORFNLHUWHQGHQ.RUULGRULQ GLFKWHQ5HLKHQRKQHGDVLHDXFKQXUGHQ9HUVXFKXQWHUQDKPHQXQVDQ]XJUHLIHQ6LH VWDQGHQ HLQIDFK GD DXI LKUHQ GQQHQ %HLQHQ XQG IXFKWHOWHQ PLW LKUHQ YLHU HEHQVR GQQHQ$UPHQGURKHQGLQGHU/XIWKHUXP ³%LWWH VHKW HXFK GDV DQ´ ULHI )DUWXORRQ ³:DV NDQQ PDQ GD PDFKHQ" 6LH UHDJLHUHQ DXI QLFKWV 'DEHL KDEH LFK LKQHQ PHLQH $EVLFKW GHXWOLFK NODUJHPDFKW 6LH PVVHQ DOVR ZLVVHQ GD ZLU MHW]W ZHLWHUJHKHQ ZROOHQ $EHU VLH ODVVHQ XQV QLFKW ZHLWHUJHKHQ´ (V ZDUHQ PLQGHVWHQV VLHEHQ RGHU DFKW 5HLKHQ GLH VLFK YRU XQV DXIJHEDXW KDWWHQ6LHKDWWHQNHLQH*HVLFKWHULQGHQHQPDQKlWWHOHVHQN|QQHQDEHULKUH+DOWXQJ YHUULHW LKUH $EVLFKW 6LH ZDUHQ DXFK JDQ] DQGHUV DOV MHQH 6WXPPHQ 'LHQHU GLH ZLU ZHLWHU REHQ JHWURIIHQ KDWWHQ 'LHVH KLHU VFKLHQHQ XQV QLFKW KHOIHQ ]X ZROOHQ LP *HJHQWHLO $EHU YLHOOHLFKW GLHQWHQ VLH GDPLW DQGHUHQ $EHU ZHP" 8QG LFK KDWWH LPPHU DQJHQRPPHQGDV5lWVHOGHV7DUNLKOXPVROHLFKWHUO|VHQ]XN|QQHQMHWLHIHULFKLQHV HLQGUDQJ*HQDXGDV*HJHQWHLOZDUGHU)DOO)UGLHVHV3UREOHPILHOPLUNHLQH/|VXQJ HLQ ³9HUIOXFKW´VDJWH(LVNUDOOH(UVFKLHQVHLQH%DOOVSLHOLGHHDXIJHJHEHQ]XKDEHQ ³*HEWPLULP1RWIDOO)HXHUVFKXW]ZLUPVVHQHVPLWVDQIWHU*HZDOWSURELHUHQ´ :HGHU)DUWXORRQQRFKLFKNDPHQGD]XJHJHQVHLQH$EVLFKW]XSURWHVWLHUHQ(U VWLHJEHUGHQHUVWHQ6WXPPHQ'LHQHUKLQZHJXQGVWDQGQDFKHLQHPZHLWHUHQ6FKULWW PLWWHQ ]ZLVFKHQ LKQHQ :DV GDQQ JHVFKDK ZDU HUVWDXQOLFK JHQXJ 9LHU RGHU IQI GHU .XJHOQ VWU]WHQ VLFK DXI (LVNUDOOH XQG KREHQ LKQ KRFK 6LH SDFNWHQ LKQ PLW LKUHQ VR ]HUEUHFKOLFKDXVVHKHQGHQ$UPHQXQGWUXJHQLKQGDYRQ ³+LOIH´ULHI(LVNUDOOHLQK|FKVWHU3DQLN³6RKHOIWPLUGRFKLKU=|JHUOLQJH´
'HU.ULVWDOOSULQ]
M
$WODQ
$EHU)DUWXORRQKLQGHUWHXQVGDUDQLKP]XKHOIHQ³1DWUOLFKGDVLVWHV'DLFK QLFKWVRIRUWGDUDXIJHNRPPHQELQ´ ³:RUDXI"´IUDJWHLFKYHUVWlQGQLVORVXQGVFKREPHLQHQ6WUDKOHUKLQWHUGHQ*UWHO ]XUFN ³6LH KHOIHQ VLH GLHQHQ²DXFK XQV 6LH EULQJHQ (LVNUDOOH ]XU 6FKZHOOH 8QG LFK KDEHWRQWDODQJYHUVXFKWVLHDXVGHP:HJ]XUlXPHQ²LFKPHLQHGDVUHLQELOGOLFK6LH OLHHQVLFKQLFKWEHLVHLWHVFKLHEHQ´ ³:RKHU ZHL GX GD VLH LKQ ]XU 6FKZHOOH EULQJHQ XQG GD ZLU LKQ GRUW ZLHGHUWUHIIHQ"(VN|QQWHGRFKVHLQGDVLHLKQJDQ]ZRDQGHUVKLQVFKOHSSHQRGHULKQ JDUW|WHQ´ $XIPHLQH)UDJHJDEHUNHLQH$QWZRUW(UVDJWHQXU³.RPPWVFKRQ:LUGUIHQ (LVNUDOOHQLFKWDXVGHQ$XJHQYHUOLHUHQ´ 'DVZDUOlQJVWJHVFKHKHQ$EHULFK]|JHUWHQLFKWVHLQHP5DW]XIROJHQ'DEHL KLHOW LFK )DUQDWKLDV +DQG IHVW GDPLW GLH .XJHOQ VLH QLFKW LQ HLQH DQGHUH 5LFKWXQJ EULQJHQNRQQWHQ(VZDUHLQVHOWVDPHV*HIKOPLWWHQ]ZLVFKHQGLH6WXPPHQ'LHQHU]X WUHWHQ GLH VRIRUW QDFK XQV JULIIHQ XQG XQV DXIKREHQ 0LW GHU OLQNHQ +DQG KLHOW LFK )DUQDWKLDZlKUHQGPHLQHUHFKWHIHVWXPGHQ*ULIIGHV,PSXOVVWUDKOHUVODJ,FKZDUQXQ IHVW HQWVFKORVVHQ LKQ LP 1RWIDOO ]X JHEUDXFKHQ RE PHLQH *HJQHU QXQ RUJDQLVFKH /HEHZHVHQ RGHU $QGURLGHQ RGHU 5RERWHU PLW RUJDQLVFK ZLUNHQGHU 9HUNOHLGXQJ ZDUHQ =XP*OFNZDUGDVQLFKWQ|WLJ:LUZXUGHQDOOHLQGLHVHOEH5LFKWXQJJHWUDJHQ ,FK VDK (LVNUDOOH VFKRQ YRQ ZHLWHP 0DQ KDWWH LKQ DEJHVHW]W XQG HU VWDQG GD DOV EHJULIIH HU EHUKDXSW QLFKWV PHKU .UDPSIKDIW KLHOW HU VHLQHQ %HXWHO PLW GHQ 9RUUlWHQ IHVW DEHU NHLQ 6WXPPHU 'LHQHU PDFKWH DXFK QXU GHQ 9HUVXFK LKP GLHVHQ ZHJ]XQHKPHQ6HLQ*HVLFKWKHOOWHVLFKPHUNOLFKDXIDOVPDQDXFKXQVKHUEHLVFKOHSSWH XQG DP =LHO DXI GLH %HLQH VWHOOWH 6FKZHLJHQG ZLH LPPHU ]RJHQ VLFK GLH 6WXPPHQ 'LHQHUGDQQ]XUFN )DUWXORRQ VDJWH KHLVHU ³,FK KDEH GDV 3UREOHP IDOOV HV EHUKDXSW HLQHV LVW EHUVFKlW]W 1DWUOLFK NDP LFK QLFKW DXI GHQ *HGDQNHQ HLQIDFK PLWWHQ ]ZLVFKHQ GLH .XJHOQ]XVWHLJHQLFKKDWWHMDNHLQH5FNHQGHFNXQJ:LHVROOWHLFKZLVVHQGDVLHXQV KHOIHQZUGHQ"´ ³+HOIHQ"´HUNXQGLJWHLFKPLFKVNHSWLVFKXQGVDKPLFKVXFKHQGXP$XHUHLQHP GlPPULJHQ )HOVHQVDDO XQG HLQLJHQ GXQNOHQ gIIQXQJHQ ZDU QLFKWV ]X VHKHQ ³:RKHU ZLOOVWGXZLVVHQGDVLHXQV]XGHLQHU6FKZHOOHJHEUDFKWKDEHQ"´ ³'LH %HVFKUHLEXQJ VWLPPW XQG DXFK GLH 6WXPPHQ 'LHQHU ZXUGHQ HUZlKQW DOOHUGLQJVLQHLQHPDQGHUHQ6LQQ'HU$XWRUGHV%XFKHVPXPLW*HZDOWYRUJHJDQJHQ VHLQ(UVSUDFKMHGHQIDOOVYRQHLQHUDNXWHQ*HIDKUGLHGHQ:HJ]XU6FKZHOOHEORFNLHUW´ ³-HW]WP|FKWHLFKDEHUHQGOLFKZLVVHQZDVGLH6FKZHOOHLVW´VDJWH(LVNUDOOH³,FK VHKHNHLQH´ )DUWXORRQ JLQJ HLQLJH 0HWHU LQ GHQ 6DDO KLQHLQ XQG EHREDFKWHWH GDEHL GLH 6WXPPHQ'LHQHUGLHLKP]XXQVHUHUhEHUUDVFKXQJQLFKWIROJWHQ,QHLQLJHU(QWIHUQXQJ EOLHEHUVWHKHQ³6RQXQNRPPWODQJVDPQDFK:LUPVVHQGHQULFKWLJHQ*DQJILQGHQ´ (V JDE IQI 'XUFKJlQJH XQG VLH VDKHQ DOOH JOHLFK DXV ,PPHUKLQ ZDUHQ ZLU EHUXKLJWGDXQVGLH.XJHOQQXQQLFKWPHKUIROJWHQ(VVDKJDQ]VRDXVDOVKlWWHQVLH $QJVWHLQHYHUERWHQH5HJLRQ]XEHWUHWHQ9LHOOHLFKWKDWWHPDQVLHVRSURJUDPPLHUW,FK ZDUQXQIHVWGDYRQEHU]HXJWGDVLH$QGURLGHQZDUHQ)DUWXORRQZlKOWHGHQPLWWOHUHQ *DQJ :LU PXWHQ GLH /DPSHQ HLQVFKDOWHQ GHQQ KLHU ZDU HV DEVROXW ILQVWHU )DVW
'HU.ULVWDOOSULQ]
M
$WODQ
KXQGHUW 0HWHU JLQJHQ ZLU GDQQ VWDQGHQ ZLU YRU GHP (QGH GHV *DQJHV (V JDE DXFK NHLQH $Q]HLFKHQ IU HLQH *HKHLPWU DOVR KDWWHQ ZLU PLW ]LHPOLFKHU 6LFKHUKHLW GHQ IDOVFKHQ:HJJHZlKOWXQG)DUWXORRQNQXUUWHHQWWlXVFKW³9HUVXFKHQZLUGLHDQGHUHQ´ 1DFK GHP YLHUWHQ 9HUVXFK KDWWHQ ZLU *OFN $OV ZLU KXQGHUW 0HWHU JHJDQJHQ ZDUHQOHXFKWHWHQGLH:lQGHXQGGLH'HFNHGHV*DQJHVDXI'DVZDUEHLGHQDQGHUHQ QLFKW JHVFKHKHQ (U ZDU DXFK QLFKW ]X (QGH VRQGHUQ IKUWH LQ HLQH UHFKWHFNLJH .DPPHUGLHDOOHUGLQJVRKQHMHGH(LQULFKWXQJZDU=ZHLHUOHXFKWHWHgIIQXQJHQZLHVHQ XQV GHQ ZHLWHUHQ :HJ :LU QDKPHQ GHQ OLQNHQ *DQJ (U IKUWH XQV LQ HLQHQ 5DXP YROOHU %LOGVFKLUPH GLH LQ UHJHOPlLJHQ $EVWlQGHQ DQ GHQ PLW 0HWDOO YHUNOHLGHWHQ :lQGHQ DQJHEUDFKW ZDUHQ 'DUXQWHU EHIDQGHQ VLFK .RQWUROOHQ DXI NOHLQHQ 3XOWHQ YRU GHQHQZLHGHUXPKRFKOHKQLJH6HVVHOVWDQGHQ(LQHUHJHOUHFKWH1DFKULFKWHQ]HQWUDOH ³'DVVROOGLH6FKZHOOHVHLQ"´NHXFKWH(LVNUDOOH )DUWXORRQ]|JHUWHPLWGHU$QWZRUWGDQQPHLQWHHU³1HLQGDVNDQQVLHQLFKWVHLQ HV PX GHU DQGHUH *DQJ VHLQ $EHU GD ZLU VFKRQ PDO KLHU ´ 'HQ 5HVW OLH HU XQDXVJHVSURFKHQ (U KDWWH QDWUOLFK UHFKW ]XPDO XQV HLQH NOHLQH (UKROXQJVSDXVH JXWWXQZUGHEHVRQGHUV)DUQDWKLDEHUGHUHQ/LSSHQELVKHUQRFKNHLQ/DXWGHU.ODJH JHNRPPHQ ZDU )DUWXORRQ OHJWH VHLQ *HSlFN DE XQG VHW]WH VLFK YRU GLH .RQWUROOHQ 0HLQHU$QVLFKWQDFKZDKOORVGUFNWHHUHLQLJH.Q|SIHXQGEHWlWLJWH6FKDOWHUDEHUJDQ] VRZDKOORVPXWHHUGDVGRFKQLFKWJHWDQKDEHQGHQQHLQ0RQLWRUZXUGHSO|W]OLFKKHOO 'HU %HUDWXQJVVDDO GHV 7DWR $OV )DUQDWKLD LKUHQ 9DWHU HUNDQQWH KLHOW VLH GHQ $WHPDQ,FKNRQQWHHVGHXWOLFKVSUHQGHQQVLHVWDQGDQPLFKJHOHKQWXQGLFKKDWWH GHQ $UP XP VLH JHOHJW )DUWXORRQ EHGLHQWH ZHLWHUH .RQWUROOHQ $XV XQVLFKWEDUHQ /DXWVSUHFKHUQ HUNODQJ SO|W]OLFK GLH NUlFK]HQGH 6WLPPH GHV %OLQGHQ 6RIJDUW $OV LFK GHQ%OLQGHQDXFKDXIGHP%LOGVFKLUPVDKEDOOWHLFKXQZLOONUOLFKGLH+lQGH]X)lXVWHQ 8QG GDQQ K|UWH LFK ZDV HU VDJWH ³ YRUOlXILJ DEJHEURFKHQ (LQHV 7DJHV ZLUG GDV 7DUNLKO JHVSUHQJW ZHUGHQ GHQQ HV GLHQW 9HUEUHFKHUQ DOV 9HUVWHFN 'HU 7DWR ZLUG HLQHQ QHXHQ 3DODVW HUKDOWHQ :LU PVVHQ PLW JHIlKUOLFKHQ $OWHUWPHUQ DXIUlXPHQ ZHQQGLH=HLWGDIUJHNRPPHQLVW´ ³,FK ZHUGH QLHPDOV ]XODVVHQ GD PDQ GDV 7DUNLKO ]HUVW|UW´ ZLGHUVSUDFK $UPDQFN 'HFODQWHU XQG HUQWHWH GDPLW GDV ]XVWLPPHQGH *HPXUPHO GHU DQGHUHQ *RUWDYRUHU GHV SODQHWDUHQ 7KDQ GLH LP 6DDO YHUVDPPHOW ZDUHQ ³(V VWHKW VHLW XQGHQNOLFKHQ=HLWHQXQGLVWHLQ(UEHXQVHUHU9HUJDQJHQKHLWGLHVRXQEHNDQQWLVWZLH GLH=XNXQIW,FKJODXEHDXFKQLFKWGD,PSHUDWRU2UEDQDVFKROGDV]XODVVHQZUGH´ ³+DVW GX YHUJHVVHQ GD HV GHLQH 7RFKWHU ZDU GLH PLFK ]X HUPRUGHQ YHUVXFKWH"´ULHI6RIJDUW³,FKN|QQWHGLFKGDIUYHUDQWZRUWOLFKPDFKHQ´ ³'DVN|QQHQ6LHQLFKW6RIJDUWDXFKZHQQ6LHGD]XGLH0DFKWEHVLW]HQ6XFKHQ 6LH,KUH%HXWHDEHUODVVHQ6LHPHLQH7RFKWHUXQGDXFKGDV7DUNLKOXQJHVFKRUHQ´ 'DV KDJHUH *HVLFKW GHU %OLQGHQ 6RIJDUW YHUULHW :XW XQG (UELWWHUXQJ $EHU HV YHUULHWDXFK(QWWlXVFKXQJXQGHLQH6SXUYRQ+LOIORVLJNHLW³0HLQH/HXWHZHUGHQVSlWHU GDV 7DUNLKO ZHLWHU GXUFKVXFKHQ HV JLEW NHLQ EHVVHUHV 9HUVWHFN 'RFK IU LPPHU N|QQHQ GLH )OFKWOLQJH GRUW QLFKW EOHLEHQ :HQQ VLH EHUOHEHQ ZROOHQ PVVHQ VLH ]XUFN DXI GLH 2EHUIOlFKH :LH LFK )DUWXORRQ NHQQH ZLUG HU HLQHQ :HJ ILQGHQ 8QG GDQQ KDEHQ ZLU VLH ,FK ZHUGH GDIU VRUJHQ GD MHGHU )OHFN GLHVHV 3ODQHWHQ YRQ PHLQHQ/HXWHQEHREDFKWHWZLUG6LHZHUGHQPLUQLFKWHQWNRPPHQ$XFKGHLQH7RFKWHU QLFKW7DWR´ ³6LHZHUGHQLKUQLFKWVWXQ´VDJWH$UPDQFN'HFODQWHUUXKLJ
'HU.ULVWDOOSULQ]
M
$WODQ
³'LH6XFKHJHKWZHLWHU´HQWJHJQHWHGHU%OLQGHNDOW )DUWXORRQVFKDOWHWHGDV*HUlWDEXQGGUHKWHGHQ6HVVHO]XXQVXP³(UKDWNHLQH DEVROXWHQ 9ROOPDFKWHQ ZLH ZLU EHIUFKWHQ PXWHQ´ YHUVLFKHUWH HU LQVEHVRQGHUH ]X )DUQDWKLDJHZDQGW³'HLQHP9DWHUZLUGQLFKWVJHVFKHKHQPHLQ.LQG6RIJDUWZLUGDXFK GDV7DUNLKOQLFKWVSUHQJHQODVVHQ(UZlUHHLQWRWHU0DQQ´ (LVNUDOOHZDUXPKHUJHJDQJHQXQGKDWWHVLFKXPJHVHKHQ³'HU5DXPKDWNHLQHQ ]ZHLWHQ $XVJDQJ :DV LVW QXQ PLW GHLQHU 6FKZHOOH %DXFKDXIVFKQHLGHU" 'LHVH YHUGDPPWH6FKZHOOHJHKWPLULQ]ZLVFKHQPlFKWLJDXIGLH1HUYHQ'LHVKLHULVWVLHQLFKW DOVRZRLVWVLH"´ ³6LH PX KLQWHU GHP ]ZHLWHQ (LQJDQJ OLHJHQ QXU *HGXOG ,KU KDEW JHK|UW ZDV GHU%OLQGHEHKDXSWHWH-HGHU)OHFNGHV3ODQHWHQZLUGEHZDFKW:HQQZLUDOVRZLUNOLFK GLH 2EHUIOlFKH HUUHLFKHQ²ZDV GDQQ"´ )DUWXORRQ EHREDFKWHWH XQVHUH 5HDNWLRQ 'HU %OLQGH 6RIJDUW ZUGH QDWUOLFK LQ HUVWHU /LQLH GHQ 5DXPKDIHQ EHZDFKHQ XQG NRQWUROOLHUHQODVVHQGDV7DUNLKOZDUDEJHULHJHOW $OV ZLU )DUWXORRQ QLFKW DQWZRUWHWHQ IXKU HU IRUW ³,KU KDEW EHPHUNW GD LFK GDV 7DUNLKOJXWNHQQHEHVVHUMHGHQIDOOVDOVLKU8QGLFKNHQQHQRFKPHKU,FKYHUIJHEHU YLHOH JHKHLPH 6WW]SXQNWH XQG 'HSRWV GLH QLHPDQG DXHU PLU NHQQW 'RUW ODJHUQ /HEHQVPLWWHO:DIIHQXQG$XVUVWXQJHQ(VJLEWGRUWSODVWLVFKHV9HUIRUPXQJVPDWHULDO XP XQVHU $XVVHKHQ ]X YHUlQGHUQ ,FK KDEH VRJDU HLQLJH +\SHUVHQGHU XQG ZHQQ ZLU GHQ 20,5*26 HUUHLFKHQ QXQ MD LKU ZHUGHW MD VHKHQ )DOOV ZLU GLH 6FKZHOOH ILQGHQ XQGVLHGDVLVWZDVLFKJODXEH´ ,FKZXWHQLFKWZDVPHLQ/HKUPHLVWHUPLWGHPEHVRQGHUVEHWRQWHQ20,5*26 PHLQWH²LQ GHU PLU EHNDQQWHQ 'DJRUSKLORVRSKLH ZXUGH GDPLW HLQ DXV GHP =K\ %HZXWHQ6HLQVPDWHULDOLVLHUWHU.ULVWDOOPLW)DFHWWHQXPVFKULHEHQ9HUPXWOLFKLVW HVHLQH$UW.RGHZRUW :LUKDVWHWHQGHQ*DQJ]XUFNXQGHUUHLFKWHQZLHGHUGLH.DPPHUPLWGHQEHLGHQ 7XQQHOHLQJlQJHQ )DUWXORRQ JLQJ DEHUPDOV YRUDQ :LU IROJWHQ LKP JHVSDQQW XQG LFK GDFKWH PLFK VHOEVW EHUXKLJHQG 'LH 6FKZHOOH LVW VHLW %HJLQQ XQVHUHU DEHQWHXHUOLFKHQ )OXFKW)DUWXORRQV=LHOJHZHVHQNHLQ=ZHLIHO1LHPDQGYRQXQVDKQWZDVVLHLVW$EHU ZHQQ VLH LQ GHP JHKHLPQLVYROOHQ %XFK DOV VLFKHUH 5HWWXQJ DQJHERWHQ ZLUG XQG GD ELVKHU DOOH +LQZHLVHJHVWLPPW KDEHQ ZLUG GLH (QWVFKHLGXQJ GHV %DXFKDXIVFKQHLGHUV ULFKWLJVHLQ 'LH :lQGH GHV ODQJHQ *DQJHV EHVWDQGHQ ZLHGHU DXV GHP EURQ]HlKQOLFKHQ 0HWDOO GDV LFK YRQ GHQ REHUHQ 5HJLRQHQ GHV 7DUNLKO NDQQWH (V OHXFKWHWH LQ UHJHOPlLJHQ $EVWlQGHQ YRQ LQQHQ KHUDXV PDWW XQG JOHLFKPlLJ :LU EHQ|WLJWHQ XQVHUHHLJHQHQ/DPSHQQLFKW (QGOLFK WDW VLFK YRU XQV HLQ VHKU JURHU 6DDO DXI GHU PLFK ]XHUVW DQ HLQ $PSKLWKHDWHUGHQNHQOLHHUZDUQLFKWZLHMHQH6lOHGLHZLUELVKHUEHWUHWHQKDWWHQ(U ZDU JDQ] DQGHUV NXJHOI|UPLJ PLW HLQHP NOHLQHQ HEHQHQ %RGHQ ,P 9HUJOHLFK ]XP 5DXPLQKDOWGHUDQGHUHQ+DOOHQGLHZLUVWHWVDQJHWURIIHQKDWWHQQDKPGLH*UXQGIOlFKH KLHUVHKUZHQLJ3ODW]HLQ²YRPQLVFKHQI|UPLJHQ=XJDQJVEHUHLFKLQGHUVFKUlJDXIGHQ %RGHQ WUHIIHQGHQ :DQGXQJ HLQPDO DEJHVHKHQ 6LH HUUHLFKWH YLHOOHLFKW HLQHQ 'XUFKPHVVHU YRQ VHFKV 0HWHUQ 9RP %RGHQ ERJ VLFK GLH :DQG LP .UHLV ]XUFN ELOGHWH HLQH JHZDOWLJH :|OEXQJ XQG VFKZDQJ VLFK ]XP =HQLWSXQNW KRFK GHU PHKU DOV ]HKQ0HWHUEHUXQVZDU5LQJVXPJDEHVLQ+IWK|KHHLQ%DQGLQGHQ6DDOJHZ|OEWHU +DOENXJHOQ GLH DXV 4XDU] ]X EHVWHKHQ VFKLHQHQ XQG PLFK LP HUVWHQ $XJHQEOLFN DQ
'HU.ULVWDOOSULQ]
M
$WODQ
+RORSURMHNWLRQHQ HULQQHUWHQ 'LHVHU (LQGUXFN ZXUGH GDGXUFK EHVWlUNW GD LQ GLHVHQ PDQQVJURHQ+DOENXJHOQ/DQGVFKDIWHQ]XVHKHQZDUHQIDUELJXQGSODVWLVFK :LH GXUFK HLQH /XNH IXKU HV PLU GXUFK GHQ 6LQQ (LQH /XNH GXUFK GLH 'LPHQVLRQHQ 1LFKW QXU HLQIDFKH %LOGHU (V VLQG ,FK GUHKWH PLFK XQG ]lKOWH ([DNW ]Z|OI 6WFN =Z|OI²ZLH GLH OHJHQGlUHQ +HURHQ YRQ GHQHQ 7UDQ$WLDQ PHLQ 1DPHQVJHEHUZDU )DUWXORRQZLQNWHXQV³%OHLEWVWHKHQLFKPXGHQ,QVWUXNWLRQHQIROJHQ´ (U JLQJ ]X HLQHU GHU +DOENDJHOQ XQG EHJDQQ DQ GHQ .RQWUROOHQ GHU GDYRU DXIUDJHQGHQ=\OLQGHUVlXOHPLWVFKUlJHU2EHUVHLWH]XKDQWLHUHQ(UVWMHW]WKDWWHLFK=HLW PLU GLH YLHOHQ %LOGHU QlKHU DQ]XVHKHQ ,Q HLQHU +DOENXJHO VDK LFK HLQHQ 'VFKXQJHO GDYRU ODJ HLQ VFKLOOHUQGHU 6XPSIVHH LQ GHP ULHVLJH 6DXULHU QDFK 1DKUXQJ VXFKWHQ 'DQHEHQ HUEOLFNWH LFK HLQH $QVDPPOXQJ FKDUDNWHULVWLVFKHU 7ULFKWHUEDXWHQ ZDKUVFKHLQOLFK HLQH .QRWHQSXQNWZHOW XQVHUHV *URHQ ,PSHULXPV :LHGHU GDQHEHQ JOLW]HUWHQDXIOLFKWORVHP6FKZDU]GLH6WHUQHGHV8QLYHUVXPVVRZLHLFKVLHYRP7ULYLG KHULQ(ULQQHUXQJKDWWH6LHEHZHJWHQVLFKODQJVDPVRDOVEHILQGHVLFKGLH.DPHUDLQ HLQHP 5DXPVFKLII 'LH DQGHUHQ KDOENXJHOI|UPLJHQ 'DUVWHOOXQJHQ ]HLJWHQ :VWHQSODQHWHQ NXOWLYLHUWH /DQGVFKDIWHQ XQG KRFKWHFKQLVLHUWH :HOWHQ DEHU DXFK VROFKH GLH EHUZXFKHUWH 5XLQHQ XQG ]HUIDOOHQH *HPlXHU ]HLJWHQ 8QG GDQQ VDK LFK HLQ%LOGGDVPLUVHKUEHNDQQWYRUNDP )DUWXORRQ VWDQG GDYRU XQG WDW HWZDV GDV LFK QLFKW HUNHQQHQ NRQQWH DEHU PLU ZDU DOV ZUGH GDV %LOG PLW GHU =HLW VFKlUIHU XQG GHXWOLFKHU (V ]HLJWH GHQ 5DQG GHU 6SLQQHQZVWH YRQ *RUWDYRU 'LH 6SLQQHQZVWH :LU NDPHQ DXV LKU DOV )DUWXORRQ YHUKDIWHW ZXUGH 6LH ZXUGH DOOJHPHLQ JHPLHGHQ XQG JDOW DOV JHIlKUOLFK GHU JHKHLPQLVYROOHQ VLOEHUQHQ )lGHQ ZHJHQ GLH VLFK EHU GLH XQIUXFKWEDUH 6DQGIOlFKH VSDQQWHQ'DV1HW]ZDUDPJHIlKUOLFKVWHQZHQQHV]X³VLQJHQ´EHJDQQ²ZLUKDWWHQHV HUOHEW 0DQ NRQQWH GHQ 9HUVWDQG YHUOLHUHQ YRQ YHUZLUUHQGHQ +DOOX]LQDWLRQHQ JHSODJW XQGMHGH%HUKUXQJGHU6WUlQJHZDUW|GOLFK =XP =HQWUXP KLQ ZXUGH GDV *HIOHFKW LPPHU GLFKWHU LQVJHVDPW HUUHLFKWH HV HLQHQ 'XUFKPHVVHU YRQ PHKU DOV ]ZHLWDXVHQG .LORPHWHUQ ZDU YRP 2UELW DXV XQEHUVHKEDUXQGULHIEHLYLHOHQGLH$VVR]LDWLRQHLQHUJHZDOWLJHQ$QWHQQHKHUYRU8QG VHLW LFK GLH ULHVLJHQ $QODJHQ XQWHU GHP 7DUNLKO NDQQWH IUDJWH LFK PLFK RE GLHVH QLFKW HLQH 9HUELQGXQJ ]X GHP 1HW] KDWWHQ $EHU ZDUXP EHVFKlIWLJW VLFK )DUWXORRQ DXVJHUHFKQHWPLWGHP%LOGGHU6SLQQHQZVWH" ,FKYHUORUGLH*HGXOG³)DUWXORRQZDVEHGHXWHQGLHVH%LOGHU"6LHZLUNHQVRHFKW XQGOHEHQGLJ:DUXP"´ )DUWXORRQ GUHKWH OHLFKW GHQ .RSI (U VDK (LVNUDOOH XQG PLFK EHGHXWXQJVYROO DQ ³6LHVLQGHFKW´VDJWHHUKHLVHU³:DVLKUKLHUVHKWLVW:LUNOLFKNHLWLVW*HJHQZDUW'LHV LVWGLH6FKZHOOH´ ³8QGZDVLVWGLH6FKZHOOH"´ ³(LQH 7UDQVPLWWHUVWDWLRQ $OOHUGLQJV HLQH 7UDQVPLWWHUVWDWLRQ EHVRQGHUHU $UW 6LH DUEHLWHW VHLW -DKUWDXVHQGHQ XQG ZXUGH QLHPDOV DEJHVFKDOWHW 'HU 9HUIDVVHU GHV %XFKHVGDVLFKRIWJHQXJHUZlKQWHVWLHJKLHUKHUKLQDEXQGEHWUDWGDV7DUNLKOZLHGHU YRQ DXHQ GHQQ HU NHKUWH PLW HLQHP 5DXPVFKLII DXV 7KDQWXU/RN QDFK *RUWDYRU ]XUFN´ ,FKVWDUUWHLKQDQDOVVHLHUHLQ*HLVW³:DVZLOOVWGXGDPLWVDJHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
³*DQ] HLQIDFK PHLQ -XQJH´ (U VHXI]WH EHU PHLQH %HJULIIVVWXW]LJNHLW XQG GHXWHWHDXIMHQH+DOENXJHOLQGHUGLHYLHOHQ7ULFKWHUEDXWHQ]XVHKHQZDUHQ³(UJLQJLQ MHQHV %LOG KLQHLQ XQG GDPLW EHIDQG HU VLFK DXI 6RUDO HLQHU GHU IQI $5. 6800,$ 3UIXQJVZHOWHQ´ $5. 6800N :HU GHQ GULWWHQ *UDG EHVWHKW GHVVHQ ([WUDVLQQ ZLUG DNWLYLHUW GXUFKIXKU HV PLFK XQZLOONUOLFK 'LH 'XUFKIDOOTXRWH LVW JHZDOWLJ XQG REZRKO LFK GDV 5HLIHDOWHUEDOGHUUHLFKHZLUGHVZRKOLPPHUHLQHXQHUIOOWHU7UDXPEOHLEHQGDLFK 0HLQH*HGDQNHQUDVWHQ'LH)XQNWLRQHLQHV0DWHULHWUDQVPLWWHUVZDUPLUQDWUOLFK EHNDQQW 0DQ EHWUDW HLQHQ *LWWHUNlILJ XQG OLH VLFK DQ HLQHQ DQGHUHQ 2UW PLW HLQHU *HJHQVWDWLRQ WUDQVSRUWLHUHQ *DQ] HLQIDFK $EHU HLQHQ 7UDQVPLWWHU GHU ZLH HLQH KRORJUDSKLVFKH 3URMHNWLRQ DXVVDK NDQQWH LFK QLFKW 9DJH HULQQHUWH LFK PLFK DQ WKHRUHWLVFKH .RQ]HSWH XQG hEHUOHJXQJHQ GLH HLQHU PHLQHU ZLVVHQVFKDIWOLFKHQ $XVELOGHU HLQPDO HUZlKQW KDWWH HWZDV GDV DXI GHP 3ULQ]LS IQIGLPHQVLRQDOHU 'LPHQVLRQVJHRPHWULN EDVLHUWH HLQHU $UW SDUDPHFKDQLVFKHU 7HOHSRUWDWLRQ PLW VRJHQDQQWHQ (UIDVVXQJV,PSXOVVWUDKOHQ 'DPLW VROOWHQ 2EMHNWH WHOHSRUWLHUW ZHUGHQ N|QQHQ RKQH GD HLQH *HJHQVWDWLRQ HUIRUGHUOLFK ZDU 9RQ GHU DUNRQLGLVFKHQ :LVVHQVFKDIW ZDUHQ VROFKH )LNWLYHQ 7UDQVPLWWHU LQ GHU 7KHRULH DOV 0|JOLFKNHLW EHVFKULHEHQDEHUQLHPDOVSUDNWLVFKDXVJHZHUWHWRGHUJHEDXWZRUGHQ (LVNUDOOH KDWWH VLFK YRQ VHLQHU hEHUUDVFKXQJ HUKROW XQG IOVWHUWH ³)DUWXORRQ ZHQQ GDV HLQH 7UDQVPLWWHUVWDWLRQ LVW XQG ZLU XQV GDV =LHO DXVVXFKHQ N|QQHQ ZDUXP IXPPHOVW GX DXVJHUHFKQHW DQ GHP KP %LOG KHUXP GDV XQV LQ GLH 6SLQQHQZVWH EULQJHQ ZUGH" 'RUW ZDUWHQ K|FKVWHQV GLH .UDODVHQHQ DXI XQV RGHU =DJRUHQ XQG 2RWKHU´ )DUWXORRQQLFNWHJULPPLJVHLQH6WLPPHJHZDQQPLWHLQHP6HLWHQEOLFNDXIPLFK HLQHQIDVWYHUlUJHUWHQ8QWHUWRQ³,FKELQIURKGDUEHUGDZHQLJVWHQVGXGHQ6LQQGHU 6DFKH HQWGHFNW KDVW XQG QLFKW ZHLWHU GDUEHU HUVWDXQW ELVW GD ZLU YRQ KLHU DXV ]X YHUVFKLHGHQHQ 3OlW]HQ GHV ,PSHULXPV IOLHKHQ N|QQWHQ $EHU ZDV ZUGH XQV GDV QXW]HQ(LVNUDOOH"2KQH$XVUVWXQJLQIUHPGHU8PJHEXQJ"(VZlUHHLQH)OXFKWRKQH $XVZHJ ZHLO ZLU VRIRUW DXIILHOHQ²XQG XQV GDPLW 6RIJDUWV 6SUKXQGHQ GLUHNW DXVOLHIHUWHQ´ ³,VW *RUWDYRU GHQQ EHVVHU"´ (LVNUDOOH ZDU YROOHU =ZHLIHO ³+LHU VXFKW PDQ XQV GRFKVFKRQ´ ³6LFKHUDEHUQLFKWGRUWZRKLQZLUJHKHQZHUGHQ'LH6SLQQHQZVWHZXUGHYRQ ³,FKHUJHPLHGHQGHQQVLHNRVWHWHYLHOHQ$UNRQLGHQGDV/HEHQ6LHEULQJWGHQ7RGXQG GDV9HUGHUEHQ'HQNDQGDV6LOEHUQHW]:DVLVWGDV1HW]"1LHPDQGZHLHVREZRKO HV'XW]HQGH7KHRULHQJLEW´ 'HU &KUHWNRU VFKWWHOWH VLFK ³8QG WURW]GHP SODQVW GX GRUWKLQ ]X JHKHQ" 0LW XQV"´ ³-DJHQDXGDVZLOOLFK(VLVWGHUVLFKHUVWH:HJIUXQV´ ³*RUWDYRU"´ VDJWH LFK OHLVH )DUWXORRQ KDQWLHUWH ZHLWHU DQ GHQ .RQWUROOHQ GHU 6lXOH 'DV %LOG ZXUGH GHXWOLFKHU ZDU IDVW JUHLIEDU QDK 'LH +DOENXJHO ZDU ZLH HLQH /XNH GLH VLFK YRU XQV DXIJHWDQ KDWWH ,FK JODXEWH GLH KHLH /XIW GHU :VWH DQ GHQ :DQJHQ ]X VSUHQ 6LH VFKLHQ LQ GHQ NXJHOI|UPLJHQ 5DXP KLQHLQ]XZHKHQ 'LH 6FKZHOOH ZDU JDQ] EHVWLPPW NHLQ 7UDQVPLWWHU GHU PLU EHNDQQWHQ $UW HKHU GLH 0|JOLFKNHLWHLQHVTXDVLGLVWDQ]ORVHQ6FKULWWHV
'HU.ULVWDOOSULQ]
M
$WODQ
³-D*RUWDYRU,FKHUZlKQWHPHLQH6WW]SXQNWHGLHQLHPDQGDXHUPLUNHQQW6LH OLHJHQ ]XP JU|WHQ 7HLO LQ XQEHZRKQWHQ *HELHWHQ 'RUW NRPPW QLHPDQG KLQ QLFKW HLQPDO GHU %OLQGH 6RIJDUW XQG VHLQH .UDODVHQHQ (U KDW JDU QLFKW VR YLHOH /HXWH XP DOOHV]XEHUZDFKHQ´ ,FKK|UWHQXUKDOE]XGHQQGHU$QEOLFNGHU+DOENXJHOIDV]LQLHUWHPLFKYLHOPHKU :HQQLFKPLFKQLFKWVRJXWEHKHUUVFKWKlWWHZlUHLFKVRIRUWGHPLQQHUHQ'UDQJJHIROJW XQG PLWWHQ LQ GDV %LOG KLQHLQJHJDQJHQ (V ZLUNWH IDVW K\SQRWLVFK DXI PLFK )DUQDWKLD QDKPPHLQHQ$UPXQGKLHOWPLFKIHVWDOVREVLHDKQWHZDVLQPLUYRUJLQJ )DUWXORRQ IXKU IRUW ³'LHV KLHU ZDU GLH²RGHU HLQH²9HUELQGXQJVVWDWLRQ GHU (UEDXHUGHV7DUNLKO]XU$XHQZHOW8QGQLFKW QXUGDV'HU0DWHULHWUDQVPLWWHUEUDFKWH VLH RIIHQEDU ]X MHGHU DQJHZlKOWHQ :HOW ZHQQ PDQ LKUH .RRUGLQDWHQ NDQQWH XQG HLQVWHOOWH ,FK NHQQH PLFK PLW GHU :DKOSURJUDPPLHUXQJ QLFKW DXV DXFK QLFKW PLW GHU 7HFKQLN XQG LKUHQ H[DNWHQ 3ULQ]LSLHQ YLHOOHLFKW JLEW HV QXU 3DVVDJHQ GLH YRUKHU EHVRQGHUVSUlSDULHUWZXUGHQ.HLQH$KQXQJ:LUPVVHQDOVRPLWGHPYRUOLHEQHKPHQ ZDVZLUVHKHQ8QGGLHEHVWH/|VXQJKHLWLP$XJHQEOLFN*RUWDYRU²VRSDUDGR[GDV DXFK NOLQJHQ PDJ 'HQQ QXU KLHU JLEW HV HLQHQ 20,5*26 GHU XQV GLUHNW ]X PHLQHQ ZHLWHUHQ JHKHLPHQ 6WW]SXQNWHQ DXI DQGHUHQ :HOWHQ EULQJHQ NDQQ *HQDX ZLH HV RKQHKLQYRQPLUJHSODQWZDU´ *HSODQW" :DV KDW HU´RKQHKLQ JHSODQW´" IUDJWH LFK PLFK LUULWLHUW 6HLQH *HKHLPQLVNUlPHUHL NDQQ PDQFKPDO JHZDOWLJ QHUYHQ /DXW VDJWH LFK PLW EHOHJWHU 6WLPPH³.HQQVWGXGHQ7HLOGHU6SLQQHQZVWHGHQZLUGRUWVHKHQ)DUWXORRQ"´ ³6LFKHU $WODQ HU LVW QLFKW ZHLW YRQ PHLQHP QlFKVWHQ 6WW]SXQNW HQWIHUQW ,FK VFKODJHYRULKUPDFKWHXFKIHUWLJ(LVNUDOOHHVZLUGSO|W]OLFKVHKUZDUPZHUGHQZHQQ GXGHQ7UDQVPLWWHUGXUFKVFKUHLWHVW:LUVWGXHVHUWUDJHQ"´ ³,FKPXZRKOZHQQLFKQLFKWKLHUEOHLEHQZLOO´ ³(LQH ULFKWLJH (UNHQQWQLV´ OREWH )DUWXORRQ GHQ &KUHWNRU XQG GUHKWH HLQHQ URWHQ .QRSI PLW HLQHP 5XFN JDQ] QDFK UHFKWV ³(V LVW VRZHLW )ROJW PLU VREDOG LFK YHUVFKZXQGHQELQ´ )DUQDWKLDV)LQJHUNUDOOWHQVLFKXPPHLQHQ$UPDOV)DUWXORRQLQGLHWUDQVSDUHQWH +DOENXJHO KLQHLQJLQJ²XQG LQ GHP GUHLGLPHQVLRQDOHQ %LOG GHU :VWH YHUVFKZDQG (LJHQWOLFKYHUVFKZDQGHUQLFKWZLUNOLFK(UZXUGHSO|W]OLFKH[WUHPYHUNOHLQHUWXQGVWDQG ZHLWYRQXQVHQWIHUQWPLWWHQLQGHU:VWHQODQGVFKDIW ,FK NRQQWH GHXWOLFK HUNHQQHQ ZLH HU VLFK XPGUHKWH XQG XQV ]XZLQNWH ³/RV´ IRUGHUWHLFK(LVNUDOOHDXI³'XELVWDQGHU5HLKH´ ³,PPHU LFK´ PHFNHUWH HU WUDW DEHU LQ GLH +DOENXJHO XQG GXUFK VLH KLQGXUFK 6RIRUW VWDQG HU QHEHQ )DUWXORRQ VR JUR ZLH PHLQ 'DXPHQ )DUQDWKLD VDK PLFK lQJVWOLFKDQXQGOLHPHLQHQ$UPORV'DIUSDFNWHLFKGHQLKUHQXQG]RJVLHDQPLFK :LUZDUIHQNHLQHQHLQ]LJHQ%OLFN]XUFN,FKVSUWHQLFKWVDOVLFKGXUFKGDV³%LOG´JLQJ .HLQ (QW]HUUXQJVVFKUQHU] QLFKWV 3O|W]OLFK VWDQGHQ )DUQDWKLD XQG LFK GLFKW YRU )DUWXORRQXQG(LVNUDOOHLQGHUXQJDVWOLFKHQ:VWHXQGDP+RUL]RQWVDKLFKDOVIODFKHQ GVWHUHQ 6FKDWWHQ GDV 7DUNLKO VRZHLW HV EHU GLH 2EHUIOlFKH *RUWDYRUV KHUDXVUDJWH 6RQVWZDUGLH:VWHOHHUXQGHVJDENHLQHQ:HJPHKU]XUFN )DUWXORRQ HUULHW PHLQH *HGDQNHQ ³0DQ NDQQ EHU GLH 6FKZHOOH GDV 7DUNLKO YHUODVVHQ DEHU QLFKW LQ HV ]XUFNNHKUHQ 9RU XQV OLHJW PHLQ 6WW]SXQNW 'RUW VLQG ZLU HUVW HLQPDO LQ 6LFKHUKHLW 'DQQ DEHU PVVHQ ZLU ZHLWHU GHQQ HV LVW QXU HLQ 'HSRW LQ GHPZLUXQVDXVUVWHQZHUGHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
(LVNUDOOHVWDUUWHLQGLHWURVWORVH/DQGVFKDIW³'HSRW":HLWHU"´ =XP HUVWHQPDO JODXEWH LFK VR HWZDV ZLH 9HUOHJHQKHLW LQ )DUWXORRQV *HVLFKW HUNHQQHQ]XN|QQHQ³1HKPWPLUGLHNOHLQH1RWOJHQLFKWEHO0LWGHP(UUHLFKHQGHV 'HSRWVLVWHVQLFKWJHWDQZLUPVVHQ*RUWDYRUYHUODVVHQ²DEHUDXIPHLQH:HLVHQLFKW GXUFK GLH 0LWWHO GHU XQEHNDQQWHQ 7DUNLKO(UEDXHU :LU PVVHQ ]X HLQHP ZHLWHUHQ PHLQHU 6WW]SXQNWH DEHU GHU OLHJW QLFKW GLUHNW YRU GHU +DXVWU :LU KDEHQ HLQH ODQJH 5HLVHYRUXQVXPGHQ20,5*26]XHUUHLFKHQ,PPHUQDFK1RUGHQ´ ³1DFK1RUGHQ"´(LVNUDOOHVDKSO|W]OLFKQLFKWPHKUVR]XYHUVLFKWOLFKXQG]XIULHGHQ DXV³=XP%ODVVHQ/DQG"´ ³/HLGHUJHQDXGRUWKLQ´EHVWlWLJWH)DUWXORRQ 1LFKW QXU (LVNUDOOH KDWWH HLQHQ 6FKUHFN EHNRPPHQ PLU HUJLQJ HV lKQOLFK ,FK NDQQWH QDWUOLFK GLH 'DWHQ GHV 1RUGODQGHV PLW VHLQHQ JHZDOWLJHQ (LVXQG 6FKQHHPDVVHQ *HQDX GDV 5LFKWLJH IU (LVNUDOOH GHU WDXVHQGPDO ]HUVSULQJHQ ZLUG ZHQQZLUZLUNOLFKGRUWKLQJHKHQ,QHUVWHU/LQLHGDFKWHLFKDEHUDQ)DUQDWKLD)UHLQH GHUDUWLJH([SHGLWLRQZDUHQZLUQLFKWJHQJHQGDXVJHUVWHW,FKVDJWHHV)DUWXORRQ (U ZLQNWH DE XQG VHW]WH VLFK DXI HLQHQ 6DQGKJHO ³,FK HUNOlUH HXFK PHLQHQ 3ODQ(ULVWHLQIDFK´ (LVNUDOOH SDFNWH VHLQH 9RUUlWH DXV KLHOW GDQQ LQQH ³6DJ QXU GX ZLOOVW PDUVFKLHUHQ"%LVLQGHQKRKHQ1RUGHQ"'XELVWYHUUFNW´ )DUWXORRQWUDQNHLQHQ6FKOXFN:DVVHUDXVGHP.DQLVWHU³1HLQZLUIDKUHQ]XHUVW PLW HLQHP XPJHEDXWHQ 'ULIWHU GHQ ZLU ZHQQ ZLU ZHLW JHQXJ YRP 7DUNLKO XQG GHP 5DXPKDIHQ HQWIHUQW VLQG DOV *OHLWHU EHQXW]HQ N|QQHQ 8QG QXQ VWlUNW HXFK :LU ZHUGHQ DOOH XQVHUH .UDIWUHVHUYHQ EHQ|WLJHQ XP GHQ 20,5*26 ]X HUUHLFKHQ ,Q]ZLVFKHQ NDQQ GHU %OLQGH PLW VHLQHQ .UDODVHQHQ GDV 7DUNLKO GXUFKZKOHQ 'RUW MHGHQIDOOVILQGHWHUXQVQLFKW´ 1DFK 1RUGHQ LQV %ODVVH /DQG²PHKU DOV .LORPHWHU /XIWOLQLH :LU VLQG GHPVLFKHUHQ7RGHQWURQQHQ²ZDUXPVROOHQZLUMHW]WGHQ0XWVLQNHQODVVHQ")DUWXORRQ KDW XQV ELV KLHUKHU JHIKUW HU ZLUG XQV DXFK ELV ]X VHLQHP 6WW]SXQNW PLW GHP 20,5*26EULQJHQGHUYHUPXWOLFKWLHIXQWHUGHPHZLJHQ(LVYHUERUJHQOLHJW (KH ZLU ]X )DUWXORRQV 'HSRW DXIEUDFKHQ VDK LFK QRFK HLQPDO ]XUFN 'LH 6LOKRXHWWH GHV 7DUNLKO KRE VLFK QXU QRFK XQGHXWOLFK JHJHQ GHQ +RUL]RQW DE HV GlPPHUWH EHUHLWV )DUQDWKLD JLQJ QHEHQ PLU LKUH +DQG KLHOW GLH PHLQH :DV LPPHU DXFK YRU XQV ODJ ZLU JLQJHQ ]XVDPPHQ LQ GLH =XNXQIW 9RU XQV ODJ GHU 1RUGHQ XQG GDPLWDXFKGLH)UHLKHLW 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ (UPDFKWVLFK*HGDQNHQGDUEHUZDVLFKGHQNH8QGZLHHVVLFKVRIJWGHQNH LFKDQLKQ$QLKQXQGGDUDQGDLFKLKQYRU2UEDQDVFKROUHWWHQPXGLHVHP0|UGHU LP.ULVWDOOSDODVW:HQQZLUGHQ20,5*26.ULVWDOOQLFKWHUUHLFKHQ XQG]ZDUYRUGHQ.UDODVHQHQZLUG2UEDQDVFKRO$WODQGHUHLJHQWOLFK0DVFDUHQKHLWXQG GHU6RKQVHLQHV%UXGHUVXQGGLHHLQ]LJH*HIDKULVWGLHHUDXIVHLQHP7KURQZLUNOLFK KDWW|WHQODVVHQ*HQDXGDVZLOOLFKYHUKLQGHP6HOEVWPLW0LWWHOQGLHGHUDUWSULPLWLY VLQGGDVLHMHGHU%HWUDFKWXQJVSRWWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
9LHU-DKUHQDFKGHP=HLWPD$UNRQVZDUGLHVHUHUVWDXQOLFKH%XUVFKHDOWDOVLFK PLWLKPIORK,P$XJHQEOLFNVLHKWHVVRDXVDOVREXQVHUH)OXFKWQLFKWQXUEHPHUNW ZRUGHQLVWVRQGHUQLQHLQNULWLVFKHV6WDGLXPWULWW%LVKHUKDWWH2UEDQDVFKROEHUDOOLQ GHU*DOD[LVQDFK$WODQXQGPLUVXFKHQODVVHQMHW]WIDQGXQVHLQHUVHLQHU6FKHUJHQ 'HU%OLQGH6RIJDUWZLUGVHLQJHVDPWHV.|QQHQGDUDQVHW]HQXQV]XIDQJHQ,Q :LUNOLFKNHLWEUDXFKHQZLUQLFKWPHKUDOVHLQH7RQWD9RUVSUXQJXPGHQ.ULVWDOO]X HUUHLFKHQ(LQSDDU=HQWLWRQWD9RUVSUXQJDQMHGHPGHUNRPPHQGHQ3UDJRV'DVLVW DOOHVZDVLFKZLOO$WODQZLUGGLH6WUDSD]HQEHUVWHKHQGHQQHULVWIDVWVRJXWZLHLFK :HQQHUPHLQ$OWHUXQGPHLQH(UIDKUXQJHQKlWWHZlUHGLH5HLVHHLQ .LQGHUVSLHO$EHUGDV0lGFKHQ²QXQZLUPVVHQ)DUQDWKLDPLWQHKPHQHVJHKW QLFKWDQGHUVZLUGXQVHEHQVRHLQHHODVWXQJVHLQZLHGHU&KUHWNRUPLWVHLQHU 'DVHLQVDQJVW%LVKHUKDEHQVLHVLFKJXWJHKDOWHQ$OOHUGLQJVZLUGGLH5HLVHYRQ7DJ]X 7DJJHIlKUOLFKHU ,FKKDWHPLFK,FKZDU]XMXQJQLFKWJHULVVHQJHQXJXQGQLFKWDQQlKHUQGVR OHEHQVHUIDKUHQZLH)DUWXORRQ6HOEVWYHUVWlQGOLFKKDWWHLFKPLULPPHUZLHGHUJHVDJW GDVLFK/HEHQVHUIDKUXQJQLFKWNDXIHQVRQGHUQQXUGXUFK(UOHEHQXQG1DFKGHQNHQ HUZHUEHQOLHDEHUGDVNRQQWHPLFKQLFKWWU|VWHQ,FKZDUXQGEOLHELPPHUQRFKGHU MXQJHXQHUIDKUHQH)UHXQGGHVDOWHQGLFNHQ%DXFKDXIVFKQHLGHUV7DJWlJOLFKZXUGHLFK PLWGHU7DWVDFKHPHLQHUSHUV|QOLFKHQ8QUHLIHNRQIURQWLHUWGHVZHJHQKDWHLFKPLFK XQGPHLQHYHUGULHOLFKHQ6WLPPXQJHQ8QGLQGHQIQI3UDJRVVHLWZLUGHQ5DQGGHU 6SLQQHQZVWHYHUODVVHQXQGGLHODQJH5HLVH]XGHUYRUJHVFKREHQHQ6LHGOXQJ6HXGHUV :HLH=HOWHDQJHWUHWHQKDWWHQZDUPHLQH6WLPPXQJQLFKWEHVVHUJHZRUGHQ,FKZDUI GHQ6FKUDXEHQVFKOVVHO]XGHPDQGHUHQ:HUN]HXJXQGULFKWHWHPLFKDXI ³)HUWLJ$WODQ"´VDJWH)DUWXORRQOHLVH ,FK]RJPLPXWLJGLH6FKXOWHUQKRFKXQGYHUVHW]WHGHP6SH]LDOUHLIHQGHV )DKU]HXJVHLQHQZWHQGHQ7ULWW³.HLQH$KQXQJ,FKKDEHSO|W]OLFKNHLQH/XVWPHKU $OOHVZLGHUWPLFKDQ´ 'LHEODVVH6RQQHVSLHJHOWHVLFKDXI)DUWXORRQV.DKONRSI6HLQ%DUWVWUlXEWHVLFK HLQVLFKHUHV=HLFKHQGDLKQPHLQH:RUWHDXIJHEUDFKWKDWWHQ,FKEFNWHPLFKZLHGHU LQGDV:HUN]HXJIDFKGHVDOWHQNODSSHULJHQ*HUlWHVXQG]RJYRUVLFKWVKDOEHUGHQ 6FKOVVHOZLHGHUKHUYRU)DUWXORRQEDXWHVLFKYRUPLUDXI,FKZDUPHKUDOVHLQHQ.RSI JU|HUDEHUGLHJHGUXQJHQH*HVWDOWLQGHPYHUEHXOWHQEODQNJHVFKHXHUWHQ %UXVWSDQ]HUIO|WHPLULPPHUZLHGHU5HVSHNWHLQ6RDXFKMHW]W )DUWXORRQVWHPPWHGLH)lXVWHLQGLH6HLWHQXQGVDJWHNQXUUHQG³%HLDOOHQ URWKDDULJHQ*|WWLQQHQGLHLFKNDQQWH²PHLQ6RKQGXEHJLQQVWPLFK]XDUJHUQ´ ,FKEHWUDFKWHWHGLH9HUELQGXQJGHUHQ0XWWHUQLFKOXVWORVDQJH]RJHQKDWWH,QGHU 6LHGOXQJZDUQXUHLQHLQ]LJHV)DKU]HXJ]XP9HUNDXIJHVWDQGHQGLHVHVKLHU0HKUHLQH WHFKQLVFKH5XLQHYRQGHQSIDGORVHQ(QWIHUQXQJHQGHV%ODVVHQ/DQGHV]HUEHXOWXQG KDOE]HUVFKODJHQ'HQDOV*OHLWHUEHQXW]WHQ'ULIWHUDXV)DUWXORRQV:VWHQGHSRWKDWWHQ ZLUJHVWHUQDXIJHEHQPVVHQ]HKQ.LORPHWHUYRU6HXQGHUV:HLH=HOWHZHLOHLQ ZLQ]LJHV%DXWHLOGHU(QHUJLHYHUWHLOXQJYHUVDJWHXQGHLQ(UVDW]IHKOWH:DVVFKLHIJHKHQ NDQQJHKWDXFKVFKLHIGDFKWHLFKXQGHUZLGHUWHVWHLI³(VZDUQLFKWPHLQH$EVLFKW´ ³8QGGRFKLVWHVJHVFKHKHQ+|U]XPHLQ/LHEHU´)DUWXORRQOHJWHVHLQH3UDQNH DXIGHQ*ULIIVHLQHV6NDUJ³+|UJHQDX]XXQGPHUNGLUZDVLFKVDJH:LUKDEHQGHQ KRKHQ1RUGHQGLHVHU:HOWHUUHLFKWGHQ5DQGGHV%ODVVHQ/DQGHV:LUVLQGKLHUQLFKWLQ HLQHU*URVWDGWVRQGHUQZHUGHQYRQGHQ.UDODVHQHQGHV%OLQGHQ6RIJDUWYHUIROJW
'HU.ULVWDOOSULQ]
M
$WODQ
VREDOGVLHGHQ'ULIWHUJHIXQGHQKDEHQ'XXQGLFKXQG(LVNUDOOHXQGGHLQH$QJHEHWHWH )DOOVGHLQH8QOXVWGD]XIKUWGDGHU:DJHQKLHUDXVIlOOWNDQQVWGXDP7RGYRQYLHU /HXWHQVFKXOGVHLQ%HGDXHUOLFKHUZHLVHDXFKDQGHLQHPHLJHQHQ7RG9LHOOHLFKWKHEW GDVGHLQH/DXQHHLQZHQLJ$WODQ´ (UVWDUUWHPLFKKHUDXVIRUGHUQGDQDOVZROOWHHUVLFKPLWPLUSUJHOQ ³(QWVFKXOGLJH´VDJWHLFK³(VWXWPLUOHLG,FKELQLQHLQHUPHUNZUGLJHQ 6WLPPXQJVHLWGHP7DJDQGHPZLUIOLHKHQPXWHQ,FKNHQQHPLFKVHOEVWQLFKWPHKU )DUWXORRQ´ ³(LQ*UXQGGLFKVHOEVWEHVVHUNHQQHQ]XOHUQHQ´YHUVLFKHUWHHU³:LUKDEHQQXQ JURH0KHXQVHUH$XVUVWXQJ]XVDPPHQ]XVWHOOHQ'XEUDXFKVWXQVGDV/HEHQQLFKW QRFK]XVlW]OLFKVFKZHU]XPDFKHQ´ ,FKEHGDXHUWHGDLFKPLFK]XHLQHU8QEHVRQQHQKHLWKDWWHKLQUHLHQODVVHQ 1DWXUOLFKKDW)DUWXORRQUHFKW(UKDWLPPHUUHFKW³(QWVFKXOGLJH´VDJWHLFK³:DQQ ZHUGHQZLUDXIEUHFKHQ"´ (UZLQNWHIULKQZDUGHU=ZLVFKHQIDOOHUOHGLJW'HU%DXFKDXIVFKQHLGHUPHLQ )UHXQG3IOHJHYDWHUXQG/HKUPHLVWHUKDWWH(LOHVHLQHQ*RUWDYRU6WW]SXQNWPLWGHP UlWVHOKDIWHQ20,5*26]XHUUHLFKHQXPXQVDOOH]XUHWWHQ$EHUGHU:HJGRUWKLQZDU ZHQQPDQLKPJODXEHQGXUIWHYROOHUXQKHLPOLFKHU*HIDKUHQ$XHUGHPZDUHQGLH .UDODVHQHQZRKOEDOGZLHGHUKLQWHUXQVKHUGDVZXWHLFKVHOEVWVHKUJHQDX$EHUVLH EHXQUXKLJWHQPLFKZHLWZHQLJHUDOVGHUIHWWH0DQQYRUPLUGHUPLFKXQGGDV VFKURWWUHLIH*HIlKUWDXVVHLQHQWLHIOLHJHQGHQ$XJHQEHWUDFKWHWH ³0RUJHQEHUPRUJHQZHUZHL"6SlWHVWHQVLQGUHL*RUWDYRU7DJHQ´DQWZRUWHWH HU³'UHLLJ7RQWDVPHKUQLFKW´ ³:LHODQJHEUDXFKHQZLUELV]XGHLQHPJHKHLPQLVYROOHQ6WW]SXQNW"´ ³'DVLVWYRQGHQ)JXQJHQGHV6FKLFNVDOVDEKlQJLJ8QGGLHVHVLVWZLHGX LQ]ZLVFKHQZRKOZHLWQLFKWLPPHUDXIXQVHUHU6HLWHRGHUDXI6HLWHQGLHVHV6WFNHV 5RVWHVKLHU´-HW]WYHUVHW]WHHUGHP5HLIHQHLQHQ7ULWWGHUGDV)DKU]HXJHUVFKWWHUWH XQGGDFKWH]ZHLIHOORVDQGHQ'ULIWHUDXVVHLQHP'HSRW 8QGPLWGLHVHP:UDFNVROOHQZLUGHQ:HJELV]XP:DUPHQ$XJHXQGGDUEHU KLQDXV]XUXFNOHJHQ"6FKRQGHU:HJDXVGHU6LHGOXQJKLQDXVLVWHLQ5LVLNR³:LHZDKU´ VDJWHLFK³:LHZHLWLVW(LVNUDOOHPLWGHQ1DKUXQJVPLWWHOQ"´ ³)DVWIHUWLJ´ :LUEHIDQGHQXQVLQGHU6LHGOXQJGLHDXVGUHLLJYLHU]LJ+lXVHUQDXVZHLHP +RO]EHVWDQG6LHKDWWHQDXVQDKPVORVGLH)RUPYRQYHUVFKLHGHQJURHQ6SLW]NHJHOQ $XVGHQPHLVWHQULQJHOWHVLFK5DXFKDXVGHQ6SLW]HQKHUDXVVLHXPVWDQGHQMHZHLOV YRQHLQHPVWDUNHQ3DOLVDGHQ]DXQDXI6WHLQVRFNHOQDEJHJUHQ]WHLQHQUXQGHQ3ODW] 6lPWOLFKHYHUVFKOLHEDUHQ(LQJlQJH]XGHQNOHLQHQZLQGVWLOOHQ,QQHQSOlW]HQJLQJHQ DXIGLHVHQ.UHLVKLQDXVGHUYRQHLQHU6WUDHLQXQEHVFKUHLEOLFKHP=XVWDQG GXUFKVFKQLWWHQZXUGH$XIGHUHLQHQ6HLWHGHV.UHLVHVZDUHQZLUDQJHNRPPHQDXIGHU DQGHUHQ6HLWHLQQ|UGOLFKHU5LFKWXQJZUGHQZLU6HXGHUV:HLH=HOWHZLHGHU YHUODVVHQ0LWGLHVHPUDWWHUQGHQXQGIDXFKHQGHQ0RQVWUXPKLHUVRXQVGHU=XIDOO JQlGLJZDU ³8QGZLHIKOWVLFK)DUQDWKLD"´HUNXQGLJWHLFKPLFK ³6LHLVWHLQGXUFKDXVPXWLJHVXQGEUDXFKEDUHV0lGFKHQ´YHUVLFKHUWH)DUWXORRQ ³6LHNPPHUWVLFKXPXQVHUH.OHLGXQJ´
'HU.ULVWDOOSULQ]
M
$WODQ
8QVHU:HJZDUYRUEHVWLPPWGHQQNHLQHUYRQXQVNRQQWHULVNLHUHQ ]XUFN]XJHKHQ'HU7DWRZUGH)DUWXORRQQLHPDOVYHU]HLKHQN|QQHQGDHUGHVVHQ 7RFKWHULQGHQ:LUEHOGHU(UHLJQLVVHPLWKLQHLQJHULVVHQKDWWH$OVRPXWHQZLU]XGHU JHKHLPQLVYROOHQ6WDWLRQIOFKWHQDXI3IDGHQGXUFKHLQHEHQVRPHUNZUGLJHV/DQG 8QGZLUZDUHQQRFKLPPHUGDPLWEHVFKlIWLJWXQVHUH$XVUVWXQJ]XVDPPHQ]XVWHOOHQ ,KUH0HQJHXQG*WHXQG=XYHUOlVVLJNHLWHQWVFKLHGGDUEHUREXQVGLH.UDODVHQHQ OHW]WOLFKGRFKIDWHQRGHUREZLUGHQ3ODQHWHQ*RUWDYRUYHUODVVHQNRQQWHQ ³*XW´VDJWHLFKXQGEOLFNWHQDFKGHP6WDQGGHU6RQQH³,FKZHUGHPLFKQRFK HLQPDOXPGHQ0RWRUGLHVHUHLVHUQHQ=XPXWXQJNPPHUQ´ 3O|W]OLFKJULQVWH)DUWXORRQ³'LHVWDWLVWLVFKH:DKUVFKHLQOLFKNHLWVDJWGDQLFKW DOOH7HLOHHLQHV0HFKDQLVPXVJOHLFK]HLWLJDXVIDOOHQN|QQHQDXHUEHLHLQHU([SORVLRQ 9LHOOHLFKWKlOWGLHVHHKUZUGLJH0DVFKLQHWDWVlFKOLFKHLQH:HLOH,FKWUDXHPLU]XHLQLJH 7HLOHVRJDUZlKUHQGGHV)DKUHQVDXVZHFKVHOQ]XN|QQHQ´ ,FK]RJPHLQH+DQGVFKXKHVWUDIIXQGVFKOR³'XVROOWHVWMHW]WLQV+DXVJHKHQ XQG(LVNUDOOHKHOIHQ,FKEULQJHGLHVHV*HUlWGD]XGDHVXQVZLOOLJWUlJW´ $P5DQGGHV%ODVVHQ/DQGHVVFKLHQGLH%HVFKDIIXQJVHOEVWYRQHLQHP/LWHU :DVVHUHLQHUQVWKDIWHV3UREOHP]XVHLQ+LHULP3RODUJHELHWGDV]XZHLWHQ(LOHQXQWHU 6FKQHHXQG(LVEHJUDEHQZDUKDXVWHQQXUGLHKlUWHVWHQXQGJHQJVDPVWHQ0lQQHU² XQGZHQLJH)UDXHQGLHVHVRKQHKLQZLOGHQ3ODQHWHQDP5DQGGHV7DL$UN¶7XVVDQ,Q 6HXGHUV:HLH=HOWHZRKQWHQ-lJHUXQG+lQGOHU'LH-lJHUZDUHQDXIGHU-DJGXQG GLH+lQGOHUVFKLHQHQDOOHLKUH:DUHQYHUNDXIW]XKDEHQ 0LW0KHXQGIUWHXUHV*HOGHUVWDQG)DUWXORRQGLHVHQ:DJHQGHUDXVGHQ HUVWHQ7DJHQGHV*URHQ,PSHULXPV]XVWDPPHQVFKLHQ)DUWXORRQGHVVHQ5HLFKWXP DOOJHPHLQEHNDQQWZDUXQGGHUVHOEVWIUPLFKSDXVHQORVQHXHhEHUUDVFKXQJHQ EHUHLWKLHOWEHVRUJWHDXFK3HO]NOHLGXQJ1DKUXQJVPLWWHOXQGHLQLJH:DIIHQ0HKUZDU KLHUQLFKW]XKDEHQ8QVHUH$XIJDEHZDUHVGLHVH]XIlOOLJ]XVDPPHQJHWUDJHQHQ'LQJH ]XVRUWLHUHQ'LH=HLWGUlQJWHXQGZLUZDUHQQRFKLPPHUQLFKWVWDUWEHUHLW ³'XPXWQRFKGLH6FKQHHVDOEHYRQ6RUODFNGUEHQDEKROHQ´HULQQHUWHPLFK )DUWXORRQ ³:HQQLFKKLHUIHUWLJELQ´ (UQLFNWHPLU]XXQGYHUVFKZDQGLQGHP+DXV,FKKDWWHYLHO*HKHLPQLVYROOHV EHUGDV%ODVVH/DQGJHK|UW9LHOH$UNRQLGHQXQGYLHOHDQGHUH:HVHQDXVGHQ:HOWHQ GHV,PSHULXPVGLHGRUWKLQDXIJHEURFKHQZDUHQYHUVFKZDQGHQVSXUORV²HLQH 8PVFKUHLEXQJGLHIUHUVWDXQOLFKYLHOH*HELHWHXQG2UWHGLHVHU:HOWJDOW8PLQ VROFKHQ6LHGOXQJHQZLHGLHVHUKLHULQGHUNOLUUHQGHQ.lOWHXQGXQWHUGLHVHQKDUWHQ /HEHQVEHGLQJXQJHQEHUOHEHQ]XN|QQHQPXWHPDQYRQHLQHUXQJHZ|KQOLFKHQ+lUWH GHV.|USHUVXQG9HUVWDQGHVVHLQ ,FKNRQWUROOLHUWHDEHUPDOVPLWJU|WHU6RUJIDOWGLHHLQ]HOQHQ$QWULHEVHOHPHQWH GHVVHFKVUlGHULJHQ3RODUIDKU]HXJVGHQ$OOHVEUHQQHUGHQ'DPSIONHVVHOXQGGHQ *OHLFKODXIGHU7XUELQHGLHGHQ*HQHUDWRUDQWULHE'LHHLQ]HOQHQ.DEHOGLHEUHLWHPLW =DFNHQXQG.UDOOHQEHZHKUWH5DXSHQNHWWHGLHYRQ+DQGDEJHVHQNWZHUGHQPXWH GHQNOHLQHQ/DGHUDXPGXUFKGHQGHU$E]XJIKUWHGLH6LW]HXQGGLH+DOWHJXUWH'HU 7UHLEVWRIIWDQNOHFNWHDEHULFKVFKORGDV/RFKPLWHLQHP$VWVWFNGDVLFK]XVSLW]WH KLQHLQWULHEXQGPLWHLQHPEUHLWHQ.OHEHEDQGDEVLFKHUWH'DQQUlXPWHLFKDOOH ,QQHQNlVWHQDXIYHUVWDXWHHLQHQ7HLOGHU$XVUVWXQJXQGKRIIWHGDDOOHPHLQH
'HU.ULVWDOOSULQ]
M
$WODQ
5HSDUDWXUHQVLFKDOVKDOWEDUHUZLHVHQ$OVLFKJHUDGHGHQ:HUN]HXJNDVWHQDEVFKOR NQDUUWHGLH7XUXQG)DUQDWKLDNDPGLH/HLWHUKHUXQWHU ³,FKKDEHGLUKHLHQ7HHJHPDFKW´VDJWHVLH ,FKEOLFNWHVLHEHJHLVWHUWDQZLHLPPHUZHQQLFKVLHVDK6LHZDUXQYRUVWHOOEDU KEVFK%HVRQGHUVMHW]WLQGHUHQJHQ3HO]NOHLGXQJXQGLQGHPGLFNHQZHLHQ )HOONUDJHQGHULKU*HVLFKWXPUDKPWHZLHHLQ:DOODXVIULVFKJHIDOOHQHP6FKQHHZUGH VLFKMHGHU0DQQLQVLHYHUOLHEHQPVVHQ,FKZDUEHUHLWVYHUOLHEW6LHWUXJLQGHQGLFNHQ )DXVWKDQGVFKXKHQHLQHQ7RQEHFKHUDXVGHPHLQHDURPDWLVFKULHFKHQGH'DPSIIDKQH DXIVWLHJ ,FKQDKPLKUGHQ%HFKHUDEXQGKLHOWLKUH+lQGHIHVW³'DQNH.RPPVWGXPLW"´ ³'LH6FKQHHVDOEH$WODQ"´IUDJWHVLH,FKQLFNWH³1DWUOLFKNRPPHLFKPLW,FK KDEHGHQJDQ]HQ7DJDQXQVHUHQ3HO]HQJHVHVVHQ´ ,FKVWHFNWHGHQ6FKOVVHOHLQWUDQNGHQPLW$ONRKROYHUVHW]WHQKHLHQ7HHXQG VDKPLFKXP=XPHUVWHQPDOVFKLHQLFKGLH8PJHEXQJULFKWLJ]XVHKHQMHW]WLP/LFKW GHV6RQQHQXQWHUJDQJHV(LQHPHODQFKROLVFKH6WLPPXQJEUHLWHWHVLFKDXV'DV/DQG ZDUEDXPUHLFKRKQHEHVRQGHUVJURH(UKHEXQJHQ$EHU)DUWXORRQKDWWHYRQ%HUJHQ XQG*OHWVFKHPHU]lKOWYRQEDXPORVHQ6WHSSHQXQGYRQGHQ)URVWIHOVHQGHQ 6FKQHHJHLVWHUQXQGGHQHUVWLFNHQGHQ'lPSIHQ6DJWHUGLH:DKUKHLWRGHUZLOOHUXQV QXUHUVFKUHFNHQ"$QGHUHUVHLWVVHLQ6WW]SXQNWLVW]ZHLIHOORVYRUKDQGHQGHQQVRQVW ZUGHHUQLHPDOVGLHVHV:DJQLVHLQJHKHQ:LUKDEHQDOVRDOOH&KDQFHQOHEHQGGHQ 3ODQHWHQ]XYHUODVVHQ²ZDVLPPHUGHU200*26DXFKJHQDXVHLQPDJ,FKVWHOOWHGHQ OHHUHQ%HFKHUDXIHLQHQ5DGVFKXW]XQGQDKP)DUQDWKLDV+DQG ³(LVNUDOOHIUFKWHWVLFK´JOXFNVWHVLHDOVLFKGDVVFKZHUH7RUQDFKDXHQ DXIGUFNWH1XU]ZHLRGHUGUHLDQGHUH3DOLVDGHQNUHLVHZDUHQJH|IIQHWXQWHUDQGHUHP GHU=XJDQJ]X6RUODFNV/DGHQ:LUNDPHQDQLP6FKQHHYHUJUDEHQHQ 6FKOLWWHQ]XJWLHUHQYRUEHLDQDXVJHVSDQQWHQ*URWLHUKlXWHQ+LQWHUGHQNOHLQHQIDVW ]XJHIURUHQHQ6FKHLEHQVFKLPPHUWH/LFKW:LUJLQJHQ+DQGLQ+DQGGXUFKGHQ NQLUVFKHQGHQ6FKQHHYRUEHLDQKRFKNDQWDXIJHVWHOOWHQ6FKOLWWHQXQGNOHLQHQ6WDSHOQ YRQJHEQGHOWHQEUHWWKDUWJHIURUHQHQ)HOOHQ,FKULGLH(LQJDQJVWUQDFKDXHQDXI ³7XU]X,FKKHL]HQLFKWGDVJDQ]H%ODVVH/DQG´VFKULHGLHGXQNOH6WLPPH 6RUODFNVDXVGHP+LQWHUJUXQG :LUVFKOSIWHQVFKQHOOKLQHLQ$OVVLFKGLH7UNQDUUHQGJHVFKORVVHQXQGXQVHUH $XJHQVLFKDQGDV+DOEGXQNHOJHZ|KQWKDWWHQVDKHQZLUGLHVHFKVRGHUVLHEHQ 0lQQHUGLHYRUGHUEHUIOOWHQ7KHNHVWDQGHQVLFKXQWHUKLHOWHQ6FKQDSVWUDQNHQXQG XP:DUHQIHLOVFKWHQ$OVVLHKLQWHUPLUGDVVFKPDOH*HVLFKWGHV0lGFKHQVVDKHQ K|UWHQGLHODXWHQ*HVSUlFKHDXI'LH0lQQHUVWDUUWHQ)DUQDWKLDDQDOVVHLVLHHLQ )DEHOZHVHQ ³,FKNRPPHYRQ)DUWXORRQ´,FKVFKREPLFKGXUFKGLH5HLKHQGHU)lVVHU *HELQGHXQG0lQQHUXQG]RJGDV0lGFKHQKLQWHUPLUKHU³,FKKROHGLH6FKQHHVDOEH 6RUODFN´ (UZDUHLQVWLHUQDFNLJHU$UNRQLGHYHUZDKUORVWXQGPLWHLQHPJHZDOWWlWLJHQ *HVLFKW(UODQJWHRKQHVLFKXP]XGUHKHQLQHLQURKJH]LPPHUWHV5HJDOXQGNQDOOWH HLQH6SDQVFKDFKWHODXIGLH3ODWWH ³+|U]X-XQJH´TXHWVFKWHHLQHUGHU0lQQHU]ZLVFKHQGHQ=lKQHQKHUYRU ,FKQLFNWHLKP]XXQGIUDJWH6RUODFNZDVLFKLKPVFKXOGHWH(UQDQQWHHLQHQ %HWUDJDEHUHUVWDUUWHDQPLUYRUEHLDXIGDV0lGFKHQ(LQHXQKHLOYROOH6WLOOHEUHLWHWH
'HU.ULVWDOOSULQ]
M
$WODQ
VLFKDXV1XUGDVEUHQQHQGH+RO]LP.DPLQNQLVWHUWHGLH$WHP]JHGHU0lQQHUZDUHQ VFKZHU(VZDUHLQ)HKOHUJHZHVHQGDV0lGFKHQPLW]XQHKPHQ ,FKODQJWHLQGLH7DVFKHXQGOHJWHGHQ%HWUDJQHEHQGLH6DOEHQVFKDFKWHO³,FK K|UH´ ³:LHODQJHEOHLEW,KUQRFKLQ=HOWH"´ 'LH0lQQHUELOGHWHQDOVZLUXQVKDOE]XU7XUZDQGWHQHLQHQRIIHQHQ.UHLVXP XQV.HLQHUVDKPLFKDQ$EHUPLWEUHQQHQGHQ$XJHQVWDUUWHQVLHDXI)DUQDWKLDGLH LPPHUlQJVWOLFKHUZXUGH³(LQHQRGHU]ZHL7DJH´VDJWHLFK³%LWWHODWPLFKGXUFK´ ,FKVWHXHUWHDXIGLH/FNHQDKHGHU7XU]X'LH0lQQHUZLFKHQQLFKW]XU6HLWH +DOEKLQWHUPLUK|UWHLFK)DUQDWKLDHUVWLFNWDXINHXFKHQXQGUXIHQ³1LPPGHLQH+lQGH ZHJ´ ,FKVFKREGLH6DOEHLQGLH7DVFKHPHLQHVSHO]JHIWWHUWHQ0DQWHOVXQG]RJGHQ ODQJHQ'ROFKDXVGHP*UWHO,FKVWDUUWHGLHEHLGHQ0lQQHUDQVXFKWHGHQ%OLFNLKUHU $XJHQ'DQQNQXUWWHLFK³:HJIUHL/DWGDV0lGFKHQORV´ $XVGHP$XJHQZLQNHOQDKPLFKHLQH%HZHJXQJZDKU,FKGUHKWHPLFKKHUXP PHLQ$UPVFKQHOOWHKRFKGDQQIKUWHLFKGXUFKGLH/XIWHLQHQNRPELQLHUWHQ6WLFKXQG 6FKQLWW'HU3HO]MlJHUGHU)DUQDWKLDDQVLFK]RJXQGYHUVXFKWHLKUGLH.DSX]HYRP .RSI]XUHLHQVFKULHDXIhEHUVHLQH+DQGJHOHQNH]RJHQVLFKWLHIHEOXWLJH6FKQLWWH ,FK]RJ)DUQDWKLD]XPLUKHUDQKREGHQ6WLHIHOXQGWUDW]X(LQHUGHUEHLGHQ0lQQHU GLHGLH7XUYHUVSHUUWHQZlO]WHVLFKVFKUHLHQGDP%RGHQ ³=XU6HLWH'XVWLUEVW-lJHU´VFKULHLFKXQGVSUDQJQDFKYRP'HU-lJHUNDP QLFKWPHKUGD]XVHLQHQ'ROFK]X]LHKHQ,FKUDPPWHLKPPHLQHOLQNH6FKXOWHULQGLH %UXVWVHW]WHJOHLFK]HLWLJHLQHQ)XKHEHODQXQGVWLHGLH7UDXI+LQWHUXQVHUKREVLFK HLQOlUPHQGHV%UOOHQ,FKWUDWGLH7XUPLWGHP)X]XXQGVWHPPWHPLFKPLWGHP 5FNHQJHJHQGLH%UHWWHUXQG%DONHQ )DUQDWKLDOLHI]ZHL6FKULWWHZHLWHUNDPZLHGHU]XUFNXQGVDJWHOHLVHDXIJHUHJW ³.RPP)DUWXORRQZLUGXQVKHOIHQ´ ,FKVFKWWHOWHHLJHQVLQQLJGHQ.RSIXQGVDKGLHXQUXKLJJHZRUGHQHQ 6FKOLWWHQKXQGHDQ,FKJDE)DPDWKLDGLH6DOEHXQGEHIDKO³/DXI]X)DUWXORRQXQGVDJ LKPZDVSDVVLHUWLVW6FKQHOOLFKKDOWHVLHDXI´ :lKUHQGVLHORVUDQQWHGLH6RKOHQLKUHU6WLHIHOLP6FKQHHNQLUVFKWHQXQGGLH +XQGH]XKHXOHQEHJDQQHQGXUFK]XFNWHHLQ(ULQQHUXQJVIUDJPHQWPHLQHQ9HUVWDQG (LQHlKQOLFKH6]HQHLQHLQHPSDODVWDUWLJHQ%DXZHUNGDVNULVWDOOHQVFKLPPHUWH,FK ZHUGHYRQHLQHU0HXWH0lQQHUYHUIROJWXQGUHWWHPLFKKLQWHUHLQHGHUYLHOHQ7XUHQXQG 3RUWDOHGHV3DODVWHV1DPHQGLHKLHUNHLQH%HGHXWXQJPHKUKDEHQWDXFKHQ VFKDWWHQKDIWDXI*RQR]DOGHU6LHEHQWH$UNRQGHU.QHJJHJHQGLH0HWKDQDWPHU 'LH72UXQGPHLQ5FNHQHUEHEWHQXQWHUZWHQGHQ6FKOlJHQ0HLQH+DQG XPNUDPSIWHGHQ*ULIIGHUODQJVFKQHLGLJHQ:DIIH:LUPXWHQKLHUIRUWVRVFKQHOOZLH P|JOLFK'LHVHVVFK|QH0lGFKHQZDUHLQHVWlQGLJH9HUVXFKXQJIUGLH0lQQHUGLHVHV /DQGVWULFKV ³*HKYRQGHU7XUZHJ*UQVFKQDEHO´GRQQHUWH6RUODFN ³,FKGHQNHQLFKWGDUDQ'HUHUVWHGHULQV)UHLHNRPPWVWLUEW´VFKULHLFK]XUFN ³:LUWXQGLUQLFKWV´EUOOWHHLQDQGHUHU0DQQ 'LH+XQGHJUXEHQVLFKDXVGHP6FKQHHXQGNDPHQQlKHU,FKK|UWHDXIGHU DQGHUHQ6HLWHGHV.UHLVHVGHUKLHUGHQ'RUISODW]GDUVWHOOWH6FKULWWH*HUlXVFKHXQG
'HU.ULVWDOOSULQ]
M
$WODQ
6WLPPHQ)DUWXORRQ"/DQJVDPHQWIHUQWHLFKPLFKYRQGHU7XUHUNDQQWHPHLQH 8PJHEXQJXQGPDFKWHHLQHQ6SUXQJ,FKKLHOW$XJHQEOLFNHVSlWHUHLQ%QGHOVFKDUI JHVFKOLIIHQHU+DUSXQHQLQGHQ+lQGHQ'LHODQJHQ/HGHUULHPHQXQGGLH.XQVWIDVHUWDXH GDUDQVFKOHLIWHQGXUFKGHQKDUWHQ6FKQHHLFKVFKULH³,KUKDEWGDV0lGFKHQEHOlVWLJW ,FKZDUQHHXFK´ 9RUVLFKWLJXQGNQDUUHQG|IIQHWHVLFKGLH7XU6RUODFNVWUHFNWHVHLQHQ.RSIKHUDXV XQGVDKPLFKDQ³'XMXQJHU1DUU´VDJWHHUVFKDUI³'DVZDUQXUHLQ6SDXQGGXKDVW GHP)DOOHQVWHOOHUEHLQDKHGLH+DQGJHOHQNHGXUFKJHVFKQLWWHQ´ ³'DVKLHULVWNHLQ6SD´,FKVWDQGEUHLWEHLQLJGDXQGKLHOWHLQH+DUSXQH ZXUIEHUHLWLP]XUFNJHULVVHQHQ$UP0HLQ$WHPELOGHWH:RONHQYRUPHLQHP.RSI'LH QDGHOIHLQH6SLW]HGHU-DJGZDIIHGHXWHWHDXI6RUODFNV.RSI*HUlXVFKHKLQWHUPLUHLOLJH 6FKULWWHXQGGDV.HXFKHQGHVGLFNHQ0DQQHV)DUWXORRQZLUEHOWHLQGHQ3DOLVDGHQKRI KHUHLQ:LHLPPHUEHZHJWHHUVLFKZLHHLQPDJHUHUYRQGHQ=HKHQELV]XP.RSI GXUFKWUDLQLHUWHUMXQJHU.lPSIHU1XUZHQLJH0HQVFKHQZXWHQGDHUQLFKWIHWW VRQGHUQ³QXU´PLWJHZDOWLJHQ0XVNHOZOVWHQDXVJHVWDWWHWZDU (UEOLHEKLQWHUPLUVWHKHQXQGVDJWHODXW³:DVJHKWKLHUYRU",FKGXOGHQLFKWGD %OXWIOLHW´ 6RUODFNVFKREGLH7XUJDQ]DXIXQGVDJWHEHWURIIHQ³(UKDEHQHUHVLVW%OXW JHIORVVHQ'HLQ6RKQKLHUKDWHLQHQ0DQQYHUOHW]W´ ,FKUKUWHPLFKQLFKWXQGVDJWHZlKUHQGGLH+DUSXQHQVSLW]HZHLWHUKLQDXI 6RUODFNGHXWHWHXQGQLFKWXPHLQHQ0LOOLPHWHU]LWWHUWH³6LHKDEHQ)DUQDWKLDEHOlVWLJW )DUWXORRQ´ )DUWXORRQV6WLPPHNDPVFKQHLGHQGXQGKDUWZLHHLQ(LVNHLO³6WLPPWGDV 6RUODFN"´ +LQWHUGHPPDVVLJHQ+lQGOHUWDXFKWHQKDOEVFKDWWHQKDIWDQGHUH*HVWDOWHQDXI 'LH6RQQHYHUVDQNJOXWURWKLQWHU6FKQHHZRONHQ³(VZDUHLQ6SD'XZHLWZLHZLU VLQG+DUWDEHUKHU]OLFK6LHZROOWHQQXUHLQZHQLJVFKHU]HQ´ 9RUVLFKWLJJLQJ)DUWXORRQXQWHUGHVVHQERGHQODQJHP)HOOPDQWHOGHU %UXVWKDUQLVFKJOlQ]WHZLHHLQHSROLHUWH0HVVLSJVFKHLEHXPPLFKKHUXP(U]LVFKWHLQ HLQHU6SUDFKHGLHLFKQLFKWYHUVWDQGGHQ+XQGHQHWZDV]X'LH7LHUHNOHPPWHQGLH 6FKZlQ]H]ZLVFKHQGLH%HLQHXQGYHU]RJHQVLFKZLQVHOQGLQHLQHDQGHUH(FNH'LH7XU NODIIWHMHW]WDXIGLH0lQQHUGUlQJWHQDQGHP+lQGOHUYRUEHLLQV)UHLH(LQ VFKQHLGHQGHU:LQGHUKREVLFKLP:HVWHQ )DUWXORRQGLH+DQGDP*ULIIGHV6NDUJVDJWHGU|KQHQG³(VZDUHLQ 0LYHUVWlQGQLV'LH.OHLQHLVWHXUHUDXKH$UWQLFKWJHZ|KQWVLHZDU]X7RGH HUVFKURFNHQ'LHVHUMXQJH0DQQKLHUGHUVFKQHOOXQGW|GOLFK]XNlPSIHQYHUVWHKWKDW VLHEHVFKW]WZHLOHU)DUQDWKLDOLHEW8QGLKUKDEWHXUH*DVWIUHXQGVFKDIWVWUDSD]LHUW :ROOWLKU5DFKH"´ 6RUODFNULHI³1HLQLFKQLFKW0LULVWQLFKWVJHVFKHKHQ$EHUGHU-lJHUKLHUKDW ]HUVFKQLWWHQH+DQGJHOHQNH´ 'HU%DXFKDXIVFKQHLGHUJLQJQlKHUDQGLH0lQQHUKHUDQXQGZLQNWHPLU ]XUFN]XEOHLEHQ'DQQVDKHUVLFKGLH6FKQLWWZXQGHQGHV0DQQHVDQVFKWWHOWHGHQ .RSIXQGVDJWHLQDXWRULWlUHP7RQ³$WODQ*HK]XUFNXQGKLOI(LVNUDOOHXQG)DUQDWKLD ,FKNPPHUHPLFKXPGLH:XQGHQ$XIGLHVHP3ODQHWHQZLUG]XYLHOJHNlPSIWXQG JHVWRUEHQHVWXWQRWGDZLUGLH9HUQXQIWEHKDOWHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³:DKUJHUHGHW´EUXPPWH6RUODFN³'DVLVWJXWJHVSURFKHQ.RPPWKHUHLQLFK ZLOOQLFKWGHQ6WXUPDXIZlUPHQ´ )DUWXORRQNDPDXIPLFK]XIDWHPLFKXPGLH6FKXOWHUQXQGEHUXKLJWHPLFK,FK OHJWHGLH+DUSXQHQDQLKUHQ3ODW]]XUFNXQGJLQJKLQEHULQXQVHUJHPLHWHWHV³ZHLHV =HOW´XPXQVXQGGLH$XVUVWXQJDXIGHQEDOGLJHQ$XIEUXFKYRU]EHUHLWHQ'LH $XIJDEHZDUHEHQVRZLHGDV/DQGGXUFKGDVZLUIOFKWHQPXWHQKDUWXQGVFKZLHULJ UFNVLFKWVORVXQGHLJHQWOLFK]XJURIUXQVYLHU $OVLFKPLW(LVNUDOOHGDUEHUVSUDFKVDJWHGHU&KUHWNRU³,FKZHLGDHVPHLQ 7RGVHLQZLUG,FKZHUGHHUIULHUHQXQG]X(LVHUVWDUUHQ'DQQ]HUEUHFKHLFKZLHHLQ (LV]DSIHQ$EHULFKNRPPHWURW]GHPPLWHXFK´ 6HFKV7RQWDVZDUHQZLUMHW]WXQWHUZHJV)DUWXORRQVDDP6WHXHUXQGHQNWHGDV UDWWHUQGH*HIlKUWGXUFKHLQH/DQGVFKDIWLQGHUPDQGLH:HJHEHVWHQIDOOVDKQHQ NRQQWH,FKNDXHUWHQHEHQGHP%DXFKDXIVFKQHLGHUXQGEHWUDFKWHWHGLHXQGHXWOLFKH 6SXUGLHHLQ)DOOHQVWHOOHUKLQWHUODVVHQKDEHQPRFKWH'LH.RPSDQDGHO]LWWHUWHXQG PHLVWGHXWHWHVLHLQJHQDXGLH5LFKWXQJLQGLHZLUIXKUHQ ³7RGHVDQJVWNHQQWNHLQHQ/X[XV´NQXUUWH)DUWXORRQXQGGUHKWHDQGHP5DGGDV GHUYRUKHULJH%HVLW]HUPLW6FKQUHQXPZLFNHOWKDWWH³(LQH(UIDKUXQJGLHGXDXFK HLQPDOPDFKHQZLUVW6|KQFKHQ´ ³,FKIULHUH´MDPPHUWH(LVNUDOOH ,FKGUHKWHPLFKXPXQGKLHOWGLH+DQG)DUQDWKLDVHLQLJH=HLWLQPHLQHQ)LQJHUQ 'DV0lGFKHQVFKLHQVLFKQLFKW]XIUFKWHQLKU9HUWUDXHQLQ)DUWXORRQZDUJU|HUDOV PHLQHV:LUKDEHQQLFKWHLQPDOHLQH.DUWH ³.HLQ/X[XV²GDVZUGHPLFKQLFKWVFKUHFNHQ´VDJWHLFKDOVGDV*HIlKUWPLW GHQ9RUGHUUlGHUQEHUHLQHQPHWHUKRKHQ)HOVHQNOHWWHUWHXQGVLFKDXIElXPWHZLHHLQ ZDKQVLQQLJHV5HLWWLHU'HU5DXSHQDQWULHENUDFKWHVFKZHUDXI6WHLQXQGOLHIUDVVHOQG XQGIXQNHQVSUKHQGOHHUGXUFKELVGLH5lGHUZLHGHU%RGHQHUUHLFKWKDWWHQ³$EHU GLHVHU.DVWHQKLHULVWZHQLJHUDOVNHLQ/X[XV´ ,FKORFNHUWHPHLQHQNUDPSIOKDIWHQ*ULIIPLWGHPLFKPLFKGDYRUEHZDKUWKDWWH DXVGHPIHOOEHGHFNWHQ6LW]GXUFKGLHPHWDOOHQH$EGHFNXQJNDWDSXOWLHUW]XZHUGHQ-HW]W EHIDQGHQZLUXQVDXIGHP*HOlQGHHLQHVZLQ]LJHQ]XJHIURUHQHQ%DFKHVGHU PHWHUKRFK]XJHVFKQHLWZDU5HFKWVXQGOLQNVJOLWWHQZHLH+JHOYRUEHLGHUHQ6FKQHH YRQVLFKNUHX]HQGHQ7LHUVSXUHQGXUFK]RJHQZDU6lUUWOLFKH%lXPHWUXJHQZHLH +DXEHQ'LHIDKOH:LQWHUVRQQHOHXFKWHWHEHUGDV%ODVVH/DQG ³%LVWGXVLFKHU$WODQGDGDV)DKU]HXJQLFKWH[SORGLHUW"´)DUQDWKLDVFKOXJGLH .DSX]H]XUFNXQGUFNWHlQJVWOLFKYRQGHPGXQNHOURWJOKHQGHQ5RKUGHV%UHQQHUV ZHJ'DVZLQ]LJH%XOODXJHDXILKUHU6HLWHGHUVDUJlKQOLFKHQ.DELQHZDUYROOHU (LVNULVWDOOH ³,FKELQQLFKWVLFKHUDEHU]XPLQGHVWIXQNWLRQLHUWQRFKDOOHV´,FKGUHKWHPLFKXP XQGOlFKHOWHVLHDXIPXQWHUQGDQ+RIIHQWOLFKKDWWHGHU%DXFKDXIVFKQHLGHUEHUWULHEHQ DOVHUXQVJHVWHUQDEHQGYRQGHQ6FKQHHJHLVWHUQEHULFKWHWH6HOEVWHLQKDUPORVHU $QJULIINRQQWHXQVXPEULQJHQ0HLQH6SDQQXQJZXFKVMHPHKUZLUXQVYRQ6HXGHUV :HLHQ=HOWHQHQWIHUQWHQ6HFKVXQGPHKU7RQWDVHLQHEHXQUXKLJHQGH'LVWDQ]XQG QRFKPLQGHVWHQV]ZDQ]LJ7DJHODJHQYRUXQV³.HQQVWGXGHQ:HJ)DUWXORRQ"´ ³-D$XVZHQGLJ,FKN|QQWHLKQEHL1DFKWIDKUHQ$XHUGHPIDKUHQZLUGLUHNW QDFK1RUGHQ:LOOVWGXDQV6WHXHU"´ ,FKZLQNWHDE³6SlWHU=XIULHGHQPLWPHLQHQ5HSDUDWXUHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
:LUKDWWHQIUKRUUHQGHV*HOG(LQ]HOWHLOHJHNDXIWGLHLFKHLQJHEDXWKDWWH'DV OHLFKWH2OZXUGHLP%UHQQUDXPYHUZLUEHOWGHU]XGHPPLWEUDXQHU.RKOHDOVRDOWHP 0RRUERGHQPLW.QRFKHQIHWWXQGPLW+RO]JHIOOWZDU,QGHPNOHLQHQODQJJHVWUHFNWHQ 'UXFNEHKlOWHUGHUEHXQUXKLJHQGQDKH]ZLVFKHQXQVHUHQ6LW]HQQDFKYRUQHIKUWH HQWVWDQG'DPSI'HUKRFKJHVSDQQWH'DPSIWULHEHLQH7XUELQHDQGLHEHUHLQHVWDUUH DEHUEHUVHW]WH:HOOHPLWGHP*HQHUDWRUYHUEXQGHQZDU'LHVHV*HUlWJDEVHLQH (QHUJLHDQGLHHLQ]HOQHQ0RWRUHQLQGHQ1DEHQGHU5lGHUXQGLP$QWULHEVEORFNGHU 5DXSHQNHWWHDE1RFKIXQNWLRQLHUWHDOOHVXQGGLHZHQLJHQ8KUHQXQG,QVWUXPHQWH ]ZLVFKHQ)DUWXORRQXQGPLU]HLJWHQEHUXKLJHQGH:HUWH /DQJVDPGUHKWHVLFKDOVZLUGDVIODFKH7DOYHUOLHHQXQGDXIHLQH/LFKWXQJ KLQDXVIXKUHQGLH.RPSDQDGHOZLHGHU]XUFN9RUXQVEUHLWHWHVLFKHLQZHLWHV7DODXV GHVVHQ+lQJHQRFKIODFKZDUHQDEHUGRUWZRLKU6FKQHHPLWGHPKHOOJUDXHQ+LPPHO YHUVFKPRO]VWDUNDQVWLHJHQXQGZHLWDXVK|KHUZDUHQ ³*HUDGHDXV"´IUDJWH(LVNUDOOH³+RIIHQWOLFKPXLFKQLFKWHLQPDOKLQDXV´ )DUWXORRQVFKLHQ]XVSUHQGD(LVNUDOOHZLHGHUHLQPDOVHLQH$QJVWGHXWOLFK DXVVSUHFKHQPXWHXPVLFKYRUEHUJHKHQGGDYRQ]XEHIUHLHQ³(LVNUDOOH´'HU0DQQ GHUYRQVLFKEHKDXSWHWHHLQVWPDOVDOV*ODGLDWRUJHNlPSIW]XKDEHQGUHKWHVLFKQLFKW XPDOVHUPLWGHP&KUHWNRUVSUDFK ³:DVLVW"´IUDJWHGHU=ZHUJZFKVLJHPLWGHUWUDQVSDUHQWHQ+DXW]XUFN DXVQDKPVZHLVHEHNOHLGHWXQGGLFNLQ)HOOHJHKOOW ³'XVLW]WZHLWJHQXJYRPJOKHQGHQ5RKUGHV%UHQQHUVHQWIHUQW$OVREUDXFKVW GXNHLQH$QJVW]XKDEHQGXN|QQWHVW]HUIOLHHQ´ (LVNUDOOHEOLHVJHJHQGDVEHVFKODJHQH%XOODXJHXQGVDKGDQQZLHGHUGXUFKGLH HLVIUHLH)URQWVFKHLEHGLHDXHQXQGLQQHQYRQHLQHPVWDUNHQ*HEOlVHIUHLJHKDOWHQ ZXUGH³5LFKWLJ,FKGHQNHQLFKWDQ+LW]H0LULVWULFKWLJZRKOLJ]XPXWH´ ³$XVJH]HLFKQHW+|U]X²ZLUKDEHQIU]ZDQ]LJ7DJH%UHQQ|OLP7DQN:LU KDEHQb[WHXQG6lJHQXP%UHQQKRO]PDFKHQ]XN|QQHQ'XEUDXFKVWGHQ:DJHQ QLFKW]XYHUODVVHQ$OVRZLUVWGXDXFKQLFKWHUIULHUHQ8QGVFKRQJDUQLFKWVRGDGXLQ WDXVHQG.ULVWDOOH]HUVSULQJVW9HUWUDXHXQVZLUEULQJHQGLFKLQHLQH*HJHQGLQGHUGX GLFKQRFKPHKUZRKOIKOHQZLUVW´ 'DV)DKU]HXJJOLWWPLWVWlQGLJ]XQHKPHQGHP7HPSRGXUFKGHQ6FKQHHXQG EHUGDV(LVGDKLQ'LHEUHLWHQ5lGHUPLWGHQZXFKWLJHQ3URILOHQZKOWHQVLFKGXUFK GHQZHLFKHQ6FKQHH'LH5DXSHQNHWWHUDVVHOWHXQGNODSSHUWHXQGGLH DXVJHVFKODJHQHQ/DJHUYHUXUVDFKWHQHLQHQK|OOLVFKHQ/lUP:HLWHUYRUDXVVFKLHQHLQ 6HH]XOLHJHQGLH1DWXUGHXWHWHGLHVGXUFK)RUPHQXQG*HIlOOHDQ1XUDQIQI]LJ 7DJHQJDEHVELV]XP:DUPHQ$XJHNHLQHQ6FKQHHXQGNHLQ(LV:LUQlKHUWHQXQV MHW]WUDWWHUQGXQGTXLHWVFKHQGHLQHPHLQ]HOQVWHKHQGHQ%DXPPLWWHQLQGHUZHLWHQ HEHQHQ)OlFKH ³'XELVWPHLQ)UHXQG´YHUVLFKHUWH(LVNUDOOH³,FKZHUGHGLUKHOIHQGHLQH6WDWLRQ ]XHUUHLFKHQ´ 'HU%DXFKDXIVFKQHLGHUJUXQ]WH8QXQWHUEURFKHQKDWWHQZLU7LHUVSXUHQJHVHKHQ XQGGXUFKIDKUHQ.OHLQHXQJHIlKUOLFKHXQGULHVHQKDIWHGLHYRQJLJDQWLVFKHQ7LHUHQ]X VWDPPHQVFKLHQHQRGHUYRQGHQ6FKQHHJHLVWHUQ ³(LQPDO´VDJWH)DUWXORRQQDFKNXU]HP6FKZHLJHQRKQHMHGHQhEHUJDQJXQG OLHPLWHLQHU+DQGGDV6WHXHUORV³HLQPDOQDFKHLQHPEOXWLJHQ6LHJLQGHU$UHQD VDHQZLUEHLHLQHPH[]HOOHQWHQ(VVHQ'LHVFK|QVWHQ7lQ]HULQQHQGHU6WDGWGUHKWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
VLFKIUXQV'LHEHVWHQ0XVLNHUVSLHOWHQ6LHZHWWHLIHUWHQPLWHLQDQGHUXPXQVHUH 2KUHQ]XHUIUHXHQ6FKZLW]HQGH.|FKHEULHWHQXQGVRWWHQXQXQWHUEURFKHQQHXH .RVWEDUNHLWHQGLH=XQJHXQG*DXPHQ]XP-XEHOQEUDFKWHQ:LUIKOWHQXQVZLHGLH 6WHUQHQJ|WWHU'LH7LVFKHERJHQVLFK3O|W]OLFK²LFKZHLHVQRFKZLHKHXWH² HUVWDUUWHQGLH'LHQHUGLHXQVVHUYLHUWHQ'LH0XVLNHUEUDFKHQPLWLKUHPIHXULJHQ6SLHO DE'LH7lQ]HULQQHQKLHOWHQDQXQGYHUZDQGHOWHQVLFKLQZDUPKlXWLJHNDXPEHNOHLGHWH 6WDWXHQ'DQQ|IIQHWHVLFKHLQ9RUKDQJXQGHLQ0lGFKHQNDPLQGHQ6DDO6LHZDU ZXQGHUVFK|QXQGDXVLKUHQ$XJHQOHXFKWHWHGLH:LOGKHLWZLHGLH1DFKPLWWDJVVRQQH´ ³'RUWGUEHQ)DUWXORRQ´VWLHLFKKHUYRUXQGGHXWHWHDQVHLQHP.RSIYRUEHL QDFKOLQNV )DUWXORRQVJHNUlXVHOWHU%DUWEHJDQQ]X]LWWHUQDOVHUNQDSSVDJWH ³6FKQHHJHLVWHU6LHEHREDFKWHQXQV1RFKNHLQH*HIDKU´ :LUVDKHQVLH$XFK(LVNUDOOHXQG)DUQDWKLDEHXJWHQVLFKEHUXQVHUH6FKXOWHUQ XQGVWDUUWHQKLQDXV$XIHLQHP)HOVHQGHUZLHHLQH.DQ]HO]XU(EHQHYRUVSUDQJ VWDQGHQIQIRGHUVHFKV*HVWDOWHQ6LHWUXJHQHLQHQVFKPXW]LJJHOEHQ3HO]XQGZDUHQ JHJHQGHQ6FKQHHQXUXQGHXWOLFK]XVHKHQ6LHZLUNWHQZLHDXIUHFKWJHKHQGH3ULPDWHQ ZLHULHVLJHVFKODQNH$IIHQDUWLJHPLWODQJHU%HKDDUXQJXQGNOHLQHQUXQGHQ.|SIHQ6LH VWDQGHQLQHLQHUNOHLQHQ*UXSSHHQJEHLHLQDQGHUXQGEHZHJWHQVLFKXQUXKLJVRGDHV IDVWXQP|JOLFKZDUVLH]XHUNHQQHQ'LH2EHUIOlFKHGHV)HOVHQVEHIDQGVLFKHWZD YLHU]LJ0HWHUEHUXQGKXQGHUW0HWHUYRUGHU6FKQDX]HGHV(LVZDJHQV ³(VVLQGWDWVlFKOLFK6FKQHHJHLVWHU´YHUNQGHWH)DUWXORRQPLWGVWHUHU6WLPPH ³+LHUKDEHLFKVLHQRFKQLFKWHUZDUWHW´ (LVNUDOOHZLPPHUWHDXI³1RFKQLFKW":DVEHGHXWHWGDV"´ )DUWXORRQ|IIQHWHGDV9HQWLO0HKU'DPSIVWU|PWHLQGLH7XUELQHXQGOLHVLH VFKQHOOHUURWLHUHQ'HU:DJHQIXKUVFKQHOOHU'DV.UHLVFKHQXQG6FKOHLIHQLQGHQDOWHQ /DJHUQZXUGH]XHLQHPXQHUWUlJOLFKODXWHQ*HUlXVFKGDVLQGHQ2KUHQKDOOWHZLHHLQ 6FKUHL ³:LUVLQGLP%ODVVHQ/DQG,QHWZD]HKQ7DJHQZHUGHQZLUGDV:DUPH$XJH HUUHLFKWKDEHQ9RQGRUWJHKWHVJHQDXLQGHU5LFKWXQJDXIGHQQ|UGOLFKHQ3RO]X PHLQHU6WDWLRQ=ZLVFKHQGHP3XQNWKLHUXQGGHP:DUPHQ$XJH²XPJHQDX]XVHLQ ]ZLVFKHQGHP.UHLVXPGHQ3RODQGHPGDV$XJHOLHJWXQGGHP3ROVHOEVWJLEWHV VHOWHQRGHUQLH6FKQHHJHLVWHU$EHUVLHWUHLEHQVLFK]ZLVFKHQKLHUXQGGHP$XJH KHUXP,KUZROOWHWHVPLUJHVWHUQMDQLFKWJODXEHQ,FKKDEHVLHQLFKWVRQDKHDQ:HLHQ =HOWHQHUZDUWHWGDVZROOWHLFKGDPLWVDJHQ´ ,FKHUNXQGLJWHPLFKEHGlFKWLJ³:DVNDQQPDQJHJHQVLHXQWHUQHKPHQ"´ 0LWHLQHPOHLGHQVFKDIWVORVHQ6FKXOWHU]XFNHQDQWZRUWHWHGHU%DXFKDXIVFKQHLGHU RKQHGDVLFKVHLQH0LHQHlQGHUWH³'DVEOLFKH0DQNDQQVLHW|WHQZHQQPDQVLH WULIIW´ 'DVEHGHXWHWGDVLHVLFKQLFKWRIIHQ]HLJHQXQGQLHPDOVQDKHJHQXJDQXQV KHUDQNRPPHQVRGDGLHGUHL*HZHKUHGLHZLUKDEHQQLFKWVDXVULFKWHQN|QQHQ ³8QGZDVZHUGHQVLHXQVDQWXQ)DUWXORRQ"´IUDJWH)DUQDWKLDOLHVLFK ]XUFNVLQNHQXQGVFKQDOOWHVLFKZLHGHUDQ ,FKOLHNHLQ$XJHYRQGHQ*HVWDOWHQ(LQHGDYRQGLHJHOEH*HVWDOWDQGHU 6SLW]HGHXWHWHDXIXQV,FKVWHOOWHPLUYRUZDVVLHVDKHQHLQVFKDFKWHOI|UPLJHV'LQJ PLWHLQHPODQJHQ5RKUDXVGHPVFKZDU]HU5DXFKTXROOXQGVHLWOLFKZHJJHULVVHQ ZXUGHPLWVHFKVPDQQVJURHQ5lGHUQGLHHLQHEUHLWH6SXUXQGHLQH:RONHWUHLEHQGHQ
'HU.ULVWDOOSULQ]
M
$WODQ
6FKQHHVKLQWHUOLHHQ8QWHQDXIGHP*UXQGGHV7DOHVNOHLQXQGXQJHIlKUOLFK*HQDX GDVULFKWLJH0DXPHLQHQhEHUIDOO]XYHUVXFKHQ6LHZLUNWHQXQYRUVWHOOEDUZLOGXQG K\VWHULVFK9HUPXWOLFKJULIIHQVLHDOOHVDQZDVVLFKEHZHJWH%HVRQGHUV'LQJHGLHLKUH +HUNXQIWDXV$UNRQLGHQKDQGQLFKWYHUOHXJQHQNRQQWHQ ³1LFKWVZHQQZLUHVYHUKLQGHUQN|QQHQ´JDE)DUWXORRQ]XUFN,FKNDQQWHLKQ HLQZHQLJEHVVHU(UKHXFKHOWH6HOEVWYHUWUDXHQXQG5XKHVWUDKOWHI|UPOLFKHLQH JHODVVHQHhEHU]HXJXQJDXVDEHULQ:LUNOLFKNHLWEHIDWHVLFKVHLQDXVJH]HLFKQHWHU 9HUVWDQGEHUHLWVPLW0|JOLFKNHLWHQZLHZLULKQHQEHJHJQHQNRQQWHQ ³.|QQHQZLUHVYHUKLQGHUQ"´NUHLVFKWH(LVNUDOOH ³,FKZHLHVQLFKW-HGHQIDOOVZHUGHQZLU]XWXQKDEHQLQGHQQlFKVWHQ7DJHQ 6LHYHUVFKZLQGHQMHW]W$WODQ´ ³,FKVHKH´'LH*UXSSHGLHZLUMHW]WGHXWOLFKHUHUNHQQHQNRQQWHQ]RJVLFK ODQJVDPXQGZLHHVVFKLHQZLGHUVWUHEHQG]XUFN ³,FKJODXEHGDHVPXWLHUWH1DFKNRPPHQMHQHU:HVHQVLQGYRQGHQHQGDV 7DUNLKOHUEDXWZXUGH,FKKDEHVFKRQPHKUPDOVYHUVXFKWPLWLKQHQ.RQWDNW DXI]XQHKPHQ´ ³8QG"´HUNXQGLJWHVLFK)DUQDWKLD ³.HLQ(UJHEQLV.HLQH0|JOLFKNHLWHQGDIU6LHKDEHQYHUPXWOLFKQLFKWHLQPDO YHUVWDQGHQZDVLFKZROOWH,FKKDEHHLQHQRGHU]ZHLYRQLKQHQJHW|WHW´ ³(UNHQQHQVLHGLFKZLHGHU"´ZROOWHVLHZLVVHQ ³1HLQ´VDJWH)DUWXORRQ³,FKKDWWHGDPDOVPHKU+DDUXQGNHLQHQ%DUW´ ³.DQQLFKHXFKKHOIHQ"+DEWLKU+XQJHURGHU'XUVW"´IUDJWH)DUQDWKLDYRQKLQWHQ XQGEHJDQQLQHLQLJHQ3DNHWHQGHVIHVWJH]XUUWHQ9RUUDWV]XZKOHQ1RFKLPPHU UDVWHQZLUPLWEHWUlFKWOLFKHU*HVFKZLQGLJNHLW]ZLVFKHQGHQDQVWHLJHQGHQ8IHUEHUJHQ GDKLQ )DUWXORRQQLFNWH³,FKKDEH+XQJHU´ ³,FKQLFKW´ZHKUWHLFKDE 1RFK]ZDQ]LJ7DJHHLQRGHU]ZHLPHKURGHUZHQLJHU=ZDQ]LJPDOHLQH)DKUW GXUFKGLHVH6FKQHHODQGVFKDIWGLHLQGHQ$XJHQEOHQGHWHXQGGLH1HW]KlXWH VFKPHU]HQOLH1LFKWQXUGLH*HIDKUHQGHU6FKQHHVWUPHRGHUGHUZLOGHQ7LHUH GURKWHQVRQGHUQMHW]WDXFKQRFKMHQHPHUNZUGLJHQ:HVHQ)DUWXORRQV(OOERJHQVWR EUDFKWHPLFKZLHGHULQGLH:LUNOLFKNHLW]XUFN³$EO|VHQ$WODQ'RUWYRUQLVWHLQ6HH :LUZHUGHQKHXWHQRFKQLFKWPLWHLQJHVFKDOWHWHQ6FKHLQZHUIHUQIDKUHQ:LUPVVHQ HLQHEHVWLPPWH+|KOHDPDQGHUHQ8IHUGHV6HHVILQGHQXQGXQVGRUWYHUEHUJHQ,FK ZHLVHGLFKHLQ´ ³(LQYHUVWDQGHQ´VDJWHLFK:LUVWLHJHQQLFKWDXVVRQGHUQNUDEEHOWHQEHL JHGURVVHOWHU*HVFKZLQGLJNHLWDQHLQDQGHUYRUEHL,FKVFKQDOOWHPLFKKLQWHUGHP6WHXHU IHVW9HUJOLFKHQPLWGHQHUVWHQ7RQWDVGHU5HLVHHUIROJWHGLH)DKUWMHW]WJHUDGH]XJODWW ZLHDXIHLQHU6WUDH$EHUGDVNRQQWHXQGZUGHVLFKEDOGlQGHUQ,FKUHJHOWHGLH 7XUELQHQHXHLQEOLFNWHQDFKGHP6WDQGGHU6RQQHXQGIXKUZHLWHU,FKPHUNWHHV VFKRQQDFKHLQLJHQKXQGHUW5DGXPGUHKXQJHQ1LFKWQXULFKVRQGHUQDXFKGLHGUHL DQGHUHQ,QVDVVHQGHV:DJHQVZXUGHQOHLVHUXQGVFKZHLJVDPHU'LH$XVVLFKWDXIUXQG ]ZDQ]LJYRQ*HIDKUHQHUIOOWH7DJHOLHVLH]XUFNVFKUHFNHQYRQGHU9RUVWHOOXQJVLH N|QQWHQVFKQHOOYRQ*RUWDYRUIOLHKHQ'HU20,5*26ZDUGHU5HWWXQJVDQNHUDEHUHU ZDUXQWHU8PVWlQGHQXQHUUHLFKEDUIHUQ
'HU.ULVWDOOSULQ]
M
$WODQ
³'HU6HHLVW]XJHIURUHQ´PXUPHOWH)DUWXORRQXQGHXWOLFKXQGVFKOXJVHLQH=lKQH LQHLQH6FKHLEH%UDWHQ ,FKJULQVWHNDOW³'DFKW¶LFK¶VPLUGRFK.HLQ:XQGHUEHLGLHVHU.lOWH´ ³'X:DLVHQNQlEOHLQ´JUROOWHHU³'DVOLHEHLFK6FKHU]HLP$QJHVLFKWGHU VLQNHQGHQ6RQQHXQGGHUYHUVWHFNWHQ6FKQHHJHLVWHU'LUZLUGLQGHQQlFKVWHQ]ZDQ]LJ 7DJHQGLH/XVWDQ6SlHQQRFKYHUJHKHQ´ (UJULQVWHPLFKEUHLWDQ6HLQH$XJHQ]RJHQVLFKGDEHL]XVFKPDOHQ6SDOWHQ ]XVDPPHQ,FKYHUWUDXWHGLHVHPPHUNZUGLJHQ0DQQGHULPPHUGDQQZHQQDQGHUH 0lQQHUDXIJHEHQZLWLUGHQHLQHQQHXHQ7ULFNPLWVSLHOHULVFKHU/HLFKWLJNHLWDXVGHP bUPHOVFKWWHOWH1XULFKZXWHZLHYLHO'LV]LSOLQKLQWHUGHP.|QQHQGLHVHV $OOHVN|QQHUVVWHFNWH,FKZDUVHLQJHLVWLJHU6RKQLQPHKUDOVQXUHLQHU%H]LHKXQJHLQH :DLVHGLHHUDXIJHOHVHQXQGDXIJH]RJHQKDWWH:DVLFKNDQQYHUGDQNHLFKLKP:DV HUPLUQLFKWVHOEVWEHLJHEUDFKWKDWGDVOHUQWHLFKYRQVHLQHQ)UHXQGHQGLHZRP|JOLFK QRFKPHUNZUGLJHUVLQGDOVHU ,P$XJHQEOLFNZLUNWH)DUWXORRQGHUDUWDQJHVSDQQWGDLFKZXWHHUDUEHLWHWHDQ GUHL'LQJHQJOHLFK]HLWLJ(UNRQWUROOLHUWHMHGHQPHLQHU+DQGJULIIH(UNRQWUROOLHUWHDXFK GLH/DQGVFKDIWYRUXQV$EXQG]XZDUIHUHLQHQ%OLFNLQGHQJURHQ5FNVSLHJHODXI GHVVHQJHNUPPWHV*ODVHEHQIDOOVHLQ+HLOXIWVWUDKOEOLHV2IIHQVLFKWOLFKVXFKWHHU QDFK$Q]HLFKHQIUHLQHQhEHUIDOOGHU6FKQHHJHLVWHU8QGQHEHQEHLDXQGWUDQNHUPLW GHPJHVXQGHQ$SSHWLWHLQHV*RXUPHWV9LHOOHLFKWGDFKWHHUDXFKQRFKDQDQGHUH 3UREOHPHDEHUGDVNRQQWHLFKQLFKWPHKUIHVWVWHOOHQ'LH(EHQHVHQNWHVLFK'HU %RGHQXQWHUGHP(LVXQGGHQ6FKQHHYHUZHKXQJHQILHOVFKZDFKDEXQGJLQJGDQQ HWZDGUHLLJ0HWHUWLHIHULQGLH(LVSODWWHGHV6HHVEHU,P*HJHQVDW]]XPELVKHULJHQ :HJZDUGHU6HHHLQHLQ]LJHUYRP:LQGJODWWJHVFKOLIIHQHU6SLHJHO ³9RUVLFKW:LUZHUGHQVFKOHXGHUQ:HQLJVWHXHUQQXUPLWGHU5DXSHDUEHLWHQ´ NQXUUWHGHU%DXFKDXIVFKQHLGHU (UGHQNWWDWVlFKOLFKDQDOOHVGLHVHU7HXIHOGDFKWHLFKYROOHU%HZXQGHUXQJJULII QDFKXQWHQQHEHQGHQVFKOHFKWLVROLHUWHQ'UXFNNHVVHOXQGULGHQ+HEHOKRFKGHUGLH 5DXSHYRP%RGHQDEKRE$XIVHFKV5lGHUQUROOWHGHU:DJHQJHUDGHDXVXQGEHJDQQ VHLQH)DKUWEHUGHQ]XJHIURUHQHQ6HH ³*DQ]JHVFKLFNW´NQXUUWH)DUWXORRQ,FKQLFNWHGLH5lGHUJULIIHQQRFKXQG GUHKWHQQLFKWGXUFK,FKPXWHGLH*HVFKZLQGLJNHLWPLWGHULFKGLHVWlKOHUQH5DXSH HLQVHW]WHDEVFKlW]HQVRQVWEHJDQQGDV*HIlKUW]XNUHLVHOQ*DQ]ODQJVDPVHQNWHLFK DOVGHU6FKZXQJGHV$QODXIVYHUHEEWHGHQ+HEHOZLHGHUXQGYHUULQJHUWHGLH .UDIW]XIXKU]XGHU5DXSH$OVLFKGXUFKGHQ5DGDXGHUKHXOHQGHQ/DJHUXQG$FKVHQ GDV.UDW]HQGHU'RUQHQDXIGHP(LVK|UWHZXWHLFKGDLFKUHFKWJHKDEWKDWWH /DQJVDPVHQNWHLFKGLH5DXSHJDQ]DE(LQH$Q]DKOKDUWHU5XNNHJLQJGXUFKGHQ 0HFKDQLVPXV'LH(VVHVWLHHLQHQ)XQNHQVFKZDUPDXVDOV+RO]]XVDPPHQILHOXQGLQ GHQ$VFKHEHKlOWHUNUDFKWH'DQQJULIIGLH5DXSHXQGVFKREXQVJHUDGHDXVZHLWHU ³:ROLHJWGLH+|KOH"´IUDJWHLFK)DUWXORRQ ³*HJHQEHU=LHPOLFKJHQDXLQGHU6SXU(VLVWHLQ)HOVHQGHUZLHHLQH KRFKJHUHFNWH)DXVWDXVVLHKW'DV/RFKLVWJHWDUQWXQGZLUPVVHQUFNZlUWV KLQHLQIDKUHQ´ ³$XFKGDVQRFK´VDJWHLFKXQGVDKLQGLHEHLGHQ5FNVSLHJHO1LHPDQG YHUIROJWHXQVDEHUGLH6SXUGLHZLUKLQWHUOLHHQZUGHHLQ%OLQGHUHUWDVWHQN|QQHQ :LUUDVWHQEHUGDV(LV'LH5lGHUKLQWHUOLHHQNHLQH6SXUHQDEHUKLQWHUXQV]RJVLFK
'HU.ULVWDOOSULQ]
M
$WODQ
EHUGDVVSLHJHOJODWWH(LVHLQH5HLKHYRQ/|FKHUQYRQGHQHQNOHLQH5LVVHQDFKDOOHQ 6HLWHQDXVJLQJHQ(VZDUHQGLH(LQGUFNHGHUVWlKOHUQHQ'RUQHXQG3URILOHDXIGHQ 6HJPHQWHQGHU5DXSH'LH6FKDWWHQZXUGHQOlQJHU²GHU7DJJLQJ]X(QGH$OVLFKGLH NUDFKHQGH([SORVLRQK|UWHZDUWHWHLFKXQZLOONUOLFKGDUDXI]HUULVVHQ]XZHUGHQ 'HU'UXFNWDQNVFKRHVGXUFKPHLQHhEHUOHJXQJHQ'DQQK|UWHLFK)DUQDWKLD VFKUHLHQGHQ&KUHWNRUNUHLVFKHQXQG)DUWXORRQIOXFKHQ+LQWHUXQVVSDOWHWHVLFKGDV (LV 'LH/lQJHGHV6SUXQJHVZDUQLFKW]XHUNHQQHQDEHUDOVGDV(FKRGHU NUDFKHQGHQ'HWRQDWLRQYHUNOXQJHQZDUVDKLFKLQEHLGHQ6SLHJHOQGDGHU6SDOW DXIULXQGEUHLWHUZXUGH(UYHUORUVLFKEHLGHUVHLWVGHVGDKLQUDVHQGHQ*HIlKUWVLQGHU XQGHXWOLFKHQ)HUQH ³)DKU]X*HUDGHDXV´NHXFKWH)DUWXORRQ³+ROGDVOHW]WHDXVGHU7XUELQHKHUDXV 'LH6FKQHHJHLVWHUKDEHQHVLUJHQGZLHIHUWLJJHEUDFKWGDV(LV]XVSUHQJHQ-HGHQIDOOV ZLUGLQNXU]HU=HLWHLQ6SLQQHQQHW]YRQ6SUQJHQEHUGHQ6HHUHLFKHQ´ ³(LQHYHUGDPPWH$XVVLFKW´VDJWHLFK7LHILQPHLQHP,QQHUHQVFKLHQHQVLFKGLH 1HUYHQ]XGHKQHQELV]XP=HUUHLHQ,FKIKOWHGLH.lOWHWURFNQHQGHQ6FKZHLHVDXI PHLQHP*HVLFKWXQGXQWHUGHQ3HO]HQ,P=LFN]DFNNXUVSUHVFKWHGDV*HUlWEHUGHQ 6HH ³,Q2UGQXQJ´)DUWXORRQEOLFNWHYRQHLQHP5FNVSLHJHO]XPDQGHUHQSUHWH VHLQH1DVHDQGLH)URQWVFKHLEHXQGVDKVLFKXP8QWHUXQVHUW|QWHHLQJUROOHQGHV .QLVWHUQ'DQQZLHGHUHLQ.QDOO'XQNHOXQGSHLWVFKHQGXQG]ZLVFKHQGHQ HLVVWDUUHQGHQ%HUJZlQGHQKLQXQGKHUUROOHQGLP(FKR3DUDOOHO]XPHLQHP.XUVUL HLQH]ZHLWH6SDOWHDXI6LHNUHX]WHIQI]LJ0HWHUZHLWHUGHQ.XUV ³+LQEHUHKHVLHEUHLWHUZLUG´VFKULH)DUWXORRQXQGULHLQHVGHU*HZHKUHDXV GHU+DOWHUXQJ'DV5RKUGHV%UHQQHUVJOKWHMHW]WIDVWZHL+LQWHUXQV]RJHLQHIHWWH VFKZDU]H5DXFKZRONHEHUGDV(LV ,FKKLHOWGDV)DKU]HXJLQGHU*HUDGHQ,FKPXWHPLWGHU6WHXHUXQJPLWVHFKV VLFKGUHKHQGHQ5lGHUQXQGHLQHUUXWVFKHQGHQ5DXSHDUEHLWHQXQGDOOHVDXIHLQDQGHU DEVWLPPHQ'LH6SDOWHHWZDHLQHLQKDOE0HWHUEUHLWNDPXQDXIOKDOWVDPQlKHU $EHUPDOVEUDFKPLUGHU6FKZHLDXVDEHU)DUWXORRQV+DQGGHXWHWHXQEDUPKHU]LJ QDFKYRUQ'DVHUVWH5lGHUSDDUEHUKUWHGHQ5DQGVDFNWHVFKZHULQGHQIUHLHQ5DXP KLQHLQXQGElXPWHVLFKLQGHUNUHLVFKHQGHQKDUWGXUFKVFKODJHQGHQ)HGHUXQJDXIDOV GLH5DXSHGDV(LVDXVGHQ.DQWHQIHW]WH'DQQVFKOXJHQGLH5lGHUZLHGHUDXIV(LV ]XUFNGDV]ZHLWH3DDUQDKPGHQVHOEHQ:HJXQGVFKOHXGHUWHGLH.DELQHHLQHQ0HWHU KRFKOLHVLHZLHGHULQGLH)HGHUQ]XUFNNUDFKHQXQGGLH5DXSHIDWHDP JHJHQEHUOLHJHQGHQ.DQWHQDEULGHU6SDOWH 6FKOLQJHUQGXQGNUHLVHOQGEUDFKGDV)DKU]HXJDXV,FKJDEYROOH.UDIWDXIGLH 5DXSHXQGOLHGLH5lGHUOHHUPLWODXIHQ:LUGUHKWHQXQVGUHLPDOGDQQSDFNWHGLH 5DXSHLUJHQGZLHXQGVFKOHXGHUWHXQVI|UPOLFKQDFKYRUQYRQGHUNODIIHQGHQ6SDOWH ZHJ,FKVFKDIIWHHVLQVWLQNWLYGHQ.XUVZLHGHU]XVWDELOLVLHUHQXQGIXKUZHLWHU *HUDGHDXVDXIGDVMHQVHLWLJH8IHU]XZRVLFKDXV1HEHOVFKOHLHUQRGHUWUHLEHQGHP 6FKQHHGLH³)DXVW´GHVUHWWHQGHQ)HOVHQVDE]X]HLFKQHQEHJDQQ'LH6RQQH YHUVFKZDQGKLQWHUHLQHPGHUKRKHQ8IHUEHUJH ³5HFKWJHVFKLFNW'RFKGLHZDKUH0HLVWHUVFKDIWKDVWGXQRFKQLFKWEHZLHVHQ´ NRPPHQWLHUWH)DUWXORRQ
'HU.ULVWDOOSULQ]
M
$WODQ
(UZDUHLQ/HKUPHLVWHURKQHMHGHV(UEDUPHQPLWGHQ6FKZlFKHQHLQHV 6FKOHUV:HQVROOWHLFKKDVVHQ",KQGHVZHJHQZHLOHUGHUDUWVWUHQJPLWPLUZDURGHU PLFKZHLOLFKQLFKWVHLQ$OWHUXQGVHLQH(UIDKUXQJKDWWH",FKNDPQLFKWPHKUGD]X GDUEHUQDFK]XGHQNHQGHQQHLQGULWWHV.UDFKHQHUVFKWWHUWHGHQ$EHQG)DUWXORRQ GHXWHWHQDFKUHFKWV³'RUWGUEHQ´ ,FKNRQQWHQLFKWVHUNHQQHQVRJDUVHLQH$XJHQZDUHQVFKlUIHUDOVGLHHLQHV -QJHUHQ9HUPXWOLFKZXWHHUQDFKZHOFKHQ0HUNPDOHQHUDXVVFKDXHQPXWH³'X NDQQVWPLFKJHUQDEO|VHQ´VFKOXJLFKQDFKHLQHU:HLOHJHNUlQNWYRU ³.HLQH$EVLFKW´VDJWHHU³)DUQDWKLDEHZXQGHUWPLFKQLFKWZHQQLFKPHLVWHUKDIW VWHXHUH´ ³$EHU$WODQEHZXQGHUWVLH´NUlKWH(LVNUDOOH'LH9RUVWHOOXQJLQGDVHLVNDOWH :DVVHUGHV6HHV]XIDOOHQKDWWHLKQJHVFKRFNW*OHLFKZLUGHUZLHGHUVHLQHbQJVWH KLQDXVVFKUHLHQ 1DFKHLQLJHU=HLWLQGHULFKGDV=LHODQYLVLHUWHXQGJHQDXGDUDXI]XVWHXHUWH VDJWH)DUWXORRQPLWHUVWDXQOLFKHU*HODVVHQKHLW³'HU6FKQHHVWXUPKDWPRUJHQEHL 6RQQHQDXIJDQJKRIIHQWOLFKDXIJHK|UW(VNDQQHLQHHUQVWH6FKZLHULJNHLWGDUDXV ZHUGHQZHQQPDQRKQH6LFKWIlKUW´ ³6FKQHHVWXUP":HOFKHU6WXUP"´NHXFKWH)DUQDWKLDYRQKLQWHQ ³'HUMHQLJHGHULP$XJHQEOLFNGHUHLQVHW]HQGHQ1DFKWEHJLQQHQZLUG)UXQV HLQ9RUWHLOGHQQHUGHFNWXQVHUH6SXUDE:HQLJVWHQVDQGHQPHLVWHQ6WHOOHQGHQQ VRQVWZWHQGLH.UDODVHQHQEHUKDXSWQLFKWPHKUZRVLHXQVVXFKHQVROOWHQ´ )DUWXORRQVWLPPWHGDVGU|KQHQGH*HOlFKWHUDQGDVLKP²VHLQHQ(U]lKOXQJHQQDFK² LQDOOHQ*DVWVWlWWHQ.DUDZDQVHUHLHQXQG$UHQHQGHV*URHQ,PSHULXPVEHNDQQWXQG EHUFKWLJWJHPDFKWKDWWH :LUHUUHLFKWHQGHQ)HOVHQLQGHP$XJHQEOLFNDOVGDVOHW]WH/LFKWYHUVFKZDQG 'DV%ODVVH/DQGEHJUWHGLH1DFKWPLWGHP*HKHXOHLQHVDXIONRPPHQGHQ6WXUPHV ³$WODQ´ ³-D)DUWXORRQ"´ ³1LPPGLHEHLGHQ+DQGVFKHLQZHUIHUXQGHLQ*HZHKUXQG|IIQHGLHKLQWHUH .ODSSH,FKVWHXHUHGHQ.DUUHQUFNZlUWVLQGLH+|KOHKLQHLQ6ROOWHHLQ6FDQGKHUDXV GHU+|KOHKHUDXVNRPPHQGDQQVFKLHH]XHUVWXQGIUDJPLFKDQVFKOLHHQG´ ,FKVFKQDOOWHPLFKORV³:DVLVWHLQ6FDQGKHU"´ZROOWHLFKZLVVHQXQGVSUDQJLQ GHQPHWHUWLHIHQ6FKQHHDP5DQGGHV6HHV ³'XZLUVWLKQHUNHQQHQ´YHUVLFKHUWHGHU%lUWLJHWURFNHQ ,FK]RJGLHODQJHQ.DEHOGHU+DQGVFKHLQZHUIHUYRQGHQ.DEHOWURPPHOQDEXQG VWDSIWHGXUFKGHQPHKUDOVNQLHKRKHQ6FKQHH'DV*HZHKUKLQJYRUPHLQHU%UXVW'LH EHLGHQ/LFKWVWUDKOHQJHLVWHUWHQYRUPLUKHUXQGHUKHOOWHQGLHQlKHUH8PJHEXQJGLH %DXPVWlPPHXQGGLHKHUXPOLHJHQGHQVFKQHHEHGHFNWHQ)HOVEO|FNHZDUIHQODQJH VFKZDU]H6FKDWWHQ ³*HUDGHDXV´EUOOWH)DUWXORRQDXVGHP)DKUHUKDXV(UZHQGHWHODQJVDPXQG VRUJIlOWLJGDV*HIlKUW'LH5DXSHQNHWWHXQGGLH5lGHUZDO]WHQGLH6FKQHHIOlFKHJODWW XQGLFKJLQJJHUDGHDXVZHLWHU9RQWLHIOKlQJHQGHQ$VWHQNUDFKWHQ6FKQHHPDVVHQ KHUXQWHUXQGPLUDXIGLH6FKXOWHUQ-HW]WQDFKZHLWHUHQGUHLLJ6FKULWWHQHUUHLFKWHGDV /LFKWDXVGHQ6FKHLQZHUIHUQGHQ(LQJDQJGHU+|KOH ³,Q2UGQXQJ´ULHILFKGXUFKGHQ/lUPGHUZLQVHOQGHQ7XUELQHXQGGHU NQLUVFKHQGHQ=DKQUlGHU/DQJVDPVWLHGDV)DKU]HXJUFNZlUWVKLQWHUPLUKHU,FK
'HU.ULVWDOOSULQ]
M
$WODQ
JLQJDXIGHQ+|KOHQHLQJDQJ]XhEHUXQVZ|OEWHQVLFKGLH)HOVZlQGHYRUXQGELOGHWHQ WDWVlFKOLFKGLH.RQWXUHQHLQHUKRFKJHUHFNWHQ)DXVW/DQJH(LV]DSIHQKLQJHQDQGHP 6WHLQKHUXQWHUXQGGHXWHWHQPLWLKUHQQDGHOIHLQHQ6SLW]HQDXIGDVGQQH'DFKGHV 6FKQHHIDKU]HXJV:HQQVLFKHLQHUGLHVHUHLVNDOWHQ6SHHUHORFNHUW,FKUHDJLHUWHXQG VFKULH³)DUWXORRQ+DOW´ 'LHULHVLJHQ5lGHUKLHOWHQNQLUVFKHQG)DUWXORRQVFKREVHLQHQ2EHUN|USHUGXUFK GDV)HQVWHUXQGGDV5RKUEOLHVHLQHVFKZDU]H:RONHDXV)ODPPHQ)XQNHQXQG 5DXFK]ZLVFKHQGLHZHLHQ%lXPH ³:DVLVWORV$WODQ´ ,FKGHXWHWHPLWGHP6WUDKOHLQHV6FKHLQZHUIHUVQDFKREHQ'DVNDONZHLH/LFKW EUDFKVLFKLQ7DXVHQGHQ5HIOH[HQDQGHQPHWHUODQJHQ=DSIHQ³:HQQGLH 6FKQHHJHLVWHU´EHJDQQLFK ³6FKRQJXW6FKLHGDV=HXJKHUXQWHU$EHUJHKDXVGHU)DOOLQLH´ ³,FKZHUGHHVYHUVXFKHQ´,FKJLQJHLQLJH6FKULWWHUFNZlUWVDEHURIIHQVLFKWOLFK ZDUHQZLUEHUKROWZRUGHQ(LQLJH(LV]DSIHQEHJDQQHQS@|W]OLFK]XNOLQJHQZLH *ORFNHQ(LQHUEUDFKDESHQGHOWHKLQXQGKHUXQG]LVFKWHGDQQVHQNUHFKWKHUXQWHU(U ERKUWHVLFKPLWHLQHPIDXFKHQGHQ*HUlXVFKLQGHQ6FKQHHXQGEUDFKDE9RQREHQ KRFKYRP)HOVHQHUW|QWHHLQJHOOHQGHV*HOlFKWHU,FKEFNWHPLFKVWHFNWHGLH +DQGJULIIHEHLGHU6FKHLQZHUIHULQGHQ6FKQHHXQGKREGLH:DIIH3HLWVFKHQGO|VWHVLFK GHUHUVWH6FKXDXVGHP/DXI'DV*HVFKRWUDIGHQGLFNVWHQXQGOlQJVWHQ(LV]DSIHQ DQGHU%DVLV'DV'LQJ]HUEDUVWXQG]HUVSOLWWHUWHXQGULHLQHQZDKUHQ+DJHOYRQ DQGHUHQ(LVVSOLWWHUQQDFKXQWHQ$EHUDQEHLGHQ(QGHQGHUODQJHQ*DOHULHO|VWHQVLFK GLH(LV]DSIHQRKQHGDLFKVLHJHWURIIHQKlWWH ³'LH6FKQHHJHLVWHU6XFKHVLHPLWGHP6FKHLQZHUIHU´EUOOWHGHU %DXFKDXIVFKQHLGHU ,FKIHXHUWHQRFK]ZHLPDOELVLQGHUKHUDEKlQJHQGHQ*DOHULHGHU(LV]DSIHQHLQ EUHLWHV/RFKNODIIWH'DQQKHFKWHWHLFK]XUFNLQGHQWLHIHQ6FKQHHULHLQH/DPSH KHUDXVXQGULFKWHWHVLHQDFKREHQ,FKVDKJHUDGHQRFKZLHHLQHXQGHXWOLFKH*HVWDOW EHUGLH)HOVZDQGKLQDXIWXUQWHGDQQYHUVFKZDQGVLH'DV(FKRGHU6FKVVHKDOOWH ZLGHUGLH0DVFKLQHQOLHIHQOHLVHXQGODQJVDPEUHLWHWHVLFKZLHGHUGLH6WLOOHDXV³6LH VLQGYHUVFKZXQGHQ´ ³1LFKWIULPPHU´JDE)DUWXORRQ]XUFN³,FKIDKUHZHLWHU´ :lKUHQGLFKYHUVXFKWHPHLQHDXIJHUHJWHQ1HUYHQ]XEHUXKLJHQKROWHLFKGLH ]ZHLWH/DPSHKlQJWHGLH:DIIHXPXQGVWDSIWH]ZLVFKHQ6FKQHHXQGDEJHEURFKHQHQ (LV]DSIHQDXIGHQVFKZDU]HQ+|KOHQHLQJDQJ]X,Q6FKULWWJHVFKZLQGLJNHLWIROJWHPLU GHU%DXFKDXIVFKQHLGHUPLWGHP:DJHQ:LUJHODQJWHQELVDQGHQ(LQJDQJVWLHHQ HLQLJH6FKULWWHZHLWHUKLQHLQGDQQEHUKUWHGDV5DXFKURKUGLH'HFNH ³+DOW´,FKOHXFKWHWHMHGHQ:LQNHOGHU+|KOHDXVVRZHLWLFKVHKHQNRQQWH$XFK KLHU6SXUHQDP%RGHQ/DXEUHVWHODQJHEUDXQH1DGHOQ7LHUNRWXQGHLQLJHNOHLQH 6NHOHWWH=|JHUQGJLQJLFKZHLWHUDEHUHV]HLJWHVLFKNHLQHZLOGH%HVWLHGLHXQVDQJULII ,FKEOLHEVWHKHQDOVLFKPHUNWHGDGLH+|KOHHQGHWH ³.HLQ6FDQGKHU$WODQ"´ULHI)DUWXORRQXQGKDOIGHP0lGFKHQDXVGHU.DELQH(V NODQJDOVVHLHUHQWWlXVFKWGDUEHU ³,FKEHGDXUHHVVHOEVWDPPHLVWHQ´JDELFKELVVLJ]XUFN:LUWUDIHQXQV]XGULWW DP(LQJDQJGHU+|KOH)DUWXORRQKDWWHEHUHLWVGLH0DVFKLQHGHV)DKU]HXJVVRZHLW JHGURVVHOWGDVLHQXUQRFK:lUPHXQGHLQZHQLJ(QHUJLHDEJDE,FKYHUVWDXWHGLH
'HU.ULVWDOOSULQ]
M
$WODQ
6FKHLQZHUIHUEHKLHOWDEHUGLH:DIIHLQGHU+DQG$OVLFKGDV+HXOHQXQG3IHLIHQGHV :LQGHVK|UWHGHUVLFKKLHULP+|KOHQHLQJDQJILQJXQGHLQRUJHOWRQDUWLJHV*HUlXVFK HU]HXJWHZXWHLFKGDZLUHLQHNXU]H1DFKWYHUEULQJHQZUGHQ'LHHUVWHQ 6FKQHHVFKOHLHUWULHEHQYRUEHLGLH)ORFNHQILHOHQGLFKW]ZLVFKHQGHQ%lXPHQKHUXQWHU ³:DVKDVWGXYRU"´IUDJWHLFK)DUWXORRQ (UVFKOXJPLWGHU)DXVWJHJHQVHLQHQEHVFKODJHQHQ+DUQLVFKXQGVDJWH³:LU HVVHQ)DUQDWKLDZLUGVLFKGDUXPNPPHUQ1LFKWZDKU"´ 6LHOHKQWHVLFKJHJHQPHLQH6FKXOWHU,QLKUHP*HVLFKWZDUHQGHXWOLFKGLH XQJHZRKQWHQ6WUDSD]HQ]XVHKHQ6LHWDWPLUOHLGDEHULFKYHUPRFKWHQLFKWV]X lQGHUQ:LUNRQQWHQQXUYHUVXFKHQHVLKUHLQZHQLJOHLFKWHU]XPDFKHQ6LHVDJWH VSLW]³,FKNDQQVRJDU7HHKHLPDFKHQ´ ³$XVJH]HLFKQHW:LUEOHLEHQELV]XPHUVWHQ0RUJHQOLFKWKLHU´EHVWLPPWHGHU %DXFKDXIVFKQHLGHUEUXPPHQG³,FKZHUGHGLHHUVWH:DFKHKDOWHQ'DQQELVWGXGUDQ $WODQ+DQGVFKHLQZHUIHUXQG*HZHKUXQGVWREHUHLWHQ'ROFKMD"´ ,FKQLFNWH³,FKKDEHYHUVWDQGHQ.RPPHQGLH6FKQHHJHLVWHUDXFKQDFKWV"´ :LUKDOIHQ)DUQDWKLDZLHGHULQV,QQHUHGHU.DELQH]XNOHWWHUQ(LVNUDOOHVD XQWHUHLQHP%HUJYRQ3HO]HQXQGVDKXQVPLWJURHQ$XJHQDQ9RQLKPZDUQLFKW PHKUDOVGDVJOlVHUQH*HVLFKW]XHUNHQQHQ2IIHQVLFKWOLFKZDUHVLKPXQWHUGHQ VFKW]HQGHQ+lXWHQQLFKWVRZDUPGDHU]X]HUIOLHHQGURKWH²RGHUHVVLFK ZHQLJVWHQVHLQELOGHWH ³(VJLEWNHLQH5HJHOGDVLVWGLHHLQ]LJH5HJHOEHLGHU'XUFKTXHUXQJGHV %ODVVHQ/DQGHV´HULQQHUWHPLFK)DUWXORRQ³:LUZHUGHQQRFKHLQLJH$EHQWHXHU]X EHVWHKHQKDEHQDXIXQVHUHP:HJ]XP6WXW]SXQNW$GMRYHUXQGGDV7DO.HUPDQWVLQG QXU6WDWLRQHQ´ ,FKZDUWHWHELVXQVQLHPDQGPHKU]XK|UHQNRQQWHXQGIUDJWH³'XNHQQVWGHQ :HJ)DUWXORRQ"´ ³-DJDQ]JHQDX,FKNHQQHDOOH:HJHGLH]XU6WDWLRQIKUHQ6FKOLHOLFKEUDXFKW HLQIHWWHUDOWHU0DQQZLHLFKHLQHJHZLVVH6LFKHUKHLWLQPLWWHQDOOHUXQVLFKHUHQ /HEHQVOlXIH´ ,FKODFKWHKXPRUORV³:HQQZLUQXUGLH6WDWLRQVLFKHUHUUHLFKHQ'DVZUGH PHLQHQ%HLIDOOILQGHQ´ (UJLQJODQJVDPXPGDV*HIlKUWKHUXPGDVVWUDWHJLVFKJQVWLJDXIJHVWHOOWZDU 1LFKWHLQJHVFKORVVHQLQGHU+|KOHWURW]GHPYRUGHPVFKQHLGHQGHQ6WXUPJHVFKW]W YRUGHQ6FKQHHZHKHQVWDUWEHUHLWLQHLQHU6WHOOXQJYRQGHUDXVZLULQZHQLJHQ $XJHQEOLFNHQGLH:HLWHUIDKUWDQWUHWHQNRQQWHQYRUDXVJHVHW]WGHU'DPSIGUXFNZDU KRFKJHQXJ'HUMHQLJHGHU:DFKHKDWWHPXWHDOVRDXFKGLH)HXHUXQJNRQWUROOLHUHQ ³(VIlQGHDXFKPHLQHQ%HLIDOO´VWLPPWH)DUWXORRQ]X(UEHHQGHWHVHLQHQ 5XQGJDQJXQGQLFNWH'LH=HLFKHQVFKLHQHQZHQLJVWHQVIUVHLQH$QVSUFKHDQ 6LFKHUKHLWHLQLJHUPDHQJQVWLJ]XVWHKHQ(UHQWHUWHGLH.DELQH³+LQHLQ(VVHQXQG 7ULQNHQ´ (VZDUJHPWOLFKZDUP'LH'HFNHQEHOHXFKWXQJXQGGLH.DUWHQODPSH YHUEUHLWHWHQJHUDGHGLHULFKWLJH0HQJH+HOOLJNHLW:LUDHQXQGWUDQNHQXQVHUH 1DKUXQJVPLWWHOZDUHQQLFKWDEZHFKVOXQJVUHLFKDEHUUHLFKKDOWLJXQGQDKUKDIW'HU7HH PLWGHP6DIWVDXUHU)UFKWHXQGHLQHPVWDUNHQ6FKX$ONRKROZlUPWHXQVHUH*OLHGHU YRQLQQHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³'XKDVW]ZHL7RQWDV=HLW]XP6FKODIHQ´VDJWH)DUWXORRQVFKOLHOLFKUFNWHGDV 6FKZHUW]XUHFKWXQGVFKORVHLQHQ0DQWHO'DQQVDKHU/XFFRWXQG*HZHKUGXUFKXQG OHJWHHLQJXWHV6WFNGHV/DPSHQNDEHOVLQ6FKOLQJHQ³8QGHXFKHPSIHKOHLFK GDVVHOEH.ODSSWGLH6HVVHOQDFKKLQWHQGDQQN|QQWLKUHXFKDXVVWUHFNHQ´ (UNQLSVWHGLH.DUWHQODPSHDXV$XJHQEOLFNHVSlWHUK|UWHQZLUZLHVLFKVHLQH 6FKULWWHHQWIHUQWHQ ³(VLVWQLFKWVRJHIlKUOLFKZLHLFKJODXEWH´PXUPHOWHGHU&KUHWNRUXQG]RJGLH .DSX]HEHUVHLQH$XJHQ )DUQDWKLDVWULFKEHUPHLQH6WLUQDOVLFKXQVHUH6LW]HQDFKKLQWHQXPNODSSWH XQGDUUHWLHUWH³*LEPLUGHLQH+DQG$WODQ´IOVWHUWHVLH³6RNDQQLFKVFKQHOOHU HLQVFKODIHQXQGWUlXPHNHLQZLUUHV=HXJ´ .XU]H=HLWVSlWHUVFKOLHIHQZLU(VNRQQWHQQXU0LOOLWRQWDVYHUJDQJHQVHLQDOVLFK VSUWHZLH)DUWXORRQPLFKDQGHU6FKXOWHUUWWHOWH,FKEOLQ]HOWHXQGEOLFNWHLQVHLQ DQJHVWUHQJWHV*HVLFKW(LVNULVWDOOHWDXWHQLQGHPVFKZDU]JHNUlXVHOWHQ%DUWDXIHU NQXUUWH³(VLVW=HLW.HLQH9RUNRPPQLVVH´ ,FKO|VWHPHLQH)LQJHUDXVGHU+DQGGHV0lGFKHQVXQGPDFKWHVFKZHLJHQGGLH YRUJHVFKULHEHQHQ+DQGJULIIH(QGOLFKVWDQGLFKGUDXHQ,FKKDWWHZHGHUGHQ RUJHOQGHQ6WXUPJHK|UWQRFKHLQDQGHUHV*HUlXVFK8QGLFKKDWWH]ZHL7RQWDV JHVFKODIHQ'HUHLVLJH:LQGEOLHVPLULQV*HVLFKWXQGODQJVDPEHJDQQLFKLQGHQ DXVJHWUHWHQHQ6SXUHQGHV%DXFKDXIVFKQHLGHUVPHLQHQ5XQGJDQJGXUFKGDV6WFN XQEHUKUWH1DWXUYRUGHU+|KOHDP)HOVHQGHUZLHHLQH)DXVWJHIRUPWZDU $OVLFK]ZLVFKHQWUHLEHQGHQ:RONHQIHW]HQGLH6WHUQHYHUEODVVHQVDKNHKUWHLFK ]XUFNXQGVFKDOWHWHGHQ%UHQQHUDXIK|KHUH/HLVWXQJ9RQGHUDXHQ]XJlQJOLFKHQ /DGHIOl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²LFKZHUGHLKQHQYRUKHUQLFKWVHU]lKOHQ XQGVLHYRUYROOHQGHWH7DWVDFKHQVWHOOHQ'DVLVWGDVEHVWHIUVLH-HZHLWHUGLH5HLVH IKUWGHVWRPHKUVWHLJHPVLFKGLH*HIDKUHQ²JXWGDLFK$WODQEHLPLUKDEH:HQQZLU GLH6WDWLRQUHFKW]HLWLJHUUHLFKHQGDQQLVWHVZHLWHVWJHKHQGVHLQ9HUGLHQVW =XQlFKVWJLQJHVHQWODQJGHV6HHXIHUVQDFK1RUGRVWHQ'DQQNDPHQZLULQHLQH /DQGVFKDIWGLHLQQHUKDOENXU]HU=HLWPHKUPDOVZHFKVHOWH)DUWXORRQVDDP6WHXHU XQGMDJWHGLH0DVFKLQHPLWIDVWlXHUVWHU.UDIWYRUDQ=XHUVWHLQHNOHLQH(EHQHY|OOLJ IODFKXQGYRP6FKQHHEHGHFNWGHUXQWHUGHP'UXFNXQGGHP6RJGHV:LQGHVVNXUULOH 5LIIHOXQG'QHQIRUPHQDQJHQRPPHQKDWWH'DQQHLQVFKQHOOHU:HFKVHO]ZLVFKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
7lOHUQXQG+JHOQYRQGHQHQZLUHLQLJHEHUNOHWWHUQPXWHQ'DV/DQGZDU]LHPOLFK EHUVLFKWOLFKXQGZLUVDKHQRGHUK|UWHQNHLQH6FKQHHJHLVWHU6FKOLHOLFKJHJHQ 0LWWDJNDPHQZLUDQGHQ5DQGHLQHVGHUOHW]WHQ*HELUJHYRUGHP3RO ³:LUKDEHQGLH:DKO´VDJWH)DUWXORRQVFKURII ³:HOFKH:DKO"=XHUIULHUHQ2GHU]XVFKZLW]HQ"´NHXFKWH(LVNUDOOHYRQKLQWHQ ³'LH:DKOHLQHQJURHQ8PZHJ]XIDKUHQRGHUHLQHQNU]HUHQJHIlKUOLFKHUHQ :HJ]XQHKPHQ´'HU%DXFKDXIVFKQHLGHUVFKLHQDXIPHLQH$QWZRUWJHUDGH]X]X ODXHUQ (LQHXQGHILQLHUEDUH6WLPPXQJEHPlFKWLJWHVLFKPHLQHU'HUNU]HUH:HJ YHUVSUDFKPHKU6LFKHUKHLWZDVXQVHUHQ9RUVSUXQJEHWUDIDEHUHUVFKLHQDXFKGLH *HIDKUHQI|UPOLFKKHUDXV]XIRUGHUQ³,FKELQIUGHQNU]HUHQ:HJ´VDJWHLFK³%HVVHU *HIDKUHQGLHPDQHUZDUWHWDOVGHUXQHUZDUWHWH7RG´ ³5HFKWVR,FKVHKHGDPHLQH(U]LHKXQJ)UFKWH]XWUDJHQEHJLQQW´ :LUIXKUHQDOVRHQWODQJGHULPPHUVWHLOHUDQVWHLJHQGHQ%HUJKlQJHGLUHNWQDFK 1RUGHQDXIGLHYHUZXQVFKHQH6LHGOXQJ]X'HU:HJZDUDQJHQHKPXQGZLUNDPHQ JXWYRUDQ)DUQDWKLDEOLFNWHQDFKKLQWHQXQGKLHOWHLQ*HZHKULQGHQ$UPHQ(LVNUDOOH VFKLHQVLFKZHLWDXVZRKOHU]XIKOHQDOVLQGHQOHW]WHQ7RQWDVHUIXFKWHOWHPLWVHLQHQ .LQGHUDUPHQKHUXPXQGHU]lKOWHYRQVHLQHQ6WLPPXQJHQXQGVHLQHQ(ULQQHUXQJHQ :LUDOOHIKOWHQXQVVRDOVZlUHQZLUEHUHLWVQDKHGHUJHKHLPQLVYROOHQ6WDWLRQGHV %DXFKDXIVFKQHLGHUV8QGGHQQRFKIKOWHQZLUGDXQVGHU7RGLP1DFNHQVD ³6LHKVWGXHWZDV)DUQDWKLD"´HUNXQGLJWHLFKPLFK ³1HLQQLFKWV1XUXQVHUH6SXU´JDEVLH]XU$QWZRUW6LHKLHOWVLFKSUlFKWLJ REZRKODXVLKUHPEHKWHWHQ=XKDXVHPLWWHQLQVOHEHQVJHIlKUOLFKH$EHQWHXHU KLQHLQJHULVVHQLFKZDUQLFKWXQVFKXOGLJGDUDQ ³'LH6FKQHHJHLVWHUVFKHLQHQXQVDXVGHQ$XJHQYHUORUHQXQGYHUJHVVHQ]X KDEHQ´VDJWHLFKQDFKHLQHU:HLOH:LHGHUGDFKWHLFKGDUDQGDGLH*HUlXVFKH XQVHUHV)DKU]HXJVVRGHXWOLFK]XK|UHQVHLQPXWHQZLHGHU'RQQHUHLQHV :LQWHUJHZLWWHUV ³,FKUHFKQHPLWLKUHQ$QJULIIHQEHYRUZLUGHQ20,5*26HUUHLFKWKDEHQ´ ,PPHUZLHGHUJOLWWHQ)DUWXORRQV%OLFNHKDQJDXIZlUWV$XIZHOFKHP*UXQGZLUXQV EHZHJWHQZXWHQLHPDQG1XUGDHUIHVWXQGHLQLJHUPDHQHEHQZDUGDVNRQQWHQ ZLUIHVWVWHOOHQ ³:LUVDPPHOQ(UIDKUXQJHQ´PHLQWH)DUWXORRQQDFKHWZDHLQHUKDOEHQ7RQWD ³1LHPDOVZLVVHQZLUYRUKHUZR]XZLUVLHJHEUDXFKHQN|QQHQ´ ,FKELLQGLH6FKHLEHNDOWHQ6FKLQNHQVGLHPLU)DUQDWKLDQDFKYRUQUHLFKWH ³.OXJH0HQVFKHQVXFKHQVLFKVHOEVWGLH(UIDKUXQJHQDXV´,FKVFKDXWHKLQDXVLQGLH (EHQHGLHYHUPXWOLFKHLQVXPSILJHV)OXJHOlQGHRGHUHLQHVGHUIODFKHQ0RRUHGHV %ODVVHQ/DQGHVZDU³'LH(UIDKUXQJHQQlPOLFKGLHVLH]XPDFKHQZQVFKHQ:LU VFKHLQHQNHLQHNOXJHQ0HQVFKHQ]XVHLQ´ ³,P$XJHQEOLFNVLQGZLU)OFKWOLQJH´'DQQJHVFKDKGDVZRPLWZLUXQEHZXW VFKRQGLHJDQ]H=HLWJHUHFKQHWKDWWHQ=XHUVWNODQJHVZLHHQWIHUQWHV'RQQHUQ )DUWXORRQEHJDQQ]XIOXFKHQNXUEHOWHZLHZLOGDP6WHXHUUDGXQGVFKULHDXIJHUHJW ³/DZLQH´ (KHXQVHU)DKU]HXJQDFKOLQNVDXVVFKHUWHNRQQWHLFKQRFKHLQHQODQJHQ%OLFN GXUFKGLHVHLWOLFKH6FKHLEHZHUIHQ,FKVDKGHQVWHLOHQ+DQJDQGHVVHQXQWHUHP(QGH ZLUVHLWUXQGHLQHU7RQWDHQWODQJJHIDKUHQZDUHQ'HU+DQJELOGHWHHLQHHLQ]LJHJODWWH
'HU.ULVWDOOSULQ]
M
$WODQ
)OlFKHZHLXQGGUHLHFNLJ.DXPPHKUVLFKWEDUEHZHJWHVLFKHWZDVDQVHLQHU 2EHUNDQWH:DVHVZDUNRQQWHNHLQHUYRQXQVPLWXQEHZDIIQHWHP$XJHHUNHQQHQ DEHUHVOLHQXUHLQH'HXWXQJ]X6FKQHHJHLVWHU'DV)DKU]HXJVWLHXQGUXPSHOWH QDFKOLQNVXQGGDQQZLHGHUJHUDGHDXVZHLWHU)DUWXORRQGUHKWHVlPWOLFKH5HJOHUXQG 9HQWLOHDXIK|FKVWH.UDIW'DVMDPPHUQGH.RQ]HUWGHUEHUODVWHWHQXQG DXVJHVFKODJHQHQ/DJHUEHJDQQZLHGHU ³+RIIHQWOLFKNRPPHQZLUVFKQHOOJHQXJLQ6LFKHUKHLW´)DUWXORRQVWHXHUWHZLHGHU OHLFKWQDFKUHFKWVXPHLQHPNOHLQHQ:DOGDXVODXWHUNDKOHQ%lXPHQ]XHQWNRPPHQ $PREHUHQ(QGHGHV+DQJHVJHJHQGHQJUDXHQ+LPPHOVWDXEWH6FKQHHLQGLH/XIW (VELOGHWHVLFKHLQHUXQGH:RONHGLHLQQHUKDOEYRQ$XJHQEOLFNHQ:DO]HQIRUPDQQDKP ,FKVWDUUWHLQGHQ5FNVSLHJHOXQGKLHOWPLFKNUDPSIOKDIWIHVW,PPHUZLHGHUPDFKWHGDV )DKU]HXJ/XIWVSUQJHYRQHLQLJHQ6FKULWWHQ:HLWHXQGGLH5DXSHUDVWHGDQQOHHU GXUFKXQGUXLQLHUWHGLH/DJHUQRFKPHKU ³6FKQHOOHU´NUHLVFKWHGHU&KUHWNRU³6FKQHOOHU%DXFKDXIVFKQHLGHU´ ³%LQLFKHLQ$GOHU"´JDE)DUWXORRQVFKHLQEDUUXKLJ]XUFN'LH:RONHYHUJU|HUWH VLFK6LHEHZHJWHVLFK]XQlFKVWODQJVDPKDQJDEZlUWV'DQQZXUGHVLHVFKQHOOHUXQG DEHUPDOVJU|HU:HLWHUH6FKQHHPDVVHQJHULHWHQLQ%HZHJXQJXQGVWDXWHQVLFK JHJHQHLQDQGHUDXFKGHU6FKQHHDP)XGHVVWHLOHQ+DQJHVNDPMHW]WKLQWHUXQVKHU (VZDUDOVREHLQHJLJDQWLVFKH)OXWZHOOHYHUVXFKWHHLQZLQ]LJHV%RRWHLQ]XKROHQ ³6FKQHOOHU´(LVNUDOOHV6WLPPHEHUVFKOXJVLFK³:LUZHUGHQEHJUDEHQXQG HUVWLFNW´ ³:DVN|QQHQZLUWXQ"´EUOOWHLFK]X)DUWXORRQKLQEHU ³1LFKWV´ZDUGLHODNRQLVFKH$XVNXQIW :LUUDVWHQZHLWHU'HU6FKQHHEUHLWHWHVLFKMHW]WKLQWHUXQVDXVXQGODQJWHQDFK GHP )DKU]HXJ 'LH HQWIHVVHOWHQ 1DWXUJHZDOWHQ YRQ GHQ 6FKQHHJHLVWHUQ DXVJHO|VW ZDO]WHQGDV:lOGFKHQQLHGHUDOVZlUHQHV6WURKKDOPH(LQLJHKDUWH%URFNHQ6FKQHH HUUHLFKWHQ XQV XQG VFKOXJHQ ODXW JHJHQ GLH ]HUEHXOWH :DQG GHV +HFNV 'LH EHUODVWHWHQ*HWULHEHNUHLVFKWHQXQGKHXOWHQ(VEHJDQQ]XVWLQNHQDEHUZLUPHUNWHQ HVQLFKW-HW]WHUUHLFKWHXQVGHUOHW]WH5HVWGHU/DZLQH(LQHPlFKWLJH)DXVWSDFNWHXQV LP 5FNHQ XQG VFKRE XQV QDFK YRUQ :LH HLQH )HGHU ZXUGHQ ZLU KRFKJHKREHQ 'HU 6FKQHH GUlQJWH VLFK XQWHU GLH 5lGHU XQG GLH 5DXSH :LU JOLWWHQ LPPHU VFKQHOOHU ZHUGHQGGDYRQ(LVNUDOOHVFKULHLQNUHDWUOLFKHU3DQLN'DV0lGFKHQKLHOWVLFKIHVWXQG NUDOOWHLKUH+lQGHLQPHLQH6FKXOWHU9RUXQVVFKLHQVLFKGLH/DQGVFKDIW]XYHUlQGHUQ 6LHUDVWHDXIXQV]XZLHLQHLQHPEHZHJWHQ$OSGUXFN ³9RUEHL´ K|UWH LFK PLFK VW|KQHQ =ZHL ODQJH =XQJHQ DXV ORFNHUHP XQG ]XVDPPHQJHEDFNHQHP 6FKQHH EHUKROWHQ XQV UHFKWV XQG OLQNV XQG NDPHQ GDQQ ]XU 5XKH 8QVHUH UDVHQGH )DKUW ZXUGH ODQJVDPHU 'LH 5lGHU EHJDQQHQ VLFK ZLHGHU ]X GUHKHQXQGZLUNOHWWHUWHQDXVGHP6FKQHHKHUYRU ³:LUVLQGJHUHWWHW´VDJWH)DUWXORRQUXKLJXQGVWHXHUWHZLHGHUQDFKUHFKWV]XUFN 'HU'UXFNLP.HVVHOZDUDEJHIDOOHQMHW]WNOHWWHUWHHUZLHGHUJDQ]ODQJVDP $OVHV1DFKPLWWDJZXUGHZDUHQZLUDOOHHUVFK|SIWDEHUZLUEHIDQGHQXQVZHLW HQWIHUQW YRQ GHP VFKQHHIUHLHQ +DQJ QRFK LPPHU DXI GHP NU]HUHQ :HJ )DUWXORRQ GHXWHWH DXI HLQH (UKHEXQJ ZHLW YRU XQV ³:LU PVVHQ EHU GLHVHQ +JHO :HQQ ZLU REHQVLQGZHUGHQZLUHLQH3DXVHHLQOHJHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
(V ZDU QXU HLQHP :XQGHU ]X]XVFKUHLEHQ GD XQVHU )DKU]HXJ QRFK OLHI XQG QLFKWOlQJVWDXVHLQDQGHUJHIDOOHQZDU:LUHUUHLFKWHQWDWVlFKOLFKGHQ+JHOXQGHUVWDXI VHLQHP .DPP ILHO GLH 6SDQQXQJ YRQ XQV DE :LU ZDUHQ XQVDJEDU PGH )DUWXORRQ OHKQWHVLFKLQVHLQHP6LW]]XUFNXQGVFKORGLH$XJHQ ³:RUDQKDVWGXJHGDFKW"´IUDJWHLFKDOV)DUWXORRQGLH$XJHQZLHGHU|IIQHWHXQG PLFKPLWVHLQHPKHUDXVIRUGHUQGHQ/lFKHOQDQEOLFNWH ³$Q GHQ YHUGDPPWHQ 7HH GHQ )DUQDWKLD JHUDGH VLHGHW´ VDJWH HU ³8QG DQ GLH QlFKVWHQ3UDJRVLP%ODVVHQ/DQG´ ³:ROLHJWGDV:DUPH$XJH"´ZROOWH(LVNUDOOHZLVVHQ 'HU%DXFKDXIVFKQHLGHUGHXWHWHQDFKYRUQXQGVDJWHWURFNHQ³+LQWHUGHQ+JHOQ LP1RUGHQ´ ,FK ZlUPWH PHLQH )LQJHU DQ GHP KHLHQ %HFKHU :DV ZXWH LFK EHU GDV :DUPH $XJH" (V ZDU QLFKW YLHO (V ZDU HLQ UXQGHV 6WFN /DQG DQ GHQ 5lQGHUQ JH]DFNWXQGK|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³'XGHQNVWDQ$GMRYHU"´IUDJWHPLFKPHLQ/HKUPHLVWHU ³-D´ ³:LUZHUGHQGRUWIHLQGOLFKHPSIDQJHQZHUGHQ(VLVWLPPHUVR´ ³:HLOZLUHVVLQGRGHUDXVDQGHUHQ*UQGHQ"´ ³-HGHU)UHPGHZLUGIHLQGOLFKHPSIDQJHQ(VVLQG$XVJHVWRHQH*HVHW]ORVH´ ,FKQLFNWHGDVKDWWHLFKVFKRQPHKUPDOVJHK|UW'LHVH0HQVFKHQGRUWZDUHQGHU $EVFKDXPGHV3ODQHWHQ6RZLHLQHLQHP.HVVHOGHU6FKDXPEHUNRFKWXQGEHUGLH 5lQGHUKLQDXVIOLHWXQGHLQHVDEHUH)OVVLJNHLWKLQWHUOlWZDUHQGLHVH0HQVFKHQYRQ GHU.XOWXUXQGGHU=LYLOLVDWLRQYHUWULHEHQXQGZHJJHVFKREHQZRUGHQ0DQIDQGVLHQLFKW HLQPDO LQ GHQ 6OXPVLHGOXQJHQ UXQG XP GHQ 5DXKEDIHQ *RUWDYRUVXQG GDV ZROOWH DXI GLHVHP3ODQHWHQVFKRQHWZDVKHLHQ ³,FKYHUVWHKH´ ³6LHKDEHQQLFKWJHQXJ)UDXHQ´YHUWUDXWH)DUWXORRQXQVPLW9HUVFKZ|UHUPLHQH DQ ³'DV EHGHXWHW ´ ,FK VWRFNWH 'DV KLH GD GHU $QEOLFN HLQHV 0lGFKHQV VLH UDVHQGPDFKHQZUGH,FKPXWHPLFKDOVRXP)DUQDWKLDNPPHUQXQGGXUIWHLKUQLFKW HLQHQ 6FKULWW YRQ GHU 6HLWH ZHLFKHQ ,FK PXWH VWlQGLJ HLQH JHODGHQH :DIIH WUDJHQ ZHQQVLHPLFKRGHULFKVLHEHJOHLWHWH,FKVFKOXFNWH ³9HUVWDQGHQ$WODQ"´ ³-D´ :LU DHQ XQV VDWW WUDQNHQ XQG LQVSL]LHUWHQ GDV )DKU]HXJ 2IIHQVLFKWOLFK WDW HV GLHVH YHUZHJHQH .RQVWUXNWLRQ QRFK HLQH :HLOH $EHU MH ZHLWHU ZLU IXKUHQ GHVWR PHKU VWLHJ GLH :DKUVFKHLQOLFKNHLW GD XQV GLHVHV %HI|UGHUXQJVPLWWHO XQWHU GHQ 6LW]HQ ]XVDPPHQNUDFKWH+DWWH)DUWXORRQPHLQH*HGDQNHQJHOHVHQ"
'HU.ULVWDOOSULQ]
M
$WODQ
(U VDJWH ³0LW VWDWLVWLVFKHU :DKUVFKHLQOLFKNHLW LVW MHGHU ZHLWHUH JHIDKUHQH .LORPHWHUHLQHJU|HUH%HODVWXQJIUGDV9HKLNHO-HOlQJHUZLUXQWHUZHJVVLQGGHVWR PHKUVROOWHQZLUXQVPLWGHP*HGDQNHQYHUWUDXWPDFKHQGDZLUGLHOHW]WHQ7DJH]X )XJHKHQ´ ³:LU ZHUGHQ IOLHJHQ ZHQQ GHU .HVVHO GHWRQLHUW´ SURSKH]HLWH (LVNUDOOH 6HLQ +XPRU]HLJWHRIWPDOVPDNDEUH$XVZFKVH )DUWXORRQ VFKWWHOWH GHQ .RSI ³(LQ )XPDUVFK LVW HLQH (UKROXQJ JHJHQ GHQ 7HUURU XQG GLH *HZDOW LQ $GMRYHU ,FK ELWWH HXFK DOOH GUHL YHUJHW GDV NHLQHQ $XJHQEOLFN8QGMHW]WZHLWHU´ ³,FKIDKUH´VDJWHLFKXQGZHFKVHOWHDXIPHLQHQ3ODW] .XU]H =HLW VSlWHU IROJWH LFK GHU .RPSDQDGHO GLH ZLH HLQ VWlKOHUQHU )LQJHU LPPHU LQ GLH 5LFKWXQJ GHXWHWH LQ GHU XQVHU =LHO ODJ :LU YHUOLHHQ GHQ +JHO XQG NDPHQ LQ HLQ *HELHW GDV VFKRQ LP 1DFKPLWWDJVOLFKW DXVVDK DOV VHL HV HLQ :DOG IU *HVSHQVWHU ³0HLQH)UHXQGH´VDJWH)DUWXORRQLQXQJHZ|KQOLFKHP(UQVW³:LUEHILQGHQXQVLQ HLQHP ZHLWHVWJHKHQG OHHUHQ /DQG 'DV %ODVVH /DQG LVW JUXQGVlW]OLFK QLFKW JHIlKUOLFK GLHQRUPDOH1DWXULVWQXUIU1DUUHQXQG%OLQGHHLQW|GOLFKHV$EHQWHXHU$EHUZLUKDEHQ LQ NXU]HU =HLW GUHL YHUVFKLHGHQH *HIDKUHQ²,KU N|QQW PLU JODXEHQ GHQQ LFK NHQQH GLHVHQ 3ODQHWHQ HEHQVRJXW ZLH HLQH JDQ]H 5HLKH DQGHUHU DXI GHQHQ LFK PHLQ 8QZHVHQWULHEYRUODQJHU=HLW'LH*HIDKUHQKHLHQ6FKQHHJHLVWHU7DOGHV'DPSIHV XQG$GMRYHU:HQQZLUGLHVH6WDWLRQHQKLQWHUXQVKDEHQNlPSIHQZLUQXUQRFKJHJHQ GLH1DWXUXQGJHJHQXQVHUHHLJHQH0GLJNHLWXQGPDQJHOQGH/HLVWXQJVIlKLJNHLW'DV LVWHVZDVLFKHXFKQRFKVDJHQPXWH´ 9RU XQV ODJ HLQH GHU WYSLVFKHQ SRODUHQ (EHQHQ 'DXHUIURVWJHELHW ZLH GHU %DXFKDXIVFKQHLGHU EHWRQW KDWWH 'DV )DKU]HXJ UDWWHUWH PLW PlLJHU *HVFKZLQGLJNHLW GDKLQ ,FK JODXEWH GD GDV +HUXQWHUVHW]HQ GHU *HVFKZLQGLJNHLW GHP 6FKQHHZDJHQ HLQHOlQJHUH/HEHQVGDXHUJDUDQWLHUHQZUGHREHVULFKWLJRGHUHLQ,UUWXPZDUZUGH VLFKKHUDXVVWHOOHQ9HUPXWOLFKEHIDQGHQVLFKGLH.UDODVHQHQGLHJHGXQJHQHQ6|OGQHU GHV DUNRQLGLVFKHQ +HUUVFKHUV WURW] DOOHU 9RUVLFKWVPDQDKPHQ KLQWHU XQV 'DV VWDQG DXHU=ZHLIHOREZRKOGDUEHUIUXQVNHLQHUOHL,QIRUPDWLRQHQYRUODJHQ$EHUNHLQHUYRQ XQV 9LHUHQ ]ZHLIHOWH GDUDQ ZHLO ZLU XQZLOONUOLFK GLH VFKOHFKWHVWH 0|JOLFKNHLW YHUPXWHWHQ 'LH JURH )UDJH ZDU QXU ZLH JUR GHU $EVWDQG ]ZLVFKHQ XQV XQG GHQ .UDODVHQHQZDU*DEHV*UXQGHLQLJHUPDHQRSWLPLVWLVFK]XVHLQ"6LHNDQQWHQXQVHUH 5LFKWXQJ QLFKW XQG XQVHUH 6SXUHQ ZDUHQ YHUZLVFKW VHLW ZLU GDV 'HSRW LQ GHU 6SLQQHQZVWHYHUODVVHQKDWWHQ'HQQRFK ³:LU GDQNHQ IU GHLQHQ +LQZHLV )DUWXORRQ´ VDJWH LFK XQG EHWUDFKWHWH MHGH (LQ]HOKHLWGHU6WUHFNHGLHVLFKMHQVHLWVGHU)URQWVFKHLEH]HLJWH³8QGZDVKDVWGXEHU GLHVHQ*HVSHQVWHUZDOG]XVDJHQ"´ 'HU %DXFKDXIVFKQHLGHU ]RJ VHLQH UXQGHQ EUHLWHQ 6FKXOWHUQ KRFK XQG NQXUUWH PLPXWLJ ³,FK ZQVFKWH LFK N|QQWH GLU HWZDV GDUEHU VDJHQ $EHU LFK ZHL QLFKWV $FKWHDXIMHGHQ)DOODXI+LQWHUKDOWHGHU6FKQHHJHLVWHU´ ³,VWUHFKW´ 'LH(EHQHUHLFKWHELV]XPXQGHXWOLFKHQ+RUL]RQWDOVRELVGRUWKLQZRGDV$XJH QLFKWPHKULQGHU/DJHZDU]ZLVFKHQ+LPPHOXQG%RGHQ]XXQWHUVFKHLGHQ'DV*HELHW ZDUY|OOLJHEHQXQGODJXQWHUHLQHUJOHLFKPlLJHQ6FKQHHVFKLFKWGLHHWZDHLQHQ0HWHU KRFKZDU$XVGLHVHPZHLHQ7XFKUDJWHQ%lXPH)HOVHQXQGVHOWVDPHNHJHOI|UPLJH
'HU.ULVWDOOSULQ]
M
$WODQ
+JHOKHUYRU(VZLUNWHZLHHLQ%LOGHLQHVSKDQWDVWLVFKHQ0DOHUV'LH*UXQGIDUEHZDU :HLGLH%DXPVWlPPHJOlQ]WHQHLVEHUNUXVWHWLQJUDXHU)DUEHXQGGLH)HOVHQXQG +JHO VWUDKOWHQ HLQ VHOWVDPHV XQZLUNOLFKHV %UDXQ DXV ,FK JHKRUFKWH GHQ :HLVXQJHQ GHV %DXFKDXIVFKQHLGHUV XQG VWHXHUWH GHQ :DJHQ LP =LFN]DFN GXUFK GLHVH /DQGVFKDIW²QDFK1RUGHQGHPZDUPHQ$XJHXQGGHP3ROHQWJHJHQ ³'LH 6FKQHHJHLVWHU ´ PXUPHOWH LFK +DOELQWHOOLJHQ]HQ 9HUPXWOLFK GLH IHUQHQ 1DFKNRPPHQYRQUlWVHOKDIWHQ:HVHQGLHHLQVWHLQH+RFKNXOWXUDXI*RUWDYRUVFKXIHQ 6LHVLQGLP/DXIYRQ-DKUKXQGHUWHQXQG-DKUWDXVHQGHQ]X7LHUHQGHJHQHULHUWGLHDXV XQHUNOlUOLFKHQ *UXQGHQ ZWHQG MHGHQ DQJUHLIHQ GHU VLFK GXUFK LKUHQ /HEHQVUDXP EHZHJW ,FKVWHXHUWHXPHLQHQ%DXPKHUXPGHUZLHHLQKDOEHV6NHOHWWDXVGHP6FKQHH KHUYRUVWDFK'DQQOHQNWHLFKGDVIDXFKHQGHXQGNODSSHUQGH*HUlWXPHLQHQGHU.HJHO KHUXP'LH6FKQHHIOlFKHYRUXQVZDUY|OOLJJODWW=XJODWWGXUFKIXKUHVPLFK(VIHKOWHQ GLH FKDUDNWHULVWLVFKHQ 5LIIHOPDUNHQ GHV :LQGHV ,FK JULII LQ GLH 6SHLFKHQ GHV 6WHXHUUDGHVNXUEHOWHDQGHU/HQNXQJXQGIXKUHLQHQ+DOENUHLV ³(LQH$KQXQJ"(LQYHUGlFKWLJHU$XJHQEOLFN"´IUDJWHGHU%DXFKDXIVFKQHLGHU ³6LFKHU6RLVWHV´ ³6LH ZDUHQ LQ GHQ OHW]WHQ 7RQWDV EHPHUNHQVZHUW ]XUFNKDOWHQG GLH 6FKQHHJHLVWHU´PHLQWH(LVNUDOOH ³+RIIHQWOLFK EOHLEHQ VLH HV DXFK´ VWLPPWH )DUQDWKLD ]X ,FK EHREDFKWHWH VLH XQDXVJHVHW]WVRZHLWGLHVPHLQH=HLWXQGPHLQH$XIJDEHQ]XOLHHQ6LHZDUHLQNOXJHV QLFKWQXUVFK|QHV0lGFKHQLQGLHVHUIUVLHK|FKVWXQJHZRKQWHQ/DJHYHUKLHOWVLHVLFK ZLH MHPDQG GHVVHQ /HEHQVLQKDOW VROFKH *HIDKUHQ ZDUHQ 6LH SDWH ]X XQV XQG LFK OLHEWHVLH ³,FK ZQVFKH HV DEHU LFK JODXEH QLFKW GDUDQ´ VDJWH LFK ZLGHUVWUHEHQG XQG NRQ]HQWULHUWHPLFKDXIGLH6WUHFNHYRUXQV'HU:DJHQUXPSHOWHMHW]WPLWTXLHWVFKHQGHQ )HGHUQ XQG KDUWHQ 6FKOlJHQ EHU GLH 8QHEHQKHLWHQ HLQHV XQEHNDQQWHQ %RGHQV 'LH NDKOHQ%lXPHXQGGLH)HOVQDGHOQJOLWWHQYRUEHL³9HUGDPPW´ ³:DVLVWORV6|KQOHLQ"´NQXUUWH)DUWXORRQ ³,FK KDEH HLQ JDQ] VFKOHFKWHV *HIKO *LEW HV IU GLH 6FKQHHJHLVWHU HLQH 0|JOLFKNHLWXQVKLHUHLQH)DOOH]XVWHOOHQ"´ )DUWXORRQ SROLHUWH PLW GHP )HOO VHLQHV 0DQWHOlUPHOV HLQH 6WHOOH DQ VHLQHP JHZHW]WHQ%UXVWKDUQLVFK³-DXQGQHLQ´VDJWHHUVFKOLHOLFK ³6LH ZUGHQ XQV DQJUHLIHQ DEHU LFK NDQQ PLU QLFKW GHQNHQ GD VLH LQWHOOLJHQW JHQXJVLQGYRUDXVVFKDXHQG]XSODQHQ´ ,FKVDJWHKDUW³7URW]GHPEOHLEHLFKPLWUDXLVFK´ ³1LFKW QXU GHLQ JXWHV 5HFKW´ NRQWHUWH )DUWXORRQ ³VRQGHUQ GLH KDOEH /HEHQVYHUVLFKHUXQJIUXQV´ ,FK VWHXHUWH GHQ :DJHQ ZHLWHU LQ VFKDUIHQ .XUYHQ XP GLH %lXPH )HOVHQ XQG (UGKDXIHQKHUXP0LWUDXLVFKEHZHJWHVLFKPHLQ%OLFNEHUGLH6]HQHULHGLHYRUXQV ODJ8QGVFKOLHOLFK|IIQHWHLFKHLQ9HQWLOKLHOWDQXQGHUNOlUWHJULPPLJ³,FKIDKUHQLFKW ZHLWHU´ )DUWXORRQVDKPLFKDQ³'XEHUUDVFKVWPLFK6|KQFKHQ´ ³0HLQHWZHJHQ ,FK YHUPXWH GD YRU XQV TXHU ]X XQVHUHU )DKUWULFKWXQJ HLQ *UDEHQOLHJW:LUIDOOHQPLWWHQKLQHLQZHQQZLUZHLWHUIDKUHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ K|UWH DXI VHLQHQ %UXVWSDQ]HU ]X SROLHUHQ ZDV RKQHKLQ QXU ZHQLJ (UIROJYHUVSUDFKXQGVDJWHQXU³,FKZHUGHDXVVWHLJHQ´ (UULGLH7XUDXIVWHOOWHVLFKLQGLHVWlKOHUQHQ%JHOXQGVSUDQJLQGHQ6FKQHH 'DQQ UDQQWH HU YRU GHP ODQJVDP IDKUHQGHQ :DJHQ QDFK YRUQ XQG VFKQLWW DOV HU DQ HLQHP%DXPPLWWLHIOKlQJHQGHQbVWHQYRUEHLNDPHLQHQHLQLJHUPDHQJHUDGHQ$VWDE ,FK IROJWH LKP (U VHQNWH GHQ 6WDE LQ GHQ 6FKQHH XQG ZLQNWH PLFK ZHLWHU ,Q 6FKULWWJHVFKZLQGLJNHLWJLQJHVYRUDQ'LH=HLWYHUVWULFKZlKUHQGZLUYHUVXFKWHQHLQHQ *UDEHQLQGHUIODFKHQEUHWWHEHQHQZHLHQ6FKQHHGHFNH]XHQWGHFNHQ)DUQDWKLDXQG (LVNUDOOHEHXJWHQVLFKQDFKYRUQXQGEOLFNWHQGXUFKGLH)URQWVFKHLEH ³'XJODXEVWVLHKDEHQXQVHLQH)DOOHJHVWHOOW"´IOVWHUWHGDV0lGFKHQ ³-D ,FK DKQH HV VR GHXWOLFK GD LFK VDJHQ N|QQWH LFK ZHL HV´ HUZLGHUWH LFK XQG IXKU JHUDGHDXV 'HU %DXFKDXIVFKQHLGHU UDQQWH GXUFK GHQ WLHIHQ 6FKQHH YRU GHP %XJGHV)DKU]HXJVQDFK1RUGHQ,PPHUZLHGHUKREXQGVHQNWHVLFKVHLQ6WDE(UKRE GLH6FKXOWHUQGUHKWHVLFKXPXQGPDFKWHHLQH*HVWHGHU5DWORVLJNHLW'HU8QWHUJUXQG ZDU QDFK ZLH YRU KDUW XQG IHVW ,FK UL GDV )HQVWHU DXI XQG EUOOWH KLQDXV ³)DUWXRRQ 'RUWYRUQ(WZDKXQGHUW6FKULWWH,FKVHKHHVGHXWOLFK´ ³,FKZHUGHDXISDVVHQ%OHLEWKLQWHUPLU´ ³,Q2UGQXQJ´ (LQH =HKQWHO 7RQWD YHUJLQJ ZLH YRQ HLQHP XQEHNDQQWHQ :HVHQ JHGHKQW XQG YHUODQJVDPW 'LH 5lGHU XQG GLH 5DXSH VFKREHQ XQV ]ZLVFKHQ GHQ %lXPHQ XQG GHQ )HOVHQYRUZlUWV)DUWXORRQ]HLFKQHWHIUXQVGLH6SXUXQGEHIDQGVLFKQRFKLPPHUDXI HEHQHP XQG RIIHQVLFKWOLFK VLFKHUHP %RGHQ 0HLQH 6SDQQXQJ ZXFKV (LQH $KQXQJ VDJWHPLUGDHVLQGLHVHP*HELHWHLQH)DOOHJDE,FKZXWHQLFKWHLQPDOLQZHOFKHU )RUP GLHVH )DOOH DXIWDXFKHQ ZUGH ,FK ZXWH DXFK QLFKW ZLH VLH DXVVDK XQG VLFK DXVZLUNHQZUGH1XUHLQH$KQXQJQLFKWPHKU$EHUDXFKQLFKWZHQLJHU,FKIKOWHZLH VLFK PHLQH +DXW PLW 6FKZHL EHGHFNWH XQG ZLH PHLQH 1HUYHQ VLFK VSDQQWHQ 1LFKWV JHVFKDK:LUIXKUHQODQJVDPZHLWHUXQGJHUDGHDXV 3O|W]OLFKKRE)DUWXORRQGLH+DQG³+DOW´ ,FK OlFKHOWH YRU PLFK KLQ $OVR GRFK 0HLQH $KQXQJ KDWWH PLFK QLFKW JHWURJHQ 'HU 6WDE YHUVDQN LP 6FKQHH XQG )DUWXORRQ GUHKWH VLFK XP XQG ZLQNWH PLU GD LFK DQKDOWHQ VROOWH ,FK KLHOW GDV )DKU]HXJ DQ EHXJWH PLFK DXV GHP 6HLWHQIHQVWHU XQG IUDJWHODXW³7DWVlFKOLFK"(LQ*UDEHQ"´ (UULHI]XUFN³1HLQ(WZDV6FKOLPPHUHV$WODQ(LQH(UGVSDOWH´ ,FK]RJGLH%UDXHQKRFKXQGWUDWDXIGLH%UHPVH(LQH6SDOWHZDUVFKZLHULJHUDOV HLQ *UDEHQ :LU EHVDHQ NHLQHUOHL :HUN]HXJH RGHU +LOIVPLWWHO XP HLQH 6SDOWH EHUZLQGHQ ]X N|QQHQ (V VDK VR DXV DOV RE XQVHUH )OXFKW DQ GLHVHP 3XQNW ]XP 6WHKHQJHNRPPHQZlUH,FK|IIQHWHGLH7XUXQGVSUDQJKLQDXV0LW]ZDQ]LJ6FKULWWHQ ZDU LFK DQ GHU 6HLWH )DUWXORRQV (LQH WURVWORVH (EHQH EUHLWHWH VLFK UXQG XP XQV DXV 'HU*LSIHOGHU9HUODVVHQKHLWXQGGHU(LQVDPNHLWZDUHUUHLFKW,FKEOLFNWHLQGLHJHOEHQ $XJHQ GHV %DXFKDXIVFKQHLGHUV HU GHXWHWH QDFK YRUQ XQG VDJWH ³(V VLHKW VFKOHFKW DXV´ ³:LHN|QQHQZLUGLHVHU*HIDKUHQWNRPPHQ"´ 6HLQH$QWZRUWVHW]WHPLFKLQ(UVWDXQHQ³,FKZHLHVQLFKW,FKVHKHKLHUNHLQHQ %RGHQ 'DV )DKU]HXJ ZUGH PHWHUWLHI IDOOHQ 9HUPXWOLFK PVVHQ ZLU HLQHQ 8PZHJ PDFKHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
'DV ZDU HV ZRUDXI ZLU WDJHODQJ JHZDUWHW KDWWHQ RKQH HV ]X ZLVVHQ XQG RKQH XQV 5HFKHQVFKDIW DE]XOHJHQ 9RU XQV EHIDQG VLFK HLQ VHKU WLHIHU *UDEHQ RGHU HLQH 6SDOWHGLHHLQ:HLWHUNRPPHQXQP|JOLFKPDFKWH8QGKLQWHUXQVNDPHQ²YHUPXWOLFK² GLH.UDODVHQHQ :LH EUHLW LVW GLH 6SD=WH" :LH WLHI LVWVLH" :HOFKH 0|JOLFKNHLWHQ JLEW HV VLH ]X EHUZLQGHQ" ³:DV N|QQHQ ZLU WXQ )DUWXORRQ" %LVKHU KDVW GX DXV MHGHU *HIDKU HLQHQ $XVZHJJHIXQGHQ´ ³$XFKGLHVPDOZHUGHLFKHLQHQ$XVZHJILQGHQ$EHULFKPXEHUOHJHQ´ ³(VJLEWQXU]ZHL0|JOLFKNHLWHQ(QWZHGHUKLQEHURGHUHLQHQ8PZHJIDKUHQ´ ³'XVDJVWHV´ 0LWWHQ LQ GHP YHUODVVHQHQ /DQG VWDQGHQ ZLU XQG EHUOHJWHQ 'DV SHUV|QOLFKH 6FKLFNVDO YRQ YLHU YHUVFKLHGHQDUWLJHQ :HVHQ KLQJ GDYRQ DE ZHOFKH /|VXQJ ZLU IU GLHVHV 3UREOHP IDQGHQ :LU VDKHQ XQV DQ XQG HUNDQQWHQ GD ZLU YRU 1HUYRVLWlW ILHEHUWHQ 9LHOOHLFKW HUNDQQWHQ (LVNUDOOH XQG )DUQDWKLD QLFKW JHQDX GLH *HIDKU )U )DUWXORRQ XQG PLFK GUFNWH VLH VLFK HLQHP NODUHQ %LOG DXV 8QVHUH 3KDQWDVLH VDK EHUHLWVGLH.UDODVHQHQGLHDXIXQVHUHQYHUZLVFKWHQ6SXUHQKHUDQUDVWHQ )DUWXORRQJULQVWH³:DJHQZLUHV"'HUNXU]HDEHUJHIlKUOLFKH:HJ"´ ³,FKNDQQHVULVNLHUHQ$EHUREXQVHU)DKU]HXJPLWPDFKWVHLGDKLQJHVWHOOW´ :LUEOLFNWHQXQVPLWGHU0LHQHYRQ9HUVFKZ|UHUQDQ³'HU.DUUHQKDWELVKLHUKHU JHKDOWHQ (LQH OHW]WH .UDIWDQVWUHQJXQJ ZLUG LKP QLFKW VFKDGHQ´ VDJWH )DUWXORRQ GXUFKDXVRSWLPLVWLVFK ³:LHZHLWLVWHVELV]XP7DOGHV'DPSIHV"´ (UJULQVWHEUHLW³)QI3UDJRV$WODQ,P)XPDUVFKQRFKYLHOOlQJHU´ ,FKZDUDQGHP3XQNWGHU=XUFNKDOWXQJXQGGHUhEHUOHJXQJDQJHODQJWDQGHP VLFK .OXJKHLW XQG 6NHSVLV :DJHPXW XQG 5LVLNREHUHLWVFKDIW ]X VWUHLWHQ EHJDQQHQ GHVKDOE VDJWH LFK ³:HQQ GX DQV 6WHXHU JHKVW EDXFKDXIVFKQHLGHQGHU )UHXQG XQG /HKUPHLVWHUJODXEHLFKGDZLUHVVFKDIIHQN|QQHQ´ (UQLFNWHQXU³(LQYHUVWDQGHQ´ :LUJLQJHQ]XUFN]XP6FKQHHIDKU]HXJXQGOHJWHQHLQH3DXVHHLQ:LUVWlUNWHQ XQVPLWKHLHP7HH'DQQ|IIQHWHGHU%DXFKDXIVFKQHLGHUGLH9HQWLOHXQGIXKUORV(LQ $OSWUDXPLQGUHL'LPHQVLRQHQEHJDQQ=XQlFKVWJLQJHVQRFKJHUDGHDXV'DQQVHQNWH VLFKGHU%XJGHV:DJHQVXQGGHXWHWHQDFKXQWHQ1RFKLPPHUJULIIHQGLHKRKHQ3URILOH GHU5lGHUXQGGLH=DFNHQGHUVWlKOHUQHQ 5DXSHLP6FKQHHXQGLQGHPXQEHNDQQWHQ 8QWHUJUXQG 'DQQ VWHOOWH VLFK XQVHU )DKU]HXJ LQ HLQHP JHZDJWHQ :LQNHO IDVW DXI GHQ .RSIXQGUDWWHUWHHLQHQXQVLFKWEDUHQ$EKDQJKLQXQWHU ³(V JLEW 'LQJH GLH VHOEVW LFK QLFKW GXUFKVFKDXHQ NDQQ´ VDJWH )DUWXORRQ XQG GUHKWHDQGHQ6FKDOWXQJHQ ³'D]XJHK|UW]ZHLIHOORVGLHVHU+DQJGLHVH)XUFKHRGHUGLHVHU*UDEHQ´ ³'XKDVWUHFKW$WODQ´ :LUDOOHVFKZLHJHQEHIDQGHQXQVLP%DQQGHU6LWXDWLRQ:DKUHQGGDV)DKU]HXJ LQHLQHP:LQNHOGHUXQVJHUDGH]XYHUUFNWYRUNDPLQGLH6SDOWHKLQXQWHUIXKUZlKUHQG ZLU XQV DQ DOOHQ P|JOLFKHQ 9RUVSUQJHQ XQG *ULIIHQ IHVWNODPPHUWHQ ZlKUHQG GLH 0RWRUHQXQG/DJHULKUVFKDXHUOLFKHV/LHGVDQJHQXQGKHXOWHQKREVLFKGLH6FKQDX]H GHV6FKQHHPRELOVZLHGHU:LUEHIDQGHQXQVLQHLQHUGLFNHQ6FKLFKW6FKQHHXQGIXKUHQ EHU HLQHQ XQEHNDQQWHQ *UXQG GDKLQ 1LHPDQG VSUDFK QLHPDQG UHDJLHUWH
'HU.ULVWDOOSULQ]
M
$WODQ
=HQWLPHWHUZHLVH ZKOWHQ VLFK GLH 5DXSH XQG GLH 5lGHU GXUFK GHQ 6FKQHH XQG EHU GDV(LV/DQJVDPKREVLFKGHU%XJZLHGHU ³,FK JODXEH ZLU NRPPHQ QRFK HLQPDO GDYRQ´ PXUPHOWH )DUWXORRQ XQG HUK|KWH GLH /HLVWXQJ GHU VHFKV 0RWRUHQ LQ GHQ 1DEHQ GHU JHZDOWLJHQ 5lGHU :LU HUNOHWWHUWHQ ODQJVDPXQGLPPHUZLHGHUDEUXWVFKHQGGLH6WHLJXQJ,FKJODXEWHGDZLUXQVDXIGHP %RGHQ XQG GHQ EHLGHQ +lQJHQ HLQHV *UDEHQV EHZHJWHQ GHU LQ VFKQHHORVHQ =HLWHQ HLQH 0RRUODQGVFKDIW HQWZlVVHUWH 'LH 3URILOH GHU 5lGHU UXWVFKWHQ GXUFK 0LW NUDFKHQGHPXQGVFKUIHQGHP*HUlXVFKJULIIHQGLH=DFNHQGHU5DXSHHLQXQGVFKREHQ XQVODQJVDPGHQ+DQJKRFK,PPHUZLHGHUUXWVFKWHQZLUGDEHL]XUFN(LQH6WLPPXQJ DOVZlUHQZLUEHUDXVFKWRGHUQLFKWEHL6LQQHQHUJULIIXQVLP,QQHUQGHU.DELQH'XUFK GLH)URQWVFKHLEHVDKHQZLUQLFKWVDQGHUHVDOVGHQ6FKQHHXQGGHQ+LPPHOGHUEHU XQVLQHLQHPIDKOHQ*UDXOHXFKWHWH³,FKJODXEHZLUVFKDIIHQHV´ 'HU gOEUHQQHU IDXFKWH ZLH EHVHVVHQ 'HU 'UXFN GHV 'DPSIONHVVHOV OLH GLH 7XUELQH KHXOHQ XQG ZLQVHOQ 5lGHU XQG 5DXSH NUDW]WHQ DXI GHP JHIURUHQHQ 8QWHUJUXQG :LH LQ =HLWOXSH KRE VLFK GHU :DJHQ XQG VFKRE VLFK ZLHGHU DXI GLH ZDDJHUHFKWH/DQGVFKDIWKLQDXI ³:LU KDEHQ HV JHVFKDIIO´ VDJWH )DUWXORRQ DOV ZLU DXV GHP *UDEHQ KHUDXVJHNURFKHQZDUHQ ³0LWXQVHUHQ6FKZHLWURSIHQZlKUHQGGLHVHV9HUVXFKHVKlWWHQZLUHLQHQEUHLWHQ :HJ ELV ]XP :DUPHQ $XJH VFKPHO]HQ N|QQHQ´ ULHI (LVNUDOOH ³8QG QXQ PVVHQ ZLU HLQ1DFKWODJHUVXFKHQ)DUWXORRQ´ 'HU %DXFKDXIVFKQHLGHU VHW]WH ODQJVDP GLH *HVFKZLQGLJNHLW GHV )DKU]HXJV KLQDXI GUHKWH VLFK LQ VHLQHP 6LW] XP XQG JULQVWH GHQ &KUHWNRU DQ ³,FK ]LHKH GLH ODQJVDPHDEHUVLFKHUH7RXUYRU-HOlQJHUZLUGDV)DKU]HXJEHQXW]HQN|QQHQGHVWR EHVVHULVWHVIUXQV´ 'LH *HVFKZLQGLJNHLW HUK|KWH VLFK :LU KDWWHQ DQ GLHVHP 7DJ HLQH EUHLWH 6SXU KLQWHUODVVHQ GLH NDXP ]X EHUVHKHQ ZDU (V GURKWH DXFK ZHGHU HLQ 6WXUP QRFK HLQ VFKZHUHU 6FKQHHIDOO²DOVR ZUGHQ GLH .UDODVHQHQ XQVHUHQ :HJ GXUFK GDV 0RRU PLW GHQ HLQ]HOQHQ %lXPHQ )HOVHQ XQG +JHOQ JHQDX YHUIROJHQ N|QQHQ )DUWXORRQ (LVNUDOOH XQG LFK NRQQWHQ XQV YHUWHLGLJHQ (YHQWXHOO ZUGHQ ZLU DXFK HLQH hEHUPDFKW DEZHKUHQN|QQHQ$EHU)DUQDWKLDZUGHVWHUEHQZHQQXQVGLH+lVFKHUGHV%OLQGHQ 6RIJDUW HUUHLFKWHQ 'LH *HVFKZLQGLJNHLW GHV )DKU]HXJV QDKP ZLHGHU ]X :LU IXKUHQ LPPHU QRFK QDFK 1RUGHQ XQG ZUGHQ DXI XQVHUHP :HJ GDV 7DO GHV 'DPSIHV HUUHLFKHQXQGGHQ2UW$GMRYHU $EHUZDQQ8QGDXIZHOFKHP:HJ"8QGQDFKZHOFKHQ$EHQWHXHP".HLQHUYRQ XQV ZHL HV *ODXEW )DUWXORRQ WDWVlFKOLFK VHLQHQ 6WW]SXQNW YRU GHQ JHGXQJHQHQ 0|UGHP HUUHLFKHQ ]X N|QQHQ" ,FK ZDQGWH PLFK DQ LKQ XQG VDJWH VR ODXW GD DXFK )DUQDWKLDXQG(LVNUDOOHHVYHUVWHKHQNRQQWHQ³0HLQ)UHXQGXQG/HKUHU´ ³,FKK|UH´ ³:RXQGZLHYHUEULQJHQZLUKHXWHGLH1DFKW"´ ³,UJHQGZR,FKZHLHVQLFKW:LUKDEHQQRFK=HLWELV]XU'lPPHUXQJ´ ³5LFKWLJ$EHUGUHL/HXWHKLHULQGHU.DELQHKDEHQGLHVHV%ODVVH/DQGQRFKQLH GXUFKTXHUW´ )DUWXORRQ ODFKWH UDXK ³(V JLEW LQ GLHVHU *HJHQG ZHQLJH 9HUVWHFNH 'DV JLOW JOFNOLFKHUZHLVHDXFKIUGLH6FKQHHJHLVWHU´
'HU.ULVWDOOSULQ]
M
$WODQ
,FK JODXEWH PLFK ZLHGHU HLQPDO ]X HULQQHUQ 3O|W]OLFK VD LFK LQ HLQHP ODXWORV GDKLQJOHLWHQGHQ )DKU]HXJ²JDQ] LP *HJHQVDW] ]X GLHVHU UDWWHPGHQ XQG VKQNHQGHQ .LVWH²XQG VFKZHEWH EHU HLQH )OlFKH GLH HQGORV VFKLHQ (LQH PLOGH 6RQQH VWUDKOWH DXIGLHHEHQH/DQGVFKDIW,QGHU)HPH]HLFKQHWHQVLFKWULFKWHII|UPLJHJURSH%DXZHUNH DE$XIHLQHVGLHVHUNQVWOLFKHQ*HELUJHVWHXHUWHLFK]X³,FKZUGHPLFKQLFKWZXQGHUQ ´EHJDQQLFK )DUWXORRQZDUIPLUHLQHQEHVRUJWHQ%OLFN]XVDJWHLQVWUHQJHP7RQ³'XWUlXPVW VFKRQZLHGHU´ ³,FK HULQQHUH PLFK´ PXUPHOWH LFK XQG VSUWH ZLH GLH IUHPGHQ %LOGHU ]X YHUEODVVHQEHJDQQHQ ³$FK ZDV´ VDJWH )DUWXORRQ XQG VFKOXJ DXI VHLQHQ +DUQLVFK GD HV GXPSI NUDFKWH³(ULQQHUXQJHQ(VVLQGGLHXQUHLIHQ7UlXPHHLQHV+HUDQZDFKVHQGHQ´ :LUEHIDQGHQXQVZLHGHULQGHUWURVWORVHQZHLHQ(LQ|GHGHV%ODVVHQ/DQGHV 1HEHQ XQV ZDQGHUWH HLQ ULHVLJHU XQGHXWOLFKHU 6FKDWWHQ EHU GLH 6FKQHHIOlFKH 'LH OHW]WHQ 6RQQHQVWUDKOHQ ILHOHQ ZDDJUHFKW GXUFK GLH )HQVWHU XQG HU]HXJWHQ HLQ PHUNZUGLJ VWHFKHQGHV URWJROGHQHV /LFKW LQ GHP DOOHV HLQH 9HU]DEHUXQJ DQ]XQHKPHQ EHJDQQ )DUWXORRQ GHU %DXFKDXIVFKQHLGHU VDK DXV ZLH GHU +HOG DXV HLQHPDOWHQ$UNRQ'UDPDXPGLH=Z|OI+HURHQ ³:LU ZHUGHQ KHXWH PLWWHQ LQ GHU (LQ|GH EHUQDFKWHQ´ VDJWH LFK YRUZXUIVYROO ³+LHUPLWWHQDXIGHUHEHQHQ)OlFKHGHUVFKQHHEHGHFNWHQ7XQGUD´ )DUWXORRQ ODFKWH XQG VFKWWHOWH GHQ .RSI ³:LU ZHUGHQ KHXWH ZHLWHUIDKUHQ 0LW 6FKHLQZHUIHUOLFKW´ ³,FKJODXEHQLFKWGDPLUGDVJHIlOOW´VFKULH(LVNUDOOHYRQKLQWHQ(UNPPHUWH VLFK]XVDPPHQPLW)DUQDWKLDXPGDVDEHQGOLFKH(VVHQ ³'LU ZLUG QRFK YLHO ZHQLJHU JHIDOOHQ ZHQQ HLQ .UDODVHQH GHLQHQ GXUFKVLFKWLJHQ .RSI YRQ GHP WUDQVSDUHQWHQ .|USHU VFKQHLGHW´ JDE )DUOXORRQ ]XUFN ³$WODQ XQG LFK ZHUGHQXQVDOOH]ZHL7RQWDVDEZHFKVHOQ'DVYHUJU|HUWXQVHUHQ9RUVSUXQJ´ 'DV )DKU]HXJ UDWWHUWH ZHLWHU JHQDX QDFK 1RUGHQ (V ZXUGH GXQNOHU :LU DOOH )DUWXORRQ QLFKW DXVJHQRPPHQ EHJDQQHQ XQV YRU GLHVHU 1DFKW ]X IUFKWHQ $EHU ELV ]XU 6WDWLRQ JDE HV QRFK YLHOH lKQOLFKH 1lFKWH XQG DXFK DQGHUH *UQGH XQV ]X IUFKWHQ )QI3UDJRVQDFK*RUWDYRU0DIDVWQHXQ7DJH]X7RQWDVEHZHJWHQZLU XQVZHLWHU'DVHLQ]LJ:XQGHUEDUHGDUDQZDUGDGHU:DJHQQLFKW]XVDPPHQEUDFK 'LH *HUlXVFKH VWHLJHUWHQ VLFK YRQ HLQHU 7DJHVKlOIWH ]XU DQGHUHQ 6FKOLHOLFK ILHO HLQ 0RWRUDXV:LUIXKUHQPLWQXUIQIDQJHWULHEHQHQ5lGHUQZHLWHU(LVNUDOOHOLWWXQGVFKOLHI DEZHFKVHOQG/DQJVDPVWDUEDXFKGHUOHW]WH9HUVXFKHLQHUQRUPDOHQ8QWHUKDOWXQJ $OV ZLU GDV 7DO GHU 'lPSIH HUUHLFKWHQ PXWH ZLHGHU )DUWXORRQ GDV 6WHXHU EHUQHKPHQ(UOHQNWHGHQNUDFKHQGHQXQGMDXOHQGHQ:DJHQGXUFK'DPSIZRONHQGLH XQWHU XQV DXV SO|W]OLFK HQWVWHKHQGHQ 6SDOWHQ HPSRUEUDFKHQ XQG XQV HLQKOOWHQ 'LH EUHLWHQ5lGHUZDO]WHQGXUFKVFKODPPLJH3IW]HQLQGHQHQ%ODVHQLQDOOHQ)DUEHQPLW EOXEEHUQGHQ *HUlXVFKHQ SODW]WHQ XQG EHOULHFKHQGH 'lPSIH DXVVWLHHQ GLH LQ GLH .DELQHGUDQJHQ:LUGXUFKTXHUWHQVFKZHLJHQGXQGKXVWHQGPLWWUlQHQGHQ$XJHQXQG XQVHUH 3HO]H YRU 0XQG XQG 1DVH JHSUHW GLHVHV 7DO (V ZXUGH XQHUWUlJOLFK ZDUP² XQG VRIRUW VFKULH (LVNUDOOH VHLQH $QJVW ZLHGHU KLQDXV DXVHLQDQGHU]XIOLHHQ XQG ]X VWHUEHQ
'HU.ULVWDOOSULQ]
M
$WODQ
'DV )DKU]HXJ NOHWWHUWH HLQH SHFKVFKZDU]H 5DXFKZRONH KLQWHU VLFK KHUVFKOHSSHQG GLH WUHSSHQDUWLJ DEJHODJHUWHQ 6LQWHUWHUUDVVHQ KLQDXI GLH YRQ KHLHP :DVVHU VFKOSIULJ ZDUHQ 'LH 5DXSH JULII PLW LKUHQ DEJHQXW]WHQ XQG VFKDUI ]XJHVFKOLIIHQHQ (OHPHQWHQ LQ GHQ DEJHODJHUWHQ .DON XQG ]HUVW|UWH )DUEHQ XQG 6WUXNWXUHQ ³+LHU JLEW HV ´²HLQ +XVWHQDQIDOO XQWHUEUDFK )DUWXORRQ²µa NHLQH 6FKQHHJHLVWHU´ ³(LQVFKZDFKHU7URVW´VWHOOWHLFKZUJHQGIHVW .UDFKHQG ]HUEDUVWHQ GLH 8PUDQGXQJHQ ULHVLJHU 7XPSHO DOV ZLU GDUEHU KLQZHJIXKUHQ 6FKODPP XQG :DVVHU IOR DQ DOOHQ 6HLWHQ YRQ GHQ ZXOVWLJHQ 5HLIHQ KHUXQWHU(VZDUZLQGVWLOOXQGGLH*ORFNHDXV'DPSIXQG'XQVWXQGVFKZHUHQ*DVHQ GLH EHU GLHVHP 6WFN 7DO KLQJ KOOWH XQV HLQ XQG PDFKWH DOOH *HUlXVFKH OHLVHU :LHGHU KDWWHQ ZLU DEJHNU]W 1RFK LPPHU EHWUXJ XQVHU YHUPHLQWOLFKHU 9RUVSUXQJ PHKU DOVHLQLJH7RQWDVGHQQVRQVWKlWWHQZLUHLQ)DKU]HXJGHU.UDODVHQHQVHKHQPVVHQ 'DV 6FKQHHPRELO GXUFKVWLH GLH 1HEHOZDQG )DUWXORRQ VHW]WH GLH *HVFKZLQGLJNHLW KHUDXI DOV ZLU GHQ 7DONHVVHO YHUODVVHQ KDWWHQ XQG hEHU HLQH ORFNHUH 6FKLFKW $VFKH .LHV XQG %LPVVWHLQEURFNHQ HLQHQ +DQJ KLQXQWHUVFKOLWWHUWHQ 'HU :DJHQ QDKP HLQHQ JHZDOWLJHQ $QODXI XQG IXKU ZLHGHU LQ HLQH (EHQH KLQHLQ :LU ULVVHQ GLH )HQVWHU DXI REZRKO GLH IURVWNDOWH /XIW VWHFKHQG QDFK XQV EL 'DV 5RKU EHJDQQ ZLHGHU GXQNHO ]X JOKHQ ³'RUWYRUQDP+RUL]RQWVHKWLKUHV"´IUDJWH)DUWXORRQ (LQ6WUDKO'DPSIVlEHUWHGLH6FKHLEHQYRUXQV:LUHUNDQQWHQHLQH/EHQHGLH VLFKQDFKDOOHQ6HLWHQHUVWUHFNWH1XUJHUDGHDXVLQDEVROXWQ|UGOLFKHU5LFKWXQJVWLHJ GDV*HOlQGHVDQIWDQ$P+RUL]RQWHUKREVLFKHLQHIDVWVHQNUHFKWH6lXOH6LHHUUHLFKWH ZHLWDXV PHKU DOV ]HKQ .LORPHWHU 'XUFKPHVVHU XQG HUVWUHFNWH VLFK ELV ]X GHU *UHQ]H EHUXQVDQGHUMHQHU'DPSIRGHU5DXFKPLWGHP+RFKQHEHOYHUVFKPRO]+LQWHUGHP 1HEHO OHXFKWHWH ULHVLJ XQG IDKO GLH 6RQQH *RUWDYRUV (LQ %LOG GDV DOOHLQ GXUFK GHQ $QEOLFNVFKZHUPWLJPDFKWH ³,FKVHKHHV$GMRYHU"´ 'HU %DXFKDXIVFKQHLGHU QLFNWH ODQJVDP ³:LU KDEHQ QRFK HLQH 0HQJH 6FKQHHJHOlQGHYRUXQV'RUWGHU6WUHLIHQ$P5DQGGHV:DUPHQ$XJHVOLHJW$GMRYHU´ :LUNRQQWHQGLH8QWHUVFKLHGHVHKHQ$OVZLUGHQ.QLFN]ZLVFKHQGHP)OXKDQJ XQG GHU (EHQH HUUHLFKWHQ ZKOWHQ VLFK 5lGHU XQG 5DXSH ZLHGHU GXUFK 6FKQHH GHU LPPHU WLHIHU ZXUGH %LV NXU] YRU $GMRYHU JDE HV 6FKQHH XQG (LV GDQQ EHJDQQ GLH HLVIUHLH =RQH XP GDV :DUPH $XJH 'LH /DJH GLHVHV .UDWHUV YHUULHW VLFK GXUFK GLH DQVWHLJHQGH 'DPSIVlXOH GLH VLFK MHW]W LQ GHU IDVW ZLQGVWLOOHQ =HLW QLFKW EHZHJWH )DUQDWKLDV*HVLFKWGUFNWHDXVZDVZLUIKOWHQ(LQVDPNHLWWURVWORVH0HODQFKROLHXQG GLH (UZDUWXQJ YRQ 7HUURU XQG *HZDOW LQ GHU 6LHGOXQJ GLH ZLU XQEHGLQJW DQODXIHQ PXWHQ 9RUPLUOHXFKWHWHIODFNHUQGHLQ:DUQOLFKWDXI³)DUWXORRQ6FKQHOODEGUHKHQ´ =X VSDW :LQVHOQG IUD VLFK DEHUPDOV HLQ /DJHU IHVW 'HU ]ZHLWH 0RWRU ILHO DXV (V ZDU GHU IU GDV OHW]WH 5DG DXI GHU UHFKWHQ 6HLWH )DUWXORRQ VFKDOWHWH VFKQHOO DEHU GDV.OLFNHQGHV6FKDOWHUVZDUQXUHLQH]XVlW]OLFKH6LFKHUKHLWIUXQVHUH2KUHQ³$XFK PLW GHU 5DXSH DOOHLQ ZUGHQ ZLU HV VFKDIIHQ´ VDJWH HU ³1RFK KDEHQ ZLU JHQJHQG 5HVHUYHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
(UVWHXHUWHPLWXQYHUlQGHUWHU*HVFKZLQGLJNHLWZHLWHU$OOHVLP%DQQNUHLVGLHVHV *HIlKUWV EHIDQG VLFK DP 5DQG GHU /HLVWXQJVIlKLJNHLW :LU IXKUHQ PLW QXU QRFK YLHU 0RWRUHQ²JOFNOLFKHUZHLVH IXQNWLRQLHUWH GLH 5DXSH QRFK 'LH +JHO XQG 7 OHU GHV OHW]WHQYRUSRODUHQ*HELUJV]XJVWDXFKWHQDXVGHP1HEHODXIMHK|KHUZLUNDPHQXQGMH PHKUZLUXQVGHP.UDWHUQlKHUWHQ(VZDUHLQVWUDKOHQGHUVRQQHQIXQNHOQGHU0RUJHQ DOVZLUGHQ5DQGGHV(LVHVHUUHLFKWHQ ³:LU PVVHQ XQV $GMRYHU JDQ] YRUVLFKWLJ QlKHUQ =X YLHOH 0lQQHU VLQG KLHU VFKRQXPJHNRPPHQZHLOVLHQLFKWDXI$QUXIVWHKHQEOLHEHQ´VDJWH)DUWXORRQ ³,FKVHKHQLFKWVYRQGHU6LHGOXQJ´EHKDUUWH(LVNUDOOH ³+LQWHU GHU .XSSH OLHJW HLQ 7DO YRU GHP .UDWHUUDQG 'RUW EHILQGHW VLFK YRU GHQ 6WUPHQ ]LHPOLFK JXW JHVFKW]W GLH 6LHGOXQJ 0DQ VLFKW VLH HUVW ZHQQ PDQ GLH 7RUH SDVVLHUW´ ³,FKYHUVWHKH´ )DUQDWKLDZDUDEJHPDJHUWXQGKDWWHHWZDVYRQLKUHU6FK|QKHLWHLQJHEW$EHU HLQLJH1lFKWH6FKODIXQGJXWHV(VVHQZUGHQVLHZLHGHUVWUDKOHQGZHUGHQODVVHQVR ZLHLFKVLHNDQQWHXQGOLHEWH(LVNUDOOHV/DXQHEHIDQGVLFKDPXQWHUVWHQ7LHISXQNW$OOH VHLQH bQJVWH EUDFKHQ KHUYRU ,FK VHOEVW ZDU PGH XQG DXVJHODXJW 'HU 0DQJHO DQ 6FKODI GLH HLQW|QLJH 9HUSIOHJXQJ XQG GLH VWlQGLJH $QVSDQQXQJ DOOHU 1HUYHQ ZHLO ZLU PLW$QJULIIHQXQG9HUIROJXQJUHFKQHWHQKDWWHQXQVHUVFK|SIW,FKVDKHVDQGHQKDUWHQ /LQLHQ XP GHQ 0XQG PHLQHV DOWHQ )UHXQGHV XQG HLQ JHOHJHQWOLFKHU %OLFN LQ GHQ 5FNVSLHJHOVDJWHPLUGDLFKQLFKWEHVVHUDXVVDK ³:LUG HV VFKZHU LQ $GMRYHU GHU 6LHGOXQJ GHU *HVHW]ORVHQ"´ IUDJWH LFK DOV GHU :DJHQ VLFK NHXFKHQG GLH OHW]WH :LQGXQJ GHU 3DVWUDH KLQDXIVFKUDXEWH GLH LKUHQ 1DPHQQLFKWYHUGLHQWH ³6HKU VFKZHU 1XU ELV ]X GHP =HLWSXQNW DQ GHP ZLU DN]HSWLHUW VLQG 'HU $QIKUHULVWHLQ7\UDQQXQGZLUPVVHQLKQHLQVFKFKWHUQ´)DUWXORRQJULQVWHHUVFKLHQ VLFKDXIGLH$XVHLQDQGHUVHW]XQJHQ]XIUHXHQ9RQXQVNRQQWHLFKGDVQLFKWVDJHQ:LU KDWHQGLHVHQ2UWEHYRUZLULKQJHVHKHQKDWWHQ )DXFKHQG XQG ]LVFKHQG HQWZLFK DXV GHP hEHUGUXFNYHQWLO HLQH JHZDOWLJH 'DPSIIDKQH KOOWH XQV HLQ XQG PDFKWH GLH 3RVWHQ DXI GHQ 7UPHQ DXI XQV DXIPHUNVDP :LU KLHOWHQ PLW XQVHUHP KDOE IXQNWLRQVXQIlKLJHQ :DJHQ YRU GHP VGOLFKHQ (LQJDQJ GHU 6LHGOXQJ DP XQPLWWHOEDUHQ 5DQG GHV :DUPHQ $XJHV 7DWVlFKOLFKKDWWHGLH7HPSHUDWXUDXIGHQOHW]WHQ.LORPHWHUQVWlQGLJ]XJHQRPPHQXQG ZDUMHW]WUHFKWDQJHQHKPVLHHQWVSUDFKHLQHPNKOHQ1DFKPLWWDJGHUMHQLJHQ*HJHQG DXVGHUZLUJHIORKHQZDUHQ ³1RFK HWZDV´ VDJWH )DUWXORRQ OHLVH ³9RP :DUPHQ $XJH ELV ]XP 3RO HUVWUHFNW VLFKHLQH=RQHGHUHQ:LUNXQJVEHUHLFKELVKRFK]XGHQ6WHUQHQUHLFKW´ ³:HOFKHU:LUNXQJVEHUHLFK"´,FKZDUDXIVQHXHEHXQUXKLJW ³,QQHUKDOE GLHVHU =RQH IXQNWLRQLHUHQ NHLQHUOHL (QHUJLHDJJUHJDWH PHKU DXFK NHLQH/XFFRWV(LQHUlWVHOKDIWH6SHUUH´ 'HU OLQNH 7XUP ZDU KDOE LQ GHQ VFKZDU]HQ )HOVHQ KLQHLQJHEDXW YLHOH VHLQHU =LQQHQ XQG (UNHU ZDUHQ EHDUEHLWHWH )HOVYRUVSUQJH 'HU 5HVW GHV %DXZHUNV ZDU PLW VFKZDU]HQ LQHLQDQGHU YHU]DKQWHQ 4XDGHUQ HUJlQ]W $XV VFKPDOHQ 6FKOLW]HQ UHFNWHQ VLFKGLH5RKUHYRQ(QHUJLHJHVFKW]HQ (LQH/DXWVSUHFKHUVWLPPHVFKULHXQVDQ³:HUVHLGLKU"´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ NXUEHOWH HLQ )HQVWHU KHUXQWHU XQG VFKULH ]XUFN ³(LQ KHLPDWORVHU ZDQGHUQGHU %DXFKDXIVFKQHLGHU PLW VHLQHQ .LQGHUQ XQG HLQHP $QKlQJVHO (LQ 0DQQ YRQHODVWLVFKHU0RUDOXQGYLHOHQ.HQQWQLVVHQ,KUZHUGHWPLFKEUDXFKHQN|QQHQ´ ³'DVZLUG8PPDQHQWVFKHLGHQ,KUVHLG]XYLHUW"´ ³5LFKWLJ =X YLHUW LQ HLQHP 6FKQHHZDJHQ GHU LQ .U]H H[SORGLHUHQ ZLUG :LU EUDXFKHQ$XVUVWXQJ=LHKKXQGHXQGHLQLJH1lFKWH6FKODI´ ³:RKLQGHV:HJHV"´ ³=XP7DO.HUPDQW´ 'HU DQGHUH 7XUP EHVWDQG DXV ]\OLQGULVFK DXIHLQDQGHUJHVFKLFKWHWHQ *HVWHLQVZUIHOQ,QGHQEUHLWHQ)XJHQGHU%DXZHUNHZXFKVHQ0RRVXQGNPPHUOLFKH VFKZDU]H *UlVHU XQG )DUQH 'LH IDVW XQNHQQWOLFKH 6WUDH PQGHWH LQ GHQ HQJHQ (LQVFKQLWW GLHVHU 6FKOXFKW 'LH 0DXHUQ GLH GHQ JHZDFKVHQHQ )HOV XQG GLH /DYDVFKLFKWHQPLWGHQ)ODQNHQGHU(LQJDQJVWUPHYHUEDQGHQEHVWDQGHQHEHQIDOOVDXV DXVJHVlJWHQ%URNNHQ/DYDGLHZLHVFKLOOHUQGHU2EVLGLDQDXVVDKHQ$OOHVDWPHWHHLQH GVWHUHIHXFKWHXQGGURKHQGH6WLPPXQJDXV ³=XP7DO.HUPDQW"6HLGLKUZDKQVLQQLJ"´ ³1HLQ´ULHI)DUWXORRQ³$XIGHU)OXFKWYRU*HVHW]XQG2UGQXQJ'HVZHJHQKDEHQ ZLUKLHU6WDWLRQJHPDFKW´ 'LH$QWZRUWGHVQRFKLPPHUXQVLFKWEDUHQ3RVWHQV]HXJWHGDYRQGDGHU1DPH GHV 7DOHV KLHU EHNDQQW ZDU 8Q]lKOLJH /HJHQGHQ JDE HV DXI *RUWDYRU YRP 7DO .HUPDQWDEHUDOVHEHQVRVLFKHUJDOWGDQRFKQLHPDQGGRUWJHZHVHQZDU9LHOOHLFKW JDEHVMHPDQGHQGHUHVHUUHLFKWKDWWHDEHUHUZDUGDQQQLFKW]XUFNJHNRPPHQXP GHQ DQGHUHQ YRQ VHLQHQ )XQGHQ ]X EHULFKWHQ 'LH /HJHQGH PLW GHU XQV )DUWXORRQ XPJDE]HLJWHVFKQHOOLKUH:LUNXQJ (LQNQDUUHQGHV%RKOHQWRU|IIQHWHVLFKQHEHQGHPVFKZHUHQVWlKOHUQHQ7RU]XP 7DO (LQ 3RVWHQ NDP KHUDXV (U ULFKWHWH HLQH VFKZHUH (QHUJLHZDIIH DXI XQV ³6WHLJW DXV´VDJWHHUVFKURII³8PPDQPXVHKHQZHUWULHUNRPPW´ (U JLQJ VR ZHLW ]XUFN GD HU XQV LP $XJH EHKDOWHQ NRQQWH XQG YRU HLQHP VFKQHOOHQ $QJULII JHVFKW]W ZDU :LU EHIDQGHQ XQV YRU GHU OHW]WHQ %DVWLRQ GHU DUNRQLGLVFKHQ=LYLOLVDWLRQDXIGHU:HOW*RUWDYRU-HQVHLWVGHVVFKZHUHQ7RUHVGDVPDQ EHVWHQIDOOVPLW(QHUJLHZDIIHQDXIVFKLHHQNRQQWHUDJWHQGLHJHGUXQJHQHQVFKZDU]HQ .XSSHOQ XQG EORFNDUWLJHQ +WWHQ GHU $XVJHVWRHQHQ DXI 'DV *HVLFKW GHV LQ )HOO JHNOHLGHWHQ3RVWHQVYHUKLHQLFKWV*XWHV9HUIHLQHUWH.XOWXUZUGHQZLUKLHUYHUJHEHQV VXFKHQ ³8PPDQ VLHKW DOOHV"´ IUDJWH GHU %DXFKDXIVFKQHLGHU XQG ]HLJWH VLFK PLW VHLQHP 6FKZHUWGHP6NDUJXQGGHPEODQNJHZHW]WHQ+DUQLVFK ³$OOHV'XUFKGLHVH/LQVHQGRUW´'LHNLQGHUJURH(UVFKHLQXQJGHVIUHPGDUWLJHQ &KUHWNRUVVFKLHQGHQ:lFKWHUQLFKW]XYHUEOIIHQ$EHUVFKRQDOVHUGHQZHLHQ6WLHIHO VDK GHQ )DUQDWKLD VHLW XQVHUHP $XIHQWKDOW LQ 6HXGHUV :HLHQ =HOWHQ WUXJ UL HU $XJHQXQG0XQGDXI³:DVLVWGDV"´ ³0HLQH NUDQNH 6FKZHVWHU´ VDJWH )DUWXORRQ VFKQHOO ³6LHKVW GX QLFKW LKU DXVJH]HKUWHV*HVLFKW"´ ,FKJULIIQDFKPHLQHP'ROFK'HU3RVWHQODFKWHNQXUUHQG³,FKVHKHQXUGDHV HLQH)UDXLVW(LQHVFK|QH)UDX9LHOOHLFKWZLUGVLH8PPDQKDEHQZROOHQ´ ,FKOHKQWHPLFKPLWJHVSDQQWHQ0XVNHOQDQHLQ5DG)DUQDWKLD]XFNWHXQWHUGHQ JLHULJHQ %OLFNHQ GHV 0DQQHV ]XVDPPHQ XQG HLOWH ]X PLU (LVNUDOOH VDK VLFK XP
'HU.ULVWDOOSULQ]
M
$WODQ
ZlKUHQG )DUWXORRQ GDV *DQ]H PLW GHU 0LHQH HLQHV YHUGURVVHQHQ DEHU JHVSUlFKVZLOOLJHQ+lQGOHUVEHWUDFKWHWH ³:DV KDEW LKU EHL HXFK YRQ VROFKHQ /HFNHUELVVHQ DEJHVHKHQ"´ EUXPPWH GHU 0DQQ ³6R JXW ZLH QLFKWV /HHUH gOWDQNV IDVW NHLQH 1DKUXQJVPLWWHO PHKU HLQ SDDU DXVJHOHLHUWH:DIIHQ²GDVEOLFKH:HGHU.RVWEDUNHLWHQQRFKhEHUUDVFKXQJHQ´ +LQWHUHLQHPGHU6FKOLW]HYHUIROJWHQHLQ3DDU/LQVHQMHGHXQVHUHU%HZHJXQJHQ 'LHVHU8PPDQVFKLHQGHU+HUUVFKHUGLHVHU6LHGOXQJ]XVHLQ'DV9RUKDQGHQVHLQYRQ (QHUJLHZDIIHQ EHGHXWHWH GD GLH YRQ )DUWXORRQ JHVFKLOGHUWH =RQH KLHU QRFK QLFKW ZLUNVDPZDU ³%HVRQGHUV IUHXQGOLFK VHLG LKU KLHU QLFKW´ VWHOOWH )DUWXORRQ IHVW DOV GHU 3RVWHQ ]XUFNWUDWXQGHLQHQVFKDUIHQ%OLFNKLQDXI]XGHQ/LQVHQZDUI ³:LUODVVHQQLFKWMHGHQKHUHLQ´ ³,FK ELQ DXFK QLFKW MHGHU´ JDE GHU %DXFKDXIVFKQHLGHU ]XUFN ³9LHOOHLFKW UHWWHW PHLQH.XQVWGHPHLQHQRGHUDQGHUHQ0DQQGDV/HEHQ,FKDPSXWLHUHKHLOHVFKQHLGH DXI XQG QlKH ]X YHUVFK|QHUH XQG NHQQH YLHOH 5H]HSWH IU 6DOEHQ 'HLQ $XVVFKODJ KLQWHUGHP2KU]XP%HLVSLHO²LFKJODXEHLFKNDQQGLUHWZDVHPSIHKOHQ´ 'HU3RVWHQJDEHLQLJHQXQVLFKWEDUHQ0lQQHUQHLQHQ:LQN,UJHQGZREHJDQQHQ VLFK NQLUVFKHQG =DKQUlGHU ]X GUHKHQ XQG =DKQVWDQJHQ ]X EHZHJHQ ³:LH NDQQVW GX KHOIHQ"´ )DUWXORRQJULQVWHLKQZRKOZROOHQGDQ³0LWHLQHP5DW´ ³:HOFKHU5DW"´ ³1LPPYLHOIULVFKHV:DVVHUXQG6HLIH:LUGUIHQKLQHLQ"´ ³-D+DOWHWDXIGHP0DUNWSODW]'RUWZHUGHWLKUHUZDUWHW*ODXEWQLFKWGDLKUKLHU HLQOHLFKWHV/HEHQKDEHQZHUGHW´ :LUVWLHJHQODQJVDPHLQLFKVHW]WHPLFKYRUGLH6WHXHUXQJ³1DFKGHPZLUGLFK NHQQHQJHOHUQW KDEHQ´ YHUVLFKHUWH )DUWXORRQ LQ IDOVFKHU )UHXQGOLFKNHLW YRP 6LW] DXV ³JODXEHQZLUQLFKWUHFKWGDUDQ´ 'DV7RU]RJVLFKODQJVDPLQGHQ%HUJ]XUFN(LQHVHOWVDPH6LHGOXQJ6FKW]WH VLHGXUFKGLHVHV7RURGHUGHUHQPHKUHUHVLFKVHOEVWYRUXQHUZQVFKWHQ(LQGULQJOLQJHQ RGHU VROOWH GDV /DQG YRU GHQ %HZRKQHUQ $GMRYHUV JHVFKW]W ZHUGHQ" :LU ZXWHQ HV QLFKWDEHUZLUZDUHQDXIDOOHVYRUEHUHLWHW )DUWXORRQZDUQWH³'HQNWGDUDQZDVLFKHXFKLQGHQOHW]WHQ7DJHQHU]lKOWKDEH´ ³:LUGHQNHQGDUDQ*LEWHVKLHUHLQ*DVWKDXVHLQ+RWHORGHUHWZDVbKQOLFKHV"´ ³1LFKWEHNDQQW´ 2IIHQVLFKWOLFK PLW OHW]WHU .UDIW UROOWH XQVHU )DKU]HXJ HLQH JHZXQGHQH 6WUDH HQWODQJGLHPLW8QUDWEHUVlWZDU'HUJHVDPWH2UWVFKLHQXQWHUHLQHU'XQVWJORFNH]X OLHJHQ (LQ 7HLO GHV EOHQ *HUXFKHV VWDPPWH RKQH =ZHLIHO DXV GHQ 6SDOWHQ GHV YXONDQLVFKHQ %RGHQV DXV $EJDVHQ GHU QDKHQ .UDWHUODQGVFKDIW :LU HUEOLFNWHQ NOHLQH EXQNHUlKQOLFKH *HElXGH PLW ZLQ]LJHQ )HQVWHUQ hEHUDOO ZXFKHUWH GLHVHV XQDQVHKQOLFKH 0RRV 'LH NPPHUOLFKHQ 5DVHQIOlFKHQ GLH VHLW -DKUKXQGHUWHQ RGHU OlQJHU NHLQHQ 6FKQHH JHVHKHQ KDWWHQ ZDUHQ PLW ZHJJHZRUIHQHQ XQG YHUURWWHQGHQ *HJHQVWlQGHQ EHUVlW $OOPlKOLFK LP /DXI HLQHU 6WUHFNH YRQ YLHOOHLFKW IQIOKXQGHUW JURHQ 6FKULWWHQ VWDQGHQ GLH *HElXGH QlKHU EHLHLQDQGHU (LQLJH UXQGH .XSSHOQ GLH DQ DVFKHEHGHFNWH ,JOXV HULQQHUWHQ XQWHUEUDFKHQ GLH JU|HUHQ VFKPDOHUHQ +DXVIURQWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³(LQHZLGHUOLFKH6WDGW´VDJWH)DUQDWKLDYROOHU$EVFKHX ³=XJHJHEHQ´ VDJWH )DUWXORRQ ³$EHU GLH HLQ]LJHQ 0|JOLFKNHLWHQ OLHJHQ KLHU :LU YHUKXQJHUQVRQVWXQGGLHVHV9HKLNHON|QQHQZLUQLFKWPHKUZHLWHUEHQXW]HQ´ 8QWHUJHVSDQQWHP6FKZHLJHQNDPHQZLU]XP³3ODW]´GLHVHU6LHGOXQJ ³(VLVWKLHUHEHQVRGUHFNLJZLHEHUDOO´PHLQWH(LVNUDOOH ³$EHUHVLVWGHU]HQWUDOH6FKPXW]´ODFKWH)DUWXORRQ³$WODQ'XKDVWDEMHW]WGLH YROOH9HUDQWZRUWXQJIUGDV0lGFKHQ'HQNGDUDQ+LHULVW7HUURUGDVJHOWHQGH*HVHW] :HU KHUUVFKW KHUUVFKW GXUFK *HDOW :HU EHUOHEW WXW HV GHVKDOE ZHLO HU VWlUNHU RGHU VFKQHOOHUZDU´ ³,FK ZHUGH PLFK GDQDFK ULFKWHQ´ YHUVSUDFK LFK :LU KLHOWHQ QHEHQ HLQHP ³DPWOLFK´DXVVHKHQGHQ+DXVDQ(LQ'ULWWHOGHUURQGHQ+lXVHUIURQW|IIQHWHVLFKXQGJDE GHQ%OLFNIUHLDXIHLQWUDSH]I|UPLJHV*UXQGVWFNDXIGHPHLQHUGHUJU|WHQ,JOXVGLHVHV 'RUIHV VWDQG $XI GHP 'DFK GHU 'ULWWHONXJHO EHIDQGHQ VLFK LQ HLQHP PHKUIDFK GXUFK 6FKDUWHQ GXUFKEURFKHQHQ 7XUP (QHUJLHZDIIHQ 2UWXQJV XQG )XQNDQWHQQHQ /DXWVSUHFKHU XQG 0LNURIRQH 'LH 3URMHNWRUPQGXQJHQ KDWWHQ XQV YHUIROJW XQG EOLHEHQ DXIXQVJHULFKWHWVHOEVWDOVZLUDQKLHOWHQ ,FK VSUDQJ QHEHQ GHP )DKU]HXJ ]X %RGHQ QDFKGHP LFK GLH YHUVFKLHGHQHQ QRFK IXQNWLRQLHUHQGHQ 6\VWHPH DXI JHULQJVWH /HLVWXQJ JHVWHOOW KDWWH 'DV 6LFKHUKHLWVYHQWLONOHPPWHLUJHQGZDQQLQGHUQlFKVWHQ=HLWZUGHIDOOVGHU'DPSIGURFN QLFKW GXUFK GLH 7XUELQH YHUEUDXFKW ZXUGH GHU .HVVHO GHWRQLHUHQ (LQH WURVWORVH 6WLPPXQJ HPSILQJ XQV (LQH 5HLKH 0lQQHU DOOH JOHLFK JULPPLJ XQG E|VDUWLJ DXVVHKHQG EDXWH VLFK YRU XQV DXI %HKlELJ ZLH HLQ :UGHQWUlJHU DXV GHU 6lQIWH HQWVWLHJ)DUWXORRQGHP)DKU]HXJ³*HJUWVHLGLKU0lQQHUYRQ$GMRYHU´VDJWHHUPLW KDOOHQGHU 6WLPPH (LVLJHV 6FKZHLJHQ VFKOXJ XQV HQWJHJHQ (LVNUDOOH ELV ]XU 8QNHQQWOLFKNHLW LQ VHLQHP )HOOPDQWHO YHUPXPPW YHUOLH GHQ :DJHQ XQG EOLHE VFKUlJ KLQWHU GHP %DXFKDXIVFKQHLGHU VWHKHQ ,FK ODQJWH KLQWHU PLFK XQG KRE )DUQDWKLD DXV GHP(LQVWLHJ ³,KU VHLG XQK|IOLFK´ ULHI )DUWXORRQ DXIJHEUDFKW ³%HJUW PDQ VR HLQHQ ZDQGHUQGHQ$U]W"´ (LQHU GHU 0lQQHU ULFKWHWH VHLQH VWHFKHQGHQ $XJHQ DXI )DUQDWKLD GLH XQVFKOVVLJ QHEHQ PLU VWDQG ,FK QDKP LKUH +DQG XQG VLH EHUXKLJWH VLFK ODQJVDP ³'LHVHV0lGFKHQKLHU´VDJWHHU³6LHVROO]XXQVNRPPHQ´ )DUWXORRQODFKWHKDUW³:DVZROOWLKUPLWHLQHPMXQJHQ0lGFKHQGDV]XGHPQRFK DQHLQHUDQVWHFNHQGHQ.UDQNKHLWOHLGHW"6LHLVWQLFKWDXVHXUHU:HOW8QGLKUVHLGQLFKW DXV LKUHU :HOW :LU VLQG KLHUKHUJHNRPPHQ ZHLO ZLU 5XKH $XVUVWXQJ XQG HLQHQ 6FKOLWWHQIUGHQ*OHWVFKHUEUDXFKHQ8QVHU=LHOLVWGDV7DO.HUPDQW´ 'LH0lQQHUXPULQJWHQXQV,FKVFKREPHLQH+DQGXQWHUGLH3HO]HXQGJULIIQDFK GHP 'ROFK 8QVHUH (QHUJLHZDIIHQ ZROOWHQ ZLU ZHQQ HV VLFK YHUPHLGHQ OLH QLFKW ]HLJHQXQGQLFKWJHEUDXFKHQ)DUWXORRQXQGLFKZDUHQVFKQHOOJHQXJXQGZHQ(LVNUDOOH LQGLH)LQJHUEHNDPGHUZUGHVLFKQLHPDOVZLHGHUHLQHQ*HJQHUVXFKHQN|QQHQ$OV GLH HWZD HOI 0lQQHU HLQHQ +DOENUHLV ELOGHWHQ XQG XQV VHKU JHQDX JHPXVWHUW KDWWHQ VFKLHQ HLQHU YRQ LKQHQ HLQ ULHVLJHU YLHUVFKU|WLJHU $UNRQLGH PLW HLQHP YHUZLOGHUWHQ =RSIHLQHQ(QWVFKOXJHIDW]XKDEHQ ³:LU EUDXFKHQ )UDXHQ LQ XQVHUHU 6LHGOXQJ´ JUROOWH HU ³:LU KDEHQ KLHU ZHQLJ )UHXGH:HQQLKUHWZDVNDXIHQZROOWHUZDUWHQZLUHLQHQ*HJHQZHUWGDIU´
'HU.ULVWDOOSULQ]
M
$WODQ
0LW HLQHP ZHKOHLGLJHQ /DFKHQ EHKDXSWHWH )DUWXORRQ ³:LU GDFKWHQ HLJHQWOLFK QLFKWGDUDQLQ1DWXUDOLHQRGHU'LHQVWOHLVWXQJHQ]X]DKOHQ,KUKDEWJHQXJ)UDXHQKLHU XQG PHLQH 6FKZHVWHU GLH ]XGHP NUDQN LVW VHKW LKU QLFKW GLH 6SXUHQ GHU $XV]HKUXQJ XQG GHV JUQHQ +XVWHQV LQ LKUHP VFKPDOHQ *HVLFKW"²NDQQ LFK QLFKW KHUJHEHQ 6LH ZLUGQRFKJHEUDXFKW´ (LQEHUUDVFKWHV0XUPHOQHUKREVLFK/LQVHQXQG5LFKWPLNURIRQHGHXWHWHQQDFK ZLH YRU LQ XQVHUH 5LFKWXQJ ³'DV 0lGFKHQ SDW KLHUKHU 6LH ZLUG XQV GDV /HEHQ YHUVFK|QHUQ´ VFKULH HLQHU GHU 0lQQHU (U WUDW YRU PXVWHUWH )DUQDWKLD JHQDX XQG VWUHFNWHGDQQGLH+DQGDXVXPLKUH.DSX]HYRP.RSI]XVFKLHEHQ1RFKEHKHUUVFKWH LFK PLFK DEHU PLU HQWJLQJ GHU ZDUQHQGH 6HLWHQEOLFN GHV %DXFKDXIVFKQHLGHUV NHLQHVZHJV'HU6LHGOHUNHXFKWHHQWJHLVWHUWDOVKDEHHUGDV*HJHQWHLOHUZDUWHW³6LHLVW VFK|Q´ ³:LU PLHWHQ IU HLQLJH 7DJH HLQ +DXV LQ GHP ZLU VFKODIHQ XQG :DVVHU KHL PDFKHQN|QQHQ´,FKPHUNWHGDPHLQH6WLPPHUDXKJHZRUGHQZDUYRUXQWHUGUFNWHU :XWXQG1HUYHQDQVSDQQXQJ ³8PPDQ ZLUG VLH VHKHQ ZROOHQ 9LHOOHLFKW ZLUG VLH LQ VHLQHP %XQNHU EOHLEHQ´ VDJWHGHU$QIKUHUODXWXQGGHXWHWHPLWGHP'DXPHQDXIGHQZDIIHQVWDUUHQGHQ,JOX )DUWXORRQ VFKDOWHWH VLFK HLQ XQG JLQJ DXI GHQ 5LHVHQ ]R ³,KU ZHUGHW XQV QLFKW DQUKUHQ,FKIRUGHUH*DVWIUHXQGVFKDIWXQG*DVWUHFKW(VPXJHZlKUWZHUGHQ´ (LQ VFKDOOHQGHV *HOlFKWHU ZDU GLH $QWZRUW ³'LFNHU´ VFKULH GHU $QIKUHU ³'X EHOXVWLJVWXQV'XPDFKVWXQV6SD+LHUKDEHQZLUGDV5HFKW,KUZHUGHWWRQZDVZLU HXFKEHIHKOHQ´ ³=ZHLIHOORV ZLUG HV XPJHNHKUW VHLQ´ NQXUUWH )DUWXORRQ ³'X ELVW QLFKW QXU YHUVFKPXW]WXQGVWLQNVWVRQGHUQDXFKGHLQH)UHFKKHLWLVWEHVWHFKHQG´ 0LW HLQHP :XWVFKUHL VWU]WH VLFK GHU 5LHVH DXI GHQ 'LFNHQ )DUWXORRQ YHUZDQGHOWH VLFK ELQQHQ HLQHV $XJHQEOLFNV YRQ GHP %LOG HLQHV OHWKDUJLVFKHQ %DXFKDXIVFKQHLGHUVLQHLQHQZLUEHOQGHQ.|USHUGHVVHQ.RQWXUHQYHUZLVFKWHQ(UJULII QDFK GHP DXVJHVWUHFNWHQ $UP GUHKWH XQG EFNWH VLFK ZDUI VLFK QDFK YRUQ XQG JOHLFK]HLWLJ ]XU 6HLWH VHW]WH PLW DWHPEHUDXEHQGHU 6FKQHOOLJNHLW HLQLJH NXQVWYROOH 'DJRUJULIIHDQXQGZDUIGHQ0DQQEHUVHLQH6FKXOWHU.XU]EHYRUGHUVFKZHUH.|USHU DXI GHQ %RGHQ NUDFKWH ZDU HLQ *HUlXVFK ]X K|UHQ DOV RE HLQ GQQHV 6WFN +RO] EUlFKH HLQ 6FKUHL JHOOWH EHU GHQ UXQGHQ 3ODW] XQG HLQLJH ZDVVHUWUDJHQGH YLHUVFKU|WLJH)UDXHQDPDQGHUHQ(QGHEOLHEHQUXFNDUWLJVWHKHQ=ZHL0lQQHUNDPHQ YRQEHLGHQ6HLWHQDXIPLFKXQGGDV0lGFKHQ]X ³%OHLEW VWHKHQ´ ]LVFKWH LFK KHLVHU YRU :XW ,FK UL PHLQHQ 'ROFK KHUDXV XQG VSUDQJ HLQHQ 6FKULWW ]XUFN ELV LFK GHQ :DJHQ EHUKUWH )DUQDWKLD IOFKWHWH VLFK ]ZLVFKHQ]ZHLGHUULHVLJHQ5HLIHQ'LH0lQQHUOLHHQVLFKQLFKWDXIOKDOWHQ ,FKVSUDQJJHGXFNWDXIGHQHLQHQ]XWUDW LKPGLH%HLQHXQWHUGHP.|USHUZHJ XQG ZLUEHOWH KHUXP ,FK XQWHUOLHI HLQHQ IXUFKWEDUHQ 6FKZLQJHU VWDFK ]X XQG WUDI GHQ $QJUHLIHULQGLH6FKXOWHU'LHVSLW]H.OLQJHIXKUGXUFKGDV)HOOXQGGDV/HGHU'HU0DQQ VFKULH DXI XQG WDXPHOWH ]XUFN ,FK GUHKWH PLFK VFKQHOO KHUXP XQG VDK ZLH VLFK GHU DQGHUH$QJUHLIHUDXIVWHPPWHXQGDXIPLFK]XNDP0HLQ$UPVFKQHOOWHQDFKYRUQGHU 'ROFK ZDU QXU HLQH 9HUOlQJHUXQJ ,FK SDULHUWH PLW GHU .OLQJH VHLQHQ 6FKODJ VFKOLW]WH LKPGHQ8QWHUDUPDXIXQGVSUDQJZLHGHU]XUFN]X)DUQDWKLD6LHGUlQJWHVLFK]LWWHUQG ]ZLVFKHQGLH5HLIHQ
'HU.ULVWDOOSULQ]
M
$WODQ
:lKUHQG )DUWXORRQ PLW HLQHU 6HULH VFKQHOOHU NXU]HU 6FKOlJH HLQHQ 0DQQ QLHGHUZDUI QDFK HLQHP DQGHUHQ JULII XQG GHVVHQ .RSI JHJHQ VHLQHQ VFKHSSHUQGHQ %UXVWSDQ]HU UDPPWH VSUDQJ GHU NOHLQH &KUHWNRU DQ HLQHP GHU 0lQQHU KRFK XQG XPIDWH GHVVHQ .RSI PLW EHLGHQ +lQGHQ 'HU 6FKUHL GHQ GHU $QJUHLIHU DXVVWLH HUVWLFNWHVRIRUWLQHLQHPJXUJHOQGHQ6W|KQHQ 'HU .RSI GHV 0DQQHV YRQ GHQ .LQGHUKlQGHQ LP HLVHUQHQ *ULII JHKDOWHQ EHGHFNWH VLFK EOLW]VFKQHOO PLW ZHLHP 5HLI 'HU $WHP GHV 0DQQHV ]XJOHLFK PLW GHP HUVWLFNWHQ6FKUHLDXVJHVWRHQYHUZDQGHOWHVLFKLQHLQH'DPSIZRONH'HU.RSIHUVWDUUWH ELQQHQ ZHQLJHU $XJHQEOLFNH ]X (LV (LVNUDOOH VSUDQJ DXI GHQ %RGHQ KHUXQWHU OLHI ]ZLVFKHQ GHQ %HLQHQ HLQLJHU DQGHUHU $QJUHLIHU KLQGXUFK XQG IDWH GHQ $UP HLQHV 0DQQHV GHU VLFK YRQ GHU 6HLWH DXI GDV VFKOXFK]HQGH 0lGFKHQ VWU]HQ ZROOWH 1RFK LPPHU JULII GHU ,QVDVVH GHV ,JOXEXQNHUV QLFKW HLQ :LHGHU VFKULH HLQ 0DQQ DXI VFKWWHOWH VHLQHQ $UP XQG UDQQWH GDYRQ 'HU HUVWH $QJUHLIHU GHU GDV 8QJOFN JHKDEW KDWWHDQ(LVNUDOOH]XJHUDWHQEOLHEQRFKHLQLJH=HLWODQJDXIGHP3ODW]VWHKHQ'DQQ NQLFNWHHULQGHQ.QLHQHLQXQGILHO]X%RGHQ6HLQH$UPHVFKLHQHQHLQHQVFKZDFKHQ UHIOH[KDIWHQ9HUVXFK]XPDFKHQGHQ.|USHUDE]XIDQJHQDEHUGHU.RSIVFKOXJVFKZHU DXIGDVO|FKHULJH3IODVWHUXQG]HUEUDFKLQWDXVHQG(LVVSOLWWHU ³+|UWDXI´GRQQHUWH)DUWXORRQXQGZLVFKWHHLQHQ0DQQYRQVLFKZHJDOVVHLHV HLQ NOHLQHV OlVWLJHV 7LHU ,FK VWDQG VFKW]HQG YRU )DUQDWKLD XQG EHGURKWH MHGHQ GHU QlKHU NDP PLW GHP EODQNHQ 'ROFK 'LH 0lQQHU HUVWDUUWHQ DOV VLH VDKHQ ZDV JHVFKHKHQ ZDU 6LH EOLFNWHQ NHXFKHQG DXI GHQ 7RWHQ GHVVHQ .RSI DP +DOV DEJHEURFKHQ ZDU 'DQQ ZDQGWHQ VLH VLFK XP XQG IORKHQ :LU EOLHEHQ DOOHLQ DXI GHP 3ODW]]XUFN)DUWXORRQNDP]XXQVKHUDQXQGVDJWHNXU]³9HUPXWOLFKZHUGHQZLUMHW]W DN]HSWLHUW:LUEOHLEHQQLFKWOlQJHUDOV]ZHL7DJHKLHU´ ³:R²KLHU"´ NQXUUWH LFK :LU EUDXFKWHQ HLQ +DXV XQG MHPDQGHQ GHU XQV HLQLJH 'LQJHYHUNDXIWHRGHUYHUPLWWHOWH )DUWXORRQGHXWHWHEHUGHQ3ODW]DXIHLQH*UXSSHYRQ0lQQHUQXQG)UDXHQGLH VFKZHLJHQG GHP VFKQHOOHQ .DPSI ]XJHVHKHQ KDWWHQ $XI GLHVH *UXSSH UDQQWHQ DXFK XQVHUHEULJJHEOLHEHQHQ$QJUHLIHU]X³*HKGRUWKLQXQGIUDJH0LW1DFKGUXFN´ ³,Q 2UGQXQJ´ ,FK QLFNWH )DUQDWKLD EHUXKLJHQG ]X XQG JLQJ VFKQHOO EHU GHQ 3ODW] $OVLFK]ZDQ]LJ6FKULWWH]XUFNJHOHJWKDWWHHUVFKROOHLQ=LVFKHQLQGHU/XIWGDQQ HLQH KDOOHQGH GXQNOH 6WLPPH 'HU .ODQJ EHKHUUVFKWH GLH JHVDPWH 6LHGOXQJ ³+LHU VSULFKW8PPDQ,FKKDEHHXUHQ.DPSIJHVHKHQ,KUVHLGVFKQHOODEHUQRFKODQJHQLFKW GLH6LHJHU(QHUJLHJHVFKW]HEHGURKHQHXFK.RPPW]XPLUKHU´ 'DVZDUHWZDVIU)DUWXORRQ,FKJLQJZHLWHUXQGEOLHEGUHL0HWHUYRUGHU*UXSSH VWHKHQ³,FKEUDXFKHMHPDQGHQGHUPLWPLUVSULFKW´VDJWHLFKODXWXQGOHJWHP|JOLFKVW YLHO 6FKlUIH LQ PHLQH :RUWH 'LH *HVLFKWHU GHU $UNRQLGHQ YRU PLU ]HLJWHQ VlPWOLFKH 6WDGLHQ YRQ 9HUIDOO (QWEHKUXQJHQ *UREVFKOlFKWLJNHLW XQG YHUVWlQGQLVORVHP +D JHJHQEHUGHQYLHU(LQGULQJOLQJHQ ³:HUELVWGX8PPDQ"´VFKULH)DUWXORRQ³'HLQH'URKXQJOlWPLFK]LHPOLFKNDOW .RPPKHUDXVXQG]HLJHGLFK6SULFKPLWPLU´ ³:HU VSULFKW IU HXFK"´ IUDJWH LFK VFKQHLGHQG VFKDUI (LQHU YRQ LKQHQ GHXWHWH VWXPUQQDFKGHP,JOXGHVVHQ%HZDIIQXQJMHW]WLQ%HZHJXQJJHULHW(LQHLQ]LJHU6FKX NRQQWHXQVDOOHW|WHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³'HU .HUJRQH´ PXUPHOWH HLQH )UDX IXUFKWVDP ,KU %OLFN JLQJ ]ZLVFKHQ GHP VFKZDU]HQ,JOXXQG)DUWXORRQKLQXQGKHUGHUMHW]WODQJVDPDXIGDV%DXZHUN]XJLQJ ³(LQ.HUJRQH"´IUDJWHLFKYHUEOIIO]XUFN ³-D(UEHKHUUVFKWXQVDOOH´ ³,FK YHUVWHKH´ ,FK OlFKHOWH VLH NXU] DQ XQG JLQJ VFKQHOO ]XUFN ]X GHP %DXFKDXIVFKQHLGHU =|JHPG NDPHQ )DUQDWKLD XQG (LVNUDOOH KLQWHU GHP JHGUXQJHQHQ ZXFKWLJHQ0DQQKHUDQ,FKGHXWHWHDXIGDV%DXHUNXQGVDJWH³8PPDQLVWHLQ.HUJRQH (U EHKHUUVFKW GLH 6LHGOXQJ 9HUPXWOLFK DUEHLWHW HU QLFKW XQG OlW VLFK HUQlKUHQ XQG EHGLHQHQ´ $XV GHQ VFKZHUHQ JHULFKWHWHQ /DXWVSUHFKHUQ NDP HLQ EHOOHQGHV *HOlFKWHU 'DQQ VDJWH GHU &KHI YRQ $GMRYHU ³6R LVW HV ,FK ELQ .HUJRQH XQG GDV LVW KLHU HWZDV %HVRQGHUHV,FKKHUUVFKHEHUVLHDOOH.RPPW]XPLUXQGZLUZHUGHQKDQGHOQ´ :LHGHUPXWHLFK)DUWXORRQEHZXQGHUQ(UKREGLH$UPHXQGULHIEHVFKZ|UHQG ³(UKDEHQHU,QGHLQHU1lKHVFKHLQWHVDPVLFKHUVWHQLQGLHVHUYHUUXIHQHQ6FKOXFKW]X VHLQ'UIHQZLUXQVHUZHUWYROOHV)DKU]HXJLP6FKDWWHQGHLQHV,JOXVDEVWHOOHQ"´ ³0HLQHWZHJHQ´ )DUWXORRQ VDK PLFK EHGHXWXQJVYROO DQ (U GHXWHWH DXI GDV )DKU]HXJ XP GDV VLFK MHW]W HLQLJH YHUZDKUORVW DXVVHKHQGH .LQGHU YHUVDPPHOWHQ ³+HL] GHQ .HVVHO NXU] DXI XQG EULQJ GDQQ GDV 'LQJ QHEHQ GHQ (LQJDQJ 6RQVW VWHKOHQ VLH QRFK XQVHUH ZHQLJHQ9RUUlWHXQGGLHYHUURVWHWHQ3DWURQHQ´ ,FK ZDJWH XP JDQ] VLFKHU]XJHKHQ HLQH )DQJIUDJH ³$EHU²GHU 'UXFN LVW QLHGULJ´ )DUWXORRQIXQNHOWHPLFKLQJHVSLHOWHPbUJHUDQXQGVDJWHODXW³'DQQKHL]GHP 'LQJHLQYHUGDPPW%LVWGXEO|GH$WODQ"´ ³6FKRQ JXW 5HJ GLFK QLFKW DXI´ JDE LFK ]XUFN ,FK KDWWH YHUVWDQGHQ ,FK JLQJ RKQH VRQGHUOLFKH (LOH ]XUFN ]XP :DJHQ VWLHJ HLQ XQG VFKRE VlPWOLFKH 5HJOHU ZHLW QDFKXQWHQ ,P %UHQQHU HQWIDFKWH GHU =HUVWlEHU HLQH ZDKUH )OXW 'HU .HVVHO GHVVHQ 6LFKHUKHLWVYHQWLO GHQ 'DPSI QLFKW DXVJHODVVHQ XQG VRPLW GHQ 'UXFN QLFKW DEJHEDXW KDWWH ZDU YROO /DQJVDP GUHKWHQ VLFK GLH 5lGHU 'LH 5DXSH UL 6WHLQH DXV GHP VFKZDU]HQ9XONDQJHVWHLQSIODVWHU,FKVWHXHUWHGHQ:DJHQYRUVLFKWLJEHUGHQ3ODW]GLH EUHLWH *DVVH HQWODQJ XQG VWHOOWH LKQ GLUHNW QHEHQ GLH UXQGH (LVHQWU GLH LQ GHQ ,JOX IKUWH $OV LFK DXI GHQ %RGHQ VSUDQJ KDWWH LFK DOOH XQVHUH :DIIHQ XQG GLH VFKZHUH 7DVFKHPLWGHPZLFKWLJHQ*HSlFNEHLPLU ³*XW6WHOOGDV=HXJLUJHQGZRKLQ´VDJWH)DUWXORRQ'LH,PSXOVNDQRQHDXIGHP 'DFKGHV,JOXVZDUQDFKDOOHQ6HLWHQIUHLEHZHJOLFK1XUHLQ6WUHLIHQYRQXQJHIlKUYLHU IQI 0HWHU UXQG XP GHQ ,JOX ODJ DXHUKDOE GHV 6FKXZLQNHOV ,FK QDKP GDV *HSlFN XQG WUXJ HV VFKHLQEDU DFKWORV DXI GHQ ,JOX ]X XQG OHJWH HV KXQGHUW]ZDQ]LJ *UDG YRP 9RUGHUWHLOGHV:DJHQVHQWIHUQWDE ³:DUWHWELVLFKGLH7U|IIQH´VFKULHGHU/DXWVSUHFKHU )DUWXORRQ XQG LFK EHUHFKQHWHQ ZLH ODQJH ZLU QRFK =HLW KDWWHQ (V PXWH HLQ hEHUUDVFKXQJVDQJULIIZHUGHQ,FKEHUOHJWHNXU]GDQQVFKULHLFK³(LVNUDOOH)DUQDWKLD .RPPWHLQPDOKHU+LHULVWHLQ%UXQQHQ:LUN|QQHQWULQNHQXQGXQVZDVFKHQ´ ,FK ZLUNWH VR GUlQJHQG GD VLH JHKRUFKWHQ $XFK )DUWXORRQ NDP QDFK HLQHP OlVVLJHQ 5XQGEOLFN KLQWHU XQV KHUJHVFKOHQGHUW :LU IROJWHQ GHU 8PUXQGXQJ GHV
'HU.ULVWDOOSULQ]
M
$WODQ
VDEHUHQ 4XHOOHQDXVIOXVVHV ]RJHQ XQVHUH +DQGVFKXKH DXV XQG VFKOXJHQ GLH .DSX]HQ]XUFN:LUZDUWHWHQ 'LH .HUJRQHQ ZDUHQ XUVSUQJOLFK 3VHXGRDPSKLELHQ :HVHQ GLH VLFK DQ /DQG XQG LP :DVVHU JOHLFK JXW EHZHJWHQ 6LH ZDUHQ DUNRQRLG DQQlKHUQG VR JUR ZLH ZLU XQGYRQ.RSIELV)XPLWHLQHUGXQNOHQ6FKXSSHQKDXWEHGHFNW6LHZLUNWHQDXIHLQHQ QRUPDOHQ $UNRQLGHQ LPPHU HWZD ZLH JHSDQ]HUWH .U|WHQ PLW HLQHP H[]HOOHQWHQ 9HUVWDQG:LHHLQ.HUJRQHKLHUKHUJHNRPPHQZDUNRQLLWHDOV5lWVHOJHOWHQ'DHVLKP JHOXQJHQ ZDU GXUFK EODQNHQ 7HUURU HLQH GHUDUW YHUZLOGHUWH *UXSSH YRQ $UNRQLGHQ ]X EHKHUUVFKHQ JUHQ]WH DQ HLQ :XQGHU 7URW]GHP ZDU HV HLQH 7DWVDFKH GD HV KLHU LQ $GMRYHU HLQHQ EXQNHUlKQOLFKHQ %DX JDE DXI GHVVHQ 6SLW]H WDWVlFKOLFK HLQH ,PSXOVNDQRQHURWLHUWH$OOHUGLQJVGHXWHWHLKUH0QGXQJDXJHQEOLFNOLFKQLFKWDXIXQV (LVNUDOOH ZLVSHUWH IDVW XQK|UEDU EHU GHP :DVVHUVSLHJHO GHU VHLQHQ NULVWDOONODUHQGXUFKVLFKWLJHQ.RSIVSLHJHOWH³:DUXPZDVFKHQZLUXQVKLHU$WODQ"´ ,FKPDVVLHUWHPHLQH$XJHQXQGEOLFNWHGXUFKGLH)LQJHUDXIGHQUXQGHQ(LQJDQJ XQG GHQ KHIWLJ UDXFKHQGHQ 6FKORW XQVHUHU 0DVFKLQH GLH LKUHQ OHW]WHQ 0LOOLWRQWDV HQWJHJHQVDK (EHQVR OHLVH JDE LFK ]XUFN ³:HLO ZLU GLHVHQ .HUJRQHQ EHU]HXJHQ PVVHQ´ ³:RYRQ EHU]HXJHQ /LHEVWHU"´ IOVWHUWH )DUQDWKLD $OV LFK ZLHGHU HLQPDO LKU *HVLFKW XQG LKUHQ .RSI GHQ +DOV XQG GLH IHLQHQ VFKODQNHQ +lQGH VDK NRQQWH LFK VRZRKO GLH JLHULJHQ $GMRYHU YHUVWHKHQ DOV DXFK GHQ KlOLFKHQ .HUJRQHQ 6LH KDWWHQ GDV0lGFKHQJHVHKHQXQGZROOWHQHVEHVLW]HQ ³'DHUXQVGDVYROOH*DVWUHFKW]XJHZlKUHQKDW´PXUPHOWH)DUWXORRQ :LU EUDXFKWHQ QLFKW ODQJH ]X ZDUWHQ :lKUHQG ZLU YHUVXFKWHQ GDV %LOG YRQ GXUVWLJHQ XQG XQJHZDVFKHQHQ %HVXFKHUQ ]X JHEHQ GLH VLFK DXI GDV ODQJ HQWEHKUWH :DVVHUVWU]WHQEHREDFKWHWHQZLUGDV)DKU]HXJXQGGHQ,JOX:LUKDQGHOWHQLQVWLQNWLY XQG ZDUIHQ XQV ]X %RGHQ 1LHPDQG VDK HV DEHU MHGHU PHUNWH HV 'HU VFKZHUH 'UXFNNHVVHO DXV HKHU PLQGHUZHUWLJHP 6WDKO ZXUGH YRP 'UXFN GHV KRFKJHVSDQQWHQ 'DPSIHV ]HUIHW]W (V JDE HLQHQ KDUWHQ 6FKODJ GDQQ ZLUEHOWHQ 7UPPHU 5lGHU GLH VFKZHUHQ 7HLOH GHU 5DXSH *HVWHLQVEURFNHQ XQG GQQHV ELV ]XU 8QNHQQWOLFKNHLW ]HUIHW]WHV %OHFK QDFK DOOHQ 6HLWHQ (LQH ULHVLJH 'DPSIZRONH EUHLWHWH VLFK QDFK DOOHQ 6HLWHQ DXV ZlKUHQG ZLU DXIVSUDQJHQ XQVHUH /XFFRWV ]RJHQ XQG GHQ DXV GHU /XIW IDOOHQGHQ7UPPHPDXVZLFKHQ ³6FKQHOO ,FK DQ GHU 6SLW]H´ VDJWH )DUWXORRQ :LU UDQQWHQ ZLH ZLOG DXI GHQ (LQJDQJGHV,JOXV]X'LH0DXHUZDUHLQJHGUFNWXQGGDVUXQGH6FKRWWKLQJVFKLHILQ GHU 0LWWH QDFK LQQHQ JHNQLFNW LQ GHQ ]HUERUVWHQHQ XQG DXV GHP 6WHLQ JHULVVHQHQ $QJHOQ 0LW HLQHP HLQ]LJHQ 7ULWW VFKOHXGHUWH )DUWXORRQ GHQ YHUERJHQHQ 'HFNHO LQ GHQ 5DXP KLQHLQ VSUDQJ KLQWHUKHU XQG ODQGHWH LP HUVWHQ 'ULWWHO GHV 5DXPHV ,FK VWU]WH KLQWHULKPKHUXQGULFKWHWHGHQNOHLQHQNXU]OlXILJHQ/XFFRWDXIGDV:HVHQLP=HQWUXP GHV JURHQ UXQGHQ 5DXPHV ³+LHU VLQG ZLU´ VDJWH )DUWXORRQ PLW XQQDWUOLFKHU 5XKH ³8QGLFKPXVDJHQGDLFKHUVWDXQWELQ´ 8PPDQ LVW HLQ .USSHO (U KRFNWH LQ HLQHP :DJHQ DXV 5RKUHQ 6WDKOGUDKWYHUVWUHEXQJHQHLQHU(QHUJLH]HOOHHLQHP'XW]HQG6HUYRPRWRUHQXQGGLFNHQ EUHLWHQ 5lGHUQ 'HU .HUJRQH VD YRU HLQHP 6FKDOWSXOW HLQIDFKHU %DXDUW DXI GHVVHQ VFKUlJHU )OlFKH MHW]W HLQLJH :DUQODPSHQ OHXFKWHWHQ 'LH %LOGVFKLUPH ZDUHQ DXVJHIDOOHQOHHUXQGVWXPSIJUQ
'HU.ULVWDOOSULQ]
M
$WODQ
³,FK ELQ QLFKW ZHQLJHU HUVWDXQW´ VDJWH GHU .HUJRQH PLW GXPSIHU 6WLPPH 6LH NODQJDOVVSUlFKHHUGXUFKHLQH6FKLFKWVFKPXW]LJHQ:DVVHUV ³,PPHUKLQ]HLJVWGX+DOWXQJ8PPDQ´VDJWH)DUWXORRQ(LVNUDOOHXQG)DUQDWKLD GUlQJWHQ VLFK LQ GHQ 5DXP :LU VDKHQ HLQLJH DQGHUH 6HUYRPHFKDQLVPHQ HLQHQ $XVJDQJ GHU LUJHQGZRKLQ DEHU QLFKW LQQHUKDOE GHU ,JOXPDXHUQ LQV )UHLH IKUWH HLQH /DJHUVWDWWXQGGLH(LQULFKWXQJHQGLHHLQ0DQQ]XPDQJHQHKPHQ/HEHQEUDXFKW ³,FKELQGHU)UVWGLHVHU6LHGOXQJ´VDJWHGHU.HUJRQHXQGPXVWHUWHXQVVFKDUI ³(VZDUGHU:DJHQQLFKWZDKU"´ ³'HU'UXFNNHVVHO´EHVWlWLJWHLFK³:LUZROOHQQLFKWVDQGHUHVDOVGDV*DVWUHFKW GDVHLQHPMHGHQ%HVXFKHU]XVWHKW´ ³,FK ELQ KLHU GHU 7DPRDV ,FK DUEHLWH QLFKW GLH DQGHUHQ HUQlKUHQ XQG YHUZ|KQHQPLFKZHLOVLHPLFKIUFKWHQDEHUDXFKOLHEHQ,FKVDJHLKQHQZDV]XWXQ LVW´ )DUWXORRQ JLQJ UXKLJ XP GHQ VFKZDU]JHVFKXSSWHQ .HUJRQHQ KHUXP ZDUI HLQHQ JHODQJZHLOWHQ%OLFNDXIGDV6FKDOWSXOWXQGOHJWHGHQ+DXSWVFKDOWHUKHUXP'LH/LFKWHU HUORVFKHQXQPLWWHOEDUQDFKGHP.OLFN ³)U GLH QlFKVWHQ ]ZHL RGHU GUHL 7DJH ZLUVW GX %HIHKOH JHEHQ ZLH ZLU HV GLU YRUVDJHQ´ VFKOXJ )DUWXORRQ JHIlKUOLFK VDQIW YRU ³-HW]W VLQG ZLU GLH )UVWHQ KLHU 'X KDVWHVQLFKWDQGHUVJHZROOWGHQQZLUNDPHQLQ)ULHGHQ´ ³,FKZHUGHHXFKEHLGHUHUVWHQ*HOHJHQKHLWYHUQLFKWHQ´NQDUUWH8PPDQXQGZDUI KDHUIOOWH%OLFNHDXVVHLQHQJURHQGXQNOHQ$XJHQDXIXQV ³:LU EUDXFKHQ 6FKODI 5XKH (VVHQ XQG $XVUVWXQJ 6RQVW QLFKWV :LU ZHUGHQ DXFKQLFKWVVWHKOHQVRQGHUQDOOHVEH]DKOHQ´VDJWHGHU%DXFKDXIVFKQHLGHU³8QGZHQQ HV.UDQNHJHEHQVROOWHVRZHUGHLFKVLHEHKDQGHOQ´ +DHUIOOWZDUIGHU.HUJRQHLKP]X³'LH.UDODVHQHQGHV6RIJDUWVLQGKLQWHUHXFK KHU´ ³6HOEVW GLHVHV :LVVHQ ZLUG QLFKWV DP KHUUVFKHQGHQ =XVWDQG lQGHUQ PHLQ )UVW´HUNOlUWH)DUWXORRQVDUNDVWLVFK ³,FKNDQQPLFKQLFKWZHKUHQ,FKELQHLQ.USSHO´ ³5HFKQH QLFKW PLW XQVHUHP %HGDXHUQ´ VFKOXJ LFK LKP YRU ³:R N|QQHQ ZLU VFKODIHQ"´ 'HU .HUJRQH VFKZLHJ XQG VWDUUWH )DUWXORRQ KHUDXVIRUGHUQG DQ 'HU %DXFKDXIVFKQHLGHU ZDUWHWH HLQH :HLOH GDQQ KRE HU GLH 6FKXOWHUQ XQG ULFKWHWH GLH :DIIH DXI HLQHQ RIIHQHQ 6FKUDQN GHU YROOHU .RQVHUYHQ XQG 5DWLRQHQ ZDU :LU HUNDQQWHQ GHXWOLFK GLH $XIGUXFNH HV ZDUHQ WHXUH ,PSRUWH GLH LUJHQGZLH LKUHQ :HJ KLHUKHUJHIXQGHQKDWWHQ ³(V ZLUG XQDQJHQHKP ULHFKHQ ZHQQ LFK GHLQH /HFNHUELVVHQ U|VWH´ VDJWH )DUWXORRQ XQG JULQVWH 8PPDQ LQ IDOVFKHU /LHEHQVZUGLJNHLW DQ 6HLQ )LQJHU NUPPWH VLFKXPGHQ$E]XJ³$OVR"´ ³1HLQ1LFKW*HKWLQV+DXV]XUUHFKWHQ+DQGQHEHQGHP%UXQQHQ(VLVWOHHU´ ³5HFKW VR´ VDJWH LFK ³'X JLEVW ELWWH HLQH 5HLKH HQWVSUHFKHQGHU %HIHKOH )DUWXORRQ"´ 0HLQ )UHXQG VFKOXJ JHJHQ GHQ %UXVWSDQ]HU XQG ODFKWH VFKDOOHQG ³-D 'UHL 7RQWDVODQJKDEWLKU=HLWIUDOOHV,FKELQKLHUXQGZHUGHDOOHVVRHLQULFKWHQZLHZLUHV EUDXFKHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³*XW.RPP)DUQDWKLD´:LUYHUOLHHQGLH:DIIHQLQGHQ+lQGHQGHQ,JOX'LH %HZRKQHUGHU6LHGOXQJKDWWHQVLFK]XVDPPHQJHIXQGHQXQGELOGHWHQLQDFKWXQJVYROOHP $EVWDQG HLQHQ :DOO IHOOEHGHFNWHU .|USHU 6LH VDKHQ KLQEHU ]X GHP NOHLQHQ .UDWHU QHEHQ GHP ,JOX XQG ]X GHQ 7UPPHUQ GLH EHUDOO KHUXPODJHQ XQG LP 0RRV 6FKZHOEUlQGHHQWIDFKWHQYRQGHQHQGQQHUJUDXHU5DXFKLQGLH+|KHVWLHJ³:LUDOOH VLQGHUVFK|SIW+RIIHQWOLFKILQGHQZLUZDVZLUEUDXFKHQ´ ³,FKZQVFKHPLUHLQODQJHVKHLHV%DG´PXUPHOWH)DUQDWKLD :LU |IIQHWHQ GLH 7XU XQG NDPHQ LQ HLQ +DXV GHVVHQ ,QQHUHV ZUIHOI|UUQLJ ZDU XQG LQ GUHL (EHQHQ DQJHOHJW VFKLHQ (LVNUDOOH VFKDOWHWH HLQH DOWHUWPOLFKH IODFNHUQGH %HOHXFKWXQJ HLQ 'DV ,QQHUH ZDU JHPWOLFK ZDUP VLH VFKLHQHQ KLHU PLW YXONDQLVFKHU +LW]H RGHU PLW XQWHULUGLVFK DQJH]DSIWHP +HLZDVVHU ]X ZlUPHQ :LU IDQGHQ ZHQQ DXFK LQ UHLFKOLFK SULPLWLYHU XQG XQVDEHUHU $UW DOOH (LQULFKWXQJHQ GLH PDQ LQ HLQHUQ HLQIDFKHQ+DXVEUDXFKWH ³=XHUVW)DUQDWKLD,FK´,FKGUHKWHPLFKXPDOVGHU.RPPXQLNDWRUDXIVXPPWH )DUWXORRQ " ,FK VFKDOWHWH GDV DOWH DEHU EHUUDVFKHQG JXW IXQNWLRQLHUHQGH *HUlW HLQ 7DWVlFKOLFKHUEOLFNWHLFKGDV*HVLFKWGHV)UHXQGHV (U EOLQ]HOWH XQV ]X XQG VDJWH ³,FK ODVVH HXFK EHGLHQHQ (V ZHUGHQ HLQLJH )UDXHQ NRPPHQ XQG HXFK EULQJHQ ZDV LKU EUDXFKW ,FK VFKLFNH DXFK HLQLJH GHU /HFNHUHLHQXQVHUHVVFKZDU]VFKXSSLJHQ)UVWHQKLQEHU$WODQ"´ ,FKKRE]XIULHGHQGLH+DQG³+LHU´ ³'LH HUVWH +lOIWH GHU 1DFKW ELQ LFK KLHU 'DQQ PXW GX PHLQH $XIJDEH EHUQHKPHQ´ ³*HKWLQ2UGQXQJ9HUJLQLFKWHLQVFKQHOOHVJXWHV*HVSDQQ´ )DUWXORRQOlFKHOWH³:XUGHEHUHLWVEHVWHOOW´ ³*XW=XHUVWGHU3XQNWGHU+\JLHQH´EHJDQQLFKDXI]X]lKOHQ1LFKWJDQ]HLQH 7RQWDVSlWHUKDWWHQZLUQDFKHLQDQGHULQHLQHUJHPDXHUWHQ:DQQHHLQ%DGJHQRPPHQ ZXUGHQ XQVHUH .OHLGXQJVVWFNH JHVlEHUW GLH 6WLHIHO JHSXW]W XQG DXIJHSODW]WH 1lKWH JHVFKORVVHQ :LU IDQ GHQ LQ YHUVFKLHGHQHQ 5lXPHQ /LHJHQ XQG OHLGOLFK VDEHUH 'HFNHQ $OVLFK)DUQDWKLDHLQHQ.XJDEXQGYRUGHP(LQVFKODIHQLKUH+DQGKLHOWVDKVLH PLFK DQ XQG OlFKHOWH ³'DV (VVHQ XQG DOOHV²HV ZDU JXW´ IOVWHUWH VLH ³$EHU ZLU VLQG QRFKQLFKWDP=LHO´ ,FK VFKWWHOWH GHQ .RSI XQG VWUHLFKHOWH VLH ³$EHU ZLU VLQG GHP =LHO EHDFKWOLFK QlKHUJHNRPPHQ:LUVFKDIIHQDXFKGHQ5HVW´ ³,FK JODXEH HV MHW]W QDFKGHP LFK HXFK NHQQHQJHOHUQW KDEH 6R ULFKWLJ NHQQHQJHOHUQW´ ³6FKODIMHW]W´ $XFK LFK VFKOLHI :LU ZXWHQ XQV ]ZDU XQWHU GHP 6FKXW] )DUWXORRQV GHU VLFK VHLQHUVHLWV QDFKGUFNOLFK GHV 6FKXW]HV YRQ 8PPDQ YHUVLFKHUW KDWWH DEHU WURW]GHP YHUULHJHOWHQZLUGLH7UHQXQGGLHWLHIHUJHOHJHQHQ)HQVWHUXQGVFKOLHIHQPLWGHQ:DIIHQ QHEHQXQV 'UHL7RQWDVVSlWHUZHFNWHPLFKGDV6LJQDOPHLQHV)UHXQGHVXQGPLWWHQLQGHU 1DFKWZHFKVHOWHLFKKLQEHULQGHQ%XQNHUGHVHQWWKURQWHQ)UVWHQ 'HU6FKOLWWHQZDUJHQDXGLHULFKWLJH.RQVWUXNWLRQIUHLQHQVFKQHOOHQ0DUVFKLQ GLHVHP *HOlQGH ZR VLFK +LW]H XQG 6FKQHH )OXJDVFKH XQG (LVSODWWHQ DEZHFKVHOWHQ 9LHU ODQJH 'HLFKVHOQ DQ GLH IQI +DU¶VHHF JHVSDQQW ZXUGHQ JLQJHQ YRQ HLQHP
'HU.ULVWDOOSULQ]
M
$WODQ
KDOEUXQGHQ .RUE DXV DQ GHP LQQHQ GLH WLHIHQ 7DVFKHQ IU GLH -DJGEHXWH RGHU LQ XQVHUHP)DOOIUGDV*HSlFNXQGGLH:DIIHQHLQJHDUEHLWHWZDUHQ'HU.RUEZDUKLQWHQ RIIHQ XQG QXU GXUFK HLQ 1HW] JHVFKW]W GHVVHQ (QGHQ PDQ PLW VFKZHUHQ +DNHQ DP .RUEUDQG EHIHVWLJHQ NRQQWH²DEHU GLH EUHLWHQ .XIHQ ZDUHQ GDV %HVRQGHUH DQ GLHVHU .RQVWUXNWLRQ0LWHLQHPHLQIDFKHQ+HEHO]XJZXUGHQMHZHLOVYLHU5ROOHQDEJHVHQNWGLH EHLP %HWULHE LP 6FKQHH VHLWOLFK KRFKJHNODSSW ZXUGHQ ZLH ,QVHNWHQEHLQH 'DV LGHDOH )RUWEHZHJXQJVPLWWHODXIVFKQHHORVHP8QWHUJUXQG (LQVROFKHUUHODWLYQHXDXVVHKHQGHU6FKOLWWHQVWDQGQXQYRUXQVHUHP+DXVDOV ZLU ]ZDQ]LJ 7RQWDV LQ $GMRYHU ZDUHQ XQG )DUWXORRQ IOVWHUWH ³0RUJHQ EHL 6RQQHQDXIJDQJ´ ³1LHPDQG VROOWH ZLVVHQ ZRKLQ ZLU JHKHQ 'LHVHV 7DO .HUPDQW ´ VDJWH LFK YRUVLFKWLJ ³,VW JHQJHQG XQEHNDQQW XP QDKH]X MHGHQ LQ GLH ,UUH ]X IKUHQ $XHUGHP EHVWHKW]ZLVFKHQXQVXQGGHQ.UDODVHQHQZHQQZLUGLH6LHGOXQJGXUFKGDVQ|UGOLFKH 7RU YHUODVVHQ KDEHQ HLQ *OHLFKJHZLFKW GHU .UlIWH 6WDWLVWLVFK JHVHKHQ NDQQ XQV QXU HLQHXQJODXEOLFKHhEHUUDVFKXQJ]XP9HUKlQJQLVZHUGHQ´ )DUQDWKLD KDWWH VLFK LQ XQJODXEOLFK NXU]HU =HLW JOlQ]HQG HUKROW :HQQ VLH VLFK DXHUKDOEGHV+DXVHV]HLJWHPXWHLFKVLHXQXQWHUEURFKHQYRUGHQ%HOlVWLJXQJHQGHU 0lQQHU VFKW]HQ 6LH EHWUDFKWHWH GDV H[RWLVFKH *HIlKUW PLW HLQLJHP (UVWDXQHQ ³:LH NDQQLFKGDVYHUVWHKHQ"´ ³(LQH9HUIROJXQJPLW*OHLWHUQLVWXQP|JOLFK´HUNOlUWH)DUWXORRQ³:LUZHUGHQGDV 7DO.HUPDQWPHLQHQ*RUWDYRU+DXSWVWW]SXQNWXQGGDPLWGHQ20,5*26HUUHLFKHQ´ ³$KD'LH(QHUJLHVSHUUHQ´VDJWH(LVNUDOOH $Q HLQHP =DXQ ZDUHQ IQI +DU¶VHHF DQJHEXQGHQ SOXPSH KlOLFKH 7LHUH ,KUH )H VSUHL]WHQ VLFK DXI 6FKQHH ZLH GLH 3DGGHOIH YRQ :DVVHUY|JHOQ 'HU .RSI PLW GHQ VFKZHUHQ QDFK YRUQ JHERJHQHQ +|UQHUQ ZDU IHXHUURW DOV VWQGHQ GLH 7LHUH VWlQGLJNXU]YRUGHP6FKODJDQIDOO6LHVFKULHQODXWXQGU|KUHQGXQGZLHHVXQVVFKLHQ DXV NHLQHP HUVLFKWOLFKHQ *UXQG 'DV )HOO ZDU ZHL XQG ODQJ XQG KLQJ LQ VFKPXW]LJHQ =RWWHOQQDFKXQWHQ6LHZXUGHQLQHLQHODVWLVFKHV-RFKJHVSDQQWXQGPLWHLQHP=JHO JHOHLWHWGHUDQ5LQJHQEHIHVWLJWZDU'LHVH5LQJHZDUHQLQGHQ(FNHQGHU6FKQDX]HQ GXUFK GLH +DXW JH]RJHQ XQG ZHQQ GLH 7LHUH IUDHQ NOLQJHOWHQ GLH 5LQJH ZLH 6FKOLWWHQJO|FNFKHQ 1XQ GDFKWH LFK GHU RSWLVFKH (LQGUXFN LVW XQZLFKWLJ +DXSWVDFKH VLH]LHKHQVFKQHOOXQGVLFKHU ³5LFKWLJ (LVNUDOOH KDW UHFKW 'LH (QHUJLHVSHUUH :HU XQV YHUIROJW PX VLFK GHUVHOEHQ +LOIVPLWWHO EHGLHQHQ ZLH ZLU $XI GLHVH $UW ZDFKVHQ XQVHUH &KDQFHQ LQV 8QHUPHOLFKH´ ,FK JULQVWH )DUWXORRQ ]X ³(LQHV IHUQHQ 7DJHV ZHUGH LFK YLHOOHLFKW *HOHJHQKHLW EHNRPPHQ PHLQH /HEHQVHULQQHUXQJHQ ]X VFKLOGHUQ ,FK ZHUGH GDQQ JHQDX ZLVVHQ ZLHLFKHLQHQ2SWLPLVWHQ]XEHVFKUHLEHQKDEH´'LHVHU0DQQQHEHQPLUGHUPLWHLQHU VFKZHUHQ +DQGZDIIH XPJLQJ DOV VHL HV HLQ %HVWHFN ]XP .XFKHQHVVHQ ZDU HLQ ZDQGHOQGHV *HKHLPQLV (LQ 6WW]SXQNW LQ 3ROQlKH (LQ HKHPDOLJHU *ODGLDWRU 'DJR ULVWD *RXUPHW XQG .XQVWOLHEKDEHU HLQ QRFK KHUYRUUDJHQGHUHU/HLEDU]W´ GDV 6SHNWUXP GLHVHV0DQQHVUHLFKWZHLWHUDOVLFKMHPDOVHUIDKUHQZHUGH:HULVWHUZLUNOLFK"8QGZHU ELQ LFK GD LFK PLW GLHVHP 0DQQ ]XVDPPHQ IOLHKH" 5lWVHO *HKHLPQLVVH 0HUNZUGLJNHLWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³,FKELQDXVJHVFKODIHQ´VDJWHHU³0RUJHQIUKJHKW¶VZHLWHU%HYRULKUZLHGHULQ GLH %HWWHQ IDOOW VWHOOW GLH $XVUVWXQJ ]XVDPPHQ :LU PVVHQ LQQHUKDOE NXU]HU =HLW VWDUWHQ´ :LUQLFNWHQXQV]XXQGHUJLQJZLHGHU]XUFNLQGHQ,JOXGHV)UVWHQ(LVNUDOOH )DUQDWKLDXQGLFKSDFNWHQDHQDXVJLHELJXQGVFKOLHIHQGDQQHLQ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ (UJUXQ]WH]XIULHGHQXQGGDFKWH'LHVHU$WODQ(LQJHULVVHQHU.HUO(UEHVLW]W WDWVlFKOLFKGHQDOWHQ*RQR]DO9HUVWDQG.XU]XPHLQH)UHXGHIUHLQHQMHGHQ/HKUHU HLQVROFKHU6FKOHU(UEHWUDWZLHGHUGHQ%XQNHUXQGPXUPHOWH³,FKVHKHGXELOGHVW GLFK.HUJRQ)UVW´ ,Q]ZLVFKHQKDWWHQ+DQGZHUNHUZLHGHUGLH7XUHLQJHVHW]WGDV6FKORIDEHUDXI GHV%DXFKDXIVFKQHLGHUVVWULNWHQ%HIHKOKLQ³YHUJHVVHQ´ ³,VWDXFKGDVHLQ/DVWHU"´IXKUGHU.HUJRQHDXI(UKDWWHVLFKZLGHUZLOOLJDQGHQ =XVWDQGJHZ|KQWDEHUGHU%DXFKDXIVFKQHLGHU]ZHLIHOWHQLFKWHLQHQ:LPSHUQVFKODJ ODQJGDUDQGDHULKPEHLGHUHUVWHQVLFKELHWHQGHQ*HOHJHQKHLWLQGHQ5FNHQIDOOHQ XQGVHLQHJDQ]H5DFKVXFKWDXVWREHQZUGH$OV³)UVW´GLHVHU6LHGOXQJZDUGHU 6FKXSSLJH]XWLHIJHGHPWLJWZRUGHQ8QG)DUWXORRQKDWWHGHQ=HQWUDOVFKOVVHO]XGHU :DIIHQXQG%HREDFKWXQJVDQODJHLQGHUJHKHLPQLVYROOWLHIHQ7DVFKHVHLQHV ERGHQODQJHQ)HOOPDQWHOV ³1LFKWXQEHGLQJW´JDE)DUWXORRQ]X³-HZHLWHUVLFKHLQ/DVWHUDXVEUHLWHW GHVWRJU|HUVLQGVHLQH&KDQFHQ]XU7XJHQG]XZHUGHQ+DEHLFKJHQXJEH]DKOW"´ $XIVHLQ'UlQJHQKLQKDWWHGHU.HUJRQHVHLQH%HIHKOHJHJHEHQ'LHEHVWH $XVUVWXQJIUHLQHDQJHEOLFKHWZDVHFKV7DJHGDXHUQGH5HLVHGLHEHVWHQ7LHUHXQG HLQHUGHUEHVWHQ6FKOLWWHQZDUHQGLHVLFKWEDUHQ)ROJHQJHZHVHQ ³-D'DVKDVWGX´JDEGHU.HUJRQHXQZLOOLJ]X(UVFKDOWHWHGHQ/HVHNXEXVDE XQGGUHKWHVLFKPLWVHLQHP:DJHQ]X)DUWXORRQKHUXP:HQQ8PPDQVHLQH+DQG EHUHLQHP%QGHORSWLVFKHU.RQWDNWHEHZHJWHNRQQWHHUGXUFKGLH9HUlQGHUXQJGHU )LQJHUVlPWOLFKHPDVFKLQHOOHQ5HDNWLRQHQGHV:DJHQVKHUYRUUXIHQXQGVWHXHUQ ³*HOGLVWZLFKWLJ´VDJWHGHU%DXFKDXIVFKQHLGHU³'XNDQQVWEULJHQVHLQHQ0DQQ DXIPHLQHQ6SXUHQORVVFKLFNHQ(UNDQQGHQ6FKOLWWHQXQGGLHIQI7LHUHDEKROHQ´ )DUWXORRQVDKVLFKXPGLH9RUUlWHGHV.HUJRQHQZDUHQVLFKWEDUJHVFKPRO]HQ'LH=HLW ZDUWDWVlFKOLFKPHKUDOVUHLI²GHU3ODQHWVWDQGLKPELV]XP+DOVXQGELVZHLOHQDXFK GDUEHUKLQDXV³*HOGLVWGHUVHFKVWH6LQQGHUGLH:UGLJXQJGHUIQIDQGHUHQ6LQQH HUVWHUP|JOLFKWZLHMHGHUPDQQZHL'XVFKHLQVWGLFKLQPHLQHU*HVHOOVFKDIWQLFKW XQZRKO]XIKOHQ´ 'HU6FKZDU]JHVFKXSSWHODFKWHKXPRUORVDXI³%OHLEWPLUHWZDVDQGHUHVEULJ"´ ³1HLQ´7URW]DOOHU6XFKHKDWWH)DUWXORRQNHLQH0|JOLFKNHLWJHIXQGHQVHLQH 9HUIROJHU]XVHKHQRGHUEHUKDXSW]XHUIDKUHQREHUYHUIROJWZXUGH6ROOWHQGLH .UDODVHQHQJHUDGHMHW]WKLHUDQNRPPHQZUGHHUVLHPlGHP*HVFKW]DEZHKUHQ NFQQHQ:REHIDQGHQVLFKGLH+lVFKHU"=ZHLIHOORVZUGHVLFK8PPDQDXV5DFKHPLW GHQ/HXWHQGHV%OLQGHQ6RIJDUWYHUEQGHQ²ZHQQQLFKWEHKDQGHOWHQVLHLKQHEHQVR ZLHHU$WODQXQGGDV0lGFKHQPXWHQJHVFKW]WXQGYRQ*RUWDYRUZHJJHEUDFKW
'HU.ULVWDOOSULQ]
M
$WODQ
ZHUGHQ'LH=HLWLVWUHLI)U$WODQVWHKWHLQHZLFKWLJH9HUlQGHUXQJEHYRUGLHVHLQHP /HEHQQLFKWQXUHLQHQDQGHUHQ6LQQJHEHQVRQGHUQLKPHLQH]XVlW]OLFKHJHLVWLJH 'LPHQVLRQYHUOHLKHQZLUG)DUWXORRQVSUWHVHLQH8QUXKH$POLHEVWHQZlUHHUVRIRUW JHVWDUWHW(UVDKDXIGLH8KU1RFKYLHU7RQWDVELV]XP0RUJHQ(UQLFNWH'LHVH YLHUZUGHHUKDOELHUHQXQG]ZHLGDYRQVHOEVWVFKODIHQ ³:DQQZHUGHWLKUXQVYHUODVVHQOLHEVWHU)UHXQG"´IUDJWH8PPDQJHKlVVLJ ³:HUZHL"´DQWZRUWHWHGHU%DXFKDXIVFKQHLGHUJHKHLPQLVYROO'LH*UXSSH GHU.UDODVHQHQZUGHGLH=DKO]ZDQ]LJQLFKWEHUVWHLJHQ]XYLHOHORJLVWLVFKH3UREOHPH ZlUHQ]XO|VHQZHQQGLH9HUIROJHU]DKOHQPlLJPHKUZDUHQ$XHUGHPVDJWHGLH VWDWLVWLVFKH:DKUVFKHLQOLFKNHLWDXVGDHLQHLQ]HOQHU0DQQXQWHUEHVRQGHUHQ 8PVWlQGHQPHKUDXVULFKWHQNRQQWHDOVHLQNOHLQHV+HHU8QGELV]XP20,5*26JDE HVQRFKJHQJHQG³EHVRQGHUH8PVWlQGH´ ,FKKRIIWHQXUGDZLUGDV7RUGXUFKEUHFKHQNRQQWHQ:LUZROOWHQ$GMRYHU YHUODVVHQXQG]ZDUPLWYROOHU*HVFKZLQGLJNHLW$EHUPDOVVDKLFKGLH*XUWHXQG%lQGHU QDFKGLHXQVHUH:DIIHQXQG$XVUVWXQJVJHJHQVWlQGHDXIGHP6FKOLWWHQKLHOWHQ ³/RV$XIVWHLJHQ,KUZHUGHWVWHKHQPVVHQZLHZLUDOOH´VDJWHLFKXQGKRE )DUQDWKLDLQGHQ.RUE ,PPHUKLQNRQQWHQZLUXQVPLWGHP5FNHQJHJHQGDVPDVVLYH6FKXW]QHW] OHKQHQ,FKVDKQLUJHQGZR/LFKWZDUDEHUVLFKHUGDXQVXQ]lKOLJH$XJHQ EHREDFKWHWHQ,FKEOLFNWHQDFKREHQ'HU+LPPHOULDXVQDKPVZHLVHDXI'LH 'DPSIVlXOHGLHVLFKZHQLJHKXQGHUW0HWHUHQWIHUQWDQGHQ,QQHQZlQGHQGHV:DUPHQ $XJHVHUKREGULIWHWHPRPHQWDQ]XU6HLWH'HU7DJYHUVSUDFKVFK|QXQGNODU]X ZHUGHQ*HQDXGDV5LFKWLJHIUHLQHKRFKURPDQWLVFKH6FKOLWWHQIDKUWKLQWHUIQI VWLQNHQGHQ=XJWLHUHQKHU (LQH%HZHJXQJ]XU/LQNHQ²)DUWXORRQ(UJULQVWHEUHLWXQGVWHFNWHHLQH5ROOH XQ]HUUHLEDUHV.OHEHEDQGHLQ'DQQVFKQLSSWHHUPLWGHQ)LQJHUQ³6WDUW'HU)UVWLVW DXHU)XQNWLRQJHVHW]W´ ,FKYHUPXWHWHQLFKW]X8QUHFKWGDHUHUVWHQVVlPWOLFKH(QHUJLHDQODJHQ DXVJHVFKDOWHWXQGGDQQ8PPDQGHQ.HUJRQHQ]XHLQHP%QGHOYHUVFKQUWKDWWH $EHUPDOVKDWWHQZLUHLQHQZHLWHUHQ+DQGOXQJVVSLHOUDXPEHNRPPHQ ³:LUN|QQHQORVIDKUHQ"´HUNXQGLJWHVLFK(LVNUDOOH7DJHODQJKDWWHHUMHW]WNDXP HLQ:RUWEHUVHLQHJHKHLPHQbQJVWHYHUODXWHQODVVHQ µ:LUPVVHQ$XI]XUOHW]WHQ(WDSSH´'HU%DXFKDXIVFKQHLGHU]RJVHLQH +DQGVFKXKHVWUDIIXQGVFKZDQJVLFKLQGHQ.RUE1RFKZDUHQGLHEUHLWHQ5ROOHQ DXVJHNODSSWXQGGLH.XIHQKRFKJH]RJHQ,FKEHIHVWLJWHGLH(QGHQGHV1HW]HVGDQQ NUDFKWHGLH3HLWVFKH)DUWXORRQKDWWHIQI'RSSHO]JHOLQGHQ+lQGHQXQGULGDUDQ 'LH7LHUHVHW]WHQVLFKODXWEUOOHQGLQ%HZHJXQJ:LUUROOWHQEHUGDV3IODVWHUEHUGHQ 3ODW]XQGGDQQGLHDEVFKVVLJH6WUDH]XPQ|UGOLFKHQ7RUGHUODQJJHVWUHFNWHQ 6LHGOXQJKLQXQWHUELVGLHOHW]WHQ%DXZHUNHDXIWDXFKWHQ)DUWXORRQULHI³:HQQGLH7LHUH VRVFKQHOOEOHLEHQZLHMHW]WEUDXFKHQZLUQXUGUHL7DJH´ ³(VPWHQ0DVFKLQHQWLHUHVHLQ´VDJWHLFKVNHSWLVFK=ZDQ]LJIHOOXPKOOWH 7DW]HQVFKOXJHQGHQ%RGHQLQHLQHPVFKQHOOHQUDWWHUQGHQ7DNW'DV7RUZDUPLWGHP OHW]WHQ%HIHKO8PPDQVDXIJH]RJHQZRUGHQXQGZLUSUHVFKWHQ]ZLVFKHQGHQ7UPHQ KLQGXUFKXQGDXVGHU6FKOXFKWKLQDXV9RUXQVODJGDVVDQIWDEIDOOHQGH*HOlQGHGHV .UDWHUVGDVLUJHQGZRLP1RUGHQLQGHQHUVWDUUWHQ*OHWVFKHUEHUJHKHQZUGH 6FKQXUJHUDGHZDUXQVHUH6SXU,QGHQQlFKVWHQ7DJHQZUGHNHLQ:LQGNHLQ6WXUP
'HU.ULVWDOOSULQ]
M
$WODQ
NHLQ5HJHQGLHVH6SXUYHUZLVFKHQ-HGHUGHUXQVYHUIROJWHKDWWHHVHLQIDFK'LH 1HEHOVlXOHGHV:DUPHQ$XJHVZXUGHPHKUXQGPHKULQLKUHUJDQ]HQ$XVGHKQXQJ VLFKWEDUDOVZLUXQVYRQGHP.UDWHUHQWIHUQWHQ+LQWHUXQVHUKREVLFKHLQH6FKLFKW IHLQHU$VFKHXQGEOLHEODQJHLQGHU/XIWVFKZHEHQZLHHLQ6LJQDO :DVLQ]ZLVFKHQLQ$GMRYHUJHVFKDKZXWHQZLUQLFKW7URW]GHPOLHHQZLUGLH IQI7LHUHVRVFKQHOOUHQQHQZLHVLHNRQQWHQ6LHQXW]WHQXQVQXUHWZDVELV]XP5DQG GHV*OHWVFKHUV)DUWXORRQVDJWH³8EULJHQV²LFKKDEHLQHLQHU+|KOHREHUKDOEGHV *OHWVFKHUV]ZHL0DUNDVYHUVWHFNW:HQQPLUHWZDV]XVWRHQVROOWH6LHVLQG]XILQGHQ LQ´(UYHUORUVLFKLQHLQHUEOXPHQUHLFKHQ6FKLOGHUXQJGHUgUWOLFKNHLWHQGLHDXV)HOVHQ XQG(LVYRUKlQJHQDXVODQJHQ+|KOHQPLWVFKDXHUOLFKHP(FKRXQGDXVGHQ*HIDKUHQ PHVVHUVFKDUIHU(LVJUDWHEHVWDQG,FKZUGHQDFKVHLQHU%HVFKUHLEXQJGLH VFKOLWWHQlKQOLFKHQ7UDQVSRUWPLWWHOILQGHQPVVHQDOVRPHUNWHLFKPLUMHGHV:RUW ³'LHHLQ]LJH0|JOLFKNHLWGHQ*OHWVFKHU]XEH]ZLQJHQ"´HUNXQGLJWHLFKPLFKODXW :LUPXWHQVFKUHLHQXPJHJHQGDV5DWWHUQGHU5ROOHQGDVbFK]HQGHU9HUELQGXQJHQ XQGGLH*HUlXVFKHGHUIQI7LHUHDQNRPPHQ]XN|QQHQ ³-D(VVHLGHQQHLQHUYRQXQVN|QQWHIOLHJHQ´ ³'DVWUDXHLFKGLURKQHZHLWHUHV]X´NUlKWH(LVNUDOOH,FKKLHOW)DUQDWKLDLP$UP XQGVSUWHGXUFKGLH)HOOHKLQGXUFKLKUHQZDUPHQ.|USHU:HLWYRUXQVEHJDQQ GHXWOLFKVLFKWEDULP0RUJHQOLFKWZLHGHUGHU6FKQHHXQGGDV(LV 3O|W]OLFKVDJWH)DUWXORRQ³)UDJHPLFKQLFKWZRKHULFKGLHVH$KQXQJKDEH$EHU HEHQVLQGGLH.UDODVHQHQLQ$GMRYHUHLQJH]RJHQ´ ,FKVWDUUWHLKQYHUVWlQGQLVORVDQ:DUHVPHKUDOVHLQH$KQXQJ"1LFKWHLQPDOHU VFKLHQHV]XZLVVHQ(VVWLPPW6LHVLQGKLQWHUXQVKHU9LHOOHLFKWVHKHQVLHXQVDXFK VFKRQ(VJOLFKHLQHU9LVLRQGLHPLFKSO|W]OLFKEHILHOXQGLFKZDUPLUVLFKHUGDHV VRRGHUlKQOLFKJHVFKDK ,Q$GMRYHU'HU,JOXZDUUHVWORVEHUIOOW6FKZHLJHQGVDKHQGUHL]HKQ.UDODVHQHQ ]XZLHLKU$QIKUHUGLH%lQGHUGXUFKVFKQLWWGLHGHQ.HUJRQHQJHIHVVHOWKLHOWHQ.DXP NRQQWHHUZLHGHUVSUHFKHQVWLHHUKHUYRU³:HUVHLG,KU".UDODVHQHQQLFKWZDKU" 6|OGQHUYRP%OLQGHQ6RIJDUW´ 'LHDQGHUHQVFKZLHJHQVDKHQVLFKHUVWDXQWXPXQGK|UWHQZLHLKU$QIKUHU VDJWH³'DVLVWULFKWLJ:LUVLQGKLQWHU)DUWXORRQGHP%DXFKDXIVFKQHLGHUKHU(UKDW GUHL/HXWHPLWGDEHL'LHVH%lQGHU²GDVVLHKWQDFKVHLQHU$UEHLWDXV´ 'HU.HUJRQHKHXOWHDXI³'LHVHU.UHHO'LHVHU$EVFKDXP(UKDWUQHLQHQ%XQNHU JHVSUHQJWLQGHPHUVHLQ6FKQHHPRELOYRUGLH7XUVWHOOWHXQGGHQ'UXFNNHVVHOLQGLH /XIWJHMDJWKDW(UKDWPLFK´ 'HU5HVWGHV6DW]HVJLQJLP/lUPXQWHU'LH.UDODVHQHQVDKHQVLFKYHUEOIIWDQ GDQQEHJDQQHQVLHUDXKXQGVFKDOOHQG]XODFKHQ6LHVFKOXJHQVLFKDXIGLH6FKHQNHO XQGKLHEHQVLFKJHJHQVHLWLJDXIGLH6FKXOWHUQ8PPDQKRFNWHZLHHLQ+lXIFKHQ(OHQG LQVHLQHP:lJHOFKHQXQGEUDFKWHQLFKWVDXHUHLQHPJHTXlOWHQ*ULQVHQ]XVWDQGH 'LHVHYLHU]HKQ0lQQHUVDKHQWDWVlFKOLFKKDUWXQGEUXWDODXV6LHZUGHQGHQ %DXFKDXIVFKQHLGHUVFKRQIDQJHQXQGGDQQVHLQHQ.RSIKLHUKHUEULQJHQ +RFKJHZDFKVHQHEUHLWVFKXOWULJH0lQQHUPLWGXQNOHQYRQGHU6RQQHYHUEUDQQWHQ *HVLFKWHUQ'LH.|SIHZDUHQYRQ1DUEHQHQWVWHOOW+LHUIHKOWHHLQKDOEHV2KUGRUW ]XFNWHHLQHJHZDOWLJH1DUEHHLQGULWWHUKDWWHHLQJHVSDOWHQHV.LQQGHUYLHUWHHLQH %UDQGYHUOHW]XQJGLHZLHHLQ'UHLHFNDXVVDK ³:RKLQLVWHUJHIORKHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
8PPDQVW|KQWH³0LWXQVHUHPEHVWHQ5ROOHQVFKOLWWHQXQGGHQIQIVFKQHOOVWHQ +DU¶VHHF]XPQ|UGOLFKHQ7RUKLQDXV(UZROOWHLQV7DO.HUPDQW´ 'HU$QIKUHUSILIIGXUFKGLH=lKQH:DUHV$QHUNHQQXQJRGHUQXU hEHUUDVFKXQJ"³'XZLUVWXQVKHOIHQ"'HU%OLQGH6RIJDUWZLUGGLFKEHORKQHQ´ 8PPDQZLHJWHGHQ.RSI(UZDUZWHQGXQGHULQQHUWHVLFKGHXWOLFKDQGLH *HIKOHGHUYHUJDQJHQHQHQGORVHUVFKHLQHQGHQ7RQWDV6HLQHJHVDPWH$XWRULWlWEHU $GMRYHUZDULQ)UDJHJHVWHOOWZRUGHQ(UZUGHKDUWGXUFKJUHLIHQPVVHQXPVHLQH 6WHOOXUJZLHGHUIHVWLJHQ]XN|QQHQ*HJHQGLHVH0lQQHUKDWWH)DUWXORRQQLFKWGLH JHULQJVWH&KDQFH'HU.HUJRQHVDJWHZWHQG³(UKDWHLQHQ9RUVSUXQJ´ ³'DVGDFKWHQZLUXQV:DQQKDWHUGLH6LHGOXQJYHUODVVHQ"´ 8PPDQEHGDXHUWHGDHUGHQ6FKOVVHO]XVHLQHP6FKDOWSXOWQLFKWKDWWH(U WUDXWHGHQ:RUWHQGHV%DXFKDXIVFKQHLGHUVQLFKWGHUJHVDJWKDWWHHUZUGHGHQ =HQWUDOVFKOVVHO]XUFNODVVHQ³%HLPHUVWHQ0RUJHQOLFKW0LWJHZDOWLJHP7HPSR8QG PLWXQVHUHQIQIEHVWHQ=XJWLHUHQ´ 'LH.UDODVHQHQWUXJHQ+RFKHQHUJLHZDIIHQDUNRQLGLVFKHU%DXDUW(LQLJHYRQLKQHQ ZDUHQDXFKPLW'ROFKHQ6FKZHUWHUQ([SORVLYZDIIHQRGHUNOHLQHQ.DPSIEHLOHQ EHZDIIQHW6LHWUXJHQIODFKH7DVFKHQDXIGHP5FNHQLQGHQHQGHU3URYLDQWZDU6LH VDKHQXQJHKHXHUVFKQHOOXQGZLGHUVWDQGVIlKLJDXV³hEHUGHQ*OHWVFKHULQV7DO .HUPDQW´EHUOHJWHGHU$QIKUHU³'XKDVWHLQSDDU0DUNDVIUXQV"´ ³-D:LUKDEHQJURH0DUNDVDP*OHWVFKHUYHUVWHFNW$EHUZLUKDEHQQLFKWPHKU JHQJHQGVFKQHOOH7LHUHXQG5ROOHQVFKOLWWHQIUHXFK/DWPLFKQDFKGHQNHQ:LU N|QQWHQHVIROJHQGHUPDHQ´ 'LH7XUZXUGHDXIJHULVVHQXQGHLQHUGHU3RVWHQYRPQ|UGOLFKHQ7RUVWU]WH KHUHLQ³8PPDQ´VFKULHHU³,FKKDEHHWZDVJHIXQGHQ$OVGHU%DXFKDXIVFKQHLGHU GXUFKGDV7RUSUHVFKWHZDUIHUHWZDVLQGLH/XIW,FKVDKHVEOLQNHQDEHULFKGDFKWH QLFKWGDUDQGD´ ³*LEKHUGX(VVR\D´GU|KQWH8PPDQ(UULGHP3RVWHQGHUHUVFKURFNHQ ]XUFNSUDOOWHXQGYRQ]ZHL.UDODVHQHQDEJHIDQJHQZXUGHGHQ6FKOVVHODXVGHU+DQG XQGVWHFNWHLKQLQGLH9HUWLHIXQJVHLQHV6FKDOWSXOWHV$XJHQEOLFNOLFKEHJDQQHQGLH ,QVWUXPHQWHZLHGHU]XOHXFKWHQXQG]XEOLQNHQ0LWHLQLJHQNOHLQHUHQ6FKDOWXQJHQ EHVHLWLJWH8PPDQGLH6W|UXQJHQLQGHPHUGLHEHVFKlGLJWHQ7HLOHVHLQHV +HUUVFKDIWVDSSDUDWHVDXVGHP1HW]VFKDOWHWH³-HW]WZHUGHLFKEHNRPPHQZDVLKU EUDXFKW$EHUHLQLJH0lQQHUDXVGHU6LHGOXQJJHKHQPLWHXFK6LHEULQJHQGLH6FKOLWWHQ ]XUFN´ ³5HFKWVR(VHLOW´VDJWHGHU$QIKUHUGURKHQG'LH6|OGQHUJLQJHQXQJHQLHUWLQ GHPUXQGHQ5DXPKLQXQGKHU6LHVFKDOWHWHQ%LOGNXEHQHLQXQGODVHQGLH7LWHO |IIQHWHQHLQLJHGHU'HOLNDWHNRQVHUYHQSURELHUWHQGDV%DGDXVXQGVlPWOLFKHDQGHUHQ (LQULFKWXQJHQ 8PPDQEHJDQQLQVHLQH0LNURIRQH]XEUOOHQ(UWHUURULVLHUWHGLH6LHGOXQJGXUFK HLQLJHNXU]H6FKVVHDXVGHU,PSXOVNDQRQHXQGEHZLUNWHGDGXUFKGDELQQHQNXU]HU =HLWGLH5ROOHQVFKOLWWHQKHUEHLJH]HUUWXQGGLH=XJWLHUHYRQGHQNDUJHQ:HLGHQJHKROW ZXUGHQ³,KUZLWGDMHQVHLWVGHU6LHGOXQJMHGH(QHUJLHZDIIHXQGMHGHV (QHUJLHDJJUHJDWYHUVDJW"´ ³'DVZLVVHQZLU.HUJRQH'HVKDOEJHKHQZLUDXFK]X)XJUREJHVSURFKHQ :REOHLEHQGHLQH/HXWH.HUJRQH"´'HU$QIKUHUZDUZHGHUJXWQRFKE|VH(UVFKLHQ VLFKZLHHLQH0DULRQHWWH]XEHZHJHQ(LQH$UWPHQVFKOLFKHU5RERWHUGHUOR\DOIU
'HU.ULVWDOOSULQ]
M
$WODQ
GHQMHQLJHQDUEHLWHWHYHUIROJWHXQGW|WHWHGHULKQEH]DKOWH(LQ6|OGQHUHLQ KRFKRUJDQLVLHUWHU*ODGLDWRU(UZUGHDOOHVDEHUDXFKMHGHNOHLQVWH(LQ]HOKHLWGLHLKQLQ VHLQHP$XIWUDJKLQGHUWHEHLVHLWHVFKLHEHQXQGDXIGDVbXHUVWHEHNlPSIHQ'DV=LHO ZDUZLFKWLJGDV(UJUHLIHQYRQ)DUWXORRQXQG$WODQXQGGHQEHLGHQDQGHUHQRGHULKU 7RG ³6LHNRPPHQ6LHJHKRUFKHQPLUZLHGHU:DUWHWQRFKHWZDV´ZLQVHOWHGHU .HUJRQH ³:LUZLVVHQGDGXDOOHVWXQZLUVWXPGHP%OLQGHQ6RIJDUW]XJHKRUFKHQ´ VWHOOWHGHU$QIKUHUJHODVVHQIHVW,QVHLQHU6WLPPHODJHLQHGHXWOLFKH'URKXQJ ³6RLVWHV(UKDEHQHU´ZLQVHOWHGHU.HUJRQH'UDXHQZDUHQ*HUlXVFKH]X K|UHQXQGVFKQHOOH%HZHJXQJHQ]XHUNHQQHQ6FKOLWWHQXQGGLH=XJWLHUH'LH6LHGOHU $GMRYHUVIKOWHQVLFKZLHGHUYRQGHU,PSXOVNDQRQHXQGGHQ(QHUJLHZDIIHQLKUHV VFKZDU]JHVFKXSSWHQ)UVWHQEHGURKWXQGZDUHQGDUEHUKLQDXVYHUZLUUWXQGXQVLFKHU ZHJHQGHU%HVXFKHUGLHVLHYROONRPPHQULFKWLJPLW*HIDKUDVVR]LLHUWHQ³,KUZHUGHW DOOHVEHNRPPHQZDVZLUKDEHQ:LUZHUGHQYHUVXFKHQHXFK]XKHOIHQGDPLWLKUVR VFKQHOOZLHP|JOLFK)DUWXORRQXQGVHLQHGUHL.UHDWXUHQIDQJW´ ³1LFKWVDQGHUHVLVWXQVHU=LHO´ 'LH.UDODVHQHQKDQGHOWHQVFKQHOOXQG]LHOEHZXW$OVVLHHUNDQQWHQDXIZHOFKH :HLVHVLHGLH9RUEHUHLWXQJHQEHVFKOHXQLJHQNRQQWHQKDOIHQVLHGHQ6LHGOHUQ$P IUKHQ1DFKPLWWDJYHUOLHHQGUHL5ROOHQVFKOLWWHQLQKDOVEUHFKHULVFKHU)DKUW$GMRYHU'HU OHW]WH$NWGHU9HUIROJXQJKDWWHEHJRQQHQ8PPDQGHU.HUJRQHKRIIWHGDGLH .UDODVHQHQ)DUWXORRQV.RSIDXIHLQHU6WDQJHEULQJHQZUGHQ(UNRQQWHVLFK]XGHP DXVUHFKQHQGDGDV0lGFKHQQLFKWYRQLKQHQJHW|WHWVRQGHUQ]XHUVWGHQ.UDODVHQHQ XQGGDQQZHQQVLHLKUHUEHUGUVVLJZDUHQGHPJHVDPWHQ6WDPP]XP*HEUDXFK EHUODVVHQZHUGHQZUGH :LUIKOWHQXQVQLFKWEHVRQGHUVJXWMHQHVXQHUNOlUOLFKH:LVVHQGDXQVGLH .UDODVHQHQVHKHQNRQQWHQZHQQVLHHLQLJHV*OFNKDWWHQPDFKWHXQVXQUXKLJXQG QLHGHUJHVFKODJHQ1XU)DUWXORRQVFKLHQGDYRQJlQ]OLFKXQEHUKUW]XVHLQHUOHQNWHGLH 7LHUHDOVKDEHHUVHLQ/HEHQDXIHLQHU5HQQEDKQ]XJHEUDFKW:LUUDVWHQPLWZHKHQGHU 6WDXEIDKQH]XQlFKVWEHUGLHHLVIUHLH=RQHGDQQKLHOWHQZLUDQXQGNODSSWHQDOVZLU DXIGHP(LVVWDQGHQGLH5ROOHQQDFKREHQXQGVHQNWHQGLH6FKOLWWHQNXIHQDE'LH7LHUH OLHHQNHLQHUOHL(UPGXQJVHUVFKHLQXQJHQHUNHQQHQ ³6LHKDEHQQLFKWPHKU0|JOLFKNHLWHQDOVZLU´VDJWH)DUWXORRQ³6LHEHVLW]HQQLFKW HLQPDOHLQHQVFKQHOOHQ*OHLWHU´ ³7URW]GHPVROOWHQZLUVFKQHOOHUZHUGHQ:LHZHLWLVWHV]XP*OHWVFKHU"´IUDJWH LFK:LUNOHWWHUWHQZLHGHULQGHQ.RUE'LH7LHUHNDPHQDXIGHP6FKQHHXQGGHP(LV QXUHLQZHQLJODQJVDPHUYRUDQ6WDWWGHUUDWWHUQGHQ5ROOHQZDUMHW]WGDV=LVFKHQGHU EUHLWHQ.XIHQ]XK|UHQ:LHGHUVFKULHQHLQLJHGHU+DU¶VHHFY|OOLJXQPRWLYLHUWDXI ³:HQQZLUGLH1DFKWGXUFKIDKUHQN|QQWHQHUUHLFKHQZLUGLH2EHUNDQWHGHV $VDND*OHWVFKHUVYLHOOHLFKWPRUJHQIUK´ ³9HUGDPPW´'HU:HJ]XPOHJHQGlUHQ7DO.HUPDQWZDUEHVFKZHUOLFKXQGODQJ $EHUZLUKDWWHQNHLQH:DKO+LQWHUXQVGLH.UDODVHQHQYRUXQVGDV=LHOYHUVSHUUWGXUFK XQEHNDQQWH*HIDKUHQ ³$OOHUGLQJVZHUGHQZLUQLFKWPHKU%HOHXFKWXQJKDEHQDOVGDV/LFKWGHU6WHUQH´ VDJWH)DUWXORRQ³,FKNHQQHMHGHQ6WHLQKLHULQGLHVHP*HELHW´
'HU.ULVWDOOSULQ]
M
$WODQ
(LQZVWHVXQGHLQVDPHV/DQGHPSILQJXQV9HUJOLFKHQPLWGHQ/DQGVFKDIWHQ GLHZLUGXUFKUDVWKDWWHQZDUGLHVH*HJHQGQRFKHLQW|QLJHUXQGOHHUHU$EJHVHKHQ GDYRQGDGDV*HOlQGHJDQ]OHLFKWDQVWLHJXQGVLFKGHP*OHWVFKHUUDQGQlKHUWHZDU HVRKQHMHGHQDXIIlOOLJHQ6WHLQRKQH0DUNLHUXQJHQXQG%HVRQGHUKHLWHQ1LUJHQGVJDE HV2ULHQWLHUXQJVKLOIHQ$EHU)DUWXORRQVFKLHQGHQ:HJJHQDX]XNHQQHQ(UVWDQG EUHLWEHLQLJLP.RUEGHV6FKOLWWHQVXQGKDQGKDEWH=JHOXQG3HLWVFKHYLUWXRV+LQWHUXQV EOLHEQXUGLHEUHLWH]HUWUDPSHOWH6SXU ³:LUPWHQVLHVHKHQZHQQVLHXQVYHUIROJHQ´VDJWH(LVNUDOOHLQGDVGXPSIH *HUlXVFKGHU]ZDQ]LJ7DW]HQKLQHLQ ³:LUZHUGHQVLHVHKHQ´ )DUQDWKLDGUHKWHVLFKXPXQGEOLFNWHQDFKKLQWHQ8QVHUH6SXUZDU VFKQXUJHUDGHZLHPLWHLQHP/LQHDOJH]RJHQ3O|W]OLFKZLUNWHGDV0lGFKHQJDQ] DXIJHUHJW6LHKREGHQ$UPXQGVWLHKHUYRU³'RUWKLQWHQJDQ]DP+RUL]RQW²HLQH 6WDXEZRONH(LQHVROFKH:RONHZLHZLUVLHKLQWHUODVVHQKDEHQ´ ,FKGUHKWHPLFKHEHQIDOOVXP'DGXUFKGDGDV*HOlQGHDQVWLHJXQGGDVVHLW HLQLJHQ7RQWDVKDWWHQZLUQDFKKLQWHQHLQHQJUDQGLRVHQ$XVEOLFN:LUVDKHQZLHGHUGLH ULHVLJH'DPSIZRONHGHV:DUPHQ$XJHV'HU+LPPHOZDUVWUDKOHQGEODXXQGY|OOLJNODU RKQHHLQHHLQ]LJH:RONH8QVHUH6SXUYHUORUVLFKLQGHUVFKHLQEDUHQ8QHQGOLFKNHLWGHV +RUL]RQWV'RUWZRVLHLQGLH:DDJUHFKWHEHUJLQJVDKHQZLUGHXWOLFKDEHUZLQ]LJ NOHLQHLQH)DKQHDXV6WDXEXQG$VFKH(VNRQQWHVLFKXPQLFKWVDQGHUHVKDQGHOQDOV XPGLH.UDODVHQHQ³)DUWXORRQ6LHVLQGGRUWKLQWHQ´ ³'DFKW¶LFKPLUHVGRFK´ ³6LHVFKHLQHQDXVJHUXKW]XVHLQ6LHZHUGHQXQVIDVVHQ´ULHI(LVNUDOOHMDPPHUQG DXV ³1RFKKDEHQZLUHLQHQ9RUVSUXQJ8QGVLHNHQQHQGHQ*OHWVFKHUQLFKW,FKDEHU NHQQHMHGHQ(LVNULVWDOOGRUWDXIGHP$VDND´)DUWXORRQV)DVVXQJZDUXQHUNOlUOLFK2GHU ZROOWHHUXQVQXUEHUXKLJHQ":LUVFKZLHJHQDEHULPPHUZLHGHUGUHKWHQZLUXQVKHUXP XQGJODXEWHQGLH6WDXEIDKQHNlPHQlKHUGHU$EVWDQGZUGHVLFKYHUULQJHUQ8QVHUH 1HUYHQZDUHQJHVSDQQWXQVHUH8QUXKHXQGGDV*HIKOGHVNRPPHQGHV8QWHUJDQJV YHUVWlUNWHQVLFKGHXWOLFK1XUPHLQUlWVHOKDIWHU)UHXQGVFKLHQYRQDOOHGHPQLFKWV]X PHUNHQHUOHQNWHGLH7LHUHWULHEVLHDQXQGUDVWHGLHOHLFKWH6WHLJXQJK|KHUXQGK|KHU KLQDXI$OOPlKOLFKVDQNDXFKGLH7HPSHUDWXUZLUHQWIHUQWHQXQVYRP:DUPHQ$XJH ³:HQQZLUVRZHLWHUUDVHQN|QQWHQ´ ,Q]ZLVFKHQEHZHJWHQZLUXQVOlQJVWLQGLHVHUJHVFKW]WHQXQVLFKWEDUHQ WHFKQLNORVHQ=RQH+LHUZUGHQXQVHUH(QHUJLHZDIIHQQLFKWIXQNWLRQLHUHQDEHUDXFK QLFKWGLHMHQLJHQGHU6|OGQHU,UJHQGZRKLQWHUGHU.LPPXQJGHV+RUL]RQWVODJGLH 6WDWLRQVWDQGGHUUlWVHOKDIWH20,5*26'LH.UDODVHQHQEHIDQGHQVLFKDXIXQVHUHU 6SXUXQGZUGHQVLHQLFKWPHKUYHUODVVHQ ³8PPDQKDWXQV]ZHLIHOORVYHUUDWHQ´ULHI(LVNUDOOH ³,FKKDEHQLFKWVDQGHUHVHUZDUWHW$EHUHVODJNHLQ*UXQGYRULKQ]XW|WHQ´ HUZLGHUWH)DUWXORRQ1RFKLPPHUOLHIHQGLH7LHUHVFKQHOOXQGRKQH]XVWROSHUQ6LH ZDUHQKDUWXQGDXVGDXHUQGZLHHLQ:LQWHUVWXUP ³:LUKDEHQGHLQH0DUNDVXPEHUGHQ*OHWVFKHU]XNRPPHQ´VDJWHLFK GHXWOLFK³$EHUZLHZHUGHQXQVGLH6|OGQHUYHUIROJHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQODFKWHJULPPLJDXI³'XPXWQRFKHLQH0HQJHOHUQHQ$WODQ'LH (LQZRKQHUGLHVHU*HVHW]ORVHQVLHGOXQJMDJHQHEHQIDOOVDXIGLHVHP*OHWVFKHU6LH KDEHQHEHQVRLKUH*OHWVFKHUVFKOLWWHQYHUVWHFNWZLHLFK´ ³'XZDUVWVFKRQHLQPDOKLHU"´HUNXQGLJWHVLFKGDV0lGFKHQEHVRUJW ³(VLVWZDKUVFKHLQOLFKGDLFKGHQ:HJ]XPHLQHUSODQHWDUHQ6WDWLRQNHQQH QLFKWZDKU"´ZLFK)DUWXORRQDXV ³(VLVWPHKUDOVZDKUVFKHLQOLFK´VDJWHLFK:LUUDVWHQZHLWHU,PPHUPHKU QlKHUWHQZLUXQVGHU/LQLHGLHGHQ%RGHQYRP+RUL]RQWWUHQQWH'DKLQWHUEHJDQQGHU *OHWVFKHU'LH.UDODVHQHQGDVVDKHQZLULPVFKZLQGHQGHQ/LFKWGHV7DJHVWULHEHQ LKUH=XJWLHUHHUEDUPXQJVORVDQXQGXQVHU9RUVSUXQJVFKZDQGODQJVDPGDKLQ:HUGHQ VLHXQVHLQKROHQN|QQHQ"(VZlUHHLQVHOEVWP|UGHULVFKHU)HKOHUVLH]XXQWHUVFKlW]HQ (VZXUGHNlOWHUVFKQHLGHQGNDOW9RPQRFKXQVLFKWEDUHQ*OHWVFKHUZHKWHHLQ HLVLJHU:LQG:LUKOOWHQXQVLQXQVHUH0lQWHOXQGVFKORVVHQ.UDJHQXQG$UPHOElQGHU :LUVWDQGHQVFKXW]ORVGDZLUEHNDPHQGHQKRFKJHZLUEHOWHQ6FKQHHXQGGLHNOHLQHQ (LVEURFNHQLQV*HVLFKWJHVFKOHXGHUWGLHYRQGHQ7DW]HQGHU7LHUHVWDPPWHQ(V GXQNHOWHMHW]WVFKQHOOXQGGLHVPDOKDWWHQHVGLH.UDODVHQHQOHLFKWHU6LHPXWHQQXU HLQHU6SXUIROJHQVLHEUDXFKWHQVLHQLFKWPHKU]XVXFKHQ 'LHVH1DFKWZUGHNHLQHUYRQXQVMHPDOVYHUJHVVHQN|QQHQ(VZDUHLQ $OSWUDXP8QVHUH1HUYHQZDUHQ]XP=HUUHLHQJHVSDQQW:LUKDWWHQNHLQHQ$SSHWLW PHKUQXUHLQLJH6FKOXFNHDXVGHUYRQ3HO]XPNOHLGHWHQ)HOGIODVFKHSDVVLHUWHQXQVHUH .HKOHQGLH]XJHVFKQUWVFKLHQHQ'LHIQI7LHUHZDUHQNXU]YRUGHP(QGHLKUHU /HLVWXQJVIlKLJNHLW(VZDU0LWWHUQDFKWVLHPXWHQZLHDXFKGHU6FKOLWWHQXQGXQVHUH .UDIWQRFKHLQLJH7RQWDVGXUFKKDOWHQ'LH6WHLJXQJGHV*HOlQGHVQDKP]XDEHU )DUWXORRQGHUVHLWGHP6WDUWGLH=JHOXQGGLH3HLWVFKHKLHOWVFKLHQNHLQHQ6FKODINHLQ (VVHQXQGNHLQH$XIPXQWHUXQJ]XEUDXFKHQ$XHUGHPVFKLHQHUGDV$XJHQOLFKWHLQHV QDFKWMDJHQGHQ5DXEYRJHOV]XKDEHQ ³'XNDQQVWGRFKLQGLHVHUDEVROXWHQ)LQVWHUQLVQLFKWVVHKHQ´VDJWHLFKOHLVH]X LKP³0HLQH$XJHQVLQGMQJHUXQGVFKlUIHUXQGDXFKLFKVHKHQLFKWV´ ,FKZDUVLFKHUGDHUPLFKDQJULQVWH6HLQ$WHPVFKOXJLQPHLQ*HVLFKWHLQH 'DPSIZRONHGLHGHUVFKQHLGHQGH:LQGZHJUL³,FKYHUODVVHPLFKHEHQDXIPHLQ *HIKO:LHJHKWHVLKQHQ"´ ³6LHVFKHLQHQWDWVlFKOLFK]XVFKODIHQ´PXUPHOWHLFK8QGHXWOLFKVFKLPPHUWHYRU XPXQVXQGXQWHUGHQ.XIHQGHV6FKOLWWHQVGHU6FKQHH:LUHUNDQQWHQQLFKWHLQPDOGLH 6SXUHQGHU.XIHQXQGGLHEUHLWH%DKQGHV]HUWUDPSHOWHQ6FKQHHVGLHYRQGHQ3UDQNHQ GHUMHW]WODQJVDPODXIHQGHQ7LHUHVWDPPWH)DUQDWKLDXQG(LVNUDOOHNDXHUWHQHLQDQGHU XPVFKOLQJHQG]X)DUWXORRQVXQGPHLQHQ)HQLP:DJHQNRUE'LHVFKZHUHQ .DSX]HQILHOHQWLHIEHULKUH*HVLFKWHU ³*XWVR/DVLHVFKODIHQ´ 1DFKHLQHU:HLOHIUDJWHLFK³'XHUNHQQVWGLH*HJHQGQRFKLPPHU"´ ³6RLVWHV6|KQFKHQ´)DUWXORRQV6WLPPHZDUUDXFKLJXQGGXQNHOYRU0GLJNHLW XQG$QVSDQQXQJ³:LUNRPPHQQDFKHWZDHLQHU7RQWDEHLGLHVHP7HPSRDXIHLQH HEHQH)OlFKH'DQQEHJLQQWGDVOHW]WH5HQQHQ´ ³,FKYHUVWHKH´1RFKLPPHU]LVFKWHQGLH.XIHQLP6FKQHH8QVHUHIQI=XJWLHUH ZXUGHQZLHGHUHWZDVVFKQHOOHU6LHEUOOWHQQLFKWYHUPXWOLFKZDUHQVLH]XHUVFK|SIW,FK ZROOWHYHUVXFKHQXQVHUH:DIIHQQDFK]XVHKHQDEHUHVZDU]XGXQNHO³)LQGHQZLUGLH +|KOHVFKQHOO"´
'HU.ULVWDOOSULQ]
M
$WODQ
³2KQH=ZHLIHO´VDJWH)DUWXORRQUXKLJ(UULDQGHQ=JHOQKDQGKDEWH YRUVLFKWLJGLHODQJH3HLWVFKHXQGGHU6FKOLWWHQZXUGHVFKQHOOHU:LUKDWWHQGLH6WHLJXQJ KLQWHUXQVXQGEHIDQGHQXQVQXQDXIGHU(EHQH0LUZDUHVHLQ5lWVHOZLHHLQ0DQQ EHLGLHVHU'XQNHOKHLWVHLQHQ:HJGHUDUWJHQDXIDQG1XUGLH/DJHYHUlQGHUXQJHQGHV 6FKOLWWHQVOLHHQHUNHQQHQZHOFKHQ.XUVZLUIXKUHQ9RUXQVODJHLQHKHOOH)OlFKHGLH LQGLHVFKZDU]H:DQGGHV+LPPHOVEHUJLQJ'RUWDQGHU6FKQLWWOLQLHEHJDQQGHU *OHWVFKHU(LQHULHVLJH(LVPDVVHGLH]XU5XKHJHNRPPHQZDUXQGVLFKQLFKWPHKU EHZHJWH'HU%DXFKDXIVFKQHLGHUKDWWHXQVJHVFKLOGHUWZLHHVDXVVDK*ODWWHV(LVYRQ 6FKQHHQHVWHUQXQWHUEURFKHQ$XVGHP(LVZDUHQ)HOVHQKHUDXVJHVFKPRO]HQXQG UDJWHQZLHGLHDEJHEURFKHQHQ=lKQHHLQHV7ULQNHUVDXVGHP(LV:HQLJH6SDOWHQ ´,FKNHQQHVLHDOOH´KDWWH)DUWXORRQJHVDJW(LVEO|FNHGLHVLFKHPSRUWUPWHQXQGDP (QGHGHV*OHWVFKHUVHLQHVHQNUHFKWH:DQGGLHLQHLQH(EHQHYROOHU1HEHODEILHOXQG NDXP]XEH]ZLQJHQZDU ³*HKWHVQLFKWVFKQHOOHU"´8QUXKLJNODPPHUWHLFKPLFKIHVWDOVGHU6FKOLWWHQVLFK JHIlKUOLFKQHLJWH:LUIXKUHQUDVHQGVFKQHOOGXUFKHLQH6FKQHHVSDOWHGLHLQ )DKUWULFKWXQJYHUOLHI ³(VLVWVLQQORV'LH7LHUHEUHFKHQ]XVDPPHQXQGZLUN|QQHQQXUEHLPHUVWHQ /LFKWGLH0DUNDVVXFKHQ'XNPPHUVWGLFKXPGDV*HSlFN"´ ³6HOEVWYHUVWlQGOLFK´ 'LH7HPSHUDWXUKDWWHLKUHQWLHIVWHQ:HUWHUUHLFKW'HU$VDNDPXWHJDQ]LQGHU 1lKHVHLQ:LUIURUHQXQGHWZDV%HZHJXQJZUGHXQVJXWWXQ'LH9HUIROJHUZDUHQ DXHU+|UZHLWHDEHUGDVODJDQGHQ*HOlQGHPHUNPDOHQ-HGHUYRQXQVVHKQWHGDV (QGHGHU+HW]MDJGKHUEHLDEHUQDFKGHP*OHWVFKHUPXWHQZLUXQVDXIXQVHUH HLJHQHQ)HYHUODVVHQ ³,FKKDEHQDWUOLFKQRFKHLQHQNOHLQHQ7ULFNDXI/DJHU´VDJWH)DUWXORRQ$XFK HUVFKLHQHLQLJHVYRQVHLQHU6LFKHUKHLWXQG=XYHUVLFKWYHUORUHQ]XKDEHQ8QEHZXW EHUHLWHWHLFKPLFKDXIHLQHQOHW]WHQ.DPSIYRU(LQQXW]ORVHU.DPSIJHJHQHLQH hEHUPDFKWYRQ.UDODVHQHQGLHGHQ7RGYHUDFKWHWHQ³+|U]X$WODQ6ROOWHHLQHPYRQ XQVRGHUJDUPLUHWZDVSDVVLHUHQ²HVLVWYRQEHVRQGHUHU:LFKWLJNHLWIUHLQH8QPHQJH DQGHUHU$UNRQLGHQGDGX$WODQGHQ20,5*26HUUHLFKVW,FKELQZHQLJHUZLFKWLJ (LVNUDOOHXQGGDV0lGFKHQ]lKOHQJDUQLFKWV(UVFKULFNQLFKWDEHUHVLVWVR/DXQV OLHJHQXQGUHWWHGLFK'XZLUVWVSDWHUYHUVWHKHQNODU"´ ,FKHUVFKUDNGRFKXQGNODPPHUWHPLFKDQGHQ5DQGGHVVWRHQGHQXQG KSIHQGHQ.RUEHV)DUWXORRQWULHEGLH7LHUHMHW]WHUEDUPXQJVORVDQ8QGDOVLFKGHQ .RSIKREHUNDQQWHLFKDXFKGHQ*UXQG$XVGHUVFKZDU]HQ)OlFKHGHV+LPPHOVZDU HLQHGXQNHOJUDXHJHZRUGHQ'HUQHXH7DJNQGLJWHVLFKPLWHUVWHQ=HLFKHQDQ³,FK YHUVWHKHQXUGDGXGDPLWUHFKQHVWVWHUEHQ]XPVVHQ´ ³-HGHUNOXJH0DQQUHFKQHWGDPLWGHQQlFKVWHQ7DJQLFKWPHKU]XHUOHEHQ´ EHVWlWLJWHHU³+DEHLFKGHLQ9HUVSUHFKHQ$WODQ"´ ³:HOFKHV9HUVSUHFKHQ"´ ³'DGXGHLQHSHUV|QOLFKH5HWWXQJEHUDOOHVVWHOOVWXQGQLFKWVRKDQGHOVWZLH GXKDQGHOQZUGHVW'XELVWZLFKWLJ,FKKDEHGLFKMDKUHODQJHU]RJHQXQGLFKZHLHV JHQDXHUDOVGX9HUVSULFKVWGXHV"´ 1DFKHLQHU:HLOHLQGHUPHLQHYHUZLUUWHQ*HGDQNHQGLHYHUUFNWHVWHQ:HJH JLQJHQEUDFKWHLFKKHUDXV³,FKYHUVSUHFKHHV)DUWXORRQ´ ³*XW'DQQLVWDOOHVNODU´
'HU.ULVWDOOSULQ]
M
$WODQ
'HU:LQGKHXOWHDXIDOVGDVHUVWH7DJHVOLFKWHUVFKLHQ:LUUDVWHQZHLWHU$OVLFK JHQJHQGHUNHQQHQNRQQWHVDKLFKGDXQVHUH6SXULPPHUJHUDGHJHZHVHQZDU(LQ XQIHKOEDUHU,QVWLQNWHLQHLQJHEDXWHU.RPSDVFKLHQ)DUWXORRQJHOHLWHW]XKDEHQ9RU XQVWDXFKWHQ(LVEO|FNHDXIXQGNOHLQHVlJH]DKQDUWLJH*HELUJHDXVUHLQHP:HLLQ GDVGHU:LQGXQGGLHZHFKVHOQGHQ7HPSHUDWXUHQGHUEHZHJWHQ/XIWGLHVNXUULOVWHQ )RUPHQJHVFKOLIIHQKDWWHQ:LUVDKHQGLHGXQNOHQ)OlFKHQYRQ+|KOHQHLQJlQJHQ )DUWXORRQEUXPPWH³'RUWYRUQ,FKVXFKHGXNPPHUVWGLFKXPDOOHV´ ³8QGGDVLQUDVHQGHU(LOH´ -HW]WDQJHVLFKWVGHUHUVWHQ=HXJHQGHV*OHWVFKHUVlQGHUWH)DUWXORRQGHQ.XUV XQVHUHVHLVEHUNUXVWHWHQ*HIlKUWV(UMDJWHLQZLOGHQ.XUYHQXQGLP=LFN]DFNXPGLH (LVEO|FNHKHUXPXQGVWHXHUWHVHLQ=LHODQ'HU6FKOLWWHQIHGHUWHNQLUVFKWHXQGYHUORU HLQHQ7HLOGHU(LVNUXVWH(LVNUDOOHXQG)DUQDWKLDHUZDFKWHQXQGHUNDQQWHQ]XHUVWLKUH 8PJHEXQJQLFKWPHKU ³'HU$VDND´VFKULHGHU&KUHWNRUVFKOLHOLFKYROOHU3DQLNDXI³(VLVWNDOW(LVNDOW´ ³'DVLVWPHLVWHQVLQGHU8PJHEXQJYRQ*OHWVFKHUQVR´VDJWH)DUWXORRQ ³,FKZHUGHHUIULHUHQ,FKZHUGH]XP(LVEORFNXQGZHQQVLFKGHU6FKOLWWHQ EHZHJW]HUVSULQJHLFK´NUHLVFKWH(LVNUDOOH ³9RUOlXILJZLUVWGXNHLQH*HOHJHQKHLWGD]XHUKDOWHQ´YHUVLFKHUWHLFKLKP 'HU6FKOLWWHQMDJWHKDDUVFKDUIHQWODQJPHVVHUVFKDUIHU(LVNDQWHQ:LUGXFNWHQ XQVXQWHUEHUKlQJHQGHQ(LVPDVVHQKLQGXUFK(LQPDODOVZLUXQWHUHLQHU%DUULHUH KLQGXUFKIHJWHQGUHKWHVLFK)DUWXORRQXP,QGHU+DQGKLHOWHUSO|W]OLFKHLQH JURNDOLEULJH([SORVLRQVZDIIH'LH3LVWROHNUDFKWHIQIPDODXIXQGGLHGHWRQLHUHQGHQ *HVFKRVVH]HUIHW]WHQDQVWUDWHJLVFKZLFKWLJHQ3XQNWHQGLHKlQJHQGH(LVEUFNH9LHOH 7RQQHQJODVKDUWHV(LVVWU]WHQGLFKWKLQWHUXQVKHUXQWHUXQGOHJWHQHLQHQEUHLWHQ5LHJHO DXV7UPPHUQEHUGLH6SXU ³+LQGHUQLVUHQQHQ´NRPPHQWLHUWH)DUWXORRQJDEPLUGLH:DIIH]XP1DFKODGHQ XQGGHXWHWHDXIVHLQH0DQWHOWDVFKH 'LHYHUUFNWH)DKUWJLQJZHLWHU'LH7LHUHVWROSHUWHQMHW]WKlXILJHUDEHU)DUWXORRQ ZDUJQDGHQORV6FKOLHOLFKZHQGHWHHUGHQ6FKOLWWHQUDVWHKLQDXVDXIHLQVFKPDOHV (LVEDQGGDVVLFKZLHHLQJHNUPPWHU/|IIHOVWLHOEUFNHQDUWLJELV]XHLQHPPDVVLYHQ ULHVLJHQ%ORFNPLWYLHOHQ6SLW]HQVSDQQWH5HFKWVJLQJHVIQI]LJ0HWHUWLHIKLQXQWHU OLQNVNODIIWHHLQ6\VWHPYRQXQHUJUQGOLFKJUQHQ6SDOWHQ$P(QGHGHV EUFNHQDKQOLFKHQhEHUJDQJHVHUNDQQWHLFKMHW]WHLQH+|KOHRGHUHLQHQ(LQJDQJPLW QLHGULJHU'HFNH'LH7LHUHUXWVFKWHQDXIGHPJODWWJHVFKOLIIHQHQ(LVDXVGLH.XIHQ EDODQFLHUWHQDP5DQGGHU%UFNHXQGLFKZDJWHQLFKWQDFKGHQ6HLWHQ]XEOLFNHQ:LU GXFNWHQXQVDOVGHU6FKOLWWHQLQGDV7RUKLQHLQVFKR'DQQKOOWHQXQVGLHYLHOHQ (FKRVHLQ ³'RUWYRUQEHJLQQWGLH$EIDKUWVVWUHFNH´VDJWH)DUWXORRQ³:HQQGXHQWODGHQ KDVWGUHKGDV*HVSDQQXP´ ³9HUVWDQGHQ´ $OVZLUGLHVHQQDWUOLFKHQ7XQQHOYHUOLHHQXQGDXIHLQHUXQGH(LVIOlFKH KLQDXVVFKRVVHQJLQJGLH6RQQHDXI,KU/LFKWEHUVFKWWHWHGLHZHLH/DQGVFKDIWXQG OLHVLHDXIIXQNHOQZLHHLQJLJDQWLVFKHV(GHOVWHLQODJHU0LWDOOHU.UDIWVWHPPWHVLFKGHU %DXFKDXIVFKQHLGHUJHJHQGLH=JHO'LHIQI+DU¶VHHFVFKOLWWHUWHQELVDQGHQ5DQGGHU )OlFKHXQGEOLHEHQGDQQ]LWWHUQGVWHKHQ$XVLKUHP)HOOWURIIVWLQNHQGHU6FKZHLXQG VFKPHO]HQGHU6FKQHH'LH6SLW]HQGHU+|UQHUZDUHQYROOHU(LVNULVWDOOH
'HU.ULVWDOOSULQ]
M
$WODQ
³/RV´)DUWXORRQVSUDQJEHUGHQ5DQGGHV.RUEHV:LUKDQGHOWHQLQUDVHQGHU (LOH(LVNUDOOHXQGLFKKDOIHQ)DUQDWKLDDXVGHP6FKOLWWHQ,FKVWDSHOWHGLHZHQLJHQ *HSlFNVWFNHLQHLQHU5HLKHYHUWHLOWHGLHZLFKWLJHQ:DIIHQXQGGLH0XQLWLRQVJXUWH UlXPWHGHQ.RUEDXV)DUWXORRQZDULP+LQWHUJUXQGYHUVFKZXQGHQZRVLFKDQHLQHQ VFKZDU]HQJUQOHXFKWHQGHQ+|KOHQHLQJDQJNOHLQHUH1HEHQK|KOHQDQVFKORVVHQ (LQVFKQHOOHU5XQGEOLFN²(LVNUDOOHXQGGDV0lGFKHQVFKOHSSWHQGDV*HSlFN]X GHU6WHOOHDQGHUGDVNOHLQH3ODWHDXRKQHVFKDUIH.DQWHLQGLHXQJHKHXUH6FKUlJIOlFKH GHV*OHWVFKHUVDEILHO,FKVFKZDQJPLFKLQGHQ.RUEULDQGHQ=JHOQVFKOXJPLWGHU 3HLWVFKH]XXQGZHQGHWHGDV*HVSDQQ'DQQZXUGHQGLHDXVJHSXPSWHQ7LHUH DEHUPDOVVFKQHOOHUXQGUDQQWHQPLWPLUGHQ:HJ]XUFNGHQZLUJHNRPPHQZDUHQ,FK IXKU]ZHLKXQGHUW0HWHUXQGVFKlW]WHDEREPLFKHLQ6SUXQJQDFKKLQWHQYRUGHP $EVWXU]UHWWHQZUGHDEHULFKHUUHLFKWHGLHVFKPDOVWH6WHOOHGHU(LVEUFNHRKQH8QIDOO XQGNRQQWHKLHUGHQ6FKOLWWHQVWHKHQODVVHQ ³'DVLVWHLQHZLUNVDPH%ORFNLHUXQJ´PXUPHOWHLFK]RJGLH=JHODQXQGZDUIGLH 3HLWVFKHZHJ'DQQUDQQWHLFK]XUFNXQGVDKJHUDGHQRFKZLH)DUWXORRQPLW]ZHL ODQJHQPHUNZUGLJJHIRUPWHQ6FKOLWWHQDXVGHU+|KHNDP(VZDUHQ.RQVWUXNWLRQHQ PLWMH]ZHL6LW]HQDXV/HGHUXQG6WlEHQPLWJHZDOWLJHQ+HEHOEUHPVHQXQGPLWHLQHP NOHLQHQ*HSlFNIDFK ³6FKQHOO´ULHIHU³%HODGHQXQGLQGLH6LW]H,FKQHKPHGDV0lGFKHQ'XIROJVW PLU.QDEH,QPHLQHU6SXU´ ³,FKEUHQQHGDUDXI=KGRSDQ´:LUYHUVWDXWHQGDV*HSlFN(LQLJHJHUROOWH 'HFNHQIORJHQLQHLQH6SDOWHZHLOZLUVLHQLFKWJHEUDXFKHQNRQQWHQ:LUEHIHVWLJWHQGLH :DIIHQVRJXWHVJLQJ)DUWXORRQ]HLJWH)DUQDWKLDZLHPDQVLFKLQGLHOHLFKWHQ6LW]H NDXHUWHGLH%HLQHLQGHQ6FKXW]GHUIHGHUQGHQ6WlEHGHU.RQVWUXNWLRQHLQVFKREXQG PLWEUHLWHQ/HGHUJXUWHQIHVWVFKQDOOWH ³'UHLLJ.LORPHWHU$WODQ´VFKULH)DUWXORRQ,QGHU6RQQHEOLQNWHVHLQ %UXVWSDQ]HUDXI:LUZLUNWHQDOOHZLH9HUUFNWH:LH*HVWDOWHQDXVHLQHUDOWHQ6DJHGLH DXIHLQHP3ODQHWHQPLW5DXPKDIHQXQG)XVLRQVNUDIWZHUNHQYHUVXFKWHQPLW ]HUEUHFKOLFKZLUNHQGHQ6FKOLWWHQ²HLQHUGHUlOWHVWHQ(UILQGXQJHQGHU+XPDQRLGHQ² HLQHVFKUlJH)OlFKHYRQGUHLLJWDXVHQG0HWHUQ$XVGHKQXQJ]XEHUZLQGHQ ,FKEHWUDFKWHWHGLHVFKZHUHQEUHLWHQ6WDKOGRUQHQDQGHQ/DVWDUPHQGHU %UHPVKHEHOXQGVFKWWHOWHGHQ.RSI:LUZDUHQWDWVlFKOLFKYHUUFNW³'DV*HSlFNLVW YHUVWDXWXQGIHVWJH]XUUW"´ ³-D´JDE(LVNUDOOH]XUFNXQGVFKQDOOWHVLFKDXIPHLQHP0DUNDIHVWDP YRUGHUHQ6LW] ³$XFKEHLPLU'XVWDUWHVW%DXFKDXIVFKQHLGHU"´ ³,FKZHUGHGLFKMHW]WGLH+RKH6FKXOHGHV6FKOLWWHQIDKUHQVOHKUHQ3DJXWDXI 6|KQFKHQ´ODFKWHHU,FKEHREDFKWHWHMHGHVHLQHU*HVWHQ(UKROWHDXVHLQHP 6HJHOWXFKEHXWHOXQWHUVHLQHP6LW]]ZHLJURHJHOEH%ULOOHQKHUDXVEHIHVWLJWHHLQHXP GLH.DSX]HXQGYRUGHQ$XJHQ)DUQDWKLDVHLQHYRUVHLQHP*HVLFKWGDQQVFKREHUGHQ 0DUNDDQ'HU6FKOLWWHQJOLWWEHUGDV(LVDOVZUGHHUGLHJOHLHQGH6FKLFKWQLFKW EHUKUHQ'LHDXIZlUWVJHNUPPWHQ+|UQHUGHU.XIHQWUXJHQHLQHQ:LQGVFKLOGGHUDXV URKUDUWLJHP)OHFKWZHUNEHVWDQG'DQQDOVGDV9RUGHUWHLOGHV6FKOLWWHQVEHUGLHOHLFKWH .DQWHNLSSWHVFKZDQJVLFK)DUWXORRQKLQHLQVFKQDOOWHVLFKIHVWXQGOLHGHQ6FKOLWWHQ JHUDGHDXVODXIHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³,FKELQHUIURUHQ´ODOOWH(LVNUDOOHPLWKRKHUlQJVWOLFKHU6WLPPH³,FKELQJDQ] VWDUUJDQ]HLVLJJDQ]GXUFKVLFKWLJZLHDOWHV*OHWVFKHUHLV,FKZHUGHYHUJHKHQLQHLQHP 6FKDXHUDXV.ULVWDOOHQ´ ³5HFKWVR1XUZHUVHLQHbQJVWHNHQQWLVWZLUNOLFKPXWLJ´,FKUFNWHPHLQH%ULOOH ]XUHFKWXQGVFKREGHQ6FKOLWWHQDQ9RQGHQ.UDODVHQHQK|UWHQXQGVDKHQZLUQLFKWV 'DQQNLSSWHDXFKGHU6FKOLWWHQEHUGLH.DQWH,FKIKOWHGDV/HGHUGHV6LW]HV XQWHUPLUVFKREPHLQH6WLHIHOLQGLHODQJHQ+DOWHUXQJHQ)UPLFKZDUDOOHVQHXDEHU PHLQYlWHUOLFKHU)UHXQGPHLQVWUHQJHU/HKUPHLVWHUXQGPHLQJHKHLPQLVYROOHU3DUWQHU GLHVHUZDKQVLQQLJHQ5HLVHZDUQLFKW]XPHUVWHQPDOLP%ODVVHQ/DQGXQGVFKLHQKLHU WDWVlFKOLFKMHGHQ.ULVWDOO]XNHQQHQ'LH)DKUWQDKP]XXQGHXWOLFKHUNDQQWHLFKGLH 6SXUGHUHLVHUQHQ.XIHQYRUPLU.OLFNHQGVFKORVLFKGHUEUHLWH*XUW'HU)DKUWZLQG QDKP]XDEHUPHLQH$XJHQOLWWHQGDQNGHU%ULOOHQLFKW:LUUDVWHQDEZlUWV6RODQJHGLH *HVFKZLQGLJNHLWQLFKWJHIlKUOLFKZXUGH]RJLFKGLH+DQGVFKXKHIHVWNRQWUROOLHUWHGHQ 6LW]GHU:DIIHQGDQQJULIILFKQDFKGHQODQJHQ.UDIWDUPHQGHU+HEHOEUHPVHQ,FK EUHPVWHPHKUPDOVSUREHZHLVHZDVKLQWHUPLUHLQHKRFKVWlXEHQGH:RONHDXV QDGHOVSLW]HQ(LVNULVWDOOHQKHUYRUULHIGDQQEHJULIILFKGLH+DQGKDEXQJGHVVFKQHOOHQ 0DUND:HLWXQWHUPLUVDKLFKHLQHQODQJJHVWUHFNWHQ6FKDWWHQHVZDU)DUWXORRQPLW VHLQHP6FKOLWWHQXQGGHP0lGFKHQGDVPLFKOLHEWH ³,FK]HUEHUVWH'HU6FKOLWWHQIlKUWJHJHQHLQHQ(LVEORFNXQGLFKVWHUEH´ ³'XOHQNVWPLFKDE´VFKULHLFK(LVNUDOOH]X $XJHQEOLFNHVSlWHUNRQQWHLFKQLFKWVPHKUK|UHQ'HU)DKUZLQGKHXOWHXQGSILII LQPHLQHQ2KUHQ'LH6WHOOHQPHLQHV*HVLFKWHVGLHQLFKWYRQGHU%ULOOHRGHUYRP GLFNHQODQJKDDULJHQ)HOOEHGHFNWZDUHQZXUGHQHLVLJXQGGURKWHQ]XHUIULHUHQ1RFK JLQJHVJHUDGHDXVDEHUVFKRQWDXFKWHQGLHHUVWHQ6SDOWHQDXIGLH)HOVEO|FNHXQGGLH (LV]LQQHQGLHDXVGHU6FKUlJIOlFKHKHUYRUZXFKVHQ,FKEUHPVWHDEOLQNVRGHUUHFKWV XQGLFKEHPKWHPLFKLQGHU6SXUGLHVHVNDKON|SILJHQ$EIDKUWVVSH]LDOLVWHQ]XEOHLEHQ :DUHQHV0LOOLWRQWDV"2GHUKDQGHOWHHVVLFKXP(ZLJNHLWHQGLHLQUDVHQGHU(LOH YHUJDQJHQZDUHQ" -HGHQIDOOVIHJWHQZLUPLW]XQHKPHQGHU*HVFKZLQGLJNHLWLQHLQHPJHPlLJWHQ =LFN]DFNQDFKXQWHQ'HU*OHWVFKHUHLQJHEHWWHW]ZLVFKHQXQGHXWOLFKVLFKWEDUHQ %HUJNHWWHQILHOQLFKWEHVRQGHUVVWHLODEVHLQ*HIlOOHHQWVSUDFKGHU6WHLJXQJGLHZLULP 6FKOLWWHQEH]ZXQJHQKDWWHQ$EXQG]XJDEHVNOHLQH7DOHUGLHZLUPLW6FKDXGHUQ QDKPHQ:LUVFKRVVHQKLQHLQZXUGHQLP7LHISXQNWGHV.QLFNVWLHILQGLH6LW]HJHSUHW GDQQHUUHLFKWHXQVIDVWGLH/HLFKWLJNHLWHLQHU6FKZHUHORVLJNHLWVFKOLHOLFKVSUDQJHQZLU LQZHLWHQ6lW]HQEHUGLH.DQWHXQGZLHGHU]XUFNDXIGHQIODFKHQJODWWHQ+DQJ(U ZLUNWHZLHHLQHJHZDOWLJH6SLHJHOIOlFKHGXUFKEURFKHQYRQ$XVZFKVHQXQG5LOOHQ 6SlWHU²XQEHNDQQWH=HLWZDUYHUVWULFKHQ,FKVDKGHQ0DUNDEUHPVWHPLWDOOHU .UDIWXQGNDPNXU]YRUGHP*HUlW]XP6WHKHQ)DUQDWKLDVD]LWWHUQGYRU$QJVWXQG .lOWHGDULQXQGGHXWHWHKLOIORVDXIHLQH=LQQHKLQDXI³'RUWLVWHU(UKDWHLQ*HZHKU PLWJHQRPPHQ´ 1RFK ZlKUHQG VLH VSUDFK EHPHUNWH LFK GHQ HUVWHQ VFKZHUHQ 0DUND GHU .UDODVHQHQ LQ GHP PLQGHVWHQV VLHEHQ .UDODVHQHQ VDHQ 0LW KRKHU *HVFKZLQGLJNHLW JHULHWHUSO|W]OLFKDXVGHP.XUVYHUVFKZDQGLQHLQHU6HQNHIORJDXVGHU5LOOHZLHGHU KLQDXV XQG NUHLVHOWH EHU GDV (LV 'DQQ VFKPHWWHUWH HU PLW XQJHKHXUHU :XFKW JHJHQ HLQHQ(LVEORFN'HU%ORFNNOLUUWHXQGNQLVWHUWH$XVVHLQHU)OlFKHO|VWHQVLFKJH]DFNWH
'HU.ULVWDOOSULQ]
M
$WODQ
7UPPHUXQGEHJDQQHQLKUHUVHLWVPLWHLQHUUDVHQGHQ)DKUWJOHWVFKHUDEZlUWV+LQWHUGHU (LV]LQQHNDPQLHPDQGPHKUKHUDXV9HUPXWOLFKZDUHQGLHVLHEHQ.UDODVHQHQWRW ,FK O|VWH GLH 6WDFKHOQ IXKU DEHU ODQJVDP XQG OLH PLFK QDFK NXU]HU =HLW YRQ )DUWXORRQ GHU LQ KDOVEUHFKHULVFKHU )DKUW JHUDGHDXV DEZlUWV IHJWH EHUKROHQ 'HU ZHLH $OSWUDXP JLQJ ZHLWHU :LU UDVWHQ ]X 7DO VFKQHOOHU XQG ODQJVDPHU ZLFKHQ DXV XQGXPIXKUHQGLH)HOVHQNDPHQGHP5DQGLPPHUQlKHU,UJHQGZRKLQWHUXQVZHJHQ GHV]XQHKPHQGXQEHUVLFKWOLFKJHZRUGHQHQ*HOlQGHVQLFKWOlQJHUPHKUVLFKWEDUZDU PLQGHVWHQV QRFK HLQ 5LHVHQPDUND YROOHU .UDODVHQHQ GLH MHW]W DXFK GHQ 7RG LKUHU .DPHUDGHQUlFKHQZROOWHQ :LUYHUORUHQGLH$QJVW,FKYHUORUDXFKGHQ=HLWEHJULII(LVNUDOOHYHUORUPHKUPDOV GDV %HZXWVHLQ ZHLO LKP VHLQH lQJVWOLFKHQ 6LQQH YRUJDXNHOWHQ GD ZLU HLQHQ GHU )HOVHQ HLQH GHU YLHOHQ 6SDOWHQ RGHU HLQHQ (LVEORFN QLFKW YHUIHKOHQ XQG JHQDX GDUDXISUDOOHQZUGHQ6FKOLHOLFKQRFKYRU0LWWDJHUUHLFKWHQZLUGLHHLQ]LJH6WHOOHDQ GHUHLQH)DKUWGXUFKGHQ*OHWVFKHUKDQJLQGLH(EHQHP|JOLFKZDU$OVZLUGLH6FKOLWWHQ LQGHUDQVFKOLHHQGHQ(EHQHDXVODXIHQOLHHQ]LWWHUQGYRU1HUYHQDQVSDQQXQJVDKHQ ZLUYRUXQVQLFKWV ³1HEHO´VDJWH)DUWXORRQXQGO|VWHVHLQH*XUWH(UJULIIZLHGHUQDFKVHLQHU:DIIH ³)DUQDWKLDLVWHUVFK|SIW:LU]LHKHQVLH´ (U EOLHE VWHKHQ ZlKUHQG ZLU GDV *HSlFN YHUOXGHQ (LQ )HOOEQGHO PLW 1DKUXQJVPLWWHOQ KDWWH VLFK JHO|VW XQG ZDU YHUORUHQJHJDQJHQ ,FK YHUSDFNWH GDV 0lGFKHQ KLQWHU HLQLJHQ 3HO]HQ $OV QDFK HLQHU :HLOH GHU ]ZHLWH 0DUND LQ XQVHUHQ 6SXUHQGXUFKGHQ(QJSDVFKRO|VWHVLFKHLQHNOHLQH5DXFKZRONHDXVGHP/DXIYRQ )DUWXORRQV :DIIH *OHLFK]HLWLJ K|UWH LFK GHQ WURFNHQHQ SHLWVFKHQGHQ .QDOO (LQH GHU XQGHXWOLFKHQ*HVWDOWHQGHV0DUNDEHZHJWHVLFKIORJQDFKUFNZlUWVKDOEDXVGHP6LW] XQG VDFNWH ]XVDPPHQ 'HU %DXFKDXIVFKQHLGHU KDWWH GHQ %UHPVHU JHWURIIHQ XQG HUUHLFKWHGDQRFKLQGHUHLVLJHQ3DVVDJHGHU]ZHLWH5LHVHQPDUNDXPNLSSWHXQGVHLQH ,QVDVVHQDXIGDV(LVYHUVWUHXWH6LHODQGHWHQWRWRGHUYHUOHW]WDP)XGHV*OHWVFKHUV :LUQDKPHQXQVHUH)OXFKWZLHGHUDXIXQGVWLHHQSO|W]OLFKLQGHQGLFKWHQ1HEHOKLQHLQ 'HU%DXFKDXIVFKQHLGHUJULIILQGLH7DVFKHXQG]RJHLQ'LQJKHUDXVGDVZLHHLQH IODFKJHGUFNWH .XJHO DXVVDK 1DFK HLQHP NXU]HQ %OLFN DXI HLQ =LIIHUEODWW VDJWH HU ³*HUDGHDXV´ (LVNUDOOH KLHOW VLFK DP 5FNHQWHLO GHV 6FKOLWWHQV IHVW XQG VFKRE ELVZHLOHQ )DUWXORRQXQGLFK]RJHQLKQGXUFKGHQ1HEHO)DUQDWKLDZDUHLQJHVFKODIHQ'HUGLFNH JHOEZHLH 'DPSI YHUVFKOXFNWH MHGHV *HUlXVFK :LU JLQJHQ VFKQHOO GHP QHEHOYHUKDQJHQHQ 7DO .HUPDQW ]X 'HU :HJ VFKLHQ XQJHIlKUOLFK DEHU HU GDXHUWH PHKUHUH (ZLJNHLWHQ $OV XQVHUH )H VR VFKPHU]WHQ GD ZLU PHKU (QHUJLH GDUDXI YHUZHQGHQ PXWHQ GLH 6FKPHU]HQ ]X LJQRULHUHQ DQVWDWW GDUDXI GHQ 6FKOLWWHQ ]X ]LHKHQXQGVFKQHOOYRUZlUWV]XNRPPHQVDJWH)DUWXORRQ³,QZHQLJHQ7RQWDVVLQGZLU JHUHWWHW$WODQ,FKZHLHV´ ,FKVWDUUWHLKQEHUQlFKWLJWXQGDXVJHPHUJHOWPLWHQW]QGHWHQ$XJHQDQ 1LFKWV ZXWHQ ZLU 1DFK GLHVHP VFKQHOOHQ 0DUVFK EHU HLQH QHEHOYHUKDQJHQH (EHQH ZDU XQV IDVW DOOHV JOHLFKJOWLJ :LU WDXPHOWHQ QXU VR GDKLQ XQG ZHQQ ZLU (LVNUDOOH YHUORUHQ KlWWHQ YLHOOHLFKW KlWWHQ ZLU HV QLFKW HLQPDO JHPHUNW ,FK IUDJWH PLW SHO]LJHQ/LSSHQ³:HQLJH7RQWDV":LUNOLFK"2GHUOJVWGXVFKRQZLHGHU"´
'HU.ULVWDOOSULQ]
M
$WODQ
³1HLQ6LHKQDFKXQWHQ´)DUWXORRQVWHFNWHGHQ.RPSDQLFKWZLHGHU]XUFNXQG VWROSHUWHJHUDGHDXV ,FK VWDUUWH ]X %RGHQ ,PPHU PHKU )OHFNHQ EUDXQHQ 0RRVHV ]HLJWHQ VLFK LQ GHU ]XYRU OFNHQORVHQ 6FKQHHIOlFKH 'HU 1HEHO ZXUGH GLFKWHU ³'HU 6FKQHH HU LVW JHVFKPRO]HQ´ ³$XFK GDV 7DO .HUPDQW LVW VFKQHH XQG HLVIUHL GDIU DEHU GXUFK 1HEHO JHVFKW]W´ PXUPHOWH )DUWXORRQ (U HULQQHUWH PLFK MHW]W DQ HLQH XQVWHUEOLFKH 6DJHQJHVWDOW GLH LPPHU GDQQ ZHQQ VLH +HLPDWERGHQ EHUKUWH ]X QHXHP /HEHQ HUZHFNWZXUGH 'HU1HEHOLVWDEHUDXFKJHIlKUOLFKGDFKWHLFKXQGVDJWHPDWW³'LH.UDODVHQHQ´ ³(LQHOHW]WH$QVWUHQJXQJ6|KQFKHQ'XKDVWGLFKVRJXWJHKDOWHQZLHHLQ%UXGHU YRQPLUDOWHPVFKZLHOLJHP*ODGLDWRU´(UOlFKHOWHPLUYHU]HUUWXQGHWZDVKLOIORV]X6HLQ *HVLFKW ZDU YRQ GHQ 6WUDSD]HQ IUFKWHUOLFK JH]HLFKQHW :XQGHQ GLH (LVVSOLWWHU JHULVVHQKDWWHQOLHHQJHURQQHQHV%OXWHUNHQQHQ(LV]DSIHQIlUEWHQVHLQHQ%DUWZHL ,FKVHKHQLFKWDQGHUVDXVVFKRHVPLUGXUFKGHQ.RSI ³1LFKWQXUGLH.UDODVHQHQ:LUQlKHUQXQVYRUVLFKWLJGHP=HQWUXPGHV7DOHV´ ³:DUXP"´ ³6FKQHHJHLVWHU .UDODVHQHQ DQGHUH *HIDKUHQ²HLQ .DWDORJ 'LHVHU 3ODQHW LVW YHUGDPPW *HIDKUHQ XQG *HZDOW ]X ]HXJHQ ZLH DQGHUH :HOWHQ %OXPHQ RGHU %OWHQ 7DYRUV.DPSI´ ³'DVEHUXKLJWPLFKXQJHPHLQ´ :LU KLHOWHQ DQ HQWOXGHQ PLW VFKPHU]HQGHP 5FNJUDW XQG ]LWWHUQGHQ 0XVNHOQ GHQ0DUNDXQGQDKPHQ)DUQDWKLD]ZLVFKHQXQV'DQQZDQNWHQZLUJHUDGHDXVZHLWHU -H PHKU ZLU XQV GHP XQVLFKWEDUHQ =HQWUXP GHV 7DOHV .HUPDQW QlKHUWHQ GHVWR PHKU HUVWDXQWHPLFKGLH8PJHEXQJ0RRVXQG*UDVWDXFKWHQDXIXQGZXUGHQJUQHU,FKVDK ]X PHLQHU 9HUZXQGHUXQJ %OXPHQ XQG KHOOH %OWHQ ]ZLVFKHQ GHP VDWWHQ YRP 1HEHO VWXPSIJHPDFKWHQ*UQ:LUZDQNWHQZHLWHU3O|W]OLFKEOLHE)DUWXORRQVWHKHQOXGGDV *HSlFNDEXQGVFKRE)DUQDWKLD]XPLUKHUDQ(UEFNWHVLFK ³6SXUHQ"´PXUPHOWHLFK (UGUHKWHGHQ.RSIXQGEHGHXWHWHPLUOHLVH]XVSUHFKHQ(UQLFNWHXQGGHXWHWH DXI HLQLJH 6WHOOHQ LP 0RRV ³6SXUHQ YRQ 6FKQHHJHLVWHUQ´ IOVWHUWH HU ³:DIIHQ IHUWLJPDFKHQ´ (LVNUDOOH)DUWXORRQXQGLFKQDKPHQGLH*HZHKUHYRQGHQ6FKXOWHUQVDKHQGLH JHIOOWHQ0DJD]LULHGXUFKXQGHQWVLFKHUWHQGLH:DIIHQ:LUEHOXGHQXQVZLHGHUPLWGHP *HSlFN XQG ELOGHWHQ HLQH .HWWH 9RUQ JLQJ )DUWXORRQ GDQQ NDP )DUQDWKLD GDQQ (LVNUDOOH ,FK ELOGHWH GHQ 6FKOX :LU GXUIWHQ HLQDQGHU QLFKW DXV GHQ $XJHQ YHUOLHUHQ GHQQQDFKHLQLJHQ6FKULWWHQZDUHQZLULQGHPGLFKWHQGULIWHQGHQ1HEHOYHUVFKZXQGHQ )DUWXORRQ ZDU PLWUDXLVFK JHZRUGHQ (V VFKLHQ LKP VLFKHU GD PDQ ZlKUHQG VHLQHU ODQJHQ$EZHVHQKHLWYHUVXFKWKDWWHVHLQH6WDWLRQ]XHUREHUQ:HQQVLFK6FKQHHJHLVWHU KLHU KHUXPWULHEHQ ZDU GLH *HIDKU JHULQJ DEHU HEHQVR NRQQWHQ GLH .UDODVHQHQ VLH LQ]ZLVFKHQEHUKROWKDEHQ$OOHVZDUP|JOLFK 0LW GUHL VFKXEHUHLWHQ :DIIHQ JLQJHQ ZLU LQ JHUDGHU /LQLH ZHLWHU 'LH XQPLWWHOEDUH 8PJHEXQJ GHU 6WDWLRQ KDWWH GHU %DXFKDXIVFKQHLGHU EHULFKWHW ZXUGH GXUFK HLQHQ 6SH]LDOHIIHNW QHEHOIUHL JHKDOWHQ 'DV *UDV ZXUGH K|KHU ZLU VDKHQ PHKU %OXPHQNDPHQDQQLHGULJHQ%lXPHQYRUEHL,UJHQGZRSOlWVFKHUWHHLQ%DFK
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ KRE GLH +DQG ³+DOW´ (U GHXWHWH DXI HLQH :HJPDUNH HLQHQ ZUIHOI|UPLJHQ 6WHLQ LQPLWWHQ GHV 1HEHOV XPJHEHQ YRQ VFKLOOHUQGHQ %OWHQ XQG IOVWHUWH³,QHLQLJHQ0HWHUQEHJLQQWGLHQHEHOIUHLH=RQH0HKU9RUVLFKW´ ³,FKKDEHYHUVWDQGHQ´ :LU VWDQGHQ GD XQG ODXVFKWHQ 1LUJHQGZR ZDUHQ 6FKULWWH ]X K|UHQ 'DV 3OlWVFKHUQGHV5LQQVDOVOXOOWHXQVHUH6LQQHHLQ(LQNDXPVSUEDUHU:LQGEHZHJWHGHQ 1HEHO GHU ZLH HLQH $Q]DKO ZLUEHOQGHU 7XFKHU ZLUNWH (U ZDU XQDQJHQHKP GLFKW ,FK NRQQWHNDXPGLH6FKXOWHUQ)DUWXORRQVXQGVHLQH.DSX]HVHKHQGHU0DQQEHIDQGVLFK NHLQH ]HKQ 0HWHU YRQ PLU HQWIHUQW (U KRE GHQ $UP ZLU EHZHJWHQ XQV ODQJVDP XQG JHUlXVFKORV YRUZlUWV 'DQQ K|UWHQ ZLU JHOOHQGHV *HOlFKWHU ,UJHQGZR UDQQWH MHPDQG GXUFKGHQ1HEHOXQGVWLHLQHLQHUXQEHNDQQWHQ6SUDFKH9HUZQVFKXQJHQDXV0HLQH )LQJHU YHUNUDPSIWHQ VLFK XP 6FKDIW XQG /DXI GHU :DIIH 'DQQ ZXUGH GHU 1HEHO SO|W]OLFKKHOOHUGXUFKVFKHLQHQGHUYRQ/LFKW GXUFKIOXWHWXQGZLUYHUOLHHQGLHPLOFKLJH =RQH ³'RUW'LH5HWWXQJ´VDJWH)DUWXORRQOHLVHXQGGHXWHWHQDFKYRUQH ,FK ZDU VSUDFKORV (LQH LG\OOLVFKH 6]HQH EUHLWHWH VLFK YRU XQV DXV 6LH EHIDQG VLFK LP =HQWUXP HLQHU ]\OLQGULVFKHQ =RQH GHVVHQ %HJUHQ]XQJ YRQ GHQ 1HEHOZlQGHQ JHELOGHWZXUGH,FKVDKJUQH%lXPHYROOHU%OWHQXQGUHLIHQGHU)UFKWHGHQ/DXIGHV %DFKHV HLQH NOHLQH %UFNH XQG JHUDGHDXV HLQ IODFKHV ZHLHV +DXV PLW HLQHP JUDVEHZDFKVHQHQ'DFK'DV*HElXGHVFKLHQDXVPDVVLYHP6WHLQHUEDXW]XVHLQGHU HLQHQ JODVDUWLJHQ hEHU]XJ HUKDOWHQ KDVWH (V JDE NHLQH )HQVWHU QXU HLQH EUHLWH VWlKOHUQH 3ODWWH DXI GLH HLQ VFKPDOHU ZHLHU :HJ KLQIKUWH ,Q GLHVH UXKLJH 6]HQH SDWHQ DOOHUGLQJV GLH HWZD KXQGHUW 6FKQHHJHLVWHU QLFKW GLH LQ HLQHP XQUHJHOPlLJHQ .UHLVGDV*HElXGHXPVWDQGHQ6LHWUXJHQVFKZHUH6WHLQHULHVLJH.QSSHOXQGVDKHQ PLW LKUHQ ZHLJHOEHQ /DQJKDDUIHOOHQ DXV ZLH QXQ ZLH PDQ VLFK 6FKQHHJHLVWHU YRUVWHOOWH )QIKXQGHUW JURH 6FKULWWH WUHQQHQ XQV YRP (LQJDQJ GDV *HElXGHV ³:DV MHW]W"´ ³)HXHUEHUIDOO´ ZLVSHUWH )DUWXORRQ ]XUFN ³8QG GDQQ VR VFKQHOO ZLH P|JOLFK KLQWHUPLUKHU´ ³.ODU´ 'LH 6FKQHHJHLVWHU YHUVXFKWHQ PLW DOOHU *HZDOW LQ GDV *HElXGH HLQ]XGULQJHQ :LUKREHQXQVHUH:DIIHQXQGEHJDQQHQ]XVFKLHHQ)DVWMHGHUXQVHUHU6FKVVHWUDI HLQH GHU JHOEZHLHQ *HVWDOWHQ (LVNUDOOH OHHUWH LQ UHVHQGHU )ROJH GDV 0DJD]LQ VHLQHU :DIIHXQGVSUDQJGDQQ]XUFN,QGLH$QVDPPOXQJZWHQGHU:HVHQNDP%HZHJXQJ (LQLJH ILHOHQ XP GLH DQGHUHQ UDQQWHQ NRSIORV QDFK DOLHQ 6HLWHQ DXVHLQDQGHU 9HUZXQGHWHVFKOHSSWHQVLFKLQGHQIUDJZUGLJHQ6FKXW]GHU%lXPH:LUVFKRVVHQMHW]W ODQJVDPHU XQG ]LHOWHQ EHVVHU )DUQDWKLD EHIDQG VLFK ]ZLVFKHQ XQV XQG GDQQ WDXFKWH (LVNUDOOH ZLHGHU DXV GHP 1HEHO DXI (U KDVWH HLQ QHXHV 0DJD]LQ LQ VHLQH :DIIH JHVFKREHQ,FKVWROSHUWHSO|W]OLFKILHOQDFKYRUQXQGQRFKLP)DOOHQK|UWHLFKKLQWHUPLU HLQ*HUlXVFKXQGHLQVFKPHU]KDIWHV$XIONHXFKHQ ,FK ZDUI PLFK KHUXP DEHU GHU /DXI PHLQHU :DIIH JHULHW LQ HLQH XQJQVWLJH 3RVLWLRQ ³)DUQDWKLD´VFKULHLFK$OOHVJHVFKDKPLWUHVHQGHU*HVFKZLQGLJNHLW,FKVDK]ZHL IHOOJHNOHLGHWH *HVWDOWHQ GLH VLFK DXI GDV 0lGFKHQ VWU]WHQ (LVNUDOOH GUHKWH VLFK XP XQGVSUDQJ)DUWXORRQLQGLH6FKXOLQLH,FKURXWHPLFKEHUGHQ%RGHQDEXQGHQWJLQJ
'HU.ULVWDOOSULQ]
M
$WODQ
VR GHQ 6FKVVHQ HLQHV GULWWHQ 0DQQHV GHU DXV GHP 1HEHO DXIJHWDXFKW ZDU XQG DXI PLFKIHXHUWH ³$WODQ+LOIPLU6LH]HUUHQPLFK´ 'LH EHLGHQ .UDODVHQHQ YHUVFKZDQGHQ GDV VLFK KHIWLJ ZHKUHQGH 0lGFKHQ ]ZLVFKHQVLFKLPGLFKWHQ1HEHO(LQZDKQVLQQLJHU=RUQHUIOOWHPLFK,FKNDPDXIGLH %HLQH XQG KRE PHLQH :DIIH NUDFKHQG O|VWH VLFK HLQ 6FKX QDFK GHP DQGHUHQ 8QG GDQQOLHLFKGLH:DIIHVLQNHU)DUWXORRQVFKRMHQHQ.UDODVHQHQGHUDXIPLFKJHIHXHUW KDVWHLQGHQ.RSI,FKUDQQWHORVXQGVWU]WHPLFKLQGHQ1HEHO ³$WODQ +DOWO´ )DUWXORRQV 6WLPPH ,FK NDQQWH VLH EHVVHU DOV MHGHU DQGHUH $UNRQLGH,FKHUNDQQWHDXFKGHQ7RQID+(UZDUXQEDUPKHU]LJYROOVWUHQJHU$XWRULWlW ,FKZXWHGDPHLQ/HKUPHLVWHULQGLHVHP)DOOXQEHGLQJWHQ*HKRUVDPYHUODQJWHXQG HV DXFK YHUVWDQG LKQ GXUFK]XVHW]HQ ,FK ZXWH ZLH KDUW XQG NDOW )DUWXORRQ VHLQ NRQQWHZHQQHUVRVSUDFK,FKKLHOWPLWWHQLP/DXIHLQXQGEOLHEVWHKHQ'DQQGUHKWH LFK PLFK XP XQG JLQJ DQ (LVNUDOOH YRUEHL GHU QRFK LPPHU DXI GLH IOFKWHQGHQ 6FKQHHJHLVWHU IHXHUWH 'HU 5FNVWR GHU VFKZHUHQ :DIIH OLH VHLQHQ .LQGHUN|USHU HU]LWWHUQ ³,FKVFKLHGLULQV.QLH$WODQZHQQGXLKUQDFKOlXIVW´VDJWH)DUWXORRQXQG]LHOWH PLWVHLQHU:DIIHDXIPHLQ%HLQ ³$EHU VLH KDEHQ VLH YHUVFKOHSSW ,FK PX VLH YHUIROJHQ LFK LFK OLHEH )DUQDWKLD´ ³/LHEHLVWHLQHYHUJlQJOLFKH6DFKH´VDJWHHQ³(VPXLKQHQLUJHQGZLHJHOXQJHQ VHLQ XQV ELV KLHUKHU ]X IROJHQ 9HUJL GDV 0lGFKHQ´ ,FK ZDU DXHU PLU QLFKW IlKLJ NODU ]X GHQNHQ $EHU GLH 6WLPPH PHLQHV =LHKYDWHUV KLHOW PLFK LP %DQQ ³$XI GLFK ZDUWHQ DQGHUH $XIJDEHQ /RV ZHLWHU :LU PVVHQ LQV *HElXGH :LU ULVNLHUHQ ZHJHQ GHLQHU6HKQVXFKWQRFKGLHOHW]WH&KDQFH'LH.UDODVHQHQN|QQHQXQVDXVGHP1HEHO KHUDXVHUVFKLHHQ´ ,FK VHQNWH GHQ .RSI XQG JHKRUFKWH ³,FK YHUVWHKH´ VDJWH LFK EHWlXEW RKQH ZLUNOLFK HWZDV ]X YHUVWHKHQ :LU QDKPHQ ZLHGHU MHQH :HVHQ GLH VLFK ]ZLVFKHQ XQV XQG GHQ (LQJDQJ VWHOOWHQ XQG LPPHU ZLHGHU DQJULIIHQ DXIV .RUQ 'LH 6FKQHHJHLVWHU IOFKWHWHQXQGZLUVFKOXJHQXQV]XU6WDWLRQGXUFK'LH7U|IIQHWHVLFKDXIHLQHQ%HIHKO )DUWXORRQVXQGZLUWUDWHQHLQ:LUZDUHQJHUHWWHW ³'LH =HLW LVW UHLI VLH LVW EHUUHLI $XI GLFK ZDUWHQ $XIJDEHQ GLH JU|HU VLQG DOV GHU 9HUOXVW HLQHV 3DUWQHUV GHQ PDQ OLHEW´ VDJWH )DUWXORRQ XQG OHJWH PLU WU|VWHQG GLH +DQG DXI GLH 6FKXOWHU ,FK ZXUGH GHQ HUGDFKW QLFKW ORV GD HU HV ZDU GHU GHQ HQHUJLHOHHUHQ5DXP]ZLVFKHQGHP3ROXQGGHP:DUPHQ$XJHPLWVHLQHQUlWVHOKDIWHQ 0LWWHOQVHOEVWJHVFKDIIHQKDVWHXPGDV7DO.HUPDQWYRU(QWGHFNXQJ]XVFKW]HQ'LH PDVVLYH 7U ZDU ]XJHJOLWWHQ DEHU LP,QQHUQ GHV *HElXGHV JDE HV :DUUQH XQG /LFKW 'LH (LQULFKWXQJ ZDU KRFKWHFKQLVFK XQG IU PLFK XQG (LVNUDOOH DXI GHQ HUVWHQ 7KLFN YHUZLUUHQG +LHU JLEW HV NHLQHUOHL (QHUJLHDXVIDOO ³:HOFKH $XIJDEHQ" :DV VRLO GDV *DQ]H WULHU":RKHUKDVWGXGLHVH0LWWHOGLHVH7HFKQLN"´ )DUWXORRQ PXVWHUWH GLH ,QQHQHLQULFKWXQJ VHLQHV 6WW]SXQNWHV PLW :RKOZROOHQ GDQQ JULQVWH HU (LVNUDOOH XQG PLFK NDOW DQ ZlKUHQG HU YDJH QDFK YRUQH GHXWHWH ³(V JLEW 'LQJH GLH VLQG VR JHKHLP GD LFK QLFKW HLQPDO PLW PLU VHOEVW GDUEHU VSUHFKH 6SlWHU6|KQFKHQVSlWHU´
'HU.ULVWDOOSULQ]
M
$WODQ
,FK NRQQWH QLFKW PHKU NODU GHQNHQ )DUQDWKLD ZDU YHUVFKOHSSW ZRUGHQ XQG VDK HLQHP6FKLFNVDOHQWJHJHQGDVLFKPLUQLFKWHLQPDOYRUVWHOOHQNRQQWH:LUEHIDQGHQXQV DP =LHO XQVHUHU )OXFKW LQPLWWHQ GLHVHU YHUZLUUHQGHQ IXQNHOQGHQ OLFKWHUIOOWHQ 8PJHEXQJ:LHJHKWHVZHLWHU",QHLQHPKDOEDEJHWUHQQWHQ5DXPNRQQWHLFKDXIHLQHP 6RFNHOHLQHQ5LHVHQNULVWDOOVHKHQGHUPLQGHVWHQVDFKW0HWHU'XUFKPHVVHUKDWWH'HU .ULVWDOOJOKWHYRQLQQHQKHUDXVJROGHQDXIXQGSXOVLHUWHUK\WKPLVFK,FKOLHGLH:DIIH VLQNHQDXFK(LVNUDOOHZDUYROONRPPHQYHUVW|UW:LUEHJULIIHQQLFKWVGDKDWWH)DUWXORRQ OHLFKWUHGHQ ³'LH HLQWDXVHQGYLHUXQG]ZDQ]LJ )HOGHU GHV 20,5*26 VLQG GDV 0LWWHO PLW GHP ZLU*RUWDYRUYHUODVVHQZHUGHQIULPPHU-HW]WJOHLFKLQZHQLJHQ$XJHQEOLFNHQ´ ,FKIOVWHUWHNHXFKHQG³'DVLVWGHU20,5*26"´ ³-D )UKHU RGHU VSlWHU KlWWHQ ZLU GHQ 3ODQHWHQ RKQHKLQ YHUODVVHQ LFK KDWWH DOOHV YRUEHUHLWHW $EHU MHW]W LVW HV ZLFKWLJGD GX $WODQ GHLQH HUVWH ZLUNOLFKH 3UIXQJ EHVWHKVW XQG DQIlQJVW IU GHLQ HUHUEWHV 5HFKW ]X NlPSIHQ $XI =KR\W ZHUGHQ ZLU HUZDUWHW²/LFKWMDKUHYRQKLHUHQWIHUQW´ =KR\W" (UZDUWHW" (U VDJWH HV LQ HLQHU )HLHUOLFKNHLW GLH LFK EHL LKP NDXP HUOHEW KDWWH 6HLQH :RUWH O|VWHQ 6WRO] DEHU DXFK 6FKPHU] DXV ,FK ZDU LQ *HGDQNHQ EHL )DUQDWKLD ,FK VHKQWH PLFK QDFK LKU²ZUGH VLH LUQPHU OLHEHQ XQG QLHPDOV YHUJHVVHQ N|QQHQ)DUWXORRQVFKLHQPHLQH*HGDQNHQ]XHUUDWHQGHQQHUGHXWHWHDXIGHQULHVLJHQ .ULVWDOO'DV*HELOGHJOKWHVWlUNHUXQGLQVFKQHOOHUHP5K\WKPXVDXI)DUWXORRQQDKP PHLQH+DQGLQHLQHQKDUWHQVFKPHU]KDIWHQ*ULIIXQGVDJWHOHLVH³.RPP*RUWDYRULVW 9HUJDQJHQKHLW´ 6HLQH6WLPPHZDULQGLHVHP'XUFKHLQDQGHUGHU*HIKOHXQGhEHUOHJXQJHQGDV HLQ]LJ 7U|VWOLFKH (LVNUDOOH IROJWH XQV VFKZHLJHQG :LU JLQJHQ DXI GHQ .ULVWDOO ]X YHUVFKZDQGHQLQGHPJROGHQHQ*OKHQJLQJHQGXUFKGLHNHLQHVZHJVIHVWH2EHUIOlFKH KLQGXUFKXQG ,FKEHJDQQ]X]LWWHUQDOVLFKPHUNWHGDHWZDVPLWXQVGUHLHQJHVFKDKGDVLFK QLFKWEHJULII'LH=XNXQIWULFKWHWHLKUHNDOWHQVSLW]HQ.UDOOHQILQJHUDXIPLFK,FKDKQWH GD DOOH ELVKHULJHQ $EHQWHXHU QXU HLQ OHLFKWHU ZDUPHU :LQG JHZHVHQ ZDUHQ YHUJOLFKHQ PLW GHP 2UNDQ GHU =XNXQIW GHU PLFK HUZDUWHWH $XI *RUWDYRU ZXUGHQ ZLU ]ZHLIHOORVZLHLQHLQHP0DWHULHWUDQVPLWWHUHQWVWRIIOLFKW²ZRZDUHQZLUMHW]W"=KR\W" 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ SRVLWURQLVFKH1RWLHUXQJHLQJHVSHLVWLP5DIIHUNRGHVFKOVVHOGHUZDKUHQ ,PSHUDWRUHQJHJHEHQDXV$QODGHUHQWVFKHLGHQGHQ3KDVH'LHYRUGHP=XJULII 8QEHIXJWHUVFKW]HQGH+RFKHQHUJLH([SORVLYO|VFKXQJLVWDNWLYLHUW)DUWXORRQ/HLEDU]W XQG9HUWUDXWHU6HLQHU$OOHVVHKHQGHQ$OOHVZLVVHQGHQ(UKDEHQKHLW*RQR]DO9,,YRQ $UNRQ1RWLHUWDP3UDJRGHV7DUPDQLP-DKUHGD$UN %HULFKWGHV:LVVHQGHQ(UZLUGNXQGJHJHEHQ$WODQZXUGH]XP=HLWSXQNWVHLQHU 0DQQEDUNHLWVUHLIHLPDFKW]HKQWHQ/HEHQVMDKUXQGLP-DKUH$UNRQ1RUPDOG $ GHU.OHLQHQ5XQGHEHUVWHOOW$XI*UXQGVRUJIlOWLJHUhEHUOHJXQJHQKDEHLFKPLFK HQWVFKORVVHQGHQ.ULVWDOOSULQ]HQ]XPEHGHXWHQGVWHQXQWHUGHQIQI3UIXQJVSODQHWHQ ]XVFKLFNHQ
'HU.ULVWDOOSULQ]
M
$WODQ
%HJUQGXQJ'LH9HUKDOWHQVZHLVHGHU.UDODVHQHQ+lVFKHUXQGLKUHV $XIWUDJJHEHUVGHVDPWLHUHQGHQ,PSHUDWRUV2UEDQDVFKRO,,,OlWGHQSV\FKRORJLVFK IXQGLHUWHQ6FKOX]XGD$WODQEHUHLWVEHUDOJHVXFKWZHUGHQGUIWHYRUHUVWMHGRFK QRFKQLFKWDXIGHU3UIXQJVZHOW/DUJDPHQLDLP7KDQWXU/RNEHQDFKEDUWHQ .XJHOVWHUQKDXIHQ&HUNRO)UDJORVZHUGHQVLFKGLH1DFKIRUVFKXQJHQGHU 6XFKNRPPDQGRVDXFKDXIGLH+DXSWZHOWXQWHUGHQIQIHLQ]LJP|JOLFKHQ 3UIXQJVSODQHWHQHUVWUHFNHQMHGRFKLVW]XKRIIHQGDGHU.ULVWDOOSULQ]=HLWJHZLQQW =HLWLVWEHGHXWVDP 0HLQHOHW]WHQ*HKHLPHUPLWWOXQJHQKDEHQHUJHEHQGDGLHYRUYLHU]HKQ-DKUHQ $UNRQ]HLWHUVWHOOWHQ,QGLYLGXDOGDWHQGHVGDPDOVYLHUlKULJHQ.ULVWDOOSULQ]HQXQG ,PSHUDWRU1DFKIROJHUVGHP=XJULIIGHU7X*RO&HO*HKHLPSROL]HLXQG$WODQV2QNHO 2UEDQDVFKRO,/UHFKW]HLWLJHQW]RJHQZXUGHQ(LQHYRUVFKQHOOH,GHQWLIL]LHUXQJLVW GDKHUDXFKZlKUHQGGHUVFKZHUHQ3UIXQJHQDXI/DUJDPHQLDDXVJHVFKORVVHQ 7DQLFWURSOHXFKWHQGHV9RUELOGGHUDUNRQLGLVFKHQ1DWXUZLVVHQVFKDIWOHUYHUVFKZLHJHQ JHLVWYROOXQGYRQKRKHPSHUV|QOLFKHQ0XWHUIOOWZLUGPLFKZHLWHUKLQXQWHUVWW]HQ 7DQLFWURSV6RKQ0DFRORQ²VHLQ7RGLVWQXUZHQLJHQ]XYHUOlVVLJHQ3HUVRQHQEHNDQQW HUIXKUQLFKWPHKUGDV*OFNJHSUIW]XZHUGHQXPGLHEHJHKUWH$5.6800,$HUULQJHQ ]XNRQQHQ $WODQZLUG0DFRORQV5ROOHEHUQHKPHQXQGDOOHSK\VLVFKHQXQGSV\FKLVFKHQ )lKLJNHLWHQDXIELHWHQXPGLHGULWWH6WXIHGHU$5.6800,$]XJHZLQQHQ'DPLWZlUH GLH$NWLYLHQXQJGHVEHLIDVWMHGHPJHELOGHWHQ$UNRQLGHQYRUKDQGHQHQ([WUDKLUQV YHUEXQGHQHLQXQVFKlW]EDUHU9RUWHGIUHLQHQNRPPHQGHQ+HUUVFKHU$WODQZXUGH EHUVHLQHWDWVlFKOLFKH+HUNXQLWQRFKLPPHUQLFKWLQIRUPLHUW0HLQ7UHXHVFKZXU VHLQHPHUPRUGHWHQ9DWHUXQGPHLQHP+HUPJHJHEHQKLQGHUWPLFKGDUDQ$XFKZHQQ GLHVHV9HUVSUHFKHQEHU*RQR]DOV7RGKLQDXVRIWPDOVEHUKROWXQGLP6LQQHPHLQHU KRKHQ$XIJDEHXQDQJHEUDFKWHUVFKLHQ²LFKKDEHHVQLFKWJHEURFKHQ1XQPHKUMHGRFK LVWHVDQGHU=HLWGHQ.ULVWDOOSULQ]HQDXI]XNOlUHQ 6HLQXQJHVWPHV7HPSHUDPHQWVHLQWLHIHV(PSILQGHQXQGVHLQWLHIYHUZXU]HOWHU +DQJGLH6LFKHUKHLWGHVDUNRQLGLVFKHQ6WHUQHQUHLFKHVMHGHQDQGHUHQ%HODQJHQ EHU]XRUGQHQJHELHWHQPLUHLQHEHKXWVDPH8QWHUULFKWXQJ(VZDUVFKZHUGHQMXQJHQ 3ULQ]HQLQGLHYHUJDQJHQHQ-DKUHQ]X]JHOQ0HLQH3V\FKRPHWKRGHQZDUHQ ]ZDQJVOlXILJZHFKVHOKDIWKlXILJGLOHWWDQWLVFKDQPXWHQG²DEHUVLHHUIOOWHQLKUHQ=ZHFN $WODQVVWlQGLJH)UDJHQQDFKVHLQHUZDKUHQ+HUNXQIWEUDFKWHQPLFKRIWPD/VDQGHQ 5DQGGHUJHLVWLJHQXQGNRUSHUOLFKHQ(UVFK|SIXQJ (ULVWXQEHXJVDPJHJHQVLFKVHOEVWNOXJXQGDXIULFKWLJ0HLQH(U|IIQXQJQDFKGHU $QNXQIWDXIGHP3ODQHWHQ=KR\W²VLHOLHJWQXQPHKUGUHL$UNRQSHULRGHQ]XUFN²LKQ ]XUOHW]WHQXQGVFKZHUVWHQ5HLIHSUXIXQJDXI/DUJDPHQLDDQ]XPHOGHQYHUVHW]WHGHQ MXQJHQ0DQQLQHLQHQ)UHXGHQWDXPH/$QVFKOLHHQGMHGRFKTXlOWHHUPLFKHPHXWPl )UDJHQ(VZDUVHKUVFKZLHULJLKPSODXVLEHO]XPDFKHQGDHUXQWHUHLQHP 3VHXGRQ\PDXI]XWUHWHQVHLQ,FKYRUEHUJHKHQG]XYHUJHVVHQXQGGLH3HUVRQHLQHV DQGHUHQ$UNRQLGHQGDU]XVWHOOHQKDWWH'HU.ULVWDOOSULQ]ZLOOLJWHVFKOLHOLFK XQWHUGHU%HGLQJXQJHLQQDFK$EVFKOXGHU([DPLQDYRUEHKDOWORVLQIRUPLHUW]XZHUGHQ ,FKKDEHPHLQH(LQZLOOLJXQJJHJHEHQ'LH=HLWGHV6FKZHLJHQVLVWYRUEHU 6HKUYLHOVFKZLHULJHUQDKH]XXQO|VEDUHUZLHVVLFKGLH$XIJDEH0DFRORQV ,QGLYLGXDOGDWHQPLWMHQHQGHV.ULVWDOOSULQ]HQ]XNRRUGLQLHUHQ:HQQHVGHQEHNDQQWHQ 7HFKQLNHQP|JOLFKJHZHVHQZlUH$WODQPLW0DFRORQV,QGLYLGXDOVFKZLQJXQJVLPSXOVHQ
'HU.ULVWDOOSULQ]
M
$WODQ
DXV]XVWDWWHQKlWWHGDV3UREOHPHEHQVROHLFKWJHO|VWZHUGHQN|QQHQZLHMHQHVGHUUHLQ RSWLVFKHQ$QSDVVXQJ'DDEHUHQWVSUHFKHQGH9HUVXFKHNOlJOLFKVFKHLWHUWHQPXWHLFK PLFK]XGHPODQJHQXQGXQEHTXHPHQ:HJGHUXPJHNHKUWHQ9RU]HLFKHQHQWVFKOLHHQ 0DFRORQ2IIL]LHUGHUDUNRQLGLVFKHQ5DXPIORWWHYRUVHLQHP7RGH&KHIGHU /DNDQLP*URYHUEDQGGHU7DQWHU\P2IIHQVLYIORWWHZDUEHNDQQWXQGEHOLHEWJHZHVHQ 6HLQH,QGLYLGXDOGDWHQZDUHQVHOEVWYHUVWlQGOLFKLP)ORWWHQ]HQWUDONRPPDQGRYRQ$UNRQ LQGHU]HQWUDOHQ+DXSWSRVLWURQLNGHU)ORWWHXQGLQ]DKOUHLFKHQ1HEHQDJJUHJDWHQ JHVSHLFKHUW(VJHODQJPLUXQGPHLQHQYHUWUDXWHQ)UHXQGHQXQWHUGHQHQ]DKOUHLFKH HLQIOXUHLFKH3HUVRQHQVLQG0DFRORQVHFKWH'DWHQ]XO|VFKHQXQGVLHXQDXIIlOOLJ GXUFKGLH'DWHQGHV.ULVWDOOSULQ]HQ]XHUVHW]HQ)UYLHOHPHLQHU9HUELQGXQJVPl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lJOLFK,FKGDUIDOV)DFKDU]WYHUVLFKHUQGDHLQ$UNRQLGHGHU GLH3UIXQJHQQLFKWPHLVWHUW]XP(PSIDQJGHU$5.6800O$DXINHLQHQ)DOOJHHLJQHW LVW1XQ²PDQKDWHVLP,QWHUHVVHGHV*URHQ,PSHULXPVJHWDQ(V LVWQLFKWPHLQH$XIJDEHEHUGLHSROLWLVFKRULHQWLHUWHQOQWHUHVVHQPHLQHU9RUIDKUHQ]X ULFKWHQ $WODQMHGRFKVROOWHEHVWHKHQ,FKKDEHGLH9RUDXVVHW]XQJHQJHVFKDIIHQ,FKJDE LKPGDV:LVVHQXPYLHOH'LQJHLFKYHUPLWWHOWHLKPXQDXIIlOOLJGDV(UEHVHLQHV9DWHUV 1XQLVWHVVRJDUJHOXQJHQGDVXQP|JOLFK(UVFKHLQHQGHP|JOLFK]XPDFKHQ'HU .ULVWDOOSULQ]GHV,PSHULXPVUHFKWPlLJHU1DFKIROJHUGHV,PSHUDWRUV*RQR]DO9OOLVW DXIGHU3UIXQJVZHOW/DUJDPHQLDHLQJHWURIIHQ'LHZLVVHQVFKDIWOLFKHQ([DPHQEHVWDQG HUPLWGHUYRQPLUHUZDUWHWHQ0KHORVLJNHLW1XQDEHUEHJLQQWGLH3UIXQJVSHULRGHEHU GHQ:HUWGHU3HUV|QOLFKNHLW+LHUJHOWHQDQGHUH0DVWlEH,FKEHIUZRUWHGLH $XIJDEHQVWHOOXQJREJOHLFKHVLPDUNRQLGLVFKHQ9RONJHQJHQG6WLPPHQJLEWGLH VROFKHUDUW8QWHUIDQJHQD/VSULPLWLYDEOHKQHQ0DQLVWGHU$XIIDVVXQJHLQ6FKZHUWNDPSI VHLIUUDXPIDKUHQGH$UNRQXGHQGRFKZRKOEHUKROW'HUJOHLFKHQ$XIIDVVXQJHQJLEWHV YLHOH ,FKJODXEHMHGRFKGDGLHN|USHUOLFKH%HODVWXQJGHU3HUVRQDQVLFKZHGHU XQDQJHEUDFKWQRFKXU]HLWOLFKLVW$XFKLFKKDWWHHLQVWPD/VGLHVH3UXIXQJHQ]X EHVWHKHQ'HU%HJULIIEHUGHQ0DQQHVPXWNDQQLQYLHOHUOHL$UWDXVJHOHJWZHUGHQ,FK MHGRFKKDEHHUIDKUHQZLHZLFKWLJHVLVW.|USHUXQG9HUVWDQG]XVWlKOHQ1XQEOHLEWPLU QXUQRFKGLH+RIIQXQJGDVLFK$WODQZLHHUZDUWHWYHUKDOW6HLQH3HUVRQEHUHLWHWPLU NHLQH6RUJHQZRKODEHUGHUXQHUJUQGOLFKH=XIDO/:DVPXJHVFKHKHQZHQQHU HLQHP0DQQEHJHJQHWGHU0DFRORQVHKUJXWNDQQWHHLQHP5DXPIDKUHUGHUXQWHU 8PVWlQGHQ]XVDPPHQPLW0DFRORQ'LQJHHUOHEWHGLHQLHPDQGDXHUGHQ%HWHLOLJWHQ DKQHQNDQQ" 'DVLVWQXUHLQHGHUGHQNEDUHQ6FKZLHULJNHLWHQ'HU.ULVWDOOSULQ]GHV7DL $UN¶7XVVDQGUIWHPHLQHV(UDFKWHQVQLFKWVRVHKUGXUFKGLH0DQQEDUNHLWV3UIXQJHQDOV
'HU.ULVWDOOSULQ]
M
$WODQ
YLHOPHKUGXUFKGLH7XFNHGHV=XIDOOVJHIlKUGHWVHLQ1XQ²$WODQLVWDXIGHUDUWLJH =ZLVFKHQIlOOHYRUEHUHLWHW6HLQVFKDUIHU9HUVWDQGZLUGDXFKYHUPHLQWOLFKDXVZHJORVH 6LWXDWLRQHQPHLVWHUQN|QQHQ'DVKDW$WODQDXIGHU:HOW*RUWDYRUKlXILJEHZLHVHQ 'HQQRFKHUIDVVHLFKNODUHUGHQQMHZLHVFKZLHULJHVLVWHLQHPSROLWLVFK9HUIROJWHQQLFKW QXU/HEHQXQG*HVXQGKHLW]XHUKDOWHQVRQGHUQLKQEHUGLHVDXIGHQ:HJGHV HUVHKQWHQ(UIROJHV]XIKUHQ:LHVHKUZQVFKWHLFKGHQMXQJHQ*RV¶DWKRUGXUFK HLQH%HULFKWHUVWDWWXQJEHUVHLQHZDKUH+HUNXQIWXQGEHUGLH4XDOLWlWHQVHLQHV YHUHKUXQJVZUGLJHQ9DWHUVXQWHUVWW]HQ]XN|QQHQ,FKGDUIHVQLFKW²QRFKQLFKW 6RZLUG$WODQGHQVWHLOHQ3IDG]XEHJHKHQKDEHQ,FKMHGRFKLFKZHUGHLP +LQWHUJUXQGZDFKHQ(UPXGLH$5.6800,$JHZLQQHQ(VJLEWIUXQVNHLQH 0|JOLFKNHLWGLH$NWLYLHUXQJGHV([WUDKLPV]XHUVFKZLQGHOQ(VZlUHDXFKVHKU VFKDGOLFKIUGDV6HOEVWEHZXWVHLQGHVMXQJHQ0DQQHV 'HU$UEWDQZDUEHUDXVFKW%HUDXVFKWHUDOVLFK)DUWXORRQMHPDOVJHVHKHQ KDWWH²XQGGDVZROOWHVFKRQHWZDVKHLHQ'HU5DXPVROGDWJHK|UWHIUDJORV]XGHQ %HVDW]XQJVPLWJOLHGHUQMHQHV)ORWWHQYHUEDQGHVGHUYRU]ZHL6RQQHQXPOlXIHQPLWIDVW DXVJHEUDQQWHQ7ULHEZHUNHQOHHUJHVFKRVVHQHQ0XQLWLRQVNDPPHUQXQG DXIJHEUDXFKWHQ9HUVRUJXQJVJWHUQDXI/DUJDPHQLDJHODQGHWZDU:LUKDWWHQYRQGHQ YHUOXVWUHLFKHQ*HIHFKWHQHEHQMHQHV9HUEDQGHVLP3HUV\SW\6HNWRUJHK|UW(UODJWLHI LQQHUKDOEGHUYRQGHQ0HWKDQVEHKHUUVFKWHQ5DXP]RQHQ (VZDUGDKHUQLFKWYHUZXQGHUOLFKGDPDQGHQ0lQQHUQHLQLJH)UHLKHLWHQ JHZlKUWHGLHQRUPDOHUZHLVHYHUS|QWZDUHQ,FKEHWUDFKWHWHEHOXVWLJWVFKOLHOLFKDEHU SUIHQGGHQKRFKJHZDFKVHQHQ0DQQ(UZLUNWHYHUZLOGHUWXQJHElUGLJ'LH %RUGNRPELQDWLRQKlWWHLKQYRU]JOLFKJHNOHLGHWZHQQVLHQLFKWVFKPXW]LJJHZHVHQ ZlUH'HU5DXPVROGDWHLQ$UEWDQLQKRKHP0DQQVFKDIWVUDQJVFKZDQNWH ³(UYHUVSHLVWGLFKPLWGHQ%OLFNHQ´PHLQWHPHLQ)UHXQGXQG([DPHQVEUXGHU 7LUDNR*DPQR³:LUVROOWHQJHKHQHKHHUVHLQHQQRFKLP8QWHUEHZXWVHLQ VFKOXPPHUQGHQ(QWVFKOXGLFK]XEHOHLGLJHQLQGLH7DWXPVHW]W´'HU KRFKJHZDFKVHQH]HUEUHFKOLFKZLUNHQGHMXQJH0DQQVHXI]WHEHLPHLQHP .RSIVFKWWHOQ³'DVUHL]WGLFKZRKO"7\SLVFK'XZLUVWGLH$5.6800,$JOlQ]HQG EHVWHKHQRGHUGXUFKVWHKHQ-D²GDVLVWGHUULFKWLJH%HJULIIIUGLHVHV8UDUNRQLGHQ 9HUIDKUHQ6FKHXOLFK:ROOHQZLUQLFKWGRFKJHKHQKRFKJHVFKlW]WHU0DFRORQ"´ ,FKJULQVWH'HUNOXJH*DPQR.OXJIDVWEHUPlLJNOXJVFK|QJHLVWLJXQGPl GHU*DEHGHVIHLQHQ6SRWWHVDXVJHVWDWWHW²HUKDWZLHGHUHLQPDO$QJVWYRUHYHQWXHOOHQ .RPSOLNDWLRQHQ(VLVWPLUXQYHUVWlQGOLFKZDUXPVHLQ9DWHUHLQJHZLHUIDKUHQHU 0DQQGLH4XDOLWlWHQVHLQHV6RKQHVGHUDUWIDOVFKHLQVFKlW]W'LH([DPHQGHVHUVWHQ XQG]ZHLWHQ*UDGHVKDWWH7LUDNR*DPQRPLWGHU*HVDPWEHZHUWXQJ³KHUYRUUDJHQG´ EHVWDQGHQEHVVHUDOVLFK'DVKDWWHVHLQHPVFKDUIHQ9HUVWDQGXQGVHLQHUQLHPDOV HUO|VFKHQGHQ:LEHJLHUGHHQWVSURFKHQ1XQDEHUVROOHULQGLHGULWWH6WXIH*URH :HOWHQYRQ$UNRQZLHZLUGHVLKPGDEHLZRKOHUJHKHQ" ³.RPPGRFK´GUlQJWHHU³(ULVWHLQ5LHVH*U|HUDOVGXGD]XZHVHQWOLFK EUHLWHUJHEDXW:DVUHL]WGLFKDQVHLQHPXQJHEKUOLFKHQ9HUKDOWHQ"´ ³6HLQH$XJHQ´HQWJHJQHWHLFK³6LHVLQG]XNODUXQGZDFKIUHLQHQ %HUDXVFKWHQ2KGDNRPPWHUVFKRQ´ 'LH6WUDHZDUDOWXQGHQJ'LH+DXSWVWDGWGHV3ODQHWHQ/DUJDPHQLD7LIWRUXP NRQQWHDXIHLQHVLHEHQWDXVHQGMlKULJH*HVFKLFKWH]XUFNEOLFNHQ,PSHUDWRU 4XHUWDPDJLQ,9KDWWHLP-DKUGD$UNGHQ*UXQGVWHLQGHU6WDGW7LIWRJHOHJWDEHU
'HU.ULVWDOOSULQ]
M
$WODQ
LQIROJHGHULQGHQQlFKVWHQ-DKUKXQGHUWHQYHUPHKUWDXIWUHWHQGHQ+\SHUVWUPH JOHLFKEHGHXWHQGPLWGHP%HJLQQGHU$UFKDLVFKHQ3HULRGHQEUDFKMHGRFKGHU.RQWDNW ]XDQGHUHQ:HOWHQ]XVDPPHQXQGGLH/DUJDPHQLD.RORQLVWHQILHOHQLQSUlWHFKQLVFKH 3ULPLWLYLWlW]XUFN 'LHDXVGHQ5XLQHQ7LIWRVXPGD$UNHQWVWHKHQGH³6WDGW´7LIWRUXPZDUGDV HLQ]LJH.XOWXU]HQWUXPHVZXUGH]XU+DXSWVLHGOXQJGHV3ODQHWHQXQGVSlWHUGHU6LW] GHV)DHKUO,QVWLWXWV'LH6WUDHGHU*HZ|OEHJHK|UWH]XHLQHPGHUYLHOHQKLVWRULVFKHQ %H]LUNH'LH%HOHXFKWXQJZDUHQWVSUHFKHQGVFKOHFKWXQGYHUDOWHWMHQHGHU]DKOUHLFKHQ %HZLUWXQJVKlXVHU/DGHQJHVFKlIWHXQG]ZLHOLFKWLJHQ*HZ|OEHDOOHUGLQJVQLFKW+LHU VWUDKOWHQPRGHUQH/DPSHQLQDOOHQ)DUEHQGHV6SHNWUXPV 'HU)UHPGHNDPQlKHU(UZDUZLUNOLFKJURXQGPXVNXO|V6HLQH$XJHQZDUHQ MHW]WQLFKWPHKU]XHUNHQQHQ(UYHUEDUJVLHXQWHUKDOEJHVFKORVVHQHQ/LGHUQ2EHUVLFK LKUHUYHUUlWHULVFKHQ.ODUKHLWEHZXWJHZRUGHQZDU")DUWXORRQV/HKUHQKDWWHQVLFKLQ PHLQ*HGlFKWQLVHLQJHSUlJWRIWPDOVKDWWHHUJHVDJW³7UDXHQLHHLQHP)UHPGHQPLW]X XQDXIIlOOLJHPRGHU]XSURYR]LHUHQGHP*HEDUHQ´ ³1DWUOLFKNDQQHUNHLQH2UEWRQHQOHLGHQYLHOOHLFKWKDWHUVLHVRJDU´7LUDNR YHUVXFKWHPLFK]XEHU]HXJHQ³0DQNHQQWVFKOLHOLFKGLHVH7\SHQ.DPSIJHZRKQWH 0lQQHUGLHDXFKLQGHU=LYLOLVDWLRQLKUH(U]LHKXQJYHUJHVVHQ´ ³,FKNHQQHVLH´EHKDXSWHWHLFKJHWUHXPHLQHU5ROOHDOV0DFRORQ 7LUDNREHKLHOWUHFKW6FKZDQNHQGEOLHEGHU$UEWDQYRUPLUVWHKHQ0HKUHUH 3DVVDQWHQYHUKLHOWHQLP6FKULWWXQGVFKDXWHQVLFKLQWHUHVVLHUWXP1LHPDQGGDFKWH MHGRFKGDUDQXQVGHQRIIHQEDU%HGUlQJWHQ]X+LOIH]XHLOHQ$QZlUWHUIUGLH$5. 6800,$KDWWHQLKUHQ.RSIVHOEVWLQ6LFKHUKHLW]XEULQJHQ'DVZDUHLQ XQJHVFKULHEHQHV*HVHW]'HU$UEWDQPXVWHUWHPHLQHVDEHUH0DXQLIRUP1DFK 9RUVFKULIWGHU,QVWLWXWVYHUZDOWXQJZDUVLHPRRVJUQGLH6FKXOWHUQZXUGHQYRQKHOOURWHQ 6WUHLIHQEHU]RJHQGLHVLFKQDKHGHU*UWHOVFKQDOOHWUDIHQ7LUDNRJULII]XU'LHQVWZDIIH ³)LQJHUZHJ´UDXQWHLFK³6FKZHLJXQGEHREDFKWH'XZLUVWGLHVH(UIDKUXQJ JHEUDXFKHQN|QQHQ´ 'HU5DXPIDKUHUXPIDWHSO|W]OLFKPHLQHQOLQNHQ2EHUDUP³+DHLQ%UVFKOHLQ DXVGHP)DHKUOGHP,QVWLWXWIUGLH6|KQHGHU+DOEJ|WWHU%HJQDGHWHQ*DXQHUXQG 'UFNHEHUJHU´6HLQ*HVLFKWQlKHUWHVLFKPHLQHP³+DWGHU(UKDEHQHVFKRQHLQPDO GHQ*HVWDQNYHUVFKPRUHQGHU.XQVWVWRIIHXQG.|USHUHLQJHDWPHWHK"+DWHUGDV VFKRQGHUMXQJH+HUU"1HLQVLFKHUOLFKQLFKW$EHUURWH6WUHLIHQDXIGHQ6FKXOWHUQKDW HU)HUWLJIUGLHGULWWH3UIXQJZDV"8QGGDQQ"'DQQZLUGGHU(UKDEHQHDXI0lQQHU ZLHPLFKORVJHODVVHQ2KQHWDNWLVFKH(UIDKUXQJHQRKQH*HIKOIUGLH6LWXDWLRQDEHU PLWJURHP0XQGZHUNIHLQHQ0DQLHUHQXQGGHU$5.6800,$:HQQ¶VGDQQNQDOOW JHKWGHU(UKDEHQHLQ'HFNXQJ'LH0HWKDQVVFKLHHQJXWHK":HQLJVWHQVGDVKDW PDQLKPLP)DHKUOYRQ/DUJDPHQLDJHOHUQW,FKZHUGHGLFKYHUSUJHOQQRFKHKHGX YLHOOHLFKWPHLQ9RUJHVHW]WHUZLUVW'DVHUVSDUWPLUHLQHKDUWH%HVWUDIXQJ´ (UODFKWHVFKDOOHQGXQGXPIDWHQXQDXFKPHLQHQDQGHUHQ2EHUDUP,FKZROOWH HLQHQIDUWXORRQVFKHQ+HEHOJULIIDQVHW]HQXPGHU6DFKHHLQH(QGH]XEHUHLWHQ'D JHVFKDKGDVZDVLFKLQVWLQNWLYHUZDUWHWKDWWH 6HLQH$XJHQZDUHQIUHLQHQ%HUDXVFKWHQZLUNOLFK]XNODUXQGLFKYHUQDKP JHIOVWHUWH/DXWH³1DFKULFKWYRQ)DUWXORRQ*HIDKU(LQ2IIL]LHUGHU$5*2662 7VFKHWUXPLVWPLWXQVDQJHNRPPHQ(UNHQQW6LHJXW1DFKULFKWOHVHQ%LOGEHWUDFKWHQ GDUDXIHLQVWHOOHQ8QGMHW]WZHUIHQ6LHPLFK´
'HU.ULVWDOOSULQ]
M
$WODQ
(UVSUDFKZLHGHUODXWHUXQGUWWHOWHPLFK(VZDUHQ%HOHLGLJXQJHQ,FKVFKWWHOWH GHQHUVWHQ6FKUHFNHQDEXPIDWHLKQEOLW]VFKQHOOXQGKRELKQPLWHLQHP+HEHOJULIIDXV GHP6WDQG$XIVFKUHLHQGNLSSWHHUKLQWHQEHUXQGILHOVRKDUWDXIGHQ5FNHQGDLFK GHQ$WHPDQKLHOW'DQQDEHUEHPHUNWHLFKZHOFKJXWHU.lPSIHUGLHVHU6ROGDWZDU(U UROOWHJHVFKLFNWDEKHXFKHOWHMHGRFKGHQ9HUOHW]WHQ6W|KQHQGXQGIOXFKHQGEOLHEHU OLHJHQ )UPLFKZDUHVDQGHU=HLWHLQLJHSDVVHQGH:RUWHDXV]XVSUHFKHQ³:HQQPLFK QLFKWDOOHVWlXVFKW$UEWDQZLUGLQHLQHU=HKQWHO7RQWDHLQH)OXJVWUHLIH,KUHV .DPSIYHUEDQGHVODQGHQ,KU.RPPDQGDQWZQVFKWVLFKHUOLFKNHLQHQ6WUHLWRGHU",KUH :RUWHZHUGHLFKYHUJHVVHQGHQQVLHWUHIIHQPLFKQLFKW,FKELQ0DFRORQOHW]WHU .RPPDQGHXUGHUYLHUXQGGUHLLJVWHQ/DNDQLP7DQWHU\P9HUEDQG,FKKDEHVFKRQ YHUEUDQQWH0DWHULDOLHQJHURFKHQ6LHVROOWHQJHKHQ´ (UZXUGHVHKUVFKQHOOQFKWHUQ1RFKVFKQHOOHUVWDQGHUDXIGHQ%HLQHQ'LH =XVFKDXHUHQWIHUQWHQVLFKVFKOHXQLJVW:HLWHUGUEHQXQWHUHLQHPEHOHXFKWHWHQ *HZ|OEHEHJDQQHLQKDJHUHU0DQQ]XODFKHQ (UKLHOWHLQHVFKZHUH6FKRFNZDIIH²QHXH)ORWWHQDXVIKUXQJ²LQGHU$UPEHXJH ³0RUHQWKLVWPHLQ1DPHZHQQ6LHJHVWDWWHQ(UKDEHQHU´'HU+DJHUHYHUQHLJWH VLFKXQGOHJWHJUHQGGLH5HFKWHDXIGLHOLQNH%UXVWVHLWH³,FKKDWWHPLUYRUJHQRPPHQ 6LHQRWIDOOV]XXQWHUVWW]HQ:HUNRQQWHDKQHQGDGHU$UEWDQHLQHPVROFKHQ,UUWXP XQWHUODJ"´ ³9RUVLFKW´UDXQWHGHU6ROGDW³,FKYHUVFKZLQGH,FKELQ,KU'LHQHU´(UGUHKWHVLFK XPXQGUDQQWHGDYRQ 'HU+DJHUHODFKWHZLHGHU'LH7ULFKWHUPQGXQJVHLQHU6FKRFNZDIIHZLHVJHJHQ GHQ%RGHQ,FKPXVWHUWHLKQDUJZ|KQLVFK:LHVRZDUHUVRVFKQHOOHUVFKLHQHQ":DUHU HLQ9HUELQGXQJVPDQQGHU.UDODVHQHQRGHUJDUHLQDXWRULVLHUWHU$JHQWGHUSROLWLVFKHQ *HKHLPSROL]HLYRQ$UNRQ":HQQHVVRZDUZDUMHW]WHLQH(LQODGXQJIlOOLJ,QGHU7DW² VLHZXUGHEHUHLWVDXVJHVSURFKHQ ³:UGHQ6LHPLUGLH(KUHHUZHLVHQ(UKDEHQHUGLHVH*HZ|OEHDOVPHLQ ZLOONRPPHQHU*DVW]XEHVXFKHQ",FKKDEH5DULWlWHQDXVDOOHQ7HLOHQGHUgGHQ,QVHO DQ]XELHWHQ´ ³8QGEHUDXVFKHQGH*HWUlQNHGLHGLV]LSOLQLHUWH0lQQHU]X1DUUHQPDFKHQ´ PHOGHWHVLFK7LUDNR*DPQR³.DPGHU$UEWDQQLFKWDXVGLHVHP7RU"2GHUVROOWHLFK PLFKLUUHQ"´ 0RUHQWKODFKWHVFKRQZLHGHU,FKHPSIDQGHVDOVXQDQJHQHKP³6LHLUUHQVLFK QLFKW,FKIROJWHLKPGDLFK8QDQQHKPOLFKNHLWHQHUZDUWHWH8EULJHQV´HUGHXWHWHDXI GHQ6FKRFNVWUDKOHU³GDIUEHVLW]HLFKHLQH/L]HQ]´ ³(LQJDODNWLVFKHU*DXQHU´VWHOOWH7LUDNROHLVHIHVW³'XZLOOVWGRFKQLFKWHWZDGLH (LQODGXQJDQQHKPHQ"´ ³'RFK´ ³9HUUFNW´VDJWH7LUDNR³:HOFKHU8QJHLVWKDWPLFKEHZRJHQGLFKLQGLHVH $EJUQGH]XEHJOHLWHQ"´ ,FKDQWZRUWHWHQLFKWXQGGDFKWHDQDQGHUH'LQJH6LHZDUHQZLFKWLJHU'HU$UEWDQ LVWDXVGHP*HZ|OEHJHNRPPHQ'HVVHQ,QKDEHUHUVFKLHQ]XPUHFKWHQ$XJHQEOLFN (UKDWVHKUVFKQHOOGLH(LQODGXQJDXVJHVSURFKHQ*UXQGORVZLHPLUVFKHLQW'HQQRFK PXHUHLQHQ*UXQGKDEHQ:LOOPDQPLFKWHVWHQ":DUWHWGRUWXQWHQMHQHU2IIL]LHUYRU GHPPDQPLFKRIIHQEDULPOHW]WHQ0RPHQWJHZDPWKDW"2GHUZLUGHUQXUVRIRUW
'HU.ULVWDOOSULQ]
M
$WODQ
EHQDFKULFKWLJWZHUGHQXPDQ2UWXQG6WHOOHHLQHXQYHUIlQJOLFKH,GHQWLIL]LHUXQJPHLQHU 3HUVRQDOVR0DFRORQV3HUVRQYRPHKPHQ]XN|QQHQ":RKHUDEHUNDQQGHU+DJHUH ZLVVHQGDLFKDXVJHUHFKQHWKHXWHGLHVHV6WDGWYLHUWHOEHVXFKHQZHUGH"+DWPDQLP ,QVWLWXWHLQHJXWIXQNWLRQLHUHQGH1DFKULFKWHQTXHOOH"'DVZlUHHLQH0|JOLFKNHLW -HGHQIDOOVNDQQLFKPLFKQLFKWXPGLH.OlUXQJGHUDQVFKHLQHQGOlQJVWDQJHODXIHQHQ *HVFKHKQLVVHKHUXPGUXFNHQ,FKPXGHU(LQODGXQJIROJHQ %HUXKLJHQGZDUGDEHLGLH*HZLKHLWGDPDQZRKODOOH.DQGLGDWHQIUGLHGULWWH 6WXIHEHUSUIHQZUGH:LHGHUSHLQLJWHPLFKGLH)UDJHZDUXPPDQDXVJHUHFKQHW QDFKPLU$WODQVXFKWH:HUZDULFKZLUNOLFK":RKHUNDPLFK"0HLQH(ULQQHUXQJHQDXV IUKHVWHU.LQGKHLWZDUHQYDJH)DUWXORRQMHGRFKVFKZLHJ³3ODWWIHVROOHUNULHJHQ´ VSUDFKLFKLQQHUOLFKZWHQGZHUGHQGYRUPLFKKLQ³'LHVHU´ ³:HUGHU,QKDEHUGHV5RWHQ*HZ|OEHV"´7LUDNRODFKWHLQ9HUNHQQXQJGHU 6DFKODJH³6FKlPHGLFK)UHXQG(LQ=|JOLQJGHV)DHKUOHLQHFKWHU+HUWDVRVROOWH GHUDUWLJH9HUZQVFKXQJHQQLHPDOVDXVVSUHFKHQ%HLGHQVFKLPPHUQGHQ 'UHLHFNVZHOWHQYRQ$UNRQ²ZRKLQKDWHVPLFKYHUVFKODJHQ´ ,FKEHWUDFKWHWHLKQYRQREHQELVXQWHQ7LUDNRJULQVWH²WDWVlFKOLFKHUJULQVWH 0HLQVFK|QJHLVWLJHU)UHXQGZXUGHEHUPWLJ8QGPLUILHOHLQGDHULP$XJHQEOLFNGHU *HIDKUVRJDU]XU'LHQVWZDIIHJUHLIHQZROOWH ³+lWWHVWGXJHVFKRVVHQ"´HUNXQGLJWHLFKPLFKLQWHUHVVLHUW³$XIHLQHQYHUGLHQWHQ $UEWDQGHUDUNRQLGLVFKHQ5DXPIORWWH"+lWWHVWGXHVJHWDQ"´ (UZHKUWHGHQ9HUGDFKWPLWHLQHUKRKHLWVYROOHQ+DQGEHZHJXQJYRQVLFKDE³:R GHQNVWGXKLQ1LHPDOV,FKVDKMHGRFKGHQ%HZDIIQHWHQXQWHUGHP*HZ|OEH9LHOOHLFKW ZlUHHUMHW]WVFKRQWRWZHQQLFKQLFKWGHQKDUPORVHQ6FKRFNVWUDKOHUHUNDQQWKDWWH,FK ZlUHQDWUOLFKXQWU|VWOLFKJHZHVHQ´ 0RUHQWKODFKWHSO|W]OLFKQLFKWPHKU9HUEOIIWVFKDXWHHUDXI7LUDNRV/XFFRW HLQHQ+RFKHQHUJLH,PSXOVVWUDKOHU'LH+DOWHVFKODXIHEHUGHP*ULIIVWFNZDUJHO|VW ZRUGHQXQGEDXPHOWHDP:DIIHQHWXLHQWODQJQDFKXQWHQ³'XEHVVHUVWGLFK)UHXQG´ VDJWHLFKDQHUNHQQHQG³8QVHUHQIUHXQGOLFKHQ*DVWJHEHUKDWWHLFKQLFKWEHPHUNW *HKHQZLU´ 'LH*HZ|OEHGHV0RUHQWKZDUHQJURXQGXQHUJUQGOLFKWLHI+LHUNRQQWHPDQ YLHOHUOHL'LQJHHUZHUEHQXQG*HQVVHDOOHU$UWKHLPOLFKDXVNRVWHQ.RORQLDODUNRQLGHQ YRQ0RUHQWKV$UWZDUHQJOHLFKHUPDHQEHOLHEWXQGYHUKDW'DVNDPJDQ]GDUDXIDQ REPDQVLHEHQ|WLJWHRGHUQLFKW6HLWGHP=ZLVFKHQIDOOPLWGHP$UEWDQZDUHQHUVW ZHQLJH=HQWLWRQWDYHUJDQJHQ'UDXHQZDUGDVPLOLWlULVFKH2UGQXQJVNRPPDQGGHU )ORWWHHUVFKLHQHQ(VZDUHUVWDXQOLFKZLHVFKQHOOGLHVH0lQQHUDOOHQP|JOLFKHQ 9HUIHKOXQJHQQDFKJLQJHQ-HGHQIDOOVZXUGHQZLUYRQGHP:DFKRIIL]LHUQLFKWJHVW|UW 8QVHUIUDJZUGLJHU*DVWJHEHUKDWWHVLFKHLOIHUWLJHUERWHQGLH³$QJHOHJHQKHLW´LQ 2UGQXQJ]XEULQJHQ0LUZDUHVUHFKWERWHUPLUGRFKGDPLW*HOHJHQKHLWPLFKIU HLQLJH$XJHQEOLFNH]XUFN]X]LHKHQ ,FKHUKREPLFKYRQGHQDWPXQJVDNWLYHQ3ROVWHUQ6LHVWDQGHQLQHLQHU$UW 1LVFKH,FKHQWVFKXOGLJWHPLFKEHL7LUDNR*DPQRXQGGHQEHLGHQMXQJHQ)UDXHQGLH PDQXQVJHVFKLFNWKDWWH³,FKNRPPHVRIRUW]XUFN0HLQH+DQGVFKPHU]WHWZDV*LEW HVLQGHQ(UIULVFKXQJVUlXPHQ'HVLQIHNWLRQVPLWWHO"´ 7LUDNRUXQ]HOWHYHUZXQGHUWGLH6WLUQ'HU.UDW]HUDXIPHLQHPUHFKWHQ +DQGUFNHQUHFKWIHUWLJWHNDXPHLQH%HKDQGOXQJ(LQH)UDXZLHVPLUGHQ:HJ-DHV JDEGRUWVROFKH0LWWHO,FKJLQJ
'HU.ULVWDOOSULQ]
M
$WODQ
'LH*DVWUlXPHGHU*HZ|OEHZDUHQEHUIOOW'LH5DXPVROGDWHQGHVJHODQGHWHQ 9HUEDQGHVZDUHQODXWXQGEHUPWLJ,FKNRQQWHVLHYHUVWHKHQ6LHKDWWHQEHUYLHU $UNRQSHULRGHQODQJLQYRUGHUVWHU)URQWGHV1HEHOVHNWRUVJHVWDQGHQ ,FKHUUHLFKWHGLH(UIULVFKXQJVUlXPHVFKLFNWHHLQHQGLHQVWEHIOLVVHQHQ5RERWHU IRUWXQGVFKORPLFKHLQ'LHVFKQHOOH8QWHUVXFKXQJGHU.DELQHYHUOLHIQHJDWLY(V VFKLHQNHLQH)HUQEHREDFKWXQJ]XJHEHQ,FK|IIQHWHGLHNOHLQH6SXOHGLHPLUGHU $UEWDQXQDXIIlOOLJLQGLH+DQGJHGUFNWKDWWH(LQHKDXFKGQQH)ROLHZDUJXWOHVHUOLFK EHVFKULIWHW'LH1DFKULFKWVWDPPWHHLQZDQGIUHLYRQ)DUWXORRQ=XHUVWHQWIDOWHWHLFKGLH )RWRJUDILH6LHZDUIDUELJGUHLGLPHQVLRQDOXQG]HLJWHGHQJOHLFKHQ0DQQLQGUHL YHUVFKLHGHQHQ3RVLWLRQHQ(UZDUPLWWHOJUREHVDDOOWlJOLFKH*HVLFKWV]JHXQG NHLQHUOHLEHVRQGHUH0HUNPDOH,FKSUlJWHPLUGLH'HWDLOVHLQ,FKPXWHLKQNHQQHQ )DUWXORRQV1DFKULFKWZDULQKDOWVVFKZHU 7VFKHWUXP=ZHLWHU:DFKRIIL]LHUGHU$5*26623UDJRVODQJSHUV|QOLFKHU %HJOHLWHUGHV0DFRORQVRHEHQDXI/DUJDPHQLDHLQJHWURIIHQ0HLQH,QIRUPDWLRQVWDPPW DXVGHP5DXPKDIHQUHFKQHUGHPGLH%HVDW]XQJVOLVWHQGHV$XIUVWXQJVYHUEDQGHV EHUVSLHOWZXUGHQ0HLQH$QIUDJHDQ7DQLFWURSZXUGHYRQLKPEHVWlWLJW(UUQLWWOXQJHQ HUIROJWHQ'DKHU:DPXQJLQOHW]WHU0LOOLWRQWD:LUEUDXFKWHQ=HLW9RUVLFKWEHL .RQWDNWDXIQDKPH7VFKHWUXPIORJ]XVDPPHQPLW0DFRORQHLQHQ6RQGHUHLQVDW] )ROJHQGH'DWHQVLQG]XEHDFKWHQ ,FKODVGLH1DFKULFKW]ZHLPDODXIPHUNVDPGXUFK)DUWXORRQKDWWHJURDUWLJ JHDUEHLWHW(VZDUPLUQDFKZLHYRUUlWVHOKDIWZLHHU]XGHUDUWLJHQ9HUELQGXQJHQNDP XQGZHUVHLQH]DKOUHLFKHQ*HKHLPGHSRWVHUEDXWXQGILQDQ]LHUWKDWWH-HPDQGGHUZHLW LQGLH=XNXQIWVFKDXHQNRQQWHPXWHHLQJHJULIIHQKDEHQ:HUDEHUZDUGLHVHUMHPDQG" 0HLQZLUNOLFKHU9DWHU"3ROLWLVFKLQWHUHVVLHUWH0DFKWJUXSSHQ"(VJDEYLHOH 0|JOLFKNHLWHQ7DXVHQGPDOKDWWHLFKVLHEHUGDFKWJHZLVVHUPDHQVH]LHUWGRFKGDEHL ZDUHQPLUVWHWVQHXH'HWDLOVHLQJHIDOOHQ2KQH8QWHUULFKWXQJNDPLFKQLFKWZHLWHU 1XQPHKUVFKLHQDEHUDXFK)DUWXORRQHWZDVDXVVHLQHU5HVHUYHKHUDXV]XJHKHQ (UZDUQWHJDEH[DNWH'HWDLOVXQGYHUULHWPLUGDPLWEHUZHOFKH0|JOLFKNHLWHQHU YHUIJWH:DKUVFKHLQOLFKEHIDQGHUVLFKHEHQIDOOVDXI/DUJDPHQLD6LFKHUKDWWHLFKDXFK QLFKWLPPHU³$WODQ´JHKHLHQGHQQXQWHUGLHVHP1DPHQZDULFKEHL)DUWXORRQ DXIJHZDFKVHQ:HQQPDQPLFKDEHUVXFKWHZHQQGHUDUWPlFKWLJH 6WDDWVRUJDQLVDWLRQHQZLHGLHRIIL]LHOOH3ROLWLVFKH3ROL]HLXQGVRJDUGLH.UDODVHQHQQDFK PLUIRUVFKWHQVRPXWHLFK]XU=HLWPHLQHU*HEXUWHLQHQDQGHUHQ1DPHQJHWUDJHQ KDEHQ)DUWXORRQZlUHJHZLQLFKWQlUULVFKJHQXJJHZHVHQPLFKEHUDOOPLW³$WODQ´ DQ]XVSUHFKHQ'DVZlUHZRKOGLHSULPLWLYVWH$UWIUHLQHQVRIRUWLJHQ9HUUDWJHZHVHQ ,FKJDEGLH*UEHOHLHQDXIXQGYHUQLFKWHWHZHLVXQJVJHPlGLH 1DFKULFKWHQVSXOH6LHYHUJOKWHPLWKHOOHU)ODPPHLQHLQHP:DVFKEHFNHQ,FK EHVHLWLJWHGLHOHW]WHQ6SXUHQVSUKWHHWZDV9HUEDQGVILOPEHUGHQ+DQGUFNHQXQG JLQJ]X7LUDNR]XUFN(UZDUIPLUHLQHQVLQQHQGHQ%OLFN]X$OVHUPHLQH+DQGVDK OlFKHOWHHUNDXPPHUNOLFK6RQVWVSUDFKHUNHLQ:RUW1DWUOLFKZDUGLHVHP-XQJHQ PHLQH$XVUHGHDXIJHIDOOHQ 8QVHU*DVWJHEHUQlKHUWHVLFK(UODFKWHZLHGHU³'HU)DOOLVWHUOHGLJW(UKDEHQHU 'HU:DFKRIIL]LHUJDEVLFKPLWPHLQHQ(UNOlUXQJHQ]XIULHGHQ(LQHQ6WUDIDQWUDJZHJHQ %HOHLGLJXQJZROOWHQ6LHMDZRKOQLFKWVWHOOHQ"´ ,FKZLQNWHDE³8QVLQQ(UZDUEHUDXVFKW0RUJHQZLUGHUDQGHUVGHQNHQ:DV QXQ*HELHWHUEHUGLH5RWHQ*HZ|OEH"´
'HU.ULVWDOOSULQ]
M
$WODQ
³/DVVHQ6LHVLFKEHUUDVFKHQ(UKDEHQHU0HLQH.|FKHNRPPHQDXVYLHOHQ 7HLOHQGHUgGHQ,QVHOXQGQLFKWQXUYRQDUNRQLGLVFKHQ3ODQHWHQ,FKZHUGH,KQHQ´(U XQWHUEUDFKVLFKGDHUPHLQHQIRUVFKHQGHQ%OLFNEHPHUNWKDWWH%HWRQWUFNVLFKWVYROO WUDWHU]XU6HLWHNRQQWHHVMHGRFKQLFKWXQWHUODVVHQPHLQHP%OLFN]XIROJHQ 'DZDUGHU2IIL]LHU'DVZDUJHQDXGHU0DQQGHQLFKNXU]]XYRUDXIGHQ%LOGHUQ JHVHKHQKDWWH(UKDWWHVRHEHQGLH*HZ|OEHEHWUHWHQVDKVLFKXQVLFKHUXPXQGVFKLHQ QLFKW]XZLVVHQDQZHQHUVLFK]XZHQGHQKDWWH,QGHP$XJHQEOLFNDKQWHLFKGDGHU HKHPDOLJH=ZHLWH:DFKRIIL]LHUGHU$5*2662LQHLQ6SLHOHLQJHUHLKWZRUGHQZDU GHVVHQ5HJHOQHUQLFKWNDQQWH (ULVW0LWWHO]XP=ZHFN0DQPXLKQEHQDFKULFKWLJWXQG]XP$XIVXFKHQGHU 5RWHQ*HZ|OEHDXIJHIRUGHUWKDEHQ0LWVHLQHP(UVFKHLQHQEHJDQQPHLQJHZDJWHV 6SLHO,FKVWDQGDEUXSWDXIHUKREZLQNHQGGLH+DQGXQGULHITXHUGXUFKGLH*HZ|OEH ³7VFKHWUXPHKDOWHU)UHXQGZDVIKUWGLFKKLHUKHU"´ (UJHZDKUWHPLFKVRIRUW-HW]WNDPGHUHQWVFKHLGHQGH$XJHQEOLFN0RUHQWK OlFKHOWHEHWRQWXQLQWHUHVVLHUWXQGZLFKQRFKZHLWHU]XU6HLWH1DWUOLFK²HUZROOWHIUGLH GUHLVFKZHLJVDPHQ0lQQHUGLHPLUEHUHLWVDXIJHIDOOHQZDUHQIUGHQ)DOOGHU)lOOHGDV 6FKXIHOGIUHLPDFKHQ6LHZDUHQEHZDIIQHW,FKKDWWHHVOlQJVWEHPHUNW8QWHULKUHQ ZHLWHQ8PKlQJHQGLHVLHDOVUHLVHQGH+lQGOHUDXVZLHVHQWUXJHQVLHNXU]OlXILJH :DIIHQ:DKUVFKHLQOLFKPRGHUQH/XFFRWV,FKEHDFKWHWHVLHQLFKWXQGULHIQRFKPDOV 7VFKHWUXPV1DPHQ,FKODFKWHZLHHLQ0DQQGHUVLFKIUHXWQDFKODQJHU=HLWHLQHQDOWHQ %HNDQQWHQZLHGHU]XVHKHQ'HU2UEWRQ]|JHUWHNXU]VWDUUWHPLFKIUDJHQGDQGRFK VFKRQEHJDQQHU]XOlFKHOQ(UKLHOWPLFKIU0DFRORQ,FKKDWWHJHZRQQHQ'LHGUHL DQJHEOLFKHQ+lQGOHU]RJHQVLFKXQDXIIlOOLJ]XUFN6LHEOLHEHQMHGRFKLQ+|UZHLWH $XJHQEOLFNHVSlWHUXPDUPWHLFKGHQ8QLIRUPLHUWHQQDQQWHHUQHXWVHLQHQ1DPHQXQG VWHOOWLKP7LUDNR*DPQRYRU ³XQGGDVLVW7VFKHWUXP([DPHQVEUXGHUPHLQHKHPDOLJHU=ZHLWHU :DFKRIIL]LHUDXIGHUDOWHQ$5*2662:LUKDEHQ]XVDPPHQHLQHQ=ZHLPDQQ(LQVDW] JHIORJHQYRQGHPLFKGLUEHULFKWHQPX1LPP3ODW]7VFKHWUXP:DVPDFKWGLH %HLQZXQGH"*XWYHUKHLOW"´ 7VFKHWUXPZDU]XVHKUEHUUDVFKWXPNOHLQH8QUHJHOPlLJNHLWHQLQPHLQHP ELRFKLUXUJLVFKDQJHSDWHQ*HVLFKWEHPHUNHQ]XN|QQHQ)ULKQZDULFK0DFRORQ 'DQQQDQQWHHUHQGOLFKGLHVHQ1DPHQ $OV)ROJHGDYRQ]RJVLFKGHUKDJHUH*HZ|OEHLQKDEHUHQGJOWLJ]XUFN9RUKHU PHLQWHHUQRFKYHUELQGOLFK³:HQQPDQDOWH)UHXQGHXQG.DPSIJHIlKUWHQWULIIOJLEWHV YLHO]XHU]lKOHQ(UKDEHQHU(UODXEHQ6LHPLUPLFKLQHLQLJHU=HLWQDFK,KUHQ :QVFKHQHUNXQGLJHQ]XGUIHQ´ (UJLQJ,FKDWPHWHDXI7LUDNRGLHVHUSO|W]OLFKVRXQJHPHLQVFKDUIH%HREDFKWHU UXQ]HOWHZLHGHUGLH6WLUQ8QDXIIlOOLJVFKDXWHHU]XGHQGUHL8QEHNDQQWHQKLQEHU6LH IROJWHQGHP:LUW$XFKGDVZXUGHYRQPHLQHP)UHXQGUHJLVWULHUW(UZDUIPLUHLQHQ HLJHQWPOLFKHQ7KLFN]XVFKZLHJDEHU ,FKXQWHUKLHOWPLFKIDVWHLQH7RQWDIDQJPLWGHPVRSO|W]OLFKDXIJHDXFKWHQ 2IIL]LHU(UWUDQN]XYLHOUHGHWHVLFKLQ%HJHLVWHUXQJXQGNDPNHLQHQ0RPHQWIDQJDXI GLH,GHHLFKN|QQWHQLFKWVHLQHKHPDOLJHU.RPPDQGDQWVHLQ'LHIUHPGHQ0lQQHU ZDUHQYHUVFKZXQGHQ,FKZDURIIHQEDULGHQWLIL]LHUWZRUGHQ .XU]QDFKGHU]ZHLWHQ0RUJHQWRQWDGUlQJWH7LUDNR]XP$XIEUXFK(UVFKLHQ PHLQHEHUPWLJJHZRUGHQH6WLPPXQJ]XIUFKWHQ0RUHQWKZDUVWlQGLJLQGHU1lKH
'HU.ULVWDOOSULQ]
M
$WODQ
,KPHQWJLQJNHLQ'HWDLOEHU'LQJHGLHWDWVlFKOLFKQXU0DFRORQXQG7VFKHWUXPZLVVHQ NRQQWHQ 7LUDNR]XSIWHDQPHLQHPbUPHO³(VZLUG=HLWJURHU$QZlUWHUDXIGLHVFK|QVWH =LHUGHHLQHV$UNRQLGHQ0RUJHQEHJLQQHUGLH(LQVDW]XQWHUULFKWXQJHQ:HQQPDQ DQQLPPWGDPDQVLFKVROFKH'LQJHPLWP|JOLFKVWNODUHP.RSIDQK|UHQVROOWHVRZlUH HVQXQDQJHEUDFKW´ 7VFKHWUXPODFKWHVFKDOOHQGXQGXQWHUEUDFK7LUDNR³+RZHQQ6LHZWHQZDV 0DFRORQYHUWUDJHQNDQQZUGHQ6LHQLFKWVRGUlQJHQ'DPDOVDXI$UEW]XNHLQHU JQDGHQORVHQ:HOWVDKHVQRFKYLHOVFKOLPPHUDXV´ 0HLQH%HVRQQHQKHLWNHKUWHVFKODJDUWLJ]XUFN$UEW]XN"'HQ3ODQHWHQQDPHQ KDWWHLFKQLHJHK|UW$XFKHLQ0DQQZLH)DUWXORRQZDUQLFKWDOOZLVVHQG:DVKDWWH 7VFKHWUXP]XVDPPHQPLW0DFRORQDXIGLHVHU:HOWHUOHEW",FKERJGDVYHUIlQJOLFKH *HVSUlFKDE:HQLJVSlWHUEUDFKHQZLUDXI 'DEHLIOVWHUWHPLU7VFKHWUXPEHXQUXKLJW]X³+DVWGXHLQH$KQXQJZHVKDOELFK KLHUKHUEHIRKOHQZXUGH":DUXPKDWPDQPLUQLFKWJHVDJWGDLFKGLFKKLHUILQGHQ ZUGH"'DQQZlUHGLH6DFKHNODUJHZHVHQ´ ,FKPXWHVFKRQZLHGHUVFKDOWHQ³9HUJLHV,FKKDEHJHZLVVH%H]LHKXQJHQ VSLHOHQODVVHQ1DWUOLFKZXWHLFKGDGXPLWGHP$XIUVWXQJVYHUEDQGDQJHNRPPHQ ELVW$EHUNHLQ:RUWGDUEHU´ ³,FKZHUGHPLFKKWHQ´(UODFKWHXQWHUGUFNW³0HLQ8UODXEZDUEHUHLWV JHVWULFKHQ*XWYLHOHQ'DQN,FKQHKPHDOVRZHLWHUKLQDQPHLQYHUHKUWHU.RPPDQGDQW KlWWHVLFKPHLQHUHUEDUPWXQGPLFKLQGLH5RWHQ*HZ|OEHHQWODVVHQ´ 'LH,QIRUPDWLRQZDUZLFKWLJ(UZDUDOVRYRP%HIHKOVKDEHUVHLQHV.DPSIVFKLIIHV DENRPPDQGLHUWZRUGHQ)U)DUWXORRQPXWHGDVLQWHUHVVDQWVHLQ:LUYHUDEVFKLHGHWHQ XQV]XUGULWWHQ7RQWD7VFKHWUXPYHUVFKZDQGPLWHLQHP6DPPHOJOHLWHUIU8UODEHUZLU IRUGHUWHQHLQHQ7D[LJOHLWHUDQ ³(LQP|JOLFKVWDOWHVXQGODQJVDPHV0RGHOO´EDWLFKPLWVFKZHUHU=XQJH³,FK P|FKWHQRFKPDOVGHQ/LFKWHUJODQ]YRQ7LIWRUXPJHQLHHQHKHPDQPLFKNRFKWEUlW XQGYLHOOHLFKWDXVHLQDQGHUQLPPW´ 0RUHQWKKDWWHHVSO|W]OLFKHLOLJ6HLQH$XIJDEHVFKLHQHUOHGLJW]XVHLQ(LQH %H]DKOXQJIUVHLQH'LHQVWHOHKQWHHUPLWGHP+LQZHLVDEHUVWQGHLQPHLQHU6FKXOG 6FKOLHOLFKZlUHHVVHLQH3IOLFKWJHZHVHQGHQEHUDXVFKWHQ5DXPIDKUHUUHFKW]HLWLJ]XU 9HUQXQIW]XEULQJHQ:LUJLQJHQ'LHXUDOWHQ7UHSSHQZDUHQVWHLOXQGDXVJHWUHWHQ 1HEHQDQOLHIMHGRFKGDV$JJUHJDWHLQHV$QWLJUDYLWDWLRQVOLIWV'HU*OHLWHUZDUWHWHEHUHLWV (UZDUZLUNOLFKDOWDEHUVFKRQURERWJHVWHXHUW7LUDNR*DPQRWLSSWHGLH=LHODGUHVVHLQ GLH6HOEVWVWHXHUDXWRPDWLNXQGGLH0DVFKLQHKREDE,FKIUDJWHPLFKZLHVRGHU$UEWDQ QRFKUHFKW]HLWLJLQGHQ*HZ|OEHQHLQJHWURIIHQZDUXPPLFKZDUQHQ]XN|QQHQ :RKOEHPHUNWLQGHQULFKWLJHQ*HZ|OEHQ,FKJDEGDV1DFKJUEHOQYRUHUVWDXI EHVFKORDEHUGLHVHQ)DOOLUJHQGZDQQ]XNOlUHQ:DKUVFKHLQOLFKKDW)DUWXORRQVHLQH +lQGHLP6SLHOJHKDEW ³(VZLUGEDOGKHOO´XQWHUEUDFK7LUDNR*DPQRPHLQH*HGDQNHQ/DUJDPHQLD ]ZHLWHUYRQIQI3ODQHWHQGHU6RQQH/DUJDKDWWHHLQH(LJHQURWDWLRQYRQ7RQWDV )U5DXPIDKUHUGLHLQLKUHP/HEHQ+XQGHUWH:HOWHQEHVXFKWHQZDUGLH5HFKQXQJLQ DUNRQLGLVFKHU6WDQGDUG]HLWPHLVWSUDNWLVFKHUDOVGLH8PVWHOOXQJDXIGLHZHFKVHOQGHQ SODQHWDUHQ(LJHQ]HLWHQ'LHVHEOLHEHQKlXILJQXU=ZHLWRGHU'ULWWDQJDEHQDXIGHQ $Q]HLJHQGHUPXOWLIXQNWLRQDOHQ$UPEDQGJHUlWH
'HU.ULVWDOOSULQ]
M
$WODQ
$P+RUL]RQWOHXFKWHWHQ(QHUJLHNXSSHOQ'DVZDUHQW\SLVFKH3UIXQJVJHELHWH ]XU(UULQJXQJGHUGULWWHQ6WXIHGHU$5.6800,$$XI/DUJDPHQLDNRQQWHQYLHOIlOWLJH )UHPGZHOWYHUKlOWQLVVHPLW+LOIHGHU7HFKQLNVLPXOLHUWZHUGHQ8QWHUMHGHU (QHUJLHNXSSHOEHIDQGVLFKHLQHDQGHUH/DQGVFKDIWHLVNDOWHXQGJOKHQGKHLH JLIWJDVJHIOOWHXQGVROFKHPLWEHUKRKHQ6FKZHUNUDIWYHUKlOWQLVVHQGHQQYRQHLQHP +HUWDVRHLQHP$QZlUWHUDXIGLHKRKH:UGHZXUGHYLHOYHUODQJW(UPXWHVLFKEHUDOO EHKDXSWHQN|QQHQ'LHHUIRUGHUOLFKHQ6FKXW]DQ]JHXQG$XVUVWXQJHQZXUGHQ VHOEVWYHUVWlQGOLFK]XU9HUIJXQJJHVWHOOW1LFKWHLQPDOGLH+HUUHQGHU.HLQHQ5XQGH 0LWJOLHGHUGHU3UIXQJVNRPPLVVLRQNRQQWHQHLQHQ0DQQXQJHVFKW]WLQHLQH :DVVHUVWRII$PPRQLDN$WPRVSKlUHHQWODVVHQ 0LWHQWVSUHFKHQGHQ6FKXW]YRUULFKWXQJHQDOOHLQZDUHVVHOEVWYHUVWlQGOLFKQLFKW JHWDQ0DQPXWHVLH]ZHFNHQWVSUHFKHQGXQGXQWHUSODQYROOKHUEHLJHIKUWHQ 1RWVLWXDWLRQHQ]XEHKHUUVFKHQZLVVHQ'LH'XUFKIDOOTXRWHZDUH[WUHPKRFK(VZDU GDKHUQLFKWYHUZXQGHUOLFKGDVLFKYRQEHUIQIXQGGUHLLJWDXVHQG$QZlUWHUQIUGLH HUVWHXQG]ZHLWH([DPHQVVWXIHQXUNQDSSDFKWKXQGHUWIUGLHGULWWH3UR]HGXUJHPHOGHW KDWWHQ9LHOHGDYRQKDWWHQHVQXUXQWHUGHP=ZDQJLKUHUHKUJHL]LJHQ)DPLOLHQJHWDQ 9RQGHQ$QZlUWHUQZDUHQMHGRFKQDFKGHQHLQJHKHQGHQPHGL]LQLVFKHQ 8QWHUVXFKXQJHQXQGDQGHUHQ(LJQXQJVSUIXQJHQYRUDOOHPKLQVLFKWOLFKGHVEHL %HVWHKHQZDNWLYLHUHQGHQ([WUDVLQQVQXUQRFKGUHLKXQGHUW]ZHLXQGYLHU]LJ$QZlUWHU EULJJHEOLHEHQ:LHYLHOHYRQLKQHQZHUGHQZRKOEHVWHKHQ" (VZDUDOVKlWWH7LUDNR*DPQRPHLQH*HGDQNHQJHOHVHQ(UVDJWHXQYHUPLWWHOW ³,FKQLFKW´ ³:DV"´ ³,FKVFKDIIHHVQLFKW,FKZHUGHVFKRQXQWHUGHP'UXFNYRQQXU]ZHL *UDYLWDWLRQVHLQKHLWHQ]HUEUHFKHQ´ ³8QVLQQ)UHXQG'XELVWVWlUNHUDOVGXGHQNVW´ ³*HLVWLJ]HUEUHFKHQPHLQHLFK,FKNDQQQLFKWEHJUHLIHQRGHUJDUZUGLJHQ ZDUXPPDQHLQHQMXQJHQ$UNRQLGHQTXlOHQPXQXUXPGHQ$QVFKHLQGHU %HUHFKWLJXQJ]XKDEHQLKPGHQ$EVFKOXGHU$5.6800,$]XJHZlKUHQRGHU]X YHUZHLJHUQ:LHYLHOHJHQLDOH0lQQHUXQVHUHV9RONHVKlWWHQGLH$NWLYLHUXQJYHUGLHQW JHKDEWDEHUVLHKLHOWHQHVN|USHUOLFKQLFKWGXUFK´ ,FKGUHKWHPLFKLQGHPHQJHQ6LW]XPXQGVFKDXWHLKQSUIHQGDQ³'DVVLQG UHYROXWLRQlUH$QVLFKWHQ)UHXQG´ (UOlFKHOWHXQGEOLFNWHVWDUUJHUDGHDXVGRUWKLQZRGLH(QHUJLHNXSSHOQGHQ +RUL]RQWZLHIOVVLJH*OXWHUOHXFKWHWHQ³5HGHQZLUQLFKWPHKUGDYRQ9HUJLHV 0DFRORQ'XELVWEULJHQVVHKUQHUY|VJHZRUGHQDOV7VFKHWUXPGHQ3ODQHWHQ$UEW]XN HUZlKQWH0DQN|QQWHDXIGLH,GHHNRPPHQGXZlUHVWQLHPDOVGRUWJHZHVHQ´ ,FKYHUZQVFKWHLQQHUOLFKVHLQHVFKDUIH%HREDFKWXQJVJDEH 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ SRVLWURQLVFKH1RWLHUXQJHLQJHVSHLVWLP5DIIHUNRGHVFKOVVHOGHUZDKUHQ ,PSHUDWRUHQJHJHEHQDXV$QODGHU]ZHLWHQHQWVFKHLGHQGHQ3KDVH'LH+RFKHQHUJLH
'HU.ULVWDOOSULQ]
M
$WODQ
([SORVLYO|VFKXQJLVWZLHGHUXPDNWLYLHUWZRUGHQ(LQHXQEHIXJWH$EUXIXQJPHLQHU 1RWL]HQLVWDXVJHVFKORVVHQ (V ZLUG NXQGJHJHEHQ ,Q GHU YHUJDQJHQHQ 1DFKWSHULRGH GHV 3UIXQJVSODQHWHQ /DUJDPHQLD KDWWH GHU .ULVWDOOSULQ] GHV DUNRQLGLVFKHQ 6WHUQHQUHLFKHV $WODQ GLH HUVWH DXV VHLQHU ,GHQWLWlWVlQGHUXQJ UHVXOWLHUHQGH +UGH ]X EHUZLQGHQ (LQ 2UEWRQ GHV 6FKZHUHQ.UHX]HUV$5*26627VFKHWUXPLVWXQYHUKRIIWDXI/DUJDPHQLDHUVFKLHQHQ 'LHV JHVFKDK LQIROJH VHLQHU 9HUVHW]XQJ ]XP QHXQKXQGHUWYLHUWHQ 6WRYHUEDQG XQWHU$GPLUDO*HQRPDUSHLQHP=ZHLVRQQHQWUlJHU 'XUFK$WODQV*HIlKUGXQJZlKUHQGGHU3UIXQJVSHULRGHQLVWHVPHLQHZLFKWLJVWH $XIJDEH DQNRPPHQGH 5DXPIDKUHU GLH XQWHU 8PVWlQGHQ PLW 0DFRORQ LQ HQJHP .RQWDNW JHVWDQGHQ KDEHQ N|QQWHQ ]X EHUSULLIHQ 'LH 0DQDKPH HUZLHV VLFK DOV ULFKWLJ 7VFKHWUXP ZXUGH HQWGHFNW 6HLQH (UOHEQLVVH PLW 0DFRORQ OLHHQ VLFK VR ZHLW UHNRQVWUXLHUHQ GD $WODQ ]XPLQGHVW HLQH ZLFKWLJH 3KDVH GHUJHPHLQVDPHQ (LQVlW]H UHFKW]HLWLJVWXGLHUHQNRQQWH (LQ $UEWDQ QDPHQV 8QNHKW]X²HU JHK|UW ]X PHLQHQ ODQJMlKULJHQ 9HUWUDXWHQ LQQHUKDOE GHU DUNRQLGLVFKHQ )ORWWH²JDE GHQ HQWVFKHLGHQGHQ +LQZHLV DXI GHQ HKHPDOLJHQ =ZHLWHQ :DFKRIIL]LHU GHU $5*2662 8QNHKW]X ZXUGH IU HLQH VSlWHUH %HORKQXQJ YRUJHPHUNW 0LU LVW EHNDQQWJHZRUGHQ GD GHU .ULVWDOOSULQ] HLQHQ %HVXFK GHV DOWHQ 6WDGW]HQWUXPV YRQ 7LIWRUXP EHDEVLFKWLJWH 'RUW GURKWH *HIDKU ,Q GHU SV\FKRORJLVFK IXQGLHUWHQ (UZDUWXQJ GD$WODQ GLH EHUXKPWH 6WUDH GHU *HZ|OEH DXIVXFKHQ ZUGH ZXUGH GHU $UEWDQ PLW HQWVSUHFKHQGHU 1DFKULFKW LQ 0DUVFK JHVHW]W 'HQ ZLFKWLJVWHQ XQG ZDKUVFKHLQOLFK HQWVFKHLGHQGVWHQ 3XQNW LQ PHLQHQ %HUHFKQXQJHQ VWHOOWH0RUHQWKGDUGHU,QKDEHUGHV5RWHQ*HZ|OEHV(ULVWHLQ9HUELQGXQJVPDQQGHV %OLQGHQ6RIJDUW :HQQ $WODQ EHUKDXSW PLW 7VFKHWUXP NRQIURQWLHUW ZHUGHQ VROOWH VR QXU GRUW 'HU$UEWDQ HUKLHOW GLH $QZHLVXQJ HYHQWXHOOHQ $NWLYLWlWHQ GHV *HZ|OEHLQKDEHUV ]XYRU]XNRPPHQ $WODQV HUZDUWHWH $QNXQIW ]X EHREDFKWHQ XQG VRIRUW PLW$WODQ LQ 9HUELQGXQJ ]X WUHWHQ (V JHODQJ 0HLQH %HUHFKQXQJHQ ZDUHQ ULFKWLJ $WODQ NRQQWH UHFKW]HLWLJ JHZDPW XQG EHU 7VFKHWUXP LQIRUPLHUW ZHUGHQ 'DV JHZDJWH 3V\FKRVSLHO EHVD HLQH 5HLKH YRQ XQEHNDQQWHQ )DNWRUHQ 6R ZDU 0RUHQWK WDWVlFKOLFK DXI HLQH ,GHQWLWlWVEHUSUSXQJ QLFKW QXU YRUEHUHLWHW VRQGHP VRJDU PLW HQWVSUHFKHQGHQ +LOIVPLWWHOQ GDUDXI HLQJHVWHOOW 'HU $UEWDQ NDP LKP XP ZHQLJH $XJHQEOLFNH ]XYRU $QGHUQIDOOV ZlUH $WODQ PLW DQGHUHQ %HJUQGXQJHQ LQ GLH *HZ|OEH JHORFNW ZRUGHQ (QWVFKHLGHQGIUPHLQJHOXQJHQHV8QWHPHKPHQLVWGLH)UDJHRE0RUHQWKXQGDQGHUH 0LWWHOVPlQQHU GHV %OLQGHQ 6RIJDUW HLQHQ EHVRQGHUHQ *UXQG IU $WODQV VSH]LHOOH hEHUSUIXQJEHVDHQ 1XQPHKU QDFK EHUVWDQGHQHU *HIDKU KDEHQ PHLQH )UHXQGH HUPLWWHOQ N|QQHQ GD DOOH +HUWDVRQHQ GHU GULWWHQ 6WXIH GHU$5. 6800,$ HLJHQWPOLFKH (UOHEQLVVH KDWWHQ'DVLVWEHUXKLJHQG]XZLVVHQ$WODQZDUNHLQDXHUJHZ|KQOLFKHU)DOOVRQGHP HLQHU YRQ GUHLKXQGHUW]ZHLQXGYLHU]LJ 'DUDXV JHKW HLQGHXWLJ KHUYRU GD 2UEDQDVFKROV +lVFKHULPGXQNHOQWDSSHQ1HXHVWH1DFKULFKWHQYRQGHQYLHUDQGHUHQ3UIXQJVZHOWHQ EHVDJHQGDDXFKGRUWGLH$QZlUWHUVHKUJHQDXGXUFKOHXFKWHWZHUGHQ0DQVXFKWGHQ .ULVWDOOSULQ]HQ GHV 7DL $UN¶7XVVDQ ZHLO PDQ ZHL GD HU QXQ VHLQH 5HLIHSUIXQJ EHVWHKHQPX
'HU.ULVWDOOSULQ]
M
$WODQ
6RIHP PHLQH XQG $WODQV *HJQHU YRQ GHU 9RUDXVVHW]XQJ DXVJHKHQ GD $WODQ QRFK OHEW XQG PLW +LOIH HLQIOXUHLFKHU )UHXQGH YHUVXFKHQ ZLUG GLH :UGH GHV ,PSHUDWRUV YRQ $UNRQ IU VLFK ]X JHZLQQHQ LVW GLH $5. 6800,$ QLFKW QXU HLQ GHXWOLFKHU +LQZHLV VRQGHP VFKOLFKWZHJ GHU 6VKOVVHOSXQ$W :HQQ $WODQ EHUKDXSW HQWGHFNW ZHUGHQ NDQQ GDQQ QXU ]X GLHVHU =HLW 6HOEVWYHUVWlQGOLFK LVW GHP YHUEUHFKHULVFKHQ ,PSHUDWRU NODU GD GHU *RV¶DWKRU QDFK HLQHU HIIROJUHLFKHQ ([WUDKLPDNWLYLHUXQJ JHIlKULFK ZHUGHQ NDQQ 8QWHU %HUFNVLFKWLJXQJ GLHVHU 9RUDXVVHW]XQJHQ LVW PLU NODU GD $WODQ QRFK QLH VR JHIlKUGHW ZDU ZLH MHW]W (V JLOW ZDFKVDP]XVHLQ 'UHL 2I IL]LHUH GHU )DHKUO.RPPLVVLRQ KDWWHQ PLFK ]XP 6FKDXSODW] GHU HUVWHQ 3UIXQJEHJOHLWHW6LHZXUGHQYRQ]ZHL5HJLVWUDWXU5RERWHUQEHUZDFKW'LH2UEWRQHQ KRFKTXDOLIL]LHUWH:LVVHQVFKDIWOHUXQG7HFKQLNHUPLW5DXPHUIDKUXQJZDUHQK|IOLFKXQG NRUUHNW'DVZDUDOOHVZDVLFKYRQLKQHQHUZDUWHQGXUIWH'HUNOHLQVWH+LQZHLVDXIHLQH /RVXQJVP|JOLFKNHLWGHUYRUPLUOLHJHQGHQ$XIJDEHKlWWHLKQHQVFKZHUH6WUDIHQXQGPLU GHQ VRIRUWLJHQ $XVVFKOX EHVFKHUW (V ZDU GDKHU ]ZHFNORV YHUIlQJOLFKH )UDJHQ ]X VWHOOHQ 'LH 5RERWHU NRQWUROOLHUWHQ QRFKPDOV GHQ ,GHQWLIL]LHUXQJVVWUHLIHQ EHU PHLQHP OLQNHQ +DQGJHOHQN (U ZDU IHVW PLW GHP *HZHEH YHUEXQGHQ XQG XQ]HUUHLEDU 6HOEVW HLQ8QIDOOGHU]XHLQHU9HUVWPPHOXQJPHLQHV.|USHUVJHIKUWKlWWHZlUHYRQGLHVHP ,PSXOVEDQG XQEHVFKDGHW EHUVWDQGHQ ZRUGHQ 'HU 5RERW JDE GDV YLROHWWH )DUE]HLFKHQ ³,GHQWLIL]LHUWIUHLIU3RVLWLRQHLQV´HUNOlUWHHLQHUGHU2IIL]LHUH³+HUWDVR0DFRORQ WUHWHQ6LHELWWHYRU´,FKJLQJQDFKYRUQXQGVWHOOWHPLFKYRUGHQGUHL0lQQHUQDXI'HU |UWOLFKH 3UIXQJVOHLWHU PXVWHUWH PLFK LQWHQV ³)KOHQ 6LH VLFK JHLVWLJ XQG N|USHUOLFK JHVXQGJHQXJXPGLHYRU,KQHQOLHJHQGH$XIJDEHEHZlOWLJHQ]XN|QQHQ"´ ³-D(UKDEHQHU´ ³*XW7URW]HLQJHKHQGHU8QWHUULFKWXQJLQGHQ/HKUVlOHQGHV)DHKUOLVWHVPHLQH WUDGLWLRQHOOH3IOLFKW6LHQRFKPDOV]XZDUQHQ6LHULVNLHUHQ,KUHN|USHUOLFKHXQGJHLVWLJH *HVXQGKHLW,VW,KQHQGDVDQJHVLFKWVGHV6WDUWVEHZXW"´ ³-D(UKDEHQHU´ ³6LH ZHUGHQ DOOHLQ DXI VLFK JHVWHOOW VHLQ +HUWDVR 0DFRORQ ,KU JHVFKXOWHU 9HUVWDQG ZLUG ,KQHQ EHUHLWV JHERWHQ KDEHQ PLW ZDFKHQ 6LQQHQ ]X KDQGHOQ XQG ,KUH SK\VLVFKHQ 5HVHUYHQ QLFKW YRUVFKQHOO LQ $QVSUXFK ]X QHKPHQ 6LH ZLVVHQ PLW HLQHP SULPLWLYHQ%RRWXP]XJHKHQ"´ ,FK ZDUI HLQHQ %OLFN ]X GHP .DKQ KLQEHU (U EHVWDQG QLFKW HLQPDO DXV .XQVWVWRII VRQGHUQ DXV +RO] $XHU ]ZHL HLQKlQJEDUHQ 5XGHUQ HLQHP NUlIWLJHQ 6WHFKSDGGHO XQG HLQHU VWDUNHQ EHUPDQQVKRKHQ 6WDQJH ZDUHQ NHLQH $XVUVWXQJVJHJHQVWlQGH ]X HQWGHFNHQ $OOHUGLQJV GDV ZDU PLU DXIJHIDOOHQ ZDU QLFKW JHVDJW ZRUGHQ LFK KlWWH GDV =LHO PLW GHP %RRW ]X HUUHLFKHQ 'DV ZDU HLQHU MHQHU +LQZHLVH GLH HLQ $EVROYHQW GHU $5. 6800,$ ]X HUNHQQHQ KDWWH :DU HU GD]X QLFKW IlKLJQW]WHQLKPN|USHUOLFKH.UlIWHXQG*HVFKLFNOLFKNHLWZHQLJ -HGHU+HUWDVRZXWHDXV]DKOUHLFKHQ8QWHUULFKWXQJHQGHUOHW]WHQ3HULRGHQGD QLFKW QXU 0XW XQG %HKHQGLJNHLW JHSUIW ZXUGHQ (V NDP GDUDXI DQ GLH JHVWHOOWHQ $XIJDEHQPLWDOOHQDQGHUHQ)DNWRUHQ]XNRRUGLQLHUHQ6RNRQQWHHVP|JOLFKVHLQGD HLQ XQO|VEDU HUVFKHLQHQGHV 3UREOHP GXUFK GDV UHFKW]HLWLJH (UNHQQHQ DQGHUHU 8PVWlQGHOHLFKWEHZlOWLJWZHUGHQNRQQWH'LH*UXQGUHJHOODXWHWH³9HUJLQLH9HUVWDQG XQG6FKDUIVLQQ]XEHIUDJHQ([WUHPVLWXDWLRQHQLQNRPPHQGHQ(LQVlW]HQDOOHU$UWVLQG
'HU.ULVWDOOSULQ]
M
$WODQ
QXU GDQQ KRIIQXQJVORV ZHQQ DXVVFKOLHOLFK 0XVNHONUDIW XQG HUOHUQWH 3ULPLWLYWULFNV HLQJHVHW]WZHUGHQ´ ,FKGDFKWHQLFKWGDUDQGLHYRUPLUOLHJHQGHQ3UIXQJHQLQGLHVHU$UWEHVWHKHQ]X ZROOHQ(VPXWHEHVVHUH0|JOLFKNHLWHQJHEHQ'DV%RRWZDUHLQ)DNWRU²JHZL'DV =LHO KDWWH LFK HEHQIDOOV ]X HUUHLFKHQ :LH GDV MHGRFK JHVFKDK ZDU QLFKW HLQGHXWLJ IHVWJHOHJWZRUGHQ'HU|UWOLFKH3UIXQJVOHLWHUYHUODVQRFKPDOVGLH5HJHOQ (U HQGHWH PLW GHQ :RUWHQ ³6LH KDEHQ =HLW ELV 6RQQHQXQWHUJDQJ 'HU DWPRVSKlULVFKH 'UXFN XQG 6DXHUVWRIIJHKDOW OLHJHQ IQIXQGGUHLLJ 3UR]HQW XQWHU GHU 1RUP .|USHUOLFKH $QVWUHQJXQJHQ ]HKUHQ VFKQHOO DQ ,KUHQ 5HVHUYHQ 6LH N|QQHQ DXIWDXFKHQGHQ +LQGHUQLVVHQ XQG *HIDKUHQ PLW DOOHQ 0LWWHOQ EHJHJQHQ GLH ,KQHQ JHHLJQHW HUVFKHLQHQ /HEHZHVHQ DOOHU $UW GUIHQ EHNlPSIW ZHUGHQ 6LH KDEHQ VR ]X KDQGHOQZLH6LHLP)DOOHHLQHU1RWODQGXQJDXIHLQHUIUHPGHQ:HOW]XKDQGHOQKlWWHQ DOVRLP,QWHUHVVHGHV*URHQ,PSHULXPV5FNVLFKWQDKPH0LWOHLG=XUFNKDOWXQJVLQG XQDQJHEUDFKW +LHU ZLUG GHU )DOO HLQHU XQJHZROOWHQ /DQGXQJ LP )HLQGJHELHW VLPXOLHUW 6LH VLQG XQEHZDIIQHW XQG OHGLJOLFK PLW HLQHU QRUPDOHQ %RUGNRPELQDWLRQ EHNOHLGHW ,KU =LHO LVW HLQ *HKHLPGHSRW GHU )ORWWH 6LH PVVHQ HV HUUHLFKHQ RGHU 6LH ZlUHQ LP (UQVWIDOOYHUORUHQ´ ³,FKKDEHYHUVWDQGHQ(UKDEHQHU´ ³'DV ZLUG YRQ ,KQHQ HUZDUWHW ,KU /HEHQ XQG ,KUH *HVXQGKHLW VLQG ]ZHLWUDQJLJ 'DV YRQ ,KQHQ ]X HUUHLFKHQGH 'HSRW GLHQW QLFKW QXU ]XU (UKDOWXQJ ,KUHU 3HUVRQ VRQGHUQ LQ HUVWHU /LQLH ]XU VWUDWHJLVFK ZLFKWLJHQ 1DFKULFKWHQEHUPLWWOXQJ 'LH LP $OO VWHKHQGHQ )ORWWHQHLQKHLWHQ VLQG DXI ,KUH ,QIRUPDWLRQHQ DQJHZLHVHQ +DQGHOQ 6LH HQWVSUHFKHQG 0LW GLHVHU .DUWH N|QQHQ 6LH VLFK OHJLWLPLHUHQ VLH VSHLFKHUW ,KUH ,QGLYLGXDOVFKZLQJXQJHQXQG'DWHQ´ ,FKQDKPGDV.lUWFKHQHQWJHJHQXQGVDJWH³0HLQ/HEHQIU$UNRQ(UKDEHQHU´ 'DPLWZDUHQGLHYRUJHVFKULHEHQHQ)RUPDOLWlWHQEHHQGHW'LHZHQLJHQ+LQZHLVH KDVWHQPLUDOOHVYHUUDWHQ,FKKDVWHVR]XKDQGHOQZLHLFKDXFKDXIHLQHUYRP*HJQHU EHVHW]WHQ )UHPGZHOW KlWWH KDQGHOQ PVVHQ 'DV EHGHXWHWH MHGRFK QLFKW GD LFK *HZDOWO|VXQJHQ DOOHU $UW GHQ 9RU]XJ ]X JHEHQ KDVWH 'LH 3UIXQJHQ GHU GULWWHQ 6WXIH ZDUHQ YLHOVFKLFKWLJ 1DWUOLFK ZROOWH PDQ DXFK XQWHU DQGHUHP ZLVVHQ ZLH HLQ DQJHKHQGHU )ORWWHQRIIL]LHU VHLQHQ WUDLQLHUWHQ .|USHU HLQ]XVHW]HQ YHUPRFKWH 9LHO ZLFKWLJHUMHGRFKZDUGLH)UDJHZLHHUVHLQHQ9HUVWDQGJHEUDXFKWH:LUZXWHQLQIROJH GHU ODQJMlKULJHQ .DPSIKDQGOXQJHQ PLW GHQ 0HWKDQV GD HV RIWPDOV EHVVHU ZDU PLW QHXWUDOHQ)UHPGY|ONHUQ]XYHUKDQGHOQDOVVLHPLW:DIIHQJHZDOW]XIUDJZUGLJHQ)UHXQ GHQ]XPDFKHQ 0DQVDJWHGHQ$UNRQLGHQQDFKVLHZlUHQ(UREHUHUKDUWXQGXQQDFKVLFKWLJ'DV ZDU EHUHFKWLJW :LU ]|JHUWHQ QLFKW ODQJH ZHQQ HV XP GHQ 3UHLV GHV (UIROJHV JLQJ $QGHUH 9|ONHU YHUKLHOWHQ VLFK DQGHUV DEHU GDV ULJRURVH 9RUJHKHQ HQWVSUDFK QXQ HLQPDO GHU DUNRQLGLVFKHQ 0HQWDOLWlW 'HQQRFK NRQQWHQ ZLU DXFK JHVFKLFNWH 3V\FKRORJHQ VHLQ 1DWUOLFK OHJWH GLH .OHLQH 5XQGH GLH REHUVWH 3UIXQJVNRPPLVVLRQ JU|WHQ :HUW GDUDXI HLQHQ $5. 6800,$%HZHUEHU QDFK 5LFKWOLQLHQ ]X SUIHQ GLH QLFKW MHGHU DUNRQLGLVFKH )ORWWHQNRPPDQGHXU XQG 3ROLWLNHU ]X KDQGKDEHQ YHUVWDQG (V ZDU QHXHUGLQJV HLQ HUVWUHEHQVZHUWHV =LHO IU )KUXQJVNUlIWH DOOHU )DFKULFKWXQJHQ GLH )UHPGSV\FKRORJLH]XEHKHUUVFKHQ :HLWHU YRUQ QDKH GHU VWHLO DXIUDJHQGHQ )HOVZDQG VWDUWHWH GHU JURH 7UDQVSRUWJOHLWHU 0LW LKP YHUVFKZDQGHQ QLFKW QXU GLH GUHL 2IIL]LHUH VRQGHUQ DXFK GLH
'HU.ULVWDOOSULQ]
M
$WODQ
EHLGHQ.RQWUROOURERWHU'HP$XJHQVFKHLQQDFKZDULFKQXQDOOHLQDOOHLQLQGHUNQVWOLFK YHUlQGHUWHQ 8PZHOW HLQHU (QHUJLHVFKLUPNXSSHO YRQ EHDFKWOLFKHQ $XVPDHQ 'HU 6DXHUVWRIIJHKDOW GHU $WPRVSKlUH ZDU QRFK DXVUHLFKHQG $XFK GHU /XIWGUXFN EHUHLWHWH PLU MHW]W LP 5XKHVWDGLXP NHLQHUOHL 6FKZLHULJNHLWHQ 'DV PXWH VLFK EHL N|USHUOLFKHQ %HODVWXQJHQ VFKQHOO lQGHUQ $OV VFKZHUZLHJHQGHU HUZLHVHQ VLFK +LW]H XQG /XIWIHXFKWLJNHLWOHW]WHUHEHWUXJHWZDVEHUVHFKVXQGQHXQ]LJ3UR]HQW ,FKVDKPLFKSUIHQGXP'HU6WDUWSODW]ZDUVRUJVDPDXVJHVXFKWZRUGHQ(UODJ LQ HLQHP *HELUJVNHVVHO ULQJVXP YRQ VFKURIIHQ VWHLO DXIUDJHQGHQ )HOVZlQGHQ XPJHEHQ(VZlUHQlUULVFKJHZHVHQVLHHUNOLPPHQ]XZROOHQ$OVREOLHEQXUGDV%RRW (V ODJ DP 8IHU HLQHV %HUJVHHV GHU HEHQIDOOV YRQ GHQ 6WHLOZlQGHQ XPVFKORVVHQ ZXUGH1|UGOLFKYRQPHLQHP6WDQGRUWUDXVFKWHHLQ:DVVHUIDOODXVGHU+|KHKHUDE'DV ZDU GHU *HELUJVIOX GHU LQ HQWJHJHQJHVHW]WHU 5LFKWXQJ XQG QDFK 'XUFKTXHUXQJ GHV *HZlVVHUVVHLQHQ$EIOXIDQG'RUW|IIQHWHVLFEHLQHVFKPDOH6FKOXFKWLQGLHVLFKGDV :DVVHU HUJR 'RUW EHJDQQHQ DXFK GLH 6FKZLHULJNHLWHQ 'LH )HOV|IIQXQJ ZDU IU GLH DEVWU|PHQGHQ:DVVHUPDVVHQ]XHQJ'LH)ROJHGDYRQZDUHLQ6WDXGHU]XUKHIWLJHQ EUDQGXQJVlKQOLFKHQ6WUXGHOELOGXQJIKUWH ,FK VFKDXWH QRFKPDOV ]X GHP JODVLHUW ZLUNHQGHQ /DQGXQJVSODW] GHU 7UDQVSRUWJOHLWHU KPEHU :DKUVFKHLQOLFK ZDUHQ GRUW VFKRQ YLHOH +HUWDVRQHQ DXVJHVWLHJHQ XP LQ GHQ XQJHZLVVHQ :HJ GHV $EHQWHXHUV JHVFKLFNW ]X ZHUGHQ 'LH )UDJH RE LFK GXUFK YHUVWHFNW DQJHEUDFKWH %HREDFKWXQJVJHUlWH VWlQGLJ EHUZDFKW ZXUGHZDUPLUDXJHQEOLFNOLFKJOHLFKJOWLJ0LUNRQQWHXQGGXUIWHQLHPDQGKHOIHQ-HGHV )HKOYHUKDOWHQ ZXUGH PLW 0LQXVSXQNWHQ JHDKQGHW 5RERWJHKLUQH EHUQDKPHQ GLH $XVZHUWXQJ ,FK ZXWH GD GLH 9HUKDOWHQVZHLVHQ GHU 3UIOLQJH QDFK PDWKHPDWLVFK ORJLVFKHQ5LFKWOLQLHQEHUHFKQHWZXUGHQ'DVZDUHLQ7URVW:HQLJVWHQVZDUPDQQLFKW DXIGLH6WLPPXQJRGHUJDU*XQVWYRQVRJHQDQQWHQ8QSDUWHLLVFKHQDQJHZLHVHQ ,FK VRJ SUIHQG GLH /XIW HLQ (V URFK EHUZLHJHQG PRGULJ -HQVHLWV GHU $EIOXVFKOXFKW VFKLHQ VLFK GDV *HOlQGH ]X HUZHLWHUQ ,FK UHFKQHWH PLW 'VFKXQJHOZlOGHUQ YRQ PLU XQEHNDQQWHU 1DWXU XQG *U|HQRUGQXQJ 'HU +LQZHLV DXI ³YLHOOHLFKWHUVFKHLQHQGH/HEHZHVHQ´ILHOPLUHLQ ,QGLHVHP=XVDPPHQKDQJPXWHLFKDQPHLQHQ)UHXQG7LUDNR*DPQRGHQNHQ (U ZDU HLQH 7RQWD YRU PLU ]XU HUVWHQ 3UIXQJ DEJHKROW ZRUGHQ :LH PRFKWH HV LKP HUJDQJHQ VHLQ" ,FK ZXWH QLFKW RE DOOH +HUWDVRQHQ DQ GLHVHP 2UW JHVWDQGHQ KDWWHQ REMHGHUYRQXQV]XHUVWGLHVHHLJHQWPOLFKH)OXIDKUW]XEHUVWHKHQKDWWH'DMHGRFK VWHWV YRQ DEVROXWHU *OHLFKKHLW GHU &KDQFHQ GLH 5HGH JHZHVHQ ZDU QDKP LFK DOV JHJHEHQDQGDDXFK7LUDNRJHQDXDQGLHVHU6WHOOHLQGHQWUEHQ'XQVWJHVWDUUWXQG VLFKWDXVHQG)UDJHQJHVWHOOWKDWWH8QWHU8PVWlQGHQODJHUZHLWHUIOXDEZlUWV]X7RGH HUVFK|SIWDQHLQHP)HOVXIHUXQGZDUWHWHDXI+LOIH +LOIH :LH VLHKW HV GDPLW DXV" :DV XQWHUQDKP GLH .OHLQH 5XQGH EHL 8QJOFNVIlOOHQ" :DV KDWWH PDQ EHVFKORVVHQ XP YHUVDJHQGHQ 3UIOLQJHQ *HVXQGKHLW XQG/HEHQ]XHUKDOWHQ"hEHUOLHPDQVLHZLUNOLFKHLQHPXQJHZLVVHQ6FKLFNVDO"'DFKWH PDQWDWVlFKOLFKQLFKWGDUDQVLHLQ6LFKHUKHLW]XEULQJHQ"6RZDUHVYHUNQGHWZRUGHQ ,FKJODXEWHNHLQ:RUWGDYRQ0DQNRQQWHGLH(UEHQJURHU1DPHQ]ZDUQLFKWHLQIDFK XPNRPPHQODVVHQDEHUHVPXWHPLWW|GOLFKHQ8QIlOOHQJHUHFKQHWZHUGHQ ,FK NRQQWH PLU MHGHQIDOOV 6LWXDWLRQHQ YRUVWHOOHQ LQ GHUHQ 9HUODXI VHOEVW GHU JXWZLOOLJVWH 5HWWHU ]X VSlW NRPPHQ PXWH ,FK VFKWWHOWH GLHVH *HGDQNHQ YRQ PLU DE XQGNRQ]HQWULHUWHPLFKDXIGLHYRUPLUOLHJHQGH$XIJDEH,FKKDVWHHLQHQVWLOOHU6HHLP
'HU.ULVWDOOSULQ]
M
$WODQ
)ODFKODQG ]X HUUHLFKHQ 'RUW ZDU HLQ 'HSRW HUEDXW ZRUGHQ ZLH HV 6SH]LDOLVWHQ GHU DUNRQLGLVFKHQ )ORWWH DXI ]DKOORVHQ :HOWHQ DQJHOHJW KDWWHQ :HQQ LFK HUVW HLQPDO GRUW ZDU KDVWH LFK JHZRQQHQ GDV KLH ZHQQ HV PLU VFKQHOO JHQXJ JHODQJ GLH VLFKHUOLFK JHWDUQWH6WDWLRQ]XHQWGHFNHQXQGLKUHQ(LQJDQJ]X|IIQHQ ,FKVFKULWWODQJVDPDXIGDV%RRW]X(VZDUIDQJXQGVFKPDOKRFKERUGLJEHVD HLQHQ *OHLWEXJ XQG HLQ VWXPSI HQGHQGHV 6SLHJHOKHFN PLW 5XGHU XQG 3LQQH :LHVR HLJHQWOLFK",FKEOLHEDEUXSWVWHKHQ3O|W]OLFKZXUGHLFKLQQHUOLFKUXKLJXQGDXVJHJOLFKHQ :DVVROOWHLFKZRKOPLWHLQHP6WHXHUDQIDQJHQZHQQLFKHQWZHGHUUXGHUQRGHUSDGGHOQ PXWH"6FKOLHOLFKEHVDLFKQXU]ZHL$UPHXQG+lQGH (U ZDU SO|W]OLFK KLQWHU HLQHP PDQQVKRKHQ )HOVEORFN QDKH GHU 6WHLOZDQG KHUYRUJHWUHWHQ 6HLQH :DIIH HLQHQ VFKZHUHQ /XFFRW KLHOW HU LQ ]ZHL VFKPDOHQ DEHU QHUYLJHQ+lQGHQ(UZDUVHKUJURXQGEUHLWJHEDXW$OOHVDQLKPZLUNWHYHUZLOGHUWXQG VFKPXW]LJ 1XU VHLQH $XVUVWXQJ VFKLHQ VR JHSIOHJW ]X VHLQ GD VLH LKUHQ =ZHFN ]X HUIOOHQ YHUPRFKWH (U WUXJ HLQHQ PLWWHOVFKZHUHQ .DPSIDQ]XJ GHU 5DXPODQGHWUXSSHQ PLW (QHUJLHDJJUHJDW XQG IDOWEDUHP 'UXFNKHOP 'DV EHU GHP 5FNHQEHKlOWHU DQJHIODQVFKWH)OXJJHUlWIU2SHUDWLRQHQLQQHUKDOEGHU*DVKOOHZDU]HUVFKPHWWHUW'LH EHLGHQ JHJHQOlXILJHQ +XEURWRUHQ ZLHVHQ %HVFKX6FKlGHQ DXI VLH ZDUHQ ]XU +lOIWH ]HUVFKPRO]HQ (U VSUDFK GHQ VFKOHFKW YHUVWlQGOLFKHQ 'LDOHNW HLQHV .RORQLDODUNRQLGHQ 6HLQH%HZHJXQJHQZDUHQEHWRQWOlVVLJDEHUNUDIWYROO ³'DVVROOWHVWGXQLFKWWXQ(GHODUNRQLGH´VDJWHHU³,FKKDEHGDV%RRWEHUHLWVIU PLFKUHVHUYLHUW,UJHQGZLHPXPDQMDZRKODXVGLHVHP/RFKKHUDXVNRPPHQRGHU"´ (U VFKDXWH PLW HLQHP 6HLWHQEOLFN DXI VHLQH XQEUDXFKEDU JHZRUGHQHQ 5RWRUHQ 'HU:LQNPLWGHP$EVWUDKOODXIVDJWHPLUJHQXJ,FKVWLHJZRUWORVDXVGHP%RRW]RJHV PLWGHP%XJDQ/DQGXQGVHW]WHPLFKDXIGLH%RUGZDQGXQJ ³,FKYHUVWHKH.QDEHYRQGHU.ULVWDOOZHOW´EHWHXHUWHHU³'XJODXEVWQXQPHLQH :HQLJNHLW ZlUH HLQ %HVWDQGWHLO GHLQHU 3UIXQJVDXIJDEHQ QLFKW ZDKU" ,UUWXP ,FK JHK|UH QLFKW GD]X ,FK ELQ Y|OOLJ UHDO DXI GHU )OXFKW YRU GHQ 6XFKNRPPDQGRV XQG QDWUOLFK DXFK YRU GHU $XIO|VXQJVNDPPHU :DV GHQNVW GX ZRKO ZRKLQ VLFK HLQ LQWHOOLJHQWHU 'HVHUWHXU DXI GLHVHU :HOW ZHQGHQ ZLUG" 1DWUOLFK ]X HLQHU (QHUJLHEODVH GLHHLQLJHUPDHQHUWUlJOLFKH/HEHQVEHGLQJXQJHQELHWHW0DQZDUWHWDEKRIIOXQGGDQQ VLHKW PDQ ZHLWHU 9HUVWHKH UHFKW .QDEH²LFK KDEH JHQXJ YRQ HXUHP 0HWKDQNULHJ ,UJHQGZDQQPXPDQHLQPDODXVVWHLJHQRGHU"´ (UODFKWHOHLVH6HLQHQ$XJHQHQWJLQJQLFKWV,QPLUNDPHQGLHHUVWHQ=ZHLIHODX
:HQQ GDV HLQ SURJUDPPLHUWHU 5RERWHU ZDU JHZLVVHUPDHQ HLQ IU PLFK EHVWLPPWHU 6FKZLHULJNHLWVJUDGZROOWHLFKZLUNOLFK0DFRORQXQGQLFKWPHKU$WODQKHLHQ6RZLHHU VLFKJDENRQQWHPDQNHLQH0DVFKLQHMXVWLHUHQ ,FK VWDQG DXI ³'HVHUWHXU"´ ZLHGHUKROWH LFK JHGHKQW ³0DQ ZLUG GLFK U|VWHQ 5DXPVROGDW´ ³'XVDJVWHV´EHVWlWLJWHHU³$EHUQXUGDQQZHQQPDQPLFKILQGHW,FKELQVHLW HLQHP KDOEHQ 3ODQHWHQMDKU KLHU 'LH )DKQGXQJ QDFK PLU OlXIW QRFK :LH VLHKW HV GUDXHQDXV"´ ,FKVHW]WHPLFKZLHGHUDXIGHQ%RUGUDQGXQGVWHPPWHGLH(OOERJHQDXIGLH.QLH ³:LHVROOHVDXVVHKHQ5DXPVROGDW"6FKDXHVGLUDQ´ (U]XFNWHPLWGHQ$FKVHOQXPIDWHGLH:DIIHIHVWHUXQGZLHGHUVFKZHQNWHGLH 0QGXQJLQPHLQH5LFKWXQJ³$XIVWHKHQ]XU6HLWHJHKHQ1DNRPPVFKRQ.QDEH´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKPXWH=HLWJHZLQQHQ0HLQH=ZHLIHOEHUGLH(FKWKHLWVHLQHU3HUVRQZDUHQ QRFK QLFKW JlQ]OLFK YHUVFKZXQGHQ ³+DVW GX GDUDQ JHGDFKW GD HV KLHU VLFKHUOLFK hEHUZDFKXQJVJHUlWHJLEW"´ (U VSLH DXI GHQ %RGHQ ³,FK ZDU $UEWDQ GHV /DQGXQJVNRPPDQGRV )DFKJHELHW ODXWORVH=HUPUEXQJVVSUHQJXQJHQ5HGDOVRNHLQHQ8QVLQQ,FKELQ)DFKPDQQ.QDEH +DVW GX QLFKW JHK|UW GD LFK VFKRQ HLQ KDOEHV -DKU KLHU ELQ" ,FK KDEH PHKU +HUWDVRQHQ JHVHKHQ DOV GX GHQNVW +LHU JLEW HV NHLQH hEHUZDFKXQJ 6WDUWSOlW]H ZHUGHQ VHOWHQ GDPLW DXVJHVWDWWHW :HLW GX DXFK ZDUXP" :HLO ]X YLHOH %XUVFKHQ GHLQHU $UW DXI GLH ,GHH NRPPHQ VRIRUW QDFK GHP $EKHEHQ GHU 7UDQVSRUWJOHLWHU GLH 8PJHEXQJ DE]XVXFKHQ LQ GHU +RIIQXQJ VLH IlQGHQ GRUW LUJHQGZHOFKH +LQZHLVH RGHU +LOIVPLWWHO'XELVWLP*HJHQVDW]]XGLHVHQ1DUUHQHLQJXWHU0DQQ'XKDVWNHLQH=HLW YHUVlXPW$XIVWHKHQ]XU6HLWHJHKHQ´ (U NDP HLQLJH 6FKULWWH QlKHU ,FK VWDUUWH LKQ DQ $OOHV LQ PLU ZDU YHUNUDPSIW 6ROOWHGLHNDXPEHJRQQHQH3UIXQJGHUDUWHQGHQ"'LHVHU'HVHUWHXUZDUDQVFKHLQHQG HLQ)DNWRUGHQQLFKWHLQPDOGLH.OHLQH5XQGHYRUDXVVHKHQNRQQWH(ULVWHFKW²RGHUHU NDQQ HFKW VHLQ ,FK ZXWH GD DXI GHP 3ODQHWHQ /DUJDPHQLD HLQLJH %HVDW]XQJVPLWJOLHGHU EHUKROXQJVUHLIHU 5DXPVFKLIIH HQWIORKHQ ZDUHQ $Q LKP VWLPPW DOOHV 'LH 5DQJV\PEROH VLQG HLQZDQGIUHL .RGHQXPPHU (LQKHLWVEH]HLFKQXQJ %HZDIIQXQJXQG$XVUXVWXQJ²HVIHKOWQLFKWV6HLQHYHUZLOGHUWH(UVFKHLQXQJNDQQNDXP VLPXOLHUW ZHUGHQ (U VWLQNW (U KDW VLFK ODQJH QLFKW JHZDVFKHQ $Q VHLQHU .DPSINRPELQDWLRQ NOHEHQ YHUNUXVWHWH %OXWIOHFNHQ GLH ZDKUVFKHLQOLFK YRQ JHVFKRVVHQHQXQGDXVJHQRPPHQHQ7LHUHQVWDPPHU 'LH:DIIHZDUDNWLYLHUWGLH)RNXVYHUVWHOOXQJDXI%UHLWVWUDKOJHVFKDOWHW:HQQHU ]XDOOHPHQWVFKORVVHQZDUKDVWHLFKNHLQH&KDQFH'RFKHLQHZLQ]LJH(UEUDXFKWHGDV %RRW,FK]RJGLH%HLQHDQXQGOLHPLFKQDFKKLQWHQIDOOHQ'DQQVFKDXWHLFKEHUGHQ 5DQGGHU%RUGZDQGXQJ(UIOXFKWHLQHLQHP-DUJRQZLHHULQGHU)ORWWHEOLFKZDU,FK ODFWDWH ³$UEWDQ LFK PDFKH GLU HLQHQ 9RUVFKODJ 1HLQ VSLHOH QLFKW YHUUFNW ,FK ELQ ZHGHU DQ GLU QRFK DQ GHLQHP 6FKLFNVDO LQWHUHVVLHUW :LU ZHUGHQ ]XVDPPHQ GLH 6FKOXFKW SDVVLHUHQ 'DQQ ODVVH LFK GLFK ODXIHQ ,FK KDEH GLFK QLHPDOV JHVHKHQ :DV PHLQVWGXGD]X"´ (UVSLHZLHGHUDXIGHQ%RGHQXQGNDPQlKHU ³9RUVLFKW´ZDUQWHLFK³'XELVWHLQJXWHU%RGHQNlPSIHUGDVIKOHLFK'XVROOWHVW DOVR EHJUHLIHQ GD GX PLFK QLFKW W|WHQ XQG VSXUORV DXIO|VHQ NDQQVW RKQH GDEHL GHQ .DKQ]XYHUQLFKWHQ$OVR´ (U VDK VLFK DUJZ|KQLVFK XP EHWUDFKWHWH GDV %RRW XQG OlFKHOWH GQQ ³1LFKW VFKOHFKW DUJXPHQWLHUW (GHONQDEH 'HLQH 5HFKQXQJ VWLPPW 1XU KDVW GX PLFK XQWHUVFKlW]W(KHGXVWLUEVWODGLUJHVDJWVHLQGDGXHXUHEO|GVLQQLJH$5.6800,$ ZDKUVFKHLQOLFK JOlQ]HQG EHVWDQGHQ KlWWHVW .OHLQHU²LFK ZHUGH GLFK XQG GDV %RRW EHNRPPHQ´ (UGUHKWHDQGHU)RNXVYHUVWHOOXQJ'DV)OLPPHUQLQGHU7ULFKWHUPQGXQJZXUGH VFKZlFKHU ,FK ZDUWHWH QLFKW ELV HU GLH -XVWLHUXQJ YROOHQGHW KDWWH (KH HU ]LHOHQ XQG VFKLHHQ NRQQWH OLH LFK PLFK EOLW]VFKQHOO EHU %RUG XQG LQV :DVVHU JOHLWHQ 'DV NUlIWLJH6WHFKSDGGHOKDWWHLFKPLWJHULVVHQ1XQODJLFKLP:DVVHU0HLQ.|USHUZXUGH YRQGHP%RRWVUXPSIYROONRPPHQJHGHFNW ³-HW]WPXWGX]ZHL%RUGZDQGXQJHQGXUFKVFKLHHQ6ROGDW´ULHILFK³'LHZLUVW GX QLFKW PHKU DEGLFKWHQ N|QQHQ 3URYLVRULVFKH 5HSDUDWXUHQ VLQG ]ZRFNORV 'DV
'HU.ULVWDOOSULQ]
M
$WODQ
:DVVHU LVW LQ GHU 6FKOXFKW VR ZLOG GD HV GLU HLQHQ +RO]SIURSIHQ RGHU *UDVEDOOHQ DXJHQEOLFNOLFKKHUDXVUHLHQZLUG2GHUKDVWGXEHVVHUH0DWHULDOLHQ]XU+DQG"´ (UIOXFKWHHUQHXWXQGNDPQRFKPDOVQlKHU,FKPXWHLKQUHL]HQ'HU0DQQZDU ]XDOOHPHQWVFKORVVHQ,FKGXUIWHLKPNHLQHhEHUOHJXQJVSDXVHJ|QQHQ³'DV+RO]ZLUG DXJHQEOLFNOLFK HQWIODPPHQ HLQ ZHLWHUHV 3UREOHP 6ROGDW 9LHOOHLFKW NDQQVW GX GHQ %UDQG QRFK O|VFKHQ DEHU GDQQ ZLUVW GX YRU PLQGHVWHQV NRSIJUR DXVJHJOKWHQ 6FKX|IIQXQJHQVWHKHQ2KQHGDV%RRWNRPPVWGXQLFKWDXVGHP)HOVNHVVHOKHUDXV 2GHU JODXEVW GX GHLQH ]HUVFKPRO]HQHQ 5RWRUHQ GRFK QRFK JHEUDXFKHQ ]X N|QQHQ" :HPELVWGXGDPLWEHUKDXSWLQGLH6FKXEDKQJHODXIHQ"(LQHPJXWHQ6FKW]HQGHV 6XFKNRPPDQGRV"´ ³1HLQHLQHPYHUGDPPWHQ1DUUHQGHLQHU$UW´HQWJHJQHWHHUJHUHL]W ³$FK8QGZRKHUKDWWHGHUHLQHQ+RFKHQHUJLHVWUDKOHU"´ (U DQWZRUWHWH QLFKW PHKU HU VSUDQJ ,FK VDK VHLQH %HLQH EHU GHQ %XJ KLQZHJIOLHJHQ (U ZROOWH GLH GHP :DVVHU ]XJHZDQGWH 6HLWH JHZLQQHQ XQG PLFK YRQ GRUWDXVDQYLVLHUHQ$XIGHPIHVWHQ/DQGNRQQWHHUVLFKQDWXUJHPlUDVFKHUEHZHJHQ DOV LFK PLFK LQ GHP KLQGHUOLFKHQ (OHPHQW 8QWHU GHP %RRW KLQZHJ]XWDXFKHQ ZDU XQP|JOLFK (V ODJ LP VSLW]HQ :LQNHO ]XP 8IHU 0LU IHKOWH GLH HQWVSUHFKHQGH :DVVHUWLHIH,FKKDWWHPLWVHLQHP1lKHUNRPPHQJHUHFKQHW²VRJDUGDUDXIJHZDUWHW(U VSUDQJMHGRFKGLUHNWLQV:DVVHUKLQHLQZRKOLQGHU+RIIQXQJVRIRUWHLQHQIHVWHQ6WDQG ]XJHZLQQHQ(UERWPLUGDPLWHLQHZHLWDXVEHVVHUH$QJULIIVP|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lUHPLUNHLQH=HLWPHKUJHEOLHEHQ(UZDU]XZHLWHQWIHUQW (LQ VRQQHQKHOO JOKHQGHU (QHUJLHVFKX SHLWVFKWH TXHU EHU GHQ GXQVWYHUKDQJHQHQ%HUJVHHKLQZHJ(UVFKOXJGUEHQLQGHU)HOVZDQGHLQXQGHU]HXJWH GRUWHLQHQEDOOJURHQ*OXWIOHFNYRQGHPKRFKHUKLW]WH0DWHULHPDJPDDUWLJQDFKXQWHQ WURSIWH,FKZDWHWH]XGHP6WHUEHQGHQKLQEHUXQGEUDFKWH]XHUVWGLHJHIlKUOLFKH:DIIH DQ PLFK 6LH ZDU QD JHZRUGHQ DEHU GDV KDWWH HLQHP /XFFRW QRFK QLH HWZDV JHVFKDGHW ,FK YHUVXFKWH GLH KHIWLJH %OXWXQJ ]X VWLOOHQ DEHU HV ZDU YHUJHEOLFK ,FK NRQQWHLKPQLFKWPHKUKHOIHQ :DV QXQ" 'LH 3UXIXQJ DEEUHFKHQ LQGHP LFK HLQIDFK DQ 2UW XQG 6WHOOH EOHLEH"1HLQGDVNRPPWQLFKWLQ)UDJH,VWPLUQLFKWMHGHV0LWOHLGXQWHUVDJWZRUGHQ",FK NRQQWHPHLQH*HIKOHQLFKWXQWHUGUFNHQ²GLHVHU0DQQWDWPLUWURW]DOOHPOHLG(UKDWWH PLFK]XHLQHU7DWJH]ZXQJHQGLHLFKQRUPDOHUZHLVHVWULNWDEJHOHKQWKlWWH,FK]RJLKQ DQ/DQGXQGVFKDXWHPLFKQDFKHLQHU6WHOOHXPZRLFKLKQYLHOOHLFKWEHVWDWWHQNRQQWH (V ZDU XQPRJOLFK :RKLQ LFK VDK LFK HUEOLFNWH QXU KDUWHQ )HOV (QGOLFK EHJDQQ LFK ZLHGHU IROJHULFKWLJ ]X EHUOHJHQ ,FK GXUIWH PLFK PLW GHP 7RWHQ QLFKW DXIOKDOWHQ 'DJHJHQ KDWWH LFK DXI PHLQHQ 9RUWHLO EHGDFKW ]X VHLQ 1HLQ QLFKW QXU DXI PHLQHQ 'LHVH 3UXIXQJ LVW LGHQWLVFK PLW HLQHP VLPXOLHUWHQ 1RWHLQVDW] XQWHU )HLQGEHGLQJXQJHQ
'HU.ULVWDOOSULQ]
M
$WODQ
(V LVW GDKHU VHOEVWYHUVWlQGOLFK GD PLFK VHLQH $XVUXVWXQJ LQWHUHVVLHUHQ PX 'LH :DIIHXQGGHUNRPSOHWWH.DPSIDQ]XJN|QQHQPLUXQVFKlW]EDUZHUWYROOH'LHQVWHOHLVWHQ ,FKEHJDQQLKQ]XHQWNOHLGHQ(UKDWJHQDXPHLQH*U|HXQG,FKVWRFNWHPLWWHQP GLHVHUhEHUOHJXQJXQGIOXFKWH:LHVRLVWHUDXVJHUHFKQHWVRJURZLHLFK":DUXPLVWHU QLFKW NOHLQ XQG XQWHUVHW]W RGHU ODQJ XQG GQQ" 6ROO LFK VHLQH $XVUVWXQJ XQWHU *HIDKUHQJHZLQQHQGDEHL9HUVWDQG*HVFKLFNOLFKNHLWXQG(QWVFKOXNUDIWEHZHLVHQ" ,FKULGDV9LEUDWRUPHVVHUDXVGHUJHSDQ]HUWHQ%HLQVFKHLGHGHV.DPSIDQ]XJHV 'LH VXUUHQGH $UNRQVWDKONOLQJH GXUFKVFKQLWW VSLHOHULVFK GLH IHVWH .QRFKHQSODWWH GHU OLQNHQ %UXVWKlOIWH .XU] GDUDXI VDK LFK GD LFK HLQHP 5RERW$QGURLGHQ GDV V\QWKHWLVFKH/HEHQJHUDXEWKDWWH(UZDUGLHJHQLDOVWH.RQVWUXNWLRQGHU%LRFKHPLHXQG URERWLVFKHQ%HZHJXQJVWHFKQLNGLHLFKMHPDOVJHVHKHQKDWWH,FK|IIQHWHGLH+LUQVFKDOH 6LH HQWKLHOW OHGLJOLFK .RPPXQLNDWLRQVJHUlWH DEHU NHLQH VHOEVWlQGLJ KDQGHOQGH 3RVLWURQLN $OVRZDUXQVHU)UDJHXQG$QWZRUWVSLHOYRQHLQHP/HKUHUGHV)DHKUOEHU)XQN JHVWHXHUW ZRUGHQ ZDKUVFKHLQOLFK YRQ HLQHP 3V\FKRORJHQ 0DQ KDWWH PLU XQJODXEOLFK JHVFKLFNW *HOHJHQKHLW ]XU (UEHXWXQJ HLQHU :DIIH XQG HLQHU YROOVWlQGLJHQ .DPSIDXVUVWXQJJHERWHQ,FKKDWWHVLHZDKUJHQRPPHQ9RQGDDQZDUPLUNODUGD LFKRKQHGLHVH'LQJHGLH3UIXQJQLHPDOVEHVWHKHQNRQQWH=ZHLIHOORVODXHUWHQMHQVHLWV GHU 6FKOXFKW *HIDKUHQ YRQ GHQHQ LFK MHW]W QRFK NHLQH $KQXQJ KDWWH (LQ $5. 6800,$$QZlUWHUGHUPLWGHP³'HVHUWHXU´QLFKWIHUWLJZXUGHNRQQWHJOHLFKDXIJHEHQ ,FK OHJWH KDVWLJ GLH .DPSIDXVUVWXQJ DQ 1XQ ZXWH LFK ZDUXP VLH VR DXVJH]HLFKQHW SDWH XQG ZDUXP GLH )OXJURWRUHQ EHVFKlGLJW ZDUHQ ,FK O|VWH GHUHQ 6FKQHOOYHUVFKOX PLWVDPW GHP .UHX]JHOHQN XQG ZDUI VLH ]XU 6HLWH 6LH ZlUHQ QXU KLQGHUOLFKJHZHVHQ0HLQHQlFKVWH6RUJHJDOWGHU:DIIH:DUVLHGRFKHLQH,PLWDWLRQ" 1HLQ HV ZDU HLQ HFKWHU YROOJHODGHQHU /XFFRW 'DV DOVR GUXFNW PDQ$QGURLGHQ LQ GLH +lQGH6LHVLQGIUGHQ.DPSIJH]FKWHWH5HWRUWHQZHVHQ:HQQPDQ³PHLQHQ)UHXQG´ QLFKW IXQNWHFKQLVFK KlWWH VSUHFKHQ XQG KDQGHOQ ODVVHQ ZlUH PLU GLH :DKUKHLW VRIRUW DXIJHIDOOHQ ,FKVFKREGDV%RRWLQV:DVVHUXQGVFKZDQJPLFKKLQHLQ,FKKDWWHQXUQRFK=HLW ELV6RQQHQXQWHUJDQJ 6FKRQ EHL GHU 'XUFKTXHUXQJ GHU )HOVVFKOXFKW GLH GHP 6HH DOV $EIOX GLHQWH ZDUHQ PLU ZHLWHUH 'LQJH NODUJHZRUGHQ 'DV :DVVHU ZDU ZLOGEHZHJW JHZHVHQ VLFKHU (VKlWWHDEHUQLFKWHLQPDOHLQHQGXUFKVFKQLWWOLFKHQ$5.6800,$$QZlUWHUJHIlKUGHQ N|QQHQ HV VHL GHQQ HU KlWWH JUREH )HKOHU EHJDQJHQ 1XQPHKU ]ZHL 7RQWDV QDFK PHLQHP 6WDUW VDKHQ GLH 9HUKlOWQLVVH DQGHUV DXV ,FK ZDU LQ HLQHQ ]ZHLWHQ 6HH HLQJHIDKUHQ $XFK HU ZXUGH YRQ VWHLO DXIUDJHQGHQ )HOVZlQGHQ HLQJHHQJW 6LH ZDUHQ RKQH HQWVSUHFKHQGH +LOIVPLWWHO XQEHVWHLJEDU 'DGXUFK ZDU LFK QDFK ZLH YRU DXI GDV %RRWDQJHZLHVHQ 'HU ZLOGH %HUJIOX IDQG LQ GHP ZHLWHQ )HOVEHFNHQ HLQH IU PLFK JQVWLJH %HUXKLJXQJ'LHWRVHQGHQ:DVVHUPDVVHQNRQQWHQVLFKDXVODXIHQ'DKHUPlLJWHVLFK GLH UHLHQGH 6WU|PXQJ 'HQQRFK ZDU GLH $EWULIW ]XP JHJHQEHUOLHJHQGHQ 6HHXIHU HLQGHXWLJIHVWVWHOOEDU-HQlKHULFKGHQWXUPKRFKDXIUDJHQGHQ)HOVZlQGHQNDPXPVR NUlIWLJHU ZXUGH VLH ,FK KDNWH GLH EHLGHQ 5XGHU DXV GHQ +DOWH|VHQ GHU %RUGZDQGXQJ XQGJLQJUDVFK]XP+HFN]XUFN'DV%RRWUHDJLHUWHQDWUOLFKQLFKWDXIGDV6WHXHU'DV ZDU LQ GLHVHU $EWULIW DXFK QLFKW ]X HUZDUWHQ $OVR KDWWH LFK PLU DXI DQGHUH :HLVH ]X KHOIHQ 'DV 6WHFKSDGGHO PXWH QXQ VHLQH 'LHQVWH HUIOOHQ ,FK NQLHWH QLHGHU EUDFKWH
'HU.ULVWDOOSULQ]
M
$WODQ
GDV 3DGGHO LQV :DVVHU XQG HU]LHOWH GDPLW GXUFK NUlIWLJH =JH HQWJHJHQ GHU )DKUWULFKWXQJ WDWVlFKOLFK HLQH PlLJH 5XGHUZLUNXQJ 6FK|Q VR ZROOWH PDQ HV DOVR KDEHQ ,FK K|UWH MHPDQG ODFKHQ XQG IXKU ]XVDPPHQ (V GDXHUWH HLQH :HLOH ELV LFK EHPHUNWH GD LFK VHOEVW GLHVH /DXWH DXVJHVWRHQ KDWWH 9RQ GD DQ EHZDKUWH LFK EHVVHUH6HOEVWGLV]LSOLQ 0HLQHQIRUVFKHQGHQ%OLFNHQZDUELVKHUQRFKNHLQ$EIOXDXIJHIDOOHQ:REHLP JURHQ*UQGHU$UNRQV²ZRILQGHWGDV:DVVHUHLQHQ$XVZHJ",FKULFKWHWHPLFKZHLWHU LQ GHP %RRW DXI 'D HQWGHFNWH LFK HV 'LHVPDO IOXFKWH LFK ODXWKDOV 0DQ HUVSDUW PLU QLFKWV :HLW YRUQ NDXP HUNHQQEDU LQ GHQ ZDVVHUXPVFKlXPWHQ )HOVPDVVHQ VDK LFK HLQH IODFKH DEHU ZHLWJHVFKZXQJHQH gIIQXQJ 6LH JOLFK HLQHP ULHVLJHQ MHGRFK NDXP EHUGLH:DVVHUREHUIOlFKHKHUDXVUDJHQGHQ7RUERJHQYRQHWZDVHFK]LJ0HWHUQ%UHLWH 'LH+|KHZDUVREHVFKHLGHQGDLFKPLFKZDKUVFKHLQOLFKLP%RRWGXFNHQPXWHXP QLFKWKLQZHJJHULVVHQ]XZHUGHQ'DVZDUGHU$EIOX'LHVWlUNHUZHUGHQGH6WU|PXQJ ]RJPLFKXQDXIOKDOWVDPDXIGLHVH3IRUWHGHU8QWHUZHOW]X(VJDENHLQ(QWULQQHQPHKU ,FKGXFNWHPLFKVRZHLWHVGLH3DGGHOIKUXQJHUODXEWH$XIGLHVHVQW]OLFKH,QVWUXPHQW GDVZHQLJVWHQVQRFKEHVFKHLGHQH5LFKWXQJVNRUUHNWXUHQHUODXEWHZROOWHLFKXQWHUGHQ 8PVWlQGHQDXINHLQHQ)DOOYHU]LFKWHQ .XU] YRU GHU (LQIDKUW LQ GHQ WRVHQGHQ 6FKOXQG QXU ZHQLJH %RRWVOlQJHQ GDYRU EHPHUNWH LFK GLH HLJHQWOLFKH )DOOH $XV GHP )HOVUDFKHQ ZXUGHQ 'lPSIH LQV )UHLH JHEODVHQ 6LH ZDUHQ YRQ SHQHWUDQW VWHFKHQGHP *HUXFK 0HLQH /XQJHQ ]RJHQ VLFK XQWHU .UlPSIHQ ]XVDPPHQ 6RIRUW GDUDXI KDWWH LFK GHQ HUVWHQ (UVWLFNXQJVDQIDOO 'LH 6FKPHU]HQ ZXUGHQ KHIWLJHU GDV %UHQQHQ XQHUWUlJOLFK 'HU VWHFKHQGH *HVWDQN ZXUGH LQWHQVLYHUMHZHLWHULFKPLFKGHU)HOV|IIQXQJQlKHUWH'DVZDUHQ$PPRQLDNVFKZDGHQ KRFKNRQ]HQWULHUWHV *LIWJDV ZLH HV GLH QLFKWDUNRQLGLVFKHQ 0DDKNV XQG LKUH 9HUEQGHWHQ DOV 9HUEUHQQXQJVSURGXNW GHV YRQ LKQHQ DOV /HEHQVHUKDOWXQJVHOHPHQW HLQJHVRJHQHQ :DVVHUVWRIIV DXVDWPHWHP )U XQV ZDU EHLGHV W|GOLFK 0HWKDQYHUXQUHLQLJXQJHQGHV$WHPJDVHVKDWWHQ GHQ $QJUHLIHUQ LKUHQ YHUHLQIDFKHQGHQ 1DPHQYHUOLHKHQ³0HWKDQDWPHU´RGHUNXU]³0HWKDQV´ -HW]WHUIXKULFKZDUXPPDQGLH$5.6800,$$QZlUWHUHUQVWOLFKJHZDUQWKDWWH 0DQ VFKHQNWH XQV QLFKWV 'DV $PPRQLDN NRQQWH LQ GLHVHU KRKHQ .RQ]HQWUDWLRQ QXU NQVWOLFK HU]HXJW XQG XQWHU KRKHP 'UXFN LQ GLH )HOVK|KOH HLQJHEODVHQ ZRUGHQ VHLQ 1RUPDOHUZHLVHELOGHWHVLFK$PPRQLDNLQGHUIUHLHQ1DWXULQJHULQJIJLJHQ0HQJHQDOV =HUVHW]XQJVSURGXNWRUJDQLVFKHU6WLFNVWRIIYHUELQGXQJHQEHLGHU)lXOQLVSIODQ]OLFKHUXQG WLHULVFKHU 6WRIIH 1LH XQG QLPPHU NRQQWH HV DQ GLHVHP 2UW DXI QDWUOLFKH :HLVH LQ GLHVHU KRKHQ $QUHLFKHUXQJ HQWVWDQGHQ VHLQ 'LH .OHLQH 5XQGH JULII HUQVWKDIW QDFK PHLQHP/HEHQXQGPHLQHU*HVXQGKHLW 'HU6FKODJPHLQHUUHFKWHQ+DQGDXIGHQ1RWVFKDOWHUGHU.DPSIDXVUVWXQJZDU HLQHWDXVHQGPDOJHEWH5HIOH[EHZHJXQJ'LH0lQQHUPHLQHV9RONHVUHDJLHUWHQLQIROJH GHV EHUHLWV YLHU]LJ -DKUH ZlKUHQGHQ .ULHJHV PLW GHQ 0HWKDQV DXI $PPRQLDNGlPSIH PLW GHU *HVFKZLQGLJNHLW HLQHV LQVWLQNWEHJDEWHQ 7LHUHV (V JDE QXU GDQQ HLQH hEHUOHEHQVP|JOLFKNHLW ZHQQ PDQ VRIRUW DXI GLH DXWDUNH 6DXHUVWRIIEHDWPXQJ VHLQHU .DPSIPRQWXU XPVFKDOWHWH $XV GLHVHP *UXQGH JDE HV NHLQH HLQ]LJH DUNRQLGLVFKH (LQVDW]NRQVWUXNWLRQ GLH QLFKW PLW HLQHP DXJHQEOLFNOLFK DQVSULQJHQGHQ /HEHQVHUKDOWXQJVV\VWHP DXVJHVWDWWHW JHZHVHQ ZlUH )UXKHU VROO HV DQGHUV JHZHVHQ VHLQDEHUGLH0DDKNVKDEHQXQVELWWHUH/HKUHQHUWHLOW
'HU.ULVWDOOSULQ]
M
$WODQ
'HU DXV HLQHU NUlIWLJHQ .RPSRVLWNXQVWVWRIIROLH EHVWHKHQGH )lFKHUKHOP PHLQHV $Q]XJV HQWIDOWHWH VLFK LQ *HGDQNHQVFKQHOOH 'LH YROOWUDQVSDUHQWH .RQVWUXNWLRQ NODSSWH QDFK YRUQ EHU .RSI XQG *HVLFKW JHZDQQ GDEHL DXV NQLVWHUQGHQ )DOWXQJHQ LKUH KDOEUXQGH )RUP XQG NOLFNWH PLW LKUHP XQWHUHQ 0DJQHWUDQG LQ GLH YRUJHVHKHQH 'LFKWXQJV5XQGVFKLHQHGHV+DOVVWFNV,FKKDWWHGHQ$WHPDQJHKDOWHQREZRKOLFKGDV *HIKOKDWWHGDVHLQJHVRJHQH*LIWZUGHPLUGLH/XQJHQDXVODXJHQ,FKDWPHWHHUVWLQ GHP $XJHQEOLFN DXV DOV LFK GDV =LVFKHQ GHV HLQVWU|PHQGHQ 6DXHUVWRIIV YHUQDKP 'XUFK HOHNWURVWDWLVFKH $XIODGXQJ XQG XQWHU GHP HQWVWHKHQGHQ ,QQHQGUXFN EOLHV VLFK GHU+HOPIDOWHQORVDXI(QGOLFKNRQQWHLFKZLHGHU/XIWKROHQ'DVNUDPSIDUWLJH:UJHQ GHQW\SLVFKHQ%UHFKUHL]XQGGHQQDFKIROJHQGHQ+XVWHQNRQQWHLFKQLFKWXQWHUGUFNHQ (VZlUHDXFKYHUNHKUWJHZHVHQ 'LH ZLQ]LJH 5RERWDXWRPDWLN GHV $Q]XJV KDWWH GLH HLQJHGUXQJHQHQ *LIWJDVH VRIRUW DQDO\VLHUW 5DXPIDKUHU VSH]LHOO GLH 0lQQHU GHU /DQGXQJVWUXSSHQ ZDUHQ QDFK EHUUDVFKHQGHUIROJWHQ$PPRQLDNYHUJLIWXQJHQEHUZLHJHQGQLFKWPHKULQGHU/DJHGLH $EVRUEHUGXVFKH VHOEVW ]X EHWlWLJHQ $OVR KDWWH GDV HLQH $XWRPDWLN ]X EHUQHKPHQ $XFK PHLQ $JJUHJDW VFKDOWHWH XQYHU]JOLFK 'HP $WHPJDV ZXUGHQ VFKZDFKVDXUH 'lPSIH]XJHVHW]W6LHPLOGHUWHQVFKQHOOGDVJUDXHQKDIWH%UHQQHQ,QGHU+|KHPHLQHV UHFKWHQ 2EHUVFKHQNHOV ]LVFKWH GLH LQ GHQ $Q]XJ HLQ JHEDXWH +RFKGUXFN ,QMHNWLRQVVSULW]H.UHLVODXIVWDELOLVLHUHQGH0HGLNDPHQWHZXUGHQLQGDV*HZHEHJHSUHW 0LUZXUGHVRIRUWEHVVHU'LHURWHQ5LQJHYRUPHLQHQ$XJHQYHUIOFKWLJWHQ VLFK .HXFKHQGULFKWHWHLFKPLFKDXI,FKZDUMHW]WLQQHUKDOEHLQHUODQJJHVWUHFNWHQ)HOVK|KOH 'LH 'HFNH EHIDQG VLFK LPPHU QXU ZHQLJH )X EHU PHLQHP .RSI 'LH 6WU|PXQJ ZDU UHLHQG GLH *HUlXVFKHQWZLFNOXQJ RKUHQEHWlXEHQG :HLW YRUQ HUEOLFNWH LFK HLQHQ /LFKWIOHFN GHU VFKQHOO JU|HU ZXUGH 'DV PXWH GHU $XVJDQJ DXV GHU YHUJLIWHWHQ 8QWHUZHOWVHLQ ,FKVDKDXIGLH/HXFKWNRQWUROOHQGHV.DPSIDQ]XJV'LH$PPRQLDNNRQ]HQWUDWLRQ ZDU QDFK ZLH YRU KRFK 6LH PXWH MHGHP XQJHVFKW]W HLQGULQJHQGHQ 0DQQ GHQ 7RG EULQJHQ:LHGHUGDFKWHLFKDQ7LUDNR*DPQR:LHKDWHUGLHVH7RUWXUEHUVWDQGHQ",VW HV LKP EHUKDXSW JHOXQJHQ HEHQIDOOV HLQHQ 6FKXW]DQ]XJ]X HUEHXWHQ" ,VW HU PLW GHP IHPJHVWHXHUWHQ $QGURLGHQ IHUWLJ JHZRUGHQ" :HQQ QLFKW KDW HU VSlWHVWHQV LQ GLHVHU +|KOHXQVDJEDUH4XDOHQHUGXOGHQPVVHQ9LHOOHLFKWLVWHUVFKRQWRW 0HLQ%RRWVFKRSO|W]OLFKLQV7DJHVOLFKWKLQDXV'DV)OXEHWWHUZHLWHUWHVLFKGLH UHLHQGH 6WU|PXQJ ZXUGH VFKZlFKHU 'LH $XWRPDWLN PHLQHV $Q]XJV JDE YLROHWWHV /LFKW 'LH 9HUJLIWXQJVJHIDKU ZDU YRUEHU +LHU KHUUVFKWH ZLHGHU HLQH DWHPEDUH $WPRVSKlUH ,FK EHUSUIH QRFKPDOV GLH $QDO\VHNRQWUROOHQ XQG |IIQHWH GHQ +HOP 9HUVFKOX'LH7UDQVSDUHQWIROLHNODSSWHXQWHUPHKUIDFKIODSSHQGHQ/DXWHQ]XUFNXQG ELOGHWH LQ PHLQHP 1DFNHQ HLQHQ VFKPDOHQ XQVFKHLQEDU DXVVHKHQGHQ :XOVW 0HLQH %HLQH VFKPHU]WHQ LQIROJH GHU YHUNUDPSIWHQ +DOWXQJ ,FK ULFKWHWH PLFK VW|KQHQG DXI VFKLPSIWHODXWVWDUNXQGNURFKQDFKYRUQ]XGHQ5XGHUQ,FKZROOWHNHLQH=HLWYHUOLHUHQ 'LH6RQQHQXUXQGHXWOLFKVLFKWEDULQPLWWHQGHVDOOJHJHQZlUWLJHQ'XQVWHVQlKHUWHVLFK EHUHLWVGHP=HQLW $OVLFKGLHEHLGHQ5XGHUHLQKDNWHXQGSUIHQGQDFKYRUQVDKGHQQGRUWPXWH PHLQ =LHO OLHJHQ EHUILHO PLFK SO|W]OLFK MHQH 0XWORVLJNHLW XQWHU GHU ZDKUVFKHLQOLFK VFKRQYLHOH+HUWDVRQHQJHOLWWHQKDWWHQ'LH+HUUHQGHU.OHLQHQ5XQGHZDUHQHQWZHGHU JHIKOORVH 8QJHKHXHU RGHU ZLVVHQVFKDIWOLFKH (LIHUHU GHQHQ VWlQGLJ QHXH 3UIXQJVPHWKRGHQLQGHQ6LQQNDPHQ
'HU.ULVWDOOSULQ]
M
$WODQ
:DUXP²ZDUXP PX PDQ HLQHQ MXQJHQ 0DQQ GHU VHOEVWYHUVWlQGOLFK DOOHV DXIELHWHWXPGLH$5.6800,$]XJHZLQQHQGHUDUWTXlOHQ":DUXPDFKWHWXQGZUGLJW PDQ QLFKW YRUGULQJOLFK VHLQHQ 9HUVWDQG XQG VHLQ IXQGLHUWHV :LVVHQ" 1XQ KDEH LFK VFKRQ VR YLHOH *HJHEHQKHLWHQ JHPHLVWHUW $EHU KDEH LFK YLHO ULVNLHUW QXU XP XQYHUPLWWHOW YRU HLQHP +LQGHPLV ]X VWHKHQ GDV LFK QLH XQG QLPPHU EHUZLQGHQ NDQQ " :HLWYRUQMHGRFKGHXWOLFKHUNHQQEDUZDUGLHQDWUOLFKH6WU|PXQJVULFKWXQJHLQHV 1HEHQIOXVVHV YHUlQGHUW ZRUGHQ $XI *UXQG PHLQHU ELWWHUHQ (UIDKUXQJHQ EUDXFKWH PLU QLHPDQG]XYHUUDWHQGDKLHUHLQHPLWWHFKQLVFKHQ0LWWHOQGXUFKJHIKUWH0DQLSXODWLRQ YRUODJ ,FK KDWWH MHGHQIDOOV QRFK QLH HLQH )OXPQGXQJ JHVHKHQ GLH JHJHQ GLH 6WU|PXQJ MHQHV *HZlVVHUV JHULFKWHW ZDU LQ GDV GLH DXV GHQ %HUJHQ QLHGHUUDXVFKHQGHQ :DVVHUPDVVHQ (LQJDQJ ]X ILQGHQ KDWWHQ 'LH 1DWXU ZDU KLHU VHLWHQYHUNHKUW(LQHLQPQGHQGHU1HEHQIOXVROOWHLQMHGHP)DOOPLWGHU6WU|PXQJGHV DXIQHKPHQGHQ *HZlVVHUV NRQIRUP JHKHQ +LHU ZDU HV JHQDX XPJHNHKUW 'HU NOHLQH DEHU HQRUP ZLOGH *HELUJVEDFK VFKR EHU HLQH )HOVHUKHEXQJ KLQZHJ XQG ELOGHWH GDGXUFK HLQHQ :DVVHUIDOO ,QIROJHGHVVHQ ZXUGHQ GLH 0DVVHQ GHV QDVVHQ (OHPHQWV QDWXUJHPl HUKHEOLFK EHVFKOHXQLJW $Q LKUHP $XIWUHIISXQNW ZXUGHQ VLH YRQ HLQHP ZDKUVFKHLQOLFKNQVWOLFKDQJHOHJWHQ%DFKEHWWHLQJHHQJWXQGDQVFKOLHHQG]XP$EIOX JHOHLWHW 'LHVH (LQPQGXQJ ZDU DEHU LQ HLQHP VWXPSIHQ :LQNHO HQWJHJHQ GHU 6WU|PXQJVULFKWXQJ MHQHV *HZlVVHUV DQJHOHJW ZRUGHQ DXI GHP LFK PLFK LP VFKZDQNHQGHQ.DKQEHIDQG 'LH)ROJHHUVFKHLQXQJGHU0DQLSXODWLRQZDUHLQH:DVVHUEDUULHUH6LHJOLFKHLQHU )OXWZHOOH YRQ GHU GLH IU PLFK JQVWLJH 6WU|PXQJ IOXDEZlUWV YROOVWlQGLJ DXIJHKREHQ ZXUGH 'HP $QVFKHLQ QDFK JDE HV EHU HLQH 6WUHFNH YRQ HLQLJHQ KXQGHUW 0HWHUQ EHUKDXSW NHLQ WDOZlUWV IOLHHQGHV :DVVHU PHKU VRQGHUQ QXU QRFK HLQH WRVHQGH %UDQGXQJ PLW .UHX]VHHQ LQ GHQHQ VRJDU HLQ PRGHUQHV %RRW ]XP 6SLHOEDOO GHU DXIHLQDQGHUSUDOOHQGHQ .UlIWH JHZRUFLHQ ZlUH ,FK XQWHUGUFNWH PHLQHQ =RUQ XQG EHVFKOR YRUHUVW HLQPDO DXV]XUXKHQ 0HLQ +DOV EUDQQWH LPPHU QRFK $OOPlKOLFK PDFKWHQ VLFK DXFK GLH GQQH /XIW XQG GHU JHULQJHUH 6DXHUVWRIIDQWHLO EHPHUNEDU ,FK ZXUGHPGH,FKUXGHUWHGDKHUGDV%RRW]XPOLQNVVHLWLJHQ8IHUKLQEHUXPGRUW,FK VWRFNWHLQGHUhEHUOHJXQJ:DVZDUGDV"(QWJHJHQJHVHW]W]XPHLQHU)DKUWULFKWXQJDP UHFKWHQ 8IHU EHPHUNWH LFK LQQHUKDOE GHU JUQEODXHQ 0DXHU DXV PLU XQEHNDQQWHQ 'VFKXQJHOSIODQ]HQHLQHQEUlXQOLFKHQ)OHFN(VGDXHUWHHLQLJH=HLWELVLFKLKQDOV%RRW LGHQWLIL]LHUHQNRQQWHGDVKHLWDOVGLHhEHUUHVWHHLQHV%RRWHV ,FK EHUOHJWH HLQHQ $XJHQEOLFN ,FK KDEH DXI *UXQG GHU3UIXQJVEHGLQJXQJHQ HLQHQ QRWJHODQGHWHQ 5DXPIDKUHU ]X VLPXOLHUHQ XQG PX GDV 'HSRW HUUHLFKHQ 'DUI PLFKHLQ]HUVFKPHWWHUWHU.DKQEHUKDXSWLQWHUHVVLHUHQ"0HLQ8QWHUEHZXWVHLQJHZDQQ GLH2EHUKDQGEHUGHQORJLVFEGHQNHQGHQ9HUVWDQG,FKUXGHUWHEHUHLWVPLWDOOHU.UDIW DXI GHQ 2UW GHU (QWGHFNXQJ ]X QRFK HKH LFK HLQHQ DOV EHJUQGHW HLQ]XVWXIHQGHQ (QWVFKOX JHIDW KDWWH (LQH =HKQWHO 7RQWD VSlWHU ZDU LFK GRUW 'DV %RRW ZDU DXI GHU UHFKWHQ 6HLWH DXIJHULVVHQ 'LH 3ODQNHQ ZDUHQ ]HUVSOLWWHUW GHU *OHLWEXJ HLQJHGUFNW (LQHVGHU5XGHUXQGGDV6WHFKSDGGHOIHKOWHQ ,FK VSUDQJ DQ /DQG ]RJ PHLQ %RRW DXI GHQ 8IHUVWUHLIHQ XQG HQWVLFKHUWH GLH 6WUDKOZDIIH 9RU PLU ODJ GLFKWHU 8UZDOG 'LH )HOVHQKUGHQ VFKLHQ LFK EHUZXQGHQ ]X KDEHQ:HOFKH*HIDKUHQODXHUWHQLQPLWWHQGLHVHUGLFKWHQ9HJHWDWLRQ",FKVXFKWHQDFK )XVSXUHQ XQG IDQG VLH 'LH JXW HUNHQQEDUHQ 6RKOHQDEGUFNH VWDPPWHQ YRQ HLQHP
'HU.ULVWDOOSULQ]
M
$WODQ
6WLHIHOGHUZLHGHUXP]XUW\SLVFKHQ.RPELQDWLRQHLQHV3UIOLQJVJHK|UWH+LHUZDUHLQHU PHLQHU9RUJlQJHUJHVWUDQGHWHLQ+HUWDVRGHQPDQZDKUVFKHLQOLFKNXU]YRUPLUDXIGLH 5HLVH JHVFKLFNW KDWWH ,FK IROJWH GHQ 6SXUHQ ELV LFK HLQH JHULQJIJLJH )HOVHUKHEXQJ HQWGHFNWH 'HU ([DPHQVEUXGHU ZDU YRUVLFKWLJ JHQXJ JHZHVHQ GDV VXPSILJH 8IHU ]X YHUODVVHQ XP DXI HLQHU YHJHWDWLRQVDUPHQ )HOVHUKHEXQJ 6FKXW] ]X VXFKHQ ,FK YHUQDKPHLQHQVFKZDFKHQ5XI :HQLJH6SUQJHEUDFKWHQPLFKQDFKREHQXQGGDHQWGHFNWHLFKPHLQHQ)UHXQG 7LUDNR*DPQR1DWUOLFK²HUWUXJZHGHUHLQHQ.DPSIDQ]XJQRFKHLQH:DIIH:LHKDWWH HUXQJHVFKW]WGLH$PPRQLDNZ|OEXQJGXUFKTXHUHQN|QQHQ",FKEHXJWHPLFKEHULKQ XPIDWH GHQ QDKH]X %HVLQQXQJVORVHQ XQG ULFKWHWH LKQ DXI 6HLQ RKQHKLQ VFKPDOHV GXUFKJHLVWLJWHV *HVLFKW ZLUNWH DEJH]HKUW XQG ]HUIDOOHQ (V ZDU YRQ EHUVWDQGHQHQ 4XDOHQJH]HLFKQHWZRUGHQ(UVW|KQWHXQGZHLQWH]XJOHLFK ,FK VSUDFK QLFKW YLHO 'LHVPDO YHUJD LFK GHQ VLPXOLHUWHQ (LQVDW] YROOVWlQGLJ 3O|W]OLFK JODXEWH LFK WDWVlFKOLFK DXI HLQHU YRP *HJQHU EHVHW]WHQ :HOW ]X VHLQ ,FK |IIQHWHGLH0HGLNDPHQWHQWDVFKHPHLQHU.DPSIOGHLGXQJXP7LUDNRGLHIUVROFKH)DOOH YRUJHVHKHQHQ 0HGLNDPHQWH ]X YHUDEUHLFKHQ (U PXWH VWDELOLVLHUW XQG DXFK NQVWOLFK DXIJHSXWVFKW ZHUGHQ 0LWWHO GLHVHU $UW JDE HV YLHOH 6LH EHZLUNWHQ ZDKUH :XQGHU DQ N|USHUOLFKHU ,QWHQVLWlW GRFK GHU QDFKIROJHQGH =XVDPPHQEUXFK ZDU XQDXVEOHLEOLFK -HGHU YHUQQIWLJH 0DQQ PXWH VLH DEOHKQHQ MHGRFK JDE HV 6LWXDWLRQHQ LQ GHQHQ VLH XQHQWEHKUOLFKZDUHQ1XUGHVKDOEGUFNWHLFKDXIGHQ.QRSIGHU+RFKGUXFNVSULW]HDQ GHUHQ6NDODLFKYRUKHUGDVJHZQVFKWH0HGLNDPHQWXQGVHLQH'RVLVHLQJHVWHOOWKDWWH 6HFKV0LNURSKLROHQPLWKRFKZLUNVDPHQ3UlSDUDWHQVWDQGHQ]XU$XVZDKO 7LUDNR NDP ]X VLFK (U PXWH PLFK ZLH LUQ 7UDXP JHK|UW XQG JHUXIHQ KDEHQ 3O|W]OLFK VFKLPPHUWHQ VHLQH $XJHQ NGDU (U JHZDQQ VHLQH .UlIWH ]XUFN (LQ VFKZDFKHV /lFKHOQ HUVFKLHQ DXI VHLQHQ /LSSHQ ³2K PHLQ +HOG KDW HV QDWUOLFK JHVFKDIIW /XFFRW .DPSIDQ]XJ²DOOHV YRUKDQGHQ´ (U KXVWHWH XQWHU 4XDOHQ VHLQ *HVLFKW YHU]HUUWH VLFK ,FK VFKDXWH PLFK XP 5LQJVXP HUVWUHFNWH VLFK HLQH ZHLWH 6XPSIODQGVFKDIW +LHU XQG GD NRFKWH GHU %URGHP 7LHULVFKH 6FKUHLH GUDQJHQ DXV GHU :LOGQLV]XXQVKHUEHU7LUDNRV$QIDOOPlLJWHVLFKGLH0HGLNDPHQWHZLUNWHQ ³(VJHKWQXUDXIGHP:DVVHUZHLWHU)UHXQG,FKKDEHPLFKXPJHVHKHQ1LFKWV DOV ERGHQORVHU 0RUDVW 'DEHL ELQ LFK YRQ HLQHP 8QJHKHXHU EHLQDKH DXIJHIUHVVHQ ZRUGHQ'DVNRPPWGDYRQZHQQPDQYRQ$QIDQJDQYHUVDJW´ ³8QVLQQ´ EHVFKZLFKWLJWH LFK ³,FK QHKPH GLFK PLW ,UJHQGZLH ZHUGHQ ZLU HV VFKDIIHQ´ ³+DVWGXPLUIOVVLJHV)HXHUHLQJHVSULW]W"1XQHVVROOWHPLUJOHLFKJOWLJVHLQ,P *HJHQVDW]]XGLULVWHVPLUQLFKWJHOXQJHQGHQYHUZLOGHUWHQ)UHPGHQ]XEHVLHJHQ:LH KDVWGXGDVJHPDFKW"´ ,FKHUNOlUWHHVLQNXU]HQ:RUWHQ(UQLFNWHUHVLJQLHUW³-DVRVROOPDQVLFKZRKO YHUKDOWHQ 'LH YRU PLU JHVWDUWHWHQ .DQGLGDWHQ VFKHLQHQ GXUFKJHNRPPHQ ]X VHLQ ,FK KDEH MHGHQIDOOV NHLQHQ JHVHKHQ 'LHVHU $QGURLGH VFKHLQW LPPHU DXI]XWDXFKHQ PHLQVW GXQLFKWDXFK"6WHWVGDVJOHLFKH3V\FKRVSLHO,FKELQLKPVFKUHFNHUIOOWHQWIORKHQ,FK KDWWHLKQQlPOLFKIUKHUEHPHUNWDOVGX´ ³$FK´ (U ODFKWH HUQHXW 6HLQH .UlIWH NHKUWHQ VFKQHOO ]XUFN ³'HVVHQ GDUIVW GX JHZL VHLQ ,FK KLHOW LKQ IU HLQH HUQVWKDIWH %HGURKXQJ XQG HV HUVFKLHQ PLU JHUDWHQ LKP VFKQHOOVWHQVDXVGHP:HJ]XJHKHQ$OVRUDQQWHLFK]XP%RRWXQGIXKUGDYRQQRFK
'HU.ULVWDOOSULQ]
M
$WODQ
HKH GHU *OHLWHU ULFKWLJ DEJHKREHQ KDWWH 6R NRQQWH LFK LKP HQWULQQHQ GD HU VLFK²ZLH LFKJODXEWH²YRUKHUQLFKW]HLJHQGXUIWH'DVZDUVHKUXQNOXJZLH"´,FKQLFNWH,PPHUKLQ ZDU 7LUDNRV 5HDNWLRQ QXU HLQH YRQ YLHOHQ GHQNEDUHQ JHZHVHQ $QGHUH +HUWDVRQHQ ZDUHQXQWHU8PVWlQGHQPLWEORHQ+lQGHQDXIGHQ%HZDIIQHWHQORVJHVWU]W,QGLHVHP )DOOKDWWHQVLHZRKONDXPGHQ6WDUWSODW]YHUODVVHQN|QQHQ:RZDUHQVLHYHUEOLHEHQ" 7LUDNR VWDQG DXI XQG UHFNWH VLFK HUQHXW ³,FK ELQ ZLHGHU HLQVDW]EHUHLW )UHXQG $8HUGLQJVZLUVWGXPLWPLUZHQLJ)UHXGHKDEHQ(LQHQ([DPHQVEUXGHUGHUMHW]WVFKRQ GLH $5. 6800,$ LQIROJH VHLQHV W|OSHOKDIWHQ %HQHKPHQV YHUVSLHOW KDW VROOWH PDQ ]XUFNODVVHQ,UJHQGZLHZLUGPDQPLFKDEKROHQ´ ,FK ZLQNWH DE XQG VXFKWH HUQHXW GLH 8PJHEXQJ DE 'DEHL HUNXQGLJWH LFK PLFK ³:LHELVWGXGXUFKGLH$PPRQLDNK|KOHJHNRPPHQ"´ ³$XIGLH)UDJHKDEHLFKJHZDUWHW.HLQH$KQXQJ)UHXQG,FKJODXEWHVWHUEHQ]X PVVHQ XQG KLHOW GHQ $WHP VR ODQJH ZLH P|JOLFK DQ (V ZDU JUDXHQKDIW 'DQQ VFKZDQGHQ PHLQH 6LQQH ,FK ZHL QLFKW ZLH LFK DQV 8IHU JHNRPPHQ ELQ´ ,FK EHWUDFKWHWHLKQDXIPHUNVDP(UQLFNWHEHGlFKWLJXQGVFKQDO]WHPLWGHQ)LQJHUQ³-DLFK ZHLVFKRQZDVGXVDJHQP|FKWHVW-HPDQGKDWPLUJHKROIHQRGHULFKKlWWHHVQLFKW EHUOHEW 0DQ VFKHLQW GLH .DQGLGDWHQ GRFK QLFKW XPNRPPHQ ]X ODVVHQ 'DV QW]W PLU DEHUZHQLJ,FKKDEHEHUHLWVVRYLHOH0LQXVSXQNWHGDLFKQLFKWPHKUEHVWHKHQNDQQ :HQQ GX GLFK ZHLWHUKLQ VR H[]HOOHQW YHUKlOWVW ZLUG GLHVH )OXIDKUW GHLQH HUVWH XQG OHW]WH3UIXQJVHLQ´ ³$XVJHVFKORVVHQ´ (U OHJWH GHQ $UP XP PHLQH 6FKXOWHUQ XQG ]RJ PLFK IUHXQGVFKDIWOLFK DQ VLFK ³'RFKGXNDQQVWHVVFKDIIHQ-HGHUYRQXQVEHQ|WLJW]HKQWDXVHQG3OXVSXQNWH'DPLW LVWGLH$5.6800,$HUUXQJHQ'LH$Q]DKOGHU$XIJDEHQLVWEHGHXWXQJVORVDOOHUGLQJV GDUINHLQ.DQGLGDWPHKUDOVIQIPDODQGHQ6WDUWJHKHQ6FKDIIWHUVHLQH]HKQWDXVHQG 3XQNWH EHLP HUVWHQPDO EUDXFKW HU QLFKW PHKU DQ]XWUHWHQ 'X KDVW ZLUNOLFK JXWH $XVVLFKWHQ´ (U ODFKWH XQG EHXJWH VLFK XQWHU HLQHP HUQHXWHQ +XVWHQDQIDOO QDFK YRUQ (V JHODQJ LKP QRFK GDV 9LEUDWRUPHVVHU DXV GHU 3DQ]HUVFKHLGH PHLQHU UHFKWHQ 8QWHUVFKHQNHOEHNOHLGXULJ]XUHLHQ(UZDUVFKQHOOVHKUVFKQHOOVRJDU,FKZDUMHGRFK QRFK VFKQHOOHU 'HU NUlIWLJH 6WR PHLQHV (OOERJHQV JHJHQ VHLQHQ .|USHU OLH LKQ ]XUFNWDXPHOQ 'DV ERW PLU *HOHJHQKHLW ]X ]ZHL ZHLWHQ 6SUQJHQ QDFK YRUQ ,FK YHUQDKPGDVXOWUDKRKH6XUUHQGHUVFKZLQJHQGHQ0HVVHUNOLQJH(UKDWWHVHLQHQ.|USHU VFKRQZLHGHUDXVVWDELOLVLHUWXQGVSUDQJ'LHVFKQHOOYLEULHUHQGH.OLQJHZDUQXUQRFKDOV /HXFKWHUVFKHLQXQJ ]X HUNHQQHQ ,FK VFKR YRQ GHU +IWH DXV 'HU EODXZHLH (QHUJLHVWUDKO WUDI LKQ LQ *UWHOK|KH XQG VFKOHXGHUWH LKQ LQIROJH GHU KRKHQ $XIWUHIIHQHUJLH]XU6HLWH(LQ]ZHLWHU6FKXIKUWHGDV(QGHKHUEHL'HU.|USHUZXUGH YRQ)ODPPHQXPORKWLQGHQHQGHUDQJHEOLFKH7LUDNR*DPQRVFKUHLHQGYHUJLQJ 'HU JU|WH 7HLO GHU $QGURLGHQNRQVWUXNWLRQ ]HUILHO ]X $VFKH ,FK ZLFK GHP *OXWKDXFKGHUHUKLW]WHQ/XIWPDVVHQDXVXQGQDKPGDV9LEUDWRUPHVVHUDQPLFK(VZDU LKP YRU VHLQHP 7RGH HQWIDOOHQ 6HLQH hEHUUHVWH EHU]HXJWHQ PLFK GDYRQ GD LFK HV WDWVlFKOLFKPLWHLQHPV\QWKHWLVFKHQ:HVHQDXV%LRJHZHEHXQG5RERWHOHPHQWHQ]XWXQ JHKDEWKDWWH ,FKKDWWHHVSO|W]OLFKJHZXW-HQHGLHPHLQHWLHIH=XQHLJXQJ]X7LUDNREHQXW]W KDWWHQXPPLUHLQH)DOOH]XVWHOOHQKDWWHQHLQLJH.OHLPJNHLWHQEHUVHKHQ(LQPDOKlWWH 7LUDNRQLHPDOVPLWGHQ)LQJHUQJHVFKQDO]W$XFKKDWWHPDQHVYHUVlXPWLKQEHUGLH
'HU.ULVWDOOSULQ]
M
$WODQ
3UIXQJVPHWKRGHQ VFKLPSIHQ ]X ODVVHQ 'HU HFKWH 7LUDNR ZlUH VRIRUW GDUDXI ]X VSUHFKHQJHNRPPHQJDUDQWLHUW'HUOHW]WHIUPLFKHQWVFKHLGHQGH+LQZHLVKDWWHLQGHU 8PDUPXQJ EHVWDQGHQ 'HU $QGURLGH KDWWH GDEHL HLQHQ 3UHGUXFN DXVJHEW GHQ 7LUDNRV VFKZlFKOLFKHU .|USHU QLHPDOV LQ GLHVHU 6LWXDWLRQ KlWWH DXVEHQ N|QQHQ 'HU $QJULIIZDUIUPLFKNHLQHVZHJVEHUUDVFKHQGJHNRPPHQ ,FKODFKWH'LHKRKHQ+HUUHQGHU.OHLQHQ5XQGHZDUHQJHVFKLFNW%LVKHUKDWWHQ VLHPLFKDEHUQRFKQLFKWLQHUQVWKDIWH9HUOHJHQKHLWEULQJHQN|QQHQ:DVZDUDXVGHP HFKWHQ 7LUDNR *DPQR JHZRUGHQ" ,FK ZDU EHU]HXJW GD GHU $QGURLGH EHL VHLQHU 6FKLOGHUXQJGLH:DKUKHLWJHVSURFKHQKDWWH²EH]LHKXQJVZHLVHMHQHU)DHKUO/HKUHUGHU VLFKEHUGDV/DXWVSUHFKHUV\VWHPGHU1DFKDKPXQJDQPLFKJHZHQGHWKDWWH'DQDFK ]XXUWHLOHQJLQJHV7LUDNRQLFKWJXW:RLVWHU"(UPXLQGHU1lKHVHLQ ,FK IDQG LKQ DXI GHU DQGHUHQ 6HLWH GHV )OXVVHV 6HLQ $EHQWHXHU ZDU VR YHUODXIHQ ZLH HV GHU $QGURLGH JHVFKLOGHUW KDWWH (U ZDU GHP ³'HVHUWHXU´ WDWVlFKOLFK HQWIORKHQ'DV$PPRQLDNJHZ|OEHKDWWHHUHEHQIDOOVGXUFKTXHUW'RUWPXWHHUJHUHWWHW ZRUGHQ VHLQ ,P *HJHQVDW] ]XP %RRW VHLQHU 1DFKDKPXQJ ZDU VHLQ )DKU]HXJ QRFK YROOVWlQGLJLQ2UGQXQJ ,FKEUDFKWH7LUDNRPLWGHP5HVWPHLQHU0HGLNDPHQWHDXIGLH%HLQH1XQODJGLH *HJHQVWU|PXQJ PLW LKUHP EUDQGXQJVlKQOLFKHQ :DOO YRU XQV 7LUDNR ZDU QLHGHUJHVFKODJHQ(UZXWHGDHUMHW]WVFKRQYHUORUHQKDWWH,FKZXWHHVHEHQIDOOV DEHU LFK VFKZLHJ (U ZDU HLQ 0DQQ GHV *HLVWHV HLQ -QJOLQJ GHU HLQH JHVFKHLWH 8QWHUKDOWXQJ HLQHP 'DJRU6FKZHUWNDPSI MHGHU]HLW YRU]RJ²VHOEVW ZHQQ GLHVHU PLW .DWVXJR8EXQJVZDIIHQ VWDWWIDQG :DUXP JLEW PDQ LKP NHLQH &KDQFH GLH VHLQHQ 7DOHQWHQHQWVSULFKW" ,FK KDWWH EHVFKORVVHQ LKQ PLW PLU ]X QHKPHQ GHQQ LFK ZROOWH LKP GLH 6FKPDFK²LVW HV EHUKDXSW HLQH"²HUVSDUHQ YRQ HLQHP 5HWWXQJVNRPPDQGR GHU .OHLQHQ5UPGHDEJHKROW]XZHUGHQ,FKWHLOWHLKPPHLQ9RUKDEHQPLW (U OlFKHOWH PLFK DQ 1DWUOLFK KDWWH HU PHLQH %HZHJJUQGH VRIRUW HUIDW ³'DV N|QQWHGLU0LQXVSXQNWHHLQEULQJHQ0DFRORQ9HUJLQLFKWGDGXHLQH1RWODQGXQJPLW DOOLKUHQVRJHQDQQWHQ1RWZHQGLJNHLWHQYRU]XIKUHQKDVW'DLFKNHLQHGUHVVLHUWH%HVWLH ELQGLHGLUMHGHU]HLWKLKIUHLFKEHLVWHKHQN|QQWHZlUHHVGRFKRKYHU]HLK,FKKDEH GLFK PLW PHLQHU XQEHUOHJWHQ %HPHUNXQJ JHNUlQNW 1DWUOLFK KDOWH LFK XQV ZHGHU IU GUHVVLHUWQRFKIU%HVWLHQ´ ,FKODFKWH'DVZDUW\SLVFKIU7LUDNR*DUQQRJHZHVHQ³9HUJLHV-XQJH(VLVW VHKU VFKDGH GD GX QLFKW GHU ,PSHUDWRU ELVW :DKUVFKHLQ OLFK ZlUH GHU 0HWKDQNULHJ GDQQEDOGEHHQGHW´ ³)UHYOHQLFKW2UEDQDVFKROLVWXQWDGHOLJXQGXQIHKOEDULQVHLQHQ%HVFKOVVHQ(U VHLJHSULHVHQIUDOOH=HLWHQ´(UVFKDXWH]XU:DVVHUEDUULHUHKLQEHUXQGKVWHOWH ,FK ]RJ GDV DXWDUNH 0LNUR$XI]HLFKQXQJVJHUlW DXV HLQHU %HLQWDVFKH GHV .DPSIDQ]XJV (V ]lKOWH HEHQVR ]XU 6WDQGDUGDXVUVWXQJ ZLH GDV 9LEUDWRUPHVVHU ,FK VSUDFK JHWUHX PHLQHU VLPXOLHUWHQ 5ROOH ³0DFRORQ .RPPDQGDQW GHV 6FKZHUHQ .UHX]HUV$5*2662QRWLHUWIUGHQ]ZHFNVSlWHUHU9HUZHQGXQJ(VLVWPLUJHOXQJHQ GDV IU HLQHQ 6RQGHUHLQVDW] YRUJHVHKHQH EHLP (LQWDXFKHQ LQ GLH /XIWKOOH GHV )HLQGSODQHWHQ /DUJDPHQLD GXUFK %HVFKX EHVFKlGLJWH%HLERRW ]X ODQGHQ ,FK KDEH GDV*HKHLPGHSRWGHU)ORWWH]XHUUHLFKHQ$XIGHP:HJGRUWKLQHQWGHFNWHLFKGHQVHLW YLHOHQ 3UDJRV YHUPLWHQ (LQVDW]RIIL]LHU GHV (UNXQGXQJVNUHX]HUV 7$.$7,.$ GHQ 2UEWRQ 7LUDNR *DPQR (U XQWHUVWDQG ]HLWZHLOLJ PHLQHP .RPPDQGR XQG LVW GDKHU DOV
'HU.ULVWDOOSULQ]
M
$WODQ
YHUWUDXHQVZUGLJ HLQ]XVWXIHQ ,FK KDEH EHVFKORVVHQ GHQ 2I IL]LHU LQ GHQ 'LHQVW GHU 6DFKH ]X VWHOOHQ (U HUKlOW KLHUPLW GHQ %HIHKO PLFK XQWHU (LQVDW] VHLQHV /HEHQV ]X XQWHUVWW]HQ PLW GHP =LHOXQWHU DOOHQ 8PVWlQGHQ GDV 'HSRW ]X HUUHLFKHQ 'DV LVW LP ,QWHUHVVHGHULP5DXPZDUWHQGHQ/DQGXQJVIORWWHHUIRUGHUOLFK(VOHEH$UNRQ(QGH´ 7LUDNR VDK PLFK DXV JHZHLWHWHQ $XJHQ DQ ,FK JULQVWH :HQQ GLH $XVZHUWXQJ PHLQHV 3UIXQJVHLQVDW]HV WDWVlFKOLFK DXI YROOSRVLWURQLVFKHU (EHQH JHVFKDK ZUGHQ GLH5HFKQHUQLFKWXPKLQN|QQHQPHLQH%HJUQGXQJDOV/HLVWXQJVSOXVDQ]XHUNHQQHQ 6HOEVWYHUVWlQGOLFK NRQQWHQ ]ZHL 3HUVRQHQ GDV JHVWHFNWH =LHO HKHU HUUHLFKHQ DOV HLQH 8QEHVWHFKOLFKH/RJLNUHFKQHUPXWHQGDVSRVLWLYEHZHUWHQ 7LUDNR VDJWH DQ]JOLFK ³0DQ N|QQWH PHLQHQ GX ZlUVW GHU JHOHKULJH 6SU|OLQJ HLQHVJDODNWLVFKHQ*DXQHUV´ 'DPLWKDWWHHUPLFKJHWURIIHQ,FKIKOWHGDLFKLKQEHLQDKHGURKHQGDQVWDUUWH *HJHQPHLQHQ:LOOHQPXWHLFKHUQHXWDQPHLQHJHKHLPQLVYROOH+HUNXQIWGHQNHQDQ PHLQHQ /HKUHU XQG (U]LHKHU GHQ %DXFKDXIVFKQHLGHU )DUWXORRQ DQ PHLQHQ )UHXQG (LVNUDOOH XQG QDWUOLFK DXFK DQ )DUQDWKLD GLH ]DEHUKDIWH 7RFKWHU GHV 7DWR YRQ *RUWDYRU'RUWKDWWHLFKPHLQH-XJHQGMDKUHYHUEUDFKWVRODQJHELVGHU%OLQGH6RIJDUW PLWVHLQHQ+lVFKHUQGHQ.UDODVHQHQDXIJHWDXFKWZDUXQGGDV,G\OO]XQLFKWHJHPDFKW KDWWH)DUQDWKLDGDV0lGFKHQPHLQHUWLHIHQ/LHEH²ZRPRFKWHVLHMHW]WVHLQ":DVKDW PDQLKUDQJHWDQ"/HEWVLHEHUKDXSWQRFK" ³)UHXQG GX ]LWWHUVW´ YHUQDKP LFK 7LUDNRV 6WLPPH ZLH DXV ZHLWHU (QWIHUQXQJ ³+DEHLFKGLFKJHNUlQNW"0HLQH%HPHUNXQJZDUYRUODXWXQGGUHLVW9HU]HLKPLU´ ,FKVFKWWHOWHGLH(ULQQHUXQJYRQPLUDE7LUDNRZDUDXIULFKWLJEHVRUJW(UPDFKWH VLFK9RUZUIHRKQH]XDKQHQGDHUPHLQHVHHOLVFKH:XQGHEHUKUWKDWWH,FKVFKOXJ LKP EXUVFKLNRV DXI GLH 6FKXOWHU ³'HLQH 6RUJHQ P|FKWH LFK KDEHQ´ JOXFNVWH LFK ³.RPPHVZLUG=HLW'HU:DVVHUVWDXPXEHUZXQGHQZHUGHQ´ ³:LHXQGZRPLW"0LWGHP]HUEUHFKOLFKHQ%RRW"$XVJHVFKORVVHQ 1LHPDQG QLFKW HLQPDO HLQ *LJDQW N|QQWH HV JHJHQ GLH 6WU|PXQJ YRUDQWUHLEHQ XQGEHUGLHVGLH%UDQGXQJGXUFKGULQJHQ´ (U ZDU QRUPDOHUYYHLVH HLQ VFKDUIHU %HREDFKWHU DEHU GLH 'LQJH GHU 3UD[LV VFKLHQHQ LKP ]X HQWJHKHQ :LHVR KDWWH HU QLFKW GLH 6FKOHLIVSXU HLQLJH %RRWVOlQJHQ REHUKDOE XQVHUHV 6WDQGRUWV EHPHUNW" .XU] GDYRU DP 8IHU ZDUHQ HLQLJH %VFKH DQJHNRKOW 'LH 6SXU ZDU DOOHUGLQJV NDXP EHPHUNEDU GD VLFK GLH GLFKWH 9HJHWDWLRQ VFKRQ ZLHGHU EHU LKU JHVFKORVVHQ KDWWH ,FK EHUSUIWH GLH :DIIH VFKDOWHWH GLH 6WUDKOYHUVWHOOXQJDXIPLWWOHUHQ6WUHXZHUWXQGVFKULWWZRUWORVYRUDQ 1DWUOLFK NDQQ QLHPDQG JHJHQ GLHVHQ NQVWOLFK HU]HXJWHQ :DOO DXV :DVVHU DQUXGHUQ'DVZLVVHQDXFKGLH+HUUHQGHU.OHLQHQ5XQGH:HOFKH6FKOXIROJHUXQJHQ KDEHQVLFKGDUDXVIUHLQHQ$5.6800O$$QZlUWHU]XHUJHEHQ" ,FKKDWWHHWZDV]XILQGHQZDVLQMHGHP)DOOYRUKDQGHQVHLQPXWH0DQKDWWHMD DXFK IU HLQHQ .DPSIDQ]XJ JHVRUJW 1XQ 3UIXQJHQ GLHVHU $UW ZDUHQ DOV DXHURUGHQWOLFK HLQ]XVWXIHQ :HU GDV QLFKW EHDFKWHWH NRQQWH QLHPDOV EHVWHKHQ ,FK DKQWH²QHLQLFKZXWHOlQJVWZDVGLH.OHLQH5XQGHYRQXQVHUZDUWHWH'HU9HUVWDQG VROOWH GRPLQLHUHQ GLHV DOOHUGLQJV XQWHU GHP ZDJHPXWLJHQ YROOHQ N|USHUOLFKHQ (LQVDW] GHU3HUVRQ ³0DFRORQ ´ 'HU 5XI ZDU QLFKW DODUPLHUHQG ,FK GUHKWH PLFK GHQQRFK EOLW]VFKQHOOXPXQGEUDFKWHGLH:DIIHLQ6FKXSRVLWLRQ7LUDNR*DPQRKDWWHPLUIROJHQ ZROOHQ(UNRQQWHHVDEHUQLFKW,FKEHPHUNWHYHUEOIIWGDHUJHJHQHLQXQVLFKWEDUHV
'HU.ULVWDOOSULQ]
M
$WODQ
+LQGHUQLVYRQKRKHU6WDELOLWlWXQG(ODVWL]LWlWDQNlPSIWH(UZDUIVLFKQDFKYRUQSUHWH VHLQH6FKXOWHUQJHJHQHLQXQVLFKWEDUHV(WZDVDEHUHUNDPXPNHLQHQ6FKULWWZHLWHU 'DQQ JHVFKDK HLQ :XQGHU 0HLQ 6FK|QJHLVW IOXFKWH ZLH HLQ ODQJJHGLHQWHU 5DXPVROGDW ,FK NRQQWH PLFK QLFKW PHKU EHKHUUVFKHQ XQG ODFKWH ODXWKDOV 7LUDNR JDE DXI6HLQHQYRUZXUIVYROOHQ%OLFNNRQQWHLFKODQJH=HLWQLFKWYHUJHVVHQ³6S|WWHU´WDGHOWH HU PLFK ³-HQHP GHU GLH 6FKDQGH ]X HUGXOGHQ KDW´ZLUG VLH EHUGLHV QRFK NXQGJHWDQ :DVLVWGDV"´ ³)UDJ GLH DOWHQ *|WWHU´ HUNOlUWH LFK QRFK LPPHU ODFKHQG ³:R YHUVWHFNHQ VLFK GHLQH K\SHUSK\VLNDOLVFKHQ .HQQWQLVVH" 'DV LVW HLQ +RFKHQHUJLH6FKPLHJVFKLUP DXI 3UDOOIHOGEDVLVPHLQ)UHXQG´ ³2K ´ (U EHJULII VRIRUW GD MHPDQG VHLQ ZHLWHUHV 9RUGULQJHQ DOV XQHUZQVFKW DQVDK ,FK KDWWH HEHQIDOOV GHQ =ZHFN YHUVWDQGHQ 0HLQ NOHLQHU 7ULFN PLW GHU 5DQGQRWLHUXQJ ZDU IU GLH ³3V\FKH´ GHU $XVZHUWXQJVUHFKQHU ZDKUVFKHLQOLFK VHKU ZLUNXQJVYROOJHZHVHQDEHUGLHKHLPOLFKHQ%HREDFKWHUGHU3UIXQJVNRPPLVVLRQZDUHQ PLW PHLQHU 'HILQLWLRQ QLFKW JDQ] HLQYHUVWDQGHQ 6LH KDWWHQ 7LUDNR *DPQR OlQJVW DEJHVFKULHEHQ 6LH ZROOWHQ VHKHQ ZLH LFK PLFK ZHLWHUKLQ YHUKLHOW 'D 7LUDNR XQWHU 8PVWlQGHQHLQLJH'LQJHKlWWHEHPHUNHQN|QQHQGLHPLUQLFKWDXIJHIDOOHQZlUHQJDE PDQXQV]XYHUVWHKHQGDHUDQ2UWXQG6WHOOH]XYHUZHLOHQKlWWH 6HKUVFK|Q$OOPlKOLFKPDFKWPLUGLH6LWXDWLRQ6SD³2UEWRQ7LUDNR*DPQR6LH HUKDOWHQ KLHUPLW GHQ %HIHKO DOV %RRWVZDFKH ]XUFN]XEOHLEHQ ,FK ZHUGH PLFK DOOHLQ XPVHKHQ´ULHILFKLKP]X³'HFNHQ6LHQRWIDOOVPHLQHQ5FN]XJ´ ³-DZRKO(UKDEHQHU´EHVWlWLJWHHUUHVLJQLHUHQG³,FKKDEHYHUVWDQGHQ´ ,FKIDQGHVN|VWOLFKPLWGHQ%HREDFKWHUQHLQNOHLQHV3V\FKRVSLHODXVWUDJHQ]X N|QQHQ ,Q GLHVHP 0RPHQW KDWWHQ VLH ZDKUVFKHLQOLFK PLW PHKU 6FKZLHULJNHLWHQ ]X NlPSIHQ DOV LFK $XFK VLH GXUIWHQ GLH $XVZHUWXQJVUHFKQHU QLFKW YHUJHVVHQ 0HLQH $QZHLVXQJDQ7LUDNRZUGHPLUHUQHXWHLQLJH3OXVSXQNWHHLQEULQJHQGHQQHVPXWHIU $XWRPDWHQ VHOEVWYHUVWlQGOLFK VHLQ GD HLQ (UNXQGHU HLQH :DFKH ]XUFNOLH 6FKOLHOLFK ZDU GDV %RRW LP (UQVWIDOO XQHUVHW]EDU ,FK JLQJ GLH 6WUDKOZDIIH UXKWH VFKXEHUHLWLQPHLQHU$UPEHXJH 'LHlXHUH0DQQVFKOHXVHQWUGHV3DQ]HUJOHLWHUVVWDQGRIIHQ6HLQH0DVFKLQHQ DUEHLWHWHQQLFKWPHKU,QIROJHGHVVHQZDUGDV*HIlKUWGDVQXUIUGHQ(LQVDW]LQQHUKDOE SODQHWDULVFKHU$WPRVSKlUHQEHVWLPPWZDUPLWVHLQHU%RGHQVFKDOHLQGHQWLHIHQ0RUDVW HLQJHVXQNHQ-HZHLWHULFKLQGLH:LOGQLVYRUJHGUXQJHQZDUXPVRPKHYROOHUKDWWHLFK PHLQH6WLHIHOQDFKMHGHP6FKULWWDXVGHPVDXJHQGHQ%UHLEHIUHLHQPVVHQ'DVKDWWH PLUHUQHXWEHZLHVHQGDHLQH8PJHKXQJGHU:DVVHUEDUULHUHDXVJHVFKORVVHQZDU 6FKOLHOLFK ZDU PLU GHU 3DQ]HUJOHLWHU DXIJHIDOOHQ (U ZDU HLQH DUNRQLGLVFKH .RQVWUXNWLRQ EHVWLPPW IU .RPPDQGRHLQVlW]H LQ XQZHJVDPHP *HOlQGH 'HU 7\S 527&2ZDUZHGHU IOXJIlKLJ QRFK KDWWH HU HQHUJHWLVFKH $QWLJUDYLWDWLRQVSURMHNWRUHQ GLHLKQVFKZHUHORVJHPDFKWKlWWHQ*HUlWHGLHVHU$UWVROOWHQOHLFKWZHQGLJXQGVFKQHOO VHLQ$XI]DVlW]OLFKH5DXSHQNHWWHQGLHDQGHUH$XVIKUXQJHQDOV1RWDQWULHEEHVDHQ KDWWHPDQLQGLHVHP)DOOYHU]LFKWHW*OHLWHUGHU527&26HULHEHQ|WLJWHQJUXQGVlW]OLFK QDWUOLFK YRUKDQGHQH *DVH GLH QDFK GHP XUDOWHQ /XIWNLVVHQSULQ]LS DOV NRPSULPLHUWHV XQGWUDJIlKLJHV)XQGDPHQW]XGLHQHQKDWWHQ:HQQGLHWHFKQLVFKHLQIDFKHQXQGNDXP VW|UDQIlOOLJHQ 7XUER.RPSUHVVRUHQ RGHU GLH GDIU QRWZHQGLJHQ /XIWHLQOlVVH EHVFKlGLJWZXUGHQZDUHQ)DKU]HXJHGLHVHU$UWQLFKWPHKUEUDXFKEDUXQGYHUVDJWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
'DV VFKLHQ PLW GHP YRQ PLU HQWGHFNWHQ 3DQ]HUJOHLWHU JHVFKHKHQ ]X VHLQ 'DV NOHLQH2UWXQJVJHUlWPHLQHV.DPSIDQ]XJVKDWWHQLFKWDQJHVSURFKHQHLQ%HZHLVGDIU GD GLH (QHUJLHDQODJH ]XU .UDIWVWURPYHUVRUJXQJ DXVJHIDOOHQ ZDU 'HU *OHLWHU JOLFK lXHUOLFK ]ZHL RYDOHQ DXIHLQDQGHUJHOHJWHQ 6FKDOHQ 'LH JODWWH 2EHUIOlFKH ZXUGH OHGLJOLFK YRQ GHP GUHKEDUHQ 3DQ]HUWXUP XQWHUEURFKHQ LQ GHP HLQH NOHLQH ,PSXOV NDQRQHHLQJHEDXWZDU9RQ%HVDW]XQJVPLWJOLHGHUQZDUZHLWXQGEUHLWQLFKWV]XVHKHQ 'DV*HUlWVFKLHQEHUHLWVVHLWODQJHU=HLWLQGLHVHPIHXFKWKHLHQ'VFKXQJHO]XUXKHQ 'LH DXV $UNRQVWDKO EHVWHKHQGH $XHQSDQ]HUXQJ ZDU XQEHVFKlGLJW XQG QDWUOLFK URVWIUHL /HJLHUXQJHQ PLW GXUFK K\SHUHQHUJHWLVFKH %HVWUDKOXQJ XQG ³%HVFKXYHUGLFKWXQJ´ NRUULJLHUWHQ 0ROHNOYHUElQGHQ KLHOWHQ IDVW DOOHQ lXHUHQ (LQIOVVHQVWDQG ,FK VWDSIWH YRUVLFKWLJ QlKHU 1DWUOLFK ZDU GLHVHU 6FKZHEHSDQ]HU ]ZHFNEHVWLPPW 'LH 3UIOLQJH VROOWHQ XQG PXWHQ LKQ ILQGHQ RGHU PDQ KlWWH DP 8IHU QLFKW HLQH ZLQ]LJH LPPHUKLQ DEHU EHPHUNEDUH 6SXU ]XUFNJHODVVHQ (V ZDU PLU NODUJHZRUGHQZHVKDOEGRUWHLQLJH*HZlFKVHYHUNRKOWZDUHQ+LQWHUGHP.DQRQHQWXUP NDXP HUNHQQEDU JHZDKUWH LFK GLH EXFNHODUWLJH 9HUNOHLGXQJ GHU GDUXQWHU LQVWDOOLHUWHQ 6WUDKOWXUELQH 6LH DUEHLWHWH HEHQIDOOV PLW HLQHP QDWUOLFK YRUKDQGHQHQ *DV GDV DOV VFKXENUlIWLJHV 0HGLXP XQWHU KRKHP ([SDQVLRQVGUXFN DXVJHVWRHQ ZXUGH XQG GHQ 9RUWULHE EHUQDKP 'LH $XIKHL]XQJ GHU *DVH JOHLFKJOWLJ YRQ ZHOFKHU =XVDPPHQVHW]XQJ XQG FKHPLVFKHU %HVFKDIIHQKHLW HUIROJWH LP 3ODVPDEUHQQHU GHU 7XUER9HUGLFKWXQJVNDPPHU (V ZDU HLQ SULPLWLYHV DEHU VLFKHU IXQNWLRQLHUHQGHV 7ULHEZHUN ,FK EHJXWDFKWHWH GLH YRQ GHQ KRFKHUKLW]WHQ *DVHQ YHUIlUEWH 'VHQ|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|VXQJPXWHDQGHUZHLWLJJHIXQGHQZHUGHQ'LH+HUUHQGHU.OHLQHQ 5XQGH ZDUHQ ZLUNOLFK HUILQGHULVFK 0HLQ GXUFK HLQH KDUWH -XJHQG XQG YRQ )DUWXORRQ JHVFKXOWHU ,QVWLQNW ZDUQWH PLFK 'LH RIIHQVWHKHQGH 6FKOHXVHQSIRUWH ZROOWH PLU QLFKW JHIDOOHQ ,FK VFKULWW YRUVLFKWLJ XP GHQ 3DQ]HUJOHLWHU KHUXP 'DV ZDU PHLQ *OFN 'LH VFKODQJHQDUWLJH MHGRFK PLW ]DKOUHLFKHQ %HLQHQ DXVJHVWDWWHWH %HVWLH VFKLHQ QXU DXI PLFKJHZDUWHW]XKDEHQ6LHVFKRXQYHUPLWWHOWDXVGHP6FKRWWKHUYRUEHVDMHGRFK QLFKW JHQJHQG 6SUXQJ RGHU $EVFKQHOOYHUP|JHQ XP PLFK VFKRQ EHL LKUHP HUVWHQ $QJULII HUUHLFKHQ ]X N|QQHQ ,FK YHUQDKP HLQ ZWHQGHV )DXFKHQ 'HU PDQQVVWDUNH .|USHUULFKWHWHVLFKPLWVHLQHPYRUGHUHQ'ULWWHODXI,FKEHPHUNWHGDVPHWHUODQJH+RUQ DXIGHUJHSDQ]HUWHQ6FKlGHOGHFNH,FKIHXHUWHDXJHQEOLFNOLFKXQGGHU*OXWRGHPGHV, XFFRW HUIDWH GDV 7LHU EHLP ]ZHLWHQ $EVSUXQJ GLFKW KLQWHU GHP ODQJJHVWUHFNWHQ .RSI (UZXUGHYRPYHUJDVHQGHQ.|USHUDEJHWUHQQWXQG]XU6HLWHJHVFKOHXGHUW,FKZDUWHWH ELV GLH 7RGHV]XFNXQJHQ GHV 8QJHKHXHUV YRUEHU ZDUHQ XQG EHZDKUWH VHOEVW GDQDFK QRFKJU|WH9RUVLFKW
'HU.ULVWDOOSULQ]
M
$WODQ
$OV LFK PLFK EHU GHQ ]HUVFKRVVHQHQ LPPHUKLQ DEHU QRFK PLQGHVWHQV ]HKQ 0HWHUODQJHQ.|USHUUHVWEHXJWHVWHOOWHLFKHQWVHW]WIHVWGDLFKPLFKJHWlXVFKWKDWWH 'LH 3UIXQJVNRPPLVVLRQ PHLQWH HV YRQ QXQ DQ HUQVW 'DV ZDU NHLQ NQVWOLFK JH]FKWHWHV XQG IHUQJHOHQNWHV *HELOGH VRQGHUQ HLQ OHEHQGHV *HVFK|SI YRQ HLQHU IUHPGHQ :HOW JHZHVHQ 9RQ MlKOLQJV HUZDFKHQGHU 3DQLN HUIOOW GUHKWH LFK PLFK EHL HLQHP YHUGlFKWLJHQ *HUlXVFK KHUXP XQG IHXHUWH LQ GHQ 'VFKXQJHO KLQHLQ (WZDV HQWIHUQWH VLFK LQ JURHU +DVW ,FK YHUQDKP HLQHQ VFKZDFKHQ 5XI 'DV PXWH 7LUDNR VHLQ1DWUOLFKKDWWHHUGLH(QHUJLHVFKVVHJHK|UW,FKDQWZRUWHWHQLFKW,FKVFKRDXFK QLFKW LQ GLH /XIW XP 7LUDNR PHLQ hEHUOHEHQ ]X VLJQDOLVLHUHQ 'LH $XIJDEH VWDQG LP 9RUGHUJUXQGPHLQHV'HQNHQV:HQQLFKPLFKZLUNOLFKDXIHLQHUYRP*HJQHUEHVHW]WHQ :HOWEHIXQGHQKDWWHZlUHQVFKRQGLHVH1RWZHKUVFKVVHYHUUlWHULVFKJHZHVHQ 'HQ 7UDXP YRQ GHP YLHOOHLFKW DXVEDXIlKLJHQ 7ULHEZHUN KDWWH LFK EHUHLWV DXIJHJHEHQ(VKlWWHZXQGHUEDU]XGHP6WHXHUUXGHUPHLQHV%RRWHVJHSDW2EPDQ HV ]XU JH]LHOWHQ 7lXVFKXQJ DQ GDV +HFN GHV .DKQV JHKlQJW KDWWH" $OOPlKOLFK WUDXWH LFK GHQ 3UIHUQ GHV )DHKUO DOOHV ]X 'LHVPDO KDWWHQ VLH HLQGHXWLJ PLW PHLQHP /HEHQ JHVSLHOW2GHUZDUGDV6FKODQJHQXQJHKHXHUXQYHUKRIIWLQGHQ3DQ]HUJHNURFKHQ" $OV LFK VFKOLHOLFK LP ,QQHUQ GHV *OHLWHUV VWDQG HQWGHFNWH LFK GHV 5lWVHOV /|VXQJ'DV7LHUNRQQWHVLFKGLHVHQXUYRQHLQHU6HLWHDXV]XJlQJOLFKH8QWHUNXQIWHUVW NU]OLFK DXVJHVXFKW KDEHQ 'LH IQI URWJHIDUEWHQ (LHU ZDUHQ QXU ZHQLJH 7RQWDV DOW (LQHV GDYRQ VFKLHQ VRHEHQ HUVW YRQ GHP 0XWWHUWLHU JHOHJW ZRUGHQ ]X VHLQ 'LH $XHQKDXWZDUQRFKUHODWLYZHLFK'HUZWHQGH$QJULIIZDUVRPLWHUNOlUW'DV7LHUKDWWH VHLQHQ 1DFKZXFKV EHKWHQ ZROOHQ ,FK ZROOWH GLH (LHU QLFKW ]HUVW|UHQ 1DFKHLQDQGHU WUXJ LFK VLH LQV )UHLH XQG EHWWHWH VLH ]ZLVFKHQ GLH 9HUWLHIXQJHQ HLQHU %DXPZXU]HO ,Q GLHVHU IHXFKWHQ +LW]H PRFKWHQ VLH ZRKO DXVJHEUWHW ZHUGHQ YRUDXVJHVHW]W GLH VLFKHUOLFKH[LVWHQWHQ)HLQGHZUGHQVLHQLFKWYRUKHUIUHVVHQ ,QQHUKDOE GHV HQJHQ IU QXU IQI 0DQQ YRUJHVHKHQHQ .DPSIJOHLWHUV VWDQN HV EHVWLDOLVFK ,FK VW|UWH PLFK QLFKW GDUDQ VRQGHUQ EHJDQQ PLW GHU 8QWHUVXFKXQJ GHU NUDIWHU]HXJHQGHQ $QODJHQ ,UJHQGZLH PXWH LFK ZHLWHUNRPPHQ :HQQ GDV 6WUDKOWULHEZHUN VFKRQ QLFKW JHEUDXFKW ZHUGHQ NRQQWH EOLHE QXU HLQH 0|JOLFKNHLW ,FK PXWH GHQ 527&2 LQ DOOHU (LOH ZLHGHU IDKUEHUHLW PDFKHQ 0LW GHP SULPLWLYHQ 5XGHUERRWNRQQWHLFKGLHWRVHQGH:DVVHUVFKZH+HQLHPDOVEHUZLQGHQ:DVEOLHEDOVR EULJ" (LQH=HKQWHO7RQWDVSlWHUQDKPLFKHQWWlXVFKWDXIHLQHPGHU6LW]H3ODW]9RUPLU ODJ GLH JH|IIQHWH :DUWXQJVNODSSH ]XP 0DVFKLQHQUDXP 'LH PlFKWLJH $QVDXJ XQG 9HUGLFKWHUWXUELQH ]XU (U]HXJXQJ GHV /XIWNLVVHQV ZDU GHPROLHUW 1DWUOLFK ZLOONUOLFK 'DPLWNRQQWHLFKGHQ3DQ]HUQLFKWPHKUDXVGHP6XPSIKHEHQXPPLWVHLQHU+LOIHGDV 'HSRW ]X HUUHLFKHQ +LQWHU GHP 6WUDKOVFKXW]VFKLOG OLHI MHW]W GHU NOHLQH )XVLRQVUHDNWRU ,FKKDWWHLKQRKQH0KHLQ%HWULHEQHKPHQXQGKRFKIDKUHQN|QQHQ :DV QW]W PLU DEHU XQWHU GLHVHQ 8PVWlQGHQ VHLQ .UDIWVWURP" 'LH VFKZHUHQ (OHNWUR$QWULHEVPRWRUHQ GHU 9HUGLFKWHUWXUELQHQ EUDXFKHQ NHLQHQ PHKU 'DV (QHUJLHJHVFKW]LVWRKQHKLQQLFKWDXIGHQ5HDNWRUDQJHZLHVHQXQG'HU*HGDQNHDQ GLH.DQRQHULPLFKDXVPHLQHUEHGUFNWHQ6WLPPXQJ,FKVDKSO|W]OLFKDQJHVSDQQW]X LKUKLQDXI,KUPDVVLYHV]\OLQGHUI|UPLJHV%RGHQVWFNHQGHWHGLFKWEHUPHLQHP.RSI 'DULQZDUGLH.HUQYHUVFKPHO]XQJV5HDNWLRQVNDPPHUXQWHUJHEUDFKW8QWHUGHQNRQLVFK ]XODXIHQGHQ 9HUNOHLGXQJVEOHFKHQ ODJHQ GLH EHWULHEVZLFKWLJHQ =XVDW]DJJUHJDWH ZLH .HUQEUHQQVWRII(LQVSULW]SXPSH :DQGHONDPPHU IU GLH DXWDUNH 6WURPYHUVRUJXQJ GHU
'HU.ULVWDOOSULQ]
M
$WODQ
)HVVHOXQG7KHUPRVFKXW]IHOGHUVRZLHGHUhEHUKLW]XQJVDEVRUEHU'LH:DQGHONDPPHU GDV LVW HV 6LH WUDQVIRUPLHUW QXU HLQHQ %UXFKWHLO GHU IUHLZHUGHQGHQ (QHUJLH LQ $UEHLWVVWURPXPGHUVHLQHUVHLWVIUGHQ$XIEDXGHU.UDIWIHOGHUEHQ|WLJWZLUG 6HOEVWYHUVWlQGOLFK JDE HV NHLQ 0DWHULDO GDV GHQ 6RQQHQWHPSHUDWXUHQ LQ GHU KHLHQ 5HDNWLRQV]RQH KlWWH ZLGHUVWHKHQ N|QQHQ $XFK GLH JOHLFKJHULFKWHWH $EVWUDKOXQJ GHU $WRPJOXWHQ LKUH %QGHOXQJ XQG (LQHQJXQJ NRQQWH QXU YRQ .UDIWIHOGHUQEHZlOWLJWZHUGHQ'LH$XWDUNYHUVRUJXQJGHV*HVFKW]HVZDUHLQ1RWEHKHOI 1DWUOLFKNRQQWHPDQGDPLWIHXHUQDEHUQXUPLWHLQHP%UXFKWHLOMHQHU(QHUJLHGLHEHL HLQHUZHLWDXVK|KHUHQ6SHLVXQJGHU%QGHOIHOGHUP|JOLFKZDU'LH)DXVWUHJHOODXWHWH ³-HK|KHUGLH$XIODGXQJGHU)HOGHUXPVRNUlIWLJHUGHU6FKX´ 'HVKDOEDOVRZDUGHUJURH6WURPUHDNWRUGHV:DJHQVVR]JLJDQJHDXIHQ6ROOWH LFKGLH.DQRQHJHEUDXFKHQ"0LWDOOHU.UDIWGLHDXVGHU5HDNWRUNDPPHUKHUDXV]XKROHQ ZDU" :HQQ MD ZRUDXI VROOWH LFK VFKLHHQ" $XI LPDJLQlUH *HJQHU" $XI HLQH EHUHLWVWHKHQGH5RERWHUHLQKHLW"2GHUZRUDXIVRQVW",FKVSUDQJDXI]ZlQJWHPLFKDP %RGHQVWFN GHU ,PSXOVNDQRQH YRUEHL XQG UL GDV 7XUPOXN DXI XP PLFK XP]XVHKHQ 3IODQ]HQ XQG QRFKPDOV 3IODQ]HQ GDV ZDU DOOHV ZDV LFK VDK :HLWHU UHFKWV DP DQGHUHQ 8IHU GHV JURHQ )OXVVHV HUNDQQWH LFK GLH ³YHUNHKUWH´ 0QGXQJ GHV *HELUJVEDFKHV XQG GHQ ZRJHQGHQ :DVVHUZDOO ,FK ]RJ PLFK LQ GHQ 3DQ]HU ]XUFN QDKPDXIGHPVFKPDOHQ6LW]GHV.RPPDQGDQWHQ3ODW]XQGEHWlWLJWHGLH7DVWDWXUGHV *HVFKW]HV 'LH .RQWUROOHXFKWHQ IODPPWHQ DXI 'HU +RORVFKLUP GHV RSWLVFKHQ =LHOVXFKHUV DUEHLWHWH HLQZDQGIUHL GHVJOHLFKHQ GHU 5HOLHI]HLFKQHU GHU HLQIDFK OLFKWVFKQHOOHQ )XQNPHRUWXQJ'HU7XUPVFKZHQNWHHEHQIDOOVWDGHOORVGLH+|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|HUXQJVVFKDOWXQJHQ ]HLJWHQ PLU LQWHUHVVDQWH (LQ]HOKHLWHQ 'DV ZDU NHLQH %UFNH VRQGHUQ HLQH )RUPDWLRQ DXV ]ZHL ZHLW EHUKlQJHQGHQ )HOVQDVHQ GLH VLFKEHUGHPWRVHQGHQ1HEHQIOXELVDXIZHQLJH0HWHUQlKHUNDPHQ0DQKlWWHGLH *HVWHLQVPDVVHQ DOV hEHUJDQJ EHQXW]HQ N|QQHQ ZHQQ PDQ GHQ ]ZLVFKHQ LKQHQ NODIIHQGHQ6SDOWPLWHLQLJHQ%DXPVWlPPHQEHUEUFNWKlWWH (LQ QRFK QLFKW DXVJHJRUHQHU *HGDQNH TXlOWH PLFK :DV ZDU PLU LP HUVWHQ $XJHQEOLFN EHVRQGHUV DXIJHIDOOHQ" :DV ZDU GDUDQ VR DEVRQGHUOLFK" 'HU *HELUJVIOX KDWWH LP 9HUODXI YRQ -DKUPLOOLRQHQ GLH HKHPDOV PDVVLYH )HOVZDQG DXVJHK|KOW VLH VFKOLHOLFKQDFKGHU$UWHLQHVMHGHQ:LOGZDVVHUVGXUFKEURFKHQXQGGDQQHLQH:|OEXQJ HUVFKDIIHQGLHZLHHLQH%UFNHDXVVDK'DVZDUDOOHV(VNRQQWHQLFKWDQGHUVVHLQ'HU ULFKWLJH *HGDQNH HUO|VWH PLFK YRQ PHLQHQ =ZHLIHOQ 'DV ZDU GRFK QLFKW DOOHV 'LH H[WUHPH 9HUJU|HUXQJVVFKDOWXQJ GHU =LHOHUIDVVXQJ YHUULHW PLU GDV *HKHLPQLV 'LH )HOVZ|OEXQJ NRQQWH GRUW ZR GLH )OXWHQ UDXVFKWHQ GXUFKDXV JODWWJHVFKOLIIHQ ZRUGHQ VHLQ QLFKW DEHU ]ZDQ]LJ 0HWHU ZHLWHU REHUKDOE ZR ZDKUVFKHLQOLFK QLHPDOV HLQ :DVVHUWURSIHQKLQNDP
'HU.ULVWDOOSULQ]
M
$WODQ
+LHU KDWWHQ WHFKQLVFK KRFKVWHKHQGH /HEHZHVHQ QDFKJHKROIHQ DOVR GLH +HUUHQ GHU.OHLQHQ5XQGHXQGGHQ6WURPYHUODXI]XPHLQHQ8QJXQVWHQYHUlQGHUW ,FK ODFKWH YRU PLFK KLQ 8QElQGLJH )UHXGH HUIOOWH PLFK 'HU 6WDQG GHU 6RQQH EHZLHVPLUGDLFKVFKRQYLHO]XYLHO=HLWYHUORUHQKDWWH,FKGXUIWHQLFKWOlQJHU]|JHUQ 'DV,PSXOVJHVFKW]VFKZHQNWHLQV=LHO'HU³NDOWJH]QGHWH´)XVLRQVSUR]HOLHIDQ,FK VFKRE GHQ (LQVSULW]UHJOHU DXI 0D[LPDOZHUW XQG JLQJ LQV =LHO :HQQ LFK GLH EHUKlQJHQGHQ)HOVPDVVHQ]XP$EVWXU]EULQJHQNRQQWHPXWHGDVHLQH6WDXXQJGHV %HUJIOXVVHV]XU)ROJHKDEHQ'DQQZROOWHLFKHLQPDOVHKHQZDVDXVGHUKLQGHUOLFKHQ :DVVHUEDUULHUHLQ³PHLQHP´6WURPZXUGH ,FK IHXHUWH 6RQQHQJOXWHQ GU|KQWHQ DXV GHP VSLUDOLJHQ )HOGHQHUJLHODXI GHU .DQRQH'HU6WUDKOVFKXULHQWODQJVHLQHU%DKQGLH$WPRVSKlUHDXIXQGYHUGDPSIWH GHUHQKRKH:DVVHUDQWHLOH,UUOLFKWHUQGHV)HXHUNHQQ]HLFKQHWHGLHVHVHOWVDPH³5|KUH´ 'RUWZRGLHOLQNH)HOVQDVHDXVGHP*HVWHLQGHU8IHUZDQGXQJKHUYRUZXFKVVFKOXJHQ GLH HQWIHVVHOWHQ *HZDOWHQ HLQ (V NDP ]X GHU W\SLVFKHQ $XIWUHIIGHWRQDWLRQ DXV JOXWIOVVLJ YHUVSUKHQGHP 0DJPD 'DV 'RQQHUQ GHU LQV 9DNXXP ]XUFNVWU]HQGHQ /XIWPDVVHQ ZDU YRQ EHWlXEHQGHU :LUNXQJ ,FK HUIDWH VFKOHXQLJVW HLQHQ JULIIEHUHLW KlQJHQGHQ*HK|UVFKXW]XQGVWUHLIWHGLHGLFNJHSROVWHUWHQ6FKDOHQEHUPHLQH2KUHQ 0HLQ IQIWHU +RFKHQHUJLHVFKX GHQ LFK GLHVPDO PLW EUHLWHUHU 6WUDKOEDKQ DEJHIHXHUW KDWWH IXKU LQ GDV JOKHQGH %URGHOQ KLQHLQ XQG WUHQQWH GLH EHUKlQJHQGHQ )HOVPDVVHQ YRQ GHU 8IHUZDQGXQJ DE 0LW 'RQQHUJHW|VH VWU]WHQ VLH QDFK XQWHQ XQG VFKOXJHQ LQ GHP )OXEHWW DXI 'DEHL ]HUEUDFK GDV *HELOGH LQ YLHOH (LQ]HOWHLOH 0LU JHQJWHHVQRFKQLFKW,FKQDKPGHQhEHUKDQJGHUDQGHUHQ6HLWHXQWHU)HXHU 1DFK GHP DFKWHQ 6FKX EORFNLHUWH GHU 6FKXW]VFKDOWHU GLH 5HDNWLRQVNDPPHU 8QJHGXOGLJ DOOHV ULVNLHUHQG ]HUWUPPHUWH LFK PLW GHP JHSDQ]HUWHQ (OOERJHQVWFN PHLQHV .DPSIDQ]XJHV GLH .XQVWVWRIINDSSH EHU GHP *HIDKUHQVFKDOWHU IU K|FKVWH 1RWIlOOH XQG SUHWH LKQ PLW GHP 'DXPHQ QLHGHU (U KRE GLH 6SHUUH DXI $OOHUGLQJV NRQQWHLFKMHW]WPLWVDPWGHU.DQRQHVHKUOHLFKWDWRPLVLHUWZHUGHQ,FKZDJWHHV0HLQ ]HKQWHU 6FKX OLH DXFK GLH UHVWOLFKHQ )HOVPDVVHQ DEVWU]HQ 'HU *HELUJVIOX VWDXWH VLFK HQGJOWLJ DQ GHP QHXHQ +LQGHUQLV 'HU ZHLWHU VWURPDEZlUWV OLHJHQGH :DVVHUIDOO YHUVLHJWH]XHLQHP5LQQVDO$QVFKOLHHQGUDQQWHLFKQXUQRFK(VZDUHLQ:HWWODXIPLW GHU =HLW GLH SO|W]OLFK ]ZHLHUOHL %HGHXWXQJ JHZRQQHQ KDWWH (LQPDO KDWWH LFK ]XYLHO GDYRQYHUORUHQXQGDQGHUHUVHLWVJHERWGDVZHLJOKHQGH%RGHQVWFNGHU.DQRQHGLH UDVFKH(QWIHUQXQJ:HQQVLHH[SORGLHUWHJLQJEHUGHP8UZDOGHLQHNQVWOLFKH6RQQH DXI 9|OOLJ HUVFK|SIW NDP LFK EHL 7LUDNR *DPQR DQ (U VWHOOWH NHLQH EHUIOVVLJHQ )UDJHQ 6FKOLHOLFK KDWWH HU GLH 9RUJlQJH EHREDFKWHQ N|QQHQ 0HLQ %RRW KDWWH HU VFKRQ DEIDKUJHUHFKW LQV :DVVHU JHVFKREHQ (U VD DQ GHQ EHLGHQ 5XGHUQ 'HU XQEH]ZLQJEDUH :DOO DXV :DVVHU ZDU YHUVFKZXQGHQ 'LH NUlIWLJH 6WU|PXQJ GHV +DXSWIOXVVHVKDWWHGLHOHW]WHQ6WUXGHOEHVLHJW$OV7LUDNR]XUXGHUQEHJDQQXQWHUVDJWH LFKHVLKP'DVPXWHLFKVHOEVWEHUQHKPHQ(UUlXPWHZRUWORVVHLQHQ3ODW]XQGLFK EHJDQQ ]XU )OXPLWWH ]X UXGHUQ 'RUW DQJHNRPPHQ ZXUGHQ ZLU YRQ GHU 6WU|PXQJ HUIDW $XJHQEOLFNH VSlWHU SDVVLHUWHQ ZLU GHQ 2UW ZR YRUKHU HLQ 1DWXUKLQGHUQLV MHGHV :HLWHUNRPPHQYHUHLWHOWKDWWH ³(UVWNODVVLJH $UEHLW´ OREWH 7LUDNR DOV LFK ZLHGHU ]X $WHP JHNRPPHQ ZDU ³$XI GLH,GHHZlUHLFKQLHJHNRPPHQ'DUIPDQDXVGHP0XQGHGHV.|QQHUVHUIDKUHQZDV VLFKLQGHU'VWHUQLVGHV:DOGHVDEJHVSLHOWKDW"´
'HU.ULVWDOOSULQ]
M
$WODQ
³(LQ'UDPD-XQJH´EHKDXSWHWHLFKWLHI/XIWKROHQG³,FKZHLMHW]WGDYRUXQV QRFKQLHPDQGKLHUZDU'LHVHQ3DQ]HUKDWDXHUPLUNHLQ+HUWDVREHWUHWHQ´ ³3DQ]HU"´ OFK HUNOlUWH HV LKP (U QLFNWH VLQQHQG (LQ LURQLVFKHV /lFKHOQ XPVSLHOWH VHLQH /LSSHQ³'LH6FKODQJHZDUQLFKWYRUJHVHKHQVFKHLQWPLU:DUWHQZLUDE.RPPDQGDQW ZHOFKHhEHUUDVFKXQJHQVRQVWQRFKDXIXQVODXHUQ´ ,FK VSlKWH DQJHVWUHQJW IOXDEZlUWV 'DV 3DQ]HUJHVFKW] VFKLHQ GRFK QLFKW XQDQJHQHKP ]X UHDJLHUHQ RGHU ZLU KlWWHQ HV OlQJVW ]X VSUHQ EHNRPPHQ *OFN JHKDEW 2GHU GRFK QLFKW" ,FK ODFKWH VDUNDVWLVFK 1DWUOLFK²HLQ 5RERWNRPPDQGR GHU .OHLQHQ5XQGHZLUGGLH'HWRQDWLRQYHUKLQGHUWKDEHQ 'LH hEHUUDVFKXQJHQ KDWWHQ DXI VLFK ZDUWHQ ODVVHQ 7LUDNR XQG LFK ZDUHQ RIIHQEDUYRQIDOVFKHQ9RUDXVVHW]XQJHQDXVJHJDQJHQ:HQQXQVGLH3UIHUGHV)DHKUO QRFK ZHLWHUH OHEHQVEHGURKHQGH 6FKLNDQHQ ]XJHGDFKW KDWWHQ VR DXI NHLQHQ )DOO ZlKUHQGGHUUHVWOLFKHQ)OXIDKUW'DIUZDUHQVLH]XNOXJ6LHZDUWHWHQDE 'DV3UIXQJV]LHOHLQHQNOHLQHQ6HHKDWWHQZLUVFKRQNQDSSHLQHLQKDOE7RQWDV QDFKGHP$EHQWHXHUPLWGHU:DVVHUEDUULHUHHUUHLFKW+LHUGURKWHQQHXH*HIDKUHQGDV IKOWHLFKLQVWLQNWLY'HU6HHODJEHUHLWVLP)ODFKODQG'LH%HUJHKDWWHQZLUQDFKHLQHU OHW]WHQ)DKUWGXUFKWRVHQGH6WURPVFKQHOOHQKLQWHUXQVJHODVVHQ5LQJVXPHUEOLFNWHLFK HLQ ZHLWHV KJHOLJHV XQG YHJHWDWLRQVDUPHV *HOlQGH 'HU 8UZDOG ZDU SO|W]OLFK YHUVFKZXQGHQ (LQH 6DYDQQH |IIQHWH VLFK YRU XQVHUHQ %OLFNHQ +LHU XQG GD EHPHUNWH LFK DXVJHGHKQWH :DOG XQG 8QWHUKRO]JUXSSHQ 6LH ODJHQ PDOHULVFK HLQJHEHWWHW ]ZLVFKHQVDQIWHQ%RGHQHUKHEXQJHQXQGVDIWVWURW]HQGHQ*UDVIOlFKHQ 0HLQ HUVWHU *HGDQNH KDWWH GHU IHKOHQGHQ 'HFNXQJVP|JOLFKNHLW JHJROWHQ +LHU NRQQWHPDQVLFKZHGHUDXVVLFKWVUHLFKYHUEHUJHQQRFKZDUHVP|JOLFKVLFKDQHLQ=LHO XQEHPHUNW DQ]XVFKOHLFKHQ 'DV ZDU EHDEVLFKWLJW 1RFK XQWHUVWW]WH XQV GDV 7DJHVOLFKW %HL 6RQQHQXQWHUJDQJ PXWH LFK GDV 'HSRW JHIXQGHQ KDEHQ RGHU GLH VWUDSD]L|VH 3UIXQJ ZDU YHUJHEOLFK EHVWDQGHQ ZRUGHQ²ELV MHW]W EHVWDQGHQ ZRUGHQ (QWZHGHUJLQJHVQXQXP/HEHQXQG7RGRGHUGHU5HVWGHU$XIJDEHZDUVRHLQIDFK GD VLH GHVZHJHQ DOV 6FKZLHULJNHLWVJUDG HUVWHU *U|HQRUGQXQJ HLQ]XVWXIHQ ZDU 'LH $5. 6800,$.DQGLGDWHQ UHFKQHWHQ ZDKUVFKHLQOLFK DXI *UXQG GHU YRUDQJHJDQJHQHQ (UHLJQLVVHPLWHLQHUZHLWHUHQ6WHLJHUXQJGHV6FKZLHULJNHLWVJUDGHV,FKOLHPLFKGDYRQ QLFKW EHHLQGUXFNHQ (V ZDU GXUFKDXV P|JOLFK GD PDQ VR NXU] YRU GHP =LHO GHU 1RUPDOLWlWGHQ9RU]XJJHJHEHQKDWWH ,FK KDWWH PLFK YRQ 7LUDNR JHWUHQQW (V ZDU VHLQ :XQVFK JHZHVHQ DOOHLQ QDFK GHP'HSRW]XVXFKHQ'DGXUFKNRQQWHHUYLHOOHLFKWQRFKHLQLJH3OXVSXQNWHJHZLQQHQ (UZROOWHPLUDXVGHP:HJHJHKHQGDHUEHIUFKWHWHPLUGXUFKVHLQH$QZHVHQKHLW]X VFKDGHQ,FKKDWWHGDV%RRWHEHQIDOOVYHUODVVHQXQGVDKPLFKXP:HLWXQGEUHLWZDU YRQHLQHP'HSRWQLFKWV]XVHKHQ'DVZlUHDXFKYHUZXQGHUOLFKJHZHVHQGHQQHVZDU QDFKGHQ6LFKHUKHLWVYRUVFKULIWHQGHU)ORWWHDQJHOHJWZRUGHQ²DOVRJHWDUQW :HLWHUYRUQILHOGDVEHUZLHJHQGVWHLOH8IHUGHV6HHVLQOHLFKWHU6FKUlJXQJ]XP :DVVHUVSLHJHO DE 'DV ZlUH HLQ LGHDOHU /DQGHSODW] JHZHVHQ GHU VLFK DXFK IU GLH 9HUVFKLIIXQJ YRQ 1DFKVFKXEJWHUQ JHHLJQHW KlWWH 9RQ GRUW DXV IKUWHQ HLQLJH NDXP HUNHQQEDUH)DKUVSXUHQLQV/DQGHVLQQHUH7LUDNRKDWWHVLFKGDYRQDQORFNHQODVVHQ,FK NRQQWH PLU QLFKW YRUVWHOOHQ GD VLFK HLQ 0DQQ YRQ VR KRKHQ *HLVWHVJDEHQ XQG VR DXVJHSUlJWHQ ORJLVFK IXQGLHUWHQ hEHUOHJXQJVYRUJlQJHQ WDWVlFKOLFK YRQ GHUDUW RIIHQNXQGLJHQ +LQZHLVHQ YHUIKUHQ OLH 'DV ZDU ZDKUVFKHLQOLFK HLQH )DOOH XQG HU
'HU.ULVWDOOSULQ]
M
$WODQ
PXWHHVHUNDQQWKDEHQ(UGHUNHLQH&KDQFHQPHKUKDWWHZROOWHPLUKHOIHQ(UUHQQW ZLVVHQWOLFKLQVHLQ8QJOFNKLQHLQQXUXPPLUHLQHQ'LHQVW]XHUZHLVHQ ,FKKDWWHGDVNOHLQH2UWXQJVJHUlWGHV.DPSIDQ]XJVHLQJHVFKDOWHW,QLUJHQGHLQHU )RUP PXWH HV HLQHQ +LQZHLV DXI GDV 'HSRW JHEHQ RGHU QLHPDQG KlWWH HV MHPDOV ILQGHQN|QQHQ6FKRQGLHJHULQJVWH(QHUJLHRUWXQJKlWWHPLUJHQJWXPGHQXQJHIlKUHQ /DJHRUWDQSHLOHQ]XN|QQHQ'DV*HUlW]HLJWHMHGRFKEHUKDXSWQLFKWVDQ,FKNRQQWH PLU YRUVWHOOHQ GD LQ GHP 6WW]SXQNW NHLQH HLQ]LJH .UDIWPDVFKLQH OLHI 'DV ZDU HLQH 9RUVLFKWVPDQDKPHZLHVLHLP(UQVWIDOOJUXQGVlW]OLFKDXVJHEWZXUGH ,FK VSUDQJ ]XU QlFKVWHQ $QK|KH KLQEHU XQG JLQJ GRUW KLQWHU HLQHP %DXP LQ 'HFNXQJ 7LUDNR ZDU VFKRQ ZHLW HQWIHUQW (U IROJWH GHU )DKUVSXU -H ZHLWHU HU LQ GLH 6DYDQQHKLQDXVVFKULWWXPVRVFKZlFKHUZXUGHVLH,FKKDWWHLKPPHLQ9LEUDWRUPHVVHU PLWJHJHEHQ 5LFKWLJ DQJHZHQGHW ZDU GLH ODQJH KDXFKGQQH .OLQJH DXV YHUGLFKWHWHP $UNRQVWDKOHLQHJHIlKUOLFKH:DIIH'LHVFKQHOOYLEULHUHQGH6FKQHLGHGXUFKWUHQQWHVRJDU VWDELOH.XQVWVWRIIH :HLW XQG EUHLW UHJWH VLFK QLFKWV 1XU VGOLFK PHLQHV 6WDQGRUWV EHPHUNWH LFK HLQLJH 7LHUH GLH GRUW IULHGOLFK ZHLGHWHQ 6LH ZDUHQ ]X NOHLQ XP JHIlKUOLFK ZHUGHQ ]X N|QQHQ ,FK KDWWH PLW GHP XQYHUKRIIOHQ $XIWDXFKHQ YRQ PDDKNVFKHQ .DPSIURERWHUQ RGHU VRQVWLJHQ DXWRPDWLVFKHQ *HUlWVFKDIWHQ JHUHFKQHW 1LFKWV GHUJOHLFKHQ JHVFKDK 0DQVFKLHQGLH*HGXOGHLQHV3UIOLQJVDXIHLQHKDUWH3UREHVWHOOHQ]XZROOHQ:LHKDW )DUWXORRQ VWHWV JHVDJW" ³(LQHU MHGHQ +DQGOXQJ VROOWH GLH hEHUOHJXQJ YRUDXVJHKHQ 6HKHQXQGHUNHQQHQGDVLVWGLH.XQVWGHVJXWHQ.lPSIHUV´ 7LUDNR *DPQR QlKHUWH VLFK HLQHU :DOG]XQJH (U ]|JHUWH XQG VFKDOWHWH GDV 0HVVHUHLQ'DVEHPHUNWHLFKDQGHUVRIRUWLJHQ5HDNWLRQPHLQHU(QHUJLHRUWXQJ7LUDNR JLQJZHLWHU'DJHZDKUWHLFKHLQHQ]XFNHQGHQ%OLW](UVFKOXJ]ZLVFKHQ]ZHL%lXPHQ EHU]ZLVFKHQGHQHQSO|W]OLFKHLQ*LWWHUJHVWHOODXVGHP%RGHQVFKRXQGYHUGLFKWHWH VLFK LQ *HGDQNHQVFKQHOOH ]X HLQHP ZDEHUQGHQ (QHUJLHIHOG YRQ GHP 7LUDNR HUIDW ZXUGH,PQlFKVWHQ$XJHQEOLFNZDUHUHEHQVRYHUVFKZXQGHQZLHGHU.lILJ,FKIOXFKWH KHPPXQJVORV (V ZDU HLQH 5HDNWLRQ PHLQHU %HVRUJQLV XP LKQ +DWWH LFK LKQ QLFKW JHZDUQW" 0HLQH $XIPHUNVDPNHLW ZXUGH YRQ GHP 2UWHU JHIHVVHOW %HLP (QWVWHKHQ GHU .UDIWOLQLHQ EHL GHQHQ HV VLFK ZDKUVFKHLQOLFK XP GDV 7UDQVSRUWIHOG HLQHV 0DWHULHWUDQVPLWWHUV JHKDQGHOW KDWWH ZDUHQ KRKH (QHUJLHQ IUHLJHZRUGHQ 'DV *HUlW KDWWHVLHUHJLVWULHUW,FKLJQRULHUWHHV9LHOZLFKWLJHUZDUGLH)UDJHZRGDV$JJUHJDW]XU (U]HXJXQJGLHVHU.UlIWHVWDQG'RUWPXWHDXFKGDV'HSRWVHLQLPPHUYRUDXVJHVHW]W GHU 7UDQVPLWWHU ZXUGH YRQ GRUW DXV YHUVRUJW 'LH 3HLOXQJ OLHI QRFK (V ZXUGHQ DXFK QRFK HQHUJHWLVFKH .UlIWH IUHL ZDV LFK DQ GHQ KXVFKHQGHQ =DKOHQJUXSSHQ KLQWHU GHP NOHLQHQ6LFKWIHQVWHUHUNHQQHQNRQQWH'LH(PLVVLRQZXUGHMHGRFKVHKUVFKQHOOJHULQJHU 'LH/HXFKWDQ]HLJHJLQJ]XUFNDXI1XOOZHUW ,FKKDWWHJHQXJJHVHKHQ'DVZDVLFKLQGLHVHQZHQLJHQ$XJHQEOLFNHQJHRUWHW KDWWH ZDU LGHQWLVFK PLW HLQHU DXVODXIHQGHQ .HUQIXVLRQVDQODJH JHZHVHQ 6LH ZDU QXU KRFKJHIDKUHQ ZRUGHQ XP GHQ 7UDQVPLWWHU YHUVRUJHQ ]X N|QQHQ 'DV 3HLOHUJHEQLV NRQQWH LFK DXI GHP 5HFKQHU DEOHVHQ 'HU 5HDNWRU VWDQG LQ VGOLFKHU 5LFKWXQJ QLFKW ZHLW HQWIHUQW YRQ GHU 7UDQVPLWWHUIDOOH GLH MHGHQ XQYRUVLFKWLJHQ 6SXUHQVXFKHU HLQILQJ ,FKUDQQWH]XGHPQDKHQ:DOGVWUHLIHQKLQEHULPPHUDXIJXWH'HFNXQJEHGDFKW(WZD YLHU]LJ0HWHUGDYRUEOLHELFKVWHKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
(LQH ,GHH EHVFKlIWLJWH PLFK ,FK EUDXFKWH QRFK HLQLJH JXWH %HZHUWXQJHQ GDV HUVFKLHQPLUJHZL0LWQXUHLQHU$XIJDEHZDUHQGLHHUIRUGHUOLFKHQ]HKQWDXVHQG3XQNWH QXUGDQQ]XJHZLQQHQZHQQPDQLQMHGHU%H]LHKXQJEHU]HXJHQGKDQGHOWH,FKGDFKWH DQ GLH $XVZHUWXQJVUHFKQHU 6LH NRQQWH PDQ QXU PLW URERWLVFKHU /RJLN EHUOLVWHQ 'LH EHLGHQ%lXPH]ZLVFKHQGHQHQ7LUDNRYHUVFKZXQGHQZDUVW|UWHQPLFK,FKZROOWHVLH QLFKWJHUQLP5FNHQKDEHQDQGHUHUVHLWVZROOWHLFKDEHUDXFKGLH%HZHUWXQJVUHFKQHU SRVLWLYDQVSUHFKHQ 'LH ,GHH ZDU JXW ,FK VWHLJHUWH PLFK HUQHXW LQ PHLQH VLPXOLHUWH 5ROOH DOV QRWJHODQGHWHUDUNRQLGLVFKHU5DXPIDKUHUKLQHLQXQGJULIIQDFKGHP$XI]HLFKQXQJVJHUlW ³0DFRORQ .RPPDQGDQW GHV 6FKZHUHQ .UHX]HUV $5*2662 JLEW ]XP =ZHFNH GHU VSlWHUHQ$XVZHUWXQJNXQG0HLQ%HJOHLWHULVWYRQHLQHU7UDQVPLWWHUIDOOHHUIDWZRUGHQ ,FK KDEH GDV 'HSRW GDV LFK LP ,QWHUHVVH GHV 7DL $UN¶7XVVDQ ]X HUUHLFKHQ KDEH HLQZDQGIUHL JHRUWHW ,FK NDQQ QLFKW ZLVVHQ RE GLH 7UDQVPLWWHUIDOOH ]X GHQ VWlQGLJHQ $EZHKUHLQULFKWXQJHQ GHU 6WDWLRQ JHK|UW RGHU RE VLH GXUFK HYHQWXHOO HLQJHGUXQJHQH *HJQHU ]XXQJXQVWHQ DQNRPPHQGHU $UNRQLGHQ DNWLYLHUW ZRUGHQ LVW :HLWHUH (LQULFKWXQJHQ GLHVHU $UW N|QQHQ YRUKDQGHQ VHLQ :HQQ GDV VR LVW ZLUG PDQ HLQHQ JHVFKORVVHQHQ (QHUJLHNUHLV DQJHOHJW KDEHQ ,FK ZHUGH GHQ YRQ PLU HUNDQQWHQ 9HUWHLOHUSXQNWYRUVLFKWVKDOEHUYHUQLFKWHQ(QGH´ ,FK VWHFNWH GDV *HUlW LQ HLQH $XHQWDVFKH XQG EUDFKWH GLH 6WUDKOZDIIH LQ $QVFKODJ ,P :DOG QLFKW ZHLW YRQ GHQ EHLGHQ %lXPHQ EHZHJWHQVLFK SO|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lQGHQ 5HVWVWUDKOXQJHQ HQHUJHWLVFKHU 1DWXU JHEHQ PXWH ,FK IDQG GHQ =XJDQJ VFKQHOO XQG OHLFKW 6FKRQ ZLHGHU HLQ %DXP (WZDV SKDQWDVLHYROOHU KlWWH PDQ ]XP$EVFKOXHLQHUGHUDUWVFKZHUHQ(LJQXQJVSUIXQJGXUFKDXVVHLQN|QQHQ ,FK EHQ|WLJWH QLFKW ODQJH ELV LFK GLH IHLQHQ /LQLHQ LQ GHU JURESRULJHQ 5LQGH HQWGHFNWH'DKLQWHUODJGDVJHWDUQWH6WDKOVFKRWW,FKJLQJ]XUFNXQGKREGHQ/XFFRW OLH LKQ DEHU ZLHGHU VLQNHQ DOV PLU GDV 3ULPLWLYH DQ PHLQHU EHDEVLFKWLJWHQ +DQGOXQJ EHZXW ZXUGH (V ZlUH HLQ JUREHU )HKOHU JHZHVHQ GDV 6FKRWW JHZDOWVDP ]X |IIQHQ (LQLJH0LQXVSXQNWHZlUHQPLUVLFKHUJHZHVHQ(VJDEHLQHHOHJDQWHUH/|VXQJ,FK]RJ PHLQH ,GHQWLIL]LHUXQJVNDUWH LQ GHU DOOH 'DWHQ EHU PLFK HQWKDOWHQ ZDUHQ 'DV PXWH UHLFKHQ XP GDV .RGHVFKOR GHU 3IRUWH YRQ PHLQHU DUNRQLGLVFKHQ ,GHQWLWlW ]X ³EHU]HXJHQ´ ,FK SUHWH GLH .DUWH DQ MHQH 6WHOOH KLQWHU GHU LFK GDV 6FKOR YHUPXWHWH 'DV 6FKRWW VFKZDQJ PLWVDPW GHU 5LQGHQYHUNOHLGXQJ DXI 'DV /LFKW EOHQGHWH DXWRPDWLVFK DXI9RUPLUODJHLQH6SLUDOWUHSSHDXV.XQVWVWRII'LHVH6WDWLRQVFKLHQQLFKWEHUHLQHQ /LIW]XYHUIJHQ,FKMXEHOWHLQQHUOLFKEOLHEDEHULPPHUQRFKVHKUYRUVLFKWLJ$OV3UIHU KlWWH LFK KLHU VR NXU] YRU GHP =LHO HLQH OHW]WH 6FKZLHULJNHLW HLQJHEDXW ,FK HUUHLFKWH GHQ9RUUDXP'DKLQWHUPXWHGLH)XQNVWDWLRQOLHJHQ0HLQH1HUYHQZDUHQDQJHVSDQQW ,FKZDUWHWH1LFKWVUHJWHVLFK
'HU.ULVWDOOSULQ]
M
$WODQ
'D ILHO PLU GLH /|VXQJ HLQ 0DQ ZDU XQJHKHXHU JHVFKLFNW +LHU JDE HV NHLQ JHIlKUOLFKHV+LQGHUQLVPHKUDEHUPDQUHFKQHWHPLWHLQHUHQWVSUHFKHQGHQ(LQVWHOOXQJ GHU 3UIOLQJH 'DV NRQQWH EHGHXWHQ GD VLH ZHQLJH 6FKULWWH YRU GHP =LHO ]X YLHO =HLW YHUORUHQ 'DV ZDU GLH )DOOH 'UDXHQ VHQNWH VLFK GLH 'lPPHUXQJ EHU GDV /DQG ,FK GXUIWHNHLQH0LOOLWRQWDLQXQQW]HU9RUVLFKWYHUZHLOHQVSUDQJLQGLH)XQNVWDWLRQKLQHLQ DNWLYLHUWHGLH*HUlWHXQGGUFNWHDXIGLH5XIWDVWH'HUJURH%LOGVFKLUPOHXFKWHWHVRIRUW DXI 'DV *HVLFKW HLQHV PLU YHUWUDXWHQ )DHKUO/HKUHUV HUVFKLHQ (LJHQWPOLFK²ZLHVR KDWWHHUNHLQH+DDUHPHKU"(UVFKDXWHPLFKYRP%LOGVFKLUPKHUDElXHUVWXQPXWLJDQ 'D EHPHUNWH LFK HLQLJH GLFNH %UDQGEODVHQ 6ROOWH HU LQ GHU 1lKH GHV YRQ PLU EHVFKRVVHQHQ%DXPHVJHVWDQGHQKDEHQ" ³3UIXQJ EHHQGHW GLH YRUJHVFKULHEHQH =HLW ZXUGH HLQJHKDOWHQ´ YHUQDKP LFK VHLQH 6WLPPH ³%HJHEHQ 6LH VLFK LQ GHQ 7UDQVPLWWHUUDXP XQG ODVVHQ 6LH VLFK DEVWUDKOHQ 6LH ZHUGHQ LP )DHKUO KHUDXVNRPPHQ *HVWDWWHQ 6LH PLU HLQH SHUV|QOLFKH %HPHUNXQJ+HUWDVR0DFRORQ"´ ³$EHUJHUQ(UKDEHQHU´ ³1DFKGHP 6LH GLH %HZHJXQJ KLQWHU GHP 3URMHNWRUEDXP EHPHUNW KDWWHQ KlWWHQ 6LHUXKLJQRFKHLQLJH$XJHQEOLFNHPLWGHP%HVFKXZDUWHQN|QQHQ´ ³2K GDV ZDUHQ 6LH (UKDEHQHU" 6LH VHKHQ PLFK EHWURIIHQ ,FK KDVWH 6LH IU HLQHQ IHLQGOLFKHQ 0DDKN JHKDOWHQ 0HLQH $XIJDEH JHERW PLU MHGRFK XQWHU DOLHQ 8PVWlQGHQXQGPLWDOLHQ0LWWHOQ´ ³9LHOHQ'DQNIUGLH$XINOlUXQJ*HKHQ6LHQXQ'HU+HUWDVR7LUDNR*DPQRLVW EHUHLWVLP)DHKUODQJHNRPPHQ0DFKHQ6LHVLFKNHLQH6RUJHQ(QGH´ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ 6FKRQLQGHUDUNRQLGLVFKHQ)UK]HLWZXUGHGLH)DPLOLHGHUHUYRQ*RQR]DODOV HLQHGHUPDJHEOLFKHQJHQDQQW'HU*RQR]DO.KDVXPHUODQJWH]ZDUUDVFKGLH +RFKDGHOVZUGHHLQHV*URHQ.HOFKHVEUDFKWHHWOLFKH$GPLUDOH6RQQHQWUlJHUXQG KRFKJHVWHOOWH%HDPWHKHUYRUVWHOOWHMHGRFKREZRKO]XGHQ)UVWHQJHK|UHQGLP-DKUH GD$UNHUVWPDOVHLQHQ,PSHUDWRU(UIROJWH5REDO9DOV+HUUVFKHUDXIGHP .ULVWDOOWKURQZHOO5REDOVHLQH)UDXVRVHKUOLHEWH²RGHUZlKQWHVLH]XOLHEHQ²KDXHHU HLQHQ$GPLUDODXV(LIHUVXFKWHUVFKRVVHQXQGZXUGH]XP7RGYHUXUWHLOWNRQQWH DOOHUGLQJVIOLHKHQ,QMHQHU=HLWKDVWHQGLH*RQR]DOLP*URHQ5DWDXVUHLFKHQG PDFKWUROOH3RVLWLRQHQEHVHW]WVRGDVLHHLQHQGHU,KUHQDOVQHXHQ+|FKVWHGOHQ GXUFKVHW]HQNRQQWHQ 0HVGRQGD*RQR]DOGDVDOWH2EHUKDXSWGHV.KDVXPQDQQWHVLFKQXQ*RQR]DO ,YHUVFKZDQGMHGRFKQDFKQXUGUHL-DKUHQ+HUUVFKDIWVSXUORVLQHLQHP+\SHUVWXUP 6HLQHUVWJHERUHQHU6RKQ0\ODUVHOEVWVFKRQEHVWLHJGD$UNGHQ.ULVWDOOWKURQ XQGUHJLHUWHELV]XVHLQHP7RGLP-DKUGD$UNDOV*RQR]DO,,GDV7DL$UN¶7XVVDQ 0DSRFGD*RQR]DOLQVJHVDPWQHXQPDOYHUKHLUDWHWUHJLHUWHDOV*RQR]DO,,/ -DKUHHUZDUGHU,QLlDWRUGHV3URMHNWVGHU6\QFKURQZHOWHQ$UNRQVVSlWHUNXU]7LJD 5DQWRQ²'UHL:HOWHQ²JHQDQQW'LH3ODQHWHQ$UNRQXQG,,,XPNUHLVWHQVHLWKHUDOV H[DNWJOHLFKVHLWLJHV'UHLHFNGLH6RQQHXQGHVZDUHLQHGHUDUWDXHUJHZ|KQOLFKH (UVFKHLQXQJGDVLHGHU6HOEVWJORULIL]LHUXQJGLHQWHXQGLKUHZDKUH(QWVWHKXQJPLW]X
'HU.ULVWDOOSULQ]
M
$WODQ
GHQJURWHQ6WDDWVJHKHLPQLVVHQJHK|UWH,QGHQ.UHLVHQGHU*RQR]DOHUKLHOWVLFK MHGRFKVWHWVGDV:LVVHQXPGLHZDKUHQ+LQWHUJUQGHGLHVHVVLFKHUWHLKUHP.KDVXP GLHIUVWOLFKH0DFKWZXUGHMHGRFKQLHPDOV]XUHLJHQHQ3URILOLHUXQJDXVJHQXW]W *RQR]DO,9DOV0DVSURQGD*RQR]DOJHERUHQ²ZDUQXUHLQHNXU]H 5HJLHUXQJV]HLWEHVFKLHGHQ,P-DKUGD$UNLQWKURQLVLHUWZXUGHHUGUHL-DKUH VSlWHUHUPRUGHWXQGPLWLKPVWDUEHQDXFKGHU.ULVWDOOSULQ]VRZLHHWOLFKH*RQR]DO )UVWHQ,QZLHZHLWGHUGD$UNDQGLH+HUUVFKDIWJHODQJWH.KDVXPGHUHUYRQ 0HW]DWLQGLHVHV.RPSORXHLQJHEXQGHQZDUZXUGHQLHHLQGHXWLJJHNOl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²LKUH9HUZLFNOXQJ LQHLQH$GHOVLQWULJHIKUWH]XU$XIKHEXQJGHU(KHZHVKDOE8SRFYRQMHJOLFKHU 7KURQQDFKIROJHDXVJHVFKORVVHQZXUGH6FKOLHOLFK$VKOHDGD2UEDQDVFKRO²VLHJHEDU GD$UN9HOR]GHUVLFKMHGRFKVFKRQLQVHLQHU-XJHQGQXU2UEDQDVFKROUXIHQOLH XQGPDJHEOLFKYRQVHLQHUKHUULVFKHQXQGPDFKWEHVHVVHQHQ0XWWHUEHHLQIOXWZXUGH $WODQV9DWHU0DVFXGDUGD*RQR]DOUHJLHUWHDOV,PSHUDWRU*RQR]DO9,,LQGHU=HLW YRQELVGD$UN6HLQH)UDXXQG,PSHUDWUL[
'HU.ULVWDOOSULQ]
M
$WODQ
DNWLYHQ'LHQVWDXVJHVFKLHGHQZDU(VZXUGHMHGRFKDQJHGHXWHW,PSHUDWRU 2UEDQDVFKRO,,,VHLLKPQLFKWZRKOJHVLQQWJHZHVHQ/HXWHGLHVLFKIUEHVRQGHUVJXW LQIRUPLHUWKLHOWHQPHLQWHQVRJDU2UEDQDVFKROKlWWHHLQH)ORWWHQUHYROWHXQWHU 7RUPDQDFV)KUXQJEHIUFKWHW ,P+LQWHUJUXQGGHVJURHQ'LHQVW]LPPHUVVWDQG7RUPDQDFVSHUV|QOLFKHU 5HIHUHQW7RUPDQDFVFKLFNWHLKQPLWXQIUHXQGOLFKHQ:RUWHQKLQDXVXQGZDQGWHVLFK DQVFKOLHHQGZLHGHUDQPLFK³+|UHQ6LHMXQJHU0DQQLFKKDEHYRUZHQLJHQ7RQWDV PLW,KUHP+HUUQ9DWHUGHPHKUHQZHUWHQXQGYHUGLHQVWYROOHQ:LVVHQVFKDIWOHU7DQLFWURS JHVSURFKHQ(UZDUHQWVHW]WEHU,KUH9HUKDOWHQVZHLVH:HQQLFKVFKRQIUKHUYRQ GHP9RUIDOOHUIDKUHQKlWWHZlUHQ6LHGXUFKHLQHZHLWHUH3UIXQJJHJDQJHQ,VW,KQHQ GDVNODU"´ 6RJLQJHVQLFKW'D]XZlUHHUQLFKWEHUHFKWLJWJHZHVHQ,FKKDWWHGLHVHQ XQYRUVLFKWLJHQ/HKUHUQLFKWJHEHWHQVLFKLQPHLQHP6FKXIHOGDXI]XKDOWHQ³1HLQ (UKDEHQHU,FKOHKQH,KUHbXHUXQJLQDOOHU6FKlUIHDE6LHVWHKW,KQHQQLFKW]X,FK ELWWHXP(QWVFKXOGLJXQJDEHUGDVVROOWHJHVDJWZHUGHQ´ ³'HU+HUWDVRKDWHLJHQH$QVLFKWHQZLH"´ +DWWHHUVRHEHQQLFKWJHVFKPXQ]HOW"³6HKUULFKWLJ+RFKHGOHU,FKEHKHU]LJH YRUGULQJOLFKGHQRIWPLEUDXFKWHQ%HJULII*HUHFKWLJNHLW,FKKDWWHHUZDUWHWVLH ZHQLJVWHQVKLHULQHLQHPYRUELOGOLFKHQ,QVWLWXWGHV,PSHULXPVEHDFKWHW]XVHKHQ´ ³:HUGHQ6LHQLFKW]XVFKDUIMXQJHU0DQQ(VUHLFKW,KU+HUU9DWHUZDUMHGHQIDOOV XQJHKDOWHQ´(UJLQJ]XHLQHP+RFKHQHUJLHWUHVRUXQGHQWQDKPLKPHLQHQOlQJOLFKHQ 8PVFKODJ³(VVWHKWPLUQLFKW]XKLHU]X)UDJHQ]XVWHOOHQ²DEHULVWHVLQ,KUHU)DPLOLH EOLFK1DFKULFKWHQXQG*UHLQGLHVHUYHUDOWHWHQ)RUP]XEHUPLWWHOQ"(VJLEW 0LNURDXI]HLFKQHUXQG6SHLFKHUNULVWDOOH´ ³(VLVWEOLFK´OHKQWHLFKUHVHUYLHUWDE³,FKEHGDQNHPLFK=KGRSDQGD´ (UOlFKHOWHZLHGHU:DVKDWGDV]XEHGHXWHQ"'LHVH9HUKDOWHQVZHLVHZDUIU HLQHQ0DQQZLH7RUPDQDFXQJHZ|KXOLFK³/HVHQ6LHGHQ%ULHI+LHULQPHLQHU *HJHQZDUW9LHOOHLFKWEHQ|WLJHQ6LHHLQLJH(UNOlUXQJHQ´ ,VWHVP|JOLFKGDLP8QWHUEHZXWVHLQHLQHV$UNRQLGHQHLQH$UWYRQ $ODUPJORFNHOlXWHQNDQQ"0LUZDUVR0HLQ*ULIIDQGLHUHFKWH+IWHZRQRUPDOHUZHLVH PHLQH'LHQVWZDIIHKLQJZXUGHHEHQIDOOVYRP,QVWLQNWGLNWLHUW ³+HXWHWUDJHQ6LHNHLQHQ/XFFRW´PHLQWH7RUPDQDFLQVHOWVDPHQ7RQIDOO³(U SDWQLFKW]XU3UDFKWXQLIRUP/HVHQ6LH´9RQLKPJLQJNHLQHGLUHNWH*HIDKUDXVGDV IKOWHLFK(UGUlQJWH³/HVHQ6LHHQGOLFK´ ,FKULGHQ8PVFKODJDXI'LH1DFKULFKWVWDPPWHQLFKWYRQGHPHKUHQZHUWHQ :LVVHQVFKDIWOHU7DQLFWURSGHVVHQ³6RKQ´]XVHLQLFKGLHYRUEHUJHKHQGH(KUHKDWWH VRQGHUQYRQPHLQHP(U]LHKHU)DUWXORRQ(UVFKLHQGLH0LWWHLOXQJLQJURHU(LOH QLHGHUJHVFKULHEHQ]XKDEHQ$GPLUDO7RUPDQDFLVWHLQYHUWUDXWHUXQG]XYHUOlVVLJHU )UHXQG(ULVWHLQJHZHLKWXQGEHUGHLQH3HUVRQLQIRUPLHUW'HLQH/DJHZLUGNULWLVFK 'LH(KUXQJXQGGLHGDPLWYHUEXQGHQH9HUOHLKXQJGHU8UNXQGHQZLUG|IIHQWOLFKLQ%LOG XQG7RQEHUWUDJHQ:LUQlKHUQXQVGHUJHIlKUOLFKVWHQ7RQWDGHLQHVELVKHULJHQ /HEHQVZHJHV(VLVWP|JOLFKGD3HUVRQHQGLHPLUY|OOLJXQEHNDQQWVLQGGLHDEHU GHQYHUVWRUEHQHQ2IIL]LHU0DFRORQVHKUJXWNDQQWHQDXI*UXQGGHUhEHUWUDJXQJ 9HUGDFKWVFK|SIHQ'HLQbXHUHVZXUGHGHPGHV0DFRORQDQJHJOLFKHQ:LUEHIUFKWHQ MHGRFKGDMHPDQGGHUGHQ7RG0DFRORQVPLWHUOHEWKDWVHKUYHUZXQGHUWVHLQZLUG ZHQQHUSO|W]OLFKDXIGHQ+RORVFKLUPHQGHULPSHULXPVZHLWHQ1DFKULFKWHQYHUELQGXQJ
'HU.ULVWDOOSULQ]
M
$WODQ
HUVFKHLQW6HLZDFKVDP,FKZHUGHYHUVXFKHQDOOH*HIDKUHQYRQGLUDE]XZHQGHQ 9HUWUDXHGLFK7RUPDQDFDQ'HLQ(U]LHKHUXQGJHGXOGLJHU/HKUPHLVWHU)DUWXORRQ ,FKZDUJUHQ]HQORVEHUUDVFKW/lQJVWKDWWHLFKJHDKQWGDGHU %DXFKDXIVFKQHLGHUEHUJOlQ]HQGH9HUELQGXQJHQYHUIJWHDEHUPLW0lQQHUQYRP 5DQJHHLQHV7RUPDQDFKDWWHLFKQLFKWJHUHFKQHW$QGHUHUVHLWV$XI*RUWDYRUKDWXQVGHU %OLQGH6RIJDUWRIIHQEDUWGD)DUWXORRQIUKHUHLQPDOGHU/HLEDU]WYRQ,PSHUDWRU *RQR]DO9OOZDU6WDPPHQDXVMHQHU=HLWVHLQH9HUELQGXQJHQ" ³1XQ"´XQWHUEUDFKGHU'H.HRQ¶DWKRUPHLQHhEHUOHJXQJHQ³+DEHQ6LHVLFK HQWVFKORVVHQ"´ ³6LHVLQGEHUGHQ,QKDOWGLHVHV%ULHIHVLQIRUPLHUW"´HUNXQGLJWHLFKPLFK YRUVLFKWVKDOEHU³6LHVHKHQPLFKEHUUDVFKW(UKDEHQHU:DVLVW]XWXQ"´ (UVFKDXWHHUQHXWDXIGLH8KU³9LHOXQGGRFKZHQLJ:LUPVVHQDEZDUWHQ,KU *HJQHULVWEHUDOO,FKIUHXHPLFK$WODQRIIL]LHOO,KUH%HNDQQWVFKDIWPDFKHQ]XGUIHQ´ ,FKQHLJWHGHQ.RSI(UKDVWHHVHWZDV]XIHLHUOLFKJHVDJW:DVVROOWHGDPQ¶ DXVJHGUFNWZHUGHQ"³,KUH5HDNWLRQDXIPHLQH9RUKDOWHEH]JOLFKGHV/HKUHUVZDU YRUWUHIIOLFK6LHKDEHQPLFKQLFKWHQWWlXVFKW*HQDXGDVKDVWHLFKYRQ,KQHQHUZDUWHW 'LHIU6LHVFKZLHULJVWHXQGJHIlKUOLFKVWH3KDVHEHJLQQWLQGHP$XJHQEULFNZHQQ6LH GHQ$NWLYLHUXQJVUDXPEHWUHWHQXQG´ ³,FKKDEHEHVWDQGHQ"´XQWHUEUDFKLFKLKQDWHPORV ³6HOEVWYHUVWlQGOLFKVFKRQQDFKGHUHUVWHQ3UIXQJ6LHKlWWHQGLHEHLGHQ QDFKIROJHQGHQ$XIJDEHQQLFKW]XO|VHQEUDXFKHQ'HQQRFKKDWDXFKGHUHQ $XVZHUWXQJVHUJHEQLVEHU]HKQWDXVHQG3XQNWHHUEUDFKW0LWGLHVHU$XVNXQIWEUHFKH LFKHLQWUDGLWLRQHOOHV*HVHW]GHV)DHKUOYRQ/DUJDPHQLD,FKKDEHMHGRFKEHVRQGHUH *UQGH´ ³:XUGHLFKEHLGHQ3UIXQJHQLQIROJH,KUHU*XQVWEHYRU]XJWEHKDQGHOW",Q GLHVHP)DOOHPWHLFKGLH$5.6800,$DEOHKQHQ=KGRSDQGD´ (UDWPHWHWLHIHLQ(UVFKLHQLQQHUOLFKZLHHUO|VW]XVHLQ³$XIGLHVH)UDJHKDEH LFKJHZDUWHW6LHHKUW6LH$WODQ6HLHQ6LHPHLQHUXQYHUEUFKOLFKHQ7UHXHJHZL´ ³7UHXH"´ZLHGHUKROWHLFKYHUZLUUW³+RFKHGOHU7UHXHHUZHLVWPDQQXU)UHXQGHQ KRFKVWHKHQGHQ3HUV|QOLFKNHLWHQXQG´ ³6FKZHLJHQ6LHELWWH´IXKUHUPLFKDQ³'LHOHW]WHQ7RQWDVZHUGHQ6LHZRKODXFK QRFKXQHLQJHZHLKWEHUVWHKHQN|QQHQ:LUKDEHQGDIUJXWH*UQGH:DV,KUH)UDJH EHWULIIW1HLQ6LHVLQGQLFKWEHYRU]XJWZRUGHQ,FKZROOWHVHKHQZHOFKHPMXQJHQ0DQQ LFKPHLQ9HUWUDXHQVFKHQNWHRKQHLKQQlKHU]XNHQQHQ,FKGDUI,KQHQLP*HJHQVDW] ]X,KUHU9HUGDFKWVlXHUXQJPLWWHLOHQGD6LHGLH0RUGVFKODQJHLP3DQ]HUJOHLWHU PHLQHUSHUV|QOLFKHQ$QZHLVXQJ]XYHUGDQNHQKDEHQ6LHZDUQLFKWYRUJHVHKHQ,FKELQ YRQGHQ0LWJOLHGHUQGHU.OHLQHQ5XQGHGHVZHJHQVFKDUIDQJHJULIIHQZRUGHQ (UNXQGLJHQ6LHVLFKIDOOV6LHPHLQHQ9HUVLFKHUXQJHQNHLQHQ*ODXEHQVFKHQNHQ N|QQHQ´ ,FKZDUEHUXKLJW'LHVHU0DQQZDU]XHKUHQKDIWXPHLQH0DQLSXODWLRQ]X PHLQHQ*XQVWHQYRUJHQRPPHQ]XKDEHQ(VZlUHLKPDXFKDQJHVLFKWVGHU 5RERWEHREDFKWHUQLFKWJHOXQJHQ³,FKJODXEH,KQHQ+RFKHGOHU´ ³'DQNH6LHEHIUHLHQPLFKYRQHLQHUVHHOLVFKHQ/DVW6LHKDEHQVLFK KHUYRUUDJHQGYHUKDOWHQ1XQNRPPWHVIU6LHXQGXQVGDUDXIDQ6LHLQGHUOHW]WHQ 3KDVH]XEHKWHQ:DKUHQGGHU$NWLYLHUXQJ,KUHV/RJLNVHNWRUVDXFK([WUDVLQQ JHQDQQWVLQG6LHXQGZLUKLOIORV'LH3UR]HGXUGDUIDXINHLQHQ)DOOXQWHUEURFKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
ZHUGHQ6LHZLVVHQGDHLQ]ZHLWHU$QODXI]XU$NWLYLHUXQJQLFKWP|JOLFKLVW'DV YHUELHWHQGLHSDUDSK\VLNDOLVFKHQ*HVHW]H,KU*HKLUQZUGHGDEHL]HUVW|UWZHUGHQ´ ³,FKELQLQIRUPLHUW$GPLUDO´ ³*XW:DUWHQ6LH´(UVFKULWWHUQHXW]XGHP(QHUJLHWUHVRUKLQEHUXQGHQWQDKP LKPHLQHHLJHQWPOLFKH:DIIH6LHZDUGQQXQGIODFKJHDUEHLWHW³'DVLVWHLQH VRJHQDQQWH/XFFRWVFKOHXGHUZLHVLHIUKHUIU6RQGHUNRPPDQGRVGHUVWUDWHJLVFKHQ 5DXPDEZHKUYHUZHQGHWZXUGH6LHLVW]ZDUDIWIXQNWLRQLHUWDEHUWDGHOORV6LHZLUGDP OLQNHQ8QWHUDUPYHUVWHFNWXQWHUGHU.OHLGXQJJHWUDJHQ6LHN|QQHQGRFKKRIIHQWOLFK OLQNVVFKLHHQ"´ =ZHLPHWDOOLVFKH.ODPPHUQZXUGHQYRQHLQHPVWDQJHQDUWLJHQ0HFKDQLVPXV PLWHLQDQGHUYHUEXQGHQ'HU$EVWUDKOODXIZDUVHKUNXU]ZDUDOOHUGLQJVLQPHKUHUH 6HJPHQWHXQWHUWHLOW$QVHLQHP(QGHZDUHLQHKDDUIHLQH6FKQXUEHIHVWLJW6LHJOLFK HLQHUHOHNWULVFKHQ/HLWXQJ³6HOEVWYHUVWlQGOLFK=KGRSDQGD,FKELQOLQNVJHQDXVR JHVFKLFNWZLHPLWGHU5HFKWHQ´ ³(LQ*OFN'HU$XVO|VHPHFKDQLVPXVLVWKRFKHPSILQGOLFK:HQQ6LHGLH:DIIH UHFKWVVHLWLJWUDJHQZUGHQEHVWQGHEHL%HJUXQJHQXQG+DQWLHUXQJHQDOOHU$UWGLH *HIDKUHLQHVXQJHZROOWHQ9RUVFKQHOOHQV´ ³'HV$EVWUDKOODXIHV"´ ³6RLVWHV'LHVLVWHLQHVFKQHOOHXQGW|GOLFKH:DIIH'LH.RQWDNWOHLWXQJZLUGPLW ,KUHU+DQGIOlFKHYHUEXQGHQ%HUKUHQ6LHGHQIOHLVFKIDUEHQHQ,PSXOVJHEHUDP(QGH GHU6FKQXUVFKQHOOWGHU/DXIDXVGHPbUPHOGHU.OHLGXQJKHUYRU$FKWHQ6LHGDUDXI GD6LHNQIWLJNHLQHHQJVFKOLHHQGHQ-DFNHQWUDJHQ'HUHUVWH6FKXO|VWVLFKRKQH ZHLWHUHV=XWXQGHV:DIIHQWUlJHUVLQGHP$XJHQEOLFNZHQQGHU]XU=HLWHLQJH]RJHQH /DXIY|OOLJDXVJHIDKUHQLVW'LHVJHVFKLHKWGXUFKHLQHQ)HGHUPHFKDQLVPXV'DV EHGHXWHWDOVRGD6LHVFKRQ,KU=LHODQYLVLHUHQPVVHQQRFKHKHGLH0QGXQJ HUVFKHLQWXQGGHU6FKXIlOOW*ODXEHQ6LHGLHVH:DIIHRKQHYRUDQJHJDQJHQH 8EXQJHQEHKHUUVFKHQ]XN|QQHQ"´ ,FKZXUGHQHUY|V:HQQLFKQXUHWZDVXQJHVFKLFNWZDUNRQQWHHV]XVFKZHUHQ 8QIlOOHQNRPPHQ³.|QQWHLFKQLFKWHLQHDQGHUH:DIIHWUDJHQ+RFKHGOHU"´ ³$XINHLQHQ)DOO´OHKQWHHUDE³0DQZUGHVLHHQWGHFNHQ:lKUHQGGHU $NWLYLHUXQJWUDJHQ6LHRKQHKLQQXUORVH*HZlQGHU,KUH$UPHHUGHQMHGRFKGDYRQ EHGHFNWVHLQ:LHZHLWJODXEHQ6LHN|QQHQ6LHVLFKDXI7LUDNR*DPQRYHUODVVHQ"´ ³(UZUGHVHKUYLHOIUPLFKRSIHUQXQGLFKIULKQ´ ³'DVZLVVHQZLU(ULVW,KUHWZHJHQLQGLH7UDQVPLWWHUIDOOHJHODXIHQ *XWYHUVXFKHQ6LHVHLQHDEVROXWH9HUVFKZLHJHQKHLW]XJHZLQQHQ(UILQGHQ6LH HLQHORJLVFKH$XVUHGH6LHWHLOHQPLWLKPGLHVHOEH8QWHUNXQIW"´ ³'RUWKDEHQZLUXQVNHQQHQXQGVFKlW]HQJHOHUQW$GPLUDO=XXQVHUHQ JHWUHQQWHQ6FKODIUlXPHQJHK|UWHLQJHPHLQVDPHV$XIHQWKDOWVXQG6WXGLHU]LPPHU´ ³:LUPVVHQHVZDJHQ9RULKPN|QQHQ6LHGLH/XFFRWVFKOHXGHUNDXP YHUEHUJHQ(ULVWHLQVFKDUIHU%HREDFKWHU+LHUOLQNVYRQGHU5HDNWLRQVNDPPHU EHILQGHWVLFKGLH6LFKHUXQJ6LHGUIHQVLHQXUGDQQEHWlWLJHQZHQQ6LHGLH:DIIHJDQ] EHVWLPPWQLFKWEHQ|WLJHQ6RQVWKDEHQ6LHGLH6FKOHXGHUHQWVLFKHUW]XWUDJHQ+WHQ 6LHVLFKGHQ.RQWDNWJHEHUXQJHZROOW]XEHUKUHQ'DVZUGHXQGZLUGJHVFKHKHQ ZHQQ6LH,KUHQ=HLJHRGHU5LQJILQJHU]XP+DQGEDOOHQNUPPHQ,P*HIDKUHQIDOO YHUZHQGHQ6LHVLFKHUKHLWVKDOEHUEHLGH)LQJHUgIIQHQ6LHGDV2EHUWHLO,KUHU8QLIRUP´
'HU.ULVWDOOSULQ]
M
$WODQ
6FKQHOOKDWWHHUPLUGLH/XFFRWVFKOHXGHUDQJHOHJW6LHSDWHVLFKJHQDXPHLQHP 8QWHUDUPDQGLHEHLGHQ.ODPPHUQKLHOWHQVLHXQYHUUFNEDUIHVW'LH=QGOHLWXQJZXUGH ELV]XPHLQHQ+DQGEDOOHQYRUJH]RJHQXQGPLWHLQHUIOHLVFKIDUEHQHQELRORJLVFK OHEHQGHQ*HZHEHPDVVHEHUVSUKW'LH6FKQXUZXUGHGDGXUFKXQVLFKWEDU'HU )HXHUNQRSIYHUGLHQWHGLHVH%H]HLFKQXQJQLFKW(UEHVWDQGDXVHLQHUZLQ]LJHQ (UKHEXQJDP+DQGEDOOHQ,FKNRQQWHLKQVHOEVWNDXPVHKHQ ³6LFKHUQXQGHLQLJH0DOHSURELHUHQ´EHIDKOGHU$GPLUDO³1XQEHHLOHQ6LHVLFK GRFK9HUJHVVHQ6LHQLFKWLP$XJHQEOLFNGHU.RQWDNWJDEHGLH+DQGQDFKDXHQ]X NUPPHQ$QGHUQIDOOVVFKOlJW,KQHQGHUYRUVFKQHOOHQGH/DXIGDJHJHQ6LHPVVHQGHQ 6FKXJHZLVVHUPDHQKLQZHUIHQ=XP=LHOHQKDEHQ6LHLQIROJHGHUDXWRPDWLVFKHQ $XVO|VXQJNHLQH=HLW´ ,FKSURELHUWHHVPHKUPDOV'HU9RUJDQJIDV]LQLHUWHPLFK1DFKGHPLFKPLFK DQJH]RJHQKDWWHOLHLFKGHQ/DXIDXVGHPbUPHOGHU.RPELQDWLRQKHUYRUVFKQHOOHQ(V JHODQJPLULPPHUEHVVHU'LH0QGXQJHQGHWHLPDXVJHIDKUHQHQ=XVWDQGHWZDLQ +|KHPHLQHU)LQJHUVSLW]HQ,FKYHUDEVFKLHGHWHPLFKYRQGHPVHOWVDPHQ0DQQ(U VFKDXWHPLUEHVRUJWQDFK0LWVROFKHQ9HUEQGHWHQKDWWHLFKQLFKWJHUHFKQHW:HQKDW )DUWXORRQVRQVWQRFKDOV)UHXQGH" ,P³6DDOGHU:DKUKHLW´GUlQJWHQVLFKGLH+HUWDVRQHQXQG=XVFKDXHUMXQJH 0lQQHUKDWWHQVLFKXPGLH$5.6800,$EHZRUEHQ6LHEHQYRQLKQHQZDUHQQLFKW PHKUHUVFKLHQHQ²VLHZDUHQEHLGHQKDUWHQ3UIXQJHQW|GOLFKYHUXQJOFNW:HQQLFKDQ PHLQHGUHL$XIJDEHQ]XUFNGDFKWHZDUHVQLFKWYHUZXQGHUOLFK0HLQH]ZHLWH3UIXQJ KDWWHLQGHU%HUJXQJHLQHVKDYDULHUWHQ.OHLQUDXPVFKLIIHVEHVWDQGHQ0LWGHPOHW]WHQ 6DXHUVWRIIUHVWZDULFKQDFKGHU5HSDUDWXUGHUUDIILQLHUWEHVFKl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³6DDOGHU:DKUKHLW´GHPJU|WHQ5DXPGHVULHVLJHQ ,QVWLWXWV :LU+HUWDVRQHQJOHLFKJOWLJREVLHEHVWDQGHQKDWWHQRGHUQLFKWKDWWHQVWHLIDXI MHQHQKDUWHQ.ODSSVWKOHQ3ODW]JHQRPPHQDXIGHQHQZLUDXFKEHLP8QWHUULFKW JHVHVVHQKDWWHQXQGEHZDKUWHQGLHDQHU]RJHQH'LV]LSOLQ,FKZDUVLFKHUGDQLHPDQG XQWHUGHQhEHUOHEHQGHQJHQDXZXWHREHUGLH:UGHHUUXQJHQKDWWHRGHUQLFKW² LFKDXVJHQRPPHQ(VZDUMHGRFKHLQHIUDJZUGLJH*XQVWGLHPLU'UHLVRQQHQWUlJHU 7RUPDQDFHUZLHVHQKDWWH-HGHUGHUKLHUDQZHVHQGHQ$UNRQLGHQZXWHZHUHUZDU ZRKHUHUNDPXQGZHUVHLQH(OWHUQZDUHQ,FKDKQWHHVQLFKWHLQPDO$QPHLQHPOLQNHQ 8QWHUDUPIKOWHLFKGHQ'UXFNGHUHLJHQWPOLFKHQ:DIIH7LUDNRZDULQIROJHPHLQHU YHUUlWHULVFKHQ+DQGEHZHJXQJQDWUOLFKDXIPHUNVDPJHZRUGHQ,FKPXPLFKEHVVHU EHKHUUVFKHQ(VLVW]ZHFNORVVWlQGLJGHQ$UP]XEHWDVWHQ]XVHKHQLVWGDV 0RUGLQVWUXPHQWDXINHLQHQ)DOO :HLWREHQDXIGHQ6FKZHEHORJHQVDHQGLH(OWHUQGHU.DQGLGDWHQ6LH YHUIROJWHQGLHDOOMlKUOLFKVWDWWILQGHQGH=HUHPRQLHPLWGHUJOHLFKHQ$XIPHUNVDPNHLWZLH
'HU.ULVWDOOSULQ]
M
$WODQ
ZLU:LHYLHOH+RIIQXQJHQDXIHLQHJHVLFKHUWH=XNXQIWLKUHU6|KQHLQEHGHXWHQGHQ 3RVLWLRQHQZUGHQVLFKZRKOLQZHQLJHQ=HKQWHO7RQWDVXQZLGHUUXIOLFKYHUIOFKWLJHQ" 0LFKEHGUFNWHXQGGHSULPLHUWHGLHDEVROXWH%HKHUUVFKXQJDOOGLHVHU$UNRQLGHQ%HWRQW JOHLFKPWLJZUGHQVLHGDV9HUVDJHQLKUHU6|KQH]XU.HQQWQLVQHKPHQ:LHHVLQ LKQHQZLUNOLFKDXVVDKNRQQWHPDQQXUDKQHQ :DUXPVXFKWHQGLHVHHLQIOXUHLFKHQ+HUUVFKDIWHQGLH6FKXOGQLFKWEHLLKUHP HLJHQHQEUHQQHQGHQ(KUJHL]":DUXPPXWHHLQMXQJHU0DQQZLH7LUDNRGHP7RGLQV $XJHVHKHQXPDQVFKOLHHQGGRFK]XYHUVDJHQ"6HLQH(U]LHKHUZDUHQ]XNOXJXP 7LUDNRV6FKZlFKHQQLFKWOlQJVWEHJULIIHQ]XKDEHQ$OVRKDWWHQLKQVHLQH(OWHUQQXU GHVKDOE]XU$5.6800,$DQJHPHOGHWXPVSlWHUHLQPDOEHKDXSWHQ]XN|QQHQLKU 6RKQVHLZHQLJVWHQVGDEHLJHZHVHQ:LH7LUDNRGDUEHUGDFKWHZXWHLFKJHQDXHU ZDUQLFKWEHJHLVWHUW$XHUPLUZDUHULQGLHVHP6DDOZDKUVFKHLQOLFKGHUHLQ]LJH $UNRQLGHGHUGHQ(U|IIQXQJHQGHU.OHLQHQ5XQGHPLW*HODVVHQKHLWHQWJHJHQVDK 'LH1DPHQGHU.DQGLGDWHQHUVFKLHQHQLQUDVFKHU)ROJHDXIHLQHU /HXFKWVFKULIWWDIHO(VJHK|UWH]XU7UDGLWLRQGDGLH9HUKDOWHQVZHLVHGHU+HUWDVRQHQ ZlKUHQGGHU3UIXQJHQJHZUGLJWZXUGH'DPLWEHJDQQGLHJURH/JH7RQWDODQJ VDHQZLUDXIXQVHUHQ3OlW]HQXQGK|UWHQXQVGLH/REUHGHQDQ.UDVVH9HUVDJHU ZXUGHQJ|QQHUKDIWHQWVFKXOGLJW0LUZXUGHNODUZDUXPGLH(UILQGHUGHU$5.6800,$ DXIHLQHYROOURERWLVFKH3XQNWHDXVZHUWXQJEHVWDQGHQKDWWHQ:HQQPDQGLH%HXUWHLOXQJ $UNRQLGHQEHUODVVHQKlWWHZlUHGDV6SLHOGHU0DQLSXODWLRQLQV8IHUORVHDXVJHDUWHW ,FKZXUGHLPPHUXQJHGXOGLJHU'LHVFKZHEHQGHQ.DPHUDVYRQ$UNRQ7ULYLG KDWWHQPHLQ*HVLFKWVFKRQPHKUDOVHLQPDOLQ*URDXIQDKPHJHEUDFKW)DUWXORRQV :DUQXQJJLQJPLUGXUFKGHQ6LQQ:LHGHUJULIILFKXQEHZXWDQGLH/XFFRWVFKOHXGHU ,FKIKOWH7LUDNRV+DQGDXIPHLQHP.QLHXQGVFKDXWHLKQDQ(UVFKWWHOWHNDXP PHUNOLFKGHQ.RSI'DEHKHUUVFKWHLFKPLFKZLHGHU6FKOLHOLFKHUVFKLHQPHLQ1DPH DXIGHU/HXFKWWDIHO9RQQXQDQZXUGHHVH[WUHPJHIlKUOLFK:HQQJXWLQIRUPLHUWH %HREDFKWHUELVODQJQRFKQLFKWDXIPLFKJHDFKWHWKDWWHQVRPXWHHVQXQPHKU JHVFKHKHQ 0DFRORQ6RKQGHV(KUHQZHUWHQ7DQLFWRUSODVLFKHKHPDOLJHU.RPPDQGDQWGHV 6FKZHUHQ.UHX]HUV$5*2662YRP)ORWWHQGLHQVWEHXUODXEW]ZHFNV(UULQJXQJGHU $5.6800,$ ,FKVWDQGDXIVRZLHHVGLH5HJHOJHERW=ZHL.DPHUDVJOLWWHQDXIPLFK]X1XQ PXWHLFKLQHLQLJHQKXQGHUW0LOOLDUGHQ7ULYLG(PSIlQJHUQLPJDQ]HQ,PSHULXP]X VHKHQVHLQ'LHhEHUWUDJXQJHUIROJWHDXIK\SHUVFKQHOOHU%DVLVZDUDOVRRKQH =HLWYHUOXVWHLPJOHLFKHQ$XJHQEOLFNDXI7DXVHQGHQEHVLHGHOWHQ3ODQHWHQPLW]XHUOHEHQ ³7UHWHQ6LHYRU+HUWDVR0DFRORQ´ZXUGHLFKIHLHUOLFKDXIJHIRUGHUW ,QGLHVHP$XJHQEOLFNZDUPLUGLHHUUXQJHQH$5.6800,$UHLFKOLFKJOHLFKJOWLJ ,FKGDFKWHQXUQRFKDQGLHGDPLWYHUEXQGHQHQ*HIDKUHQ:LHRIWLQPHLQHP/HEHQZDU LFKVFKRQYHUIROJWZRUGHQRKQH]XZLVVHQZDUXP1XQVFKLHQVLFKGLHVHXQZUGLJH +HW]MDJGELV]XP([WUHP]XVWHLJHUQ,FKGXUFKVFKULWWDXWRPDWHQKDIWGLHODQJHQ 6LW]UHLKHQ,QGHQ/RJHQEHPHUNWHLFKGLH%HZHJXQJ0DQZXWHGDGHUHUVWH +HUWDVRPLWGHU%HZHUWXQJ³EHVWDQGHQ´DXIJHUXIHQZRUGHQZDU 'LHDQVFKOLHHQGIROJHQGH=HUHPRQLHHUOHEWHLFKZLHLP7UDXP 0DQEHUUHLFKWHPLUHLQHDOWHUWPOLFKHVSH]LHOOKHUJHVWHOOWH8UNXQGHDXIGHU PHLQH9HUGLHQVWHYHU]HLFKQHWZDUHQ:DVKDWWHLFKHLJHQWOLFKJHWDQXPGLH$NWLYLHUXQJ
'HU.ULVWDOOSULQ]
M
$WODQ
GHV/RJLNVHNWRUVUHFKWIHUWLJHQ]XN|QQHQ",FKKDWWHPLFKDQJHVWUHQJWORJLVFKJHGDFKW XQGQRWIDOOVEOLW]VFKQHOOJHVFKRVVHQ:DVZDUGDEHL":DUHLQMXQJHU0DQQZLH7LUDNR *DPQRQLFKW]HKQIDFKK|KHUHLQ]XVWXIHQDOVLFK" ,FKGUHKWHZLHKLOIHVXFKHQGGHQ.RSI'DHUEOLFNWHLFKLKQ(UZLQNWHPLU]XGRFK GDVZXUGHDQGLHVHP7DJHYHU]LHKHQ1RUPDOHUZHLVHKlWWHHLQVROFKHV%HQHKPHQ JHUJWZHUGHQPVVHQ,FKJHZDQQPHLQHLQQHUH5XKH]XUFN*HGXOGLJOLHLFKGLH $QVSUDFKHGHV9RUVLW]HQGHQEHUPLFKHUJHKHQ ³KDEHQ6LH+HUWDVR0DFRORQGLHYRUJHVFKULHEHQH3XQNW]DKOQLFKWQXUPLW ,KUHUHUVWHQ3UIXQJHUUHLFKWVRQGHUQEHUGLHVEHL]ZHLZHLWHUHQ$XIJDEHQQRFKPDOV GLHK|FKVWP|JOLFKH4XRWHHUUXQJHQ(UODXEHQ6LHXQV,KQHQXQG,KUHP(KUHQZHUWHQ +HUUQ9DWHUGLHK|FKVWH$QHUNHQQXQJGHU.OHLQHQ5XQGHDXV]XVSUHFKHQ:LUKDEHQ EHVFKORVVHQ6LHGHQ+HUWDVRPLWGHQKHUYRUUDJHQGVWHQ(UJHEQLVVHQGHQ %HYROOPlFKWLJWHQGHU3DUDSV\FKLVFKHQ$NWLYLHUXQJVNOLQLNPLW9RUUDQJ]XEHUVWHOOHQ :LUEHJOFNZQVFKHQ6LHLP1DPHQGHVDUNRQLGLVFKHQ9RONHVGHV7DL$UN¶7XVVDQXQG 6HLQHU$OOHVVHKHQGHQ$OOHVZLVVHQGHQ(UKDEHQKHLW2UEDQDVFKROGHV'ULWWHQYRQ$UNRQ :LUZQVFKHQ,KQHQ*OFNXQG(UIROJDXI,KUHPIHUQHUHQ/HEHQVZHJGHUGHP*URHQ ,PSHULXPJHZLGPHWVHLQVROOWH%LWWHQHKPHQ6LH3ODW]´ ,FKVHW]WHPLFKDXIHLQHQGHU3UXQNVHVVHO6LHVWDQGHQYRUGHU(PSRUHZDUHQ KDOENUHLVI|UPLJDQJHRUGQHWXQGQXUIUMHQH.DQGLGDWHQEHVWLPPWGLHVLFKGHUKRKHQ (KUXQJDOVZUGLJHUZLHVHQKDWWHQ1DFKPLUZXUGHQQRFKDFKWZHLWHUH3UIOLQJH DXIJHUXIHQ'HPQDFKKDWWHQYRQHKHPDOV6FKOHUQQXUQHXQEHVWDQGHQ'DVZDU EHGUFNHQG:LHGHUZDQGWHLFKPLFKQDFK7LUDNRXP(UODFKWHPLFKDQJ|QQWHPLUGLH $NWLYLHUXQJGHV([WUDVLQQV 'LHQDFKIROJHQGH=HUHPRQLHHUOHEWHLFKLQ$QJVWXQG8QJHZLKHLW1DWUOLFK ZXUGHQGLH+HUWDVRQHQGLHQXQPHKUIUGLH$NWLYLHUXQJIUHLJHJHEHQZRUGHQZDUHQ SDXVHQORVYRQGHQVFKZHEHQGHQ+RORNDPHUDVYHUIROJW)DUWXORRQVFKLHQ YRUDXVJHVHKHQ]XKDEHQZLHSHLQOLFKGDVIUPLFKZHUGHQNRQQWH3HLQOLFK²LVWGDV EHUKDXSWQRFKGHUULFKWLJH%HJULII",FKJODXEHHVQLFKW 6HFKV8KUSODQHWDULVFKHU=HLWYRQ/DUJDPHQLD(VZDUGHU3UDJRGHV 0HVVRQLP-DKUGD$UN²IUPLFKHLQ6FKLFNVDOVMDKU :HJHQGHU/XFFRWVFKOHXGHUGLH7LUDNR*DPQRVFKRQZlKUHQGGHU )HLHUOLFKNHLWHQQLFKWYHUERUJHQJHEOLHEHQZDUKDWWHLFKHLQHZLHPLUVFKLHQORJLVFK IXQGLHUWH*HVFKLFKWHHUIXQGHQ,FKKDWWHLKPHWZDVYRQHUELWWHUWHQ)HLQGHQPHLQHU )DPLOLHHU]lKOWXQGYRQHLQLJHQ%HVDW]XQJVPLWJOLHGHUQGHUDOWHQ$5*2662GLHPLU DQJHEOLFK5DFKHJHVFKZRUHQKDWWHQ,FKKDWWHDXFKQLFKWEHUVHKHQLKQDQMHQH'LQJH ]XHULQQHUQGLHLKQVFKRQHLQPDODUJZ|KQLVFKJHPDFKWKDWWHQQlPOLFKDQGHQ=ZHLWHQ 2IIL]LHUGHV.UHX]HUV$5*2662DQ7VFKHWUXP 7LUDNRKDWWHPHLQHQ(UNOlUXQJHQJHGXOGLJJHODXVFKWVLHDEHUQLFKW DQJHQRPPHQ(UKDWWHPLFKDQVFKOLHHQGQXUDQJHOlFKHOWXQGJHIUDJWLQZHOFKHU :HLVHHUPLUEHKLOIOLFKVHLQN|QQH6HLQH$EUHLVHYRQ/DUJDPHQLDZDUYRQVHLQHQ (OWHUQIUGHQEHUQlFKVWHQ7DJDQJHRUGQHWZRUGHQ$QVLFKKlWWHHUVRIRUWVWDUWHQ VROOHQDEHUHUKDWWHVHLQHQ9DWHUGDYRQEHU]HXJHQN|QQHQGDHUYRQVHLQHP YHUWUDXWHQ)UHXQGDOVRYRQPLUQRFKHLQLJH=HLWEHQ|WLJWZXUGH'DVKDWWHVHLQ (U]LHKHUDN]HSWLHUWZDKUVFKHLQOLFKDEHUQXUGHVKDOEZHLOGHU(KUHQZHUWH7HIWHQLN *DPQR]XGHU$XIIDVVXQJJHNRPPHQZDUGHU8PJDQJVHLQHV6RKQHVPLWHLQHP$5. 6800,$$EVROYHQWHQN|QQHDXINHLQHQ)DOOVFKDGHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³3URELHUHVQRFKHLQPDO´IRUGHUWHPLFK7LUDNRDXI,FKWUXJGLHZHLHQZHLWHQ *HZlQGHUZLHVLHVHLW-DKUWDXVHQGHQEHLP(PSIDQJGHU*HKLUQDNWLYLHUXQJEOLFK ZDUHQ6LHHQWODVWHWHQGHQ.|USHUYRQXQHUZQVFKWHQ(LQVFKQUXQJHQ,FKKREGHQ OLQNHQ$UPXQGZROOWHGHQ$XVO|VHVFKDOWHUDXIPHLQHP+DQGEDOOHQPLWGHQ )LQJHUVSLW]HQEHUKUHQ³+DOWVRQLFKW´JHERWPHLQ)UHXQG³'XELVWGRFKVRQVWVR JHVFKLFNW:HVKDOEDOVRGLHVH9HUNUDPSIXQJ"'XGDUIVWGHQ$UPQLFKWZLH]XP*UX HUKHEHQ'XPXWLKQEOLW]VFKQHOOKRFKUHLHQXQGZlKUHQGGLHVHU%HZHJXQJVFKRQDXI GHQ$E]XJGUFNHQ'HU(QHUJLHVFKXVROOWHIDOOHQVREDOGGHLQH+DQGDXIGDV=LHO ZHLVW´ ,FKSURELHUWHHVHUQHXW1DWUOLFKZDUGLH:DIIHJHVLFKHUW ³'DVLVWVFKRQYLHOEHVVHU´OREWH7LUDNR³1RFKHLQPDOELWWH´'LHVPDOULLFKGLH +DQGQDFKREHQ0HLQLPDJLQlUHV=LHOZDUHLQH%OXPHQVFKDOHDXIGHP(WLVFKLP +LQWHUJUXQGXQVHUHVJHPHLQVDPHQ:RKQUDXPV:DKUVFKHLQOLFKKlWWHLFKLP(UQVWIDOO JHWURIIHQ³*XW1XQZROOHQZLUQXUKRIIHQGDGXGHLQHQE|VHQ)HLQGHQDXFK WDWVlFKOLFKEHJHJQHVW´ (UODFKWHOHLVH,FKVFKDOWPLFKHLQHQ1DUUHQ:LHKDWWHLFKQXUDXIGLH,GHH NRPPHQN|QQHQGLHVHQJHVFKHLWHQMXQJHQ0DQQEHWUJHQ]XZROOHQ"(UVDKPLFK DXIIRUGHUQGDQ)UHLQHQ$XJHQEOLFNZDULFKYHUIKUWLKPGLHYROOH:DKUKHLW]X JHVWHKHQ 'DQQXQWHUOLHLFKHVDEHUXPLKQOLHEHU]XELWWHQ³*LEPLUQRFKHLQLJH7RQWDV =HLW7LUDNR1XUQRFKVRODQJHELVLFKZLHGHUDXVGHU$NWLYLHUXQJVNOLQLNHQWODVVHQ ZHUGH´ ³,FKKDEHHVJHDKQW´EHKDXSWHWHHUJHODVVHQ³9HUODVVHGLFKDXIPLFK)UHXQG ,FKKlWWHMHGRFKQRFKHLQH)UDJH:HQQGXVLHQLFKWEHDQWZRUWHQNDQQVWRGHUZLOOVWVR ZHUGHLFKGLUQLFKWJUDPVHLQ'DUILFKVSUHFKHQ"´,FKQLFNWH³:DVNDQQLFKIUGLFKWXQ ZHQQGLHYRQGLURIIHQEDUEHIUFKWHWHQ6FKZLHULJNHLWHQZlKUHSGGHV $NWLYLHUXQJVSUR]HVVHVDNXWZHUGHQVROOWHQ"'LHVH3UR]HGXUQLPPWQRUPDOHUZHLVHGUHL ELVYLHU7RQWDVLQ$QVSUXFK´ (UKDWWHJHQDXHUIDWZRUDXIHVPLUDQNDP,FKJLQJDXVPHLQHU5HVHUYH KHUDXV³'DGXGHLQHJHZRKQWH8QLIRUPWUDJHQZLUVWGUIWHVWGXDXFKEHZDIIQHWVHLQ 6HLPHLQ:lFKWHU:HQQMHPDQGPLFKVFKlGLJHQZLOOZlKUHQGLFKKLOIORVXQWHUGHU $NWLYLHUXQJVJORFNHOLHJHVR´ ,FKXQWHUEUDFKPLFK'DV8QJHKHXHUOLFKHPHLQHV9HUODQJHQVZXUGHPLUEHZXW ³:DV²VR"´VDJWHHUJHIDW³6SULFKZHLWHU)UHXQG2GHUKDWWHVWGX DQJHQRPPHQLFKKlWWHGLUGHLQH(U]lKOXQJJHJODXEW"'LFKXPJLEWHLQJURHV *HKHLPQLV(VLVWZDKUVFKHLQOLFKEHGHXWXQJVYROOHUDOVGXVHOEVWDKQVW´ ,FKYHUVWLHJHJHQ)DUWXORRQV5HJHOQXQGJHJHQPHLQHLJHQHV9RUKDEHQ,Q NXU]HU=HLWHUIXKU7LUDNR*DPQRZHULFKZDURGHUZHULFKQLFKWZDU(UNDQQWHPHLQH 6RUJHQPHLQHQVHHOLVFKHQ=ZLHVSDOWXQGDOOGLHDQGHUHQ'LQJHGLHPLFKMDKUHODQJ EHVFKlIWLJWKDWWHQ,FKEHULFKWHWHLKPDXFKYRQGHP0lGFKHQ)DUQDWKLD,FKIKOWHPLFK ZLHHLQDXVJHK|KOWHV:UDFN ³1HLQGDVELVWGXQLFKW´EHUXKLJWHHUPLFK³'LHOHW]WHQ7RQWDVZLUVWGXDXFK QRFKGXUFKKDOWHQ'XGDUIVWMHW]WQLFKWYHU]ZHLIHOQ)DUQDWKLDGLHGHLQHP+HU]HQ QDKHVWHKWZHUGHQZLUHLQHV7DJHVILQGHQ´ ³:LU"´
'HU.ULVWDOOSULQ]
M
$WODQ
(UQLFNWH³-DZLU:HQQGXJHVWDWWHVWZHUGHLFKDQGHLQHU6HLWHEOHLEHP 9LHOOHLFKWEUDXFKVWGXPLFK1XQDEHU]XU7DW'LH+RKH.RPPLVVLRQHUZDUWHWGLFK,FK ZHUGHGHLQ(KUHQGLHQHUVHLQ´(UGUHKWHVLFKXPJLQJLQVHLQHQ6FKODIEHUHLFKXQGNDP PLWXPJHVFKQDOOWHU'LHQVWZDIIH]XUFN ,FK]|JHUWHPHLQRIIHQHV*HVWlQGQLVSO|W]OLFKEHUHXHQG+DEHLFKQLFKW]XYLHO JHVDJW"(UDKQWHPHLQHhEHUOHJXQJHQ6HLQ/lFKHOQPLOGHUWHPHLQHQ$UJZRKQ,FK JLQJ]XU7XUYRUGHU]ZHLSUlFKWLJDXVVWDIILHUWH5RERWHUZDUWHWHQGDVPLU]XVWHKHQGH *HOHLW ³7LUDNR*DPQRPHLQ(KUHQGLHQHU´VWHOOWHLFKGHQ)UHXQGYRU'LH5RERWHU VFKULWWHQYRUDQ,FKIROJWHKLQWHUPLUNDP7LUDNR-HQVHLWVGHV:RKQEORFNVEHVWLHJHQ ZLUHLQHQ*OHLWHU(UEHI|UGHUWHXQV]XGHP*URHQSUlFKWLJHQ*HElXGHGDVZLU ZlKUHQGGHU6FKXOXQJV]HLWPHKUDOVHLQPDOEHWUDFKWHWKDWWHQ'DVZDUGLH JHKHLPQLVXPZLWWHUWH³3DUDSV\FKLVFKH$NWLYLHUXQJVNOLQLN´HLQ%DXZHUNGDV]XGHQDP YRUWUHII,LFKVWHQDEJHVLFKHUWHQWHFKQLVFKHQ(LQULFKWXQJHQGHV*URHQ,PSHULXPV ]lKOWH 'HU*OHLWHUODQGHWH:LUZXUGHQYRQHLQHUDQGHUHQ5RERWZDFKHHPSIDQJHQXQG GXUFKGLHHUVWH6WUXNWXUVFKOHXVHJHOHLWHW6LHJHK|UWH]XPlXHUHQ+RFKHQHUJLHVFKLUP 'HU]ZHLWH6FKXW]ZDOOPXWHHEHQIDOOVGXUFKVFKULWWHQZHUGHQ²6FKOHXVHQIU /XIWIDKU]HXJHJDEHVQLFKW:LUJHODQJWHQ]XUU|KUHQI|UPLJHQ,GHQWLIL]LHUXQJVNDPPHULQ GHUQHEHQHLQHPVWDWLRQlUHQ5RERWJHKLUQ]DKOUHLFKH$EZHKUZDIIHQHLQJHEDXWZDUHQ +LHUIDQGHQQXUVROFKH3HUVRQHQ'XUFKODGLHVLFKRUGQXQJVJHPlOHJLWLPLHUHQ NRQQWHQ(VGDXHUWHODQJHELVZLUGLHSHLQOLFKJHQDXH3UR]HGXUEHUVWDQGHQKDWWHQ 0HLQH/XFFRWVFKOHXGHUZXUGHHEHQVRZLH7LUDNRV'LHQVWZDIIHUHJLVWULHUWXQGDN]HSWLHUW 'DQQVFKDXWHQZLUGLUHNWDXIGHQZHLWHQXUDOWHQ.RPSOH[GHU$NWLYLHUXQJVNOLQLN +LHUZLUNWHQXQGIRUVFKWHQGLHKHUYRUUDJHQGVWHQ3DUDZLVVHQVFKDIWOHUGHV*URHQ ,PSHULXPV+LHUKDWWHGDV5HLFKEHUHLWVHQRUPH6XPPHQLQYHVWLHUWXPGLH ³=ZLHVSlOWLJH:LVVHQVFKDIW´ZLHVLHVHLWGHPEHUKPWHVWHQ3DUDSK\VLNHU%HO]LNDDQ JHQDQQWZXUGH]XI|UGHUQ'LH*HELHWHGHU3DUDSV\FKRORJLHXQG3DUDSK\VLNILHOHQ XQWHUGLHHUVWHPLOLWl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lWVFKDIWHQQXULQHLQPDOLJHU $XVIHUWLJXQJYRUKDQGHQZDUHQ*OHLFKHVJDOWIUGLHYLHUDQGHUHQ:HOWHQDXIGHQHQ PDQGLH:UGHHPSIDQJHQNRQQWH'DVEHGHXWHWHIUPLFKHLQHQHUKHEOLFKHQXQWHU 8PVWlQGHQHQWVFKHLGHQGHQ=HLWJHZLQQ:HQQLFKWDJHODQJ]XU%HKDQGOXQJKlWWH ZDUWHQPVVHQZlUHGLH0|JOLFKNHLWHQGOLFKDNWLYLHUW]XZHUGHQHUKHEOLFKJHULQJHU JHZHVHQ 7RUUQDQDFKDWWHLQPHLQHUKRKHQ3XQNWHDQVDPPOXQJHLQHQWULIWLJHQ*UXQG JHIXQGHQPLFK]XHUVWYRU]XODVVHQ'DVZDUVFKRQLPPHUEOLFKJHZHVHQ-HQHU
'HU.ULVWDOOSULQ]
M
$WODQ
6FKOHUGHUDPYRU]JOLFKVWHQDEJHVFKQLWWHQKDWWHZXUGH]XHUVWEHKDQGHOW,FKKDWWH DOVRHLQHJXWH&KDQFHYRUDXVJHVHW]WPHLQHYRUJHWlXVFKWH,GHQWLWlWZXUGHQLFKW VFKQHOOHUDOVHUZDUWHWHQWGHFNW6ROOWHGLHVGHQQRFKJHVFKHKHQVHLQVRZDUPLWGHP SO|W]OLFKHQ(UVFKHLQHQVFKZHUEHZDIIQHWHU*HKHLPSROL]LVWHQGHV,PSHUDWRUV]X UHFKQHQ,QGHP)DOOZUGHQDXFKGLHXQWHUGHV%OLQGHQ6RIJDUWV%HIHKOVWHKHQGHQ -DJGNRPPDQGRVGHU.UDODVHQHQQLFKWODQJHDXIVLFKZDUWHQODVVHQ 9RUXQV|IIQHWHVLFKHLQHZHLWH9RUKDOOH'LH0LWJOLHGHUGHU.OHLQHQ5XQGHZDUHQ YROO]lKOLJHUVFKLHQHQ,FKVFKDXWHPLFKXQDXIIlOOLJXPXQGXQWHUGUFNWHHLQH 9HUZQVFKXQJ'LHLQ$QWLJUDYIHOGHUQVFKZHEHQGHQ+RORNDPHUDVZDUHQHEHQIDOOV ZLHGHUYRUKDQGHQ1DWUOLFKKDWWH7RUPDQDFGHQYRQ0LOOLDUGHQ=XVFKDXHUQHUZDUWHWHQ %UDXFKGHU'LUHNWEHUWUDJXQJQLFKWMlKOLQJVDQQXOOLHUHQN|QQHQ(UPXWHGLH $QZHVHQKHLWGHU%HULFKWHUVWDWWHUGXOGHQ8QJHGXOGLJOLHLFKGLH%HJUXQJVDQVSUDFKH EHUPLFKHUJHKHQ6FKOLHOLFKZXUGHLFKQRFKPLWGHQYRUJHVFKULHEHQHQXQG ZRKOJHVHW]WHQ:RUWHQDXIPHLQH]XNQIWLJHQ3IOLFKWHQKLQJHZLHVHQ(VGDXHUWHDOOHV YLHO]XODQJH7RUUQDQDFZXWHGDVHEHQIDOOVDEHUGDUDQOLHVLFKQLFKWVlQGHUQ (QGOLFKNDPGLH]HUHPRQLHOOH6FKOXIUDJH³6LQG6LHEHUHLW+HUWDVR0DFRORQ GLHKRKH(KUHGHU$5.6800,$DQ]XQHKPHQXQGGLHGDPLWYHUEXQGHQHQ9RU]JH GHP*URHQ,PSHULXPVRZLH6HLQHU$OOHVVHKHQGHQ$OOHVZLVVHQGHQ(UKDEHQKHLW ,PSHUDWRU2UEDQDVFKROGHP'ULWWHQ]XU9HUIJXQJ]XVWHOOHQ"´ ,FKDQWZRUWHWHPLWGHUYRUJHVFKULHEHQHQ5HGHZHQGXQJ³0HLQ/HEHQIU$UNRQ =KGRSDQGD´ 'DPLWKDWWHLFKHQGOLFKGLHIRUPHOOHQ3KUDVHQEHUVWDQGHQ1XQEHJDQQGLH 3UD[LV,FKVDKGD7RUPDQDFHLQHQSUIHQGHQ%OLFNDXI7LUDNR*DPQRZDUIGHUYRQ HLQHP2IIL]LHUGHV:DFKNRPPDQGRVDXIVHLQH3IOLFKWHQDOV(KUHQGLHQHUKLQJHZLHVHQ ZXUGH'DQDFKKDWWH7LUDNRDOV%HREDFKWHUGLH3UR]HGXU]XEHUZDFKHQXQGEHLP JHULQJVWHQ9HUGDFKWHLQHUIHKOHUKDIWHQ+DQGOXQJ(LQVSUXFKHLQ]XOHJHQ)HUQHUKDWWHHU GDIU]XVRUJHQGDHVPHLQHPOHLEOLFKHQ:RKODQQLFKWVIHKOWH$XIJDEHQGLHVHU$UW EHUDQWZRUWHWHQGLH$5.6800,$(PSIlQJHUJUXQGVlW]OLFKLKUHQYHUWUDXWHVWHQ )UHXQGHQ7LUDNRZXUGHDQVWDQGVORVDN]HSWLHUW,FKDWPHWHHUOHLFKWHUWDXI 'UHLVRQQHQWUlJHU7RUPDQDFJHOHLWHWHPLFKGXUFKHLQLJH9RUUlXPH9RUHLQHP PHWHUVWDUNHQ6FKRWWDXV$UNRQVWDKODEJHVLFKHUWGXUFK]ZHL]XVlW]OLFKHXQGW|GOLFK ZLUNHQGH(QHUJLHIHOGHUEOLHEHUVWHKHQ (UIDQG*HOHJHQKHLWPLUHLQLJH:RUWH]X]XUDXQHQ³9RUVLFKW(WOLFKH6SXUHQ GHXWHQGDUDXIKLQGD6LHDOV/JQHUHUNDQQWZRUGHQVLQG:LUKDEHQEHUHLWV]ZHL %HVDW]XQJVPLWJOLHGHUGHU$5*2662LQ6FKXW]KDIWJHQRPPHQ'HUHQ$XVVDJHQ ]XIROJHJLEWHVDEHUQRFKPHKU=HXJHQGLH0DFRORQV7RGEHVWlWLJHQN|QQHQ'DUXQWHU HLQ+\SHUIXQNHUGHUELV]XPOHW]WHQ$XJHQEOLFNPLW0DFRORQLQ.RQWDNWJHVWDQGHQKDW (ULVWQLFKWDXIILQGEDU(QWVLFKHUQ6LH,KUH/XFFRWVFKOHXGHU´ 0LUZXUGHKHL$OVRZDUGDV%HIUFKWHWHGRFKHLQJHWURIIHQ³7HLOHQ6LHHV 7LUDNRPLW´IOVWHUWHLFKUDVFK]XUFN³,FKKDEHLKQYROOHLQJHZHLKW(VJDENHLQH DQGHUH0|JOLFKNHLW´ 'DPLWZDUXQVHU*HGDQNHQDXVWDXVFKVFKRQZLHGHUEHHQGHW:LVVHQVFKDIWOHULQ ZHLHQ.RPELQDWLRQHQHUVFKLHQHQ6LHGHVDNWLYLHUWHQGLH6FKXW]VFKLUPHXQG|IIQHWHQ GDV3DQ]HUVFKRWW'DKLQWHUHUEOLFNWHLFKHLQHQPLWDXWRPDWLVFKIXQNWLRQLHUHQGHQ $EZHKUZDIIHQDXVJHVWDWWHWHQ9RUUDXP(LQH%LOGIOlFKH]HLJWHGHQGDKLQWHUOLHJHQGHQ 6DDO'RUWZDUGLH$NWLYLHUXQJVDSSDUDWXULQVWDOOLHUW7LUDNRSRVWLHUWHVLFKKLQWHUHLQHP
'HU.ULVWDOOSULQ]
M
$WODQ
WUDQVSDUHQWHQ6WUDKOVFKXW]VFKLOG9RQGRUWDXVNRQQWHHUMHGHQ9RUJDQJEHREDFKWHQ $OVPDQPLFKDXIGLHEUHLWH/LHJHJHEHWWHWKDWWHZDU$GPLUDO7RUPDQDFPLWGHQ DQGHUHQ0LWJOLHGHUQGHU.OHLQHQ5XQGHJHJDQJHQ7LUDNRZDUGHUOHW]WH0DQQLQQHUKDOE GLHVHVJURHQ5DXPHVGHUEHUPLFKXQGGLHPLUGURKHQGHQ*HIDKUHQLQIRUPLHUWZDU hEHUPHLQHPYRQEUHLWHQ.ODPPHUQHLQJHVSDQQWHQ.RSIVFKZHEWHHLQH 0HWDOOKDXEHGLHVLFKZHLWHUREHUKDOENRQLVFKYHUMQJWH'RUWPQGHWHQGLH (QHUJLH]XOHLWXQJHQ,FKGXUIWHXQGNRQQWHPLFKQLFKWEHZHJHQ'HU6FKlGHOKDWWH JHQDXVROLHJHQ]XEOHLEHQZLHHUYRQGHQ:LVVHQVFKDIWOHUQDXVJHULFKWHWZRUGHQZDU ,FKZXWHQXUGDHLQVFKDUIJHEQGHOWHU/LFKWEDONHQMHQHQ6HNWRUPDUNLHUWHLQGHP GLH+\SHUVWUDKOXQJZLUNVDPZHUGHQVROOWH,P*HJHQVDW]]XGHQDOOJHPHLQEHNDQQWHQ *HUlWVFKDIWHQHLQHUK\SQRVXJJHVWLYHQ8QWHUULFKWXQJZDUGLH$NWLYLHUXQJVJORFNHZLH VLHJHQDQQWZXUGHDQGHUVNRQVWUXLHUW6LHKDWWHGHP8QWHUEHZXWVHLQXQGDXFKGHP YRQJHVWHXHUWHQ:LOOHQUHODWLYXQDEKlQJLJHQ(ULQQHUXQJVEHUHLFKNHLQH:LVVHQVJWHU ]XYHUPLWWHOQ,KUH$XIJDEHZDUHVLP9HUODXIHLQHVIXQIGLPHQVLRQDOHQHUJHWLVFKHQ $XIODGXQJVSUR]HVVHVGLHLQIDVWDOOHQDUNRQLGLVFKHQ*HKLUQHQEUDFKOLHJHQGHQ6HNWRUHQ ]XZHFNHQ,P)DOOHGHU$5.6800,$JHVFKDKGDVQLFKWLQ)RUPHLQHU HLQ]XVFKDOWHQGHQ(PSIDQJVEHUHLWVFKDIWIUlXHUH(LQGUFNHDOOHU$UWVRQGHUQKLHU ZXUGHGHUELVODQJXQJHQXW]WH6HNWRUPLW6',PSXOVHQ]XP(UZDFKHQDQJHUHJW 8QVHUH3DUDZLVVHQVFKDIWOHUKDWWHQVFKRQYRU-DKUWDXVHQGHQIHVWJHVWHOOWGD GLHVHV+LUQIUDJPHQWGHUVRJHQDQQWH/RJLNVHNWRURGHU([WUDVLQQLQ8U]HLWHQ VHOEVWlQGLJ³RSHULHUW´KDWWH(UZDUIUGLHDOVWLHULVFKH,QVWLQNWHXQG%HJDEXQJHQ EHNDQQWHQ(LJHQVFKDIWHQ]XVWlQGLJJHZHVHQIUGDVDXVJHSUlJWH :LWWHUXQJVYHUP|JHQGDVYRUDXVVHKHQGH$KQHQIUGLH(UIDVVXQJYRQ*HIDKUHQ VRZLHIU'LQJHGLHLQIROJHHLQHVQRFKIHKOHQGHQ(UIDKUXQJVVFKDW]HVQXUPLWHLQHU XQEHZXWHLQVHW]HQGHQ/RJLNDXVZHUWXQJJHPHLVWHUWZHUGHQNRQQWHQ$OOHGLHVH YHUORUHQJHJDQJHQHQ)lKLJNHLWHQNRQQWHQQLFKWPHKUDNWLYLHUWZHUGHQDEHUHLQ7HLO GDYRQZDUUHJHQHULHUEDU(VKDQGHOWHVLFKYRUDOOHPXPGLHORJLVFKH(UIDVVXQJYRQ *HJHEHQKHLWHQDOOHU$UW 8QVHUH)DFKOHXWHZDUHQGDYRQEHU]HXJWGDGLHVH*DEHGLHXUVSUQJOLFK ZHUWYROOVWHJHZHVHQZDU:DKUVFKHLQOLFKKDWWHQZLULKUXQVHU(PSRUVWHLJHQDXVGHP 6WHLQ]HLWGDVHLQ]XPKRFKWHFKQLVLHUWHQ9RON]XYHUGDQNHQ'LH7KHRULHZDUHWZDV IUDJZUGLJDEHUDQGHU7DWVDFKHHLQHVEUDFKOLHJHQGHQ+LUQVHNWRUVZDUQLFKW]X ]ZHLIHOQ'DVEHZLHVHQGLH$5.6800,$7UlJHU $UNRQLGHQGLHDXIGLHVHQDNWLYLHUWHQ6HNWRU]XUFNJUHLIHQNRQQWHQZDUHQLKUHQ =HLWJHQRVVHQZHLWEHUOHJHQ6LHYHUVWDQGHQXQGHUIDWHQ9RUNRPPQLVVHMHGHU$UW ZHVHQWOLFKVFKQHOOHUDOVDQGHUH3HUVRQHQ6RNRQQWHQEHLVSLHOVZHLVH:LVVHQVFKDIWOHU PLWDNWLYLHUWHQ/RJLNVHNWRUHQZHVHQWOLFKEHVVHUH(UIROJHQDFKZHLVHQDOVLKUH ³QRUPDOHQ´.ROOHJHQ)ORWWHQNRPPDQGHXUHPLWGHU$5.6800,$NDONXOLHUWHQVFKQHOOHU XQGIROJHULFKWLJHU 0LUZDUY|OOLJNODUZDUXP)DUWXORRQVRJURHQ:HUWDXIGLH(UZHFNXQJPHLQHV ([WUDVLQQVOHJWH=XZHOFKHP=ZHFNDEHU":LHVROOWHLFKGHUVWHWV9HUIROJWHMHPDOVLQ GLH/DJHNRPPHQGLHVHJURDUWLJH*DEHQXW]EULQJHQGDQ]XZHQGHQ":LHVROOWHLFK MHPDOVHLQDQHUNDQQWHU:LVVHQVFKDIWOHU:LUWVFKDIWOHURGHU3ROLWLNHUZHUGHQZHQQVRJDU HLQKRFKLQWHOOLJHQWHU0DQQZLH)DUWXORRQGLHJU|WH0KHKDWWHPLFKYRUGHQ+lVFKHUQ DE]XVFKLUPHQ"(WZDVDQVHLQHP9RUKDEHQHUVFKLHQPLUXQORJLVFK,FKKDWWHPHLQHQ ZDFKVHQGHQ8QPXWQXUGHVKDOE]JHOQN|QQHQZHLOPLUPHLQ,QVWLQNWLPPHUZLHGHU
'HU.ULVWDOOSULQ]
M
$WODQ
]XP$EZDUWHQJHUDWHQKDVWH)DUWXORRQJHK|UWHQLFKW]XGHQ$UNRQLGHQGLHHWZDV JUXQGORVLQGLH:HJHOHLWHWHQ 1XQODJLFKVFKRQEHLQDKHYLHU7RQWDVIDQJDXIGLHVHP/DJHU$XHUHLQHP EHVWlQGLJHQ6XPPHQXQGGHPWULHUXQGGDDXINOLQJHQGHQ*HPXUPHOGHUDXVIKUHQGHQ :LVVHQVFKDIWOHUKDVWHLFKQLFKWVJHK|UWhEHUGHQ$NWLYLHUXQJVSUR]HKDVWHQZLUXQV GLH+HUWDVRQHQGLHSKDQWDVWLVFKVWHQ9RUVWHOOXQJHQJHPDFKW'LHZLUNOLFK:LVVHQGHQ KDVWHQJHVFKZLHJHQXQGJHOlFKHOW,FKKDVWHPLWHLQHPVSRQWDQHQ$XIIODFNHUQELVODQJ XQJHNDQQWHU*HLVWHVHQHUJLHQJHUHFKQHWPLWGHP(UW|QHQYRQXQZLUNOLFKHQ6WLPPHQ XQGOHLVHU0XVLN1LFKWVGHUJOHLFKHQZDUJHVFKHKHQ'DVZDVGLH$NWLYLHUXQJVJORFNH DXVVWUDKOWHZDUXQK|UEDUXQIKOEDUXQGDXFKQLFKWRSWLVFKVLFKWEDU+DWPDQQLFKW LPPHUYRQGLHVHP/RJLNVHNWRUJHVSURFKHQ"%HL$UNRQ²ZDVKDEHQZLUXQVLQXQVHUHQ 7UlXPHQGDUXQWHUYRUJHVWHOOW :HQQLFKDEHUJHJODXEWKDVWHVFKRQQDFKZHQLJHQ7RQWDV]XHLQHU *HLVOHVJU|H]XZHUGHQGLHLP.RSIPDWKHPDWLVFKH$XIJDEHQO|VWHGLHPDQ QRUPDOHUZHLVHLQHLQ5RERWJHKLUQVSHLVWHVRKDWWHLFKPLFKJHLUUW,FKZDUHQWWlXVFKW ]XWLHIVWHQWWlXVFKW(WZDVJOHLFKJOWLJZDVKlWWHZHQLJVWHQVJHVFKHKHQN|QQHQ JHZLVVHUPDHQDOV=HLFKHQIUGHQ(UIROJ:HQQLFKPHLQH$XJHQVRZHLWLQGHQ +|KOHQGUHKWHGDVLH]XVFKPHU]HQEHJDQQHQNRQQWHLFK7LUDNRVHKHQ(UVWDQG LPPHUQRFKKLQWHUGHP6WUDKOVFKXW] 6FKOLHOLFKZDUHVVRZHLW'LH:LVVHQVFKDIWOHUHUVFKLHQHQLQPHLQHP EHJUHQ]WHQ%OLFNIHOG'DV6XPPHQYHUVWXPPWHGLHJURH*ORFNHQKDXEHVFKZHQNWH ]XU6HLWH0DQO|VWHGLH0HWDOONODPPHUQEHUPHLQHP6FKlGHOXQGULFKWHWHPLFK EHKXWVDPDXI-HPDQGKDWWHGLH7UDXIJOHLWHQODVVHQQRFKHKHLFKEHIUDJWZHUGHQ NRQQWH'LH%HKDQGOXQJZDUEHHQGHW³:LHIKOHQ6LHVLFK(UKDEHQHU"8EHONHLW *OHLFKJHZLFKWVVW|UXQJHQ",VWGHU*HVLFKWVVLQQLQ2UGQXQJ"´ 2KMHW]WZHUGHLFKEHUHLWVPLWGHP7LWHODQJHUHGHW-DLFKIKOWHPLFKZRKOXQG GDVGUFNWHLFKDXFKDXV ³(UVWDXQOLFK´ZXUGHLFKJHOREW³:LUNHQQHQQXUZHQLJH)lOOHLQGHUODQJHQ *HVFKLFKWHGHU$5.6800,$GDHLQ´'HU:LVVHQVFKDIWOHUHLQ3DUDSK\VLNHU XQWHUEUDFKVLFK(UODXVFKWHQDFKGUDXHQ$XFKLFKXQG7LUDNRKDWWHQGLHODXWVWDUNH 6WLPPHYHUQRPPHQ'DVZDU$GPLUDO7RUPDQDF-HW]WEHJDQQHUVRJDU]XVFKUHLHQ 'DQQHUW|QWHHLQ6FKX'DV.UDFKHQGHV+RFKHQHUJLHEOLW]HVZDUXQYHUNHQQEDU ³1LHPDQGEHWULWWGHQ$NWLYLHUXQJVUDXP´K|UWHLFK7RUPDQDFEUOOHQ³,FKZHUGH YRQPHLQHP+DXVUHFKW*HEUDXFKPDFKHQZHQQ6LHQRFKVRYLHOH/HJLWLPDWLRQHQ YRUZHLVHQ'LH*HKHLPSROL]HLGHV,PSHUDWRUV´,FKZXWHJHQXJ7RUPDQDFZROOWH PLFKZDUQHQ²HUZlUHQLHPDOVVRODXWJHZRUGHQ 7LUDNRKDQGHOWHHUVWDXQOLFKVFKQHOO(UZXWHHEHQVRJXWZLHLFKGDHLQ (QWNRPPHQGXUFKGLHYRUGHUH6WDKOSIRUWHQLFKWPHKUP|JOLFKZDU'RUWVWDQGHQGLH +lVFKHUGHU7X*RO&HOGHU³3ROLWLVFKHQ*HKHLPSOL]HLGHV,PSHUDWRUV´'LHVH0lQQHU EHVDHQZHLWUHLFKHQGH%HIXJQLVVHGHQHQVRJDUHLQH3HUV|QOLFKNHLWZLH7RUPDQDF QLFKWODQJHZLGHUVWHKHQNRQQWH ³:RLVWGHUKLQWHUH$XVJDQJ"´VDJWH7LUDNRVFKDUIGLH:DIIHLQVHLQHU+DQG ³1HLQIUDJHQ6LHQLFKWODQJH'DVLVWHLQ$WWHQWDWZRKHUVLQG6LHJHNRPPHQ"´ ,FKZDUWHWHQLFKWDXIGLH$XVVDJHGHUYHUVW|UWHQ:LVVHQVFKDIWOHUVRQGHUQUDQQWH ]XMHQHP$VVLVWHQWHQKLQEHUGHUGLHQVWHLIULJGDVYRUGHUH6WDKOVFKRWWJH|IIQHWKDWWH 'DYRUODJGHU6LFKHUKHLWVVWROOHQPLWGHQ$EZHKUZDIIHQ,FKVWLHGHQlOWHUHQ0DQQ]XU
'HU.ULVWDOOSULQ]
M
$WODQ
6HLWHXQGGUFNWHDXIGHQ9HUVFKOXNQRSIGHVPHWHUVWDUNHQ6FKRWWV:lKUHQGHV ODQJVDP]XVFKZHQNWHEHPHUNWHLFKGLHLQGHQ9RUUDXPHLQGULQJHQGHQ0lQQHUGHU7X *RO&HO6LHZDUHQEHUKPWXQGEHUFKWLJWIULKUVNUXSHOORVHV9HUKDOWHQXQGLKUH WHFKQLVFKSHUIHNWLRQLHUWHQ9HUK|UPHWKRGHQ6HLWGHP2UEDQDVFKRO,,,DQGHU0DFKWZDU KDWWHGLH7X*RO&HOHUKHEOLFKH9ROOPDFKWHQHUKDOWHQ ,FKHLOWH]XUFN]HUUWHGHQZLGHUVWUHEHQGHQ:LVVHQVFKDIWOHUPLWPLUXQGULGHQ OLQNHQ$UPQDFKREHQ0HLQHEHLGHQPLWWOHUHQ)LQJHUEHUKUWHQGHQ)HXHUNQRSI'LH HQWVLFKHUWH/XFFRWVFKOHXGHUVFKQHOOWHPLWGHP/DXIDXVGHPZHLWHQ$UPHOKHUYRUXQG VFKRQILHOGHU6FKX(UWUDI'HU(QHUJLHVWUDKOVFKOXJLQGLHgIIQXQJVVFKDOWXQJGHU 3DQ]HUWUHLQXQGHU]HXJWHGRUWHLQH'HWRQDWLRQ'LH:LVVHQVFKDIWOHUJLQJHQVFKUHLHQG LQ'HFNXQJ'LH7*&ZDUXPHLQLJH0LOOLWRQWDV]XVSlWHLQJHWURIIHQ:DKUVFKHLQOLFKZDU GHU&KHIGHV.RPPDQGRVYRQ7RUPDQDFVRODQJHZLHP|JOLFKDXIJHKDOWHQZRUGHQ ³7LUDNRGHU]ZHLWH$XVJDQJOLHJWUHFKWVKLQWHUGHP6FKDOWSXOW´ULHILFKGHP )UHXQG]X(UKDQGHOWHZLUNOLFKVFKQHOO(UULEHUHLWVGLHHLQIDFKH7XUDXIXQGVSlKWH KLQDXVDOVLFKQRFKGXUFKGHQJURHQ6DDOUDQQWH-HQVHLWVGHVYRQPLUJHVFKORVVHQHQ 6FKRWWVYHUQDKPLFKGLH$EVFKVVHVWDUNHU:DIIHQ:HQQPDQGDPLWGHQGLFNHQ $UNRQVWDKOEH]ZLQJHQZROOWHPXWHPDQVLFKHLQLJH0KHJHEHQ6RVFKQHOO ]HUVFKPRO]GLHVHV0DWHULDOQLFKW,FKHUUHLFKWHGLH7XU|IIQXQJGDKLQWHUODJHLQ*DQJ ³:RKLQ"´ULHI7LUDNR³'XELVWGLUGRFKGDUEHUNODUGDZLUDXVGLHVHU)DOOHQLFKW PHKUKHUDXVNRPPHQHVVHLGHQQMHPDQGKDWKLHU+LOIVNUlIWHVWDWLRQLHUW´ 'DVZDUDXFKPHLQH+RIIQXQJ:HQQPDQPLUHWZDVPHKU=HLWJHODVVHQKlWWH ZlUHLFKXQEHVFKDGHWDXVGHU.OLQLNHQWODVVHQZRUGHQ1XQHUVFKLHQHVDXVVLFKWVORV ,FKUDQQWHGHQ*DQJKLQXQWHU7LUDNRIROJWH9RUXQVJDEHOWHVLFKGHU)OXU'LH KLQZHLVHQGHQ/HXFKWVFKULIWHQZDUHQPLUZLOONRPPHP ³/LQNVGHU7UDQVPLWHUUDXP´NHXFKWH7LUDNR³:HQQZLULKQHUUHLFKHQXQGZHQQ HVJHOLQJWHLQ*HUlW´ 'DV'U|KQHQHLQHU6FKXVDOYHOLHLKQYHUVWXPPHQ9RUXQVZXUGHHEHQIDOOV JHNlPSIW'DLFKPLUQLFKWYRUVWHOOHQNRQQWHGDGLHDKQXQJVORVHQ:LVVHQVFKDIWOHUGHU .OLQLNGHUHLQGULQJHQGHQ7*&:LGHUVWDQGHQWJHJHQVHW]WHQEOLHEQXUGLH 6FKOXIROJHUXQJGD$GPLUDO7RUUQDQDFGRUWHLQLJH:DFKHQSRVWLHUWKDWWH6LHPXWHQ 6RQGHUEHIHKOHHUKDOWHQKDEHQ:LUUDQQWHQHUQHXW'LH*lQJHVFKLHQHQNHLQ(QGH]X QHKPHQ-HZHLWHUZLUYRUGUDQJHQXPVRKHIWLJHUZXUGHGHU*HIHFKWV(UVFKLHQDXV GHU5LFKWXQJGHV7UDQVPLWWHUUDXPV]XNRPPHQ(VZXUGHDOOPlKOLFKKHLHU'DV *HOOHQGHU)HXHUDODUP3IHLIHQZDUQLFKWPHKU]XEHUK|UHQ'RUWZXUGHPLW +RFKHQHUJLHZDIIHQJHVFKRVVHQGLH+LW]HHQWZLFNOXQJZDUXQDXVZHLFKOLFK 9RUXQVODJHLQHDQGHUH7UGLHVPDOZLHGHUHLQVWDUNHV6FKRWWDXV$UNRQVWDKO $OVLFKDXIGHQgIIQXQJVVFKDOWHUGUFNHQZROOWHVFKZDQJVLHEHUHLWVDXI-HPDQG PXWHXQVPLW+LOIHGHUhEHUZDFKXQJVDQODJHUHFKW]HLWLJJHVHKHQKDEHQ (LQ/DXWVSUHFKHUGU|KQWHDXIGLH6WLPPHGHV6SUHFKHUVNDQQWHLFKQLFKWDEHU HUNDQQWHPHLQHQULFKWLJHQ1DPHQ³(QGOLFK$WODQ6LHN|QQHQKLHURKQH6FKXW]DQ]XJ QLFKWHLQGULQJHQ:LUKDEHQDEHUNHLQH=HLWPHKU]XYHUOLHUHQ9HU]LFKWHQ6LHGDUDXI XQGEHJHEHQ6LHVLFKVRIRUWLQGHQ7UDQVPLWWHUVDDO'DV'UHLPDQQJHUlW1XPPHUIQI LVWIU,KUH=ZHFNHSURJUDPPLHUWZRUGHQ'HU(PSIlQJHUOlXIWXQGJLEW9LROHWWVLJQDO 'XUFKVFKUHLWHQ6LHGHQ9RUUDXPXQGEHQXW]HQ6LHGLHUHFKWH7U1XUQLFKWGLHOLQNH QHKPHQGDQQNlPHQ6LH]XXQV:LUKDEHQXQVLQGHPJHSDQ]HUWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
9RUUDXPYHUEDUULNDGLHUW=ZHLWDXVHQG*UDG+LW]H$WODQ9RUVLFKW'LH6FKXW]VFKLUPH GHU.DPSIDQ]JHKDOWHQQLFKWPHKUODQJHVWDQG*HKHQ6LHQDFKUHFKWV,FK´ :LHGHUGU|KQWHHLQH6DOYH'LH7*&YHUZHQGHWHPRGHUQH,QWHUYDOO/XFFRWVPLW HLQHU)HXHUJHVFKZLQGLJNHLWYRQ(QHUJLHVW|HQSUR0LOOLWRQWD,QGHP9RUUDXP NRQQWHPDQXQJHVFKW]WQLFKWPHKUH[LVWLHUHQ,FKULHILQGDV0LNURIRQ'HU0DQQGHU PLUGLH+LQZHLVHJHJHEHQKDWWHDQWZRUWHWHQLFKWPHKU'LHDXWRPDWLVFKHQ )HXHUO|VFKDQODJHQDUEHLWHWHQ:HQQMHGRFKZHLWHUKLQJHVFKRVVHQZXUGHZUGHGLHVHV *HElXGHVWDUNLP0LWOHLGHQVFKDIWJH]RJHQZHUGHQ'HP.RPPDQGHXUGHU HLQJHGUXQJHQHQ7*&(LQKHLWVFKLHQGDVJOHLFKJOWLJ]XVHLQ :LUGXUFKVFKULWWHQGLH3DQ]HUVFKOHXVH6HOEVWKLHUKHUUVFKWHQVFKRQEHDFKWOLFKH 7HPSHUDWXUHQ'LH6LFKHUKHLWVHLQULFKWXQJHQLQGLHVHP*HElXGHWHLONDQQWHLFKQLFKW HLQPDOYRQ+|UHQVDJHQ6LHPXWHQMHGRFKVHKUJXWVHLQRGHUGLHVWlQGLJ IUHLZHUGHQGHQ$WRPJOXWHQKlWWHQGDV%DXZHUNOlQJVWLQ$VFKHYHUZDQGHOW$XHUGHP ZDUHVDXFKLQZHQLJHUZLFKWLJHQ$QODJHQDOVLQMHQHQGHU3DUDNOLQLNEOLFK 7UDQVPLWWHUVlOHGXUFK(QHUJLHVFKLUPHXQG3DQ]HUVFKOHXVHQDE]XVFKLUPHQ'DVVFKLHQ EHVRQGHUVEHDFKWHWZRUGHQ]XVHLQ ,FKGUFNWHDXIGHQgIIQXQJVVFKDOWHUGHUYRQGHP8QEHNDQQWHQEH]HLFKQHWHQ 7U7LUDNRVFKORGDV+DXSW(LQJDQJVVFKRWW(UZROOWHGHQ6FKDOWHU]HUVFKLHHQ XQWHUOLHHVDEHUNOXJHUZHLVH(VZDUVFKRQKHLJHQXJ'LHZHLWHQ*HZlQGHUVW|UWHQ PLFK6LHUHLFKWHQIDVWELV]XGHQ)HQXQGKLQGHUWHQPLFKLQPHLQHU %HZHJXQJVIUHLKHLW9RUVLFKWLJVSlKWHLFKKLQWHUGHUDXIJOHLWHQGHQ7UKHUYRU9RUXQV ODJHLQULHVLJHU6DDOGLH7UDQVPLWWHUVWDWLRQGHU.OLQLN$QGHUYHUVFKLHGHQDUWLJHQ *U|HQRUGQXQJGHU*HUlWHHUNDQQWHLFKGDPDQYRQKLHUDXVVRJDU)HUQUHLVHQ XQWHUQHKPHQNRQQWH'DPLWZDUHQGLH6LFKHUKHLWVPDQDKPHQHUNOlUW)HUQWUDQVPLWWHU ZXUGHQZHJHQGHU.lPSIHPLWGHQ0HWKDQVJHQHUHOOVWDUNJHVLFKHUW ³,VWMHPDQGDQZHVHQG"´IUDJWH7LUDNR(UVFKLHQGLHSHUVRQLIL]LHUWH $XVJHJOLFKHQKHLW]XVHLQ ,FKVFKWWHOWHGHQ.RSIWUDW]XU6HLWHXQGOLHLKQHLQ(LQ.QRSIGUXFNVFKORGDV 6FKRWW³'HQ0HFKDQLVPXV]HUVFKLHHQ´GUlQJWHLFK³:LUPVVHQXQVGHQ5FNHQ IUHLKDOWHQ$XI)HLQVWUDKOVWHOOHQ´ ,FKJLQJUDVFKLQGHQ6DDOKLQHLQXQGVXFKWHQDFKGHP'UHLPDQQWUDQVPLWWHUPLW GHU1XPPHUQEH]HLFKQXQJ³IQI´+LQWHUPLUGU|KQWH7LUDNRV6FKXDXI)UHLQHQ $XJHQEOLFNZDUGHU6DDOLQEOHQGHQGH+HOOLJNHLWJHWDXFKW(LQHKHLH'UXFNZHOOH HUIDWHPLFK6LHYHUOLHIVLFKVRIRUWGHQQKLHUJDEHVQRFKJHQXJNDOWH/XIWPDVVHQ]XU VRIRUWLJHQ$EVRUSWLRQGHU*OXW1XPPHUIQIVWDQGZHLWKLQWHQhEHUGHPNlILJDUWLJHQ (QWPDWHULDOLVDWRUEOLQNWHHLQHYLROHWWH/DPSH'DV*HUlWZDUWDWVlFKOLFKSURJUDPPLHUW XQGDXI6HQGXQJJHVFKDOWHW'DVNRQQWHQQXUMHQH0lQQHUYHUDQODWKDEHQGLH]XU =HLWHLQHQDXVVLFKWVORVHQ.DPSIJHJHQHLQHQEHUPlFKWLJHQ*HJQHUDXVWUXJHQ :DUXPWDWHQVLHGDV"1XUGHVKDOEZHLOVLH²ZDKUVFKHLQOLFKYRQ7RUPDQDF² HLQH$QZHLVXQJHUKDOWHQKDWWHQ"2GHUEHVDHQVLHWLHIHUJHKHQGH*UQGH",FKNDP QLFKWPHKUGD]XPHLQHQ*HGDQNHQJDQJ]X(QGH]XGHQNHQ9RUXQVHWZDV]ZDQ]LJ 0HWHUHQWIHUQWIODPPWHSO|W]OLFKGDV5HPDWHULDOLVLHUXQJVIHOGHLQHVJU|HUHQ 7UDQVPLWWHUVDXI(UNRQQWHGLH0DVVHYRQIQI3HUVRQHQDXIHLQPDOEHI|UGHUQ,FK HUEOLFNWHGXQNHOURWH8QLIRUPHQ'DVZDUGLHYHUKDWHXQGJHIUFKWHWH)DUEHGHU7X *RO&HO
'HU.ULVWDOOSULQ]
M
$WODQ
'DVILOLJUDQDUWLJH)OLPPHUQYHUGLFKWHWHVLFK'LH.|USHUUHPDWHULDOLVLHUWHQXQG ZXUGHQVWRIIOLFKVWDELO6LHWUXJHQ.DPSIDQ]JHDEHUQRFKKDWWHQVLHLKUH,QGLYLGXDO 6FKLUPIHOGHUQLFKWHLQJHVFKDOWHW'DVZDUEHLHLQHP7UDQVPLWWHUVSUXQJXQP|JOLFK 7LUDNRULHIHWZDVZDVLFKQLFKWYHUVWHKHQNRQQWH(VJHQJWHPLUDXFKY|OOLJGDHU DXJHQEOLFNOLFKGDV)HXHUHU|IIQHWH,FKVFKRHEHQIDOOV'LH/XFFRWVFKOHXGHUEHZlKUWH VLFKKHUYRUUDJHQGREZRKOLFKQXUEHUGHQDXVJHVWUHFNWHQ$UPKLQZHJ]LHOHQNRQQWH %HLGHPEUHLWJHIlFKHUWHQ(QHUJLHVFKXHLQHV,PSXOVVWUDKOHUVVSLHOWHGHUJHQDXH $XIWUHIISXQNWDXFKNHLQH5ROOH(UZLUNWHLPPHU]HUVW|UHQG'LHIQI.|USHUIODPPWHQ QRFKLQQHUKDOEGHV7UDQVPLWWHUNlILJVDXIXQGEUDFKHQ]XVDPPHQ 1XUHLQ7*&0DQQNDPQRFK]XU*HJHQZHKU6HLQH6FKXVDOYHDXVHLQHP ,PSXOVVWUDKOHUIDXFKWHEHUPLFKKLQZHJIXKULQHLQKLQWHUPLUVWHKHQGHV6FKDOWJHUlW XQGEUDFKWHHV]XU([SORVLRQ:HLJOKHQGH0HWDOOXQG.XQVWVWRIIPDVVHQVSULW]WHQ XPKHU,FKNDXHUWHLQGHU'HFNXQJHLQHV8PIRUPHUV6RHQWJLQJLFKGHUIOVVLJHQ*OXW PLW0KHXQG1RW ³%LVWGXYHUOHW]W"´VFKULHPLU7LUDNR]X 0HLQH$QWZRUWZDUHLQJH]LHOWHU6FKXDXIGHQ-XVWLHUXQJVVFKDOWHUGHV (PSIlQJHUWHLOHV(U]HUEDUVWIODPPHQVSUKHQG'DVVFKHPHQKDIWH(QHUJLHIHOGGHV 7UDQVPLWWHUVEUDFKLQVLFK]XVDPPHQXQGHUORVFK(LQH+LW]HZHOOHGXUFKIOXWHWHGHQ JURHQ5DXP+LHUGXUIWHQLFKWPHKUJHVFKRVVHQZHUGHQRGHUZLUZUGHQXQVVHOEVW GHP)ODPPHQWRGDXVOLHIHUQ(LQVFKQHOOHU5XQGEOLFNEHU]HXJWHPLFKGDYRQGDGLH DQGHUHQ7UDQVSRUWJHUlWHQLFKWHLQJHVFKDOWHWZDUHQ'XUFKVLHNRQQWHQNHLQH *HKHLPSROL]LVWHQHLQGULQJHQ7LUDNRVWDQGEHUHLWVYRUGHP*LWWHUNlILJPLWGHU1XPPHU IQI(UKLHOWVLFKDXHUKDOEGHVURWHQ*HIDKUHQNUHLVHVVFKLHQGLH 6FKDOWXQJVHLQVWHOOXQJDEHUJXWDEOHVHQ]XN|QQHQ,FKUDQQWH]XGHP7UDQVPLWWHU KLQEHUGXUFKGHQVRHEHQGLH3ROL]LVWHQHLQJHGUXQJHQZDUHQ,FKZROOWHYHUVXFKHQ HLQHGHUVFKZHUHQ:DIIHQ]XHUEHXWHQ(VJHODQJPLUQLFKWPHKUGDGLH 5RERWVWHXHUXQJGHU.OLPDDQODJHLQGLHVHP$XJHQEOLFN9ROODODUPJDEXQGGLH DXWRPDWLVFKHQ/|VFKHULQ%HWULHEVHW]WH(LQZHLHU6FKDXPUHJHQHUJRVLFKYRQGHU 'HFNHKHUDEDXIGHQEUHQQHQGHQ7UDQVPLWWHU(UGHFNWHGLH7RWHQXQGDXFKGLH:DIIHQ ]X+LHUXQGGD]XFNWHQJUHOOZHLH)ODPPHQ]XQJHQDXVGHPJOKHQGHQ*HUlW ³=XUFNGXULVNLHUVWGHLQ/HEHQ´VFKULH7LUDNR³'LH6WUDKOHUN|QQHQ H[SORGLHUHQZHQQHVGLH/|VFKDQODJHQLFKWVFKQHOOJHQXJVFKDIIW´ ,FKIROJWHVHLQHP5DWXQGOLHI]XLKP+LHUZDUGLH+LW]HQLFKWPHKUVR XQHUWUlJOLFK³'LH/XFFRWVFKOHXGHULVWIUGLHVHV.DPSIJHVFKHKHQXQWDXJOLFK´VDJWHLFK KDVWLJ³'HU/DXIVFKQHOOWQDFKMHGHP6FKXLQGLH$XVJDQJVVWHOOXQJ]XUFN´ ³'XZLUVWVLHZDKUVFKHLQOLFKEDOGQLFKWPHKUEUDXFKHQ´(UGHXWHWHDXIGLH -XVWLHUXQJVVFKDOWXQJGHV7UDQVPLWWHUV'DEHPHUNWHLFKHEHQIDOOVGDHUNHLQH DXWRPDWLVFKH=HLWDXVO|VXQJEHVD(UPXWHYRQGHUQDKHQ6FKDOWVWDWLRQDXVEHGLHQW ZHUGHQ'HUHQ%HVDW]XQJZDUMHGRFKYHUVFKZXQGHQ ,FKVSUDQJKLQEHUVSlKWHGXUFKGLHGLFNHQ3DQ]HUSODVWVFKHLEHQXQG]RJGDQQ GLHGLFNH6WDKOWUDXI(VZDUQLHPDQG]XVHKHQ7LUDNRVWDQGSO|W]OLFKKLQWHUPLU,FK EHUOHJWHVFKQHOO8QYHUPLWWHOWJHVFKDKHWZDVGDVPLFKHUVFKUHFNW]XVDPPHQIDKUHQ OLH7LUDNRGUHKWHVLFKUDVFKXPXQGOLHVLFKPLWVFKXEHUHLWHU:DIIH]X%RGHQIDOOHQ ³1HLQQHLQHVNRPPWQLHPDQGQRFKQLFKW´ZHKUWHLFKDE³:LUKDEHQQRFE=HLW 7LUDNR²PHLQ.RSI´
'HU.ULVWDOOSULQ]
M
$WODQ
(UULFKWHWHVLFKDXIXQGVWW]WHPLFK6HLQ$WHPNDPVWRZHLVH³:DVVSUVWGX" (LQHQ,PSXOV"$WODQGHQNHDQGLH$NWLYLHUXQJ6LHZLUGZLUNVDPYLHOOHLFKWVFKQHOOHUDOV JHGDFKW,VWHV"'LH(UHLJQLVVH´ ³-DLFKZHL´XQWHUEUDFKLFKLKQ³6FKZHLJELWWH´ ,FKODXVFKWHLQPLFKKLQHLQ'DYHUQDKPLFKGLHHLJHQWPOLFKZLVSHUQGH6WLPPH HUQHXW0LUZDUDOVVSUlFKHHLQ8QVLFKWEDUHUGLUHNWLQPHLQ2KU'HQQRFKZDUHVNHLQH DNXVWLVFKH*HUlXVFKDXIQDKPHVRQGHUQHLQH$UWWHOHSDWKLVFKHU,PSXOVGHUWLHIDXV PHLQHP8QWHUEHZXWVHLQNRPPHQPXWH,FKIUDJWHXQJHZROOWPLWODXWHU6WLPPH7LUNR XPNODPPHUWHPHLQHQ$UP 6FKVVH.DPSIKDQGOXQJZLVSHUWHHWZDV(VNRQQWHVLFKQXUXPPHLQHQ DNWLYLHUWHQ/RJLNVHNWRUKDQGHOQ$OVRQRFKOHEHQGH)UHXQGH+ROHQUHWWHQ-HPDQG PXVFKDOWHQ'DPLWZDUGLHHUVWHKLQZHLVHQGHbXHUXQJPHLQHVHUZDFKWHQ *HKLUQWHLOVYRUEHU ³3KDQWDVWLVFK´IOVWHUWH7LUDNRIDV]LQLHUW³'DVLVWSKDQWDVWLVFK´ ³:RKHUZHLWGX´ ³'XKDVWODXWPLWJHVSURFKHQ1DWUOLFKGUDXHQZLUGQRFKJHVFKRVVHQ-HPDQG KlOWIUXQVGHQ.RSIKLQ:LHVRELQLFKQLFKWGDUDXIJHNRPPHQ"´ ,FKEHJDQQPLWGHU6FKQHOOLJNHLWHLQHV5RERWHUV]XKDQGHOQ'DEHLZDULFK LQQHUOLFKY|OOLJDXVJHJOLFKHQ:DUGDVHEHQIDOOVDXIGHQDNWLYLHUWHQ6HNWRU ]XUFN]XIKUHQ"³7LUDNRGHFNPLUGHQ5FNHQ(VJLEWKLQWHUXQVQXUHLQH7XUMHQH GXUFKGLHZLUJHNRPPHQVLQG'HU+DXSWHLQJDQJLVWKLHU(UIKUWGXUFKGLH 6FKDOW]HQWUDOHGLHJOHLFK]HLWLJHLQHOHW]WH.RQWUROOP|JOLFKNHLWGDUVWHOOW,FKKROHMHQHQ 0DQQGHUGUDXHQQRFKIHXHUW´ ³'XZLUVWYHUEUHQQHQ´ ,FKGHXWHWHZRUWORVDXIGLHVFKZHUHQ6FKXW]DQ]JH6LHKLQJHQLQHLQHPJURHQ :DQGVFKUDQNGHQLFKDEHUHUVWMHW]WEHPHUNWKDWWH,FKVFKLHQPHLQH8PJHEXQJ SO|W]OLFKPLWDQGHUHQ$XJHQ]XVHKHQ7LUDNRKDOIPLULQGHQ.DPSIDQ]XJKLQHLQ(U EHVDHLQNUlIWLJHV(QHUJLHDJJUHJDW]XU(U]HXJXQJHLQHVZLUNXQJVYROOHQ +RFKHQHUJLHVFKLUPV'DPLWNRQQWHLFK*OXWHQYRQGUHLWDXVHQG*UDGSUREOHPORV DEVRUELHUHQ,FKULGLHKLQWHUH6WDKOWUDXI'DYRUODJHLQNXU]HUJHSDQ]HUWHU*DQJ(U HQGHWHYRUHLQHU6WUDKOVFKXW]VFKOHXVH'DKLQWHUILHOHQQRFKLPPHU6FKVVH 'LH'HFNHN|QQWHGXUFKEURFKHQZHUGHQZLVSHUWHHVLQPHLQHP*HKLUQ,FKIXKU HUQHXW]XVDPPHQGRFKGLHVPDOVWHOOWHLFKNHLQHEHUIOVVLJHQhEHUOHJXQJHQDQ 'LHVHU/RJLNVHNWRUVFKLHQGLH(LJHQDUW]XEHVLW]HQVLFKMHGHU]HLWPHOGHQ]XN|QQHQ DXFKGDQQZHQQPDQHVQLFKWZQVFKWH ³7LUDNRDXIGLH'HFNHGHV6DDOHVDFKWHQ,FKZUGHDQ6WHOOHGHU7*&YRQREHQ KHUGXUFKEUHFKHQ(LQH=HUPUEXQJVVSUHQJXQJJHQJW6LHHU]HXJWNHLQH'UXFNZHOOH XQGLVWIDVWODXWORV´ 'HU)UHXQGVWDUUWHPLFKYHUEOIIWDQ,FKJULQVWH'DYHUVWDQGHU,QPHLQHP.RSI HUW|QWH*HOlFKWHU³5XKH´JHERWLFK ³%LWWH",FKYHUVWHKHQLFKWZDV²DFKVRGRFKLFKKDEHYHUVWDQGHQ%HLGHU .ULVWDOOZHOWLFKKDEHQRFKQLHMHPDQGDQJHVLFKWVVROFKHU*HIDKUHQODFKHQVHKHQ´ ³,FKJULQVH([DPHQVEUXGHU´ ³*HKVWGXQXQHQGOLFK"+DOWHGLH7*&QLFKWIUGXPP0DQZLUGDOOHVDXIELHWHQ XPGLFK]XIDVVHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³8QGGLFKPLWPLU)UHXQG:LOOVWGXQLFKWDXVVWHLJHQ"%HKDXSWHQLFKKlWWHGLFK JH]ZXQJHQPLFK]XEHJOHLWHQ"'LH7RWHQUHGHQQLFKWPHKU´ (UVFKDXWHPLFKHQWVHW]WDQ³,VWGLHVH)HVWVWHOOXQJDXFKDXIHLQHQ5DWGHLQHV /RJLNVHNWRUV]XUFN]XIKUHQ"´ ,QPLUODFKWHHWZDV,FKDQWZRUWHWHQLFKWPHKUVRQGHUQ|IIQHWHGDV6FKRWWGHU 6FKOHXVH'DV'U|KQHQGHU6FKVVHZXUGHODXWHU'LH7UVFKORVLFKZLHGHU7LUDNR YHUVFKZDQGDXVPHLQHP6LFKWEHUHLFK,FKOLHGHQ0LNURUHDNWRULQQHUKDOEGHV 5FNHQWRUQLVWHUVDQODXIHQXQGGUFNWHDXIGLH-XVWLHUXQJVVFKDOWXQJGHV 6FKXW]VFKLUPV.QLVWHUQGOHJWHHUVLFKEHUPHLQHQ.|USHUXQGZXUGH]XU.RQWXUEODVH PLWGHP3UDOOIHOGJUDGLHQWHQGHUHLQHUVWUDIIJHVSDQQWHQ+DXWJOLFK9RQGHQ YHUVFKLHGHQDUWLJHQ3ROHQVSUDQJHQKHOOH(QWODGXQJVEOLW]HEHU,FK]|JHUWHHLQHQ $XJHQEOLFNLQEDQJHU8QJHZLKHLWHKHLFKHVZDJWHDXIGHQgIIQXQJVNQRSIGHU ]ZHLWHQ6FKOHXVHQWU]XGUFNHQ:HQQVLHVLFKLQIROJHHLQHUH[WUHPHQ+LW]HHLQZLUNXQJ QLFKWPHKU|IIQHQOLHZDUHQZLUYHUORUHQ-HPDQGPXWHGHQ7UDQVPLWWHUYRQGHU 6FKDOWVWDWLRQDXVEHGLHQHQ .HLQH6RUJHUDXQWHPHLQQHXHU3DUWQHU$UNRQVWDKOLVWZLGHUVWDQGVIlKLJHUDOV HLQOHLFKWHU(QHUJLHVFKLUP'DGHLQ)UHXQGQRFKVFKLHWNDQQHVQLFKW]XKHLVHLQ ,FKZROOWHPLUYRUGLH6WLUQVFKODJHQWUDIDEHUQXUGLH6FKHLEHGHV6FKXW]KHOPV $OOPlKOLFKYHUVWDQGLFKZDUXPGLH$NWLYLHUXQJGDVEHGHXWVDPVWH(UHLJQLVLP/HEHQ HLQHV$UNRQLGHQZDU'DV6FKRWWJOLWWQDFKDXHQDXI,FKZDUDXIHLQLJHVJHIDW JHZHVHQGDUDXIDEHUQLFKW(LQ*OXWRUNDQKHXOWHPLUHQWJHJHQ:HLJOKHQGHUKLW]WH *DVHIDXFKWHQLQGLHQRFKQRUPDOWHPSHULHUWH6FKOHXVHQNDPPHUKLQHLQ6LH VFKOHXGHUWHQPLFKJHJHQGLH(LQJDQJVWUXQGZLUEHOWHQPLFKDQVFKOLHHQGDXIGHP %RGHQXPKHU:HQQGLHKLHUYHUZHQGHWHQ0DWHULDOLHQQLFKWDXVVFKOLHOLFKDXV $UNRQVWDKOEHVWDQGHQKlWWHQZlUHGLHVHU7HLOGHV.OLQLNJHElXGHVOlQJVWLQVLFK ]XVDPPHQJHEURFKHQ1RUPDOH6WHLQHKlWWHQGLHVHQWKHUPLVFKHQ*HZDOWHQQLFKW VWDQGKDOWHQN|QQHQ 'DV&KDRVPlLJWHVLFKHEHQVRVFKQHOOZLHHVEHUPLFKKHUHLQJHEURFKHQZDU 'HU'UXFNDXVJOHLFKZDUEHHQGHW2KQHGHQVFKW]HQGHQ(QHUJLHVFKLUPZlUHLFKMHW]W QLFKWQXU]HUVFKPHWWHUWVRQGHUQVFKRQ]X$VFKHYHUEUDQQWJHZHVHQ,FKULFKWHWHPLFK DXIXQWHUGUFNWHGHQ6FKPHU]XQGVFKULWWQDFKYRUQH5HQQHQNRQQWHLFKQLFKW'DIU ZDUGLH6FKXW]NOHLGXQJ]XKLQGHUOLFK,QGHPJUHOOHQ*OKHQEHPHUNWHLFKHLQHQ.|USHU 6HLQEODJHOEVFKLPPHUQGHU6FKXW]VFKLUPKREVLFKIDUEOLFKJXWYRQGHQHUKLW]WHQ /XIWPDVVHQDE'HU0DQQVFKLHQY|OOLJHUVFK|SIW]XVHLQ9LHOOHLFKWZDUHUVRJDU YHUZXQGHW(UODJGLFKWYRUGHPlXHUHQ6FKRWWVRDOVKlWWHHUYHUVXFKWGLHVH7U]X |IIQHQ'LH:DIIHZDUVHLQHQ+lQGHQHQWIDOOHQ6LHJOKWHGXQNHOURWXQGZDU XQEUDXFKEDUJHZRUGHQ 'LH.RQWUROODQ]HLJHQLQPHLQHP+HOPVFKQHOOWHQDXI*HIDKUHQZHUW'LH 7HPSHUDWXUODJEHUHLWVGLFKWXQWHUGHUPD[LPDOHQ%HODVWXQJVJUHQ]H,FK]|JHUWHQLFKW +LQWHUGHUWUDQVSDUHQWHQ+HOPVFKHLEHGHV)UHPGHQEHPHUNWHLFKHLQVFKPDOHV *HVLFKW8QVDJEDUH4XDOHQKDWWHQHVJH]HLFKQHW$OVHUPLFKVDKUDQJHUVLFKHLQ /lFKHOQDE,FKVWHOOWHNHLQH)UDJHQ6HLQH)XQNVSUHFKDQODJHPXWHOlQJVWDXVJHIDOOHQ VHLQ,FK]HUUWHLKQPLWGHQ6FKXOWHUQYRUDQLQGLH6FKOHXVHVFKORGLHQRFK IXQNWLRQLHUHQGH7UXQGGUFNWHDXIGHQ%HOIWXQJVXQG$EVRUSWLRQVVFKDOWHU 6FKOHXVHQGLHVHU$UWZDUHQGDIUYRUJHVHKHQJHVFKlGLJWDQNRPPHQGH
'HU.ULVWDOOSULQ]
M
$WODQ
7UDQVPLWWHUUHLVHQGH]XHQWJLIWHQ=XGLHVHP%HJULII]lKOWHDXFKHLQHhEHUKLW]XQJ QLFKWRUJDQLVFKHU*WHU )UPHLQ*HIKOVFKLHQHV7RQWDV]XGDXHUQELVGHUYRQDXHUKDOEEH]RJHQH )ULVFKOXIWVWURPHQGOLFKGLHKHLHQ*DVPDVVHQYHUGUlQJWKDWWH$OVGLH7HPSHUDWXUDXI SOXVVLHE]LJ*UDGJHIDOOHQZDU|IIQHWHLFKGLHLQQHUH6FKOHXVHQWU:LHGHU]RJLFKGHQ RIIHQEDUWRWDOHUVFK|SIWHQ8QEHNDQQWHQPLWGHP.RSIYRUDQKLQDXV,P7UDQVPLWWHUVDDO OLHLFKLKQYRUVLFKWLJ]X%RGHQVLQNHQGHVDNWLYLHUWHPHLQ,QGLYLGXDOIHOGXQGNODSSWH GHQ+HOP]XUFN 7LUDNRZDUGD(UZDUWHWHELVDXFKXQVHU+HOIHUVHLQHQIODFNHPGHQ 6FKXW]VFKLUPDEJHVFKDOWHWKDWWH*HPHLQVDP|IIQHWHQZLUVHLQHQ6FKXW]KHOP'HU HUVWH/DXWZDUHLQTXDOYROOHV6W|KQHQ:LU]RJHQLKPLQDOOHU(LOHGHQDQJHNRKOWHQ .DPSIDQ]XJYRP.|USHU'DEHPHUNWHQZLUGLH8UVDFKHVHLQHU/HLGHQ(UZDUYLHO]X VFKZHUYHUEUDQQWZRUGHQDOVGDZLULKPQRFKKlWWHQKHOIHQN|QQHQ'LHVHU0DQQZDU GHP7RGHJHZHLKW$QVFKHLQHQGZDUVHLQ6FKXW]IHOGIUGHQ%UXFKWHLOHLQHU0LOOLWRQWD XQGLFKWJHZRUGHQ²XQGGDVKDWWHDXVJHUHLFKWGDGLHJOKHQGHQ*DVHWURW]GHV $Q]XJVVHLQHQ.|USHUWRWDOYHUEUKWHQ ³$WODQ´ ³'HUELQLFK6FKZHLJHQ6LHPHLQ)UHXQG:LUZHUGHQYHUVXFKHQ,KQHQ´ ³1HLQ´OHKQWHHUU|FKHOQGDE³'LHGLHDQGHUHQVLQGJHIDOOHQ6FKLUPYHUVDJHQ ,FKLFKKDEHGHQ=XJDQJYHUVFKZHLW7URW]GHP%HHLOXQJ%ULQJHQ6LHPLFK]XGHQ 7UDQVPLWWHUVFKDOWXQJHQ6FKQHOOVFKQHOO´ (UKDWUHFKWHUNOlUWHPHLQ/RJLNVHNWRU.HLQH+LOIHPHKUP|JOLFK:RUDXIZDUWHVW GX" ,FKIDWHLKQXQWHUGHQ$UPHQ7LUDNRKDOI6RWUDQVSRUWLHUHQZLUGHQ0DQQ]XP 6FKDOWSXOW³0LWGHP2EHUN|USHUDXIGLH9HUNOHLGXQJOHJHQ´VW|KQWHHU³1HLQQLFKW VHW]HQ6FKQHOOGUEHUOHJHQ,FKPXGLHJUQPDUNLHUWH(LQKHLWHUUHLFKHQN|QQHQ´ 7LUDNRVFKOXFK]WH9RQ0LWOHLGEHUZlOWLJWVDKHUDXIGHQW|GOLFK9HUZXQGHWHQ :LUOHJWHQLKQZXQVFKJHPlDXIGDVKDOEUXQGH6FKDOWSXOW³*XWVR*HKHQ6LHLQGHQ 7UDQVPLWWHU1XPPHUIQI6FKQHOOLFKNDQQQLFKWOlQJHUGXUFKKDOWHQ$WODQ²PHLQ /HEHQIU6LH+HOIHQ6LHXQVHUHP9RON6FKQHOO´ 7LUDNRXQGLFKUDQQWHQhEHUXQVEHJDQQGLH'HFNH]XEU|FNHOQ,FKHQWUL 7LUDNRGLH'LHQVWZDIIHXQGIHXHUWHHLQLJH+RFKHQHUJLHVFKVVHQDFKREHQ-HPDQG VWU]WHVFKUHLHQGGXUFKGDVSO|W]OLFKHQWVWHKHQGH/RFK'DQQVWDQGHQZLULQGHP 7UDQVPLWWHUNlILJ8QVHU+HOIHUZDUKLQWHUGHQGLFNHQ3DQ]HUVFKHLEHQQXUXQGHXWOLFK]X HUNHQQHQ ³(UVFKDIIWHVQLFKWPHKU´EHKDXSWHWH7LUDNREHEHQG³'DVNDQQQLHPDQG DXVKDOWHQ1LHKlWWHLFKJHJODXEWGD´ 'DVHQWVWHKHQGH(QWPDWHULDOLVLHUXQJVIHOGOLHLKQYHUVWXPPHQ8QVHU)UHXQG KDWWHHVGRFKQRFKJHVFKDIIW:HLWHUYRUQVFKZHEWHGHUHUVWH3ROL]HLURERWHUDXVGHP /RFKLQGHU'HFNH(KHGLH0DVFKLQHMHGRFKDXIXQVHU7UDQVSRUWJHUlWVFKLHHQNRQQWH VSUWHLFKEHUHLWVGHQ6FKPHU]GHU(QWPDWHULDOLVLHUXQJ7LUDNRZDUQXUQRFK VFKHPHQKDIWHUNHQQEDU'DQQYHUOLHHQPLFKGLH6LQQH ,FKWDXPHOWHLQ)DUWXORRQV$UPH1HEHQLKPVWDQG(LVNUDOOH+LQWHUGHQEHLGHQ DOWHQ)UHXQGHQJHZDKUWHLFKHLQLJH0lQQHUGLHLFKQLH]XYRUJHVHKHQKDWWH³5XKLJ -XQJHJDQ]UXKLJ´VSUDFK)DUWXORRQOHLVH³'XKDVWHVZLUNOLFKEHUVWDQGHQ$KGHLQ )UHXQG7LUDNR*DPQR:LOONRPPHQLQPHLQHP6WW]SXQNW6LHVLQGVLFKKRIIHQWOLFK
'HU.ULVWDOOSULQ]
M
$WODQ
GDUEHUNODUGDHVIU6LHNHLQ]XUFNPHKUJLEW"0DQZLUG6LHMDJHQZLH$WODQ,FK ZHUGHMHGRFKGDIUVRUJHQGD,KU+HUU9DWHUXQDQJHIRFKWHQEOHLEW(UKDWWHMDDXFK ZLUNOLFKNHLQH$KQXQJYRQGHP)HKOWULWWVHLQHV6RKQHV´ )DUWXORRQODFKWHWLHIXQGGXQNHO,FKVDKKLQXQWHULQGDVEUHLWH*HVLFKWGHVUHODWLY NOHLQHQDEHUXQJHKHXHUVWDUNHQ0DQQHV)DUWXORRQVJHOEOLFKH]ZLVFKHQVWDUNHQ :OVWHQOLHJHQGH$XJHQVFKLHQHQZLHLPLQQHUHQ7ULXPSK]XOHXFKWHQ,FKZXWH ZDUXP(UKDWWHVHLQ=LHOHUUHLFKW,FKKDWWHGLH$5.6800,$HUUXQJHQXQGDXHUGHP ZDUHVPLUQRFKP|JOLFKJHZHVHQPHLQHQ+lVFKHUQLPOHW]WHQ$XJHQEOLFN]X HQWNRPPHQ-DHUKDWWHDOOHVHUUHLFKW,FKDEHU²ZDVKDWWHLFKJHZRQQHQ" ,FKO|VWHPLFKDXVVHLQHQVWDUNHQ$UPHQXQGVWLHPLFKGDEHLDQVHLQHP %UXVWSDQ]HU$OVRWUXJHUGLHVHVDOWHVFKHXOLFKH'LQJLPPHUQRFK1DWUOLFKEDXPHOWH DQVHLQHP*UWHOGDVEUHLWH.XU]VFKZHUWGHPHUGLHJHKHLPQLVYROONOLQJHQGH %H]HLFKQXQJ6NDUJYHUOLHKHQKDWWH(UZDUVFKRQHLQVHOWVDPHU0DQQPHLQYHUHKUWHU (U]LHKHUXQG/HKUPHLVWHU (LVNUDOOHNDPDXIPLFK]XXQGOlFKHOWHJOlVHUQ,FKKDWWHGHQNOHLQHQ&KUHWNRU GHULPPHUEHIUFKWHWHLQH[WUHPHU+LW]H]HUVFKPHO]HQXQGEHL]XJURHU .lOWHHLQZLUNXQJ]HUVSOLWWHUQ]XPVVHQYHUPLWXQGOHJWHEHLGH+lQGHDXIVHLQH 6FKXOWHUQ7LUDNRZLFKYRUVLFKWVKDOEHU]XUFNYRQ(LVNUDOOHVY|OOLJWUDQVSDUHQWHP .|USHUGHUHLQHPDQDWRPLVFKHQ3KDQWRPELOGJOLFKYHUEOIIW ³$WODQZLOONRPPHQ(VWXWPLUOHLGGDLFKQLFKWEHLGLUVHLQNRQQWH)DUWXORRQ GLHVHU:LGHUOLQJYHUERWHVPLU´ ³)UHXHGLFK´,FKOlFKHOWHXQGKROWHWLHI/XIW$OOPlKOLFKZLFKGLH6FKZlFKHYRQ PLU³)UHXHGLFK.OHLQHU,QGHU+DOOHZlUHVWGXWDWVlFKOLFK]HUVFKPRO]HQ´ ³&KUHNWEHZDKUHPLFK´VFKULHHUXQGHUKREDEZHKUHQGGLH+lQGH 7LUDNRKVWHOWH:LHJHEDQQWVWDUUWHHUDXI(LVNUDOOHV.RSI'DV*HKLUQZDU GHXWOLFKHUNHQQEDU,FKVFKDXWHPLFKXP'HU5DXPZDUPLWWHOJUR'HU (PSIDQJVWUDQVPLWWHUHLQNOHLQHV=ZHLPDQQJHUlWEHDQVSUXFKWHGHQJU|WHQ7HLOGHV 3ODW]HV ³:RVLQGZLU"´HUNXQGLJWHLFKPLFK ³$XI/DUJDPHQLD-XQJH7LHIXQWHUGHQ)HOVPDVVHQHLQHV*HELUJHVGDV VHLQHUVHLWVYRQHLQHU(QHUJLHNXSSHOGHU6LPXODWLRQVDQODJHEHUZ|OEWZLUGXQGGLH $QSHLOXQJGHV7UDQVPLWWHUVYHUKLQGHUW:HQQGDVNHLQJXWHV9HUVWHFNLVW´)DUWXORRQ ODFKWHXQGUFNWHVHLQHQ+DUQLVFK]XUHFKW ,FKO|VWHGLH0DJQHWYHUVFKOVVHGHV6FKXW]DQ]XJV0HLQZHLHV*HZDQGZXUGH VLFKWEDU)DUWXORRQWUDW]XUFN6HLQH$XJHQVFKLHQHQ]XOHXFKWHQ2K²GLHVHQ ³IHLHUOLFKHQ´*HVLFKWVDXVGUXFNNDQQWHLFK ³1HLQQLFKWGDV´ZHKUWHLFKHQWVHW]WDE³%LWWHNHLQHVFK|QHQ:RUWHXQG /REUHGHQ,FKKDEHJHQXJGDYRQJHK|UW´ ³'DUXPJHKWHVQLFKW(XHU(UKDEHQKHLW´VDJWHHLQHUGHU0lQQHUGLHLFKQLH ]XYRUJHVHKHQKDWWH(USUHWHGLH5HFKWHJHJHQGLH6WLUQXQGYHUEHXJWHVLFK6HLQH %HJOHLWHUNQLHWHQQLHGHUXQGOHJWHQGLH)LQJHUVSLW]HQEHUGLH$XJHQ 'DVLVWHLQHWUDGLWLRQHOOH*HVWHGLH(VZDUPLUQLFKWP|JOLFKGHQ*HGDQNHQ ]X(QGH]XVSLQQHQ,FKIKOWHZLHVLFKLQPLUMHGHU0XVNHOYHUVWHLIWH'LH$QUHGHXQG 'DV²GDVLVWGRFKQLFKWP|JOLFK 'RFKPHOGHWHVLFKPHLQ/RJLNVHNWRUPLWGHULKPHLJHQHQ*HODVVHQKHLW'RFK 6RZHUGHQQXUGHU,PSHUDWRUXQGGHU.LLVWDOOSULQ]GHV5HLFKHVEHJUW
'HU.ULVWDOOSULQ]
M
$WODQ
'LHPRPHQWDQH6WDUUHZLFKYRQPLU9RUPHLQHQ$XJHQHUVFKLHQHQURWH5LQJH 6LHYHUGLFKWHWHQVLFK]X)HXHUUlGHUQ,FKYHPDKPDXIJHUHJWH6WLPPHQXQGGDV =LVFKHQHLQHU+RFKGUXFNVSULW]H0HLQ$UPEHJDQQ]XVFKPHU]HQDEHUGHU 6FKZlFKHDQIDOOZXUGHDXJHQEOLFNOLFKEHVHLWLJW,FKNRQQWHDXFKZLHGHUNODUVHKHQ'LH GUHL0lQQHUNQLHWHQQRFKLPPHU'HUlOWHUH$UNRQLGHMHQHUGHUPLFKPLWGLHVHPIU PLFKXQIDOLFKHQ7LWHODQJHVSURFKHQKDWWHVFKDXWHPLFKSUIHQGDQ ³,FKELQ$UFWDPRQHKHPDOVSHUV|QOLFKHU6DFKEHUDWHULQ)UDJHQGHU,QQHQSROLWLN 6HLQHU(UKDEHQKHLWGHV,PSHUDWRUV*RQR]DOGHV6LHEHQWHQYRQ$UNRQ0LUJHODQJHV HEHQIDOOVGHQ+lVFKHUQGHV%UXGHUP|UGHUV2UEDQDVFKRO]XHQWNRPPHQ,FKEHJUH (XHU(UKDEHQKHLWLQ)UHXGH'DQNEDUNHLWXQG'HPXW´ 1XQNQLHWHHUDXFKQRFKQLHGHU³%LWWHVWHKHQ6LHDXIPHLQ+HUULFKELWWH6LH (UKDEHQHU'DV²GDVVROOWHQ6LHQLFKWWXQ'DVVWHKWPLUQLFKW]X,FKYHUVWHKH EHUKDXSWQLFKW´ ,FKIKOWH)DUWXORRQV+DQGPHLQHQ2EHUDUPXPVSDQQHQ(UGUFNWH]X6HLQH HQRUPH.UDIWHQWIDOWXQJHQWORFNWHPLUHLQ6W|KQHQ³'XPXW]XGLUILQGHQ´YHUQDKPLFK VHLQH6WLPPH³'LH7RQWDGHU:DKUKHLWLVWJHNRPPHQ$WODQ'DVKDWWHLFKGLU YHUVSURFKHQ'HLQHZLVVHQVFKDIWOLFKH$XVELOGXQJLVWDEJHVFKORVVHQGLH0DQQEDUNHLWV 5HLIHSUIXQJKDVWGXPLWGHU(UULQJXQJGHU$5.6800,$EHUDXVYHUGLHQWEHVWDQGHQ /DPLFKGHLQ(UVWHU'LHQHUVHLQ,FKZHUGHLQGLUVWHWVGHQKLOIORVHQ-XQJHQVHKHQGHQ LFKYRUYLHU]HKQ-DKUHQDUNRQLGLVFKHU=HLWUHFKQXQJLQ6LFKHUKHLWEUDFKWH'HUYRQ VHLQHPYHUEUHFKHULVFKHQ%UXGHUHUPRUGHWH,PSHUDWRU*RQR]DOGHU6LHEHQWHZDUGHLQ JWLJHUXQGPLWJOlQ]HQGHQ)DKLJNHLWHQDXVJHVWDWWHWHU+HUU9DWHU'XELVWGHU UHFKWPlLJH.ULVWDOOSULQ]GHV5HLFKHVGHLQZDKUHU1DPHODXWHW0DVFDUHQGXELVWGHU NRPPHQGH+HUUVFKHUEHUGDV*URH,PSHULXPXQGGXUFKGDV$EOHEHQGHLQHV9DWHUV MHW]WVFKRQGHUYRP*HVHW]EHVWLPPWH=KGRSDQWKL*RQR]DOGHU$FKWH,FKJUHXQG HKUH(XHU(UKDEHQKHLW´ ³)DUWXORRQ1LFKWQLHGHUNQLHQ1LFKW,FKELWWHGLHHKUHQZHUWHQ+HUUHQ DXI]XVWHKHQELWWH6LHEHVFKlPHQPLFK´ -HQHUDOWH0DQQGHUVLFKDOV$UFWDPRQYRUJHVWHOOWKDWWHVDKPLFKDQZLHPLFK QRFKQLHHLQ$UNRQLGHDQJHVFKDXWKDWWH:HOFKHLQH)UHXGHXQG9HUHKUXQJDEHUDXFK ZHOFKHLQH(UOHLFKWHUXQJZDUDXVGLHVHU0LPLNKHUDXVOHVEDU0LUZXUGHVFKRQZLHGHU HOHQG,FKVDKPLFKKLOIHVXFKHQGQDFKGHP)UHXQGXP7LUDNRZDUGD²QDWUOLFKZDUHU GD$EHUZLHHUGDZDU(UVWDQGLQVWHLIHU+DOWXQJKLQWHUPLUYRUVFKULIWVPlLJGLH%HLQH JHVSUHL]WXQGGLHUHFKWH+DQGJHJHQGLHOLQNH%UXVWVHLWHJHSUHW6REHJUWHQ DUNRQLGLVFKH2IIL]LHUHLKUHK|FKVWHQ.RPPDQGHXUHXQGQDWUOLFKDXFKGHQ +|FKVWHGOHQGHV5HLFKHVGHUDOV%HJDPGHU2EHUNRPPDQGLHUHQGHGHU)ORWWHZDU :DKUVFKHLQOLFKZROOWHHUGXUFKPLFK³+LQGXUFKVWDUUHQ´ZLHHVGHU%UDXFKJHERWDEHU GDVJHODQJLKPJOFNOLFKHUZHLVHQLFKW6HLQH/LSSHQEHEWHQXQGGLHUHFKWH+DQG ]LWWHUWHREZRKOVLHDXIGHU%UXVWSODWWHHLQHQJXWHQ+DOWIDQG(LJHQWOLFKZDUHV7LUDNR *DPQRGHUPLUXQJHZROOWPHLQHLQQHUH)DVVXQJ]XUFNJDE ,FKWUDWDXILKQ]XXQG]HUUWHDQVHLQHP]HU]DXVWHQ+DDU³'XPPNRSI´VFKDOWLFK LKQ³+DVWGXGDVQ|WLJ"6WHOOWPDQVLFKVRYRUHLQHP)UHXQGDXIPLWGHPPDQ/HLGXQG *HIDKUHQJHWHLOWKDW"´ ³(XHU(UKDEHQKHLW´ ,FKWUDWLKPNUlIWLJDXIGHQ)X'DNRQQWHHUHLQHQ/DXWGHV6FKPHU]HVQLFKW XQWHUGUFNHQ,FKJULQVWHLKQDQ³$KZLUGPDQZLHGHUYHUQQIWLJ")DUWXORRQ´'HU
'HU.ULVWDOOSULQ]
M
$WODQ
%DXFKDXIVFKQHLGHUYRQ*RUWDYRUGDFKWHQLFKWGDUDQVHLQDXIJHZKOWHV6HHOHQOHEHQ HEHQIDOOVVREOR]XVWHOOHQZLH7LUDNR*DPQR³,FKELQ]XHUUHJWXQG]XEHUUDVFKWXP PLFKMHW]WYHUQQIWLJHUlXHUQ]XN|QQHQDOVLFKHVEHUHLWVYHUVXFKWH´ ³2KGDVNOLQJWDEHU]LHPOLFKYHUQQIWLJ´EHKDXSWHWHPHLQ/HKUPHLVWHU $UFWDPRQVFKPXQ]HOWH(UVFKLHQJOHLFK7LUDNRHLQJXWHU%HREDFKWHUXQG JOlQ]HQGHU3V\FKRORJH]XVHLQ:DKUVFKHLQOLFKKDWWHHUODQJHDXIPHLQ(UVFKHLQHQ JHZDUWHW(LQ0DQQYRQVHLQHP5DQJKDWWHVLFKQDWXUJHPlIUDJHQPVVHQLQZHOFKHU :HLVHVLFKGHU.ULVWDOOSULQ]GHV5HLFKHVHQWZLFNHOQZUGH'DVZDUHQEHUHFKWLJWH 9RUEHKDOWHJHZHVHQ,FKKlWWHQDFKGHU)OXFKWXQGEHL)DUWXORRQVXQNRQYHQWLRQHOOHQ (U]LHKXQJVPHWKRGHQGXUFKDXV]XHLQHPZLGHUERUVWLJHQXQGXQDXVVWHKOLFKHQ0DQQ ZHUGHQN|QQHQ1XQPHKUQDFKGHU(U|IIQXQJEHUPHLQHZDKUH+HUNXQIWKlWWHVLFK HLQELVODQJLQPHLQHP8QWHUEHZXWVHLQYHUERUJHQHU'QNHOEHPHUNEDUPDFKHQ N|QQHQ(VZDUHQEHUKDXSWYLHOH0|JOLFKNHLWHQ]XUQHJDWLYHQ%HZHUWXQJPHLQHU 3HUVRQGHQNEDUJHZHVHQ ,FKYHUVWDQGVFKRQZDUXPPLFKGHUDOWH0DQQVRHLJHQWPOLFKDQJHEOLFNWKDVWH 1LFKWMHGHU6RKQZDUVHLQHP9DWHUJOHLFK]XVWHOOHQ6RZDUDXFKDXV7LUDNR*DPQR NHLQNDOWKHU]LJHU*HVFKlIWVPDQQJHZRUGHQVRQGHUQHLQN|USHUOLFKVFKZlFKOLFKHU VFK|QJHLVWLJHU-QJOLQJGHUYRQGHU+DQGHOVUDXPVFKLIIVIORWWHVHLQHV(U]LHKHUVVRJXW ZLHQLFKWVZLVVHQZROOWH ³,FKELQPGHDEJHVSDQQWXQGIDVWQLFKWPHKUEHL6LQQHQ,FKELWWHXPHLQLJH 7RQWDVGHU5XKH)DUWXORRQJLEWHVWULHUHLQ%DG"´ 1DFKGHUIUPLFKQRFKLPPHUXQYRUVWHOOEDUHQ(U|IIQXQJEHUPHLQH+HUNXQIW YHUJLQJHQVLHEHQ3UDJRVQDFK$UNRQ=HLWPD)DVWXQXQWHUEURFKHQVDLFKPLW )DUWXORRQ$UFWDPRQXQGGHQGUHLDQGHUHQ+HUUHQVHLQHU%HJOHLWXQJ]XVDPPHQXPPLU EHUPHLQHQ/HEHQVZHJXQGEHUGDVJUDXVDPH6FKLFNVDOPHLQHV9DWHUVEHULFKWHQ]X ODVVHQ)DUWXORRQZDULQGHU1lKHJHZHVHQDOV,PSHUDWRU*RQR]DO9,,ZlKUHQGHLQHU -DJGH[SHGLWLRQDXIGHP8UZHOWSODQHWHQ(UVNRPLHU³YHUXQJOFNWH´(VZDUMHGRFKNHLQ 8QIDOOJHZHVHQZLHGLH³RIIL]LHOOH6SUDFKUHJOXQJ´ODXWHWHVRQGHUQHLQZRKOYRUEHUHLWHWHU 0RUG )LOPDXIQDKPHQJHKHLPH6WDDWVGRNXPHQWHDEJHK|UWH*HVSUlFKHXQG )DUWXORRQV%HULFKWEHZLHVHQPLUGDHUUHFKW]HLWLJJHQXJGDVWUJHULVFKH6SLHOXPGLH 0DFKWGXUFKOHXFKWHWXQGVLFKGDUDXIYRUEHUHLWHWKDWWH0HLQ9DWHUKDWWHVHLQHP %DXFKDXIVFKQHLGHUEHUHLWV]XVHLQHQ/HE]HLWHQXQJHKHXUHILQDQ]LHOOH0LWWHOXQG $XVUVWXQJVJWHUDOOHU$UW]XU9HUIJXQJJHVWHOOW(UKDWWHLPPHUPLWHLQHP$WWHQWDW JHUHFKQHW²GLHDUNRQLGLVFKH*HVFKLFKWHEHOHJWHGDGLHZHQLJVWHQ+HUUVFKHUVDQIW HLQHVQDWUOLFKHQ7RGHVVWDUEHQ(UKDWWH)DUWXORRQYROOXQGJDQ]YHUWUDXWZDVVLFKDOV VHKUZHLVHHUZLHVHQKDWWHGHQQ)DUWXORRQV9HUWUDXWHVDHQEHUDOOXQGDOVVLH HUIXKUHQGD*RQR]DO9,,WRWZDUEHJDQQHQVLH]XKDQGHOQ1DWXUJHPlJDEHVLQ DOOHQZLFKWLJHQ,QVWLWXWLRQHQGHV5HLFKHVEHVRQGHUVLQGHU)ORWWH]DKOUHLFKH3HUVRQHQ GLH*RQR]DOWUHXHUJHEHQJHZHVHQZDUHQ6RKDWWH)DUWXORRQZHLWHUH9HUEQGHWH JHZRQQHQ )DOVFKH6SXUHQZXUGHQJHOHJWGLHVLFKZLHGHULP6DQGHYHUORUHQXQGHLQHU GLHVHU0lQQHUO|VFKWHPHLQH,QGLYLGXDOGDWHQDXVGHPJURHQ=HQWUDOJHKLUQDXIGHU .ULVWDOOZHOW9RQGDDQZDULFKGDVKLOIORVH.LQGDXIJUXQGVROFKHU8QWHUODJHQQLFKW PHKUDXIILQGEDU1LFKWHLQPDOGLH7*&KDWWHGLHVH/|VFKXQJYHUKLQGHUQN|QQHQ )DUWXORRQXQGVHLQH)UHXQGHZDUHQVWHWVHWZDVVFKQHOOHUJHZHVHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³1DFKGHPHVSUDNWLVFKNHLQH8QWHUODJHQPHKUEHUGLFKJDE´VDJWH)DUWXORRQ ³NRQQWHLFKGHLQH(U]LHKXQJLQGLH+DQGQHKPHQ0LW(UIROJREZRKOLFKDOV9HUVWHFN GLH5DQGZHOW*RUWDYRUZlKOWH(VJHODQJXQVDXFKGLH(UHLJQLVVHLQMHQHQ3UDJRV ZHLWJHKHQG]XUHNRQVWUXLHUHQGLHGHP7DUPDQGD$UNYRUDXVJLQJHQ'LH 6FKLOGHUXQJPDJPDQFKH/FNHHQWKDOWHQDQGHUHVEHUXKWDXI,QGL]LHQDEHULPJURHQ XQGJDQ]HQHQWVSULFKWDOOHVGHQ7DWVDFKHQ²VLFKXQGK|UVHOEVWZLHGLH9HUVFKZ|UHU YRQ$UNRQYRUJLQJHQ´ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ (LQQHXHU0RUJHQEUDFKDQ$XI$UNRQ,JDEHVNHLQHULFKWLJH1DFKW0LW (LQEUXFKGHU'lPPHUXQJHUVFKLHQHQGLH]DKOORVHQ6RQQHQGHV.XJHOVWHPKDXIHQV 7KDQWXU/RNDP+LPPHOLQGHVVHQ0LWWHVLFKGDV$UNRQV\VWHPEHIDQG'LFKWDQ GLFKWVWDQGHQVLHDP)LUPDPHQWXQGLKU/LFKWZDUKHOOJHQXJXPGHQ%HZRKQHP GHU.ULVWDOOZHOW²*RV¶5DQWRQHLQHPKHORVH2ULHQWLHUXQJ]XHUP|JOLFKHQ9LHOHYRQ LKQHQZDUHQVRJDUWDJVEHU]XHUNHQQHQ1XQJLQJZLHGHUGLH6RQQHDXIHLQULHVLJHU ZHLHU6WHPGHUGHQ3LDQHWHQWURW]GHUUHODWLYJURHQ(QWIHUQXQJYRQUXQG 0LOOLRQHQ.LORPHWHPDXVUHLFKHQGHUZlUPWHXQGLKPHLQIDVWSDUDGLHVLVFKHV.OLPDJDE =ZHLZHLWHUH:HOWHQEHLP3URMHNW7LJD5DQWRQDXI%HIHKOGHV,PSHUDWRUV*RQR]DO,,, NXQVWOLFKDXIGLHJOHLFKH8PODXIEDKQJHEUDFKWNUHLVWHQPLW$UNRQ,]XVDPPHQLQGHU H[DNWHQ)RUPDWLRQHLQHVJOHLFKVHLWLJHQ'UHLHFNVXPGLHVH6RQQHGHU$EVWDQGYRQ HLQHU:HOW]XUDQGHUHQEHWUXJHWZDVPHKUDOVHLQH0LOOLDUGH.LORPHWHU $UNRQ,,ZDUGLH+DQGHOVZHOW0HKDQ¶5DQWRQDXIGHUULHVLJH0HQJHQQ*WHUQ HU]HXJWXPJHVFKODJHQXQGEHUDOOKLQLQGDV,PSHULXPJHOLHIHUW:XUGHQ%HL$UNRQ,,, DOV*RU¶5DQWRQ².DPSIZHN²XPVFKULHEHQKDQGHOWHHVVXFKXPHLQHQ DXVJHVSURFKHQHQ,QGXVWULHSODQHWHQGHVVHQ2EHUIOlFKHIDVWHLQHLQ]LJHUULHVLJHU 5DXPKDIHQZDU'LHSODQHWDUH.UXVWHZDUELVLQJURH7LHIHDXVJHK|KOWEHUDOOJDEHV JHZDOWLJH5DXPVFKLIIVZHUIWHQ8Q]lKOLJH)HUWLJXQJVEHWULHEHIUDOOHVQ|WLJH=XEHK|U DXHUGHPDXVJHGHKQWH:RKQVWlGWHIUGLHGDULQ%HVFKlIWLJWHQXQGIUGLH%HVDW]XQJ GHU.DPSIIORWWHQGHV7DL$UN¶7XVVDQ:DKUHQG$UNRQ,,,GLH:HOWGHV 6LHGNXQJVEHJLQQVLP/DXIHGHU=HLWHLQH³7RWDOYHUEDXXQJ´HUIXKUEOLHE$UNRQ, XUVSUQJOLFKGHU]ZHLWH3ODQHWHLQDXVJHVSURFKHQHU:RKQSODQHWZLHHUHVVFKRQ YRUVHLQHU1HXSRVLWLRQLHUXQJDXIGHU%DKQGHVGULWWHQSODQHWHQJHZHVHQZDU (VZDUHLQHVFK|QH:HOWDXIGHUHVNHLQHJURHQ6WlGWHJDEGLHLKUH 2EHUIOlFKHYHUVFKDQGHOWKlWWHQ+LHUOHEWHGLH2EHUVFKLFKWGHU$UNRQLGHQYRUDOOHP $GHOXQG+RFKDGHOGHUJURHQ:HUWDXIHLQH[NOXVLYHV'DVHLQOHJWHXQGHQWVSUHFKHQG KDWWHPDQGDVbXHUHGHU.ULVWDOOZHOWJHVWDOWHW'LH.RQWLQHQWH/DNWUDQRUXQG 6KDUJDEDJZDUHQZLHGLH*URLQVHOQ9X\DQQDXQG.UDVDRQYRQDXVJHGHKQWHQ 3DUNODQGVFKDIWHQEHGHFNWEHUGLHVLFKLQJHEKUHQGHQ$EVWlQGHQGLH:RKQJHElXGH HUKREHQ²LQ7ULFKWHUIRUPDXVJHIKUWH%DXWHQGLHVLFKYRQGHU%DVLVGHV )XQGDPHQWVWLHOVKHUQDFKREHQHUZHLWHUWHQXQGGHUHQ5lXPOLFKNHLWHQDXI7HUUDVVHQDQ GHQ,QQHQVHLWHQGHU7ULFKWHUODJHQ $OOHZDUHQSUlFKWLJXQGDXIZHQGLJDXVJHVWDWWHWGRFKVLHZXUGHQEHLZHLWHPYRQ GHQ%DXOLFKNHLWHQGHV5HJLHUXQJV]HQWUXPVEHUWURIIHQGDVVLFKDXIGHP+JHOGHU :HLVHQEHIDQGGHP7KHN/DNWUDQHLQHP+RFKSODWHDXGDVYRQPHKUHUHQ*LSIHOQ
'HU.ULVWDOOSULQ]
M
$WODQ
EHUUDJWZXUGH=ZLVFKHQGLHVHQODJHQULHVLJH7ULFKWHUJHElXGHELV]X0HWHUKRFK XQGLQLKQHQZRKQWHQGLH6SLW]HQGHUDUNRQLGLVFKHQ*HVHOOVFKDIWVRZLHGLH*HVDQGWHQ XQG%RWVFKDIWHUGHU9|ONHUGLHPLWGHP,PSHULXPEHIUHXQGHWZDUHQRGHU]XPLQGHVW SROLWLVFKH%H]LHKXQJHQ]XLKPXQWHUKLHOWHQ 'HQ0LWWHOSXQNWDEHUELOGHWHGHU.ULVWDOOSDODVWLQGHPGHUMHZHLOLJH+HUUVFKHU EHUGDV*URH,PSHULXPVHLQH)DPLOLHVHLQH%HUDWHUXQGK|FKVWHQ2IIL]LHUH ZRKQWHQ(UWUXJVHLQHQ1DPHQ]XUHFKWGHQQVHLQH$XHQIDVVDGHZDUPLWHLQHU 6FKLFKWYRQIXQNHOQGHQ.ULVWDOOHQEHGHFNWHLQIXQNHOQGHV-XZHOYRP$XVVHKHQHLQHV JHZDOWLJHQ.HOFKHVGHU*RV¶.DVXUQ'RFKVHLQH6FK|QKHLWKDWWHDXFKLKUH 6FKDWWHQVHLWHQ.HLQ*HElXGHDXIJDQ]$UNRQ,ZDUDXFKQXUDQQlKHPGVRVWDUN JHVLFKHUWZLHHU1LHPDQGNRQQWHLKQEHWUHWHQRKQH]XYRUDXVJLHELJHQ.RQWUROOHQ GXUFK:DFKHQXQGSRVLWURQLVFKHOGHQWLILNDWLRQVDXWRPDWHQXQWHU]RJHQZRUGHQ]XVHLQ 6FKRQGLH:DFKHQZDUHQVWUHQJDEHUZHUYRQLKQHQEHLPXQEHUHFKWLJWHQ(LQWULII HUWDSSWZXUGHNRQQWHQRFKYRQ*OFNUHGHQ'LHXQVLFKWEDUDQJHEUDFKWHQ$XWRPDWLNHQ ZDUHQPLW:DIIHQDOOHU$UWJHNRSSHOWGLHVRIUWLQ7lWLJNHLWWUDWHQZHQQLKQHQMHPDQG]X QDKHNDPGHUNHLQH,'0DUNHPLWVLFKIKUWHGLHLKQDOVEHUHFKWLJWHQ%HZRKQHURGHU %HVXFKHUDXVZLHV $QDOOGDVPXWH)DUWXORRQGHQNHQDOVHUVHLQHQ$QWLJUDYVFKZHEHUDXIHLQHP GHU/DQGHSOlW]HYRUGHP.ULVWDOOSDODVWQLHGHUJHKHQOLH'LH6WUDKOHQGHUZHLHQ 6RQQHXPILQJHQGDV*HElXGHXQGOLHHQGLH.ULVWDOOZlQGHOHXFKWHQXQGJOLW]HUQGRFK )DUWXORRQKDWWHNHLQHQ%OLFNGDIU6HLQ+HU]ZDUYRQJURHU6RUJHHUIOOWXQGGLHVH JDOWVHLQHP+HUUVFKHU*RQR]DO9,,)DUWXORRQZDUGHU/HLEDU]WGHV+|FKVWHGOHQDXV GHP*URHQ.KDVXUQGHUHUYRQ*RQR]DOXQGHLQH.DSD]LWlWDXIDOOHQ*HELHWHQGHU 0HGL]LQZXUGHDEHUZLHHVGLH6LWWHZDUDXFKDOV+RIPHGLNHUPLWGHU%H]HLFKQXQJ %DXFKDXIVFKQHLGHUEHOHJW ,Q:LUNOLFKNHLWZDUHUZHLWPHKUDOVQXUGHU/HLEDU]W(UVWYRUNXU]HPKDWWHLKQ GHU,PSHUDWRU]XP*RV/DNWURWHEHVWHOOW]XP.ULVWDOOPHLVWHUXQG³2EHUDXIVHKHUGHU 3ULYDWUlXPHGHV+|FKVWHGOHQ´GHUYRQ$PWVZHJHQLQGLH6LFKHUKHLWVPDQDKPHQ HLQJHEXQGHQZDU1RFKZDUGLH(UQHQQXQJQLFKWRIIL]LHOOYHUNQGHWXQGQXUZHQLJH (LQJHZHLKWHZXWHQYRQLKU 'XUFKHLQLJH(LJHQKHLWHQGLH)DUWXORRQDEVLFKWOLFKKHUYRUNHKUWHKDWWHHUGD]X EHLJHWUDJHQGHQ5XIHLQHVHWZDVVFKUXOOLJHQ:LVVHQVFKDIWOHUV]XZDKUHQhEHUZHOFKH EHVRQGHUH(LJHQVFKDIWHQHUZLUNOLFKYHUIJWHZDUQXUVHLQHQHQJHQ)UHXQGHQXQG 9HUWUDXWHQEHNDQQW)DUWXORRQKDWWHHVLQGHQ-DKUHQVHLQHV:LUNHQVDP+HUUVFKHUKRI YHUVWDQGHQHLQHJDQ]H$Q]DKOVROFKHU]XJHZLQQHQGLH]XP7HLOK|FKVWH3RVLWLRQHQ LQQHKDWWHQ,KQHQDOOHQZDUJHPHLQVDPGDVLH*RQR]DO9,,WUHXHUJHEHQZDUHQVR ZLHDXFKGHU$U]WVHOEVW 0LWHLQLJHQYRQLKQHQKDWWHHUVLFKLQGHUYHUJDQJHQHQ1DFKWJHWURIIHQXQGVLH KDWWHQLKPEHVWU]HQGH1DFKULFKWHQEHUEUDFKW(VJDEHLQH.RQVSLUDWLRQJHJHQGHQ +HUUVFKHUGDVVWDQGPLWJURHU6LFKHUKHLWIHVW1LFKWYRQDXHQKHUVRQGHUQGLUHNWLP .ULVWDOOSDODVWLQVHLQHUXQPLWWHOEDUHQ8PJHEXQJ)DUWXORRQKDWWHDXIJUXQGYRQYLHOHQ NOHLQHQ$Q]HLFKHQVFKRQVHLWOlQJHUHU=HLWHWZDV'HUDUWLJHVYHUPXWHWDEHUQLH VFKOVVLJH%HZHLVHGDIUHUKDOWHQ1XQEHVDHUZLFKWLJH+LQZHLVHQXUZXWHHUQLFKW ZLHHUVLHVHLQHP+HUUQEHLEULQJHQVROOWH'HQQGLH0lQQHUXPGLHHVVLFKGUHKWH EHVDHQHEHQIDOOV*RQR]DOVYROOHV9HUWUDXHQ
'HU.ULVWDOOSULQ]
M
$WODQ
'HUPDVVLJH0DQQLPVFKOLFKWHQ*HZDQGGHV+RIDU]WHVJlKQWHDOVHUVHLQHQ 6FKZHEHUYHUOLHZHLOHULQGLHVHU1DFKWNDXP6FKODIJHIXQGHQKDWWH/DQJVDPVFKULWW HUDXIHLQHQGHU(LQJlQJHLP6RFNHOGHVULHVLJHQ7ULFKWHUJHElXGHV]XXQGKROWH DXWRPDWLVFKVHLQH.HQQPDUNHKHUYRU'LHGRUWVWHKHQGHQ:DFKHQNDQQWHQLKQ]ZDUVHLW ODQJHPDEHUDXVZHLVHQPXWHHUVLFKWURW]GHP)DUWXORRQSDVVLHUWHGLH:DFKHQ 6FKULWWDQGHQ.RQWUROODXWRPDWHQYRUEHLGLHLKQJUQGOLFKDEWDVWHWHQXQGEHWUDWHQGOLFK GHQ.ULVWDOOSDODVW ,QGHQXQWHUHQ6WRFNZHUNHQGHVIDVWWDXVHQG0HWHUKRKHQ*HElXGHVKHUUVFKWH WURW]GHUIUKHQ7RQWDVFKRQHLQUHJHV7UHLEHQ+LHUEHIDQGHQ6LFKGLH5lXPHIUGLH ]DKOUHLFKHQ%HGLHQVWHWHQGLHEHUHLWVHLIULJGDEHLZDUHQLKUH9RUEHUHLWXQJHQIUGHQ 7DJ]XWUHIIHQ6LHPXWHQ]XU6WHOOHVHLQZHQQLKUH+HUUHQVLFKYRQGHU1DFKWUXKH]X HUKHEHQJHUXKWHQ%HGLHQXQJVURERWHUZDUHQLQGLHVHUYRUQHKPHQ8PJHEXQJYHUS|QW 'DPDQDP+RIHGHV,PSHUDWRUVQDWXUJHPlQLFKWVYRQV\QWKHWLVFKHQ1DKUXQJVPLWWHOQ KLHOWJDEHVLQGHU%DVLVGHV.ULVWDOOSDODVWHV]DKOUHLFKHJURH.FKHQUlXPHLQGHQHQ .|FKHXQG)HLQElFNHUUXQGXPGLH8KULKUHQ7lWLJNHLWHQQDFKJLQJHQ 'HU/HLEDU]WPLHGGLHEHOHEWHQ*lQJHXQGGLH+DXSWDQWLJUDYVFKlFKWHLQGHQHQ ]XGLHVHU=HLWHLQZDKUHV*HZLPPHOKHUUVFKWH(UHUZLGHUWHGHQGHYRWHQ*UXHLQLJHU YRUEHUHLOHQGHU/DNDLHQQDFKOlVVLJXQGERJGDQQLQHLQHQVFKPDOHQ6HLWHQJDQJHLQ GHULKQDQGHU3HULSKHULHGHV3DODVWVRFNHOVHQWODQJIKUWHXQGGHUYHUODVVHQGDODJ(U QDKPGLHVHQ:HJDQMHGHP0RUJHQHUIKUWHLKQ]XHLQHPZHQLJEHQXW]WHQ 6LFKHUKHLWV$QWLJUDYVFKDFKWGXUFKGHQHUGLUHNW]XGHQ*HPlFKHUQGHV,PSHUDWRUV NDP6HLQH$XIJDEHZDUHVGHQ+HUUVFKHUJOHLFKQDFKGHP$XIVWHKHQJUQGOLFK]X XQWHUVXFKHQZLHHVGDV*HVHW]YRUVFKULHE(LQLP*UXQGHEHUIOVVLJHU$NWGHQQ *RQR]DO9,,VWDQGLQGHU%OWHVHLQHU-DKUHXQGZDUNHUQJHVXQG )DUWXORRQJLQJDQGLHVHP0RUJHQODQJVDPHUDOVJHZ|KQOLFKDXIVHLQHU6WLUQ ODJHQGLFNH6RUJHQIDOWHQ7URW]VHLQHU1DFKGHQNOLFKNHLWVDKHUGLHNDXPPHUNOLFKH %HZHJXQJHWZD]ZDQ]LJ0HWHUYRUVLFKZRGLFKWYRUGHP$QWLJUDYVFKDFKWHLQH $E]ZHLJXQJGHV*DQJHVEHUHLQH7UHSSHLQGLH.HOOHUJHZ|OEHIKUWH(VZDUQXUHLQ YDJHU6FKDWWHQJHZHVHQPHKU]XDKQHQDOV]XVHKHQ'HU*DQJZDU]ZDUKHOO HUOHXFKWHWDEHUQLFKWYROO]XEHUVHKHQGDHUGHUOHLFKWHQ.UPPXQJGHU $XHQZDQGXQJGHV3DODVWHVIROJWH,UJHQGMHPDQGVFKLHQVLFKGRUWDXI]XKDOWHQXQG VLFKVRIRUWLQGLH$E]ZHLJXQJ]XUFNJH]RJHQ]XKDEHQDOV)DUWXORRQLQ6LFKW JHNRPPHQZDU²ZDUXP" 0LWHLQHP6FKODJZDUGHU$U]WDXVVHLQHQ*HGDQNHQJHULVVHQ(UOLHVLFKQLFKWV DQPHUNHQXQGJLQJZHLWHUZLHELVKHUDEHUHUZDUDXIGHU+XW1RFKGUHL0HWHUELV]XU $E]ZHLJXQJ1LFKWVZDUPHKU]XVHKHQQLFKWV]XK|UHQQXUVHLQHHLJHQHQ6FKULWWH 6ROOWHHUVLFKGRFKJHWlXVFKWKDEHQ"9LHOOHLFKWKDWWHQLKPQXUVHLQH6LQQHHLQHQ6WUHLFK JHVSLHOWEHGLQJWGXUFKGLHQHUYOLFKH$QVSDQQXQJGHUHUVHLWGHUOHW]WHQ1DFKW XQWHUODJ")DUWXORRQHUUHLFKWHGHQ1HEHQJDQJXQGZROOWHVLFKVFKRQHQWVSDQQHQGD ZDUHQVLHSO|W]OLFKEHULKP'UHL0lQQHUZDUHQHVGLHLKQDXVGHP*DQJKHUDXV DQVSUDQJHQ$OOHGUHLZDUHQJURXQGNUlIWLJWUXJHQQHXWUDOHGXQNOH.OHLGXQJYRULKUH *HVLFKWHUZDUHQGXQNOH7XFKHUPLWVFKPDOHQ$XJHQVFKOLW]HQJHEXQGHQ 6LHZDUHQNHLQH1HXOLQJHLQGLHVHP*HVFKlIWGDVEHPHUNWHGHU$U]WVRIRUW 2EZRKOVLHDOOHJOHLFK]HLWLJDXILKQORVJLQJHQEHKLQGHUWHGRFKNHLQHUGHQDQGHUHQ´ HLQHUJULIIYRQUHFKWVDQGHUDQGHUHYRQOLQNVGHUGULWWHIURQWDO$OOHGUHLZDUHQPLW ,PSXOVVWUDKOHUQEHZDIIQHWDEHUVLHEHQXW]WHQVLHQLFKWXP]XVFKLHHQ0LWHUKREHQHQ
'HU.ULVWDOOSULQ]
M
$WODQ
:DIIHQJULIIHQVLHDQXQGHVNRQQWHNHLQHQ=ZHLIHOGDUDQJHEHQGDVLH EHDEVLFKWLJWHQLKPGDPLWGHQ6FKlGHOHLQ]XVFKODJHQ )DUWXORRQUHDJLHUWHPLWYHUEOIIHQGHU6FKQHOOLJNHLW(UGXFNWHVLFKXPGHQ 6FKOlJHQGHU$QJUHLIHU]XHQWJHKHQXQGZLFKJOHLFK]HLWLJLQHLQHUIOLHHQG JHVFKPHLGLJHQ%HZHJXQJDQGLH:DQGGHV*DQJHVKLQWHUVLFK]XUFN1XQKDWWHHU GHQ5FNHQIUHLXQGHUOLHVHLQHNUlIWLJHQ$UPHZLUEHOQWUDIGLHVHLWOLFKYRQLKP EHILQGOLFKHQ*HJQHUPLWKDUWHQ6FKOlJHQLQGLH0DJHQJHJHQG (UKDWWHJXWJHWURIIHQGHQQGLHEHLGHQ0lQQHUJLQJHQVRIRUW]X%RGHQXQG OLHHQHLQXQWHUGUFNWHV6W|KQHQK|UHQ)UGHQ0RPHQWZDUHQVLHDXVJHVFKDOWHWXQG GHU$U]WKDWWHHVQXUQRFKPLWHLQHP$QJUHLIHU]XWXQGRFKGLHVHUZDULKPIDVW HEHQEUWLJ*HVFKLFNWZLFKHUHLQHP)XWULWWJHJHQVHLQ6FKLHQEHLQDXVXQGJLQJVRIRUW ZLHGHU]XP$QJULIIEHU'HUVSLUDOLJH/DXIVHLQHV/XFFRWVVWDFKJHJHQ)DUWXORRQV .RSIXQGGLHVHUNRQQWHLKQQXUPLWHLQHU5HIOH[EHZHJXQJDEZHKUHQ'LH:DIIH UXWVFKWHDEXQGWUDIYROOJHJHQVHLQHOLQNH6FKXOWHU(LQVWHFKHQGHU6FKPHU]]XFNWH GXUFKVHLQHQJDQ]HQ.|USHU)U$XJHQEOLFNHZDUGHU$U]WIDVWJHOlKPWGRFKQXQVDK HUDXVGHQ$XJHQZLQNHOQGDGLHEHLGHQQLHGHUJHVFKODJHQHQ0lQQHUVLFKEHUHLWV ZLHGHUDXI]XUDIIHQEHJDQQHQ:HQQHUMHW]WVHLQHU6FKZlFKHQDFKJDEZDUHVXPLKQ JHVFKHKHQGDVVWDQGIHVW )DUWXORRQVFKWWHOWHNXU]GHQ.RSIXQGSO|W]OLFKSDFNWHLKQHLQHUDVHQGH:XWDXI GLHVH0HXFKHOP|UGHU8QYHUPLWWHOWZDUGHU6FKPHU]IRUWXQGYHUJHVVHQQHXH6FKOlJH ]XU6HLWHULVVHQGLHEHLGHQ0l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|UEDUHQ.QLUVFKHQEUDFKHQGLH1DFNHQZLUEHOGHV9HUPXPPWHQVFKODIIVDQN VHLQ.|USHULQ)DUWXORRQV$UPHQ]XVDPPHQ(UZDUWRWGDVZXWHGHU$U]WVRIRUWHU OLHVHLQHQDXVJHVFKDOWHWHQ*HJQHUIDOOHQXQGEHUHLWHWHVLFKGDUDXIYRUHVPLWGHQ EHLGHQDQGHUHQDXI]XQHKPHQ'RFKGLHVHZDQGWHQVLFK]XU)OXFKWXQGVWUPWHQZLH YRQ'lPRQHQJHKHW]WGDYRQ1XQZlUHHV)DUWXORRQQLFKWVFKZHUJHIDOOHQVLHPLWGHP 6WUDKOHUGHV7RWHQ]XHUVFKLHHQ ³1HLQ´IOVWHUWHGHU$U]WYRUVLFKKLQ³(LQ7RWHULVWJHQXJXQGGLHVHEHLGHQ ZHUGHQHVQLFKWZLHGHUYHUVXFKHQGDVVWHKWIUPLFKIHVW-HW]WELQLFKJHZDUQWHLQ ]ZHLWHV0DOZLUGPLUVRHWZDVQLFKWPHKUSDVVLHUHQ´ 0LWPGHQ6FKULWWHQJLQJHU]XP$QWLJUDYVFKDFKWYRUXQGGUFNWHDXIGHQ.QRSI GHU$ODUPDQODJH)DUWXORRQOHKQWHVLFKDQGLH:DQGXQGZDUWHWHDXIGDV(LQWUHIIHQ HLQHV.RPPDQGRVGHU3DODVWJDUGH
'HU.ULVWDOOSULQ]
M
$WODQ
³'DVLVWMD7HUWDYLRQ´VDJWHGHU$QIKUHUGHV.RPPDQGRVYHUEOIIWDOVHUGHP 7RWHQGLH0DVNHDEJHVWUHLIWKDWWH ³6LHNHQQHQLKQ"´IUDJWH)DUWXORRQLQWHUHVVLHUW 'HU$UEWDQQLFNWHXQGVFKWWHOWHJOHLFKGDUDXIGHQ.RSI³'DVEHJUHLIHLFKQLFKW´ NQXUUWHHUNRQVWHUQLHUW³:DVVROOWHHLQHQ2EHUVWHQ'LHQHUXQVHUHU+HUUVFKHULQZRKO GD]XEHZHJHQ]XP0|UGHU]XZHUGHQ"´ 'HU/HLEDU]WOlFKHOWHPGHXQGULHEGHQ'DXPHQDP=HLJHILQJHU³*HOG$UEWDQ ZDVVRQVWZRKO"9HUPXWOLFKVWHFNWVRJDUMHPDQGPLWYLHO*HOGGDKLQWHUGHQQHVZDUHQ LPPHUKLQGUHL0|UGHUGLHHULQVHLQHP6ROGKDWWH´ ³:DUXPKDEHQ6LHGLHEHLGHQDQGHUHQHQWNRPPHQODVVHQ(UKDEHQHU"´ )DUWXORRQ]XFNWHPLWGHQ$FKVHOQ³*HZLLFKKlWWHVLHHUVFKLHHQN|QQHQDEHU ZDVKlWWHPLUGDVHLQJHEUDFKW"7RWHN|QQHQQLFKWVPHKUDXVVDJHQ´ ³'DKDEHQ6LHDOOHUGLQJVUHFKW1XQYLHOOHLFKWN|QQHQVLHGRFKQRFKJHIDW ZHUGHQGLH,GHQWLWlWGHV7RWHQNHQQHQZLUQXQXQGGXUFKLQWHQVLYH1DFKIRUVFKXQJHQ EHUVHLQHQ%HNDQQWHQNUHLVXQG8PJDQJPWHVLFKHLQLJHVKHUDXVILQGHQODVVHQ'DV ZLUGGLH7X*RO&HOEHVRUJHQGHQQGLHVHQ9RUIDOOPVVHQZLUQDWUOLFKPHOGHQ´ 'LH7*&ZDUGLH3ROLWLVFKH*HKHLPSROL]HLGHV,PSHUDWRUVGHUVLFKLKUHU DOOHUGLQJVQXUGDQQEHGLHQWHZHQQHVXQXPJlQJOLFKZDU*RQR]DO9,,KLHOWQLFKWYLHO YRQLKUHQRIWDQUFKLJHQ0HWKRGHQGRFKLQ.ULHJV]HLWHQZDUHLQHVROFKH,QVWLWXWLRQHLQH 1RWZHQGLJNHLW$XFKGHP/HLEDU]WZDUVLHHLQ'RUQLP$XJHGHQQHUJLQJRIWVHLQH HLJHQHQ:HJHWHLOZHLVHVRJDULQL$XIWUDJGHV+HUUVFKHUVGHVVHQ9HUWUDXWHUHUZDU 'RFKHUKWHWHVLFKGLHVHU$EQHLJXQJ$XVGUXFN]XJHEHQ 'HU.RPPDQGRIKUHUJDEVHLQHQ]XUFNJHNHKUWHQ0lQQHUQGLHYHUJHEOLFKQDFK GHQ)OFKWLJHQJHVXFKWKDWWHQGHQ%HIHKOGHQ7RWHQIRUW]XVFKDIIHQVDOXWLHUWHYRU )DUWXORRQXQGIROJWHLKQHQGDQQ'HU$U]WVHW]WHVHLQHQ:HJIRUWXQGVFKZHEWHLP $QWLJUDYOLIWQDFKREHQ8QWHUZHJVGDFKWHHULQWHQVLYQDFK :HUNRQQWHZRKOHLQ,QWHUHVVHGDUDQKDEHQPLFKDXVGHP:HJUlXPHQ]X ODVVHQ"1LHPDQGZXWHGDYRQGDHUPHKUDOVGHUEORH/HLEDU]WGHV,PSHUDWRUVZDU GHVVHQZDUHUVLFKHU=XPLQGHVWQLHPDQGGHUHVQLFKWZLVVHQGDUINRUULJLHUWHHUVLFK VHOEVW2GHUKDWGRFKHLQHUGHU,QWULJDQWHQDP+RIHHWZDVEHUGDVEHVRQGHUH 9HUWUDXHQVYHUKlOWQLVKHUDXVJHIXQGHQVFKOLHOLFKKDEHQLFKXQG PHLQH)UHXQGHOQIRUPDWLRQHQEHUGLH.RQVSLUDWLRQJHJHQGHQ+HUUVFKHUHUKDOWHQ )DUWXORRQEHVFKORLQ=XNXQIWEHVVHUDXI]XSDVVHQXQGVHLQH)UHXQGH HQWVSUHFKHQG]XLQVWUXLHUHQ'HU$QVFKODJJHJHQVHLQ/HEHQKDWWHLKPGHXWOLFK JH]HLJWZLHHUQVWGLH/DJHEHUHLWVZDU*HVFKLFNWVFKZDQJHUVLFKDXVGHP $QWLJUDYVFKDFKWDXIGHQ.RUULGRUYRUGHQ*HPl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lLJ VHLQH$XJHQYHUULHWHQVHLQHZDFKH,QWHOOLJHQ],P*HJHQVDW]]XUKHUUVFKHQGHQ0RGH WUXJHUGDVZHLEORQGH+DDUQXUVFKXOWHUODQJ$QLKPZDUQLFKWVYRQGHU'HNDGHQ]]X
'HU.ULVWDOOSULQ]
M
$WODQ
EHPHUNHQGLHVLFKDOOPlKOLFKLQGHU2EHUVFKLFKWGHU$UNRQLGHQEHPHUNEDU]XPDFKHQ EHJDQQ)DUWXORRQYHUQHLJWHVLFKYRUVHLQHP+HUUVFKHU ³'XNRPPVWKHXWHVSlW)DUWXORRQ´EHPHUNWH*RQR]DOPLWJHVSLHOWHU6WUHQJH ³:DUGHLQH*HIlKUWLQGHU1DFKWVRIHXULJGDVLHGLFKGLH3IOLFKWHQJHJHQEHUGHLQHP +HUUQYHUJHVVHQOLH"´ ³,KUKDEWHVHUUDWHQ(UKDEHQHU,PSHUDWRU´JDEGHU/HLEDU]WPLW]HUNQLUVFKWHU 0LHQH]XUFNXQGYHUQHLJWHVLFKDEHUPDOVGRFKQXUXPVHLQ*ULQVHQ]XYHUEHUJHQ ³$OWHU*DXQHUGHUGXELVW´*RQR]DOODFKWHUDXKDXI³9HUPXWOLFKZDUGHLQH HLQ]LJH*HIlKUWLQGHU1DFKWHLQHJURH)ODVFKHYROOYRQVHP:HLQLFKNHQQHGLFK GRFK´ 'LH6HUYRDQODJHKDWWHLKUH$XIJDEHEHHQGHWGHU,PSHUDWRUHUKREVLFKHODVWLVFK XQGVFKODQJHLQ7XFKXPVHLQH/HQGHQ'DQQHUVWVDKHU)DUWXORRQYROODQXQGPLW HLQHP6FKODJYHUVFKZDQGGDV/lFKHOQYRQVHLQHQ/LSSHQ'HU$U]WKDWWHDXIJHK|UW]X JULQVHQQXUQRFK(UQVWXQGWLHIH%HVRUJQLVVSUDFKHQDXVVHLQHQ=JHQXQGGHU ,PSHUDWRUIUDJWHNQDSS³,VWHWZDV%HVRQGHUHVJHVFKHKHQ"´ )DUWXORRQQLFNWHVFKZHU³)DVWZlUHLFKKHXWHEHUKDXSWQLFKWPHKUJHNRPPHQ 0HLQ,PSHUDWRU²PDQKDWXQWHUZHJVYHUVXFKWPLFK]XHUPRUGHQ´ ³+LHULP3DODVW"´*RQR]DOVDKLKQXQJOlXELJDQ )DUWXORRQQLFNWHDEHUPDOV³-D(XHU(UKDEHQKHLWXQWHQLQGHP6HLWHQJDQJGHQ LFKLPPHUEHQXW]HXP]XGHP1HEHQOLIW]XNRPPHQ(VZDUHQGUHLPDVNLHUWH0lQQHU GLHGRUWDXIPLFKODXHUWHQDOOHPLW,PSXOVVWUDKOHUQEHZDIIQHW(LJHQWPOLFKZDUQXUGD VLHQLFKWDXIPLFKVFKRVVHQVRQGHUQGDUDXIDXVZDUHQPLUGHQ6FKlGHO HLQ]XVFKODJHQ´ ³6LHKDEHQHVQLFKWJHVFKDIIWGDVVHKHLFK´VWHOOWH*RQR]DOODNRQLVFKIHVW³:LH ELVWGXPLWLKQHQIHUWLJJHZRUGHQ"´ 'HU$U]WEHULFKWHWHNXU]XQGGDQQVFKZLHJHQEHLGH0lQQHUIUHLQH:HLOHELV GHU,PSHUDWRUPLWVRUJHQYROOHP*HVLFKWIUDJWH³:DVIROJHUVWGXGDUDXV)DUWXORRQ"´ )DUWXORRQOlFKHOWHGVWHU³6LHKDWWHQ]ZHLIHOORVGHQ$XIWUDJGLHVHU7DWGHQ $QVFKHLQHLQHV8QIDOOV]XJHEHQ6SlWHUKlWWHPDQPLFKGDQQPLW]HUWUPPHUWHP 6FKlGHOXQGJHEURFKHQHQ*OLHGHUQDP*UXQGHGHV$QWLJUDYVFKDFKWVJHIXQGHQXQGGLH 6FKXOGQDWUOLFKLQHLQHP9HUVDJHQGLHVHU$QODJHJHVXFKW:DKUVFKHLQOLFKZDUHQGLH GUHLGDUDXIYRUEHUHLWHWGHQ$QWLJUDYHQWVSUHFKHQG]XPDQLSXOLHUHQVRGDGLH .RQWUROOHQGLHVH$QQDKPHQRFKHUKlUWHWKlWWHQ´ *RQR]DO9,,QLFNWH³9HUPXWOLFKKDVWGXUHFKW'RFKZDUXPZROOWHPDQGDVWXQ" :HUNDQQHLQHQ1XW]HQYRQGHLQHP7RGKDEHQ"´ ³:DKUVFKHLQOLFKGLHVHOEHQ0lQQHUGLHHLQH9HUVFKZ|UXQJJHJHQ(XFKSODQHQ (XHU(UKDEHQKHLW´JDEGHU$U]WILQVWHU]XUFN 5HNRQVWUXNWLRQ'LHVH0lQQHUVDHQ]XUJOHLFKHQ=HLWQXUZHQLJHKXQGHUW .LORPHWHUYRP.ULVWDOOSDODVWHQWIHUQW]XVDPPHQ,KU7UHIISXQNWZDUHLQHVFKOLFKWH XQDXIIlOOLJH6RPPHUUHVLGHQ]DP2VWXIHUGHV6KD¶VKXOXN6LFKHOELQQHQPHHUHVGLH LQQHQDOOHUGLQJVPLWDOOHP3UXQNDXVJHVWDWWHWZDUZLHHUYRUQHKPHQ$UNRQLGHQ]XNDP (LQ]HOKHLWHQLQGLHVFU$XVVWDWWXQJYHUULHWHQHLQHPNXQGLJHQ%HWUDFKWHUGDHVPHKU HLQ/LHEHVQHVWZDUREZRKOHVPHLVWDOVVROFKHVIXQJLHUWH+LHUYHUOHEWH2UEDQDVFKRO GHU%UXGHUGHV,PSHUDWRUVVHLQH1lFKWHPLWLPPHUZHFKVHOQGHQ6FK|QHQ 2UEDQDVFKROZDUDXFKMHW]WDQZHVHQG$OOHUGLQJVQLFKWDOV/LHEKDEHUVRQGHUQDOV
'HU.ULVWDOOSULQ]
M
$WODQ
,QLWLDWRUGHU9HUVFKZ|UXQJJHJHQVHLQHQ%UXGHUGHQ+HUUVFKHUEHUGDV*URH ,PSHULXPGHU$UNRQLGHQ $XIGHQHUVWHQ%OLFNKlWWHLKPQLHPDQGVHLQHHQJH9HUZDQGWVFKDIW]X*RQR]DO 9,,JHJODXEW2UEDQDVFKROZDULQDOOHPGDV*HJHQWHLO]XVHLQHP+DOEEUXGHU(UZDU HLQHQ.RSINOHLQHUXQGXQJHZ|KQOLFKJHGUXQJHQIUHLQHQ$UNRQLGHQEHLQDKHVFKRQ IHWW6HLQ*HVLFKWZDUIHLVWXQGUXQGOLFKGLHNOHLQHQOLVWLJHQ$XJHQYHUVFKZDQGHQIDVW XQWHUGHQGLFNHQ7UlQHQVlFNHQ6HLQHJDQ]H3HUVRQZLUNWHXQDQJHQHKPXQG YHUVFKODJHQXQGGLHVHU(LQGUXFNYHUVWlUNWHVLFKQRFKVREDOGHUGHQ0XQGDXIWDW 6HLQH6WLPPHNODQJGQQXQGILVWHOQGXQGVFKOXJEHUVREDOGHULQ(UUHJXQJ JHULHW'DVZDULP$XJHQEOLFNGHU)DOODOVHUIUDJWH³:LHNRQQWHGDVQXUJHVFKHKHQ" 'XKDVWPLUGRFKYHUVLFKHUWGDQLFKWVVFKLHIJHKHQN|QQWH6RIJDUW'HLQHQ:RUWHQ QDFKPWH)DUWXORRQMHW]WOlQJVWWRWVHLQ´ (UZLHVPLWGHU5HFKWHQDQGHUHQGLFNHQ)LQJHUQNORELJHXQGSURW]LJH5LQJH VDHQDXIGHQ0DQQGHULKPJHJHQEHUVD6RIJDUWZDU2EHUEHVFKDIIXQJVPHLVWHU DP+RIHGHV,PSHUDWRUVDOVRHLQHUGHUK|FKVWHQ=LYLOEHDPWHQLP%HUOHQ7KDQGHP =Z|OIHUUDW(UVDDQGHU4XHOOH]XDOOHQ'LQJHQLP.ULVWDOOSDODVWGLHJXWXQGWHXHU ZDUHQXQGGDVQXW]WHHUDXFKZHLGOLFKDXV(VJDENHLQH/LHIHUXQJDQGHUHUQLFKW PLWYHUGLHQWHXQGVRPDQFKHU7UDQVSRUWYHUVFKZDQGVFKRQDXIGHP:HJVSXUORV'LH 6FKXOGGDUDQZXUGHJHZ|KQOLFKLUJHQGZHOFKHQ5HEHOOHQJHJHQGDV,PSHULXP ]XJHVFKREHQXQGVRZXFKVHQGHU5HLFKWXPXQG(LQIOXGLHVHV0DQQHVLPPHUZHLWHU DQ1DFKDXHQKLQJDEHUVLFKNRUUHNWXQGXQEHVWHFKOLFKJHWUHXVHLQHU KHUDXVUDJHQGHQ3RVLWLRQLQGLHGLH=XVWlQGLJNHLWIU)LQDQ]HQ:LUWVFKDIW6WHXHUQ 6HNWRUHQDXIVLFKWXQGIDVWGLHJHVDPWH]LYLOH/RJLVWLNGHV7DL$UN¶7XVVDQILHOHQ :HULKQVDKHUVFKUDN]XPHLVWGHQQHUPXWHJODXEHQHLQHPOHEHQGHQ7RWHQ JHJHQEHU]XVWHKHQ6RIJDUWZDUJURDEHUXQKHLPOLFKGUU(UVFKLHQQXUDXV+DXW XQG.QRFKHQ]XEHVWHKHQXQGVHLQPDJHUHV*HVLFKWPDFKWHGHQ(LQGUXFNHLQHV 7RWHQVFKlGHOV6HLQHU|WOLFKHQ$XJHQVFKLHQHQVWHWVZLHLQHLQHPXQKHLPOLFKHQ)HXHU ]XJOKHQGDVVSlUOLFKH+DDUKLQJXQRUGHQWOLFKXPVHLQHQ.RSI(UZDUHLQ (LQ]HOJlQJHUXQGKDWWHDP+RINHLQHQHLQ]LJHQ)UHXQG1LHPDQGPRFKWHLKQGRFKGDV ZDUZHQLJHUVHLQHP$XVVHKHQ]X]XVFKUHLEHQVRQGHUQYRUDOOHPVHLQHUEHWRQW KRFKPWLJHQ$UWDOVHLQHUGHUPlFKWLJVWHQ0lQQHUGHV*URHQ,PSHULXPVOLHHU QLHPDQGHQDQVLFKKHUDQ$XFKPLWGHQDQZHVHQGHQ9HUVFKZ|UHUQYHUEDQGLKQQXU HLQHUHLQH=ZHFNJHPHLQVFKDIW (UOHKQWHVLFKOlVVLJ]XUFNXQGLJQRULHUWHGLHDQNODJHQGDXVJHVWUHFNWH+DQG 2UEDQDVFKROV(UKREQXUOHLFKWGLH6FKXOWHUQXQGHQWJHJQHWHGDQQPLWVHLQHU HLJHQWPOLFKKHLVHUHQ6WLPPH³'HU3ODQVWDPPWHYRQ,KQHQXQGDOOHKLHUZLVVHQGD LFKYRQ$QIDQJDQJHJHQLKQZDU:lUHQ6LHDXIPHLQHQ9RUVFKODJHLQJHJDQJHQHLQHQ 8QIDOOPLW)DUWXORRQV6FKZHEHU]XLQV]HQLHUHQZlUHGLHVH3DQQHQLFKWSDVVLHUW´ ³'DVVWLPPW(UKDEHQHU´ZDUIGHUMQJVWHGHU$QZHVHQGHQHLQ (UKLH$PDUNDYRU+HQJKDWWHHLQDVNHWLVFKZLUNHQGHV*HVLFKWXQGZDU .RPPDQGHXUHLQHVYRQLQVJHVDPW]HKQ:DFKJHVFKZDGHUQLP5DXPVHNWRUYRQ$UNRQ ,'LHKHQRUVWHFKHQGVWH(LJHQVFKDIWGHV'UHLSODQHWHQWUlJHUVZDUGHUJHUDGH]X EUHQQHQGH(KUJHL]P|JOLFKVWEDOG$GPLUDO]XZHUGHQXQGGD]XZDUHQLKPDOOH0LWWHO UHFKW,QGLHVHP%HVWUHEHQZDUHUDOOHUGLQJVEHUGDV=LHOKLQDXVJHVFKRVVHQDOVHU YHUVXFKWHVHLQHQ9RUJHVHW]WHQ$GPLUDO7RUPDQDFGD%RVWLFKLQ6FKZLHULJNHLWHQ]X EULQJHQ'HU$GPLUDOJHQRGDVXQEHGLQJWH9HUWUDXHQ*RQR]DOV9,,XQGKDWWHGLHVHP
'HU.ULVWDOOSULQ]
M
$WODQ
EHZHLVHQN|QQHQGDGLHLKPDQJHODVWHWHQ)HKOGLVSRVLWLRQHQHLQGHXWLJDXIGDV.RQWR +HQJVJLQJHQ'LHVHUZlUHXQZHLJHUOLFKYRUHLQ.ULHJVJHULFKWJHVWHOOWZRUGHQDEHU HLQH,QWHUYHQWLRQ2UEDQDVFKROVEHLVHLQHP%UXGHUKDWWHLKQJHUDGHQRFKGDYRU EHZDKUW0LWGHUDQJHVWUHEWHQ.DUULHUHZDUHVIULKQDOOHUGLQJVYRUEHL'DVNRQQWHVLFK DEHUVFKQHOOlQGHUQZHQQ*RQR]DO9,,QLFKWPHKU,PSHUDWRUZDU .HLQ:XQGHUDOVRGD9HUH¶DWKRU$PDUNDYRU+HQJVLFKQXQDQ2UEDQDVFKRO KLHOW²XQGJHQDXGDVKDWWHGLHVHUEH]ZHFNWDOVHUIULKQHLQJHWUHWHQZDU6HLWODQJHP VFKRQKDWWHHUJHSODQWVHLQHQ%UXGHU]XVWU]HQXPVHOEVWGLH0DFKWEHUGDV DUNRQLGLVFKH,PSHULXP]XHUODQJHQ=XU9HUZLUNOLFKXQJGLHVHU3OlQHEUDXFKWHHUGLH +LOIHYRQ0lQQHUQZLH6RIJDUWXQG+HQJGLHKRKHXQGK|FKVWH3RVLWLRQHQLQQHKDWWHQ XQGVHOEVWGHQQRFKQDFKQRFKPHKU0DFKWXQG5HLFKWXPVWUHEWHQ(UKDWWHDXFKVFKRQ $QKlQJHULQQHUKDOEGHU7*&GLHHVLKPVSlWHUHUP|JOLFKHQVROOWHHLQHOFNHQORVH .RQWUROOH]XQlFKVWEHUGDV$UNRQV\VWHPXQGVSlWHUEHUGDVJHVDPWH6WHUQHQUHLFK DXI]XEDXHQ,P0RPHQWZDUHUDOOHUGLQJVlXHUVWPLPXWLJ'HU$QVFKODJDXI)DUWXORRQ KDWWHGHUHUVWH6FKULWWDXIGHP:HJ]XU0DFKWHUJUHLIXQJZHUGHQVROOHQ 'HU%DXFKDXWVFKQHLGHUZDULKPLP:HJGHQQHUKLHOWVLFKVWHWVLQGHU XQPLWWHOEDUHQ8PJHEXQJ*RQR]DOVDXIXQGQDWUOLFKKDWWH2UEDQDVFKROEHPHUNWDXI ZHOFKYHUWUDXWHP)XGHU$U]WPLWGLHVHPVWDQGXQEHVWHFKOLFKDEVROXWOR\DOMHPDQG IUGHQGHU$XVVSUXFK³0HLQ/HEHQIU$UNRQ´NHLQHVZHJVHLQHOHHUH)ORVNHOZDU$OVR ZDUHVHLQHORJLVFKH.RQVHTXHQ]JHZHVHQLKQDXVGHP:HJ]XUlXPHQ'DGHU $QVFKODJPLJOFNWZDUKDWWH2UEDQDVFKROEHUHLWVGXUFKHLQHQVFKHLQEDUYROONRPPHQ XQYHUIlQJOLFKHQ$QUXIHUIDKUHQ'DPDQGLH$WWHQWlWHUILQGHQZUGHZDUQLFKW]X EHIUFKWHQGHQQGHUIUGLH1DFKIRUVFKXQJHQ]XVWlQGLJH2UEWRQGHU*HKHLPSROL]HL VWDQGLQVHLQHP6ROG'DIUZ/LUGHHVQXQDQGHUH6FKZLHULJNHLWHQJHEHQ ³$OOHVHLGLKUJHJHQPLFK´EHKDXSWHWH2UEDQDVFKROPLWZHLULHUOLFKHU6WLPPH ³6LHDXFK3VROOLHQ"´ 'HU$QJHVSURFKHQHUlXVSHUWHVLFKXQGVHLQHXQVWHWHQ$XJHQZLFKHQGHP%OLFN 2UEDQDVFKROVJHIOLVVHQWOLFKDXV(UZDUNHLQUHLQUDVVLJHU$UNRQLGHGDVNRQQWHMHGHUDXI GHQHUVWHQ%OLFNHUNHQQHQ6HLQGXQNOHU7HLQWVWDFKDXIIDOOHQGJHJHQGLH+DXWIlUEXQJ GHUDQGHUHQDEVHLQ+DDUZDUIDVWVFKZDU]XQGULQJHOWHVLFKLQZLUUHQ/RFNHQXPGHQ .RSI3VROOLHQVWDPPWHYRP.RORQLDOSODQHWHQ(UVNRPLHUHLQHUQXUGQQEHVLHGHOWHQ :HOWGLHVLFKLPIUKHQ(QWZLFNOXQJVVWDGLXPEHIDQG(LQH8UZHOWDOVRYROOYRQ 6XPSIZlOGHUQXQGULHVLJHQZLOGHQ7LHUHQ'RUWNRQQWHQGLHKRFKJHVWHOOWHQ$UNRQLGHQ LKUHQ-DJGOHLGHQVFKDIWHQIU|QHQXQGLQGHU.RQIURQWDWLRQPLWGHQXUZHOWOLFKHQ 8QJHKHXHUQHLQHQ1HUYHQNLW]HOHUOHEHQRKQHGDEHLLQZLUNOLFKH/HEHQVJHIDKU]X JHUDWHQ'DGDVQLFKWJHVFKDKGDIUVRUJWHQEHVRQGHUH-DJGVSH]LDOLVWHQ]XGHQHQ DXFK3VROOLHQJHK|UWH 2UEDQDVFKROKDWWHLKQYRUHLQLJHU=HLWDQOlOLFKHLQHU-DJGH[SHGLWLRQ NHQQHQJHOHUQWXQGLKPZDUVRIRUWGLHJHUDGH]XNUDQNKDIWH*HOGJLHUGLHVHV0DQQHV DXIJHIDOOHQ(UKDWWHLKQVRIRUWDOVSRWHQWLHOOHQ+HOIHUEHLVHLQHQ9RUKDEHQHLQJHVWXIW XQGDXI8PZHJHQ9HUELQGXQJ]XLKPJHKDOWHQ1XQVWDQGGHU=HLWSXQNWGLFKWEHYRUDQ GHPHULKQEUDXFKHQNRQQWHXQGVRKDWWHHULKQQDFK$UNRQ,NRPPHQODVVHQ 3VROOLHQJLQJJHUQGHQ:HJGHVJHULQJVWHQ:LGHUVWDQGVXQGVRZLFKHUHLQHU GLUHNWHQ$QWZRUWDXV³,FKKDEHPLWGLHVHQ$QJHOHJHQKHLWHQQLFKWV]XWXQ´HUNOlUWHHULQ VHLQHUVFKQHOOHQDEJHKDFNWZLUNHQGHQ6SUHFKZHLVH³,KUN|QQWDEHULPPHUDXIPLFK ]lKOHQ=KGRSDQGDGDVZLW,KU´
'HU.ULVWDOOSULQ]
M
$WODQ
³6RODQJHLFKJXW]DKOH´ILVWHOWH2UEDQDVFKRO³*XWODVVHQZLUGDV-HW]WUXKHQ :LUPVVHQHVDXFKVFKDIIHQREZRKO)DUWXORRQ´(UXQWHUEUDFKVLFKGHQQHLQIQIWHU 0DQQEHWUDWGHQ5DXP(VZDU2IIDQWXU2UEDQDVFKROV(UVWHU'LHQHUXQG]XJOHLFK HQJVWHU9HUWUDXWHUGHUVFKRQYLHOHVFKPXW]LJH*HVFKlIWHIUVHLQHQ+HUUQHUOHGLJW KDWWH (UZDUHLQJXWDXVVHKHQGHU$UNRQLGHLPEHVWHQ$OWHUPLWHLQHPDQJHQHKPHQ *HVLFKWXQGDXVJHVXFKWJXWHQ0DQLHUHQ'RFKKLQWHUGLHVHU)DVVDGHYHUEDUJVLFKGHU &KDUDNWHUHLQHV0DQQHVGHUQRWIDOOVEHU/HLFKHQJLQJ³:DVJLEWHV2IIDQWXU"´ 'HU'LHQHUYHUQHLJWHVLFKXQGOlFKHOWHOHLFKW³1HXH1DFKULFKWHQYRQXQVHUHQ 0lQQHUQDXVGHP3DODVW(UKDEHQHU'HU$QVFKODJDXI)DUWXORRQLVWIHKOJHVFKODJHQ ZHLOHVGHP%DXFKDXIVFKQHLGHUJHODQJ7HUWDYLRQ]XW|WHQGLHEHLGHQDQGHUHQ HUJULIIHQGDUDXIOKLQGLH)OXFKW'LH7*&LVWLQ]ZLVFKHQPLWGHU8QWHUVXFKXQJEHDXIWUDJW ZRUGHQGRFKWURW]GHV(LQVDW]HVYRQ,QIUDURW6SUJHUlWHQLVWHVQLFKWJHOXQJHQGHQ )OXFKWZHJXQGGLH+HUNXQIWGHUEHLGHQDQGHUHQ$WWHQWlWHU]XHUPLWWHOQ´ 2UEDQDVFKROV*HVLFKW]HLJWHHLQKlPLVFKHV/lFKHOQ³'DEHLZLUGHVDXFK EOHLEHQGDIUZLUG2UEWRQ%HONDQRUVFKRQVRUJHQ'LHEHLGHQ(QWNRPPHQHQDEHU´ (UPDFKWHHLQHEH]HLFKQHQGH+DQGEHZHJXQJXQGDOOHDQGHUHQYHUVWDQGHQVLH 2UEDQDVFKRONRQQWHHVVLFKQLFKWOHLVWHQGLHVH0LWZLVVHUDP/HEHQ]XODVVHQ ³.RPPHQZLU]XU6DFKH´VDJWH$PDUNDYRU+HQJXQJHGXOGLJ 2UEDQDVFKROZDUILKPHLQHQYHUZHLVHQGHQ%OLFN]XHQWVSUDFKDEHUGDQQVHLQHU $XIIRUGHUXQJ³:LUKDWWHQ]ZDUNHLQHQJXWHQ6WDUWXQVHUH3OlQHZHUGHQDEHUWURW]GHP QLFKWZHVHQWOLFKJHlQGHUW´HUNOlUWHHU³'HU9RUIDOOPLWGHP%DXFKDXIVFKQHLGHUZLUG *RQR]DONHLQHVIDOOVGDYRQDEKDOWHQVLFKDXIGHQJHSODQWHQ-DJGDXVIOXJQDFK (UVNRPLHU]XEHJHEHQXQGGDVDOOHLQLVWZLFKWLJ)DUWXORRQZLUGHLQ6W|UIDNWRUEOHLEHQ DEHULPHQWVFKHLGHQGHQ$XJHQEOLFNZHUGHLFKVHOEVWHVEHUQHKPHQLKQ DXV]XVFKDOWHQ2IIDQWXUXQGLFKZHUGHQLPPHULQGHU1lKHPHLQHV%UXGHUVVHLQXQG 6RIJDUWZLUGGDIUVRUJHQGDXQVQLHPDQGLQGLH4XHUHNRPPHQNDQQ8QGQXQ]X GHQ(LQ]HOKHLWHQ´ ³:DVVDJVWGXGD4XDFNVDOEHU"´IUDJWH*RQR]DO9,,HQWJHLVWHUW )DUWXORRQQLFNWHQDFKGUFNOLFK³(VJLEWHLQH.RQVSLUDWLRQJHJHQ(XFK ,PSHUDWRU,KUZLWGDLFKHLQHJDQ]H$Q]DKODEVROXWYHUWUDXHQVZUGLJHU)UHXQGH KDEHGLH(XFKWUHXHUJHEHQVLQG1XUPLWLKUHU+LIIHNRQQWHLFKMHQH9RUNHKUXQJHQ WUHIIHQGLHLP1RWIDOOGLH6LFKHUKHLW(XUHU3HUVRQXQG(XUHUHQJVWHQ)DPLOLHQPLWJOLHGHU JDUDQWLHUHQ9RQLKQHQKDEHLFKDXFKGLH,QIRUPDWLRQHQGLHHLQGHXWLJGDUDXIKLQZHLVHQ GDGXQNOH(OHPHQWH(XUHQ6WXU]ZHQQQLFKWVRJDU(XUH(UPRUGXQJSODQHQ´ 'HU,PSHUDWRUNQLIIGLH$XJHQ]XVDPPHQ³,FKNDQQHVWURW]GHPQLFKWJODXEHQ )DUWXORRQ´HQWJHJQHWHHUQDFKHLQHUNXU]HQ3DXVH ³$XVJHUHFKQHWMHW]W"'DV,PSHULXPEHILQGHWVLFKLPKDUWHQ.DPSIJHJHQGLH NRPSURPLORVDQJUHLIHQGHQ0HWKDQDWPHU²ZHUN|QQWHHVXQWHUGLHVHQ8PVWlQGHQ ULVNLHUHQGXUFKHLQHQ8PVWXU]GLH*UXQGIHVWHQXQVHUHV5HLFKHV]XHUVFKWWHUQ"´ (LQH7XULP+LQWHUJUXQG|IIQHWHVLFKXQGHLQHUGHU/HLEGLHQHU*RQR]DOV HUVFKLHQ³'LH(UODXFKWH0HULNDQDVFKLFNWPLFKK|FKVWHGOHU,PSHUDWRU,FKVROO(XFK GDUDQHULQQHUQGDLQHLQHUKDOEHQ7RQWDGUHL)ORWWHQFKHIVPLW$GPLUDO6DNDOLP .ULVWDOOSDODVWHLQWUHIIHQZHUGHQXP(XFK%HULFKWEHUGLH.ULHJVODJHLP/DEDGRQ 6HNWRU]XHUVWDWWHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
³(VLVWJXWLFKZHUGHNRPPHQ´EHVFKLHGLKPVHLQ+HUUXQGGHU'LHQHU]RJVLFK PLWHLQHUWLHIHQ9HUQHLJXQJ]XUFN*RQR]DO9,,ZDQGWHVLFKZLHGHUVHLQHP/HLEDU]W XQG.ULVWDOOPHLVWHU]X³$XFKLFKELQQLFKW+HUUPHLQHU=HLWZLHGXVLHKVW)DUWXORRQ %HJLQQHDOVRPLWGHLQHQEOLFKHQ8QWHUVXFKXQJHQLQ]ZLVFKHQN|QQHQZLUUHGHQ´ (UJLQJLQHLQHQ1HEHQUDXPLQGHPHLQH0HGR3RVLWURQLNVWDQGXQGGHU$U]W IROJWHLKP'HU,PSHUDWRUVWUHFNWHVLFKDXIGHUGD]XJHK|ULJHQ/LHJHDXVXQGPLW JHVFKLFNWHQ+lQGHQVWHOOWH)DUWXORRQGLHHUIRUGHUOLFKHQ$QVFKOVVHKHU ³,KUVROOWHWPHLQH:DUQXQJHQQLFKWVROHLFKWLQGHQ:LQGVFKODJHQPHLQ ,PSHUDWRU'HQ$QVFKODJJHJHQPLFKZLOOLFKJDQ]DXVGHP6SLHOODVVHQREZRKOHU JHQDXLQGLHVHV.RQ]HSWSDVVHQZUGH7DWVDFKHLVWDEHUGDHLQHUPHLQHU)UHXQGH LP1DFKULFKWHQ]HQWUXPHLQLJH*HVSUlFKHDEK|UHQNRQQWHGLH]ZDUEHUUHJXOlUH 9HUELQGXQJHQJLQJHQDEHUYRQ6WHOOHQDXVHUIROJWHQGLHQLUJHQGVDOV$QVFKOVVH UHJLVWULHUWVLQG(VJHODQJGHVKDOEQLFKWLKUH7HLOQHKPHUIHVW]XVWHOOHQDEHUHUZDUQXQ PLWUDXLVFKJHZRUGHQ(UNRQQWH7HLOHGLHVHU*HVSUlFKHDXI]HLFKQHQXQGVWHOOWHEHLP $EK|UHQGHUVHOEHQIHVWGDGLHVHYRQDXIIlOOLJHQ6W|UJHUlXVFKHQEHJOHLWHWZDUHQ'DV HUVFKLHQLKPYHUGlFKWLJXQGVROLHHQHUXQGVHLQH0LWDUEHLWHUGLH.ULVWDOOHYRQHLQHU .RQWUROOSRVLWURQLNSUIHQ'DEHLVWHOOWHVLFKGDQQKHUDXVGDGLHJHIKUWHQKDUPORVHQ *HVSUlFKHQXUGHU7DUQXQJGLHQWHQGLHZLUNOLFKEHUPLWWHOWHQ1DFKULFKWHQZDUHQLQ GHQVFKHLQEDUHQ6W|UJHUlXVFKHQYHUERUJHQ(VKDQGHOWHVLFKXPJHUDIIWHXQG ]HUKDFNWH.RGHLPSXOVHGLHVRNRPSOL]LHUWYHUVFKOVVHOWZDUHQGDGLH3RVLWURQLNQXU HLQHQNOHLQHQ7HLOGDYRQHQW]LIIHUQNRQQWHDEHUGHUUHLFKWHVFKRQDXVXPPHLQH 9HUWUDXWHQ]XDODUPLHUHQ´ *RQR]DO9OO]HLJWHVLFKQXQGRFKEHHLQGUXFNW³8QGZDVEHVDJWHQGLHVH7HLOH GHU1DFKULFKWHQ"´ )DUWXORRQVDKLKPEHVRUJWLQGLH$XJHQ³=XZHQLJXPJHQDXH$QKDOWVSXQNWH]X JHZLQQHQDEHUGRFKJHQXJXPGLH5LFKWXQJHUNHQQHQ]XN|QQHQLQGLHVLH]LHOHQ (XHU(UKDEHQKHLW,QLKQHQZDUPHKUIDFKYRQ(XFKXQGYRQ(XUHPEHYRUVWHKHQGHQ -DJGDXVIOXJQDFK(UVNRPLHUGLH5HGHXQG]ZHLPDOZXUGHQGLH:RUWH8QIDOOXQG7RG GHV,PSHUDWRUVJHEUDXFKW$XFKHLQ1DPHILHOLQGLHVHP=XVDPPHQKDQJGHU(XUHV %UXGHUV2UEDQDVFKRO´ (UUHJWIXKUGHU,PSHUDWRUYRQGHU/LHJHDXI'LHVH%HZHJXQJHUIROJWHVRKDVWLJ GDHLQJURHU7HLOGHU6HQVRUHQYRQVHLQHP.|USHUJHULVVHQZXUGH³:DVZLOOVWGX GDPLWVDJHQRGHUDQGHXWHQ"´IUDJWH*RQR]DOVFKDUI³%LVWGXRGHUMHPDQGXQWHUGHLQHQ )UHXQGHQHWZDGHU$QVLFKWGDPHLQ%UXGHU9HOR]HWZDVPLWGLHVHU$QJHOHJHQKHLW]X WXQKDEHQN|QQWH"´ )DUWXORRQKLHOWVHLQHP%OLFNUXKLJVWDQG³'XUFKDXVQLFKW(XHU(UKDEHQKHLW:LH VFKRQJHVDJWVLQGGLHHQWVFKOVVHOWHQ7HLOHGHU1DFKULFKWHQYLHO]XGUIWLJXPGDUDXV HWZDV6FKOVVLJHVIROJHUQ]XN|QQHQ´ ³'DVZDUGHLQ*OFN%DXFKDXIVFKQHLGHU´VDJWHGHU+HUUVFKHU³9HOR] 2UEDQDVFKROVWHKWIUPLFKEHUMHGHP9HUGDFKWPHUNHGLUGDV)DOOVHVZLUNOLFK 9HUVFKZ|UHUJHJHQPLFKJHEHQVROOWHN|QQWHQVLHK|FKVWHQVGLH$EVLFKWKDEHQLKQ HEHQIDOOVXP]XEULQJHQ)DOOVVDJHLFKGHQQLFKJODXEHDXFKMHW]WQRFKQLFKWGDUDQ GDHVVWLPPW´ 'HU/HLEDU]WKREGLHEUHLWHQ6FKXOWHUQODVYRQGHQ0RQLWRUHQGLHHUPLWWHOWHQ .|USHUGDWHQGHV,PSHUDWRUVDEXQGVFKDOWHWHGDQQGLH3RVLWURQLNDXV³$OOHVLQ 2UGQXQJ=KGRSDQWKL´VDJWHHUGDQQ³(XHU*HVXQGKHLWV]XVWDQGLVWQDFKZLHYRU
'HU.ULVWDOOSULQ]
M
$WODQ
DXVJH]HLFKQHW,FKKDEHDEHUQRFKHLQHZHLWHUH1HXLJNHLWGLHDXFK(XFK]XGHQNHQ JHEHQGUIWH,QGHUOHW]WHQ1DFKWZXUGHQDXVGHP6HNWRUGHU6RQQH$OWDVFKRQDNGUHL )XQN.XU]LPSXOVHEHU1DGHO5LFKWVWUDKOGLUHNWLQGHQ.ULVWDOOSDODVWJHVHQGHW'DV JHVFKDKLQ$EVWlQGHQYRQGUHL=HQWLWRQWDVXQGHWZDHLQH'ULWWHO7RQWDVSlWHU UHJLVWULHUWHPHLQ)UHXQGLQGHU)XQNEHUZDFKXQJHLQHQJOHLFKDUWLJHQ,PSXOVGHU HLQGHXWLJDXVGHP3DODVWNDP6RIRUWDQJHVWHOOWH1DFKIRUVFKXQJHQHUJDEHQGDGLH $QWZRUWQLFKWYRQGHU)XQN]HQWUDOHGHV3DODVWHVNDPVRQGHUQYRQHLQHPRIIHQEDU PRELOHQ+\SHUIXQNVHQGHUDEJHVWUDKOWZXUGH'DHVDEHUQLHPDQGHPJHVWDWWHWLVWLP .ULVWDOOSDODVWDQGHUHDOVGLHRIIL]LHOOHQ1DFKULFKWHQPLWWHO]XEHQXW]HQNDQQHVZRKO NHLQHQ=ZHLIHOGDUDQJHEHQGDKLHULQ,KUHUXQPLWWHOEDUHQ8PJHEXQJGXQNOH.UlIWH DP:HUNVLQG(XHU(UKDEHQKHLW´ )UHLQH:HLOHKHUUVFKWH6FKZHLJHQLQGHP5DXP*RQR]DO9,,EHJDQQGLH *HZlQGHUDQ]XOHJHQGLHVHLQ/HLEGLHQHUIULKQEHUHLWJHOHJWKDWWHXQGGLHVWHLOH)DOWH DXIVHLQHU6WLUQ]HLJWHGDHULQWHQVLYQDFKGDFKWHXQGYHUPXWOLFKDXFKGHQ/RJLNVHNWRU VHLQHV([WUDKLUQV]X5DWH]RJ³+DWPDQGLHVH,PSXOVHHQWVFKOVVHOQN|QQHQ"´IUDJWH HUVFKOLHOLFK )DUWXORRQVFKWWHOWHGHQ.RSI³'DVLVWEHLHLQHU6HQGXQJEHU1DGHO 5LFKWVWUDKOHUQLFKWP|JOLFK=KGRSDQWKL'HU)RNXVHLQHV1DGHO6WUDKOHUVGXUFKPLW QLFKWPHKUDOV]ZHL0HWHUXQGQXUHLQ(PSIDQJVJHUlWGDVJHQDXLQGLHVHP%HUHLFK VWHKWNDQQGLH,PSXOVHDXIIDQJHQ$XHUKDOEGLHVHU=RQHNDQQPDQOHGLJOLFKHLQH VFKZDFKH6WUHXVWUDKOXQJZDKUQHKPHQGLHDEHUQLFKWVEHUGLH1DWXUGHU6HQGXQJ DXVVDJW´ ³'DVLVWDOOHUGLQJVK|FKVWYHUGlFKWLJ'LUDEHUVDJHLFKGHQQRFKHLQHV %DXFKDXIVFKQHLGHU1LHPHKUHLQ:RUWJHJHQPHLQHQ%UXGHU9HOR]RGHUGXELVWGLH OlQJVWH=HLWPHLQ/HLEDU]WJHZHVHQ(UPDJVHLQH(LJHQKHLWHQKDEHQZLOOQXU µ2UEDQDVFKROJHQDQQWZHUGHQDEHUHULVWHLQ0LWJOLHGPHLQHU)DPLOLH(UZLUGQLH HWZDVWXQZDVGHP,PSHULXPVFKDGHQN|QQWH´ )DUWXORRQYHUQHLJWHVLFKOHLFKW³,FKJHKRUFKH(XHU(UKDEHQKHLW:DUHHVQLFKW DEHUYLHOOHLFKWEHVVHUGHQ-DJGDXVIOXJQDFK(UVNRPLHUDE]XVDJHQRGHUZHQLJVWHQV]X YHUVFKLHEHQ",FKGHQNHDQGLHDEJHIDQJHQHQ1DFKULFKWHQGLHVLFKPLW(XUHU3HUVRQLQ K|FKVWYHUGlFKWLJHU$UWEHIDWKDEHQ'HU$XIHQWKDOWDXIGLHVHPZLOGHQ3ODQHWHQ N|QQWH9HUVFKZ|UHUQHLQHZLOONRPPHQH*HOHJHQKHLWELHWHQLKUHGXQNOHQ3OlQH]X YHUZLUNOLFKHQ´ *RQR]DO9,,VFKODQJGLHJROGYHU]LHUWH6FKlUSHXPGLH+IWHQXQGNRQWUROOLHUWH LP6SLHJHOQRFKHLQPDOGHQ6LW]VHLQHU8QLIRUP'DQQZDQGWHHUVLFKOlFKHOQG]XGHP $U]WXP³(VLVWUKUHQGZLHGXXPPLFKEHVRUJWELVW)DUWXORRQ'RFKZDVVROOPLUDXI (UVNRPLHUVFKRQ]XVWRHQ",QGHPEHWUHIIHQGHQ-DJGJHELHWZLUGVLFKDXHUPHLQHP *HIROJHXQGGHQ-DJGVSH]LDOLVWHQQLHPDQGDXIKDOWHQGLHJHVDPWH8PJHEXQJZLUG KHUPHWLVFKDEJHULHJHOWXQGGHU5DXPXPGHQ3ODQHWHQYRQHLQHP:DFKJHVFKZDGHU XPNUHLVW8QGLP1RWIDOOELVWGXMDVFKOLHOLFKLPPHUQRFKGDXPPLFK]XEHVFKW]HQ ´ 'LH(LQJDQJVWUJLQJDXIXQGLQLKUHUVFKLHQ
'HU.ULVWDOOSULQ]
M
$WODQ
HUEOLFNWHULHUVLFKORVXQGUDQQWHDXILKQ]XVHLQNOHLQHV*HVLFKWVWUDKOWHYRU)UHXGH *RQR]DO9,,EHXJWHVLFK]XLKPQLHGHUXQGQDKPLKQDXIGLH$UPH ³0HULNDQDKDWPLUNHLQH5XKHJHODVVHQPHLQ*HPDKO´VDJWH
'HU.ULVWDOOSULQ]
M
$WODQ
QLFKWQXUUHLQ]XIlOOLJLQGHQYHUGlFKWLJHQ*HVSUlFKHQDXIJHWDXFKWZDU*RQR]DOZDU VHOEVWYHUVWlQGOLFKQLFKWVRQDLYNHLQHQJHZDOWVDPHQ7RGLQ(UZlJXQJ]X]LHKHQ²VHLW GHU*HEXUWGHV7KURQIROJHUVOLHHU)DUWXORRQXPIDQJUHLFKH9RUNHKUXQJHQWUHIIHQXP GLH.KDVXUQOLQLH]XVLFKHUQ²DEHUZDVGLHHLJHQH)DPLOLHEHWUDIVFKLHQHUDXIEHLGHQ $XJHQEOLQGXQGYRQXQYHUVWlQGOLFKHU1DFKVLFKWJHSUlJW ³9HOR]GLHVHUKLQWHUOLVWLJH%XUVFKHKlWWHVHLQHHLJHQH0XWWHUXPJHEUDFKWZlUH LKPGDGXUFKGLH0DFKWEHUGDV,PSHULXP]XJHIDOOHQ´PXUPHOWH)DUWXORRQJULPPLJYRU VLFKKLQ³8QGGLHVH0DFKWJLHULJHGLHLKQLKU/HEHQODQJEHHLQIOXWHKlWWHLKQ ZDKUVFKHLQOLFKVRJDUQRFKGDEHLEHVWlUNW'LH6KH¶+XKDQVHLHQLKUHU6HHOHJQlGLJ´ (UEHVFKlIWLJWHVLFKPLWGHU0HGR3RVLWURQLNHQWQDKPLKUGLH.ULVWDOOHPLWGHQ DXIJH]HLFKQHWHQ.|USHUGDWHQ*RQR]DOVXQGUHLKWHVLHLQGLH.DUWHLHLQ0HKUZDULP $XJHQEOLFNQLFKW]XWXQHUZXVFKVLFKGLH+lQGHXQGVFKOHQGHUWHGDQQ]XP)UKVWFN 'LH*HVSUlFKHPLWDQGHUHQ+RIEHDPWHQXQZLFKWLJH'LQJHXQGGHUEOLFKH.ODWVFK² OHQNWHQLKQIUHLQLJH=HLWYRQVHLQHQWUEHQ*HGDQNHQDE(UNRQQWHQXULPPHUZLHGHU GDUEHUVWDXQHQZLHVHLFKWGLH*HGDQNHQJlQJHGHU+|IOLQJHZDUHQZLHNOHLQLKU JHLVWLJHU+RUL]RQWGHUVHOWHQZHLWHUDOVELV]XGHQ)HLQKHLWHQYRQ3URWRNROOXQG NRUUHNWHU6LWWHUHLFKWHQ8QGGDVLQHLQHU=HLWLQGHUGDV*URH,PSHULXPLQGHQ VFKZHUVWHQ.lPSIHQVHLQHU*HVFKLFKWHVHLWGHQ$WWDFNHQGHUEHZXWVHLQVWDXVFKHQGHQ 9HFRUDWXQGGHPNXOWXUHOOHQ5FNIDOOGHU$UFKDLVFKHQ3HULRGHQVWDQG7URW]GHVKHLHU ZHUGHQGHQ.ULHJHVOLHVLFK*RQR]DO9,,QLFKWGDYRQDEEULQJHQGHQDOOMlKUOLFKHQ -DJGDXVIOXJ]XXQWHUQHKPHQDQGHPDXFKHPJURHU7HLOVHLQHV+RIVWDDWVWHLOQDKP 2UEDQDVFKROZUGHGDEHLVHLQXQGLQVHLQHP*HIROJH]ZHLIHOORVDXFK6RIJDUWGHU 2EHUEHVFKDIIXQJVPHLVWHU$XFKGHUDDOJODWWH2IIDQWXUZUGHQLFKWIHKOHQ ³(LQSUlFKWLJHV'UHLJHVSDQQ´PXUPHOWH)DUWXORRQ³'HQHQWUDXHLFKDOOHV]X $EHULFKZHUGHDXFKGDEHLVHLQXQGJXWDXIVLHDFKWHQ´ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ 'LHQlFKVWHQ3UDJRVEUDFKWHQNHLQHEHVRQGHUHQ(UHLJQLVVH$OOHVNRQ]HQWULHUWH VLFKDXIGLHEHYRUVWHKHQGH-DJGH[SHGLWLRQGLH9RUEHUHLWXQJHQGDIUOLHIHQPLW +RFKGUXFN'LH.ULHJVODJHZDULP0RPHQWJXQVWLJGLH6FKODFKWLP/DEDGRQ6HNWRU KDWWHGHQ0HWKDQDWPHPHLQHXPIDVVHQGH1LHGHUODJHJHEUDFKW*RQR]DO9,/ ZDUJXWJHODXQWXQGXQWHUGLHVHQ8PVWlQGHQWUDXWH)DUWXORRQVLFKQLFKWLKPZHLWHUYRQ GHU-DJGDE]XUDWHQ)DVWHUVFKLHQHVLKPQXQDOVZlUHQDOOHVHLQH6RUJHQ JHJHQVWDQGVORVJHZHVHQ(VJDENHLQHQHXHQ$QKDOWVSXQNWHVHLQH)UHXQGHKDWWHQ WURW]DOOHU$XIPHUNVDPNHLWQLFKWVZHLWHUKHUDXVILQGHQN|QQHQ6RJDUGLH7X*RO&HOKDWWH NHLQH(UIROJH]XYHU]HLFKQHQ 'LHVHU=XVWDQGVFKHLQEDUHU(UHLJQLVORVLJNHLW]HUUWHDQGHQ1HUYHQGHV %DXFKDXIVFKQHLGHUV(UZXWHPLWIDVWDEVROXWHU6LFKHUKHLWGDHWZDV 9HUKlQJQLVUROOHVLP*DQJHZDUDEHUHVEOLHEZHVHQORVXQGXQJUHLIEDU'HVKDOE EHJUWHHUHVVHKUGDLKPGHU,PSHUDWRUHLQLJHJHKHLPH$XIWUlJHJDE*RQR]DO JODXEWH]ZDUQLFKWGDUDQGDLKPDXI(UVNRPLHUHWZDV]XVWRHQZUGHDEHUVHLQ 8QWHUEHZXWVHLQ²RGHUYLHOOHLFKWDXFKGHU/RJLNVHNWRU²YHUDQODWHLKQWURW]GHP JHZLVVH9RUVLFKWVPDQDKPHQ]XHUJUHLIHQ)DUWXORRQZDUYLHOXQWHUZHJVXQWHPDKP
'HU.ULVWDOOSULQ]
M
$WODQ
OlQJHUH5HLVHQDXIJDQ]$UNRQ,XQGLP$UNRQV\VWHPLQVJHVDPWHLQH*HQHUDOYROOPDFKW GHV+HUUVFKHUVHEQHWHLKPDOOH:HJH1DFKIQI3UDJRVKDWWHHUDOOHVHUOHGLJWXQG NHKUWH]XUFNPGHDEHU]XIULHGHQ )UGHQQlFKVWHQ0RUJHQZDUGLH$EUHLVHGHV,PSHUDWRUVXQGVHLQHV*HIROJHV QDFK(UVNRPLHUDQJHVHW]W1HEHQ2UEDQDVFKROXQGHLQHU$Q]DKO KRFKJHVWHOOWHU$UNRQLGHQVROOWHQDXFK
'HU.ULVWDOOSULQ]
M
$WODQ
$OVVLHLKUH3RVLWLRQHUUHLFKWKDWWHZXUGHQ]ZDQ]LJ%HREDFKWXQJV6RQGHQ DXVJHVFKOHXVWGLHLQIQI.LORPHWHUQ+|KH3RVLWLRQEH]RJHQ,KUH$XIJDEHZDUHVGLH ODQJH]XYRUIHVWJHOHJWHQ([SHGLWLRQV]LHOH]XEHUZDFKHQGLH]XP7HLOLQEHWUlFKWOLFKHU (QWIHUQXQJYRP5DXPKDIHQODJHQ6LHZXUGHQIHUQJHVWHXHUWXQGOLHIHUWHQPLWWHOV :HLWZLQNHONDPHUDVGUHLGLPHQVLRQDOH%LOGHULQGDV6FKLII'RUWZDUHLQHEHVRQGHUH hEHUZDFKXQJV]HQWUDOHHLQJHULFKWHWZRUGHQLQGHUDXI]ZDQ]LJ0RQLWRUHQDOOH 9RUNRPPQLVVHEHLGHU-DJGEHREDFKWHWXQGDXIJH]HLFKQHWZHUGHQNRQQWHQ $XIGLHVH:HLVHZDUDOOHVJHWDQXPGLH6LFKHUKHLWGHUKRFKHGOHQ-lJHU]X JDUDQWLHUHQ)UGHQ)DOOGDDXI(UVNRPLHUHWZDV8QYRUKHUJHVHKHQHVJHVFKDK VWDQGHQLQGHQ+DQJDUVGHU3(5.$125GUHL0HWHU.XJHO%HLERRWHVRZLH]ZDQ]LJ /HND'LVNHQEHUHLW6LHNRQQWHQGDV6FKLIILP$ODUPVWDUWYHUODVVHQXQGVFKRQNXU] GDUDXIGRUWVHLQZRVLHEHQ|WLJWZXUGHQ$OOHGLHVH0DQDKPHQJDOWHQGHU6LFKHUKHLW GHV,PSHUDWRUVGHVVHQ/HEHQHVXQWHUDOOHQ8PVWlQGHQ]XVFKW]HQJDOW8QGGRFK KDWWHQVLHHLQHQEHWUlFKWOLFKHQ6FK|QKHLWVIHKOHU'HU%HIHKOVKDEHUGHV :DFKJHVFKZDGHUVXQG.RPPDQGDQWGHU3(5.$125KLH$PDUNDYRU+HQJ )DUWXORRQVWDQGYRUGHP+RORVFKLUPLQVHLQHU.DELQHXQGEHREDFKWHWHGDUDXI GLH$QQlKHUXQJGHU721'21DQ(UVNRPLHU9LHOOLHEHUZlUHHULQGHU1lKH*RQR]DOV 9,,JHEOLHEHQDEHUGDVOLHGLH(WLNHWWHQLFKW]X'HU+HUUVFKHUWDIHOWHPLWVHLQHQ KRFKJHVWHOOWHQ-DJGJlVWHQXQGVHLQHU*HPDKOLQXQGLQGLHVHUHUOHVHQHQ*HVHOOVFKDIW ZDUIUGHQ%DXFKDXIVFKQHLGHUNHLQ3ODW] $QPLFKZLUGPDQHUVWGDQQZLHGHUGHQNHQZHQQVLFKHLQHUGHUKRKHQ+HUUHQ GHQ0DJHQYHUGHUEHQVROOWH)DUWXORRQYHU]RJGDV*HVLFKWDOVHUGDUDQGDFKWHZLH 2UEDQDVFKROGLH'HOLNDWHVVHQQXUVRLQVLFKKLQHLQVFKDXIHOQZUGH,FKVROOWHHLQPDOIU HLQLJH3UDJRVGHU,PSHUDWRUVHLQGDFKWHHUJULPPLJ'DQQZUGHLFKGHQ'LFNHQ GRUWKLQVFKLFNHQZRKLQHUHLJHQWOLFKJHK|UW²DQGLH)URQWJHJHQGLH0HWKDQV(ULVW ]ZDUQRPLQHOO)ORWWHQNRPPDQGHXUXQG7UlJHUGHV6RQQHQRUGHQVDEHUZLHHLQ 6FKZHUHU.UHX]HURGHUJDUHLQ6FKODFKWVFKLIIYRQLQQHQDXVVLHKWZHLHUHLJHQWOLFKQXU YRP+|UHQVDJHQ 'DVZDU]ZDUHWZDVEHUWULHEHQHQWVSUDFKDEHULQVRIHUQGHU:LUNOLFKNHLWDOV 9HOR]2UEDQDVFKROHLQ/HEHQLPK|FKVWHQ/X[XVIKUWHXQGHVELVKHUVWHWVHOHJDQW YHUPLHGHQKDWWHHLQHVHLQHU6WHOOXQJHQWVSUHFKHQGH9HUDQWZRUWXQJ]XEHUQHKPHQ GLHGHP7DL$UN¶7XVVDQGLHQWH 'UDXHQDQGHU.DELQHQWUZDUHQNUDW]HQGHXQGNORSIHQGH*HUlXVFKH]XK|UHQ XQGVRIRUW]HLJWHVLFKDXIGHP*HVLFKWGHV$U]WHVHLQ$XVGUXFNK|FKVWHU:DFKVDPNHLW (UJULIILQHLQH/DGHXQGKROWHGDUDXVHLQHQZLQ]LJHQ1DGHOVWUDKOHUKHUYRUGHQHU PKHORVLQVHLQHUJURHQ+DQGYHUEHUJHQNRQQWH0LWHLQHP)LQJHUGUXFNHQWVLFKHUWHHU GLH:DIIHGDQQVFKOLFKHU]XU7XUXQGEOLHEODXVFKHQGVWHKHQ:ROOWHPDQLKPYLHOOHLFKW QRFKHLQPDODQV/HEHQ")UHLQH:HLOHEOLHEHVVWLOOGDQQZLHGHUKROWHQVLFKGLH *HUlXVFKH)DUWXORRQULGLH7XUPLWHLQHP5XFNDXIEHUHLWVHLQ/HEHQVRWHXHUZLH P|JOLFK]XYHUNDXIHQ,PQlFKVWHQ0RPHQWMHGRFKILHOVHLQH+DQGPLWGHP1DGOHU KHUDEXQGVHLQ*HVLFKWQDKPHLQHQQLFKWEHVRQGHUVJHLVWUHLFKHQ$XVGUXFNDQ ³'X$WODQ"´ 'DV*HVLFKWGHVNOHLQHQ.ULVWDOOSULQ]HQ]HLJWHHLQKDOEYHUOHJHQHVKDOE YHUVFKPLW]WHV/lFKHOQ³,FKZROOWH]XGLUDEHUGLHGXPPH7XUZROOWHQLFKWDXIJHKHQ 2QNHO)DUWXORRQ9DWHUXQG0XWWHUKDEHQPLFKDOOHLQJHODVVHQXQGGLHGXPPH/HVHQD LVWHLQJHVFKODIHQVWDWWPLWPLU]XVSLHOHQXQGGDGDFKWHLFK´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ]RJHLQJHVSLHOWVWUHQJHV*HVLFKW³7URW]GHPKlWWHVWGXQLFKWHLQIDFK ZHJODXIHQGUIHQ$WODQ:HQQGDVMHPDQGPHUNWZLUGPDQGDUDXINRPPHQGD /HVHQDHLQJHVFKODIHQLVWXQGGDQQZLUGPDQVHKUPLWLKUVFKLPSIHQ'XVROOWHVWDXFK QLFKWLPPHUGXPPH/HVHQDVDJHQGDVJHK|UWVLFKQLFKW´ 'DV*HVLFKWGHV-XQJHQYHU]RJVLFKXQWHUGLHVHP7DGHOGRFKVRIRUWKHOOWHHV VLFKZLHGHUDXIDOVHUDOWNOXJEHKDXSWHWH³'XVROOVWMDDXFKQLFKW$WODQ]XPLUVDJHQ 2QNHO)DUWXORRQ9DWHUZLOOGDVQLFKW'DVGDUIQXUPHLQH0XWWHUZHQQHVQLHPDQGK|UW GHQQLFKKHLHMD0DVFDUHQ´ 7ULXPSKLHUHQGVDKHU]XGHP$U]WDXIGHUYRUVRYLHONLQGOLFKHU/RJLN NDSLWXOLHUHQPXWH)DUWXORRQJULIIQDFKGHU+DQGGHVNOHLQHQ3ULQ]HQ³.RPPZLU JHKHQMHW]W]XUFNLQGHLQH.DELQH'DV%DQNHWWZLUGEDOGEHHQGHWVHLQXQGGDQQ NRPPHQGHLQH(OWHUQ]XUFN:HQQGXGDQQQLFKWGDELVWZLUGPDQQLFKWQXUPLW /HVHQDVFKLPSIHQVRQGHUQDXFKPLWGLU´ 6LHKDWWHQQXU]ZDQ]LJ0HWHU]XJHKHQQLHPDQGEHJHJQHWHLKQHQXQGZHQLJ VSlWHUKDWWHHLQHVHKUHUVFKURFNHQH+RIGDPHGHQ.ULVWDOOSULQ]HQZLHGHULQLKUH2EKXW JHQRPPHQVRGD)DUWXORRQLQVHLQH.DELQH]XUFNNHKUHQNRQQWH1RUPDOHUZHLVH KlWWHLKQGLHVHNOHLQH(SLVRGHHUKHLWHUWGRFKXQWHUGHQJHJHEHQHQ8PVWlQGHQYHUWLHIWH VLHVHLQH6RUJHQQXUQRFK:DVZLUGDXVGHP-XQJHQIDOOV*RQR]DOZLUNOLFKHWZDV ]XVW|W"
'HU.ULVWDOOSULQ]
M
$WODQ
.RORQLDODUNRQLGHQXQGHLQKHLPLVFKH,QWHOOLJHQ]HQHLQH)|GHUDWLRQELOGHWHQQLFNWH EHGlFKWLJ ³9HUPXWOLFKVRJDUHLQH.HWWHYRQ$EHQWHXHUQ,PSHUDWRU,FKNHQQHGDVGHQQLQ PHLQHP+HLPDWV\VWHPJLEWHVHLQHJDQ]lKQOLFKH:HOWGLHLFKHLQLJH0DOHEHVXFKW KDEH'DPDOVZDULFK.RPPDQGDQWHLQHV.RORQLVWHQUDXPHUVDOVZLUYHUVXFKWHQDXI GHP3ODQHWHQ)X]XIDVVHQZHLOHUUHLFKH%RGHQVFKlW]HEHVD´ ³,VWHV,KQHQJHOXQJHQ"´IUDJWH*RQR]DOLQWHUHVVLHUW 'HU%RWVFKDIWHUVFKWWHOWHGHQ.RSI³8QVHUH/HXWHNRQQWHQVLFKQXUHLQLJH -DKUHGRUWKDOWHQGDQQPXWHGDV8QWHUQHKPHQDXIJHJHEHQZHUGHQ'LH7RGHVUDWH ODJEHLYLHU]LJ3UR]HQWZRUDQGLHXUWPOLFKH7LHUZHOWXQGGLHSODQHWDUHQ .UDQNKHLWVHUUHJHUGLHVLFKPLWEHVWU]HQGHU6FKQHOOLJNHLWDXIXQVHUHQ0HWDEROLVPXV HLQVWHOOWHQHWZD]XJOHLFKHQ7HLOHQSDUWL]LSLHUWHQ´ ³9HUPXWOLFKKDEHQ6LHHVQLFKWULFKWLJDQJHIDQJHQ´NODQJQHEHQLKPGLHKHLVHUH 6WLPPH6RIJDUWVDXI ³0HLQHQ6LH(UKDEHQHU":DVKlWWHQ6LHGHQQJHWDQZHQQLFKIUDJHQGDUI"´ 'HU2EHUEHVFKDIIXQJVPHLVWHUODFKWHKHLVHUDXI³:HQQPDQHWZDVKDEHQZLOO GDUIPDQNHLQ0LWWHOVFKHXHQXPHV]XEHNRPPHQ%RWVFKDIWHU,FKKlWWHGDIU JHVRUJWGDGLHZLOGHQ%HVWLHQ]XU*lQ]HDXVJHURWWHWZHUGHQ$QVFKOLHHQGZlUHQDXI GHQ3ODQHWHQJH]LHOWPXWLHUWH%DNWHULHQDEJHUHJQHWZRUGHQGLHGDIUJHVRUJWKlWWHQ GDGLHHLQKHLPLVFKHQ(UUHJHUYHUQLFKWHWZHUGHQVHOEVWDEHUQDFKHLQLJHU=HLWZLHGHU DEVWHUEHQ,QQHUKDOEHLQHVHLQ]LJHQ-DKUHVZlUHGHU3ODQHWQDKH]XVWHULOXQGN|QQWH PKHORVEHVLHGHOWXQGDXVJHEHXWHWZHUGHQ´ 'HU%RWVFKDIWHUQLFNWHEHGlFKWLJ³*HZLVRKlWWHPDQHVDQIDQJHQN|QQHQ (UKDEHQHU´JDEHU]X³'LHVHV9RUJHKHQKlWWHDOOHUGLQJV]XU)ROJHJHKDEWGDGLH QDWUOLFKH(YROXWLRQDXIGLHVHU:HOWIUDOOH=HLWHQEHHQGHWJHZHVHQZlUH)UDOOH =HLWHQYHUVWHKHQ6LH"'HU3ODQHWZlUHGDQQLPNRVPLVFKHQ6LQQHQXUQRFKHLQHY|OOLJ QXW]ORVH.XJHODXV6WHLQXQ,:DVVHUJHZHVHQDXIGHUVLFKQLHPHKULQWHOOLJHQWHV /HEHQKlWWHHQWZLFNHOQN|QQHQ2EGHUPRPHQWDQH1XW]HQGLHVHQQLFKW ZLHGHUJXW]XPDFKHQGHQ6FKDGHQDXIZLHJHQNDQQ(UKDEHQHU"´ 'DVZDUHLQHGHXWOLFKH=XUHFKWZHLVXQJXQGDOOH8PVWHKHQGHQEHJULIIHQGDV $XFK6RIJDUWGHUVHLQHVFKPDOHQ/LSSHQ]XVDPPHQSUHWHXQGUDVFKGLH/LGHUEHU VHLQH$XJHQVLQNHQOLHXPGLHP|UGHULVFKH:XW]XYHUEHUJHQGLHLQLKQHQVWDQG:LH GLHPHLVWHQYRUQHKPHQ$UNRQLGHQYHUDFKWHWHHUGLH+LQWHUZlOGOHUYRP5DQGGHV *URHQ,PSHULXPV.RORQLDOHGLHWLHIHUVWDQGHQDOVGLH(VVR\DGHVHLQIDFKHQ9RONHV 'RFKHUGXUIWHHVQLFKWZDJHQGDV]X]HLJHQZHLOGHU,PSHUDWRUDQZHVHQGZDU *RQR]DO9,,EHVDGLHIULKQXQDQJHQHKPH(LJHQVFKDIWDEVROXWREMHNWLYXQGJHUHFKW ]XVHLQLQVHLQHQ$XJHQZDUHQDOOH$UNRQLGHQJOHLFKJDQ]HJDOZRKHUVLHVWDPPHQ PRFKWHQ ³6RNDQQPDQHVDXFKVHKHQ´SUHWH6RIJDUWKHUYRUXPVHLQ*HVLFKW]X ZDKUHQ'DQQZDQGWHHUVLFKEUVNDEXQGYHUOLHGLH6FKLIIV]HQWUDOH(LQ XQEHKDJOLFKHV6FKZHLJHQEHJOHLWHWHVHLQHQ$EJDQJ6HLQ*HVLQQXQJVEUXGHU 2UEDQDVFKROYHUIOXFKWHLPVWLOOHQGLH8QJHVFKLFNOLFKNHLWVHLQHV0LWYHUVFKZ|UHUVGRFK HUEHUEUFNWHGLH6LWXDWLRQJHVFKLFNWXQGZDQGWHVLFKQXQDQGHQ%RWVFKDIWHU ³'DQQZHUGHQ6LHZRKODXI(UVNRPLHUUHLFKH%HXWHPDFKHQ´PHLQWHHUMRYLDO ³,KUH(UIDKUXQJHQZHUGHQ,KQHQEHVWLPPWGDEHLEHKLOIOLFKVHLQ8P,KU/HEHQEUDXFKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
6LHGRUWVHOEVWYHUVWlQGOLFKQLFKW]XIUFKWHQXQVHUH-DJGPHLVWHUYHUVWHKHQLKU +DQGZHUN´ ³*HZL(UKDEHQHU´JDEGHU0DQQYRQGHU$XHQZHOW]XUFN *RQR]DO9,,GHUGDV*HVFKHKHQPLWHLQHPNDXPVLFKWEDUHQ/lFKHOQLQVHLQHQ 0XQGZLQNHOQYHUIROJWKDWWHZROOWHHWZDVVDJHQGRFKLQGLHVHP0RPHQWGU|KQWHQGLH /DXWVSUHFKHU XQWHU HLQHU 'XUFKVDJH GHV 6FKLIIVNRPPDQGDQWHQ DXI ³$FKWXQJ DQ DOOH 'LH 721'21 ZLUG LQ HLQHU =HKQWHO 7RQWD DXI GHP 5DXPKDIHQ YRQ (UVNRPLHU QLHGHUJHKHQ ,FK ELWWH 6HLQH (UKDEHQKHLW XQG GLH HUKDEHQHQ *lVWH VLFK DXI GLH $XVVFKLIIXQJYRU]EHUHLWHQ(QGHGHU'XUFKVDJH´ 'HU,PSHUDWRUZDUIHLQHQOHW]WHQ%OLFNDXIGHQ3DQRUDPDVFKLUPLQGHVVHQ0LWWH QXQ GLH (QHUJLHNXSSHO GHV +DIHQV JU|HU ZXUGH 6R HQWJLQJ LKP GHU JHKlVVLJH $XVGUXFNGHUVLFKIUHLQHQ$XJHQEOLFNDXIGHP*HVLFKWVHLQHV%UXGHUV]HLJWH 1XUYRP$QWLJUDYSROVWHUJHWUDJHQVDQNGLH721'21ODQJVDPGHP5DXPKDIHQ HQWJHJHQ(UEHIDQGVLFKLQGHUJHPlLJWHQ=RQHYRQ(UVNRPLHUGHQQQXUGRUWZDUGDV .OLPDIU$UNRQLGHQHLQLJHUPDHQHUWUlJOLFK(VZDUVSlWHU1DFKPLWWDJGLHNOHLQHURWH 6RQQH VHQNWH VLFK EHUHLWV GHP +RUL]RQW HQWJHJHQ ,P 2EHUWHLO GHV 6FKXW]VFKLUPV ZXUGHHLQH6WUXNWXUOFNHJH|IIQHWGXUFKGLHGHU5DXPHUSDVVLHUHQNRQQWH6DQIWVHW]WH HU DXI GHP /DQGHIHOG DXI DXI GHP QRFK ]ZHL /HLFKWH .UHX]HU XQG HLQLJH %HLERRWH VWDQGHQ *OHLFK GDUDXI |IIQHWHQ VLFK GLH XQWHUHQ 3ROVFKOHXVHQ GHV 6FKLIIHV 5DPSHQ ZXUGHQDXVJHIDKUHQXQGGDQQYHUOLHGHU,PSHUDWRUPLWVHLQHP*HIROJHGLH721'21 ,P JOHLFKHQ $XJHQEOLFN HUNODQJHQ ODXWH .RPPDQGRV XQG GDQQ VHW]WH HLQ RKUHQEHWlXEHQGHU /lUP YRQ 0XVLNLQVWUXPHQWHQ HLQ 'UHL +XQGHUWVFKDIWHQ ULHVLJHU 1DDWVZDUHQDQJHWUHWHQGD]XHLQ2UFKHVWHUGDV]X(KUHQGHV+HUUVFKHUVYRQ$UNRQ DXIVSLHOWH'LHVHOWVDPVWHQ,QVWUXPHQWHZDUHQYHUWUHWHQXQGGLH0XVLNHUEHDUEHLWHWHQ VLH PLW YROOHU .UDIW LKUHU $UPH XQG /XQJHQ :DV GD HUNODQJ ZDU GHU 0DUVFK GHU ,PSHUDWRUHQDOOHUGLQJVVRYHUIUHPGHWGDVHLQH0HORGLHNDXPQRFK]XHUNHQQHQZDU *RQR]DO 9,, EHHLOWH VLFK YHUVWlQGOLFKHUZHLVH GLH 6WHOOH ]X HUUHLFKHQ DQ GHU GLH DUNRQLGLVFKHQ %HIHKOVKDEHU GLHVHU 7UXSSH LKQ HUZDUWHWHQ $OV HU GRUW DQJHODQJW ZDU YHUVWXPPWHGLHGLVKDUPRQLVFKH0XVLNXQGGHU.RPPDQGDQWGHV5DXPKDIHQVWUDWYRU VDOXWLHUWHXQGHUVWDWWHWHGHP,PSHUDWRU0HOGXQJ *RQR]DOGDQNWHNXU]XQGEHJDQQGDQQGLH)URQWGHU1DDWVDE]XVFKUHLWHQ1HXH .RPPDQGRV HUNODQJHQ XQG GDQQ ULVVHQ GLH GUHLlXJLJHQ 5LHVHQ LKUH ,PSXOVVWUDKOHU LQ 3UlVHQWLHUVWHOOXQJ YRU GLH %UXVW (V ZDUHQ ULHVLJH :DIIHQ GLH HLQ QRUPDOHU $UNRQLGH NDXP KHEHQ NRQQWH DEHU VLH KDQGKDEWHQ VLH PLW HLQHU /HLFKWLJNHLW DOV RE HV 6SLHO]HXJHZlUHQ6RJDUGLHIHXFKWHVWLFNLJH$WPRVSKlUHYRQ(UVNRPLHUVFKLHQLKQHQ QLFKWVDXV]XPDFKHQREZRKO1DDWHLQH:VWHQZHOWZDU8PVRPHKUPDFKWHVLHGHP ,PSHUDWRU ]X VFKDIIHQ GHU VHLQH 3UXQNXQLIRUP DQJHOHJW KDWWH GLH IU QRUPDOH 9HUKlOWQLVVH JHGDFKW ZDU 1DWUOLFK ZDU VLH DWPXQJVDNWLY DEHU GLH KRKH /XIWIHXFKWLJNHLWGHV'VFKXQJHOSODQHWHQPDFKWHVLFKWURW]GHPXQDQJHQHKPEHPHUNEDU 'HU +HUUVFKHU PXWH GHQ .RSI ZHLW LQ GHQ 1DFNHQ OHJHQ XP GLH *HVLFKWHU GHU GUHLlXJLJHQ 1DDWV VHKHQ ]X N|QQHQ 'LH ]\NORSLVFKHQ :HVHQ KDWWHQ NXJHOI|UPLJH .|SIH NHLQH 1DVHQ GDIU DEHU VHKU EUHLWH 0QGHU 8QEHZHJOLFK VWDQGHQ VLH GD QXU LKUH$XJHQIROJWHQGHPYRUEHLJHKHQGHQ,PSHUDWRU
'HU.ULVWDOOSULQ]
M
$WODQ
*RQR]DO9,,DWPHWHDXIDOVHUGLHVHV=HUHPRQLHOOKLQWHUVLFKJHEUDFKWKDWWHXQG ZDQGWHVLFKQXQGHPLKQEHJOHLWHQGHQ.RPPDQGDQWHQ]X³'DQNH2UEWRQ%LQRVFKRO´ VDJWHHUNQDSS³,KUH7UXSSHLVWYRU]JOLFKLQ6FKX,VWVRQVWDXFKDOOHVLQ2UGQXQJ"´ 'HU 2IIL]LHU VDOXWLHUWH ³-DZRKO (XHU (UKDEHQKHLW´ VFKQDUUWH HU ³8QVHUH -DJGVSH]LDOLVWHQ KDEHQ LKU %HVWHV JHWDQ GLH +RKHQ +HUUHQ ZHUGHQ QLFKW HQWWlXVFKW VHLQ´ 'HU,PSHUDWRUQLFNWHLKPGDQNHQG]XXQGJLQJGDQQ]XVHLQHP*HIROJH]XUFN GDVUHJXQJVORVJHZDUWHWKDWWH1HXH.RPPDQGRVKDOOWHQDXIGLH1DDWVVHW]WHQVLFKLQ %HZHJXQJ XQG PDUVFKLHUWHQ LQ 5LFKWXQJ LKUHU 8QWHUNQIWH GDYRQ 'LH %HVDW]XQJ GHU 721'21KDWWHLQ]ZLVFKHQPHKUHUH*OHLWHUDXVJHVFKOHXVWGLHQXQGHQ+HUUVFKHUXQG VHLQH -DJGJlVWH DXIQDKPHQ XQG ]XP 3URPLQHQWHQKRWHO IORJHQ GDV VLFK HWZD ]ZHL .LORPHWHU YRP MHQVHLWLJHQ 5DQG GHV 5DXPKDIHQV HUKRE (V ZDU HLQ VHFKVVW|FNLJHV *HElXGH LQ VFKOLFKWHU .DVWHQIRUP GDV DEHU LQ VHLQHP ,QQHUQ MHGHQ /X[XV EDUJ GHQ VLFK HLQ YHUZ|KQWHU $UNRQLGH QXU ZQVFKHQ NRQQWH =XU =HLW VWDQG HV OHHU DOOH ³JHZ|KQOLFKHQ´ -lJHU ZDUHQ VFKRQ 7DJH ]XYRU DEJHUHLVW XP GHP +HUUVFKHU 3ODW] ]X PDFKHQ 'DQNEDUVRJ*RQR]DOGLHNKOH/XIWLQGHU.OLPDNDELQHVHLQHV)DKU]HXJHVHLQ
'HU.ULVWDOOSULQ]
M
$WODQ
)DVW EHUJDQJVORV ZDU GLH 'XQNHOKHLW KHUHLQJHEURFKHQ .OHLQH YRQ VWDUNHQ 3UDOOIHOGHUQ JHElQGLJWH $WRPVRQQHQ VWUDKOWHQ DXI XQG EHUJRVVHQ GLH 8PJHEXQJ GHV +RWHOV PLW LKUHP KHOOHQ 6FKHLQ *OHLFK]HLWLJ ZXUGH DXFK HLQH LQGLUHNWH ,OOXPLQDWLRQ HLQJHVFKDOWHW GLH EXQWH /LFKWHUNDVNDGHQ EHU GLH :lQGH GHV *HElXGHV IOLHHQ OLH 6LHZDUHQPLWDXIGHP-DJGSODQHWHQJHIXQGHQHQVHOWHQHQ.ULVWDOOHQYHU]LHUWGLHXQWHU GHP (LQIOX GHU %HOHXFKWXQJ LQ DOOHQ )DUEHQ GHV 6SHNWUXPV VFKLPPHUWHQ XQG JOLW]HUWHQ ³'DV LVW QHX´ VDJWH GHU ,PSHUDWRU DQHUNHQQHQG ³'LH 0lQQHU YRQ (UVNRPLHU KDEHQVLFKHWZDVJDQ]EHVRQGHUHVHLQIDOOHQODVVHQ$XIVHLQH$UWEHUWULIIWHVEHLQDKH GHQ.ULVWDOOSDODVW´ $XFK GHU $U]W JDE VLFK EHHLQGUXFNW DEHU HU VDK GLHVH (LQULFKWXQJ PLW DQGHUHQ $XJHQ 6HLQHP VWUHQJ DQDO\WLVFKHQ 9HUVWDQG HQWJLQJ QLFKW GD GLHVH .ULVWDOOH EHL OlQJHUHP+LQVHKHQHLQHQIDVWK\SQRWLVFKHQ(LQIOXDXILKQDXVEWHQ6LHVXJJHULHUWHQ =XIULHGHQKHLW *OFN XQG 6RUJORVLJNHLW )DUWXORRQV WUDLQLHUWHP *HKLUQ JHODQJ HV UDVFK VLFKYRQGHP%DQQ]XEHIUHLHQGRFK*RQR]DO9,,EOLHEVWHKHQXQGVWDUUWHZLHYHU]FNW ]XGHQ:lQGHQKRFK(UVFKLHQZLHDXVHLQHPOLDXP]XHUZDFKHQDOVGHUGLH3RVWHQ YRUGHP+RWHOEHIHKOLJHQGH$UEWDQDXILKQ]XNDPXQGVDOXWLHUWH ,VW GDV $UUDQJHPHQW QXU HLQ =XIDOO²RGHU LVW HV $EVLFKW" IUDJWH VLFK )DUWXORRQ (YHQWXHOO KDWWHQ VLFK VHLQH 6FK|SIHU ZLUNOLFK QLFKWV GDEHL JHGDFKW (EHQVRJXW ZDU HV DEHU DXFK P|JOLFK GD HV HLJHQV GD]X DQJHEUDFKW ZRUGHQ ZDU XP GHP ,PSHUDWRU JOHLFKEHLVHLQHU$QNXQIWSV\FKLVFK]XEHHLQIOXVVHQ9HOOHLFKWKLQWHUOlWGLHVHV6SLHOGHU )DUEHQ XQG /LFKWHU VRJDU VR HWZDV ZLH HLQH SRVWK\SQRWLVFKH :LUNXQJ GLH GDQQ ]X HLQHU JHZLVVHQ HXSKRULVFKHQ 6RUJORVLJNHLW IKUHQ VROO ZHQQ *RQR]DO JHIlKUOLFKHQ 7LHUHQRGHUDQGHUHQ*HJQHPJHJHQEHUWQWW" 'LH $QWZRUW DXI GLHVH ERKUHQGH )UDJH HUKLHOW )DUWXORRQ VFKRQ $XJHQEOLFNH VSlWHU 'LH DQGHUHQ *OHLWHU ZDUHQ JHODQGHW XQG QXQ ZDWVFKHOWH 2UEDQDVFKRO DXI VHLQHQ %UXGHU ]X ³*HIlOOW HV GLU 0DVFXGDU"´ HUNXQGLJWH HU VLFK PLW EHUWULHEHQHU )UHXQGOLFKNHLW ³(LQH NOHLQH $XIPHUNVDPNHLW YRQ PLU GLH PLFK HLQLJH &KURQQHUV JHNRVWHWKDW'XKDVWHLQPDOJHVDJWGDGLH)DVVDGHGLHVHV+RWHOV]XWULVWZlUH²MHW]W LVWVLHHVQLFKWPHKU´ 'HU ,PSHUDWRU ODFKWH OHLVH DXI XQG VFKOXJ LKP DXI GLH 6FKXOWHU ³'LH hEHUUDVFKXQJLVWGLUJXWJHOXQJHQ%UXGHU,FKGDQNHGLU´ 'HU$U]WZDQGWHVLFKDEXQGNQLUVFKWHLQRKQPlFKWLJHU:XWPLWGHQ=lKQHQ1XQ ZDUHQ LKP GLH +lQGH JHEXQGHQ GHQQ ZHQQ 2UEDQDVFKRO VLFK |IIHQWOLFK ]X GLHVHU (LQULFKWXQJEHNDQQWHPXWHHUVLFKHUVHLQGDLKPQLHPDQGDXIGLH6FKOLFKHNRPPHQ NRQQWH.DQQLFKHWZDVGDJHJHQXQWHPHKPHQ"1LFKWRKQHVLFKOlFKHUOLFK]XPDFKHQ GDV ZDU )DUWXORRQ VFKRQ QDFK NXU]HP hEHUOHJHQ NODU *RQR]DO 9,, KlWWH LKQ EHUHLWV QDFK GHQ HUVWHQ ZDUQHQGHQ :RUWHQ VFKDOOHQG DXVJHODFKW GHQQ HU KLQJ DXI XQHUNOlUOLFKH :HLVH DQ VHLQHP XQJOHLFKHQ +DOEEUXGHU -HW]W VWDQGHQ EHLGH GD XQG VDKHQ]XGHQJOLW]HUQGHQ.ULVWDOOHQKRFKXQGZLHGHU]HLJWHGDV*HVLFKWGHV,PSHUDWRU MHQHQ$XVGUXFNYRQ9HU]DEHUXQJZLH]XYRU *OHLFK GDUDXI ]XFNWHQ MHGRFK DOOH ]XVDPPHQ GLH VLFK DXI GHP /DQGHSODW] YRU GHP +RWHO EHIDQGHQ +RFK EHU LKUHQ .|SIHQ ZDEHUWH HLQH JUHOOH /HXFKWHUVFKHLQXQJ DXI GLH PHKUHUH 0LOOLWRQWDV ODQJ DQKLHOW *OHLFK]HLWLJ HUNODQJ GDV VFKDXULJH *HEUOO HLQHV :HVHQV LQ K|FKVWHU 7RGHVQRW (V HQGHWH DEUXSW ZLHGHU XQG QXU QRFK HLQ
'HU.ULVWDOOSULQ]
M
$WODQ
NQLVWHUQGHV 3UDVVHOQ ZDU ]X K|UHQ GDV DEHU ]XJOHLFK PLW GHU /HXFKWHUVFKHLQXQJ ZLHGHUDEHEEWH ³:DVLVWGDV"´NHXFKWH2UEDQDVFKROHUVFKURFNHQDXIXQGVDKVLFKPLWEOHLFKHP *HVLFKWQDFKHLQHU'HFNXQJXP *RQR]DO 9,, ,DFKWH ODXW DXI XQG KLHOW LKQ DP $UP ]XUFN ³1XU QLFKW VR VFKUHFNKDIW%UXGHU'DVZDUQXUHLQHUGHUKLHVLJHQ)OXJVDXULHUGHUOHLFKWVLQQLJJHQXJ ZDUJHQDXLQGLH(QHUJLHVSHUUHEHUXQV]XIOLHJHQXQGGDVPLWVHLQHP7RGHEH]DKOHQ PXWH'DVVROOWHVWGXHLJHQWOLFKZLVVHQGXELVWGRFKQLFKW]XPHUVWHQPDOKLHU´ 2UEDQDVFKROQLFNWHXQG]ZDQJVLFKHLQNUDPSIKDIWHV/lFKHOQDEREZRKOLKPGHU 6FKUHFN QRFK LQ DOOHQ *OLHGHUQ VD 'LHVH SDQLNHUIOOWH 5HDNWLRQ DXI HLQ UHODWLY KDUPORVHV (UHLJQLV ZDU VHLQHP $QVHKHQ QLFKW JHUDGH I|UGHUOLFK ³1DWUOLFK ZHL LFK HV²DEHU LFK ZDU VR YHUVXQNHQ LQ GHQ $QEOLFN GHU .ULVWDOOH GD PLFK GLHVHU 9RUIDOO YROONRPPHQEHUUDVFKWH´UHFKWIHUWLJWHHUVLFKVFKZDFK 'HU ,PSHUDWRU KDOI LKP DXV GHU 9HUOHJHQKHLW LQGHP HU VLFK XPZDQGWH XQG GLH 2UGHU ]XP (LQ]XJ LQV +RWHO JDE ,P +LQWHUJUXQG DWPHWH )DUWXORRQ DXI 'LHVHU =ZLVFKHQIDOO NDP LKP VHKU JHOHJHQ GHQQ GHU KDWWH GHQ +HUUVFKHU GDYRQ DEJHKDOWHQ QRFK OlQJHU LQ GDV /HXFKWHQ GHU .ULVWDOOH ]X VWDUUHQ )DUWXORRQ KRIIWH GD *RQR]DO QLFKW ]X VHKU YRQ LKQHQ EHHLQIOXW ZRUGHQ ZDU 2E GLHVH +RIIQXQJ EHUHFKWLJW ZDU NRQQWH DOOHUGLQJV HUVW GLH =XNXQIW HUZHLVHQ )DUWXORRQ QDKP VLFK YRU EHL GHU 8QWHUVXFKXQJ GHV +HUUVFKHUV DP NRPPHQGHQ 0RUJHQ EHVRQGHUV VRUJIlOWLJ YRU]XJHKHQ (V ZDU GXUFKDXV P|JOLFK GD GHU ([WUDVLQQ *RQR]DOV GLH YHUPXWHWH (LQZLUNXQJUHJLVWULHUWHXQGYRQVLFKDXVQHXWUDOLVLHUHQNRQQWH ,P+RWHOJDEHVQDWUOLFKHEHQIDOOVHLQHKRFKZHUWLJH0HGR3RVLWURQLNGLHIUGLH *HVXQGKHLWVNRQWUROOH ]XU 9HUIJXQJ VWDQG :DU *RQR]DO 9,, LUJHQGZLH K\SQRWLVFK EHHLQIOXW ZUGH VLH GLH NDXP PHUNOLFKHQ $EZHLFKXQJHQ LQ GHQ ,QGLYLGXDOVFKZLQJXQJHQ XQZHLJHUOLFK UHJLVWULHUHQ XQG GDQQ NRQQWH )DUWXORRQ NRUULJLHUHQG HLQJUHLIHQ RKQH GD GHU ,PSHUDWRU GDYRQ ZXWH 'LH -DJGJHVHOOVFKDIW ]HUVWUHXWHVLFKXQGVXFKWHLKUH5lXPOLFKNHLWHQDXI1XUZHQLJH0lQQHUEHJDEHQVLFK QRFK LQ GHQ 6SHLVHVDDO GHQQ LK MHGHP $SSDUWHPHQW JDE HV $XWRPDWHQ GLH LKQHQ (UIULVFKXQJHQ OLHIHUWHQ (UVNRPLHU EHQ|WLJWH IU HLQH 5RWDWLRQ NQDSS 7RQWDV XQG GLH1DFKWZUGHNDXPIQI7RQWDVGDXHUQ$PQlFKVWHQ0RUJHQEHJDQQHQGLH-DJGHQ XQG GDQQ ZXUGHQ DXVJHUXKWH 7HLOQHKPHU PLW JXWHQ 1HUYHQ EHQ|WLJW $XFK )DUWXORRQ JLQJIUK]X%HWWXQGVFKOLHIWURW]VHLQHU6RUJHQUDVFKHLQ 1LFKWVR2UEDQDVFKROXQG]ZHLZHLWHUH0lQQHU 5HNRQVWUXNWLRQ(VZDUQLFKWLKUVFKOHFKWHV*HZLVVHQGDVGLH9HUVFKZ|UHUQLFKW ]XU 5XKH NRPPHQ OLH 6LH KDWWHQ VLFK VHLW GHU =XVDPPHQNXQIW LQ 2UEDQDVFKROV 6RPPHUUHVLGHQ]QLFKWPHKUJHWURIIHQXQGDQJHVLFKWVGHU$NWLYLWlWGHU7*&QDFKGHP $QVFKODJ DXI )DUWXORRQ DXFK QLFKW JHZDJW )XQNJHVSUlFKH ]X IKUHQ 'DV 5LVLNR ZDU ]X JUR JHZHVHQ GHQQ GLH PHLVWHQ 0LWJOLHGHU GHU 3ROLWLVFKHQ *HKHLPSROL]HL KLHOWHQ WUHX ]X *RQR]DO 9,, (V NDP LKQHQ ]XVWDWWHQ GD GDV +RWHO ]ZDU YRQ DXHQ KHU JXW EHZDFKWLQVHLQHP,QQHUQDEHUQLFKWNRQWUROOLHUWZXUGH1XUYRUGHQ(LQJlQJHQ]XGHQ 5lXPOLFKNHLWHQGHV,PSHUDWRUVZDUHQhEHUZDFKXQJVDXWRPDWHQLQVWDOOLHUWZRUGHQDEHU GDVZDUPHKUHLQH5RXWLQHPDQDKPH'DV%HGLHQXQJVSHUVRQDOZDUVRUJIlOWLJJHVLHEW XQG ]XVlW]OLFK PLW 0LWJOLHGHUQ GHU 7X*RO&HO EHVHW]W ZRUGHQ YRQ LKP GURKWH DOVR NDXP*HIDKUXQG*RQR]DOV-DJGJlVWHVWDQGHQDXWRPDWLVFKEHUMHGHP9HUGDFKW
'HU.ULVWDOOSULQ]
M
$WODQ
=ZHL 7RQWDV ZDUHQ VHLW GHU $QNXQIW YHUJDQJHQ XQG DXFK GLH OHW]WHQ %HVXFKHU KDWWHQ GHQ 6SHLVHVDDO OlQJVW YHUODVVHQ $OOHV VFKOLHI LP +RWHO DOV 2UEDQDVFKRO VHLQH 5lXPH YHUOLH VLFK KDVWLJ QDFK DOOHQ 6HLWHQ XPVDK XQG GDQQ HLOLJ GHP QlFKVWHQ $QWLJUDYVFKDFKW]XVWUHEWH(UZRKQWHLPIQIWHQ6WRFNGHUVHFKVWHZDUJDQ]IUVHLQHQ %UXGHU UHVHUYLHUW 5DVFK VFKZDQJ HU VLFK LQ GHQ 6FKDFKW XQG OLH VLFK YRQ GHU 0LQXVVSKlUH KLQXQWHU LQV (UGJHVFKR WUDJHQ 'RUW ZDUHQ GLH ³ZHQLJHU EHGHXWHQGHQ´ *lVWH XQWHUJHEUDFKW ]X GHQHQ DXFK GHU 2EHUEHVFKDIIXQJVPHLVWHU ]lKOWH LQ GHVVHQ =LPPHUQ GDV 7UHIIHQ GHU 9HUVFKZ|UHU VWDWWILQGHQ VROOWH 'HU .RUULGRU ZDU OHHU XQG YHUODVVHQ XQG QXU YRQ HLQHU VFKZDFKHQ 1DFKWEHOHXFKWXQJ HUKHOOW 7URW]GHP YHUKLHOW 2UEDQDVFKROODXVFKHQGYRUGHP6FKDFKWELVHUVHLQHU6DFKHYROONRPPHQVLFKHUZDU (UVW GDQQ ZDWVFKHOWH HU KDVWLJ ZHLWHU XQG NORSIWH LQ HLQHP EHVWLPPWHQ 5K\WKPXV DQ HLQH7XUGLHDXFKVRIRUWJH|IIQHWZXUGHXQGVLFKKLQWHULKPVFKQHOOZLHGHUVFKOR 6RIJDUW GHU GUUH 0DQQ PLW GHP 7RWHQVFKlGHO HUZDUWHWH LKQ EHUHLWV ,Q VHLQHU *HVHOOVFKDIW EHIDQG VLFK VFKRQ 2IIDQWXU GHU (UVWH 'LHQHU 2UEDQDVFKROV 'LH EHLGHQ UHVWOLFKHQ.RQVSLUDQWHQIHKOWHQGHQQ$PDUNDYRU+HQJNUHLVWHPLWGHU3(5.$125LP 2UELWXP(UVNRPLHUZlKUHQG3VROOLHQ]XVDPPHQPLWGHQDQGHUHQ-DJGVSH]LDOLVWHQLQ HLQHU EHVRQGHUHQ 8QWHUNXQIW VFKOLHI 6W|KQHQG OLH VLFK 2UEDQDVFKRO LQ HLQHQ 6HVVHO IDOOHQXQGZLVFKWHVLFKGLH6WLUQ³,FKEUDXFKHHWZDV]XWULQNHQ²HWZDVPLWYLHO$ONRKRO´ ILVWHOWHHUGDQQ6HLQ'LHQHUYHUQHLJWHVLFKOlVVLJXQGJLQJ]XGHU=LPPHUDXWRPDWLNGLH DXIHLQHQ.QRSIGUXFNKLQGDV*HZQVFKWHOLHIHUWH +DVWLJJULIIGHU0DQQGHUGHPHLJHQHQ%UXGHUQDFKGHP/HEHQWUDFKWHWHQDFK GHP*ODVXQGQDKPHLQHQWLHIHQ=XJ(UVWGDQQHQWVSDQQWHHUVLFKHWZDVVDKDXIXQG EHJHJQHWHGHPDXVJHVSURFKHQVS|WWLVFKHQ%OLFNDXV6RIJDUWVJOKHQGHQ$XJHQ ³6LH VROOWHQ HWZDV IU ,KUH 1HUYHQ WXQ DQVWDWW VRYLHO ]X WULQNHQ´ PHLQWH GHU 2EHUEHVFKDIIXQJVPHLVWHU LQ YHUlFKWOLFKHP 7RQIDOO ³'D VLH QLFKW GLH EHVWHQ VLQG KDW VLFKMDJH]HLJWDOVGHU)OXJVDXULHULQGHQ(QHUJLHVFKLUPIORJ9HOR]´ ³:LHN|QQHQ6LHHVZDJHQPLFKVRDQ]XUHGHQ"´NHLIWHGLHVHU ³/DVVHQZLUGRFKGLHVHQ8QVLQQ´VDJWH6RIJDUWPLWVHLQHUKHLVHUHQ6WLPPH³:LU DOOH YHUIROJHQ GDV JOHLFKH =LHO ZHQQ DXFK DXV HWZDV XQWHUVFKLHGOLFKHQ 0RWLYHQ XQG GDPLWZHUGHQDOOH)|UPOLFKNHLWHQYRQVHOEVWKLQIlOOLJ:DVQW]WHV,KQHQZHQQLFK6LH (UKDEHQHUQHQQHREZRKO6LHQLFKWEHVVHUVLQGDOVLFK"8QGLVW,KUZDKUHU1DPHQLFKW 9HOR]"´ 2UEDQDVFKROVNOHLQHbXJOHLQEHJDQQHQ]XIXQNHOQ³,FKEHVWHKHDXI2UEDQDVFKRO XQG GHU DQJHPHVVHQHQ $QUHGH´ VFKULH HU PLW EHUVFKQDSSHQGHU 6WLPPH ³$OV GHU NQIWLJH5HJHQWRGHU,PSHUDWRUYRQ$UNRQNDQQLFKHVQLFKWJHVWDWWHQGD6LHVLFKPLU JHJHQEHUVROFKH9HUWUDXOLFKNHLWHQHUODXEHQ´ 6RIJDUW YHUQHLJWH VLFK EHUWULHEHQ K|IOLFK XQG HUZLGHUWH VS|WWLVFK ³:LH 6LH ZQVFKHQ (UKDEHQHU XQG NRPPHQGHV 2EHUKDXSW YRQ $UNRQ 'DV lQGHUW DOOHUGLQJV QLFKWVDQGHU7DWVDFKHGD6LHVLFKYRUDOOHQ-DJGJlVWHQHLQH%O|HJHJHEHQKDEHQ GLH,KUHP$QVHKHQQLFKWJHUDGHI|UGHUOLFKLVW´ 2UEDQDVFKRO ODFKWH PHFNHUQG DXI ³'DV PVVHQ JHUDGH 6LH PLU VDJHQ 6LH KDEHQ VLFK GRFK VHOEVW XQVWHUEOLFK EODPLHUW DOV 6LH VLFK DXI GLH .RQWURYHUVH PLW GHP %RWVFKDIWHU%RQDVFKDJDHLQOLHHQEHLGHU6LHXPYLHOH/lQJHQJHVFKODJHQZXUGHQ´ ,QGHQ$XJHQGHV2EHUEHVFKDIIXQJVPHLVWHUVJORPPHVGURKHQGDXIXQGVHLQH NQRFKLJHQ +lQGH EDOOWHQ VLFK ]X )lXVWHQ DOV HU DQ VHLQH HLJHQH 1LHGHUODJH HULQQHUW ZXUGH(VVDKDXVDOVZROOHHUVLFKDXIVHLQHQ$XIWUDJJHEHUVWU]HQGRFK2IIDQWXUJULII
'HU.ULVWDOOSULQ]
M
$WODQ
QXQ HLQ ³(UKDEHQH +HUUHQ ZLU VLQG QLFKW ]XVDPPHQJHNRPPHQ XP XQV ]X VWUHLWHQ VRQGHUQXPXQVHUZHLWHUHV9RUJHKHQDE]XVSUHFKHQ²QXUGDVDOOHLQLVWZLFKWLJ´6HLQH VRQVWVRJODWWHQ=JH]HLJWHQHLQHQ$XVGUXFNRIIHQHU0LELOOLJXQJXQGGDVEUDFKWHGLH EHLGHQ.DPSIOKlKQHZLHGHU]XU9HUQXQIW³%LWWH´ ³2IIDQWXU KDW UHFKW´ VDJWH 2UEDQDVFKRO QDFK HLQHU :HLOH XQEHKDJOLFKHQ 6FKZHLJHQV ³:LU VSLHOHQ XP HLQHQ KRKHQ (LQVDW] HLQ JHIlKUOLFKHV *DUUDER GDV HU]HXJW QDWXUJHPl 6SDQQXQJHQ XQG )HKOUHDNWLRQHQ :LU PVVHQ HV YHUVWHKHQ VLH DXV]XJOHLFKHQ XQG ]X EHUZLQGHQ VRQVW ZHUGHQ ZLU XQVHU =LHO QLH HUUHLFKHQ 'DV PVVHQ6LHHLQVHKHQ6RIJDUW´ ³,FKVHKHHVHLQ(UKDEHQHU´QLFNWHGHU0DQQPLWGHP7RWHQVFKlGHOHUQFKWHUW 2UEDQDVFKRO VHW]WH HLQ EHIULHGLJWHV /lFKHOQ DXI (U WUDQN VHLQ *ODV OHHU XQG VWHOOWH HV PLW HLQHP KDUWHQ 5XFN DXI GHP 7LVFK YRU VLFK DE ³.RPPHQ ZLU DOVR ]XU 6DFKH´HUJULIIHUZLHGHUGDV:RUW³.XU]YRUXQVHUHU$QNXQIWDXI(UVNRPLHUHUKLHOWLFK HLQH)XQNQDFKULFKWYRQ+HQJDXVGHU3(5.$125EHU*HKHLPZHOOH(UWHLOWHPLUPLW GD HU DOOHV ZLH EHVSURFKHQ DUUDQJLHUHQ NRQQWH RKQH 9HUGDFKW ]X HUUHJHQ 6HLQH 0LWKLOIH LVW DOVR VLFKHU XQG GDV LVW YLHO ZHUW 'RFK ZLH VWHKW HV XP XQVHUHQ 0DQQ DXI (UVNRPLHU²ZHUGHQZLUXQVDXFKDXILKQYHUODVVHQN|QQHQ2IIDQWXU"´ 6HLQ'LHQHUYHUQHLJWHVLFKOHLFKW³0LW%HVWLPPWKHLW(UKDEHQHU,FKKDEHJOHLFK QDFK XQVHUHU $QNXQIW XQDXIIlOOLJ PLW LKP UHGHQ N|QQHQ DOV VLFK GLH DOOJHPHLQH $XIPHUNVDPNHLW DXI GLH .ULVWDOOH DP +RWHO ULFKWHWH (U VDJWH GD DOOH 9RUEHUHLWXQJHQ DEJHVFKORVVHQVHLHQ²PRUJHQZUGHQRFKQLFKWVJHVFKHKHQHUVWEHUPRUJHQVHLGHU HQWVFKHLGHQGH7DJ´ ³:DUXPHUVWEHUPRUJHQ"´IUDJWH6RIJDUWXQZLOOLJDEHU2UEDQDVFKROZLQNWHDE ³6RLVWHVEHVVHUGDVGUIHQ6LHPLUJODXEHQ$PHUVWHQ7DJSDVVHQDOOH-lJHU EHVRQGHUV JXW DXI XQG EHJHKHQ HUIDKUXQJVJHPl NDXP )HKOHU $P ]ZHLWHQ 7DJ OlW GLH $XIPHUNVDPNHLW VFKRQ QDFK XQG GLH +LW]H ]HLJW LKUH $XVZLUNXQJHQ ZDV VLFK HUIDKUXQJVJHPl LQ HLQHP $QVWHLJHQ GHU 8QIDOOTXRWHQ EHPHUNEDU PDFKW :HQQ PHLQ %UXGHUJOHLFKDPHUVWHQ7DJHLQHP8QIDOO]XP2SIHUILHOHZlUHGDVYLHO]XDXIIlOOLJXQG ZUGHXQZHLJHUOLFK$UJZRKQHUUHJHQ´ ³'LHVHU0HLQXQJLVWDXFK3VROOLHQ´ZDUI2IIDQWXUHLQ³,P9HUWUDXHQJHVDJW,FK JODXEHGDHUVRHWZDVQLFKW]XPHUVWHQ0DODUUDQJLHUW,QGHQOHW]WHQ-DKUHQKDWHV PHKUHUH µ8QIlOOH JHJHEHQ EHL GHQHQ HU XQG VHLQH -DJGKHOIHU GLH HLQ]LJHQ =HXJHQ ZDUHQ´ 2UEDQDVFKRO NLFKHUWH ³'DV ZHL LFK XQG JHUDGH GHVKDOE LVW HU IU XQV GHU ULFKWLJH 0DQQ :DV NDQQ HU VFKOLHOLFK GDIU ZHQQ HU HLQHQ -DJGJDVW DXI HLQHQ *XUERVFK DQVHW]W GHQ PDQ RKQH 0KH PLW HLQHU /DQ]H HUOHGLJHQ NDQQ XQG GDQQ SO|W]OLFK HLQ 7LVFKWDQ DXI GHU %LOGIOlFKH HUVFKHLQW GHP PDQ QXU PLW HLQHP VFKZHUHQ .DPSIVFKZHUWEHLNRPPHQNDQQ"´ ³6LH VDJHQ HV (UKDEHQHU´ VWLPPWH LKP 2IIDQWXU ]X RKQH HLQH 0LHQH ]X YHU]LHKHQ³9HUPXWOLFKZUGHHUVHOEVWGHQHLJHQHQ9DWHUVR]X7RGHNRPPHQODVVHQ ZHQQ HU QXU DQVWlQGLJ GDIU EH]DKOW ZLUG 'LHVPDO ZLUG HV DEHU DXVUHLFKHQG =HXJHQ JHEHQ²XQV GUHL 3VROOLHQ KDW HV VR HLQJHULFKWHW GD ZLU LQ GHU XQPLWWHOEDUHQ 1DFKEDUVFKDIWGHV,PSHUDWRUVMDJHQZHUGHQGDPLWZLUQRWIDOOVQDFKKHOIHQN|QQHQIDOOV QLFKWDOOHVZLHYRUJHVHKHQDEODXIHQVROOWH´ 2UEDQDVFKROVDKDXIGLHNOHLQH8KULQHLQHPVHLQHUSURW]LJHQ5LQJH³(VLVWVSlW EHHQGHQ ZLU GLHVH =XVDPPHQNXQIW )DOOV VLFK LUJHQGZHOFKH QHXHQ *HVLFKWVSXQNWH
'HU.ULVWDOOSULQ]
M
$WODQ
HUJHEHQVROOWHQZHUGHLFK6LHGXUFK2IIDQWXUXQWHUULFKWHQODVVHQ6RIJDUWHUZLUGDXFK ZHLWHU GLH 9HUELQGXQJ ]X 3VROOLHQ KDOWHQ ,FK ]ZHLIOH DEHU QLFKW GDUDQ GD ZLU XQVHU =LHOHUUHLFKHQZHUGHQ,FKKDEHQLFKWYHUJHEHQVGDIUJHVRUJWGDPHLQ%UXGHUGXUFK GHQ $QEOLFN GHU 3V\FKR.ULVWDOOH HQWVSUHFKHQG HLQJHVWLPPW LVW 'DYRQ NDQQ DXFK GHU PLWUDXLVFKH%DXFKDXIVFKQHLGHUQLFKWVDKQHQGHQLFKXQVEHL]HLWHQGXUFKHLQHQ7ULFN YRP +DOV VFKDIIHQ ZHUGH hEHUPRUJHQ ZHUGH LFK GLH 0DFKW EHU GDV DUNRQLGLVFKH 5HLFKEHUQHKPHQ7RGGHP,PSHUDWRU´ ³7RG GHP ,PSHUDWRU´ DQWZRUWHWHQ GLH DQGHUHQ 9HUVFKZ|UHUZLH DXV HLQHP 0XQGH $P QlFKVWHQ 0RUJHQ HUZDFKWH GDV -DJGKRWHO ]X HLQHP JHVFKlIWLJHQ IDVW KHNWLVFKHQ /HEHQ 8QEDUPKHU]LJ ZXUGHQ DOOH RE /DQJVFKOlIHU RGHU QLFKW GXUFK JHOOHQGH $ODUPSIHLIHQ DXV GHP 6FKODI JHVFKUHFNW NDXP GD GLH 6RQQH DXIJHJDQJHQ ZDU(LQHKDOEH7RQWDVSlWHUZXUGHLPJURHQ6SHLVHVDDOGDV)UKVWFNDXIJHWUDJHQ ZlKUHQG VLFK YRU GHP *HElXGH EHUHLWV GLH -DJGVSH]LDOLVWHQ YHUVDPPHOWHQ GLH GHQ HLQ]HOQHQ *lVWHQ ]XJHWHLOW ZRUGHQ ZDUHQ 6LH KDWWHQ ]X EHULFKWHQ ZHOFKH $UWHQ YRQ 7LHUHQVLFKLQGHQYRQLKQHQEHWUHXWHQ*HELHWHQEHIDQGHQXQGGLH-lJHUNRQQWHQGDQQ GDUXQWHULKUH$XVZDKOWUHIIHQ$PHUVWHQ7DJEHVFKUlQNWHQVLHVLFKPHLVWDXINOHLQHUH XQGZHQLJHUJHIlKUOLFKH7LHUHXPHUVWHLQPDOLQ8EXQJ]XNRPPHQ 'HU5HL]²XQG]XJOHLFKGLH*HIDKUGLHHLQHQJXWHQ7HLOGHVVHOEHQDXVPDFKWH² ODJGDULQGDNHLQHUGHUYRUQHKPHQ+HUUHQPRGHUQH:DIIHQYHUZHQGHQGXUIWH:HGHU ,PSXOVVWUDKOHU QRFK 1DGOHU ZDUHQ HUODXEW QLFKW HLQPDO :DIIHQ GLH LKUH 3URMHNWLOH PLWWHOV FKHPLVFKHU 7UHLEODGXQJHQ YHUVFKRVVHQ ,Q GHU :DIIHQNDPPHU GHV +RWHOV JDE HV VWDWW GHVVHQ HLQH UHLFKKDOWLJH $XVZDKO DUFKDLVFKHU :DIIHQ DOOHU $UW /DQ]HQ 6FKZHUWHU:XUIPHVVHUXQGVHLOH$UPEUXVW3IHLOXQG%RJHQXQG)DQJQHW]ZDUHQGLH JHEUlXFKOLFKVWHQ XQG MHGHU NRQQWH VLFK GDV DXVVXFKHQ ZDV DP EHVWHQ ]XP (LQVDW] JHJHQGDV]XMDJHQGH7LHUJHHLJQHWZDU'DGDV5LVLNRWURW]GHPQLFKW]XJURZXUGH GDIUVRUJWHQGLH-DJGVSH]LDOLVWHQPLWLKUHQ+HOIHUQ 6LHKDWWHQQLFKWQXUGDV:LOGDXV]XPDFKHQXQGGHP-lJHU]X]XWUHLEHQVRQGHUQ DXFK EHU VHLQ :RKOHUJHKHQ ]X ZDFKHQ XQG HLQ]XJUHLIHQ VRIHUQ GDV Q|WLJ ZDU =X GLHVHP =ZHFN ZDUHQ VLH PLW VFKZHUHQ 6WUDKOZDIIHQ XQG VRQVWLJHQ +LOIVPLWWHOQ DXVJHUVWHWPLWGHQHQVLHHLQJULIIHQVREDOGIUGHQRGHUGLHYRQLKQHQEHWUHXWHQ-lJHU DNXWH*HIDKUEHVWDQG'DHVWURW]GHPLPPHUZLHGHU]XW|GOLFKHQ=ZLVFKHQIlOOHQNDP ODJ QLFKW DQ LKQHQ VRQGHUQ DQ GHU :LOGKHLW XQG 8QEHUHFKHQEDUNHLW GHU XUWPOLFKHQ 5LHVHQJHVFK|SIHGHV3ODQHWHQ²RGHUDP/HLFKWVLQQGHU+RFKHGOHQ )U GHQ ,PSHUDWRU JDOW HLQ 7HLO GHU %HVFKUlQNXQJHQ GHQHQ GLH DQGHUHQ -lJHU XQWHUODJHQ DOOHUGLQJV QLFKW 6HLQ /HEHQ DOV 2EHUKDXSW GHV 7DL $UN¶7XVVDQ ZDU ]X ZHUWYROO XP OHLFKWIHUWLJ DXIV 6SLHO JHVHW]W ]X ZHUGHQ =ZDU WUDW DXFK HU PLW SULPLWLYHQ :DIIHQJHJHQVHLQH-DJGEHXWHDQDEHUHUJHQRGDV3ULYLOHJHLQHQ,PSXOVVWUDKOHUPLW VLFKIKUHQ]XGUIHQ*RQR]DO9,,KDWWHGLHVHQDOOHUGLQJVQRFKQLHEHQXW]W(UZDUHLQ OHLGHQVFKDIWOLFKHU-lJHUDEHUDXFKHLQYRU]JOLFKHU.lPSIHUGHPHVELVKHUQRFKVWHWV JHOXQJHQZDUGLH7LHUHPLWSULPLWLYHQ:DIIHQ]XHUOHJHQ (U QDKP DXFK QLFKW DQ GHP DOOJHPHLQHQ )UKVWFN WHLO VRQGHUQ VSHLVWH LQ VHLQHQ 5lXPHQ 'D HU NHLQH /HLEGLHQHU PLWJHEUDFKW KDWWH ³,UJHQGZDQQ ZHUGHQ VLH XQHUWUlJOLFK GLHVH ODXWORV KHUXPVFKOHLFKHQGHQ DXI 3URWRNROO XQG (WLNHWWH SRFKHQGHQ GHQQRFKUFNJUDWORVHQJUDXHQ6FKDWWHQZDKUHU$UNRQLGHQ´²EHUQDKPHV)DUWXORRQ IU VHLQH %HGUIQLVVH ]X VRUJHQ (U QDKP VHLQH 0RUJHQPDKO]HLW ]XVDPPHQ PLW GHP
'HU.ULVWDOOSULQ]
M
$WODQ
+HUUVFKHU HLQ XQG EHREDFKWHWH GLHVHQ YHUVWRKOHQ 'RFK VHLQ 9HUGDFKW HUKLHOW NHLQH 1DKUXQJ *RQR]DO EHQDKP VLFK ZLH LPPHU XQG ]HLJWH OHGLJOLFK GLH OHLVH 8QJHGXOG GLH HUNHQQHQOLHGDHUGHU-DJGHQWJHJHQILHEHUWH6LHZDUHVDXFKGLHLKQXQJHKDOWHQ ZHUGHQ OLH DOV LKQ GHU /HLEDU]W DQ GLH WlJOLFKH hEHUSUIXQJ VHLQHV *HVXQGKHLWV]XVWDQGHVHULQQHUWHDOVGDV)UKVWFNEHHQGHWZDU ³0XGDVDXFKKHXWHVHLQ"´NQXUUWHHUPLPXWLJ³%HLDOOHQ6KH¶+XKDQGXZHLW GRFKJHQDXGDLFKNHUQJHVXQGELQ%DXFKDXIVFKQHLGHU:R]XDOVRGLH8PVWlQGH"´ 'HU $U]W OlFKHOWH YHUVWRKOHQ GHQQ GLHVH 6]HQH ZLHGHUKROWH VLFK PLW VFK|QHU 5HJHOPlLJNHLW XQG QLFKW QXU YRU MHGHU -DJG DXI (UVNRPLHU $XFK VHLQH $QWZRUW ZDU IDVW Z|UWOLFK GLH JOHLFKH ³(V PX VHLQ (XHU (UKDEHQKHLW 'LH YRQ ,KUHP IUKHUHQ 9RUJlQJHU%HUOLPRUGHP9LHUWHQHUODVVHQH9RUVFKULIWEHVDJWGDVLFKGHUKHUUVFKHQGH =KGRSDQWKL MHGHQ 3UDJR XQWHUVXFKHQ ODVVHQ PX XQJHDFKWHW EHVRQGHUHU 8PVWlQGH 'DUILFK(XFKELWWHQPLULQGDV0HGR=HQWUXPGHV+RWHOV]XIROJHQPHLQ,PSHUDWRU"´ *RQR]DO9,,]RJHLQH*ULPDVVH³,Q2UGQXQJ%DXFKDXIVFKQHLGHUJHKHQZLU'X JLEVWMDGRFKNHLQH5XKHHKHGXQLFKWGHLQ=LHOHUUHLFKWKDVW´ 'DV 0HGR=HQWUXP GHV -DJGKRWHOV QDKP HLQH JDQ]H 5HLKH YRQ 5lXPHQ LP (UGJHVFKR HLQ 'RFK QXU HLQ NOHLQHU 7HLO GDYRQ ZDU ]XU %HKDQGOXQJ QRUPDOHU .UDQNKHLWHQ EHVWLPPW GHQQ GLH +DXSWDXIJDEH GHU KLHU VWDWLRQLHUWHQ 0HGLNHU ZDU HV 9HUOHW]XQJHQ ]X EHKDQGHOQ GLH VLFK GLH *lVWH -DJGVSH]LDOLVWHQ RGHU +HOIHU LP *HOlQGH ]XJH]RJHQ KDWWHQ 'HPHQWVSUHFKHQG JDE HV IQI HUVWNODVVLJ HLQJHULFKWHWH 2SHUDWLRQVVlOH XQG HLQH JDQ]H 6FKDU YRQ &KLUXUJHQ XQG $VVLVWHQWHQ VWDQG VWlQGLJ ]XP(LQVDW]EHUHLW=XGLHVHUIUKHQ7RQWDZDUHQVLHDOOHUGLQJVQRFKQLFKWDQZHVHQG LKUH =HLW NDP JHZ|KQOLFK HUVW JHJHQ 0LWWDJ 1XU GHU %HUHLWVFKDIWVDU]W HUZDUWHWH VLH JUWH GHQ ,PSHUDWRU GHYRW XQG JLQJ LQ GHQ 5DXP YRUDQ LQ GHP GLH ]HQWUDOH 0HGR 3RVLWURQLN VWDQG (U VFKDOWHWH VLH HLQ QLFNWH )DUWXORRQ ]X XQG HQWIHUQWH VLFK GDQQ Zl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|KHUDOVVRQVW 'RFKGDVZDUKLHUDXI(UVNRPLHULPPHUVRGLHEHYRUVWHKHQGH-DJGZDUILKUH6FKDWWHQ YRUDXV )DUWXORRQ HQWIHUQWH GLH .RQWDNWH ZLHGHU QDKP GLH 'DWHQIROLHQ DQ VLFK XQG GLH EHLGHQ 0lQQHU YHUOLHHQ GDV 0HGR=HQWUXP 6LH JLQJHQ KLQDXV YRU GDV +RWHO XQG VDKHQ GHQ *lVWHQ ]X GLH VLFK PLW LKUHQ 6SH]LDOLVWHQ DXI GLH )DKUW LQ GLH -DJGJHELHWH EHJDEHQ(VZXUGHQVFKZHUHJHSDQ]HUWH*OHLWHUEHQXW]WVWDELOJHQXJXPVHOEVWGHQ =XVDPPHQVWR PLW HLQHP *URVDXULHU RKQH 6FKDGHQ ]X EHUVWHKHQ 'D]X NDP HV DEHU NDXP GHQQ GDV -DJGWHUUDLQ ODJ DXI HLQHU WURFNHQHQ +RFKHEHQH GLH QXU PlLJ EHZDOGHWZDU,QGHQDXVJHVSURFKHQHQ'VFKXQJHOEHUHLFKHQ]XMDJHQZDUXQP|JOLFK
'HU.ULVWDOOSULQ]
M
$WODQ
ZHLO GRUW GHU %RGHQ ]X VXPSILJ ZDU XQG YRQ *LIWYLSHUQ XQG DQGHUHP KHLPWFNLVFKHQ .OHLQJHWLHU QXU VR ZLPPHOWH $XHUGHP ZlUH HV RKQHKLQ VLQQORV JHZHVHQ JHJHQ GLH ULHVLJHQ6DXULHURGHU3DQ]HUHFKVHQPLWDOWHUWPOLFKHQ+DQGZDIIHQDQJHKHQ]XZROOHQ 0RFKWHQGLHKRFKJHVWHOOWHQ$UNRQLGHQDXFKSDVVLRQLHUWH-lJHUVHLQGLHVHV5LVLNRZDU LKQHQQXQGRFK]XJUR (LQHU QDFK GHP DQGHUHQ HUVFKLHQHQ VLH XQG VWUHEWHQ GHQ *OHLWHUQ ]X JHIROJW YRQ LKUHQ %HGLHQVWHWHQ GLH LKUH :DIIHQ WUXJHQ 6LH JUWHQ GHQ ,PSHUDWRU ]ZDQJORV XQG GLHVHU JUWH ]XUFN LQ GLHVHQ 7DJHQ ZXUGH DXI DOOH )|UPOLFKNHLW YHU]LFKWHW $OV HLQHUGHUOHW]WHQHUVFKLHQGDQQ2UEDQDVFKROGHUVHLQH/HLEHVIOOHLQHLQHQ.OLPDDQ]XJ JH]ZlQJW KDWWH $UNRQLGHQ ZDUHQ LP DOOJHPHLQHQ JUR XQG VFKODQN XQG WURW] VHLQHU 0DDQIHUWLJXQJ JDE HU HLQH OlFKHUOLFKH )LJXU DE XQG HU ZXWH HV ,P *UXQGH ZDU HV QXUUHLQHV3UHVWLJHGHQNHQGDVLKQWURW]GHP]XU-DJGJHKHQOLH(UZDUVFKOLHOLFKGHU %UXGHU GHV ,PSHUDWRUV XQG PRFKWH VLFK QLFKW GLH %O|H JHEHQ GHQ -DJGHQ IHUQ]XEOHLEHQ 'LFKW KLQWHU LKP JLQJ VHLQ (UVWHU 'LHQHU 2IIDQWXU 'LHVHU ZDU KRFKJHZDFKVHQ EHZHJWH VLFK PLW OlVVLJHU *HVFKPHLGLJNHLW XQG WUXJ 2UEDQDVFKROV :DIIHQ HLQH $UPEUXVW HLQ NXU]HV 6FKZHUW XQG HLQH ODQJH /DQ]H GHUHQ 6SLW]H PHVVHUVFKDUI JHVFKOLIIHQ ZDU 'LH EHLGHQ ]RJHQ DOOH %OLFNH DXI VLFK GHQQ HLQ XQJOHLFKHUHV 3DDU NRQQWH PDQ VLFK NDXP YRUVWHOOHQ XQG VHOEVW *RQR]DO 9,, PXWH XQZLOONUOLFKOlFKHOQDOVHUGLHEHLGHQVDK )DUWXORRQGDJHJHQGHUGHUJHERUHQH6S|WWHUZDUEOLHEXQJHZ|KQOLFKHUQVWXQG VHLQ+HUUZDUILKPHLQHQHUVWDXQWHQ%OLFN]X³%LVWGXNUDQN%DXFKDXIVFKQHLGHU"´ 'LHVHUVFKWWHOWHGHQ.RSI³'DVQLFKWPHLQ,PSHUDWRUDEHULFKIKOHPLFKQLFKW ZRKO,FKGHQNHLPPHUQRFKDQGLHP\VWHUL|VHQ*HVSUlFKHYRUHLQSDDU7DJHQXQGLP *HJHQVDW]]X(XFKPDJLFKVLHQLFKWDXIGLHOHLFKWH6FKXOWHUQHKPHQ:HQQHVQDFK PLUJLQJH´ *RQR]DO XQWHUEUDFK LKQ PLW HLQHU HQWVFKLHGHQHQ +DQGEHZHJXQJ ³.HLQ :RUW PHKUGDUEHU)DUWXORRQ,FKGHQNHQLFKWGDUDQPLUGLHZHQLJHQ3UDJRVKLHUYHUGHUEHQ ]X ODVVHQ 8QG MHW]W NRPP IU XQV ZLUG HV DXFK ODQJVDP =HLW XQV DXV]XUVWHQ ,UJHQGZR ZDUWHW VFKRQ HLQ JURHU .HSDU GDUDXI YRQ PLU HUOHJW ]X ZHUGHQ $XI GLHVH -DJGIUHXHLFKPLFKZLHQRFKQLH]XYRU)DUWXORRQ,FKILHEHUHI|UPOLFKGDQDFK´ 'HU $U]W ]XFNWH EHL GLHVHQ HXSKRULVFKHQ :RUWHQ ]XVDPPHQ XQG KDWWH 0KH GHQ $QVFKHLQ lXHUHU 8QEHIDQJHQKHLW ]X ZDKUHQ 'LHVHV %HQHKPHQ *RQR]DOV LVW HLQIDFKQLFKWQRUPDO0DJVLFKGHU+HUUVFKHUQRFKVRVHKUDXIGLH-DJGHQIUHXHQHVLVW WURW]GHP QRFK QLH ]XYRUJHVFKHKHQ GD HU VHLQ +HU] GHUDUW DXI GHU =XQJH JHWUDJHQ KDW (WZDV VWLPPW QLFKW 8QWHUOLHJW HU GRFK HLQHP (LQIOX GHU .ULVWDOOH 2UEDQDVFKROV REZRKOVHLQ+LUQGLDJUDPPNHLQHUOHL$EZHLFKXQJHQJH]HLJWKDW" (KH VLFK )DUWXORRQ LQ %HZHJXQJ VHW]WH XP GHP ,PSHUDWRU ]X IROJHQ ZDUI HU HLQHQVFKQHOOHQ%OLFNDXIGLH)DVVDGHGHV*HElXGHV,PWUEHQ/LFKWGHUNOHLQHQURWHQ 6RQQH EHVDHQ GLH .ULVWDOOH QLFKWV YRQ GHP VHOWVDP K\SQRWLVFKHQ *ODQ] GHQ VLH DP $EHQG]XYRUJH]HLJWKDWWHQ-HW]WZDUHQVLHQXUEXQWH)OHFNHQGLHVLFKNDXPYRQGHU :DQG DEKREHQ RIIHQEDU HQWIDOWHWHQ VLH LKUH :LUNXQJ QXU XQWHU GHP (LQIOX GHU /LFKWNDVNDGHQ 6LH PXWHQ HV DEHU JHZHVHQ VHLQ GLH *RQR]DO 9,, LQ VHLQHQ JHJHQZlUWLJHQ =XVWDQG YHUVHW]W KDWWHQ²GHU $U]W IKOWH I|UUQOLFK QRFK GLH EHUZlOWLJHQGH :LUNXQJ GLH YRQ LKQHQ DXVJHJDQJHQ ZDU 'RFK *HIKOH ZDUHQ NHLQ %HZHLV
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ SUHWH GLH /LSSHQ LQ RKQPlFKWLJHP *ULPP ]XVDPPHQ XQG IROJWH VHLQHP +HUUQ LQV +RWHO -HW]W KHLW HV GRSSHOW ZDFKVDP VHLQ )U LKQ JDE HV NHLQHQ =ZHLIHOGDUDQGDKLHUHLQH7HXIHOHLLP*DQJHZDUGLHYRQGHQ9HUVFKZ|UHUQDXVJLQJ ]XGHQHQ2UEDQDVFKROJHK|UHQPXWH(LQHEHVRQGHUVUDIILQLHUWH7HXIHOHLEHLGHU0LWWHO HLQJHVHW]WZHUGHQGLHPLUWURW]PHLQHVXPIDQJUHLFKHQ:LVVHQVQRFKXQEHNDQQWVLQG :DVOlWVLFKGDJHJHQWXQ" (UNRQQWHHVPLWVHLQHQ0HGLNDPHQWHQYHUVXFKHQDEHUHUIKOWHLQVWLQNWLYGD VLHLQGLHVHPEHVRQGHUHQ)DOOQLFKWVQXW]HQZUGHQ,KPEOLHEQLFKWVZHLWHUEULJDOV VWlQGLJEHLGHP,PSHUDWRU]XEOHLEHQXQGMHGHQVHLQHU6FKULWWH]XEHUZDFKHQZLHHV VHLQH3IOLFKWZDU2EGDVDEHUJHQJHQZUGH"'LH9RUEHUHLWXQJHQEHZLHVHQGDGLH )HLQGH*RQR]DOV9,,JHZLOOWZDUHQDXIV*DQ]H]XJHKHQ(UVWPDOVEHJDQQ)DUWXORRQ ]X]ZHLIHOQDEHUGDQQULHUVLFK]XVDPPHQ'HP,PSHUDWRUGXUIWHQLFKWVJHVFKHKHQ XQGZHQQHVVHLQHLJHQHV/HEHQNRVWHQVROOWH :LH YLHOH GHU DQGHUHQ -DJGJlVWH KDWWH DXFK *RQR]DO HLQ 6RUWLPHQW VHLQHU HLJHQHQ:DIIHQPLWJHEUDFKW6LHKDWWHQLKPVFKRQRIWJXWH'LHQVWHJHOHLVWHWDQLKQHQ KLQJHQ GLH (ULQQHUXQJHQ DQ YLHOH -DJGDEHQWHXHU 3UIHQG IORJHQ VHLQH %OLFNH GDUEHU KLQZHJ XQG HU EHJDQQ PLW GHU $XVZDKO ³(LJHQWOLFK PWH HLQ NXU]HV 6FKZHUW JHQJHQ´ EHUOHJWH HU KDOEODXW ³(LQ .HSDU LVW ]ZDU JUR XQG VWDUN DEHU SOXPS XQG QLFKW EHVRQGHUV VFKQHOO %LVKHU KDEH LFK LPPHU HLQH /DQ]H YHUZHQGHW XQG QXU DXI 'LVWDQ] JHNlPSIW DEHU DXI GLH 'DXHU ZLUG GDV ODQJZHLOLJ 0DQ VROOWH GHP 7LHU DXFK HLQH&KDQFHJHEHQPHLQVWGXQLFKWDXFK)DUWXORRQ"´ 'LH .HSDUV JHK|UWHQ ]X GHQ DP K|FKVWHQ HQWZLFNHOWHQ 7LHUHQ YRQ (UVNRPLHU 6LHZDUHQ6lXJHUXQGKDWWHQGLH*HVWDOWYRQ8UElUHQEHVDHQDEHUNHLQ)HOOVRQGHUQ HLQH]lKH/HGHUKDXWGLHEHLGHQ$UNRQLGHQ]XU$QIHUWLJXQJYRQ/X[XVNOHLGXQJVVWFNHQ EHVRQGHUV EHOLHEW ZDU 1RUPDOHUZHLVH OLHIHQ VLH DXI DOOHQ YLHUHQ EHLP .DPSI DEHU ULFKWHWHQ VLH VLFK DXI GLH +LQWHUEHLQH DXI XQG KDWWHQ GDQQ LQ LKUHQ NUDOOHQEHZHKUWHQ 9RUGHUSUDQNHQJHIUFKWHWH:DIIHQ )DUWXORRQ]XFNWHPLWGHQ6FKXOWHUQ³:LH6LHPHLQHQPHLQ,PSHUDWRU´ 0RFKWH *RQR]DO YLHOOHLFKW SV\FKLVFK EHHLQIOXW VHLQ HLQ .HSDU VWHOOWH MHGRFK VHOEVWEHLP.DPSIPLWGHP6FKZHUWNHLQH*HIDKUIULKQGDU'HU,PSHUDWRUODFKWHNXU] DXI ³'X ELVW KHXWH ZLUNOLFK NHLQ DQJHQHKPHU *HVHOOVFKDIWHU %DXFKDXIVFKQHLGHU´ EHPHUNWH HU ODXQLJ ³*XW QHKPHQ ZLU YRUVLFKWVKDOEHU DXFK HLQH /DQ]H PLW GDPLW GX EHUXKLJWELVW´ (UHQWOHGLJWHVLFKVHLQHU2EHUNOHLGXQJXQGOHJWHGDQQHLQHQ-DJGDQ]XJDXVGHP /HGHUHLQHVVHOEVWHUOHJWHQ.HSDUVDQ1DWUOLFKZDUGLHVHUGXUFKUDIILQLHUWHLQJHQlKWH 0LNURDJJUHJDWH ]X HLQHP .OLPDDQ]XJ JHPDFKW ZRUGHQ DQGHUV OLH VLFK GLH VFKZOH /XIWYRQ(UVNRPLHUQLFKWIU7RQWDVHUWUDJHQ$XFK)DUWXORRQWUDIVHLQH9RUEHUHLWXQJHQ (V ZDU VHOEVWYHUVWlQGOLFK VHLQH 3IOLFKW GHQ +HUUVFKHU EHL DOOHQ -DJGH[SHGLWLRQHQ ]X EHJOHLWHQGDPLWLP1RWIDOOVRIRUWlU]WOLFKH+LOIH]XU6WHOOHZDU'RFKGDUDXIKDWWHHUHV QRFK QLH DQNRPPHQ ODVVHQ VREDOG VHLQ +HUU HLQPDO LQ %HGUlQJQLV JHULHW JULII HU WDWNUlIWLJHLQXQGVWDQGYROOVHLQHQ0DQQ $OV *RQR]DO 9,, VHLQHQ :DIIHQJXUW XPJHVFKQDOOW KDWWH DQ GHP GDV 6FKZHUWJHKlQJH XQG GDV /XFFRWKDOIWHU EDXPHOWHQ GUHKWH HU VLFK ]X VHLQHP /HLEDU]W XP(LQ$XVGUXFNGHU9HUEOIIXQJHUVFKLHQDXIVHLQHP*HVLFKWXQGGDQQODFKWHHUDXI ³'LHVPDO EHUWUHLEVW GX DEHU DOWHU 4XDFNVDOEHU ,Q GHLQHU 9HUNOHLGXQJ VLHKVW GX DXV DOVZROOWHVWGX]XP0DVNHQEDOOJHKHQXQGQLFKW]XHLQHU-DJG´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQ ERW ZLUNOLFK HLQHQ VHOWVDPHQ $QEOLFN (U KDWWH VHLQHQ JHZLFKWLJHQ .|USHU LQ GDV 2EHUWHLO HLQHU DOWHUWPOLFKHQ 5VWXQJ JH]ZlQJW GLH ]ZDU VSLHJHOEODQN ZDUDEHU]DKOUHLFKH(LQEHXOXQJHQZLHYRQ6FKZHUWKLHEHQDXIZLHV6HLQHQ.RSI]LHUWH HLQ VHOWVDP JHIRUPWHU 0HWDOOKHOP XQG DQ VHLQHU 6HLWH WUXJ HU HLQ NXU]HV DXIIDOOHQG EUHLWHV6FKZHUW 'HU,PSHUDWRUVFKWWHOWHGHQ.RSI³0XWGXPLUGDVDQWXQ)DUWXORRQ"´IUDJWHHU JHVSLHOWYRUZXUIVYROO³,FKNHQQHGHLQH'DJRUNQVWH*URPHLVWHU²DEHUMHW]WVLHKVWGX OlFKHUOLFK DXV DOWHU )UHXQG´ ,P QlFKVWHQ 0RPHQW ZDQGHOWH VLFK VHLQ *HVLFKWVDXVGUXFN XQG VHLQH 0LHQH ]HLJWH $QHUNHQQXQJ 0LW HLQHP IOLHHQGHQ *ULII KDWWH GHU $U]W GDV 6FKZHUW EODQNJH]RJHQ PDFKWH HLQHQ $XVIDOOVFKULWW XQG VWDQG NDPSIEHUHLW YRU LKP (LQ EUHLWHV *ULQVHQ ODJ DXI VHLQHP *HVLFKW XQG *RQR]DO 9,, ZLQNWH UHVLJQLHUW DE ³6FKRQ JXW %DXFKDXIVFKQHLGHU LFK ZLOO QLFKWV JHVDJW KDEHQ *HKHQZLUXQVHUH%HJOHLWXQJZDUWHWOlQJVW´ )DUWXORRQ VFKRE GDV 6FKZHUW ZLHGHU LQ GLH 6FKHLGH QDKP GHQ %HKlOWHU PLW VHLQHQlU]WOLFKHQ8WHQVLOLHQDXIXQGGDQQYHUOLHHQGLHEHLGHQXQJOHLFKHQ0lQQHUGDV -DJGKRWHO -HW]W VWDQG QXU QRFK HLQ HLQ]HOQHU *OHLWHU DXI GHP 3ODW] GHU PLW GHQ ,QVLJQLHQGHV,PSHUDWRUVYHUVHKHQZDU²GHQ'UHL6\QFKURQZHOWHQYRU7KDQWXU/RNPLW GHU %HVFKULIWXQJ $5.21 XQG 7$, 02$6 $OV *RQR]DO VLFK LKP QlKHUWH QDKPHQ GLH 3RVWHQYRUGHP*HElXGH+DOWXQJDQHLQVFKDUIHU5XIHUNODQJXQGGDQQVSUDQJHQYLHU *HVWDOWHQ DXV GHP )DKU]HXJ XQG EDXWHQ VLFK VWUDPP GDYRU DXI 'UHL GDYRQ ZDUHQ 1DDWV LQ GHU HLQIDFKHQ .OHLGXQJ GHU -DJGKHOIHU GHUHQ GUHL 0HWHU KRKH *HVWDOWHQ GHQ YLHUWHQ 0DQQ NOHLQ XQG XQVFKHLQEDU HUVFKHLQHQ OLHHQ 'LHVHU ZDU MHGRFK GHU HLJHQWOLFKH -DJGVSH]LDOLVW GHVVHQ $XIJDEH HV ZDU GHQ 6WDQGRUW GHV ]X MDJHQGHQ :LOGHVDXV]XPDFKHQHVGXUFKGLH9HUDEUHLFKXQJYRQ)XWWHUDQGLHVHP]XKDOWHQXQG GDQQGHQ-lJHUKHUDQ]XIKUHQ $QVFKOLHHQGPXWHHUPLWGHQVSH]LHOOJHVFKXOWHQ1DDWVGDIUVRUJHQGDHV QLFKWDXVEUDFKZR]XYHUVFKLHGHQHWHFKQLVFKH+LOIVPLWWHO]XU9HUIJXQJVWDQGHQ*HULHW HLQ-DJGJDVWLQ/HEHQVJHIDKUKDWWHHUJOHLFKIDOOVHLQ]XJUHLIHQXQGGDV7LHUXQVFKlGOLFK ]XPDFKHQZDVDOOHUGLQJVQLFKWLPPHUJHODQJZLHGLH8QIDOO]LIIHUEHZLHV9HUZXQGHUW VDK *RQR]DO 9,, DXI GHQ 6SH]LDOLVWHQ GHQQ HU KDWWH DQ VHLQHU 6WHOOH HLQHQ DQGHUHQ 0DQQHUZDUWHW³:RLVWGHQQ+DVFKULQGHUPLFKVRQVWLPPHUEHJOHLWHWKDW"´ 'HU GXQNHOKlXWLJH 0DQQ PLW GHQ VFKZDU]HQ /RFNHQ YHUQHLJWH VLFK GHYRW ³+DVFKULQ OHEW OHLGHU QLFKW PHKU (XHU (UKDEHQKHLW²HU ZXUGH YRU HLQHP KDOEHQ -DKU YRQ HLQHP 7LVFKWDQ JHW|WHW DOV HU HLQVSUDQJ XP GDV /HEHQ HLQHV -DJGJDVWHV ]X UHWWHQ 0DQ KDW PLFK DQ VHLQH 6WHOOH JHVHW]W 0HLQ 1DPH LVW 3VROOLHQ (XHU (UKDEHQKHLW´ 'HU,PSHUDWRUQLFNWHLKP]X³(VLVWJXW3VROOLHQLFKELQGDYRQEHU]HXJWGD +DPNDU HLQHQ JXWHQ 0DQQ IU PLFK DXVJHVXFKW KDW .RPP )DUWXORRQ ZLU ZROOHQ VWDUWHQHKHXQVHU.HSDUXQJHGXOGLJZLUG´ (UVFKULWWDXIGHQ*OHLWHU]XXQGGHU$U]WIROJWHLKP]|JHUQG,UJHQGHWZDVVW|UWH LKQDQGHPGXQNHOKlXWLJHQ0DQQ6HLQHNRORQLDOH+HUNXQIWKDWWHQLFKWV]XEHVDJHQ(V ODJ DQ HWZDV DQGHUHP XQG JOHLFK GDUDXI KDWWH HU HV KHUDXVJHIXQGHQ 3VROOLHQ NDQQ QLHPDQGHPYROOLQGLH$XJHQVHKHQVHLQ%OLFNLVWXQVWHW'LHVHU0DQQLVWQLFKWHKUOLFK HUNDQQWH GHU $U]W PLW VHLQHP DOO]HLW ZDFKHQ VHFKVWHQ 6LQQ ,VW HU HLQ ZHLWHUHU 8QVLFKHUKHLWVIDNWRU" 1DFK NXU]HP hEHUOHJHQ YHUZDUI )DUWXORRQ GLHVHQ *HGDQNHQ ZLHGHU 3VROOLHQ ZDU DOV -DJGVSH]LDOLVW SHUV|QOLFK IU GDV /HEHQ GHV +HUUVFKHUV
'HU.ULVWDOOSULQ]
M
$WODQ
YHUDQWZRUWOLFK(UZXUGHEHUSUIWXQGNRQQWHHVVLFKHLQIDFKQLFKWOHLVWHQGDGLHVHP HWZDV]XVWLHGHQQHVKlWWHVFKZHUZLHJHQGH)ROJHQIULKQVHOEVWJHKDEW 'LHQVWHLIULJ UL 3VROOLHQ GLH 7XU GHU 3DVVDJLHUNDELQH DXI GLH VLFK KLQWHU GHP )DKUHUVLW]EHIDQGXQGOLHGHQ,PSHUDWRUXQGGHQ$U]WHLQVWHLJHQ(UVHOEVWVHW]WHVLFK DQV6WHXHUZlKUHQGGLHGUHL1DDWVLKUH=\NORSHQJHVWDOWHQDXIGLHKLQWHQDQJHEUDFKWH /DGHIOlFKH ZXFKWHWHQ 0LW VXPPHQGHP $QWULHE QDKP GHU *OHLWHU )DKUW DXI XPNXUYWH GDV-DJGKRWHOXQGQDKP.XUVDXIGHQ5DQGGHU(QHUJLHNXSSHO(LQNXU]HU,PSXOVDXV GHP )XQNJHUlW YHUVWlQGLJWH GLH 7HFKQLNHU XQG |IIQHWH EHU GHU $XVIDOOVWUDH HLQH 6WUXNWXUOFNH LQ GHP 6FKXW]VFKLUP 'HU *OHLWHU VFKR KLQGXUFK XQG IORJ KLQDXV LQ GLH XQJHElQGLJWH1DWXUGHP-DJGDEHQWHXHUHQWJHJHQ 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ =XMHQHUIHPHQ=HLWGDGDVVDJHQKDIWH/DQG$UEDUDLWKYRQIUFKWHUOLFKHQ %HVWLHQKHLPJHVXFKWZXUGHPDFKWH7UDQ$WODQGHU6FKZHUWNlPSIHUXQG%DUGHDOV HLQHUGHU]Z|OI+HURHQYRQVLFKUHGHQXQGJLQJDOVP\WKLVFKHU*UQGHUGHUHUVWHQ DUNRQLGLVFKHQ'DJRU6FKXOHLQGLH6DJHHLQ ,P.DPSIJHJHQGLH%HVWLHQ]XQlFKVWEHVLHJW]RJVLFKGHU+HURHIUODQJH=HLW LQGLH(LQVDPNHLW]XUFNPHGLWLHUWHEHLP/\UDVSLHOVRGDHVGLH.ULVWDOOREHOLVNHQ]XP 0LWVFKZLQJHQEUDFKWHXQGHQWZLFNHOWHGLH*UXQGWHFKQLNHQGHV'D*RU²PHLVWDOV³$OO .DPSI´EHUVHW]W²ELVHUVLFKDXVUHLFKHQGJHUVWHWVDKGHQ.DPSIHUQHXW DXI]XQHKPHQ$QGHUH+HURHQXQG6FKOHUYRP.OLQJHQGHU2EHOLVNHQDQJHORFNW OLHHQVLFKYRQ7UDQ$WODQXQWHUZHLVHQXQGVHW]WHQGLH'DJRU7UDGLWLRQIRUWQDFKGHP GHU+HURHGLH%HVWLHQ]ZDUYHUWULHEHQKDWWHLQGLHVHUJHZDOWLJHQ6FKODFKWDEHUVFKZHU YHUZXQGHWZRUGHQZDU ,P0LWJHIKOIUGHQPlGHP7RG5LQJHQGHQODXWHWHQGLH.ULVWDOOREHOLVNHQYRQ $UEDUDLWKVRODXWXQGJUHOOGDVLHGHQ+HURHQVDPWGHP/DQG$UEDUDLWKDXIHLQH ³2EHUWRQ2NWDYH´DQKREHQVRPlHQWUFNWHQXQGIULPPHUXQ]XJlQJOLFKPDFKWHQ 7UDQ$WODQV6FKOHUDEHUJHODQJWHQQDFK$UNRQOHEWHQIRUWDQDOVUXKPUHLFKH 'DJRULVWDVEHJUQGHWHQGDVWUDGLWLRQVUHLFKH$UNRQ5LWWHUWXPXQGGHU7DJ7UDQ$WODQV (QWUFNXQJZXUGH]XP%HJLQQGHU$UNRQ=HLWUHFKQXQJ 5HNRQVWUXNWLRQ2UEDQDVFKROVFKZLW]WHZLHVHOWHQ]XYRULQVHLQHP/HEHQ=ZDU OLHIHQGLHZLQ]LJHQ.KODJJUHJDWHVHLQHV.OLPDDQ]XJVPLWYROOHU/HLVWXQJGRFKVLH NDPHQQLFKWULFKWLJ]XU:LUNXQJGHQQGHUVFKZHUJHZLFKWLJH0DQQKDWWHVHLWGHUOHW]WHQ $QSDVVXQJXPHLQLJHV]XJHQRPPHQ'HU.|USHUIOOWHGHQQXQ]XHQJHQ$Q]XJ YROONRPPHQDXVVRGDNHLQHJHUHJHOWH/XIW]LUNXODWLRQPHKU]XVWDQGHNRPPHQNRQQWH 1XUGLH%HLQHPDFKWHQHLQH$XVQDKPHXQGGDUDXVHUJDEVLFKGHUNXULRVH7DWEHVWDQG GD2UEDQDVFKRONDOWH)HXQG8QWHUVFKHQNHOKDWWHZlKUHQGVHLQ2EHUN|USHU DXVJLHELJWUDQVSLULHUWH$XFKGLHIHXFKWKHLH$WPRVSKlUHGLHHUVWlQGLJHLQDWPHQ PXWHWUXJLKUHQ7HLO]XGLHVHP=XVWDQGEHL'DV7UDJHQHLQHV6FKXW]KHOPVRGHU ZHQLJVWHQVHLQHU$WPXQJVPDVNHZDUDXI(UVNRPLHUYHUS|QW(LQHDQGHUH$OWHUQDWLYH JDEHVQLFKWXQGVRPXWH2UEDQDVFKROQRWJHGUXQJHQVFKZLW]HQ 'LH+LW]HKDWWHLKQI|UPOLFKDQJHVSUXQJHQDOVHUGLH.OLPDNDELQHGHV -DJGJOHLWHUVYHUODVVHQKDWWHXQGVFKRQNXU]GDUDXIZDUHUELVKLQXQWHU]XGHQ.QLHQ
'HU.ULVWDOOSULQ]
M
$WODQ
NODWVFKQDJHZHVHQ0KVDPYHUVXFKWHHUVHLQ*HVLFKW]XZDKUHQGRFKLPPHU|IWHU NDPHQ)OFKHXQG9HUZQVFKXQJHQEHUVHLQH/LSSHQZlKUHQGHUKLQWHUGHP -DJGVSH]LDOLVWHQXQGGHQ1DDWVGHPYRUJHVHKHQHQ-DJGJHELHWHQWJHJHQVWDSIWH 'LHVHZDUHQDQGLH9HUKlOWQLVVHJHZ|KQWXQGDXFK2IIDQWXUJLQJQHEHQLKPKHUDOV PDFKWHLKPGDV*DQ]HJDUQLFKWVDXV .XQVWVWFNGDFKWH2UEDQDVFKROZWHQG(UVWHFNWLQHLQHPJXWSDVVHQGHQ .OLPDDQ]XJXQGQXUVHLQ.RSILVWGHU%UKHDXVJHVHW]WGLHPDQKLHU/XIWQHQQW 'RFKHVKDOILKPDOOHVQLFKWVXQGEDOGZDUHUVRHUVFK|SIWGDHUVRJDUGDV )OXFKHQYHUJD0HFKDQLVFKVHW]WHHUHLQHQVHLQHUNDOWHQ)HYRUGHQDQGHUHQZLFK XQEHKROIHQGHQ8QHEHQKHLWHQGHV%RGHQVDXVXQGVFKUHFNWH]XZHLOHQ]XUFNZHQQ HLQHGHUULHVLJHQ3DQ]HUVSLQQHQRGHUDQGHUHXQDQJHQHKPH.HUEWLHUHVHLQHQ:HJ NUHX]WHQ(LQH:HLOHJLQJHVVRGXUFKJUDVEHZDFKVHQHVPLW%VFKHQYROOHU ODQ]HWWI|UPLJHU%OlWWHUXQGYHUHLQ]HOWHQKRKHQ)DUQElXPHQEHVWDQGHQHV*HOlQGH 'DQQKREGHU)KUHUGHQ$UPXQGGHUNOHLQH=XJKLHOWDQ ³:LUVLQGDP=LHO(UKDEHQHU´HUNOlUWHHU%XUNRWVFKZDUGHUlOWHVWH -DJGVSH]LDOLVWYRQ(UVNRPLHUXQGHVZDUGXUFKDXVNHLQ=XIDOOGDDXVJHUHFKQHWHU GHQ%UXGHUGHV,PSHUDWRUVEHJOHLWHWH(UWDWHVVHLW-DKUHQXQG2UEDQDVFKROZXWH ZDVHUDQLKPKDWWH'HUDDOJODWWH2IIDQWXUKDWWH%XUNRWVFKDP$EHQG]XYRUKHLPOLFK DXIJHVXFKWXQGHLQHEHWUlFKWOLFKH6XPPHKDWWHLKUHQ%HVLW]HUJHZHFKVHOW 'LHVHUKDWWHLQ9RUDXVVLFKWGHUNRPPHQGHQ'LQJHVHLQH9RUEHUHLWXQJHQVFKRQ 7DJH]XYRUJHWURIIHQXQGVRZDUJDUDQWLHUWGDGLH-DJGDXIGLH2UEDQDVFKROQXQ JLQJQXUHLQH)DUFHZDU'HU*XUERVFKGHQHU³HUOHJHQ´VROOWHZDULQ:DKUKHLWVFKRQ VRJXWZLHWRW'HU-DJGVSH]LDOLVWKDWWHQDFKEHZlKUWHP0XVWHUDXIVHLQHP:HFKVHO HLQHJXWJHWDUQWH)DOOJUXEHDQJHOHJWXQGGLH1DDWVKDWWHQGDV7LHUGDQQGRUW KLQHLQJHWULHEHQ1XQEHIDQGHVVLFKVFKRQHLQHQ7DJODQJLQGHU*UXEHXQGKDWWHGDULQ KHUXPJHWREW'DVXQGGHU0DQJHODQ1DKUXQJKDWWHQGHQ*XUERVFKY|OOLJHUPDWWHW $SDWKLVFKVWDQGHUDP*UXQGGHU)DOOJUXEHXQGKRENDXPGHQ.RSIDOVVLFKGLHGUHL 0lQQHUXQGGLH1DDWVQlKHUWHQ(LQNODJHQGHV*HEUOONDPDXVVHLQHP0DXOGDVZDU VHLQHHLQ]LJH5HDNWLRQ *HJHQHLQHQ*XUERVFKLQIUHLHU:LOGEDKQXQGLP9ROOEHVLW]VHLQHU.UlIWHKlWWH GHUXQEHKROIHQHXQGXQWUDLQLHUWH2UEDQDVFKROVFKZHUOLFKHLQH&KDQFHJHKDEW'LHVH EIIHODUWLJHQHWZDDQGHUWKDOE0HWHUJURHQXQG]ZHLHLQKDOE0HWHUODQJHQ7LHUHDQ GHUHQ.|SIHQODQJHJHVFKZXQJHQH+|UQHUVDHQZDUHQIULKUH$QJULIIVOXVWEHNDQQW :LHHLQ5DPPERFNVWUPWHQVLHDXILKUH*HJQHUORVXQGHVJHK|UWHQ*HVFKLFNXQG :HQGLJNHLWGD]XLKQHQ]XHQWJHKHQ2UEDQDVFKROKlWWHQLHGLH*HLVWHVJHJHQZDUW EHVHVVHQGHP7LHUJHVFKLFNWDXV]XZHLFKHQXQGJOHLFK]HLWLJPLWGHUODQJHQ/DQ]H ]X]XVWHFKHQGLHJHJHQGLHVHQ*HJQHUGLHHLQ]LJDQJHEUDFKWH:DIIHZDU7UDIPDQ GDQQGHQULFKWLJHQ3XQNW]ZLVFKHQ.RSIXQG6FKXOWHUQZDUGHU.DPSIHQWVFKLHGHQ DQGHUHQIDOOVZLHGHUKROWHVLFKGLHVHV6SLHOELV]XU(QWVFKHLGXQJ(LQJHEWHU-lJHU EHQ|WLJWHLPDOOJHPHLQHQDEHUQXUHLQHQ6WRXQGVRJDOWHLQ*XUERVFKDOVUHODWLY OHLFKWH-DJGEHXWHJHUDGHJXW]XP(LQEHQIUGHQHUVWHQ7DJ $QJHZLGHUWVDK2UEDQDVFKRODXIGHQULHVLJHQ%XOOHQLQGHU*UXEHGHUQXQDXV URWXQWHUODXIHQHQ$XJHQ]XLKPDXIVDK'DVJDQ]H(OHQGHLQHUJHTXlOWHQ.UHDWXUODJLQ GLHVHP%OLFNXQGHUKLHOWLKPQLFKWODQJHVWDQGVRGDHUPLWKHLVHUHU)LVWHOVWLPPH EHIDKO³2IIDQWXUGLH/DQ]H´
'HU.ULVWDOOSULQ]
M
$WODQ
6HLQ'LHQHUUHLFKWHLKPGLH:DIIHXQG2UEDQDVFKROWUDWQDKHDQGLH)DOOJUXEH KHUDQ(UZXWHGDLKPQLFKWVJHVFKHKHQNRQQWHXQGGDVJDELKPGLHQRWZHQGLJH 6LFKHUKHLW(LQOHW]WHV$XIElXPHQJHJHQVHLQ6FKLFNVDOJLQJGXUFKGHQ*XUERVFK 7URW]LJEHZHJWHHUVLFKELVDQGHQ5DQGGHU*UXEHEUOOWHQRFKHLQPDODXIXQGVHQNWH GDQQGHQ.RSIXPPLWVHLQHQ+|UQHUQJHJHQHLQHQ)HLQGDQ]XJHKHQGHQHUQLH HUUHLFKHQNRQQWH ³-HW]W(UKDEHQHU´]LVFKWH%XUNRWVFK 2UEDQDVFKROKDWWHGLH/DQ]HPLWKHLGHQ+lQGHQJHSDFNWXQGVWLHEOLQGOLQJV]X 'LH:DIIHWUDIGDVOLQNH+RUQGHV%XOOHQJOLWWGDUDQDEXQGERKUWHVLFKLQGDV XQJHVFKW]WH*HQLFNGHV7LHUHV6LHGXUFKWUHQQWHGLH9HUELQGXQJ]ZLVFKHQGHQ +DOVZLUEHOQXQGGHP*HKLUQXQGEHHQGHWHVHLQH/HLGHQ'HU*XUERVFKElXPWHVLFK DXIXQGEUDFKWRW]XVDPPHQ$XIDWPHQGWUDW2UEDQDVFKRO]XUFNZlKUHQGGLH1DDWV SIOLFKWJHPlLQHLQHQ+RFKUXIDXIGHQ³PXWLJHQ-lJHU´DXVEUDFKHQZRJHJHQ2IIDQWXU XQG%XUNRWVFKQXUVFKZHUHLQYHUlFKWOLFKHV/lFKHOQYHUEHUJHQNRQQWHQ $OOHVZHLWHUHJLQJVFKQHOO'HU-DJGVSH]LDOLVWKROWHGHQ*OHLWHUPLWWHOV )HUQVWHXHUXQJKHUDQGLHGUHL1DDWVVWLHJHQLQGLH)DOOJUXEHXQGKREHQGDVVFKZHUH 7LHUPKHORVKHUDXV6LHOXGHQHVDXIGLH/DGHIOlFKHZlKUHQG2UEDQDVFKROVLFKIDVW IOXFKWDUWLJLQGLH.DELQHEHJDEGLHLKPHQGOLFKZLHGHUZRKOWXHQGH.KOXQJVSHQGHWH $OOHVZDUYLHO]XVFKQHOODEJHODXIHQHLQHUHJXOlUH-DJGHUIRUGHUWHPHLVWHUKHEOLFKPHKU =HLW%XUNRWVFKWUXJDXFKGLHVHP8PVWDQG5HFKQXQJXQGZDUWHWHQRFKIDVWHLQH7RQWD HKHHUGLH0RWRUHQGHV*OHLWHUVDQODXIHQOLHXQGGHQ5FNZHJ]XP-DJGKRWHODQWUDW 2UEDQDVFKRODEHUNHKUWHZLHGHUHLQPDODOVHUIROJUHLFKHU-lJHULQV+RWHO]XUFN $XFK%RWVFKDIWHU%RQDVFKDJDYHUVXFKWHVHLQ-DJGJOFNZHQQDXFKDXIJlQ]OLFK DQGHUH:HLVH$OVHUVFKRQDP$EHQG]XYRUEHL-DJGOHLWHU+DPNDUVHLQH:QVFKH DQJHPHOGHWKDWWHZDUGLHVHUVHKUYHUEOIIWJHZHVHQ³(LQHQ7LVFKWDQJOHLFKDPHUVWHQ 7DJ(UKDEHQHU"´KDWWHHUPLWJHUXQ]HOWHU6WLUQJHIUDJW³,FKZHLQLFKWREGDV DQJHEUDFKWLVWKDEHQ6LHVLFKGDVDXFKJXWEHUOHJW(UKDEHQHU"´ ³'RFKGDVKDEHLFK´KDWWHGHU%RWVFKDIWHUJHOlFKHOW³6LHEUDXFKHQVLFKNHLQH 6RUJHQ]XPDFKHQ+DPNDUREZRKOLFKGDVHUVWH0DODXI(UVNRPLHUELQ,FKKDEH VFKRQJHQJHQG7LHUHlKQOLFKHU*DWWXQJHUOHJWXQGZHUGHPLWLKPIHUWLJ´ 'LH:DUQXQJGHV-DJGOHLWHUVZDUEHUHFKWLJWJHZHVHQ'LH7LVFKWDQVZDUHQ JURH5DXEHFKVHQGLH]ZDUKDXSWVlFKOLFKLQGHQ6XPSIXQG'VFKXQJHOJHELHWHQ OHEWHQDEHUDXFKLQGHQ5DQG]RQHQGHUUHODWLYWURFNHQHQ+RFKHEHQHQ]XILQGHQ ZDUHQ6LHZDUHQLP'XUFKVFKQLWWHWZDIQI]HKQ0HWHUODQJOLHIHQDXIYLHUNXU]HQ VlXOHQI|UPLJHQ%HLQHQXQGKDWWHQHLQHGLFNHJUQEUDXQH3DQ]HUKDXW,KUHRYDOHQ .|USHUGXUFKPDHQLQGHU0LWWHHWZD]ZHL0HWHUXQGYRP.RSIDXVOLHIEHUGHQ 5FNHQHLQKRKHU=DFNHQNDPPELV]XP6FKZDQ]GHUHLQ'ULWWHOGHU.|USHUOlQJH HLQQDKP,KUH.|SIHZDUHQ]ZHL0HWHUODQJXQGDQGHUWKDOEEUHLWXQGELOGHWHQSUDNWLVFK HLQHLQ]LJHVJURHV0DXOGDVPLW]ZHL'RSSHOUHLKHQXQWHUDUPODQJHU5HL]lKQHGLFKW EHVWFNWZDU'DLKUH3DQ]HUKDXWVLHIDVWXQYHUZXQGEDUPDFKWHIDQGHQVLFKQXU ZHQLJH-lJHUGLHVLHVLFKDOV2SIHUDXVHUNRUHQXQGQLFKWZHQLJHGDYRQKDWWHQGLHVHV :DJQLVVFKRQPLWLKUHP/HEHQEH]DKOW'LH(FKVHQZDUHQXQJHKHXHUZHQGLJXQGZHU LKUHPJHIUlLJHQ5DFKHQHQWJHKHQNRQQWHZXUGHQXU]XOHLFKWHLQH%HXWHGHVQDFK DOOHQ5LFKWXQJHQKLQEHZHJOLFKHQ6FKZDQ]HVGHVVHQJHZDOWLJH6FKOlJHW|GOLFKZDUHQ
'HU.ULVWDOOSULQ]
M
$WODQ
'HQ7LHUHQZDUQXUEHL]XNRPPHQZHQQPDQLKU*HKLUQ]HUVW|UWHXQGGDIUJDE HVGUHL$QVDW]SXQNWH=ZHLGDYRQZDUHQGLHREHQDQGHQ6FKPDOVHLWHQGHV.RSIHV VLW]HQGHQWHOOHUJURHQ$XJHQGHUGULWWHMHQH6WHOOHDQGHUGHU=DFNHQNDPPEHJDQQ 'RUWEHIDQGVLFKHLQNDXPPHKUDOVKDQGJURHUZHQLJJHSDQ]HUWHU)OHFNGHU QDWXUJHPlQXUVFKZHU]XWUHIIHQZDU7UDIPDQLKQRGHUHLQHVGHU$XJHQPLWHLQHU JHHLJQHWHQ:DIIHGUDQJGLHVHLQGDV*HKLUQHLQXQGIKUWH]XP7RGHGHV7LVFKWDQ 'LHVHJULIIHQQLFKWEOLQGOLQJVDQZLHHLQ*XUERVFKVRQGHUQHKHUEHGlFKWLJ'DVJDE JHVFKLFNWHQ-lJHUQ*HOHJHQKHLWDXIVHLQHQ.RSI]XVSULQJHQZRVLHGDQQYHUVXFKWHQ GHQW|GOLFKHQ+LHE]XIKUHQ 'D]XZXUGHPHLVWHLQH[WUHPVFKDUIHV.DPSIVFKZHUWDXV$UNRQVWDKOYHUZHQGHW GDVDOOHLQLPVWDQGHZDUGLHGLFNH3DQ]HUKDXWDP+LQWHUNRSIRGHUGLH]lKHQ1LFNKlXWH GHU5HSWLOLHQDXJHQ]XGXUFKVFKODJHQ.DXPHLQH0LOOLWRQWDYHUEOLHEGHP:DJHPXWLJHQ IUGLHVH$WWDFNHGDQQPXWHHUVFKOHXQLJVWGLH)OXFKWHUJUHLIHQ+DWWHHUJXWJHWURIIHQ EHJDQQGHU7RGHVNDPSIGHV7LVFKWDQGHUVLFKGDQQZLHUDVHQGXPKHUZDUIXQGGHQ -lJHUXQZHLJHUOLFKXQWHUVLFKEHJUXEZHQQHUQRFKQLFKWZHLWJHQXJHQWIHUQWZDU+DWWH HUHVQLFKWJHVFKDIIWZDUGDV5HVXOWDWIDVWGDVJOHLFKHGHQQGLHJHUHL]WH(FKVHNRQQWH LKQOHLFKWHLQKROHQ=ZDUVWDQGHQIUGLHVHQ)DOOGHUEHJOHLWHQGH-DJGVSH]LDOLVWXQG VHLQH1DDWKHOIHUPLW)HVVHOIHOGSURMHNWRUHQXQG6WUDKOZDIIHQEHUHLW²GRFKVLHNRQQWHQ GLHVHHUVWGDQQHLQVHW]HQZHQQVLFKGHU-lJHUDXHUKDOELKUHV%HUHLFKHVEHIDQG6R ZDUXQGEOLHEGLH-DJGDXIHLQHQ7LVFKWDQVWHWVHLQJHZDJWHV6SLHODEHUGHU %RWVFKDIWHUYRQGHU5DQGZHOWJLQJGLHVHV5LVLNRHLQ 'HULKP]XJHWHLOWH-DJGVSH]LDOLVWPDFKWHJURH$XJHQDOVHUGLHHLQ]LJH:DIIH VDKGLH%RQDVFKDJDPLWDXIGLH-DJGQDKP(VZDUHLQHULHVLJH$UPEUXVWGLHVHLQHU $QVLFKWQDFKK|FKVWHQVHLQ1DDWKDQGKDEHQNRQQWHGRFKGHU%RWVFKDIWHUWUXJVLHPLW HLQHU/HLFKWLJNHLWGLH.UXPEDUYHUEOIIWGHQ.RSIVFKWWHOQOLH%RQDVFKDJDVDKHV XQGJULQVWHLKQYHUWUDXOLFKDQ³:XQGHUQ6LHVLFKQLFKW.UXPEDUHVJHKWDOOHVPLW UHFKWHQ'LQJHQ]X,QGLHVH$UPEUXVWLVWQLFKWHWZDHLQ0LNUR$QWLJUDYHLQJHEDXWDOVR HLQYHUERWHQHVWHFKQLVFKHV+LOIVPLWWHO6LHLVWOHGLJOLFKDXVHLQHPVHOWHQHQ/HLFKWPHWDOO GDVHVQXUDXIPHLQHU+HLPDWZHOWJLEW+LHUKHEHQ6LHVLHVHOEVWHLQPDO´ 'HU-DJGVSH]LDOLVWWDWHVXQGQLFNWHGDQQDQHUNHQQHQG'LHJURHQ%RO]HQXQG GLHVWDUNH6HKQHGHU:DIIHWUXJHQLKUHQ7HLOGD]XEHLLKQ]XEHU]HXJHQ³6LHKDEHQ UHFKW(UKDEHQHU0LWGLHVHUXQJHZ|KQOLFKHQ:DIIHGUIWHHLQ7LVFKWDQ]XW|WHQVHLQ(V NRPPWQXUGDUDXIDQGD6LHJHQDXHLQHVVHLQHU$XJHQWUHIIHQVRGDGHU%RO]HQ XQPLWWHOEDULQVHLQ*HKLUQHLQGULQJW)UHLQHQ]ZHLWHQ6FKXZLUGHU,KQHQYHUPXWOLFK NHLQH*HOHJHQKHLWPHKUJHEHQ´ %RQDVFKDJDOlFKHOWH]XYHUVLFKWOLFK³,FKZHUGHJXWWUHIIHQ.UXPEDUGDUDXI N|QQHQ6LHVLFKYHUODVVHQ%UHFKHQZLUDXI´ 6LHKDWWHQHLQHQZHLWHQ:HJXQGPXWHQIDVW]ZHL7RQWDVODQJIOLHJHQELVVLH GHQ5DQGGHUWURFNHQHQ=RQHHUUHLFKWKDWWHQ(LQHZHLWHUH9LHUWHOWRQWDYHUJLQJELVVLH YRQGHPKRFKIOLHJHQGHQ*OHLWHUDXVHLQHQ7LVFKWDQJHVLFKWHWKDWWHQXQGLQVHLQHU 1lKHODQGHQNRQQWHQ'LH0KHVLFKDQLKQKHUDQ]XSLUVFKHQHUVSDUWHLKQHQGLH 5DXEHFKVHGHQQVLHVDKGDVXQEHNDQQWH*HIlKUWXQGGLHLKPHQWVWHLJHQGHQ*HVWDOWHQ DOVOHLFKWH%HXWHDQXQGNDPEUOOHQGDXIVLH]X$OOHVJLQJVHKUVFKQHOO.DXPKDWWHQ .UXPEDUXQGVHLQH+HOIHUGLH)HVVHOIHOGSURMHNWRUHQLQV)UHLHJHEUDFKWDOVGDV8QWLHU DXFKVFKRQELVDXIIQI]LJ0HWHUKHUDQJHNRPPHQZDU(VEUDFKGXUFKGDV%XVFKZHUN GDVGLH/LFKWXQJXPJDEDXIGHUGHU*OHLWHUQLHGHUJHJDQJHQZDUVHLQ5DFKHQZDUZHLW
'HU.ULVWDOOSULQ]
M
$WODQ
DXIJHULVVHQWFNLVFKJOlQ]WHQGLHU|WOLFKHQULHVLJHQ$XJHQ%HZXQGHUQGVDKGHU HUIDKUHQH-DJGVSH]LDOLVWDXIGHQ%RWVFKDIWHUGHUXQEHZHJOLFKGDVWDQGXQGNHLQHUOHL $Q]HLFKHQYRQ)XUFKWHUNHQQHQOLH /DQJVDPKRE%RQDVFKDJDGLHULHVLJH:DIIHLQGLHGHU%RO]HQEHUHLWVHLQJHOHJW ZDU0KHORVVSDQQWHQVHLQHWUDLQLHUWHQ0XVNHOQGLH6HKQHVHLQH$XJHQVXFKWHQGDV =LHO²DEHUQRFKLPPHUZDUWHWHHU(UVWDOVGLH5DXEHFKVHELVDXI]HKQ0HWHU KHUDQJHNRPPHQZDUO|VWHHUGHQ6FKX'HU%RO]HQVLUUWHGXUFKGLH/XIWXQGWUDIGDV UHFKWH$XJHGHV7LVFKWDQ(LQIHW]HQGHV*HUlXVFKHUNODQJDOVHUGLH1LFNKDXW GXUFKVFKOXJLQGHQ.RSIHLQGUDQJXQGVLFKLQGDV*HKLUQGHV7LHUHVERKUWH,P QlFKVWHQ$XJHQEOLFNVFKLHQDXIGHU/LFKWXQJGLH+|OOHORV]XEUHFKHQ 'LH5DXEHFKVH]XFNWHZLHXQWHUHLQHP%OLW]VFKODJ]XVDPPHQHLQZDKUKDIW XUZHOWOLFKHV*HEUOOEUDFKDXVLKUHP5DFKHQKHUYRU6LHEOLHEDEUXSWVWHKHQDOVREVLH JHJHQHLQH:DQGJHODXIHQZlUHLKUH.LHIHUVFKQDSSWHQ]XGLH6lXOHQEHLQHNQLFNWHQ HLQ-HW]WDEHUEHJDQQLKU.|USHU]X]XFNHQXQGVLHZDUIVLFKZLOGXPKHULQGHQ XQEHUHFKHQEDUHQ%HZHJXQJHQGHV7RGHVNDPSIHV'HUZHLFKH%RGHQZXUGH DXIJHZKOWGHUSHLWVFKHQGH6FKZDQ]ZDUI.UXPHQXQG*UDVEVFKHOZHLWXPKHU'HU %RWVFKDIWHUWUDW]XUFNXPLKQHQDXV]XZHLFKHQXQGEHREDFKWHWH]XVDPPHQPLW .UXPEDUXQGGHQ1DDWVVFKZHLJHQGGDV*HVFKHKHQ6FKQHOOZDUDOOHVYRUEHL 5HJXQJVORVODJGHU.|USHUGHVWRWHQ7LVFKWDQDXIGHU/LFKWXQJXQGQXQEUOOWHQGLH 1DDWVGHQ+RFKUXIDXI%RQDVFKDJDQXUVRKHUDXV$XFKGHU-DJGVSH]LDOLVWEUOOWH XQZLOONUOLFKPLWXQGNDPHUVWZLHGHU]XU%HVLQQXQJDOVLKPGHU%RWVFKDIWHUKHU]KDIW DXIGLH6FKXOWHUNORSIWH ³9HU]HLKHQ6LH(UKDEHQHU´VWDPPHOWHHUGDQQ³6RHWZDVKDEHLFKQRFKQLH HUOHEW1RFKQLHLVWHVHLQHP-lJHUJHOXQJHQHLQHQ7LVFKWDQVROHLFKW]XHUOHJHQ,KU %HLVSLHOZLUGGLHDQGHUHQ+RKHQ+HUUHQDQVSRUQHQHV,KQHQJOHLFK]XWXQ²GLH-DJGHQ DXI(UVNRPLHUZHUGHQHLQHQQHXHQ+|KHSXQNWHUOHEHQ´ %RQDVFKDJDOlFKHOWH³'DYRQELQLFKQLFKWVRJDQ]EHU]HXJW.UXPEDU:LHLFK VFKRQYRUKHUVDJWHLVWPHLQH$UPEUXVWDXVHLQHPUHFKWVHOWHQHQ0DWHULDOJHIHUWLJWXQG QLHPDQGNDQQXQVGDGUDXHQ]ZLQJHQHVDQGDV,PSHULXP]XOLHIHUQ'DZLU KDOEDXWRQRPVLQGN|QQHQZLUJHZLVVH)RUGHUXQJHQVWHOOHQXQGGDVN|QQWHVHKUWHXHU ZHUGHQ´ (VGDXHUWHHLQHJHUDXPH=HLWELVGLH1DDWVGHQWRWHQ7LVFKWDQPLW+LOIHYRQ $QWLJUDYSURMHNWRUHQDXIGLH/DGHIOlFKHGHV-DJGJOHLWHUVJHVFKDIIWXQGLQYHUNUPPWHP =XVWDQGYHUVWDXWKDWWHQ$QVFKOLHHQGKDWWH.UXPEDUHUKHEOLFKH0KHGDVEHUODVWHWH )DKU]HXJ]XVWHXHUQXQGVRWUDIGLH([SHGLWLRQGHV%RWVFKDIWHUVHUVWZHLWQDFKGHP SODQHWDUHQ0LWWDJZLHGHUEHLP-DJGKRWHOHLQ7URW]GHPOLHIHUWHVLHGLHDEVROXWH 6HQVDWLRQGHVHUVWHQ-DJGWDJHV*HJHQGLHHUOHJWH5DXEHFKVHYHUEODWHVHOEVWGLH %HXWHGHV,PSHUDWRUVHLQDXHUJHZ|KQOLFKJURHU.HSDUGHULKPHLQLJH 6FKZLHULJNHLWHQEHUHLWHWKDWWH%RQDVFKDJDZDUGHU0LWWHOSXQNWGHVDEHQGOLFKHQ %DQNHWWVLP+RWHODQGHPDXFKGLH*HPDKOLQGHV+HUUVFKHUVWHLOQDKPGLHELVKHU]X HLQHP6FKDWWHQGDVHLQLQGHU721'21YHUXUWHLOWZDU*RQR]DO9,,NHKUWHPLWLKULQGDV 5DXPVFKLII]XUFNXQGYHUEUDFKWHGLH1DFKWGDULQ $OVHUDPDQGHUHQ0RUJHQ$EVFKLHGYRQ
'HU.ULVWDOOSULQ]
M
$WODQ
5HNRQVWUXNWLRQ=XUJOHLFKHQ=HLWIDWHVLFK2UEDQDVFKROVW|KQHQGDQVHLQHQ .RSILQGHPVLFKHLQJDQ]HU6FKZDUPZLOGJHZRUGHQHU5LHVHQLQVHNWHQ]XWXPPHOQ VFKLHQXQGILVWHOWHVFKZDFK³2IIDQWXU´ ³6RIRUW(UKDEHQHU´DQWZRUWHWHVHLQ'LHQHUDXVGHP%DGHUDXPXQGEHUW|QWH GDV3OlWVFKHUQYRQHLQODXIHQGHP:DVVHU'DQQHUVFKLHQ2IIDQWXUVHOEVW(UZLUNWH IULVFKXQGDXVJHUXKWLP*HJHQVDW]]XVHLQHP+HUUQGHVVHQIHLVWHV*HVLFKWYRQ DXVJHVSURFKHQXQJHVXQGHU)DUEHZDU ³6LHZQVFKHQ(UKDEHQHU"´VDJWHHUPLWQHXWUDOHU6WLPPH1XULQVHLQHQ$XJHQ QLVWHWHHLQXQYHUNHQQEDUHU+DXFKYRQ9HUDFKWXQJGRFKGDVNRQQWH2UEDQDVFKROQLFKW EHPHUNHQZHLOHUGLHVHLQHQJHVFKORVVHQKLHOW ³0LULVWVFKOHFKW2IIDQWXU´MDPPHUWHHUYRUVLFKKLQ 'HU'LHQHUQLFNWHXQJHUKUWXQGEHPHUNWHNKO³'DVLVWYHUVWlQGOLFK(UKDEHQHU 6LHKlWWHQVLFKJHVWHUQDEHQGEHLP%DQNHWWHWZDV]XUFNKDOWHQVROOHQZHQQ6LHPLU GLHVH%HPHUNXQJJHVWDWWHQ´ ³,FKJHVWDWWHQLFKW´IXKUGHU%UXGHUGHV,PSHUDWRUVDXI³:LOOVWGXGHQ ]XNQIWLJHQ+HUUVFKHUGHV,PSHULXPVHWZDNULWLVLHUHQGX%DVWDUG"´$XIVW|KQHQGVDQN HUZLHGHUDXIVHLQ/DJHU]XUFNGHQQGLHXQEHGDFKWH%HZHJXQJKDWWHVHLQHQ .RSIVFKPHU]QRFKZHLWHUYHUVWlUNW 2IIDQWXUZDQGWHVLFKPLWHLQHPYHUlFKWOLFKHQ/lFKHOQDEXQGKROWHDXVHLQHP 6FKUDQNIDFKHLQNOHLQHV)OlVFKFKHQKHUYRU9RQGHUGDULQEHILQGOLFKHQ)OVVLJNHLWOLH HUHLQLJH7URSIHQLQHLQ*ODVIDOOHQIOOWHHVPLW:DVVHUDXIXQGKLHOWHVGDQQ 2UEDQDVFKRODQGLH/LSSHQ'LHVHUWUDQNZLHHLQ9HUGXUVWHQGHUOLHVLFKZLHGHU ]XUFNIDOOHQXQGVFKORHUQHXWGLH$XJHQ'DV0LWWHOZLUNWHUDVFKVHLQ.RSIZXUGH ZLHGHUNODUVHLQH=JHHQWVSDQQWHQVLFK6FKOLHOLFKVHW]WHHUVLFKDXIXQGOlFKHOWH VFKZDFK³,Q2UGQXQJ2IIDQWXU²GDVYRUKLQZDUQLFKWVRJHPHLQW1DWUOLFKKDVWGX UHFKWLFKKDEHJHVWHUQZLHGHU]XYLHOJHWUXQNHQDEHULUJHQGZLHPXWHLFKPHLQHQ bUJHUEHUZLQGHQ2GHUVROOLFKPLFKQLFKWlUJHUQZHQQGLHVHU%RQDVFKDJDHLQHQ 7LVFKWDQHUOHJWZlKUHQGLFKVHOEVWQXUHLQHQDUPVHOLJHQ*XUERVFKDXI]XZHLVHQKDWWH"´ 2IIDQWXUHQW]RJVLFKHLQHU$QWZRUWJLQJKLQEHU]XP)HQVWHUXQGGUFNWHDXI HLQHQ.QRSIDQGHVVHQ5DKPHQ'LHGRSSHOWSRODULVLHUWHQ6FKHLEHQNOlUWHQVLFKXQG GHU6FKLPPHUGHUEHUHLWVDXIJHJDQJHQHQURWHQ6RQQHGUDQJLQGHQ5DXPZlKUHQG JOHLFK]HLWLJGLH%HOHXFKWXQJHUORVFK6LHKDWWHQVLFKJHJHQVHLWLJLQGHU+DQGXQGEHLGH ZXWHQHV1XUVRZDU]XHUNOlUHQZHVKDOEHLQZHOWJHZDQGWHUXQGJHELOGHWHU0DQQZLH 2IIDQWXUGLH/DXQHQVHLQHV+HUUQHUWUXJ²XQGHLQ$UNRQLGHYRQK|FKVWHP5DQJZLH 2UEDQDVFKROGLHXQYHUKRKOHQH$UURJDQ]VHLQHV'LHQHUV ³+DVWGXPLW3VROOLHQJHVSURFKHQ"´HUNXQGLJWHVLFK2UEDQDVFKROZlKUHQGHU lFK]HQGDXVGHP%HWWNXJHOWH 'HU'LHQHUQLFNWH³,FKNRQQWHPLWLKPVSUHFKHQZlKUHQGVLFKDOOHU $XIPHUNVDPNHLWDXIGDV%DQNHWWULFKWHWH(UKDEHQHU*RQR]DOKDWLKPDXIJHWUDJHQLKQ KHXWHPRUJHQDXIGLH6SXUHLQHV:HUDQV]XIKUHQXQGGDVLVWJQVWLJIUXQV3VROOLHQ ZLUGHVVRHLQULFKWHQGDZLUJDQ]LQVHLQHU1lKHVLQGRKQHGDPDQXQVEHPHUNHQ NDQQ(UVHOEVWXQGGLH1DDWVZHUGHQZLHEOLFK]XUFNEOHLEHQQXUGLHVHU %DXFKDXIVFKQHLGHULVWGDQQQRFKLP:HJ´ 2UEDQDVFKROJULQVWHHLVLJ³'HQEHUQHKPHLFKGHQ3ODQGDIUKDEHLFKPLU VFKRQ]XUHFKWJHOHJW:HQQPHLQ%UXGHUHUVWHLQPDODOOHLQLVWZLUGHUDOOH9RUVLFKW YHUJHVVHQGDIUZLUGGLH:LUNXQJGHU+\SQRNULVWDOOHVFKRQVRUJHQGLHVSH]LHOODXI
'HU.ULVWDOOSULQ]
M
$WODQ
,QKDEHUHLQHV([WUDVLQQVPRGLIL]LHUWZXUGH:LUPVVHQ+HQJYHUVWlQGLJHQGDPLWHULP ULFKWLJHQ0RPHQWEHUHLWLVW´ (UZDWVFKHOWHLQGHQ%DGHUDXPZlKUHQG2IIDQWXUVLFKXPVHLQ)UKVWFN NPPHUWH1DFKGHU0DKO]HLWKROWHHUVHLQJHKHLPHV)XQNJHUlWKHUYRUXQGVDKDXIGLH 8KU(UPXWHQRFKHWZDVELV]XUYHUDEUHGHWHQ=HLWZDUWHQ'DQQQDKPHU9HUELQGXQJ ]XP.RPPDQGDQWHQGHU3(5.$125DXILQGHVVHQ.DELQHVLFKGDV*HJHQJHUlW EHIDQG(VZXUGHQQXUZHQLJHNXU]H6lW]HJHZHFKVHOWDXVGHQHQHLQ$XHQVWHKHQGHU QLFKWVHQWQHKPHQNRQQWHVHOEVWZHQQHUQRFKVRPLWUDXLVFKJHZHVHQZlUH $QVFKOLHHQGQLFNWH2UEDQDVFKROEHIULHGLJW³-HW]WPXQXUQRFK6RIJDUW XQWHUULFKWHWZHUGHQ²PLWLKPZHUGHLFKPLFKJDQ]]XIlOOLJDXIGHP*OHLWHU6WDUWSODW] WUHIIHQ1XUQRFKGUHLRGHUYLHU7RQWDVXQGLFKZHUGHGHU+HUUVFKHUYRQ$UNRQVHLQ´ ³)DQJVFKRQDQDOWHU4XDFNVDOEHU´VDJWH*RQR]DO9,,XQJHGXOGLJXQGOLHVLFK DXIGHU/LHJHGHU0HGR3RVLWURQLNQLHGHUXPGLHREOLJDWRULVFKH0RUJHQXQWHUVXFKXQJ EHUVLFKHUJHKHQ]XODVVHQ³*LEWHVHWZDV1HXHVKLHULP+RWHO"'XK|UVWMD EHNDQQWOLFKHLQH0LNUREHZDFKVHQ´ )DUWXORRQJULQVWHUHVSHNWORVXQGVWHOOWHGLH$QVFKOVVH]XU3RVLWURQLNKHU³'DV OLHJWDQPHLQHQJURHQ2KUHQ(XHU(UKDEHQKHLW´JDEHUXQJHUKUW]XUFN³6FKRQ PHLQ9DWHUVDJWHLPPHU´ 'HU,PSHUDWRUZLQNWHPGHDE³'LHVHQ6SUXFKNHQQHLFKDXVZHQGLJGXVROOWHVW GLUPDOHWZDV1HXHVHLQIDOOHQODVVHQ$EHUELWWHQLFKWMHW]W´VHW]WHHUKLQ]XZHLOGHU /HLEDU]WRIIHQVLFKWOLFKVRIRUWGDPLWEHJLQQHQZROOWH³,FKKDWWHGLFKQDFKHWZDVDQGHUHP JHIUDJW´ )DUWXORRQQLFNWH³,FKKDEHYRUKLQPLWHLQHPGHUbU]WHJHVSURFKHQ'HUHUVWH -DJGWDJLVWEHPHUNHQVZHUWUXKLJYHUODXIHQOHGLJOLFKGUHLXQVHUHU*lVWHZXUGHQYHUOHW]W DEHU]ZHLYRQLKQHQN|QQHQKHXWHVFKRQZLHGHUKLQDXVJHKHQ1XUHLQHULVWYRQGHP DOV%HXWHDXVHUVHKHQHQ.HSDUHWZDV]XKHIWLJXPDUPWZRUGHQXQGOLHJWPLW HLQJHGUFNWHU%UXVWSODWWHLP.UDQNHQEHWW)ULKQGUIWHGLH-DJGYRUEHLVHLQ(VLVW *HQDUURQGHU2EHUULFKWHUGHU5DXPEHK|UGHDXI$UNRQ'UHL´ *RQR]DO]RJHLQH*ULPDVVH³'HQNDQQLFKRKQHKLQQLFKWDXVVWHKHQHUYHUKlQJW IUPHLQHQ*HVFKPDFNYLHO]XYLHOH7RGHVXUWHLOH(UVHOEVWZDUQRFKQLHGUDXHQLP$OO ZRJHNlPSIWZLUG²HLQ0DQQZLHHUGUIWHJDUQLFKWEHU5DXPIDKUHU]X*HULFKWVLW]HQ :DVZHLHUGDYRQZLHHVLP.DPSI]XJHKWZLHVFKQHOOPDQHLQHQ)HKOHUEHJHKW ZHQQHLQHPGLH6LWXDWLRQEHUGHQ.RSIZlFKVW"*XWZLUZHUGHQLKQGXUFKHLQHQ EHVVHUHQ0DQQHUVHW]HQVHLQHMHW]W]ZHLIHOORVDQJHJULIIHQH*HVXQGKHLWJLEWPLUHLQHQ JXWHQ9RUZDQG´ ³(LQJXWHU*HGDQNH´VWLPPWHGHU%DXFKDXIVFKQHLGHU]XXQGO|VWHGLH.RQWDNWH GHU0DVFKLQH$XFKDQGLHVHP0RUJHQNRQQWHHUDQ*RQR]DOV,QGLYLGXDOPXVWHUQQLFKWV $XIIl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lFKW]XKDEHQGDVLH]XQHXHQ
'HU.ULVWDOOSULQ]
M
$WODQ
$QJULIIHQQLFKWVRIRUWLPVWDQGHZDUHQ/HXWVHOLJZLQNWHHUGHQ7KHN¶SDPD]XXQG YHUOLHGLH)XQN]HQWUDOH'UDXHQER[WHHU)DUWXORRQEHUPWLJYRUGLH%UXVW ³$XI]XQHXHQ7DWHQ4XDFNVDOEHU+HXWHPXHLQ:HUDQGDUDQJODXEHQGDV ELQLFKPHLQHP5XIVFKXOGLJ'LHVHU%RQDVFKDJDLVWPLURKQHKLQHLQJXWHV6WFN YRUDXVQDFKGHPHUVFKRQDPHUVWHQ7DJHLQHQ7LVFKWDQHUOHJWKDW(LQ EHPHUNHQVZHUWHU0DQQGLHVHU%RWVFKDIWHUYRQGHQ5DQGZHOWHQ0DQVROOWHLKPHLQH &KDQFHDXI$UNRQJHEHQGHQNHLFK´ )DUWXORRQQLFNWH]XGHQ:RUWHQ*RQR]DOVQXU]HUVWUHXW:LHGHUHLQPDONDPLKP ]X%HZXWVHLQZLHVHKUGDV%HQHKPHQVHLQHV+HUUQVHLWGHPHUVWHQ$EHQGDXI (UVNRPLHUYRQGHU1RUPDEZLFK'DV9HUKlOWQLV]ZLVFKHQGHP,PSHUDWRUXQGLKPZDU VFKRQVHLWODQJHPYRQHLQHUXQJHZ|KQOLFKHQ9HUWUDXOLFKNHLWJHSUlJWDEHUVROHJHU KDWWHHULKQQRFKQLHHUOHEW8QGLQGLHVHU9HUIDVVXQJZLOOHU]XU-DJGDXIHLQHQ:HUDQ JHKHQ"'LHVH7LHUHZDUHQLQGHQWURFNHQHQ*HELHWHQYRQ(UVNRPLHUVHOWHQ]XILQGHQ LKUKDXSWVlFKOLFKHV$XIHQWKDOWVJHELHWZDUHQGLH'VFKXQJHOVPSIH1XUGLH:HLEFKHQ NDPHQ]XU(LDEODJHDXIGLH+RFKHEHQHXQGEOLHEHQGDQQIUHLQH$UNRQSHULRGHELVLKU 1DFKZXFKVDXVJHVFKOSIWZDU ,QGLHVHU=HLWZDUHQVLHH[WUHPJHIlKUOLFKZHLOLKU0XWWHULQVWLQNWVLHGD]XWULHE GLH(LHURGHUGLHIULVFKJHVFKOSIWHQ-XQJHQJHJHQDOOH/HEHZHVHQ]XYHUWHLGLJHQGLH LQLKUH1lKHNDPHQ(LQ:HUDQZXUGHELV]X]ZDQ]LJ0HWHUODQJGXUFKPDLP0LWWHO DQGHUWKDOE0HWHUXQGJHK|UWHYRP]RRORJLVFKHQ6WDQGSXQNW]XU*DWWXQJGHU %DQGZUPHU:LHDOOH0LWJOLHGHUGHU6SH]LHVEHVDHUZHGHU$XJHQQRFK2KUHQGDIU DEHUHLQHQXQZDKUVFKHLQOLFKJXWHQWZLFNHOWHQ6SUVLQQ(UOHEWHXQWHUGHU(UGHXQG JUXEVLFKGRUWVHLQH*lQJHPLWWHOVGHUGLUHNWDQGHU9RUGHUVHLWHGHV.RSIHVVLW]HQGHQ 6FKDXIHO]DQJHQ'LHVHZDUHQ]XJOHLFKVHLQHJHIlKUOLFKVWH:DIIH6LHZDUHQPHKUDOV ]ZHL0HWHUODQJXQGDXV&KLWLQQDFKDOOHQ5LFKWXQJHQKLQEHZHJOLFKXQGDQGHQ ,QQHQVHLWHQPHVVHUVFKDUI2IWJHQXJZDUEHREDFKWHWZRUGHQZLHVLHULHVLJH(FKVHQ RGHU6DXULHUDQJULIIHQXQGIDVWLPPHUGLH2EHUKDQGEHKLHOWHQ6LHODXHUWHQLQLKUHQ *lQJHQQDKPHQMHGH%RGHQHUVFKWWHUXQJZDKUXQGJUXEHQVLFKEOLW]VFKQHOOQDFK REHQGXUFKZHQQLKU2SIHUQDKHJHQXJZDU'DQQVFKQDSSWHQLKUH=DQJHQ]X GXUFKWUHQQWHQGHVVHQ%HLQHXQGEUDFKWHQHVVR]X)DOO:DUGDVHUVWHLQPDO JHVFKHKHQZDUHVUHWWXQJVORVYHUORUHQ²HVZXUGHUHJHOUHFKWLQ6WFNHJHVFKQLWWHQXQG YHUVFKZDQGLQGHPJHIUlLJHQ0DXOGHV:HUDQ 'LHDXIVWURFNHQH/DQGJHNRPPHQHQ:HLEFKHQEUDXFKWHQ]ZDULQGLHVHU=HLW NHLQH1DKUXQJJULIIHQDEHUWURW]GHPMHGHV/HEHZHVHQDQGDVVLFKLKUHP*HOHJH QlKHUWH'LHVHVEHIDQGVLFKVWHWVLQHLQHUWULFKWHUI|UPLJDXVJHJUDEHQHQ0XOGHYRQHWZD ]ZHL0HWHUQ7LHIHXQGVHFKV0HWHUQ'XUFKPHVVHULQGHUHQ0LWWHOSXQNWGLHELV]X HLQHPKDOEHQ0HWHUODQJHQ(LHUUXKWHQ'RUWZXUGHQVLHGXUFKGLH6RQQHXQGGLH ZDUPH/XIWDXVJHEUWHWZlKUHQGGDV:HLEFKHQLQHLQHPGLUHNWGDQHEHQJHOHJHQHQ *DQJGLFKWXQWHUGHU%RGHQNUXVWHZDFKWH=HLJWHHLQH(UVFKWWHUXQJDQGDHLQ DQGHUHV7LHULQGLH1lKHNDPZXUGHQGLHVHVRQVWWDJHODQJUHJXQJVORVDXVKDUUHQGHQ *HVFK|SIHVFKODJDUWLJOHEHQGLJ0LWUDVHQGHU*HVFKZLQGLJNHLWZKOWHQVLHVLFKLQV )UHLHXQGUHFNWHQLKUH*UHLI]DQJHQGHP*HJQHUHQWJHJHQGHUGDQQPHLVWVFKQHOOVWHQV GDV:HLWHVXFKWH6HOEVWGLHJHIUlLJHQ)OXJVDXULHUYHU]LFKWHWHQLPDOOJHPHLQHQ GDUDXIHLQVROFKHV*HOHJHDQ]XJUHLIHQGHQQGLH:HUDQVVSUWHQVHOEVWGLHGXUFKGLH /HGHUVFKZLQJHQKHUYRUJHUXIHQH/XIWEHZHJXQJXQGVFKQDSSWHQLPULFKWLJHQ0RPHQW ]XZHQQHLQHGHU)OXJHFKVHQDXIGDV*HOHJHQLHGHUVWLH
'HU.ULVWDOOSULQ]
M
$WODQ
'LH-DJGDXIHLQVROFKHV:HVHQZDUQDWXUJHPlHLQHGHUVFKZLHULJVWHQDXI (UVNRPLHU'LH0XOGHQGHU*HOHJHZDUHQYRQHLQHP/XIWJOHLWHU]ZDUOHLFKW DXV]XPDFKHQGDVLHVLFKVWHWVLQIUHLHP*HOlQGHEHIDQGHQGDVGHQ6RQQHQVWUDKOHQ XQJHKLQGHUWHQ=XJDQJERW$EHUHVZDUXPVRVFKZHUHUVLFKHLQHPGLHVHU1HVWHU]X QlKHUQ0RFKWHGHU-lJHUVLFKQRFKVRYRUVLFKWLJEHZHJHQGDV:HUDQZHLEFKHQVSUWH VHLQH$QQlKHUXQJEUDFKVRIRUWDXVGHP%RGHQKHUYRUXQGJLQJLQ$QJULIIVVWHOOXQJ (UJULIIGHU*HJQHUQLFKWVRIRUWGLH)OXFKWVFKRGDV7LHUPLWVHLQHQNXU]HQ 6WXPPHOEHLQHQDXILKQ]XXQGJLQJ]XPEHGLQJXQJVORVHQ$QJULIIEHU1XUHLQ VFKQHOOHU/lXIHUNRQQWHLKPGDQQHQWNRPPHQ(UPXWHXPVHLQ/HEHQUHQQHQXQG ]ZDQ]LJ0HWHULQQHUKDOEZHQLJHU$XJHQEOLFNH]XUFNOHJHQN|QQHQVRQVWZDUHU YHUORUHQ*HODQJLKPGDVZDUHUIUVHUVWHLQ6LFKHUKHLWGHQQGLHVHJUDXZHLHQ 5LHVHQZUPHUHQWIHUQWHQVLFKQLHPHKUDOVHLQHHLJHQH.|USHUOlQJHYRQLKUHP*HOHJH 'RFKHLQ-lJHUNDPXP]XW|WHQQLFKWXP]XIOLHKHQ)ULKQNDPHVGDUDXIDQ VLFKVRJHUlXVFKORVZLHP|JOLFKDQGDV1HVWKHUDQ]XEHZHJHQXQGVRIRUW VWHKHQ]XEOHLEHQZHQQVLFKGDV:HUDQZHLEFKHQLQGHU0QGXQJVHLQHV*DQJHV ]HLJWH'LHNULWLVFKH'LVWDQ]ODJEHL]HKQ0HWHUQXQGJDEGHP$QJUHLIHUNDXP=HLWGDV 7LHU]XW|WHQ'D]XZXUGHQPHLVW3IHLOXQG%RJHQYHUZHQGHW]XZHLOHQDXFK$UPEUVWH 'DV*HVFKRPXWHJHQDXLQGDV0DXOGHV:HUDQVWUHIIHQGHQQGLUHNWGDKLQWHUVD GHU+DXSWQHUYHQNQRWHQGHQGLHVH*DWWXQJDQVWHOOHHLQHVULFKWLJHQ*HKLUQVKDWWH :XUGHGLHVHUYHUOHW]WZDUGDV7LHUDXJHQEOLFNOLFKEHZHJXQJVXQIlKLJXQGVWDUE LQQHUKDOEHLQHU=HKQWHO7RQWD'RFKHVJHK|UWHJURHV*HVFKLFNGD]XGLHVHVVLFK VFKQHOOEHZHJHQGH=LHO]XWUHIIHQGDVGLHHLQ]LJYHUOHW]OLFKH6WHOOHGHUVRQVW YROONRPPHQPLW&KLWLQJHSDQ]HUWHQ*HVFK|SIHZDU7UDIPDQHVQLFKWKDOIQXUGLH UDVFKH)OXFKWGLH&KDQFHIUHLQHQ]ZHLWHQ6FKXJDEHVQLFKW *RQR]DO9,,ZDUHLQJHVFKLFNWHU-lJHUGHUIDVWEHLMHGHP$XIHQWKDOWDXI (UVNRPLHUDXFKHLQHQ:HUDQ]XU6WUHFNHJHEUDFKWKDWWH7URW]GHPHUVFKLHQHV )DUWXORRQ]ZHLIHOKDIWREHUHVGLHVPDORKQH.RPSOLNDWLRQHQVFKDIIHQZUGH(UEHIDQG VLFKLQHLQHP=XVWDQGGHU(XSKRULHZDVJOHLFKEHGHXWHQGPLWHLQHP+DQJ]XP /HLFKWVLQQZDU]XU8QWHUVFKlW]XQJGHU*HIl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|UHUQGLHVLFK*RQR]DOV7RG]XP=LHO JHVHW]WKDEHQ"(UVFKREGLHVHQ*HGDQNHQZLHGHUEHLVHLWHZHLOHULKPEHUWULHEHQ HUVFKLHQ*HQDXZLHHUZUGHDXFK3VROOLHQZlKUHQGGHV$OOHLQJDQJHV*RQR]DOV9,, ]ZHLKXQGHUW0HWHUYRP6FKDXSODW]GHV*HVFKHKHQVHQWIHUQWVHLQKDWWHDOVRNHLQH *HOHJHQKHLWDXIGLHVHVLUJHQGZHOFKHQ(LQIOX]XQHKPHQ8QGVHOEVWZHQQGRUWHWZDV VFKLHIJLQJKDWWHGHU,PSHUDWRULPPHUQRFKVHLQHQ,PSXOVVWUDKOHUPLWGHPHUVLFK JHJHQGHQ:HUDQ]XU:HKUVHW]HQNRQQWH:HLWJHKHQGEHUXKLJWVWLHJ)DUWXORRQPLWLKP LQGHQ*OHLWHUGHUVLFKJOHLFKGDUDXILQ%HZHJXQJVHW]WH6HLQH6RUJHQZDUHQDXFK
'HU.ULVWDOOSULQ]
M
$WODQ
WDWVlFKOLFKXQEHUHFKWLJW]XPLQGHVWLQGHU5LFKWXQJLQGLHVLH]LHOWHQ'LH*HIDKUIU *RQR]DO9,,VDKJDQ]DQGHUVDXV 5HNRQVWUXNWLRQ9HUH¶DWKRU$PDUNDYRU+HQJEHWUDWGLH.RPPDQGR]HQWUDOHGHU 3(5.$125XQGHLQODXWHU5XIHUW|QWH³%UHKHE7RRU´ 'LHLQGHPJURHQUXQGHQ6DDOGLHQVWWXHQGHQ0lQQHUVSUDQJHQDXIXQG QDKPHQ+DOWXQJDQ'HU*HVFKZDGHUFKHIJUWH]XUFNQDKPGLH0HOGXQJGHV 6WHOOYHUWUHWHQGHQ.RPPDQGDQWHQHQWJHJHQXQGVDKVLFKSUIHQGXP(VVFKLHQDOOHVLQ 2UGQXQJ]XVHLQ+HQJJDEVHLQHQ/HXWHQHLQHQ:LQNXQGGLHVHQDKPHQLKUH 5RXWLQHWlWLJNHLWZLHGHUDXI6RODQJHVLFKGDV6FKLIILP2UELWXP(UVNRPLHUEHIDQGJDE HVSUDNWLVFKNDXPHWZDV]XWXQDEHUVLHPXWHQVHOEVWYHUVWlQGOLFKWURW]GHPDXILKUHQ 3RVWHQVHLQ'HU.RPPDQGDQWQLFNWHVHLQHP6WHOOYHUWUHWHU]X³,FKPDFKHMHW]WGHQ EOLFKHQ,QVSHNWLRQVJDQJGXUFKGDV6FKLII.DUPDFK6ROOWHVLFKHWZDV8QJHZ|KQOLFKHV HUHLJQHQN|QQHQ6LHPLFKMHGHU]HLWEHUGLH6SUHFKDQODJHHUUHLFKHQNODU"´ 'HU2UEWRQEHVWlWLJWH+HQJZDQGWHVLFKXPXQGYHUOLHGLH=HQWUDOHZLHGHU$OV GDV6FKRWWKLQWHULKP]XJHJOLWWHQZDUYHUVFKZDQGGLH]XU6FKDXJHWUDJHQH *OHLFKPWLJNHLWYRQVHLQHPDVNHWLVFKHQ*HVLFKW(UVDKDXIVHLQH8KUXQGKDWWHHV SO|W]OLFKVHKUHLOLJHLQEHVWLPPWHV=LHO]XHUUHLFKHQGHU,QVSHNWLRQVJDQJZDUQXUHLQ 9RUZDQG(UVFKZDQJVLFKLQGHQQlFKVWHQ$QWLJUDYVFKDFKWXQGOLHVLFKLQGHQ QlFKVWK|KHUHQ6HNWRUWUDJHQLQGHPGLHhEHUZDFKXQJV]HQWUDOHIUGLH-DJGHQ HLQJHULFKWHWZDU'HULKPYRQ2UEDQDVFKROJHQDQQWH=HLWSXQNWZDUIDVWHUUHLFKWXQGHU PXWHVLFKLQGLHVHP5DXPDXIOKDOWHQZHQQDOOHVVRDEODXIHQVROOWHZLHHVGLHIQI 9HUVFKZ|UHUJHSODQWKDWWHQ1XUHLQ0DQQWDW'LHQVWHLQEHVRQGHUVEHZlKUWHU 7HFKQLNHULP5DQJHLQHV$UEWDQGHVVHQ(UIDKUXQJLKQEHIlKLJWHSUDNWLVFKDOOH ]ZDQ]LJ0RQLWRUHQJOHLFK]HLWLJLP$XJH]XEHKDOWHQ'LHVHU0DQQZDU+HQJQXQLP :HJXQGHUVXFKWHQDFKHLQHP9RUZDQGXPLKQIUGLHHQWVFKHLGHQGHQ=HQWLWRQWDV DXVGHP5DXPHQWIHUQHQ]XN|QQHQRKQHGDGDGXUFK$XIVHKHQHUUHJWZXUGH'LHVHU 9RUZDQGIDQGVLFKVFKQHOOHUDOV+HQJJHJODXEWKDWWH $OVHUVLFKHLOLJGXUFKGHQOHHUHQ6FKLIIVNRUULGRUEHZHJWHYHUQDKPHUVFKRQDXV HLQLJHU(QWIHUQXQJGLH6WLPPHGHV%HREDFKWHUVGHUVLFKPLWMHPDQG]XXQWHUKDOWHQ VFKLHQ'DV6FKRWW]XUhEHUZDFKXQJV]HQWUDOHVWDQGRIIHQ+HQJJLQJDXIOHLVHQ6RKOHQ ELV]XLKPYRUXQGVSlKWHYHUVWRKOHQLQGHQ5DXP'RFKHUVDKGDULQNHLQH]ZHL 0lQQHUZLHHUYHUPXWHWKDWWHGHU$UEWDQZDUDOOHLQ(UKDWWHGHQQHEHQVHLQHP6LW] EHILQGOLFKHQ,QWHUNRPHLQJHVFKDOWHWXQGXQWHUKLHOWVLFKPLWHLQHPDQGHUHQ6ROGDWHQ LUJHQGZRLP6FKLII'DVZDUHLQHHLQGHXWLJH3IOLFKWYHUOHW]XQJ¶GHQQGHU%HREDFKWHU KDWWHVWUHQJH$QZHLVXQJVLFKGXUFKQLFKWVYRQGHUhEHUZDFKXQJGHU-DJGHQDEOHQNHQ ]XODVVHQ6FKOLHOLFKNRQQWHGDV/HEHQHLQHV-lJHUVGDYRQDEKlQJHQGDHUUDVFK JHQXJUHDJLHUWHZHQQHV]X=ZLVFKHQIlOOHQNDP ³6FKDGHGDGLHVHU%RWVFKDIWHUKHXWHNHLQHQ]ZHLWHQJURHQ$XIWULWWOLHIHUW´ VDJWHHUJHUDGH³+HXWHEHJQJWHUVLFKPLWGHU-DJGDXIHLQHQ.HSDU²DEHUJHVWHUQ GLH6DFKHPLWGHP7LVFKWDQGLHKlWWHVWGXVHKHQVROOHQ0DQQGDVZDUZLUNOLFKHLQH *ODQ]OHLVWXQJ:HQQLFKGDJHJHQDQGDV7KHDWHUGHQNHGDVGHUGLFNH2UEDQDVFKRO PLWGHPKDOEWRWHQ*XUERVFKLQGHU)DOOJUXEHJHOLHIHUWKDW,FKNDQQGLUVDJHQ´ ³*DUQLFKWVZHUGHQ6LHPHKUVDJHQ$UEWDQ´GRQQHUWH$PDUNDYRU+HQJXQG EHWUDWGHQ%HREDFKWXQJVUDXP'HU7HFKQLNHUHUVFKUDNVRVHKUGDHU]XNHLQHU 5HDNWLRQPHKUIlKLJZDU6WHLIEOLHEHULQVHLQHP6LW]KRFNHQXQGVDKDXVSDQLNHUIOOWHQ $XJHQ]XVHLQHP.RPPDQGDQWHQDXI6HLQ*HVSUlFKVSDUWQHUGDJHJHQUHDJLHUWH
'HU.ULVWDOOSULQ]
M
$WODQ
VRIRUW%OLW]VFKQHOOVFKDOWHWHHUVHLQ%LOGJHUlWDXVHKH+HQJVHLQH,GHQWLWlWHUNDQQW KDWWHDEHUDXILKQNDPHV+HQJDXFKJDUQLFKWDQ6HLQ=RUQHQWOXGVLFKDOOHLQEHU GHPSIOLFKWYHUJHVVHQHQ$UEWDQ³6WHKHQ6LHDXI0DQQ´KHUUVFKWHHUGLHVHQDQGHU ]LWWHUQGGHQ%HIHKOEHIROJWH³3IOLFKWYHUOHW]XQJK|FKVWHQ*UDGHV´IXKUGHU.RPPDQGDQW PLWJHIlKUOLFKOHLVHU6WLPPHIRUW³6LHKDEHQHLQ3ULYDWJHVSUlFKJHIKUWVWDWWEHUGDV :RKOHUJHKHQGHV,PSHUDWRUVXQGGHUDQGHUHQ(UKDEHQHQDXI(UVNRPLHU]XZDFKHQ 'DUDXIVWHKWVRIRUWLJH'HJUDGLHUXQJXQGVWUHQJHU$UUHVWELV]XGHP=HLWSXQNWDQGHP HLQ.ULHJVJHULFKW6LHIUGLHVH7DWEHVWUDIHQZLUG0HOGHQ6LHVLFKVRIRUWEHL,KUHP 6HNWLRQVRIIL]LHU]XP$UUHVWDQWULWW%LVDXIZHLWHUHVEHUQHKPHLFKVHOEVW,KUHQ3RVWHQ² KLQDXV´ ³*QDGH(UKDEHQHU´ZLPPHUWHGHU7HFKQLNHUXQGZDUIVLFKYRU+HQJDXIGHQ %RGHQGRFKHLQ)XWULWWEUDFKWHLKQUDVFKZLHGHUDXIGLH%HLQH ³*QDGH²IU6LH"´IUDJWHGHU*HVFKZDGHUNRPPDQGHXUYHUlFKWOLFK³6LHKDEHQ QLFKWQXUHLQWRGHVZUGLJHV9HUJHKHQEHJDQJHQVRQGHUQJOHLFK]ZHL6LHKDEHQGHQ (UKDEHQHQ2UEDQDVFKROGHQ%UXGHU6HLQHU(UKDEHQKHLWLQK|FKVWHP*UDGH YHUlFKWOLFKJHPDFKW'LHHLQ]LJH*QDGHGLH,KQHQQRFKZLGHUIDKUHQZLUGZLUGHLQ VFKQHOOHU7RGGXUFKHLQ([HNXWLRQVNRPPDQGRVHLQ9HUVFKZLQGHQ6LHVFKQHOOVWHQV HKHLFK6LHHLJHQKlQGLJHUVFKLHH´ 'HU0DQQZDQNWHDXVGHP5DXPXQGYHUJDVRJDUGLHXQHUOlOLFKH (KUHQEH]HLJXQJGRFK$PDUNDYRU+HQJZDUGDVLP$XJHQEOLFNJOHLFKJOWLJ)ULKQ GUlQJWHGLH=HLW(UOLHGDV(LQJDQJVVFKRWW]XJOHLWHQXQGYHUULHJHOWHGXUFKHLQHQ 7DVWHQGUXFNGDVSRVLWURQLVFKH6FKORXPQXQYROONRPPHQXQJHVW|UWVHLQ(UZDUIVLFK LQGHQ%HREDFKWHUVLW]XQGVHLQ%OLFNJOLWWEHUGLH0RQLWRUHQDXIGHQHQGLHYRQGHQ %HREDFKWXQJVVRQGHQJHOLHIHUWHQ%LOGHUZRFKVHOWHQ'LH6RQGHQIROJWHQDXWRPDWLVFK GHP2EMHNWDXIGDVVLHMXVWLHUWZDUHQDEHUGHQ.RPPDQGDQWHQLQWHUHVVLHUWHQXUHLQHV GDYRQ²GHU*OHLWHUGHV,PSHUDWRUV (UIDQGLKQXQVFKZHULQGHU0LWWHGHU%LOGVFKLUPHGHQQDXIVHLQHP'DFK SUDQJWHQXQEHUVHKEDUGLH6RQQHQ,QVLJQLHQGHV*RQR]DO.KDVXUQ(UVHW]WHJHUDGH ]XU/DQGXQJDQXQGLQVHLQHU1lKHZDUGHUXQYHUNHQQEDUH7ULFKWHUHLQHV:HUDQ *HOHJHV]XVHKHQ+HQJQLFNWHEHIULHGLJWXQGHLQKlOLFKHV*ULQVHQKXVFKWHEHU VHLQHVWUHQJHQ=JH-HW]WNRQQWHHVQLFKWPHKUODQJHGDXHUQELV*RQR]DO9,,VWHUEHQ ZUGH²XQGGDQQZDUDXFKIULKQGHUHUVHKQWH:HJ]XU0DFKWIUHL ³*HKHQ6LHNHLQHUOHL5LVLNRHLQ(UKDEHQHU´ZDUQWH)DUWXORRQQRFKHLQPDODOV GHU,PSHUDWRUGHQ*OHLWHUYHUOLH *RQR]DOZDUILKPHLQHQEHOXVWLJWHQ%OLFN]X³'HLQH)UVRUJHUKUWPLFKIDVW]X 7UlQHQ)DUWXORRQDEHULFKIKOHPLFKEHUHLWVDOWJHQXJXPJXWDXIPLFKDXISDVVHQ]X N|QQHQ$QGHUHQIDOOVKlWWHLFKZRKOGLHIUKHUHQ-DJGHQNDXPEHUOHEW´ ³$XFKHLQ,PSHUDWRULVWQLFKWXQIHKOEDU´NRQWHUWHGHU/HLEDU]WGHUZLHGHUVHLQH YHUEHXOWH5VWXQJWUXJ 6HLQ+HUUZLQNWHDE³6FKOXMHW]WPLWGHPXQQW]HQ*HUHGHGXKlOWVWPLFKDXI 6FKOLHOLFKYHUIJHLFKMDQRFKEHUPHLQHQ([WUDVLQQGHUPLFKZDUQHQZLUGZHQQHV GDUDXIDQNRPPW,QHLQHUKDOEHQ7RQWDLVWGLH6DFKHDXVJHVWDQGHQXQGGHU:HUDQ WRW²ZROOHQZLUZHWWHQ"´ ³:LH6LHPHLQHQ(XHU(UKDEHQKHLW´NQXUUWH)DUWXORRQ*RQR]DO9,,ZLQNWHLKP QRFKHLQPDO]XXQGJLQJPLWYRUVLFKWLJHQ6FKULWWHQGDYRQ$QGLHVHP0RUJHQWUXJHU 6SH]LDOVWLHIHOPLWEHVRQGHUVSUlSDULHUWHQ6RKOHQGLHVHLQH6FKULWWHVRJXWZLHXQK|UEDU
'HU.ULVWDOOSULQ]
M
$WODQ
PDFKWHQ'HU$U]WVWLHJLQGHQ*OHLWHU]XUFNXQGULFKWHWHGLH6SH]LDORSWLNHLQGXUFKGLH HUGHQ,PSHUDWRUEHREDFKWHQNRQQWH9RUGHP3LORWHQVLW]EHIDQGVLFKHLQJOHLFKDUWLJHV *HUlWVRGDDXFKGHU-DJGVSH]LDOLVWMHGH%HZHJXQJGHV,PSHUDWRUVYHUIROJHQNRQQWH DOVJLQJHHUGLUHNWKLQWHULKP +LQWHQDXIGHU/DGHSODWWIRUPZDUWHWHQGLH1DDWVXQGEHQXW]WHQGLH=HLW]XHLQHP ]ZHLWHQ)UKVWFNGHQQLKUHULHVLJHQ.|USHUDQIDFKH6WDQGDUGJUDYLWDWLRQ DQJHSDWEHQ|WLJWHQJURH0HQJHQYRQ1DKUXQJ6RZRKO)DUWXORRQDOVDXFK3VROOLHQ VFKZLHJHQXQGWDWHQDOVVHLGHUDQGHUHQLFKWYRUKDQGHQ'HU%DXFKDXIVFKQHLGHUZHLO HUGHQ-DJGVSH]LDOLVWHQLQVWLQNWLYQLFKWOHLGHQNRQQWH3VROOLHQGDJHJHQZHLOHUVLFKPLW DQJHVSDQQWHQ1HUYHQJDQ]DXIGDVNRQ]HQWULHUWHZDVJOHLFKNRPPHQPXWH 'LHVHU0RUJHQZDUUHODWLYNKOXQG*RQR]DOEHJUWHGDVGDQNEDU(UWUXJGHQ ULHVLJHQ%RJHQDXV.XQVWVWRIIXQG*ODVILEHUJULIIEHUHLWLQGHU5HFKWHQEHUGHUOLQNHQ 6FKXOWHUKLQJGHU.|FKHUPLWGHQ3IHLOHQDXVEHVWHP$UNRQVWDKOUHFKWVDQVHLQHP :DIIHQJXUWGHUEHUHLWVHQWVLFKHUWH,PSXOVVWUDKOHU2EZRKOGDV*HOl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lFK]HQZDUQWH6RIRUWEOLHEHUEHZHJXQJVORVVWHKHQQXUVHLQH%OLFNHYHUIROJWHQGHQ 3XONYRQIQIJURHQ)OXJHFKVHQGHUJOHLFKGDUDXILQ6LFKWNDP6LHVDKHQQLFKW EHVRQGHUVJXWXQGNRQQWHQQXU=LHOHHUNHQQHQGLHVLFKEHZHJWHQDOVRZDUHUYRU LKQHQVLFKHUVRODQJHHUVLFKUXKLJYHUKLHOW(UZDUWHWHDEELVVLFKGLH*HUlXVFKHLKUHU OHGHUQHQ6FKZLQJHQLQGHU)HUQHYHUORUHQXQGVHW]WHVHLQHQ:HJIRUW(VZXUGH ZlUPHUMHK|KHUGLH6RQQHVWLHJXQGVRUHJXOLHUWHHUGLH.KODQODJHQGHV .OLPDDQ]XJVDXIK|KHUH/HLVWXQJHLQ $OVHUKXQGHUW0HWHU]XUFNJHOHJWKDWWHNRQQWHHUEHUHLWVGHQ(UGZDOOGHV :HUDQJHOHJHVHUNHQQHQ(UQLFNWHEHIULHGLJWGDHUGLH5LFKWXQJJHQDXHLQJHKDOWHQ KDWWH1RFKHLQPDOEOLHEHUVWHKHQXPVLFKGHQ6FKZHLYRQGHU6WLUQ]XZLVFKHQ EHZHJWHVLFKZHLWHUDXIGLH/FNH]ZLVFKHQ]ZHL%XVFKJUXSSHQ]XGLHHUSDVVLHUHQ PXWH1XQKLHHVEHVRQGHUVYRUVLFKWLJ]XVHLQGHQQLQGLHVHU3DVVDJHJDEHV ]ZHLIHOORVPHKUDEJHEURFKHQHbVWHDOVDQGHUVZR'RFKDOOVHLQH9RUVLFKWNRQQWHGDV 9HUKlQJQLVQLFKWDXIOKDOWHQ3O|W]OLFKEHJDQQXQWHULKPGHU%RGHQ]XVFKZDQNHQXQG EUDFKHLQ1LFKWQXUXQWHULKPVRQGHUQLQGHUJDQ]HQ$XVGHKQXQJGHU/FNH]ZLVFKHQ GHQ%VFKHQ²GLH)DOOHKDWWHLKU2SIHU 'HU,PSHUDWRUKDQGHOWHPLWGHUEHVRQGHUHQ5HDNWLRQVVFKQHOOLJNHLWEHUGLHHU VHLWGHU$NWLYLHUXQJVHLQHV([WUDVLQQHVYHUIJWH(UYHU]LFKWHWHDXIGHQ9HUVXFKVLFK GXUFKHLQHQ6SUXQJUFNZlUWVLQ6LFKHUKHLW]XEULQJHQZHLODXFKGRUWGDV(UGUHLFK QDFKJDE6WDWWGHVVHQULHUQXUGHQ%RJHQTXHUYRUVHLQH%UXVWXQGOLHVLFKQDFK
'HU.ULVWDOOSULQ]
M
$WODQ
YRUQIDOOHQXQGVHLQH5HFKQXQJJLQJDXI1DWXUJHPlZXUGHGLHQLFKWEHODVWHWH %RGHQGHFNHUHFKWVXQGOLQNVVHLQHV.|USHUVHUKHEOLFKODQJVDPHULQGHQ)DOOLQGLH 7LHIHHLQEH]RJHQXQGDXILKUIDQGGHU%RJHQXQGPLWLKP*RQR]DOVHOEVW+DOW1XUIU HLQHQ$XJHQEOLFNYLHOOHLFKWDEHUGDGXUFKZXUGHVHLQ6WXU]GRFKHUKHEOLFKJHPLOGHUW ZHQQHUDXFKQLFKWDXI]XKDOWHQZDU0LWHLQHU/DZLQHYRQbVWHQ+XPXVXQG6DQGILHO HULQGLH7LHIH:LHWLHINRQQWHHUQLFKWHUNHQQHQGHQQGHUQDFKUXWVFKHQGH%RGHQ XPILQJLKQXQGQDKPLKPGLH6LFKWDEHUHVPXWHQHLQLJH0HWHUVHLQ'DQQJDEHV HLQHQKDUWHQ$XISUDOOXQGLQ+|KHVHLQHU*UWHOVFKQDOOHWUDILKQHLQKDUWHUVSLW]HU *HJHQVWDQGGHUVHLWOLFKDEJOLWW (LQMlKHU6FKPHU]GXUFK]XFNWHGHQ,PSHUDWRUXQGQDKPLKPIDVWGLH%HVLQQXQJ DEHUVHLQ/HEHQVZLOOHZDUVWlUNHU(UDUEHLWHWHPLW+lQGHQXQG)HQXPVLFK]X EHIUHLHQ6HLQH/XQJHQUDQJHQQDFK/XIWGRFK0XQGXQG1DVHZDUHQPLW6DQGXQG +XPXVJHIOOWXQGVR]ZDQJHUVLFKGHQ$WHPDQ]XKDOWHQREZRKOEDOGURWH5LQJHYRU VHLQHQ$XJHQ]XNUHLVHQEHJDQQHQ(UZROOWHEHUOHEHQXQGHUVFKDIIWHHV(VJHODQJ LKPLQHLQHUJHZDOWLJHQ$QVWUHQJXQJGLH%HLQHXQWHUGHQ/HLE]X]LHKHQXQGVLFKPLW $UPHQXQG%HLQHQ]XJOHLFKLQGLH+|KH]XVWHPPHQ'LH0DVVHEHULKPZDUZHLFK XQGORFNHUJDEQDFK²HLQMlKHU5XFNGDQQNRQQWHHUVLFKDXIULFKWHQXQGVDKGDV 7DJHVOLFKWZLHGHU*RQR]DOZUJWHXQGVSXFNWHELVVHLQ0XQGZLHGHUVRZHLWIUHLZDU GDHUVHLQHNHXFKHQGHQ/XQJHQPLW/XIWIOOHQNRQQWH(UVDKIDVWQLFKWVXQG VFKZDQNWHKLQXQGKHUELVVHLQHXPKHUWDVWHQGHQ+lQGHHLQH6WW]HIDQGHQDQGHUHU VLFKIHVWKDOWHQNRQQWH8QEHVWLPPWH=HLWYHUJLQJELVVLFKVHLQH9HUIDVVXQJVRZHLW QRUPDOLVLHUWKDWWHGDHU,QWHUHVVHIUVHLQH8PJHEXQJXQG/DJH]X]HLJHQEHJDQQ $OVHUVWHVILHOVHLQ%OLFNDXIGHQ*HJHQVWDQGDQGHPHUVLFKIHVWKLHOWXQGGDQQ ZXUGHQVHLQH$XJHQJUR(VZDUHLQ]Z|OI=HQWLPHWHUGLFNHU+RO]SIDKOGHULKQZHLW EHUUDJWHXQGREHQPLWHLQHUVFKDUIHQ6SLW]HDXV$UNRQVWDKOYHUVHKHQZDUXQG ULQJVXPUDJWHQZHLWHUHGLHVHU3IlKOHDXI$XIHLQHQGDYRQZDUHUDXIJHVFKODJHQXQG QXUGDV0HWDOOVHLQHU*UWHOVFKQDOOHKDWWHYHUKLQGHUWGDHUYRQGHP3IDKOJODWW GXUFKERKUWZRUGHQZDU (LQHZXQGHUEDUH)DOOHVDJWHVHLQ/RJLNVHNWRUVDUNDVWLVFK(LQH)DOOJUXEHGLH PDQJHQDXKLHUHUULFKWHWKDWZRGXDXIGHP:HJ]XGHP:HUDQQHVWYRUEHLNRPPHQ PXWHVWXQGLQGHUGXGLFK]X7RGHVWXU]HQVROOWHVW+DWWH)DUWXORRQGRFKUHFKW" /DXWH*HUlXVFKHOHQNWHQ*RQR]DOV$XIPHUNVDPNHLWDE'HU,PSHUDWRUVDKQDFK REHQZRDP5DQGGHUHWZDIQI0HWHUEUHLWHQXQGWLHIHQXQG]HKQ0HWHUODQJHQ*UXEH GLH*HVWDOWHQGHU1DDW-DJGKHOIHULQ6LFKWNDPHQ'HU*OHLWHUZDUGDXQG$XJHQEOLFNH VSlWHUHUVFKLHQHQDXFK)DUWXORRQXQG3VROOLHQ )UHLQHQ$XJHQEOLFNVWDQGHQVLHZLHHUVWDUUWGDGDQQNDP/HEHQLQGHQ$U]W ³'HQ=XJSURMHNWRUKHUVFKQHOO´KHUUVFKWHHUGHQ-DJGVSH]LDOLVWHQDQ³'LH1DDWV N|QQHQQLFKWKLQXQWHUVWHLJHQVRQVWEULFKWQRFKPHKU(UGUHLFKQDFK'HQ6KH¶+XKDQ VHL'DQNGHU,PSHUDWRUOHEW´ 3VROOLHQZLUNWHZLHHQWJHLVWHUWDEHUHUJHKRUFKWH.XU]GDUDXIDUEHLWHWHGHU 3URMHNWRUXQGKRE*RQR]DO9,,]XVDPPHQPLWHLQHP.XELNPHWHU%RGHQDXVGHU )DOOJUXEHXPLKQDXIVLFKHUHP*UXQGZLHGHUDE]XVHW]HQ)DUWXORRQZDUVRIRUWEHLLKP ³6HLG,KUYHUOHW]W"´HUNXQGLJWHHUVLFKGRFKVHLQ+HUUVFKWWHOWHGHQ.RSI ³1LFKWV(UQVWHV%DXFKDXIVFKQHLGHUDEHUIDVWZlUHHVW|GOLFKDXVJHJDQJHQ :lUHQLFKWPHLQH*UWHOVFKQDOOHJHZHVHQKlWWHPLFKHLQHUGLHVHU3IlKOHGXUFKERKUW XQGGDQQKlWWHVWVRJDUGXPLUQLFKWPHKUKHOIHQN|QQHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
'HU$U]WIXKUKHUXPXQGGHXWHWHDXI3VROOLHQVHLQH5HFKWHJULIIQDFKVHLQHP 6FKZHUW³'RUWVWHKWGHU6FKXOGLJH²VROOLFKLKQDXIGHU6WHOOHQLHGHUPDFKHQ"´ ³*QDGH(XHU(UKDEHQKHLW´ZLQVHOWHGHU-DJGVSH]LDOLVWXQGZDUIVLFKYRUGHP ,PSHUDWRU]X%RGHQ³,FKELQDQGLHVHP9RUIDOOYROONRPPHQXQVFKXOGLJELWWHJODXEWPLU ,FKKDEHGLH)DOOJUXEHQLFKWEDXHQODVVHQXQGLFKZXWHDXFKQLFKWVYRQLKU6LHPX QRFKDXVGHU=HLWPHLQHV9RUJlQJHUVVWDPPHQXQGZXUGHYHUJHVVHQDOVHUVR SO|W]OLFKVWDUE,KUZLWGRFKVHOEVWZLHZHQLJPDQVLFKDXIGLH1DDWVYHUODVVHQNDQQ (XHU(UKDEHQKHLW´ ³)DXOH$XVUHGHQ´JUROOWH)DUWXORRQPLWIXQNHOQGHQ$XJHQXQGHLQHQ :LPSHUQVFKODJODQJVWDQG3VROOLHQV/HEHQDXI0HVVHUV6FKQHLGH'DQQDEHUJULII *RQR]DO9,,]XVHLQHQ*XQVWHQHLQ ³'HU/RJLNVHNWRUDN]HSWLHUW3VROOLHQV$XVVDJH´YHUVLFKHUWHHU³'LHVH)DOOJUXEH PXWDWVlFKOLFKDOWVHLQVRQVWKlWWHPHLQ.|USHUJHZLFKWGLH'HFNHQLFKW]XP(LQVWXU] EULQJHQN|QQHQGLHIUHLQJURHV7LHUEHUHFKQHWZDU'XNDQQVWVHOEVWVHKHQZLH PRUVFKGLHbVWHVLQGGLHVLHJHKDOWHQKDEHQ/HLGHUVWLPPWDXFKGDVZDV3VROOLHQ EHUGLH1DDWVJHVDJWKDW6LHWXQQLFKWVZDVLKQHQQLFKWDXVGUFNOLFKEHIRKOHQZLUG´ (UZLHVDXIGLHGUHL-DJGKHOIHUGLHPLWDXVGUXFNVORVHQ0LHQHQKHUXPVWDQGHQZLHXP VHLQH:RUWH]XXQWHUVWUHLFKHQ³:LUKDEHQQLFKWGHQJHULQJVWHQ%HZHLVGDIUGD 3VROOLHQGLH6FKXOGDQGLHVHP=ZLVFKHQIDOOWUlJWXQGLFKZHUGHQLHGXOGHQGDHU GHVZHJHQJHW|WHWZLUG9HUVWDQGHQ)DUWXORRQ"´ 'HU/HLEDU]WZDUOlQJVWQLFKWEHU]HXJWDEHUHUNDQQWHGHQDEVROXWHQ *HUHFKWLJNHLWVVLQQVHLQHV+HUUQ(UNQXUUWHQXUHWZDVYRUVLFKKLQXQGVWDSIOH]XGHP *OHLWHU]XUFNZlKUHQGGHU,PSHUDWRUGHP-DJGVSH]LDOLVWHQHLQ=HLFKHQJDEVLFK]X HUKHEHQ3VROOLHQV*HVLFKWZDUDVFKIDKOHUVWDPPHOWHHLQLJH'DQNHVZRUWHGRFK *RQR]DOZHKUWHXQZLOOLJDE³6RUJHQ6LHGDIUGDGLH1DDWVGHQ3URMHNWRULQGHQ *OHLWHUEULQJHQZLUNHKUHQ]XP-DJGKRWHO]XUFN6LHVLQGELVDXIZHLWHUHVYRQ,KUHP 3RVWHQHQWEXQGHQLFKZHUGHGLH)DOOJUXEHVRUJIlOWLJXQWHUVXFKHQODVVHQ:HKHZHQQ 6LHGRFKQLFKWVRJDQ]XQVFKXOGLJVLQG´ (KHHULQGLH*OHLWHUNDELQHVWLHJZDUIHUQRFKHLQHQEHGDXHUQGHQ%OLFN]XP *HOHJHGHV:HUDQV]XUFNGHQHUQXQQLFKWPHKUHUOHJHQZUGH'HU*OHLWHUVWLHJDXI XQGPDFKWHVLFKDXIGHQ5FNZHJ :HLWEHU(UVNRPLHULP%HREDFKWXQJVUDXPGHU3(5.$125NQLUVFKWH $PDUNDYRU+HQJHUELWWHUWPLWGHQ=lKQHQ:HOFKHQ7ULXPSKKDWWHHUHPSIXQGHQDOV GHU,PSHUDWRULQGLH*UXEHJHVWU]WZDU²XQGZLHJURZDUVHLQH(QWWlXVFKXQJ JHZHVHQDOVGDQQGHU7RWJHJODXEWHXQYHUOHW]WJHERUJHQZRUGHQZDU ³8QGHUZLUGGRFKVWHUEHQ´PXUPHOWHHULQJULPPLJYRUVLFKKLQ ³(VLVWNDXP]XIDVVHQ´PHLQWH)DUWXORRQNRSIVFKWWHOQGXQGVDKDXIGLHY|OOLJ GHIRUPLHUWH*UWHOVFKQDOOHLQVHLQHU+DQG6LHKDWWHGDV/HEHQGHV+HUUVFKHUVJHUHWWHW GLHXQVFKHLQEDUH3ODWWHDXVYHUJROGHWHP$UNRQVWDKO*RQR]DO9,,,DJDXIGHU/LHJH QHEHQGHU0HGR3RVLWURQLNHLQH$Q]DKObU]WHVWDQGGDEHLXQGLKUH$XJHQKLQJHQ HUZDUWXQJVYROODQGHQ$Q]HLJHQ'RFKGLH0DVFKLQHNRQQWHQLFKWPHKUIHVWVWHOOHQDOV VFKRQ]XYRUGHU/HLEDU]W(VJDEOHGLJOLFKHLQHHWZDKDQGWHOOHUJURHJHU|WHWHXQGOHLFKW JHVFKZROOHQH6WHOOHDP%DXFKGHV,PSHUDWRUVNHLQHQVRQVWLJHQ%HIXQG)UGLH DUNRQLGLVFKH0HGL]LQVWHOOWHVLHNHLQ3UREOHPGDUXQGZDUVFKRQHLQH=HKQWHO7RQWD VSlWHUVSXUORVYHUVFKZXQGHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³,KUVHLGYROONRPPHQJHVXQG(XHU(UKDEHQKHLW´VDJWHGHU2EHUDU]W DQVFKOLHHQG³:HQQ,KUZROOWN|QQW,KUKHXWHQDFKPLWWDJVFKRQZLHGHU]XU-DJG JHKHQ´ *RQR]DOOlFKHOWHVFKZDQJVLFKHODVWLVFKYRQGHU/LHJHXQGYHUNQGHWHLQEHVWHU /DXQH³*HQDXGDVKDEHLFKYRU´ )DUWXORRQVDKLKQHQWJHLVWHUWDQXQGZROOWHHWZDVVDJHQDEHULPJOHLFKHQ 0RPHQWNODQJHQGUDXHQ$ODUPSIHLIHQDXI(LQ-DJGJOHLWHUPLW9HUZXQGHWHQZDU DQJHNRPPHQXQGGHU'LDJQRVHUDXPPXWHVFKOHXQLJVWJHUlXPWZHUGHQ$OVVLHGDV 0HGR=HQWUXPYHUOLHHQNDPHQLKQHQ3IOHJHUPLWHLQHU$QWLJUDYWUDJHHQWJHJHQ$XILKU ODJGLHEOXWEHUVWU|PWH*HVWDOWGHV.ULVWDOOPDUVFKDOOVXQG)DUWXORRQVDKVRIRUWGD GLHVHP0DQQQLFKWPHKU]XKHOIHQZDU6HPDORQGD4XHUWDPDJLQZUGHVWHUEHQXQG PLWLKPHLQ9HUWUDXWHU*RQR]DOVGHPGLH$XIVLFKWEHUGLH=HUHPRQLHQPHLVWHUHEHQVR XQWHUVWDQGZLHGLH$XVELOGHUXQG(U]LHKHUGHV.ULVWDOOSULQ]HQ )DUWXORRQVFKWWHOWHVLFKXQZLOONUOLFKXQGZDQGWHVLFKVHLQHP+HUUQ]X³6R N|QQWHW,KUMHW]WDXFKGDOLHJHQPHLQ,PSHUDWRUZHQQ(XFKGLH6WHUQHQJ|WWHUQLFKW EHLJHVWDQGHQKlWWHQ,KUVHLGGDYRQJHNRPPHQDEHUKHXWHQRFKPDOV]XU-DJG]X JHKHQKLHHZLUNOLFKGLH*|WWHUYHUVXFKHQ´ 'DV*HVLFKWGHV,PSHUDWRUVYHUGVWHUWHVLFK³'HLQH%HYRUPXQGXQJHQZHUGHQ PLUDOOPlKOLFKOlVWLJ%DXFKDXIVFKQHLGHU´NQXUUWHHU³,FKZHUGHKHXWHQRFKHLQPDO KLQDXVJHKHQXQGZHQQGXGLFKDXIGHQ.RSIVWHOOVW(LQHFKWHU-lJHUNDSLWXOLHUWQLFKW YRUGHU*HIDKUDEHUGDVNDQQVWRGHUZLOOVWGXZRKOQLFKWYHUVWHKHQ´ )DUWXORRQV*HVLFKWU|WHWHVLFKDEHUHKHHUQRFKHWZDVHQWJHJQHQNRQQWH HUNODQJHQGUDXHQDXIGHP.RUULGRUODXWH6WLPPHQDXVGHQHQXQYHUNHQQEDUGLH NHLIHQGHYRQ2UEDQDVFKROKHUDXV]XK|UHQZDU³:RLVWGHU,PSHUDWRU",FKZLOO]X PHLQHP%UXGHULFKZLOOZLVVHQZLHHVLKPJHKW9LHOOHLFKWVWLUEWHUJHUDGHRKQHGD LFKLKQQRFKHLQPDOJHVHKHQKDEH²JHKWPLUDXVGHP:HJ´ 'LH(LQJDQJVWUZXUGHDXIJHVWRHQXQG2UEDQDVFKROVWUPWHKHUHLQ6HLQH YHUIHWWHWH*HVWDOWEHZHJWHVLFKLQXQJHZRKQWHU(LOHVHLQH+lQJHEDFNHQZDUHQJHU|WHW GLHNOHLQHQbXJOHLQLP=RUQYHUNQLIIHQ$OVHUVHLQHQ%UXGHUSO|W]OLFKYRUVLFKVDKEOLHE HUVWHKHQDOVZlUHHUJHJHQHLQH:DQGJHUDQQW³'XGX0DVFXGDU"´VWRWWHUWHHU HUEOHLFKHQG³'XOHEVW",FKK|UWHYRQGHLQHP8QIDOOXQGELQGDUDXIKLQVRIRUWKLHUKHU JHHLOWXPQDFKGLU]XVHKHQ´ (VILHOLKPVFKZHUVLFK]XEHKHUUVFKHQGHQQHUKDWWHIHVWGDPLWJHUHFKQHWGHQ ,PSHUDWRUQXUQRFKDOV/HLFKHYRU]XILQGHQ'LH(QWWlXVFKXQJEHUZlOWLJWHLKQIDVWDEHU VFKRQQDFKZHQLJHQ$XJHQEOLFNHQJHZDQQGLHLKPDQJHERUHQH9HUDQODJXQJ]XU +HXFKHOHLGLH2EHUKDQG(UZDWVFKHOWHDXI*RQR]DO]XXPDUPWHLKQXQGEUDFKWHHV IHUWLJHLQLJH7UlQHQ]XYHUJLHHQGLHDEHUZDKUVFKHLQOLFKDXVGHU:XWEHUGDV 0LOLQJHQVHLQHU3OlQHJHERUHQZDUHQ6HLQ%UXGHUKDOILKPXQJHZROOWGHQQHUODFKWH NXU]DXIXQGVFKOXJLKPDXIGLH6FKXOWHU³)DVVHGLFKLFKELQJHVXQGXQGPXQWHUZLH GXVLHKVW6RPXQWHUVRJDUGDLFKKHXWHQRFKPDOV]XU-DJGJHKHQZHUGHREZRKO PHLQ/HLE4XDFNVDOEHUODXWVWDUNSURWHVWLHUWKDW´ ³'XZLOOVWWDWVlFKOLFK"´GHKQWH2UEDQDVFKROXQGLQVHLQHP.RSIIRUPWHQVLFK EHUHLWVQHXH0RUGJHGDQNHQ *RQR]DOQLFNWH³$OOHUGLQJVZHQQDXFKPHKUDXIV*HUDWHZRKOGHQQ3VROOLHQ KDEHLFKYRP'LHQVWHQWEXQGHQ,FKGHQNHGDEHLDQGLH7HXIHOVIHOVHQLQGHUHQ 8PJHEXQJHVMDYRQ3DQ]HUHFKVHQQXUVRZLPPHOW(LQLJHGDYRQNDQQLFKEHVWLPPW
'HU.ULVWDOOSULQ]
M
$WODQ
HUOHJHQXQGELVPRUJHQZLUGPDQZRKOHLQHQDQGHUHQ:HUDQIUPLFKDXVILQGLJ JHPDFKWKDEHQ´ ³,FKZHUGHGLFKEHJOHLWHQ´ERWLKPVHLQ%UXGHUHLOIHUWLJDQ³,FKELQKHXWHPRUJHQ HEHQIDOOVOHHUDXVJHJDQJHQGHQQGLH1DFKULFKWYRQGHLQHP8QIDOOHUUHLFKWHPLFK JHUDGHDOVLFKHLQHQ.HSDUEHVFKOLFKXQGGHQKDEHLFKGDUDXIKLQQDWUOLFKYHUVFKRQW XP]XGLU]XHLOHQ´ 'HU,PSHUDWRUZLHJWHGHQ.RSI³:DUXPHLJHQWOLFKQLFKW":LUEHLGHXQG )DUWXORRQGD]XGHLQ'LHQHU²ZLUZlUHQ]XYLHUWXQGN|QQWHQGDUDXIYHU]LFKWHQ1DDWV PLW]XQHKPHQGLHRKQHKLQVFKZHU]XGLULJLHUHQVLQG(LQYHUVWDQGHQ´ ,Q2UEDQDVFKROV.RSIEHUVFKOXJHQVLFKGLH*HGDQNHQJHUDGH]X'LHVHV $QJHERWZDUIULKQI|UPOLFKHLQ*HVFKHQNXQGZHQQHUVHLQHQXUVSUQJOLFKHQ3ODQ HWZDVPRGLIL]LHUWH(UZDUJDQ]LQGHU1lKHJHZHVHQDOV*RQR]DOLQGLH)DOOJUXEH VWU]WHDEHUVHLQH)HLJKHLWKDWWHLKQGDYRQDEJHKDOWHQVLFKGHP6FKDXSODW]]X QlKHUQZLHHVXUVSUQJOLFKVHLQH$EVLFKWJHZHVHQZDU1XQZDUHUMHGRFKJHZLOOWDXIV *DQ]H]XJHKHQXQGQLFKWVPHKUGHP=XIDOO]XEHUODVVHQ(UVHOEVWEUDXFKWHGLH7DW MDQLFKWDXV]XIKUHQ²ZR]XKDWWHHUVFKOLHOLFK2IIDQWXU"'HUPXWHHVDXFK EHUQHKPHQGHQ%DXFKDXIVFKQHLGHUDXVGHP:HJH]XVFKDIIHQ(LQJHEWHU 6FKDXVSLHOHUKlWWHHVQLFKWEHVVHUPDFKHQN|QQHQ 2UEDQDVFKROOHJWHVHLQ*HVLFKWLQEHWUEWH)DOWHQXQGVDJWHLQZHLQHUOLFKHP 7RQ³$XI2IIDQWXUZHUGHQZLUOHLGHUYHU]LFKWHQPVVHQHUKDWVLFKGHQ)XYHUNQDFNVW XQGNDQQGHVKDOEQLFKWPLWNRPPHQ'RFKZLUKDEHQMDGHLQHQ5LWWHU/HLEDU]WEHLXQV² ZDVNDQQXQVGDVFKRQJHVFKHKHQ"´ 'HU,PSHUDWRUODFKWHGU|KQHQG³6LHKVWGX)DUWXORRQKLHULVWMHPDQGGHUGHLQH 3HUVRQXQGGLH0DFKWGHLQHVJHKHLPQLVXPZLWWHUWHQ6FKZHUWVYROO]XZUGLJHQZHL,Q 2UGQXQJQDFKGHP0LWWDJVPDKOEUHFKHQZLUDXI´ 'LHXQJOHLFKHQ%UXGHUWUHQQWHQVLFK *RQR]DOVXFKWH]XVDPPHQPLWGHP$U]WVHLQH*HPlFKHUDXI2UEDQDVFKRO GDJHJHQHLOWH]XVHLQHP-DJGJOHLWHULQGHPVHLQ(UVWHU'LHQHUDXILKQZDUWHWH %XUNRWVFKXQGGLH1DDWVZXUGHQIRUWJHVFKLFNWHLQLJHKDVWLJKLQJHZRUIHQH:RUWH XQWHUULFKWHWHQ2IIDQWXU'LHVHUKXPSHOWHJOHLFKGDUDXIJHWUHXVHLQHU5ROOHLQGDV -DJGKRWHOVXFKWHDEHUQLFKWGDV0HGR=HQWUXPDXIVRQGHUQEHJOHLWHWHVHLQHQ+HUUQLQ GHVVHQ5lXPH9RQGRUWDXVILLKUWHHUHLQNXU]HV)XQNJHVSUlFKXQGNXU]GDUDXIIDQG VLFKDXFK6RIJDUWEHLLKQHQHLQ$OV2UEDQDVFKRO]XP0LWWDJHVVHQZDWVFKHOWHZDUHULQ EHVWHU/DXQH'HUQHXH3ODQGHU9HUVFKZ|UHUZDUIHUWLJXQGZLHVQDFKLKUHP (UPHVVHQNHLQH/FNHDXI 'HU%DXFKDXIVFKQHLGHU)DUWXORRQ 'LH$UNRQJHVHOOVFKDIWZDUDULVWRNUDWLVFKJHSUlJWXQGGLH0LWJOLHGHUGHUJURHQ )DPLOLHQ²GLH*RQR]DO5DJQDDUL=ROWUDO4XHUWDPDJLQ2UFDVW0RQRWRV2UEDQDVFKRO 7XWPRU7HUHRPLU$QODDQ0HW]DW7KHWDUDQ$UWKDPLQ$ULJDXQGYLHOHPHKU NRQWUROOLHUWHQGLHSROLWLVFKHQZLUWVFKDIWOLFKHQXQGPLOLWlULVFKHQ6FKOVVHOIXQNWLRQHQ =XP7HLOKDQGHOWHHVVLFKKLHUEHLXP)DPLOLHQYHUElQGHYRQPHKUHUHQKXQGHUWWDXVHQG (LQ]HOPLWJOLHGHP
'HU.ULVWDOOSULQ]
M
$WODQ
9RQ=HLWHQW\UDQQLVFKHURGHUDEVROXWLVWLVFKHU+HUUVFKDIWDEJHVHKHQKDQGHOWHHV VLFKEHLGHU5HJLHUXQJVIRUPGHV7DL$UN¶7XVVDQXPHLQHSDUODPHQWDULVFKH0RQDUFKLHLQ GHUDOOHUGLQJVGHPMHZHLOLJHQ,PSHUDWRUDOV6WDDWVXQG5HJLHUXQJVFKHIVRZLH%HJDP 2EHUEHIHKOVKDEHUGHU)ORWWHVWHWVHLQHVWDUNH5ROOH]XJHZLHVHQZDU:LHVWDUNHLQ ,PSHUDWRUWDWVlFKOLFKZHUGHQNRQQWHKLQJZHLWJHKHQGYRQGHP*HJHQJHZLFKWDEGDV LKPVHLQHGLUHNWH5HJLHUXQJVPDQQVFKDIW²GHU=Z|OIHUUDW²GHU*URH5DWVRZLHGDV IUHLYRP9RONJHZlKOWH3DUODPHQWGHV+RKHQ5DWHVHQWJHJHQVWHOOWHQ 1HEHQGHP,PSHUDWRUDQGHU6SLW]HZDUGHU%HUOHQ7KDQDOV8QWHUDXVVFKXGHV 7DL7KDQPDJHEOLFKHV5HJLHUXQJVJUHPLXP²HLQHP.DELQHWWPlVHLQHQ0LQLVWHP YHUJOHLFKEDU²LQGHPGLH(QWVFKHLGXQJHQYRUEHUHLWHWXQGGLVNXWLHUWZXUGHQ,P HUZHLWHUWHQ.UHLVGHV*URHQ5DWHVPLWVHLQHQH[RIILFLR0LWJOLHGHUQDOV ³XQWHUJHRUGQHWH0LQLVWHU´IROJWHGLHZHLWHUH'HEDWWHhEHUDOOKDWWHGHU,PSHUDWRU]ZDU 9HWRUHFKWNRQQWHDEHUEHUVWLPPWZHUGHQ%HLHNODWDQWHP9HUVDJHQZDUVRJDUVHLQH $EVHW]XQJP|JOLFK,PXPJHNHKUWHQ)DOONRQQWHHLQ,PSHUDWRUGXUFK(LQVHW]XQJXQG )|UGHUXQJYRQ*QVWOLQJHQGXUFK.RUUXSWLRQXQGGHUJOHLFKHQXQGPLW%H]XJDXI ³1RWVWDQGVJHVHW]H´GLNWDWRULVFKH0DFKWDQVLFK]LHKHQ 'LH5DWVPLWJOLHGHUZDUHQODXW9HUIDVVXQJJUXQGVlW]OLFK]ZDUZLVVHQVFKDIWOLFK DXVJHELOGHWVWDPPWHQDEHUDXV)ORWWH.ULVWDOOSDODVW'LSORPDWLH*HKHLPGLHQVW :LUWVFKDIWXQG9HUZDOWXQJ=XGHPUHSUlVHQWLHUWHQVLHGLHZLFKWLJVWHQ.KDVXPVRGD VLHPLWGHP,PSHUDWRUDOV9RUVLW]HQGHPLQGHQ³5DWV$XVVFKVVHQ´ZLHEHLVSLHOVZHLVH GHP³0HGL]LQLVFKHQ5DW´RGHUGHP³7KHNWUDQ´GHV)ORWWHQ]HQWUDONRPPDQGRVGDV REHUVWH([HNXWLYJUHPLXPLP*URHQ,PSHULXPGDUVWHOOWHQ=ZHLPDOMH7DJH3HULRGH ZDUHQ6LW]XQJHQDQEHUDXPWLQGHQHQGHU,PSHUDWRU5HFKHQVFKDIWDE]XOHJHQ6RUJHQ 1|WHXQG3UREOHPH]XEHVSUHFKHQKDWWHZlKUHQGGLH5DWVPLWJOLHGHULP*HJHQ]XJ 9RUVFKOlJH$QWUlJHXQG$XVIKUXQJVEHULFKWHOLHIHUWHQ'LHHUVWHQGUHL3UDJRVHLQHU MHGHQGHU]HKQ3HULRGHQGHV$UNRQMDKUHVZDUHQEHUGLHVGHU*HQHUDOGHEDWWHYRQ *URHPXQG+RKHP5DWYRUEHKDOWHQIU(QWVFKOVVH]X5LFKWOLQLHQVHLQHU3ROLWLN EHQ|WLJWHGHU,PSHUDWRUTXDOLIL]LHUWDEVROXWH0HKUKHLWHQYRQ3UR]HQW'LHHQGJOWLJH 9HUDEVFKLHGXQJYRQ*HVHW]HQHUIROJWHLP7KL7KDQ 9RUGLHVHP+LQWHUJUXQGZDUDXFKGHUYHUIDVVXQJVPlLJYHUDQNHUWH*UXQGVDW] GHU(UEPRQDUFKLH]XVHKHQ=ZDUZDUDOV.ULVWDOOSULQ]MHZHLOVGHUHUVWJHERUHQH OHLEOLFKH6RKQHLQHV,PSHUDWRUVGHVLJQLHUWHU1DFKIROJHUGRFKLP7RGHVIDOORKQH 1DFKNRUQPHQEHVWLPPWHGHU*URH5DWDXVGHQ5HLKHQGHU$GHOVIDPLOLHQHLQHQQHXHQ ,PSHUDWRU :HLWHUKLQZDU²VFKRQXQWHUGHP$VSHNWGHULPPHQVHQ*U|HGHV$UNRQ ,PSHULXPV²]XEHUFNVLFKWLJHQGDGHU,PSHUDWRU]ZDUOHW]WOLFKEHU %HVLW]DQVSUFKH+DQGHOVUHFKWH$XWDUNLHEHVWUHEXQJHQXQGGHUJOHLFKHQHQWVFKLHG $EHUKLHUEHLZDUDOV(QWVFKHLGXQJVWUlJHUGLH,PSHULDOH(EHQHPLW,PSHUDWRU7DLXQG 7KL7KDQ7KHNWUDQGHP3UlVLGLXPGHU-XVWL]YRQ&HONDUVRZLHGLH.RQWUROOIXQNWLRQGHU 0HGLHQ²YRQGHUGHU3ODQHWDUHQ6HOEVWYHUZDOWXQJDXWRQRPHU:HOWHQXQG gNRIRUPVSKlUHQHEHQVR]XXQWHUVFKHLGHQZLHGLHGHU+HU]RJWXPHUY|OOLJDXWDUNHU +DELWDWHGHU5DXPQRPDGHQFODQVRGHUGHU/HKHQGHV$GHOVZHOFKHHLQHVELVPHKUDOV KXQGHUW6RQQHQV\VWHPHXPIDWHQ6RJDUPLWEHVWHUSRVLWURQLVFKHU8QWHUVWW]XQJZDU HVQLFKWP|JOLFKVLFKXPDOOH(LQ]HOKHLWHQ]XNPPHP 'LH6WLPPXQJEHLP0LWWDJHVVHQZDU]ZLHVSlOWLJ(LQHVWHLOVKHUUVFKWH)UHXGH EHUGLH5HWWXQJGHV,PSHUDWRUVDQGHUHUVHLWVDEHU7UDXHUXP.ULVWDOOPDUVFKDOO
'HU.ULVWDOOSULQ]
M
$WODQ
6HPDORQGHUEHLDOOHQLQKRKHP$QVHKHQJHVWDQGHQKDWWH'RFKDOOH$QZHVHQGHQ ZDUHQSDVVLRQLHUWH-lJHUXQGVRNRQQWHVLHQLFKWVGDYRQDEKDOWHQDP1DFKPLWWDJ ZLHGHUKLQDXV]XIDKUHQ]XPDOHLQLJHQDP0RUJHQNHLQ-DJGJOFNEHVFKLHGHQJHZHVHQ ZDU ³'XVFKHLQVWQLFKWVRQGHUOLFKEHJHLVWHUW]XVHLQ)DUWXORRQ´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lQGLJGXQNOH:RONHQLQGHQ+LPPHOYRQ(UVNRPLHUZDUIHQXQGZDUHQHEHQIDOOV YXONDQLVFKHQ8UVSUXQJV,KUHZLHYRQ=\NORSHQKDQGXQUHJHOPlLJYHUVWUHXWHQ%O|FNH ZDUHQVFKZDU]XQGVSHLFKHUWHQGLH6RQQHQKLW]HEHVRQGHUVJXWZDVVLH]XHLQHP $Q]LHKXQJVSXQNWIUGLHZlUPHOLHEHQGHQ/DQGHFKVHQPDFKWHGLHPHLVWLQJDQ]HQ 6FKDUHQ]ZLVFKHQLKQHQDQ]XWUHIIHQZDUHQ6LHlKQHOWHQLP$XVVHKHQGHQ7LVFKWDQV ZDUHQDEHUEHGHXWHQGNOHLQHUDOOHUGLQJVHEHQVRJHIUlLJ7URW]GHPVWHOOWHHVIUHLQHQ JHEWHQ-lJHUNHLQ3UREOHPGDUVLH]XHUOHJHQGHQQLKUH3DQ]HUXQJZDUQLFKW EHVRQGHUVVWDUN )DUWXORRQOLHGHQ*OHLWHUDP5DQGGHU)HOVHQ]RQHDXIHLQHPNOHLQHQ3ODWHDX QLHGHUJHKHQDXIGHPHVNHLQH(FKVHQJDE'XUFKGLH6LFKWJHUlWHEHREDFKWHWHQGHU ,PSHUDWRUXQGVHLQ%UXGHUHLQH:HLOHGLH8PJHEXQJXQGGDQQQLFNWH*RQR]DO ]XIULHGHQ³'RUWGUEHQHWZDHLQHQ.LORPHWHUYRQKLHUKDWVLFKHLQHJDQ]H (FKVHQIDPLOLHYHUVDPPHOWXQGOLHJWIDXOLQGHU6RQQH0LFKUHL]WEHVRQGHUVGHU 8UJURYDWHU6RHLQNUlIWLJHV([HPSODUEHNRPPWPDQQXUVHOWHQ]XVHKHQ:ROOHQZLU JHKHQ2UEDQDVFKRO"´ 'LHVHUZDUIYHUVWRKOHQHLQHQ%OLFNDXIVHLQH5LQJXKUXQGQLFNWHGDQQ ³(LQYHUVWDQGHQ%UXGHU,FKZHUGHHLQH$UPEUXVWQHKPHQGLH%RO]HQVFKODJHQDP EHVWHQGXUFK´ ³8QVLQQ´NQXUUWHGHU,PSHUDWRUDEOHKQHQG³'LHHLQ]LJULFKWLJH:DIIHVLQG3IHLO XQG%RJHQ(LQ3IHLOLVWVFKQHOOZLHGHUDXIJHOHJWDEHUELVGXGLH$UPEUXVWQDFKJHODGHQ XQGQHXJHVSDQQWKDVWYHUJHKHQZHUWYROOH6HNXQGHQ'LHVH%LHVWHUVLQGVHKUIOLQN YHUJLGDVQLFKW´ 2UEDQDVFKROJULQVWHLQQHUOLFKGRFKVHLQ*HVLFKWEOLHEHUQVW(UZXWHGDVLFK 6RIJDUWGHU2EHUEHVFKDIIXQJVPHLVWHUIUGHQ6WDUW=HLWJHODVVHQKDWWHXPDOVOHW]WHU YRP-DJGKRWHODE]XIOLHJHQ6RILHOQLHPDQGHPDXIGDVLFKGHUDQJHEOLFKODKPH 2IIDQWXULQVHLQHU*HVHOOVFKDIWEHIDQG8QGQDWUOLFKKDWWHHV2UEDQDVFKROQLFKW YHUVlXPWVHLQHQ6SLHJHVHOOHQ+HQJLQGHU3(5.$125]XYHUVWlQGLJHQ$OOH :HLFKHQZDUHQIUGHQ7RGGHV,PSHUDWRUVJHVWHOOW 2UEDQDVFKROPXWHQRFK=HLWKHUDXVVFKLQGHQELV6RIJDUWLQGHU1lKH HLQJHWURIIHQZDU'HVKDOEYHUVWHLIWHHUVLFKGDUDXIHLQH$UPEUXVWPLWQHKPHQ]XZROOHQ XQGGHUDKQXQJVORVH*RQR]DOYHUVXFKWHLKQYRP*HJHQWHLO]XEHU]HXJHQ)DUWXORRQ K|UWHHUJHEHQ]XXQGPDFKWHVLFKVHLQHHLJHQHQ*HGDQNHQEHU2UEDQDVFKROV
'HU.ULVWDOOSULQ]
M
$WODQ
4XDOLWlWHQDOV8UZHOWMlJHU(UPHUNWHHUVWDXIDOVSO|W]OLFKGDV)XQNJHUlWGHV*OHLWHUV DQVSUDFK'DVNDPQLFKWRIWYRUGHQQHVZDJWHNDXPMHPDQGGHQ+HUUVFKHUEHLGHU -DJG]XVW|UHQ:HQQHVGRFKJHVFKDKPXWHHVJHZLFKWLJH*UQGHGDIUJHEHQXQG VREHHLOWHVLFKGHU$U]WGDV*HUlWHLQ]XVFKDOWHQ'HU$QUXINDPEHUGLH 1RWIXQNIUHTXHQ] ³ELWWHGULQJHQGXP+LOIH´TXlNWHHVDXVGHP/DXWVSUHFKHU³0HLQ-DJGIKUHU LVWYRQHLQHP7LVFKWDQJHW|WHWZRUGHQ'LH1DDWVVLQGJHIORKHQ-HW]WJUHLIWGDV %LHVWGHQ*OHLWHUDQ+LOIHXPGHU*|WWHUZLOOHQ´ *RQR]DO9,,UHDJLHUWHVRIRUW³+LHUVSULFKWGHU,PSHUDWRU´VDJWHHUKDVWLJ³:HU UXIW"*HEHQ6LHXQV1DPHQXQG6WDQGRUWDQGDPLWZLU,KQHQ]X+LOIHNRPPHQ N|QQHQ´ $XVGHP/DXWVSUHFKHUNODQJHQSROWHUQGH*HUlXVFKHGDQQGDV=LVFKHQHLQHV DEJHIHXHUWHQ,PSXOVVWUDKOHUVXQGHLQHUVWLFNWHU$XIVFKUHL'DQDFKKHUUVFKWHHLQH:HLOH 6WLOOHGDQQNDPGLH6WLPPHHLQHVWRWDOHUVFK|SIWHQ0DQQHVGXUFK³+LHUVSULFKW 6RIJDUW(XHU(UKDEHQKHLW(VLVWPLUJHOXQJHQGDV8QWLHUPLWGHP6WUDKOHUPHLQHV WRWHQ)KUHUV]XHUOHJHQLFKELQQXUXQZHVHQWOLFKYHUOHW]W6LHEUDXFKHQVLFKDOVRQLFKW XPPLFK]XEHPKHQLFKZHUGHDXVKDOWHQELVDQGHUH+LOIHEHLPLUHLQWULIIW:HJNDQQ LFKQLFKWPHLQ*OHLWHULVWGHIHNW´ ³8QVLQQ´JDEGHU,PSHUDWRUHQHUJLVFK]XUFN³%LVGDKLQNDQQHLQLJH=HLW YHUJHKHQXQGGHU.DGDYHUGHU(FKVHZLUGEHVWLPPWDQGHUH5DXEWLHUHDQORFNHQ *HEHQ6LHPLU,KUHQ6WDQGRUWGXUFKLFKODVVH6LHDEKROHQNODU"´ (LQLJHJHSUHWH$WHP]JHXQGHLQQHXHUOLFKHV6W|KQHQZDUHQ]XK|UHQGDQQ PHOGHWHVLFK6RIJDUWZLHGHU(UVSLHOWHGHQ9HUOHW]WHQYROONRPPHQEHU]HXJHQG YHUVLFKHUWHDEHUQRFKPDOVHUVHLDXHU*HIDKU7URW]GHPJDEHUGLH.RRUGLQDWHQ GXUFK *RQR]DO9,,VDKDXIGLHLP*OHLWHUDQJHEUDFKWH.DUWH³(ULVWNDXP IQIXQG]ZDQ]LJ.LORPHWHUYRQXQVHQWIHUQW´VWHOOWHHUIHVW³1LFKWGHU5HGHZHUW )DUWXORRQGDVLVWHLQH$XIJDEHIUGLFK:LUVWHLJHQMHW]WDXVXQGEHJLQQHQPLWGHU -DJGGXZLUVW]X6RIJDUWIOLHJHQXQGLKQKHUKROHQ'DVHUIRUGHUWQLFKWYLHO=HLWXQGVR ODQJHNDQQVWGXXQVJHWURVWDOOHLQODVVHQ´ ³$XVJHVFKORVVHQ(XHU(UKDEHQKHLW´SURWHVWLHUWHGHU/HLEDU]WODXWVWDUN³,FK KDEHGHQ3RVWHQGHV-DJGIKUHUVEHUQRPPHQXQGIDOOV(XFKZlKUHQGPHLQHU $EZHVHQKHLWHWZDV]XVW|W´ 2UEDQDVFKROGHUVHLQHQ%UXGHUNDQQWHYHUKLHOWVLFKSDVVLY*RQR]DOGDJHJHQ ZXUGHlUJHUOLFK³.HLQH:LGHUUHGH%DXFKDXIVFKQHLGHU:LUEHLGHVLQG0DQQVJHQXJ XP]ZHL=HKQWHO7RQWDVODQJDXIXQVDXI]XSDVVHQXQGQRWIDOOVZHUGHLFKPLWGHP ,PSXOVVWUDKOHUPLWHLQHPJDQ]HQ5XGHO(FKVHQIHUWLJ%HHLOGLFKVRQVWELVWGXGLH OlQJVWH=HLWPHLQ/HLEDU]WJHZHVHQ9RQGHU(UQHQQXQJ]XP.ULVWDOOPHLVWHUJDQ]]X VFKZHLJHQ´ )DUWXORRQQDKPGLHVHVFKRQ|IWHUJHK|UWH'URKXQJ]ZDUQLFKWHUQVWJHKRUFKWH DEHUWURW]GHP(UWUDXWH2UEDQDVFKROZRKOQLFKWEHUGHQ:HJZXWHDEHUGDGLHVHU YLHO]XIHLJHZDUXPSHUV|QOLFKHWZDVJHJHQVHLQHQ%UXGHU]XXQWHUQHKPHQ2IIDQWXU VFKLHGLP0RPHQWRKQHKLQDXVGHQQHUEHIDQGVLFKZLH)DUWXORRQDQQDKPPLW VHLQHPNUDQNHQ)XLP-DJGKRWHOXQG6RIJDUWZDUVHOEVWLQ1RW'LH +DXSWYHUGlFKWLJHQLQVHLQHQ$XJHQILHOHQDOVRDXVXQGVRVDKHUNHLQH*HIDKUIU VHLQHQ+HUUQ'HU,PSHUDWRUXQGVHLQ%UXGHUQDKPHQLKUH:DIIHQDQVLFKGHU$U]W
'HU.ULVWDOOSULQ]
M
$WODQ
VFKORGLH*OHLWHUNDELQHOLHGDV)DKU]HXJDXIVWHLJHQXQGQDKP.XUVDXIGLH DQJHJHEHQH3RVLWLRQ +DVWLJVWROSHUWHQ6RIJDUWXQG2IIDQWXUEHUGLH/DYDIHOVHQDXIMHQH6WHOOH]XDQ GHUVLHLKU2SIHUZXWHQ6LHZDUHQNDXPIQIOKXQGHUW0HWHUGDYRQHQWIHUQWJHODQGHW QDFKGHPVLHLKUHQ-DJGVSH]LDOLVWHQXQGGLH1DDWVGD]XJHEUDFKWKDWWHQDQHLQHUY|OOLJ XQZHJVDPHQ6WHOOHDXIKDOEHP:HJDXV]XVWHLJHQ'LHVHKDWWHQVLFK]XGLHVHU=HLW XQWHUGHU(LQZLUNXQJHLQHV1DUNRWLNXPVEHIXQGHQXQGZlUHQRKQHZHLWHUHVIUHLZLOOLJLQ GHQ7RGJHJDQJHQZHQQPDQHVYRQLKQHQYHUODQJWKlWWH6LHZDUHQDXFKVFKRQVR JXWZLHWRWGHQQDXVGLHVHU*HJHQGZUGHQVLHRKQH+LOIVPLWWHOQLFKWPHKUOHEHQGLQ GLHEHZRKQWH=RQHYRQ(UVNRPLHU]XUFNILQGHQ 'RFKGDVVW|UWHGLHEHLGHQ9HUVFKZ|UHUQLFKWGHQQVLHZXWHQGDVLHGDIU QLHPDQG]XU5HFKHQVFKDIW]LHKHQZUGH:DU*RQR]DO9,,HUVWHLQPDOWRWZUGH QLHPDQGPHKUQDFKGLHVHQ2SIHUQIUDJHQ²XQGGHU,PSHUDWRUZUGHVWHUEHQGDVVWDQG IUVLHIHVW(VZDU6RIJDUWJHOXQJHQLKQ]XWlXVFKHQXQG)DUWXORRQIRUW]XORFNHQ(UZDU $U]WDOVRZUGHHUQLFKWVXQYHUVXFKWODVVHQXPGHQYHUPHLQWOLFK9HUOHW]WHQ DXI]XILQGHQ%LVHUEHPHUNWHGDHUXQGVHLQ+HUUQXUGSLHUWZRUGHQZDUHQZDUHV OlQJVW]XVSlW $PDUNDYRU+HQJILHEHUWHI|UPOLFKVHLWLKQGHU)XQNVSUXFK2UEDQDVFKROVHUUHLFKW KDWWH(VNRVWHWHLKQVlPWOLFKH6HOEVWEHKHUUVFKXQJVHLQHGLHQVWOLFKHQ2EOLHJHQKHLWHQ ZLHVRQVWDE]XZLFNHOQ=XP*OFNZXUGHHULQGHU3(5.$125QLFKWZLUNOLFK JHEUDXFKWGHQQGDVPHLVWHOLHIRKQHKLQXQWHU$XIVLFKWVHLQHU2UEWRQHQDE6RILHOHV DXFKQLFKWDXIDOVHUVLFKLQGLH%HREDFKWXQJV]HQWUDOHEHJDEDOVGLHLKPYRQ 2UEDQDVFKROJHQDQQWH=HLWJHNRPPHQZDU(LQHNXU]H$QZHLVXQJYRQLKPJHQJWH XPGHQMHW]WGRUWVLW]HQGHQ7HFKQLNHUGHPGDV6FKLFNVDOVHLQHV9RUJlQJHUVEHNDQQW ZDUDXVGHP5DXP]XZHLVHQ%HEHQGYRU$XIUHJXQJZDUIVLFKGHU *HVFKZDGHUNRPPDQGHXULQGHQ.RQWXUVHVVHOXQGVWDUUWHDXIGLH%LOGIOlFKHDXIGHUGHU VRHEHQJHODQGHWH-DJGJOHLWHUGHV,PSHUDWRUV]XVHKHQZDU9HUH¶DWKRU+HQJMXVWLHUWH GDV$XIQDKPHJHUlWGHUEHWUHIIHQGHQ6RQGHDXIVWlUNVWH9HUJU|HUXQJHLQXQGDWPHWH DXIDOV*RQR]DOXQGVHLQ%UXGHUGDV)DKU]HXJYHUOLHHQGDVJOHLFKGDUDXIDEKREXQG PLWKRKHU)DKUWQDFK1RUGHQGDYRQVFKR ³(VKDWJHNODSSW´PXUPHOWHHU³-HW]WNDQQHVQXUQRFK=HQWLWRQWDVGDXHUQ´ 1DWUOLFKPXGHU%DXFKDXIVFKQHLGHUVSlWHUXQEHGLQJWEHVHLWLJWZHUGHQGDPLWG HUHLQ]LJH=HXJHDXVGHU:HOWJHVFKDIIWLVWGDFKWH2UEDQDVFKRO $QGHUHNRQQWHHVQLFKWJHEHQGHQQGLH)XQNVHQGXQJDXV6RIJDUWV*OHLWHUZDU PLWVRJHULQJHU(QHUJLHDEJHVWUDKOWZRUGHQGDVLHQXULQGHUQlFKVWHQ8PJHEXQJ HPSIDQJHQZHUGHQNRQQWH'LH9HUVFKZ|UHUKDWWHQDQDOOHVJHGDFKWGDVPHLVWHKDWWH 2UEDQDVFKROSHUV|QOLFKHUVRQQHQ(UIKOWHVLFKQXQVHKUXQEHKDJOLFKDOVHUPLW VHLQHP%UXGHUODQJVDPDXIGLHHLQLJHKXQGHUW0HWHUHQWIHUQWHQHUVWHQ)HOVHQ]XJLQJ ,PPHUZLHGHUEOLHEHUVWHKHQXQGZLVFKWHVLFKGHQ6FKZHLDE²HVZDU$QJVWVFKZHL GHQQVHLQ.OLPDDQ]XJZDULQ]ZLVFKHQQDFKVHLQHQQHXHQ0DHQJHlQGHUWZRUGHQ *RQR]DOZDUILKPHLQHQXQJHKDOWHQHQ%OLFN]X ³.RPPGRFKHQGOLFK.XU]YRUGHP)HOVHQWUHQQHQZLUXQVXQGZLUQHKPHQGLH (FKVHQLQGLH=DQJH,P)DOOHHLQHU*HIDKUEUDXFKVWGXQXUDXIGHQQlFKVWHQ)HOVHQ]X NOHWWHUQGRUWKLQIROJHQVLHGLUQLFKW´ 2UEDQDVFKROQLFNWHVFKZDFKXQGEHVFKOHXQLJWHVHLQH6FKULWWH(UZDUVLFKHU GDVHLQH0LWYHUVFKZ|UHULQ]ZLVFKHQLKUHQYRUJHVHKHQHQ3RVWHQHUUHLFKWKDWWHQHLQHQ
'HU.ULVWDOOSULQ]
M
$WODQ
(QJSDGHUEHLGHUVHLWVYRQKRKHQ/DYDIHOVHQIODQNLHUWZXUGH$QGLHVHU6WHOOHVROOWH GHU0RUGEHJDQJHQZHUGHQ'LHQLHGULJHVFKDFKWHOKDOPlKQOLFKH9HJHWDWLRQZXUGH LPPHUVSlUOLFKHUGHUQDFNWH)HOVWUDW]XWDJH3DQ]HUVSLQQHQXQGDQGHUHVHOWVDP JHIRUPWH.ULHFKWLHUHGLHVLFKDXIGHQZDUPHQ6WHLQHQVRQQWHQKXVFKWHQUDVFK EHLVHLWHXQGLQ2UEDQDVFKRONURFK(NHO'RFKHUQDKPVLFK]XVDPPHQIROJWHVHLQHP %UXGHUXQGVSlKWHYHUVWRKOHQQDFKOLQNVZRVLFK2IIDQWXUXQG6RIJDUWEHILQGHQ PXWHQ1DWUOLFKVDKHUVLHQLFKWGHQQVLHKDWWHQVLFKJXWYHUVWHFNW6LHKDWWHQGLH )HOVHQVHLWOLFKGHU(QJHHUNORPPHQXQGZDUHQGDPLWEHVFKlIWLJWJURH6WHLQH]X ORFNHUQXPVLHDXIGHQ,PSHUDWRU]XVWU]HQZHQQHUGLHVH6WHOOHSDVVLHUWH2EZRKO VLHHLQHQ,PSXOVVWUDKOHUEHVDHQGDFKWHQVLHQLFKWGDUDQLKQ]XEHQXW]HQ*RQR]DO 9,,GXUIWHQXUGXUFKHLQHQ³8QIDOO´VWHUEHQQXUHLQVROFKHUNRQQWH2UEDQDVFKROHLQH UHLEXQJVORVH0DFKWEHUQDKPHJHZlKUOHLVWHQ -HQlKHUGLHEHLGHQXQJOHLFKHQ%UGHUGHP(QJSDNDPHQXPVRQHUY|VHU ZXUGH2UEDQDVFKRO(UZQVFKWHVLFKZHLWZHJDEHUHUPXWHEHL*RQR]DOEOHLEHQ GHQQRIIL]LHOOZUGHHUGHUHLQ]LJH=HXJHEHLP7RGHGHV,PSHUDWRUVVHLQZRJHJHQ 6RIJDUWXQG2IIDQWXUVLFKVFKOHXQLJVWHQWIHUQHQPXWHQVREDOGDOOHVYRUEHUZDU 6HLQH:RUWHNRQQWHQGDQQVSlWHUYRQ$PDUNDYRU+HQJEHVWlWLJWZHUGHQGHUY|OOLJ XQYHUGlFKWLJZDUDEHUHLQHJHZLFKWLJH5ROOHLQGLHVHP'UDPD]XVSLHOHQKDWWH 'HUHQWVFKHLGHQGH$XJHQEOLFNZDUGD'HU:HJIKUWHQXQOHLFKWDEZlUWVXQG ZDUPLWNOHLQHP*HU|OOXQG.LHVHOQEHGHFNW+LHUKDWWHVLFKGDV:DVVHUHLQ%HWW JHJUDEHQGDVZlKUHQGGHU5HJHQ]HLWYRQGHP3ODWHDXDEIORXQGVHLQHQ:HJGXUFK GLH)HOVHQJHQDKP-HW]WZDUDOOHVWURFNHQXQGPLWIHLQHU)OXJDVFKHEHUSXGHUWGLH VLFKYRQGHQ5DXFKNHJHOQGHU9XONDQHDXVDXIGLHJHVDPWH8PJHEXQJVHQNWH *RQR]DO9,,EHZHJWHVLFKPLWOHLFKWHQORFNHUHQ6FKULWWHQ'LH7HXIHOVIHOVHQ WUXJHQLKUHQ1DPHQQXUGHUEL]DUUHQ)RUPXQGGHUVFKZDU]HQ)DUEHZHJHQZLUNOLFKH *HIDKUHQJDEHVKLHUQRUPDOHUZHLVHQLFKW(UDFKWHWHDOVRQLFKWDXIGLHXQPLWWHOEDUH 8PJHEXQJVRQGHUQVSlKWHGXUFKGLHHWZD]HKQ0HWHUEUHLWH/FNH]ZLVFKHQGHQ )HOVHQQDFKYRUQZRHUGLH(FKVHQZXWH'HU$QJULIINDPIULKQYROONRPPHQ EHUUDVFKHQG(UVFKUDN]XVDPPHQDOVSO|W]OLFKYRQGHPHWZD]ZDQ]LJ0HWHUKRKHQ %XFNHOIHOVHQ]XVHLQHU/LQNHQHLQSROWHUQGHV*HUlXVFK]XK|UHQZDU,QVWLQNWLYVSUDQJ *RQR]DOHLQLJH6FKULWWH]XUFNOHJWHJOHLFK]HLWLJHLQHQ3IHLODXIGLH6HKQHXQGKREGHQ %RJHQGHQQHUJODXEWHDQGLH%HGURKXQJGXUFKHLQHQWLHULVFKHQ)HLQG:LHVHKUHU VLFKJHWlXVFKWKDWWHEHPHUNWHHUHUVWDOVGUHLJURH)HOVEURFNHQGXUFKGLH/XIW WUXGHOWHQXQGVLFKJHQDXDXIGLH6WHOOHQLHGHUVHQNWHQDQGHUHUVLFKEHIDQG +DVWLJZLFKHU]XUFNDEHUHVZDUEHUHLWV]XVSlW(LQHUGHU%URFNHQVWUHLIWHLKQ DQGHUOLQNHQ6FKXOWHU]HUWUPPHUWHGDV*HOHQNXQGZDUILKQ]X%RGHQ(LQJOKHQGHU 6FKPHU]GXUFKUDVWHGHQ.|USHUGHV,PSHUDWRUVGRFKHUEOLHEEHL%HVLQQXQJXQGUROOWH VLFKVFKZHUIlOOLJ]XU6HLWHDE(LQHUQHXWHV3ROWHUQYHUNQGHWHGHQ)DOOZHLWHUHU *HVWHLQVEURFNHQ'LHVHYHUIHKOWHQLKQGHQQHUKDWWHLQ]ZLVFKHQGLHDQGHUH6HLWHGHV (QJSDVVHVHUUHLFKW.HXFKHQGVWHPPWHHUVLFKPLWGHUJHVXQGHQ5HFKWHQDQGHQ )HOVHQKRFKXQGNDPWDXPHOQGDXIGLH%HLQH9RUVHLQHQ$XJHQNUHLVWHQURWH5LQJH DEHUDOVHUQXQHLQHQ%OLFNQDFKREHQZDUIVDKHUGHXWOLFKGHQ.RSIXQG2EHUN|USHU HLQHV0DQQHVGHUHLQHQZHLWHUHQ6WHLQEHUGLH2EHUNDQWHGHU)HOVHQZlO]WH6HLQ *HVLFKWODJYROOLPU|WOLFKHQ6RQQHQOLFKWXQG*RQR]DOHUNDQQWH6RIJDUW3O|W]OLFKZDU LKPDOOHVNODU
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQKDWWHUHFKWZLVSHUWHLKPGHU/RJLNVHNWRU]X6FKRQGLH)DOOJUXEH EHIDQGVLFKQLFKW]XIlOOLJGLUHNWDXIGHLQHP:HJ]XP:HUDQJHOHJHXQGQXQ IROJWGHU]ZHLWH0RUGDQVFKODJ0DQKDW)DUWXORRQZHJJHORFNW6RIJDUWLVWKLHUXQGZLOOGLFK W|WHQ 2UEDQDVFKROVFKRHVGXUFK*RQR]DOV.RSI(UPXKLQWHUDOOHPVWHFNHQ:R LVWHUGHU9HUUlWHUXQG%UXGHUUQ|UGHU" 'RFKHUIDQGNHLQH=HLWPHKUVLFKQDFKGLHVHPXP]XVHKHQGHQQ6RIJDUW ZXFKWHWHHLQHQEHVRQGHUVJURHQXQGVFKZHUHQ)HOVEURFNHQEHUGLH.DQWH 5DVHQGHU=RUQHUIDWHGHQ,PSHUDWRUHUULVHLQHQ,PSXOVVWUDKOHUKRFKXQGVFKRDXI GHQ$WWHQWlWHU9RQREHQKHUDEHUNODQJHLQJHOOHQGHU6FKUHLDEHU*RQR]DOEOLHENHLQH =HLWGLH:LUNXQJVHLQHV6FKXVVHVIHVW]XVWHOOHQ0KVDPEHZHJWHHUVLFKZHLWHU]XU 6HLWHGHU%URFNHQILHOVSUDQJQRFKHLQPDODXIXQGNUDFKWHGDQQQXUHLQHQKDOEHQ 0HWHUQHEHQLKPJHJHQGHQ)HOVHQ'LH*HIDKUVFKLHQYRUEHL]XVHLQ0LWK|OOLVFKHU *OXW]XFNWHDXIVQHXHGHU6FKPHU]DXIXQG]ZDQJGHQ,PSHUDWRUDXIGLH.QLH'RFKHU VWHPPWHVLFKJHJHQGLHGURKHQGH%HZXWORVLJNHLWPXWHHUGRFKQRFKLPPHUPLW 2UEDQDVFKROUHFKQHQ(UZXWH]ZDUZLHIHLJHVHLQ%UXGHUZDUDEHUJHJHQHLQHQ :HKUORVHQYRU]XJHKHQKlWWHGXUFKDXVVHLQHU1DWXUHQWVSURFKHQ ³)DUWXORRQ´VW|KQWHGHUYHUZXQGHWH0DQQDXIXQGNUPPWHVLFK³:REOHLEWHU QXU´ %XQWH6FKOHLHUXQG6WHUQFKHQZDOOWHQYRUVHLQHQ$XJHQHLQ%UDXVHQLQGHQ 2KUHQNQGHWHGLHQDKHQGH2KQPDFKWDQ6RYHUQDKP*RQR]DOQLFKWZLHHUQHXWHLQ 6WHLQKHUDQVDXVWHJHZRUIHQYRQ2IIDQWXUGHQHUQRFKQLFKW]X*HVLFKWEHNRPPHQ KDWWH'HU%URFNHQZDUQLFKWEHVRQGHUVJURDEHUHUWUDIYROOXQG]HUVFKPHWWHUWHGLH 6FKlGHOGHFNH*RQR]DOV 'LH=HLWYHUJLQJGHU,PSHUDWRUJLQJDKQXQJVORVVHLQHP7RGHQWJHJHQ+HQJVDK GLHEHLGHQ$WWHQWlWHUDXIGHQ)HOVHQ6HLQH)lXVWHEDOOWHQVLFKDOVGLH)HOVEURFNHQ GXUFKGLH/XIWIORJHQ'RFKVLHWUDIHQVFKOHFKWXQGGHUYHUUlWHULVFKH2IIL]LHU]XFNWH ]XVDPPHQDOV*RQR]DOVFKRXQG6RIJDUWZLHWRWDXIGLH)HOVHQSUDOOWH6ROOWHGRFK DOOHVXPVRQVWJHZHVHQVHLQ"'DQQZDUI2IIDQWXUGHQOHW]WHQ6WHLQXQGGDV6FKLFNVDO GHV,PSHUDWRUVZDUEHVLHJHOW +HQJV+DQGILHODXIGLH7DVWHGHV,QWHUNRPVXQGJOHLFKGDUDXIKDOOWHVHLQH 6WLPPHGXUFKGDVJDQ]H6FKLII³(LQVFKUHFNOLFKHV8QJOFN²GHU,PSHUDWRUZXUGH GXUFKHLQHQ)HOVVWXU]LQGHQ7HXIHOVIHOVHQYRQ(UVNRPLHUJHW|WHW$FKWXQJ %HLERRWKDQJDU/HND(LQVNODU]XP$ODUPVWDUWLFKNRPPHDQ%RUGXQGZHUGHPLWDQ GLH6WHOOHGHV8QJOFNVIOLHJHQ´ :HQLJVSlWHUVWDUWHWHGHU'LVNXVXQGVFKRGHP3ODQHWHQHQWJHJHQ(LQ EOHLFKHU7HFKQLNHUZDQNWHLQGHQ%HREDFKWXQJVUDXP]XUFNXQGVDQNYHUVW|UWLQ VHLQHQ6LW](UZDU]XWLHIVWHUVFKWWHUWZLHHLJHQWOLFKDOOH5DXPIDKUHULQGHU 3(5.$125GLHLKUHQ+HUUVFKHUJHOLHEWXQGEHZXQGHUWKDWWHQ'HU0RQLWRULQGHU0LWWH ]HLJWHLKPGHXWOLFKGLHKDOEYRQ*HVWHLQEHGHFNWH*HVWDOWGHV,PSHUDWRUVEHUGLHVHLQ %UXGHUJHEHXJWVWDQGXQGVLFKEHPKWHLKQGDYRQ]XEHIUHLHQ6RQVWZDUZHLWXQG EUHLWQLHPDQG]XVHKHQ²ZRZDUGHU-DJGJOHLWHUGHV+HUUVFKHUVZRGHU %DXFKDXIVFKQHLGHU"1HXJLHUVWLHJLQ5RPLNXUDXIXQGJHZDQQGLH2EHUKDQGEHUVHLQ (QWVHW]HQ.XU]YRUGHP(LQWUHWHQ+HQJVKDWWHHUGDV6SHLFKHUJHUlWHLQJHVFKDOWHWXP VLFKVSlWHUQRFKPDOVGHQ.DPSIGHV,PSHUDWRUVJHJHQGLHZLOGHQ7LHUHYRQ(UVNRPLHU DQVHKHQ]XN|QQHQ(VOLHILPPHUQRFKXQGQXQZROOWH5RPLNXUHVJHQDXZLVVHQ(U
'HU.ULVWDOOSULQ]
M
$WODQ
VWRSSWHGDV*HUlWVWHOOWHHVGDQQDXI:LHGHUJDEH8QJOlXELJVWDUUWHHUDXIGLH6]HQH GLHDXIGHP6FKLUPYRULKPHUVFKLHQ²*RQR]DO9,,LVWQLFKWYHUXQJOFNW (UZDUHUPRUGHWZRUGHQXQG9HUH¶DWKRU+HQJKDWWHHVJHQDXJHVHKHQ:HQQHU WURW]GHPYRQHLQHP³VFKUHFNOLFKHQ8QJOFN´JHVSURFKHQKDWWHNRQQWHGDVQXU EHGHXWHQGDHUPLWGHQ0|UGHUQXQWHUHLQHU'HFNHVWHFNWH(EHQVR2UEDQDVFKROGHU WUDXHUQGH%UXGHUGHUQXQ]ZHLIHOORVPLWJLHULJHU+DQGQDFKGHU.URQHYRQ$UNRQ JUHLIHQZUGH ,PJOHLFKHQ0RPHQWZXWH5RPLNXUZDVHU]XWXQKDWWH:HQQPDQKHUDXVIDQG GDHUHLQH$XI]HLFKQXQJYRQGHQ9RUNRPPQLVVHQEHVDZDUHUVRJXWZLHWRW)ULKQ JDEHVQXUHLQH0|JOLFKNHLW²GHUYHUUlWHULVFKH%HZHLVPXWHYHUVFKZLQGHQ0LW IOLHJHQGHQ)LQJHUQHQWIHUQWHGHU7HFKQLNHUGHQ6SHLFKHUNULVWDOOVFKRELKQLQVHLQH 7DVFKHXQGVHW]WHDQVHLQHU6WHOOHHLQHQOHHUHQHLQ(UZROOWHLKQVSlWHUYHUQLFKWHQ YHUVFKREHVGDQQDEHULPPHUZLHGHUGHQQVFKOLHOLFKZDUHUHLQXQHUVHW]OLFKHV 'RNXPHQW 5RPLNXUEHVDLKQQRFK3HULRGHQVSlWHUDOVHUQDFKHLQHP8QIDOODXVGHP )ORWWHQGLHQVWHQWODVVHQZXUGHXQGVRJHODQJWHGHU.ULVWDOOVFKOLHOLFKDXI8PZHJHQLQ GLH+lQGHMHQHU0lQQHUXP)DUWXORRQGLHEHUGLH*HVFKLFNHGHVMXQJHQ .ULVWDOOSULQ]HQZDFKWHQ(UHQWKOOWHLKQHQGLHJDQ]HVFKUHFNOLFKH:DKUKHLW 9RQDOOGHPDKQWHGHU*HVFKZDGHUNRPPDQGHXUQLFKWVDOVVHLQ%HLERRWPLW +|FKVWJHVFKZLQGLJNHLWGXUFKGLHLP3UDOOVFKLUPDXIJOKHQGH$WPRVSKlUHGHV 'VFKXQJHOSODQHWHQVFKR'HU3LORWEUDFKWHHVGLFKWQHEHQGHU³8QIDOOVWHOOH´]X%RGHQ XQGGDQQVWLHJ$PDUNDYRU+HQJDXVXPGHP%UXGHUGHV7RWHQVHLQ%HLOHLG]X EH]HLJHQ1LHPDQGVDKGLH%OLFNHGHV(LQYHUVWlQGQLVVHVGLHEHLGHWDXVFKWHQ.XU] GDUDXIOLHIHQGLH6HQGHUDQXQGEHUPLWWHOWHQ(UVNRPLHUXQGGHU:DFKIORWWHGLH 7UDXHUERWVFKDIW$XIDOOHQ%LOGVFKLUPHQHUVFKLHQGDVYHUVWHLQHUWZLUNHQGH*HVLFKW +HQJVXQG:RUWHGHU7UDXHUNDPHQDXVVHLQHP0XQG$EVFKOLHHQGYHUNQGHWHHU GDQXQGHU%UXGHUGHV9HUVWRUEHQHQGLH5HJHQWVFKDIWEHUGDV5HLFKYRQ$UNRQ EHUQHKPHQZUGHGHUVLFK]ZDUNXU]]HLJWHDEHU³DXVWLHIVWHU(UVFKWWHUXQJ´QLFKW LPVWDQGHZDUHLQHLQ]LJHV:RUW]XVDJHQ 8PVRPHKUVDJWHHUDOVHUVFKOLHOLFKPLWGHP.RPPDQGHXUDOOHLQZDU ZlKUHQGVHLQH0lQQHUGLH/HLFKHGHV,PSHUDWRUVEDUJHQ³+HQJZLUPVVHQDOOHVWXQ XPXQVHUH3RVLWLRQ]XVLFKHUQ'LH9HUZLUUXQJZLUGJURVHLQXQGGDVPVVHQZLU DXVQXW]HQ,FKVHOEVWZHUGHLQQlFKVWHU=HLWQLFKWGD]XNRPPHQPLFKXPDOOH'LQJH]X NPPHUQHUOHGLJHQ6LHGDVIUPLFK+LHULVWGHU3ODQIUXQVHUH0lQQHULQQHUKDOEGHU )ORWWHXQGGHU7*&(UHQWKlOWDXFKGLH1DPHQDOOHUPLOLHELJHQ6XEMHNWHGLH NDOW]XVWHOOHQVLQG1RFKN|QQHQZLUHVXQVQLFKWOHLVWHQULJRURVYRU]XJHKHQDEHUGLH $XVJDQJVSRVLWLRQHQPVVHQJHVFKDIIHQZHUGHQ(LQHUDEHUPXDXIDOOH)lOOHVRIRUW XQDXIIlOOLJXQVFKlGOLFKJHPDFKWZHUGHQ)DUWXORRQGHU%DXFKDXIVFKQHLGHU6LH ZLVVHQZDUXP´ +HQJYHUQHLJWHVLFKWLHI³-DZRKO(XHU(UKDEHQKHLW´ )DUWXORRQEHEWHYRU:XWXQG6RUJH(UKDWWHQLFKWODQJHJHEUDXFKWXP IHVW]XVWHOOHQGDDQGHUYRQ6RIJDUWDQJHJHEHQHQ3RVLWLRQQXU'VFKXQJHOZDULQGHP HLQ*OHLWHUQLHKlWWHODQGHQN|QQHQ(UIOXFKWHJULPPLJDOVHUGHQ-DJGJOHLWHUZLHGHU DXI*HJHQNXUVEUDFKWHDEHUHUDKQWHEHUHLWVGDHU]XVSlWNRPPHQZUGH(UZDU QXUQRFK]ZHL.LORPHWHUYRQGHQ7HXIHOVIHOVHQHQWIHUQWDOVGDV)XQNJHUlWGHV*OHLWHUV DQVSUDFKXQGLKPGLH$QVSUDFKH+HQJVEHUPLWWHOWH(LVLJHU6FKUHFNHQEHUILHOLKQEHL
'HU.ULVWDOOSULQ]
M
$WODQ
GHVVHQ:RUWHQXQGGHU$U]WVFKlPWHVLFKGDHUHVQLFKWULVNLHUHQNRQQWHVLFKMHW]W DP2UWGLHVHUVFKlQGOLFKHQ7DW]X]HLJHQ,KPGURKWH]XPLQGHVWGLH9HUKDIWXQJXQWHU HLQHPIDGHQVFKHLQLJHQ9RUZDQG²GDQQDEHUZDUHUDXVJHVFKDOWHW(VJDEDEHUQRFK YLHOIULKQ]XWXQXPGDV9HUPlFKWQLVVHLQHVWRWHQ+HUUQ]XHUIOOHQ )DUWXORRQZHQGHWHGHQ*OHLWHUXQGVFKRPLWK|FKVWHU*HVFKZLQGLJNHLWDXIGHQ 5DXPKDIHQ]X2UEDQDVFKROXQGVHLQH+HOIHUVKHOIHUZDUHQMHW]WQRFKEHLGHQ 7HXIHOVIHOVHQXQGGLHVH=HLWJDOWHV]XQXW]HQ'LH9HUZLUUXQJERWGHP %DXFKDXIVFKQHLGHUGLHYHUPXWOLFKHLQ]LJH*HOHJHQKHLWGHQNOHLQHQ.ULVWDOOSULQ]HQLQ 6LFKHUKHLW]XEULQJHQHKHHULQGLH+lQGH2UEDQDVFKROVILHO(UIORJGHQ-DJGJOHLWHU GHV,PSHUDWRUVXQGPDQ|IIQHWHLKPEHUHLWZLOOLJHLQH6WUXNWXUOFNHLP(QHUJLHVFKLUP 'HU$U]WOLHGDV-DJGKRWHOOLQNVOLHJHQXQGUDVWH]XP+DIHQODQGHWHYRUGHU721'21 XQGVWUPWHDQ%RUG 'HU3RVWHQLQGHU/XIWVFKOHXVHZROOWHLKQDXIOKDOWHQWUDWDEHU]XUFNDOVHU )DUWXORRQHUNDQQWHXQGIUDJWHPLW]XFNHQGHQ/LSSHQ³,VW,VWHVZDKU(UKDEHQHU"´ 'HU$U]WQLFNWHPGH³'HU.RPPDQGDQWLVWLQGHU=HQWUDOH"´ ³-DZRKO´ (UZDUIVLFKLQGHQ+DXSWDQWLJUDYVFKDFKWXQGVFKZHEWHQDFKREHQ1RFKLPPHU WUXJHU+HOP+DUQLVFKXQG6FKZHUWGRFKGDVZDUMHW]WQHEHQVlFKOLFKbXHUVWH(LOH ZDUJHERWHQ.RPPDQGDQW7HVFKNRQVWDQGPLWVHLQHP6WHOOYHUWUHWHUXQGGHP3LORWHQ YRUHLQHPJURHQ0RQLWRU$PDUNDYRU+HQJKDWWH0LQLVRQGHQDNWLYLHUWGLHEHUWUXJHQ ZLHGHUWRWH+HUUVFKHUDXIHLQHU$QWLJUDYEDKUHODQJVDPLQGDV%HLERRWJHEUDFKWZXUGH )UHLQHQ0RPHQWZDUVHLQH*HVWDOWLQ*URDXIQDKPH]XVHKHQXQGGLH0lQQHU VFKUDNHQ]XVDPPHQ $OV2UEDQDVFKROLQV%LOGNDPGHUGHU%DKUHPLWWUDXHUYROOHU0LHQHIROJWH ZDQGWHVLFK7HVFKNRQEUVNDE³6FKDOWHQ6LHDE´EHIDKOHUGHP3LORWHQPLWEUFKLJHU 6WLPPH³'LHVHU)HWWHLVWGHUOHW]WHGHQLFKMHW]WVHKHQP|FKWH:HQQLFKGDUDQGHQNH GDZLULQ=XNXQIWPLWLKPIOLHJHQVROOHQ´ (UVWMHW]WHQWGHFNWHHUGHQ$U]WXQGNDPPLWJURHQ6FKULWWHQDXILKQ]X³:LH NRQQWHGDVJHVFKHKHQ)DUWXORRQ"´IUDJWHHUYRUZXUIVYROO³:DUHQ6LHGHQQQLFKWEHL LKP"´)DUWXORRQOHJWHGLH)LQJHUDXIGLH/LSSHQXQGGHU.RPPDQGDQWYHUVWDQG³:LU JHKHQLQPHLQH.DELQH´XQWHUULFKWHWHHUVHLQHQ6WHOOYHUWUHWHUXQGEHLGHYHUOLHHQGLH =HQWUDOH 'UDXHQ]RJLKQGHU$U]WLQHLQH1LVFKH³.HLQH)UDJHQPHKU 7HVFKNRQ0DQFKPDOLVWHVEHVVHUZHQQPDQQLFKWDOOHVZHL,FKNDQQ,KQHQ QXUVDJHQGDGHU,PSHUDWRUNHLQHP8QIDOO]XP2SIHUJHIDOOHQLVW´ ³'DFKWHLFKHVPLUGRFK´VWLHGHUJUDXKDDULJH2IIL]LHUKHLVHUKHUYRU³:LH N|QQHQ6LHGD]XVFKZHLJHQ)DUWXORRQDXVJHUHFKQHW6LH":LUPVVHQHWZDVWXQDOOH :HOWPXHUIDKUHQ´ ³*DUQLFKWVZHUGHQZLUWXQ7HVFKNRQ´ILHO)DUWXORRQLKPEUVNLQV:RUW³'LHVH 6DFKHLVW]XJURIUXQVEHLGHKLHUZXUGHELVLQVNOHLQVWH'HWDLOYRUDXVJHSODQWXQG ZLUZlUHQVFKQHOOHUYHUKDIWHWDOVZLUUHGHQN|QQWHQ7HVFKNRQVLQGGLH%HLERRWHGHU 721'21HLQVDW]EHUHLW"9HUPXWOLFKZHUGHLFKHLQHVGDYRQVWHKOHQPVVHQ²YHUVWHKHQ 6LH"´ 'HU.RPPDQGDQWEHJULIIVRIRUW³721=ZHLZLUGDPEHVWHQVHLQYROO YHUSURYLDQWLHUWXQGVWDUWEHUHLW:DVKDEHQ6LHYRU)DUWXORRQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
³.PPHUQ6LHVLFKQLFKWGDUXP.RPPDQGDQW´HPSIDKOLKPGHU³)UHWZDVYRQ GHP6LHQLFKWVZLVVHQNDQQPDQ6LHVSlWHUDXFKQLFKW]XU5HFKHQVFKDIW]LHKHQ6LH KDEHQNHLQH$KQXQJZRKLQLFKYRQKLHUDXVJHJDQJHQELQNODU"´ 7HVFKNRQQLFNWHKDOEZLGHUVWUHEHQGXQG)DUWXORRQHLOWHGDYRQ-HW]WNDPHVDXI MHGH0LOOLWRQWDDQGHQQ]ZHLIHOORVZUGHGDV%HLERRWEDOGYRQGHQ7HXIHOVIHOVHQ DEIOLHJHQXPGLH/HLFKHGHV,PSHUDWRUVDQ%RUGGHU721'21]XEULQJHQ%LVGDKLQ DEHUZROOWH)DUWXORRQOlQJVWXQWHUZHJVVHLQ²DEHUQLFKWDOOHLQ,P:RKQWUDNWGHV +HUUVFKHUSDDUVKHUUVFKWHHLQHIDVWEHlQJVWLJHQGH6WLOOH)DUWXORRQWUDIDXIGHQ*lQJHQ QLHPDQGHQXQGGDVZDULKPVHKUUHFKW6RNDPHUXQJHVHKHQELVLQGLH6XLWHGHU :LWZH*RQR]DOV9,,´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQNRQQWHQXUQRFKVWDXQHQDEHUGDQQHQWZLFNHOWHHUHLQHKHNWLVFKH %HWULHEVDPNHLW0LWJHEWHQ*ULIIHQDNWLYLHUWHHU$JJUHJDWHGHV6FKLIIHVXQGMXVWLHUWH VLHDXI(LQPDQQVWHXHUXQJHLQ)XQNLPSXOV|IIQHWHGLH+DQJDUVFKOHXVH'LH 7HOHVNRSVWW]HQIXKUHQHLQGLH.XJHOVFKZHEWHDXILKUHP$QWLJUDYSROVWHULQGLH 6FKOHXVH(VVFKLHQ(ZLJNHLWHQ]XGDXHUQELVGLH$XHQSIRUWHQDXIJOLWWHQ²GDQQ VFKZHEWHGLH.XJHOYRQGHU721'21IRUWVWLHJLQGHQ+LPPHO(UVNRPLHUV 'HUHLJHQWOLFKNULWLVFKH0RPHQWNDP:UGHPDQYRP.RQWUROOWXUPDXVGHP %HLERRWHLQH6WUXNWXUOFNHIUGHQ$XVIOXJDXVGHU(QHUJLHJORFNH|IIQHQ²RGHUKDWWHQ 2UEDQDVFKROXQGVHLQH+DQGODQJHUVFKRQJHKDQGHOWXQGMHGHQ6WDUWXQWHUVDJW" )DUWXORRQNRQQWHHVQLFKWULVNLHUHQVLFKSHU%LOGIXQN]XHUNHQQHQ]XJHEHQ(UVHQGHWH QXUGLHNXU]H.RGHJUXSSHGHV,PSHUDWRUVGLHGLH+DIHQPDQQVFKDIWDQZLHVHLQH/FNH IUGHQNOHLQHQ.XJHOUDXPHU]XVFKDIIHQXQGGDQQYHUJLQJHQEDQJH$XJHQEOLFNH :HQQVLFKGHU6FKLUPQLFKW|IIQHWKDWPHLQH)OXFKWPLWGHP.ULVWDOOSULQ]HQLKU(QGH JHIXQGHQHKHVLHQRFKULFKWLJEHJDQQ ³:RUDXIZDUWHVWGXQRFK2QNHO)DUWXORRQ"´ULHIGHU-XQJHLQGLHDWHPORVH6WLOOH ³)OLHJGRFKVFKRQORVVRQVWVFKLPSIWPHLQ9DWHUQRFKZHLOZLUVRVSlWNRPPHQ´ $P6WHXHUSXOWJORPPHLQYLROHWWHV/LFKWDXI²GLH6WUXNWXUVFKOHXVHLP (QHUJLHVFKLUPZDURIIHQ0LWHLQHPEHIUHLWHQ$XIDWPHQVFKDOWHWH)DUWXORRQGLH 7ULHEZHUNHKRFKGDV%RRWPDFKWHI|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|UHUKDWWHQLKU=LHOHUUHLFKWDEHUGDV/HEHQGHV .ULVWDOOSULQ]HQYRQ$UNRQZDUJHUHWWHW .XU]QDFKGHP$EIOXJGHV%RRWHVWUDIGDV%HLERRWPLWGHQVWHUEOLFKHQ hEHUUHVWHQGHV,PSHUDWRUVDXIGHP5DXPKDIHQHLQ'LHIHLHUOLFKHhEHUIKUXQJLQGLH 721'21GDXHUWHHLQHKDOEH7RQWDHLQ7ULYLG$XIQDKPHWHDPVRUJWHGDIUGDGLHVH =HUHPRQLHLQDOOH7HLOHGHV*URHQ,PSHULXPVEHUWUDJHQZXUGH$QVFKOLHHQGKLHOW GHUQHXH5HJHQW2UEDQDVFKROLQGLH8QLIRUPHLQHV)ORWWHQNRPPDQGHXUVJH]ZlQJW HLQHHUVWHNXU]H5HGHDOV1DFKUXI 'DQQHUVWNRQQWHHUVLFKXPDQGHUH'LQJHNPPHUQXQGHUOLWWJOHLFKGDUDXI HLQHQ7REVXFKWVDQIDOO0LWDOOHPKDWWHHUJHUHFKQHWQXUQLFKWGDPLWGD)DUWXORRQ GHUDUWVFKQHOOXQGEHVRQQHQKDQGHOQZUGH(UKDWWHLKQDXVJHVSLHOWXQG0DVFDUHQYRU VHLQHP=XJULIILQ6LFKHUKHLWJHEUDFKW ,QGLHVHP0RPHQWIDWHGHU%UXGHUP|UGHUHQGJOWLJGHQ(QWVFKOXVHLQHQ 1HIIHQW|WHQ]XOHVVHQVREDOGHULUJHQGZRJHIXQGHQZXUGH (SLORJ :RI0DUO6WDUFRXQG5LDPH5LY/HQN $8)67,(*81'1,('(5*$1* '(6$5.21,',6&+(1,03(5,806
'HU.ULVWDOOSULQ]
M
$WODQ
ELEOLRSKLOH.RVWEDUNHLWDXVGHP$UNRQLGLVFKHQ$QQRQ&KULQV,QWHUNRVPR EHUVHW]WXQGYHU|IIHQWOLFKWQDFKEHDUEHLWHWYRQ&\U$HVFXQQDU*lDIUGLH$11$/(1 '(50(16&++(,7Q&KU 9RUHWZDIQI]LJ-DKUWDXVHQGHQ1DFKGHPHUELWWHUWHQ.ULHJ GHUJDOD[LVEHKHUUVFKHQGHQ/HPXUHUJHJHQGLH+DOXWHUIOFKWHWHHLQ*URWHLOGHU/HPXUHU PLW+LOIHYRQ6RQQHQWUDQVPLWWHPQDFK$QGURPHGD$XVGHQ]XUXFNEOHLEHQGHQ /HPXUHPJLQJHQ6WHPHQY|ONHUZLH7HUUDQHURGHU$NRQHQKHUYRU,PQHXQ]HKQWHQ -DKUWDXVHQGYRUGHU=HLWHQZHQGHHUUHLFKWHQDNRQLVFKH$XVZDQGHUHUGHQ .XJHOVWHPKDXIHQ0/LFKWMDKUHYRP6ROV\VWHPHQWIHUQWLQGHVVHQ=HQWUXP VLHEHQXQG]ZDQ]LJ3ODQHWHQXPHLQHZHLH5LHVHQVRQQHURWLHUWHQ'HUGULWWH3ODQHW $UNRQZXUGH]XU8UKHLPDWGHU$UNRQLGHQVSlWHUHUKLHOWGHU.XJHOVWHUQKDXIHQGHQ 1DPHQ³7KDQWXU/RN´DOVR³7KDQWXUV=LHO´ $XVGHU9RUJHVFKLFKWH$UNRQVZHLWYRUGHU*UQGXQJGHV*URHQ $UNRQLGLVFKHQ,PSHULXPVVLQGQXU/HJHQGHQEHNDQQWHWZDGLH6DJHYRQ&D\FRQXQG 5DLPDQMDGHP³ZHOWHUVFKDIIHQGHQ/LHEHVSDDU´5DLPDQMDJHEDUDXIGHU:HOW 3HUSDQGURQHLQHQ6RKQGHQVLH$NRQ$NRQQDQQWHQGDV³ZDFKH:HVHQ´6HLQ (PEU\RZXUGHYRQDNRQLVFKHQ*HQHWLNHPPDQLSXOLHUW$NRQ$NRQVROOWHGHQ6LHJ GHU$NRQHQLP*URHQ%UXGHUNULHJVLFKHPKHOIHQPLWK\SQRVXJJHVWLYHU0DFKWVROOWHHU QDFK$UNRQHLQJHVFKOHXVWGHQ$UNRQLGHQVHLQHQ:LOOHQDXI]ZLQJHQ :lKUHQGGHV8QWHPHKPHQVlQGHUWHQVLFKGLHJDODNWLVFKHQ0DFKWYHUKlOWQLVVH 'LH$UNRQLGHQGXUFKTXHUWHQZHLWH6WUHFNHQGHU*DOD[LVEHVLHGHOWHQYLHOH3ODQHWHQXQG IHVWLJWHQGLH0DFKWGHV,PSHULXPV'LH$NRQHQ]RJHQVLFK]XUFNVFKW]WHQ²XQG LVROLHUWHQ²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
'HU.ULVWDOOSULQ]
M
$WODQ
$WODQZXUGHYRQGHQ6FKHUJHQ2UEDQDVFKROVHEHQVRJQDGHQORVZLHHUIROJORV JHKHW]WXQGYHUIROJWHJOHLFK]HLWLJVHLQHUVHLWVGLH0|UGHUPLWHUELWWHUWHU+DUWQlFNLJNHLW )DUWXORRQKDWWHPLFKPLW+LOIHKRFKVWHKHQGHU)ORWWHQRIIL]LHUHLQ6LFKHUKHLW JHEUDFKW(LQHUYRQLKQHQZDU$GPLUDO7RUPDQDFGD%RVWLFKJHZHVHQ(U]IUVWLP 6FKQHHIO|FNFKHQJHQDQQWHQ.XJHOVWHUQKDXIHQ&HUNRO(UKDWWHGLH 9HUIROJXQJVUDXPVFKLIIHGHU7*&JQDGHQORVDEVFKLHHQODVVHQ$OOHUGLQJVKDWWHPDQ LKPQLHPDOVHLQHVWDDWVJHIlKUGHQGH0DQLSXODWLRQQDFKZHLVHQN|QQHQ:HQQHUQLFKW VRPlFKWLJXQGEHOLHEWJHZHVHQZlUHKlWWHHU]ZHLIHOORVVHLQ/HEHQHLQJHEW6R DEHUKDWWHHVVHOEVWHLQ2UEDQDVFKROGDPDOVLQGHQ:LUUHQQLFKWZDJHQN|QQHQGLHVHQ YRPDUNRQLGLVFKHQ9RONYHUHKUWHQ)ORWWHQDGPLUDO]XEHVHLWLJHQ 7RUPDQDFZDUXQWHU+LQZHLVDXIVHLQHEHLGHQ%HLQSURWKHVHQGLHLKQLP )URQWHLQVDW]QLHPDOVJHVW|UWKDWWHQDXVGHPDNWLYHQ'LHQVWHQWODVVHQXQG]XP 3UIXQJVSODQHWHQ/DUJDPHQLDDEJHVFKREHQZRUGHQ'LH)ROJHQGLHVHU +DQGOXQJVZHLVHKDWWHPHLQ2KHLPQXQ]XVSUHQEHNRPPHQ(LQ0DQQZLH7RUPDQDF JDEQLHPDOVDXI(UKDWWHGLH)OXFKWDXVGHU.OLQLNDUUDQJLHUW'LH7HFKQLNHUGHU 7UDQVPLWWHU]HQWUDOHKDWWHQ]XVHLQHQ9HUWUDXWHQJH]lKOW )DUWXORRQV%HZHLVH]HLJWHQGDGHU%UXGHUPHLQHV9DWHUVGHUKHXWLJH ,PSHUDWRU2UEDQDVFKRO,,,GLH8QWDWQLFKWSHUV|QOLFKEHJDQJHQKDWWH(VVWDQGDEHU HLQGHXWLJIHVWGDPHLQ9DWHULP$XIWUDJVHLQHVMQJHUHQ%UXGHUVJHW|WHWZRUGHQZDU 'HU=HLWSXQNWIUGLHVHV9HUEUHFKHQZDUJQVWLJJHZHVHQ,FKGHU.ULVWDOOSULQ]GHV 5HLFKHVHLQ]LJHU6RKQGHV+HUUVFKHUVZDUPLQGHUMlKULJJHZHVHQ0HLQ2KHLPKDWWH GLHJQVWLJH*HOHJHQKHLWEHLP6FKRSIHUIDWXQGGLHYRP9RONHIUHLJHZlKOWHQ 0LWJOLHGHUGHV+RKHQ5DWHVYRQ$UNRQGDYRQEHU]HXJHQN|QQHQGDHU 2UEDQDVFKROELV]XP=HLWSXQNWPHLQHU5HLIHSUIXQJGLH5HJHQWVFKDIWLP6LQQHPHLQHV YHUXQJOFNWHQ9DWHUV]XPHLQHQ*XQVWHQXQGLP,QWHUHVVHGHV*URHQ,PSHULXPV DXVEHQPVVH 1XUZHQLJH3HULRGHQQDFK$QWULWWVHLQHU5HJHQWVFKDIWHUJULII2UEDQDVFKROGLH DEVROXWH0DFKW'HU+RKH5DWZXUGHZHJHQDQJHEOLFKYHUZHUIOLFKHU0DFKHQVFKDIWHQ XQG8QIlKLJNHLWDXIJHO|VW'LH.UHDWXUHQGHV2UEDQDVFKROQDKPHQGLHIUHLJHZRUGHQHQ 3OlW]HLP3DUODPHQWGHV5HLFKHVHLQ(UZXUGHRIIL]LHOO]XP,PSHUDWRUEHVWLPPW'DPLW ZDUPHLQ/HEHQQLFKWVPHKUZHUWJHZHVHQ2UEDQDVFKRO,,,ZLHVLFKPHLQ2KHLP 9HOR]QXQPHKUQDQQWHKDWWHMHGRFK)DUWXORRQV*HVFKLFNOLFKNHLWXQGGLH9RUVRUJH PHLQHV9DWHUVXQWHUVFKlW]W 6HOEVWYHUVWlQGOLFKKDWWHQGLH$WWHQWlWHUDOOHVDPW.DUULHUHJHPDFKW6RIJDUWKDWWH *OFNGHQQGHU6WUDKOVFKXWUDIQLFKWLKQVHOEVWVRQGHUQGHQ)HOVEURFNHQGHQHU ZHUIHQZROOWH(UHUOLWWDOOHUGLQJV9HUEUHQQXQJHQLP*HVLFKWXQGYHUORUGDV$XJHQOLFKW VRGDHUVSlWHUHLQH6HKKLOIHWUDJHQPXWH2UEDQDVFKROPDFKWHLKQ]XP$QIKUHUGHU EHUFKWLJWHQ.UDODVHQHQXQGHUNDPVFKOLHOLFKDXFKDXIPHLQH6SXU2IIDQWXUGHUGHQ OHW]WHQ6WHLQZDUIEHIHKOLJWHGLH7X*RO&HOGLHVLFKXQWHULKPVRHQWZLFNHOWKDWWHGD VLHIDVWVRVFKOLPPZLHGLH.UDODVHQHQZDU3VROOLHQZXUGH7DWRYRQ(UVNRPLHU ZlKUHQG+HQJLPK|FKVWHQ2IIL]LHUVUDQJVWDQG'HU0DVFDQWZDUGDIUEHUFKWLJWGD HU6FKLIIHVLQQORVRSIHUWHZHLOVHLQWDNWLVFKHV*HVFKLFNPLWVHLQHP(KUJHL]QLFKW6FKULWW KDOWHQNRQQWH'RFK2UEDQDVFKRONRQQWHHVVLFKQLFKWOHLVWHQLKQDE]XVHW]HQVLH KDWWHQVLFKJHJHQVHLWLJLQGHU+DQG 0HLQZHLWHUHU/HEHQVZHJZDUYRQ)DUWXORRQEHVWLPPWZRUGHQLFKKDWWHDXI /DUJDPHQLDEHZLHVHQGDVHLQH6FKXOXQJHUVWNODVVLJJHZHVHQZDU-HW]WNDPHV
'HU.ULVWDOOSULQ]
M
$WODQ
GDUDXIDQGLHPLU]XVWHKHQGH3RVLWLRQ]XJHZLQQHQ'DVPXWH]ZDQJVOlXILJGHQ 6WXU]GHVDPWLHUHQGHQ,PSHUDWRUVEHGHXWHQ'DV9RUKDEHQZDUUHFKWOLFKHLQZDQGIUHL XQGHVNODQJDXFKJXWQXUKDWWHPLUPHLQ/RJLNVHNWRUVS|WWLVFK]XJHUDXQW2UEDQDVFKRO ZUGHZRKOHWZDVJHJHQVHLQH(QWPDFKWXQJHLQ]XZHQGHQKDEHQ'DVZXWHDXFK )DUWXORRQ8QVHUHYRUGULQJOLFKVWH0DQDKPHPXWHMHW]WGDULQEHVWHKHQGDVDXIHLQLJH ]HKQWDXVHQGEHVLHGHOWH3ODQHWHQYHUWHLOWH9RONGHU$UNRQLGHQEHUGLH7DWVDFKHQ]X LQIRUPLHUHQ ,FKKDWWHQDFKGHU(UULQJXQJGHVGULWWHQ*UDGHVGHU$5.6800,$HLQHQY|OOLJ QHXHQ6WDWXVJHZRQQHQ9RUKHUKlWWHLFKPLFK]XUFNKDOWHQPVVHQ2KQHGLH$5. 6800,$ZlUHQPHLQH&KDQFHQJOHLFKQXOOJHZHVHQ1XQDEHUZDUPHLQ/RJLNVHNWRU DNWLYLHUW,FKZDU|IIHQWOLFKDQHUNDQQWZRUGHQ'DVZDUGLH9RUDXVVHW]XQJJHZHVHQ 1XQNRQQWHLFKDOV.ULVWDOOSULQ]DXIWUHWHQXQGKDQGHOQ'HUYHUEUHFKHULVFKH,PSHUDWRU KDWWHVHLQHEHVWH0|JOLFKNHLWXP$XJHQEOLFNHYHUSDWREZRKOHUJHZXWKDWWHGDLFK DPOHLFKWHVWHQXQGDPEHVWHQDXIHLQHPGHUIQI3UIXQJVSODQHWHQ]XIDVVHQJHZHVHQ ZlUH'DQN7DQLFWURSKDWWHLFKGLH5ROOHHLQHVJHIDOOHQHQ2IIL]LHUVVSLHOHQN|QQHQ -HW]WNRQQWHLFKVLHDXIJHEHQ ,FKHUKREPLFKYRQGHP.UDQNHQODJHUXQGEHWUDFKWHWHPLFKLP6SLHJHO )DUWXORRQXQG]ZHLGHUPLUYRUKHUXQEHNDQQWHQ0lQQHUIlKLJH&KLUXUJHQXQG %LRFKHPLNHUKDWWHQPLUPHLQHFKWHV*HVLFKWRSHUDWLYZLHGHUJHJHEHQ-HW]WZDULFK ZLHGHUMHQHU$WODQPLWGHVVHQ*HVLFKWLFKQLHPDOV]XU$5.6800/$]XJHODVVHQ ZRUGHQZlUH'HU:XQGVFKPHU]ZDUYRUEHUGLH(LQVFKQLWWHKDWWHQVLFKXQWHUGHU (LQZLUNXQJHLQHVV\QWKRELRORJLVFKHQ3ODVPDVLQQHUKDOEYRQZHQLJHQ7RQWDVQDUEHQORV JHVFKORVVHQ,FKZDUZLHGHULFKVHOEVW$EHUZHUZDULFKZLUNOLFK"-HQHU$WODQGHU VHLQH-XJHQGDXIGHU5DQGZHOWYHUEUDFKWKDWWHRGHU0DVFDUHQGHUGHVLJQLHUWH *RV¶DWKRUDXVGHP*RQR]DO.KDVXUQ",FKGDFKWHDQGHQ:XQVFKPHLQHU0XWWHUXQG HQWVFKORPLFK$WODQGHU.ULVWDOOSULQ]]XVHLQGHVVHQ1DPHQVSDWURQHLQHUGHU=Z|OI +HURHQZDU 'LHVH(QWVFKHLGXQJZXUGHGDYRQEHVWlUNWGDYRUHLQHUKDOEHQ7RQWDHLQH QLHGHUVFKPHWWHUQGH1DFKULFKWHLQJHWURIIHQZDU'HU:LVVHQVFKDIWOHU7DQLFWURSPHLQ ³(UVDW]YDWHU´ZDUYRQGHQ.UDODVHQHQGHV%OLQGHQ6RIJDUWNXU]YRUVHLQHU YRUEHUHLWHWHQ)OXFKWJHIDWZRUGHQ6LHKDWWHQLKQXQWHUHLQHPIDGHQVFKHLQLJHQ 9RUZDQGHUVFKRVVHQ7DQLFWURSV7RGKDWWHPLFK]XWLHIVWDXIJHZKOW2KQHGLH VHOEVWORVH+LOIHOHLVWXQJGLHVHV0DQQHVZlUHLFKQLH]XGHQ3UIXQJHQYRUJHODVVHQ ZRUGHQ 'DQQYRUQXUZHQLJHQ=HQWLWRQWDVKDWWHQZLUHLQH]ZHLWHEHGDXHUOLFKH ,QIRUPDWLRQHUKDOWHQ$GPLUDO7RUPDQDFGD%RVWLFKZDULQKDIWLHUWZRUGHQXQG]ZDUYRP &KHIGHU7*&K|FKVWSHUV|QOLFK0DVFDQW2IIDQWXU'LHVHU0|UGHUKDWWHVLFKQLFKW JHVFKHXWGHQEHOLHEWHQ)ORWWHQFKHIGHU%HLKLOIH]XPHLQHUJHOXQJHQHQ)OXFKW]X EH]LFKWLJHQ:HQQLFKPHLQHQ2KHLP2UEDQDVFKRODEJUXQGWLHIYHUDFKWHWHXQGLKPGHQ YHUGLHQWHQ7RGZQVFKWHVRHPSIDQGLFKIU2IIDQWXUXQVWLOOEDUHQ+D (UZDUHLQH%HVWLHLQ0HQVFKHQJHVWDOW2UEDQDVFKROKlWWHNHLQZLOOIlKULJHUHV :HUN]HXJILQGHQN|QQHQDOVLKQGHQ%HKHUUVFKHUGHU3ROLWLVFKHQ*HKHLPSROL]HLGHV ,PSHUDWRUV)DUWXORRQKDWWHPLUDQ+DQGYRQ)LOPDXIQDKPHQEHZHLVHQN|QQHQ GDGLHVHU0DQQGHUYRUYLHU]HKQ-DKUHQ(UVWHU'LHQHUPHLQHV2KHLPVJHZHVHQZDU PHLQHQ9DWHUZlKUHQGGHU-DJGH[SHGLWLRQHUPRUGHWKDWWH
'HU.ULVWDOOSULQ]
M
$WODQ
2IIDQWXUZDUQXUHLQHQ7DJQDFKPHLQHU)OXFKWDXVGHU3DUDNOLQLNDXI /DUJDPHQLDDQJHNRPPHQ(UKDWWHVRIRUWHLQHWRWDOH%ORFNDGHEHUGHQ3ODQHWHQ YHUKlQJW'HU7UDQVPLWWHUYHUNHKUZDUHLQJHVWHOOWZRUGHQ'LH)ORWWHQHLQKHLWHQYRP :DFKVHNWRU2UE\V1XNDUD²/DUJDPHQLDJHK|UWH]XGLHVHP5DXPJHELHWGDVGHQ JHVDPWHQ&HUNRO6WHUQKDXIHQXPIDWHVWDQGHQLQ$ODUPEHUHLWVFKDIW2IIDQWXUZDU LQWHOOLJHQWJHQXJXP]XZLVVHQGDGLHVDOOHVDXIGHQ8QPXWGHU%HY|ONHUXQJVWRHQ PXWH²XQGQLFKWQXUGDUDXI'DVDUNRQLGLVFKH7ULYLGKDWWHZHJHQGHU)HLHUOLFKNHLWHQ PLQGHVWHQVGUHLLJ$XIQDKPHPDQQVFKDIWHQ]XGHU3UIXQJVZHOWJHVFKLFNW'D]X JHK|UWHQQLFKWQXU.DPHUDOHXWHXQGHLQEHDFKWOLFKJURHU7HFKQLNHUVWDEVRQGHUQDXFK GLHEHNDQQWHVWHQ%HULFKWHUVWDWWHUGHV*URHQ,PSHULXPV'LHVH)UDXHQXQG0lQQHU PDFKWHQVLFKQDWUOLFKLKUHHLJHQHQ*HGDQNHQEHUGLH9RUNRPPQLVVH0LUNDQQHV UHFKWVHLQ'HU*HKHLPGLHQVWFKHIHUZHLVWVHLQHP,PSHUDWRUGDPLWNHLQHQ*HIDOOHQ )DUWXORRQWUDWHLQ(UWUXJHLQHQPRGHUQHQ.DPSIDQ]XJGHU$UNRQIORWWHXQG GDUhEHUVHLQHQYHUEHXOWHQ+DUQLVFK³)HUWLJ$WODQ":LOOVWGXHVZLUNOLFKULVNLHUHQ"´ ,FKZLQNWHDE7LUDNRUHLFKWHPLUHEHQIDOOVHLQHQ.DPSIDQ]XJ'LH 0DJQHWYHUVFKOVVHZDUHQEHUHLWVJH|IIQHW ³'HU3ODQHWJOHLFKWHLQHPDXIJHVW|UWHQ,QVHNWHQQHVW=ZDQ]LJWDXVHQG0DQQGHU 7*&VLQGJHODQGHW0LQGHVWHQVWDXVHQG6FKLIIHGHV2UE\V1XNDUD*HVFKZDGHUV ULHJHOQGHQ5DXPDE2GHUZDUXPJODXEVWGXZRKOKDEHLFKDXIHLQHQVRIRUWLJHQ6WDUW YHU]LFKWHW"´,FKODXVFKWHDXIHLQHQ,PSXOVPHLQHV/RJLNVHNWRUV/DQJVDPJHZ|KQWHLFK PLFKDQGLHLQQHUH6WLPPHVLHVFKZLHJMHGRFK³0HLQH*UQGHVLQGNODU,QGHQ QlFKVWHQ3HULRGHQZHUGHQZLUQLFKWPHKUHLQHVRJOlQ]HQGH*HOHJHQKHLWILQGHQGLH EHNDQQWHVWHQ%HULFKWHUVWDWWHUGHV,PSHULXPVDXIHLQHP)OHFNYHUHLQWDQ]XWUHIIHQ,FK PXPLWLKQHQVSUHFKHQ´ ³$N]HSWLHUW'LH%HJUQGXQJLVWHUVWNODVVLJGLH*HIDKUHQVLQGHVDEHUDXFK,FK KDEHZlKUHQGGHLQHU$5.6800,$6FKXOXQJV]HLWNQDSSKXQGHUW]XYHUOlVVLJH/HXWH DXI/DUJDPHQLD]XVDPPHQ]LHKHQN|QQHQ9RQHLQHP)HXHUVFKXW]NDQQLP1RWIDOODOVR NHLQH5HGHVHLQ´ ³:LUZHUGHQLKQQLFKWEHQgWLJHQ:LUNRPPHQOHJHQGLH%HZHLVHYRUXQG YHUVFKZLQGHQZLHGHU)DOOVGLHVHU6WhW]SXQNWVRVLFKHUXQGXQDXIILQGEDULVWZLHGX JODXEVWN|QQHQZLUXQVDQVFKOLHHQGVRODQJHYHUEHUJHQXQG5XKHEHZDKUHQELVPDQ DXIGHUDQGHUHQ6HLWHGLH*HGXOGYHUOLHUW´ )DUWXORRQPXVWHUWHPLFKDXVYHUNQLIIHQHQ$XJHQ³1DVFK|Q6HLQH(UKDEHQKHLW KDEHQEHIRKOHQ9HUGDPPW²ELVKHUZDULFKGHU0DQQGHUGLH$QRUGQXQJHQJHJHEHQ KDW´ ³'DVZLUVWGXDXFKZLHGHUVHLQ´EHVlQIWLJWHLFKLKQ³*ODXEHQLFKWLFKZhUGH GHLQHQ(UIDKUXQJVVFKDW]PLDFKWHQ0HLQH*UQGHVROOWHQMHGRFKHLQOHXFKWHQGVHLQ´ ³6LQGVLHDXFK$OVRJXWGDQQVWDUWHQZLU,FKZHUGHMHGRFKIURKVHLQZHQQZLU ZLHGHUVLFKHULQGLHVHP%DXDQJHNRPPHQVLQG´ 7LUDNRVFKORGLH+DOWHUXQJHQPHLQHV.DPSIDQ]XJV,FKOLHSUREHZHLVHGDV (QHUJLFDJJUHJDWDQODXIHQ'LH.RQWUROOHQ]HLJWHQ]XIULHGHQVWHOOHQGH:HUWHDQ³:LU ZHUGHQ]XUFNNRPPHQ6RUJHGXQXUGDIUGDZLUQLFKWDQJHSHLOWZHUGHQ´ (UQLFNWH'HU&KHIGHUHLQ]LJHQ2UWXQJVVWDWLRQGLHIUHLQHVROFKH$QSHLOXQJLQ )UDJHJHNRPPHQZlUHVWDQGDXIVHLQHU²QHLQDXIPHLQHU6HLWH:LHVFKgQGDLFK GDVQXQHQGOLFKVDJHQNRQQWH
'HU.ULVWDOOSULQ]
M
$WODQ
(LQHKDOEH7RQWDVSlWHUZXUGHQZLUYRQGHP7UDQVPLWWHUDEJHVWUDKOW:LUNDPHQ LQGHQXQEHUVHKEDUHQ.HOOHUJHZ|OEHQHLQHV9HUWUDXHQVPDQQHVKHUDXV,FKNDQQWHLKQ QRFKQLFKWDEHUHUZDUGDVNUDVVH*HJHQWHLOYRQ0RUHQWK.XU]GDUDXINDPHQ7LUDNR *DPQRXQG$UFWDPRQDXVGHP7UDQVPLWWHU:HLWHUKLQWHQHUVFKLHQHQ VFKZHUEHZDIIQHWH0lQQHU6LHJUWHQHKUIXUFKWVYROO,FKEHGDQNWHPLFKEHLLKQHQIU LKUH+LOIHXQGK|UWHPLULKUHSHUV|QOLFKHQ6RUJHQDQ)DUWXORRQKDWWHGD]XJHUDWHQ(U PHLQWH'LQJHGLHVHU$UWJHK|UWHQQXQHLQPDO]XP$XIJDEHQEHUHLFKHLQHV .ULVWDOOSULQ]HQXQGNRPPHQGHQ,PSHUDWRUV %HL$QEUXFKGHU1DFKWZDUHQGLH9RUEHUHLWXQJHQDEJHVFKORVVHQ0HVWDFLDQGHU PLWXQVYHUEQGHWH+lQGOHUXQG,QKDEHUGLHVHUULHVLJHQXUDOWHQ*HZ|OEHNDPVRHEHQ YRQHLQHP(UNXQGXQJVIOXJ]XUFN³'LH%HYgONHUXQJ7LIWRUXPVLVWLQ$XIUXKUVWLPPXQJ *RV¶DWKRU´EHULFKWHWHHU³'LH7*&HUODXEWVLFKhEHUJULIIHGLHPDQKLHUVRZHLWYRP 'UHLJHVWLUQGHU$UNRQZHOWHQHQWIHUQWQLFKWZLGHUVSUXFKVORVKLQQLPPW´ ³%LWWHQHQQHQ6LHPLFK$WODQ)UHXQG´ 'HUlOWHUH0DQQODFKWHPLFKDQ³,FKHUODXEHPLUGLH)UHLKHLW'DQNH$WODQ6LH ZHUGHQEHUDOO+LOIHILQGHQ0HLQH0lQQHUKDEHQ*HUFKWHEHUVHOWVDPH 9RUNRPPQLVVHDXVJHVWUHXW'LH%HULFKWHUVWDWWHUVLQGEHUHLWVDXIPHUNVDPJHZRUGHQ 0DQIUDJWLPPHUHLQGULQJOLFKHU'LH'DPHQXQG+HUUHQDKQHQOlQJVWGDKLHUHWZDV QLFKWVWLPPW:LUKDEHQ,KUHQ1DPHQXQG,KUHQKRKHQ5DQJRIWPDOVIOVWHUQGJHQDQQW´ ³+DWWHQ6LH9HUOXVWH"´IUDJWH)DUWXORRQPLWVHLQHUHUVFKUHFNHQGHQ6DFKOLFKNHLW ³1HLQ:LUZDUHQYRUVLFKWLJ'LHJHGUXFNWHQ)OXJEOlWWHUPLW$WODQV /HEHQVJHVFKLFKWHXQGGHU:DKUKHLWEHU*RQR]DOV7RGVLQGYHUWHLOWZRUGHQ +XQGHUWWDXVHQG([HPSODUH:LUKDEHQVLHDXV*OHLWHUQDEUHJQHQODVVHQ,FKKDEH JHK|UWGDYLHOHGDYRQLP3UHVVH]HQWUXPDXIJHWDXFKWVLQG2IIDQWXUVROOUDVHQ´ ³+RIIHQWOLFK]HUSODW]WHU´NQXUUWH)DUWXORRQ³$WODQHVZLUG=HLW´ :LUVWUHLIWHQGLHYRUEHUHLWHWHQ*HZlQGHUEHUGLH.DPSIDQ]JHXQGPDFKWHQ XQVDXIGHQ:HJ'DV$OWVWDGWYLHUWHOYRQ7LIWRUXPKDWWHQDFK$QEUXFKGHU1DFKWZLHGHU VHLQHHLJHQH/HEHQVIRUPHQWZLFNHOW:LUYHU]LFKWHWHQDXI/XIWIDKU]HXJHXQGEHQXW]WHQ GLH5ROOElQGHUGHU1DKYHUELQGXQJHQ1DKHGHPDOWHQ3DWULXPHLQHUKLVWRULVFKHQ PLQGHVWHQV]HKQWDXVHQG-DKUHDOWHQ$UHQDWUDIHQZLUDXIGHQHUVWHQYRQ0HVWDFLDQ DXIJHVWHOOWHQ3RVWHQ ³$OOHVUXKLJ(XHU(UKDEHQKHLW´PHOGHWHHUJHGlPSIW³)QI]LJ0DQQVLQGDXHU PLUDQZHVHQG'UHLVFKQHOOH*OHLWHUVWHKHQIUHLQHQ1RWIDOODQYHUVFKLHGHQHQ2UWHQ EHUHLW(LQHUGDYRQLVWPLWHLQHP.OHLQWUDQVPLWWHUEHVWFNW:HQQ6LHLKQEHQXW]HQ PVVHQVROOGHUOHW]WH,KUHU]XWUDQVSRUWLHUHQGHQ%HJOHLWHUGLHHLQJHEDXWH 6SUHQJODGXQJDNWLYLHUHQ'HU=HLW]QGHUOlXIWQXUZHQLJH0LOOLWRQWDVODQJ'LH0DVFKLQH GDUIDXINHLQHQ)DOOLQGLH+lQGHGHU7*&IDOOHQ´ ³6LHGUIWHGHQQRFKYHUPLWZHUGHQ´ ³:LUKDEHQYRUJHVRUJW:HQQ6LHGLH0DVFKLQHEUDXFKHQZLUGGHU(LJHQWPHU LPJOHLFKHQ$XJHQEOLFNHLQHRIIL]LHOOH'LHEVWDKOVDQ]HLJHDEJHEHQ´ :LUJLQJHQZHLWHU7LUDNRXQG$UFWDPRQKLHOWHQVLFKVHLWOLFKKLQWHUPLU,KUH VFKZHUHQ%HLGKDQG/XFFRWVZDUHQHQWVLFKHUW,FKKLHOWPHLQHJOHLFKDUWLJH:DIIHPGHU $UPEHXJH'DVZHLWH5XQGGHUXUDOWHQ.DPSIVWlWWHZDUZLHDXVJHVWRUEHQ+LHUVROOWHQ ZLUHLQLJH9HUWUHWHUGHV7ULYLGVWUHIIHQ0HVWDFLDQKDWWHEHKDXSWHWVLHZlUHQ ]XYHUOlVVLJ,FKVFKREGLH,QIUDURWEULOOHEHUGLH$XJHQXQGVFKDXWHPLFKXP'LH1DFKW ZXUGH]XP7DJH
'HU.ULVWDOOSULQ]
M
$WODQ
:HQLJVSlWHUHQWGHFNWHLFKDFKWELV]HKQ3HUVRQHQGLHXQWHUHLQHU KHUDEJHEURFKHQHQ(PSRUHLQ'HFNXQJJHJDQJHQZDUHQ6LHKDWWHQ5RERWNDPHUDVPLW 'LUHNWEHUWUDJXQJVVHQGHUPLWJHEUDFKW:HQQHVJHODQJGHUHQ$XIQDKPHQLQGDV 9HUWHLOHUQHW]YRQ/DUJDPHQLDXQGYRQGRUWDXVEHUGLH5LFKWVWUDKOHUGHUJURHQ +\SHUIXQNVWDWLRQDQGLHQlFKVWH:HOWUDXPEDVLVGHU.RPPXQLNDWLRQVDQVWDOWHQ GXUFK]XJHEHQKDWWHLFKHLQHQXQJHKHXUHQ6LHJHUUXQJHQ )DUWXORRQJLQJYRU,FKYHUQDKPJHGlPSIWH6WLPPHQ'DQQZLQNWHHU $XJHQEOLFNHVSlWHUVWDQGLFKYRUGHQ%HULFKWHUVWDWWHUQ6LHKDWWHQYLHOULVNLHUWLQGHPVLH KLHUHUVFKLHQHQZDUHQ)DUWXORRQKDWWHEHUHLWVGLHQ|WLJHQ(UNOlUXQJHQ]XU(LQIKUXQJ DEJHJHEHQ(LQHUGHU%HULFKWHUVWDWWHUVSUDFKDXIJHUHJWLQVHLQ0LNURIRQ ³6LHULVNLHUHQ,KUHQ.RSIPHLQH'DPHQXQG+HUUHQ´EHJDQQLFKPHLQH $QVSUDFKH³'LH*HZDOWGLNWDWXUPHLQHV2KHLPV2UEDQDVFKROGHV'ULWWHQOlWVROFKH )UHLKHLWHQQLFKW]X,KU|IIHQWOLFKHU6SUHFKHUZLUG]ZDUQLFKWDXIGHQ%LOGVFKLUPHQ DXIWDXFKHQDEHUGLH7*&ZLUGVHLQH6WLPPHOHLFKWLGHQWLIL]LHUHQN|QQHQ:HQQ6LH HLQYHUVWDQGHQVLQGEULQJHLFK6LHLQ6LFKHUKHLW´ 'LHVH:RUWHZDUHQYRQ0LOOLDUGHQ$UNRQLGHQJHK|UWZRUGHQ-HPDQGKDWWHPLU QlPOLFK]XJHIOVWHUWGLH]XU=HLWODXIHQGH'LUHNWVHQGXQJDXVGHP)DHKUOVHLYRQGHQ hEHUWUDJXQJVWHFKQLNHUQGHU+\SHUIXQNVWDWLRQULJRURVXQWHUEURFKHQZRUGHQ,FKPXWH GDKHUY|OOLJEHUUDVFKHQGDXIGHQ%LOGVFKLUPHQGHU=XVFKDXHUHUVFKHLQHQ²DXFK EHUUDVFKHQGIUGLH7*& ³'DVLVWQLFKWQ|WLJ$WODQ´VDJWHGHU6SUHFKHU³,FKYHUWUDXHDXIPHLQH ,PPXQLWlW1LHPDQGVROOHVZDJHQPLFKZHJHQPHLQHUREMHNWLYHQ+DQGOXQJVZHLVH]X LQKDIWLHUHQRGHUJDU]XYHUXUWHLOHQ$WODQLFKGDUI6LHQDFKYHUVFKLHGHQHQ'LQJHQ IUDJHQ"´ ³(LQH=HKQWHO7RQWDQLFKWOlQJHU'DQQLVWGLH7*&KLHU0DQZLUG,KUHQ $XIQDKPHVWDQGRUWOHLFKWHUPLWWHOQ%ULQJHQ6LHELWWHVRIRUWGDV%HZHLVPDWHULDOLQ 6LFKHUKHLWGDV,KQHQPHLQ(U]LHKHUXQG/HEHQVUHWWHUGHU/HLEDU]WPHLQHV9DWHUV VRHEHQEHUUHLFKWH´ ³'DVLVWEHUHLWVJHVFKHKHQ6LHZHUGHQYHUVWHKHQZHQQZLUDQ,KUHQ (UNOlUXQJHQ]ZHLIHOQ=ZDUZLVVHQZLUVHKUJXWGDGHU.ULVWDOOSULQ]VHLQHU]HLWVSXUORV YHUVFKZDQGDEHU´ (UVSUDFKZHLWHU,FKZXUGHXQJHGXOGLJ)DUWXORRQZLQNWHEHUHLWVGHQYRQ XQVHUHP9HUELQGXQJVPDQQJHQDQQWHQ*OHLWHUKHUEHL7LUDNRKDQGHOWHHLJHQPlFKWLJ DEHUEHUOHJW(UOLHGHQHLQJHEDXWHQ7UDQVPLWWHUDQODXIHQ'LH.DPHUDILQJGLH 0DVFKLQHHLQ,FKHUNOlUWHVLHKlWWH]XPHLQHQ%HGDXHUQYRUEHUJHKHQGHQWZHQGHW ZHUGHQPVVHQ,FKVWHOOWHPLFKYRUXQGEHDQWZRUWHWHDOOH)UDJHQZDKUKHLWVJHWUHX )DUWXORRQXQWHUPDXHUWHPHLQH(UNOlUXQJHQGXUFKGUHLGLPHQVLRQDOH)DUEIRWRJUDILHQDXV PHLQHU-XJHQG]HLW$OOPlKOLFKZXUGHQGLH%HULFKWHUVWDWWHUIDVVXQJVORV'LH6WLPPHGHV 6SUHFKHUVEHUVFKOXJVLFK $OVHUPLFKHUQHXWDQVSUDFKILHOZHLWHQWIHUQWHLQ(QHUJLHVFKX'DV DXVJHPDFKWH6LJQDO,FKYHUDEVFKLHGHWHPLFKLQDOOHU(LOHXQGVSUDQJLQGHQ*OHLWHU $XJHQEOLFNHVSlWHUZDULFKVFKRQDEJHVWUDKOWXQGNDPLP6WW]SXQNWKHUDXV1DFKPLU HUVFKLHQHQ)DUWXORRQ7LUDNRXQG$UFWDPRQ'LH0DVFKLQHZDULQ]ZLVFKHQH[SORGLHUW 'DQQVWDQGHQZLUJHPHLQVDPYRUGHPJURHQ%LOGVFKLUPGHV$XIHQWKDOWVUDXPHV =XVDPPHQPLWGHQ7UXSSHQGHU7*&ZDUDXFKGHUHQ&KHI2IIDQWXUHUVFKLHQHQ (UZXUGHVRHEHQEHIUDJW(UVWULWWPHLQH(U|IIQXQJHQDOV/JHDEXQGVWHOOWHPLFKDOV
'HU.ULVWDOOSULQ]
M
$WODQ
6FKZLQGOHUKLQ'LH%HZHLVHHUNOlUWHHUIUJHIlOVFKW=XPHLQHU(UOHLFKWHUXQJZDJWHHU HVQLFKWGLHPXWLJHQ%HULFKWHUVWDWWHULQKDIWLHUHQ]XODVVHQ(UYHUZDUQWHVLHOHGLJOLFKLQ VFKDUIHU)RUP6FKRQGLHVH%HPHUNXQJZDUXQNOXJGHQQGLH0lQQHUGHV DUNRQLGLVFKHQ7ULYLGVYHUZDKUWHQVLFKQRFKVFKlUIHUJHJHQGLH(LQVFKUlQNXQJLKUHU JHVHW]OLFKYHUDQNHUWHQ)UHLKHLWHQ ,FKEHJDQQ]XOlFKHOQ6RHLQIDFKZLHVLFK2IIDQWXUGLH$QJHOHJHQKHlYRUVWHOOW ]VWVLHQLFKW²RGHUQLFKWPHKU,FKKDWWHPLFKGHUgIIHQWOLFKNHLWYRUJHVWHOOWXQGPHLQHQ /HEHQVZHJSUHLVJHEHQ'LH6HQGXQJGDXHUWHQRFK7RQWDV$UFKLYPDWHULDOZXUGH JH]HLJWIUKHUH)UDJHQHUQHXWDXIJHZRUIHQ'LH.RPPHQWDUHZROOWHQNHLQ(QGH QHKPHQ ³'LH6FKLFNVDOVNXJHOUROOW´VDJWH)DUWXORRQSO|W]OLFK³)UHXQGHMHW]WEHJLQQWGHU HLJHQWOLFKH.DPSIDXI/HEHQXQG7RG)U$WODQXQG$UNRQ´ ,FKJLQJKLQEHULQPHLQH8QWHUNXQIW)DUWXORRQV$XVVSUXFKKDWWHHWZDV]X PHORGUDPDWLVFKJHNOXQJHQDEHUHUEDUJLQVLFKGHQYROOHQ:DKUKHLWVJHKDOW:LU VFKULHEHQGHQ3UDJRGHV0HVVRQGD$UNIUPLFKEHJDQQHLQJDQ]QHXHV /HEHQ (1'( $7/$1%DQG 'LH)ROWHUYHOW HUVFKHLQWLP)UKMDKU .OHLQHV$UNRQ/H[LNRQ $UEDUDLWKVDJHQKDIWHV/DQGPLW.ULVWDOOREHOLVNHQYRQ%HVWLHQEHGURKW YHUVFKZDQGPLWGHU(QWUFNXQJGHV+HURHQ7UDQ$WODQ²KlXILJDOVHLJHQWOLFKH 8UKHLPDWGHUa$UNRQLGHQJHGHXWHW $UEWDQHQ 0DQQVFKDIWHQ ²6ROGDWHQ8QWHURIIL]LHUH6HUJHDQWHQ $UNDQWD7LWHOGHU+RKHSULHVWHULQGHU7RWHQZHOW+RFDWDUU²ZHLWHUH$QUHGHQ,KUH +HLOLJNHLW(KUZUGLJH*URH0XWWHU $UNRQ'LHJURHZHLH6RQQHOLHJWIDVWJHQDXLP=HQWUXPGHV .XJHOVWHUQKDXIHQVa7KDQWXU/RN6LHZLUGYRQ3ODQHWHQEHJOHLWHW$OV%HVRQGHUKHLW JLOWGDVLFKGUHL$UNRQ3ODQHWHQPLWJOHLFKHU*HVFKZLQGLJNHLWXQGDXIGHUVHOEHQ 8PODXIEDKQEHZHJHQDOV(FNSXQNWHHLQHVJOHLFKVHLWLJHQ'UHLHFNVDQJHRUGQHW'LH 6RQQHQHQWIHUQXQJGHUGUHL3ODQHWHQa$UNRQ,,,XQG,,,EHWUlJW0LOOLRQHQ.LORPHWHU a7LJD5DQWRQ $UNRQ,'HU:RKQSODQHWGHU$UNRQLGHQZLUGYRQLKQHQVHOEVWDXFKDOV ³.ULVWDOOZHOW´a*RV¶5DQWRQEH]HLFKQHW'XUFKPHVVHU.LORPHWHU6FKZHUNUDIW J'LH2EHUIOlFKHGHV3ODQHWHQZLUGYRQ$XHQVWHKHQGHQDOVHLQHHLQ]LJHJURH 3DUNODQGVFKDIWEHWUDFKWHW $UNRQ,,'LH:HOWYRQ:LUWVFKDIWXQG+DQGHOa0HKDQ¶5DQWRQYROOLQGXVWULDOLVLHUW XQG6WlWWHVXESODQHWDULVFKHU)DEULNHQHLQ3ODQHWGHU*URVWlGWHXQG6LW]GHU PlFKWLJVWHQ.RQ]HUQHGHUHUIRUVFKWHQ*DOD[LV$OOHEHNDQQWHQ9|ONHUJHEHQVLFKKLHU HLQ6WHOOGLFKHLQEHU-DKUWDXVHQGHZXUGHQGLHEHUKPWHQ/DGHQXQG6LORVWUDHQGHU
'HU.ULVWDOOSULQ]
M
$WODQ
6WlGWHYRQHLQHP9LHOY|ONHUJHPLVFKGXUFKVWUHLIWHVJLEW+DQGHOVQLHGHUODVVXQJHQYRQ HWZDYLHUKXQGHUW)UHPGY|ONHUQ $UNRQ,,,'HUXUVSUQJOLFKGULWWH3ODQHWGHV$UNRQV\VWHPVLVWGHU 6FKZHULQGXVWULHGHV5DXPVFKLIIEDXVYRUEHKDOWHQ*URVWlGWHQJOHLFKUHLKHQVLFK )RUVFKXQJVXQG(QWZLFNOXQJV]HQWUHQDQHLQDQGHUXQWHUEURFKHQYRQ/DQGHIHOGHUQXQG DQJHJOLHGHUWHQ5LHVHQGHSRWV'XUFKPHVVHU.LORPHWHU6FKZHUNUDIWJ(LQH WHFKQLVLHUWH:HOWGHUHQ2EHUIOlFKHPDJHEOLFKYRQ3ODVWEHWRQ$UNRQVWDKOXQG .XQVWVWRIIHQEHVWLPPWZLUG²HLQPLOLWlULVFKLQGXVWULHOOHU.RPSOH[GHUVHLQHVJOHLFKHQLQ GHU*DOD[LVVXFKWa*RU¶5DQWRQ,QLKUHU8UIRUPHUKDOWHQVLQGQXUGLH0HHUHVRGDGHU 3ODQHWYRQYLHOHQ%HVXFKHUQDOV³|NRORJLVFKHU$OSWUDXP´XPVFKULHEHQZLUG5LHVLJH gNRNRQYHUWHUVLQGQRWZHQGLJXPGLH$WPRVSKlUHDXI]EHUHLWHQXQGKDOEZHJV HUWUlJOLFKH8PZHOWEHGLQJXQJHQ]XJHQHULHUHQ $UNRQLGHQ,P-DKUWDXVHQGYRU%HJLQQGHUFKULVWOLFKWHUUDQLVFKHQ =HLWUHFKQXQJHQWZLFNHOWHVLFKDXIGHPGULWWHQ3ODQHWHQGHU6RQQHa$UNRQLP .XJHOVWHUQKDXIHQa7KDQWXU/RNGDV9RONGHU$UNRQLGHQ(VVWDPPWHYRQDNRQLVFKHQ $XVZDQGHUHUQDEa$UEDUDLWK GLHVHZLHGHUXPVLQGGLUHNWH1DFKIROJHUGHUa/HPXUHU GHUVRJHQDQQWHQ(UVWHQ0HQVFKKHl6WUHQJJHQRPPHQVLQGGLH$UNRQLGHQDOVR 1DFKIDKUHQGHUXUVSUQJOLFKHQWHUUDQLVFKHQ0HQVFKKHLW6LHVLQGYRQGHUlXHUHQ *HVWDOWKHUDXFKDEVROXWPHQVFKHQlKQOLFKPHLVWVLQGVLHPLWELV0HWHUQ .|USHUJU|HUHFKWKRFKJHZDFKVHQXQGZHLVHQHLQHQYHUJOHLFKVZHLVHODQJHQ6FKlGHO DXI$QDWRPLVFKJHVHKHQZHLVHQVLHLP9HUJOHLFK]X7HUUDQHUQHLQLJHZHLWHUH %HVRQGHUKHLWHQDXI6WDWW5LSSHQYHUIJHQVLHLP%UXVWEHUHLFKEHUPDVVLYH.QRFKHQ XQG.QRUSHOSODWWHQGLH+DDUIDUEHLVWLPDOOJHPHLQHQZHLRGHUZHLEORQGXQGGLH $XJHQIDUEHU|WOLFKELVURWJROGHQ%HLVWDUNHU(UUHJXQJVH]HUQLHUHQGLH$UNRQLGHQDXV GHQ$XJHQZLQNHOQHLQ6HNUHWRKQHGDHVDOOHUGLQJV]XHLQHU(LQVFKUlQNXQJGHU6LFKW NlPH'LHZHLWYHUEUHLWHWH%HKDXSWXQJEHLGHQ$UNRQLGHQKDQGOHHVVLFKJUXQGVlW]OLFK XP$OELQRVLVWPLW9RUVLFKW]XJHQLHHQ:HLHV+DDUXQGVFKHLQEDU IDUEORVH,ULV DOOHLQVLQGNHLQDXVUHLFKHQGHV0HUNPDOEHUFNVLFKWLJWPDQGDDXHUKDOEGHU .XOWLYLHUXQJP|JOLFKVWEOHLFKHU+DXWLQ$GHOVNUHLVHQQRUPDOH+DXWEUlXQXQJHEHQVR DXIWULWWZLHGLH+DDUIDUEHDXFKLP6LQQHEHVWP|JOLFKHU5HIOH[LRQGHUVWDUNHQ 6RQQHQVWUDKOXQJa$UNRQVDQJHVHKHQZHUGHQNDQQ DUNRQRLGlXHUOLFKHLQHPa$UNRQLGHQHQWVSUHFKHQG $5.6800,$%H]GHUHOLWlUHQ5HLIHSUIXQJLPa*URHQ,PSHULXPXQWHUWHLOWLQ GUHL6WXIHQRGHU*UDGHGLHEHLGHQHUVWHQEHWUHIIHQLQHUVWHU/LQLHWKHRUHWLVFKH([DPLQD XQGHQWVSUHFKHQLKUHP$EVFKOXQDFKHLQHPa/DNWURWH0HLVWHU E]Za7DL/DNWURWH *URPHLVWHU 'LH=XODVVXQJGXUFKGLHa)DHKUO.RPPLVVLRQGHU³.OHLQHQ5XQGH´]XU 7HLOQDKPHDQGHQDEVFKOLHHQGHQ3UIXQJHQFKDUDNWHUOLFKH(LJQXQJ$QZHQGXQJGHV HUOHUQWHQ:LVVHQVLQGHU3UD[LVXQWHU([WUHPEHGLQJXQJHQXVZ LVWDXIZHQLJHa +HUWDVRQHQHLQHVMHGHQ-DKUJDQJVEHVFKUlQNWYRQGHQHQZLHGHUXPQRFKZHQLJHUGHQ GULWWHQ*UDGEHVWHKHQ²GLHVLVWGDQQJOHLFKEHGHXWHQGPLW$NWLYLHUXQJGHVa([WUDVLQQV LQGHQ3DUDSK\VLNDOLVFKHQ$NWLYLHUXQJVNOLQLNHQGHUMHZHLOLJHQa)DHKUO,QVWLWXWH,P *URHQ,PSHULXPJLEWHVLQVJHVDPWQXUIQI$5.6800,$3UIXQJVZHOWHQa,SUDVDLVW GLHlOWHVWHa/DUJDPHQLDGLHEHGHXWHQGVWHKLQ]XNRPPHQQRFK*RVKEDU6RUDOXQG $ODVVD $WKRUDOOJHPHLQHLQ.RPPDQGHXU.RPPDQGLHUHQGHU%HIHKOVKDEHUMHPDQGLQ IKUHQGHUOEHYRU]XJWHU6WHOOXQJ$EVWXIXQJMHQDFK3UlIL[]%a+DV¶DWKRU $GPLUDO
'HU.ULVWDOOSULQ]
M
$WODQ
%HJDPK|FKVWHU2IIL]LHUVUDQJGHUQXUGHP,PSHUDWRU]XVWHKWa7DL0RDV %HUOHQ7KDQZ|UWO³=Z|OIHU 5DW´5HJLHUXQJVJUHPLXPGHVa*URHQ5DWHVa 7DL7KDQ %PHUDVDWKEODXVFKLPPHUQGHU+DOEHGHOVWHLQYRQ]7EHDFKWOLFKHQ$XVPDHQ QXUDXIZHQLJHQ:HOWHQ]XILQGHQDXVHLQHPVROFKHQZXUGHGHU.RQIHUHQ]WLVFKGHV =Z|OIHUUDWHVa%HUOHQ7KDQ LP.ULVWDOOSDODVWJHVFKOLIIHQ %UHKHE7RRU³$FKWXQJ6WLOOJHVWDQGHQ´ &HONDU*HULFKWVZHOWGHV*URHQ,PSHULXPVHUVWHUYRQIQI3ODQHWHQGHU6RQQH 0RQKRU/LFKWMDKUHYRQa$UNRQHQWIHUQW &HUNROZ|UWO³6FKQHHIO|FNFKHQ´%H]IUGHQa7KDQWXU/RNEHQDFKEDUWHQ .XJHOVWHUQKDXIHQFD/LFKWMDKUHYRQa$UNRQHQWIHUQW'XUFKPHVVHU/LFKWMDKUH 6RQQHQPDVVHQ DXFKDOV³:DFKVHNWRU2UE\V1XNDUD´XPVFKULHEHQQXU JHULQJH$Q]DKOYRQ3ODQHWHQ+DXSWZHOWHQXDa/DUJDPHQLDXQG*RVKEDU$5. 6800,$3UIXQJVSODQHWHQ a%DN-LPEDQ\7XJODQ'LHWHUUDQLVFKH%H]YRQ&HUNRO ODXWHW0E]Z1*& &KUHWNRU%H]IUHLQ9RONGHVVHQaDUNRQRLGHZHQQDXFK]ZHUJHQKDIWNOHLQH .|USHULP6FKQLWW0HWHUJUR ELVDXILQQHUH2UJDQHGDV6NHOHWWXQGHLQHQ7HLO GHU0XVNHOIDVHUQY|OOLJWUDQVSDUHQWVLQGXQGEHUHEHQIDOOVWUDQVSDUHQWHV%OXW YHUIJHQ'LH(LJHQDUWLKUHV0HWDEROLVPXVEHGLQJWGDGLH.|USHUHLQHUVHLWVUDVFK DXVNKOHQXQGEHL$XHQWHPSHUDWXUHQYRQXQWHU&WUlJHUZHUGHQ.RPD*HIDKUEHL & DQGHUHUVHLWVEHLK|KHUHQDQ5HDNWLRQVVFKQHOOLJNHLWJHZLQQHQMHGRFKLQ*HIDKU ODXIHQ³LQQHUOLFK]XEHUKLW]HQ´&KUHWNRUOHEHQVWlQGLJLQGHU$QJVWHQWZHGHUNULVWDOOLQ ]X³HUVWDUUHQ´RGHU]X³VFKPHO]HQ´LDYHU]LFKWHQVLHDXI.OHLGXQJSULPlUHRGHU VHNXQGlUH*HVFKOHFKWVPHUNPDOHVLQGQLFKW]XHUNHQQHQ9HUPXWXQJ HLQJHVFKOHFKWOLFKH/HEHQVIRUP =X5HFKWJHIUFKWHWLVWGLH)lKLJNHLWLKUHU .UDOOHQKlQGHDXISDUDQRUPDOHP:HJH:lUPHDEUXSWDE]XOHLWHQZHQLJH6HNXQGHQ %HUKUXQJUHLFKHQXPHLQ/HEHZHVHQY|OOLJJHIULHUHQ]XODVVHQ 'LH+HLPDWGHU &KUHWNRULVWXQEHNDQQWLPa*URHQ,PSHULXPOHEHQVLHQXUDOVVHOWHQH(LQ]HOJlQJHU GLHHLQKRKHV$OWHUHUUHLFKHQN|QQHQXQGNHLQH(LJHQQDPHQEHVLW]HQ6LHQHKPHQMHQH DQGLHLKQHQYHUOLHKHQZHUGHQZLH]%$WODQV)UHXQG(LVNUDOOH &KURQQHUV :lKUXQJVHLQKHLWDXILPSHULDOHU(EHQH8QWHUWHLOXQJ&KURQQHU a0HUNRQV a6NDOLWRV GD3UlS]HLWOLFK ³YRQ´%H]GHV$GHOV$GHOVWLWHODOV3UlIL[ ³DOODOOHV´a $UNRQ]HLWUHFKQXQJ'DJRU GD$UN$UNRQ]HLWUHFKQXQJ²-DKUHV]DKO³YRQ$UNRQ´GDV-DKUGD$UNLQ GHP$WODQVHLQHZDKUH+HUNXQIWHUIlKUWHQWVSULFKWGHP-DKUYRU&KULVWXV 'DJRUPHLVWDOV³$OO.DPSI´EHUVHW]WLH6GLHZDIIHQORVH.DPSINXQVWGHU $UNRQLGHQDQJHEOLFKYRPOHJHQGlUHQ+HURHQ7UDQ$WODQJHVFKDIIHQa$UEDUDLWK LZ 6GLHGDPLWYHUEXQGHQH3KLORVRSKLH/HEHQVHLQVWHOOXQJ²YHUYROONRPPQHWEHLP$UNRQ 5LWWHUWXPa'DJRULVWD 'DJRUFDL8EXQJVYRUWUDJLP'DJRUHLQHU.DWDYHUJOHLFKEDU 'DJRULVWD$UNRQ5LWWHUWXPDXIGHU%DVLVYRQa'DJRU 'DJRULVWDV0LWJOLHGHUGHV$UNRQ5LWWHUWXPV 'DJRU=K\0HGLWDWLRQVIRUP³5LQJHQRGHU.DPSIXPVDOOHVEHVWLPPHQGH EHUVLQQOLFKH)HXHU´DEJHOHLWHWYRQa'DJRU=K\ 'H.HRQ¶DWKRU$GPLUDO=ZHLWHU.ODVVH 'UHLVRQQHQWUlJHU³9L]H$GPLUDO´
'HU.ULVWDOOSULQ]
M
$WODQ
'RU¶DWKRU5DXPVFKLII .RPPDQGDQW9LHUWHU.ODVVHELVP HQWVSULFKWLD HLQHP'UHLPRQGWUlJHU (FKRGLPDUNRQLGLVFKH*HEHWVVFKOXIRUPHO (LVNUDOOHa&KUHWNRU (UVNRPLHU=ZHLWHUYRQYLHU3ODQHWHQGHU6RQQH(UVNRP/LFKWMDKUHYRQa $UNRQHQWIHUQWHLQHDOV-DJGSODQHWGLHQHQGH8UZHOWDXIGHU,PSHUDWRU*RQR]DO9,, W|GOLFKYHUXQJOFNW (VVR\DQLFKWDGOLJH$UNRQLGHQEHQDQQWQDFKHLQHUJUQHQ%OlWWHUIUXFKW ([WUDVLQQ,P9HUODXIHLQHVIQIGLPHQVLRQDOK\SHUHQHUJHWLVFKHQ $XIODGXQJVSURVHVVHVDOVGULWWHU*UDGGHUa$5.6800,$DNWLYLHUEDUHU*HKLUQEHUHLFK GHUa$UNRQLGHQPLWGHVVHQ+LOIH'LQJHHUIDWZHUGHQGLHLQIROJHHLQHVQRFKIHKOHQGHQ (UIDKUXQJVVFKDW]HVQXUPLWHLQHUXQEHZXWHLQVHW]HQGHQ/RJLNDXVZHUWXQJJHPHLVWHUW ZHUGHQN|QQHQGHVKDOEDXFKGLH=ZHLWEH]HLFKQXQJa/RJLNVHNWRU 9HUEXQGHQGDPLW LVWGLH$XVELOGXQJHLQHVSKRWRJUDSKLVFKH[DNWHQ*HGlFKWQLVVHV$UNRQLGHQGLHDXI HLQHQDNWLYLHUWHQ([WUDVLQQDXFK([WUDKLUQ ]XUFNJUHLIHQN|QQHQVLQGLKUHQ³QRUPDOHQ´ =HLWJHQRVVHQEHUOHJHQ6LHHUIDVVHQYHUVWHKHQXQGNDONXOLHUHQ9RUNRPPQLVVH GHXWOLFKVFKQHOOHUXQGIROJHULFKWLJHUDOV:LVVHQVFKDIWOHUHU]LHOHQVLH]%ZHVHQWOLFK EHVVHUH(UIROJH%LV]XHLQHPJHZLVVHQ*UDGHQWZLFNHOWGHU([WUDVLQQHLQ HLJHQVWlQGLJHVZHQQDXFKPLWVHLQHP7UlJHUSHUPDQHQWYHUEXQGHQHV%HZXWVHLQ PLWXQWHUZLUGDOV9HUJOHLFKHLQHJH]LHOWKHUEHLJHIKUWHXQGNRQWUROOLHUWH ³%HZXWVHLQVVSDOWXQJ´YHUZHQGHW GLH.RPPXQLNDWLRQ]ZLVFKHQEHLGHQHUIROJWSHU *HGDQNHQNRQWDNWXQGLVWIUGHQ([WUDVLQQ,QKDEHUPLWGHP*HIKOYHUEXQGHQHLQ 8QVLFKWEDUHUVSUHFKHLQVHLQ2KU'LH(LJHQVWlQGLJNHLWGHV([WUDVLQQVEHGLQJWGDHU VHLQH.RPPHQWDUHVHOEVWlQGLJDEJLEWXQGVLFKQLFKW³DEVFKDOWHQ´OlWPLWZDFKVHQGHU /HEHQVGDXHUEHVWHKWGLH*HIDKUGD6FKOVVHOUHL]HGDVSKRWRJUDSKLVFKH*HGlFKWQLV DQUHJHQXQGGLH$VVR]LDWLRQHQ]XPJHIUFKWHWHQ³6SUHFK]ZDQJ´DXVZDFKVHQEHLGHP GLHJHVSHLFKHUWHQ,QIRUPDWLRQHQGHWDLOJHWUHXHUQHXWGXUFKOHEWXQGGDEHLEHULFKWHW ZHUGHQ )DHKUO,QVWLWXW a$5.6800,$(OLWlUH6FKXOHDQGHUGLHGUHL6WXIHQRGHU *UDGHGHU5HLIHSUIXQJDEJHOHJWZHUGHQXQGIUGLHHUIROJUHLFKHQa+HUWDVRQHQLQGHU $NWLYLHUXQJGHVa([WUDVLQQVJLSIHOW )DPD/HEHQ )DPDO*RVQHU*UXIRUPHO³/HEWZRKO´ *DUUDERLPSHULDOHV6WUDWHJLHVSLHOGHUa$UNRQLGHQGHP6FKDFKYHUJOHLFKEDU ZHLWYHUEUHLWHWXQGEHOLHEWZLUGVRJDUDQGHQ5DXPDNDGHPLHQJHOHKUWGDUDXV DEJHOHLWHWJHIOJHOWH:RUWHZLH*DUUDER]XJ*DUUDERILJXUXVZ *RU.DPSIULQJHQXP *RU¶5DQWRQ.DPSI.ULHJVZHOW%H]IUa$UNRQ,,,DEJHOHLWHWYRQa*RU 5DQWRQ *RUWDYRUZ|UWO³GHU .DPSI7DYRUV´1DPHGHVPRQGORVHQ]ZHLWHQYRQDFKW 3ODQHWHQGHU6RQQHa*RUWDYRUV6WHUQ²EHQDQQWQDFKGHP(QWGHFNHU7DYRUGHU aGD$UNGDV6\VWHPNDWDORJLVLHUWHXQGEHLGHU%HUKUXQJGHU6LOEHUVWUlQJHLQGHU 6SLQQHQZVWHVWDUE'XUFKPHVVHU.LORPHWHU6FKZHUNUDIWJ 8PODXIGDXHU7DJH]Xa7RQWDV6WXQGHQ 1HLJXQJGHU3RODFKVH 'XUFKVFKQLWWVWHPSHUDWXU&+DXSWNRQWLQHQWa7DLJRU
'HU.ULVWDOOSULQ]
M
$WODQ
*RUWDYRUV6WHUQ*O96RQQHLQGHU0LOFKVWUDHQKDXSWHEHQH/LFKWMDKUH YRQa$UNRQHQWIHUQW,QVJHVDPWDFKW3ODQHWHQPLW0RQGHQVRZLH]ZLVFKHQGHP HUVWHQXQG]ZHLWHQ3ODQHWHQHLQ$VWHURLGHQJUWHOYLHUGHU3ODQHWHQVLQG*DVULHVHQa *RUWDYRU *RVGDV:RKOJHVWDOWHWH0DNHOORVHLDLP6LQQHYRQ.ULVWDOO *RV¶DWKRUGHU .ULVWDOOSULQ]DEJHOHLWHWYRQa*RV$WKRU *RV¶.KDVXUQZ|UWO³.ULVWDOONHOFK´%H]GHV.ULVWDOOSDODVWHVDEJHOHLWHWYRQa *RV.KDVXUQ *RV/DNWURWH.ULVWDOOPHLVWHUDEJHOHLWHWYRQa*RV/DNWURWHYRQ$PWVZHJHQLQ GLH6LFKHUKHLWVPDQDKPHQIUGHQ,PSHUDWRUHLQJHEXQGHQ=ZHLWEH]HLFKQXQJDXFK ³2EHUDXIVHKHUGHU3ULYDWUlXPHGHVa=KGRSDQWKL´ *RV¶5DQWRQ.ULVWDOOZHOW%H]IUa$UNRQ,DEJHOHLWHWYRQa*RV5DQWRQ *UR$HU5DWa7DL7KDQ *URHV$OWHV 9RON1XUDXV/HJHQGHQXQGYDJHUhEHUOLHIHUXQJRGHU5XLQHQXQG $UWHIDNWHQDXIYLHOHQ:HOWHQEHNDQQWHV9RONGDVPHKUHUH-DKU]HKQWDXVHQGHYRUGHU %OWH]HLWGHUa$UNRQLGHQGLH0LOFKVWUDHEHVLHGHOWHa/HPXUHU *URHV,PSHULXP6WHUQHQUHLFKGHUa$UNRQLGHQa7DL$UN¶7XVVDQXPIDWXP aGD$UNPHKUHUH]HKQWDXVHQGEHVLHGHOWH3ODQHWHQXQGQRFKPHKUUHLQ LQGXVWULHOOJHQXW]WH:HOWHQ.HUQJHELHWVLQGGLH:HOWHQLP.XJHOVWHUQKDXIHQa7KDQWXU /RNDOOHUGLQJVVLQGDXFKYLHOHLP%HUHLFKGHUJDODNWLVFKHQ+DXSWHEHQH]XILQGHQZR GHU'XUFKPHVVHUGHV9HUEUHLWXQJVJHELHWVPHKUDOV/LFKWMDKUHHUUHLFKWKDW +DV¶DWKRUDOOJHLQ$GPLUDOLH6HLQIDFKVWHU$GPLUDOVUDQJ (LQVRQQHQWUlJHU $GPLUDO9LHUWHU.ODVVHa$WKRU +HUWDVRQHQ 7HLOQHKPHU.DQGLGDWHQGHUa$5.6800,$ LLQGH9HUNQSIXQJVYRNDOHQWVSULFKWGHU.RQM³XQG´LVWDEJHOHLWHWYRP %LQGHZRUWLDQGDVDQVWHOOHHLQHV.RPPDVYHUZHQGHWZLUG LLYHUGRSSHOWHU%LQGH9HUNQSIXQJVYRNDODOV6XIIL[ 3OXUDONHQQ]HLFKQXQJLD EHL3HUVRQHQYHUZHQGHWa]%EHL=K\)DPLL )HXHUIUDXHQ ,SUDVDZ|UWO³:DQGHUVFKDIW1RPDGHQWXP´GDYRQDEJHOHLWHWGHU1DPHGHV 3ODQHWHQGHU6RQQHa$UNRQ .DQWK
'HU.ULVWDOOSULQ]
M
$WODQ
.ULVWDOOPDUVFKDOOHQWVSULFKWHWZDHLQHP+RIPDUVFKDOODOVREHUVWHP%HDPWHQGHV LPSHULDOHQ+RIHVYRQ$PWVZHJHQ9RUJHVHW]WHUGHU=HUHPRQLHQPHLVWHUXQG $XVELOGHU(U]LFKHUGHVMHZHLOLJHQ.ULVWDOOSULQ]HQa*RV¶DWKRU .XU6HNWRUHQEHDXIWUDJWHU6WDWWKDOWHUPHKUDOVHLQ6RQQHQV\VWHP /DNDQ*UXSSHYRQ]HKQ5DXPVFKLIIHQ /DNWURWH%H]IUHLQHQEHUOHJHQHQ5DQJLP6LQQHYRQ:HLVHU0HLVWHU DEJHOHLWHWGDYRQ]%/DNWUDQLQa7KHN/DNWUDQ +JHOGHU:HLVHQ MHQDFK =XVDPPHQKDQJDXFKLP6LQQHYRQ'RNWRURGHU3URIHVVRUYHUZHQGHW /DUJD.296RQQHQDKHGHP=HQWUXPGHV.XJHOVWHUQKDXIHQVa&HUNRO /LFKWMDKUHYRQ$UNRQHQIHUQW,QVJHVDPWIQI3ODQHWHQPLW0RQGHQVRZLHHLQHP $VWHURLGHQJUWHO]ZLVFKHQGHPYLHUWHQXQGIQIWHQ3ODQHWHQ]ZHLGHU3ODQHWHQVLQG *DVULHVHQa/DUJDPHQLD /DUJDPHQLD1DPHGHV]ZHLWHQYRQIQI3ODQHWHQGHU6RQQHa/DUJD 'XUFKPHVVHU.LORPHWHU6FKZHUNUDIWJ8PODXIGDXHU7DJH]X a7RQWDV6WXQGHQ 1HLJXQJGHU3RODFKVH'XUFKVFKQLWWVWHPSHUDWXU &*UXQGVWHLQOHJXQJGHU6LHGOXQJ7LIWRGXUFK,PSHUDWRU4XHUWDPDJLQ,9LP-DKU aGD$UNXPGD$UNGDQQ+DXSWVWDGW7LIWRUXP+LHUZLUGGD$UNQDFKa ,SUDVDXQG*RVKEDUGDVGULWWHa)DHKUO,QVWLWXWJHJUQGHWGHU3ODQHWHQWZLFNHOWVLFKLQ GHQIROJHQGHQ-DKUWDXVHQGHQ]XPEHGHXWHQGVWHQGHUIQIa$5.6800,$ 3UIXQJVZHOWHQ /HPXUHUYRQGHUXUVSUQJOLFK/HPXUJHQDQQWHQ(UGHVWDPPHQGHV9RONGHU (UVWHQ0HQVFKKHlYRQGHPQDFKVHLQHU9HUWUHLEXQJQDFK$QGURPHGDXP Y&KUQXU$UWHIDNWHXQG/HJHQGHQEHULFKWHQa*URHV$OWHV9RON /HUF(LQKHLWGHU³,QWHOOLJHQ]VWXIHQVNDOD´ /RJLNVHNWRUa([WUDVLQQ /RN=LHO /XFFRWDUNRQLGLVFKH%H]0UHLQHQ+RFKHQHUJLH,PSXOVVWUDKOHU 0DDKNV$XFKZHQQGLH0DDKNVXQGLKQHQlKQHOQGH9|ONHUYRQGHQa $UNRQLGHQDOV³0HWKDQDWPHU´RGHUNXU]³0HWKDQV´EH]HLFKQHWZHUGHQLVWGLHVHU%HJULII LUUHIKUHQG'LHELV]X0HWHUJURHQXQGELV]X0HWHUEUHLWHQ:HVHQDWPHQ LQHUVWHU/LQLH:DVVHUVWRIIXQGHLQELFKHQ0HWKDQ HLQXQGDWPHQ$PPRQLDNDXV GLHVHV*DVLVWXQWHUGHPDXI0DDKN:HOWHQKHUUVFKHQGHQ'UXFNVRZLHGHQ 7HPSHUDWXUHQYRQELV*UDG&HOVLXVQRFKQLFKWIOVVLJJHZRUGHQ'LH0DDKNV HQWZLFNHOWHQVLFKYRUPHKUDOV-DKUHQLQ$QGURPHGD$OVGRUWGLHa/HPXUHU DXIWDXFKWHQZXUGHQGLH0DDKN9|ONHULQGLH0LOFKVWUDHYHUWULHEHQZRHVLQ$WODQV -XJHQG]HLW]XPNULHJHULVFKHQ.RQWDNWPLWGHQ$UNRQLGHQNRPPWVRJ0HWKDQNULHJH LQPHKUIDFKZHFKVHOQGHQKHLHQXQGNDOWHQ3KDVHQ 0DQQD[.RGH[IRUPHQ5HJHOQGHUa'DJRULVWDVIU.DPSIXQG'XHOO 0DQROHUJUQKlXWLJHYLHUDUPLJ]ZHUJHQZFKVLJH,QWHOOLJHQ]ZHVHQGHV 3ODQHWHQ0DQRO 0DVFDQW$GPLUDO(UVWHU.ODVVHK|FKVWHU$GPLUDOVUDQJ ³5HLFKVDGPLUDO´ HLQ 'UHLVRQQHQWUlJHUPLWEHV$XV]HLFKQXQJ 0HKDQ+DQGHO 0HKDQGRUZ|UWO³+lQGOHU´(LJHQEH]GHU³6SULQJHU´ 0HKDQ¶5DQWRQ+DQGHOVZHOW%H]IUa$UNRQ,,DEJHOHLWHWYRQa0HKDQ 5DQWRQ
'HU.ULVWDOOSULQ]
M
$WODQ
0HUNRQV a&KURQQHU 0HWKDQDWPHUa0DDKNV 0HWKDQVa0DDKNV 0LUNDQGROZ|UWO³2UWGHU%HJHJQXQJ´ 1DDWV'LHVFKZHUIlOOLJZLUNHQGHQ:HVHQOHEHQYRUDOOHPDXIa1DDWa1DDWRU XQGGHQDQGHUHQ0RQGHQGHVIQIWHQ3ODQHWHQGHU6RQQHa$UNRQ6LHVLQGGUHL0HWHU KRFKZHLVHQNXU]HVWlPPLJH6lXOHQEHLQHEHUODQJH$UPHXQG.XJHON|SIHPLWGUHL $XJHQHLQHPVHKUVFKPDOHQ0XQGXQGHLQHUNOHLQHQ1DVHDXIGLH+DXWIDUEHLVW VFKZDU]EUDXQVLHYHUIJHQEHUNHLQHQ+DDUZXFKVKlXILJJHKHQVLHDXIDOOHQYLHUHQ 6HLW-DKUWDXVHQGHQVLQGVLHHLQ+LOIVYRONGHUa$UNRQLGHQRIWPDOVQLFKWPHKUZHUWDOV 6NODYHQDEHUDXFKEHYRU]XJWH0LWJOLHGHUGHU/HLEJDUGHGHV,PSHUDWRUV7URW]LKUHU KRKHQ,QWHOOLJHQ]ZHUGHQVLHDXIJUXQGLKUHVHUVFKUHFNHQGHQbXHUHQYRQYLHOHQ DUURJDQWHQ$UNRQLGHQQXUDOVGXPPH:HVHQEHWUDFKWHW 2EHUEHVFKDIIXQJVPHLVWHU)U)LQDQ]HQ:LUWVFKDIW6WHXHUQ6HNWRUHQDXIVLFKW XQGGLH]LYLOH/RJLVWLN]XVWlQGLJHV0LWJOLHGLPa%HUOHQ7KDQ gGH,QVHO%H]GHUa$UNRQLGHQIUGLH0LOFKVWUDH 2PLU*RVHLQDXVGHP=K\%HZXWHQ6HLQVPDWHULDOLVLHUWHU.ULVWDOO JHNHQQ]HLFKQHWGXUFKVHLQH)DFHWWHQXQGHLQJROGHQHV/XPLQHV]HQ]OHXFKWHQ $WODQV=LHKYDWHUX/HKUPHLVWHU)DUWXORRQ³GHUOHW]WH&DOXULHU´ YHUZHQGHWHRIIHQEDU YHUVFKLHGHQHWHFKQLVFKRGHUSDUDPHFKDQLVFKJHQXW]WH6RQGHUIRUPHQYRQ20,5*26 XDEHLGHU)OXFKWYRP3ODQHWHQa*RUWDYRU 2UEWRQHQ 2IIL]LHUH DEHLQIDFKHP0RQGWUlJHU 3DO¶DWKRU5DXPVFKLII .RPPDQGDQW=ZHLWHU.ODVVHELVP LDHLQ =ZHLSODQHWHQWUlJHU 3HULRGH%H]IUGHQDUNRQLGLVFKHQ0RQDW]Xa3UDJRVa=HLWUHFKQXQJ 3UDJRV $UNRQ7DJ]Xa7RQWDV 5DQWRQZ|UWO³:HOWHQ ´ 6DWURQ$EN6DPH$UNRQWURQD ³K|UW$UNRQVSUHFKHQ´%H]IUGLHOLQJXD IUDQFDLPa*URHQ,PSHULXPDOV6DWURQ NODVVLVFKHV,QWHUNRVPRDOV6DWURQO ,QWHUNRVPRDE9HUOHLKXQJGHV+DQGHOVPRQRSROVDQGLH6SULQJHULP-DKUYRU &KULVWXV DOV$UNRQDO +RIVSUDFKHYRUDOOHPDXIa$UNRQ, 6HN¶DWKRU5DXPVFKLII .RPPDQGDQW'ULWWHU.ODVVHELVP LDHLQ (LQSODQHWHQWUlJHU 6(17(1=$DUN³0DILD´ 6KH¶+XKDQ6WHUQHQJ|WWHUMH)UDXHQXQG0lQQHU 6LLPD/H\*ULIIOHFKQLNHQLP'DJRU 6NDOLWRVa&KURQQHU 6NRUJRQZ|UWOGHU³9HUVFKOHLHUWH´ 6SHQWVFK.RGH[IRUPHQ5HJHOQGHUa'DJRULVWDVIU.DPSIXQG'XHOO 7DL JURJURHVJURHU 7DL$UN¶7XVVDQ*URHV$UNRQ,PSHULXPPHLVWQXUDOV*URHV,PSHULXP EHUVHW]WXPIDWQHEHQGHQ.XJHOVWHUQKDXIHQa7KDQWXU/RNXQGa&HUNROJURH %HUHLFKHGHUDOVagGH,QVHOXPVFKULHEHQHQ0LOFKVWUDHQKDXSWHEHQHPLWLQVJHVDPW PHKUHUHQ]HKQWDXVHQGYRQa$UNRQLGHQEHVLHGHOWHQ:HOWHQ 7DLJRUZ|UWO³*URHU.DPSI´²1DPHGHV+DXSWNRQWLQHQWVYRQa*RUWDYRU
'HU.ULVWDOOSULQ]
M
$WODQ
7DL0RDVZ|UWO³JURHLQV´²LQGHU%HGHXWXQJ³(UVWHU*URHUYRQ$UNRQ´ ,PSHUDWRUDOV2EHUIHKOVKDEHUGHU$UNRQIORWWHQLP5DQJHLQHVa%HJDPGHPK|FKVWHQ 2IIL]LHUVUDQJEHUKDXSW²QXUHLQPDOYHUJHEHQJHQDXZLHGLH8PVFKUHLEXQJ +|FKVWHGOHUa=KGRSDQWKL 7DL7KDQ*URHU5DWPLWLQVJHVDPW0LWJOLHGHUQ8QWHUDXVVFKVVH]%GHU =Z|OIHUUDWGHU0HGL]LQLVFKH5DWXVZ DEJHOHLWHWYRQa7DL7KDQ 7DL=K\)DP*URH)HXHUPXWWHUDEJHOHLWHWYRQa)DP7DL=K\ 7DL/DNWURWH*URPHLVWHUDEJHOHLWHWYRQa/DNWURWH7DL 7DWR3ODQHWHQ *RXYHUQHXUELV]XHLQHP6RQQHQV\VWHP 7KDQ5DW 7KDQWDQK|FKVWHU2IIL]LHUVUDQJLP*DUGHGLHQVWa7KDQ5DW XQWHUKDOEHLQHV $GPLUDOV 'UHLSODQHWHQWUlJHUHQWVSULFKWHLQHPa9HUH¶DWKRU 7KDQWXU/RNZ|UWO³7KDQWXUV=LHO´QDFKGHP)ORWWHQDGPLUDO7KDQWXUXUVSU 7DOXU EH]HLFKQHWHU.XJHOVWHUQKDXIHQ'XUFKPHVVHU/LFKWMDKUHHWZD 6WHUQH 'LHWHUUDQLVFKH%H],DXWHW0E]Z1*&a/RN 7KDUJ¶DWKRU5DXPVFKLII .RPPDQGDQW6HFKVWHU.ODVVHXQWHUKDOEP LD HLQ(LQPRQGWUlJHU 7KDUNV VWHUQI|UPLJH:XUIVFKHLEHQGHU'DJRULVWDV 7KHN+JHODXFK*LSIHODEJHOHLWHWGDYRQa]%7KHN/DNWUDQ7KHN¶DWKRU 7KHN¶DWKRU$GPLUDOLP6WDE)ORWWHQ]HQWUDONRPPDQGRa7KHNWUDQ 'UHLVRQQHQWUlJHUZ|UWO³.RPPDQGHXUDXIGHP+JHO*LSIHO´DEJHOHLWHWYRQa7KHN $WKRU 7KHN/DNWUDQ+JHOGHU:HLVHQDEJHOHLWHWYRQa/DNWURWH7KHN 7KHN¶SDPD%HDPWHLP)ORWWHQ]HQWUDONRPPDQGRa7KHNWUDQ 7KHNWUDQ)ORWWHQ]HQWUDONRPPDQGRDXIa$UNRQ,,,DEJHOHLWHWYRQa/DNWURWH 7KHN 7KLKRFKK|FKVW%H]]%EHLa7KL/DNWURWH+RFKPHLVWHU =KGRSDQWKL +|FKVWHGOHU%H]IUGHQ,PSHUDWRU 7KL/DNWURWH+RFKPHLVWHUDEJHOHLWHWYRQa/DNWURWH7KL 7KL7KDQ+RKHU5DWHLQH$UW9RONVSDUODPHQW²LP*HJHQVDW]]XP*URHQ5DW a7DL7KDQ IUHLJHZlKOW 7KRVZ|UWO³(LV´3KRQHPDEOHLWXQJYRQa*RV 7KRV¶DWKRU³(LVMXQNHU´DEJHOHLWHWYRQa*RV7KRV$WKRULZ6DXFK%H]IU 2IIL]LHUVDQZlUWHU WLJDGUHLa7LJD5DQWRQ 7LJD5DQWRQZ|UWO³'UHL:HOWHQ´²8PVFKUHLEXQJIU$UNRQV6\QFKURQV\VWHP YRQa$UNRQ,ELV,,,DEJHOHLWHWYRQa5DQWRQWLJD 7RQWDV DUN³6WXQGH´ (UGVWXQGHQ0LQXWHQE]Z6HNXQGHQ 8QWHUWHLOXQJLQ=HKQWHO+XQGHUWVWHO7DXVHQGVWHODOVR'H]LWRQWD0LQXWHQE]Z 6HNXQGHQ =HQWLWRQWD0LQXWHQE]Z6HNXQGHQ 0LOOLWRQWD 6HNXQGHQ 7X*RO&HO7*& DUN$NURQ\PYRQ7XVVDQ*ROGDQ&HOLVIUHLEHUVHW]W³GLH $UJXVDXJHQGHV,PSHULXPV´²GLH³3ROLWLVFKH*HKHLPSROL]HLGHV,PSHUDWRUV´ 7X5D&HO75& DUN$NURQ\PYRQ7XVVDQ5DQWRQ&HOLVIUHLEHUVHW]W³GLH $XJHQGHU,PSHULXPV:HOWHQ´²GHU*HKHLPGLHQVWLPa*URHQ,PSHULXP 7XVVDQDUN,PSHULXP6WHUQHQ 5HLFK
'HU.ULVWDOOSULQ]
M
$WODQ
9HUF¶DWKRU5DXPVFKLII .RPPDQGDQW)QIWHU.ODVVHELVP LDHLQ =ZHLPRQGWUlJHU 9HUH¶DWKRU5DXPVFKLII .RPPDQGDQW(UVWHU.ODVVHLDHLQ'UHLSODQHWHQWUlJHU 9RRO\QHVHULQWHOOLJHQWHSODVPDWLVFKH/HEHQVIRUPGHV3ODQHWHQ9RRO\QHVELV]X HLQHPJHZLVVHQ*UDGLQGHU/DJH3VHXGRSRGLHQDXV]XELOGHQGLHGLYHUVHlXHUH )RUPHQDQQHKPHQN|QQHQ =HLWUHFKQXQJ(LQ$UNRQMDKUHQWVSULFKWGHPVLGHULVFKHQ8PODXIYRQ $UNRQWDJHQa3UDJR ]XH[DNW(UG 6WXQGHQ*HUHFKQHWZLUGPLW $UNRQWDJHQMH$UNRQMDKU$OOH$UNRQMDKUHHUJLEWVLFKVRPLWHLQ6FKDOWMDKULQGHP $UNRQWDJHDQJHKlQJWZHUGHQGLHVH6FKDOWWDJHHQWVSUHFKHQGHQ+HURHQGLH 6FKDOWSHULRGHVHOEVWZLUGQDFKGHPP\WKLVFKHQ+HURH³3UDJRVGHV9UHWDWRX´ JHQDQQW 'DV$UNRQMDKULVWXQWHUWHLOWLQa3HULRGHQ ³0RQDWH´ ]XMH $UNRQWDJHQKLQ]XNRPPHQGLH3UDJRVGHU³.DWDQHQGHV&DSLWV´)HLHUWDJHGLHDXI XUDOWH5LWHQ]XUFNJHKHQIUKHUZXUGHQGDPLWGLH)UXFKWEDUNHLWVJ|WWHUJHHKUWPLWGHU =HLWYHUORUHQGLH.DWDQHQDQ%HGHXWXQJ )ROJHQGH1DPHQ5HLKHQIROJHJLOWGHU (\LORQGLH+DUDGHU7DUPDQGHU'U\KDQGHU0HVVRQGHU7HGDUGHU $QVRRUGLH3ULNXUGLH&RURPDGHU7DUWRUGD]XGLH.DWDQHQGHV&DSLWVYRU GHP-DKUHVZHFKVHO8PUHFKQXQJ$UNRQMDKUH (UGMDKU$UNRQMDKU (UGMDKUH =KGRSDQ(UKDEHQHU +RKHU ²$XVGUXFNGHU+RFKDFKWXQJ$QUHGHIUDOOH $GOLJHQXQGK|KHUJHVWHOOWH3HUVRQHQLH6MHQHGHU(GOHQ'ULWWHU.ODVVH %DURQH =KGRSDQGDZ|UWO³+RFKHGOH+RFKHGOHU´²$QUHGHGHU(GOHQ(UVWHU.ODVVH )UVWHQ+HU]|JH DEJHOHLWHWYRQaGD=KGRSDQ =KGRSDQGHOZ|UWO³(GOH(GOHU´²$QUHGHGHU(GOHQ=ZHLWHU.ODVVH *UDIHQ DEJHOHLWHWYRQa=KGRSDQ =KGRSDQWKL+|FKVWHGOHU%H]IUGHQ,PSHUDWRUDEJHOHLWHWYRQa7KL=KGRSDQ =KR\W3ODQHW]XGHP$WODQ)DUWXORRQXQG(LVNUDOOHDP3UDJRGHU&RURPD GD$UNYRQGHU:HOWa*RUWDYRUDXVIOLHKHQLQGHPVLHHLQHQa20,5*26 GXUFKVFKUHLWHQ=KR\WLVW/LFKWMDKUHYRQ*RUWDYRUXQG/LFKWMDKUHYRQa $UNRQHQWIHUQW9RQKLHUDXVZLUG$WODQV7HLOQDKPHXQWHUGHP7DUQQDPHQ0DFRORQDQ GHUa$5.6800,$DXIa/DUJDPHQLDYRUEHUHLWHW =K\]HQWUDOHU%HJULIIGHUa'DJRU3KLORVRSKLHYHUJOHLFKEDUGHP6DWRULLP=HQ ³WUDQV]HQGHQWDOHV/LFKW´RGHU³EHUVLQQOLFKHV)HXHU´ =K\)DPDOOJ)HXHUIUDXMHQDFK6DW]]XVDPPHQKDQJDXFK)HXHUWRFKWHU PXWWHUa)DP=K\ =K\P)HXHUDEJHOHLWHWYRQa=K\ =K\P¶UDQWRQ)HXHUZHOW3ODQHWGHU6RQQHa$UNRQDEJHOHLWHWYRQa5DQWRQ =K\P