'HU.ULVWDOOSULQ]
M 1U([FOXVLY%DQG 'HU.ULVWDOOSULQ] YRQ.+6FKHHU
$WODQ
,P *URHQ ,PSHUL...
26 downloads
625 Views
243KB 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([FOXVLY%DQG 'HU.ULVWDOOSULQ] YRQ.+6FKHHU
$WODQ
,P *URHQ ,PSHULXP GHU $UNRQLGHQ VFKUHLEW PDQ GDV -DKU Y $²HLQH =HLW GLH GHP -DKU Y &KU HQWVSULFKW HLQH =HLW DOVR GD GLH (UGEHZRKQHU LQ %DUEDUHLXQG3ULPLWLYLWlWYHUKDUUHQXQGQLFKWVPHKUYRQGHQ6WHUQHQRGHUGHPJURHQ (UEHGHVXQWHUJHJDQJHQHQ/HPXULDZLVVHQ $UNRQ KLQJHJHQ²RE]ZDU LP .ULHJ JHJHQ GLH 0DDKNV EHILQGOLFK²VWHKW LQ YROOHU %OWH,PSHUDWRUGHV5HLFKHVLVW2UEDQDVFKRO,,,HLQEUXWDOHUXQGOLVWLJHU0DQQGHUGHQ 7RGVHLQHV%UXGHUV*RQR]DO9,,LQV]HQLHUWKDWXPVHOEVWGLH+HUUVFKDIWEHUQHKPHQ]X N|QQHQ $XFK ZHQQ 2UEDQDVFKRO VHLQH +HUUVFKDIW JHIHVWLJW KDW²HLQHQ 0DQQ KDW GHU ,PSHUDWRU YRQ $UNRQ ]X IUFKWHQ $WODQ GHQ UHFKWPlLJHQ 7KURQHUEHQ GHU NXU] QDFK GHP 7RGH *RQR]DOV ]XVDPPHQ PLW )DUWXORRQ GHVVHQ /HLEDU]W VSXUORV YHUVFKZDQG XQGEHLGHU$OOJHPHLQKHLWOlQJVWDOVYHUVFKROOHQRGHUWRWJLOW 'HU MXQJH $WODQ GHU LPPHU QRFK QLFKWV YRQ VHLQHU ZLUNOLFKHQ +HUNXQIW DKQW LVW MHGRFKTXLFNOHEHQGLJ :lKUHQG GLH +lVFKHU 2UEDQDVFKROV DXI GHU 6XFKH QDFK LKP GLH *DOD[LV XQVLFKHUPDFKHQXQWHU]LHKWHUVLFK]XVDPPHQPLWEHUGUHLKXQGHUWMXQJHQ.DQGLGDWHQ DXV GHQ EHVWHQ )DPLOLHQ GHV 5HLFKHV HLQHU 3UIXQJ GHUHQ %HVWHKHQ IU VHLQHQ ZHLWHUHQ/HEHQVZHJYRQlXHUVWHU:LFKWLJNHLWLVW $WODQ ZLOO GLH $5. 6800,$ HUZHUEHQ (U NHQQW NHLQH )XUFKW GHQQ HU LVW '(5 .5,67$//35,1= 'LH+DXSWSHUVRQHQGHV5RPDQV $WODQ²'HUMXQJH$UNRQLGHHUIlKUWGDV*HKHLPQLVVHLQHU+HUNXQIW 7LUDNR*DPQR²$WODQV([DPHQVEUXGHU 7VFKHWUXP²:DFKRIIL]LHUGHU$5*RVVR 7RUPDQDF²9RUVLW]HQGHUGHU³.OHLQHQ5XQGH¶YRQ/DUJDPHQLD )DUWXORRQ²$WODQVYlWHUOLFKHU)UHXQGXQG(U]LHKHU 'HU%HULFKWGHV:LVVHQGHQ HOIKXQGHUW]ZHLXQGGUHLLJVWH SRVLWURQLVFKH 1RWLHUXQJ HLQJHVSHLVW LP 5DIIHUNRGHVFKOVVHOGHUZDKUHQ,PSHUDWRUHQJHJHEHQDXV$QODGHUHQWVFKHLGHQGHQ 3KDVH 'LH YRU GHP =XJULII 8QEHIXJWHU VFKW]HQGH +RFKHQHUJLH([SORVLYO|VFKXQJ LVW DNWLYLHUW (VZLUGNXQGJHJHEHQ $WODQZXUGH]XP=HLWSXQNWVHLQHU0DQQEDUNHLWVUHLIHLPDFKW]HKQWHQ/HEHQVMDKU XQGLP-DKUH$UNRQ1RUPDOY$ GHU.OHLQHQ5XQGHEHUVWHOOW $XI *UXQG VRUJIlOWLJHU hEHUOHJXQJHQ KDEH LFK PLFK HQWVFKO|VVHQ GHQ .ULVWDOOSULQ]HQ ]XP EHGHXWHQG VWHQ XQWHU GHQ IQI YRUKDQGHQHQ 3UIXQJVSODQHWHQ ]XVFKLFNHQ %HJUQGXQJ
'HU.ULVWDOOSULQ]
M
$WODQ
'LH 9HUKDOWHQVZHLVH GHU .UDODVHQHQ+DVFKHU XQG LKUHV $XIWUDJJHEHUV GHV DPWLHUHQGHQ,PSHUDWRUV2UEDQDVFKRO,,,OlW GHQSV\FKRORJLVFKIXQGLHUWHQ6FKOX]X GD $WODQ EHUHLWV EHUDOO JHVXFKW ZHUGHQ GUIWH YRUHUVW MHGRFK QRFK QLFKW DXI GHU 3UIXQJVZHOW/DUJDPHQLD )UDJORV ZHUGHQ VLFK GLH 1DFKIRUVFKXQJHQ GHU 6XFKNRPPDQGRV DXFK DXI GLH +DXSWZHOW XQWHU GHQ IQI HLQ]LJ P|JOLFKHQ 3UIXQJVSODQHWHQ HUVWUHFNHQ MHGRFK LVW ]X KRIIHQGDGHU.ULVWDOOSULQ]=HLWJHZLQQW=HLWLVWEHGHXWVDP 0HLQHOHW]WHQ*HKHLPHUPLWWOXQJHQKDEHQHUJHEHQGDGLHYRUYLHU]HKQ-DKUHQ $UNRQ]HLW HUVWHOOWHQ ,QGLYLGXDOGDWHQ GHV GDPDOV YLHUMlKULJHQ .ULVWDOOSULQ]HQ XQG ,PSHUDWRU1DFKIROJHUV GHP =XJULII GHU *HKHLPSROL]HL XQG $WODQV 2QNHO 2UEDQDVFKRO ,,, UHFKW]HLWLJ HQW]RJHQ ZXUGHQ (LQH YRUVFKQHOOH ,GHQWLIL]LHUXQJ LVW GDKHU DXFK ZlKUHQGGHUVFKZHUHQ3UIXQJHQDXI/DUJDPHQLDDXVJHVFKORVVHQ 7DQLFWURS OHXFKWHQGHV 9RUELOG GHU DUNRQLGLVFKHQ 1DWXUZLVVHQVFKDIWOHU YHUVFKZLHJHQ JHLVWYROO XQG YRQ KRKHP SHUV|QOLFKHP 0XW HUIOOW ZLUG PLFK ZHLWHUKLQ XQWHUVWW]HQ 7DQLFWURSV 6RKQ 0DFRORQ²VHLQ 7RG LVW QXU ZHQLJHQ ]XYHUOlVVLJHQ 3HUVRQHQ EHNDQQW²HUIXKU QLFKW PHKU GDV *OFN JHSUIW ]X ZHUGHQ XP QDFK $EVFKOX GHU 3UR]HGXUGLHEHJHKUWH$5.6800,$HUULQJHQ]XN|QQHQ $WODQ ZLUG 0DFR,RQV 5ROOH EHUQHKPHQ XQG DOOH SK\VLVFKHQ XQG SV\FKLVFKHQ )lKLJNHLWHQDXIELHWHQXPGLH$5.6800,$]XJHZLQQHQ'DPLWZlUHGLH$NWLYLHUXQJ GHV EHL IDVW MHGHP JHELOGHWHQ $UNRQLGHQ YRUKDQGHQHQ ([WUDKLUQV YHUEXQGHQ HLQ XQVFKlW]EDUHU9RUWHLOIUHLQHQNRPPHQGHQ+HUUVFKHU $WODQ ZXUGH EHU VHLQH WDWVlFKOLFKH +HUNXQIW XQG EHU VHLQH ]XNQIWLJH %HGHXWXQJ QRFK LPPHU QLFKW LQIRUPLHUW 0HLQ 7UHXHVFKZXU VHLQHP HUPRUGHWHQ 9DWHU XQGPHLQHP+HUUQJHJHEHQKLQGHUWHPLFKGDUDQ $XFKZHQQGLHVHV9HUVSUHFKHQEHU*RQR]DOV7RGKLQDXVRIWPDOVEHUKROWXQG LP6LQQHPHLQHUKRKHQ$XIJDEHXQDQJHEUDFKWHUVFKLHQ²LFKKDEHHVQLFKWJHEURFKHQ 1XQPHKUMHGRFKLVWHVDQGHU=HLWGHQ.ULVWDOOSULQ]HQDXI]XNOlUHQ 6HLQXQJHVWPHV7HPSHUDPHQWVHLQWLHIHV(PSILQGHQXQGVHLQWLHIYHUZXU]HOWHU +DQJ GLH 6LFKHUKHLW GHV DUNRQLGLVFKHQ 6WHUQHQUHLFKHV MHGHQ DQGHUHQ %HODQJHQ EHU]XRUGQHQJHELHWHQPLUHLQHEHKXWVDPH8QWHUULFKWXQJ (VZDUVFKZHUGHQMXQJHQ3ULQ]HQLQGHQYHUJDQJHQHQ-DKUHQ]X]JHOQ0HLQH 3V\FKRPHWKRGHQZDUHQ]ZDQJVOlXILJZHFKVHOKDIWRIWPDOVGLOHWWDQWLVFKDQPXWHQGDEHU VLHHUIOOWHQLKUHQ=ZHFN$WODQVVWlQGLJH)UDJHQQDFKVHLQHUZDKUHQ+HUNXQIWEUlFKWHQ PLFKRIWPDOVDQGHQ5DQGGHUJHLVWLJHQXQGN|USHUOLFKHQ(UVFK|SIXQJ (U LVW XQEHXJVDP JHJHQ VLFK VHOEVW NOXJ XQG DXIULFKWLJ 0HLQH (U|IIQXQJ²VLH OLHJW QXQPHKU HLQ KDOEHV $UNRQMDKU ]XUFN² LKQ ]XU OHW]WHQ XQG VFKZHUVWHQ 5HLIHSUIXQJ DXI /DUJDPHQLD DQ]XPHOGHQ YHUVHW]WH GHQ MXQJHQ 0DQQ LQ HLQHQ )UHXGHQWDXPHO $QVFKOLHHQG MHGRFK TXlOWH HU PLFK HUQHXW PLW )UDJHQ (V ZDU VHKU VFKZLHULJ LKP SODXVLEHO ]X PDFKHQ GD HU XQWHU HLQHP 3VHXGRQ\P DXI]XWUHWHQ VHLQ ,FKYRUEHUJHKHQG]XYHUJHVVHQXQGGLH3HUVRQHLQHVDQGHUHQ$UNRQLGHQGDU]XVWHOOHQ KlWWH 'HU.ULVWDOOSULQ]ZLOOLJWHVFKOLHOLFKXQWHUGHU%HGLQJXQJHLQQDFK$EVFKOXGHU ([DPLQDYRUEHKDOWORVLQIRUPLHUW]XZHUGHQ,FKKDEHPHLQH(LQZLOOLJXQJJHJHEHQ'LH =HLWGHV6FKZHLJHQVLVWYRUEHU
'HU.ULVWDOOSULQ]
M
$WODQ
6HKU YLHO VFKZLHULJHU QDKH]X XQO|VEDU HUZLHV VLFK GLH $XIJDEH 0DFRORQV ,QGLYLGXDOGDWHQPLWMHQHQGHV.ULVWDOOSULQ]HQ]XNRRUGLQLHUHQ :HQQ HV PLW GHQ EHNDQQWHQ 7HFKQLNHQ P|JOLFK JHZHVHQ ZlUH $WODQ PLW 0DFRORQV +LUQVFKZLQJXQJVLPSXOVHQ DXV]XVWDWWHQ KlWWH GDV 3UREOHP HEHQVR OHLFKWJHO|VWZHUGHQN|QQHQZLHMHQHVGHUUHLQRSWLVFKHQ$QSDVVXQJ 'D DEHU HQWVSUHFKHQGH 9HUVXFKH NOlJOLFK VFKHLWHUWHQ PXWH LFK PLFK ]X GHP ODQJHQXQGXQEHTXHPHQ:HJGHUXPJHNHKUWHQ9RU]HLFKHQHQWVFKOLHHQ 0lFRORQ2IIL]LHUGHUDUNRQLGLVFKHQ5DXPIORWWHYRUVHLQHP7RGH&KHIGHU /DNDQ LP *URYHUEDQG GHU 7DQWHU\P2IIHQVLYIORWWH ZDU EHNDQQW XQG EHOLHEW 6HLQH ,QGLYLGXDOGDWHQ ZDUHQ VHOEVWYHUVWlQGOLFK LQ GHU ]HQWUDOHQ +DXSWSRVLWURQLN GHU )ORWWH XQGLQ]DKOUHLFKHQ1HEHQDJJUHJDWHQJHVSHLFKHUW (V JHODQJ PLU XQG PHLQHQ YHUWUDXWHQ )UHXQGHQ XQWHU GHQHQ ]DKOUHLFKH HLQIOXUHLFKH 3HUVRQHQ ]X ILQGHQ VLQG 0DFRORQV HFKWH 'DWHQ ]X O|VFKHQ XQG VLH XQDXIIlOOLJ GXUFK GLH 'DWHQ GHV .ULVWDOOSULQ]HQ ]X HUVHW]HQ )U YLHOH PHLQHU 9HUELQGXQJVPlQQHUZDUHVHLQ8QWHUIDQJHQDXI/HEHQXQG7RGYLHU$UNRQLGHQZXUGHQ YRQ GHQ DXWRPDWLVFKHQ $EZHKUHLQULFKWXQJHQ GHU ]X PDQLSXOLHUHQGHQ 5RERW 5HFKHQJHKLUQHHUVFKRVVHQ :LUDOOHKDEHQGLHVHQVFKPHU]OLFKHQ9HUOXVW]XWUDJHQGHQQHVJHKWGDUXPGHQ YHUEUHFKHULVFKHQ,PSHUDWRU2UEDQDVFKRO,,,]XVWU]HQ (KHGLHVHV8QWHUIDQJHQHLQJHOHLWHWZHUGHQNDQQPX$WODQHUZDFKVHQXQGPLW GHU $5. 6800,$ DXVJHVWDWWHW VHLQ (LQ ,PSHUDWRU RKQH SDUDSK\VLNDOLVFK DNWLYLHUWHV ([WUDKLUQLVWXQGHQNEDU´ (V LVW EHNDQQW GD HLQLJH ,PSHUDWRUHQ GHU 9HUJDQJHQKHLW GLH ([DPHQ QLFKW EHVWDQGHQ´:HJHQLKUHU+HUNXQIWXQGLKUHUKRKHQ9HUDQWZRUWXQJZXUGHQVLHGHQQRFK EHKDQGHOW'HU(UIROJLVW]XPHLVWNOlJOLFK ,FK GDUI DOV )DFKDU]W YHUVLFKHUQ GD HLQ $UNRQLGH GHU GLH 3UIXQJHQ QLFKW PHLVWHUW]XP(PSIDQJ´GHU$5.6800,$DXINHLQHQ)DOOJHHLJQHWLVW1XQ²PDQKDW HV LP ,QWHUHVVH GHV *URHQ ,PSHULXPV JHWDQ (V LVW QLFKW PHLQH $XIJDEH EHU GLH SROLWLVFKRULHQWLHUWHQ,QWHUHVVHQPHLQHU9RUIDKUHQ]XULFKWHQ $WODQMHGRFKVROOWHEHVWHKHQ,FKKDEHGLH9RUDXVVHW]XQJHQJHVFKDIIHQ,FKJDE LKPGDV:LVVHQXPYLHOH'LQJHLFKYHUPLWWHOWHLKPXQDXIIlOOLJGDV(UEHVHLQHV9DWHUV 1XQ LVW HV VRJDU JHOXQJHQ GDV XQP|JOLFK (UVFKHLQHQGH P|JOLFK ]X PDFKHQ 'HU.ULVWDOOSULQ]GHV,PSHULXPVUHFKWPlLJHU1DFKIROJHUGHV,PSHUDWRUV*RQR]DO9,, LVWDXIGHU3UIXQJVZHOW/DUJDPHQLDHLQJHWURIIHQ 'LH ZLVVHQVFKDIWOLFKHQ ([DPHQ EHVWDQG HU PLW GHU YRQ PLU HUZDUWHWHQ 0KHORVLJNHLW 1XQ DEHU EHJLQQW GLH 3UIXQJVSHULRGH EHU GHQ :HUW GHU 3HUV|QOLFKNHLW +LHU JHOWHQDQGHUH0DVWlEH ,FK EHIUZRUWH GLH $XIJDEHQVWHOOXQJ REJOHLFK HV LP DUNRQLGLVFKHQ 9RON JHQJHQG6WLPPHQJLEWGLHVROFKHUDUW8QWHUIDQJHQDOVSULPLWLYDEOHKQHQ 0DQLVWGHU$XIIDVVXQJHLQ6FKZHUWNDPSIVHLIUUDXPIDKUHQGH$UNRQLGHQGRFK ZRKOEHUKROW'HUJOHLFKHQ$XIIDVVXQJHQJLEWHVYLHOH ,FK JODXEH MHGRFK GD GLH N|USHUOLFKH %HODVWXQJ GHU 3HUVRQ DQ VLFK ZHGHU XQDQJHEUDFKW QRFK XU]HLWOLFK LVW $XFK LFK KDWWH HLQVWPDOV GLHVH 3UIXQJHQ ]X EHVWHKHQ 'HU %HJULII EHU GHQ 0DQQHVPXW NDQQ LQ YLHOHUOHL $UW DXVJHOHJW ZHUGHQ ,FK
'HU.ULVWDOOSULQ]
M
$WODQ
MHGRFKKDEHHUIDKUHQZLHZLFKWLJHVLVW.|USHUXQG9HUVWDQG]XVWlKOHQ 1XQEOHLEWPLUQXUQRFKGLH+RIIQXQJGDVLFK$WODQZLHHUZDUWHWYHUKlOW6HLQH 3HUVRQ EHUHLWHW PLU NHLQH 6RUJHQ ZRKO DEHU GHU XQHUJUQGOLFKH =XIDOO :DV PX JHVFKHKHQ ZHQQ HU HLQHP 0DQQ EHJHJQHW GHU 0DFRORQ VHKU JXW NDQQWH HLQHP 5DXPIDKUHUGHUXQWHU8PVWlQGHQ]XVDPPHQPLW0DFRORQ'LQJHHUOHEWHGLHQLHPDQG DXHUGHQ%HWHLOLJWHQDKQHQNDQQ" 'DVLVWQXUHLQHGHUGHQNEDUHQ6FKZLHULJNHLWHQ'HU.ULVWDOOSULQ]GHV,PSHULXPV GUIWH PHLQHV (UDFKWHQV QLFKW VR VHKU GXUFK GLH 0DQQEDUNHLWVSUIXQJHQ DOV YLHOPHKU GXUFKGLH7FNHGHV=XIDOOVJHIlKUGHWZHUGHQ 1XQ²$WODQ LVW DXI GHUDUWLJH =ZLVFKHQIlOOH YRUEHUHLWHW 6HLQ VFKDUIHU 9HUVWDQG ZLUGDXFKDQVFKHLQHQGDXVZHJORVH6LWXDWLRQHQPHLVWHUQN|QQHQ'DVKDW$WODQDXIGHU :HOW*RUWDYRUKlXILJEHZLHVHQ 'HQQRFK HUIDVVH LFK NODUHU GHQQ MH ZLH VFKZLHULJ HV LVW HLQHP SROLWLVFK 9HUIROJWHQ QLFKW QXU /HEHQ XQG*HVXQGKHLW]XHUKDOWHQVRQGHUQLKQEHUGLHVDXIGHQ :HJGHVHUVHKQWHQ(UIROJHV]XIKUHQ :LH VHKU ZQVFKWH LFK GHQ MXQJHQ 3ULQ]HQ GXUFK HLQH %HULFKWHUVWDWWXQJ EHU VHLQH ZDKUH +HUNXQIW XQG EHU GLH 4XDOLWlWHQ VHLQHV YHUHKUXQJVZUGLJHQ 9DWHUV XQWHUVWW]HQ]XN|QQHQ,FKGDUIHVQLFKWQRFKQLFKW 6R ZLUG $WODQ GHQ VWHLOHQ 3IDG ]X EHJHKHQ KDEHQ ,FK MHGRFK LFK ZHUGH LP +LQWHUJUXQGZDFKHQ (U PX GLH $5. 6800,$ JHZLQQHQ (V JLEW IU XQV NHLQH 0|JOLFKNHLW GLH $NWLYLHUXQJ GHV ([WUDKLUQV ]X HUVFKZLQGHOQ (V ZlUH DXFK VHKU VFKlGOLFK IU GDV 6HOEVWEHZXWVHLQGHVMXQJHQ0DQQHV )DUWXORRQ /HLEDU]W XQG 9HUWUDXWHU 6HLQHU $OOHVVHKHQGHQ $OOHVZLVVHQGHQ (UKDEHQKHLW*212=$/9,,YRQ$UNRQ1RWLHUWDP]HKQWHQ7DJHGHV7DUPDQLP-DKUH YRQ$UNRQ (UZDUEHUDXVFKW%HUDXVFKWHUDOVLFK)DUWXORRQMHPDOVJHVHKHQKDWWH (UJHK|UWHIUDJORV]XGHQ%HVDW]XQJVPLWJOLHGHUQMHQHV)ORWWHQYHUEDQGHVGHUYRU ]ZHL6RQQHQXPOlXIHQPLWIDVWDXVJHEUDQQWHQ7ULHEZHUNHQOHHUJHVFKRVVHQHQ 0XQLWLRQVNDPPHUQXQGDXIJHEUDXFKWHQ9HUVRUJXQJVJWHUQDXI/DUJDPHQLD JHODQGHWZDU :LUKDWWHQYRQGHQYHUOXVWUHLFKHQ*HIHFKWHQHEHQMHQHV9HUEDQGHVLP3HUV\SW\ 6HNWRUJHK|UW (UODJWLHILQQHUKDOEGHUYRQGHQ0DDKNVEHKHUUVFKWHQ5DXP]RQHQ(VZDU GDKHUQLFKWYHUZXQGHUOLFKGDPDQGHQ0lQQHUQHLQLJH)UHLKHLWHQJHZlKUWHGLH QRUPDOHUZHLVHYHUS|QWZDUHQ ,FKEHWUDFKWHWHEHOXVWLJWVFKOLHOLFKDEHUSUIHQGGHQKRFKJHZDFKVHQHQ0DQQ (UZLUNWHYHUZLOGHUWXQJHElUGLJ 'LHKDXWHQJH%RUGNRPELQDWLRQKlWWHLKQYRU]JOLFKJHNOHLGHWZHQQVLHQLFKW VFKPXW]LJJHZHVHQZlUH ³(UYHUVSHLVWGLFKPLWGHQ%OLFNHQ´PHLQWHPHLQ)UHXQGXQG([DPHQVEUXGHU 7LUDNR*DPQR³:LUVROOWHQJHKHQHKHHUVHLQHQQRFKLP8QWHUEHZXWVHLQ
'HU.ULVWDOOSULQ]
M
$WODQ
VFKOXPPHUQGHQ(QWVFKOXGLFK]XEHOHLGLJHQLQGLH7DWXPVHW]W´ 7LUDNR*DPQRGHUKRFKJHZDFKVHQH]HUEUHFKOLFKZLUNHQGH-XQJHVHXI]WHEHL PHLQHP.RSIVFKWWHOQ ³'DVUHL]WGLFKZRKORGHU¶"´IJWHHUVHLQHU:DUQXQJKLQ]X³7\SLVFK'XZLUVW GLH$5.6800,$JOlQ]HQGEHVWHKHQRGHUGXUFKVWHKHQ-D²GDVLVWGHUULFKWLJH%HJULII IUGLHVHV8UDUNRQLGHQ9HUIDKUHQ6FKHXOLFK:ROOHQZLUQLFKWGRFKJHKHQ KRFKJHVFKlW]WHU0DFRORQ" ,FKJULQVWH 'HUJXWH*DPQR.OXJIDVWEHUPlLJNOXJVFK|QJHLVWLJXQGPLWGHU*DEHGHV IHLQHQ6SRWWHVDXVJHVWDWWHWHUKDWWHZLHGHUHLQPDO$QJVWYRUHYHQWXHOOHQ .RPSOLNDWLRQHQ (VEOLHEPLUXQYHUVWlQGOLFKZDUXPVHLQ9DWHUHLQJHZLHUIDKUHQHU0DQQGLH 4XDOLWlWHQVHLQHV6RKQHVGHUDUWIDOVFKHLQVFKlW]WH 'LH([DPHQGHVHUVWHQXQG]ZHLWHQ*UDGHVKDWWH7LUDNR*DPQRPLWGHU *HVDPWEHZHUWXQJ³KHUYRUUDJHQG´EHVWDQGHQEHVVHUDOVLFK'DVKDWWHVHLQHP VFKDUIHQ9HUVWDQGXQGVHLQHUQLHPDOVHUO|VFKHQGHQ:LEHJLHUGHHQWVSURFKHQ 1XQDEHUVROOWHHULQGLHGULWWH6WXIHJHKHQ*URH:HOWYRQ$UNRQZLHZUGHHV LKPGDEHLZRKOHUJHKHQ" ³.RPPGRFK´GUlQJWHHU³(ULVWHLQ5LHVH1RFKHWZDVJU|HUDOVGXGD]XQRFK ZHVHQWOLFKEUHLWHUJHEDXW:DVUHL]WGLFKDQVHLQHPXQJHEKUOLFKHQ9HUKDOWHQ¶"´ ³6HLQH$XJHQ´HQWJHJQHWHLFK³6LHVLQG]XNODUXQGZDFKIUHLQHQ %HUDXVFKWHQ2KHUNRPPWVFKRQ¶´ 'LH6WUDHZDUDOWXQGHQJ'LH+DXSWVWDGWGHV3ODQHWHQ/DUJDPHQLD7LIWRUXP NRQQWHDXIHLQHVLHEHQWDXVHQGMlKULJH*HVFKLFKWH]XUFNEOLFNHQ 'LHVH6WUDHJHK|UWH]XHLQHPGHUYLHOHQKLVWRULVFKHQ%H]LUNH'LH%HOHXFKWXQJ ZDUHQWVSUHFKHQGVFKOHFKWXQGYHUDOWHWMHQHGHU]DKOUHLFKHQ%HZLUWXQJVKlXVHU /DGHQJHVFKlIWHXQG]ZLHOLFKWLJHQ*HZ|OEHDOOHUGLQJVQLFKW+LHUVWUDKOWHQPRGHUQH /DPSHQLQDOOHQ)DUEHQGHV6SHNWUXPV 'HU)UHPGHNDPQlKHU(UZDUZLUNOLFKJURXQGPXVNXO|V6HLQH$XJHQZDUHQ MHW]WQLFKWPHKUVRJXW]XHUNHQQHQ(UYHUEDUJVLHXQWHUKDOEJHVFKORVVHQHQ/LGHUQ2E HUVLFKLKUHUYHUUlWHULVFKHQ.ODUKHLWEHZXWJHZRUGHQZDU" )DUWXORRQV/HKUHQKDWWHQVLFKLQPHLQ*HGlFKWQLVHLQJHSUlJW ³7UDXHQLHHLQHP)UHPGHQPLW]XXQDXIIlOOLJHPRGHU]XSURYR]LHUHQGHP *HEDUHQ´KDWWHHURIWPDOVJHVDJW ³1DWUOLFKNDQQHUNHLQH2IIL]LHUHOHLGHQYLHOOHLFKWKDWHUVLHVRJDUYHUVXFKWH PLFK7LUDNR]XEHU]HXJHQ³0DQNHQQWVFKOLHOLFKGLHVH7\SHQ.DPSIJHZRKQWH 0lQQHUGLHDXFKLQGHU=LYLOLVDWLRQLKUH(U]LHKXQJYHUJHVVHQ´ ³,FKNHQQHVLH´EHKDXSWHWHLFKJHWUHXPHLQHU5ROOHDOV0DFRORQ (UEHKLHOWMHGRFKUHFKW 'HU5DXPVROGDWHLQ$UEWDQLQKRKHP0DQQVFKDIWVUDQJEOLHEZDQNHQGYRUPLU VWHKHQ0HKUHUH3DVVDQWHQYHUKLHOWHQGHQ6FKULWWXQGVFKDXWHQVLFKLQWHUHVVLHUWXP 1LHPDQGGDFKWHMHGRFKGDUDQXQVGHQRIIHQEDU%HGUlQJWHQ]X+LOIH]XHLOHQ $QZlUWHUIUGLH$5.6800,$KDWWHQLKUHQ.RSIVHOEVWLQ6LFKHUKHLW]XEULQJHQ'DV ZDUHLQXQJHVFKULHEHQHV*HVHW] 'HU$UEWDQPXVWHUWHPHLQHVDXEHUH0DXQLIRUP6LHZDUQDFK9RUVFKULIWGHU ,QVWLWXWVYHUZDOWXQJPRRVJUQ%HLGH6FKXOWHUQZXUGHQYRQKHOOURWHQ6WUHLIHQ
'HU.ULVWDOOSULQ]
M
$WODQ
EHU]RJHQGLHVLFKQDKHGHU*UWHOVFKQDOOHWUDIHQ 7LUDNRJULII]XU'LHQVWZDIIH ³)LQJHUZHJ´UDXQWHLFKLKP]X³6FKZHLJXQGEHREDFKWH'XZLUVWDXFKGLHVH (UIDKUXQJJHEUDXFKHQN|QQHQ´ 'HU5DXPIDKUHUXPIDWHSO|W]OLFKPHLQHQOLQNHQ2EHUDUP6HLQ*HVLFKWQlKHUWH VLFKPHLQHP ³+DHLQ%UVFKOHLQDXVGHP)DHKUOGHP,QVWLWXWIUGLH6|KQHGHU+DOEJ|WWHU %HJQDGHWHQ*DXQHUXQG'UXNNHEHUJHU+DWGHU(UKDEHQHVFKRQHLQPDOGHQ*HVWDQN YHUVFKPRUHQGHU.XQVWVWRIIHXQG0lQQHUN|USHUHLQJHDWPHWHK"+DWHUGDVVFKRQGHU MXQJH,OHUU"1HLQVLFKHUOLFKQLFKW$EHUURWH6WUHLIHQDXIGHQ6FKXOWHUQKDWHU)HUWLJIU GLHGULWWH3UIXQJZDV"8QGGDQQ"'DQQZLUGGHU(UKDEHQHDXI0lQQHUZLHPLFK ORVJHODVVHQ2KQHWDNWLVFKH(UIDKUXQJHQRKQH*HIKOIUGLH6LWXDWLRQDEHUPLW JURHP0XQGZHUNIHLQHQ0DQLHUHQXQGGHU$5.6800,$:HQQ¶VGDQQNQDOOWJHKW GHU(UKDEHQHLQ'HFNXQJ'LH0DDKNVVFKLHHQJXWHK":HQLJVWHQVGDVKDWPDQLP )DHKUOYRQ/DUJDPHQLDJHOHUQW,FKZHUGHGLFKYHUSUJHOQQRFKHKHGXYLHOOHLFKWPHLQ 9RUJHVHW]WHUZLUVW'DVHUVSDUWPLUHLQHKDUWH%HVWUDIXQJ´ (UODFKWHODXWKDOVXQGXPIDWHQXQDXFKQRFKPHLQHQDQGHUHQ2EHUDUP ,FKZROOWHHLQHQ)DUWXORRQVFKHQ+HEHOJULIIDQVHW]HQXPGHU6DFKHHLQ(QGH]X EHUHLWHQ'DJHVFKDKGDVZDVLFKLQVWLQNWLYHUZDUWHWKDWWH6HLQH$XJHQZDUHQIU HLQHQ%HUDXVFKWHQZLUNOLFK]XNODUJHZHVHQ ,FKYHUQDKPJHIOVWHUWH/DXWH ³1DFKULFKWYRQ)DUWXORRQ*HIDKU(LQ2IIL]LHUGHU$5*26627VFKHWUXPLVWPLW XQVDQJHNRPPHQ(UNHQQWGLFKJXW1DFKULFKWOHVHQ%LOGEHWUDFKWHQGDUDXIHLQVWHOOHQ 8QGMHW]WZLUIPLFK´ (UVSUDFKZLHGHUODXWHUXQGUWWHOWHPLFK(VZDUHQ%HOHLGLJXQJHQ,FKVFKWWHOWH GHQPRPHQWDQHQ6FKUHNNHQYRQPLUDEXPIDWHLKQEOLW]VFKQHOOXQGKRELKQPLWHLQHP +HEHOJULIIDXVGHP6WDQG (UNLSSWHDXIVFKUHLHQGKLQWHQEHUXQGILHOVRKDUWDXIGHQ5FNHQGDLFKGHQ $WHPDQKLHOW'DQQDEHUEHPHUNWHLFKHLQZLHJXWHU.lPSIHUGLHVHU6ROGDWZDU(U UROOWHVLFKJHVFKLFNWDEKHXFKHOWHMHGRFKGHQ9HUOHW]WHQ6W|KQHQGXQGIOXFKHQGEOLHE HUOLHJHQ )UPLFKZDUHVDQGHU=HLWHLQLJHSDVVHQGH:RUWHDXV]XVSUHFKHQ ³:HQQPLFKQLFKWDOOHVWlXVFKW$UEWDQZLUGLQZHQLJHQ0LQXWHQHLQH)OXJVWUHLIH ,KUHV.DPSIYHUEDQGHVODQGHQ,KU.RPPDQGDQWZQVFKWVLFKHUOLFKNHLQHQ6WUHLWRGHU" ,KUH:RUWHZHUGHLFKYHUJHVVHQGHQQVLHWUHIIHQPLFKQLFKW,FKELQ0DFRORQOHW]WHU .RPPDQGHXUGHUYLHUXQGGUHLLJVWHQ/DNDQLP7DQWHU\P9HUEDQG,FKKDEHVFKRQ YHUEUDQQWH0DWHULDOLHQJHURFKHQ6LHVROOWHQJHKHQ´ (UZXUGHVHKUVFKQHOOQFKWHUQ1RFKVFKQHOOHUVWDQGHUDXIGHQ%HLQHQ'LH =XVFKDXHUHQWIHUQWHQVLFKVFKOHXQLJVW:HLWHUGUEHQXQWHUHLQHPGVWHUURW EHOHXFKWHWHQ*HZ|OEHEHJDQQHLQKDJHUHU0DQQ]XODFKHQ(UKLHOWHLQHVFKZHUH 6FKRFNZDIIHOHW]WH)ORWWHQDXVIKUXQJLQGHU$UPEHXJH ³0RUHQWKLVWPHLQ1DPHZHQQ6LHJHVWDWWHQ(UKDEHQHU,FKKDWWHPLU YRUJHQRPPHQ6LHQRWIDOOV]XXQWHUVWW]HQ:HUNRQQWHDKQHQGDGHU$UEWDQHLQHP VROFKHQ,UUWXPXQWHUODJ 'HU+DJHUHYHUQHLJWHVLFKXQGOHJWHJUHQGGLH5HFKWHDQGLH6WLUQ ³9RUVLFKW´UDXQWHGHU6ROGDW³,FKYHUVFKZLQGH,FKELQ,KU'LHQHU´
'HU.ULVWDOOSULQ]
M
$WODQ
(UGUHKWHVLFKXPXQGUDQQWHGDYRQ'HU+DJHUHODFKWHZLHGHU'LH 7ULFKWHUPQGXQJVHLQHU6FKRFNZDIIHZLHVJHJHQGHQ%RGHQ ,FKPXVWHUWHLKQDUJZ|KQLVFK:LHVRZDUHUVRVFKQHOOHUVFKLHQHQ":DUHUHLQ 9HUELQGXQJVPDQQGHU.UDODVHQHQRGHUJDUHLQDXWRULVLHUWHU$JHQWGHUSROLWLVFKHQ *HKHLPSROL]HLYRQ$UNRQ" :HQQHVVRZDUGDQQZDUMHW]WHLQH(LQODGXQJIlOOLJ,QGHU7DWVLHZXUGH EHUHLWVDXVJHVSURFKHQ ³:UGHQ6LHPLUGLH(KUHHUZHLVHQ(UKDEHQHUGLHVH*HZ|OEHDOVPHLQ ZLOONRPPHQHU*DVW]XEHVXFKHQ",FKKDEH5DULWlWHQDXVDOOHQ7HLOHQGHU*DOD[LV DQ]XELHWHQ´ ³8QGEHUDXVFKHQGH*HWUlQNHGLHGLV]LSOLQLHUWH0lQQHU]X1DUUHQPDFKHQ´ PHOGHWHVLFK7LUDNR*DPQR³.DPGHU$UEWDQQLFKWDXVGLHVHP7RU"2GHUVROOWHLFK PLFKLUUHQ"´ 0RUHQWKODFKWHVFKRQZLHGHU,FKHPSIDQGHVDOVXQDQJHQHKP ³6LHLUUHQVLFKQLFKW,FKIROJWHLKPGDLFK8QDQQHKPOLFKNHLWHQHUZDUWHWH hEULJHQV²³HUGHXWHWHDXIGHQ6FKRFNVWUDKOHU³GDIUEHVLW]HLFKHLQH/L]HQ]´ ³(LQJDODNWLVFKHU*DXQHU´VWHOOWH7LUDNROHLVHIHVW³'XZLOOVWGRFKQLFKWHWZDGLH (LQODGXQJDQQHKPHQ"´ ³'RFK´ ³9HUUFNW´HUNOlUWH7LUDNR³:HOFKHU8QJHLVWKDWPLFKEHZRJHQGLFKLQGLHVH $EJUQGH]XEHJOHLWHQ"´ ,FKDQWZRUWHWHQLFKWXQGGDFKWHDQDQGHUH'LQJH6LHZDUHQZLFKWLJHU 'HU$UEWDQZDUDXVGHP*HZ|OEHJHNRPPHQ'HVVHQ,QKDEHUZDU]XPUHFKWHQ $XJHQEOLFNHUVFKLHQHQ(UKDWWHVHKUVFKQHOOGLH(LQODGXQJDXVJHVSURFKHQ*UXQGORV ZLHPLUVFKLHQ 'HQQRFKPXWHHUHLQHQ*UXQGJHKDEWKDEHQ:ROOWHPDQPLFKWHVWHQ":DUWHWH GRUWXQWHQMHQHU2IIL]LHUYRUGHPPDQPLFKRIIHQEDULQOHW]WHU6HNXQGHJHZDUQWKDWWH" 2GHUZUGHHUQXUVRIRUWEHQDFKULFKWLJWZHUGHQXPDQ2UWXQG6WHOOHHLQH XQYHUIlQJOLFKH,GHQWLIL]LHUXQJPHLQHU3HUVRQDOVR0DFRORQV3HUVRQYRUQHKPHQ]X N|QQHQ":RKHUDEHUNRQQWHGHU+DJHUHJHZXWKDEHQGDLFKDXVJHUHFKQHWKHXWH GLHVHV6WDGWYLHUWHOEHVXFKHQZUGH"%HVDPDQLP,QVWLWXWHLQHJXWIXQNWLRQLHUHQGH 1DFKULFKWHQTXHOOH"'DVZlUHHLQH0|JOLFKNHLWJHZHVHQ" -HGHQIDOOVNRQQWHLFKPLFKQLFKWXPGLH.OlUXQJGHUDQVFKHLQHQGOlQJVW DQJHODXIHQHQ*HVFKHKQLVVHKHUXPGUFNHQ,FKPXWHGHU(LQODGXQJIROJHQ %HUXKLJHQGZDUGDEHLGLH*HZLKHLWGDPDQZRKODOOH.DQGLGDWHQIUGLHGULWWH 6WXIHEHUSUIHQZUGH :LHGHUSHLQLJWHPLFKGLH)UDJHZDUXPPDQDXVJHUHFKQHWQDFKPLU$WODQ VXFKWH:HUZDULFKZLUNOLFK":RKHUNDPLFK"0HLQH(ULQQHUXQJHQDXVIUKHVWHU .LQGKHLWZDUHQYDJH)DUWXORRQMHGRFKVFKZLHJ ³3ODWWIHVROOHUNULHJHQ´VSUDFKLFKLQQHUOLFKZWHQGZHUGHQGYRUPLFKKLQ ³:HUGHU,QKDEHUGHVURWHQ*HZ|OEHV"´ODFKWH7LUDNRLQ9HUNHQQXQJGHU 6DFKODJH³6FKlPHGLFK)UHXQG(LQ=|JOLQJGHV)DHKUOHLQHFKWHU+HUWDVRVROOWH GHUDUWLJH9HUZQVFKXQJHQQLHPDOVDXVVSUHFKHQ%HLGHQVFKLPPHUQGHQ 'UHLHFNVZHOWHQYRQ$UNRQ²ZRKLQKDWHVPLFKYHUVFKODJHQ ,FKEHWUDFKWHWHLKQYRQREHQELVXQWHQ7LUDNRJULQVWH²WDWVlFKOLFKHUJULQVWH 0HLQVFK|QJHLVWLJHU)UHXQGZXUGHEHUPWLJ'DEHLILHOPLUHLQGDHULP$XJHQEOLFN
'HU.ULVWDOOSULQ]
M
$WODQ
GHU*HIDKUVRJDU]XU'LHQVWZDIIHJUHLIHQZROOWH ³+lWWHVWGXJHVFKRVVHQ¶"´HUNXQGLJWHLFKPLFKLQWHUHVVLHUW³$XIHLQHQYHUGLHQWHQ $UEWDQGHUDUNRQLGLVFKHQ5DXPIORWWH"+lWWHVWGXHVJHWDQ¶"´ (UZHKUWHGHQ9HUGDFKWPLWHLQHUKRKHLWVYROOHQ+DQGEHZHJXQJYRQVLFKDE ³:RGHQNVWGXKLQ1LHPDOV,FKHUEOLFNWHMHGRFKGHQ%HZDIIQHWHQXQWHUGHP *HZ|OEH9LHOOHLFKWZlUHHUMHW]WVFKRQWRWZHQQLFKQLFKWGHQKDUPORVHQ 6FKRFNVWUDKOHUHUNDQQWKlWWH,FKZlUHQDWUOLFKXQWU|VWOLFKJHZHVHQ´ 0RUHQWKODFKWHSO|W]OLFKQLFKWPHKU9HUEOIIWVFKDXWHHUDXI7LUDNRV/XFFRW HLQHQ+RFKHQHUJLH,PSXOVVWUDKOHU'LH+DOWHVFKODXIHEHUGHP*ULIIVWFNZDUJHO|VW ZRUGHQ6LHEDXPHOWHDP:DIIHQHWXLHQWODQJQDFKXQWHQ ³'XEHVVHUVWGLFK)UHXQG´HUNOlUWHLFKDQHUNHQQHQG³8QVHUHQIUHXQGOLFKHQ *DVWJHEHUKDWWHLFKQLFKWEHPHUNW*HKHQZLU³ 'LH*HZ|OEHGHV0RUHQWKZDUHQJURXQGXQHUJUQGOLFKWLHI+LHUNRQQWHPDQ YLHOHUOHL'LQJHHUZHUEHQXQG*HQVVHDOOHU$UWKHLPOLFKDXVNRVWHQ.RORQLDODUNRQLGHQ YRQ0RUHQWKV$UWZDUHQJOHLFKHUPDHQEHOLHEWXQGYHUKDW'DVNDPJDQ]GDUDXIDQ REPDQVLHEHQ|WLJWHRGHUQLFKW 6HLWGHP=ZLVFKHQIDOOPLWGHP$UEWDXZDUHQHUVWZHQLJH0LQXWHQYHUJDQJHQ 'UDXHQZDUGDVPLOLWlULVFKH2UGQXQJVNRPPDQGRGHU)ORWWHHUVFKLHQHQ(VZDU HUVWDXQOLFKZLHVFKQHOOGLHVH0lQQHUDOOHQP|JOLFKHQ9HUIHKOXQJHQQDFKJLQJHQ -HGHQIDOOVZXUGHQZLUYRQGHP:DFKRIIL]LHUQLFKWJHVW|UW8QVHUIUDJZUGLJHU *DVWJHEHUKDWWHVLFKHLOIHUWLJHUERWHQGLH³$QJHOHJHQKHLW´LQ2UGQXQJ]XEULQJHQ0LU ZDUHVUHFKWERWHUPLUGRFKGDPLW*HOHJHQKHLW¶PLFKIUHLQLJH$XJHQEOLFNH ]XUFN]X]LHKHQ ,FKHUKREPLFKYRQGHQDWPXQJVDNWLYHQ3ROVWHUQ6LHVWDQGHQLQHLQHU$UW 1LVFKH ,FKHQWVFKXOGLJWHPLFKEHL7LUDNR*DPQRXQGGHQEHLGHQ0lGFKHQGLHPDQXQV JHVFKLFNWKDWWH ³,FKNRPPHVRIRUW]XUFN0HLQH+DQGVFKPHU]WHWZDV*LEWHVLQGHQ (UIULVFKXQJVUlXPHQ'HVLQIHNWLRQVPLWWHO"´ 7LUDNRUXQ]HOWHYHUZXQGHUWGLH6WLUQ'HU.UDW]HUDXIPHLQHPUHFKWHQ +DQGUFNHQUHFKWIHUWLJWHNDXPHLQH%HKDQGOXQJ(LQ0lGFKHQZLHVPLUGHQ:HJ-D HVJDEGRUWVROFKH0LWWHO,FKJLQJ 'LH*DVWUlXPHGHU*HZ|OEHZDUHQEHUIOOW'LH5DXPVROGDWHQGHVJHODQGHWHQ 9HUEDQGHVZDUHQODXWXQGEHUPWLJ,FKNRQQWHVLHYHUVWHKHQ6LHKDWWHQEHUYLHU 0RQDWHODQJLQYRUGHUVWHU)URQWGHV0DDKNJHELHWHVJHVWDQGHQ ,FKHUUHLFKWHGLH(UIULVFKXQJVUDXPHVFKLFNWHHLQHQGLHQVWEHIOLVVHQHQ5RERWHU IRUWXQGVFKORPLFKHLQ 'LHVFKQHOOH8QWHUVXFKXQJGHU.DELQHYHUOLHIQHJDWLY(VVFKLHQNHLQH )HUQEHREDFKWXQJ]XJHEHQ ,FK|IIQHWHGLHNOHLQH6SXOHGLHPLUGHU$UEWDQXQDXIIlOOLJLQGLH+DQGJHGUFNW KDWWH(LQHKDXFKGQQH)ROLHZDUJXWOHVHUOLFKEHVFKULIWHW'LH1DFKULFKWVWDPPWH HLQZDQGIUHLYRQ)DUWXORRQ
'HU.ULVWDOOSULQ]
M
$WODQ
=XHUVWHQWIDOWHWHLFKGLH)RWRJUDILH6LHZDUIDUELJGUHLGLPHQVLRQDOXQG]HLJWH GHQJOHLFKHQ0DQQLQGUHLYHUVFKLHGHQDUWLJHQ3RVLWLRQHQ (UZDUPLWWHOJUREHVDDOOWlJOLFKH*HVLFKWV]JHXQGNHLQHUOHLEHVRQGHUH 0HUNPDOH,FKSUlJWHPLUGLH'HWDLOVHLQ,FKPXWHLKQNHQQHQ )DUWXORRQV1DFKULFKWZDULQKDOWVVFKZHU ³7VFKHWUXP=ZHLWHU:DFKRIIL]LHUGHU$5*2662YLHU:RFKHQODQJSHUV|QOLFKHU %HJOHLWHUGHV0DFRORQVRHEHQDXI/DUJDPHQLDHLQJHWURIIHQ0HLQH,QIRUPDWLRQVWDPPW DXVGHP5DXPKDIHQUHFKQHUGHPGLH%HVDW]XQJVOLVWHQGHV$XIUVWXQJVYHUEDQGHV EHUVSLHOWZXUGHQ0HLQH$QIUDJHDQ7DQLFWURSZXUGHYRPLKPEHVWlWLJW(UPLWWOXQJHQ HUIROJWHQ'DKHU:DUQXQJLQOHW]WHU6HNXQGH:LUEUDXFKWHQ=HLW9RUVLFKWEHL .RQWDNWDXIQDKPHQ7VFKHWUXPIORJ]XVDPPHQPLW0DFRORQHLQHQ6RQGHUHLQVDW] )ROJHQGH'DWHQVLQG]XEHDFKWHQ´ ,FKODVGLH1DFKULFKW]ZHLPDODXIPHUNVDPGXUFK)DUWXORRQKDWWHJURDUWLJ JHDUEHLWHW(VZDUPLUQDFKZLHYRUUlWVHOKDIWZLHHU]XGHUDUWLJHQ9HUELQGXQJHQNDP XQGZHUVHLQH]DKOUHLFKHQ*HKHLPGHSRWVHUEDXWXQGILQDQ]LHUWKDWWH-HPDQGGHUZHLW LQGLH=XNXQIWVFKDXHQNRQQWHPXWHHLQJHJULIIHQKDEHQ :HUDEHUZDUGLHVHUMHPDQG"0HLQZLUNOLFKHU9DWHU"3ROLWLVFKLQWHUHVVLHUWH 0DFKWJUXSSHQ" (VJDEYLHOH0|JOLFKNHLWHQ7DXVHQGPDOKDWWHLFKVLHEHUGDFKWJHZLVVHUPDHQ VH]LHUWGRFKGDEHLZDUHQPLUVWHWVQHXH'HWDLOVHLQJHIDOOHQ2KQHµ8QWHUULFKWXQJNDP LFKQLFKWZHLWHU 1XQPHKUVFKLHQDEHUDXFK)DUWXORRQHWZDVDXVVHLQHU5HVHUYHKHUDXV ]XJHKHQ(UZDUQWHJDEH[DNWH'HWDLOVXQGYHUULHWPLUGDPLWRIIHQNXQGLJEHUZHOFKH 0|JOLFKNHLWHQHUYHUIJWH :DKUVFKHLQOLFKEHIDQGHUVLFKHEHQIDOOVDXI/DUJDPHQLD6LFKHUKDWWHLFKDXFK QLFKWLPPHU³$WODQ´JHKHLHQGHQQXQWHUGLHVHP1DPHQZDULFKEHL)DUWXORRQ DXIJHZDFKVHQ :HQQPDQPLFKDEHUVXFKWHZHQQGHUDUWPlFKWLJH6WDDWVRUJDQLVDWLRQHQZLHGLH RIIL]LHOOH3ROLWLVFKH3ROL]HLXQGVRJDUGLH.UDODVHQHQQDFKPLUIRUVFKWHQVRPXWHLFK ]XU=HLWPHLQHU*HEXUWHLQHQDQGHUHQ1DPHQJHWUDJHQKDEHQ )DUWXORRQZlUHJHZLQLFKWQlUULVFKJHQXJJHZHVHQPLFKEHUDOOPLW³$WODQ´ DQ]XVSUHFKHQ'DVZlUHZRKOGLHSULPLWLYVWH$UWIUHLQHQVRIRUWLJHQ9HUUDWJHZHVHQ ,FKJDEGLH*UEHOHLHQDXIXQGYHUQLFKWHWHZHLVXQJVJHPlGLH 1DFKULFKWHQVSXOH6LHYHUJOKWHPLWKHOOHU)ODPPHLQHLQHP:DVFKEHFNHQ,FK EHVHLWLJWHGLHOHW]WHQ6SXUHQVSUKWHHWZDV9HUEDQGVILOPEHUGHQ+DQGUFNHQXQG EHJDEPLFK]X7LUDNR]XUFN (UZDUIPLUHLQHQVLQQHQGHQ%OLFN]X$OVHUPHLQH+DQGVDKOlFKHOWHHUNDXP PHUNOLFK6RQVWVSUDFKHUNHLQ:RUW1DWUOLFKZDUGLHVHP-XQJHQPHLQH$XVUHGH DXIJHIDOOHQ 8QVHU*DVWJHEHUQlKHUWHVLFK(UODFKWHVFKRQZLHGHUXQGPHLQWH ³'HU)DOOLVWHUOHGLJW(UKDEHQHU'HU:DFKRIIL]LHUJDEVLFKPLWPHLQHQ (UNOlUXQJHQ]XIULHGHQ(LQHQ6WUDIDQWUDJZHJHQ%HOHLGLJXQJZROOWHQ6LHMDZRKOQLFKW VWHOOHQ"´ ,FKZLQNWHDE ³8QVLQQ(UZDUEHUDXVFKW0RUJHQZLUGHUDQGHUVGHQNHQ:DVQXQ*HELHWHU EHUGLHURWHQ*HZ|OEH"´
'HU.ULVWDOOSULQ]
M
$WODQ
³/DVVHQ6LHVLFKEHUUDVFKHQ(UKDEHQHU0HLQH.|FKHNRPPHQDXVYLHOHQ 7HLOHQGHU*DOD[LVXQGQLFKWQXUYRQDUNRQLGLVFKHQ3ODQHWHQ,FKZHUGH,KQHQ´ (UXQWHUEUDFKVLFKGDHUPHLQHQIRUVFKHQGHQ%OLFNEHPHUNWKDWWH%HWRQW UFNVLFKWVYROOWUDWHU]XU6HLWHNRQQWHHVMHGRFKQLFKWXQWHUODVVHQPHLQHP%OLFN]X IROJHQ 'DZDUGHU2IIL]LHU'DVZDUJHQDXGHU0DQQGHQLFKNXU]]XYRUDXIGHQ%LOGHUQ JHVHKHQKDWWH (UKDWWHVRHEHQGLH*HZ|OEHEHWUHWHQVDKVLFKXQVLFKHUXPXQGVFKLHQQLFKW]X ZLVVHQDQZHQHUVLFK]XZHQGHQKDWWH ,QGHP$XJHQEOLFNDKQWHLFKGDGHUHKHPDOLJH=ZHLWH:DFKRIIL]LHUGHU $5*2662LQHLQ6SLHOHLQJHUHLKWZRUGHQZDUGHVVHQ5HJHOQHUQLFKWNDQQWH(UZDU 0LWWHO]XP=ZHFN 0DQPXWHLKQEHQDFKULFKWLJWXQG]XP$XIVXFKHQGHU*HZ|OEH DXIJHIRUGHUWKDEHQ 0LWVHLQHP(UVFKHLQHQEHJDQQPHLQJHZDJWHV6SLHO ,FKVWDQGDEUXSWDXIHUKREZLQNHQGGLH+DQGXQGULHITXHUGXUFKGLH*HZ|OEH ³7VFKHWUXPHKDOWHU)UHXQGZDVIKUWGLFKKLHUKHU"´ (UJHZDKUWHPLFKVRIRUW-HW]WNDPGLHHQWVFKHLGHQGH6HNXQGH 0RUHQWKOlFKHOWHEHWRQWXQLQWHUHVVLHUWXQGZLFKQRFKZHLWHU]XU6HLWH 1DWUOLFK²HUZROOWHIUGLHGUHLVFKZHLJVDPHQ0lQQHUGLHPLUEHUHLWVDXIJHIDOOHQ ZDUHQIUGHQ)DOOGHU)lOOHGDV6FKXIHOGIUHLPDFKHQ 6LHZDUHQEHZDIIQHW,FKKDWWHHVOlQJVWEHPHUNW8QWHULKUHQZHLWHQ8PKlQJHQ GLHVLHDOVUHLVHQGH+lQGOHUDXVZLHVHQWUXJHQVLHNXU]OlXILJH:DIIHQ:DKUVFKHLQOLFK PRGHUQH/XFFRWV ,FKEHDFKWHWHVLHQLFKWXQGULHIQRFKPDOV7VFKHWUXPV1DPHQ,FKODFKWHZLHHLQ 0DQQGHUVLFKIUHXWQDFKODQJHU=HLWHLQHQDOWHQ%HNDQQWHQZLHGHU]XVHKHQ 'HU2IIL]LHU]|JHUWHQXUHLQH6HNXQGHVWDUUWHPLFKIUDJHQGDQGRFKVFKRQ EHJDQQHU]XOlFKHOQ(UKLHOWPLFKIU0DFRORQ,FKKDWWHJHZRQQHQ 'LHGUHLDQJHEOLFKHQ+lQGOHU]RJHQVLFKXQDXIIlOOLJ]XUFN6LHEOLHEHQMHGRFKLQ +|UZHLWH $XJHQEOLFNHVSlWHUXPDUPWHLFKGHQ8QLIRUPLHUWHQQDQQWHHUQHXWVHLQHQ1DPHQ XQGVWHOOWLKP7LUDNR*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 PHLQWHHUQRFKYHUELQGOLFK ³:HQQPDQDOWH)UHXQGHXQG.DPSIJHIlKUWHQWULIIWJLEWHVYLHO]XHU]lKOHQ (UKDEHQHU(UODXEHQ6LHPLUPLFKLQHLQLJHU=HLWQDFK,KUHQ:QVFKHQHUNXQGLJHQ]X GUIHQ´ (UJLQJ,FKDWPHWHDXI 7LUDNRGLHVHUSO|W]OLFKVRXQJHPHLQVFKDUIH%HREDFKWHUUXQ]HOWHZLHGHUGLH
'HU.ULVWDOOSULQ]
M
$WODQ
6WLUQ8QDXIIlOOLJVFKDXWHHU]XGHQGUHL8QEHNDQQWHQKLQEHU6LHIROJWHQGHP:LUW $XFKGDVZXUGHYRQPHLQHP)UHXQGUHJLVWULHUW(UZDUIPLUHLQHQHLJHQWPOLFKHQ %OLFN]XVFKZLHJDEHU ,FKXQWHUKLHOWPLFK]ZHL6WXQGHQODQJPLWGHPVRSO|W]OLFKDXIJHWDXFKWHQ2IIL]LHU (UWUDQN]XYLHOUHGHWHVLFKLQ%HJHLVWHUXQJXQGNDPNHLQH6HNXQGHODQJDXIGLH,GHH LFKN|QQWHQLFKWVHLQHKHPDOLJHU.RPPDQGDQWVHLQ 'LHIUHPGHQ0lQQHUZDUHQYHUVFKZXQGHQ,FKZDURIIHQEDULGHQWLIL]LHUWZRUGHQ .XU]QDFKGHUGULWWHQ0RUJHQVWXQGHGUlQJWH7LUDNR]XP$XIEUXFK(UVFKLHQ PHLQHEHUPWLJJHZRUGHQH6WLPPXQJ]XIUFKWHQ0RUHQWKZDUQHXHUGLQJVVWlQGLJLQ GHU1lKH,KPHQWJLQJNHLQ'HWDLOEHU'LQJHGLHWDWVlFKOLFKQXU0DFRORQXQG 7VFKHWUXPZLVVHQNRQQWHQ 7LUDNR]XSIWHDQPHLQHPbUPHO ³(VZLUG=HLWJURHU$QZlUWHUDXIGLHVFK|QVWH=LHUGHHLQHV$UNRQLGHQ0RUJHQ EHJLQQHQGLH(LQVDW]XQWHUULFKWXQJHQ:HQQPDQDQQLPPWGDPDQVLFKVROFKH'LQJH PLWP|JOLFKVWNODUHP.RSIDQK|UHQVROOWHVRZlUHHVQXQDQJHEUDFKW´ 7VFKHWUXPODFKWHVFKDOOHQGXQGXQWHUEUDFK7LUDNR ³+RZHQQ6LHZWHQZDV0DFRORQYHUWUDJHQNDQQZUGHQ6LHQLFKWVR GUlQJHQ'DPDOVDXI$UEW]XNHLQHUJQDGHQORVHQ:HOWVDKHVQRFKYLHOVFKOLPPHUDXV¶ 0HLQH%HVRQQHQKHLWNHKUWHVFKODJDUWLJ]XUFN$UEW]XN"'HQ3ODQHWHQQDPHQ KDWWHLFKQLHJHK|UW$XFKHLQ0DQQZLH)DUWXORRQVFKLHQQLFKWDOOZLVVHQG]XVHLQ:DV KDWWH7VFKHWUXP]XVDPPHQPLW0DFRORQDXIGLHVHU:HOWHUOHEW" ,FKERJGDVYHUIlQJOLFKH*HVSUlFKDE1XU0LQXWHQVSlWHUEUDFKHQZLUDXI 'DEHLIOVWHUWHPLU7VFKHWUXPEHXQUXKLJW]X ³+DVWGXHLQH$KQXQJZHVKDOELFKKLHUKHUEHIRKOHQZXUGH":DUXPKDWPDQPLU QLFKWJHVDJWGDLFKGLFKKLHUILQGHQZUGH"'DQQZlUHGLH6DFKHNODUJHZHVHQ´ ,FKPXWHVFKRQZLHGHUVFKDOWHQ ³9HUJLHV,FKKDEHJHZLVVH%H]LHKXQJHQVSLHOHQODVVHQ1DWUOLFKZXWHLFK GDGXPLWGHP$XIUVWXQJVYHUEDQGDQJHNRPPHQELVW$EHUNHLQ:RUWGDUEHU¶ ³,FKZHUGHPLFKKWHQ´ODFKWHHUXQWHUGUFNW0HLQ8UODXEZDUEHUHLWV JHVWULFKHQ*XWYLHOHQ'DQN,FKQHKPHDOVRZHLWHUKLQDQPHLQYHUHKUWHU.RPPDQGDQW KlWWHVLFKPHLQHUHUEDUPWXQGPLFKLQGLH*HZ|OEHGHU5RWHQ6WUDHHQWODVVHQ´ 'LH,QIRUPDWLRQZDUZLFKWLJ(LZDUDOVRYRP%HIHKOVKDEHUVHLQHV.DPSIVFKLIIHV DENRPPDQGLHUWZRUGHQ)U)DUWXORRQPXWHGDVLQWHUHVVDQWVHLQ :LUYHUDEVFKLHGHWHQXQV]XUYLHUWHQ6WXQGH7VFKHWUXPYHUVFKZDQGPLWHLQHP 6DPPHOJOHLWHUIU8UODXEHUZLUIRUGHUWHQHLQHQ/XIWJOHLWHUDQ ³(LQP|JOLFKVWDOWHVXQGODQJVDPHV0RGHOO´EDWLFKPLWVFKZHUHU=XQJH³,FK P|FKWHQRFKPDOVGHQ/LFKWHUJODQ]YRQ7LIWRUXPJHQLHHQHKHPDQPLFKNRFKWEUlW XQGYLHOOHLFKWDXVHLQDQGHUQLPPW¶ 0RUHQWKKDWWHHVSO|W]OLFKHLOLJ6HLQH$XIJDEHVFKLHQHUOHGLJW]XVHLQ(LQH %H]DKOXQJIUVHLQH'LHQVWHOHKQWHHUPLWGHP+LQZHLVDEHUVWQGHLQPHLQHU6FKXOG 6FKOLHOLFKZlUHHVVHLQH3IOLFKWJHZHVHQGHQEHUDXVFKWHQ5DXPIDKUHUUHFKW]HLWLJ]XU 9HUQXQIW]XEULQJHQ :LUJLQJHQ'LHXUDOWHQ7UHSSHQZDUHQVWHLOXQGDXVJHWUHWHQ1HEHQDQOLHI MHGRFKGDV$JJUHJDWHLQHV$QWLJUDYLWDWLRQVOLIWV 'HU*OHLWHUZDUWHWHEHUHLWV(UZDUZLUNOLFKDOWDEHUVFKRQURERWJHVWHXHUW7LUDNR *DPQRWLSSWHGLH=LHODGUHVVHLQGLH6HOEVWVWHXHUDXWRPDWLN
'HU.ULVWDOOSULQ]
M
$WODQ
'LH0DVFKLQHKREDE ,FKIUDJWHPLFKZLHVRGHU$UEWDQQRFKUHFKW]HLWLJLQGHQ*HZ|OEHQHLQJHWURIIHQ ZDUXPPLFKZDUQHQ]XN|QQHQ:RKOEHPHUNWLQGHQULFKWLJHQ*HZ|OEHQ ,FKJDEGDV1DFKJUEHOQYRUHUVWDXIEHVFKORDEHUGLHVHQ)DOOLUJHQGZDQQ]X NOlUHQ:DKUVFKHLQOLFKKDWWH)DUWXORRQVHLQH+lQGHLP6SLHOJHKDEW ³(VZLUGEDOGKHOO´XQWHUEUDFK7LUDNR*DPQRPHLQH*HGDQNHQ³6LHKVWGXDP +RUL]RQWGLHVWUDKOHQGHQ(QHUJLHNXSSHOQ" -DLFKKDWWHVLHOlQJVWHUEOLFNW'DVZDUHQW\SLVFKH3UIXQJVJHELHWH]XU (UULQJXQJGHUGULWWHQ6WXIHGHU$5.6800,$ $XIGHP3ODQHWHQ/DUJDPHQLDNRQQWHQYLHOIlOWLJH)UHPGZHOWYHUKlOWQLVVHPLW+LOIH GHU7HFKQLNVLPXOLHUWZHUGHQ8QWHUMHGHU(QHUJLHNXSSHOEHIDQGVLFKHLQHDQGHUH /DQGVFKDIWHLVNDOWHXQGJOKKHLHJLIWJDVJHIOOWHXQGVROFKHPLWEHUKRKHQ 6FKZHUNUDIWYHUKlOWQLVVHQ 9RQHLQHP+HUWDVRHLQHP$QZlUWHUDXIGLHKRKH:UGHZXUGHYLHOYHUODQJW(U PXWHVLFKEHUDOOEHKDXSWHQN|QQHQ 'LHHUIRUGHUOLFKHQ6FKXW]DQ]JHXQG$XVUVWXQJHQZXUGHQVHOEVWYHUVWlQGOLFK ]XU9HUIJXQJJHVWHOOW1LFKWHLQPDOGLH+HUUHQGHU.OHLQHQ5XQGH0LWJOLHGHUGHU 3UIXQJVNRPPLVVLRQNRQQWHQHLQHQ0DQQXQJHVFKW]WLQHLQH:DVVHUVWRII$PPRQLDN $WPRVSKlUHHQWODVVHQ 0LWHQWVSUHFKHQGHQ6FKXW]YRUULFKWXQJHQDOOHLQZDUHVQLFKWJHWDQ0DQPXWH VLH]ZHFNHQWVSUHFKHQGXQGXQWHUSODQYROOKHUEHLJHIKUWHQ1RWVLWXDWLRQHQ]X EHKHUUVFKHQZLVVHQ 'LH'XUFKIDOOTXRWHZDUH[WUHPKRFK(VZDUGDKHUQLFKWYHUZXQGHUOLFKGDVLFK YRQEHUIQIXQGGUHLLJWDXVHQG$QZlUWHUQIUGLHHUVWHXQG]ZHLWH([DPHQVVWXIHQXU NQDSSDFKWKXQGHUWIUGLHGULWWH3UR]HGXUJHPHOGHWKDWWHQ9LHOHGDYRQKDWWHQHVQXU XQWHUGHP=ZDQJLKUHUHKUJHL]LJHQ)DPLOLHQJHWDQ 9RQGHQ$QZlUWHUQZDUHQMHGRFKQDFKGHQPHGL]LQLVFKHQ8QWHUVXFKXQJHQXQG DQGHUHQ(LJQXQJVSUIXQJHQQXUQRFKGUHLKXQGHUW]ZHLXQGYLHU]LJ$QZlUWHU EULJJHEOLHEHQ :LHYLHOHYRQLKQHQZUGHQZRKOEHVWHKHQ" (VZDUDOVKlWWH7LUDNR*DPQRPHLQH*HGDQNHQJHOHVHQ(UPHLQWH XQYHUPLWWHOW ³,FKQLFKW´ ³:DV"´ ³,FKVFKDIIHHVQLFKW,FKZHUGHVFKRQXQWHUGHP'UXFNYRQQXU]ZHL *UDYLWDWLRQVHLQKHLWHQ]HUEUHFKHQ´ ³8QVLQQ)UHXQG'XELVWVWlUNHUDOVGXGHQNVW´ ³*HLVWLJ]HUEUHFKHQPHLQHLFK,FKNDQQQLFKWEHJUHLIHQRGHUJDUZUGLJHQ ZDUXPPDQHLQHQMXQJHQ$UNRQLGHQTXlOHQPXQXUXPGHQ$QVFKHLQGHU %HUHFKWLJXQJ]XKDEHQLKPGLH$5.6800,$]XJHZlKUHQRGHU]XYHUZHLJHUQ:LH YLHOHJHQLDOH0lQQHUXQVHUHV9RONHVKlWWHQGLH$NWLYLHUXQJYHUGLHQWJHKDEWDEHUVLH KLHOWHQHVN|USHUOLFKQLFKWGXUFK´ ,FKGUHKWHPLFKLQGHPHQJHQ6LW]XPXQGVFKDXWHLKQSUIHQGDQ ³'DVVLQGUHYROXWLRQlUH$QVLFKWHQ)UHXQG´ (UOlFKHOWHXQGEOLFNWHVWDUUJHUDGHDXVGRUWKLQZRGLH(QHUJLHNXSSHOQGHQ +RUL]RQWZLHIOVVLJH*OXWHUOHXFKWHWHQ
'HU.ULVWDOOSULQ]
M
$WODQ
³5HGHQZLUQLFKWPHKUGDYRQ9HUJLHV0DFRORQ'XELVWEULJHQVVHKUQHUY|V JHZRUGHQDOV7VFKHWUXPGHQ3ODQHWHQ$UEW]XNHUZlKQWH0DQN|QQWHDXIGLH,GHH NRPPHQGXZlUHVWQLHPDOVGRUWJHZHVHQ´ ,FKYHUZQVFKWHLQQHUOLFKVHLQHVFKDUIH%HREDFKWXQJVJDEH
HOIKXQGHUWYLHUXQGGUHLLJVWH SRVLWURQLVFKH 1RWLHUXQJ HLQJHVSHLVW LP 5DIIHUNRGHVFKOVVHO GHU ZDKUHQ ,PSHUDWRUHQ JHJHEHQ DXV $QOD GHU ]ZHLWHQ HQWVFKHLGHQGHQ3KDVH 'LH+RFKHQHUJLH([SORVLYO|VFKXQJLVWZLHGHUXPDNWLYLHUWZRUGHQ(LQHXQEHIXJWH $EEHUXIXQJPHLQHU1RWL]HQLVWDXVJHVFKORVVHQ (VZLUGNXQGJHJHEHQ ,Q GHU YHUJDQJHQHQ 1DFKWSHULRGH GHV 3UIXQJVSODQHWHQ /DUJDPHQLD KDWWH GHU .ULVWDOOSULQ] GHV DUNRQLGLVFKHQ 6WHUQHQUHLFKHV $WODQ GLH HUVWH DXV VHLQHU ,GHQWLWlWVlQGHUXQJUHVXOWLHUHQGH+UGH]XEHUZLQGHQ (LQ 2IIL]LHU GHV 6FKZHUHQ .UHX]HUV $5*2662 7VFKHWUXP LVW XQYHUKRIIW DXI /DUJDPHQLD HUVFKLHQHQ 'LHV JHVFKDK LQIROJH VHLQHU 9HUVHW]XQJ ]XP QHXQKXQGHUWYLHUWHQ6WRYHUEDQGXQWHU$GPLUDO*HQRPDUS 'XUFK$WODQV*HIlKUGXQJZlKUHQGGHU3UIXQJVSHULRGHQLVWHVPHLQHZLFKWLJVWH $XIJDEH DQNRPPHQGH 5DXPIDKUHU GLH XQWHU 8PVWlQGHQ PLW 0DFRORQ LQ HQJHP .RQWDNW JHVWDQGHQ KDEHQ N|QQWHQ ]X EHUSUIHQ 'LH 0DQDKPH HUZLHV VLFK DOV ULFKWLJ 7VFKHWUXP ZXUGH HQWGHFNW 6HLQH (UOHEQLVVH PLW 0DFRORQ NRQQWHQ VR ZHLW UHNRQVWUXLHUW ZHUGHQ GD $WODQ ]XPLQGHVW HLQH ZLFKWLJH 3KDVH GHU JHPHLQVDPHQ (LQVlW]HUHFKW]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 %HORKQXQJYRUJHPHUNW 0LU LVW EHNDQQWJHZRUGHQ GD GHU .ULVWDOOSULQ] HLQHQ %HVXFK GHU DOWHQ 6WDGW]HQWUHQYRQ7LIWRUXPEHDEVLFKWLJWH'RUWGURKWH*HIDKU ,Q GHU SV\FKRORJLVFK IXQGLHUWHQ (UZDUWXQJ GD $WODQ GLH EHUKPWH 6WUDH GHU 5RWHQ *HZ|OEH DXIVXFKHQ ZUGH ZXUGH GHU $UEWDQ PLW HQWVSUHFKHQGHU 1DFKULFKW LQ 0DUVFKJHVHW]W'HQZLFKWLJVWHQXQGZDKUVFKHLQOLFKHQWVFKHLGHQGVWHQ3XQNWLQPHLQHQ %HUHFKQXQJHQ VWHOOWH GHU *HZ|OEHLQKDEHU 0RUHQWK GDU (U LVW HLQ 9HUELQGXQJVPDQQ GHV%OLQGHQ6RIJDUW :HQQ$WODQEHUKDXSWPLW7VFKHWUXPNRQIURQWLHUWZHUGHQVROOWHVRQXUGRUW'HU $UEWDQ HUKLHOW GLH $QZHLVXQJ HYHQWXHOOHQ 0DQDKPHQ GHV *HZ|OEHLQKDEHUV ]XYRU]XNRPPHQ $WODQV HUZDUWHWH $QNXQIW ]X EHREDFKWHQ XQG VRIRUW PLW $WODQ LQ 9HUELQGXQJ]XWUHWHQ (VJHODQJ0HLQH%HUHFKQXQJHQZDUHQULFKWLJ$WODQNRQQWHUHFKW]HLWLJJHZDUQW XQGEHU7VFKHWUXPLQIRUPLHUWZHUGHQ'DVJHZDJWH3V\FKRVSLHOEHVDHLQH5HLKHYRQ XQEHNDQQWHQ)DNWRUHQ 6R ZDU 0RUHQWK WDWVlFKOLFK DXI HLQH ,GHQWLWlWVEHUSUIXQJ QLFKW QXU YRUEHUHLWHW VRQGHUQ VRJDU PLW HQWVSUHFKHQGHQ +LOIVPLWWHOQ GDUDXI HLQJHVWHOOW 'HU $UEWDQ NDP LKP
'HU.ULVWDOOSULQ]
M
$WODQ
XPZHQLJH$XJHQEOLFNH]XYRU$QGHUQIDOOVZlUH$WODQPLWDQGHUHQ%HJUQGXQJHQLQGLH *HZ|OEHJHORFNWZRUGHQ (QWVFKHLGHQGIUPHLQJHOXQJHQHV8QWHUQHKPHQLVWGLH)UDJHRE0RUHQWKXQG DQGHUH0LWWHOVPlQQHUGHV%OLQGHQ6RIJDUWHLQHQEHVRQGHUHQ*UXQGIU$WODQVVSH]LHOOH hEHUSUIXQJEHVDHQ 1XQPHKU QDFK EHUVWDQGHQHU *HIDKU KDEHQ PHLQH )UHXQGH HUPLWWHOQ N|QQHQ GD DOOH $EVROYHQWHQ GHU GULWWHQ 6WXIH GHU $5. 6800,$ HLJHQWPOLFKH (UOHEQLVVH KDWWHQ'DVLVWEHUXKLJHQG]XZLVVHQ $WODQ ZDU NHLQ DXHUJHZ|KQOLFKHU )DOO VRQGHUQ HLQHU YRQ GUHLKXQGHUW]ZHLXQGYLHU]LJ 'DUDXV JHKW HLQGHXWLJ KHUYRU GD 2UEDQDVFKROV +lVFKHU LP 'XQNHOQ WDSSHQ 1HXHVWH 1DFKULFKWHQ YRQ GHQ YLHU DQGHUHQ 3UIXQJVZHOWHQ EHVDJHQGDDXFKGRUWGLH$QZlUWHUVHKUJHQDXGXUFKOHXFKWHWZHUGHQ0DQVXFKWGHQ .ULVWDOOSULQ]HQ GHV *URHQ ,PSHULXPV 0DQ ZHL GD HU QXQ VHLQH 5HLIHSUIXQJ EHVWHKHQPX :HQQ 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 VR LVW GLH $5. 6800,$ QLFKW QXU HLQ GHXWOLFKHU+LQZHLVVRQGHUQ6FKOLFKWZHJGHU6FKOVVHOSXQNW :HQQ $WODQ EHUKDXSW HQWGHFNW ZHUGHQ NDQQ GDQQ QXU ]X GLHVHU =HLW 6HOEVWYHUVWlQGOLFKLVWGHPYHUEUHFKHULVFKHQ,PSHUDWRUNODUGDGHU3ULQ]QDFKVHLQHU HUIROJWHQ([WUDKLUQDNWLYLHUXQJJHIlKUOLFKZHUGHQNDQQ 8QWHU%HUFNVLFKWLJXQJGLHVHU9RUDXVVHW]XQJHQLVWPLUNODUGD$WODQQRFKQLH VRJHIlKUGHWZDUZLHMHW]W(VJLOWZDFKVDP]XVHLQ 'UHL2IIL]LHUHGHU)DHKUO.RPPLVVLRQKDWWHQPLFK]XP6FKDXSODW]GHUHUVWHQ 3UIXQJEHJOHLWHW6LHZXUGHQYRQ]ZHL5HJLVWUDWXU5RERWHUQEHUZDFKW'LH2IIL]LHUH KRFNTXDOLIL]LHUWH:LVVHQVFKDIWOHUXQG7HFKQLNHUPLW5DXPHUIDKUXQJZDUHQK|IOLFKXQG NRUUHNW'DVZDUDOOHVZDVLFKYRQLKQHQHUZDUWHQGXUIWH 'HUNOHLQVWH+LQZHLVDXIHLQH/RVXQJVP|JOLFKNHLWGHUYRUPLUOLHJHQGHQ$XIJDEH KlWWHLKQHQVFKZHUH6WUDIHQXQGPLUGHQVRIRUWLJHQ$XVVFKOXEHVFKHUW(VZDUGDKHU ]ZHFNORVYHUIlQJOLFKH)UDJHQ]XVWHOOHQ 'LH5RERWHUNRQWUROOLHUWHQQRFKPDOVGHQ,GHQWLIL]LHUXQJVVWUHLIHQEHUPHLQHP OLQNHQ+DQGJHOHQN(UZDUIHVWPLWGHP*HZHEHYHUEXQGHQXQGXQ]HUUHLEDU6HOEVW HLQ8QIDOOGHU]XHLQHU9HUVWPPHOXQJPHLQHV.|USHUVJHIKUWKlWWHZlUHYRQGLHVHP ,PSXOVEDQGXQEHVFKDGHWEHUVWDQGHQZRUGHQ 'HU5RK|OJDEGDVYLROHWWH)DUE]HLFKHQ ³,GHQWLIL]LHUWIUHLIU3RVLWLRQHLQV´HUNOlUWHHLQHUGHU2IIL]LHUH³+HUWDVR0DFRORQ WUHWHQ6LHELWWHYRU´ ,FKJLQJQDFKYRUQXQGVWHOOWHPLFKYRUGHQGUHL0lQQHUQDXI'HU|UWOLFKH 3UIXQJVOHLWHUPXVWHUWHPLFKLQWHQVLY ³)KOHQ6LHVLFKJHLVWLJXQGN|USHUOLFKJHVXQGJHQXJXPGLHYRU,KQHQOLHJHQGH $XIJDEHEHZlOWLJHQ]XN|QQHQ"´ ³-D(UKDEHQHU´
'HU.ULVWDOOSULQ]
M
$WODQ
³*XW7URW]HLQJHKHQGHU8QWHUULFKWXQJLQGHQ/HKUVlOHQGHV)DHKUOLVWHVPHLQH WUDGLWLRQHOOH3IOLFKW6LHQRFKPDOV]XZDUQHQ6LHULVNLHUHQ,KUHN|USHUOLFKHXQGJHLVWLJH *HVXQGKHLW,VW,KQHQGDVDQJHVLFKWVGHV6WDUWSODW]HVEHZXW¶ ³-D(UKDEHQHU´ ³6LHZHUGHQDOOHLQDXIVLFKJHVWHOOWVHLQ+HUWDVR0DFRORQ,KUJHVFKXOWHU 9HUVWDQGZLUG,KQHQEHUHLWVJHERWHQKDEHQPLWZDFKHQ6LQQHQ]XKDQGHOQXQG,KUH SK\VLVFKHQ5HVHUYHQQLFKWYRUVFKQHOOLQ$QVSUXFK]XQHKPHQ6LHZLVVHQPLWHLQHP SULPLWLYHQ%RRWXP]XJHKHQ" ,FKZDUIHLQHQ%OLFN]XGHP.DKQKLQEHU(UEHVWDQGQLFKWHLQPDODXV .XQVWVWRIIVRQGHUQDXV+RO]$XHU]ZHLHLQKlQJEDUHQ5XGHUQHLQHPNUlIWLJHQ 6WHFKSDGGHOXQGHLQHUVWDUNHQEHUPDQQVKRKHQ6WDQJHZDUHQNHLQH $XVUVWXQJVJHJHQVWlQGH]XHQWGHFNHQ $OOHUGLQJVGDVZDUPLUDXIJHIDOOHQZDUQLFKWJHVDJWZRUGHQLFKKlWWHGLHVHQ2UW PLWGHP%RRW]XHUUHLFKHQ'DVZDUHLQHUMHQHU+LQZHLVHGLHHLQ$EVROYHQWGHU$5. 6800,$]XHUNHQQHQKDWWH:DUHUGD]XQLFKWIlKLJQW]WHQLKPN|USHUOLFKH.UlIWHXQG *HVFKLFNOLFKNHLWZHQLJ -HGHU+HUWDVRZXWHDXV]DKOUHLFKHQ8QWHUULFKWXQJHQGDQLFKWQXU0XWXQG %HKHQGLJNHLWJHSUIWZXUGHQ(VNDPGDUDXIDQGLHJHVWHOOWHQ$XIJDEHQPLWDOOHQ DQGHUHQ)DNWRUHQ]XNRRUGLQLHUHQ 6RNRQQWHHVP|JOLFKVHLQGDHLQXQO|VEDUHUVFKHLQHQGHV3UREOHPGXUFKGDV UHFKW]HLWLJH(UNHQQHQDQGHUHU8PVWlQGHOHLFKWEHZlOWLJWZHUGHQNRQQWH 'LH*UXQGUHJHOODXWHWH ³9HUJLQLH9HUVWDQGXQG6FKDUIVLQQ]XEHIUDJHQ([WUHPVLWXDWLRQHQLQ NRPPHQGHQ(LQVlW]HQDOOHU$UWVLQGQXUGDQQKRIIQXQJVORVZHQQDXVVFKOLHOLFK 0XVNHONUDIWXQGHUOHUQWH3ULPLWLYWULFNVHLQJHVHW]WZHUGHQ´ ,FKGDFKWHQLFKWGDUDQGLHYRUPLUOLHJHQGHQ3UIXQJHQLQGLHVHU$UWEHVWHKHQ]X ZROOHQ(VPXWHEHVVHUH0|JOLFKNHLWHQJHEHQ 'DV%RRWZDUHLQ)DNWRU²JHZL'DV=LHOKDWWHLFKHEHQIDOOV]XHUUHLFKHQ:LH GDVMHGRFKJHVFKDKZDUQLFKWHLQGHXWLJIHVWJHOHJWZRUGHQ 'HU|UWOLFKH3UIXQJVOHLWHUYHUODVQRFKPDOVGLH5HJHOQ(UHQGHWHPLWGHQ :RUWHQ ³6LHKDEHQ=HLWELV6RQQHQXQWHUJDQJ'HUDWPRVSKlULVFKH'UXFNXQG 6DXHUVWRIIJHKDOWOLHJHQIQIXQGGUHLLJ3UR]HQWXQWHUGHU1RUP.|USHUOLFKH $QVWUHQJXQJHQ]HKUHQVFKQHOODQ,KUHQ5HVHUYHQ6LHN|QQHQDXIWDXFKHQGHQ +LQGHUQLVVHQXQG*HIDKUHQPLWDOOHQ0LWWHOQEHJHJQHQGLH,KQHQJHHLJQHWHUVFKHLQHQ /HEHZHVHQDOOHU$UWGUIHQEHNlPSIWZHUGHQ6LHKDEHQVR]XKDQGHOQZLH6LHLP )DOOHHLQHU1RWODQGXQJDXIHLQHUIUHPGHQ:HOW]XKDQGHOQKlWWHQDOVRLP,QWHUHVVHGHV *URHQ,PSHULXPV5FNVLFKWQDKPH0LWOHLG=XUFNKDOWXQJVLQGXQDQJHEUDFKW+LHU ZLUGGHU)DOOHLQHUXQJHZROOWHQ/DQGXQJLP)HLQGJHELHWVLPXOLHUW6LHVLQGXQEHZDIIQHW XQGOHGLJOLFKPLWHLQHUQRUPDOHQ%RUGNRPELQDWLRQEHNOHLGHW,KU=LHOLVWHLQ*HKHLPGHSRW GHU)ORWWH6LHPVVHQHVHUUHLFKHQRGHU6LHZlUHQLP(UQVWIDOOYHUORUHQ´ ³,FKKDEHYHUVWDQGHQ(UKDEHQHU´ ³'DVZLUGYRQ,KQHQHUZDUWHW,KU/HEHQXQG,KUH*HVXQGKHLWVLQG]ZHLWUDQJLJ 'DVYRQ,KQHQ]XHUUHLFKHQGH'HSRWGLHQWQLFKWQXU]XU(UKDOWXQJ,KUHU3HUVRQ VRQGHUQLQHUVWHU/LQLH]XUVWUDWHJLVFKZLFKWLJHQ1DFKULFKWHQEHUPLWWOXQJ'LHLP5DXP VWHKHQGHQ)ORWWHQHLQKHLWHQVLQGDXI,KUH,QIRUPDWLRQHQDQJHZLHVHQ+DQGHOQ6LH
'HU.ULVWDOOSULQ]
M
$WODQ
HQWVSUHFKHQG´ ³0HLQ/HEHQIU$UNRQ(UKDEHQHU´ 'DPLWZDUHQGLHYRUJHVFKULHEHQHQ)RUPDOLWlWHQEHHQGHW'LHZHQLJHQ+LQZHLVH KDWWHQPLUDOOHVYHUUDWHQ,FKKDWWHVR]XKDQGHOQZLHLFKDXFKDXIHLQHUYRP*HJQHU EHVHW]WHQ)UHPGZHOWKlWWHKDQGHOQPVVHQ 'DVEHGHXWHWHMHGRFKQLFKWGDLFK*HZDOWO|VXQJHQDOOHU$UWGHQ9RU]XJ]X JHEHQKDWWH'LH3UIXQJHQGHUGULWWHQ6WXIHZDUHQYLHOVFKLFKWLJ1DWUOLFKZROOWHPDQ DXFKXQWHUDQGHUHPZLVVHQZLHHLQDQJHKHQGHU)ORWWHQRIIL]LHUVHLQHQWUDLQLHUWHQ .|USHUHLQ]XVHW]HQYHUPRFKWH 9LHOZLFKWLJHUMHGRFKZDUGLH)UDJHZLHHUVHLQHQ9HUVWDQGJHEUDXFKWH :LUZXWHQLQIROJHGHUODQJMlKULJHQ.DPSIKDQGOXQJHQPLWGHQ0DDKNVGDHV RIWPDOVEHVVHUZDUPLWQHXWUDOHQ)UHPGY|ONHUQ]XYHUKDQGHOQDOVVLHPLW :DIIHQJHZDOW]XIUDJZUGLJHQ)UHXQGHQ]XPDFKHQ 0DQVDJWHGHQ$UNRQLGHQQDFKVLHZlUHQ(UREHUHUKDUWXQGXQQDFKVLFKWLJ'DV ZDUEHUHFKWLJW:LU]|JHUWHQQLFKWODQJHZHQQHVXPGHQ3UHLVGHV(UIROJHVJLQJ $QGHUH9|ONHUYHUKLHOWHQVLFKDQGHUVDEHUGDVULJRURVH9RUJHKHQHQWVSUDFKQXQ HLQPDOGHUDUNRQLGLVFKHQ0HQWDOLWlW'HQQRFKNRQQWHQZLUDXFKJHVFKLFNWH 3V\FKRORJHQVHLQ 1DWUOLFKOHJWHGLH.OHLQH5XQGHGLHREHUVWH3UIXQJVNRPPLVVLRQJU|WHQ:HUW GDUDXIHLQHQ$5.6800,$%HZHUEHUQDFK5LFKWOLQLHQ]XSUIHQGLHQLFKWMHGHU DUNRQLGLVFKH)ORWWHQNRPPDQGHXUXQG3ROLWLNHU]XKDQGKDEHQYHUVWDQG(VZDU QHXHUGLQJVHLQHUVWUHEHQVZHUWHV=LHOIU)KUXQJVNUlIWHDOOHU)DFKULFKWXQJHQGLH )UHPGSV\FKRORJLH]XEHKHUUVFKHQ :HLWHUYRUQQDKHGHUVWHLODXIUDJHQGHQ)HOVZDQGVWDUWHWHGHUJURH 7UDQVSRUWJOHLWHU0LWLKPYHUVFKZDQGHQQLFKWQXUGLHGUHL2IIL]LHUHVRQGHUQDXFKGLH EHLGHQ.RQWUROOURERWHU 'HP$XJHQVFKHLQQDFKZDULFKQXQDOOHLQDOOHLQLQGHUNQVWOLFKYHUlQGHUWHQ 8PZHOWHLQHU(QHUJLHVFKLUPNXSSHOYRQEHDFKWOLFKHQ$XVPDHQ 'HU6DXHUVWRIIJHKDOWGHU$WPRVSKlUHZDUQRFKDXVUHLFKHQG$XFKGHU/XIWGUXFN EHUHLWHWHPLUMHW]WLP5XKHVWDGLXPNHLQHUOHL6FKZLHULJNHLWHQ'DVPXWHVLFKEHL N|USHUOLFKHQ%HODVWXQJHQVFKQHOOlQGHUQ $OVVFKZHUZLHJHQGHUHUZLHVHQVLFK+LW]HXQG/XIWIHXFKWLJNHLW6LHEHWUXJHWZDV EHUVHFKVXQGQHXQ]LJ3UR]HQW ,FKVFKDXWHPLFKSUIHQGXP'HUVRJHQDQQWH6WDUWSODW]ZDUVRUJVDP DXVJHVXFKWZRUGHQ(UODJLQHLQHP*HELUJVNHVVHOULQJVXPXPJHEHQYRQVFKURIIHQ VWHLODXIUDJHQGHQ)HOVZlQGHQ(VZlUHQlUULVFKJHZHVHQVLHHUNOLPPHQ]XZROOHQ $OVREOLHEQXUGDV%RRW (VODJDP8IHUHLQHV%HUJVHHVGHUYRQGHQ6WHLOZlQGHQHEHQIDOOVXPVFKORVVHQ ZXUGH1|UGOLFKYRQPHLQHP6WDQGRUWUDXVFKWHHLQ:DVVHUIDOOLQGLH7LHIH'DVZDUGHU *HELUJVIOXGHULQHQWJHJHQJHVHW]WHU5LFKWXQJXQGQDFK'XUFKTXHUXQJGHV *HZlVVHUVVHLQHQ$EIOXIDQG 'RUW|IIQHWHVLFKHLQHVFKPDOH6FKOXFKWLQGLHVLFKGDV:DVVHUHUJR'RUW EHJDQQHQDXFKGLH6FKZLHULJNHLWHQ 'LH)HOV|IIQXQJZDUIUGLHDEVWU|PHQGHQ:DVVHUPDVVHQ]XHQJ'LH)ROJH GDYRQZDUHLQ6WDXGHU]XUKHIWLJHQEUDQGXQJVlKQOLFKHQ6WUXGHOELOGXQJIKUWH ,FKVFKDXWHQRFKPDOV]XGHPJODVLHUWZLUNHQGHQ/DQGXQJVSODW]GHU
'HU.ULVWDOOSULQ]
M
$WODQ
7UDQVSRUWJOHLWHUKLQEHU:DKUVFKHLQOLFKZDUHQGRUWVFKRQYLHOH+HUWDVRQHQ DXVJHVWLHJHQXPLQGHQXQJHZLVVHQ:HJGHV$EHQWHXHUVJHVFKLFNW]XZHUGHQ 'LH)UDJHRELFKGXUFKYHUVWHFNWDQJHEUDFKWH%HREDFKWXQJVJHUlWHVWlQGLJ EHUZDFKWZXUGHZDUPLUDXJHQEOLFNOLFKJOHLFKJOWLJ0LUNRQQWHXQGGXUIWHQLHPDQG KHOIHQ -HGHV)HKOYHUKDOWHQZXUGHPLW0LQXVSXQNWHQJHDKQGHW5RERW5HFKHQJHKLUQH EHVRUJWHQGLH$XVZHUWXQJ,FKZXWHGDGLH9HUKDOWHQVZHLVHQGHU3UIOLQJHQDFK PDWKHPDWLVFKORJLVFKHQ5LFKWOLQLHQEHUHFKQHWZXUGHQ 'DVZDUHLQ7URVW:HQLJVWHQVZDUPDQQLFKWDXIGLH6WLPPXQJRGHUJDU*XQVW YRQVRJHQDQQWHQ8QSDUWHLLVFKHQDQJHZLHVHQ ,FKVRJSUIHQGGLH/XIWHLQ(VURFKEHUZLHJHQGPRGULJ-HQVHLWVGHU $EIOXVFKOXFKWVFKLHQVLFKGDV*HOlQGH]XHUZHLWHUQ,FKUHFKQHWHPLW 'VFKXQJHOZlOGHUQYRQPLUXQEHNDQQWHU1DWXUXQG*U|HQRUGQXQJ 'HU+LQZHLVDXI³YLHOOHLFKWHUVFKHLQHQGH/HEHZHVHQ´ILHOPLUHLQ,QGLHVHP =XVDPPHQKDQJPXWHLFKDQPHLQHQ)UHXQG7LUDNR*DPQRGHQNHQ(UZDUHLQLJH 6WXQGHQYRUPLU]XUHUVWHQ3UIXQJDEJHKROWZRUGHQ :LHPRFKWHHVLKPHUJDQJHQVHLQ",FKZXWHQLFKWREDOOH+HUWDVRQHQDQ GLHVHP2UWJHVWDQGHQKDWWHQREMHGHUYRQXQV]XHUVWGLHVHHLJHQWPOLFKH)OXIDKUW]X EHUVWHKHQKDWWH 'DMHGRFKVWHWVYRQDEVROXWHU*OHLFKKHLWGHU&KDQFHQGLH5HGHJHZHVHQZDU QDKPLFKDOVJHJHEHQDQGDDXFK7LUDNRJHQDXDQGLHVHU6WHOOHLQGHQWUEHQ'XQVW JHVWDUUWXQGVLFKWDXVHQG)UDJHQJHVWHOOWKDWWH8QWHU8PVWlQGHQODJHUZHLWHU IOXDEZlUWV]X7RGHHUVFK|SIWDQHLQHP)HOVXIHUXQGZDUWHWHDXI+LOIH +LOIH:LHVDKHVGDPLWDXV:DVXQWHUQDKPGLH.OHLQH5XQGHEHL 8QJOFNVIlOOHQ":DVKDWWHPDQEHVFKORVVHQXPYHUVDJHQGHQ3UIOLQJHQ*HVXQGKHLW XQG/HEHQ]XHUKDOWHQ"hEHUOLHPDQVLHZLUNOLFKHLQHPXQJHZLVVHQ6FKLFNVDO"'DFKWH PDQWDWVlFKOLFKQLFKWGDUDQVLHLQ6LFKHUKHLW]XEULQJHQ"6RZDUHVYHUNQGHWZRUGHQ ,FKJODXEWHNHLQ:RUWGDYRQ 0DQNRQQWHGLH(UEHQJURHU1DPHQQLFKWHLQIDFKXPNRPPHQODVVHQ $OOHUGLQJVPXWHPLWW|GOLFKHQ8QIlOOHQJHUHFKQHWZHUGHQ,FKNRQQWHPLU MHGHQIDOOV6LWXDWLRQHQYRUVWHOOHQLQGHUHQ9HUODXIVHOEVWGHUJXWZLOOLJVLH5HWWHU]XVSlW NRPPHQPXWH ,FKVFKWWHOWHGLHVH*HGDQNHQYRQPLUDEXQGNRQ]HQWULHUWHPLFKDXIGLHYRUPLU OLHJHQGH$XIJDEH,FKKDWWHHLQHQVWLOOHQ6HHLP)ODFKODQG]XHUUHLFKHQ'RUWZDUHLQ 'HSRWHUEDXWZRUGHQZLHHV6SH]LDOLVWHQGHUDUNRQLGLVFKHQ)ORWWHDXI]DKOORVHQ:HOWHQ DQJHOHJWKDWWHQ :HQQLFKHUVWHLQPDOGRUWZDUKDWWHLFKJHZRQQHQGDVKHLWZHQQHVPLU VFKQHOOJHQXJJHODQJGLHVLFKHUOLFKJHWDUQWH6WDWLRQ]XHQWGHFNHQXQGLKUHQ(LQJDQJ ]X|IIQHQ ,FKVFKULWWODQJVDPDXIGDV%RRW]X(VZDUODQJXQGVFKPDOKRFKERUGLJEHVD HLQHQ*OHLWEXJXQGHLQVWXPSIHQGHQGHV6SLHJHOKHFNPLW5XGHUXQG3LQQH:LHVR HLJHQWOLFK" ,FKEOLHEDEUXSWVWHKHQ3O|W]OLFKZXUGHLFKLQQHUOLFKUXKLJXQGDXVJHJOLFKHQ :DVVROOWHLFKZRKOPLWHLQHP6WHXHUDQIDQJHQZHQQLFKHQWZHGHUUXGHUQRGHU SDGGHOQPXWH"6FKOLHOLFKEHVDLFKQXU]ZHL$UPHXQG+lQGH (UZDUSO|W]OLFKKLQWHUHLQHPPDQQVKRKHQ)HOVEORFNQDKHGHU6WHLOZDQG
'HU.ULVWDOOSULQ]
M
$WODQ
KHUYRUJHWUHWHQ 6HLQH:DIIHHLQHQVFKZHUHQ/XFFRWKLHOWHULQ]ZHLVFKPDOHQDEHUQHUYLJHQ +lQGHQ (UZDUVHKUJURXQGEUHLWJHEDXW$OOHVDQLKPZLUNWHYHUZLOGHUWXQGVFKPXW]LJ 1XUVHLQH$XVUVWXQJVFKLHQVRJHSIOHJW]XVHLQGDVLHLKUHQ=ZHFN]XHUIOOHQ YHUPRFKWH (UWUXJHLQHQPLWWHOVFKZHUHQ.DPSIDQ]XJGHU5DXPODQGHWUXSSHQPLW (QHUJLHDJJUHJDWXQGIDOWEDUHUH'UXFNKHOP'DVEHUGHP5FNHQEHKlOWHU DQJHIODQVFKWH)OXJJHUlWIU2SHUDWLRQHQLQQHUKDOEGHU*DVKOOHZDU]HUVFKUQHWWHUW'LH EHLGHQJHJHQOlXILJHQ+XEURWRUHQZLHVHQ%HVFKXVFKDGHQDXI6LHZDUHQ]XU+lOIWH ]HUVFKPRO]HQ (UVSUDFKGHQVFKOHFKWYHUVWlQGOLFKHQ'LDOHNWHLQHV.RORQLDODUNRQLGHQ6HLQH %HZHJXQJHQZDUHQEHWRQWOlVVLJDEHUNUDIWYROO ³'DVVROOWHVWGXQLFKWWXQ(GHODUNRQLGH´IXKUHUIRUW³,FKKDEHGDV%RRWEHUHLWV IUPLFKUHVHUYLHUW,UJHQGZLHPXPDQMDZRKODXVGLHVHP/RFKKHUDXVNRPPHQ RGHU"´ (UVFKDXWHPLWHLQHP6HLWHQEOLFNDXIVHLQHXQEUDXFKEDUJHZRUGHQHQ5RWRUHQ 'HU:LQNPLWGHP$EVWUDKOODXIVDJWHPLUJHQXJ ,FKVWLHJZRUWORVDXVGHP%RRW]RJHVPLWGHP%XJDQ/DQGXQGVHW]WHPLFKDXI GLH%RUGZDQGXQJ ³,FKYHUVWHKH.QDEHYRQGHU.ULVWDOOZHOW¶´EHWHXHUWHHU³'XJODXEVWQXQPHLQH :HQLJNHLWZlUHHLQ%HVWDQGWHLOGHLQHU3UIXQJVDXIJDEHQQLFKWZDKU",UUWXP,FK JHK|UHQLFKWGD]X,FKELQY|OOLJUHDODXIGHU)OXFKWYRUGHQ6XFKNRPPDQGRVXQG QDWUOLFKDXFKYRUGHU$XIO|VXQJVNDPPHU:DVGHQNVWGXZRKOZRKLQVLFKHLQ LQWHOOLJHQWHU'HVHUWHXUDXIGLHVHU:HOWZHQGHQZLUG1DWUOLFK]XHLQHU(QHUJLHEODVHGLH HLQLJHUPDHQHUWUlJOLFKH/HEHQVEHGLQJXQJHQELHWHW0DQZDUWHWDEKRIIWXQGGDQQ VLHKWPDQZHLWHU9HUVWHKHUHFKW.QDEH²LFKKDEHJHQXJYRQHXUHP0HWKDQNULHJ ,UJHQGZDQQPXPDQHLQPDODXVVWHLJHQRGHU"´ (UODFKWHOHLVH6HLQHQ$XJHQHQWJLQJQLFKWV,QPLUNDPHQGLHHUVWHQ=ZHLIHODXI :HQQGDVHLQSURJUDPPLHUWHU5RERWHUZDUJHZLVVHUPDHQHLQIUPLFKEHVWLPPWHU 6FKZLHULJNHLWVJUDGGDQQZROOWHLFKZLUNOLFK0DFRORQXQGQLFKWPHKU$WODQKHLHQ6R ZLHHUVLFKJDENRQQWHPDQNHLQH0DVFKLQHMXVWLHUHQ ,FKVWDQGDXI ³'HVHUWHXU"´ZLHGHUKROWHLFKJHGHKQW³0DQZLUGGLFKU|VWHQ5DXPVROGDW´ ³'XVDJVWHV´EHVWlWLJWHHU³$EHUQXUGDQQZHQQPDQPLFKILQGHW,FKELQVHLW HLQHPKDOEHQ3ODQHWHQMDKUKLHU'LH)DKQGXQJQDFKPLUOlXIWQRFK:LHVLHKWHV GUDXHQDXV"´ ,FKVHW]WHPLFKZLHGHUDXIGHQ%RUGUDQGXQGVWHPPWHGLH(OOHQERJHQDXIGLH .QLH ³:LHVROOHVDXVVHKHQ5DXPVROGDW"6FKDXHVGLUDQ´ (U]XFNWHPLWGHQ6FKXOWHUQXPIDWHGLH:DIIHIHVWHUXQGZLHGHUVFKZHQNWHGLH 0QGXQJLQPHLQH5LFKWXQJ ³$XIVWHKHQ]XU6HLWHJHKHQ1DNRPPVFKRQ.QDEH´ ,FKPXWH=HLWJHZLQQHQ0HLQH=ZHLIHOEHUGLH(FKWKHLWVHLQHU3HUVRQZDUHQ QRFKQLFKWJlQ]OLFKYHUVFKZXQGHQ ³+DVWGXGDUDQJHGDFKWGDHVKLHUVLFKHUOLFKhEHUZDFKXQJVJHUlWHJLEW"´
'HU.ULVWDOOSULQ]
M
$WODQ
(UVSLHDXIGHQ%RGHQ ³,FKZDU$UEWDQGHV/DQGXQJVNRPPDQGRV)DFKJHELHWODXWORVH =HUPUEXQJVVSUHQJXQJHQ5HGHDOVRNHLQHQ8QVLQQ,FKELQ)DFKPDQQ.QDEH+DVW GXQLFKWJHK|UWGDLFKVFKRQHLQKDOEHV-DKUKLHUELQ",FKKDEHPHKU+HUWDVRQHQ JHVHKHQDOVGXGHQNVW+LHUJLEWHVNHLQHhEHUZDFKXQJ6WDUWSOlW]HZHUGHQVHOWHQ GDPLWDXVJHVWDWWHW:HLWGXDXFKZDUXP":HLO]XYLHOH%XUVFKHQGHLQHU$UWDXIGLH ,GHHNRPPHQVRIRUWQDFKGHP$EKHEHQGHU7UDQVSRUWJOHLWHUGLH8PJHEXQJ DE]XVXFKHQLQGHU+RIIQXQJVLHIlQGHQGRUWLUJHQGZHOFKH+LQZHLVHRGHU+LOIVPLWWHO'X ELVWLP*HJHQVDW]]XGLHVHQ1DUUHQHLQJXWHU0DQQ'XKDVWNHLQH=HLWYHUVlXPW $XIVWHKHQ]XU6HLWHJHKHQ´ (UNDPHLQLJH6FKULWWHQlKHU,FKVWDUUWHLKQDQ$OOHVLQPLUZDUYHUNUDPSIW 6ROOWHGLHNDXPEHJRQQHQH3UIXQJGHUDUWHQGHQ"'LHVHU'HVHUWHXUZDUDQVFKHLQHQG HLQ)DNWRUGHQQLFKWHLQPDOGLH.OHLQH5XQGHYRUDXVVHKHQNRQQWH(UZDUHFKW²RGHU HUNRQQWHHFKWVHLQ,FKZXWHGDDXIGHP3ODQHWHQ/DUJDPHQLDHLQLJH %HVDW]XQJVPLWJOLHGHUEHUKROXQJVUHLIHU5DXPVFKLIIHHQWIORKHQZDUHQ $QLKPVWLPPWHDOOHV'LH5DQJV\PEROHZDUHQHLQZDQGIUHL.RGHQXPPHU (LQKHLWVEH]HLFKQXQJ%HZDIIQXQJXQG$XVUVWXQJ²HVIHKOWHQLFKWV6HLQHYHUZLOGHUWH (UVFKHLQXQJNRQQWHNDXPVLPXOLHUWZHUGHQ (UVWDQN(UKDWWHVLFKDQVFKHLQHQGZRFKHQODQJQLFKWJHZDVFKHQ$QVHLQHU .DPSINRPELQDWLRQNOHEWHQYHUNUXVWHWH%OXWIOHFNHQGLHZDKUVFKHLQOLFKYRQ JHVFKRVVHQHQXQGDXVJHQRPPHQHQ7LHUHQVWDPPWHQ 'LH:DIIHZDUDNWLYLHUWGLH)RNXVYHUVWHOOXQJDXI%UHLWVWUDKOJHVFKDOWHW:HQQHU ]XDOOHPHQWVFKORVVHQZDUVRKDWWHLFKNHLQH&KDQFH'RFK²HLQHZLQ]LJH(UEUDXFKWH GDV%RRW ,FK]RJGLH%HLQHDQXQGOLHPLFKQDFKKLQWHQIDOOHQ'DQQVFKDXWHLFKEHUGHQ 5DQGGHU%RUGZDQGXQJ (UIOXFKWHLQHLQHP-DUJRQZLHHULQGHU)ORWWHEOLFKZDU,FKODFKWH ³$UEWDQLFKPDFKHGLUHLQHQ9RUVFKODJ1HLQVSLHOHQLFKWYHUUFNW,FKELQZHGHU DQGLUQRFKDQGHLQHP6FKLFNVDOLQWHUHVVLHUW:LUZHUGHQ]XVDPPHQGLH6FKOXFKW SDVVLHUHQ'DQQODVVHLFKGLFKODXIHQ,FKKDEHGLFKQLHPDOVJHVHKHQ:DVPHLQVWGX GD]X"´ (UVSLHZLHGHUDXIGHQ%RGHQXQGNDPQlKHU ³9RUVLFKW´ZDUQWHLFK³'XELVWHLQJXWHU%RGHQNlPSIHUGDVIKOHLFK'XVROOWHVW DOVREHJUHLIHQGDGXPLFKQLFKWW|WHQXQGVSXUORVDXIO|VHQNDQQVWRKQHGDEHLGHQ .DKQ]XYHUQLFKWHQ$OVR´ (UVFKDXWHVLFKDUJZ|KQLVFKXPEHWUDFKWHWHGDV%RRWXQGOlFKHOWHGQQ ³1LFKWVFKOHFKWDUJXPHQWLHUW(GHONQDEH'HLQH5HFKQXQJVWLPPW1XUKDVWGX PLFKXQWHUVFKlW]W(KHGXVWLUEVWODGLUJHVDJWVHLQGDGXHXUHEO|GVLQQLJH$5. 6800,$ZDKUVFKHLQOLFKJOlQ]HQGEHVWDQGHQKlWWHVW.OHLQHU²LFKZHUGHGLFKXQGGDV %RRWEHNRPPHQµ (UGUHKWHDQGHU)RNXVYHUVWHOOXQJ'DV)OLPPHUQLQGHU7ULFKWHUPQGXQJZXUGH GQQHU,FKZDUWHWHQLFKWELVHUGLH-XVWLHUXQJYROOHQGHWKDWWH(KHHU]LHOHQXQG VFKLHHQNRQQWHOLHLFKPLFKEOLW]VFKQHOOEHU%RUGXQGLQV:DVVHUJOHLWHQ'DV NUlIWLJH6WHFKSDGGHOKDWWHLFKPLWJHQRPPHQ 1XQODJLFKLP:DVVHU0HLQ.|USHUZXUGHYRQGHP%RRWVUXPSIYROONRPPHQ JHGHFNW
'HU.ULVWDOOSULQ]
M
$WODQ
³-HW]WPXWGX]ZHL%RUGZDQGXQJHQGXUFKVFKLHHQ6ROGDW´ULHILFKLKP]X³'LH ZLUVWGXQLFKWPHKUDEGLFKWHQN|QQHQ3URYLVRULVFKH5HSDUDWXUHQVLQG]ZHFNORV'DV :DVVHULVWLQGHU6FKOXFKWVRZLOGGDHVGLUHLQHQ+RO]SIURSIHQRGHU*UDVElOOHQDX JHQEOLFNOLFKKHUDXVUHLHQZLUG2GHUKDVWGXEHVVHUH0DWHULDOLHQ]XU+DQG"´ (UIOXFKWHHUQHXWXQGNDPQRFKPDOVQlKHU,FKPXWHLKQUHL]HQ'HU0DQQZDU ]XDOOHPHQWVFKORVVHQ,FKGXUIWHLKPNHLQHhEHUOHJXQJVSDXVHJ|QQHQ ³'DV+RO]ZLUGDXJHQEOLFNOLFKHQWIODPPHQHLQZHLWHUHV3UREOHP6ROGDW 9LHOOHLFKWNDQQVWGXGHQ%UDQGQRFKO|VFKHQDEHUGDQQZLUVWGXYRUPLQGHVWHQV NRSIJURDXVJHJOKWHQ6FKX|IIQXQJHQVWHKHQ2KQHGDV%RRWNRPPVWGXQLFKWDXV GHP)HOVNHVVHOKHUDXV2GHUJODXEVWGXGHLQH]HUVFKPRO]HQHQ5RWRUHQGRFKQRFK JHEUDXFKHQ]XN|QQHQ":HPELVWGXGDPLWEHUKDXSWLQGLH6FKXEDKQJHODXIHQ" (LQHPJXWHQ6FKW]HQGHV6XFKNRPPDQGRV"´ ³1HLQDEHUHLQHPYHUGDPPWHQ1DUUHQGHLQHU$UW´HQWJHJQHWHHUJHUHL]W ³$FK8QGZRKHUKDWWHGHUHLQHQ+RFKHQHUJLHVWUDKOHU"´ (UDQWZRUWHWHQLFKWPHKUHUVSUDQJ,FKVDKVHLQH%HLQHEHUGHQ%XJ KLQZHJIOLHJHQ(UZROOWHGLHGHP:DVVHU]XJHZDQGWH6HLWHJHZLQQHQXQGPLFKYRQ GRUWDXVDQYLVLHUHQ $XIGHPIHVWHQ/DQGNRQQWHHUVLFKQDWXUJHPlUDVFKHUEHZHJHQDOVLFKPLFKLQ GHPKLQGHUOLFKHQ(OHPHQW8QWHUGHP%RRWKLQZHJ]XWDXFKHQZDUXQP|JOLFK(VODJLP VSLW]HQ:LQNHO]XP8IHU0LUIHKOWHGLHHQWVSUHFKHQGH:DVVHUWLHIH ,FKKDWWHPLWVHLQHP1lKHUNRPPHQJHUHFKQHWVRJDUGDUDXIJHZDUWHW(UVSUDQJ MHGRFKGLUHNWLQV:DVVHUKLQHLQZRKOLQGHU+RIIQXQJVRIRUWHLQHQIHVWHQ6WDQG]X JHZLQQHQ(UERWPLUGDPLWHLQHZHLWDXVEHVVHUH$QJULIIVP|JOLFKNHLWDOVLFKHUKRIIW KDWWH )DUWXORRQV6FKXOXQJWUXJLKUH)UFKWH,FKKDQGHOWHEOLW]VFKQHOO'DVDP(QGH VSLW]]XODXIHQGH3DGGHOZXUGH]XU+LHEZDIIH (KHGHU'HVHUWHXUVHLQHQ$XIVSUXQJVWDELOLVLHUHQNRQQWHKDWWHLFKIHVWHQ6WDQG DXIGHPIHOVLJHQ*UXQGJHZRQQHQ$OVHUVLFKNDOWVXFKHQGYRUEHXJWHXQGGLH5HFKWH QDFKGHLQ%RRWDXVVWUHFNWHVFKOXJLFKPLWGHUVFKDUIHQ.DQWHGHV3DGGHOV]X6HLQ (OOHQERJHQJHOHQN]HUEDUVWXQWHUGHU:XFKWGHV+LHEHV (UWDXPHOWHDXIVFKUHLHQG]XUFNXQGILHOPLWGHP5FNHQKDOEZHJVDXIGHQ 8IHUVWUHLIHQ'DVQW]WHLKPQLFKWPHKUYLHO (KHHUPLWGHUJHVXQGHQ/LQNHQGHQ/XFFRWJHJHQPLFKULFKWHQNRQQWHIXKUGLH VFKDUIH.XQVWVWRIIVSLW]HGHV3DGGHOVLQVHLQH.HKOH,FKKDWWHHVZLHHLQH/DQ]HZHUIHQ PVVHQ)UHLQHQ]ZHLWHQ6FKODJZlUHPLUNHLQH=HLWPHKUJHEOLHEHQ(UZDU]XZHLW HQWIHUQWJHZHVHQ (LQVRQQHQKHOOJOKHQGHU(QHUJLHVFKXSHLWVFKWHTXHUEHUGHQ GXQVWYHUKDQJHQHQ%HUJVHHKLQZHJ(UVFKOXJGUEHQLQGHU)HOVZDQGHLQXQGHU]HXJWH GRUWHLQHQEDOOJURHQ¶*OXWIOHFNYRQGHPKRFKHUKLW]WH0DWHULHPDJPDDUWLJQDFKXQWHQ WURSIWH ,FKZDWHWH]XGHP6WHUEHQGHQKLQEHUXQGEUDFKWHYRUHUVWGLHJHIlKUOLFKH:DIIH LQ6LFKHUKHLW6LHZDUQDJHZRUGHQDEHUGDVKDWWHHLQHP/XFFRWQRFKQLHHWZDV JHVFKDGHW ,FKYHUVXFKWHGLHKHIWLJH%OXWXQJ]XVWLOOHQDEHUHVZDUYHUJHEOLFK,FKNRQQWH LKPQLFKWPHKUKHOIHQ :DVQXQ"'LH3UIXQJDEEUHFKHQLQGHPLFKHLQIDFKDQ2UWXQG6WHOOHEOLHE"
'HU.ULVWDOOSULQ]
M
$WODQ
1HLQGDVNRQQWHQLFKWLQ)UDJHNRPPHQ:DUPLUQLFKWMHGHV0LWOHLGXQWHUVDJWZRUGHQ" ,FKNRQQWHPHLQH*HIKOHQLFKWXQWHUGUFNHQ²GLHVHU0DQQWDWPLUWURW]GHPOHLG(U KDWWHPLFK]XHLQHU7DWJH]ZXQJHQGLHLFKQRUPDOHUZHLVHVWULNWDEJHOHKQWKlWWH ,FK]RJLKQDQ/DQGXQGVFKDXWHPLFKQDFKHLQHU6WHOOHXPZRLFKLKQYLHOOHLFKW EHVWDWWHQNRQQWH(VZDUXQP|JOLFK:RKLQLFKVDKLFKHUEOLFNWHQXUKDUWHQ)HOV (QGOLFKEHJDQQLFKZLHGHUIROJHULFKWLJ]XEHUOHJHQ,FKGXUIWHPLFKPLWGHP 7RWHQQLFKWDXIKDOWHQ'DJHJHQKDWWHLFKDXIPHLQHQ9RUWHLOEHGDFKW]XVHLQ1HLQQLFKW QXUDXIPHLQHQ 'LHVH3UIXQJZDULGHQWLVFKPLWHLQHPVLPXOLHUWHQ1RWHLQVDW]XQWHU )HLQGEHGLQJXQJHQ(VZDUGDKHUVHOEVWYHUVWlQGOLFKGDPLFKVHLQH$XVUVWXQJ LQWHUHVVLHUHQPXWH'LH:DIIHXQGGHUNRPSOHWWH.DPSIDQ]XJNRQQWHQPLU XQVFKlW]EDUZHUWYROOH'LHQVWHOHLVWHQ ,FKEHJDQQLKQ]XHQWNOHLGHQ(UEHVDJHQDXPHLQH*U|HXQG ,FKVWRFNWHPLWWHQLQGLHVHUhEHUOHJXQJXQGIOXFKWH :LHVRZDUHUDXVJHUHFKQHWVRJURZLHLFK":DUXPZDUHUQLFKWNOHLQXQG XQWHUVHW]WRGHUODQJXQGGQQ" 6ROOWHLFKVHLQH$XVUVWXQJXQWHU*HIDKUHQJHZLQQHQGDEHL9HUVWDQG *HVFKLFNOLFKNHLWXQG(QWVFKOXNUDIWEHZHLVHQ" ,FKULGDV8OWUDVFKZLQJXQJVPHVVHUDXVGHUJHSDQ]HUWHQ%HLQVFKHLGHGHV .DPSIDQ]XJHV'LHVXUUHQGH.OLQJHGXUFKVFKQLWWVSLHOHULVFKGLHIHVWH.QRFKHQSODWWH GHUOLQNHQ%UXVWKlOIWH0LQXWHQVSlWHUVDKLFKGDLFKHLQHP5RERW$QGURLGHQGDV V\QWKHWLVFKH/HEHQJHUDXEWKDWWH (UZDUGLHJHQLDOVWH.RQVWUXNWLRQGHU%LRFKHPLHXQGURERWLVFKHQ %HZHJXQJVWHFKQLNGLHLFKMHPDOVJHVHKHQKDWWH,FK|IIQHWHGLH+LUQVFKDOH6LHHQWKLHOW OHGLJOLFK.RPPXQLNDWLRQVJHUlWHDEHUNHLQVHOEVWlQGLJKDQGHOQGHV3RVLWURQLNJHKLUQ $OVRZDUXQVHU)UDJHXQG$QWZRUWVSLHOYRQHLQHP/HKUHUGHV)DHKUOEHU)XQN JHVWHXHUWZRUGHQZDKUVFKHLQOLFKYRQHLQHP3V\FKRORJHQ0DQKDWWHPLUXQJODXEOLFK JHVFKLFNW*HOHJHQKHLW]XU(UEHXWXQJHLQHU:DIIHXQGHLQHUYROOVWlQGLJHQ .DPSIDXVUVWXQJJHERWHQ,FKKDWWHVLHZDKUJHQRPPHQ 9RQGDDQZDUPLUNODUGDLFKRKQHGLHVH'LQJHGLH3UIXQJQLHPDOVEHVWHKHQ NRQQWH:DKUVFKHLQOLFKODXHUWHQMHQVHLWVGHU6FKOXFKW*HIDKUHQYRQGHQHQLFKMHW]W QRFKNHLQH$KQXQJKDWWH(LQ$5.6800,$$QZlUWHUGHUPLWGHP³'HVHUWHXU´QLFKW IHUWLJZXUGHNRQQWHJOHLFKDXIJHEHQ ,FKOHJWHKDVWLJGLH.DPSIDXVUVWXQJDQ1XQZXWHLFKZDUXPVLHVR DXVJH]HLFKQHWSDWHXQGZDUXPGLH)OXJURWRUHQEHVFKlGLJWZDUHQ,FKO|VWHGHUHQ 6FKQHOOYHUVFKOXPLWVDPWGHP.UHX]JHOHQNXQGZDUIVLH]XU6HLWH6LHZlUHQQXU KLQGHUOLFKJHZHVHQ 0HLQHQlFKVWH6RUJHJDOWGHU:DIIH:DUVLHGRFKHLQH,PLWDWLRQ"1HLQHVZDU HLQHFKWHUYROOJHODGHQHU/XFFRW 'DVDOVRGUFNWHPDQ$QGURLGHQLQGLH+lQGH6LHZDUHQIUGHQ.DPSI JH]FKWHWH5HWRUWHQZHVHQ:HQQPDQ³PHLQHQ)UHXQG´QLFKWIXQNWHFKQLVFKKlWWH VSUHFKHQXQGKDQGHOQODVVHQZlUHPLUGLH:DKUKHLWVRIRUWDXIJHIDOOHQ ,FKVFKREGDV%RRWLQV:DVVHUXQGVFKZDQJPLFKKLQHLQ,FKKDWWHQXUQRFK=HLW ELV6RQQHQXQWHUJDQJ
'HU.ULVWDOOSULQ]
M
$WODQ
6FKRQEHLGHU'XUFKTXHUXQJMHQHU)HOVVFKOXFKWGLHGHP6HHDOV$EIOXGLHQWH ZDUHQPLUZHLWHUH'LQJHNODUJHZRUGHQ 'DV:DVVHUZDUZLOGEHZHJWJHZHVHQVLFKHU(VKlWWHDEHUQLFKWHLQPDOHLQHQ GXUFKVFKQLWWOLFKHQ$5.6800,$$QZlUWHUJHIlKUGHQN|QQHQHVVHLGHQQHUKlWWH JUREH)HKOHUEHJDQJHQ 1XQPHKUGUHL6WXQGHQQDFKPHLQHP6WDUWVDKHQGLH9HUKlOWQLVVHDQGHUVDXV ,FKZDULQHLQHQ]ZHLWHQ6HHHLQJHIDKUHQ$XFKHUZXUGHYRQVWHLODXIUDJHQGHQ )HOVZlQGHQHLQJHHQJW6LHZDUHQRKQHHQWVSUHFKHQGH+LOIVPLWWHOXQEHVWHLJEDU 'DGXUFKZDULFKQDFKZLHYRUDXIGDV%RRWDQJHZLHVHQ 'HUZLOGH%HUJIOXIDQGLQGHPZHLWHQ)HOVKHFNHQHLQHIUPLFKJQVWLJH (QWVSDQQXQJ'LHWRVHQGHQ:DVVHUPDVVHQNRQQWHQH[SDQGLHUHQ'DKHUPlLJWHVLFK GLHUHLHQGH6WU|PXQJ 'HQQRFKZDUGLH$EWULIW]XPJHJHQEHUOLHJHQGHQ6HHXIHUHLQGHXWLJIHVWVWHOOEDU -HQlKHULFKGHQWXUPKRFKDXIUDJHQGHQ)HOVZlQGHQNDPXPVRNUlIWLJHUZXUGHVLH ,FKKDNWHGLHEHLGHQ5XGHUDXVGHQ+DOWH|VHQGHU%RUGZDQGXQJXQGJLQJUDVFK ]XP+HFN]XUFN'DV%RRWUHDJLHUWHQDWUOLFKQLFKWDXIGDV6WHXHU'DVZDULQGLHVHU $EWULIWDXFKQLFKW]XHUZDUWHQ $OVRKDWWHLFKPLUDXIDQGHUH:HLVH]XKHOIHQ'DV6WHFKSDGGHOPXWHQXQ VHLQH'LHQVWHHUIOOHQ ,FKNQLHWHQLHGHUEUDFKWHGDV3DGGHOLQV:DVVHUXQGHU]LHOWHGDPLWGXUFK NUlIWLJH=JHHQWJHJHQGHU)DKUWULFKWXQJWDWVlFKOLFKHLQHPlLJH5XGHUZLUNXQJ 6FK|QVRZROOWHPDQHVDOVRKDEHQ,FKK|UWHMHPDQGODFKHQXQGIXKU ]XVDPPHQ(VGDXHUWHHLQH:HLOHELVLFKEHPHUNWHGDLFKVHOEVWGLHVH/DXWH DXVJHVWRHQKDWWH9RQGDDQEHZDKUWHLFKEHVVHUH6HOEVWGLV]LSOLQ 0HLQHQIRUVFKHQGHQ%OLFNHQZDUELVKHUQRFKNHLQ$EIOXDXIJHIDOOHQ:REHLP JURHQ*UQGHU$UNRQV²ZRIDQGGDV:DVVHUHLQHQ$XVZHJ" ,FKULFKWHWHPLFKZHLWHULQGHP%RRWDXI'DHQWGHFNWHLFKHV'LHVPDOIOXFKWH LFK0DQHUVSDUWHPLUQLFKWV :HLWYRUQNDXPHUNHQQEDULQGHQZDVVHUXPVFKlXPWHQ)HOVPDVVHQVDKLFK HLQHIODFKHDEHUZHLWJHVFKZXQJHQHgIIQXQJ6LHJOLFKHLQHPULHVLJHQMHGRFKNDXP EHUGLH:DVVHUREHUIOlFKHKHUYRUUDJHQGHQ7RUERJHQYRQHWZDVHFK]LJ0HWHU%UHLWH 'LH+|KHZDUVREHVFKHLGHQGDLFKPLFKZDKUVFKHLQOLFKLP%RRWGXFNHQPXWHXP QLFKWKLQZHJJHULVVHQ]XZHUGHQ 'DVZDUGHU$EIOX'LHVWlUNHUZHUGHQGH6WU|PXQJULPLFKXQDXIKDOWVDPDXI GLHVH3IRUWHGHU8QWHUZHOW]X(VJDENHLQ(QWULQQHQPHKU ,FKGXFNWHPLFKVRZHLWHVGLH3DGGHOIKUXQJHUODXEWH$XIGLHVHVQXW]OLHKH ,QVWUXPHQWGDVZHQLJVWHQVQRFKEHVFKHLGHQH5LFKWXQJVNRUUHNWXUHQHUODXEWHZROOWHLFK XQWHUGHQ8PVWlQGHQDXINHLQHQ)DOOYHU]LFKWHQ .XU]YRUGHU(LQIDKUWLQGHQWRVHQGHQ6FKOXQGQXUZHQLJH%RRWVOlQJHQGDYRU EHPHUNWHLFKGLHHLJHQWOLFKH)DOOH $XVGHP)HOVUDFKHQZXUGHQ'lPSIHLQV)UHLHJHEODVHQ 6LHZDUHQYRQSHQHWUDQWVWHFKHQGHP*HUXFK0HLQH$WPXQJVRUJDQH]RJHQVLFK XQWHU.UlPSIHQ]XVDPPHQ6RIRUWGDUDXIXQWHUODJLFKGHPHUVWHQ(UVWLFNXQJVDQIDOO 'LH6FKPHU]HQZXUGHQKHIWLJHUGDV%UHQQHQXQHUWUlJOLFK'HUVWHFKHQGH*HVWDQN
'HU.ULVWDOOSULQ]
M
$WODQ
ZXUGHLQWHQVLYHUMHZHLWHULFKPLFKGHU)HOV|IIQXQJQlKHUWH 'DVZDUHQ$PPRQLDNVFKZDGHQ²KRFKNRQ]HQWULHUWHV*LIWJDVZLHHVGLH QLFKWDUNRQLGLVFKHQ0DDKNVDOV9HUEUHQQXQJVSURGXNWGHVYRQLKQHQDOV /HEHQVHUKDOWXQJVHOHPHQWHLQJHVRJHQHQ:DVVHUVWRIIVDXVDWPHWHQ )UXQVZDUHQEHLGH(OHPHQWHW|GOLFK -HW]WHUIXKULFKZDUXPPDQGLH$5.6800,$$QZlUWHUHUQVWOLFKJHZDUQWKDWWH 0DQVFKHQNWHXQVQLFKWV 'DV$PPRQLDNNRQQWHLQGLHVHUKRKHQ.RQ]HQWUDWLRQQXUNQVWOLFKHU]HXJWXQG XQWHUKRKHP'UXFNLQGLH)HOVK|KOHHLQJHEODVHQZRUGHQVHLQ1RUPDOHUZHLVHELOGHW VLFK$PPRQLDNLQGHUIUHLHQ1DWXULQJHULQJIJLJHQ0HQJHQDOV=HUVHW]XQJVSURGXNW RUJDQLVFKHU6WLFNVWRIIYHUELQGXQJHQEHLGHU)lXOQLVSIODQ]OLFKHUXQGWLHULVFKHU6WRIIH 1LHXQGQLPPHUNRQQWHHVDQGLHVHP2UWDXIQDWUOLFKH:HLVHLQGLHVHUKRKHQ $QUHLFKHUXQJHQWVWDQGHQVHLQ'LH.OHLQH5XQGHJULIIHUQVWKDIWQDFKPHLQHP/HEHQ XQGPHLQHU*HVXQGKHLW 'HU6FKODJPHLQHUUHFKWHQ+DQGDXIGHQ6LWXDWLRQV1RWVFKDOWHUGHU .DPSIDXVUVWXQJZDUHLQHWDXVHQGPDOJHEWH5HIOH[EHZHJXQJ'LH0lQQHUPHLQHV 9RONHVUHDJLHUWHQLQIROJHGHVEHUHLWVYLHU]LJ-DKUHZlKUHQGHQ.ULHJHVPLWGHQ0DDKNV DXI$PPRQLDNGlPSIHPLWGHU*HVFKZLQGLJNHLWHLQHVLQVWLQNWEHJDEWHQ7LHUHV0DQKDWWH QXUGDQQHLQHhEHUOHEHQVP|JOLFKNHLWZHQQPDQVRIRUWDXIGLHDXWDUNH 6DXHUVWRIIEHDWPXQJHLQHU.DPSIPRQWXUXPVFKDOWHWH $XVGLHVHP*UXQGHJDEHVNHLQHHLQ]LJHDUNRQLGLVFKH(LQVDW]NRQVWUXNWLRQGLH QLFKWPLWHLQHPDXJHQEOLFNOLFKDQVSULQJHQGHQ/HEHQVHUKDOWXQJVV\VWHPDXVJHVWDWWHW JHZHVHQZlUH)UKHUVROOWHHVDQGHUVJHZHVHQVHLQDEHUGLH0DDKNVKDWWHQXQV ELWWHUH/HKUHQHUWHLOW 'HUDXVHLQHUNUlIWLJHQ.XQVWVWRIIROLHEHVWHKHQGH)lFKHUKHOPPHLQHV$Q]XJV HQWIDOWHWHVLFKLQ*HGDQNHQVFKQHOOH'LH.RQVWUXNWLRQNODSSWHQDFKYRUQEHU.RSIXQG *HVLFKWJHZDQQGDEHLLKUHKDOEUXQGH)RUPXQGNOLFNWHDQVFKOLHHQGPLWLKUHPXQWHUHQ 0DJQHWUDQGLQGLHYRUJHVHKHQH5XQGVFKLHQHGHV+DOVVWFNV ,FKKDWWHGHQ$WHPDQJHKDOWHQREZRKOLFKGDV*HIKOKDWWHGDVHLQJHVRJHQH *LIWZUGHPLUGLH/XQJHQDXVODXJHQ ,FKDWPHWHHUVWLQGHP$XJHQEOLFNDXVDOVLFKGDV=LVFKHQGHVHLQVWU|PHQGHQ 6DXHUVWRIIVYHUQDKP8QWHUGHPHQWVWHKHQGHQ,QQHQGUXFNEOLHVVLFKGHU+HOPIDOWHQORV DXI (QGOLFKNRQQWHLFKZLHGHU/XIWKROHQ'DVNUDPSIDUWLJH:UJHQGHQW\SLVFKHQ %UHFKUHL]XQGGHQQDFKIROJHQGHQ+XVWHQNRQQWHLFKQLFKWXQWHUGUFNHQ(VZlUHDXFK YHUNHKUWJHZHVHQ 'LH5RERWDXWRPDWLNGHV$Q]XJVKDWWHGLHHLQJHGUXQJHQHQ*LIWJDVHVRIRUW DQDO\VLHUW5DXPIDKUHUVSH]LHOOGLH0lQQHUGHU/DQGXQJVWUXSSHQZDUHQQDFK EHUUDVFKHQGHUIROJWHQ$PPRQLDNYHUJLIWXQJHQEHUZLHJHQGQLFKWPHKULQGHU/DJHGLH $EVRUEHUGXVFKHVHOEVW]XEHWlWLJHQ$OVRKDWWHGDVHLQH$XWRPDWLN]XEHUQHKPHQ $XFKPHLQ$JJUHJDWVFKDOWHWHXQYHU]JOLFK'HP$WHPJDVZXUGHQ VFKZDFKVDXUH'lPSIH]XJHVHW]W6LHPLOGHUWHQVFKQHOOGDVJUDXHQKDIWH%UHQQHQ ,QGHU+|KHPHLQHVUHFKWHQ2EHUVFKHQNHOV]LVFKWHGLHLQGHQ$Q]XJHLQJHEDXWH +RFKGUXFN,QMHNWLRQVVSULW]H.UHLVODXIVWDELOLVLHUHQGH0HGLNDPHQWHZXUGHQLQGDV *HZHEHJHSUHW 0LUZXUGHVRIRUWEHVVHU'LHURWHQ5LQJHYRUPHLQHQ$XJHQYHUIOFKWLJWHQVLFK
'HU.ULVWDOOSULQ]
M
$WODQ
.HXFKHQGULFKWHWHLFKPLFKDXI ,FKZDUMHW]WLQQHUKDOEHLQHUODQJJHVWUHFNWHQ)HOVK|KOH'LH'HFNHEHIDQGVLFK LPPHUQXUZHQLJH)XEHUPHLQHP.RSI'LH6WU|PXQJZDUUHLHQGGLH *HUlXVFKHQWZLFNOXQJJHK|UEHWlXEHQG :HLWYRUQHUEOLFNWHLFKHLQHQ/LFKWIOHFN(UZXUGHVFKQHOOJU|HU'DVPXWHGHU $XVJDQJDXVGHUYHUJLIWHWHQ8QWHUZHOWVHLQ ,FKVFKDXWHDXIGLH/HXFKWNRQWUROOHQGHV.DPSIDQ]XJV'LH $PPRQLDNNRQ]HQWUDWLRQZDUQDFKZLHYRUYRUKDQGHQ6LHPXWHMHGHPXQJHVFKW]W HLQGULQJHQGHQ0DQQGHQ7RGEULQJHQ :LHGHUGDFKWHLFKDQ7LUDNR*DPQR:LHKDWWHHUGLHVH7RUWXUEHUVWDQGHQ" :DUHVLKPEHUKDXSWJHOXQJHQHEHQIDOOVHLQHQ6FKXW]DQ]XJ]XHUEHXWHQ":DUHUPLW GHPIHUQJHVWHXHUWHQ$QGURLGHQIHUWLJJHZRUGHQ":HQQQLFKWKDWWHHUVSlWHVWHQVLQ GLHVHU+|KOHXQVDJEDUH4XDOHQHUGXOGHQPVVHQ9LHOOHLFKWZDUHUVFKRQWRW 0HLQ%RRWVFKRSO|W]OLFKLQV7DJHVOLFKWKLQDXV'DV)OXEHWWHUZHLWHUWHVLFKGLH UHLHQGH6WU|PXQJZXUGHVFKZlFKHU'LH$XWRPDWLNPHLQHV$Q]XJVJDEYLROHWWHV /LFKW'LH9HUJLIWXQJVJHIDKUZDUYRUEHU+LHUKHUUVFKWHZLHGHUHLQHDWHPEDUH $WPRVSKlUH ,FKEHUSUIHQRFKPDOVGLH$QDO\VHNRQWUROOHQXQG|IIQHWHGHQ+HOPYHUVFKOX 'LH)ROLHNODSSWH]XUFN,QPHLQHP1DFNHQELOGHWHVLHHLQHQVFKPDOHQXQVFKHLQEDU DXVVHKHQGHQ:XOVW 0HLQH%HLQHVFKPHU]WHQLQIROJHGHUYHUNUDPSIWHQ+DOWXQJ,FKULFKWHWHPLFK VW|KQHQGDXIVFKLPSIWHODXWVWDUNXQGEHJDEPLFKQDFKYRUQ]XGHQ5XGHUQ,FKZROOWH NHLQH=HLWYHUOLHUHQ'LH6RQQHQXUXQGHXWOLFKVLFKWEDULQPLWWHQGHVDOOJHJHQZlUWLJHQ 'XQVWHVQlKHUWHVLHKEHUHLWVGHP=HQLW $OVLFKGLHEHLGHQ5XGHUHLQKDNWHXQGSUIHQGQDFKYRUQVDKGHQQGRUWPXWH PHLQ=LHOOLHJHQEHUILHOPLFKSO|W]OLFKMHQH0XWORVLJNHLWXQWHUGHUZDKUVFKHLQOLFK VFKRQYLHOH+HUWDVRQHQJHOLWWHQKDWWHQ 'LH+HUUHQGHU.OHLQHQ5XQGHZDUHQHQWZHGHUJHIKOORVH8QJHKHXHURGHU ZLVVHQVFKDIWOLFKH(LIHUHUGHQHQVWlQGLJQHXH3UIXQJVPHWKRGHQLQGHQ6LQQNDPHQ :DUXP²ZDUXPPXWHPDQHLQHQMXQJHQ0DQQGHUVHOEVWYHUVWlQGOLFKDOOHV DXIERWXPGLH$5.6800,$]XJHZLQQHQGHUDUWPDORVTXlOHQ":DUXPDFKWHWHXQG ZUGLJWHPDQQLFKWYRUGULQJOLFKVHLQHQ9HUVWDQGXQGVHLQIXQGLHUWHV:LVVHQ" 1XQKDWWHLFKVFKRQVRYLHOH*HJHEHQKHLWHQJHPHLVWHUWLFKKRIIWHHV,FKKDWWH YLHOULVNLHUWQXUXPXQYHUPLWWHOWYRUHLQHP+LQGHUQLV]XVWHKHQGDVLFKQLHXQGQLPPHU EHUZLQGHQN|QQWH :HLWYRUQMHGRFKGHXWOLFKHUNHQQEDUZDUGLHQDWUOLFKH6WU|PXQJVULFKWXQJHLQHV 1HEHQIOXVVHVYHUlQGHUWZRUGHQ$XI*UXQGPHLQHUELWWHUHQ(UIDKUXQJHQEUDXFKWHPLU QLHPDQG]XYHUUDWHQGDKLHUHLQHPLWWHFKQLVFKHQ0LWWHOQGXUFKJHIKUWH0DQLSXODWLRQ YRUODJ ,FKKDWWHMHGHQIDOOVQRFKQLHHLQH)OXPQGXQJJHVHKHQGLHJHJHQGLH 6WU|PXQJMHQHV*HZlVVHUVJHULFKWHWZDULQGDVGLHDXVGHQ%HUJHQ QLHGHUUDXVFKHQGHQ:DVVHUPDVVHQ(LQJDQJ]XILQGHQKDWWHQ 'LH1DWXUZDUKLHUVHLWHQYHUNHKUW(LQHLQPQGHQGHU1HEHQIOXVROOWHLQMHGHP )DOOPLWGHU6WU|PXQJGHVDXIQHKPHQGHQ*HZlVVHUVNRQIRUPJHKHQ+LHUZDUHV JHQDXXPJHNHKUW 'HUNOHLQHDEHUHQRUPZLOGH*HELUJVEDFKVFKREHUHLQH)HOVHUKHEXQJKLQZHJ
'HU.ULVWDOOSULQ]
M
$WODQ
XQGELOGHWHGDGXUFKHLQHQ:DVVHUIDOO,QIROJHGHVVHQZXUGHQGLH0DVVHQGHVQDVVHQ (OHPHQWVQDWXUJHPlHUKHEOLFKEHVFKOHXQLJW $QLKUHP$XIWUHIISXQNWZXUGHQVLHYRQHLQHPZDKUVFKHLQOLFKNQVWOLFK DQJHOHJWHQ%DFKEHWWHLQJHHQJWXQGDQVFKOLHHQG]XP$EIOXJHOHLWHW'LHVH (LQPQGXQJZDUDEHULQHLQHPVWXPSIHQ:LQNHOHQWJHJHQGHU6WU|PXQJVULFKWXQJ MHQHV*HZlVVHUVDQJHOHJWZRUGHQDXIGHPLFKPLFKLPVFKZDQNHQGHQ.DKQEHIDQG 'LH)ROJHHUVFKHLQXQJGHU0DQLSXODWLRQZDUHLQH:DVVHUEDUULHUH6LHJOLFKHLQHU )OXWZHOOHYRQGHUGLHIUPLFKJQVWLJH6WU|PXQJIOXDEZlUWVYROOVWlQGLJDXIJHKREHQ ZXUGH'HP$QVFKHLQQDFKJDEHVEHUHLQH6WUHNNHYRQHLQLJHQKXQGHUW0HWHUQ EHUKDXSWNHLQWDOZlUWVIOLHHQGHV:DVVHUPHKUVRQGHUQQXUQRFKHLQHWRVHQGH %UDQGXQJPLW.UHX]VHHQLQGHQHQVRJDUHLQPRGHUQHV%RRW]XP6SLHOEDOOGHU DXIHLQDQGHUSUDOOHQGHQ.UlIWHJHZRUGHQZlUH ,FKXQWHUGUFNWHPHLQHQ=RUQXQGEHVFKORYRUHUVWHLQPDODXV]XUXKHQ0HLQ +DOVEUDQQWHLPPHUQRFK$OOPlKOLFKPDFKWHQVLFKDXFKGLHGQQH/XIWXQGGHU JHULQJHUH6DXHUVWRIIDQWHLOEHPHUNEDU,FKZXUGHPGH ,FKUXGHUWHGDKHUGDV%RRW]XPOLQNVVHLWLJHQ8IHUKLQEHUXPGRUW ,FKVWRFNWHLQGHU2EHUOHJXQJ:DVZDUGDV" (QWJHJHQJHVHW]W]XPHLQHU)DKUWULFKWXQJDPUHFKWHQ8IHUEHPHUNWHLFK LQQHUKDOEGHUJUQEODXHQ0DXHUDXVPLUXQEHNDQQWHQ'VFKXQJHOSIODQ]HQHLQHQ EUlXQOLFKHQ)OHFN(VGDXHUWHHLQLJH=HLWELVLFKLKQDOV%RRWLGHQWLIL]LHUHQNRQQWHGDV KHLWDOVGLH2EHUUHVWHHLQHV%RRWHV ,FKEHUOHJWHHLQHQ$XJHQEOLFN,FKKDWWHDXI*UXQGGHU3UIXQJVEHGLQJXQJHQ HLQHQQRWJHODQGHWHQ5DXPIDKUHU]XVLPXOLHUHQ,FKPXWHGDV'HSRWHUUHLFKHQ'XUIWH PLFKHLQ]HUVFKPHWWHUWHU.DKQEHUKDXSWLQWHUHVVLHUHQ" 0HLQ8QWHUEHZXWVHLQJHZDQQGLH2EHUKDQGEHUGHQORJLVFKGHQNHQGHQ*HLVW ,FKUXGHUWHEHUHLWVPLWDOOHU.UDIWDXIGHQ2UWGHU(QWGHFNXQJ]XQRFKHKHLFKHLQHQDOV EHJUQGHWHLQ]XVWXIHQGHQ(QWVFKOXJHIDWKDWWH 0LQXWHQVSlWHUZDULFKGRUW'DV%RRWZDUDXIGHUUHFKWHQ6HLWHDXIJHULVVHQ'LH 3ODQNHQZDUHQ]HUVSOLWWHUWGHU*OHLWEXJHLQJHGUFNW(LQHVGHU5XGHUXQGGDV 6WHFKSDGGHOIHKOWHQ ,FKVSUDQJDQ/DQG]RJPHLQ%RRWDXIGHQ8QWHUVWUHLIHQXQGHQWVLFKHUWHGLH 6WUDKOZDIIH 9RUPLUODJGLFKWHU8UZDOG'LH)HOVHQKUGHQVFKLHQLFKEHUZXQGHQ]XKDEHQ :HOFKH*HIDKUHQODXHUWHQLQPLWWHQGLHVHUGLFKWHQ9HJHWDWLRQ" ,FKVXFKWHQDFK)XVSXUHQXQGIDQGVLH'LHJXWHUNHQQEDUHQ6FKLHQDEGUFNH VWDPPWHQYRQHLQHP6WLHIHOGHUZLHGHUXP]XUW\SLVFKHQ.RPELQDWLRQHLQHV3UIOLQJV JHK|UWH +LHUZDUHLQHUPHLQHU9RUJlQJHUJHVWUDQGHWHLQ+HUWDVRGHQPDQ ZDKUVFKHLQOLFKNXU]YRUPLUDXIGLH5HLVHJHVFKLFNWKDWWH ,FKIROJWHGHQ6SXUHQELVLFKHLQHJHULQJIJLJH)HOVHUKHEXQJHQWGHFNWH'HU ([DPHQVEUXGHUZDUYRUVLFKWLJJHQXJJHZHVHQGHQVXPSILJHQ6WUDQG]XYHUODVVHQXP DXIHLQHUYHJHWDWLRQVDUPHQ)HOVHUKHEXQJ6FKXW]]XVXFKHQ ,FKYHUQDKPHLQHQVFKZDFKHQ5XI:HQLJH6SUQJHEUDFKWHQPLFKQDFKREHQ XQGGDHQWGHFNWHLFKPHLQHQ)UHXQG7LUDNR*DPQR 1DWUOLFK²HUWUXJZHGHUHLQHQ.DPSIDQ]XJQRFKHLQH:DIIH:LHKDWWHHU XQJHVFKW]WGLH$PPRQLDNZ|OEXQJGXUFKTXHUHQN|QQHQ"
'HU.ULVWDOOSULQ]
M
$WODQ
,FKEHXJWHPLFKEHULKQXPIDWHGHQQDKH]X%HVLQQXQJVORVHQXQGULFKWHWHLKQ DXI6HLQRKQHKLQVFKPDOHVGXUFKJHLVWLJWHV*HVLFKWZLUNWHDEJH]HKUWXQG]HUIDOOHQ(V ZDUYRQEHUVWDQGHQHQ4XDOHQJH]HLFKQHWZRUGHQ(UVW|KQWHXQGZHLQWH]XJOHLFK ,FKVSUDFKQLFKWYLHO'LHVPDOYHUJDLFKGHQVLPXOLHUWHQ(LQVDW]YROOVWlQGLJ 3O|W]OLFKJODXEWHLFKWDWVlFKOLFKDXIHLQHUYRP*HJQHUEHVHW]WHQ:HOW]XVHLQ ,FK|IIQHWHGLH0HGLNDPHQWHQWDVFKHPHLQHU.DPSINOHLGXQJXQGYHUDEUHLFKWH 7LUDNRGLHIUVROFKH)lOOHYRUJHVHKHQHQ0HGLNDPHQWH(UPXWHVWDELOLVLHUWXQGDXFK NQVWOLFKDXIJHSXWVFKWZHUGHQ 0LWWHOGLHVHU$UWJDEHVYLHOH6LHEHZLUNWHQZDKUH:XQGHUDQN|USHUOLFKHU ,QWHQVLWlWGRFKGHUQDFKIROJHQGH=XVDPPHQEUXFKZDUXQDXVEOHLEOLFK-HGHU YHUQQIWLJH0DQQPXWHVLHDEOHKQHQMHGRFKJDEHV6LWXDWLRQHQLQGHQHQVLH XQHQWEHKUOLFKZDUHQ1XUGHVKDOEGUFNWHLFKDXIGHQ.QRSIGHU+RFKGUXFNVSULW]HDQ GHUHQ6NDODLFKYRUKHUGDVJHZQVFKWH0HGLNDPHQWHLQJHVWHOOWKDWWH 7LUDNRNDP]XVLFK(UPXWHPLFKZLHLP7UDXPJHK|UWXQGJHUXIHQKDEHQ 3O|W]OLFKVFKLPPHUWHQVHLQH$XJHQNODU(UJHZDQQVHLQH.UlIWH]XUFN(LQVFKZDFKHV /lFKHOQHUVFKLHQDXIVHLQHQ/LSSHQ ³2KPHLQ+HOGKDWHVQDWUOLFKJHVFKDIIW/XFFRW.DPSIDQ]XJ²DOOHV YRUKDQGHQ´ (UKXVWHWHXQWHU4XDOHQ6HLQ*HVLFKWYHU]HUUWHVLFK,FKVFKDXWHPLFKXP 5LQJVXPHUVWUHFNWHVLFKHLQHZHLWH6XPSIODQGVFKDIW+LHUXQGGDNRFKWHGHU %URGHP7LHULVFKH6FKUHLHGUDQJHQDXVGHU:LOGQLV]XXQVKHUEHU 7LUDNRV$QIDOOPlLJWHVLFK'LH0HGLNDPHQWHZLUNWHQ ³(VJHKWQXUDXIGHP:DVVHUZHLWHU)UHXQG,FKKDEHPLFKXPJHVHKHQ1LFKWV DOVERGHQORVHU0RUDVW'DEHLELQLFKYRQHLQHP8QJHKHXHUEHLQDKHDXIJHIUHVVHQ ZRUGHQ'DVNRPPWGDYRQZHQQPDQYRQ$QIDQJDQYHUVDJW´ ³8QVLQQ´EHVFKZLFKWLJWHLFK³,FKQHKPHGLFKPLW,UJHQGZLHZHUGHQZLUHV VFKDIIHQ´ ³+DVWGXPLUIOVVLJHV)HXHUHLQJHVSULW]W"1XQHVVROOWHPLUJOHLFKJOWLJVHLQ,P *HJHQVDW]]XGLULVWHVPLUQLFKWJHOXQJHQGHQYHUZLOGHUWHQ)UHPGHQ]XEHVLHJHQ:LH KDVWGXGDVJHPDFKW"´ ,FKHUNOlUWHHVLQNXU]HQ:RUWHQ(UQLFNWHUHVLJQLHUW ³-DVRVROOPDQVLFKZRKOYHUKDOWHQ'LHYRUPLUJHVWDUWHWHQ.DQGLGDWHQ VFKHLQHQGXUFKJHNRPPHQ]XVHLQ,FKKDEHMHGHQIDOOVNHLQHQJHVHKHQ'LHVHU $QGURLGHVFKHLQWLPPHUDXI]XWDXFKHQPHLQVWGXQLFKWDXFK"6WHWVGDVJOHLFKH 3V\FKRVSLHO,FKELQLKPVFKUHFNHUIOOWHQWIORKHQ,FKKDWWHLKQQlPOLFKIUKHUEHPHUNW DOVGX´ ³$FK´ (UODFKWHHUQHXW6HLQH.UlIWHNHKUWHQVFKQHOO]XUFN ³'HVVHQGDUIVWGXJHZLVHLQ,FKKLHOWLKQIUHLQHHUQVWKDIWH%HGURKXQJXQGHV HUVFKLHQPLUJHUDWHQLKPVFKQHOOVWHQVDXVGHP:HJ]XJHKHQ$OVRUDQQWHLFK]XP %RRWXQGIXKUGDYRQQRFKHKHGHU/XIWJOHLWHUULFKWLJDEJHKREHQKDWWH6RNRQQWHLFK LKPHQWULQQHQGDHUVLFK²ZLHLFKJODXEWH²YRUKHUQLFKW]HLJHQGXUIWH'DVZDUVHKU XQNOXJZLH"´ ,FKQLFNWH,PPHUKLQZDU7LUDNRV5HDNWLRQQXUHLQHYRQYLHOHQGHQNEDUHQ JHZHVHQ$QGHUH+HUWDVRQHQZDUHQXQWHU8PVWlQGHQPLWEORHQ+lQGHQDXIGHQ %HZDIIQHWHQORVJHVWU]W,QGLHVHP)DOOKDWWHQVLHZRKONDXPGHQ6WDUWSODW]YHUODVVHQ
'HU.ULVWDOOSULQ]
M
$WODQ
N|QQHQ:RZDUHQVLHYHUEOLHEHQ" 7LUDNRVWDQGDXIXQGUHFNWHVLFKHUQHXW ³,FKELQZLHGHUHLQVDW]EHUHLW)UHXQG$OOHUGLQJVZLUVWGXPLWPLUZHQLJ)UHXGH KDEHQ(LQHQ([DPHQVEUXGHUGHUMHW]WVFKRQGLH$5.6800,$LQIROJHVHLQHV W|OSHOKDIWHQ%HQHKPHQVYHUVSLHOWKDWVROOWHPDQ]XUFNODVVHQ,UJHQGZLHZLUGPDQ PLFKDEKROHQ´ ,FKZLQNWHDEXQGVXFKWHHUQHXWGLH8PJHEXQJDE'DEHLHUNXQGLJWHLFKPLFK ³:LHELVWGXGXUFKGLH$PPRQLDNK|KOHJHNRPPHQ"´ ³$XIGLH)UDJHKDEHLFKJHZDUWHW.HLQH$KQXQJ)UHXQG,FKJODXEWHVWHUEHQ]X PVVHQXQGKLHOWGHQ$WHPVRODQJHZLHP|JOLFKDQ(VZDUJUDXHQKDIW'DQQ XPQDFKWHWHQVLFKPHLQH6LQQH,FKZHLQLFKWZLHLFKDQV8IHUJHNRPPHQELQ´ ,FKEHWUDFKWHWHLKQDXIPHUNVDP(UQLFNWHEHGlFKWLJXQGVFKQDO]WHPLWGHQ )LQJHUQ ³-DLFKZHLVFKRQZDVGXVDJHQP|FKWHVW-HPDQGKDWPLUJHKROIHQRGHULFK KlWWHHVQLFKWEHUOHEW0DQVFKHLQWGLH.DQGLGDWHQGRFKQLFKWXPNRPPHQ]XODVVHQ 'DVQW]WPLUDEHUZHQLJ,FKKDEHEHUHLWVVRYLHOH0LQXVSXQNWHGDLFKQLFKWPHKU EHVWHKHQNDQQ:HQQGXGLFKZHLWHUKLQVRH[]HOOHQWYHUKlOWVWZLUGGLHVH)OXIDKUW GHLQHHUVWHXQGOHW]WH3UIXQJVHLQ ³$XVJHVFKORVVHQ´ (UOHJWHGHQ$UPXPPHLQH6FKXOWHUQXQG]RJPLFKIUHXQGVFKDIWOLFKDQVLFK ³'RFKGXNDQQVWHVVFKDIIHQ-HGHUYRQXQVEHQ|WLJW]HKQWDXVHQG3OXVSXQNWH 'DPLWLVWGLH$5.6800,$HUUXQJHQ'LH$Q]DKOGHU$XIJDEHQLVWEHGHXWXQJVORV DOOHUGLQJVGDUINHLQ.DQGLGDWPHKUDOVIQIPDODQGHQ6WDUWJHKHQ6FKDIIWHUVHLQH ]HKQWDXVHQG3XQNWHEHLPHUVWHQPDOEUDXFKWHUQLFKWPHKUDQ]XWUHWHQ'XKDVWZLUNOLFK JXWH$XVVLFKWHQ´ (UODFKWHXQGEHXJWHVLFKXQWHUHLQHPHUQHXWHQ+XVWHQDQIDOOQDFKYRUQ (VJHODQJLKPQRFKGDV8OWUDVFKZLQJXQJVPHVVHUDXVGHU3DQ]HUVFKHLGH PHLQHUUHFKWHQ8QWHUVFKHQNHOEHNOHLGXQJ]XUHLHQ(UZDUVFKQHOOVHKUVFKQHOOVRJDU ,FKZDUMHGRFKQRFKVFKQHOOHU 'HUNUlIWLJH6WRPHLQHV(OOHQERJHQVJHJHQVHLQHQ.|USHUOLHLKQ ]XUFNWDXPHOQ'DVERWPLU*HOHJHQKHLW]X]ZHLZHLWHQ6SUQJHQQDFKYRUQ,FK YHUQDKPGDVXOWUDKRKH6XUUHQGHUVFKZLQJHQGHQ0HVVHUNOLQJH(UKDWWHVHLQHQ.|USHU VFKRQZLHGHUDXVVWDELOLVLHUW (UVSUDQJ'LHVFKQHOOYLEULHUHQGH.OLQJHZDUQXUQRFKDOV/HXFKWHUVFKHLQXQJ ]XHUNHQQHQ ,FKVFKRYRQGHU+IWHDXV'HUEODXZHLH(QHUJLHVWUDKOWUDILKQLQ*UWHOK|KH XQGVFKOHXGHUWHLKQLQIROJHGHUKRKHQ$XIWUHIIHQHUJLH]XU6HLWH(LQ]ZHLWHU6FKX IKUWHGDV(QGHKHUEHL 'HU.|USHUZXUGHYRQ)ODPPHQXPORKWLQGHQHQGHUDQJHEOLFKH7LUDNR*DPQR VFKUHLHQGYHUJLQJ'HUJU|WH7HLOGHU$QGURLGHQNRQVWUXNWLRQ]HUILHO]X$VFKH ,FKZLFKGHP*OXWKDXFKGHUHUKLW]WHQ/XIWPDVVHQDXVXQGQDKPGDV 6FKZLQJXQJVPHVVHUDQPLFK(VZDULKPYRUVHLQHP7RGHHQWIDOOHQ6HLQHhEHUUHVWH EHU]HXJWHQPLFKGDYRQGDLFKHVWDWVlFKOLFKPLWHLQHPV\QWKHWLVFKHQ:HVHQDXV %LRJHZHEHXQG5RERWHOHPHQWHQ]XWXQJHKDEWKDWWH,FKKDWWHHVJHZXW -HQHGLHPHLQHWLHIH=XQHLJXQJ]X7LUDNREHQXW]WKDWWHQXPPLUHLQH)DOOH]X VWHOOHQKDWWHQHLQLJH.OHLQLJNHLWHQEHUVHKHQ
'HU.ULVWDOOSULQ]
M
$WODQ
(LQPDOKlWWH7LUDNRQLHPDOVPLWGHQ)LQJHUQJHVFKQDO]W$XFKKDWWHPDQHV YHUVlXPWLKQEHUGLH3UIXQJVPHWKRGHQVFKLPSIHQ]XODVVHQ'HUHFKWH7LUDNRZlUH VRIRUWGDUDXI]XVSUHFKHQJHNRPPHQJDUDQWLHUW 'HUOHW]WHIUPLFKHQWVFKHLGHQGH+LQZHLVKDWWHLQGHU8PDUPXQJEHVWDQGHQ 'HU$QGURLGHKDWWHGDEHLHLQHQ3UHGUXFNDXVJHEWGHQ7LUDNRVVFKZlFKOLFKHU.|USHU QLHPDOVKlWWHDXVEHQN|QQHQ'HU$QJULIIZDUIUPLFKNHLQHVZHJVEHUUDVFKHQG JHNRPPHQ ,FKODFKWH'LHKRKHQ+HUUHQGHU.OHLQHQ5XQGHZDUHQJHVFKLFNW%LVKHUKDWWHQ VLHPLFKDEHUQRFKQLFKWLQHUQVWKDIWH9HUOHJHQKHLWEULQJHQN|QQHQ :DVZDUDXVGHPHFKWHQ7LUDNR*DPQRJHZRUGHQ",FKZDUEHU]HXJWGDGHU $QGURLGHEHLVHLQHU6FKLOGHUXQJGLH:DKUKHLWJHVSURFKHQKDWWH²EH]LHKXQJVZHLVH MHQHU)DHKUO/HKUHUGHUVLFKEHUGDV/DXWVSUHFKHUV\VWHPGHU1DFKDKPXQJDQPLFK JHZHQGHWKDWWH 'DQDFK]XXUWHLOHQJLQJHV7LUDNRQLFKWJXW:RZDUHU"(UPXWHLQGHU1lKH VHLQ ,FKKDWWHLKQDXIGHUDQGHUHQ6HLWHGHV)OXVVHVJHIXQGHQ6HLQ$EHQWHXHUZDU VRYHUODXIHQZLHHVGHU$QGURLGHJHVFKLOGHUWKDWWH(UZDUGHP³'HVHUWHXU´WDWVlFKOLFK HQWIORKHQ'DV$PPRQLDNJHZ|OEHKDWWHHUHEHQIDOOVGXUFKTXHUW'RUWPXWHHUJHUHWWHW ZRUGHQVHLQ ,P*HJHQVDW]]XP%RRWVHLQHU1DFKDKPXQJZDUVHLQ)DKU]HXJQRFKYROOVWlQGLJ LQ2UGQXQJ ,FKKDWWH7LUDNRPLWGHP5HVWPHLQHU0HGLNDPHQWHDXIGLH%HLQHJHEUDFKW1XQ ODJGLH*HJHQVWU|PXQJPLWLKUHPEUDQGXQJVlKQOLFKHQ:DOOYRUXQV 7LUDNRZDUQLHGHUJHVFKODJHQ(UZXWHGDHUMHW]WVFKRQYHUORUHQKDWWH,FK ZXWHHVHEHQIDOOVDEHULFKVFKZLHJ (UZDUHLQ0DQQGHV*HLVWHVHLQ-QJOLQJGHUHLQHJHVFKHLWH8QWHUKDOWXQJ HLQHP6FKZHUWNDPSIMHGHU]HLWYRU]RJ:DUXPJDEPDQLKPNHLQH&KDQFHGLHVHLQHQ 7DOHQWHQHQWVSUDFK" ,FKKDWWHEHVFKORVVHQLKQPLWPLU]XQHKPHQ,FKZROOWHLKPGLH6FKPDFK²ZDU HVEHUKDXSWHLQH"²HUVSDUHQYRQHLQHP5HWWXQJVNRPPDQGRGHU.OHLQHQ5XQGH DEJHKROW]XZHUGHQ,FKWHLOWHLKPPHLQ9RUKDEHQPLW (UOlFKHOWHPLFKDQ1DWUOLFKKDWWHHUPHLQH%HZHJJUQGHVRIRUWHUIDW ³'DVN|QQWHGLU0LQXVSXQNWHHLQEULQJHQ0DFRORQ9HUJLQLFKWGDGXHLQH 1RWODQGXQJPLWDOOLKUHQVRJHQDQQWHQ1RWZHQGLJNHLWHQYRU]XIKUHQKDVW'DLFKNHLQH GUHVVLHUWH%HVWLHELQGLHGLUMHGHU]HLWKLOIUHLFKEHLVWHKHQN|QQWHZlUHHVGRFKRK YHU]HLK,FKKDEHGLFKPLWPHLQHUXQEHUOHJWHQ%HPHUNXQJJHNUlQNW1DWUOLFKKDOWHLFK XQVZHGHUIUGUHVVLHUWQRFKIU%HVWLHQ´ ,FKODFKWH'DVZDUW\SLVFKIU7LUDNR*DPQRJHZHVHQ ³9HUJLHV-XQJH(VLVWVHKUVFKDGHGDGXQLFKWGHU,PSHUDWRUELVW :DKUVFKHLQOLFKZlUHGHU0HWKDQNULHJGDQQEDOGEHHQGHW´ ³)UHYOHQLFKW2UEDQDVFKROLVWXQWDGHOLJXQGXQIHKOEDULQVHLQHQ%HVFKOVVHQ(U VHLJHSULHVHQIUDOOH=HLWHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
(UVFKDXWH]XU:DVVHUEDUULHUHKLQEHUXQGKVWHOWH ,FK]RJGDV0LNUR$XI]HLFKQXQJVJHUlWDXVHLQHU%HLQWDVFKHGHV.DPSIDQ]XJV (V]lKOWHHEHQVR]XU6WDQGDUGDXVUVWXQJZLHGDV6FKZLQJXQJVPHVVHU ,FKVSUDFKJHWUHXPHLQHUVLPXOLHUWHQ5ROOHDXIGDV%DQG ³0DFRORQ.RPPDQGDQWGHV6FKZHUHQ.UHX]HUV$5*2662QRWLHUWIUGHQ =ZHFNVSlWHWHU9HUZHQGXQJ (VLVWPLUJHOXQJHQGDVIUHLQHQ6RQGHUHLQVDW]YRUJHVHKHQHEHLP(LQWDXFKHQ LQGLH/XIWKOOHGHV)HLQGSODQHWHQ/DUJDPHQLDGXUFK%HVFKXEHVFKlGLJWH%HLERRW]X ODQGHQ,FKKDEHGDV*HKHLPGHSRWGHU)ORWWH]XHUUHLFKHQ$XIGHP:HJHGRUWKLQ HQWGHFNWHLFKGHQVHLW:RFKHQYHUPLWHQ(LQVDW]RIIL]LHUGHV(UNXQGXQJVNUHX]HUV 7$.$7,.$GHQ2UEWRQHQ7LUDNR*DPQR(UXQWHUVWDQG]HLWZHLOLJPHLQHP.RPPDQGR XQGLVWGDKHUDOVYHUWUDXHQVZUGLJHLQ]XVWXIHQ,FKKDEHEHVFKORVVHQGHQ2IIL]LHULQ GHQ'LHQVWGHU6DFKH]XVWHOOHQ(UHUKlOWKLHUPLWGHQ%HIHKOPLFKXQWHU(LQVDW]VHLQHV /HEHQV]XXQWHUVWW]HQPLWGHP=LHOXQWHUDOOHQ8PVWlQGHQGDV'HSRW]XHUUHLFKHQ 'DVLVWLP,QWHUHVVHGHULP5DXPZDUWHQGHQ/DQGXQJVIORWWHHUIRUGHUOLFK(VOHEH$UNRQ (QGH´ 7LUDNRVFKDXWHPLFKDQ,FKJULQVWH :HQQGLH$XVZHUWXQJPHLQHV3UIXQJVHLQVDW]HVWDWVlFKOLFKDXI YROOSRVLWURQLVFKHU(EHQHJHVFKDKVRZUGHQGLH5HFKQHUQLFKWXPKLQN|QQHQPHLQH %HJUQGXQJDOV/HLVWXQJVSOXVDQ]XHUNHQQHQ6HOEVWYHUVWlQGOLFKNRQQWHQ]ZHL 3HUVRQHQGDVJHVWHFNWH=LHOHKHUHUUHLFKHQDOVHLQH8QEHVWHFKOLFKH/RJLNUHFKQHU PXWHQGDVEHZHUWHQ ³0DQN|QQWHPHLQHQGXZlUVWGHUJHOHKULJH6SU|OLQJHLQHVJDODNWLVFKHQ *DXQHUV´PHLQWH7LUDNRDQ]JOLFK 'DPLWKDWWHHUPLFKJHWURIIHQ,FKIKOWHGDLFKLKQEHLQDKHGURKHQGDQVWDUUWH *HJHQPHLQHQ:LOOHQPXWHLFKHUQHXWDQPHLQHJHKHLPQLVYROOH+HUNXQIWGHQNHQDQ PHLQHQ/HKUHUXQG(U]LHKHUGHQVRJHQDQQWHQ³%DXFKDXIVFKQHLGHU´)DUWXORRQDQ PHLQHQ)UHXQG(LVNUDOOHXQGQDWUOLFKDXFKDQ)DUQDWKLDGLH]DXEHUKDIWH7RFKWHUGHV 7DWRVYRQ*RUWDYRU 'RUWKDWWHLFKHLQHQJURHQ7HLOPHLQHU-XJHQGMDKUHYHUEUDFKWVRODQJHELVGHU %OLQGH6RIJDUWPLWVHLQHQ+lVFKHUQGHQ.UDODVHQHQDXIJHWDXFKWZDUXQGPHLQOHW]WHV ,G\OO]XQLFKWHJHPDFKWKDWWH )DUQDWKLDGDV0lGFKHQPHLQHUWLHIHQXQGUHLQHQ/LHEH²ZRPRFKWHVLHMHW]W VHLQ":DVKDWWHPDQLKUDQJHWDQ"/HEWHVLHEHUKDXSWQRFK" ³)UHXQGGX]LWWHUVW´YHUQDKPLFK7LUDNRV6WLPPHZLHDXVZHLWHU(QWIHUQXQJ ³+DEHLFKGLFKJHNUlQNW"0HLQH%HPHUNXQJZDUYRUODXWXQGGUHLVW9HU]HLKPLU´ ,FKVFKWWHOWHGLH(ULQQHUXQJYRQPLUDE7LUDNRZDUDXIULFKWLJEHVRUJW(UPDFKWH VLFK9RUZUIHRKQH]XDKQHQGDHUPHLQHVHHOLVFKH:XQGHEHUKUWKDWWH ,FKVFKOXJLKPEXUVFKLNRVDXIGLH6FKXOWHU ³'HLQH6RUJHQP|FKWHLFKKDEHQ´ODFKWHLFK³.RPPHVZLUG=HLW'HU :DVVHUVWDXPXEHUZXQGHQZHUGHQ ³:LHXQGZRPLW"0LWGHP]HUEUHFKOLFKHQ%RRW"$XVJHVFKORVVHQ1LHPDQGQLFKW HLQPDOHLQ*LJDQWN|QQWHHVJHJHQGLH6WU|PXQJYRUDQWUHLEHQXQGEHUGLHVGLH %UDQGXQJGXUFKGULQJHQ (UZDUQRUPDOHUZHLVHHLQVFKDUIHU%HREDFKWHUDEHUGLH'LQJHGHU3UD[LV VFKLHQHQLKP]XHQWJHKHQ:LHVRKDWWHHUQLFKWGLH6FKOHLIVSXUHLQLJH%RRWVOlQJHQ
'HU.ULVWDOOSULQ]
M
$WODQ
REHUKDOEXQVHUHV6WDQGRUWVEHPHUNW" .XU]GDYRUDP8IHUZDUHQHLQLJH%VFKHDQJHNRKOW'LH6SXUZDUDOOHUGLQJV NDXPEHPHUNEDUGDVLFKGLHGLFKWH9HJHWDWLRQVFKRQZLHGHUEHULKUJHVFKORVVHQ KDWWH ,FKEHUSUIWHGLH:DIIHVFKDOWHWHGLH6WUDKOYHUVWHOOXQJDXIPLWWOHUHQ6WUHXZHUW XQGVFKULWWZRUWORVYRUDQ 1DWUOLFKNRQQWHQLHPDQGJHJHQGLHVHQNQVWOLFKHU]HXJWHQ:DOODXV:DVVHU DQUXGHUQ'DVZXWHQDXFKGLH+HUUHQGHU.OHLQHQ5XQGH :HOFKH6FKOXIROJHUXQJHQKDWWHQVLFKGDUDXVIUHLQHQ$5.6800,$$QZlUWHU ]XHUJHEHQ" ,FKKDWWHHWZDV]XILQGHQZDVLQMHGHP)DOOYRUKDQGHQVHLQPXWH0DQKDWWHMD DXFKIUHLQHQ.DPSIDQ]XJJHVRUJW 1XQ3UIXQJHQGLHVHU$UWZDUHQDOVDXHURUGHQWOLFKHLQ]XVWXIHQ:HUGDVQLFKW EHDFKWHWHNRQQWHQLHPDOVEHVWHKHQ,FKDKQWH²QHLQLFKZXWHOlQJVWZDVGLH.OHLQH 5XQGHYRQXQVHUZDUWHWH'HU9HUVWDQGVROOWHGRPLQLHUHQGLHVDOOHUGLQJVXQWHUGHP ZDJHPXWLJHQ(LQVDW]GHU3HUVRQ ³0DFRORQ´ 'HU5XIZDUQLFKWDODUPLHUHQG,FKGUHKWHPLFKGHQQRFKEOLW]VFKQHOOXPXQG EUDFKWHGLH:DIIHLQ6FKXSRVLWLRQ 7LUDNR*DPQRKDWWHPLUIROJHQZROOHQ(UNRQQWHHVDEHUQLFKW,FKEHPHUNWH YHUEOIIWGDHUJHJHQHLQXQVLFKWEDUHV+LQGHUQLVYRQKRKHU6WDELOLWlWXQGJURHU (ODVWL]LWlWDQNlPSIWH (UZDUIVLFKQDFKYRUQSUHWHVHLQH6FKXOWHUQJHJHQHLQXQVLFKWEDUHV(WZDV DEHUHUNDPXPNHLQHQ6FKULWWZHLWHU'DQQJHVFKDKHLQ:XQGHU0HLQ6FK|QJHLVW IOXFKWHZLHHLQODQJJHGLHQWHU5DXPVROGDW ,FKNRQQWHPLFKQLFKWPHKUEHKHUUVFKHQXQGODFKWHODXWKDOV 7LUDNRJDEDXI6HLQHQYRUZXUIVYROOHQ%OLFNNRQQWHLFKODQJH=HLWQLFKW YHUJHVVHQ³6S|WWHU´WDGHOWHHUPLFK³-HQHPGHUGLH6FKDQGH]XHUGXOGHQKDWZLUG VLHEHUGLHVQRFKNXQGJHWDQ:DVLVWGDV"´ ³)UDJHGLHDOWHQ*|WWHU´HUNOlUWHLFKQRFKLPPHUODFKHQG³:RYHUVWHNNHQVLFK GHLQHK\SHUSK\VLNDOLVFKHQ.HQQWQLVVH"'DVLVWHLQ+RFKHQHUJLH6FKPLHJIHOGPHLQ )UHXQG´ ³2K´ (UEHJULIIVHKUVFKQHOOGDMHPDQGVHLQZHLWHUHV9RUGULQJHQDOVXQHUZQVFKW DQVDK,FKKDWWHHEHQIDOOVGHQ=ZHFNGHU0DQDKPHYHUVWDQGHQ0HLQNOHLQHU7ULFNPLW GHU5DQGQRWLHUXQJZDUIUGLH³3V\FKH´GHU$XVZHUWXQJVUHFKQHUZDKUVFKHLQOLFKVHKU ZLUNXQJVYROOJHZHVHQDEHUGLHKHLPOLFKHQ%HREDFKWHUGHU3UIXQJVNRPPLVVLRQZDUHQ PLWPHLQHU'HILQLWLRQQLFKWJDQ]HLQYHUVWDQGHQ 6LHKDWWHQ7LUDNR*DPQROlQJVWDEJHVFKULHEHQ6LHZROOWHQVHKHQZLHLFKPLFK ZHLWHUKLQYHUKLHOW'D7LUDNRXQWHU8PVWlQGHQHLQLJH'LQJHKlWWHEHPHUNHQN|QQHQGLH PLUQLFKWDXIJHIDOOHQZlUHQJDEPDQXQV]XYHUVWHKHQGDHUDQ2UWXQG6WHOOH]X YHUZHLOHQKlWWH6HKUVFK|Q$OOPlKOLFKPDFKWHPLUGLH6LWXDWLRQ6SD ³2UEWRQ7LUDNR*DPQR6LHHUKDOWHQKLHUPLWGHQ%HIHKODOV%RRWVZDFKH ]XUFN]XEOHLEHQ,FKZHUGHPLFKDOOHLQXPVHKHQ´ULHILFKLKP]X³'HFNHQ6LHQRWIDOOV PHLQHQ5FN]XJ´ ³-DZRKO(UKDEHQHU´EHVWlWLJWHHUUHVLJQLHUHQG³,FKKDEHYHUVWDQGHQ´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKIDQGHVN|VWOLFKPLWGHQ%HREDFKWHUQHLQNOHLQHV3V\FKRVSLHODXVWUDJHQ]X N|QQHQ,QGLHVHP0RPHQWKDWWHQVLHZDKUVFKHLQOLFKPLWPHKU6FKZLHULJNHLWHQ]X NlPSIHQDOVLFK$XFKVLHGXUIWHQGLH$XVZHUWXQJVUHFKQHUQLFKWYHUJHVVHQ0HLQH $QZHLVXQJDQ7LUDNRZUGHPLUHUQHXWHLQLJH3OXVSXQNWHHLQEULQJHQGHQQHVPXWHIU $XWRPDWHQVHOEVWYHUVWlQGOLFKVHLQGDHLQ(UNXQGHUHLQH:DFKH]XUFNOLH 6FKOLHOLFKZDUGDV%RRWEH]LHKXQJVZHLVHEHLGH%RRWHXQHUVHW]EDU ,FKJLQJ'LH6WUDKOZDIIHUXKWHVFKXEHUHLWLQPHLQHU$UPEHXJH
'LHlXHUH0DQQVFKOHXVHQWUGHV3DQ]HUJOHLWHUVVWDQGRIIHQ6HLQH0DVFKLQHQ DUEHLWHWHQQLFKWPHKU,QIROJHGHVVHQZDUGDV*HIlKUWGDVQXUIUGHQ(LQVDW]LQQHUKDOE SODQHWDULVFKHU $WPRVSKlUHQ EHVWLPPW ZDU PLW VHLQHU %RGHQVFKDOH LQ GHQ 0RUDVW HLQJHVXQNHQ (UZDUXQHUJUQGOLFKWLHI-HZHLWHULFKLQGLH:LOGQLVYRUJHGUXQJHQZDUXPVR PKHYROOHUKDWWHLFKPHLQH6WLHIHOQDFKMHGHP6FKULWWDXVGHPVDXJHQGHQ%UHLEHIUHLHQ PVVHQ 'DV KDWWH PLU HUQHXW EHZLHVHQ GD GLH 8PJHKXQJ GHU :DVVHUEDUULHUH DXVJHVFKORVVHQZDUµ 6FKOLHOLFK ZDU PLU GHU 3DQ]HUJOHLWHU DXIJHIDOOHQ (U ZDU HLQH DUNRQLGLVFKH .RQVWUXNWLRQEHVWLPPWIU.RPPDQGRHLQVlW]HLQXQZHJVDPHP*HOlQGH 'HU 7\S 527&2 ZDU ZHGHU IOXJIlKLJ QRFK EHVD HU HQHUJHWLVFKH $QWLJUDYLWDWLRQVSURMHNWRUHQGLHGHQ.|USHUVFKZHUHORVJHPDFKWKlWWHQ *HUlWH GLHVHU $UW VROOWHQ OHLFKW ZHQGLJ XQG VFKQHOO VHLQ $XI ]XVlW]OLFKH 5DXSHQNHWWHQGLHDQGHUH$XVIKUXQJHQDOV1RWDQWULHEEHVDHQKDWWHPDQLQGLHVHP )DOOYHU]LFKWHW *OHLWHU GHU 527&26HULH EHQ|WLJWHQ JUXQGVlW]OLFK QDWUOLFK YRUKDQGHQH *DVH GLH QDFK GHP XUDOWHQ /XIWNLVVHQSULQ]LS DOV NRPSULPLHUWHV XQG WUDJIlKLJHV )XQGDPHQW ]XGLHQHQKDWWHQ :HQQ GLH WHFKQLVFK HLQIDFKHQ XQG NDXP VW|UDQIlOOLJHQ 7XUER.RPSUHVVRUHQ RGHU GLH GDIU QRWZHQGLJHQ /XIWHLQOlVVH EHVFKlGLJW ZXUGHQ ZDUHQ )DKU]HXJH GLHVHU $UWQLFKWPHKUEUDXFKEDU'DQQYHUVDJWHQVLH 'DV VFKLHQ PLW GHP YRQ PLU HQWGHFNWHQ 3DQ]HUJOHLWHU JHVFKHKHQ ]X VHLQ 'DV NOHLQH2UWXQJVJHUlWPHLQHV.DPSIDQ]XJVKDWWHQLFKWDQJHVSURFKHQHLQ%HZHLVGDIU GDGLH.HUQHQHUJLHDQODJH]XU.UDIWVWURPYHUVRUJXQJDXVJHIDOOHQZDU 'HU*OHLWHUJOLFKlXHUOLFK]ZHLRYDOHQDXIHLQDQGHUJHOHJWHQ6FKDOHQ'LHJODWWH 2EHUIOlFKHZXUGHOHGLJOLFKYRQGHPGUHKEDUHQ3DQ]HUWXUPXQWHUEURFKHQ'RUWZDUHLQH NOHLQH,PSXOVNDQRQHHLQJHEDXW 9RQ%HVDW]XQJVPLWJOLHGHUQZDUZHLWXQGEUHLWQLFKWV]XVHKHQ'DV*HUlWVFKLHQ EHUHLWVVHLWODQJHU=HLWLQGLHVHPIHXFKWKHLHQ'VFKXQJHO]XUXKHQ 'LHDXV$UNRQVWDKOEHVWHKHQGH$XHQSDQ]HUXQJZDUXQEHVFKlGLJWXQGQDWUOLFK URVWIUHL /HJLHUXQJHQ PLW EHVFKXNRUULJLHUWHQ 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
'HU.ULVWDOOSULQ]
M
$WODQ
+LQWHU GHP .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 ([SDQVLRQVGUXFNDXVJHVWRHQZXUGH6LHEHUQDKPGHQ9RUWULHEEHLP3UDOOIHOGJOHLWHQ 'LH $XIKHW]XQJ GHU *DVH JOHLFKJOWLJ YRQ ZHOFKHU =XVDPPHQVHW]XQJ XQG FKHPLVFKHU %HVFKDIIHQKHLW HUIROJWH DWRPDU LP 3ODVPDEUHQQHU GHU 7XUER 9HUGLFKWXQJVNDPPHU(VZDUHLQSULPLWLYHVDEHUVLFKHUIXQNWLRQLHUHQGHV7ULHEZHUN ,FK EHJXWDFKWHWH GLH YRQ GHQ KRFKHUKLW]WHQ *DVHQ YHUIlUEWH 'VHQ|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|VXQJ PXWH DQGHUZHLWLJ JHIXQGHQZHUGHQ'LH+HUUHQGHU.OHLQHQ5XQGHZDUHQZLUNOLFKHUILQGHULVFK 0HLQ GXUFK HLQH KDUWH -XJHQG XQG YRQ )DUWXORRQ JHVFKXOWHU ,QVWLQNW ZDUQWH PLFK'LHRIIHQVWHKHQGH6FKOHXVHQSIRUWHZROOWHPLUQLFKWJHIDOOHQ,FKVFKULWWYRUVLFKWLJ XPGHQ3DQ]HUJOHLWHUKHUXP 'DV ZDU PHLQ *OFN 'LH VFKODQJHQDUWLJH MHGRFK PLW ]DKOUHLFKHQ %HLQHQ DXVJHVWDWWHWH%HVWLHVFKLHQQXUDXIPLFKJHZDUWHW]XKDEHQ 6LH VFKR XQYHUPLWWHOW DXV GHP 6FKRWW KHUYRU EHVD MHGRFK QLFKW JHQJHQG 6SUXQJRGHU$EVFKQHOOYHUP|JHQXPPLFKVFKRQEHLLKUHPHUVWHQ$QJULIIHUUHLFKHQ]X N|QQHQ ,FK YHUQDKP HLQ ZWHQGHV )DXFKHQ 'HU PDQQVVWDUNH .|USHU ULFKWHWH VLFK PLW VHLQHP YRUGHUHQ 'ULWWHO DXI ,FK EHPHUNWH GDV PHWHUODQJH +RUQ DXI GHU JHSDQ]HUWHQ 6FKlGHOGHNNH ,FK IHXHUWH DXJHQEOLFNOLFK 'HU *OXWRGHP GHV /XFFRW HUIDWH GDV 7LHU EHLP ]ZHLWHQ $EVSUXQJ GLFKW KLQWHU GHP ODQJJHVWUHFNWHQ .RSI (U ZXUGH YRP YHUJDVHQGHQ .|USHUDEJHWUHQQWXQG]XU6HLWHJHVFKOHXGHUW ,FK ZDUWHWH ELV GLH 7RGHV]XNNXQJHQ GHV 8QJHKHXHUV YRUEHU ZDUHQ 6HOEVW GDQDFKEHZDKUWHLFKQRFKJU|WH9RUVLFKW $OV LFK PLFK EHU GHQ ]HUVFKRVVHQHQ LPPHUKLQ DEHU QRFK PLQGHVWHQV ]HKQ 0HWHUODQJHQ .|USHUUHVW EHXJWH VWHOOWH LFK HQWVHW]W IHVW GD LFK PLFK JHWlXVFKW KDWWH 'LH3UIXQJVNRPPLVVLRQPHLQWHHVYRQQXQDQHUQVW 'DV ZDU NHLQ NQVWOLFK JH]FKWHWHV XQG IHUQJHOHQNWHV *HELOGH VRQGHUQ HLQ OHEHQGHV*HVFK|SIYRQHLQHUIUHPGHQ:HOWJHZHVHQ9RQMlKOLQJVHUZDFKHQGHU3DQLN HUIOOW GUHKWH LFK PLFK EHL HLQHP YHUGlFKWLJHQ *HUlXVFK KHUXP XQG IHXHUWH LQ GHQ 'VFKXQJHOKLQHLQ(WZDVHQWIHUQWHVLFKLQJURHU+DVW ,FKYHUQDKPHLQHQVFKZDFKHQ5XI'DVPXWH7LUDNRVHLQ1DWUOLFKKDWWHHUGLH (QHUJLHVFKVVHJHK|UW ,FKDQWZRUWHWHQLFKW,FKVFKRDXFKQLFKWLQGLH/XIWXP7LUDNRPHLQhEHUOHEHQ ]X VLJQDOLVLHUHQ 'LH $XIJDEH VWDQG LP 9RUGHUJUXQG PHLQHV 'HQNHQV :HQQ LFK PLFK ZLUNOLFK DXI HLQHU YRP *HJQHU EHVHW]WHQ :HOW EHIXQGHQ KlWWH ZlUHQ VFKRQ GLHVH
'HU.ULVWDOOSULQ]
M
$WODQ
1RWZHKUVFKVVHYHUUlWHULVFKJHZHVHQ '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]OLFKDXVJHVXFKWKDEHQ 'LH IQI URWJHIlUEWHQ (LHU ZDUHQ QXU ZHQLJH 6WXQGHQ DOW (LQHV GDYRQ VFKLHQ VRHEHQ HUVW YRQ GHP 0XWWHUWLHU DXVJHVFKLHGHQ ZRUGHQ ]X VHLQ 'LH $XHQKDXW ZDU QRFK UHODWLY ZHLFK 'HU ZWHQGH $QJULII ZDU VRPLW HUNOlUW 'DV 7LHU KDWWH VHLQHQ 1DFKZXFKVEHKWHQZROOHQ ,FKZROOWHGLH(LHUQLFKW]HUVW|UHQ1DFKHLQDQGHUWUXJLFKVLHLQV)UHLHXQGEHWWHWH VLH]ZLVFKHQGLH9HUWLHIXQJHQHLQHU%DXPZXU]HO,QGLHVHUIHXFKWHQ+LW]HPRFKWHQVLH ZRKO DXVJHEUWHW ZHUGHQ YRUDXVJHVHW]W GLH VLFKHUOLFK H[LVWHQWHQ )HLQGH ZUGHQ VLH QLFKWYRUKHU]HUVW|UHQ ,QQHUKDOE GHV HQJHQ IU QXU IQI 0DQQ YRUJHVHKHQHQ .DPSIUDXPHV VWDQN HV EHVWLDOLVFK ,FK VW|UWH PLFK QLFKW GDUDQ VRQGHUQ EHJDQQ PLW GHU 8QWHUVXFKXQJ GHU NUDIWHU]HXJHQGHQ$QODJHQ ,UJHQGZLH PXWH LFK ZHLWHUNRPPHQ :HQQ GDV 6WUDKOWULHEZHUN VFKRQ QLFKW JHEUDXFKWZHUGHQNRQQWHVREOLHEQXUHLQH0|JOLFKNHLW,FKPXWHGHQ6FKZHEHZDJHQ LQDOOHU(LOHZLHGHUIDKUEHUHLWPDFKHQ 0LW GHP SULPLWLYHQ 5XGHUERRW NRQQWH LFK GLH WRVHQGH :DVVHUVFKZHOOH QLHPDOV EHUZLQGHQ:DVEOLHEDOVREULJ" =HKQ0LQXWHQVSlWHUQDKPLFKHQWWlXVFKWDXIHLQHPGHU6LW]H3ODW]9RUPLUODJ GLHJH|IIQHWH:DUWXQJVNODSSH]XP0DVFKLQHQUDXP 'LHPlFKWLJH$QVDXJXQG9HUGLFKWHUWXUELQH]XU(U]HXJXQJGHV/XIWNLVVHQVZDU GHPROLHUW1DWUOLFKZLOONUOLFK'DPLWNRQQWHLFKGHQ3DQ]HUQLFKWPHKUDXVGHP6XPSI KHEHQXPPLWVHLQHU+LOIHGDV'HSRW]XHUUHLFKHQ +LQWHU GHP 6WUDKLVFKXW]VFKLOG OLHI GHU NOHLQH )XVLRQVUHDNWRU ,FK KlWWH LKQ RKQH 0KH LQ %HWULHE QHKPHQ XQG KRFKIDKUHQ N|QQHQ :DV QW]WH PLU DEHU XQWHU GLHVHQ 8PVWlQGHQ VHLQ .UDIWVWURP" 'LH VFKZHUHQ (OHNWUR$QWULHEVPRWRUHQ GHU 9HUGLFKWHUWXUELQHQEUDXFKWHQNHLQHQPHKU'DV(QHUJLHJHVFKW]ZDURKQHKLQQLFKWDXI GHQ5HDNWRUDQJHZLHVHQXQG 'HU*HGDQNHDQGLH.DQRQHULPLFKDXVPHLQHUEHGUFNWHQ6WLPPXQJ,FKVDK SO|W]OLFKDQJHVSDQQW]XLKUKLQDXI ,KUVWDUNHV]\OLQGHUI|UPLJHV%RGHQVWFNHQGHWHGLFKWEHUPHLQHP.RSI'DULQ ZDU GLH .HUQYHUVFKPHO]XQJV5HDNWLRQVNDPPHU XQWHUJHEUDFKW 8QWHU GHQ NRQLVFK ]XODXIHQGHQ 9HUNOHLGXQJVEOHFKHQ ODJHQ GLH EHWULHEVZLFKWLJHQ =XVDW]DJJUHJDWH ZLH .HUQEUHQQVWRII(LQVSULW]SXPSH :DQGHONDPPHU IU GLH DXWDUNH 6WURPYHUVRUJXQJ GHU )HVVHOXQG7KHUPRVFKXW]HQHUJLHIHOGHUVRZLHGHUhEHUKLW]XQJVDEVRUEHU 'LH :DQGHONDPPHU²GDV ZDU HV 6LH WUDQVIRUPLHUWH QXU HLQHQ %UXFKWHLO GHU IUHLZHUGHQGHQ .HUQHQHUJLH LQ $UEHLWVVWURP XP GHU VHLQHUVHLWV IU GHQ $XIEDX GHU .UDIWIHOGHUEHQ|WLJWZXUGH 6HOEVWYHUVWlQGOLFK JDE HV NHLQ 0DWHULDO GDV GHQ 6RQQHQWHPSHUDWXUHQ LQ GHU
'HU.ULVWDOOSULQ]
M
$WODQ
KHLHQ 5HDNWLRQV]RQH KlWWH ZLGHUVWHKHQ N|QQHQ $XFK GLH JOHLFKJHULFKWHWH $EVWUDKOXQJ GHU $WRPJOXWHQ LKUH %QGHOXQJ XQG (LQHQJXQJ NRQQWH QXU YRQ .UDIWIHOGHUQEHZlOWLJWZHUGHQ 'LH$XWDUNYHUVRUJXQJGHV*HVFKXW]HVZDUHLQ1RWEHKHOI1DWUOLFKNRQQWHPDQ GDPLWIHXHUQDEHUQXUPLWHLQHP%UXFKWHLOMHQHU(QHUJLHGLHEHLHLQHUZHLWDXVK|KHUHQ 6SHLVXQJGHU%QGHOIHOGHUP|JOLFKZDU'LH)DXVWUHJHOODXWHWH ³-HK|KHUGLH$XIODGXQJGHU)HOGHUXPVRNUlIWLJHUGHU6FKX´ 'HVKDOE DOVR GDV ILHO PLU HLQ²GHVKDOE DOVR ZDU GHU JURH 6WURPUHDNWRU GHV :DJHQVVR]JLJDQJHODXIHQ6ROOWHLFKGLH.DQRQHJHEUDXFKHQ"0LWDOOHU.UDIWGLHDXV GHU5HDNWRUNDPPHUKHUDXV]XKROHQZDU" :HQQ MD ZRUDXI VROOWH LFK VFKLHHQ" $XI LPDJLQlUH *HJQHU" $XI HLQH EHUHLWVWHKHQGH5RERWHUHLQKHLW"2GHUZRUDXIVRQVW" ,FK VSUDQJ DXI ]ZlQJWH PLFK DP %RGHQVWFN GHU ,PSXOVNDQRQH YRUEHL XQG UL GDV7XUPOXNDXI,FKVFKDXWHPLFKXP 3IODQ]HQXQGQRFKPDOV3IODQ]HQGDVZDUDOOHVZDVLFKVDK:HLWHUUHFKWVDP DQGHUHQ 8IHU GHV JURHQ )OXVVHV HUNDQQWH LFK GLH ³YHUNHKUWH´ 0QGXQJ GHV *HELUJVEDFKHVXQGGHQZRJHQGHQ:DVVHUZDOO ,FK ]RJ PLFK LQ GHQ 3DQ]HU ]XUFN QDKP DXI GHP VFKPDOHQ 6LW] GHV .RPPDQGDQWHQ3ODW]XQGEHWlWLJWHGLH7DVWDWXUGHV*HVFKW]HV 'LH .RQWUROOHXFKWHQ IODPPWHQ DXI 'HU %LOGVFKLUP GHV RSWLVFKHQ =LHOVXFKHUV DUEHLWHWH HLQZDQGIUHL GHVJOHLFKHQ GHU 5HOLHI]HLFKQHU GHU HLQIDFK OLFKWVFKQHOOHQ )XQNPHRUWXQJ 'HU 7XUP VFKZHQNWH HEHQIDOOV WDGHOORV GLH +|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|HUXQJVVFKDOWXQJHQ ]HLJWHQ PLU LQWHUHVVDQWH (LQ]HOKHLWHQ 'DV ZDU NHLQH %UFNH VRQGHUQ HLQH )RUPDWLRQ DXV ]ZHL ZHLW EHUKlQJHQGHQ )HOVQDVHQ GLH VLFK EHU GHP WRVHQGHQ 1HEHQIOX ELV DXI ZHQLJH 0HWHU QlKHUNDPHQ 0DQ KlWWH GLH *HVWHLQVPDVVHQ DOV hEHUJDQJ EHQXW]HQ N|QQHQ ZHQQPDQGHQ]ZLVFKHQLKQHQNODIIHQGHQ6SDOWPLWHLQLJHQ%DXPVWlPPHQEHUEUFNW KlWWH (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
'HU.ULVWDOOSULQ]
M
$WODQ
*HKHLPQLV 'LH)HOVZ|OEXQJNRQQWHGRUWZRGLH)OXWHQUDXVFKWHQGXUFKDXVJODWWJHVFKOLIIHQ ZRUGHQVHLQQLFKWDEHU]ZDQ]LJ0HWHUZHLWHUREHUKDOEZRZDKUVFKHLQOLFKQLHPDOVHLQ :DVVHUWURSIHQKLQNDP +LHU KDWWHQ WHFKQLVFK KRFKVWHKHQGH /HEHZHVHQ QDFKJHKROIHQ DOVR GLH +HUUHQ GHU.OHLQHQ5XQGHXQGGHQ6WURPYHUODXI]XPHLQHQ8QJXQVWHQYHUlQGHUW ,FKODFKWHYRUPLFKKLQ8QElQGLJH)UHXGHHUIOOWHPLFK 'HU6WDQGGHV7DJHVJHVWLUQVEHZLHVPLUGDLFKVFKRQYLHO]XYLHO=HLWYHUORUHQ KDWWH,FKGXUIWHQLFKWOlQJHU]|JHUQ 'DV,PSXOVJHVFKW]VFKZHQNWHLQV=LHO'HU³NDOWJH]QGHWH´)XVLRQVSUR]HOLHI DQ,FKVFKREGHQ(LQVSULW]UHJOHUDXI0D[LPDOZHUW ,FKJLQJLQV=LHO:HQQLFKGLHEHUKlQJHQGHQ)HOVPDVVHQ]XP$EVWXU]EULQJHQ NRQQWH PXWH GDV HLQH 6WDXXQJ GHV %HUJIOXVVHV ]XU )ROJH KDEHQ 'DQQ ZROOWH LFK HLQPDOVHKHQZDVDXVGHUKLQGHUOLFKHQ:DVVHUEDUULHUHLQ³PHLQHP´6WURPZXUGH ,FK IHXHUWH 6RQQHQJOXWHQ GU|KQWHQ DXV GHP VSLUDOLJHQ )HOGHQHUJLHODXI GHU .DQRQH'HU6WUDKOVFKXULHQWODQJVHLQHU%DKQGLH$WPRVSKlUHDXIXQGYHUGDPSIWH GHUHQKRKH:DVVHUDQWHLOH,UUOLFKWHUQGHV)HXHUNHQQ]HLFKQHWHGLHVHVHOWVDPH³5|KUH´ 'RUW ZR GLH OLQNH )HOVQDVH DXV GHP *HVWHLQ GHU 8IHUZDQGXQJ KHUYRUZXFKV VFKOXJHQGLHHQWIHVVHOWHQ*HZDOWHQHLQ(VNDP]XGHUW\SLVFKHQ$XIWUHIIGHWRQDWLRQDXV JOXWIOVVLJ YHUVSUKHQGHP 0DJPD 'DV 'RQQHUQ GHU LQV 9DNXXP ]XUFNVWU]HQGHQ /XIWPDVVHQZDUYRQEHWlXEHQGHU:LUNXQJ ,FKHUIDWHVFKOHXQLJVWHLQHQJULIIEHUHLWKlQJHQGHQ*HK|UVFKXW]XQGVWUHLIWHGLH GLFNJHSROVWHUWHQ6FKDOHQEHUPHLQH2KUHQ 0HLQ IQIWHU +RFKHQHUJLHVFKX GHQ LFK GLHVPDO PLW EUHLWHUHU 6WUDKOEDKQ DEJHIHXHUW KDWWH IXKU LQ GDV JOKHQGH %URGHOQ KLQHLQ XQG WUHQQWH GLH EHUKlQJHQGHQ )HOVPDVVHQYRQGHU8IHUZDQGXQJDE 0LW 'RQQHUJHW|VH VWU]WHQ VLH QDFK XQWHQ XQG VFKOXJHQ LQ GHP )OXEHWW DXI 'DEHL]HUEUDFKGDV*HELOGHLQYLHOH(LQ]HOWHLOH0LUJHQJWHHVQRFKQLFKW ,FKQDKPGHQhEHUKDQJGHUDQGHUHQ6HLWHXQWHU)HXHU1DFKGHPDFKWHQ6FKX EORFNLHUWH GHU 6FKXW]VFKDOWHU GLH 5HDNWLRQVNDPPHU 8QJHGXOGLJ DOOHV ULVNLHUHQG ]HUWUPPHUWH LFK PLW GHP JHSDQ]HUWHQ (OOHQERJHQVWFN PHLQHV .DPSIDQ]XJHV GLH .XQVWVWRIINDSSH EHU GHP *HIDKUHQVFKDOWHU IU K|FKVWH 1RWIlOOH XQG SUHWH LKQ PLW GHP'DXPHQQLHGHU (UKREGLH6SHUUHDXI´$OOHUGLQJVNRQQWHLFKMHW]WPLWVDPWGHU.DQRQHVHKUOHLFKW DWRPLVLHUWZHUGHQ,FKZDJWHHV 0HLQ ]HKQWHU 6FKX OLH DXFK GLH UHVWOLFKHQ )HOVPDVVHQ DEVWU]HQ 'HU *HELUJVIOX VWDXWH VLFK HQGJOWLJ DQ GHP QHXHQ +LQGHUQLV 'HU ZHLWHU VWURPDEZlUWV OLHJHQGH:DVVHUIDOOYHUVLHJWH]XHLQHP5LQQVDO $QVFKOLHHQGUDQQWHLFKQXUQRFK(VZDUHLQ:HWWODXIPLWGHU=HLWGLHSO|W]OLFK ]ZHLHUOHL%HGHXWXQJJHZRQQHQKDWWH (LQPDOKDWWHLFK]XYLHOGDYRQYHUORUHQXQGDQGHUHUVHLWVJHERWGDVZHLJOKHQGH %RGHQVWFN GHU .DQRQH GLH UDVFKH (QWIHUQXQJ :HQQ VLH H[SORGLHUWH JLQJ EHU GHP 8UZDOGHLQHNQVWOLFKH6RQQHDXI 9|OOLJ HUVFK|SIW NDP LFK EHL 7LUDNR *DPQR DQ (U VWHOOWH NHLQH EHUIOVVLJHQ )UDJHQ6FKOLHOLFKKDWWHHUGLH9RUJlQJHEHREDFKWHQN|QQHQ 0HLQ %RRW KDWWH HU VFKRQ DEIDKUJHUHFKW LQV :DVVHU JHVFKREHQ (U VD DQ GHQ
'HU.ULVWDOOSULQ]
M
$WODQ
EHLGHQ5XGHUQ¶ 'HUXQEH]ZLQJEDUH:DOODXV:DVVHUZDUYHUVFKZXQGHQ'LHNUlIWLJH6WU|PXQJ GHV+DXSWIOXVVHVKDWWHGLHOHW]WHQ6WUXGHOEHVLHJW $OV 7LUDNR ]X UXGHUQ EHJDQQ XQWHUVDJWH LFK HV LKP 'DV PXWH LFK VHOEVW EHUQHKPHQ(UUlXPWHZRUWORVVHLQHQ3ODW]XQGLFKEHJDQQ]XU)OXPLWWH]XUXGHUQ 'RUW DQJHNRPPHQ ZXUGHQ ZLU YRQ GHU 6WU|PXQJ HUIDW $XJHQEOLFNH VSlWHU SDVVLHUWHQ ZLU GHQ 2UW ZR YRUKHU HLQ 1DWXUKLQGHUQLV MHGHV :HLWHUNRPPHQ YHUHLWHOW KDWWH ³(UVWNODVVLJH $UEHLW´ OREWH 7LUDNR DOV LFK ZLHGHU ]X $WHP JHNRPPHQ ZDU ³$XI GLH,GHHZlUHLFKQLHJHNRPPHQ'DUIPDQDXVGHP0XQGHGHV.|QQHUVHUIDKUHQZDV VLFKLQGHU'VWHUQLVGHV:DOGHVDEJHVSLHOWKDW"´ ³(LQ 'UDPD -XQJH´ HUNOlUWH LFK WLHI /XIW KROHQG ³,FK ZHL MHW]W GD YRU XQV QRFKQLHPDQGKLHUZDU'LHVHQ3DQ]HUKDWDXHUPLUNHLQ+HUWDVREHWUHWHQ´ ³3DQ]HU"´ ,FK HUNOlUWH HV LKP (U QLFNWH VLQQHQG (LQ LURQLVFKHV /lFKHOQ XPVSLHOWH VHLQH /LSSHQ ³'LH 6FKODQJH ZDU QLFKW YRUJHVHKHQ VFKHLQW PLU :DUWHQ ZLU DE .RPPDQGDQW ZHOFKHhEHUUDVFKXQJHQVRQVWQRFKDXIXQVODXHUQ´ ,FK VSlKWH DQJHVWUHQJW IOXDEZlUWV 'DV 3DQ]HUJHVFKW] VFKLHQ GRFK QLFKW XQDQJHQHKP ]X UHDJLHUHQ RGHU ZLU KlWWHQ HV OlQJVW ]X VSUHQ EHNRPPHQ *OFN JHKDEW2GHUGRFKQLFKW" ,FKODFKWHVDUNDVWLVFK1DWUOLFK²HLQ5RERWNRPPDQGRGHU.OHLQHQ5XQGHZUGH GLH'HWRQDWLRQYHUKLQGHUWKDEHQ 'LHhEHUUDVFKXQJHQKDWWHQDXIVLFKZDUWHQODVVHQ7LUDNRXQGLFKZDUHQ RIIHQEDUYRQIDOVFKHQ9RUDXVVHW]XQJHQDXVJHJDQJHQ :HQQXQVGLH3UIHUGHV)DHKUOQRFKZHLWHUHOHEHQVEHGURKHQGH6FKLNDQHQ ]XJHGDFKWKDWWHQVRDXINHLQHQ)DOOZlKUHQGGHUUHVWOLFKHQ)OXIDKUW'DIUZDUHQVLH ]XNOXJ6LHZDUWHWHQDE 'DV3UIXQJV]LHOHLQHQNOHLQHQ6HHKDWWHQZLUVFKRQNQDSS]ZHL6WXQGHQQDFK GHP$EHQWHXHUPLWGHU:DVVHUEDUULHUHHUUHLFKW+LHUGURKWHQQHXH*HIDKUHQGDVIKOWH LFKLQVWLQNWLY 'HU6HHODJEHUHLWVLP)ODFKODQG'LH%HUJHKDWWHQZLUQDFKHLQHUOHW]WHQ)DKUW GXUFKWRVHQGH6WURPVFKQHOOHQKLQWHUXQVJHODVVHQ5LQJVXPKHUHUEOLFNWHLFKHLQZHLWHV KJHOLJHVXQGYHJHWDWLRQVDUPHV*HOlQGH'HU8UZDOGZDUSO|W]OLFKYHUVFKZXQGHQ (LQH6DYDQQH|IIQHWHVLFKYRUXQVHUHQ%OLFNHQ +LHUXQGGDEHPHUNWHLFKDXVJHGHKQWH:DOGXQG8QWHUKRO]JUXSSHQ6LHODJHQ PDOHULVFK]ZLVFKHQVDQIWHQ%RGHQHUKHEXQJHQXQGVDIWVWURW]HQGHQ*UDVIOlFKHQ HLQJHEHWWHW 0HLQHUVWHU*HGDQNHKDWWHGHUIHKOHQGHQ'HFNXQJVP|JOLFKNHLWJHJROWHQ+LHU NRQQWHPDQVLFKZHGHUDXVVLFKWVUHLFKYHUEHUJHQQRFKZDUHVP|JOLFKVLFKDQHLQ=LHO XQEHPHUNWDQ]XVFKOHLFKHQ'DVZDUEHDEVLFKWLJW1RFKXQWHUVWW]WHXQVGDV 7DJHVOLFKW%HL6RQQHQXQWHUJDQJPXWHLFKGDV'HSRWJHIXQGHQKDEHQRGHUGLH
'HU.ULVWDOOSULQ]
M
$WODQ
VWUDSD]L|VH3UIXQJZDUXPVRQVWEHVWDQGHQZRUGHQ²ELVMHW]WEHVWDQGHQZRUGHQ (QWZHGHUJLQJHVQXQXP/HEHQXQG7RGRGHUGHU5HVWGHU$XIJDEHZDUVRHLQIDFK GDVLHGHVZHJHQDOV6FKZLHULJNHLWVJUDGHUVWHU*U|HQRUGQXQJHLQ]XVWXIHQZDU'LH $5.6800,$$EVROYHQWHQUHFKQHWHQZDKUVFKHLQOLFKDXI*UXQGGHUYRUDQJHJDQJHQHQ (UHLJQLVVHPLWHLQHUZHLWHUHQ6WHLJHUXQJGHV6FKZLHULJNHLWVJUDGHV ,FKOLHPLFKGDYRQQLFKWEHHLQGUXNNHQ(VZDUGXUFKDXVP|JOLFKGDPDQVR NXU]YRUGHP=LHOGHU1RUPDOLWDWGHQ9RU]XJJHJHEHQKDWWH ,FKKDWWHPLFKYRQ7LUDNRJHWUHQQW(VZDUVHLQ:XQVFKJHZHVHQDOOHLQHQDFK GHP'HSRW]XVXFKHQ'DGXUFKNRQQWHHUYLHOOHLFKWQRFKHLQLJH3OXVSXQNWHJHZLQQHQ (UZROOWHPLUDXVGHP:HJHJHKHQ(UEHIUFKWHWHPLFKGXUFKVHLQH$QZHVHQKHLW]X VFKlGLJHQ ,FKKDWWHGDV%RRWHEHQIDOOVYHUODVVHQXQGVDKPLFKXP:HLWXQGEUHLWZDUYRQ HLQHP'HSRWQLFKWV]XVHKHQ'DVZlUHDXFKYHUZXQGHUOLFKJHZHVHQGHQQHVZDU QDFKGHQ6LFKHUKHLWVYRUVFKULIWHQGHU)ORWWHDQJHOHJWZRUGHQ²DOVRJHWDUQW :HLWHUYRUQILHOGDVEHUZLHJHQGVWHLOH8IHUGHV6HHVLQOHLFKWHU6FKUDJXQJ]XP :DVVHUVSLHJHODE'DVZlUHHLQLGHDOHU/DQGHSODW]JHZHVHQGHUVLFKDXFKIUGLH 9HUVFKLIIXQJYRQ1DFKVFKXEJWHUQJHHLJQHWKlWWH 9RQGRUWDXVIKUWHQHLQLJHNDXPHUNHQQEDUH)DKUVSXUHQLQV/DQGHVLQQHUH 7LUDNRKDWWHVLFKGDYRQDQORNNHQODVVHQ,FKNRQQWHPLUQLFKWYRUVWHOOHQGDVLFKHLQ 0DQQYRQVRKRKHQ*HLVWHVJDEHQXQGVRDXVJHSUlJWHQORJLVFKIXQGLHUWHQ hEHUOHJXQJVYRUJlQJHQWDWVlFKOLFKYRQGHUDUWRIIHQNXQGLJHQ+LQZHLVHQYHUIKUHQOLH 'DVZDUZDKUVFKHLQOLFKHLQH)DOOHXQGHUPXWHHVHUNDQQWKDEHQ(UGHUNHLQH &KDQFHQPHKUKDWWHZROOWHPLUKHOIHQ(UUDQQWHZLVVHQWOLFKLQVHLQ8QJOFNKLQHLQQXU XPPLUHLQHQ'LHQVW]XHUZHLVHQ ,FKKDWWHGDVNOHLQH2UWXQJVJHUlWGHV.DPSIDQ]XJVHLQJHVFKDOWHW,QLUJHQGHLQHU )RUPPXWHHVHLQHQ+LQZHLVDXIGDV'HSRWJHEHQRGHUQLHPDQGKlWWHHVMHPDOV ILQGHQN|QQHQ6FKRQGLHJHULQJVWH(QHUJLHRUWXQJKlWWHPLUJHQJWXPGHQXQJHIlKUHQ /DJHRUWHLQSHLOHQ]XN|QQHQ 'DV*HUlW]HLJWHMHGRFKEHUKDXSWQLFKWVDQ,FKNRQQWHPLUYRUVWHOOHQGDLQ GHP6WW]SXQNWNHLQHHLQ]LJH.UDIWPDVFKLQHOLHI'DVZDUHLQH9RUVLFKWVPDQDKPH ZLHVLHLP(UQVWIDOOJUXQGVlW]OLFKDXVJHEWZXUGH ,FKVSUDQJ]XUQlFKVWHQ$QK|KHKLQEHUXQGJLQJGRUWKLQWHUHLQHP XPIDQJUHLFKHQ%DXPLQ'HFNXQJ7LUDNRZDUVFKRQZHLWHQWIHUQW(UIROJWHGHU )DKUVSXU-HZHLWHUHULQGLH6DYDQQHKLQDXVVFKULWWXPVRVFKZlFKHUZXUGHVLH,FK KDWWHLKPPHLQ8OWUDVFKZLQJXQJVPHVVHUPLWJHJHEHQ5LFKWLJDQJHZHQGHWZDUGLH ODQJHKDXFKGQQH.OLQJHDXVYHUGLFKWHWHP$UNRQVWDKOHLQHJHIlKUOLFKH:DIIH'LH VFKQHOOYLEULHUHQGH6FKQHLGHGXUFKWUHQQWHVRJDUVWDELOH.XQVWVWRIIH :HLWXQGEUHLWUHJWHVLFKQLFKWV1XUVGOLFKPHLQHV6WDQGRUWVEHPHUNWHLFK HLQLJH7LHUHGLHGRUWIULHGOLFKZHLGHWHQ6LHZDUHQ]XNOHLQXPJHIlKUOLFKZHUGHQ]X N|QQHQ ,FKKDWWHPLWGHPXQYHUKRIIWHQ$XIWDXFKHQYRQPDDKNVFKHQ.DPSIURERWHUQRGHU VRQVWLJHQDXWRPDWLVFKHQ*HUlWVFKDIWHQJHUHFKQHW1LFKWVGHUJOHLFKHQJHVFKDK0DQ VFKLHQGLH*HGXOGHLQHV3UIOLQJVDXIHLQHKDUWH3UREHVWHOOHQ]XZROOHQ:LHKDWWH )DUWXORRQVWHWVJHVDJW" ³(LQHUMHGHQ+DQGOXQJVROOWHGLHhEHUOHJXQJYRUDXVJHKHQ´6HKHQXQGHUNHQQHQ GDVLVWGLH.XQVWGHVJXWHQ.lPSIHUV´
'HU.ULVWDOOSULQ]
M
$WODQ
7LUDNR*DPQRQlKHUWHVLFKHLQHU:DOG]XQJH(U]|JHUWHXQGVFKDOWHWHGDV 6FKZLQJXQJVIHOGGHV0HVVHUVHLQ'DVEHPHUNWHLFKDQGHUVRIRUWLJHQ5HDNWLRQPHLQHU (QHUJLHRUWXQJ 7LUDNRJLQJZHLWHU'DJHZDKUWHLFKHLQHQ]XFNHQGHQ%OLW](UVFKOXJ]ZLVFKHQ ]ZHL%lXPHQEHUYHUGLFKWHWHVLFKLQ*HGDQNHQVFKQHOOH]XHLQHPZDEHUQGHQ (QHUJLHIHOGYRQGHP7LUDNRHUIDWZXUGH ,PQlFKVWHQ$XJHQEOLFNZDUHUYHUVFKZXQGHQ ,FKIOXFKWHKHPPXQJVORV(VZDUHLQH5HDNWLRQPHLQHU%HVRUJQLVXPLKQ+DWWH LFKLKQQLFKWJHZDUQW" 0HLQH$XIPHUNVDPNHLWZXUGHYRQGHP2UWHUJHIHVVHOW%HLP(QWVWHKHQGHU .UDIWOLQLHQEHLGHQHQHVVLFKZDKUVFKHLQOLFKXPGDV7UDQVSRUWIHOGHLQHV 0DWHULHWUDQVPLWWHUVJHKDQGHOWKDWWHZDUHQKRKH(QHUJLHQIUHLJHZRUGHQ'DV*HUlW KDWWHVLHUHJLVWULHUW ,FKLJQRULHUWHHV9LHOZLFKWLJHUZDUGLH)UDJHZRGDV$JJUHJDW]XU(U]HXJXQJ GLHVHU.UlIWHVWDQG'RUWPXWHDXFKGDV'HSRWVHLQLPPHUYRUDXVJHVHW]WGHU 7UDQVPLWWHUZXUGHYRQGRUWDXVYHUVRUJW 'LH3HLOXQJOLHIQRFK(VZXUGHQDXFKQRFKHQHUJHWLVFKH.UlIWHIUHLZDVLFKDQ GHQKXVFKHQGHQ=DKOHQJUXSSHQKLQWHUGHPNOHLQHQ6LFKWIHQVWHUHUNHQQHQNRQQWH 'LH6WUDKOXQJZXUGHMHGRFKVFKLVFKQHOOJHULQJHU'LH/HXFKWDQ]HLJHJLQJ]XUFN DXI1XOOZHUW ,FKKDWWHJHQXJJHVHKHQ'DVZDVLFKLQGLHVHQZHQLJHQ6HNXQGHQJHRUWHW KDWWHZDULGHQWLVFKPLWHLQHUDXVODXIHQGHQDWRPDUHQ.UDIWPDVFKLQHJHZHVHQ6LHZDU QXQIUHLQHQ$XJHQEOLFNKRFKJHIDKUHQZRUGHQXPGHQ7UDQVPLWWHUYHUVRUJHQ]X N|QQHQ 'DV3HLOHUJHEQLVNRQQWHLFKDXIGHP5HFKQHUDEOHVHQ'HU)XVLRQVUHDNWRUVWDQG LQVGOLFKHU5LFKWXQJQLFKWZHLWHQWIHUQWYRQGHU7UDQVPLWWHUIDOOH6LHILQJMHGHQ XQYRUVLFKWLJHQ6SXUHQVXFKHUHLQ ,FKUDQQWH]XGHPQDKHQ:DOGVWUHLIHQKLQEHULPPHUDXIJXWH'HFNXQJ EHGDFKW(WZDYLHU]LJ0HWHUGDYRUEOLHELFKVWHKHQ(LQH,GHHEHVFKlIWLJWHPLFK ,FKEUDXFKWHQRFKHLQLJHJXWH%HZHUWXQJHQGDVHUVFKLHQPLUJHZL0LWQXU HLQHU$XIJDEHZDUHQGLHHUIRUGHUOLFKHQ]HKQWDXVHQG3XQNWHQXUGDQQ]XJHZLQQHQ ZHQQPDQLQMHGHU%H]LHKXQJEHU]HXJHQGKDQGHOWH ,FKGDFKWHDQGLH$XVZHUWXQJVUHFKQHU6LHNRQQWHPDQQXUPLWURERWLVFKHU/RJLN EHUOLVWHQ'LHEHLGHQ%lXPH]ZLVFKHQGHQHQ7LUDNRYHUVFKZXQGHQZDUVW|UWHQPLFK ,FKZROOWHVLHQLFKWJHUQLP5FNHQKDEHQDQGHUHUVHLWVZROOWHLFKDEHUDXFKGLH %HZHUWXQJVUHFKQHUSRVLWLYDQVSUHFKHQ'LH,GHHZDUJXW ,FKVWHLJHUWHPLFKHUQHXWLQPHLQHVLPXOLHUWH5ROOHDOVQRWJHODQGHWHU DUNRQLGLVFKHU5DXPIDKUHUKLQHLQXQGJULIIQDFKGHP%DQGJHUlW ³0DFRORQ.RPPDQGDQWGHV6FKZHUHQ.UHX]HUV$5*2662JLEW]XP=ZHFNH GHUVSlWHUHQ$XVZHUWXQJNXQG 0HLQ%HJOHLWHULVWYRQHLQHU7UDQVPLWWHUIDOOHHUIDWZRUGHQ,FKKDEHGDV'HSRW GDVLFKLP,QWHUHVVHGHV*URHQ,PSHULXPV]XHUUHLFKHQKDEHHLQZDQGIUHLJHRUWHW,FK NDQQQLFKWZLVVHQREGLH7UDQVPLWWHUIDOOH]XGHQVWlQGLJHQ$EZHKUHLQULFKWXQJHQGHU 6WDWLRQJHK|UWRGHUREVLHGXUFKHYHQWXHOOHLQJHGUXQJHQH*HJQHU]XXQJXQVWHQ DQNRPPHQGHU$UNRQLGHQDNWLYLHUWZRUGHQLVW:HLWHUH(LQULFKWXQJHQGLHVHU$UWN|QQHQ YRUKDQGHQVHLQ:HQQGDVVRLVWVRZLUGPDQHLQHQJHVFKORVVHQHQ(QHUJLHNUHLV
'HU.ULVWDOOSULQ]
M
$WODQ
DQJHOHJWKDEHQ,FKZHUGHGHQYRQPLUHUNDQQWHQ9HUWHLOHUSXQNWYRUVLFKWVKDOEHU YHUQLFKWHQ(QGH´ ,FKVWHFNWHGDV*HUlWLQHLQH$XHQWDVFKHXQGEUDFKWHGLH6WUDKOZDIIHLQ $QVFKODJ,P:DOGQLFKWZHLWYRQGHQEHLGHQ%lXPHQEHZHJWHQVLFKSO|W]OLFKGLH %VFKH-HPDQGHQWIHUQWHVLFKYROOHU(LOH ,FKNRQQWHQLHPDQGVHKHQ:HQQGDVHLQ%HREDFKWHUGHU3UIXQJVNRPPLVVLRQ ZDUVRWUXJHUQDWUOLFKHLQHQGHIOHNWLHUHQGHQ6FKXW]DQ]XJGHULKQXQVLFKWEDUPDFKWH *ULQVHQGGUFNWHLFKDXIGHQ)HXHUNQRSI'HU(QHUJLHVWUDKOVFKOXJGLFKWEHU GHU:XU]HOEDOOXQJHLQ'HU%DXPIODPPWHVRIRUWDXIGDQQH[SORGLHUWHHULPXQWHUHQ 'ULWWHO'RUWZDUHLQ*HQHUDWRUHLQJHEDXWJHZHVHQ ,FKUDQQWHLQGHQ:DOGKLQHLQXPJLQJGDVEUHQQHQGH8QWHUKRO]XQGDFKWHWHDXI PHLQHQ2UWHU'DV'HSRWPXWHMHW]WVHKUQDKHVHLQ'DVEHGHXWHWHGDHVKLHUXQWHU DOOHQ8PVWlQGHQ5HVWVWUDKOXQJHQHQHUJHWLVFKHU1DWXUJHEHQPXWH ,FKIDQGGHQ=XJDQJVFKQHLWXQGOHLFKW6FKRQZLHGHUHLQ%DXP(WZDV SKDQWDVLHYROOHUKlWWHPDQ]XP$EVFKOXHLQHUGHUDUWVFKZHUHQ(LJQXQJVSUIXQJ GXUFKDXVVHLQN|QQHQ ,FKEHQ|WLJWHHLQLJH0LQXWHQELVLFKGLHIHLQHQ/LQLHQLQGHUJURESRULJHQ5LQGH HQWGHFNWH'DKLQWHUODJGDVJHWDUQWH6WDKOVFKRWW,FKJLQJ]XUFNXQGKREGHQ/XFFRW OLHLKQDEHUZLHGHUVLQNHQDOVPLUGDV3ULPLWLYHDQPHLQHUEHDEVLFKWLJWHQ+DQGOXQJ EHZXWZXUGH (VZlUHHLQJUREHU)HKOHUJHZHVHQGDV6FKRWWJHZDOWVDP]X|IIQHQ(LQLJH 0LQXVSXQNWHZlUHQPLUVLFKHUJHZHVHQ(VJDEHLQHHOHJDQWHUH/|VXQJ ,FK]RJGLH,GHQWLIL]LHUXQJVPDUNHGHV.DPSIDQ]XJVDXVGHUPDJQHWLVFKHQ +DOWHUXQJ,QLKUZDUHQDOOH'DWHQEHUPLFKHQWKDOWHQ'DVPXWHUHLFKHQXPGDV .RGHVFKORGHU3IRUWHYRQPHLQHUDUNRQLGLVFKHQ,GHQWLWlW]X³EHU]HXJHQ´ ,FKSUHWHGLH0DUNHDQMHQH6WHOOHKLQWHUGHULFKGDV6FKORYHUPXWHWH'DV 6FKRWWVFKZDQJPLWVDPWGHU5LQGHQYHUNOHLGXQJDXI'DV/LFKWEOHQGHWHDXWRPDWLVFK DXI9RUPLUODJHLQH6SLUDOWUHSSHDXV.XQVWVWRII'LHVH6WDWLRQVFKLHQQLFKWEHUHLQHQ /LIW]XYHUIJHQ ,FKMXEHOWHLQQHUOLFKEOLHEDEHULPPHUQRFKVHKUYRUVLFKWLJ$QVWHOOHGHU3UIHU KlWWHLFKKLHUVRNXU]YRUGHP=LHOHLQHOHW]WH6FKZLHULJNHLWHLQJHEDXW ,FKHUUHLFKWHGHQ9RUUDXP'DKLQWHUPXWHGLH)XQNVWDWLRQOLHJHQ0HLQH1HUYHQ ZDUHQDQJHVSDQQW,FKZDUWHWH1LFKWVUHJWHVLFK 'DILHOPLUGLH/|VXQJHLQ0DQZDUXQJHKHXHUJHVFKLFNW+LHUJDEHVNHLQ JHIlKUOLFKHV+LQGHUQLVPHKUDEHUPDQUHFKQHWHPLWHLQHUHQWVSUHFKHQGHQ(LQVWHOOXQJ GHU3UIOLQJH'DVNRQQWHEHGHXWHQGDVLHZHQLJH6FKULWWHYRUGHP=LHO]XYLHO=HLW YHUORUHQ'DVZDUGLH)DOOH'UDXHQVHQNWHVLFKGLH'lPPHUXQJEHUGDV/DQG,FK GXUIWHNHLQH6HNXQGHLQXQQW]HU9RUVLFKWYHUZHLOHQ ,FKVSUDQJLQGLH)XQNVWDWLRQKLQHLQDNWLYLHUWHGLH*HUlWHXQGGUFNWHDXIGLH 5XIWDVWH'HUJURH%LOGVFKLUPOHXFKWHWHVRIRUWDXI'DV*HVLFKWHLQHVPLUYHUWUDXWHQ )DHKUO/HKUHUVHUVFKLHQ(LJHQWPOLFK²ZLHVREHVDHUNHLQH+DDUHPHKU" (UVFKDXWHPLFKYRP%LOGVFKLUPKHUDElXHUVWXQPXWLJDQ'DEHPHUNWHLFK HLQLJHGLFNH%UDQGEODVHQDXI1DVHXQG/LSSHQ6ROOWHHULQGHU1lKHGHVYRQPLU EHVFKRVVHQHQ%DXPHVJHVWDQGHQKDEHQ" ³3UIXQJEHHQGHWGLHYRUJHVFKULHEHQH=HLWZXUGHHLQJHKDOWHQ´YHUQDKPLFK VHLQH6WLPPH³%HJHEHQ6LHVLFKLQGHQ7UDQVPLWWHUUDXPXQGODVVHQ6LHVLFK
'HU.ULVWDOOSULQ]
M
$WODQ
DEVWUDKOHQ6LHZHUGHQLP)DHKUOKHUDXVNRPPHQ*HVWDWWHQ6LHPLUHLQHSHUV|QOLFKH %HPHUNXQJ+HUWDVR0DFRORQ"´ ³$EHUJHUQ(UKDEHQHU´ ³1DFKGHP6LHGLH%HZHJXQJKLQWHUGHP3URMHNWRUEDXPEHPHUNWKDWWHQKlWWHQ 6LHUXKLJQRFKHLQLJH$XJHQEOLFNHPLWGHP%HVFKXZDUWHQN|QQHQ´ ³2KGDVZDUHQ6LH(UKDEHQHU"6LHVHKHQPLFKEHWURIIHQ,FKKDWWH6LHIUHLQHQ IHLQGOLFKHQ0DDKNJHKDOWHQ0HLQH$XIJDEHJHERWPLUMHGRFKXQWHUDOOHQ8PVWlQGHQ XQGPLWDOOHQ0LWWHOQ ³9LHOHQ'DQNIUGLH$XINOlUXQJ*HKHQ6LHQXQ'HU+HUWDVR7LUDNR*DPQRLVW EHUHLWVLP)DHKUODQJHNRPPHQ0DFKHQ6LHVLFKNHLQH6RUJHQ(QGH´ ³'LH/HKUHUGHV)DHKUOVLQGQLFKWGD]XGDXPYRQ3UIOLQJHQHUVFKRVVHQ]X ZHUGHQ+DEHQ6LHPLFKYHUVWDQGHQ"´VFKULHPLFK$GPLUDO7RUPDQDFDQ:LUQDQQWHQ LKQGHQ³.KQHQ´³:DVKDEHQ6LHVLFKGDEHLJHGDFKW"´ ³1LFKWV(UKDEHQHUHVVHLGHQQ6LHPHLQHQGLHEHJLQQHQGH'lPPHUXQJPHLQH =HLWYHUOXVWHXQGPHLQH(UVFK|SIXQJ´ 7RUPDQDFZDU9RUVLW]HQGHUGHU.OHLQHQ5XQGHXQG&KHIGHV)DHKUOYRQ /DUJDPHQLD(KHHULQHLQHU5DXPVFKODFKWEHLGH%HLQHYHUORUKDWWHHUDOV 2EHUEHIHKOVKDEHUGHUDUNRQLGLVFKHQ1HEHOIORWWHIXQJLHUW (UKDWWHPLFKUXIHQODVVHQ²MHW]W]ZHLSODQHWDULVFKH:RFKHQQDFKGHQ (UHLJQLVVHQLQGHU(QHUJLHNXSSHOXQGQXUHLQH6WXQGHYRUGHU²KRIIHQWOLFKHQ² 9HUOHLKXQJGHUK|FKVWHQ(KUHGLHPDQHLQHPMXQJHQ$UNRQLGHQJHZlKUHQNRQQWH /HLVHDEHULQWHQVLYVFKLPSIHQGVFKULWWHUDQPLUYRUEHL 9RUGHU7UDQJHNRPPHQZDQGWHHUVLFKXP,FKEOLFNWHLQHLQ]HUIXUFKWHVYRQ YLHOHQ6FKLFNVDOVVFKOlJHQJH]HLFKQHWHV*HVLFKW 1LHPDQGZXWHJHQDXZHVKDOEHUDXVGHPDNWLYHQ'LHQVWDXVJHVFKLHGHQZDU (VZXUGHMHGRFKHU]lKOW,PSHUDWRU2UEDQDVFKRO,,,ZlUHLKPQLFKWZRKOJHVLQQW JHZHVHQ/HXWHGLHVLFKIUEHVRQGHUWJXWLQIRUPLHUWKLHOWHQPHLQWHQVRJDU 2UEDQDVFKROKlWWHHLQH)ORWWHQUHYROWHXQWHU7RUPDQDFV)KUXQJEHIUFKWHW ,P+LQWHUJUXQGGHVJURHQ=LPPHUVVWDQG7RUPDQDFVSHUV|QOLFKHU5HIHUHQW 7RUPDQDFVFKLFNWHLKQPLWXQIUHXQGOLFKHQ:RUWHQKLQDXVXQGZHQGHWHVLFK DQVFKOLHHQGZLHGHUDQPLFK ³+|UHQ6LHMXQJHU0DQQLFKKDEHYRUZHQLJHQ6WXQGHQPLW,KUHP+HUUQ9DWHU GHPHKUHQZHUWHQXQGYHUGLHQVWYROOHQ:LVVHQVFKDIWOHU7DQLFWURSJHVSURFKHQ(UZDU HQWVHW]WEHU,KUH9HUKDOWHQVZHLVH:HQQLFKVFKRQIUKHUYRQGHP9RUIDOOHUIDKUHQ KlWWHZlUHQ6LHGXUFKHLQHZHLWHUH3UIXQJJHJDQJHQ,VW,KQHQGDVNODU"´ 6RJLQJHVQLFKW'D]XZlUHHUQLFKWEHUHFKWLJWJHZHVHQ,FKKDWWHGLHVHQ XQYRUVLFKWLJHQ/HKUHUQLFKWJHEHWHQVLFKLQPHLQHP6FKXIHOGDXI]XKDOWHQ ³1HLQ(UKDEHQHU,FKOHKQH,KUHbXHUXQJLQDOOHU6FKlUIHDE6LHVWHKW,KQHQ QLFKW]X,FKELWWHXP(QWVFKXOGLJXQJDEHUGDVVROOWHJHVDJWZHUGHQ´ +DWWHHUVRHEHQQLFKWJHVFKPXQ]HOW" ³'HU+HUWDVRKDWHLJHQH$QVLFKWHQZLH" ³6HKUULFKWLJ(UKDEHQHU,FKEHKHU]LJHYRUGULQJOLFKGHQRIWPLEUDXFKWHQ%HJULII
'HU.ULVWDOOSULQ]
M
$WODQ
µ*HUHFKWLJNHLW¶,FKKDWWHHUZDUWHWVLHZHQLJVWHQVKLHULQHLQHPYRUELOGOLFKHQ,QVWLWXWGHV ,PSHULXPVDXVJHEW]XVHKHQ´ ³:HUGHQ6LHQLFKW]XVFKDUIMXQJHU0DQQ(VUHLFKW,KU+HUU9DWHUZDUMHGHQIDOOV XQJHKDOWHQ´ (UJLQJ]XHLQHP+RFKHQHUJLHWUHVRUXQGHQWQDKPLKPHLQHQOlQJOLFKHQ 8PVFKODJ ³(VVWHKWPLUQLFKW]XGLHVEH]JOLFK)UDJHQ]XVWHOOHQ²DEHULVWHVLQLKUHU )DPLOLHEOLFK1DFKULFKWHQXQG*UHLQGLHVHUYHUDOWHWHQ)RUP]XEHUPLWWHOQ"(VJLEW 0LNURDXI]HLFKQHU´ ³(VLVWEOLFK´OHKQWHLFKUHVHUYLHUWDE³,FKEHGDQNHPLFK(UKDEHQHU´ (UOlFKHOWHZLHGHU:DVKDWWHGDV]XEHGHXWHQ"'LHVH9HUKDOWHQVZHLVHZDUIU HLQHQ0DQQZLH7RUPDQDFXQJHZ|KQOLFK ³/HVHQ6LHGHQ%ULHI+LHULQPHLQHU*HJHQZDUW9LHOOHLFKWEHQ|WLJHQ6LHHLQLJH (UNOlUXQJHQ´ ,VWHVP|JOLFKGDLP8QWHUEHZXWVHLQHLQHV$UNRQLGHQHLQH$UWYRQ $ODUPJORFNHOlXWHQNQQ"0LUZDUVR0HLQ*ULIIDQGLHUHFKWH+IWHZRQRUPDOHUZHLVH PHLQH'LHQVWZDIIHKLQJZXUGHHEHQIDOOVYRP,QVWLQNWGLNWLHUW ³+HXWHWUDJHQ6LHNHLQHQ/XFFRW´PHLQWH7RUPDQDFLQVHOWVDPHQ7RQIDOO³(U SDWQLFKW]XU3UDFKWXQLIRUP/HVHQ6LH´ 9RQLKPJLQJNHLQHGLUHNWH*HIDKUDXVGDVIKOWHLFK,FKULGHQ8PVFKODJDXI XQGODV'LH1DFKULFKWVWDPPWHQLFKWYRQGHPHKUHQZHUWHQ:LVVHQVFKDIWOHU7DQLFWURS GHVVHQ³6RKQ´]XVHLQLFKGLHYRUEHUJHKHQGH(KUHKDWWHVRQGHUQYRQPHLQHP (U]LHKHU)DUWXORRQ ³/HVHQ6LHHQGOLFK´GUlQJWHHU )DUWXORRQVFKLHQGLH0LWWHLOXQJLQJURHU(LOHQLHGHUJHVFKULHEHQ]XKDEHQ $GPLUDO7RUPDQDFLVWHLQYHUWUDXWHUXQG]XYHUOlVVLJHU)UHXQG(ULVWHLQJHZHLKW XQGEHUGHLQH3HUVRQLQIRUPLHUW'HLQH/DJHZLUGNULWLVFK'LH(KUXQJXQGGLHGDPLW YHUEXQGHQH9HUOHLKXQJGHU8UNXQGHQZLUG|IIHQWOLFKLQ%LOGXQG7RQEHUWUDJHQ:LU QlKHUQXQVGHUJHIlKUOLFKVWHQ6WXQGHGHLQHVELVKHULJHQ/HEHQVZHJHV(VLVWP|JOLFK GD3HUVRQHQGLHPLUY|OOLJXQEHNDQQWVLQGGLHDEHUGHQYHUVWRUEHQHQ2IIL]LHU 0DFRORQVHKUJXWNDQQWHQDXI*UXQGGHUhEHUWUDJXQJ9HUGDFKWVFK|SIHQ'HLQ bXHUHVZXUGHGHPGHV0DFRORQDQJHJOLFKHQ:LUEHIXUFKWHQMHGRFKGDMHPDQGGHU GHQ7RG0DFRORQVPLWHUOHEWKDWVHKUYHUZXQGHUWVHLQZLUGZHQQHUSO|W]OLFKDXIGHQ %LOGVFKLUPHQGHULPSHULXPVZHLWHQ1DFKULFKWHQYHUELQGXQJHUVFKHLQW6HLZDFKVDP,FK ZHUGHYHUVXFKHQDOOH*HIDKUHQYRQGLUDE]XZHQGHQ9HUWUDXHGLFK7RUPDQDFDQ'HLQ (U]LHKHUXQGJHGXOGLJHU/HKUPHLVWHU )DUWXORRQ ,FKZDUJUHQ]HQORVEHUUDVFKW/lQJVWKDWWHLFKJHDKQWGDGHU ³%DXFKDXIVFKQHLGHU´EHUJOlQ]HQGH9HUELQGXQJHQYHUIJWHDEHUPLW0lQQHUQYRP 5DQJHHLQHV7RUPDQDFKDWWHLFKQLFKWJHUHFKQHW ³1XQ"¶¶XQWHUEUDFKGHU$GPLUDOPHLQHhEHUOHJXQJHQ³+DEHQ6LHVLFK HQWVFKORVVHQ"´ ³6LHVLQGEHUGHQ,QKDOWGLHVHV%ULHIHVLQIRUPLHUW"´HUNXQGLJWHLFKPLFK YRUVLFKWVKDOEHU
'HU.ULVWDOOSULQ]
M
$WODQ
³6LHVHKHQPLFKEHUUDVFKW(UKDEHQHU:DVLVW]XWXQ"´ (UVFKDXWHHUQHXWDXIGLH8KU ³9LHOXQGGRFKZHQLJ:LUPVVHQDEZDUWHQ,KU*HJQHULVWEHUDOO,FKIUHXH PLFK$WODQRIIL]LHO,KUH%HNDQQWVFKDIWPDFKHQ]XGUIHQ´ ,FKQHLJWHGHQ.RSI(UKDWWHHVHWZDVIHLHUOLFKJHVDJW:DVVROOWHGDPLW DXVJHGUFNWZHUGHQ ³,KUH5HDNWLRQDXIPHLQH9RUKDOWHEH]JOLFKGHV/HKUHUVZDUYRUWUHIIOLFK6LH KDEHQPLFKQLFKWHQWWlXVFKW*HQDXGDVKDWWHLFKYRQ,KQHQHUZDUWHW'LHIU6LH VFKZLHULJVWHXQGJHIlKUOLFKVWH3KDVHEHJLQQWLQGHP$XJHQEOLFNZHQQ6LHGHQ $NWLYLHUXQJVUDXPEHVFKUHLWHQ´ ³,FKKDEHEHVWDQGHQ"´XQWHUEUDFKLFKLKQDWHPORV ³6HOEVWYHUVWlQGOLFKVFKRQQDFKGHUHUVWHQ3UIXQJ6LHKlWWHQGLHEHLGHQ QDFKIROJHQGHQ$XIJDEHQQLFKW]XO|VHQEUDXFKHQ'HQQRFKKlWWHDXFKGHUHQ $XVZHUWXQJVHUJHEQLVEHU]HKQWDXVHQG3XQNWHHUEUDFKW0LWGLHVHU$XVNXQIWEUHFKH LFKHLQWUDGLWLRQHOOHV*HVHW]GHV)DHKUOYRQ/DUJDPHQLD,FKKDEHMHGRFKEHVRQGHUH *UQGH´ ³:XUGHLFKEHLGHQ3UIXQJHQLQIROJH,KUHU*XQVWEHYRU]XJWEHKDQGHOW",Q GLHVHP)DOOHPWHLFKGLH$5.6800,$DEOHKQHQ(UKDEHQHU´ (UDWPHWHWLHIHLQ(UVFKLHQLQQHUOLFKZLHHUO|VW]XVHLQ ³$XIGLHVH)UDJHKDEHLFKJHZDUWHW6LHHKUW6LH$WODQ6HLHQ6LHPHLQHU XQYHUEUFKOLFKHQ7UHXHJHZL¶ ³7UHXH"ZLHGHUKROWHLFKYHUZLUUW³(UKDEHQHU7UHXHHUZHLVWPDQQXU)UHXQGHQ KRFKVWHKHQGHQ3HUV|QOLFKNHLWHQXQG´ ³6FKZHLJHQ6LHELWWH´IXKUHUPLFKDQ³'LHOHW]WHQ6WXQGHQZHUGHQ6LHZRKO DXFKQRFKXQHLQJHZHLKWEHUVWHKHQN|QQHQ:LUKDEHQGDIUJXWH*UQGH:DV,KUH )UDJHEHWULIIW1HLQ6LHVLQGQLFKW%HYRU]XJWZRUGHQ,FKZROOWHVHKHQZHOFKHPMXQJHQ 0DQQLFKPHLQ9HUWUDXHQVFKHQNWHRKQHLKQQlKHU]XNHQQHQ,FKGDUI,KQHQLP *HJHQVDW]]X,KUHU9HUGDFKWVlXHUXQJPLWWHLOHQGD6LHGLH0RUGVFKODQJHLQQHUKDOE GHV3DQ]HUJOHLWHUVPHLQHUSHUV|QOLFKHQ$QZHLVXQJ]XYHUGDQNHQKDEHQ6LHZDUQLFKW YRUJHVHKHQ,FKELQYRQGHQ0LWJOLHGHUQGHU.OHLQHQ5XQGHGHVZHJHQVFKDUI DQJHJULIIHQZRUGHQ(UNXQGLJHQ6LHVLFKIDOOV6LHPHLQHQ9HUVLFKHUXQJHQNHLQHQ *ODXEHQVFKHQNHQN|QQHQ ,FKZDUEHUXKLJW'LHVHU0DQQZDU]XHKUHQKDIWXPHLQH0DQLSXODWLRQ]X PHLQHQ*XQVWHQGXUFKJHIKUW]XKDEHQ(VZlUHLKPDXFKDQJHVLFKWVGHU 5RERWEHREDFKWHUQLFKWJHOXQJHQ ³,FKJODXEH,KQHQ(UKDEHQHU´ ³'DQNH6LHEHIUHLHQPLFKYRQHLQHUVHHOLVFKHQ/DVW6LHKDEHQVLFK KHUYRUUDJHQGYHUKDOWHQ1XQNRPPWHVIU6LHXQGXQVGDUDXIDQ6LHLQGHUOHW]WHQ 3KDVH,KUHU(QZLFNOXQJ]XEHKWHQ:lKUHQGGHU$NWLYLHUXQJ,KUHV/RJLNVHNWRUV6LH QHQQHQLKQ([WUDKLUQVLQG6LHXQGZLUKLOIORV'LH3UR]HGXUGDUIDXINHLQHQ)DOO XQWHUEURFKHQZHUGHQ6LHZLVVHQGDHLQ]ZHLWHU$QODXI]XU$NWLYLHUXQJQLFKWPHKU P|JOLFKLVW'DVYHUELHWHQGLHSDUDSK\VLNDOLVFKHQ*HVHW]H,KU*HKLUQZUGHGDEHL ]HUVW|UWZHUGHQ´ ³,FKELQLQIRUPLHUW(UKDEHQHU´ ³*XW:DUWHQ6LH´ (UVFKULWWHUQHXW]XGHP(QHUJLHWUHVRUKLQEHUXQGHQWQDKPLKPHLQH
'HU.ULVWDOOSULQ]
M
$WODQ
HLJHQWPOLFKH:DIIH6LHZDUGQQXQGIODFKJHDUEHLWHW=ZHLPHWDOOLVFKH.ODPPHUQ ZXUGHQYRQHLQHPVWDQJHQDUWLJHQ0HFKDQLVPXVPLWHLQDQGHUYHUEXQGHQ'HU $EVWUDKOODXIZDUVHKUNXU]$QVHLQHP(QGHZDUHLQHKDDUIHLQH6FKQXUEHIHVWLJW6LH JOLFKHLQHUHOHNWULVFKHQ/HLWXQJ ³'DVLVWHLQHVRJHQDQQWHµ/XFFRWVFKOHXGHU¶ZLHVLHIUKHUIU6RQGHUNRPPDQGRV GHUVWUDWHJLVFKHQ5DXPDEZHKUYHUZHQGHWZXUGH6LHLVW]ZDUDOWIXQNWLRQLHUWDEHU WDGHOORV6LHZLUGDPOLQNHQ8QWHUDUPYHUVWHFNWXQWHUGHU.OHLGXQJJHWUDJHQ6LH N|QQHQGRFKKRIIHQWOLFKOLQNVVFKLHHQ"´ ³6HOEVWYHUVWlQGOLFK(UKDEHQHU,FKELQOLQNVJHQDXVRJHVFKLFNWZLHPLWGHU 5HFKWHQ¶ ³(LQ*OFN'HU$XVO|VHPHFKDQLVPXVLVWKRFKHPSILQGOLFK:HQQ6LHGLH:DIIH UHFKWVVHLWLJWUDJHQZUGHQEHVWlQGHEHL%HJUXQJHQXQG+DQWLHUXQJHQDOOHU$UWGLH *HIDKUHLQHVXQJHZROOWHQ9RUVFKQHOOHQV´ ³'HV$EVWUDKOODXIHV"´ ³6RLVWHV'LHVLVWHLQHVFKQHOOHXQGW|GOLFKH:DIIH'LH.RQWDNWOHLWXQJZLUGPLW ,KUHU+DQGIOlFKHYHUEXQGHQ%HUKUHQ6LHGHQIOHLVFKIDUEHQHX,PSXOVJHEHUDP(QGH GHU6FKQXUVFKQHOOWGHU/DXIDXVGHPbUPHOGHU.OHLGXQJKHUYRU$FKWHQ6LHGDUDXI GD6LHNQIWLJNHLQHHQJVFKOLHHQGHQ-DFNHQWUDJHQ'HUHUVWH6FKXO|VWVLFKRKQH ZHLWHUHV=XWXQGHV:DIIHQWUlJHUVLQGHP$XJHQEOLFNZHQQGHU]XU=HLWHLQJH]RJHQH /DXIY|OOLJDXVJHIDKUHQLVW'LHVJHVFKLHKWGXUFKHLQHQ)HGHUPHFKDQLVPXV'DV EHGHXWHWDOVRGD6LHVFKRQ,KU=LHODQYLVLHUHQPVVHQQRFKHKHGLH0QGXQJ HUVFKHLQWXQGGHU6FKXIlOOW*ODXEHQ6LHGLHVHV,QVWUXPHQWRKQHYRUDQJHJDQJHQH hEXQJHQEHKHUUVFKHQ]XN|QQHQ"´ ,FKZXUGHQHUY|V:HQQLFKQXUHWZDVXQJHVFKLFNWZDUNRQQWHHV]XVFKZHUHQ 8QIlOOHQNRPPHQ ³.|QQWHLFKQLFKWHLQHDQGHUH:DIIHWUDJHQ(UKDEHQHU"´ ³$XINHLQHQ)DOO´OHKQWHHUDE³0DQZUGHVLHHQWGHFNHQ:lKUHQGGHU $NWLYLHUXQJWUDJHQ6LHRKQHKLQQXUORVH*HZlQGHU,KUH$UPHZHUGHQMHGRFKGDYRQ EHGHFNWVHLQ:LHZHLWJODXEHQ6LHN|QQHQ6LHVLFKDXI7LUDNR*DPQRYHUODVVHQ"´ ³(UZUGHVHKUYLHOIUPLFKRSIHUQXQGLFKIULKQ´ ³'DVZLVVHQZLU(ULVW,KUHWZHJHQLQGLH7UDQVPLWWHUIDOOHJHODXIHQ*XW YHUVXFKHQ6LHVHLQHDEVROXWH9HUVFKZLHJHQKHLW]XJHZLQQHQ(UILQGHQ6LHHLQH ORJLVFKH$XVUHGH6LHWHLOHQPLWLKPGLHJOHLFKH8QWHUNXQIW"´ ³'RUWKDEHQZLUXQVNHQQHQXQGVFKlW]HQJHOHUQW(UKDEHQHU=XXQVHUHQ JHWUHQQWHQ6FKODIJHPlFKHUQJHK|UWHLQJHPHLQVDPHV$XIHQWKDOWVXQG6WXGLHU]LPPHU¶´ ³:LUPVVHQHVZDJHQ9RULKPN|QQHQ6LHGLH/XFFRWVFKOHXGHUNDXP YHUEHUJHQ(ULVWHLQVFKDUIHU%HREDFKWHU+LHUOLQNVYRQGHU5HDNWLRQVNDPPHU EHILQGHWVLFKGLH)HXHUVLFKHUXQJ6LHGUIHQVLHQXUGDQQEHWlWLJHQZHQQ6LHGLH:DIIH JDQ]EHVWLPPWQLFKWEHQ|WLJHQ6RQVWKDEHQ6LHGLH6FKOHXGHUHQWVLFKHUW]XWUDJHQ +WHQ6LHVLFKGHQ.RQWDNWJHEHUXQJHZROOW]XEHUKUHQ'DVZUGHXQGZLUG JHVFKHKHQZHQQ6LH,KUHQ=HLJHRGHU5LQJILQJHU]XP+DQGEDOOHQNUPPHQ,P *HIDKUHQIDOOYHUZHQGHQ6LHVLFKHUKHLWVKDOEHUEHLGH)LQJHUgIIQHQ6LHGDV2EHUWHLO ,KUHU8QLIRUP´ 0LQXWHQVSlWHUKDWWHHUPLUGLH/XFFRWVFKOHXGHUDQJHOHJW6LHSDWHVLFKJHQDX PHLQHP8QWHUDUPDQ'LHEHLGHQ.ODPPHUQKLHOWHQVLHXQYHUUFNEDUIHVW 'LH=QGOHLWXQJZXUGHELV]XPHLQHQ+DQGEDOOHQYRUJH]RJHQXQGPLWHLQHU
'HU.ULVWDOOSULQ]
M
$WODQ
IOHLVFKIDUEHQHQELRORJLVFKOHEHQGHQ*HZHEHPDVVHEHUVSUKW'LH6FKQXUZXUGH GDGXUFKXQVLFKWEDU 'HU)HXHUNQRSIYHUGLHQWHGLHVH%H]HLFKQXQJQLFKW(UEHVWDQGDXVHLQHU ZLQ]LJHQ(UKHEXQJDP+DQGEDOOHQ,FKNRQQWHLKQVHOEVWNDXPVHKHQ ³6LFKHUQXQGHLQLJH0DOHSURELHUHQ´EHIDKOGHU$GPLUDO³1XQEHHLOHQ6LHVLFK GRFK9HUJHVVHQ6LHQLFKWLP$XJHQEOLFNGHU.RQWDNWJDEHGLH+DQGQDFKDXHQ]X NUPPHQ$QGHUQIDOOVVFKOlJW,KQHQGHUYRUVFKQHOOHQGH/DXIGDJHJHQ6LHPVVHQGHQ 6FKXJHZLVVHUPDHQµKLQZHUIHQ¶=XP=LHOHQKDEHQ6LHLQIROJHGHUDXWRPDWLVFKHQ $XVO|VXQJNHLQH=HLW´ ,FKSURELHUWHHLQLJH0LQXWHQODQJ'HU9RUJDQJIDV]LQLHUWHPLFK1DFKGHPLFK PLFKDQJH]RJHQKDWWHOLHLFKGHQ/DXIDXVGHPbUPHOGHU.RPELQDWLRQ KHUYRUVFKQHOOHQ(VJHODQJPLULPPHUEHVVHU'LH0QGXQJHQGHWHLPDXVJHIDKUHQHQ =XVWDQGHWZDLQ+|KHPHLQHU)LQJHUVSLW]HQ ,FKYHUDEVFKLHGHWHPLFKYRQGHPVHOWVDPHQ0DQQ(UVFKDXWHPLUEHVRUJWQDFK 0LWVROFKHQ9HUEQGHWHQKlWWHLFKQLFKWJHUHFKQHW:HQKDWWH)DUWXORRQVRQVWQRFKDOV )UHXQGH"
'HU ³6DDO GHU :DKUKHLW´ ZDU ELV DXI GHQ OHW]WHQ 3ODW] JHIOOW 'UHLKXQGHUW]ZHLXQGYLHU]LJMXQJH0lQQHUKDWWHQVLFKXPGLH$5.6800,$EHZRUEHQ 6LHEHQ YRQ LKQHQ ZDUHQ QLFKW PHKU HUVFKLHQHQ 6LH ZDUHQ EHL GHQ KDUWHQ 3UIXQJHQ W|GOLFKYHUXQJOFNW :HQQLFKDQPHLQHGUHL$XIJDEHQ]XUFNGDFKWHVRZDUHVQLFKWYHUZXQGHUOLFK 0HLQH ]ZHLWH 3UIXQJ KDWWH LQ GHU %HUJXQJ HLQHV KDYDULHUWHQ .OHLQUDXPVFKLIIHV EHVWDQGHQ 0LW GHP OHW]WHQ 6DXHUVWRIIUHVW ZDU LFK QDFK GHU 5HSDUDWXU GHU UDIILQLHUW EHVFKlGLJWHQ7ULHEZHUNHDXI/DUJDPHQLDJHODQGHW 'LH GULWWH $XIJDEH KDWWH PLFK LQ GLH :DVVHUVWRII$PPRQLDN:HOW HLQHU (QHUJLHNXSSHOJHIKUW(LQHKLOIORVH6FKLIIVEHVDW]XQJZDU]XEHUJHQJHZHVHQ 7LUDNR *DPQR KDWWH YLHUPDO IUK]HLWLJ DXIJHJHEHQ 'LH IQIWH $XIJDEH HLQ GUHLGLPHQVLRQDOHV )LJXUHQVSLHO KDWWH HU EHVWDQGHQ $OOHUGLQJV GDV ZXWHQ ZLU DOOH NRQQWHHUGDIUQLHPDOVGLHHUIRUGHUOLFKHQ]HKQWDXVHQG3XQNWHHUKDOWHQKDEHQ :HLW YRU XQV DXI HLQHP YRQ $QWLJUDYIHOGHUQ JHWUDJHQHQ 3RGHVW VDHQ GLH QHXQXQGGUHLLJ0LWJOLHGHUGHU.OHLQHQ5XQGH7RUPDQDFIKUWHGHQ9RUVLW] (U KDWWH GLH 7RWHQ JHHKUW XQG QRFKPDOV DXI GLH KRKH %HGHXWXQJ GHU $5. 6800,$ KLQJHZLHVHQ ,P ³6DDO GHU :DKUKHLW´ GHP JU|WHQ 5DXP GHV ULHVLJHQ ,QVWLWXWVKHUUVFKWHHLQHEHGUFNHQGH6WLOOH 'LH +HUWDVRQHQ JOHLFKJOWLJ RE VLH EHVWDQGHQ KDWWHQ RGHU QLFKW EHZDKUWHQ GLH DQHU]RJHQH'LV]LSOLQ6WHLIKDWWHQVLHDXIMHQHQKDUWHQ.ODSSVWKOHQ3ODW]JHQRPPHQ DXI GHQHQ VLH DXFK EHLP 8QWHUULFKW JHVHVVHQ KDWWHQ ,FK ZDU VLFKHU GD QLHPDQG XQWHU GHQ GUHLKXQGHUWIQIXQGGUHLLJ hEHUOHEHQGHQ JHQDX ZXWH RE HU GLH :UGH HUUXQJHQKDWWHRGHUQLFKW²LFKDXVJHQRPPHQ (VZDUMHGRFKHLQHIUDJZUGLJH*XQVWGLHPLU7RUPDQDFHUZLHVHQKDWWH-HGHU GHUKLHUDQZHVHQGHQ$UNRQLGHQZXWHZHUHUZDUZRKHUHUNDPXQGZHUVHLQH(OWHUQ ZDUHQ,FKDKQWHHVQLFKWHLQPDO $Q PHLQHP OLQNHQ 8QWHUDUP VSUWH LFK GHQ 'UXFN GHU HLJHQWPOLFKHQ :DIIH
'HU.ULVWDOOSULQ]
M
$WODQ
7LUDNR ZDU LQIROJH PHLQHU YHUUlWHULVFKHQ +DQGEHZHJXQJ QDWUOLFK DXIPHUNVDP JHZRUGHQ,FKPXWHPLFKEHVVHUEHKHUUVFKHQ(VZDU]ZHFNORVVWlQGLJGHQ$UP]X EHWDVWHQ=XVHKHQZDUGDV0RUGLQVWUXPHQWDXINHLQHQ)DOO :HLW REHQ DXI GHQ 6FKZHEHORJHQ VDHQ GLH (OWHUQ GHU .DQGLGDWHQ 6LH YHUIROJWHQ GLH DOOMlKUOLFK VWDWWILQGHQGH =HUHPRQLH PLW GHU JOHLFKHQ $XIPHUNVDPNHLW ZLH GLH $EVROYHQWHQ :LHYLHOH +RIIQXQJHQ DXI HLQH JHVLFKHUWH =XNXQIW LKUHU 6|KQH LQ EHGHXWHQGHQ3RVLWLRQHQZUGHQZRKOLQZHQLJHQ0LQXWHQ]XQLFKWHJHPDFKWZHUGHQ" 'LHDEVROXWH%HKHUUVFKXQJDOOGLHVHU$UNRQLGHQZLUNWHDXIPLFKEHGUFNHQG6LH JDEHQ VLFK EHWRQW JOHLFKPWLJ 6R ZUGHQ VLH DXFK GDV 9HUVDJHQ LKUHU 6|KQH ]XU .HQQWQLVQHKPHQ:LHHVLQLKQHQZLUNOLFKDXVVDKNRQQWHPDQQXUDKQHQ :DUXPVXFKWHQGLHVHHLQIOXUHLFKHQ+HUUHQGLH6FKXOGQLFKWEHLLKUHPHLJHQHQ EUHQQHQGHQ(KUJHL]":DUXPPXWHHLQ-XQJHZLH7LUDNRGHP7RGLQV$XJHVHKHQXP DQVFKOLHHQGGRFK]XYHUVDJHQ"6HLQH(U]LHKHUZDUHQ]XNOXJXP7LUDNRV6FKZlFKHQ QLFKWOlQJVWEHJULIIHQ]XKDEHQ $OVRKDWWHQVLHLKQQXUGHVKDOE]XU$5.6800,$DQJHPHOGHWXPVSlWHUHLQPDO EHKDXSWHQ ]X N|QQHQ LKU 6RKQ VHL ZHQLJVWHQV GDEHLJHZHVHQ :LH 7LUDNR GDUEHU GDFKWHZXWHLFKJHQDX(UZDUQLFKWEHJHLVWHUW $XHU PLU ZDU HU LQ GLHVHP 6DDO ZDKUVFKHLQOLFK GHU HLQ]LJH $UNRQLGH GHU GHQ (U|IIQXQJHQGHU.OHLQHQ5XQGHPLW*HODVVHQKHLWHQWJHJHQVDK 'LH 1DPHQ GHU .DQGLGDWHQ HUVFKLHQHQ LQ UDVFKHU )ROJH DXI HLQHU /HXFKWVFKULIWWDIHO (V JHK|UWH ]XU 7UDGLWLRQ GD GLH 9HUKDOWHQVZHLVH GHU +HUWDVRQHQ ZlKUHQGGHU3UIXQJHQJHZUGLJWZXUGH 'DPLWEHJDQQGLHJURH/JH:LUVDHQVWXQGHQODQJDXIXQVHUHQ3OlW]HQXQG K|UWHQ XQV GLH /REUHGHQ DQ .UDVVH 9HUVDJHU ZXUGHQ J|QQHUKDIW HQWVFKXOGLJW 0LU ZXUGH NODU ZDUXP GLH (UILQGHU GHU $5. 6800,$ DXI HLQH YROOURERWLVFKH 3XQNWHDXVZHUWXQJEHVWDQGHQKDWWHQ:HQQPDQGLH%HXUWHLOXQJ$UNRQLGHQEHUODVVHQ KlWWHZlUHGDV6SLHOGHU0DQLSXODWLRQLQV8IHUORVHDXVJHDUWHW ,FK ZXUGH LPPHU XQJHGXOGLJHU 'LH VFKZHEHQGHQ .DPHUDV GHV DUNRQLGLVFKHQ )HUQVHKHQV KDWWHQ PHLQ *HVLFKW VFKRQ PHKU DOV HLQPDO LQ *URDXIQDKPH JHEUDFKW )DUWXORRQV :DUQXQJ JLQJ PLU QLFKW DXV GHP 6LQQ :LHGHU JULII LFK XQEHZXW DQ GLH /XFFRWVFKOHXGHU ,FKIKOWH7LUDNRV+DQGDXIPHLQHP.QLHXQGVFKDXWHLKQDQ(UVFKWWHOWHNDXP PHUNOLFKGHQ.|SI 'D EHKHUUVFKWH LFK PLFK ZLHGHU 6FKOLHOLFK HUVFKLHQ PHLQ 1DPH DXI GHU /HXFKWWDIHO9RQQXQDQZXUGHHVH[WUHPJHIlKUOLFK :HQQJXWLQIRUPLHUWH%HREDFKWHUELVODQJQRFKQLFKWDXIPLFKJHDFKWHWKDWWHQVR PXWHHVQXQPHKUJHVFKHKHQ ³0DFRORQ 6RKQ GHV (KUHQZHUWHQ 7DQLFWURS HKHPDOLJHU .RPPDQGDQW GHV 6FKZHUHQ .UHX]HUV $5*2662 YRP )ORWWHQGLHQVW EHXUODXEW ]ZHFNV (UULQJXQJ GHU $5.6800,$´NRQQWHLFKOHVHQ ,FKVWDQGDXIVRZLHHVGLH5HJHOJHERW=ZHL.DPHUDVJOLWWHQDXIPLRK]X1XQ PXWHLFKDXIHLQLJHQKXQGHUW0LOOLDUGHQ%LOGVFKLUPHQ]XVHKHQVHLQ'LHhEHUWUDJXQJ HUIROJWHDXIK\SHUVFKQHOOHU%DVLVNRQQWHDOVRRKQH=HLWYHUOXVWHLPJOHLFKHQ$XJHQEOLFN DXIEHU]ZHLWDXVHQGEHVLHGHOWHQ3ODQHWHQPLWHUOHEWZHUGHQ ³7UHWHQ6LHYRU+HUWDVR0DFRORQ´ZXUGHLFKIHLHUOLFKDXIJHIRUGHUW ,QGLHVHP$XJHQEOLFNZDUPLUGLHHUUXQJHQH$5.6800,$UHLFKOLFKJOHLFKJOWLJ
'HU.ULVWDOOSULQ]
M
$WODQ
,FKGDFKWHQXUQRFKDQGLHGDPLWYHUEXQGHQHQ*HIDKUHQ:LHRIWLQPHLQHP/HEHQZDU LFK VFKRQ YHUIROJW ZRUGHQ RKQH ]X ZLVVHQ ZDUXP 1XQ VFKLHQ VLFK GLHVH XQZUGLJH +HW]MDJGELV]XP([WUHP]XVWHLJHUQ ,FKGXUFKVFKULWWDXWRPDWHQKDIWGLHODQJHQ6LW]UHLKHQ,QGHQ/RJHQEHPHUNWHLFK GLH HUVWH %HZHJXQJ 0DQ VFKLHQ ]X DKQHQ GD GHU HUVWH 3UIOLQJ PLW GHU %HZHUWXQJ ³EHVWDQGHQ´DXIJHUXIHQZRUGHQZDU 'LH DQVFKOLHHQG IROJHQGH =HUHPRQLH HUOHEWH LFK ZLH LP 7UDXP 0DQ EHUUHLFKWH PLU HLQH DOWHUWPOLFKH VSH]LHOO KHUJHVWHOOWH 8UNXQGH DXI GHU PHLQH 9HUGLHQVWH YHU]HLFKQHW ZDUHQ :DV KDWWH LFK HLJHQWOLFK JHWDQ XP GLH $NWLYLHUXQJ PHLQHV/RJLNVHNWRUVUHFKWIHUWLJHQ]XN|QQHQ ,FKKDWWHPLFKDQJHVWUHQJWORJLVFKJHGDFKWXQGQRWIDOOVEOLW]VFKQHOOJHVFKRVVHQ :DVZDUGDEHL":DUHLQ-QJOLQJZLH7LUDNR*DPQRQLFKW]HKQIDFKK|KHUHLQ]XVWXIHQ DOVLFK" ,FKGUHKWHZLHKLOIHVXFKHQGGHQ.RSI'DHUEOLFNWHLFKLKQ(UZLQNWHPLU]XGRFK GDV ZXUGH DQ GLHVHP 7DJH YHU]LHKHQ 1RUPDOHUZHLVH KlWWH HLQ VROFKHV %HQHKPHQ JHUJWZHUGHQPVVHQ ,FK JHZDQQ PHLQH LQQHUH 5XKH ]XUFN *HGXOGLJ OLH LFK GLH $QVSUDFKH GHV 9RUVLW]HQGHQEHUPLFKHUJHKHQ ³ KDEHQ 6LH +HUWDVR 0DFRORQ GLH YRUJHVFKULHEHQH 3XQNW]DKO QLFKW QXU PLW ,KUHU HUVWHQ 3UIXQJ HUUHLFKW VRQGHUQ EHUGLHV EHL ]ZHL ZHLWHUHQ $XIJDEHQ QRFKPDOV GLH K|FKVWP|JOLFKH 4XRWH HUUXQJHQ (UODXEHQ 6LH XQV ,KQHQ XQG ,KUHP HKUHQZHUWHQ +HUUQ 9DWHU GLH K|FKVWH $QHUNHQQXQJ GHU .OHLQHQ 5XQGH DXV]XVSUHFKHQ :LU KDEHQ EHVFKORVVHQ 6LH GHQ +HUWDVR PLW GHQ KHUYRUUDJHQGVWHQ (UJHEQLVVHQ GHQ %HYROOPlFKWLJWHQ GHU µ3DUDSV\FKLVFKHQ $NWLYLHUXQJVNOLQLN¶ PLW 9RUUDQJ ]X EHUVWHOOHQ :LU EHJOFNZQVFKHQ 6LH LP 1DPHQ GHV DUNRQLGLVFKHQ 9RONHV XQG 6HLQHU $OOHVVHKHQGHQ $OOHVZLVVHQGHQ (UKDEHQKHLW 2UEDQDVFKRO ,,, YRQ $UNRQ XQG GHV *URHQ ,PSHULXPV :LU ZQVFKHQ ,KQHQ *OFN XQG (UIROJ DXI ,KUHP IHUQHUHQ /HEHQVZHJ GHU GHP *URHQ ,PSHULXP JHZLGPHW VHLQ VROOWH %LWWH QHKPHQ 6LH 3ODW] DQJHVLFKWVGHU.OHLQHQ5XQGH´ ,FK VHW]WH PLFK DXI HLQHQ GHU 3UXQNVHVVHO 6LH VWDQGHQ YRU GHU(PSRUHZDUHQ KDOENUHLVI|UPLJDQJHRUGQHWXQGQXUIUMHQH$EVROYHQWHQEHVWLPPWGLHVLFKGHUKRKHQ (KUXQJDOVZUGLJHUZLHVHQKDWWHQ 1DFK PLU ZXUGHQ QRFK DFKW ZHLWHUH 3UIOLQJH DXIJHUXIHQ 'HPQDFK KDWWHQ YRQ HKHPDOV GUHLKXQGHUW]ZHLXQGYLHU]LJ 6FKOHUQ QXU QHXQ EHVWDQGHQ 'DV ZDU EHGUFNHQG:LHGHUZDQGWHLFKPLFKQDFK7LUDNRXP(UODFKWHPLFKDQ(UJ|QQWHPLU GLH$NWLYLHUXQJ 'LH QDFKIROJHQGH =HUHPRQLH HUOHEWH LFK LQ $QJVW XQG 8QJHZLKHLW 1DWUOLFK ZXUGHQ GLH +HUWDVRQHQ GLH QXQPHKU IU GLH $NWLYLHUXQJ IUHLJHJHEHQ ZRUGHQ ZDUHQ SDXVHQORV YRQ GHQ VFKZHEHQGHQ )HUQVHKNDPHUDV YHUIROJW )DUWXORRQ VFKLHQ YRUDXVJHVHKHQ]XKDEHQZLHSHLQOLFKGDVIUPLFKZHUGHQNRQQWH3HLQOLFK²ZDUGDV EHUKDXSWQRFKGHUULFKWLJH%HJULII",FKJODXEWHHVQLFKW 6HFKV8KUSODQHWDULVFKH=HLWYRQ/DUJDPHQLD:LUVFKULHEHQGDV-DKU"
'HU.ULVWDOOSULQ]
M
$WODQ
YRQ$UNRQ²IUPLFKHLQ6FKLFNVDOVMDKU :HJHQGHU/XFFRWVFKOHXGHUGLH7LUDNR*DPQRVFKRQZlKUHQGGHU )HLHUOLFKNHLWHQQLFKWYHUERUJHQJHEOLHEHQZDUKDWWHLFKHLQHZLHPLUVFKLHQ²ORJLVFK IXQGLHUWH*HVFKLFKWHHUIXQGHQ,FKKDWWHLKPHWZDVYRQHUELWWHUWHQ)HLQGHQPHLQHU )DPLOLHHU]lKOWXQGYRQHLQLJHQ%HVDW]XQJVPLWJOLHGHUQGHUDOWHQ$5*2662GLHPLU DQJHEOLFK5DFKHJHVFKZRUHQKDWWHQ ,FKKDWWHDXFKQLFKWEHUVHKHQLKQDQMHQH'LQJH]XHULQQHUQGLHLKQVFKRQ HLQPDODUJZ|KQLVFKJHPDFKWKDWWHQQlPOLFKDQGHQ=ZHLWHQ2IIL]LHUGHV.UHX]HUV $5*2662DQ7VFKHWUXP 7LUDNRKDWWHPHLQHQ(UNOlUXQJHQ³JHGXOGLJJHODXVFKWVLHDEHUQLFKW DQJHQRPPHQ(UKDWWHPLFKDQVFKOLHHQGQXUDQJHOlFKHOWXQGJHIUDJWLQZHOFKHU :HLVHHUPLUEHKLOIOLFKVHLQN|QQWH 6HLQH$EUHLVHYRQ/DUJDPHQLDZDUYRQVHLQHQ(OWHUQIUGHQEHUQlFKVWHQ7DJ DQJHRUGQHWZRUGHQ$QVLFKKlWWHHUVRIRUWVWDUWHQVROOHQDEHUHUKDWWHVHLQHQ9DWHU GDYRQEHU]HXJHQN|QQHQGDHUYRQVHLQHPYHUWUDXWHQ)UHXQGDOVRYRQPLUQRFK HLQLJH=HLWEHQ|WLJWZXUGH 'DVKDWWHVHLQ(U]LHKHUDN]HSWLHUWZDKUVFKHLQOLFKDEHUQXUGHVKDOEZHLOGHU (KUHQZHUWH7HIWHQLN*DPQR]XGHU$XIIDVVXQJJHNRPPHQZDUGHU8PJDQJVHLQHV 6RKQHVPLWHLQHP$5.6800,$,QKDEHUN|QQHDXINHLQHQ)DOOHWZDVVFKDGHQ ³3URELHUHHVQRFKHLQPDO´IRUGHUWHPLFK7LUDNRDXI ,FKWUXJGLHZHLHQZHLWHQ*HZlQGHUZLHVLHVHLW-DKUWDXVHQGHQEHLP(PSIDQJ GHU+LUQDNWLYLHUXQJEOLFKZDUHQ6LHHQWODVWHWHQGHQ.|USHUYRQXQHUZQVFKWHQ (LQVFKQUXQJHQ ,FKHUKREGHQOLQNHQ$UPXQGZROOWHGHQ$XVO|VHVFKDOWHUDXIPHLQHP +DQGEDOOHQPLWGHQ)LQJHUVSLW]HQEHUKUHQ ³+DOWVRQLFKW´JHERWPHLQ)UHXQG³'XELVWGRFKVRQVWVRJHVFKLFNW:HVKDOE DOVRGLHVH9HUNUDPSIXQJ"'XGDUIVWGHQ$UPQLFKWZLH]XP*UXHUKHEHQ'XPXWLKQ EOLW]VFKQHOOKRFKUHLHQXQGZlKUHQGGLHVHU%HZHJXQJVFKRQDXIGHQ$E]XJGUFNHQ 'HU(QHUJLHVFKXVROOWHIDOOHQVREDOGGHLQH+DQGDXIGDV=LHOZHLVW´ ,FKSURELHUWHHVHUQHXW1DWUOLFKZDUGLH:DIIHJHVLFKHUW ³'DVLVWVFKRQYLHOEHVVHU´OREWH7LUDNR³1RFKHLQPDOELWWH´ 'LHVPDOULLFKGLH+DQGQDFKREHQ0HLQLPDJLQlUHV=LHOZDUHLQH %OXPHQVFKDOHDXIGHP(WLVFKLP+LQWHUJUXQGXQVHUHVJHPHLQVDPHQ:RKQUDXPV :DKUVFKHLQOLFKKlWWHLFKLP(UQVWIDOOJHWURIIHQ ³*XW´VWHOOWH7LUDNRIHVW³1XQZROOHQZLUQXUQRFKKRIIHQGDGXGHLQHQE|VHQ )HLQGHQDXFKWDWVlFKOLFKEHJHJQHVW´ (UODFKWHOHLVH,FKVFKDOWPLFKHLQHQ1DUUHQ:LHKDWWHLFKQXUDXIGLH,GHH NRPPHQN|QQHQGLHVHQJHVFKHLWHQMXQJHQ0DQQEHWUJHQ]XZROOHQ(UVDKPLFK DXIIRUGHUQGDQ )UHLQHQ$XJHQEOLFNZDULFKYHUIKUWLKPGLHYROOH:DKUKHLW]XJHVWHKHQ'DQQ XQWHUOLHLFKHVDEHUXPLKQ]XELWWHQ ³*LEPLUQRFKHLQLJH6WXQGHQ=HLW7LUDNR1XUQRFKVRODQJHELVLFKZLHGHUDXV GHU3DUDSV\FKLVFKHQ$NWLYLHUXQJVNOLQLNHQWODVVHQZHUGH´ ³,FKKDEHHVJHDKQW´EHKDXSWHWHHUJHODVVHQ³9HUODVVHGLFKDXIPLFK)UHXQG ,FKKlWWHMHGRFKQRFKHLQH)UDJH:HQQGXVLHQLFKWEHDQWZRUWHQNDQQVWRGHUZLOOVWVR ZHUGHLFKGLUQLFKWJUDPVHLQ'DUILFKVSUHFKHQ"´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKQLFNWH ³:DVNDQQLFKIUGLFKWXQZHQQGLHYRQGLURIIHQEDUEHIUFKWHWHQ 6FKZLHULJNHLWHQZDKUHQQGHV$NWLYLHUXQJVSUR]HVVHVDNXWZHUGHQVROOWHQ"'LHVH 3UR]HGXUQLPPWQRUPDOHUZHLVHYLHUELVIQI6WXQGHQLQ$QVSUXFK´ (UKDWWHJHQDXHUIDWZRUDXIHVPLUDQNDP,FKJLQJHWZDVDXVPHLQHU5HVHUYH KHUDXV ³'DGXGHLQHJHZRKQWH8QLIRUPWUDJHQZLUVWGUIWHVWGXDXFKEHZDIIQHWVHLQ 6HLPHLQ:lFKWHU:HQQMHPDQGPLFKVFKlGLJHQZLOOZlKUHQGLFKKLOIORVXQWHUGHU $NWLYLHUXQJVJORFNHOLHJHVR´ ,FKXQWHUEUDFKPLFK'DV8QJHKHXHUOLFKHPHLQHV9HUODQJHQVZXUGHPLUEHZXW ³:DV²VR"´IUDJWHHUJHIDW³6SULFKZHLWHU)UHXQG2GHUKDWWHVWGX DQJHQRPPHQLFKKlWWHGLUGHLQH(U]lKOXQJJHJODXEW"'LFKXPJLEWHLQJURHV *HKHLPQLV(VLVWZDKUVFKHLQOLFKEHGHXWXQJVYROOHUDOVGXVHOEVWDKQVW´ ,FKYHUVWLHJHJHQ)DUWXORRQV5HJHOQXQGJHJHQPHLQHLJHQHV9RUKDEHQ,QQXU ]HKQ0LQXWHQKDWWH7LUDNR*DPQRHUIDKUHQZHULFKZDURGHUZHULFKQLFKWZDU(U NDQQWHPHLQH6RUJHQPHLQHQVHHOLVFKHQ=ZLHVSDOWXQGDOOGLHDQGHUHQ'LQJHGLHPLFK MDKUHODQJEHVFKlIWLJWKDWWHQ ,FKEHULFKWHWHLKPDXFKYRQGHP0lGFKHQ)DUQDWKLD(UEHWUDFKWHWHPLFK VFKZHLJHQG,FKIKOWHPLFKZLHHLQDXVJHK|KOWHV:UDFN ³1HLQGDVELVWGXQLFKW´EHVFKZLFKWLJWHHUPLFK³'LHOHW]WHQ6WXQGHQZLUVWGX DXFKQRFKGXUFKKDOWHQ'XGDUIVWMHW]WQLFKWYHU]ZHLIHOQ)DUQDWKLDGLHGHLQHP+HU]HQ QDKHVWHKWZHUGHQZLUHLQHV7DJHVILQGHQ´ ³:LU"´ (UQLFNWH ³-DZLU:HQQGXJHVWDWWHVWZHUGHLFKDQGHLQHU6HLWHEOHLEHQ9LHOOHLFKW EUDXFKVWGXPLFK1XQVFKUHLWHDEHU]XU7DW'LH+RKH.RPPLVVLRQZLUGGLFKHUZDUWHQ ,FKZHUGHGHLQ(KUHQGLHQHUVHLQ´ (UGUHKWHVLFKXPJLQJLQVHLQ6FKODIJHPDFKXQGNDPPLW XPJHVFKQDOOWHU'LHQVWZDIIH]XUFN ,FK]|JHUWHPHLQRIIHQHV*HVWlQGQLVSO|W]OLFKEHUHXHQG+DWWHLFKQLFKW]XYLHO JHVDJW" (UDKQWHPHLQHhEHUOHJXQJHQ6HLQ/lFKHOQPLOGHUWHPHLQHQSO|W]OLFKHQ $UJZRKQ,FKVFKULWWDXIGLH7U]XµYRUGHU]ZHLSUlFKWLJDXVVWDIILHUWH5RERWHU ZDUWHWHQ6LHELOGHWHQGDVPLU]XVWHKHQGH*HOHLW ³7LUDNR*DPQRPHLQ(KUHQGLHQHU´VWHOOWHLFKGHQ)UHXQGYRU'LH5RERWHU VFKULWWHQYRUDQ,FKIROJWHKLQWHUPLUNDP7LUDNR-HQVHLWVGHV:RKQEORFNVEHVWLHJHQ ZLUHLQHQ/XIWJOHLWHU(UEHI|UGHUWHXQV]XGHPJURHQSUlFKWLJHQ*HElXGHGDVZLU ZlKUHQGGHU6FKXOXQJV]HLWPHKUDOVHLQPDOEHWUDFKWHWKDWWHQ 'DVZDUGLHJHKHLPQLVXPZLWWHUWH³3DUDSV\FKLVFKH$NWLYLHUXQJVNOLQLN´HLQ %DXZHUNGDV]XGHQDPYRUWUHIIOLFKVWHQDEJHVLFKHUWHQWHFKQLVFKHQ(LQULFKWXQJHQGHV *URHQ,PSHULXPV]lKOWH 'HU*OHLWHUODQGHWH:LUZXUGHQYRQHLQHUDQGHUHQ5RERWZDFKHHPSIDQJHQXQG GXUFKGLHHUVWH6WUXNWXUVFKOHXVHJHOHLWHW6LHJHK|UWH]XPlXHUHQ+RFKHQHUJLHVFKLUP 'HU]ZHLWH6FKXW]ZDOOPXWHHEHQIDOOVGXUFKVFKULWWHQZHUGHQ6FKOHXVHQIU /XIWIDKU]HXJHJDEHVQLFKW :LUJHODQJWHQ]XUU|KUHQI|UPLJHQ,GHQWLIL]LHUXQJVNDPPHULQGHUDXHUHLQHP
'HU.ULVWDOOSULQ]
M
$WODQ
VWDWLRQlUHQ5RERWJHKLUQQRFK]DKOUHLFKH$EZHKUZDIIHQHLQJHEDXWZDUHQ+LHUIDQGHQ QXUVROFKH3HUVRQHQ'XUFKODGLHVLFKRUGQXQJVJHPlOHJLWLPLHUHQNRQQWHQ (VGDXHUWHODQJHELVZLUGLHSHLQOLFKH3UR]HGXUEHUVWDQGHQKDWWHQ'DQQ VFKDXWHQZLUDXIGHQZHLWHQXUDOWHQ*HElXGHNRPSOH[GHU$NWLYLHUXQJVNOLQLN +LHUZLUNWHQXQGIRUVFKWHQGLHKHUYRUUDJHQGVWHQ3DUDZLVVHQVFKDIWOHUGHV *URHQ,PSHULXPV+LHUKDWWHGDV5HLFKEHUHLWVHQRUPH6XPPHQLQYHVWLHUWXPGLH ³=ZLHVSlOWLJH:LVVHQVFKDIW´]XI|UGHUQ 'LH*HELHWHGHU3DUDSV\FKRORJLHXQG3DUDSK\VLNILHOHQXQWHUGLHHUVWH PLOLWlULVFKH*HKHLPKDOWXQJVVWXIH$XFKGLH0DDKNVIRUVFKWHQLQGLHVHU5LFKWXQJGDV ZXWHQZLU (LQH(KUHQZDFKHEHVWHKHQGDXVKRFKJHZDFKVHQHQ6ROGDWHQHLQHU 5DXPODQGHHLQKHLWZDUDQJHWUHWHQ,FKZXUGHRIIL]LHOOEHJUWMHGRFKNRQQWHHVGHU NRPPDQGLHUHQGH2IIL]LHUQLFKWXQWHUODVVHQSUIHQGDXIMHQH,'0DUNH]XVFKDXHQ GLHPLUYRQGHP5RERWJHKLUQEHUUHLFKWZRUGHQZDU$XFK7LUDNRZXUGHQRFKPDOV EHJXWDFKWHW (UVWGDQDFKZXUGHGHU:HJLQV,QQHUHGHU.OLQLNHQGJOWLJIUHLJHJHEHQ,FK EHUGDFKWHGLH6LWXDWLRQ $GPLUDO7RUPDQDFKDWWHGDIUJHVRUJWGDLFKDOVHUVWHUGHUQHXQ$5. 6800,$(PSIlQJHUYRUJHODVVHQZXUGH ,FKZXWHGDGLHIUGLH$NWLYLHUXQJGHV/RJLNVHNWRUVEHVWLPPWHQ *HUlWVFKDIWHQQXULQHLQPDOLJHU$XVIKUXQJYRUKDQGHQZDUHQ'DVJDOWDXFKIUGLHYLHU DQGHUHQ3ODQHWHQDXIGHQHQPDQGLH:UGHHUZHUEHQNRQQWH'DVEHGHXWHWHIUPLFK HLQHQHUKHEOLFKHQXQWHU8PVWlQGHQHQWVFKHLGHQGHQ=HLWJHZLQQ:HQQLFKWDJHODQJELV ]XU%HKDQGOXQJKlWWHZDUWHQPVVHQZlUHGLH0|JOLFKNHLWHQGOLFKDNWLYLHUW]XZHUGHQ HUKHEOLFKJHULQJHUJHZHVHQ 7RUPDQDFKDWWHLQPHLQHUKRKHQ3XQNWHDQVDPPOXQJHLQHQWULIWLJHQ*UXQG JHIXQGHQPLFK]XHUVWYRU]XODVVHQ'DVZDUVFKRQLPPHUEOLFKJHZHVHQ-HQHU 6FKOHUGHUDPYRU]JOLFKVWHQDEJHVFKQLWWHQKDWWHZXUGH]XHUVWEHKDQGHOW ,FKKDWWHDOVRHLQHJXWH&KDQFHYRUDXVJHVHW]WPHLQHYRUJHWlXVFKWH,GHQWLWlW ZXUGHQLFKWVFKQHOOHUDOVHUZDUWHWHQWGHFNW6ROOWHGLHVGHQQRFKJHVFKHKHQRGHU EHUHLWVJHVFKHKHQVHLQVRZDUPLWGHPSO|W]OLFKHQ(UVFKHLQHQVFKZHUEHZDIIQHWHU *HKHLPSROL]LVWHQGHV,PSHUDWRUV]XUHFKQHQ,QGHP)DOOZUGHQDXFKGLHXQWHUGHV %OLQGHQ6RIJDUWV%HIHKOVWHKHQGHQ-DJGNRPPDQGRVGHU.UDODVHQHQQLFKWODQJHDXI VLFKZDUWHQODVVHQ 9RUXQV|IIQHWHVLFKHLQHZHLWH9RUKDOOH'LH0LWJOLHGHUGHU.OHLQHQ5XQGHZDUHQ YROO]lKOLJHUVFKLHQHQ,FKVFKDXWHPLFKXQDXIIlOOLJXPXQGXQWHUGUFNWHHLQH 9HUZQVFKXQJ 'LHLQ$QWLJUDYLWDWLRQVIHOGHUQVFKZHEHQGHQ)HUQVHKNDPHUDVZDUHQDXFKVFKRQ ZLHGHUYRUKDQGHQ1DWUOLFKKDWWH7RUPDQDFGHQYRQ0LOOLDUGHQ=XVFKDXHUQHUZDUWHWHQ %UDXFKGHU'LUHNWEHUWUDJXQJQLFKWMlKOLQJVDQQXOOLHUHQN|QQHQ(UPXWHGLH $QZHVHQKHLWGHU%HULFKWHUVWDWWHUGXOGHQ 8QJHGXOGLJOLHLFKGLH%HJUXQJVDQVSUDFKHEHUPLFKHUJHKHQ6FKOLHOLFK ZXUGHLFKQRFKPLWGHQYRUJHVFKULHEHQHQXQGZRKOJHVHW]WHQ:RUWHQDXIPHLQH ]XNQIWLJHQ3IOLFKWHQKLQJHZLHVHQ(VGDXHUWHDOOHVYLHO]XODQJH 7RUPDQDFZXWHGDVHEHQIDOOVDEHUGDUDQOLHVLFKQLFKWVlQGHUQ(QGOLFKNDP GLH]HUHPRQLHOOH6FKOXIUDJH
'HU.ULVWDOOSULQ]
M
$WODQ
³6LQG6LHEHUHLW+HUWDVR0DFRORQGLHKRKH(KUHGHU$5.6800,$ DQ]XQHKPHQXQGGLHGDPLWYHUEXQGHQHQ9RU]JHGHP*URHQ,PSHULXPVRZLH6HLQHU $OOHVVHKHQGHQ$OOHVZLVVHQGHQ(UKDEHQKHLW,PSHUDWRU2UEDQDVFKR,,,]XU9HUIJXQJ ]XVWHOOHQ"´ ,FKDQWZRUWHPLWGHUYRUJHVFKULHEHQHQ5HGHZHQGXQJ ³0HLQ/HEHQIU$UNRQ(UKDEHQHU´ 'DPLWKDWWHLFKHQGOLFKGLHIRUPHOOHQ3KUDVHQEHUVWDQGHQ1XQEHJDQQGLH 3UD[LV ,FKVDKGD7RUPDQDFHLQHQSUIHQGHQ%OLFNDXI7LUDNR*DPQRZDUI(UZXUGH YRQHLQHP2IIL]LHUGHV:DFKNRPPDQGRVDXIVHLQH3IOLFKWHQDOV(KUHQGLHQHU KLQJHZLHVHQ 'DQDFKKDWWH7LUDNRDOV%HREDFKWHUGLH3UR]HGXU]XEHUZDFKHQXQGEHLP JHULQJVWHQ9HUGDFKWHLQHUIHKOHUKDIWHQ+DQGOXQJ(LQVSUXFKHLQ]XOHJHQ)HUQHUKDWWHHU GDIU]XVRUJHQGDHVPHLQHPOHLEOLFKHQ:RKODQQLFKWVIHKOWH $XIJDEHQGLHVHU$UWEHUDQWZRUWHWHQGLH$5.6800,$(PSIlQJHUJUXQGVlW]OLFK LKUHQYHUWUDXWHVWHQ)UHXQGHQ7LUDNRZXUGHDQVWDQGVORVDN]HSWLHUW,FKDWPHWH HUOHLFKWHUWDXI 7RUPDQDFJHOHLWHWHPLFKGXUFKHLQLJH9RUUlXPH9RUHLQHPPHWHUVWDUNHQ6FKRWW DXV$UNRQVWDKODEJHVLFKHUWGXUFK]ZHL]XVlW]OLFKHXQGW|GOLFKZLUNHQGH(QHUJLHIHOGHU EOLHEHUVWHKHQ(UIDQG*HOHJHQKHLWPLUHLQLJH:RUWH]X]XUDXQHQ ³9RUVLFKW(WOLFKH6SXUHQGHXWHQGDUDXIKLQGD6LHDOV/JQHUHUNDQQWZRUGHQ VLQG:LUKDEHQEHUHLWV]ZHL%HVDW]XQJVPLWJOHLGHUGHU$5*2662LQ6FKXW]KDIW JHQRPPHQ'HUHQ$XVVDJHQ]XIROJHJLEWHVDEHUQRFKPHKU=HXJHQGLH0DFRORQV 7RGEHVWlWLJHQN|QQHQ'DUXQWHUHLQ+\SHUIXQNHUGHUELV]XPOHW]WHQ$XJHQEOLFNPLW 0DFRORQLQ.RQWDNWJHVWDQGHQKDW(ULVWQLFKWDXIILQGEDU(QWVLFKHUQ6LH,KUH 6SH]LDOZDIIH´ 0LUZXUGHKHL$OVRZDUGDV%HIUFKWHWHGRFKHLQJHWURIIHQ ³7HLOHQ6LHHV7LUDNRPLW,FKKDEHLKQYROOHLQJHZHLKW(VJDENHLQHDQGHUH 0|JOLFKNHLW¶IOVWHUWHLFKUDVFK]XUFN 'DPLWZDUXQVHU*HGDQNHQDXVWDXVFKVFKRQZLHGHUEHHQGHW:LVVHQVFKDIWOHULQ ZHLHQ.RPELQDWLRQHQHUVFKLHQHQ6LHUHDNWLYLHUWHQGLH6FKXW]VFKLUPHXQG|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hEHUPHLQHPYRQEUHLWHQ.ODPPHUQHLQJHVSDQQWHQ.RSIVFKZHEWHHLQH 0HWDOOKDXEHGLHVLFKZHLWHUREHUKDOENRQLVFKYHUMQJWH'RUWPQGHWHQGLH (QHUJLH]XOHLWXQJHQ ,FKGXUIWHXQGNRQQWHPLFKQLFKWEHZHJHQ'HU6FKlGHOKDWWHJHQDXVR OLHJHQ]XEOHLEHQZLHHUYRQGHQ:LVVHQVFKDIWOHUQDXVJHULFKWHWZRUGHQZDU,FKZXWH QXUGDHLQVFKDUIJHEQGHOWHU/LFKWEDONHQMHQHQ6HNWRUPDUNLHUWHLQGHPGLH
'HU.ULVWDOOSULQ]
M
$WODQ
6WUDKOXQJZLUNVDPZHUGHQVROOWH ,P*HJHQVDW]]XGHQDOOJHPHLQEHNDQQWHQ*HUlWVFKDIWHQHLQHU K\SQRVXJJHVWLYHQ8QWHUULFKWXQJZDUGLH$NWLYLHUXQJVJORFNHZLHVLHJHQDQQWZXUGH DQGHUVNRQVWUXLHUW6LHKDWWHGHP8QWHUEHZXWVHLQXQGDXFKGHPYRPJHVWHXHUWHQ :LOOHQUHODWLYXQDEKlQJLJHQ(ULQQHUXQJV]HQWUXPNHLQH:LVVHQVJWHU]XYHUPLWWHOQ,KUH $XIJDEHZDUHVLP9HUODXIHLQHVIQIGLPHQVLRQDOHQHUJHWLVFKHQ$XIODGXQJVSUR]HVVHV GLHLQIDVWDOOHQDUNRQLGLVFKHQ*HKLUQHQEUDFKOLHJHQGHQ6HNWRUHQ]XHUZHFNHQ ,P)DOOHGHU$5.6800,$JHVFKDKGDVQLFKWLQGHU)RUPHLQHU HLQ]XVFKDOWHQGHQ(PSIDQJVEHUHLWVFKDIWIUlXHUH(LQGUFNHDOOHU$UWVRQGHUQKLHU ZXUGHGHUELVODQJXQJHQXW]WH6HNWRUPLW',PSXOVHQ]XP(UZDFKHQDQJHUHJW 8QVHUH3DUDZLVVHQVFKDIWOHUKDWWHQVFKRQYRU-DKUWDXVHQGHQIHVWJHVWHOOWGD GLHVHV+LUQIUDJPHQWGHUVRJHQDQQWH/RJLNVHNWRULQ8U]HLWHQVHOEVWlQGLJ³RSHULHUW¶ KDWWH (UZDUIUGLHDOVWLHULVFKH,QVWLQNWHXQG%HJDEXQJHQEHNDQQWHQ(LJHQVFKDIWHQ ]XVWlQGLJJHZHVHQIUGDVDXVJHSUlJWH:LWWHUXQJVYHUP|JHQGDVYRUDXVVHKHQGH $KQHQXQGIUGLH(UIDVVXQJYRQ*HIDKUHQVRZLHIU'LQJHGLHLQIROJHHLQHVQRFK IHKOHQGHQ(UIDKUXQJVVFKDW]HVQXUPLWHLQHUXQEHZXWHLQVHW]HQGHQ/RJLNDXVZHUWXQJ JHPHLVWHUWZHUGHQNRQQWHQ (LQHMHGHGLHVHUYHUORUHQJHJDQJHQHQ)lKLJNHLWHQNRQQWHQLFKWPHKUDNWLYLHUW ZHUGHQDEHUHLQ%UXFKWHLOGDYRQZDUUHJHQHULHUEDU (VKDQGHOWHVLFKXPGLHORJLVFKH(UIDVVXQJYRQ*HJHEHQKHLWHQDOOHU$UW8QVHUH )DFKOHXWHZDUHQGDYRQEHU]HXJWGDGLHVH*DEHGLHXUVSUQJOLFKZHUWYROOVWH JHZHVHQZDU:DKUVFKHLQOLFKKDWWHQZLULKUXQVHU(PSRUVWHLJHQDXVGHP 6WHLQ]HLWGDVHLQ]XPKRFKWHFKQLVLHUWHQ9RON]XYHUGDQNHQ 'LH7KHRULHZDUHWZDVIUDJZUGLJDEHUDQGHU7DWVDFKHHLQHVEUDFKOLHJHQGHQ +LUQVHNWRUVZDUQLFKW]X]ZHLIHOQ'DVEHZLHVHQGLH$5.6800,$7UlJHU $UNRQLGHQGLHDXIGLHVHQDNWLYLHUWHQ6HNWRU]XUFNJUHLIHQNRQQWHQZDUHQLKUHQ =HLWJHQRVVHQZHLWEHUOHJHQ6LHYHUVWDQGHQXQGHUIDWHQ9RUNRPPQLVVHMHGHU$UW ZHVHQWOLFKVFKQHOOHUDOVDQGHUH3HUVRQHQ 6RNRQQWHQEHLVSLHOVZHLVH:LVVHQVFKDIWOHUPLWDNWLYLHUWHQ/RJLNVHNWRUHQ ZHVHQWOLFKEHVVHUH(UIROJHQDFKZHLVHQDOVLKUH³QRUPDOHQ´.ROOHJHQ )ORWWHQNRPPDQGHXUHPLWGHU$5.6800,$ZDUHQQDKH]XXQVFKODJEDU6LH NDONXOLHUWHQVFKQHOOHUXQGIROJHULFKWLJHU 0LUZDUY|OOLJNODUZDUXP)DUWXORRQVRJURHQ:HUWDXIGLH:LHGHUHUZHFNXQJ PHLQHV([WUDKLUQVOHJWH=XZHOFKHP=ZHFNDEHU":LHVROOWHLFKGHUVWHWV9HUIROJWH MHPDOVLQGLH/DJHNRPPHQGLHVHJURDUWLJH*DEHQXW]EULQJHQGDQ]XZHQGHQ" :LHVROOWHLFKMHPDOVHLQDQHUNDQQWHU:LVVHQVFKDIWOHU:LUWVFKDIWOHURGHU3ROLWLNHU ZHUGHQZHQQVRJDUHLQKRFKLQWHOOLJHQWHU0DQQZLH)DUWXORRQDFKW]HKQ-DKUHODQJGLH JU|WH0KHKDWWHPLFKYRUGHQ+lVFKHUQDE]XVFKLUPHQ (WZDVDQVHLQHP9RUKDEHQHUVFKLHQPLUXQORJLVFK,FKKDWWHPHLQHQ ZDFKVHQGHQ8QPXWQXUGHVKDOE]JHOQN|QQHQZHLOPLUPHLQ,QVWLQNWLPPHUZLHGHU ]XP$EZDUWHQJHUDWHQKDWWH)DUWXORRQJHK|UWHQLFKW]XMHQHQ$UNRQLGHQGLHHWZDV JUXQGORVLQGLH:HJHOHLWHWHQ 1XQUXKWHLFKVFKRQEHLQDKHIQI6WXQGHQODQJDXIGLHVHP/DJHU$XHUHLQHP EHVWlQGLJHQ6XPPHQXQGGHPKLHUXQGGDDXINOLQJHQGHQ*HPXUPHOGHUDXVIKUHQGHQ :LVVHQVFKDIWOHUKDWWHLFKQLFKWVJHK|UW
'HU.ULVWDOOSULQ]
M
$WODQ
hEHUGHQ$NWLYLHUXQJVSUR]HKDWWHQZLUXQVGLH+HUWDVRQHQGLH SKDQWDVWLVFKVWHQ9RUVWHOOXQJHQJHPDFKW'LHZLUNOLFK:LVVHQGHQKDWWHQJHVFKZLHJHQ XQGJHOlFKHOW ,FKKDWWHPLWHLQHPVSRQWDQHQ$XIIODFNHUQELVODQJXQJHNDQQWHU*HLVWHVHQHUJLHQ JHUHFKQHWPLWGHP(UW|QHQYRQXQZLUNOLFKHQ6WLPPHQXQGOHLVHU0XVLN 1LFKWVGHUJOHLFKHQZDUJHVFKHKHQ'DVZDVGLH$NWLYLHUXQJVJORFNHDXVVWUDKOWH ZDUXQK|UEDUXQIKOEDUXQGDXFKQLFKWRSWLVFKVLFKWEDU +DWWHPDQQLFKWLPPHUYRQGLHVHP/RJLNVHNWRUJHVSURFKHQ"%HL$UNRQ²ZDV KDWWHQZLUXQVLQXQVHUHQ7UlXPHQGDUXQWHUYRUJHVWHOOW :HQQLFKDEHUJHJODXEWKDWWHVFKRQQDFK]ZHLELVGUHL6WXQGHQ]XHLQHU *HLVWHVJU|H]XZHUGHQGLHLP.RSIPDWKHPDWLVFKH$XIJDEHQO|VWHGLHPDQ QRUPDOHUZHLVHLQHLQ5RERWJHKLUQVSHLVWHVRKDWWHLFKPLFKJHLUUW ,FKZDUHQWWlXVFKW]XWLHIVWHQWWlXVFKW(WZDVJOHLFKJOWLJZDVKlWWHZHQLJVWHQV JHVFKHKHQN|QQHQJHZLVVHUPDHQDOV=HLFKHQIUGHQ(UIROJ :HQQLFKPHLQH$XJHQVRZHLWLQGLH+|KOHQGUHKWHGDVLH]XVFKPHU]HQ EHJDQQHQNRQQWHLFK7LUDNR*DPQRVHKHQ(UVWDQGLPPHUQRFKKLQWHUGHP 6WUDKOVFKXW] 6FKOLHOLFKZDUHVVRZHLW 'LH:LVVHQVFKDIWOHUHUVFKLHQHQLQPHLQHPEHJUHQ]WHQ%OLFNIHOG'DV6XPPHQ YHUVWXPPWHGLHJURH*ORNNHQKDXEHVFKZHQNWH]XU6HLWH 0DQO|VWHGLH0HWDOONODPPHUQEHUPHLQHP6FKlGHOXQGULFKWHWHPLFKEHKXWVDP DXI ³:LHIKOHQ6LHVLFK(UKDEHQHU"hEHONHLW*OHLFKJHZLFKWVVW|UXQJHQ",VWGHU *HVLFKWVVLQQLQ2UGQXQJ"´ 2KMHW]WZXUGHLFKEHUHLWVPLWGHP7LWHODQJHUHGHW-DLFKIKOWHPLFKZRKOXQG GDVGUFNWHLFKDXFKDXV ³(UVWDXQOLFK´ZXUGHLFKJHOREW³:LUNHQQHQQXUZHQLJH)lOOHLQGHUODQJHQ *HVFKLFKWHGHU$5.6800,$GDHLQ´ -HPDQGKDWWHGLH7UDXIJOHLWHQODVVHQQRFKHKHLFKEHIUDJWZHUGHQNRQQWH'LH %HKDQGOXQJZDUEHHQGHW 'HU:LVVHQVFKDIWOHUHLQ3DUDSK\VLNHUXQWHUEUDFKVLFK(UODXVFKWHQDFK GUDXHQ$XFKLFKXQG7LUDNRKDWWHQGLHODXWVWDUNH6WLPPHYHUQRPPHQ'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´ ,FKZXWHJHQXJ7RUPDQDFZROOWHPLFKZDUQHQRGHUHUZlUHQLHPDOVVRODXW JHZRUGHQ7LUDNRKDQGHOWHHUVWDXQOLFKVFKQHOO (UZXWHHEHQVRJXWZLHLFKGDHLQ(QWNRPPHQGXUFKGLHYRUGHUH6WDKOWUQLFKW PHKUP|JOLFKZDU'RUWVWDQGHQGLH+lVFKHUGHU32*,0GHU³3ROLWLVFKHQ *HKHLPSROL]HLGHV,PSHUDWRUV´'LHVH0lQQHUEHVDHQZHLWUHLFKHQGH%HIXJQLVVH GHQHQDXFKHLQH3HUV|QOLFKNHLWZLH7RUPDQDFQLFKWODQJHZLGHUVWHKHQNRQQWH ³:RLVWGHUKLQWHUH$XVJDQJ"´IUDJWH7LUDNRVFKDUI'LH:DIIHLQVHLQHU+DQG ³1HLQIUDJHQ6LHQLFKWODQJH'DVLVWHLQ$WWHQWDW:RKHUVLQGVLHJHNRPPHQ ,FKZDUWHWHQLFKWDXIGLH$XVVDJHGHUYHUVW|UWHQ:LVVHQVFKDIWOHUVRQGHUQUDQQWH
'HU.ULVWDOOSULQ]
M
$WODQ
]XMHQHP$VVLVWHQWHQKLQEHUGHUGLHQVWHLIULJGDVYRUGHUH6WDKOVFKRWWJH|IIQHWKDWWH 'DYRUODJGHUOHW]WH6LFKHUKHLWVVWROOHQPLWGHQ$EZHKUZDIIHQ ,FKVWLHGHQlOWHUHQ0DQQ]XU6HLWHXQGGUFNWHDXIGHQ9HUVFKOXNQRSIGHV PHWHUVWDUNHQ6FKRWWV:lKUHQGHVODQJVDP]XVFKZHQNWHEHPHUNWHLFKGLHLQGHQ 9RUUDXPHLQGULQJHQGHQ0lQQHUGHU32*,0 6LHZDUHQEHUKPWXQGEHUFKWLJWIULKUVNUXSHOORVHV9HUKDOWHQXQGLKUH WHFKQLVFKSHUIHNWLRQLHUWHQ9HUK|UPHWKRGHQ6HLWGHP2UEDQDVFKRO,,,DQGHU0DFKWZDU KDWWHGLH32*,0HUKHEOLFKH9ROOPDFKWHQHUKDOWHQ ,FKJLQJ]XUFN]HUUWHGHQZLGHUVWUHEHQGHQ:LVVHQVFKDIWOHUPLWPLUXQGULGHQ OLQNHQ$UPQDFKREHQ0HLQHEHLGHQPLWWOHUHQ)LQJHUEHUKUWHQGHQ)HXHUNQRSI'LH HQWVLFKHUWH/XFFRWVFKOHXGHUVFKQHOOWHPLWGHP/DXIDXVGHPZHLWHQbUPHOKHUYRUXQG VFKRQILHOGHUHUVWH6FKX (UWUDI'HU(QHUJLHVWUDKOVFKOXJLQGLHgIIQXQJVVFKDOWXQJGHU3DQ]HUWUHLQXQG HU]HXJWHGRUWHLQH'HWRQDWLRQ'LH:LVVHQVFKDIWOHUJLQJHQVFKUHLHQGLQ'HFNXQJ 'LH32*,0ZDUXPHLQLJH0LQXWHQ]XVSlWHLQJHWURIIHQ:DKUVFKHLQOLFKZDUGHU &KHIGHV.RPPDQGRVYRQ7RUPDQDFVRODQJHZLHP|JOLFKDXIJHKDOWHQZRUGHQ ³7LUDNRGHU]ZHLWH$XVJDQJOLHJWUHFKWVKLQWHUGHP6FKDOWSXOW´ULHILFKGHP )UHXQG]X (UKDQGHOWHHUVWDXQOLFKVFKQHOO(UULEHUHLWVGLHHLQIDFKH7UDXIXQGVSlKWH KLQDXVDOVLFKQRFKGXUFKGHQJURHU6DDOUDQQWH -HQVHLWVGHVYRQPLUJHVFKORVVHQHQ6FKRWWVYHUQDKPLFKGLH$EVFKVVHVWDUNHU :DIIHQ:HQQPDQGDPLWGHQ$UNRQVWDKOEH]ZLQJHQZROOWHVRPXWHPDQVLFKHLQLJH 0KHJHEHQ6RVFKQHOO]HUVFKPRO]GLHVHV0DWHULDOQLFKW ,FKHUUHLFKWHGLH7U|IIQXQJ'DKLQWHUODJHLQ*DQJ ³:RKLQ"¶HUNXQGLJWHVLFK7LUDNR³'XELVWGLUGRFKGDUEHUNODUGDZLUDXV GLHVHU)DOOHQLFKWPHKUKHUDXVNRPPHQHVVHLGHQQMHPDQGKDWKLHU+LOIVNUlIWH VWDWLRQLHUW´ 'DVZDUDXFKPHLQH+RIIQXQJ:HQQPDQPLUQRFKHLQHKDOEH6WXQGH=HLW JHODVVHQKlWWHZlUHLFKXQEHVFKDGHWDXVGHU.OLQLNHQWODVVHQZRUGHQ1XQHUVFKLHQ HVDXVVLFKWVORV ,FKUDQQWHGHQ*DQJKLQXQWHU7LUDNRIROJWH9RUXQVJDEHOWHVLFKGHU)OXU'LH KLQZHLVHQGHQ/HXFKWVFKULIWHQZDUHQPLUZLOONRPPHQ ³/LQNVGHU7UDQVPLWWHUUDXP´NHXFKWH7LUDNR³:HQQZLULKQHUUHLFKHQXQGZHQQ HVJHOLQJWHLQ*HUlW´ 'DV'U|KQHQHLQHU6FKXVDOYHOLHLKQYHUVWXPPHQ9RUXQVZXUGHHEHQIDOOV JHNlPSIW'DLFKPLUQLFKWYRUVWHOOHQNRQQWHGDGLHDKQXQJVORVHQ:LVVHQVFKDIWOHUGHU .OLQLNGHUHLQGULQJHQGHQ32*,0:LGHUVWDQGHQWJHJHQVHW]WHQEOLHEQXUGLH 6FKOXIROJHUXQJRIIHQGD$GPLUDO7RUPDQDFGRUWHLQLJH:DFKHQSRVWLHUWKDWWH6LH PXWHQ6RQGHUEHIHKOHHUKDOWHQKDEHQ :LUVSUDQJHQHUQHXW'LH*lQJHVFKLHQHQNHLQ(QGH]XQHKPHQ-HZHLWHUZLU YRUGUDQJHQXPVRKHIWLJHUZXUGHGHU*HIHFKWVOlUP(UVFKLHQDXVGHU5LFKWXQJGHV 7UDQVPLWWHUUDXPV]XNRPPHQ (VZXUGHDOOPlKOLFKKHLHU'DV*HOOHQGHU)HXHUDODUP3IHLIHQZDUQLFKWPHKU ]XEHUK|UHQ'RUWZXUGHPLW+RFKHQHUJLHZDIIHQJHVFKRVVHQ'LH+LW]HHQWZLFNOXQJ ZDUXQDXVEOHLEOLFK 9RUXQVODJHLQHDQGHUH7UGLHVPDOZLHGHUHLQVWDUNHV6FKRWWDXV$UNRQVWDKO
'HU.ULVWDOOSULQ]
M
$WODQ
$OVLFKDXIGHQgIIQXQJVVFKDOWHUGUFNHQZROOWHVFKZDQJVLHEHUHLWVDXI-HPDQG PXWHXQVPLW+LOIHGHU%LOGDQODJHUHFKW]HLWLJJHVHKHQKDEHQ (LQ/DXWVSUHFKHUGU|KQWHDXI'LH6WLPPHGHV6SUHFKHUVNDQQWHLFKQLFKWDEHU HUNDQQWHPHLQHQULFKWLJHQ1DPHQ ³(QGOLFK$WODQ6LHN|QQHQKLHURKQH6FKXW]DQ]XJQLFKWHLQGULQJHQ:LUKDEHQ DEHUNHLQH=HLWPHKU]XYHUOLHUHQ9HU]LFKWHQ6LHGDUDXIXQGEHJHEHQ6LHVLFKVRIRUWLQ GHQ7UDQVPLWWHUVDDO'DV'UHLPDQQJHUlW1XPPHUIQILVWIU,KUH=ZHFNHSURJUDPPLHUW ZRUGHQ'HU(PSIlQJHUOlXIWXQGJLEWGDV9LROHWWVLJQDO'XUFKVFKUHLWHQ6LHGHQ 9RUUDXPXQGEHQXW]HQ6LHGLHUHFKWH7U1XUQLFKWGLHOLQNHQHKPHQGDQQNlPHQVLH ]XXQV:LUKDEHQXQVLQGHPJHSDQ]HUWHQ9RUUDXPYHUEDUULNDGLHUW=ZHLWDXVHQG*UDG +LW]H$WODQ9RUVLFKW'LH6FKXW]VFKLUPHGHU.DPSIDQ]JHKDOWHQQLFKWPHKUODQJH VWDQG*HKHQ6LHQDFKUHFKWV,FK´ :LHGHUGU|KQWHHLQH6DOYH'LH32*,0YHUZHQGHWHPRGHUQH,QWHUYDOO/XFFRWVPLW HLQHU)HXHUJHVFKZLQGLJNHLWYRQIQI]LJ(QHUJLHVW|HQSUR6HNXQGH,QGHP9RUUDXP NRQQWHPDQXQJHVFKW]WQLFKWPHKUH[LVWLHUHQ ,FKULHILQGDV0LNURSKRQ'HU0DQQGHUPLUGLH+LQZHLVHJHJHEHQKDWWH DQWZRUWHWHQLFKWPHKU 'LHDXWRPDWLVFKHQ)HXHUO|VFKDQODJHQDUEHLWHWHQVHLW0LQXWHQ:HQQMHGRFK ZHLWHUKLQJHVFKRVVHQZXUGHZUGHGLHVHV*HElXGHDEEUHQQHQ 'HP.RPPDQGHXUGHUHLQJHGUXQJHQHQ32*,0(LQKHLWVFKLHQGDVJOHLFKJOWLJ ]XVHLQ:LUGXUFKVFKULWWHQGLH3DQ]HUVFKOHXVH6HOEVWKLHUKHUUVFKWHQVFKRQ EHDFKWOLFKH7HPSHUDWXUHQ 'LH6LFKHUKHLWVHLQULFKWXQJHQLQGLHVHP*HElXGHWHLONDQQWHLFKQLFKWHLQPDOYRQ +|UHQVDJHQ6LHPXWHQMHGRFKVHKUJXWVHLQRGHUGLHVWlQGLJIUHLZHUGHQGHQ $WRPJOXWHQKlWWHQGDV%DXZHUNOlQJVWLQ$VFKHYHUZDQGHOW $XHUGHPZDU¶HVDXFKLQZHQLJHUZLFKWLJHQ$QODJHQDOVLQMHQHQGHU3lUDNOLQLN EOLFK7UDQVPLWWHUVlOHGXUFK(QHUJLHVFKLUPHXQG3DQ]HUVFKOHXVHQDE]XVFKLUPHQ'DV VFKLHQEHVRQGHUVEHDFKWHWZRUGHQ]XVHLQ ,FKGUFNWHDXIGHQgIIQXQJVVFKDOWHUGHUYRQGHP8QEHNDQQWHQEH]HLFKQHWHQ 7U7LUDNRVFKORGDV+DXSW(LQJDQJVVFKRWW(UZROOWHGHQ6FKDOWHU]HUVFKLHHQ XQWHUOLHHVDEHUNOXJHUZHLVH(VZDUVFKRQKHLJHQXJ 'LHZHLWHQ*HZlQGHUVW|UWHQPLFK6LHUHLFKWHQIDVWELV]XGHQ)HQXQG KLQGHUWHQPLFKLQPHLQHU%HZHJXQJVIUHLKHLW9RUVLFKWLJVSlKWHLFKKLQWHUGHU DXIJOHLWHQGHQ7UKHUYRU 9RUXQVODJHLQULHVLJHU6DDO(VZDUGLH7UDQVPLWWHUVWDWLRQGHU.OLQLN$QGHU YHUVFKLHGHQDUWLJHQ*U|HQRUGQXQJGHU*HUlWHHUNDQQWHLFKGDPDQYRQKLHUDXV VRJDU)HUQUHLVHQXQWHUQHKPHQNRQQWH'DPLWZDUHQGLH6LFKHUKHLWVYRUNHKUXQJHQ HUNOlUW)HUQWUDQVPLWWHUZXUGHQZHJHQGHV0HWKDQNULHJHVJHQHUHOOVWDUNJHVLFKHUW ³,VWMHPDQGDQZHVHQG"´IUDJWH7LUDNR(UVFKLHQGLHSHUVRQLIL]LHUWH $XVJHJOLFKHQKHLW]XVHLQ ,FKVFKWWHOWHGHQ.RSIWUDW]XU6HLWHXQGOLHLKQHLQ(LQ.QRSIGUXFNVFKORGDV 6FKRWW ³'HQ0HFKDQLVPXV]HUVFKLHHQVFKQHOO´GUlQJWHLFK³:LUPVVHQXQVGHQ 5FNHQIUHLKDOWHQ$XI)HLQVWUDKOVFKDOWHQ´ ,FKJLQJUDVFKLQGHQ6DDOKLQHLQXQGVXFKWHQDFKGHP'UHLPDQQWUDQVPLWWHUPLW GHU1XPPHUQEH]HLFKQXQJ³IQI´
'HU.ULVWDOOSULQ]
M
$WODQ
+LQWHUPLUGU|KQWH7LUDNRV6FKXDXI)UGHQ%UXFKWHLOHLQHU6HNXQGHZDUGHU 6DDOLQEOHQGHQGH+HOOLJNHLWJHWDXFKW(LQHKHLH'UXFNZHOOHHUIDWHPLFK6LHYHUOLHI VLFKUDVFKGHQQKLHUJDEHVQRFKJHQXJNDOWH/XIWPDVVHQ]XUVRIRUWLJHQ $EVRUSWLRQGHU$WRPJOXW 1XPPHUIQIVWDQGZHLWKLQWHQLQHLQHUDEJHOHJHQHQ(FNHhEHUGHP NlILJDUWLJHQ(QWPDWHULDOLVDWRUEOLQNWHHLQHYLROHWWH/DPSH'DV*HUlWZDUWDWVlFKOLFK SURJDPPLHUWXQGDXI6HQGXQJJHVFKDOWHW'DVNRQQWHQQXUMHQH0lQQHUYHUDQODW KDEHQGLH]XU=HLWHLQHQDXVVLFKWVORVHQ.DPSIJHJHQHLQHQEHUPlFKWLJHQ*HJQHU DXVWUXJHQ :DUXPWDWHQVLHGDV"1XUGHVKDOEZHLOVLH²ZDKUVFKHLQOLFKYRQ7RUPDQDF² HLQH$QZHLVXQJHUKDOWHQKDWWHQ"2GHUEHVDHQVLHWLHIHUJHKHQGH*UQGH" ,FKNDPQLFKWPHKUGD]XPHLQHQ*HGDQNHQJDQJ]X(QGH]XGHQNHQ9RUXQV HWZD]ZDQ]LJ0HWHUHQWIHUQWIODPPWHSO|W]OLFKGDV5HPDWHULDOLVLHUXQJVIHOGHLQHV JU|HUHQ7UDQVPLWWHUVDXI(UNRQQWHGLH0DWHULHPDVVHYRQIQI3HUVRQHQDXIHLQPDO EHI|UGHUQ ,FKHUEOLFNWHGXQNHOURWH8QLIRUPHQ'DVZDUGLHYHUKDWHXQGJHIUFKWHWH)DUEH GHU32*,0 'DVILOLJUDQDUWLJH)OLPPHUQYHUGLFKWHWHVLFK'LH.|USHUUHPDWHULDOLVLHUWHQXQG ZXUGHQVWRIIOLFKVWDELO 6LHWUXJHQ.DPSIDQ]JHDEHUQRFKKDWWHQVLHLKUH,QGLYLGXDO6FKLUPIHOGHUQLFKW HLQJHVFKDOWHW'DVZDUEHLHLQHP7UDQVPLWWHUVSUXQJXQP|JOLFK 7LUDNRULHIHWZDVZDVLFKQLFKWYHUVWHKHQNRQQWH(VJHQJWHPLUDXFKY|OOLJ GDHUDXJHQEOLFNOLFKGDV)HXHUHU|IIQHWH ,FKVFKRHEHQIDOOV'LH/XFFRWVFKOHXGHUEHZlKUWHVLFKKHUYRUUDJHQGREZRKO LFKQXUEHUGHQDXVJHVWUHFNWHQ$UPKLQZHJ]LHOHQNRQQWH%HLHLQHPEUHLWJHIlFKHUWHQ (QHUJLHVFKXVSLHOWHGHUJHQDXH$XIWUHIISXQNWDXFKNHLQH5ROOH(UZLUNWHLPPHU ]HUVW|UHQG 'LHIQI.|USHUIODPPWHQQRFKLQQHUKDOEGHV7UDQVPLWWHUNlILJVDXIXQGEUDFKHQ ]XVDPPHQ1XUHLQ32*,00DQQNDPQRFK]XU*HJHQZHKU 6HLQH6FKXVDOYHDXVHLQHP,QWHUYDOOVWUDKOHUIDXFKWHEHUPLFKKLQZHJIXKULQ HLQKLQWHUPLUVWHKHQGHV6FKDOWJHUlWXQGEUDFKWHHV]XU([SORVLRQ:HLJOKHQGH 0HWDOOXQG.XQVWVWRIIPDVVHQVSULW]WHQXPKHU ,FKNDXHUWHLQGHU'HFNXQJHLQHV8PIRUPHUV6RHQWJLQJLFKGHUIOVVLJHQ*OXW PLW0KHXQG1RW ³%LVWGXYHUOHW]W"´VFKULHPLU7LUDNR]X 0HLQH$QWZRUWZDUHLQJH]LHOWHU6FKXDXIGHQ-XVWLHUXQJVVFKDOWHUGHV (PSIlQJHUWHLOHV (U]HUEDUVWIODPPHQVSUKHQG'DVVFKHPHQKDIWH(QHUJLHIHOGGHV7UDQVPLWWHUV EUDFKLQVLFK]XVDPPHQXQGHUORVFK (LQH+LW]HZHOOHGXUFKIOXWHWHGHQJURHQ5DXP+LHUGXUIWHQLFKWPHKU JHVFKRVVHQZHUGHQRGHUZLUZUGHQXQVVHOEVWGHP)ODPPHQWRGDXVOLHIHUQ (LQVFKQHOOHU5XQGEOLFNEHU]HXJWHPLFKGDYRQGDGLHDQGHUHQ 7UDQVSRUWJHUlWHQLFKWHLQJHVFKDOWHWZDUHQ'XUFKVLHNRQQWHQNHLQH*HKHLPSROL]LVWHQ HLQGULQJHQ 7LUDNRVWDQGEHUHLWVYRUGHP*LWWHUNlILJPLWGHU1XPPHUIQI(UKLHOWVLFK DXHUKDOEGHVURWHQ*HIDKUHQNUHLVHVVFKLHQGLH6FKDOWXQJVHLQVWHOOXQJDEHUJXW
'HU.ULVWDOOSULQ]
M
$WODQ
DEOHVHQ]XN|QQHQ ,FKUDQQWH]XGHP7UDQVPLWWHUKLQEHUGXUFKGHQVRHEHQGLH3ROL]LVWHQ HLQJHGUXQJHQZDUHQ,FKZROOWHYHUVXFKHQHLQHGHUVFKZHUHQ:DIIHQ]XHUEHXWHQ (VJHODQJPLUQLFKWPHKUGDGLH5RERWVWHXHUXQJGHU.OLPDDQODJHLQGLHVHP $XJHQEOLFN9ROODODUPJDEXQGGLHDXWRPDWLVFKHQ/|VFKHULQ%HWULHEVHW]WH (LQZHLHU6FKDXPUHJHQHUJRVLFKYRQGHU'HFNHKHUDEDXIGHQEUHQQHQGHQ 7UDQVPLWWHU(UGHFNWHGLH7RWHQXQGDXFKGLH:DIIHQ]X+LHUXQGGD]XFNWHQ JUHLOZHLH)ODPPHQ]XQJHQDXVGHPJOKHQGHQ*HUlW ³=XUFNGXULVNLHUVWGHLQ/HEHQ´VFKULH7LUDNR³'LH6WUDKOHUN|QQHQ H[SORGLHUHQZHQQHVGLH/|VFKDQODJHQLFKWVFKQHOOJHQXJVFKDIIW´ ,FKIROJWHVHLQHP5DWXQGOLHI]XLKPKLQEHU+LHUZDUGLH+LW]HQLFKWPHKUVR XQHUWUlJOLFK ³'LH/XFFRWVFKOHXGHULVWIUGLHVHV.DPSIJHVFKHKHQXQWDXJOLFK´HUNOlUWHLFK KDVWLJ³'HU/DXIVFKQHOOWQDFKMHGHP6FKXLQGLH$XVJDQJVVWHOOXQJ]XUFN ³'XZLUVWVLHZDKUVFKHLQOLFKEDOGQLFKWPHKUJHEUDXFKHQ´ (UGHXWHWHDXIGLH-XVWLHUXQJVVFKDOWXQJGHV7UDQVPLWWHUV1XPPHUIQI'D EHPHUNWHLFKHEHQIDOOVGDHUNHLQHDXWRPDWLVFKH=HLWDXVO|VXQJEHVD(UPXWHYRQ GHUQDKHQ6FKDOWVWDWLRQDXVEHGLHQWZHUGHQ'HUHQ%HVDW]XQJZDUMHGRFK YHUVFKZXQGHQ ,FKVSUDQJKLQEHUVSlKWHGXUFKGLHGLFNHQ3DQ]HUSODVWVFKHLEHQXQG]RJGDQQ GLHGLFNH6WDKOWUDXI (VZDUQLHPDQG]XVHKHQ 7LUDNRVWDQGSO|W]OLFKKLQWHUPLU,FKEHUOHJWHVFKQHOO8QYHUPLWWHOWJHVFKDK HWZDVGDVPLFKHUVFKUHFNW]XVDPPHQIDKUHQOLH 7LUDNRGUHKWHVLFKUDVFKXPXQGOLHVLFKPLWVFKXEHUHLWHU:DIIH]X%RGHQ IDOOHQ ³1HLQQHLQHVNRPPWQLHPDQGQRFKQLFKW´ZHKUWHLFKDE³:LUKDEHQQRFK HLQLJH0LQXWHQ=HLW7LUDNRPHLQ.RSI³ (UULFKWHWHVLFKDXIXQGVWW]WHPLFK6HLQ$WHPNDPVWRZHLVH ³:DVVSUVWGX"(LQHQ,PSXOV"$WODQGHQNHDQGLH$NWLYLHUXQJ6LHZLUG ZLUNVDPYLHOOHLFKWVFKQHOOHUDOVJHGDFKW'LH(UHLJQLVVH ³-DLFKZHL¶´XQWHUEUDFKLFKLKQ³6FKZHLJELWWH¶´ ,FKODXVFKWHLQPLFKKLQHLQ'DYHUQDKPLFKGLHHLJHQWPOLFKZLVSHUQGH6WUPH HUQHXW 0LUZDUDOVVSUlFKHHLQ8QVLFKWEDUHUGLUHNWLQPHLQ2KU'HQQRFKZDUHVNHLQH DNXVWLVFKH*HUlXVFKDXIQDKPHVRQGHUQHLQH$UWWHOHSDWKLVFKHU,PSXOVGHUWLHIDXV PHLQHP8QWHUEHZXWVHLQNRPPHQPXWH ,FKIUDJWHXQJHZROOWPLWODXWHU6WLPPH7LUDNRXPNODPPHUWHPHLQHQ$UP ³6FKVVH.DPSIKDQGOXQJ´ZLVSHUWHHWZDV(VNRQQWHVLFKQXUXPPHLQHQ DNWLYLHUWHQ/RJLNVHNWRUKDQGHOQ³$OVRQRFKOHEHQGH)UHXQGH+ROHQUHWWHQ-HPDQG PXVFKDOWHQ 'DPLWZDUGLHHUVWHKLQZHLVHQGHbXHUXQJPHLQHVHUZDFKWHQ*HKLUQWHLOV YRUEHU ³3KDQWDVWLVFK´IOVWHUWH7LUDNRIDV]LQLHUW³'DVLVWSKDQWDVWLVFK´ ³:RKHUZHLWGX´¶ ³'XKDVWODXWPLWJHVSURFKHQ1DWUOLFKGUDXHQZLUGQRFKJHVFKRVVHQ-HPDQG
'HU.ULVWDOOSULQ]
M
$WODQ
KlOWIUXQVGHQ.RSIKLQ:LHVRELQLFKQLFKWGDUDXIJHNRPPHQ"´ ,FKEHJDQQPLWGHU6FKQHOOLJNHLWHLQHV5RERWHUV]XKDQGHOQ'DEHLZDULFK LQQHUOLFKY|OOLJDXVJHJOLFKHQ:DUGDVHEHQIDOOVDXIGHQDNWLYLHUWHQ6HNWRU ]XUFN]XIKUHQ" ³7LUDNRGHFNPLUGHQ5FNHQ(VJLEWKLQWHUXQVQXUHLQH7UMHQHGXUFKGLHZLU JHNRPPHQVLQG'HU+DXSWHLQJDQJLVWKLHU(UIKUWGXUFKGLH6FKDOW]HQWUDOHGLH JOHLFK]HLWLJHLQHOHW]WH.RQWUROOP|JOLFKNHLWGDUVWHOOW,FKKROHMHQHQ0DQQGHUGUDXHQ QRFKIHXHUW´ ³'XZLUVWYHUEUHQQHQ´ ,FKGHXWHWHZRUWORVDXIGLHVFKZHUHQ6FKXW]DQ]JH6LHKLQJHQLQHLQHPJURHQ :DQGVFKUDQNGHQLFKDEHUHUVWMHW]WEHPHUNWKDWWH,FKVFKLHQPHLQH8PJHEXQJ SO|W]OLFKPLWDQGHUHQ$XJHQ]XVHKHQ 7LUDNRKDOIPLULQGHQ.DPSIDQ]XJKLQHLQ(UEHVDHLQNUlIWLJHV (QHUJLHDJJUHJDW]XU(U]HXJXQJHLQHVZLUNXQJVYROOHQ+RFKHQHUJLHVFKLUPV'DPLW NRQQWHLFK*OXWHQELV]XGUHLWDXVHQG*UDGDEVRUELHUHQ ,FKULGLHKLQWHUH6WDKOWUDXI'DYRUODJHLQNXU]HUJHSDQ]HUWHU*DQJ(U HQGHWHYRUHLQHU6WUDKOVFKXW]VFKOHXVH'DKLQWHUILHOHQQRFKLPPHU6FKVVH ³'LH'HFNHN|QQWHGXUFKEURFKHQZHUGHQ¶´ZLVSHUWHHVLQPHLQHP*HKLUQ ,FKIXKUHUQHXW]XVDPPHQGRFKGLHVPDOVWHOOWHLFKNHLQHEHUIOVVLJHQ hEHUOHJXQJHQDQ'LHVHU/RJLNVHNWRUVFKLHQGLH(LJHQDUW]XEHVLW]HQVLFKMHGHU]HLW PHOGHQ]XN|QQHQDXFKGDQQZHQQPDQHVQLFKWZQVFKWH ³7LUDNRDXIGLH'HFNHGHV6DDOHVDFKWHQ,FKZUGHDQ6WHOOHGHU32*,0YRQ REHQKHUGXUFKEUHFKHQ(LQH=HUPUEXQJVVSUHQJXQJJHQJW6LHHU]HXJWNHLQH 'UXFNZHOOHXQGLVWIDVWODXWORV¶ 'HU)UHXQGVWDUUWHPLFKYHUEOIIWDQ,FKJULQVWH'DYHUVWDQGHU,QPHLQHP.RSI HUW|QWH*HOlFKWHU ³5XKH´JHERWLFK ³%LWWH",FKYHUVWHKHQLFKWZDVDFKVRGRFKLFKKDEHYHUVWDQGHQ%HLGHU .ULVWDOOZHOWLFKKDEHQRFKQLHMHPDQGDQJHVLFKWVVROFKHU*HIDKUHQODFKHQVHKHQ´ ³,FKJULQVH([DPHQVEUXGHU´ ³*HKVWGXQXQHQGOLFK"+DOWHGLH32*,0QLFKWIUGXPP0DQZLUGDOOHV DXIELHWHQXPGLFK]XIDVVHQ´ ³8QGGLFKPLWPLU-XQJH:LOOVWGXQLFKWDXVVWHLJHQ"%HKDXSWHQLFKKlWWHGLFK JH]ZXQJHQPLFK]XEHJOHLWHQ"'LH7RWHQUHGHQQLFKWPHKU´ (UVFKDXWHPLFKHQWVHW]WDQ ³,VWGLHVH)HVWVWHOOXQJDXFKDXIHLQHQ5DWGHLQHV/RJLNVHNWRUV]XUFN]XIKUHQ"´ ,QPLUODFKWHHWZDV,FKDQWZRUWHWHQLFKWPHKUVRQGHUQ|IIQHWHGDV6FKRWWGHU 6FKOHXVH'DV'U|KQHQGHU6FKVVHZXUGHODXWHU 'LH7UVFKORVLFKZLHGHU7LUDNRYHUVFKZDQGDXVPHLQHP6LFKWEHUHLFK,FK OLHGHQ0LNURUHDNWRULQQHUKDOEGHV5FNHQWRUQLVWHUVDQODXIHQXQGGUFNWHDXIGLH -XVWLHUXQJVVFKDOWXQJGHV6FKXW]VFKLUPV .QLVWHUQGOHJWHHUVLFKEHUPHLQHQ.|USHU9RQGHQYHUVFKLHGHQDUWLJHQ3ROHQ VSUDQJHQKHOOH(QWODGXQJVEOLW]HEHU ,FK]|JHUWHHLQHQ$XJHQEOLFNLQEDQJHU8QJHZLKHLWHKHLFKHVZDJWHDXIGHQ gIIQXQJVNQRSIGHU]ZHLWHQ6FKOHXVHQWU]XGUFNHQ:HQQVLHVLFKLQIROJHHLQHU H[WUHPHQ+LW]HHLQZLUNXQJQLFKWPHKU|IIQHQOLHGDQQZDUHQZLUYHUORUHQ-HPDQG
'HU.ULVWDOOSULQ]
M
$WODQ
PXWHGHQ7UDQVPLWWHUYRQGHU6FKDOWVWDWLRQDXVEHGLHQHQ ³.HLQH6RUJH´UDXQWHPHLQQHXHU3DUWQHU³$UNRQVWDKOLVWZLGHUVWDQGVIlKLJHUDOV HLQOHLFKWHU(QHUJLHVFKLUP'DGHLQ)UHXQGQRFKVFKLHWNDQQHVQLFKW]XKHLVHLQ´ ,FKZROOWHPLUYRUGLH6WLUQVFKODJHQWUDIDEHUQXUGLH6FKHLEHGHV6FKXW]KHOPV $OOPlKOLFKYHUVWDQGLFKZDUXPGLH$NWLYLHUXQJGDVEHGHXWVDPVWH(UHLJQLVLP/HEHQ HLQHV$UNRQLGHQZDU 'DV6FKRWWJOLWWQDFKDXHQDXI,FKZDUDXIHLQLJHVJHIDWJHZHVHQGDUDXIDEHU QLFKW (LQ*OXWRUNDQKHXOWHPLUHQWJHJHQ:HLJOKHQGHUKLW]WH*DVHIDXFKWHQLQGLH QRFKQRUPDOWHPSHULHUWH6FKOHXVHQNDPPHUKLQHLQ 6LHVFKOHXGHUWHQPLFKJHJHQGLH(LQJDQJVWUXQGZLUEHOWHQPLFKDQVFKOLHHQG DXIGHP%RGHQXPKHU :HQQGLHKLHUYHUZHQGHWHQ0DWHULDOLHQQLFKWDXVVFKOLHOLFKDXV$UNRQVWDKO EHVWDQGHQKlWWHQZlUHGLHVHU7HLOGHV.OLQLNJHElXGHVOlQJVWLQVLFK ]XVDPPHQJHEURFKHQ1RUPDOH6WHLQHKlWWHQGLHVHQWKHUPLVFKHQ*HZDOWHQQLFKW VWDQGKDOWHQN|QQHQ 'DV&KDRVPlLJWHVLFKHEHQVRVFKQHOOZLHHVEHUPLFKKHUHLQJHEURFKHQZDU 'HU'UXFNDXVJOHLFKZDUEHHQGHW2KQHGHQVFKW]HQGHQ(QHUJLHVFKLUPZlUHLFKMHW]W QLFKWQXU]HUVFKPHWWHUWVRQGHUQVFKRQ]X$VFKHYHUEUDQQWJHZHVHQ ,FKULFKWHWHPLFKDXIXQWHUGUFNWHGHQ6FKPHU]XQGVFKULWWQDFKYRUQ5HQQHQ NRQQWHLFKQLFKW'DIUZDUGLH6FKXW]NOHLGXQJ]XKLQGHUOLFK ,QGHPJUHOOHQ*OKHQEHPHUNWHLFKHLQHQ.|USHU6HLQEODJHOEVFKLPPHUQGHU (QHUJLHVFKLUPKREVLFKIDUEOLFKJXWYRQGHQHUKLW]WHQ/XIWPDVVHQDE 'HU0DQQVFKLHQY|OOLJHUVFK|SIW]XVHLQ9LHOOHLFKWZDUHUVRJDUYHUZXQGHW (UODJGLFKWYRUGHPlXHUHQ6FKRWWVRDOVKlWWHHUYHUVXFKWGLHVH7U]X |IIQHQ'LH:DIIHZDUVHLQHQ+lQGHQHQWIDOOHQ6LHJOKWHGXQNHOURWXQGZDU XQEUDXFKEDUJHZRUGHQ 'LH.RQWUROODQ]HLJHQLQPHLQHP+HOPVFKQHOOWHQDXI*HIDKUHQZHUW'LH 7HPSHUDWXUODJEHUHLWVGLFKWXQWHUGHUPD[LPDOHQ%HODVWXQJVJUHQ]H,FK]|JHUWHQLFKW +LQWHUGHUWUDQVSDUHQWHQ+HOPVFKHLEHGHV)UHPGHQEHPHUNWHLFKHLQVFKPDOHV *HVLFKW8QVDJEDUH4XDOHQKDWWHQHVJH]HLFKQHW$OVHUPLFKVDKUDQJHUVLFKHLQ /lFKHOQDE ,FKVWHOOWHNHLQH)UDJHQ6HLQH)XQNVSUHFKDQODJHPXWHOlQJVWDXVJHIDOOHQVHLQ ,FK]HUUWHLKQPLWGHQ6FKXOWHUQYRUDQLQGLH6FKOHXVHVFKORGLHQRFK IXQNWLRQLHUHQGH7UXQGGUFNWHDXIGHQ%HOIWXQJVXQG$EVRUSWLRQVVFKDOWHU 6FKOHXVHQGLHVHU$UWZDUHQGDIUYRUJHVHKHQJHVFKlGLJWDQNRPPHQGH 7UDQVPLWWHUUHLVHQGH]XHQWJLIWHQ=XGLHVHP%HJULII]lKOWHDXFKHLQHhEHUKLW]XQJ QLFKWRUJDQLVFKHU*WHU )UPHLQ*HIKOVFKLHQHV6WXQGHQ]XGDXHUQELVGHUYRQDXHUKDOEEH]RJHQH )ULVFKOXIWVWURPHQGOLFKGLHKHLHQ*DVPDVVHQYHUGUlQJWKDWWH $OVGLH7HPSHUDWXUDXISOXVVLHE]LJ*UDGJHIDOOHQZDU|IIQHWHLFKGLHLQQHUH 6FKOHXVHQWU :LHGHU]RJLFKGHQRIIHQEDUWRWDOHUVFK|SIWHQ8QEHNDQQWHQPLWGHP.RSIYRUDQ KLQDXV,P7UDQVPLWWHUVDDOOLHLFKLKQYRUVLFKWLJ]X%RGHQVLQNHQ 7LUDNRZDUGD(UZDUWHWHELVXQVHU+HOIHUVHLQHQIODFNHUQGHQ6FKXW]VFKLUP DEJHVFKDOWHWKDWWH*HPHLQVDP|IIQHWHQZLUVHLQHQ6FKXW]KHOP
'HU.ULVWDOOSULQ]
M
$WODQ
'HUHUVWH/DXWZDUHLQTXDOYROOHV6W|KQHQ:LU]RJHQLKPLQDOOHU(LOHGHQ .DPSIDQ]XJYRP.|USHU'DEHPHUNWHQZLUGLH8UVDFKHVHLQHU/HLGHQ (UZDUYLHO]XVFKZHUYHUEUDQQWZRUGHQDOVGDZLULKPQRFKKlWWHQKHOIHQ N|QQHQ'LHVHU0DQQZDUGHP7RGHJHZHLKW$QVFKHLQHQGZDUVHLQ6FKXW]IHOGIUGHQ %UXFKWHLOHLQHU6HNXQGHXQGLFKWJHZRUGHQXQGGDVKDWWHDXVJHUHLFKWXPGLH JOKHQGHQ*DVHVHLQHQXQJHVFKW]WHQ.|USHUDQJUHLIHQ]XODVVHQ'HUJHVDPWH 8QWHUN|USHUZDUELV]XU+|KHGHV/HLEHVVFKZHUJHVFKlGLJW³$WODQ´ ³'HUELQLFK6FKZHLJHQ6LHPHLQ)UHXQG:LUZHUGHQYHUVXFKHQ,KQHQ´ ³1HLQ´OHKQWHHUU|FKHOQGDE³'LHGLHDQGHUHQVLQGJHIDOOHQ6FKLUPYHUVDJHQ ,FK²LFKKDEHGHQ=XJDQJYHUVFKZHLW7URW]GHP%HHLOXQJ%ULQJHQ6LHPLFK]XGHQ 7UDQVPLWWHUVFKDOWXQJHQ6FKQHOOVFKQHOO´ ³(UKDWUHFKW´HUNOlUWHPHLQ/RJLNVHNWRU³.HLQH+LOIHPHKUP|JOLFK:RUDXI ZDUWHVWGX"´ ,FKIDWHLKQXQWHUGHQ$UPHQ7LUDNRKDOI6RWUDQVSRUWLHUHQZLUGHQ0DQQ]XP 6FKDOWSXOW ³0LWGHP2EHUN|USHUDXIGLH9HUNOHLGXQJOHJHQ´VW|KQWHHU³1HLQQLFKWVHW]HQ ,FK]HUEUHFKH6FKQHOOGUEHUOHJHQ,FKPXGLHJUQPDUNLHUWH(LQKHLWHUUHLFKHQ N|QQHQ´ 7LUDNRVFKOXFK]WH9RQ0LWOHLGEHUZlOWLJWVDKHUDXIGHQW|GOLFK9HUZXQGHWHQ :LUOHJWHQLKQZXQVFKJHPlDXIGDVKDOEUXQGH6FKDOWSXOW ³*XWVR*HKHQ6LHLQGHQ7UDQVPLWWHU1XPPHUIQI6FKQHOOLFKNDQQQLFKW OlQJHUGXUFKKDOWHQ$WODQ²PHLQ/HEHQIU6LH+HOIHQ6LHPHLQHP9RON6FKQHOO´ 7LUDNRXQGLFKUDQQWHQhEHUXQVEHJDQQGLH'HFNH]XEU|FNHOQ,FKHQWUL 7LUDNRGLH'LHQVWZDIIHXQGIHXHUWHHLQLJH+RFKHQHUJLHVFKVVHQDFKREHQ -HPDQGVWU]WHVFKUHLHQGGXUFKGDVSO|W]OLFKHQWVWHKHQGH/RFK 'DQQVWDQGHQZLULQGHP7UDQVPLWWHU8QVHU+HOIHUZDUKLQWHUGHQGLNNHQ 3DQ]HUVFKHLEHQQXUXQGHXWOLFK]XHUNHQQHQ ³(UVFKDIIWHVQLFKWPHKU´EHKDXSWHWH7LUDNREHEHQG³'DVNDQQQLHPDQG DXVKDOWHQ1LHKlWWHLFKJHJODXEWGD´ 'DVHQWVWHKHQGH(QWPDWHULDOLVLHUXQJVIHOGOLHLKQYHUVWXPPHQ8QVHU)UHXQG KDWWHHVGRFKQRFKJHVFKDIIW :HLWHUYRUQVFKZHEWHGHUHUVWH3ROL]HLURERWHUDXVGHP/RFKLQGHU'HFNH´(KH GLH0DVFKLQHMHGRFKDXIXQVHU7UDQVSRUWJHUlWVFKLHHQNRQQWHVSUWHLFKEHUHLWVGHQ JUHOOHQ6FKPHU]GHU(QWPDWHULDOLVLHUXQJ 7LUDNRZDUQXUQRFKVFKHPHQKDIWHUNHQQEDU'DQQYHUOLHHQPLFKGLH6LQQH ,FK WDXPHOWH LQ )DUWXORRQV $UPH 1HEHQ LKP VWDQG (LVNUDOOH +LQWHU GHQ EHLGHQ DOWHQ)UHXQGHQJHZDKUWHLFKHLQLJH0lQQHUGLHLFKQLH]XYRUJHVHKHQKDWWH ³5XKLJ -XQJH JDQ] UXKLJ´ VSUDFK )DUWXORRQ OHLVH ³'X KDVW HV ZLUNOLFK EHUVWDQGHQ $K GHLQ )UHXQG 7LUDNR *DPQR :LOONRPPHQ LQ PHLQHP 6WW]SXQNW 6LH VLQGVLFKKRIIHQWOLFKGDUEHUNODUGDHVIU6LHNHLQ=XUFNPHKUJLEW"0DQZLUG6LH MDJHQ ZLH $WODQ ,FK ZHUGH MHGRFK GDIU VRUJHQ GD ,KU +HUU 9DWHU XQDQJHIRFKWHQ EOHLEW (U KDWWH MD DXFK ZLUNOLFK NHLQH $KQXQJ YRQ GHP )HKOWULWW VHLQHV 6RKQHV´
'HU.ULVWDOOSULQ]
M
$WODQ
)DUWXORRQODFKWHWLHIXQGGXQNHO ,FKVDKKLQXQWHULQGDVEUHLWH*HVLFKWGHVUHODWLYNOHLQHQDEHUXQJHKHXHUVWDUNHQ 0DQQHV )DUWXORRQV JHOEOLFKH XQWHU VWDUNHQ :OVWHQ OLHJHQGH $XJHQ VFKLHQHQ ZLH LP LQQHUHQ7ULXPSK]XOHXFKWHQ,FKZXWHZDUXP (UKDWWHVHLQ=LHOHUUHLFKW,FKKDWWHGLH$5.6800,$HUUXQJHQXQGDXHUGHP ZDU HV PLW¶ QRFK P|JOLFK JHZHVHQ PHLQHQ +lVFKHUQ LP OHW]WHQ $XJHQEOLFN ]X HQWNRPPHQ-DHUKDWWHDOOHVHUUHLFKW,FKDEHU²ZDVKDWWHLFKJHZRQQHQ" ,FK O|VWH PLFK DXV VHLQHQ VWDUNHQ $UPHQ XQG VWLH PLFK GDEHL DQ VHLQHP %UXVWSDQ]HU$OVRWUXJHUGLHVHVDOWHVFKHXOLFKH'LQJLPPHUQRFK1DWUOLFKEDXPHOWH DQ VHLQHP *UWHO GDV EUHLWH .XU]VFKZHUW GHP HU GLH JHKHLPQLVYROO NOLQJHQGH %H]HLFKQXQJ³6NDUJ´YHUOLHKHQKDWWH (UZDUVFKRQHLQVHOWVDPHU0DQQPHLQYHUHKUWHU(U]LHKHUXQG/HKUPHLVWHU (LVNUDOOH NDP DXI PLFK ]X (U VWUDKOWH 'HU NOHLQH &KUHWNRU GHU LPPHU EHIUFKWHWH LQ H[WUHPHU +LW]H ]HUVFKPHO]HQ XQG EHL ]X JURHU .lOWHHLQZLUNXQJ ]HUVSOLWWHUQ]XPVVHQZDUHLQ-XJHQGJHIlKUWH ,FK OHJWH EHLGH +lQGH DXI VHLQH 6FKXOWHUQ ,KP GLH +DQG ]X UHLFKHQ ZDU QLFKW UDWVDP:HQQHUVLHNUPPWHGDQQHUVWDUUWHMHGHUGHUYRQLKUXPIDQJHQZXUGH]X(LV 7LUDNR ZLFK YRUVLFKWVKDOEHU ]XUFN (LVNUDOOH EHVD HLQHQ Y|OOLJ WUDQVSDUHQWHQ .|USHUXQWHUGHVVHQ$XHQKOOHGLH2UJDQHXQG%OXWJHIlHGHXWOLFKHUNHQQEDUZDUHQ (UJOLFKHLQHPDQDWRPLVFKHQ3KDQWRPELOG ³$WODQ ZLOONRPPHQ (V WXW PLU OHLG GD LFK QLFKW EHL GLU VHLQ NRQQWH )DUWXORRQ GLHVHU:LGHUOLQYHUERWHVPLU ³)UHXH GLFK´ OlFKHOWH LFK XQG KROWH WLHI /XIW $OOPlKOLFK ZLFK GLH 6FKZlFKH YRQ PLU (LQ 7UDQVPLWWHUVSUXQJ LVW LPPHU DQVWUHQJHQG ³)UHXH GLFK .OHLQHU ,Q GHU +DOOH ZlUHVWGXWDWVlFKOLFK]HUVFKPRO]HQ´ ³&KUHNWEHZDKUHPLFK´VFKULHHUXQGHUKREDEZHKUHQGGLH+lQGH 7LUDNR KVWHOWH :LH JHEDQQW VWDUUWH HU DXI (LVNUDOOHV .RSI 'DV *HKLUQ ZDU GHXWOLFKHUNHQQEDU ,FKVFKDXWHPLFKXP 'HU5DXPZDUPLWWHOJUR'HU(PSIDQJVWUDQVPLWWHUHLQNOHLQHV=ZHLPDQQJHUlW EHDQVSUXFKWHGHQJU|WHQ7HLOGHV3ODW]HV ³:RVLQGZLU"´HUNXQGLJWHLFKPLFK ³$XI /DUJDPHQLD -XQJH 7LHI XQWHU GHQ )HOVPDVVHQ HLQHV *HELUJHV GDV VHLQHUVHLWV YRQ HLQHU (QHUJLHNXSSHO GHU 6LPXODWLRQVDQODJH EHUGDFKW ZLUG :HQQ GDV NHLQJXWHV9HUVWHFNLVW (UODFKWHXQGUFNWHVHLQHQ+DUQLVFK]XUHFKW ,FKO|VWHGLH0DJQHWYHUVFKOVVHGHV6FKXW]DQ]XJV0HLQZHLHV*HZDQGZXUGH VLFKWEDU )DUWXORRQ WUDW ]XUFN 6HLQH $XJHQ VFKLHQHQ ]X OHXFKWHQ 2K²GLHVHQ ³IHLHUOLFKHQ´*HVLFKWVDXVGUXFNNDQQWHLFK ³1HLQ QLFKW GDV´ ZHKUWH LFK HQWVHW]W DE ³%LWWH NHLQH VFK|QHQ :RUWH XQG /REUHGHQ,FKKDEHJHQXJGDYRQJHK|UW´ ³'DUXP JHKW HV QLFKW (XHU (UKDEHQKHLW´ VDJWH HLQHU GHU 0lQQHU GLH LFK QLH ]XYRU JHVHKHQ KDWWH (U SUHWH GLH 5HFKWH JHJHQ GLH 6WLUQ XQG YHUEHXJWH VLFK 6HLQH %HJOHLWHU NQLHWHQ QLHGHU XQG OHJWHQ GLH )LQJHUVSLW]HQ EHU GLH $XJHQ 'DV ZDU HLQH WUDGLWLRQHOOH*HVWHGLH (VZDUPLUQLFKWP|JOLFKGHQ*HGDQNHQ]X(QGH]XVSLQQHQ,FKIKOWHZLHLQ
'HU.ULVWDOOSULQ]
M
$WODQ
PLUMHGHU0XVNHOYHUVWHLIWH'DVGDVZDUGRFKQLFKWP|JOLFK ³'RFK´PHOGHWHVLFKPHLQ/RJLNVHNWRUPLWGHULKPHLJHQHQ*HODVVHQKHLW³'RFK 6RZHUGHQQXUGHU,PSHUDWRUXQGGHU.ULVWDOOSULQ]GHV5HLFKHVEHJUW´ 'LHPRPHQWDQH6WDUUHZLFKYRQPLU9RUPHLQHQ$XJHQHUVFKLHQHQURWH5LQJH 6LHYHUGLFKWHWHQVLFK]X)HXHUUlGHUQ ,FK YHUQDKP HUUHJWH 6WLPPHQ XQG GDV =LVFKHQ HLQHU +RFKGUXFNVSULW]H 0HLQ $UPEHJDQQ]XVFKPHU]HQDEHUGHU6FKZlFKHDQIDOOZXUGHDXJHQEOLFNOLFKEHVHLWLJW,FK NRQQWHDXFKZLHGHUNODUVHKHQ 'LH GUHL 0lQQHU NQLHWHQ QRFK LPPHU 'HU lOWHUH $UNRQLGH MHQHU GHU PLFK PLW GLHVHPIUPLFKXQIDOLHKHQ7LWHODQJHVSURFKHQKDWWHVFKDXWHPLFKSUIHQGDQ ³,FK ELQ $UFWDPRQ HKHPDOV SHUV|QOLFKHU 6DFKEHUDWHU 6HLQHU (UKDEHQKHLW GHV ,PSHUDWRUV*RQR]DOGHV6LHEHQWHQYRQ$UNRQLQ)UDJHQGHU,QQHQSROLWLN0LUJHODQJHV HEHQIDOOV GHQ +lVFKHUQ GHV %UXGHUP|UGHUV 2UEDQDVFKRO ,,, ]X HQWNRPPHQ ,FK EHJUH(XHU(UKDEHQKHLWLQ)UHXGH'DQNEDUNHLWXQG'HPXW´ 1XQNQLHWHHUDXFKQRFKQLHGHU ³%LWWH VWHKHQ 6LH DXI PHLQ +HUU LFK ELWWH 6LH 'DV²GDV VROOWHQ 6LH QLFKW WXQ 'DVVWHKWPLUQLFKW]X,FKYHUVWHKHEHUKDXSWQLFKW ,FK IKOWH )DUWXORRQV +DQG PHLQHQ 2EHUDUP XPVSDQQHQ (U GUFNWH ]X 6HLQH HQRUPH.UDIWHQWIDOWXQJHQWORFNWHPLUHLQ6W|KQHQ ³'XPXW]XGLUILQGHQ´YHUQDKPLFKVHLQH6WLPPH³'LH6WXQGHGHU:DKUKHLWLVW JHNRPPHQ $WODQ 'DV KDWWH LFK GLU YHUVSURFKHQ 'HLQH ZLVVHQVFKDIWOLFKH $XVELOGXQJ LVW DEJHVFKORVVHQ GLH 0DQQEDUNHLWV5HLIHSUIXQJ KDVW GX PLW GHU (UULQJXQJ GHU $5. 6800,$ EHUDXV YHUGLHQW EHVWDQGHQ /D PLFK GHLQ (UVWHU 'LHQHU VHLQ ,FK ZHUGH LQ GLU VWHWV GHQ KLOIORVHQ -XQJHQ VHKHQ GHQ LFK YRU YLHU]HKQ -DKUHQ DUNRQLGLVFKHU =HLWUHFKQXQJLQ6LFKHUKHLWEUDFKWH'HUYRQVHLQHPYHUEUHFKHULVFKHQ%UXGHUHUPRUGHWH ,PSHUDWRU*RQR]DO9,,ZDUGHLQJWLJHUXQGPLWJOlQ]HQGHQ)lKLJNHLWHQDXVJHVWDWWHWHU +HUU9DWHU'XELVWGHUUHFKWPlLJH.ULVWDOOSULQ]GHV5HLFKHVGHUNRPPHQGH+HUUVFKHU EHU GDV *URH ,PSHULXP XQG GXUFK GDV $EOHEHQ GHLQHV 9DWHUV MHW]W VFKRQ GHU YRP *HVHW]EHVWLPPWH,PSHUDWRU*RQR]DOGHU$FKWH,FKJUHXQGHKUH(XHU(UKDEHQKHLW ³)DUWXORRQ 1LFKW QLHGHUNQLHQ 1LFKW ,FK ELWWH GLH HKUHQZHUWHQ +HUUHQ DXI]XVWHKHQELWWH6LHEHVFKlPHQPLFK -HQHUDOWH0DQQGHUVLFKDOV$UFWDPRQYRUJHVWHOOWKDWWHVDKPLFKDQZLHPLFK QRFKQLHHLQ$UNRQLGHDQJHVFKDXWKDWWH :HOFKHLQH)UHXGHXQG9HUHKUXQJDEHUDXFKZHOFKHLQH(UOHLFKWHUXQJZDUDXV GLHVHU0LPLNKHUDXVOHVEDU0LUZXUGHVFKRQZLHGHUHOHQG ,FKVDKPLFKKLOIHVXFKHQGQDFKGHP)UHXQGXP7LUDNRZDUGD²QDWUOLFKZDUHU GD$EHUZLHHUGDZDU (U VWDQG LQ VWHLIHU +DOWXQJ KLQWHU PLU YRUVFKULIWVPlLJ GLH %HLQH JHVSUHL]W XQG GLHUHFKWH+DQGJHJHQGLHOLQNH%UXVWVHLWHJHSUHW 6R EHJUWHQ DUNRQLGLVFKH 2IIL]LHUH LKUH K|FKVWHQ .RPPDQGHXUH XQG QDWUOLFK DXFKGHQ,PSHUDWRUGHV5HLFKHV :DKUVFKHLQOLFKZROOWHHUGXUFKPLFK³+LQGXUFKVWDUUHQ´ZLHHVGHU%UDXFKJHERW DEHUGDVJHODQJLKPJOFNOLFKHUZHLVHQLFKW6HLQH/LSSHQEHEWHQXQGGLHUHFKWH+DQG ]LWWHUWHREZRKOVLHDXIGHU%UXVWSODWWHHLQHQJXWHQ+DOWIDQG (LJHQWOLFK ZDU HV 7LUDNR *DPQR GHU PLU XQJHZROOW PHLQH LQQHUH )DVVXQJ ]XUFNJDE,FKWUDWDXILKQ]XXQG]HUUWHDQVHLQHP]HU]DXVWHQ+DDU
'HU.ULVWDOOSULQ]
M
$WODQ
³'XPPNRSI´VFKDOWLFKLKQ³+DVWGXGDVQ|WLJ"6WHOOWPDQVLFKYRUHLQHP)UHXQG DXIPLWGHPPDQ/HLGXQG*HIDKUHQJHWHLOWWUDW"´ ³(XHU(UKDEHQKHLW´ ,FKWUDWLKPNUlIWLJDXIGHQ)X'DNRQQWHHUHLQHQ/DXWGHV6FKPHU]HVQLFKW XQWHUGUFNHQ,FKJULQVWHLKQDQ ³$KZLUGPDQZLHGHUYHUQQIWLJ")DUWXORRQ´ µ 'HU ³%DXFKDXIVFKQHLGHU²YRQ *RUWDYRU GDFKWH QLFKW GDUDQ VHLQ DXIJHZKOWHV 6HHOHQOHEHQHEHQIDOOVVREOR]XVWHOOHQZLH7LUDNR*DPQR ³,FK ELQ ]X HUUHJW XQG ]X EHUUDVFKW XP PLFK MHW]W YHUQQIWLJHU lXHUQ ]X N|QQHQDOVLFKHVEHUHLWVYHUVXFKWH´¶VDJWHLFK ³2KGDVNOLQJDEHU]LHPOLFKYHUQQIWLJ´EHKDXSWHWHPHLQ/HKUPHLVWHU $UFWDPRQ VFKPXQ]HOWH (U VFKLHQ JOHLFK 7LUDNR HLQ JXWHU %HREDFKWHU XQG JOlQ]HQGHU3V\FKRORJH]XVHLQ :DKUVFKHLQOLFK KDWWH HU ODQJH DXI PHLQ (UVFKHLQHQ JHZDUWHW (LQ 0DQQ YRQ VHLQHP 5DQJ KDWWH VLFK QDWXUJHPl IUDJHQ PVVHQ LQ ZHOFKHU :HLVH VLFK GHU .ULVWDOOSULQ]GHV5HLFKHVHQWZLFNHOQZUGH 'DV ZDUHQ EHUHFKWLJWH 9RUEHKDOWH JHZHVHQ ,FK KlWWH QDFK GHU )OXFKW XQG EHL )DUWXORRQV XQNRQYHQWLRQHOOHQ (U]LHKXQJVPHWKRGHQ GXUFKDXV ]X HLQHP ZLGHUERUVWLJHQ XQGXQDXVVWHKOLFKHQ0DQQZHUGHQN|QQHQ 1XQPHKUQDFKGHU(U|IIQXQJEHUPHLQHZDKUH+HUNXQIWKlWWHVLFKHLQELVODQJ LQPHLQHP8QWHUEHZXWVHLQYHUERUJHQHU'QNHOEHPHUNEDUPDFKHQN|QQHQ(VZDUHQ EHUKDXSW YLHOH 0|JOLFKNHLWHQ ]XU QHJDWLYHQ %HZHUWXQJ PHLQHU 3HUVRQ GHQNEDU JHZHVHQ ,FKYHUVWDQGVFKRQZDUXPPLFKGHUDOWH0DQQVRHLJHQWPOLFKDQJHEOLFNWKDWWH 1LFKWMHGHU6RKQLVWVHLQHP9DWHUJOHLFK]XVWHOOHQ6RZDUDXFKDXV7LUDNR*DPQRNHLQ NDOWKHU]LJHU *HVFKlIWVPDQQ JHZRUGHQ VRQGHUQ HLQ N|USHUOLFK VFKZlFKOLFKHU VFK|QJHLVWLJHU -QJOLQJ GHU YRQ GHU +DQGHOVUDXPVFKLIIVIORWWH VHLQHV (U]LHKHUV VR JXW ZLHQLFKWVZLVVHQZROOWH ³,FK ELQ PGH DEJHVSDQQW XQG IDVW QLFKW PHKU EHL 6LQQHQ ,FK ELWWH XP HLQLJH 6WXQGHQGHU5XKH)DUWXORRQJLEWHVKLHUHLQ%DG"´ 6HLWGHUIUPLFKQJFKLPPHUXQYRUVWHOOEDUHQ(U|IIQXQJEHUPHLQH+HUNXQIW ZDUHQVLHEHQ7DJHSODQHWDULVFKHU=HLWYHUJDQJHQ ,FKKDWWHPLW)DUWXORRQ$UFWDPRQXQGGHQGUHLDQGHUHQ+HUUHQVHLQHU%HJOHLWXQJ IDVWXQXQWHUEURFKHQ]XVDPPHQJHVHVVHQXPPLUEHUPHLQHQ/HEHQVZHJXQGEHU GDVJUDXVDPH6FKLFNVDOPHLQHV9DWHUVEHULFKWHQ]XODVVHQ )DUWXORRQZDULQGHU1lKHJHZHVHQDOV,PSHUDWRU*RQR]DO9,,ZlKUHQGHLQHU -DJGH[SHGLWLRQDXIHLQHPYRQ$UNRQEHKHUUVFKWHQ8UZHOWSODQHWHQ³YHUXQJOFNWH´(V ZDUNHLQ8QIDOOJHZHVHQVRQGHUQHLQZRKOYRUEHUHLWHWHU0RUG 1DWUOLFKKDWWHGHU%UXGHUPHLQHV9DWHUVGHUKHXWLJH,PSHUDWRU2UEDQDVFKRO,,, GLH8QWDWQLFKWSHUV|QOLFKEHJDQJHQ(VVWDQGDEHUHLQGHXWLJIHVWGDPHLQ9DWHULP $XIWUDJVHLQHVMQJHUHQ%UXGHUVJHW|WHWZRUGHQZDU 'HU=HLWSXQNWIUGLHVHV9HUEUHFKHQZDUJQVWLJJHZHVHQ,FKGHU.ULVWDOOSULQ]
'HU.ULVWDOOSULQ]
M
$WODQ
GHV5HLFKHVHLQ]LJHU6RKQGHV+HUUVFKHUVZDUHUVWYLHU-DKUHDOWJHZHVHQ 0HLQ2KHLPKDWWHGLHJQVWLJH*HOHJHQKHLWEHLP6FKRSIHUIDWXQGGLHYRP 9RONHIUHLJHZlKOWHQ0LWJOLHGHUGHV+RKHQ5DWHVYRQ$UNRQGDYRQEHU]HXJHQN|QQHQ GDHU2UEDQDVFKROELV]XP=HLWSXQNWPHLQHU5HLIHSUIXQJGLH5HJHQWVFKDIWLP6LQQH PHLQHVYHUXQJOFNWHQ9DWHUV]XPHLQHQ*XQVWHQXQGLP,QWHUHVVHGHV*URHQ ,PSHULXPVDXVEHQPVVH )DUWXORRQKDWWHUHFKW]HLWLJ9RUVRUJHJHWURIIHQ0HLQ9DWHUKDWWHEHUHLWV]XVHLQHQ /HE]HLWHQXQJHKHXUHILQDQ]LHOOH0LWWHOXQG$XVUVWXQJVJWHUDOOHU$UW]XU9HUIJXQJ JHVWHOOW(UKDWWHLPPHUPLWHLQHP$WWHQWDWJHUHFKQHW(UKDWWHVHLQHP/HLEDU]W )DUWXORRQYROOXQGJDQ]YHUWUDXWZDVVLFKVSlWHUDOVVHKUZHLVHHUZLHVHQKDWWH )LOPDXIQDKPHQJHKHLPH6WDDWVGRNXPHQWHXQGDEJHK|UWH*HVSUlFKH]ZLVFKHQ GHP5HJHQWHQXQGVHLQHQ.UHDWXUHQKDWWHQPLUEHZLHVHQGD)DUWXORRQUHFKW]HLWJ JHQXJGDVWUJHULVFKH6SLHOXPGLH0DFKWGXUFKOHXFKWHWXQGVLFKGDUDXIYRUEHUHLWHW KDWWH =XMHQHU=HLWWUXJLFKGHQ1DPHQGHQPLUPHLQ9DWHUEHLPHLQHU*HEXUW YHUOLHKHQKDWWH,FKKLHGDPDOV³0DVFDUHQ´(VZDUMHGRFKVWHWVGHUSHUV|QOLFKH :XQVFKPHLQHU0XWWHUJHZHVHQLFKVROOHGHQ1DPHQ³$WODQ´IKUHQ'DVKDWWH )DUWXORRQQLHYHUJHVVHQ 1XUZHQLJH0RQDWHQDFK$QWULWWVHLQHU5HJHQWVFKDIWHUJULII2UEDQDVFKROGLH DEVROXWH0DFKW'HU+RKH5DWZXUGHZHJHQDQJHEOLFKYHUZHUIOLFKHU0DFKHQVFKDIWHQ XQG8QIlKLJNHLWDXIJHO|VW'LH.UHDWXUHQGHV2UEDQDVFKROQDKPHQGLHIUHLJHZRUGHQHQ 3OlW]HLP3DUODPHQWGHV5HLFKHVHLQ (UZXUGHRIIL]LHOO]XP,PSHUDWRUEHVWLPPW'DPLWZDUPHLQ/HEHQQLFKWVPHKU ZHUWJHZHVHQ´ 2UEDQDVFKROGHU'ULWWHZLHVLFKPHLQ2KHLPQXQPHKUQDQQWHKDWWHMHGRFK )DUWXORRQV*HVFKLFNOLFKNHLWXQGGLH9RUVRUJHPHLQHV9DWHUVXQWHUVFKlW]W 1DWXUJHPlJDEHVLQDOOHQZLFKWLJHQ,QVWLWXWLRQHQGHV5HLFKHVEHVRQGHUVLQ GHU)ORWWH]DKOUHLFKH3HUVRQHQGLH2UEDQDVFKROVVFKPXW]LJHV6SLHOGXUFKVFKDXW KDWWHQ6RZDU)DUWXORRQ]XVHLQHQ9HUEQGHWHQJHNRPPHQ 0HLQH,QGLYLGXDOGDWHQZXUGHQDXVGHPJURHQ5RERWJHKLUQGHU.ULVWDOOZHOW JHO|VFKW9RQGDDQZDULFKGDVKLOIORVH.LQGDXI*UXQGVROFKHU8QWHUODJHQQLFKWPHKU DXIILQGEDU1LFKWHLQPDOGLH32*,0KDWWHGLHVH/|VFKXQJYHUKLQGHUQN|QQHQ )DUWXORRQXQGVHLQH)UHXQGHZDUHQVWHWVHWZDVVFKQHOOHUJHZHVHQ ,FKHUKLHOWGHQ1DPHQ³$WODQ´)DUWXORRQEUDFKWHPLFKPLW+LOIHKRFKVWHKHQGHU )ORWWHQRIIL]LHUHLQ6LFKHUKHLW(LQHUYRQLKQHQZDU$GPLUDO7RUPDQDFJHZHVHQ(UKDWWH GLH9HUIROJXQJVUDXPVFKLIIHGHU32*,0DEVFKLHHQODVVHQ $OOHUGLQJVKDWWHPDQLKPQLHPDOVHLQHVWDDWVJHIlKUGHQGH0DQLSXODWLRQ QDFKZHLVHQN|QQHQ :HQQHUQLFKWVRPlFKWLJXQGEHOLHEWJHZHVHQZlUHKlWWHHU]ZHLIHOORVVHLQ /HEHQHLQJHEW6RDEHUKDWWHHVVHOEVWHLQ2UEDQDVFKROQLFKWZDJHQN|QQHQGLHVHQ YRPDUNRQLGLVFKHQ9RONYHUHKUWHQ)ORWWHQDGPLUDO]XEHVHLWLJHQ 7RUPDQDFZDUXQWHU+LQZHLVDXIVHLQHEHLGHQ%HLQSURWKHVHQGLHLKQLP )URQWHLQVDW]QLHPDOVJHVW|UWKDWWHQDXVGHPDNWLYHQ'LHQVWHQWODVVHQXQG]XP 3UIXQJVSODQHWHQ/DUJDPHQLDDEJHVFKREHQZRUGHQ 'LH)ROJHQGLHVHU+DQGOXQJVZHLVHKDWWHPHLQ2KHLPYRU]ZHL7DJHQ]XVSUHQ EHNRPPHQ(LQ0DQQZLH7RUPDQDFJDEQLHPDOVDXI(UKDWWHGLH)OXFKWDXVGHU.OLQLN
'HU.ULVWDOOSULQ]
M
$WODQ
DUUDQJLHUW'LH7HFKQLNHUGHU7UDQVPLWWHU]HQWUDOHKDWWHQ]XVHLQHQ9HUWUDXWHQJH]lKOW 0HLQZHLWHUHU/HEHQVZHJZDUYRQ)DUWXORRQEHVWLPPWZRUGHQ(UKDWWHDXFK QLFKWEHUVHKHQPLUHLQHHUVWNODVVLJH+RFKVFKXODXVELOGXQJ]XWHLOZHUGHQ]XODVVHQ 'DHUQDWXUJHPlGLHYLHOHQ:LVVHQVJHELHWHQLFKWEHKHUUVFKHQNRQQWHZDUHQ 6SLW]HQZLVVHQVFKDIWOHUPHLQHV9RONHVLQDOOHU+HLPOLFKNHLW]XPHLQHQ/HKUHUQ JHZRUGHQ 1XQZXWHLFKDOVRZRKHUGLHJHKHLPQLVYROOHQ0lQQHUJHNRPPHQZDUHQXQG ZDVVLHGDPLWEHDEVLFKWLJWKDWWHQ(LQHRIIL]LHOOH+RFKVFKXOHKDWWHLFKQLFKWEHVXFKHQ N|QQHQ)UPLFKZDUHVMHGRFKHLQJOFNOLFKHU8PVWDQGJHZHVHQGDHLQDOWHV DUNRQLGLVFKHV*HVHW]GLHSULYDWH8QWHUULFKWXQJQLFKWQXUJHVWDWWHWHVRQGHUQGHUHQ (UJHEQLVVRJDURIIL]LHOODQHUNDQQWHYRUDXVJHVHW]WGHU3UIOLQJKLHOWGHP([DPHQ VWDQG 1XQLFKKDWWHDXI/DUJDPHQLDEHZLHVHQGDPHLQH6FKXOXQJHUVWNODVVLJ JHZHVHQZDU-HW]WNDPHVGDUDXIDQGLHPLU]XVWHKHQGH3RVLWLRQ]XJHZLQQHQ'DV PXWH]ZDQJVOlXILJGHQ6WXU]GHVDPWLHUHQGHQ,PSHUDWRUVEHGHXWHQ 'DV9RUKDEHQZDUUHFKWOLFKHLQZDQGIUHLXQGHVNODQJDXFKJXWQXUKDWWHPLU PHLQ/RJLNVHNWRUVS|WWLVFK]XJHUDXQW2UEDQDVFKROZUGHZRKOHWZDVJHJHQVHLQH (QWPDFKWXQJHLQ]XZHQGHQKDEHQ 'DVZXWHDXFK)DUWXORRQ8QVHUHYRUGULQJOLFKVWH0DQDKPHPXWHMHW]WGDULQ EHVWHKHQGDVDXIHLQLJHWDXVHQGEHVLHGHOWHQ3ODQHWHQYHUWHLOWH9RONGHU$UNRQLGHQ EHUGLH7DWVDFKHQ]XLQIRUPLHUHQ ,FKKDWWHQDFKGHU(UULQJXQJGHU$5.6800,$HLQHQY|OOLJQHXHQ6WDWXV JHZRQQHQ9RUKHUKDWWHLFKPLFK]XUFNKDOWHQPVVHQ2KQHGLH$5.6800,$ZlUHQ PHLQH&KDQFHQJOHLFKQXOOJHZHVHQ 1XQDEHUZDUPHLQ/RJLNVHNWRUDNWLYLHUW,FKZDU|IIHQWOLFKDQHUNDQQWZRUGHQ 'DVZDUGLH9RUDXVVHW]XQJJHZHVHQ1XQNRQQWHLFKDXIWUHWHQXQGKDQGHOQ'HU YHUEUHFKHULVFKH,PSHUDWRUKDWWHVHLQHEHVWH0|JOLFKNHLWXPZHQLJH0LQXWHQYHUSDW REZRKOHUJHZXWKDWWHGDLFKDPOHLFKWHVWHQXQGDPEHVWHQDXIHLQHPGHUIQI 3UIXQJVSODQHWHQ]XIDVVHQJHZHVHQZlUH 'DQN7DQLFWURSKDWWHLFKGLH5ROOHHLQHVJHIDOOHQHQ2IIL]LHUVVSLHOHQN|QQHQ -HW]WNRQQWHLFKVLHDXIJHEHQ
,FK HUKRE PLFK YRQ GHP .UDQNHQODJHU XQG EHWUDFKWHWH PLFK LP 6SLHJHO )DUWXORRQ XQG ]ZHL GHU PLU YRUKHU XQEHNDQQWHQ 0lQQHU IlKLJH &KLUXUJHQ XQG %LRFKHPLNHUKDWWHQPLUPHLQHFKWHV*HVLFKWRSHUDWLYZLHGHUJHJHEHQ -HW]W ZDU LFK ZLHGHU MHQHU $WODQ PLW GHVVHQ *HVLFKW LFK QLHPDOV ]XU $5. 6800,$]XJHODVVHQZRUGHQZlUH 'HU:XQGVFKPHU]ZDUYRUEHUGLH(LQVFKQLWWHKDWWHQVLFKXQWHUGHU(LQZLUNXQJ HLQHV V\QWKRELRORJLVFKHQ 3ODVPDV LQQHUKDOE YRQ ZHQLJHQ 6WXQGHQ QDUEHQORV JHVFKORVVHQ,FKZDUZLHGHULFKVHOEVW 9RUHLQHUKDOEHQ6WXUGHZDUHLQHQLHGHUVFKPHWWHUQGH1DFKULFKWHLQJHWURIIHQ'HU :LVVHQVFKDIWOHU 7DQLFWURS PHLQ ³(UVDW]YDWHU´ ZDU YRQ GHQ .UDODVHQHQ GHV %OLQGHQ 6RIJDUWNXU]YRUVHLQHUYRUEHUHLWHWHQ)OXFKWJHIDWZRUGHQ6LHKDWWHQLKQXQWHUHLQHP IDGHQVFKHLQLJHQ9RUZDQGHUVFKRVVHQ
'HU.ULVWDOOSULQ]
M
$WODQ
7DQLHWURSV7RGKDWWHPLFK]XWLHIVWDXIJHZKOW2KQHGLHVHOEVWORVH+LOIHOHLVWXQJ GLHVHV0DQQHVZlUHLFKQLHPDOV]XGHQ3UIXQJHQYRUJHODVVHQZRUGHQ 'DQQYRUQXUZHQLJHQ0LQXWHQKDWWHQZLUHLQH]ZHLWHEHGDXHUOLFKH,QIRUPDWLRQ HUKDOWHQ $GPLUDO 7RUPDQDF ZDU LQKDIWLHUW ZRUGHQ XQG ]ZDU YRP &KHI GHU 32*,0 K|FKVWSHUV|QOLFK 'LHVHULPK|FKVWHQ2IIL]LHUVUDQJVWHKHQGH0DQQGHU0DVFDQWQDPHQV2IIDQWXU KDWWHVLFKQLFKWJHVFKHXWGHQEHOLHEWHQ)ORWWHQFKHIGHU%HLKLOIH]XPHLQHUJHOXQJHQHQ )OXFKW]XEH]LFKWLJHQ :HQQ LFK PHLQHQ 2KHLP 2UEDQDVFKRO DEJUXQGWLHI YHUDFKWHWH XQG LKP GHQ YHUGLHQWHQ 7RG ZQVFKWH VR HPSIDQG LFK IU 2IIDQWXU XQVWLOOEDUHQ +D (U ZDU HLQH %HVWLH LQ 0HQVFKHQJHVWDOW 2UEDQDVFKRO KlWWH NHLQ ZLOOIlKLJHUHV :HUN]HXJ ILQGHQ N|QQHQDOVLKQGHQ%HKHUUVFKHUGHU3ROLWLVFKHQ*HKHLPSROL]HLGHV,PSHUDWRUV )DUWXORRQ KDWWH PLU DQ +DQG YRQ )LOPDXIQDKPHQ EHZHLVHQ N|QQHQ GD GLHVHU 0DQQ GHU YRU YLHU]HKQ -DKUHQ (UVWHU 'LHQHU PHLQHV 2KHLPV JHZHVHQ ZDU PHLQHQ 9DWHUZlKUHQGGHU-DJGH[SHGLWLRQHUPRUGHWKDWWH 2IIDQWXU ZDU QXU HLQHQ 7DJ QDFK PHLQHU )OXFKW DXV GHU 3DUDNOLQLN DXI /DUJDPHQLD DQJHNRPPHQ 6HLQH HUVWH 0DQDKPH KDWWH LQ GHU WRWDOHQ %ORFNDGH GHV 3ODQHWHQ EHVWDQGHQ 'HU 7UDQVPLWWHUYHUNHKU ZDU HLQJHVWHOOW ZRUGHQ 'LH )ORWWHQHLQKHLWHQ YRP :DFKVHNWRU 2UE\V1XNDUD²/DUJDPHQLD JHK|UWH ]X GLHVHP 5DXPJHELHWVWDQGHQLQ$ODUPEHUHLWVFKDIW 2IIDQWXU ZDU LQWHOOLJHQW JHQXJ XP ]X ZLVVHQ GD VHLQH 0DQDKPHQ DXI GHQ 8QPXWGHU%HY|ONHUXQJVWRHQPXWHQXQGQLFKWQXUGDUDXI 'DVDUNRQLGLVFKH)HUQVHKHQKDWWHZHJHQGHU)HLHUOLFKNHLWHQPLQGHVWHQVGUHLLJ $XIQDKPHPDQQVFKDIWHQ ]X GHU 3UIXQJVZHOW JHVFKLFNW 'D]X JHK|UWHQ QLFKW QXU .DPHUDOHXWHXQGHLQEHDFKWOLFKJURHU7HFKQLNHUVWDEVRQGHUQDXFKGLHEHNDQQWHVWHQ %HULFKWHUVWDWWHUGHV*URHQ,PSHULXPV 'LHVH 0lQQHU PDFKWHQ VLFK QDWUOLFK LKUH HLJHQHQ *HGDQNHQ EHU GLH 9RUNRPPQLVVH 0LU NRQQWH HV UHFKW VHLQ 'HU *HKHLPGLHQVWFKHI HUZLHV VHLQHP ,PSHUDWRUPLWVROFKHQ0DQDKPHQNHLQHQ*HIDOOHQ )DUWXORRQ WUDW HLQ (U WUXJ HLQHQ PRGHUQHQ .DPSIDQ]XJ GHU )ORWWH XQG GDUEHU VHLQHQYHUEHXOWHQ+DUQLVFK ³)HUWLJ$WODQ":LOOVWGXHVZLUNOLFKULVNLHUHQ"´ ,FK ZLQNWH DE 7LUDNR UHLFKWH PLU HEHQIDOOV HLQHQ .DPSIDQ]XJ 'LH 0DJQHWYHUVFKOVVHZDUHQEHUHLWVJH|IIQHW ³'HU 3ODQHW JOHLFKW HLQHP DXIJHVW|UWHQ ,QVHNWHQQHVW =LUND ]ZDQ]LJWDXVHQG 0DQQ GHU 32*,0 VLQG JHODQGHW 0LQGHVWHQV WDXVHQG 6FKLIIH GHV 2UE\V1XNDUD *HVFKZDGHUVULHJHOQGHQ5DXPDE2GHUZDUXPJODXEVWGXZRKOKDEHLFKDXIHLQHQ VRIRUWLJHQ6WDUWYHU]LFKWHW"´ ,FKODXVFKWHDXIHLQHQ,PSXOVPHLQHV/RJLNVHNWRUV,FKKDWWHPLFKEHUHLWVDQGLH LQQHUH6WLPPHJHZ|KQW6LHVFKZLHJMHGRFK ³0HLQH *UQGH VLQG NODU ,Q GHQ QlFKVWHQ 0RQDWHQ ZHUGHQ ZLU QLFKW PHKU HLQH VRJOlQ]HQGH*HOHJHQKHLWILQGHQGLHEHNDQQWHVWHQ%HULFKWHUVWDWWHUGHV,PSHULXPVDXI HLQHP)OHFNYHUHLQWDQ]XWUHIIHQ,FKPXPLWLKQHQVSUHFKHQ´ ³$N]HSWLHUW'LH%HJUQGXQJLVWHUVWNODVVLJGLH*HIDKUHQVLQGHVDEHUDXFK,FK KDEHZlKUHQGGHLQHU6FKXOXQJV]HLWNQDSSKXQGHUW]XYHUOlVVLJH/HXWHDXI/DUJDUQHQLD ]XVDPPHQ]LHKHQ N|QQHQ 9RQ HLQHP )HXHUVFKXW] NDQQ LP 1RWIDOO DOVR NHLQH 5HGH
'HU.ULVWDOOSULQ]
VHLQ´
M
$WODQ
³:LU ZHUGHQ LKQ QLFKW EHQ|WLJHQ :LU NRPPHQ OHJHQ GLH %HZHLVH YRU XQG YHUVFKZLQGHQ ZLHGHU )DOOV GLHVHU 6WW]SXQNW VR VLFKHU XQG XQDXIILQGEDU LVW ZLH GX JODXEVWN|QQHQZLUXQVDQVFKOLHHQGVRODQJHYHUEHUJHQXQG5XKHEHZDKUHQELVPDQ DXIGHUDQGHUHQ6HLWHGLH*HGXOGYHUOLHUW´ )DUWXORRQPXVWHUWHPLFKDXVYHUNQLIIHQHQ$XJHQ ³1D VFK|Q 6HLQH (UKDEHQKHLW KDEHQ EHIRKOHQ 9HUGDPPW²ELVKHU ZDU LFK GHU 0DQQGHUGLH$QRUGQXQJHQJHJHEHQKDW´ ³'DV ZLUVW GX DXFK ZLHGHU VHLQ´ EHVlQIWLJWH LFK LKQ ³*ODXEH QLFKW LFK ZUGH GHLQHQ(UIDKUXQJVVFKDW]PLDFKWHQ0HLQH*UQGHVROOWHQMHGRFKHLQOHXFKWHQGVHLQ ³6LQGVLHDXFK$OVRJXWGDQQVWDUWHQZLU,FKZHUGHMHGRFKIURKVHLQZHQQZLU ZLHGHUVLFKHULQGLHVHP%DXDQJHNRPPHQVLQG´ 7LUDNR VFKOR GLH +DOWHUXQJHQ PHLQHV .DPSIDQ]XJV ,FK OLH SUREHZHLVH GDV (QHUJLHDJJUHJDWDQODXIHQ'LH.RQWUROOHQ]HLJWHQ]XIULHGHQVWHOOHQGH:HUWHDQ ³:LU ZHUGHQ ]XUFNNRPPHQ 6RUJH GX QXU GDIU GD ZLU QLFKW DQJHSHLOW ZHUGHQ´ (UQLFNWH(VZDUYRUJHVRUJWZRUGHQ'HU&KHIGHUHLQ]LJHQ2UWXQJVVWDWLRQGLH IUHLQHVROFKH$QSHLOXQJLQ)UDJHJHNRPPHQZlUHVWDQGDXIVHLQHU²QHLQDXIPHLQHU 6HLWH:LHVFK|QGDLFKGDVQXQHQGOLFKVDJHQNRQQWH (LQH KDOEH 6WXQGH VSlWHU ZXUGHQ ZLU YRQ GHP 7UDQVPLWWHU DEJHVWUDKOW :LU NDPHQ LQ GHQ XQEHUVHKEDUHQ .HOOHUJHZ|OEHQ HLQHV 9HUWUDXHQVPDQQHV KHUDXV ,FK NDQQWHLKQQRFKQLFKWDEHUHUZDUGDVNUDVVH*HJHQWHLOYRQ0RUHQWKGHUPLUYRUODQJHU =HLWGHQHUVWHQ,QGLYLGXDOWHVWDXIJHEUGHWKDWWH 0LQXWHQVSlWHUNDPHQ7LUDNR*DPQRXQG$UFWDPRQDXVGHP7UDQVPLWWHU:HLWHU KLQWHQHUVFKLHQHQVFKZHUEHZDIIQHWH0lQQHU6LHJUWHQHKUIXUFKWVYROO ,FKEHGDQNWHPLFKEHLLKQHQIULKUH+LOIHXQGK|UWHPLULKUHSHUV|QOLFKHQ6RUJHQ DQ)DUWXORRQKDWWHGD]XJHUDWHQ(UPHLQWH'LQJHGLHVHU$UWJHK|UWHQQXQHLQPDO]XP $XIJDEHQEHUHLFKHLQHV.ULVWDOOSULQ]HQXQGNRPPHQGHQ,PSHUDWRUV %HL$QEUXFKGHU1DFKWZDUHQGLH9RUEHUHLWXQJHQDEJHVFKORVVHQ0HVWDFLDQGHU PLWXQVYHUEQGHWH+lQGOHUXQG,QKDEHUGLHVHUULHVLJHQXUDOWHQ*HZ|OEHNDPVRHEHQ YRQHLQHP(UNXQGXQJVIOXJ]XUFN ³'LH %HY|ONHUXQJ GHU +DXSWVWDGW 7LIWRUXP LVW LQ $XIUXKUVWLPPXQJ (XHU (UKDEHQKHLW¶µ EHULFKWHWH HU ³'LH 32*,0 HUODXEW VLFK hEHUJULIIH GLH PDQ KLHU VR ZHLW YRP'UHLJHVWLUQGHU$UNRQZHOWHQHQWIHUQWQLFKWZLGHUVSUXFKVORVKLQQLPPW´ ³%LWWHQHQQHQ6LHPLFK$WODQ)UHXQG¶ 'HUlOWHUH0DQQODFKWHPLFKDQ ³,FKHUODXEHPLUGLH)UHLKHLW'DQNH$WODQ6LHZHUGHQEHUDOO+LOIHILQGHQ0HLQH 0lQQHU KDEHQ *HUFKWH 7LEHU VHOWVDPH 9RUNRPPQLVVH DXVJHVWUHXW 'LH %HULFKWHUVWDWWHU GHU |IIHQWOLFKHQ .XPPXQLNDWLRQVPLWWHO VLQG EHUHLWV DXIPHUNVDP JHZRUGHQ 0DQ IUDJW LPPHU HLQGULQJOLFKHU 'LH +HUUHQ DKQHQ OlQJVW GD KLHU HWZDV QLFKWVWLPPW:LUKDEHQ,KUHQ1DPHQXQG,KUHQKRKHQ5DQJRIWPDOVIOVWHUQGJHQDQQW ³+DWWHQ6LH9HUOXVWH"´IUDJH)DUWXORRQPLWVHLQHUHUVFKUHFNHQGHQ6DFKOLFKNHLW ³1HLQ :LU ZDUHQ YRUVLFKWLJ 'LH JHGUXFNWHQ )OXJEOlWWHU PLW $WODQV /HEHQVJHVFKLFKWH XQG GHU :DKUKHLW EHU *RQR]DOV 7RG VLQG YHUWHLOW ZRUGHQ +XQGHUWWDXVHQG([HPSODUH:LUKDEHQVLHDXV /XIWJOHLWHUQDEUHJQHQODVVHQ,FKKDEH JHK|UWGDHLQLJHGDYRQLP3UHVVH]HQWUXPDXIJHWDXFKWVLQG2IIDQWXUVROOUDVHQ´
'HU.ULVWDOOSULQ]
=HLW´
M
$WODQ
³+RIIHQWOLFK ]HUSODW]W HU GHU )HWWEHXWHO´ VFKLPSIWH )DUWXORRQ ³$WODQ HV ZLUG
:LU VWUHLIWHQ GLH YRUEHUHLWHWHQ *HZlQGHU EHU GLH .DPSIDQ]JH XQG EHJDEHQ XQVDXIGHQ:HJ 'DV $OWVWDGWYLHWHO YRQ 7LIWRUXP KDWWH QDFK $QEUXFK GHU 1DFKW ZLHGHU VHLQH HLJHQH /HEHQVIRUP HQWZLFNHOW :LU YHU]LFKWHWHQ DXI /XIWIDKU]HXJH XQG EHQXW]WHQ GLH 5ROOElQGHUGHU1DKYHUELQGXQJHQ 1DKH GHP DOWHQ 3DWULXP HLQHU KLVWRULVFKHQ PLQGHVWHQV ]HKQWDXVHQG -DKUH DOWHQ$UHQDWUDIHQZLUDXIGHQHUVWHQYRQ0HVWDFLDQDXIJHVWHOOWHQ3RVWHQ ³$OOHVUXKLJ(XHU(UKDEHQKHLW´HUNOlUWHHUJHGlPSIW³)QI]LJ0DQQVLQGDXHU PLUDQZHVHQG'UHLVFKQHOOH/XIWJOHLWHUVWHKHQIUHLQHQ1RWIDOODQYHUVFKLHGHQHQ2UWHQ EHUHLW(LQHUGDYRQEHVLW]WHLQHQ.OHLQWUDQVPLWWHU:HQQ6LHLKQEHQXW]HQPVVHQVROO GHUOHW]WH,KUHU]XWUDQVSRUWLHUHQGHQ%HJOHLWHUGLHHLQJHEDXWH6SUHQJODGXQJDNWLYLHUHQ 'HU=HLW]QGHUOlXIW]ZHL0LQXWHQODQJ'LH0DVFKLQHGDUIDXINHLQHQ)DOOLQGLH+lQGH GHU32*,0IDOOHQ´ ³6LHGUIWHGHQQRFKYHUPLWZHUGHQ´ ³:LU KDEHQ YRUJHVRUJW :HQQ 6LH GLH 0DVFKLQH EUDXFKHQ ZLUG GHU (LJHQWPHU LPJOHLFKHQ$XJHQEOLFNHLQHRIIL]LHOOH'LHEVWDKOVDQ]HLJHDEJHEHQ´ :LU JLQJHQ ZHLWHU 7LUDNR XQG $UFWDPRQ KLHOWHQ VLFK VHLWOLFK KLQWHU PLU ,KUH VFKZHUHQ ,QWHUYDOO/XFFRWV ZDUHQ HQWVLFKHUW ,FK KLHOW PHLQH JOHLFKDUWLJH :DIIH LQ GHU $UPEHXJH 'DV ZHLWH 5XQG GHU XUDOWHQ .DPSIVWlWWH ZDU ZLH DXVJHVWRUEHQ +LHU VROOWHQ ZLU HLQLJH 9HUWUHWHU GHV )HUQVHKHQV WUHIIHQ 0HVWDFLDQ KDWWH EHKDXSWHW VLH ZlUHQ ]XYHUOlVVLJ ,FK VFKRE GLH ,QIUDURWEULOOH EHU GLH $XJHQ XQG VFKDXWH PLFK XP 'LH 1DFKW ZXUGH]XP7DJH0LQXWHQVSlWHUJHZDKUWHLFKDFKWELV]HKQ3HUVRQHQGLHXQWHUHLQHU KHUDEJHEURFKHQHX(PSRUHLQ'HFNXQJJHJDQJHQZDUHQ6LHKDWWHQHLQH5RERWNDPHUD PLW'LUHNWEHUWUDJXQJVVHQGHUPLWJHEUDFKW :HQQHVJHODQJGHUHQ$XIQDKPHQLQGDV9HUWHLOHUQHW]YRQ/DUJDPHQLDXQGYRQ GRUW DXV EHU GLH 5LFKWVWUDKOHU GHU JURHQ +\SHUIXQNVWDWLRQ DQ GLH QlFKVWH :HOWUDXPEDVLV GHU .RPPXQLNDWLRQVDQVWDOWHQ GXUFK]XJHEHQ KDWWH LFK HLQHQ XQJHKHXUHQ6LHJHUUXQJHQ )DUWXORRQ JLQJ YRU ,FK YHUQDKP JHGlPSIWH 6WLPPHQ 'DQQ ZLQNWH HU $XJHQEOLFNHVSlWHUVWDQGLFKYRUGHQ%HULFKWHUVWDWWHUQ6LHKDWWHQYLHOULVNLHUWLQGHPVLH KLHUHUVFKLHQHQZDUHQ )DUWXORRQKDWWHEHUHLWVGLHQ|WLJHQ(UNOlUXQJHQ]XU(LQIKUXQJDEJHEHEHQ(LQHU GHU%HULFKWHUVWDWWHUEHJDQQHUUHJWLQVHLQ0LNURSKRQ]XVSUHFKHQ ³6LH ULVNLHUHQ ,KUHQ .RSI PHLQH +HUUHQ´ HU|IIQHWH LFK PHLQH $QVSUDFKH ³'LH *HZDOWGLNWDWXU PHLQHV 2KHLPV 2UEDQDVFKRO ,,, OlW VROFKH )UHLKHLWHQ QLFKW ]X ,KU |IIHQWOLFKHU6SUHFKHUZLUG]ZDUQLFKWDXIGHQ%LOGVFKLUPHQDXIWDXFKHQDEHUGLH32*,0 ZLUGVHLQH6WLPPHOHLFKWLGHQWLIL]LHUHQN|QQHQ:HQQ6LHHLQYHUVWDQGHQVLQGEULQJHLFK 6LHLQ6LFKHUKHLW´ 'LHVH :RUWH ZDUHQ YRQ 0LOOLDUGHQ $UNRQLGHQ JHK|UW ZRUGHQ -HPDQG KDWWH PLU QlPOLFK]XJHIOVWHUWGLH]XU=HLWODXIHQGH'LUHNWVHQGXQJDXVGHP)DHKUOVHLYRQGHQ hEHUWUDJXQJVWHFKQLNHUQGHU+\SHUIXQNVWDWLRQULJRURVXQWHUEURFKHQZRUGHQ ,FK PXWH GDKHU Y|OOLJ EHUUDVFKHQG DXI GHQ %LOGVFKLUPHQ GHU =XVFKDXHU
'HU.ULVWDOOSULQ]
M
$WODQ
HUVFKHLQHQ²DXFKEHUUDVFKHQGIUGLH32*,0 ³'DV LVW QLFKW Q|WLJ $WODQ´ HUNOlUWH GHU 6SUHFKHU ³,FK YHUWUDXH DXI PHLQH ,PPXQLWlW1LHPDQGVROOHVZDJHQPLFKZHJHQPHLQHUREMHNWLYHQ+DQGOXQJVZHLVH]X LQKDIWLHUHQ RGHU JDU ]X YHUXUWHLOHQ $WODQ LFK GDUI 6LH QDFK YHUVFKLHGHQHQ 'LQJHQ IUDJHQ´ ³=HKQ 0LQXWHQ QLFKW OlQJHU 'DQQ LVW GLH 32*,0 KLHU 0DQ ZLUG ,KUHQ $XIQDKPHVWDQGRUW OHLFKW HUNHQQHQ %ULQJHQ 6LH ELWWH VRIRUW MHQHV %HZHLVPDWHULDO LQ 6LFKHUKHLW GDV ,KQHQ PHLQ (U]LHKHU XQG /HEHQVUHWWHU GHU /HLEDU]W PHLQHV 9DWHUV VRHEHQEHUUHLFKWH´ ³'DV LVW EHUHLWV JHVFKHKHQ 6LH ZHUGHQ YHUVWHKHQ ZHQQ ZLU DQ ,KUHQ (UNOlUXQJHQ]ZHLIHOQ=ZDUZLVVHQZLUVHKUJXWGDGHU.ULVWDOOSULQ]VHLQHU]HLWVSXUORV YHUVFKZDQGDEHU (U VSUDFK ZHLWHU ,FK ZXUGH XQJHGXOGLJ )DUWXORRQ ZLQNWH EHUHLWV GHQ YRQ XQVHUHP9HUELQGXQJVPDQQJHQDQQWHQ/XIWJOHLWHUKHUEHL 7LUDNR KDQGHOWH HLJHQPlFKWLJ DEHU EHUOHJW (U OLH GHQ HLQJHEDXWHQ 7UDQVPLWWHUDQODXIHQ 'LH .DPHUD ILQJ GLH 0DVFKLQH HLQ ,FK HUNOlUWH VLH KlWWH ]X PHLQHQ %HGDXHUQ YRUEHUJHKHQGHQWZHQGHWZHUGHQPVVHQ ,FK VWHOOWH PLFK YRU XQG EHDQWZRUWHWH DOOH )UDJHQ ZDKUKHLWVJHWUHX )DUWXORRQ XQWHUPDXHUWH PHLQH (UNOlUXQJHQ GXUFK GUHLGLPHQVLRQDOH )DUEIRWRJUDILHQ DXV PHLQHU -XJHQG]HLW $OOPlKOLFK ZXUGHQ GLH %HULFKWHUVWDWWHU IDVVXQJVORV 'LH 6WLPPH GHV 6SUHFKHUV EHUVFKOXJVLFK $OV HU PLFK HUQHXW DQVSUDFK ILHO HQWIHUQW HLQ (QHUJLHVFKX 'DV DXVJHPDFKWH 6LJQDO ,FKYHUDEVFKLHGHWHPLFKLQDOOHU(LOHXQGVSUDQJLQGHQ/XIWJOHLWHU$XJHQEOLFNH VSlWHUZDULFKVFKRQDEJHVWUDKOWXQGNDPLP6WW]SXQNWKHUDXV1DFKPLUHUVFKLHQHQ )DUWXORRQ7LUDNRXQG$UFWDPRQ'LH0DVFKLQHZDUVRIRUWQDFKVHLQHP6WDUWH[SORGLHUW 'DQQ VWDQGHQ ZLU JHPHLQVDP YRU GHP JURHQ %LOGVFKLUP GHV $XIHQWKDOWVUDXPHV =XVDPPHQ PLW GHQ 7UXSSHQ GHU 32*,0 ZDU DXFK GHUHQ &KHI GHU 0DVFDQW 2IIDQWXUHUVFKLHQHQ(UZXUGHVRHEHQEHIUDJW (UVWULWWPHLQH(U|IIQXQJHQDOV/JHDEXQGVWHOOWHPLFKDOV6FKZLQGOHUKLQ'LH %HZHLVHHUNOlUWHHUIUJHIlOVFKW =X PHLQHU (UOHLFKWHUXQJ ZDJWH HU HV QLFKW GLH PXWLJHQ %HULFKWHUVWDWWHU LQKDIWLHUHQ ]X ODVVHQ (U YHUZDUQWH VLH OHGLJOLFK LQ VFKDUIHU )RUP 6FKRQ GLHVH %HPHUNXQJ ZDU XQNOXJ GHQQ GLH 0lQQHU GHV DUNRQLGLVFKHQ )HUQVHKHQV YHUZDKUWHQ VLFKQRFKVFKlUIHUJHJHQGLH(LQVFKUlQNXQJLKUHUJHVHW]OLFKYHUDQNHUWHQ)UHLKHLWHQ ,FKEHJDQQ]XOlFKHOQ 6R HLQIDFK ZLH VLFK 2IIDQWXU GLH $QJHOHJHQKHLW YRUVWHOOWH ZDU VLH QLFKW²RGHU QLFKWPHKU1XQEUDXFKWHLFKPLFKQLFKWPHKULQMHGHP)DOO]XYHUVWHFNHQ,FKNRQQWH PLFKGHUgIIHQWOLFKNHLWYRUVWHOOHQXQGPHLQHQ/HEHQVZHJHQGOLFKSUHLVJHEHQ 'LH 6HQGXQJ GDXHUWH QRFK 6WXQGHQ 'LH .RPPHQWDUH ZROOWHQ NHLQ (QGH QHKPHQ ³'LH6FKLFNVDOVNXJHOUROOW´VDJWH)DUWXORRQSO|W]OLFK³)UHXQGHMHW]WEHJLQQWGHU HLJHQWOLFKH.DPSI)U$WODQXQG$UNRQ$XI/HEHQXQG7RG´
'HU.ULVWDOOSULQ]
M
$WODQ
,FKJLQJKLQEHULQPHLQHNOHLQH5XKHNDELQH)DUWXORRQV$XVVSUXFKKDWWHHWZDV ]XPHORGUDPDWLVFKJHNOXQJHQDEHULQVLFKEDUJHUGHQYROOHQ:DKUKHLWVJHKDOW (1'( /HVHQ6LHQlFKVWH:RFKH$7/$11U
3URMHNW/LOLSXW
YRQ(UQVW9OFHN 9HUEUHFKHUXQG0|UGHUDXI6LJD²GHP3ODQHWHQGHU=ZHUJH