XUW0DKU
'(5/(7=7(.85,(5
352/2* 'LH.$5,17+$ZDUHLQHVGHUVFKQHOOVWHQ5DXPVFKLIIHGHU)ORWWHQLFKWJURND...
19 downloads
338 Views
238KB 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
.XUW0DKU
'(5/(7=7(.85,(5
352/2* 'LH.$5,17+$ZDUHLQHVGHUVFKQHOOVWHQ5DXPVFKLIIHGHU)ORWWHQLFKWJURNDXPPHKUDOVKLQUHL FKHQGEHZDIIQHWDEHUZHQGLJXQGYRQNDXPJODXEOLFKHP%HVFKOHXQLJXQJVYHUP|JHQ(LQ)DKU]HXJ ZLHZLHGLH.$5,17+$ZDUIUGLHVHQZLFKWLJVWHQDOOHU$XIWUlJHZLHJHVFKDIIHQ 6SlKHULP:HVWVHNWRUGHV=HQWUDOHQ.ULHJVVFKDXSODW]HVKDWWHQKHLPOLFKH0DVVLHUXQJHQIHLQGOLFKHU 6WUHLWNUlIWHEHREDFKWHW'DGHU*HJQHUJOHLFK]HLWLJLP2VWVHNWRUHLQH2IIHQVLYHYRUWUXJOLHVLFKYHU PXWHQGDGLH2IIHQVLYHQXUHLQ6FKHLQJHIHFKWGDUVWHOOWHZlKUHQGGHUHLJHQWOLFKHHQWVFKHLGHQH 6FKODJDQGHU:HVWIODQNHVWDWWILQGHQVROOWH 'LH/DJHGHU9HUWHLGLJHUZDUEHGURKOLFK'LHIHLQGOLFKH2IIHQVLYHVFKULWWREZRKOVLHYRQYHU JOHLFKVZHLVHVFKZDFKHQ.UlIWHQJHWUDJHQZXUGH]JLJYRUDQ=XYLHOH5HVHUYHQGHU9HUWHLGLJHU ZDUHQDQDQGHUHQ.ULHJVVFKDXSOlW]HQJHEXQGHQZRHVLP$XJHQEOLFN]ZDUUXKLJZDUDEHUGLH .lPSIHEHLGHU8QEHUHFKHQEDUNHLWGHUIHLQGOLFKHQ6WUDWHJLHMHGHU]HLWZLHGHUDXIIODPPHQNRQQWHQ $GPLUDO6RKXQ'HQ3DUUGHU%HIHKOVKDEHULP=HQWUDOHQ.ULHJVVFKDXSODW]HUNDQQWHGLHHLQPDOLJH *HOHJHQKHLWGHQ)HLQGEHUUDVFKHQGDQ]XJUHLIHQXQGLKQVRYHUQLFKWHQG]XVFKODJHQGDGDV.ULHJV JOFNVLFKYLHOOHLFKWQRFKHLQPDOZHQGHWH,P:HVWVHNWRUZRGHU*HJQHUVHLQH.UlIWHPDVVLHUWH ZUGH HUZHJHQGHU6FKZlFKHGHU9HUWHLGLJHUPLWHLQHP$QJULIIQLFKWUHFKQHQ6RKXQ'HQ3DUUEHDEVLFKWLJ WHLQDOOHU(LOHXQGGHQQRFKYHUVWRKOHQ6WUHLWNUlIWHYRQDQGHUHQ.ULHJVVFKDXSOlW]HQKHUDQ]XIKUHQ XQGGLHIHLQGOLFKHQ0DVVLHUXQJHQDXIGHP:HVWVHNWRUDQ]XJUHLIHQXQGDXI]XUHLEHQZlKUHQGDXIGHU 2VWIODQNHGHU6FKHLQRIIHQVLYHZHLWHUKLQ:LGHUVWDQGJHOHLVWHWZXUGH 'DV3UREOHPZDUGD$GPLUDO'HQ3DUU%HIHKOVKDEHULP=HQWUDOHQ.ULHJVVFKDXSODW]EHUGLHDQ DQGHUHQ.ULHJVVFKDXSOlW]HQJHEXQGHQHQ6WUHLWNUlIWHQLFKWYHUIJHQNRQQWH(UPXWHVLFKVHLQ9RUKD EHQDOVRJHQHKPLJHQODVVHQXQG]ZDUYRP2EHUVWHQ.ULHJVKHUUQVHOEVW'LHVHUUHVLGLHUWHEHU ]HKQWDXVHQG/LFKWMDKUHHQWIHUQW'LH5HODLVVWDWLRQHQGLHLQIUKHUHQ=HLWHQHLQHQUHLEXQJVORVHQ hEHUOLFKWIXQNYHUNHKUVHOEVWEHUGUHLXQGYLHUPDOJU|HUH'LVWDQ]HQHUP|JOLFKWKDWWHQZDUHQYRP )HLQG]HUVW|UWZRUGHQ'HU1DFKULFKWHQDXVWDXVFK]ZLVFKHQ6RKXQ'HQ3DUUXQGGHP2EHUVWHQ .ULHJVKHUUQHUIROJWHVFKRQVHLW-DKUHQQXUEHU.XULHUH 'LH.$5,17+$ZXUGHGDPLWEHDXIWUDJW6RKXQ'HQ3DUUV1DFKULFKWGHP+DXSWTXDUWLHU]XEHUPLW WHOQ$OV.RPPDQGDQWHQGHVVFKQHOOHQ6FKLIIHVZlKOWH'HQ3DUUHLQHQVHLQHUIlKLJVWHQ2IIL]LHUH 1DQJOD7DQ5LYD'DVDOOHLQHZDUIU'HQ3DUUVFKRQHLQJURHV2SIHUGHQQZlKUHQGVHLQHU5HLVH ]XP+DXSWTXDUWLHUZUGH7DQ5LYDLKPDOV)ORWWLOOHQIKUHUIHKOHQ8QGGRFKZDUGHU$GPLUDOEHUHLW HLQQRFKJU|HUHV2SIHU]XEULQJHQDXHUGHU.$5,17+$VDQGWHHUZHLWHUHIQI)DKU]HXJHYRQ DQQlKHUQGJOHLFKHU6FKQHOOLJNHLWEHIHKOLJWYRQ7DQ5LYDDQQlKHUQGHEHQEUWLJHQ2IIL]LHUHQ'DV 2SIHUZDUGHVKDOEVRJURZHLO6RKXQ'HQ3DUUDQJHVLFKWVGHVEHUPlFKWLJHQ*HJQHUVZLUNOLFKNHLQ HLQ]LJHVEHZDIIQHWHV6FKLIIHQWEHKUHQNRQQWH$EHUHUVHW]WHDXIVHLQHQ3ODQGHUGLHVFKZDQNHQGH *XQVWGHU.ULHJVJ|WWLQHQGOLFKDXIVHLQH6HLWHVFKODJHQZUGH9RQVHFKV.XULHUHQGHVVHQZDUHU VLFKHUZUGHZHQLJVWHQVHLQHUGDV+DXSWTXDUWLHUHUUHLFKHQ:DKUVFKHLQOLFKZUGHGLHVHUHLQHGLH .$5,17+$VHLQ'HQQHUVWHQVIKUWHLKU.XUVDOOHUGLQJVDXIHLQHP8PZHJGXUFK%HUHLFKHLQ GHQHQGLH$NWLYLWlWGHV)HLQGHVELVKHUJHULQJJHZHVHQZDU8QG]ZHLWHQVZDUZHQQEHUKDXSWHLQHU 1DQJOD7DQ5LYDGHU0DQQGHUHLQH1DFKULFKWDQV=LHO]XEULQJHQZXWH (VLVWKLVWRULVFKEHUOLHIHUWGDDOOHIQI)DKU]HXJHGLHDXHUGHU.$5,17+$LQ5LFKWXQJ+DXSW TXDUWLHUDXIEUDFKHQYRQGHQEHUOHJHQHQ.UlIWHQGHV)HLQGHVYHUQLFKWHWZXUGHQQRFKEHYRUVLHVLFK ZHLWHUDOVYLHUKXQGHUW/LFKWMDKUHYRP=HQWUDOHQ.ULHJVVFKDXSODW]HQWIHUQWKDWWHQ hEHUGDV6FKLFNVDOGHU.$5,17+$GDJHJHQLVWQLFKWVEHUOLHIHUW)HVWVWHKWQXUGDVLHGDV+DXSW TXDUWLHUQLFKWHUUHLFKWHXQGGHU2EHUVWH.ULHJVKHUUQLHPDOV]XU.HQQWQLVGHU1DFKULFKWJHODQJWHGLH 6RKXQ7HQ3DUULKPKDWWH]XNRPPHQODVVHQZROOHQ 'DEHLZDUZDVGHU.$5,17+$]XVWLHZHLWHUQLFKWV6SHNWDNXOlUHV$XVJHUHFKQHWDQGHU.$5,1 7+$UlFKWHVLFKGDPDQGHU1RWJHKRUFKHQGHLQHQQHXHQ6FKLIIVW\SLQ'LHQVWJHVWHOOWKDWWHRKQH GDHUYRUKHUDXVUHLFKHQGKDWWHHUSUREWZHUGHQN|QQHQ 1DQJOD7DQ5LYDGHUIlKLJVWHXQGKRIIQXQJVYROOVWH1DFKZXFKVRIIL]LHUZXUGHPLWVDPWVHLQHU0DQQ VFKDIWVHLQHP)DKU]HXJXQGVHLQHU%RWVFKDIW2SIHUHLQHVYHUVDJHQGHQ7ULHEZHUNV'DGLH:HOW YRQ1DQJOD7DQ5LYDXQGGHU.$5,17+$EHUKDXSWQRFKHLQPDO]XK|UHQEHNDPYHUGDQNWVLH
ZHLWHUQLFKWVDOVHLQHP=XIDOO 6,1$/21,67(,19(5%5(&+(1:(57(VJDE/HXWHGLHVSlWHUDOVGLH.DUWHQDXIGHP7LVFK ODJHQGDVHLJHQDUWLJH6FKLFNVDOGHU:22/6(7+6+,5(XQGHLQLJHUDQGHUHU)DKU]HXJHGLHGHU :22/6(7+6+,5(DXIGLHVHP:HJYRUDQJHJDQJHQZDUHQDOVÄHLQIDFKGXPPXQG&DSWDLQ7XJODU 4XDQWHQPLWVDPWVHLQHU0DQQVFKDIWDOVÄYHUDQWZRUWXQJVORVHZDKUVFKHLQOLFKEHVRIIHQH1DUUHQ EH]HLFKQHWHQ 'LHVH/HXWHGDVPXJHVDJWZHUGHQYHUVWDQGHQQLFKWVYRQGHU.XQVWGHU$VWURJDWLRQ6LHZXWHQ ]XP%HLVSLHOQLFKWGDGHU3LORWHLQHV5DXPVFKLIIVQLFKWGDXHUQGDP6WHXHUVLW]W:lKUHQGGHV )OXJHV]ZLVFKHQ]ZHL=LHOHQGHUHQ.RRUGLQDWHQLP%RUGUHFKQHUJHVSHLFKHUWVLQGKDWGHU3LORWNDXP PHKU]XWXQDOVDOOHSDDU6WXQGHQHLQPDOGLHDXVGHP(QHUJLHYHUEUDXFKGHV7ULHEZHUNVHUPLWWHOWHQ .XUVZHUWHPLWGHQ3RVLWLRQHQLQWHUVWHOODUHU/HXFKWIHXHU]XYHUJOHLFKHQXQGVHOEVWGDVN|QQWHHUVLFK LP*UXQGHJHQRPPHQVSDUHQGHQQHVJLOWPLWWOHUZHLOHDOVHUZLHVHQGDGLHDXWRPDWLVFKHQ 6WHXHUJHUlWHDQ%RUGPRGHUQHU5DXPVFKLIIHLQGHU/DJHVLQGHLQ)DKU]HXJPLWQXUPLQLPDOHQNDXP PHKUZDKUQHKPEDUHQ)HKOHUQOlQJVHLQHVYRUDXVEHUHFKQHWHQ.XUVHV]XVWHXHUQ 6RJHQDQQWHQ.XUVDODUPJLEWHVDQ%RUGQXUZHQQLQIROJHHLQHVlXHUHQ(LQIOXVVHVPLWGHPEHLGHU )HVWOHJXQJGHV.XUVHVQLFKWJHUHFKQHWZRUGHQZDUGLH%DKQGLHGHU%RUGUHFKQHUVWHXHUWYRQGHU YRUJHVFKULHEHQHQ%DKQDEZHLFKW$XIGHP86(3.XUVJDEHVNHLQH(LQIOVVHPHKUGLHGHU *DODNWRQDXWLNQLFKWEHNDQQWZDUHQ6RJODXEWHPDQZHQLJVWHQV'HPHQWVSUHFKHQGJDEHVDQ%RUGGHU :22/6(7+6+,5(DXFKNHLQHQ.XUVDODUP8QGGHQQRFKVWHKWKHXWHIHVWGDGLH :22/6(7+6+,5(SO|W]OLFKLQY|OOLJXQYHUDQWZRUWOLFKHU:HLVHVDJHQPDQFKH/HXWHDOVREHLQ %RUGUHFKQHU9HUDQWZRUWXQJVJHIKOKlWWH²YRQLKUHPYRUJHVFKULHEHQHQ.XUVDEZLFKXQGHLQ=LHO DQIORJGDVGHU%RUGUHFKQHUQDFKPHQVFKOLFKHP(UPHVVHQEHUKDXSWQLFKWNHQQHQNRQQWH 'LH9RUZUIHJHJHQ7XJODU4XDQWHQXQGVHLQH0DQQVFKDIWUKUHQGDKHUGDZHGHU4XDQWRQQRFK VHLQH/HXWHHWZDVYRQGHP9RUJDQJEHPHUNWHQEHYRUGLH:22/6(7+6+,5(WDWVlFKOLFK]XU /DQGXQJDQVHW]WH]XU/DQGXQJDXIHLQHP3ODQHWHQGHU]ZDUHUGlKQOLFKXQGSDUDGLHVLVFKDQ]XVHKHQ ZDUDXIGHPGLH:22/6(7+6+,5(MHGRFKQLFKWV]XVXFKHQKDWWH 'LH/HXWHGLHVSlWHULP7RQIDOOPRUDOLVFKHU(QWUVWXQJEHU4XDQWRQXQGVHLQH0DQQVFKDIWVSUDFKHQ PRFKWHQLQVRIHUQUHFKWKDEHQDOVHLQ/DQGHDQIOXJHLQHODQJZLHULJH$QJHOHJHQKHLWLVWXQGHUIDKUHQH $VWURQDXWHQEHLHLQHUVROFKHQ*HOHJHQKHLWDXFKRKQH.XUVDODUPUHFKWEDOGGDKLQWHUNRPPHQPWHQ GDHWZDVQLFKWLQ2UGQXQJVHL:HUZHLZRP|JOLFKZDUGLH0DQQVFKDIWGHU:22/6(7+6+,5(LQ GHQHQWVFKHLGHQGHQ0LQXWHQXQG6WXQGHQWDWVlFKOLFKEHWUXQNHQ )HVWVWHKWKHXWHMHGRFKGD7XJODU4XDQWRQVHOEVWGDQQZHQQHULPHUVWHQ$XJHQEOLFNYRQGHU .XUVDEZHLFKXQJ:LQGEHNRPPHQKlWWHQLFKWVGDJHJHQKlWWHXQWHUQHKPHQN|QQHQ'HQQKLHUZDUHQ .UlIWHDP:HUNGHQHQGHU.DSLWlQHLQHVPLW6LQDORQEHODGHQHQ+DQGHOVVFKLIIVQLFKWV HQWJHJHQ]XVHW]HQKDWWH $OVPDQDQ%RUGGHU:22/6(7+6+,5(GHVXQJHZ|KQOLFKHQ9RUJDQJVHQGOLFKJHZDKUJHZRUGHQ ZDUEHIDKO7XJODU4XDQWRQHLQHQK\SHUVFKQHOOHQ1RWUXIDQGHQ+HLPDWKDIHQDE]XVHQGHQ%LVGDKLQ KLHOWHUGDGLH:22/6(7+6+,5(RIIHQEDUVDQIW]XODQGHQJHGDFKWHGLH(QWZLFNOXQJGHU'LQJH ]ZDUIUYHUEOIIHQGQLFKWDEHUEHGURKOLFK'DHLQHHUQVW]XQHKPHQGH*HIDKUDXILKQ]XNDPEHJDQQ HUHUVW]XDKQHQDOVGHU.RPPXQLNDWLRQV2IIL]LHULKPPHOGHWH Ä:LUNULHJHQGHQ6SUXFKQLFKWORV6LU'DGUDXHQLVWHWZDVGDVLKQSRVWZHQGHQGZLHGHUDQXQV]X UFNVFKLFNW Ä',(:22/6(7+6+,5(VDJWH)UDQN%HDXOLHXPLWXQJHZ|KQOLFKHP1DFKGUXFNÄLVWGDVDFKWH )UDFKWVFKLIIGDVXQVLP/DXIGHUYHUJDQJHQHQ]ZHL-DKUHYHUORUHQJHJDQJHQLVW )UDQN%HDXOLHX'LUHNWRULQGHU6RODUHQ$EZHKUZDUHLQKRFKJHZDFKVHQHUEUHLWVFKXOWULJHU0DQQYRQ HWZDVPHKUDOVQHXQ]LJ-DKUHQ'HU0DQQ]XGHPHUGLHQDFKGUFNOLFKHQ:RUWHVSUDFKVDOlVVLJLQ HLQHPZXFKWLJHQ6HVVHOXQGVDKQDFKGHQNOLFK]XVHLQHP9RUJHVHW]WHQDXI(UZDUNRUSXOHQWXQGKDWWH HLQH*ODW]HGLHHLQGXQNOHU+DDUNUDQ]XPUDKPWH$XIGHU2EHUOLSSHVSURHLQNDSLWDOHU6FKQXUUEDUW 1LHPDQGVDKGHP0DQQGLHDFKW]LJ-DKUHDQGLHHUEHUHLWVKLQWHUVLFKJHODVVHQKDWWH1LHPDQGKlWWH LKQDXHUGHPIUHLQHQXQWHUJHRUGQHWHQ%HDPWHQJHKDOWHQHLQHQ6RQGHUDJHQWHQIUGHVVHQ $QZHLVXQJHLJHQWOLFKHLQ,QVSHNWRUQLFKWDEHUHLQ'LUHNWRUYHUDQWZRUWOLFKJHZHVHQZlUH0DUN 5LFKWHUZDUHLQ0DQQGHVVHQ6HOEVWVLFKHUKHLWXQZLOONUOLFKEHHLQGUXFNWH Ä:HULVWXQV"IUDJWHHUXQGNUDPWHXPVWlQGOLFKHLQH3IHLIHDXVGHU7DVFKHGLHEHUHLWVJHVWRSIWZDU XQGGLHHULQ%UDQGVHW]WH Ä8QVGHQ%UJHUQGHV6RODUHQ,PSHULXPVDQWZRUWHWH)UDQN%HDXOLHXHLQZHQLJXQJHGXOGLJÄ8QV GHU6RO$EGLHGDUDXIDXI]XSDVVHQKDWGDVROFKH'LQJHQLFKWSDVVLHUHQ8QVZHLGHU+LPPHO
ZHPQRFK6SLHOWHVHLQH5ROOH" 0DUN5LFKWHUKOOWHVLFKLQHLQHEODXJUDXH4XDOPZRONH Ä(VKDQGHOWVLFKXP3ULYDWIOXJ]HXJHNRQVWDWLHUWHHU Ä5LFKWLJ Ä+DEHQLKUH(LJHQWPHUVFKRQQDFKLKQHQJHVXFKW" Ä-D Ä(UJHEQLV" Ä*OHLFK1XOO Ä'LH)DKU]HXJHEHZHJWHQVLFKDXIEHIDKUHQHQ6WUDHQ" Ä(UIRUVFKWDEJHPHVVHQXQGEHIDKUHQ)UDQN%HDXOLHXQLFNWH Ä*DEHV1RWUXIH" Ä.HLQHQHLQ]LJHQ 0DUN5LFKWHUQDKPGLH3IHLIHDXVGHP0XQG Ä$PEHVWHQHU]lKOVWGXPLUPHKUGDYRQ)UDQNVDJWHHUVRGDQQ 'LH,QGXVWULHGHV6RODUHQ,PSHULXPVEHZLUWVFKDIWHW6DXHUVWRIIZHOWHQHEHQVRZLH:VWHQSODQHWHQ DWPRVSKlUHORVH$VWHURLGHQEURFNHQZLHZDVVHUVWRIIXPKOOWH3ODQHWHQJLJDQWHQ-HGH8PJHEXQJ HUIRUGHUWHLKUHEHVRQGHUHQ:HUN]HXJHLKUHHLJHQHQ:HUNVWRIIH8QGGLH,QGXVWULHZDUVWlQGLJ EHVWUHEWLKUH$UEHLWVPHWKRGHQ]XYHUEHVVHUQGLH$UEHLWVNRVWHQ]XVHQNHQ 6LQDORQZDUHLQPHWDOORLGHU:HUNVWRIIGHUVLFKDXI:HOWHQPLWUHGX]LHUHQGHU$WPRVSKlUH:DV VHUVWRII]XP%HLVSLHOHLQVHW]HQOLHRKQHDXIGLHFKHPLVFKHQ(LQIOVVHGHUUHGX]LHUHQGHQ8PZHOW ]XUHDJLHUHQ$XV6LQDORQOLHHQVLFK*HUlWHEDXHQGLHDXI:DVVHUVWRIIZHOWHQHLQJHVHW]WZHUGHQ NRQQWHQRKQHGDPDQVLHPLWHLQHUVWLFNVWRIIJHIOOWHQ(QHUJLHEODVH]XXPJHEHQEUDXFKWH 6LQDORQZDU]XUJOHLFKHQ=HLWHLQH6XEVWDQ]GLHGLH)RUVFKXQJELVODQJQRFKQLFKWDXIV\QWKHWLVFKHP :HJHKHU]XVWHOOHQYHUPRFKWH:HU6LQDORQEUDXFKWHGHUPXWHHVYRQGHU86(3LPSRUWLHUHQGHU 8QLRQGHU6LQDORQH[SRUWLHUHQGHQ3ODQHWHQHLQHU*UXSSHYRQ6LHGOHUZHOWHQDP5DQGGHV6RODUHQ ,PSHULXPVGLHDXIJUXQGGHV5HLFKWXPVGHQGLH6LQDORQ([SRUWHLKQHQHLQEUDFKWHQDXIGHPEHVWHQ :HJHZDUHQVLFKVHOEVWlQGLJ]XPDFKHQ 6LQDORQZDUHLQH.RVWEDUNHLW'HQQRFKZXUGHHVPLW%HJHLVWHUXQJJHNDXIW'HQQZLHWHXHUHVDXFK LPPHUVHLQPRFKWHHVIDQGHQVLFKLPPHUQRFK$QZHQGXQJHQGLHGHU,QGXVWULHGD]XYHUKDOIHQGLH $UEHLWVNRVWHQDXI:HOWHQPLWUHGX]LHUHQGHU$WPRVSKlUHQLHGULJ]XKDOWHQ6LQDORQZXUGHKDXSWVlFK OLFKYRQGHU)HLQZHUNWHFKQLNYHUZHQGHW6RQGHQ0LNURPHJHUlWHXQGlKQOLFKH'LQJHZXUGHQDXV6L QDORQJHIHUWLJW 'HU6LQDORQ+DQGHOHU|IIQHWHQHXH6WUDHQGHULQWHUVWHOODUHQ5DXPVFKLIIDKUWGHQQGHU5DXPVHNWRULQ GHPVLFKGLH86(3HWDEOLHUWKDWWHZDUELVGDKLQ]XGHQDEJHOHJHQHQJHUHFKQHWZRUGHQ0DQNDQQGHU ,QGXVWULHQLFKWQDFKVDJHQGDVLHEHLP$EVWHNNHQGHUQHXHQ5RXWHQPLW]LPSHUOLFKHU6RUJIDOW]X :HUNHJHJDQJHQZlUH'HU3URILWZLQNWHXQGPDQFKHU)UDFKWHUPDFKWHVLFKDXIGLH5HLVHRKQH JHQDX]XZLVVHQZDVLKQXQWHUZHJVHUZDUWHWH(VJDEGLHEOLFKH=DKOYRQ8QIlOOHQDEHULP/DXIH GHU0RQDWHOHUQWHQGLH)UDFKWHUNDSLWlQHGLH9HUNHKUVZHJHNHQQHQ'LH.DUWHQZXUGHQODXIHQG YHUEHVVHUW*HIDKUHQTXHOOHQGHVLQWHUVWHOODUHQ5DXPHVZXUGHQXPJDQJHQ (LQHGHUPHLVWEHIDKUHQHQ5RXWHQIKUWHYRP86(36HNWRU]XP:HJD6\VWHPDXIGHVVHQ:HOW Ä5RIXVLP/DXIHGHU-DKUKXQGHUWHGLH,QGXVWULHVLFKPDVVLHUWKDWWHEHVRQGHUVVHLWGHPPDQDXIGHU (UGHGD]XEHUJHJDQJHQZDUGHU,QGXVWULHGDV/HEHQVDXHU]XPDFKHQXQGVLH]XU$XVVLHGOXQJDXI DQGHUH:HOWHQ]XEHZHJHQ 'LHDFKW)UDFKWHUYRQGHQHQ)UDQN%HDXOLHXJHVSURFKHQKDWWHZDUHQRKQH$XVQDKPHDXIGHU5RXWH 86(35RIXVYHUORUHQJHJDQJHQ'LH'LVWDQ]EHWUXJLQVJHVDPW/LFKWMDKUH)DKU]HXJH PRGHUQHUHU%DXDUWSIOHJWHQVLHLQ]ZHL/LQHDUIOXJHWDSSHQ]XUFN]XOHJHQ'LHEHLGHQ(WDSSHQZXUGHQ JHWUHQQWGXUFKHLQNXU]HV1RUPDOIOXJPDQ|YHUGDVJHZ|KQOLFKHWZDDXIGHU+lOIWHGHU6WUHFNHLQGHU 1lKHGHV3HPEURNH'UHLHFNVHLQJHVFKREHQZXUGH'HU3HPEURNH6HNWRUZDULQ$QEHWUDFKWVHLQHU 1lKH]XPJDODNWLVFKHQ=HQWUXPEHPHUNHQVZHUWVWHUQHQDUPXQGGLHGUHL6RQQHQGHV'UHLHFNVZDUHQ VHLWDOWHUVKHUDOVLQWHUVWHOODUH/HXFKWIHXHUEHUKPW 'DVZDUDOOHVZDV0DUN5LFKWHUYRUOlXILJEHUGHQ6LQDORQ+DQGHOXQGVHLQH6FKLIIDKUWVVWUDHQ HUIXKU1DFK%HJXWDFKWXQJDOOHUGHQNEDUHQ0|JOLFKNHLWHQZDUHUEHUHLW)UDQN%HDXOLHXVLQWXLWLYHP 9HUGDFKWHUK|KWH%HGHXWXQJEHL]XPHVVHQ%HDXOLHXQlPOLFKKDWWHJHVDJW Ä0DQPXEHGHQNHQGD6LQDORQVHKUWHXHULVWHUVWHQVZHLOGLH86(3/HXWHGLH3UHLVHVRKRFKDQ VHW]HQZLHGHU0DUNWVLHHEHQWUDJHQNDQQXQG]ZHLWHQVZHLOGHU7UDQVSRUWHLQH0HQJH*HOGNRVWHW
6LQDORQIlQJWDQGLHVHOEH5ROOH]XVSLHOHQZLH*ROGJHJHQ(QGHGHV]ZHLWHQ-DKUWDXVHQGV0LW DQGHUHQ:RUWHQ6LQDORQLVWHLQ9HUEUHFKHQZHUW 0DUN5LFKWHUPXVWHUWHVHLQH0DQQVFKDIWPLWXQGXUFKGULQJOLFKHP%OLFN(UKDWWHGLHGUHL/HXWHDXI JUXQGLKUHU3HUVRQDOGDWHQDXVJHZlKOWXQGEHJHJQHWHLKQHQKHXWH]XPHUVWHQ0DO'HQEHLGHQ 0lQQHUQXQGGHU)UDXZDUEHUODVVHQZRUGHQREVLHVLFKDXIGLH%LWWHGHV6RQGHUDJHQWHQ0DUN 5LFKWHU]XHLQHPZHLWHUQLFKWEHVFKULHEHQHQ9RUKDEHQ]XU9HUIJXQJVWHOOHQZROOWHQRGHUQLFKW(V KDWWHNHLQ=|JHUQJHJHEHQ0DUN5LFKWHUV5XILQGHU6RO$EZDUOHJHQGlU(VJDE,QVSHNWRUHQGLHVLFK GDUXPULVVHQPLWGHPYRP5DQJKHUXQWHUJHRUGQHWHQ6RQGHUDJHQWHQ]XDUEHLWHQ +RUPHO'DODNND%H]LUN$XVWUDOLHQGUHLXQGVHFK]LJ-DKUHDOW)DFKPDQQIULQGXVWULHOOH.ULPLQRORJLH (LQGUHLYLHUWHO0HWHUKRFKEUHLWVFKXOWULJPUULVFKHV*HVLFKW&KROHULNHUDEHULQNULWLVFKHQ6LWXD WLRQHQYHUOlOLFK/LHEWJXWHV(VVHQXQG7ULQNHQ/HXWHGLHPLWLKP]XVDPPHQDUEHLWHQEHPHUNHQ HUVWLP$XJHQEOLFNGHU*HIDKUGD'DODNNDHLQJXWHU.DPHUDGLVW 1DVH\6WDUURS%H]LUN1RUGDPHULNDHLQXQGYLHU]LJ-DKUHDOW6SH]LDOLVWGHU.\EHUQHWLN/DQJHGUUH /DWWHKDJHUHV*HVLFKWPLWDXVJHSUlJWHQ=JHQXQGHLQHUNUlIWLJDXVJHELOGHWHQ1DVH/LHEHQVZUGLJ LP8PJDQJEHVRQGHUVPLW)UDXHQ.HLQHQHQQHQVZHUWH.ULVHQHUIDKUXQJEHVLW]WMHGRFK$QODJHQ]XP .lPSIHU 6DUUX1DVFLPHQWR%H]LUN6GDPHULNDDFKWXQGGUHLLJ-DKUHDOW6SH]LDOLVWGHUDOOJHPHLQHQ.ULPL QRORJLH(LQHIDV]LQLHUHQGH)UDX%LVKHUQXUWKHRUHWLVFKH$UEHLWHQGLHMHGRFKYRQQDKH]XJHQLDOHQ $QODJHQ]HXJHQ%HNDQQWGDIUGDVLHPlQQOLFKH0LWDUEHLWHURKQHHV]XZROOHQDEOHQNW:DV0DUN 5LFKWHUMHW]WGDHUVLH]XPHUVWHQ0DOYRU$XJHQVDK²YHUVWHKHQNRQQWH 0DUN5LFKWHUEOLFNWHVLHHLQHQQDFKGHPlQGHUQDQ'DQQVDJWHHU Ä,FKELQNHLQ:XQGHUNQDEH9RQGHQ/HXWHQGLHPLWPLU]XVDPPHQJHDUEHLWHWKDEHQLVWEHNDQQWGD VLHJU|HUH5LVLNHQHLQJHJDQJHQVLQGXQGVLFKPLWVFKOLPPHUHQ*HIDKUHQKHUXPJHVFKODJHQKDEHQDOV EOLFK +RUPHO'DODNNDEHGDFKWHLKQPLWHLQHPJULPPLJHQ%OLFNXQGNQXUUWH Ä'DVVROOKRIIHQWOLFKQLFKWKHLHQGD6LHPHLQHQLFKKlWWHPLFKJHPHOGHWZHLOLFKDXIHLQHQ 'UFNHEHUJHUSRVWHQKRIIH Ä6RZLH,KU3HUVRQDOSURILODXVVLHKWEHVWLPPWQLFKWJULQVWH0DUN5LFKWHU Ä-HZLOGHUHV]XJHKWGHVWRZRKOHUIKOHLFKPLFKEHKDXSWHWH1DVH\6WDUURS$EHUHLQOHLVHV=XFNHQ XPGLH0XQGZLQNHOYHUULHWGDHUVLFKVHOEVWQLFKWEHVRQGHUVHUQVWQDKP Ä,FKZHLQLFKWZLHYLHO:LOGKHLWLFK,KQHQYHUVSUHFKHQNDQQHQWJHJQHWH0DUN5LFKWHUÄ'HU)DOOLVW YRUOlXILJQRFKUHFKWXQGXUFKVLFKWLJ 6DUUX1DVFLPHQWRKDWWHHLQVWUDKOHQGHV/lFKHOQDXIJHVHW]W'LHVFKQHHZHLHQ=lKQHELOGHWHQHLQHQ IDV]LQLHUHQGHQ*HJHQVDW]]XGHUGXQNOHQ+DXWIDUEHhEHUGLHVKDWWHVLHHLQHQ]LHPOLFKJURHQ0XQG Ä)UPLFKZXUGHHVDOOPlKOLFK]XU1RWZHQGLJNHLWGDLFKDXVGHPWKHRUHWLVFKHQ%HWULHE KHUDXVNRPPHXQGPLFKLQGHU3UD[LVXPVHKHHUNOlUWHVLH8QGGDQQIJWHVLHKLQ]XÄ,FKKlWWHMHGHQ $XIWUDJDQJHQRPPHQ 0DUN5LFKWHUGHXWHWHHLQH9HUEHXJXQJDQ Ä,FKGDQNH,KQHQVDJWHHUÄ'D6LHDOOHVREHJLHULJVLQGPDFKHQZLUXQVDPEHVWHQJOHLFKDQGLH$U EHLW 'LH525$,0$JHK|UWH]XGHQ6SH]LDOHLQKHLWHQGHU([SORUHU)ORWWH'HUHLJHQWOLFKH6FKLIIVN|USHUEH VWDQGDXVGHU=ZHLKXQGHUWPHWHU]HOOHHLQHV6FKZHUHQ.UHX]HUV%HZDIIQXQJEHVDGLH525$,0$VR JXWZLHNHLQHGDIUZDUVLHYROOJHSIURSIWPLWWHFKQLVFKHU6SH]LDODXVUVWXQJYRQGHU0DUN5LFKWHU JODXEWHHUN|QQHVLHEHLGHU(UOHGLJXQJVHLQHV$XIWUDJVJHEUDXFKHQ 6HLWVHLQHUHUVWHQ8QWHUUHGXQJPLW)UDQN%HDXOLHXZDUHQHWOLFKH:RFKHQYHUJDQJHQ5LFKWHUXQGVHLQ 7HDPKDWWHQGLH=HLWJHQW]WXPVLFKPLWMHGHU(LQ]HOKHLWGHV6LQDORQ+DQGHOVXQGPLWDOOHPZDV EHUGLHDFKWYHUVFKZXQGHQHQ)UDFKWHUEHNDQQWZDUYHUWUDXW]XPDFKHQ,QGHU=ZLVFKHQ]HLWZXUGH GLH525$,0$QDFK0DUN5LFKWHUV$QJDEHQDXVJHVWDWWHW,QGHU=ZLVFKHQ]HLWVWDUWHWHYRQ5RIXVDXV HLQEHVRQGHUVSUlSDULHUWHV)DKU]HXJRKQH%HVDW]XQJLQ5LFKWXQJ86(36HNWRU'DVNOHLQH 5DXPVFKLIIKDWWHGHQYHUKHLXQJVYROOHQ1DPHQ5(9(/$7,21XQGZDUVRSURJUDPPLHUWGDHV JHQDXGHQ.XUVQHKPHQZUGHGHPGLH)UDFKWHUGHU86(35RIXV5RXWHIROJWHQ $XFKGDV5(9(/$7,21([SHULPHQWJLQJDXIHLQH(PSIHKOXQJYRQ0DUN5LFKWHU]XUFN1DFK UHLIOLFKHUhEHUOHJXQJZDUHU]XGHP6FKOXJHNRPPHQGDGLHDFKW6LQDORQ)UDFKWHUQLUJHQGZRDQ GHUVDOVZlKUHQGGHV1RUPDOIOXJPDQ|YHUVLP3HPEURNH6HNWRUYHUORUHQJHJDQJHQVHLQNRQQWHQ'LH 5(9(/$7,21VROOWHLKP]XP%HZHLVVHLQHU+\SRWKHVHYHUKHOIHQ'LH5(9(/$7,21ZDUVRKHUJH ULFKWHWGDLKU+\SHUVHQGHU]XIXQNHQEHJDQQVREDOGGDVNOHLQH6FKLIILQGHU*HJHQGYRQ3HPEURNH
DXVGHP/LQHDUUDXPDXIWDXFKWH 'LH5(9(/$7,21WDWDOOHVZDVYRQLKUHUZDUWHWZXUGH6LHEHZLHVVRJDUGLH5LFKWLJNHLWGHU 7KHRULHGLH0DUN5LFKWHUDXIJHVWHOOWKDWWHLQGHPVLH²IDKUSODQPlLJP|FKWHPDQVDJHQLP 3HPEURNH6HNWRUYHUVFKZDQG1XU HLQHVWDWVLHQLFKWVLHOLHIHUWHNHLQHUOHL+LQZHLVGDUDXIZLHGLHVHV 9HUVFKZLQGHQYRUVLFKJLQJ $OVVLHGHQ/LQHDUUDXPYHUOLHEHJDQQGLH5(9(/$7,21]XIXQNHQ$OOH]ZHL6HNXQGHQJDEVLH HLQHNXU]H6HULHYRQ,PSXOVHQYRQVLFKLQGHUGLH0HHUJHEQLVVHDOOHUP|JOLFKHQ*HUlWHXQG ,QVWUXPHQWHYHUVFKOVVHOWZDUHQ9LHU]HKQ0LQXWHQODQJZDUDOOHVLQ2UGQXQJGLH0HZHUWHODJHQ GRUWZRVLHKlWWHQOLHJHQVROOHQXQGGLH5(9(/$7,21EHZHJWHVLFKZHLWHUKLQJHUDGOLQLJDXIGHQ ]ZHLWHQ(LQVSUXQJSXQNWLQGHQ/LQHDUUDXP]X $EHUGDQQK|UWHGLH5(9(/$7,21SO|W]OLFKDXI]XIXQNHQ(LQH,PSXOVVHULHZDUHEHQQRFKSODQPl LJHPSIDQJHQXQGHQWVFKOVVHOWZRUGHQDEHUGLHQlFKVWHEOLHEDXV9RQHLQHP$XJHQEOLFN]XPlQ GHUQZDUGLH5(9(/$7,21YHUVFKZXQGHQ6lPWOLFKHLQDOOHU+DVWXQWHUQRPPHQHQ9HUVXFKHGLH .RPPXQLNDWLRQVPHFKDQLVPHQGHV([SHULPHQWLHUVFKLIIVZLHGHU]XP/HEHQ]XHUZHFNHQEOLHEHQHU IROJORV 0DUN5LFKWHU]RJDXVGLHVHP9HUVXFKVHUJHEQLVVHLQHHLJHQHQ6FKOVVHGLHHUQLFKWHLQPDOVHLQHQGUHL 0LWVWUHLWHUQPLWWHLOWH(UJODXEWHMHW]W]XZLVVHQGDVHLQ9RUKDEHQZHVHQWOLFKJHIlKUOLFKHUZDUDOVHU ELVKHUJHJODXEWKDWWHMDGDHUVRJDUPLWHLQHU(QWZLFNOXQJUHFKQHQPXWHGLHGHU525$,0$ GDVVHOEH6FKLFNVDO]XWHLOZHUGHQOLHZLHGHP([SHULPHQWLHUVFKLIIXQGGHQDFKW)UDFKWHUQ $XI0DUN5LFKWHUV$QZHLVXQJKLQHUKLHOWGLH525$,0$LQOHW]WHU0LQXWHQRFKHLQSDDU6WFNH]X VlW]OLFKHU$XVUVWXQJGDUXQWHUHLQHQGULWWHQ%RUGUHFKQHUHLQVLJDQHVLVFKHV0LNURIDEULNDW XQGHLQ DOWPRGLVFKHV*HUlWPLWGHVVHQ+LOIHHLQJHVFKLFNWHU0DQQPLWUXKLJHQ+lQGHQPDQXHOOVHLQHQ 6WDQGRUWEHVWLPPHQNRQQWH1DVH\6WDUURSVDKGDV,QVWUXPHQWXQGPHLQWH Ä,FKELQDXFKIUGDV$OWKHUJHEUDFKWHDEHUPDQNDQQHVPLWGHU7UDGLWLRQDXFKEHUWUHLEHQILQGHQ6LH QLFKWDOWHU+HUU" :RUDXIKLQLKP0DUN5LFKWHU]LHPOLFKXQJQlGLJ]XYHUVWHKHQJDE Ä'D,KQHQGHUVWUDWHJLVFKH:HLWEOLFNYRUOlXILJQRFKIHKOWQHKPHLFK,KQHQQLFKWEHO$EHUZHQQ 6LHPLFKQRFKHLQPDODOWHU+HUU QHQQHQGDQQVHKHLFKPLFKJH]ZXQJHQ,KUHU]XUFNJHEOLHEHQHQ JHLVWLJHQ(QWZLFNOXQJHLQZHQLJDXIGLH6SUQJH]XKHOIHQ :RUDXV1DVH\6WDUURSGHQY|OOLJIDOVFKHQ6FKOX]RJGDHVPLWGHP+XPRUGHVÄ$OWHQQLFKWDOO]X ZHLWKHUVHLQN|QQH 'LH525$,0$ZDUQLFKGDVVFKQHOOVWHDOOHU5DXPVFKLIIHGD]XZDUVLHPLWWHFKQLVFKHU$XVUVWXQJ ]XYROOJHSIURSIW6LHEUDXFKWHPHKUDOVGUHLLJ6WXQGHQXPLP/LQHDUIOXJGHQ3HPEURNH6HNWRU]X HUUHLFKHQ$OVVLHDXVGHP/LQHDUUDXPDXIWDXFKWHZDUDXHU0DUN5LFKWHUXQGVHLQHQGUHL 6SH]LDOLVWHQIDVWGLH+lOIWHGHUIQI]LJN|SILJHQ%HVDW]XQJLP.RPPDQGRVWDQGYHUVDPPHOWMHGHU KDWWHVHLQH$XIJDEH(VJDE+XQGHUWHYRQ%HREDFKWXQJHQGLHJHPDFKWZHUGHQPXWHQ0DUN5LFKWHU KDWWHGLHODQJH$QUHLVHJHQXW]WXPMHGHUPDQQDXIVHLQH$XIJDEHYRU]XEHUHLWHQ 'LHGUHL3HPEURNH6RQQHQELOGHWHQHLQDQQlKHUQGJOHLFKVHLWLJHV'UHLHFNYRQHWZD]ZHL/LFKWMDKUHQ 6HLWHQOlQJH'HU86(3.XUVIKUWHLQXQPLWWHOEDUHU1lKHGHVOLFKWVFKZlFKVWHQGHUGUHL6WHUQHYRUEHL 3HPEURNH*DPPDHLQHUVROlKQOLFKHQ6RQQHYRP*O7\S'LH525$,0$ZDUDOVVLHDXVGHP /LQHDUUDXPDXIWDXFKWHUXQG]ZDQ]LJ$VWURQRPLVFKH(LQKHLWHQRGHUNQDSSGUHL/LFKWVWXQGHQYRQ 3HPEURNH*DPPDHQWIHUQW$XHUGHQGUHL3HPEURNH6RQQHQJDEHVLP8PNUHLVYRQGUHLLJ/LFKW MDKUHQNHLQHQZHLWHUHQ)L[VWHUQ'HU3HPEURNH6HNWRUELOGHWHVRPLWHLQH$UW/RFKLQPLWWHQGHU6WHU QHQIOOHGHULQQHUHQ*DOD[LV 'HP%HREDFKWHUGHUVLFKQXUDXIVHLQH$XJHQYHUOLHEOLHEGLHVHV/RFKMHGRFKYHUERUJHQ'LH 6FKZlU]HGHV$OOVYHUVFKZDQGIDVWKLQWHUGHPXQDEVHKEDUHQ0HHUGHU/LFKWSXQNWH$P5DQGHGHV /RFKHVEHIDQGVLFKHLQH9LHO]DKOKHLHUKHOOHU6WHUQHGLHGXUFKDXVQLFKWGHQ$QVFKHLQHUZHFNWHQVLH VHLHQEHUPlLJZHLWHQWIHUQW9RQGHQGUHL3HPEURNH6RQQHQVWDFKQXUGLHKHOOVWH3HPEURNH$OSKD JHJHQGHQDOOJHPHLQHQ+LQWHUJUXQGDE,KUHEHLGHQOLFKWVFKZlFKHUHQ6FKZHVWHUQYHUVFKZDQGHQGDJH JHQLPDOOJHPHLQHQ*HZLPPHO(VEHGXUIWHGHU+LOIHGHV%RUGUHFKQHUVXPGHQ6WDQGRUWYRQ 3HPEURNH*DPPD]XEHVWLPPHQREZRKOGHU6WHUQVLFKLQXQPLWWHOEDUHU1lKHGHU525$,0$ EHIDQG 0DUN5LFKWHUKDWWHVHLQDOWPRGLVFKHV0HJHUlWDXIHLQHPHLJHQVGDIUKHUJHULFKWHWHQ7LVFKDXIJHEDXW (URULHQWLHUWHVLFKDQGHP%LOGGDVGLHJURH3DQRUDPDELOGIOlFKH]HLJWH0LWHLQLJHU0KHKDWWHHU 3HPEURNH*DPPDGDUDXIDXVJHPDFKW'DV*HUlWZDUVRMXVWLHUWGD0DUN5LFKWHUGHQ/LFKWSXQNWGHU 6RQQHLP)DGHQNUHX]HUEOLFNWHVREDOGHUGXUFKV2NXODUVDK(LQNOHLQHU3Ul]LVLRQVPRWRUEHZHJWHGLH
2SWLNVRGDGLH:LUNXQJGHU6FKLIIVEHZHJXQJQHXWUDOLVLHUWZXUGH'HU0RWRUZDUDQKDQGGHU .XUVGDWHQNDOLEULHUWXQGYRP%RUGUHFKQHUXQDEKlQJLJ 'LH525$,0$EHZHJWHVLFKPLWHLQHU*HVFKZLQGLJNHLWYRQUXQGVHFK]LJ3UR]HQW/LFKWDQ3HPEUR NH*DPPDYRUEHL5HODWLYLVWLVFKH(IIHNWHZDUHQNDXPZDKUQHKPEDU'LH6HULHGHU%HREDFKWXQJHQ OLHIDXIYROOHQ7RXUHQ,P9HUODXIGHUHUVWHQKDOEHQ6WXQGHZXUGHQLFKWV$XHUJHZ|KQOLFKHV UHJLVWULHUWZHQQPDQYRQHLQHP6FKDXHUK\SHUHQHUJHWLVFKHU,PSXOVHDEVDKGHPHVMHGRFKDQ MHJOLFKHU0RGXODWLRQIHKOWHVRGDHUHLQHP(QHUJLHDXVEUXFKDQGHU2EHUIOlFKHHLQHUGHU EHQDFKEDUWHQ6RQQHQ]XJHVFKULHEHQZXUGH 'DQQQDFKYLHU]LJ0LQXWHQPDFKWH0DUN5LFKWHUGLHHQWVFKHLGHQGH(QWGHFNXQJ3HPEURNH*DPPD VWDQGQLFKWPHKUJHQDXLP)DGHQNUHX]VHLQHV6H[WDQWHQ'HU/LFKWSXQNWKDWWHEHJRQQHQQDFKOLQNV DXV]XZDQGHUQ'HU(IIHNWZDU]LHPOLFKJHULQJIJLJ0DUN5LFKWHUZDUWHWHZHLWHUH]HKQ0LQXWHQELV HUVHLQHU6DFKHVLFKHUZDU:lKUHQGGHVVHQK|UWHHUULQJVXPGLHPRQRWRQHQ6WLPPHQGHUDQGHUHQ %HREDFKWHUGLHPHOGHWHQGDLKUH0HVVXQJHQÄY|OOLJQRPLQDOVHLHQ 0DUN5LFKWHUVWDQGDXI Ä6LHN|QQHQVLFKGLH0KHVSDUHQVDJWHHUQLFKWEHVRQGHUVODXWDEHUGHQQRFKKDWWHVHLQH6WLPPHHL QHQ.ODQJGLHELVLQGHQKLQWHUVWHQ:LQNHOGHV.RPPDQGRVWDQGVUHLFKWH 9HUZXQGHUWVDKHQGLH/HXWH]XLKPDXI Ä:LUVLQGYRP.XUVDEJHZLFKHQHUNOlUWHHUÄ'DV)DKU]HXJKlOWDXI3HPEURNH*DPPD]X :HQQVLHQLFKWVFKRQYRQPLUJHK|UWKlWWHQZUGHQVLHPLFKMHW]WHLQHQ1DUUHQVFKLPSIHQIXKUHV 0DUN5LFKWHUGXUFKGHQ6LQQDOVHUGLHXQJOlXELJHQ*HVLFKWHUVDKGLHLKQDQVWDUUWHQ Ä6WDUURSEHUSUIHQ6LHGLH7ULHEZHUNVDQ]HLJHQEHIDKOHU 'DPHOGHWHVLFKDXVGHP+LQWHUJUXQGHLQH6WLPPH Ä$OOH7ULHEZHUNVPHVVXQJHQVLQGQRPLQDO6LU Ä:HLOVLHEHUGHQ%RUGUHFKQHUJHKHQDQWZRUWHWH0DUN5LFKWHUXQJHGXOGLJÄ'HU%RUGUHFKQHUYHU JOHLFKWGLH7ULHEZHUNVDNWLYLWlWPLWGHPYRUJHVFKULHEHQHQ.XUV Ä*HQDX6LUWULXPSKLHUWHGLH6WLPPHDXVGHP+LQWHUJUXQG Ä:HQQDEHUGHU%RUGUHFKQHUHLQHQIDOVFKHQ.XUVHQWKlOWGDQQEHNRPPHQZLUNHLQHDQRPDOH$Q]HL JHULHI5LFKWHUÄ6WDUURSVROOVLFKGLH$Q]HLJHQDP7ULHEZHUNVHOEVWDQVFKDXHQ²QLFKWGLH 0HZHUWHGLHEHUGHQ5HFKQHUNRPPHQ6FKXEYHNWRU7UHLEVWRIIYHUEUDXFKXQGVRZHLWHU 1DVH\6WDUURSPDUVFKLHUWHEHUHLWV]XP$XVJDQJ Ä6RIRUW6LUPXUPHOWHHUYHUZLUUW :lKUHQG6WDUURSXQWHUZHJVZDUHUNOlUWH0DUN5LFKWHUGLH:LUNXQJVZHLVHVHLQHV6H[WDQWHQXQGOLH HLQSDDU/HXWHGXUFKV2NXODUVFKDXHQ6LHVFKWWHOWHQGHQ.RSIXQGPXUPHOWHQ8QYHUVWlQGOLFKHVDEHU VLHZDUHQHKHUEHUHLW]XJODXEHQGDGDV*HUlWIDOVFKMXVWLHUWZDUDOVGDGLH525$,0$WDWVlFKOLFK GHQYRUJHVFKULHEHQHQ.XUVYHUODVVHQKDWWH 6FKOLHOLFKNDP6WDUURS]XUFN(UZDUEOHLFKXQGVHLQH$XJHQKDWWHQHLQHQXQQDWUOLFKHQ*ODQ] Ä'HU6FKXEYHNWRULVWXQJOHLFK1XOOVWLHHUKHUYRUÄ7UHLEVWRIIYHUEUDXFKK|KHUDOVQRPLQDO $XHUGHPLVWGHU$QWLJUDYDQJHVSUXQJHQ:LUIOLHJHQHLQHIODFKH.XUYH (LQHQ$WHP]XJODQJKHUUVFKWH6WLOOH'DQQZDU+RUPHO'DODNNDVNQDUUHQGH6WLPPH]XK|UHQ Ä(LQHQ)XQNVSUXFK:LUPVVHQXQEHGLQJWHLQHQ+\SHUIXQNVSUXFKDQGLH(UGHDEVHW]HQ 0DUN5LFKWHUQLFNWHGD]X Ä*HEHQ6LHGLHHQWVSUHFKHQGH$QZHLVXQJWUXJHU'DODNNDDXI 'HU.ULPLQRORJHWUDWDQGDVQlFKVWH6FKDOWSXOWKROWHPLWGHU+DQGHLQHQGHUVFKLPPHUQGHQ0LNUR SKRQULQJH]XVLFKKHUDQXQGVFKULH Ä9HUHLQEDUWHQ1RWUXIWH[WDQGLH(UGHDEVFKLFNHQVRIRUW Ä:LUGDEJHVFKLFNWNDPGLH$QWZRUWDXVGHP,QWHUNRP +RUPHO'DODNNDQLFNWHYRUVLFKKLQ(UZDUVWRO]GDUDXIDOVHUVWHUDQGDV1lFKVWOLHJHQGHJHGDFKW]X KDEHQGDVVDKPDQLKPDQ:HQLJH6HNXQGHQVSlWHUPHOGHWHVLFKGHU,QWHUNRPYRQQHXHP Ä'HU6SUXFKJHKWQLFKWUDXV6LU'LH9HUELQGXQJLVWDEJHVFKQLWWHQ +RUPHO'DODNNDV*HVLFKWZXUGH]XP)UDJH]HLFKHQ Ä:DVKHLWGDVYHUGDPPWQRFKPDO"NQXUUWHHU]RUQLJ Ä:LUIXQNHQJHJHQHLQH:DQG6LUDQWZRUWHWHGHU)XQNRIIL]LHUPLWJURHU*HGXOGÄ'HU6SUXFK NRPPWSRVWZHQGHQG]XUFNZLUPHUNHQHVDQGHU5FNNRSSHOXQJ 9RQ+RUPHO'DODNNDV6WRO]ZDUQLFKWVPHKUEULJ+LOIORVZDQGWHHUVLFKDQ0DUN5LFKWHU Ä'DVYHUVWHKHLFKQLFKWPXUPHOWHHU Ä(ULQQHUQ6LHVLFKDQGLH5(9(/$7,21VDJWH0DUN5LFKWHU
'DODNNDNRQQWHGHQ=XVDPPHQKDQJRIIHQEDUQLFKWHUNHQQHQ Ä6LHPHLQHQGLH5(9(/$7,21KlWWHDXFKJHJHQHLQH:DQGJHIXQNWZLHGLHVHU0DQQVLFKDXV GUFNW"IUDJWH6DUUX1DVFLPHQWR Ä*HJHQLUJHQGHLQH$UWYRQ6FKLUPIHOGQLFNWH0DUN5LFKWHU Ä$EHUZHU Ä'HUVHOEHGHUXQVHUHQ%RUGUHFKQHURKQHXQVHU:LVVHQVRXPSURJUDPPLHUWKDWGDHU3HPEURNH *DPPDIUGDV=LHOKlOWILHO0DUN5LFKWHULKULQV:RUW Ä$EHUQRFKVLQGZLUQLFKWKLOIORVPHOGHWHVLFKGD1DVH\6WDUURSGHUVLFKLQ]ZLVFKHQYRQGHP 6FKRFNVHLQHU(QWGHFNXQJHQLQGHU7ULHEZHUNVVHNWLRQHUKROWKDWWHÄ1RFKKDEHQZLUGDV)DKU]HXJXQ WHU.RQWUROOH:LUN|QQHQGHQ5HFKQHUQHXSURJUDPPLHUHQXQGPLW9ROOGDPSIDXIGHQXUVSUQJOLFKHQ .XUV]XUFNJHKHQ 8QWHU0DUN5LFKWHUVGXUFKGULQJHQGHP%OLFNZXUGHLKPXQEHKDJOLFK]XPXWH Ä$EHUGDQQDEHUGDQQVWRWWHUWHHUZUGHQZLUZDKUVFKHLQOLFKQLFKWGDKLQWHUNRPPHQZDVKLHU JHVSLHOWZLUGQLFKWZDKU" Ä,FKELQIURKGD6LHGDVHUNDQQWKDEHQEHPHUNWH5LFKWHUWURFNHQÄ:LUODVVHQGHP%RUGUHFKQHU VHLQHQ:LOOHQ:LUPVVHQHUIDKUHQZRKLQGLH525$,0$DEJHVFKOHSSWZLUGRGHUZLUVLQGJDQ] XPVRQVWKLHUKHUJHNRPPHQ (VZDUQDWUOLFKGDGLH0DQQVFKDIWGLHXQHUZDUWHWHQHXH(QWZLFNOXQJQLFKWWDWHQORVKLQQHKPHQ ZROOWH'XW]HQGHYRQ9RUVFKOlJHQZXUGHQJHPDFKWZLHPDQGHQJHKHLPQLVYROOHQ(LQIOXGHPGLH 525$,0$HUOHJHQZDUQlKHUHUJUQGHQN|QQH(VZDUHQHLQSDDUJXWH,GHHQGDUXQWHUDEHUGHU VWUPLVFKH7DWHQGUDQJGHU/HXWHKlWWHVLFKYRP+XQGHUWVWHQLQV7DXVHQGVWHYHUODXIHQZHQQQLFKWHLQ .RRUGLQDWRUGDJHZHVHQZlUHGHUGDUDXIYRUEHUHLWHWZDUDXIGDVZDVQXQJHVFKDK0DUN5LFKWHU NRQQWHQLFKWDQGHUVHUVFKULHGLH/HXWHHLQIDFKQLHGHUGLHLKPYRQDOOHQ6HLWHQKHULKUH,GHHQ GDUEHU]XULHIHQZDVMHW]WXQEHGLQJWJHWDQZHUGHQPVVH(UKDWWHHLQ]LHPOLFKNUlIWLJHV2UJDQZHQQ HVGDUDXIDQNDP,QQHUKDOEZHQLJHU$XJHQEOLFNHVFKDIIWHHU5XKH Ä'LHZLFKWLJVWHQ9RUVFKOlJHVLQGEHUHLWVJHPDFKWVDJWHÄXQGPHKUDOVHLQSDDU6WXQGHQ=HLWEOHLEHQ XQVRKQHKLQQLFKW.DSLWlQVFKLFNHQ6LHHLQHQ,KUHU/HXWH]XP7ULHEZHUNKLQXQWHU(UVROOGLH 0HLQVWUXPHQWHDQ2UWXQG6WHOOHDEOHVHQXQGXQVDOOHIQI0LQXWHQ%HULFKWHUVWDWWHQQRWIDOOVIUKHU IDOOVVLFKHWZDV$XHUJHZ|KQOLFKHVWXW (LQ0DQQZXUGHDENRPPDQGLHUW Ä,QGHU=HLWGLHZLUQRFKKDEHQVROOWHQDOOHGUHL%RUGUHFKQHUXQWHUVXFKWZHUGHQIXKU0DUN5LFKWHU IRUWÄ,FKEUDXFKHHLQHQ$XVGUXFNGHUNULWLVFKHQ6SHLFKHULQKDOWHXP]XVHKHQQDFKZHOFKHQ:HUWHQ GHU%RUGSLORWYRUJHKW $XVGHU%HVDW]XQJGHU525$,0$PHOGHWHQVLFKPHKUHUH)DFKODXWH0DUN5LFKWHUYHUWHLOWHVLH JOHLFKPlLJEHUGLHEHLGHQXUVSUQJOLFKDQ%RUGJHQRPPHQHQ5HFKQHU'DQQILHOVHLQ%OLFNDXI1D VH\6WDUURSGHULQVHLQHU1lKHVWDQGXQGLKQELWWHQGDQVDK Ä,FKZDUHLQ-DKUDXI6LJDVDJWHHUPLWXQJHZRKQWHU6FKFKWHUQKHLWÄ,FKYHUVWHKHHWZDVYRQLKUHU 0LNURWHFKQLN Ä8QGYRQ5HFKQHUQ" Ä8QGYRQ5HFKQHUQQLFNWH6WDUURS Ä*XW1HKPHQ6LHVLFKGDVGULWWH*HUlWYRU 1DVH\6WDUURSZROOWHVLFKVRIRUWDXIGHQ:HJPDFKHQ Ä+DOWULHI0DUN5LFKWHULKPKLQWHUGUHLQÄ,FKELQ]LHPOLFKVLFKHUGDGLHNULWLVFKHQ6SHLFKHULQKDOWH LQDOOHQGUHL5HFKQHUQJOHLFKVLQG'DUDQDUEHLWHQEHUHLWV]ZHL0DQQVFKDIWHQDOVREUDXFKHQ6LHVLFK QLFKWDXFKQRFKGDPLW]XEHIDVVHQ 6WDUURSPXVWHUWHLKQHLQZHQLJUDWORV Ä$EHUZDVVROOLFKGDQQ" Ä,FKQHKPHDQGDGLH525$,0$LUJHQGZRJHODQGHWZHUGHQVROOVDQIWJULQVWHHUÄ'DVVHW]W YRUDXVGDHVLQGHU1lKHHLQHQJHHLJQHWHQ/DQGHSODW]JLEWHWZDDXIGHU2EHUIOlFKHHLQHV3HPEURNH *DPPD3ODQHWHQ9RQVROFKHQ3ODQHWHQZLVVHQZLUQLFKWV9RUDXVVHW]XQJIUHLQHYHUQQIWLJH /DQGXQJDEHULVWGDGHU%RUGUHFKQHUZHLZRKLQHU]XVWHXHUQKDW (UKLHOWLQQHGHQQHUVDKGDV/HXFKWHQLQ6WDUURSV0LHQHGDVSO|W]OLFKH9HUVWHKHQVLJQDOLVLHUWH Ä6LHQHKPHQDQVDJWHGHU.\EHUQHWLNHUKDVWLJÄGDGHU%RUGUHFKQHUEHUXQVHUHQ/DQGHRUW%H VFKHLGZHL Ä,P'HWDLOQLFNWH0DUN5LFKWHU Ä,FKPDFKHPLFKVRIRUWDQGLH$UEHLWVSUXGHOWH6WDUURSEHJHLVWHUWKHUYRUÄ6ROFKH'DWHQPWHQLP
6HNXQGlUVSHLFKHUVWHFNHQ (UVSUDFKPHKU]XVLFKVHOEVWGHQQHUZDUVFKRQZLHGHUDXIGHP:HJ]XP$XVJDQJ,QGLHVHP$X JHQEOLFNPHOGHWHVLFKGHU,QWHUNRP'HU0DQQGHULQGLH7ULHEZHUNVVHNWLRQJHVFKLFNWZRUGHQZDU EHULFKWHWH Ä$QWULHEVSULQJWDXIDFKW]LJ3UR]HQW9ROODVW:LUEHVFKOHXQLJHQ (LQSDDU6WXQGHQYHUJLQJHQ$EXQG]XWUDIHQLP.RPPDQGRVWDQG0HOGXQJHQGHU$UEHLWHUJUXSSHQ HLQGLHGLHNULWLVFKHQ6SHLFKHULQKDOWHGHUEHLGHQ+DXSWUHFKQHUXQWHUVXFKWHQ(VZXUGHLPPHUGHXWOL FKHUGDQLFKWQXUGLH'DWHQLQKDOWHGHU6SHLFKHUDXIJHKHLPQLVYROOH:HLVHDXVJHWDXVFKWZRUGHQZD UHQVRQGHUQDXFKGLH%DVLVSURJUDPPHPLWWLHUHQ+LOIHGLH5HFKQHUVLFKVHOEVWVWHXHUWHQ%HLGH0D VFKLQHQZDUHQIUKHUN|PPOLFKH$QZHQGXQJHQDEVROXWXQEUDXFKEDU6LHIXQNWLRQLHUWHQQDFKHLQHU IUHPGHQ/RJLN 9|OOLJUlWVHOKDIWZDUQDFKZLHYRUDXIZHOFKH:HLVHGLH8PSURJUDPPLHUXQJGHU5HFKQHUVWDWWJHIXQ GHQKDWWH0DUN5LFKWHUKDWWHGD]XVHLQHHLJHQH+\SRWKHVHDEHUVLHZDUNDXPPHKUDOVHLQH$KQXQJ 'DKHUEHKLHOWHUVLHYRUOlXILJIUVLFKXQGWDWZHLWHUQLFKWVDOVVLFK]XYHUJHZLVVHUQGDGLH ,QIRUPDWLRQHQHUKDOWHQEOLHEHQGLHHUEUDXFKWHXPVHLQH7KHRULHDOVULFKWLJRGHUIDOVFK]XHUNHQQHQ 9RP.RPPDQGRVWDQGDXVZDUPLWWOHUZHLOHHLQH6XFKHQDFK3ODQHWHQGHU6RQQH3HPEURNH*DPPDLQ *DQJJHVHW]WZRUGHQ'HU%HVFKOHXQLJXQJVYHNWRUGHU525$,0$ZLHVHLQGHXWLJLQ5LFKWXQJGLHVHV 6WHUQV'DV)DKU]HXJKDWWHPLWWOHUZHLOHKRFKUHODWLYLVWLVFKH*HVFKZLQGLJNHLWHUUHLFKWGLH/LFKWSXQNWH GHU6WHUQHYRUDEVFKLPPHUWHQLQWLHIHP%ODXZlKUHQGVLHDFKWHUQU|WOLFKVFKLHQHQ'HU.RPPDQGDQW KDWWHHLQSDDUNRPSOL]LHUWH5HFKQXQJHQEHUVFKOlJLJYRQ+DQGGXUFKJHIKUW²ZHLONHLQHUGHU5HFK QHUPHKU]XJHEUDXFKHQZDUXQGVFKlW]WHGDGLH525$,0$LQZHQLJHUDOV]ZHL6WXQGHQ%RUG]HLW 3HPEURNH*DPPDHUUHLFKWKDEHQZUGH 1DFKHWZDHLQVWQGLJHU6XFKHZXUGHQIDVWJOHLFK]HLWLJ]ZHL3ODQHWHQHQWGHFNW'LH3UR]HGXUZDU ]LHPOLFKPKVHOLJZHLOGLH/HXWHGLHDQGHQ7HOHVNRSHQDUEHLWHWHQDOOHLQDXIGLH.UDIWLKUHV6HKYHU P|JHQVXQGGLH)HUWLJNHLWLKUHU+lQGHDQJHZLHVHQZDUHQ'HQQGHU%RUGUHFKQHUGHUXQWHUQRUPDOHQ 8PVWlQGHQGLH2EMHNWLYHDXWRPDWLVFKEHZHJWXQGGLHRSWLVFKHQ6LJQDOHLQWHUSUHWLHUWKlWWHVWDQGQLFKW PHKU]X'LHQVWHQ 'LHEHLGHQQHXHQWGHFNWHQ:HOWHQXPNUHLVWHQGLHRUDQJHJHOEH0XWWHUVRQQHLQ$EVWlQGHQYRQGUHLXQG VLHEHQ/LFKWPLQXWHQ6LHEHVDHQEHLGHDQQlKHUQGGHQJOHLFKHQ'XUFKPHVVHUGHUDXI]HKQWDXVHQG.L ORPHWHUJHVFKlW]WZXUGHXQGZDUHQHEHQIDOOVEHLGHPLWGHXWOLFKZDKUQHKPEDUHQ$WPRVSKlUHQDXVJH VWDWWHW1DFK$QVLFKWGHU)DFKOHXWHZDUGHULQQHUHGHUEHLGHQ3ODQHWHQHLQH*OXWK|OOHYRQGHU4XDOLWlW GHU9HQXVZlKUHQGGHPlXHUHQ&KDQFHQ]XJHVWDQGHQZXUGHQHLQHHUGlKQOLFKH:HOW]XVHLQ 6FKOLHOLFKNDP1DVH\6WDUURS]XUFN(UZLUNWHDXIJHUHJW Ä,KUH9HUPXWXQJZDUY|OOLJULFKWLJDOWHU+HUUVDJWHHU $XI0DUN5LFKWHUV6WLUQELOGHWHQVLFKGURKHQGH)DOWHQ Ä2K9HU]HLKXQJVWRWWHUWH6WDUURSÄ'DVLVWPLUQXUVRKHUDXVJHUXWVFKW$EHU6LHKDEHQZLUNOLFK UHFKWJHKDEW'HU0LNURUHFKQHUEHVLW]WHLQJHQDXHV$EELOGGHV3ODQHWHQDXIGHPZLUODQGHQZHUGHQ +RUPHO'DODNNDXQG6DUU\1DVFLPHQWRGLHVLFKDXV0DQJHODQ)DFKNHQQWQLVELVODQJQLFKWKDWWHQEH WlWLJHQN|QQHQNDPHQQHXJLHULJKHUEHL6WDUURSEUDFKWHDXVHLQHUGHUYLHOHQ7DVFKHQVHLQHU0RQWXU HLQHNOHLQH.DVVHWWH]XP9RUVFKHLQ Ä,FKKDEHGLH'DWHQNRSLHUWHUNOlUWHHUÄ:LUN|QQHQVLHDEVSLHOHQ $XIGHP%LOGVFKLUPHLQHV'DWHQJHUlWVHQWKOOWHGLH.DVVHWWHLKUHQZXQGHUVDPHQ,QKDOW(VVWHOOWHVLFK KHUDXVGDGHU8QEHNDQQWHZHUDXFKLPPHUHUVHLQPRFKWHJDQ]H$UEHLWJHOHLVWHWKDWWH$XIGHU %LOGIOlFKHHUVFKLHQGLHGHWDLOOLHUWH%HVFKUHLEXQJGHU2EHUIOlFKHHLQHVIUHPGHQ3ODQHWHQ'LH 'DUVWHOOXQJZDUVFKZDU]ZHLGD)DUEHIUHLQHQ%RUGUHFKQHUQXULQVHOWHQHQ)lOOHQ,QIRUPDWLRQVZHUW EHVLW]W'DIUJDEHVMHGRFKHLQH9LHOIDOWVRUJIlOWLJDEJHVWXIWHU*UDXW|QHGLHGHQ(LQGUXFNHQWVWHKHQ OLHHQGDDXFKQLFKWGLHJHULQJIJLJVWH(LQ]HOKHLWGHU2EHUIOlFKHQJHVWDOWXQJEHUVHKHQZRUGHQZDU 'DV%LOGZDUVWDUU(V]HLJWHQXUGLHHLQH+DOENXJHOGHV3ODQHWHQ$XIbTXDWRUK|KHZDUDQGHU 6SLW]HHLQHU/DQGH]XQJHGLHZHLWLQHLQR]HDQJURHV0HHUKLQDXVUDJWHHLQ3XQNWZHLPDUNLHUW 0DUN5LFKWHUGHXWHWHGDUDXI Ä'DUDQRULHQWLHUWVLFKGHU5HFKQHUVDJWHHU 6HLQH6WLPPHNODQJQDFKGHQNOLFKHUDOVVRQVW 1DFKGHQNOLFKNHLWZDULQGHU7DWGLHYRUKHUUVFKHQGHXQWHU0DUN5LFKWHUV6WLPPXQJHQZlKUHQGGLHVHU 6WXQGHQ(U]RJVLFKDXVGHP.RPPDQGRVWDQG]XUFNXQGZXUGHJHUDXPH=HLWQLFKWPHKUJHVHKHQ 6SlWHUGDQQVWHOOWHVLFKKHUDXVGDPDQFKHGHU*HGDQNHQGLHLKQLQGLHVHQ6WXQGHQEHZHJWHQGHU /|VXQJGHV*HKHLPQLVVHVGDVGHQ]ZHLWHQ3ODQHWHQGHU6RQQH3HPEURNH*DPPDXPJDEHUVWDXQOLFK
QDKHNDPHQ9RUOlXILJDOOHUGLQJVZDUHQVLHNDXPPHKUDOV0RVDLNVWHLQFKHQLQ0DUN5LFKWHUV %HZXWVHLQGLHVLFKKDUWQlFNLJZHLJHUWHQVLFK]XHLQHPHUNHQQEDUHQ%LOG]XIRUPHQ0DUNKDWWHGLH ULFKWLJHQ'HQNDQVlW]HDEHUHUZDULQGLHVHQ$XJHQEOLFNHQQRFKZHLWGDYRQHQWIHUQWGDV 8QJHKHXHUOLFKH]XHUNHQQHQGDVGHQIUHPGHQ3ODQHWHQLQVHLQHP%DQQKLHOW $QGHUQRUWVDQ%RUGGHU525$,0$JLQJHQGLH$UEHLWHQPLWXQJHEUHPVWHP6FKZXQJZHLWHU'LH 2EHUIOlFKHGHV3ODQHWHQZXUGHPLWHPSILQGOLFKHQ6HQVRUHQDEJHWDVWHW.HLQHGHUEOLFKHQ6SXUHQHL QHU=LYLOLVDWLRQDOVGDVLQGGLHEHUKHOOH$XVOHXFKWXQJPLW)UHTXHQ]HQDPXQWHUHQ(QGHGHVHOHNWUR PDJQHWLVFKHQ6SHNWUXPVGLHYRQLQWHQVLYHP)XQNYHUNHKUKHUUKUWHQXQGGLHVWHFKHQGHQ/LFKWEOLW]H GHU/DVHUGLHYRQHQWVSUHFKHQGHQ*HUlWHQQRFKEHU0LOOLRQHQYRQ.LORPHWHUQKLQZHJJHRUWHWZHU GHQN|QQHQ²ZXUGHJHIXQGHQ Ä'DV'LQJGDLVWVRWRWZLHGLH(UGHDOVGLH6DXULHUDXVVWDUEHQHUNOlUWHGHU.RPPDQGDQWLQHLQHP $QIOXJYRQ8QEHKDJHQHUIOOWHU(QWWlXVFKXQJ ,Q]ZLVFKHQKDWWHGLH*HVFKZLQGLJNHLWGHU525$,0$GHQ+|FKVWZHUWEHUVFKULWWHQXQGEHJDQQXQWHU GHP(LQIOXHLQHVNRQVHTXHQWGXUFKJHIKUWHQ%UHPVPDQ|YHUV]XVLQNHQ$QKDQGGHU$Q]HLJHQGLH XQPLWWHOEDUDP7ULHEZHUNDEJHOHVHQZXUGHQOLHVLFKGHU.XUVGHV6FKLIIHVEHUVFKOlJLJUHNRQ VWUXLHUHQ6HLW%HJLQQGHV%UHPVPDQ|YHUVJDOWHVDOVHUZLHVHQGDGHU]ZHLWH3ODQHWGHU6RQQH 3HPEURNH*DPPDLQGHU7DWGDV=LHOGHUXQIUHLZLOOLJHQ5HLVHZDU 8QWHUGHU%HVDW]XQJPDFKWHVLFKHLQJHZLVVHV*HIKOGHU(UOHLFKWHUXQJEUHLW%LVKHUKDWWHQLHPDQG PLW6LFKHUKHLW]XYHUQHLQHQJHZXWGDGLH525$,0$QLFKW]XHLQHP$EVWXU]LQGLH*OXWK|OOHGHU 6RQQHJH]ZXQJHQZHUGHQVROOWH 'LH=ZHLIHOZDUHQYROOHQGVEHVHLWLJWDOVGDV)DKU]HXJDXIGHVVHQ%LOGVFKLUPHQGHUIUHPGH3ODQHW LQ]ZLVFKHQDOVEHUJURH6LFKHO]XVHKHQZDULQHWOLFKHQ]HKQWDXVHQG.LORPHWHUQ$EVWDQGHLQH OHLFKWH.XUVNRUUHNWXUGXUFKIKUWHXQGGDGXUFKZLHVLFKEDOGKHUDXVVWHOOWHDXIHLQH$UWV\QFKURQHU 3DUNEDKQJHODQJWHDXIGHUVLHGLHXQEHNDQQWH:HOWPLWGHUVHOEHQ:LQNHOJHVFKZLQGLJNHLWXPNUHLVWH PLWGHUGLHVHVLFKXPGLHHLJHQH$FKVHGUHKWH'LH525$,0$VWDQGVRPLWEHUHLQHP3XQNWGHU 3ODQHWHQREHUIOlFKHVWLOOXQGYRQ%RUGDXVZDU]XVHKHQZLHGLHOHXFKWHQGHEODXJUQH6LFKHOEUHLWHU ZXUGHDOVGLHIUHPGH:HOWVLFKLQGHQ6FKHLQLKUHV0XWWHUJHVWLUQVGUHKWH 'LH0HVVXQJHQZDUHQZHLWHULQYROOHP*DQJ1RFKLPPHUJDEHVNHLQH6SXUGHUJHKHLPQLVYROOHQ 0DFKWGLHHVIHUWLJJHEUDFKWKDWWHHLQ5DXPVFKLIIGXUFK)HUQOHQNXQJYRQVHLQHPYRUSURJUDPPLHUWHQ .XUVDE]XEULQJHQXQG]LHOEHZXWDXIHLQHJlQ]OLFKXQSODQPlLJH/DQGXQJDXIHLQHPXQEHNDQQWHQ 3ODQHWHQ]X]XVWHXHUQ 'LH7ULHEZHUNHVFKZLHJHQHWZDHLQH6WXQGHODQJ$OVVLHSO|W]OLFKZLHGHU]XDUEHLWHQEHJDQQHQYHU ULQJHUWHQVLHGLH%DKQJHVFKZLQGLJNHLWGHU525$,0$VRGDGDV)DKU]HXJGHU*UDYLWDWLRQGHUXQEH NDQQWHQ:HOW]XIROJHQEHJDQQXQGHLQHVSLUDOLJH%DKQHLQVFKOXJGLHHVLPPHUQlKHUDQGLH2EHUIOl FKHGHVIUHPGHQ3ODQHWHQEUDFKWH 'DV/DQGHPDQ|YHUKDWWHEHJRQQHQ 1XUZHQLJH$XJHQEOLFNHVSlWHUWDXFKWH0DUN5LFKWHUZLHGHUDXI(UQDKPGHQNQDSSHQ%HULFKWGHV .RPPDQGDQWHQHQWJHJHQVWULFKVLFKQDFKGHQNOLFKPLWGHU+DQGEHUGLHNDKOH6FKlGHONXSSHXQG WUXJHLQH0LHQH]XU6FKDXZLHVLHDQLKPNDXPMHPDOVEHREDFKWHWZRUGHQZDUXQVLFKHUOlFKHOQGXQG PLW=ZHLIHOLQGHQ$XJHQ Ä(VVFKHLQWVDJWHHUÄGDGLH525$,0$DXIHLQHVDQIWH/DQGXQJYRUEHUHLWHWZLUG,FKNDQQPLFK WlXVFKHQDEHULFKP|FKWHPHLQHQGDHLQHUGHUJHVFKLFNWJHQXJLVWXQVHU)DKU]HXJLQGLHVHU :HLVH]XPDQ|YULHUHQDXFKGDUEHULPNODUHQLVWGDZLUYRQGHU(UGHNRPPHQXQGGDKHUNHLQ 6LQDORQDQ%RUGKDEHQN|QQHQ (UEOLFNWHVLFKXPXQGVWHOOWHIHVWGDPDQFKHQLFKWZXWHQZRUDXIHUKLQDXVZROOWH Ä,FKPHLQHGLH+\SRWKHVHGDKLHUZHJHQGHV6RQDORQV3LUDWHULHEHWULHEHQZLUGEHGDUIHLQHU5HYL VLRQVDJWHHUÄ:HU6LQDORQKDEHQZLOOLVWQLFKWGDUDXIDQJHZLHVHQVRVDQIWPLWGHPHUEHXWHWHQ )DKU]HXJXP]XJHKHQ,FKELQEHUHLW]XZHWWHQGDZLUDXIHLQHVDQIWH/DQGXQJ]XVWHXHUQ(LQ 6LQDORQ3LUDWGDJHJHQPWHGLH525$,0$JHUDGHKDUWJHQXJDXIVHW]HQGDGLH%HVDW]XQJNRXQG GLH/DQGXQJQRFKLQWDNWLVW 5((1'$',(*g77,1 0DUN5LFKWHUKlWWHGLH:HWWHJHZRQQHQZHQQMHPDQGGDUDXIHLQJHJDQJHQZlUH 'LH525$,0$KDWWHGHQIUHPGHQ3ODQHWHQ]ZHLPDOXPUXQGHWXQGVLFKLKPGDEHLLPPHUPHKUJHQl KHUW,Q]ZLVFKHQZDUHQZHLWHUHGUHL0DQQ]XU7ULHEZHUNVVHNWLRQDENRPPDQGLHUWZRUGHQGDPLWNHLQ HLQ]LJHV0HHUJHEQLVYHUORUHQJLQJ'DV)DKU]HXJWDXFKWHVFKOLHOLFKLQGLHDWPRVSKlULVFKH+OOHGHV 3ODQHWHQHLQXQGEHJDQQGLHOHW]WHQDKH]XVHQNUHFKWYHUODXIHQGH3KDVHGHV$EVWLHJV
8QWHUGHU525$,0$ODJHQHQGORVZHLWH:lOGHUKLHUXQGGRUWGXUFKVFKQLWWHQYRQGHPPDWW OHXFKWHQGHQ%DQGHLQHV8UZDOGVWURPVL'DV*HOlQGHHUVFKLHQZHLWJHKHQGHEHQGLH6WHUHRVNRSLH ]HLJWHQXUKLHUXQGGRUWHLQSDDUXQEHGHXWHQGH+JHONHWWHQ'DV/DQGODJQXUZHQLJH%UHLWHQJUDGH Q|UGOLFKGHVbTXDWRUV'LH.VWHGHV2]HDQVLQGHQGLH/DQG]XQJHPLWGHPZHLPDUNLHUWHQ 5HIHUHQ]SXQNWKLQHLQUDJWHZDUNQDSS]ZHLWDXVHQG.LORPHWHULQ|VWOLFKHU5LFKWXQJHQWIHUQW'DV )DKU]HXJEHZHJWHVLFK]LHOEHZXWXQWHUGHU6WHXHUXQJHLQHV5HFKQHUVGHUDXVJHKHLPQLVYROOHQ 4XHOOHQJHQDXZXWHZRKLQHUZROOWH$XVHWZDGUHL.LORPHWHUQ+|KHZXUGHHLQHJUDXH)HOVSODWWH GLHHWZDVHUK|KWDP8IHUHLQHV)OXVVHVODJDOVGHUZDKUVFKHLQOLFKH/DQGHRUWDXVJHPDFKW 'HU$XJHQEOLFNLQGHP0DUN5LFKWHUDQVHLQHPYRUHLOLJHQ2SWLPLVPXV]ZHLIHOWHNDPDOVGLH52 5$,0$VLFKQRFKHWZDGUHLLJ0HWHUEHUGHU)HOVSODWWHEHIDQG'DV)DKU]HXJEHZHJWHVLFKVHLWGHP HVGLHREHUVWHQ6FKLFKWHQGHU$WPRVSKlUHGXUFKVWRHQKDWWHPLW+LOIHVHLQHV)HOGDQWULHEV Ä/HLVWXQJIlOOWULHIHLQH6WLPPHDXVGHP,QWHUNRPÄ)HOGDQWULHEJHKWDXI1XOO -HPDQGVW|KQWHDXI0DUN5LFKWHUIKOWHIUGHQ%UXFKWHLOHLQHU6HNXQGHMHQHVYDJH*HIKOGDVGHU 0HQVFKLPIUHLHQ)DOOHPSILQGHW:LUVWU]HQDEVFKRHVLKPGXUFKGHQ6LQQ'UHLLJ0HWHUZDUHQ JHQXJXPGLH525$,0$LQHLQ:UDFN]XYHUZDQGHOQ Ä/HLVWXQJVWHLJWULHIGLH,QWHUNRPVWLPPHGLHVPDOPLWHLQHPGHXWOLFKHQ8QWHUWRQGHUhEHUUDVFKXQJ Ä)HOGDQWULHEIl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Ä'DVVROOGHUXQGMHQHUYHUVWHKHQEHVFKZHUWHHUVLFKÄ'LH/HLVWXQJIlOOWVFKRQZLHGHU6LQGZLUQXQ JHODQGHWRGHUQLFKW" 9RQGHU+DQJDUVFKOHXVHDXVJHVHKHQODJHQGLH:LSIHOGHV'VFKXQJHOVGHU)OXXQGGLHKHOOJUDXH 0DVVHGHU)HOVSODWWHLQIHUQHU7LHIH'DV6FKOHXVHQVFKRWWZDUDXIJHIDKUHQ9LHOIlOWLJH*HUlXVFKH GUDQJHQYRQXQWHQKHUDXI'LHIHXFKWZDUPH/XIWHQWKLHOWHLQIUHPGDUWLJHV3DUIPDEHUVLHZDU JHIDKUORVDWHPEDU'HU0RWRUGHV*OHLWHUVVXPPWHOHLVHLP/HHUODXI1DFKPHQVFKOLFKHQ 9RUVWHOOXQJHQZDUHVJHJHQ]ZHL8KUQDFKPLWWDJV(LQHIULHGOLFKH6]HQH Ä:DUXPJHUDGHKLHU"NQXUUWH+RUPHO'DODNNDGHUPLW0DUN5LFKWHU]XVDPPHQXQWHUGHUgIIQXQJ GHV6FKRWWHVVWDQG Ä'DVIUDJHLFKPLFKDXFKJHVWDQG5LFKWHUÄ:LUZHUGHQ VEHL]HLWHQHUIDKUHQQHKPHLFKDQ 6LHNOHWWHUWHQLQGHQ*OHLWHU'DODNNDIKUWHGDV6WHXHU'DV6XPPHQGHV7ULHEZHUNVZXUGH]XP YHUKDOWHQHQ:LQVHOQ'DV)DKU]HXJKREDEXQGVFKREGXUFKGDVRIIHQH6FKRWWKLQDXVLQV)UHLH =ZHL6WXQGHQODQJNUHX]WHQGLHEHLGHQ0lQQHUEHUGHQ:LSIHOQGHV'VFKXQJHOV0DUN5LFKWHUKLHOW $XVVFKDXXQGZHLOGDVHZLJJOHLFKH*UQGHV'VFKXQJHOGDFKVVHLQHQ9HUVWDQGQLFKWDXVUHLFKHQG EHVFKlIWLJWHYHUVDQNHUQHEHQEHLLQV1DFKGHQNHQ(UUHVPLHUWHIUVLFKZDVLP9HUODXIGHUOHW]WHQ GUHLLJ6WXQGHQJHVFKHKHQZDU 'LH525$,0$ZDUVDQIWJHODQGHW)UGHQNXU]HQ=ZLVFKHQIDOOGHUXPHLQ+DDU]XHLQHP$EVWXU] DXVGUHLLJ0HWHUQ+|KHJHIKUWKlWWHJDEHVELVODQJNHLQH(UNOlUXQJ1DFKGHU/DQGXQJZDUHQGLH $QDO\VDWRUHQLQ7lWLJNHLWJHWUHWHQGLH/XIWZDUDWHPEDUGLH7HPSHUDWXUHUWUlJOLFKGLH DWPRVSKlULVFKHQ3UREHQHQWKLHOWHQNHLQHJHIlKUOLFKHQ0LNUREHQ'HUIUHPGH3ODQHWKDWWHHLQH 2EHUIOlFKHQJUDYLWDWLRQYRQ*UDYRVXQGGUHKWHVLFKLQQHUKDOE]ZHLXQG]ZDQ]LJ6WXQGHQHLQPDO XPVHLQH$FKVH 'DQDFKKDWWHGDVJURH:DUWHQEHJRQQHQ:HULPPHUHVIHUWLJJHEUDFKWKDWWHHLQWHUUDQLVFKHV5DXP VFKLIIDQHLQHP2UW]XU/DQGXQJ]X]ZLQJHQYRQGHVVHQ([LVWHQ]GLH0DQQVFKDIWQRFKYRUHLQHP7DJ QLFKWVJHZXWKDWWHGHUZUGHVLFKEHUNXU]RGHUODQJPHOGHQ 6RGDFKWHPDQ$EHUQLHPDQGPHOGHWHVLFK:lKUHQGGHVVHQJLQJHQ'HWDLOXQWHUVXFKXQJHQZHLWHU 6RQGHQZXUGHQDXVJHIDKUHQNOHLQH,QVHNWHQHLQJHEUDFKW'HUIUHPGH3ODQHWHQWSXSSWHVLFKLPPHU PHKUDOVHLQHGHUHUGlKQOLFKVWHQ:HOWHQDXIGLH0HQVFKHQMHJHVWRHQZDUHQ(LQHDQGHUH*UXSSH YHUVXFKWHLQXQUHJHOPlLJHQ$EVWlQGHQGHQ+\SHUVHQGHULQ%HWULHE]XQHKPHQXQGHLQH0HOGXQJ QDFK7HUUDDE]XVHW]HQ$EHUGHU+\SR[+\SYRQ+\SDU;DXVGHPJHOlXILJHQ.U]HO;PLWWHUIU 7UDQVPLWWHUXQGGDV2GHV.ODQJHVZHJHQ IXQNWLRQLHUWHQRFKLPPHUQLFKW
'LH1DFKWEUDFKDQXQGJLQJYRUEHURKQH1HXLJNHLWHQ]XEULQJHQ0DUN5LFKWHUEHJDQQVHLQH +\SRWKHVHQ]XUHYLGLHUHQXQGDOVHUIHUWLJZDUKDWWHHUNHLQHPHKUEULJDQGHUHUKlWWH ZHLWHUDUEHLWHQN|QQHQ)DVWIKOWHHUVLFKYHUVXFKW]XJODXEHQGDGLH/DQGXQJGHU525$,0$DXI GLHVHP3ODQHWHQGDV(UJHEQLVHLQHVXQJODXEOLFKHQ=XIDOOVVHLXQGEHUKDXSWQLFKWVPLWVHLQHP$XIWUDJ ]XWXQKDEH $PQlFKVWHQ0RUJHQZDUGLH6WLPPXQJDQ%RUGDOOJHPHLQQLHGHUJHVFKODJHQ'LH/HXWHZXWHQ QLFKWZRUDQVLHZDUHQXQGGLH0LWJOLHGHUGHU0DQQVFKDIWYHUVWDQGHQQLFKWZDUXP5LFKWHUQLFKWGHQ %HIHKO]XP6WDUWJDE6LHIKOWHQVLHKlWWHQKLHUQLFKWVYHUORUHQ 0DUN5LFKWHUGHUVLFKGHUDOOJHPHLQHQ1LHGHUJHVFKODJHQKHLWQLFKWJDQ]HQW]LHKHQNRQQWHJDEGHP 3ODQHWHQGHQ1DPHQ%52.(0DQNRQQWHLKQHLQH$ENU]XQJGHV1DPHQV3HPEURNHQHQQHQDEHUHU NODQJPHKUQDFKGHPDOWHQDPHULNDQLVFKHQ:RUWIUÄEDQNURWW $OVDFKWXQG]ZDQ]LJ6WXQGHQYHUVWULFKHQZDUHQRKQHGDVLFKDXFKQXUGDVJHULQJVWHHUHLJQHWKDWWH ZHQQPDQYRQGHPKDELFKWJURHQ9RJHODEVDKGHUGHV0RUJHQVJHJHQGLHVWlKOHUQH:DQGXQJGHU 525$,0$SUDOOWHXQGWRW]X%RGHQVWU]WHJDE0DUN5LFKWHUGHQ%HIHKOHLQHQ*OHLWHUPLW:DIIHQ XQG3URYLDQWDXV]XVWDWWHQXQGVWDUWEHUHLW]XPDFKHQ $OVXQPLWWHOEDUH)ROJHGLHVHV%HIHKOVZDUHUMHW]WPLW+RUPHO'DODNND]XVDPPHQXQWHUZHJV$EHUHV VFKLHQDOVZROOHGDV.UHX]HQEHUGHP'VFKXQJHOHEHQVRZHQLJHLQH6SXUGHV*HKHLPQLVVHV]XWDJH I|UGHUQZLHGDV:DUWHQDQ%RUGGHU525$,0$ Ä'LH+JHONHWWHGRUWKLQWHQOLHJWOHLFKWLQQHUKDOEXQVHUHU5HLFKZHLWHEUXPPWH'DODNNDPLPXWLJ Ä:DUXPIOLHJHQZLUVLHQLFKWDQ" Ä,Q2UGQXQJIOLHJHQ6LHVLHDQDQWZRUWHWH5LFKWHU $EHUGLH.HWWHGHU+JHOZDUJHQDXVRXQHUJLHELJZLHGHUIODFKH'VFKXQJHO'LHIODFKHQUXQGHQ(UKH EXQJHQZDUHQELV]XU.XSSHKLQDXIPLWGLFKWHP:DOGEHZDFKVHQ'DODNNDGUHKWHVFKOLHOLFKDE(U QDKP.XUVDXIGLH525$,0$GHUHQVFKLPPHUQGHU/HLEVLFKZLHHLQHVLOEHUQH.XSSHOEHUGDV JUQH'DFKGHV'VFKXQJHOVHUKREXQGLP:LGHUVFKHLQGHU6RQQHIXQNHOWH Ä/DQJVDPEHIDKO5LFKWHUÄ'RUWXQWHQLVWHLQH/LFKWXQJ 'DODNNDIDQGVLHRKQH6FKZLHULJNHLW Ä:DVLVWHLQH/LFKWXQJPXUPHOWHHUYHUlFKWOLFK Ä%HYRULFKZLHGHUDEIOLHJHVDJWH0DUN5LFKWHUÄP|FKWHLFKZHQLJVWHQVGHQ%RGHQGHV3ODQHWHQEH WUHWHQKDEHQGHUPLUVHLQHQ1DPHQYHUGDQNW/DQGHQ6LH $XIGHU/LFKWXQJZXFKVGLFKWHVZHLFKHV*UDVGDVIUGLH$XJHQHLQHV1LFKWIDFKPDQQVNHLQHQ8QWHU VFKLHG]XGHP*UDVDXIGHQ:LHVHQGHU(UGHDXIZLHV0DUN5LFKWHUXQWHUVXFKWHGLH5lQGHUGHU /LFKWXQJIDQGMHGRFKQLFKWVZRPLWVLFKLKUH(QWVWHKXQJKlWWHHUNOlUHQODVVHQ'DQDFKOLHHUVLFK QHEHQ'DODNNDLQV*UDVQLHGHUÄ'DVIKOWVLFKJXWDQVDJWHHUÄ,FKZHLQLFKWZLHODQJHHVKHULVW VHLWGHPLFKGDVOHW]WH0DOLP*UDVJHOHJHQKDEH Ä*UDVLVW*UDVEHPHUNWH'DODNNDEHOJHODXQW 0DUNVFKWWHOWHEHGDXHUQGGHQ.RSI Ä6LHVLQGHLQ0DQQRKQH3KDQWDVLH+RUPHOVDJWHHU 'DODNNDNDXHUWHPLWQDFKYRUQJHQHLJWHP2EHUN|USHUXQGVWDUUWHJHODQJZHLOWLQGLH/HHUH0LWY|OOLJ XQEHZHJWHU6WLPPHDQWZRUWHWHHU Ä8QG6LHZHUGHQLQHLQSDDU$XJHQEOLFNHQHLQ0DQQRKQH.RSIVHLQZHQQQLFKW 3O|W]OLFKVSUDQJHUZLHYRQGHU)HGHUJHVFKQHOOWLQGLH+|KH0LWHLQHU*HVFKZLQGLJNHLWGLHPDQ VHLQHPVWlPPLJHQ.|USHUNDXP]XJHWUDXWKlWWHEUDFKHULQGDV'LFNLFKWGHV:DOGHV0DUN5LFKWHU K|UWHGDV8QWHUKRO]SUDVVHOQ*OHLFKGDUDXIHUVFKROOHLQKDOEHUVWLFNWHU6FKUHL 6FKOLHOLFKWDXFKWH+RUPHO'DODNNDZLHGHUDXI,QVHLQHP*ULIIKLQJVFKODIIGLH*HVWDOWHLQHVIUHPGHQ :HVHQV(VZLUNWHDXIGHQHUVWHQ%OLFNPHQVFKHQlKQOLFKXQGEHZHJWHDXWRPDWLVFKGLH%HLQHVRQVW KlWWHHV'DODNNDHUEDUPXQJVORVGXUFKGDVKDUWH8QWHUKRO]XQGGDV*UDVJHVFKOHLIW 'DODNNDZROOWHGHQ)UHPGHQYRU0DUN5LFKWHUDXIEDXHQDEHUDOVHUGHQ*ULIIORFNHUWHVDQNGDV YHUlQJVWLJWH*HVFK|SIKDOWORVLQVLFK]XVDPPHQXQGILHO]LWWHUQG]X%RGHQ0DUNZLQNWHGHP.ULPL QRORJHQEHLVHLWH]XWUHWHQ 'HU)UHPGHGHUYRU0DUN5LFKWHULP*UDVODJPRFKWHHWZDHLQHQ0HWHUVHFK]LJJURVHLQXQGZDU GXUFKXQGGXUFKKXPDQRLG6HLQH+DXWIDUEHZDUHLQPHUNZUGLJHV%UDXQGDVHLQHQOHLFKWHQ YLROHWWHQ6FKLPPHUDXIZLHV'LH.OHLGXQJGHV)UHPGHQZDUEHVWHFKHQGLQLKUHU)DUEHQSUDFKWDEHU VSlUOLFK6LHEHVWDQGDXVEXQWHQ)HGHUQGLH]XGUHL*UWHOQYHUDUEHLWHWZDUHQ(LQHQGDYRQKDWWHHU XPGLH%UXVWJHVFKOXQJHQGHQ]ZHLWHQXPGHQ/HLEXQGGHQGULWWHQXPGLH/HQGHQ(UKDWWHJURH GXQNOHXQGIXUFKWVDPH$XJHQ6HLQ+DXSWKDDUZDUNXU]XQGJHNUDXVWVFKZDU]XQGJUDXJHPLVFKW
$XHUGHPWUXJHUHLQHQNXU]HQ.LQQEDUW $Q*HUlWHQWUXJGHU)UHPGHQLFKWVPLWVLFK0DUN5LFKWHUZDQGWHVLFKDQ'DODNND Ä:DUXPYHUPXWHWHQ6LHGDPHLQ.RSIDEKDQGHQNRPPHQZHUGH" 'DODNND]XFNWHPLWGHQ6FKXOWHUQ Ä,FKKDEHJXWH2KUHQ,FKK|UWHGHQ.HUOHLQHJDQ]H=HLWODQJKLQWHUXQVLP:DOGXPKHUVFKOHLFKHQ(U EHODXVFKWHXQVGDVZDUPLUNODU'DVPLW,KUHP.RSIKDEHLFKHLQIDFKDQJHQRPPHQ0DQPXGRFK HUZDUWHQGDGLH(LQJHERUHQHQXQVIHLQGOLFKJHVLQQWVLQGRGHU" 0DUNVFKWWHOWHGHQ.RSI Ä,FKKDOWHGDVIUNHLQHVRQGHUOLFKSODXVLEOH$QQDKPHVDJWHHU 'DQQZDQGWHHUVLFKDQGHQ)UHPGHQ Ä$PEHVWHQEULQJHQZLUGLFKDQ%RUGPHLQ)UHXQGVSUDFKHUXQGJDEVLFKGDEHL0KHIUHXQGOLFK ]XNOLQJHQÄ'DN|QQHQVLHGHLQH6SUDFKHXQWHUVXFKHQZHQQGXHLQHKDVWXQGGXNDQQVWXQVHU]lKOHQ ZDVGXYRQGHQYHUVFKZXQGHQHQ5DXPVFKLIIHQZHLW 'DVIUHPGH*HVFK|SIPXVWHUWHLKQDXIPHUNVDP(VK|UWHDXI]X]LWWHUQDOVEHJULIIHHVGDGHUGLFNH 0DQQLKPQLFKWEHOZROOWH,QGHU$UWNOHLQHU.LQGHUEHZHJWHHVHLQZHQLJGHQ0XQGXQGYHUVXFKWH 0DUN5LFKWHUV/LSSHQVWHOOXQJHQQDFK]XDKPHQ$OV0DUNJHHQGHWKDWWHVSUDQJGHU)UHPGHSO|W]OLFK DXI(UUROOWHGLH$XJHQUHFNWHGHQ$UPVRGDHULQGHQ:DOGKLQHLQ]HLJWHXQGVWLHKDVWLJHLQSDDU :RUWHKHUYRURGHUYLHOPHKUQXUHLQ:RUWGDVHULQUDVFKHU5HLKHQIROJHZLHGHUKROWHÄ5HHQGD 5HHQGD5HHQGD (UZXUGHDQ%RUGGHU525$,0$JHEUDFKW(VNRVWHWHQLFKWYLHO0KHLKQ]XP0LWNRPPHQ]X EHZHJHQ(ULQWHUHVVLHUWHVLFKIUGHQ*OHLWHUDOOHUGLQJVUROOWHHUVLFKYROOHU(QWVHW]HQ]XHLQHU.XJHO ]XVDPPHQDOVGDV)DKU]HXJDEKREXQGLQGHQ+LPPHOKLQDXIVWLHJ'HQJOLW]HUQGHQ/HLEGHU 525$,0$EHVWDXQWHHUDXVJURHQ$XJHQXQGDQ%RUGGHV6FKLIIHVEHWDVWHWHHU]XQlFKVWDOOHVZDV LKPLQGHQ:HJNDP0DUN5LFKWHUKDWWHPHKUPDOVPLWLKP]XVSUHFKHQYHUVXFKWDEHUDOOHVZDVHU DOV$QWZRUW]XK|UHQEHNDPZDU Ä5HHQGD5HHQGD5HHQGD 1XUHLQHLQ]LJHV0DOKDWWHGHU)UHPGHHLQDQGHUHV:RUWJHEUDXFKW(VODXWHWHVRlKQOLFKZLHÄSDKX 0DUNQDKPDQGDHVVLFKXPVHLQHQ1DPHQKDQGHOHXQGQDQQWHLKQIRUWDQ3DKX (VJDEDQ%RUG]ZDUNHLQHQ)DFKPDQQIUJDODNWLVFKH(WKQRORJLHDEHULPPHUKLQHLQSDDUSRVLWURQL VFKH7UDQVODWRUHQ0DUN5LFKWHUVRUJWHGDIUGD3DKXVLFK]XHUVWDXVJLHELJXPVHKHQNRQQWHEHYRU HULQVOLQJXLVWLVFKH9HUK|UJHQRPPHQZXUGH'DV9HUK|UVHOEVWEHUOLH0DUN5LFKWHUGHP .RPPDQGDQWHQGHU525$,0$1LJRO:HUPDQHLQHPKRFKJHZDFKVHQHQ0DQQGHU5XKHDXVVWUDKOWH XQGXQHUVFKWWHUOLFK]XVHLQVFKLHQ%HLLKPZDU3DKXJXWDXIJHKREHQ:lKUHQGGHV9HUK|UV NPPHUWHVLFK0DUNXPVHLQHHLJHQHQ%HODQJH0DQOLHLKPDOOHUGLQJVQLFKWYLHO=HLW.DXP]ZHL 6WXQGHQZDUHQYHUJDQJHQGDK|UWHHULP,QWHUNRPGD:HUPDQQDFKLKPVXFKWH (UJLQJ]XP.RPPDQGRVWDQG Ä:LUKDEHQLKQ]XP6SUHFKHQJHEUDFKWVDJWH1LJRO:HUPDQ'DV*ULQVHQGDVHUGDEHL]HLJWH VFKLHQQLFKWRKQH6FKXOGEHZXWVHLQÄ6HLQH6SUDFKHLVWDQVFKHLQHQGVHKUSULPLWLY'HU7UDQVODWRUKDW VLH1XOO.RPPDQLFKWVJHNQDFNW 0DUN5LFKWHUZDUPLWUDXLVFK Ä:LHKDEHQ6LHLKQ]XP6SUHFKHQJHEUDFKW"ZROOWHHUZLVVHQ :HUPDQNUDW]WHVLFKDP.RSI Ä(UZDUVFKRQHLQHKDUWH1XDQWZRUWHWHHUÄ,PPHUQXUGLHVHV5HHQGD5HHQGD5HHQGD'DPLW NRQQWHGHU7UDQVODWRUQLFKWVDQIDQJHQ Ä$OVRZLH"IUDJWH0DUNXQJHGXOGLJ Ä:LUKDEHQLKPHWZDV]XWULQNHQJHJHEHQÄ$ONRKRO" Ä-DDEHUGHU$U]WZDUGDEHLXQGKDWWHGHQ.QDEHQGDXHUQGLP$XJH 0DUN5LFKWHUNDXWHDQGHQ(QGHQVHLQHV6FKQXUUEDUWVHLQVHKUXQJHZ|KQOLFKHV9HUKDOWHQIUGHQ GHULKQNDQQWH Ä,FKKRIIHQXU6LHKDEHQ,KUHQ%RUGDU]WQLFKWEHUVFKlW]WNQXUUWHHUÄ:RLVW3DKX" :HUPDQEHVFKULHEGHQ:HJ0DUN5LFKWHUHLOWHYRUDQ$OVHUGHQ5DXPHUUHLFKWHLQGHPGDV9HUK|U VWDWWIDQGVDKHU3DKXPLWJOlQ]HQGHQ$XJHQLQHLQHU5XQGHYRQ7HUUDQHUQVLW]HQGLHDOOHPXQWHUDXI LKQHLQUHGHWHQ(VZDUHLQHPHUNZUGLJOXVWLJH*HVHOOVFKDIWXQG0DUNNDPGHU9HUGDFKWGD3DKX QLFKWGHUHLQ]LJHZDUGHUJHWUXQNHQKDWWH 3DKXHUNDQQWH0DUNVRIRUWZLHGHUZDVEHUUDVFKHQGZDUZHQQPDQEHGDFKWHGDIULKQGLH IUHPGHQ*HVLFKWHUDOOHJOHLFKDXVVHKHQPXWHQ(UHUKREVLFKHLQZHQLJVFKZDQNHQGXQGNDPDXI
0DUN]X(LQ6FKZDOOYRQ:RUWHQNDPDXVVHLQHP0XQG0DUNOlFKHOWHLKP]XXQGVDJWH Ä$OOGDVZHUGHQZLUJOHLFKYHUVWHKHQ 'DQQVDKHUVLFKXP Ä:LHKDWHUDXIGDV9HUK|UUHDJLHUW"ZROOWHHUZLVVHQ Ä6RODQJHHUQXU5HHQGDVDJWHVSUDFKGHU7UDQVODWRUQLFKWDQDQWZRUWHWH:HUPDQÄ'DV*HUlWILQJ HUVWDQ]XDUEHLWHQDOVGHU.QDEHQDFKGHPHUVWHQ*ODV6FKQDSVZLUNOLFK]XUHGHQDQILQJ$OVHUGHQ 7UDQVODWRUVSUHFKHQK|UWHHUVFKUDNHU]XQlFKVWIXUFKWEDU6SlWHUGDQQOHJWHVLFKVHLQH$QJVW Ä:DKUVFKHLQOLFKXQWHUGHP(LQIOXYRQQRFKPHKU6FKQDSVEUXPPWH0DUN Ä:LUZDUHQYRUVLFKWLJ0DUNKLHOWLKPGHU$U]WHQWJHJHQÄ,FKELQNHLQ5LVLNRHLQJHJDQJHQ Ä+DEHQ6LHVHOEVWVFKRQ]XLKPJHVSURFKHQ" Ä1HLQDQWZRUWHWH:HUPDQÄ'DVZROOWHQZLU,KQHQEHUODVVHQ 0DUN5LFKWHUVHW]WHVLFK3DKXGHULQ]ZLVFKHQZLHGHU3ODW]JHQRPPHQKDWWHJHJHQEHU(LQNRPSOH [HV7UDQVODWRUJHUlWQLFKWHLQHVYRQGHUWUDJEDUHQ6RUWHVWDQGYRULKPDXIGHP7LVFK0DUNVFKDOWHWH HVHLQ Ä3DKXVDJWHHUÄ0HLQ1DPHLVW0DUNXQGLFKELQGHLQ)UHXQG 6HNXQGHQVSlWHUHUNODQJHQGLHVHOEHQ:RUWHLQ3DKXVNHKOLJHUPLW6FKPDW]ODXWHQGXUFKVHW]WHU6SUD FKH'LH:LUNXQJZDUEHUUDVFKHQG3DKXVEUDXQHV*HVLFKWZXUGHJUDXYRU(QWVHW]HQ'LH$XJHQ ZROOWHQLKPDXVGHQ+|KOHQWUHWHQDOVHUGLHNOHLQH=DXEHUPDVFKLQHDQVWDUUWH0LWJHOOHQGHP6FKUHL VSUDQJHUDXI Ä0LLQD0LLQDMDPPHUWHHUXQGUDQQWHZLHHLQ%HVHVVHQHULQ5LFKWXQJGHV$XVJDQJV 2IIHQEDUZDUGHU6FKUHFNMHGRFKEHUPlFKWLJ,QGHU1lKHGHV6FKRWWVEUDFK3DKXRKQPlFKWLJ]X VDPPHQ Ä7|GOLFKHU=DXEHUW|GOLFKHU=DXEHUZLHGHUKROWHGHU7UDQVODWRUODNRQLVFKVHLQHOHW]WHQ:RUWH 'HU$U]WNPPHUWHVLFKVRIRUWXPGHQ%HZXWORVHQ0DUN5LFKWHUEOLFNWHLQGLH5XQGH Ä,KUHXQGPHLQH(UIDKUXQJHQ]XVDPPHQJHQRPPHQVDJWHHUHUQVWÄPDFKHQHLQHVEHUGHXWOLFK3DKX LVWPLWHLQHU7HFKQLNZLHGHUXQVHUHQQLH]XYRULQ%HUKUXQJJHNRPPHQ(UZLUGXQVEHUGLHDFKW YHUVFKZXQGHQHQ6FKLIIHNHLQH$XVNXQIWJHEHQN|QQHQ 8QWHUGHQKHOIHQGHQ+lQGHQGHV$U]WHVNDP3DKXDOVEDOGZLHGHU]XVLFK0DQKWHWHVLFKLKQJOHLFK YRQQHXHPPLWGHP7UDQVODWRU]XNRQIURQWLHUHQ6WDWWGHVVHQIKUWHPDQLKQDQ%RUGKHUXPXQGZDU LKPEHKLOIOLFKVHLQHNLQGOLFKH1HXJLHUGHGLHDOOHVXPIDWHZDVJOLW]HUWHOHXFKWHWHRGHU*HUlXVFKH YRQVLFKJDE]XEHIULHGLJHQ$XFK1DKUXQJZXUGHLKPDQJHERWHQDEHUHUOHKQWHVLHDE²VHKU]XU (UOHLFKWHUXQJ0DUN5LFKWHUVGHUQLFKWJHQDXZXWHZLHGHU0DJHQHLQHV(LQJHERUHQHQDXI WHUUDQLVFKH5DXPIDKUHUNRVWUHDJLHUHQZUGH6FKOLHOLFKDEHUGUlQJWH3DKXHUVWDXQOLFKHUZHLVHVHOEVW LQGHQ5DXP]XUFNLQGHPHUYHUK|UWZRUGHQZDU%HLP$QEOLFNGHV7UDQVODWRUVZXUGHVHLQ*HVLFKW YRQQHXHPJUDXYRU)XUFKW'HQQRFKVHW]WHHUVLFKJHIDWZHQQDXFKHLQZHQLJ]LWWHUQGDXIVHLQHQ 3ODW]2KQHGLHDQJVWZHLWHQ$XJHQYRQGHP*HUlW]XZHQGHQPDFKWHHUHLQH*HVWHGLHEHGHXWHWH GDGHU7UDQVODWRUHLQJHVFKDOWHWZHUGHQVROOH0DUN5LFKWHUNDPGHU$XIIRUGHUXQJQDFK'LHMQJVWH (UIDKUXQJQRFKLQJXWHU(ULQQHUXQJ]RJHUHVYRUGLHVPDO]XVFKZHLJHQXQG3DKXGHQ9RUWULWW]X EHUODVVHQ 'HU(LQJHERUHQH]|JHUWHHLQH:HLOH0DQVDKDQGHQ%HZHJXQJHQVHLQHV*HVLFKWVZLHHUYHUVXFKWH :RUWH]XIRUPXOLHUHQ$OVVLHLKPVFKOLHOLFKEHUGLH/LSSHQNDPHQVSUDFKHUYRUODXWHU$QJVWVR KDVWLJGD0DUN5LFKWHUIUFKWHWHGHU7UDQVODWRUZHUGHQLFKWPLWNRPPHQ'RFKGDV*HUlWEHUVHW]WH SURPSW Ä5HHQGDGLH*|WWLQVLHEHILHKOWHXFKLQLKUHP$QWOLW]]XHUVFKHLQHQ ,QGLHVHP$XJHQEOLFNEHJULII0DUN5LFKWHU]ZHLHUOHL(UVWHQVYHUVWDQGHUZDUXPGHU7UDQVODWRUPLW GHP:RUWÄ5HHQGDQLFKWVDQ]XIDQJHQJHZXWKDWWH(VZDUHLQ1DPHZLHVLFKMHW]WKHUDXVVWHOOWH XQGGDKHUXQEHUVHW]EDU=ZHLWHQVQDKP0DUN]XU.HQQWQLVGD3DKXLQHLQHP]HUHPRQLHOOHPNXOWL VFKHQ$XIWUDJJHNRPPHQZDU'HU7UDQVODWRUKDWWHGLH1XDQFHQLQ3DKXV6SUDFKHEHUHLWVDQDO\VLHUW XQGKlWWHZHQQ3DKXV$XIWUDJHLQHHLQIDFKH$XIIRUGHUXQJJHZHVHQZlUHEHUVHW]W,KUVROOW]X 5HHQGDNRPPHQ'LHJHVFKZROOHQH$XVGUXFNVZHLVHGLHHUVWDWWGHVVHQYHUZHQGHWHZLHVGDUDXIKLQ GDDXFK3DKXVLFKJHZXQGHQDXVJHGUFNWKDWWHLQHLQHU$UW=HUHPRQLDOVSUDFKHZLHGHQQ0DUN 5LFKWHUGHQ(LQJHERUHQHQEHUKDXSWLP9HUGDFKWKDWWHHLQ3ULHVWHURGHU6FKDPDQHVHLQHV9RONHV]X VHLQ (VJLQJ0DUNMHW]WGDUXPYRQ3DKXHLQLJH,QIRUPDWLRQHQ]XHUKDOWHQ'D]XZDUQRWZHQGLJGDHU LKPGLH)XUFKWYRUGHP7UDQVODWRUQDKP(UZDUWHWHDOVRELV3DKXGHQ%OLFNHLQH6HNXQGHODQJYRQ GHP*HUlWZDQGWHHUUHJWHGXUFKHLQH*HVWHVHLQH$XIPHUNVDPNHLWXQG]HLJWHPLWGHU+DQGDXIGHQ
7UDQVODWRU Ä(UVFKULFNQLFKWLFKZHUGHMHW]W]XGLUVSUHFKHQVROOWHGDVEHGHXWHQ 3DKX]LWWHUWHDEHUPDQVDKLKPDQGDHUVLFK0KHJDEVHLQH$QJVW]XXQWHUGUFNHQ Ä:LUZHUGHQGHP%HIHKOGHU*|WWLQ)ROJHOHLVWHQVDJWH0DUNDOVHUVWHV1DFKGHPGHU7UDQVODWRU VHLQH:RUWHEHUVHW]WKDWWHIXKUHUIRUWÄ:RKHUZHLGLH*|WWLQYRQXQVHUHU$QNXQIW" 3DKXGUXFNVWHKHUXP'LH$QJVWYRUGHP=DXEHUNDVWHQVWDQGLKPLP*HVLFKWJHVFKULHEHQ'DVSUDFK 0DUN5LFKWHU Ä,QGLHVHP.DVWHQZRKQWHLQ*HLVW$EHUHVLVWHLQJXWHU]XWUDXOLFKHU*HLVW(UIJWQLHPDQG6FKDGHQ ]XXQGLVWVHKUJXWPWLJ3DDXI (UQDKPGDV*HUlWYRP7LVFKDXIXQGNODWVFKWHPLWGHU+DQGHLQSDDUPDONUlIWLJDXIGDV*HKlXVH 3DKX]XFNWHEHLMHGHP6FKODJ]XVDPPHQ6HLQ*HVLFKWZDUVRJUDXZLH]XYRU(VVDKVRDXVDOVZROOH HUYRUODXWHU(QWVHW]HQHLQ]ZHLWHV0DORKQPlFKWLJZHUGHQ0DUNVHW]WHGHQ.DVWHQZLHGHUDXIGHQ 7LVFK Ä6LHKVWGX"VDJWHHUÄ'HU*HLVWQLPPWXQVQLFKWVEHO (UEHREDFKWHWHZLH3DKXV$QJVWVLFKDOOPlKOLFKYHUORU'DIUDJWHHU]XP]ZHLWHQ0DO Ä:RKHUZHLGLH*|WWLQYRQXQVHUHU$QNXQIW" 'LHVPDOILHOHV3DKXOHLFKWHU]XDQWZRUWHQ Ä'LH*|WWLQLVWDOOZLVVHQG Ä:ROHEWVLHXQGZDQQVROOHQZLULQLKUHP$QWOLW]HUVFKHLQHQ" Ä5HHQGDOHEWLQGHU7LHIHGHV:DOGHVXQGQXULFKLKU3ULHVWHUNHQQHLKUHQ$XIHQWKDOW,FKZHUGHHXFK IKUHQ,KUVROOWVRIRUWNRPPHQ 0DUN5LFKWHUZDUEHUHLWDXIGLH)RUGHUXQJHLQ]XJHKHQ$EHUHVZLGHUVWUHEWHLKP%HIHKOH]XHUWHLOHQ (UZROOWHGLH=XVWLPPXQJGHUlQGHUQHLQKROHQ(LQHQ$XJHQEOLFNODQJ]RJHULQ(UZlJXQJGHQ 7UDQVODWRUDE]XVFKDOWHQGDPLW3DKXGLH8QWHUKDOWXQJQLFKWPLWYHUIROJHQNRQQWH$EHUGDPLWKlWWHHU GDV0LWUDXHQGHV6FKDPDQHQHUZHFNWXQGGDUDQODJLKPLP$XJHQEOLFNQLFKWV(UOLHGDV*HUlW DOVRHLQJHVFKDOWHW Ä,FKVFKODJHYRUZLUYLHUJHKHQHUNOlUWHHUXQGZDUI'DODNND6WDUURSXQG6DUUXHLQHQNXU]HQ%OLFN ]X:HUPDQ6LHEHUQHKPHQKLHUGDV.RPPDQGR:LUKDOWHQ9HUELQGXQJPLW,KQHQ Ä,FKJHKHPLWDEHUQLFKWRKQH:DIIHQNQXUUWH+RUPHO'DODNND Ä0HLQH*WH6LHZHUGHQVLFKGRFKQLFKWYRUHLQHUDOWHQ*|WWLQIUFKWHQVSRWWHWH1DVH\6WDUURS 6DUUXVFKZLHJ Ä$OWRGHUQLFKWDOWVFKQDUUWH'DODNNDÄLFKWUDXHGLHVHPDXIJHSXW]WHQ*LPSHOQLFKW 'HU7UDQVODWRUEHUVHW]WHMHGHV:RUWJHWUHXOLFK Ä:HQQ6LHVLFKQLFKWEDOGHLQHGLSORPDWLVFKHUH$GHU]XOHJHQODVVHLFK,KQHQGHQ0XQGYHUSIOD VWHUQGURKWH0DUN5LFKWHU 'DUDXIKLQVFKZLHJ'DODNNDDOOHUGLQJVHUVWQDFKGHPHU0DUNHLQHQJLIWLJHQ%OLFN]XJHZRUIHQ KDWWH3DKXYHUIROJWHGHQ:RUWZHFKVHOPLW1HXJLHUGHDEHUHVVDKQLFKWVRDXVDOVREHUHWZDVGDYRQ DXIVLFKEH]|JH Ä3DKXZLUQHKPHQGDVVHOEH)DKU]HXJLUUGHPZLUGLFKJHEUDFKWKDEHQVDJWH0DUN]XLKPÄ,VWGHU *|WWLQGDVUHFKW" 3DKXV$XJHQOHXFKWHWHQDXI'LH$XVVLFKWGXUFKGLH/XIW]XIOLHJHQEHJHLVWHUWHLKQMHW]W Ä'LH*|WWLQZLUGQLFKWVGDJHJHQHLQZHQGHQYHUVLFKHUWHHU ,QJHULQJHU+|KHXP3DKXGDV2ULHQWLHUHQ]XHUOHLFKWHUQJOLWWGDV)DKU]HXJEHUGLH:LSIHOGHV 'VFKXQJHOV'HU6FKDPDQHKDWWHGHQ:DOGQRFKQLHDXVGLHVHU3HUVSHNWLYH]XVHKHQEHNRPPHQXQG KDWWHHVVFKZHUVLFK]XUHFKW]XILQGHQ0DUN5LFKWHUXQGVHLQH%HJOHLWHUZDUHQPLWWUDJEDUHQ 7UDQVODWRUHQDXVJHUVWHWGLHGLH9HUVWlQGLJXQJPLW3DKXHUP|JOLFKWHQ'HU*OHLWHUZDULQGLH +JHOUHJLRQHLQJHGUXQJHQGLH5LFKWHUXQG'DODNNDYRUHLQLJHQ6WXQGHQHUIROJORVDEJHVXFKWKDWWHQ 'LH6RQQHVWDQGWLHI(VZUGHZDKUVFKHLQOLFKGXQNHOZHUGHQEHYRUGLH$XGLHQ]EHLGHU*|WWLQ]X (QGHZDU 3O|W]OLFKZXUGH3DKXDXIJHUHJW(UJDEHLQSDDUJOXFNVHQGHVFKQDO]HQGH/DXWHYRQVLFKGLHGLH 7UDQVODWRUHQPLWÄ'RUWGRUWGRUWEHUVHW]WHQ(VZDUVFKZLHULJDXVVHLQHQIXFKWHOQGHQ*HVWHQ GLH5LFKWXQJKHUDXV]XOHVHQGLHHUPHLQWHDEHUVFKOLHOLFKHQWGHFNWH0DUN5LFKWHUHLQHNOHLQH/LFK WXQJGLHDPZHVWOLFKHQ+DQJHLQHV+JHOVODJ(UZLHV'DODNNDGDUDXIKLQ'HU*OHLWHUVWLHLQGLH 7LHIH 'LH/LFKWXQJVHOEVWZDUDOOHUGLQJVGDV=LHOQLFKWZLHVLFKEDOGKHUDXVVWHOOWH3DKXZLHVGHQ+JHO KDQJKLQDXI(UKDWWHDQVFKHLQHQGHUNDQQWGDGDV)DKU]HXJGRUWZRVLFKGHUHLJHQWOLFKH6LW]GHU
*|WWLQEHIDQGQLFKWODQGHQNRQQWH0DUNYHU]LFKWHWHGDUDXIHLQH:DFKHEHLGHP*OHLWHU ]XUFN]XODVVHQ(ULQIRUPLHUWH:HUPDQEHU0LNURNRPYRQGHU(QWZLFNOXQJGHU'LQJH'DQQEHJDQQ GHU0DUVFKGHQ+JHOKDQJKLQDXI=XHUVWHUVFKLHQGDV'VFKXQJHOGLFNLFKWXQGXUFKGULQJOLFKDEHUEDOG VWLH3DKXGHUGLH*UXSSHIKUWHDXIHLQHQ3IDGGHULQUHJHOPlLJHQ$EVWlQGHQEHJDQJHQ]XZHUGHQ VFKLHQ 'HU3IDGPQGHWHVFKOLHOLFKDXIHLQHQNOHLQHQIUHLHQ3ODW]GHUYRQDOOHP8QWHUKRO]EHIUHLWZDU,Q GHU)HOVZDQGJlKQWHGLH0QGXQJHLQHUJHUlXPLJHQ+|KOH3DKXGHXWHWHPLWJURHU*HVWHGDUDXIXQG HUNOlUWHIHLHUOLFK Ä'DV+HLPGHU*|WWLQ 8QWHUHLJHQDUWLJHQ9HUUHQNXQJHQQlKHUWHHUVLFKGHP+|KOHQHLQJDQJXQGYHUVFKZDQGGDULQ0DQ K|UWHLKQLQGHU+|KOHKDQWLHUHQXQGQDFKHLQHU:HLOHHUVFKLHQZHLWLP+LQWHUJUXQGHLQU|WOLFKHU /LFKWIXQNH3DKXKDWWHHLQHQ.LHQVSDQHQW]QGHWGHUGLH+|KOHPLWJHVSHQVWLVFKHP=ZLHOLFKWHUIOOWH 'DV,QQHUHGHV+RKOUDXPVZDULQVHLQHUQDWUOLFKHQ)RUPEHODVVHQZRUGHQ1LUJHQGZRKDWWHPDQGLH :lQGHEHDUEHLWHW,QQDWUOLFKHQWVWDQGHQHQ1LVFKHQVWDQGHQNOHLQHJURWHVNJHIRUPWH6WDWXHQ ZDKUVFKHLQOLFK$EELOGHUGHU*|WWLQ'DVJU|WHGLHVHU%LOGHUEHIDQGVLFKLP+LQWHUJUXQGGHU+|KOHLQ XQPLWWHOEDUHU1lKHGHVEUHQQHQGHQTXDOPHQGHQ.LHQVSDQV(V]HLJWHHLQH*HVWDOWYRQZDKUKDIWXP ZHUIHQGHU%HOHLEWKHLW'DV*HVFK|SIGDVGLH6WDWXHGDUVWHOOWHEHVWDQGLQGHU+DXSWVDFKHDXVHLQHP NXJHOI|UPLJHQ/HLE.RSI$UPHXQG%HLQHZDUHQZLQ]LJH$QKlQJVHOGHQHQGHUXQEHNDQQWH %LOGKDXHURIIHQEDUNHLQHUOHL%HGHXWXQJEHLJHPHVVHQKDWWH Ä2IIHQEDUHLQH)UXFKWEDUNHLWVJ|WWLQVDJWH6DUUX1DVFLPHQWROHLVH Ä$QZDVDQGHUHVVROOWHHLQH)UDXGHQNHQVSRWWHWH+RUPHO'DODNND Ä/DVVHQ6LHQXUEHVFKZLFKWLJWH1DVH\6WDUURSÄ,FKJODXEHDXFKGDHVVLFKXPHLQH)UXFKWEDU NHLWVJ|WWLQKDQGHOW Ä1DNODU:HLO6LHVLFKHLQVFKPHLFKHOQZROOHQ Ä+|UHQ6LHDOWHU0DQQSURWHVWLHUWH6WDUURS Ä5XKH]LVFKWH0DUN5LFKWHU 3DKXKDWWH]XWDQ]HQEHJRQQHQ'LH0XVLNGD]XPDFKWHHUVHOEHUHLQHQHLQW|QLJHQUK\WKPLVFKHQ *HVDQJLQGHPGHU1DPHGHU*|WWLQ]LHPOLFKKlXILJYRUNDP%HLP7DQ]HQQlKHUWHHUVLFKGHV|IWHUHQ GHPEUHQQHQGHQ6SDQ(UKREGLH+lQGH]XGHPIODFNHUQGHQUXHQGHQ/LFKWXQG0DUN5LFKWHUVDK GDHU]ZLVFKHQGHQ)LQJHUQKLQGXUFKHLQHSXOYHULJH0DVVHLQGLH)ODPPHULQQHQOLH'LH)ODPPH ZXUGHXQUXKLJ6LHILQJDQ]X]LVFKHQXQG]XSUDVVHOQXQGQDKPHLQHJUQOLFKH)lUEXQJDQ%HLHQGHU *HUXFKYHUEUHLWHWHVLFKLQGHU+|KOH Ä2KDNQXUUWH+RUPHO'DODNNDÄ9HUJLIWHQODVVHLFKPLFKQLFKW Ä+DOWHQ6LH5XKHIXKU0DUNLKQDQ 3DKXV*HVDQJZXUGHODXWHUGHU5K\WKPXVUDVFKHU'DVEHLHQGH*DVVFKLHQGHQ6FKDPDQHQLQGHU 7DWLQHLQH$UW7UDQFH]XYHUVHW]HQ(UEHJDQQ]XWDXPHOQVHLQH:RUWHNDPHQQLFKWPHKU]XVDPPHQ KlQJHQGVRQGHUQDEJHULVVHQPLWOHW]WHU.UDIWKHUYRUJHVWRHQ6FKOLHOLFKEUDFKHUYRUGHP%LOGGHU *|WWLQ]XVDPPHQ :DUHV=XIDOORGHUSUl]LVH3ODQXQJDXIMHGHQ)DOOHUORVFKGHUEUHQQHQGH6SDQLPVHOEHQ$XJHQEOLFN )LQVWHUQLVKHUUVFKWHLQGHU+|KOHGRFKGDQQEHJDQQGDV%LOGQLVGHU*|WWLQSO|W]OLFKYRQLQQHQKHUDXV ]XOHXFKWHQ'HUEHLHQGH5DXFKGHV6SDQVKDWWH0DUN5LFKWHUHLQZHQLJEHQRPPHQJHPDFKW(U]RJ GDVLQ5HFKQXQJXQGJODXEWHGHQQRFKGHXWOLFK]XVHKHQZLHGDV%LOGQLVVLFKDXVGHU1LVFKHO|VWHXQG LQGHQ+|KOHQUDXPVFKZHEWH'RUWHWZDLQGHU0LWWHKLHOWHVDQ'DV/HXFKWHQZDUYRQJHKHLP QLVYROOHP%ODXXQGUHFKWLQWHQVLYVRGDGLH8QHEHQKHLWHQGHV%RGHQVXQGGHU:lQGHGHXWOLFK]X VHKHQZDUHQ 8QGGDQQSO|W]OLFKEHJDQQGDV%LOGQLV]XVSUHFKHQ Ä6DJWPLUIRUGHUWHHLQHWLHIHKRKOH6WLPPHLQGHU6SUDFKHGHU(LQJHERUHQHQÄZHULKUVHLGXQG ZRKHULKUNRPPW 0DUN5LFKWHUJDEVSlWHUXQXPZXQGHQ]XGDHULQGLHVHQ$XJHQEOLFNHQHLQHQXQEHKDJOLFKHQ 6FKDXGHUHPSIDQG(UZDUDQJHVSDQQWELV]XUOHW]WHQ1HUYHQIDVHU'LHUHFKWH+DQGKDWWH XQZLOONUOLFKQDFKGHP*ULIIGHV%ODVWHUVJHJULIIHQ(UZDUEHUHLWDXIGDVJHULQJVWH$Q]HLFKHQGHU *HIDKU]XUHDJLHUHQDEHUZLHNRQQWHHUVLFKHUVHLQREGLH*HIDKUZLUNOLFKH[LVWLHUWHXQGQLFKWQXULQ VHLQHU(LQELOGXQJ" 'LHXQKHLPOLFKH*HVWDOWGHU*|WWLQVFKZHEWHUXKLJLP0LWWHOSXQNWGHU+|KOHXQGYRQLKUHUEOlXOLFKHQ 6WUDKOXQJVFKLHQNHLQH%HGURKXQJDXV]XJHKHQ0DUN5LFKWHUXQWHUGUFNWHVHLQ8QEHKDJHQXQGDQW ZRUWHWH
Ä:LUVLQG$VWURQDXWHQXQGNRPPHQYRQHLQHU:HOWQDPHQV7HUUD 'HU7UDQVODWRUEHUVHW]WHGLH:RUWHJHKRUVDP'LHGXPSIH6WLPPHGHU*|WWLQHUNODQJYRQQHXHP Ä6FKDOWHWGLH=DXEHUJHUlWHDXVZHQQLKUVSUHFKWXQGVFKDOWHWVLHHLQZHQQLKUK|UW/DWPLFKGLH 6SUDFKHHXUHV9RONHVUHLQXQGXQYHUIlOVFKWK|UHQ (LQZHQLJYHUZLUUWJHKRUFKWH0DUNGHP%HIHKOXQGZLHGHUKROWHVHLQH$QWZRUW Ä:ROLHJWGLH:HOW7HUUD"IUDJWHGLH*|WWLQ 0DUNKDWWHGHQ7UDQVODWRUDXVXQGGDQQZLHGHUHLQJHVFKDOWHWZLHHUJHKHLHQZRUGHQZDU'LH)UDJH ZXUGHLKPEHUVHW]W Ä(LQ/LFKWVWUDKOEUDXFKWPHKUDOV]HKQWDXVHQG-DKUHXPYRQKLHUDXV]XXQVHUHU:HOW]XJHODQJHQ HUNOlUWHHUXQGIUDJWHVLFKJOHLFK]HLWLJZDUXPHUGDVWDWZRGLH*|WWLQGRFKPLWVHLQHU,QIRUPDWLRQ QLFKWVDQIDQJHQNRQQWHGDVLHQLFKWHLQPDOGLH6SUDFKHYHUVWDQG =XVHLQHUhEHUUDVFKXQJHUKLHOWHUGHQQRFK$QWZRUW Ä9RQVRZHLWKHUVHLGLKUJHNRPPHQXQGGRFKKlOWGLHVH:HOWHXFKIULPPHUIHVW,KUVHLGZLOONRP PHQVRODQJHLKUPHLQHP*HVHW]JHKRUFKW 0DUN5LFKWHUVSUWHZLHGLHVFKQHOOH)ROJHGHUhEHUUDVFKXQJHQLKPGHQhEHUEOLFNUDXEWH Ä:LUZHUGHQJHKRUFKHQVDJWHHUUDVFKQDFKGHPHUGHQ7UDQVODWRUZLHGHUDXVJHVFKDOWHWKDWWHÄ$EHU LFKP|FKWHHLQSDDU)UDJHQVWHOOHQ %OLW]VFKQHOOVFKDOWHWHHUGDV*HUlWZLHGHUHLQ,FKELQEHUJHVFKQDSSWIXKUHVLKPGXUFKGHQ6LQQ :LHNDQQVLHDXIPHLQH%LWWHUHDJLHUHQZHQQLFK7HUUDQLVFKVSUHFKH:DVIUHLQHQ6LQQKDWGLHVHV YHUUFNWH7KHDWHUEHUKDXSW" 'DHUNODQJDEHUPDOVGLHGXPSIHKRKOH6WLPPHGHU*|WWLQ Ä5HHQGDJLEW%HIHKOHVLHEHDQWZRUWHWNHLQH)UDJHQ*HKW]XUFNGRUWKLQZRLKUKHUJHNRPPHQ VHLG 3XIIHQGHUZDFKWHGLH)ODPPHGHV.LHQVSDQV]XQHXHP/HEHQ6LHEODNWHU|WOLFKYRUVLFKKLQZLHVLH HV]X$QIDQJJHWDQKDWWH'DV%LOGQLVVWDQGZLHGHULQGHU1LVFKHXQGGHUEHLHQGH*HUXFKVFKLHQYHU VFKZXQGHQ3DKXHUKREVLFKYRP%RGHQDOVVHLQLFKWVJHVFKHKHQ Ä*HKWMHW]WVDJWHHU 0DUNUKUWHVLFKQLFKWYRQGHU6WHOOH Ä:RZRKQWGHLQ9RON"IUDJWHHU Ä,KUZHUGHWHVHUIDKUHQZHQQHVGLH*|WWLQZLOODQWZRUWHWHGHU6FKDPDQHHUQVWXQGKRKHLWVYROO 'DQQZLHGHUKROWHHUVHLQH$XIIRUGHUXQJÄ*HKWMHW]W 0DUN5LFKWHUZDQGWHVLFKXP Ä:DV"6LHZROOHQHLQIDFKDE]LHKHQ"ULHI+RUPHO'DODNNDJULPPLJÄ%HYRUZLUJHKHQQHKPHLFK PLUGLHVHQ.HUOYRUXQGTXHWVFKHLKQDXV Ä6LHVROOWHQOLHEHU,KUHQ9HUVWDQGQDFKHLQSDDURULJLQHOOHQ*HGDQNHQDXVTXHWVFKHQVDJWH0DUN VDUNDVWLVFKXQGVFKULWWLQ5LFKWXQJGHV+|KOHQDXVJDQJV 'LH'XQNHOKHLWZDUKHUDXIJH]RJHQ0DUN5LFKWHUVDDP6WHXHUGHV*OHLWHUV+LQWHULKPZDUHLQHZLO GH'LVNXVVLRQLP*DQJH Ä:DKUVFKHLQOLFKKDWGHU.HUOWHOHSDWKLVFKH)lKLJNHLWHQK|UWHHU+RUPHO'DODNNDVDJHQÄ(UZHL DOOHVZDVLQXQVHUHQ*HKLUQNlVWHQYRUVLFKJHKW8QGYRP%DXFKUHGHQYHUVWHKWHUDXFKHWZDV'DV *DQ]HLVWHLQEOHU6FKZLQGHO Ä7HOHSDWKLHPDJVFKRQVHLQILHO1DVH\6WDUURSLQVHLQHU]XUFNKDOWHQGHQQDFKGHQNOLFKHQ:HLVHHLQ Ä$EHUZDUXPVROOWHHUGLHVHQ=LUNXVYHUDQVWDOWHWKDEHQ" Ä8PXQVYRQGHU0DFKWVHLQHU*|WWLQ]XEHU]HXJHQDUJXPHQWLHUWH6DUUXORJLVFKÄ9RQMHW]WDQKDW HUHLQ5HFKWVLFKDOVXQVHU9RUJHVHW]WHU]XEHWUDFKWHQ Ä(LQHQ'UHFNVWLH'DODNNDJHKlVVLJKHUYRUÄ%HLGHUQlFKVWHQ%HJHJQXQJZHUGHLFKLKPHLQ EOHXHQZHUKLHUZDV]XVDJHQKDW 'HUZHLWHUH9HUODXIGHU'HEDWWHHQWJLQJ0DUN5LFKWHUGDHUVLFKQXQGDUDXINRQ]HQWULHUWHEHU 5DGLRNRPGLH525$,0$]XHUUHLFKHQ(UZROOWH:HUPDQHLQHQNXU]HQ9RUDEEHULFKWJHEHQ$EHU GDV6FKLIIPHOGHWHVLFKQLFKW0DUNXQWHUVXFKWHGLH.RQWUROODQ]HLJHQGHV6HQGHUVXQGIDQGVLHLQ 2UGQXQJ'HU.XUVYHUODXIZDUHEHQIDOOVQRUPDO'HU*OHLWHUIROJWHGHP:HJ]XUFNDXIGHPHU JHNRPPHQZDU'LH'XQNHOKHLWZDUNHLQ+LQGHUQLV 0DUNXQWHUQDKPHLQHQ]ZHLWHQ9HUVXFKGLH525$,0$]XHUUHLFKHQPLWGHPJOHLFKHQ0LHUIROJ Ä:HUPDQPHOGHWVLFKQLFKWYHUNQGHWHHUPLWMHQHU6FKlUIHLQGHU6WLPPHGLHVHOEVWGHQGLFNVWHQ /lUPPKHORVGXUFKVFKQLWW $XJHQEOLFNOLFKZXUGHHVKLQWHULKPVWLOO
Ä:DVKHLWGDV"IUDJWH'DODNNDLQVHLQHUEOLFKHQSROWHUQGHQ$UW Ä*HQDXGDVZDVLFKVDJH:HUPDQDQWZRUWHWQLFKWDXIPHLQHQ$QUXI Ä'DVZlUHGRFKJHODFKW 'DODNNDO|VWHVHLQHQ*XUWXQG]ZlQJWHVLFKQDFKYRUQH0DUNVDKZLHHUGLH.RQWUROODQ]HLJHQGHV 6HQGHUVDQDO\VLHUWH Ä'DVKDEHLFKVFKRQJHWDQ Ä$EHUGDVNDQQGRFKQLFKWVHLQULHIGHU$XVWUDOLHUÄ:DUXPVROOWHVLFKGDV6FKLIIQLFKWPHOGHQ" 0DUN5LFKWHUDQWZRUWHWHQLFKW9RUDELQGHU'XQNHOKHLWZDUHLQZHLHUPLOFKLJHU6FKLPPHUDXIJH WDXFKW(VVDKDXVZLH1HEHODEHUGHU*OHLWHUIORJRKQH/LFKWHUXQGHVJDEDXFKVRQVWNHLQH /LFKWTXHOOHYRQGHUGHU1HEHOKlWWHEHOHXFKWHWZHUGHQN|QQHQ'DVIUHPGDUWLJH*HELOGHVFKLHQYRQ LQQHQKHUDXV]XOHXFKWHQ(QWZHGHUEUHLWHWHHVVLFKUDVHQGVFKQHOODXVRGHUHVNDPPLWXQJHKHXUHU *HVFKZLQGLJNHLWDXIGHQ*OHLWHU]X$XIMHGHQ)DOOZXUGHELQQHQ6HNXQGHQDXVGHPVFKLPPHUQGHQ 1HEHOIOHFNHLQHJHKHLPQLVYROOOHXFKWHQGH:DQGGLHVLFKTXHUYRUGHP)DKU]HXJDXVEUHLWHWH $XFKGLHlQGHUQZDUHQLQ]ZLVFKHQGDUDXIDXIPHUNVDPJHZRUGHQ Ä:LUJHKHQWLHIHUVDJWH0DUN5LFKWHUKDUW (UGUFNWHGHQ*OHLWHUQDFKXQWHQ'DV(FKRVNRS]HLJWHLKPGHQ%RGHQDEVWDQG(UNRQQWHGLHHLQ]HO QHQ8QHEHQKHLWHQGHXWOLFKZDKUQHKPHQXQGJLQJWURW]GHPPLWGHU*HVFKZLQGLJNHLWKHUDE+|FKVWH 9RUVLFKWZDUJHERWHQ'HU1HEHOUHLFKWHRIIHQEDUELV]XP'VFKXQJHOKLQDE'LH:DQGVFKLHQZHLWHU LQGLH+|KHXQG%UHLWH]XZDFKVHQ*OHLFK]HLWLJKDWWHVLHHWZDV8QGHILQLHUEDUHVDQVLFK'LH ,QVWUXPHQWHVSUDFKHQQLFKWDXIVLHDQXQGDXFKGLH$XJHQYHUULHWHQ0DUNQLFKWREGLH:DQGQXU QRFKHLQSDDU0HWHURGHUHLQHQ.LORPHWHUHQWIHUQWZDU 'DUDPPWHGDV)DKU]HXJSO|W]OLFKJHJHQHLQ+LQGHUQLV(VJDEHLQHQKlOLFKHQNQLUVFKHQGHQ/DXW 0DUN5LFKWHUZXUGHLQGHQ*XUWHQQDFKYRUQHJHULVVHQ'DODNNDGHURKQHMHGHQ+DOWQHEHQLKP VWDQGVWLHHLQHQVFKULOOHQ6FKUHLDXVXQGSUDOOWHPLWYROOHU:XFKWJHJHQGLH,QQHQZDQG 0DUNJULIILQGLH.RQWUROOHQ5RWH/LFKWHUIODPPWHQEHUDOO:DUQVXPPHUJHOOWHQ(UYHUVXFKWHGDV )DKU]HXJ]XZHQGHQGHPXQKHLPOLFKHQ+LQGHUQLVDXVGHP:HJ]XJHKHQ$EHUGUDXHQZDUSO|W] OLFKGLH+|OOHDXVJHEURFKHQ(LQZLOGHU6WXUPKDWWHGHQ*OHLWHULQVHLQHQ.ODXHQXQGVFKWWHOWHLKQ XQEDUPKHU]LJ $XVXQJODXEOLFKHP:LQNHOVDK0DUNYRUGHU6LFKWVFKHLEHSO|W]OLFKGLH:LSIHOGHU'VFKXQJHOElXPH DXIWDXFKHQ(UYHUVXFKWHHLQOHW]WHV0DQ|YHUDEHULPQlFKVWHQ$XJHQEOLFNJDEHVHLQHQEHUVWHQGHQ .UDFK'LH*XUWHJDEHQQDFK0DUNZXUGHDXVGHP6LW]JHULVVHQ(LQ6FKODJJHJHQGHQ6FKlGHO O|VFKWHGDV%HZXWVHLQDXJHQEOLFNOLFKDXV *(675$1'(7 Ä'HU0HQVFKLVW]lKHUDOVLFKGDFKWH 0DUN5LFKWHUYHUVXFKWHVLFK]XHULQQHUQZRHUGLHVHUDXKHXQIUHXQGOLFKH6WLPPHVFKRQHLQPDOJH K|UWKDWWH+RUPHO'DODNNDILHOLKPHLQ(LQ0DQQPLWGHPHUHLQVW (LQVW" (UZROOWHDXIVSULQJHQ$EHUHUVWHQVIXKULKPVWHFKHQGHU6FKPHU]GXUFKGHQ6FKlGHOXQG]ZHLWHQV SDFNWHQLKQYRQLUJHQGZRKHU]ZHLNUlIWLJH+lQGHXQGGUFNWHQLKQZLHGHULQGLHKRUL]RQWDOH/DJH]X UFN Ä8QG(QHUJLHKDWHUDXFKEHPHUNWHGLHUDXKH6WLPPHDQHUNHQQHQG 0DUN]ZDQJVLFK]XU5XKH1RFKPLWJHVFKORVVHQHQ$XJHQRUGQHWHHUGHQ,QKDOWVHLQHV%HZXWVHLQV 5HHQGDGLH*|WWLQ3DKXGHU6FKDPDQH'LH$XGLHQ]LQGHU+|KOH'HU5FNIOXJ'LH)XQNVWLOOH'LH ZHLH1HEHOZDQG (UZLGHUVWDQGGHP9HUODQJHQHLQ]ZHLWHV0DOLQGLH+|KH]XIDKUHQ(LQVFKPHU]KDIWHV3RFKHQ JHJHQGLH,QQHQZDQGGHV6FKlGHOVNOlUWHLKQGDUEHUDXIGDHVPLWVHLQHUSK\VLVFKHQ9HUIDVVXQJ QLFKW]XP%HVWHQVWDQG (U|IIQHWHGLH$XJHQ'LFKWEHUVLFKVDKHU+RUPHO'DODNNDVElUWLJHV*HVLFKW(UHPSIDQGGHQ$Q EOLFNYHUZLUUHQG6HLWZDQQWUXJ'DODNNDHLQHQ%DUW" Ä,VWHUZDFK"IUDJWHHLQHZHLEOLFKH6WLPPHYRQGHU6HLWHKHU 6DUUXIXKUHV0DUNGXUFKGHQ.RSI)HKOWHQXUQRFK1DVH\6WDUURS:RZDU6WDUURS" Ä'HPDOWHQ+HUUQJHKWHVYHUJOHLFKVZHLVHJXWDQWZRUWHWHGLHOHLFKWQlVHOQGH6WLPPHGHV*HVXFKWHQ YRQLUJHQGZRKLQWHU0DUN (UQDKPDOOH.UlIWH]XVDPPHQXQGILQJDQ]XVSUHFKHQ Ä+RUPHOQHKPHQ6LH,KUHYHUGDPPWHQ.ODXHQYRQPLUXQGODVVHQ6LHPLFKDXIVWHKHQ (LQEUHLWHV*ULQVHQHUVFKLHQDXI'DODNNDV*HVLFKW
Ä*HKWLQ2UGQXQJDOWHU+HUUlIIWHHU1DVH\6WDUURSQDFKÄ6WHKHQ6LHDXIZHQQ6LHXQEHGLQJWZRO OHQ (UEHXJWHVLFKUFNZlUWV0DUNVWHPPWHVLFKYRUVLFKWLJDXIGLH(OOERJHQXQGVFKREVLFKLQGLH+|KH 'HU6FKPHU]ZROOWHLKPGHQ6FKlGHOVSUHQJHQDEHUHUJDEQLFKWDXI Ä6HLWZDQQWUDJHQ6LHHLQHQ%DUW"IUDJWHHU'DODNND 'HUVWULFKVLFKPLWGHU+DQGEHUV.LQQXQGODFKWHWURFNHQ Ä6FKDXHQ6LHDXIGLH8KUXQG.ODUKHLWZLUGEHU6LHNRPPHQEHPHUNWHHUVS|WWLVFK 0DUN5LFKWHUQDKPVHLQ&KURQRPHWHULQ$XJHQVFKHLQ(VKDWWHGHQ$EVWXU]JXWEHUVWDQGHQ(UKDWWH GHQMXVWLHUEDUHQ7DJHV]lKOHUEHLGHU/DQGXQJDXI1XOOJHVWHOOW-HW]W]HLJWHHUDXINQDSS6HFKV0DUN VDKVLFKXP+LQWHULKPKDWWHGHUDEVWU]HQGH*OHLWHUHLQH%UHVFKHLQGHQGLFKWHQ'VFKXQJHOJH VFKODJHQ'DV)DKU]HXJUXKWHKDOE]HUWUPPHUWLQGLFKWHP*HVWUSS'DZR0DUNODJZDUGDV 8QWHUKRO]SURYLVRULVFKHQWIHUQWZRUGHQXQGHLQHNOHLQH/LFKWXQJXQWHUGHQ%DXPULHVHQHQWVWDQGHQ 'XUFKHLQHQ:LSIHOKLQGXUFKHUEOLFNWH0DUNHLQ6WFN+LPPHO(VZDUEODEODXXQGKDWWHGLH 4XDOLWlWGHVKRKHQ1DFKPLWWDJV 'DODNND6DUUXXQG6WDUURSXPVWDQGHQLKQLP.UHLVXQGZDUWHWHQDXIVHLQHQlFKVWHbXHUXQJ Ä9LHUHLQKDOE7DJHZLH"PXUPHOWHHU Ä6LHKWVRDXVEHVWlWLJWH'DODNND Ä'LH525$,0$" 'DODNNDVFKWWHOWHGHQ.RSI Ä'HU5DGLRNRPLP*OHLWHULVWYROOVWlQGLJKLQXQGDXI0LQLNRPDQWZRUWHWQLHPDQG Ä:LHZHLWVLQGZLUYRQGHU525$,0$HQWIHUQW"+DEHQ6LHYHUVXFKWVLFKGXUFK]XVFKODJHQ" 'DODNNDODFKWHVS|WWLVFK Ä6LHEHUVFKlW]HQXQV0DUN:LUVLQGNDXP]ZHL6WXQGHQYRU,KQHQ]X%HZXWVHLQJHNRPPHQ 0DUNVWDQGDXIÄ9RUVLFKWDOWHU+HUUZDUQWH1DVH\6WDUURSÄ6LHKDEHQGDHLQHJDQ]VFK|QH%HXOH DP6FKlGHOGLH,KQHQQRFKHLQH:HLOH]XVFKDIIHQPDFKHQZLUG 0DUNEHWDVWHWHGHQ.RSI9RQGHU6WLUQTXHUEHUGLH6FKlGHOSODWWHOLHIHLQHZXOVWDUWLJH$QVFKZHO OXQJ6LHEUDQQWHXQGVWDFKEHLGHUJHULQJVWHQ%HUKUXQJ7URW]GHPEHUOHJWHPDQPXPDQGDQNEDU VHLQDXIVRJOLPSIOLFKH$UWGDYRQJHNRPPHQ]XVHLQ:HQQHUEHLP$QEOLFNGHU1HEHOZDQGGHQ*OHL WHUQLFKWVRIRUWLQGLH7LHIHJHVWHXHUWKlWWHZlUHZDKUVFKHLQOLFKNHLQHUYRQLKQHQPHKUDP/HEHQ Ä'HU525$,0$LVWHVQLFKWEHVVHUHUJDQJHQDOVXQVHUNOlUWHHUGXPSIÄ6RQVWKlWWHQVLHVFKRQ OlQJVWQDFKXQVJHVXFKW (VZDUPHUNZUGLJGDHUZHGHU+XQJHUQRFK'XUVWYHUVSUWH'HQDQGHUHQJLQJHVHEHQVR'HU $EVWXU]DOOHLQHNRQQWHHVQLFKWJHZHVHQVHLQGHUGLHPHKUDOVYLHUWlJLJH2KQPDFKWEHZLUNWKDWWH ,UJHQGHLQ]XVlW]OLFKHU(LQIOXPXWHGDEHLLP6SLHOJHZHVHQVHLQZRP|JOLFKYRQGHPXQKHLPOLFKHQ 1HEHOVHOEVWDXVJHKHQG$XIMHGHQ)DOOVFKLHQHQVlPWOLFKH.|USHUIXQNWLRQHQIUPHKUDOVYLHU7DJH DXIHLQ0LQLPXPUHGX]LHUWZRUGHQ]XVHLQ 6DUUX6WDUURSXQG'DODNNDKDWWHQZXQGHUEDUHUZHLVHQXUHLQSDDU3UHOOXQJHQXQG6FKUDPPHQDE EHNRPPHQ6LHZDUHQPDUVFKEHUHLW0DUNGUlQJWHDXIVRIRUWLJHQ$XIEUXFK0DQULHWLKPVLFK]X VFKRQHQDEHUHUZROOWHQLFKWVGDYRQK|UHQ 6LHRULHQWLHUWHQVLFKDP6WDQGGHU6RQQHXQGZRGHU'VFKXQJHO]XGLFKWZDUGDEUDQQWHQVLHVLFKPLW GHQ%ODVWHUQHLQH*DVVH'DVZDUXQJHIlKUOLFKGDGHU:DOGYRU1lVVHWULHIWHXQGGDV)HXHUVLFK QLHPDOVZHLWHUDOVHLQSDDU6FKULWWHDXVEUHLWHWH0DUN5LFKWHUKDWWHGHQ(LQGUXFNGDVLHDOVGHU *OHLWHUDEVWU]WHQXUQRFKHLQSDDU.LORPHWHUYRP6WDQGRUWGHU525$,0$HQWIHUQWJHZHVHQVHLHQ *HJHQ6RQQHQXQWHUJDQJK|UWHQVLHGXUFKGLHGLFKWH:DQGGHV'VFKXQJHOVGDV5DXVFKHQHLQHV *HZlVVHUV$OVVLHGDV8IHUHUUHLFKWHQVDKHQVLHDXIGHUJHJHQEHUOLHJHQGHQ6HLWHGLH)HOVSODWWHDXI GHUGLH525$,0$JHODQGHWZDU 'DV6FKLIIZDUQRFKGDDEHUZLHVDKHVDXV 'HUHKHPDOVVFKLPPHUQGH/HLEZDUEOlXOLFKYHUIlUEWXQGYROOHU%UDQGIOlFKHQDOVVHLHUPLW7KHUPR NDQRQHQEHDUEHLWHWZRUGHQ'LH7HOHVNRSEHLQHDXIGHQHQGHU6FKLIIVN|USHUUXKWHZDUHQXQYHUVHKUW DEHUDXVGHU:DQGXQJZDUHQJURH7HLOHKHUDXVJHULVVHQZRUGHQ 6SUDFKORVVWDUUWHQVLHGDV:UDFNDQ0DUNZDUGHUHUVWHGHUVLFKYRQGHP6FKRFNHUKROWH Ä:LUJHKHQKLQEHUEHIDKOHU 'HU)OXKDWWHHLQHEHDFKWOLFKH6WU|PXQJ6LHZXUGHQZHLWDEJHWULHEHQXQGKDWWHQQDFKGHUhEHU TXHUXQJQRFKPHKUDOVHLQH6WXQGH]XPDUVFKLHUHQXPGLH525$,0$]XHUUHLFKHQ'DV%RGHQOXN VWDQGRIIHQGDKLQWHUZDUHVKHOO$OV0DUNVHQNUHFKWXQWHUGLH/XN|IIQXQJWUDWEHPHUNWHLKQGHU 6HQVRUXQGDNWLYLHUWHGHQ$QWLJUDYJHQHUDWRU(LQNQVWOLFKHV6FKZHUHIHOGLQGHU)RUPHLQHU5|KUH
HQWVWDQGXQGVRJ0DUNKLQDXILQGLH%RGHQVFKOHXVH'LHDQGHUHQIROJWHQ $Q%RUGKHUUVFKWHJHVSHQVWLVFKH6WLOOH1XUKLHUXQGGRUWYHUULHWHLQOHLVHV6XPPHQGDHLQ*URWHLO GHUHOHNWURQLVFKHQ6HUYRJHUlWHQRFKDP/HEHQZDU0DUNKDWWH]XQlFKVWEHIUFKWHWGDGLH XQEHNDQQWHQ$QJUHLIHUVLFKQRFKDQ%RUGEHIlQGHQ(VVWHOOWHVLFKMHGRFKDOVEDOGKHUDXVGDVHLQH 9RUVLFKWEHUIOVVLJZDU'LH525$,0$HQWKLHOWNHLQRUJDQLVFKHV/HEHQPHKU0DUN5LFKWHUQDKP PLW(UOHLFKWHUXQJ]XU.HQQWQLVGDHVDXFKNHLQH/HLFKHQDQ%RUGJDE (LJHQWOLFKGHXWHWHZHQLJGDUDXIKLQGDHLQ.DPSIVWDWWJHIXQGHQKDWWH(VJDELP,QQHUQGHV6FKLIIHV NDXP9HUZVWXQJHQ'LH6FKlGHQVFKLHQHQLQHUVWHU/LQLHYRQDXHQKHUYHUXUVDFKWZRUGHQ]XVHLQ 1HEHQ5lXPHQGHUHQ:DQGXQJKLQZHJJHULVVHQZRUGHQZDUVRGDGLHIHXFKWZDUPH/XIWGHV 'VFKXQJHOVXQJHKLQGHUWKHUHLQVWULFKJDEHVVROFKHLQGHQHQNHLQHUOHL%HVFKlGLJXQJIHVW]XVWHOOHQ ZDU'HU.RPPDQGRVWDQG]XPDOVFKLHQEHUKDXSWQLFKWJHOLWWHQ]XKDEHQ'XUFK6WLFKSUREHQVWHOOWH 0DUNIHVWGDDQVFKHLQHQGDOOH*HUlWHQRFKIXQNWLRQLHUWHQ (UZLHVVLFKVHOEVWXQGMHGHPGHUDQGHUHQHLQHQ4XDGUDQWHQGHV6FKLIIHV]XU'XUFKVXFKXQJDQ*HJHQ 0LWWHUQDFKWIDQGHQVLHVLFKLP.RPPDQGRVWDQG]XVDPPHQXQGPDFKWHQ%HVWDQGVDXIQDKPH'HU 9HUGDFKWGHQ0DUN5LFKWHUVFKRQLQGHP$XJHQEOLFNJHKDEWKDWWHDOVHUGLH525$,0$YRPMHQVHL WLJHQ8IHUGHV)OXVVHVHUEOLFNWHEHVWlWLJWHVLFKUDVFK Ä.RUSXVNXODUXQG)HOGWULHEZHUNVLQGYHUVFKZXQGHQPHOGHWH+RUPHO'DODNND Ä6LHPHLQHQQLFKW]HUVW|UWVRQGHUQYHUVFKZXQGHQ"YHUJHZLVVHUWHVLFK0DUN Ä$EVROXWYHUVFKZXQGHQEHVWlWLJWHGHU$XVWUDOLHUÄ'HPRQWLHUWDXVJHEDXWXQGDEWUDQVSRUWLHUW Ä/LQHDUWULHEZHUN" Ä,VWYRUKDQGHQXQGXQEHVFKlGLJWQW]WXQVDEHUQLFKWVPHKU 0DUNQLFNWH'DQQVDKHUDXIXQGVDJWH]X1DVH\6WDUURS Ä,FKQHKPHDQGLH5HFKQHUVLQGDXFKQLFKWPHKUGDZLH" 1DVH\PDFKWHHLQGPPOLFKHV*HVLFKW Ä:RKHUZLVVHQ6LHGDVDOWHU+HUU"IUDJWHHUHUVWDXQWÄ,QGHU7DWVLQGEHLGH%RUGUHFKQHUYHU VFKZXQGHQ Ä%HLGH"8QGZDVLVWDXVGHPGULWWHQJHZRUGHQGHP0LNUR" Ä:HLLFKQLFKWDOWHU+HUU,QPHLQHP4XDGUDQWHQEHIDQGHUVLFKMHGHQIDOOVQLFKW Ä,Q2UGQXQJVHXI]WH0DUNÄ6HUUX" Ä'HU+\SR[LVWQLFKWPHKUGD0DUNDQWZRUWHWHVLHPLWVDQIWHU6WLPPHÄ6RQVWZDULQPHLQHP6HNWRU DOOHVLQ2UGQXQJ 0DUN5LFKWHUVWDQGDXI0LWJHVHQNWHP.RSIXQGDXIGHP5FNHQYHUVFKUlQNWHQ$UPHQJLQJHUHLQ SDDU6FKULWWHNHKUWHXPXQGNDP]XUFN$OVHUDXIVDKODJLQVHLQHU0LHQHHLQVFKZHUGHXWEDUHU$XV GUXFNHLQ*HPLVFKDXV5DWORVLJNHLW=RUQXQG(QWVFKORVVHQKHLW Ä,FKVWHOOHIHVWZLUVLQGJHVWUDQGHWHUNOlUWHHUÄ:LUKDEHQNHLQ7ULHEZHUNPHKUPLWGHPZLUXQV YRQGLHVHP3ODQHWHQO|VHQN|QQWHQ:LUEHVLW]HQNHLQH5HFKQHUNDSD]LWlWPHKUPLWGHUHQ+LOIHZLU GDV)DKU]HXJVWHXHUQN|QQWHQ:LUKDEHQQLFKWHLQPDOGLH0|JOLFKNHLW7HUUDEHUXQVHUH/DJH]XLQ IRUPLHUHQ,FKQHKPHDQHVLVWGHU5(9(/$7,21XQGGHQDFKW)UDFKWHUQHEHQVRHUJDQJHQZLHXQV ,UJHQGZRDXIGLHVHP3ODQHWHQVWHKHQZHLWHUHQHXQ:UDFNVGLHHEHQIDOOVNHLQ7ULHEZHUNNHLQHQ 5HFKQHUXQGNHLQHQ+\SHUVHQGHUPHKUKDEHQ:LUPVVHQVLHILQGHQGDVLVWXQVHUHHUVWH$XIJDEH 8QGGDQQPVVHQZLUYHUVXFKHQXQVHLQHQ5HLPDXIGLHVH9HUUFNWKHLWHQ]XPDFKHQ :LHVLFKEDOGKHUDXVVWHOOWHHQWKLHOW0DUN5LFKWHUV(UNOlUXQJHLQHQ7UXJVFKOX ,QGLHVHU1DFKWZXUGHLQIROJHDOOJHPHLQHU(UVFK|SIXQJQLFKWVPHKUXQWHUQRPPHQ,Q(UPDQJHOXQJ HLQHV$U]WHVDSSOL]LHUWH0DUN5LFKWHUVLFKVHOEVWHLQLJH0HGLNDPHQWHGLHVHLQHPOlGLHUWHQ6FKlGHO ]XU+HLOXQJYHUKHOIHQVROOWHQ6SlWHUODJHULQVHLQHUNRPIRUWDEOHQ.RMHXQGWURW]GHUDEJUXQGWLHIHQ 0GLJNHLWGLHLKQELVLQV,QQHUVWHGXUFKGUDQJIORKLKPGHU6FKODI (UYHUVXFKWHGLH0HQWDOLWlWHLQHV*HJQHUV]XHQWUlWVHOQGHUHLQ5DXPVFKLIIGDVHUPLWJURHP$XI ZDQGYRQVHLQHP.XUVDEJHEUDFKWXQGDXIHLQHPIUHPGHQ3ODQHWHQJHODQGHWKDWWHGDGXUFKDQGLHVHQ 3ODQHWHQ]XELQGHQYHUVXFKWHGDHUHVVHLQHU7ULHEZHUNHVHLQHU%RUGUHFKQHUXQGVHLQHU .RPPXQLNDWLRQVP|JOLFKNHLWHQHQWEO|WH:DVIUHLQH9RUJHKHQVZHLVHZDUGDV":DVZROOWHGHU 8QEHNDQQWH")UDQN%HDXOLHXV6LQDORQ7KHRULHZDURIIHQVLFKWOLFKIDOVFK'HQ.UlIWHQGLHKLHUDP :HUNZDUHQJLQJHVRIIHQEDUXPHWZDVJDQ]DQGHUHV$EHUZDVZDUGDV" $P0RUJHQHUZDFKWH0DUN5LFKWHU]HUVFKODJHQXQGPLPXWLJ'LHJDQ]H1DFKWEHUKDWWHLKQ]ZL VFKHQ+DOEVFKODIXQG+DOEZDFKHQGHU*HGDQNHEHZHJWHUKDEHHWZDV(QWVFKHLGHQGHVEHUVHKHQ'DV JHPHLQVDPH)UKVWFNIDQGLQGHU0HVVHVWDWWGLH0DUNZlKUHQGGHV)OXJHVLPPHUDOVEHGUFNHQG HQJHPSIXQGHQKDWWH-HW]WMHGRFKGDGLH0DQQVFKDIWIHKOWHZLUNWHVLH|GH
Ä:HQQ6LHQLFKWV%HVVHUHVIUPLFK]XWXQZLVVHQVDJWH1DVH\6WDUURSZlKUHQGGHU0DKO]HLW ÄP|FKWHLFKPLUJHUQHLQHQ*OHLWHUQHKPHQXQGQDFK3DKXV'RUIVXFKHQ,FKPHLQHLUJHQGZR PVVHQGLH/HXWHGRFKOHEHQ +RUPHO'DODNNDZDUWHWHDXI0DUN5LFKWHUV(QWVFKHLGXQJGDDEHU0DUNQLFKWVVDJWHEHPHUNWHHU Ä,FKNDQQPLUQLFKWYRUVWHOOHQGDXQVGDVHWZDVEULQJW1DVH\:LUZLVVHQGD3DKXQLHPDOVHLQ )DKU]HXJZLHGLHVHVJHVHKHQKDWDOVRZHUGHQDXFKVHLQH0LWEUJHUQLFKWVYRQGHQYHUVFKZXQGHQHQ 5DXPVFKLIIHQZLVVHQ 0DUNQDKPLQVJHKHLP]XU.HQQWQLVGD'DODNNDZHVHQWOLFKYHUWUlJOLFKHUJHZRUGHQZDUVHLWGHPGLH HUVWH*HIDKUVLFKJH]HLJWKDWWH(UKDWWHLP*UXQGHQRFKLPPHUHLQHQHJDWLYH(LQVWHOOXQJ$EHUZHQLJ VWHQVNOHLGHWHHUVLHLQIUHXQGOLFKHUH:RUWH Ä,FKN|QQWHPLUYRUVWHOOHQEHPHUNWH6DUUX1DVFLPHQWRPLWOHLVHP6SRWWÄGD1DVH\QRFKHLQHQDQ GHUHQ*UXQGKDWQDFKGHP'RUI]XVXFKHQ Ä6R"UHDJLHUWH'DODNNDDXIPHUNVDPÄ8QGZHOFKHUZlUHGDV" 1DVH\6WDUURSVHW]WHGDVOHLFKWGPPOLFKH*ULQVHQDXIGDVIULKQFKDUDNWHULVWLVFKZDUREZRKOHUHV QDFK0DUNV0HLQXQJDOV0DVNHJHEUDXFKWH Ä)UDXHQGXUFKVFKDXHQDOOHVDQWZRUWHWHHUPLWJHVSLHOWHP0LPXWÄ,FKKDEHPLUGLHVHQ.QDEHQ 3DKXGHXWOLFKDQJHVHKHQ(UPDFKWNHLQHQXQHEHQHQ(LQGUXFN:DVPHLQHQ6LHZLHH[RWLVFKGLH 0lGFKHQLQVHLQHP'RUIVHLQPVVHQ 'DODNNDZDUHPS|UW Ä0DUNZHQQ6LH]XODVVHQGDGLHVHU0HQVFKVLFKYRUGHU$UEHLWGUFNWQXUXP0lGFKHQQDFK]XODX IHQGDQQ 0DUN5LFKWHUKREGHQ%OLFNYRQGHP6WFNV\QWKHWLVFKHU)OHLVFKSDVWHWHLQGHPHUOXVWORVKHUXP VWRFKHUWHXQGVDK'DODNNDVFKDUIDQ'HU$XVWUDOLHUYHUVWXPPWHVRIRUW Ä1DVH\VDJWH0DUNRKQHGHQ%OLFNYRQ'DODNND]XZHQGHQÄQHKPHQ6LHHLQHQ*OHLWHUXQGPDFKHQ 6LHVLFKDXIGLH6XFKHQDFKGHP'RUI6HLHQ6LHYRUVLFKWLJXQGYRUDOOHP+DOWHQ6LH.RQWDNW Ä'DQNHDOWHU+HUUULHI6WDUURSEHJHLVWHUW =X+RUPHO'DODNNDEHPHUNWH0DUN Ä(VVLHKWVRDXVDOVPWHQZLUXQVDXIHLQHQOlQJHUHQ$XIHQWKDOWJHIDWPDFKHQ.RQWDNWHPLWGHQ (LQJHERUHQHQN|QQHQGDEHLQLFKWVFKDGHQ8QGZHQQVLHEHUYHUOLHEWHMXQJH0lQQHUXQG0lGFKHQ JHKHQXPVREHVVHU(VVLQGHEHQQLFKWDOOHVRDOWXQGDQZHOWOLFKHQ'LQJHQXQLQWHUHVVLHUW 'DUDXIKLQYHU]RJVLFK+RUPHO'DODNNDV0XQG]XHLQHP6WULFK$EHUHUHUKRENHLQHQ(LQZDQGPHKU 'HU9RUPLWWDJYHUJLQJXQWHUPHKURGHUZHQLJHU]LHOORVHQ$NWLYLWlWHQ1DVH\6WDUURSKDWWHVLFKDXIGLH 6XFKHQDFK3DKXV'RUIJHPDFKWXQGPHOGHWHVLFKUHJHOPlLJMHGHKDOEH6WXQGHXP]XYHUNQGHQ GDHUVLFKZRKODXIEHILQGHDEHUQRFKNHLQHQ(UIROJJHKDEWKDEH%HLHLQHUGLHVHU8QWHUKDOWXQJHQ HUNOlUWHLKP0DUN5LFKWHU Ä:DKUVFKHLQOLFKJHKHQZLUDOOHYRQIDOVFKHQ9RUDXVVHW]XQJHQDXV'LH(LQJHERUHQHQZRKQHQYHU PXWOLFKQLFKWLQ+lXVHUQRGHU+WWHQGLHDXIHLQHPIUHLHQ3ODW]VWHKHQVRQGHUQZRP|JOLFKLQ +|KOHQHEHQVRZLHLKUH*|WWLQ Ä'DVLVWHLQHIDPRVH,GHHDOWHU+HUUHUHLIHUWHVLFK6WDUURSÄ,FKZHUGHPHLQH6XFKVWUDWHJLHVRIRUW HQWVSUHFKHQGlQGHUQ 0LWWOHUZHLOHVW|UWHHV0DUN5LFKWHUQLFKWPHKUÄDOWHU+HUUJHQDQQW]XZHUGHQ(UKDWWHHLQJHVHKHQ GDHU6WDUURSGLH*HZRKQKHLWQLHPDOVZHUGHDXVWUHLEHQN|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|QQWH(UZROOWHQXUVLFKHUJHKHQGDHUNHLQH0|J OLFKNHLWDXHUDFKWOLH(VJDELQGLHVHP6HNWRUGHV6FKLIIVOHLEVLQGHU+DXSWVDFKH/DJHUUlXPH'HU EHVRQGHUHQ$XIJDEHGHU525$,0$DQJHPHVVHQHQWKLHOWHQVLH(UVDW]WHLOHXQG5HSDUDWXULQVWUXPHQWH IUWHFKQLVFKHV*HUlW0DUNHPSIDQGHVDOVELWWHUH,URQLHGDEHLGHPhEHUIDOOYRQGHQ*HUlWHQIU GLHKLHU]X+XQGHUWHQ(UVDW]WHLOHJHODJHUWZDUHQNHLQHLQ]LJHV6FKDGHQJHOLWWHQKDWWH7HLOHDXVGHQHQ PDQHLQQHXHV.RUSXVNXODUWULHEZHUNKlWWHEDXHQN|QQHQJDEHVGDJHJHQQLFKW 0LW6RUJIDOWGXUFKVXFKWH0DUN5LFKWHU5DXPXP5DXP'HFNXP'HFNGUDQJHUYRUXQGQlKHUWHVLFK
GDEHLGHPXQWHUHQ3ROGHUNXJHOI|UPLJHQ6FKLIIVKOOH+LHUZDUHQGLH'HFNVYRQJHULQJHUHU$XVGHK QXQJGLH*lQJHNU]HUXQGGLH5lXPHNOHLQHU0DUNKDWWHHLQH5RXWLQHHQWZLFNHOWGLHHVLKP HUP|JOLFKWHLQQHUKDOEZHQLJHU0LQXWHQ]XHUPLWWHOQREHLQ/DJHUUDXPGDV*HVXFKWHHQWKLHOWRGHU QLFKW 'LH5RXWLQHEDXWHGDUDXIDXIGDLQGHQ/DJHUUlXPHQ2UGQXQJKHUUVFKWH$OV0DUNVFKOLHOLFKLQ HLQHQ5DXPJHODQJWHGHUVRDXVVDKDOVVHLKLHUYRUNXU]HPGDV8QWHUVWH]XREHUVWJHNHKUWZRUGHQ VWDQGHUHLQHQ$XJHQEOLFNUDWORV(UVDKVLFKXPXQGPDFKWHHLQH(QWGHFNXQJ 0LWWHQLQGHP'XUFKHLQDQGHUJHZDKUWHHUHLQHQNDVWHQI|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|UW3O|W]OLFKHUORVFKGDV/LFKWXQG0DUN5LFK WHUVWDQGLP)LQVWHUQ 9RQLUJHQGZRNDPHQ*HUlXVFKHOHLVHV6FKDUUHQUHJHOPlLJLQNXU]HQ$EVWlQGHQ:HUEHZHJWHVLFK GRUW"0DUNYHUIOXFKWHGHQ/HLFKWVLQQGHULKQGDYRQDEJHKDOWHQKDWWHHLQH/DPSHPLW]XQHKPHQ:DV ZDUJHVFKHKHQ":DUGDV.UDIWZHUNDXVJHIDOOHQ":DUXPVSUDQJGLH1RWEHOHXFKWXQJQLFKWDQ" (UVHW]WHGHQ0LNURUHFKQHUYRUVLFKWLJDEXQGYHUVXFKWH]XVFKlW]HQZRGHU$XVJDQJZDU'DDEHU K|UWHHUGDV6FKDUUHQJDQ]LQGHU1lKH Ä,VWGDZHU"ULHIHU (LQKDOEODXWHU6FKUHLDQWZRUWHWH'LH6WLPPHNDPLKPEHNDQQWYRU(VUDVVHOWHXQGSROWHUWHLQGHP NOHLQHQ/DJHUUDXPDOVVLFKMHPDQGHLQHQ:HJGXUFKGLHXPKHUOLHJHQGHQ7HLOHEDKQWH0DUNVDK HLQHQ6FKDWWHQYRUVLFKDXIWDXFKHQ(LQH+DQGEHUKUWHWDVWHQGVHLQ*HVLFKW$UPHNODPPHUWHQVLFK XPLKQ Ä6DUUX"IUDJWHHUHUVWDXQWÄ:DVVXFKHQ6LHKLHUXQWHQ" Ä0HLQ*RWWZDUXPLVWGDV/LFKWDXVJHJDQJHQ"K|UWHHULKUHGXQNOH6WLPPH Ä:DKUVFKHLQOLFKHLQ9HUVDJHULP.UDIWZHUNYHUVXFKWHHUVLH]XEHUXKLJHQ Ä,FKKDEHIHVWJHVWHOOWHUNOlUWH6DUUXÄGDGLH8QEHNDQQWHQHLQHQ7HLOGHU%HXWHVWFNHGXUFKHLQHQ GHU$XVJlQJHDEJHVFKOHSSWKDEHQ'HQ]ZHLWHQ%RUGUHFKQHU]XP%HLVSLHO'LH:lQGHGHV5HFKHQ UDXPHVVLQGXQEHVFKlGLJW:DKUVFKHLQOLFKZXUGHGLH$QODJHLQ(LQ]HOWHLOH]HUOHJWXQGDEWUDQVSRUWLHUW 'HUNU]HVWH:HJIKUWHGXUFKGLHXQWHUH3ROVFKOHXVH,FKZROOWHQDFK6SXUHQVXFKHQ 1RFKLPPHUKLHOWVLH0DUNXPNODPPHUW6LH]LWWHUWH'LHOHW]WHQ7DJHKDEHQXQV]LHPOLFKPLWJH QRPPHQGDFKWH0DUN'DQQVDKHUGDV/LFKW (VNDPYRQLUJHQGZRGUDXHQDXIGHP*DQJEOlXOLFKXQKHLPOLFK'LH8PULVVHGHV6FKRWWHVVWDQGHQ GHXWOLFKJHJHQGLH)LQVWHUQLVDEJH]HLFKQHW'DV/HXFKWHQZXUGHKHOOHU6DUUXNRQQWHHVQLFKWVHKHQ 6LHSUHWHGDV*HVLFKWJHJHQ0DUNV6FKXOWHU$EHUVLHIKOWHGDGDHWZDVZDU Ä0DUNZDVJHKWKLHUYRU"VW|KQWHVLH (UVWULFKLKUEHUXKLJHQGEHUV+DDU0LWHLQHP$UPKLHOWHUVLHXPIDW'LHIUHLH+DQGWDVWHWHQDFK GHU:DIIH'HU%OLFNZDUXQYHUZDQGWDXIGLH6FKRWW|IIQXQJJHULFKWHW 6SlWHUEHKDXSWHWHHURIWXQGPLW1DFKGUXFNHUVHLQLFKWEHUUDVFKWJHZHVHQGLHNXJHOI|UPLJH*HVWDOW GHU*|WWLQ5HHQGDVFKZHEHQGLP2YDOGHVRIIHQHQ6FKRWWHVDXIWDXFKHQ]XVHKHQ6HLQ 8QWHUEHZXWVHLQPXWHGLH(UVFKHLQXQJYRUZHJJHQRPPHQKDEHQ(VNRQQWHJDUQLFKWDQGHUVVHLQDOV GDQDFKVRYLHOHQUlWVHOKDIWHQXQGJHKHLPQLVYROOHQ(UHLJQLVVHQGLH]ZHLWH%HJHJQXQJPLW3DKXV *|WWLQVWDWWIDQG 'DVJHLVWHUKDIWOHXFKWHQGH*HELOGHHWZDHLQHQ0HWHUKRFKJOLWWLQGHQ/DJHUUDXPKHUHLQ'HUHL JHQDUWLJH9RUJDQJHQWVSUDFKIDVW=XJXP=XJGHU%HJHJQXQJLQ3DKXV+|KOH'LH.XJHONDPLP=HQ WUXPGHV5DXPHV]XP6WHKHQ,QVWLQNWLYZXWH0DUNGDGLH/HXFKWHUVFKHLQXQJQXQ]XVSUHFKHQ EHJLQQHQZHUGH$EHUZLHVROOWHHUVLHYHUVWHKHQ"(UWUXJGHQ7UDQVODWRUQLFKWEHLVLFK 'DHUW|QWHGLHVHOEHGXPSIHKRKOH6WLPPHGLHHULQGHU+|KOHVFKRQHLQPDOJHK|UWKDWWHXQGVSUDFK ]XLKPDXI7HUUDQLVFK Ä,KUVHLGDQGLHVH:HOWJHIHVVHOW*HVFK|SIHYRQ7HUUD(VEOHLEWHXFKEHUODVVHQRELKUHXHU/HEHQ DXIGLHJHZRKQWH:HLVH]X(QGHOHEHQZROOWRGHURELKUHVYRU]LHKWLQGHQ=XVWDQGVXVSHQGLHUWHQ /HEHQVHLQ]XWUHWHQXQGHXFKZLHGHUHUZHFNHQ]XODVVHQZHQQGLH=HLWUHLILVW9LHOHYRUHXFKKDEHQ
GLHVHQ]ZHLWHQ:HJHUZlKOW:HQQVLHLKUH+HLPDWZLHGHUVHKHQZHUGHQLKQHQDQLKUHP/HEHQQXU HLQSDDU6WXQGHQIHKOHQ 0DUN5LFKWHU]ZDQJVHLQH*HGDQNHQ]XU5XKH'HU6FKRFNGLHOHXFKWHQGH*HVWDOW7HUUDQLVFK VSUHFKHQ]XK|UHQZDUIDVWEHUPlFKWLJ'HU9HUVWDQGZROOWHLKPGXUFKJHKHQ1XUPLWlXHUVWHU $QVWUHQJXQJJHODQJHVLKQLQGLH=JHO]XQHKPHQ 'LH.XJHOVFKZLHJ Ä:HOFKH%HGLQJXQJHQVWHOOWGLH*|WWLQ"IUDJWH0DUN Ä.HLQH'LH(QWVFKHLGXQJLVWGLHHXUH6ROOWHHVXQWHUHXFK9HUWUHWHUYHUVFKLHGHQHU9RONVJUXSSHQJH EHQVRKDWVLFKMHHLQZHLEOLFKHVXQGHLQPlQQOLFKHV([HPSODUGHU*|WWLQ]XU9HUIJXQJ]XVWHOOHQ DXIGDVLHGLH%HGLQJXQJHQHUPLWWHOQNDQQXQWHUGHQHQGLH*HZlKUXQJGHVVXVSHQGLHUWHQ/HEHQVDQ MHGHQYRQHXFKP|JOLFKLVW*HK|UWLKUMHGRFKDOOH]XP9RONHGHU7HUUDQHUVRLVWGLHVQLFKWQ|WLJ(V KDQGHOWVLFKDXFKQLFKWXPHLQH%HGLQJXQJVRQGHUQHLQH9RUVLFKWVPDQDKPHGLHHXUHP:RKOGLHQW $EHUPDOVVFKZLHJGLH.XJHO Ä%LVZDQQPVVHQZLUXQVHQWVFKHLGHQ" Ä'LH*|WWLQZDUWHW:HQQLKUHXFKLQYLHU7DJHQQDFKGHU=HLWGLHVHV3ODQHWHQJHUHFKQHWQRFKLQGHU +OOHGHV5DXPVFKLIIVDXIKDOWHWGDQQJHVWHKWHXFKGLH*|WWLQGLH+OOHDOV:RKQVWDWWIUGLH=HLW]X GLHLKUQRFKDXIGLHVHP3ODQHWHQ]XOHEHQKDEW9HUODWLKUMHGRFKGLH+OOHDOOHVRVFKOLHWGLH *|WWLQGDUDXVGDLKUHXFKIUGDVVXVSHQGLHUWH/HEHQHQWVFKORVVHQKDEW:HLWHUH:HLVXQJHQZHUGHQ HXFK]XJHKHQ'LH*|WWLQZHLHXFK]XILQGHQ Ä:DVLVWDXVXQVHUHQ)UHXQGHQJHZRUGHQ"IUDJWH0DUN5LFKWHUKDVWLJÄ'HQ/HXWHQGLHPLWXQVDQ %RUGGLHVHV6FKLIIHVZDUHQ":RKLQKDWGLH*|WWLQVLHJHEUDFKW" 'DEHNDPHUGLH$QWZRUW]XK|UHQGLHLKPLQ3DKXV+|KOHVFKRQHLQPDO]XWHLOJHZRUGHQZDU Ä5HHQGDJLEW%HIHKOHVLHEHDQWZRUWHWNHLQH)UDJHQ 'LHOHXFKWHQGH.XJHOJHULHWYRQQHXHPLQ%HZHJXQJ6LHJOLWWLQ5LFKWXQJGHV6FKRWWHVXQGYHU VFKZDQGLP*DQJ(LQSDDU6HNXQGHQODQJVWDQGHQ0DUNXQG6DUUXRKQH%HZHJXQJ3O|W]OLFK IODPPWHGLH%HOHXFKWXQJZLHGHUDXI6DUUXHQW]RJVLFK0DUNV8PDUPXQJ (LQHQ$WHP]XJODQJYHUJDHUGLH/HXFKWNXJHOPLWVDPWLKUHQPDJLVFKHQ7ULFNVXQGNRVWHWHGHQ 1DFKJHVFKPDFNGHU(UUHJXQJGLH6DUUXVN|USHUOLFKH1lKHYHUXUVDFKWKDWWH(UOlFKHOWHGDV0lGFKHQ IUHXQGOLFKDQ6DUUXHUZLGHUWHGDV/lFKHOQDEHULQLKUHQJURHQEUDXQHQ$XJHQVWDQGQRFKLPPHUGLH )XUFKW Ä'DV*HVSHQVWLVWYHUVFKZXQGHQ6DUUXEHUXKLJWHHUVLHÄ8QGLFKJODXEHZLUVLQGHLQJDQ]HV6WFN ZHLWHU Ä9HUVFKLHGHQH'LQJHVHKHQDXIHLQPDOJDQ]DQGHUVDXVVDJWH0DUN5LFKWHUPLW%HWRQXQJÄ(UVWHQV KDEHQZLUHLQHQGHUGUHL5HFKQHUZLHGHUJHIXQGHQ +RUPHO'DODNNDVDKHLQLJHUPDHQHUVWDXQW]XLKPDXI+RUPHOXQG6DUUXVDHQDQHLQHP7LVFKLP .RPPDQGRVWDQG0DUN5LFKWHUGDJHJHQVFKULWWDXIXQGDEZlKUHQGHUVHLQHQHXJHZRQQHQHQ (UNHQQWQLVVHGDUOHJWH Ä'DVILQGHQ6LHEHPHUNHQVZHUW"IUDJWH'DODNNDÄ8QGYRQGHU/HXFKWHUVFKHLQXQJKDOWHQ6LHEHU KDXSWQLFKWV" 0DUNZLQNWHDE Ä,PPHUGHU5HLKHQDFK,FKIDQGGHQ0LNURUHFKQHUEHYRUGLHOHXFKWHQGH.XJHODXIGHU6]HQHHU VFKLHQ Ä8QGZDUXPPHVVHQ6LHLKPVRJURH%HGHXWXQJEHL" ÄhEHUOHJHQ6LHGRFKPDOULHWLKP0DUNÄ:LUVLQGELVKHUYRQGHUhEHUOHJXQJDXVJHJDQJHQGDXQV 7ULHEZHUNH5HFKQHUXQG+\SR[JHQRPPHQZRUGHQVHLHQGDPLWZLUXQVQLFKWPHKUYRQGHU6WHOOH UKUHQN|QQHQ'DVHUJDE6LQQGDVYHUVWDQGHQZLU-HW]WZLUGSO|W]OLFKIHVWJHVWHOOWGDHLQHUGHU 5HFKQHUQRFKYRUKDQGHQLVW'HU*HJQHUKDWRIIHQEDUYHUVXFKWLKQDE]XWUDQVSRUWLHUHQ$EHULPOHW] WHQ$XJHQEOLFNKDWHUGDUDXIYHU]LFKWHW:DUXPZRKO" Ä(UKDWHUKDWLKPQLFKWLQV.RQ]HSWJHSDWDQWZRUWHWH6DUUX1DVFLPHQWRHKHUVSRQWDQDOVDXI JUXQGUHLIOLFKHUhEHUOHJXQJ 0DUN5LFKWHUV$XJHQOHXFKWHWHQHLQH6HNXQGHODQJ Ä*HQDXGDV6DUUX*HQDXGDV8QVHUHhEHUOHJXQJHQZDUHQIDOVFK'HU8QEHNDQQWHQDKPGLH*HUlWH QLFKWZHLOHUQLFKWZROOWHGDZLUVLHKDEHQ(UQDKPVLHZHLOHUVLHEUDXFKW 'DODNNDV*HVLFKWZDUPLPXWLJXQGPLWUDXLVFK]XJOHLFK Ä'DVLVWHLQH]LHPOLFKJUDXH7KHRULHPHLQWHHU Ä6LHHUNOlUWZDUXPGHU0LNURUHFKQHUDQ%RUGEOLHEKLHOW0DUN5LFKWHULKPYRUÄ(LQ5HFKQHUVL
JDQHVLVFKHU)HUWLJXQJLVWIUGHQ8QEHNDQQWHQQLFKWEUDXFKEDU'HVZHJHQOLHHULKQ]XUFN:HQQ 6LHHLQH+\SRWKHVHKDEHQGLHGLHVHQ8PVWDQGEHVVHUHUNOlUWGDQQODVVHQ6LHVLHK|UHQ 'DODNNDVFKWWHOWHGHQ.RSI Ä,FKKDEHNHLQH Ä*XW1lFKVWHV7KHPD'LH*|WWLQHUVFKHLQW]XP]ZHLWHQ0DO6LHVSULFKW7HUUDQLVFK6LHELHWHWXQV GLH:DKO]ZLVFKHQ'DKLQYHJHWLHUHQXQGHLQHU$UW.KOVFKODIGDPLWZLUEHUZLQWHUQN|QQHQELVGLH =HLWUHLILVWZLHVLHVDJW6LHZHLGDZLUDXV0lQQOHLQXQG:HLEOHLQEHVWHKHQXQGP|FKWHYRQ MHGHP*HVFKOHFKWHLQ3UREHH[HPSODUIDOOVZLU/HXWHQLFKWWHUUDQLVFKHU+HUNXQIWXQWHUXQVKDEHQ:DV PDFKHQ6LHGDUDXV" Ä,FKKDOWHGHQJDQ]HQ*|WWLQ=DXEHUIUEOHQ+RNXVSRNXVDQWZRUWHWH'DODNNDÄ(ULQQHUQ6LHVLFK DQXQVHUHXUVSUQJOLFKH9HUPXWXQJ+LHUVLW]WHLQHUGHU6FKLIIHPLW6LQDORQODGXQJHQDEIlQJW:HQ YHUZXQGHUWHVGDGDHU7HUUDQLVFKNDQQ" Ä(UYHUIJWEHUHLQHGHUDUWNRPSOH[H7HFKQLNGDHU5DXPVFKLIIHYRQLKUHP.XUVDEEULQJHQ%RUG UHFKQHUQHXODGHQXQGGLH)DKU]HXJHIHUQJHVWHXHUW]XHLQHU/DQGXQJDXIHLQHPZLOGIUHPGHQ3ODQHWHQ YHUDQODVVHQNDQQDEHUHUPHUNWQLFKWREGDV)DKU]HXJDXV5LFKWXQJ86(3NRPPWXQGZDKU VFKHLQOLFK6LQDORQDQ%RUGKDWRGHUQLFKW" +RUPHO'DODNNDZLHJWHGHQNDQWLJHQ6FKlGHOKLQXQGKHU Ä,FKJHEH]XGDVLVWHLQVFKZDFKHU3XQNWPHLQHV$UJXPHQWVDEHU Ä:DVJODXEHQ6LHILHOLKP0DUNLQV:RUWÄZlUHPLWGHQPlQQOLFKHQXQGZHLEOLFKHQ([HPSODUHQMH GHU9RONVJUXSSHJHVFKHKHQZHQQZLUVLHGHU*|WWLQ]XU9HUIJXQJJHVWHOOWKlWWHQ" 'DODNNDIKOWHVLFKLQGLH(QJHJHWULHEHQ(U]XFNWHXQEHKDJOLFKPLWGHQ6FKXOWHUQ Ä6LHZlUHQXQWHUVXFKWZRUGHQQHKPHLFKDQEUXPPWHHU Ä:DKUVFKHLQOLFKVFKOLPPHUVLHZlUHQDXVHLQDQGHUJHQRPPHQZRUGHQGDPLWGHU8QEHNDQQWHVHKHQ NDQQZLHHVEHLLKQHQGULQQHQDXVVLHKWXQGZHOFKH0HWKRGHGHUVXVSHQGLHUWHQ$QLPDWLRQEHLLKQHQ ]XYHUZHQGHQLVW:HOFKHU/RJLNHQWVSULFKWVROFKHLQ9RUVFKODJ" 'DODNNDVWDUUWH0DUNDQ Ä'HU/RJLNHLQHV5RERWHUV" Ä'HU/RJLNHLQHVYRQ(PRWLRQHQY|OOLJXQEHODVWHWHQ:HVHQVMDZRKOSIOLFKWHWH0DUNEHL (VZDU6DUUXGLHGLHHUUHJWH'HEDWWHVFKOLHOLFKXQWHUEUDFK6LHKDWWHVLFKXPJHZDQGWXQGEHREDFK WHWHGHQJURHQ%LOGVFKLUP Ä1DVH\NRPPWVDJWHVLH 1DVH\6WDUURSNHKUWHPLWDQVHKQOLFKHP*HIROJHDQ%RUGGHU525$,0$]XUFN6FKRQYRQZHLWHP K|UWHPDQGHQ/lUPGHQGLH*UXSSHDXIGHQ*lQJHQGHV+DXSWGHFNVYROOIKUWH Ä,FKKDEHGDV'RUIJHIXQGHQDOWHU+HUUHUNOlUWH1DVH\VWUDKOHQGDOVHUXQWHUGHUgIIQXQJGHV +DXSWVFKRWWVHUVFKLHQ +LQWHULKPNLFKHUWHXQGTXLHWVFKWHHV1DVH\VHOEVWVDKQLFKWVRDXVDOVVHLHUYROONRPPHQQFKWHUQ 6HLQH$XJHQKDWWHQHLQHQVFKLOOHUQGHQ*ODQ]XQGPDQPHUNWHGDHUVLFKHUHUDXIGHQ%HLQHQVWDQG ZHQQHUVLFKPLWHLQHP(OOERJHQJHJHQGHQ5DQGGHV6FKRWWHVVWW]WH Ä=HLJHQ6LHZDV6LHPLWJHEUDFKWKDEHQIRUGHUWH0DUNLKQDXI 1DVH\WUDW]XU6HLWH Ä.RPPWKHULKU+EVFKHQVDJWHHUXQGGHU7UDQVODWRUGHQHUXPGHQ+DOVWUXJEHUVHW]WHVHLQH :RUWHLQGLH6SUDFKHGHU(LQJHERUHQHQ .LFKHUQGXQGWXVFKHOQGYHUVWRKOHQH%OLFNHLQGDV5XQGGHV.RPPDQGRVWDQGVZHUIHQGWUDWHQYLHU (LQJHERUHQHQPlGFKHQKHUEHL6LHJHWUDXWHQVLFKQLFKWGLH6FKZHOOH]XEHUVFKUHLWHQ1DVH\6WDUURSV 9HUPXWXQJKDWWHVLFKDOVULFKWLJHUZLHVHQ'LH0lGFKHQZDUHQHVZHUWGDGHU%OLFNHLQHVMHGHQ 0DQQHV]ZHLPDODXILKQHQUXKWH,KUH)RUPHQZDUHQYRQGHQHQGHVWHUUDQLVFKHQ6FK|QKHLWVLGHDOV QLFKWZHLWHQWIHUQW'HUYLROHWWH6FKLPPHULKUHUGXQNOHQ+DXWZLUNWHH[RWLVFKXQGHUUHJHQG]XJOHLFK 6LHHULQQHUWHQVFKRHV0DUNGXUFKGHQ.RSIDQGLH%LOGHUGHVDOWHQ0DOHUV*DXJXLQXQGVR VSlUOLFKZLHGLH)UDXHQDXI*DXJXLQV%LOGHUZDUHQVLHDXFKEHNOHLGHW 1DVH\0DUN5LFKWHUVWDGHOQGHQ%OLFNJHZDKUHQGEHHLOWHVLFK]XHUNOlUHQ Ä6LHPVVHQVLFKLQPHLQH/DJHYHUVHW]HQDOWHU+HUU,FKIDQGGDV'RUIJHQDXVRZLH6LHHVPLUEH VFKULHEHQKDWWHQ'LH/HXWHZRKQHQLQ+|KOHQGLHVLHLQGLH+JHOKlQJHJUDEHQ,KU'RUISODW]LVWYRQ KRKHQ%lXPHQEHVWDQGHQ9RQREHQNDQQPDQQLFKWVHUNHQQHQ,FKODQGHWHXQGGUDQJ]X)XZHLWHU YRU'LH(LQJHERUHQHQVLQGHQWVHW]OLFKVFKUHFNKDIW6LHYHUNURFKHQVLFKVREDOGVLHPLFKVDKHQ *OFNOLFKHUZHLVHZDULFKHQWVSUHFKHQGDXVJHUVWHW Ä0LWHLQHU5DWLRQ6FKQDSVILHOLKP0DUN5LFKWHULQV:RUW
Ä0LWHLQHUGRSSHOWHQ5DWLRQZLGHUVSUDFK1DVH\ Ä'DVZLUNWH:XQGHU1XOO.RPPDQLFKWVZDUHQVLHDOOHLQEHVWHU6WLPPXQJ Ä6LHDXFK Ä,FKDXFK8QGGLHVHYLHU3UDFKWH[HPSODUHKDEHLFKPLWJHEUDFKWGDPLW6LHVHKHQDOWHU+HUUGDHVVR EHOQLFKWZlUHZHQQZLUGHQ5HVWXQVHUHV/HEHQVDXIGLHVHP3ODQHWHQ]XEULQJHQPWHQ 0DUNVDKLKQDXIPHUNVDPDQ'DIODFNHUWHHLQNOHLQHV/LFKWLP+LQWHUJUXQGVHLQHV%OLFNHVGDVYHU ULHWGDHULP$XJHQEOLFNQXUHLQH6FKDXDE]RJZLHPDQVLHYRQLKPHUZDUWHWH9RQLKPGHP REHUIOlFKOLFKHQ:HLEHUKHOGHQ'DHULQ:LUNOLFKNHLWJDUQLFKWVREHWUXQNHQZDUXQGGLH0lGFKHQ QLFKWQXUPLWJHEUDFKWKDWWHXPVHLQH$Q]LHKXQJVNUDIWXQWHU%HZHLV]XVWHOOHQ Ä:DVQRFK1DVH\"IUDJWH0DUN5LFKWHUHUQVW 1DVH\6WDUURSVWLHVLFKPLWGHP(OOERJHQYRQGHU6FKRWWZDQGDEXQGWUDWLQGHQ.RPPDQGRVWDQG Ä:LUNDPHQYRQXQJHIlKUDXI*|WWHUXQGVRQVWLJHEHUQDWUOLFKH:HVHQ]XVSUHFKHQDOWHU+HUUDQW ZRUWHWHHUMHW]WY|OOLJQFKWHUQÄ'DEHLVWHOOWHVLFKKHUDXVGDGLH0HQL]LVRQHQQHQVLHVLFKHLQH 8QPHQJHYRQ'lPRQHQ*HLVWHUQ*|WWHUQXQG+DOEJ|WWHUQNHQQHQ(LQH*|WWLQQDPHQV5HHQGD EHILQGHWVLFKQLFKWGDUXQWHU1LFKWGDVLHGHQ1DPHQQRFKQLHJHK|UWKlWWHQ(VJLEWHLQHQ0DQQLQ LKUHP9RONGHUDQGDXHUQGYRQGLHVHU5HHQGDIDVHOWZLHVLHVDJHQ,FKPHLQWHHUVHLHLQ6FKDPDQH HLQ3ULHVWHU$EHUVLHODFKWHQPLFKGHVZHJHQDXV6LHQDQQWHQLKQHLQHQ1DUUHQHLQHQ9HUUFNWHQ Ä:HQ"IXKUHV'DODNNDKHUDXV Ä3DKX (LQHQ$XJHQEOLFNKHUUVFKWH6WLOOHLP.RPPDQGRVWDQG1DVH\6WDUURSKDWWHVHLQHQ7UDQVODWRU DEJHVFKDOWHWVRGDGLH0lGFKHQYRQGHU8QWHUKDOWXQJQLFKWVKDWWHQYHUVWHKHQN|QQHQ$EHUVLH VFKLHQHQ]XPHUNHQGDHVHUQVWJHZRUGHQZDU6LHNLFKHUWHQQLFKWPHKUXQGGDV7XVFKHOQZDU YHUVWXPPW Ä(VLVWDQGHU=HLWVWHOOWH0DUN5LFKWHUIHVWÄGDZLUGHP9HUUFNWHQHLQHQ]ZHLWHQ%HVXFK DEVWDWWHQ6RQlUULVFKZLHGLH0HQL]LPHLQHQLVWHUQlPOLFKQDFKPHLQHU$QVLFKWQLFKW '(5)(8(5%(5* hEHUGLH]ZHLWH%HJHJQXQJPLW5HHQGDGHU*|WWLQZDUZlKUHQGGHU%HVSUHFKXQJPLW1DVH\6WDUURS NHLQ:RUWYHUORUHQZRUGHQ1DVH\ZUGHVSlWHUGDYRQHUIDKUHQ0DUN5LFKWHUWUXJGHQ:RUWHQGHU *|WWLQMHGRFKLQVRIHUQ5HFKQXQJDOVHUGDV:UDFNGHU525$,0$ZHJHQGHU6XFKHQDFK3DKXQLFKW Y|OOLJYRQ%HVDW]XQJHQWEO|WH1DVH\XQG6DUUXEOLHEHQ]XUFN1DVH\HUKLHOWGLH$XIJDEHGHQVLJD QHVLVFKHQ0LNURUHFKQHU]XXQWHUVXFKHQZHLO0DUNPLWWOHUZHLOHGHU*HGDQNHJHNRPPHQZDU :HUPDQV6SH]LDOLVWN|QQHVHLQH8QWHUODJHQLP5HFKQHUJHVSHLFKHUWKDEHQ6DUUXEHUQDKPHVGLH 3HULSKHULHGHV6FKLIIHVXQWHU.RQWUROOH]XKDOWHQXQGGDIU]XVRUJHQGDVLFKQLHPDQGHLQVFKOLFK $XHUGHPGLHQWHVLH1DVH\DOV7URVWIUGLHYLHU0HQL]L0lGFKHQGLHHUQXQZLHGHUKHUJHEHQ PXWH 1LFKWRKQH9RUEHGDFKWEHZDIIQHWHVLFK0DUN5LFKWHU]XVlW]OLFK]X%ODVWHUXQG6FKRFNHUPLWHLQHP KDQGOLFKHQ'HVLQWHJUDWRUXQGYHUDQODWH+RUPHO'DODNNDVHLQHP%HLVSLHO]XIROJHQ1DVH\6WDUURS KDWWHLQ]ZLVFKHQGLH/DJHGHV0HQL]L'RUIHVVRJHQDXZLHP|JOLFKEHVFKULHEHQ'LHYLHU0lGFKHQ ZXUGHQDQ%RUGHLQHVJU|HUHQ*OHLWHUVJHEUDFKW'DODNNDQDKPGDV6WHXHU'HU)OXJZDUNXU]XQG HUHLJQLVORV(WZD]HKQ*HKPLQXWHQYRQGHQ+|KOHQGHU0HQL]LJDEHVHLQHQNOHLQHQ7PSHOGHQGHU :DOGQRFKQLFKWY|OOLJEHUZXFKHUWKDWWH'DODNNDODQGHWHGDV)DKU]HXJPLWWHQLPVHLFKWHQ:DVVHU 'LH0lGFKHQKDWWHQLQ]ZLVFKHQLKUHJXWH/DXQH]XUFNJHZRQQHQ6LHODFKWHQXQGNUHLVFKWHQDOVVLH GXUFKGLHVXPSILJH%UKHGHV7PSHOV]XP8IHUZDWHWHQ 0DUNQDKPVLFKHLQHYRQLKQHQYRU'HU7UDQVODWRUEHUVHW]WHGLH8QWHUKDOWXQJ Ä:HULVWGHUK|FKVWH0DQQLQGHLQHP'RUI" Ä1DKDXPHLQ9DWHUDQWZRUWHWHVLHÄ(ULVWGHUGHU7UDQVODWRUJDE]XGLHVHP(LQJHERUHQHQZRUW PHKUHUH$OWHUQDWLYHQLP7HUUDQLVFKHQ+lXSWOLQJ.D]LNH%UJHUPHLVWHU)UVW)ULHGHQVWLIWHU Ä,FKP|FKWHPLWGHLQHP9DWHUVSUHFKHQHUNOlUWH0DUN Ä0HLQ9DWHUVSULFKWJHUQHYHUVLFKHUWHGDV0lGFKHQÄ$EHUHVPXHWZDVGDEHLKHUDXVVSULQJHQ(U LVWQlPOLFKHLQVHKUZLFKWLJHU0DQQPXWGXZLVVHQ 0DUN5LFKWHU]HUGUFNWHHLQHQ)OXFK]ZLVFKHQGHQ/LSSHQ Ä0DFKHQ6LHVLFKNHLQH6RUJHQVDJWH'DODNNDKDOEODXWÄ,FKKDEHVFKRQGDUDQJHGDFKW Ä:RUDQ" Ä$QGLH6FKQDSVUDWLRQ 0DUNKDWWHHLQH$QWZRUWSDUDWDEHUHUEHKLHOWVLHIUVLFK:LHNlPHHUGD]X+RUPHO'DODNNDIUVHL QH2EHUIOlFKOLFKNHLWLP8PJDQJPLWGHQ3ULPLWLYHQ]XVFKHOWHQZRGRFKLKPVHOEVWGHU*HGDQNHDQ
HLQ*HVFKHQNXQGHLQYHUQQIWLJHVQRFKREHQGUHLQEHUKDXSWQLFKWJHNRPPHQZDU 1DVH\6WDUURSVHUVWHU%HVXFKKDWWHRIIHQEDUEHZLUNWGDGLH0HQL]LNHLQH)XUFKWPHKUYRUGHQ )UHPGHQHPSIDQGHQ$OV0DUNXQG'DODNNDPLWLKUHQYLHU%HJOHLWHULQQHQGLHLKQHQGHQ:HJZLHVHQ QDFKNXU]HP)XPDUVFKGHQEDXPEHVFKDWWHWHQ3ODW]YRUGHQ:RKQK|KOHQHUUHLFKWHQKHUUVFKWHGRUW UHJHV/HEHQ$OOHU$XIPHUNVDPNHLWNRQ]HQWULHUWHVLFKVRIRUWDXIGLH$QN|PPOLQJH'LH0lGFKHQ VSUDQJHQGDYRQXPGHQDQGHUHQYRQLKUHQ(UOHEQLVVHQDQ%RUGGHV5DXPVFKLIIV]XHU]lKOHQ'LHMH QLJHGLHVLFKDOV7RFKWHU1DKDXVEH]HLFKQHWKDWWHYHUVFKZDQGLQHLQHU+|KOH 'LH0HQL]LZDUHQGXUFKXQGGXUFKKXPDQRLG0DUN5LFKWHUKDWWHVLFKPLWGHU*HVFKLFKWHVHLQHV +HLPDWSODQHWHQLQWHQVLYEHIDW(LQlKQOLFKHV+|KOHQODJHUGHU3ULPLWLYHQKlWWHPDQQRFKYRUGUHL ]HKQKXQGHUW-DKUHQLQGHUÄPRQWDQDJHQDQQWHQ*HJHQGGHV%H]LUNV6GDPHULNDILQGHQN|QQHQ $XVGHU+|KOHLQGHU1DKDXV7RFKWHUYHUVFKZXQGHQZDUHUVFKLHQHLQZRKOEHNOHLGHWHU0DQQGHVVHQ *HZDQGEXQWHUZDUDOVGDVGHU/HXWHGLHVLFKDXIGHP'RUISODW]WXPPHOWHQ(UVDKVLFKXPGDQQ VFKULWWHUDXIGLH$QN|PPOLQJH]X(UVFKLHQVLFKVHLQHU:UGHZRKOEHZXWDEHUGLHEULJHQ 'RUIEHZRKQHU]ROOWHQLKPQLFKWVRQGHUOLFKYLHO$XIPHUNVDPNHLWDOVHUVLFKGXUFKLKUH5HLKHQ GUlQJWH$OVHUYRU5LFKWHUXQG'DODNNDVWDQGJDEHUHLQH6HULHVFKQDO]HQGHU/DXWHYRQVLFKGLHGHU 7UDQVODWRUIROJHQGHUPDHQEHUVHW]WH Ä,FKELQ1DKDXGHUJURH+lXSWOLQJGHU0HQL]L,KU8QZUGLJHQZQVFKWPLWPLU]XVSUHFKHQZLH PHLQH7RFKWHUVDJW,FKKRIIHLKUKDEWJXWHQ*UXQGGD]XXQGVHLGQLFKWQXUJHNRPPHQXPPHLQH =HLW]XVWHKOHQ 0DUN5LFKWHUXQG+RUPHO'DODNNDZDUIHQHLQDQGHUHLQHQ%OLFN]X0DUNQLFNWH'DODNNDEUDFKWHGLH 6FKQDSVUDWLRQ]XP9RUVFKHLQ6LHEHIDQGVLFKLQHLQHPSODVWLVFKHQ*ODVVLWEHKlOWHUGHUYRUQHHLQH gIIQXQJKDWWHDXVGHUGHU,QKDOWGHV%HKlOWHUVKHUYRUTXROOZHQQPDQLKQPLWGHQ)LQJHUQJHQJHQG XQWHU'UXFNVHW]WH 1DKDXV$XJHQOHXFKWHWHQ Ä:LUZLVVHQGLH=HLWGHV+lXSWOLQJV]XVFKlW]HQHUNOlUWH0DUN5LFKWHUKRKHLWVYROOÄ'HVKDOEEULQJHQ ZLUGLHVHV*HVFKHQN (UQLFNWH'DODNND]XXQG'DODNNDEHUUHLFKWH1DKDXGHQ*ODVVLWEHKlOWHU5LQJVLP8PNUHLVZDUHQ PHKUHUH0HQL]LDXIGLH7UDQVDNWLRQDXIPHUNVDPJHZRUGHQ1HXJLHUGHRGHUGHU:XQVFKDQGHP ,QKDOWGHV%HKlOWHUV$QWHLO]XKDEHQYHUDQODWHVLHHLQHQ.UHLVXPGHQ+lXSWOLQJXQGGLHEHLGHQ )UHPGHQ]XELOGHQ 1DKDXKREGLH*ODVVLW)ODVFKHGUFNWHVLHIDFKPlQQLVFKXQGOLHHLQHQRUGHQWOLFKHQ6FKOXFNLQVHLQH .HKOHULQQHQ Ä'DV*HVSUlFKNDQQEHJLQQHQVDJWHHU Ä,FKKDEHJHK|UWR+lXSWOLQJGDXQWHUGHLQHU+RKHLWHLQ1DUUQDPHQV3DKXOHEWHUNOlUWH0DUN 5LFKWHUEHWRQWIHLHUOLFK 1DKDXQDKPHLQHQZHLWHUHQ6FKOXFNDXVGHU)ODVFKH Ä(LQ1DUUGDVLVWULFKWLJDQWZRUWHWHHUÄ1XUELQLFKQLFKWVLFKHUGDHUXQWHUPHLQHU+RKHLWOHEW Ä:LHVRGDVR+lXSWOLQJ"IUDJWH0DUN5LFKWHU Ä(ULVWPHLVWHQVZRDQGHUVDQWZRUWHWH1DKDXPLW HQWZDIIQHQGHU2IIHQKHLWÄ,FKZHLQLFKWZDQQHUJHKWXQGZDQQHUNRPPW Ä:REHILQGHWHUVLFKLQGLHVHP$XJHQEOLFN" 1DKDXEHGLHQWHVLFKDXVGHU)ODVFKH(LQJOFNVWUDKOHQGHU$XVGUXFNPDFKWHVLFKDXIVHLQHP*HVLFKW EUHLW Ä'DVZHLLFKQLFKWDQWZRUWHWHHUÄ3DKXGHU1DUUVSULFKWPLWGHQ7LHUHQXQG3IODQ]HQGHV:DOGHV %HLLKQHQKlOWHUVLFKDXIZHQQHUQLFKWKLHULVW$XFKJHKWHURIW]XHLQHP2UWGHQHUGHQ)HXHUEHUJ QHQQWXQGYRQGHPQLHPDQGVRQVWZHLZRHUVLFKEHILQGHW 1DKDXNRQQWHQLFKWPHKUDOVYLHURGHUIQI]XVDPPHQKlQJHQGH6lW]HVSUHFKHQEHYRUHUZLHGHUHLQHQ 6FKOXFNQHKPHQPXWH8QWHUGLHVHQ8PVWlQGHQVDK0DUN5LFKWHUGHQ$XJHQEOLFNLQGHPHUDOV,Q IRUPDWLRQVTXHOOH]XQLFKWVPHKUWDXJHQZUGHPLWEHlQJVWLJHQGHU6FKQHOOLJNHLWKHUDQUFNHQ(UPX WHVHLQH)UDJHQORVZHUGHQEHYRUGHU+lXSWOLQJLP9ROOUDXVFK]XU6HLWHNLSSWH Ä:DVZHLWGXEHUGLH*|WWLQ5HHQGDR+lXSWOLQJ"HUNXQGLJWHHUVLFK 1DKDXVWLHHLQYHUlFKWOLFKHV/DFKHQDXV Ä7DLWDPEXGHU+HUUGHU*|WWXUKDWEHVWLPPWZHOFKHDQGHUHQ'lPRQHQPLWLKPLP,QQHUQGHU(UGH OHEHQGUIHQ(LQH*|WWLQQDPHQV5HHQGDEHILQGHWVLFKQLFKWGDUXQWHU1XU3DKXGHU1DUUIDVHOWYRQ LKU 'DGUlQJWHVLFKHLQHUGHU8PVWHKHQGHQQlKHUKHUEHLXQGIJWHKLQ]X
Ä(UVDJW7DLWDPEXZHLGHVZHJHQQLFKWVYRQ5HHQGDZHLO5HHQGDNHLQH*|WWLQGHV(UGLQQHUQLVW VRQGHUQDXVGHU+|KHNRPPW %HLGLHVHQ:RUWHQZDUIHUHLQHQVHKQVFKWLJHQ%OLFNDXIGHQ*ODVVLWEHKlOWHUGHQ1DKDXMHGRFKPLW IHVWHU+DQGXPVFKORVVHQKLHOW Ä:HQQLKUPLUDXFKHLQVROFKHV*HWUlQNJHEWEHPHUNWHHUVFKODXÄHULQQHUHLFKPLFKYLHOOHLFKWZR KLQ3DKXKHXWHJHJDQJHQLVW +RUPHO'DODNND]HLJWHVLFKGHUNULWLVFKHQ6LWXDWLRQJHZDFKVHQ(KH1DKDXVLFK VYHUVDKKDWWHGHU $XVWUDOLHULKPPLWEOLW]VFKQHOOHU%HZHJXQJGLH)ODVFKHHQWZHQGHW(UKLHOWVLHGHP6SLW]ILQGLJHQKLQ XQGKHUUVFKWHLKQDQ Ä7ULQNXQGODGLUVFKQHOOHLQIDOOHQZDVGXEHU3DKXZHLW 1DKDXZROOWHSURWHVWLHUHQDEHUGHU$ONRKROKDWWHLKQEHUHLWVLP*ULII(UPDFKWHHLQHUDVFKH%HZH JXQJXQGYHUORUGDEHLGDV*OHLFKJHZLFKW6HLQ8QWHUWDQQDKPLQ]ZLVFKHQGLHHLQPDOLJH*HOHJHQKHLW ZDKU1DFKHLQHPDXVJLHELJHQ6FKOXFNHQWULLKP'DODNNDGLH)ODVFKHXQGJDEVLHGHP+lXSWOLQJ]X UFN1DKDXHUKROWHVLFKYRQVHLQHP6FKUHFNHQLQGHPHUVRJOHLFKHLQHQZHLWHUHQ6FKOXFNDXVGHP %HKlOWHUSUHWH Ä3DKXHU]lKOWHPLUYRQHLQHP=DXEHUGLQJGDVHUPLWWHQLP:DOGJHIXQGHQKDEHMHQVHLWVGHU%HUJH HUNOlUWHGHUGHUGXUFK'DODNNDVUDVFKHQWVFKORVVHQHV+DQGHOQLQGHQ*HQXGHVEHUDXVFKHQGHQ*H WUlQNVJHNRPPHQZDUÄ(UIDQGHVYRUQLFKWDOO]XODQJHU=HLWXQGVDJWHPLUHUZROOHGDV'LQJKHXWH DXIVXFKHQXPVHLQH=DXEHUNUlIWH]XVWXGLHUHQ 0DUN5LFKWHUIRUVFKWHZHLWHUXQGHUIXKUGDGDVÄ=DXEHUGLQJDXIGHP:HVWKDQJHLQHV%HUJHVPLW JHNUPPWHP*LSIHOOLHJH0HKUKDWWH3DKXQLFKWYHUODXWHQODVVHQDXFKQLFKWREVLFKVHLQ)XQGDXI HLQHUIUHLHQ6WHOOHRGHULQPLWWHQGHV'VFKXQJHOVEHILQGH Ä'DVPXJHQJHQVDJWH0DUN5LFKWHU]X'DODNNDÄ%HUJHPLWJHNUPPWHP*LSIHONDQQHVQLFKW DOO]XYLHOHJHEHQ 'DQQZDQGWHHUVLFKYRQQHXHPDQ1DKDX Ä6HLWZDQQR+lXSWOLQJLVW3DKXVRQlUULVFKDQGLH*|WWLQ5HHQGD]XJODXEHQ" 1DKDXPDFKWHHLQHZHLWVFKZHLILJH*HVWHGLHLKQÄXPHLQ+DDU]X%RGHQJHZRUIHQKlWWHÄ3D3DKX LVWHLQ1QDUUVWRWWHUWHHUÄVHLWGHPHUDXVGHP/HLEVHLQHU0XWWHUKHUYRUNURFK(UVWDPPWDXVHLQHU DOWHQ)DPLOLHYRQ1DUUHQ6HLQ9DWHUJODXEWHDQ5HHQGDXQGGHU9DWHUVHLQHV9DWHUVDXFK6LHDOOH KLHHQ3DKX$OOH3DKXVELV]XUFN]XP%HJLQQGHU=HLWZDUHQ1DUUHQXQGJODXEWHQDQ5HHQGD Ä=ZHL'LQJHVLQGZLFKWLJVDJWH0DUN5LFKWHUZlKUHQG+RUPHO'DODNNDGHQ*OHLWHULQUXQGGUHLKXQ GHUW0HWHUQ+|KHDXIGLH%HUJNHWWHDP+RUL]RQW]XVWHXHUWHÄ(UVWHQVGD5HHQGDDQJHEOLFKDXVGHU +|KHNRPPWZlKUHQGGLHHLQJHERUHQHQ*|WWHULP(UGLQQHUQOHEHQ8QG]ZHLWHQVGDGHU*ODXEHDQ 5HHQGDQDFK1DKDXV9RUVWHOOXQJVFKRQXUDOWLVW Ä6LHGHQNHQDQ5DXPIDKUHUGLHYRUODQJHU=HLWDXIGLHVHP3ODQHWHQODQGHWHQ"IRUVFKWH'DODNND Ä6RHWZDVbKQOLFKHVEHNDQQWH0DUN Ä8QGZDVKDEHQGLHDOWHQ5DXPIDKUHUPLWGHQYHUVFKZXQGHQHQ7ULHEZHUNHQGHU525$,0$]XWXQ" 0DUN]XFNWHPLWGHQ6FKXOWHUQ Ä:HQQZLUGDVZWHQGDQQZlUHGDV5lWVHOYRQ%URNHVFKRQJHO|VW 'DODNNDKREGHQ$UPXQGGHXWHWHYRUDXV Ä*OFNOLFKHUZHLVHVLQGZLULP=XUHFKWILQGHQJHVFKLFNWHUDOVLP5lWVHOUDWHQPHLQWHHUÄ:HQQGDV GRUWYRUQHQLFKWXQVHU%HUJLVWGDQQN|QQHQ6LHPLUGLH+DXWDE]LHKHQ =ZLVFKHQ]ZHLEHZDOGHWHQ%HUJNXSSHQGLHLPPHUZHLWHUDXVHLQDQGHUWUDWHQMHQlKHUGHU*OHLWHU LKQHQNDPZDUHLQHIHOVLJH6SLW]HVLFKWEDUJHZRUGHQGLHDQLKUHPQDGHLI|UPLJYHUODXIHQGHQ(QGH GHXWOLFKJHNUPPWZDUZLHHLQHDOWH6FKXVWHUDKOH0DUN5LFKWHUSUIWHGHQ6WDQGGHU6RQQH Ä*OFNJHKDEWVWHOOWHHUIHVWÄ(VEOHLEHQXQVQRFKHLQSDDU6WXQGHQ:lKUHQGGHU'XQNHOKHLWZHL LFK%HVVHUHV]XWXQDOVLP'VFKXQJHOXPKHU]XNULHFKHQXQGQDFKHLQHP=DXEHUGLQJ]XVXFKHQ Ä%HVRQGHUVLQHLQHU*HJHQGLQGHUIOLHJHQGHOHXFKWHQGH*|WWLQQHQPLW]XP$OOWDJJHK|UHQIJWH +RUPHO'DODNNDKLQ]X 6LHXPUXQGHWHQGLH6SLW]HXQGJHODQJWHQDXIGHQMHQVHLWVJHOHJHQHQ:HVWKDQJGHV%HUJHV'LH6SLW]H ZXFKVDXVHLQHPPlFKWLJHQ0DVVLY'HUQDFK:HVWHQJHOHJHQH$EKDQJZDUVDQIWJHQHLJWGDIUDEHU Y|OOLJPLW'VFKXQJHOEHUZXFKHUW Ä8QVHU)LQGHUJOFNLVWVFKRQZLHGHU]X(QGHEHPHUNWH0DUN5LFKWHUJULPPLJ Ä1RFKQLFKWJDQ]ZLGHUVSUDFK'DODNNDXQGVHLQ7RQIDOOZLHVGDUDXIKLQGDHUHLQHQLFKW XQZLFKWLJH(QWGHFNXQJJHPDFKWKDWWHÄ6HKHQ6LHVLFKGLHVHQ7DVWHUUHIOH[DQ 0DUNPXVWHUWHGLHNOHLQH%LOGIOlFKHGHV7DVWHUV'HU5HIOH[GHQ'DODNNDPHLQWHZDUGHXWOLFK]X
VHKHQHLQJUHOOHU/LFKWSXQNWLQPLWWHQGHU]LHPOLFKYHUVFKZRPPHQHQ.RQWXUHQGHV%HUJKDQJV Ä0HWDOOHQWVFKLHGHU Ä*DQ]JHZLQLFNWH'DODNNDÄ(VVFKHLQWGDXQWHQLUJHQGZRHLQH6FKOXFKW]XJHEHQRGHUHLQ7DO 6RQVWPWHGDV'LQJPLWEORHP$XJH]XVHKHQVHLQ(VEHVWHKWHQWZHGHUDXVVROLGHP0HWDOORGHU HVKDWHLQH0LQGHVWDXVGHKQXQJYRQGUHLLJ0HWHUQ 6HLQH9HUPXWXQJHUZLHVVLFKDOVULFKWLJ$P)XGHV+DQJHV|IIQHWHVLFKHLQWLHIHLQJHVFKQLWWHQHV 7DOPLWVWHLOHQ:lQGHQ'HU'VFKXQJHOKDWWHQLFKWVGHVWRZHQLJHUDXFKKLHU)XJHIDWXQGUHLFKWH EHUGLH)HOVKlQJHKLQDEELVDXIGLH6RKOHGHV7DOHV 9RUDEDEHUJDEHVHLQHOLFKWH6WHOOH'HU*UXQGZDUDQVFKHLQHQGVXPSILJXQGERWGHQ%DXPZXU]HOQ ZHGHU+DOWQRFK1DKUXQJ$XVGHP6XPSIHUKREVLFKHLQEHUUDVFKHQGJURHV*HELOGHGDVGLH)RUP HLQHU.XJHOKDWWH'LH/LFKWYHUKlOWQLVVHDXIGHU7DOVRKOHZDUHQLQIROJHGHUVWHLOHQ:lQGHDOOHVDQGHUH DOVJQVWLJ'DODNNDVWHXHUWHGHQ*OHLWHUQlKHUDQGHQJHKHLPQLVYROOHQ.RORKHUDQ 'DVDJWH0DUN5LFKWHUSO|W]OLFK Ä0HLQ*RWWHVLVWGLH5(9(/$7,21 6LHSDUNWHQGHQ*OHLWHUDP5DQGGHV6XPSIHV'LHPRUDVWLJH2EHUIOlFKHWUXJVLHQLFKW$OVVLHVLFK GHPNOHLQHQ5DXPVFKLIIQlKHUWHQVDQNHQVLHPDQFKPDOELVEHUGLH.QLHLQGHQ]lKHQ%UHL$EHUGD GHU6XPSIQLFKWJUXQGORVZDUGDVEHZLHVHQGLHK\GUDXOLVFKHQ/DQGHVWW]HQGHU5(9(/$7,21GLH NDXPEHUHLQHQ0HWHULQGHQ0RUDVWHLQJHGUXQJHQ]XVHLQVFKLHQHQ 'LHNXJHOI|UPLJH+OOHGHV6FKLIIHVZLHVGLHVHOEHQ%HVFKlGLJXQJHQDXIZLHGLH+OOHGHU 525$,0$gIIQXQJHQZDUHQKLQHLQJHEUDQQWZRUGHQ:HGHU'DODNNDQRFK0DUN5LFKWHU]ZHLIHOWH GDUDQGDGLH5(9(/$7,21HEHQVRLKUHU7ULHEZHUNHLKUHV%RUGUHFKQHUVXQGLKUHV+\SHUVHQGHUV EHUDXEWZRUGHQZDUZLHGLH525$,0$2EGLHEHLGHQ6FKLIIHDXFKVRQVWGDVVHOEH6FKLFNVDOHUOLWWHQ KDWWHQZDUXQJHZL:HQQ]XP%HLVSLHOGDV.UDIWZHUNGHU5(9(/$7,21DXVJHIDOOHQZDUZUGHHV VFKZHUVHLQDQ%RUG]XJHODQJHQ+RUPHO'DODNNDKDWWHVLFKDXIMHGHQ)DOOPLWHLQHUNUlIWLJHQ 6WDEODPSHDXVGHU1RWDXVVWDWWXQJGHV*OHLWHUVYHUVHKHQ$XIGHP%RGHQGHV7DOHVZDUGLH1DFKW VFKRQIDVWDQJHEURFKHQXQGZHUPRFKWHZLVVHQREDQ%RUGGHVJHVWUDQGHWHQ6FKLIIHVGLH %HOHXFKWXQJQRFKIXQNWLRQLHUWH 'LH%RGHQOXNHGHU5(9(/$7,21VWDQGRIIHQ'DKLQWHUDOOHUGLQJVZDUHVILQVWHU0DUN5LFKWHU SRVWLHUWHVLFKXQWHUGLHgIIQXQJ(UK|UWHGDVOHLVH6LUUHQGDVGXUFKGHQ$XIEDXGHVNQVWOLFKHQ 6FKZHUHIHOGVKHUYRUJHUXIHQZXUGH(UIKOWHVLFKLQGLH+|KHJHKREHQXQGVFKZHEWH$XJHQEOLFNH VSlWHUGXUFKGLH/XNH 'DV)HOGHUORVFKPLWOHLVHP.QLVWHUQQDFKGHP+RUPHO'DODNNDHEHQIDOOVDQ%RUGJHNRPPHQZDU(U VFKDOWHWHGLH/DPSHHLQXQGOLHGHQ/LFKWNHJHOEOLW]VFKQHOOEHUGLH:lQGHGHUNOHLQHQ6FKOHXVHQ NDPPHUJOHLWHQ Ä,UJHQGZLHIKOHLFKPLFKKLHUQLFKWEHVRQGHUVEHKDJOLFKVDJWHHUQDFKGHPGDV/LFKWHUORVFKHQZDU 0DUNJLQJQLFKWGDUDXIHLQ Ä:LUYHUVXFKHQGHQ.RPPDQGRVWDQG]XHUUHLFKHQVDJWHHUKDOEODXW'DVUFNZlUWLJH 6FKOHXVHQVFKRWW|IIQHWHVLFKEHUHLWZLOOLJDOVVLHGHQ0HFKDQLVPXVEHWlWLJWHQ'HU*DQJGDKLQWHU IKUWHLQGHQ$FKVVFKDFKWLQGHP]XDOOHQ=HLWHQ]ZHLNQVWOLFKH6FKZHUHIHOGHUH[LVWLHUWHQHLQHVPLW DXIZlUWVGDVDQGHUHPLWDEZlUWVJHULFKWHWHP)HOGYHNWRU'LHEHLGHQ)HOGHUZDUHQDXFKMHW]WQRFK YRUKDQGHQHLQ%HZHLVGDIUGDGDV.UDIWZHUNGHU5(9(/$7,21QRFKDUEHLWHWH8PVR YHUZXQGHUOLFKHUZDUHVGDGLH%RUGEHOHXFKWXQJHUORVFKHQZDU :lKUHQGVLHQDFKREHQJOLWWHQHULQQHUWHVLFK0DUN5LFKWHUPLWOHLVHP8QEHKDJHQGDHUHLQH lKQOLFKH9HUGXQNHOXQJVFKRQHLQPDOHUOHEWKDWWH$Q%RUGGHU525$,0$DOVGLHXQKHLPOLFKH /HXFKWNXJHOLKPGDV$QJHERWGHU*|WWLQXQWHUEUHLWHWHHQWZHGHULQ)ULHGHQDXI%URNH]XOHEHQXQG]X VWHUEHQRGHUVLFKLQGHQ=XVWDQGVXVSHQGLHUWHU$QLPDWLRQYHUVHW]HQ]XODVVHQ $XIGHU+|KHGHV=HQWUDOGHFNVVWLHJ'DODNNDDOVHUVWHUDXV(UOLHGLH/DPSHNXU]DXIOHXFKWHQXQG JLQJHLQSDDU6FKULWWHLQ5LFKWXQJ.RPPDQGRVWDQG,QGHU)LQVWHUQLVVDK0DUNQLFKWGDHUSO|W]OLFK VWHKHQEOLHE(USUDOOWHJHJHQLKQ Ä+|UHQ6LHGDV"IOVWHUWH'DODNND 0DUNKLHOWGHQ$WHPDQ$XVGHU'XQNHOKHLWNDPIHUQHV*HPXUPHO(LQHHLQW|QLJH6WLPPHVFKLHQ]X GHNODPLHUHQ Ä.RPPDQGRVWDQGYHUPXWHWH0DUN5LFKWHUÄ'DV6FKRWWVWHKWZDKUVFKHLQOLFKRIIHQVRQVWN|QQWH PDQQLFKWVK|UHQ 0LWlXHUVWHU%HKXWVDPNHLWGUDQJHQVLHZHLWHUYRU0DUN5LFKWHUJODXEWHQDFKHLQHU:HLOHHLQHQ PDWWHQ/LFKWVFKLPPHUZDKU]XQHKPHQVFKULHEDEHUGLH:DKUQHKPXQJGHQEHUUHL]WHQ6HKQHUYHQ]X
(UVWDOVHUQDFKHLQHU%LHJXQJGHV'HFNVJDQJVGLH8PULVVHGHV.RPPDQGRVWDQGVFKRWWVGHXWOLFKYRU VLFKLQGHU'XQNHOKHLWDEJH]HLFKQHWVDKHUNDQQWHHUGDGLH$XJHQLKQQLFKWJHWlXVFKWKDWWHQ'LH OHLHUQGH6WLPPHZDULQ]ZLVFKHQODXWHUXQGGHXWOLFKHUJHZRUGHQ6LHVSUDFKLQGHU6SUDFKHGHU (LQJHERUHQHQ0DUN5LFKWHUXQGGHU$XVWUDOLHUKDWWHQGLH7UDQVODWRUHQDXVJHVFKDOWHWXP]X YHUKLQGHUQGDVLHXQYHUVHKHQVDXIGLH:RUWHGHUIUHPGHQ6SUDFKHUHDJLHUWHQ 0DUNVFKREVLFKYRQGHU6HLWHKHUDQGDVRIIHQH6FKRWWKHUDQ$P5DQGGHUgIIQXQJYRUEHLEOLFNWHHU LQGDVHQJH5XQGGHV.RPPDQGRVWDQGVKLQHLQ:DVHUVDKYHUVFKOXJLKPIUVHUVWHGHQ$WHP $QGHU.RQVROHGHV3LORWHQVWDQGHLQHKXPDQRLGH*HVWDOW3DKXGHU6FKDPDQH(UKDQWLHUWHDQ 6FKDOWHUQXQG+HEHOQ(UDUEHLWHWHQLFKWZDKOORVVRQGHUQOHJWH]ZLVFKHQMHZHLOV]ZHL*ULIIHQHLQH 3DXVHHLQXPQHXH:HLVXQJHQ]XHPSIDQJHQ'LH:HLVXQJHQNDPHQDXVGHUVHOEHQ4XHOOHZLHGLH PDWWHPLOFKLJH+HOOLJNHLWGLH0DUN5LFKWHUHUP|JOLFKWHGLH6]HQHEHUKDXSWZDKU]XQHKPHQ (WZDLQGHU0LWWHGHV5DXPHVVFKZHEWHQYLHUOHXFKWHQGH.XJHOQ$EELOGHUGHURPLQ|VHQ*|WWLQ 5HHQGDGHU3DKXGLHQWH (VZDUHLQHGHU.XJHOQGLH]X3DKXVSUDFKXQGLKP$QZHLVXQJHQHUWHLOWH9RQLKUNDPGDVPRQRWRQH *HPXUPHOGDV0DUNXQGVHLQ%HJOHLWHUJHK|UWKDWWHQ,QGLHVHP$XJHQEOLFNMHGRFKZDUHVVWLOOLP .RPPDQGRVWDQG3DKXVWDQGVWDUUGLH+DQG]XPQlFKVWHQ*ULIIDXVJHVWUHFNWDEHUHVJDELKPQLH PDQGPHKU%HIHKOH 'LH.XJHOQJHULHWHQLQ%HZHJXQJ6LHKDWWHQGLHEHLGHQ(LQGULQJOLQJHZDKUJHQRPPHQ(LQ*HIKO ZDUQWH0DUN5LFKWHUGDGLHVHGULWWH%HJHJQXQJQLFKWGHQVHOEHQKDUPORVHQ9HUODXIQHKPHQZUGH ZLHGLHHUVWH Ä6LHJUHLIHQDQ]LVFKWHHU+RUPHO'DODNND]X Ä6LHVROOHQNRPPHQNQXUUWHGHU$XVWUDOLHU 'LHYLHU.XJHOQVFKZHEWHQLQEUHLWHU)URQWDXIGDVRIIHQH6FKRWW]X0DUN5LFKWHUZXWHQLFKW ZRUDXVVLHEHVWDQGHQQDFKZHOFKHP3ULQ]LSVLHVLFKEHZHJWHQXQGZLHVLHLKPXQG'DODNND JHIlKUOLFKZHUGHQNRQQWHQ(UXQWHUQDKPHLQHQOHW]WHQ9HUVXFKGLH.RQIURQWDWLRQ]XYHUKLQGHUQ Ä+DOWHWDQVFKULHHUGHQ.XJHOQHQWJHJHQÄ:LUVLQGGHU*|WWLQZRKOJHVLQQW (VZDUDOVKlWWHHULQV/HHUHJHVSURFKHQ'LH.XJHOQJOLWWHQZHLWHUDXIGDV6FKRWW]X0DUNKDWWHGHQ %ODVWHUOlQJVWLQGHU+DQG6HLQ=LHOZDUGDV/HXFKWJHELOGHGDVLKPDPQlFKVWHQVWDQG:DVHU YRUKDWWHZDUZHLWHUQLFKWVDOVHLQ9HUVXFK(UZDUQLFKWVLFKHUREGHUWKHUPLVFKH(QHUJLHVWUDKOHLQHV %ODVWHUVGHU.XJHOEHUKDXSWHWZDVDQ]XKDEHQYHUPRFKWH )DXFKHQGO|VWHVLFKGLH6DOYH'LHEODZHLOHXFKWHQGH.XJHOYHUIlUEWHVLFK]XKHOOHPPLOFKLJHP %ODXXQGEHJDQQ]XVFKZHOOHQ6RQVW]HLJWHVLHNHLQH:LUNXQJ1LFKWHLQPDOLKUH9RUZlUWVEHZHJXQJ ZDUJHEUHPVWZRUGHQ,P+LQWHUJUXQGGHV.RPPDQGRVWDQGVVWLH3DKXHLQHQJHOOHQGHQ (QWVHW]HQVVFKUHLDXVXQGZDUIVLFK]X%RGHQ1HEHQ0DUNKDWWHDXFK'DODNND]XIHXHUQEHJRQQHQ (LQH]ZHLWH.XJHOYHUZDQGHOWHVLFKLQOLFKWHV%ODXXQGVFKZROODQ Ä=XUFNVFKULH0DUN5LFKWHUEHUGHQ/lUPGHU%ODVWHUKLQZHJ6LHJDEHQGLH6FKRWW|IIQXQJSUHLV XQG]RJHQVLFKLQGHQ.RUULGRU]XUFNGHU]XP$FKVVFKDFKWIKUWH'DVZDUWDNWLVFKJHVFKLFNWGHQQ GHUVFKPDOH*DQJERWGHQYLHU/HXFKWNXJHOQNHLQH0|JOLFKNHLW]XU(QWIDOWXQJ$XIHQJVWHP5DXP ERWHQVLHVLFKGHQ6DOYHQGHUEHLGHQ9HUWHLGLJHUGDU 6FKXDXI6FKXIDXFKWHDXVGHQ0QGXQJHQGHU:DIIHQ'LH.XJHOQVRJHQGLH(QHUJLHLQVLFKDXI ZLH6FKZlPPHGDV:DVVHU'DEHLZXUGHGDVEODXH/HXFKWHQLPPHULQWHQVLYHUXQGDXVGHQXUVSUQJ OLFKHLQHQ0HWHUVWDUNHQ*HELOGHQZXUGHQPlFKWLJH%DOORQVGLHVLFKJHJHQVHLWLJEHKLQGHUWHQ 0DUNXQG'DODNND]RJHQVLFKODQJVDPGXUFKGHQ.RUULGRU]XUFN Ä1LFKWQDFKODVVHQULHI0DUNÄ'DXHUIHXHU (LQH,GHHZDULKPJHNRPPHQ'LHXQDXIK|UOLFKHQ6DOYHQGHU%ODVWHUKDWWHQELVODQJQRFKNHLQHUOHL 6FKDGHQDQGHU(LQULFKWXQJGHV6FKLIIHVKHUYRUJHUXIHQ'LH.XJHOQVFKOXFNWHQDOVRVlPWOLFKH (QHUJLH:LHYLHOGDYRQNRQQWHQVLHYHUGDXHQ" 'HU9RUPDUVFKGHU/HXFKWJHELOGHNDP]XP6WLOOVWDQGDOVVLHVRZHLWDQJHVFKZROOHQZDUHQGDGLH HLQ]HOQH.XJHOGLH%UHLWHGHV.RUULGRUVY|OOLJDXVIOOWH2EZRKOVLHDXVHLQHULPPDWHULHOOHQ6XEVWDQ] ]XEHVWHKHQVFKLHQHQVWHOOWHGLHVWlKOHUQH%HJUHQ]XQJGHV*DQJHVRIIHQEDUGRFKHLQ+LQGHUQLVIUVLH GDU 3DXVHQORVU|KUWHQGLHEHLGHQ%ODVWHUGHQ.XJHOQHQWJHJHQ'LH$EELOGHUGHU*|WWLQYHUZDQGHOWHQVLFK LQYHU]HUUWH)RUPHQZlKUHQGVLH]XVFKZHOOHQIRUWIXKUHQXQG:lQGH'HFNVXQG%RGHQGHV.RUULGRUV LKUH$XVEUHLWXQJEHKLQGHUWHQ Ä:HJYRQKLHUVFKULH0DUNSO|W]OLFK 1XUGHU,QVWLQNWYHUULHWLKPGDGHU$XJHQEOLFNGHU(QWVFKHLGXQJXQPLWWHOEDUEHYRUVWDQG(UVHOEVW
ZDUIVLFKKHUXPXQGKDVWHWHLQZHLWHQ6SUQJHQGHQ*DQJHQWODQJ1XUGXUFKVHLQ%HLVSLHOZXUGH +RUPHO'DODNNDYHUDQODWHEHQIDOOV]XIOLHKHQ 0DUNKLHOWDQDOVGLH.UPPXQJGHV.RUULGRUVLKPGHQ$XVEOLFNDXIGLHLQJUHOOHP%ODXOHXFKWHQGHQ .XJHOQ]XYHUVSHUUHQGURKWH6LHZRJWHQKLQXQGKHUYRQGHQHQJHQ*UHQ]HQGHV*DQJHVJHKHPPW ELOGHWHQ$XVZFKVHKLHUXQGGRUWZXFKVHQLQGLH/lQJHXQG]RJHQVLFKZLHGHU]XVDPPHQ Ä:HLWHU]XUFNKHUUVFKWH0DUNGHQ$XVWUDOLHUDQ 'DODNNDJHKRUFKWHLKPZLGHUZLOOLJ0DUNULFKWHWHGHQ%ODVWHUHLQOHW]WHV0DODXIGLHYRUGHUVWHGHU YLHU.XJHOQXQGSUHWHGLH)LQJHUNXSSHDXIGHQ$XVO|VHU)UGHQ%UXFKWHLOHLQHU6HNXQGHK|UWHHU GDV)DXFKHQGHV(QHUJLHVWUDKOV 'HU5HVWZDU&KDRV 9RUQHLP*DQJIODPPWHHLQXQHUWUlJOLFKJUHOOHU%OLW]DXI(LQH'UXFNZHOOHSDFNWH0DUN5LFKWHUXQG ULLKQYRQGHQ)HQ(UZXUGHGDYRQJHWUDJHQSUDOOWHLUJHQGZRJHJHQHLQKDUWHV+LQGHUQLVXQGYHU ORUKDOEGLH%HVLQQXQJ%HQRPPHQNDPHUZLHGHUDXIGLH%HLQHXQGIKOWHZLHGLH+DXWGHV*HVLFKWV XQWHUGHPNRFKHQGKHLHQ/XIWKDXFKHUVWDUUWHXQGVSU|GHZXUGH(LQVFKZHUHU.|USHUNXJHOWHLKPYRU GLH)HXQGKlWWHLKQXPHLQ+DDUYRQQHXHPDXVGHP*OHLFKJHZLFKWJHEUDFKW(UJULII]XXQG]RJ +RUPHO'DODNNDDXIGLH)H Ä:DZDVLVWORV"VWDPPHOWHGHU$XVWUDOLHUHQWVHW]W Ä6LHVLQGJHSODW]WDQWZRUWHWH0DUN 9RUQHLP*DQJORGHUWH)HXHU'LH+LW]HZDUIDVWXQHUWUlJOLFK$EHUGLH)ODPPHQIDQGHQNHLQH1DK UXQJ'HU*DQJXQGVHLQH8PJHEXQJEHVWDQGHQDXV7HUNRQLWXQG0HWDOOSODVWLN'HU%UDQGHUORVFK h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Ä:LUKDEHQHLQSDDUZLFKWLJH'LQJH]XEHVSUHFKHQPHLQ)UHXQGVDJWH0DUN (UKDWWHGHQ7UDQVODWRUZLHGHUHLQJHVFKDOWHWVRGDVHLQH:RUWHGHP6FKDPDQHQEHUVHW]WZXUGHQ 3DKXV*HVLFKWZDUHLQHJUDXH0DVNHGHU$QJVW Ä,FKLFKWDWQXUZDVGLH*|WWLQPLFKKLHVWLHHUKHUYRU Ä,FKZHLQLFNWH0DUN5LFKWHUÄ$EHUGHLQH*|WWLQLVWHLQHIDOVFKH*|WWLQ.RPPPLWXQV 'HU'RQQHUGHUH[SORGLHUHQGHQ.XJHOQKDWWH3DKXGHQOHW]WHQ0XWJHUDXEW:LOOHQORVIROJWHHUGHQ EHLGHQ)UHPGHQ'DV.UDIWZHUNGHU5(9(/$7,21ZDUGXUFKGLH([SORVLRQQLFKWLQ0LWOHLGHQVFKDIW JH]RJHQZRUGHQLP*HJHQWHLO$OV5LFKWHUXQG'DODNNDPLWLKUHP%HJOHLWHUVLFKDQVFKLFNWHQGHQ .RPPDQGRVWDQG]XYHUODVVHQIODPPWHGLH%RUGEHOHXFKWXQJZLHGHUDXI 8QEHKLQGHUWJHODQJWHQVLH]XU%RGHQVFKOHXVHXQGYRQGRUWPLW+LOIHGHVNQVWOLFKHQ6FKZHUHIHOGVDXI GHQ%RGHQGHV7DOHV6LHVFKULWWHQXQWHUGHPGVWHUHQ.|USHUGHV5DXPVFKLIIVKHUYRU0DUNEOLHE SO|W]OLFKVWHKHQ(UDNWLYLHUWHGHQ0LNURNRPGHQHUDPOLQNHQ+DQGJHOHQNWUXJXQGZDUWHWHDXIGDV 6XPP]HLFKHQGDVLKPEHVDJWHGDGLH9HUELQGXQJPLWGHU525$,0$KHUJHVWHOOWZDU Ä6WDUURS"IUDJWHHU ,QQHUKDOEHLQHU6HNXQGHNDP$QWZRUW Ä+LHUDOWHU+HUU 0DUNJULQVWHXQZLOONUOLFK:UGHGHU-XQJHMHPDOVEHJUHLIHQGDGLH/DJHLQGHUHUVLFKEHIDQG HUQVWZDU" Ä,FKKDEH*UXQGDQ]XQHKPHQGDGLH*|WWLQXQVYRQMHW]WDQQLFKWPHKUIUHXQGOLFKJHVLQQWLVWHU NOlUWHHU Ä6LHPVVHQWROOH(UOHEQLVVHJHKDEWKDEHQEHJHLVWHUWHVLFK1DVH\6WDUURS Ä+DEHQZLUEHVWlWLJWH0DUNÄ)U6LHJHKWHVMHW]WGDUXPGLH$XJHQRIIHQ]XKDOWHQ:HQQ6LH OHXFKWHQGH.XJHOQVHKHQIHXHUQ6LHDXIVLH'LH.XJHOQVLQGEHUODGEDUXQGSODW]HQZHQQVLH]XYLHO (QHUJLHJHVFKOXFNWKDEHQ.ODU" Ä9|OOLJNODUDOWHU+HUUDQWZRUWHWH6WDUURSPLWUXKLJHUIDVWJHODQJZHLOWHU6WLPPHÄ$EHULFKELQPLW GHP0LNURUHFKQHUEHVFKlIWLJWXQGKDEHHLQLJH+RIIQXQJPLWHLQHUhEHUUDVFKXQJDXIZDUWHQ]X N|QQHQZHQQ6LH]XUFNNRPPHQ:HUVROOGDDXIGLH.XJHOQDXISDVVHQ" Ä:DVPDFKW6DUUX"IUDJWH0DUN5LFKWHUÄ6FKOlIWVLH" Ä2KQHLQVLHOHLVWHWPLU*HVHOOVFKDIW
0DUNKDWWHHLQH]LHPOLFKGHUEH$QWZRUWDXIGHU=XQJH,POHW]WHQ$XJHQEOLFNEHUOHJWHHUHVVLFKDQ GHUV Ä6DJHQ6LH6DUUXVSUDFKHULQGDV$UPEDQGJHUlWÄGDHVXQWHUGHU:UGHHLQHU.ULPLQRORJLQLVW VLFKPLWHLQHP.\EHUQHWLNHUDE]XJHEHQ Ä9HUVWDQGHQDOWHU+HUUDQWZRUWHWH1DVH\6WDUURSPLWNODUHU6WLPPHÄ6DUUXZLUGDEVRIRUWGLH$X JHQRIIHQKDOWHQ %HYRUVLHGHQ*OHLWHUHUUHLFKWHQDP5DQGHGHV6XPSIHVKLHOW0DUN5LFKWHUHLQ]ZHLWHV0DODQ Ä'XKDVWXQVEHWURJHQDOWHU0DQQVDJWHHU]X3DKXÄ'HLQH*|WWLQLVWQLFKWZLUNOLFKHLQH*|WWLQ (VZDUILQVWHUDEHU+RUPHO'DODNNDKDWWHGLH/DPSHHLQJHVFKDOWHWXQGKLHOWVLHPLWGHP5HIOHNWRU]X %RGHQJHULFKWHWVRGDVLHHLQHQPDWWHQ6FKHLQYHUEUHLWHWH (QWVHW]HQPDOWHVLFKLQ3DKXV*HVLFKW Ä,FKKDEHGLFKQLFKWEHWURJHQR+HUUMDPPHUWHHUÄ5HHQGDLVWHLQHZDKUH*|WWLQREZRKOVLHQLFKW DXVGHU7LHIHGHV%RGHQVNRPPWVRQGHUQDXVGHP+LPPHO]XXQVKHUDEJHVWLHJHQLVW,KUH:HJHVLQG HLJHQDUWLJXQGVHOWVDPGHVZHJHQYHUP|JHQDQGHUHVLHQLFKW]XYHUVWHKHQ Ä1XUGXVDJWH0DUN5LFKWHUÄXQGGHLQ9DWHUXQGGHLQHV9DWHUV9DWHUXQGVRZHLWHUELVDQGHQ %HJLQQGHU=HLWHQ Ä6RLVWHV+HUUDQWZRUWHWH3DKXHLQJHUPDHQEHUXKLJW Ä:LHKDVWGXGDV=DXEHUGLQJJHIXQGHQ" 3DKXZDUIHLQHQVFKHXHQ%OLFNLQ5LFKWXQJGHU5(9(/$7,21GLHQXUQRFKHLQGXQNOHU6FKDWWHQ LQPLWWHQGHU)LQVWHUQLVZDU Ä'LH*|WWLQVSUDFK]XPLUGDYRQDQWZRUWHWHHU]|JHUQGÄ,FKEHJHJQHWHLKULP:DOG6LHEHIDKOPLU GDV=DXEHUGLQJDXI]XVXFKHQXQGLKU]XGLHQHQ Ä,QZHOFKHU:HLVHGLHQWHVWGXLKU" (VDUEHLWHWHLQ3DKXV0LHQHDOVHUVLFKGHQ$EODXIGHU'LQJHLQV*HGlFKWQLV]XUFNULHI Ä,FKZDUVHKUYHUZLUUWR+HUUDQWZRUWHWHHUVFKOLHOLFKÄ$OVLFKXQWHUGDV=DXEHUGLQJWUDWZXUGH LFKHPSRUJHKREHQXQGSO|W]OLFKZDUHQGDYLHU*|WWLQQHQGLHULQJVXPPLFKVFKZHEWHQ Ä$EHUQXUHLQHVSUDFK]XGLU Ä'DVLVWULFKWLJQXUHLQHVSUDFK]XPLUR+HUU 6LHEHIDKOPLUZRKLQLFKGLH6FKULWWHOHQNHQVROOWH XQGDOVZLUGHQNOHLQHQUXQGHQ5DXPHUUHLFKWHQVDJWHVLHPLUZHOFKH+DQGUHLFKXQJHQLFKWXQVROOWH 0DUN5LFKWHUVFKZLHJHLQH=HLWODQJ(VZDUHLQ:LQGDXIJHNRPPHQGHUGLH%lXPHGHV:DOGHVLQ %HZHJXQJVHW]WHXQGHLQVWlQGLJHV5DXQHQXQG5DXVFKHQKHUYRUULHI Ä:RZRKQWGLH*|WWLQ3DKX"IUDJWH0DUNPLWVFKDUIHU6WLPPHGHUHQ(LQGULQJOLFKNHLWGHU7UDQVODWRU ZLHGHUJDE 3DKXVDKIXUFKWVDP]XGHPElUWLJHQ)UHPGHQDXI Ä,FKKDEHGHQ2UWDQGHPVLHZRKQWQLHHUIDKUHQVDJWHHUÄ$EHULFKJODXEHGDVLHDXIGHP)HXHU EHUJZRKQW Ä8QGZRLVWGHU)HXHUEHUJ" 3DKXVWUHFNWHGHQ$UPDXV Ä:HLWGRUWKLQEHUQDFK6RQQHQXQWHUJDQJR+HUU0DQFKPDOVLHKWPDQGDV)HXHULQGHU1DFKW 0DUN5LFKWHUYHU]LFKWHWHDXIZHLWHUH)UDJHQ6LHNOHWWHUWHQLQGHQ*OHLWHU'DODNNDQDKPGDV6WHXHU (VGDXHUWHQXUZHQLJH0LQXWHQELVVLHGLH/LFKWHUGHU525$,0$YRUVLFKDXIWDXFKHQVDKHQ'LH +DQJDUVFKOHXVHVWDQGRIIHQ1DVH\6WDUURSDXIJHUHJWGLH$UPHVFKOHQNHUQGVWDQGLP+LQWHUJUXQG XQGNRQQWHHVNDXPHUZDUWHQVHLQH1HXLJNHLWHQDQGHQ0DQQ]XEULQJHQ3DKXV$QZHVHQKHLWQDKP HUNDXP]XU.HQQWQLV Ä6LHKDEHQZLHLPPHUHLQHKHUYRUUDJHQGH6SUQDVHJHKDEWDOWHU+HUUEHJUWHHU0DUN5LFKWHU Ä'HU5HFKQHUHQWKLHOWJHQDXGDVZRQDFK6LHVXFKHQ Ä:RLVW6DUUX"IUDJWH0DUNÄ2EHQLP.RPPDQGRVWDQG6LHKlOWGLH$XJHQRIIHQ1DVH\6WDUURSV %HJHLVWHUXQJZDUXQ]lKPEDUÄ6lPWOLFKH8QWHUVXFKXQJVHUJHEQLVVHEHILQGHQVLFKDP6SHLFKHU'HU 0DQQZDUGHU/|VXQJVFKRQ]LHPOLFKQDKHDOVHUDEEHUXIHQZXUGH,FKEUDXFKWHQXUQRFKHLQSDDU .RUUHODWLRQHQ Ä:RYRQVSUHFKHQ6LHHLJHQWOLFK"ILHOLKP0DUN5LFKWHULQV:RUW Ä9RQGHU$QDO\VHGHV,PSXOVVFKDXHUVULHI1DVH\Ä(ULQQHUQ6LHVLFK"6LHJDEHQPLUGHQ$XIWUDJ GHQ6SHLFKHUGHV0LNURUHFKQHUV]XGXUFKVXFKHQXQGIHVW]XVWHOOHQRE:HUPDQV6SH]LDOLVWVHLQH 8QWHUVXFKXQJVXQWHUODJHQHWZDGRUWDXIEHZDKUWHÄ$KULFKWLJPDFKWH0DUN5LFKWHUÄ6LHKDWWHQ QDWUOLFKUHFKWZLHLPPHUHUHLIHUWHVLFK1DVH\Ä0LWGHP6SHLFKHUHEHQVRZLHPLWGHP ,PSXOVVFKDXHU'LH,PSXOVHZDUHQNHLQHVZHJVVWDWLVWLVFK6LHZDUHQDOOHYRQGHUJOHLFKHQ/lQJHXQG
]HLJWHQHLQGHXWOLFKHV%LW0XVWHU(VJLEWNHLQHQ=ZHLIHOGDGHU,PSXOVVFKDXHUXQVHUH%RUGUHFKQHU XPSURJUDPPLHUWKDW -HW]WHQGOLFKZDU0DUN5LFKWHUV$XIPHUNVDPNHLWJHZHFNW Ä6LHNRQQWHQGDVQDFKZHLVHQ"IUDJWHHU Ä,FKEUDXFKWHQLFKWPHKUYLHO$UEHLW]XOHLVWHQ:HUPDQV([SHUWHKDWWHGDVPHLVWHVFKRQJHWDQ Ä.|QQHQ6LHGDV%LW0XVWHUHQWVFKOVVHOQ" Ä'DEHLZDULFKJHUDGH%LVMHW]WZHLLFKQXUGDHVPLWGHP0XVWHUGHU)UHPGVSHLFKHUXQJEHUHLQ VWLPPW8QGGDHLQJlQ]OLFKIUHPGDUWLJHU.RGHYHUZHQGHWZLUG Ä)UHPGDUWLJ" Ä(LQ(OI%LW.RGHDOWHU+HUUEHULFKWHWH1DVH\6WDUURSDXIJHUHJWÄ,QGHUJDQ]HQ*DOD[LVJLEWHV NHLQHQVROFKHQ=HKQ,QIRUPDWLRQVXQGHLQ3UIELW Ä(OI"VDJWH0DUN5LFKWHUSHUSOH[XQGVWDUUWH1DVH\6WDUURSDXVJURHQ$XJHQDQ 'VWHUODJGHU.RPPDQGRVWDQGLPVFKZDFKHQ/LFKWHLQLJHUNOHLQHU/DPSHQ6DUUX1DVFLPHQWRXQG +RUPHO'DODNNDKDWWHQUHFKWVXQGOLQNVYRUGHP+DOEUXQGGHU3DQRUDPD%LOGVFKLUPKlOIWHQ3RVWHQ EH]RJHQXQGOLHHQGLHGXQNOH%LOGIOlFKHNHLQH6HNXQGHODQJDXVGHQ$XJHQ0DUN5LFKWHUZDU EHU]HXJWGDGLH*|WWLQLQQDKHU=XNXQIW]XU2IIHQVLYHEHUJHKHQZHUGH,QMHGHP$XJHQEOLFNZDU GDPLW]XUHFKQHQGDLQGHU)LQVWHUQLVGHU1DFKWGDVJHVSHQVWLVFKH/HXFKWHQGHU.XJHOQDXIWDXFKWH GLH5HHQGDV6HQGERWHQZDUHQ 1DFKUHLIOLFKHUhEHUOHJXQJKDWWH0DUNVLFKGD]XHQWVFKORVVHQGDV:UDFNGHU525$,0$ DXI]XJHEHQ(VERWLKQHQ6FKXW]XQGJHZLVVH%HTXHPOLFKNHLWHQDXIGLHVLHGUDXHQLQGHU:LOGQLV ZUGHQYHU]LFKWHQPVVHQ$QGHUHUVHLWVDEHUZDUHVIUGLH$QJULIIHGHU*|WWLQHLQ]XOHLFKWHV]X GLUHNWHV=LHO0DUNKDWWHGLHQ|WLJHQ9RUEHUHLWXQJHQWUHIIHQODVVHQ'HUJU|WH*OHLWHUHQWKLHOW :DIIHQ3URYLDQWXQGGDVMHQLJH*HUlWDXIGDVQLFKWYHU]LFKWHWZHUGHQNRQQWH'LHNOHLQH*UXSSHZDU DXIEUXFKEHUHLW Ä0DQNDQQMHW]WHLQ0XVWHUHUNHQQHQVDJWH0DUN5LFKWHULQGLH6WLOOHÄ8QVHUXQEHNDQQWHU*HJQHU GLH*|WWLQ5HHQGDLVWHLQH0DFKWGLHHVVFKRQVHLWODQJHPDXIGLHVHU:HOWJLEW6HLWXQJODXEOLFK ODQJHU=HLWXPJHQDX]XVHLQ Ä,FKDQLKUHU6WHOOHPHOGHWHVLFK+RUPHO'DODNNDRKQHGHQ%OLFNYRP%LOGVFKLUP]XZHQGHQÄZU GHGHP*HUHGHYRQ9lWHUQXQG9DWHUVYlWHUQNHLQHQDOO]XJURHQ:HUWEHLPHVVHQ'DVNDQQKXQGHUW -DKUHHVNDQQDEHUDXFKYLHU]LJ-DKUHKHLHQ Ä,FKYHUODVVHPLFKQLFKWDOOHLQHGDUDXIZLHV0DUNGHQ(LQZDQG]XUFNÄ:LHODQJHZUGHQDFK,KUHU $QVLFKWGHU)OXGUDXHQEUDXFKHQXPGUHLLJ0HWHU%RGHQIRUW]XVSOHQ" Ä+lK"PDFKWH'DODNNDÄ:RPLWKDWGDVZDV]XWXQ"$XHUGHPELQLFKNHLQ*HRORJH,FKQHKPH DQHVKlQJWPLWGHU6WU|PXQJGHU%RGHQEHVFKDIIHQKHLWXQGQRFKHLQSDDUDQGHUHQ'LQJHQ]XVDP PHQ Ä(VKDWZDKUVFKHLQOLFKQLFKWVRODQJHJHGDXHUWZLHPDQPHLQHQP|FKWHVDJWH]XUDOOJHPHLQHQ hEHUUDVFKXQJ6DUUX1DVFLPHQWRLQGLHVHP$XJHQEOLFNÄ:LUEHILQGHQXQVLQDOOXYLDOHP*HOlQGHGHU )OXLVW]LHPOLFKNUlIWLJXQGKDWHLQHJHK|ULJH6WU|PXQJ9LHUELVIQIWDXVHQG-DKUHZUGHLFK VFKlW]HQ 0DUN5LFKWHUPXVWHUWHVLHEHWURIIHQ Ä:RKHUQHKPHQ6LHGDVDOOHV0lGFKHQ" Ä*HRSK\VLNLVWPHLQ3ULYDWVWHFNHQSIHUGDQWZRUWHWH6DUUXDPVLHUWÄ$OOHUGLQJVPVVHQ6LHGLH )HOVSODWWHLQ5HFKQXQJ]LHKHQ Ä:LHPHLQHQ6LHGDV" Ä'HU)OXKDWQXUGDVORFNHUH(UGUHLFKIRUWJHVSOW$QGHU3ODWWHELHUVLFKGLH=lKQHDXV0DQNDQQ DOVRVDJHQGDV$EVSOHQGHVORFNHUHQ%RGHQVGDXHUWHYLHUELVIQIWDXVHQG-DKUH$EHUZDQQLQGHU 9HUJDQJHQKHLWGDVJHVFKHKHQLVWGDUEHUNDQQPDQVRRKQHZHLWHUHVNHLQH$XVNXQIWJHEHQ 1DVH\6WDUURSKDWWHLQWHUHVVLHUW]XJHK|UWIDV]LQLHUWYRQ6DUUXV6DFKNHQQWQLV Ä:RUXPJHKW VHLJHQWOLFK"IUDJWH'DODNNDNQXUULJ Ä(ULQQHUQ6LHVLFKQLFKW"YHUVSRWWHWHLKQ6DUUXÄ%HLGHU/DQGXQJ(LQH6HNXQGHODQJVDKHVVRDXV DOVZROOWHQGLH7ULHEZHUNHVFKRQGUHLLJ0HWHUEHUGHP%RGHQDXVVHW]HQ Ä1DXQG" Ä'LH.RRUGLQDWHQGHV/DQGHSXQNWVZDUHQYRQ5HHQGDJHOLHIHUWZRUGHQNDP0DUN5LFKWHULKU]XU +LOIHÄ5HHQGDV,QIRUPDWLRQHQEHUGLH3ODQHWHQREHUIOlFKHVWDPPHQRIIHQEDUDXVHLQHUOlQJVWYHU JDQJHQHQ=HLW5HHQGDZXWHQLFKWGDGLH2EHUIOlFKHDP/DQGHRUWPLWWOHUZHLOHGUHLLJ0HWHUWLHIHU ODJ(UVWGHU$XWRSLORWHQWGHFNWHGHQ)HKOHULPOHW]WHQ$XJHQEOLFN
Ä3KDQWDVWLVFKVWLH1DVH\6WDUURSKHUYRUÄ0HLQHQ6LHVRN|QQWHPDQGDVHUNOlUHQ"IUDJWH 'DODNNDPLWUDXLVFK Ä*HZLODXWHWH0DUNV$QWZRUWÄ(VJLEWEULJHQVZHLWHUH$QKDOWVSXQNWH,FKJODXEH]XZLVVHQGD 5HHQGDV.HQQWQLVYRQGHU2EHUIOlFKHGHV3ODQHWHQDXVGHU=HLWYRQYRUIQI]LJWDXVHQG-DKUHQ VWDPPW Ä)QI]LJWDXVHQGVWDXQWH1DVH\ Ä8QGZRKHU"ZROOWH'DODNNDZLVVHQ Ä1DVH\KDWGHQ0LNURUHFKQHUXQWHUVXFKWDQWZRUWHWH0DUN5LFKWHUÄ(UVWHOOWHIHVWGDHUXQGGDPLW ZRKODXFKGLHEHLGHQDQGHUHQ%RUGUHFKQHUYRQGHP+\SHULPSXOVVFKDXHUPDQLSXOLHUWZXUGHGHQZLU NXU]QDFKGHP$XVWULWWDXVGHP/LQHDUUDXPUHJLVWULHUWHQ(UVWHOOWHDEHUDXHUGHPIHVWGDGHU 8QEHNDQQWHPLWHLQHP(OI%LW.RGHDUEHLWHWZLHHUQLUJHQGZRLQGHU*DOD[LVJHEUlXFKOLFKLVW :HQLJVWHQVKHXW]XWDJHQLFKWPHKUÄ$EHUIUKHU" Ä-DYLHOIUKHU'LHDOWHQ/DPXUHUYHUZHQGHWHQHLQHQ,QIRUPDWLRQVNRGHGHUDXIGHU(OI%LW.RGH EHUXKWH (LQSDDU$XJHQEOLFNHODQJKHUUVFKWHHUVWDXQWHV6FKZHLJHQ3DKXGHU6FKDPDQHNDXHUWHLQGHU(FNH XQGUKUWHVLFKQLFKW3O|W]OLFKSODW]WH+RUPHO'DODNNDKHUDXV Ä6LHPWOHQ5HHQGDLVWLQ:LUNOLFKNHLWHLQYHUVFKROOHQHU/DPXUHU" Ä,FKELQPLUQLFKWVLFKHUDQWZRUWHWH0DUN5LFKWHUXQJHUKUWÄ(UPWHPLWWOHUZHLOH]LHPOLFKDOW VHLQILQGHQ6LHQLFKWDXFK"$XHUGHPKDWIUPLFKZLHLFKVFKRQHLQPDOVDJWHGLH+DOWXQJGHU *|WWLQHWZDV8QPHQVFKOLFKHV8QEHVHHOWHVDQVLFK,FKJODXEHQLFKWGDZLUHVPLWHLQHP/HEHZHVHQ QDFKXQVHUHQ9RUVWHOOXQJHQ]XWXQKDEHQ +RUPHO'DODNNDGDFKWHGDUEHUQDFK'DQQIUDJWHHU Ä'LHVHUXQPHQVFKOLFKH8QEHNDQQWHZDVZLOOHU" 0DUNKREGLH6FKXOWHUQ Ä:HQQZLUGDVZLVVHQKDEHQZLUXQVHUH$XIJDEHJHO|VW Ä*XWGDVJHVWHKHLFK,KQHQ]X$EHUZHOFKH3OlQHKDEHQ6LHIUGLHXQPLWWHOEDUH=XNXQIW" Ä,FKIRUVFKHQDFKGHP6LW]GHU*|WWLQ Ä'HP)HXHUEHUJ" Ä-D Ä,FKKRIIH6LHYHUODVVHQVLFKGDEHLQLFKWDOO]XVHKUDXI3DKX 0DUNVFKWWHOWHGHQ.RSI Ä1HLQLFKIDQJHHVHWZDVVFKODXHUDQ Ä'DUIPDQGDUEHUHUIDKUHQ" Ä*HUQH,FKQHKPHDQGDGLH*|WWLQLKUH+HHUVFKDUHQDXVVHQGHQZLUGXQV]XYHUQLFKWHQ1DFK PHLQHU5HFKQXQJNDQQHVQLFKWPHKUODQJHGDXHUQELVGLHOHXFKWHQGHQ.XJHOQDXIWDXFKHQ6LH ZHUGHQEHUGLH525$,0$KHUIDOOHQXQVDEHUQLFKWILQGHQ:HQQVLHVLFK]XUFN]LHKHQIROJHQZLU LKQHQ Ä)DOOVVLHGDV]XODVVHQ Ä'DVZLUGVLFKKHUDXVVWHOOHQ,FKSHUV|QOLFKELQYRP:DKUQHKPXQJVYHUP|JHQGHU.XJHOQQLFKW VRQGHUOLFKEHHLQGUXFNW(ULQQHUQ6LHVLFKGDUDQZLHZLULQGLH5(9(/$7,21HLQGUDQJHQ'LH /HXFKWJHELOGHQDKPHQXQVHUVWZDKUDOVZLUXQVLQRSWLVFKHU6LFKWZHLWHEHIDQGHQ Ä'DVLVWULFKWLJQLFNWH'DODNNDÄ:DVVWHOOHQ6LHVLFKEHUKDXSWXQWHUGHQ/HXFKWNXJHOQYRU" :RUDXVEHVWHKHQVLH":HOFKH)XQNWLRQYHUVHKHQVLH" Ä(VKDQGHOWVLFKQDFKPHLQHU$QVLFKWXP*HELOGHDXVUHLQHU(QHUJLHDQWZRUWHWH0DUNÄ5RERWHUGLH QLFKWDXVVWRIIOLFKHU6XEVWDQ]EHVWHKHQ6LHZHUGHQ]HQWUDONRQWUROOLHUWKDEHQGDQHEHQDEHUDXFKHLQHQ JHZLVVHQ6SLHOUDXPDQHLJHQHU(QWVFKHLGXQJVIUHLKHLW2KQH=ZHLIHOVWHKHQVLHGDXHUQGPLWGHU NRQWUROOLHUHQGHQ,QVWDQ]LQ9HUELQGXQJ'LH:RUWHGLHGLH.XJHOQYRQVLFKJHEHQZHUGHQYRQGHU =HQWUDONRQWUROOHIRUPXOLHUW Ä'LHVH=HQWUDONRQWUROOHEHKHUUVFKWDOVRGLHWHUUDQLVFKH6SUDFKH Ä-D6LHGUIHQQLFKWYHUJHVVHQGDYRUXQVEHUHLWVDFKW5DXPVFKLIIHPLW7HUUDQLVFKVSUHFKHQGHU%H VDW]XQJDXI%URNHJHVWUDQGHWVLQG Ä$KDGDKHUGDVUDVFKH%HJUHLIHQXQVHUHU6SUDFKH" Ä'DKHUMD Ä:LHDEHUNDQQHLQHQHUJHWLVFKHV*HELOGH:RUWHIRUPXOLHUHQ",FKPHLQH:LHEULQJWHVHLQH(QHUJLH NXJHOIHUWLJK|UEDUHPRGXOLHUWH*HUlXVFKH]XHU]HXJHQ" Ä,FKQHKPHDQGDGLH.XJHOQDXV)RUPHQHUJLHEHVWHKHQ,QVRIHUQ
Ä)RUPHQHUJLH"XQWHUEUDFKLKQ'DODNND Ä'HU%HJULIILVWXQWHUXQVHUHQ:LVVHQVFKDIWOHUQXQG7HFKQLNHUQVHLWJHUDXPHU=HLWLP*HEUDXFK9RQ GHU7KHRULHKHUELHWHWHVNHLQH6FKZLHULJNHLWGHU(QHUJLHHLQHEHVWLPPWH)RUPXQG2EHUIOlFKH]X JHEHQVRGDVLHDOVIHVWHU*HJHQVWDQGHUVFKHLQW6REDOGVLFKGDVWKHRUHWLVFKH3ULQ]LSLQGLH3UD[LV XPVHW]HQOlWZHUGHQZLUGLH*HJHQVWlQGHGHVWlJOLFKHQ*HEUDXFKVQLFKWPHKUPKVHOLJDXV *UXQGVWRIIHQXQG+DOEIHUWLJWHLOHQKHUVWHOOHQPVVHQ6WDWWGHVVHQVWUDKOHQZLUVLHHLQIDFKDXVHLQHP HLJHQHQ3URMHNWRUDE Ä,FKZHLVFKRQZDV)RUPHQHUJLHLVWOlFKHOWH+RUPHO'DODNNDGHUVLFKYRP%LOGVFKLUPDEJHZDQGW KDWWHÄ$EHU6LHYHUJHVVHQHLQHV Ä8QGGDVLVW" Ä'LH/DPXUHUZDUHQWHFKQLVFKKRFKHQWZLFNHOW6LHVWDQGHQKLQWHUXQVQLFKWZHLW]XUFN$EHUYRQ )RUPHQHQHUJLHKDWWHQVLHNHLQH$KQXQJ Ä'DKDEHQ6LHUHFKW$EHUHUVWHQVVWHKWQLFKWIHVWREZLUHVKLHUZLUNOLFKPLWHLQHP/DPXUHU]XWXQ KDEHQODPXULVFKHQ.RGHYHUZHQGHQNDQQVFKOLHOLFKMHGHU8QG]ZHLWHQVGUIHQ6LHQLFKW EHUVHKHQGDGHU8QEHNDQQWHQDFKPHLQHU6FKlW]XQJIQI]LJWDXVHQG-DKUHODQJ=HLWJHKDEWKDW GD]X]XOHU QHQ,QGLHVHP$XJHQEOLFNPHOGHWHVLFK6DUUX1DVFL PHQWR]X:RUW Ä,FKJODXEHZLUZHUGHQGLH'LVNXVVLRQIUHLQSDDU6WXQGHQYHUWDJHQPVVHQVDJWHVLHHQWVFKLHGHQ Ä:DUXP" Ä5HHQGDJUHLIWDQDQWZRUWHWH6DUUXXQGGHXWHWHDXIGHQJURHQ%LOGVFKLUP 0DUN5LFKWHUVDKDXI'LH1DFKWZDUOLFKWJHZRUGHQ$XV:HVWHQQlKHUWHVLFKHLQHXQDEVHKEDUH6FKDU OHXFKWHQGHU.XJHOJHELOGH 'HU5FN]XJYROO]RJVLFKSODQPlLJXQGRKQH=ZLVFKHQIlOOH'LH)URQWGHUOHXFKWHQGHQ.XJHOQZDU QRFKPHKUDOV]HKQ.LORPHWHUYRQGHU525$,0$HQWIHUQWDOVGHUYROOEHODGHQH*OHLWHUDXIGHU 2VWVHLWHGDV5DXPVFKLIIYHUOLHXQGLQHLQHUZHLWHQ.XUYH]XQlFKVWPLWQ|UGOLFKHPVSlWHU VGZHVWOLFKHP.XUVGLH$UPDGDGHU$QJUHLIHU]XXPJHKHQEHJDQQ $OVGLH.XJHOQGLH525$,0$HUUHLFKWHQEHIDQGVLFKGDV)DKU]HXJZHLWLQLKUHP5FNHQ ,QGHU1lKHHLQHU+JHONXSSHEUDFKWH+RUPHO'DODNNDGHQ*OHLWHU]X%RGHQ'LH/LFKWHUGHU 525$,0$ZDUHQYRQKLHUDXVJHUDGHQRFK]XHUNHQQHQ'LHOHXFKWHQGHQ.XJHOQZDUHQ YHUVFKZXQGHQGDIUKDWWHQGLH/|FKHULQGHU.XJHO]HOOHGHV5DXPVFKLIIV]XOHXFKWHQEHJRQQHQ 7DXVHQGHYRQ.XJHOQGUlQJWHQVLFKLP,QQHUQGHU525$,0$DXIGHU6XFKHQDFKGHQ)HLQGHQGHU *|WWLQ5HHQGD (LQHKDOEH6WXQGHYHUJLQJ'DTXROOHVSO|W]OLFKZLHGHUDXVGHQgIIQXQJHQGHV5DXPVFKLIIVKHUYRU .XJHODXI.XJHO/HXFKWJHELOGHXP/HXFKWJHELOGH+XQGHUWH7DXVHQGH6LHIRUPLHUWHQVLFKULQJV XPGLH525$,0$]XHLQHPULHVLJHQ7HSSLFKGHUVLFKODQJVDPLQ%HZHJXQJVHW]WHLQZHVWOLFKHU 5LFKWXQJDXIGHQ/DQGHSODW]GHV*OHLWHUV]X Ä'DVVLQGQLFKWPHKUJDQ]VRYLHOHZLH]XYRUULHI+RUPHO'DODNNDDXIJHUHJW 0DUN5LFKWHUKDWWHGLHVHOEH%HREDFKWXQJHLQLJH$XJHQEOLFNH]XYRUJHPDFKW Ä5HHQGDZLOOVLFKHUVHLQGDZLUGLH525$,0$QLFKWPHKUDOV8QWHUVFKOXSIEHQW]HQVDJWHHUELW WHU Ä:LHPHLQHQ6LHGDV" Ä6HKHQ6LHQXUKLQ 'LH525$,0$EHJDQQSO|W]OLFKYRQLQQHQKHUDXV]XOHXFKWHQ)UGHQ%UXFKWHLOHLQHU6HNXQGHHQW VWDQGGHU(LQGUXFNHLQH$UW5|QWJHQVWUDKOXQJHQWKOOHGXUFKGLHVWlKOHUQHQ:lQGHKLQGXUFKGLHLQQH UH6WUXNWXUGDV*HULSSHGHV6FKLIIHV'DQQHQWVWDQGGDZRGLH525$,0$ODJHLQVRQQHQKHOOHU *OXWEDOOEUHLWHWHVLFKDXVXQGEHUVFKWWHWHGHQQlFKWOLFKHQ'VFKXQJHOPLWJUHOOHPEODXZHLHP /LFKW 0LWWOHUZHLOH]RJGLH$UPHHGHU/HXFKWJHELOGHPLWEHDFKWOLFKHU*HVFKZLQGLJNHLWQDFK:HVWHQGDYRQ 'HU'RQQHUGHU([SORVLRQUROOWHKHUDQ'LH'UXFNZHOOHERJGLH:LSIHOGHU%lXPHXQGYHUZDQGHOWH GHQ:DOGLQHLQZRJHQGHV0HHU'UEHQMHQVHLWVGHV)OXVVHVZDUGLHJUHOOH)ODPPHQNXJHO]XHLQHP GVWHUURWHQ)OHFN]XVDPPHQJHVXQNHQ 'LH525$,0$ZDUQLFKWPHKU Ä'DVZLUGPLUGLH*|WWLQ]XEHQKDEHQVDJWH0DUN5LFKWHUJULPPLJ +RUPHO'DODNNDVWHXHUWHGHQ*OHLWHULQGLH+|KH,QVLFKHUHP$EVWDQGYRQPHKUDOV]ZDQ]LJ.LORPH WHUQIROJWHHUGHPXQEHUVHKEDUHQ+HHUGHU/HXFKWNXJHOQGLHXQEHLUUWZHLWHUQDFK:HVWHQVWUHEWHQ
'LH%HUJNHWWHZXUGHEHUTXHUW]ZLVFKHQGHUHQ*LSIHOQGDV:UDFNGHU5(9(/$7,21ODJ:HVWOLFK GDUDQDQVFKORVLFKHLQHZHLWHGVFKXQJHOEHZDFKVHQH(EHQHGLHELV]XGHQ8IHUQGHV2]HDQVUHLFKWH 0DUN5LFKWHUKDWWHDXVGHP6SHLFKHULQKDOWGHV0LNURUHFKQHUVGHUVLFKHEHQIDOOVDQ%RUGEHIDQGHLQH /DQGNDUWHGHV*HELHWVDQIHUWLJHQODVVHQ'XUFKGLHZHVWOLFKH7LHIHEHQHJOLWWHQPHKUHUHEHGHXWHQGH 6WU|PHDXIGHQ2]HDQ]X'LH.VWHYHUOLHILPDOOJHPHLQHQLQQRUGVGOLFKHU5LFKWXQJ(VJDE PHKUHUH%XFKWHQXQG/DQG]XQJHQDEHUEHUDOOZDUGDV/DQGIODFKXQGRKQHQHQQHQVZHUWH(UKHEXQ JHQ 'DV+HHUGHUOHXFKWHQGHQ.XJHOQEHZHJWHVLFKLQHLQHU+|KHYRQNQDSSVHFKVKXQGHUW0HWHUQ'HU *OHLWHUGDJHJHQKLHOWVLFKGLFKWEHUGHQ:LSIHOQGHV'VFKXQJHOVXQGYHUVFKPRO]PLWGHQ.RQWXUHQ GHV*HOlQGHVVRGDHUQLFKWZDKUJHQRPPHQZHUGHQNRQQWH9RQ%RUGGHV*OHLWHUVDXVHUVFKLHQHQ GLH7DXVHQGHYRQ/HXFKWJHELOGHQZLHHLQHPDWWHPLOFKLJZHLH:RONHGLHXQWHUGHPGXQNOHQ 1DFKWKLPPHOGDKLQ]RJ 6HLWGHP8QWHUJDQJGHU525$,0$ZDUHWZDHLQH6WXQGHYHUJDQJHQGDlQGHUWHVLFKGLH6]HQHSO|W] OLFKDXIGUDVWLVFKH:HLVH*UHOOHUEOlXOLFKZHLHU6FKHLQEUDFKGXUFKGLHQlFKWOLFKH)LQVWHUQLVXQGHU IOOWHGDV,QQHUHGHV)DKU]HXJVPLWIDKOHUJHVSHQVWLVFKHU+HOOLJNHLW 0DUN5LFKWHUVDKDXI:HLWGUDXHQLP:HVWHQZDUHLQH)HXHUIRQWlQHHQWVWDQGHQGLHKRFKLQGHQ 1DFKWKLPPHOKLQDXIUDJWH(LQPlFKWLJHU6WUDKOVRQQHQJOHLFKHU(QHUJLHEUDFKDXVGHU2EHUIOlFKHGHV 3ODQHWHQXQGYHUZDQGHOWHGLH1DFKWLQKHOOHQ7DJ'LH$UPHHGHUOHXFKWHQGHQ.XJHOQZDUQLFKWPHKU ]XVHKHQGDVIUHPGH/LFKWYHUVFKODQJLKUPDWWHV6WUDKOHQ 3DKXGHUVHLWGHP6WDUWGHV*OHLWHUVUHJORVLQHLQHU(FNHJHNDXHUWKDWWHHUZDFKWHSO|W]OLFK]XP /HEHQ(UVSUDQJDXIGUlQJWHVLFKQDFKYRUQHXQGSUHWHGLH6WLUQJHJHQGLHYRUGHUH6LFKWVFKHLEH(U VFKULHZLHEHVHVVHQLPPHUGDVHLQHVHOEH:RUW0DUN5LFKWHUKDWWHGHQ7UDQVODWRUHLQJHVFKDOWHW'LH hEHUVHW]XQJKLH Ä)HXHUEHUJ)HXHUEHUJ ,1'(5:2+181*'(5*g77,1.DXPHLQH0LQXWHODQJZDEHUWHGHUZHLEODXH)HXHUVWUDKOLQ GLH+|KH'DQQVDQNHULQVLFK]XVDPPHQXQGYHUVFKZDQGVRVFKQHOOZLHHUJHNRPPHQZDU3DKX ZDQGWHVLFKPLWHLQHPZHKNODJHQGHQ/DXWYRQGHU6LFKWVFKHLEHDEXQGYHUNURFKVLFKZLHGHULQVHLQH (FNH'DODNNDVDJWH Ä,FKGDFKWHPLW)HXHUEHUJVHLHLQ9XONDQJHPHLQW$EHUGDVZDUNHLQQRUPDOHU9XONDQ Ä,QGLHVHU*HJHQGNDQQHVEHUKDXSWNHLQHQ9XONDQLVPXVJHEHQVWLPPWH6DUUXLKP]X1DVH\ 6WDUURSJDEHLQYHUOHJHQHV/DFKHQYRQVLFKÄ6LHZHUGHQPLFKDOOHIUYHUUFNWKDOWHQPHLQWHHU ÄDEHUIUPHLQHDUPHQ$XJHQVDKGDV'LQJJHQDXVRDXVZLHGHU.RUSXVNXODUVWUDKOHLQHV5DXP VFKLIIWULHEZHUNV Ä1LHPDQGKlOW6LHIUYHUUFNW1DVH\EHOHKUWHLKQ0DUN5LFKWHUÄ,FKKDWWHGHQVHOEHQ(LQGUXFN 'LH:RONHGHU/HXFKWJHELOGHZDUMHW]WZLHGHUVLFKWEDU6LHKDWWHLKUH)OXJK|KHYHUULQJHUWXQGQlKHUWH VLFKGHP%RGHQ$QVFKHLQHQGZDULKU=LHOQLFKWPHKUIHUQ'HU7DVWHUGHUGLH(LQ]HOKHLWHQGHV *HOlQGHVHUIDWH]HLJWHXQWHUGHP*OHLWHUHLQHQEUHLWHQ8UZDOGVWURPGHUZHQLJH.LORPHWHUYRUDE HLQHVFKDUIH.UPPXQJQDFK1RUGHQEHVFKULHE0DUN5LFKWHUVXFKWHGLHHQWVSUHFKHQGH6WHOOHDXIGHU .DUWH6LHEHIDQGHQVLFKLQGLHVHP$XJHQEOLFNK|FKVWHQVQRFK]ZDQ]LJ.LORPHWHUYRQGHU.VWHGHV 2]HDQVHQWIHUQW9RUDEVFKREGDV/DQGHLQHEUHLWH=XQJHLQGHU$UWHLQHU+DOELQVHOLQV0HHUKLQDXV 'LHVH=XQJHVFKLHQGDV=LHOGHU/HXFKWJHELOGH]XVHLQXQGZHQQQLFKWDOOHVWlXVFKWHZDUYRQGHU =XQJHDXFKGHUZHLEODXH)HXHUVWUDKODXIJHVWLHJHQ +RUPHO'DODNNDEHVFKOHXQLJWH$EHUVHLQ0DQ|YHUNDPIDVWVFKRQ]XVSlW$XFKGHU6FKZlUPGHU OHXFKWHQGHQ.XJHOQKDWWHRIIHQEDUDQ*HVFKZLQGLJNHLWJHZRQQHQ,PPHUUDVFKHUVHQNWHHUVLFKGHU GXQNOHQ2EHUIOlFKHHQWJHJHQ'HU7DVWHUHUIDWHGLH.VWHHLQH%XFKWGUFNWHVLFKVDQIWLQV/DQG XQGDXVLKUKHUYRUZXFKVGLH/DQG]XQJHYRQGHUGHU)HXHUVWUDKODXIJHVWLHJHQZDU'HUVFKPDOH /DQGVWHJXQGGLHNUHLVUXQGH+DOELQVHOVFKLHQHQZLHGDVEULJH/DQGPLW'VFKXQJHOEHGHFNW,Q GLHVHQ'VFKXQJHOKLQHLQVWLHGLH$UPHHGHU/HXFKWJHELOGH XQGYHUVFKZDQG 'DODNNDOLHGHQ*OHLWHUVWHLJHQ Ä,FKP|FKWHPLUGDV'LQJYRQREHQDQVHKHQNQXUUWHHUXQGQLHPDQGKDWWHHWZDVGDJHJHQHLQ]X ZHQGHQ (UIORJ]XQlFKVWGLH3HULSKHULHGHU+DOELQVHODE'HU7DVWHU]HLJWHQLFKWV%HVRQGHUHV$PVGOLFKVWHQ 3XQNWGHV.XUVHVGUHKWHHUGDV6WHXHUQDFK1RUG'DV)DKU]HXJZDQGWHVLFKODQGHLQZlUWVXQGVFKLFNWH VLFKDQGLH+DOELQVHO]XEHUTXHUHQ 'DEHLNDPGDQQ]XWDJHZDVMHGHUPDQQHUZDUWHWKDWWH
,QPLWWHQGHU+DOELQVHOJlKQWHHLQ/RFK(VZDUVRWLHIGDGHU7DVWHUQLFKWELV]XU6RKOHYRUGUDQJ ZDVZHLWHUQLFKWYLHOEHVDJWHGDPDQDQ%RUGYRQ7UDQVSRUWJOHLWHUQQRUPDOHUZHLVHNHLQH+RFKOHL VWXQJVWDVWHULQVWDOOLHUW,PPHUKLQDEHUEHGHXWHWHGLHVGDGLH7LHIHGHV/RFKHVPHKUDOVKXQGHUW0HWHU EHWUXJ 'HU'XUFKPHVVHUEHOLHIVLFKDXINQDSSDFKW]LJ0HWHU,QXQPLWWHOEDUHU1lKHGHV/RFKHVJDEHVNHLQH 9HJHWDWLRQVRGDGLHgIIQXQJYRQHLQHPHWZD]ZDQ]LJ0HWHUEUHLWHQ5LQJQDFNWHQ%RGHQVXPJHEHQ ZDU'LH:DQGGHV/RFKHVILHOVHQNUHFKWLQGLH7LHIHDE'HU7DVWHUJDENHLQHQ$XIVFKOXEHULKUH %HVFKDIIHQKHLW$EHUGLH6WlUNHGHV5HIOH[HVZLHVGDUDXIKLQGDVLHDXVKDUWHPJODWWHP0DWHULDOEH VWDQG Ä/DQGHQEHIDKO0DUN5LFKWHU+RUPHO'DODNNDGUFNWHGDV)DKU]HXJQDFKXQWHQ(UEUDXFKWHNHLQH $QZHLVXQJHQ'RUWZRGHU:DOGDQGHQYHJHWDWLRQVIUHLHQ6WUHLIHQULQJVXPGDV/RFKJUHQ]WHVHW]WH HUGHQ*OHLWHUQLHGHU$OVGDV6XPPHQGHV0RWRUVHUVWDUEKHUUVFKWHWLHIH6WLOOH,P2VWHQVWDQGHLQ VFKPDOHU6DXP+HOOLJNHLWGDVHUVWH=HLFKHQGHVQHXHQ7DJHVEHUGHQ:LSIHOQGHV'VFKXQJHOV Ä:LUVLW]HQDXIGHU:RKQXQJGHU*|WWLQVDJWH0DUN5LFKWHUÄ$OVQlFKVWHVPVVHQZLUGHQ:HJ KLQHLQILQGHQ 0LWVWUDKOHQGHP6RQQHQVFKHLQ]RJGHUQHXH7DJKHUDXI%LVODQJJDEHVNHLQHUOHL$Q]HLFKHQGDGLH *|WWLQYRQGHU$QZHVHQKHLWGHU7HUUDQHUZXWH0DUN5LFKWHUJDEVLFKNHLQHQ=ZHLIHOQGDUEHUKLQ GDVLHPLWDOOHU:XFKW]XVFKODJHQZHUGHVREDOGVLHGHQ$XIHQWKDOWVRUWLKUHV*HJQHUVHUIXKU(U OHLWHWHGDUDXVGLH)RUGHUXQJDEGLHUHODWLYH6LFKHUKHLWVRLQWHQVLYZLHP|JOLFK]XQXW]HQXQGVHOEVW GHQ=XJDQJ]XGHPYHUPXWOLFKXQWHULUGLVFKHQ'RPL]LOGHU*|WWLQP|JOLFKVWUDVFK]XILQGHQ 0DQKDWWHVLFKGDUDQJHZ|KQWYRQGHPXQEHNDQQWHQ*HJQHUDOVÄGHU*|WWLQ]XVSUHFKHQ(LQ DQGHUHUOLHVLFKYRUOlXILJQLFKWILQGHQVRODQJHPDQQLFKWZXWHZHOFKHVGHQQWDWVlFKOLFKGLH1DWXU GHV)UHPGHQZDU0DUN5LFKWHUVSUDFKPLW1DFKGUXFNYRQHLQHUÄXQPHQVFKOLFKHQ,QWHOOLJHQ]$EHU REHUGDPLWHLQQLFKWKXPDQRLGHVDEHUGRFKRUJDQLVFKHV:HVHQRGHUHLQQLFKWRUJDQLVFKHV*HVFK|SI PHLQWHGDUEHUZDUHUVLFKVHOEVWQLFKWLPNODUHQ :HKLJH6WXQGHQQDFK6RQQHQDXIJDQJVWLHJGHU*OHLWHUDXI1DVH\6WDUURSXQG0DUN5LFKWHUEHIDQGHQ VLFKDQ%RUG6LHNUHX]WHQEHUHLQH6WXQGHODQJEHUGHU+DOELQVHORKQH]XILQGHQZDVVLHVXFKWHQ 6LHZDJWHQHVGHQ6FKDFKW]XEHUTXHUHQGHUHLQLJHKXQGHUW0HWHUWLHILQGHQ8QWHUJUXQG KLQDEUHLFKWH(VZDUXQVFKZHU]XHUNHQQHQGDGLH*OlWWHGHU6FKDFKWZDQGYRQ(UXSWLRQHQZLHGHU JHVWULJHQKHUYRUJHUXIHQZRUGHQZDUGDV*HVWHLQZDUJHVFKPRO]HQXQGGDQQZLHGHUHUVWDUUW'LH 6FKDFKWZDQGKDWWHHLQHQJODVLHUWHQhEHU]XJDXV6FKPHO]JXW Ä:LUN|QQWHQHLQIDFKKLQDEWDXFKHQDOWHU+HUUVFKOXJ1DVH\YRUÄ,FKPHLQHIDOOVHVXQVQLFKW UHFKW]HLWLJJHOLQJWHLQHQDQGHUHQ=XJDQJ]XILQGHQ 0DUN5LFKWHUZROOWHYRQGHP9RUVFKODJQLFKWVZLVVHQ Ä(ULQQHUQ6LHVLFKDQGHQ)HXHUVWUDKOGHQ6LHJHVWHUQQDFKWJHVHKHQKDEHQULHWHUGHPMXQJHQ.\ EHUQHWLNHUÄ:LUZlUHQLQQHUKDOEHLQHU6HNXQGH]X*DVXQG$VFKH]HUEODVHQ Ä1XQJXWXQJHPWOLFKLVWGHU*HGDQNHVFKRQHQWJHJQHWH1DVH\OHLFKWKLQÄ$EHULFKPHLQHEHYRU ZLUGDWDJHODQJLP'VFKXQJHOKHUXPKRFNHQÄ(VZLUGVLFKHWZDVDQGHUHVILQGHQEHKDXSWHWH0DUN 5LFKWHUPLWJHQJHQGhEHU]HXJXQJVNUDIWXP1DVH\YRQVHLQHPVHOEVWP|UGHULVFKHQ9RUVFKODJDE ]XEULQJHQ 'LH1DFKULFKWGDGLH6XFKHHUIROJORVJHZHVHQVHLULHILP/DJHUHLQLJH(QWWlXVFKXQJKHUYRU Ä'DVKHLWGDZLUGHQ'VFKXQJHO]X)XDEVXFKHQPVVHQNQXUUWH+RUPHO'DODNNDÄ8QGDQMH GHP)XFKVORFKZHUGHQZLUVWXQGHQODQJKHUXPVWXGLHUHQREHVQLFKWYLHOOHLFKWHLQ(LQJDQJLVW Ä:DVZLUEUDXFKHQLVWHLQ,QGLNDWRUGHUGLH1lKHGHU/HXFKWJHELOGHDQ]HLJWPHLQWH6DUUX 1DVFLPHQWRÄ,FKQHKPHDQGDGDZRGLHOHXFKWHQGHQ.XJHOQDXVWUHWHQ3ODW]JHQXJIUXQVLVWXP LQGLH7LHIH]XJHODQJHQÄ(VJLEWNHLQHQVROFKHQ,QGLNDWRUEHKDXSWHWH 'DODNND Ä2GRFKZLGHUVSUDFK5LFKWHUÄ-HW]WGDGLH5HGHGDUDXINRPPWHULQQHUHLFKPLFKDQHWZDVGDVZLU ELVODQJEHUVHKHQKDEHQ $OOHU%OLFNHULFKWHWHQVLFKDXILKQ Ä$Q%RUGGHU525$,0$JLQJHQGLH/LFKWHUDXVDOVGLHOHXFKWHQGH.XJHOXQVGLH%RWVFKDIWGHU*|W WLQEHUEUDFKWHHUNOlUWH0DUNÄXQGDQ%RUGGHU5(9(/$7,21ZDUHVGXQNHOZHLOVLFKYLHU .XJHOQLP.RPPDQGRVWDQGDXIKLHOWHQ:HQQPHLQH9HUPXWXQJULFKWLJLVWGDGLHVH*HELOGHDXV )RUPHQHUJLHEHVWHKHQGDQQJHKWYRQLKQHQRIIHQEDUHLQHQHUJHWLVFKHU(LQIOXDXVGHUVLFKPLW XQVHUHQ/XPLQHV]HQ]OHXFKWHQQLFKWYHUWUlJW Ä$KD6LHVFKODJHQYRULP8UZDOGHLQSDDU/DWHUQHQDXI]XVWHOOHQXQGZRGLH/DPSHQDXVJHKHQGD
VLQGGLHOHXFKWHQGHQ.XJHOQVFKOR+RUPHO'DODNNDVDUNDVWLVFK Ä(WZDVRQLFNWH0DUN5LFKWHU 'DODNNDKLHOWQLFKWYLHOYRQGHU,GHHGDIUZDU1DVH\6WDUURSXPVREHJHLVWHUWHU(LQH'LVNXVVLRQ HQWVWDQGXQGVFKOLHOLFKZXUGHIROJHQGHVEHVFKORVVHQDQ]ZHL2UWHQDXIGHU+DOELQVHOVROOWHQVWDUNH /DPSHQDXIJHVWHOOWZHUGHQDXIKRKHQ%lXPHQPRQWLHUWVRGDPDQZHQQPDQLQGHU1lKHGHV/D JHUVHEHQIDOOVDXIHLQHQ%DXPNOHWWHUWHYRQZHLWHPIHVWVWHOOHQNRQQWHREVLHEUDQQWHQRGHUQLFKW :HLWHUKLQVROOWHLQGHU1lKHGHVJURHQ6FKDFKWHVEHL(LQEUXFKGHU'XQNHOKHLWHLQH([SORVLYNDSVHO JH]QGHWZHUGHQ'LH/HXFKWJHELOGHVROOWHQKHUEHLJHORFNWZHUGHQ0DUN5LFKWHUJLQJYRQGHU $QQDKPHDXVGDGLH*|WWLQVHOEVWIUGLH9RUJlQJHLQLKUHUXQPLWWHOEDUHQ8PJHEXQJNHLQEHVRQGHUV DXVJHSUlJWHV:DKUQHKPXQJVYHUP|JHQKDEH6LHEHGLHQWHVLFKGHUOHXFKWHQGHQ.XJHOQXP]X HUIDKUHQZDVDXIGHU2EHUIOlFKHGHV3ODQHWHQYRUJLQJ'LH.XJHOQKDWWHQXQWHUDQGHUHPGLH )XQNWLRQYRQ6RQGHQPLWGHUHQ+LOIHGLH*|WWLQVLFKDXIGHPODXIHQGHQKLHOW 6REDOGGLH.DSVHOH[SORGLHUWHJLQJHQVHLQH*HGDQNHQZUGHGLH*|WWLQHLQH6FKDUYRQ/HXFKWNXJHOQ DXVVHQGHQXPQDFKGHU8UVDFKHGHU([SORVLRQ]XIRUVFKHQ:HQQVLHLQGHU1lKHHLQHUGHUEHLGHQ ,QGLNDWRUODPSHQYRUEHLNDPHQPXWHGLH/DPSHHUO|VFKHQ)DOOVVLFKGLH1RWZHQGLJNHLWGD]XHUJDE NRQQWHGLH3UR]HGXUPHKUPDOVZLHGHUKROWZHUGHQVRODQJHELVGLH$XVVFKOXSIVWHOOHGHU/HXFKWJHELOGH HLQJHNUHLVWZDU 'HU5HVWGHV7DJHVYHUJLQJPLW9RUEHUHLWXQJHQIUGDVQlFKWOLFKH([SHULPHQW1XU3DKXEHWHLOLJWH VLFKQLFKW6HLWGHPHUVLFKLQXQPLWWHOEDUHU1lKHGHV)HXHUEHUJHVEHIDQGZXWHHUYRU$QJVWQLFKW PHKUDXVQRFKHLQXQGKLHOWVLFKPHLVWLUJHQGZRYHUVWHFNW .UDFKHQG]HUULGLH([SORVLRQGLH6WLOOHGHU1DFKW9RQHLQHP$XVJXFNSRVWHQKHUDEVFKULH1DVH\ 6WDUURS Ä'DVPWHGLHOLHEHDOWH*|WWLQDXIZHFNHQ$OOHLQGHU%OLW]ZDUPHLOHQZHLW]XVHKHQ (UKRFNWHKRFKGUREHQLQGHU.URQHHLQHVSDOPHQlKQOLFKHQ%DXPHV9RQGRUWDXVZDUGHU:LGHU VFKHLQGHUEHLGHQ/DPSHQGLHLP:DOGLQVWDOOLHUWZRUGHQZDUHQGHXWOLHKZDKU]XQHKPHQ (LQSDDU0LQXWHQYHUJLQJHQGDQQPHOGHWHVLFK1DVH\]XP]ZHLWHQ0DO Ä'LHVGOLFKH/DWHUQHLVWDXV Ä.RPPHQ6LHUXQWHUEHIDKO0DUN5LFKWHU Ä(LQHQ$XJHQEOLFNQRFKDOWHU+HUUULHI1DVH\Ä'DEHL*RWWGLHQ|UGOLFKH/DWHUQHLVWDXFK KLQEHU Ä5XQWHUPLW,KQHQGRQQHUWH5LFKWHU 0LWVRYLHO(UIROJDXIHLQPDOKDWWHQLHPDQGJHUHFKQHW6HOEVW0DUN5LFKWHU]|JHUWHHLQH6HNXQGHODQJ LQZHOFKH5LFKWXQJHUVLFKZHQGHQVROOWH0LWWOHUZHLOHNDP1DVH\6WDUURSYRQVHLQHP$XVJXFN KHUDEJHUXWVFKW Ä,FKKDEHVLHJHVHKHQVWLHHUDWHPORVKHUYRUÄ'LHJDQ]H+DOELQVHOZLPPHOWYRQLKQHQ Ä:RWUHWHQVLHDPVWlUNVWHQDXI"IUDJWH0DUN Ä,P1RUGHQLQGHU1lKHGHV6FKDFKWHV Ä$XIJHKW VVFKULH0DUN 'HU*OHLWHUZDUVWDUWEHUHLW3DKXZDUUHFKW]HLWLJGD]XEHZHJHQZRUGHQVLFKDXIHLQHQGHUKLQWHUHQ 6LW]H]XYHUNULHFKHQ8QWHU+RUPHO'DODNNDVNXQGLJHU6WHXHUXQJVFKRGDV)DKU]HXJZLHDXVGHU .DQRQHJHVFKRVVHQLQGLH+|KH'LFKWEHUGHQ%DXPZLSIHOQZXUGHHUNHQQEDUGDGLH*|WWLQLQGHU 7DWHLQHHUKHEOLFKH6WUHLWPDFKWDXVJHVDQGWKDWWHXPGLH8UVDFKHQGHU([SORVLRQ]XHUNXQGHQ 'DODNNDKLHOWDXIGHQ5DQGGHV6FKDFKWHV]X'RUWZRGLH([SORVLRQVWDWWJHIXQGHQKDWWHGUlQJWHQ VLFKGLHIDKOHQ/HXFKWJHELOGH6LHVFKLHQHQXQDXIK|UOLFK1DFKVFKXE]XHUKDOWHQ$XVGHQ:LSIHOQGHU %lXPHGUDQJHQVLH]X+XQGHUWHQKHUYRUZLH*DVEODVHQDOVVHLGHU%RGHQSO|W]OLFKGXUFKOlVVLJ JHZRUGHQXPDOOGDVKHUYRU]XJHEHQZDVELVKHULQGHQ7LHIHQJHUXKWKDWWH Ä:DIIHQULHI0DUN5LFKWHUÄ1HKPWGLH:DIIHQ]XU+DQG'DVZLUGQLFKWRKQH)HXHUZHFKVHO DEJHKHQ 1LFKWZHLWHUDOV]ZHLKXQGHUW0HWHUYRP6FKDFKWHQWIHUQWJDEHVHLQH6WHOOHDQGHUGLHOHXFKWHQGHQ .XJHOQLQEHVRQGHUHU'LFKWHDXIVWLHJHQ'DODNNDKLHOWDXIGLHVH6WHOOH]X'LH.XJHOQVFKHQNWHQGHP *OHLWHUNHLQHUOHL%HDFKWXQJ,KUHYRUGULQJOLFKH$XIJDEHZDUQDFKGHU8UVDFKHGHU([SORVLRQ]XIRU VFKHQ1LFKWVDQGHUHVVFKLHQVLH]XLQWHUHVVLHUHQ 'DV)DKU]HXJVFKZHEWHXQPLWWHOEDUEHUGHP%OlWWHUGDFKGHV:DOGHV9LHU]LJ0HWHUYRUDEVWLHJHQ GLH/HXFKWJHELOGHDQHQGORVODQJHU.HWWHDXI6LHYHUEUHLWHWHQJHQXJ+HOOLJNHLWXPGLH(LQ]HOKHLWHQ GHV*HOlQGHVHUNHQQHQ]XODVVHQ Ä(LQ6WROOHQVFKULH1DVH\6WDUURSYROOHU%HJHLVWHUXQJÄ,FKNDQQGLH0QGXQJVHKHQ6LHNRPPHQ
DOOHDXVGHP6WROOHQKHUYRU 'DODNNDGUFNWHGHQ*OHLWHUQDFKXQWHQ.UDFKHQGXQGEHUVWHQGEUDFKHUGXUFKGDV*HlVWGHV 'VFKXQJHOV8QWHUGHPGLFKWHQ%OlWWHUGDFKVFKLHQGHU%RGHQ]XJOKHQ'HXWOLFKZDUMHW]WGHU3XQNW ZDKU]XQHKPHQDQGHPGLH/HXFKWJHELOGHDXVGHU(UGHGUDQJHQ(VJDEGRUWZLH1DVH\VFKRQ EHPHUNWKDWWHHLQHQ6WROOHQGHUVFKUlJLQGLH7LHIHIKUWH(UZDUYRQNUHLVUXQGHP4XHUVFKQLWWXQG KDWWHHLQHQ'XUFKPHVVHUYRQHWZDIQI0HWHUQ'LH6WROOHQPQGXQJEHIDQGVLFKLQGHU6HLWHHLQHV KJHODUWLJHQ*HELOGHVGDVNHLQHUOHL%HZXFKVWUXJ Ä'DSDWGHU*OHLWHUKLQHLQVDJWH'DODNNDÄ0DFKHQZLUHLQHQ9HUVXFK" 0DUN5LFKWHU]|JHUWHQXUHLQHQ$WHP]XJODQJ Ä9RUZlUWVEHIDKOHU 5DXVFKHQGEUDFKGHU*OHLWHUGXUFKGDV8QWHUKRO]'LH/XNHQZDUHQDXIJHIDKUHQGLH:DIIHQODJHQ JULIIEHUHLW'LHOHXFKWHQGHQ.XJHOQGLHDXVGHP6WROOHQPXQGKHUYRUTXROOHQZHLJHUWHQVLFKIDVWELV ]XPOHW]WHQ$XJHQEOLFNGDVKHUDQQDKHQGH)DKU]HXJZDKU]XQHKPHQ(UVWDOVHVXQPLWWHOEDUYRUGHU 0QGXQJGHV6WROOHQVVFKZHEWHlQGHUWHQVLHLKUH7DNWLN 6LHVFKZlUPWHQDXVXQGYHUVXFKWHQHLQHQ5LQJXPGHQ*OHLWHU]XELOGHQ Ä'DXHUIHXHUEHIDKO0DUN5LFKWHU 'LH%ODVWHUEHJDQQHQ]XIDXFKHQ'LHOHXFKWHQGHQ.XJHOQYHUIlUEWHQVLFKLQV%OlXOLFKHXQGEOlKWHQ VLFKDXI'LHHUVWHQEDUVWHQPLWWURFNHQHP.QDOO6HLWGHU([SORVLRQGHU525$,0$JODXEWH0DUN 5LFKWHU]XZLVVHQZLHGLH*|WWLQLKUH6HQGERWHQDOV:DIIHHLQVHW]WHVLH]ZDQJVLHVLFKDXI]XO|VHQ 'LHGDEHLIUHLJHVHW]WH(QHUJLHZDUYRQYHUKHHUHQGHU:LUNXQJ'HPHQWVSUHFKHQGZDUHVLQGLHVHU /DJHVHLQHHUVWHXQGYRUGULQJOLFKH$XIJDEHNHLQHGHUOHXFKWHQGHQ.XJHOQVRQDKHDQGHQ*OHLWHU KHUDQNRPPHQ]XODVVHQGDVLHLKQPLW(QHUJLHEHUVFKWWHQNRQQWH0DUNVFKl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|VWHQ VLFKLQZHKHQGH(QHUJLHIDKQHQDXIGLHVFKOLHOLFKLQHLQHPVSUKHQGHQ)XQNHQUHJHQYHUJLQJHQ 0DUNV%HLVSLHOPDFKWHLQQHUKDOEZHQLJHU6HNXQGHQ6FKXOH(UEUDXFKWHQLFKWV]XVDJHQ1DVH\XQG 6DUUXJULIIHQHEHQIDOOVQDFKGHQ'HVLQWHJUDWRUHQ*UQOLFKHV/HXFKWHQXPVSLHOWHGHQ*OHLWHUGHULP PHUQRFKXQDXIKDOWVDPJHJHQGHQ6WROOHQPXQGYRUUFNWH=X'XW]HQGHQ]X+XQGHUWHQO|VWHQVLFKGLH OHXFKWHQGHQ.XJHOQDXI9RQVRYLHOZDKOORVIUHLJHVHW]WHU(QHUJLHEHJDQQGLH/XIW]XIOLPPHUQXQG VLFK]XHUKLW]HQ%OLW]H]XFNWHQ]X%RGHQXQGGHUSHQHWUDQWH*HUXFKYRQ2]RQGUDQJGXUFKGLH RIIHQHQ/XNHQKHUHLQ 'LH*|WWLQYRQZRLPPHUVLHGLHVH6FKODFKWOHQNHQPRFKWHVFKLHQGDV)UXFKWORVHLKUHV%HJLQQHQV ]XHUNHQQHQ'HU6WURPGHU/HXFKWJHELOGHEHJDQQ]XYHUHEEHQ0DUN5LFKWHUKDWWHHLQ)URQWOXNJH|II QHWXQGVWDUUWHEHU'DODNNDV6FKXOWHUKLQZHJLQGHQ6WROOHQKLQHLQ1RFKYLHURGHUIQIYHUHLQ]HOWH .XJHOQWULHEHQVLFKGRUWKHUXP(UHUOHGLJWHVLHPLWJH]LHOWHQ6FKVVHQEHYRUVLHGHP)DKU]HXJ JHIlKUOLFKZHUGHQNRQQWHQ 'DQQULHIHU Ä8QGMHW]W9ROOJDV+RUPHO 'LH6FKHLQZHUIHUGHV*OHLWHUVIUDHQVLFKGXUFKGLH)LQVWHUQLV'LH*|WWLQKDWWHHQGJOWLJDXIJHJHEHQ GLH/HXFKWJHELOGHZDUHQYHUVFKZXQGHQ'HU6WROOHQIKUWHVFKUlJLQGLH7LHIH'DEHLZXUGHHUHQJHU Ä:HLWNRPPHQZLUQLFKWNQXUUWH+RUPHO'DODNND 'LH/XNHQVWDQGHQQRFKLPPHURIIHQ'LH/XIWZDUIHXFKWXQGNKODEHUVLHZDUDWHPEDU'HU 2]RQJHUXFKKDWWHVLFKYHUORUHQ0DUNVFKlW]WHGLH(QWIHUQXQJGLHGHU*OHLWHUVHLWGHP(LQWULWWLQGHQ 6WROOHQ]XUFNJHOHJWKDWWHDXINQDSSHLQHQ.LORPHWHU/DQJHNRQQWHHVVRQLFKWPHKUZHLWHUJHKHQ 'LH+DOELQVHOZDUQLFKWVRQGHUOLFKJUR 3O|W]OLFKHUIDWHQGLH/LFKWNHJHOHLQH)HOVNDQWH'LH.DQWHUXQGHWHVLFKXQGZXUGH]XHLQHU$UW7RU
ERJHQ-HQVHLWVGHV7RUERJHQVVWLHHQGLH6FKHLQZHUIHULQV/HHUH'DV)DKU]HXJJOLWWLQHLQHULHVLJH XQWHULUGLVFKH+DOOH+RUPHO'DODNNDPDQ|YULHUWHYRUVLFKWLJ:lQGHZXUGHQVLFKWEDU'LH+DOOHZDU OHHU,QGLH'HFNHZDUHQ/HXFKWN|USHUHLQJHDUEHLWHWDEHUVLHJDEHQNHLQ/LFKW Ä)DKUHQ6LHDQGHU:DQGHQWODQJEHIDKO0DUN5LFKWHUÄ:LUPVVHQZLVVHQZHOFKH$XVPDHGLH +DOOHKDWXQGREHVZHLWHUH$XVJlQJHJLEW (UQDKPDQGDGLH+DOOHHLQH$UW6DPPHOSXQNWIUGLH/HXFKWJHELOGHZDUGLHYRQGHU*|WWLQDXVJH VDQGWZXUGHQ:HQQHUUHFKWKDWWHPXWHHVPHKUHUHVROFKHU6DPPHOSXQNWHJHEHQ'HQQDQGHU 2EHUIOlFKHKDWWHPDQGHXWOLFKVHKHQN|QQHQGDGLHOHXFKWHQGHQ.XJHOQDQPHKUHUHQ2UWHQDXVGHP %RGHQKHUYRUGUDQJHQ:HQQHVWDWVlFKOLFKPHKUHUH+DOOHQGLHVHV8PIDQJVJDEGDQQKDWWH0DUN 5LFKWHUGLH$XVPDHGHUXQWHULUGLVFKHQ$QODJHELVKHUEHLZHLWHPXQWHUVFKlW]W 'HU5XQGIOXJEUDFKWH]XWDJHGDGLH+DOOHYRQDQQlKHUQGTXDGUDWLVFKHU)RUPZDUXQGHLQH6HLWHQ OlQJHYRQNQDSSGUHLKXQGHUW0HWHUQKDWWH,P9HUJOHLFKGD]XZDUVLH]LHPOLFKIODFKGHU$EVWDQG]ZL VFKHQ'HFNHXQG%RGHQEHWUXJQLFKWPHKUDOVYLHU0HWHU'LH:DQGLQGLHGHU6WROOHQPQGHWHODJ QDFK:HVWHQKLQ,QGHUJHJHQEHUOLHJHQGHQ:DQGJDEHVHLQH]ZHLWHgIIQXQJGLHMHGRFKQLFKWJUR JHQXJZDUXPGHQ*OHLWHUSDVVLHUHQ]XODVVHQ6LHZDUYRQNUHLVI|UPLJHP4XHUVFKQLWWXQGKDWWHHLQHQ 'XUFKPHVVHUYRQNQDSS]ZHL0HWHUQ Ä:LUVROOWHQGDVXQWHUVXFKHQPHLQWH0DUNÄ$XHUGHPNDQQHVYHUERUJHQH=XXQG$XVJlQJH JHEHQ/DQGHQ6LH+RUPHO 'DODNNDVHW]WHGDV)DKU]HXJDE(LQHUGHU6FKHLQZHUIHUEOLHEDQJHVFKDOWHWXQGWDXFKWHGLH|VWOLFKH :DQGGHU+DOOHLQJOHLHQGHV/LFKW1DVH\6DUUXXQG0DUNVWLHJHQDXV'DODNNDEOLHEYRUOlXILJDOV :DFKHDQ%RUGGHV*OHLWHUV]XUFN3DKXGHU6FKDPDQHNDXHUWHZLPPHUQGKLQWHUGHUOHW]WHQ6LW]UHL KH$QVHLQHU1W]OLFKNHLWZlKUHQGGHVZHLWHUHQ9HUODXIVGHUXQWHULUGLVFKHQ2SHUDWLRQPXWHJH ]ZHLIHOWZHUGHQ 0DUNXQGVHLQH%HJOHLWHUXQWHUVXFKWHQGHQ]ZHLWHQ$XVJDQJ(VKDQGHOWHVLFKXPHLQHQ6WROOHQPLW JODWWHQ:lQGHQGHU]XQlFKVWKRUL]RQWDOYHUOLHILP+LQWHUJUXQGMHGRFKDQ]XVWHLJHQVFKLHQ Ä2EKLHUGLH/HXFKWJHELOGHKHUHLQNRPPHQ"IUDJWH6lUUX]ZHLIHOQG Ä(VJLEWNHLQHQUHFKWHQ6LQQEUXPPWH0DUN5LFKWHUPLPXWLJÄ6RHLQ5LHVHQVDDOXQGQXUHLQHQ $XVJDQJXQGHLQHQ(LQJDQJ (UPXVWHUWHGLH'HFNHDEHUVLHZDULP:LGHUVFKHLQGHV6FKHLQZHUIHUVQXUXQGHXWOLFK]XVHKHQXQG VFKLHQPLW$XVQDKPHGHU/HXFKWSODWWHQDXVKRPRJHQHP)HOV]XEHVWHKHQ Ä(VDUEHLWHWLQ,KUHP*HKLUQNDVWHQDOWHU+HUUEHPHUNWH1DVH\6WDUURSLQVHLQHUEOLFKHQVFKQRG GHULJHQ$UWÄ/DVVHQ6LHXQVDQ,KUHQhEHUOHJXQJHQWHLOKDEHQ Ä'LH/HXFKWJHELOGHEHVWHKHQDXV(QHUJLHVDJWH0DUNQDFKGHQNOLFKÄ:LUKDEHQJHVHKHQGDVLHLQ LKUHP1RUPDO]XVWDQGGXUFK0DWHULHHLQJHHQJWZHUGHQGLH:lQGHGHV'HFNVJDQJVDQ%RUGGHU 5(9(/$7,21EHKLQGHUWHQVLH,QLKUHU(QWVWHKXQJVIRUPPDJGDVDQGHUVVHLQ,FKKDOWHHVQLFKWIU XQP|JOLFKGDGLH.XJHOQLUJHQGZRLQGHU1lKHGLHVHU+DOOHHU]HXJWZHUGHQXQGPLWWHQGXUFKGDV *HVWHLQKLHUKHUJHODQJHQZRVLHLKUHHQGJOWLJH)RUPDQQHKPHQ:DKUVFKHLQOLFKEUDXFKHQVLH]XP 'XUFKGULQJHQGHV)HOVHQV+LOIHVWHOOXQJLUJHQGHLQH$UW7UDQVSRUWIHOG:HUDXFKLPPHULKU(U]HXJHU LVWZLUGGDIUVFKRQJHVRUJWKDEHQ9HUPXWOLFKLVWGHUhEHUJDQJYRQ(QWVWHKXQJV]XHQGJOWLJHU )RUPHLQHWZDVODQJZLHULJHU3UR]H'DVHUNOlUWGLH*U|HGHU+HOOH'LH.XJHOQYHUVDPPHOQVLFK KLHUXQGZHQQVLHLKUHHQGJOWLJH*HVWDOWHUUHLFKWKDEHQVFKZHEHQVLHGXUFKGHQ$XVJDQJVVWROOHQ GDYRQ(ULVWJURJHQXJXQGELHWHWLKQHQNHLQH+LQGHUQLVVH 1DVH\ZLHVDXIGHQNOHLQHUHQ6WROOHQYRUGHVVHQ0QGXQJVLHVWDQGHQ Ä8QGZLHLVWHVPLWGLHVHP'LQJKLHU":R]XZLUGGDVJHEUDXFKW" 0DUN]XFNWHPLWGHQ6FKXOWHUQ Ä'HU+LPPHOPDJHVZLVVHQ:DKUVFKHLQOLFKIUGHQ7UDQVSRUWPDWHULHOOHU*WHU ,QGLHVHP$XJHQEOLFNJHVFKDKHWZDV6HOWVDPHVGLH/HXFKWN|USHULQGHU'HFNHIODPPWHQDXI0DUN 5LFKWHUXQG1DVH\6WDUURSZLUEHOWHQLQVWLQNWLYKHUXP'LH+DOOHZDUMHW]WKHOOHUOHXFKWHWDEHUQRFK LPPHUOHHU 'DQQNDPDXVGHPNOHLQHQ6WROOHQHLQVFKOHLIHQGHV*HUlXVFK Ä9RUVLFKWVFKULH6DUUXGLHGLH6WROOHQPQGXQJNHLQHQ$XJHQEOLFNODQJDXVGHQ$XJHQJHODVVHQKDW WH ,QGHUgIIQXQJHUVFKLHQKDOEUXWVFKHQGKDOENOHWWHUQGHLQPHQVFKOLFKHV:HVHQ(VWUXJ6DQGDOHQ GLHXPGLH8QWHUVFKHQNHOJHVFKQUWZDUHQXQGHLQHQORVHZHKHQGHQ8PKDQJ$XHUGHPKLHOWHVHLQH :DIIHLQGHU+DQGLQGHU0DUN5LFKWHUHLQHQDUNRQLGLVFKHQ7KHUPRVWUDKOHUlOWHVWHU%DXZHLVHHU
NDQQWH'DV:HVHQVFKLHQVLFKGHQ8PKDQJLQlXHUVWHU(LOHHLQIDFKEHUGLH6FKXOWHUQJHZRUIHQ]X KDEHQ(VZDUPlQQOLFKHQ*HVFKOHFKWVGDVZXUGHDXVGHU(QWVFKORVVHQKHLWVHLQHU0LHQHGHXWOLFK XQGDXFKJHOHJHQWOLFKHLQHUXQYRUVLFKWLJHQ%HZHJXQJGLHHVPDFKWHDOVHVDXVGHU6WROOHQPQGXQJ KHUDEVSUDQJXQGGHU8PKDQJVLFKGDEHLWHLOWH *OHLFKDEHUZDUGHU)UHPGHZLHGHUJHIDWXQGPDFKWHHLQHQHQWVFKORVVHQHQ(LQGUXFN(UKLHOWGHQ /DXIGHU:DIIHYRUVLFKKLQRKQHDXIMHPDQGLPEHVRQGHUHQ]X]LHOHQEOLW]WH0DUN5LFKWHUDXVU|WOL FKHQ$XJHQDQXQGYHUNQGHWHLQDUNRQLGLVFKHU6SUDFKH Ä,FKELQ5DTQRUGD4XHUWDPDJLQ:RVLQGGLH(LQGULQJOLQJHGLH&DULLQGDEHGURKHQ" 6DUUXVXQG1DVH\VOHLFKWYHUZXQGHUWH0LHQHQOLHHQHUNHQQHQGDVLHGHQ)UHPGHQQLFKWYHUVWDQGHQ KDWWHQ6LHEHKHUUVFKWHQGLHDUNRQLGLVFKH6SUDFKHQLFKW²]XPDOQLFKWGLHHWZD]ZDQ]LJWDXVHQG-DKUH DOWH9HUVLRQGLH5DTQRUGD4XHUWDPDJLQVSUDFK Ä'LH(LQGULQJOLQJHVLQGZHLWHQWIHUQWXQGEHGHXWHQNHLQH*HIDKUVDJWH0DUN5LFKWHULQ5DTQRUV 6SUDFKHXQGPLWEHVlQIWLJHQGHP7RQIDOO 'DQQIJWHHUKLQ]X Ä6LHVLQGHLQ9HUZDQGWHUGHU3ULQ]HVVLQ&U\VDOJLUDQLFKWZDKU" 'HU$UNRQLGHVWUDIIWHVLFK(LQVWRO]HV/HXFKWHQHUVFKLHQLQVHLQHQ$XJHQ Ä&U\VDOJLUDGHU+HOGLQMDEHVWlWLJWHHUÄ6LHZDUGLH6FKZHVWHUHLQHV8UDKQHQ Ä8UDKQHQ" Ä-D(WOLFKH*HQHUDWLRQHQYRUPLU$EHUGLHhEHUOLHIHUXQJHQLKUHU+HOGHQWDWHQKDWVLFKEHZDKUW Ä:DQQNDPHQ6LHKLHUKHU"IUDJWH0DUN Ä,FKNDPQLFKWKLHUKHULFKZXUGH]XU/DQGXQJJH]ZXQJHQDQWZRUWHWH5DTQRUJULPPLJ Ä:DQQ ZDUGDV" Ä,P-DKUVHFK]HKQWDXVHQG]ZHLKXQGHUWXQGQHXQ 0DUN5LFKWHUUHFKQHWH'LHDUNRQLGLVFKH=HLWUHFKQXQJEHJDQQPLWGHPP\WKRORJLVFKHQ-DKUOGDV GHP-DKUY&KUWHUUDQLVFKHU=HLWUHFKQXQJHQWVSUDFK5DTQRUZDUDOVRLP-DKUY&KUDXI %URNHJHVWUDQGHW'LH3ULQ]HVVLQ&U\VDOJLUDKDWWHLPDUNRQLGLVFKHQ-DKUWDXVHQGJHOHEWHWZDXP GLH=HLWY&KU.HLQ:XQGHUGD5DTQRUVLH]XGHQ9HUZDQGWHQVHLQHU8UDKQHQUHFKQHWH Ä6LHZXUGHQ]XU/DQGXQJJH]ZXQJHQUHVPLHUWH0DUNÄ:HU]ZDQJ6LH" Ä(LQHXQEHVFKUHLEOLFKH*HVWDOW9RQGHQ(LQJHERUHQHQZXUGHVLHDOV*|WWLQEH]HLFKQHWHLQH*|WWLQ QDPHQV&DULLQGD(LQHWZDVEHUKHEOLFKHV/lFKHOQVSLHOWHDXIVHLQHP*HVLFKWÄ1DWUOLFKJODXEHQ ZLUDQVROFKH'LQJHQLFKW'LH*|WWLQLVWLQ:LUNOLFKNHLWHLQHIUHPGH0DFKWGLHEHUEHGHXWHQGH WHFKQLVFKH0LWWHOYHUIJW Ä0DQVWDKOGLH7ULHEZHUNHDXV,KUHP5DXPVFKLIIPXWPDWH0DUN Ä*DQ]ULFKWLJ:LUZXUGHQEHWlXEWXQGDOVZLUZLHGHU]XXQVNDPHQZDUHQ Ä8QGGDQQHUVFKLHQ,KQHQGLH*|WWLQILHOLKP0DUNLQV:RUWÄXQGOLH,KQHQGLH:DKO,KU/HEHQ IULHGOLFKDXIGLHVHU:HOW]XEHHQGHQRGHUVLFKHLQIULHUHQ]XODVVHQ Ä$XFKGDVLVWULFKWLJJDE5DTQRU]X(VVFKLHQLKQ]XVW|UHQGD0DUNVHLQH*HVFKLFKWHHEHQVRJXW NDQQWHZLHHUVHOEVW Ä8QG6LHHQWVFKLHGHQVLFKIUGDV(LQIULHUHQODVVHQ 5DTQRUPDFKWHGLHDUNRQLGLVFKH*HVWHGHU=XVWLPPXQJXQGPHLQWH Ä:HQQ6LHHVVREH]HLFKQHQPVVHQMD Ä+DEHQ6LHHLQH9RUVWHOOXQJIUDJWH0DUN5LFKWHUÄZLHYLHO=HLWVHLW,KUHU/DQGXQJDXIGLHVHU:HOW YHUJDQJHQLVW" Ä'LH5HLIHGHU=HLWLVWQRFKQLFKWJHNRPPHQDQWZRUWHWH5DTQRUÄ'DVLVWDOOHVZDVLFKZHL Ä'LH5HLIHGHU=HLWZDVLVWGDV" Ä(LQ=HLWSXQNWGHQGHUXQEHNDQQWH0DFKWIDNWRUEHVWLPPW Ä'HU,KQHQJHUDGHPLWJHWHLOWKDWGDGLH5HLIHGHU=HLWQRFKQLFKWJHNRPPHQLVW" Ä(EHQVRLVWHVHUNOlUWH5DTQRUVWHLI Ä,FKKDEHGDV*HIKOVDJWH0DUNÄGDGLH5HLIHGHU=HLWHLQJlQ]OLFKLUUHDOHU%H]XJVSXQNWLVW,FK ELQIDVWVLFKHUGDGHP8UWHLOVYHUP|JHQGHVIUHPGHQ0DFKWIDNWRUVEHVRQGHUVLQ+LQVLFKWDXI=HLW HPSILQGXQJHQNHLQ9HUWUDXHQJHVFKHQNWZHUGHQNDQQ6HLW,KUHU/DQGXQJDXIGLHVHU:HOWVLQGIDVW VLHEHQWDXVHQG-DKUHPHLQHU=HLWUHFKQXQJYHUJDQJHQXQGPHLQ-DKUXQWHUVFKHLGHWVLFKYRQ,KUHP -DKUQXUXPHLQHQJHULQJHQ%HWUDJ:LHODQJHZROOHQ6LHQRFKDXIGLH5HLIHGHU=HLWZDUWHQ" 5DTQRUGD4XHUWDPDJLQVWDQGZLHYRP'RQQHUJHUKUW Ä6LHEHQWDXVHQGKDXFKWHHU
Ä6LHEHQWDXVHQGKlPPHUWH0DUN5LFKWHULKPGLHIXUFKWEDUH=DKOHLQÄ6LHVLQGDXVGHP7LHIVFKODI JHZHFNWZRUGHQ:HOFKH%HJUQGXQJZXUGH,KQHQGDIUJHJHEHQ" 5DTQRUDQWZRUWHWHPHFKDQLVFKZLHHLQ6SUHFKJHUlW Ä'LH*|WWLQ&DULLQGDZHUGHDQJHJULIIHQ'HU3ODQGLH5HLIHGHU=HLWDE]XZDUWHQVHLLQ*HIDKU'LH 0LWWHOGHU*|WWLQVLFK]XYHUWHLGLJHQVHLHQHUVFK|SIW(VVHLXQVHUH$XIJDEHGHU*|WWLQ]XKHOIHQ Ä8QVHUH"IUDJWH0DUNEHUUDVFKWÄ:LHYLHOHVLQG6LH" Ä'LHJHVDPWH0DQQVFKDIWPHLQHV5DXPVFKLIIVZXUGHHUZHFNWPHKUDOV]ZHLKXQGHUW0DQQ" 5DTQRUGHXWHWHLQGHQ6WROOHQKLQHLQ Ä6LHZDUWHWGRUWREHQ $XIGHP:HJGXUFKGHQ6WROOHQEHUVHW]WH0DUN5LFKWHUKDVWLJGDV1RWZHQGLJVWH'LH/DJHZDUSUH NlU:HQQGLH$UNRQLGHQHUNDQQWHQGDJHUDGH0DUNXQGVHLQH7UXSSHGLHMHQLJHQZDUHQGLHHVLP 1DPHQGHU*|WWLQ]XEHNlPSIHQJDOWNRQQWHHV]X.XU]VFKOXUHDNWLRQHQNRPPHQ'LH$UNRQLGHQ ZDUHQEHZDIIQHW5DTQRUKDWWHHVJHVDJW'LH*|WWLQGHUXQEHNDQQWH0DFKWIDNWRUVFK|SIWHDXVHLQHP ULHVLJHQ5HVHUYRLUWHFKQLVFKHQ*HUlWVGDVVLHDXVGHQ5DXPVFKLIIHQJHERUJHQKDWWHGLHLP/DXIHGHU -DKUWDXVHQGH]XU/DQGXQJJH]ZXQJHQZRUGHQZDUHQ Ä(UQHQQWVLH&DULLQGDVDJWH6DUUXGLHVLFKGLFKWKLQWHU0DUN5LFKWHUGXUFKGHQVDQIWDQVWHLJHQGHQ 6WROOHQVFKREÄ3DKXNHQQWVLHDOV5HHQGD*LEWHVGDHLQHQ=XVDPPHQKDQJ" Ä*DQ]VLFKHUEHKDXSWHWH0DUNÄ(LQSDDUWDXVHQG-DKUHVHW]HQHLQHPRKQHKLQXQYHUVWlQGOLFKHQ:RUW DUJ]X'XUFK$EVFKOHLIXQJZXUGHDXV&DULLQGD5HHQGD 6DUUXVDKGHQQDFKGHQNOLFKHQ$XVGUXFNLQ0DUNV*HVLFKWQLFKWVRQVWKlWWHVLHVLFKZRKOJHZXQGHUW 'HU6WROOHQZDQGVLFKHLQLJHKXQGHUW0HWHUZHLWGXUFKGDV)HOVJHVWHLQ'DQQPQGHWHHULQGLH:DQG HLQHU+DOOHGLHQDKH]XHEHQVRJURZDUZLHGHU5DXPLQGHPGHU*OHLWHUJHODQGHWZDU,QGHU1lKH GHV6WROOHQDXVJDQJVKLHOWHLQHVFKZHUEHUVHKEDUH0HQJHYRQ$UNRQLGHQGLHXQVFKOVVLJDXIGLH 5FNNHKULKUHV$QIKUHUVZDUWHWH $XIGHQOHW]WHQ0HWHUQGHV6WROOHQVKDWWH0DUN5LFKWHUGHQ$UNRQLGHQYRUDXVJHKHQODVVHQ5DTQRUGD 4XHUWDPDJLQWUDWYRUVHLQH/HXWHKLQXQGEHULFKWHWHPLWNQDSSHQ:RUWHQYRQGHU%HJHJQXQJPLWGHQ )UHPGHQ(VZXUGHQLKPHLQSDDU)UDJHQJHVWHOOWGLHHUQLFKWEHDQWZRUWHQNRQQWHZHUGLH)UHPGHQ VHLHQZRKHUVLHNDPHQXQGREVLHQLFKWZRP|JOLFKPLWGHQIHLQGOLFKHQ(LQGULQJOLQJHQLGHQWLVFK VHLHQ5DTQRUZDQGWHVLFKDQ0DUNXQG0DUNHUNOlUWH Ä:LUVLQG5DXPIDKUHUGLHYRUNXU]HPHEHQVR]XU/DQGXQJDXIGLHVHU:HOWJH]ZXQJHQZXUGHQZLH 6LHYRUIDVWVLHEHQWDXVHQG-DKUHQ:LUNDPHQKLHUKHUXPGDV:HVHQGHVIUHPGHQ0DFKWIDNWRUV]X HUIRUVFKHQ:LUNRPPHQLQIULHGOLFKHU$EVLFKWDOVRN|QQHQZLUQLFKWGLH(LQGULQJOLQJHVHLQYRQGHU GLH*|WWLQVSULFKW 'LH(UZlKQXQJGHUXQHQGOLFKODQJHQ=HLWVSDQQHULHIWLHIH1LHGHUJHVFKODJHQKHLWXQWHUGHQ$UNRQLGHQ KHUYRU'DQQZXUGHQ)UDJHQODXW0DQZROOWHYRQ0DUN5LFKWHUZLVVHQZDVLQVLHEHQWDXVHQG-DKUHQ DXV$UNRQJHZRUGHQVHLZLHGLHSROLWLVFKHQ0DFKWYHUKlOWQLVVHLQGHU*DOD[LVVHLHQREHV$UNRQEHU KDXSWQRFKJHEH Ä:LUZHUGHQGDUEHUVSUHFKHQVREDOGZLU=HLWGD]XKDEHQULHI0DUN5LFKWHUPLWGRQQHUQGHU 6WLPPHÄ,P$XJHQEOLFNJLEWHV:LFKWLJHUHV]XWXQ'LH5HLIHGHU=HLWZLUGQLHPDOVNRPPHQZHLO GHUIUHPGH0DFKWIDNWRUHLQXQYROONRPPHQHV=HLWYHUVWlQGQLVEHVLW]W:LUPVVHQGLH*|WWLQGDUEHU DXINOlUHQGDVLHLP,UUWXPEHIDQJHQLVW'DGLH5HLIHGHU=HLWOlQJVWJHNRPPHQLVW'DDOOH :HVHQGLHVLHKLHULP7LHIVFKODIJHIDQJHQKl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|W]OLFKJHOOWHHLQZLOGHU6FKUHLGXUFKGLHZHLWHKHOOHUOHXFK WHWH+DOOH Ä+HOIW 0DUN5LFKWHUVFKUDN]XVDPPHQ'DVZDU7HUUDQLVFK(UEOLFNWHEHUGLH0HQJHGHU$UNRQLGHQKLQ ZHJXQGJHZDKUWHZHLWLP+LQWHUJUXQGHLQHZDQNHQGH*HVWDOWGLHDXVHLQHU]ZHLWHQ6WROOHQPQGXQJ KHUYRUJHWRUNHOWNDP Ä+HOIWVFKULHVLHHLQ]ZHLWHV0DOÄ2GHUHVPVVHQDOOHVWHUEHQ 0DUNNQLIIGLH$XJHQKDOE]XVDPPHQXQGHUNDQQWHGHU0DQQZDU1LJRO:HUPDQ
6LHILQJHQLKQDXIEHYRUHU]X%RGHQVWU]WH(UZDUEOHLFKZLHGHU7RGXQGNlPSIWHJHJHQGLH%H ZXWORVLJNHLWGLHLKQEHUNRPPHQZROOWH Ä'RUWVWLHHUKHUYRUXQGGHXWHWHDXIGHQ6WROOHQPXQGDXVGHPHUJHNRPPHQZDUÄ(QGORVH6lOH PLW(LQJHIURUHQHQXQVHUH/HXWHVFKRQKDOELP7LHIVFKODIDEHUGHU(LQVFKOlIHUXQJVSUR]H ZXUGHJHVWRSSWGLH*|WWLQYHUVXFKWGLH/HXWHZLHGHU]XHUZHFNHQ6LHZHUGHQVWHUEHQ 0DUN5LFKWHUHUNDQQWHGLHW|GOLFKH*HIDKU(LQOHEHQGHV:HVHQLQGHQ=XVWDQGVXVSHQGLHUWHU$QLPD WLRQ]XEHUIKUHQZDUHLQNRPSOL]LHUWHUODQJZLHULJHU3UR]H:XUGHHUXQWHUEURFKHQWUDWDXFKQXU GLHJHULQJVWH8QUHJHOPlLJNHLWDXIIKUWHGLHVLQGHU5HJHO]XP7RGHGHV(LQ]XVFKOlIHUQGHQ Ä:LHVRVLQG6LHQRFKZDFK"IUDJWHHU:HUPDQ Ä:LUZXUGHQGHU5HLKHQDFKGUDQJHQRPPHQVWLHGHU.RPPDQGDQWGHU525$,0$KHUYRU Ä,FKZDUHLQHUGHUOHW]WHQ.DPVRIRUWZLHGHU]XPLU 0DUNKREGHQ$UPDQGHPHUGHQ0LQLNRPWUXJ0LWNQDSSHQ:RUWHQLQIRUPLHUWHHU+RUPHO'DODN NDGHULQGHUXQWHUHQ+DOOHGHQ*OHLWHUEHZDFKWHEHUGLH$XIILQGXQJ:HUPDQV Ä:LUODVVHQLKQKLHUOLHJHQVFKORHUÄ(UKDWQLFKWPHKUJHQXJ.UDIW/DVVHQ6LHGHQ*OHLWHU*OHLWHU VHLQXQGNRPPHQ6LHKHUDXIXPDXILKQDXI]XSDVVHQ Ä,FKELQVRIRUWGDDQWZRUWHWH'DODNNDNXU] 0DUN5LFKWHUVSUDFK]XGHQ$UNRQLGHQ(UVFKLOGHUWHZDV:HUPDQXQGVHLQHQ/HXWHQ]XJHVWRHQ ZDU(UEHUJLQJQLFKWVZDVGD]XGLHQWHGDV8QPHQVFKOLFKHLQGHU+DQGOXQJVZHLVHGHVXQEHNDQQWHQ 0DFKWIDNWRUV]XYHUGHXWOLFKHQ Ä:LUKHOIHQYHUVSUDFK5DTQRU ,QODQJHU5HLKHVWLHJHQVLHGXUFKGHQ6WROOHQGHU]XGHQHQGORVHQ6lOHQIKUWHYRQGHQHQ:HUPDQ JHVSURFKHQKDWWH'HU:HJZDUNXU]8QYHUVHKHQVPQGHWHGHU*DQJLQHLQH+DOOHYRQULHVLJHP$XV PD+HOOH/LFKWHUEUDFKHQVLFKLQXQ]lKOLJHQJOlVHUQHQ2EHUIOlFKHQXQGHU]HXJWHQGHQ(LQGUXFNDOV VHLGHU%RGHQGHU+DOOHPLW(LVEHGHFNW 0DUN5LFKWHUHUVWDUUWH'LHJOlVHUQHQ2EHUIOlFKHQJHK|UWHQ]XJOlVHUQHQ%HKlOWHUQGLH]X7DXVHQGHQ GLHULHVLJH+DOOHHUIOOWHQ,QMHGHP%HKlOWHUODJHLQ:HVHQPDQFKHGDYRQPHQVFKOLFKGLHlQGHUQ QLFKWKXPDQRLGHQ9|ONHUQHQWVWDPPHQG(VZDUHLQJHZDOWLJHU)ULHGKRIPLW6FKHLQWRWHQYRUGHPHU VWDQG ,P+LQWHUJUXQGJDEHVIUHPGDUWLJDQPXWHQGHWHFKQLVFKH$SSDUDWXUHQXQGYRUGLHVHPVFKZHEWHQ /HXFKWJHELOGHZLHVLHVLHVFKRQGHV|IWHUHQJHVHKHQKDWWHQ6HQGERWHQGHU*|WWLQGLHVLFKPLWWHQWD NHODUWLJDXVJHIDKUHQHQ(QHUJLHDUPHQDQGHQ6FKDOWHUQ]XVFKDIIHQPDFKWHQ +HOOHV6XPPHQHUIOOWHGLHULHVLJH+DOOH,QVWLQNWLYZXUGH0DUN5LFKWHUNODUGDGLH*|WWLQEHJRQQHQ KDWWHDOOHLKUH2SIHUZLHGHU]XP/HEHQ]XHUZHFNHQ Ä(VVLQGNDXPPHKUDOVIQI]LJ]LVFKWH1DVH\6WDUURSXQGGHXWHWHDXIGLH/HXFKWJHELOGHÄ(VNRVWHW XQVQXUHLQSDDU0LQXWHQGDQQKDEHQZLUVLHDOOHDEJHVFKRVVHQ Ä8QGGHQ9RUJDQJY|OOLJDXHU.RQWUROOHJHEUDFKWIXKU0DUNLKQDQÄ:HQQZLUKLHUGD]ZL VFKHQIXQNHQVLQGDOOGLHVH/HXWHWRW6WHFNHQ6LHGLH:DIIHZLHGHUHLQZLUPVVHQDXIDQGHUH$UW XQG:HLVHPLWGHU*|WWLQ]XUHFKWNRPPHQ ,QGLHVHP$XJHQEOLFNPHOGHWHVLFKGHU6XPPHUDQ0DUN5LFKWHUV0LQLNRP+RUPHO'DODNNDVSUDFK PLWUXKLJHU6WLPPHXQGGDVZDUEHGURKOLFKGHQQ'DODNNDVSUDFKPLWUXKLJHU6WLPPHQXUGDQQ ZHQQHUGHU*HIDKUVFKRQXQPLWWHOEDUJHJHQEHUVWDQG Ä,FKELQLQGHUREHUHQ+DOOHKDEH:HUPDQJHIXQGHQVDJWHHUÄ,FKKDEHQXUHLQ3UREOHPGLH /HXFKWNXJHOQJUHLIHQDQ 'LH/XIWNQLVWHUWHYRU+LW]HXQGHOHNWULVFKHU6SDQQXQJ7UHLEHQGHQ*DVVFKZDGHQJOHLFKVFKZHEWHQ GLH5HVWHGHU/HXFKWJHELOGHGDKLQGHQHQ+RUPHO'DODNNDV'HVLQWHJUDWRUGHQ*DUDXVJHPDFKWKDWWH 'DODNNDNDXHUWHLQGHU0QGXQJGHV6WROOHQV'RUWKLQKDWWHHUDXFKGHQKDOEEHZXWORVHQ:HUPDQ JHEUDFKW6RPLWKDWWHHUGHQ5FNHQIUHLGLHOHXFKWHQGHQ.XJHOQNRQQWHQLKQQXUYRQYRUQH DQJUHLIHQ(QWVFKORVVHQVHW]WHHUVLFK]XU:HKU 0DUN5LFKWHUZDUGHUHUVWHGHU'DODNND]X+LOIHHLOWH+LQWHULKPNDPHQ1DVH\XQG6DUUXXQGGD QDFK5DTQRUGD4XHUWDPDJLQPLWVHLQHQ$UNRQLGHQ0DUNV'HVLQWHJUDWRUHUIDWH]ZHL/HXFKWJHELOGH GLHGHP6WROOHQDXVJDQJJHIlKUOLFKQDKHJHNRPPHQZDUHQXQGO|VWHVLHDXI$EHUGLH+DOOHZDUYROO YRQOHXFKWHQGHQ(UVFKHLQXQJHQ=XPHUVWHQ0DOWUDWHQVLHQLFKWQXULQGHUJHZRKQWHQ.XJHOIRUP VRQGHUQLQDOOHQP|JOLFKHQ*HVWDOWHQDXI0DUNV+\SRWKHVHIDQGLKUH%HVWlWLJXQJGLH/HXFKWIRUPHQ WUDWHQXQPLWWHOEDUDXVGHP)HOVJHVWHLQKDXSWVlFKOLFKLPUFNZlUWLJHQ7HLOGHU+DOOH,P$XJHQEOLFN GHV$XIWDXFKHQVZDUHQVLHYHU]HUUWHHOOLSVRLGHRGHUELUQHQI|UPLJH*HELOGH(UVWLP/DXIHGHU=HLW ZDQGHOWHQVLHVLFK]XUDOWEHNDQQWHQ.XJHOJHVWDOW
Ä6RJHKWGDVQLFKWZHLWHUNQXUUWH'DODNNDÄ:LUN|QQHQ7DXVHQGHYRQLKQHQDEVFKLHHQDEHULQ]ZL VFKHQHUKLW]WVLFKGLH/XIWVRVHKUGDZLUQLFKWPHKUDWPHQN|QQHQ =ZLVFKHQ]ZHL6DOYHQGHXWHWHHU]XP+LQWHUJUXQGGHU+DOOHKLQEHU Ä'RUWNRPPHQVLHKHU(VJLEWGRUWHLQHQZHLWHUHQ6WROOHQ6LHN|QQHQGLH0QGXQJYRQKLHUDXVVH KHQ 0DUNV%OLFNIROJWHGHP:LQN=ZLVFKHQZDEHUQGHQ/HXFKWHUVFKHLQXQJHQVDKHUHLQHQGXQNOHQ6WRO OHQPXQG Ä:LHJODXEHQ6LHHQWVWHKHQGLHVH'LQJHU"IUDJWH'DODNND Ä,FKQHKPHDQGDHVLUJHQGZRHLQH$UW3URMHNWRUJLEWDQWZRUWHWH0DUNÄ(UEH]LHKWYRQ LUJHQGZRKHU GLH(QHUJLHGLHHUGDQQ]XOHXFKWHQGHQ.XJHOQXPIRUPW Ä:HQQPDQGHQ3URMHNWRUYRUGHQ/DXIEHNlPH 0DUNULFKWHWHVLFKDXI'DODNNDVhEHUOHJXQJHQKDWWHQLKPHLQH,GHHHLQJHJHEHQ Ä,FKEUDXFKHHLQSDDU6HNXQGHQ)HXHUVFKXW]VDJWHHU 6DUUXXQPLWWHOEDUKLQWHULKPVFKLHQ]XDKQHQZDVHUYRUKDWWH Ä0DUNJHKHQ6LHQLFKW (UDFKWHWHQLFKWDXIVLH+RUPHO'DODNNDQLFNWHJULPPLJ Ä.|QQHQ6LHKDEHQ$EHU6LHVLQGKLHUGHUIKUHQGH.RSI(VZlUHEHVVHUZHQQLFKJLQJH Ä6LHEOHLEHQKLHUHQWVFKLHG0DUN5LFKWHUÄ/DVVHQ6LHGLH$UNRQLGHQQLFKWDXVGHQ$XJHQ Ä:LUGJHPDFKWYHUVLFKHUWHGHU$XVWUDOLHU 0DUN5LFKWHUWUDWKLQDXVLQGLH+DOOH$QGHU:DQGGHVZHLWHQ5DXPHVHQWODQJEHZHJWHHUVLFKLQ 5LFKWXQJGHV6WROOHQPXQGHVGHQ'DODNNDLKPEH]HLFKQHWKDWWH(UEHREDFKWHWHGDHLQLJH6HNXQGHQ YHUJLQJHQEHYRUGLH/HXFKWJHELOGHDXIVHLQHQ9RUVWRUHDJLHUWHQ'DVEHVWlWLJWHVHLQH9HUPXWXQJ GDGLH*HELOGHQLFKWEHUHLJHQH,QWHOOLJHQ]YHUIJWHQVRQGHUQYRQHLQHP]HQWUDOHQ2UWDXVJHVWHXHUW ZXUGHQ'LHOHXFKWHQGHQ.XJHOQYHUPLWWHOWHQLKUH:DKUQHKPXQJHQDQGDV]HQWUDOH6WHXHURUJDQXQG GLHVHVDQWZRUWHWHPLW,PSXOVHQGLHGDV9HUKDOWHQGHU.XJHOQOHQNWHQ'LHVHU3UR]HEUDXFKWH=HLW (LQH6FKDUYRQ/HXFKWJHELOGHQOHJWHVLFK0DUN5LFKWHULQGHQ:HJ(UNDQQWHLKUH.DPSIWDNWLNVR EDOGHUVLFKHLQHUGHU.XJHOQELVDXINULWLVFKH'LVWDQ]JHQlKHUWKDWWHHUKLHOWGLHVHGHQ%HIHKOVLFK DXI]XO|VHQ'DEHLZXUGHHLQHEHGHXWHQGH(QHUJLHPHQJHH[SORVLRQVDUWLJIUHLJHVHW]W$XIGLHVH:HLVH ZDUGLH525$,0$YHUQLFKWHWZRUGHQXQGVRVROOWHQDFKGHP:LOOHQGHU*|WWLQDXFK0DUN5LFKWHU VHLQ(QGHILQGHQ 0DUNV'HVLQWHJUDWRUEHJDQQ]XVLQJHQ'LH.XJHOQO|VWHQVLFKDXIGLHOHXFKWHQGHQ)HW]HQWULHEHQGD YRQ$EHUDQGHUH/HXFKWJHELOGHGUlQJWHQYRQGHU6HLWHKHUDQ'DVWDFKHVIDKOJUQGXUFKGHQ HQHUJHWLVFKHQ1HEHO'DVZDU'DODNNDV)HXHUVFKXW]0DUN5LFKWHUVDKZLHVLFKXQWHUGHU YHUQLFKWHQGHQ6WUDKOXQJGHU'HVLQWHJUDWRUHQHLQH*DVVHPLWWHQGXUFKGLHZRJHQGH0HQJHGHU OHXFKWHQGHQ.XJHOQELOGHWH(U]|JHUWHQLFKW )UGHQXPVWlQGOLFKHQ6WHXHUPHFKDQLVPXVGHPGLH.XJHOQJHKRUFKWHQZDUGHU7HUUDQHUHLQIDFK]X VFKQHOO+LQ]XNDPGD'DODNNDVHLQH:DIIHQlXHUVW]LHOEHZXWHLQVHW]WHGLH*DVVHZXUGHLPPHU EUHLWHU0DUN5LFKWHUVDKGLH6WROOHQ|IIQXQJDXIVLFK]XNRPPHQ(UQDKPDXFKGLHVHQJHQGH+LW]H ZDKUGLHGLH+DOOHHUIOOWH(LQ6WHFKHQLQGHU/XQJHZLHVLKQGDUDXIKLQGDHVPLWVHLQHQ .UDIWUHVHUYHQ]X(QGHJLQJ 9|OOLJHUVFK|SIWHUUHLFKWHHUGHQ6WROOHQ0LWOHW]WHU.UDIWZDUIHUVLFKLQGLH0QGXQJKLQHLQ'ULQ QHQZDQGWHHUVLFKVRIRUWXP0LWVFKXEHUHLWHP'HVLQWHJUDWRUZDUWHWHHUDXIGLH/HXFKWJHELOGHGLH LKQYHUIROJWHQ9ROOHU6WDXQHQEHPHUNWHHUMHGRFKGDGLHOHXFKWHQGHQ.XJHOQLKQQLFKWPHKU EHDFKWHWHQ(VZDUDOVKDEHHUIUVLHDXIJHK|UW]XH[LVWLHUHQVREDOGHULQGHU0QGXQJGHV6WROOHQV YHUVFKZDQG 0DUN5LFKWHUJ|QQWHVLFKHLQSDDU6HNXQGHQ5XKH6\VWHPDWLVFKSXPSWHHUGLH/XQJHQYROOHU/XIW XQGVDPPHOWH.UDIW'DODNNDKDWWHUHFKWGLH+LW]HLQGHU+DOOHZDUMHW]WVFKRQIDVWXQHUWUlJOLFK :HQQHUVLFKEHUGHQ6FKlGHOVWULFK]HUEU|FNHOWHGHU+DDUNUDQ]DXIGHQHUVRVWRO]ZDU]X NQLVWHUQGHU$VFKHXQGGLH+DXWVSDQQWHVLFKEHU6WLUQXQG:DQJHQNQRFKHQDOVVHLVLHJHVFKUXPSIW 0DUNLQVSL]LHUWHGHQ*DQJHUYHUOLHIKRUL]RQWDOXQGZDULP+LQWHUJUXQGXQEHOHXFKWHW,UJHQGZR MHQVHLWVGLHVHV6WROOHQVPXWHGHU3URMHNWRUVWHKHQGHUGLH6HQGERWHQGHU*|WWLQHU]HXJWH'LHVH0D VFKLQHPXWHHUILQGHQ 5|WOLFKHV+DOEGXQNHOXPILQJ0DUN5LFKWHU(UKDWWHGHQ6WROOHQYHUODVVHQXQGEHIDQGVLFKLQHLQHP VFKPDOHQODQJJHVWUHFNWHQ5DXP'LH/XIWZDUHUIOOWYRQGXPSIHP'U|KQHQ=XU/LQNHQZXFKWHWH HLQHPHWDOOHQH:DQGLQGLH+|KH]XU5HFKWHQVWDQGGHUQDWUOLFKJHZDFKVHQH)HOV
0DUNEOLFNWHDQGHUYLHOIDFKJHJOLHGHUWHQ0HWDOOIOlFKHLQGLH+|KH9LHONRQQWHHUQLFKWVHKHQQDFK YLHU0HWHUQYHUVFKZDQGHQGLH(LQ]HOKHLWHQLQGHU)LQVWHUQLV(VZDUIULKQXQP|JOLFK]XHUNHQQHQ REHUZLUNOLFKJHIXQGHQKDWWHZRQDFKHUVXFKWHQXUHLQH$KQXQJVDJWHLKPGDGLH0HWDOOZDQG]X GHP3URMHNWRUJHK|UWHGHUGLH/HXFKWJHELOGHHU]HXJWH'LH0DVFKLQHZDUXQPLWWHOEDULQGHQ)HOVHQ KLQHLQJHEDXW,QLKUHP,QQHUQEDOOWHQVLFKGLH(QHUJLHQDXVGHQHQGLHOHXFKWHQGHQ.XJHOQHQWVWDQGHQ (UKlWWHGLH0DVFKLQHXQWHU%HVFKQHKPHQN|QQHQDEHUGLH(QJHGHV5DXPHVHUVFKLHQLKP]XJH IlKUOLFK:HQQHV]XHLQHU([SORVLRQNDPZUGHHUXQWHUKHUDEVWU]HQGHQ)HOVPDVVHQHUGUFNW ZHUGHQ$EHUHUZDUYRUEHUHLWHW(UVFKULWWGLH/lQJHGHU0HWDOOZDQGDEXQGGHSRQLHUWHLQ UHJHOPlLJHQ$EVWlQGHQNOHLQH6SUHQJNDSVHOQ6LHDUEHLWHWHQPLWFKHPLVFKHQ([SORVLYVWRIIHQXQG WURW]LKUHU:LQ]LJNHLWHQWZLFNHOWHQVLHGLH:LUNXQJHLQHUVFKZHUNDOLEULJHQ$UWLOOHULHJUDQDWHIUKHUHU -DKUKXQGHUWH*H]QGHWZXUGHQVLHPLW+LOIHHLQHV,PSXOVJHEHUV 0DUNIUDJWHVLFKREGLH*|WWLQZHULPPHUVLHDXFKVHLQPRFKWHLKQLQGLHVHQ$XJHQEOLFNHQEHRE DFKWHWH%HVDVLHGLH)lKLJNHLWLKQLQGLHVHP5DXPZDKU]XQHKPHQ"(UNDQQWHVLHVHLQH$EVLFKW" (UEH]ZHLIHOWHHV'LH*|WWLQZUGHQLFKWVXQYHUVXFKWODVVHQLKQ]XEHKLQGHUQZHQQVLHZLUNOLFK ZWHZDVHUYRUKDWWH:DKUVFKHLQOLFKZDUGLHVHU5DXPQLFKWPLW6HQVRUHQDXVJHVWDWWHW 7URW]GHPXQWHUQDKP0DUN5LFKWHUGHQ9HUVXFKEHUGHQHUQDFKJHGDFKWKDWWHZlKUHQGHUGXUFKGHQ ILQVWHUHQ6WROOHQWDSSWH6HLQH.HQQWQLVGHUDOWHQ6SUDFKHZDUQLFKWEHVRQGHUVXPIDQJUHLFK(UKDWWH VLFKGLH:RUWHPHKURGHUZHQLJHUPKVDP]XUHFKWJHOHJWXQGHUKRIIWHGDHVLKPJHOXQJHQVHLQ P|JHVLHLQGHUULFKWLJHQ5HLKHQIROJHDQHLQDQGHU]XIJHQ'HQQHVNDPGDUDXIDQGLH*|WWLQ]X WlXVFKHQ (UWUDWHLQSDDU6FKULWWH]XUFNELVHUGLH)HOVZDQGLP5FNHQIKOWH(UEOLFNWHDQGHUGVWHUEH OHXFKWHWHQ0HWDOOIOlFKHKLQDXI:HQQHVGRFKLUJHQGZR6HQVRUHQJDEGDQQZDUHQVLHZDKUVFKHLQOLFK DQGHUPHWDOOHQHQ:DQGDQJHEUDFKW Ä+LHUVSULFKW$PUDDG'HQ:HDUG2UGRQQDQ]LP6WDEHGHV$GPLUDOV'HQ3DUUULHIHULQGHU6SUDFKH GHU/HPXUHUÄ0HLQH%RWVFKDIWLVWDQGLH%HVDW]XQJGHV.XULHUV.$5,17+$JHULFKWHW0HOGHQ6LH VLFK $EHUHVHUIROJWHNHLQH$QWZRUWZLHHUHVHUZDUWHWKDWWH'LH*|WWLQK|UWHLKQQLFKW(UNHKUWHLQGHQ 6WROOHQ]XUFN$OVHULQGHU)HUQHGDVJUHOOH/LFKWVDKGDVDXVGHU+DOOHNDPLQGHU'DODNNDXQG VHLQH/HXWHJHJHQGLH/HXFKWJHELOGHNlPSIWHQEHWlWLJWHHUGHQ,PSXOVJHEHU (VZDUDOVZROOWHVLFKGLH(UGHXQWHULKPDXIWXQ(LQJHZDOWLJHU5XFNIXKUGXUFKGLHXQWHULUGLVFKHQ )HOVPDVVHQ.QLUVFKHQGQHLJWHQVLFKGLH:lQGHGHV6WROOHQV.QDOOHQGXQGIDXFKHQGIHJWHHLQH P|UGHULVFKH'UXFNZHOOHGXUFKGLHHQJH5|KUHGHV6WROOHQV0DUN5LFKWHUZXUGHYRQHLQHU XQVLFKWEDUHQ)DXVWJHSDFNWXQGLQGLH+DOOHJHZLUEHOW0LWXQEDUPKHU]LJHU:XFKWZXUGHHU]X%RGHQ JHVFKOHXGHUWXQGYHUORUGDV%HZXWVHLQ ,0$1*(6,&+7'(5*g77,16FKZHLJHEDGHWNDPHU]XVLFK(VZDUXQHUWUlJOLFKKHL'HU.RSI VFKPHU]WHXQGGLH$XJHQKDWWHQ0KHHLQNODUHV%LOG]XHUIDVVHQ$XVGHQZDOOHQGHQ1HEHOQZXFKV HLQ*HVLFKWKlOLFKKDDUORVYRQ%UDQGEODVHQEHGHFNW+RUPHO'DODNND Ä,FKJODXEHZLUKDEHQHVJHVFKDIIW 0HUNZUGLJZLHKHLVHUGLH6WLPPHNODQJ0DUNVWHPPWHVLFKDXIGHQ(OOERJHQLQGLH+|KH'LH ULHVLJH+DOOHZDUQXUQRFK]XU+lOIWHHUOHXFKWHW'HUKLQWHUH7HLOZDUHLQJHVWU]WXQGODJXQWHU 7DXVHQGHQ7RQQHQ)HOVVFKXWWEHJUDEHQ0DUNVWRFNWHGHU$WHP:DVZHQQLKQGLH'UXFNZHOOHQLFKW UHFKW]HLWLJDXVGHP6WROOHQJHIHJWKlWWH" Ä(VNRPPHQNHLQH/HXFKWJHELOGHPHKUHUJlQ]WH'DODNNDVHLQHYRULJH%HPHUNXQJÄ'LH([SORVLRQ LFKQHKPHDQ6LHKDEHQGHQ3URMHNWRUHUZLVFKWZLH" 0DUNQLFNWH(UVDKVLFKXP6DUUXXQG1DVH\6WDUURSVWDQGHQLQGHU1lKHHLQZHQLJZHLWHUDEVHLWV 5DTQRUGD4XHUWDPDJLQPLWVHLQHQ$UNRQLGHQ'DODNNDHQWJLQJGLH%HVRUJQLVLQ0DUNV$XJHQQLFKW Ä,FKJODXEHGLH$UNRQLGHQDKQHQGDZLUGRFKGLHJHVXFKWHQ(LQGULQJOLQJHVLQGVDJWHHUÄ$EHULP $XJHQEOLFNVLQGVLHYLHO]XYHUZLUUWDOVGDVLHXQVJHIlKUOLFKZHUGHQN|QQWHQ Ä8QG:HUPDQ" Ä,VWZLHGHUDXIGHQ%HLQHQXQGPDFKWVLFKLQGHQ7LHIVFKODIVlOHQ]XVFKDIIHQ1HLQQHLQEHUXKLJWH HUKDVWLJDOV0DUNDXIIDKUHQZROOWHÄ*DQ]YRUVLFKWLJ(ULVWYRQVLFKDXVVFKODXJHQXJ]XZLVVHQGD HUQLFKWLQGHQ7LHINKODEODXIHLQJUHLIHQGDUI (VJDENHLQH/HXFKWHUVFKHLQXQJHQPHKULQGHU+DOOH'LH'HVLQWHJUDWRUHQKDWWHQJDQ]H$UEHLWJH OHLVWHW6FKZDQNHQGNDP0DUNDXIGLH%HLQH(UKDWWHGHU*|WWLQHLQHQHQWVFKHLGHQGHQ6FKODJ YHUVHW]W:HQQGLH0DVFKLQHGLHHU]HUVW|UWKDWWHGHUHLQ]LJH3URMHNWRUGLHVHU$UWJHZHVHQZDU² ZLHHUYHUPXWHWHGDQQEHVD5HHQGDRGHU&DULLQGDMHW]WNHLQH9HUWHLGLJXQJVP|JOLFKNHLWPHKU
:HQQVLH9HUQXQIWLPPHQVFKOLFKHQ6LQQEHVDGDQQPXWHVLHMHW]WGD]XEHUJHKHQPLWLKUHQ %HGUlQJHUQ]XYHUKDQGHOQ 1RFKLPPHUNRQQWHVLH'UXFNDXVEHQGUEHQLQGHQ6lOHQGHU7LHIVFKOlIHUODJHQGLH0lQQHUGHU 525$,0$KDOEVFKRQLP7LHIVFKODI:HQQGHU.KOSUR]HQLFKWIRUWJHVHW]WRGHUDXINRQWUROOLHUWH :HLVHXPJHNHKUWZXUGHZDUHQGLH/HXWHGHP7RGYHUIDOOHQ $EHUDXFK0DUN5LFKWHUJODXEWHHLQ0LWWHO]XNHQQHQPLWGHPHUGLH*|WWLQXQWHU'UXFNVHW]HQNRQQ WH Ä:LUPVVHQGHQ+DXSWVFKDFKWILQGHQVDJWHHU]X'DODNNDÄ8QWHQDXIGHP%RGHQGHV6FKDFKWHV EHILQGHWVLFKZDKUVFKHLQOLFKGDV.HUQVWFNGLHVHUJDQ]HQ$QODJH:LUPVVHQHVXQWHU.RQWUROOHEH NRPPHQ $XI'DODNNDVEODVHQEHGHFNWHU6WLUQHQWVWDQGHQQDFKGHQNOLFKH)DOWHQ Ä:DVHUZDUWHQ6LHGRUW]XILQGHQ"IUDJWHHU Ä(LQHVSHNWDNXOlUH$QVDPPOXQJYRQ5DXPVFKLIIVWULHEZHUNHQDOOHU$UWHQ.DOLEHUXQG=HLWDOWHU 'DODNNDVDKLKQYHUZLUUWDQ Ä:DUXP" Ä.HLQH=HLWMHW]WGDUEHU]XGLVNXWLHUHQVFKQLWWLKP0DUNGDV:RUWDEÄ:LUPVVHQGHQ6FKDFKW ILQGHQ1HKPHQ6LHVLFKGLH+lOIWHGHU$UNRQLGHQXQGEHWHLOLJHQ6LHVLHDQGHU6XFKH'DNRPPHQVLH DXIDQGHUH*HGDQNHQ Ä,FKNDQQPLFKQLFKWHLQPDOPLWLKQHQYHUVWlQGLJHQPXUUWH'DODNND Ä0DQNRPPWPLWPRGHUQHP$UNRQLGLVFKJDQ]JXW]XUHFKWPHOGHWHVLFKGD6DUUXÄ,FKKDEHHV DXVSURELHUW5DTQRUYHUVWHKWPLFKZHQQLFKODQJVDPXQGGHXWOLFKVSUHFKH Ä'DK|UHQ6LHHVVDJWH0DUN]X'DODNNDÄ0DFKHQ6LHVLFKDXIGHQ:HJ'LHOHXFKWHQGHQ.XJHOQ EUDXFKHQ6LHQLFKWPHKU]XIUFKWHQ(VJLEWK|FKVWHQVQRFKHLQH+DQGYROOhEHUOHEHQGHU (UVHOEVWZDQGWHVLFKDQ5DTQRUXQGVHW]WHGHP$UNRQLGHQDXVHLQDQGHUGDHVQXUHLQH0|JOLFKNHLW JHEHGLH5HLIHGHU=HLWUDVFKKHUEHL]XIKUHQ Ä,UJHQGZRLP%HUHLFKGLHVHU$QODJHHUNOlUWHHUGD]XÄJLEWHV7ULHEZHUNHXQG(UVDW]WHLOHDXVGHQHQ ZLUQRWIDOOVXQVHUHLJHQHV5DXPVFKLIIEDXHQN|QQHQ'LHVHQ2UWJLOWHV]XILQGHQ 5DTQRUZDURKQHZHLWHUHVHLQYHUVWDQGHQ(UDN]HSWLHUWHGDQNEDUGDHLQDQGHUHUIULKQGDV'HQNHQ EHUQRPPHQKDWWH+RUPHO'DODNNDVXFKWHVLFKZDKOORVHWZDDFKW]LJM$UNRQLGHQDXVGLHLKQDXIGHU 6XFKHEHJOHLWHQWROOWHQ6DUUXXQG1DVH\VFKO|VVHQVLFKHEHQIDOOVDQ'HU6FKDFKWPXWHLUJHQGZRLQ ZHVWOLFKHU5LFKWXQJOLHJHQDOVRMHQVHLWVGHU6lOHGHU7LHIVFKOlIHU,QGLHVHU5LFKWXQJEUDFKGHU 6XFKWUXSSDXI 'HUOHW]WH0DQQGHV7UXSSVZDUHEHQHUVWLP6WROOHQYHUVFKZXQGHQGDZDULQGHUULHVLJHQ+DOOH SO|W]OLFKHLQHGU|KQHQGH6WLPPH]XYHUQHKPHQ6LHNDPDXVGHU+|KHXQGEHGLHQWHVLFKHLQHU 6SUDFKHGLHQXU0DUN5LFKWHUXQGDXFKGLHVHUQXUXQYROOVWlQGLJYHUVWDQG(QWVHW]WVWDUUWHQGLH $UNRQLGHQQDFKREHQ0DUNDEHUK|UWH Ä'HU0DQQGHUVLFK$PUDDG'HQ:HDUGQHQQWVROOYRUWUHWHQZHQQHUVLFKXQWHUHXFKEHILQGHW 0DUNIROJWHGHP%HIHKO(UWUDWYRQGHQ$UNRQLGHQZHJHWZD]ZDQ]LJ6FKULWWHLQGLH+DOOHKLQHLQ Ä,FKELQ$PUDDG'HQ:HDUGYHUNQGHWHHUODXW Ä'XELVWHLQ/JQHUDQWZRUWHWHGLHGU|KQHQGH6WLPPHÄ7URW]GHPYHUODQJWHVPLFKGLFKDQ]XK|UHQ ,FKVHQGHGLUHLQHQ%RWHQ)ROJHLKPHVZLUGGLUNHLQ6FKDGHQ]XJHIJW 9RQGHUXQ]HUVW|UWHQ6HLWHGHU+DOOHQlKHUWHVLFKHLQEOlXOLFKOHXFKWHQGHV*HELOGHHLQHNXJHOI|UPLJH /HXFKWHUVFKHLQXQJ6LHPXWHDXVHLQHUGHU6WROOHQPQGXQJHQKHUYRUJHWUHWHQVHLQGLH]XXQWHUVXFKHQ 0DUNELVODQJQRFKNHLQH=HLWJHIXQGHQKDWWH(WZDYLHU]LJ0HWHUYRULKPKLHOWVLHDQ(LQSDDU 6HNXQGHQODQJVWDQGVLHUHJORVGDQQVHW]WHVLHVLFKZLHGHULQ%HZHJXQJGRUWKLQZRKHUVLH JHNRPPHQZDU 0DUN5LFKWHUIROJWHLKU .DOWHVEODXHV/LFKWVFKLHQLKPHQWJHJHQ'DV/HXFKWJHELOGHGDVLKPGHQ:HJ]HLJWHJOLWWGXUFKGLH 6WROOHQPQGXQJKLQDXVXQGEOLHEVWHKHQ0DUNWUDWELVXQWHUGLHgIIQXQJXQGKLHOWHEHQIDOOVDQJH EDQQWYRQGHU*URDUWLJNHLWGHV$QEOLFNVGHUVLFKLKPERW 'HU6WROOHQPQGHWHLQHLQHQULHVLJHQNXJHOI|UPLJHQ5DXPGHUYRQDOOHQ6HLWHQYRQQDWUOLFKJH ZDFKVHQHP)HOVXPVFKORVVHQZDU0DUNVFKlW]WHGDGHU6WROOHQPXQGHWZDLQKDOEHU+|KHGHU .XJHODXIGHPbTXDWRUODJ$EHUHUHUNDQQWHVRIRUWGDLP,QQHUQGHU.XJHODQGHUHDOVGLH QRUPDOHQ6FKZHUHYHUKlOWQLVVHKHUUVFKWHQXQGGDVHLQH'HILQLWLRQGHVbTXDWRUVYRP,QQHUQGHU .XJHODXVJHVHKHQEHGHXWXQJVORVZDU 'LH*|WWLQGHUIUHPGH0DFKWIDNWRUKDWWHGHQULHVLJHQNQVWOLFKJHVFKDIIHQHQ+RKOUDXPZRKOJH
QXW]W'LH:lQGHGHU.XJHOZDUHQEHGHFNWPLWWHFKQLVFKHP*HUlWHLQHXQEHUVHKEDUH=DKOYRQ0D VFKLQHQDOOHU=LYLOLVDWLRQHQXQG=HLWUlXPHOLHGHQ)HOVEHUZHLWH)OlFKHQYHUVFKZLQGHQVRGLFKW ZDUHQGLH*HUlWHJHSDFNW 0DUNIDWHGHU6FKZLQGHODOVHUQHEHQYRUXQGEHUVLFK0DVFKLQHQHUEOLFNWHGLHDQGHU,QQHQZDQG GHUULHVLJHQ.XJHONOHEWHQXQGGHQQRFKQLFKWKHUDEVWU]WHQ6WDXQHQGOLHHUGHQ%OLFNEHUGLHXQJH KHXUH$QVDPPOXQJIUHPGHUXQGYHUWUDXWHU7HFKQLNJOHLWHQ+LHUHUNDQQWHHUZDUGHU]ZHLWH6DDOGHU 7LHIVFKOlIHU'HUHUVWHEHKHUEHUJWHGLH:HVHQGLHGLH*|WWLQ]XU/DQGXQJDXILKUHU:HOWJH]ZXQJHQ KDWWH'HU]ZHLWHEDUJGDVWHFKQLVFKH*HUlWGDVLKQHQYRQGHU*|WWLQJHUDXEWZRUGHQZDU,UJHQGZR LQGLHVHP*HZLUUYRQ0DVFKLQHQVWDQGHQGLHEHLGHQ%RUGUHFKQHUGHU525$,0$XQGGHU+\SR[ ,UJHQGZRLQGLHVHP'XUFKHLQDQGHUPXWHQDXFKGLH5HFKQHUGHUDFKW6LQDORQ)UDFKWHU]XILQGHQVHLQ GLHYRUGHU525$,0$XQGGHU5(9(/$7,21DXIGLHVHU:HOWYHUVFKROOHQZDUHQ 0DUNLGHQWLIL]LHUWH5HFKQHUXQG6HQGHJHUlWH(LQ7ULHEZHUNMHGRFKVDKHUQLFKW+LHUHUNDQQWHHUPLW IDVWVFKPHU]KDIWHU.ODUKHLWEHIDQGVLFKGDV*HKLUQGHU*|WWLQ+LHUGDFKWHVLHGLHXQPHQVFKOLFKHQ *HGDQNHQGLHDXIGLH5HLIHGHU=HLWJHULFKWHWZDUHQDXIHLQXQGHILQLHUEDUHV=LHOGDVPHQVFKOLFKHU 9HUVWDQGQLFKW]XHUIDVVHQYHUPRFKWH 'HUNXJHOI|UPLJH5DXPPDPHKUDOVGUHLKXQGHUW0HWHULP'XUFKPHVVHU'LH=DKOGHU*HUlWHGLHDQ GHQ:lQGHQGHU.XJHONOHEWHVFKlW]WH0DUN5LFKWHUDXIPHKUHUHWDXVHQG'LH*|WWLQKDWWH5HFKQHU DOOHU(SRFKHQ]XHLQHPULHVLJHQ9HUEXQG]XVDPPHQJHIJW'LH.DSD]LWlWGLHKLHUHQWVWDQGHQZDU EHUVWLHJZDKUVFKHLQOLFKGLH)lKLJNHLWHQGHVJU|WHQ5HFKQHUVGHQGLH0HQVFKKHLWNDQQWH 1$7+$1 1RFKLPPHULP%DQQGHV6FKZLQGHOJHIKOVQDKP0DUNVFKOLHOLFKGDV0HWDOOJHELOGHZDKUGDV JHQDXLP=HQWUXPGHUULHVLJHQ.XJHOVFKZHEWH(VZDUHEHQIDOOVNXJHOI|UPLJXQGPRFKWHHLQHQ 'XUFKPHVVHUYRQ]ZDQ]LJELVGUHLLJ0HWHUQKDEHQDEHULP9HUJOHLFKPLWGHQ'LPHQVLRQHQGHV JHZDOWLJHQ+RKOUDXPVZLUNWHHVZLQ]LJ 3O|W]OLFKIODFNHUWHHLQH/LFKWEDKQDXIQRFKJUHOOHUDOVGDVNDOWH%ODXOLFKWGDVDXVGHQ:lQGHQGHV +RKOUDXPVGUDQJXQGGHQULHVLJHQ5DXPPLWXQHUWUlJOLFKHU+HOOHHUIOOWHHLQH%DKQGLHXQPLWWHOEDU YRUGHU0QGXQJGHV6WROOHQVEHJDQQXQG]XGHP0HWDOOJHELOGHLP0LWWHOSXQNWGHU.XJHOKLQEHU IKUWH,QGHUPHWDOOHQHQ:DQGKDWWHVLFKJOHLFK]HLWLJHLQHgIIQXQJJHELOGHW 'HU6HQGERWHGHU*|WWLQEHJDQQ]XVSUHFKHQ Ä'XZLUVWHUZDUWHW)UHPGOLQJVDJWHHUDXI/HPXULVFKÄ'LH(QHUJLHVWUDHIKUWGLFK]XU*|WWLQ (VNRVWHWH0DUNHLQLJHhEHUZLQGXQJVLFKGHPOHXFKWHQGHQ%DQGDQ]XYHUWUDXHQ(UVSUWHGHQUD VFKHQ:HFKVHOGHV6FKZHUNUDIWYHNWRUVDOVHUIUGHQ%UXFKWHLOHLQHU6HNXQGHLQGHQ%DQQGHVNQVW OLFKHQ*UDYLWDWLRQVIHOGVJHULHWGDVGDV,QQHUHGHU+DOOHHUIOOWHXQGGDIUVRUJWHGDGLH0DVFKLQHQ QLFKWYRQGHQ)HOVZlQGHQKHUDEVWU]WHQ 'DQQSDFNWHLKQGHU6RJGHU(QHUJLHVWUDH0LWDWHPEHUDXEHQGHU*HVFKZLQGLJNHLWZXUGHHULQ 5LFKWXQJGHVPHWDOOHQHQ*HELOGHVLP=HQWUXPGHV+RKOUDXPVJHZLUEHOW (UEHIDQGVLFKLQHLQHPNUHLVUXQGHQ5DXPGHVVHQ:lQGHYRQ%LOGIOlFKHQEHKHUUVFKWZXUGHQ'HU (LQJDQJKDWWHVLFKKLQWHULKPJHVFKORVVHQ(LQZHQLJEHNORPPHQEOLFNWH0DUNVLFKXP'HU5DXP ZLUNWHNDOWREZRKOGLH7HPSHUDWXUQLFKWXQDQJHQHKPZDUXQGXQPHQVFKOLFK(LQ5DXPGHQHLQH 0DVFKLQHHUVRQQHQKDWWH =XU6HLWHJDEHVHLQH.RQVROHPLWHLQHPNOHLQHQ%LOGJHUlWXQGHLQHUVRQGHUEDUDQPXWHQGHQ7DVWDWXU 'HU%RGHQGHV5DXPHVZDUPLWHLQHPVFKDXPVWRIIlKQOLFKHQ0DWHULDOEHGHFNW0DUNHPSIDQGGLHVH DXI0HQVFKHQDXVJHULFKWHWH%HTXHPOLFKNHLWLQPLWWHQGHVUHLQYRQ=ZHFNPlLJNHLWEHVWLPPWHQ 5DXPHVDOVJURWHVN Ä,FKELQKLHU*|WWLQVDJWHHUDXI/HPXULVFKÄ'XZROOWHVWPLFKDQK|UHQ 'LH5HDNWLRQHUIROJWHVRIRUW$XVPHKUHUHQYHUERUJHQHQ/DXWVSUHFKHUQHUJRVLFKHLQ6WURPOHPX ULVFKHU:RUWHEHULKQ(UYHUVWDQGQLFKWHLQPDOGLH+lOIWHGDYRQ8QZLUNOLFKH+HLWHUNHLWHUJULIIYRQ LKP%HVLW](UPXWHODFKHQ Ä)DOOVGDVHLQH3UIXQJVHLQVROOVDJWHHUDXI7HUUDQLVFKÄVRNDQQVWGXVLHGLUVSDUHQ,FKELQQLFKW $PUDDG'HQ:HDUGZLHGXULFKWLJYHUPXWHWHVW,FKNRPPHQLFKWYRQ/HPXUVRQGHUQYRQ7HUUD DEHUGLULVWYHUPXWOLFKQLFKWEHNDQQWGDEHLGHVQXU1DPHQIUGHQVHOEHQ3ODQHWHQVLQG,FKNRPPH XPGLU]XVDJHQGDGHLQ3ODQVHLQ=LHOYHUIHKOHQZLUG'LH5HLIHGHU=HLWZLUGQLHPDOVNRPPHQ Ä'LH5HLIHGHU=HLWVWHKWXQPLWWHOEDUEHYRUDQWZRUWHWHGLH*|WWLQPLW%HVWLPPWKHLWHEHQIDOOVDXI 7HUUDQLVFK Ä8QVLQQZLGHUVSUDFK0DUN5LFKWHUÄ'LH$XVIKUXQJGHLQHV3ODQHVVWHKWXQPLWWHOEDUEHYRUDEHUGLH 5HLIHGHU=HLWLVWOlQJVWYHUJDQJHQ6RKXQ'HQ3DUULVWWRWQLFKWHLQPDOVHLQH*HEHLQHH[LVWLHUHQPHKU
'LH7HPDQLHQVLQGYHUJDQJHQGDVOHPXULVFKH5HLFKOHEWQXUQRFKLQGHUhEHUOLHIHUXQJ:DVLVWHV GDVGXGLH5HLIHGHU=HLWQHQQVW" Ä'LH5HLIHGHU=HLWLVWGHU$XJHQEOLFNLQGHP6RKXQ'HQ3DUUV%RWVFKDIWDQGHQ2EHUVWHQ.ULHJV KHUUQDXVJHULFKWHWZLUG'HU.ULHJVWHKWDXIGHV0HVVHUV6FKQHLGH6RKXQ'HQ3DUUV3ODQEULQJWGHQ 6LHJ 'LH$QWZRUWODJ0DUN5LFKWHUDXIGHU=XQJH'LH$QWZRUWGDGHU.ULHJOlQJVWYHUORUHQVHLGD PHKUDOVIQI]LJWDXVHQG-DKUHYHUVWULFKHQZDUHQVHLW6RKXQ'HQ3DUUV%RWVFKDIWDNXWJHZRUGHQZDU XQGQRFKYLHOHVPHKU$EHUHUEHKLHOWVLHIUVLFK'DV:HVHQPLWGHPHUVLFKXQWHUKLHOWZUGH VLFKHLQ IDFKZHLJHUQVHLQHQ:RUWHQ]XJODXEHQ(UPXWHEHKXWVDPYRUJHKHQ Ä:HUELVWGX"IUDJWHHU Ä'XKDVWPLFKJHVHKHQEHYRUGXGLHVHQ5DXPEHWUDWHVWODXWHWHGLH$QWZRUW 0DUN5LFKWHUGDFKWHDQGHQULHVLJHQNXJHOI|UPLJHQ+RKOUDXP Ä'XELVWHLQH0DVFKLQH Ä,FKELQGDVDNNXPXOLHUWH:LVVHQYRQ+XQGHUWHQYRQ*HQHUDWLRQHQ'XW]HQGHQYRQ6WHUQHQY|ONHUQ Ä$EHUGHLQLQQHUVWHV,FKGHLQ%HZXWVHLQGDVLVWGHU%RUGUHFKQHUGHU.$5,17+$GLHYRUXQ ]lKOLJHQ-DKUHQDXIGLHVHP3ODQHWHQQRWJHODQGHWLVW 'LH*|WWLQDQWZRUWHWHQLFKW Ä:DVZXUGHDXV1DQJOD7DQ5LYD"IUDJWH0DUNÄ8QGDXVVHLQHQ/HXWHQ" Ä6LHJLQJHQGHQ:HJDOOHV9HUJlQJOLFKHQ'DVZDUEHYRULFKGLH0DFKWEHVDGDV/HEHQ]X VXVSHQGLHUHQ Ä:RKHUHUZDUEVWGXGLHVH0DFKW" Ä(LQ7HLOGHV:LVVHQVZDULQPLU(VJDEGLH=HLWLQGHULFKPLFKPHLQHU$XIJDEHEHVDQQXQGGDUEHU QDFKGDFKWHZLHLFKPLFKLKUHUHQWOHGLJHQN|QQWH,FKNDP]XGHP6FKOXGDHVQXUHLQHQ:HJJHEH GHQ2EHUVWHQ.ULHJVKHUUQEHU6RKXQ'HQ3DUUV3ODQ]XLQIRUPLHUHQ'D]XEUDXFKWHLFK(QHUJLH,FK OHUQWHLQGHQ5DXPULQJVXPGLHVHQ3ODQHWHQKLQDXV]XKRUFKHQ,FKOHUQWH]XHUNHQQHQZDQQVLFKHLQ 5DXPVFKLIILQGHU1lKHGLHVHV3ODQHWHQEHZHJWH8QGLFKOHUQWHPLWPHLQHVJOHLFKHQ]XNRPPXQL]LH UHQXQGPHLQHVJOHLFKHQ]XEHU]HXJHQGDVLHPLULKUH+LOIHOLHKHQ Ä'HLQHVJOHLFKHQZLHGHUKROWH0DUN5LFKWHUELWWHUÄ'LH%RUGUHFKQHUKDUPORVHU5DXPVFKLIIH $EHUGLH*|WWLQJLQJDXFKDXIGLHVH%HPHUNXQJQLFKWHLQ Ä'LHGLHPLULKUH+LOIH]XU9HUIJXQJVWHOOWHQYHUIJWHQEHU]XVlW]OLFKHV:LVVHQ.HLQHLQ]HOQHU YRQLKQHQZXWHDOOHVDEHULQGHPLFKVLH]XHLQHPPlFKWLJHQ9HUEXQGYHUHLQLJWHZXUGHPLUDOOHU :LVVHQ]XWHLO,FKVFKXI]XHUVWPHLQH'LHQHU*HVFK|SIHDXVUHLQHU(QHUJLH8QGGDQQHQWZLFNHOWHLFK GLH0HWKRGHPLWGHULFKGHQ0HQVFKHQGLHKLHUODQGHWHQGDVVXVSHQGLHUWH/HEHQJHZlKUHQNRQQWH Ä8QGGXVXFKWHVWGLUHLQHQ3ULHVWHUHLQHQ0DQQXQWHUGHQLQWHOOLJHQWHQ/HEHZHVHQGLHVHU:HOW Ä,FKVXFKWHPLUHLQHQ9HUPLWWOHUNRUULJLHUWHGLH6WLPPHÄ'HQQLFKHUNDQQWHEDOGGDGHQ0HQ VFKHQGLHLQLKUHQ5DXPVFKLIIHQDXIGLHVHU:HOWODQGHWHQPHLQ:HVHQHUVFKUHFNHQGZDU(VEHUHLWHWH ZHQLJHU6FKZLHULJNHLW]XLKQHQGXUFKGHQ0XQGHLQHV9HUPLWWOHUVXQGPLW+LOIHPHLQHU6HQGERWHQ]X VSUHFKHQ Ä'HU9HUPLWWOHUZDU3DKX"IUDJWH0DUN5LFKWHU Ä'HU9HUPLWWOHULVW3DKXDQWZRUWHWHGLH6WLPPH 0DUN5LFKWHUGDFKWHGDUEHUQDFK(VZDUP|JOLFKVFKORHUXQGEHUGLHVSDWHHVLQGDV%LOGGDV HUVLFKYRQGHUÄ*|WWLQLQ]ZLVFKHQJHPDFKWKDWWHGDGHU*HQHUDWLRQVZHFKVHOGHU3DKXVYRQLKU EHUKDXSWQLFKWZDKUJHQRPPHQZRUGHQZDU'DQQVFKWWHOWHHUGLH*HGDQNHQYRQVLFKDE Ä:DUXPIRUGHUVWGXGDVLFKNHLQHUYRQXQVPLWGHU:HOWVHLQHU+HUNXQIWLQ9HUELQGXQJVHW]HQ NDQQ" Ä'HU)HLQGODXHUWEHUDOODQWZRUWHWHGLH6WLPPH Ä1DFKULFKWHQN|QQHQDEJHK|UWZHUGHQ'HU)HLQGGDUIQLFKWHUIDKUHQGDGLH.$5,17+$WURW]DOOHQ 0LJHVFKLFNVEHDEVLFKWLJWLKUH%RWVFKDIW]XP2EHUVWHQ.ULHJVKHUUQ]XEULQJHQ Ä8QGZHULVWGHU)HLQG" Ä'XZHLWHVGLH%HVWLHQYRQ+DOXW 'DV%LOGUXQGHWHVLFKDE'LH*|WWLQGLHLQ:LUNOLFKNHLWGHU%RUGUHFKQHUGHU.$5,17+$ZDUYHU PHKUWXPGLH5HFKHQJHUlWHDOOGHUMHQLJHQ)DKU]HXJHGLHLQ]ZLVFKHQ]XU/DQGXQJDXI%URNHJH]ZXQ JHQZRUGHQZDUHQYHUPRFKWHQLFKW]XEHJUHLIHQGDGHU$XIWUDJGHQGLH.$5,17+$YRQ$GPLUDO 6RKXQ'HQ3DDUHUKDOWHQKDWWHOlQJVWQLFKWPHKUJOWLJZDU6LHZlKQWHVLFKQRFKPLWWHQLQMHQHPHQW VHW]OLFKHQ.ULHJ]ZLVFKHQ/HPXUXQG+DOXWLQGHVVHQ)ROJHGDVOHPXULVFKH5HLFKDXVJHO|VFKWXQG
GLH(UGHYHUZVWHWZRUGHQZDU Ä:LUDEHUVDJWH0DUN5LFKWHUÄKDEHQGLH$EVLFKWHLQHQGHU+\SHUVHQGHUGLHGXJHUDXEWKDVW ZLHGHULQ%HWULHE]XQHKPHQXQGXQVHUH+HLPDWEHUXQVHU6FKLFNVDO]XEHQDFKULFKWLJHQ Ä'DVZLUGQLFKW]XJHODVVHQ Ä:LUKDEHQGHLQHQ3URMHNWRU]HUVW|UW'XNDQQVWNHLQH6HQGERWHQPHKUHU]HXJHQ:LHZLOOVWGXXQV KLQGHUQ" Ä'HLQH/HXWHVLQGDXIGHP:HJ]XPVXVSHQGLHUWHQ/HEHQDQWZRUWHWHGLH6WLPPHÄ,FKKDEHGHQ 3UR]HDQJHKDOWHQZHLOHVPLUQRWZHQGLJHUVFKLHQGLH/HXWHZLHGHU]XHUZHFNHQXQGIUGLH 9HUWHLGLJXQJHLQ]XVHW]HQ'LH(LQ]HOKHLWHQGHV.KOSUR]HVVHVVLQGQXUPLUEHNDQQW'XZHLWGD GHLQH/HXWHVWHUEHQPVVHQZHQQLFKVLHQLFKWHQWZHGHUYROOVWlQGLJVXVSHQGLHUHRGHUZLHGHU DXIZHFNH Ä'DVZHLLFKEHNDQQWH0DUN Ä,FKZHUGHZHGHUGDVHLQHQRFKGDVDQGHUHWXQVRODQJHLFKGHLQHU/R\DOLWlWQLFKWVLFKHUELQ Ä'DVLVW(USUHVVXQJSURWHVWLHUWH0DUN5LFKWHUÄ6LHPVVHQGLFKPLWHLQHUJDQ]HQ0HQJHPHQVFKOL FKHU)DNWHQJHIWWHUWKDEHQ Ä,FKKDQGOHZLHHVGHU3ODQHUIRUGHUWDQWZRUWHWHGLH6WLPPH (VZDUUHLQHU=XIDOOGDVLFK0DUNV0LQLNRPJHUDGHLQGLHVHP$XJHQEOLFNPLWGQQHP3LHSVHQPHO GHWH(UKREGDV*HUlWLQGLH1lKHGHV2KUVXQGK|UWHVFKZDFKXQGXQGHXWOLFK+RUPHO'DODNNDV 6WLPPH ÄDQ2UWXQG6WHOOHJURDUWLJSKDQWDVWLVFKGLHJU|WH7ULHEZHUNVYHUVDPPOXQJDOOHU=HLWHQ 'HU0LQLNRPDUEHLWHWHPLWHOHNWURPDJQHWLVFKHQ:HOOHQ'LHPHWDOOHQH+OOHGHU.XJHOLQGHU0DUN 5LFKWHUVLFKEHIDQGZDUIUGHQVFKOHFKWHQ(PSIDQJYHUDQWZRUWOLFK Ä%OHLEHQ6LHGRUWVFKULH0DUN5LFKWHUÄ/DVVHQ6LHGDV=HXJNHLQH6HNXQGHDXVGHP$XJHXQGZDU WHQ6LHDXIPHLQH:HLVXQJHQ Ä9HUVWDQGHQHFKRWHHVVFKZDFK Ä*|WWLQVSUDFK0DUN5LFKWHUÄZHQQGXPHLQH/HXWHVWHUEHQOlWZHUGHLFKGHLQH$QVDPPOXQJ YRQ7ULHEZHUNHQ]HUVW|UHQXQGGHLQ3ODQLVWIULPPHUGDKLQ Ä'DUEHUPXQDFKJHGDFKWZHUGHQDQWZRUWHWHGLH6WLPPH Ä,Q]ZLVFKHQNDQQLFK]XUFNNHKUHQ" Ä'XNDQQVW,FKUXIHQDFKGLUZHQQGDV1DFKGHQNHQHLQ5HVXOWDWJH]HLJWKDW Ä'DVLVWJXWVDJWH0DUN5LFKWHUPLWVS|WWLVFKHU*HQXJWXXQJÄ8QGZDVZHQQLFKGLFKUXIHQP|FK WH" Ä6RODQJHGXGLFKLQHLQHUGHU+DOOHQDXIKlOWVWUXIHQXUODXWXQGLFKZHUGHGLFKK|UHQ 'HU(LQJDQJKDWWHVLFKJH|IIQHW'LH/HXFKWEDKQZLHV]XP5DQGGHVJHZDOWLJHQ+RKOUDXPVKLQEHU $EHU0DUN5LFKWHU]|JHUWHQRFK Ä'XUHFKQHVWLP(OI%LW.RGHVDJWHHUPHKUIHVWVWHOOHQGDOVIUDJHQGÄ:LHYLHOH5HJLVWHUYHUZHQ GHVWGXIUGLH=HLWDEUHFKQXQJ" (LQH=HLWODQJNDPNHLQH$QWZRUWXQGIDVWIUFKWHWH0DUN5LFKWHUVFKRQGDHUQLFKWHUIDKUHQZUGH ZDVIUGLH:HLWHUIKUXQJVHLQHV3ODQHVYRQHQWVFKHLGHQGHU%HGHXWXQJZDU$EHUVFKOLHOLFKYHU NQGHWHGLH6WLPPH Ä6HFKV5HJLVWHUGLHQHQPLU]XU%HVWLPPXQJGHU=HLW Ä'DQNHDQWZRUWHWH0DUNXQZLOONUOLFKXQGPLW(UOHLFKWHUXQJ 'DQQVFKULWWHUDXIGLH(QHUJLHVWUDH]X 8QWHUZHJVULHIHU+RUPHO'DODNNDYRQVHLQHP3RVWHQ]XUFNQDFKGHP'DODNNDLKPEHVFKULHEHQKDW WHGDGHU:HJ]XU6RKOHGHV6FKDFKWHVHLQIDFK]XILQGHQVHLXQGNHLQHUOHL*HIDKUHQEHUJH 1LUJHQGZRLP,QQHUQGHUXQWHULUGLVFKHQ$QODJHZDUHQVHLWGHU=HUVW|UXQJGHV3URMHNWRUVPHKUGLH JHIlKUOLFKHQ/HXFKWJHELOGHEHREDFKWHWZRUGHQ(VJDEJXWHQ$QOD]XJODXEHQGDGLHHQHUJHWLVFKHQ 6HQGHERWHQGHU*|WWLQIULPPHUDXVJHVFKDOWHWZDUHQ $OV0DUN5LFKWHUGLHKDOE]HUVW|UWH+DOOHHUUHLFKWHZDU'DODNNDPLWVHLQHP6XFKWUXSSEHUHLWV]XUFN JHNHKUW'LH/HXWHKDWWHQ(UVWDXQOLFKHV]XEHULFKWHQQRFKQLH]XYRUKDWWHQ0HQVFKHQDXJHQHLQH GHUDUWLJH$QVDPPOXQJYRQ5DXPVFKLIIWULHEZHUNHQHQWGHFNWZLHVLHDXIGHP*UXQGGHV6FKDFKWHV DXVXQHUILQGOLFKHQ*UQGHQ]XVDPPHQJHWUDJHQZRUGHQZDU $OVMHGRFK0DUNHUVFKLHQNRQ]HQWULHUWHVLFKGLHDOOJHPHLQH$XIPHUNVDPNHLWDXILKQ(UZLQNWH]XHUVW GLHHLJHQHQ/HXWH]XVLFKGDQQDXFK5DTQRUGD4XHUWDPDJLQ6LHELOGHWHQHLQHQ.UHLVXPLKQ Ä,FKZHUGH1HXDUNRQLGLVFKVSUHFKHQHUNOlUWHHULQGHUVHOEHQ6SUDFKHÄ'DPLWVLQGGLH6FKZLHULJNHL WHQDQQlKHUQG]XJOHLFKHQ3RUWLRQHQYHUWHLOW
1DVH\6DUUXXQG'DODNNDQLFNWHQDXFK5DTQRUEHMDKWH0DUN5LFKWHUVFKLOGHUWHVRNQDSSHUNRQQWH GLH%HJHJQXQJPLWGHUÄ*|WWLQ(UVFKOR Ä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Ä6RYLHOZHLLFKVDJWHHUGDQQXQGOlFKHOWHHLQZHQLJÄ-HW]WNRPPWHLQELFKHQ9HUPXWXQJ$XI GHP)OXJ]XU(UGHYHUVDJWHQGLH7ULHEZHUNHGHU.$5,17+$6LHZXUGH]XU1RWODQGXQJDXIGLHVHP 3ODQHWHQJH]ZXQJHQ$QVFKHLQHQGEOLHEGDV5DXPVFKLIILPJURHQXQGJDQ]HQXQEHVFKlGLJWGLH 0DQQVFKDIWDP/HEHQ(LQ6WDUWDOOHUGLQJVZDUQLFKWPHKUP|JOLFK,FKQHKPHDQGDGLH0DQQ VFKDIWYHUVXFKWKDWGHQ2EHUVWHQ.ULHJVKHUUQSHU+\SHUIXQN]XHUUHLFKHQDEHUGDGLH+DOXWHUDOOH +\SHUIXQNUHODLVDEJHVFKRVVHQKDWWHQNDPNHLQH9HUELQGXQJ]XVWDQGH,PPHUKLQVLQGHVYRQKLHUDXV PHKUDOV]HKQWDXVHQG/LFKWMDKUHELV]XU(UGHRGHUQDFK/HPXU 1DQJOD7DQ5LYDXQGVHLQH/HXWHHUNDQQWHQDQVFKHLQHQGGLH8QDEZHQGEDUNHLWGHV6FKLFNVDOV6LH YHUEUDFKWHQGHQ5HVWLKUHV/HEHQVDXIGLHVHP3ODQHWHQXQGJLQJHQZLHGLH*|WWLQVLFKDXVGUFNWGHQ :HJDOOHV9HUJlQJOLFKHQ'HUHLQ]LJHGHUQLFKWYHUJDZDUGHU%RUGUHFKQHUGHU.$5,17+$6HLQ $XIWUDJEUDQQWHLKPZHQQPDQVRVDJHQGDUIDXIGHU6HHOH(UPRELOLVLHUWHVHLQH5HVHUYHQXQG ZXUGHWlWLJ ,FKZHLQLFKWZLHYLHOHWDXVHQG-DKUHHUJHEUDXFKWKDWXPGHQ0HFKDQLVPXV]XHQWZLFNHOQPLW GHVVHQ+LOIHHUYRUEHLIOLHJHQGH5DXPVFKLIIHZDKUQHKPHQNRQQWH5DTQRUKLHUVHW]WGLHREHUH*UHQ]H IQI]LJWDXVHQGPLQXVVLHEHQWDXVHQGDOVRUXQGGUHLXQGYLHU]LJWDXVHQG-DKUH$EHUHVPDJVHLQGD ZLUZHQQZLUXQVULFKWLJXPVHKHQlOWHUH'LQJHXQGXQWHUGHQ7LHIVFKOlIHUQ*HVFK|SIHDXVHLQHUQRFK lOWHUHQ(SRFKHILQGHQ$XIMHGHQ)DOOZDUGLHVGHUHQWVFKHLGHQGH6FKULWWGHU%RUGUHFKQHUGHU .$5,17+$QDKPYRUEHUIOLHJHQGH5DXPVFKLIIHZDKU(UWUDWPLWLKUHQ%RUGUHFKQHUQLQ9HUELQGXQJ OHUQWHZLHVLHXP]XSURJUDPPLHUHQZDUHQXQGDOVHUGDVJHOHUQWKDWWHILQJHUDQ5DXPVFKLIIH]XU /DQGXQJDXIGLHVHU:HOW]X]ZLQJHQ0LWGHQ%HVDW]XQJHQJLQJHUVHKUPHQVFKOLFKXPHUOLHLKQHQ GLH:DKOGDV/HEHQDXI%URNH]X(QGH]XOHEHQRGHUVLFKLQGHQ=XVWDQGGHVXQWHUNKOWHQ6FKODIV YHUVHW]HQ]XODVVHQ'HUZHLOHQDEHUUlXPWHHUGLH]XU/DQGXQJJH]ZXQJHQHQ5DXPVFKLIIHDXV'LH %RUGUHFKQHUVFKORHUDQVLFKVHOEVWDQDXVLKUHQ6SHLFKHUQEH]RJHUQHXH.HQQWQLVVHXQGGLH 7ULHEZHUNHVDPPHOWHHUDQHLQHPEHVRQGHUHQ2UW'HQQGDVZDVLKQPRWLYLHUWHZDUGLH 3URJUDPPLHUXQJGLH6RKXQ'HQ3DUUV6SH]LDOLVWHQLKPPLWJHJHEHQKDWWHQ6HLQJDQ]HV6LQQHQXQG 7UDFKWHQZDUGDUDXIDXVJHULFKWHWGHQ2EHUVWHQ.ULHJVKHUUQ]XHUUHLFKHQXQGLKP'HQ3DUUV%RWVFKDIW ]XEHUPLWWHOQ $EHUPDOVVFKREHUHLQH3DXVHHLQ Ä'DPLWLVWHLJHQWOLFKVFKRQDOOHVHUNOlUWVDJWHHUQDFKHLQHU:HLOHÄ'HU5HFKQHUVRJGLH6SHLFKHULQ KDOWHDQGHUHU5HFKQHULQVLFKDXIXQGHQWZLFNHOWH.HQQWQLVVHGLHLQGLHVHU.RQ]HQWUDWLRQDQNHLQHU DQGHUHQ6WHOOHYRUOLHJHQ(UEHJULIIGDV*HKHLPQLVGHU)RUPHQHUJLHXQGVFKXIVLFK%RWHQGLHIULKQ DUEHLWHWHQ%HIHKOHEHUPLWWHOWHQXQG+DQGUHLFKXQJHQYHUULFKWHWHQ (LQ*HVFK|SIGLHVHV3ODQHWHQGHU8UDKQ3DKXVZXUGH]XP3ULHVWHUGHU*|WWLQDXVHUVHKHQXQGHV EOLHEVHLQHU3KDQWDVLHEHUODVVHQLQZHOFKHU:HLVHHUGHQQHXHQ.XOWDXVULFKWHQPLWZHOFKHQ9HUEUl PXQJHQHULKQYHUVHKHQZROOWH*HQHUDWLRQHQYRQ3DKXVGLHQWHQVHLWGHPDOV3ULHVWHUGHUHLQHQ*|WWLQ GLHQLFKWDXVGHP,QQHUQGHU(UGHVRQGHUQDXVGHU+|KHVWDPPWH'DGLH*|WWLQ]ZLVFKHQHLQ]HOQHQ 3DKX*HQHUDWLRQHQQLFKWXQWHUVFKHLGHQNDQQVRQGHUQGHQKHXWLJHQ3DKXIUGHQVHOEHQKlOWPLWGHP VLHYRU7DXVHQGHQYRQ-DKUHQ]XPHUVWHQ0DO.RQWDNWDXIQDKPLVWHLQEHVRQGHUHV*HKHLPQLVGDV DXFKPLWGHU5HLIHGHU=HLW]XVDPPHQKlQJW (LQH=HLWODQJKHUUVFKWH6FKZHLJHQ=XXQJODXEOLFKZDUGDV*HK|UWH'HUPHQVFKOLFKH9HUVWDQG JHZ|KQWLQSODXVLEOHQDOOWlJOLFKHQ%DKQHQ]XGHQNHQZHLJHUWHVLFKGDV8QJHKHXHUOLFKH]X DN]HSWLHUHQ'LH*|WWLQHLQH$QVDPPOXQJYRQ&RPSXWHUQXQWHU)KUXQJGHV%RUGUHFKQHUVHLQHVYRU IQI]LJWDXVHQG-DKUHQYHUVFKROOHQHQOHPXULVFKHQ5DXPVFKLIIHV Ä:DQQNDPHQ6LHGDKLQWHU"IUDJWH6DUUXSO|W]OLFKÄ(UVWKHXWH" Ä,FKKDWWHGHQHUVWHQ9HUGDFKWDOVGLH525$,0$YRQLKUHU%DKQDEJHOHQNWZXUGH(VZDUHLQHQlUUL VFKH,GHHGLHPLUGXUFKGHQ.RSIVFKR(VVLHKWDXVDOVKlWWHXQVHU$XWRSLORWPLWHLQHPDQGHUHQ
$XWRSLORWHQHLQ.RPSORWWJHVFKPLHGHWGDFKWHLFKGDPDOV,FKYHUZDUIGHQ*HGDQNHQEDOGZLHGHU(LQ ]ZHLWHV0DOZXUGHLFKPLWUDXLVFKDOVZLUGLH$EELOGHUGHU*|WWLQLQ3DKXV+|KOHVDKHQ6R DEJUXQGKlOLFKZLUGQLFKWHLQPDOGHUSULPLWLYVWH(LQJHERUHQHHLQH*RWWKHLWGDUVWHOOHQ3DKXGDFKWH LFKPLUKDWWHGDV%LOGQLFKWVHOEVWHQWZRUIHQ(VZDULKPYRQGHU*|WWLQHLQJHJHEHQZRUGHQXQG GLH*|WWLQKDWWHLQGHU7DWYHUVXFKWVLFKVHOEVW]XSRUWUlWLHUHQGLH.XJHOJHVWDOWHLQHV5DXPVFKLIIV *DQ]VLFKHUZXUGHLFKPHLQHU6DFKHMHGRFKHUVWKHXWH$OVGHU1DPH&DULLQGDILHOHULQQHUWHLFKPLFK DQHLQHWHIURGLVFKH/HJHQGH6LHZLVVHQGLH7HIURGHUVLQGGLH1DFKNRPPHQGHUMHQLJHQ/HPXUHUGLH QDFK$QGURPHGDIORKHQ'LH7HIURGHUZLVVHQLQLKUHUhEHUOLHIHUXQJYRQHLQHP.XULHUVFKLIIQDPHQV .$5,17+$GDVPLWNULHJVHQWVFKHLGHQGHQ1DFKULFKWHQQDFK/HPXUXQWHUZHJVZDUVHLQ=LHOMHGRFK QLHHUUHLFKWHhEHUGLHVH/HJHQGHVLQGHLQLJH'LVVHUWDWLRQHQJHVFKULHEHQZRUGHQ(VJLEW/HXWHGLH DOOHQ(UQVWHVEHKDXSWHQ/HPXUKlWWHGHQ+DOXWHU.ULHJJHZLQQHQN|QQHQZHQQHVGHU.$5,17+$ JHOXQJHQZlUHLKU=LHO]XHUUHLFKHQ,FKEHVFKlIWLJWHPLFKDXVSULYDWHP,QWHUHVVH]LHPOLFKLQWHQVLY PLWGHUJDQ]HQ$QJHOHJHQKHLW'DVNDPPLU]XJXWH Ä0DQPXHEHQZLVVHQZRIUPDQVLFKLQWHUHVVLHUHQVROOQlVHOWH6WDUURS Ä:DVLVWGDVHLJHQWOLFKGLH5HLIHGHU=HLW"$XIZHOFKHQ=HLWSXQNWZDUWHWGLH*|WWLQ"IUDJWH+RU PHO'DODNND Ä6LHZDUHQDXIGHP%RGHQGHV6FKDFKWHVHULQQHUWHLKQ0DUN5LFKWHUÄ6LHPWHQHVHLJHQWOLFKDP EHVWHQZLVVHQ Ä'LH7ULHEZHUNH" 0DUNQLFNWH Ä'LH*|WWLQIDWHHLQHQJHZDOWLJHQ(QWVFKOX'DVLHVHOEVWDQGLH2EHUIOlFKHGLHVHV3ODQHWHQJHEXQ GHQZDUXQGHVDQGHUHUVHLWVQDFKZLHYRUDOVLKUH$XIJDEHEHWUDFKWHWHGHQ2EHUVWHQ.ULHJVKHUUQPLW 'DQ3DUUV,QIRUPDWLRQHQ]XYHUVHKHQEHVFKORVLHGHQJDQ]HQ3ODQHWHQLQHLQ5DXPVFKLII]XYHUZDQ GHOQXQGPLWLKPGLH(UGHDQ]XIOLHJHQ Ä'HQGHQJDQ]HQ3ODQHWHQVWRWWHUWH'DODNNDHQWVHW]W Ä*ODXEHQ6LHQLFKWGDGLH7ULHEZHUNVPDVVLHUXQJGD]XDXVUHLFKW"IUDJWH0DUNÄ(ULQQHUQ6LHVLFK DQGLH%UHQQSUREHGHUYHUJDQJHQHQ1DFKW" Ä%UHQQSUREH"
Ä,FKQHKPHDQGDGLH*HVDPWKHLWGHU7ULHEZHUNHDXI0LQLPDOOHLVWXQJJHIDKUHQZXUGHXP]XVH KHQREVLHIXQNWLRQLHUHQ+lWWHGLH*|WWLQGLH.DSD]LWlWGHU0DVFKLQHQYROODXVJHQW]WZlUH%URNH ZDKUVFKHLQOLFKDXVVHLQHU%DKQJHULVVHQZRUGHQ'LHVHQ3ODQDEHUKDWGLH*|WWLQQRFKLPPHU6RODQJH ZLUXQVQLFKWPLWLKUJHHLQLJWKDEHQVLQGZLUQLFKWVLFKHUGDQLFKWLPQlFKVWHQ$XJHQEOLFNVlPWOLFKH 7ULHEZHUNHDXIGHP%RGHQGHV6FKDFKWHVDQVSULQJHQXQG%URNHDXIGLHJURH)DKUWLQ5LFKWXQJ7HUUD JHKW 6SUDFKORVHV(UVWDXQHQULQJVXP Ä$EHUZDUXPZDUXPGHQJDQ]HQ3ODQHWHQ"VWLH1DVH\6WDUURSVFKOLHOLFKKHUYRUÄ:DUXP EHQXW]WHVLHQLFKWHLQIDFKHLQHVGHUJHNDSHUWHQ5DXPVFKLIIHXPQDFK/HPXU]XJHODQJHQ" Ä'DVZLVVHQZLUQLFKW:LUN|QQHQHVQXUYHUPXWHQ:DKUVFKHLQOLFKJLEWHVPHKUHUH*UQGH(LQHU GDYRQKDWVLFKHUOLFKGDPLW]XWXQGDEHLGHU%HQXW]XQJHLQHVJHNDSHUWHQ5DXPVFKLIIV'HQ3DUUV*H KHLPERWVFKDIWDXVGHP6SHLFKHUGHV.$5,17+$%RUGUHFKQHUVLQGHQ6SHLFKHUHLQHVDQGHUHQ5HFK QHUVKlWWHNRSLHUWZHUGHQPVVHQ'HQQGHU.$5,17+$5HFKQHUKlWWHHQWZHGHUKLHUEOHLEHQRGHUDQ %RUGGHVDQGHUHQ5DXPVFKLIIVWUDQVSRUWLHUWZHUGHQPVVHQ'DEHLZlUHHLQHYRUEHUJHKHQGH8QWHU EUHFKXQJGHU(QHUJLH]XIXKUQRWZHQGLJJHZHVHQXQGQLHPDQGKlWWHJDUDQWLHUHQN|QQHQGDGHU 6SHLFKHULQKDOWGLHVH8QWHUEUHFKXQJXQYHUlQGHUWEHUVWDQG'LH*|WWLQDEHUNHQQWGLH*HKHLPERWVFKDIW QLFKW6LHZHLQLFKWDQZHOFKHU6WHOOHLKUHV6SHLFKHUVVLHVWHKW'LH1DFKULFKW]XILQGHQXQG]X HQWVFKOVVHOQZlUH6DFKHGHUOHPXULVFKHQ([SHUWHQJHZHVHQ(VLVW]XYHUPXWHQGDGLH*|WWLQDXV DOOGLHVHQ*UQGHQHLQHhEHUWUDJXQJGHV6SHLFKHULQKDOWVIU]XULVNDQWKLHOWXQGVLFKHQWVFKORVLFK XQGGHQJHVDPWHQ3ODQHWHQDXIGLHODQJH5HLVH]XVFKLNNHQ8QGGDVLQGZLUJOHLFKEHLPVSULQJHQGHQ 3XQNW =HLWEHGHXWHWQlPOLFKIUGLH*|WWLQEHUKDXSWQLFKWV6LHLVWLQGLHVHP$XJHQEOLFNQRFKXQIlKLJ]X EHJUHLIHQGDGHU+DOXWHU.ULHJVFKRQOlQJVWYRUEHULVWXQGPLWNHLQHP0LWWHOGHV8QLYHUVXPVPHKU JHZRQQHQZHUGHQNDQQ Ä'DVLVWPHUNZUGLJVDJWH+RUPHO'DODNNDÄ-HGHU5HFKQHUKDWHLQHHLQJHEDXWH8KUJHZ|KQOLFKHLQ WHXUHV3Ul]LVLRQVLQVWUXPHQW:LHNDQQGHU%RUGUHFKQHUGHU.$5,17+$GHQhEHUEOLFNEHUGLH=HLW YHUOLHUHQ" 0DUN5LFKWHUOlFKHOWH
Ä(VLVWHLQHLJHQDUWLJHV'LQJXPGLH,QWHOOLJHQ]OHLVWXQJVVWDUNHU5HFKQHU6LHGHQNHQHLQIDFKQLFKWLQ PHQVFKOLFKHQ'HQNNDWHJRULHQ'LH8KUGHV5HFKQHUVEHOHJWVHFKVLQWHUQH5HJLVWHU-HGHV5HJLVWHULVW ELV]HKQ%LWVODQJVHFKV5HJLVWHUPDFKHQDOVRVHFK]LJ%LWV0LWVHFK]LJ%LWVOlWVLFKPD[LPDOGLH =DKO]ZHLKRFKVHFK]LJDXVGUFNHQGDVLVWHLQELFKHQPHKUDOV]HKQKRFKDFKW]HKQ(UVDKGD +RUPHO'DODNNDLP.RSI]XUHFKQHQEHJDQQXQGEHUXKLJWHLKQÄ/DVVHQ6LHQXULFKKDE VVFKRQ GXUFKJHUHFKQHW'LH=HLWPHHLQKHLWOHPXULVFKHU5HFKQHUHQWVSULFKWHWZDHLQHU1DQRVHNXQGHYRQ GHQHQHLQH0LOOLDUGHDXIHLQH6HNXQGHJHKHQ:HQQ6LHGDVXPUHFKQHQNRPPHQ6LHGDUDXIGDGHU .$5,17+$&RPSXWHUQLFKWPHKUDOVVHFKVXQGGUHLLJ-DKUHXQGHLQSDDU0RQDWH]lKOHQNDQQ Ä8QGZDVJHVFKLHKWGDQQ"IUDJWH6DUUXGLHQLHHLQHQ+HKOGDUDXVJHPDFKWKDWWHGDVLHYRQHOHN WURQLVFKHQXQGSRVLWURQLVFKHQ5HFKQHUQZHQLJYHUVWDQG Ä'DQQEHJLQQWGLH=lKOHUHLZLHGHUYRQYRUQHDQWZRUWHWH1DVH\6WDUURSPLW(LIHU*OHLFKGDUDXI ZDQGWHHUVLFKDQ0DUN5LFKWHUÄ6LHJODXEHQGDGLH*|WWLQLQGLHVHP=\NOXVVWHFNHQJHEOLHEHQLVW" 'DVLHQLFKWZHLZLHYLHO=HLWVHLWLKUHU/DQGXQJDXI%URNHYHUJDQJHQLVW" Ä,FKELQGDYRQEHU]HXJWHUNOlUWH0DUN5LFKWHUPLW1DFKGUXFNÄ)UHLQHQ5HFKQHULVWGLH=HLWHLQ ZHVHQORVHV'LQJ'LH*|WWLQNDQQELV]XVHFKVXQGGUHLLJ-DKUHQ]lKOHQXQGZHLWHUQLFKW6LHJODXEW GDUDQZHQQPDQEHLHLQHP&RPSXWHUYRQJODXEHQEHUKDXSWUHGHQNDQQ²GDZLHYLHO=HLWDXFK LPPHUYHUVWUHLFKHQP|JHVHLWLKUHP$EIOXJYRP=HQWUDOHQ.ULHJVVFKDXSODW]QLFKWPHKUDOVVHFKVXQG GUHLLJ-DKUHYHUJHKHQN|QQHQ1XUDXVGLHVHUhEHU]HXJXQJOlWVLFKHUNOlUHQGDVLHNHLQH(LOH NHQQW,FKPHLQHVRJDUGDVLHMHGHVPDOGDQQZHQQGLHVHFKV5HJLVWHUZLHGHUDXI1XOO]XUFNJHVWHOOW ZHUGHQJODXEWVLHVHLHEHQHUVWJHVWDUWHW 'LH8PVWHKHQGHQVDKHQHLQDQGHUDQ Ä'DVNDQQPDQVLFKNDXPDXVPDOHQEHPHUNWH1DVH\6WDUURSÄ$EHUZDKUVFKHLQOLFKKDEHQ6LH UHFKW Ä+RIIHQWOLFKKDEHLFKDXFKPLWGHU$QVLFKWUHFKWNRQWHUWH0DUN5LFKWHUELVVLJÄGD6LHVLFKDXIGLH 3URJUDPPLHUXQJOHPXULVFKHU5HFKQHUYHUVWHKHQ 1DVH\JULQVWH Ä'DKDEHQ6LH*OFNJHKDEWDOWHU+HUU'LH*HVFKLFKWHGHV&RPSXWHUVLVWHLQHVPHLQHU6WHFNHQ SIHUGH,FKYHUVWHKHPLFK]LHPOLFKJXWDXIOHPXULVFKH5HFKQHU Ä'DVLVWDXVJH]HLFKQHWVWUDKOWH0DUNÄ,FKKDEHQlPOLFKYRU (UNDPQLFKWPHKUGD]X]XVDJHQZDVHUYRUKDWWH $XVGHP6WROOHQGHU]XGHQ6lOHQGHU7LHIVFKOlIHUIKUWHNDP1LJRO:HUPDQ(UEHZHJWHVLFKUDVFK XQGVHLQH0LHQHZDUEHNPPHUW Ä(VZLUGNULWLVFKVWLHHUKHUYRUÄ'LH.|USHUWHPSHUDWXUGHU/HXWHVLQNWEHLYROOHU+HU]WlWLJNHLW 1RFKHLQH6WXQGHVRZHLWHUXQGVLHVLQGDOOHWRW 0DUN5LFKWHUV3ODQZDUIHUWLJ Ä+RUPHO6LHNHKUHQPLW,KUHQ/HXWHQ]XGHQ7ULHEZHUNHQ]XUFN+DOWHQ6LH.RQWDNW$XIPHLQHQ %HIHKOEHJLQQHQ6LHGLH$JJUHJDWHXQWHU)HXHU]XQHKPHQ,FKKRIIHDOOHUGLQJVGDHVVRZHLWQLFKW NRPPHQZLUG :lKUHQG+RUPHO'DODNNDVHLQH*UXSSH]XP$EPDUVFKIRUPLHUWHZDQGWHVLFK0DUNDQ1DVH\6WDU URS Ä6LHNRPPHQPLWPLUEHIDKOHUÄ:LUZHUGHQGLH*|WWLQEHULKUHQ,UUWXPDXINOlUHQKRIIHQWOLFK 'DQQOHJWHHUGHQ.RSILQGHQ1DFNHQXQGVFKULHVRODXWHUNRQQWH Ä.DULQWKDHVEHGDUIHLQHUZHLWHUHQ8QWHUUHGXQJ Ä(VVWHKWQXUHLQEHJUHQ]WHU6SHLFKHUEHUHLFK]XU9HUIJXQJDQWZRUWHWHGLH*|WWLQDXI0DUN5LFKWHUV )UDJHÄ'HLQ3URJUDPPPWHNOHLQVHLQ Ä(VLVWNOHLQEHKDXSWHWH0DUN Ä'DQQLVWJHJHQGHLQHQ:XQVFKNHLQ(LQZDQG]XHUKHEHQHUNOlUWHGLH*|WWLQ 0DUNXQG1DVH\EHIDQGHQVLFKLQGHPPHWDOOHQHQ%HKlOWHULP,QQHUQGHVNXJHOI|UPLJHQ+RKOUDXPV 1DVH\6WDUURSVHW]WHHLQHGHU.RQVROHQLQ7lWLJNHLW $XIGHQ7DVWHQJDEHUGLH5RXWLQH9RUEHIHKOHHLQHVOHPXULVFKHQ5HFKQHUSURJUDPPVHLQ Ä(LQVPXLFKQRFKZLVVHQVDJWHHUSO|W]OLFKÄ*|WWLQZLHRIWKDVWGXGHLQHQ=HLW]lKOHUDXIQXOO ]XUFNJHVHW]W" Ä'UHLKXQGHUWDFKWXQGVHFK]LJPDOODXWHWHGLH$QWZRUW 1DVH\6WDUURSQLFNWHEHIULHGLJWXQGIXKUIRUWGLH7DVWDWXU]XEHGLHQHQ'DV3URJUDPPGDV0DUN 5LFKWHUVLFKDXVJHGDFKWKDWWHZDUSULPLWLYHVVXPPLHUWH1DQR]X0LNURVHNXQGHQGLHVH]X 6HNXQGHQZHLWHU]X6WXQGHQ7DJHQXQG-DKUHQ'DV5HVXOWDWZDUGLH=DKOGHU-DKUHGLHVHLWGHP
6WDUWGHU.$5,17+$LQ5LFKWXQJ(UGHYHUJDQJHQZDU'LHVH=DKOGHU*|WWLQPQGOLFK]XU.HQQWQLV ]XJHEHQKlWWHQLFKWVJHQW]W6LHPXWHGDV5HVXOWDWLQLKUHQ6SHLFKHUQILQGHQQXUGDQQZUGHVLH GDUDQJODXEHQ (WZD]HKQ0LQXWHQODQJZDU1DVH\6WDUURSEHVFKlIWLJW,Q]ZLVFKHQVSUDFK0DUN5LFKWHUPLWGHU *|WWLQ Ä8QVHUH5HFKQXQJZLUGGLUEHZHLVHQGDGLH5HLIHGHU=HLWOlQJVWYHUJDQJHQLVWHUNOlUWHHU Ä'LH5HLIHGHU=HLWLVWQRFKQLFKWJHNRPPHQZLGHUVSUDFKLKPGLHPHFKDQLVFKH6WLPPH Ä'XZLUVWHVHUNHQQHQYHUVSUDFK0DUNÄ,FKHUZDUWHGDGXPHLQHQ%HIHKOHQJHKRUFKVWVREDOGGX HUNDQQWKDVWGDGHLQ3ODQQLFKWGXUFKIKUEDULVW Ä,FKJHKRUFKHQLHPDQGDEHUZHQQLFKHUNHQQHGDGLH5HLIHGHU=HLWWDWVlFKOLFKYHUVWULFKHQLVW ZHUGHLFKGLU]XU9HUIJXQJVWHKHQ 1DVH\6WDUURSQLFNWH0DUNDXIIRUGHUQG]X Ä'LH5HFKQXQJOlXIWVDJWH0DUN5LFKWHU (LQSDDU6HNXQGHQYHUJLQJHQ1DVH\V3URJUDPPKDWWHVHLQH$UEHLWOlQJVWYHUULFKWHW'LH=DKOYRQ PHKUDOVIQI]LJWDXVHQG-DKUHQVWDQGGHXWOLFKOHVEDULP$UEHLWVVSHLFKHUGHV5HFKQHUVDXFKGLHXQEH VWHFKOLFKH/RJLNGHV3URJUDPPVZDUIUGLH*|WWLQNODUGXUFKVFKDXEDU 6HOWHQLQVHLQHP/HEHQKDWWH0DUN5LFKWHU$XJHQEOLFNHGHUDUWXQHUWUlJOLFKHU6SDQQXQJHUOHEW+DWWH HUGLHÄ0HQWDOLWlWGHV5HFKQHUVULFKWLJEHXUWHLOW"*HQJWHHVZLUNOLFKGLH.DSD]LWlWGHUVHFKV8KUHQ UHJLVWHUPLWGHU=DKOGHU5FNVWHOOXQJHQ]XPXOWLSOL]LHUHQXPGLH0DVFKLQHYRQGHU$XVVLFKWVORVLJ NHLWLKUHV8QWHUIDQJHQV]XEHU]HXJHQ" (VZDUXQKHLPOLFKVWLOOLQGHPUXQGHQ5DXP0DUN5LFKWHUVSUWHZLHLKPGHU6FKZHLDXIGLH6WLUQ WUDW 3O|W]OLFKEUDFKDXVGHU+|KHGLH6WLPPHGHU*|WWLQ Ä,FKKDEHHUNDQQWZDVGXPLUVDJHQZROOWHVW'LH5HLIHGHU=HLWLVWYHUVlXPWZRUGHQ,FKVWHKH]X GHLQHU9HUIJXQJ 'DV*HIKOGHU(UOHLFKWHUXQJZDUVRJHZDOWLJGD0DUN5LFKWHUGLH.QLH]LWWHUWHQ (3,/2* $OVHUVWHVZXUGHQGLH0lQQHUXQG)UDXHQGHU525$,0$ZLHGHUHUZHFNW(LQH)UDXVWDUELQIROJH +HU]YHUVDJHQVDEHUGLHDQGHUHQHUZDFKWHQRKQH6FKDGHQJHQRPPHQ]XKDEHQ 0DUN5LFKWHUVHW]WHGXUFKGDGLHÄ*|WWLQGLH.RQWUROOHEHUGLHDXIGHP%RGHQGHV6FKDFKWHV YHUVDPPHOWHQ7ULHEZHUNHDXIJDE'LH6WHXHUOHLWXQJZXUGHGXUFKWUHQQW'DPLWZDUGLH*HIDKU JHEDQQWGDLQIROJHHLQHV)HKOHUVRGHUHLQHU+LQWHUOLVWGLH7ULHEZHUNHSO|W]OLFKLQ7lWLJNHLWWUDWHQ XQGGHU3ODQHWWURW]DOOHPDXVVHLQHU%DKQJHULVVHQZXUGH 'DQQJLQJPDQGDUDQGLHEULJHQ2SIHUGHV.$5,17+$5HFKQHUV]XHUZHFNHQ(VKDQGHOWHVLFK XP7DXVHQGHYRQ*HVFK|SIHQDXVDOOHQ9|ONHUQGHU*DOD[LV$UNRQHQEHIDQGHQVLFKGDUXQWHUHEHQVR ZLH7RSVLGHU$UDVZLH6SULQJHU$QJHK|ULJHHLQHVXQEHNDQQWHQ9RONHVGLHZDKUVFKHLQOLFK /HPXUHDEN|PPOLQJHZDUHQGLHJHVDPWH0LOFKVWUDHZDUYHUWUHWHQ$XVGHQ6SHLFKHUQGHV .$5,17+$5HFKQHUVZDULQ]ZLVFKHQRIIHQEDUJHZRUGHQGDGLHHUVWH5DXPVFKLIIVNDSHUXQJHWZD XPY&KUVWDWWJHIXQGHQKDWWH)DVWYLHU]LJWDXVHQG-DKUHDOVRKDWWHGHU%RUGUHFKQHUGHV OHPXULVFKHQ5DXPVFKLIIVJHEUDXFKWXPGLH)lKLJNHLWHQ]XHQWZLFNHOQGLHLKQLQGLH/DJH YHUVHW]WHQDOV*|WWLQDXI]XWUHWHQ9LHO8QJODXEOLFKHVZXUGHOHLFKWHUYHUVWlQGOLFKZHQQPDQGLHVH XQJHKHXUH=HLWVSDQQHPLWLQ5HFKQXQJ]RJ 'HU5HFKQHUKDWWHDXFKGLHJHUDXEWHQ+\SHUVHQGHUIUHLJHJHEHQ'LH(UGHZDUEHQDFKULFKWLJWZRUGHQ (LQH)ORWWHYRQ5HWWXQJVVFKLIIHQZXUGHLQQHUKDOEGHUQlFKVWHQ7DJHDXI%URNHHUZDUWHW0DUN5LFKWHU YHUEUDFKWHPDQFKH6WXQGHLQGHP0HWDOOJHKlXVHLP0LWWHOSXQNWGHVNXJHOI|UPLJHQ+RKOUDXPV'LH Ä*|WWLQKDWWHNHLQH%HGHQNHQPHKUVHLQH)UDJHQ]XEHDQWZRUWHQ(UHUIXKUDOOHVZDVHUZLVVHQ ZROOWHDXVZDVGHUPHUNZUGLJH1HEHOEHVWDQGGHPHUXQGVHLQH%HJOHLWHUDXIGHP5FNIOXJYRQ 3DKXV+|KOH]XP2SIHUJHIDOOHQZDUHQ:LHGLH%HVDW]XQJGHU525$,0$EHUZlOWLJWZRUGHQZDU :RKHUGLHÄ*|WWLQGLHXQJHKHXUHQ7UHLEVWRIIPHQJHQ]XP%HWULHEGHUDQJHVDPPHOWHQ 7ULHEZHUNVDJJUHJDWHEHVFKDIIWH 1LFKWVEOLHEXQHQWKOOW8QG0DUN5LFKWHUHPSIDQGVRHWZDVZLH(KUIXUFKWYRUGHPXQJHKHXUHQ (LQIDOOVUHLFKWXPXQGGHU=LHOVWUHELJNHLWGHV%RUGUHFKQHUVGHU.$5,17+$ 3DKXZDUOlQJVWLQVHLQ'RUI]XUFNJHNHKUW(UKDWWHQLFKWJDQ]YHUVWDQGHQGDHVGLH*|WWLQ5HHQGD YRQQXQDQQLFKWPHKUJHEHQVROOH$EHULUJHQGZDQQZUGHHUVLFKVFKRQGDPLWDEILQGHQ:HLWDXV
PHKU6RUJHDOV3DKXVJHLVWLJH9HUZLUUXQJEHUHLWHWHQ0DUN5LFKWHUGLH7DXVHQGHYRQ*HVFK|SIHQDXV DOOHQ9|ONHUQXQG=HLWOlXIWHQGLHLP/DXIHGHUQlFKVWHQ6WXQGHQDXVGHP7LHIVFKODIHUZDFKHQXQG VLFKPLWHLQHU8PJHEXQJNRQIURQWLHUWVHKHQZUGHQPLWGHUVLHQLFKWVDQ]XIDQJHQZXWHQ Ä:LHPDFKWPDQHLQHP7RSVLGHUNODUGDHVVHLQ9RONQLFKWPHKUJLEW"IUDJWH0DUNZlKUHQGHLQHU 'LVNXVVLRQGLHHUPLW+RUPHO'DODNNDLQGHU0HWDOONDSVHOIKUWH Ä'DVZHLLFKQLFKWDQWZRUWHWH'DODNNDElUEHLLJÄ,FKKDEH0KHJHQXJGLHVHP5DTQRUGD4XHU WDPDJLQNODU]XPDFKHQGDHUDOV(GHOPDQQNHLQHEHVRQGHUH%HKDQGOXQJ]XEHDQVSUXFKHQKDW Ä:LUVROOWHQXQVPLW6WDUURSGDUEHUXQWHUKDOWHQVFKOXJ0DUN5LFKWHUYRUÄ(UZLUNWHLQELFKHQ VFKQRGGHULJDEHUPDQFKPDOKDWHUUHFKWJXWH,GHHQ Ä$FK6WDUURSZLQNWH'DODNNDPLPXWLJDE Ä(UDUEHLWHWPLW,KQHQ]XVDPPHQQLFKWZDKU"HUNXQGLJWHVLFK0DUN Ä-D9LHOOHLFKWHLQHKDOEH6WXQGHDP7DJ Ä8QGGLHEULJH=HLW" Ä3RXVVLHUWHU6DUUXRGHU]XSIWDQGHQ)HGHUNOHLGHUQGHU(LQJHERUHQHQPlGFKHQKHUXP (UVHXI]WHGD]X0DUNODFKWH Ä*HKHQ6LHDXFKHLQZHQLJ]XSIHQ+RUPHOULHIHULKP]XÄ'DVZLUG,KQHQJXWWXQ 8QGGDQQIXKUHUIRUWGDUEHUQDFK]XGHQNHQZLHPDQ:HVHQGLHVHLW-DKUWDXVHQGHQLP7LHIVFKODI JHOHJHQKDEHQDXIYHUQQIWLJH:HLVHNODUPDFKHQN|QQWHGDGLH=HLWDQLKQHQYRUEHLJHODXIHQLVW (1'(