Der Mietbruder

'HU0LHWEUXGHU M 1U 'HU0LHWEUXGHU YRQ+DQV.QHLIHO $WODQ 'DV*URH,PSHULXPGHU$UNRQLGHQNlPSIW...

Author: Kneifel Hans

5 downloads 53 Views 463KB 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

DOWNLOAD PDF

DOWNLOAD .DOCX DOWNLOAD .PPTX

'HU0LHWEUXGHU

M 1U

'HU0LHWEUXGHU

YRQ+DQV.QHLIHO

$WODQ

'DV*URH,PSHULXPGHU$UNRQLGHQNlPSIWXPVHLQHQDFNWH([LVWHQ]GHQQHVPXVLFKVRZRKO lXHUHUDOVDXFKLQQHUHU)HLQGHHUZHKUHQ'LHlXHUHQ)HLQGHVLQGGLH0DDKNVGHUHQ5DXPIORWWHQGHQ 6WUHLWNUlIWHQ GHV ,PSHULXPV VFKZHU ]X VFKDIIHQ PDFKHQ 'LH LQQHUHQ )HLQGH $UNRQV VLQG GLH +HUUVFKHQGHQ VHOEVW GHUHQ +DEJLHU XQG .RUUXSWLRQ SUDNWLVFK NHLQH *UHQ]HQ NHQQHQ *HJHQ GLHVH LQQHUHQ )HLQGH LVW GHU MXQJH $WODQ GHU UHFKWPlLJH 7KURQHUEH XQG .ULVWDOOSULQ] YRQ $UNRQ EHUHLWV PHKUPDOV HUIROJUHLFK YRUJHJDQJHQ 6HOEVW HPSILQGOLFKH 5FNVFKOlJH HQWPXWLJHQ LKQ QLFKW XQG KLQGHUQ LKQ XQG VHLQH +HOIHU QLFKW GDUDQ GHQ .DPSI JHJHQ 2UEDQDVFKRO ,,, GHQ 8VXUSDWRU PLW DOOHU (QHUJLH IRUW]XVHW]HQ *HJHQZlUWLJ LVW $WODQ DOOHUGLQJV QLFKW LQ GHU /DJH DQ GLHVHP .DPSI PLW]XZLUNHQ 1DFK GHU *HIDQJHQVFKDIW EHL GHQ $NRQHQ GHQ (UEIHLQGHQ GHU $UNRQLGHQ GHU HU XQG VHLQH *HIlKUWHQ HQGOLFK HQWULQQHQNRQQWHQVLQGGHU.ULVWDOOSULQ]XQGVHLQH/HXWHHUQHXW]X*HIDQJHQHQJHZRUGHQ 6LH ZHUGHQ YRQ =RUJKDQ GHP %HIHKOVKDEHU GHV DUNRQLGLVFKHQ 6WW]SXQNWV 7UDYQRU LQ HEHQGLHVHP6WW]SXQNWIHVWJHKDOWHQ 2EZRKOGHU%HIHKOEHVWHKW$WODQVRIRUW2UEDQDVFKRODXV]XOLHIHUQVFKHLQW.RPPDQGDQW=RUJKDQ PLWVHLQHQ*HIDQJHQHQEHVRQGHUH3OlQHYHUIROJHQ]XZROOHQ $XFK0H[RQGHUYRQVHLQHP'RSSHOJlQJHUDXVJHVFKDOWHWH.RPPDQGDQWGHU6.217$1NRPPW PLWLQV6SLHO(UNlPSIWXPVHLQH,GHQWLWlWXQGILQGHWHLQHQ+HOIHULQHLQHP0DQQQDPHQV.RSUDO 'LHVHU0DQQLVW'(50,(7%58'(5« 'LH+DXSWSHUVRQHQGHV5RPDQV

$WODQXQG)DUWXORRQ±=ZHL*HIDQJHQHPLW6RQGHUVWDWXV

4XRQVRQ=RUJKDQ±%HIHKOVKDEHUYRQ7UDYQRU

0H[RQ±'HU0RQGWUlJHUWDXFKWLQGHU.DVKEDYRQ7UDYQRUXQWHU

.RSUDO±(LQ³0LHWEUXGHU´

$\NOLGD±(LQH³0LHWVFKZHVWHU´

0LWXQEHWHLOLJWHUVFKDUIHU%HIHKOVVWLPPHVDJWHGHU3RVWHQ ³$XVVWHLJHQ*HUDGHDXV´ 9LHU0lQQHULQOHLFKWHQ.DPSIDQ]JHQVSUDQJHQDXVGHP*OHLWHU9LHUDQGHUHZDUWHWHQEHUHLWV DP$QIDQJGHU5DPSH6LHIKUWHLQOHLFKWHU6FKUlJHLQGDV%DVHPHQWGHV*HElXGHV,FKZDUIHKHPDQ XQVYRUZlUWVVFKREHLQHQ%OLFNQDFKEHLGHQ6HLWHQ ³6FKQHOOHU´NQXUUWHGHU$QIKUHUHLQ5LHVHPLWHLQHP1DFNHQ]RSI *UR]JLJH*ODVIOlFKHQYHUHGHOWHU6WDKOXQGKHOOH.XQVWVWRII%DXHOHPHQWHOLHHQHUNHQQHQ GDZLUHLQH$UW9HUZDOWXQJVJHElXGHGHV6WW]SXQNWSODQHWHQEHWUDWHQ)DUWXORRQXQGLFKZDUHQPLW HLQHPEUHLWHQELHJVDPHQ0HWDOOEDQGDQGHQ+DQGJHOHQNHQDQHLQDQGHUJHIHVVHOW,FKVSUWHI|UPOLFK ZLHHVLP*HVLFKWGHV%DXFKDXIVFKQHLGHUVDUEHLWHWH(UYHUVXFKWHDXFKGLHJHULQJVWH&KDQFHIUXQV]X HUNHQQHQ 1RFKOHEWLKU$OOHVLVWRIIHQMHGHU$XVJDQJLVWGHQNEDUVDJWHEHUXKLJHQGGHU/RJLNVHNWRU'LH HUVWHQ$WHP]JHEHZLHVHQPLUGDZLUXQVDXIHLQHUHLJHQWPOLFKHQ:HOWEHIDQGHQ(VURFK PHUNZUGLJ'HU*HUXFKZDUJOHLFKHUPDHQDXIUHJHQGXQGJHKHLPQLVYROO:LUZXUGHQEHUGHQ 3ODWWHQEHODJGHU5DPSHJHVWRHQQlKHUWHQXQVHLQHPPDVVLYDXVVHKHQGHQ6FKRWWYHUVFKZDQGHQLP 7LHIJHVFKRGHVJURHQ*HElXGHV ³,FKZHUGHQLHYHUVWHKHQ´PXUPHOWH)DUWXORRQ³ZDUXPVLHJHUDGHXQVKHUDXVJHVXFKWKDEHQ´ (UZROOWHPLUGDPLWVDJHQGDZLUVRODQJHXQVHUHZDKUH,GHQWLWlWYHUWXVFKHQVROOWHQZLHHV LUJHQGP|JOLFKZDU,FKVWLPPWH]XXQGDQWZRUWHWHDOVVLFKGLH6WDKOSODWWHKLQWHUXQVVFKOR ³'DVLVWDXFKPLUVFKOHLHUKDIW´ ³6FKZHLJHQ6LH´VFKQDUUWHGHU&KHIGHVNOHLQHQ.RPPDQGRVGDVXQVQDFKNXU]HU *HIDQJHQVFKDIWDEJHKROWKDWWH8QVLUULWLHUWHGLH=LHOVWUHELJNHLWPLWGHUVLHXQVEHLGHKHUDXVJHVXFKW

'HU0LHWEUXGHU

M

$WODQ

KDWWHQ$OOHUGLQJVNRQQWHQZLUGDPLWUHFKQHQGDVLFKGLHVHUPHUNZUGLJH9RUIDOOVFKQHOOHUNOlUHQZUGH DOVXQVOLHEZDU ³-DZRKOZLUVFKZHLJHQ´HUNOlUWH)DUWXORRQDXHURUGHQWOLFKK|IOLFK0DQWULHEXQVEHUHLQHQ .RUULGRUGHVVHQ:lQGHYROOHU/HLWXQJHQXQG5RKUHZDUHQLQGLHHUOHXFKWHWH.DELQHHLQHV PHFKDQLVFKHQ/LIWV9LHU0lQQHUVSUDQJHQPLWJH]RJHQHQ6WUDKOHUQLQGLH(FNHQGHU&KHIEDXWHVLFK YRUGHU7UDXIGLHVLFKOHLVHZLPPHUQGVFKOR'HU.DVWHQJOLWWHWZD]ZHL0LQXWHQODQJDXIZlUWV'LH :DFKHQHVNRUWLHUWHQXQV]XHLQHUEUHLWHQ0HWDOOWUDP(QGHHLQHVEUHLWHQ.RUULGRUV(LQ%OLFNDXVGHU 3DQ]HUJODVVFKHLEH]HLJWHXQVGDZLULQHLQHPGHUREHUVWHQ6WRFNZHUNHZDUHQ'HU&KHIGUFNWHHLQHQ .QRSIHLQ/LQVHQDXJHVWDUUWHXQVDQGDQQVSUDQJHLQ/DXWVSUHFKHUDQ(LQHDXIIDOOHQGEOHFKHUQ NOLQJHQGH6WLPPHULHI ³%ULQJWVLHKHUHLQ´ 0DQIKUWHXQVLQHLQHQJURHQKHOOHQ5DXP9RUGHU)HQVWHUIURQWVWDQGHLQNOHLQZFKVLJHU 0DQQLQHLQHPXVWHUJOWLJVLW]HQGH8QLIRUPJHNOHLGHW(UZDQGWHXQVGHQ5FNHQ]XXQGVDJWHLQMHQHP NQDSSHQ7RQGHUXQHLQJHVFKUlQNWH0DFKWXQG$XWRULWlWDXVGUFNWH ³6LHVROOHQVLFKVHW]HQ,FKZQVFKHPLWLKQHQDOOHLQJHODVVHQ]XZHUGHQ'DQNH´ :LUZXUGHQLQGLH0LWWHGHV5DXPHVJHVFKREHQ(LQ,PSXOVVFKOVVHOWUHQQWHGLH]ZHL+lOIWHQGHU +DQGIHVVHO0DQEHGHXWHWHXQVVFKZHLJHQGLQ]ZHLVFKZHUHQDP%RGHQEHIHVWLJWHQ6HVVHOQ3ODW]]X QHKPHQ.DXPVDHQZLUVFKDOWHWHQVLFKVXPPHQG]ZHL3URMHNWRUHQHLQ-HGHUYRQXQVZDUMHW]WLQ HLQHPU|KUHQI|UPLJHQ6FKLUPIHOGJHIDQJHQGDVVLFK]ZLVFKHQ'HFNHXQG%RGHQVSDQQWH)DUWXORRQXQG LFKZHFKVHOWHQHLQHQODQJHQ%OLFN:LUEHVDHQNHLQHUOHL.RQWUROOHEHUGLH6LWXDWLRQ ,P*OHLFKVFKULWWYHUOLHHQGLH0lQQHUGHV:DFKSHUVRQDOVGHQ5DXP(VZLUNWHZLHHLQ6LJQDO DOVGLH7U]XJOLWW'HUNOHLQH0DQQDP)HQVWHUGUHKWHVLFKKHUXPXQGNDPPLWWULSSHOQGHQ6FKULWWHQ QlKHU(UEOLHEYLHU0HWHUYRUXQVVWHKHQXQGEOLFNWHXQVDQ ³,FKELQ4XRQVRQ=RUJKDQ´PHLQWHHU6HLQH6WLPPHNODQJWDWVlFKOLFKVRGQQXQGEOHFKHUQZLH GXUFKGHQ/DXWVSUHFKHU ³:LUVLQGHLQIDFKH*HIDQJHQHLUUWPOLFKKLHUJHODQGHW´HUNOlUWH)DUWXORRQWURFNHQ ³6R,UUWPOLFK´DQWZRUWHWH=RUJKDQPLWYHUGlFKWLJHU5XKH (UYHUVFKUlQNWHGLH$UPHYRUGHU%UXVWXQGPXVWHUWHXQVGXUFKGULQJHQG6HLQH$XJHQEOLFNWHQ VWHFKHQGYHUJOLFKHQPLWGHPNOHLQHQGUUHQ.|USHUZDUGHU6FKlGHOXQSURSRUWLRQLHUW(UZLUNWH]XJUR XQGZDUNDQWLJ'HU.RSIZDUYROONRPPHQNDKO ³,FKELQGRSSHOWHU6RQQHQWUlJHUZLH6LHXQVFKZHUHUNHQQHQN|QQHQ´VFKQDUUWHHUXQGZLSSWH DXIGHQ=HKHQ³$XHUGHPEHIHKOLJHLFKGHQ6WW]SXQNWSODQHWHQYRQ7UDYQRU´ ³$XVZHOFKHP*UXQGVLQGDXVJHUHFKQHWZLUEHLGHYRQGHQDQGHUHQ*HIDQJHQHQJHWUHQQW ZRUGHQ"´IUDJWHLFK,FKKDWWHGDV*HIKOHLQH6FKOLQJH]|JHVLFKXPXQVLPPHUHQJHU]XVDPPHQ (UVFKLHQVLFK]XHLQHUZHLWHUJHKHQGHQbXHUXQJHQWVFKORVVHQ]XKDEHQ ³%HYRUZLUXQVVWXQGHQODQJPLW/JHQXQG$XVIOFKWHQLP.UHLVGUHKHQVROOWHQ6LHIROJHQGHV ZLVVHQ,FKZHLJHQDXZHU6LHVLQG´ ³8QZDKUVFKHLQOLFK´PXUPHOWH)DUWXORRQ ³6LHVLQGYLHO]XLQWHOOLJHQW)DUWXORRQ´HUNOlUWHGHU]ZHLIDFKH6RQQHQWUlJHU³6LHHUNHQQHQ JHQDXREHLQH6LWXDWLRQDXVZHJORVLVW,QGLHVHP)DOOOLHJHQGLH9RUWHLOHEHLPLU,FKHUNHQQH6LH$WODQ´ HUGHXWHWHPLWHLQHPNQRFKLJHQ=HLJHILQJHUDXIPLFK³XQGQDWUOLFKDXFK6LH)DUWXORRQ'D]XKlWWHHV ZHGHU,KUHV6FKZHUWHVQRFKGHV]HUEHXOWHQ%UXVWKDUQLVFKVEHGXUIW,FKELQQLFKWVRQGHUOLFKGDYRQ HQW]FNW]ZHLGHUPHLVWJHVXFKWHQ0lQQHUGHV,PSHULXPVDOV*HIDQJHQH]XKDEHQ´ ,FKEHVFKORHLQHQIURQWDOHQ9RUVWR]XULVNLHUHQXQGIUDJWHVRUXKLJZLHP|JOLFK ³8QGDXVZHOFKHP*UXQGVLQGZLUQRFKQLFKWHUVFKRVVHQRGHUDXVJHOLHIHUW"´ 'DV/lFKHOQLQGHPDOWHQYRQWLHIHQ)DOWHQGXUFK]RJHQHQ*HVLFKWZDUGQQXQGQLFKWVVDJHQG ³8QWHU8PVWlQGHQZHUGHLFK,KQHQGLHVHV9HUJQJHQQRFKEHUHLWHQ9RUKHUVROOWHQZLUXQV XQWHUKDOWHQ´ ³:RUEHU"´ ³hEHU,KUH&KDQFHQ]XEHUOHEHQ´VDJWH=RUJKDQLQXQQDWUOLFKHU5XKH:LHGHUZHFKVHOWHQ )DUWXORRQXQGLFKHLQHQ%OLFN'LH$QWZRUWKDWWHXQVY|OOLJYHUZLUUW ³+DEHQZLU&KDQFHQ"´ZUJWHLFKKHUYRU=RUJKDQEHGDFKWHPLFKPLWHLQHP%OLFNYRQ XQSHUV|QOLFKHU.lOWH ³6RODQJH6LHQLFKWWRWVLQGJLEWHV+RIIQXQJ´HUNOlUWHHUQLFKWVVDJHQG'DQQGUHKWHHUVLFK KHUXPXQGJLQJDXINUXPPHQ%HLQHQ]XHLQHPJHZDOWLJHQ6FKUHLEWLVFKGHUYRUHLQHPJODVORVHQ6WFN

'HU0LHWEUXGHU

M

$WODQ

:DQGVWDQG(UVHW]WHVLFKXQGVFKLHQSO|W]OLFKYLHOJU|HUJHZRUGHQ]XVHLQ(LQYHUKlQJQLVYROOHV 6FKZHLJHQEUHLWHWHVLFKDXV9|OOLJSDVVLYVDHQZLUGDXQGKDWWHQQLFKWHLQPDOHLQHYDJH9RUVWHOOXQJ GDYRQZDV6RQQHQWUlJHU4XRQVRQ=RUJKDQSODQWH 0H[RQSUHWHVLFKIODFKDQGLH:DQGKLHOWGHQ$WHPDQXQGZDUWHWH'LH6FKULWWHHLQHV0DQQHV GHURIIHQVLFKWOLFKXQHQGOLFKYLHO=HLWKDWWHQlKHUWHQVLFKGXUFKGHQYHUZLQNHOWHQ6FKDFKW6LHZDUHQODXW XQGKDOOWHQDXIGHP0HWDOOUDVW)U0H[RQK|UWHQVLFKGLH6FKULWWHZLHGXPSIH7URPPHOVFKOlJHDQGLH VHLQH+LQULFKWXQJDQNQGLJWHQ0H[RQZDUHLQ*HKHW]WHULQVHLQHPHLJHQHQ5DXPVFKLII 6FKULWWHXQG(FKRNDPHQQlKHU$XIGLHJHJHQEHUOLHJHQGH:DQGILHOHLQODQJHU6FKDWWHQHU ZXUGHNU]HUXQGVFKlUIHUGLH*HUlXVFKHlQGHUWHQVLFK 'DQQVDKHUHLQHQ0RPHQWODQJLQGHPVFKPDOHQ$XVVFKQLWWGLH*HVWDOWHLQHV %HVDW]XQJVPLWJOLHGHVYRUEHLJOHLWHQ'LH6FKULWWHZXUGHQOHLVHUXQGHQWIHUQWHQVLFKLPJOHLFKHQ7DNWLQ GHPVLHQlKHUJHNRPPHQZDUHQ(LQHYROOH0LQXWHODQJVWDQGGHUGUHLIDFKH0RQGWUlJHUQRFKLQGHU 0HWDOOQLVFKH'DQQHUVWZDJWHHUVLFKKHUYRUXQGHLOWHZHLWHU 'LH6.217$1VWDQGIDVWY|OOLJOHHUDXIGHP]HQWUDOHQ/DQGHIHOGYRQ7HFNQRWK0H[RQZXWH GDHUYHUORUHQZDUZHQQHVLKPQLFKWJHODQJVLFKQHXDXV]XUVWHQ8QGHUEUDXFKWH*HOG(UPXWH IOLHKHQHUPXWHVHLQHUlWVHOKDIWHQQHXHQ)UHXQGHILQGHQ (LQHKDOEH6WXQGHVSlWHUEHIDQGVLFK0H[RQYRUGHP6FKRWW]XHLQHPGHUYLHOHQYHUVFKLHGHQHQ %RUGPDJD]LQH ³,FKJODXEHLFKNDQQHVVFKDIIHQ´VDJWHHUOHLVHXQGGUDQJHLQ,Q]ZLVFKHQK|UWHHUDQGHUH *HUlXVFKHDXVGHQlXHUHQXQGXQWHUHQ%H]LUNHQGHU6.217$19HUPXWOLFKGLH:DUWXQJVNRPPDQGRV GDFKWHHUXQGVXFKWHLQGHQYHUVFKORVVHQHQUDXPIHVWHQ5HJDOHQ(UVFKOSIWHVRHEHQLQGHQHUVWHQ bUPHOGHU-DFNHDOVHUK|UWHZLHMHPDQGLQGHQ5DXPHLQWUDW(LQHQ6HNXQGHQEUXFKWHLOODQJGXUFKIOXWHWH GHQEUHLWVFKXOWULJHQKRFKJHZDFKVHQHQ0DQQGLH3DQLNGDQQILQJHUVLFK 5XKLJXQGJHODVVHQ]RJHUGLH-DFNHDXVOLQGJUQHP6SH]LDOJHZHEHDQ$XIGHUOLQNHQ %UXVWVHLWHEHIDQGHQVLFKGLHGUHLVFKZDU]HQ0RQGH ³+HZDVJHKWKLHUYRU«´EHJDQQGHU%HVDW]XQJVDQJHK|ULJHDOVVLFK0H[RQXPGUHKWHXQGLKQ PLWHLQHPIUDJHQGHQ/lFKHOQPXVWHUWH ³$OOHVLQ2UGQXQJ´VDJWH0H[RQXQGQLFNWH³,FKELQHV´ ³.RPPDQGDQW´VDJWHGHU0DQQYHUEOIIW³,FKGDFKWH6LHZlUHQ«´ 0H[RQVFKORGLH=XKDOWXQJHQGHU-DFNHGDQQJLQJHUPLWDQJHKDOWHQHP$WHP]XPQlFKVWHQ 0DJD]LQEORFNXQG]RJ]ZHLQHXH:DIIHQDXVGHQ9RUUDWVIlFKHUQ ³,FKELQDEHUQLFKW:LH6LHVHKHQPDFKHLFKPLFKDXVJHKIHUWLJ´ 0LWVFKQHOOHQ*ULIIHQVFKREHUIULVFKH(QHUJLHPDJD]LQHLQGHQ6WUDKOHUXQGGLHNOHLQHUH %HWlXEXQJVZDIIHEHIHVWLJWHEHLGH6FKXW]WDVFKHQDQHLQHP*UWHOXQGVFKQDOOWHLKQVLFKXPGLH+IWHQ ³(QWVFKXOGLJHQ6LH.RPPDQGDQW´PXUPHOWHGHU0DQQQRFKLPPHUQLFKWVLFKHUZDVGDV]X EHGHXWHQKDWWH³,FKZROOWH6LHNHLQHVZHJVNRQWUROOLHUHQ´ ³1DWUOLFKQLFKW´HUNOlUWH0H[RQ$XIHLQHYHUZLUUHQGH:HLVHIKOWHHUVLFKQRFKLPPHUDOV .RPPDQGDQWXQG%HIHKOVKDEHUGHU6.217$1$EHUGLHVHU)DNWRUZDUQXUHLQHUYRQHLQLJHQ'XW]HQG K|FKVWYHUZLUUHQGHU3UREOHPHGLHHUO|VHQPXWH=XVDPPHQPLW$WODQZUGHHVLKPXQWHU8PVWlQGHQ JOFNHQ³6LHNRQWUROOLHUHQGDV6FKLII/DVVHQ6LHPLFKYRUEHLELWWH"´ ³9HU]HLKXQJ9LHO9HUJQJHQ.RPPDQGDQWLQ7HFNQRWK´ ³'DV9HUJQJHQZLUGVLFKLQ0DHQKDOWHQ´VDJWH0H[RQIXKUEHUVHLQNXU]HV+DDUGDQQJLQJ HUVHOEVWEHZXWDQGHP3RVWHQYRUEHL6HLQ+HU]VFKOXJUDVHQGVFKQHOO(UZDUEHUHLWDXJHQEOLFNOLFK KHUXP]XZLUEHOQXQGGHQ0DQQQLHGHU]XVFKODJHQ6HLQHUVWHV=LHOZDUHUUHLFKW(UPXWHMHW]WQXUQRFK GDV6FKLIIYHUODVVHQXQJHVHKHQXQGP|JOLFKVWVFKQHOO2KQHGDGHU:lFKWHUHWZDVVDJWHRGHU XQWHUQDKPNRQQWH0H[RQGDV0DJD]LQYHUODVVHQXQGGHQ.RUULGRUEHWUHWHQ 6RIRUWYHUVFKZDQGHUDXVGHP+DXSWNRUULGRUGHU]XP$EZlUWV$QWLJUDYVFKDFKWIKUWH 0H[RQEHQXW]WHHLQHQOlQJHUHQ:HJGHULKQXPHLQH9LHO]DKOYRQ(FNHQIKUWHDEHUHU HUUHLFKWHGHQNULWLVFKHQ6FKDFKWRKQHGDLKQMHPDQGJHVHKHQKlWWH0LWGHU+DQGDP*ULIIGHV 3DUDO\VDWRUVVFKZHEWHHULQGHPGlPPHULJHQ6FKDFKWDEZlUWVDEHUDOOHVZDVHUPHUNWHZDUHQGLH $UEHLWVJHUlXVFKHGHU:DUWXQJVNRPPDQGRV6LHNDQQWHQLKQQLFKWXQGZUGHQLKQVLFKHUQLFKWDXIKDOWHQ

'HU0LHWEUXGHU

M

$WODQ

$EHUGDJDEHVQRFKHLQH6FKOHXVHQZDFKHGLHHUSDVVLHUHQPXWH'LH0lQQHUDOOHUGLQJVZDUHQGDUDXI JHVFKXOWZRUGHQGDV6FKLIIJHJHQ(LQGULQJOLQJH]XVFKW]HQ -HPDQGGHUGDV6FKLIIYHUOLHHUUHJWHQXUHLQHQ%UXFKWHLOGHU$XIPHUNVDPNHLW (UVFKZDQJVLFKHQWVFKORVVHQDXVGHP6FKDFKWXQGEHWUDWGHQ%RGHQGHU3ROVFKOHXVH =ZHL0lQQHUVDHQLQHLQHU(FNHXQGEHXJWHQVLFKOHLVHODFKHQGXQGPXUPHOQGEHUHLQ 6SLHOEUHWW:lKUHQG0H[RQDXIGHQREHUHQ7HLOGHU%RGHQUDPSH]XJLQJXQGVLFKGHQ$QVFKHLQJDEGLH ]ZHL3RVWHQJDUQLFKW]XEHDFKWHQK|UWHHUGDV.OLFNHQGHUIDUELJHQ6WHLQHXQGGDVZLVSHUQGH6XPPHQ GHV6SLHOEUHWWV(UPDFKWHXQJHVW|UWGUHLLJ6FKULWWH$XIVHLQHU6WLUQXQGGHU2EHUOLSSHELOGHWHQVLFK NOHLQH6FKZHLSHUOHQ(UZDUVLFKHUGDLKQ+XQGHUWHYRQ$XJHQSDDUHQEHREDFKWHWHQ(UHUUHLFKWHGLH 5DPSHXQGEOLHENXU]VWHKHQ(UYHUVXFKWHJHQDXVR]XKDQGHOQZLHHVHLQ.RPPDQGDQWWXQZUGHGHU GLH6WDGWEHVXFKHQZLOO'DEHLZXWHHUGDJHUDGHGLHVHJHVSLHOWH6HOEVWYHUVWlQGOLFKNHLWLKQYHUUDWHQ NRQQWH (UJDEVLFKVHOEVWHLQHQ6WRXQGEHWUDWGHQIHGHUQGHQ%HODJGHU5DPSH +RIIHQWOLFKDODUPLHUWHGHU0DQQGHULKQLP0DJD]LQJHVHKHQKDWWHQLFKWGDV6FKLIIRGHUGLH %HK|UGHQ(LQHUVHLWVZDUHURIIL]LHOOWRWDQGHUHUVHLWVJOLFKLKPGHU³QHXH´.RPPDQGDQWELVDXIV+DDU0LW QRUPDOHU*HVFKZLQGLJNHLWJLQJ0H[RQDEZlUWV(UVDKGDVOHXFKWHQGH/DQGHIHOGXQGGHQ.UHLVGHU VFKZHUHQ)DKU]HXJHGHUGDV6FKLIIXPJDE,KUH.RQWXUHQJOlQ]WHQLQGHQ6WUDKOHQGHUVFKZHEHQGHQ 6FKHLQZHUIHUVlW]H 1LFKWVWHKHQEOHLEHQ:HLWHUJHKHQGDFKWHHUNRQ]HQWULHUW 0H[RQZDUDOOHVDQGHUHDOVHLQ)DWDOLVW(UKLHOWQLFKWGDVJHULQJVWHYRQGHP9HUVXFKVLFK VFKLHHQGHLQHQ:HJDQGHQVFKW]HQGHQ5DQGGHV5DXPKDIHQV]XEDKQHQ(UPXWHGLHVHVQlFKVWH =LHOHUUHLFKHQRKQHDXI]XIDOOHQ(U]|JHUWHDEHUPDOVDOVHUVHLQHQHUVWHQ6FKULWWDXIGDVOHXFKWHQGH /DQGHIHOGVHW]WH(LQH*UXSSH0lQQHUPLWHLQDQGHUUHGHQGPLW:HUN]HXJHQLQGHQ+lQGHQXQGLQ YHUVFKPXW]WHQ$UEHLWVDQ]JHQYHUOLHHEHQHLQHQ%HUHLWVFKDIWVZDJHQ+LQWHULKQHQVFKZHEWHHLQH 3UR]HVVLRQYRQ5RERWHUQXQG'LDJQRVHJHUlWHQ 0H[RQVWUDIIWHVLFKQDKPGLH6FKXOWHUQ]XUFNXQGVFKlW]WHGLH(QWIHUQXQJYRQGHQ /DQGHVWW]HQELV]XGHQ)URQWHQGHUHUVWHQ*HElXGHDE8QJHIlKUVLHEHQWDXVHQG6FKULWWHDOVRHLQH 6WXQGHVFKQHOOHU0DUVFK ³%HL$UNRQ´PXUPHOWHHUXQGVXFKWHVLFKHLQQHXHV7HLO]LHOGDVLKQ]XPLQGHVWJHJHQGLH%OLFNH GHU0lQQHUDEVFKLUPHQNRQQWH6HLQ.|USHUEHIDQGVLFKLQ$ODUPEHUHLWVFKDIW'LHYRUDQJHJDQJHQHQ $XIUHJXQJHQXQG(QWWlXVFKXQJHQGLH8QVLFKHUKHLWXQGGLH:LUNXQJGHU0HGLNDPHQWHVXPPLHUWHQVLFK (UZDUEHUHLWEOLW]VFKQHOO]XKDQGHOQ$EHUHUJLQJNXU]JUHQGDQGHQ0HFKDQLNHUQYRUEHLXQGDXI HLQHQVFKZHUHQ0RQWDJHJOHLWHU]X 0H[RQNDQQWHGHQ6WW]SXQNWSODQHWHQQLFKWVRQGHUOLFKJXW(UZDUPHKUPDOVKLHUJHODQGHWKDWWH VLFKDEHUMHZHLOVQXUNXU]H=HLWDXIJHKDOWHQ$OVHUMHW]WLP=LFN]DFN]ZLVFKHQDEJHVWHOOWHQ%DXWHLOHQXQG GXUFKHLQDQGHUZLPPHOQGHQ.RPPDQGRVDXIGHQ*OHLWHU]XJLQJVXFKWHQVHLQH$XJHQ 5DXPKDIHQSROL]LVWHQRGHUDQGHUH0lQQHUGLHQDFKLKP$XVVFKDXKLHOWHQ%LVKHUUHJLVWULHUWHQVHLQH EHUZDFKHQ6LQQHNHLQHUOHL=HLFKHQIUHLQHSODQYROOH6XFKH$EHULPPHUZLHGHUVFKZHEWHQ*OHLWHUPLW GHQ.HQQ]HLFKHQGHU5DXPKDIHQEHK|UGHYRUEHL 0LWHLQHPJHZDOWLJHQOHW]WHQ6SUXQJHUUHLFKWH0H[RQGHQ*OHLWHU(VJDENHLQHQGHXWOLFKHQ 6FKDWWHQLQGHPHUVLFKYHUVWHFNHQNRQQWHGHQQGLH)OlFKHGHV+DIHQVVWUDKOWHYRQXQWHQKHUDXIZLH HLQHULHVHQJURH3ODWWHDXVOHXFKWHQGHP3KRVSKRU$EHUKLHUDQGHU5FNZDQGGHVNDVWHQI|UPLJHQ $XIEDXVZDU0H[RQYRP6FKLIIDXVQLFKWPHKU]XVHKHQ 9RULKPHUVWUHFNWHVLFKMHW]WGLHIDVWOHHUH)OlFKHGHVKDOEHQ+DIHQV'LH6.217$1VWDQG XQJHIlKULP=HQWUXPGHV/DQGHIHOGV=ZLVFKHQLKUXQGGHP$XVJDQJEHIDQGHQVLFKQXUJHODQGHWH 6FKLIIH ³-HW]WZLUGHVSUREOHPDWLVFK´PXUPHOWHHU 6HLQH/DJHZDUDXHURUGHQWOLFKNULWLVFKDEHUNHLQHVZHJVKRIIQXQJVORV$XIGHPULHVLJHQ .RQWLQHQW7HFNQRWKNRQQWHHUVLFKLP1RWIDOOMDKUHODQJYHUVWHFNHQ$EHUGDVODJQLFKWLQVHLQHU$EVLFKW :DVVHLQ'RSSHOJlQJHUEHDEVLFKWLJWHNRQQWHHUHEHQIDOOVQLFKWHLQPDOHUUDWHQ(UZDUXQVFKOVVLJ :HQQHUMHW]WJHUDGHDXVORVJLQJZUGHHULQNXU]HU=HLWEHVWLPPWDXIJHJULIIHQZHUGHQ6WDKOHUHLQHQ *OHLWHUVRZUGHGLHVHEHQIDOOVDXIIDOOHQ:DVNRQQWHHUWXQ" /DQJVDPVFKREHUVLFKDQGHU/lQJVIURQWGHV]HUEHXOWHQ*OHLWHUVYRUEHL'LH0DVFKLQHURFK QDFKgO3XW]PLWWHOQXQGKHLJHODXIHQHQ0DVFKLQHQ(LQYHUUFNWHU*HGDQNH]XFNWHGXUFKVHLQHQ.RSI 0LW+LOIHHLQHVGHU*OHLWHURGHUHLQHU:DUWXQJVPDQQVFKDIWZUGHHVY|OOLJXQSUREOHPDWLVFKVHLQGLH

'HU0LHWEUXGHU

M

$WODQ

$EJUHQ]XQJGHV/DQGHIHOGV]XHUUHLFKHQRKQHDXIJHKDOWHQ]XZHUGHQ (UKRENXU]GHQ.RSIXQGEOLFNWHDQGHUJHVFKZXQJHQHQ:DQGXQJGHV6FKLIIHVYRUEHL(LQKHOOHU /LFKWSXQNWVWDQGGLUHNWGDUEHUYHUPXWOLFKNHLQ6WHUQVRQGHUQHQWZHGHU(UVWHU:HFNWRQRGHU=ZHLWHU :HFNWRQHLQHGHUEHLGHQ5DXPVWDWLRQHQ,P$XJHQEOLFNZDUHQDXFKVLHY|OOLJXQZLFKWLJ0H[RQVWLH VLFKYRQGHP0HWDOODXIEDXXQWHUKDOEGHU)URQWVFKHLEHDEXQGVXFKWHHLQ)DKU]HXJGDVVHLQHQ (UIRUGHUQLVVHQHQWVSUDFK 0H[RQGUHKWHGHQ.RSIhEHUDOO]ZLVFKHQGHQZXFKWLJHQ5RKUNRQVWUXNWLRQHQGHU/DQGHVWW]HQ EHZHJWHQVLFK)DKU]HXJH(LQNOHLQHU*OHLWHUPLWDXIIDOOHQGHQ/HXFKWVWUHLIHQXQGURWLHUHQGHQJHOEHQ /LFKWHUQERJXPHLQH*UXSSHYRQ0DVFKLQHQGLHODQJH7HOHVNRSEKQHQDXVJHIDKUHQKDWWHQLQ0H[RQV 5LFKWXQJ $OVGHU*OHLWHUELVDXI]ZDQ]LJ0HWHUKHUDQJHNRPPHQZDUJLQJ0H[RQQDFKYRUQLQV/LFKW HLQHV6FKHLQZHUIHUEQGHOVXQGKREGLH+DQG,P,QQHQUDXPGHU0DVFKLQHVDKHUHLQHQHLQ]HOQHQ0DQQ 'HU*OHLWHUKLHOWGLFKWYRULKP0H[RQJLQJ]XU)DKUHUVHLWH'LH6FKHLEHJOLWWVXPPHQGKHUXQWHU ³-D"´ ³+|UHQ6LH&KHI´VDJWH0H[RQMRYLDOXQGKLHOWVHLQ*HVLFKWLQHLQHU6WHOOXQJLQGHUGDV/LFKW QLFKWDOO]XVWDUNZDU³)lKUWMHPDQGYRQHXFK]XP$XVJDQJ",FKPX]XP,QWHUPDUNW´ 'HU*OHLWHUSLORWVDKGLHGUHL0RQGHXQGVDJWHQDFKGHQNOLFK ³,FKQLFKWLFKPXKLHUEOHLEHQ$EHUJHKHQ6LHGRUWUEHU]XGHU1DFKULFKWHQDEWHLOXQJ'LH VFKOHSSHQVWlQGLJ1HXWHLOHKLHUKHU´ 0H[RQZDUIHLQHQ%OLFNLQGLHDQJHJHEHQH5LFKWXQJ'RUWVWDQGHLQH*UXSSHYRQ0lQQHUQLQ ZHLHQ$Q]JHQ'LH1DFKULFKWHQWHFKQLNHUGLHVLFKZHQLJHUPLWgOEHVFKPXW]WHQ ³'DQNHIUGHQ7LSMXQJHU)UHXQG´NQXUUWH0H[RQ ³.HLQH8UVDFKH´ 'HU*OHLWHUVFKZHEWHVXPPHQGDQ0H[RQYRUEHL'HU.RPPDQGDQWDWPHWH]ZHLPDOWLHIGXUFK (UZDUQLFKWHUNDQQWZRUGHQ 0H[RQGUHKWHVLFKKHUXPXQGJLQJDXIGHUOHXFKWHQGHQ)OlFKHKLQEHU]XUDQJHJHEHQHQ6WHOOH 'LH7HFKQLNHUUHGHWHQDXIJHUHJWPLWHLQDQGHU(VVFKLHQHLQHUQVWKDIWHV3UREOHP]XJHEHQ'HU HKHPDOLJH.RPPDQGDQWZXWHJHQDXGDHUQRFKODQJHQLFKWLQ6LFKHUKHLWZDUDEHUHUYHUVXFKWHVR DXI]XWUHWHQDOVKDEHVLFKVHLWHLQLJHQ7DJHQDEVROXWQLFKWVYHUlQGHUW'LHDUNRQLGLVFKHQ 6WW]SXQNWWHFKQLNHUEHDFKWHWHQ]XHUVWGHQJURHQPXVNXO|VHQ0DQQQLFKWDEHUDOVHUGLFKWYRUGHU *UXSSHVWDQGVFKZLHJHQVLHZLHDXIHLQ.RPPDQGRXQGGUHKWHQVLFKQDFKLKPKHUXP 0H[RQJUWHK|IOLFKXQGOLHVHLKHQ%OLFNEHUGLH*HVLFKWHUJOHLWHQ(UVDKNHLQHUOHL+LQZHLVH GDLKQMHPDQGHUNDQQWKDWWH ³)lKUWYRQ,KQHQMHPDQG]XP$XVJDQJ"´IUDJWHHU-HGH0LQXWHGLHHUOlQJHUKLHULQ XQPLWWHOEDUHU1lKHGHV6FKLIIHV]XEUDFKWHZDUW|GOLFKJHIlKUOLFKIULKQ(UGDFKWHDQGHQ'VFKXQJHO ZRPDQLKQGDPDOVIUWRWOLHJHQJHODVVHQKDWWH ³:ROOHQ6LHPLWJHQRPPHQZHUGHQ"´ZDUGLH*HJHQIUDJH ³-D:HQQ¶VJHKWP|JOLFKVWEDOG´ (LQlOWHUHU7HFKQLNHUNUDW]WHVLFKDP.LQQXQGVDJWH]|JHUQG ³:LUKDEHQHLQNOHLQHV3UREOHP:LUYHUVXFKHQGHQ.RPPDQGDQWHQ]XHUUHLFKHQ:LUVROOHQ HLQHQ7UDQVPLWWHUWHLOHUVHW]HQHLQHQ«´HUQDQQWH7\SHQEH]HLFKQXQJXQG6HULHQQXPPHUQGHV (UVDW]WHLOV´XQGEUDXFKHQHLQH*HQHKPLJXQJ$EHUNHLQHUNDQQXQVVDJHQZRGHU&KHIYRQGLHVHP 6FKODFKWVFKLIILVW´ 0H[RQGHXWHWHDXIVHLQH5DQJDE]HLFKHQXQGVDJWHLP%HIHKOVWRQ ³'HU.RPPDQGDQWELQLFK%DXHQ6LHGLHVHVYHUGDPPWH7HLOHLQGDPLWZLUEDOGVWDUWHQXQGGHQ 7UDQVPLWWHUJHIDKUORVEHQXW]HQN|QQHQ%UDXFKHQ6LHHLQH8QWHUVFKULIW"´ ³1HLQGDQNH8QVJHQJWGLH$QRUGQXQJ´ 'HU9HUDQWZRUWOLFKHIUGLHVHV7HDPJDEHLQH5HLKHYRQ$QRUGQXQJHQXQGVFKOR ³8QG6LH'UDIQDQIDKUHQPLWGHP*OHLWHUORV%HVRUJHQ6LHVLFKGDV7HLODXVXQVHUHP0DJD]LQ *HEHQ6LH6FKLIIVQXPPHUXQGVRZHLWHUDQ8QGVHW]HQ6LHYRUKHU.RPPDQGDQW0H[RQGRUWDEZRHU HVZQVFKW.ODU"´ ³,FKGDQNH,KQHQ´VDJWH0H[RQXQGEHPKWHVLFKNHLQHDXIIlOOLJH5HDNWLRQ]X]HLJHQ(LQHUGHU 0lQQHU|IIQHWHLKPVRJDUQRFKGLH7UGHV*OHLWHUV$OVVLFK0H[RQKDOEHQWVSDQQW]XUFNOHKQWHPHUNWH HUZLHVHLQH)LQJHU]LWWHUWHQ$EHUPLWMHGHP.LORPHWHUGHQVLFKGHU*OHLWHUYRP6FKLIIHQWIHUQWHZXFKV VHLQH(UOHLFKWHUXQJ1LHPDQGKLHOWGHQ*OHLWHUDXIGHQQGLHVH0DVFKLQHJHK|UWH]XU$XVUVWXQJGLHVHV

'HU0LHWEUXGHU

M

$WODQ

JU|WHQ5DXPKDIHQVYRQ7UDYQRU ³:RVROOLFK6LHDEVHW]HQ.RPPDQGDQW"´IUDJWHGHU3LORWDOVVLHVLFKGHUJUHOODXVJHOHXFKWHWHQ =RQHGHV$XVJDQJVQlKHUWHQ0H[RQZDUVLFKHUGDNHLQHUOHL.RQWUROOHQVWDWWIDQGHQ6FKOLHOLFKZDUHU KLHUXQEHPHUNWJHEOLHEHQ ³=XP7UDQVLWJHElXGH´VDJWHHU³0DFKHQ6LHQLFKWZHJHQPLUHLQHQJU|HUHQ8PZHJ´ ³9HUVWDQGHQ,FKNDQQ6LHGLUHNWYRUGHP(LQJDQJDEVHW]HQ´ ³'DQNH´ (UZDUHUOHLFKWHUWZDJWHHVDEHUQLFKWGLHVH(UOHLFKWHUXQJ]X]HLJHQ(UZDUWHWHELVGHU*OHLWHU DQKLHOWVFKREGLH7UDXIXQGGHXWHWHHLQHQIOFKWLJHQ*UXDQ(UVWLHJDXVXQGJLQJGHQEUHLWHQ:HJ HQWODQJGHUHEHQIDOOVVHOEVWOHXFKWHQGDXVJHIKUW]XPEUHLWHQ(LQJDQJGHV.XSSHOJHElXGHVIKUWH$XI 7HFNQRWKKHUUVFKWH6RPPHU6lPWOLFKH$UNRQLGHQGLHHUVDKWUXJHQOHLFKWH.OHLGXQJ%OLW]VFKQHOO VFKLFNWH0H[RQVHLQH%OLFNHKLHUKLQXQGGRUWKLQHUVXFKWHPLWGHP,QVWLQNWHLQHVJHKHW]WHQ7LHUHV :DFKHQRGHUMHPDQGHQGHULKQHUNDQQWHXQGHLQH9HUIROJXQJEHJLQQHQZUGH6HLQH8QVLFKHUKHLWQDKP ]XMHPHKUHUVLFKGHP(LQJDQJQlKHUWH ³1LFKWV"´NQXUUWHHU7URW]GHPZLFKHQVHLQH8QUXKHXQGVHLQ8QEHKDJHQQLFKW(UZXWHQLFKW DXVZHOFKHP*UXQGHUVLFKVRPHUNZUGLJIKOWH9LHOOHLFKWODJHVGDUDQGDHUDXVGHUIHVWHQ KLHUDUFKLVFKDEJHVWLPPWHQ:HOWGHV5DXPVFKLIIVMHW]WZLHGHUHLQPDOLQHLQHQYHUZLUUHQGHQXQGKHOOHQ %H]LUNDXV/X[XVKLQHLQVWLH(UZXWHGDHUELV]XVHLQHP7RGVHLQHHLQIDFKH+HUNXQIWQLFKW YHUJHVVHQZUGH,QGHU6HNXQGHDOVGLHGLFNHQ*ODVSODWWHQYRULKP]XU6HLWHDXVZLFKHQXQGHULQGHQ NOLPDWLVLHUWHQ%HUHLFKGHV7UDQVLWJHElXGHVWUDWZXUGHLKPVHLQH6WHOOXQJDOVJHVHOOVFKDIWOLFKHU $XHQVHLWHUZLHGHUYROOEHZXW (UZXWHGDHUVLFKOLQNLVFKYHUKLHOWDXFKZHQQDQGHUH0HQVFKHQGLHVQLFKWVRIRUWVHKHQ NRQQWHQ 'DULQLUUWHHU0H[RQ]XFNWH]XVDPPHQDOVKDEHLKQHLQ6FKODJJHWURIIHQ(UEOLHEVWHKHQXQG PHUNWHGDLKQMHPDQGDPbUPHOGHU-DFNHIHVWKLHOW (LQGLFNHUDOWHU0DQQPLW]HUNQLWWHUWHP*HVLFKWXQGIHXFKWHQ$XJHQJULQVWHLKQDQXQGIOVWHUWH ³%UDXFKHQ6LHHLQHQ0LHWEUXGHU+HUU$GPLUDO"´ )DVWDXWRPDWLVFKVWUHLIWH0H[RQGLH+DQGYRQVHLQHP$UP(LQ3DVVDQWUHPSHOWHLKQDQXQG HQWVFKXOGLJWHVLFKNQDSS ³0LHWEUXGHU"1HLQ´ ³$GPLUDO´NLFKHUWHGHUXQJHSIOHJWULHFKHQGH0DQQXQGKREGLHUHFKWH6FKXOWHU³'DVLVWGDV $QJHERWGHV-DKUHV6LHVROOWHQHVVLFKEHUOHJHQ)UHLQH+DQGYROO&KURQQHUVIKUHLFK6LHLQGLH VQGLJVWHQ7LHIHQYRQ7UDYQRUXQGDQQRFKDQGHUH6WHOOHQ«´ 0LWHLVLJHU6WLPPHVDJWH0H[RQ ³,FKEUDXFKHNHLQHQ0LHWEUXGHU*HKHQ6LHELWWH]XU6HLWH´ 0H[RQYHUDFKWHWH:HVHQGLHVLFKYHUNDXIWHQXQGLKUHQOHW]WHQ5HVWYRQ6WRO]YHUORUHQKDWWHQ(U DFKWHWHQLFKWPHKUGDUDXIGDGHUNOHLQHIHWWH0DQQQHEHQLKPKHUWULSSHOWHXQGLKPPLWVHLQHU XQDQJHQHKPDXIGULQJOLFKHQ6WLPPH]XIOVWHUWH ³0HUNHQ6LHVLFKGHQ1DPHQ$GPLUDO±0LHWEUXGHU.RSUDO.RSUDOGHU(LQ]LJDUWLJH´ $OVLKQHQHLQH*UXSSHDQJHKHLWHUWHU5DXPIDKUHUHQWJHJHQNDPZLFK0H[RQQDFKOLQNVDXV .RSUDOZXUGHQDFKUHFKWVEHLVHLWHJHVFKREHQXQGYHUORUVLFKLP*HZKOGHU0HQVFKHQ'LH7UDQVLWKDOOH ERWGHQ%HVDW]XQJHQGHU6FKLIIHQDKH]XDOOHVZDVPDQPLW6NDOLWRQV0HUNRQVRGHU&KURQQHUV EH]DKOHQRGHUEHUGHQ.UHGLWVWUHLIHQDEUHFKQHQN|QQWH)DVWDOOHVXQGMHW]WDXFK0LHWEUGHUXQGGHUHQ EL]DUUH9DULDQWHGLH0LHWVFKZHVWHUQ'LH7UDQVLWKDOOHZDUHLQULHVLJHV(LQNDXIV]HQWUXPDEHUGDV 6RUWLPHQWEOLHEDXIGHQ%HGDUIGHU5DXPIDKUHU]XJHVFKQLWWHQ $XHUGHPZXUGHQKLHU1DFKULFKWHQDXVJHWDXVFKWHVJDE5HVWDXUDQWV%DUVXQGHLQH6WDWLRQGHU 5DXPKDIHQSROL]HL0H[RQJULIILQVHLQH+RVHQWDVFKHXQG]RJGLH+DQGKHUYRU(UWUDW]XU6HLWHXQG EHWUDFKWHWHGDVVSlUOLFKH+lXIFKHQ*HOG ³9LHONDQQLFKPLUQLFKWOHLVWHQ´EHPHUNWHHUOHLVHXQGVWHXHUWHHLQHQGHUYLHOHQ.LRVNHDQ $OVHUVLFKHLQPDOXPGUHKWHVDKHU]ZLVFKHQGHQHLQ]HOQHQ*UXSSHQGHQNOHLQHQ0DQQ(UZDU KDUWQlFNLJXQGVFKLHQHLQHQVLFKHUHQ%OLFNIUSRWHQWLHOOH2SIHU]XKDEHQ 0LHWEUGHURGHU0LHWVFKZHVWHUQZDUHQHLQEHGDXHUOLFKHU$XVZXFKVGHU*HVHOOVFKDIWGHUHUVW QDFK%HJLQQGHV*URHQ0HWKDQNULHJVDXIJHWUHWHQZDU0DQWUDIGLHVHRIWKHUXQWHUJHNRPPHQHQ 6XEMHNWHEHVRQGHUVDXI5DXPKlIHQEH]LHKXQJVZHLVHDQGHUHQ5lQGHUQ'RUWOXQJHUWHQGLH 0LHWJHVFKZLVWHUKHUXPXQGERWHQLKUH'LHQVWHVWXQGHQZHLVHRGHUIUOlQJHUH=HLWDQ0DQNRQQWH

'HU0LHWEUXGHU

M

$WODQ

VRZRKOLKUH.|USHUZLHDXFKLKUHQ9HUVWDQGRGHUGLH2UWVNHQQWQLVPLHWHQHVJDEHLQHQXQHQGOLFKHQ 7DULIZLUUZDUU$OOHUGLQJVZDUHQGLHMHQLJHQGLHLKUH.|USHUDQERWHQK|FKVWVHOWHQ 1DWUOLFKZDUHVVWUDIEDU0LHWEUXGHURGHU0LHWVFKZHVWHU]XVHLQ'LH3ROL]HLYHUIROJWHVLH XQQDFKVLFKWLJNRQQWHDEHULPPHUQXU7HLOHUIROJHHU]LHOHQ(VZDUHLQIDFKQLFKWP|JOLFKGLHVH $XVZFKVHY|OOLJDXV]XURWWHQ±LPPHUZLHGHUWDXFKWHQVLHDXIGLHVHV8QJH]LHIHUGDFKWH0H[RQ DQJHZLGHUWXQGZDQGWHVLFKDE 6RUJIlOWLJUHFKQHWHHUDXVZDVHUNDXIHQNRQQWH(UVWHOOWHVHLQHQ=HLWPHVVHUJHQDXHLQGHU7DJ DXI7UDYQRUKDWWHVHFKVXQG]ZDQ]LJ6WXQGHQXQGGUHLLJ0LQXWHQ'LHXQDXIGULQJOLFKH'DXHUPXVLNGLH GXUFKDOOH7HLOHGHU.XSSHOULHVHOWHOLHLKQNHLQHVZHJVXQDXIPHUNVDPZHUGHQ,PPHUZLHGHUVXFKWHQ VHLQH$XJHQQDFK%HREDFKWXQJHQGLHLKP]HLJWHQREHULQ*HIDKUZDU $OOHUGLQJVGDFKWHHUQDFKGHPHUQXUQRFKGUHL&KURQQHUVKDWWHOLHLKQDOOHLQGLH8QNHQQWQLV GHUQDKHQ6WDGW]XHLQHU3HUVRQZHUGHQGLHIUKHURGHUVSlWHUDXIIDOOHQZUGH1DWUOLFKHUEHVD VHLQHQ.UHGLWVWUHLIHQXQGVHLQNRPSXWHUJHVSHLFKHUWHV*XWKDEHQZDU]LHPOLFKKRFK 'LHHUVWH$EEXFKXQJZUGHMHGHPYHUUDWHQZRHUVLFKEHIDQG9LHOOHLFKWZDUWHWHMHPDQGEHUHLWV DXIGLHVHV6LJQDO $QGHUHUVHLWVEHQW]WHYLHOOHLFKWGHU'RSSHOJlQJHU±ZREHIDQGHUVLFKHLJHQWOLFK"HLQH 1DFKDKPXQJRGHUGLHYRQLUJHQGHLQHP$PWDXVJHVWHOOWHQHXH.DUWH0H[RQHQWVFKORVLFK ZLGHUVWUHEHQGGLHVH=DKOXQJVP|JOLFKNHLWQLFKWDQ]XZHQGHQ (UJLQJHLQH7UHSSHKLQDXIXQGVHW]WHVLFKDXIHLQHQOHHUHQ+RFNHU'LHJHIOOWH(LQNDXIVSDFNXQJ VWHOOWHHUQHEHQVHLQHQ)XXQGKREGLH+DQG ³:DVZQVFKHQ6LH.RPPDQGDQW"´ (LQHQLFKWPHKUJDQ]MXQJH$UNRQLGLQPLWNXU]JHVFKRUHQHP+DDUXQGPGHQJHUlGHUW DXVVHKHQGHQ$XJHQNDPKHUDQ0H[RQEHVWHOOWHHLQH3RUWLRQ+¶RJRRXQGHLQHQGRSSHOWHQ5HUXWK +¶RJRRHLQKHLHV*HWUlQNVXQGYRQEHUQVWHLQJHOEHU)DUEHZLUNWHDXIPXQWHUQGGHUVWDUNHEHU .UlXWHUGHVWLOOLHUWH$ONRKROYHUVHW]WHLKQVFKRQQDFK]ZHL6FKOXFNHQLQHLQHNXU]]HLWLJHWUJHULVFKH (XSKRULH(UVDGDEHZDFKWHVHLQH(LQNlXIHXQGVDKGHQ$UNRQLGHQ]X(UGDFKWHZLHGHUDQVHLQH /DJH :RNRQQWHHU)DUWXORRQ$WODQXQGGLH*HIDQJHQHQILQGHQ"+DWWHHUHLQH&KDQFHVLH]X EHIUHLHQ":LHVFKDIIWHHUHVVLFKLQGHU6WDGW³.URQHYRQ7HFNQRWK´]XUHFKW]XILQGHQ8QGGLH QlFKVWOLHJHQGH)UDJH:RVFKOLHIHULQGLHVHU1DFKW"'LH'URJHK|UWHLQHLQLJHQ6WXQGHQ]XZLUNHQDXI GDQQZUGHLKQGLH0GLJNHLWEHUZlOWLJHQ $OVGDVGLFNH*ODVOHHUZDUVWHOOWHHUIHVWGDHUVLFKDQHLQHPWRWHQ3XQNWEHIDQG(UEHVWHOOWH GHQ]ZHLWHQ5HUXWK )UVHLQ*XWKDEHQZUGHHUPRQDWHODQJLQGHUWHXHUVWHQ=LPPHUIOXFKWGHVWHXHUVWHQ+RWHOV ZRKQHQN|QQHQ-HGHQ/X[XVGHV3ODQHWHQNRQQWHHUVLFKOHLVWHQHEHQKDWWHHUGRUWXQWHQJHOHVHQGD DOOH$UWHQYRQNXU]HQRGHUOlQJHUHQ$XVIOJHQ]XGHQGUHLDQGHUHQ.RQWLQHQWHQ0HUVLERRU3HUYURQXQG .DODPGD\RQRUJDQLVLHUWZXUGHQ(VZDUHQ/DQGIOlFKHQGLHPDQYROONRPPHQXQDQJHWDVWHWKDWWH'RUW ZUGHHV0LOOLRQHQYRQ9HUVWHFNHQJHEHQ (UKlWWHLP6FKLIIVRODQJHVXFKHQVROOHQELVHUGLH.UHGLWVWUHLIHQYRQGHQ0HXWHUHUQIDQG'DQQ KlWWHHVOlQJHUJHGDXHUWELVPDQVHLQH6SXUIDQG$XHUGHPKlWWHHU%DUJHOGHLQWDXVFKHQN|QQHQ GHVVHQ6SXUQLHPDQGYHUIROJHQNRQQWH 6FKHLQEDUEHGlFKWLJXQGHQWVSDQQWWUDQNHUGDV*ODVOHHUXQGUKUWHLQGHP%HFKHU,QVHLQHP ,QQHUQWREWHHLQODXWORVHU$XIUXKU3O|W]OLFKEHJDQQVHLQJHEURFKHQHV1DVHQEHLQ6FKPHU]HQ DXV]XVWUDKOHQ'LHVHOlQJVWYHUJHVVHQH9HUZXQGXQJPDFKWHVLFKMHGHVPDOEHPHUNEDUZHQQHUVLFKLQ NULWLVFKHU6WLPPXQJEHIDQG 'LHVH8QVLFKHUKHLW'LHVHVYHUGDPPWH*HIKODXHQ]XVWHKHQXQGVLFKQLFKWDEVROXWVLFKHU EHZHJHQ]XN|QQHQ(UEHJDQQVLFK]XIKOHQDOVZUGHQDOOH:HVHQDXIGLHVHP3ODQHWHQHLQHLKP XQEHNDQQWHXQGXQEHJUHLIOLFKH6SUDFKHVSUHFKHQ(UNDPVLFKDXVJHVHW]WXQGKLOIORVYRU8QGGD]XDXFK QRFKDUPXQGRKQH&KDQFHQZLH«ZLHHLQ0LHWEUXGHU $OVLKPVHLQ*HGDQNHEHZXWZXUGHVSUWHHUZLHVLFKVHLQ*HVLFKWU|WHWH(LQHKHLH:HOOH YRQ:XWXQG6FKDPGXUFKIOXWHWHLKQ)DVWDXWRPDWLVFKGUHKWHHUGHQ.RSIXQGVXFKWHLQGHU0HQJHQDFK .RSUDO 'RUWGUEHQVWDQGHUVFKHLQEDUJHODQJZHLOWDQHLQHU:DQGOHKQHQG(UVWDUUWHGLUHNWLQ0H[RQV *HVLFKW 0H[RQVWLHHLQHQOHLVHQ)OXFK]ZLVFKHQGHQ=lKQHQKHUYRUXQGKREGLH+DQG.RSUDOPDFKWH

'HU0LHWEUXGHU

M

$WODQ

HLQ=HLFKHQGDHUYHUVWDQGHQKDWWH0H[RQGHXWHWHDXIGHQIUHLHQ+RFNHUQHEHQLKP.RSUDOQLFNWH :LHHLQJHMDJWHVNOHLQHV7LHUEHZHJWHHUVLFKIOLQNGXUFKGLH3DVVDQWHQKLQGXUFKXQGVDNXU]H=HLW VSlWHUQHEHQ0H[RQ(UURFKXQJHZDVFKHQQDFKXQJHOIWHWHU.OHLGXQJQDFKELOOLJHQ)XVHOXQGQDFK GHQ*HZU]HQGHVOHW]WHQ(VVHQV ³6LHEUDXFKHQPHLQH.OXJKHLW$GPLUDO"´IUDJWHHUPLWVFKHLQKHLOLJHU6LFKHUKHLW6HLQ/lFKHOQZDU DEVWRHQG]ZHL=lKQHIHKOWHQ ³9LHOOHLFKW´VDJWH0H[RQXQGUDQJVLFK]XGHU)UDJHGXUFK ³:ROOHQ6LHHLQHQ5HUXWK"´ ³0LWHLQHPGRSSHOWHQZUGHQ6LHVLFKHLQHQKRKHQ*UDGPHLQHV:RKOZROOHQVVLFKHUQ*HQHUDO´ HUZLGHUWH.RSUDO(UEHVDGHQOHGHUQHQ&KDUPHHLQHU6XPSIHFKVH :RUWORVEHVWHOOWH0H[RQXQGUHFKQHWHGDEHL(UNRQQWHVLFKQXUQRFKHLQHEHJUHQ]WH0HQJHYRQ 'ULQNVOHLVWHQGDQQZDUHUHEHQVRDUPZLH.RSUDO$OVGLHPUULVFKH%HGLHQXQJGLH*OlVHUYRUVLH KLQVWHOOWHEHUGLH3ODWWHZLVFKWHXQGGLHOHHUHQ*OlVHUZHJUlXPWHOHJWH0H[RQ]ZHL&KURQQHUVDXIGLH 7KHNH ³$XIJXWH=XVDPPHQDUEHLW´VDJWH.RSUDOIUHFKXQGNHLQHVZHJVVRXQWHUZUILJZLHHV0H[RQ HUZDUWHWKDWWH ³0|JOLFK´ ³6LHP|JHQNHLQH0LHWEUGHUVWLPPW¶V"$EHU6LHEUDXFKHQHLQHQ0LHWEUXGHU0RQGWUlJHU"´ 0H[RQQLFNWHODQJVDPXQGVDJWHVFKOLHOLFKVWRFNHQG ³,FKYHUDFKWH0LHWJHVFKZLVWHU%LVKHUKDEHLFKNHLQHQJHEUDXFKW-HW]WVLHKWHVVRDXVDOVPWH LFK6LHPLHWHQ.RSUDO´ 9HUVWlQGQLVYROOVHQNWH.RSUDOGHQ.RSIXQGVWLPPWH]X ³-HGHUZLUGJH]ZXQJHQHLQPDOVHLQH(LQVLFKWHQ]XlQGHUQXQGVHLQHhEHU]HXJXQJHQ]X NRUULJLHUHQ:RUXPKDQGHOWHVVLFK",FKP|FKWHGRFKQLFKWDQQHKPHQGDPHLQH6FK|QKHLW6LH XPJHVWLPPWKDW"´ (UNLFKHUWHLP)DOVHWW0H[RQVFKWWHOWHLUULWLHUWGHQ.RSI(UKlWWHEHLQDKHGHQ)HKOHUJHPDFKW .RSUDOIDOVFKHLQ]XVFKlW]HQ ³0LW6LFKHUKHLWQLFKW6LQG6LHDQHLQHP6LHEHQ7DJH$XIWUDJLQWHUHVVLHUW"´ .RSUDOEHWUDFKWHWHJHGDQNHQYROOGHQEHUODQJHQUXQGJHIHLOWHQ1DJHOVHLQHVNOHLQHQ)LQJHUV ERKUWHGDQQKLQJHEXQJVYROOLQVHLQHP2KUXQGPHLQWHEHWUEW ³0HLQ*HK|UOlWQDFKHLQHEHGDXHUOLFKH)ROJHYRQ$OWHUXQGXQJHVXQGHP/HEHQVZDQGHO+DEH LFKHWZDVYRQHLQHP6LHEHQHUMREYHUVWDQGHQ"8QGHQNEDU0RQGWUlJHU´ ³,FKEUDXFKH6LH´VDJWH0H[RQ ³'DUEHUZDUHQZLUHLQLJ7DWVlFKOLFKVLHEHQ7DJH"´ ³,FKGHQNHMD,FK]DKOH,KUHQ3UHLV$EHULFKKDEHLQPHLQHU7DVFKHQXUQRFKHLQHQ&KURQQHU´ 0H[RQVFKREGLHNOHLQHQ6WlEFKHQDXIGHU7KHNHKLQXQGKHUXQGELOGHWHHLQVLPSOHV0XVWHU 'DQQGHXWHWHHUGDUDXIXQGVDJWH ³8QGQRFKHLQSDDU6NDOLWRV´ ³:ROOHQ6LHHLQHQ.UHGLWEHLPLUDXIQHKPHQ",FKIUFKWHGLH(QWWlXVFKXQJYHUVFKHXFKW6LHDOV .XQGHQ+HUU´ ³.DXP,FKZHUGH6LHEH]DKOHQ$EHUQLFKWMHW]W(VJLEW]ZLVFKHQXQVGDV3UREOHPGHV PDQJHOQGHQ9HUWUDXHQV´ .RSUDOEUDFKWHHVIHUWLJZLHHLQEHOHLGLJWHV.LQGDXV]XVHKHQ(UULFKWHWHVLFKVWUDIIDXINlPPWH PLWVFKPXW]LJHQGLFNHQ)LQJHUQGDVYHUNOHEWH+DDUDXVGHU6WLUQXQGVDJWHGDQQLQY|OOLJYHUlQGHUWHP 7RQIDOOGHU0H[RQKlWWHVWXW]HQODVVHQPVVHQ ³(VJLEWLQGHUZXQGHUEDUHQ6WDGW.URQHYRQ7HFNQRWKUXQGVLHEHQKXQGHUW0LHWJHVFKZLVWHU,FK KDEHHLQPDOPLWDQJHVHKHQZLHHLQMXQJHU0DQQVWDUEHVZDUJUlOLFK6LHVWHLQLJWHQLKQ]X7RGH +|FKVWEHGDXHUOLFKXQGHEHQVRTXDOYROO´ ³,FKYHUVWHKHQLFKW«´0H[RQNDPVLFKZLHHLQEO|GHU3URYLQ]OHUYRU+LHUVDHLQ0DQQQHEHQ LKPGHURIIHQVLFKWOLFKHLQZHLWDXVIlKLJHUHUhEHUOHEXQJVWHFKQLNHUZDUDOVHUVHOEVW.RSUDOV +DQGEHZHJXQJXQWHUEUDFKLKQ ³'HU-XQJHKDWQDFKZHLVEDUYRUVlW]OLFKVHLQHQ0LHWNRQWUDNWQLFKWHUIOOW'HU.XQGHEHVFKZHUWH VLFK'LH)ROJHQZDUHQZLHHEHQEHULFKWHWIDWDO:LUPXWHQVDPPHOQXPGHQ.XQGHQ ]XIULHGHQ]XVWHOOHQ*ODXEHQ6LHHUQVWKDIWLFKP|FKWH,KUHWZHJHQHLQHQ3RUSK\UEURFNHQLQGLH=lKQH RGHUHLQ6WFN6FKLHIHULQV$XJHNULHJHQ"1LFKWHLQPDOHLQ-DKUHVYHUWUDJPLW2UEDQDVFKRON|QQWHPLFK

'HU0LHWEUXGHU

M

$WODQ

GD]XEULQJHQHLQHQ.RQWUDNWQLFKW]XHUIOOHQ´ 9HUZLUUWVWRWWHUWH0H[RQ ³,FKZXWHQLFKWGD6LH*HVHW]HKDEHQRGHUVROFKH6WUDIHQNHQQHQ´ 'HU0LHWEUXGHUKDWWHYRUTXHOOHQGH$XJHQGLHVWlQGLJ]XWUlQHQVFKLHQHQ6HLQ+DDUZDU XQJHSIOHJWXQG]XODQJ'LH+DXWGHV*HVLFKWVVWURW]WHYRQJURHQVFKPXW]LJHQ3RUHQ.RSUDOURFKDOV VFKOLHIHHULQGHU*RVVHDEHUHUVWUDKOWHHLQHVHOWVDPH:UGHDXVDOVHUHQWJHJQHWH ³6LHZLVVHQYLHOHVQLFKW.DSLWlQ,FKELQGHUMHQLJHGHU,KQHQVDJWXQG]HLJWZDV6LH]XWXQXQG ]XODVVHQKDEHQ(LQ6LHEHQ7DJH$XIWUDJ"´ 0H[RQQRFKKLOIORVHUXQGYHUZLUUWHUVDJWH ³-D8QWHUHLQHU%HGLQJXQJ,FK]DKOHQDFK%HHQGLJXQJGHV.RQWUDNWV´ ³:DUXP"´ 0H[RQZXWHGDHUVLFKDXVOLHIHUWHDEHUHUHUNOlUWHOHLVH ³,FKKDEHPHLQHQ.UHGLWVWUHLIHQKLHU:HQQLFKLKQYHUZHQGHGDQQLVWGDVVRDOVZUGHLFKPLFK YRUHLQH3ROL]HLVWDWLRQKLQVWHOOHQXQGODXW]XVFKUHLHQDQIDQJHQ:HQQDOOHVYRUEHLLVW]DKOHLFK%DUJHOG KLQWHUOlWNHLQH6SXUHQ:LHWHXHUVLQG6LH"´ ³'DVNRPPWDXIGLH1DWXUGHU'LHQVWHDQGLH6LHEHQ|WLJHQ%HVWHU6HUYLFHK|FKVWHU3UHLV-H DEZHJLJHUGLH:QVFKHGHVWRK|KHUGLH3UlPLH,FKVFKODJHYRULFKEHJOHLWH6LH]XQlFKVWHLQPDOLQGLH URWHQ9LHUWHOGHU6WDGW,FKNHQQHMHGHGHU6WlWWHQGHU6QGH´ 0H[RQZHKUWHDE ³,FKELQQLFKWDQ6QGHLQWHUHVVLHUW0HLQ=LHOLVWHLQH*UXSSHYRQ*HIDQJHQHQ]XILQGHQ´ ³:HOFKH":R":LHYLHO"´ 1DFKGHP0H[RQHUNOlUWKDWWHZDVJHVFKHKHQZDURKQHDOOHUGLQJV1DPHQ]XQHQQHQVDJWH .RSUDOPLW%HVWLPPWKHLW ³=ZHLWDXVHQG&KURQQHUV8QGDOOH6SHVHQXQG%HVWHFKXQJVJHOGHUH[WUD´ 'LHVZDUHLQDQJHQHKPHU3UHLV0H[RQGHUQRFKYRUHLQHP0RQDWHLQVROFKHV6XEMHNWZLH .RSUDOQLFKWHLQPDOZDKUJHQRPPHQKlWWHVWUHFNWHGLH+DQGDXV ³,FKELQHLQYHUVWDQGHQ:LHPDFKHQZLUXQVHUHQ9HUWUDJJOWLJ"´ ³'XUFK+DQGVFKODJ$GPLUDO'DUILFK,KUHQ1DPHQHUIDKUHQ"´ $XIGLHVH)UDJHZDU0H[RQEHUHLWVYRUEHUHLWHWJHZHVHQ(UHQWJHJQHWHRKQH=|JHUQ ³,FKELQ6D[RQWHU.DQD\DWK´ 6LHVFKWWHOWHQVLFKGLH+lQGH'HUK|FKVWVHOWVDPHXQGXQYHUVWlQGOLFKH(KUHQNRGH[GHU $XVJHVWRHQHQEDQGVLHMHW]WIUVLHEHQ7DJHXQGVLHEHQ1lFKWH.RSUDOVWOSWHVHLQH/LSSHQYRUXQG EHUUDVFKWH0H[RQPLWHLQHPWURFNHQHQNXU]HQ+lQGHGUXFNGHUXQJHDKQWH.UlIWHVSUHQOLH ³)UHLQHQGUHLIDFKHQ0RQGWUlJHUPLWHLQHUGHUDUWGHXWOLFK]XU6FKDXJHWUDJHQHQ8QVLFKHUKHLWHLQ XQJHZ|KQOLFKHU1DPH1XQIUGLHHUVWH=HLWZLUGHUXQVZRKOJHQJHQPVVHQXQGVSlWHUVHKHQZLU ZHLWHU(VLVWXQP|JOLFK]XPLUQLFKWYROOVWHV9HUWUDXHQ]XKDEHQ«QDFKHLQLJHU=HLW%UHFKHQZLUDXI $GPLUDO"´ 8P.RSUDOVLFKHUHUXQGZLOOLJHU]XPDFKHQ]HLJWHLKP0H[RQGLH.UHGLWNDUWH(UOHJWHGHQ)LQJHU EHUGHQHLQJHVWDQ]WHQ1DPHQ.RSUDOQLFNWHXQGODFKWHPHFNHUQGDOV0H[RQVDJWH ³8QGQHQQHQ6LHPLFKQLFKWLPPHUPLWHLQHP6RUWLPHQWYHUVFKLHGHQHUGXPPHU$XVGUFNH,FK ELQ0RQGWUlJHUDXV´ hEHUWULHEHQGDYRUYHUEHXJWHVLFK.RSUDOXQGDQWZRUWHWHODXW ³-DZRKO0LW9HUJQJHQ$GPLUDO´ 0H[RQZLQNWHGHU6HUYLHUHULQXQGGHXWHWHDXIGHQ5HVW6NDOLWRV6LHVFKHQNWHLKPHLQIOFKWLJHV /lFKHOQXQGZLVFKWHGLH6FKHLGHPQ]HQPLWJOHLFKJOWLJHU%HZHJXQJLQLKUHKRKOH+DQG0H[RQKREGLH (LQNDXIVSDFNXQJDXIXQGIROJWHVHLQHP0LHWEUXGHUDXVGHURIIHQHQ&DIHWHULDKLQXQWHUDXIGHQ%RGHQGHU +DOOH(LQ*HIKOJUHQ]HQORVHU9HUODVVHQKHLWHUIOOWHLKQ6HLQYRUKHULJHV/HEHQGDVVHLQHQK|FKVWHQ 3XQNWEHLGHU9HUOHLKXQJGHVGULWWHQ0RQGHVJHKDEWKDWWHVFKLHQHQGJOWLJYRUEHL]XVHLQ(LQHQHXH$UW ([LVWHQ]EHJDQQKLHUHUZDUHLQ*HMDJWHURKQH(LQIOXRKQH+HLPDWRKQH)UHXQGH6HLQHHLQ]LJH 8QWHUVWW]XQJKDWWHHULQHLQHPIHWWHQVWLQNHQGHQ0LHWEUXGHUGHUPLWJHNUPPWHP5FNHQYRULKP]XP $XVJDQJWULSSHOWH 0H[RQKLQWHULKPKHUDOVYHUElQGHVLHHLQHXQVLFKWEDUH.HWWH

'HU0LHWEUXGHU

M

$WODQ

$EVHLWVGHUOHXFKWHQGHQ.XSSHOXQGKDOEYHUERUJHQXQWHU%DXPNURQHQSDUNWHGHUZLQ]LJH *OHLWHUGHV0LHWEUXGHUV.RSUDOWUDWJHJHQGLH7UUWWHOWHGDUDQXQGULVLHDXI'DQQVHW]WHHUVLFKXQG VWLHGLHDQGHUH7UDXI ³1HKPHQ6LH3ODW]´VDJWHHUNHXFKHQG'LH$QVWUHQJXQJVFKLHQLKQHUVFK|SIW]XKDEHQ0H[RQ EHJDQQ]XDKQHQGDLKPGLHVHU0DQQQLFKWHKUOLFKJHJHQEHUJHWUHWHQZDU(UZDUHLQEHJDEWHU 6FKPLHUHQNRP|GLDQW ³:RKLQEULQJHQ6LHPLFK"´ 0LWHLQHPNHXFKHQGHQ:LQVHOQVSUDQJGDV$JJUHJDWDQ'HU*OHLWHUKREVLFKlFK]HQG 6WXPSIJHZRUGHQH5HIOHNWRUHQEHOHXFKWHWHQGLH8PJHEXQJDOVGLH0DVFKLQHNQDUUHQGUFNZlUWVDXVGHU 3DUNOFNHVWLHXQGDXIGLH3LVWHKLQDXVERJ0H[RQZDUIHLQHQNXU]HQ%OLFNDXIGHQXQRUGHQWOLFKHQ +DXIHQKLQWHUGHQ6LW]HQXQGZDUWHWHDXIGLH$QWZRUW ³,QGLH6WDGW6LHEUDXFKHQ6FKODI:lKUHQG6LHVFKODIHQZHUGHLFKPLFKQDFKGHQ*HIDQJHQHQ GHU6.217$1HUNXQGLJHQ´ ³:RKHUZLVVHQ6LH.RSUDOGDLFK6FKODIEUDXFKH"´ ³'D]XJHQJWHLQ%OLFN´ 1DFKHLQLJHQKXQGHUW0HWHUQ)DKUWEHUXKLJWHQVLFKGLH$JJUHJDWHGHU0DVFKLQH0LWPlLJHP 7HPSRDEHURKQHGLH)ROJHGHUHQHUYLHUHQGHQ*HUlXVFKHJOLWWGDVNOHLQH*HIlKUWGHUOLFKWHUIOOWHQ 6LOKRXHWWHGHU6WDGWHQWJHJHQ0H[RQDOLDV6D[RQWHU.DQD\DWKPHUNWHGD.RSUDOGLHEUHLWH +DXSWYHUELQGXQJYHUOLHXQGDXIZHQLJHUYHUNHKUVUHLFKHQ6WUDHQVWHXHUWH(LQXQZLGHUVWHKOLFKHU'UDQJ EHILHOLKQXQGHUEHJDQQ]XJlKQHQ ³6HKHQ6LH,FKKDEHPHLVWHQVUHFKW´PXUPHOWH.RSUDOEHIULHGLJW ,QGHU6WDGWKDWWHVLFK0H[RQQRFKQLHDXIJHKDOWHQ6LHZDULKPOHGLJOLFKGXUFKHLQHQLQ]ZLVFKHQ VLFKHUYHUDOWHWHQ3ODQEHNDQQW(UZXWHGD]ZLVFKHQGHU*UHQ]HGHU:RKQKlXVHUXQGGHP)OXXIHU HLQ6WDGWYLHUWHOH[LVWLHUWHYRUGHPGLH5DXPIDKUHULPPHUZLHGHUJHZDUQWZRUGHQZDUHQ'LH6OXPVGHU 6WDGWZRPDQ]ZDUYRU]JOLFKHVVHQDEHUDXFKHEHQVRVFKQHOODXVJHUDXEWZHUGHQNRQQWH ³)DKUHQ6LH]XGHQ6OXPV"´HUNXQGLJWHHUVLFKPGH'LH6SDQQXQJOLHQDFKHUIKOWHZLHVLFK GLH(UVFK|SIXQJLQVHLQHPJHVFKXQGHQHQ.|USHUEUHLWPDFKWH ³6OXPV"´IUDJWH.RSUDOYRUZXUIVYROO³+HUU6LHEHOHLGLJHQGLH,G\OOHGHUHLQIDFKHQ:RKQTXDUWLHUH LQGHQHQVFKRQPHLQHWXJHQGKDIWHQ(OWHUQJHERUHQZXUGHQ´ 8QZLOOLJIUDJWH6D[RQ0H[RQHLQ]ZHLWHV0DO ³+DWGLHVHU6WDGWWHLODXFKHLQHQ1DPHQ"´ ³6LFKHU0DQJDELKPGLHSRHWLVFKH%H]HLFKQXQJ.DVKEDYRQ7HFNQRWK´ ³,FKVFKODIHKHXWHDOVRLQGHU.DVKED"´ 0LWIDVWSKLORVRSKLVFKHU*HODVVHQKHLWHUZLGHUWHGHUVHOWVDPH0LHWEUXGHU ³6R2UEDQDVFKROZLOOVFKODIHQ6LHLQHLQHPPHLQHUSUXQNYROOHQ*HPlFKHU$GPLUDO6D[RQ´ ³'DQNH´ 'LH6WUDHQZXUGHQLPPHUVFKPDOHUDEHUQLFKWXQEHGLQJWVFKPXW]LJHU'LH%HOHXFKWXQJQDKP DE/LQNVYHUVFKREVLFKGLH6LOKRXHWWHGHU6WDGWPLWLKUHQZHQLJHQZLUNOLFKKRKHQ%DXZHUNHQ'HUNOHLQH *OHLWHUVFKZHEWHLP=LFN]DFNKLQXQWHULQHLQEUHLWHV7DOLQGHP6D[RQGXUFKGLHVFKPXW]LJH )URQWVFKHLEHHLQH9LHOIDOWYHUVFKLHGHQIDUELJHU/LFKWHUXQGODQJHYHUZLQNHOWH5HLKHQNOHLQHU VFKPDOEUVWLJHU+lXVHUHUNDQQWH6FKOLHOLFKLQHLQHU.XUYHVWHXHUWHGHU0LHWEUXGHUGHQ*OHLWHUVFKDUI UHFKWVDQGLHVHOEVWVWUDKOHQGH0DXHUXQGGHXWHWHDQ6D[RQV*HVLFKWYRUEHLQDFKXQWHQ ³'RUWDP)OXGHVUHLQHQ:DVVHUV]ZLVFKHQXUDOWHQ%lXPHQPLWDURPDWLVFKHQ%OWHQXQG N|VWOLFKHQ)UFKWHQHUVWUHFNWVLFKGLH.DVKED$OOH$UWHQYRQ/DVWHUVLQGGRUWHEHQVREHKHLPDWHWZLHGLH *XWKHU]LJNHLWGHU%HZRKQHU6LHN|QQHQGLHH[RWLVFKHQ6SHLVHQHEHQVRJHQLHHQZLHGLHH[RWLVFKHQ 5LWHQGHU0LQGHUKHLWHQ1XUGLH)UHPGHQGLHDOO]XDXIGULQJOLFKVLQGZHUGHQJHZLVVHQ 8QDQQHKPOLFKNHLWHQDXVJHVHW]W,QPHLQHP6FKXW]VLQG6LHVLFKHUHUDOVLQGHQ.HUNHUQGHV,PSHUDWRUV´ ³6SDUHQ6LHVLFK,KUH0lUFKHQ´NQXUUWHJlKQHQGGHU.RPPDQGDQW³=HLJHQ6LHPLUOLHEHUZRLFK VFKODIH,FKELQXQVDJEDUPGH´ :LHGHUNLFKHUWH.RSUDO(UVWHXHUWHGHQ*OHLWHUDXIGLH3LVWH]XUFNXQGGLULJLHUWHLKQHLQLJH 6HUSHQWLQHQDEZlUWV'HU+DQJZDUPLWGLFKWHP%XVFKZHUNEHZDFKVHQ,PPHUPHKUIKOWHVLFK0H[RQ QLFKWXQWHUGHU2EKXWVRQGHUQLQGHU*HZDOW.RSUDOV1HEHQHLQHPKRKHQVFKPDOHQ+DXVGHVVHQ 9RUGHUVHLWHPLWHLQHPEL]DUUHQ6WULFKPXVWHUEHPDOWZDUKLHOW.RSUDODQXQGGUFNWHYLHUPDONXU]DXIGHQ 6LJQDONQRSI(LQPDJHUHU-XQJHLQHLQHUSHO]JHIWWHUWHQ5DXPIDKUHUMDFNHRKQHbUPHOGLHLKPDOV0DQWHO GLHQWHNDPDXVGHP+DXVXQGVHW]WHVLFKDXIGLH0RWRUKDXEHGHV*OHLWHUV

'HU0LHWEUXGHU

M

$WODQ

³0LUDWHQHU%DOJ´VFKULH.RSUDOKLQDXV³9HUODVVHVRIRUWGHQ3ODW]'HU*OHLWHULVWIULVFKSROLHUW 6LHKGLUGLHVHQ0DQQJXWDQ´ 'HU-XQJHVWUHFNWH.RSUDOGLH=XQJHKHUDXVPDFKWHHLQRUGLQlUHV*HUlXVFKXQGVWDUUWH0H[RQ GXUFKGLH6FKHLEHKLQGXUFKDQ ³-D"8QGMHW]W"´ ³+|U]XGXIUKUHLIHU7XQLFKWJXW´ULHI.RSUDODXIJHEUDFKW³6DJLKQHQGDGLHVHUGUHLIDFKH 0RQGWUlJHUXQWHUPHLQHU9HUDQWZRUWXQJVWHKW'DLKQMDNHLQHUEHOlVWLJWVRQVWVFKODJHLFK HUEDUPXQJVORV]X´ 'HU-XQJHJOLWWYRQGHU+DXEHXQGOLHI]XUFN]XP+DXV(UGUHKWHVLFKKDOEKHUXPXQG NUHLVFKWH ³4XDWVFKNRSI´ 'HU*OHLWHUUXFNWHDQXQGIXKUZHLWHU0LPXWLJNQXUUWHGHU0LHWEUXGHU ³,PPHUGDVVHOEHPLWGHUMXQJHQ%UXW.HLQH(KUIXUFKWYRUGHP$OWHU:LUVLQGJOHLFKLPZDUPHQ 1HVW6WHXHUPDQQ´ 0H[RQVFKORGLH$XJHQ(UVDKQLFKWZHOFKHQ:HJGHU*OHLWHUQDKP'LH(LQGUFNHZXUGHQ YHUZLVFKWHUXQGOHLVHU'HU*OHLWHUIXKUODQJVDPXQGLQHLQHPZLOGHQ=LFN]DFNNXUV]ZLVFKHQYLHOIDUELJHQ +DXVZlQGHQHQWODQJGXUFKVFKPDOHYRQEHJLQQHQGHP/lUPHUIOOWH6WUDHQXQG*DVVHQ6FKOLHOLFK EXJVLHUWHHUGDV*HIlKUWXQWHUHLQHP7RUERJHQKLQGXUFKXQGOLHHVLQHLQHPJHUPSHOEHUVlWHQ VWLQNHQGHQXQGEHUZDFKVHQHQ+RI]X%RGHQVLQNHQ(LQNUlIWLJHU6WRLQGLH5LSSHQOLH0H[RQ DXIVFKUHFNHQ(UZDUHLQJHVFKODIHQXQGQDKPVLFKPLWDOOHUYHUEOLHEHQHQ.UDIW]XVDPPHQ ³+H«ZDV«ZRVLQGZLU"´ ³=HKQ0HWHUYRQ%HWWXQG%DGHQWIHUQW6D[RQ´VDJWH.RSUDOVFKDUI³/RVNRPPHQ6LH$XFK RKQH9RUDXV]DKOXQJHUIROJW/HLVWXQJ´ (UKDOI0H[RQDXVGHP*OHLWHUXQGEXJVLHUWHLKQHLQHNODSSHUQGH0HWDOOWUHSSHDXIZlUWV'HU *HUXFKVWDUNJHZU]WHQ(VVHQVGDVLQXQPLWWHOEDUHU1lKHJHNRFKWZXUGHVWLHJ0H[RQLQGLH1DVH(U GDFKWHQXUQRFKDQ6FKODIXQG5XKH9RULKPNQDUUWHHLQH7U/LFKWIODPPWHDXIXQGHUIDQGVLFKLQ HLQHPNOHLQHQ5DXPZLHGHUGHUHLQ)HQVWHUXQGGUHL7UHQDXIZLHV(VZDUYROONRPPHQOHHUQXUHLQ YLHOIDUELJHU7HSSLFKEHGHFNWHGHQ%RGHQ,P,QQHUQHLQHVGHUDUWYHUIDOOHQHQDEHUPLW %OXPHQRUQDPHQWHQEHPDOWHQ+DXVHVKlWWHHUGLHVHQ$QEOLFNQLFKWYHUPXWHW%UXPPHQGIUDJWHHU ³6ROOLFKDXIGHP7HSSLFKVFKODIHQ"´ ³(VZlUHGHU%H]DKOXQJDQJHPHVVHQXQWHUGHU%UFNH]XVFKODIHQ´HUNOlUWH.RSUDOJHODVVHQ ³0RPHQW´ $QEHLGHQ/lQJVZlQGHQZDUHQ0XOWLVFKUlQNHHLQJHEDXW$EHUPDOVHLQHK|FKVWXQJHZ|KQOLFKH 6DFKHDEHUGHU8PVWDQGGUDQJQLFKWELVLQ0H[RQV9HUVWDQGGXUFK(UEOLHELQGHU0LWWHGHV5DXPHV VWHKHQXQGVDKVFKZHLJHQG]XZLH.RSUDOPLWHLQHP*ULIIHLQ]ZHL4XDGUDWPHWHUJURHV%HWWDXVGHP 0XOWLVFKUDQNNODSSWHHLQZHLWHUHV)DFKDXIULGDVHLQ:DVFKEHFNHQHLQHQ6SLHJHO%HOHXFKWXQJXQG 7RLOHWWHQEHGDUIVDPW(LQZHJKDQGWFKHUQHQWKLHOWHLQZHLWHUHV)DFKQDFKYRUQNODSSWHGDVPLW7HOHYLVRU /HVHODPSH8KUXQG*ODVVRZLH)ODVFKHQDXVJHVWDWWHWZDUHUVWHLQ9LHUWHOGHU:DQGZDUDXVJHNODSSW ³6LHVLQGDOOHLQELVPRUJHQGUHL6WXQGHQQDFK6RQQHQDXIJDQJ6D[RQ6LHN|QQHQUXKLJ VFKODIHQQLHPDQGZLUG6LHVW|UHQ9LHOOHLFKWNRPPW$\NOLGDYRUEHL%HKDQGHOQ6LHGLH0LHWVFKZHVWHUPLW GHUDQJHEUDFKWHQ+|IOLFKNHLWXQG=XUFNKDOWXQJ*XWH1DFKW$GPLUDO´ ³*XWH1DFKW´PXUPHOWH0H[RQ(UULVLFK6WLHIHOXQG.OHLGXQJYRP.|USHUKDWWHJHUDGHQRFK GLH.UDIWHLQHQWLHIHQ6FKOXFNDXVGHU)ODVFKH]XQHKPHQGDQQ]RJHUGLHGLFNH'HFNHELV]XP.LQQ VFKDOWHWHGLH/LFKWHUDXVXQGVFKOLHIDXJHQEOLFNOLFKHLQ 1DFKHLQHPOlQJHUHQEHGHXWXQJVYROOHQ6FKZHLJHQKRE=RUJKDQVHLQHNQRFKLJH+DQGXQG JULQVWH(UZLUNWHZLHHLQ7RWHQNRSI ³8QWHUEHVWLPPWHQ9RUDXVVHW]XQJHQELQLFKEHUHLW,KQHQPHKUDOVQXUHLQH&KDQFH]XJHEHQ´ HUNOlUWHHUEHUUDVFKHQG,FKVWDUUWHLKQDQXQGEHUOHJWH,FKPXWHDXIGHU+XWEOHLEHQ ³:RYRQKlQJW,KUH*UR]JLJNHLWDE6RQQHQWUlJHU"´IUDJWHLFKOHLVH)DUWXORRQVFKZLHJ DEZDUWHQG ³9RQYLHOHQYHUVFKLHGHQHQ$VSHNWHQ,FKELQ9HUWUDXHQVSHUVRQHLQHUEHVWLPPWHQ

'HU0LHWEUXGHU

M

$WODQ

,QWHUHVVHQJUXSSH´ *DQ]VLFKHUOLFKZDU=RUJKDQNHLQ$QKlQJHUYRQXQVHUHU%HZHJXQJ,FKGXUIWHQLFKWGDUDXI KRIIHQLQLKPHLQHQ6\PSDWKLVDQWHQZLHGHQHFKWHQ0H[RQ]XILQGHQ ³(LQHU,QWHUHVVHQJUXSSHGLHXQVXQWHUVWW]W"'DVYHUPDJLFKQLFKWHLQPDOLP7UDXP]XJODXEHQ´ ZDUILFKPLWGHP9HUVXFKLKQ]XSURYR]LHUHQHLQ =RUJKDQPDFKWHMHW]WHLQHQOLVWLJHQXQGJHKHLPQLVYROOHQ(LQGUXFN=ZHLIHOORVZDUHWZDVYRQ VHLQHU(U]lKOXQJULFKWLJ:LHYLHONRQQWHHVXQVKHOIHQ" ³(VLVW]XJHJHEHQHLQHNKQHhEHUOHJXQJ6LHYHUVWHKHQGDLFKPLW'HWDLOVYRUHUVWQRFK ]XUFNKDOWHQGELQ´ ³9HUPXWOLFKKDEHQ6LHRKQHKLQQLFKWV]XVDJHQ´VWLHLFKQDFK:LHGHUOlFKHOWHGHUNOHLQH NQRFKLJH0DQQKLQWHUGHUYLHO]XZXFKWLJHQ6FKUHLEWLVFKSODWWH9RQ6HNXQGH]X6HNXQGHZXUGHHUPLU XQV\PSDWKLVFKHU$EHUHUZDUGHUPlFKWLJVWH0DQQGHV3ODQHWHQ ³=ZHLIHOORVPVVHQ6LHGLHVDQQHKPHQ6LHZLVVHQGDLFKQLFKWPLW,KQHQ$WODQXQGQRFK ZHQLJHUPLW,KUHQ=LHOHQHLQYHUVWDQGHQELQ´ ,FKKREGLHXQJHIHVVHOWHQ8QWHUDUPHKRFKXQGHUNOlUWH ³:lUHQ6LHHLQYHUVWDQGHQZUGHQZLUQLFKWKLHUVLW]HQ:HOFKH,QWHUHVVHQJUXSSHYHUWUHWHQ6LH DXVJHUHFKQHWDXIHLQHP6WW]SXQNWSODQHWHQGHV9HUUlWHUV2UEDQDVFKRO"´ (UZDUQLFKWXQVHUJHKHLPHU9HUEQGHWHU2IIHQVLFKWOLFKZDUHUMHGRFKHLQ)HLQG2UEDQDVFKROV 9LHOOHLFKWNRQQWHQZLUKHUDXVILQGHQREHUXQVLQLUJHQGHLQHU)RUPKHOIHQNRQQWH'HUUXKLJH7RQGHU $XVHLQDQGHUVHW]XQJVFKXILPPHUZLHGHUGLH,OOXVLRQGDZLUQLFKWZLUNOLFKJHIlKUGHWZDUHQ$EHUZLU ZXWHQGDGLHVH$QQDKPHJUXQGIDOVFKZDU1RFKLPPHUEHIDQGHQVLFKVlPWOLFKH*HIDQJHQHQLQ /HEHQVJHIDKU%LVDXI$NRQ$NRQGHUVLFKDXIJHO|VWKDWWHXQGYHUVFKZXQGHQZDU:UGHQZLULKQMHPDOV ZLHGHUVHKHQ" ³(LQHUHFKWHLQIOXUHLFKH,FKZlUHVRJDULQGHU/DJH6LHIUHL]XODVVHQ´ ³'DVNDQQLFKQLFKWJODXEHQ´JUROOWH)DUWXORRQV6WLPPHDXI:LUEHLGHEHUOHJWHQ XQXQWHUEURFKHQZDVZLUWXQNRQQWHQ$EHU=RUJKDQJLQJDXINHLQH+HUDXVIRUGHUXQJHLQ³'DVLVW,KUH 6DFKH,FKNDQQ,KQHQNHLQHZHLWHUHQ$XVNQIWHJHEHQDEJHVHKHQYRQGHU0DFKWXQGGHP(LQIOXMHQHU SROLWLVFKHQ*UXSSLHUXQJ,FKPDFKH,KQHQHLQGHXWOLFKHV$QJHERW´ ³:LUK|UHQ´ 'D=RUJKDQVHLQH0DFKWXQGVHLQH6WHOOXQJ2UEDQDVFKROYHUGDQNWHNRQQWHHUQLFKWJHJHQGHQ 'LNWDWRUVHLQ(VJDENHLQHDQGHUH$OWHUQDWLYHHUZDUJHJHQ$UNRQ$OVLFKGLHVHhEHUOHJXQJEHHQGHWH ZDULFKIDVWDWHPORVYRU6FKUHFN,QPHLQHP:HOWELOGH[LVWLHUWHQ%HWUXJHEHQVRZLHHLQZDQGIUHL PRWLYLHUWH0HLQXQJVYHUVFKLHGHQKHLWHQ±DEHUHLQ$UNRQLGHGHUJHJHQ$UNRQXQGGDV,PSHULXPZDU" 8QGHQNEDUXQYRUVWHOOEDUIUPLFK ³6LHKDEHQLQ]ZLVFKHQHLQHEHDFKWOLFKVWDUNH2UJDQLVDWLRQDXIJHEDXW´VWHOOWH4XRQVRQ=RUJKDQ IHVW:LUVFKZLHJHQ ³:HQQ6LHGLHVH2UJDQLVDWLRQLQGHQ'LHQVWGHU*UXSSHVWHOOHQGLHLFKYHUWUHWHGDQQVLQG,KUH hEHUOHEXQJVFKDQFHQGHXWOLFKJHVWLHJHQ´ ³8PGDVWXQ]XN|QQHQEUDXFKHQZLUPHKU,QIRUPDWLRQHQ´EHKDUUWH)DUWXORRQ ³(VWXWPLUOHLG$OOHVZDVLFK,KQHQJHEHQNDQQVLQGGUHL7DJH=HLWVLFKGHQ(QWVFKOX]X EHUOHJHQ´ ³'UHL7DJH´PHLQWHLFKXQUXKLJ³LQGHQHQZLUXQVIUHWZDVHQWVFKHLGHQVROOHQZRUEHUZLUQLFKW GLHJHULQJVWH.OHLQLJNHLWZLVVHQ"$EVXUG6RQQHQWUlJHU´ :LHGHU]RJHUGLH6FKXOWHUQKRFKZLHHLQIULHUHQGHU9RJHO ³(VVWHKWQLFKWLQPHLQHU0DFKW,KQHQMHW]WPHKU(LQ]HOKHLWHQ]XYHUUDWHQ´HUNOlUWHHUPLWVHLQHU XQEHWRQWHQEOHFKHUQHQ6WLPPH³6LHZHUGHQ]XUFNJHEUDFKWXQGN|QQHQVLFKLQ5XKHEHUDWHQ,FKZDUWH GUHL7DJHODQJYRQMHW]WDQJHUHFKQHWDXI,KUH(QWVFKHLGXQJ´ ,FKVWDUUWHLKQILQVWHUDQXQGYHUVXFKWHHVHLQOHW]WHV0DO ³+|UHQ6LHJHQDX]X6RQQHQWUlJHU=RUJKDQ´VDJWHLFKODQJVDPXQGGHXWOLFK³,FKNDQQNHLQH %HGLQJXQJHQVWHOOHQGHQQLFKELQ,KU*HIDQJHQHU6LHKDEHQXQVHLQ$QJHERWJHPDFKWGDV HLQLJHUPDHQVFKZDFKVLQQLJLVW:LUVROOHQHWZDVNDXIHQXQGWHXHUEH]DKOHQREZRKOZLUQLFKWHLQPDO ZLVVHQZRUXPHVVLFKKDQGHOW+DOWHQ6LHXQVIUVRGXPPRGHUPHLQHQ6LHGDXQVNHLQHDQGHUH 0|JOLFKNHLWPHKUEOHLEW"´ 1LHPDOVKDWWHHLQHUYRQXQVYRUJHKDEW]XP9HUUlWHUDQ$UNRQ]XZHUGHQ8QVHU=LHOZDU HLQGHXWLJ:LUZROOWHQ2UEDQDVFKROYHUQLFKWHQLKQW|WHQVHLQH+HUUVFKDIWDEO|VHQ

'HU0LHWEUXGHU

M

$WODQ

³,KQHQEOHLEHQQLFKWYLHOH&KDQFHQ'UHL7DJH%HGHQN]HLW,FKOLHIHUH,KQHQNHLQH]XVlW]OLFKHQ ,QIRUPDWLRQHQPHKU(QWVFKHLGHQ6LHVLFK6LHNHQQHQGHQ:HJPHLQH+HUUHQ´ =RUJKDQZDUDOOHVDQGHUHDOVHLQHLPSRQLHUHQGH*HVWDOWDEHUMHW]WVSUDFKHUPLWNDOWHU EHKHUUVFKWHU%HVWLPPWKHLW(UKDQGKDEWHVHLQHSHUV|QOLFKH0DFKWZLHHLQ,QVWUXPHQWRKQHVLFKWOLFKH 5HJXQJ(UNLSSWHHLQHQ6FKDOWHUDQVHLQHP6FKUHLEWLVFKXQGVDJWH ³6LHVHKHQGDLFK,KUHQ6WDWXVHLQZHQLJYHUEHVVHUH´ 0LWHLQHU6HULHVFKDUIHU.OLFNJHUlXVFKHVFKDOWHWHQVLFKGLH6FKLUPIHOGHUDE:LUZDUHQVFKHLQEDU IUHL0LWUDXLVFKEOLHEHQZLUVLW]HQ ³'DQNH´EHPHUNWH)DUWXORRQ=RUJKDQGHXWHWH]XU7U ³6LHN|QQHQJHKHQ6LHZHUGHQ]XUFNJHEUDFKWRKQHGLHKLQGHUOLFKH)HVVHOXQJ´ ³$EHUPDOVGDQNH´VDJWHLFK:LUZLWWHUWHQEHLGHHLQH]XVlW]OLFKH)DOOH8QVHUJHJHQZlUWLJH/DJH ZDUIUMHGHVFKOHFKWHhEHUUDVFKXQJJXW7URW]GHPVWDQGHQZLUDXVGHQVFKZHUHQ6HVVHOQDXI4XRQVRQ =RUJKDQEOLHEKLQWHUVHLQHUPRQVWU|VHQ3ODWWHVLW]HQXQGUHFNWHVHLQNQRFKLJHV.LQQYRU$XIXQVHUH EHUUHL]WHQ1HUYHQZLUNWHHUZLHHLQ*HVSHQVW ³%LWWH´HUGHXWHWHLQGLH5LFKWXQJGHUYHUVFKORVVHQHQ7U:LUGUHKWHQXQVXPXQGJLQJHQ ODQJVDPDXIGLHVFKLPPHUQGH0HWDOOSODWWH]X$OOHXQVHUH1HUYHQZDUHQJHVSDQQW)QI6FKULWWH VHFKV«ZLUK|UWHQJOHLFK]HLWLJKLQWHUXQVHLQOHLVHV.QLVWHUQXQG=RUJKDQVOHLVH6WLPPH(UVDJWH ³,FKELWWHXP9HUVWlQGQLV´

:LUEOLHEHQVWHKHQ'HU/RJLNVHNWRU]LVFKWHZDUQHQGDXI

9RUVLFKW(UKDWHWZDVYRU ³(LQHNOHLQH0DQDKPHLVWQRFKQ|WLJ6LHZLUG,KQHQNHLQHUOHL8QDQQHKPOLFKNHLWHQ YHUXUVDFKHQ´ (UNLFKHUWHGlPRQLVFK,QVHLQ.LFKHUQPLVFKWHVLFKHLQLPPHUODXWHUZHUGHQGHV.QLVWHUQ:LU ZLUEHOWHQKHUXPDEHUZLUVDKHQXQGPHUNWHQQLFKWV0LWWHQLQGHP$XJHQEOLFNDOVXQVHUH3DQLNDQ LKUHPK|FKVWHQ3XQNWDQJHODQJWZDUZXUGHGDV*HUlXVFKODXWHU'DVZDUGDVOHW]WHGDVZLUQRFK ZDKUQDKPHQ*DQ]SO|W]OLFKZXUGHQZLUEHZXWORV:LUVSUWHQQLFKWPHKUZLHXQVHUH.|USHUVFKODIIDXI GHQ%RGHQDXIVFKOXJHQ 0H[RQDOLDV6D[RQHUZDFKWH6HLQ.|USHUVFKPHU]WHQLFKWDEHUHUIKOWHMHGH6HKQHXQGMHGHQ 0XVNHO$ODUPLHUWEOLFNWHHUXPVLFKDEHUHVIHKOWHQZHGHUVHLQH.OHLGHUQRFKGLH(LQNDXIVSDFNXQJDXI GHPEXQWHQ6SDQQWHSSLFK(VVWDQGDXFKQLHPDQGLP5DXPXQGEHGURKWHLKQ+HOOLJNHLWIOXWHWHGXUFK GDV)HQVWHUYRQGUDXHQGUDQJGHU/lUPYRQ6WLPPHQXQGLUJHQGZHOFKHQ*HIlHQKHUHLQGLH NUDFKHQGXQGNODSSHUQGXPKHUJHVWRHQZXUGHQ(QWVSDQQWVFKOR6D[RQZLHGHUGLH$XJHQXQGVWUHFNWH VLFKDXV'DV%HWWZDUKHUUOLFKJHZHVHQDEHULQGLHVHU1DFKWKlWWHHUDXFKDXIHLQHP1DJHOEUHWW JHVFKODIHQ ³(LQPHUNZUGLJHU0LHWEUXGHU´EUXPPWHHUXQGJHQRGLH0LQXWHQ]ZLVFKHQ6FKODIHQXQG :DFKHQ (WZDVVSlWHUVDKHUDXIGLH8KUXQGPHUNWHGDHUIQI]HKQ6WXQGHQODQJXQXQWHUEURFKHQ JHVFKODIHQKDWWH/DQJVDPVWDQGHUDXIIDQGGLH7RLOHWWHXQGZXVFKVLFKLQDOOHU5XKH$OVHUJHUDGHLQ VHLQHQOLQNHQ6WLHIHOVFKOSIWH|IIQHWHVLFKGLH7U(U]ZLQNHUWHEHUUDVFKWDOVHUHLQHMXQJHVHKUJXW DXVVHKHQGH)UDXVDKGLHLKQHUQVWDQEOLFNWH ³.RSUDOHUZDUWHW6LHLP+RI)UKVWFN0RQGWUlJHU´ ³'DQNH´VDJWHHUHWZDVYHUZLUUW'LH)UDXZDUK|FKVWHQVGUHLXQG]ZDQ]LJ-DKUHDOWWUXJGQQH EXQWEHVWLFNWH6WLHIHOELVGUHL)LQJHUEUHLWXQWHUKDOEGHV.QLHV'D]XHLQHQHQJHQ5RFNXQGHLQH-DFNHGLH K|FKVWPHUNZUGLJJHVFKQLWWHQZDUXQGGLFNH=LHUVlXPHEHVD(UKDWWHGHUOHLVHOWHQJHVHKHQPHLVWLQ GHQ$EELOGXQJHQGHU1DFKULFKWHQPHGLHQ:LHGHUHLQPDONDPLKPVFKPHU]HQG]XP%HZXWVHLQGDHU RIIHQVLFKWOLFKGLHPHLVWHQ'LQJHQLFKWNDQQWHXQGXQHQGOLFKYLHOYHUVlXPWKDWWH ³:DUXPVWDUUHQ6LHPLFKVRDQ"´IUDJWHVLHHPRWLRQVORV,KU+DDUILHOJODWWELVDXIGLH6FKXOWHUQ ³+DEHQ6LHQRFKQLHHLQ3DDU6WLHIHOJHVHKHQ"´ (UOlFKHOWHYHUOHJHQXQG]HUUWHGHQVHLQHQ6WLHIHOKRFK0LWEHOHJWHU6WLPPHVDJWHHU ³6ROFKH6WLHIHO±QLHPDOV$XHUGHPKDEHLFKKLHULQGHU.DVKED)UDXHQZLH6LHQLFKWYHUPXWHW´ ³6RQGHUQ"´

'HU0LHWEUXGHU

VFKDUI

M

$WODQ

³9HUJHVVHQ6LH¶V´PXUPHOWHHUXQGVWDQGDXI³+DW.RSUDOJHVDJWREHU«"´ ,KUHHQWVFKLHGHQH*HVWHVFKQLWWVHLQH)UDJHDE6LHVFKWWHOWHHQHUJLVFKGHQ.RSIXQGHUZLGHUWH

³,FKZHLQLHZDV.RSUDOWXW)UDJHQ6LHLKQVHOEHU5DXPIDKUHU´ 6HLQH/DXQHGLHVLFKJHUDGHHWZDVHUKROWKDWWHVDQNZLHGHUHLQHPQHXHQ7LHISXQNWHQWJHJHQ (UIROJWHGHU)UDXHUHQWVDQQVLFKQRFKGHUHLVHUQHQ7UHSSHGLHHLQH7RQIROJHJUlOLFKHU*HUlXVFKH YRQVLFKJDE8QWHUHLQHPJDQ]QHXHQ6FKZHEHVFKLUPPLW6WUDKOXQJVDXWRPDWLNGHUQXUHWZDVNOHLQHU ZDUDOVGHU+RIVD.RSUDODQHLQHPEHUUHLFKJHGHFNWHQ7LVFK'HU0LHWEUXGHUVDKQLFKWDQGHUVDXV DOVJHVWHUQQDFKW'LH)UDXJLQJDQ0H[RQYRUEHLXQGVFKPHWWHUWHKLQWHUVLFKHLQH7U]X0LWHLQHP EUHLWHQVFKDGHQIURKHQ*ULQVHQEHJUWHLKQ.RSUDO ³,FKVHKH6LHKDEHQEHUHLWVLKU:RKOZROOHQHUUXQJHQ+XQJHU'XUVW8QWHUQHKPXQJVJHLVW $GPLUDO"´ $XIGHP7LVFKVWDSHOWHQVLFK1DKUXQJVPLWWHOXQG*HVFKLUU0LWHLQHU*DEHODXIGHUHLQULHVLJHV 6WFN6FKLQNHQDXIJHVSLHWZDUGHXWHWH.RSUDODXIGHQIUHLHQ6WXKOXQGVDJWHXQGHXWOLFK ³1HKPHQ6LH3ODW]1XUJURH8QJXQVWGHV6FKLFNVDOVOlWHLQHQ7DJRKQH)UKVWFNEHJLQQHQ´ (UKDWWHVFKRQJHWUXQNHQ]ZLVFKHQ%URWHQ%XWWHUXQGULHVLJHQ.lVHZUIHOQHQWGHFNWH0H[RQ HLQHKDOEJHOHHUWH6FKQDSVIODVFKH$OVHUGDV(WLNHWWHQWGHFNWHZXWHHUGDHVHLQHUGHUWHXHUVWHQ 6FKQlSVHZDUGLHPDQLQGHQ,QWHUVKRSVNDXIHQNRQQWH'HU0LHWEUXGHUZXUGHYRQ6WXQGH]X6WXQGH UlWVHOKDIWHU ³,FKKDEHWDWVlFKOLFKHLQHQJHZDOWLJHQ+XQJHU:DVKDEHQ6LHKHUDXVJHIXQGHQ"´ ³1LFKWV(VVHQ6LH´ 0H[RQIJWHVLFKRKQHOlQJHUHV$UJXPHQWLHUHQ(UVHOEVWDQLFKWJHUDGHZHQLJDEHUVHLQ 0LHWEUXGHUVFKLHQPRQDWHODQJJHKXQJHUW]XKDEHQ .RSUDOGHUJHZDOWLJH0HQJHQLQVLFKKLQHLQVFKDXIHOWHVDJWHQDFKHLQHU:HLOHGLH)ODVFKH VFKZHQNHQG ³,FKKDEHHLQLJH.RQWDNWH]XZLFKWLJHQ3HUV|QOLFKNHLWHQ$EHUELVKHUZHLQLHPDQGHWZDVYRQ HLQHUJU|HUHQ*UXSSHYRQ*HIDQJHQHQ$XFK,KU1DPHLVWQLFKWEHNDQQW'DV6FKLIINHQQHQYLHOH8QG ]X=RUJKDQXQVHUHPDOOPlFKWLJHQ&KHIKDEHLFKNHLQHQGLUHNWHQ'UDKW´ ³1LFKWV"$EVROXWQLFKWV"´IUDJWH0H[RQYHU]ZHLIHOWXQGEHXJWHVLFKYRU.RSUDOVFKWWHOWHGHQ .RSI 'HU+RIZDUYRQGUHL+DXVZlQGHQPLWYLHOHQXQWHUVFKLHGOLFKJURHQ)HQVWHUQXQG7UHQ HLQJHUDKPW'LH6RQQH3HUOLWWRQVWUDKOWHVHQNUHFKWDXIGHQ6FKZHEHVFKLUPKHUXQWHU$QGHQ0DXHUQ OHKQWHQLUJHQGZHOFKH*HUlWVFKDIWHQ]ZHLDOWH6HVVHOLQHLQHPVDHLQ=DUSKXQGOHFNWHVHLQHQ%DXFK *UDVXQGKDOEPDQQVKRKH8QNUDXWSIODQ]HQZXFKVHQLQGLH+|KH'LH)URQWHQYRQ]ZHL+lXVHUQZDUHQ YRQHLQHPEUHLWHQ7RUERJHQPLWHLQDQGHUYHUEXQGHQ'RUWREHQVSLHOWHHLQNOHLQHU-XQJHPLWHLQHP PHFKDQLVFKHQ6SLHO]HXJGDVDOOHGUHL0LQXWHQHLQHQVFKDXHUOLFKVFKQDUUHQGHQ/DXWYRQVLFKJDE$XI HLQHP'DFKEHPHUNWH0H[RQHLQH6SLUDODQWHQQHGLHGXUFKDXVK\SHUIXQNJHHLJQHWVHLQNRQQWH8QG GLHVHZLQ]LJH,QVHOLQGLHGHU(LQWULWWGXUFKGHQYHUNHKUWKHUXPJHSDUNWHQ*OHLWHUYHUVSHUUWZDUEHIDQG VLFKRIIHQVLFKWOLFKLP=HQWUXPGHU.DVKED ³:LHYLHO0HQVFKHQOHEHQKLHU"´ ³(WZD]ZDQ]LJWDXVHQG1HWWH*HJHQGQLFKWZDKU"´PHLQWH.RSUDO ³,FKPXPLFKHUVWGDUDQJHZ|KQHQ%HNRPPHLFKDXFKHLQHQ6FKOXFN"´ .RSUDOVWLHUWHLKQDXVJHUlQGHUWHQ$XJHQDQXQGUOSVWHXQJHQLHUW ³6FKOHFKWH6LWWHQYHUGHUEHQ,KUHQ&KDUDNWHU5DXPIDKUHU1XU]X'DIUGD6LHQLFKWV]DKOHQ JHQLHHQ6LHDOOH6RQGHUUHFKWH´ 0H[RQHUJULIIGLH)ODVFKHZLVFKWHXQWHU.RSUDOVPLELOOLJHQGHP%OLFNGHQ+DOVPLWHLQHU(FNH GHV7LVFKWXFKVWURFNHQXQGQDKPHLQHQODQJHQJHQXYROOHQ6FKOXFN'DVVFKDUIH=HXJWULHELKPGLH 7UlQHQLQGLH$XJHQ.RSUDOVDKYHUEOIIW]XZLHGHU3HJHOVDQN:DUQHQGULHIHU ³6LHZHUGHQ,KUHQ9HUVWDQGEUDXFKHQ:LUEHJLQQHQMHW]WJOHLFKHLQHQ5XQGJDQJGXUFKGLHVHV HLQPDOLJH5HYLHU+DOWHQ6LHVLFKDQPLFK7XQ6LHQLFKWV8QEHUOHJWHV)UDJHQ6LHPLFKYRUKHU hEULJHQV«ZDVLVWPLW*HOG"´ 0H[RQVDJWHYHU]ZHLIHOW ³,FKKDEHQLFKWVPHKU,FKZLOOPHLQHQ.UHGLWVWUHLIHQQLFKWEHQXW]HQGHQQVRQVWIDOOHLFKDXI :HQQ6LHHLQHQ:HJZLVVHQ]HKQWDXVHQG&KURQQHUVDE]XKHEHQRKQHGDPHLQ%DQNNRGHEHNDQQW ZLUGGDQQWXQ6LH¶V)QI0LQXWHQVSlWHUKDEHQ6LH,KU*HOG0LHWEUXGHU.RSUDO´

'HU0LHWEUXGHU

M

$WODQ

.RSUDOYHUEHXJWHVLFKIHLHUOLFKXQGULEHLGLHVHU%HZHJXQJ0H[RQGLH)ODVFKHDXVGHQ)LQJHUQ (UZDUHLQ0DQQPLWHNHOKDIWHQXQGDEVWRHQGHQ0DQLHUHQ ³/LHEHU*|QQHU6D[RQRGHUZLHLPPHU6LHKHLHQP|JHQ±LFKZHUGHDXIGLHVHQ8PVWDQG ]XUFNNRPPHQ$EHUDXFKPHLQH%|UVHLVWQLFKWERGHQORVGHQNHQ6LHGDUDQ´ ³6LH]ZLQJHQPLFK]XHLQHU:DKQVLQQVWDW.RUSRUDO´ ³,FKNDQQYLHOHDEHUQLFKWDOOH,KUHU3UREOHPHO|VHQ=XJURH9RUKDEHQEHUIRUGHUQRIWGLH .UlIWHGHVHLQ]HOQHQ´ ³:LHZDKU´PXUPHOWH0H[RQXQGOHHUWHVHLQHQ7HOOHU(UWUDQNGHQ5HVWGHVDXVJH]HLFKQHWHQ VWDUNHQXQGKHLHQ+¶RJRRDXVXQGOHKQWHVLFK]XUFN³6LHZLVVHQGDLFKPLFKLQ,KUHU.DVKEDZLHHLQ 7|OSHOYRP/DQGEHQHKPHQZHUGH"´ .RSUDOJULQVWHXQEDUPKHU]LJ ³'DVZHLLFKGHQQLQ:LUNOLFKNHLWVLQG6LHQLFKWVDQGHUHV2KGDVLVWNHLQHVZHJVDEZHUWHQG JHPHLQWGHQQJHUDGHLQGHU3URYLQ]ILQGHWPDQKlXILJGLHZDKUKDIWHVWHQ&KDUDNWHUH.HLQH$QJVWLVW DOOHVHLQNDONXOLHUW8QGMHW]W]XGHQ9HUKDOWXQJVUHJHOQ5DXPIDKUHU (UVWHQVYHUVWHFNHQ6LH,KUH:DIIHQ6LHEUDXFKHQHLQHDQGHUH-DFNHGHQQKLHUIDOOHQ6LHDXIZLH HLQ0DDKNVRI|UPOLFKZLH6LHDXVVHKHQ(LQHSDVVHQGH+RVHVROOWHQZLUDXFKQRFKDXIWUHLEHQXQG DQGHUH6WLHIHO:LHRIWVFKRQKDWGDV6FKXKZHUNGHQJHWDUQWHQ6SLRQYHUUDWHQ´ (UVHXI]WHXQGEHJDQQZHLWHUH0|JOLFKNHLWHQDQVHLQHQIHWWHQVFKPXW]LJHQ)LQJHUQDXI]X]lKOHQ ,UJHQGZDQQGD]ZLVFKHQVWHFNWHHUVLH]ZLVFKHQGLH=lKQHXQGVWLHHLQHQJHOOHQGHQ3ILIIDXV'HU=DUSK VSUDQJNHU]HQJHUDGHLQGLH+|KHKHXOWHDXIXQGUDVWHPLWJHVSUHL]WHQ.UDOOHQHLQH0DXHUKLQDXIXQG YHUVFKZDQGDXIGHP'DFK'LH7U|IIQHWHVLFKZLHGHUXQGGLHMXQJH)UDXEHJDQQRKQH0H[RQHLQHV %OLFNHV]XZUGLJHQGHQ7LVFKDE]XUlXPHQ'LH)ODVFKHOLHVLHELV]XOHW]WVWHKHQ $OVVLHVLFKZLHGHUXPGUHKWHHUJULII.RSUDOVLHDPbUPHOXQGVDJWHKlKPLVFK ³'LHVHU*|QQHUKLHULVW6D[RQWHU.DQD\DWK6FKlW]FKHQ6HLQHWW]XLKPHULVWY|OOLJ GHVRULHQWLHUW´ ³1DFKVLHEHQ7DJHQLVWHU¶VQLFKWPHKU´PXUPHOWHVLHPUULVFKXQGERKUWHIUZHQLJH6HNXQGHQ LKUHQ%OLFNLQ0H[RQV$XJHQ3O|W]OLFKZDUHUZLHGHUYROONRPPHQYHUZLUUW6LHGUHKWHVLFKKHUXPXQG HUNOlUWHOXVWORV ³,FKELQ$\NOLGD)UHLH0LHWVFKZHVWHUDEHUQLFKWIU6LH5DXPIDKUHU´ ³,FKKDWWHQLFKWGLH«$EVLFKW´VWRWWHUWH0H[RQDEHULKUHHLQ]LJH$QWZRUWZDUZLHGHUGLHLQV 6FKORJHVFKPHWWHUWH7U:DUHUKLHU]XDOOHPDQGHUHQDXFKQRFKXQWHU3V\FKRSDWKHQJHODQGHW",KP HQWJLQJGD.RSUDOLKQQLFKWHLQIDFKEHREDFKWHWHVRQGHUQMHGHVHLQHU5HDNWLRQHQVWXGLHUWHXQGGLHVPLW ZLVVHQVFKDIWOLFKHU*UQGOLFKNHLW ³6RHWZDVLQPHLQHP5DXPVFKLII´PXUPHOWH0H[RQNRSIVFKWWHOQG³1XUGUHL7DJHXQG«´ ³:LUVLQGQLFKWLQ,KUHPEO|GHQ5DXPVFKLII+HUU´VFKQDUUWH.RSUDO(UVFKLHQHLQ'XW]HQG YHUVFKLHGHQH6WLPPHQ]XKDEHQ-HGHGDYRQZDUVHKUHLQGUXFNVYROOXQGDEVROXWJODXEZUGLJ³*HKHQ 6LHMHW]WKLQDXI'LH6DFKHQOLHJHQEHUHLW1HKPHQ6LHGLHPLWWOHUH7ULFKZDUWHYRUGHP+DXV´ :LHHLQJHKRUVDPHU6FKOHUVWDQG0H[RQDXIXQGJLQJGXUFK7UPPHUPRUVFKHQ+RO]HV 3ODVWLNDEIlOOHXQG3DSLHUIHW]HQ]XU7UHSSHXQGGLHVHZLHGHUKLQDXI,QZHOFKHVFKDRWLVFKH6SLHOKDWWHHU VLFKHLQJHODVVHQ" $OVHUYRUGHU7UVWHKHQEOLHEXQGQDFKXQWHQEOLFNWHVDKHU.RSUDOGDVLW]HQPLWHLQHP)LQJHU LP2KUERKUHQGGLH)ODVFKHDQGHQ/LSSHQ(UVHW]WHVLHDEXQGNQDOOWHVLHDXIGHQ7LVFK]XUFN6HLQ IHLVWHVXQJHVXQGEOHLFKHV*HVLFKWZDUVHKUQDFKGHQNOLFK

'LH.DVKEDGHU6WDGWEHVWDQGDXV/lUP)DUEHQ*HUFKHQXQG&KDRV'DVDOOHVVFKOXJEHU 0H[RQ]XVDPPHQZLHHLQH/DZLQHDOVHUGDV)HQVWHUDXIVWLHXQGKLQDXVVDK(UKDWWHVLFKVRZHLW P|JOLFKXPJH]RJHQ'UDXHQVFKLHQHVVHKUKHL]XVHLQXQGWURW]GHPHUJRVLFKHLQ6WURPYRQ 3DVVDQWHQGXUFKGLHNUXPPHQHQJHQ*DVVHQ.RSIVFKWWHOQG]RJVLFK0H[RQ]XUFNXQGVWLHGLH EH]HLFKQHWH7UDXI'HUQlFKVWH6FKRFN(UEHIDQGVLFKQDFK]HKQ6FKULWWHQDXIHLQHUK|O]HUQHQ *DOHULHGLHHLQHQPlLJJURHQ5DXPXPOLHI'LHVHU5DXPZDUYRQGHU'HFNHELV]XP%RGHQYROOHU *HJHQVWlQGH9HUZXQGHUWEOLFNWHVLFK0H[RQXPZlKUHQGHUGLH*DOHULHXPUXQGHWHXQGGDQQGLH HUElUPOLFKHNQDUUHQGH7UHSSHKLQXQWHUVWLHJ (LQ/DGHQLQGHPHVRIIHQVLFKWOLFKDOOHV]XNDXIHQJDE$QGHQNHQ.LWVFKYHUPXWOLFK

'HU0LHWEUXGHU

M

$WODQ

.RQWHUEDQGHRGHU+HKOHUJXW*HWUlQNHLQH[RWLVFKHQ)ODVFKHQXQGVFKLOOHUQGHQ)DUEHQ.RQVHUYHQ %FKHUXQG%LOGHUZUIHOXQGGLUHNWQHEHQGHU7UHSSHEHIDQGVLFKHLQ/I|UPLJHU7UHVHQ'DUDXIVWDQGHQ +¶RJRR0DVFKLQHQ(LVZUIHOEHUHLWHUXQGHLQH.DVVHGLHLQVFKUHLHQGHQ)DUEHQODFNLHUWZDU0H[RQ VFKWWHOWHVLFK ³9HUEOIIW5DXPIDKUHU"´HUW|QWHHLQH6WLPPHDXVGHP*HUPSHO0H[RQIXKUKHUXPVHLQH )LQJHUJOLWWHQXQWHUGLHGXQNOH-DFNHXQGEHUKUWHQGHQ*ULIIGHV3DUDO\VDWRUV'DQQHUNDQQWHGHU )OFKWOLQJGDGLH6WLPPHQLFKWYRQHLQHUXQEHZHJOLFKHQ.OHLGHUSXSSHVRQGHUQYRQ$\NOLGDVWDPPWH GLHKLQWHUGHU7KHNHDQGHUEHUODGHQHQ:DQGOHKQWH ³-DVHKUYHUEOIIW'DVLVWHLQH%DUQLFKWZDKU"´IUDJWH0H[RQ]|JHUQG³8QGZDVEHGHXWHWGDV DOOHV"´ (UZLHVLQHLQHUYDJHQ*HVWHDXIGLH:lQGHGLH5HJDOHXQGGLH9HUNDXIVWUPH ³(VILQGHQVLFK,QWHUHVVHQWHQIUDOOHV8QGGDVLVWHLQH%DUULFKWLJ:LU|IIQHQHUVWLQYLHU 6WXQGHQXQGVFKOLHHQVSlWQDFK0LWWHUQDFKW(VLVW.RSUDOVGULWWHV+DXSWTXDUWLHU´VDJWHVLHXQGGUFNWH HLQHQ.QRSI.QDFNHQG|IIQHWHVLFKGLH(LQJDQJVWUHLQHQVFKPDOHQ6SDOW0H[RQQLFNWHGHUMXQJHQ)UDX GDQNHQG]XXQGYHUVXFKWHGLHVFKZHUH3ODWWHDXI]XVWHPPHQ6LHEHVWDQGRIIHQVLFKWOLFKDXV 6SH]LDOVWDKO1RFKZHLWDXVPHKULUULWLHUWVSUDQJ0H[RQGLHGUHL6WXIHQKLQXQWHUXQGK|UWHKLQWHUVLFKGDV GXPSIH*HUlXVFKGHU]XIDOOHQGHQ6FKRWWU .RSUDOVDDXIGHUXQWHUVWHQ6WXIHXQGPXVWHUWH%HLQHXQG6FKXKZHUNGHU9RUEHUJHKHQGHQ 0H[RQEHUKUWHLKQDQGHU6FKXOWHUbFK]HQGVWDQG.RSUDODXIXQGVFKREGLHYLHUWHOYROOH)ODVFKHLQGLH DXVJHEHXOWH-DFNHQWDVFKH ³*HKHQZLU=XHUVW]X([RQGULD´ ³:HULVWGDV"´ ³(LQZLFKWLJHU0DQQ6LHZHUGHQLKQNHQQHQOHUQHQ6D[RQ´ 0H[RQWURWWHWHGLFKWKLQWHUVHLQHP0LHWEUXGHUKHU(VZDUGUFNHQGKHL'LH/XIWVWDXWHVLFKLQ GHQ*DVVHQ]ZLVFKHQGHQVFKPDOEUVWLJHQ+lXVHUQ,QGHQJHNUPPWHQDXIXQGDEVWHLJHQGHQ 3IODVWHUZHJHQGUlQJWHQVLFKGLHYLHOHQYHUNRPPHQHQ+lXVHU]XVDPPHQXQGELOGHWHQYHUEOIIHQGH :LQNHOXQGHLQH)ROJHZLQ]LJHU3OlW]HDXIGHQHQVRJDU%lXPHVWDQGHQ 'LH+lXVHUKLQJHQVWHOOHQZHLVHYRUQEHURGHUOHKQWHQVLFKDQHLQDQGHU)DVWRKQH$XVQDKPH ZDUHQDOOH*HElXGHGLH0H[RQYHUZXQGHUWEHWUDFKWHWH]ZHLRGHUGUHLVW|FNLJRIWPDOVGLHQWHDXFKHLQ IODFKHV'DFKDOV:RKQEH]LUN%DONRQHZDUHQPLWEUFKLJHQ/lGHQYHUVFKORVVHQDQMHGHUIUHLHQ6WHOOH KDWWHVLFKMHPDQGPLWJUHOOHU)DUEHDXVJHWREWVRGDGLH+lXVHUPLW*LUODQGHQPXVWHUQRGHU6WUHLIHQ .UHLVHQXQGJHRPHWULVFKHQ)RUPHQYHU]LHUWZDUHQ:HQQGLHVGLH6XENXOWXUGHUDUNRQLGLVFKHQ6WDGW ZDUGDQQVLFKHUOLFKNHLQHGHUHQ*UXQGHOHPHQWH(OHQGXQG7UDXULJNHLWZDUHQ :LHHLQ6FKODIZDQGOHUWDSSWH0H[RQGXUFKGLHVHOHEHQGH*DOHULH +LQXQGZLHGHUVSUDQJHQGLH'lFKHUZHLWYRU'DQQHQWVWDQGVRHWZDVZLHHLQH$UW+DOOHGLH HLQHQ7HLOGHU6WUDHEHUVSDQQWHQ'RUWVWDQGHQ7LVFKHXQG6LW]HGDV(UGJHVFKRGHV+DXVHVKDWWH VLFKHEHQIDOOVLQHLQ5HVWDXUDQWYHUZDQGHOWXQGPHLVWHQVNRQQWHMHGHU3DVVDQWLQGLH7|SIHGHU VFKZLW]HQGHQ.|FKHKLQHLQVHKHQ-HGHVPDOZHQQ.RSUDOXQG0H[RQHLQHVROFKH=RQHSDVVLHUWHQ ZXUGHQVLHYRQGHU+LW]HXQGGHQYHUVFKLHGHQHQ(VVHQVJHUFKHQEHUIOXWHWZLHYRQHLQHU:HOOHZDUPHQ :DVVHUV ³6LHPDFKHQ$XJHQZLHHLQEHVFKHQNWHV.LQG6D[RQ´ULHI.RSUDOEHUGLH6FKXOWHU]XUFN 0H[RQGHUJHUDGHHLQHU*UXSSHDXIUHL]HQGJHNOHLGHWHU0lGFKHQQDFKEOLFNWHVWLHPLWHLQHPULHVLJHQ GLFNHQ0DQQ]XVDPPHQXQGHQWVFKXOGLJWHVLFKKDVWLJ ³6HLWLFK6LHJHWURIIHQKDEHLVWDOOHVQHXXQGDXIUHJHQG´JDE0H[RQ]XUFN 'LH0HQVFKHQDOOHU$OWHUVVWXIHQXQGJHVHOOVFKDIWOLFKHU6FKLFKWHQZDUHQIDVWDXVQDKPVORV $UNRQLGHQ -HGHUYRQLKQHQZDUDQGHUVJHNOHLGHW9LHOHVWDPPWHQDXVGHQ.RORQLHQXQGZLUNWHQLP 9HUJOHLFK]XGHQ5DXPIDKUHUQJHUDGH]XEL]DUUGXUFK.OHLGXQJXQG9HUKDOWHQ ³$EJHVHKHQYRQPHLQHU1RWODJHGLHPLFK]ZLQJWPLFKYRQ,KQHQEH]DKOHQ]XODVVHQ´VDJWH .RSUDOOHKQWHVLFKJHJHQGLH(QHUJLHVlQIWHHLQHVDGHOLJHQ$UNRQLGHQGLHYRUHLQHP3HO]ODGHQ VFKZHEWH³ZlUHQ6LHKRIIQXQJVORVYHUORUHQKLHU5LFKWLJ$GPLUDO"´ (U]RJVHLQH)ODVFKHKHUYRUEOLFNWHVLHPLWVHLQHQYRUTXHOOHQGHQ$XJHQDQXQGQDKPHLQHQ 6FKOXFN:RUWORVUHLFKWHHUVLHDQ0H[RQZHLWHU ³5LFKWLJ'DQNH´ 8QGGLH*HUlXVFKHGLHXQXQWHUEURFKHQDXIMHGHQKLHUKHUHLQSUDVVHOWHQGLH8QWHUKDOWXQJHQGHU

'HU0LHWEUXGHU

M

$WODQ

0HQVFKHQYRQ)HQVWHU]X)HQVWHUTXHUEHUGLH%UHLWHGHU*DVVHQNUHLVFKHQGODFKHQGDXIMHGHQ)DOO ODXW'LH*HVSUlFKHGHUYLHOHQ3DVVDQWHQLQGHQ6WUDHQGLHHLQODXWHV+LQWHUJUXQGEUXPPHQELOGHWHQ 'D]ZLVFKHQGLH6FKUHLHXQG5XIHGHU.LQGHUGLH]HUOXPSWXQGVFKPXW]LJPLWZDKUHU9LUWXRVLWlW ]ZLVFKHQGHQ3DVVDQWHQVSLHOWHQ+LQXQGZLHGHUVFKULHHLQ=DUSKDXIXQGUDVWHGDYRQYRQHLQHP ZROIVlKQOLFKHQ7LHUPLWSXUSXUQHP)HOOYHUIROJW'LH6LJQDOK|UQHUGHUZHQLJHQ*OHLWHUGLHVLFKLQGLHVHV *HZLPPHOKLQHLQZDJWHQ0XVLNDXVRIIHQHQ7UHQXQG)HQVWHUQ'LH6WLPPHQGHU+lQGOHUGLHPLW ]RWHQJHVSLFNWHQ*HVlQJHQLKUH:DUHQDQSULHVHQ(KUOLFKNHLWXQG'XPPKHLW9HUEUHFKHQXQGKDUPORVH 9HUJHKHQYHUPLVFKWHQVLFKLQGHU.DVKED]XHLQHPXQGHILQLHUEDUHQ%UHL :HUZDU*DVWZHUZDU6FKXUNHXQGZHUPDFKWHKLHUQXU*HVFKlIWH"0H[RQYHUVXFKWHHVQLFKW HUVW]XHUUDWHQ ³:LHODQJHQRFK"´IUDJWHHUXQGJDEGLH)ODVFKH]XUFN'HU$ONRKROWULHELKPGHQ6FKZHLDXV DOOHQ3RUHQ ³,UJHQGZRGRUWKLQWHQZR6LHGLH%DXPNURQHQVHKHQ´ ³$EHUGDVLVWGLH5LFKWXQJ]XU6WDGW´ ³$EZDUWHQ6D[RQ,FKYHULUUHPLFKVLFKHUQLFKW´ 0LWXQEHNPPHUWHU6LFKHUKHLWEDKQWHVLFKGHU0LHWEUXGHUHLQHQ:HJGXUFKGDV*HGUlQJH'LH PHLVWHQ0HQVFKHQKLHUVFKLHQHQLKQ]XNHQQHQRGHUMHGHQIDOOVDOV%HVWDQGWHLOGHU.DVKED]X LGHQWLIL]LHUHQ0H[RQEOLHEY|OOLJXQEHKHOOLJW0DQQDKPLKQ]XU.HQQWQLVGDVZDUDOOHV 6LHHUUHLFKWHQHLQHQZLQ]LJHQ3ODW]GHUGXUFK]XUFNVSULQJHQGH+DXVIURQWHQJHELOGHWZXUGH *HQDXLQGHU0LWWHVWDQGHLQXUDOWHU%DXPGHVVHQbVWHXQG%OlWWHUQDKH]XGHQJHVDPWHQ/XIWUDXP ]ZLVFKHQGHQ0DXHUQDXVIOOWH(LQPlLJJHVFKLFNWHU.OHWWHUHUNRQQWHYRQVHLQHP)HQVWHUDXVDOOH DQGHUHQ*HElXGHHUUHLFKHQ'DV+RWHOUHFKWVKLHEH]HLFKQHQGHUZHLVH+HUEHUJH]XP:DOG 0H[RQEOLHEVWHKHQXQGOHKQWHVLFKIUHLQHQ$XJHQEOLFNDQGHQ6WDPPGHVVHQ5LQGHSROLHUW ZDUZLHODFNLHUWHV3ODVWLNPDWHULDO$XVGHP$XJHQZLQNHOQDKPHUOLQNVPLWWHQDXVGHP*HGUlQJHHLQHQ EOLW]HQGHQ5HIOH[ZDKUXQG]XFNWHXQZLOONUOLFK]XVDPPHQ =ZHL+DQGEUHLWVFKUlJEHUVHLQHP.RSIGHWRQLHUWHGHU(LQVFKODJHLQHV6WUDKOHUVFKXVVHV 0H[RQUHDJLHUWHVFKQHOODEHUHUZlUHWRWJHZHVHQZHQQLKQGLH%HZHJXQJGHU6FKUHFNUHDNWLRQQLFKW JHUHWWHWKlWWH(UGXFNWHVLFKZDUIVLFK]ZLVFKHQ]ZHL3DVVDQWHQQDFKYRUZlUWVXQGUROOWHVLFKEHU.RSI LQGLH5LFKWXQJDXIGHQ6FKW]HQGDYRQ(LQH+DQGSDFNWHLKQDOVHUVLFKVFKQHOODXIULFKWHWHXQGHLQH XQZLGHUVWHKOLFKH.UDIWULLKQ]XU6HLWH .RSUDO]LVFKWHLKQDQ ³:HJYRQKLHU9LHOOHLFKWNRPPWGLH3ROL]HL´ ³:DUXPKDEHQVLHDXIPLFKJHVFKRVVHQ«"´lFK]WH0H[RQDEHUHUNDPJDUQLFKWGD]XVLFK EHUGLHSO|W]OLFKH.UDIWGHVNOHLQHQ0DQQHV]XZXQGHUQ,QGHQIROJHQGHQ0LQXWHQEHZLHVHUGDVHLQH +LOIORVLJNHLWQXUWHLOZHLVHJDOW(UZDQGVLFKKLQWHU.RSUDOGXUFKGDV*HGUlQJHVFKREVLFK]ZLVFKHQ 3DVVDQWHQXQGEOlWWHUQGHQ+DXVZlQGHQKLQGXUFKUDQQWHLQUDVHQGHU6FKQHOOLJNHLWHLQHDEVFKVVLJH *DVVHKLQXQWHU +LQWHULKQHQZXUGHGHU/lUPXQGHXWOLFKHU(LQH6LUHQHZLPPHUWHDXIDEHUGDVHQWQHUYHQGH *HUlXVFKZXUGHVFKODJDUWLJJHVWRSSW1LHPDQGYHUIROJWHGLHEHLGHQ0lQQHUGLHDXIHLQ=HLFKHQ.RSUDOV VWHKHQEOLHEHQXQGVHKUYLHOODQJVDPHULPUHFKWHQ:LQNHODEERJHQDXIHLQH7UHSSHPLWZHLW DXVHLQDQGHUJH]RJHQHQ6WXIHQ]X 1DFKHLQLJHQ0LQXWHQLQGHQHQVLHLQHLQHPZHLWHQ%RJHQGHQ3ODW]XPJLQJHQXQGVLFKLPPHU PHKUGHP5DQGGHU6WDGWQlKHUWHQIUDJWH.RSUDO ³(LQH$KQXQJZHUDXI6LHJHVFKRVVHQKDW"´ 0H[RQZLVFKWHVLFKGHQ6FKZHLYRP*HVLFKWXQGVFKWWHOWHDWHPORVGHQ.RSI(UZDUQLFKW PHKUVRKHUYRUUDJHQGGXUFKWUDLQLHUWZLHIUKHUHUVSUWHGLH$QVWUHQJXQJHQYLHOIUKHU ³.HLQH,GHH´VDJWHHU³9LHOOHLFKWHLQHU,KUHU)UHXQGHDXVGHU.DVKED"´ ³8QGHQNEDU´HUNOlUWH.RSUDOHQWVFKLHGHQ³6LHPVVHQZLVVHQGDZLUXQVHUH/HLVWXQJ YHUNDXIHQDEHUNHLQHUYRQXQVOlWVLFKDOV0|UGHUPLHWHQ´ ³,VWGDVVLFKHU"´.RSUDOQLFNWHQXU ³8QGZDQQWUHIIHQZLUGLHVHQ0DQQPLWGHPVHOWVDPHQ1DPHQ"´ ³,QHWZDYLHU]LJ6HNXQGHQ´ $PREHUHQ(QGHGHU7UHSSHIKUWHHLQHDXIZlUWVJHNUPPWH*DVVHPLWEXQWHQ6WHLQHQ JHSIODVWHUWHELV]XHLQHUJURWHVN]HUIDOOHQGHQ0DXHU'DKLQWHUYRQDOOHUOHLJUQHQ%VFKHQXQG]ZHL XUDOWHQ%lXPHQXPJHEHQEHIDQGVLFKHLQHVGHUDPZHLWHVWHQYRP=HQWUXPGHU.DVKEDPLWLKUHQUXQG

'HU0LHWEUXGHU

M

$WODQ

HOIKXQGHUW+lXVHUQXQG%DUDFNHQHQWIHUQWHQ+lXVHU(VJOLFKGHQDQGHUHQGXUFKDXVVWDQGHWZDV LVROLHUW.RSUDOEHJDQQPLWGHU)DXVWDQGLHPRUVFKH+RO]WU]XKlPPHUQ1DFKODQJHU:DUWH]HLWNDPHLQ XUDOWHUQDFKYRUQJHNUPPWHU0DQQPLWHLQHUJURHQOHGHUQHQ6FKU]HDQV7RUXQGVSlKWHPLWHLQHP $XJHGXUFKHLQHQ5L ³+l"´IUDJWHHUNUlFK]HQG ³6DJHGHLQHP+HUUQ0DQQGHU3IRUWHGD0LHWEUXGHU.RSUDOKLHULVW:LUZDUWHQ´ ³-D´ 'HU$OWHVFKOXUIWH]XUFN7UHQVFKOXJHQ]XXQGHXWOLFKHV*HPXUPHOHUW|QWH0H[RQVDK.RSUDO IUDJHQGDQDEHUGHU0LHWEUXGHUEHWUDFKWHWHQXUGLHYRUEHU]LHKHQGHQ:RONHQXQGVFKLHQLQWLHIHV 1DFKGHQNHQYHUIDOOHQ]XVHLQ6FKOLHOLFKVWHPPWHGHUDOWH0DQQGDV7RUDXIXQGGHXWHWH]XP+DXV ³6LHZHUGHQHUZDUWHW´VDJWHHUVFKORGLHNQLUVFKHQGH3IRUWHXQGKXPSHOWHGDYRQXPVLFK LUJHQGZRLQGHPYHUZDKUORVWHQ*DUWHQ]XEHVFKlIWLJHQ0LWVHKUZHQLJ$XIZDQGKlWWHGLHVHU*DUWHQJXW DXVVHKHQN|QQHQDEHURIIHQVLFKWOLFK]RJHQHVDOOH%HZRKQHUGHU6OXPVYRUXQRUGHQWOLFKXQG YHUZDKUORVW]XEOHLEHQ(LQHPHUNZUGLJH3KLORVRSKLHGDFKWH0H[RQ9RULKQHQJLQJHLQHVFKPDOH +DXVWUDXVJHKlPPHUWHPURVWLJHP%OHFKDXI ³:LUZQVFKHQJHGHLKOLFKH0LWWDJVUXKH´HUNOlUWH.RSUDODOVDXVGHP+DOEGlPPHUGHV.RUULGRUV HLQHKDJHUH*HVWDOWDXIWDXFKWH$OVVLFKGHU+DXVKHUUXQGGHU0LHWEUXGHUGLH+lQGHVFKWWHOWHQJODXEWH 0H[RQ]XVHKHQZLHHLQH.ODPPHUYROOHU&KURQQHUVGHQ%HVLW]HUZHFKVHOWH(VNRQQWHDEHUDXFKHLQ DQGHUHU*HJHQVWDQGVHLQGHQHUQLFKWJHQDXHUNDQQWH ³,FKKDEHQLFKWYLHO=HLW´HUNOlUWH([RQGULDPLWHLQHUKHLVHUHQNUlFK]HQGHQ6WLPPHGLH PHUNZUGLJHUZHLVHWURW]GHPDQJHQHKPNODQJ ³:LUEUDXFKHQQLFKWYLHO=HLW´VDJWH.RSUDOVHOEVWEHZXW³([]HOOHQ]LFKGDUI,KQHQPHLQHQ EHUDXVUHLFKHQXQGZLFKWLJHQ*|QQHUYRUVWHOOHQ(LQ0DQQPLWHLQHPZLFKWLJHQ3UREOHP6LHN|QQHQ KHOIHQHV]XO|VHQ'LHVLVW6D[RQWHU.DQD\DWK([RQGULD´ ([RQGULDGHULQ]ZLVFKHQLP(LQJDQJ]XHLQHPJU|HUHQ=LPPHUVWDQGPDFKWHHLQHHLQODGHQGH %HZHJXQJ.RSUDOXQG0H[RQVFKREHQVLFKDQLKPYRUEHL0H[RQOHKQWHVLFKJHJHQHLQIUHLHV6WFN :DQG]ZLVFKHQ]ZHLYHUlQGHUOLFKH%LOGHU(UEOLFNWHLUJHQGZLHIDV]LQLHUW([RQGULDDQ ³,FKKHOIHJHUQZHQQHVP|JOLFKLVW:RLVWGDV3UREOHP"´ ([RQGULDZDUHLQJURHUKDJHUHU0DQQPLWY|OOLJNDKOHP6FKlGHOXQGWLHIOLHJHQGHQ$XJHQLQ HLQHPOHGHUDUWLJYHUZLWWHUWHQ*HVLFKW(UJOLFKHLQHPJULPPLJHQ5DXEYRJHOXQGVHLQH%HZHJXQJHQ ZDUHQKDVWLJXQGDEJHKDFNW ³,FKELQHLQ)UHXQGYRQHLQHU*UXSSH$UNRQLGHQPLWHLQLJHQH[RWLVFKHQ7HLOQHKPHUQ6LHZXUGHQ JHIDQJHQJHQRPPHQXQGPLWGHP6FKLII6.217$1KLHUKHUJHEUDFKW'LH6.217$1VWHKWDXIGHP +DXSWODQGHIHOGYRQ7HFNQRWK'LH*HIDQJHQHQZXUGHQDXVGHP6FKLIIJHKROWXQGYHUPXWOLFKLQGLH6WDGW JHEUDFKW´ ³:LVVHQ6LHYRQZHPWHU.DQD\DWK"´HUNXQGLJWHVLFKQDFKGHQNOLFK([RQGULD³,FKELQ 6WHOOYHUWUHWHQGHU+DIHQPHLVWHU,FKPWHHVHLJHQWOLFKZLVVHQ´ ³'HVZHJHQVLQGZLUKLHU´EHVWlWLJWH.RSUDOKDOEODXWXQGDXQXQWHUEURFKHQ1VVHDXVHLQHU 6FKDOH ³1HLQGDVZHLLFKQLFKW,FKVXFKHHLQH0|JOLFKNHLWPLWGHQ*HIDQJHQHQLQ9HUELQGXQJ]X WUHWHQ´ ([RQGULDOHJWHJH]LHUWGLH6SLW]HQVHLQHU)LQJHUJHJHQHLQDQGHUXQGVHW]WHVLFKLQHLQHQ .RUEVHVVHOGHUXQWHUVHLQHP*HZLFKWDXIlFK]WH ³,FKNHQQH,KUHQ1DPHQ$EHUZHOFKH)XQNWLRQEHNOHLGHQ6LH".RSUDOZDUI0H[RQHLQH1X ]ZLVFKHQGHQ=lKQHQHLQHQZDUQHQGHQ%OLFN]X ³(UODXEHQ6LHPLUGDLFKPHLQH,GHQWLWlWQLFKWY|OOLJHQWKOOH´HUZLGHUWH0H[RQ³=XYLHOH/HXWH ZUGHQVRQVWJHIlKUGHWZHUGHQ´ .UDFKHQG]HUEUDFKGLH1X.RSUDOQLFNWHNDXPZDKUQHKPEDU ³,FKUHVSHNWLHUH,KUH9RUVLFKW´YHUVLFKHUWH([RQGULD³:LHDQJHGHXWHWZUGHLFKQRUPDOHUZHLVH ZLVVHQZHQQHLQHJU|HUH0HQJHYRQ3HUVRQHQXQWHU%HZDFKXQJDXVHLQHP6FKLIIZHJJHEUDFKWZLUG 1DWUOLFKJLEWHV0LWWHOXQG:HJHGLHVXQEHPHUNW]XWXQ1XUHUNHQQHLFKNHLQHQ6LQQGDULQGHQQGLHV LVWHLQ6WW]SXQNWSODQHW´ .RSUDOPHOGHWHVLFKDXVVHLQHU(FNH ³:HUN|QQWHHVEHVVHUZLVVHQ([RQGULD"´ ³7UDPO\QQHUW2VKLVWGHU&KHIGHU3ULYDWDUPHHYRQ6RQQHQWUlJHU=RUJKDQ(UXQWHUVWHKWLKP

'HU0LHWEUXGHU

M

$WODQ

GLUHNW0LUVFKHLQWHUPWHHVZLVVHQ'DVKHLWZHQQGLH/HJHQGH]XWULIIW´ ³/HJHQGH"´ZROOWH0H[RQZLVVHQ'HUDOWH0DQQVDKLKQDQDOVZXQGHUHHUVLFKEHUGLHVHV XQJODXEOLFKH0DYRQ1DLYLWlW ³'LH/HJHQGHGDQLFKWVDXIGLHVHP3ODQHWHQRKQHGDVµ:LVVHQ4XRQVRQ=RUJKDQVSDVVLHUW´ ³=RUJKDQPWHHVDOVRZLVVHQ"´ ³,FKELQEHU]HXJWGDYRQ$EHUHUZLUGQLHPDQGHPHWZDVGDYRQVDJHQ+lWWHHUYRUJHKDEWHV |IIHQWOLFK]XWXQGDQQZlUHQ6LHEHLGHQLFKWKLHU´ ³,KUHhEHUOHJXQJHQVLQG]XWUHIIHQG´EHVWlWLJWH.RSUDO³1HUW2VKLVWIDVWMHGHQ$EHQGLQGHU .DVKED]XWUHIIHQ,FKZHLDQZHOFKHQ6WHOOHQ:LUZHUGHQLKQXP,QIRUPDWLRQHQHUVXFKHQ:HQQ6LH HLQHQ:HJVHKHQ([RQGULDEHQDFKULFKWLJHQ6LHPLFK"´ 'HUJHLHUN|SILJH0DQQQLFNWH(UKDWWHGLHOLQGJUQH+RVHEHPHUNWGLHLQGHQQHXHQ6WLHIHOQ VWHFNWH(UVFKLHQ]XDKQHQGDGLHVHU5DXPIDKUHUHLQHQKRKHQ5DQJEHNOHLGHWHDEHUHUJLQJQLFKW GDUDXIHLQ ³2IIHQVLFKWOLFKKDQGHOWHHVVLFKXPDXHUJHZ|KQOLFKHZLFKWLJH*HIDQJHQH"´IUDJWHHU0H[RQ GDFKWHDQGLH3UlPLHQGLHDXIGLH(UJUHLIXQJ$WODQV)DUWXORRQVXQGLKUHU)UHXQGHDXVJHVHW]WZRUGHQ ZDUHQ ³-D6LHVLQGVHKUEHGHXWXQJVYROO´VDJWH0H[RQ³'HVZHJHQLVWHVDXFKVRZLFKWLJPLWLKQHQLQ .RQWDNW]XNRPPHQ´ ³3ODQHQ6LHHWZDHLQH%HIUHLXQJVDNWLRQ"´ /DQJVDPVFKWWHOWH0H[RQGHQ.RSIXQGPXUPHOWH ³,FKGHQNHGDVEHUVWHLJWXQVHUH0|JOLFKNHLWHQ'HQNEDUZlUHHVDEHULFKELQ]XVFKZDFK DXVJHUVWHWDXHUGHPIHKOWPLUMHGH.HQQWQLVGHUgUWOLFKNHLWHQ,FKZLOOQXUPLWLKQHQVSUHFKHQ´ ([RQGULDULFKWHWHVLFKDXIHLQ=HLFKHQGDHUGLH8QWHUKDOWXQJDOVEHHQGHWDQVDK ³,FKZHUGHHLQHQ:HJILQGHQ,KQHQHLQH1DFKULFKW]XNRPPHQ]XODVVHQ0LHWEUXGHU.RSUDO´ VDJWHHUKDOEODXW³9RUDXVJHVHW]WLFKK|UHRGHUVHKHHWZDV´ .RSUDOILVFKWHGLHYRUOHW]WH1XDXVGHU6FKDOHXQGVDJWHPLWEHUWULHEHQHU+|IOLFKNHLW ³:LUKDEHQ]XGDQNHQ([]HOOHQ]1RFKPDOV'DQNIUGDV(QWJHJHQNRPPHQ´ ³.HLQH8UVDFKH´ZHKUWH([RQGULDDEXQG|IIQHWHGLH7U ³5LFKWLJ´EHVWlWLJWH.RSUDOOHLVHXQGJLQJYRU0H[RQDXVGHP=LPPHUGXUFKGHQGlPPHULJHQ .RUULGRUXQGKLQDXVLQGLHJUHOOH/LFKWIOXWGHVIUKHQ1DFKPLWWDJV+LQWHULKQHQVFKORGHUKXPSHOQGH *lUWQHUGDVDOWH7RU1DFKHWZDIQI]LJ6FKULWWHQKLHOW0H[RQVHLQHQ0LHWEUXGHUDQGHU6FKXOWHU]XUFN XQGIUDJWH ³:LHYLHOYRQGHPZDVZLUJHK|UWKDEHQHQWVSUDFKGHU:DKUKHLW.RSUDO"´ 'LHVPDOZDU.RSUDOV/lFKHOQEHLQDKHYHUVWlQGQLVYROOXQGPHQVFKOLFK ³$OOHV*|QQHU$OOHV(LQHQVROFKHQ6HUYLFHEULQJHQQXUGLH0LHWEUGHU´ ³,FKYHUVWHKH8QGMHW]W"´ ³,FKPXPLUIUKHXWHDEHQGHWZDVHLQIDOOHQODVVHQ8QVHUH]ZHLWH.RQWDNWSHUVRQYHUNHKUWLQ GHU.DVKED$EHUHULVWQLFKWVROHLFKW]XEHVWHFKHQZLH([RQGULD´ ³(VVFKHLQWVHKUVFKZHU]XVHLQHWZDVEHUGLH*HIDQJHQHQ]XHUIDKUHQ´ .RSUDOPDFKWHHLQH*HVWHGHU9HU]ZHLIOXQJ :HQQLFKGDVJHDKQWKlWWHKlWWHLFKPHLQHQ7DULIK|KHUDQJHVHW]W/RVJHKHQZLU'LH+LW]HLVW JURGHU6FKQDSVJHKW]XU1HLJH´ ³,VWPLUUHFKW´ 'LH+LW]HKDWWHQLFKWYLHOH0HQVFKHQDXVGHQ*DVVHQYHUWULHEHQ9LHOH%HVXFKHUGHU ODQJJH]RJHQHQ*HOlQGH]RQH]ZLVFKHQGHP)OXGHQ0H[RQQRFKQLFKWJHVHKHQKDWWHXQGGHQ $XVOlXIHUQGHUOHW]WHQVWlGWLVFKHQ3DUNVVDHQQRFKDQGHQPLW6SHLVHUHVWHQEHUKlXIWHQ7LVFKHQGHU (KlXVHUXQGYRP5DXPKDIHQVFKLHQHQGLH%HVDW]XQJHQHLQLJHUQHXJHODQGHWHQ6FKLIIHKLHU KHUHLQJHVWU|PW]XVHLQ 0H[RQZXUGHNHLQ]ZHLWHV0DOEHVFKRVVHQ6LHHUUHLFKWHQGHQNOHLQHQ+RIXQGVHW]WHQVLFK HUVFK|SIWXQWHUGDV6RQQHQVHJHOGDVVLFKQDFKGHP6WDQGGHV*HVWLUQVJHNLSSWKDWWH0H[RQZXWH MHW]WGDHUQLFKWHLQHLQIDFKHU)OFKWOLQJZDUGHVVHQ0DQQVFKDIWJHJHQLKQJHPHXWHUWKDWWH (VVFKLHQDXFKPLQGHVWHQVHLQHQ0DQQ]XJHEHQGHULKQW|WHQZROOWH(LQ%OLFNLQ.RSUDOV *HVLFKW]HLJWHLKPGDGHU0LHWEUXGHUDQQlKHUQGGDVVHOEHGDFKWH

'HU0LHWEUXGHU

M

$WODQ

.RSUDOKDWWHHLQHQ]ZHLWHQ6HVVHODXVGHU0XOWLZDQGJHNODSSWXQGVDK]XZLH0H[RQVHLQH ZHQLJHQ+DEVHOLJNHLWHQDXVGHU3DFNXQJQDKPXQGLQGLH7DVFKHQGHUDEJHWUDJHQHQ-DFNHYHUVWDXWH ³(LQHVGHU*HVHW]HXQVHUHU0LHWEUGHUVFKDIWLVWNHLQH)UDJHQ]XVWHOOHQ6LHEUDXFKHQDOVRQLFKW ]XDQWZRUWHQ6D[RQ´ 0H[RQSUIWHGHQ6LW]GHUQHXHQ+RVHXQGZDU]XIULHGHQ(UVFKDXWH.RSUDO]XGHUPLWHLQHP NOHLQHQ0HVVHUVHLQH)LQJHUQlJHOVFKQLWW ³)UDJHQ6LH.RSUDO´ ,Q]ZLVFKHQZXWHHUDXFKGD.RSUDOV*DVWIUHXQGVFKDIWHLQH6RQGHUOHLVWXQJGDUVWHOOWHGLHVHU 8PVWDQGZDUQLFKW]ZLVFKHQLKQHQYHUHLQEDUWZRUGHQ6HLQ:HOWELOG]XPLQGHVWLQEH]XJDXI0LHWEUGHU ZDUEHGHQNOLFKYHUUXWVFKW ³:DUXPVLQG6LHVRVHKUGDUDQLQWHUHVVLHUWGLH*HIDQJHQHQRGHUHLQLJHGHU*HIDQJHQHQ]X VSUHFKHQ"´ ³:HLOLFK´0H[RQELDXIVHLQH8QWHUOLSSH³H[LVWHQWLHOOHV,QWHUHVVHKDEH8QWHUGHQ*HIDQJHQHQ VLQG]ZHLPLQGHVWHQV]ZHL0lQQHUGLHIUPHLQZHLWHUHV/HEHQYRQEXFKVWlEOLFKOHEHQVZLFKWLJHP ,QWHUHVVHVLQG´ .RSUDOVSLW]WHGLH/LSSHQXQGSILIIHLQHNRPSOL]LHUWH0HORGLHGDQQVHW]WHHUZLHGHUVHLQEOLFKHV LQIDPHV*ULQVHQDXI ³+P/DVVHQ6LHPLFKODXWGHQNHQ'UHLIDFKHU0RQGWUlJHUDOVRPLW6LFKHUKHLWPLQGHVWHQV 5DXPVFKLIINRPPDQGDQW0LW*HIDQJHQHQXPGLHHLQVROFKJURHV*HKHLPQLVJHPDFKWZLUGVSUHFKHQ ]XZROOHQ«QXQDOVRPVVHQGLH*HIDQJHQHQJHJHQGDVKHUUVFKHQGH5HJLPHVHLQHLQHRSSRVLWLRQHOOH +DOWXQJGLHVWlQGLJPHKUXPVLFKJUHLIW$OVRVLQGDXFK6LHJHJHQXQVHUHQ+HUUVFKHU6HJHQDXIVHLQ $PW,QVRIHUQGUIWH,KUH3RVLWLRQLQGHU)ORWWHXQKDOWEDUJHZRUGHQVHLQGHVZHJHQVLQG6LH)OFKWHQGHU RKQH%DUJHOGXQGPLW)XUFKWYRUHLQHUDXIIDOOHQGHQ%XFKXQJ+DEHLFKUHFKW"´ 0H[RQKDWWHQDFKGHQNOLFK]XJHK|UW(UDKQWHGDHUY|OOLJRKQHVHLQ=XWXQLQHLQHXQKHLPOLFKH 6DFKHYRQJU|HU:LFKWLJNHLWKLQHLQJHVFKOLWWHUWZDU$OVHUVHLQHQ'RSSHOJlQJHUJHVHKHQKDWWHEHJDQQ GLHVHGXPSIH$KQXQJGLHLKQELVMHW]WNHLQH6HNXQGHODQJYHUODVVHQKDWWH$EHUHVJDEQLFKWGHQ JHULQJVWHQ+LQZHLVDXIGHQ&KDUDNWHUGLHVHU*HIlKUGXQJ:DVDOOHUGLQJV.RSUDODXVGLHVHQZHQLJHQ %HREDFKWXQJHQJHPDFKWKDWWHYHUEOIIWHXQGHUVFKUHFNWHLKQ ³1LFKWJDQ]$EHU6LHVLQGGHU:DKUKHLWVHKUQDKHJHNRPPHQ´HUZLGHUWHHU³+DWHV(LQIOXDXI XQVHU9HUKlOWQLVZHQQLFKZHLWHUKLQQXUGHUMHQLJHELQGHU6LHJHPLHWHWKDW"´ ³1HLQ´ ³+DEHQ6LHHLQ.RQ]HSWIUKHXWHDEHQG"´ .RSUDONODSSWHGDV0HVVHU]XVDPPHQXQGNUDW]WHVLFKLP1DFNHQ ³8QVHUHVFK|QH0LHWVFKZHVWHUZLUG6LH]XHLQLJHQLQWHUHVVDQWHQ6WHOOHQIKUHQ7UDPO\QQHUW 2VKLVWDQIlOOLJIU*HOGZHLEOLFKH6FK|QKHLWXQG$ONRKRO6LHEHLGHPVVHQPLFKXQWHUVWW]HQ´ 0H[RQVFKWWHOWHGHQ.RSI ³$\NOLGDV$EQHLJXQJJHJHQPLFKZLUGGDV8QWHUIDQJHQVFKHLWHUQODVVHQIUFKWHLFK´ ³6LHZLUGGDVWXQZDVVLH]XWXQKDW2GHUPHLQWHQ6LHIUGDV9HUVSUHFKHQJUR]JLJHU =DKOXQJKlWWHQ6LHGDV+DXVVDPWOHEHQGHP,QYHQWDUJHSDFKWHW"´ 0H[RQV+DQG]XFNWHLQGLH,QQHQWDVFKHGHU-DFNH(UULGLH.UHGLWNDUWHDXVGHU6FKXW]KOOHXQG ZDUIVLHYRU.RSUDO]X%RGHQ ³+LHUQHKPHQ6LH*HKHQ6LH]XUQlFKVWHQ%DQNXQGKHEHQ6LH]HKQWDXVHQG&KURQQHUVDE 8QGGDQQOHQNHQ6LHGLH3ROL]LVWHQDEGLHPLFKVXFKHQ´ ³'DIUZXUGHLFKQLFKWEH]DKOW´ZDUGLH$XVNXQIW*OHLFKPWLJEOLFNWH.RSUDOGLH.DUWHDQGDQQ ZDUIHUVLH0H[RQZLHGHU]X6FKXOWHU]XFNHQGVDJWHHU ³,FKDN]HSWLHUH,KUH=DKOXQJVZLOOLJNHLW,KUH8QYRUVLFKWLJNHLWKDWPLU,KUHQ1DPHQYHUUDWHQ´ ³'DVPXWHLFKLQ.DXIQHKPHQ´ ³%OHLEHQ6LHWURW]GHPEHLGHPJHZlKOWHQ1DPHQ6D[RQLVWJXW:HUYHUIROJW6LH"´ ³,FKNDQQHVPLUQLFKWHLQPDOGHQNHQ´HUZLGHUWH0H[RQ³(LJHQWOLFKGUIWHPLFKQLHPDQG YHUIROJHQGHQQLFKZXUGHDXIHLQHPDQGHUHQ3ODQHWHQDXVJHVHW]W0DQOLHPLFKOLHJHQZHLOPDQ EHU]HXJWZDULFKVHLWRW´ ³$XJHQVFKHLQOLFKVLQG6LH¶VQLFKW´PXUPHOWH.RSUDO(UGDFKWHQDFKXQGGHU5HVSHNWGHV 5DXPIDKUHUVYRUGLHVHPKlOLFKHQXQVFKHLQEDUHQ0DQQZXFKV³'LHJDQ]H$QJHOHJHQKHLWLVWUHLFKOLFK NRQIXV´

'HU0LHWEUXGHU

M

$WODQ

³'DVVDJHLFKPLUDXFK,FKNHQQHNHLQH/|VXQJ´ ³$EHUGLH*HIDQJHQHQPLWGHQHQ6LHVSUHFKHQPVVHQNHQQHQGLH/|VXQJ"´ ³'DVLVWQLFKWDXV]XVFKOLHHQ$EHUGD]XPVVHQZLUHUVWHLQPDOHLQH6SXUKDEHQ´ .RSUDOVFKZLHJ'LH/|VXQJGHV3UREOHPVEHUVWLHJVHLQH)lKLJNHLWHQ5XQGHLQ7DJZDU YHUJDQJHQHVEOLHEHQQRFKVHFKV7DJH$EHU]ZLVFKHQ]HLWOLFKNRQQWHHLQDQGHUHV6FKLII$WODQXQGVHLQH )UHXQGHQDFK$UNRQXQGLQGHQ0DFKWEHUHLFK2UEDQDVFKROVEULQJHQ 0H[RQZDUKLOIORVGHQ=XIlOOLJNHLWHQDXVJHOLHIHUW'DHUQLFKWV6LQQYROOHVWXQNRQQWHZDUHVGDV EHVWHHLQHQ6FKULWWQDFKGHPDQGHUHQ]XYHUVXFKHQ(LQHUGDYRQNRQQWHLKQ]X$WODQEULQJHQ2GHU HLQHQ7HLOGHV*HKHLPQLVVHVDXINOlUHQVRGDHUZHQLJVWHQVVDKZRULQHUVLFKHLQJHODVVHQKDWWH(U JDEVLFKLQQHUOLFKHLQHQ5XFNXQGHUNOlUWH ³=XUFN]X,KUHU)UHXQGLQ6LHPDJPLFKQLFKW´ .RSUDONLFKHUWH ³+HXWHDEHQGZLUG6LH,KQHQEHZHLVHQGDGDV*HJHQWHLOGHU)DOOLVW6LHIlOOWXQWHUµ6SHVHQ¶ $GPLUDO´ ³:DVKDEHQZLU]XWXQ"´ ³%HWUXQNHQH%DUEHVXFKHU]XVSLHOHQ(VLVWYROONRPPHQKDUPORVDOVRQHKPHQ6LH,KUHQ6WUDKOHU VWDWWGHV3DUDO\VDWRUVPLW´ 0H[RQUXQ]HOWHGLH6WLUQ ³,KU(UQVW"´ ³-D9HUPXWOLFKEHVXFKWXQVHU)UHXQGLUJHQGZHOFKH6SLHOKlXVHU2GHUHUJHUlWLQHLQ=HQWUXPIU 0lQQOLFKNHLWVWHVWV2GHUHUKDW:DFKHQGLH6LH]XVDPPHQVFKODJHQZROOHQ´ ³$OOHVGHXWHWDXIHLQHQJHUXKVDPHQ$EHQGKLQ´ 0H[RQIUFKWHWHVLFKQLFKWHUZDUPXWLJXQGNUlIWLJXQGVHLQ:HJELV]XPGUHLIDFKHQ 0RQGWUlJHUZDUYROOHU$EHQWHXHUJHZHVHQ'LHVHDEHUKDWWHQLP5DXPVWDWWJHIXQGHQDXI([SHGLWLRQHQ LQ5DXPVFKLIIHQXQGLQ7UDLQLQJV]HQWUHQ(UNRQQWHLQHQWVSUHFKHQGHU$XVUVWXQJGLH6OXPVVWUPHQ DEHUHUZDUDOOHVDQGHUHDOVHLQ3DUWLVDQGHUVLFKLQ%DUV6SLHOK|OOHQRGHUQRFKVFKOLPPHUHQ2UWHQZRKO XQGVLFKHUIKOWH'DULQZDUHQLKP:LQ]OLQJHZLH.RSUDOXQHQGOLFKEHUOHJHQ(VZDUDOVYHUODQJHPDQ YRQLKPZLHHLQ9RJHO]XIOLHJHQ$XFKGDVNRQQWHHUQLFKW ³,QPHLQHU*HJHQZDUWZLUGHVHLQ)DPLOLHQDXVIOXJ'HQNHQ6LHGDUDQGD$\NOLGDVSLHOW+DOWHQ 6LHHVNHLQH6HNXQGHODQJIU(UQVW6LHJHKHQVRQVWHLQXQNDONXOLHUEDUHV5LVLNRHLQ´ ³6LHLVWPHKUDOVUHL]YROODEHULFKNDQQPLFKEHKHUUVFKHQ´ .RSUDOEHJDQQ]XODFKHQ(LQ+HLWHUNHLWVDXVEUXFKVFKWWHOWHVHLQHQGLFNHQ.|USHU ³6LHVLQGHLQIROJVDPHU*|QQHU6D[RQ:LUNOLFK:HQQLFKPLUYRUVWHOOHZLH6LHPLWVWDKOKDUWHU (QWVFKORVVHQKHLWHLQ.DPSIVFKLIIIKUHQXQGUHLKHQZHLVH0DDKNVYHUQLFKWHQYHUOLHUHLFKGLH %HKHUUVFKXQJ´ ³$OV'HPRQVWUDWLRQ´VFKOXJ0H[RQYROOHUbUJHUYRU³NDQQLFK6LHMDHLQPDOGXUFKGLHVHV)HQVWHU ZHUIHQ´ (UlUJHUWHVLFKZHLOHUHLQVDKGD.RSUDOY|OOLJUHFKWKDWWH.RSUDOVWDQGZRUWORVDXINODSSWHHLQ SDDU]XVlW]OLFKH)lFKHUGHU0XOWLZlQGHDXIXQGVFKOR ³+LHUILQGHQ6LH(VVHQXQG8QWHUKDOWXQJ:DUWHQ6LHKLHU,FKHUOHGLJHHLQLJH$QUXIH8QVHUH )UHXQGLQZLUG6LHDEKROHQZHQQHVVRZHLWLVW´ (UJLQJKLQDXVVFKORGLH7UVHKUOHLVHXQGVFKDIIWHHVGLH7UHSSHRKQHMHGHV*HUlXVFK KLQXQWHU]XJHKHQ0H[RQVDPLWHLQHPGXPPHQ*HVLFKWDXVGUXFNGDXQGGDFKWHQDFK (UKDWWHVLFKVFKRQQDFKHLQHP7DJIDVWY|OOLJDQGHQPHUNZUGLJHQ.RSUDODXVJHOLHIHUWDQ HLQHQ0DQQGHUEHUKDXSWQLFKWLQGDV%LOGSDWHGDVHUVLFKYRQHLQHP0LHWEUXGHUJHPDFKWKDWWH )ULKQJDEHVQXUQRFKHLQHEHGUFNHQGH$OWHUQDWLYH(UNRQQWH]XUFN]XU6.217$1JHKHQ XQGVLFKVWHOOHQ'DQQZUGHQVLHLKQZHQLJVWHQVVFKQHOOW|WHQ (UZDUNXU]HLQJHVFKODIHQDEHUVHLQH5HIOH[HIXQNWLRQLHUWHQZLHGHUZLHLQDOWHQ7DJHQ'DV LPPHUZlKUHQGH*HIKOGHUNRPPHQGHQ.DWDVWURSKHKDWWHVLHJDQ]SO|W]OLFKJHVFKlUIW$OVGLH7UVLFK |IIQHWHVSUDQJ0H[RQDXIXQGZDUIVLFKVHLWOLFKQHEHQGHP/DJHU]X%RGHQ$OVHUVLFKDXIULFKWHWHKLHOW HUGLH:DIIHLQGHU+DQG±XQGVDKLQGLHVS|WWLVFKHQ$XJHQGHUMXQJHQ)UDX

'HU0LHWEUXGHU

M

$WODQ

=XHUVWHUNDQQWHHUVLHQLFKW6LHKDWWHVLFKYHUlQGHUW1LFKWVRVHKUlXHUOLFKLKU:HVHQVFKLHQ VLFKYHUlQGHUW]XKDEHQ6LHVDKDXVZLHHLQHVGHUJDQ]WHXHUHQNlXIOLFKHQ0lGFKHQ7URW]GHP VFKLPPHUWHGXUFKGLHVH0DVNLHUXQJLKU.HUQKLQGXUFK,Q:LUNOLFKNHLWZDUVLHVRKDUWXQGNDOWZLH *OHWVFKHUHLV6LHZDUYRQVHLQHU'DUELHWXQJY|OOLJXQEHHLQGUXFNW ³6WHFNHQ6LH,KU*HOGHLQ6D[RQXQGNRPPHQ6LH´ 'LH:DIIHYHUVFKZDQGXQWHUGHU6FKXOWHU(UOlFKHOWHYHUOHJHQXQGVFKDOWHWHGDV5DXPOLFKWHLQ ³7XWPLUOHLG,FKKDEHQRFKHOI0HUNRQV,FKNDQQ6LHJHUQ]XHLQHP*ODV(LVWHHHLQODGHQ´ ³+XPRUKlWWHLFKEHL,KQHQDPZHQLJVWHQYHUPXWHW$XFKJXW.RSUDOZLUGHLQVSULQJHQPVVHQ´ 6WLPPHQ*HOlFKWHUYLHUYHUVFKLHGHQH0XVLNHU]HXJHU*OHLWHUVLJQDOHHLQZVWHU)OXFKLP 'LDOHNWHLQHV)DUPHUSODQHWHQGDV.UHLVFKHQHLQHV7LHUHV±GLHVHV*HUlXVFKLQIHUQRGUDQJGXUFKGLH RIIHQH7UKHUHLQ ³(UZLUGGHQ7DJYHUZQVFKHQDQGHPHUPLFKDQJHVSURFKHQKDW´HUNOlUWH0H[RQ³*HKHQZLU"´ ³(UKDWGHQ7DJXQGGLH6WXQGHVFKRQPHKUPDOVYHUIOXFKW-DZLUJHKHQ'HQNHQ6LHGDUDQGD ZLUKHXWHHLQ/LHEHVSDDUVLQGGDVVLFKVHLWHLQSDDU6WXQGHQNHQQWMD"2GHUVLQG6LHZLUNOLFKVR WROSDWVFKLJGDVLHGLH6FKDXYHUGHUEHQ"´ (UVFKDOWHWHGLH/LFKWHUDXVXQGIROJWHLKUDXIGHQZLQ]LJHQ3ODW]YRUGHUHUVWHQ7UHSSHQVWXIH KLQDXV6LHVFKORGLH7UPLWHLQHPNRPSOL]LHUWHQ6FKOVVHODE,KUH1lKHHUUHJWHLKQDEHUHUEOLHE VWHKHQZLHHLQ+RO]NQSSHO ³(LQH)UDJH"´ ,KUH+DQGEHZHJXQJVFKHXFKWHLKQGLH6WXIHQKLQXQWHU-HW]WVWDKOVLFKHLQ7HLO:XWLQVHLQH +LOIORVLJNHLW(UVSUDFKODXWHUXPGHQK|OOLVFKHQ/lUPYRQGHU*DVVH]XEHUW|QHQ ³6LHNHQQHQPLFKVRJXWZLHQLFKW´ ³'DVNDQQQXUHLQ9RUWHLOVHLQ´JDEVLHELVVLJ]XUFN³:DUGDVDOOHV"´ (UJULQVWHNXU](LQQHXHVQLHJHNDQQWHV*HIKOHUJULIILKQSO|W]OLFK (UZXUGHYHUZHJHQ6RlKQOLFKPXWHQVLFKGLH$UHQDNlPSIHUIKOHQZHQQVLHGHU%HLIDOOGHU 0DVVHQHPSILQJ6LHIUHXWHQVLFKDXIGHQ.DPSIZHLOGLHVPLWJURHU6LFKHUKHLWGLHDEVROXWOHW]WH)UHXGH LKUHV/HEHQVZDU(UJLQJYRUGHU)UDXGLH6WXIHQKLQXQWHUXQGUHLFKWHLKUGLH+DQG6LHVFKLHQGLHVH K|IOLFKH*HVWHQLFKWZDKU]XQHKPHQ ³1HLQGDVZDUGHU$QIDQJ:DUXPEHOHLGLJWH6LHPHLQHEORH$QZHVHQKHLW"´ 6LH]|JHUWHNDXPZDKUQHKPEDUEHYRUVLHGHQ)XDXIGLHQlFKVWH6WXIHVHW]WH'LH7UHSSH NQDUUWHXQGlFK]WHZLHLPPHU ³'DVJHKW6LHQLFKWVDQ´IDXFKWHVLH ³,FKELQDQGHUHU0HLQXQJ6FKOLHOLFKEHKDQGHOQ6LHPLFKZLHGHQOHW]WHQIHXFKWHQ.HKULFKW :DUXPHLJHQWOLFK"´ 6LHODFKWH]XODXWXQG]XJUHOO(LQRUGLQlUHV/DFKHQVLHJLQJLQLKUHU5ROOHDXI0H[RQZDUWHWH ELV$\NOLGDDXIJHKROWKDWWHXQGOHJWHHLQHQ$UPXPLKUH6FKXOWHUQ6LHZROOWHVLFKGXUFKHLQH'UHKXQJ IUHLPDFKHQDEHUHUKLHOWVLHIHVWXQGNQXUUWH ³:LUVLQGHLQ/LHEHVSDDUGHQNHQ6LHGDUDQ$\NOLGD:LUNHQQHQXQVQLFKWODQJHXQGLQGLHVHP 6WDGLXPLVWGHUN|USHUOLFKH.RQWDNWQRFKQHXXQGDXIUHJHQG´ 6LHJLQJVWHLIQHEHQLKPKHU'HU*OHLWHUZDUDXVGHP+RIYHUVFKZXQGHQ6LHZXUGHQYRQGHU 0HQJHDXIJHQRPPHQZLHHLQ6WFN+RO]GDVYRQGHQ:HOOHQPLWJHULVVHQZLUG ³6LHKDEHQPHLQH)UDJHQLFKWEHDQWZRUWHW.|QQHQ6LHQLFKW±RGHUZROOHQ6LHQLFKW´ $\NOLGDZDUYHUWHXIHOWKEVFK,KU+DDUZDU]XYLHOHQNOHLQHQ5|OOFKHQXQG/RFNHQJHGUHKWGLH GHQVFKPDOHQ.RSIZLHHLQ6WUDKOHQNUDQ]XPJDEHQ'DV*HVLFKWZDUGXQNHOJHVFKPLQNWODQJH:LPSHUQ EHUVFKDWWHWHQGLH:DQJHQ'LH6HULHQYRQYLHOIDUELJHQ%OLW]HQGLHYRQGHQ2KUSHUOHQDXVJLQJHQ LUULWLHUWHQ0H[RQ 'DV.OHLGZDUWLHIDXVJHVFKQLWWHQXQGODJHQJDP.|USHUDQ$XFKGHU6WRIIVFKLHQDXV 6WHUQVWDXE]XEHVWHKHQGHUEHLMHGHU%HZHJXQJIOLPPHUWHXQGIXQNHOWHXQGXQXQWHUEURFKHQVHLQH )DUEHQlQGHUWH=ZHL+DQGEUHLWEHUGHQ.QLHQHQGHWHGHU6DXPVHOEVWGLH=LHUQlKWHDQGHQZHLHQ 6WLHIHOQOHXFKWHWHQ%HLP*HKHQVFKDXNHOWHGLHMXQJH)UDXK|FKVWURXWLQLHUWGLH+IWHQ.HLQ0DQQGHU LKQHQHQWJHJHQNDPVDK]XHUVW0H[RQDQ(UZDUQHEHQLKUIDVWXQVLFKWEDU+LQXQGZLHGHUWUDIHQLKQ QHLGLVFKH%OLFNH(UIKOWHVLFKWURW]VHLQHUGHVRODWHQ/DJHLPPHUEHVVHU(LQHWUJHULVFKH +RFKVWLPPXQJZDUGLHVHUZXWHHVDEHUHUNlPSIWHQLFKWGDJHJHQDQ ³,FKZLOOQLFKWGDUDXIDQWZRUWHQ´VDJWHVLHVFKOLHOLFK ³:DUXPQLFKW:DVPDFKWPLFKVRXQV\PSDWKLVFK"+DEHQ6LHHWZDVJHJHQ5DXPIDKUHU"´

'HU0LHWEUXGHU

M

$WODQ

³1HLQ1LFKWJHJHQDOOH´ ³+DEHQ6LHHWZDVJHJHQPLFK",FKZHUGH,KUHQIDPRVHQ)UHXQGQDFKVHFKV7DJHQYHUODVVHQ 'DQQJHK|UWHUZLHGHUJDQ],KQHQ´YHUVSUDFKHUOHLFKWKLQ 6LHEUDFKWHQHVIHUWLJRKQHDOO]XKlXILJDQJHUXPSHOW]XZHUGHQ]ZHL+lXVHUEO|FNHZHLW]X JHKHQ ³+LHULVWGHU/DKPH'UDFKH0|JHQ6LH)LVFK"´ $\NOLGDGHXWHWHDXIHLQ]X]ZHL'ULWWHOQEHVHW]WHV5HVWDXUDQW'LH)UDJHQDFKGHP)LVFKZDU XQZLFKWLJ0DQURFKVHLWIQI]LJ6FKULWWHQZDVKLHUVHUYLHUWZXUGH)LVFKLQDOOHQ9DULDWLRQHQ ³,Q,KUHU$QZHVHQKHLWZUGHPLUDOOHVVFKPHFNHQ$\NOLGD´ 6LHIDQGHQHLQHQNOHLQHQ7LVFKQDKHJHQXJDQGHUVFKPDOHQ%DUULHUHGLHVLHYRQGHQ VFKOHQGHUQGHQ3DVVDQWHQWUHQQWH6RKDWWHVLHHLQHQJXWHQ%OLFNDXIGDV,QQHUHGHV/RNDOVXQGDXIGLH *DVVH0H[RQKDWWHVLFKLQ]ZLVFKHQDQGHQ'DXHUOlUPGHQ*HVWDQNXQGDQGLHVWlQGLJH8QUXKH JHZ|KQW,PPHUPHKUIDQGHUVLFKDQGHU2EHUIOlFKHGHV/HEHQVGHU.DVKED]XUHFKW ³:DVP|FKWHQ6LHHVVHQ"hEULJHQVVLW]WGRUWKLQWHQXQVHU)UHXQG7UDPO\QQHUW2VKPLWVHLQHQ UDXKHQ%HJOHLWHUQ´ ³'HVZHJHQVLQGZLUKLHULFKYHUVWHKH%HVWHOOHQ6LHELWWHLFKKDEHNHLQH$KQXQJ:RVLW]W 2VK"´ ³$P7LVFKQHEHQGHU%DU´ 0H[RQEOLFNWHKLQEHU(UVDKHLQHQEUHLWVFKXOWULJHQKQHQKDIWHQ$UNRQLGHQPLWGXQNHO JHIlUEWHQ]XHLQHPGLFNHQ1DFNHQ]RSIJHIORFKWHQHP+DDU2VKZDUDOOHVDQGHUHDOVXQDXIIlOOLJHLQ ODXWHU0DQQPLWEUHQQHQGHQ$XJHQXQGULHVLJHQ+lQGHQ8QWHUGHPGQQHQ+HPGGDVELV]XP*UWHO RIIHQZDUVSDQQWHQVLFKEHPHUNHQVZHUWH0XVNHOQ'LHGUHL0lQQHUXQGGLHYLHU0lGFKHQGLHLKQ XPJDEHQSDWHQ]XLKP$OOHDFKW3HUVRQHQZDUHQDXIUDXKHODXWH$UWOXVWLJXQGZLHHVVFKLHQQLFKW PHKUJDQ]QFKWHUQ(LQ-XQJHNDPDQGHQ7LVFKXQGKREHLQ1RWL]JHUlW ³:DVVROOLFKEULQJHQ"$FKELVWGXZLHGHUXQWHUZHJV$\NOLGD"*DQ]JUR±ZDVKDVWGXYRU"´ 0H[RQVWDUUWHGHQ-XQJHQPLWPDORVHU9HUEOIIXQJDQ$\NOLGDJULQVWHXQGDQWZRUWHWH VFKQLSSLVFK ³+DXDE:LQ]OLQJ0RPHQWEULQJXQV]ZHL3RUWLRQHQJHJULOOWHQ/XU]0LWGLYHUVHQ6RHQXQG %HLODJHQQDFK$UWGHU.DVKEDGXZHLW'D]X]ZHL3RNDOH:HLQ5RVpNHLQHQ5RWHQ8QGYRUKHUHLQHQ 6FKQDSVGXZHLWVFKRQZHOFKHQ8QGZHQQGXQRFKHLQPDOLQGHUgIIHQWOLFKNHLWPHLQHQ1DPHQODXW DXVVSULFKVWHUVFKODJHLFKGLFKPLWGHP/XU]MD"´ ³'HLQHQHXH(UUXQJHQVFKDIWZLH"´HUNXQGLJWHVLFKGHU-XQJHXQGOLHI7LVFKNDQWHQXQG*lVWHQ JHVFKLFNWDXVZHLFKHQGLQGLH5LFKWXQJGHU.FKH0H[RQKDWWHLQ]ZLVFKHQEHJULIIHQGD]ZLVFKHQDOOHQ GHQNEDUHQ$QJHK|ULJHQGLHVHUHLJHQDUWLJHQ*HPHLQVFKDIWHLQH.DPHUDGVFKDIWGHU$XHQVHLWHUEHVWDQG VRJDU]ZLVFKHQJHJHQVlW]OLFKHQ&KDUDNWHUHQZLHGHP.HOOQHUXQG$\NOLGD ³(UPDJPLFK´VDJWH0H[RQXQGOlFKHOWHVLHDQ³,P*HJHQVDW]]X,KQHQ´ 6LHVWDUUWHLKQPLWRIIHQHP0XQGDQXQGVFKWWHOWHGHQ.RSI ³-HW]WVHKHQ6LHGLUHNWPHQVFKOLFKDXV´EHPHUNWH0H[RQXQGOHKQWHVLFK]XUFN(UEHREDFKWHWH ZHLWHUKLQGLH*UXSSHXPQHUW2VK1HUW2VKZDUGLHGRPLQLHUHQGH(UVFKHLQXQJ(UZUGHHVQRFKZHLW EULQJHQYHUPXWOLFK]XP6LFKHUKHLWVFKHIGLHVHV3ODQHWHQ2EZRKOHUJHWUXQNHQKDWWHYHUORUHUQLFKWHLQH 6HNXQGHODQJGLH6HOEVWNRQWUROOH6HLQH$XJHQZLUNWHQZLHKRFKHPSILQGOLFKH2UWXQJVJHUlWH(UVDK MHGHQXQGDOOHV'HU&KHIGHUSULYDWHQ$UPHH=RUJKDQVZDVDXFKVHLQH%HIXJQLVVHXQGVHLQ$XIWUDJ VHLQPRFKWHQZXWHJHQDXGDHULQGHU.DVKEDNHLQH0DFKWEHVDVRQGHUQHLQHUOHEQLVKXQJULJHU %HVXFKHUZLH+XQGHUWHXQG7DXVHQGHDQGHUHUZDU ³6HKHQ6LHOLHEHU2VKDQ´ULHW$\NOLGDlUJHUOLFKXQGZLQNWHGHP-XQJHQGHUDXIHLQHP7DEOHWW ]ZHLKDOEJHIOOWH*OlVHUEUDFKWH6LHZDUYHUlUJHUWZHLOVLH]XVSUHQEHJDQQGD0H[RQVLHQLFKW PHKUJDQ]YROOQDKP ³$EHULFKVFKDXHOLHEHU6LHDQ2EZRKO7UDPO\QGXUFKDXVHLQVHKHQVZHUWHU%XUVFKHLVW´ ³/HLGHULVWHUZHGHUHQWJHJHQNRPPHQGQRFKEHVWHFKOLFK´VDJWHVLHVlXHUOLFK ³'DULQlKQHOWHU,KQHQ´DQWZRUWHWH0H[RQXQGKREVHLQ*ODV³9LHOOHLFKWN|QQWHQZLUGDUDXI WULQNHQGD6LHHVIHUWLJEULQJHQVLFKPLWPLUZLHHLQQRUPDOHU0HQVFK]XXQWHUKDOWHQ´ $\NOLGDVWU]WHGLH+lOIWHGHV,QKDOWVKLQXQWHUXQGKREGLH6FKXOWHUQ(UZXUGHDXVLKUQLFKWNOXJ 9RUDOOHPGHVKDOEZHLOHULKUQLFKWGHQJHULQJVWHQ$QODJHJHEHQKDWWHVFKOHFKWJHODXQW]XVHLQ 'DVGDFKWHHUZHQLJVWHQV ³1LHPDQGKLHULQGHU.DVKEDLVWHLQQRUPDOHU0HQVFK´JUROOWH$\NOLGD³$XFK6LHQLFKW´

'HU0LHWEUXGHU

M

$WODQ

³,FKJHKHZLHGHU,FKELQNHLQ'DXHUEHZRKQHU´YHUVLFKHUWH0H[RQ³$XIHLQHQVFK|QHQ XQYHUJHOLFKHQ$EHQG:DUXPVLQGZLUHLJHQWOLFKKLHU"´ ³:HLOZLUYHUVXFKHQPVVHQQHUW2VKDXIVHLQHU7RXUGXUFKGLHYHUVFKLHGHQHQ/RNDOLWlWHQ]X EHJOHLWHQXQVDQLKQKHUDQ]XPDFKHQXQGLKQZHQQHUEHWUXQNHQRGHUDXHU6HOEVWNRQWUROOHLVWEHU ,KUHJHOLHEWHQ*HIDQJHQHQ]XEHIUDJHQ.RSUDOZLUGXQVGDEHLEHVFKW]HQ%HUHLWHQ6LHVLFKDOVRGDUDXI YRUGHQ/XU]VWHKHQ]XODVVHQXQGDXI]XVSULQJHQ´ 0H[RQQLFNWHQDFKGHQNOLFK.RSUDOXQG$\NOLGDKDWWHQVLFKYLHOYRUJHQRPPHQ$EHUHUPHUNWH DXFKGDKLQXQGZLHGHUHLQVFKQHOOHUSUIHQGHU%OLFNQHUW2VKV]XGHUMXQJHQKHUDXVIRUGHUQG DXIJHPDFKWHQ)UDXKLQEHU]XFNWH(VZDUGHXWOLFKGDGHU/HLEZlFKWHU=RUJKDQV$\NOLGD EHDFKWXQJVZHUWIDQG$EHUVLHJDEGLH%OLFNHQLFKW]XUFN .XU]GDUDXINDPGDV(VVHQ=ZHLULHVLJH7HOOHUPLWHEHQVROFKHQ3RUWLRQHQOHFNHUDXVVHKHQGHP )LVFKXQGHLQHUYHUZLUUHQGHQ9LHO]DKOYRQ%HLODJHQ0H[RQOLHIGDV:DVVHULP0XQG]XVDPPHQ'HU .HOOQHUVWHOOWH]ZHLPlFKWLJH3RNDOHHLQHVKHOOURWJOKHQGHQ:HLQVQHEHQGLH7HOOHUXQGYHUEHXJWHVLFK NXU] ³,FKGHQNH6LHKDEHQGDV5LFKWLJHDXVJHVXFKW´EHPHUNWH0H[RQOREHQG ³'DVGHQNHLFKDXFK/DQJHQ6LH]XHKHGHU/XU]NDOWZLUG´ :lKUHQGGHV(VVHQVKHUUVFKWH.DPSISDXVH6RZRKOGHUJHJULOOWHXQGSDQLHUWH)LVFKDOVDXFK GLH%HLODJHQZDUHQKHUYRUUDJHQG $OV0H[RQGDVKDOEH*ODV:HLQJHWUXQNHQKDWWHKDWWHHUHLQHYRU]JOLFKH,GHH:HQLJVWHQVZDU HUIHVWGDYRQEHU]HXJWGDHVHLQJXWHU(LQIDOOZDU9RUDOOHPKLHOWHULKQIUXQYHUIlQJOLFK 6LHNRQQWHQLQ5XKHLKU(VVHQEHHQGHQGHQQ7UDPO\QEOLHELP.UHLVVHLQHU)UHXQGHVLW]HQ$EHU HUEOLFNWHLPPHUKlXILJHU]X$\NOLGDKLQEHU$EXQG]XWUDIDXFKHLQNXU]HUDQDO\WLVFKHU%OLFNGHQ .RPPDQGDQWHQ ³7UDPO\QZLUGDOOHVJODXEHQQXUQLFKWGDZLUHLQMXQJHV/LHEHVSDDUVLQG´VDJWH0H[RQRKQH MHGHQ6DUNDVPXVLQGHU6WLPPH ³6LHKDEHQUHFKW´HUZLGHUWHVLH$OV7UDPO\QGDVQlFKVWHPDOKHUEHUVDKVFKHQNWH$\NOLGD LKUHP*HJHQEHUHLQVFKPHO]HQGHV/lFKHOQGDVHUVWDXQOLFKHFKWZLUNWH6LHEHUUDVFKWH0H[RQQRFK PHKUDOVVLHLKUH)LQJHUDXIVHLQH+DQGOHJWHXQGVRODXWVDJWHGDHV7UDPO\QK|UHQNRQQWH ³'XELVWHLQHUVWDXQOLFKHU0DQQ6D[RQ´ 0H[RQOlFKHOWHVFKPHU]OLFKXQGDQWZRUWHWHZDKUKHLWVJHWUHX ³,FKELQHLQYHU]ZHLIHOWHU0DQQRKQHYLHOH+RIIQXQJHQ8QJODXEOLFKDEHUHVLVWWURW]GHPGLH :DKUKHLW´ $\NOLGDVHQNWHGHQ.RSI(UKDWWHVROHLVHJHVSURFKHQGDQLHPDQGVRQVWGLH$QWZRUWJHK|UW KDWWH ³*HQDXDXVGLHVHP*UXQGELQLFKDXFKlUJHUOLFK6D[RQ$EHUYLHOOHLFKWHUNOlUHLFKHV,KQHQ VSlWHUZHQQLFKULFKWLJEHWUXQNHQELQ´ 0H[RQYHUVWDQGEHUKDXSWQLFKWVPHKU$EHUMHW]WVWDQGHQ7UDPO\QXQGVHLQH%HJOHLWHUDXI ]DKOWHQXQGJDEHQGHP*HVLFKWVDXVGUXFNGHV.HOOQHUVQDFK]XXUWHLOHQHLQIUVWOLFKHV7ULQNJHOG$OVVLH DP7LVFK0H[RQVXQG$\NOLGDVYRUEHLNDPHQVDJWH7UDPO\QGHXWOLFK]XHLQHPVHLQHU%HJOHLWHU ³'HQ+¶RJRRXQGGHQ9HUGDXXQJVVFKQDSVQHKPHQZLULP'XQNOHQ9HUJQJHQ8QGGDQQVHKHQ ZLUGHQ.lPSIHUQLQ%URFNO\QV$UHQD]XMD"´ (UHUKLHOWEHJHLVWHUWH=XVWLPPXQJXQGVFKREVLFKQDFKHLQHPOHW]WHQKHUDXVIRUGHUQGHQ%OLFNDXI $\NOLGDDXVGHP5HVWDXUDQW$\NOLGDYHUlQGHUWHLKUHQ*HVLFKWDXVGUXFNQLFKWDOVVLHVDJWH ³$XFKZLUQHKPHQ+¶RJRRXQGHLQHQ/LN|ULQGLHVHU.DVFKHPPH6D[RQ´ ³,FKYHUVWHKH´HQWJHJQHWHHUXQGVWDQGDXI

%LVKHUKDWWHHUVLFKZLUNOLFKQXUDQGHU2EHUIOlFKHEHZHJWXQGZDUQLFKWHLQHQ)LQJHUEUHLWWLHILQ GLHPHUNZUGLJH6XENXOWXUGHU.DVKEDHLQJHGUXQJHQ-HW]WXQGKLHULQGLHVHPYHUUlXFKHUWHQ/RNDO EHJDQQLKQGHU6WUXGHO]XSDFNHQXQGQDFKXQWHQ]X]LHKHQ'HUODQJJHVWUHFNWH5DXPZDUEUHFKHQG YROO$\NOLGDZXUGHHQJDQLKQJHGUFNW,UJHQGZDQQWDXFKWHDXFK]ZLVFKHQGHQ6FKXOWHUQGHU GUlQJHQGHQ*lVWH.RSUDOV*HVLFKWHLQHQ0RPHQWDXI (VVWDQN6OLFKHU5DXFKYRQ5DXVFKNUlXWHUQKLQJZLH1HEHOLQGHU/XIW'LH)UDXHQXQG 0lQQHU]ZLVFKHQ7KHNHXQG:DQGVWDQGHQGLFKWJHGUlQJW*HVLFKWHULQGHQHQJUHOOH1HXJLHUGHVWDQG

'HU0LHWEUXGHU

M

$WODQ

XQEHVFKUHLEOLFKYHUZDKUORVWH([LVWHQ]HQDXVJHPHUJHOWH*HVWDOWHQGLHPHKUWRWDOVOHEHQGLJZLUNWHQ %HWUXQNHQHLQMHGHP6WDGLXPGHV5DXVFKHVXQGVROFKHGLHYROO5DXVFKNUDXWZDUHQXQGPLWLUUHQ$XJHQ LQGLH5XQGHEOLFNWHQ$QGHQ:lQGHQZDUHQSV\FKHGHOLVFKH7ULGL(OHPHQWHDQJHEUDFKWGLH XQXQWHUEURFKHQVFKHLQEDUGUHLGLPHQVLRQDOH)DUEHQXQG0XVWHUSURGX]LHUWHQGLHVLFKLQHLQDQGHU YHUVFKODQJHQXQGDOOHLQYRP+LQVHKHQ0H[RQYHUUFNWPDFKWHQ'D]XWREWHXQGSHLWVFKWHHLQH GU|KQHQGHXQGVFKULOOH0XVLNGXUFKGHQ5DXPXQGHUVFKWWHUWHGLH.|USHUPDOWUlWLHUWH7URPPHOIHOOHXQG 9HUVWDQG(UHQWGHFNWHGLH5HNODPHIUHLQXQWHUJlULJHVVFKlXPHQGHV*HWUlQNGDVHUNDQQWH(U PDFKWHGHPZLHEHVHVVHQKDQWLHUHQGHQ0DQQKLQWHUGHU%DUHLQ=HLFKHQXQGHUKLHOW]ZHL3ODVWLNEHFKHU YROOHLVNDOWHP5LHSW³+LHUZLUGVRIRUWJH]DKOW´VFKULHGHU0DQQKLQWHUGHU7KHNHKHUYRU ³9HUVWDQGHQ´ 0H[RQ]DKOWHPLWGHU+lOIWHVHLQHVUHVWOLFKHQ%HVLW]HVXQGJDE$\NOLGDGDVDQGHUH3ODVWLNJODV $OVGLFKWQHEHQLKQHQHLQ%HWUXQNHQHUDXVGHP6LW]NLSSWHXQG]ZLVFKHQGHQ.|USHUQYHUVFKZDQG VWW]WHVLFK$\NOLGDDXIVHLQH6FKXOWHUXQGVFKZDQJVLFKDXIGHQDEJHQXW]WHQ+RFNHU8QYHUlQGHUW GU|KQWHGLH0XVLN 0H[RQGXFNWHVLFKXQWHUGHQKlPPHUQGHQ5K\WKPHQGHU0XVLNGHUHQ/DXWVWlUNHVLFKVWlQGLJ XPGLH6FKPHU]JUHQ]HKHUXPEHZHJWH'DV*HGU|KQHZDUVFKRQHLQLJH+lXVHUZHLW]XK|UHQJHZHVHQ 'HU5DXPVFKLHQ]XEHEHQGLH*lVWHVFKLHQHQI|UPOLFK]X]LWWHUQ$EHULPPHUZLHGHUHUNDQQWH0H[RQ ]ZLVFKHQGHQKHUXQWHUJHNRPPHQHQ6WDPPJlVWHQ$UNRQLGHQK|KHUHU*HVHOOVFKDIWVVFKLFKWHQ 8QJHZ|KQOLFKKEVFKH0lGFKHQXQG)UDXHQXQWHUKLHOWHQVLFKPLWVFKPXW]LJHQXQGYHUZDKUORVWHQ 0lQQHUQGLHVLFKGHQ$QVFKHLQYRQ.QVWOHUQJDEHQ 0H[RQWUDQNGDVNDOWHVFKDOVFKPHFNHQGH5LHSW(VZDUQLFKWEHVRQGHUVJXWDEHUHVZDUELOOLJ XQGO|VFKWHGHQ'XUVWGHQGHUVFKDUIJHZU]WH)LVFKYHUXUVDFKWKDWWH ³'RUWGUEHQVWHKW7UDPO\Q:ROOHQ6LHLKQQLFKWYHUIKUHQ"´VFKULH0H[RQLQ$\NOLGDV2KU6LH EHGDFKWHLKQPLWHLQHPYHUQLFKWHQGHQ%OLFN ³+DOWHQ6LHLKQQLFKWIUGXPP$OOHVPX]XIlOOLJXQGOHLFKWDXVVHKHQ´ULHIVLH]XUFN(VZDU XQP|JOLFKVLFKEHLGLHVHP/lUPOHLVHU]XYHUVWlQGLJHQ $UNRQLGLVFKH2IIL]LHUHGDUXQWHUHLQ3ODQHWHQWUlJHUXQWHUKLHOWHQVLFKPHKURGHUZHQLJHU EHWUXQNHQPLW,QGLYLGXHQGLHVLHLPQRUPDOHQ/HEHQEHVWHQIDOOVYHUlFKWOLFKDQJHVHKHQKlWWHQ*HOG ZHFKVHOWHGHQ%HVLW]HU,UJHQGZHOFKHJHKHLPQLVYROOHQ3lFNFKHQJOLWWHQYRQ+DQG]X+DQG(LQVHKUJXW DXVVHKHQGHV0lGFKHQ]HUUWHHLQHQEHWUXQNHQHQ*UHLVPLWVLFKGXUFKGLH0HQJHXQGVFKOSIWHKLQDXV (LQLJH*lVWHJLQJHQDQGHUHNDPHQ'XUFKGLH%HZHJXQJHQWVWDQGHQLPPHUZLHGHU+RKOUlXPH XQGVFKOLHOLFKJHODQJHVDXFK0H[RQHLQHQ+RFNHU]XHUREHUQ(UVWW]WHVLFKPLWGHQ(OOERJHQDXIGLH VFKPLHULJH7KHNH ³:DVLVW%URFNO\QV$UHQD"´IUDJWHHUODXW1HEHQLKPHQWVWDQG%HZHJXQJDOVVLFKHLQHJU|HUH *UXSSHLQGLH5LFKWXQJDXIGHQ$XVJDQJNlPSIWH ³(LQH.DPSIVWlWWH+DOE(UQVWKDOE7RXULVWHQVFKDX´ ³:DVZLOO7UDPO\QGRUW"´ ³6LFKDEUHDJLHUHQGHQNHLFK'LH$UHQDLVWHLQIDEHOKDIWHV0LWWHODXIJHVWDXWH$JJUHVVLRQHQ ORV]XZHUGHQ´ 0H[RQODFKWH(UVDJWHODXW ³9LHOOHLFKWVLQG6LHQDFKGHP%HVXFKGRUWLQGHU/DJHVLFKPLWPLUYHUQQIWLJ]XXQWHUKDOWHQ,FK UHFKQHIHVWGDPLW´ ³0|JOLFK´ :lKUHQGVLHKLHUVDHQXQGVLFKVFKUHLHQGXQWHUKLHOWHQEOLHEHQ$WODQ)DUWXORRQXQGGLH DQGHUHQZHLWHUKLQXQVLFKWEDUXQGEHIDQGHQVLFKLQGHU*HZDOW«MDZHVVHQHLJHQWOLFK":HQQ4XRQVRQ =RUJKDQVLHDXVGHU6.217$1JHKROWKDWWHGDQQZDUZRKO7UDPO\QQHUW2VKGDUDQEHWHLOLJWJHZHVHQ (LQDOWHU0DQQPLWHLQHUOHHUHQEOLQGHQ$XJHQK|KOHILHOVFKZHUJHJHQGLH7KHNH]ZLVFKHQ $\NOLGDXQG0H[RQ(UUHPSHOWHVLHDQXQGEHNDPHLQLJHGHU5LHSW6SULW]HULQGDVYHUZVWHWH*HVLFKW ³6LHKDEHQLKQXPJHEUDFKW,FKKDE¶VJHVHKHQ´ODOOWHHUXQGVDKVLFKVXFKHQGXP6HLQ$XJH EHZHJWHVLFKZLHHLQH[RWLVFKHV7LHIVHHWLHU(UEDOOWHGLH)DXVWXQGVFKOXJ0H[RQPHKUPDOVDXIGHQ 2EHUVFKHQNHO ³+|UHQ6LH´VDJWHHUGUlQJHQG0H[RQYHUVWDQGQXUGLH+lOIWHGLHDQGHUH+lOIWHPXWHHU HUUDWHQ³(LQIDFKXPJHEUDFKW=ZHLIDFKHU6RQQHQWUlJHUXQGMHW]WLVWHUWRW´ :LHYLHOZRJGDV*HVFKZlW]HLQHVKDOEEHVLQQXQJVORV%HWUXQNHQHQ"7URW]GHPK|UWH0H[RQPLW VWHLJHQGHP,QWHUHVVH]X

'HU0LHWEUXGHU

M

$WODQ

³(VLVWHLQ9HUEUHFKHQDOWHU0DQQ´VWLPPWHHU]X³:HULVWWRW"´ ³,FKKDE¶VJHQDXJHVHKHQ,FKODJGDLP*UDEHQ«XQGLFKKDEHGLH0lQQHUJHK|UW(LQHULVWDXI PHLQH+DQGJHWUHWHQ8QGDOVHUDXVGHP:DJHQVWLHJILHOHQVLHEHULKQKHU6LHKDEHQLKQ IHUWLJJHPDFKW´ ³:HQ"´ 'HU$OWHJULIIJLHULJQDFK0H[RQV3ODVWLNEHFKHUXQGWUDQNLKQOHHU'DQQVWLHHUGLH/XIWDXV(LQ IDXOLJHU+DXFKWUDI0H[RQ(UNUPPWHVLFKYRU(NHO ³6LHVFKOXJHQDXILKQHLQ6LHKDEHQLKQXPJHEUDFKW=RUJKDQEOLHEOLHJHQ8QGLFKKDEQLFKWV PHKUJHVHKHQZHLOLFKZLHGHUHLQJHVFKODIHQELQ´ 0H[RQNRQQWHQLFKWJODXEHQZDVHUGDJHK|UWKDWWH ³=RUJKDQLVWWRW"´IUDJWHHUXQJOlXELJ'HU$OWHQLFNWHXQGNUPPWHVLFKQDFKYRUQ'DVOHLFKWH *HWUlQNVFKLHQLKPGHQ5HVWJHJHEHQ]XKDEHQ ³-DWRW(LQIDFKWRW,FKKDEGDV%OXWJHVHKHQ(VLVWHLQH6FKDQGH´VDJWHGHU%HWUXQNHQH SO|W]OLFKLQEHUGHXWOLFKHU6SUHFKZHLVH³ZLHYHUGDPPWGLHVHU3ODQHWKHUXQWHUJHNRPPHQLVW'DVKlWWH HVXQWHU*RQR]DOQLHPDOVJHJHEHQ*XWHQ$EHQG´ (UEHQXW]WHGLHNXU]H3KDVHLQGHUHUGLH*HZDOWEHUVLFKQRFKEHVDXPVLFKHLQHQ:HJ GXUFKGLH0DVVHGHU%HVXFKHU]XEDKQHQ'LH7UVFKOXJKLQWHULKP]X $\NOLGDEHXJWHVLFK]X0H[RQKHUXQWHUXQGULHI ³'DVLVWYROONRPPHQXQP|JOLFK,FKZHLHVEHVVHU1DWUOLFKOHEW=RUJKDQ'HU.HUOZDU VWRFNEHWUXQNHQ´ ³6LFKHU"´ ³$EVROXWVLFKHU´JDEVLH]XUFN1RFKEHYRU0H[RQJDQ]EHJULIIZDVYRUJHIDOOHQZDUNDPGDV %DUPlGFKHQXQGVWHOOWH]ZHL*OlVHUHLQHVWHXUHQ:HLQVYRU0H[RQXQG$\NOLGD ³7UDPO\QQHUW2VKP|FKWH,KUH%HNDQQWVFKDIWPDFKHQ´NUHLVFKWHVLHVFKULOOGXUFKGHQ/lUP³XQG HUELWWHWDXIVHLQH(KUH]XWULQNHQ´ 6LHGUHKWHVLFKKHUXPXQGOLHIDQVDQGHUH(QGHGHV7UHVHQVZHLODQGHUH*lVWHQDFK*HWUlQNHQ VFKULHQ,Q]ZLVFKHQZDU0H[RQVLFKHUGDGDV'XQNOH9HUJQJHQHLQ7UHIISXQNWYRQ9HUNlXIHUQXQG .XQGHQZDU+LHUZXUGHIDOVFKH/HLGHQVFKDIWJHKDQGHOWKLHUWDXVFKWHPDQDOOHQXUGHQNEDUHQ ,QIRUPDWLRQHQLQGHU.DVFKHPPHZXUGHQ5DXVFKPLWWHOYHUNDXIWXQGVLFKHUZXUGHDXFKLQEHVWLPPWHQ 5DKPHQ3ROLWLNJHPDFKW6LFKHUZDUGD.RSUDOV6SLHOPLW$\NOLGDXQGLKP0H[RQDXI]XJHKHQEHJDQQ ³-HW]WEHJLQQW¶V´VFKULH$\NOLGDGLFKWDQVHLQHP2KU³9HUVXFKHQ6LHVLFKLQWHOOLJHQW]X YHUKDOWHQ´ ³.HLQH6RUJH´JDEHU]XUFN6LHHUJULIIHQGLH*OlVHU,KUH%OLFNHVXFKWHQ7UDPO\Q(UEHUUDJWH GLHPHLVWHQDQGHUHQ*lVWHXQGOlFKHOWH]XUFNDOV$\NOLGDLKPGDQNHQG]XQLFNWH0H[RQEOLHEVDFKOLFK XQGZRKOZROOHQG$XHUGHPKDWWHHUQLFKWVJHJHQGLHVHQ0DQQ$XFKHUQLFNWHQHUW2VK]X:LHGHUVDK HULP+LQWHUJUXQG.RSUDOVNOHLQHQ.RSI'HU0LHWEUXGHUVFKLHQDOOJHJHQZlUWLJXQGZDUHLQVFKDUIHU %HREDFKWHU7UDPO\QNDPKHUDQXQGOLHGLH*UXSSHVHLQHU)UHXQGHXQG)UHXQGLQQHQLQHLQHU(FNH ]XUFNZRVLHVLFKDQJHUHJWPLWHLQHPMXQJHQ0DQQXQWHUKLHOWHQGHUHLQH5HSWLOLHQKDXWWUXJ 6FKOLHOLFKVWDQGHUJHQDX]ZLVFKHQ$\NOLGDXQG0H[RQ ³,FKGDQNH,KQHQ´VFKULHHUVRK|IOLFKZLHP|JOLFK³.RPPHQ6LHPLW":LUJHKHQ]XU$UHQD'RUW LVWHVOHLVHU´ ³:LUZROOWHQDXFKJHUDGHJHKHQ1HWWDEHUHLQELFKHQ]XODXW´ULHI0H[RQ³0HLQH)UHXQGLQLVW JDQ]KLQJHULVVHQYRQ,KUHU*UR]JLJNHLW´ ³:HUGHQ6LHQLFKWlUJHUOLFK(VLVWQXUVRGDLFKJHUQ0HQVFKHQNHQQHQOHUQH´HUNOlUWH 7UDPO\Q0H[RQJODXEWHLKPQLFKWHLQ:RUW2VKZUGHNHLQH*HOHJHQKHLWYHUVlXPHQ/DQJVDPWUDQN 0H[RQGHQDXVJH]HLFKQHWHQJHUDGHULFKWLJWHPSHULHUWHQ:HLQ ³0LUJHKWHVQLFKWDQGHUV,KUHQ1DPHQNHQQHLFK´$\NOLGDPDFKWHHLQH%HZHJXQJLQ5LFKWXQJ DXIGDV%DUPlGFKHQ³DEHUPHKUQLFKW:HUVLQG6LH":DVWXQ6LH"´ 7UDPO\QOlFKHOWHNXU]HLQ5DXEWLHUOlFKHOQZLH0H[RQIDQG ³,FKKHOIH=RUJKDQHLQZHQLJ2UGQXQJDXIGLHVHP.RQWLQHQW]XVFKDIIHQ,FKELQNHLQZLFKWLJHU 0DQQ,FKYHUVXFKHQXUGDVEHVWHDXVPHLQHP/HEHQKLHU]XPDFKHQ´ ³:LHVFK|Q6LHGDVJHVDJWKDEHQ´ULHIGLH)UDX³:DUHLQHJXWH,GHHYRQ,KQHQ=RSIWUlJHUXQV HLQ]XODGHQ:LVVHQ6LH6D[RQKLHULVWHWZDVYHUNOHPPW(ULVWHLQUHL]HQGHU%XUVFKHDEHUHUKDWVLFK QRFKQLFKWIUHLJHVFKZRPPHQ´ $\NOLGDEHJDQQNUHLVFKHQG]XODFKHQLKU*HOlFKWHUZDUKDDUVFKDUIDXILKUH$XIPDFKXQJ

'HU0LHWEUXGHU

M

$WODQ

DEJHVWLPPW 7UDPO\QODFKWHPLW$\NOLGDKDWWHJHQDXVHLQHQ*HVFKPDFNJHWURIIHQ0H[RQZXFKVI|UPOLFK EHUVLFKKLQDXVXQGVFKOXJ7UDPO\QZXFKWLJDXIGLH6FKXOWHU ³6LHVLQGHLQIDEHOKDIWHU%XUVFKH7UDP´EUOOWHHU³.RPPHQ6LHWULQNHQZLUHLQHQLQGHU$UHQD´ ³(LQYHUVWDQGHQ´ 7UDPO\QYHUJDVHLQHQ$QKDQJVFKWWHOWH0H[RQGLH+DQGXQGKDOI$\NOLGDYRP+RFNHU6LH YHUOLHHQGLH%DU'UDXHQZDUHVJHUDGH]XYHUEOIIHQGVWLOO$OVVLFK0H[RQQDFK]ZDQ]LJ6FKULWWHQ XPGUHKWH±VLHEHQXW]WHQHLQHVFKPDOHQDFKXQWHQIKUHQGH*DVVHGLH]XP)OXXIHU]XIKUHQVFKLHQ ±VDKHUZLHHUZDUWHW.RSUDO'HU0LHWEUXGHUEHZHJWHVLFKPLWGHU6FKQHOOLJNHLWXQGGHU(OHJDQ]HLQHV 5DXEWLHUVGDVGLH)lKUWHDXIJHQRPPHQKDWWH 0H[RQGHUHVLQ]ZLVFKHQJHVFKDIIWKDWWHGLH8PJHEXQJ]XYHUVWHKHQZXWHPLW%HVWLPPWKHLW GDVLFKHLQH:HQGHLQGHUELVKHUHUIROJORVHQ6XFKHDQNQGLJWH(UHQWVDQQVLFKVHLQHV(LQIDOOVYRQ YRUKLQXQGJODXEWHGDHULKQYHUZLUNOLFKHQNRQQWH

,FKNDP]XPLUDOVNKOH)LQJHUPHLQ*HVLFKWVWUHLFKHOWHQ,FKVFKOXJGLH$XJHQDXIHLQHQ GU|KQHQGHQ6FKPHU]KLQWHUGHQ6FKOlIHQ'LUHNWYRUPLUVDKLFKGDV*HVLFKW.DUPLQD$UWKDPLQV ³(QGOLFK´VDJWHVLHOHLVH³:LUGDFKWHQVFKRQLKUZUGHWQLHZLHGHU]XHXFKNRPPHQ´ ³:LH«ZLHODQJHVLQGZLUKLHU"´IUDJWHLFKPLWUDXKHU6WLPPH-HGHV:RUWULHILQPHLQHP6FKlGHO QHXH6FKPHU]ZHOOHQKHUYRU ³.QDSSHLQHQKDOEHQ7DJ$WODQ´VDJWHVLHZHLFK,FKEOLHEOLHJHQXQGGDFKWHQDFK'DV'HQNHQ ILHOPLULQGLHVHP=XVWDQGUHLFKOLFKVFKZHUDEHULFKHULQQHUWHPLFKGDZLUZlKUHQGGHV9HUODVVHQVYRQ =RUJKDQV%UREHZXWORVJHZRUGHQZDUHQ ³)DUWXORRQ"´PXUPHOWHLFK ³(UNRPPW]XVLFK'LH:DFKHQEUDFKWHQHXFKDXIHLQHU(QHUJLHSODWWIRUP(LQJURHU0DQQPLW HLQHPVFKZDU]HQ1DFNHQ]RSIZDULKU$QIKUHU´ ³8QGLKU"´ ,FK|IIQHWHEOLQ]HOQGGLH$XJHQXQGVDKGLH)UHXQGH6LHODJHQRGHUVDHQDXIGHQHLQIDFKHQ %lQNHQXQG.XQVWVWRIIVLW]HQHQWODQJGHU:lQGH 0KVDPGUHKWHLFKPLFKDXIGHQ%DXFKXQGPHUNWHGDLFKDXIHLQHUGHUVFKPDOHQ%lQNHODJ 2IIHQVLFKWOLFKZDUGHQDQGHUHQQLFKWVJHVFKHKHQDEJHVHKHQGDYRQGDVLHVLFKPDORVJHODQJZHLOW KDWWHQXQGGDUDXIZDUWHWHQGDVLFKXQVGLHJHULQJVWH&KDQFHIUHLQHQ$XVEUXFKERW ³+H%DXFKDXIVFKQHLGHU´VWRWWHUWHLFKQRFKQLFKWY|OOLJ+HUUPHLQHU6LQQH³ZHLWGXZDVPLW XQVSDVVLHUWLVW":DUXPGLHVHU+XQGYRQHLQHPNDKON|SILJHQ6WW]SXQNWFKHIXQVEHWlXEWKDW"´ )DUWXORRQODJGLFKWKLQWHUPLU5DVWDQGQHEHQLKPXQGVWDUUWHPLWXQGHXWEDUHP *HVLFKWVDXVGUXFNDEZHFKVHOQG.DUPLQD)DUWXORRQXQGPLFKDQ ³.HLQH$KQXQJ´VDJWHHUXQGHXWOLFK³+DWMHPDQGHWZDV]XWULQNHQIUPLFK"´ 0DQJDELKPHLQHQ3ODVWLNEHFKHUPLW7HHGHQHUOHHUWUDQN ,FKVHW]WHPLFKDXIXQGIUDJWH ³:DVLVWHLJHQWOLFKSDVVLHUW"%HULFKWHWVRJHQDXZLHP|JOLFK´.DUPLQDVHW]WHVLFKQHEHQPLFK XQGVWW]WHPLFK6LHVDJWHOHLVH ³,KUZDUWHWZD]ZDQ]LJ6WXQGHQDEZHVHQG9RUXQJHIlKUGUHL6WXQGHQNDPGDV.RPPDQGR |IIQHWHGLH7UHQXQGGLULJLHUWHGLH$QWLJUDYSODWWIRUPKHUHLQ,KU]ZHLZDUWZLHWRW6LHSDFNWHQXQGOHJWHQ HXFKDXIGLH6HLWHQEDQN(LQLJHYRQLKQHQEHZDFKWHQPLWVFKZHUHQ=ZHLKDQGSDUDO\VDWRUHQGLH7U:LU KDWWHQNHLQH&KDQFHREZRKO9RUU\XQG5DEHUHLWZDUHQVLFK]XRSIHUQ6HLWGLHVHU=HLWZDUWHQZLUGD LKU]XHXFKNRPPW'DVLVWDOOHV6RQVWLVWDEVROXWQLFKWVSDVVLHUW´ 'LH$NWLRQ=RUJKDQVZDUSODQPlLJ(UKDWWHHWZDVJDQ]%HVWLPPWHVYRU,KUZXUGHWEHWlXEW ZHLOHUHXFKLQHLQHUQRFKQLFKWEHNDQQWHQ:HLVHPDQLSXOLHUHQRGHUXQWHUVXFKHQZROOWH'HU6LQQGHU %HZXWORVLJNHLWLVWXQNODUGLH7DWVDFKHLVWJHJHEHQVDJWH]XVDPPHQIDVVHQGGHU/RJLNVHNWRU ³'DVLVWQLFKWJHUDGHHUKHOOHQG´EHPHUNWH)DUWXORRQ(UIDQGGLH+HUUVFKDIWEHUVHLQHQ.|USHU UHODWLYVFKQHOOZLHGHU,FKDKQWHGDHLQHXQKHLPOLFKH*HIDKUDXIXQVDOOH]XNDP=RUJKDQNDQQWHXQV DEHUHUOLHIHUWHXQVQLFKWDXV(UKDWWHDOVRPLWXQVHWZDV%HVWLPPWHVYRU ³.HLQHVZHJV´VDJWHLFK³,FKNDQQPLFKDXFKDQQLFKWVHULQQHUQ$EVROXWDOOHVWRWXQGYHUJHVVHQ

'HU0LHWEUXGHU

M

$WODQ

ZDVLQGLHVHQ6WXQGHQSDVVLHUWVHLQPDJ:LUVFKHLQHQXQXQWHUEURFKHQRKQH%HZXWVHLQJHZHVHQ]X VHLQ)DUWXORRQ´ ³(VVFKHLQWPLUDXFKVR'LHVHU+XQGYRQHLQHP$UNRQLGHQKDWHWZDVPLWXQVYRU$WODQ´ ³:DVNDQQHVVHLQ"´ ³.HLQH$KQXQJ(UHUNDQQWHXQVDOVREUDXFKWHHUXQVQLFKW]XXQWHUVXFKHQRGHUGHUJOHLFKHQ(V ZlUHY|OOLJXQPRWLYLHUWXQVQXUIUGHQ7UDQVSRUWYRQGRUWQDFKKLHU]XSDUDO\VLHUHQ(ULQQHUVWGXGLFK QRFKDQVHLQHQDEVFKOLHHQGHQ+LQZHLV"´ ³-D(LQHNOHLQH0DQDKPHVHLQ|WLJGLHXQVNHLQHUOHL8QDQQHKPOLFKNHLWHQYHUXUVDFKHQZUGH (UVDJWHµ8QDQQHKPOLFKNHLWHQ¶´ ³8QGKLHUHUIDKUHQZLUVLFKHUQLFKW´ZDUI.DUPLQDHLQ³ZDVHUGDPLWJHPHLQWKDEHQPDJ´ ³1HLQJDQ]EHVWLPPWQLFKW,KUVHLGQRUPDOEHKDQGHOWZRUGHQ"´ ³-D6LHEUDFKWHQXQVQXU(VVHQ6RQVWSDVVLHUWHDEVROXWQLFKWV´ .DUPLQD]XFNWHGLH6FKXOWHUQ:LUZDUHQDEVROXWUDWORV:LUNRQQWHQKLHUXQGMHW]WGHQ6LQQGHU 9RUNRPPQLVVHQLFKWHUNHQQHQ$OVRPXWHQZLUZDUWHQ:UGH0H[RQGHU.RPPDQGDQWXQVKHOIHQ N|QQHQ" ,FKVHW]WHPLFKDXIXQGK|UWHZLHGHU([WUDVLQQHLQZDUI 9HUWUDXHQLFKWDXI0H[RQ(UNHQQWKLHUQLFKWVXQGQLHPDQGHQ ³:HQQELVKHUQLFKWVSDVVLHUWHGDQQZLUGHVK|FKVWH=HLWGDHWZDVJHVFKLHKW%HUHLWHWHXFK GDUDXIYRUGDZLUHLQHQ$XVEUXFK]XPLQGHVWSODQHQ´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³(QWVSDQQXQJXQG$EHQWHXHUYHUELQGHQVLFKIUHLQJHULQJHV(LQWULWWVJHOGLQ%URFNO\QV$UHQD 6HKHQ6LHGLHVHQNKQHQPXWLJHQ0DQQ(UZLUGYHUVXFKHQGLHVLHJUHLFKH0DVFKLQH]XEHUOLVWHQ'DV *HVFKHQNLVWJHULQJQXUHLQH0DJQXPIODVFKHWHXHUVWHQ5DXFKDONRKRODXV$UNRQVHLQ0XWLVWJHZDOWLJ ,PPHUZLHGHUHUOHEHQZLUGHQXQVLFKWEDUHQXQGODXWORVHQ.DPSI0HQVFKJHJHQ0DVFKLQH+LHUN|QQHQ ZLULKQVHKHQ .HLQH0DQLSXODWLRQHQ'HU=XIDOOVJHQHUDWRULVWHLQJHVFKDOWHW´ 'LH6FKOHXGHUEH]LHKXQJVZHLVHLKU.RPSXWHUWHLOEHJDQQPLW+XQGHUWHQYHUVFKLHGHQIDUELJHU /LFKWJHOGHU]XEOLQNHQXQG]XVLJQDOLVLHUHQ'DV5RKUPLWGHPODQJHQ0DJD]LQULFKWHWHVLFKDXIGHQ ZDUWHQGHQ0DQQKLQWHUGHPVLFKMHW]WHLQNRQNDYHU$EIDQJVFKLUPDXIEDXWH ³=ZDQ]LJJHVFKOHXGHUWH/DQ]HQRKQHVFKDUIH6SLW]HQWURW]GHPLQGHU:LUNXQJYRQ*HVFKRVVHQ :HUZLUGVLHJHQ":LUGGHU+HOGGHV$EHQGVXQVHUHNRVWHQORVJHERWHQHlU]WOLFKH%HWUHXXQJEUDXFKHQ RGHUZLUGHUYRQGHQ)UDXHQJHIHLHUWZHUGHQ",FKIUDJH6LH 6LQG6LHEHUHLWPHLQPXWLJHU)UHXQG"´ 'HU0DQQVDJWHGXPSIXQWHUVHLQHP+HOPKHUYRU ³%HUHLW´ ³'DQQIDQJHQZLUDOVRDQ-HGHUKHEWVHLQ*ODVMHGHUOHHUWHVDXIGDV*OFNGHV0XWLJHQ´ 'LHgIIQXQJGHV5RKUHVPLWJHULQJHP'XUFKPHVVHUZDUUXQG]ZDQ]LJ0HWHUYRQGHP0DQQXQG GHP6FKLUPHQWIHUQW-HW]WEHJDQQVLFKGLHDXWRPDWLVFKJHVWHXHUWH=LHOHLQULFKWXQJ]XEHZHJHQ ³,FKKDEHHLQH)UDJH7UDPO\Q´VDJWH0H[RQJDQ]QHEHQEHL,KPHQWJLQJQLFKWGD7UDPO\Q LPPHUZLHGHUVHLQHQ$UPXP$\NOLGDV6FKXOWHUQ]XOHJHQYHUVXFKWH ³-D"´IUDJWH2VK]HUVWUHXW]XUFN ³,FKN|QQWHPLUHLQHQ+DXIHQ*HOGYHUGLHQHQ,FKVXFKHLP$XIWUDJHLQHV)UHXQGHVHLQJDQ] EHVWLPPWHV7LHU(LQHQ0DJQHWLHU6FKRQPDOGDYRQJHK|UW"´

'HU0LHWEUXGHU

M

$WODQ

'LH6FKOHXGHUZXUGHLQQHUKDOEHLQHVEHVWLPPWHQ=LHOJHELHWVMXVWLHUW6LHIHXHUWHLKUH*HVFKRVVH DEYDULLHUWHDEHUMHGHVPDOUHLQ]XIlOOLJZHQQGHU$XVUXIHUQLFKWORJHLQZHQLJGHQ$XIWUHIISXQNW 1LHPDQGZXWHDQZHOFKHU6WHOOHGDVQlFKVWH*HVFKRDXIWUHIIHQZUGH ³8QGMHW]WEHJLQQWGLHYLHUWH9RUVWHOOXQJGHV$EHQGV'UHLPDOVFKRQEHVLHJWHGLH6FKOHXGHUGHQ 0HQVFKHQ´ (VVDK]XHLQIDFKDXVXQG]XOHLFKWGDFKWH0H[RQ'LH:DKUVFKHLQOLFKNHLWGDGHU0HQVFK YHUOLHUWLVWVWDWLVWLVFK]XJUR1XUJDQ]EHVRQGHUVJHVFKXOWH0lQQHUPLWKHUYRUUDJHQGHQ5HIOH[HQ VFKRQIDVWPLWWHOHSDWKLVFKHU9RUDXVDKQXQJNRQQWHQKLHUJHZLQQHQ$OVRGRFK%HWUXJ'LH0XVLNVSLHOWH HLQH7DNWIROJHYRQHLQOHLWHQGHQ6\QNRSHQ7URPPHOQ)DQIDUHQXQG%OHFKEHFNHQVFKOlJH'DQQ QDFKGHP.ODWVFKHQGHUHWZDWDXVHQG=XVFKDXHUYHUNOXQJHQZDUVFKULHGHU$XVUXIHU ³'HUHUUHJHQGH$XJHQEOLFNPHLQH)UHXQGH´ 'DV5RKU]LWWHUWHGHU$EVFKXIDXFKWHDXIXQGHLQ]ZHL0HWHUODQJHV.XQVWVWRIIURKUPLW JHUXQGHWHU6SLW]HVFKRLQZDDJUHFKWHU)OXJEDKQDXIGHQ0DQQ]X(UGXFNWHVLFKXQGGDV5RKUSUDOOWH JHJHQGHQ]XUFNIHGHUQGHQ6FKLUPXQGILHOKDUPORV]X%RGHQ ³,FKKDEHMQJVWYRQHLQHP0DJQHWLHUUHGHQK|UHQ7RQQHQDUWLJPLW)URVFKNRSIXQGYLHU%HLQHQ QLFKWZDKU"=LHPOLFKNOHLQXQGGXQNHO"´IUDJWH7UDPO\QGHVLQWHUHVVLHUW 9RUU\$OVRKDWWHHULKQJHVHKHQ1RFKQLHPDOVKDWWH0H[RQHWZDVYRQGLHVHQPHUNZUGLJHQ :HVHQJHK|UWRIIHQVLFKWOLFKJDEHVQXUHLQ([HPSODUGDYRQ8QYHUZHFKVHOEDU'LH6FKOHXGHUIHXHUWH GHQ]ZHLWHQ6SHHUDEGHQGHU0DQQPLWGHP6FKLOGDEOHLWHWH ³-DVRVROOHUDXVVHKHQ*HOHKULJIU.XQVWVWFNHJHHLJQHWVWDUNXQGJXWPWLJ,VW,KQHQKLHU VFKRQHLQHUXQWHUJHNRPPHQ"´IUDJWH0H[RQZHLWHU 'LH0DVFKLQHYDULLHUWHDXFKLKU7HPSR-HW]WVFKRVLHVFKQHOOQDFKHLQDQGHUGUHLGHU6WlEHDE GLHHUQVWH9HUOHW]XQJHQ]XIJHQNRQQWHQ'HU0DQQYHUZDQGHOWHVLFKLQHLQ:HVHQGDVUDVHQGVFKQHOO UHDJLHUWH(UGXFNWHVLFKXQWHUGHPHUVWHQ*HVFKRKLHEGDV]ZHLWHPLWGHP6FKLOGQDFKOLQNVXQGULLP OHW]WHQ$XJHQEOLFNVHLQHQ6FKHQNHO]XU6HLWH'DV3XEOLNXPEHORKQWHGLHVH$NWLRQPLWIUHQHWLVFKHP -XEHO ³:DUXPJHUDGHPLU"´7UDPO\QEHREDFKWHWHGDV*HVFKHKHQPLWIDVWDXVVFKOLHOLFKHU $XIPHUNVDPNHLWXQGYHUVXFKWHQXU$\NOLGDQlKHU]XNRPPHQ6LHZLFKNDXPDXVNDPLKPDEHUDXFK QLFKWHQWJHJHQ+LQWHULKQHQELOGHWHVLFKHLQ+DOENUHLVYRQ=XVFKDXHUQ6LFKHUZDUDXFK.RSUDOQLFKW IHUQ ³:HLO6LHEHUMHGHQ)UHPGHQ%HVFKHLGZLVVHQPWHQGHUKLHUKHUNRPPWZHQLJVWHQVGHQNH LFKGDV6FKOLHOLFKVLQG6LHGLHUHFKWH+DQGYRQ=RUJKDQ´ ³0RPHQW)UDJHQ6LHPLFKQDFKKHU(VOHQNWPLFKDE´ ³,Q2UGQXQJ´ 'HUJHVFKW]DUWLJH0HFKDQLVPXVIHXHUWHYLHU.XQVWVWRIIVSHHUHDE'HU0DQQLP+HOPEHZHJWH VLFKUDVHQGVFKQHOODEHUDXFKLKPZDUHVXQP|JOLFKGLHYLHUKHOOHQ3XQNWHLP$XJH]XEHKDOWHQHUVDK GLH*HVFKRVVHQXUYRQYRUQ$EHUHUZDUWDWVlFKOLFKKHUYRUUDJHQG'HPHUVWHQZLFKHUDXVLQGHPHU KRFKLQGLH/XIWVSUDQJGHU]ZHLWH6SHHUZXUGHPLWHLQHUJHVFKLFNWHQ%HZHJXQJGHVKRFKVFKQHOOHQGHQ 8QWHUDUPVDEJHZHKUWGHUGULWWHWUDIKDDUVFKDUIGLH+IWHGHVZDJHPXWLJHQ*DVWHV]HUULGHQ6WRII ULFKWHWHDEHUNHLQH9HUOHW]XQJDQ 'DVYLHUWH*HVFKRWUDIJHQDXGHQUXQGHQ6FKLOG(VJDEHLQGRQQHUQGHV*HUlXVFKDOVGLH :XFKWGHV7UHIIHUVGHQ.lPSIHUHLQLJH0HWHUUFNZlUWVZDUIXQGLP6FKLUPVHLQ6WXU]DXIJHIDQJHQ ZXUGH'LHKHUXPOLHJHQGHQ6WDQJHQNODSSHUWHQDOVHUVLHZWHQG]XU6HLWHWUDW(UNDPZLHGHUDXIGLH %HLQHXQGVWHOOWHVLFKLQ3RVLWXUDOVGLHQlFKVWH6HULHPLWQXUHLQHUNQDSSHQ6HNXQGH$EVWDQGDXILKQ DEJHVFKRVVHQZXUGH 0H[RQILQJHLQHQHUVWDXQWHQ%OLFN$\NOLGDVDXI6LHKDWWHYHUVWDQGHQZRUEHUHUVLFKPLW 7UDPO\QXQWHUKDOWHQKDWWH 0H[RQQLFNWHLKUEHUXKLJHQG]X7UDPO\QKDWWHVLFKY|OOLJDXIGHQ0DQQGRUWYRUGHP6FKLUP NRQ]HQWULHUW(UYLEULHUWHI|UPOLFKYRU$XIUHJXQJXQGVFKZDQJVLFKJDQ]SO|W]OLFKDXIGLHEUHLWH5DPSH KLQDXI'HU$XVUXIHUVDKLKQJDELKPHLQ=HLFKHQGDHUGHUQlFKVWHVHLQZUGH$EHUQRFKLPPHU UDVWHQGLHZHLHQODQJJHVWUHFNWHQ6SHHUHDXVGHU0QGXQJGHU6FKOHXGHU 'HUQlFKVWH6SHHU]LVFKWHHLQHQ)LQJHUEUHLWQHEHQGHP+HOPLQGHQ6FKLUP 'DVIROJHQGH*HVFKRWUDIQDFKGHPHVPLWGHP6FKLOGDEJHOHQNWZRUGHQZDUPLWHLQHP VFKZDFKHQ6FKODJGLH%UXVWGHV0DQQHV 0LWHLQHPNQDFNHQGHQ*HUlXVFKKlPPHUWHGDVGULWWH5RKUGLHVHU6HULHJHJHQGDV6FKLHQEHLQ

'HU0LHWEUXGHU

M

$WODQ

XQGGHU0DQQNUPPWHVLFK]XVDPPHQXQGKHXOWHGXPSIXQWHUGHU0DVNHDXI 'DGXUFKHQWJLQJHUHLQHU'RXEOHWWHGLHJDUDQWLHUWGHQ+HOPRGHUGHQ+DOVPLWIXUFKWEDUHU*HZDOW JHWURIIHQKlWWH$OOHUGLQJVZDUIGLH6FKOHXGHUGLH6SHHUHVWHWVPLWJOHLFKHU.UDIWDXV 'DVYRUOHW]WH:XUIJHVFKRGHU6HULHWUDIGHQ0DQQDQGHU%UXVW(UVFKULHJXUJHOQGDXI,Q VHLQHP9HUVXFKVLFK]XU6HLWH]XZHUIHQXPGHUQlFKVWHQKHUDQ]LVFKHQGHQ6HULH]XHQWJHKHQ VWROSHUWHGHU*HWURIIHQH 'LHOHW]WHQIQI*HVFKRVVHZXUGHQPLWGHQNU]HVWHQ$EVWlQGHQDXVGHU6FKOHXGHUJHVFKRVVHQ 'HUHUVWH6SHHUZXUGHYRQGHPVFKZDQNHQGHQ+HOGHQ]XU6HLWHJHVFKPHWWHUW'HU]ZHLWH ERKUWHVLFKJHJHQGDV6FKXOWHUJHOHQN'HUGULWWHNUDFKWHJHJHQGHQ2EHUVFKHQNHOGHUYLHUWHXQGGHU IQIWHIXKUHQIDVWJOHLFK]HLWLJXQWHUKDOEGHU5LSSHQSODWWHLQGLH%UXVW'HU0DQQNLSSWHDXIVW|KQHQGQDFK YRUQXQGEOLHE]XVDPPHQJHNUPPWOLHJHQ ,QGHPGDUDXIIROJHQGHQ'XUFKHLQDQGHUVFKZDQJVLFK7UDPO\QLQGHQ6DQGGHU$UHQD (UUHJHQGH0XVLNZXUGHDEJHVSLHOW'LH=XVFKDXHUWDWHQGXUFKLKUHQ%HLIDOONXQGGDVLHGLH/HLVWXQJ HLQHV)UHLZLOOLJHQDQHUNDQQWHQGHUNDXPHFKWH&KDQFHQJHKDEWKDWWH 'LH*lVWHXPODJHUWHQGLH%DUGLH.HOOQHUEUDFKWHQ7DEOHWWHYROOHU*OlVHURGHU%HFKHUXQG $\NOLGDIUDJWHYHUVW|UWLQGHPVLH7UDPO\QQDFKVDKGHUDXIGLHVLQNHQGH3ODWWIRUPGHU$XVUXIHU]XUDQQWH ³6LQG6LHZDKQVLQQLJ":DVKDEHQ6LHLKQGDJHIUDJW"´ 8QJHUKUWYHUVLFKHUWH0H[RQ ³,FKZHLGDHUGLH*HIDQJHQHQJHVHKHQKDW'HPQDFKZHLHUDXFKZRVLHVLFKEHILQGHQ(U NDQQWHVRJDUGHQ1DPHQHLQHV*HIDQJHQHQEH]LHKXQJVZHLVHGHVVHQ*DWWXQJVQDPHQGHQHV JDUDQWLHUWQXUHLQPDOJLEW2GHUNHQQHQ6LHHLQHQ0DJQHWLHU"´ 6LHVWDUUWHLKQKRKOlXJLJDQ ³1HLQ)UDJHQ6LHQLFKWPHKUZHLWHU,FKKDEH6LHXQWHUVFKlW]W6D[RQ´ ³*HOHJHQWOLFKSDVVLHUWGDVQRFK´JDEHU]X%OLW]VFKQHOOZDU.RSUDODXIJHWDXFKWXQGHUIXKUYRQ 0H[RQGD7UDPO\QWDWVlFKOLFKHWZDVYRQGHQ*HIDQJHQHQZXWH ³,FKZHUGHPLFKGDUXPNPPHUQ´VDJWHHUOHLVH³0DFKWZHLWHUZLHELVKHU8QGHUZlKQWMDQLFKW GLH*HIDQJHQHQRGHUGLHVHQ0DJQHWLHUHU´ ³0DJQHWLHU´NRUULJLHUWH0H[RQXQGGHXWHWHDXIGLH0lGFKHQGHV%DOOHWWVGLHLQGHU$UHQD WDQ]WHQZlKUHQG+LOIVNUlIWHGLH6SHHUHHLQVDPPHOWHQXQGVLFKHLQH0DQQVFKDIWYRQbU]WHQXQG+HOIHUQ XPGHQ9HUOHW]WHQNPPHUWHXQGLKQLQHLQHUGUDPDWLVFKHQ3UR]HVVLRQKLQDXVEUDFKWH'LH$UHQDIOOWH VLFKPHKUXQGPHKUPLWVFK|QHQ0lGFKHQPLWGHQDQGHUHQ0LWZLUNHQGHQGHUDEHQGOLFKHQ6FKDXPLW 6SDPDFKHUQXQGDOOHUOHLH[RWLVFKHQ7LHUHQJHJHQGLHVSlWHUJHNlPSIWZXUGH ³0HLQHWZHJHQ6LHVLQGDEVROXWVLFKHUEHUGDVZDV6LHGDJHVDJWKDEHQ"´HUNXQGLJWHVLFK .RSUDOPLWUDXLVFK ³+XQGHUWSUR]HQWLJ0LHWEUXGHU´ 6LHEHVWHOOWHQZLHGHUHLQHQOHLFKWHQ:HLQ.RSUDOOLHI]XUFN]XP$XVJDQJXQGYHUVFKZDQG'LH 6SXUZDUKHLJHZRUGHQ(WZDHLQHKDOEH6WXQGHODQJZXUGHQGLH*lVWHGXUFKGDVEXQWH7UHLEHQ DEJHOHQNWGDQQVDKHQ0H[RQXQG$\NOLGDZLHVLFK7UDPO\QHLQHQ6FKLOGXQGHLQHQ9LVLHUKHOP DXVKlQGLJHQOLH=XIlOOLJEHWUDWHQDXFKLQGLHVHP$XJHQEOLFNVHLQHVLHEHQ)UHXQGHGLH$UHQD(VZDU DOOHQDXHU0H[RQEHNDQQWGDGLHKDUPORVHQ.lPSIHRGHU:HWWEHZHUEHIUKVWDWWIDQGHQGDGLH 6FKlUIHDOOPlKOLFKJHVWHLJHUWZXUGHXQGGDHVIDVWUHJHOPlLJQDFK0LWWHUQDFKWGLHHUVWHQ7RWHQJDE $XFK7UDPO\QZUGHMHW]WGLH6SHHUHLQZHLWDXVNU]HUHQ$EVWlQGHQHQWJHJHQJHVFKOHXGHUWEHNRPPHQ ³7UDPO\Q´VFKULHHLQHVGHU0lGFKHQDXIJHUHJW³ELVWGXYHUUFNW":LHGHUHLQHYRQGHLQHQ EO|GVLQQLJHQ0XWSUREHQ´ *HOOHQGHV*HOlFKWHUYRQ+XQGHUWHQDXIJHUHJWHU=XVFKDXHUZDUGLH$QWZRUW'LH$UHQDZXUGH JHUlXPW'LH3ODWWIRUPGHV$QVDJHUVVWLHJYRQIODFNHUQGHQ/DPSHQDQJHVWUDKOWZLHGHUEHUGLH$UHQD 'HU0DQQPLWGHP0LNURSKRQEHJDQQPLWVHLQHUPDUNWVFKUHLHULVFKHQ6XDGDLQGHUHUGHQ XQJHZ|KQOLFKHQ0XWGHVQHXHQ7HLOQHKPHUVVFKLOGHUWHXQGDQNQGLJWHGDGLH%HGLQJXQJHQQXQPHKU HUVFKZHUWZDUHQ 'DQQVFKOLHOLFKVWHOOWHVLFK7UDPO\QQHUW2VKLQ3RVLWXU 'LH6SHHUHUDVWHQKHUDQ(VJHVFKDK]LHPOLFKJHQDXGDVZDV0H[RQHUZDUWHWKDWWH7UDPO\Q VFKLHQVLFKLQHLQHQ2UJDQLVPXVPLWURERWHUKDIWVFKQHOOHQ5HIOH[HQ]XYHUZDQGHOQ(UDUEHLWHWHPLW $UPHQ+lQGHQGHP.|USHUXQGGHQ%HLQHQ(UZLFKDXVVFKOXJGLH*HVFKRVVH]XU6HLWHWDXFKWH GDUXQWHUKLQZHJGUHKWHVLFKXQGVSUDQJLQGLH+|KHZDUIVLFK]XU6HLWHXQGZDUEOLW]VFKQHOOZLHGHUDXI GHQ%HLQHQ7HLOZHLVHZDUHQWURW]GHU7LHIVWUDKOHUGLHVLFKDXILKQNRQ]HQWULHUWHQVHLQH%HZHJXQJHQVR

'HU0LHWEUXGHU

M

$WODQ

VFKQHOOGD0H[RQHLQ]HOQH%HZHJXQJVSKDVHQQLFKWPHKUZDKUQHKPHQNRQQWH 'LH$UHQDYHUZDQGHOWHVLFKDQGLHVHP$EHQG]XPHUVWHQPDOLQHLQHQ+H[HQNHVVHO:lKUHQGGHU HWZDHLQH0LQXWHGDXHUQGHQ'DUELHWXQJJHULHWHQGLH*lVWHDXHUVLFK:HLH6Wl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|KHUWUDQVSRUWLHUHQ ³(UKDWHVWDWVlFKOLFKJHVFKDIIW´VWDXQWH$\NOLGD 'LH6FKHLQZHUIHUVFKZHQNWHQKHUXP6LHEHOHXFKWHWHQQLFKWPHKUGLHLQGLH$UHQD KLQHLQVWU|PHQGHQ5RERWHUGLHHLQHQ8PEDXYRUQHKPHQZUGHQVRQGHUQQXUQRFKGHQ0DQQPLWGHP GLFNHQ1DFNHQ]RSIXQGGHPDQVWHFNHQGHQ6LHJHUODFKHQ'LH0XVLNVFKPHWWHUWHWULXPSKDOH )DQIDUHQVW|HGXUFKGLH+DOOH0H[RQVDKVFKUlJYRUVLFKLP$XJHQZLQNHOZLHGLH%HVXFKHUEHJHLVWHUW ZLQNWHQ(LQLJHYRQLKQHQZDUIHQ%OXPHQLQGLH]HUZKOWH$UHQD (WZDVEOLW]WHLP/LFKWDXIEHUVFKOXJVLFKLQGHU/XIWXQGEOHQGHWH0H[RQPLWZLQ]LJHQ5HIOH[HQ (UHUVWDUUWHDOVHUHUNDQQWHZRUXPHVVLFKKDQGHOWH$EHUHVZDUEHUHLWV]XVSlW (LQ6WLOHWWPLWXQJHKHXUHU:XFKWJHVFKOHXGHUWERKUWHVLFKLQ7UDPO\QV%UXVW2VK]XFNWH ]XVDPPHQXQGJULIIDQGLH:DIIH6HLQ*HVLFKWVDXVGUXFNYHUlQGHUWHVLFKQLFKWDEHUHUNQLFNWHLQGHQ .QLHQ]XVDPPHQ ,QGLHVHP0RPHQWSDFNWH0H[RQ$\NOLGDV+DQGXQG]RJGLH)UDXPLWVLFK1RFKZDUGHU:HJ ]XP$XVJDQJIUHL$EHUHUYHUPLHGMHGH(LOHGUlQJWHVLFKDEHUDQGHQ0HQVFKHQYRUEHLXQGVDKVLFK ]ZHLPDOXP %HLPHUVWHQPDOVDKHUZLH7UDPO\QVLFKDQGDVQLHGULJH*HOlQGHUGHU3ODWWIRUPNODPPHUWH 1DFKKDWWHVLFKQLFKWVYHUlQGHUW1RFKUDVWHGLH0XVLNQRFKVFKULHGHU$XVUXIHU'LH%HVXFKHUKLHOWHQHV ZRKOIUHLQHQ]XVlW]OLFKHQ6FKHU]ZLHVLFKGHUEUHLWVFKXOWULJH5LHVHGRUWREHQDXIIKUWH ³:DV«´EHJDQQ$\NOLGDXQG]HUUWHDQ0H[RQV+DQG ³6HKHQ6LHVLFK7UDPO\QDQ(ULVWWRW.RPPHQ6LHVFKQHOO´ 6LHZDUIHLQHQ%OLFNEHUGLH6FKXOWHU,PVHOEHQ$XJHQEOLFNNLSSWH7UDPO\QQDFKYRUQ EHUVFKOXJVLFKXQGILHOHWZDIQI0HWHUZHLWLQGLH$UHQDKLQXQWHUZRHUHLQHQ5RERWHUQXUNQDSS YHUIHKOWH 7UDPO\QEUHLWHWHLP6WXU]GLH$UPHDXVXQGILHOGXPSILQGHQ6DQG0LWGHP$XIVFKODJWULHEHU VLFKGDV6WLOHWWGXUFKGHQ.|USHU'LHEOXWLJH6SLW]HGUDQJLP5FNHQZLHGHUKHUYRU-HW]WPHUNWHQDXFK VlPWOLFKH$QZHVHQGHQGDHVNHLQ6FKHU]ZDU (LQHLQ]LJHUJHOOHQGHU$XIVFKUHLOLHGLH.XSSHOEHUGHU$UHQDHU]LWWHUQ0H[RQZDUIVLFK YRUZlUWVXQGZDUDOVHUVWHUEHLP$XVJDQJ(UULGLH7U]XU6HLWHXQGVFKRE$\NOLGDKLQDXV(LQH 0DVVHQIOXFKWVHW]WHVFKODJDUWLJHLQ1RFKZlKUHQGVLHLQJHPHVVHQHU(LOHQDFKUHFKWVJLQJHQXPLQGHU 0HQJHXQWHU]XWDXFKHQK|UWH0H[RQZLHGLH0XVLNDXVJHVFKDOWHWZXUGH'HU$XVUXIHUVFKULHODXW ³0RUG*HPHLQHU0HXFKHOPRUG+ROWGLH3ROL]HL6FKOLHWGLH7UHQODWGHQ0|UGHUQLFKW KLQDXV.HOOQHUDFKWHWDXIGLH=HFKSUHOOHU´ )QIRGHUVHFKV0HQVFKHQJHODQJWHQLQV)UHLH'DQQVFKOXJGLH7U]X0H[RQOLHGLH+DQGORV XQGVDJWH ³8QVZLUGYLHOOHLFKWMHPDQGYHUGlFKWLJHQ$EHULFKZHLMHW]WGDLFKUHFKWKDWWH´ 6LHOLHHQVLFKYRQGHP6WURPGHU3DVVDQWHQPLW]LHKHQXQGHQWIHUQWHQVLFKPLWMHGHP6FKULWW ZHLWHUYRQGHU$UHQD(VJLQJZLHGHUDXIZlUWVVFKUlJEHULKQHQHUVWUHFNWHQVLFKGLHYLHOHQ/LFKWHUGHU .DVKED9RP)OXNDPHLQIDXOLJHU*HUXFK(VZDUY|OOLJZLQGVWLOO ³:LHPHLQHQ6LHGDV"´ ³7UDPO\QXQGGLH*HIDQJHQHQ(UZXUGHHUPRUGHWZHLORIIHQVLFKWOLFKHLQH6DFKHHLQLJHQ/HXWHQ EHUGHQ.RSIJHZDFKVHQLVW9LHOOHLFKWKDWMHPDQG]XJHK|UWZLHHULQGLUHNWEHVWlWLJWHGLH*HIDQJHQHQ ]XNHQQHQ´ ³'DVPX.RSUDOHUIDKUHQ´VDJWH$\NOLGDDXIJHUHJW ³,FKELQVLFKHUGDHUHVEDOGHUIDKUHQZLUG´ 6LHK|UWHQGLH6LUHQHQXQGVDKHQEHUHLWVGLH'UHKOLFKWHUDQGHQ*OHLWHUQGLH]ZLVFKHQ.DVKED

'HU0LHWEUXGHU

M

$WODQ

XQG6WDGWUDQGDXIVWLHJHQ'LH3ROL]HLZDUYHUWHXIHOWVFKQHOOZHQQHWZDVLQGHU.DVKEDYRUILHO $EHU$\NOLGDXQG0H[RQEHIDQGHQVLFKEHUHLWVLQVLFKHUHU(QWIHUQXQJYRP7DWRUW

-HW]WHUVWPHUNWH0H[RQZLHHUVFK|SIWHUZLUNOLFKZDU(UVWW]WHVLFKVFKZHUDXIGLH(OOERJHQ XQGPXUPHOWH ³.RSUDOHVLVWHLQIDFKYLHOPHKUDOVLFKYHUPXWHWKDEH'HUHLQ]LJHGHUXQVHLQHQ:HJ]XGHQ *HIDQJHQHQ]HLJHQNDQQZLUGHUPRUGHW:DUXP"9RQZHP"´ ³.|QQHQZLUVLFKHUVHLQGDGLH*HIDQJHQHQQRFKLQGHU6WDGWRGHUDXIGHP.RQWLQHQWVLQG"´ ³7UDPO\QV7RGVFKHLQWHV]XEHZHLVHQ,FKGHQNHLFKEUDXFKH*HOG0LWZLHYLHON|QQHQ6LHPLU DXVKHOIHQ"´ $XIJHEUDFKWVFKWWHOWH$\NOLGDGHQ.RSI.RSUDONLFKHUWHZLHGHUXQGVDJWHVFKURII ³0LW]HKQ6NDOLWRVQLFKWPHKU,FKJODXEHZLUVROOWHQEHUJURH9RUVLFKWYHUPHLGHQ´ 6LHZDUHQWLHILQGDVZLUNOLFKH/HEHQGHU.DVKEDHLQJHGUXQJHQ,QQHUKDOEYHUEOIIHQGNXU]HU=HLW KDWWHQVLH'LQJHHUOHEWGLHIU0H[RQQHXDXIUHJHQGXQGLQJHZLVVHU+LQVLFKWGHSULPLHUHQGZDUHQ-HW]W VDHQVLHQHEHQHLQDQGHUDXIVFKPLHULJHQ3ROVWHUQYRUHLQHUURKHQ7LVFKSODWWHXQGKLHOWHQZLQ]LJH*OlVHU ]ZLVFKHQGHQ)LQJHUQ(VZDUZHLWQDFK0LWWHUQDFKW ³6LHGHQNHQLFKVROOWHPHLQHQ.UHGLWVWUHLIHQEHQXW]HQ"´ ³-D´HUNOlUWH.RSUDOPLWYHUVFKODJHQHP*HVLFKWDXVGUXFN³,FKELQQlPOLFKVFKRQODQJHSOHLWH 8QGGLH6XPPHGLH6LHPLUVFKXOGHQ6D[RQLVWEHWUlFKWOLFK 1XUGXUFKHLQHQ=XIDOOZDUGLH.DVFKHPPHLQGHUVLHVLFKJHWURIIHQKDWWHQLP0RPHQWNDXP EHVHW]W(VJDEQXUHLQSDDU*lVWHGLHKDOEVFKODIHQGXQGKDOEEHWUXQNHQZDUHQ'HU%HVLW]HUGHV 5DXPHVGHUVLFKJU|HQZDKQVLQQLJHUZHLVH=HQWUXPIU,GHHQDXVWDXVFKQDQQWHVWDQGKLQWHUGHU%DU XQGJlKQWHKLQJHEXQJVYROO ³,FKZHL:DVN|QQHQZLUWXQXPZHLWHU]XNRPPHQ"´ .RSUDOWUDQNGHQVWLQNHQGHQ)XVHOLQHLQHP=XJKHUXQWHUXQGVDJWHQDFKGHQNOLFK ³+HXWHNRPPHQZLUQLFKWZHLWHU0RUJHQNDQQLFKZLHGHUPHLQH%H]LHKXQJHQDXVQXW]HQ'D]X EUDXFKHLFK*HOG´ ³'XKDVWLKQJHPLHWHW6D[RQ(VEHVWHKWHLQ9HUWUDJ´ZDUI$\NOLGDSO|W]OLFKHLQ(VEHUUDVFKWH 0H[RQGDVLHLKQGX]WHXQGHEHQVRYHUEOIIWHLKQ$\NOLGDV(QWVFKLHGHQKHLW ³(ULQQHUHPLFKQLFKWDQGHQ9HUWUDJ,FKKDEHQLFKWYRULKQ]XEUHFKHQ´HUZLGHUWHHUHUQVW(U NDQQWHMHW]WHLQHQ7HLOGHUXQJHVFKULHEHQHQ*HVHW]HXQWHUGHQ%HZRKQHUQGHU.DVKED(UNlPHQLFKW VHKUZHLWZHQQHUYHUVXFKHQZUGH.RSUDO]XEHWUJHQ(UKDWWHQLFKWHLQPDOGDUDQJHGDFKW ³$QJHQRPPHQLFKEHODVWHPHLQ.RQWRXQGKHEHHLQHQJURHQ*HOGEHWUDJDE(VLVWP|JOLFK GDPDQPLFKYHUIROJW´VDJWH0H[RQ ³(VJLEWHLQHQ%DQNVFKDOWHUGUDXHQDP5DXPKDIHQGHUXQXQWHUEURFKHQJH|IIQHWLVW´ ³(LQYHUVWDQGHQ,KUKHOIWPLUZHQQHWZDVSDVVLHUW"´ ³-DQDWUOLFK,FKNHQQHGDV5LVLNRGDV6LHHLQJHKHQ6D[RQ´ZDUI.RSUDOHLQ³$EJHVHKHQ GDYRQZDUWHLFKQRFKLPPHUGDUDXIGDLFK,KUHJDQ]H*HVFKLFKWHHUIDKUH´ ³(VLVWQRFK]XIUK´HUZLGHUWH0H[RQXQGZUJWHHLQHQ6FKOXFNGHVEHWlXEHQGHQ)XVHOV KHUXQWHU ³,FKELQQLFKW,KUHU$XIIDVVXQJ,QGHV6LHKDEHQPLFKJHPLHWHWXQGGDKHUEHVRQGHUH5HFKWH´ ³,FKELQQLFKWGHU0DQQGHUGDUDXIEHVWHKW(VJLEWHUQVWKDIWH*UQGHZHVZHJHQLFKGLHWRWDOH (QWKOOXQJYHUZHLJHUH´ ³$EHUPDOVXQEHJUHLIOLFKDEHUDN]HSWDEHO:LUVROOWHQHVQLFKWDXIVFKLHEHQ'XZLUVWLKPKHOIHQ $\NOLGD"´ 'LHMXQJH)UDXQLFNWH ³6HOEVWYHUVWlQGOLFK´ 0H[RQQDKPGDV$QJHERWDQ6HOEVWZHQQHUVHLQH,GHQWLWlWSUHLVJDEXQGVLFKGHU9HUIROJXQJ DXVVHW]WHZUGHQ.RSUDOXQG$\NOLGDLKPKHOIHQ$OOHVKLQJGDYRQDEREGHU%DQNEHDPWHGXUFKGLH %XFKXQJHLQHQ$ODUPDXVO|VWHRGHUQLFKW$OOHDQGHUHQ)UDJHQZDUHQLP$XJHQEOLFNXQZLFKWLJJHZRUGHQ ZHLOVLHHUVWEHL7DJHVOLFKWDQJHJDQJHQZHUGHQNRQQWHQ ³0HLQHWZHJHQULVNLHUHQZLUHV´VDJWHHUVFKOLHOLFK³6LHVLQGVLFKGDUEHULPNODUHQZDVGDVIU 6LHEHGHXWHWZHQQPLFKGLH3ROL]HLIDW"´

'HU0LHWEUXGHU

M

$WODQ

.RSUDOJULQVWHVlXHUOLFKXQGKREGLH$UPHLQHLQHUYHU]ZHLIHOWHQ*HVWH ³*HVFKlIWVULVLNR´PXUPHOWHHUVFKLFNVDOVHUJHEHQ ³,FKELOGHPLUHLQYLHOHV]XEHJUHLIHQ´VDJWH0H[RQXQGVWDQGlFK]HQGDXI³$EHU6LH 0LHWEUXGHUEHJUHLIHLFKJDQ]EHVWLPPWQLFKW2EZRKO´VHW]WHHUKLQ]X³LFKPLUHLQELOGHGDVLFKXQVHU 9HUKlOWQLVHLQZHQLJHQWNUDPSIWKDW2GHULUUHLFK"´ .RSUDO]HLJWHDEHUPDOVGDHUHLQ0HLVWHUGHU0DVNLHUXQJZDULQGHPHU]XUFNKDOWHQGOlFKHOWH XQGDQWZRUWHWH ³(UIUHXOLFKGD6LH,KUH6FKHXYRUJHVHOOVFKDIWOLFKHQ3DULDVYHUORUHQKDEHQ*HKHQZLU"´ 6LHYHUOLHHQGDV,GHHQDXVWDXVFK=HQWUXPYRQGHPQLHPDQGPHKUZXWHZLHHV]XGLHVHP EL]DUUHQ1DPHQJHNRPPHQZDU/DQJVDPJLQJHQVLHGXUFKGLH*DVVHQ]XUFN]XGHP+DXVPLW/DGHQ XQG%DU.RSUDOEOLHEGDXQG0H[RQXQG$\NOLGDQDKPHQGHQ]HUEHXOWHQNOHLQHQ*OHLWHUXPGLH %DQNILOLDOHDP5DXPKDIHQ]XEHVXFKHQ %HWUXQNHQHODJHQVFKQDUFKHQGLQGXQNOHQ(FNHQ,UJHQGZRSUJHOWHQVLFK%HVXFKHUGHU.DVKED PLW%HZRKQHUQGHV4XDUWLHUV(VJDEQLFKWPHKUVHKUYLHOH%HVXFKHUXPGLHVH=HLW'LH6FKHLQZHUIHU GHV*OHLWHUVEHOHXFKWHWHQGDVDEIDOOEHUVlWH3IODVWHUGLHRIIHQHQ7UHQGHU]DKOORVHQ%DUVXQG 5HVWDXUDQWVGHUJDQ]H)OLWWHUOHXFKWHWHQLFKWPHKUVRQGHUQVDKELOOLJXQGVFKlELJDXV6HOEVWGLH0XVLN DXVGHQHLQ]HOQHQ%DUVZDUOHLVHU'HU*OHLWHUZDQGVLFKUHODWLYVFKQHOOGXUFKV=HQWUXPXQGHUUHLFKWHGLH 5DQG]RQHGHU.DVKED ³:DUXPGXOGHW=RUJKDQHLJHQWOLFKHLQH6XENXOWXUZLHGLH.DVKED"´IUDJWHVFKOLHOLFK0H[RQ ³,FKIUHXHPLFKGDGXXQVDOV8QWHUZHOWOHUEH]HLFKQHVW´VFKQDSSWH$\NOLGDZWHQG ³,FKKLHOW6LHRGHUGLFKELVKHUIUKLQUHLFKHQGLQWHOOLJHQW´DQWZRUWHWH0H[RQUXKLJ$\NOLGD VWHXHUWHGHQZLQVHOQGHQXQGUXFNHQGHQ*OHLWHU]LHPOLFKYLUWXRV³GLHVPDOPHLQWHLFKGLH.DVKEDXQGLKUH KLQUHLHQGHQ%HZRKQHUYRQ=RUJKDQV:DUWHDXVJHVHKHQ´ ³*XW(LQYHUVWDQGHQ'LH.DVKEDLVWQ|WLJ6lPWOLFKH'LQJHGLHDXHUKDOEGHVVWUDIIHQ 5HJOHPHQWVOLHJHQJLEWHVQLFKWDXHUKDOEGHU.DVKED'LH.DVKEDLVWHLQ9HQWLOYHUVWHKHQ6LH (QWVFKXOGLJXQJYHUVWHKVWGX"´ ³=LHPOLFKJHQDX,FKELQHEHQIDOOVELVKHUHLQ0DQQLQQHUKDOEGLHVHV5HJOHPHQWVJHZHVHQ $XHUGHPNRPPHLFKQLFKWDXVGHP$GHOVVWDQGVRQGHUQDXVHLQHUEUJHUOLFKHQ)DPLOLH'HVZHJHQ YHUKDOWHLFKPLFKLQGHU.DVKEDZLHHLQ7URWWHO:DVLPEHUWUDJHQHQ6LQQDXFKIUDQGHUH2UWHXQG 3OlW]HGLHVHU$UWJHOWHQZLUG(LQVFKUlQNHQGQLFKWPHKUVRVHKUGHQQLQGLHVHUNXU]HQ=HLWKDEHLFKGDV %HZHJHQLQVROFKHQ=RQHQHLQZHQLJJHOHUQW ,FKELQZLUNOLFKHLQ3URYLQ]OHUQLFKWZDKU"´ ³+DOEVRVFKOLPP´VFKUlQNWH$\NOLGDHLQXQGERJDXIGLHEUHLWH3LVWHHLQ'HU*OHLWHUZXUGH VFKQHOOHUXQGUDVWHGHP/LFKWHUPHHUGHV5DXPKDIHQVHQWJHJHQ6LHVDHQVFKZHLJHQGLQGHQ6LW]HQ XQGEHWUDFKWHWHQGHQJHULQJHQ*HJHQYHUNHKUXQGGLHHLQ]HOQVWHKHQGHQHUOHXFKWHWHQ+lXVHU6LHIXKUHQ DXIGLHNDORWWHQI|UPLJH+DOOH]XLQGHUQLFKWQXUGHU%DQNVFKDOWHUGLHJDQ]H1DFKWEHUJH|IIQHWZDU ³+LHUKDEHLFK.RSUDOJHWURIIHQ´HUNOlUWH0H[RQDOVVLHDXIHLQHQ3DUNSODW]]XIXKUHQXQGOlQJHUH =HLWNXUYHQPXWHQXPHLQHQVLFKHUHQ3ODW]]XILQGHQ ³,FKZHL%HUHLWHGLFKGDUDXIYRUVFKQHOO]XIOFKWHQ,FKODVVHGLH0DVFKLQHHLQJHVFKDOWHW´ DQWZRUWHWHGLHMXQJH)UDX 'HU*OHLWHUSDUNWHQXUGXUFKGHQ*UQVWUHLIHQJHWUHQQWLQXQPLWWHOEDUHU1lKHGHV$XVJDQJV 0H[RQZDUIHLQHQODQJHQEHGDXHUQGHQ%OLFNKLQEHU]XP5DXPKDIHQXQGVDKGLH6.217$1DQGHU LPPHUQRFKJHDUEHLWHWZXUGHZLHGLH/LFKWHUNHWWHQUXQGXPGLH.XJHOEHZLHVHQ ³'XZDUWHVWKLHU"´IUDJWHHUNXU]XQGVXFKWHLQVHLQHQ7DVFKHQ$XVZHLVHXQG.UHGLWVWUHLIHQ ³1HLQ,FKJHKHPLWKLQHLQ,FKOHQNHGHQ%DQNEHDPWHQDE´ (UJULQVWHNXU]DOVVLHDXVVWLHJHQ'HU9HUNHKUKLHUULRIIHQVLFKWOLFKQLHPDOVDE-HW]WDOOHUGLQJV ZDUHU]LHPOLFKGQQHVJDEIDVWDXVVFKOLHOLFK5DXPIDKUHUGLHKLHU3RVWDEKROWHQRGHUHLQNDXIWHQ$OV 0H[RQXQG$\NOLGDVLFKGHP(LQJDQJQlKHUWHQZLUNWHQVLHWDWVlFKOLFKZLHHLQ/LHEHVSDDU6LHKDWWHQ VLFKGLH$UPHXPGLH6FKXOWHUQJHOHJWXQGEHIDQGHQVLFKLQOHLFKWHU7UXQNHQKHLW6RVFKLHQHVGHQ DQGHUHQGLHGHPKEVFKHQ0lGFKHQQDFKEOLFNWHQ+XQJULJH%OLFNHYRQ5DXPIDKUHUQYHUIROJWHQVLHDOV VLH]ZLVFKHQGHQ9HUNDXIVVWlWWHQDXIGLH.RQVWUXNWLRQDXV6WDKOXQG3DQ]HUJODV]XJLQJHQLQGHUVLFKGLH

'HU0LHWEUXGHU

M

$WODQ

%DQNEHIDQG(LQVFKOlIULJDXVVHKHQGHU%HDPWHUVDDP6FKDOWHUDQGHQ3XOWHQGHU5HFKQHUGDKLQWHU KRFNWHQOXVWORVDQGHUH$QJHVWHOOWH ³(WZDVGDJHJHQHLQ]XZHQGHQZHQQLFK]HKQWDXVHQG&KURQQHUVKROH"´IUDJWHHUXQGEOLHEYRU GHP6FKDOWHUVWHKHQ ³1HLQ9RUDXVJHVHW]WGDV*XWKDEHQEHVWHKW´ 0H[RQEHJDQQVLFK]XIUFKWHQ6HLQ.|USHUEHUHLWHWHVLFKDXIVFKQHOOH)OXFKWYRUbXHUOLFK EOLHEHUDEHUJHODVVHQDOVHUVHLQHQ$XVZHLVXQGGLH.UHGLWNDUWHDXIGHQ6LFKWVSDOW]XVFKREXQGVDJWH ³%DUDEKHEXQJELWWH=HKQWDXVHQG&KURQQHUVRKQHNOHLQHUH0Q]HQ´ 'HU0DQQKLQWHUGHP6FKDOWHUZDUIHLQHQ%OLFNDXIGHQ$XVZHLVVDKNXU]LQV*HVLFKW0H[RQV XQGJDEGHQ$XVZHLV]XUFN'DQQILHOVHLQ%OLFNDXI$\NOLGDGLHLQKHUDXVIRUGHUQGHU+DOWXQJQHEHQ 0H[RQOHKQWHXQGHLQH5HLKHYRQIHXULJHQ%OLFNHQDXIGHQPGHQ0DQQDEIHXHUWH(UOlFKHOWHVLH JHTXlOWDQWLSSWHGLH=DKOHQHLQJDEGLH.UHGLWNDUWHZHLWHWXQGZDUWHWHELVGLH%HVWlWLJXQJGHU $EEXFKXQJDXIVHLQHQ0RQLWRUHQDXIOHXFKWHWH0H[RQZDUWHWHVFKHLQEDUJHGXOGLJDEHUHUZDUMHW]W GDUDXISURJUDPPLHUWUDVHQGVFKQHOO]XP*OHLWHU]XIOFKWHQXQGVLFKQRWIDOOVPLWGHU:DIIHHLQHQ:HJ]X EDKQHQ 'DV*HUlWVXPPWHDXIXQGEHVWlWLJWHGLH%XFKXQJ'HU.UHGLWVWUHLIHQZXUGHDXVJHZRUIHQLP JOHLFKHQ0RPHQWVDJWH$\NOLGD ³-HW]WN|QQHQZLUHQGOLFKDXFKXQVHUH)UHXQGHHLQODGHQ/LHEOLQJ´ ,KU7RQZDUVRXQHFKWGDGHU0DQQKLQWHUGHP6FKDOWHUEHUUDVFKWDXIEOLFNWHXQGZLHGHULQGLH $XJHQGHV0lGFKHQVVDKGLHLKQDXIIRUGHUQGDQVWUDKOWHQ(UZXUGHGHXWOLFKYHUZLUUW,QGLHVHP $XJHQEOLFNQDKP0H[RQVFKQHOO$XVZHLVXQG.UHGLWVWUHLIHQXQGVWHFNWHVLHHLQ 'DV=DKOJHUlWZDUI]HKQ6FKQUHDXV$XIMHGHU6FKQXUEHIDQGHQVLFKWDXVHQG&KURQQHUV'LH NOLUUHQGHQXQGNODSSHUQGHQ5LQJHDXV&KROLWWEHIDQGHQVLFKVFKRQMHW]WDXHUKDOEGHU9HUIJEDUNHLWGHV %DQNSHUVRQDOV0H[RQJULIIGDQDFKXQGVFKREGLHHUVWH.HWWHLQGLH7DVFKH ³'DQNH´VDJWHHU $\NOLGDEHXJWHVLFKYRUXQGZDUIGHP0DQQKLQWHUGHUSHUIRULHUWHQ3DQ]HUJODVVFKHLEHHLQH .XKDQG]X'HU0DQQYHUJD0H[RQXQGVWDUUWHLKUEHJHLVWHUWQDFKDOVVLHPLWVFKZLQJHQGHQ+IWHQ ]ZHL6FKULWWHKLQWHU0H[RQJLQJ ³(VKDWJHNODSSW0LWJHULQJVWP|JOLFKHU$XIUHJXQJ´ 0H[RQQLFNWH$\NOLGD]X(LQ7HLOVHLQHU6RUJHQZDUDXVGHU:HOWJHVFKDIIWZRUGHQ6LHJLQJHQLQ GLH5LFKWXQJDXIGHQ$XVJDQJ=ZDQ]LJ6FKULWWHYRULKQHQKDWWHVLFKHLQH*UXSSHYRQ5DXPIDKUHUQXP HLQ*HVFKlIWYHUVDPPHOW'LH0lQQHUVFKULHQXQGODFKWHQ0H[RQXQG$\NOLGDERJHQQDFKOLQNVDEXP GHP*HGUlQJH]XHQWJHKHQ=ZHL6HNXQGHQVSlWHUNUDFKWHHLQ6FKXDXI6WLPPHQVFKULHQZLOG GXUFKHLQDQGHU (LQH6LUHQHKHXOWH(LQ7HLOGHU5DXPIDKUHUGUDQJLQGHQ/DGHQHLQ'LH3ROL]HLUHDJLHUWHPLW HUVWDXQOLFKHU6FKQHOOLJNHLW (VJDEHLQJHZDOWLJHV*HGUlQJH9RQDOOHQ6HLWHQUDQQWHQ0HQVFKHQDXIGDV=HQWUXPGHV /lUPV]X*OHLFK]HLWLJIOFKWHWHQ5DXPIDKUHUXQGDQGHUH%HVXFKHUYRQGHP/DGHQZHJLQDOOH 5LFKWXQJHQ 'LH3ROL]HLVWDWLRQEHIDQGVLFKQLFKWVHKUZHLWHQWIHUQWYRQGHU4XHOOHGHU$XIUHJXQJ'LH5RERWHU XQGGLH3ROL]LVWHQGLHVLFKEOLW]VFKQHOORULHQWLHUWHQGUlQJWHQGLH0DVVHZLHGHU]XVDPPHQ0H[RQXQG $\NOLGDZXUGHQHLQJHNHVVHOWXQGDXILKUHP:HJ]XP$XVJDQJDXIJHKDOWHQ6LHNDPHQNHLQHQ6FKULWW ZHLWHUYRUZlUWV $\NOLGDHUNDQQWHGLH*HIDKUVRIRUW ³/RV=XUFNKLQWHQKHUXP´VDJWHVLHXQG]RJLKQPLWVLFK (UZLUEHOWHKHUXPVRVFKQHOOHUNRQQWH$OVVLHGUHL6FKULWWHJHPDFKWKDWWHQZXUGHQVLHYRQ HLQHUDQGHUHQ*UXSSHZLHGHUDEJHGUlQJW'LH3ROL]LVWHQUDQQWHQYRQDOOHQ6HLWHQKHUDQ ³'RUWHQWODQJ´ =ZLVFKHQ]ZHL/DGHQVWUDHQJDEHVHLQHQVFKPDOHQ=ZLVFKHQUDXP$\NOLGDXQG0H[RQVWLHHQ ZLOGXPVLFKXQGVSUDQJHQLQGHQ6SDOWKLQHLQ1DFK]ZDQ]LJ6FKULWWHQEHIDQGHQVLHVLFKLQHLQHP7HLO GHU+DOOHLQGHUZHQLJHU*HGUlQJHKHUUVFKWH ³6LHGUIHQGLFKQLFKWHUZLVFKHQ´NHXFKWH$\NOLGD³'DVZlUHHLQH.DWDVWURSKH´ ³*DQ]UHFKW´ (VZDULKU)HKOHUGDVLHUDQQWHQ-HGHU3ROL]LVWZDUGHU$QVLFKWGD)OXFKWLPPHU6FKXOG EHGHXWHWH6LHOLHIHQZHLWHUHQWODQJGHU/DGHQIURQWHQJHGXFNWXQGVRVFKQHOOZLHP|JOLFK$\NOLGD

'HU0LHWEUXGHU

M

$WODQ

NDQQWHQXUHLQHQ(LQXQG$XVJDQJ+LQWHULKQHQQDKPGHU/lUPQRFK]X3DUDO\VDWRUHQVFKVVH IDXFKWHQU|KUHQGGXUFKGLH+DOOH6FKUHLHHUW|QWHQGDQQGLHYHUVWlUNWHQ5XIHGHU2UGQXQJVKWHU6LH IRUGHUWHQDXIVWHKHQ]XEOHLEHQ=XGLHVHP=HLWSXQNWZXWHQZHGHU0H[RQQRFK$\NOLGDZDVGRUWGUEHQ WDWVlFKOLFKYRUJHIDOOHQZDU±MHGHQIDOOVKDWWHHVJHQJWGLH3ROL]HL]XDODUPLHUHQ $OVVLHXPGDV(QGHGLHVHU/DGHQ]HLOHERJHQVDKVLHHLQ3ROL]LVWUHQQHQXQGKREVHLQH:DIIH (U]LHOWHNXU]XQGIHXHUWHDEHUHUWUDIQLFKWGDV0lGFKHQVRQGHUQ0H[RQ 0LWWHQLP6SUXQJIKOWHGHU5DXPIDKUHUZLHHLQH/lKPXQJYRQVHLQHP0DJHQDXVJHKHQGGHQ JHVDPWHQ.|USHUHUJULII(UVWROSHUWHXQJHOHQNXQGKDWWHQLFKWPHKUGLH.UDIWVHLQHQ6WXU]DE]XIDQJHQ (UVFKOXJVFKZHU]X%RGHQ 1DFKHLQHP6HNXQGHQEUXFKWHLOhEHUOHJXQJKDQGHOWH$\NOLGDVFKQHOOXQGPLWGHU6LFKHUKHLWGLH LKUODQJH-DKUHLQGHU.DVKEDYHUOLHKHQKDWWHQ 0LW0H[RQDXIGHU6FKXOWHUZUGHVLHNHLQH]HKQ6FKULWWHZHLWNRPPHQ)OXFKWZDU DXVJHVFKORVVHQ 6HLQH,GHQWLWlWGXUIWHQLFKWSUHLVJHJHEHQZHUGHQ 6LHSDFNWHLKQ]RJLKQHLQHQ0HWHUZHLWHULQGHQ6LFKWVFKDWWHQHLQHV9HUNDXIVVWlQGHUVXQGIDWH LQGLH7DVFKH6LH]RJ.UHGLWVWUHLIHQ$XVZHLVXQG%ULHIWDVFKHKHUDXVXQGVWHFNWHVLHHLQ 'DQQZLFNHOWHVLHPLWEHEHQGHQ)LQJHUQGLHVFKZHUHQ6FKQUHLP:HUWYRQ]HKQWDXVHQG &KURQQHUVXPLKU+DQGJHOHQNXQGVDKVLFKEOLW]VFKQHOOXP 'HU3ROL]LVWGHU0H[RQQLHGHUJHVFKRVVHQKDWWHZDUDEJHOHQNWZRUGHQ,KU*OFN6LH YHUVFKZDQGVRIRUWZLHGHU]ZLVFKHQGHQ/lGHQVFKORVLFKHLQHU*UXSSHYRQ9HUNlXIHULQQHQDQXQG EHJDQQPLWLKQHQ]XGLVNXWLHUHQ :DVZDUSDVVLHUW" (LQ5DXPIDKUHUKDWWHVLFKGXUFKGHQ3UHLVHLQHV*HUlWVEHUYRUWHLOWJHIKOW6WUHLWZDU DXVJHEURFKHQLP9HUODXIGHU$XVHLQDQGHUVHW]XQJJULIIMHPDQG]XU:DIIHXQGIHXHUWHHLQHQ6FKX]XU 'HFNHDE'DVZDUGDV6LJQDOIUGHQDOOJHPHLQHQ$XIUXKUJHZHVHQ 3ROL]HLXQG5RERWHUWUDQVSRUWLHUWHQGLH)HVWJHQRPPHQHQDE)UGLH2UGQXQJVKWHUZDUGLHVHLQ DOOWlJOLFKHU9RUIDOOJHZHVHQ%LQQHQNXU]HU=HLWKHUUVFKWHZLHGHU5XKHXQWHUGHU.XSSHO $\NOLGDZXWHGD0H[RQUXQG]ZDQ]LJ6WXQGHQODQJXQWHUGHU(LQZLUNXQJGHV6FKRFNVEOHLEHQ ZUGH 6LHNRQQWHLKPKLHUQLFKWKHOIHQ6LHPXWH]XUFN]X.RSUDO6LHYHUDEVFKLHGHWHVLFKYRQGHQ $QJHVWHOOWHQXQGYHUOLHGLH.XSSHORKQHDXFKQXUEHDFKWHW]XZHUGHQ6LHZXWHQLFKWZDV0H[RQYRU LKQHQYHUEDUJDEHUHVJHK|UWH]XP9HUWUDJGDVLHLKQDXVMHJOLFKHU6FKZLHULJNHLWKHUDXVKLHOWHQ 'DV%HZXWVHLQNHKUWH]XUFNHVEHJDQQGDPLWGDVLFKHLQUDVHQGHV3ULFNHOQGXUFKGHQ JDQ]HQ.|USHUIRUWVHW]WHXQGLKQVFKPHU]YROOZHFNWH0H[RQVFKOXJGLH$XJHQDXIVDKHLQHJODWWH EHOHXFKWHWH)OlFKHXQGHUNDQQWHGDHUDXIGHP5FNHQODJ)DVWDXJHQEOLFNOLFKEHJULIIHUGDHUVLFK LQHLQHU3ROL]HL]HOOHRGHUHLQHPlKQOLFKHQ*HIlQJQLVEHIDQG'LH(UQFKWHUXQJXQGGLHVFKUHFNOLFKH (LQVLFKWGDHUUHVWORVDXVJHVSLHOWXQGYHUORUHQKDWWHYHUXUVDFKWHQHLQ*HIKOGHU+LOIORVLJNHLW 0H[RQEHZHJWHVLFK6FKODJDUWLJNHKUWHVHLQH(ULQQHUXQJ]XUFN$XVZHLVH.UHGLWNDUWHXQG ]HKQWDXVHQG&KURQQHUV6HLQH)LQJHUWDVWHWHQPKVDPEHUVHLQH.OHLGXQJ(U]XFNWH]XVDPPHQDOV HU]XQlFKVWGHQ9HUOXVWGHU0Q]ULQJHIHVWVWHOOWH(VZDUHLQOlKPHQGHUZUJHQGHU6FKUHFNHQ (LQHVFKZDFKH+RIIQXQJEOLHELKPQRFK (VJDEHLQHQ]ZHLWHQ0H[RQVHLQHQUlWVHOKDIWHQ'RSSHOJlQJHU8QGGDQQ«YLHOOHLFKWEHIDQGHU VLFKLPJOHLFKHQ*HElXGHZLH$WODQXQG)DUWXORRQ9LHOOHLFKWEHJHJQHWHHULKQHQ (UIDQGZHGHUVHLQH$XVZHLVHQRFKGLH.UHGLWNDUWH bFK]HQGULFKWHWHHUVLFKDXI(UEHIDQGVLFKLQHLQHUZLQ]LJHQ3ROL]HL]HOOH(VJDEQXUHLQH HLQ]LJHPDVVLYH7U]ZHL0HWHUYRQLKPHQWIHUQWXQGHLQHQVFKPDOHQ'XUFKJDQJ]XU7RLOHWWH(LQ HUGUFNHQGHV6FKZHLJHQKHUUVFKWH(UNRQQWHQLFKWHLQPDO6FKULWWHYRUGHU6WDKOSODWWHK|UHQ1XUVHLQH HLJHQHQSDQLVFKNHXFKHQGHQ$WHP]JHZDUHQ]XYHUQHKPHQ 0H[RQXPIDWHVHLQH.QLHXQGYHUVXFKWHVHLQHZLUEHOQGHQ*HGDQNHQ]XRUGQHQ :DUXPZDU7UDPO\QHUPRUGHWZRUGHQ":DUXPGHU=ZLVFKHQIDOOLQGHU+DOOH"'LHYLHOHQ 0HUNZUGLJNHLWHQGHU.DVKEDGHUXQGXUFKVFKDXEDUH.RSUDOXQGVHLQHHLJHQDUWLJH*HIlKUWLQ±XQGMHW]W

'HU0LHWEUXGHU

M

$WODQ

GLH%HK|UGHQ:DVZUGHLKPJHVFKHKHQXQGGHU8PVWDQGGDHUYLHOOHLFKWHUIXKUZDVLQ:LUNOLFKNHLW PLWGHU6.217$1VHLWGHU0HXWHUHLXQGVHLQHU$XVVHW]XQJSDVVLHUWZDUZUGHJOHLFK]HLWLJEHGHXWHQ GDVLHLKQHLQIDFKYHUVFKZLQGHQOLHHQ(VZDUQLFKWHLQPDO7RGHVIXUFKWGLHLKQMHW]WKHLPVXFKWH VRQGHUQYLHOPHKUGLH$QJVWYRUGHPXQJUHLIEDUHQ*HJQHU6LQQELOGOLFKJHVSURFKHQVRGDFKWHHUVWDQG HUDP)XHLQHVJHZDOWLJHQ%HUJPDVVLYV'LHVHJLJDQWLVFKH$QKlXIXQJ±GDVZDUIULKQGDV XQVLFKWEDUHDEHUVSUEDUH*HIJHZHLWUHLFKHQGHU*HKHLPQLVVH'LH³JDQ]JURH6DFKH´ZLHVLHHV QDQQWHQ (LQVWDUNHV6XPPHQVFKQLWWVHLQH*HGDQNHQJlQJHMlKDE 'LH=HOOHQWUVFKREVLFKDXI(LQNOHLQHUDOWHU3ROL]LVWPLWHLQHPYLHO]XJURHP+HOPXQG YHUNQLIIHQHPPUULVFKHQ*HVLFKWVDKLKQDQ ³6D[RQWHU.DQD\DWK"´ 0H[RQGUHKWHVLFKKHUXPXQGVWHOOWHVHLQH)HDXIGHQ%RGHQ ³-D:DVLVWORV«ZRKLQEULQJHQ6LHPLFK"´VWRWWHUWHHUYHUZLUUW'HU3ROL]LVW]XFNWHQLFKWVVDJHQG GLH6FKXOWHUQXQGEUXPPWH ³.HLQH$KQXQJ'RUWHQWODQJ6LHVLQGIUHLJODXEHLFK´ 0H[RQVFKDXWHMHW]WHUVWDXIGLH8KUXQGPHUNWHGDHUNQDSS]ZDQ]LJ6WXQGHQODQJEHZXWORV JHZHVHQZDU(UVWDQGDXIXQGJLQJODQJVDPXQGNRSIVFKWWHOQGDXIGHQNOHLQHQ0DQQ]XGHUELVDQGLH 5FNZDQGGHVKHOOHUOHXFKWHWHQVFKPXFNORVHQ.RUULGRUV]XUFNZLFK ³)UHL"´ ³,P%URKDEHQVLHJHVDJW6LHN|QQHQJHKHQ*HKHQ6LHDOVR´ 'DV*HOGXQGGLH$XVZHLVH6LHZXWHQVHLQHQ1DPHQGHQQGLH3ROL]HLKDWWHVHLQH7DVFKHQ JHOHHUW(UJLQJYHUEOIIWDQGHPGHVLQWHUHVVLHUWHQNOHLQHQ0DQQYRUEHLXQGQDFKUHFKWVGRUWKLQZRGLH DXVJHVWUHFNWH+DQGGHV3ROL]LVWHQGHXWHWH)QI]LJ6FKULWWHJHUDGHDXVGXUFKHLQJH|IIQHWHV (QHUJLHJLWWHUGDQQEHIDQGHUVLFKLQGHPJURHQ%UR=ZHL0lQQHUVWDQGHQKLQWHUGHU%DUULHUHHLQ NOHLQHUHU0DQQLQHLQHUGXQNHOJUDXHQPLWVLOEHUQHQ1lKWHQYHU]LHUWHQ8QLIRUPGDYRU ³.DQD\DWK"´IUDJWHHLQHUGHU3ROL]LVWHQXQGZDUILKPHLQHQVWHFKHQGHQ%OLFN]X ³-D6WLPPWHVGDLFKIUHL«"´ ³6LHVLQGIUHL(VOLHJWQLFKWVJHJHQ6LHYRU6LHN|QQHQJHKHQWHU.DQD\DWK´ 0H[RQNRQQWHHVQRFKLPPHUQLFKWJODXEHQ(UEOLHEQHEHQGHU%DUULHUHVWHKHQXQGVWUHFNWHGLH +DQGDXV ³:DVZROOHQ6LHQRFKWHU.DQD\DWK"´ ³0HLQH$XVZHLVHPHLQ*HOG´VDJWHHUPLWPKVDPHU]ZXQJHQHP1DFKGUXFN'HU3ROL]LVW EOLFNWHDOVKDEHHUHLQHQ,UUHQYRUVLFK ³,KUH7DVFKHQZDUHQOHHUDOV6LHKLHUKHUJHEUDFKWZXUGHQ:LUEHGDXHUQGD6LH 8QDQQHKPOLFKNHLWHQKDWWHQ,KUH)UHXQGLQZLUGVLFKXP6LHNPPHUQ´ (U]HLJWHPLWGHXWOLFKHU9HUDFKWXQJDXIGLH*ODVWU 8QPLWWHOEDUYRUGHP$XVJDQJGHU3ROL]HLVWDWLRQ±HVZDULQ]ZLVFKHQ1DFKPLWWDJJHZRUGHQ± VFKZHEWHHLQULHVLJHUJOlQ]HQGHU*OHLWHU$XIGHP%HLIDKUHUVLW]HUNDQQWH0H[RQ]XVHLQHUPDORVHQ 9HUEOIIXQJ$\NOLGDLQHLQHPVWUHQJHQKRFKJHVFKORVVHQHQ.RVWPGDVODQJH+DDUKRFKJHVWHFNWXQG XQWHUHLQHPEUHLWHQ0HWDOOVWUHLIHQYHUERUJHQ$OVVLFKGHUNOHLQH0DQQLQGHU8QLIRUPXPGUHKWHVDK 0H[RQGDHV.RSUDOZDU(UZLUNWHY|OOLJYHUlQGHUWDOVHUVDJWH ³.RPPHQ6LH6D[RQ,KU*OHLWHUZDUWHW´ 0LWHLQHPOHW]WHQ5HVW%HKHUUVFKXQJZDQGWHVLFK0H[RQDQGLH3ROL]LVWHQXQGEHGDQNWHVLFKPLW HLQLJHQ:RUWHQ:LHEHWlXEWJLQJHUQHEHQ.RSUDOKLQDXVOLHVLFKYRQLKPGLHKLQWHUH7UGHU0DVFKLQH |IIQHQXQGVDQNHUVFK|SIWLQGLH3ROVWHU .RSUDOJOLWWKLQWHUGDV6WHXHU'HU*OHLWHUUXFNWHDQXQGVFKZHEWHORV(LQLJH0LQXWHQVSlWHU IUDJWHHUVWRFNHQG ³:LHKDEWLKUGDVJHVFKDIIW)UHXQGH"´ .RSUDOGUHKWHVLFKXPXQGVWHXHUWHEOLQGZHLWHUREZRKOGHU*OHLWHUEHUGLH3LVWHGHU6WDGW HQWJHJHQIHJWH ³(VZDUQLFKWHLQIDFK8QVHUH%H]LHKXQJHQXQG,KU*HOGHUJlQ]HQHLQDQGHUDXIGDV YRUWUHIIOLFKVWH´ ³'DVEHGHXWHW´XQWHUEUDFK0H[RQ³GD$\NOLGD$XVZHLVHXQG*HOGDQVLFKQDKPQDFKGHPLFK EHZXWORVZDU´ ³5LFKWLJ´

'HU0LHWEUXGHU

M

$WODQ

³8QGZDUXPKDEHQ6LHVLFKEHPKW.RSUDO"'LH.OHLGXQJGHU*OHLWHUGLHVHUJDQ]HYHUUFNWH $XI]XJ"´ $\NOLGDGUHKWHVLFKLP6LW]XQGVDKLKQDQ6LHKDWWHVLFKGXUFKGLHDQGHUH$XIPDFKXQJY|OOLJ YHUlQGHUW6LHVDKVHKUVFK|QXQGQRFKEHJHKUHQVZHUWHUDXV0H[RQVFKOXFNWHXQGK|UWHZLHVLHVDJWH ³(VZDUNHLQHVZHJVHLQIDFK.RSUDOVWUHQJWHVLFKDQ(UVDJWH6LHZlUHQLKPWURW],KUHU XQHUPHOLFKHQ$KQXQJVORVLJNHLWGRFK]XV\PSDWKLVFKJHZRUGHQ´ ³,QGHU7DW´IJWH.RSUDOKLQ]XXQGZDQGWHVLFKZLHGHUGHU6WHXHUXQJ]X³ZDUGLHVGHU HLJHQWOLFKH%HZHJJUXQG8QGZHLOZLUGDVWDWHQZDVDQJHEUDFKWZDUZHUGHQ6LHXQVHQWJHJHQNRPPHQ 0H[RQWHU.DQD\DWK'LH:DKUKHLWGLHDEVROXWH:DKUKHLW8QG,KUHJDQ]H*HVFKLFKWHYRQ$QIDQJDQ´ /DQJVDPVDJWH0H[RQ ³6LHZHUGHQPLWKLQHLQJH]RJHQZHQQLFKHV,KQHQDQYHUWUDXH9HUVWHKHQ6LHPLFKGRFK,FK NDQQHV,KQHQQLFKWVDJHQ´ :LHGHUNODQJ.RSUDOV6WLPPHJDQ]DQGHUVGLHVPDOJDEHVNHLQHQ=ZHLIHOGDHUJHQDXGDVWXQ ZUGHZDVHUYHUVSUDFK ³:HQQ6LHXQVQLFKWGLHJDQ]H:DKUKHLWVDJHQXQGGDUEHUKLQDXVGHQ*UXQGPLWWHLOHQGHU6LH ]XGLHVHQIU6LHJHIlKUOLFKHQ6FKULWWHQWULHEGDQQGUHKHLFKGHQ*OHLWHUXPIDKUH]XUFNXQGOLHIHUH6LH GHU3ROL]HLDXV:LUNHQQHQ,KUHQ1DPHQ,KUHQ5DQJGHQ1DPHQ,KUHV6FKLIIHVXQGQRFKHLQLJH LQWHUHVVDQWH'HWDLOV´ 0H[RQVFKOREHWlXEWGLH$XJHQXQGOHKQWHVLFK]XUFN(LQ6FKRFNQDFKGHPDQGHUHQEHUILHO LKQ %LVKHUKDWWHQ.RSUDOXQG$\NOLGDVLFKLQMHGHU+LQVLFKWDOVZHUWYROOH)UHXQGHJH]HLJW:HQQVLH HVDXIVHLQH]HKQWDXVHQG&KURQQHUVXQGGLH$XVZHLVHDEJHVHKHQKlWWHQZUGHHUQRFKLPPHULQGHU =HOOHOLHJHQ(UGDFKWHPHKUHUH6HNXQGHQODQJQDFKXQGVDJWHVFKOLHOLFK ³0LWHLQHU(LQVFKUlQNXQJ´ ³:HOFKHU"6LHZLVVHQGDLFKGLH=JHOLQGHU+DQGKDOWH"´IUDJWHNQXUUHQGGHUNOHLQH0DQQ ³,FKZHL,FKZHUGHHXFKEHLGHQGLHJDQ]H*HVFKLFKWHHU]lKOHQ±DEHUQXUEHLHLQHP DXVJLHELJHQ(VVHQLP+RIGHU.DVKED´ ³'HU9RUVFKODJNRPPWPHLQHQ,GHHQVWDUNHQWJHJHQ´HUZLGHUWH.RSUDO³(ULVWPLW EHUZlOWLJHQGHU0HKUKHLWDQJHQRPPHQ´ (UJULIILQHLQ)DFK]ZLVFKHQGHQOHGHUEH]RJHQHQ6LW]HQXQGZDUI0H[RQHLQHNOHLQH)ODVFKH]X 0H[RQEHGLHQWHVLFKGDQNEDU(UKDWWHVLFKHLQLJHUPDHQHQWVSDQQWDOVVLHDPJHGHFNWHQ7LVFKVDHQ 'DQQILQJHU]XHU]lKOHQDQ(UEHJDQQPLWGHQOHW]WHQ³QRUPDOHQ´7DJHQDQ%RUGGHU 6.217$1XQGHUHQGHWHEHLGHP3XQNWGDHU.RSUDOPLHWHWH$EXQG]XXQWHUEUDFKHQLKQ.RSUDORGHU $\NOLGDPLWNXU]HQ)UDJHQ6FKOLHOLFKZDUHQGLH6FKVVHOQOHHUXQG0H[RQKDWWHVHLQHQ%HULFKW EHHQGHW%HLGH.RSUDOZLH$\NOLGDKDWWHQHUNDQQWGDKLQWHUGHQYRUGHUJUQGLJHQ*HVFKHKQLVVHQHLQ JHZDOWLJHV*HKHLPQLVYHUERUJHQVHLQPXWH ³:LUGDQNHQGLUIUGHLQH(KUOLFKNHLW0H[RQ´VDJWH.RSUDOVFKOLHOLFKXQGVFKREGLH$XVZHLVH XQGQHXQGHU*HOGVFKQUHEHUGHQ7LVFK³'LHQlFKVWHQ7DJHYHUVSUHFKHQLQWHUHVVDQW]XZHUGHQ -HW]WNDQQLFKPLUDXFKGHQNHQZDUXP7UDPO\QHUPRUGHWZXUGH´ ³:LUGUHL"´]ZHLIHOWH0H[RQXQGOHHUWHVHLQ:HLQJODV³:LUVLQG]XVFKZDFKKDEHQNHLQHUOHL 0DFKWPLWWHOLQGHU+DQG´ ³7lXVFKHGLFKQLFKW0H[RQ´PDKQWH$\NOLGD³:LUILQGHQLPPHUHLQHQ:HJXPHLQHQ6FKULWW ZHLWHU]XNRPPHQ´ ³*HKKLQDXIUXKHGLFKDXV+HXWHQDFKWKDEHQZLUEHLGHHLQHQLQWHUHVVDQWHQ$XVIOXJYRUXQV´ VDJWH.RSUDOXQGGHXWHWH]XU7UHSSH ³:RKLQ"´ ³,FKZHLHVQRFKQLFKWJHQDX$EHUELVKHUZDUHQDOOHPHLQH$XVIOJHKLQUHLFKHQGLQWHUHVVDQW´ VFKOR.RSUDO³/RVKLQDXIPLWGLU9HUJLGHLQH&KURQQHUVQLFKW´ 0H[RQZLQNWHDE ³,FKKDEHRKQHKLQQRFK6FKXOGHQEHLGLU´VDJWHHUOHLVH ³:LUUHFKQHQEHL9HUWUDJVHUIOOXQJDE´ $OV0H[RQDXIGHUREHUVWHQ6WXIHVWHKHQEOLHEXQGPLWGDQNEDUHU(UOHLFKWHUXQJUHJLVWULHUWHGDHU VLFKZLHGHULQPLWWHQGHV/lUPVGHU)DUEHQXQGGHU9HUZDKUORVXQJGHU.DVKEDEHIDQGZDUHU YRUEHUJHKHQGGLUHNWJOFNOLFK

'HU0LHWEUXGHU

M

$WODQ

,P5DXPKHUUVFKWHPLOGHV+DOEGXQNHO'LH9RUKlQJHZDUHQ]XJH]RJHQDXVGHP*HUlWEHU 0H[RQV.RSINDPOHLVHHLQVFKOlIHUQGH0XVLN(UKDWWHJHGXVFKWVHLQ+DDUJHZDVFKHQXQGODJMHW]W HQWVSDQQWXQWHUGHUGQQHQ'HFNH'LH.OLPDDQODJHVXPPWHOHLVH(LQ/LFKWYLHUHFNYHUJU|HUWHVLFKDQ GHUJHJHQEHUOLHJHQGHQ:DQGDOVVLFKGLH7UYRQGHU$XHQWUHSSH|IIQHWHXQG$\NOLGDLQGHQ5DXP VFKOSIWH ³1DQX"´IUDJWHHUEUXPPHQGXQGYHUVFKUlQNWHGLH$UPHKLQWHUGHP.RSI³(WZDVYHUJHVVHQ"´ 6LHWUXJQRFKLPPHUGHQNODVVLVFKHLQIDFKHQ$Q]XJPLWGHPVLHLPJHOLHKHQHQRGHUJHPLHWHWHQ *OHLWHUYRUJHIDKUHQZDU ³-D(LQH5HLKHYRQ(UNOlUXQJHQ´VDJWHVLHJLQJ]XGHUJHJHQEHUOLHJHQGHQ0XOWLZDQGXQG NODSSWHHLQHQEHTXHPHQ6HVVHOKHUDXV ³(UNOlUXQJHQ":RUEHU"´UlWVHOWHHU³,FKGDFKWHDOOHVZlUHVFKRQJHVDJWZRUGHQ"´ ³1LFKWDOOHV0H[RQ'XKDVWGLFKJHZXQGHUWZDUXPLFKGLFKDP$QIDQJVRNDOWEHKDQGHOWKDEH QLFKWZDKU"´ -HW]WZDU0H[RQZLUNOLFKDXIPHUNVDPJHZRUGHQ$\NOLGDVDPLWHLQHP]|JHUQGHQ/lFKHOQGD XQGVFKOXJGLH%HLQHEHUHLQDQGHU,KUUHFKWHU)XEHJDQQQHUY|V]XZLSSHQ ³'DVIUDJWHLFKPLFKQDWUOLFK´VWLPPWHHU]X ³(VKDWWHNHLQHQ*UXQG´ ³1LFKWVJHVFKLHKWJUXQGORV´VDJWHHUQLFNHQG³8QGZDUXPGLHVHU7HUURUPLW*HIKOHQ$\NOLGD"´ ³1HLG1HLGDXIGLFK'XNRPPVWDXVHLQHU:HOWLQGHUDOOHVJHRUGQHWXQGHLQIDFKLVW'XKDVW JHQJHQG*HOGXP.RSUDO]XPLHWHQ'XKDVWXQVYHUDFKWHWZHLOZLUQLFKWLQWHXUHQ$SDUWPHQWVLQGHU 6WDGWZRKQHQVRQGHUQLP6FKPXW]GHU.DVKED'XKDWWHVWNHLQH$KQXQJ´ ³'DVLVWQXU]XP7HLOULFKWLJ´SURWHVWLHUWHHUVFKZDFK ³-HW]WZHLLFKHV$EHULFKPXWHQDFKGHPXUWHLOHQZDVLFKLQGHQHUVWHQ6WXQGHQVDK´ ³8QGMHW]WKDVWGXGHLQH0HLQXQJJHlQGHUW0LHWVFKZHVWHU"´IUDJWHHULQPLOGHU,URQLH,KU)X K|UWHQLFKWDXI]XZLSSHQ2IIHQVLFKWOLFKZDUHV$\NOLGDHUQVWPLWLKUHP:XQVFKHLQHJHZLVVH.ODUKHLW]X VFKDIIHQ ³-DLFKKDEHPHLQH0HLQXQJJHlQGHUWQDFKGHPLFKGHLQHJDQ]H*HVFKLFKWHHUIXKU-HW]WELQLFK IDVWJHQHLJWGHLQHQ0XW]XEHZXQGHUQPLWGHPGXGLFKLQHLQHVRUlWVHOKDIWH6DFKHJHVWU]WKDVW´ ³'XYHUZ|KQVWPLFKJHUDGH]X´(UKRESURWHVWLHUHQGHLQH+DQG ³.HLQHVZHJV,FKZHLMHW]WZRUXPHVJHKW,FKZHLQDWUOLFKDXFKGDGXQLFKWDXV(GHOPXW KDQGHOVWVRQGHUQGHVZHJHQZHLOHVXPGHLQHLJHQHVhEHUOHEHQJHKW$EHUGDVKlWWHVWGXHLQIDFKHU KDEHQN|QQHQZHQQGXDXIHLQHQGHUXQEHZRKQWHQ.RQWLQHQWHJHIOFKWHWZlUVW´ (UJULQVWHNXU]XQGJlKQWH(LQHUVHLWVHUOHLFKWHUWHHVLKQGD$\NOLGD]XHLQHUUHDOLVWLVFKHQ %HWUDFKWXQJVZHLVHJHIXQGHQKDWWHDQGHUHUVHLWVlQGHUWHVHOEVWLKUJU|WHV:RKOZROOHQQLFKWVDQGHU 7DWVDFKHGDHUVLFKDOV*HKHW]WHUIKOWHXQGDOV*HVFKlGLJWHUGHUQXUHLQH5DQGILJXUGHVJU|HUHQ *HVFKHKHQVZDU(UJlKQWHQRFKHLQPDOXQGHUNOlUWH ³'XKDVWYROONRPPHQUHFKW,FKNlPSIHXPPHLQhEHUOHEHQXQGLFKYHUVXFKHGLH*UXSSHXP $WODQXQGGHQ/HLEDU]WVHLQHV9DWHUV]XXQWHUVWW]HQZHLOLFKJODXEHGDVLHLKUHUVHLWVPLUKHOIHQ]X EHUOHEHQ'LHQlFKVWHQ7DJHLQGHU.DVKEDZHUGHQDOVRJHNHQQ]HLFKQHWVHLQYRQGHLQHP VFKZHVWHUOLFKHQ(QWJHJHQNRPPHQRGHUVR"´ 6LHVWDQGDXIXQGQLFNWH]XVWLPPHQG ³-D:DVPLFKEHWULIIWVRZHUGHLFKYHUVXFKHQPLFKWDGHOIUHL]XEHQHKPHQ´ (UVWLPPWHHLQODXWHV*HOlFKWHUDQ$\NOLGDNDPQlKHUEHXJWHVLFKEHULKQXQGNWHLKQNXU] 'DQQEHQXW]WHVLHGLHDQGHUH7UGLHLQGHQ/DGHQIKUWHXPGHQ5DXP]XYHUODVVHQ0H[RQVDKLKU HQWJHLVWHUWQDFK(UVWDXQWHQRFKLPPHUDOVLKQGLH0GLJNHLWEHUZlOWLJWH

'HU*OHLWHUZDUGLHOHW]WHQIQIKXQGHUW0HWHUPLWDXVJHVFKDOWHWHQ6FKHLQZHUIHUQ

KHUDQJHVFKZHEW-HW]WERKUWHHUVHLQH]HUVFKUDPPWH6FKQDX]HLQGLH=ZHLJHGHVGLFKWHQ*HEVFKVXQG GUDQJODQJVDPWLHIHUHLQ6FKDUUHQGULVVHQ'RUQHQXQGEUHFKHQGHbVWHDQGHU+OOHHQWODQJ ³%HUHLW"´ 6HOEVW.RSUDOVSUDFKOHLVH(UKDWWHGLHOHW]WHQ6WXQGHQGDPLW9HUEUDFKW]ZHLYHUVFKLHGHQHQ

'HU0LHWEUXGHU

M

$WODQ

,QIRUPDWLRQHQQDFK]XJHKHQXQGZDUGDQQQDFKNXU]HU9RUEHUHLWXQJPLW0H[RQORVJHIDKUHQ ³-D'LH$QODJHLVWZHLWDXHUKDOE":DUXP"´ ³$XFKDXVWUDGLWLRQHOOHQ*UQGHQ(QHUJLHIULHGK|IHVLQGIDVWDXVVFKOLHOLFKZHLWDXHUKDOEYRQ DUNRQLGLVFKHQ6LHGOXQJHQDQJHOHJW)UKHUJODXEWHPDQGLH6HHOHQNlPHQ]XUFN'DVZROOWHNHLQHUGHU hEHUOHEHQGHQYHUPXWOLFKKDWWHQVLHZDVGLH6HHOHQLKUHU9HUVWRUEHQHQEHWUDINHLQHVRQGHUOLFK HQWJHJHQNRPPHQGHQ*HIKOH´ ³6LFKHUKDWWHQVLH*UQGHGDIU´PHLQWH0H[RQXQGVWLHGLH7UDXIDOVGHU*OHLWHUXP KXQGHUWDFKW]LJ*UDGJHGUHKWZRUGHQZDUXQGVLFKDXINQLVWHUQGH%VFKHKLQXQWHUVHQNWH ³:DVVROOHQZLUHLJHQWOLFKKLHU"´IUDJWHHUQDFKGHPDXFK.RSUDODXVJHVWLHJHQZDU ³'XZLUVWXQEHIDQJHQHUVHLQZHQQLFKHVGLUMHW]WQRFKQLFKWVDJH-HGHQIDOOVPVVHQZLULQGHQ (QHUJLHIULHGKRIHLQGULQJHQ´ 6LHZDUHQEHZDIIQHWEHVDHQHLQLJH:HUN]HXJHXQGNOHLQHOHLVWXQJVIlKLJH+DQGVFKHLQZHUIHU GHUHQ(QHUJLHPDJD]LQHDP.|USHUIHVWJHVFKQDOOWXQGPLWGQQHQ.DEHOQPLWGHQ6FKHLQZHUIHUQ YHUEXQGHQZDUHQ ³:LUGGLH$QOlJHEHZDFKW"´IUDJWH0H[RQIOVWHUQG6LHEHZHJWHQVLFKDXIHLQHPQDKH]X XQVLFKWEDUHQ3IDGGXUFKHLQHQDEVFKVVLJHQ:DOG+LQXQGZLHGHUVDK0H[RQGXUFKGLH5lXPH ]ZLVFKHQGHQ6WlPPHQHLQHZHLH0DXHULP7DOXQWHQDXIOHXFKWHQ'DV/LFKWGHUIHUQHQ6WDGWXQGGHU ODQJJHVWUHFNWHQ8QWHUNQIWHGHU5DXPWUXSSHQVWUDKOWHELVKLQXQWHU]XP(QHUJLHIULHGKRIPLWGHP FKDUDNWHULVWLVFKHQ)DQJJLWWHUPDVW ³1DFKPHLQHQ,QIRUPDWLRQHQQLFKWEHVRQGHUVJXW:LUEHLGHZHUGHQHVRKQHJU|HUH $QVWUHQJXQJHQVFKDIIHQ´YHUVSUDFK.RSUDOXQGJLQJZHLWHU(UVFKLHQKLHUMHGHQJU|HUHQ6WHLQ]X NHQQHQ(UYHUPLHGMHGHQIDOOVDOOH6WHOOHQDQGHQHQPDQDXVJOHLWHQRGHUVWROSHUQNRQQWHLP*HJHQVDW] ]X0H[RQGHUVLFKQXUVHKUODQJVDPDQGLHVH$UWGHU)RUWEHZHJXQJJHZ|KQHQNRQQWH(UIOXFKWH HUELWWHUWDOVLKPHLQ]XUFNVFKQHOOHQGHU$VWPLWDOOHU:XFKWLQV*HVLFKWSHLWVFKWH $OVGHUGLFKWH:DOGHQGHWHVHW]WHQVLHVLFKDXIHLQHQPRGHUQGHQ%DXPVWDPP ³6LHKGLUGHQ)ULHGKRIJXWDQ:LUPVVHQXQVGRUWEHZHJHQZLHGLH)OHGHUPlXVH´HUPDKQWHLKQ .RSUDO $XFKGLHVHU(QHUJLHIULHGKRIZDUQDFKWUDGLWLRQHOOHQ*HVHW]HQDQJHOHJW(UEHIDQGVLFKDXIHLQHP SODWHDXlKQOLFKHQ$EVFKQLWWGHV7DOHVGHUYRQHLQHPVFKPDOHQ%DFKGXUFKIORVVHQZXUGHhEHUJDQJVORV UDJWHQDXVGLHVHUHEHQHQ)OlFKH0DXHUQDXI6LHYHUOLHIHQLQHLQHPZLUUHQUHFKWZLQNOLJHQ0XVWHU ELOGHWHQ1LVFKHQXQG9RUVSUQJHKHOOH)OlFKHQXQGVROFKHGLHLPVFKZDU]HQ6FKDWWHQODJHQ 6SLQGHOI|UPLJH%lXPHLQYHUVFKLHGHQHQ+|KHQJDEHQGHU$QODJHHLQJHVSHQVWLVFKHV$XVVHKHQ6LH ZLUNWHYRQKLHUDXVWDWVlFKOLFKZLHHLQHNOHLQH6WDGWGHUWRWHQ6HHOHQ -HQVHLWVGHU0DXHU]ZLVFKHQGHQGXQNOHQ%lXPHQGLHVLFKLQHLQHPODXHQ1DFKWZLQGZLHJWHQ EHIDQGHQVLFK]\OLQGULVFKH%DXWHQYRQYDULLHUHQGHP'XUFKPHVVHUXQGYHUVFKLHGHQHU+|KH (LQ7HLOYRQLKQHQUDJWHEHUGLHVFKDUIDEJHVFKQLWWHQH0DXHUNURQHKHUDXVDQGHUHZLHGHU GXFNWHQVLFK]ZLVFKHQ%VFKHXQG%OWHQSIODQ]HQ9RQKLHUREHQVDKHQGLH]ZHL(LQGULQJOLQJHVFKUlJLQ GLH$QODJHKLQHLQ6HOEVWGHU*LWWHUPDVWGHUHLQHPNOHLQHQ7URFNHQNKOWXUPJOLFKXQGLQQHQGHQ JOLW]HUQGHQ)DQJVSLHJHOWUXJSDWHDXIVHLQHJHLVWHUKDIWH$UWLQGLH$QODJH1HEHQLKPHUVWUHFNWHVLFK HLQPDVVLYHVHEHQIDOOV]\OLQGULVFKHV*HElXGHGDVNQDSSXQWHUVHLQHUGDFKDUWLJHQ2EHUNDQWHHLQ /LFKWEDQGWUXJ±)HQVWHUGLHHLQEOlXOLFKNDOWHV/LFKWKLQGXUFKOLHHQ0H[RQVFKWWHOWHVLFKXQGVDJWH OHLVH ³(VLVWPLU]ZDUJOHLFKJOWLJZHQQLFKHUVWHLQPDOWRWELQDEHUDOV/HEHQGLJHUVHKQHLFKPLFK GXUFKDXVQLFKWQDFKHLQHPQlFKWOLFKHQ6SD]LHUJDQJGRUWLQGHU(QHUJLHIULHGKRIVDQODJH´ ³,FKILQGHHVDXFKQLFKWHUVWUHEHQVZHUW$EHUHLQHKHLH6SXUIKUWGRUWKLQHLQ/RV0H[RQ:LU KDEHQQRFKHLQLJHVYRULQGLHVHU1DFKW´ ³0HLQHWZHJHQ´NQXUUWH0H[RQXQGVXFKWHGHQ*ULIIGHU:DIIH 6LHVWLHJHQGHQ+DQJDEZlUWV,Q]ZLVFKHQKDWWH0H[RQYLHOJHOHUQW(UYHUPLHGIDVWDOOH6WHOOHQ DQGHQHQHUVWROSHUQXQGVLFKEHUVFKODJHQNRQQWH'HU$EKDQJEHVWDQGDXV)HOVHQORFNHUHP*HU|OO XQG3IODQ]HQGLHLQGHU1DFKWRIIHQVLFKWOLFKEHWlXEHQGHlWKHULVFKHgOHDEVRQGHUWHQ'LH/XIWZDUHUIOOW YRQGHP*HUXFK ³'LHVHVUXQGH*HElXGH"´IUDJWH0H[RQ6LHEOLHEHQVWHKHQXQGGXFNWHQVLFKDOVHLQVFKZHUHU *OHLWHULQYLHUKXQGHUW0HWHUQ+|KHEHUVLHKLQZHJUDVWHXQG.XUVDXIGDVZHLWHQWIHUQWH0HHUQDKP ³9RUKRI]XP.RQYHUWHU´ZDUGLH$QWZRUW $OVRZDUWHWHQLQGHP%DXZHUNQHEHQGHU(QHUJLHDXIIDQJDQODJHGLH.|USHUYRQWRWHQ$UNRQLGHQ

'HU0LHWEUXGHU

M

$WODQ

GDUDXIGDGLHVWHUEOLFKHQ5HVWHGHP.RQYHUWHU]XJHIKUWGRUWDXIJHO|VWXQGLKUH(QHUJLHDQHLQHP 6DPPHOVSHLFKHUDEJHJHEHQZXUGH 'HU+DQJHQGHWH6LHWDXFKWHQKLQXQWHULQGDV%DFKEHWWGDVLKQHQNHLQHEHVRQGHUVJXWH 'HFNXQJERW/DQJVDPXPVLFKQLFKWGXUFKGLH*HUlXVFKHGHVDXISOlWVFKHUQGHQ:DVVHUV]XYHUUDWHQ WDSSWHQVLHHQWODQJGHU:LQGXQJHQELVVLHDQHLQHQVFKPDOHQ6WUHLIHQ%XVFKZHUNNDPHQ,QGHQ IHXFKWHQ3IODQ]HQQLVWHWHQ:DVVHUY|JHO+LQXQGZLHGHUVFKUHFNWHQVLH7LHUHDXIGLHVFKQDWWHUQG DXIIORJHQKRFKEHUGHU6WHOOHNUHLVWHQXQGZRDQGHUVZLHGHUODQGHWHQ6FKOLHOLFKQDFKHLQHP HUVFK|SIHQGHQ0DUVFKEHIDQGHQVLHVLFKNHLQH]ZDQ]LJ0HWHUYRQGHU0DXHUHQWIHUQW 6LHODJHQDXIGHP%DXFKGLH)HXFKWLJNHLWGHV8IHUVWUHLIHQVGUDQJGXUFKLKUH.OHLGXQJ )OVWHUQGGUDQJ.RSUDOV6WLPPHGXUFKGLHIDVWOlKPHQGH6WLOOH ³-HW]WNRPPWGLHJHIlKUOLFKVWH=RQH,QGHQ0DXHUQVLQG(LQJlQJH$EHUGHU*HOlQGHVWUHLIHQLVW HLQVHKEDU:LUPVVHQVFKQHOOVHLQ$FKWHDXI$ODUPVLJQDOH0H[RQ´ ³,Q2UGQXQJ,FKJODXEHGDVLVW]XVFKDIIHQ´ 6LHVSUDQJHQDXIXQGZDUIHQVLFKYRUZlUWV1DFKHWZDHLQHP'XW]HQG6SUQJHQHUUHLFKWHQVLH GLHZHLH0DXHUYRQGHUHLQVFKZDFKHV5HVWOHXFKWHQDXVJLQJ1LHPDQGVFKRDXIVLHQLHPDQGULHIVLH DQ6LHEOLHEHQVWHKHQDOVVLHGHQWLHIHQ6FKDWWHQHLQHU1LVFKHHUUHLFKWHQXQGDWPHWHQWLHIGXUFK ³,FKQHKPHDQZLUVLQGXQEHPHUNWJHEOLHEHQ9HUVWHKVWGXGLFKDXIGDV|IIQHQHLQIDFKHU PHFKDQLVFKHU6FKO|VVHU"´ ³(LQLJHUPDHQJXW´HUNOlUWH0H[RQXQGVFKORGLH$XJHQXPVLFKEHVVHUDQGLHJU|HUH 'XQNHOKHLW]XJHZ|KQHQ³+DVWGX:HUN]HXJH"´ ³+LHULQGHU7DVFKH´ (UPXWHDOVRJHQDXJHZXWKDEHQZDVVLHHUZDUWHWH1DFKHLQHUNOHLQHQ3DXVHLQGHUVLH NHLQHUOHLYHUGlFKWLJH*HUlXVFKHK|UWHQXQGDXFKNHLQHYHUXUVDFKWHQJOLWWHQVLHDP)XGHU0DXHU HQWODQJZLHGHUKLQDXVLQGLHUHODWLYH+HOOLJNHLWLQGHUVLFKLKUH.|USHUZLH]ZHL6FKDWWHQULVVHYRUGHP .XQVWVWRIIEHODJGHU0DXHUDE]HLFKQHWHQ'DV0DWHULDOKDWWHGLH7DJHVKLW]HJHVSHLFKHUWXQGVWUDKOWHVLH DEVRGDGLHEHLGHQ0lQQHUQDFK]ZDQ]LJ(FNHQLQ6FKZHLJHEDGHWZDUHQ'DQQHUVWHQWGHFNWHQVLH HLQHQGHU'XUFKJlQJH'LHgIIQXQJZDUVRVFKPDOGDQXUHLQHLQ]HOQHUDXIHLQPDOKLQGXUFKSDWH 'DV7RUZDUPLWHLQHPPDVVLYHQ$UNRQVWDKOJLWWHUYHUVFKORVVHQGDVVLFKLQGUHLVFKZHUHQ$QJHOQ EHZHJWHXQGYRQHLQHPGRSSHOWKDQGJURHQ6FKOLHPHFKDQLVPXVYHUVSHUUWZDU'HU5LHJHOYHUVFKZDQG LQHLQHU)KUXQJLQGHU0DXHU ³/LFKWXQG:HUN]HXJH(LQHQPLWWHOJURHQ9DULRVFKOVVHO´]LVFKWH0H[RQXQGWDVWHWHPLWGHQ )LQJHUVSLW]HQGLHgIIQXQJDE$OOHVZDUYROONRPPHQYHUVFKPXW]WXQGZRKOVHLW-DKUHQQLFKWPHKUEHZHJW ZRUGHQ³.ULHFK|OVSUD\´ ³*XWGDLFKGDUDQGDFKWH´PXUPHOWH.RSUDOVHOEVWJHIlOOLJ(UVFKWWHOWHHLQHQZLQ]LJHQ 'UXFNEHKlOWHUXQGJDE0H[RQGHQYHUODQJWHQ6FKOVVHO'LHHLQ]HOQHQ6WLIWHGLHLQHLQH/RFKSODWWH LQQHUKDOEGHV6FKORVVHVSDVVHQPXWHQZDUHQYHUVFKLHEEDU9LHUPDO]LVFKWHGLH6SUD\GRVHDXI GUHLPDODQGHQ$QJHOQHLQPDOLP6FKORXQGUXQGXPGLHEHZHJOLFKHQ7HLOH'DQQEOLW]WHHLQ/LFKWVWUDKO ]ZLVFKHQGHQ)LQJHUQ0H[RQVDXIQXUVFKUHLEVWLIWGQQXQGGHU/LFKWNUHLVVWUDKOWHGDVUXQGH/RFKDQ 'HU6FKDIWGHV6FKOVVHOVYHUVFKZDQGODXWORVLQGHU)KUXQJ ³/LFKWDXV´ 0H[RQGUHKWHGHQ6FKDIWXQG]RJRGHUVFKREDQGHQHLQ]HOQHQ(OHPHQWHQ$OVHUHOIPDOJHVSUW KDWWHZLHGLH6WLIWHHLQUDVWHWHQGUHKWHHUPLWVWlQGLJJHVWHLJHUWHP'UXFNGHQ6FKOVVHO'HUGUHLIDFK ILQJHUGLFNH5LHJHOJOLWWQDFKGHPGHUHUVWH:LGHUVWDQGEHUZXQGHQZDUODQJVDPDXVGHP:DQGODJHU XQG]RJVLFKLQV6FKOR]XUFN ³2IIHQ.RSUDO:LUN|QQHQKLQHLQ´ 'DV6FKORKDWWHVLFKIDVWJHUlXVFKORVJH|IIQHWMHW]WGUHKWHQVLFKDXFK=DSIHQXQG$QJHOQRKQH MHQHVQHUYHQ]HUUHLHQGHV.UHLVFKHQGDVHLQJHURVWHWHRGHUXQJHIHWWHWH/DJHUYRQVLFKJDEHQ'LH 0lQQHUGUDQJHQHLQ6RIRUWYHUVFKZDQGHQVLHLP'XQNHO]ZLVFKHQGHQVWDUNULHFKHQGHQ7RWHQElXPHQ ³/LQNV0H[RQ´ =ZLVFKHQ%lXPHQXQGGHQ*UDEPlOHUQDXIGHQHQNOHLQH0HWDOOSODNHWWHQGLH1DPHQGHU 9HUVWRUEHQHQ]HLJWHQ]ZLVFKHQMHQHQVlXOHQDUWLJHQ*HELOGHQLQDOOHQ*U|HQDXI5DVHQXQG6DQGXQG .LHVZHJHQWDVWHWHQVLFK0H[RQXQG.RSUDOGLH3DUDO\VDWRUHQLQGHQ+lQGHQQDFKOLQNVHWZDLQV =HQWUXPGHV)ULHGKRIV 'LH*HUlXVFKHGHUVLFKDQHLQDQGHUUHLEHQGHQ%OlWWHUGHUNQDUUHQGHQbVWHXQGGHUOHLFKWHQ 6FKULWWHMDVRJDUGLHHLJHQHQ$WHP]JHHUKLHOWHQDQGLHVHP2UWHLQHQJHVSHQVWLVFKHQ8QWHUWRQ6FKRQ

'HU0LHWEUXGHU

M

$WODQ

DP7DJZDUGDVSDUNlKQOLFKH$UHDONHLQH,G\OOH-HW]WQDFKWVEHJULIIHQGLH(LQGULQJOLQJHZDUXPHVKLHU NHLQH3DWURXLOOHQJDE$XFKKDUWJHVRWWHQH1DWXUHQZUGHQMHW]WNHLQHUHFKWH)UHXGHVSUHQ 6LHRULHQWLHUWHQVLFKQDFKGHP(QHUJLHJDWWHUGDVVLHKLQXQGZLHGHU]ZLVFKHQ%lXPHQXQG 6WHLQVlXOHQVDKHQ8QGSO|W]OLFKVWDQGHQVLHGLUHNWYRUGHP(LQJDQJGHV/DJHUKDXVHVGHU7RWHQ ³5HFKWVLVWHLQ7RUGDVIU5HSDUDWXUHQXQGlKQOLFKHVJHEUDXFKWZLUG(VVROOVWlQGLJRIIHQVHLQ´ IOVWHUWH.RSUDODQ0H[RQV2KU ³9HUVXFKHQZLUHV´ 6LH]|JHUWHQGLHVDQGLJH)OlFKH]XEHWUHWHQGLHVLFKLQHLQHU%UHLWHYRQ]ZDQ]LJ6FKULWWHQXP GDV%DXZHUNKLQ]RJ6LHEOLHEHQLQGHU'HFNXQJGHU*HZlFKVHXQGXPZDQGHUWHQHLQ'ULWWHOGHV 8PIDQJVELVVLHGLH5DPSHXQGGLHXPHLQHQ6SDOWJH|IIQHWH6WDKOSODWWHVDKHQ (VGDXHUWHQXU6HNXQGHQELVVLHVLFKLQQHUKDOEGHV*HElXGHVEHIDQGHQ ³.HQQVWGXGHQ%DXSODQGHV.UHPDWRULXPV"´IOVWHUWH0H[RQ=XVHLQHP(UVWDXQHQHUNOlUWHVHLQ 0LHWEUXGHU ³,FKNHQQHHLQHQ0DQQGHUHLQ9HUKlOWQLVPLWGHU6FKZHVWHUHLQHV:DUWXQJVURERWHU$XIVHKHUV KDW'HUNHQQWGHQ3ODQ+DOWHGLFKNQDSSKLQWHUPLU´ ,PPHUZLHGHUEOLW]WHVHLQH/DPSHDXI6LHWXUQWHQEHUHLQHZHLWHUH5DPSHEHQXW]WHQHLQHQ 0HWDOOVWHJNDPHQGXUFKPHKUHUH6LFKHUKHLWVWUHQVFKOLHOLFKODQGHWHQVLHDXIHLQHUVFKPDOHQ7UHSSH GLHQDFKXQWHQIKUWH1RFK]ZHL7UHQGDQQVSUWHQVLHZLHHVLPPHUNlOWHUZXUGH ³:LUVLQGDXIGHPULFKWLJHQ:HJ+LHUXQWHQDUEHLWHQGLH.KODQODJHQK|UVWGX"´ ³-DQDWUOLFK´ 6LHEHZHJWHQVLFKHQWODQJHLQHU:DQGGXUFKGLHVLHGLH9LEUDWLRQHQGHU.KOPLWWHOSXPSHQ VSUHQNRQQWHQ$EHUPDOV|IIQHWHQXQGVFKORVVHQVLHYHUVFKLHGHQH7UHQXQGWDWVlFKOLFKEHIDQGHQVLH VLFKQDFKGHPHLQHVFKZHUHGLFNLVROLHUWH7UVLFKKLQWHULKQHQPLWOHLFKWHP.QDFNHQJHVFKORVVHQKDWWH LQHLQHP5DXPGHUKRFKXQG]\OLQGULVFKZDU 6LHOLHIHQYRUZlUWVXQGHUNDQQWHQGDVlPWOLFKH,QQHQIOlFKHQGHV+RKO]\OLQGHUVDXV7UHQRGHU .ODSSHQEHVWDQGHQDXIGHQHQ=LIIHUQXQG1DPHQVFKZDFKOHXFKWHWHQ7DXVHQGHYRQNOHLQHQ VDUJlKQOLFKHQ.DPPHUQZDUHQVWHUQI|UPLJDQJHRUGQHWPLWGHPgIIQXQJVPHFKDQLVPXV]XP=HQWUXP XQGLQHWZDKXQGHUWIQI]LJEHUHLQDQGHUIROJHQGHQ/DJHQ,P=HQWUXPGHU$QODJHEHIDQGVLFKHLQH K\GUDXOLVFKDXVIDKUEDUH6lXOHGLHHLQHQNXU]HQ6WHJWUXJ6WHJXQGHLQHNOHLQH3ODWWIRUPZDUHQLQGHU +|KHYHUVFKLHEEDUDXHUGHPGUHKWHVLFKGHU6WHJXPGHQ0LWWHOSXQNWVRGDMHGHHLQ]HOQH 7RWHQNDPPHUGXUFKQXU]ZHL.RGHEHIHKOHDQVWHXHUEDUZDU ³%HHLQGUXFNHQG´VDJWH0H[RQ³8QGZDVVXFKHQZLU"´ 'DVNDOWH/LFKWNDPDXVGHU6XPPHGHUOHXFKWHQGHQ=LIIHUQXQG%XFKVWDEHQPLW6LFKHUKHLWGLH 1DPHQGHUKLHU/DJHUQGHQRGHUGHUMHQLJHQGLHIUGHQ.RQYHUWHUYRUJHVHKHQZDUHQ1LFKWDOOH.ODSSHQ RGHU7UHQWUXJHQVROFKH%H]HLFKQXQJHQHVJDEHLQXQUHJHOPlLJHV0XVWHUYRQOHHUHQ9RUGHUVHLWHQ ,Q]ZLVFKHQZDU.RSUDOEHUHLWVDXIGDV6WHXHUSXOW]XJHODXIHQXQGWDVWHWHHLQHQ1DPHQHLQ ³(LQHQ7RWHQVXFKHQZLU´IOVWHUWHHU]XUFN6HLQH6WLPPHYHUZDQGHOWHVLFKLQGHP5DXP]X HLQHPGURKHQGHQ=LVFKHQ ³:HOFKHQ7RWHQ"´ ³(LQHQVHKULQWHUHVVDQWHQ7RWHQZHQQPHLQH,QIRUPDWLRQHQVWLPPHQ'XPXWVLFKHUQ0H[RQ´ 0H[RQ]XFNWH]XVDPPHQDOVVLFKGHU6XFKPHFKDQLVPXVLQ%HZHJXQJVHW]WH'LH+\GUDXOLN IDXFKWHDOVVLHVLFKQDFKREHQVFKRE0LWHLQHP6DW]VSUDQJ0H[RQDXIGLH3ODWWIRUPXQGHQWVLFKHUWH GHQ3DUDO\VDWRU (WZD]HKQ0HWHUDOVRUXQGIQIXQG]ZDQ]LJGHU(EHQHQKREVLFKGLH3ODWWIRUPYRP%RGHQGDQQ GUHKWHVLHVLFKXPHWZDQHXQ]LJ*UDGXQGEOLHEVWHKHQ'LH*HUlXVFKHPXWHQGDV7DODODUPLHUWKDEHQ GDFKWH0H[RQDEHUGDQQGDFKWHHUDQGLH,VROLHUXQJXQGKRIIWHGDHUUHFKWKDWWHHLJHQWOLFKGUIWHQLFKW GDVJHULQJVWH*HUlXVFKQDFKDXHQGULQJHQ .RSUDOOHJWHMHGHQIDOOVHLQHJRWWORVH8QEHNPPHUWKHLWDQGHQ7DJ(UZDUPLWYLHU6FKULWWHQDP (QGHGHV6WHJVXQGNODSSWHGHQ9HUVFKOXHLQHV6DUJHVDXI0H[RQIROJWHLKP$XIGHU)URQWSODWWH HLQHPHLQIDFKHQ%LOGVFKLUPPLWJUREHP3XQNWUDVWHUVWDQGHQQXUHOIDXIHLQDQGHUIROJHQGH=LIIHUQXQGGHU .RQWUROOEXFKVWDEHDP(QGH.HLQ1DPH 0H[RQVDKVWDUU]XZLH.RSUDOHLQH$UW6FKXEODGHKHUYRU]RJ(LVNDOWH/XIWVFKOXJGHQ0lQQHUQ HQWJHJHQ(LQQDFNWHU7RWHUODJLQGHP)DFK ³/LFKW´ 0H[RQV/DPSHEOLW]WHDXI(LQEUHLWJHIlFKHUWHU6WUDKOEHOHXFKWHWHGHQZHLKlXWLJHQ.|USHUHLQHV

'HU0LHWEUXGHU

M

$WODQ

DXVJHPHUJHOWHQ0DQQHV'LH/HLFKHZDUHQWVHW]OLFKYHUVWPPHOW)XUFKWEDUH:XQGHQXQGGLH6SXUHQ YRQ6FKOlJHQGLHPLWJURHU*HZDOWJHIKUWZDUHQ]HLFKQHWHQGLH+DXW ³:DVVROOGDV":DUXPKDEHQZLUGLHVHQ7RWHQJHVXFKW"´IUDJWH0H[RQ ³.HQQVWGXLKQ"´ ³1HLQ´IOVWHUWH0H[RQXQGVWUDKOWHGDV*HVLFKWDQRGHUYLHOPHKUGDVZDVGDYRQEULJJHEOLHEHQ ZDU(UNRQQWHQXUVHKHQGDGHU6FKlGHOKDDUORVZDU=X/HE]HLWHQNRQQWHGHU7RWHQLFKWVRQGHUOLFK JURJHZHVHQVHLQMHW]WVFKLHQHUJHVFKUXPSIW]XVHLQ ³6LHKGLUGDV*HVLFKWJHQDXDQ´ ³*HQDXGDVWXHLFK´EHWHXHUWH0H[RQXQGVFKWWHOWHVLFK(U|IIQHWHGLH%OHQGHGHV +DQGVFKHLQZHUIHUVQRFKHWZDVPHKUDEHUWURW]GHPHUNDQQWHHUGHQ7RWHQQLFKW 3DSLHUUDVFKHOWH.RSUDOVFKREHLQ%LOGLQGHQ/LFKWNHJHO'LHGUHLGLPHQVLRQDOH$XIQDKPHZDU VHKUGHXWOLFK ³'DVLVW«4XRQVRQ=RUJKDQGDV%LOGPHLQHLFK´VWDPPHOWH0H[RQ ³,FKNHQQHLKQQDWUOLFK$EHUGHU7RWH«"´ (UNRQQWHHVQLFKWJODXEHQDXFKQLFKWDOV.RSUDOPLWHU]ZXQJHQHU5XKHHUNOlUWH ³:HOFKHQ1DPHQJODXEVWGXKDEHLFKGHU6XFKDXWRPDWLNHLQJHWDVWHW"´ ³4XRQVRQ=RUJKDQ"´ ³-DQDWUOLFK6LHKGLH1DVHDQ3UIHGLH*U|HGHU$XJHQXQGGLH)DOWHQLQGHQ$XJHQZLQNHOQ .HLQHUOHL.RSIEHKDDUXQJ´ 0LWYRU(QWVHW]HQUDXKHU6WLPPHPXWH0H[RQ]XJHEHQ ³*U|HXQG*HZLFKWN|QQWHQVWLPPHQ$EHUZHUKDW=RUJKDQ±ZHQQHUHVWDWVlFKOLFKVHLQVROOWH ±GHUDUWLJ]XJHULFKWHW"´ ³.HLQH$KQXQJ'DVIlOOWLQMHQHµJURH6DFKH¶YRQGHUZLUEHU]HXJWVLQG)UHXQG0H[RQ+LHU JHKHQ'LQJHYRUGLHZLUXQVQLFKWHUNOlUHQN|QQHQ´ (LQLJH0LQXWHQYHUJLQJHQVFKZHLJHQG,PPHUZLHGHUYHUVXFKWHQVLHbKQOLFKNHLWHQRGHUGHQ %HZHLVIUGDV*HJHQWHLOIHVW]XVWHOOHQ]ZLVFKHQGHP%LOGGDV=RUJKDQOHEHQG]HLJWHXQGGHP YHUVWPPHOWHQ7RWHQKLHULP.lOWHIDFK'HU9HUOXVWDQ.lOWHOLHLUJHQGZRLQGHQWHFKQLVFKHQ (LQJHZHLGHQGHU$QODJHHLQHQ.RPSUHVVRUDQODXIHQ.RSUDOSDFNWHGHQGQQHQ.XQVWVWRIIEHKlOWHUHLQH ODQJJH]RJHQHGQQH.LVWHXQG]RJVLHDXIGHQ6WHJKHUDXVGDQQVFKORHUGLH,VROLHUSODWWH ³'DVNDQQQLFKW=RUJKDQVHLQ´VWLH0H[RQKHUYRU³(LQ,UUWXP´ ³'HQNHDQGHQ%HWUXQNHQHQ(UZLOOJHVHKHQKDEHQZLHPDQ=RUJKDQW|WHWH,FKZHLGDGLHV DOOHVDQGHUHDOVHLQHVLFKHUH,QIRUPDWLRQZDUDEHU«´ (UVWHFNWHGDV%LOGZLHGHUHLQ0H[RQNQLSVWHGHQ6FKHLQZHUIHUDXVXQGEOLHEVWHKHQ XQVFKOVVLJDQGDV*HOlQGHUGHV6WHJHVJHOHKQW ³8QGZDVJHKWMHW]WYRU"´PXUPHOWHHU ³6LHKKHU(LQHQ$XJHQEOLFN´ .RSUDOEHZHJWHVLFKSO|W]OLFKPLWHLQHU*HVFKZLQGLJNHLWGLH0H[RQGHPNOHLQHPGLFNHQ0DQQ QLHPDOV]XJHWUDXWKlWWH(UVSUDQJ]XUFN]XP6WHXHUSXOWXQGGUFNWHHLQHQJUQHQ6FKDOWHU'LH$QODJH VDQNODQJVDPZLHGHU]XP+DOOHQERGHQKLQXQWHU .RSUDOVWUHLIWHGHQbUPHOVHLQHUVFKPXW]LJHQ]HUULVVHQHQ-DFNH]XUFNXQGIKUWHHLQH 6FKDOWXQJDXV ,P+DOEGXQNHOHUNDQQWH0H[RQZLHVLFKHLQ%LOGVFKLUPYRQHWZDYLHU)LQJHUEUHLW.DQWHQOlQJH HUKHOOWH(LQHGQQH6WLPPHTXlNWHDXVHLQHPZLQ]LJHQVHLWOLFKDQJHEUDFKWHQ/DXWVSUHFKHU'LHVZDU HLQZHUWYROOHV)ORWWHQJHUlWVFKRHVLKPGXUFKGHQ6LQQXQGZRKHUEHNRPPWDXVJHUHFKQHW.RSUDOHLQ VROFKHV*HUlW"$EHUDOVHUGDV%LOGXQGGLH6WLPPHHUNDQQWHYHUJDHUDOOHV ³+HXWHQDFKWEH]LHKXQJVZHLVHLQGHQHUVWHQ0RUJHQVWXQGHQVWDUWHWHLQ6FKLIIPLWHLQHU 6RQGHUHLQKHLW´HUNOlUWH.RSUDO³'DVZHLMHGHU-HGHUPDQQZHLDXFKGD4XRQVRQ=RUJKDQHLQH DQIHXHUQGHXQGSDWULRWLVFKH5HGHDQGLH6ROGDWHQKlOWGLHDXI7UDYQRUVWDWLRQLHUWVLQG+LHULVWHU´ 6LHVDKHQGHQHFKWHQOHEHQGHQ=RUJKDQ'DV%LOG]HLFKQHWHPLWJHZRKQWHU6FKlUIHDXFKGHU /DXWVSUHFKHUZDUJXWJHQXJXPGLHZLFKWLJVWHQ&KDUDNWHULVWLNDGHUHLJHQWPOLFKEOHFKHUQIODFKHQ 6WLPPHXQGGHQNKOHQ%HIHKOVWRQ=RUJKDQVZLHGHU]XJHEHQ .RSUDOHUNOlUWH ³:LUKDEHQHLQHQDQVFKHLQHQGHFKWHQ=RUJKDQGHUHEHQ]XGHQ5DXPVROGDWHQVSULFKW:LU KDEHQKLHUIHUQHUHLQH/HLFKHYRQGHULFKJODXEHGDVLHHEHQIDOOVGHUHFKWH=RUJKDQLVW 'XJODXEVWGDGXGHUHFKWH0H[RQELVW'HLQH0lQQHUJODXEHQGDGHUDQGHUH.RPPDQGDQW

'HU0LHWEUXGHU

M

$WODQ

GHU6.217$1GHUHFKWH0H[RQLVW,QGHUVHOEHQ=ZLFNPKOHEHILQGHQZLUXQV,FKGHQNHZLUZHUGHQ XQVGDUEHU.ODUKHLWYHUVFKDIIHQPVVHQQLFKWZDKU"´ 0H[RQIKOWHZLHLKQGHUHLVLJH6FKUHFNHQZLHGHUSDFNWHGHULKQGDPDOVJHVFKWWHOWKDWWHDOVHU VHLQHQ'RSSHOJlQJHUJHVHKHQKDWWH ³'DVGHQNHLFKDXFK´NUlFK]WHHU³:DVN|QQHQZLUWXQ"´ .RSUDOVFKDOWHWHGDV$UPEDQGJHUlWZLHGHUDXVXQGVDJWHWURFNHQ³:LUZHUGHQIUFKWHLFK HWZDVWXQPVVHQZDVHLQPDOLJIU7UDYQRUEH]LHKXQJVZHLVHIUGHQ.RQWLQHQW7HFNQRWKLVW´ ³:DVPHLQVWGX"´ ³$OOHVP|JOLFKHSDVVLHUWHELVKHUDXI7UDYQRU$EHUQRFKQLHPDOVKDWPDQYRQHLQHP /HLFKHQGLHEVWDKODXVHLQHP(QHUJLHIULHGKRIJHK|UW=X8QWHUVXFKXQJV]ZHFNHQZHUGHQZLUXQVGLHVH /HLFKHYRUEHUJHKHQGDXVERUJHQ,FKGHQNHHVZLUGHLQVFK|QHV6WFN$UEHLWGDVZLUYRUGHPHUVWHQ 0RUJHQJUDXHQQRFKYRUXQVKDEHQ´ (VZDUGXQNHOXQGVRNRQQWH.RSUDOQLFKWVHKHQGDLKQ0H[RQHQWVHW]WDQVWDUUWH(VKlWWHLKQ RKQHKLQQLFKWVRQGHUOLFKEHHLQGUXFNW ³$QGLH$UEHLW9HUWUDJVSDUWQHU´NQXUUWHHU0H[RQVW|KQWHDXI (1'( /HVHQ6LHQlFKVWH:RFKH$7/$11U

,P&KDRVGHU.DVKED

YRQ+DQV.QHLIHO $XIGHU6SXUGHUXQKHLPOLFKHQ'RSSHOJlQJHU±

GHU0RQGWUlJHUXQGGHU0LHWEUXGHUUHFKHUFKLHUHQ