-RKQ6LQFODLU'LH'URKXQJ
*HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HU...
28 downloads
393 Views
653KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
-RKQ6LQFODLU'LH'URKXQJ
*HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP
/LHEH/HVHULQOLHEHU/HVHU :LHGHUOLHJWHLQ%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+1 6,1&/$,5YRU,KQHQ'DPDOVDOV6LQFODLU5RPDQHU VFKLHQHQELOGHWHHUGHQ$EVFKOXHLQHV.DPSIHV]ZLVFKHQ -RKQ6LQFODLUXQGGHP6FKZDU]HQ7RG=XPHUVWHQPDOZDU -RKQVHLQHP7RGIHLQGLQHLQHP6H[+RWHOLP6SHVVDUWEHJHJ QHWZRGLHVHUPLW+LOIHYRQVLHEHQGlPRQLVLHUWHQ0lGFKHQ HLQHQXUDOWHQ6XSHUGlPRQHUZHFNHQZROOWH'DQDFKKDWHV LPPHUZLHGHUKDUWH$XVHLQDQGHUVHW]XQJHQ]ZLVFKHQLKQHQ JHJHEHQGLHNHLQHUHQGJOWLJIUVLFKHQWVFKHLGHQNRQQWH 'XUFK0\[LQKDW-RKQHUIDKUHQGDGHU6FKZDU]H7RGHLQ XUDOWHU'lPRQLVWGHUYRUPHKUDOV]HKQWDXVHQG-DKUHQ EHUHLWVLQ$WODQWLVJHKHUUVFKWKDWWH'DQQZDUHULQGHU 9HUVHQNXQJYHUVFKZXQGHQXQGDQGHUHPlFKWLJH'lPRQHQ ZLH$VPRGLVXQGGHU6SXNKDWWHQLKUH0DFKWLQGHU+|OOH DXVJHEDXW 'HU6FKZDU]H7RGHLQULHVLJHVVFKZDU]HV6NHOHWWPLWOHXFK WHQGHQ$XJHQXQGDOV:DIIHHLQHW|GOLFKH6HQVHKDWPLWGHU (UPRUGXQJYRQ:LOO0DOOPDQQV%UDXWGLH(QWVFKHLGXQJV VFKODFKW]ZLVFKHQVLFKXQG-RKQ6LQFODLUHLQJHOlXWHW-RKQKDW HVQLFKWJHVFKDIIWGDV%XFKGHUJUDXVDPHQ7UlXPHLQVHLQHQ %HVLW]]XEULQJHQLQGHPYHU]HLFKQHWLVWZLHPDQGHQ 6FKZDU]HQ7RGEHVLHJHQNRQQWH(UQXW]WMHGHQ+LQZHLVDXI GDV%XFKXPHVDQVLFK]XEULQJHQXQGDOVHUYRQHLQHP *HKHLPGLHQVWOHUHUIlKUWGDHVVLFKEHL+H[HQGLHXQWHU GHP%URFNHQLQGHU''5KDXVHQEHILQGHQVROOVFKHXWHUVLFK QLFKWGXUFKHLQHQJHKHLPHQ*DQJKLQWHUGHQ(LVHUQHQ 9RUKDQJ]XJHKHQXQGQDFKGHP%XFK]XVXFKHQ ,FKZUGHGHP/HVHUGHUGLHVH5RPDQHQRFKQLFKWNHQQW ]XYLHOYRQGHU6SDQQXQJQHKPHQZHQQLFKPHKUEHUGHQ ,QKDOWGLHVHUGUHL5RPDQHYHUUDWHQZUGH1XUVRYLHOVHL QRFKYHUUDWHQ=ZHL%HJULIIHGLHHLQHLPPLQHQWH%HGHXWXQJ
IUGHQ)RUWODXIGHU6HULHKDEHQZHUGHQWDXFKHQLQGLHVHU JURHQ7ULORJLHXPGHQ(QWVFKHLGXQJVNDPSIJHJHQGHQ 6FKZDU]HQ7RGDXI'HU:UIHOGHV8QKHLOVXQGGHUVLOEHUQH %XPHUDQJ ,FKDOV$XWRUHPSIDQGGLHVH7ULORJLHGDPDOVDOVLFKVLH VFKULHEDOVHLQH$UW=lVXUXQGHLQHQ$EVFKOX'RFKQRFK ZlKUHQGLFKVLHVFKULHEZXUGHPLU]XPHUVWHQPDOEHZXW ZHOFKXQHQGOLFKH)OOHYRQQHXHQ7KHPHQVLFKGDGXUFKDXI WDWHQ,FKPXWHHLQHQQHXHQJURHQ*HJQHUIUGDV6LQFODLU 7HDPDXIEDXHQXQGIDQGGLHLGHDOH/|VXQJZDVVLFKMHGRFK HUVWVSlWHUKHUDXVVWHOOWH6LHVROOWHGHQHQGJOWLJHQ'XUFK EUXFKGHU6LQFODLU6HULHEULQJHQ,P1DFKKLQHLQHUIOOWHV PLFKLPPHUZLHGHUPLW6WRO]ZHQQLFKDQGLHVH5RPDQH GHQNHGLHLFKYRU]ZDQ]LJ-DKUHQVFKULHEXQGGLHDXFKKHXWH QRFKPHLQH/HVHUIDV]LQLHUHQXQGLKQHQHLQHQZRKOLJHQ *UXVHOVFKDXHUEHUGHQ5FNHQMDJHQ 0HLQH6WDPPOHVHUZLVVHQGDVLFKPLWGHQ=HLWHQDXFKGLH 6HULHXQGLKU$XWRUYHUlQGHUWKDEHQ(LQ9HUJOHLFKLVWPHLQHV (UDFKWHQVQLFKW]XOlVVLJGHQQZHQQQLFKWDOOHVLQ%HZHJXQJ LVWXQGVLFKGHP/DXIGHU=HLWHQDQSDWKDWHLQHVROFKH6HULH LKUH([LVWHQ]EHUHFKWLJXQJYHUORUHQ ,QGLHVHP6LQQHKRIIHLFKDXIGDV:RKOZROOHQGHVJHQHLJWHQ /HVHUVRKQHGDVHLQ$XWRUQLFKWH[LVWLHUHQNDQQ
',('52+81* (VZDUGLH+|OOH (LQH+|OOHDXV(LV6FKQHH6WXUPXQGP|UGHULVFKHQ 7HPSHUDWXUHQ'HU:LQGEUDFKWHHLQH.lOWHPLWLQGHUHLQ 0HQVFKNDXPEHUOHEHQNRQQWH :RGHU%OLFNDXFKKLQJLQJPDQVDKQXUHLQHZHLH:VWH XQG*OHWVFKHUEHUJH 8QGGRFKZDUHQLQGLHVHU6GSROK|OOH]ZHL0HQVFKHQ XQWHUZHJV)RUVFKHUGLHHLQHQEHVRQGHUHQ$XIWUDJKDWWHQ 6LHZROOWHQLQV/DQGHVLQQHUHYRUGULQJHQXPGRUWJHROR JLVFKH8QWHUVXFKXQJHQLQGLH:HJH]XOHLWHQ 'HU6WXUPKDWWHVLHEHUUDVFKWREZRKODP6GSROMHW]W 6RPPHUZDU,QQHUKDOEHLQHU1DFKWILHOGDV7KHUPRPHWHUXP ]ZDQ]LJ*UDGGLH.lOWHZXUGH]XHLQHUP|UGHULVFKHQ .ODPPHUGLHDOOHVPLWVLFK]RJXQGQLHPHKUMHPDQGHQ IUHLJDE 'LHEHLGHQ0lQQHUNl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lQGHU6LHWUXJHQGLFNH.XQVWVWRII -DFNHQDXVHLQHPZlUPHLVROLHUHQGHQ0DWHULDOGDVYRUJDU QLFKWODQJHU=HLWHUVWHQWZLFNHOWZRUGHQZDU 'HU6FKOLWWHQDUEHLWHWHHLQZDQGIUHL'HU0RWRUOLHIUXKLJ 7UHLEVWRIIKDWWHQVLHQRFKJHQJHQGDXFKPLW3URYLDQWZDUHQ VLHHLQJHGHFNW'LHHPSILQGOLFKHQ0HLQVWUXPHQWHMHGRFK KDWWHQVLH]XUFNODVVHQPVVHQ'XUFKHLQ]XKRKHV*HZLFKW
YHUEUDXFKWHGHU6FKOLWWHQ]XYLHO7UHLEVWRIIXQGGHU6SULWZDU LQGLHVHU5HJLRQHEHQVROHEHQVZLFKWLJZLHGLHZDUPH .OHLGXQJ 'DV/DQGZDUQLFKWHEHQ8QGHVZHFKVHOWHVHLQHlXHUH (UVFKHLQXQJVIRUPYRQ0LQXWH]X0LQXWH,PPHUZLHGHU WUPWHGHU6WXUPQHXH6FKQHHZlOOHKRFKEHUGHFNWHXQG IOOWHJHIlKUOLFKH(LVVSDOWHQXQGVFKXI7RGHVIDOOHQIUGLH EHLGHQ0lQQHU 'LH:LVVHQVFKDIWOHUYHUVWlQGLJWHQVLFKGXUFK=HLFKHQ 6SUHFKHQNRQQWHQVLHQLFKW$XFKQLFKWVFKUHLHQGHQQGHU 2UNDQULLKQHQVRIRUWMHGHV:RUWYRQGHQ/LSSHQ 6YHQ-DQVVRQXQG$UWKXU&RUQZDOOIKUWHQHLQHQVWHWLJHQ .DPSIJHJHQGLH8QELOGHQGHU1DWXU 3O|W]OLFKVDHQVLHIHVW %HLGHKDWWHQGLH6FKQHHZHKH]XVSlWJHVHKHQ'HU6FKOLWWHQ YHUNDQWHWH(UVDXVWHPLWVHLQHPYRUGHUHQ7HLOGHUlKQOLFK HLQHP%REJHEDXWZDUYROOLQGHQ6FKQHH ª6KLW©$UWKXU&RUQZDOOVFKULHGDV:RUWVRODXWGDHV VRJDUJHJHQGDV+HXOHQGHV2UNDQV]XK|UHQZDU 'HU0RWRUU|KUWHZHLWHUDXIZROOWHGHQ6FKOLWWHQYRUDQ VFKLHEHQGRFKGHU:LGHUVWDQGGHU6FKQHHZHKHZDU]XVWDUN 6YHQ-DQVVRQVWLHVHLQHQ3DUWQHUDQXQGQLFNWH'HU (QJOlQGHUYHUVWDQGGDV=HLFKHQ 6LHPXWHQUXQWHUYRQLKUHP*HIlKUW %LVKHUKDWWHQVLHJHGXFNWDXILKUHP6FKOLWWHQJHVHVVHQXQG GHP6WXUPVRZHQLJ:LGHUVWDQGZLHP|JOLFKJHERWHQ-HW]W PXWHQVLHKHUXQWHUXQGGHU2UNDQSDFNWHVLHPLWYROOHU :XFKW $UWKXU&RUQZDOOWDXPHOWH]XU6HLWHNRQQWHVLFKMHGRFK KDOWHQ6HLQHP.ROOHJHQHUJLQJHVQLFKWVRJXW(UZXUGH YRQGHU:XFKWLQGHQ6FKQHHJHVFKOHXGHUWXQGVRIRUW ZROOWHLKQHLQ6FKOHLHUDXV(LVNULVWDOOHQ]XGHFNHQ )OXFKHQGEHIUHLWHVLFK6YHQ-DQVVRQ*HGXFNWQlKHUWHHU VLFKGHP+HFNGHV6FKOLWWHQVZRGLHEHLGHQ0lQQHULKU :HUN]HXJIHVWJH]XUUWKDWWHQ'RUWEHIDQGHQVLFKKDQGOLFKH
6FKDXIHOQ+DFNHQXQG6SDWHQ(VZUGHVFKZHUH$UEHLW VHLQHLQ.DPSIJHJHQGLH=HLWGHQQGLH6FKQHHPDVVHQ ZDUHQGDEHLGHQ0RWRUVFKOLWWHQYROOVWlQGLJ]X]XGHFNHQ 'LH0lQQHUVFKXIWHWHQYHUELVVHQ=XYHUVWlQGLJHQEUDXFK WHQVLHVLFKQLFKWMHGHUZXWHJHQDXZDVHULQGLHVHU1RWODJH ]XWXQKDWWH1LFKW]XPHUVWHQPDOVWHFNWHQVLHLQGLHVHU 6LWXDWLRQ'DNRQQWHVLFKHLQHUDXIGHQDQGHUHQYHUODVVHQ (VJDENDXP6FKQHHIDVWQXUQRFK(LV'LHEHLGHQ :LVVHQVFKDIWOHUVFKZDQJHQLKUH$UPHXQGKDFNWHQJHJHQGLH KDUWH:DQGDXVJHIURUHQHP:DVVHUDQ 'LH:HUN]HXJHEHVWDQGHQDXVEHVWHP6WDKO'LH6SLW]HQ NQDOOWHQJHJHQGDV(LVVFKXIHQ/|FKHUXQG6SDOWHQ .RSIJURH%URFNHQILHOHQDE:lKUHQG$UWKXU&RUQZDOOGHU NUlIWLJHUHGHUEHLGHQGDV(LV]HUKlPPHUWHVFKDXIHOWHGHU 1RUZHJHUGLH(LVEURFNHQ]XU6HLWH (LQHKDOEH6WXQGHYHUJLQJ 'LHEHLGHQ0lQQHUDUEHLWHWHQVRYHUELVVHQGDVLHVHOEVW XQWHULKUHUGLFNHQ.OHLGXQJVFKZLW]WHQ 8QGVLHKDWWHQ(UIROJ 6LHVFKDXIHOWHQGHQ0RWRUVFKOLWWHQIUHL 6YHQ-DQVVRQKREGLH+DQGXQGGHU(QJOlQGHUVHQNWH VHLQH6SLW]KDFNH'LH:LVVHQVFKDIWOHUZLUNWHQLQLKUHU .OHLGXQJZLH8QJHKHXHU9RQLKUHQ*HVLFKWHUQZDUHQ0XQG XQG1DVHQXUVFKZHU]XHUNHQQHQGDEHLGHVWHLOZHLVHPLW (LVNULVWDOOHQEHGHFNWZDU &RUQZDOOJLQJELVDQGHQ%XJGHV6FKOLWWHQVSDFNWHLKQ GLFKWREHUKDOEGHU.XIHQVWHPPWHVHLQH)HHLQXQG EHJDQQ]XVFKLHEHQ 'DV*HIlKUWUKUWHVLFKQLFKW 6YHQ-DQVVRQKDOIPLW =X]ZHLWVFKDIIWHQVLHHV6LHGUFNWHQGHQ6FKOLWWHQ]XUFN $XIHLQPDOJLQJDOOHVOHLFKWHUGLH.XIHQUXWVFKWHQXQGGDV *HIlKUWZDUIUHL (QGOLFK 6LHJULQVWHQVLFK]XREZRKOGHUHLQHGHQDQGHUHQJDUQLFKW
VHKHQNRQQWH$XVODXWHU)UHXGHVFKOXJHQVLHVLFKDXIGLH 6FKXOWHUQ ª:LUN|QQHQ©EUOOWH6YHQ-DQVVRQ8QWHUGHUVFKW]HQGHQ *HVLFKWVPDVNHNODQJVHLQH6WLPPHGXPSI %HLGH0lQQHUVWLHJHQDXIGHQ6FKOLWWHQ'HU(QJOlQGHUOLH GHQ0RWRUDQ'LH0DVFKLQHZDUHLQH6SH]LDONRQVWUXNWLRQ DXVEHVRQGHUVNlOWHXQHPSILQGOLFKHP0DWHULDOKHUJHVWHOOW XQGVLHOLHIDXFKEHLH[WUHPHQ%HGLQJXQJHQ 'HU0RWRUNQDWWHUWHHLQSDDU6HNXQGHQXQGOLHIGDQQUXKLJ 'DV:HUN]HXJKDWWHGHU1RUZHJHU]XYRUYHUVWDXW6HLQ .ROOHJHOHJWHGHQ5FNZlUWVJDQJHLQ /DQJVDPVFKREVLFKGHU6FKOLWWHQQDFKKLQWHQ 1DFKZLHYRUKHXOWHXQGWREWHGHU6WXUP8Q]lKOLJH (LVNULVWDOOHVFKOHXGHUWHHUEHUGLHEHLGHQ:LVVHQVFKDIWOHU 5LHVLJH6FKQHHZRONHQZXUGHQKRFKJHZLUEHOWXQGDOVWDQ ]HQGH)LJXUHQEHUGLHZHLWHQ3ODWHDXVGHU$QWDUNWLV JHVFKOHXGHUW 'LH.XIHQIDWHQ'HU0RWRUKDWWHVHLQHK|FKVWH'UHK]DKO HUUHLFKW(UVFKREGHQ$OX6FKOLWWHQZHLWHULQGLH(LVK|OOHKLQ HLQ'LH0lQQHUXPIXKUHQGHQ(LVZDOOLQGHPVLH]XYRUIHVW JHVWHFNWKDWWHQ6LHEHIDQGHQVLFKDP5DQGHLQHUULHVLJHQ (EHQHEHUGLHGHU2UNDQPLW+|OOHQVWlUNHEUOOHQNRQQWH XQGQLUJHQGZR:LGHUVWDQGIDQG:DVQLFKWQLHWXQGQDJHO IHVWZDUULHUNXU]HUKDQGPLW(UVFKOHXGHUWH(LVEURFNHQYRU VLFKKHUDOVZlUHQHVQXUNOHLQH0XUPHOQ 6YHQ-DQVVRQXQG$UWKXU&RUQZDOOKDWWHQ$QJVWGLHVH JHZDOWLJH)OlFKH]XEHUTXHUHQGRFKHVEOLHELKQHQNHLQH DQGHUH0|JOLFKNHLW8PGLH%DVLV]XHUUHLFKHQPXWHQVLH GLHVHQ:HJQHKPHQ -HW]WZDUHQVLHGHP6WXUPKLOIORVDXVJHOLHIHUW $XIGHUYRUKHULJHQ)DKUWZDUHQVLHLPPHUQRFKGXUFK +JHOXQG*HOlQGHWlOHUJHGHFNWZRUGHQQXQDEHUPXWHQ VLHNlPSIHQ 8PMHGHQ)XEUHLW%RGHQ 'HU2UNDQEHXWHOWHGDV)DKU]HXJGXUFKVFKLHQPLWWDXVHQG
XQVLFKWEDUHQ+lQGHQGDQDFK]XJUHLIHQXPHVYRP%RGHQ KRFK]XUHLHQ,PPHUZLHGHUOHQNWH&RUQZDOOJHJHQHU IOXFKWHXQGVFKLPSIWHVLFKGHQbUJHUYRQGHU6HHOH 'DEHLZXWHQGLHEHLGHQ0lQQHUQLFKWGDVLHVLFKHLQHP *HELHWQlKHUWHQGDVDXINHLQHU.DUWHGHU:HOWHLQJH]HLFKQHW ZDUXQGGRFKHLQHVFKLFNVDOKDIWH%HGHXWXQJKDEHQVROOWH QLFKWQXUIUGLHEHLGHQ:LVVHQVFKDIWOHU 1RFKDKQWHQVLHQLFKWVGDYRQGHQQVLHEHIDQGHQVLFK LQPLWWHQHLQHVP|UGHULVFKHQ:LUEHOVLP=HQWUXPHLQHV ,QIHUQRVDXV6FKQHH6WXUPXQG.lOWH :DDJHUHFKWMDJWHQGLH(LVNULVWDOOHGHQ0lQQHUQHQWJHJHQ /lQJVWZDUHQGLH6FKQHHEULOOHQYHUNOHEW6HKHQNRQQWHQVLH NDXPQRFKHWZDVXQGGDV7KHUPRPHWHUVDQNLPPHUWLHIHU 6LHNlPSIWHQVLFKZHLWHU /HJWHQ0HLOHIU0HLOH]XUFNDEHUHVZDUGRFKQXUZLH HLQ7URSIHQDXIGHQKHLHQ6WHLQ 'LH(QWIHUQXQJ]XU%DVLVZDUQRFKLPPHUXQEHUEUFNEDU JUR8QGEDOGEUDFKGLH1DFKWKHUHLQ 'HU0RWRUKLHOWGXUFK $EHUGLH.lOWHZXUGH]XHLQHPVFKOHLFKHQGHQ*LIWGDVVLFK GXUFKMHGH5LW]HXQG6SDOWHIUDXQGGDEHLGHQ$WHPUDXEWH 'LH0lQQHUKDWWHQHVVFKZHU=ZDQJVOlXILJOLHLKUH .RQ]HQWUDWLRQQDFK6LHIXKUHQHLQIDFKQXUZHLWHU ,PPHUQDFK1RUGHQ 'LHEUHLWH6SDOWHYRULKQHQEHUVDKHQVLH'HU6FKQHHKDWWH VLHQLFKW]XZHKHQN|QQHQXQGLQGHU7LHIHGHU6SDOWHZDUHLQ U|WOLFKHV*ORVHQ :DUGDVGHU(LQJDQJ]XU+|OOH" 'LH0lQQHUIXKUHQDXIGLH6SDOWH]X6LHVDKHQVLHQLFKW DXFKDOVVLHQXUQRFKZHQLJH
6YHQ-DQVVRQVWLHHLQHQ6FKUHLDXV(UKDWWH]XHUVWEHPHUNW ZDVJHVFKHKHQZDU(UZDUIVLFKDXIGHP6FKOLWWHQQDFKYRUQ ZROOWHVLFKIHVWKDOWHQGRFKVHLQH)lXVWHWUDIHQQXUGLHJODWWH (LVZDQGJHJHQGLHLPQlFKVWHQ0RPHQWGHUVFKZHUH 6FKOLWWHQSUDOOWH]XUFNIHGHUWHXQGGDQQJHJHQGLHDQGHUH 6HLWHVWLH 'DEHLILHOHUZLHHLQ6WHLQLQGLH7LHIH $UWKXU&RUQZDOOGHU(QJOlQGHUNODPPHUWHVLFKHEHQIDOOV DPYRUGHUHQ+DQGODXIGHV6FKOLWWHQVIHVW8QWHUVHLQHP *HVLFKWVVFKXW]NODQJHQGLH$QJVWVFKUHLHGXPSI 6HNXQGHQGHKQWHQVLFKLQGLH/lQJH 'HU6FKOLWWHQNLSSWHEHUVFKOXJVLFKVWLHLUJHQGZR JHJHQZXUGH]XUFNJHGULIWHWMDJWHQRFKWLHIHULQGLH6SDOWH KLQHLQXQGQlKHUWHVLFKGDPLWGHPGVWHUHQ*ORVHQLQGHU XQDXVORWEDUHQ7LHIHLPPHUPHKU %HLPQlFKVWHQ6WRZXUGH6YHQ-DQVVRQDXVGHP*HIlKUW JHVFKOHXGHUW(UKDWWHVLFKQLFKWPHKUKDOWHQN|QQHQVHLQ .|USHUILHOGHU6FKUHLYHUHEEWH $XFK$UWKXU&RUQZDOOYHUORUGHQ+DOW (LQHXQKHLPOLFKVWDUNH.UDIWVFKOHXGHUWHLKQQDFKYRUQ EHUGHQ%XJGHV6FKOLWWHQVKLQZHJXQGHUNQDOOWHPLWGHP .RSIJHJHQGLH:DQG 'LHGLFNH0W]HGlPSIWHGHQ6FKODJHWZDV7URW]GHPZDU HUQRFKVRVWDUNGDGHU(QJOlQGHUVHLQ%HZXWVHLQYHUORU (LQJDQ]HV:HOWDOO]HUSODW]WHYRUVHLQHQ$XJHQ(UILHOXQG ILHOELVKLQHLQLQGDVJORVHQGHGVWHUH5RWGDVVLFKDP %RGHQGLHVHU6FKOXFKWDXVEUHLWHWH :DULKU$EVWXU]]X%HJLQQUDVHQGVFKQHOOJHZHVHQVRYHU ODQJVDPWHHUVLFKMHW]WMHPHKUVLHVLFKGHP*UXQGGHU 6FKOXFKWQlKHUWHQ(VVFKLHQDOVZUGHQXQVLFKWEDUH+lQGH LKUHQ)DOOVWRSSHQXQGVLHGHP%RGHQHQWJHJHQWUDJHQ ,QGHU7DWVFKZHEWHQGLHEHLGHQ:LVVHQVFKDIWOHU8QGVLH ODQGHWHQVDFKWZLH)HGHUQDXIHLQHUPLWGLFNHP0RRVXQG )DUQHQEHGHFNWHQ(UGHGLHEHUKDXSWQLFKWLQGLH$QWDUNWLV SDWHVRQGHUQHKHULQHLQHQWLHIHQ'VFKXQJHO
(VZDUKHLXQGIHXFKW'LH/XIWNRQQWHPDQNDXPDWPHQ ZLHLQHLQHPWURSLVFKHQ5HJHQZDOG :LH3XSSHQODJHQGLH:LVVHQVFKDIWOHUDXIGHU(UGHHLQ JHPXPPWLQLKUHGLFNH.OHLGXQJDXIGHUGLHOHW]WHQ 6FKQHHUHVWHEHUHLWVZHJJHWDXWZDUHQ ,KU6FKOLWWHQKDWWHGHQ)DOOQLFKWEHUVWDQGHQ(UZDUPLW YROOHU:XFKWDXIGHQ%RGHQJHSUDOOW]HUEURFKHQXQGLQVHLQH (LQ]HOWHLOH]HUOHJW(LQLJHGDYRQZDUHQLQHLQ6XPSIORFK JHIDOOHQXQGGRUWYHUVXQNHQ 'HQ0lQQHUQZDUQLFKWVSDVVLHUW6LHODJHQDP%RGHQDOV REVLHVFKOLHIHQ 'LH=HLWYHUJLQJ 8PGLH:LVVHQVFKDIWOHUKHUXPZDUHVMHGRFKQLFKWVWLOO$XV 6XPSIO|FKHUQVWLHJHQIDKOH'lPSIHGLHVLFK]XVHOWVDPHQ )LJXUHQIRUPWHQ%ODVHQWULHEHQGHU2EHUIOlFKH]XXQG]HU SODW]WHQGRUWPLWGQQHP.QDOO *HZDOWLJH,QVHNWHQVXPPWHQXQGVHJHOWHQLP=LFN]DFN NXUVGXUFKGLHVFKZOIHXFKWH/XIW,QGHU)HUQHZDUHLQ XUZHOWKDIWHV'RQQHUQ]XYHUQHKPHQGDVbKQOLFKNHLWKDWWH PLWGHP*UROOHQHLQHVVFKZHUHQ*HZLWWHUV 5LHVLJH%lXPHZXFKVHQLQGHQJUDXGVWHUHQ+LPPHORKQH 6RQQHXQG:RONHQ'DIUIORJHQJHZDOWLJH9|JHOGXUFKGLH /IWH5HJHOUHFKWH8QJHKHXHUPLWODQJHQ+lOVHQXQGVSLW]HQ 6FKQlEHOQ$OOHVZDUDQGHUVZDUGVWHUHUJUDXVDPHU $UWKXU&RUQZDOOUHJWHVLFKDOVHUVWHU(UKDWWHGLHEHVVHUH .RQVWLWXWLRQ =XHUVW]XFNWHQVHLQH$UPHGDQQ]RJHUGLH%HLQHDQDWPH WHWLHIGXUFKXQGVHW]WHVLFKPLWHLQHP5XFNDXI 6SUDFKORVEOLFNWHHULQGLH5XQGH 6HLQH$XJHQZHLWHWHQVLFKXQJOlXELJGHU6FKZHLUDQQ LKPEHUGDV*HVLFKW(UEOLQ]HOWHVFKDXWHQRFKHLQPDOXQG VW|KQWHDXI ª'DVJLEWHVGRFKQLFKW,FKLFKWUlXPH© (VZDUNHLQ7UDXP (UULVLFKGHQ*HVLFKWVVFKXW]DEGHUQXUQRFKHLQ
VFKZHLQDVVHU/DSSHQZDUGUHKWHVLFK]XU6HLWHXQGUWWHOWH VHLQHQ.DPHUDGHQVRODQJHELVGLHVHUDXIZDFKWH ª9HUGDPPWZDVLVWORV"'DV(LVZLU©3O|W]OLFK VFKZLHJDXFK6YHQ-DQVVRQ'DIUVFKOHXGHUWHHUGLH.DSX]H YRP.RSIHQWIHUQWHHEHQIDOOVGHQ*HVLFKWVVFKXW]XQGZLVFK WHVLFKEHUGLH$XJHQª$UWPHLQ*RWWZRVLQGZLUKLHU"© ª,FKZHLQLFKW© 6YHQUXFNWHKHUXPª$EHUGLH/DQGVFKDIW6LHLVW©(U VFKOXFNWHª6LHLVWVRZLHYRU=LJPLOOLRQHQYRQ-DKUHQ© ª-DGDVVWLPPW© 1DFKGLHVHP6DW]VFKZLHJHQGLH0lQQHU$EHUEHLGHQUDQQ HLQ6FKDXHUEHUGHQ5FNHQ 8QZLOONUOLFKOHJWHQVLHLKUH.|SIHLQGHQ1DFNHQXQG EOLFNWHQQDFKREHQ (VZDUNHLQH6SDOWHRGHU6FKOXFKW]XVHKHQ1XUGHUGVWH UH+LPPHO8QGLQGHU)HUQHDEHUGHQQRFKGLFKWEHUGHP %RGHQGDVJHKHLPQLVYROOH*ORVHQ 6YHQVFKOXJVLFKJHJHQGLH6WLUQ(UKDWWHIDVWKHOOEORQGHV +DDUXQGGLFKWH$XJHQEUDXHQ6HLQ*HVLFKWZDUYRQ]DKO UHLFKHQ6RPPHUVSURVVHQEHGHFNWXQGGLH2KUHQVWDQGHQ ZHLWDE(UVDKDXVZLHHLQ]XJURJHUDWHQHU/DXVHEHQJHO ª,FKJODXEHLFKVSLQQH0HQVFK$UWGDVJLEW VQLFKW:LU VLQGGRFK:LVVHQVFKDIWOHU:LUZDUHQDP6GSRO'RUWLVWQXU (LV(LVXQG(LV$EHUNHLQ'VFKXQJHO6LHKGLH)DUQHDQGLH ULHVLJHQ%lXPH9HUGDPPWGLHVLQGDXVJHVWRUEHQ'LHJDEHV YRU0LOOLRQHQYRQ-DKUHQ© (UZDUIVLFKLP6LW]HQKHUXPXQGNUDOOWHVHLQH+lQGHLQGLH -DFNHVHLQHV)UHXQGHV ª$UWGDVLVWGLH8U]HLW:LUVLQGLQGHU8U]HLWJHODQGHW© $UWKXU&RUQZDOOQLFNWHQXU6SUHFKHQNRQQWHHUQLFKW'HP EXOOLJHQ(QJOlQGHUPLWGHPKHUDEKlQJHQGHQ2EHUOLSSHQ EDUWXQGGHQEUDXQHQ$XJHQZDULPZDKUVWHQ6LQQHGHV :RUWHVGLH6WLPPHLP+DOVVWHFNHQJHEOLHEHQ ª$UW0HQVFK6DJZDV© &RUQZDOOKREQXUGLH6FKXOWHUQ
ª2YHUGDPPWRYHUGDPPW©6YHQKlPPHUWHPLWGHU)DXVW DXIGHQPRRVEHGHFNWHQ%RGHQª-HW]WVLQGZLUYHUORUHQ© ª1RFKOHEHQZLU©PHLQWH$UWKXUWURFNHQ ª'XKDVW+XPRU© ª'DVHLQ]LJHZDVPLUQRFKEOHLEW© 6YHQVWDQGDXI(U]RJVHLQH-DFNHDXVª'LHLVWPLU]X ZDUP©'DUXQWHUWUXJHUQRFKHLQHGLFNH-DFNHGLHHUMHGRFK DQOLHHEHQVRZLHGLH+RVHXQGGLHGLFNHQ6WLHIHO(UJLQJ HLQSDDU6FKULWWH]XU6HLWHVDKGHQ]HUVW|UWHQ6FKOLWWHQXQG EOLHENRSIVFKWWHOQGGDYRUVWHKHQª'HQN|QQHQZLUQLFKW PHKUJHEUDXFKHQ© ª1HLQ©VDJWH$UWKXUVFKOSIWHHEHQIDOOVDXVVHLQHUGLFNHQ .OHLGXQJXQGVDKVLFKXPª:LUVLQGKLHUKHUJHNRPPHQXQG ZHUGHQDXFKLUJHQGZLHZLHGHUZHJNRPPHQ© ª'XKDVWJXWUHGHQ© $UWVFKWWHOWHGHQ.RSIª:LOOVWGXGHQQKLHUVLW]HQEOHLEHQ XQG'lXPFKHQGUHKHQ"© ª1HLQ© ª:HQQGXNHLQHQEHVVHUHQ9RUVFKODJKDVWGDQQNRPP© ª2KQH:DIIHQ"© $UW&RUQZDOOEFNWHVLFKXQGVXFKWHLQGHQ7UPPHUQGHV 6FKOLWWHQVKHUXP3URYLDQWKDWWHQVLHQRFKHLQLJHV:HUN]HXJ XQGDXFKLKUH:DIIHQ =ZHL3LVWROHQGHU0DUNH/XJHU $UWQDKPEHLGH6FKLHHLVHQLQGLH+lQGHª'LHVLQGJHOD GHQ©VDJWHHUªGDPLWN|QQHQZLUXQVHLQLJH7LHUFKHQYRP +DOVKDOWHQ© ª'LH6DXULHUZHUGHQVLFKIUHXHQ©HUZLGHUWH6YHQ-DQVVRQ ª*ODXEVWGXGDHVZHOFKHJLEW"© ª6LFKHU© $UWKXU&RUQZDOOJULQVWHELWWHUª$OV-XQJHKDEHLFKNHLQ QDWXUNXQGOLFKHV0XVHXPDXVJHODVVHQ9RUDOOHQ'LQJHQ KDEHQPLFKLPPHUGLH6DXULHUIDV]LQLHUW,FKKDEHVWDXQHQG YRUGHQULHVLJHQ6NHOHWWHQJHVWDQGHQXQGPLUJHZQVFKWGLH 7LHUHOHEHQG]XVHKHQ©
ª'DV9HUJQJHQZLUVWGXEDOGKDEHQ©HUZLGHUWH6YHQ -DQVVRQª)UDJWVLFKQXUREHVHLQ9HUJQJHQVHLQZLUG© ª6WLPPWDXFKZLHGHU© 'LH0lQQHUYHUWHLOWHQGDV*HSlFN(VVWDQGHQ]ZHL 5XFNVlFNH]XU9HUIJXQJGLHVLHVLFKDXIGLH5FNHQVFKQDOO WHQ,Q6WU|PHQOLHILKQHQGHU6FKZHLYRP.|USHUEHUHLWV MHW]WZRVLHQRFKNHLQHQ6FKULWWJHODXIHQZDUHQ 'LH/XJHU3LVWROHQVWHFNWHQVLHLQGLH*UWHO'DQQEHJDQQ GHU$EPDUVFK 6LHHQWVFKLHGHQVLFKGDIUDXIGDVU|WOLFKH/LFKW]X]XJH KHQ'RUWNRQQWHHVXQWHU8PVWlQGHQHWZDVDQGHUHVJHEHQ DOVQXUGHQPHQVFKHQPRUGHQGHQ'VFKXQJHO 9LHOOHLFKWIDQGHQVLHGDHWZDV6FKXW]RGHU8QWHUVFKOXSI 0LWGLHVHU+RIIQXQJLP+HU]HQEHVFKOHXQLJWHQVLHLKUH 6FKULWWH(VZDUHLQH4XlOHUHLIUGLH0lQQHU6LHVFKULWWHQ ]ZLVFKHQPDQQVKRKHQ)DUQHQHLQKHUYRQGHPMHGHUVRJUR ZDUZLHHLQH7DQQH)LQJHUODQJH,QVHNWHQVFKZLUUWHQDXIVLH ]XXQGQLFKWLPPHUJHODQJHVLKQHQVLH]XHUVFKODJHQRGHU DE]XZHKUHQ 6YHQKLHOWVLFKHLQSDDU6FKULWWHKLQWHUVHLQHP)UHXQG %HLGHQPDFKWHGLH+LW]HXQJHKHXHU]XVFKDIIHQ6LHXPJLQ JHQEOXEEHUQGH6XPSIO|FKHUEHUGLH'XQVWVFKZDGHQZDOO WHQXQGZLHWUlJH)LQJHUQDFKLKQHQ]XJUHLIHQVFKLHQHQ 5LHVHQWLHUHVDKHQVLHQLFKW.HLQH6DXULHUNHLQH6FKODQJHQ RGHUDQGHUH8U]HLWWLHUH 'DV*HOlQGHZDUQLFKWHEHQVRQGHUQKJHOLJ:HQQVLH PDOZLHGHUHLQHQGHU+JHOHUNOHWWHUWKDWWHQVDKHQVLHLQGHU )HUQHGQQH5DXFKIDKQHQLQGHU/XIWVWHKHQ ª'DVVLQG9XONDQH©PHLQWH$UWXQGZLVFKWHVLFK]XPKXQ GHUWVWHQ0DOHGHQ6FKZHLYRQGHU6WLUQ ª'DQQZHLWGXDXFKVLFKHUOLFKLQZHOFKHLQHU=HLWZLU JHODQGHWVLQG"©IUDJWHGHU1RUZHJHU ª,FKGHQNHGXELVW*HRORJH© ª,FKZLOOHVDEHUYRQGLUZLVVHQ© ª2ND\)UHXQGDXV1RUZHJHQ'LHVH7LHUHXQGGLHVH
/DQGVFKDIWJDEHVLQGHU-XUD=HLW$OVRUXQGKXQGHUW 0LOOLRQHQ-DKUHYRU&KULVWL*HEXUW© ª0DKO]HLW© $UWJULQVWHª+DVWGX+XQJHU"© ª1HLQQXUVR© ª.RPPZHLWHU©VDJWHGHU(QJOlQGHU 'LH0lQQHUJLQJHQVWHWVJHUDGHDXVGLUHNWDXIGDVURWH /LFKW]X6LHZXWHQQLFKWZLHYLHOH6WXQGHQYHUJDQJHQ ZDUHQGRFKGDV/LFKWZDUVWlUNHUJHZRUGHQ (VJDE)OVVHXQGNOHLQHUH6HHQ/HW]WHUHODJHQUXKLJGD GRFKGLH0lQQHUZDUHQVLFKHUGDHVXQWHUGHUYRQ$OJHQ EHGHFNWHQ2EHUIOlFKHJlUWH 'LHOHW]WH6WUHFNHZDUDPVFKOLPPVWHQ6LHTXlOWHQVLFKGHQ %HUJKRFK+lUWHUHV*HVWHLQEHIDQGVLFKXQWHULKUHQ)HQ 9XONDQJHVWHLQHUNDOWHWH/DYD 3O|W]OLFKZXUGHGDV*OKHQVWlUNHU 'LH:LVVHQVFKDIWOHUEHIDQGHQVLFKQXUQRFKHLQSDDU
8QGLFKQRFKZHQLJHU 'HU.QDEHGDYRUQDP3RGLXPJHILHOPLUJHUDGH(LQYHU WURFNQHWHU&RPSXWHUNQLOFK*UDXHU$Q]XJZHLHV+HPG )OLHJHDXVEODXHU6HLGHPLWURWHQ3XQNWHQ(LQ7KHRUHWLNHU XQG7HFKQRNUDWGHUXQVGHQ/HXWHQGHU3UD[LVHWZDV HU]lKOHQVROOWH 6FKRQMHW]WHVZDUHUVWHLQHKDOEH6WXQGHYHUJDQJHQ KHUUVFKWH/DQJHZHLOH 'LHHUVWHQJlKQWHQJDQ]RIIHQ $XFKLFKKLHOWPLFKQLFKWPHKU]XUFN0HLQ&KHI 6XSHULQWHQGHQW6LU-DPHV3RZHOOZDUQLFKWGDEHL6RNRQQWH LFKPHLQHQ*HIKOHQIUHLHQ/DXIODVVHQ 'HU.ROOHJHQHEHQPLUGDFKWHZRKOlKQOLFKZLHLFK1XU JlKQWHHUQLFKWVRQGHUQOHKQWHVLFK]XUFNXQG]RJHLQ NOHLQHV*HGXOGVVSLHODXVGHU7DVFKH0DQPXWHPHKUHUH .XJHOQLQYHUVFKLHGHQH/|FKHUEULQJHQ'LHVHU%HVFKlI WLJXQJZLGPHWHVLFKGHU0DQQPLW+LQJDEH ,PPHUZLHGHUEHZHJWHHUGDV6SLHOOLHGLH.XJHOQDFK OLQNVUHFKWVREHQRGHUXQWHQZDQGHUQXQGKDWWH6SDZHQQ HLQHLQHLQHVGHU/|FKHUILHO ª:ROOHQ6LHDXFKPDO"©IUDJWHHUPLFKXQGKLHOWPLUGDV 6SLHOKLQª,FKPHLQHZLUN|QQHQMDXP=HLWVSLHOHQ:HUYHU OLHUWJLEWQDFKGLHVHPGlPOLFKHQ9RUWUDJHLQHQDXV© ª8QGVRP|FKWHLFK,KQHQHUNOlUHQZLH6LHGHPQlFKVW 9HUEUHFKHQYHUKWHQN|QQHQEHYRUVLHEHUKDXSWVWDWWJH IXQGHQKDEHQ©GUDQJGLH6WLPPHGHV9RUWUDJHQGHQDQ XQVHUH2KUHQ'HU.QDEHKDWWHVLFKZLUNOLFKJHVWHLJHUWXQG ZDUVRULFKWLJLQ)RUPJHNRPPHQ ª-HW]WZLUGHU]XP7LHU©IOVWHUWHGHU.ROOHJHPLWGHP *HGXOGVVSLHO ª.HQQHQ6LHLKQ"©IUDJWHLFK (UQLFNWHª'DVLVWPHLQ&KHI8QVKlOWHUGHV|IWHUHQVROFKH 9RUWUlJH© ª'DVVDJHQ6LHVRHLQIDFK"©IUDJWHLFK ª6LFKHU'DQNPHLQHVNOHLQHQ6SLHOFKHQVKLHUKDOWHLFKGDV
VRJDUDXV6REDOGGHUZDVVDJWGLH2KUHQLPPHUDXI 'XUFK]XJVFKDOWHQ,VWGLHEHVWH0HWKRGH1LFKWQXULQXQVH UHU$EWHLOXQJ© ,FKJDELKPUHFKWª0DQFKPDOLVWHVZLUNOLFKEHVVHU© ª8QGZHQQMHPDQG(UIROJKDWYRQGHQ0LWDUEHLWHUQ PHLQHLFKGDQQVLQGVLHHVQDWUOLFKQLFKWJHZHVHQ,PPHU QXUGLH&KHIV2EVLHQXQ&KLHILQVSHNWRUHQ6XSHULQWHQ GHQWHQRGHU&RPPLVVLRQHUVLQG© ª8QG2EMHNWOHLWHU©HUJlQ]WHLFK ª*LEW VGDVDXFK"© ª,FKGHQNH6LHVLQGEHLP
'HU6DDOGLHQHUKDWWHDXIPLFKJHZDUWHWª:HQQ6LHPLUELWWH IROJHQZUGHQ6LU"© ª:RKLQ"© ª,FKKDEHGDV*HVSUlFKLQHLQH=HOOHJHOHJW© ª'DQNH© 'LH=HOOHEHIDQGVLFKGHU*DUGHUREHJHJHQEHU,P,QQHUQ URFKHVPXIILJ'HU$VFKHQEHFKHUQHEHQGHP7HOHIRQTXROO YRQ=LJDUHWWHQNLSSHQEHU $XIGHU$EODJHODJGHU+|UHU,FKQDKPLKQLQGLH+DQG XQGVDJWHPHLQHQ1DPHQ :LHLPPHUKDWWHLFKKLQWHUOHJHQPVVHQZRLFK]XHU UHLFKHQZDU'DVDEHUQXULQGULQJHQGHQ)lOOHQ1XQGLHVHU $QUXIVFKLHQGULQJHQG]XVHLQ ª,FKPXPLW,KQHQUHGHQ0U6LQFODLU©K|UWHLFKHLQHDXI JHUHJWNOLQJHQGH0lQQHUVWLPPH ª2ND\DEHUZHUVLQG6LH"© ª0HLQ1DPHLVW5RG+X[OH\© ª'DPLWNDQQLFKQLFKWVDQIDQJHQ© (UODFKWHª'DVJODXEHLFK-HW]WVDJHQ6LHZRZLUXQV WUHIIHQN|QQHQ© ª'DPLWLFKLQGLH)DOOHUHQQH"© ª(VLVWNHLQH)DOOH© ª*HEHQ6LHPLUHLQ6WLFKZRUW© (U]|JHUWH6HLQVFKZHUHV$WPHQGUDQJDQPHLQOLQNHV2KU 'DQQPHLQWHHUª'DV%XFKGHUJUDXVDPHQ7UlXPH© 3O|W]OLFKVWDQGLFKXQWHU6SDQQXQJ9RUPHLQHPJHLVWLJHQ $XJHWDXFKWHHLQHYHUODVVHQH6XPSIJHJHQGDXILQGHULFK =LLWDGLH+H[HPLWGHQVLHEHQ.|SIHQXQG$UPHQEHVLHJW KDWWH6LHZROOWHGDV%XFKXQEHGLQJWKDEHQGRFKGHU 6FKZDU]H7RGZDUVFKQHOOHUJHZHVHQ(UKDWWHHVLKUXQGPLU HQWULVVHQ1DFKGLHVHP)DOOKDWWHLFKLPPHUZLHGHUJHIRUVFKW GRFKQLHZLHGHUHWZDVYRQGHP%XFKJHK|UW'DEHLZDULFK KLQWHUGHU6FKULIWKHUZLHGHU7HXIHOKLQWHUGHUDUPHQ6HHOH 'HQQLQGLHVHP%XFKVWDQGJHVFKULHEHQZLHLFKPHLQHQ (U]IHLQGGHQ6FKZDU]HQ7RGYHUQLFKWHQNRQQWH
ª+DEHQ6LHGDV%XFK"©IUDJWHLFK ª1HLQDEHULFKZHLZR6LHHVILQGHQN|QQHQ6LHPVVHQ VLFKMHGRFKEHHLOHQ:DKUVFKHLQOLFKVLQGPLUGLHDQGHUHQ VFKRQDXIGHU6SXU,FKKDEHNHLQHUXKLJH0LQXWHPHKU)U PLFKLVWHVHLQZDKUHV*OFNGDLFK(QJODQGEHUKDXSW OHEHQGHUUHLFKWKDEH© 'HU$QUXIHUVFKLHQQLFKW]XOJHQ,P/DXIHGHU-DKUH EHNRPPWPDQHLQ*HIKOGDIUREHVMHPDQGHKUOLFKPHLQW RGHUQLFKW'LHVHU0DQQMHGHQIDOOVVFKLHQNHLQHVZHJVPLW IDOVFKHQ.DUWHQ]XVSLHOHQ ª2ND\LFKZHUGHNRPPHQ:RNDQQLFK6LHWUHIIHQ"© ª6W-DPHV3DUN&KLOGUHQ V*URXQG© ª$P.LQGHUVSLHOSODW]"© ª-D© ª2ND\ZDUWHQ6LHGRUW6LHNHQQHQPLFK"©IUDJWHLFKLKQ ª.HLQH%DQJH,FKZHUGH6LHVFKRQQLFKWYHUIHKOHQ'RFK EHHLOHQ6LHVLFK© 'DVZROOWHLFKDXFKGHQQVHLQH:RUWHKDWWHQPLFKDODU PLHUW'DV%XFKGHUJUDXVDPHQ7UlXPH,QJUDXHU9RU]HLW ZDUHVJHVFKULHEHQZRUGHQ9RQZHPGDVZXWHQLHPDQG $EHUGDULQVROOWHQGLH*HKHLPQLVVHGHU+|OOHRIIHQEDUW ZRUGHQVHLQXQGHVZXUGHDXFKHLQLJHVEHUGLH 9HUQLFKWXQJGHU'lPRQHQJHVFKULHEHQ'HU6FKZDU]H7RG PXWHHUOHGLJWZHUGHQGHVKDOEQDKPLFKMHGH&KDQFHZDKU GLHPLFKDXIVHLQH6SXUIKUWH (VZDUQRFKQLFKWODQJHKHUGDKDWWHHU.DULQ0DOOPDQQ HUPRUGHW'LUHNWQDFKGHU+RFK]HLWDOVVLHXQGLKU0DQQ :LOOGLH.LUFKHYHUOLHHQ 1RFKMHW]WVDKLFKRIWGHQVFKPHU]JHSHLQLJWHQ:LOO 0DOOPDQQYRUPLUZLHHUVHLQHWRWH)UDXLQGHQ$UPHQKLHOW (LQ%LOGGDVLFKQLHYHUJHVVHQZUGH ,FKKDWWHGDQDFKKLQXQGZLHGHUPLW.RPPLVVDU0DOOPDQQ WHOHIRQLHUWXQGGDEHLGDV*HIKOJHKDEWLUJHQGZLH]XVW|UHQ :LOOZDUHLQDQGHUHU0HQVFKJHZRUGHQ(UYHUJUXEVLFKLQ VHLQH$UEHLWXQGZROOWHQXUYHUJHVVHQ
'RFKHUKDWHGLH0lFKWHGHU)LQVWHUQLVZLHLFK8QG EHVRQGHUVGHQ6FKZDU]HQ7RG :HUNRQQWHHVLKPYHUGHQNHQ" ,FKQDKPPHLQHQ0DQWHOYRQGHU*DUGHUREHKlQJWHLKQ PLUEHUXQGYHUOLHGHQ9RUWUDJVVDDO(UJHK|UWHQRFK]XP .RPSOH[YRQ1HZ6FRWODQG
'HU1DFKWZLQGVWULFKEHUPHLQ*HVLFKWXQGIXKUGXUFK GLHNDKOHQ=ZHLJHGHU%lXPH'LH/LFKWJORFNHEHUGHU /RQGRQHU&LW\VDKLFKDOVKHOOHQ:LGHUVFKHLQDPGXQNOHQ +LPPHO ,FKVFKULWWKLQXQGKHU 0DQFKPDOJLQJLFKEHU6DQGGDQQEHIDQGVLFKZLHGHUGDV EUDXQJUQH:LQWHUJUDVXQWHUPHLQHQ)HQ 'DVDKLFKGLH*HVWDOW 6LHO|VWHVLFKDXVGHU'HFNXQJHLQHV%DXPVWDPPVXQG EHZHJWHVLFKODQJVDPDXIPLFK]X 'HU0DQQEOLHEVWHKHQ8QVWUHQQWHQHWZDGUHL
:LUQDKPHQ3ODW],FKOHKQWHHLQHDQJHERWHQH=LJDUHWWHDE +X[OH\UDXFKWHVLHLQGHUKRKOHQ+DQG ,FKZDUWHWHDXIVHLQH(UNOlUXQJXQGGLHHUIROJWHDXFKVHKU VFKQHOOª6LHVLQGGHU6FKZHLJHSIOLFKWXQWHUZRUIHQ0U 6LQFODLU'HVKDOEPXGDVZDVLFK,KQHQPLWWHLOHXQWHUXQV EOHLEHQ© ª6HOEVWYHUVWlQGOLFK©EHUXKLJWHLFKLKQ ª'DLFK5RG+X[OH\KHLHZLVVHQ6LH,FKZDU*HKHLP DJHQWXQGDUEHLWHWHIUGHQ6HFUHW6HUYLFH© ª(LQKHLHU-RE© (UODFKWHª'DKDEHQ6LHUHFKW$EHUMHW]WELQLFKLQ3HQVLRQ ,FKKlWWHQLHJHGDFKWGDSO|W]OLFKHLQPDO*HLVWHURGHU 'lPRQHQPHLQHQ:HJNUHX]HQZUGHQ%LVKHUKDEHLFKGDV DOOHVDOV6SLQQHUHLDEJHWDQDEHULFKELQHLQHV%HVVHUHQEHOHKUW ZRUGHQ,FKZDUYRUNXU]HPSULYDWLP+DU]*HQDX 0HWHUKRFKDXIGHP%URFNHQ'LHVHU%HUJKDWVHLQH *HVFKLFKWH0DQVDJWLKPQDFKGDVLFKGRUWGLH+H[HQYHU VDPPHOQ,QGHU:DOSXUJLVQDFKWUHLWHQVLHDXIJOKHQGHQ %HVHQGXUFKGLH/XIWXQGWUHIIHQVLFKDXIGHP*LSIHOGHV %HUJHVPLWGHP7HXIHOXPLKP]X:LOOHQ]XVHLQ$EHUGLH *HVFKLFKWHQZHUGHQVLHMDVHOEVWNHQQHQ,FKIDQGHLQ 9HUVWHFNQDKHGHU*UHQ]H(LQH+|KOHGLHVFKRQ]XP*HELHW GHV%URFNHQJHK|UW,FKNXQGVFKDIWHWHGLH+|KOHDXVJLQJ LPPHUWLHIHUKLQHLQXQGJHODQJWHDQHLQHQ3ODW]DQGHPVLFK WDWVlFKOLFKGLH+H[HQYHUVDPPHOWKDWWHQ6LHVDKHQPLFK QLFKWVRQGHUQWDQ]WHQXPHLQJHZDOWLJHV)HXHULKUHQK|OOL VFKHQ5HLJHQ'DEHLVDQJHQXQGVFKULHQVLH(LQLJH:RUWH NRQQWHLFKYHUVWHKHQ(VJLQJXPHLQ%XFKXQGXPGHQ 6FKZDU]HQ7RG,FKZROOWHVFKRQIOLHKHQDOVLFKGHQ 7LWHOGHV%XFKVHUIXKU8QGLFKK|UWHHLQHQ1DPHQ ,KUHQ0U6LQFODLU© 'HU$JHQWOHJWHHLQHNXU]H3DXVHHLQGLHPLU=HLW]XP 1DFKGHQNHQJDE (VZDULP5HLFKGHU'lPRQHQHLQHEHNDQQWH7DWVDFKHGD LFKDQGHP%XFKGHUJUDXVDPHQ7UlXPHVWDUNLQWHUHVVLHUW
ZDU'HVKDOEPXWHGHU6FKZDU]H7RGHVYRUPLUVFKW]HQ $EHUQLFKWQXUYRUPLUDOOHLQVRQGHUQDXFKYRUVHLQHQHLJH QHQ$UWJHQRVVHQGLHJHUQDQGHU6SLW]HHLQH:DFKDEO|VXQJ VDKHQ6LHZROOWHQGHQ'lPRQQLFKWPHKUDOVLKUHQ)KUHU DQHUNHQQHQGDHULQOHW]WHU=HLW]XYLHOH1LHGHUODJHQHLQJH VWHFNWKDWWH 'HVKDOEZROOWHQDXFKVLHGDV%XFKLQLKUHQ%HVLW]EULQJHQ GHQQGRUWNRQQWHQVLHQDFKOHVHQZLHGHU6FKZDU]H7RG]X YHUQLFKWHQZDU8QGDXVGLHVHP*UXQGHEUDXFKWHHUIUGDV %XFKGHUJUDXVDPHQ7UlXPHHLQJXWHV9HUVWHFN )DVWZlUHHVVRJDUGHU+H[H=LLWDJHOXQJHQGLH6FKULIWDQ VLFK]XQHKPHQ'RFKGHU6FKZDU]H7RGZDUOHW]WHQ(QGHV VFKQHOOHUJHZHVHQXQGKDWWHHVVRZRKOPLUDOVDXFKLKUHQW ULVVHQ(UNRQQWHHVQLFKWPHKUEHLVLFKWUDJHQGHVKDOE EUDXFKWHHUHLQVLFKHUHV9HUVWHFN9RUDOOHQ'LQJHQHLQVDXI GDVMHPDQGDFKWHWH'lPRQHQXQG*HLVWHUGLHLKPWUHXHU JHEHQZDUHQ'DVVFKLHQHQGLH+H[HQYRP%URFNHQ]XVHLQ 1XQLFKNDQQWHGLH6DJHZDUDEHUELVKHUQRFKQLHGLUHNW GDPLWNRQIURQWLHUWZRUGHQ1DFK+X[OH\V$XVVDJHQVDKGLH 6DFKODJHVFKRQJDQ]DQGHUVDXV ª+DEHQ6LHVRQVWQRFKHWZDVLQ(UIDKUXQJEULQJHQN|Q QHQ"©HUNXQGLJWHLFKPLFK ª1HLQHVZXUGHQXUGDV%XFKHUZlKQWXQG,KU1DPH,FK ]RJPLFKGDQQ]XUFNZDUDEHUHWZDVXQYRUVLFKWLJVRGD GLH+H[HQPLFKHQWGHFNWHQ,FKPXWHIOLHKHQ+LPPHOHV ZDUHLQHP|UGHULVFKH6DFKH'DVLHPLFKQLFKWJHIXQGHQ KDEHQZXQGHUWPLFKKHXWHQRFK,FKNRQQWHPLFKGLH1DFKW EHULPWLHIHQ:DOGYHUVWHFNHQDOVHV7DJZXUGHKXVFKWHLFK EHUGLH*UHQ]H,QGHUQlFKVWJU|HUHQ6WDGWVHW]WHLFKPLFK DQV7HOHIRQXQGULHIPHLQH'LHQVWVWHOOHDQ,KU1DPHNOLQJW HQJOLVFK,FKHUIXKUVHKUVFKQHOOZHU6LHVLQGXQGZHOFK HLQHQ-RE6LHDXVEHQ0LFKKLHOWQLFKWVPHKU6RVFKQHOOZLH P|JOLFKIXKULFKQDFK/RQGRQ© ª8QG6LHVLQGGHQ+H[HQWDWVlFKOLFKHQWNRPPHQ"© (UGUHKWHGHQ.RSIEOLFNWHPLFKDQXQGQLFNWH
ª.DXP]XJODXEHQGHQQZHQQVLHHUVWHLQPDOMHPDQGHQ HQWGHFNWKDEHQGDQQMDJHQVLHLKQVRODQJHELVVLHLKQ KDEHQ© ª%HLPLUKDWHVQLFKWJHNODSSW© ª$EHU6LHZHUGHQMHW]WQRFKYHUIROJW"© (UWUDWGLH]ZHLWH=LJDUHWWHQNLSSHDXVª*HVHKHQKDEHLFK NHLQHGRFKLFKKDEHGDV*HIKO© ,FKQLFNWHª'DVNHQQHLFK©7LHIDWPHWHLFKHLQª:DUGDV DOOHVZDV6LHPLUVDJHQZROOWHQ"© ª-D© ª8QGIDKUHQ6LHLUJHQGZDQQZLHGHUUEHU"© (UKREGLH6FKXOWHUQª,FKZHLQLFKWVRUHFKW(LJHQWOLFK ELQLFKNHLQlQJVWOLFKHU0HQVFKDEHUZLHGHULQGHQ+DU]]X JHKHQHUVFKHLQWPLUGRFKHLQZHQLJULVNDQW© ª,FKGDQNH,KQHQGD6LHPLUGLH*HVFKLFKWHHU]lKOW KDEHQ©VDJWHLFK ª'DVZDUGRFKVHOEVWYHUVWlQGOLFK©+X[OH\HUKREVLFKXQG DXFKLFKVWDQGDXI +X[OH\EOLFNWH]X%RGHQª-D0U6LQFODLU©VDJWHHUªGDLVW QRFKZDV©(UJULIILQGLH7DVFKHª,FKKDEHHWZDVLQGHU +|KOHJHIXQGHQZDV6LHYLHOOHLFKWLQWHUHVVLHUHQN|QQWH,FK ©(UVWRFNWHSO|W]OLFKXQGDXFKLFKVDJWHNHLQ:RUWPHKU VRQGHUQZLUEHOWHKHUXPXQGJULII]XU:DIIH :LHHLQ%OLW]DXVKHLWHUHP+LPPHOZDUGDV5DXVFKHQEHU XQVJHNRPPHQ3O|W]OLFKZLVFKWHQJUQVFKLOOHUQGH6FKOHLHU GXUFKGLH/XIWLFKK|UWHHLQ.UHLVFKHQXQG%UDXVHQXQGLP QlFKVWHQ0RPHQWUDVWHQGLH6FKOHLHUDXIXQV]X ª'HFNXQJ©EUOOWHLFK+X[OH\]XSDFNWHLKQDP$UPXQG ULLKQ]X%RGHQ ,FKZROOWHPLWLKPXQWHUGLH%DQNVFKDIIWHHVQLFKWPHKU GHQQLQGLHVHP0RPHQWZDUGLHHUVWH*HVWDOWIDVWKHUDQ (VZDUHLQHGHUVFKDXULJHQ+H[HQXQGVLHULWWWDWVlFKOLFK DXIHLQHPIHXULJHQ%HVHQ
ª2QHLQ©VW|KQWHGHU1RUZHJHUªGDVGDUIGRFKQLFKWZDKU VHLQ1LFKWKLHU© $XFK$UWKXU&RUQZDOOZDUJHVFKRFNW0LWDOOHPKlWWHQGLH EHLGHQJHUHFKQHWPLWJUDXVDPHQ6DXULHUQPHQVFKHQJURHQ 9|JHOQDEHUQLFKWPLWHLQHPULHVLJHQVFKZDU]HQ6NHOHWWLQ GHVVHQ6FKlGHOQXUGLH$XJHQK|KOHQZHLOHXFKWHWHQ 'DVU|WOLFKH/LFKWXPJDEGLH+RUURU*HVWDOWZLHHLQH$XUD GHV%|VHQXQGDOVGDV6NHOHWWMHW]WVHLQH6HQVHVFKZDQJ]RJ VLHHLQHQEOXWLJURWHQ6WUHLIHQQDFK 'LHEHLGHQ:LVVHQVFKDIWOHUIKOWHQVLFKZLH:LQ]OLQJH 8QHQGOLFKNOHLQXQGHEHQVRKLOIORV6LHZXWHQQLFKWVYRQ GHP6FKZDU]HQ7RGNDQQWHQNHLQHUOHL=XVDPPHQKlQJH VRQGHUQZDUHQGLUHNWXQGXQYRUEHUHLWHWPLWGHP*UDXHQ NRQIURQWLHUWZRUGHQ 8QEHZHJOLFKVWDQGGHU6FKZDU]H7RGDXIGHU6WHOOH:LH HLQPlFKWLJHU'LNWDWRUGHUEHUVHLQ5HLFKVFKDXWXQGHVPLW 6WRO]EHWUDFKWHW 'LH0lQQHU]LWWHUWHQYRU$QJVW6LHWDVWHWHQQLFKWHLQPDO QDFKLKUHQ:DIIHQGHQQLKQHQZDUNODUGDVLHGDPLWQLFKWV DXVULFKWHQNRQQWHQ 1LFKWJHJHQGLHVHQ*HJQHU $UW&RUQZDOOIDQGDOVHUVWHUGLH6SUDFKHZLHGHUª9HUVWHKVW GXGDV"©KDXFKWHHU 6YHQVFKWWHOWHGHQ.RSIª1HLQ:RVLQGZLUKLHUQXU JHODQGHW"© 'DUDXIZXWH&RUQZDOODXFKNHLQH$QWZRUW'RFKEHLGH VSUWHQVLHGDV*UDXHQGDVYRQGLHVHUVFKUHFNOLFKHQ*HVWDOW DXVJLQJ(VZDUHLQH$XUDGHV6FKUHFNHQVGLHVLHWUDIIDVW ZLHHLQHN|USHUOLFKH%HUKUXQJXQGVLHVFKWWHOWHQVLFKYRU $QJVW ª'DV(QGH©KDXFKWH6YHQ-DQVVRQªGDVLVWGDV(QGH$UW 8QVNDQQQLHPDQGPHKUKHOIHQ© 'DPLWKDWWHHUJDUQLFKWPDOVRXQUHFKW$OOHLQGDV%ODWWGHU 6HQVHZDUVRJURZLHHLQDXVJHZDFKVHQHU0DQQ:HQQGDV 6NHOHWWHLQPDOGDPLW]XVFKOXJZDUHQEHLGHYHUORUHQ
'RFKGHU6FKZDU]H7RGWDWQLFKWV1XUHLQPDOVFKWWHOWHHU VLFKXQGHLQXUZHOWKDIWHV*UROOHQGUDQJDXVVHLQHP0DXO 'DQQZ|ONWHSO|W]OLFK4XDOPDXIGHUJHUDGHZHJVDXV GHPYXONDQLVFKHQ%RGHQVWLHJGDV6NHOHWWXPKOOWHXQG LPQlFKVWHQ$XJHQEOLFNGXUFKHLQHQ:LQG]XJZLHGHU GDYRQJHWULHEHQZXUGH 'DV6NHOHWWDEHUZDUYHUVFKZXQGHQ /HHUODJGLH+JHONXSSHYRUGHQEHLGHQ:LVVHQVFKDIWOHUQ ª+DEHQZLUJHWUlXPW"©IUDJWH6YHQ-DQVVRQQDFKHLQHU :HLOHGHV6FKZHLJHQV ª1HLQ:LUKDEHQGLHVHV6NHOHWWJHVHKHQ(VKDWH[LVWLHUW $XFKGLHVHYHUGDPPWH8PJHEXQJKLHULVWNHLQ7UDXP'DV NDQQVWGXPLUJODXEHQ© 'HU1RUZHJHUQLFNWHª$EHUZLHNRPPWGLHVH*HVWDOW KLHUKHU"© ª)UDJPLFKZDVOHLFKWHUHV© ª/DXQVZHLWHUJHKHQ© $UW&RUQZDOOZDUPLWGHP9RUVFKODJVHLQHV)UHXQGHVHLQ YHUVWDQGHQ(UIUDJWHQXUª:RKLQZLOOVWGX".HQQVWGXKLHU HLQHQHWWH.QHLSHPLWNQDFNLJHQ*LUOV"© ª$FKK|UDXI© 'LH0lQQHUKDWWHQDQJHQRPPHQVLFKVRIRUWZLHGHUDQGHQ $EVWLHJPDFKHQ]XN|QQHQGDVMHGRFKHUZLHVVLFKDOV )HKOHLQVFKlW]XQJ6LHEHIDQGHQVLFKDXIHLQHPUHJHOUHFKWHQ 3ODWHDXGDVVRZHLWUHLFKWHZLHGDV$XJHEOLFNHQNRQQWH 'LH9HJHWDWLRQZDUQLFKWDQGHUVDOVLP7DOhSSLJH 3IODQ]HQRIWJURZLHHLQDXVJHZDFKVHQHU0DQQPLWIDUEHQ SUlFKWLJHQ%OWHQXQGEHLQGLFNHQ6WHQJHOQ6LHZXFKVHQ ]ZLVFKHQGHQJHZDOWLJHQ%lXPHQGHUHQ.URQHQUHJHOUHFKWH JUQH'lFKHUELOGHWHQGLHNDXPHLQHQ7URSIHQ5HJHQ KLQGXUFKOLHHQ (VZDUHLQH8PJHEXQJZLHPDQVLHLQ%FKHUQJH]HLFKQHW IDQGGLHVLFKPLWGHU(UGJHVFKLFKWHEHVFKlIWLJWHQXQGGLH HLQHP0HQVFKHQ$QJVWHLQIO|HQNRQQWH 0HQVFKHQKDWWHHV]XGLHVHU=HLWQRFKQLFKWJHJHEHQ1XU
GLHULHVLJHQ7LHUHGLHDEHUXQGGDVZXWHPDQDXV)XQGHQ UHLQH3IODQ]HQIUHVVHUZDUHQ 7URW]GHPKDWWHQGLH0HQVFKHQ)XUFKW6LHDUEHLWHWHQVLFK ZHLWHUYRUDQ0DQFKPDOZDUGHU%RGHQNQRFKHQKDUWGDQQ ZXUGHHUZLHGHUZHLFKXQGVXPSILJVRGDGLH6WLHIHOGHU 0lQQHUIDVWLP0RUDVWYHUVDQNHQ (LQHVHKUVHOWVDPH*HJHQG 0DQFKPDOJLQJHVEHUKDXSWQLFKWPHKUZHLWHU'DQQYHU VSHUUWHQOLDQHQDUWLJH*HZlFKVHLKUHQ:HJGLHVLHPLWLKUHQ HLJHQHQ+lQGHQ]XU6HLWHVFKDXIHOWHQ2IWNOHEWHQGLH'LQJHU DQHLQDQGHU:HQQVLHGDV=HXJDEULVVHQ]RJHVVLFKZLH *XPPLO|VXQJLQGLH/lQJH 6FKOLQJSIODQ]HQJULIIHQQDFKLKUHQ)HQXQGELOGHWHQ UHJHOUHFKWH6WROSHUIDOOHQ 6YHQ-DQVVRQDWPHWHVFKZHU(UNHXFKWHXQGVFKZDQNWHZLH HLQ%HWUXQNHQHUGXUFKGHQ'VFKXQJHO 8QGQRFKLPPHUKDWWHQVLHNHLQ7LHU]X*HVLFKWEHNRPPHQ 6WHWVZXUGHQVLHYRQ,QVHNWHQXPNUHLVWGRFKVLHELVVHQ QLFKWPHKU]X6LHVFKLHQHQGHQ%HIHKO]XKDEHQGLH0lQQHU QXU]XEHREDFKWHQ 6FKOLHOLFKVDQN6YHQDXIGLH.QLH(UILHOJDQ]ODQJVDPVR DOVZUGHLKQMHPDQGDP%DQGKDOWHQXQGLKQGHP%RGHQ LPPHUPHKUHQWJHJHQGUFNHQ ª$UW©NHXFKWHHU &RUQZDOOGUHKWHVLFKXP ª9HUGDPPW$UWLFKLFKNDQQQLFKWPHKU©6YHQODJDXI GHP%DXFKZLQNHOWHGLH$UPHDQXQGYHUVXFKWHVLFKKRFK ]XVWW]HQZDVLKPMHGRFKQLFKWJHODQJ (UILHOZLHGHU]XUFN $UW&RUQZDOOJLQJQHEHQLKPLQGLH.QLHXPIDWHEHLGH 6FKXOWHUQXQG]RJLKQKRFK ª0HQVFK6YHQ©IXKUHUVHLQHQ.DPHUDGHQDQª5HLGLFK ]XVDPPHQ.RPPKRFK© ª,FKLFK©-DQVVRQVFKOXFNWH6HLQ*HVLFKW]HLJWH6SXUHQ WLHIVWHU(UVFK|SIXQJ(UZDUHLQIDFKQLFKWPHKULQGHU/DJH
ZHLWHU]XJHKHQ'LHKLQWHULKPOLHJHQGHQ(UHLJQLVVHKDWWHQ ]XYLHO.UDIWJHNRVWHW $UW&RUQZDOONRQQWHGHQ)UHXQGXQP|JOLFKOLHJHQODVVHQ (VZDUMDQLFKWQXUGLH+LW]HGLHVLHIHUWLJPDFKWHVRQGHUQ DXFKGHU:DVVHUPDQJHO+DWWHHVDP6GSRO]XYLHO:DVVHU JHJHEHQVRIHKOWHHVLKQHQMHW]W'LH=XQJHQODJHQZLHDOWH /DSSHQLP5DFKHQGDV/XIWKROHQZDUHLQH4XDODEHUVLH GXUIWHQMHW]WQLFKWDXIVWHFNHQ'HQQGDQQZDUHQVLHYHUORUHQ ,QPLWWHQHLQHUIUHPGHQ1DWXUZUGHQVLHGHUJDQ]HQ (UEDUPXQJVORVLJNHLWGLHVHU:HOWDXVJHVHW]WVHLQhEHUOHEHQ KLHKLHUNlPSIHQ ª.RPPLFKQHKPHHLQHQ7HLOGHLQHV*HSlFNV©VDJWHGHU (QJOlQGHUXQGPDFKWHVLFKGDUDQGHQ5XFNVDFNORV]X VFKQDOOHQ ª1HLQQLFKW/DPLFKQXUHLQHQ0RPHQWKLHUOLHJHQGDQQ JHKWHVVFKRQZLHGHU1XUHLQHNXU]H3DXVH© ª2ND\©$UWKXU&RUQZDOOOLHVLFKQHEHQGHP1RUZHJHU DXIGHQ%RGHQIDOOHQ %HLGHVFKZLHJHQ5HGHQNRVWHWH.UDIWXQG/XIW8QGVLH EUDXFKWHQEHLGHVQ|WLJHUGHQQMH ,KUH8KUHQKDWWHQGHQ$EVWXU]HEHQIDOOVEHUVWDQGHQ'RFK DOV$UW&RUQZDOODXIGDV=LIIHUEODWWEOLFNWHVDKHUGDVLFK GLH=HLJHUQLFKWPHKUEHZHJWHQ'LH=HLWVWDQGVWLOO (LQVFKOHFKWHV2PHQ" &RUQZDOOJODXEWHIHVWGDUDQ 2KQH8KUYHUORUPDQMHJOLFKHV=HLWJHIKO$OVPRGHUQHU 0HQVFKZDUHUGDUDQJHZ|KQWLPPHUZLHGHUHLQHQ%OLFNDXI VHLQHQ&KURQRPHWHU]XZHUIHQ(UNRQQWHVLFK]ZDUDQKDQG GHU6RQQHXQGDP6WDQGGHU6WHUQHRULHQWLHUHQGRFKEHLGHV JDEHVLQGLHVHU:HOWQLFKW .HLQH6RQQHNHLQH6WHUQH1XUGLHVHUVFKUHFNOLFKHJUDXH +LPPHOGHUZLHHLQJHIUlLJHV8QJHKHXHUDXIVLHZLUNWH GDVLUJHQGZDQQHLQPDODOOHVYHUVFKOLQJHQZUGH $UWKXU&RUQZDOOVWLHVHLQHQ)UHXQGDQª.DQQVWGXZLH GHUZHLWHU"©
ª:HUGHHVYHUVXFKHQ© $UWKDOIGHP1RUZHJHUDXIGLH%HLQH(UPXWHLKQDXFK GLHQlFKVWHQ
+X[OH\NDPQLFKWVRIRUWYRP%RGHQZHJ 'DVZDUVHLQ8QWHUJDQJGHQQGHU6WDEVROOWHQLFKWPLFK WUHIIHQVRQGHUQLKQ (UWUDILKQPLWWHQLQGLH%UXVW 3O|W]OLFKJOKWHGHU6WDEDXIYHUEUHLWHWHHLQEOHQGHQGHV /LFKWDOVKlWWHMHPDQGHLQH0DJQHVLXPIDFNHOHQW]QGHW ,FKK|UWH+X[OH\VFKUHLHQNRQQWHPLFKMHGRFKQLFKWXPLKQ NPPHUQGDLFKYRQGHUUHFKWHQ6HLWHKHUHEHQIDOOVDQJH JULIIHQZXUGH'LHVPDOYRQHLQHU]ZHLWHQ+H[H $XFKVLHZDUPLWGLHVHP6WDEEHZDIIQHWKDWWHGHQ$UP HUKREHQXQGZROOWHLKQVFKOHXGHUQ ,FKILHODXIGLH.QLHULPHLQH%HUHWWDKHUYRUXQGIHXHUWH :LHHLQ&RZER\DXIHLQHP3IHUGVRHOHJDQWKRFNWHGLH +H[HDXILKUHP+|OOHQEHVHQ $OVLFKDEGUFNWHUXFNWHVLHKRFKXQGZLVFKWHEHUPHLQHQ .RSIKLQZHJ6LHVWDFKI|UPOLFKLQGHQGXQNOHQ+LPPHOKLQ HLQXQGLFKKDWWHGDV1DFKVHKHQ .DPVLH]XUFN" -DEHLGHIHJWHQKHUDQ 'LHVPDOZDULFKEHVVHUJHZDSSQHW(UVWHQVKDWWHLFKGLH %HUHWWDVFKXEHUHLWXQG]ZHLWHQVEHVDLFKQRFKGDV.UHX] GHVVHQ.HWWHLFKEOLW]VFKQHOOEHUPHLQHQ.RSIVWUHLIWH 'LH%HUHWWDLQGHUUHFKWHQGDV.UHX]LQGHUOLQNHQ+DQGVR HUZDUWHWHLFKGLHEHLGHQKHUDQIOLHJHQGHQ+H[HQ (LQHOLHVLFKHWZDV]XUFNIDOOHQZlKUHQGLKUH$UW JHQRVVLQYRUSUHOOWH :LHHLQ)DQDOOHXFKWHWHGHUEHVHQlKQOLFKH6WDEDXIGHPVLH VD:LHGHUKLHOWVLHLKUHIUFKWHUOLFKH:DIIHKRFKHUKREHQ XPPLFK]XW|WHQ ,FKJODXEWHQLFKWPHKUGD+X[OH\QRFKOHEWH6HLQ 7RGHVVFKUHLZDUHFKWJHZHVHQ ,FKIHXHUWH +LQWHUHLQDQGHUMDJWHLFKGLH.XJHOQDXVGHP/DXI'LH JHZHLKWHQ*HVFKRVVHVFKWWHOWHQGLH+H[HGXUFKXQGVFKOHX GHUWHQVLHYRQLKUHP%HVHQ
6LHVWLHHLQHQJUDXHQKDIWHQ6FKUHLDXVEHUVFKOXJVLFK PLWWHQLQGHU/XIWXQGYHUJLQJQRFKLP)OXJ(LQHVWLQNHQGH JLIWJUQH:RONHWULHEGDYRQ 'LH]ZHLWH+H[HYHUJDLKUH$WWDFNHDOVVLHVDKZDVPLW LKUHU$UWJHQRVVLQJHVFKDK6LHGUHKWHPLWLKUHPIHXULJHQ %HVHQDEXQGYHUVFKZDQGEHUGHQ:LSIHOQGHU%lXPH ,FKEOLHE]XUFN 8QG5RG+X[OH\GHUPLUYRUVHLQHP$EOHEHQQRFKZLFK WLJH,QIRUPDWLRQHQKDWWH]XNRPPHQODVVHQ 5RG+X[OH\NRQQWHQLHPDQGPHKUKHOIHQ,FKNQLHWHQHEHQ LKP6HLQH$XJHQZDUHQYHUGUHKW'DV:HLLQLKQHQILHO EHVRQGHUVLQVHLQHPVFKZDU]HQ*HVLFKWDXI -DHUZDUYHUEUDQQW 'HU+H[HQVWDEGLHVHWHXIOLVFKH:DIIHKDWWHHLQHQ 0HQVFKHQJHW|WHW,FKVFKOXFNWHKDUW-HW]WKlWWHLFKJHUQHLQH 'HFNHJHKDEWXPGHQ7RWHQ]XYHUEHUJHQ]XVFKUHFNOLFK ZDUVHLQ$QEOLFN $EHUHUKDWWHPLUNXU]YRUGHP$QJULIIGHU+H[HQQRFK HWZDVVDJHQRGHU]HLJHQZROOHQ(UJULIIGDEHLLQGLHUHFKWH -DFNHQWDVFKHZHQQLFKPLFKHULQQHUWH =XP*OFNZDUVHLQH.OHLGXQJQLFKWYHUEUDQQW0HLQH +DQGIXKULQGLH7DVFKHXQGLFKIKOWH3DSLHU (VZDUHLQ%ULHIXPVFKODJGHQLFKGD]XP9RUVFKHLQEUDFK WH0LWGHQ)LQJHUQIKOWHLFKQDFKXQGVWHOOWHIHVWGDVLFK HWZDVLQGHP8PVFKODJEHIDQG ,FK|IIQHWHLKQXQGHLQ)RWRILHOPLULQGLH+lQGH (VZDU]XGXQNHOXPJHQDXHUNHQQHQ]XN|QQHQZHQGDV %LOG]HLJWH0HLQ)HXHU]HXJJDEPLUDXVUHLFKHQG/LFKW ,FKKLHOWGLH)ODPPHVHLWOLFKQHEHQGDV%LOG'HU:LQGWULHE VLHKLQXQGKHUZDUI/LFKWXQG6FKDWWHQDXIGDV)RWRGRFK LFKHUNDQQWHDXFKVRZHQGLH)RWRJUDILH]HLJWH (LQH)UDX 0LUVWRFNWHIDVWGHU+HU]VFKODJGHQQLFKNDQQWHVLH 'DV%LOG]HLJWHHLQ3RUWUlWGHUWRWHQ.DULQ0DOOPDQQ
'DVZDUHLQ6FKRFNHLQHFKWHU+DPPHU :RKHUKDWWHGLHVHU0DQQGDV%LOG",FKULHIPLUVHLQHOHW]WHQ :RUWHLQV*HGlFKWQLV]XUFN(UKDWWHLQGHU+|KOHHWZDV JHIXQGHQ:DUHVGLHVHV%LOG" +|FKVWZDKUVFKHLQOLFK (LQVFKULOOHV3IHLIHQHUUHLFKWHPHLQH2KUHQ.ODUGLH 6FKVVHZDUHQYRQGHQSDWURXLOOLHUHQGHQ%REE\VJHK|UW ZRUGHQ-HW]WNUHLVWHQVLHGHQ2UWHLQXPQDFK]XVHKHQ /LFKWHUJHLVWHUWHQGXUFKGHQ3DUN6LHKSIWHQDXIXQGDE HLQ%HZHLVGDGLH3ROL]LVWHQ7DVFKHQODPSHQLQGHQ+lQGHQ KLHOWHQ'LHHUVWHQ6WUDKOHQWUDIHQPLFKEOHQGHWHQ ,FKKLHOWEHUHLWVPHLQHQ$XVZHLVKRFKVRGDGLH-XQJV VRIRUW%HVFKHLGZXWHQ ª6LU©'HUHUVWHQDKP+DOWXQJDQ ,FKJDEHLQHQNQDSSHQ%HULFKWGHXWHWHDXIGHQ7RWHQXQG EDWGHQ0DQQGLH0RUGNRPPLVVLRQ]XYHUVWlQGLJHQ (UWUDEWHORV ,FK]QGHWHPLUHLQH=LJDUHWWHDQXQGUDXFKWHODQJVDP ZlKUHQGPLFKPHKUHUH%REE\VXPVWDQGHQ ,QPHLQHP.RSILUUWHQ]DKOUHLFKH,GHHQXQG*HGDQNHQ KHUXP1LFKWQXUGDV%XFKGHUJUDXVDPHQ7UlXPHZDU HUZlKQWZRUGHQVRQGHUQHVWDXFKWHVRJDUHLQ%LOGGHUWRWHQ .DULQ0DOOPDQQDXI+DWWHGHU7RWHYLHOOHLFKW:LOO0DOOPDQQ JHNDQQW"+DWWHHUMH.RQWDNWPLWLKPJHKDEW"(LQH)UDJHGLH LFKQRFKLQGLHVHU1DFKWO|VHQZROOWH ,FKPXWHGHQ.RPPLVVDULQ'HXWVFKODQGDQUXIHQ $OOH6SXUHQZLHVHQLQGLHVHV/DQG :HU]RJGDZLHGHUVHLQH)lGHQ" 'HU6FKZDU]H7RG"2GHU$VPRGLQD"$XFKPLWLKUZUGH LFKVLFKHULQQlFKVWHU=HLWQRFKHLQLJHQbUJHUNULHJHQ 'HU%REE\NHKUWH]XUFNXQGPHOGHWHGDGLH 0RUGNRPPLVVLRQEDOGHLQWUHIIHQZUGH ª'DQNHVHKU© /DQJHZROOWHLFKPLFKKLHUQLFKWPHKUDXIKDOWHQ'LHVH 1DFKWZUGHZLHGHUNXU]ZHUGHQGDZDULFKVLFKHU
'LH:DJHQGHU0RUGNRPPLVVLRQIXKUHQTXHUEHUGHQ 5DVHQXQGHUUHLFKWHQGHQ6SLHOSODW]1DFKWGLHQVWKDWWH &KLHILQVSHNWRU7DQQHUHLQDOWHU%HNDQQWHUYRQPLU:LH LPPHUWUXJHUVHLQHQDOWHQ0DQWHOXQGHLQHQQRFKlOWHUHQ)LO] DXIGHP.RSI0LWGHP'DXPHQVFKREHUGLH.UHPSH ]XUFNEOLHEQHEHQPLUVWHKHQGUHKWHVLFKGDQQODQJVDPXP XQGVW|KQWHHUVWHLQPDO ª1HLQQHLQQHLQ© ,FKDQWZRUWHWHGUHLPDOPLW-D ª:DUXPPXLPPHUPLUVRHWZDVSDVVLHUHQ"(LQ$QUXI HLQH/HLFKHRND\,FKNRPPHKLQXQGZHQVHKHLFKGD" 6LQFODLU2EHULQVSHNWRU6LQFODLU$OSWUDXPPHLQHUVFKODIORVHQ 1lFKWH,FKEUDXFKHPLUGHQ7RWHQQXUDQ]XVHKHQXQGZHL GDLFKHUVWJDUQLFKW]XEHJLQQHQEUDXFKH© ª,VWGRFKKHUUOLFK© ª-DDEHUGLH6WDWLVWLN:LHGHUHLQ0RUGIDOOGHQLFKQLFKW DXINOlUHQNRQQWH:HQQLFKPLW,KQHQ]XVDPPHQWUHIIH 6LQFODLUJLEWHVQXU0LQXVSXQNWHLQGHU$NWH© ª:HQQLFK=HLWKDEHEHGDXUHLFK6LH,FKP|FKWHQXUGD ,KUH/HXWHGLH/HLFKHXQWHUVXFKHQ© ª:HUGHQ6LHMHW]WYHUVFKZLQGHQ"©IUDJWH7DQQHUQDFKHLQHU :HLOH ª*HQDXPHLQOLHEHU7DQQHU© ª'DQQZQVFKHLFK,KQHQ+DOVXQG%HLQEUXFK© ª'DQNH© ,FKULHIGHQ*HKHLPGLHQVWDQXQGVDJWHZRLFK]XWUHIIHQ ZDU -HW]WVWHFNWHLFKZLHGHULQHLQHPKHLHQ)DOO :LHKHLGLHVHU)DOODOOHUGLQJVZHUGHQZUGHGDVDKQWH VHOEVWLFKQLFKW
1DWUOLFKZLUGEHLP
ª1HKPHQ6LH3ODW]0U0LOOHU©VDJWHLFK ª:LHLVWHUXPV/HEHQJHNRPPHQ"8QGYRQZHPZXUGHHU XPJHEUDFKW"© ª9RQHLQHU+H[H©DQWZRUWHWHLFKDXIGLH]ZHLWH)UDJH ª:DVHU]lKOHQ6LHPLU"© ª9RQHLQHU+H[H0LVWHU6LHKDEHQVLFKQLFKWYHUK|UW© ª'DVNDQQGRFKQLFKWVHLQ© ª,VWDEHUVR© (U]QGHWHVLFKHLQH=LJDUHWWHDQ:lKUHQGHUGHQ5DXFK VFKUlJDQPLUYRUEHLEOLHVPHLQWHHUª,FKKDEHVFKRQHLQLJHV YRQ,KQHQJHK|UWXQGPLFKDXFKEHU,KUH$EWHLOXQJLQIRU PLHUW,FKZHLGD6LHVLFKPLW)lOOHQEHVFKlIWLJHQGLH VDJHQZLUPDOQLFKWJHUDGHQRUPDOVLQG$EHUZHQQ6LHPLU MHW]WQRFKVDJHQGDGLH+H[HDXIHLQHP%HVHQVWLHOJHULWWHQ LVWIOLSSHLFKDXV© ª6RlKQOLFKZDUHV© (U]HLJWHVHLQH=lKQHª8QGZRLVWGLH+H[HMHW]W"© ª,FKKDEHVLHYHUQLFKWHW© ª'DVZLUGMDLPPHUVFK|QHU:ROOHQ6LHPLFKDXIGHQ$UP QHKPHQ"© ,FKKROWHWLHI/XIWª'D6LHVLFKEHUPLFKHUNXQGLJWKDEHQ ZHUGHQ6LHZLVVHQGDLFKPLFKPLW'LQJHQEHVFKlIWLJHGLH GHQ%HUHLFKGHV1RUPDOHQVSUHQJHQ'DVKHLWPHLQH *HJQHUVLQG'lPRQHQ*HLVWHU9DPSLUH:HUZ|OIH(VJLEW GLHVH:HVHQGLH6LHYLHOOHLFKWQXUDXVGHP)LOPNHQQHQ8QG LFKKDEHDXFKJHJHQ+H[HQJHNlPSIW9RUHLQHU6WXQGHQRFK LP6W-DPHV3DUN© 0LOOHUEOLHEYRU6WDXQHQGHU0XQGRIIHQVWHKHQ6RHWZDV KDWWHHUQRFKQLHJHK|UW ª6LHVLQGGRFKRND\"©IUDJWHHUQDFKHLQHU:HLOH ª:ROOHQ6LHGDUDXIHLQH$QWZRUW"© ª1DMDKP© ,FKVFKOXJPLWGHUIODFKHQ+DQGDXIGHQ6FKUHLEWLVFK ª6LHZROOHQLQGHQ2VWHQ"©IUDJWHHUQDFKGHPLFKPHKU EHU+X[OH\HU]lKOWKDWWH
ª-D+X[OH\EHULFKWHWHYRQHLQHP%DXHUQ)OXFKWSOlQHQ LFKP|FKWHGDVDOOHVEHUSUIHQ© 0LOOHUVFKOXFNWHª:LVVHQ6LHHLJHQWOLFKDXIZDV6LHVLFKGD HLQODVVHQ"© ª1HLQDEHULFKZHUGHHVVFKRQIUKJHQXJPHUNHQ© ª+RIIHQWOLFKQLFKWHUVWLQHLQHP6DUJ©HUZLGHUWHHUGVWHU ª(LQ)ULHGKRIDP(QGHGHU:HOW©KDXFKWH6YHQ-DQVVRQXQG VFKWWHOWHVLFKª:HOFKHLQH%HGHXWXQJPDJHUKDEHQ"© ª.HLQH$KQXQJ©HUZLGHUWHGHU(QJOlQGHUXQGJLQJODQJ VDPYRU8QWHUVHLQHQ)HQEHIDQGVLFKNHLQYXONDQLVFKHV *HVWHLQPHKUVRQGHUQ*UDV6DIWLJHVKRKHV*UDVYHUPLVFKW PLW8QNUDXWXQGERUVWLJHQ3IODQ]HQ=DKOUHLFKH*UDEVWHLQH UDJWHQZLHVFKLHIH%XFNHODXVGHP(UGUHLFKKHUYRU(VJDE VRJDUHLQHDOWHNQLHKRKH0DXHUGLHGHQ3ODW]DQHLQHU6HLWH EHJUHQ]WH =ZLVFKHQGHQ*UDEVWHLQHQODJHQ1HEHOIHW]HQZLHDEJH ULVVHQH6FKOHLHUXQGEHUGHPJHVDPWHQ.RPSOH[EUHLWH WHVLFKGHUJUDXH+LPPHODXVGHUWURW]GHPHLQLUJHQGZLH IDKOHV/LFKWDEVWUDKOWHGDVGHQ7RWHQDFNHUEHOHXFKWHWH 'LH0lQQHUVSUWHQGLH$WPRVSKlUHGHV%|VHQIDVWN|USHU OLFKXQGEHLGHKDWWHQGHQ(LQGUXFNDOVZUGHQVLHYRQ]DKO UHLFKHQXQVLFKWEDUHQ$XJHQEHODXHUW 1RFKOLHVLFKQLHPDQGVHKHQ 6LHVFKULWWHQZHLWHU=XUFNEOLHEHQGLHKRKHQ6WHLQHXQG GLH0lQQHUKDWWHQ0KHLKUH$QJVW]XXQWHUGUFNHQ,KQHQ HQWJHJHQVHJHOWHODXWORVHLQJHZDOWLJHU9RJHO(UZDUHUVW NDXP]XHUNHQQHQGDQQVWLHHUDXVGHPGVWHUHQ+LPPHO KHUDEXQGMHW]WLGHQWLIL]LHUWHQGLH:LVVHQVFKDIWOHULKQ (VZDUHLQ5DEH $EHUIQIPDOVRJURZLHHLQQRUPDOHU9RJHOGLHVHU$UW 6HLQ)OJHOUDXVFKHQZDUGDVHLQ]LJH*HUlXVFKXQGGLH 0lQQHUGXFNWHQVLFKDOVHUEHULKUH.|SIHVWULFKGDQQ
NHKUWPDFKWHXQGHLQHQNDKOHQEODWWORVHQ%DXPDQIORJXP VLFKDXIHLQHPGHUNQRUULJHQbVWHQLHGHU]XODVVHQ 'RUWEOLHEHUKRFNHQXQGEHREDFKWHWH (UVWMHW]WILHOHQ6YHQXQG$UWGLHJOXWURWHQ$XJHQDXI'HU 5DEHVWLHHLQVFKDXULJHV.UlFK]HQDXV'DV*HUlXVFKWULHE GHQ0lQQHUQHLQHQ6FKDXHUEHUGHQ5FNHQ6LHIURUHQWURW] GHUKHUUVFKHQGHQ6FKZOH ª:LUPVVHQYRQKLHUYHUVFKZLQGHQ©UDXQWH6YHQ'DEHL OLHHUNHLQHQ%OLFNYRQGHPJHKHLPQLVYROOHQ5DEHQ ª:RZLOOVWGXGHQQKLQ"©IUDJWH$UW&RUQZDOO ª$EHUDXIHLQHP)ULHGKRI© ª6RODQJHZLUQLFKWLQGHQ*UlEHUQOLHJHQ©HUZLGHUWHGHU (QJOlQGHUPLW*DOJHQKXPRUªLVWPLUGDVY|OOLJHJDO©(U GHXWHWH]XGHPJURHQ5DEHQKLQEHUª$XHUGHPEHREDFK WHWHUXQVVWlQGLJ© ª*ODXEVWGXGDHUGHU:lFKWHULVW"© ª%HVWLPPW© ª:LUN|QQWHQHVPDOYHUVXFKHQ©VFKOXJGHU1RUZHJHUYRU $UW&RUQZDOOYHU]RJGDV*HVLFKWª6HLOLHEHUYRUVLFKWLJ 6YHQ'HP%LHVWWUDXHLFKQLFKW© -DQVVRQ]RJVHLQH/XJHUª'DQQEUHQQHLFKLKPHEHQHLQV DXIGHQ3HO]©NQXUUWHHUE|VH 'HU5DEHVFKLHQVHLQ9RUKDEHQ]XDKQHQ(UEUHLWHWHGLH )OJHODXVXQGEHJDQQ]XNUlFK]HQ ª,VWGDV%LHVWJUR©$UWVFKOXFNWH 6YHQJLQJYRU ª%OHLEKLHU©]LVFKWH&RUQZDOOª$XHUGHPPVVHQZLU 0XQLWLRQVSDUHQ:HUZHLZDVQRFKDOOHVDXIXQV]X NRPPW© ª$FKK|UDXI©6YHQOLHVLFKQLFKWEHLUUHQ6FKULWWIU 6FKULWWQlKHUWHHUVLFKGHP5DEHQ 'HU9RJHOVHQNWHGHQ.RSI'LHURWHQ$XJHQVWDUUWHQGHQ :LVVHQVFKDIWOHUMHW]WGLUHNWDQ/DQJVDPIDOWHWHQVLFKGLH 6FKZLQJHQGHV7RWHQYRJHOVZLHGHU]XVDPPHQ 'HU1RUZHJHUEOLHEVWHKHQ(UKREGHQUHFKWHQ$UPXQG
]LHOWHJHQDX6HLQ)LQJHUOHJWHVLFKXPGHQ$E]XJ 'HU5DEHSOXVWHUWHVHLQ*HILHGHUDXI(UVDKMHW]WDXVZLH HLQJURHUVFKZDU]HU%DOO ª1LFKWVFKLHHQ©ULHI$UW&RUQZDOO 8QG6YHQVHQNWHWDWVlFKOLFKGLH:DIIH(UGUHKWHGHQ.RSI ª'XKDVWUHFKW$UWLFKZHUGHHVDQGHUVYHUVXFKHQ© ,PPHUPLWHLQHP$XJHLQGLH+|KHSHLOHQGVHW]WHHUVLFK LQ%HZHJXQJ(UJLQJODQJVDPDOVPWHHUJHJHQHLQHQ 6WXUPDQNlPSIHQ'RFKHVZDUNHLQ:LQGVRQGHUQGLH $QJVWGLHVHLQH6FKULWWH]|JHUQOLH 'HU5DEHIROJWHLKPPLWVHLQHQ%OLFNHQZlKUHQG$UW &RUQZDOOVWXUGDVWDQGXQGGLH+lQGHIHVWDQHLQDQGHU JHSUHWKLHOW'HQ5XFNVDFNKDWWHHUYRQVHLQHP5FNHQ JOHLWHQODVVHQ(UODJQHEHQLKPDP%RGHQ 1RFK]ZHL6FKULWWHGDQQEHIDQGVLFK6YHQ-DQVVRQXQWHU KDOEGHV$VWHVDXIGHPGHU5DEHKRFNWH -HW]WQRFKHLQHU (USDVVLHUWHLKQ 6YHQDWPHWHDXI (UZROOWHORVODFKHQGRFKVFKRQGDV*ULQVHQHUVWLFNWHLP $QVDW]3O|W]OLFKVWLHVLFKGHU5DEHDE(UMDJWH]XHUVWDXI &RUQZDOO]XPDFKWHMHGRFKGLFKWYRULKPHLQH.HKUW ZHQGXQJXQGVXFKWHQXQVHLQHLJHQWOLFKHV=LHODXV 6YHQ-DQVVRQ $UWHUZDFKWHDXVVHLQHU6WDUUHª6YHQ©EUOOWHHU (VKlWWHGHU:DUQXQJQLFKWEHGXUIWGHQQGDV)OJHO VFKODJHQVDJWH-DQVVRQJHQXJ $XIGHU6WHOOHIXKUHUKHUXPXQGULGHQUHFKWHQ$UPKRFK NRQQWHMHGRFKNHLQHQ6FKXPHKUDEJHEHQGHQQGHU5DEH ZDUEHUHLWV]XQDK 8QGHUVWLH]X 6HLQ.RSIKDFNWHYRU6YHQVDKGHQHWZDVJHNUPPWHQ 6FKQDEHOGLFKWYRUVHLQHQ$XJHQNRQQWHVRJDUGLH=XQJH HUNHQQHQXQGZDUIVLFK]XU6HLWH 'HU+LHEWUDIQLFKWVHLQHQ.RSIVRQGHUQGLH6FKXOWHU
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lQGHU 8QGWUHIIHQDXFK 'DVEHZLHVHU6HNXQGHQVSlWHUDOVGDV%OHLDXVGHP/DXI IXKUXQGLQGHQ.|USHUGHV5DEHQKLHE 'HU9RJHONUHLVFKWHZWHQGDXI)UHLQHQ$XJHQEOLFNVWLHJ HULQGLH/XIW2EZRKOLKQGLH.XJHOJHWURIIHQKDWWHZDUHU QLFKWWRW (UVFKLHQDXFKNDXPYHUOHW]W]XVHLQVRQGHUQILHOZLHGHU DXIGHQDP%RGHQOLHJHQGHQXQGXPVLFKVFKODJHQGHQ6YHQ QLHGHUXQGKDFNWHDEHUPDOVVHLQH.UDOOHQLQGHVVHQ+DDUH $UWKXU&RUQZDOOZDUHQWVHW]W(UKDWWHVLFKIHVWDXIHLQHQ (UIROJYHUODVVHQGRFKQXQJHVFKDKGLHV 6FKDUIVDXJWHHUGLH/XIWHLQ:DVLQGHQQlFKVWHQ 6HNXQGHQJHVFKDKHUVFKLHQLKPZLHHLQ7UDXP 'HU5DEHHQWZLFNHOWHXQJHKHXUH.UlIWH:LHGHUEUHLWHWHHU VHLQH)OJHODXVKLHOWGHQVFKUHLHQGHQ6YHQZHLWHUKLQDQGHQ +DDUHQIHVWXQGVFKOHLIWHLKQ]XUFNDXIGHQ)ULHGKRI =ZLVFKHQ]ZHL*UDEVWHLQHQOLHHULKQOLHJHQ 'HUVFKZDU]H9RJHOPLWGHQURWHQ$XJHQDEHUVWLHJLQGLH
+|KHXQGQDKPZLHGHUDXIVHLQHP%DXPDVW3ODW]0LW E|VHP%OLFNEHREDFKWHWHHUGLHEHLGHQ0lQQHU 6YHQODJDXIGHP%RGHQXQGMDPPHUWH%HLGH+lQGHKDWWH HUJHJHQVHLQHQ.RSIJHSUHW$OV$UW&RUQZDOODXIGHQ )UHXQG]XJLQJVDKHUGDV%OXW]ZLVFKHQGHQ)LQJHUQGHV 9HUOHW]WHQKHUYRUTXHOOHQ'LH.UDOOHQKDWWHQNOHLQH:XQGHQ JHULVVHQ ª.DQQVWGXDXIVWHKHQ6YHQ"©IUDJWHGHU(QJOlQGHU -DQVVRQVFKDXWHVHLQHQ/HLGHQVJHQRVVHQDQ6HLQ%OLFN IODFNHUWH(WZDV%OXWUDQQLKPEHUGLH6WLUQXQG]HLFKQHWH GRUWHLQPDNDEUHV0XVWHU ª$UWZLUVLQGYHUORUHQ(VJLEWNHLQH+LOIHPHKU'LHVHU 9RJHOGDVLVWHLQH%HVWLH© ª2ND\6YHQLFKZHLDEHUGXKlWWHVWQLFKWJHKHQVROOHQ ,FKKDWWHGLFKJHZDUQW© ª6ROOHQZLUHZLJKLHUEOHLEHQ"©VFKULHGHU1RUZHJHU ª,FKZHLHVQLFKW© 3O|W]OLFKODFKWHGHU5DEHJUROOHQGDXI(VZDUHLQ*HOlFKWHU GDVHLQ0HQVFKKlWWHDXVVWRHQN|QQHQ 'HU9RJHOVFKOXJZLOGPLWEHLGHQ)OJHOQXQGEHZHJWHVLFK DXIGHP$VWKLQXQGKHU:HLWKDWWHHUGHQ6FKQDEHODXIJH ULVVHQGLHVSLW]H=XQJHKLQJLKPDXVGHP5DFKHQKHUYRU XQGVHLQ/DFKHQKDOOWHDOVVFKDXULJH+|OOHQPHORGLHEHUGHQ DOWHQ)ULHGKRI $UWVFKWWHOWHGHQ.RSI:XWEHUPDQQWHLKQ:XWEHULKU 6FKLFNVDOXQGHLQUHJHOUHFKWHU+DDXIGHQ9RJHONDPKLQ]X $XHUGHPKDWWHGHU)UHXQGVHLQH/XJHUYHUORUHQ6LHODJ KLQWHUGHP$VWDXIGHPGHU5DEHVD 'RFKGLH3LVWROHPXWHQVLHZLHGHUKDEHQ ,QGHU1lKHVDK$UWHLQHQIDXVWJURHQ6WHLQOLHJHQ :lKUHQGGHU9RJHOQRFKLPPHUODFKWHSDFNWH&RUQZDOOGHQ 6WHLQXQGVFKOHXGHUWHLKQPLWDOOHU.UDIWDXIGDV7LHU]X (UWUDIJHQDX 'HU5DEHZXUGHEXFKVWlEOLFKYRP%DXPJHIHJWXQGILQJ VLFKHUVWGLFKWEHUGHP%RGHQ
&RUQZDOODEHUUDQQWHORV0LWHLQHPZDKUHQ3DQWKHUVDW] ZDUIHUVLFKDXIGLH3LVWROH]XSDFNWHVLHXQGEHYRUGHU5DEH LKQDQJUHLIHQNRQQWHKDWWHHUGLH:DIIHDQVLFKJHQRPPHQ XQGZDU]XVHLQHP)UHXQG]XUFNJHODXIHQ 6FKZHUDWPHQGEOLHEHUQHEHQLKPVLW]HQª6R©NHXFKWHHU ªGLHKDEHQZLU]XUFN© 'HU5DEHVHW]WHVLFKZLHGHUDXIVHLQHQ6WDPPSODW]-HW]W ODFKWHHUQLFKWPHKU1XUVHLQH$XJHQVFKLHQHQQRFKPHKU]X JOKHQXQGKDHUIOOWHU]XVWDUUHQDOV]XYRU $UW&RUQZDOOOlFKHOWH6YHQDQª-HW]WXQWHUVXFKHQZLUHUVW HLQPDOGHLQHQ.RSI©VDJWHHUª%OHLEOLHJHQLFKKROHGLH 5XFNVlFNH,QHLQHPEHILQGHWVLFKGLH1RWDSRWKHNH© ª-DGDQNH© &RUQZDOOKROWHGHQ5XFNVDFN|IIQHWHLKQ'DQQNODSSWHHU GLH6HLWHQDXVHLQDQGHUZKOWHPLWEHLGHQ+lQGHQQDFKXQG IDQGZDVHUVXFKWH (LQVFKZDU]HV.LVVHQPLWHLQHPURWHQ.UHX]GDUDXI'DV .LVVHQHQWKLHOWVFKPHU]VWLOOHQGH7DEOHWWHQ9HUEDQGVPXOO HLQH6FKHUH3IODVWHUXQGHLQLJHVPHKU %HLGH0lQQHUQDKPHQHLQH9LWDPLQWDEOHWWHEHYRU$UWGLH :XQGHQVHLQHV)UHXQGHVXQWHUVXFKWH 6LHZDUHQQLFKWVRVFKOLPP(UGHVLQIL]LHUWHVLHPLW-RGXQG NDQQWHDXFKNHLQH*QDGHDOV6YHQDXIVFKULH (VZDUVFKRQJURWHVN'LHEHLGHQ0lQQHUKRFNWHQLQHLQHU 8UZHOWODQGVFKDIW]ZLVFKHQ]ZHL*UDEVWHLQHQ'DVJODXEWH LKQHQQLHPDQG:DKUVFKHLQOLFKMHGRFKZUGHQVLHQLHPDOV EHULKUH(UOHEQLVVHEHULFKWHQN|QQHQ )DFKPlQQLVFKYHUEDQG$UWVHLQHP)UHXQGGHQ.RSI'HU ZHLH9HUEDQGOHXFKWHWHLQGHP'lPPHUOLFKWZLHHLQ :HJZHLVHU ª'DQNH©NHXFKWHGHU1RUZHJHUª2KQHGLFKZlUHLFK YHUORUHQ© ª+|UDXI0HQVFK%HLPQlFKVWHQPDOELVWGXDQGHU5HLKH 'DQQNDQQVWGXGLFKUHYDQFKLHUHQ© 6YHQVHW]WHVLFKDXIª:HJZHUGHQZLUKLHUZRKONDXP
NRPPHQ©PHLQWHHUª'LHVHUYHUGDPPWH5DEHOlWXQVNHLQH 6HNXQGHDXVGHQ$XJHQ© ª:LUPWHQLKQEHUOLVWHQ©VFKOXJ$UWKXU&RUQZDOOYRU XQGVDKVLFKVXFKHQGXP ª$EHUZLH"© &RUQZDOOKREGLH6FKXOWHUQª:R]XKDEHQZLUXQVHU *HKLUQ":LUVLQG0HQVFKHQGHU5DEHLVWQXUHLQ7LHU© ª'DVDEHUPHQVFKOLFKGHQNW©YROOHQGHWH6YHQGLH%HPHU NXQJVHLQHV)UHXQGHV ª9LHOOHLFKWZDUHVPDOHLQ0HQVFK©PHLQWH$UWVHKUHUQVW 6YHQEOLFNWHLKQDQDOVKlWWHHUGHQ9HUVWDQGYHUORUHQ ª0DFKWGLUGDVKHLH.OLPD]XVFKDIIHQRGHUZDVLVW"'DV LVWHLQ7LHUDEHUNHLQ0HQVFK© ª:LUKDEHQKLHUVFKRQGLHXQP|JOLFKVWHQ'LQJHHUOHEW:LU VLQGLQGLH-XUD]HLW]XUFNJHZRUIHQZRUGHQLQGHUGLH JHZDOWLJHQ6DXULHUOHEHQILQGHQKLHUHLQHQ)ULHGKRIYRUGHU GLUHNWLQXQVHUHQRUPDOH:HOWSDVVHQN|QQWHXQGZDUXP ]XP7HXIHOVROOHLQ5DEHNHLQ0HQVFKVHLQIUDJHLFKGLFK"© ª:HLOVRHWZDVQLFKWJHKW© ª,FKJODXEHODQJVDPDQQLFKWVPHKU©$UW&RUQZDOOVWDQG DXI(UGUHKWHVLFKXPXQGHUVFKUDNELVLQV0DUN 9RULKPVWDQGZLHGHUXPGDV6NHOHWW 1XU6YHQKDWWHQRFKQLFKWVEHPHUNW(UUHGHWHHLIULJZHLWHU ELVHU$UWVHUVWLFNWHQ6FKUHLK|UWH 'DVFKZLHJDXFKHU 'HU6FKZDU]H7RGDEHUODFKWHª1LH©GU|KQWHHVDXV VHLQHP0DXOª1LHZHUGHWLKUYRP)ULHGKRIDP(QGHGHU :HOWYHUVFKZLQGHQN|QQHQ,FKELQKLHUGHU+HUUVFKHU,FK ELQGLH'URKXQJ,FKELQGHU7\UDQQ1LFKWVJHVFKLHKWRKQH PHLQHQ:LOOHQ8QGZHQQLFKGLH3IRUWHQGHU+|OOH|IIQHQ ZLOOVRNDQQLFKGDV+DEWLKUYHUVWDQGHQ"© 'LH0lQQHUQLFNWHQHLQJHVFKFKWHUW 'HU6FKZDU]H7RGEHXJWHVHLQHQPlFKWLJHQ6FKlGHOYRU 'LHVPDOVFKLPPHUWHQGLH$XJHQK|KOHQJOXWURWZLHGLHGHV 5DEHQDXIGHP%DXPDVWª1LFKWRKQH*UXQGKDEHLFKHXFKLQ
GLHVH:HOWJHKROW©VDJWHHUªGHQQLKUVROOWIUPLFKDUEHL WHQ© $UWIDWHVLFKHLQ+HU]ª8QGZDVVROOHQZLUWXQ"©IUDJWHHU IOVWHUQG ª(LQ*UDEDXVKHEHQ© ª)UXQV"© ª1HLQ©JUROOWHGHU6FKZDU]H7RGª1LFKWIUHXFKVRQGHUQ IUPHLQHQ)HLQG)U-RKQ6LQFODLU6HLQHQ/HLFKQDPZLOOLFK KLHUDXIGHP)ULHGKRIYHUVFKDUUHQ©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lWIRWRVYRQ.DULQGDQQ $XIQDKPHQGLHVLHPLWLKUHQ6FKXONLQGHUQ]HLJWH0DOYHU WUlXPWPDOODFKHQGGDQQZLHGHUHUQVWRGHUKHLWHU )RWRVDXVHLQHU=HLWGLHXQEHVFKZHUWZDU %LV]X.DULQV7RG (LVNDOWKDWWHGHUPlFKWLJH'lPRQ]XJHVFKODJHQXQGGLH )UDXYRQVHLQHU6HLWHJHULVVHQ :LOOYHU]ZHLIHOWHIDVW2EZRKOHUODQJH-XQJJHVHOOHJH EOLHEHQZDUKDWWHHUVLFKVRVWDUNLQ.DULQYHUOLHEWGDQDFK LKUHP7RGLQLKPHWZDV]HUEURFKHQZDU :LOO0DOOPDQQZDUQLFKWPHKUGHUDOWH$XFKVHLQH 6WHUHRDQODJHLQWHUHVVLHUWHLKQQLFKWPHKU'UHL:RFKHQEOLHE
HULQVHLQHU:RKQXQJDZHQLJXQGWUDQNNDXPZlKUHQG GLH)DOWHQLQVHLQHP*HVLFKWLPPHUWLHIHUZXUGHQ 'RFKGLH=HLWGHV8UODXEVYHUJLQJ:LOOPXWHZLHGHUDQ VHLQHQ$UEHLWVSODW] 'LH.ROOHJHQZXWHQ%HVFKHLG(LQLJHYRQLKQHQZDUHQ VRJDUGDEHLJHZHVHQDOVGHUVFKUHFNOLFKH0RUGSDVVLHUWH:LOO ZXUGH]XVHLQHP&KHIJHUXIHQXQGKDWWHPLWLKPHLQODQJHV *HVSUlFK'HU.ULPLQDOUDWEDXWHLKQLQQHUOLFKZLHGHUDXI(U ZDUZLHHLQ3V\FKLDWHU :LOO0DOOPDQQIDQGZLHGHUHWZDV6SDDQVHLQHU$UEHLW 0HKUQRFKHUZXUGHUHJHOUHFKWEHVHVVHQ(UZDUGHUHUVWHDP 0RUJHQXQGGHUOHW]WHGHUDEHQGVJLQJ0DQFKPDOVFKXIWHWH HUELVZHLWLQGLH1DFKWKLQHLQ 0LW'lPRQHQXQGDQGHUHQ*HVFK|SIHQGHU)LQVWHUQLVKDWWH HUQLFKWV]XWXQ(UEHDUEHLWHWHVHLQHQRUPDOHQ)lOOHXQG HU]LHOWHJOlQ]HQGH(UIROJH 'DV%.$VWHOOWHGDQN:LOOV,QLWLDWLYHPDQFKODQJJHVXFKWHQ *HVHW]HVEUHFKHU 'RFK:LOO0DOOPDQQYHUJDVHLQH.DULQQLFKW 1DFKZLHYRUVWDQGLKU%LOGDXIVHLQHP6FKUHLEWLVFK $OOHUGLQJVPLWHLQHP7UDXHUIORUYHU]LHUW 'DVJOHLFKH)RWREHIDQGVLFKDXFKLQVHLQHU:RKQXQJ(V VWDQGDXIVHLQHP1DFKWWLVFKGLUHNWQHEHQVHLQHP%HWW:LOO 0DOOPDQQVFKDXWHHVLPPHUVHKUODQJHDQEHYRUHUHLQ VFKOLHI 5XKLJKDWWHHUQRFKNHLQH1DFKWYHUEUDFKW,PPHUZLHGHU TXlOWHQLKQ$OSWUlXPHRIWVFKUHFNWHHUVFKZHLJHEDGHWKRFK XQGKDWWHGDV*HIKO.DULQZUGHLP=LPPHUVWHKHQ 'RFKHUZDUDOOHLQ .RPPLVVDU0DOOPDQQEOLFNWHDXIVHLQH8KU6FKRQ]ZHL 6WXQGHQYRU0LWWHUQDFKW'HU7DJXQGGHU$EHQGZDUHQ ZLHGHUHLQPDOZLHLP)OXJHYHUJDQJHQ=ZDUZXUGHLP %.$DXFKQDFKWVJHDUEHLWHWGRFKKLQWHUGHQPHLVWHQ )HQVWHUQZDUHVGXQNHO :LOO0DOOPDQQHUKREVLFKVHXI]HQGYRQVHLQHP
6FKUHLEWLVFKXQG]RJGHQVFKZDU]HQ7UHQFKEHU'DQQ O|VFKWHHUGDV/LFKWXQGYHUOLHVHLQHQ$UEHLWVSODW]0LWGHP /LIWIXKUHUQDFKXQWHQ 'HU1DFKWSRUWLHUJUWHLKQIUHXQGOLFKª,PPHUQRFKLP 'LHQVW+HUU.RPPLVVDU"© :LOOOlFKHOWHVSlUOLFKª-HW]WQLFKWPHKUPHLQ/LHEHU© ª'DQQZQVFKHLFK,KQHQHLQHJXWH1DFKW+HUU .RPPLVVDU© :LOO0DOOPDQQYHUOLHGDV*HElXGHXQGVFKULWWDXIGHQ 3DUNSODW]]XZRVHLQ2SHO0DQWDVWDQG(UVHW]WHVLFKKLQWHU GDV/HQNUDG]FNWHGHQ=QGVFKOVVHOXQGVWDUWHWH:LOOLJ VSUDQJGHU:DJHQDQ:LOOZDUHLQVFKQHOOHU)DKUHU*HZHVHQ PXWHPDQMHW]WVDJHQ1DFK.DULQV7RGKDWWHHUVRJDUGLH /XVWDP$XWRIDKUHQYHUORUHQ (LQVMHGRFKZDUJHEOLHEHQ 'HU+DDXIGHQ6FKZDU]HQ7RG 'LHVHQ'lPRQKDWHHUELVDXIV%OXWXQGHUZDUVLFKHUGD HULKPLUJHQGZDQQHLQPDOZLHGHUJHJHQEHUVWHKHQZUGH $OOHUGLQJVYHUNDQQWH:LOOGLH6LWXDWLRQGHQQGHU6FKZDU]H 7RGZDUQRFKGLHUHFKWH+DQGGHV7HXIHOVXQGGDEHLXQJH KHXHUPlFKWLJ(UEUDXFKWHQXUPLWGHP)LQJHU]XVFKQLS SHQXQG:LOOZDUYHUQLFKWHW 6FKRQHLQPDOKDWWHVLFK:LOODXILKQVWU]HQZROOHQ ZDIIHQORVXQGYROOHU+DJHGDQNHQ%LOO&RQROO\KDWWHLKQLP OHW]WHQ$XJHQEOLFNGDYRQDEKDOWHQN|QQHQVRQVWZlUH:LOO 0DOOPDQQLQVHLQ9HUGHUEHQJHUDQQW :LHHLQ6FKODIZDQGOHUIXKUGHU.RPPLVVDUGHQ:HJ]X VHLQHU:RKQXQJ(UNDQQWHKLHUMHGHQ6WHLQMHGH$PSHO MHGHQ)OHFN(UGH:LHLPPHUNDPLKPVHLQH:RKQXQJXQJH KHXHUOHHUYRUDOVHUVLHEHWUDW2EZRKOYRU.DULQ0DOOPDQQV $EOHEHQDXFKQLHPDQGDXILKQJHZDUWHWKDWWHZDUHVGRFK HWZDVDQGHUHV.DULQKDWWHHLQLJH=HLWEHLLKPJHZRKQWXQG /HEHQLQGLH:RKQXQJJHEUDFKW6LHKDWWHVWHWVIULVFKH %OXPHQJHNDXIWXQGGLH7LVFKHGDPLWGHNRULHUW$OOHVZDU IULVFKHUXQGIDUELJHUJHZHVHQGRFKQXQ
6HXI]HQG]RJ0DOOPDQQVHLQHQ0DQWHODXVXQGKlQJWHLKQ DQGLH*DUGHUREH (UYHUVSUWH'XUVWQDFKGLHVHPODQJHQ7DJLP%URJLQJ DQGHQ.KOVFKUDQNXQGKROWHHLQH)ODVFKH%LHUKHUYRU(V ZDUGLHOHW]WH(UPXWHZLHGHUIU1DFKVFKXEVRUJHQ :LOOQDKPNHLQ*ODVVRQGHUQWUDQNNXU]HUKDQGDXVGHU )ODVFKH'DVNKOH%LHUWDWJXWHVZDU%DOVDPIUVHLQH.HKOH 'HU.RPPLVVDUVHW]WHVLFKDQGHQ7LVFKXQGOHHUWHGLH )ODVFKH (UGDFKWHGDUEHUQDFKREHUQRFKGLH)OLPPHUNLVWHDQ VWHOOHQVROOWHYHU]LFKWHWHDEHUGDUDXI :LOOVWHOOWHGLH)ODVFKHZHJO|VFKWHGDV/LFKWXQGEHJDE VLFKLQV%DG 'RUWVWDQGHQQRFKLPPHU.DULQV.RVPHWLND:LOOKDWWHVLH HLQIDFKQLFKWZHJUlXPHQN|QQHQ0DQFKPDOZDUHVLKPDOV ZlUH.DULQQXUHEHQZHJJHJDQJHQXQGZUGHEDOGZLHGHU NRPPHQ 'HU.RPPLVVDUPDFKWHVLFKHWZDVYRUGDVJDEHUVHOEVW]X 'RFKGDVJLQJQLHPDQGHQHWZDVDQ(UKDWWHDXFKVHLQ 7HOHIRQOHLVHUJHVWHOOW:LOOZROOWHNHLQH$QUXIH (UKDWWHVLFKY|OOLJ]XUFNJH]RJHQ(UEHWUDFKWHWHVHLQ *HVLFKWLP6SLHJHO'DVKHOOH/LFKWGHU/HXFKWVWRIIU|KUH ]HLFKQHWHMHGH)DOWHQDFKXQGDXFKGLH5lQGHUXQWHUGHQ $XJHQGHV.RPPLVVDUV (UVDKHUVFK|SIWDXV.HLQ:XQGHUZHQQPDQVRZHQLJ 6FKODIEHNDP$XWRPDWLVFK]RJHUVLFKDXVVWHOOWHVLFKNXU] XQWHUGLH'XVFKHVFKOSIWHLQHLQHQIULVFKHQ6FKODIDQ]XJ XQGEHJDEVLFKLQV6FKODI]LPPHU -HGHQ$EHQGGDVJOHLFKH5LWXDO$XIGHP1DFKWWLVFKODJHQ ]ZHLZHUWYROOH.XQVWEFKHU6LHKDWWHQVFKRQ6WDXEDQJH VHW]W:LOOZDUQLFKWGD]XJHNRPPHQVLH]XOHVHQ $XFKMHW]WOHJWHHUVLH]XU6HLWHQXUGDV%LOGVHLQHUWRWHQ )UDXEOLHEVWHKHQ :LOOVFKDOWHWHGLH/DPSHHLQ 'HU6WUDKOILHOVRGDHUGLUHNWGDV%LOGWUDI
.DULQOlFKHOWHGDUDXILKUH$XJHQVWUDKOWHQGHQ%HWUDFKWHU ZLH]ZHL6WHUQHDQ:LOOVWULFKPLWGHP)LQJHUEHUGDV%LOG /DQJHEHWUDFKWHWHHUHVXQGDWPHWHGDEHLVFKZHU 'DQQO|VFKWHHUGDV/LFKW 8QGZLHGHUHLQPDOZROOWHGHU6FKODIQLFKWNRPPHQ:LOO ZlO]WHVLFKKLQXQGKHU.ODUXQGGHXWOLFKVWDQGGLH6]HQHLQ GHU6FKORNLUFKHYRUVHLQHQ$XJHQ(VZDUZLHLPPHUZLH MHGH1DFKW ,UJHQGZDQQILHOGHU.RPPLVVDULQHLQHQEOHLHUQHQ6FKODI (VGDXHUWHHLQH=HLWELVGLH7UlXPHEHJDQQHQ (UNDQQWHVLHVFKRQDXVZHQGLJ 'HU6FKZDU]H7RGWDXFKWHDXI 'LH'URKXQJSHUV|QOLFKZLHHUVHLQH6HQVHVFKZDQJXQG VLHDXIZLQ]LJH0HQVFKHQQLHGHUIDKUHQOLH :LOOHUNDQQWHVHLQH)UHXQGHLQGHQ0HQVFKHQVRZLH.DULQ XQGVLFKVHOEVW .DULQNODPPHUWHVLFKDQLKQVFKULHXP+LOIH:LOOZDUIVLFK YRUGDVKHUDEVDXVHQGH6HQVHQEODWWGRFKHVIXKUGXUFK VHLQHQ.|USHURKQHLKQ]XYHUOHW]HQXQGWUDIGLHKLQWHU LKPVWHKHQGH.DULQ,KUYHU]ZHLIHOWHV6W|KQHQKDOOWHLQ VHLQHQ2KUHQZXUGHOHLVHUXQGYHUVWXPPWH 'DQQYHUQDKPHUQXUQRFKLKUH6WLPPHª:LOO©KDXFKWH VLHª:LOOELWWH© 0DOOPDQQPXUPHOWHHWZDV8QYHUVWlQGOLFKHVXQGZlO]WH VLFKGDEHLDXIGLHDQGHUH6HLWH 8QGZLHGHUª:LOO© 'HU.RPPLVVDUVFKOXJGLH$XJHQDXI 'XQNHOKHLW1XUGXUFKGLH5ROORVGUDQJGDVHWZDVKHOOHUH *UDXGHU1DFKW :LOOVHW]WHVLFKLP%HWWDXIXQGODXVFKWH+DWWHQLFKW.DULQ VHLQHQ1DPHQJHUXIHQ" 0DOOPDQQZDUYHUZLUUWXQGIXKUVLFKEHUGLH$XJHQ 2GHUKDWWHHUQXUJHWUlXPW" (UGUHKWHVLFKQDFKUHFKWVVHLQH+DQGIXKUDQGHU:DQG HQWODQJXQGIDQGGHQ6FKDOWHU
(VZXUGHKHOO0DOOPDQQULHEVLFKEHUGLH$XJHQZHLOGLH 6WUDKOHQ]XVHKUVFKPHU]WHQ(UKROWHWLHI/XIW9RQHLQHP $XJHQEOLFN]XPDQGHUHQZDUHUDXVVHLQHU7UDXPZHOWKHU DXVJHULVVHQZRUGHQ'XUFKHLQH6WLPPH $EHULP=LPPHUZDUQLHPDQG 8QGGRFKKDWWHHUGLH6WLPPHYHUQRPPHQ'LHHLQHU)UDX 6LHJHK|UWH.DULQ 6LHKDWWHLKQJHUXIHQGDZDUVLFK:LOO0DOOPDQQVLFKHU (UEHXJWHVLFK]XU6HLWH:LHGHUUXWVFKWHVHLQH+DQGDXI GHQ6FKDOWHU]XGDEHLWUDIVHLQ%OLFN]ZDQJVOlXILJGDV%LOG VHLQHUWRWHQ)UDX :LOOKDWWHGDV*HIKOXQWHU6WURP]XVWHKHQ6HLQH+DQG ILHOQDFKXQWHQHUZDUY|OOLJYHUZLUUW 'LH/LSSHQKDWWHQVLFKEHZHJW -DGLH/LSSHQDXIGHP%LOG :LOO0DOOPDQQZXWHQLFKWZDVHUVDJHQVROOWH(UZDU NRQVWHUQLHUWKDWWHGLH)DVVXQJYHUORUHQXQGVFKWWHOWHGHQ .RSI(UULHEVLFKEHUGLH$XJHQJODXEWHDQHLQH 7lXVFKXQJVFKDXWHMHGRFKZHLWHUKLQDXIGDV)RWR $EHUPDOVEHZHJWHQVLFK.DULQV/LSSHQ:LOO0DOOPDQQ ZDUY|OOLJDXVGHP+lXVFKHQ,KPZDUNODUGDLKPVHLQH )UDXHWZDVPLWWHLOHQZROOWH$EHUZDUXPIRUPXOLHUWHVLHHV QLFKWGHXWOLFKHU" :LOOKRFNWHLP%HWWKDWWHGLH+lQGH]X)lXVWHQJHEDOOWXQG VWDUUWHDXIGDV)RWRª6DJGRFKHWZDV©KDXFKWHHUª%LWWH VDJZDV© 'DV%LOGVFKZLHJ :LOO0DOOPDQQZLVFKWHVLFKDXIJHUHJWEHUGLH6WLUQ(UZDU MHW]WVLFKHUGDHU.DULQV6WLPPHJHK|UWKDWWH,QVHLQHQ 7UlXPHQKDWWHVLHLKQJHUXIHQXQGJHZHFNW 9LHOOHLFKWKDWWHGDVKHOOH/LFKWVLHYHUVFKHXFKW" :LOOSURELHUWHHVDXVXQGNLSSWHGHQ6FKDOWHUXPVRGD GLH'XQNHOKHLWGHQ5DXPYHUKOOWH .RPPLVVDU:LOO0DOOPDQQOHJWHVLFKDXIGHQ5FNHQXQG ODXVFKWHLQGLH)LQVWHUQLV
6HNXQGHQYHUVWULFKHQUHLKWHQVLFKDQHLQDQGHUZXUGHQ]X 0LQXWHQ:LOO0DOOPDQQDWPHWHQXUIODFK6HLQH$UPHKDWWH HUDQJHZLQNHOWGLH+lQGHODJHQDXIGHU%UXVWXQGGLH )LQJHUKLHOWHQGDV%LOGXPNODPPHUW (UNRQ]HQWULHUWHVHLQH*HGDQNHQDXI.DULQVWHOOWHVLHVLFK YRUXQGILHEHUWHGDQDFKGDVLHVLFKPLWLKPLQ9HUELQGXQJ VHW]WH 'UDXHQZDUHVUXKLJ:LOOOHEWHLQHLQHUUHLQHQ:RKQ JHJHQGVRGDYRQGHU6WUDHKHUNHLQHVW|UHQGHQ*HUlXVFKH DQVHLQH2KUHQGUDQJHQ (UNRQQWHVLFKYROOXQGJDQ]DXIGHQYRULKPOLHJHQGHQ 9HUVXFKNRQ]HQWULHUHQ 7DWVlFKOLFKHVNODSSWH 3O|W]OLFKZDUGLH6WLPPHGD :HQQDXFKQXUVFKZDFKMHGRFK]XYHUVWHKHQ ª:LOO:LOO©:LHHLQ+DXFKGUDQJHVDQVHLQHQ2KUHQ ª:LOOK|UVWGXPLFK"© ª-D©VW|KQWHGHU.RPPLVVDU (UZDULQ6FKZHLJHEDGHW:LHHLQH6FKLFKWNOHEWHHUDXI VHLQHP.|USHU'HU6FKODIDQ]XJZDUQD:LOOV%UXVWKRE XQGVHQNWHVLFKXQWHUVFKZHUHQ$WHP]JHQ (UKDWWHVLHJHK|UW 6HLQH.DULQ 6LHVSUDFKZHLWHUª9RUVLFKW:LOO*HIDKUGHU6FKZDU]H 7RG)DOOHIU-RKQ© 'DQQZDUGLH9HUELQGXQJZHJ9RQHLQHU6HNXQGH]XU DQGHUHQ:LHHLQH6FKDOOSODWWHGLHDEJHODXIHQZDU'HU .RPPLVVDUYHUQDKPQXUVHLQHHLJHQHQVFKZHUHQ$WHP]JH (UULHIQRFKHLQSDDUPDOQDFKGHU7RWHQGRFKVLHPHOGHWH VLFKQLFKWPHKU :LOO0DOOPDQQVHW]WHVLFKDXI'LH%HWWGHFNHUXWVFKWHYRQ VHLQHU6FKXOWHUHUIURU(LQSDDU+HU]VFKOlJHEOLHEHULQGLHVHU 6WHOOXQJVLW]HQXQGVHLQH*HGDQNHQUDVWHQ .DULQKDWWHLKQJHZDUQW$XVGHP-HQVHLWVKDWWHVLHGLH *HIDKUHUNDQQW%HJULIIHZLHGHU6FKZDU]H7RGXQG-RKQ
ZDUHQJHIDOOHQZRPLWVLHQXU-RKQ6LQFODLUJHPHLQWKDEHQ NRQQWH :LOO0DOOPDQQKDWWHLQVHLQHP/HEHQYLHOJHOHVHQ$XFK EHUGDV/HEHQQDFKGHP7RG0DQFKH:LVVHQVFKDIWOHU ZDUHQGHU0HLQXQJGDHVHLQ/HEHQQDFKGHP7RGJDEXQG GDGLHVHV/HEHQY|OOLJQRUPDODEOLHIDOOHUGLQJVDXIHLQHU DQGHUHQ(EHQH $XIGHUIHLQVWRIIOLFKHQ :HQQVLFK7RWHPHOGHWHQGDQQLPPHUQXUEHL/HXWHQ GHQHQVLHVHKUQDKHJHVWDQGHQKDWWHQ9HUZDQGWH(KHSDUWQHU ZLHEHL:LOO0DOOPDQQ $XIHLQPDOVFKLHQHLQ.UDIWVWURPGXUFKVHLQHQ.|USHU]X ODXIHQ(UZDUPLWHLQHPVSUXGHOQGHQ4XHOO]XYHUJOHLFKHQ GHUGHQ6DXHUVWRIILQ:LOOV%OXWDNWLYLHUWHXQGHLQHDOWH PRQDWHODQJH/HWKDUJLHIRUWEOLHVDOVKlWWHHVVLHQLHJHJHEHQ :LOOVSUWHZLHGHUGLH(QHUJLHGLHLKQJHSDFNWKLHOW 'DV/HEHQZDUGD8QGHLQH7RWHKDWWHGLH/HEHQGHQ JHZDUQW:LOO0DOOPDQQVFKZDQJVHLQH%HLQHDXVGHP%HWW (UQDKPGLH:DUQXQJHUQVWXQGHVZDUHLQ1DPHJHIDOOHQ -RKQ6LQFODLU (LQZHQLJKDWWH:LOO0DOOPDQQHLQVFKOHFKWHV*HZLVVHQDOV HUDQGHQ*HLVWHUMlJHUGDFKWH,QGHQOHW]WHQ:RFKHQKDWWHHU VLFKNDXPDQLKQHULQQHUW]XJURZDUGHU6FKPHU]JHZHVHQ GRFKGDVHPSIDQGGHU.RPPLVVDUSO|W]OLFKQXUDOVHLQH (SLVRGH-HW]WZDUHUZLHGHUGHUDOWHXQGHUZUGHGLH +HUDXVIRUGHUXQJDQQHKPHQ ,QGLHVHU1DFKWQRFKLQGLHVHU6WXQGH :LOO0DOOPDQQGXUFKTXHUWHGHQ6FKODIUDXPXQGJLQJ]XP 7HOHIRQ'LH1XPPHULQ/RQGRQNDQQWHHUDXVZHQGLJ:LOO DKQWHGDEHLQLFKWGDLFKHLQSDDUPDOYHUVXFKWKDWWHLKQ DQ]XUXIHQXQGQRFKEHYRUHUZlKOWHVFKULOOWHSO|W]OLFKGDV 7HOHIRQ
,FKGUFNWHGLHOHW]WH1XPPHULQGLH7DVWDWXU9LHO+RIIQXQJ KDWWHLFKQLFKWPHKU:LOOQRFK]XHUUHLFKHQGRFKLFKZROOWH QLFKWVXQYHUVXFKWODVVHQ 'HU5XIJLQJGXUFKXQGHVZXUGHEHUHLWVQDFKGHPHUVWHQ /lXWHQDEJHKREHQ ª0DOOPDQQ© ª6LQFODLU© ª-RKQ©:LOO0DOOPDQQVFKULHPHLQHQ1DPHQVRGDLFK YRU6FKUHFNGHQ+|UHUHLQ6WFNYRQPHLQHP2KUHQWIHUQW KLHOW ª+LPPHO:LOOZDVLVWGHQQORV"© 0HLQ)UHXQGDXV'HXWVFKODQGZDUY|OOLJDXIJHO|VW6RKDWWH LFKLKQVHOWHQHUOHEWYRUDOOHQ'LQJHQQLFKWLQGHQOHW]WHQ :RFKHQXQG0RQDWHQ 'LH:RUWHEHUVFKOXJHQVLFKIDVWDOVHUPLUEHULFKWHWHZDV LKPZLGHUIDKUHQZDU (UKDWWHPLW.DULQVHLQHUYHUVWRUEHQHQ)UDXJHVSURFKHQ 'LH(U|IIQXQJEHUUDVFKWHPLFK]ZDUGRFKVLHZDUIPLFK QLFKWXP,FKZXWHHEHQIDOOVYRQGHP/HEHQQDFKGHP7RG ZDUGDPLWVFKRQHLQSDDUPDONRQIURQWLHUWZRUGHQ 8QGMHW]W.DULQ0DOOPDQQ ª:DVJHQDXKDWVLHJHVDJW"©ZROOWHLFKZLVVHQ 0DOOPDQQV6WLPPHNODQJGQQDOVHUHUNOlUWHª6LHKDW YRP6FKZDU]HQ7RGJHVSURFKHQYRQHLQHUJURHQ*HIDKU XQGVLHKDWDXFKGHLQHQ1DPHQHUZlKQW-RKQ© ,FKEHUOHJWHILHEHUKDIW'DVNRQQWHNHLQ=XIDOOVHLQ%HL HLQHP0DQQIDQGLFK.DULQV%LOG*OHLFK]HLWLJPHOGHWHVLH VLFKEHLLKUHP0DQQ(UHLJQLVVHGLH]HLWOLFKVHKUGLFKW ]XVDPPHQODJHQ,FKZDUPLUVLFKHUGDVLFKLQGHQ 'LPHQVLRQHQGHV6FKUHFNHQVLUJHQGHWZDVJHJHQPLFK ]XVDPPHQEUDXWH6FKRQODQJHEURGHOWHHV'HU6FKZDU]H7RG PXWHHWZDVWXQVRQVWYHUORUHUGLH+HUUVFKDIWY|OOLJGHQQ $VPRGLQDODXHUWHEHUHLWVLP+LQWHUJUXQG:DKUVFKHLQOLFK VDPPHOWHHUVHLQH7UXSSHQ]RJZLHHLQH6SLQQHGLH)lGHQ XP]XHLQHPJHZDOWLJHQ6FKODJDXV]XKROHQ
(LQH*lQVHKDXWUDQQPLUEHUGHQ5FNHQDOVLFKGDUDQ GDFKWHGHQQLFKXQWHUVFKlW]WHGLH0DFKWGHV'lPRQV NHLQHVZHJV8QGKDWWHQGLH+H[HQDP%URFNHQQLFKWDXFK GDVJHKHLPQLVYROOH%XFKHUZlKQWGDV%XFKGHUJUDX VDPHQ7UlXPHLQGHPJHVFKULHEHQVWDQGZLHPDQGHQ 6FKZDU]HQ7RGYHUQLFKWHQNRQQWH" 'LH=HLFKHQVWDQGHQDXI6WXUP,FKIKOWHGDV3ULFNHOQLQ PHLQHP,QQHUQXQGZDUVLFKHUGDGLHJURH(QWVFKHL GXQJVVFKODFKW]ZLVFKHQPLUXQGPHLQHP(U]IHLQGGLFKW EHYRUVWDQG 'LH)UDJHVWHOOWHVLFKQXURELFKHVEHUOHEHQZUGH:HQQ LFKGDV%XFKQLFKWIDQGZRKONDXP'HVKDOEPXWHLFKHV XQEHGLQJWLQPHLQHQ%HVLW]EULQJHQ'LH6SXUHQZLHVHQQDFK 'HXWVFKODQG ª%LVWGXQRFKGUDQ"©IUDJWH:LOO0DOOPDQQ ª1DWUOLFK© ª:DVVDJVWGXGD]X"© ,FKKROWHHUVW/XIWEHYRULFKGLH$QWZRUWJDEª1HQQHHV *OFNRGHU=XIDOO:LOODEHULUJHQGZLHDUEHLWHQZLUDP VHOEHQ)DOO'DVKHLWLFKNRPPHUEHU]XGLU© ª:DQQ"© ª0LWGHUQlFKVWHQ0DVFKLQH© ª2ND\8QGGDQQ"© ,FKHUNOlUWHLKPGDLFKLQGHQDQGHUHQ7HLO*HUPDQ\V PWH :LOOVWLHHLQHQ6HXI]HUDXVª8P+LPPHOVZLOOHQ-RKQ GDVLVWVFKZLHULJZHQQQLFKWVRJDUXQP|JOLFK© ª(VEUDXFKWMDQLFKWRIIL]LHOO]XVHLQ© ª'LH*UHQ]HLVW]XJXWEHZDFKW© ª9LHOOHLFKWILQGHLFKHLQH6WHOOHZRZLUGXUFKVFKOSIHQ N|QQHQ©,FKGDFKWHGDEHLDQGHQWRWHQ+X[OH\6LFKHUOLFK JDEHV8QWHUODJHQEHUVHLQHQ)OXFKWZHJ :LOO0DOOPDQQHUNXQGLJWHVLFKQDWUOLFKQDFKGHPHLJHQW OLFKHQ*UXQGPHLQHV$QUXIVGHQQELVKHUZDULFKQLFKWGD]X JHNRPPHQLKPGHQPLW]XWHLOHQ
(UZDUEHUUDVFKWDOVHUK|UWHGDLFKGDV%LOGVHLQHUWRWHQ )UDXEHLHLQHP7RWHQHQWGHFNWKDWWH ª'DVJLEWHVGRFKQLFKW©IOVWHUWHHU ª(VLVWDEHUVR© ª8QGZREHVWHKWGDHLQH9HUELQGXQJ]ZLVFKHQDOOGHQ 'LQJHQ"© ,FKODFKWHª8PGDVKHUDXV]XILQGHQNRPPHLFKMD]XGLU :LOO'LH6SXUQHKPHQZLUQLFKWKLHULQ(QJODQGDXIVRQGHUQ EHLGLULQ*HUPDQ\© ª'DQQGUFNHLFKXQVMHW]WVFKRQGLH'DXPHQ©VDJWH:LOO ª'DVNDQQVWGXDXFK© 'LHEHLGHQ:LVVHQVFKDIWOHUEOLFNWHQVLFKEHUUDVFKWXQG LUULWLHUW]XJOHLFKDQ 'HU6FKZDU]H7RGODFKWHVFKDXULJDOVHULKUH9HUEOIIXQJ EHPHUNWHª-D©JUROOWHHUªLKUVROOWHLQ*UDEDXVKHEHQIU GLHVHQYHUGDPPWHQ-RKQ6LQFODLU© ª8QGZHULVWGHU0DQQ"©HUNXQGLJWHVLFK$UWKXU&RUQZDOO QDFKHLQHU:HLOH ª(LQ)HLQG©]LVFKWHGHU6FKZDU]H7RG6HLQH:RUWH NODQJHQVRKDHUIOOWGDHVGHQ0lQQHUQNDOWGHQ5FNHQ KLQXQWHUOLHI6RKDWWHQVLHQRFKQLHMHPDQGHQVSUHFKHQK|UHQ ,QGLHVHQEHLGHQ:RUWHQVWHFNWHQVRYLHODQ:XW=RUQ+D XQG$EVFKHXGDVLFKGLH0lQQHU]XIUFKWHQEHJDQQHQ -DGLHVHU*UDXVDPHNRQQWHKDVVHQ9LHOVWlUNHUDOVGLH 0HQVFKHQ6LHIUDJWHQDXFKQLFKWZRKHUGDV6NHOHWWNDPXQG ZHOFKH$XIJDEHHV]XHUIOOHQKDWWHIUVLHJLQJHVQXUXPV hEHUOHEHQ ª:RPLWVROOHQZLUGDV*UDEDXVKHEHQ"©HUNXQGLJWHVLFK GHU(QJOlQGHU 'LH.QRFKHQKDQGZLHVQDFKUHFKWV'RUWODJHQ6SDWHQXQG +DFNHQ:LHYRQ*HLVWHUKDQGJHIKUWZDUHQVLHKLHUDXI GHP)ULHGKRIHUVFKLHQHQ 6RHWZDVHUP|JOLFKWHQXUGLH6FKZDU]H0DJLH
ª8QGZDQQHUVFKHLQWGLHVHU-RKQ6LQFODLU"©HUNXQGLJWHVLFK $UWKXU&RUQZDOO ª,UJHQGZDQQ©HUKLHOWHU]XU$QWZRUWª(UZLUGDOV /HEHQGHUGLHVHQ)ULHGKRIHUUHLFKHQGDQQZHUGHLFKLKQ W|WHQXQGLKUVROOWLKQYHUVFKDUUHQ:HQQHUKLHULVWNDQQLFK HXFKPHLQH0DFKWEHZHLVHQ)DQJWMHW]WPLWGHU$UEHLWDQ© 'HU6FKZDU]H7RGKDWWHGLHOHW]WHQ:RUWHNDXPJH VSURFKHQDOVVHLQH*HVWDOWGXUFKVLFKWLJZXUGHXQGVFKOLH OLFK]XHLQHPJUDXHQ6FKHPHQ]HUIOR =XUFNEOLHEHQGLH:LVVHQVFKDIWOHUXQGQDWUOLFKGHU5DEH GHUGLH0HQVFKHQNHLQH6HNXQGHDXVGHQ$XJHQOLH 6YHQ-DQVVRQVFKDXWHDXIGDV:HUN]HXJª9HUVWHKVWGXGDV $UW"©IUDJWHHU 'HU(QJOlQGHUVFKWWHOWHGHQ.RSIª1HLQLFKKDEHHVPLU DOOHUGLQJVDEJHZ|KQWQRFKJUR]XGHQNHQ© ª8QGZDUXP"©6YHQEOLFNWHGHQ)UHXQGHUVWDXQWDQª6R NHQQHLFKGLFKJDUQLFKW© ª:HLOZLUQLFKWVPDFKHQN|QQHQYHUGDPPW:LUVLQG*H IDQJHQHGLHVHVULHVLJHQ6NHOHWWV7XWPLUOHLG© ª,FKGHQNHLPPHUGDUEHUQDFKZRKHUHVNRPPW© 'HU(QJOlQGHUEOLHVGLH:DQJHQDXIª'DVLVWPLUGRFKHJDO ]XP7HXIHO© ª7HXIHOLVWJXW©6YHQVHQNWHVHLQH6WLPPHª9LHOOHLFKWLVW GDVVRJDUGHU7HXIHOXQGZLUVLQGLQGHU+|OOHJHODQGHW 0|JOLFKLVWVFKOLHOLFKDOOHV© ª,FKJODXEHQLFKWGDHVGHU6DWDQLVW©ZLGHUVSUDFK$UW ª:HUGDQQ"© ª'XJODXEVWDQ'lPRQHQ"©IUDJWH$UW ª-HW]WMD© 'HU1RUZHJHUQLFNWHYHU]RJMHGRFKVHLQ*HVLFKWGDGLH :XQGHQEHLGLHVHU%HZHJXQJVFKPHU]WHQª.RPP©VDJWHHU PLWGXPSIHU6WLPPHª/DXQVDQIDQJHQ]XJUDEHQ©(UJLQJ YRUXQGQDKPHLQHQ6SDWHQDXIZlKUHQGVHLQ)UHXQG VWHKHQEOLHE ª:DVLVWPLWGLU"©IUDJWH6YHQ
$UWGHXWHWHLQGLH5XQGH6HLQDXVJHVWUHFNWHU)LQJHUZLHV DXIMHGHQHLQ]HOQHQ*UDEVWHLQª,FKIUDJHPLFKZHUGRUW XQWHUGHU(UGHOLHJW©PXUPHOWHHU ª:LOOVWGXQDFKVHKHQ"© ª5HL]HQZUGHHVPLFKVFKRQ© 6YHQKREEHVFKZ|UHQGVHLQHUHFKWH+DQGª/DQXUGLH )LQJHUGDYRQ$UW© ª,FKKDEHQXUODXWJHGDFKW© ª+RIIHQWOLFK© $XFK$UW&RUQZDOOQDKPMHW]W:HUN]HXJ]XU+DQG'HU 6FKZDU]H7RGKDWWHLKQHQQLFKWJHVDJWZRVLHGDV*UDEDXV KHEHQVROOWHQ6LHVXFKWHQVLFKNXU]HUKDQGHLQHQIUHLHQ)OHFN DXVXQGVWDFKHQGHQ6SDWHQLQGLH(UGH 6FKZHLJHQGDUEHLWHWHQVLH 'LH/XIWZDUXPNHLQ*UDGNKOHUJHZRUGHQ1DFKZLHYRU GUFNWHGLH)HXFKWLJNHLWXQGWULHEGHQ0lQQHUQGDV:DVVHU DXVGHQ3RUHQ6DO]LJHU6FKZHLUDQQLKQHQLQGLH$XJHQ6LH DWPHWHQQXUGXUFKGHQRIIHQHQ0XQGNHXFKHQGXQG VWRZHLVH 'HU%RGHQZDUIHXFKWXQGGHVKDOEVFKZHU6FKDXIHOIU 6FKDXIHOVFKOHXGHUWHQVLH]XU6HLWHVRGDVLFKQHEHQGHP *UDEVFKRQEDOGHLQ+JHODXIWUPWH 6YHQVWLHVFKOLHOLFKGHQ6SDWHQLQGDV(UGUHLFKVHW]WH VLFKª:HLWGXZLHWLHIVROFKHLQ*UDEQRUPDOHUZHLVHLVW"© IUDJWHHU &RUQZDOOK|UWHHEHQIDOOVDXI]XDUEHLWHQZLVFKWHVLFKPLW GHPbUPHOGHQ6FKZHLYRQGHU6WLUQXQGVFKWWHOWHGHQ .RSIª1HLQNHLQH$KQXQJ,FKKDEHQRFKNHLQHVDXVJH KREHQ© 6LHJUXEHQZHLWHUVFKDXIHOWHQLPPHUPHKU(UGUHLFKKRFK XQGVFKOHXGHUWHQHVDXIGHQ+JHO 'HU%HUJZXUGHK|KHUXQGGDV*UDEGDVIUHLQHQJH ZLVVHQ6LQFODLUVHLQVROOWHQDKPPHKUXQGPHKU*HVWDOWDQ 1DFKHLQHU:HLOHZDUI$UW&RUQZDOOGHQ6SDWHQZHJ VWHPPWHGLH+lQGHHLQXQGVDJWHª'DVPWHUHLFKHQ©
1LFNHQGJDE6YHQ-DQVVRQVHLQH=XVWLPPXQJª$XIGLHVHQ 6LQFODLUELQLFKZLUNOLFKPDOJHVSDQQW©VDJWHHUª+DVWGX YRQLKPVFKRQPDOZDVJHK|UW"© $UWVFKWWHOWHGHQ.RSIª1HLQDEHU(QJODQGLVWJUR,FK NDQQQLFKWMHGHQNHQQHQ© ª7URW]GHPPXHUHLQEHVRQGHUHU0DQQVHLQZHQQGDV 6NHOHWWVLFKVRXPLKQNPPHUW1RUPDOHUZHLVHLVWHVIU GLHVHQ'lPRQGRFKHLQIDFK0HQVFKHQZLHXQV]XW|WHQ'D 6LQFODLUHLQhEHUPHQVFKLVWJODXEHLFKQLFKW© 'LHEHLGHQ:LVVHQVFKDIWOHUXQWHUKLHOWHQVLFKZLHGHUY|OOLJ QRUPDO'LH$QJVWZDU]XPJU|WHQ7HLOJHZLFKHQ6LHKDWWHQ VLFKLKUHU8PJHEXQJDQJHSDWVRGDGDV6SULFKZRUWª'HU 0HQVFKLVWHLQ*HZRKQKHLWVWLHU©ZLHGHUHLQPDOVHLQH %HVWlWLJXQJIDQG 'RFKGLH5XKHZDUWUJHULVFK %HLGH0lQQHUK|UWHQ]XUVHOEHQ=HLWGDVWRVHQGH*UROOHQ :LHHLQ8QZHWWHUODJHVLQGHU/XIWXQGWULHE6YHQDOVDXFK $UWGHQ$QJVWVFKZHLDXIGLH6WLUQ 6LH]RJHQLKUH:DIIHQXQGJOLWWHQELVDQGLHDOWH0DXHUGHV )ULHGKRIV]XUFN 'HUJURH5DEHEUHLWHWHVHLQH)OJHODXVNUlFK]WHDXIJHUHJW XQGVSUDQJDXIGHP$VWKLQXQGKHU (WZDVZDULP$QPDUVFK 'HU%RGHQEHJDQQ]XYLEULHUHQ*HQDXLP5K\WKPXVHLQHU 6FKULWWIROJH(VVFKLHQDOVZUGHVLFKHLQ5LHVHGHP)ULHGKRI XQGGDPLWGHQEHLGHQ0lQQHUQQlKHUQ 7LHILP:DOGHUW|QWHHLQVFKDXULJHV)DXFKHQ 3O|W]OLFKNUHLVWHQJHZDOWLJH9|JHOLQGHU/XIWHLQH 0LVFKXQJDXV*HLHUXQG(FKVH6LHVWLHHQLQGHQJUDXHQ +LPPHODOVKlWWHQVLHYRULUJHQGHWZDVVFKUHFNOLFKH$QJVW %lXPHNQLFNWHQZLH6WUHLFKK|O]HUZHJ'LH0lQQHUYHU QDKPHQGLHNUDFKHQGHQ*HUlXVFKHGDV)DXFKHQZXUGH ODXWHUGHU%RGHQHUEHEWHMHW]WXQGGDV6WDPSIHQVFKZROO]X HLQHPUHJHOUHFKWHQ'RQQHUQDQ ª0HLQ*RWW©IOVWHUWH6YHQª:DVNDQQGDVVHLQ"©
ª9LHOOHLFKWHLQ7LHU©PHLQWH$UW (UKDWWHPLWVHLQHU9HUPXWXQJUHFKW(VZDUWDWVlFKOLFKHLQ 7LHU$EHUZDVIUHLQV =XHUVWVDKHQGLH0lQQHUQXUHLQHQJHZDOWLJHQ6FKDWWHQ ]ZHL%lXPHNQLFNWHQXPXQGGXUFKGLHHQWVWDQGHQH/FNH VDKHQGLHEHLGHQ:LVVHQVFKDIWOHUGDVJUlOLFKH8QWLHU (LQULHVLJHVPLWODQJHQ=lKQHQDXVJHVWDWWHWHV0DXOJUR ZLHHLQ6FKHXQHQWRUZXUGHDXIJHULVVHQXQGGDV)DXFKHQ VFKDOOWHGHQ0lQQHUQHQWJHJHQZLHGLH7URPSHWHQGHV -QJVWHQ*HULFKWV ª/LHEHU+LPPHO©IOVWHUWH&RUQZDOOª(LQ7\UDQQRVDXUXV 5H[GDVJHIlKUOLFKVWH7LHUEHUKDXSW© $Q6DXULHUGDFKWHLFKQDWUOLFKQLFKWDOVLFKPHLQ%UR YHUOLHXQG]XU:RKQXQJIXKU,FKKDWWHPLFKHQWVFKORVVHQ 6XNRPLWQDFK'HXWVFKODQG]XQHKPHQ'HU&KLQHVHZDU HLQHVHKUJURH+LOIHZHQQHVKDUWDXIKDUWJLQJ 1DWUOLFKVFKOLHIHUVWDQGDEHUVFKRQEHLP]ZHLWHQ .OLQJHOQLQGHURIIHQHQ7UXQGVWDUUWHPLFKHUVWDXQWDQ ª'XKLHU"© ª)UDJQLFKWVRODQJHVRQGHUQQLPPQRFKHLQH0W]HYROO 6FKODI,QGUHL6WXQGHQJHKWXQVHUH0DVFKLQH© ª8QGZRKLQZHQQLFKIUDJHQGDUI"© ª1DFK'HXWVFKODQG:LUIOLHJHQELV+DQQRYHU© ª:DVVROOHQZLUGD"© ª3RPPHVIULWHVVFKQHLGHQ,FKHUNOlUHGLUDOOHVVSlWHU© VDJWHLFKJULQVHQGXQGYHUVFKZDQGLQPHLQHU:RKQXQJ 6XNRZDUVROFKH'LQJHJHZRKQW ,FKOHJWHPLFKDXFKQRFKKLQ6HOWVDPHUZHLVHVFKOLHILFK UDVFKHLQWURW]GHUYHUJDQJHQHQ(UHLJQLVVH ,FKWUlXPWHYRQ+H[HQDXIJOKHQGHQ%HVHQ'RFKEHU DOOHPVFKZHEWHZLHHLQHJHZDOWLJH'URKXQJGLH*HVWDOWGHV 6FKZDU]HQ7RGV =ZHL6WXQGHQVSlWHUGDFKWHLFKXQWHUGHU'XVFKHEHU
PHLQHQ7UDXPQDFKXQGKDWWHGDV*HIKOGDPLUZLUNOLFK HLQH(QWVFKHLGXQJVVFKODFKWEHYRUVWDQG :LFKWLJZDUMHGRFKHUVWPDOGDV%XFKGHUJUDXVDPHQ 7UlXPH:HQQLFKGLH6FKULIWLQ+lQGHQKLHOWZDUVFKRQYLHO JHZRQQHQ ,FKZDUQRFKEHLP$Q]LHKHQGDNORSIWH6XNREHUHLWVJHJHQ GLH7U'HQ.RIIHUKLHOWHULQGHU+DQGXQGJULQVWHZLHHLQ +RQLJNXFKHQSIHUG ª:DVKDW6KDRJHVDJW"©IUDJWHLFK ª*DUQLFKWV6LHZXQGHUWVLFKQXULPPHUZLHGHU© ª'DQQHUJHKWHVLKUQLFKWDQGHUVDOVPLU6LQGGLH:DIIHQ NODU"©HUNXQGLJWHLFKPLFK 6XNRQLFNWHª)OLHJHQZLUPLWJURHP*HSlFN"© ª-D© ª:RUXPJHKWHVGHQQ"© ,FKZHLKWHGHQ&KLQHVHQHLQXQGVDJWHLKPGDHVZDKU VFKHLQOLFKJHJHQGHQ6FKZDU]HQ7RGJLQJ ª'XPHLQVWHVNDQQ]XU(QWVFKHLGXQJNRPPHQ"© ª%HVWLPPW© 6XNRZROOWHHWZDVVDJHQGRFKGDV7HOHIRQNOLQJHOWH,FK KREDEXQGZDUQLFKWHUVWDXQWPHLQHQ&KHI6XSHULQWHQGHQW 3RZHOODQGHU/HLWXQJ]XKDEHQ ª:DVK|UHLFKGD"6LHZROOHQQDFK*HUPDQ\IOLHJHQ"© ,FKHUNOlUWHLKPGLH/DJH 3RZHOOK|UWHDXIPHUNVDP]Xª:HQQ6LHGHQ(LQVDW]IU JHUHFKWIHUWLJWKDOWHQELWWH© ª-DLFKPXUEHU© ª*XW-RKQ,FKGUFNH,KQHQEHLGH'DXPHQ© ª1HKPHQ6LHGLH=HKHQDXFKQRFKKLQ]X©VDJWHLFKª:LU N|QQHQHVEUDXFKHQ© )QI0LQXWHQVSlWHUZDUHQZLUXQWHUZHJV]XP)OXJKDIHQ :LUKDWWHQHLQ7D[LEHVWHOOWXQGGHU:DJHQZDUDXFKVHKU VFKQHOOGD :lKUHQGGHU)DKUWVSUDFKHQZLUNHLQ:RUWPLWHLQDQGHU -HGHUKLQJVHLQHQ*HGDQNHQQDFK
,FKNRQQWHGLH:DIIHQPLWGXUFKGHQ=ROOQHKPHQXQG EUDXFKWHNHLQH.RQWUROOHEHUPLFKHUJHKHQ]XODVVHQ (EHQVRZUGHHVXQVLQ+DQQRYHUJHKHQGDIUVRUJWH .RPPLVVDU0DOOPDQQ 9LHO%HWULHEKHUUVFKW]XP*OFNQLFKWXQGDXFKGLH 0DVFKLQHZDUQXU]XU+lOIWHEHVHW]W(LQHQHWWH6WHZDUGH VHUYLHUWHXQVHLQJXWHV)UKVWFNXQGLFKPDFKWHHEHQVRZLH 6XNRQRFKHLQNOHLQHV1LFNHUFKHQ 'LH$QVDJHZHFNWHPLFK ª$QVFKQDOOHQ]XU/DQGXQJ© hEHU+DQQRYHUODJHLQWUEHU+LPPHO(UXQWHUVFKLHGVLFK QLFKWYRQGHPLQ/RQGRQ'HU:LQWHUKDWWHVLFKZLHGHUHWZDV ]XUFNJH]RJHQGLH7HPSHUDWXUHQODJHQEHUGHP*HIULHU SXQNWXQGPLW*ODWWHLVZDUQLFKW]XUHFKQHQ 5XKLJVHW]WHGHU5LHVHQYRJHODXI :LUZDUHQPLWGLHHUVWHQ3DVVDJLHUHGLHDXVVWLHJHQ .RPPLVVDU0DOOPDQQHUZDUWHWHXQVEHUHLWV(UZDUPLWGHU 0DVFKLQHDXV)UDQNIXUWJHNRPPHQ ,FKHUVFKUDNDOVLFKLKQVDK:LHKDWWHVLFKGHUJXWH:LOOLQ GHUOHW]WHQ=HLWYHUlQGHUW 8QWHUVHLQHQ$XJHQODJHQGLFNH5LQJH7LHIIXUFKWHQGLH )DOWHQVHLQ*HVLFKWGHU0XQG]HLJWHHLQHVRUJHQYROOH .UPPXQJ$OOGDVZLHVGDUDXIKLQZLHVHKULKQ.DULQV7RG PLWJHQRPPHQKDWWH $XFKVHLQ+lQGHGUXFNZDUQLFKWVRIHVWXQGGLH%H JUXQJOlQJVWQLFKWVREHUVFKZHQJOLFKZLHVRQVW 7URW]GHPIUDJWHLFKª:LHJHKWHVGLU:LOO"© ª(VJLQJPLUPDOVFKOHFKWHU©HUZLGHUWHHUª1DFKGHLQHP $QUXIVSUHLFKVRHWZDVZLH(QHUJLHGLHLQPHLQHQ.|USHU ]XUFNNHKUWZHQQGXYHUVWHKVWZDVLFKPHLQH© ª6LFKHU:LOO© 6XNRZDUQRFKKXQJULJ(UVFKOXJYRULQV)OXJKDIHQ 5HVWDXUDQW]XJHKHQXQGZLUZDUHQHLQYHUVWDQGHQ :LOO0DOOPDQQEHVWHOOWHVLFKHEHQIDOOVHLQ)UKVWFNLFK EHOLHHVEHLHLQHU7DVVH.DIIHH
=ZLVFKHQ]ZHL%LVVHQPHLQWHGHU.RPPLVVDUª,FKKDEH HLQHQ/HLKZDJHQEHVRUJW© ª'DVZDUJXW©8QZLOONUOLFKPXWHLFKOlFKHOQGHQQ:LOO DPLWHLQHPZDKUHQ+HLKXQJHU9RQ.DULQKDWWHHUELVKHU QRFKQLFKWJHVSURFKHQGRFKGDV7KHPDNDP]ZDQJVOlXILJ ª:RKHUKDWWHGLHVHU3HQVLRQlUGDV%LOG"©ZROOWH:LOO ZLVVHQ ,FKKREGLH6FKXOWHUQª(VWXWPLUOHLG+X[OH\ZXUGHJH W|WHWEHYRUHUPLUGDVVDJHQNRQQWH© ª:LUNOLFKYRQHLQHU+H[H"© ª-D© ª(VLVWNDXP]XIDVVHQ©:LOO0DOOPDQQKDWWHODQJH]XGHQ =ZHLIOHUQJHK|UW(UKDWWHQLFKWDQ'lPRQHQXQG*HLVWHU JHJODXEWZDUDEHUVFKOLHOLFKEHU]HXJWZRUGHQ :LOOEUDQQWHHLQH)UDJHDXIGHQ/LSSHQª:LHNRPPHQZLU EHUGLH*UHQ]H"© ª:HQQZLU*OFNKDEHQKHLO©HUZLGHUWHLFKXQGJDEHLQH NXU]H(UNOlUXQJDEGLH,QIRUPDWLRQGLHPLUGHU([$JHQW +X[OH\DQYHUWUDXWKDWWHª$XIGLHVHP:HJZHUGHQZLULQ GHQDQGHUHQ7HLO'HXWVFKODQGVJHODQJHQ(ULVWQDWUOLFK QLFKWXQJHIlKUOLFK©VDJWHLFKªGRFK]XP*OFNLVWHUQLFKW YHUPLQW© ª*LEWHVGRUWEHUKDXSWNHLQH6LFKHUXQJ"©ZROOWH6XNR ZLVVHQ ª'RFK*UHQ]VROGDWHQ©VDJWH0DOOPDQQ ª.HQQVWGXLKUH:DFKHLQWHLOXQJ"©IUDJWHLFK :LOOJULQVWHª-D© 'DPLWZDUHQ6XNRXQGLFKEHUXKLJW :LOOOLHHVVLFKWURW]XQVHUHU3URWHVWHQLFKWQHKPHQGDV )UKVWFN]XEH]DKOHQ,FKEOLFNWHGHUZHLOGXUFKGLHJURH 6FKHLEHDXIGDV5ROOIHOG (LQH0DVFKLQHVWDUWHWHHVZDUHLQLPSRVDQWHU$QEOLFN,FK KRIIHQXUGDZLUYRQGLHVHP)OXJKDIHQDXVHEHQIDOOVGHQ 5FNIOXJDQWUHWHQNRQQWHQRKQHGDGHU6FKZDU]H7RGXQV YHUQLFKWHWKDWWH
ª7UlXPVWGX-RKQ"©6XNRV6WLPPHXQWHUEUDFKPHLQH *HGDQNHQ ª6RUU\LFKKDEHQXUHLQZHQLJQDFKJHGDFKW© ª(VZDUHQDEHUNHLQHJXWHQ*HGDQNHQ©YHUPXWHWH:LOO 0DOOPDQQ ª.DQQVHLQ© hEHUHLQH5ROOWUHSSHIXKUHQZLULQGDVXQWHUH*HVFKR:LOO PXWHQRFK]XU:DJHQYHUPLHWXQJXPGHQ6FKOVVHOXQG GLH3DSLHUHDE]XKROHQ =ZHL0LQXWHQVSlWHUZDUDOOHVHUOHGLJW:LUNRQQWHQLQGHQ GXQNHOEODXHQ0HUFHGHVHLQVWHLJHQ 'HU.RPPLVVDUIXKUVHOEVWª,FKKDWWHPLUJHGDFKWHVLVW EHVVHUZHQQZLUHLQHQJURHQ:DJHQPLHWHQGDULQKDEHQ ZLUZHQLJVWHQV3ODW]© ª+DXSWVDFKHZLUJHODQJHQDQV=LHO©PHLQWH6XNRXQG OHKQWHVLFKLP)RQGEHKDJOLFK]XUFN(UKDWWHGHQ5DXPIU VLFKDOOHLQZDVLKPDXVQHKPHQGJXWJHILHO 9RQ+DQQRYHUDXVIXKUHQZLUDXIGHU$XWREDKQLQ 5LFKWXQJ*|WWLQJHQ6LHZDU]LHPOLFKIUHLXQG0DOOPDQQ NRQQWHEHTXHPVHLQHIDKUHQHLQHJXWH5HLVH JHVFKZLQGLJNHLW $XWREDKQIDKUWHQVLQGPHLVWHQVODQJZHLOLJYRUDOOHQ 'LQJHQGDQQZHQQPDQQLFKWVHOEVWIlKUW%LV*|WWLQJHQ EUDXFKWHQZLUQLFKW]XIDKUHQEHL*RVODUERJHQZLUYRQGHU 6FKQHOOVWUDHDE ,P2VWHQZDUHQVFKRQGLHEHZDOGHWHQ+lQJHGHU %HUJODQGVFKDIW]XVHKHQ'HU+DU]JUWHKHUEHU$XIGHQ PHLVWHQ+|KHQODJQRFK6FKQHH$OVLFK:LOOGDUDXI DQVSUDFKGDODFKWHHU ª,P+DU]LVWGDV.OLPDUDXK'DEOHLEWGHU6FKQHHRIWELVLQ GHQ0DLKLQHLQOLHJHQ©(UUlXVSHUWHVLFKª9RUDOOHQ'LQJHQ DXIGHQK|FKVWHQ%HUJHQ© 9RQ*RVODUJLQJHVQDFK%DG+DU]EXUJ:LUVWLHHQLQGHQ WLHIHQ+DU]KLQHLQIXKUHQDEHUK|KHUXQGVFKRQEDOGJOLW ]HUWHHVUHFKWVXQGOLQNVGHU6WUDHZHL6FKQHH
(VZDUHLQHVFK|QH*HJHQG'LH2UWHVFKLHQHQDOOHVDPWLKU )HVWNOHLGDQJHOHJW]XKDEHQ/LIWHWUDQVSRUWLHUWHQGLH6NL IDKUHULQDEIDKUWVZUGLJH+|KHQ6SD]LHUJlQJHUVFKULWWHQLQ GHUNODUHQ/XIWWFKWLJDXVXQGGLH.LQGHUKDWWHQLKUHQ6SD EHLP5RGHOQ :LUHUUHLFKWHQ%DG+DU]EXUJ 'LHVHU2UWGDV=HQWUXPGHV+DU]HU)UHPGHQYHUNHKUVOLHJW VFKRQQDKDQGHU=RQHQJUHQ]H+LHUSXOVLHUWGDV/HEHQIDVW GDVJDQ]H-DKUKLQGXUFK :LOO0DOOPDQQHUNOlUWHGDVDOOHV +LQWHUGHU6WDGWZXUGHHVHLQVDP:LUIXKUHQJHUDGHZHJV DXIGLH*UHQ]H]X0LOLWlUEHJHJQHWHXQV-HHSV/DVWZDJHQ ª'DVLVWGHU%XQGHVJUHQ]VFKXW]©NOlUWH:LOOXQVDXI :LUIXKUHQGXUFK]ZHLNOHLQH2UWHGHUHQ1DPHQLFKYHU JHVVHQKDEH$XIGHQ7DQQHQXQG)LFKWHQODJNHLQ6FKQHH PHKU'HU:LQGKDWWHLKQZHJJHIHJWQXUQRFKGHU%RGHQZDU YRQGLHVHUZHLHQ6FKLFKWEHGHFNW 'LH)DKUEDKQZXUGHHQJHU0DQFKPDOVFKLHQVLHYRQGHQ +lQJHQUHJHOUHFKW]XVDPPHQJHSUHW]XZHUGHQ :LHGHUHLQ2UW 0LOLWlUDXFKKLHU,FKVDK6FKLOGHUGLHDXI.DVHUQHQKLQ ZLHVHQ:LUIXKUHQYRQGHU6WUDHDE 'LH5HLIHQGHV:DJHQVZKOWHQGXUFKGHQ6FKODPPHLQHV )HOGZHJHV8QWHUGHP6FKQHHZDUHVPDWVFKLJ'HU 0HUFHGHVVFKDXNHOWHZLHHLQPGHU*DXOKLHOWVLFKMHGRFK WDSIHU :LUVDKHQHUVWH:DUQVFKLOGHU'UHLVSUDFKLJVWDQGGRUWGHU 7H[W0DQZDUQWHYRU0LQHQXQG6HOEVWVFKVVHQ ,FKVFKOXFNWH 9RQGHU=RQHQJUHQ]HKDWWHLFKELVKHUQXUJHK|UWVDKVLH DOVR]XPHUVWHQ0DOLQPHLQHP/HEHQ (VLVWVFKRQNRPLVFKZHQQPDQZHLGDHLQ/DQGGXUFK VROFKHLQH*UHQ]HJHWHLOWLVW :DKQVLQQ ª:DVLVWPLWGLU-RKQ"©IUDJWH:LOO0DOOPDQQ
ª,FKGDFKWHEHUGLH*UHQ]HQDFK© ª'DVGDUIVWGXJDUQLFKW6RQVWNDQQVWGXVFKZHUPWLJ ZHUGHQ© ª'XNHQQVWGLFKGRFKKLHUVLFKHUDXV"©0LWGLHVHU)UDJH YHUVXFKWHLFKPHLQH*HGDQNHQLQDQGHUH%DKQHQ]XOHQNHQ ª1HLQLFKZDUQRFKQLFKWKLHU© 'HU.RPPLVVDUVWRSSWHPLWWHQDXIGHP)HOGZHJXQGKROWH GLH.DUWHDXVGHU,QQHQWDVFKHGLHLFKQDFK+X[OH\V$QJDEHQ JH]HLFKQHWKDWWH=ZLVFKHQVHLQHPXQGPHLQHP6LW]EUHLWHWH HUVLHDXV 6XNRVFKDXWH]ZLVFKHQXQVHUHQ6FKXOWHUQGXUFK ª:LUEHILQGHQXQVKLHU©HUNOlUWH:LOOXQGVHW]WHVHLQHQ =HLJHILQJHUDXIHLQHQ6WULFKª'DVLVWGHU:HJGHQZLU IDKUHQ©'HU)LQJHUZDQGHUWHZHLWHUª+LHULVWGLH*UHQ]H,KU VHKWGHU:HJIKUWJHQDXGDUDXI]X© ,FKPDFKWH:LOODXIGLHHLQJH]HLFKQHWHQ:DFKWUPHDXI PHUNVDP ª'DVVROOXQVQLFKWZHLWHUMXFNHQ$XFKQLFKWDP7DJHGHQQ HVJHKWJOHLFKXQWHULUGLVFKZHLWHU© ª,FKODVVHPLFKEHUUDVFKHQ© 'HU.RPPLVVDUOlFKHOWHª,FKDXFK© :LUIXKUHQQRFKHWZDIQIKXQGHUW0HWHUGDQQIXKU:LOO PLWGHP:DJHQUHFKWVHLQHNOHLQH6FKQHLVHLQV*HEVFK :LUVWLHJHQDXV ,P:DJHQOLHIGLH+HL]XQJGRFKKLHUWUDIXQVHLQNDOWHU UDXKHU:LQG ,FKVWHOOWHGHQ.UDJHQKRFK :LOOGHXWHWHQDFKYRUQª'DN|QQWLKUVFKRQGLH:DFKWUPH VHKHQ6LHVWHKHQEHUDOOHQWODQJGHU*UHQ]H8QGZHQQLKU ZHLWHUVFKDXWGLH%HUJVSLW]HGRUWGLHK|FKVWHGDVLVWGHU %URFNHQZRVLFKGHU6DJHQDFKGLH+H[HQYHUVDPPHOQ© ª0VVHQZLUGDKRFK"©IUDJWH6XNR ª9LHOOHLFKW©HUZLGHUWHLFK ª,FKKlWWH%HUJVFKXKHPLWQHKPHQVROOHQ©HUZLGHUWHGHU &KLQHVHXQGJULQVWHVlXHUOLFK
ª(VJLEWDXFKHLQHQ/LIW©VDJWH0DOOPDQQ 'DQDFKVFKZLHJHQZLU'HU.RPPLVVDUEHUQDKPGLH )KUXQJDOVZLULQ5LFKWXQJ2VWHQJHQDXDXIGLH=RQHQ JUHQ]H]XPDUVFKLHUWHQ$P+LPPHOVWDQGHLQHEODVVH :LQWHUVRQQH$QYLHOHQ6WHOOHQZDUGHU6FKQHHVFKRQZHJ JHWDXW:LUJLQJHQGXUFKWLHIHQ0DWVFKGHUXQVPDQFKPDO ELV]XGHQ.Q|FKHOQUHLFKWH 3O|W]OLFKYHUVSHUUWHQXQV]ZHL0lQQHUGHQ:HJ 6LHZDUHQVRVFKQHOODXIJHWDXFKWGDVHOEVW6XNRVLHQLFKW JHVHKHQKDWWH0LWWHQDXIGHPVFKPDOHQ:HJEOLHEHQVLH VWHKHQ'LH0DVFKLQHQSLVWROHQKLQJHQEHULKUHQ6FKXOWHUQ ª:RZROOHQ6LHKLQ"©ZXUGHQZLUDQJHVSURFKHQ'HQ 'LHQVWUDQJDE]HLFKHQQDFKPXWHQGLH0lQQHU2IIL]LHUHVHLQ :LOO0DOOPDQQEHUQDKPGDV5HGHQ(UKROWHHLQ3DSLHU KHUYRUXQGEHUJDEHV (LQ2IIL]LHUODV6HLQ*HVLFKWKHOOWHVLFKDXIª6LHVLQGXQV EHUHLWVDYLVLHUWZRUGHQ,KUH'LHQVWVWHOOHKDWDQJHUXIHQ $XHUGHPNDPHLQ)HUQVFKUHLEHQ© 'HU.RPPLVVDUVWHFNWHGDV3DSLHUZLHGHUHLQª'DQNH PHLQH+HUUHQ© 'HU2IIL]LHUIUDJWHª6LQG6LHVLFKGHU*HIDKUEHZXWLQGLH 6LHVLFKEHJHEHQ"© ª-D© ª6LHNHQQHQGHQ7XQQHO"© ª1HLQ'RFKLFKKRIIHGD6LHLKQPLU]HLJHQ+HUU0DMRU© 'HU0DMRUNQHWHWHVHLQHKDJHUHQ:DQJHQª,FKKDEHGHQ %HIHKO,KQHQEHKLOIOLFK]XVHLQ)ROJHQ6LHPLUELWWHPHLQH +HUUHQ© :LUJLQJHQLP*lQVHPDUVFK'LH EHLGHQ2IIL]LHUHEHZHJWHQVLFKEHVVHUGXUFKGDV*HOlQGH VLHZDUHQHVJHZRKQWKLQXQGZLHGHU6WUHLIH]XODXIHQ $XHUGHPNDQQWHQVLHVLFKKLHUDXV 6FKRQEDOGVFKOXJHQZLUXQVQDFKUHFKWVLQGLH%VFKH =ZHLJHSHLWVFKWHQJHJHQXQVHUH.OHLGXQJ7URSIHQNODWVFK WHQJHJHQPHLQ*HVLFKW'LH)HYHUVDQNHQLP6FKODPP
'HU:DOGZXUGHGLFKWHU(VJDENHLQHQ:HJPHKU)LFKWHQ ]ZHLJHZROOWHQVLFKDQXQVHUHU.OHLGXQJIHVWKDNHQ,FKKDWWH GHQ$UPDQJHZLQNHOWXQGKLHOWLKQVFKW]HQGYRUPHLQ *HVLFKW :LUOLHIHQHWZD]HKQ0LQXWHQGDQQEOLHEHQGLHEHLGHQ 2IIL]LHUHVWHKHQ ª+LHULVWHV©VDJWHGHU0DMRU ª:R"©IUDJWH:LOO0DOOPDQQXQGDXFKLFKEOLFNWHHUVWDXQW ]X%RGHQZHLOLFKQLFKWVVDK 'HU0DMRUOlFKHOWHZLVVHQGEFNWHVLFKQLFNWHVHLQHP .DPHUDGHQ]XXQGJHPHLQVDPKLHYWHQVLHHLQ6WFN%RGHQ HLQIDFKLQGLH+|KH hEHUUDVFKWEOLFNWHQZLULQHLQHQ6FKDFKWXQGDXIGHQ%H JLQQHLQHU/HLWHU ª+DEHQ6LH7DVFKHQODPSHQPLWJHQRPPHQ"©IUDJWHGHU 0DMRU :LUQLFNWHQ ª'DQQZQVFKHLFK,KQHQYLHO*OFN6LHZHUGHQHLQLJH .LORPHWHUFKHQXQWHULUGLVFKJHKHQPVVHQ$P(QGHGHV 7XQQHOVILQGHQ6LHDEHUPDOVHLQH/HLWHU$OOHVDQGHUHLVWGDQQ ,KUH6DFKH© :LOOEHGDQNWHVLFKEHLGHQ2IIL]LHUHQ6LHJUWHQXQGYHU VFKZDQGHQ ª:HUPDFKWGHQ$QIDQJ"©IUDJWHGHU.RPPLVVDU ,FKWLSSWHJHJHQPHLQH%UXVWVFKRE0DOOPDQQ]XU6HLWH XQGNOHWWHUWHDOVHUVWHUGLH/HLWHUKLQXQWHU 'LH6SURVVHQZDUHQIHXFKWXQGERJHQVLFKGXUFKDEHUVLH KLHOWHQ,FK]lKOWHJHQDXGUHL]HKQ6WXIHQ *XWGDLFKQLFKWDEHUJOlXELVFKELQ :LOO0DOOPDQQIROJWHPLUXQGDOVOHW]WHUVWLHJ6XNRGLH /HLWHUKLQXQWHU(UGHFNWH]XYRUXQG]ZDUYRQLQQHQGHQ (LQVWLHJZLHGHU]X 8QVHU0DUVFKNRQQWHEHJLQQHQ
6YHQ-DQVVRQXQG$UW&RUQZDOOZDUHQXQIlKLJVLFK]X UKUHQ 6RHWZDVKDWWHQVLHQRFKQLHJHVHKHQDEHUGDV8QJHKHXHU YRULKQHQZDUWDWVlFKOLFKHLQ7\UDQQRVDXUXV5H[GHUJU|WH )OHLVFKIUHVVHUGHUMHDXIGHU(UGHJHOHEWKDWWH 'DHUGDV0DXODXIJHULVVHQKDWWHVDKHQGLH0lQQHUGLHODQ JHQJHERJHQHQ=lKQHGLHVLHDQGLHYHUNU]WHQ+DXHUGHU (OHIDQWHQHULQQHUWHQ'LH$UPHZDUHQLP*HJHQVDW]]XGHQ %HLQHQGLHHLQXQJHKHXUHV*HZLFKW]XWUDJHQKDWWHQZLQ]LJ 'HUVFKXSSLJH.|USHUVDKSOXPSDXVGRFKQHEHQGHQ 5HL]lKQHQVFKLHQGHUJHZDOWLJH6FKZDQ]DPJHIlKUOLFKVWHQ ]XVHLQ,QLKPVWHFNWHVROFKHLQH.UDIWGDGLH%HVWLHPLW HLQHP6FKODJPHKUHUH%lXPHIlOOHQNRQQWH ,P$XJHQEOLFNYHUKLHOWVLHVLFKUXKLJ'LHUHODWLYNOHLQHQ WFNLVFKHQ$XJHQEHREDFKWHWHQ6YHQXQG$UWKDWWHQGDV *HIKOGDQXUVLHDQJHVHKHQZUGHQ ª'HUEULQJWXQVXP©IOVWHUWHGHU1RUZHJHUªGDKDEHQ ZLUNHLQH&KDQFHPHKU© (UKDWWHGLH:RUWHNDXPDXVJHVSURFKHQDOVGHU 7\UDQQRVDXUXV5H[HLQJUROOHQGHV)DXFKHQDXVVWLHGHQ VFKZHUHQ.RSIVFKWWHOWHXQGZHLWHUJLQJ :LHGHUGU|KQWHGHU%RGHQ(LQPDOEHZHJWHGLH%HVWLHLKUHQ .|USHUXQZLOOLJ]XU6HLWHXQGGHUJHZDOWLJHVFKXSSLJH 6FKZDQ]VFKOXJ]ZHL%lXPHXP ª:LUPVVHQZHJ©VFKULH6YHQª9HUGDPPWODXQVIOFK WHQ©(UZROOWHEHUGLH0DXHUVWHLJHQDOVGHU6DXULHUSO|W] OLFKHLQHQ6SUXQJQDFKYRUQWDW (VZLUNWHSOXPSGDEHLZDUIGLH%HVWLHGHQ.RSIKRFKUL GLH.LHIHUQRFKZHLWHUDXIXQGHUVWMHW]WVDKHQGLHEHLGHQ 0HQVFKHQGDGHU6DXULHUVLHJDUQLFKWKDEHQZROOWHVRQ GHUQGHQ5DEHQ (UZDUQLFKWZHJJHIORJHQVRQGHUQVWDQGPLWIODWWHUQGHQ )OJHOQEHUGHP)ULHGKRILQGHU/XIW 'HU7\UDQQRVDXUXV5H[ZDUIGHQ.RSIKRFKGLH.LHIHU NODSSWHQ]XXPGHQ5DEHQ]XYHUVFKOLQJHQ
*HVFKLFNWZLFKGDV7LHUDXV'LH+DXHUYHUIHKOWHQLKQ 'DVPDFKWHGLH%HVWLHQRFKZWHQGHU:LOGIXKUVLHKHUXP 'HUODQJH6FKZDQ]KREVLFKYRP%RGHQDEIXKUZLHHLQH JHZDOWLJH6HQVHEHUGHQ)ULHGKRIXQGGLH:LVVHQVFKDIWOHU VDKHQLKQGLFKWYRUVLFK $UW&RUQZDOOVFKDIIWHHVQLFKWPHKULQ'HFNXQJ]XJHKHQ :lKUHQG6YHQIODFKDP%RGHQODJZXUGHHUJHVWUHLIW (VZDUHLQJHZDOWLJHU+LHEGHU$UWKHUXPZDUIXQGZLHHLQ 6WFN3DSLHUZHJVFKOHXGHUWH(USUDOOWH]X%RGHQEHU VFKOXJVLFKHLQSDDUPDOXQGEOLHEVWLOOOLHJHQ ª$UW©VFKULH6YHQGRFKVHLQ.ROOHJHK|UWHQLFKW(UZDU HQWZHGHUEHZXWORVRGHUWRW 'DVWLHGHU5DEHQDFKXQWHQ*HQDXLQGHP$XJHQEOLFN DOVVLFKGHU6DXULHUGHP%HZXWORVHQ]XZHQGHQZROOWHXP LKQ]XYHUVFKOLQJHQ 6YHQVDKDOOHVPLWDQ)ULKQZDUHVZLHHLQ$OSWUDXP(U VDKDOOHUGLQJVDXFKGDGHU5DEHQLFKWQXUGLH)XQNWLRQGHV :lFKWHUVKDWWHVRQGHUQDXFKGLHGHV%HVFKW]HUV 'HU9RJHODWWDFNLHUWHGHQJHIlKUOLFKHQ6DXULHU 8QGHUZDUVFKQHOOXQGZHQGLJ9HUJOHLFKEDUZDUGHU .DPSI'DYLGJHJHQ*ROLDWK2EZRKOGHU9RJHOHLQHEHU QRUPDOH*U|HKDWWHNRQQWHHUHLJHQWOLFKJHJHQGHQ6DXULHU QLFKWVDXVULFKWHQ 'HU5DEHVWHOOWHHVVFKODXDQ 'LFKWYRUGHPDXIJHULVVHQHQ.LHIHUGHV6DXULHUV]RJHU VHLQH.UHLVH,PPHUZLHGHUVFKQDSSWHQGLH=lKQH]XXQG MHGHVPDOYHUIHKOWHQVLHGHQ9RJHO 'LHJOKHQGHQ$XJHQGHV5DEHQZDUHQKXVFKHQGHURWH 3XQNWHZHQQHUKLQXQGKHUIODWWHUWH 2EZRKOGHU:LVVHQVFKDIWOHUVLFKLQ7RGHVDQJVWEHIDQGIDV ]LQLHUWHLKQGLHVHU.DPSI $EHUPDOVIORJGHU9RJHOHLQHQ$QJULII (UVFKLHQGLUHNWLQGDVDXIJHULVVHQH0DXOKLQHLQ]XIDOOHQVR VDKHVMHGHQIDOOVDXVGRFKEHYRUGLH=lKQHLKQ]HUPDOPHQ NRQQWHQVWLHJHUKRFK
:LHGHUVFKQDSSWHQGLH.LHIHULQV/HHUH 'HU5DEHOLHVLFKIDOOHQ(UODQGHWHGLUHNWDXIGHP0DXO GHU%HVWLHGLFKWXQWHUGHP$XJH 8QGGDQQKDFNWHHU]X 1LFKWQXUVHLQ.|USHUZDUXPGDV)QIIDFKHJHZDFKVHQ GHU6FKQDEHOQDWUOLFKDXFK8QGPLWGHVVHQ6SLW]HVFKOXJHU LQGDV$XJHGHV6DXULHUV 'DV8QJHKHXHUGUHKWHGXUFK (VVWLHHLQ%UOOHQDXVZLH6YHQHVQRFKQLHJHK|UWKDWWH ZDUIGHQ6FKlGHOKLQXQGKHU'HU6FKZDQ]SHLWVFKWHLQGLH +|KHNUDFKWH]X%RGHQZXUGHZHLWHUJHULVVHQXQGIHW]WH GRUWHLQHWLHIH)XUFKHLQGLH(UGH 'LFNHV%OXWTXROODXVGHP$XJHGDVGHU5DEH]HUVW|UW KDWWH 'HU9RJHOZDUZLHGHULQGLH+|KHJHIORJHQ(UVFKZHEWH EHUGHPWREHQGHQ8QJHKHXHUXQGODXHUWHDXIHLQH&KDQFH HUQHXWDQJUHLIHQ]XN|QQHQ 'LH%HVWLHWREWHVLFKDXV 6LHUROOWHXQGZDQGVLFKDP%RGHQVWLHJUROOHQGH IDXFKHQGH/DXWHDXV'DV*HEUOOEHUW|QWHVRJDUQRFKGDV 'RQQHUQHLQHV(UGEHEHQVHLQ7HLOGHU*UDEVWHLQHZXUGHKLQ ZHJJHIHJWZLHORVH3DSLHUEOlWWHU $XFKNUDFKWHGDV6FKZDQ]HQGHJHJHQGLHNOHLQHEUFKLJH 0DXHU:DVQRFKVWHKHQJHEOLHEHQZDUUDVLHUWHGLH%HVWLHIDVW DOOHVZHJ 6YHQUREEWH]XUFN(LQ6WHLQWUDILKQDQGHU6FKXOWHUHLQ DQGHUHULP*HQLFN 'HUOHW]WHULGLH+DXWDXIXQGGHU1RUZHJHUVSUWHGDV %OXWDXVGHU:XQGHULQQHQ *URH$QJVWKDWWHHUXPVHLQHQ.ROOHJHQ $UW&RUQZDOOODJOHEORVLQPLWWHQGHV)ULHGKRIHV:LHGXUFK HLQ:XQGHUZDUHUYRQGHPUDVHQGHQ8QJHKHXHUQRFKQLFKW ]HUWUDPSHOWZRUGHQ 'HUHUVWH6FKPHU]ZDUDEJHNOXQJHQXQGGHU7\UDQQR VDXUXV5H[EHUXKLJWHVLFKZLHGHU
'RFKHUZDULQVHLQHU6HKNUDIWEHKLQGHUW'DVUlXPOLFKH 6HKHQZDUHLQJHVFKUlQNW(UPXWHVHLQHQPlFKWLJHQ 6FKlGHOGUHKHQZHQQHUQDFKUHFKWVVFKDXHQZROOWHGHQQ GDVDQGHUH$XJHKDWWHLKPGHU9RJHODXVJHKDFNW 'HU5DEHODXHUWHDXIVHLQHQlFKVWH&KDQFH 0LWDXVJHEUHLWHWHQ)OJHOQVFKZHEWHHUEHUGHU%HVWLH(U KDWWHGHQ6FKQDEHODXIJHULVVHQXQGHLQWULXPSKLHUHQGHV .UlFK]HQGUDQJDXVVHLQHP0DXO (LVNDOWZDUWHWHGHU9RJHOGHQQlFKVWHQ$QJULIIDE 6YHQ-DQVVRQKDWWHVLFKZLHGHUDXIJHVWW]W(UNQLHWHDXI GHP%RGHQEOLFNWHEHUGLHQRFKVWHKHQJHEOLHEHQHQ5HVWH GHU0DXHUKLQZHJXQGZROOWHVHKHQZDVGHU5DEHDQVWHOOWH (UJULIIDQ .DPVFKUlJYRQUHFKWVVRGDGLH%HVWLHLKQQLFKWVHKHQ NRQQWH 8QGDOVVLHLKQVDKZDUHV]XVSlW'DKDFNWHGHU6FKQDEHO EHUHLWVLQGDV$XJHGHV6DXULHUV (LQPDO]ZHLPDO 'DV8QJHKHXHUZDUIGHQ.RSIKRFKGHU6FKZDQ]IXKU HEHQIDOOVLQGLH+|KHXQGSHLWVFKWHQDFKYRUQEHUGHQ .|USHUGHV6DXULHUVKLQZHJXPGHQ9RJHO]XWUHIIHQ 'HU5DEHZDU]XVFKQHOO :LHHLQ3IHLO]LVFKWHHUZHJ 'HU6DXULHUGUHKWHVLFKDXIGHU6WHOOH$EHUPDOVK|UWH6YHQ GDVVFKUHFNOLFKH*HEUOO 'HU%RGHQHU]LWWHUWHDOVGHU6FKZDQ]LPPHUZLHGHUDXI VFKOXJ 'DV7LHUZDUMHW]WEOLQG 8QGZXUGH]XU%HXWHYRQDQGHUHQGDHVQLFKWVPHKUVHKHQ NRQQWH%HLQDKHPHQVFKOLFKUHDJLHUWHGHU.RORDOVHUVLFK KHUXPGUHKWHXQGZHJUDQQWH 'HU7\UDQQRVDXUXV5H[VWU]WHLQGHQ8UZDOGKLQHLQ(U ZDULQ3DQLNJHUDWHQXQGEUDFKVLFKPLWVHLQHPWRQQHQ VFKZHUHQ*HZLFKWHLQH%DKQ:RHUKLQVWDPSIWHKLQWHUOLH HUEUHLWH6FKQHLVHQ
'DVP|UGHULVFKH%UOOHQZXUGHOHLVHUZDUGDQDFKQXU QRFKDOVHQWIHUQWHV*UROOHQ]XYHUQHKPHQXQGYHUVWXPPWH VFKOLHOLFKY|OOLJ -HW]WZUGHQVLFKGLHDQGHUHQ7LHUHDXIGHQDQJHVFKODJHQHQ 5LHVHQVWU]HQXQGLKQHQGJOWLJXPEULQJHQ /DQJVDPHUKREVLFK6YHQ-DQVVRQ(UNRQQWHQLFKWEH JUHLIHQGDHUQRFKOHEWH6HLQ%OLFNJOLWWYRUVLFKWLJLQGLH 5XQGH'HU5DEHKRFNWHZLHGHUDXIVHLQHP$VWDOVZlUH QLFKWVJHZHVHQ 0LW]LWWHUQGHQ.QLHQVFKOLFK6YHQYRU8P]XVHLQHP 3DUWQHU]XJHODQJHQVWLHJHUEHUXPJHNLSSWH*UDEVWHLQH KLQZHJ1HEHQ$UWJLQJHULQGLH.QLH (UIKOWHQDFKGHVVHQ3XOVXQGWDVWHWHDXFKGHQ+HU]VFKODJ DE$UWKXUOHEWHHUZDUQXUEHZXWORV (LQ5LHVHQVWHLQILHOGHP1RUZHJHUYRP+HU]HQ6LHKDWWHQ HVEHUVWDQGHQ (UK|UWHHLQJHZDOWLJHV5DXVFKHQEHUVLFKXQGHUVDKHLQH 5RWWHYRQULHVLJHQ9|JHOQLQGLH5LFKWXQJIOLHJHQZRGHU 6DXULHUYHUVFKZXQGHQZDU 'LH9|JHOZUGHQGLH%HVWLH]HUKDFNHQ /HLFKWVFKOXJHU$UWLQV*HVLFKW$QGHU6WLUQVHLQHV )UHXQGHVZXFKVHLQHJHZDOWLJH%HXOHGLHLPPHUGLFNHU ZXUGHXQG]XHLQHPUHJHOUHFKWHQ+RUQDQVFKZROO6YHQ KRIIWHGD$UWNHLQH*HKLUQHUVFKWWHUXQJHUOLWWHQKDWWH (QGOLFKVFKOXJGHU(QJOlQGHUGLH$XJHQDXIVFKDXWHVLFK YHUVW|UWXPXQGVW|KQWH ª$OOHVRND\$UW©VDJWH6YHQª:LUKDEHQHVEHUVWDQGHQ ZLUVLQGGDYRQJHNRPPHQ© 6YHQOlFKHOWHLKQDQ ª$XPHLQ.RSI©VW|KQWH&RUQZDOOª'DKDWHLQHUPLWGHP +DPPHUGUDXIJHVFKODJHQ© ª6RlKQOLFKZDUHVDXFK©HUZLGHUWH6YHQ ª:RLVWGLH%HVWLH"©IOVWHUWH$UW ª9HUVFKZXQGHQ© ª:LH"©$UWKXVWHWHª'XKDVWVLHGRFKQLFKWYHUVFKHXFKW"©
ª,FKQLFKW©VDJWH6YHQ-DQVVRQ(UGHXWHWH]XP%DXPZR GHU5DEHKRFNWHª'HUGD© &RUQZDOOJULQVWHª:LOOVWGXPLFKDXIGHQ$UPQHKPHQ"© ª'XELVWPLUYLHO]XVFKZHU$EHUJODXEHVPLUGHUKDWGDV 8QJHKHXHUZLUNOLFKYHUVFKHXFKW©(UEHULFKWHWHZLHGHU 5DEHGHP6DXULHUGLH$XJHQDXVJHKDFNWKDWWH $UWKXU&RUQZDOOYHUVWDQGGLH:HOWQLFKWPHKUª:HQQLFK LQGHUMQJVWHQ9HUJDQJHQKHLWKLHUQLFKWGLHWROOVWHQ'LQJH HUOHEWKlWWHZUGHLFKVDJHQGXOJVWPLFKDQ$EHUVRJODX EHLFKGLUMHGHV:RUW© ª'DVNDQQVWGXDXFK© ª8QGQXQ"©IUDJWH$UWª:LHJHKWHVZHLWHU"©(UKREGHQ $UPVXFKWHGLH%HXOHDQVHLQHU6WLUQIDQGVLHXQGYHU]RJ VFKPHU]OLFKGDV*HVLFKWª'DKDWPDQPLUJDQ]VFK|QHLQH UEHUJH]RJHQ©VW|KQWHHU ª6WHKHUVWPDODXI©6YHQVWUHFNWHVHLQHQ$UPDXVIDWH $UWV+DQGXQG]RJGHQ(QJOlQGHUKRFK6WHKHQNRQQWH$UW QLFKW9RUVHLQHQ$XJHQGUHKWHVLFKGLH:HOW6YHQPXWHKDUW ]XIDVVHQGDPLW&RUQZDOOQLFKWKLQILHO(UEHUJDEVLFK ª'RFKHLQH*HKLUQHUVFKWWHUXQJ©PXUPHOWHGHU1RU ZHJHU $UWVSLHNHXFKWHXQGKROWHWLHI/XIWª1XUHLQHNOHLQH© VW|KQWHHUª6RQVWZUGHHVPLUYLHOGUHFNLJHUJHKHQ© $XIVHLQHQ)UHXQG-DQVVRQJHVWW]WZDQNWHGHUHQJOLVFKH *HRORJHDXIGLHhEHUUHVWHGHU0DXHU]XXQGKRFNWHVLFKGRUW DXIHLQHQ6WHLQ'DV.LQQVWW]WHHULQEHLGH+lQGH ª:HQQZLUMHW]W:DVVHUKlWWHQ©VW|KQWHHU ª,FKKDEHQXU:KLVN\LP*HSlFN© ª*HKPLUZHJGDPLW© 'DQQVFKZLHJHQVLH0LQXWHQODQJVDHQVLHQHEHQHLQDQGHU XQGGHU5DEHOLHVLHQLFKWDXVGHQ$XJHQ ª2EGLHDQGHUHQXQVVFKRQVXFKHQ"©PXUPHOWH&RUQZDOO QDFKHLQHU:HLOH ª.HLQH$KQXQJ:DKUVFKHLQOLFKQLFKW'LHZDUWHQELVGHU 6WXUPDXIK|UWVFKlW]HLFK©
ª'DQQLVWHV]XVSlW$FKYHUGDPPWLVWMDVRZLHVRDOOHV]X VSlW©NQXUUWH$UWª:LUVLW]HQKLHUDOVZUGHQZLUDXI MHPDQGHQZDUWHQ© ª:DVOHW]WHQ(QGHVDXFKVWLPPW©HQWJHJQHWH6YHQ-DQVVRQ ª:LUZDUWHQDXI-RKQ6LQFODLU© ª8PEHLVHLQHU%HHUGLJXQJGDEHL]XVHLQ© -DQVVRQQLFNWHª6RLVWHV©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|KHYHUVFKWWHW =XP*OFNOLHIHUQLFKWLQ:LQGXQJHQZHLWHUIKUWHVWXU JHUDGHDXV 6RXQWHUGHU(UGHXQGZHQQPDQMHGHQ$XJHQEOLFNGDPLW UHFKQHQNRQQWHYHUVFKWWHW]XZHUGHQHUVFKHLQWHLQHPGHU :HJGRSSHOWVRODQJ,FKKDWWHGDV*HIKOVFKRQ]ZHL .LORPHWHUJHODXIHQ]XVHLQGDEHLZDUHVQLFKWPDOHLQHU ª-HW]WPWHQZLUHWZDDQGHU*UHQ]HVHLQ©VDJWH .RPPLVVDU0DOOPDQQKLQWHUPLUPLWGXPSIHU6WLPPH ,FKVWHOOWHPHLQHQOLQNHQ'DXPHQKRFKª:HQQGLHGDREHQ ZWHQ©
ª0DOGHQ7HXIHOQLFKWDQGLH:DQG-RKQ©VDJWHGHU .RPPLVVDU6HLQH6WLPPHNODQJlQJVWOLFK ª6LQGGLHVRVFKOLPP"© ª6FKOLPPHU© :LUJLQJHQZHLWHU1LHPDQGKLHOWXQVDXINHLQ0RQVWHU VWHOOWHVLFKXQVLQGHQ:HJNHLQ9DPSLUODXHUWHKLHUXQWHQ :LUZDUHQY|OOLJDOOHLQ +LQXQGZLHGHUWURSIWHPLU:DVVHULQ1DFNHQXQG*HVLFKW (LQ7URSIHQUDQQDXIPHLQH/LSSHHUVFKPHFNWHLUJHQGZLH PHWDOOLVFK $XIHLQPDOZXUGHGHU*DQJHQJHU,FKEOLHEVWHKHQ:LOOOLHI JHJHQPLFK ª6FKODIQLFKWHLQ©VDJWH6XNR ª+DXSWVDFKHHUVFKQDUFKWQLFKW©HUZLGHUWHLFK,FK VFKZHQNWHPHLQHQUHFKWHQ$UPXQGVFKOXJHLQHQ+DOENUHLV 'HU*DQJZXUGHVRVFKPDOGDPDQLKQQXUPHKUDOV6SDOW EH]HLFKQHQNRQQWH=XGHPVDQNGLH'HFNHQLHGULJHU $XIUHFKWRGHUOHLFKWJHEFNWNRQQWHQZLUQLFKWPHKU VWHKHQ ª,FKJHKHPDOYRU©VDJWHLFKZDUWHWHGLH$QWZRUWGHU EHLGHQQLFKWDEVRQGHUQVHW]WHPLFKLQ%HZHJXQJ6HLWOLFK PXWHLFKPLFKGXUFKGHQ6SDOWTXHWVFKHQXQGGDEHLQRFK PHLQHQ%DXFKHLQ]LHKHQ 'DQDFKHUUHLFKWHGHU*DQJVHLQHQRUPDOH%UHLWHXQG+|KH ZLHGHU]XUFN ª,KUN|QQWNRPPHQ©ULHILFKGHQEHLGHQ]X :LOOVFKDIIWHHVVRJXWZLHLFKGRFK6XNRKDWWHOHLFKWH 6FKZLHULJNHLWHQ ,FK]RJLKQVFKOLHOLFKGXUFK ª'XELVWHLQZDKUHU)UHXQG©VDJWHHUXQGJULQVWH ª,FKZROOWHVFKOLHOLFKQLFKWGDGXLQGHP6SDOWYHU KXQJHUVW©:LUVFKULWWHQZHLWHUXQWHUGHU(UGHKHUXQGKlWWHQ EHLQDKHHLQHQ)UHXGHQVFKUHLDXVJHVWRHQDOVGHU/DPSHQ VWUDKOGLHYHUVSURFKHQH/HLWHUDXVGHU'XQNHOKHLWUL ª*HVFKDIIW©VDJWH:LOO0DOOPDQQXQGDWPHWHDXI
$XFKLFKZDU]XIULHGHQXQG6XNRHUJLQJHVQLFKWDQGHUV 'LHVH/DXIHUHLXQWHUGHU(UGHZDUQLFKWGDV:DKUH ,FKKDWWHGLHJDQ]H=HLWEHUGHQ$QIDQJJHPDFKWDOVR NOHWWHUWHLFKMHW]WDXFKDOVHUVWHUGLH6WXIHQKRFK'LH/DPSH KLHOWLFKVRGDLKU6FKHLQJHJHQGDV8QWHUWHLOGHU/XNHILHO :HQQXQVMHPDQGYHUUDWHQKDWWHZUGHPDQPLUGHQ.RSI DEVFKLHHQZHQQLFKLKQLQV)UHLHVWUHFNWH (LQELFKHQPXOPLJZDUPLUVFKRQ]XPXWHDOVLFKGLH .ODSSHPLWGHQ6FKXOWHUQKRFKVWHPPWH )ULVFKHNKOH/XIWIlFKHOWHPLULQV*HVLFKW,FKKLHOWGLH .ODSSHHWZDHLQHQ=ROOKRFKXQGSHLOWHQDFKGUDXHQ .HLQ0HQVFKZDU]XVHKHQ 1XU:DOGXQGHLQ6WFNJUDXEODXHQ+LPPHOVª6FKHLQW DOOHVRND\]XVHLQ©ULHILFK]XGHQ)UHXQGHQKLQXQWHU ª'DQQZHLWHU©VDJWH:LOO ,FKGUFNWHGLH/XNHY|OOLJDXI(WZDVILHOGXPSI]X%RGHQ 'HU7DUQEHODJZLHLFKVSlWHUIHVWVWHOOWH (LQJURHU6FKULWWEUDFKWHPLFKHQGJOWLJDQV7DJHVOLFKW 5DVFKNOHWWHUWHQDXFK.RPPLVVDU0DOOPDQQXQG6XNRLQV )UHLH6XNRWDUQWHGHQ$XVVWLHJZlKUHQG:LOOXQGLFKXQV XPVDKHQ :LUVWDQGHQLQPLWWHQHLQHVGLFKWHQ:DOGVWFNV8PJHEHQ YRQ7DQQHQ)LFKWHQXQGDQGHUHQ%lXPHQ6FKPXW]LJH 6FKQHHUHVWHODJHQDXIGHP%RGHQHLQSDDU5DEHQ]RJHQDP JUDXHQ+LPPHOLKUH.UHLVHDQVRQVWHQZDUHVVWLOO ª.HLQ0HQVFK]XVHKHQ©IOVWHUWH:LOO ª$EHUDXFKNHLQ'RUI©EHPHUNWHLFK ª'DVZHUGHQZLUVFKRQILQGHQ©:LOO0DOOPDQQJDEVLFK ]XYHUVLFKWOLFKXQGGLHVH=XYHUVLFKWVWHFNWH6XNRXQGPLFK DQ ª:LHKHLWGHQQGHUQlFKVWHJU|HUH2UW"©HUNXQGLJWHLFK PLFKEHL:LOO0DOOPDQQ ª,OVHQEXUJJODXEHLFK$EHUGDN|QQHQZLUQLFKWKLQ'RUW OLHJWEHVWLPPW0LOLWlU$XHUGHPPVVHQZLUVRZLHVRPLW 6WUHLIHQUHFKQHQ©
ª0LWDQGHUHQ:RUWHQ(VLVWVFKZLHULJZHQQQLFKWVRJDU XQP|JOLFKEHL7DJHZHLWHU]XJHKHQ©VWHOOWHLFKIHVW ª'DVJODXEHLFKIDVW©PHLQWH:LOO0DOOPDQQ ª:LUYHUOLHUHQ=HLW©EHPHUNWH6XNR 'DJHJHQNRQQWHQLHPDQGHWZDVVDJHQ ,FKZDUHLQSDDU6FKULWWH]XU6HLWHJHJDQJHQXPQDFK GHQNHQ]XN|QQHQ:LUPXWHQ]XGLHVHU.RQWDNWSHUVRQ +DQV%DXHUKLHGHU0DQQ 8QGHUZRKQWHLQHLQHP2UWQDPHQV*UDPODJH'DV'RUI ZDUVRNOHLQGDPDQHVLQHLQHPQRUPDOHQ$WODVJDUQLFKW IDQG)UDJHQNRQQWHQZLUDXFKVFKOHFKW 'DV.UlFK]HQGHU5DEHQXQWHUEUDFKPHLQH*HGDQNHQ(V ZDU]LHPOLFKODXW8QZLOONUOLFKEOLFNWHLFKKRFK =HKQ]ZDQ]LJ9|JHO]lKOWHLFKPLQGHVWHQV6LHKDWWHQVLFK LQGLHHQWODXEWH.URQHHLQHV%DXPHVJHKRFNWNUlFK]WHQZLOG XQGKDFNWHQPLWLKUHQ6FKQlEHOQDXIXQGQLHGHU ,FKVWXW]WH :DVZDUGDV"'LH5DEHQVDKHQ]ZDUQRUPDODXVGRFKDOV LFKVFKlUIHUKLQEOLFNWHHUNDQQWHLFKHV 6LHKDWWHQURWH$XJHQ 'DVZDUHQNHLQHQRUPDOHQ9|JHO 'LHVH9HUPXWXQJZXUGHXQVLPQlFKVWHQ$XJHQEOLFN EHUHLWVEHVWlWLJWGHQQGLH5DEHQJULIIHQDQ 2EHQDXIGHU6SLW]HGHV%HUJHVZRGLH:RONHQLKUHQK|O OLVFKHQ5HLJHQWDQ]WHQXQGGHUNDOWH:LQGEHUUDXKHV]HU NOIWHWHV*HVWHLQSILIIIKOWHQVLHVLFKZRKO 6LHGDVZDUHQGLH+H[HQ 6LHWDQ]WHQPLWGHP:LQGXPGLH:HWWHZDUHQWDJVEHU VFKDWWHQKDIWH1HEHOJHELOGHXQGYRQNHLQHPPHQVFKOLFKHQ $XJH]XVHKHQ6LHEHZDFKWHQGHQ%HUJZLHHLQHQ6FKDW] 8QGHLQHQ6FKDW]HQWKLHOWHUDXFK 'DV%XFKGHUJUDXVDPHQ7UlXPH 'HU6FKZDU]H7RGKDWWHHVQRFKHLQPDOYRUPHLQHP=XJULII
UHWWHQN|QQHQXQGHLQHQ3ODW]JHIXQGHQDQGHPHUHVVLFKHU JODXEWH'DVZDUGHU%URFNHQ 6HLW-DKUKXQGHUWHQJHK|UWHGHU%HUJGHQ+H[HQ6LHZLH GHUXPZDUHQGHP6FKZDU]HQ7RGGHUUHFKWHQ+DQGGHV 6DWDQVHQJYHUEXQGHQZHQQQLFKWK|ULJ6LHEHIROJWHQVHLQH %HIHKOHXQGKWHWHQGDV%XFKZLHLKUHQ$XJDSIHO6LH EHZDFKWHQDXFKGHQ%HUJDFKWHWHQGDUDXIGDNHLQH)HLQGH LQGLH1lKHGHVZHUWYROOHQ6FKDW]HVJHODQJWHQ1RUPDOH 0HQVFKHQLQWHUHVVLHUWHQVLHQLFKW6LHQDKPHQKLQGDGRUW REHQHLQH5DGDUVWDWLRQVWDQGHVNPPHUWHVLHDXFKQLFKW ZHQQHLQ6NLOLIW7RXULVWHQKRFKEHI|UGHUWHZLFKWLJZDUQXU GDGLH0HQVFKHQLKUH.UHLVHQLFKWVW|UWHQ'RFKZHQQ *HIDKULP9HU]XJZDUGDQQJULIIHQVLHHLQ1XUQDFKWVNRQQ WHQVLHLKUHZDKUH*HVWDOWDQQHKPHQWDJVEHULUUWHQVLHDOV JHLVWHUKDIWH6FKHPHQEHUGLH%HUJVSLW]HKLQZHJYRQGHQ :RONHQQLFKW]XXQWHUVFKHLGHQ 'LH*HIDKUMHGRFKZDUQDKH (LQHUKDWWHVLHEHUUDVFKWXQGEHODXVFKW(UKDWWHJHK|UW GDVLHVLFKEHUGDV%XFKGHUJUDXVDPHQ7UlXPHXQWHU KLHOWHQXQG]XIlOOLJRGHUEHZXWGLHULFKWLJHQ6FKOVVH JH]RJHQ(UZDUVRUDVFKHVJLQJLQVHLQH+HLPDWJHUHLVWXP GRUWHLQHQ0DQQ]XWUHIIHQGHUIUGLH+H[HQHLQHW|GOLFKH *HIDKUEHGHXWHWH -RKQ6LQFODLU 'LH+H[HQKDWWHQGHP6FKZDU]HQ7RGVRIRUWGDUEHU EHULFKWHWXQGGHUKDWWHXPJHKHQG0DQDKPHQHUJULIIHQ 'HU=HXJHZXUGH]ZDUJHW|WHWGRFKDQ-RKQ6LQFODLU NDPHQVLHQLFKWGLUHNWKHUDQLKQZROOWHGHU6FKZDU]H7RG YRUHUVWVFKRQHQ 9RUHUVW (UKDWWHVFKRQDOOHVYRUEHUHLWHWXQGVHLQHLJHQHV6SLHO EHJRQQHQ'LH6SXUHQZDUHQVRJHOHJWGD6LQFODLULQGLH )DOOHKLQHLQWDSSHQPXWHGHQQGHU6FKZDU]H7RGNDQQWH VHLQH5HDNWLRQHQ=XRIWKDWWHQVLHVLFKEHUHLWVJHJHQVHLWLJ EHNlPSIW
8QG6LQFODLUNDP 'XUFKhEHUOHJHQXQGORJLVFKHV'HQNHQKDWWHHUKHUDXV JHIXQGHQZRGHU+HEHODQ]XVHW]HQZDU 6LQFODLUEHIDQGVLFKEHUHLWVLQGHU1lKHGHV%URFNHQV 'DVZXWHQDXFKGLH+H[HQ 6LHUHDJLHUWHQHQWVSUHFKHQG6LHQDKPHQHLQHDQGHUH *HVWDOWDQQLFKWLKUHQRUPDOHVRQGHUQGLHGHU5DEHQ8QG DOV5DEHQMDJWHQVLH]X7DOXP-RKQ6LQFODLU]XW|WHQ 9LHU5DEHQO|VWHQVLFKYRQLKUHQ3OlW]HQ:LH7RUSHGRV VWU]WHQVLHDXIXQV]X ª9RUVLFKW©,FKVFKULHPHLQHQ)UHXQGHQHLQH:DUQXQJ]X PHKUNRQQWHLFKQLFKWWXQGHQQLFKZXUGHJOHLFK]HLWLJYRQ ]ZHLHQGLHVHU%LHVWHUDQJHJULIIHQ %OLW]VFKQHOOZDUILFKPLFK]X%RGHQ 'LH9|JHOZLVFKWHQEHUPLFKKLQZHJ,FKUROOWHPLFK KHUXPXQGEHPHUNWHDXVGHQ$XJHQZLQNHOQZLH:LOO 0DOOPDQQXQG6XNRLKUH:DIIHQ]RJHQ,FKKDWWHGHP .RPPLVVDUHEHQIDOOVHLQHPLWJHZHLKWHQ.XJHOQJHODGHQH :DIIHEHUODVVHQ ª1LFKWVFKLHHQ© 'LHEHLGHQ]XFNWHQ]XUFN 'DEHLPXWH:LOO0DOOPDQQHLQHQKDUWHQ6FKQDEHOKLHEDP .RSIKLQQHKPHQGHULKPGLH+DXWDXIUL6RIRUWTXROO%OXW DXVGHU:XQGH :HQQZLUQRFKZHLWHUOHEHQZROOWHQGXUIWHQZLUDXINHLQHQ )DOOHLQHQ6FKXDEJHEHQ'HQQKLHULQGHU1lKHEHIDQGHQ VLFKEHUDOO*UHQ]VROGDWHQXQGHLQ6FKXZUGHVLHDXI VFKUHFNHQ :LUPXWHQGLH5DEHQVREHVLHJHQ ,FKVDKGD6XNRGHQ.RPPLVVDUSDFNWHXQGLKQLQHLQ *HEVFKZDUIZRVWDUNH=ZHLJHLKP'HFNXQJJDEHQ'DQQ KROWHHUGLH'lPRQHQSHLWVFKHKHUYRUVFKOXJHLQPDOHLQHQ .UHLVXQGUROOWHGLH5LHPHQKHUYRU
,FKQDKPGHQ'ROFK 3IHLOVFKQHOO]LVFKWHQ]ZHL5DEHQDXIPLFK]X,FKVFKDXWH LQ]ZHLJOKHQGH$XJHQSDDUHXQGJODXEWHGDULQGHQ :LGHUVFKHLQGHU+|OOHOHXFKWHQ]XVHKHQ 'DVZDUHQJUDXVDPH7|WXQJVPDVFKLQHQGLHXQVGD DWWDFNLHUWHQXQGXQVHU/HEHQZROOWHQ ,FKVSUDQJGHQ5DEHQHQWJHJHQZLQNHOWHPHLQHQOLQNHQ $UPDQKLHOWLKQYRUPHLQ*HVLFKWXQGULGHQUHFKWHQKRFK (LQ6FKQDEHOKDFNWHLQPHLQHQ0DQWHOlUPHO,FKVSUWHGHQ +LHEELVDXIGLH+DXWGRFKJOHLFK]HLWLJGXUFKVWLHGHU JHZHLKWH'ROFKGHQ.|USHUGHV]ZHLWHQ5DEHQ (LQJUDXVDPHUIDVWPHQVFKOLFKNOLQJHQGHU6FKUHLHUNODQJ 3O|W]OLFKZDOOWHHLQHJUQHVWLQNHQGH:RONHYRUPLUKRFK XQGGHU5DEHYHUJLQJ 'RFKGDZDUQRFKGHU]ZHLWH ,FKWUDILKQPLWGHU)DXVWXQGVFKOHXGHUWHLKQ]XUFN 'DQQZDUILFKPLFKPLWJH]FNWHP'ROFKYRU *OHLFK]HLWLJVFKOXJ6XNRPLWGHU3HLWVFKH]X(UZDUHLQ 0HLVWHULQLKUHU+DQGKDEXQJ'LHPDJLVFKHQ5LHPHQUlXP WHQXQWHUGHQ5DEHQDXIGHQQYRQGHQ%lXPHQVWU]WHGLH QlFKVWH$QJULIIVZHOOHDXIXQVKHUDE 6XNRNlPSIWHZLHHLQ%HUVHUNHUXQGDXFKLFKJDENHLQHQ =ROO%RGHQSUHLV0LWGHP5FNHQKDWWHLFKPLFKDQHLQHQ %DXPVWDPPJHSUHWGHQ'ROFKKLHOWLFKVRGDGLH6SLW]H QDFKREHQZLHV +DUWVWLHLFKGLH.OLQJHYRU :LHGHUO|VWHVLFKHLQ5DEHDXI :LUZDUHQXPJHEHQYRQVWLQNHQGHQ:RONHQGDV.UlFK]HQ KDOOWHLQXQVHUHQ2KUHQZLGHUXQGGRFKK|UWHLFKGHQ $QJVWVFKUHL ,FKVSUDQJ]XU6HLWHXQGZLUEHOWHKHUXP :LOO0DOOPDQQKDWWHJHVFKULHQ 'UHL5DEHQKRFNWHQDXIGHQIHGHUQGHQ=ZHLJHQGHV *HEVFKHVXQGVLHZROOWHQGHP.RPPLVVDUGLH$XJHQDXV KDFNHQ
:LOOZHKUWHVLFKYHUELVVHQ0LW)DXVWVFKOlJHQVFKDIIWHHU VLFKHWZDV/XIWGRFKHLQYLHUWHU9RJHOJULIILKQYRQKLQWHQDQ (UMDJWHJHUDGHZHJVDXI:LOOV.RSI]X 8PGHQ.RPPLVVDU]XHUUHLFKHQZDUGLH'LVWDQ]IUPLFK ]XJUR%LVGDKLQNRQQWHGHU5DEHLKQVFKRQJHW|WHWRGHU ]XPLQGHVWVFKZHUYHUOHW]WKDEHQ (VJDEQRFKHLQH&KDQFH ,FKPXWHPHLQHQ'ROFKVFKOHXGHUQ (VZDUHLQHDXVJH]HLFKQHWH:DIIHGLHDXVJHZRJHQLQGHU +DQGODJ,P/DXIHGHU=HLWKDWWHLFKPLFKGDUDQJHZ|KQW XQGNRQQWHGDPLWXPJHKHQZLHHLQ0HVVHUZHUIHU ,FKKREGHQUHFKWHQ$UPOLHPLUHLQHQ$WHP]XJ=HLWXP ]X]LHOHQ,FKVFKOHXGHUWHGHQ6LOEHUGROFKZXFKWLJDXIGHQ KHUDQUDVHQGHQ5DEHQ]X (UWUDI 0LWHLQHPKDUWHQ6FKODJKLHEHULQGHQ.|USHUGLHVHVK|OOL VFKHQ9RJHOVNXU]EHYRUHU:LOO0DOOPDQQHUUHLFKWH:LHHU YHUJLQJVDKLFKQLFKWPHKUGHQQLFKPXWH:LOODXVVHLQHU SUHNlUHQ/DJHEHIUHLHQ 9LHU6SUQJHEUDFKWHQPLFK]XLKP0LWEORHQ+lQGHQ SDFNWHLFKGHQHUVWHQ5DEHQXQGVFKOHXGHUWHLKQJHJHQGHQ %DXPVWDPP(LQHQ]ZHLWHQWUDIPHLQ)DXVWVFKODJ 'HUGULWWH9RJHOIODWWHUWHLQGLH/XIW'DVJDEPLU=HLWGHQ 'ROFKDXI]XKHEHQ 0LWLKPLQGHU)DXVWNUHLVHOWHLFKKHUXP ,FKEUDXFKWHQLFKWPHKUHLQ]XJUHLIHQ'LHK|OOLVFKHQ9|JHO YHUOLHHQGHQ.DPSISODW]VFKUDXEWHQVLFKLQGHQJUDXHQ :LQWHUKLPPHOXQGYHUVFKZDQGHQ ,FKVWUHFNWHGHQUHFKWHQ$UPDXVXQGKDOI:LOO0DOOPDQQ KRFK 'HU.RPPLVVDUVDKVFKOLPPDXV(LQ6FKQDEHOKLHEKDWWH LKQDXIGHP.RSIJHWURIIHQ'D:LOOVRHWZDVZLHHLQHNOHLQH *ODW]HKDWWHUDQQLKPGDV%OXWEHUGLH6WLUQ(UKROWHHLQ 7DVFKHQWXFKKHUYRUXQGSUHWHHVDXIGLH:XQGH $XFK6XNRVDKQLFKWJHUDGHZLHIULVFKJHEDGHWDXV,KP
KDWWHHLQ6FKQDEHOKLHEGLH:DQJHDXIJHKDFNWPLFKKDWWHHV DP*HOHQNXQGDP$UPHUZLVFKW $EHUZLUOHEWHQ ª'LH+HOGHQOHFNHQVLFKLKUH:XQGHQ©VDJWH:LOOXQGYHU ]RJVFKPHU]OLFKGDV*HVLFKWDOVHU]XVWDUNDXIVHLQHIULVFKH %OHVVXUGUFNWH ª-HW]WZLVVHQZLUZHQLJVWHQVGDZLUHUZDUWHWZHUGHQ© VDJWHLFK 'LHDQGHUHQQLFNWHQ ª8QGDXIJHIDOOHQVLQGZLUZRKODXFKQLFKW©PHLQWH6XNR 'DKDWWHHUUHFKW.HLQ*UHQ]VROGDWOLHVLFKEOLFNHQ8QG ZHUNPPHUWHVLFKVFKRQXPZLOGH9|JHO" 6XNREOLFNWHPLFKDQª6ROOHQZLUWDWVlFKOLFKELV]XP 'XQNHOZHUGHQKLHUZDUWHQ"© ,FKGDFKWHQDFK$Q:LOOV*HVLFKWODVLFKDEGDDXFKHU QLFKWEHJHLVWHUWZDULP:DOG]XEOHLEHQ8QVHUH*HJQHU ZXWHQ%HVFKHLGGDZLULQGHU1lKHZDUHQ9HUVWHFNHQ NRQQWHQZLUXQVDXFKQLFKWPHKUK|FKVWHQVYRUGHQ*UHQ] VROGDWHQ$OVRPXWHQZLUVRUDVFKZLHP|JOLFKQDFK *UDPODJHJHODQJHQZRGLHVHU+DQV%DXHUZRKQWH ª+DVWGXGLFKHQWVFKLHGHQ"©IUDJWH:LOO ª-D:LUJHKHQQDFK*UDPODJH© ª(QGOLFKHLQYHUQQIWLJHV:RUW©VDJWH6XNRJULQVHQG =XHUVWPXWHQZLUGHQ:DOGYHUODVVHQXQGGDVZDU VFKZLHULJJHQXJ*UDPODJHODJZHLWHULP2VWHQ:LUVDKHQ ZRGLHIDKOH6RQQHVWDQGXQGKLHOWHQXQVIDVWHQWJHJHQ JHVHW]W (LQHKDOEH6WXQGHZDUHQZLUEHUHLWVGXUFKGHQ:DOG PDUVFKLHUWDOVZLUDXIHLQH6WUDHVWLHHQ6LHZDUQLFKW DVSKDOWLHUWXQGIKUWHLQ6FKODQJHQOLQLHQDP%HUJHQWODQJ 5HFKWVXQGOLQNVEUHLWHWHVLFKGLFKWHU:DOGDXV:HLWHUYRUQ VDKHQZLUGHQ*LSIHOGHV%URFNHQV'HU6FKQHHJUWHKHOO ]XXQVKHUEHU 0RWRUHQJHUlXVFKVFKUHFNWHXQVDXI%OLW]VFKQHOOYHU VFKZDQGHQZLULP6WUDHQJUDEHQ
(LQ*HOlQGHZDJHQEHVHW]WPLWYLHU6ROGDWHQSDVVLHUWH XQV'LH0lQQHUEOLFNWHQQLFKWQDFKOLQNVXQGUHFKWV VRQGHUQIXKUHQZHLWHU ª:HQQVLHXQVHUZLVFKHQVLQGZLUGUDQ:LUKDEHQQlPOLFK NHLQ9LVXP©:LOO0DOOPDQQKDWWHLPPHUQRFK%HIUFKWXQJHQ *HUDGHZHLOHUEHLP%.$EHVFKlIWLJWZDUZUGHQVLFKGLH DQGHUHQEHULKQEHVRQGHUVIUHXHQ:LUYHUOLHHQXQVHUH 'HFNXQJHQZLHGHUXQGJLQJHQGLFKWDP6WUDHQUDQGZHLWHU :HQLJVSlWHUHUUHLFKWHQZLUHLQH.UHX]XQJ8QGGRUWVDKHQ ZLUDXFKGLH:HJZHLVHU *UDPODJHNP :LOOULHEVLFKGLH+lQGHª:HUVDJW VGHQQ© 'DQQKlWWHQZLUHLJHQWOLFKLQ'HFNXQJJHKHQPVVHQGRFK HLQ7UHFNHUIDKUHUKDWWHXQVVFKRQJHVHKHQ'DV*HIlKUWVFKRE VLFKDXVHLQHPVFKPDOHQ)HOGZHJXQGGHU7UHFNHU]RJHLQHQ OHHUHQ$QKlQJHUKLQWHUVLFKKHU $XIGHP6LW]KRFNWHHLQDOWHU0DQQPLWHLQHPJUDXHQ%DUW XQGHLQHUZHWWHUKDUWHQ*HVLFKWVKDXWGDVYRQ]DKOUHLFKHQ )DOWHQJH]HLFKQHWZDU'RFKGLH$XJHQEOLFNWHQKHOOXQGNODU 1LFKWYHUVFKODJHQ 'HU0DQQVWRSSWHVHLQHQ7UHFNHU :LUVWDQGHQ]LHPOLFKGXPPKHUXP ª:RZROOHQ6LHGHQQKLQ"©VSUDFKGHU$OWHXQVDQ :LOODQWZRUWHWHª1DFK*UDPODJH© ª'DN|QQHQ6LHPLWIDKUHQ6WHLJHQ6LHKLQWHQDXI© :LUZHFKVHOWHQHLQHQVFKQHOOHQ%OLFN 'HU$OWHEHPHUNWHLKQXQGVFKPXQ]HOWHª,FKKHLH .URJHU©VDJWHHU :LUVWHOOWHQXQVHEHQIDOOVYRU ª6LHNRPPHQDXVGHP:HVWHQZLH"©IUDJWH.URJHU ª:RKHUZLVVHQ6LHGDV"©HUNXQGLJWHVLFK:LOO ª$QGHU.OHLGXQJVHKHLFKHV$XHUGHPOHEHQPHLQH EHLGHQ6|KQHLQ*|WWLQJHQ,FKZROOWHDXFKUEHUDEHUPHLQH )UDXPHLQWHZLUZlUHQ]XDOW(LQ3DUWHLVSLW]HOELQLFKQLFKW 6WHLJHQ6LHDXIGDQQLVWDOOHVNODU6LHZLVVHQGD6LHLQGHU
6LFKHUKHLWV]RQHHLJHQWOLFKQLFKWV]XVXFKHQKDEHQ© :LUQLFNWHQ (LQQHWWHU0HQVFKGLHVHU0DQQGDFKWHLFKDOVLFKPLFKDXI GLHQLFKWVHKUVDXEHUH/DGHIOlFKHVFKZDQJ %HYRUGHU$OWHDQIXKUGUHKWHHUVLFKQRFKHLQPDOXPª,KUH :XQGHDXIGHP.RSIZHUGHLFKEHLPLU]X+DXVHYHUDU]WHQ© VDJWHHU]X:LOO0DOOPDQQ ª'DQNHVHKUIUHXQGOLFKDEHUHVJHKWVFKRQ© ª1LFKWVJHKWMXQJHU0DQQ'DPLWNDQQPDQVLFKOHLFKWHLQH %OXWYHUJLIWXQJKROHQ:LHLVWGDVGHQQSDVVLHUW"© :LOOVDKHLQGDVLFKGHU$OWHGXUFKHLQH$XVUHGHVFKOHFKW DEVSHLVHQOLHXQGPHLQWHª0LFKKDWHLQ9RJHODQJHJULIIHQ© .URJHU]RJGLH$XJHQ]XVDPPHQª9LHOOHLFKWHLQ5DEH"© IUDJWHHU ª-D©GHKQWH:LOO'DIXKUGHU$OWHDE ,FKKDWWHVHLQH5HDNWLRQJHQDXEHPHUNWXQGPDFKWHPLU PHLQH*HGDQNHQ'LHVHU0DQQZDUEHVWLPPWLQGHU*HJHQG XPGHQ%URFNHQDXIJHZDFKVHQRGHUKDWWHODQJH=HLWKLHU JHOHEW(UVFKLHQHLQLJHV]XZLVVHQ,FKZUGHLKQGDQDFK IUDJHQZHQQZLUEHLLKPZDUHQ 'HU7UHFNHUUXPSHOWHORV(VZDUHLQlOWHUHV0RGHOOXQG YHUXUVDFKWHGHPHQWVSUHFKHQGYLHO.UDFK$XVGHP$XVSXII EOLHVHLQHVFKZDU]JUDXH)DKQHJHJHQXQVHUH*HVLFKWHU 'LH/DQGVFKDIWNRQQWHPDQRKQHZHLWHUHVDOVOLHEOLFK EH]HLFKQHQ6DQIWH+JHO:LHVHQ:lOGHU'LHK|KHUHQ %HUJHZLHGHU%URFNHQODJHQKLQWHUGHQ+JHOQ ,FKKLHOWGHV|IWHUHQ$XVVFKDXQDFKGHQ5DEHQ:LUKDWWHQ ]ZDUHLQLJHGLHVHU+|OOHQY|JHOYHUQLFKWHQN|QQHQGRFKLFK JODXEWHIHVWGDUDQGDVLHQRFKQLFKWDXIJHJHEHQKDWWHQ6LH ZUGHQXQVZHLWHUXQWHU%HREDFKWXQJKDOWHQ ,FKVDKDXFKHLQLJH9|JHO2EHVDOOHUGLQJV5DEHQZDUHQ NRQQWHLFKQLFKWIHVWVWHOOHQ'LH(QWIHUQXQJZDU]XJUR +HUU.URJHUGUHKWHVLFKXPª:ROOHQ6LHLQ*UDPODJH MHPDQGHQEHVXFKHQ"©IUDJWHHUODXWJHJHQGDV.QDWWHUQGHV 0RWRUVDQ
'LH)UDJHZDUDQ:LOO0DOOPDQQJHULFKWHWXQGGHU .RPPLVVDU]|JHUWHPLWGHU$QWZRUW ª6LHN|QQHQUXKLJHKUOLFKVHLQLFKELQNHLQ6SLW]HOZLUNOLFK QLFKW© ,FKDQWZRUWHWHª-DZLUZROOHQ]XHLQHPJHZLVVHQ+DQV %DXHU© .URJHUVFKPXQ]HOWHª+DWWHLFKPLUIDVWJHGDFKW©0HKU VDJWHHUQLFKWVRQGHUQIXKUZHLWHU 6XNRVWLHPLFKLQGLH6HLWHª'DVFKHLQWZRKOGDVJDQ]H 'RUI]XZLVVHQZDVPLWGLHVHP+DQV%DXHUORVLVW© ª:LUPVVHQPLWDOOHPUHFKQHQ© 3O|W]OLFKZDUPLUJDUQLFKWPHKUVRZRKO]XPXWH,FKKDWWH GDV*HIKOLQHLQH)DOOH]XODXIHQ =XPHUNHQZDUDOOHUGLQJVQLFKWVGDYRQ'HU:HJEHVFKULHE HLQHZHLWH.XUYH(UIKUWHMHW]W]ZLVFKHQEUDXQZHLHQ )HOGHUQKLQGXUFK:HLGHVKDOEZHLODXI)XUFKHQUlQGHUQ QRFK6FKQHHODJ'HU:LQGILHOYRQGHQ%HUJHQXQGGLH 6RQQHZXUGHLPPHUEODVVHU :LUKDWWHQ1DFKPLWWDJ +LQWHUGHU.XUYHODJGHU2UW*UDPODJH=XHUVWVDKLFKQXU HLQSDDU'lFKHU0DQFKHGDYRQZHLDQGHQ:HWWHUVHLWHQ 5DXFKZRONHQVWLHJHQDXVGHQ6FKRUQVWHLQHQLQGHQJUDXHQ +LPPHO6LHZXUGHQYRP:LQGVRIRUW]HUIHW]W 'LH+lXVHUNRQQWHPDQDQEHLGHQ+lQGHQDE]lKOHQVR NOHLQZDUGDV'RUI,QGHU1lKHODJHQHLQSDDU*HK|IWH 'D]ZLVFKHQZHLWHUYHUVWUHXWGLH6WDOOXQJHQ 'LH6WUDHZXUGHDXFKLQ'RUIQlKHQLFKWEHVVHU.HLQ 3IODVWHUNHLQ$VSKDOW1XUGHUQRFKJHIURUHQHKDUWH%RGHQ 'LHEHVVHUH8QWHUODJHEHJDQQHUVWLQ*UDPODJH'RFKELV ]XU+DXSWVWUDHIXKUHQZLUJDUQLFKW'HUDOWH.URJHUERJ YRUKHUQDFKUHFKWVDE ª8QVHUH$QNXQIWEUDXFKWQLFKWMHGHU]XVHKHQ©HUNOlUWHHU DOVHULQHLQHQVFKPDOHQ:HJHLQERJGHUDQGHUOLQNHQ6HLWH YRQHLQHP+RO]]DXQEHJUHQ]WZXUGH 'HU$OWHVWRSSWH
ª$XVVWHLJHQ©ULHIHU :LUVSUDQJHQYRQGHU/DGHIOlFKHXQGEOLHEHQQHEHQGHP $QKlQJHUVWHKHQ 8PVWlQGOLFKNOHWWHUWHGHU$OWHYRQVHLQHP6LW]ULHEVLFKGLH WURFNHQHQ+lQGHXQGEHGHXWHWHXQVLKP]XIROJHQ ,P*lQVHPDUVFKVFKULWWHQZLUKLQWHULKPKHU,QGHU1lKH EHOOWHHLQ+XQG:LUK|UWHQDXFKKHOOH.LQGHUVWLPPHQVDKHQ MHGRFKNHLQHQ0HQVFKHQ $P(QGHGHV=DXQVERJHQZLUQDFKOLQNVDE+HUU.URJHU VWLHHLQ*DWWHUWRUDXIXQGZLUVWDQGHQDXIVHLQHP+RI 'DV%DXHUQKDXVZDUQLFKWJURXQGLP)DFKZHUNVWLO HUULFKWHWZRUGHQ(VKlWWHGULQJHQGHLQHU5HQRYLHUXQJ EHGXUIW9RUGHP+DXVVWDQGHQ]ZHLXUDOWH/LQGHQ,KUHbVWH ELOGHWHQHLQ'DFKEHU]ZHLJUQJHVWULFKHQHQ%lQNHQ ,P6RPPHUZDUHVVLFKHUOLFKJHPWOLFKKLHU ª(LJHQWOLFKZROOWHQZLUMD]X+DQV%DXHU©VDJWHLFK 'HU$OWHQLFNWHª,FKZHLDEHUODVVHQ6LHVLFKEHUUDVFKHQ PHLQH+HUUHQ© (VEOLHEXQVQLFKWVDQGHUHVEULJDOVLKP]XIROJHQ(UVWLH HLQHGLFNH+RO]WUDXIXQGZLUEHWUDWHQGDV%DXHUQKDXV 9RUXQVODJHLQ*DQJ/LQNVJLQJHV]XGHQ6WDOOXQJHQGDV ZDUQLFKW]XEHUK|UHQ'DV*UXQ]HQGHU6FKZHLQHNODQJ GHXWOLFKDQXQVHUH2KUHQ5HFKWVIKUWHQGUHL6WHLQVWXIHQ]X HLQHU7UKRFK 'HU$OWHVWLHVLHDXI :LUEHWUDWHQHLQH.FKHZLHLFKVLHQRFKDXVDOWHQ%FKHUQ XQG%HVFKUHLEXQJHQNDQQWH*URPLWHLQHPJHIOLHVWHQ %RGHQZXFKWLJHQ+RO]P|EHOQHLQHPJHZDOWLJHQ+HUGXQG GLFNHQ:lQGHQ $QGHP7LVFKVDHLQ0DQQ$OVZLUHLQWUDWHQZDQGWHHU VLFKODQJVDPXP ª'DUILFKYRUVWHOOHQ"©VDJWHGHUDOWH.URJHUª'DVLVWPHLQ .QHFKW+DQV%DXHU©
:LUZDUHQZLUNOLFKEHUUDVFKW8QGGLHVHhEHUUDVFKXQJ VWDQGDXFKDXIXQVHUHQ*HVLFKWHUQ]XOHVHQ0LWDOOHPKDWWHQ ZLUJHUHFKQHWGDPLWMHGRFKQLFKW'DKDWWHXQVGHU=XIDOO JHQDXGHQULFKWLJHQ0DQQLQGLH+lQGHJHVSLHOW +HUU.URJHUODFKWHDOVHUXQVHUH*HVLFKWHUVDKª.QHFKWLVW QDWUOLFK]XYLHOJHVDJW©PHLQWHHUVFKPXQ]HOQGª+DQV %DXHULVWHLJHQWOLFK/DQGPDVFKLQHQPHFKDQLNHU(UZRKQWEHL PLUXQGGLHDQGHUHQ%DXHUQOHLKHQLKQVLFKDXV© -HW]WZXWHQZLU%HVFKHLG %DXHUVWDQGDXI (UZDUMQJHUDOVLFKXQGJU|HU(UKDWWHVFKZDU]H+DDUH HWZDVZXOVWLJH/LSSHQXQGHLQEUHLWIOlFKLJHV*HVLFKW(UWUXJ HLQH&RUGKRVHXQGHLQJUREHV%DXPZROOKHPG 3HU+DQGVFKODJEHJUWHHUXQV,FKKDWWH$QJVWGD PHLQH)LQJHU]HUTXHWVFKWZUGHQVRKDUWJULIIHU]X 'DQQVWHOOWHQZLUXQVYRU$OVHUPHLQHQ1DPHQK|UWH VWXW]WHHUª6LQG6LH(QJOlQGHU"© ª-D© ,FKPHUNWHZLHHUQDFKGDFKWH6HLQH6WLUQOHJWHVLFKGDEHL LQ)DOWHQ ª,FKNDQQWH5RG+X[OH\©VDJWHLFK -HW]WOlFKHOWHHUª'DQQZLVVHQ6LHPHLQHQ1DPHQYRQLKP QLFKWZDKU"© ,FKQLFNWH ª8QGZDUXPLVW5RGQLFKWPLWJHNRPPHQ"© ª(ULVWWRW©HUZLGHUWHLFK +DQV%DXHU]XFNWH]XVDPPHQª7RW"©PXUPHOWHHUIDV VXQJVORVª:LUNOLFKWRW"© (UZLVFKWHVLFKIDKULJEHUGLH6WLUQXQGZXWHQLFKW ZRKLQHUVFKDXHQVROOWH ª:HUKDWLKQGHQQXPJHEUDFKW"©IUDJWHHUPLWKHLVHUHU 6WLPPHª+DWPDQLKQHUZLVFKW"$QGHU*UHQ]H"© ª1HLQHULVWLQ/RQGRQXPJHNRPPHQ,FKZDUGDEHL NRQQWHDEHUQLFKWVWXQ© ª+DEHQ6LHGHQ0|UGHUJHVWHOOW"©IUDJWHHUPLFK
ª-DXQGQHLQ©,FKEOLFNWH+DQV%DXHUIHVWDQª*ODXEHQ6LH DQGDVhEHUVLQQOLFKH"© ª6LHPHLQHQDQ*HLVWHURGHUVR"© ª*HQDX© +DQV%DXHUXQGGHUDOWH.URJHUWDXVFKWHQHLQHQVFKQHOOHQ %OLFN'DQQVHQNWH%DXHUGLH$XJHQOLGHUXQGKREGLH 6FKXOWHUQ(UZROOWHZRKOQLFKWPLWGHU6SUDFKHKHUDXV ª5RG+X[OH\LVWYRQHLQHU+H[HJHW|WHWZRUGHQ©VDJWHLFK LQGLHODVWHQGH6WLOOHKLQHLQ %HLGH0lQQHU]XFNWHQ]XVDPPHQ ª:DVVDJHQ6LHGD"©IUDJWHGHUDOWH.URJHU ,FKZLHGHUKROWHGHQ6DW] ª2*RWW©IOVWHUWH+DQV%DXHUªGLH+H[HQYRP%URFNHQ 6LHKDEHQLKQJHKROW© -HW]WKRUFKWHLFKDXIª:DVZLVVHQ6LHEHUGLH+H[HQ"© ª1LFKWVQLFKWV,FK© ª0RPHQWPDO©PLVFKWHVLFK.RPPLVVDU0DOOPDQQLQ XQVHUHQ'LDORJª,FKVFKlW]HHVLVWDQGHU=HLWGDZLUGDV 9HUVWHFNVSLHODXIJHEHQ:LUVLQGQLFKWKHUJHNRPPHQXP KLHUGHQ)OXFKWKHOIHU]XVSLHOHQ'HUZDKUH*UXQGLVWHLQ JDQ]DQGHUHU© 'HU.RPPLVVDUSDFNWHDXV(UQDQQWHGHQZDKUHQ*UXQG IUXQVHU.RPPHQ 'LH0lQQHUK|UWHQPLWHUQVWHQ*HVLFKWHUQ]X6FKOLHOLFK VHXI]WHGHUDOWH.URJHUDXI ª(LQPDOPXWHHVMDNRPPHQ©VDJWHHU ª:LHGDUILFKGDVYHUVWHKHQ"©IUDJWHLFK ª:LUZRKQHQKLHULQHLQHU*HJHQGZRGHU$EHUJODXEH]X +DXVHLVW©EHULFKWHWHHUª$EHUHVLVWQLFKWQXU$EHUJODXEH ,FKZHLGDGLH+H[HQH[LVWLHUHQ6LHKDEHQLKUHQ3ODW]DXI GHP*LSIHOGHV%URFNHQXQGYHUZDQGHOQVLFKWDJVEHUIDOOV VLHVLFKQLFKWYHUVWHFNHQLQ5DEHQ6LHVLQGYRQGLHVHQ 9|JHOQDQJHJULIIHQZRUGHQGDVKDEHQ6LHVHOEVWHU]lKOW(LQH JURH(UNOlUXQJNDQQLFKPLUGHVKDOEVSDUHQDEHUHVVWLPPW GDGLH+H[HQHLQHPKRKHQ'lPRQGLHQHQ©
ª9LHOOHLFKWGHP6FKZDU]HQ7RG"©IUDJWHLFK ª6RQHQQWPDQLKQ© ª.|QQHQ6LHPLUVDJHQREZLUGHQ6FKZDU]HQ7RGKLHU ILQGHQ"©IRUVFKWHLFKZHLWHU ª1HLQJHVHKHQKDEHLFKLKQQLH,FKNHQQHQXUGLHDOWHQ 6DJHQXQG/HJHQGHQ© :LOO0DOOPDQQKROWHHLQ%LOGVHLQHUWRWHQ)UDXDXVGHU 7DVFKHª+DEHQ6LHGLHVH3HUVRQVFKRQHLQPDOJHVHKHQ"© 'HU$OWHQDKPLKPGDV%LOGDXVGHU+DQGKLHOWHVGLFKWYRU VHLQH$XJHQXQGVFKWWHOWHGHQ.RSIª1HLQ©'DQQUHLFKWH HUGDV%LOGZHLWHUDQ+DQV%DXHU 'HUPHLQWHQDFKHLQHU:HLOHª*HVHKHQKDEHLFKGLH)UDX QRFKQLHLP/HEHQ© ª:LHNRPPWHVGDQQGDZLUGDV)RWREHLGHPWRWHQ +X[OH\JHIXQGHQKDEHQ"©IUDJWHLFK .URJHUKREGLH6FKXOWHUQ+DQV%DXHUWDWHVLKPQDFK ,FKIUDJWHZHLWHUª+DEHQ6LHLUJHQGZDQQHWZDVEHUGDV %XFKGHUJUDXVDPHQ7UlXPHJHK|UW"© ª1HLQ©'LH$QWZRUWGHV$OWHQHUIROJWHVSRQWDQ(UGUHKWH VLFKXPª'XYLHOOHLFKW+DQV"© %DXHUVFKWWHOWHGHQ.RSI ª:DVKDWHVPLWGHP%XFKGHQQDXIVLFK"©IUDJWHPLFK+HUU .URJHU ª(VVROOVLFKKLHULUJHQGZREHILQGHQ© ª1LFKWVGDYRQJHK|UW© ª'LH+H[HQEHZDFKHQGDV%XFK©VHW]WHLFKQDFK 'HU$OWHOlFKHOWHVFKPDOª'DQQEHILQGHWHVVLFKLQJXWHQ XQGVLFKHUHQ+lQGHQ©HUZLGHUWHHUª$QGLH+H[HQNRPPHQ 6LHQLFKWKHUDQ'LHVLQGHLQIDFK]XVWDUN© ª'DVODVVHQ6LHPDOPHLQH6RUJHVHLQ:LUPVVHQGDV%XFK ILQGHQXQGZHQQGLH+H[HQHVKDEHQZHUGHQZLULKQHQ HLQHQ%HVXFKDEVWDWWHQ© ª:ROOHQ6LHDXIGHQ%URFNHQ"©IUDJWH+DQV%DXHUVWDXQHQG ª-D©DQWZRUWHWHLFK ª$EHUZLH"©
,FKVFKDXWH%DXHUDQª*DQ]HLQIDFK,FKKDEHJHK|UWGD HVHLQHQ/LIWJLEWGHUXQV]XP*LSIHOEULQJW© ª'HUIlKUWMHW]WQLFKWPHKU© ª6LFKHUQLFKW)UXQVN|QQWHHUPDOHLQH$XVQDKPH PDFKHQ'DVKHLWZLUZHUGHQGDIUVRUJHQGDHUIlKUW :HQQZLUHUVWREHQVLQGILQGHQZLUDXFKGDV%XFK© ª2GHUGLH+H[HQW|WHQ6LH©VDJWHGHU$OWHPLWGXPSIHU 6WLPPH ª'DVLVWXQVHU5LVLNR©,FK]QGHWHPLUHLQH=LJDUHWWHDQ +DQV%DXHUUDXFKWHDXFKª:LHODQJHGDXHUWHVELVZLUGLH 7DOVWDWLRQHUUHLFKWKDEHQ"©HUNXQGLJWHLFKPLFK ª6WXQGHQ© ª=X)XNODU$EHUPLWGHP:DJHQUHGX]LHUWVLFKGLH =HLW© +HUU.URJHUOlFKHOWHª:RKHUZROOHQ6LHHLQ$XWRQHKPHQ" ,FKKDEHNHLQV+DQV%DXHUDXFKQLFKW© 'DUDQKDWWHQZLUQLFKWJHGDFKW0LVWDXFK-HW]WKLQJHQZLU KLHUIHVWZlKUHQGVLFKGDV%XFKSUDNWLVFKQXUZHQLJH .LORPHWHUYRQXQVHQWIHUQWEHIDQG 'DKDWWH+DQV%DXHUHLQH,GHHª(LQ)UHXQGYRQPLUEHVLW]W HLQHQXUDOWHQ:DUWEXUJGHQZLUGHUPLUVLFKHUOLFKOHLKHQ© ª:RZRKQWGHU0DQQ"©IUDJWHLFK ª+LHULP'RUI© ª.|QQHQ6LHKLQJHKHQ"© +DQV%DXHUVFKQDSSWHVLFKVHLQH/HGHUMDFNH]RJVLHEHU XQGZDUVFKRQXQWHUZHJV :LUZDUWHWHQ'DEHLGUHKWHQVLFKXQVHUH*HVSUlFKHQDWU OLFKXPGDV7KHPD+H[HQGRFKDXVGHPDOWHQ.URJHUZDU QLFKWVKHUDXV]XEHNRPPHQ(UNRQQWHQXUGDVZLHGHUJHEHQ ZDVGLH6DJHQXQG/HJHQGHQHU]lKOWHQ (WZDHLQHKDOEH6WXQGHVSlWHUYHUQDKPHQZLUYRQGUDXHQ NQDWWHUQGH*HUlXVFKH ª'DVLVW+DQV©VDJWHGHU$OWH(UOLHI]XU7UXQG|IIQHWH VLH+DQV%DXHUWUDWHLQ ª*HVFKDIIW©PHOGHWHHUJULQVHQGª:LUKDEHQGHQ:DJHQ
,VW]ZDUNHLQH/X[XVNDURVVHDEHUGLH6WUHFNHZLUGHUVFKRQ VFKDIIHQ,FKIDKUH6LHGDQQKLQ© :LUZDUHQHLQYHUVWDQGHQZROOWHQDXFKNHLQH=HLWPHKU YHUOLHUHQXQGYHUDEVFKLHGHWHQXQV +HUU.URJHUZQVFKWHXQVYLHO*OFN ,P:DJHQZXUGHHVHQJ6XNRQDKPDXIGHP%HLIDKUHUVLW] 3ODW]:LOOXQGLFKVDHQKLQWHQ :LHGHUIXKUHQZLUQLFKWGXUFKGHQ2UWVRQGHUQQDKPHQ 6FKOHLFKZHJHª'DVLVWEHVVHU©VDJWH+DQV%DXHU ,FKQLFNWHQXUXQGEOLFNWHVFKUlJQDFKGUDXHQ'HQ %URFNHQNRQQWHLFKVHKHQ6FKDUIKREVLFKVHLQ*LSIHOYRQGHQ EULJHQ%HUJHQDE ,FKVDKDOOHUGLQJVDXFKQRFKHWZDVDQGHUHV (LQGXQNOHU6FKZDUPXPNUHLVWHGHQ*LSIHO 5DEHQ2GHU+H[HQ (JDOZLH6LHHUZDUWHWHQXQVEHUHLWV 1XUZHQLJH(LQJHZHLKWHNDQQWHQGLH+|KOHGHQQLKU (LQJDQJODJYHUVWHFNWLP%HUJZDUJXWJHWDUQWXQGZXUGH DXVJH]HLFKQHWEHZDFKW1LFKWQXUYRQGHQ+H[HQVRQGHUQ DXFKYRQHLQHP5LQJDXV6FKZDU]HU0DJLH :HPHVWDWVlFKOLFKJHODQJLQGDV,QQHUHHLQ]XGULQJHQGHU ZDUYHUORUHQ :LHDXFK5RG+X[OH\=ZDUKDWWHHUIOLHKHQN|QQHQGRFK GLH+H[HQKROWHQLKQVHOEVWLQ/RQGRQHLQXQGEUDFKWHQ LKQXP 6RZXUGHGDV*HKHLPQLVJHZDKUWXQGGLHVEHUHLWVEHU -DKUKXQGHUWHKLQZHJ'DVZXWHDXFKGHU6FKZDU]H7RG 'HVKDOEKDWWHHUGDV%XFKGHUJUDXVDPHQ7UlXPHLQGLH 2EKXWGHU+H[HQJHJHEHQ(VHUVFKLHQLKP]XULVNDQWHVLQ HLQHUDQGHUHQ'LPHQVLRQ]XYHUVWHFNHQGHQQDXFKLQGHQ 5HLFKHQGHU)LQVWHUQLVODXHUWHQVHLQH)HLQGH 'DZDU0\[LQGHU0DJLHUGHVVHQ+DEHUHLWVVHLWGHQ 7DJHQYRQ$WODQWLVEHVWDQG)U0\[LQZlUHHVHLQ
)UHXGHQWDJJHZRUGHQKlWWHHUGDV%XFKLQGLH)LQJHU EHNRPPHQ(UVXFKWHHVPLWHLQHUZDKUHQ+LQJDEHXQG XQJHZ|KQOLFKHP(LIHUVHW]WHVLFKGDEHLDXIGLH)lKUWHGHV 6FKZDU]HQ7RGVYHUIROJWHLKQEHUDOOKLQGRFKJHIXQGHQ KDWWHHUGDV%XFKELVKHUQLFKW 'HU6FKZDU]H7RGKWHWHVLFK0\[LQ]XP%HUJGHU+H[HQ ]XIKUHQ(UORFNWHLKQYLHOPHKUDXIDQGHUH6SXUHQXQG )lKUWHQ6HLQHJURHQ9HUVWHFNHNDQQWH0\[LQQLFKWZDVLKQ ZLHGHUXPXQJHKHXHUZXUPWHXQGLKQDOV'lPRQSUDNWLVFK DXIGLH6HLWHGHU%HNlPSIHUGHV%|VHQWULHE 1RFKHLQH)HLQGLQKDWWHGHU6FKZDU]H7RG $VPRGLQDGLH7RFKWHUGHV7HXIHOV6LHZROOWHHEHQIDOOV VHLQH$EO|VXQJ 'DEHLJLQJVLHVFKODXYRUXQGJULIIGHQ6FKZDU]HQ7RGQLH GLUHNWDQVRQGHUQZLHJHOWH'lPRQHQVFKDUHQJHJHQLKQDXI *HZDOWLJH6FKUHFNHQVKHHUHGLHIUKHUDXIVHLQ.RPPDQGR JHK|UWKDWWHQODJHQQXQLKU]X)HQ 1RFKZDUGHU.DPSIQLFKWHQWVFKLHGHQGRFKHUWULHE XQDXIK|UOLFKHLQHP+|KHSXQNW]X(LQHQ)ULHGHQVSDNW ]ZLVFKHQGHQ'lPRQHQZUGHHVQLHJHEHQGDEHLGH]X XQWHUVFKLHGOLFKZDUHQXQGYRQLKUHP(KUJHL]IDVW]HUIUHVVHQ ZXUGHQ $EHUQRFKHLQH'lPRQHQJU|HVSLHOWHLP5HLFKGHV 6FKUHFNHQVHLQHJHZLVVH5ROOH'DVZDUGHU6SXN-HQHU *HVWDOWORVHLQGHVVHQ5HLFKGLH6HHOHQGHUJHW|WHWHQGlPR QLVFKHQ.UHDWXUHQGDKLQYHJHWLHUWHQXQGYHUGDPPWZDUHQLQ DOOH(ZLJNHLWHQQDFKGHPVLHYRQ0DGGR[GHPXQKHLP OLFKHQ5LFKWHUDEJHXUWHLOWZRUGHQZDUHQ 'HU-RNHULQGLHVHPK|OOLVFKHQ6SLHOZDULFK $OOHQKDWWHLFKVFKRQ1LHGHUODJHQEHLJHEUDFKWUHJHOUHFKWH 5XQGXPVFKOlJHYHUWHLOWXQGVFKPHU]KDIWH:XQGHQ]XJH IJW'DVYHUJDHQGLH+HUUVFKHULP5HLFKGHU)LQVWHUQLV QLFKWXQGYRUDOOHQ'LQJHQZDUHVGHU6FKZDU]H7RGGHU PLFKJHUQDOV/HLFKHJHVHKHQKlWWH 2GHUIULPPHUYHUGDPPW
$XVGLHVHP*UXQGHKDWWHGHU6FKZDU]H7RGHLQ6SLHOHLQ JHIlGHOWGDVVHLQHUZUGLJZDU(UJULII]X7ULFNVOHQNWHXQG VWHXHUWHLP+LQWHUJUXQGQXUXPPLFKGHQHLQHQVWDUNHQ *HJQHUDXV]XVFKDOWHQ:HQQHUGDVVFKDIIWHVWDQGHULQGHU *XQVWGHV7HXIHOVZLHGHUJDQ]REHQ8QGGDIUJLQJHUVRJDU HLQJURHV5LVLNRHLQ (UOLHPLFKEHU8PZHJHZLVVHQZRLFKGDV%XFKGHU JUDXVDPHQ7UlXPHILQGHQNRQQWHGHQQHUZXWHJHQDX :HQQLFKYHUVXFKHQZUGHGDV%XFKDQPLFK]XEULQJHQ KDWWHHUPLFK 'DV%XFKDOV/RFNPLWWHOZDUHLQIDFK]XVWDUN $XFKGLH+H[HQZXWHQ%HVFKHLG6LHXQWHUQDKPHQQRFK QLFKWVXPPLFKDXI]XKDOWHQ 'HQQVRVROOWHQGUHL0HQVFKHQLQLKU9HUGHUEHQUHQQHQ =ZHLPDOVWUHLNWHGHU0RWRUGDQQOLHIGHU:DJHQZHLWHU(V ZDUZLUNOLFKHLQDOWHV6FKlW]FKHQXQGZlUHLQ(QJODQGOl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ª.RPPHQ6LHQXUJHVXQG ZLHGHU©VDJWHHU ª'DVZROOHQZLUGRFKKRIIHQ©
6XNRZDUEHUHLWVYRUJHJDQJHQ9RQGHU3ODWWIRUPGLFKWYRU GHU(LQJDQJVWUZLQNWHHUXQV]Xª(VLVWRIIHQ© :LUVWLHJHQHEHQIDOOVKRFK 6FKQHOOGHQQQLFKWZHLWHQWIHUQWVDKLFKQXQHLQLJH 6SD]LHUJlQJHUXQGGLHEUDXFKWHQXQVQLFKWJHUDGH]XHQW GHFNHQ :LOO0DOOPDQQVFKORGLH7Uª*HVFKDIIW©PXUPHOWHHU 6XNRKDQWLHUWHEHUHLWVDQGHU*RQGHO,FK]RJGLH7U]XGHU NOHLQHQ.DELQHDXILQGHUVLFKGLH6WHXHUDQODJHEHIDQG$OOHV ZDU]LHPOLFKEHUVLFKWOLFK ,FKPXWHHLQLJH+HEHOXPOHJHQGDQQIXKUGLH6HLOEDKQ 1LFKWVZDUJHVLFKHUW'DV9HUWUDXHQGDVGLH9HUDQW ZRUWOLFKHQLQLKUH/DQGVOHXWHVWHFNWHQNDPXQV]XJXWH :HQLJH0LQXWHQVSlWHUEHZHJWHQVLFKGLH*RQGHOQ,FK JLQJ]XU6HLWHVWHOOWHPLFKHLQHU*RQGHOLQGLH)DKUEDKQ ZDUWHWHELVVLHQDKHJHQXJKHUDQZDUXQGOLHPLFKIDOOHQ ,FKVD (VJDEHLQHQ5XFNDOVGLH*RQGHOGLH6WDWLRQYHUOLH9RU PLUVDKLFKGHQ%HUJ (LQHODQJH6WUHFNHDXIGHUYLHOSDVVLHUHQNRQQWH ,P&OXEWUDIHQODQJVDPGLHHUVWHQ0LWJOLHGHUHLQ(LQ%XWOHU HPSILQJGLH*HQWOHPHQXQGJHOHLWHWHVLHLQGHQ&OXEUDXP =XPHLVWLQGLH%LEOLRWKHNZRHV/HVHHFNHQJDEXQGGLH +HUUHQXQJHVW|UWZDUHQ 'HU&OXENRQQWHVLFKGXUFKDXVDOVH[NOXVLYXQGYRUQHKP EH]HLFKQHQ'LH0LWJOLHGHUWUXJHQ]XPHLVWGDV$GHOVSUlGLNDW XQGKDWWHQGLHHQWVSUHFKHQGHQ3RVLWLRQHQLQQH 9LHOHDUEHLWHWHQIUGHQ6WDDW6LHVDHQLQKRKHQbPWHUQ GHU6WDGWRGHU9HUZDOWXQJ $QGHUHZLHGHUXPYHUGLHQWHQLKU*HOGLQGHU,QGXVWULHDOV 0DQDJHUXQG$QZlOWH )UDXHQKDWWHQNHLQHQ=XWULWWXQGDXFKGDV3HUVRQDOZDU QXUPlQQOLFKHQ*HVFKOHFKWV
ª6LU"©VDJWHGHU(PSIDQJVFKHIDOV6XSHULQWHQGHQW6LU -DPHV3RZHOOGHQ&OXEEHWUDWGHP%XWOHU]XQLFNWHXQGVLFK DXVVHLQHP0DQWHOKHOIHQOLH ª,VW6LU$QGUHZVFKRQHLQJHWURIIHQ"©IUDJWH3RZHOO ª/HLGHUQRFKQLFKW6LU:HQQ6LHVLFKHLQZHQLJJHGXOGHQ P|FKWHQ© 3RZHOO]RJVHLQH5RFNVFK|HJODWWª%OHLEWPLUMDQLFKWV DQGHUHVEULJ© (UEHWUDWGLH%LEOLRWKHN6HLQH$QNXQIWZDUEHUHLWVEHPHUNW ZRUGHQ$XIVHLQHP3ODW]VWDQGEHUHLWVGDVREOLJDWRULVFKH *ODV:DVVHURKQH.RKOHQVlXUH(VZXUGHDXIHLQHPVLOEHUQHQ 7DEOHWWVHUYLHUW0DQKLHOWHEHQQRFKDXI(WLNHWWH 3RZHOOQDKPLQVHLQHP/HGHUVHVVHO3ODW]'LHKRKH/HKQH UHLFKWHLKPELV]XP.UDJHQ0LWVHLQHU)LJXUIOOWHHUGLH :|OEXQJGHV6HVVHOVDXV 0DQVDKVLFKXQGPDQQLFNWHVLFK]X*HVSURFKHQZXUGH NDXP3RZHOOHUKLHOWVHLQH=HLWXQJHQ(VZDUHQ*D]HWWHQDXV DOOHU:HOW(UODVVLHMHGHQ$EHQG 'LH=HLWYHUJLQJ'HU6XSHULQWHQGHQWKDWWHEHUHLWVGUHL %OlWWHUGXUFKJHOHVHQXQG6LU$QGUHZZDUQRFKLPPHUQLFKW GD0HLQ&KHIZXUGHVLFKWOLFKXQUXKLJHUREZRKOLKP lXHUOLFKNDXPHWZDVDQ]XPHUNHQZDU+LQXQGZLHGHU EHZHJWHQVLFKQXUVHLQH$XJHQZLPSHUQHWZDVVFKQHOOHU (LQHUGHUVWHLIHQ'LHQHUVWHXHUWH3RZHOOV3ODW]DQ(UEOLHE YRUGHP6XSHULQWHQGHQWHQVWHKHQYHUEHXJWHVLFKOHLFKWXQG VDJWHIUDJHQGª6LU"© 3RZHOOKREGHQ.RSI ª6LHHQWVFKXOGLJHQGLH6W|UXQJ6LU$EHULFKGDUI6LH]XP 7HOHIRQELWWHQ"© 3RZHOOQLFNWH:HQQHULP&OXEDQJHUXIHQZXUGHGDQQ JLQJHV PHLVWXPZLFKWLJH'LQJH(UUFNWHVHLQH%ULOOHPLW GHQGLFNHQ*OlVHUQ]XUHFKWKLQWHUGHQHQGLH$XJHQHXOHQ KDIWJURZLUNWHQ0LWVWHLIHQ6FKULWWHQIROJWHHUGHP%XWOHU 'LH7HOHIRQNDELQHZDUVFKDOOGLFKWLVROLHUW3RZHOONRQQWH GRUWLQHLQHP6HVVHO3ODW]QHKPHQ
'HU$QUXIHUZDU6LU$QGUHZ(UHQWVFKXOGLJWHVLFKPLW ZHQLJHQ:RUWHQDEHUHVZDULKPQLFKWP|JOLFKLQGHQ&OXE ]XNRPPHQ*HVFKlIWHKLHOWHQLKQ]XUFN 3RZHOOKDWWHGDIU9HUVWlQGQLV,KPZDUHVGHV|IWHUHQ HEHQVRHUJDQJHQ 6LHYHUDEUHGHWHQVLFKIUGHQQlFKVWHQ7DJXQGEHHQGHWHQ GDV*HVSUlFK 'HU6XSHULQWHQGHQWYHUOLHGLH6SUHFK]HOOHXQGZLQNWH GHP%XWOHUª0HLQHQ0DQWHOELWWH© ª6HKUZRKO6LU$XFKHLQ7D[L"© ª-D© 'HU%XWOHUJDEGHP3RUWLHUHLQ=HLFKHQXQGGHUZXWH %HVFKHLG(UULHIHLQHQ:DJHQ 3RZHOONQ|SIWHLQ]ZLVFKHQVHLQHQ0DQWHO]X(UKDWWHGLH .QRSIOHLVWH]XU+lOIWHEHZlOWLJWDOVGDV7D[LEHUHLWVYRUIXKU ª'DVJLQJVFKQHOO6LU©VDJWHGHU%XWOHU 3RZHOOQLFNWHQXU*HPHVVHQZLHHVHLQHV*HQWOHPDQZU GLJZDUVFKULWWHU]XP$XVJDQJ (LOIHUWLJULGHU3RUWLHUGHP*DVWGLH7UDXI3RZHOO UHLFKWHHLQ7ULQNJHOGXQGVWHXHUWHGDV7D[LDQ 'LH)RQGWUVWDQGRIIHQ9RQGHP)DKUHUZDUQLFKWYLHO]X VHKHQ'LHQlFKVWH/DWHUQHVWDQG]XZHLWZHJVLHHUUHLFKWH PLWLKUHP6FKHLQQLFKWHLQPDOGHQ:DJHQ (VZDUNKOLQ/RQGRQ8QGQDNDOW(LQULFKWLJXQJH PWOLFKHV:HWWHU=XP*OFNODJNHLQ1HEHOEHUGHU6WDGW 3RZHOOVFKOXJGLH7U]XQDFKGHPHULP)RQG3ODW] JHQRPPHQKDWWH(UJDEVHLQH$GUHVVHDQ 'DV7D[LIXKUORV )DKUHUXQG*DVWZDUHQGXUFKHLQH6FKHLEHJHWUHQQW'LHVHU :DJHQJHK|UWH]XGHQDOWPRGLVFKHQ7D[LVGLHLPPHUQRFK GXUFK/RQGRQIXKUHQ'LHEHLGHQ0lQQHUNRQQWHQVLFKQLFKW YHUVWlQGLJHQHVVHLGHQQVLHZUGHQVFKUHLHQ 3RZHOOVFKULHQLH(UZDUVFKOLHOLFKHLQ*HQWOHPDQ%H TXHPOHKQWHHUVLFK]XUFNKDWWHVHLQH+lQGHDXIGLH 2EHUVFKHQNHOJHOHJWXQGEOLFNWHQDFKYRUQ
'DV*HVLFKWGHV)DKUHUVKDWWH3RZHOOQRFKLPPHUQLFKW JHVHKHQ(VLQWHUHVVLHUWHLKQDXFKQLFKWXQGGDVZDUVHLQ )HKOHU2EZRKOGHU6XSHULQWHQGHQWVWHLIXQGZLHOHEORV ZLUNHQGLP)RQGGHV:DJHQVKRFNWHHQWJLQJLKPQLFKWGD GHU)DKUHUSO|W]OLFKDEERJXQGLQ5LFKWXQJ:HVWHQDXIGLH 7KHPVH]XIXKU 3RZHOONUDXVWHGLH6WLUQ'DVZDUQLFKWGHUGLUHNWH:HJ GHQHUYHUODQJWKDWWH 'HU)DKUHUEHVFKOHXQLJWH (UIXKUZHVHQWOLFKVFKQHOOHUDOVHVEHUKDXSWJHVWDWWHWZDU 'DVSDWH3RZHOOJDUQLFKW 'LH6WUDHZXUGHVFKPDOHU'DQQULGHU)DKUHUGHQ:DJHQ KHUXPXQGIXKUEHUHLQHQVFKPDOHQ:HJGHUUHFKWVXQG OLQNVYRQKRKHQ)DEULNPDXHUQJHVlXPWZXUGH 3RZHOOVDQRFKLPPHUVWHLILP)RQG(UVFKLHQLUJHQGZLH XQEHWHLOLJWGRFKLQVHLQHP6FKlGHOMDJWHQVLFKGLH*HGDQNHQ (UZXWHPLWHLQHPPDOGDHUNHLQHQQRUPDOHQ7D[L FKDXIIHXUYRUVLFKKDWWHVRQGHUQLQGLH+lQGHHLQHV *DQJVWHUVJHIDOOHQZDU 3RZHOOEHZDKUWHGLH5XKH$QGHUHKlWWHQJHVFKULHQRGHU PLWGHQ)lXVWHQJHJHQGLH6FKHLEHQJHWURPPHOWGHU 6XSHULQWHQGHQWVDQRFKLPPHUVWHLIXQGDXIUHFKWZLHHLQ /DGHVWRFNLP)RQG 'RFKGHU)DKUHUZROOWHVLFKHUJHKHQ(UEHZHJWHVHLQH+DQG XQGOHJWHHLQHQNOHLQHQ+HEHODP$UPDWXUHQEUHWWKHUXP ,P)RQGEHJDQQHV]X]LVFKHQ 'DV*DVZDUIDUEDEHUQLFKWJHUXFKORV 3RZHOONUDXVWHGLH6WLUQ(VURFKQDFK6FKZHIHORGHUIDXOHQ (LHUQ ,KPZXUGHNODUGDGHU*HVWDQNQLFKWYRQGUDXHQNDP VRQGHUQDXVGHP,QQHUQGHV:DJHQV 6RIRUWKLHOW3RZHOOGLH/XIWDQ 'DEHLVXFKWHQVHLQH$XJHQQDFKGHQ'VHQDXVGHQHQGDV *DVHQWZLFK (UIDQGVLHQLFKW
'DV*DVVWU|PWHZHLWHU3RZHOONRQQWHGLH/XIWQLFKWHZLJ DQKDOWHQ,UJHQGZDQQPXWHHUHLQDWPHQXQGGDQQZDUHV YRUEHL 'HU6XSHULQWHQGHQWZDUIQRFKHLQHQ%OLFNDXVGHP)HQVWHU (UNRQQWHVFKRQQLFKWPHKUNODUVHKHQ'LH0DXHUYHUZLVFK WHZXUGH]XHLQHPEOXWURWHQIXULRVHQ(WZDV 3RZHOOVFKZDQNWH(UILHOHLQPDOQDFKUHFKWVGDQQZLHGHU QDFKOLQNV'HU/XIWPDQJHO]ZDQJLKQ$WHP]XKROHQ (UVRJLKQQXUIODFKGXUFKGLH1DVHHLQ 'LH'RVLVDOOHUGLQJVUHLFKWHVFKRQ 3O|W]OLFKKDWWHHUGDV*HIKOLQHLQHPULHVLJHQ6DDO]X VLW]HQGHVVHQ%RGHQXQWHUVHLQHQ)HQVFKZDQNWHGDQQ XPNLSSWHXQGLKQPLWLQGLH7LHIHUL $XV 3RZHOOILHO]XU6HLWH(UODQGHWHDXIGHP6LW]UROOWHGDQQLQ GHQ5DXP]ZLVFKHQ9RUGHUXQG5FNEDQNXQGEOLHEGRUW OLHJHQ 'HU)DKUHUKDWWHPLWEHNRPPHQGD3RZHOODXVJHVFKDOWHW ZDU(UYHUULQJHUWHVHLQH*HVFKZLQGLJNHLWVDKVLFKNXU]XP XQGHLQGXQNOHU7RWHQVFKlGHOJULQVWHDXIGHQ%HVLQQXQJV ORVHQQLHGHU 'HU)DKUHUZDUNHLQ*HULQJHUHUDOVGHU6FKZDU]H7RG 'LHVFKPDOH6WUDHHQGHWHYRUHLQHU0DXHU1DJOlQ]WHQGLH EUDXQURWHQ=LHJHO'RFKEHYRUGHU:DJHQJHJHQGLH0DXHU IXKUULGHU6FKZDU]H7RGLKQQDFKUHFKWV :HQLJVSlWHUUXPSHOWHQGLH5HLIHQEHUGDV*HOlQGHHLQHU VWLOOJHOHJWHQ)DEULN 'HU6FKZDU]H7RGVWRSSWH (UVWLHJDXVXQGVFKULWWODQJVDPDXIGLH)RQGWU]X 8PLKQKHUXPZDUHVVWLOO1LFKWPDOGLH5DWWHQTXLHNWHQ 6LHKDWWHQVLFKLQLKUH/|FKHUYHUNURFKHQGHQQVLHVSUWHQ LQVWLQNWLYGDV*UDXHQGDVGLHVHU'lPRQYHUEUHLWHWH (U|IIQHWHGLH7U
3RZHOOILHOLKPHQWJHJHQ.QRFKHQKlQGHILQJHQLKQDXI KLHYWHQLKQDXVGHP:DJHQVWHOOWHQLKQKRFKXQGOHKQWHQ LKQJHJHQGLH.DURVVHULH 'HU6FKZDU]H7RGGURVFKGLH7UHQ]X%HYRU3RZHOOLQ VLFK]XVDPPHQVDFNWHQDKPHULKQDXIGLH$UPHXQGWUXJ GHQVFKZHUHQ0DQQZLHHLQOHLFKWHV)HGHUNLVVHQEHUGDV *HOlQGHGHU)DEULN 6HLQ=LHOZDUGHUYHUIDOOHQH%DXLQGHPIUKHUGLH 0LWDUEHLWHUHLQHU6SLQQHUHLJHZLUNWKDWWHQ 0LWGHP)XWUDWGHUPlFKWLJH'lPRQGLHURVWLJH(LVHQWU DXI6LHTXLHWVFKWHHUElUPOLFKLQGHQ$QJHOQ8QWHULKUHU .DQWHNQLUVFKWHQ6WDXEXQG0|UWHO 'HU6FKZDU]H7RGEHWUDWPLW3RZHOOGLHGXQNOH+DOOH(U JLQJHLQLJH6FKULWWHXQGEHWUDWHLQHQPLW7LHUEOXWJH]HLFK QHWHQ.UHLVXPGHQKHUXPVHOWVDPH1DPHQJHVFKULHEHQ ZDUHQLQHLQHU6SUDFKHZLHVLHNHLQ0HQVFKDXIGHU(UGH UHGHWH 'HU6FKZDU]H7RGVWLHJLQGHQ.UHLV *HQDXLQGHU0LWWHEOLHEHUVWHKHQ 1RFKLPPHUODJGHUEHZXWORVH3RZHOODXIVHLQHQDXVJH EUHLWHWHQ$UPHQ 'XPSIHDEJHKDFNWNOLQJHQGH/DXWHGUDQJHQSO|W]OLFKDXV GHP0DXOGHV'lPRQV(VK|UWHVLFKDQDOVZUGHHLQ7LHU ]XVSUHFKHQYHUVXFKHQGRFKHVZDUGLH6SUDFKHGHUILQVWHUHQ 6FKZDU]HQ0DJLHGLHGHU'lPRQYRQVLFKJDE 'HUURWH.UHLVIODPPWHSO|W]OLFKDXI$QGHQ5lQGHUQ ZXFKVHLQHNDOWH)ODPPHQZDQGKRFKZDQGHUWHQDFKLQQHQ HUIDWHGHQ'lPRQXQG3RZHOOXQGYHUSXIIWHPLWHLQHPVDW WHQ/DXW 6RIRUWILHOVLHLQHLQDQGHU =XUFNEOLHEHLQOHHUHU.UHLV 3RZHOOXQGGHU6FKZDU]H7RGZDUHQYHUVFKZXQGHQ
(VZDUHLQHDOWH6HLOEDKQGDVVDKPDQVRIRUW'LH 6WDELOLVDWLRQOLHHLQLJHV]XZQVFKHQEULJ:HQQ:LQG E|HQKHUDQUDXVFKWHQVFKZDQNWHGLH*RQGHOOHEHQVJHIlKUOLFK YRQHLQHU6HLWH]XUDQGHUHQ :RKOIKOWHLFKPLFKQLFKWGDEHLXQGZDUIKLQXQGZLHGHU HLQHQVNHSWLVFKHQ%OLFNQDFKREHQ]XP6HLODXIGHPGLH 5ROOHQWDQ]WHQ -HW]WZXWHLFKDXFKDXVZHOFKHP*UXQGPDQGLH6HLOEDKQ VWLOOJHOHJWKDWWH (VKHUUVFKWHQ]XVWDUNH:LQGHXQG7XUEXOHQ]HQLQGLHVHU +|KH(VEHVWDQGQLFKWQXUGLH*HIDKUGDMHPDQGYRQXQV DXVGHU*RQGHOJHVFKOHXGHUWZXUGHGHU:LQGNRQQWHXQV DXFKJHJHQHLQHQGHU6WW]SIHLOHUZHUIHQZDVZLHGHUXP K|OOLVFKJHIlKUOLFKZDU 'DV*HVWlQJHNQDUUWHXQGlFK]WH9LHO6LW]IOlFKHKDWWHLFK QLFKWDOOHVZDUYLHO]XVFKPDO9RUPLUEUHLWHWHVLFKHLQ JHZDOWLJHV:DOGVWFNDXV'LH:LSIHOGHU1DGHOElXPH ERJHQVLFKLP:LQG'LH%DKQIXKU]LHPOLFKKRFKEHU *UXQG:HQQLFKMHW]WKLQXQWHUVSUDQJZDUHVOHLFKWVLFK EHLGH%HLQH]XEUHFKHQ ,FKZDUIHLQHQ%OLFN]XUFN'DVZDUJDUQLFKWVRHLQIDFK GHQQGDEHLPXWHLFKPLFKVFKZHUIlOOLJGUHKHQ$XIGHP VFKPDOHQ6LW]IDQGLFKNDXP3ODW] 6XNRZLQNWHPLU]X +LQWHULKPIXKU0DOOPDQQ%HLPHLQHQ)UHXQGHQVFKLHQ DOOHVNODU]XVHLQZDVPLFKZLHGHUXPVHKUEHUXKLJWH 'LFKWEHUGHQ%DXPZLSIHOQUDXVFKWHLFKKLQZHJ'HU $XVEOLFNZDUSKDQWDVWLVFK 'LH6RQQHVDQNLPPHUZHLWHU6FKRQVFKREVLFKGLHJUDXH 0DXHUGHU'lPPHUXQJKHUDQDEHUQRFKODJGHU*LSIHOGHV %URFNHQNODUYRUPLU =XP*OFNEHIDQGVLFKGLH5DGDUVWDWLRQDXIGHUDQGHUHQ 6HLWHGHV*LSIHOVVRGDPDQXQVYRQGRUWREHQQLFKWVHKHQ NRQQWH8QHQWGHFNWMHGRFKZUGHQZLUQLFKWEOHLEHQ'DIU ODJGDV*HELHW]XQDKHDQGHU*UHQ]H
,FKWDVWHWHQDFKPHLQHQ:DIIHQ 'DV.UHX]GLH%HUHWWDGHU'ROFKDOOHVKDWWHLFKEHLPLU,Q PHLQHQ7DVFKHQVWHFNWHGLHPDJLVFKH.UHLGHXQG6XNRWUXJ GLH'lPRQHQSHLWVFKHDXHUVHLQHU%HUHWWDEHLVLFK=X VlW]OLFKKDWWHHUVLFKQRFKGLH*HPPHXPVHLQHQ+DOVJH KlQJW :LUZDUHQJHUVWHW $EHUZUGHQGLHVH:DIIHQDXFKJHJHQGHQ6FKZDU]HQ7RG HWZDVDXVULFKWHQ" ,FKJODXEWHQLFKWGDUDQGHQQGLHVHU'lPRQZDUQLFKWVR HLQIDFK]XEHVLHJHQ'LH(UIDKUXQJKDWWHLFKOHLGHUVFKRQRIW JHQXJPDFKHQPVVHQXQGGHVKDOEZDUHVIUXQVOHEHQV ZLFKWLJGDV%XFKGHUJUDXVDPHQ7UlXPH]XILQGHQ +LHULQGHU1lKHPXWHHVYHUVWHFNWVHLQ$OOH$Q]HLFKHQ GHXWHWHQGDUDXIKLQ :HQQLFKJHQDXHUGDUEHUQDFKGDFKWHZXUGHLFKGRFKHLQ ZHQLJPLWUDXLVFK-DKUHODQJKDWWHQZLUYHUVXFKWGHQ 6FKZDU]HQ7RG]XYHUQLFKWHQ,PPHUZLHGHUZDUHUXQVHQW ZLVFKW:LUKDWWHQ(LQEOLFNQHKPHQN|QQHQLQGDV5HLFKGHU 'lPRQHQZXWHQYRQGHQJHIlKUOLFKHQ6WUXNWXUHQYRQ 0DFKWNlPSIHQXQG,QWULJHQ8QVZDUDXFKEHNDQQWGD DQGHUH'lPRQHQGDV%XFKGHUJUDXVDPHQ7UlXPHXQEHGLQJW LQGLH+lQGHEHNRPPHQZROOWHQ6RODXHUWH0\[LQGHU 0DJLHUGDUDXIXPDQGLH6WHOOHGHV6FKZDU]HQ7RGVWUHWHQ ]XN|QQHQ 3O|W]OLFKODJGDV%XFKLQJUHLIEDUHU1lKH6RVFKQHOOVR EHUUDVFKHQGGDLFKNDXPQDFKGHQNHQNRQQWH :LUNOLFKVHOWVDP 8QWHUPLUVWU|PWH:DVVHU]X7DO(VWDQ]WHXQGUDXVFKWH EHUEODQNH6WHLQHEDKQWHVLFKVHLQHQQDWUOLFKHQ:HJXQG PQGHWHVSlWHULQLUJHQGHLQHQ)OX 'LH:LHVHQVDKHQEUDXQJUQDXV6FKQHHUHVWHNOHEWHQDQ LKQHQZLHIHVWJHOHLPW -HK|KHULFKIXKUGHVWRNlOWHUZXUGHHV'HU:LQGELPLU LQV*HVLFKWLFKVWHOOWHGHQ0DQWHONUDJHQK|KHU
'LH'lPPHUXQJQDKPMHW]W]X'HU*LSIHOGHV%URFNHQYHU VFKZDPPVFKRQLP*UDXGHVKHUDQ]LHKHQGHQ$EHQGV :RVWHFNWHQGLH5DEHQ" ,FKOLHPHLQHQ%OLFNVFKZHLIHQVDKVLHMHGRFKQLFKW6LH PXWHQVLFKLUJHQGZRYHUERUJHQKDEHQYLHOOHLFKWXQWHQLP 7DORGHUDEHULQGHQ.URQHQGHU%lXPH $XVGHP*UXQGVWLHJHQ1HEHOIHW]HQDXI1LFKWGLFKWHKHU VFKOHLHUKDIW(VZDUGHUEOLFKH$EHQGQHEHOGHQPDQLQGHQ %HUJHQLPPHUIDQG $EHUGLH1HEHOZDQGYRUPLUGLHSDWHLUJHQGZLHQLFKW GD]X 6LHZDUSO|W]OLFKHQWVWDQGHQSUDNWLVFKYRQHLQHU6HNXQGH DXIGLHDQGHUH :LHHLQULHVLJHU%DOOKLQJVLHLQGHU/XIW(LQ%DOOGHUYRQ GHQ6HLOHQLQGHU0LWWHJHWHLOWZXUGH 'LH*RQGHOIXKUJHQDXGDUDXI]X :LHYLHOH
IDVHUQGHQ.UHLVHQZXUGHQ ,FK]RJPHLQH%HUHWWDKLHOWVLHMHGRFKLQGHUOLQNHQ+DQG XPGLHUHFKWHIUHL]XKDEHQ 'LH*RQGHOVFKZDQNWHXQGUDSSHOWH 8QWHUPLUODJGHU%RGHQLQHLQHU(QWIHUQXQJGLHLFKRKQH )DOOVFKLUPJDUQLFKWKLQWHUPLFKEULQJHQNRQQWH'LHYHU GDPPWHQ+H[HQKDWWHQVLFKHLQHQEHVRQGHUHVJXWHQ3ODW]IU LKUHQ$QJULIIDXVJHVXFKW 1XUQRFK]ZHL
PHLQHP6LW]XQGIHXHUWHGLHQlFKVWH.XJHOLQGDV*HVLFKWGHU +H[HGLHLKUH+DQGDXIPHLQH6FKXOWHUJHOHJWKDWWH 6LHYHUJLQJ 6HNXQGHQODQJKDWWHLFK/XIW 'DQQK|UWHLFKHLQHQ6FKUHL 6XNRXQG:LOOKDWWHQLKQDXVJHVWRHQ(VULHVHOWHPLUNDOW GHQ5FNHQKLQXQWHUZHLODXFKVLHYRQGHQJUDXVDPHQ +H[HQDWWDFNLHUWZXUGHQ 6RVFKQHOOHVJLQJ]RJLFKPHLQ.UHX]KHUYRU(VZDULP OHW]WHQ$XJHQEOLFNGHQQGLFKWYRUPLUWDXFKWHHLQH+H[HDXI GLHDXIHLQHPJOKHQGHQ%HVHQVWLHOULWWXQGHLQHQ6WDEJHJHQ PLFKVFKOHXGHUWHGXUFKGHQDXFK5RG+X[OH\XPV/HEHQ JHNRPPHQZDU (UKlWWHPLFKLQ+|KHGHU%UXVWGXUFKERKUWZlUHQLFKW PHLQ.UHX]GDJHZHVHQ $OVZUGHHVHLQHXQVLFKWEDUH:DQGELOGHQVRZXUGHGHU 6WDEDEJHOHQNWXQGZLVFKWHDQPHLQHU6FKXOWHUYRUEHL =XHLQHU]ZHLWHQ$WWDFNHOLHLFKGDV+|OOHQZHVHQQLFKW NRPPHQ (LQHJHZHLKWH6LOEHUNXJHOVHW]WHVHLQHP/HEHQHLQ(QGH ,FKZROOWHPHLQHQ'ROFK]LHKHQ(LQ6WRLQGHQ5FNHQ ZDUIPLFKQDFKYRUQ )DVWZlUHLFKEHUGLH+DOWHUXQJJHNLSSWGRFKLPOHW]WHQ $XJHQEOLFNNRQQWHLFKPLFKDEVWW]HQ 'DQQJDEHVHLQHQ5XFN 8QZLOONUOLFKVFKULHLFKDXI(VZDUGLH$QJVWLQGLH7LHIH ]XVWU]HQ,FKEOLFNWHQDFKREHQXQGJODXEWHYHUUFNW]X ZHUGHQ =ZHL+H[HQVFKZHEWHQEHUPLUXQGPDFKWHQVLFKDQGHP 6HLO]XVFKDIIHQ 6LHWUHQQWHQHVGXUFK ,FKZROOWHGLHEHLGHQPLW]ZHL.XJHOQHUOHGLJHQGRFK DQGHUH+H[HQJULIIHQPLFKYRQKLQWHQDQXQGERJHQPLUGHQ $UP]XUFN'LH5ROOHQGHU6HLOEDKQOLHIHQQXUQRFKDXI HLQHP6HLO'DV]ZHLWHKLQJEHUHLWVLQ)HW]HQKHUDE:HQQVLH
HVHQGJOWLJGXUFKWUHQQWHQZUGHGLH*RQGHOZLHHLQ6WHLQ LQGLH7LHIHIDOOHQ 0HLQXQGGDV/HEHQPHLQHU)UHXQGHKLQJLQGLHVHQ VFKUHFNOLFKHQ$XJHQEOLFNHQZLUNOLFKDPVHLGHQHQ)DGHQ
(,1)5,('+2)$0(1'('(5:(/7 'DVK|KQLVFKH*HOlFKWHUGHU+H[HQJHOOWHLQPHLQHQ2KUHQ 'LHEHLGHQKDWWHQDXFKDOOHQ*UXQG]XODFKHQ6LHVFKZHEWHQ EHUPLULQGHU/XIWXQGELVVHQPLWLKUHQP|UGHULVFKHQ =lKQHQGDVOHW]WH6HLOGXUFKGDVGLH*RQGHOQRFKKLHOW :HQQHV]HUIHW]WZXUGHILHOLFKLQGLH7LHIH ,FKNlPSIWHZLHHLQ%HUVHUNHU =ZHLZHLWHUH+H[HQKDWWHQPHLQHQUHFKWHQ$UPJHSDFNW XQGERJHQLKQQDFKKLQWHQ,FKKLHOW]ZDUGLH%HUHWWDLQGHU +DQGGRFKLFKEUDFKWHGHQ$UPQLFKWKHUXPXQGNRQQWH GHPQDFKQLFKWDXIGLHYHUGDPPWHQ+H[HQIHXHUQ 6LHEHVDHQXQJHKHXUH.Ul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|KHVFKODJHQ 'DULGDV6HLO :DVLQGHQQlFKVWHQ6HNXQGHQJHVFKDKNDQQLFKJDUQLFKW VRVFKQHOOHU]lKOHQZLHHVVLFKDEVSLHOWH$OVGDV6HLOHQG JOWLJULVDKLFKDXVGHQ$XJHQZLQNHOQVFKHPHQKDIWHLQ *HVWlQJHUHFKWVQHEHQPLU (LQHUGHU7UlJHU +LQWHUPLUOLHHQGLH+H[HQORV6LHJODXEWHQPLFKHQG JOWLJHUZLVFKW]XKDEHQ
,FKDEHUZDUIPHLQHQ2EHUN|USHUPLWDOOHU0DFKWQDFKYRUQ XQGJOHLFK]HLWLJQDFKUHFKWV 'LH%HUHWWDOLHLFKIDOOHQGDLFKEHLGH+lQGHEUDXFKWHXP PLFKIHVW]XNODPPHUQ 0LWYROOHU:XFKWNQDOOWHLFKJHJHQHLQH4XHUVWUHEHGHV 7UlJHUVGHUDXVVDKZLHHLQULHVLJHVVSLW]ZLQNOLJHV'UHLHFN ,FKVFKOHXGHUWHPHLQH$UPHKRFKZlKUHQGYRUPHLQHQ $XJHQHLQJDQ]HV:HOWDOODXIEOLW]WH 0HLQH)LQJHUNODWVFKWHQJHJHQHWZDV+DUWHVERJHQVLFK UHIOH[KDIWQDFKLQQHQNUDOOWHQVLFKXPHLQHQVFKLHQHQlKQ OLFKHQ*HJHQVWDQGXQGKLHOWHQIHVW (LQJHZDOWLJHU5XFNJLQJGXUFKPHLQHQ.|USHUGLH.QLH VFKOXJHQJHJHQHLQHQ6WDKOWUlJHUDEHULFKJDEXPNHLQHQ 'HXWQDFK(LVHUQKLHOWLFKIHVW 1HEHQPLUUDVWHGLH*RQGHOLQGLH7LHIH,FKK|UWHHLQHQ NUDFKHQGHQ$XIVFKODJGDQQQLFKWVPHKU (LQH*lQVHKDXWNURFKEHUPHLQHQ5FNHQ:HQQLFK GDUDQGDFKWHGDLFKQRUPDOHUZHLVHLQGHU*RQGHOJHVHVVHQ KlWWHZXUGHPLUJDQ]DQGHUV 7LHIKROWHLFK/XIW 0HLQH5LSSHQVFKPHU]WHQ1DFKZLUNXQJHQGHVKDUWHQ $XISUDOOVJHJHQGHQ7UlJHU ,FKKDWWHPLFKJHUHWWHWZHQLJVWHQVIUGHQ$XJHQEOLFN 'RFKGLH+H[HQGDFKWHQQLFKWGDUDQDXI]XJHEHQ6LHKDWWHQ LKU2SIHUHLQPDOJHKDEWXQGMHW]WZDUHVGUDXIXQGGUDQ LKQHQ]XHQWNRPPHQ,P$XJHQEOLFNZDUHQVLHQRFK]XVHKU GXUFKHLQDQGHUGRFKVLHZUGHQVLFKQHXIRUPLHUHQXQG PLFKDQJUHLIHQ ,KU+HXOHQXQG6FKUHLHQXPWREWHPLFKZLHHLQWHXIOLVFKHU *HVDQJ0HLQH%HUHWWDKDWWHLFKIDOOHQODVVHQPVVHQXP EHLGH$UPHIUHL]XKDEHQ-HW]WEHUHXWHLFKHV'HQQPLWGHQ JHZHLKWHQ.XJHOQKlWWHLFKPLUGLHYHUGDPPWH%UXWYRP +DOVKDOWHQN|QQHQ6RQDKPLFKGHQ'ROFK 0LWGHUOLQNHQ+DQGKLHOWLFKPLFKIHVWGLH)LQJHUGHU UHFKWHQXPNODPPHUWHQGHQ*ULIIGHUJHZHLKWHQ:DIIH
,FK]RJGLH%HLQHDQXQGVWLHVLHZLHGHUQDFKXQWHQ 9HU]ZHLIHOWYHUVXFKWHLFKLUJHQGZR+DOW]XILQGHQHLQH 6WW]HGDPLWLFKPLFKGUHKHQNRQQWH'RFKDQGHPJODWWHQ 0HWDOOUXWVFKWHLFKLPPHUZLHGHUDE =XGHPZDUHVPLUQDKH]XXQP|JOLFKPLFKPLWGHUOLQNHQ +DQGQRFKOlQJHUIHVW]XKDOWHQ'LH)LQJHUZROOWHQYRQVHOEVW DEUXWVFKHQ,QPHLQHU9HU]ZHLIOXQJVFKULHLFKDXIVDKZLH HLQHGHU+H[HQYRQGHUUHFKWHQ6HLWHKHUDQMDJWHXQGLKUHQ P|UGHULVFKHQ6WDEVFKOHXGHUQZROOWH 'DOLHLFKORV (LQKDUWHU6FKODJWUDIPHLQHQ.RSIDOVLFKPLWGHP.LQQ DXIGLH(FNHGHU6WUHEHSUDOOWH'LH=lKQHNODFNWHQDXIHLQ DQGHU,FKUXWVFKWHZHLWHUDEGUHKWHPLFKLP)DOOHQKLHEPLW GHU6FKXOWHUJHJHQHLQHQlXHUVWKDUWHQ*HJHQVWDQGZDUI QRFKHLQPDOGLH$UPHKRFKXQGKDWWH*OFNGDLFKHLQH 4XHUVWUHEHHUZLVFKWH'RFKVLHEUHPVWHPHLQHQ)DOOQXU VWRSSWHLKQDEHUQLFKW ,FKUDVWHZHLWHU 'DQQHUIROJWHGHU$XISUDOO 0LWGHQ+DFNHQ]XHUVWVFKOXJLFKDXIGHQVWHLQLJHQ%RGHQ VSUWHGHQ6FKODJELVLQGLHOHW]WHQ+DDUVSLW]HQILHOQDFK KLQWHQEHUNXJHOWHPLFKPHKUHUH0DOHXQGKDWWHGDV*H IKOYRQ]DKOUHLFKHQ$UPHQJHIDQJHQ]XZHUGHQ ª-HW]WKDEHQVLHGLFK©GDFKWHLFKQRFK'DQDFKVSUWHXQG IKOWHLFKQLFKWVPHKU 6XNRXQG:LOO0DOOPDQQKDWWHQGLH1HEHOVXSSHHEHQIDOOV EHPHUNWXQGVLHVDKHQZLHGLHYRUGHUH*RQGHOLQGHULFK VDKLQHLQWDXFKWH %HLGHZXWHQGDGLHVHU1HEHOQLFKWQDWUOLFKHQ 8UVSUXQJVZDU(UZDUNQVWOLFKRGHUPDJLVFK6FKZDU]H 0DJLHE|VHU=DXEHUKDWWHLKQHQWVWHKHQODVVHQ 3O|W]OLFKJDEHVHLQHQ5XFNLP6HLO *OHLFK]HLWLJEHZHJWHVLFKGLH1HEHOZRONHHWZDVQDFKYRUQ
XPKOOWH6XNRVRGD:LOO0DOOPDQQLKQQLFKWPHKUVDK GDIUMHGRFKVWDQGGLH*RQGHOSO|W]OLFKVWLOO 'LHVLQJHQGHQ*HUlXVFKHZDUHQYHUVWXPPWEHLGH0lQQHU K|UWHQQXUQRFKGDV3IHLIHQGHV:LQGHV:LHYRQXQVLFKW EDUHQ+lQGHQZHLWHUJHVFKREHQZDQGHUWHGLH:RONHYRUXQG JDEGHQ&KLQHVHQZLHGHUIUHL 6RIRUWGUHKWHVLFK6XNRDXIGHPHQJHQ6LW]XP :LOOZLQNWHLKP]XOHJWHEHLGH+lQGHJHJHQGHQ0XQG XQGEUOOWHª9HUVWHKVWGXGDV"© ª1HLQ©6XNREOLFNWHQDFKXQWHQ (LQ*HU|OOKDQJILHOVFKUlJLQGLH7LHIH$QVHLQHP(QGH EHJDQQGDV:DOGVWFNEHUGDVVLHYRUZHQLJHQ0LQXWHQ JHIDKUHQZDUHQ 'LH(QWIHUQXQJQDFKXQWHQZDUZHJHQGHU6FKUlJHGHV +DQJVVFKOHFKW]XVFKlW]HQDEHUVLHZUGHDOV.QRFKHQ EUHFKHUUHLFKHQ.HLQHJXWH$XVVLFKW ª:DVVROOHQZLUPDFKHQ"©VFKULH:LOO 6XNRKDWWHVLFKEHUHLWVHQWVFKORVVHQª,FKZHUGHPLFKLQGLH 1HEHOZRONHUHLQKDQJHOQ© ª:DV"© 'HU&KLQHVHZLHGHUKROWHVHLQH$QWZRUWQLFKWVRQGHUQ VWHOOWHVLFKLQGLH*RQGHO'DVZDUVFKRQHLQHDUWLVWLVFKH /HLVWXQJGHQQGDV*HIlKUWVFKZDQNWHYRQHLQHU6HLWH]XU DQGHUHQ6XNRPXWHVHLQ*HZLFKWVRYHUODJHUQGDGLH *RQGHOQLFKWNLSSWH (UEUHLWHWHGLH$UPHDXVYHUVXFKWHGDV*OHLFKJHZLFKW]X ILQGHQXQGHUVFKDIIWHHVDXFKIU6HNXQGHQEHYRUHLQ :LQGVWRGLH*RQGHOZLHGHUEHXWHOWH $QGHUVHQNUHFKWHQ7UlJHUVWDQJHKLHOWVLFKGHU&KLQHVHIHVW XQGXQWHUQDKPHLQHQHUQHXWHQ9HUVXFKGHP:LOO0DOOPDQQ PLWVFKRFNJHZHLWHWHQ$XJHQ]XVFKDXWH (UNRQQWHQXUGLH'DXPHQGUFNHQ $XVGHU1HEHOZDQGGUDQJHLQ6FKUHL 6XNRHUNDQQWHDQGHU6WLPPHGDLFKHVJHZHVHQZDUXQG YHUGRSSHOWHVHLQH$QVWUHQJXQJHQ
(UVWHOOWHVLFKDXIGLH6LW]IOlFKHVSUHL]WHGLH%HLQHVWUHFNWH GHQUHFKWHQ$UPDXVXQGXPNODPPHUWHPLWGHU+DQGGLH +DOWHVWDQJH 8USO|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lIWHZLUNWHQZDUIHQGLHEHLGHQ0lQQHUKLQXQG KHU6XNRKDWWHVLFKKLQJHKRFNW(UEHIDQGVLFKMHW]WPLWGHQ *HVLFKW]XU)DKUWULFKWXQJNRQQWH.RPPLVVDU0DOOPDQQV DQJVWYHU]HUUWHV*HVLFKWVHKHQ 8QWHULKPJOLWWGHUVWHLQLJH+DQJUDVHQGVFKQHOOKLQZHJ 8QGGHU:DOGUFNWHLPPHUQlKHU 'LH*RQGHOZXUGHLPPHUVFKQHOOHU 6XNRKDWWH%LOGHUYRQ6HLOEDKQXQJOFNHQJHVHKHQZHQQ GLH.DELQHQPLWYROOHU:XFKWLQGLH6WDWLRQUDVWHQ'DJDEHV NHLQHhEHUOHEHQGHQPHKU 8QGGHVKDOEPXWHQVLHYRUKHUDEVSULQJHQ 8QEHGLQJW $EHUEHLGHU*HVFKZLQGLJNHLWHLQIDVWW|GOLFKHV5LVLNR6LH ZUGHQPLW]HUVFKPHWWHUWHQ.QRFKHQDXIGHP%RGHQ ODQGHQ 'RFKGDZDUGHU:DOG
(LQHQ6WXU]LQGLH%DXPNURQHQNRQQWHPDQQRFKHKHU EHUOHEHQ'LHVHEHLGHQ0|JOLFKNHLWHQVFKRVVHQ6XNRLP %UXFKWHLOHLQHU6HNXQGHGXUFKGHQ.RSI (UZDUQWH0DOOPDQQ 'HU&KLQHVHEUOOWHJHJHQGHQKHXOHQGHQ:LQGDQGHULKP GLH:RUWHYRP0XQGUHLHQZROOWH ,PPHUVFKQHOOHUJOLWWGHU*UXQGXQWHULKPZHJ 'DV+DQJHQGH 6XNRVWHOOWHVLFKKLQ ª6SULQJ©EUOOWHHU:LOO0DOOPDQQ]XXQGVWLHVLFKDE 5DVHQGVFKQHOOVDKHUGLH%DXPZLSIHODXIVLFK]XNRPPHQ ZXUGHKLQHLQJHZRUIHQK|UWHLP8QWHUEHZXWVHLQQRFK:LOO 0DOOPDQQV6FKUHLEHYRUHLQ$VWLKPGDV*HVLFKWDXIULXQG GHUKDUWH6FKODJDQGHU6WLUQVHLQ%HZXWVHLQHQGJOWLJDXV O|VFKWH :RKOMHGHU0HQVFKHUVFKULFNWZHQQPLWWHQLQGHU1DFKWGDV 7HOHIRQVFKULOOW %LOO&RQROO\HUJLQJHVQLFKWDQGHUV ,QVHLQHP+DXVJDEHVPHKUHUH$SSDUDWH(LQHUVWDQGGLFKW DP%HWW(UKDWWHGDV/lXWZHUN]ZDUHWZDVOHLVHUJHVWHOOW GRFKHVZDUQRFKVRODXWGD%LOO&RQROO\GDYRQZDFK ZXUGH :LHYRQGHU6HKQHJHVFKQHOOWIXKUHUKRFK(LQ*ULII]XP 6FKDOWHUZHLFKHV/LFKWHUIOOWHGDV6FKODI]LPPHUGHV (KHSDDUHVXQG%LOOKREGHQ+|UHUDE 9HUVFKODIHQPHOGHWHHUVLFK ,P1HEHQEHWWULFKWHWHVLFK6KHLOD&RQROO\DXI %LOOEHPHUNWHHVJDUQLFKW(UK|UWHQXUDXIGLH6WLPPH ª%LQLFKPLW0U&RQROO\YHUEXQGHQ"©IUDJWHMHPDQG'HU 2[IRUG$N]HQWZDUQLFKW]XEHUK|UHQ ª$P$SSDUDW© ª(LQHQ$XJHQEOLFNELWWHLFKYHUELQGH6LHZHLWHU© ª:DVLVWGHQQ"©PXUPHOWH6KHLODYHUVFKODIHQ6LHZLVFKWH
VLFKHLQH+DDUVWUlKQHDXVGHU6WLUQ'DEHLUXWVFKWHGLH'HFNH YRQLKUHU6FKXOWHUXQGJDEHLQHQ%OLFNDXIGDVKDXFKGQQH 6HLGHQ1HJOLJHIUHLGDV6KHLODWUXJ ª,FKKDEHNHLQH$KQXQJZHUPLFKVSUHFKHQZLOO©HU ZLGHUWH%LOOª'LHYHUELQGHQZHLWHU© ª'RFKQLFKWLUJHQGHLQH=HLWXQJ"© ª1HLQ8QVLQQGLHPHOGHQVLFKDQGHUV$XHUGHP©%LOO VSUDFKQLFKWZHLWHUVRQGHUQK|UWH]X ª(QWVFKXOGLJHQ6LHGLH6W|UXQJ0U&RQROO\0HLQ1DPH LVW:LQVWRQ:DNHILHOG,FKKlWWH6LHZLUNOLFKQLFKWXPGLHVH =HLWDQJHUXIHQDEHUHVLVWGULQJHQG© ª2ND\0U:DNHILHOG:DVLVWVRGULQJHQG"© ª,FKP|FKWH6LHELWWHQLQV
EHQ|WLJWHQLFKWYLHO=HLWLQVHLQH.OHLGXQJ]XNRPPHQ(U KlQJWHVHLQHQ0DQWHOEHUGHQ$UPVWHFNWHGLH$XWR VFKOVVHOHLQXQGYHUOLHGDV+DXV :HQLJVSlWHUU|KUWHGHU$XVSXIIGHV3RUVFKHXQG%LOOIXKU GHQ.LHVZHJKLQXQWHULQ5LFKWXQJ$XVJDQJ (UZDU]LHPOLFKEHXQUXKLJWDXFKGHVKDOEZHLOGLHVHU :LQVWRQ:DNHILHOGNHLQHUOHL$QGHXWXQJHQJHPDFKWKDWWH ZRUXPHVHLJHQWOLFKJLQJ%LOOGDFKWHEHUGHQ1DPHQQDFK *HK|UWKDWWHHULKQEHUHLWV1XUZRXQGLQZHOFKHLQHP =XVDPPHQKDQJGDVILHOLKPQLFKWHLQ (UZUGHHVVSlWHVWHQVLQHLQHUKDOEHQ6WXQGHHUIDKUHQ ZHQQHUVHLQ=LHOHUUHLFKWKDWWH 8PGLHVH=HLWHVZDUGUHL8KUPRUJHQVKHUUVFKWHDXFK LQHLQHU6WDGWZLH/RQGRQNDXP9HUNHKU%LOOVFKDIIWHHVLQ HLQHU5HNRUG]HLWGDV
'RUWKLHOWHQVLFKPHKUHUH0lQQHUDXI=LJDUUHQXQG =LJDUHWWHQUDXFKWULHELQGLFNHQ6FKZDGHQXQWHUGHU'HFNH 'HU5HSRUWHUVFKDXWH]LHPOLFKEHUUDVFKWDXVGHU:lVFKH(U JULQVWHDOVHUGLHHUQVWHQ0LHQHQVDK ª%LQLFKKLHUHLJHQWOLFKULFKWLJ"© (LQJUDXKDDULJHU0HQVFKPLWGHU0LHQHHLQHV7UDXHUNORHV WUDWHLQHQ6FKULWWYRUXQGVWUHFNWH%LOO&RQROO\GLHUHFKWH +DQGHQWJHJHQª,FKELQ6LU:LQVWRQ:DNHILHOG©VWHOOWHHU VLFKYRUªXQGKDEH6LHJHEHWHQ]XNRPPHQ© %LOOVDJWHHEHQIDOOVVHLQHQ1DPHQ(UYHU]RJGDV*HVLFKW ZHLOHUDOOHVHWZDVNRPLVFKIDQG6LHVWDQGHQQRFKLP 9RU]LPPHUKHUXP'DQQEDW6LU:LQVWRQGLH+HUUVFKDIWHQLQ GDV%URGHV2EHULQVSHNWRUV6LQFODLU'DVKHLWQXU-DQHXQG %LOOJLQJHQPLW :DNHILHOGVFKORGLH7UK|FKVWSHUV|QOLFK(UEOLHEHLQLJH 6HNXQGHQQDFKGHQNOLFKVWHKHQXQGVWULFKPLW]ZHL)LQJHUQ EHUVHLQHQ2EHUOLSSHQEDUWª%LWWHQHKPHQ6LH3ODW]©VDJWH HUGDQQ -DQHXQG%LOOVHW]WHQVLFK 'LH'HWHNWLYLQVDKDXFKYHUVFKODIHQDXV,QGHU(LOHKDWWH VLHLKU+DDUQLFKWIULVLHUWVRQGHUQKLQWHQLP1DFNHQDOV 3IHUGHVFKZDQ]JHOHJWGHUYRQHLQHP*XPPLEDQGJHKDOWHQ ZXUGH ª6LU-DPHV3RZHOOLVWHQWIKUWZRUGHQ© (QGOLFKUFNWH:LQVWRQ:DNHILHOGPLWGHU1DFKULFKW KHUDXV(UVDJWHGLHVLQHLQHP7RQIDOODOVZlUHEHUHLWV DOOHVHQWVFKLHGHQ(UWDWDOVJlEHHVNHLQH&KDQFHPHKUGHQ 6XSHULQWHQGHQWHQ]XUHWWHQ ª:LHLVWGDVP|JOLFK"©IUDJWH%LOOª8QGZLHVRKDEHQ6LH XQVNRPPHQODVVHQXQGQLFKW-RKQ6LQFODLU"©(UOlFKHOWH ª:LUVLQGGRFKNHLQH3ROL]HLEHDPWH© 6LU:LQVWRQZLQNWHDEª6LHKDEHQY|OOLJUHFKW©HUZLGHUWH HULQVHLQHUOHLFKWQDVDOHQ$XVVSUDFKHª$EHUEHVRQGHUH 8PVWlQGHHUIRUGHUQHEHQEHVRQGHUH0DQDKPHQ/DVVHQ6LH PLFKGLHVHVELWWHJHQDXHUNOlUHQ©
%LOOZXWHZRGHU:KLVN\VWDQG(U|IIQHWHHLQ 6FKUHLEWLVFKIDFKXQGHQWQDKPLKPHLQ*ODVXQGHLQH)ODVFKH (LQHQNOHLQHQ6FKOXFNJ|QQWHHUVLFK ª(VLVWZHJHQGHUWURFNHQHQ/XIW©VDJWHHU%LOOZDUDXFK IURKGDUEHUGDPLUQLFKWVSDVVLHUWZDUGHQQHUKDWWHPLW GHP6FKOLPPVWHQJHUHFKQHW ª0LVV&ROOLQV0U&RQROO\©VDJWH6LU:LQVWRQªZLUKDEHQ *UXQG]XGHU$QQDKPHGD6XSHULQWHQGHQW3RZHOOQLFKW YRQQRUPDOHQ*DQJVWHUQHQWIKUWZRUGHQLVWVRQGHUQYRQ lKPHLQHU*HVWDOWGLHlKPDOVRLFK© ª6DJHQ6LHGRFKUXKLJ*HLVWHURGHU'lPRQHQ©XQWHUEUDFK %LOO&RQROO\GHQ%HDPWHQ ª-DGDVPHLQHLFKDXFK2EZRKOLFKSHUV|QOLFKQDFKZLH YRUGHU0HLQXQJELQ©(UVHQNWHGHQ%OLFNXQGDEHUPDOV IXKUHQVHLQH)LQJHUVSLW]HQEHUGHQHLVJUDXHQ2EHU OLSSHQEDUW ª3HUV|QOLFKH0HLQXQJHQVROOWHPDQKLQWDQVWHOOHQZHQQHV XPGDV6FKLFNVDOHLQHV0HQVFKHQJHKW©PLVFKWHVLFK-DQH &ROOLQVHLQª%LWWHNRPPHQ6LHGRFK]XU6DFKH© ª,FKELQEHUHLWVGDEHL© ª'DYRQPHUNWPDQQLFKWYLHO©PXUPHOWH%LOO 6LU:LQVWRQ:DNHILHOGEHJDQQ]XEHULFKWHQª-DPHV3RZHOO KDWWHGHQ&OXEEHVXFKWXQGYHUOLHLKQ]XQlFKWOLFKHU 6WXQGHQDFKGHPGHU3RUWLHULKPHLQ7D[LKHUEHLJHUXIHQ KDWWH(UVWLHJDXFKLQGHQ:DJHQHLQGHU3RUWLHUKDWHVJHQDX EHREDFKWHW'RFKHUVDKQRFKPHKU'HU)DKUHUGUHKWHVLFK XPEHYRUHUVWDUWHWH'DGHU3RUWLHULQGHU7UVWDQGVDK HUGDV*HVLFKWGHV'ULYHUV1XQHVHVZDUNHLQ*HVLFKW VRQGHUQHLQGXQNOHU7RWHQVFKlGHO© -HW]WKRUFKWHQ%LOOXQG-DQHDXI(LQGXQNOHUVFKZDU]HU 7RWHQVFKlGHO 'DVNRQQWHQXUHLQVEHGHXWHQ 'HU6FKZDU]H7RGKDWWH]XJHVFKODJHQXQG-DPHV3RZHOO HQWIKUW ª$XVJHUHFKQHWMHW]WLVW-RKQ6LQFODLUQLFKWGD©PXUPHOWH
%LOOXQGVFKOXJPLWGHU)DXVWDXIVHLQHIODFKHOLQNH+DQG ª9HUGDPPWDXFK© :DNHILHOGUlXVSHUWHVLFKª:LUYRP0LQLVWHULXPQHKPHQ DQGDGLH(QWIKUXQJPLWGHP)DOOLQ=XVDPPHQKDQJ VWHKWGHQ-RKQ6LQFODLUPRPHQWDQ]XEHDUEHLWHQKDW© ª8QGGHUZlUH"©HUNXQGLJWHVLFK%LOO ª(ULVWLQGLH''5JHIDKUHQXPLQGHU1lKHGHV%URFNHQ HLQLJH5lWVHO]XO|VHQGLHXQPLWWHOEDUPLWGHP7RGHLQHV HKHPDOLJHQ*HKHLPDJHQWHQQDPHQV5RG+X[OH\LQ=X VDPPHQKDQJVWHKHQ© ª'DYRQZHLLFKQLFKWV©VDJWH-DQH %LOOVFKWWHOWHGHQ.RSIXQGPHLQWHª0LULVWHEHQIDOOV QLFKWVGDYRQEHNDQQW© ª8QGZDVVROOHQZLUKLHU"©IUDJWH-DQHXQGEOLFNWHGHQ KRKHQ%HDPWHQVFKDUIlXJLJDQ %LOOODFKWHHWZDVDEIlOOLJª,VWGRFKNODUZLUVROOHQGLH.DUUH DXVGHP'UHFN]LHKHQ© ª6RGUDVWLVFKZUGHLFKGDVQLFKWQHQQHQ©VDJWH6LU :LQVWRQ:DNHILHOGª:LUNOLFKQLFKW© ª:LHGHQQ"©IUDJWH%LOO]XUFNª)HVWVWHKWGD6LHPLW ,KUHP/DWHLQDP(QGHVLQGXQGGD6LHQLFKWZLVVHQZDV6LH MHW]WXQWHUQHKPHQVROOHQVHKHQ6LHVLFKJH]ZXQJHQXQVHLQ ]XVFKDOWHQGDPLWZLUIU6LHGLH.DVWDQLHQDXVGHP)HXHU KROHQ© 6LU:LQVWRQ:DNHILHOGV*HVLFKWOLHIURWDQ6RKDWWHZRKO VFKRQODQJHNHLQHUPHKUPLWLKPJHVSURFKHQ'LHPHLVWHQ KDWWHQJHGXFNWDEHU%LOOVDJWHGLH:DKUKHLW ª,FKZDUWHDXI,KUH$QWZRUW©%LOONRQQWHGLHKRKHQ %HDPWHQQLFKWOHLGHQGLHVH6HVVHOIXU]HUGLHDOOHVEHVVHU ZXWHQXQGVLFKGXUFKLKUH3DUWHL]XJHK|ULJNHLWKRFKJHGLHQW KDWWHQ ª-D6LHVROOHQXQVEHKLOIOLFKVHLQ© ª:LUKDEHQDOVRGLH$XIJDEH3RZHOO]XILQGHQ"©OlFKHOWH -DQH&ROOLQV ª*HQDX©
ª:HQQHVQLFKWPHKULVW© %LOO&RQROO\IUDJWHª:HOFKH)DNWHQXQGZHOFKH6SXUHQJLEW HVHLJHQWOLFK"© ª1XUGHQHLQHQ=HXJHQ© %LOOPXVWHUWH6LU:DNHILHOGVS|WWLVFKª(WZDVZHQLJQLFKW ZDKU"© ª0DFKHQ6LHZDVGUDXV© ª8QGRE,FKP|FKWHPLWGHP0DQQUHGHQ© :LQVWRQ:DNHILHOGQLFNWHª'DVKDWWHLFKPLUIDVWJHGDFKW (UZDUWHWGUDXHQ,FKODVVHLKQKROHQ©'HU%HDPWHGUHKWH VLFKXPXQGYHUVFKZDQGDXVGHP5DXP %LOO&RQROO\NQLII-DQHHLQ$XJH]XXQGIOVWHUWHª'LH +HUUHQYRP0LQLVWHULXPUHDJLHUHQVFKQHOOZHQQHLQKRKHV 7LHUHQWIKUWZLUG'DVSULQJHQVLHEHULKUHQHLJHQHQ 6FKDWWHQXQGELWWHQVRJDUHLQHNOHLQH3ULYDWGHWHNWLYLQXQG HLQHQ5HSRUWHU]XVLFK©%LOOQDKPHLQH=LJDUHWWHª%LVWGX GDEHL"© -DQH&ROOLQVUDXFKWHHEHQIDOOVHLQHQ*OLPPVWHQJHOXQG EHMDKWHª6FKRQDOOHLQZHJHQ-RKQ© ª'XJODXEVWDQHLQHQ=XVDPPHQKDQJ]ZLVFKHQGHQ )lOOHQ"© ª6LFKHU© 6LHVFKZLHJHQGHQQ6LU:LQVWRQ:DNHILHOGNHKUWH]XUFN ,QVHLQHU%HJOHLWXQJEHIDQGVLFKGHU=HXJH'HUZDUIDVWQRFK YRUQHKPHUDOVGLH4XHHQSHUV|QOLFK6RKRFKWUXJHUGLH 1DVH 6LU:LQVWRQPDFKWHGLHª+HUUVFKDIWHQ©PLWHLQDQGHU EHNDQQW'HU3RUWLHUHUKLH0RQNIRUGQLFNWHKRKHLWVYROO ª%LWWHHUNOlUHQ6LHGHQ+HUUHQZDV6LHJHQDXEHREDFKWHW KDEHQ©EDWGHU0DQQYRQGHU5HJLHUXQJ ª1XQHVZDUVR,FKULHIIU6LU-DPHVHLQ7D[L(VZDUDXFK VHKUVFKQHOOGD© ª,VWGDVQLFKWXQJHZ|KQOLFK"©IUDJWH-DQH ª1HLQGHU&OXELVWEHNDQQWXQGLQGHU1lKHZDUWHQLPPHU HLQLJH:DJHQ©(UVFKOXFNWHHLQHQ.ORKLQXQWHUXQGVHLQ
$GDPVDSIHOEHZHJWHVLFKDXIXQGQLHGHUª'HU:DJHQIXKU YRU6LU-DPHVVWLHJHLQ%HYRUGHU'ULYHUDEIXKUGUHKWHHU VLFKXP'DVDKLFKHLQHQ7RWHQNRSI©(UUlXVSHUWHVLFKª'DV NDQQLFKVRJDUEHVFKZ|UHQ© ª2EZRKOHVGXQNHOZDU"©KDNWH%LOOQDFK ª9RUGHP+DXVEHILQGHWVLFKHLQH/DWHUQH6LHJLEWVRYLHO /LFKWGDVLHDXFKGDV,QQHUHHLQHV:DJHQVDXVOHXFKWHW© ª6LHVLQGJDQ]VLFKHU"© ª-D6LU©(U]XSIWHDQVHLQHQ5RFNVFK|HQª,FKKDEHODQJH QDFKJHGDFKWRELFKGLH3ROL]HLDQUXIHQVROOWHGRFKHVVFKLHQ PLUULFKWLJ]XVHLQ© %LOOZDQGWHVLFKDQGHQ5HJLHUXQJVPHQVFKHQª+DEHQ6LH EHUHLWVHLQH)DKQGXQJQDFKGHP7D[LHLQJHOHLWHW"© 6LU:LQVWRQ:DNHILHOGQLFNWHª1DWUOLFK:LUKDEHQDXFK KHUDXVJHIXQGHQGDGHU:DJHQJHVWRKOHQZDU© ª8QGGHU)DKUHU"© ª7RW© %LOO&RQROO\DWPHWHWLHIGXUFK'HU6FKZDU]H7RGVFKOXJPLW DOOHU+lUWH]XGHUHQHUIlKLJZDU5FNVLFKWVORVYHUIROJWHHU VHLQ=LHOXQGJLQJGDEHLEHU/HLFKHQ1XUZDVZDUGLHVHV =LHO"-RKQ6LQFODLUEHIDQGVLFKLPDQGHUHQ7HLO'HXWVFKODQGV :DKUVFKHLQOLFKLVWHUGRUWKLQJHORFNWZRUGHQGDFKWH%LOO GDPLWGHU6FKZDU]H7RGKLHUIUHLH%DKQKDW3RZHOOZDUHQW IKUWZRUGHQ:DUXP":ROOWHGHU'lPRQLKQYLHOOHLFKWDOV 'UXFNPLWWHOHLQVHW]HQ" *XWP|JOLFK'HQQ3RZHOOZDUGHU2UJDQLVDWRUEHLP
ª8QGZDVVROOHQZLUMHW]WXQWHUQHKPHQ"©HUNXQGLJWHVLFK -DQH&ROOLQV ª,FKP|FKWH6LHEHLGHELWWHQXQVEHLGHU6XFKHQDFK3RZHOO EHKLOIOLFK]XVHLQ,FKZHLGDJHUDGH6LH-RKQ6LQFODLURIW ]XU6HLWHJHVWDQGHQKDEHQ6LHNHQQHQVLFKLQGHU0DWHULH DXV,FKJHEH,KQHQDOOH9ROOPDFKWHQ9HUVXFKHQ6LH3RZHOO ]XILQGHQ© -DQHXQG%LOOWDXVFKWHQHLQHQ%OLFN(UEHGHXWHWHHLQ(LQ YHUVWlQGQLV %LOOPHLQWHQXUª$OOHUGLQJVIUDJHLFKPLFKREZLUEHU KDXSWHLQH&KDQFHKDEHQGHQQ$QKDOWVSXQNWHJLEWHVVRJXW ZLHNHLQH© 'DZLGHUVSUDFKQLHPDQG 'RFKGLH*HGDQNHQGHU$QZHVHQGHQZDUHQDQLKUHQ HUQVWHQ*HVLFKWHUQDE]XOHVHQ (VZDUHLQ*HIKOZLH-DPHV3RZHOOHVQRFKQLHHUOHEWKDWWH (UVFKZHEWHXQGILHOJOHLFK]HLWLJ 'HU6XSHULQWHQGHQWKDWWHGLH$XJHQZHLWDXIJHULVVHQ(U VDK6]HQHQGLHHUK|FKVWHQVDXV(U]lKOXQJHQNDQQWH:LHHLQ .LQR]XVFKDXHUGXUFKOHEWHHU:HOWHQVDKJUDXVDPH*H VWDOWHQVSUWHGLH.lOWHXQGGLH/HHUHGHV$OOVZXUGH KHUXPJHULVVHQVDFNWHWDXPHOQGZHLWHUK|UWH6WLPPHQVDK JUlOLFKH*HVWDOWHQXQGVSUWHHLQHQ5XFN =XHUVWEOLHEHUOLHJHQ 6HNXQGHQODQJKROWHHU$WHPVDXJWHHLQH/XIWLQVHLQH /XQJHQGLHZDUPIHXFKWXQGVFKZOZDU6RIRUWEUDFKLKP GHU6FKZHLDXVGDV%OXWUDXVFKWHLQVHLQHQ2KUHQGLH /XQJHQVWDFKHQZHQQHUWLHI/XIWKROWH 1XUZLGHUZLOOLJ|IIQHWHHUGLH$XJHQDOVKlWWHHU$QJVW PLWGHU:DKUKHLWNRQIURQWLHUW]XZHUGHQ (LQJUDXHU+LPPHOGDUXQWHUKRKH%DXPZLSIHOGLFKW EHODXEWXQGHLQUHJHOUHFKWHV'DFKELOGHQG(UODJDXIHLQHU ZHLFKHQ8QWHUODJH6LHIKOWHVLFKIDVWZLHHLQ7HSSLFKDQ
XQGDOVHUGLH$UPHEHZHJWHHUWDVWHWHQVHLQH)LQJHUGDV *UDV 5XFNDUWLJULFKWHWHVLFK3RZHOODXI 'LHVHKDVWLJH%HZHJXQJYHUXUVDFKWH6FKZLQGHOGDV%OXW VFKRLKPLQGHQ.RSIDOOHVGUHKWHVLFKYRUVHLQHQ$XJHQ(V GDXHUWHHLQH:HLOHELVVLFK3RZHOOJHIDQJHQKDWWH 'DQQIROJWHGHU6FKUHFNHQ -HW]WVDKHUJHQDXZRKLQPDQLKQYHUVFKOHSSWKDWWH ,QGHQ'VFKXQJHO $EHULQZHOFKHLQHQ" 6RKRKH%lXPHJDEHVQLFKWDXIGHU(UGH8QGDXFKGLHYRP %RGHQKRFKZDFKVHQGHQ)DUQHKDWWHQJHZDOWLJH$XVPDH(U MHGRFKODJDXIHLQHU/LFKWXQJLQPLWWHQGHV8UZDOGV8QGHU VDKGLH*UDEVWHLQHGLHDXVGHP%RGHQUDJWHQ(LQLJHYRQ LKQHQZDUHQKHUDXVJHULVVHQXQGODJHQYHUVWUHXWKHUXP (LQ)ULHGKRILP'VFKXQJHO" :HLWHUYRUQZXFKVHLQ%HUJJHJHQGHQJUDXHQ+LPPHO 1HEHOVFKZDGHQKOOWHQGHQXQWHUHQ7HLOHLQXQGEHUGHU JUDXHQ)OlFKHGHVXQEHNDQQWHQ+LPPHOV]RJHQJHZDOWLJH XUZHOWKDIWH9|JHOLKUHODXWORVHQ.UHLVH 'DVZDUHLQH:HOWZLHHVVLHQLFKWPHKUJDEHLQIDFKQLFKW PHKUJHEHQGXUIWH 3RZHOOKROWHWLHI/XIW(UJODXEWHHLQHU7lXVFKXQJHUOHJHQ ]XVHLQZLVFKWHVLFKEHUGLH$XJHQGRFKGDV%LOGEOLHE (UEHIDQGVLFKWDWVlFKOLFKLQHLQHUDQGHUHQ:HOW 'LHVH(UNHQQWQLVZDUIULKQHLQ6FKRFN 'HU6XSHULQWHQGHQWVDKVLFKVHOEVWDOV6FKUHLEWLVFKVWUDWHJH HUKDWWHQLHN|USHUOLFKJHNlPSIWVDKPDQYRQVHLQHQ.ULHJV HUOHEQLVVHQDEDEHUGRUWZDUHU2IIL]LHUJHZHVHQXQGMHW]W GLHVKLHU *UDXHQYROO 8QGGDQQZDUHQGDQRFKGLHJHZDOWLJHQXQEHNDQQWHQ 9|JHOPLWLKUHQULHVLJHQ6FKQlEHOQXQGGHUHQRUPHQ 6SDQQZHLWHLKUHU)OJHO'LHVH7LHUHVHJHOWHQEHUGLHVHQ 'VFKXQJHOIULHGKRIZLHXQKHLPOLFKH:lFKWHU
7URW]GHU:lUPHOLHIHV3RZHOONDOWGHQ5FNHQKLQDE (UVWDQGDXI 0LWEHLGHQ+lQGHQVWW]WHHUVLFKDEXQGPXWH]XYRUGDV 6FKZLQGHOJHIKOQLHGHUNlPSIHQEHYRUHUVLFKDQGHQQHXHQ =XVWDQGJHZ|KQWKDWWH /DQJVDPVFKULWWHU]ZLVFKHQGHQ*UDEVWHLQHQKLQGXUFK(U ZXWHQLFKWZRHU]XHUVWKLQEOLFNHQVROOWHDOOHVZDUVR IUHPGVRXQKHLPOLFKXQGJUDXHQKDIW 3RZHOOZDUHLQNQDOOKDUWHU$QDO\WLNHUGHUPLWVHLQHP9HU VWDQGGLH'LQJH]HUOHJWHXQGHQWVSUHFKHQGH*HJHQ PDQDKPHQHUJULII+LHUVWUHLNWHVHLQ,QWHOOHNW(UEHJULII QLFKWV 'RFKHUDKQWHGDGLHVQLFKWGLHQRUPDOH:HOWZDULQGHU HUVLFKEHIDQG (LQ'VFKXQJHOOHEWLVWHUIOOWYRQNUHLVFKHQGHQ9RJHO VWLPPHQXQGYRQGHQ/DXWHQXQ]lKOLJHUZLOGHU7LHUH +LHUDEHUZDUDOOHVUXKLJ(VVFKLHQDOVKDOWHGLH1DWXUGHQ $WHPDQ 3RZHOOK|UWHQXUVHLQHHLJHQHQ6FKULWWH(UJLQJEHUGHQ XUDOWHQ)ULHGKRIVXFKWHGDEHLQDFKHLQHU6SXUYRQ/HEHQ GRFKQLFKWVUKUWHVLFK 1RFKLPPHUWUXJHUVHLQHQGXQNOHQ$Q]XJGDVZHLH +HPGGLH.UDZDWWHGD]XGLH+DOEVFKXKH(UIKOWHVLFKLQ GLHVHU.OHLGXQJGHSOD]LHUWZXWHMHGRFKGDHUQLFKWV lQGHUQNRQQWH(UZDUVHLQHP)HLQGKLOIORVDXVJHOLHIHUW 8QGGDVZDUGHU6FKZDU]H7RG 6FKRQRIWKDWWH3RZHOOGDUEHUJHK|UWXQGJHOHVHQ,PPHU ZHQQHU6LQFODLUV%HULFKWHGXUFKVDKVWDFKLKPVRIRUWGHU 6FKZDU]H7RGLQV$XJH(UZXWHZHOFKH0DFKWGLHVHU 'lPRQYHUN|USHUWH$OOHUGLQJVKDWWHHU3RZHOOQLHGLUHNW DQJHJULIIHQHUKLHOWVLFKQXUDQGLHDQGHUHQ0LWJOLHGHUGHV 6LQFODLU7HDPV'RFKQXQVWDQGGHU6XSHULQWHQGHQWGHP 6FKZDU]HQ7RGZHKUORVJHJHQEHU'DVEHUHLWHWHLKP$QJVW 'LHVHU'lPRQZDUQLFKWDXV]XUHFKQHQQLFKW]XDQDO\VLHUHQ XQGDXFKQLFKWPLWGHQ0LWWHOQGHV9HUVWDQGV]XEHVLHJHQ
0DQPXWHLKQEHNlPSIHQ,KQPLWVHLQHQHLJHQHQ:DIIHQ DWWDFNLHUHQQXUVRNRQQWHPDQLKQYHUQLFKWHQ 3RZHOOEOLHEVWHKHQ(UEOLFNWHVLFKXPVXFKWHGHQ 6FKZDU]HQ7RGHUVDKLKQQLFKW'HU'lPRQKDWWHVLFK ]XUFNJH]RJHQXQG3RZHOODOOHLQJHODVVHQ :LUNOLFKDOOHLQ" 3RZHOOVDKSO|W]OLFKHLQHQ0DQQGHUEHUGLHOHW]WHQ5HVWH HLQHUDOWHQ0DXHUKLQZHJNOHWWHUWH(UWUXJXPVHLQHQ.RSI HLQHQZHLHQ9HUEDQGXQGZLQNWH3RZHOO]X (LQ]ZHLWHU0DQQIROJWHLKP %HLGHWUXJHQDQGHUH.OHLGXQJDOV3RZHOO$OOHUGLQJVNHLQH 7URSHQDQ]JHZLHVLHHLJHQWOLFKYRQQ|WHQJHZHVHQZlUHQ 3RZHOOJLQJGHQEHLGHQ0lQQHUQHQWJHJHQ=ZHL6FKULWWH YRQHLQDQGHUHQWIHUQWEOLHEHQVLHVWHKHQ 'LH:LVVHQVFKDIWOHUVDKHQHUVFK|SIWDXV'HUNXU]H $XIHQWKDOWLQGLHVHU:HOWKDWWHEHUHLWVVHLQH6SXUHQKLQWHU ODVVHQ6FKZHLIHXFKWZDUHQLKUH*HVLFKWHUXQGVWDXEYHU NOHEW,KUH$XJHQEOLFNWHQVWXPSIDOVKlWWHQVLH6FKUHFNOLFKHV JHVHKHQ =XHUVWVSUDFKQLHPDQGGHUGUHL0lQQHUHLQ:RUW'DQQ VWHOOWH$UW&RUQZDOOHLQH)UDJHGLH]LHPOLFKGXPPNODQJHV MHGRFKLQ$QEHWUDFKWGHU6LWXDWLRQJDUQLFKWZDU ª6LQG6LHHLQ0HQVFK"© 3RZHOOQLFNWHª-D© ª8QGZLHVLQG6LHKHUJHNRPPHQ"© 3RZHOOQDKPVHLQH%ULOOHDEXQGZLVFKWHGLHEHVFKODJHQHQ *OlVHUPLWHLQHP7DVFKHQWXFKVDXEHUª:HQQLFK,KQHQGDV HU]lKOHZHUGHQ6LHHVPLUNDXPJODXEHQ0DQKDWPLFK JHNLGQDSSWHLQIDFKDXVPHLQHP&OXEJHKROWLQHLQHOHHU VWHKHQGH)DEULNJHVFKDIIWXQGGRUWHLQHPDJLVFKH%H VFKZ|UXQJGXUFKJHIKUW,FKKDEHHLQH'LPHQVLRQVUHLVH KLQWHUPLUXQGELQLQGLHVHU:HOWHUZDFKW0HLQ1DPHLVW 3RZHOO6LU-DPHV3RZHOO© 'LHEHLGHQ)RUVFKHUVWHOOWHQVLFKYRU'HU6XSHULQWHQGHQW ZDUIURKHLQHQ(QJOlQGHUJHWURIIHQ]XKDEHQ
(UHUIXKUGDGLHEHLGHQDOV:LVVHQVFKDIWOHUDP6GSRO DUEHLWHWHQXQGDXIZHOFKH:HLVHVLHLQGLHVH:HOWYHUVFKODJHQ ZRUGHQZDUHQ ª:LVVHQ6LHHLJHQWOLFKZRZLUKLHUVLQG"©IUDJWH6YHQ -DQVVRQGHU1RUZHJHU ª,FKNDQQK|FKVWHQVUDWHQ© 6YHQODFKWH ª6LHXQGZLUKDEHQHLQHQ=HLWVSUXQJJHPDFKW'DVKHLW ZLUEHILQGHQXQVHWZDKXQGHUW0LOOLRQHQ-DKUHYRUXQVHUHU =HLWUHFKQXQJ© 'LH$QWZRUWZDUZLHHLQ6FKODJLQV*HVLFKW6HOEVW-DPHV 3RZHOOYHUORUGLH)DVVXQJ ª6WLPPWGDV"©KDXFKWHHU &RUQZDOOQLFNWHª:LUPDFKHQ,KQHQQLFKWVYRU6LHPVVHQ VLFKGDPLWDEILQGHQ© 3RZHOOQLFNWHª(VEOHLEWPLUZRKOQLFKWVDQGHUHVEULJ© HUZLGHUWHHUOHLVH 9RQGHU6WLUQKHUOLHIPLUHWZDVNOHEULJLQGDVOLQNH$XJHXQG IOOWHHVDXV,FKGUHKWHPLFKPKVDPKHUXPKREGHQ$UP XQGIXKUPLWGHU+DQGEHUPHLQ*HVLFKW $OVLFKVLH]XUFN]RJNOHEWH%OXWDQ=HLJHXQG 0LWWHOILQJHU 'DVZLHGHUXPHULQQHUWHPLFKZLHGHUDQPHLQHQ.RSIXQG DQGLHXQWHUGHU6FKlGHOSODWWHWREHQGHQ6FKPHU]HQ8QGHV HULQQHUWHPLFKDQGDVZDVKLQWHUPLUODJ (LQH6HLOEDKQIDKUWGLH:RONHGHU$QJULIIGHU+H[HQGLH +HLPWFNHDOVVLHGDV6HLONDSSWHQPHLQ6WXU]DXVGHU *RQGHOGHU7UlJHUDQGHPLFKPLFKIHVWKDOWHQNRQQWH GHU$EVWXU]GDQQGLH%HZXWORVLJNHLW (UZDFKWZDULFKDQGHPVWHLQLJHQ+DQJ$QLUJHQGHLQHP 6WHLQKDWWHLFKPLUGLH6WLUQDXIJHVFKODJHQ6RVWDUNGDGDV %OXWDXVGHU:XQGHTXROOXQGEHUPHLQ*HVLFKWOLHI ,P/LHJHQWDVWHWHLFKPLFKDE0LUVFKPHU]WHQ]ZDUGLH
5LSSHQLFKKDWWHDXFKHLQLJH3UHOOXQJHQPLUDEHU]XP*OFN QLFKWVJHEURFKHQ 'HVKDOEDWPHWHLFKDXI 'HQURWHQ%OXWVFKOHLHUYRUPHLQHQ$XJHQKDWWHLFKZHJ JHZLVFKW 0HLQ%OLFNZDQGHUWHLQGLH+|KH 6HKUODQJHNRQQWHLFKQLFKWEHZXWORVJHZHVHQVHLQGHQQ HVZDUQRFKQLFKWY|OOLJGXQNHO 'XUFK9HUGUHKHQGHU$XJHQVDKLFKDXFKGDV6HLOGHU%DKQ RGHUYLHOPHKUGDVZDVGDYRQEULJJHEOLHEHQZDU,Q)HW]HQ KLQJHVIDVWELV]XP%RGHQKHUDE'LH+H[HQKDWWHQHV WDWVlFKOLFK]HUELVVHQ 6LHGHQGKHLILHOHQPLU6XNRXQG:LOO0DOOPDQQHLQ$XFK VLHKDWWHQLQGHQ*RQGHOQJHVHVVHQXQGPXWHQHEHQVRLQ 0LWOHLGHQVFKDIWJH]RJHQZRUGHQVHLQZLHLFK+DWWHQVLH UHFKW]HLWLJDEVSULQJHQN|QQHQRGHUZDULKQHQGLH*RQGHO ]XP9HUKlQJQLVJHZRUGHQ"'LH6RUJHXPPHLQH)UHXQGH OLHPLFKPHLQHHLJHQH6LWXDWLRQYHUJHVVHQ ,FKULFKWHWHPLFKDXI (UVWMHW]WVDKLFKGLH+H[HQ 6LHEHQYRQLKQHQKDWWHQHLQHQ.UHLVXPPLFKJHELOGHW8QG MHGHKLHOWHLQHQGLHVHU6WlEHLQGHU+DQGGHUHQ6SLW]HQDXI HLQJHPHLQVDPHV=LHOZLHVHQ $XIPLFK :LOO0DOOPDQQVDK6XNRIDOOHQ(UVFKLFNWHHLQNXU]HV 6WRJHEHW]XP+LPPHOXQGVWLHVLFKHLQHQ$WHP]XJVSlWHU VHOEVWDE :LH6XNRILHODXFKHUQLFKWVHQNUHFKWLQGLH7LHIH6HLQ .|USHUKDWWHQRFKLPPHUGLH(LJHQJHVFKZLQGLJNHLWGHU *RQGHO6FKUlJILHOGHU.RPPLVVDUDXIGLH%DXPZLSIHO]X :HLWKDWWHHUGLH$XJHQDXIJHULVVHQ6HLQ.|USHUEHUVFKOXJ VLFK]ZHLPDO:LOOVWLHHLQHQLUUHQ6FKUHLDXVXQGNUDFKWH GDQQLQGLH.URQHQ]ZHLHUKRFKDXIUDJHQGHU7DQQHQ
6HLQ*HZLFKWNQLFNWHGLHHUVWHQbVWHDOVZlUHQVLH 6WUHLFKK|O]HU:LOOILHOWLHIHUHUVFKOXJPLWGHQ$UPHQXP VLFKYHUVXFKWH+DOW]XILQGHQUXWVFKWHMHGRFKZLHGHUDE VSUWHGLH6FKOlJHLP*HVLFKWDQGHQ%HLQHQDQGHQ$UPHQ 6FKDUIH.UDOOHQKlQGHVFKLHQHQVHLQH+DXWDXI]XUHLHQ:LOO EHUVFKOXJVLFKVDFNWHDEIHGHUWHZLHGHUHWZDV]XUFN6HLQ )DOOZXUGHHLQPDOYRQGLFKWLQHLQDQGHUYHUZDFKVHQHQ =ZHLJHQXQGbVWHQVWDUNJHEUHPVWXQGLQVWLQNWLYJULIIGHU .RPPLVVDU]X (UKDWWH*OFN6HLQH)LQJHUXPNODPPHUWHQHLQHQVWDUNHQ $VWZLHGHQOHW]WHQ5HWWXQJVDQNHU'DEHLZDUHVLKPHJDORE GLH7DQQHQRGHU)LFKWHQQDGHOQLQVHLQ)OHLVFKGUDQJHQGHU .RPPLVVDUKLHOWHLVHUQIHVW (VZDUQLFKWPHKUZHLWELV]XP%RGHQZLH:LOOPLWHLQHP VFKQHOOHQ%OLFNIHVWVWHOOWH (UOLHVLFKIDOOHQ 5HODWLYZHLFKODQGHWHHUDXIGHPVFKUlJHQ%HUJKDQJYHUORU WURW]GHPGDV*OHLFKJHZLFKWXQGILHOKLQ(UUROOWHQRFKHLQ PDOXPGLHHLJHQH$FKVHGDQQVWRSSWHLKQHLQ%DXPVWDPP :LOO0DOOPDQQDWPHWHDXI(UKDWWHHVEHUVWDQGHQXQG OHEWHQRFK ,PVHOEHQ$XJHQEOLFNK|UWHHUHLQIHUQHV.UDFKHQXQG 6SOLWWHUQ:LOOZXWHVRIRUW%HVFKHLG'LH*RQGHOZDULQGLH 7DOVWDWLRQJHUDVWRGHULUJHQGZR]X%RGHQJHVWU]W 1DFKWUlJOLFKOLHIGHP.RPPLVVDUQRFKHLQ6FKDXHUEHU GHQ5FNHQ,KPZXUGHEHZXWZHOFKHLQ*OFNHUOHW]W HQGOLFKQRFKJHKDEWKDWWH $EHUZDVZDUPLW6XNRJHVFKHKHQ" :LOO0DOOPDQQULFKWHWHVLFKVRIRUWDXIKXPSHOWHGLHHUVWHQ 6FKULWWHXQGEOLHEGDQQVWHKHQ 1XUGDV5DXVFKHQGHU%lXPHLP$EHQGZLQGGUDQJDQ VHLQH2KUHQ6RQVWNHLQ*HUlXVFK :LOORULHQWLHUWHVLFKNXU]XQGVDK]ZLVFKHQGHQ%DXP ZLSIHOQHLQHQ6HLOEDKQWUlJHU'RUWXQJHIlKUZDUHUDEJH VSUXQJHQZLHDXFK6XNR(UPHUNWHVLFKGLH6WHOOHXQG
PDFKWHVLFKDXIGHQ:HJGRUWKLQZDVZLHGHUXPJDUQLFKWVR HLQIDFKZDUGHQQGLHGLH8QHEHQKHLWHQGHV*HOlQGHVVHW]WHQ LKPVFKZHU]X $XHUGHPZDUGHU%RGHQPLW]DKOUHLFKHQDEJHIDOOHQHQ 1DGHOQEHGHFNWXQGGHPQDFKUXWVFKLJ:LOOKLHOWVLFKRIWDQ GHQ=ZHLJHQGHU%lXPHIHVWXQG]RJVLFKZHLWHUKRFK =XGHPZXUGHHVLPPHUGXQNOHUVRGDGLH2ULHQWLHUXQJ ]LHPOLFKVFKZHUILHO :LOOEOLHELUJHQGZDQQVWHKHQXQGULHIODXW6XNRV1DPHQ (VZDULKPHJDOREGLH+H[HQLKQK|UWHQHUZROOWHZLVVHQ ZDVPLWGHP&KLQHVHQJHVFKHKHQZDU 0DOOPDQQHUKLHOWNHLQH$QWZRUW ª9HUGDPPWDXFK©NQXUUWHHUXQGVFKULWWZHLWHU :LOOZROOWHGDV:DOGVWFNKLQWHUVLFKODVVHQGDQDFKEH JDQQGHUVWHLQLJH+DQJDQGHVVHQ(QGHHUGLH1HEHOZRONHJH VHKHQKDWWH,QGLHVHU:RONHZDU-RKQ6LQFODLUYHUVFKZXQGHQ :LOOKRIIWHGD-RKQQRFKOHEWH 3O|W]OLFKEOLHEHUVWHKHQ(UKDWWHHWZDVYHUQRPPHQZDV QLFKWLQGLH8PJHEXQJSDWH bVWHXQG=ZHLJHEUDFKHQPLWNQDFNHQGHQ*HUlXVFKHQ(V K|UWHVLFKDQDOVZUGHMHPDQGGXUFKGHQ:DOGKDVWHQXQG DXIQLFKWV5FNVLFKWQHKPHQ $EHUZHU" :LOOJLQJHLQSDDU6FKULWWH]XU6HLWHEFNWHVLFKXQGEOLHE KLQWHUHLQHUKRFKJHZDFKVHQHQ)LFKWHKRFNHQ(UKRIIWHYRQ GLHVHU6WHOOHDXVHLQHQJXWHQhEHUEOLFN]XKDEHQ (UVWDQGJQVWLJ%LV]XP:DOGUDQGZDUHQHVQXUHLQSDDU 6FKULWWH:LOOV$XJHQKDWWHQVLFKLQ]ZLVFKHQDQGLH /LFKWYHUKlOWQLVVHJHZ|KQW(UJODXEWHHLQH*HVWDOWDXIGHP %RGHQOLHJHQ]XVHKHQEOLFNWHJHQDXHUKLQXQGHUNDQQWH 6XNR 'HU&KLQHVHODJDXIGHP%RGHQ 0DOOPDQQHUKREVLFKDXVVHLQHU'HFNXQJ(UWULXPSKLHUWH LQQHUOLFKGDHU6XNRJHIXQGHQKDWWHXQGYHUJDGDEHLGLH *HIDKU(UUHFKQHWHQLFKWPHKUPLWHLQHP)HLQGHUDFKWHWH
DXFKQLFKWPHKUDXIGLH*HUlXVFKHVRQGHUQOLHIYRUXQG GDPLWJHQDXLQGLH)DOOH 'DV6NHOHWWWDXFKWHYRQOLQNVDXI 8QKHLPOLFKZDUHVDQ]XVHKHQ5LHVHQJUR(VEHUUDJWH VRJDUQRFKGLH7DQQHQ =ZHL6FKULWWHYRU6XNREOLHE:LOO0DOOPDQQVWHKHQ (UIXKUKHUXPVDKGDV6NHOHWWXQGVWLHHLQHQJHOOHQGHQ 6FKUHLDXV (UKDWWHGHQ6FKZDU]HQ7RGHUNDQQW 'HQ0|UGHUVHLQHU)UDX ,Q0DOOPDQQV$XJHQLUUOLFKWHUWHHV'DV%OXWVFKRLKPLQV *HVLFKWYRUVHLQHQ$XJHQEUHLWHWHVLFKHLQURWHU6FKOHLHUDXV :LOO0DOOPDQQVDKLQGLHVHQ$XJHQEOLFNHQZLUNOLFKURW:LH RIWKDWWHHUGDYRQJHWUlXPWGHP6FKZDU]HQ7RGHLQPDO JHJHQEHU]XVWHKHQLKQYHUQLFKWHQ]XN|QQHQLKPGHQ7RG VHLQHU)UDXKHLP]X]DKOHQ $QGLH*HIDKUGDFKWHHUQLFKWPHKU ª0|UGHU©EUOOWHHUODXWKDOVULVHLQH:DIIHKHUYRUOHJWH DXIGHQ'lPRQDQXQGIHXHUWH (UMDJWH.XJHODXI.XJHODXVGHP/DXI6HLQ*HVLFKWZDU YHU]HUUWLQGHQ$XJHQEUDQQWHGHUQDFNWH+D8QGHUEH JOHLWHWHMHGHQ6FKXPLWHLQHP6FKUHL ª'D'D'D©EUOOWHHUXQG]RJLPPHUZLHGHUGXUFK (UWUDIDXFK-HGH6LOEHUNXJHOGXUFKERKUWHGHQ8PKDQJGHV 'lPRQVULHLQ/RFKKLQHLQPHKUMHGRFKJHVFKDKQLFKW 'HU6FKZDU]H7RGODFKWHQXU 'DQQKDWWHVLFK:LOO0DOOPDQQYHUVFKRVVHQ(UGUFNWH QRFK]ZHLPDODEEHYRUHUGLHVHVKRKOH.OLFNHQEHUKDXSW EHJULII.HLQH.XJHOPHKULP0DJD]LQ 8QGGHU6FKZDU]H7RGOHEWHQRFKLPPHU:LHHLQ)HOVHQ VWDQGHUYRULKP6HLQH.QRFKHQKlQGHXPNODPPHUWHQGHQ *ULIIGHUP|UGHULVFKHQ6HQVHGHUHQ6FKQHLGHLPOHW]WHQ /LFKWGHVYHUO|VFKHQGHQ7DJHVIXQNHOWH 'LHJHZHLKWHQ6LOEHUNXJHOQKDWWHQLKPQLFKWVDQKDEHQ N|QQHQ:LOOKlWWHHEHQVRJXWPLW6WHLQHQZHUIHQN|QQHQ
GRFKLQVHLQHP+DKDWWHHUDQQLFKWVPHKUJHGDFKWGDZDU GLHNODUHhEHUOHJXQJDXVJHVFKDOWHW -HW]WVWDQGGHU'lPRQYRULKP 8QGHUWULXPSKLHUWH ª0DOOPDQQ©GRQQHUWHGHU1DPHGHV.RPPLVVDUVDXV VHLQHP0DXOª:LOO0DOOPDQQGHLQH)UDXKDEHLFKGLU JHQRPPHQGXOHEVWQRFK'RFKIUGLFKKDEHLFKPLUHWZDV %HVRQGHUHVHLQIDOOHQODVVHQ'XZLUVWGLFKZXQGHUQ© 0DOOPDQQZDQNWH]XUFN'LH:RUWHWUDIHQLKQZLH 3HLWVFKHQVFKOlJH (UZXWHGDHUGHU8QWHUOHJHQHZDUXQGGLHVHV:LVVHQ UDXEWHLKPIDVWGHQ9HUVWDQG ª:DVLVWPLW.DULQ"©EUOOWHHUª6DJHVGX6FKHXVDO:DV ZHLWGX"'X© :LHGHUODFKWHGHU6FKZDU]H7RG'DQQIXKUVHLQH6HQVH KHUDE]HLFKQHWHHLQHQEOXWLJHQ6WUHLIHQQDFKXQGKDFNWHHLQH 7DQQHXPDOVZlUHVLHDXV3DSLHU 'HU.RPPLVVDUVSUDQJ]XU6HLWH (UVFKDIIWHHVQLFKWJDQ]'LHbVWHVWUHLIWHQLKQXQGGUFN WHQLKQ]X%RGHQ:LOOZROOWHVLFKDXIUDIIHQDOVHUGLH+DQG LP*HQLFNVSUWH 'LH.QRFKHQNODXHGHV6FKZDU]HQ7RGVKDWWH]XJHSDFNW 'HU'lPRQKRE:LOO0DOOPDQQLQGLH+|KHZLHHLQ%QGHO /XPSHQ(UVFKWWHOWHLKQGXUFKXQGODFKWHGDEHL ª'HU7RG:LOO0DOOPDQQZlUHHLQH]XJURH*QDGHIU GLFK,FKKDEHPLWGLUHWZDVDQGHUHVYRU)UGLFKXQGDXFK IUGDV6LQFODLU7HDPVLQGGLH3OlW]HEHUHLWVUHVHUYLHUW$XI HXFKZDUWHWGHU)ULHGKRIDP(QGHGHU:HOW© )ULHGKRIDP(QGHGHU:HOWGLHOHW]WHQ:RUWHKDOOWHQLQ :LOO0DOOPDQQV.RSIQDFK 'DQQZXWHHUQLFKWVPHKU 'HU6FKZDU]H7RGMHGRFKKDWWHVHLQQlFKVWHV2SIHU
6KHLOD&RQROO\KDWWHHLQHQ.DIIHHJHNRFKWLQGHPGHU/|IIHO IDVWVWHKHQEOLHE-DQH&ROOLQVZDUPLWGHP5HSRUWHU]XGHVVHQ +DXVJHIDKUHQXPJHPHLQVDP]XEHUDWVFKODJHQZDVVLHQXQ XQWHUQHKPHQVROOWHQ -DQHQDKP0LOFKXQGDXFK%LOOGHUGHQ.DIIHHVRQVW VFKZDU]WUDQNKHOOWHLKQPLW0LOFKDXI 6KHLODZDULQGLH3UREOHPDWLNHLQJHZHLKWZRUGHQXQG VWLPPWHGDIUGD%LOOVLFKDQGHU6XFKHEHWHLOLJWH 6LHWUDQNHQ.DIIHH'HU5HSRUWHUYHU]RJGDV*HVLFKW ª0DQQGDVLVWMDZLHLQGHU+|OOH:LOOVWGXXQVYHUJLIWHQ"© 6KHLOD]RJGHQ*UWHOLKUHV+DXVPDQWHOVHQJHUXQGEOLFNWH %LOODXVXQVFKXOGLJHQ$XJHQDQª'XZROOWHVWLKQGRFKVWDUN KDEHQ'DUOLQJ© ª$EHUQLFKWVR© 6KHLODODFKWH6LHZXUGHMHGRFKVHKUVFKQHOOZLHGHUHUQVW :lKUHQG%LOOLP.DPLQ+RO]QDFKOHJWHIUDJWHVLHª:DVZROOW LKUGHQQMHW]WXQWHUQHKPHQ"© ª.HLQH$KQXQJ©HUZLGHUWH-DQH&ROOLQV 'HU5HSRUWHUQLFNWHEHVWlWLJHQGQDKPQHEHQ6KHLOD3ODW] XQGOHJWHLKUVHLQHQ$UPDXIGLH6FKXOWHU ª,KUZLWQLFKWZLHLKUGHQ)DOODQSDFNHQZROOW"©IUDJWHVLH HUVWDXQWª$EHUGXKDVWGRFK]XJHVDJW%LOO© ª9LHOOHLFKWVROOWHPDQDXI-RKQZDUWHQ©VFKOXJGHU 5HSRUWHUYRU -DQHVFKDXWHLKQVFKLHIYRQGHU6HLWHKHUDQª'DVKlWWHQXU DXFKHLQHUPLWODQJHQ2KUHQVDJHQN|QQHQ© ª:LUZLVVHQGRFKQLFKWXPZDVHVJHKW©YHUWHLGLJWHVLFK %LOO&RQROO\ ª:DUXPKDVWGXGDQQMDJHVDJW"© ª+lWWHLFKDEOHKQHQVROOHQ"© -DQHKREGLH6FKXOWHUQª*H]ZXQJHQKDWPDQXQVQLFKW GDVP|FKWHLFKPDOIHVWKDOWHQ© ª:HQQPDQ-RKQQXULUJHQGZLHHUUHLFKHQN|QQWH©PXU PHOWH6KHLOD %LOOVFKWWHOWHGHQ.RSIª,VWQLFKWGULQ©
ª.DQQVWGXGLUGHQQGHQNHQZRKLQGHU6FKZDU]H7RG 3RZHOOHQWIKUWKDW"©IUDJWH-DQH ª1HLQ©%LOOJULII]XHLQHU=LJDUHWWHª,FKJODXEHQLFKWPDO GDHUVLFKQRFKDXIGLHVHU:HOWEHILQGHW0HLQHU$QVLFKW QDFKKDWGLHVHU'lPRQLKQLQLUJHQGHLQ5HLFKHQWIKUWGDV MHQVHLWVXQVHUHUQRUPDOHQ:HOWOLHJW© -DQH&ROOLQVQLFNWH]XVWLPPHQG ª'DQQLVWHUYHUORUHQ©PXUPHOWH6KHLOD 'DVFKQLSSWH-DQHPLWGHQ)LQJHUQ'LH&RQROO\VKRUFKWHQ DXIXQGEOLFNWHQVLHEHUUDVFKWDQ ª+DVWGXHLQHQ*HLVWHVEOLW]"©IUDJWH6KHLOD ª-D© %LOOEHXJWHVLFKJHVSDQQWYRUª5DXVPLWGHU6SUDFKHGX ZHLEOLFKHU6KHUORFN+ROPHV© ª,FKELQGDIU0\[LQGHQ0DJLHU]XUXIHQ© /DXWODFKWH%LOO&RQROO\DXI(UOLHVLFKZLHGHU]XUFN IDOOHQXQGVFKOXJVLFKDXIGLH6FKHQNHOª'HU+XQGHVRKQKDW XQVVFKRQ|IWHUKlQJHQODVVHQ© -DQHQLFNWHª'DVVWLPPW7URW]GHPVROOWHQZLUHLQHQ 9HUVXFKZDJHQ© %LOOZDUGDJHJHQ -DQH&ROOLQVVXFKWHEHL6KHLOD8QWHUVWW]XQJª:DVPHLQVW GXGD]X"© ª,FKILQGHGLH,GHHJDUQLFKWVFKOHFKW©VWLPPWH6KHLODLKUHU %HNDQQWHQ]Xª0DQVROOWHLQGLHVHP)DOOZLUNOLFKDOOHVYHU VXFKHQ© %LOO&RQROO\KREGLH6FKXOWHUQª0HLQHWZHJHQZHQQLKU ZROOW,FKVDJHHXFKQXUGDGLHVHU0\[LQLQPHLQHQ$XJHQ HLQUHJHOUHFKWHU6FKDUODWDQLVW© 6KHLODZROOWHHWZDVDQWZRUWHQGRFKVLHVFKZLHJ6WDWW GHVVHQEOLFNWHVLHSO|W]OLFK]XU7UGHQQGDKLQWHUKDWWHVLH 6FKULWWHJHK|UW7DSSHQGH6FKULWWH ª,FKJODXEH-RKQQ\LVWZDFKJHZRUGHQ©VDJWHVLHXQG ZROOWHDXIVWHKHQXPQDFK]XVHKHQ 'DZXUGHGLH7UEHUHLWVDXIJHVWRHQ
'HUNOHLQH-RKQQ\VWDQGDXIGHU6FKZHOOH,QVHLQHPEXQWHQ 6FKODIDQ]XJXQGPLWPGHQ$XJHQ(U]RJHLQ*HVLFKWDOV ZROOWHHUDQIDQJHQ]XZHLQHQ 'RFKQLHPDQGGHU$QZHVHQGHQKDWWHHLQHQ%OLFNGDIU $OOHVWDUUWHQZLHK\SQRWLVLHUWDXIGHQUHFKWHQ$UPGHV .OHLQHQ -RKQQ\KDWWHLKQDXVJHVWUHFNWXQGDXIVHLQHP+DQGWHOOHU ODJHLQVFKZDU]HU7RWHQVFKlGHO 1DFKGHPLFKPHLQHhEHUUDVFKXQJYHUGDXWKDWWHNRQQWHLFK PLFKQXUQRFKZXQGHUQ :DUXPW|WHWHQVLHPLFKQLFKWRGHUZDUXPKDWWHQVLHPLFK QLFKWXPJHEUDFKWDOVLFKEHZXWORVZDU" (LQHEHUHFKWLJWH)UDJHDOOHUGLQJVDXFKHLQHDXIGLHLFKHLQH $QWZRUWIDQG 0HLQ.UHX]KLHOWGLHVH.UHDWXUHQDE,FKKDWWHHVEHUHLWVHLQ PDOHUOHEWDOVHLQHDXIPLFKJHVFKOHXGHUWH/DQ]HGLFKWYRU PHLQHU%UXVWDEJHOHQNWZXUGHHEHQZHLOLFKGDV.UHX]RIIHQ WUXJ-HW]WZDUHVZRKOQLFKWDQGHUV,FKKDWWH]ZDUEHZXWORV DP+DQJJHOHJHQGRFKGHUPDJLVFKH6FKXW]VFKLUPZDUYROO ZLUNVDPJHZRUGHQ 0HLQ.UHX]DOV/HEHQVUHWWHU:LHGHUHLQPDO .|USHUOLFKJLQJHVPLUQLFKWEHVRQGHUV'HU6WXU]DXIGHQ VWHLQLJHQ%RGHQVHW]WHPLUVHKU]X'LH6FKPHU]HQEUDFKWHQ PLFKEHLQDKHXP 6LHEHQ+H[HQ 6LHEHQPDO+DLQLKUHQ$XJHQ ,FKEOLFNWHLQGLH*HVLFKWHUGLHVHU'lPRQLQQHQ(VZDUHQ )UDW]HQ(LQHJUQOLFKVFKLOOHUQGHUXQ]OLJH+DXWGQQZLH 3HUJDPHQWE|VH$XJHQJUDXVDPYHU]HUUWH/LSSHQ 'LH+H[HQWUXJHQ/XPSHQPDQFKHYRQLKQHQDXFK.RSI WFKHU6LHVDKHQZLUNOLFKVRDXVZLHLFKVLHYRQGHQ =HLFKQXQJHQPLWWHODOWHUOLFKHU%FKHUKHUNDQQWH (FKWH7HXIHOVEXKOHULQQHQ
8QGVLHZDUHQEHZDIIQHW 'LH6SLW]HQLKUHU/DQ]HQ]LWWHUWHQQLFKWVRIHVWKLHOWHQVLH GLHVSHHUlKQOLFKHQ6WlEHLQLKUHQ)lXVWHQ ,FKVDQRFKLPPHU$OVLFKPLFKOHLFKWEHZHJWHIROJWHQVLH PHLQHQ%HZHJXQJHQPLWGHQ%OLFNHQ 0HLQ8QWHUDUPVWLHJHJHQGLHOLQNH%UXVWVHLWHXQGGD YHUPLWHLFKGHQYHUWUDXWHQ'UXFNGHU%HUHWWD 6LHZDUYHUVFKZXQGHQ 0LUILHOHLQGDLFKVLHKDWWHIDOOHQODVVHQPVVHQXPGLH +lQGHIUHL]XKDEHQ 1XQVWDQGLFKRKQH3LVWROHGD 'RFKVLHZDUPLWPLULQGLH7LHIHJHIDOOHQ:HLWHQWIHUQWYRQ PLUNRQQWHVLHGHPQDFKQLFKWOLHJHQ ,POHW]WHQ/LFKWGHVVFKZLQGHQGHQ7DJHVVXFKWHLFKGHQ %RGHQGHV+DQJVDEXQGVDKPHLQH:DIIH =ZLVFKHQ]ZHL+H[HQNRQQWHLFKKLQGXUFKVFKDXHQ(WZD HLQ
1LHPDQGKLQGHUWHPLFKGDUDQ ,FKPXWHQDFKODGHQ5HVHUYHPXQLWLRQKDWWHLFK]XP *OFNPLWJHQRPPHQ,FKVFKREHLQQHXHV0DJD]LQLQGHQ *ULIIXQGIKOWHPLFKMHW]WZRKOHU )UHLQHQ$XJHQEOLFNVSLHOWHLFKPLWGHP*HGDQNHQGLH +H[HQ]XHUVFKLHHQ(VZlUHZRKOGDVEHVWHJHZHVHQ ,FKKREGHQUHFKWHQ$UP 'DK|UWHLFK6FKVVH ,QGHUGQQHQ/XIWYHUQDKPLFKGDVSHLWVFKHQGH.QDWWHUQ XQGHUNDQQWHDP.ODQJGDDXVHLQHU%HUHWWDJHVFKRVVHQ ZRUGHQZDU1XUZHUKDWWHJHIHXHUW" 6XNRRGHU:LOO0DOOPDQQ"'LH6FKVVHZDUHQZHLWHUKDQJ DEZlUWVDP:DOGUDQGDXIJHNOXQJHQ ,FKYHUQDKPDXFKHLQHQ6FKUHLXQGJODXEWHVHNXQGHQODQJ HLQURWHV6FKLPPHUQ]XVHKHQ 'DQQQLFKWVPHKU :DVZDUGRUWJHVFKHKHQ" 1HUY|VZLVFKWHLFKEHUPHLQH6WLUQXQGVSUWHGHQNDOWHQ 6FKZHLDXIGHP+DQGUFNHQ 'DV.LFKHUQOLHPLFKKHUXPIDKUHQ*OHLFK]HLWLJYHUQDKP LFKGDVKRKOH3IHLIHQXQGQRFKEHYRULFKPLFKYHUVDKKDWWHQ VLFKGLHVLHEHQ+H[HQLQGLH/XIWHUKREHQ :LH,UUZLVFKH]LVFKWHQVLHLQGHQJUDXHQ+LPPHO(LQH JUQOLFKH$XUDXPJDELKUH.|USHUXQGKLQWHULKUHQ 5HLWEHVHQ]HLFKQHWHHLQIDKOHU6WUHLIHQGHQ:HJQDFKGHQVLH JHQRPPHQKDWWHQ 'LH+H[HQZDUHQXQJHKHXHUVFKQHOOXQGNDXPPLWHLQHU .XJHO]XWUHIIHQZHLOVLHLPPHULP=LFN]DFNGXUFKGLH/XIW ULWWHQ ,FKKlWWHVFKQHOOHUUHDJLHUHQVROOHQGHQQQXQKDWWHLFKGLH +H[HQDOV*HJQHULQQHQYRUPLU 9HUGDPPWDXFK ,FKGDFKWHDQGLHIHUQHQ6FKVVH:DVZDUPLW:LOO 0DOOPDQQRGHU6XNRJHVFKHKHQ"6ROOWHLFKQDFKIRUVFKHQXQG VLHVXFKHQ"
(LQH+H[HZLVFKWHGLFKWEHUPHLQHQ.RSIKLQZHJ0HLQH +DDUHIODWWHUWHQKRFKGLH+H[HVWLHHLQKRKOHV.LFKHUQDXV ZHQGHWHYRUPLUXQGGURKWHPLWGHU)DXVW ,FKOHJWHDQXQGVFKR %OLW]VFKQHOOVDFNWHVLHGHP(UGERGHQHQWJHJHQ6RVFKQHOO GDPHLQH.XJHOVLHYHUIHKOWH 'LH+H[HUDVWHZHLWHUGHQ+DQJKLQDXIXQGLFKVDK ZHOFKHV=LHOVLHKDWWH +DQJDXIZlUWVVFKZHEWHHLQGVWHUHV*ORVHQLQGHU/XIW(V VFKLPPHUWHURWJUQOLFKXQGHULQQHUWHPLFKDQHLQH:RONHLQ GHUXQXQWHUEURFKHQJUQH%OLW]HKLQXQGKHU]XFNWHQ %HIDQGVLFKGRUWGLH8QWHUNXQIWGHU+H[HQ")DQGLFKGD YLHOOHLFKWLKU9HUVWHFN" ,FKZROOWHQLFKWODQJHGDUEHUQDFKGHQNHQVRQGHUQIROJWH GHQIOLHJHQGHQ+H[HQ$OOHVLHEHQKDWWHQLKUHQ.XUVJHlQGHUW XQGEHZHJWHQVLFKDXIGDVURWJUQH)OLPPHUQ]X $XFKLFK :LHHLQDOWHU0DQQNOHWWHUWHLFKGHQ+DQJKRFK 0HLQH.QRFKHQVFKLHQHQGLFNDQJHVFKZROOHQ]XVHLQXQG VFKPHU]WHQEHLMHGHU%HZHJXQJ 'LH+H[HQGUHKWHQLQVLFKHUHU(QWIHUQXQJLKUH.UHLVHXP PLFK6LHZXWHQJHQDXZHOFKH.XJHOQPHLQH:DIIH YHUVFKRXQGKLHOWHQVLFKGHVKDOELPPHUDXHUKDOEGHUHQ 5HLFKZHLWH $OV%HUJVWHLJHUKDWWHLFKPLFKQRFKQLHEHWlWLJWK|FKVWHQV DOV%HUJZDQGHUHU8QGGDVPLWDQGHUHQ6FKXKHQ$XIGLHVHP :HJWUXJLFKPHLQHQRUPDOHQ7UHWHU+DOEVFKXKHXQG UXWVFKWHPHKUDOVHLQPDODE-HGXQNOHUHVZXUGHXPVR LQWHQVLYHUVWUDKOWHGDVURWJUQH/LFKW,FKDOOHUGLQJVQlKHUWH PLFKGHP=LHOQXUODQJVDP 0DQFKPDOVWLHHQGLH+H[HQLQGLHVHV/LFKWHLQ0LUHU VFKLHQHVZLHHLQH/RFNXQJ-DVLHZROOWHQPLFK]XHLQHP EHVWLPPWHQ3XQNWKLQORFNHQ:DUGDVYLHOOHLFKWGLH+|KOHLQ GHUDXFK+X[OH\8QWHUVFKOXSIJHIXQGHQKDWWH" ,FKJODXEWHIHVWGDUDQ$XHUGHPZDULFKPLUVLFKHUGHP
9HUVWHFNGHV%XFKVGHUJUDXVDPHQ7UlXPHLPPHUQlKHU]X NRPPHQ'DVZDUVFKOLHOLFKPHLQ+DXSW]LHO ,FKZROOWHXQGPXWHGDV%XFKKDEHQ 6FKRQEDOGJLQJPHLQ$WHPVFKZHUXQGNHXFKHQG,PPHU ZLHGHUNQLFNWHLFKXPZHQQLFKDXIVFKDUINDQWLJH6WHLQH JHWUHWHQZDU=ZLVFKHQGHQ6WHLQHQZXFKVNDUJHV*HVWUSS (VZDUKDUWXQGZLGHUVWDQGVIlKLJJDEPLUDXFKPDQFKHV 0DO+DOWZHQQLFKIHVW]XSDFNWHXPPLFKZLHGHUK|KHU]X ]LHKHQ 6FKULWWIU6FKULWWQlKHUWHLFKPLFKPHLQHP=LHO 'LH+H[HQZXUGHQLPPHUDXIJHUHJWHU6LHYROOIKUWHQDXI LKUHQ%HVHQGLHEL]DUUVWHQ7lQ]HVWLHJHQPDOVHQNUHFKWLQ GHQGXQNOHQ+LPPHOXQGUDVWHQGDQQZLHGHUGHP%RGHQ HQWJHJHQXPVLFKGLFKWGDYRUDE]XIDQJHQXQGZLHGHUKRFK ]XIDKUHQ 6LHWUDXWHQVLFKDXFKZLHGHUQlKHUDQPLFKKHUDQ(LQPDO EOLHELFKVWHKHQXQG]LHOWHDXIVLH 6RIRUWGUHKWHQVLHDEVRGDHVHLQHP*OFNVVSLHOJOHLFK NDPVLH]XHUZLVFKHQ ,FKZXWHQDWUOLFKQLFKWZLHYLHOHGLHVHU+H[HQQRFKLQ GHU+|KOHODXHUWHQ 6LHEHQVWDQGHQGUDXHQJHJHQPLFK,FKZDUVLFKHUGDVLH PLUGHQ5FN]XJDEVFKQLWWHQZHQQLFKGLH+|KOHHLQPDO EHWUHWHQKDWWH (LQ=XUFNJDEHVQLFKWPHKU,FKKDWWHPLFKEHUHLWV]XZHLW YRUJHZDJW 'HU:HJZXUGHHWZDVEHVVHU(UVWLHJDXFKQLFKWPHKUVR VWHLODQVRQGHUQOLHIIDVWZDDJHUHFKWDXIGLH+|KOH]X 'HQ(LQJDQJNRQQWHLFKQXUDKQHQ(UZDUDXVJHIOOWYRQ GHUURWJUQHQ1HEHOZRONHGLHKLQXQGKHUZRJWHVLFK EHZHJWHSXOVLHUWHXQGGLH]DKOUHLFKHQ%OLW]HDXIVDXJWHZLH HLQWURFNHQHU6FKZDPPGDV:DVVHU (VZDUXQKHLPOLFKLQGLHVH:RONHKLQHLQ]XVWDUUHQ :DVODJGDKLQWHU"(LQHIUHPGH'LPHQVLRQRGHUHLQIDFKQXU GLHJHKHLPQLVYROOH+|KOH"
'LH+H[HQKDWWHQVLFK]XUFNJH]RJHQ 6LHEHIDQGHQVLFKMHW]WKLQWHUPLU,FKK|UWHLKU.UHLVFKHQ XQGLKU*HOlFKWHU$XIPHLQHU6WLUQKDWWHQVLFKWURW]GHU .KOHNOHLQH6FKZHLSHUOHQDQJHVDPPHOWGLHLQQHUH (UUHJXQJEUDQQWHLQPLUZLH)LHEHUHLQ=HLFKHQGDGLH (QWVFKHLGXQJRGHULUJHQGHLQJURHV(UHLJQLVXQPLWWHOEDU EHYRUVWDQG )DQGLFKKLQWHUGHU1HEHOZRONHGDV%XFK" ,FKZDUIQRFKHLQHQOHW]WHQ%OLFN]XUFN 'LH+H[HQVWLHHQDXILKUHQ%HVHQLQGHQGXQNOHQ+LPPHO 6LHVDKHQDXVZLH.RPHWHQ,FKGDFKWHDQGLH5DGDUVWDWLRQ KRFKREHQDXIGHP%HUJ ,KUH:HOOHQZUGHQGLH+H[HQZRKOQLFKWHUIDVVHQGDGLH 6FKZDU]H0DJLHLQGLHVHP)DOOHVLFKHUOLFKVWlUNHUZDU 9RUPLUZDEHUWHGLH1HEHOZDQG'LH)DUEHQYHUZLVFKWHQ ]XHLQHPYHUZLUUHQGHQ0XVWHU,FKPXWHGHQ%OLFNVHQNHQ VRQVWEHJDQQHQPHLQH$XJHQ]XVFKPHU]HQ 'DEHLVDKLFKGDV.UHX] (LQHVLOEHUQH$XUD]HLFKQHWHGLH.RQWXUHQQDFK'HXWOLFK HUNDQQWHLFKGLHYLHU%XFKVWDEHQGLHGLH1DPHQGHUYLHU (U]HQJHOV\PEROLVLHUWHQ 0LFKDHO5DSKDHO*DEULHO8ULHO 9LHU1DPHQYLHU*HLVWHUGLHLKUH.UlIWHGHV/LFKWVLQGDV 6LOEHUHLQJUDYLHUWKDWWHQXPPLFKJHJHQGLH*HIDKUHQGHU +|OOH]XVFKW]HQ ,FKZDUGHU(UEHGHV.UHX]HV 'HU6RKQGHV/LFKWVZLHLFKHLQPDOJHK|UWKDWWH /HLGHUZDUGLHVHV5lWVHOQLHJHO|VWZRUGHQREZRKOLFK ]ZLVFKHQGXUFKLPPHUGDQDFKIRUVFKWH $EHUGHU%HJULIIZDUPLUQLHDXVGHP.RSIJHJDQJHQ 'HU6RKQGHV/LFKWV :UGHLFKLUJHQGZDQQHLQPDOGHU/|VXQJHWZDVQlKHU NRPPHQ",FKKRIIWHHVKRIIWHHVVRJDUVHKU 0LWGLHVHP*HGDQNHQJLQJLFKYRUXQGVFKULWWGLUHNWLQGLH 1HEHOZRONHKLQHLQ
3RZHOOKDWWHVLFKLQ]ZLVFKHQYRQVHLQHUhEHUUDVFKXQJHUKROW XQGIHVWJHVWHOOWGDHUXQGGLHEHLGHQ:LVVHQVFKDIWOHUHLQH YHUVFKZRUHQH*HPHLQVFKDIWELOGHWHQMDELOGHQPXWHQ :HULQGLHVHU:HOWEHUOHEHQZROOWHGHUGXUIWHNHLQHQ )HKOHUEHJHKHQXQGGHPGXUIWHQDXFKNHLQHSDVVLHUHQ )HLQGVFKDIWRGHU0LYHUVWlQGQLVVHXQWHUHLQDQGHUNRQQWHQ W|GOLFKVHLQ ª:LHODQJHEHILQGHQ6LHVLFKVFKRQLQGLHVHU:HOW"©IUDJWH GHU6XSHULQWHQGHQW $UW&RUQZDOOKREGLH6FKXOWHUQª'DVNDQQLFK,KQHQQLFKW VDJHQ:DVEHGHXWHWKLHUVFKRQ=HLWQLFKWZDKU"©(UEOLFNWH 6YHQ-DQVVRQDQGHUQLFNHQG]XVWLPPWH 'HU(QJOlQGHUZDQGWHVLFKDQVHLQHQ/DQGVPDQQª'DUI PDQIUDJHQZHU6LHVLQG"© 3RZHOOQLFNWHª0HLQHQ1DPHQNHQQHQ6LHMDLQ]ZLVFKHQ ,FKELQHLQKRKHU%HDPWHUYRQ6FRWODQG
ª'LHVHV/RFKGDVROOHLQ*UDEVHLQ(LQ*UDEIU-RKQ 6LQFODLU8QGGHU9RJHOGDDXIGHP$VWGLHVHU5DEHPLWGHQ JOKHQGHQ$XJHQLVWGHU:lFKWHUGHV6FKZDU]HQ7RGV(U ZLUGGDIU6RUJHWUDJHQGDQLHPDQGYRQXQVGLHVHQ )ULHGKRIYHUOlW© 2EZRKO&RUQZDOOGLH:RUWHVFKQHOOKHUDXVJHVSUXGHOW KDWWHEHJULII3RZHOOUDVFK(UVDJWHª'D6LHHLQ*UDEIU-RKQ 6LQFODLUJHVFKDXIHOWKDEHQPXPDQGDPLWUHFKQHQGDHU LUJHQGZDQQKLHUDXIWDXFKHQZLUG© ª%HVWLPPW©&RUQZDOOQLFNWH ª'HU6FKZDU]H7RGZLUGLKQKHUORFNHQ©VDJWH6YHQ -DQVVRQ 'DVZDUDXFK3RZHOOV0HLQXQJ(UVWULFKEHUVHLQ+DDU )LHEHUKDIWDUEHLWHWHQVHLQH*HGDQNHQ6ROOWHGLHVHU)ULHGKRI DP(QGHGHU:HOWHWZDIUVLHDOOHHLQ*UDEZHUGHQ"1LFKW QXUIU-RKQ6LQFODLUVRQGHUQDXFKIULKQIU6XNRGHQ &KLQHVHQRGHU%LOO&RQROO\":ROOWHGHU6FKZDU]H7RGGDV 6LQFODLU7HDPIUDOOH=HLWHQYHUQLFKWHQ" (VVDKGDQDFKDXV6lPWOLFKH6SXUHQGHXWHWHQDXIVROFK HLQH/|VXQJKLQ ª6LHVLQGJHVFKRFNWQLFKWZDKU6LU"©IUDJWH$UWKXU &RUQZDOO ª'DVLVWZRKOGHUULFKWLJH$XVGUXFN©JDE3RZHOO]Xª(V WXWPLUOHLGGDJHUDGH6LHEHLGHLQGLHVHQW|GOLFKHQ .UHLVODXIPLWKLQHLQJH]RJHQZRUGHQVLQG© $UWKREGLH6FKXOWHUQª:LUKDEHQXQVLQ]ZLVFKHQGDUDQ JHZ|KQW$P$QIDQJZDUHVVHKUVFKZLHULJ$XHUGHP ZLVVHQZLUQLFKWZDVXQVQRFKDOOHVHUZDUWHW:LUNHQQHQ GLHVH:HOWMDQXUDXV%FKHUQ©(UEHULFKWHWH3RZHOOYRP $QJULIIGHVJHZDOWLJHQ7\UDQQRVDXUXV5H[ ª8QGGHU5DEHKDWLKQWDWVlFKOLFKEHVLHJW"©HUNXQGLJWHVLFK GHU6XSHULQWHQGHQWVWDXQHQG ª-D6FKDXHQ6LHLKQVLFKDQ(UKDWGLHIQIIDFKH*U|H HLQHVQRUPDOHQ9RJHOV'HUKDWGHU%HVWLHGLH$XJHQDXVJH KDFNW©&RUQZDOOGHXWHWH]XPJUDXHQ+LPPHOª8QGGRUW
GLH9|JHO9RULKQHQNDQQPDQ$QJVWKDEHQ:HQQGLHXQV DQJUHLIHQLVWDOOHVDXV© 3RZHOOUXQ]HOWHGLH6WLUQª(VLVWQDWUOLFKVFKZHU]XJODX EHQGDGLHVHU5DEH© ª8QGGRFKLVWHVHLQH7DWVDFKH©ZDUIGHU1RUZHJHUHLQ ª0HLQ.RSIYHUEDQGNRPPWQLFKWYRQXQJHIlKU:LUKDWWHQ YHUVXFKW]XIOLHKHQGDJULIIGHU5DEHXQVDQ6RODQJHZLUXQV LQQHUKDOEGLHVHV*HOlQGHVDXIKDOWHQWXWHUXQVQLFKWVHULVW JHZLVVHUPDHQXQVHU:lFKWHU6ROOWHQZLUMHGRFKYHUVXFKHQ GLHVHQ)ULHGKRI]XYHUODVVHQZLUGHUHVYHUKLQGHUQ© ª:DVN|QQHQZLUVRQVWWXQ"©IUDJWH3RZHOO ª1LFKWV©ODXWHWHGLH$QWZRUWGHV(QJOlQGHUVª$EHUDXFK JDUQLFKWV:LUN|QQHQQXUZDUWHQ© 3RZHOOSUHWHGLH/LSSHQ]XVDPPHQ6RHWZDVJHILHOLKP EHUKDXSWQLFKW(UVFKDXWHVLFKXPVDK]XPZLHGHUKROWHQ 0DOHGLHGVWHUH8PJHEXQJVDKGHQKLQWHUGHP)ULHGKRI DXIUDJHQGHQ%HUJGHULQVHLQHUXQWHUHQ+lOIWHYRQ 1HEHOVFKZDGHQXPZDOOWZXUGH'HU%HUJHULQQHUWHLQ VHLQHP$XVVHKHQDQHLQHQ9XONDQ(UJOlQ]WHJUDXEODXZLH HUNDOWHWH6FKODFNH'DV*HVWHLQVFKLHQSRU|V]XVHLQGHQQ DXV]DKOUHLFKHQ6SDOWHQXQG/|FKHUQGUDQJHQ1HEHOZRONHQ GLHLQWUlJHQ6FKZDGHQXPGHQ%HUJWULHEHQ (VZDUZLUNOLFKHLQHXQKHLPOLFKH*HJHQG:|OEWHVLFKHLQ +LPPHOLQHLQW|QLJHP*UDX.HLQH6RQQHNHLQ0RQGXQG DXFKNHLQH6WHUQHZDUHQ]XVHKHQ 3RZHOOOLHGLHEHLGHQ0lQQHUVWHKHQXQGVFKULWWGHQ )ULHGKRIDE (UQlKHUWHVLFKGDEHLDXFKGHP5DEHQGHUGLHVVRIRUWDOV HLQHQ)OXFKWYHUVXFKDQVDK(USOXVWHUWHGDV*HILHGHUDXIXQG EUHLWHWHGLH)OJHODXV 'HU6XSHULQWHQGHQWEOLHEVWHKHQ(UHUVFKUDNEHUGLH 6SDQQZHLWHGLHVHU)OJHO'DPLWKlWWHHUQLFKWJHUHFKQHW 3O|W]OLFKZXUGHLKPNODUGDGLHVHU5DEHVLFKHUOLFKLQGHU /DJHZDUHLQHP6DXULHUGLH$XJHQDXV]XKDFNHQ 3RZHOOJLQJNHLQHQ6FKULWWZHLWHU(UYHUQDKPGLHZDU
QHQGH6WLPPHGHVHQJOLVFKHQ:LVVHQVFKDIWOHUVª%OHLEHQ6LH OLHEHUVWHKHQ6LU© ª1DWUOLFK© 'HU5DEH|IIQHWHGHQ6FKQDEHOXQGVWLHHLQZDUQHQGHV .UlFK]HQDXV3RZHOOVDKGLHURWH=XQJHGLH]ZLVFKHQGHQ EHLGHQ6FKQDEHOKlOIWHQKLQJ %HJHLVWHUWZDUHUYRQGLHVHP$QEOLFNQLFKW (UPDFKWHNHKUW ,QGLHVHP$XJHQEOLFNEHJDQQGLH/XIWEHUGHP)ULHGKRI ]XIOLPPHUQ:lKUHQGGLH:LVVHQVFKDIWOHU]XUFNVSUDQJHQ EOLHE3RZHOOVWHKHQXQGVFKDXWHIXUFKWORVLQGDV)OLPPHUQ KLQHLQ (LQH*HVWDOWZXUGHVLFKWEDU(UVWZDUHQQXUGLH8PULVVH]X HUNHQQHQGDQQMHGRFKVFKlOWHVLFKHLQ6NHOHWWKHUYRU 'HU6FKZDU]H7RGZDUHUVFKLHQHQ 3O|W]OLFKVWDQGHUDXIGHP%RGHQHLQJHKOOWLQVHLQHQ ODQJHQ8PKDQJ'LH6HQVHVHLQHEHYRU]XJWH:DIIHKDWWHHU EHUGLHUHFKWH6FKXOWHUJHOHJWGRFKEHUVHLQHUOLQNHQ 6FKXOWHUKLQJHLQ0HQVFK (VZDUHLQ0DQQ 3RZHOOULZHLWGLH$XJHQDXI (UJODXEWHGHQ0DQQ]XNHQQHQREZRKOHUVLFKQLFKW KXQGHUWSUR]HQWLJVLFKHUZDU (LQSDDU6HNXQGHQYHUJLQJHQGDQQKDWWHVLFKGHU 6FKZDU]H7RGHQGJOWLJPDQLIHVWLHUW (UEHUUDJWHGLHEHLGHQ0lQQHU:HQQHUGLH$UPHKRFK KREXQGVLHZHLWJHQXJDXVVWUHFNWHNRQQWHHUIDVWGLH:LSIHO GHUJURHQ%lXPHEHUKUHQ (VZDUHLQH*HVWDOW]XP)UFKWHQ3RZHOOKDWWHVFKRQYLHO EHUGLHVHQ'lPRQJHK|UWGRFKDOVHULKQMHW]W]XPHUVWHQ 0DOVDKOLHILKPHLQH*lQVHKDXWEHUGHQ5FNHQ 'HU6FKZDU]H7RGEHXJWHVLFKQDFKOLQNVXQGGLH*HVWDOW UROOWHYRQVHLQHU6FKXOWHULQV*UDV'RUWEOLHEVLHDXIGHP %DXFKOLHJHQ ª1XPPHU]ZHL©JUROOWHGHU'lPRQXQGVFKWWHOWH
GURKHQGVHLQH)DXVWJHJHQGLHGUHL0lQQHUª$QGHUHZHUGHQ IROJHQGDVVFKZ|UHLFKHXFK© (UEUHLWHWHGLH$UPHDXVXQGGHU8PKDQJZXUGHGDEHL]X HLQHPULHVLJHQ&DSHVRGDGHU6FKZDU]H7RGHLQHHQWIHUQWH bKQOLFKNHLWPLWHLQHU)OHGHUPDXVDQQDKP 1RFKHLQPDOODFKWHHUVFKDXULJ,QGHUVHOEHQ6HNXQGHHQW VWDQGZLHGHUGDV)OLPPHUQHVKOOWHGHQ'lPRQHLQXQG HEHQVRUDVFKZLHGHU6FKZDU]H7RGDXIJHWDXFKWZDUYHU VFKZDQGHUZLHGHU 6HLQª2SIHU©OLHHU]XUFN 3RZHOOOLHIDXIGHQ0DQQ]XEOLHEQHEHQLKPVWHKHQXQG GUHKWHLKQDXIGHQ5FNHQ /DQJVDPWUDWHQDXFKGLHEHLGHQ:LVVHQVFKDIWOHUQlKHU6LH EOLFNWHQ3RZHOOEHUGLH6FKXOWHU ª/LHEHU+LPPHO©VDJWH3RZHOOOHLVHª(ULVWHV© ª.HQQHQ6LHLKQ"©IUDJWH$UWKXU&RUQZDOO ª1DWUOLFK'DVLVW.RPPLVVDU0DOOPDQQ(LQ3ROL]HL EHDPWHUDXV*HUPDQ\© 6KHLOD&RQROO\ZROOWHDXIVSULQJHQXQGDXILKUHQ6RKQ ]XODXIHQ%LOOEHPHUNWHHVLPOHW]WHQ$XJHQEOLFN6HLQH )LQJHUJUXEHQVLFKLQGLH6FKXOWHUVHLQHU)UDXXQGKLHOWHQ VLH]XUFN ª%OHLEKLHU©]LVFKWHHU ª1HLQLFK© ª'XZHLWQLFKWZDVPLWGLHVHP6FKlGHOORVLVW©%LOO GUFNWHVHLQH)UDXLQGLH3ROVWHU -DQH&ROOLQVQHVWHOWHEHUHLWVDP9HUVFKOXLKUHU+DQG WDVFKH6LH]RJGLH.ODSSHKRFKXQGKROWHGLHPLWJHZHLKWHQ 6LOEHUNXJHOQJHODGHQH$VWUD3LVWROHKHUYRU %LOOGXUFKIXKUHLQKHLHU6FKUHFNª'XGXZLOOVWGRFK QLFKWHWZDVFKLHHQ"© ª1HLQ© 6KHLODZHLQWHª-RKQQ\©IOVWHUWHVLHª0HLQ*RWW©
'HU.OHLQHVFKLHQJDUQLFKW]XPHUNHQGDHU]XP6SLHOEDOO GlPRQLVFKHU.UlIWHJHZRUGHQZDU(UVWDQGQDFKZLHYRUDXI GHU7UVFKZHOOHXQGOlFKHOWHVRJDUZHLOHUVHLQH(OWHUQVDK %LOO&RQROO\UXWVFKWHHWZDVYRUVRGDHUQXUQRFKDXIGHU .DQWHVD ª-RKQQ\©VSUDFKHUGHQ-XQJHQOHLVHDQª:DVKDVWGXGDLQ GHLQHU+DQG"© -RKQQ\&RQROO\GUHKWHGHQ.RSIVRGDHUVHLQHQ9DWHU DQVFKDXHQNRQQWH ª,FK"1LFKWV'DGG\©6HLQH$XJHQZXUGHQWUDXULJ ª:DUXPZHLQW0XPP\GHQQ"© ª:HLO©%LOOVFKOXFNWH(UZXWHDXFKNHLQH$QWZRUW ª0XPP\ZHLQWQLFKW©VDJWHVWDWWGHVVHQ-DQH&ROOLQV ª:LOOVWGXQLFKW]XXQVNRPPHQ-RKQQ\"© 'HU.OHLQHQLFNWHª-D,FKNRPPH© (UWULSSHOWHORV6HLQH)HSDWVFKWHQDXIGHQ7HSSLFK'HQ UHFKWHQ$UPKLHOWHUQDFKZLHYRUDXVJHVWUHFNWXQGQRFK LPPHUODJGHUVFKZDU]H7RWHQVFKlGHODXIVHLQHU+DQG :LHK\SQRWLVLHUWYHUIROJWH%LOO&RQROO\LKQPLWGHQ%OLFNHQ (UKDWWHGDV*HIKOGLHVHU6FKlGHOZUGHOHEHQ6HLQHU 0HLQXQJQDFKEHZHJWHVLFKGDV0DXODXFKGLH$XJHQ GUHKWHQVLFKLQGHQ+|KOHQ 'HU5HSRUWHUVSUWHGHQ6FKZHLGHUVLFKLP1DFNHQ VDPPHOWHXQGGDQQGHQ5FNHQKLQDEOLHI 6KHLODVDZLHHUVWDUUWQHEHQLKP6LHKDWWHDXIJHK|UW]X ZHLQHQ$XVJURHQ$XJHQVWDUUWHVLHGHQ6FKlGHODQ -RKQQ\OLHIXPGHQ7LVFKKHUXPYRUGHPVLHVDHQXQG JLQJDXI%LOO]X -DQHKDWWHGLH3LVWROHKLQWHULKUHP5FNHQYHUVWHFNWKLHOW VLHMHGRFKLQGHU+DQG1XUVROOWHGHU.OHLQHGLH:DIIHQLFKW VHKHQ -RKQQ\&RQROO\JLQJDQ-DQH&ROOLQVYRUEHLXQGEOLHEYRU VHLQHP9DWHUVWHKHQ$XVJURHQ$XJHQEOLFNWHHU]XLKP KRFK 6KHLODZDUHWZDV]XU6HLWHJHUFNW,KU*HVLFKWZDU
NDONZHLGLH8QWHUOLSSHEHEWHGLH+DOWXQJYHUNUDPSIWH VLFK6LHDWPHWHIODFKXQGVWRZHLVH 6RVFKZHUHV%LOODXFKILHOHUPXWHVLFKEHUZLQGHQXP GHQ$UPDXV]XVWUHFNHQ'HU5HSRUWHUZROOWHVHLQHP6RKQ GHQ7RWHQVFKlGHODXVGHU+DQGQHKPHQ /DQJVDPQlKHUWHQVLFKVHLQH)LQJHUGHPKlOLFKHQ 6NHOHWWNRSI-RKQQ\VWDQGQDFKZLHYRUDQGHU&RXFKXQG VFKLHQQLFKW]XPHUNHQZDVHULQGHU+DQGKLHOW 'LH$QZHVHQGHQKLHOWHQGHQ$WHPDQ:LHHLQXQVLFKWEDUHV 1HW]EUHLWHWHVLFKGLH6SDQQXQJDXV-HGHUIKOWHHVVSUWH GDV.ULEEHOQDXIGHU+DXWGHQOHLFKWHQ6FKDXGHUGHUVLHLQ GLHVHQ6HNXQGHQEHUKUWH 1XUQRFKHLQNOHLQHV6WFNEHIDQGHQVLFK%LOOV)LQJHUYRQ GHP.RSIHQWIHUQW'DULGHU6FKlGHOGDV0DXODXIXQG VFKQDSSWHEOLW]VFKQHOO]X %LOOVFKULHDXI (UKDWWHGLH+DQGQLFKWVFKQHOOJHQXJZHJ]LHKHQN|QQHQ MHGRFKLQVWLQNWLYGLH)LQJHUJHNUPPWVRGDGLH=lKQHLQ VHLQHQ.Q|FKHOVFKOXJHQXQGGDELVVHQVLHVLFKIHVW 'HU5HSRUWHUVSUDQJYRQGHU&RXFKKRFK(UJDEQLFKWDFKW VWLHJHJHQ-RKQQ\GHUXPILHOEHYRU6KHLODLKQDXIIDQJHQ NRQQWH'DQQDEHUULVLHLKUHQ6RKQDQVLFK %LOOZDUIVLFKEHUGHQ7LVFK(UPXWHVFKUHFNOLFKH 6FKPHU]HQKDEHQGHQQHUVFKULHXQXQWHUEURFKHQ0LWLKP ]XVDPPHQILHOHQDXIGHUDQGHUHQ6HLWH*OlVHUXQG)ODVFKHQ ]X%RGHQ(LQ$VFKHQEHFKHUWUDILKQDP.RSI%LOOZlO]WHVLFK DXIGHP%RGHQ 8QGGHUYHUGDPPWH6FKlGHOELXQYHUPLQGHUW]X -HW]WTXROOVFKZDU]HU5DXFKDXVVHLQHP0DXO,Q6FKZDGHQ WULHEHUEHUGHQ.Q|FKHOXQG%LOO&RQROO\V8QWHUDUP -DQH&ROOLQVKLHOWHVQLFKWPHKUDXILKUHP3ODW]6LHVFKRE GHQ6HVVHO]XU6HLWHXQGOHJWHGLH:DIIHDQ ª%LOO©EUOOWHVLHZREHLVLFKLKUH6WLPPHEHUVFKOXJª%LOO XP+LPPHOVZLOOHQEOHLEUXKLJOLHJHQ,FKZLOOGHQYHU GDPPWHQ6FKlGHO]HUVFKLHHQ©
ª,FKLFKNDQQQLFKW©lFK]WHGHU5HSRUWHUª+HOIWPLU(U LVW]XIHVWLFK© (VZDUGLH+|OOH %LOOVFKULHYRU6FKPHU]HQGHU.OHLQHZHLQWHODXW6KHLOD EHEWHXQG-DQHNRQQWHNHLQHQVLFKHUHQ6FKXDQEULQJHQ 'HU5HSRUWHUUROOWHEHUGHQ%RGHQ(UUL]ZHL6WKOHPLW XPXQGPHUNWHQLFKWGDHUVLFKLQVHLQHU3DQLNGHP.DPLQ QlKHUWH ª9RUVLFKW©JHOOWH-DQHV6WLPPH 'HU5HSRUWHUUROOWHZHLWHU 'DVSUDQJ-DQH&ROOLQVYRU'LH'HWHNWLYLQMDJWHDXILKQ]X SDFNWHLKQDQGHU6FKXOWHUXQGZLUEHOWHLKQKHUXP'DEHL ZROOWHVLHGLH0QGXQJGHU:DIIHDQGHQ6FKlGHOSUHVVHQ 'RFKGHU6FKlGHOZDUVFKODX2EZRKOHLQGlPRQLVFKHV :HVHQVSUWHHUGLH*HIDKU 8USO|W]OLFKOLHHU%LOOV+DQGORV6RIRUW]RJGHU5HSRUWHU GLHEOXWHQGH5HFKWHDQVLFKDEHUGHU6FKlGHOKDWWHQRFKQLFKW JHQXJ-HW]WDWWDFNLHUWHHUGLH'HWHNWLYLQ (UVSUDQJDXIVLH]X :LHHLQ%OLW]MDJWHHUYRP%RGHQKRFK-DQHZROOWHGLH:DIIH KHUXPVFKZHQNHQXQGDEGUFNHQGRFKGHUXQKHLPOLFKH 7RWHQNRSIZDUVFKQHOOHU (UYHUELVLFKLQLKUHQUHFKWHQ8QWHUDUP -DQHVSUWHGLH=lKQHDXILKUHU+DXWXQGVFKOHXGHUWHLQ HLQHPZDKUHQ:XWDQIDOOGHQ$UPJHJHQGHQ.DPLQDXIEDX (VNUDFKWHDOVGHU6FKlGHOJHJHQGDV*HVWHLQSUDOOWHGRFK HU]HUVSOLWWHUWHQLFKW 'HU7RWHQNRSIEOLHEJDQ] ª%LOO%LOOGLH:DIIH©lFK]WHVLH %LOO&RQROO\HUKREVLFKlFK]HQG(UVFKZDQNWHXQGYRQ VHLQHP$UPWURSIWH%OXW ª%LOOELWWH©-DQHZDUDP(QGH'LH.UDIWGHV6FKlGHOV WULHEVLH]XUFN6LHNRQQWHVLFKNDXPQRFKDXIGHQ%HLQHQ KDOWHQLQGHQ.QLHQNQLFNWHVLHVFKRQHLQ 'HU5HSRUWHUKROWHWLHI/XIW2EZRKOLQVHLQHP$UPGHU
6FKPHU]ZWHWHJDEHUVLFKHLQHQ5XFNXQGOLHIDXIGLH 'HWHNWLYLQ]X%LOOULLKUGLH:DIIHDXVGHQ)LQJHUQSDFNWH LKUHQ$UPDQGHPGHU7RWHQVFKlGHOKLQJXQGERJLKQ ]XUFN %HYRU%LOO&RQROO\VFKLHHQNRQQWH|IIQHWHGHU6FKlGHOVHLQ *HELXQGILHO]X%RGHQ ,POHW]WHQ$XJHQEOLFNQDKPGHU5HSRUWHUGHQ)LQJHUYRP $E]XJVRQVWKlWWHHU-DQH&ROOLQVJHWURIIHQ 'HU6FKlGHOILHO]X%RGHQ(LQGURKHQGHV.QXUUHQGUDQJ DXVVHLQHP0DXO $XIVFKOXFK]HQGIXKUGLH'HWHNWLYLQ]XUFNZlKUHQG%LOO YRUGHP7RWHQNRSIVWDQGGLH$VWUDJHVHQNWKLHOWXQGGHQ 6FKlGHOEHGURKWH ª'X%DVWDUG©K|UWH%LOOHLQHJUROOHQGH6WLPPHDXVGHP 0DXOª'XPLHVHU%DVWDUG'HU6FKZDU]H7RGVFKLFNWPLFK :HQQGXPLFKW|WHVWELVWDXFKGXYHUORUHQZLH-RKQ 6LQFODLUXQGGLHDQGHUHQ© ª:HQPHLQVWGXGDPLW"© ª3RZHOO0DOOPDQQ© ª$EHUGHU.RPPLVVDULVWQLFKWKLHU©VFKULH%LOO ª:LUKDEHQLKQWURW]GHP8QG-RKQ6LQFODLUOlXIWEHUHLWVLQ XQVHUH)DOOH$XIGHP)ULHGKRIDP(QGHGHU:HOWLVWDOOHVIU HXFKYRUEHUHLWHW'RUWVHKHQZLUXQVZLHGHU© ª%LOOHUVFKLHLKQ©VFKULH6KHLOD 8QG%LOOGUFNWHDE =ZHLPDOMDJWHHUGDV6LOEHUDXVGHP/DXI'LHJHZHLKWHQ .XJHOQGUDQJHQLQGHQ6FKlGHOHLQXQGULVVHQLKQEXFKVWlE OLFKDXVHLQDQGHU'LH6SOLWWHUIORJHQLP=LPPHUXPKHUDOV ZlUHHLQH+DQGJUDQDWHGHWRQLHUW8QGQRFKZlKUHQGGHV )OXJHVO|VWHQVLHVLFKDXIXQGZXUGHQ]X6WDXE $OOHGUHLDWPHWHQDXI$PPHLVWHQZRKO6KHLOD&RQROO\ 6HNXQGHQODQJVSUDFKQLHPDQGHLQ:RUWELV-DQHXQG%LOOGLH 6FKPHU]HQLQLKUHQ$UPHQULFKWLJ]XVSUHQEHJDQQHQ ª:LUPVVHQLQV%DG©VDJWHGHU5HSRUWHUª'RUWLVW 9HUEDQGV]HXJ©
6KHLODNPPHUWHVLFKLQ]ZLVFKHQXPGHQNOHLQHQ-RKQQ\ XQGEUDFKWHLKQLQVHLQ=LPPHU %LOOXQG-DQHYHUEDQGHQVLFKJHJHQVHLWLJ=XP*OFNZDUHQ HVQXU)OHLVFKZXQGHQVLHEOXWHWHQGHQQRFKVHKUVWDUN %LOO]RJEHL-DQHGHQ9HUEDQGVWUDPPª9HUVWHKVWGXGLH 6DFKH"©IUDJWHHU ª1HLQ©-DQHYHU]RJGDV*HVLFKWª1LFKWVRIHVWELWWH© ª6RUU\,FKIUDJHPLFKQXUZRGLHVHUYHUGDPPWH6FKlGHO KHUJHNRPPHQLVW© ª'XNDQQVWMD-RKQQ\IUDJHQ© %LOONOHPPWHMHW]WVHLQHQ9HUEDQGIHVWª1HLQGDVZHUGHLFK QLFKW,FKP|FKWHGHQ-XQJHQQLFKWEHODVWHQ© -DQHQLFNWHª5HFKWKDVWGX© 6KHLODWDXFKWHLQGHU7UDXIª-RKQQ\VFKOlIWMHW]W©EHULFK WHWHVLH -DQHXQG%LOOZDUHQEHUXKLJWª:LUVLQGDXFKVRZHLW©VDJWH GHU5HSRUWHUXQGGUFNWHVLFKDQVHLQHU)UDXYRUEHL,P)OXU EOLHEHUVWHKHQª+DVWGX-RKQQ\JHIUDJWZRKHUGHU6FKlGHO JHNRPPHQLVW"© ª1HLQ©'LH$QWZRUWNODQJHQWUVWHW ª8QGGXKDVWDXFKLQVHLQHP=LPPHUQLFKWVHQWGHFNW"© 6KHLODVFKWWHOWHGHQ.RSI %LOOQDJWHQDFKGHQNOLFKDQGHU8QWHUOLSSH(UZXWHMHW]W GDGDV9HUVFKZLQGHQGHV6XSHULQWHQGHQWHQLQHLQHP XQPLWWHOEDUHQ=XVDPPHQKDQJPLW-RKQ6LQFODLUV)DOOVWDQG 1XUZRZDUGDGDV9HUELQGXQJVJOLHG" ª,FKNDQQPLUYRUVWHOOHQZRUEHUGXQDFKGHQNVW©VDJWH -DQH&ROOLQVª$EHUHVJLEWNHLQH6SXU:LUWUHWHQLPPHUQRFK DXIGHU6WHOOH© %LOOVFKOXJPLWGHUIODFKHQ+DQGJHJHQGLH:DQGª(VPX GRFKHLQH6SXUJHEHQ'LHVHU7RWHQVFKlGHOLVWQLFKWXPVRQVW DXIJHWDXFKW© ª9LHOOHLFKWVROOWHHUXQVZDUQHQ©PHLQWH6KHLOD ª2GHUGURKHQ©YHUPXWHWH-DQH ª:DKUVFKHLQOLFKEHLGHV©VDJWH%LOOª:HQQLFKQXUJHQDX
ZWHZR-RKQ6LQFODLUVWHFNW(UN|QQWHXQVYLHOOHLFKW ZHLWHUKHOIHQDEHULQGHU''5LVWHUMDQLFKW]XHUUHLFKHQ© -DQHEDWXPHLQH=LJDUHWWH%LOOKDWWHQRFKHLQ3lFNFKHQLQ GHU7DVFKHHUUHLFKWH-DQHHLQHQ*OLPPVWHQJHOUEHUª'LHVHU 7RWHQVFKlGHOVSUDFKYRQHLQHP)ULHGKRIDP(QGHGHU:HOW .DQQVWGXGLUGDUXQWHUHWZDVYRUVWHOOHQ"© ª1LFKWXQEHGLQJW©VDJWHGHU5HSRUWHUª:LUZLVVHQMHW]W QXUGDQLFKWQXU-RKQRGHU3RZHOOLQ*HIDKUVLQGVRQGHUQ ZLUDOOH'HU6FKZDU]H7RGKDW]XPDOOHVHQWVFKHLGHQGHQYHU QLFKWHQGHQ6FKODJDXVJHKROW'HVKDOEPVVHQZLULKP ]XYRUNRPPHQ© ª6HKUULFKWLJ©K|UWHQVLHSO|W]OLFKHLQH6WLPPH 'LHGUHLNUHLVHOWHQKHUXP 8QJHK|UWZDUHLQNOHLQHU0DQQPLWJUQOLFKVFKLOOHUQGHU +DXWDXIJHWDXFKW(UWUXJHLQHQODQJHQ0DQWHOXQGKDWWHGDV *HVLFKW]XHLQHPPRNDQWHQ/lFKHOQYHU]RJHQ (VZDU0\[LQGHU0DJLHU 'LH:RONHXPVFKORPLFKZLHHLQ9RUKDQJ,FKKDWWHJURH $QJVWNHLQH/XIWPHKU]XEHNRPPHQZHLOGLHVH0DWHULHVR GLFKWZDUGRFKLFKNRQQWHY|OOLJIUHLXQGQRUPDODWPHQ 'DVZXQGHUWHPLFK 8PPLFKKHUXPZDOOWHXQGEURGHOWHHV'LHJUQHQ%OLW]H ZLUEHOWHQYRUPHLQHQ$XJHQEOHQGHWHQPLFK ,FKVSUWHHLQ.ULEEHOQDXIGHP.|USHUJLQJWURW]GHP XQEHLUUWZHLWHU 8QGKDWWHQDFKGUHL6FKULWWHQGLH:RONHKLQWHUPLU ,FKVWDQGLQGHU+|KOH .HLQ'LPHQVLRQVWRUKDWWHPLFKDXIJHIDQJHQLFKZDUQLFKW LQHLQDQGHUHV5HLFKJHVFKOHXGHUWZRUGHQVRQGHUQEHIDQG PLFKLQHLQHUVWLQNQRUPDOHQ%HUJK|KOH +LHUPXWHDXFK5RG+X[OH\8QWHUVFKOXSIJHIXQGHQ KDEHQ(LQH%HVFKUHLEXQJKDWWHHUPLUQLFKWJHJHEHQGRFK LFKZDUVLFKHUGHQULFKWLJHQ:HJJHIXQGHQ]XKDEHQ
(VZDUQLFKWGXQNHOLP,QQHUQGHV%HUJHV*HKHLPQLVYROOHV JUQURWHV/LFKWGUDQJDXVGHP*HVWHLQXQG]DXEHUWHHLQH IDKOH)DUEHDXIPHLQ*HVLFKW$XFKGDV.UHX]YHUORUDQ *ODQ]-HGRFKQLFKWDQ:LUNVDPNHLWZLHLFKKRIIWH 'HU%RGHQXQWHUPLUZDUQLFKWJODWW:HQQLFKJLQJ NQLUVFKWHQNOHLQH6WHLQH +H[HQVDKLFKQRFKQLFKW'DIUHLQZDKUHV/DE\ULQWKYRQ NOHLQHUHQ.DYHUQHQGLHDOOHGXUFK7XQQHOVXQG*lQJHPLW HLQDQGHULQ9HUELQGXQJVWDQGHQ +LHUDOVREHIDQGVLFKGLH+HLPDWGHU+H[HQ 3O|W]OLFKZDUHQVLHGD $OOH 6LH]LVFKWHQDXILKUHQ%HVHQGXUFKGLH*lQJH6WROOHQXQG 6FKlFKWH,FKK|UWHLKU*HVFKUHLGDVVFKDXULJXQGNUHLVFKHQG ]XJOHLFKLQPHLQHQ2KUHQJHOOWH)UVLHPXWHHVHLQH$UW 6LHJHVJHVDQJVHLQGHQQQXQKDWWHQVLHPLFKLKUHQ)HLQGLQ LKUHPXUHLJHQVWHQ5HLFK (LQ(QWNRPPHQZDUXQP|JOLFK 'RFKZRIDQGLFKGDV%XFK" ,FKVXFKWHQDFKHLQHP+DXSWJDQJRGHU+DXSWVWROOHQ2KQH (UIROJ+LHUVDKIDVWDOOHVJOHLFKDXV hEHUPLUZ|OEWHVLFKHLQHKDOEUXQGH'HFNH%LVGDKLQ UHLFKWHGDV/LFKWNDXPXQGDOVLFKGHQ%OLFNKREVDKLFKGLH VFKDWWHQKDIWHQ%HZHJXQJHQ 0HLQH1DFNHQKlUFKHQVWHOOWHQVLFKDXI 'RUWREHQODXHUWHLUJHQGHWZDV 9LHOOHLFKWDXIPLFK" ,PQlFKVWHQ$XJHQEOLFNK|UWHLFKHLQPLUEHNDQQWHV )ODWWHUQ8QGGDQQILHOHQYLHU)OHGHUPlXVHEHUPLFKKHU %HYRULFKQRFKGHQ$UPKRFKUHLHQNRQQWHKRFNWHQGLH %LHVWHUVFKRQDXIPHLQHQ6FKXOWHUQ 6LHZROOWHQVLFKLQPHLQHP+DOVIHVWEHLHQ 'LHHUVWH)OHGHUPDXVVFKOHXGHUWHLFKZXWHQWEUDQQW]X %RGHQXQG]HUWUDWVLH 'LH]ZHLWHQDJHOWHLFKPLWPHLQHPJHZHLKWHQ'ROFKLQGHU
0LWWHGXUFK'LHGULWWHEL]X,FKVSUWHGHQVWHFKHQGHQ 6FKPHU]XQGVFKOXJVLHGDQQYRQPHLQHP+DOVZHJ Zl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|W]OLFK$QJVWUDQQWH]XUFNJODXEWHDQHLQH 7lXVFKXQJGRFKDOVLFKJHJHQGDVKDUWH*HVWHLQSUDOOWHGD ZXWHLFKGDHVYHUGDPPWH5HDOLWlWZDU 'LH+H[HQKDWWHQGLH)DOOH]XVFKQDSSHQODVVHQ (VGDXHUWHHLQLJH=HLWELVVLFKPHLQH1HUYHQZLHGHUEH UXKLJWKDWWHQ-HW]WZDULFKLKQHQVLFKHUXQGZXUGHQLFKW PHKUDQJHJULIIHQ'LH$WWDFNHGHU)OHGHUPlXVHKDWWHZRKO QXUDOV$EOHQNXQJJHGLHQW 1XUZRIDQGLFKGDV%XFK" 8PGLHVH)UDJH]XEHDQWZRUWHQPXWHLFKWLHIHULQGHQ %HUJKLQHLQ,FKKLHOWPLFKQLFKWODQJHPLWJURHQhEHU OHJXQJHQDXIVRQGHUQEHJDQQGHQ%HUJ]XHUIRUVFKHQ ,FKVFKULWWLQGHQHUVWEHVWHQ6WROOHQKLQHLQXQGKDWWH*OFN HLQHQ]LHPOLFKEUHLWHQ]XHUZLVFKHQ 9RQLKPZLHGHUXP]ZHLJWHQ]DKOUHLFKH6HLWHQJlQJHDE ZLHLQHLQHP/DE\ULQWK ,QMHGHP6HLWHQJDQJODXHUWHQVLH ,FKVDKJOKHQGH$XJHQK|UWHGDV+RKQODFKHQXQGGDV
JUHOOH.LFKHUQGHU+H[HQDEHULFKNPPHUWHPLFKQLFKW GDUXP 0HLQ=LHOZDUHLQDQGHUHV 8QEHLUUWVFKULWWLFKGHQ*DQJHQWODQJ+LQWHUPLUK|UWHLFK HLQKRKOHV3IHLIHQ,PQlFKVWHQ$WHP]XJZLVFKWHHLQH+H[H GLFKWDQPHLQHP.RSIYRUEHLGUHKWHVLFKDXILKUHP%HVHQ XPVWUHFNWHPLUGLHJUQH=XQJHKHUDXVZLQNWHPLWLKUHQ .ODXHQILQJHUQXQGODFKWH 'LHVHV:LQNHQVROOWHZRKOHLQ)ROJHQEHGHXWHQ :DUXPQLFKW",FKJLQJGHU+H[HQDFK 'HU*DQJHQGHWH(UPQGHWHLQHLQXQWHULUGLVFKHV *HZ|OEHGDVDXVVDKZLHNQVWOLFKJHVFKDIIHQ hEHUUDVFKWEOLHELFKVWHKHQGHQQPLWGHPZDVPHLQH $XJHQGDVDKHQKlWWHLFKQLHJHUHFKQHW ,FKVDK:lQGHDXVSROLHUWHPVFKZDU]HQ6WHLQ 6LHYHUHLQLJWHQVLFKEHUPLU]XHLQHUJHZDOWLJHQ.XSSHO GLHPLFKHQWIHUQWDQHLQHQNQVWOLFKHQ+LPPHOHULQQHUWH GHQLFKHLQPDOEHLP%HVXFKHLQHU6WHUQZDUWHJHVHKHQKDWWH (VZDUSKDQWDVWLVFKGHQ%OLFN]XKHEHQXQGJHJHQGLH .XSSHO]XVFKDXHQ0DQKDWWHGDV*HIKOLQGLH8QHQG OLFKNHLWVHKHQ]XN|QQHQ $QGHQ:lQGHQHQWGHFNWHLFK=HLFKHQGHU6FKZDU]HQ 0DJLH 'DKLQJGDV.UHX]PLWGHP.RSIQDFKXQWHQGDZXUGHQ =HLFKHQDXVGHUFKULVWOLFKHQ/HKUHYHUVSRWWHWXQGYHUK|KQW LFKVDKREV]|QH=HLFKQXQJHQDXIGHQHQ+H[HQPLWGHP 7HXIHOEXKOWHQ,FKVDKVFK|QH)UDXHQGLHVLFKKlOLFKHQ 0lQQHUQKLQJDEHQDEHUGDVDOOHVWUDW]XUFNLQWHUHVVLHUWH PLFKQLFKWPHKUGHQQLQGHU0LWWHGHV*HZ|OEHVVWDQGGHU $OWDU (UZDUHEHQIDOOVDXVVFKZDU]HPSROLHUWHP0DWHULDO JHEDXW=ZHL3ODWWHQELOGHWHQHLQ78QGDXIGHUZDDJHUHFK WHQ3ODWWHODJGDVZDVLFKVRODQJHJHVXFKWKDWWH 'DV%XFKGHUJUDXVDPHQ7UlXPH $OOHUGLQJVIDQGLFKHVQLFKWIUHLYRUVRQGHUQHVZXUGHYRQ
HLQHP:UIHOYHUGHFNW(LQHPJDQ]EHVRQGHUHQ4XDGHU(U EHVWDQGDXV*ODV $XVVFKZDU]HP*ODV (VHULQQHUWHPLFKLP3ULQ]LSDQGLHJHW|QWHQ$XWRIHQVWHU VRXQJHIlKUVDKDXFKGHU:UIHODXV0DQNRQQWHGXUFKGLH :lQGHKLQHLQVHKHQ,FKHUNDQQWHGDVDXIJHVFKODJHQH%XFK DEHULFKWUDXWHPLFKHLQIDFKQLFKWVFKQHOOHU]XJHKHQXPHV DQPLFK]XUHLHQ ,UJHQGHWZDVKLHOWPLFK]XUFN 0HLQH1HUYHQVWDQGHQXQWHU6WURP 6ROOWHHVZLUNOLFKVRHLQIDFKVHLQDQGDVJHKHLPQLVYROOH %XFK]XJHODQJHQ" 'DVNRQQWHLFKPLUQLFKWYRUVWHOOHQ8QGZREHIDQGHQVLFK HLJHQWOLFKGLH+H[HQ" ,FKVDKPLFKXP 6LHKDWWHQPLFKQLFKWDXVGHQ$XJHQJHODVVHQVRQGHUQ ODXHUWHQQDFKZLHYRULQPHLQHP5FNHQ -HW]WMDJWHQVLHDXVGHQ]DKOUHLFKHQ6WROOHQXQG*lQJHQ ]LVFKWHQUDNHWHQJOHLFKLQGLH+DOOHVFKRVVHQGHU*HZ|OEH GHFNHHQWJHJHQVWLHHQZLHGHUGHP%RGHQ]XXQGIORJHQ HLQHQ.UHLVXPGHQ:UIHOPLWGHPGDUXQWHUOLHJHQGHQ%XFK 'DVIDKOHKLQWHUGHQ+H[HQEHVHQDXIIODFNHUQGH/LFKWOLHI ]XVDPPHQXQGELOGHWHHLQHQKHOOHQ5LQJGHUEHUGHP :UIHOVFKZHEWH :DVEH]ZHFNWHQGLH+H[HQGDPLW" ,FKZXWHHVQLFKW,FKZXWHQXUGDLFKMHW]WXQGKLHUGLH JURH&KDQFHZDKUQHKPHQPXWH /DQJVDPJLQJLFKDXIGHQ:UIHO]X6HLQH.DQWHQOlQJH PDHWZDVEHUHLQHQKDOEHQ
8QG]ZDU0HQVFKHQGLHLFKNDQQWH 0HLQ+HU]EHUVSUDQJHLQHQ6FKODJGHQQLFKVDK .RPPLVVDU0DOOPDQQXQG6XSHULQWHQGHQW3RZHOO 6XNRVFKQDSSWHSO|W]OLFKQDFK/XIW=XGHPVFKPHU]WHVHLQ 6FKlGHO (U|IIQHWHGLH$XJHQXQGVFKORVLHVRIRUWZLHGHUZHLOGHU 6WUDKOHLQHU/DPSHLKQEOHQGHWH -HPDQGOHXFKWHWHLKPLQV*HVLFKW 'DQQK|UWHHUHLQH6WLPPHª(UNRPPW]XVLFK3DFNWLKQ XQGVFKOHLIWLKQ]XP:DJHQ© 6XNRIKOWHVWDUNH+lQGHXQWHUVHLQHQ6FKXOWHUQ0DQUL LKQDXIGLH%HLQHXQGJDELKPNHLQH*HOHJHQKHLWVLFK]X HUKROHQ:LHHLQHQDOWHQ6DFNVFKOHLIWHQVLHLKQPLW]RJHQLKQ EHUGDV*HU|OOIHOGXQGOLHIHQDXIHLQHQ*HOlQGHZDJHQ]X GHUDQGHPVFKUlJHQ+DQJSDUNWH 'HU&KLQHVHZXWHEHUKDXSWQLFKWZDVHLJHQWOLFKORVZDU 6HLQ'HQNYHUP|JHQNHKUWHQXUODQJVDP]XUFN,Q(WDSSHQ EHJDQQVHLQ*HKLUQ]XDUEHLWHQ(UGDFKWHDQGLH6HLO EDKQIDKUWDQGLH*HIDKUDOVGDV6HLOULXQGDQGHQ$E VSUXQJ 9RQGLHVHP0RPHQWDQNODIIWHHLQH*HGlFKWQLVOFNH 8QGMHW]WVFKOHSSWHQVLHLKQZHJ $P+DQJVWDQGQLFKWQXUHLQ*HOlQGHZDJHQVRQGHUQDXFK HLQ/NZGHU$UPHH0LQGHVWHQV]HKQVFKZHUEHZDIIQHWH 6ROGDWHQNPPHUWHQVLFKXPGHQ*HIDQJHQHQ 7DVFKHQODPSHQEOLW]WHQOHXFKWHWHQ6XNRDQGHUQRFKJDU QLFKWULFKWLJGDZDU (UPXWHLQGHQ*HOlQGHZDJHQNOHWWHUQ 0DQVHW]WHLKQDXIGHQKLQWHUHQ6LW]ZlKUHQGGLH6ROGDWHQ GDV)DKU]HXJPLWVFKXEHUHLWHQ:DIIHQXPVWDQGHQ (LQ0DQQVWLHJHLQ(UZDUVFKRQlOWHUKDWWHHLQPDJHUHV *HVLFKWXQGNDOWH$XJHQ 6XNREOLFNWHQDFKYRUQ9RQGHP%HUJZDUQLFKWYLHO]X
VHKHQ'LH'XQNHOKHLWKDWWHLKU7XFKEHULKQJHOHJW=XGHP ZDUGHU+LPPHOEHZ|ONWVRGDZHGHU0RQGQRFK6WHUQH LKU/LFKWDXIGLH(UGHZDUIHQ 6XNRVDKVLFKLQGHU.OHPPH8QGHUEHPHUNWHQRFKPHKU =DKOUHLFKH6ROGDWHQVXFKWHQGDV*HOlQGHDE'DV6HLOEDKQ XQJOFNZDUQDWUOLFKQLFKWXQEHPHUNWJHEOLHEHQMHW]W EUDXFKWHQVLHHLQHQ6QGHQERFN6XNRKDWWHQVLHJHIXQGHQ QXQUHFKQHWHQVLHGDPLWGDHUQRFK.RPSOL]HQKDWWH ª,KU1DPH"©IUDJWHGHU2IIL]LHU 6XNR]XFNWHPLWGHQ6FKXOWHUQ 'LH/LSSHQGHV2IIL]LHUV]LWWHUWHQª:ROOHQ6LHPLFKKLHUDXI GHQ$UPQHKPHQ",FKKDWWH6LHHWZDVJHIUDJW© ª1LFKWYHUVWHKHQ©6XNRVWHOOWHVLFKGXPP(UYHUVWDQGGLH GHXWVFKH6SUDFKH]ZDUQLFKWSHUIHNWHLQLJH%URFNHQNRQQWH HUDEHU'DVEUDXFKWHHUGHQ6ROGDWHQDOOHUGLQJVQLFKWXQWHU GLH1DVH]XUHLEHQ(UZROOWHVRWXQDOVZlUHDOOHVHLQIUFK WHUOLFKHV0LYHUVWlQGQLV 'HU2IIL]LHUHVZDUHLQ0DMRUGUHKWHVLFKXPª9HUVWHKW HLQHUYRQ,KQHQFKLQHVLVFK"©ULHIHU 'DPLWNRQQWHQVHLQH/HXWHQLFKWGLHQHQ 6XNRPXWHJULQVHQDOVGHU0DMRUIOXFKWH (UYHUVXFKWHQRFK]ZHLPDOPLW6XNRLQV*HVSUlFK]XNRP PHQGRFKGHUVFKDOWHWHLPPHUQXUDXIVWXU 6FKOLHOLFKZDUHVGHU0DMRUOHLG(UVFKOXJPLWGHU)DXVW DXIVHLQHQ2EHUVFKHQNHOXQGEHIDKO]ZHL/HXWH]XVLFK ª:LUZHUGHQGHQ*HIDQJHQHQPLWQHKPHQ'LH6SH]LDOLVWHQ VROOHQVLFKXPLKQNPPHUQ)DKUHQ6LHDE3HWHUV© (LQEORQGHU6ROGDWQDKPKLQWHUGHP/HQNUDG3ODW](LQ ]ZHLWHU6ROGDWVHW]WHVLFKDXIGHQ%HLIDKUHUVLW]ZlKUHQGGHU 0DMRUPLW6XNRLP)RQGEOLHE 'HU&KLQHVHEHUOHJWH'UHL*HJQHUKDWWHHUJHJHQVLFK 1RUPDOHUZHLVH]XYLHOGRFKVLHNDQQWHQLKQQLFKWZXWHQ QLFKWVYRQVHLQHU.DPSIHUIDKUXQJ 9LHOOHLFKWJHODQJHVLKPXQWHUZHJV]XIOLHKHQ$XHUGHP KDWWHQVLHLKQQLFKWJHIHVVHOW
6XNREHVFKORMHGHNOHLQH&KDQFHVRIRUW]XQXW]HQ'DHU GLHIHUQ|VWOLFKHQ0HGLWDWLRQVWHFKQLNHQEHKHUUVFKWHILHOHV LKPQLFKWVFKZHUVLFK]XNRQ]HQWULHUHQ$XFKGLH6FKPHU]HQ GUlQJWHHU]XUFN(UGDFKWHQXUDQGLHYRULKPOLHJHQGH )OXFKW 6XNRPXWHHLQIDFKZHJ =XP*OFNKDWWHHUVLFKGHQ:HJ]LHPOLFKJXWJHPHUNW GHVKDOEWUDXWHHUVLFKGXUFKDXV]XGHQXQWHULUGLVFKHQ 6WROOHQZLHGHU]XILQGHQGXUFKGHQVLHKHUJHNRPPHQZDUHQ 'HU*HOlQGHZDJHQZHQGHWHDXIGHP+DQJJHULHWLQHLQH H[WUHPH6FKUlJODJHNLSSWHMHGRFKQLFKWXP'LHKHOOHQ 6FKHLQZHUIHUKSIWHQZLHJURHJHOEH$XJHQDXIJHUHJWKLQ XQGKHU8QWHUGHQ5HLIHQUXWVFKWHQ6WHLQHZHJXQGUROOWHQ LQV7DO 'LH6ROGDWHQKDWWHQOLFKWVWDUNH6FKHLQZHUIHUDXIJHVWHOOWGLH GHQ+DQJDEOHXFKWHWHQ9HUVWRKOHQEOLFNWHVLFK6XNRXP(U UHFKQHWHGDPLWGDDXFK.RPPLVVDU0DOOPDQQJHIXQGHQ ZXUGHGRFKELV]XP:DOGZDUHQGLH6ROGDWHQQRFKQLFKW YRUJHGUXQJHQ)U6XNRZDUHVNODUGDGLH0l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|UW(UVDKDXVZLHQDFKHLQHP %RPEHQDQJULII (VODJDXIGHU+DQGGDGLH6ROGDWHQ6XNRIUGHQ
6FKDGHQYHUDQWZRUWOLFKPDFKHQZUGHQ*HUDGHGHVKDOE ZDUHLQH)OXFKWYRQJU|WHU:LFKWLJNHLW%HIDQGHUVLFKHUVW HLQPDOLQGHU9HUK|UPKOHGDQQKDOILKPVROHLFKWQLHPDQG PHKU 6LHHUUHLFKWHQGHQ:HJDXIGHPVLHPLWGHPDOWHQ /HLKZDJHQKHUJHIDKUHQZDUHQ 'LH)UDJHZDUZRKLQVLH6XNRVFKDIIWHQ:HQQVLHLKQLQHLQ JUHQ]QDKHV/DJHUEUDFKWHQZDUHUYHUORUHQ)XKUHQVLH MHGRFKLQ5LFKWXQJ*UDPODJHVDKGLH6DFKHZHVHQWOLFK EHVVHUDXV %DOGWDXFKWHGLH.UHX]XQJDXIZRHVOLQNVQDFK*UDPODJH DEJLQJ 6LHQDKPHQGHQ:HJ 6XNRILHOHLQ6WHLQYRP+HU]HQGRFKlXHUOLFKOLHHUVLFK QLFKWVDQPHUNHQ 'HU*HOlQGHZDJHQIXKUVFKQHOOHUDOVGHU:DUWEXUJ]XYRU 'DEHLVFKLHQGHU)DKUHUGHQ:HJPLWHLQHU5HQQVWUHFNH]X YHUZHFKVHOQGHQQZLHHULQGLH.XUYHQJLQJZDUVFKRQEHL QDKHOHEHQVJHIlKUOLFK 6XNRZXUGHKLQXQGZLHGHUJHJHQGHQ0DMRUJHZRUIHQ XQGHUKlWWHEHUHLWVHLQSDDUPDOGLH&KDQFHJHKDEWVLFKVHLQH %HUHWWD]XUFN]XKROHQGRFKHUYHUNQLIIVLFKGLH*HOHJHQKHLW 1RFKZDUHV]XZHLWELV]XU*UHQ]H 1XU]ZHLPDOEHJHJQHWHQLKQHQDQGHUH)DKU]HXJH%HLGH IXKUHQUHFKWVDQGHQ6WUDHQUDQGZHQQVLFKGHU*HOlQGH ZDJHQLKQHQQlKHUWH'LHLUUHQ)DKUWHQZDUPDQKLHUZRKO JHZRKQW 6LHHUUHLFKWHQ*UDPODJH 6XNRVDKGLHYHUHLQ]HOWHQ/LFKWHUXQGVFKRQWDXFKWHGDV 2UWVVFKLOGLP/LFKWGHU6FKHLQZHUIHUDXI'HU)DKUHUJLQJPLW GHU*HVFKZLQGLJNHLWKHUXQWHUDOVVLHGXUFKGHQ2UWIXKUHQ (VEHIDQGHQVLFKNDXP0HQVFKHQDXIGHU6WUDH$XVHLQHU *DVWZLUWVFKDIWVFKROOODXWHV6WLPPHQJHZLUU*URH3ODNDWH DQGHQ+lXVHUQZLHVHQDXIGLHVR]LDOLVWLVFKHQ/HLVWXQJHQ KLQGLHGHU6WDDWDQJHEOLFKKHUYRUJHEUDFKWKDWWH
'DQQZDUHQVLHGXUFK -HW]WPXWH6XNRKDQGHOQGHQQLP6FKHLQZHUIHUOLFKW WDXFKWHHLQH.UHX]XQJDXI 5HFKWVJLQJHV]XU*UHQ]HDXVGLHVHU5LFKWXQJZDU6XNR JHNRPPHQ 'LH6ROGDWHQZROOWHQQDFKOLQNV 'DPLWZDU6XNRQXQJDUQLFKWHLQYHUVWDQGHQ(UOLHGHQ )DKUHU]ZDUQRFKLQGHQ:HJHLQELHJHQGDQQVFKQHOOWHVHLQ UHFKWHU$UP]XU6HLWHXQGEHYRUGHU0DMRUVLFKYHUVDKKDWWH LKP6XNRGLH%HUHWWDDXVGHP.RSSHOJHULVVHQ %OLW]VFKQHOOGUFNWHHULKPGLH0QGXQJDQGHQ+DOV ª6DJGHP)DKUHUHUVROOVWRSSHQ©]LVFKWHGHU&KLQHVH 6HOEVWLQGHU'XQNHOKHLWVDK6XNRZLHGHU2IIL]LHUEOD ZXUGH'DPLWKDWWHHUQLFKWJHUHFKQHW 5HFKWVXQGOLQNVGHU)DKUEDKQEHIDQGVLFKGLFKWHU:DOG (LQHLGHDOH*HJHQGKDWWHVLFK6XNRDXVJHVXFKW1LHPDQG ZUGHLKQKLHUVW|UHQ 'LHYRULKQHQVLW]HQGHQ6ROGDWHQKDWWHQQRFKQLFKWV EHPHUNW'DVZDUJXWVR ª6DJHQ6LH,KQHQVLHVROOHQDQKDOWHQ©EHIDKO6XNR ª'DPLWNRPPHQ6LHQLFKWGXUFK©SUHWHGHU2IIL]LHU KHUYRU ª6ROOLFKVFKLHHQ"© 'DJDEGHU0DMRUGHQ%HIHKO'HU)DKUHUVWRSSWH 6XNRQDKPGLH3LVWROH]XUFNVFKOXJHLQHQ+DOENUHLVXQG WUDIPLWGHP/DXIGHU:DIIHGHQ+LQWHUNRSIGHV%HLIDKUHUV %HYRUGHU0DMRUUHDJLHUHQNRQQWHVSUWHHUZLHGHUGHQ 'UXFNGHU0QGXQJDQVHLQHP+DOV 'HU%HLIDKUHUVDFNWH]XVDPPHQ 'HU)DKUHUEHPHUNWHHVDXVGHQ$XJHQZLQNHOQª+H.DUO ZDV© 'DWUDILKQGHU+LHE3HWHUVU|FKHOWHILHOQDFKYRUQSUDOOWH DXIGDV/HQNUDGXQGUXWVFKWH]XU6HLWH 'LHVPDOKDWWHGHU0DMRUDXIJHSDW(UUDPPWH6XNRVHLQH )DXVWXQWHUGLH$FKVHOK|KOH
'HU&KLQHVHILHO]XUFN 6RIRUWZDUIVLFKGHU0DMRUDXILKQ0LWGHUOLQNHQ+DQG ZROOWHHU6XNRV.HKOHSDFNHQPLWGHUUHFKWHQIDWHHUQDFK VHLQHU:DIIH (UVFKDIIWHEHLGHVQLFKW 6XNRZLQNHOWHVHLQHQ$UPDQXQGVFKOXJLKQKRFK'HU (OOERJHQWUDIGDV.LQQGHV0DMRUV(VJDEHLQHQWURFNHQHQ /DXWDOVGLH=lKQHDXIHLQDQGHUNODFNWHQ'LH$XJHQGHV 2IIL]LHUVZXUGHQJODVLJVHLQH%HZHJXQJHQ]HLWOXSHQKDIW 6HXI]HQGVDFNWHHU]XVDPPHQ 6XNRDWPHWHDXI *HVFKDIIW (UKDWWHQLFKWQXUGUHL*HJQHUEHVLHJWVRQGHUQDXFKQRFK HLQHQ:DJHQ]XU9HUIJXQJ(LQJXWHVJHOlQGHJlQJLJHV )DKU]HXJ'DPLWOLHVLFKHWZDVDQIDQJHQ =XHUVWMHGRFKPXWHHUGLHGUHL%HZXWORVHQDXVGHP )DKU]HXJKLHYHQ6XNRVWLHJDXV|IIQHWHGLH7UKLQWHUGHU )DKUHUVHLWHXQG]RJGHQ0DMRUKHUYRU %LV]XP6WUDHQUDQGZDUHQHVQXUZHQLJH6FKULWWH'RUW OHJWHGHU&KLQHVHGHQ0DQQLQV*UDV:HQLJH0LQXWHQVSlWHU ODJHQDXFKGLHEHLGHQDQGHUHQ6ROGDWHQGRUWXQG!VFKOLHIHQ HLQWUlFKWLJQHEHQHLQDQGHU6XNRNDQQWHVHLQH.RSIQVVH(V ZUGHPLQGHVWHQV]ZHL6WXQGHQGDXHUQELVGLH.DPHUDGHQ HUZDFKWHQ(UKRIIWHGDQQVFKRQEHUDOOH%HUJH]XVHLQ 'HU&KLQHVHVHW]WHVLFKLQGHQ:DJHQXQGZHQGHWH(UIXKU ]XU.UHX]XQJ]XUFNXQGRULHQWLHUWHVLFKHUVWHLQPDO $XIGHP+HUZHJZDUHQVLHTXHUGXUFKGDV*HOlQGHJH ODXIHQ0LWGHP:DJHQNRQQWHHU]ZDUYLHOHVDQVWHOOHQGRFK QLFKWGXUFKHLQHQGLFKWHQ:DOGIDKUHQ 6XNRIXKUHLQ6WFNGLH6WUDHHQWODQJEHYRUHUGHQ:DJHQ QDFKHWZD]ZHL.LORPHWHUQLQGHQ:DOGOHQNWHXQGLKQXQWHU GHQ=ZHLJHQHLQLJHU%lXPHYHUEDUJ 9RQQXQDQJLQJHU]X)XZHLWHU (VZDUZLUNOLFKQLFKWHLQIDFKIUGHQ&KLQHVHQGHQULFK WLJHQ:HJ]XILQGHQ'LH'XQNHOKHLWEHUHLWHWHLKPJURH
6FKZLHULJNHLWHQ(UNDQQWHGDV*HOlQGHNDXPYHUOLHIVLFK ]ZHLPDOXQGEHZHJWHVLFKRIWZLHHLQ%OLQGHUGXUFKGHQ :DOG (UYHUQDKPDXFK+XQGHJHEHOOGDQQJLQJHULPPHULQ 'HFNXQJhEHUGHQ+LPPHO]XFNWHKLQXQGZLHGHUHLQ IDKOHV/LFKW(VZDUGHU:LGHUVFKHLQGHUGLFKWDQGHU *UHQ]HVWHKHQGHQVWDUNHQ6FKHLQZHUIHUGLHVLFKGUHKWHQXQG GDV*HOlQGHDXVOHXFKWHWHQ 6XNRLUUWHZHLWHUGXUFKGHQ:DOG-HW]WKlWWHHUJHUQHLQHQ RUWVNXQGLJHQ)KUHUEHLVLFKJHKDEWGRFKGDEOLHEGHU :XQVFK9DWHUGHV*HGDQNHQV 6XNRKDWWHHV]ZDUJHOHUQWVLFKQDFKGHQ6WHUQHQ]XRULHQ WLHUHQGRFKHVZDUHQNHLQHGD(LQHGLFNH:RONHQGHFNHODJ DP+LPPHO 'HU&KLQHVHNlPSIWHVLFKZHLWHUGXUFKGHQ:DOG(UVFKRE =ZHLJHXQGbVWH]XU6HLWHJODXEWH6WHOOHQZLHGHUHUNDQQW]X KDEHQXQGVDKGDQQHLQGDHUVLFKJHWlXVFKWKDWWH 'LH=HLWZXUGHNQDSS 6XNRVSUWHLQVWLQNWLYGD*HIDKULQGHU/XIWODJ(UEHVD ]ZDUQLFKWGHQVHFKVWHQ6LQQGRFKHUPHLQWH]XZLVVHQGD VLFKLUJHQGZHOFKH0HQVFKHQLQGHU1lKHEHIDQGHQ (UZXUGHQRFKYRUVLFKWLJHU 'DQQK|UWHHU6FKULWWH *DUQLFKWZHLWHQWIHUQW 6RIRUWEOLHEGHU&KLQHVHVWHKHQXQGJLQJLQGLH+RFNH 'URKHQGHV.QXUUHQHUUHLFKWHVHLQH2KUHQ +XQGH 9HUGDPPWHUZDUJHQDXHLQHU6WUHLIHYRUGLH)HJH ODXIHQ'DVKDWWHLKPQRFKJHIHKOW ª5XKLJ+DUUR5XKLJ©K|UWHHUHLQH6WLPPHª(VLVWMD QLFKWV%OHLEUXKLJ© 6XNRVSLW]WHGLH2KUHQ(WZDVDQGHU6WLPPHZDULKP EHNDQQWYRUJHNRPPHQGRFKZDV"9LHOOHLFKWGHU7RQIDOOGHU HWZDVVLQJHQGH'LDOHNW"(UKDWWHGLH6WLPPHEHUHLWVJHK|UW XQGGDVQLFKWYRUDOO]XODQJHU=HLW
6FKULWWH/DXEUDVFKHOWH.OHLQHUH=ZHLJHNQLFNWHQ'LH 0lQQHUEHZHJWHQVLFKZHLWHUGDV.QXUUHQGHU7LHUHZXUGH DJJUHVVLYHUYLHOODXWHU ª6XNR"© 8QGSO|W]OLFKZXWHGHU&KLQHVHZRHUGLH6WLPPHVFKRQ JHK|UWKDWWH (VZDU+DQV%DXHU 6XNRO|VWHVLFKDXVVHLQHU'HFNXQJ(UKREGHQ$UPª+LHU ELQLFK+DQV© (LQH7DVFKHQODPSHZXUGHHLQJHVFKDOWHW'HU6WUDKONUHLVWH KSIWHDXIXQGQLHGHUXQGHUIDWH6XNR:HQLJH6HNXQGHQ VSlWHUVWDQGHQ]ZHL0lQQHUQHEHQGHP&KLQHVHQ +DQV%DXHUXQGGHUDOWH.URJHU ª'DVLVWDEHUHLQ=XIDOO©VW|KQWH6XNR(UZDUJOFNOLFK NHLQHU*UHQ]VWUHLIHLQGLH)LQJHUJHIDOOHQ]XVHLQ'LH+XQGH YHUKLHOWHQVLFKUXKLJ6LHKDWWHQQHEHQGHQEHLGHQ0lQQHUQ 3ODW]JHQRPPHQ +HUU.URJHUPDFKWHVLFK]XP6SUHFKHUª1HLQHVZDUNHLQ =XIDOOGDZLU6LHJHIXQGHQKDEHQ+DQV%DXHUKDWWHQRFK JHZDUWHWDOV6LHPLWGHU*RQGHOZHJIXKUHQ8QGHUEHREDFK WHWHZLH6LHLQJURH6FKZLHULJNHLWHQJHULHWHQ$XVGHU)HUQH VDKHUDXFKQRFKGHQ$EVWXU]GHU*RQGHO(UIXKUUDVFK ]XUFNXQGHUVWDWWHWHPLU%HULFKW:LUKDEHQQLFKWODQJH EHUOHJWXQGJHGDFKWZHQQHUVLFKGXUFKVFKODJHQZLOOZLUG HUEHVWLPPWYHUVXFKHQGHQ7XQQHO]XHUUHLFKHQ$EHUGLH 6WHOOH]XILQGHQLVWVHOEVWIUHLQHQ2UWVNXQGLJHQIDVWXQP|J OLFK'HVKDOEVLQGZLUORVJH]RJHQXP,KQHQ]XKHOIHQ© ª'DVZDUJXWVR©VDJWH6XNR(UUHLFKWHGHQEHLGHQGLH +DQGª6LHKDEHQLQPLUHLQHQ)UHXQGJHIXQGHQ6ROOWHQ6LH MHPDOVLQ6FKZLHULJNHLWHQJHUDWHQN|QQHQ6LHDXIPLFK ]lKOHQ'RFKMHW]WPXLFK]XVHKHQGDLFKYRQKLHUYHU VFKZLQGH0DQZLUGGLHGUHL6ROGDWHQYHUPLVVHQ© ª:LUIKUHQ6LH©VDJWH+HUU.URJHU $EHUPDOVWDXFKWHQVLHLP'XQNHOGHV:DOGHVXQWHU 6LHJLQJHQ6FKOHLFKZHJHXQGQDFKHWZD]HKQ0LQXWHQ
HUUHLFKWHQVLHGHQ(LQJDQJGHVXQWHULUGLVFKHQ7XQQHOV 'RUWYHUDEVFKLHGHWHVLFK6XNR (VZXUGHDXFK=HLW,UJHQGZRLQGHU)HUQHMDXOWHHLQH $ODUPVLUHQH.ODJHQG]LWWHUWHGHU/DXWGXUFKGLH1DFKW-HW]W ZUGHQGLH6ROGDWHQDQGHU*UHQ]HZDFKZHUGHQ 6XNRWDXFKWHLQGHQ7XQQHOKLQDE 'HUDOWH.URJHUUDPPWHGLH/XNH]XXQGWDUQWHVLHZLHGHU 'DQQYHUVFKZDQGHQGLHEHLGHQ0lQQHULPQDKHQ:DOG 6XNRGHU&KLQHVHOLHIXQWHUGHU(UGHVHLQHU)UHLKHLWHQW JHJHQ (UZXWHDXFKZDVHU]XHUVWWXQZUGHZHQQHUGHQ 7XQQHOKLQWHUVLFKJHEUDFKWKDWWH7HOHIRQLHUHQ 6YHQ-DQVVRQKREGLH6FKXOWHUQª(KUOLFKJHVDJWLFKYHUVWHKH JDUQLFKWVPHKU©PXUPHOWHHUª(LQ.RPPLVVDUDXV'HXWVFK ODQG:LHNRPPWGHUGHQQKLHUKHU"© ª9LHOOHLFKWDXIGLHJOHLFKH:HLVHZLH6LH©HUZLGHUWH3RZHOO ª+DWHUGHQQHWZDVPLW-RKQ6LQFODLU]XWXQ"©IUDJWH$UWKXU &RUQZDOO ª'DVNDQQPDQZRKOVDJHQ©'HU6XSHULQWHQGHQWQLFNWH ª(UXQG-RKQKDEHQPDQFKH)lOOHJHO|VW:LOO0DOOPDQQV )UDXLVWEULJHQVGXUFKGHQ6FKZDU]HQ7RGXPV/HEHQJH NRPPHQ© ª2*RWW©IOVWHUWH6YHQ 'DQDFKVFKZLHJHQGLH0lQQHU(VZXUGHZLHGHUVWLOO'DV .UlFK]HQGHV5DEHQHUNODQJGDIUGRSSHOWVRODXW$XWR PDWLVFKULFKWHWHQGLH0lQQHULKUH%OLFNHDXIGDV7LHU 'HU5DEHKSIWHQHUY|VDXIGHP$VWKHUXP(UVFKULHXQG NUlFK]WHEUHLWHWHVHLQH)OJHODXVXQGVFKLHQXQJHKHXHUDXI JHUHJW]XVHLQ ª:DVGHUQXUKDW"©PXUPHOWH6YHQ-DQVVRQª'HQKDEHQ ZLUGRFKVRQVWQLFKWVRHUOHEW© ª'DVZHLLFKDXFKQLFKW©&RUQZDOOZDUHEHQIDOOVUDWORV :LOO0DOOPDQQEHZHJWHVLFKXQGGLHGUHL0lQQHUZXUGHQ
DEJHOHQNW'HU.RPPLVVDUIDWHVLFKDQGHQ.RSI(UZROOWH VLFKDXIULFKWHQ'LHEHLGHQ:LVVHQVFKDIWOHUXQWHUVWW]WHQLKQ 6FKOLHOLFKVWDQGHUVFKZDQNHQGDXIVHLQHQ)HQ ª:RZRELQLFKKLHU"©IOVWHUWHHUUDXK 3RZHOOEHUQDKPGHQ'LDORJPLWGHP.RPPLVVDUª(U NHQQHQ6LHPLFKQLFKW+HUU0DOOPDQQ"©VSUDFKHULKQDXI GHXWVFKDQZHLOGHU.RPPLVVDUHEHQIDOOVGHXWVFKJHUHGHW KDWWH :LOOVWXW]WH (UUXQ]HOWHGLH6WLUQXQGVFKLHQLQVHLQHU(ULQQHUXQJ]X NUDPHQª'RFKLFKNHQQH6LH,FK© ª0HLQ1DPHLVW3RZHOO-DPHV3RZHOO6XSHULQWHQGHQWEHL 6FRWODQG
VWRFNWHª-DGDVDKLFKGDQQGHQ6FKZDU]HQ7RG©PHLQWHHU QDFKHLQHU:HLOH ª(UKDW6LHKLHUKHUYHUVFKOHSSW©VDJWH3RZHOO :LOOEOLFNWHGHQ6XSHULQWHQGHQWHQDQª:LH6LHQLFKW ZDKU"© ª-D© ª8QGZDUXP"©:LOOEUHLWHWHGLH$UPHDXVª:DVVROOHQZLU GHQQDXIGLHVHPYHUGDPPWHQ)ULHGKRI"© ª(VZLUGXQVHUHOHW]WH5XKHVWlWWHVHLQ©HUNOlUWHLKP 3RZHOOª'HU6FKZDU]H7RGZLOOGDV6LQFODLU7HDPKLHUIU DOOH=HLWHQEHJUDEHQGDPLWHUZHLWHUKLQGHUJURH+HUUVFKHU LP'lPRQHQUHLFKEOHLEW'DVJHQDXLVWVHLQ3ODQ© 'LHGUHL0lQQHUOLHHQ:LOOHUVWHLQPDO=HLWGLH:RUWH]X YHUGDXHQ8QGGHU.RPPLVVDUKDWWHGDUDQ]XNQDFNHQGDV VWDQGRKQH=ZHLIHOIHVW ª*LEWHVHLQH0|JOLFKNHLWYRQKLHU]XIOLHKHQ"©HUNXQGLJWH HUVLFK ª1HLQ©$UW&RUQZDOOKDWWHGLH$QWZRUWJHJHEHQ ª6LHVLQGVLFKGDY|OOLJVLFKHU0LVWHU"© 'HU(QJOlQGHUQLFNWH :LOOEOLFNWH]X%RGHQª'DEHLZDULFKYRUHLQSDDU6WXQGHQ QRFKPLW-RKQ6LQFODLU]XVDPPHQ©EHULFKWHWHHU 3RZHOOKRUFKWHDXIª:LHVRGDV"© 'HU.RPPLVVDUHU]lKOWHZDVVLHDP%URFNHQHUOHEWKDWWHQ XQGZLHVLHEHUGLH*UHQ]HJHODQJWZDUHQ 3RZHOOK|UWHJHGXOGLJ]XXQGIUDJWHª.DQQPDQGDYRQ DXVJHKHQGD-RKQ6LQFODLUHEHQIDOOVYRP6FKZDU]HQ7RG JHNLGQDSSWZRUGHQLVW"© ª'DQQZlUHHUGRFKKLHU©PHLQWHGHU.RPPLVVDU ª6WLPPWDXFKZLHGHU8QG6XNR"© :LOOOlFKHOWHVFKPDOª,KQZLUGGHU6FKZDU]H7RGHEHQIDOOV QLFKWHUZLVFKWKDEHQ© ª(VEHVWHKWQRFK+RIIQXQJ©VWHOOWH3RZHOOIHVW $UW&RUQZDOOODFKWHJOXFNVHQGª6LHVLQGHLQ2SWLPLVW:LH VROOPDQXQVKLHUILQGHQ"©
ª,QGHP-RKQ6LQFODLUHLQHlKQOLFKH=HLWUHLVHDQWULWWZLHZLU VLHKLQWHUXQVKDEHQ©HUZLGHUWHGHU6XSHULQWHQGHQW ª'LH=HLWPDVFKLQHPXHUVWQRFKHUIXQGHQZHUGHQ©VDJWH 6YHQ-DQVVRQVS|WWLVFK ª6LQG6LHPLWHLQHU=HLWPDVFKLQHKHUJHNRPPHQ"© ª1HLQ6LU%HLXQVZDUHVHWZDVDQGHUHV:LUVLQGGXUFK HLQH6SDOWHLPHZLJHQ(LVGHV6GSROVJHIDOOHQ:LHVROO 6LQFODLUGHQQ]XP6GSRONRPPHQ"© 3RZHOOOlFKHOWHHLQZHQLJVS|WWLVFK'LH$XJHQKLQWHUVHL QHQGLFNHQ%ULOOHQJOlVHUQIXQNHOWHQª,KUORJLVFKHV'HQNHQ 0U-DQVVRQVROOWHQ6LHHLQZHQLJUHGX]LHUHQ(VLVW6FKZDU]H 0DJLHLP6SLHO8QGGLHVH6FKZDU]H0DJLHVWHOOWXQVHUH ORJLVFKDXIJHEDXWH:HOWY|OOLJDXIGHQ.RSI:DV,KQHQDOV XQP|JOLFKHUVFKHLQWZDV6LHDOVXQJODXEOLFKDQVHKHQNDQQ SDVVLHUHQ6LHPVVHQXPGHQNHQ,KUZLVVHQVFKDIWOLFK JHVFKXOWHU9HUVWDQGNDQQGDVHLQIDFKQLFKWIDVVHQLFKZHL $EHUHVLVWHLQH7DWVDFKHGLH6LHDPHLJHQHQ/HLEHJHVSUW KDEHQ2GHUOLHJHLFKGDIDOVFK"© 'LHEHLGHQ*HRORJHQVFKWWHOWHQGLH.|SIH 3RZHOOZDU]XIULHGHQª:LUVROOWHQXQVKLHUHLQZHQLJ XPVHKHQ©VFKOXJHUYRUª(VLVWLPPHUEHVVHUZHQQPDQGDV *HOlQGHNHQQWDXIGHPPDQVLFKEHZHJW© ª'HU)ULHGKRILVWGLH*UHQ]H©HUNOlUWH$UW ª:LHVR"© &RUQZDOOGHXWHWHDXIGHQEHUJURHQ5DEHQª(ULVWXQVHU :lFKWHU:HQQZLUDQJHJULIIHQZHUGHQYHUWHLGLJWHUXQV DEHUHUOlWXQVQLFKWDXVGLHVHP%HUHLFKIOLHKHQ,FKILQGHHV HLJHQWOLFKNRPLVFKGDGHU9RJHOLPPHUQXUXQVHUHQ .RPPLVVDUDQVWDUUW© ª7XWHUGDV"©IUDJWH0DOOPDQQ ª-DVHKHQ6LHVHOEVW© :LOOGUHKWHVLFKXPVRGDHUGHQ5DEHQDQVHKHQNRQQWH ,QGHU7DWZDUHQGHVVHQ$XJHQVWDUUDXILKQIL[LHUW6LHVFKLH QHQLKQUHJHOUHFKWGXUFKERKUHQ]XZROOHQ :LOOVFKWWHOWHVLFKDOVZUGHHUIULHUHQ
ª9LHOOHLFKWZLOOGHU9RJHOHWZDVYRQ,KQHQ©PHLQWH6YHQ -DQVVRQª*HKHQ6LHGRFKPDOKLQ© ª'DVPDFKHLFKDXFK©'HU.RPPLVVDUVFKULWWODQJVDPDXI GHQVWDUNHQ%DXP]X -HZHLWHUHUVLFKQlKHUWHXPVRQHUY|VHUZXUGHGHU5DEH (UKSIWHKHUXPNUlFK]WHXQGVFKOXJPLWGHQ)OJHOQ'DEHL ULHUVHLQHQ6FKQDEHODXIXQGVFKOXJLKQNODFNHQGZLHGHU ]XVDPPHQ :LOO0DOOPDQQEOLHEVWHKHQ(UVWDQGMHW]WJHQDXYRUGHP $VWVFKDXWHKRFKZlKUHQGGHU5DEHVHLQHQ.|USHUHWZDV QDFKYRUQERJVRGDVLFKLKUH%OLFNHWUDIHQ 5RWH$XJHQRGHU" 3O|W]OLFKlQGHUWHVLFKGLH)DUEH:LOOVDKGDGDV5RWYHU VFKZDQG(LQDQGHUHU)DUEVFKLPPHUZXUGHVWlUNHUXQG EHUODJHUWHHV 5HKEUDXQ 'DQQGHU$XVGUXFNGLHVHU$XJHQ:LOOKDWWHLKQVFKRQRIW JHVHKHQLPPHUZLHGHUKDWWHHULQGLH$XJHQJHVFKDXWHU NDQQWHVLHODFKHQGZHLQHQGXQGMXELOLHUHQG(UNDQQWHVLH ZLHVHLQHHLJHQHQ 'DVZDUHQVLHDEHUQLFKW 'LHVH$XJHQJHK|UWHQQLFKWLKPDXFKQLFKWGHPXQKHLP OLFKHQ5DEHQVRQGHUQ.DULQVHLQHUYHUVWRUEHQHQ)UDX ª,FKJODXEHHVKDFNW©VDJWH%LOO&RQROO\XQGVWLHSUXVWHQG GLH/XIWDXVª$XVJHUHFKQHW0\[LQ© 'HU0DJLHUOlFKHOWHª,FKQDKPDQLKUZUGHWPHLQH+LOIH EUDXFKHQ© ª%LVWGXQLFKW]XVFKZDFKXPJHJHQGHQ6FKZDU]HQ7RG ]XEHVWHKHQ"©IUDJWH%LOOVS|WWLVFK 'DEOLW]WHHVLQGHQ$XJHQGHV0DJLHUV%LOOKDWWHVHLQH .DUWHQEHUUHL]W-DQHPHUNWHHVVRIRUWXQG]RJGHQ5HSRUWHU ]XUFNª/DLKQ©VDJWHVLHª+|UHQZLU]XZDVHUXQV]X VDJHQKDW©
%LOOEHUOHJWHª'DYHUJHKWDEHUYHUGDPPWYLHO=HLW© ª:LUZLVVHQGRFKQLFKWZLHZLUZHLWHUNRPPHQVROOHQXQG VWHKHQKLHUDXIGHP6FKODXFK© ª2ND\LKUKDEWPLFKEHU]HXJW©VDJWH%LOO(UVFKULWWDQ GHP0DJLHUYRUEHLLQGHQ/LYLQJURRP6HLQUHFKWHU$UP VFKPHU]WHGRFK%LOODFKWHWHQLFKWGDUDXI(UZDUKDUWLP 1HKPHQ 0\[LQVHW]WHVLFKQLFKWHUEOLHEVWHKHQª,FKZHLZDVHXFK SDVVLHUWLVW©VDJWHHUª'LHVHU7RWHQNRSI© ª:DUXPKDVWGXGHQQQLFKWHLQJHJULIIHQ"/lWXQVKLHU DOOHLQPLWGLHVHP'LQJNlPSIHQ©EHVFKZHUWHVLFK%LOO ª,FKNDP]XVSlW© ª9LHOOHLFKWVRJDUPLW$EVLFKW© ª%LOO©PDKQWH6KHLODLKUHQ0DQQ ª-DMDVFKRQJXW,FKKDOWHPLFK]XUFN5HGHZHLWHU 0\[LQ,FKELQJDQ]2KU© ª'LHVHU7RWHQVFKlGHOZDUDOV:DUQXQJRGHUDOV%RWVFKDIW JHGDFKW©EHULFKWHWHHUª'HU6FKZDU]H7RGZROOWHGDPLW VHLQH0DFKWEHZHLVHQGHQQHUKDWLKQJHVFKLFNW,FKKDEH VHLQH$NWLYLWlWHQEHREDFKWHQN|QQHQ(UZLOOHXFKDOOHDXI GHQ)ULHGKRIDP(QGHGHU:HOWKROHQ'RUWVROOWLKUVWHUEHQ *UlEHUIUHXFKVLQGEHUHLWVJHVFKDXIHOW© 0\[LQOHJWHHLQH3DXVHHLQXQGOLHVHLQH:RUWHHUVWHLQPDO ZLUNHQ6KHLODZDUEODJHZRUGHQ-DQHEOLFNWH]X%RGHQ XQG%LOONUDXVWHGLH6WLUQ ª)ULHGKRIDP(QGHGHU:HOW"©ZLHGHUKROWHHUª:LHVROOHQ ZLUGDVGHQQYHUVWHKHQ"© ª6RZLHHVLVW,KUZHUGHWGRUWHXHU*UDEILQGHQ=XVDPPHQ PLW-RKQ6LQFODLU© ª:LHVFKDIIWHUXQVGRUWKLQ"©IUDJWHGLH'HWHNWLYLQ ª)UGHQ6FKZDU]HQ7RGHLQH.OHLQLJNHLW=HLWVSLHOWEHL LKPNHLQH5ROOHGDVPWLKUHXFKHLQIUDOOHPDOPHUNHQ 'LHVHU)ULHGKRIOLHJWDXFKQLFKWLQXQVHUHU=HLWVRQGHUQ VFKZHEWLQGHU9HUJDQJHQKHLWREZRKOHULQGHU*HJHQZDUW H[LVWLHUW©
ª-HW]WYHUVWHKHLFKJDUQLFKWVPHKU©VDJWH%LOOª,KUGHQQ"© 'LH)UDXHQVFKWWHOWHQGLH.|SIH ª,FKZLOOHVHXFKHUNOlUHQ©PHLQWH0\[LQª9RU0LOOLRQHQ YRQ-DKUHQKDWWHGHU6FKZDU]H7RGGRUWVHLQ5HLFKJHKDEW ZRVLFKKHXWHGHU6GSROEHILQGHW'DPDOVZDUGLH3RONDSSH QRFKQLFKWPLW(LVEHGHFNW(VOHEWHQGRUW6DXULHULQHLQHP LPPHUJUQHQ'VFKXQJHO1XQLKUNHQQWGLH(QWZLFNOXQJ 'LH(UGHZXUGH]XGHPZDVVLHKHXWHLVWDEHUGHU)ULHGKRI H[LVWLHUWQRFKLPPHU8QWHUGHP(LVKDWGHU6FKZDU]H7RG HLQHPDJLVFKH6FKXW]]RQHJHVFKDIIHQZRGLH=HLWVWHKHQ JHEOLHEHQLVW8QGGRUWKLQDXIGHQ)ULHGKRIKDWPDQHXUH )UHXQGHHQWIKUW© 'LH:RUWHPXWHQGLH$QZHVHQGHQHUVWHLQPDOYHUGDXHQ ª8QJODXEOLFK©PXUPHOWH%LOO ª$EHUZDKU©VDJWH0\[LQ ª,VW-RKQ6LQFODLUEHUHLWVGRUW"©IUDJWH%LOO ª'DVZHLLFKOHLGHUQLFKW$EHULKUVROOWHWDXIPHLQHQ 9RUVFKODJHLQJHKHQ© ª8QGGHUZlUH"©HUNXQGLJWHVLFK-DQH&ROOLQV ª:LUEHJHEHQXQVGRUWKLQ© ª(LQIDFKVR"©JULQVWH%LOO ª-DLFKKDEHEHUHLWVDOOHVYRUEHUHLWHW© ª'DVODVVHLFKQLFKW]X©PHOGHWHVLFK6KHLOD&RQROO\]X :RUWª,FKKDEHHLQNOHLQHV.LQGXQG© ª1LFKWGXNRPPVWPLW6KHLODVRQGHUQ%LOO© ª(UDOOHLQ"© 0\[LQQLFNWH ª0RPHQWPDO©VDJWHGD-DQH&ROOLQVª,FKELQDXFKQRFKGD XQGZHUGHGHQJXWHQ%LOOEHJOHLWHQ©6LHOlFKHOWH6KHLODDQ ª'XEUDXFKVWGLUNHLQH6RUJHQXPLKQ]XPDFKHQLFKJHEH VFKRQDFKW© ª0LFKKDWEHUKDXSWQRFKNHLQHUJHIUDJWRELFKEHUKDXSW ZLOO©EHVFKZHUWHVLFKGHU5HSRUWHU ª0XLFKGDV"©0\[LQKDWWHGLH)UDJHJHVWHOOW ª1HLQ©
6KHLODEOLFNWHLKUHQ0DQQDQª'XELVWDOVRIHVWHQW VFKORVVHQ"© ª1DWUOLFK© 6KHLOD&RQROO\VHQNWHGHQ.RSI0DQVDKLKUDQGDVLH 0KHKDWWHGLH7UlQHQ]XXQWHUGUFNHQ %LOOJLQJDXIVLH]XXQGOHJWHWU|VWHQGVHLQH+DQGDXILKU ODQJHVEORQGHV+DDUªhEHUOHJHGRFKPDO6KHLOD'HU 6FKZDU]H7RGKROWXQVVRRGHUVR$EHUHLQHHUNDQQWH*HIDKU LVWQXUHLQHKDOEH*HIDKU-DQHXQGLFKORFNHQLKQGXUFKXQVH UHQ(LQVDW]YRQGLUXQG-RKQQ\ZHJ,VWGDVGHQQQLFKWV"© 6KHLODJDENHLQH$QWZRUW -DQH&ROOLQVVWDQGGHP5HSRUWHUEHLª%LOOKDWUHFKW6KHLOD 9LHOOHLFKWLVWHVZLUNOLFKEHVVHU© 6KHLODKREGLH6FKXOWHUQ6LHYHUVXFKWH]XOlFKHOQGRFKHV ZXUGHQLFKWVGDUDXVª2ND\/HXWHPDFKWZDVLKUZROOWDEHU NHKUWJHVXQG]XUFN© ª'DQNH©%LOOEHXJWHVLFKYRUXQGKDXFKWHVHLQHU)UDXHLQHQ .XDXIGLH/LSSHQ 0\[LQUlXVSHUWHVLFKª:LUVROOWHQXQVEHHLOHQ(VLVW© 'DJHQDXVFKOXJGDV7HOHIRQDQ 'LH0HQVFKHQVFKUDNHQ]XVDPPHQ0\[LQGUHKWHXQZLOOLJ GHQ.RSIXQGVFKDXWHGHQ6W|UHQIULHGDQ %LOOKREDE(UPHOGHWHVLFKPLWYROOHP1DPHQXQGZDU QLFKWZHQLJEHUUDVFKWDOVHUSO|W]OLFK6XNRV6WLPPHK|UWH ª'X6XNR"© ª-DLFKELQ V©6XNRV6WLPPHNODQJDOVZlUHHUPHLOHQZHLW HQWIHUQW ª:RVWHFNVWGXGHQQ"©ULHI%LOOLQGHQ+|UHUKLQHLQXQG KLHOWVLFKPLWHLQHU+DQGGDVOLQNH2KU]XZHLO6XNRVFKZHU ]XYHUVWHKHQZDU ª*HUPDQ\:HVW*HUPDQ\© ª$OVRLP:HVWHQ"© ª-D© %LOOILHOHLQ6WHLQYRP+HU]HQª8QGZRVWHFNW-RKQ"© ª,FKZHLHVQLFKW%LOO0LFKKDWPDQEHUZlOWLJWQDFKGHP
ZLUYRQHLQHU6HLOEDKQJHVSUXQJHQVLQG©6XNRJDELQ6WLFK ZRUWHQHLQHQNQDSSHQ%HULFKW 'LHEHLGHQ)UDXHQEOLFNWHQGHQ5HSRUWHUJHVSDQQWDQXQG VDKHQGDHUEODZXUGH6FKOLHOLFKNUDW]WHHUVLFKDP.RSI XQGPHLQWHª'DVLVWHLQ'LQJ© ª:DVLVWGHQQORV"©]LVFKWH-DQHIUDJHQG %LOO&RQROO\ZLQNWHDE(UPXWHZHLWHUKLQ]XK|UHQ 6XNRHUNOlUWHLKPGDHUVRUDVFKZLHP|JOLFKQDFK /RQGRQNRPPHQZROOWH ª0RPHQWPDO©VDJWHGHU5HSRUWHUGHFNWHVHLQH+DQGEHU GLH0XVFKHOXQGZDQGWHVLFKGHQDQGHUHQ]Xª6XNRZLOO KHUNRPPHQ©PHOGHWHHU 'DPLWZDU0\[LQQLFKWHLQYHUVWDQGHQª:LUYHUOLHUHQ]X YLHO=HLWGDPLW©HUZLGHUWHHUª,FKZHUGHHWZDVDQGHUHV PDFKHQ© ª8QGZDV"© $QVWHOOHHLQHU$QWZRUWQDKP0\[LQGHP5HSRUWHUGHQ +|UHUDXVGHU+DQG (UVSUDFKHLQLJH0LQXWHQPLWGHP&KLQHVHQ'LHDQGHUHQ K|UWHQVWDXQHQG]XGHQQQXQEHNDPHQVLH0\[LQV0DFKW]X VSUHQ(UHUNOlUWHGHP&KLQHVHQZLHHUHLQH%HVFKZ|UXQJ GXUFK]XIKUHQKDWWH'DQDFKUHLFKWHHU%LOOGHQ+|UHU ]XUFN ª+DVWGXDOOHVYHUVWDQGHQ"©HUNXQGLJWHVLFKGHU5HSRUWHU HWZDVDWHPORV ª-D© ª8QGGXOlWGLFKGDUDXIHLQ"© ª1DWUOLFK(VLVWGHUVFKQHOOVWH:HJ© ª2ND\GDQQZQVFKHQZLUXQVYLHO*OFN©'HU5HSRUWHU OHJWHDXI 0\[LQJLQJGXUFKGHQ/LYLQJURRPXQGO|VFKWHEHUDOOGDV /LFKW (VZXUGHGXQNHO ª6HW]GLFK]XGHQ)UDXHQ©ZLHVGHU0DJLHU%LOO&RQROO\DQ ª(VLVWEHVVHUVR%LWWHQLFKWVSUHFKHQGHQQLFKEUDXFKHIU
GLH%HVFKZ|UXQJXQEHGLQJWH5XKH© %LOOQLFNWHQXU1HEHQVHLQHU)UDXQDKPHU3ODW]XQGOHJWH LKUHLQH+DQGDXIGLH6FKXOWHU6KHLODVFKPLHJWHVLFKHQJDQ LKQ(UVSUWHGLH:lUPHLKUHU+DXWPHUNWHDEHUDXFKZLH VHKUVLH]LWWHUWH6KHLODKDWWH$QJVW :RKOZDUHV%LOO&RQROO\QLFKWLQVHLQHU+DXW 6HFKV$XJHQEHREDFKWHWHQ0\[LQZLHHUGXUFKGDV =LPPHUVFKULWW(UJLQJHLQ4XDGUDWDEEFNWHVLFKXQGKROWH DXVVHLQHU0DQWHOWDVFKHHLQHQ6WDE (UZDUHWZDXQWHUDUPODQJDXVHLQHPVFKZDU]HQ0DWHULDO GDVDQ+DUWJXPPLHULQQHUWH9RUQOLHIHVVSLW]]XbKQOLFK ZLHHLQJURHU%OHLVWLIW ª=XP*OFNKDW6XNRVHLQH:DIIHQEHKDOWHQN|QQHQ© IOVWHUWH%LOO&RQROO\ ª5XKH©VDJWH0\[LQ(UVFKDXWH%LOODQXQGGHU5HSRUWHU VDKGDVHLQH$XJHQJUQOHXFKWHWHQ ª2ND\VFKRQJXW©%LOOJULQVWH 0\[LQEFNWHVLFK(U]HLFKQHWHPLWVHLQHP6WDEGLH XQVLFKWEDUHQ/LQLHQGHV4XDGUDWVQDFKGDVHUDEJHJDQJHQ ZDU 3O|W]OLFKIODPPWHQGLH/LQLHQIDKOJUQDXI(WZDKDQGKRFK IODFNHUWHGHU6FKHLQEHUGHP%RGHQ 0\[LQQLFNWH]XIULHGHQXQGEOLHELQPLWWHQGHV4XDGUDWV VWHKHQ 'LH$QZHVHQGHQKLHOWHQGHQ$WHPDQ 6LHVDKHQZLHGHU0DJLHUGLH$UPHKREXQGGLH+lQGH GDEHL]XU'HFNHVWUHFNWH (LQUHJHOUHFKWHV6WUDKOHQQHW]VSUDQJDXVVHLQHQ)LQJHUQ XQGOHJWHHLQYHUZLUUHQGHV0XVWHUEHUGHQ/LYLQJURRPGHU &RQROO\V'LH*HVLFKWHUGHU0HQVFKHQZXUGHQYRQHLQHP IDKOHQ6FKHLQEHOHXFKWHW 6KHLODVFKORGLH$XJHQ-DQHVHQNWHGHQ%OLFNQXU%LOO VFKDXWHZHLWHUKLQGHP0DJLHU]XGHULQGLH.QLHJHJDQJHQ ZDUGLH+lQGHDXIGHQ%RGHQOHJWHXQGPLWVHLQHQ%H VFKZ|UXQJHQEHJDQQ
6W|KQHQGHlFK]HQGH*HUlXVFKHGUDQJHQDXVVHLQHP 0XQG(UIXKUPLWGHQ)LQJHUQEHUGHQ7HSSLFK/DXWHHLQHU DXHULUGLVFKHQ6SUDFKHHUW|QWHQ.HKOLJH7|QHXQGGlPRQL VFKH6SUDFKIHW]HQZHKWHQDXVVHLQHP0XQG 'DV1HW]QDKPHLQHDQGHUH)RUPDQ'LHHLQ]HOQHQ (QHUJLHIlGHQOLHIHQDXIHLQDQGHU]X8QJHKHXUH.UlIWHZDUHQ LQ%HZHJXQJJHUDWHQXQGSUHWHQGLH0DVFKHQ]XVDPPHQ 0\[LQILHODXIGLH6HLWH(UZDQGVLFKDP%RGHQVHLQH *HVWDOW]XFNWHGLH%HVFKZ|UXQJPXWHXQJHKHXHUDQVHLQHQ .UlIWHQ]HKUHQ %LOO&RQROO\KREHLQZHQLJVHLQHQ%OLFN(UJODXEWHQLFKW 0\[LQ]XVHKHQVRQGHUQHLQHQDQGHUHQ(LQZXUPlKQOLFKHV 8QJHKHXHUGDVLQQHUKDOEGHV4XDGUDWHVXPKHUNURFK ,QGHU/XIWNQLVWHUWHHV'LH)lGHQIXKUHQ]XVDPPHQVLH ELOGHWHQHLQHKHOOHVLFKUDVHQGVFKQHOOGUHKHQGH6SLUDOHGLH EHUGHP%RGHQVFKZHEWHXQGGDQQZLHGLH6SLW]HHLQHU /DQ]HGHU=LPPHUGHFNHHQWJHJHQIXKU 0\[LQVWLHHLQHQ6FKUHLDXV *UDXHQKDIWNODQJHULQGHQ2KUHQGHU0HQVFKHQ0\[LQ ULFKWHWHVLFKDXIIDWHQDFKGHU6SLUDOHVWLHVHLQHEHLGHQ +lQGHKLQHLQXQG (LQEOHQGHQGHU/LFKWVWUDKOHUIOOWHGDV=LPPHUVHNXQGHQ ODQJILHOZLHGHU]XVDPPHQXQGHLQH*HVWDOWVWDQGLQPLWWHQ GHVPDJLVFKHQ4XDGUDWV (VZDU6XNR 0\[LQV%HVFKZ|UXQJKDWWHJHNODSSW'HU&KLQHVHZDUEHU GLHVHJHZDOWLJH(QWIHUQXQJKLQZHJWHOHSRUWLHUWZRUGHQ0LW EOHLEHQGHP(UIROJ" %OHLFKVDK6XNRDXV%OHLFKZLHHLQ7RWHU'LH$XJHQKDWWH HUZHLWDXIJHULVVHQHUVWDUUWHLQGHQ5DXPRKQHGLH$Q ZHVHQGHQMHGRFKULFKWLJ]XVHKHQ 0\[LQVWDQGODQJVDPDXI(UVWHOOWHVLFKYRU6XNRKLQ VWUHFNWHGLH$UPHDXVXQGEHUKUWHGLH6FKOlIHQGHV &KLQHVHQPLWGHQ)LQJHUVSLW]HQ (LQWLHIHV6W|KQHQHQWUDQJVLFK6XNRV%UXVW6HLQ%OLFN
ZXUGHZLHGHUNODUHUWURW]GHPVDKHUVLFKYHUZXQGHUWXP XQGWDXPHOWHZLHHLQ%HWUXQNHQHU %LOO&RQROO\VSUDQJDXI ª1LFKWGDV4XDGUDWEHWUHWHQ©ULHI0\[LQZDUQHQG 'LFKWDQGHU*UHQ]HEOLHEGHU5HSRUWHUVWHKHQ 0\[LQGHU0DJLHUQDKP6XNRZLHHLQNOHLQHV.LQGDQGLH +DQGXQGIKUWHLKQDXVGHP4XDGUDWKLQDXV6RUJVDP JHOHLWHWHHULKQ]XU&RXFKZRVLFK6XNRQLHGHUVHW]WH 6HLQ%OLFNNODUWHDXI ª6KHLOD%LOO"©6XNRUXQ]HOWHGLH6WLUQª'XDXFK-DQH":R ELQLFK":DVLVWHLJHQWOLFKJHVFKHKHQ"© 0\[LQOlFKHOWHª'XHULQQHUVWGLFKDQGHLQHQ$QUXI"© ª-D© ª8QGGDQQ"© 6XNRKREGLHEUHLWHQ6FKXOWHUQª(LJHQWOLFKDQQLFKWVPHKU ,FKZDUSO|W]OLFKQLFKWPHKUDXIGLHVHU:HOW,FKVFKZHEWH ]ZLVFKHQGHQLFKZDUHLQIDFKZRDQGHUV© ª(UKDWGLFKGXUFK0DJLHKHUJHKROW©HUNOlUWHGHU5HSRUWHU ª$EHU-RKQ6LQFODLU"© %LOO&RQROO\JULQVWHVFKZDFKª:LUPVVHQXQVGDYROOXQG JDQ]DXI0\[LQYHUODVVHQ(UPHLQWHHVZlUHEHVVHUVR© 'HU0DJLHUQLFNWHEHVWlWLJHQG 6XNRZLVFKWHVLFKEHUGLH6WLUQª(JDOZDVJHVFKHKHQLVW :LUPVVHQ-RKQUHWWHQ© ª8QG3RZHOO©IJWH%LOO&RQROO\KLQ]Xª(ULVWHEHQIDOOV HQWIKUWZRUGHQ© ª:DV"© %LOOQLFNWHª-DPDQKDWXQVDQJHUXIHQ'HU6FKZDU]H7RG KDW3RZHOODXVVHLQHP&OXEHQWIKUW© ª'DVJLEWHVGRFKQLFKW©IOVWHUWH6XNRª:DVKDWGLHVHU 'lPRQDOOHVYRU"© ª(UZLOOGDV6LQFODLU7HDPDXVVFKDOWHQ©HUNOlUWH%LOO &RQROO\NQDOOKDUWª)ULPPHU'LH*UlEHUVLQGIUXQV EHUHLWVJHVFKDXIHOW:LUZHUGHQDXIGHP)ULHGKRIDP(QGH GHU:HOWXQVHUHOHW]WH5XKHVWlWWHILQGHQ©
ª.DQQPDQGHQQQLFKWVGDJHJHQWXQ"©IUDJWH6XNR ª'DVZHUGHQZLUHEHQYHUVXFKHQ© 'HU&KLQHVHZDQGWHVLFKDQ0\[LQª:ROLHJWGHU)ULHG KRI"© ª$P6GSRO©ODXWHWHGLH$QWZRUW 6XNRYHUVXFKWH]XOlFKHOQGRFKZXUGHQLFKWVGDUDXV(U GDFKWHPDQZUGHLKQDXIGHQ$UPQHKPHQ ª$EHUGRUWZHUGHWLKU-RKQQLFKWILQGHQ:LUPVVHQLP +DU]QDFKLKPIRUVFKHQ© ª:LUVROOWHQEHLGHVYHUVXFKHQ6XNR©VDJWH%LOOªGHQQZLU PVVHQDXFKDQ3RZHOOGHQNHQ:LHZlU VZHQQ0\[LQGLFK ]XUFNLQGHQ+DU]WHOHSRUWLHUWZlKUHQGZLUYHUVXFKHQGLH VHQ)ULHGKRIDP(QGHGHU:HOW]XILQGHQ"© 6XNRQLFNWHODQJVDPª8QGZLHZROOWLKUGRUWKLQJHODQ JHQ"© 0\[LQOlFKHOWHZHLVHXQGPLOGH]XJOHLFKª'LH6FKZDU]H 0DJLHLVWYLHOIlOWLJXQGYLHOVFKLFKWLJ'DEHLJLEWHV'LQJHGLH PLWGHPPHQVFKOLFKHQ9HUVWDQGQLFKW]XEHJUHLIHQVLQG© %LOO&RQROO\NUDW]WHVLFKDP.RSIª.DQQVWGXQLFKWGHXW OLFKHUZHUGHQ"©IRUGHUWHHU ª:DUXP",KUPWHVKLQQHKPHQ©0\[LQGHXWHWHDXIGDV 4XDGUDW ª'X]XHUVW6XNR,FKZHUGHGLFKLQGHQ+DU]]XUFNWHOH SRUWLHUHQ,FKKRIIHGXILQGHVW-RKQEHYRUGHU6FKZDU]H7RG LKQVLFKKROW© 6XNRHUZLGHUWHQLFKWV(UWUDWLQGDV4XDGUDW'HU9RUJDQJ OLHIXPJHNHKUWDEZLHYRUKLQGDQQZDU6XNRZLHGHUYHU VFKZXQGHQ 0\[LQEOLFNWH%LOOXQG-DQHDQª-HW]WLKU©VDJWHHU %LOO&RQROO\EOLHEYRUGHP0DJLHUVWHKHQª8QGZRZHUGHQ ZLUODQGHQ"©IUDJWHHU6HLQ+HU]NORSIWHVFKQHOOHU%LOOZDU HUUHJW ª1LFKWGRUWZRVLFK-RKQ6LQFODLUEHILQGHW© ª$OVRGRFKHLQ7ULFN© ª1HLQ$EHUGLH0lFKWHGHU)LQVWHUQLVKDEHQEHUDOODXI
GLHVHU:HOW6WW]SXQNWH(LQLJHGDYRQOLHJHQLP(ZLJHQ(LV ,KUN|QQWXQGPWPLUYHUWUDXHQ© %LOOEOLFNWH-DQH&ROOLQVDQ'LH'HWHNWLYLQQLFNWH6LHKDWWH VLFKOlQJVWHQWVFKORVVHQ ,Q6KHLODV$XJHQMHGRFKOHXFKWHWHGLH$QJVW%LOOVFKOR VHLQH)UDXLQGLH$UPH ª%LWWHVHLYRUVLFKWLJ©IOVWHUWHVLHLKUHP0DQQLQV2KU ª,FKLFKKDEHVROFKH$QJVW© ,Q%LOOV.HKOHVDHLQ.ORª:LUGVFKRQVFKLHIJHKHQ© PXUPHOWHHUª:LUVHKHQXQVEDOGZLHGHU8QGJLEDXIGHQ .OHLQHQDFKW© ª-D© %LOOO|VWHVLFKYRQVHLQHU)UDXXQGVWLHJHEHQIDOOVLQGDV 4XDGUDWZRGLHDQGHUHQVFKRQZDUWHWHQ :HQLJH6HNXQGHQVSlWHUQDKPGLHPDJLVFKH5HLVHLKUHQ $QIDQJ ,FKZDUHFKWJHVFKRFNW,QGHQ*ODVVHLWHQGHV:UIHOV VSLHOWHQVLFK6]HQHQDEGLHLUJHQGZRDQDQGHUHU6WHOOH GHU:HOWRGHUGHV8QLYHUVXPVDEOLHIHQ =XP*UHLIHQZDUHQGLH3HUVRQHQQDKDEHUGRFKVRIHUQ ,FKVHQNWHPHLQHQ%OLFNXPJHQDXHUQDFK]XVHKHQ,Q GLHVHQ$XJHQEOLFNHQLQWHUHVVLHUWHPLFKGDV%XFKDXFKQLFKW PHKULFKVDKQXU.RPPLVVDU0DOOPDQQXQGPHLQHQ&KHI 6LU-DPHV3RZHOO 6LHEHIDQGHQVLFKLQPLWWHQHLQHUIUHPGDUWLJHQ:HOWXQGDXI HLQHPXUDOWHQ)ULHGKRI ,UJHQGZLHZDUHQXQVHUHVLFKWEDUH:HOWXQGDXFK 3DUDUHLFKHGHU'lPRQHQ7HLOHHLQHVJHZDOWLJHQNRVPLVFKHQ .UHLVODXIV'LQJHGLHDQVFKHLQHQGQLFKWVPLWHLQDQGHU]XWXQ KDWWHQlKQHOWHQVLFKRIWDXIYHUEOIIHQGH:HLVH6FKRQOlQJVW KDWWHLFKPLFKYRQGHP*HGDQNHQEHIUHLWGDHVHLQIDFKQXU 9RUJlQJHJDEGLHNHLQHQ6LQQKDWWHQ-HGHU2UJDQLVPXV MHGHU0HQVFKXQGDXFKMHGHU'lPRQKDWWHVHLQH)XQNWLRQ
:LHDXFKGLHVHU:UIHO )UPLFKZDUHVHLQ:UIHOGHV6FKLFNVDOVYLHOOHLFKWDXFK GHV6FKUHFNHQVGHQQZHQQPDQ6]HQHQVDKGLHVLFKHUVWLQ GHU=XNXQIWHUHLJQHWHQNRQQWHPDQOHLFKWGDUDQ]HUEUHFKHQ $XHU:LOO0DOOPDQQXQG3RZHOOVDKLFKQRFK]ZHL 0lQQHU(LQHUYRQLKQHQWUXJHLQHQ9HUEDQGXPGHQ.RSI JHZLFNHOW6RJHQDXLFKDXFKKLQVFKDXWHLFKNDQQWHNHLQHQ GHUEHLGHQ9LHOOHLFKWZDUHQVLHDXFKQXU]XIlOOLJ*HIDQJHQH GLHVHUDQGHUHQVFKUHFNOLFKHQ:HOWGLHQLFKWLQXQVHUH=HLW KLQHLQSDWHXQGVFKRQOlQJVWDXVJHVWRUEHQZDU ,FKVDKZLHVLFKGHU.RPPLVVDUYRQGHQGUHL0lQQHUQHQW IHUQWHXQGDXIHLQHQ%DXP]XVFKULWWZRHLQ5DEHKRFNWH :DV0DOOPDQQGRUWZROOWHHUIXKULFKQLFKWGHQQSO|W]OLFK EHJDQQGDV%LOG]XYHUVFKZLPPHQDOVZUGHHVVLFKLQ :DVVHUDXIO|VHQ=XUFNEOLHEGLHQRUPDOH6FKHLEHGHV JOlVHUQHQ:UIHOV ,FKULFKWHWHPLFKDXVPHLQHUJHEFNWHQ+DOWXQJDXI 'LH+H[HQKDWWHQLKUHQ3ODW]QLFKWYHUODVVHQ1DFKZLHYRU VWDUUWHQVLHPLFKPLWLKUHQIUDW]HQKDIWHQ*HVLFKWHUQDQXQG ODXHUWHQGDUDXIZDVLFKZRKOXQWHUQHKPHQZUGH 1XQLFKZROOWHVLHQLFKWHQWWlXVFKHQ 8QWHUGHP:UIHOVFKLPPHUWHDXIJHVFKODJHQGDV%XFKGHU JUDXVDPHQ7UlXPH'LH6HLWHQHUVFKLHQHQPLUVHOWVDPYHU JLOEWXQGVSU|GH:LHLFKJHK|UWKDWWHEHVWDQGHQVLHDXVGHU +DXWHLQHVDEWUQQLJHQ'lPRQVXQGGLHHLQ]HOQHQ6lW]H ZDUHQPLW'lPRQHQEOXWQLHGHUJHVFKULHEHQZRUGHQ ,FKYHUVXFKWHHLQ]HOQH:RUWH]XHUNHQQHQGRFKGLH6FKULIW ZDU]XYHUVFKQ|UNHOW:HQQLFKOHVHQZROOWHPXWHLFKGDV %XFKXQWHUGHP:UIHOKHUYRUQHKPHQ ,FKVWUHFNWHPHLQH$UPHDXVXQGOHJWHGLH+lQGHIODFKDXI GLH:UIHOREHUIOlFKH'DV*ODVZDUZDUPXQGLFKVSUWHDQ PHLQHQ)LQJHUVSLW]HQHLQOHLFKWHV9LEULHUHQ 9RUVLFKWLJXPIDWHLFKGHQ:UIHOXQGZROOWHLKQLQGLH +|KHKHEHQ (VJLQJQLFKW
,FKSDFNWHIHVWHU]XVRIHVWGDPHLQH$GHUQGLFNKHUYRU WUDWHQ'HU:UIHOEHZHJWHVLFKQLFKWHLQELFKHQ 'DPLWKDWWHLFKQLFKWJHUHFKQHW ,FKK|UWHGDVKlPLVFKH/DFKHQGHU+H[HQ6LHKDWWHQGLH 0lXOHUJH|IIQHWJUQHU%URGHPZ|ONWHGDUDXVKHUYRUXQG PLUHQWJHJHQ(UVWDQNHQWVHW]OLFK /DQJVDPKDWWHLFKGDV*HIKOGDPDQPLFK]XP1DUUHQ KDOWHQZROOWH'HU6FKZDU]H7RGVWHFNWHKLQWHUDOOHPHUKDWWH PLFKGXUFKGLH+H[HQLQGHQ%HUJJHORFNWSUlVHQWLHUWHPLU GDV%XFKGHUJUDXVDPHQ7UlXPHXQGVRUJWHGDIUGDLFKHV GRFKQLFKWDQPLFKQHKPHQNRQQWH 'LH+H[HQODFKWHQODXWHU6LHJHLIHUWHQXQGNUHLVFKWHQEOLH EHQQLFKWPHKUDXIGHU6WHOOHVRQGHUQMDJWHQORVXQGELOGHWHQ HLQHQZLUEHOQGHQ.UHLVXPPLFKXQGGDV%XFK ,FKGUHKWHPLFKPLW'DEHLVFKZDQJPHLQ.UHX]KRFKXQG ELOGHWHHLQHQZHLPDJLVFKHQ*HJHQSRO]XGHQVFKZDU]EO WLJHQ+H[HQ 'LHZLOGH7DQ]HUHLHUVFKLHQPLUDOVHLQH$UW9RUVSLHO]X HLQHUJHZDOWLJHQ$WWDFNHGHV6FKZDU]HQ7RGV,FKUHFKQHWH GDPLWYRQLKPDQJHIDOOHQ]XZHUGHQXQGEOLFNWHQDFKREHQ ]XGHUJHZ|OEWHQ'HFNHGLHPLUZLHHLQ7RULQGLH8QHQG OLFKNHLWHUVFKLHQ 'RUWJHULHWHWZDVLQ%HZHJXQJ 8PJHQDXHUKLQ]XVFKDXHQEOLHEPLUNHLQH=HLWPHKUGHQQ HLQHGHU+H[HQMDJWHDXIPLFK]X %OLW]VFKQHOOULLFKGDV.UHX]KRFK 'LH+H[HILHOQDFKYRUQGHUJOKHQGH6WDEUDPPWHLQGHQ %RGHQ'DV.UHX]KDWWHLKQYHUQLFKWHW 3O|W]OLFKVWUDKOWHHVDXI *HUDGHGLH,QVLJQLHQGHUYLHU(U]HQJHOJOHLWHQLQHLQHU :HLVHGDVRJDULFKJHEOHQGHWZXUGH:HLPDJLVFKH 6WUDKOHQIXKUHQDXVGHQYLHU(QGHQELOGHWHQHLQJHZDOWLJHV 1HW]LQGDVGLH+H[HQKLQHLQUDVWHQ 6LHVFKULHQDXIEUOOWHQXQGNUHLVFKWHQ9HU]ZHLIHOWYHU VXFKWHQVLHGLH/LFKWIHVVHOQ]XO|VHQGRFKGLH:HLH0DJLH
]HUVW|UWHLKUHK|OOLVFKHQ.|USHU 6HOEVWLFKIKOWHGHQ6FKZLQGHOPHUNWHGLHJHZDOWLJHQ .UlIWHGLHGDV.UHX]IUHLJHVHW]WKDWWHXPPLFK]XVFKW]HQ (LQH+H[HQDFKGHUDQGHUHQILHODXVGHP/LFKWQHW]1RFK LP)DOOZXUGHQVLH]X6WDXE (LQHOHW]WHNUHLVFKWHQRFKHLQPDOZLOGDXI6LHKDWWHVLFK LQQHUKDOEGHV/LFKWQHW]HVYHUIDQJHQ,KUHOLQNH.|USHUKlOIWH EHJDQQEHUHLWV]XYHUIDOOHQ*UQJUDXH6FKZDGHQNURFKHQ GDUDXVKHUYRUXQGDXVGHU+DXWZXUGH$VFKH 7URW]GHPIDQGVLHQRFKGLH.UDIWPLUGLHQlFKVWHQ:RUWH LQV*HVLFKW]XVFKOHXGHUQª6RKQGHV/LFKWV©VFKULHVLH ª$XFKGLFKZLUGHLQHV7DJHVGHU6DWDQKROHQYHUODGLFK GUDXI© 6LHZROOWHQRFKPHKUVDJHQGRFKGHU=HUIDOOVSUR]H HUUHLFKWHLKU*HVLFKW 6LHYHUJLQJXQGGLHGXQNOH$VFKHULHVHOWH]X%RGHQ ,FKDEHUKDWWHGLH:RUWHGHU+H[HQLFKWYHUJHVVHQ6RKQGHV /LFKWV6RKDWWHPLFKGLH+H[HJHQDQQW8QGYHUGDPPWQRFK PDOGLHVHU%HJULIIEHJHJQHWHPLUQLFKW]XPHUVWHQPDO9RU ODQJHU=HLWDOVLFK(LQ]HOKHLWHQEHUGLH+HUNXQIWGHV .UHX]HVHUIXKUKDWWHLFKYRQHLQHUDOWHQNUDQNHQ)UDXJHK|UW GDLFKGHU6RKQGHV/LFKWVZDU,FKGHU(UEHGHV.UHX]HV -HW]WK|UWHLFKGHQ1DPHQZLHGHU :LHNOHLQGLH:HOWGRFKZDU 'LH+|KOHZDUOHHUZLHLFKPLWHLQHPUDVFKHQ5XQGEOLFN IHVWVWHOOHQNRQQWH$XFKGDV(QHUJLHQHW]JDEHVQLFKWPHKU 'LH+H[HQZDUHQYHUVFKZXQGHQ6LHKDWWHQGHU:HLHQ 0DJLHW|GOLFKHQ7ULEXW]DKOHQPVVHQ $EHU%XFKXQG:UIHOZDUHQQDFKZLHYRUGD'LH:lQGH VWUDKOWHQZHLWHUKLQGDVJUQOLFKH/LFKWDE,FKVFKDXWHLQGLH 6WROOHQXQG4XHUJlQJHVXFKWHQDFKGHQ)UDW]HQGHU+H[HQ VDKDEHUNHLQH6SXUPHKUYRQLKQHQ 'LHMHQLJHQGLHQLFKWXPJHNRPPHQZDUHQKDWWHQGLH )OXFKWHUJULIIHQXQGKLHOWHQVLFKYHUVWHFNW 0DQOLHPLFKDOOHLQ
0LWGHP%XFK 8USO|W]OLFKWUDIPLFKHLQ.lOWHVWR,FKKDWWHQDFKGHP :UIHOJUHLIHQZROOHQXQG]XFNWH]XUFNGHQQGHU .lOWHKDXFKZDUYRQREHQJHNRPPHQZRGLH'HFNHLQHLQHP ILQVWHUHQ'LPHQVLRQVWXQQHOYHUVFKZDQG 0LUNURFKHLQH*lQVHKDXWEHUGHQ5FNHQDOVLFKGHQ .RSILQGHQ1DFNHQOHJWHXQGHLQHQ%OLFNLQGLH+|KHZDUI 'RUWWDWVLFKHWZDV 'LH6FKZlU]HEOLHE]ZDUQDFKZLHYRUGRFKGLHJHZ|OEWH 'HFNHVDKMHW]WDXVZLHHLQJHZDOWLJHU7XQQHOGHULQGLH8Q HQGOLFKNHLW]XIKUHQVFKLHQ (LQ'LPHQVLRQVWRUZDUHQWVWDQGHQXQGHVEUDFKWHGLH .lOWHGHV$OOVPLW 'RFKHVZDUQLFKWOHHU (LQXUDOWHVULHVLJHV*HVLFKWHUVFKLHQPLWJURHQZLVVHQGHQ $XJHQ$XJHQGHV:HVHQVGDV]ZLVFKHQGHQ)URQWHQVWDQG XQGDOV%HREDFKWHUGDV'lPRQHQUHLFKXQWHU.RQWUROOHKLHOW 'HQQDXFKGRUWJDEHV.ULHJHXQG0DFKWNlPSIHGHU%HRE DFKWHUZXWHDOOHV 'LHJHZDOWLJHQ$XJHQZLUNWHQDXIPLFKZLH]ZHL3ODQHWHQ 6LHVFKLPPHUWHQLQHLQHPLQWHQVLYHQ%ODXVRNDOWDEHUDXFK VWUDKOHQGGDLFKGHQ%OLFNXQZLOONUOLFK]X%RGHQVHQNWH ,FKNRQQWHQLFKWLQGLH$XJHQKLQHLQVFKDXHQ .lOWHVWUDKOWHPLUHQWJHJHQ 'HUHLVLJH+DXFKZXUGHVWlUNHUHUWUDIPHLQHQ.|USHU VFKQUWHPLUGLH%UXVW]XVDPPHQVRGDLFKQXUVHKUVFKZHU DWPHQNRQQWH,FKWDXPHOWH]XU6HLWHKREGLH$UPHHWZDVDQ XQGXPNODPPHUWHPHLQVLOEHUQHV.UHX] ,FKKRIIWHHVDNWLYLHUHQ]XN|QQHQGRFKGDV6LOEHUEOLHE NDOW'DVDQGHUHZDUVWlUNHU 0LWGHU.lOWHNDPGHU:LQG2KQH9RUZDUQXQJSDFNWHHU PLFKXQGVFKOHXGHUWHPLFK]X%RGHQ,FKZROOWHDXIVWHKHQ GRFKDXIKDOEHU+|KHIHJWHPLFKGHUQlFKVWH:LQGVWRZLH GHUYRQGHQ%HLQHQ $XFKEHLHLQHPZHLWHUHQ9HUVXFKVFKDIIWHLFKHVQLFKWDXI
GLH)H]XJHODQJHQ'DIUPXWHLFKPLWDQVHKHQZLHGHU :UIHOSO|W]OLFKZLHYRQ*HLVWHUKDQGEHZHJWLQGLH+|KH VWLHJ 8QGPLWLKPGDV%XFK ,FKKDWWHQLFKWHLQPDOGLH.UDIW]XVFKUHLHQ/DJKLOIORVDP %RGHQXQGVWDUUWHGHP:UIHOQDFKGHUVLFKLPPHUZHLWHU HQWIHUQWHXQGDXIGLH$XJHQ]XVFKZHEWH 'HU%HREDFKWHUKDWWHVLFKGDV%XFKGHUJUDXVDPHQ7UlXPH JHKROW:LHGHUHLQPDOZDULFKGHU9HUOLHUHU 'HU:UIHOYHUVFKZDQGZXUGHNOHLQHUXQGNOHLQHUELVLFK LKQQLFKWPHKUVDK 'LHDQGHUH'LPHQVLRQKDWWHLKQJHVFKOXFNW ,FKYHUVXFKWHDXI]XVWHKHQXQGZDUEHUUDVFKWGDHV NODSSWH ,FKZDUZLHGHUGHUDOWH 0LWOHHUHP%OLFNVWDUUWHLFKDXIGLH$OWDUSODWWHZRGDV%XFK JHOHJHQKDWWH -DKDWWH -HW]WZDUHVZHJ ,FKEOLFNWHQDFKREHQZROOWHGLH$XJHQQRFKHLQPDOVHKHQ XQGZDUEHUUDVFKWDOVPHLQ%OLFNVLHWDWVlFKOLFKHUIDWH 'HU%HREDFKWHUZDUQRFKGD :DUXP":ROOWHHUPLFKYHUK|KQHQPLFKOlFKHUOLFK PDFKHQZHLOLFKHVQLFKWJHVFKDIIWKDWWH" 'HQ*UXQGZUGHHUPLUVLFKHUOLFKVDJHQ ,FKKDWWHPLFKQLFKWJHWlXVFKW'LHKDOOHQGH6WLPPHVFKLHQ DXVGHU8QHQGOLFKNHLW]XNRPPHQDOVVLHPHLQH2KUHQWUDI ª,FKZHLYLHO-RKQ6LQFODLULFKVHKHYLHO,FKNHQQHDXFK GLFKZHLXPGHLQH$XIJDEHXQGLFKKDEHGLFKVLHJHQXQG YHUOLHUHQJHVHKHQ'HU6FKZDU]H7RGZLOOGLFKYHUQLFKWHQ(U KDWHVELVMHW]WQLFKWJHVFKDIIWGRFKQXQKDWHUHLQHQ3ODQDXV JHNOJHOWJHJHQGHQGXQLFKWDQNRPPHQNDQQVWZHLOGX]X VFKZDFKELVW'XZLOOVWGDV%XFKGDVZHLDXFKGHU 6FKZDU]H7RG'HVKDOEKDWHUGLFKLQGLHVHQ%HUJJHORFNWKDW GLFKDXIGLH6SXUJHEUDFKWVRGDGXGDV%XFKILQGHQ
PXWHVW'RFKHUKlWWHHVQLHDXVGHU+DQGJHJHEHQGHQQHV LVWGXUFKGHQ:UIHOGHV6FKLFNVDOVJHVLFKHUW1XQZHLGHU 6FKZDU]H7RGGDXQWHUDQGHUHPLQGLHVHP%XFKVWHKWZLH GXLKQYHUQLFKWHQNDQQVW$EHUQLFKWQXUGDV'LH *HKHLPQLVVHGHU+|OOHVLQGGDULQRIIHQEDUW:HUGDV%XFK EHVLW]WGHUKDWDXFKGLH0DFKW=DKOUHLFKH'lPRQHQIKUHQ EOXWLJH.ULHJHGHVZHJHQ,FKKDEHHVJHVHKHQKDEHDEHUQLH HLQJHJULIIHQGHQQELVKHUODJGDV%XFKVLFKHU,FKZROOWHDOOHU GLQJVDXFKQLFKWGDHLQ0HQVFKGLHVHV%XFKLQGLH+lQGH EHNRPPW$XVGLHVHP*UXQGHQHKPHLFKHVDQPLFKGHQQ ZHQQGXHV]XVHKHQEHNRPPVWXQGGHPHQWVSUHFKHQGKDQ GHOVWLVWGDV*OHLFKJHZLFKWJHVW|UW'X-RKQ6LQFODLUZUGHVW ]XPlFKWLJDXFKIUPLFK'RFKLFKZLOOGLUHLQH&KDQFH JHEHQ,FKZHUGHGLUGLH6HLWHQEHUODVVHQDXIGHQHQ JHVFKULHEHQVWHKWZLHGXGHQ6FKZDU]HQ7RGYHUQLFKWHQ NDQQVW'HQNHQXUQLFKWHVZlUHOHLFKW8QJHKHXUH*HIDKUHQ ZDUWHQQRFKDXIGLFKXQGREGXHVOHW]WHQGOLFKVFKDIIVWLVW GHLQH6DFKH/HLFKWZLUGHVQLFKWVHLQ$EHUGHU6FKZDU]H7RG VROOLP.DPSIYHUQLFKWHWZHUGHQ(VLVWGLUDOOHLQLQGLH+DQG JHOHJWHLQHQ'lPRQ]XW|WHQGHUVHLW+XQGHUWHQYRQ 0LOOLRQHQ-DKUHQOHEWGHULPPHU$QJVWXQG6FKUHFNHQYHU EUHLWHWKDW2EHULP0LWWHODOWHUGLH3HVWEUDFKWHRGHUREHU 9|ONHUJHJHQHLQDQGHUKHW]WHLPPHUZLHGHUKDWWHHUDOOHLQ VHLQH+lQGHLP6SLHO'XEHNRPPVWGLH6HLWHQ6RKQGHV /LFKWV8QGKDQGOHQDFKEHVWHP:LVVHQXQG*HZLVVHQ© 'LH:RUWHGHV%HREDFKWHUVKDWWHQPLFKVREHHLQGUXFNWGD HVPLUVFKRQVFKZLQGHOWH,FKPXWHPLFK]XVDPPHQUHLHQ XPHLQH)UDJH]XVWHOOHQ ª:HUELVWGX"(LQ'lPRQ"(LQ*HLVWGHV/LFKWV"© ª.HLQVYRQEHLGHQ,FKELQGHU6HKHUXQGQHKPHPHLQH .UDIWDXVGHP.RVPRV'DVPXGLUDOV$QWZRUWJHQJHQ 6ROOWHVWGXGHQ6FKZDU]HQ7RGEHVLHJHQZLUVWGXLQGHU =XNXQIWYLHOOHLFKWYRQPLUQRFKK|UHQ:HQQGXYHUOLHUVW ZDUWHWGHU)ULHGKRIDP(QGHGHU:HOWDXIGLFK8QG]ZDUIU LPPHU©
ª:DVKHLWGDV"© ª'HLQ*UDELVWEHUHLWVJHVFKDXIHOWZRUGHQ-RKQ6LQFODLU 8QGDXFKGLH*UlEHUGHLQHU)UHXQGHVLQGIHUWLJ,KUDOOH ZHUGHWHXFKDXIGLHVHP)ULHGKRIWUHIIHQXQGGRUWZLUGHV ]ZLVFKHQGLUDOOHLQXQGGHP6FKZDU]HQ7RG]XHLQHU (QWVFKHLGXQJVVFKODFKWNRPPHQ1XW]HGHLQH&KDQFH'X KDVWVLH© 0LUZLUEHOWHQWDXVHQG*HGDQNHQGXUFKGHQ.RSIODJHQ ]DKOUHLFKH)UDJHQDXIGHU=XQJHDEHULFKZDUHLQIDFKQLFKW LQGHU/DJHVLH]XIRUPXOLHUHQ'LH(U|IIQXQJGHV6HKHUV KDWWHPLFK]XVHKUJHVFKRFNW ,FKOHJWHDEHUPDOVGHQ.RSILQGHQ1DFNHQXQGEOLFNWHLQ GLH+|KH'LH$XJHQZDUHQYHUVFKZXQGHQ'HU%HREDFKWHU KDWWHPLFKLQPLWWHQGHU+|KOHDOOHLQJHODVVHQ 1XUZRZDUHQGLH6HLWHQ" 'DVDKLFKVLH6LHWUXGHOWHQYRQREHQKHUDEKDIWHWHQDQHLQ DQGHUVRGDVLHQLFKWZHJIODWWHUQNRQQWHQ,FKOLHIHLQZHQLJ YRUXQGEOLHEGDQQVWHKHQ 0KHORVJHODQJHVPLUGLH6HLWHQDXI]XIDQJHQ =XPHUVWHQPDOLQPHLQHP/HEHQKDWWHLFKHLQ)UDJPHQW GHV%XFKVGHUJUDXVDPHQ7UlXPHLQPHLQHQHLJHQHQ +lQGHQ (LQ6FKDXHUUDQQPLUEHUGHQ5FNHQ ,FKKLHOWGLH%OlWWHULQGHUOLQNHQ+DQGVHW]WHPLFKDXIGHQ $OWDUXQGKROWHPHLQH%OHLVWLIWODPSHKHUYRUXPEHVVHUVHKHQ ]XN|QQHQ8PPLFKKHUXPZDUHVVWLOO 0XWWHUVHHOHQDOOHLQVDLFKLQGLHVHPJHZDOWLJHQ)HOVHQGRP XQGEHJDQQ]XOHVHQ 8QGVFKRQQDFKGHQHUVWHQ6lW]HQSDFNWHPLFKHLQHXQJH KHXUH)DV]LQDWLRQ0LUZDUDOVZUGHLFKGDV*HOHVHQHVHOEVW PLWHUOHEHQ
ª+HUU0DOOPDQQ+HUU0DOOPDQQ0HLQ*RWWZDVLVWJH VFKHKHQ"©ULHI3RZHOOHUVFKURFNHQ(UXQGGLHEHLGHQ :LVVHQVFKDIWOHUOLHIHQDXIGHQ.RPPLVVDU]X :LOOZDQNWH]XUFN$OOHVGUHKWHVLFKYRUVHLQHQ$XJHQ (UVDKQXUGHQ5DEHQXQGJODXEWHQLFKWVHLQHQ.RSI]X HUNHQQHQVRQGHUQGDV*HVLFKWVHLQHU)UDX ª.DULQ©VW|KQWHHU6HLQH.QLHVFKLHQHQPLW3XGGLQJ JHIOOW]XVHLQXQGJDEHQQDFK (UZlUHJHIDOOHQKlWWHQLKQGLHEHLGHQ:LVVHQVFKDIWOHU QLFKWDXIJHIDQJHQ6YHQQDKP:LOOV6FKXOWHUQZlKUHQGVHLQ .ROOHJHGHQ.RPPLVVDUDQGHQ%HLQHQWUXJ 6RVFKOHSSWHQVLHLKQ]XUFN 3RZHOOZDUIHLQHQVFKHXHQ%OLFNDXIGHQ5DEHQ(UNRQQWH DQGHP7LHUQLFKWVIHVWVWHOOHQZDVGHQ.RPPLVVDUVRQHUY|V JHPDFKWKDWWH'HU5DEHVDKDXVZLHLPPHU :LOOZXUGHYRUVLFKWLJDXIGHQ%RGHQJHEHWWHW$UW&RUQZDOO KROWHGLH)ODVFKHPLW:KLVN\XQGVHW]WHVLHGHP.RPPLVVDU DQGLH/LSSHQ:LOOVFKOXFNWH(LQ7HLOGHU)OVVLJNHLWUDQQDQ VHLQHP.LQQHQWODQJXQGOLHILQGHQ.UDJHQ ª*HKWHV,KQHQEHVVHU"©IUDJWH$UWEHVRUJW ª-DRND\© 3RZHOOUlXVSHUWHVLFKª:DVLVWGHQQJHVFKHKHQ"©HUNXQ GLJWHHUVLFKPLWEHVRUJWHU6WLPPH 0DOOPDQQZLVFKWHVLFKEHUGLH6WLUQª,FKLFKPXPLFK ZRKOJHWlXVFKWKDEHQ'LH$XJHQGHV5DEHQVDKHQSO|W]OLFK DQGHUVDXV1LFKWPHKUURW© ª:LHGHQQ"©IUDJWH3RZHOO ª-HW]WZHUGHQ6LHPLFKDXVODFKHQDEHUVLHHULQQHUWHQPLFK DQGLHPHLQHUYHUVWRUEHQHQ)UDX© 1XQZDUHVKHUDXV 3RZHOOOlFKHOWHKREGLH6FKXOWHUQXQGPHLQWHª6LHKDEHQ UHFKW(VZDUVLFKHUOLFKHLQH7lXVFKXQJ© :LOOULFKWHWHVLFKDXIXQGOHJWHVHLQH+lQGHXPGLHDQJH ]RJHQHQ.QLHª+DEHQ6LHGHQQQLFKWVJHVHKHQ"©IUDJWHHU ª1HLQGHU9RJHOVDKDXVZLHLPPHU©
ª,FKKDEHLQLKPZLUNOLFKPHLQHYHUVWRUEHQH)UDXJH VHKHQ© ª:LHLVWVLHGHQQXPV/HEHQJHNRPPHQ"©ZROOWH6YHQ -DQVVRQZLVVHQ :LOO0DOOPDQQVHQNWHGHQ%OLFN'DIUJDE3RZHOOGLH$QW ZRUWª'HU6FKZDU]H7RGKDWVLHHUPRUGHW© 'LH$XJHQGHU:LVVHQVFKDIWOHUZXUGHQJURª'DQQ VWLPPWHVYLHOOHLFKWGRFKZDVHUJHVHKHQKDW©IOVWHUWH6YHQ -DQVVRQ ª0DOHQ6LHGHQ7HXIHOQLFKWDQGLH:DQG©HUZLGHUWH 3RZHOOOHLVH :LOO0DOOPDQQVWDQGDXIª(UNDQQVSUHFKHQ6LU,FKZHL ZRUDQLFKELQ8QGLFKELQIHVWGDYRQEHU]HXJWGDHVGLH $XJHQPHLQHUYHUVWRUEHQHQ)UDXJHZHVHQVLQG© ª$EHUZLHLVWGDVP|JOLFK"©ULHI$UW&RUQZDOO :LOOGUHKWHVLFK]XLKPXPª'DVIUDJHQ6LHQRFK"+LHULVW DOOHVP|JOLFK© ª'DVEHDQWZRUWHWQLFKWGLH)UDJH© ª2ND\LFKVXFKH,KQHQHLQH0|JOLFKNHLWDXV(VNDQQVHLQ GDGHU*HLVWPHLQHU)UDXLQGHQ.|USHUGHV7LHUHVEHU JHJDQJHQLVW6REO|GVLQQLJGLHVH7KHRULHNOLQJWDEHUZLU PVVHQVLHLQ%HWUDFKW]LHKHQ© ª'DVZlUHMDVFKUHFNOLFK©IOVWHUWH$UW ª(VLVWVFKUHFNOLFK© ª:LHN|QQHQZLUHVIHVWVWHOOHQ"©IUDJWH6YHQ :LOOGDFKWHQDFK 1DFKHLQHU:HLOHPHLQWHHUª(VJlEHGDHLQH0|JOLFKNHLW 6LHKDEHQGRFKJHVDJWGDGHU9RJHOXQVEHZDFKW,FKZHUGH HLQHQ$XVEUXFKYHUVXFKHQXQGELQJHVSDQQWREPLFKGHU 5DEHDQJUHLIW© ª(UZLUG6LHW|WHQ©VDJWH$UW ª:HQQGHU*HLVWPHLQHU)UDXLQGHP9RJHOVWHFNWVLFKHU OLFKQLFKW©HQWJHJQHWHGHU.RPPLVVDUIHVW ªhEHUOHJHQ6LHHVVLFKJXW©ZDUQWHDXFK3RZHOO 0DOOPDQQOlFKHOWHª'DQNHDEHUGDVKDEHLFKEHUHLWV©'HU
.RPPLVVDUEOLFNWHGLH0lQQHUQRFKHLQPDODQXQGPDFKWH VLFKDXIGHQ:HJ (UVFKULWWLQGLUHNWHU/LQLHDXIGLHNOHLQH0DXHU]X 'HU5DEHVDKHVXQGEUHLWHWHODQJVDPGLH)OJHODXV ª,FKJODXEHPHLQH2PDJHKWPLW(OYLV©IOVWHUWH%LOO&RQROO\ DQGlFKWLJDOVHUVLFKXPVFKDXWH :DVHUVDKZDUDXFKZLUNOLFK]XP6WDXQHQ'XUFK0\[LQV %HVFKZ|UXQJZDUHQVLHDP6GSROJHODQGHW$OOHUGLQJVQLFKW LQGHU+|OOH]ZLVFKHQ6FKQHHXQG(LVVRQGHUQLP,QQHUQ HLQHV6WW]SXQNWV (LQHVPLOLWlULVFKHQ6WW]SXQNWV %LOO&RQROO\XQG-DQHEOLFNWHQVLFKXP,QGLHVHU/DJHUKDOOH JDEHVSUDNWLVFKDOOHV:DUPH.OHLGXQJ.RQVHUYHQ 0XQLWLRQ:DIIHQDQJHIDQJHQYRQGHU3LVWROHELVKLQ]XP OHLFKWHQ0*+DQGJUDQDWHQZDUHQHEHQVRDXI/DJHUZLH .DPSIDQ]JH ª'DVLVWWROO©VDJWHDXFK-DQHDOVVLHGLH+DOOHODQJVDP GXUFKTXHUWH :LH%LOOZDUVLHHEHQIDOOVQRFKHLQZHQLJEHQRPPHQYRQ GHUODQJHQPDJLVFKHQ5HLVH:LHEHGXVHOWVFKULWWHQVLH HLQKHU'LH8PVWHOOXQJILHOLKQHQVFKZHU 0\[LQZDUWHWHDE-HW]WGDVLHVLFKDP6GSROEHIDQGHQ KDWWHHUHVQLFKWPHKUJDQ]VRHLOLJ %LOOXQG-DQHVFKDXWHQVLFKGLH:DIIHQDQQDKPHQPDQFK PDOSUIHQGZHOFKHLQGLH+lQGHXQGOHJWHQVLHZLHGHUZHJ ª,KUVROOWHWHXFKHLQLJHVDQ:DIIHQXQG0XQLWLRQPLW QHKPHQ©VFKOXJ0\[LQYRU %LOOIXKUKHUXPª:LHVR"0LWQRUPDOHQ:DIIHQN|QQHQZLU QLFKWVJHJHQGlPRQLVFKH:HVHQDXVULFKWHQ©(UQDKPGLH 3LVWROHXQGOHJWHDXI0\[LQDQª,FKN|QQWHGLUGLH.XJHOLQ GHQ6FKlGHOMDJHQXQGQLFKWVZUGHSDVVLHUHQ:R]XDOVR GLHJDQ]H$UWLOOHULH"© ª:HLOHVDXFKQRFKDQGHUH*HJQHUJLEW©
ª8QGZHOFKH"©'LH)UDJHVWHOOWH-DQH&ROOLQV ª:LUIOLHJHQ]XUFNLQGLH8U]HLW©HUNOlUWHGHU0DJLHU ª8QGGRUWZHUGHQZLUXQWHU8PVWlQGHQ6DXULHUQEHJHJQHQ YLHOOHLFKWDXFKGHQ5LHVHQY|JHOQGLHGHQ1DPHQ3WHUDQRGRQ WUDJHQ© ª,VWGDVQLFKWHLQH0LVFKXQJ]ZLVFKHQ*HLHUXQG'UDFKH"© HUNXQGLJWHVLFK%LOO ª6RlKQOLFK© -DQHEOLFNWHGHQ5HSRUWHUDQ%LOOVDKGLH*lQVHKDXWDXI LKUHP*HVLFKWXQGZXWHZDV-DQHGDFKWHª.HLQH$QJVW ZHQQGLH3LHSPlW]HNRPPHQJHEHQZLULKQHQ6DXUHV© ª'HLQ:RUWLQ+XJRV2KU©VDJWHGLH'HWHNWLYLQOHLVH %LOOVFKULWWVFKRQGLH5HJDOHDE(UKlQJWHVLFK]ZHL 0DVFKLQHQSLVWROHQEHUGLH6FKXOWHUXQGQDKPDXFK 5HVHUYHPXQLWLRQª(LQH3XVWHLVWIUGLFK-DQH© 'LHVFKZHUHQ$UPHHSLVWROHQVWHFNWHVLFKGHU5HSRUWHULQ GHQ*UWHOXQGIKOWHVLFKGDQDFKZLHHLQOHEHQGHV$UVHQDO 'LH'HWHNWLYLQPDFKWHVLFK*HGDQNHQEHUGHQ:HJª:LH NRPPHQZLUGRUWKLQ"©ZROOWHVLHYRQ0\[LQZLVVHQ ª:LUIOLHJHQ© ª2KQHPDJLVFKHQ6SUXQJ"© ª-D© %LOOKDWWHGLH:RUWHHEHQIDOOVYHUQRPPHQXQGEOLHEVWHKHQ ª:LHVROOLFKGHQQGDVZLHGHUYHUVWHKHQ"© ª(VLVWQLFKWVFKZHU'HU6FKZDU]H7RGKDWVHLQ5HLFKDEJH VFKLUPW0HLQH0DJLHPWHDOVRVWlUNHUVHLQDOVGLHPHLQHV *HJQHUV'DVLVWVFKZLHULJXQGYRUDOOHQ'LQJHQVHKU]HLW UDXEHQGIDOOVZLUHVEHUKDXSWVFKDIIHQ(VJLEWMHGRFKHLQ QDWUOLFKHV7RUGXUFKGDVZLULQGLHVH:HOWJHODQJHQN|QQHQ :LHHVHQWVWDQGHQLVWZHLLFKQLFKW)LQGHQZLUXQVGDPLW DEGDGLHVHV7RUH[LVWLHUW,FKKRIIH%LOOGXNDQQVWHLQHQ +XEVFKUDXEHUIOLHJHQ"© 'HU5HSRUWHUQLFNWHª(LQHPHLQHUOHLFKWHVWHQhEXQJHQ
+DEHMDKUHODQJ+XEVFKUDXEHUJHIORJHQ© ª(UZDUVRJDUPDOVHOEVWHLQHU©IODFKVWH-DQH 0\[LQOlFKHOWH(UYHUVWDQGGLH0HQVFKHQGLHPLWIORWWHQ 6SUFKHQLKUHLQQHUH6SDQQXQJXQG(UUHJXQJYHUEDUJHQ ª:RVWHKWGHQQGHU9RJHO"©ZROOWH%LOOZLVVHQ 0\[LQGHXWHWHDXIHLQJURHV]ZHLIOJHOLJHV7RUª'DKLQWHU EHILQGHWVLFKGHU+XEVFKUDXEHU© ª'DQQVHKHQZLULKQXQVGRFKHLQPDODQ©%LOOVFKULWWDXI GDV7RU]XEOLHEGDYRUVWHKHQXQGVDKVLFKHLQLJH+HEHO JHQDXHUDQ0DQPXWHVLHKHUXPOHJHQGDQQZUGHGDV7RU DXIVFKZLQJHQ 'HU5HSRUWHUYHUVXFKWHHV (LQ(0RWRUVXPPWHXQGGDV7RUJOLWWDXI5ROOHQODQJVDP ]XU6HLWH%LOOXQG-DQHVWDXQWHQ9RULKQHQODJHLQH+DOOH LQGHUPLQGHVWHQV]HKQ+XEVFKUDXEHU3ODW]KDWWHQ =ZHLVWDQGHQQXUGDULQ ª0DQQ©IOVWHUWH%LOOEHLQDKHHKUIUFKWLJªGDVLVWHLQ 6WW]SXQNW,FKZXWHJDUQLFKWGDGLH$PLVKLHUDXFKLKUH :DIIHQODJHUQ© ª1LFKWQXUGLH$PHULNDQHU©HUNOlUWH0\[LQªDXFKGLH DQGHUHQ1DWLRQHQEHVLW]HQVROFKH6WW]SXQNWH© 'HU5HSRUWHUVFKULWWDXIGHQHUVWHQ+XEVFKUDXEHU]X(V ZDUHLQHWZDVlOWHUHV6LNRUVN\0RGHOOVWDELOJHEDXWXQG DXVJH]HLFKQHWLQ6FKX1HEHQGHU0DVFKLQHEOLHEGHU 5HSRUWHUVWHKHQª*LEWHVKLHUNHLQH0HQVFKHQ"© ª1HLQGDVZUGHDXIIDOOHQ(LQPDOLP-DKUZLUGQXUJH ZDUWHW©HUNOlUWH0\[LQª6RLVWGDV© -DQH&ROOLQVEOLFNWHKRFK]XU'HFNHª:LHNRPPHQZLUKLHU KHUDXV"©IOVWHUWHVLH ª'LHEHLGHQ'HFNHQKlOIWHQIDKUHQDXVHLQDQGHUZHQQHV VRZHLWLVW©DQWZRUWHWH0\[LQ %LOOZDUI-DQHHLQH03L]XGLHVLHJHVFKLFNWDXIILQJª'DQQ ZROOHQZLUDXFKQLFKWPHKUODQJHZDUWHQ©ULHIHU 0\[LQQLFNWH 6LHVXFKWHQVLFKGHQNOHLQVWHQ+XEVFKUDXEHUDXV
%LOO&RQROO\NODSSWHGLH7ULWWOHLWHUXQWHUGHU7U]XUFN VWLHJKRFKXQG|IIQHWH 'LH(LQVWLHJVOXNHVFKZDQJ]XUFN 'HU5HSRUWHUHUNOHWWHUWHGHQ+XEVFKUDXEHU(UOHJWHGLH 03LQHEHQVLFKXQGHQWHUWHGHQ3LORWHQVLW]6HLQH%OLFNH IORJHQEHUGLHNRPSOL]LHUWH,QVWUXPHQWHQVNDOD +|KHQUXGHU6HLWHQUXGHUgOGUXFNXQG%HQ]LQGUXFN SXPSHDOOHVRND\$XFKGHU6WHXHUNQSSHOOLHVLFKOHLFKW EHZHJHQ*UQOLFKHU6FKHLQ]LWWHUWHEHUGLH$UPDWXUHQXQG HUIOOWHGDV&RFNSLW 0\[LQOLHGHP5HSRUWHUHLQH9LHUWHOVWXQGH=HLWXPVLFK PLWGHP&RFNSLWYHUWUDXW]XPDFKHQ-DQH&ROOLQVEHVRUJWH DXVGHP/DJHULQ]ZLVFKHQZDUPH.OHLGXQJ 'HU5HSRUWHU]RJVLFKHEHQVRZLHVLHHLQHJHVWHSSWH)OLHJHU MDFNHEHU'DV)XWWHUZDUGLFNXQGKLHOWZDUP -DQHEOLHE]|JHUQGYRUGHU/HLWHUVWHKHQ%LOOZLQNWHGHU 'HWHNWLYLQ]Xª.RPPVWHLJHLQ© -DQHOlFKHOWHXQGVFKULWWGLH6SURVVHQKRFK$XIGHP6LW] GHV&R3LORWHQQDKPVLH3ODW] -HW]WVWDQGQXUQRFK0\[LQGUDXHQ (UWUDWDXIHLQHJURH6FKDOWWDIHO]XGUFNWHGRUWPHKUHUH .Q|SIHXQGZDUWHWHDE $QGHU'HFNHHUW|QWHHLQ6XPPHU'DQQVFKREHQVLFKGLH EHLGHQ+lOIWHQODQJVDPDXVHLQDQGHU 6WUDKOHQGEODXHU+LPPHOZDU]XVHKHQ6HOWHQKDWWH%LOO VROFKHLQH)DUEHJHVHKHQ1LFKWHLQPDODP0LWWHOPHHU .HLQ:|ONFKHQWUEWHGDV)LUPDPHQW(VZDUHLQSKDQWD VWLVFKHU$QEOLFN 0\[LQVWLHJHEHQIDOOVHLQª:LUKDEHQ*OFN©VDJWHHUDOV HUGLH7UVFKORª.HLQ6WXUP© %LOO&RQROO\JULQVWHª,FKJODXEHGXKDVWGHQ:HWWHUJRWW EHVFKZRUHQZLH"© ª1HLQGHVVHQ6FKZLHJHUPXWWHU© ª2KHLQ'lPRQPLW+XPRU©ODFKWHGHU5HSRUWHUª:RJLEW HVGHQQVRHWZDV"©
ª0DQOHUQWHEHQQLHDXV© %LOOQLFNWHª'DVJODXEHLFKDXFK© 'LH'HFNHGLHVHULQV(LVJHEDXWHQ+DOOHZDUYROOVWlQGLJ ]XUFNJHIDKUHQ ª6LHVFKQHLWEULJHQVQLH]X©HUNOlUWH0\[LQªZHLOVLHSHU PDQHQWEHKHL]WZLUG© ª$OOH$FKWXQJ©%LOOQLFNWHXQGOLHGHQ0RWRUGHV +XEVFKUDXEHUVDQ'HU5RWRUEHJDQQVLFK]XGUHKHQ(U IODSSWHHLQSDDUPDOIDOWHWHGDQQVHLQH)OJHODXVHLQDQGHU XQGELOGHWHEHUGHP&RFNSLWGDFKHLQHQZLUEHOQGHQ.UHLV $XFKGHU+HFNURWRUOLHIVFKRQ ª$XIJHKW V©VDJWH%LOO6HLQ*HVLFKWZLUNWHNRQ]HQWULHUW DOVHU*DVJDE(UJLQJGDEHLVHKUYRUVLFKWLJ]X:HUNH'HU +XEVFKUDXEHUUXFNWHKREDEHUDE 6HQNUHFKWOLHLKQ%LOOKRFKVWHLJHQ(UZDUODQJHQLFKWPHKU JHIORJHQXQGGHVKDOEIURKGD:LQGVWLOOHKHUUVFKWHVRKDWWH HUZHQLJVWHQVQLFKWPLWGHQ/XIWWXUEXOHQ]HQ]XNlPSIHQ ,PPHUPHKUQlKHUWHQVLHVLFKGHPRIIHQHQ'DFK%LOOXQG -DQHKDWWHQ6FKQHHEULOOHQYRULKUHQ$XJHQ'LH'LQJHUKDWWHQ LP+XEVFKUDXEHUJHOHJHQ 'DQQZDUHQVLHGUDXHQ ,PHUVWHQ$XJHQEOLFNZDU%LOOJHVFKRFNWXQGIDV]LQLHUW ]XJOHLFK (LQHSUlFKWLJHIDV]LQLHUHQGH/DQGVFKDIWEUHLWHWHVLFKYRU VHLQHQ$XJHQDXV (LVZRKLQPDQVFKDXWH'D]XHLQHIDKOH6RQQHDP KHOOEODXHQ+LPPHO,KUH6WUDKOHQEHUKUWHQGLHJURHQ *OHWVFKHUOLHHQVLHEOlXOLFKVFKLPPHUQXQGXPZHEWHQGLH JHZDOWLJHQ(LVPDVVHQPLWHLQHPVWUDKOHQGHQ7HSSLFK 'DV*HOlQGHZDUQLFKWIODFK6LHEHIDQGHQVLFKLQHLQHP (LVJHELUJH=DFNLJH%HUJJLSIHOVWLHHQLQGLHNODUH/XIW%LOO XQG-DQHVDKHQ7lOHULQGHQHQGDV(LVPHWHUGLFNODJXQG ZRKOQLHPHKUVFKPHO]HQZUGH'LH%HUJZHOWODJLQHLQHU QDKH]XPDMHVWlWLVFKHQ5XKHYRULKQHQ%LOOIKOWHVLFKDOV 6W|UHQIULHGDOVHUGLHODXWHQ5RWRUJHUlXVFKHK|UWH
'DVKLHUZDUGLHUHLQH1DWXUZLHPDQVLHVHOWHQDXIGHU :HOWIDQG ,P2VWHQGRQQHUWHHLQH/DZLQH]X7DO'HU6FKQHHVWDXE YHUGLFKWHWHVLFK]XHLQHUJHZDOWLJHQ:RONHGLHZLHIHVWJH OHLPWLQGHUNODUHQ/XIWVWDQG %LOOIORJDQGHU:RONHYRUEHL(UNRQQWHDXFKQLFKWKLQ VHKHQGDIUVWDUUWH-DQH&ROOLQVDXVGHP)HQVWHU6LHZDUYRQ GLHVHU/DQGVFKDIWEHJHLVWHUW 0DQFKPDOVFKLOOHUWHGDV(LVLQ]DKOUHLFKHQ)DUEHQ-HQDFK GHPZLHGDVKHUDEIDOOHQGH6RQQHQOLFKWJHEURFKHQZXUGH 'HU0RWRUGHV+XEVFKUDXEHUVOLHIJOHLFKPlLJ.HLQ 6WRWWHUQNHLQ5XFNHQ+lWWHQGLHGUHL3HUVRQHQQLFKWHLQH KDUWH$XIJDEHYRUVLFKOLHJHQVRKlWWHPDQGLH)DKUWDOV HLQHQUHJHOUHFKWHQ)HULHQIOXJEH]HLFKQHQN|QQHQ 6LHIORJHQDQGHQKRKHQ%HUJHQYRUEHLGDKLQWHUEUHLWHWH VLFKHLQZHLWHVHLVEHGHFNWHV3ODWHDXDXV,QGHU)HUQHVFKLHQ HVPLWGHP+LPPHO]XYHUVFKPHO]HQ %LOOEOLFNWHQDFKXQWHQ 'DV3ODWHDXZDUQLFKWIODFKVRQGHUQYRQ]DKOUHLFKHQ 5LVVHQXQG6SDOWHQGXUFKVHW]W'HU5HSRUWHUZXWHGD GLHVH6SDOWHQGLHUHLQVWHQ7RGHVIDOOHQZDUHQZHQQPDQ XQJOFNOLFKHUZHLVHKLQHLQILHO(LQH5HWWXQJZDUGDQQVRJXW ZLHXQP|JOLFK 0\[LQlQGHUWHGHQ.XUV 6LHKLHOWHQVLFKPHKUZHVWOLFKXQGGDV*HELUJHEOLHEKLQWHU LKQHQ]XUFN ª*HVFKZLQGLJNHLWXQG+|KHVHQNHQ©JDEGHU0DJLHUVHLQH $QZHLVXQJ ª6LQGZLUEDOGGD"©IUDJWH%LOO ª-D© 'HU5HSRUWHUOLHGLHULHVLJH/LEHOOHWLHIHUVLQNHQ3O|W]OLFK VDKHQGLH6SDOWHQJDUQLFKWPHKUVRVFKPDODXVVRQGHUQEUHLW XQGJHIlKUOLFK ª0HLQ*RWWGDVVLQGMDUHJHOUHFKWH&DQ\RQV©VDJWH-DQH &ROOLQVVWDXQHQG
0\[LQQLFNWHª,QHLQHUGLHVHU6SDOWHQZHUGHQZLUODQGHQ© %LOO&RQROO\KDWWHGLH:RUWHYHUQRPPHQ(UIXKUKHUXP ª:DVVDJVWGXGD"© ª+DVWGX$QJVW"©HUNXQGLJWHVLFK0\[LQ %LOOIXKUPLWHLQHU+DQGXQWHUVHLQHQ.UDJHQª(LQELFKHQ NRPLVFKLVWPLUVFKRQ]XPXWH© ª:LUZHUGHQHVVFKDIIHQ©VDJWH0\[LQ]XYHUVLFKWOLFK %LOO&RQROO\ZXQGHUWHVLFKEHUGHQ0DJLHU(UZDUHLQ 6FKZDU]EOWHUHLQ'lPRQXQGGRFKKDWWHHUVLFKDXIGLH 6HLWHGHV6LQFODLU7HDPVJHVFKODJHQ'LH*UQGHGDIUODJHQ DXIGHU+DQG'DZDUHLQPDOGHU6FKZDU]H7RGGHVVHQ )HLQG0\[LQZDU%HUHLWVLQGHU9HUJDQJHQKHLWKDWWHQVLHVLFK XPGLH9RUKHUUVFKDIWJHVWULWWHQELVGHU6FKZDU]H7RG0\[LQ LQHLQHQ]HKQWDXVHQGMlKULJHQ7LHIVFKODIYHUVHW]WHDXVGHP -RKQ6LQFODLUXQG6XNRLKQHUZHFNWKDWWHQ*HZLVVHUPDHQ DXV'DQNEDUNHLWKDOI0\[LQGHP6LQFODLU7HDPDOOHUGLQJV JDEHUQXU7LSVPHKUQLFKW'HU6FKZDU]H7RGZXUGHPlFK WLJHUYHUORUGDQQEHL$VPRGLVGHP+|OOHQIUVWHQDQ $QVHKHQXQG0\[LQZROOWHVFKRQWULXPSKLHUHQ'DVFKXI GHU7HXIHO$VPRGLQD6LHMHGRFKVWHOOWHVLFKQLFKWDXI0\[LQV 6HLWHVRQGHUQYHUEQGHWHVLFKPLWGHP6SXNGHP+HUUVFKHU LP5HLFKGHU6FKDWWHQ:LHGHUZDU0\[LQDXVJHNODPPHUW(U NRFKWHYRU:XW0lFKWLJZDUHULPPHUQRFKGHQQLKPXQWHU VWDQGHQGLH6FKZDU]HQ9DPSLUHJUlOLFKH*HVFK|SIHGLHLP 'XQNHOGHU'LPHQVLRQHQODXHUWHQ 'RFKGLH6FKZDU]HQ9DPSLUHDOOHLQZDUHQQLFKWVWDUN JHQXJ'HU6FKZDU]H7RGRGHU$VPRGLQDKDWWHQJHZDOWLJH $UPHHQYRQGlPRQLVFKHQ+LOIVNUlIWHQGLHZLHGHUXP-DJG DXIGLH9DPSLUHPDFKWHQ6RVSLHOWHQVLFKLQGHQ'LPHQ VLRQHQGHV6FKUHFNHQVXQJHKHXUH.lPSIHDE$XVHLQDQGHU VHW]XQJHQGLH0\[LQDOOHLQQLFKWJHZLQQHQNRQQWHXQGVR ZDUVHLQ(QWVFKOXJHUHLIWVLFKDXIGLH6HLWHGHV6LQFODLU 7HDPV]XVFKODJHQXPYRQGHUVLFKWEDUHQ:HOWDXVGHQ .DPSIDXI]XQHKPHQ ª,FKZHLZDVGXGHQNVW©VDJWH0\[LQ
%LOOJULQVWHª6R"© ª8QG":DVVDJVWGXGD]X"© ª1LFKWVZLUZHUGHQDEZDUWHQ© ª'DVKlWWHPLUPHLQH7DQWHDXFKVDJHQN|QQHQ©NQXUUWH %LOO&RQROO\OHLFKWYHUlUJHUW ª'HQNQLFKWDQGHLQH7DQWHVRQGHUQDFKWHGDUDXIZRKLQ GXIOLHJVW©HUNOlUWH0\[LQ ª6HKUZRKO+HUU'lPRQ© 'LH*HOlQGHIRUPZHFKVHOWH=ZDUIORJHQVLHQRFKLPPHU EHUGDVJHZDOWLJH3ODWHDXKLQZHJGRFKXQWHULKQHQ ZXUGHQGLH6SDOWHQXQG5LVVHEUHLWHU'D]ZLVFKHQODJHQ JHZDOWLJH(LVVFKROOHQGLHVLFKGXUFK(UGEHZHJXQJHQEHU HLQDQGHUJHVFKREHQKDWWHQXQG]XDEVWUDNWHQ*HELOGHQ JHZRUGHQZDUHQ0DQFKH(LVSODWWHQUDJWHQZLHEHUKlQJHQ GH)HOVHQVFKUlJLQGLH+|KHDQGHUHZLHGHUXPZDUHQ]HU VSOLWWHUW6LHJOlQ]WHQZLHJHZDOWLJH6SLHJHOZHQQGDV 6RQQHQOLFKWVLHWUDI 0\[LQGHXWHWHQDFKYRUQª6LHKVWGXGLHJURH6SDOWH GRUW"© %LOOQLFNWH ª'DKLQHLQ© ª'DVVFKDIIHQZLUQLH©VDJWH-DQH ª'RFKHVNODSSW©'HU0DJLHUZDU]XYHUVLFKWOLFK 6HNXQGHQVSlWHUVFKRQVFKZHEWHQVLHEHUGHU6SDOWH%LOO KDWWHGLH*HVFKZLQGLJNHLWDXI1XOO]XUFNJHQRPPHQGLH 5LHVHQOLEHOOHKLQJLQGHU/XIWZLHYRQHLQHPXQVLFKWEDUHQ )DGHQJHKDOWHQ ª7LHIHU©IRUGHUWH0\[LQ %LOOJDEIUHLQHQ0RPHQWQLFKWDFKWXQGGHU+XE VFKUDXEHUVDFNWHZHJ ª3DDXI©ULHI-DQH ª2ND\RND\LFKKDEHLKQMDZLHGHU© $XVGHP(LVFDQ\RQVFKZHEWHQ'lPSIH(UVWDOVGLH $QN|PPOLQJHGLFKWGDUEHUZDUHQHUNDQQWHQVLHGLHDXVGHU 6SDOWHTXHOOHQGHQ:RONHQ
ª'DQQEHWHPDO©PXUPHOWH%LOODOVHUGHQ+XEVFKUDXEHULQ GLH6SDOWHVLQNHQOLH (UPDQ|YULHUWHXQJHKHXHUYRUVLFKWLJVHLQ*HVLFKWZDUPLW 6FKZHLEHGHFNW %LOOSDFNWHHV'LHVFKZHUH6LNRUVN\VDQNLQGHQ&DQ\RQ KLQHLQXQGHLQHP8QJHZLVVHQ6FKLFNVDOHQWJHJHQ (VJHVFKDK]XHLQHU=HLWDOVGLH:HOWLQGHQ*HEXUWVZHKHQ ODJXQGGLH.RQWLQHQWHQRFKHLQH(LQKHLWELOGHWHQ*HZDOWLJH 6WUPHWREWHQEHUGDV/DQGZDKUH6LQWIOXWHQJRVVHQDXV GLFNHQXQKHLPOLFKHQ:RONHQ(UGEHEHQHUVFKWWHUWHQGLH .RQWLQHQWHULVVHQVLHDXVHLQDQGHUEHYRUVLHYRQJHZDOWLJHQ 6SULQJIOXWHQZLHGHUEHUVFKZHPPWZXUGHQ /HEHQLPKHXWLJHQ6LQQHH[LVWLHUWHQRFKQLFKW:RKOKDWWHQ VLFKGLHEHLGHQJURHQ.UlIWHJHWHLOW (VJDE*XWXQG%|VH =ZLVFKHQGLHVHQEHLGHQ3ROHQEUDFKHQJHZDOWLJH 0DFKWNlPSIHDXV'DV*XWHJHZDQQXQGGDV%|VHZXUGH ]XUFNJHVFKOHXGHUWLQGLH'LPHQVLRQHQGHV6FKUHFNHQV $EHUGHU6DWDQVDQQDXI5DFKH (UEDXWHVHLQ'lPRQHQKHHUDXIXQGVWHOOWHHLQHQJHZDO WLJHQ7\UDQQHQDQGLH6SLW]H 'HQ6FKZDU]HQ7RG 6HLQGVWHUHU6FKDWWHQVFKZHEWHEHUGLH:HOW(UEHREDFK WHWHGLH(QWZLFNOXQJGHU0HQVFKKHLWHUOHEWHGHQ$XIEDX XQG1LHGHUJDQJJHZDOWLJHU5HLFKHXQG9|ONHUJUXSSHQPLW XQG]HUVW|UWHVLHHLJHQKlQGLJ(UZXUGH]XHLQHP0DFKW IDNWRULP'lPRQHQUHLFKREZRKOHVGRUWQRFKDQGHUH 6FKUHFNHQVIUVWHQJDEZLH%HOSKHJRU%DHORGHU$VWDURWK 'HU6FKZDU]H7RG]ZDQJVLHPLWHLVHUQHU+DQGXQWHUVHLQH .QXWH (UEDXWHVHLQ5HLFKDXVQLVWHWHVLFKDXIGHPOlQJVWYHUJHV VHQHQ.RQWLQHQW$WODQWLVHLQZRHVVFKOLPPH0DFKWNlPSIH JDEXQGZRDXFKGDV%XFKGHUJUDXVDPHQ7UlXPHJHVFKULH
EHQZXUGH(LQ:HLVHUKDWWHGLH=HLOHQYHUIDWXQGDOOGDV QLHGHUJHVFKULHEHQZDVGLH+|OOHDQ*HKHLPQLVVHQ]XELHWHQ KDWWH(UEHUJLQJGDEHLDXFKQLFKWGHQ6FKZDU]HQ7RGXQG OHJWHVHLQH9HUQLFKWXQJIHVWGLHHUVWLQXQHQGOLFKIHUQHU =XNXQIWVWDWWILQGHQVROOWH :lKUHQGLFKODVPHUNWHLFKJDUQLFKWZLHGLH=HLWYHUUDQQ 6RVHKUIHVVHOWHQPLFKGLHVH6HLWHQ ,FKVFKOXJHLQQHXHV.DSLWHODXI 6RKQGHV/LFKWVODVLFK -HW]WZXUGHHVLQWHUHVVDQW1XQZXUGHLFKVHOEVWDQJHVSUR FKHQ,FKNRQQWHHVNDXPHUZDUWHQELVLFKGLHHLQ]HOQHQ =HLOHQEXFKVWlEOLFKLQPLFKDXIJHVRJHQKDWWH 8QGHVZLUGNRPPHQGHU7DJGDHUZDFKWGDV*XWHXQWHU GHQ0HQVFKHQ:HQQVLFKGLH%|VHQYHUHLQLJHQXPGLH:HOW LQHLQHPJHZDOWLJHQ6WXUPODXI]XQHKPHQZHUGHQ0lQQHU HUVFKHLQHQGLHLKQHQWURW]HQ'HU6RKQGHV/LFKWVZLUG VHLQHQ.DPSIJHJHQGLH*UDXVDPHQDXIQHKPHQ(UXQG VHLQH)UHXQGHVWHPPHQVLFKJHJHQGDVYRUJHVFKULHEHQH 6FKLFNVDOGHU:HOWXQGLP5HLFKGHV6DWDQVZLUG+HXOHQXQG =lKQHNODSSHUQKHUUVFKHQ'RFKKWHGLFK6RKQGHV/LFKWV VRHLQIDFKJHEHQVLFKGLH+HUUVFKHUGHU+|OOHQLFKWJHVFKOD JHQ(VEHGDUIVFKRQHLQHUEHVRQGHUHQ:DIIHXPVLH]XYHU QLFKWHQHLQHU:DIIHGLHDXIGHU(UGHQLFKW]XILQGHQLVW VRQGHUQGLHHUVWQRFKJHERUHQZHUGHQPX ,FKOLHGLH%OlWWHUVLQNHQ(QWWlXVFKXQJVWLHJLQPLUKRFK 'DKDWWHLFKJHGDFKWHQGOLFKGHQ6FKOVVHO]XU9HUQLFKWXQJ GHV6FKZDU]HQ7RGVLQGHU+DQG]XKDOWHQGRFKQXQODV LFKGDV .DXP]XIDVVHQ 7LHIDWPHWHLFKHLQ0HLQH+DQGGLHGLH/DPSHKLHOW ]LWWHUWH'HU6WUDKOWDQ]WHEHUGDVYHUJLOEWH3DSLHU,FKVDK PHLQH&KDQFHQVLQNHQ6ROOWHVLFKGDV%XFKGHUJUDXVDPHQ 7UlXPHYLHOOHLFKWDOVJURHU%OXIIKHUDXVVWHOOHQ" :HQQGDVGHQ7DWVDFKHQHQWVSUDFKGDQQEUDFKIUPLFK HLQH:HOW]XVDPPHQ
7URW]GHPODVLFKZHLWHUGHQQLFKPXWHQRFK]ZHL6HLWHQ KLQWHUPLFKEULQJHQ 'LHEHVRQGHUH:DIIHGLHGHU6RKQGHV/LFKWVEHQ|WLJWXP GHQ6FKZDU]HQ7RG]XYHUQLFKWHQZLUGHUDXFKDXIDQGHUHQ :HOWHQQLFKWILQGHQGHQQHUKlOWVLHLQGHU+DQG:HQQHU :RUWIU:RUWGLH=HLOHQJHOHVHQKDWZHUGHQLKPGLH$XJHQ JH|IIQHW 'DVJDEPLU+RIIQXQJXQGLFKODVZHLWHU *HIHLWJHJHQGLH:HLH0DJLHLVWGHU6FKZDU]H7RGLQ GHU/DJHMHGHQ$QJULIIDE]XZHKUHQGRFKHUZLUGHVQLFKW VFKDIIHQGHPPDJLVFKHQ%XPHUDQJDXV]XZHLFKHQ 'DVZDUHV 'HUPDJLVFKH%XPHUDQJ 0LWLKPNRQQWHLFKGHQ6FKZDU]HQ7RGYHUQLFKWHQ ,FKOLHPLFK]XUFNVLQNHQ'HU6FKZHLUDQQPLULQGLH $XJHQPHLQ+HU]NORSIWHXQJHZ|KQOLFKVFKQHOO3O|W]OLFK ZXWHLFK%HVFKHLG(QGOLFKZDUGDVHLQJHWUHWHQZRQDFKLFK MDKUHODQJJHVXFKWKDWWH,FKZXWHQXQZRPLWLFKGHQ 6FKZDU]HQ7RGEHVLHJHQNRQQWH 0LWHLQHPPDJLVFKHQ%XPHUDQJ 1LHZlUHLFKDXIGLHVH,GHHJHNRPPHQ,FKYHUWUDXWHGHP %XFKYROONRPPHQXQGLFKZDUVLFKHUGDHVPLUQRFKPHKU RIIHQEDUWH 'LHOHW]WH6HLWH 6ROLHV6RKQGHV/LFKWVGLHVH=HLOHQXQGEHKDOWHVLHLQ GHLQHP*HGlFKWQLVGHQQGXZLUVWVLHNHLQ]ZHLWHV0DOPHKU ]XOHVHQEHNRPPHQ)UGLFKVLQGVLHEHVWLPPW.HLQDQGHUHV :HVHQDXILUJHQGHLQHU:HOWVROOGDV*HVFKULHEHQHOHVHQ %HZDKUHVLHLQGHLQHP*HGlFKWQLVDXIXQGGHQNHDQGLH =XNXQIWGLHQRFKJURH$XIJDEHQIUGLFKEHUHLWKlOW 'DVZDUGHUOHW]WH6DW] ,FKOLHGDV%ODWWVLQNHQXQGOHJWHHV]XGHQDQGHUHQDQ PHLQHUUHFKWHQ6HLWHDXIGLH$OWDUSODWWH ,Q*HGDQNHQYHUVXQNHQEOLHELFKVLW]HQ0HLQ.LQQVWW]WH LFKLQEHLGH+lQGH
0HLQH*HGDQNHQEHVFKlIWLJWHQVLFKPLWGHPPDJLVFKHQ %XPHUDQJ,FKEHUOHJWHZRLFKLKQKHUQHKPHQVROOWHXQG ZDUGHVKDOEPHKUDOVEHUUDVFKWDOVLFKQHEHQPLUHLQ .QLVWHUQK|UWH 'LH%OlWWHUPDFKWHQVLFKVHOEVWlQGLJ:LHYRQ*HLVWHUKDQG EHZHJWUROOWHQVLHVLFK]XVDPPHQXQGQDKPHQHLQH .UPPXQJDQZLHVLHDXFKHLQ%XPHUDQJKDW ,FKVSUDQJDXI $XVZHLWDXIJHULVVHQHQ$XJHQEHREDFKWHWHLFKGHQ 9RUJDQJ3O|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lKOWHQXUGHU%XPHUDQJ ,FK]LWWHUWHZLH(VSHQODXEVRVHKUKDWWHQPLFKGLHOHW]WHQ 0LQXWHQPLWJHQRPPHQ (LQ7UDXPZDULQ(UIOOXQJJHJDQJHQ (QGOLFK ,FKZDJWHJDUQLFKWGHQ%XPHUDQJ]XEHUKUHQ$XV $QJVWHVN|QQWHPLUVRHUJHKHQZLHEHLGHP:UIHO 8QVLQQGLH:DIIHZDUIUPLFKEHVWLPPWXQGJHK|UWHPLU ,FKPXWHVLHDQPLFKQHKPHQ ,UJHQGZLHIKOWHLFKPLFKSO|W]OLFKDQGHUV)UHLHUPXWLJHU XQGRSWLPLVWLVFKHU'HU6FKZDU]H7RGKDWWHPLU]DKOUHLFKH
1LHGHUODJHQEHLJHEUDFKWDQGHQHQLFKRIWYHU]ZHLIHOWZDU DEHUMHW]WKLHUXQGKHXWHZDUPLUNODUGDLFKGHQ.DPSI DXIQHKPHQNRQQWHXQGPXWH 0LWGHPVLOEHUQHQ%XPHUDQJ ,FKQDKPLKQDXI=XHUVWEHUKUWHLFKLKQQXUPLWGHQ )LQJHUVSLW]HQ'DV0HWDOOIKOWHVLFKVHOWVDPZDUPDQZLH EHLPHLQHP.UHX]'DQQODJGHU%XPHUDQJDXIPHLQHU RIIHQHQ+DQGIOlFKH ,FKZRJLKQ(UZDUVFKZHUODJDEHUJXWLQGHU+DQG,FK ZUGHLKQVLFKHUOLFKJXWKDQGKDEHQN|QQHQVFKOLHOLFKZDU GLHVHU%XPHUDQJIUPLFKEHVWLPPW )UGHQ6RKQGHV/LFKWV 7LHIDWPHWHLFKHLQ=XHUVWDEHUPXWHLFKHUVWHLQPDODXV GLHVHPYHUGDPPWHQ%HUJKHUDXVNRPPHQZDVJDUQLFKWVR HLQIDFKZDU8QZLOONUOLFKJOLWWPHLQ%OLFNLQGLH+|KH'RUW ZDUQLFKWV1XU'XQNHOKHLW ,FKGDFKWHZLHGHUDQGHQWRWHQ5RG+X[OH\PLWGHPSUDN WLVFKDOOHVEHJRQQHQKDWWH8QG]ZDQJVOlXILJZXUGHLFKDQ GDV%LOGGHU.DULQ0DOOPDQQHULQQHUWGDVHUKLHULQGHU +|KOHJHIXQGHQKDWWH :HOFKHLQH%HGHXWXQJKDWWHGLHVHU)XQG"'HQQGDGDV %LOGHLQIDFKKHUXPODJZDUVFKOHFKWP|JOLFK .DULQ0DOOPDQQZDUGXUFKGLH+DQGGHV6FKZDU]HQ7RGV JHVWRUEHQ8QGPLUVWHOOWHVLFKGLH)UDJHREHUQDFKLKUHP 7RGDXFKQRFK(LQIOXDXI.DULQV6HHOHKDWWH :HQQMDZDUGDVVHKUVFKOLPP $XIHLQPDOK|UWHLFK*HUlXVFKH(VZDUELVMHW]WVWLOOJH ZHVHQQXQNODQJHQVLHGRSSHOWVRODXW 'LH+H[HQZDUHQZLHGHUGD ,FKVDKVLHGXUFK*lQJHXQG6WROOHQMDJHQDXIJHUHJWXQG JHKHW]W6LHNUHLVFKWHQEHUODXWDOVZUGHQVLHLKUHQ7RG EHUHLWVGLFKWYRU$XJHQKDEHQ ,UJHQGZLHNRQQWHLFKVLHYHUVWHKHQ'XUFKGDV(QWVWHKHQ GHV%XPHUDQJVZDUGLHVHU+RUWGHU6FKZDU]HQ0DJLHXPJH ZDQGHOWZRUGHQLQHLQH=RQHGHV/LFKWV
'LH+H[HQNRQQWHQVLFKHLQIDFKQLFKWZRKOIKOHQ 8QGGRFKVDKHQVLHLQPLUGHQ)HLQG6LHKDWWHQYRQLKUHP +HUUQXQG0HLVWHUGHQ$XIWUDJHUKDOWHQPLFK]XW|WHQ 'DUDQKLHOWHQVLHIHVW 6LHWUDXWHQVLFKMHW]WDXVLKUHQ6FKOXSIZLQNHOQ'UHLJULIIHQ PLFKVRIRUWDQ 'HQ$OWDUKDWWHLFKLP5FNHQ(WZDVEUHLWEHLQLJVWHOOWHLFK PLFKDXI,FK]RJQLFKWPHLQH%HUHWWDQDKPDXFKQLFKWGDV .UHX]]X+LOIHVRQGHUQZROOWHGHQ%XPHUDQJDXVSURELHUHQ :HQQHUGLHHUVWH)HXHUSUREHEHVWDQGRND\:HQQQLFKW ZUGHQPLFKGLH/DQ]HQGHU+H[HQGXUFKERKUHQ 1HEHORGHU'XQVWVFKZDGHQ]RJHQWUlJHDQGHP +XEVFKUDXEHUYRUEHL'LH&DQ\RQZlQGHZDUHQNDXP]X VHKHQDEHUDXVGHU7LHIHGHU6FKOXFKWGUDQJHLQU|WOLFKHV *ORVHQ :LHYHUVWHLQHUWKRFNWH%LOO&RQROO\DXIVHLQHP3LORWHQVLW] 'LH/LSSHQKDWWHHUIHVW]XVDPPHQJHSUHWVHLQH$XJHQ ZDUHQZHLWDXIJHULVVHQ(UKLHOWGHQ$WHPDQ -DQH&ROOLQVHUJLQJHVQLFKWDQGHUV $OVVLH%OXWVFKPHFNWHGDPHUNWHVLHZLHVHKUVLHVLFKDXI GLH/LSSHJHELVVHQKDWWH'LH$QVSDQQXQJXQGDXFKGLH $QJVWZDUHQHEHQ]XJUR :HOFKH+|OOHZUGHVLHHUZDUWHQ" 1XU0\[LQZDUGLH5XKHVHOEVW(UVFKUHFNWHDXFKQLFKW KRFKDOVGHU0RWRUDXVVHW]WH %LOOVFKULHDXI -DQHHUIDWHGLH6LWXDWLRQJDUQLFKWVRUDVFKHUVWDOVVLH DEVWU]WHQVFKOXJVLHGLH+lQGHYRULKU*HVLFKW $XVVFKULHHVLQLKUHP+LUQ$XVXQGYRUEHL $XFK%LOOVDKVLFKEHUHLWVPLW]HUVFKPHWWHUWHQ.QRFKHQXQG LQHLQHP7UPPHUKDXIHQDP%RGHQOLHJHQGRFKGHU)DOO ZXUGHJHEUHPVW(VVFKLHQDOVZlUHQ+lQGHGDXQGZUGHQ VLHHLQIDFKZHLWHULQGLH7LHIHWUDJHQ
6DQIWXQGIHGHUQG ª:LUKDEHQVRHEHQHLQ'LPHQVLRQVWRUGXUFKEURFKHQ© HUNOlUWH0\[LQPLWIDVWKHLWHUHU6WLPPHªXQGEHILQGHQXQV MHW]WLP5HLFKGHV6FKZDU]HQ7RGV© 2KQHGD%LOOHLQH+DQGEHZHJXQJDXVIKUWHEHJDQQHQ VLFKGLHEHLGHQ5RWRUHQ]XGUHKHQ'HU+XEVFKUDXEHUVFKW WHOWHVLFKHWZDV%LOOPXWHJHJHQVWHXHUQGDQQZDUDOOHV RND\ 6LHIORJHQWLHIHU -DQH&ROOLQVOLHGLH+lQGHVLQNHQ6LHZDUEODZLHHLQH .LQROHLQZDQG ª'DVJLQJDQGLH1HUYHQ©IOVWHUWHVLH 6LHVDKHQGLHHUVWHQ%lXPH5LHVLJH)DUQHZXFKVHQ]ZL VFKHQLKQHQXQGEHUGLHVHUJHZDOWLJHQ8UZHOWODQGVFKDIW ODJHLQJUDXHU+LPPHORKQH6RQQH $OOHVZDULQHLQ+DOEGXQNHOJHWDXFKW'LH/XIWNRQQWHPDQ QXUDOVVWLFNLJEH]HLFKQHQ6RVFKZOXQGIHXFKWZDUGDV .OLPDDXFKLQGHQ'VFKXQJHOJHJHQGHQGHU(UGH 1LFKWVVDKHQVLHPHKUYRQGHUHQJHQ6FKOXFKW9RULKQHQ ODJHLQULHVLJHV/DQGXQHQGOLFKZHLWPLWHLQHPGLFKWHQ 8UZDOGEHZDFKVHQGD]ZLVFKHQ6HHQXQG7PSHOLQGHQHQ HVEOXEEHUWHXQGUXPRUWH %LOOZDQGWHVLFK]X0\[LQXPª:ROLHJWGHQQQXQGHU )ULHGKRIDP(QGHGHU:HOW"© ª:LUZHUGHQQRFKIOLHJHQPVVHQ©HUZLGHUWHGHU0DJLHU ª2ND\© 6LHIORJHQEHUHLQHSKDQWDVWLVFKH:HOW(LQH:HOWYROOHU :XQGHUDEHUDXFKJURHU*HIDKUHQ %LOOVDKHLQHQJHZDOWLJHQ%URQWRVDXULHUZLHHUGXUFKGDV *HOlQGHVWDPSIWHXQGGLHKDXVKRKHQ)DUQHNQLFNWH$EHU DXFKHLQ6WHJRVDXUXVZKOWHVLFKVHLQHQ:HJGXUFKGHQ :DOG'LHVHV8QWLHUVDKDXVZLHHLQHULHVLJHDXIJHEOlKWH 6FKLOGNU|WH6HLQGLFNHUPLW+RUQSODWWHQEHGHFNWHU6FKZDQ] NUDFKWHJHJHQ%DXPVWlPPHXQGZDUIHLQLJHMXQJH%lXPH XP6HLQ/HLEZXUGHGXUFKHLQHKDUWH3DQ]HUXQJJHVFKW]W
DXIGHU*HELOGHZXFKVHQGLHZLHJURHVSLW]H'UHLHFNH DXVVDKHQ -DQH&ROOLQVVFKWWHOWHVLFKª+RIIHQWOLFKEUDXFKHQZLUQLFKW EHLGLHVHQ9LHFKHUQ]XODQGHQ'DVZlUHVFKUHFNOLFK© ª'LHVLQGXQJHIlKUOLFK©VDJWH0\[LQª6FKOLPPLVWGHU 7\UDQQRVDXUXV:HQQZLULKPEHJHJQHQZLUGHVHUQVW© ª.DQQVWGXGHQQQLFKWVPLWGHLQHU0DJLHHUUHLFKHQ"© HUNXQGLJWHVLFKGHU5HSRUWHU ª1HLQKLHUEHILQGHQZLUXQVLP5HLFKGHV6FKZDU]HQ7RGV +RIIHQWOLFKILQGHWHUXQVQLFKWVRVFKQHOO© %LOO&RQROO\VDXJWHVFKDUIGHQ$WHPHLQª'DVNDQQMD KHLWHUZHUGHQ© ,QJHULQJHU+|KHIORJHQVLHEHUGHQJHZDOWLJHQ %DXPZLSIHOQKLQZHJ0DQFKPDOKDWWHQVLHGDV*HIKOYRQ =ZHLJHQXQGbVWHQEHUKUW]XZHUGHQGDQQ]RJGHUJXWH %LOOGHQ+XEVFKUDXEHUMHGHVPDOZLHGHUK|KHU ª:HQQZLUGDVHU]lKOHQJODXEWXQVQLHPDQG©EHPHUNWH -DQH&ROOLQV ª9LHOOHLFKWNRPPHQZLUJDUQLFKWPHKUGD]X©PHLQWH%LOO SHVVLPLVWLVFK ª0DOGHQ7HXIHOQLFKWDQGLH:DQG© ª'HUHUZDUWHWXQV©NRQQWHVLFK0\[LQQLFKWYHUNQHLIHQ]X VDJHQ ª2E-RKQVFKRQGDLVW"©IUDJWHGLH'HWHNWLYLQ ª,QGLH=XNXQIWVFKDXHQNDQQLFKOHLGHUQLFKW©HUZLGHUWH GHU5HSRUWHUª$EHUZDKUVFKHLQOLFKKDWHVGHU6FKZDU]H7RG VRJHVFKLFNWDQJHVWHOOWGD-RKQJDUNHLQHDQGHUH:DKOKDW DOV]XNRPPHQ:LUZHUGHQVHKHQ© 'LHQlFKVWHQ0LQXWHQYHUJLQJHQVFKZHLJHQG1XUGLH 5RWRUHQZDUHQ]XK|UHQ8QWHULKQHQODJHLQHGLFKWHJUQH :DQG$XFKGLH2EHUIOlFKHQGHU6HHQXQG7PSHOVFKLOOHU WHQJUQ(LQPDOJODXEWH%LOOGHQ.RSIHLQHUULHVLJHQ 6FKODQJHDXIWDXFKHQ]XVHKHQZDVDEHUDXFKHLQH 7lXVFKXQJJHZHVHQVHLQNRQQWH 'LHVHV/DQGZDUXQKHLPOLFK1LFKWLQVHLQHQNKQVWHQ
7UlXPHQKlWWH%LOOGDUDQJHGDFKWVRHWZDVHLQPDO]XHU OHEHQ'LHVH:HOWZDUDXVJHVWRUEHQHVJDEVLHQLFKWPHKUGLH *HVFKLFKWHKDWWHVLHZLHHLQHULHVLJH:HOOHEHUVSOW 9HUVWHLQHUWH)RVVLOLHQRGHU$EGUFNHLQGHU.RKOHZDUHQ VWXPPH=HXJHQGLHVHU=HLW 1DFKGLHVHQ)XQGHQNRQQWHQ:LVVHQVFKDIWOHUHLQ]LHPOLFK JHQDXHV%LOGGLHVHU:HOWUHNRQVWUXLHUHQ 8QGVLHKDWWHQQLFKWVRXQUHFKWZLH%LOOMHW]WPLWHLJHQHQ $XJHQIHVWVWHOOWH +LQXQGZLHGHUlQGHUWH0\[LQGHQ.XUV'DDOOHVJOHLFK DXVVDKZXQGHUWHVLFK%LOOVRZLHVRZRKHUGHU0DJLHUGHQ :HJNDQQWH $P+RUL]RQWVFKLHQHQGHUJUQH:DOGXQGGHUJUDXH +LPPHO]XHLQHU(LQKHLW]XYHUVFKPHO]HQ $EHU%LOOVDKQRFKHWZDVDQGHUHVGLFKWXQWHUKDOEGHU +RUL]RQWOLQLH0HKUHUHZLQ]LJH3XQNWH (WZD9|JHO" %LOOVFKOXFNWH'LH:HVHQGLH]XGLHVHU=HLWGLH/IWH EHKHUUVFKWHQZDUHQJUDXVDPJHIlKUOLFKXQGDQJULIIVOXVWLJ :HQQVLHDXI%HXWHVXFKHJLQJHQ]LVFKWHQVLHUDNHWHQJOHLFK GHP(UGERGHQHQWJHJHQXQGILQJHQPLWLKUHQODQJHQ 6FKQlEHOQMHGH%HXWH 'HP5HSRUWHUOLHIHLQ6FKDXHUEHUGHQ5FNHQ $XWRPDWLVFKXPNODPPHUWHHUGHQ6WHXHUNQSSHOIHVWHU :HLXQGVSLW]WUDWHQVHLQH.Q|FKHOKHUYRU(UDWPHWHQXU QRFKGXUFKGLH1DVH 'LH3XQNWHZXUGHQJU|HU%LOOVFKLHQHVDOVZUGHQGLH 9|JHO.XUVDXIGHQ+XEVFKUDXEHUQHKPHQ (U]lKOWHHLQKDOEHV'XW]HQGZREHL]ZHLVFKRQ]XYLHO ZDUHQ'DVNRQQWHMDKHLWHUZHUGHQ $XFK-DQH&ROOLQVKDWWHGLH7LHUHJHVHKHQ6LHNORSIWHGHP 5HSRUWHUDXIGLH6FKXOWHUª%LOO©ULHIVLHª:DVLVWGDV"'DDP +LPPHOGLH3XQNWH© &RQROO\VFKZLHJ'DIUJDEGHU0DJLHUHLQH$QWZRUWª'DV VLQGGLH3WHUDQRGRQWHQ©
ª'LHVHVFKUHFNOLFKHQ9|JHO"© ª-D© ª2*RWW:HUGHQVLHXQVDQJUHLIHQ"© ª:DKUVFKHLQOLFK© ª'HLQ2SWLPLVPXVLVWEHVWHFKHQG©NQXUUWH%LOOXQGOLH ZHLWHUKLQNHLQ$XJHYRQGHQJHZDOWLJHQ9|JHOQ 6LHZDUHQVFKRQ]LHPOLFKQDK%LOOVDKGLHODQJHQ6FKQlEHO GDVJURHQDFKKLQWHQJHNUPPWH+RUQDXIGHP.RSIXQG GLHJHZDOWLJHQ)OJHOPLWGHQ.UDOOHQGDUDQ'LHVH7LHUH ZDUHQEHVWLPPWGUHLPDOVRJURZLHHLQDXVJHZDFKVHQHU $GOHU *HJHQVLH]XNlPSIHQZDUZLUNOLFKNHLQ9HUJQJHQ ª+DOWHVFKRQPDOGLH.QDUUHQEHUHLW-DQH©VDJWHGHU 5HSRUWHUª$PEHVWHQGLH03LV© 'LH'HWHNWLYLQQLFNWH6LHEHXJWHVLFK]XU6HLWHXQGKROWH GLHEHLGHQ0DVFKLQHQSLVWROHQª6LHVLQGGXUFKJHODGHQ© VDJWH-DQHPLWUDXKHU6WLPPH ª$EHUKDOWHGLFKQRFK]XUFN©EHPHUNWHGHU5HSRUWHU ª:DQQZLOOVWGXGHQQVFKLHHQ"© ª(UVWZHQQVLHXQVDQJUHLIHQ$XHUGHPPVVHQVLHQDKH JHQXJKHUDQVHLQ© ª:DUWHQLFKW]XODQJH© 'HU5HSRUWHUJDENHLQH$QWZRUWPHKU(UNRQ]HQWULHUWHVLFK DXIGDV6WHXHUQGHVVFKZHUHQ+XEVFKUDXEHUVXQGDXIGLH KHUDQIOLHJHQGHQ9|JHO 6LHIORJHQLQ]ZHL*UXSSHQ-HZHLOVGUHLYRQLKQHQELOGHWHQ GLH$QJULIIVIRUPDWLRQHQ8QGVLHIORJHQK|KHUDOVGHU +XEVFKUDXEHU%LOOZXWHZDVVLHYRUKDWWHQ6LHZUGHQYRQ REHQDXVGHP*UDXGHV+LPPHOVDXILKUH%HXWH KHUDEVWRHQ 'HQ+XEVFKUDXEHU]XP$EVWXU]]XEULQJHQZDUIUVLH JDQ]HLQIDFK:HQQVLHPLWLKUHQVSLW]HQ6FKQlEHOQGLH 6FKHLEHQ]HUKDFNWHQZDUHVXPGLH,QVDVVHQJHVFKHKHQ 'LHHUVWHQGUHL8QJHKHXHUZDUHQKHUDQ'LUHNWYRUGHU .DQ]HOYHUGXQNHOWHVLFKGHU+LPPHO'LHJHZDOWLJHQ)OJHO
QDKPHQ%LOO&RQROO\GLH6LFKW(UVDKGLHODQJHQ6FKQlEHO XQGGDQQKDFNWHGHUHUVWHDXFKVFKRQLQGLH9HUJODVXQJGHU .DQ]HO 'HUVLOEHUQH%XPHUDQJVFKLHQPLUYRQVHOEVWDXVGHU+DQG ]XIOLHJHQ,FKEUDXFKWHJDUQLFKWYLHO.UDIWHLQ]XVHW]HQDOVHU EHUHLWVVHLQHW|GOLFKH%DKQ]RJ ,FKVDKQXUHLQHQVLOEHUQHQ6WUHLIXQGGDQQN|SIWHHUGLH GUHL+H[HQPLWHLQHPHLQ]LJHQ6WUHLFKEHYRUHUVLFKLQGHU /XIWGUHKWHXQGLQPHLQHDXVJHVWUHFNWH+DQG]XUFNIORJ ,FKKLHOWLKQIHVW 'DVZDUWROO 0LWDOOHPKlWWHLFKJHUHFKQHWQXUQLFKWPLWVROFKHLQHU :DIIH'LHVHU%XPHUDQJZDUSKlQRPHQDOXQGKDWWHHLQH XQJHKHXUH'XUFKVFKODJVNUDIW (UJHK|UWHMHW]WPLU9LHOOHLFKWZUGHLFKLKQVFKRQEDOG EUDXFKHQ 'UHLWRWH+H[HQPLWHLQHP:XUI(LQIDFKXQJODXEOLFK9RQ GHQ+H[HQVDKLFKQLFKWVPHKU6LHZDUHQOlQJVW]X$VFKH JHZRUGHQ ,QGLHVHP%XPHUDQJVWHFNWHHLQHXQJHKHXUH.UDIW$EHU ZUGHVLHDXFKDXVUHLFKHQXPGHQ6FKZDU]HQ7RG]XYHU QLFKWHQ"'DVZDUGLHJURH)UDJHXQGGDVDOOHLQ]lKOWHOHW]W HQGOLFKIUPLFK 'LHVHU'lPRQPXWHEHVLHJWZHUGHQ1XUZLHVROOWHLFK HVVFKDIIHQZHQQLFKLQGLHVHPYHUGDPPWHQ%HUJVWHFNWH XQGJHZLVVHUPDHQOHEHQGLJEHJUDEHQZDU" ,FKKDWWHPLUGHQ:HJJHPHUNWGHQLFKJHNRPPHQZDU 'HQVHOEHQVFKULWWLFKDXFKZLHGHU]XUFN$OVLFKGLH6WROOHQ XQG6FKlFKWHSDVVLHUWHK|UWHLFKKLQXQGZLHGHUIOVWHUQGH 6WLPPHQ (VZDUHQQRFK+H[HQGD 8QGVLHYHUIOXFKWHQPLFKEHGDFKWHQPLFKPLWGHQ VFKOLPPVWHQ6FKLPSIZRUWHQ
9RUHLQHU6WROOHQ|IIQXQJEOLHELFKVWHKHQXQGVFKOHXGHUWH GHQVLOEHUQHQ%XPHUDQJ 'LHVPDOZDUILFKLKQDXVGHU'UHKXQJXQGHWZDLQ +IWK|KHZLHHLQ3IHLOUDVWHGLHDXHUJHZ|KQOLFKH:DIIHLQ GHQ6WROOHQ(LQHQ$WHP]XJVSlWHUK|UWHLFK6FKUHLHXQG :HKNODJHQGDQQNRQQWHLFKGLH:DIIHZLHGHUDXIIDQJHQ :LHGHUXPZXQGHUWHLFKPLFKZLHOHLFKWPLUGLH +DQGKDEXQJGLHVHV%XPHUDQJVILHO6RDOVKlWWHLFKLPPHU GDPLWJHZRUIHQ (UZDUDEHUDXFKIUPLFKJHPDFKWGDVKDWWHLFKGHQ6HLWHQ GHXWOLFKHQWQHKPHQN|QQHQ :lKUHQGLFKZHLWHUJLQJNUHLVWHQPHLQH*HGDQNHQXPGHQ %HJULII6RKQGHV/LFKWV ,FKZXUGHVRJHQDQQWGRFKLFKIUDJWHPLFKQDFKGHP *UXQG'HUODJZHLWHUKLQLPYHUERUJHQHQ(LQZHQLJZDUGHU 6FKOHLHU]ZDUJHOIWHWZRUGHQGRFKGDVUHLFKWHPLUQRFK ODQJHQLFKW ,FKZROOWHGHQ%HJULIIHQWUlWVHOWZLVVHQXQGLFKZDUPLU VLFKHUGDLFKHVLUJHQGZDQQHLQPDOVFKDIIWH 1LFKWKHXWHQLFKWPRUJHQYLHOOHLFKWHUVWLQ-DKUHQGRFK JHOLQJHQZUGHHVPLU 2KQH6FKZLHULJNHLWHQJHODQJWHLFKLQGHQ*DQJGHUJH UDGHZHJV]XP$XVJDQJIKUWH,FKSDVVLHUWHDXFKGLH6WHOOH ZRPLFKGLH)OHGHUPlXVHDQJHJULIIHQKDWWHQ 1RUPDOHUZHLVHKlWWHLFKEHUHLWVKLHUGLHNKOH1DFKWOXIW VSUHQPVVHQ'DGLHVQLFKWGHU)DOOZDUJLQJLFKGDYRQ DXVGDGHU(LQJDQJZHLWHUKLQYHUVFKORVVHQZDU 9HUVFKORVVHQGXUFK6FKZDU]H0DJLH 1DFKGHQNOLFKEOLHELFKVWHKHQ'LHVHU$XVJDQJZDUQLFKW GXUFKHLQHQRUPDOH$UWXQG:HLVHJHVFKORVVHQZRUGHQDOVR PXWHHVHLQH0|JOLFKNHLWJHEHQLKQ]X|IIQHQ ,FKKDWWHPHLQ.UHX]XQGGHQVLOEHUQHQ%XPHUDQJ,FK VSLHOWHPLWGHP*HGDQNHQGHQ%XPHUDQJ]XVFKOHXGHUQ GRFKGDVHUVFKLHQPLU]XULVNDQW :HQQVLFKGDV7RUQLFKW|IIQHWHXQGHUJHJHQGHQKDUWHQ
)HOVSUDOOWHZUGHHUVLFKXQWHU8PVWlQGHQQRFKYHUIRUPHQ XQGZDUKLQWHUKHUXQEUDXFKEDU $OVRGDV.UHX] ,FKQDKPHVLQGLH+DQGXQGVWHFNWHGHQ%XPHUDQJLQ GHQ*UWHO/DQJVDPVFKULWWLFKDXIGHQ$XVJDQJ]X'DEHL VSUWHLFKZLHVLFKGDV.UHX]HUZlUPWH8PVRVWlUNHUMH ZHLWHULFKPLFKGHP=HQWUXPGHU6FKZDU]HQ0DJLHQlKHUWH 3O|W]OLFKEHJDQQHQGLH:lQGHYRUPLU]XIOLPPHUQ=XHUVW VDKLFKQXUHLQJUQOLFKHV/HXFKWHQGDQQDEHUVWUDKOWHGDV .UHX]VHLQHJHVDPWHZHLPDJLVFKH.UDIWDE 'DVJUQH/HXFKWHQJLQJEHULQHLQHQKHOOHQVLOEHUIDUEH QHQ6FKHLQGHUVLFKLPPHUWLHIHULQGDV*HVWHLQKLQHLQIUDHV |IIQHWHXQGDOVGHUNKOH/XIW]XJPLFKWUDIGDDWPHWHLFK DXIZHLOLFKZXWHGDLFKHVJHVFKDIIWKDWWH ,FKZDUZLHGHUIUHL 8QDQJHIRFKWHQHUUHLFKWHLFKGLH)UHLKHLW (LQ/lFKHOQXPVSLHOWHPHLQH0XQGZLQNHO7LHIDWPHWHLFK HLQ'LHIULVFKH/XIWWDWPLUJXW6LHZDU%DOVDPIUPHLQH /XQJHQ ,FKEOLFNWHLQV7DO 6RIRUWILHOHQPLUGLH/LFKWHUDXI6LHEHZHJWHQVLFKLQ+|KH GHU6HLOEDKQVWDWLRQ 'HU$EVWXU]ZDUQLFKWXQEHPHUNWJHEOLHEHQ-HW]WZUGHHV DQGHU6WDWLRQVLFKHUOLFKYRQ6ROGDWHQQXUVRZLPPHOQ $EHUQLFKWQXUDP%RGHQKHUUVFKWHUHJHU%HWULHEVRQGHUQ DXFKLQGHU/XIW +XEVFKUDXEHUIORJHQLQ5LFKWXQJ*UHQ]H'DVDOOHVVDKPLU QDFKHLQHU6XFKDNWLRQDXVGHQQGLH+HOLNRSWHUZDUHQPLW VWDUNHQ6FKHLQZHUIHUQDXVJHUVWHWGHUHQEUHLWH6WUDKOHQ EHUGHQ%RGHQJOLWWHQXQGMHGH6SDOWHDXVOHXFKWHWHQ 'LHHUVWH(XSKRULHYHUIORJGHQQLFKZXWHQLFKWZLHLFK XQJHVHKHQGLHVHQ5LQJGXUFKEUHFKHQXQG]XU*UHQ]HJHODQ JHQVROOWH:HQQLFKYLHO=HLWJHKDEWKlWWHZlUHHVNHLQ 3UREOHPJHZHVHQGRFKGLH=HLWZDUPHKUDOVNQDSS 'DK|UWHLFKQHEHQPLUHLQ*HUlXVFK
6RIRUWNUHLVHOWHLFKKHUXP $XVGHP6FKDWWHQHLQHVEHUKlQJHQGHQ)HOVHQVWUDWHLQH *HVWDOW $XWRPDWLVFKJULIILFK]XU%HUHWWD 'LH*HVWDOWEOLHEVWHKHQª/DGLH:DIIHVWHFNHQ-RKQ,FK WXHGLUEHVWLPPWQLFKWV© 'LH6WLPPH+HUUJRWWGLHNDQQWHLFKKDWWHVLHVFKRQGHV |IWHUHQJHK|UW 'LHVH*HVWDOWGLHVLFKMHW]WQlKHUWHZDUQLHPDQGDQGHUHV DOV.DULQ0DOOPDQQ:LOOVWRWH)UDX :LOO0DOOPDQQV.QLH]LWWHUWHQVHKUDOVHUVLFKVHLQHP=LHO QlKHUWH (VZDUHLQ9HUVXFKGHUGXUFKDXVVFKLHIJHKHQNRQQWH'HU .RPPLVVDUKDWWHYRQGHP:LVVHQVFKDIWOHUJHK|UWZLH JHIlKUOLFKGLHVHU5DEHZDUXQGGDHUVRJDUHLQHQ6DXULHU EHVLHJHQNRQQWH 3O|W]OLFKIKOWHVLFKGHUJXWH:LOONOHLQXQGKLOIORV'HU ULHVLJH9RJHOZDUIULKQHLQ8QJHKHXHU]XGHPKDWWHHUQRFK VHLQHJHZDOWLJHQ)OJHODXVJHEUHLWHW 'LH*HJQHUIL[LHUWHQVLFK 'HU.RPPLVVDUVFKDXWHLQGLH$XJHQGLHLKUHURWH)DUEH YHUORUHQKDWWHQ-HW]WZDUHVZLHGHUGHU%OLFNVHLQHUYHUVWRU EHQHQ)UDXGHULKQDQVWDUUWH :LOOV+HU]NORSIWH]XP=HUVSULQJHQ6HLQ%OXWUDXVFKWHLQ GHQ2KUHQHUDWPHWHVFKZHUXQGNHXFKHQGXQGHUZDU NDXPIlKLJHLQHQNODUHQ*HGDQNHQ]XIDVVHQ :LHGXUFK:DWWHJHGlPSIWK|UWHHULQVHLQHP5FNHQGLH 6WLPPHGHV6XSHULQWHQGHQWHQª0DOOPDQQNRPPHQ6LH ]XUFN(VKDWNHLQHQ=ZHFN6LHYHUUHQQHQVLFKGDLQHWZDV ZDV6LHQLFKWEHUEOLFNHQN|QQHQ© :LOO0DOOPDQQK|UWHQLFKW(UZROOWHHQGOLFK.ODUKHLW KDEHQ=|JHUQGVWUHFNWHHUVHLQHQUHFKWHQ$UPDXV ª.DULQ©IOVWHUWHHUª.DULQK|UVWGXPLFKQLFKW"%LVWGX
HV.DULQ":HQQMDGDQQJLE$QWZRUW© 'HUEHUJURH5DEHPLWGHQ$XJHQGHUWRWHQ.DULQ 0DOOPDQQVHQNWHGHQ.RSI :LOOYHU]RJGHQ0XQG(VVROOWHHLQ/lFKHOQZHUGHQGRFK GLH0XVNHOQYHUNUDPSIWHQª.DQQVWGXPLFKGHQQYHU VWHKHQ"©KDXFKWHHUª.DULQELWWH© 'D|IIQHWHGHU5DEHGHQ6FKQDEHO*OHLFK]HLWLJlQGHUWHVLFK GHU$XVGUXFNLQVHLQHQ$XJHQ'HUVRQVWVRVDQIWH%OLFNLQ GHQ:LOOVLFKYHUOLHEWKDWWHZXUGHNDOWEUXWDOMDHUEDU PXQJVORV(UVWU|PWHHLQHQ+DDXVGHUGHQ.RPPLVVDU ]XWLHIVWHUVFKUHFNWH 0DOOPDQQZDQNWH]XUFN ª%LWWH.DULQ,FKLFK© 3O|W]OLFKVWLHGHU5DEHHLQNUlFK]HQGHV/DFKHQDXVGDQQ KSIWHHUYRQVHLQHP$VWXQG:LOO0DOOPDQQKDWWH$QJVW GDHUDXILKQ]XIOLHJHQZUGHGRFKGHU9RJHOVWULFKEHU LKQKLQZHJXQG.RPPLVVDU0DOOPDQQVSUWHQXUGHQ /XIW]XJGHU)OJHO 'HU5DEHVWLHJKRFKGHQ.URQHQGHU%lXPHHQWJHJHQ'RUW GUHKWHHUVHLQH.UHLVH :LOOJLQJ]XUFN(UKDWWHGHQ.RSILQGHQ1DFNHQJHOHJW XQGEHREDFKWHWHGDV7LHUZHLWHU 3RZHOOJLQJDXILKQ]XXQGOHJWHLKPVHLQH+DQGDXIGLH 6FKXOWHUª/DVVHQ6LHHVJXWVHLQ.RPPLVVDU,KUH)UDXLVWWRW 6LHEHNRPPHQVLHQLFKWPHKU]XUFN© ª1HLQQQ©VFKULH:LOOª6LHLVWQLFKWWRW6LHVWHFNWLQ GLHVHPYHUGDPPWHQ5DEHQ,FKKDEHGRFKPLWHLJHQHQ $XJHQGHQ%OLFNPHLQHU)UDXJHVHKHQ6LHLVWHV6LHPXHV VHLQ9HUVWHKHQ6LHGHQQQLFKW0DQQ"© 3RZHOOVFKWWHOWHGHQ.RSIª0DJLH:LOO'DVLVW6FKZDU]H 0DJLH:LUZHUGHQJHWlXVFKWZLUDOOH6RJODXEHQVLHPLU GRFKHQGOLFK© ª1HLQ©:LOGVFKWWHOWH:LOOGHQ.RSI(UZDUHLQIDFKQLFKW YRP*HJHQWHLO]XEHU]HXJHQª,FKKDEHLKU%LOGDXIPHLQHP 1DFKWLVFKVWHKHQXQGVLHPHLQHYHUVWRUEHQH)UDXKDW]X
PLUJHVSURFKHQ'XUFKGDV%LOG6LHPXOHEHQ6LHPX© ,QGLHVHP$XJHQEOLFNMDJWHGHU5DEHDXIGLHDP%RGHQ VWHKHQGHQ0HQVFKHQ]X(UVFKUHFNWIXKUHQGLHYLHU 0lQQHUDXVHLQDQGHU'RFKGHU5DEHKDWWHQLFKWVLHDOV=LHO DXVJHVXFKWVRQGHUQVHLQHQ%DXPDVWDXIGHPHULPPHUVD (UKRFNWHVLFKDXFKGLHVPDOGRUWKLQ $FKW$XJHQVWDUUWHQLKQDQ 'DQQ|IIQHWHGHU9RJHOVHLQHQ6FKQDEHO(LQJHOOHQGHV *HOlFKWHUGUDQJGDUDXVKHUYRU 'DQDFKHLQHJUROOHQGHJUDXVDPH6WLPPHª7|WHQ©U|KUWH HUª,FKZHUGHHXFKW|WHQ© 'LHJURH&RFNSLWVFKHLEHGHV+XEVFKUDXEHUV]HUVSOLWWHUWH GXUFKGHQZXFKWLJHQ6FKQDEHOKLHE*ODVIORJ-DQHXQG%LOO HQWJHJHQ=DKOUHLFKH6SOLWWHUILHOHQZLH5HJHQEHUVLH'HU ULHVLJH9RJHO|IIQHWHVHLQ0DXOXQGZROOWH%LOOVHLQHQVSLW]HQ 6FKQDEHOLQGHQ6FKlGHOKDFNHQ 'HU5HSRUWHUZDUIVLFK]XU6HLWH'HU+LHEYHUIHKOWHLKQ XQG]DFNWHLQGDV6LW]SROVWHU(VZXUGHDXIJHULVVHQDOVKlWWH HVHLQ0HVVHUGXUFKWUHQQW 'HU+XEVFKUDXEHUVDFNWHZHJ(UEHJDQQ]XWUXGHOQOHJWH VLFKDXIGLH6HLWH -DQH&ROOLQVVFKULHDXI %LOONURFKEHUGHQ%RGHQ,QVWLQNWLYJULIIHUQDFKVHLQHU 0DVFKLQHQSLVWROHULVLHKRFKKLHOWDXIGHQ9RJHOXQG ]RJDE (LQNXU]HU)HXHUVWRUDWWHUWHDXVGHU0QGXQJ'DV%OHL ZXFKWHWHLQGHQOHGHUDUWLJHQ.|USHUXQGVFKOHXGHUWHLKQ ]XUFN'DVJHZDOWLJH7LHUYHUVXFKWHVLFKQRFKDE]XIDQJHQ XQGVHLQH)OJHODXV]XEUHLWHQGRFKHVJHODQJLKPQLFKW PHKU 7|GOLFKJHWURIIHQILHOHV]ZLVFKHQGLH%DXPZLSIHO 6RIRUWVFKQHOOWH%LOOZLHGHUDXIVHLQHQ6LW]=XP*OFNZDU GHU+XEVFKUDXEHULQJOHLFKHU+|KHJHEOLHEHQ%LOOJULII]XP
6WHXHUNQSSHOXQG]RJLKQZHLWHULQGHQJUDXHQ+LPPHO 'LH6FKHLEHYRUQZDUY|OOLJ]HUVW|UWZRUGHQ(LQZDUPHU :LQGIXKULQGDV,QQHUHGHV+XEVFKUDXEHUVXQG]HUZKOWH GLH+DDUHGHU,QVDVVHQ %LOOULVNLHUWHHLQHQ%OLFN]XUFNª$OOHVRND\"©IUDJWHHU VFKZHUDWPHQG -DQHQLFNWH6LHKLHOWGLH]ZHLWH0DVFKLQHQSLVWROHLQGHQ +lQGHQXQGPDFKWHHLQHQHQWVFKORVVHQHQ(LQGUXFN ª*XWGDHVNHLQHGlPRQLVFKHQ.UHDWXUHQVLQG©VDJWH 0\[LQª'DKlWWHQZLUPLWQRUPDOHQ.XJHOQQLFKWVDXV ULFKWHQN|QQHQ© 'HU5HSRUWHUQLFNWH3O|W]OLFKKDWWHHUHLQH,GHHª.DQQ HLQHUYRQHXFKGHQ+HOLNRSWHUIOLHJHQ"© ª,FKWXHHV©VDJWH-DQH&ROOLQVª$EHUZDUXP"© ª:HLOLFKPLFKXPGLH7LHUFKHQNPPHUQZLOO©&RQROO\ GHXWHWHPLWHLQHU+DQGQDFKYRUQª6LHKDEHQGHQ7RGLKUHV $UWJHQRVVHQEHUZXQGHQXQGVDPPHOQVLFKEHUHLWV]X HLQHPQHXHQ$QJULII© 'HU5HSRUWHUKDWWHUHFKW 'LH3WHUDQRGRQWHQIORJHQHWZDLQJOHLFKHU+|KHMHGRFK ZHLWYRULKQHQHLQHQ.UHLV )QI*HJQHUZDUHQHV )QI]XYLHO %LOOXQG-DQHWDXVFKWHQGLH3OlW]H'HU5HSRUWHUEHZHJWH VLFKDXIGLH(LQVWLHJVWU]XXQGULVLHDXI 6RIRUWSDFNWHLKQGHU)DKUWZLQGGRFK%LOONODPPHUWHVLFK PLWGHU+DQGDQHLQHP+DOWHJULIIIHVWVWHPPWHGHQ.ROEHQ GHU0DVFKLQHQSLVWROHLQGLH+IWHGUFNWHVHLQUHFKWHV%HLQ DXVGHP+XEVFKUDXEHUXQGIDQGDXIGHU.XIH+DOW +DVWLJGUHKWHHUGHQ.RSIª:HLWHUQDFKOLQNV©ULHIHU-DQH &ROOLQV]XªGDPLWLFKGLHYHUGDPPWHQ%LHVWHUYRUGLH 0QGXQJEHNRPPH© -DQHQLFNWH6LHZDUYROONRQ]HQWULHUWXQGEHZHJWHGHQ +XEVFKUDXEHULQGLHYRUJHVFKULHEHQH5LFKWXQJ ª2ND\©%LOOJULQVWH]XLKUKHUEHU
6LHIORJHQMHW]WLQGLUHNWHU/LQLHDXIGLH9|JHO]X'LHKDWWHQ VLFK]XHLQHP3XON]XVDPPHQJHIXQGHQXQGEHREDFKWHWHQ ZHLWHU :HQQVLHVREOHLEHQLVWHVJXWGDFKWH%LOO'DQQNDQQLFK YROOUHLQKDOWHQ 'LH%LHVWHUWDWHQLKPQLFKWGHQ*HIDOOHQ3O|W]OLFKIlFKHUWHQ VLHDXVHLQDQGHU%LOO&RQROO\ZXUGHLQGHUVHOEHQ6HNXQGH NODUZDVGLH9|JHOYRUKDWWHQ ª$XISDVVHQ-DQH-HW]WZLUG VJHIlKUOLFK©ULHIGHU5HSRUWHU JHJHQGHQ)DKUWZLQGDQ 0\[LQYHUKLHOWVLFKUXKLJ(UVDJWHQLFKWVVRQGHUQEHRE DFKWHWHQXU'LH8UZHOWY|JHOVWHOOWHQHVVHKUJHVFKLFNWDQ 6LHKLHOWHQEHLLKUHP$QIOXJHLQHQJHQJHQGJURHQ =ZLVFKHQUDXPVRGD%LOO&RQROO\LPPHUQXUHLQHQWUHIIHQ NRQQWH 'DZDUGHUHUVWHKHUDQ (VJLQJEOLW]VFKQHOO 'DPLWKDWWHGHU5HSRUWHUQLFKWJHUHFKQHW(UIHXHUWH 'LH.XJHOJDUEHULGLH%HVWLHPLWWHQLP)OXJKHUXPXQG W|WHWHVLH 'HU]ZHLWH :LHGHUVFKR%LOO 'LH0DVFKLQHQSLVWROHWDQ]WHDQVHLQHU+IWH'HU:LQGEL LQVHLQ*HVLFKWGLH$XJHQWUlQWHQDEHU%LOO&RQROO\OLHQLFKW ORFNHUHUNlPSIWHZHLWHU $XFKGLH'HWHNWLYLQKLHOWVLFKWDSIHU 'UHLZDUHQQRFKEULJ :LHGHUGUFNWHGHU5HSRUWHUDE'LHVPDOVWUHLIWHGLH*DUEH GLH%HVWLHQXU6LHZXUGHYHUOHW]WXQGWUXGHOWHDE ª1XUQRFK]ZHL©EUOOWH%LOOª:LUVFKDIIHQVLH9HUGDPPW ZLUVFKDIIHQVLH© (UZROOWHDXIODFKHQGRFKGDV6FKLFNVDOKDWWHHWZDVDQGHUHV PLWGHQPXWLJHQ0HQVFKHQYRU 'HUYRUOHW]WH3WHUDQRGRQIORJYROOLQGHQJURHQ5RWRUEHU GHP&RFNSLWKLQHLQ
$OOHGUHLYHUQDKPHQVLHGHQJUlOLFKHQ6FKUHLK|UWHQZLH GHU9RJHOYRQGHQVFKDUIHQ%OlWWHUQ]HUIHW]WZXUGHXQGLQ 6WFNHQ]X%RGHQILHO 'RFKGHU5RWRUZDUHEHQIDOOV]HUVW|UWZRUGHQ:LHDEJH NQLFNWH6WUHLFKK|O]HUKLQJHQGLH%OlWWHUKHUDE(LQHUZXUGH YRQGHQUDVHQGVFKQHOOHQ8PGUHKXQJHQZHJJHVFKOHXGHUW XQGODQGHWHNODWVFKHQG]ZLVFKHQGHQ%DXPZLSIHOQ 6RIRUWVDFNWHGHU+XEVFKUDXEHULQGLH7LHIH %LOOZlUHIDVWDXVGHU6LNRUVN\JHIDOOHQ(UEUDXFKWHEHLGH +lQGHXPVLFKIHVW]XKDOWHQ8QGHUYHUORUGLHZHUWYROOH 0DVFKLQHQSLVWROH 'HU+XEVFKUDXEHUZDUQLFKWPHKU]XKDOWHQHUVFKPLHUWH UHJHOUHFKWDE 5DVHQGVFKQHOOQlKHUWHQVLHVLFKGHQ%DXPZLSIHOQ:HQQ VLHGRUWKLQHLQNUDFKWHQZDUHQVLHYHUORUHQ 'D|IIQHWHVLFKXQWHULKQHQGHU'VFKXQJHO (LQ]LHPOLFKJURHU6HHLQGHU)RUPHLQHVJHZDOWLJHQ(LV EUHLWHWHVLFKYRULKQHQDXV 6FKUlJILHOGHU+XEVFKUDXEHUGHP*HZlVVHUHQWJHJHQ %LOOIOXFKWHZHLOHULKQQLFKWPHKUKDOWHQNRQQWH 'DVFKULH-DQH&ROOLQVDXIGHQQVLHKDWWHGLHJHZDOWLJH 6FKODQJHJHVHKHQGLHLKUHQ.RSIDXVGHP6HHVWUHFNWH $XFK%LOO&RQROO\ZXUGHNDONZHL 8QDXIK|UOLFKWUXGHOWHGLH6LNRUVN\DXIGLH0LWWHGHV 6HHV]X 'DQQHUIROJWHGHU$XIVFKODJ
'$6/(7=7('8(// 9RUPLUVWDQGHLQH7RWH.DULQ0DOOPDQQ 8QIDEDU (VGDXHUWHHLQH:HLOHELVLFKPLFKDQGHQ$QEOLFNJHZ|KQW KDWWH,FKKDWWHGLH+|KOHLP%HUJYHUODVHQZDUKLQDXVLQGLH NKOH1DFKWOXIWJHWUHWHQXQGSO|W]OLFKVDKLFKPLFKHLQHU )UDXJHJHQEHUGLHEHUHLWVHLQLJH0RQDWHWRWZDU 8PJHNRPPHQGXUFKGLH+DQGHLQHV'lPRQVGXUFKGHQ 6FKZDU]HQ7RG0HLQHQ(U]IHLQG]XEHVLHJHQZDUPLULPPHU QRFKQLFKWJHOXQJHQREZRKOGLH&KDQFHQMHW]WJHVWLHJHQ ZDUHQGHQQLFKKDWWHGHQPDJLVFKHQ%XPHUDQJJHIXQGHQ 1XQVDKLFKGLH)UDXYRUPLUGLHZLUEHHUGLJWKDWWHQ ,FKEOLFNWHVLHDQ +DWWHVLHVLFKYHUlQGHUW" 1HLQYLHOOHLFKWZDULKUHEHQPlLJHV*HVLFKWHLQZHQLJ EODVVHUJHZRUGHQ $EHUGDVNRQQWHDXFKDQGHQKHUUVFKHQGHQ/LFKWYHU KlOWQLVVHQOLHJHQGDLFKVLHVRVDK6LHWUXJHLQHQ0DQWHO GHUHQJXPLKUHQ.|USHUODJXQGLQGHU0LWWHYRQHLQHP *UWHOJHKDOWHQZXUGH'LH+lQGHKDWWHVLHLQLKUHQ7DVFKHQ YHUJUDEHQ,QLKUHQGXQNOHQ.LUVFKDXJHQJODXEWHLFKHLQ VS|WWLVFKHV)XQNHOQ]XVHKHQDOVVLHPLFKDQVFKDXWH ª%LVWGXEHUUDVFKW-RKQ6LQFODLU"© ª'DVNDQQPDQZRKOVDJHQ© ª'XZHLWGRFKGDHVIUJHZLVVH3HUVRQHQNHLQH 6FKZLHULJNHLWLVWDXVGHP5HLFKGHU7RWHQ]XUFN]XNHKUHQ© ,FKUlXVSHUWHPLUGLH.HKOHIUHLª8QGGXELVWDXVGHP 5HLFK]XUFNJHNHKUW"© ª1HLQLFKZDUQRFKJDUQLFKWGD© 'LH$QWZRUWPDFKWHLFKVSUDFKORV'DPLWKDWWHLFKZLUNOLFK QLFKWJHUHFKQHW)UPLFKJDOWHQGLH*HVHW]HGHV7RGHV:HQQ MHPDQGVWDUEGDQQJLQJVHLQH6HHOHLQGLH8QHQGOLFKNHLWHLQ ZRVLFKDOOGLH*HLVWZHVHQYHUHLQLJWHQXQGGDV/LFKWUHJLHUW DEHU.DULQ0DOOPDQQVWHOOWHPLWLKUHU$QWZRUWPHLQH7KHRULH DXIGHQ.RSI 'DVWLPPWHZDVQLFKW
6LHODFKWHVS|WWLVFKª'XVDJVWMDQLFKWV-RKQ6LQFODLU+DW GLFKPHLQ$QEOLFNVRJHVFKRFNW"© ª*HVFKRFNWQLFKWDEHUEHUUDVFKW,FKIUDJHPLFKVFKRQGLH JDQ]H=HLWZRGXKHUNRPPVW© ª9LHOOHLFKWDXVGHU+|OOH"© ª'DQQELVWGXQLFKW.DULQ0DOOPDQQ© ª6HKHLFKQLFKWVRDXV"© ,FKQLFNWHª-DGXVLHKVWVRDXV'RFKLFKKDEHLQPHLQHP /HEHQVFKRQ]XYLHOHUOHEWXPDOOHVVRVFKQHOO]XJODXEHQ :HQQGXZLUNOLFK.DULQ0DOOPDQQELVWGDQQEHDQWZRUWHPLU HLQLJH)UDJHQ© ª:HQQLFKNDQQ© ,FKOlFKHOWHVS|WWLVFKª.HLQH(LQVFKUlQNXQJHQELWWH© ,FKIKOWHPLFK]LHPOLFKVLFKHU6FKRQDOOHLQZHJHQPHLQHU %HZDIIQXQJ,FKWUXJQLFKWQXUGDV.UHX]XQGGLHPLW 6LOEHUNXJHOQJHODGHQH%HUHWWDEHLPLUVRQGHUQDXFKGHQ VLOEHUQHQ%XPHUDQJGHUDXVGHQOHW]WHQ6HLWHQGHV%XFKV GHUJUDXVDPHQ7UlXPHHQWVWDQGHQZDU8QGDXILKQYHU WUDXWHLFK ª:REHILQGHWVLFKGHLQHKHPDOLJHU0DQQ"©IUDJWHLFK ª:HLWYRQKLHU©ZHKWHPLUGLH$QWZRUWHQWJHJHQ ª'DVLVWPLU]XXQNODU© 6LHVSUDFKZHLWHULQ5lWVHOQª(ULVWQLFKWDOOHLQ(LQJH ZLVVHU6LU-DPHV3RZHOOOHLVWHWLKP*HVHOOVFKDIW8QGDXFK GUHLDQGHUHVLQGDXIGHP:HJ]XLKQHQ© ,FKKDWWHLKUHQ:RUWHQ]ZDUQLFKWV.RQNUHWHVHQWQHKPHQ N|QQHQGRFKLQPLUVWLHJODQJVDPHLQHJHZLVVH)XUFKWKRFK 0HLQH$KQXQJHQVDJWHQPLUGD.DULQ0DOOPDQQPLU XQWHU8PVWlQGHQHWZDV6FKUHFNOLFKHVPLWWHLOHQZUGH ª+DWPDQVLHYLHOOHLFKWLQHLQHDQGHUH'LPHQVLRQYHU VFKOHSSW"©HUNXQGLJWHLFKPLFK ª6RlKQOLFK© /DQJVDPZXUGHLFKZWHQGª:HUEHILQGHWVLFKEHLGHLQHP 0DQQ"6XNR"© ª1HLQHUQLFKW©
ª$EHUHUVDDXFKLQGHU6HLOEDKQHEHQVRZLH:LOO© ª7URW]GHPLVWHUHQWNRPPHQ'DVZDUDOOHUGLQJVQLFKWYRU JHVHKHQGHQQGDVJHVDPWH6LQFODLU7HDPVROOWHDQGLHVHQ JHKHLPQLVYROOHQ2UWJHEUDFKWZHUGHQ© ª,FKZLOOGHQ1DPHQZLVVHQ© ª(VLVWGHU)ULHGKRIDP(QGHGHU:HOW© 'DZDUGHU%HJULIIZLHGHU,FKKDWWHHVPLUGHQNHQN|QQHQ GRFKLFKZROOWH*HZLKHLWKDEHQ 'HU)ULHGKRIDP(QGHGHU:HOW %HUHLWVGHU6HKHUKDWWHGDYRQJHVSURFKHQEHYRUHUPLUGLH 6HLWHQGHV%XFKHV]XOHVHQJDE 'RUWVROOWHVLFKGDV6FKLFNVDOGHV6LQFODLU7HDPVHUIOOHQ(V ZDUHQEHUHLWVGLH*UlEHUJHVFKDXIHOWLQGHQHQZLUOLHJHQ VROOWHQ )ULPPHUXQGDOOH(ZLJNHLWHQYHUJHVVHQ 0LUULHVHOWHHLQH*lQVHKDXWEHUGHQ5FNHQ$XFK.DULQ 0DOOPDQQKDWWHGLHVHQ)ULHGKRIHUZlKQW6LHZXWHGDYRQ $EHUZLHVR".DQQWHQGLHVHQ2UWQLFKWQXUGlPRQLVFKH *HLVWHU":HQQMDGDQQZDU.DULQHLQH'lPRQLQYLHOOHLFKW HLQ7UXJELOGGHV%|VHQGDVIUPLFKDOV/RFNYRJHOGLHQWH ,FKPXWHPLFK]XVDPPHQUHLHQXPQLFKWORV]XVFKUHLHQ GHQQLKUH:RUWHZDUHQGLHUHLQVWHQ.HXOHQVFKOlJHIUPLFK ª:HUEHILQGHWVLFKQRFKDXIGLHVHP)ULHGKRI"©HUNXQGLJWH LFKPLFKª5HGHHQGOLFK© ª$XIGHP:HJGRUWKLQVLQG-DQH&ROOLQV%LOO&RQROO\XQG DXFK0\[LQ6FKZDU]H0DJLHKDWVLHKLQJHORFNWGHQQDXFK VLHVROOHQGRUWVWHUEHQ:LH0\[LQ'HU6FKZDU]H7RGZLOOLKQ HQGOLFKORVZHUGHQ8QGGDHUHXFKVRPDQFKHV0DOJHKROIHQ KDWVROOHUDXFKVHLQ*UDEGRUWDXIGHP)ULHGKRIILQGHQ© ª:ROLHJWGHU)ULHGKRI"© ª'HQZLUVWGXVFKRQILQGHQ© ª1HLQ.DULQ©VDJWHLFKªGXZLUVWLKQPLU]HLJHQ© 6LHOlFKHOWH'LHVHV/lFKHOQYHUVFK|QWHLKU*HVLFKW'RFK LFKWUDXWHLKUQLFKWPHKU1HLQGDVZDUQLFKWGLH.DULQ 0DOOPDQQZLHLFKVLHNDQQWH6LHZDUHLQHDQGHUHJHZRUGHQ
6LHJHK|UWHXQGGDVKDWWHLFKLKUHQ(UNOlUXQJHQHQWQRP PHQ]XU*HJHQVHLWH,UJHQGZLHPXWHHVGHP6FKZDU]HQ 7RGJHOXQJHQVHLQVLHDXIVHLQH6HLWH]X]LHKHQ9LHOOHLFKW ZDUGLHVH(UVFKHLQXQJKLHUHLQ3URGXNWGHV%|VHQ'HQQVLH ZXWH]XJXW%HVFKHLG (LQHDQGHUH(UNOlUXQJJDEHVIUPLFKQLFKW .DULQ0DOOPDQQVFKLHQQRFKPHKU]XZLVVHQ 'DVVROOWHVLHPLUVDJHQ ª:LHVLQG%LOO&RQROO\XQG-DQH]XGLHVHP)ULHGKRI JHODQJW"©IUDJWHLFK ª0\[LQKDWLKQHQJHKROIHQ© ª8QGGHU6FKZDU]H7RGKDWLKQJHODVVHQ"© ª1DWUOLFKGHQQVRLVW0\[LQLQVHLQ5HLFKJHNRPPHQ 8QGGRUWKHUUVFKWGHU6FKZDU]H7RG'DLVWGLH0DJLHHLQHV 0\[LQZLUNXQJVORV'RUWLVWHUHEHQVRKLOIORVZLHGLHDQGH UHQXQGHUZLUG]XVDPPHQPLWGHP6LQFODLU7HDPVWHUEHQ© ,FKOlFKHOWHNDOWª1RFKELQLFKQLFKWGRUW© .DULQ0DOOPDQQOlFKHOWH]XUFN6S|WWLVFKXQGHLQZHQLJ KHUDEODVVHQGZLHPLUVFKLHQª:LOOVWGXNQHLIHQ-RKQ 6LQFODLU":LOOVWGXZLUNOLFKQLFKWDXIGLHVHQ)ULHGKRI" 0|FKWHVWGXDP7RGGHLQHU)UHXQGHVFKXOGVHLQ":LOOVWGX VLHLKUHP6FKLFNVDOEHUODVVHQ"'DQQEOHLEHUXKLJKLHU$EHU LFKJODXEHQLFKWGDGXMHPDOVQRFKHLQHUXKLJH0LQXWH KDEHQZLUVW'XZLUVWGLULPPHU9RUZUIHPDFKHQVLHLQGHQ 7RGJHWULHEHQ]XKDEHQREZRKOGXLKQHQKlWWHVWEHLVWHKHQ N|QQHQ'DUEHUGHQNHQDFK© 'DVWDWLFKVFKRQGLHJDQ]H=HLW-HW]WKDWWHLFKHLQHJXWH :DIIHXQGZDUGRFKVRKLOIORV2KGLHDQGHUH6HLWHKDWWHHV JHVFKLFNWDQJHVWHOOW,FKEHIDQGPLFKLQGHU.OHPPHREZRKO LFKHVHLJHQWOLFKDQGHUVJHSODQWKDWWH 'DV6SLHOZDUYLHONRPSOL]LHUWHUDOVLFKMHDQJHQRPPHQ KDWWH'HU6FKZDU]H7RG]RJJHVFKLFNWGLH)lGHQXQGHU VDQGWHLPPHUZLHGHUVHLQH+LOIVNUlIWHYRU=XYRUZDUHQHV GLH+H[HQJHZHVHQXQGQXQ.DULQ0DOOPDQQ 1HLQVLHZDUNHLQ0HQVFKPHKU
9RUPLUVWDQGHLQH'lPRQLQHLQ*HVFK|SIGHU'XQNHOKHLW ,FKZROOWHHVJHQDXZLVVHQ ª:LHNRPPWHVGDGXMHW]WIUGHQ6FKZDU]HQ7RGELVW"© IUDJWHLFK 'LH$QWZRUWOLHDXIVLFKZDUWHQ0LUVFKLHQHVDOVZlUHHV LKUQLFKWUHFKWGDUDXIHWZDV]XHUZLGHUQ9LHOOHLFKWVWHFNWH DXFKQRFKHLQ5HVWGHU(ULQQHUXQJDQLKUIUKHUHV/HEHQLQ LKU6RJHQDXZXWHLFKHVQLFKW $EHUVLHJDEPLUGLH$QWZRUWª'XHULQQHUVWGLFKGDPLFK GHU6FKZDU]H7RGXPJHEUDFKWKDW©EHJDQQVLHª'DPDOV QDFKPHLQHU7UDXXQJ:LUYHUOLHHQJHUDGHGLH.LUFKHGHU 6FKZDU]H7RGVWDQGSO|W]OLFKGDXQGVFKOXJPLWGHU6HQVH]X ,FKVWDUE0HLQH6HHOHZDUDXIGHP:HJ]XGHQ*HILOGHQGHV /LFKWVZlKUHQGLFKQRFKXQVLFKWEDUEHUHXFKVFKZHEWHXQG HXUHQ6FKPHU]VRZLHHXUH7UDXHUVDK6RJDULFKWUDXHUWHLFK ZROOWH]XUFNLQPHLQHQ.|USHUGRFKGDVZDUQLFKWPHKU P|JOLFKGHQQLFKZDUWRW$XIHLQPDOYHUGXQNHOWHHVVLFKXP PLFKKHUXP,FKVDKGHQ6FKDWWHQGHV'lPRQVEHUPLUXQG YHUQDKPVHLQH6WLPPH(UZXWHYRQPHLQHU4XDOHUKLHOW VLHPLUYRU]lKOWHVLHDXIXQGPDFKWHVLFKOXVWLJEHUPLFK (UJ|QQWHPLUGLHVH4XDOGDVPHUNWHLFKVRIRUW6HOEVWDOV .|USHUORVHZDULFK]HUULVVHQPHLQH/LHEH]X:LOOZDUXQJH KHXHUJURXQGGDV*HIKOQXW]WHGHU6FKZDU]H7RGDXV(U IUDJHPLFKRELFKZLHGHU]XUFNZROOWHXQGLFKVDJWHMD'HU 6FKZDU]H7RGHQWULPHLQH6HHOHGHQ*HILOGHQGHV/LFKWVXQG ]RJVLHKLQHLQLQGLH'XQNHOKHLW(UKDWWHPLFKJHWlXVFKW,FK NHKUWHQLFKW]XUFNREZRKOHULPPHUZLHGHUGDYRQVSUDFK 2IWUHGHWHHUDXFKYRQHLQHPJLJDQWLVFKHQ3ODQGXUFKGHQHU GDV6LQFODLU7HDPYHUQLFKWHQNRQQWH(UOHKUWHPLFK]XKDV VHQXQGYRUDOOHQ'LQJHQKDWHLFKHXFKGHQQHUJDEHXFK GLH6FKXOGGDLFKQLFKWLQPHLQHQ.|USHU]XUFNNHKUHQ NRQQWH0HLQ+DZXUGHVRVWDUNGDLFKPLFKVFKOLHOLFK DXIVHLQH6HLWHVFKOXJ'DVZDUHVZDVHUJHZROOWKDWWH1XQ LFKHUKLHOWPHLQHQ.|USHUZLHGHUDOVHVVRZHLWZDUGRFKHV ZDUQXUHLQH+OOHHLQHGlPRQLVFKH(UILQGXQJXPHXFKLQ
GLH)DOOH]XORFNHQ,FKILQJDQPLFKDQGLHQHXH5ROOH]X JHZ|KQHQ(VPDFKWHPLUSO|W]OLFK6SDDXIGHUDQGHUHQ 6HLWH]XVWHKHQ,FKXQWHUVWW]WHGLH3OlQHGHV6FKZDU]HQ 7RGVYROO© 'LHVHV*HVWlQGQLVKDXWHPLFKIDVWXP1LHKlWWHLFKVR HWZDVHUZDUWHWª+DVWGXGHQQGDEHLQLFKWDQ:LOOGHLQHQ 0DQQJHGDFKW"© ª=X$QIDQJVFKRQ$EHUGDQQZXUGHPLUNODUGD:LOODXI GHUDQGHUHQ6HLWHVWDQGXQGGDHUQLFKWHLQPDOGHQ9HUVXFK XQWHUQDKP]XZHFKVHOQ1HLQHUEOLHEVLFKWUHXXQGVHLQ +DJHJHQGLH6FKZDU]EOWHUZXUGHVWlUNHU'DVPHUNWHLFK QDWUOLFKXQGLFKZDQGWHPLFKYRQLKPDE:LOO0DOOPDQQ ZXUGHHEHQVRPHLQ)HLQGZLHGX-RKQ6LQFODLU© ,FKQLFNWHEHGlFKWLJ(VZDUHLQHXQJHKHXUH(U|IIQXQJGLH LFKGDJHK|UWKDWWH,FKPXWHDQ:LOO0DOOPDQQGHQNHQ:LH VHKUKDWWHHUXPVHLQH)UDX.DULQJHWUDXHUW0HLQ*RWWHU ZDUHLQDQGHUHU0HQVFKJHZRUGHQKDWWHVLFKLQVHLQH$UEHLW YHUJUDEHQXQGMHW]WZDUDXVVHLQHUJHOLHEWHQ)UDXHLQH 'LHQHULQGHU)LQVWHUQLVJHZRUGHQ :HQQ:LOO0DOOPDQQGDVHUIXKUGUHKWHHUGXUFK .DULQ0DOOPDQQODFKWHª,FKZHLZDVMHW]WLQGHLQHP.RSI YRUJHKW-RKQ6LQFODLUDEHUGXPXWGLFKPLWGHQ *HJHEHQKHLWHQQXQHLQPDODEILQGHQ$EHUZHLWHU'HU 6FKZDU]H7RGOLHVLFKHWZDV=HLWELVHUVLFKHUZDUGDLFK IHVW]XLKPKLHOW'DQQRIIHULHUWHHUPLUVHLQHQ3ODQ'XUFK GDV%LOGGDVZLULQGLHVH+|KOHLP%HUJJHOHJWXQGGDPLW 5RG+X[OH\LQGLH+lQGHJHVSLHOWKDWWHQZXUGHVWGXDXI PHUNVDPGHQQZLUHUP|JOLFKWHQ+X[OH\GLH)OXFKWVRUJWHQ DXFKGDIUGDHUUHGHWH*OHLFK]HLWLJPDFKWHQZLU:LOO PRELO'XUFK6FKZDU]H0DJLHEHJDQQPHLQ%LOGSO|W]OLFK]X UHGHQ,FKKDWWH:LOOEHREDFKWHWNDQQWHVHLQH*HZRKQKHLWHQ XQGQXW]WHVLHHLVNDOWDXV'HUJXWH:LOOZDUQDWUOLFKY|OOLJ DXVGHP+lXVFKHQXQGKDWWHQLFKWVDQGHUHV]XWXQDOVGLFK DQ]XUXIHQ'XELVWQDFK'HXWVFKODQGJHUHLVWXQGJHQDXGRUW KLQJHJDQJHQZRZLUGLFKKDEHQZROOWHQ$OV/RFNPLWWHO
GLHQWHGDV%XFKGHUJUDXVDPHQ7UlXPH:LUZXWHQOlQJVW GDGXGDV%XFKQLHPDOVEHNRPPHQZUGHVWGHQQVHLQ ,QKDOWLVWYLHO]XEULVDQW6HOEVWGHU6FKZDU]H7RGPLWDOOVHL QHU0DFKWUDQQWHYHUJHEOLFKKLQWHUGHP%XFKKHUXQGHU ZLUGHVDXFKQLFKWEHNRPPHQZHLOGHU6HKHUHVIUVLFK EHKlOW'XKDVWDOOHUGLQJVHLQLJH6HLWHQGHV%XFKVJHOHVHQ XQG]ZDUHLQHQ7HLOGHU3URSKH]HLXQJ© :LHVLHGHQOHW]WHQ6DW]VDJWH]HLJWHPLUGD.DULQ 0DOOPDQQGDYRQJDUQLFKWHUEDXWZDUXQGLFKKDNWHDXFK VRIRUWQDFK ª'DV%XFKKDEHLFK]ZDUQLFKWEHNRPPHQ©VDJWHLFK ªGRFKPLULVWEHNDQQWZLHLFKGHQ6FKZDU]HQ7RGYHUQLFKWHQ NDQQ© ª(UZLUGHVGLUQLFKWHLQIDFKPDFKHQ©HUZLGHUWHVLHª8QG LFKJODXEHQLFKWGDGXHVVFKDIIHQZLUVWGHQQHUVWHKWQLFKW DOOHLQ© ª,FKZHLGXXQWHUVWW]WLKQ© ª1LFKWQXULFK© ª:HUQRFK"© ª'DVZHUGHLFKGLUQLFKWYHUUDWHQ'XZLUVWLKQVHKHQ ZHQQGXLKPJHJHQEHUVWHKVWXQGHLQVHKHQPXWGDHU OHW]WHQ(QGHVGRFKGHU6WlUNHUHLVW© 'LH:RUWHPDFKWHQPLFKQDFKGHQNOLFK'HU6FKZDU]H7RG KDWWHDOVRQRFKHLQHQ7UXPSILQGHU+LQWHUKDQG)UDJWHVLFK QXUZHOFKHQ,FKZROOWHQLFKWZHLWHUIUDJHQPHLQH1HXJLHU ZUGHJHVWLOOWZHUGHQGHVVHQZDULFKPLUVLFKHU ª:HLWGXHLJHQWOLFKGDLFKPLFKLPPHULQ:LOO0DOO PDQQV1lKHEHILQGH"©IUDJWHVLH ,FKKREIUDJHQGGLH$XJHQEUDXHQ ª2EZRKOVLFKGHU6FKZDU]H7RGQLFKWDXIGHP)ULHGKRI EHILQGHWZHLHUGRFKLPPHUZDVGRUWYRUVLFKJHKW0HLQ *HLVWLVW]ZHLJHWHLOWZRUGHQ:lKUHQGHLQ7HLOYRUGLUVWHKW XQGPLWGLUUHGHW-RKQ6LQFODLUVWHFNWGHUDQGHUH7HLOLQ HLQHP5DEHQGHUDOOHVEHREDFKWHWXQGJHQDXZHLZLHVLFK GHLQH)UHXQGHDXIGHP)ULHGKRIEHQHKPHQ'HUJXWH:LOO
YHU]ZHLIHOWIDVWGHQQHUKDWJHPHUNWGDGHU5DEHXQG LFKGLHJOHLFKHQ$XJHQKDEHQ(UKDWPLFKLQGLHVHP7LHU ZLHGHUHUNDQQWXQGGDVEULQJWLKQIDVWXPGHQ9HUVWDQG© 2*RWW,FKEDOOWHGLH+lQGH]X)lXVWHQ+LQWHUGHQOHW]WHQ :RUWHQVWHFNWHHLQHXQJHKHXUH7UDJLN:DVPXWHGHUJXWH :LOODOOHVGXUFKPDFKHQZHQQHULQGLH$XJHQGLHVHV5DEHQ VDK'lPRQHQVSLHOWHQPLWGHP/HLGGHU0HQVFKHQXQGVLH HUJ|W]WHQVLFKGDUDQ:LHGHUHLQPDOKDWWHLFKGHQVFKOLPPHQ %HZHLVGDIU =RUQXQG:XWEHUVFKZHPPWHQPLFKª:HLWGXHLJHQW OLFKGDLFKGLFKMHW]WW|WHQN|QQWH"© ª-D© ,FKKROWHWLHI/XIWª8QG":LHVWHKVWGXGD]X"© 6LHOlFKHOWHZHLWHU1LFKWVDQLKUHULQQHUWHDQGDV7HXIOLVFKH LQLKUHP,QQHUQ:LHVLHVRYRUPLUVWDQGVFKLHQVLHY|OOLJ QRUPDO]XVHLQHLQHMXQJHHLQHKEVFKH)UDXGLHLQGLH=HLW SDWH 'RFKLFKZXWHHVEHVVHU ª:HQQGXPLFKW|WHVW©VDJWHVLHªZLUVWGXQLHPDOV]X GHLQHQ)UHXQGHQNRPPHQ© (VZDUHQKDUWH:RUWHXQGLFKGDFKWHJHQDXEHUVLHQDFK .DULQ0DOOPDQQKDWWHUHFKW:HQQLFKVLHXPEUDFKWHZXWH LFKQLFKWV'HQQQXUVLHNRQQWHPLFK]XGLHVHPYHUGDPPWHQ )ULHGKRIIKUHQZRGHU6FKZDU]H7RGDXIPLFKODXHUWH ,QGHQ$FKVHOK|KOHQVSUWHLFKGHQ6FKZHL2EJOHLFKPLU GHUYRP*LSIHONRPPHQGH:LQGNDOWLQV*HVLFKWXQGJHJHQ GHQ.|USHUIXKUZDULFKLQ6FKZHLJHEDGHW'LHOHW]WH 9LHUWHOVWXQGHZDUKDUWJHZHVHQREZRKOLFKQLFKWKDWWH]X NlPSIHQEUDXFKHQDEHUGLH:DKUKHLWNRQQWHLFKQXUVFKZHU OLFKYHUGDXHQ0DQKDWWHHLQ6SLHODXIJH]RJHQZLHHVWHXIOL VFKHUQLFKWVHLQNRQQWH,FKVROOWHGHU0LWWHOSXQNWVHLQXQG LFKKDWWHPLFKLQGLHVHP1HW]YHUIDQJHQ -HW]WPXWHLFKHV]HUUHLHQ8PEHUKDXSWHLQH&KDQFH]X KDEHQEOLHEPLUQLFKWVDQGHUHVEULJDOVDXIGLH9RUVFKOlJH PHLQHU*HJQHUHLQ]XJHKHQ
(LQHYHUGDPPWH6DFKH ª'DQQELVWGXGHU%RWHGHV6FKZDU]HQ7RGV©VDJWHLFK ª6RLVWHV© ª8QGZLHZLOOVWGXPLFK]XGLHVHP)ULHGKRIIKUHQ"© ª'XUFK6FKZDU]H0DJLH'XZLUVWDXIHLQHlKQOLFKH:HLVH GRUWKLQJHODQJHQZLHDXFKGHLQH)UHXQGH%LOO&RQROO\XQG -DQH&ROOLQV©6LHODFKWHSO|W]OLFKª'DVKHLWVLHKDEHQHV QRFKQLFKWJHVFKDIIW8QGREVLHMHPDOVGRUWHLQWUHIIHQ ZHUGHQLVWPHKUDOVIUDJOLFK© ª:LHVR"© ª*DQ]HLQIDFK,QGLHVHP/DQGLQGDVGXEDOGUHLVHQZLUVW KHUUVFKHQDQGHUH*HVHW]H(VJLEWGRUW'LQJHGLHGLUVFKUHFN OLFKXQGXQJHKHXHUOLFKHUVFKHLQHQZHUGHQXQGPLWGHP QRUPDOHQ9HUVWDQGNDXP]XEHJUHLIHQVLQG© ,FKQLFNWHª5HGHQLFKWVRYLHO,FKZLOOGRUWKLQ© ª.HLQHUYRQHXFKNRPPWZHJ©VDJWHSO|W]OLFKHLQHVFKDUIH 6WLPPH,PVHOEHQ$XJHQEOLFNZXUGHQVWDUNH6FKHLQZHUIHU HLQJHVFKDOWHWGHUHQ/LFKWNHJHOVLFKDXIXQVNRQ]HQWULHUWHQ ,FKK|UWHGDV.OLUUHQYRQ:DIIHQXQGNQLUVFKHQGH6FKULWWH 'DZXWHLFKGDZLUXPVWHOOWZDUHQ 8PVWHOOWYRQ6ROGDWHQ ª7|WHQ,FKZHUGHHXFKW|WHQ© 9LHU0HQVFKHQYHUQDKPHQGLH6WLPPHDXVGHP6FKQDEHO GHV5DEHQ8QGYLHU0HQVFKHQZDUHQJHVFKRFNW :LOO0DOOPDQQMHGRFKDPVWlUNVWHQ$XVKHUYRUTXHOOHQGHQ $XJHQVWDUUWHHUGHQ5DEHQDQGHULKPGLHVHV:RUWHHQW JHJHQJHVFKOHXGHUWKDWWH 'HU5DEHGHUGLH$XJHQVHLQHUWRWHQ)UDXKDWWH =LWWHUQGVWDQG:LOO0DOOPDQQGDhEHUVHLQ*HVLFKWUDQQ GHU6FKZHL(UNRQQWHHVQRFKQLFKWIDVVHQLQGLHVHUJUDX VDPHQ8UZHOWVHLQHWRWH)UDXLQGHU*HVWDOWHLQHV5DEHQ ZLHGHU]XVHKHQ'DVZDU]XVFKUHFNOLFKIULKQ 6LU-DPHV3RZHOOILQJVLFKDOVHUVWHU(UQLFNWHGHQEHLGHQ
*HRORJHQ6YHQ-DQVVRQXQG$UW&RUQZDOO]Xª7XQ6LH HWZDV©VDJWHGHU6XSHULQWHQGHQWª(UGUHKWVRQVWGXUFK© ª-D©$UW&RUQZDOOVHW]WHVLFKDOVHUVWHULQ%HZHJXQJ(LQHQ 6FKULWWKLQWHULKPIROJWH6YHQ-DQVVRQ 3RZHOOEHREDFKWHWHQXU(UKDWWHVLFKLQGLHVHU:HOWDP EHVWHQ]XUHFKWJHIXQGHQ'DVKHLWHUNRQQWHVLFKJXWXQWHU .RQWUROOHKDOWHQ'HU6XSHULQWHQGHQWGDFKWHDQGLHDOWHQ HQJOLVFKHQ.RORQLHQZR/HXWHVHLQHV6WDQGHV*RXYHUQHXUH ZDUHQXQG0DFKWEHVHVVHQKDWWH1XUNHLQH*HIKOH]HLJHQ DOOHVPLWGHPNODUHQ9HUVWDQGGXUFKOHXFKWHQ $EHUKLHUZDU6FKZDU]H0DJLHLP6SLHOGLH3RZHOOQXQ KDXWQDKDPHLJHQHQ/HLEHUOHEWH (LQHDXHUJHZ|KQOLFKH6LWXDWLRQIULKQ0LWGHP9HUVWDQG YHUVXFKWHHUGLH/DJH]XDQDO\VLHUHQ 'HU6FKZDU]H7RGSHUV|QOLFKKDWWHVLFKVHLQHUDQJHQRP PHQXQGLKQHQWIKUWDOVHUVHLQHQ&OXEYHUOLH 'XUFKHLQH%HVFKZ|UXQJZDUHULQGLHVH:HOWJHVFKDIIW ZRUGHQXQGQXQPXWHHUVHKHQZLHHUVLFKPLWGHQ *HJHEHQKHLWHQ]XUHFKWIDQG7URW]GUIWLJHU,QIRUPDWLRQHQ ZDUHUVLFKHUGDHUXQGGLHEHLGHQ:LVVHQVFKDIWOHUQLFKWGLH HLQ]LJHQDXIGLHVHPDOWHQ)ULHGKRIPLWGHQVFKLHIVWHKHQGHQ *UDEVWHLQHQEOHLEHQZUGHQ'HU6FKZDU]H7RGZROOWH-RKQ 6LQFODLUXQG3RZHOOZDUVLFKHUGDHUVHLQHQEHVWHQ0DQQ EDOGKLHUDQWUHIIHQZUGH 'DUDXIZDUWHWHGHU6XSHULQWHQGHQW8QGZHQQ-RKQ 6LQFODLUHLQPDOGDZDUGDQQVDKDOOHVDQGHUVDXV6FKOLHOLFK KDWWHHU:DIIHQ 'LHVH*HGDQNHQJLQJHQGXUFK3RZHOOV.RSIZlKUHQGHU GLHEHLGHQ*HRORJHQEHREDFKWHWHGLHHEHQIDOOVHLQVFKOLPPHV 6FKLFNVDOLQGLHVH:HOWYHUWULHEHQKDWWH6LHZDUHQYRQHLQHU 6GSROVWDWLRQDXVPLWLKUHP0RWRUVFKOLWWHQXQWHUZHJVJHZH VHQLQHLQHQ6WXUPJHUDWHQXQGGDEHLLQHLQH(LVVSDOWH JHUXWVFKWGLHMHGRFKHLQHEHVRQGHUH)XQNWLRQKDWWH6LHZDU GDV7RU]XHLQHUDQGHUHQ:HOW =XHLQHU8UZHOW
8QGJOHLFK]HLWLJZDUVLHGHU(LQJDQJ]XP5HLFKGHV 6FKZDU]HQ7RGV:RQXUHUXQGGDPLWGDV%|VHVFKOHFKWKLQ UHJLHUWHZRHUGLH0HQVFKHQNQHFKWHWHXQGVFKRQ*UDE VWlWWHQIUVHLQH*HJQHUDXVJHVXFKWKDWWH +DUWJULIIHQ$UW&RUQZDOOXQG6YHQ-DQVVRQ]X 6LHVFKWWHOWHQ0DOOPDQQ 'HUGHXWVFKH.RPPLVVDUDWPHWHVFKZHU3RZHOOVFKDXWH LKQDQª6LHGUIHQMHW]WQLFKWGLH1HUYHQYHUOLHUHQ+HUU 0DOOPDQQ©PDFKWHHULKPPLWDOOHU'HXWOLFKNHLWNODUª$XFK ZHQQGLHVHU5DEHWDWVlFKOLFKHWZDVPLW,KUHU)UDX]XWXQ KDEHQVROOWHVRPVVHQ6LHLPPHUGDYRQDXVJHKHQGDHULP 6ROGGHV6FKZDU]HQ7RGVVWHKWXQGXQVHUDOOHU/HEHQZLOO© ª6LHPHLQHQGDPLWGDPLFKPHLQHHLJHQH)UDXW|WHQ ZLOO"©IUDJWH0DOOPDQQNHXFKHQG 3RZHOOQLFNWHª'DYRQPVVHQZLUDXVJHKHQ© 6HNXQGHQODQJVFKDXWH:LOOGHQ6XSHULQWHQGHQWHQDQ'DQQ VFKORHUGLH$XJHQXQGVHQNWHGHQ.RSIª(VLVWVRYHU GDPPWVFKZHU© ª.DULQLVWWRW©VDJWH3RZHOOIHVWª)LQGHQ6LHVLFKGDPLWDE .RPPLVVDU:DV6LHYRQLKUVHKHQVLQG)UDJPHQWH 7HLOVWFNHHLQHVE|VHQ7UDXPV© :LOOQLFNWHª-D©IOVWHUWHHUªVRODQJVDPEHJLQQHLFK]X EHJUHLIHQ©(UJLQJPLWVFKOHSSHQGHQ6FKULWWHQDXIHLQHQ *UDEVWHLQ]XXQGOLHVLFKGDUDXIQLHGHU6HLQ*HVLFKWYHU JUXEHULQEHLGH+lQGH'LHGUHLDQGHUHQ/HLGHQVJHQRVVHQ EOLFNWHQLKQDQ8QGMHGHUNRQQWHZRKOPLWIKOHQZLHHVLQ :LOO0DOOPDQQV,QQHUHPDXVVDK ª)HVWKDO©'LHGUHLOHW]WHQ%XFKVWDEHQJLQJHQLP'RQQHUQ GHV$XISUDOOVXQWHU'HU+XEVFKUDXEHUKDWWHVLFK]XU6HLWH JHOHJWXQGNUDFKWHLQGHQ6HH 'LH:DVVHUIOlFKHZLUNWHZLHHLQHKDUWH%HWRQZDQG'HU :LGHUVWDQGOLHGHQ+XEVFKUDXEHUELVLQGLHOHW]WH1LHWH HU]LWWHUQ
'LH0HQVFKHQLQVHLQHP,QQHUHQZXUGHQGXUFKHLQDQGHU JHZLUEHOWZLH6SLHO]HXJSXSSHQ %LOOGHUJHVWHXHUWKDWWHPDFKWHHLQHQKDOEHQ6DOWRQDFK YRUQXQGSUDOOWHPLW.RSIXQG6FKXOWHUJHJHQGLH,QVWUX PHQWHQNRQVROH'HU6FKPHU]ZDUWHXIOLVFKXQGGHU5HSRUWHU VFKULHDXI -DQH&ROOLQVHUJLQJHVQLFKWEHVVHU6LHKDWWHVLFKDEVWW]HQ ZROOHQGRFKGLH.UlIWHULVVHQVLHYRQLKUHP6LW]XQGZDUIHQ VLHNXU]HUKDQGJHJHQGLH:DQG'LH'HWHNWLYLQYHUVXFKWH QRFKLKUHQ.RSI]XVFKW]HQDEHUVLHEUDFKWHQLFKWHLQPDO PHKUGHQ$UPKRFK'HU6FKODJJHJHQGLH6WLUQZDUZLHHLQ +DPPHUKLHEXQGO|VFKWHLKU%HZXWVHLQDXIGHU6WHOOHDXV %OLHEQRFK0\[LQGHU0DJLHU (UKDWWHKLQWHU%LOO&RQROO\XQGGHU'HWHNWLYLQJHVHVVHQ 7URW]VHLQHUPDJLVFKHQ)lKLJNHLWHQZDUHVLKPQLFKWJHOXQ JHQGHQ$EVWXU]GHV+XEVFKUDXEHUV]XYHUKLQGHUQGHQQ 0\[LQXQGGLHEHLGHQDQGHUHQEHIDQGHQVLFKLP5HLFKGHV 6FKZDU]HQ7RGV+LHUNRQQWHGHU0DJLHUVHLQH.UlIWHQLFKW HQWIDOWHQ 'LH:XFKWWULHELKQQDFKKLQWHQZRHUYHUNUPPWDXIGHU /DGHIOlFKHOLHJHQEOLHE 8PVLHKHUXPEDUVWXQGNUDFKWHHV7HLOHGHVDEJHNQLFNWHQ 5RWRUV]LVFKWHQLQGHQ6HHXQGYHUVDQNHQVRIRUWZlKUHQG VLFKGHU+XEVFKUDXEHUQRFKKLHOWXQGDXIGHU2EHUIOlFKH ZHLWHUVFKZDPP $EHUDXFKHUZUGHVLQNHQ 'LH0HQVFKHQPXWHQVRUDVFKZLHP|JOLFKKLQDXV 6LHKDWWHQVLFKGLHVHQ+XEVFKUDXEHUSUDNWLVFKYRQHLQHU 0LOLWlUVWDWLRQDP6GSRODXVJHOLHKHQXQGZDUHQGDPLW GXUFKGLH6SDOWHLP(LVLQGLHVHVFKUHFNOLFKH8UZHOWJHIORJHQ LQGHU7DXVHQGHYRQ*HIDKUHQODXHUWHQ (LQHJURH*HIDKUJLQJYRQGHQ7LHUHQDXV 'LHVH:HOWZXUGHQLFKWQXUYRQJHZDOWLJHQ6DXULHUQDXI GHP/DQGHEHY|ONHUWVRQGHUQDXFKLQGHQ/IWHQEHIDQGHQ VLFKGLHVHJUDXVDPHQ*HVFK|SIH
'LH3WHUDQRGRQWHQ *HZDOWLJH9|JHOGLH]ZDUlXHUVWWUlJHDXVVDKHQDEHU XQJHKHXHUJHIlKUOLFKZDUHQ 6HFKVGLHVHU%HVWLHQKDWWHQGHQIOLHJHQGHQ+XEVFKUDXEHU DQJHJULIIHQ =XP*OFNKDWWHQ%LOO-DQHXQG0\[LQ:DIIHQ6LHKDWWHQ VLFKLP&DPSGDPLWHLQJHGHFNW'DGLHVH7LHUHNHLQHK|OOL VFKHQ.UHDWXUHQZDUHQNRQQWHPDQVLHDXFKPLWQRUPDOHQ :DIIHQEHNlPSIHQ :DV%LOO]XU*HQJHJHWDQKDWWH2EZRKOHLQVGHU7LHUH IURQWDOLQGLH&RFNSLWVFKHLEHJHIORJHQZDUKDWWH%LOO&RQROO\ PLWHLQHPZDKUOLFKKHOGHQKDIWHQ(LQVDW]LQGHURIIHQHQ +XEVFKUDXEHUWUVWHKHQGYLHUYRQLKQHQYRP+LPPHO JHKROW'DQQZDUHLQIQIWHULQGHQ5RWRUJHIORJHQ'LH VWlKOHUQHQ%OlWWHUKDWWHQLKQ]ZDU]HUKDFNWZDUHQDEHU JOHLFK]HLWLJYHUERJHQZRUGHQVRGDVLFKGHU+XEVFKUDXEHU QLFKWPHKULQGHU/XIWKDOWHQNRQQWHXQGDEVWU]WH *HQDXLQGHQ6HH (LQ9RJHOZDUQRFKEULJ8QGHUKDWWHQLFKWDXIJHJHEHQ VRQGHUQNUHLVWHWUlJHEHUGHUDEJHVWU]WHQ0DVFKLQH 'RFKGLH9HUXQJOFNWHQKDWWHQMHW]WDQGHUH6RUJHQDOVVLFK XPGHQ3WHUDQRGRQ]XNPPHUQ6LHPXWHQ]XVHKHQGD VLHVLFKDXVGHP7UPPHUKDXIHQEHIUHLWHQ 6LHOHEWHQXQGGDVZDUGLH+DXSWVDFKH %LOOKDWWH]ZDUVHLQH0DVFKLQHQSLVWROHIDOOHQODVVHQPV VHQXPVLFKIHVWNODPPHUQ]XN|QQHQ$EHU-DQHKDWWHHLQH ]ZHLWH03L]XGHPKDWWHQVLHQRFK3LVWROHQXQG+DQG JUDQDWHQ 'HU5HSRUWHUIDWHVLFKDOVHUVWHU0KVDPVWHPPWHHUVLFK LQGLH+|KH$XIGHQ+lQGHQJHVWW]WEOLHEHUKRFNHQXQG VDKVLFKXP ª-DQH© .HLQH$QWZRUW %LOOV+HU]NORSIWHSO|W]OLFKVFKQHOOHU+LPPHO-DQHDQWZRU WHWHQLFKW6ROOWHVLHHWZD
'DIUUHGHWH0\[LQª6LHOHEW©PHOGHWHHUªVLHLVWQXU EHZXWORV:LUPVVHQKLHUUDXV© %LOOZLVFKWHVLFKGDV%OXWYRQGHU6WLUQXQGYHU]RJGDV *HVLFKWª'DVZHLLFKVHOEVWYHUGDPPW© 'DGHU+XEVFKUDXEHUDXIGHUOLQNHQ6HLWHODJZDUHVJDU QLFKWVRHLQIDFKVLFKLQVHLQHP,QQHUHQ]XEHZHJHQ1RFK VFKZDPPHUGRFK%LOOPHUNWHMHW]WVFKRQGDGLH0DVFKLQH ODQJVDPDEVDFNWH (UVDK-DQH&ROOLQVQHEHQGHP&RSLORWHQVLW]OLHJHQ6LHZDU EHZXWORVXQGEOXWHWHZLHGHU5HSRUWHUDP.RSI0\[LQ NDPYRQGHUDQGHUHQ6HLWH %LOOVFKQDX]WHLKQDQª.DQQVWGXGHQQQLFKWVPDFKHQYHU GDPPW'XKDVWGRFKVRQVWLPPHUPDJLVFKH7ULFNVDXI /DJHU© ª1HLQGDVKLHULVWGDV5HLFKGHV6FKZDU]HQ7RGV(UVW ZHQQHUHUOHGLJWLVWNDQQLFKPHLQH.UlIWHHQWIDOWHQ© ª6KLWGDVQW]WPLUQLFKWV©%LOOKDWWH-DQH&ROOLQVLQ]ZL VFKHQHUUHLFKWIDWHVLHXQWHUEHLGH$FKVHOQXQG]RJVLHKRFK ª1LPPGXZHQLJVWHQVLKUH03L©IXKUHU0\[LQDQ 'HU0DJLHUVFKQDSSWHVLFKGLH:DIIH %LOOPXWHJULQVHQ0\[LQPLWHLQHU0DVFKLQHQSLVWROHZDU HLQPDOJDQ]HWZDV1HXHVZRHUVLFKGRFKVRQVWLPPHUDXI VHLQHPDJLVFKHQ.UlIWHYHUOLH +LQDXVNRQQWHQVLHGXUFKGLH]HUEURFKHQH&RFNSLWVFKHLEH GLHYRQPHKUHUHQ6FKQDEHOKLHEHQ]HUVW|UWZRUGHQZDU 'HU0DJLHUNOHWWHUWHYRU(UKDWWHNDXPGHQ.RSIKLQDXV JHVWUHFNWDOVHUDXFKVFKRQ]XUFNEOLFNWHXQGPHOGHWHGD QRFKHLQ9RJHOEHUGHP+XEVFKUDXEHUNUHLVWH ª'HQKROHQZLUYRP+LPPHO©NQXUUWH%LOO&RQROO\ª$EHU ZDVLVWPLWGHUYHUGDPPWHQ6FKODQJH"© ª1LFKW]XVHKHQ© ª+RIIHQWOLFKEOHLEWVLHXQWHQ© 0LWGHU6FKODQJHZDUHLQJHIlKUOLFKHV0RQVWHUJHPHLQW GDVLHNXU]YRULKUHP$EVWXU]LQGHU6HHPLWWHHQWGHFNW KDWWHQ6LHHULQQHUWHVLHDQGDVEHUKPWH8QJHKHXHUYRQ
/RFK1HVVGDVOLHEHYROO1HVVLHJHQDQQWZXUGH'RFKGLH 6FKODQJHZUGHVLHVLFKHUOLFKQLFKWOLHEHYROOEHJUHQVRQ GHUQYHUVXFKHQVLH]XYHUVFKOLQJHQ 5HL]HQGH$XVVLFKWHQ %LOOKDWWHHVJHVFKDIIWXQGVLFKGLH'HWHNWLYLQEHUGLH 6FKXOWHUJHODGHQ(UVFKZDQJVHLQHQ$UPXPLKUHQ.|USHU XQGKLHOWVLHIHVW'HQOLQNHQ$UPEUDXFKWHHUXPVLFKYRU ]XWDVWHQ(UZLQNHOWHLKQDQXQGVFKOXJHLQHQODQJHQVlEHO DUWLJHQ*ODVVSOLWWHUDXVGHP5DKPHQGDQQNRQQWHHUXQJH IlKUGHWPLWVHLQHU/DVWDXVGHU0DVFKLQHNOHWWHUQ 0\[LQZDULKPEHKLOIOLFK(UVWUHFNWHVHLQHQ$UPDXVXP %LOO&RQROO\KRFK]X]LHKHQ 'HU+XEVFKUDXEHUODJDXIGHUOLQNHQ6HLWH*XUJHOQGXQG VFKPDW]HQGVWU|PWHJUQEUDXQHV:DVVHULQGDV,QQHUH=XP *OFNZDUGHU6LNRUVN\+HOLNRSWHUQLFKWPLWWHQLQGHQ6HH JHVWU]WVRQGHUQUHODWLYQDKHDP8IHU 'RUWVWDQGHQPlFKWLJH%lXPHGHUHQ:XU]HOZHUNVLFKLQ GHQ8IHUVFKOLFNJHNUDOOWKDWWH6LHHULQQHUWHQPLWLKUHQKHUDE KlQJHQGHQ=ZHLJHQDQGLH7UDXHUZHLGHQDXIGHU(UGHQXU ZDUHQGLHVHKLHUZHVHQWOLFKJU|HUXQGPlFKWLJHU %LOOKRIIWHGDVLHGLHVHV8IHURKQH6FKDGHQ]XQHKPHQ HUUHLFKHQNRQQWHQ$Q/DQGVDKDOOHVVFKRQJDQ]DQGHUVDXV -DQH&ROOLQVKLQJQRFKLPPHUEHU%LOOV6FKXOWHUQ6LH ZXUGHODQJVDP]XP6FKZHUJHZLFKW'HU5HSRUWHUNHXFKWH 1LFKWQXUGLH.UDIWDQVWUHQJXQJVFKODXFKWHLKQVRQGHUQDXFK GDVWURSLVFKIHXFKWH.OLPDGHPVLHDOOHDXVJHVHW]WZDUHQ 9RUVLFKWLJVFKRE%LOO&RQROO\VHLQHQ2EHUN|USHUGXUFKGLH ]HUVW|UWH&RFNSLWVFKHLEH 0\[LQKRFNWHDXIGHP5XPSIGHV+XEVFKUDXEHUVXQGVDK VLFKEHVRUJWXPZlKUHQG%LOOV+DQGORVOLH 'HU5HSRUWHUEHZHJWHVLFKDOOHLQZHLWHUELVHUHLQHQ HLQLJHUPDHQIHVWHQ+DOWKDWWH ª:LHZHLWLVWHVELV]XP8IHU"©IUDJWH0\[LQ %LOO]XFNWHPLWGHQ6FKXOWHUQª.HLQH$KQXQJ9LHOOHLFKW GUHLLJ
ª'LHPWHQ]XVFKDIIHQVHLQ© 'HU5HSRUWHUQLFNWHª.ODUZHQQXQVGLHOLHEHQ7LHUFKHQ ODVVHQ© ª%LVDXIHLQHQKDVWGXGRFKDOOHYRP+LPPHOJHSXW]W© KLHOW0\[LQLKPHQWJHJHQ ª'LHPHLQHLFKMDQLFKW©JDEGHU5HSRUWHU]XUFNª,FK GHQNHDQGLH6HHVFKODQJHGLH-DQHJHVHKHQKDW© ª(LQ7UXJELOG© %LOOVFKWWHOWHGHQ.RSIª'DVJODXEHLFKQLFKW©(UEOLFNWH DXI-DQH%HLLKUNRQQWHHUNHLQH$Q]HLFKHQHUNHQQHQGDVLH DXVGHU%HZXWORVLJNHLWHUZDFKWH(UPXWHVLHDOVRGLH 6WUHFNHELV]XP8IHUVFKOHSSHQ %LOO&RQROO\WDVWHWHGLH2EHUIOlFKHGHV6HHVPLWVHLQHQ %OLFNHQDE'DV:DVVHUKDWWHVLFKQDFKGHP$EVWXU]GHV +XEVFKUDXEHUVZLHGHUEHUXKLJW'LH:HOOHQVSOWHQQLFKW PHKUGHP8IHUHQWJHJHQ%LOOVDKJHZDOWLJH:DVVHUEOXPHQ DXIGHU2EHUIOlFKHVFKDXNHOQ6LHOHXFKWHWHQLQDOOHQ)DUEHQ YRPVDIWLJHQ5RWELVKLQ]XPNQDOOLJHQ*HOE(LQJHUDKPW ZXUGHGHUNOHLQH6HHYRQULHVLJHQ%lXPHQGUHLELVYLHUPDO VRKRFKZLHGLHQRUPDOHQ%lXPHLP'VFKXQJHO$IULNDVRGHU 6GDPHULNDV 8QGEHUDOOHPVWDQGGHUJUDXH+LPPHOZLHHLQH:DQG (LQ9RJHOZDUQRFKEULJ8QGGHUKDWWHQRFKQLFKWDXIJH JHEHQ 1DFKZLHYRUNUHLVWHHUEHUGHU$EVWXU]VWHOOH(UKDWWH VHLQH)OJHODXVJHEUHLWHWVLHZDUIHQHLQHQGURKHQGHQ 6FKDWWHQEHUGLH9HUXQJOFNWHQ %LOOGHXWHWH]XLKPKRFKª'HUKDWHVDXIXQVDEJHVHKHQ© PXUPHOWHHU 0\[LQQLFNWH(UKLHOW-DQHV0DVFKLQHQSLVWROH ª*LEPLUGLH3XVWHPDOUEHU©YHUODQJWHGHU5HSRUWHU 'HU0DJLHUUHLFKWHVLHLKP%LOOKDWWH-DQHQHEHQVLFKJHOHJW VRGDHU%HZHJXQJVIUHLKHLWKDWWH$XVVHLQHU6WLUQZXQGH UDQQQRFKLPPHUHWZDV%OXW%LOOZLVFKWHHVPLWGHP +DQGUFNHQZHJ'DQQKREHUGLH0DVFKLQHQSLVWROH
'HU5HSRUWHUKLHOWVLHVFKUlJ0LWGHP/DXIYHUIROJWHHUIU HLQLJH6HNXQGHQGHQ)OXJGHV3WHUDQRGRQV 'DQQGUFNWHHUDE (LQNXU]HU)HXHUVWRUHLFKWH(WZDHLQKDOEHV'XW]HQG *HVFKRVVHSHLWVFKWHQDXVGHP/DXI%LOO&RQROO\KDWWHDXVJH ]HLFKQHWJH]LHOW'HUULHVLJH9RJHOZXUGHGXUFKJHVFKWWHOW VWLHHLQHQEHLQDKHPHQVFKOLFKNOLQJHQGHQ6FKUHLDXVXQG WUXGHOWHZHJ :XFKWLJNODWVFKWHVHLQ.DGDYHULQV:DVVHU %LOOQLFNWHª'DVKlWWHQZLU©VDJWHHUWURFNHQ ,PQlFKVWHQ$XJHQEOLFNZDUGLH+|OOHORV'HU3WHUDQRGRQ KDWWHNDXPGLH:DVVHUREHUIOlFKHGXUFKVFKODJHQDOVSO|W]OLFK GHU.RSIHLQHVULHVLJHQ)LVFKVDXIWDXFKWH(UVFKRZLHHLQ 3IHLODXVGHP:DVVHUULVHLQJHZDOWLJHV0DXODXIXQG%LOO DOVDXFK0\[LQVDKHQ=DKQUHLKHQVFKDUIZLH0HVVHU ª0HLQ*RWWHLQ'LQLFKWK\©IOVWHUWH%LOOª:HQQGHU]XXQV NRPPWGDQQ*QDGHXQV*RWWª8QZLOONUOLFKSDFNWHGHU 5HSRUWHUVHLQH:DIIHIHVWHUZlKUHQGHUXQG0\[LQ]XVFKDX WHQZLHGHU0RQVWHUILVFKGHQ9RJHOYHUVFKODQJ 'DV:DVVHUVFKlXPWHXQGZLUEHOWHDXI'HUIUHVVHQGH)LVFK JHElUGHWHVLFKZLHWROO,PPHUZLHGHUVFKQHOOWHHLQJURHU 7HLOVHLQHV/HLEHVDXVGHP:DVVHU(USHLWVFKHGLH)OXWHQGD GLHJURHQ:HOOHQJHJHQGHQ+XEVFKUDXEHUDQUROOWHQXQG LKQ]XP6FKDXNHOQEUDFKWHQ %LOOXQG0\[LQKDWWHQ0KHVLFKIHVW]XKDOWHQ=XVlW]OLFK PXWHGHU5HSRUWHUQRFKDXI-DQH&ROOLQVDFKWHQGDPLWVLH QLFKWDEUXWVFKWHXQGLQV:DVVHUILHO 'HU5LHVHQILVFKVWLOOWHVHLQHQ+XQJHU(UKDWWHHLQHQ IXUFKWHLQIO|HQGHQ6FKlGHOYLHOOHLFKW]HKQPDOVRJURZLH GHUHLQHU6FKLOGNU|WHDQ2EHUXQG8QWHUKlOIWHPLWHLQHP GLFNHQ3DQ]HUXPJHEHQGHUELVKLQWHUGLH9RUGHUIORVVHQ UHLFKWH (UULGHQ9RJHOI|UPOLFKDXVHLQDQGHUXQG]RJGHQOHW]WHQ 5HVWPLWXQWHU:DVVHU ª:HQQGHUXQVJHVHKHQKDW©IOVWHUWH%LOOªHUJHKWHVXQV
GUHFNLJ©:LHGHUEOLFNWHHUDXI-DQH1LFKWV]HLJWHGDVLHDXV LKUHU%HZXWORVLJNHLWHUZDFKWH %LOO&RQROO\VFKOXJLKUPHKUPDOVLQV*HVLFKWXQGULHILKUHQ 1DPHQ ª-DQHZDFKDXIELWWH7XPLUGHQ*HIDOOHQ%LWWH-DQH© 0\[LQEHREDFKWHWHGDV:DVVHU$XFKHUZDUGHU0HLQXQJ GDGHU)LVFKQRFKHLQPDODXIWDXFKHQZUGHXPVLFKGLH QHXH%HXWHDQ]XVHKHQ'LH0HQVFKHQKDWWHHUEHVWLPPWHQW GHFNW 1RFKUDJWHGHU+XEVFKUDXEHUVRZHLWDXVGHP:DVVHUGD VLHVLFKKDOWHQNRQQWHQ %LOOVSUDFKGHQ0DJLHUDQª:LUN|QQHQQLFKWZHJVFKZLP PHQEHYRU-DQHQLFKWHUZDFKWLVW©HUNOlUWHHU ,PVHOEHQ$XJHQEOLFN]LVFKWH0\[LQHLQH:DUQXQJ %LOOVFKDXWHVFKUlJQDFKOLQNV 'HU'LQLFKWK\ZDUZLHGHUDXIJHWDXFKW 9RU6FKUHFNEHUVSUDQJGDV+HU]GHV5HSRUWHUVHLQHQ 6FKODJ(UVDKQLUJHQGZRHLQDQGHUHV%HXWHVWFNIUGHQ )LVFKDOV-DQH0\[LQXQGVLFKVHOEVW 1RFKZDUYRQGHU%HVWLHQLFKWYLHO]XVHKHQ1XUGLHREHUH +lOIWHGHV.RSIHVXQGGLHJOlVHUQZLUNHQGHQNDOWHQ$XJHQ GLHEHUGHQ:DVVHUUDQGKLQZHJVWDUUWHQXQGGLHGUHL 3HUVRQHQIL[LHUWHQ ª-HW]WQLPPWHU0D©IOVWHUWH%LOO&RQROO\XQGSDFNWH VHLQH03LIHVWHU ª,FKZHLQLFKWREZLULKQGDPLWW|WHQN|QQHQ©EHPHUNWH 0\[LQª'LH.XJHOQSUDOOHQDQVHLQHP3DQ]HUDE© ª:RPLWGDQQ"© 0\[LQVFKZLHJ 'HU)LVFKVFKZDPPODQJVDPQlKHU'DQQEHZHJWHHU VHLQHQ6FKZDQ](UIXKUDXVGHP:DVVHUILHOZLHGHU]XUFN XQGSHLWVFKWHGHQ6HH]X:HOOHQ 8PQlFKVWHQ$XJHQEOLFNVFKRVHLQ.RSILQGLH+|KH:HLW ULHUGLH.LHIHUDXVHLQDQGHU%LOOVDKGLHP|UGHULVFKHQ =DKQSODWWHQXQGZLHYRQVHOEVW]RJVHLQUHFKWHU=HLJHILQJHU
GHQ$E]XJGHU0DVFKLQHQSLVWROHQDFKKLQWHQ 9RUGHU0QGXQJEOLW]WHHVDXI.XJHOQXPWDQ]WHQGHQ 5LHVHQILVFKSUDOOWHQDP3DQ]HUDEGUDQJHQDEHUDXFKLQGDV 0DXOZRVLHJURH:XQGHQULVVHQ %LOOIHXHUWHZHLWHU :WHQGZDUIVLFKGHU)LVFKKHUXP 'DV:DVVHUVFKlXPWHXQGEURGHOWH:LOGVFKZDQNWHGHU +XEVFKUDXEHU%LOOPXWHVLFKDXIGLH9HUWHLGLJXQJNRQ]HQ WULHUHQXQGNRQQWHGHVKDOEQLFKWDXI-DQH&ROOLQVDFKWHQ 6LHUXWVFKWH]XU6HLWH :LHGHUMDJWHGHU5HSRUWHUHLQH6DOYHDXVVHLQHU03L(U EHZHJWHVLFKGDEHLHLQZHQLJ]XU6HLWHGRFKGLH*HVFKRVVH IHW]WHQJHJHQGLH3DQ]HUKDXWGHV)LVFKHV 6RZDUGLHVH%HVWLHQLFKW]XEH]ZLQJHQ %LOO]LHOWHJHQDXHU(UZROOWHGLHQlFKVWH6DOYHGHP 5LHVHQILVFKKLQWHUGHU3DQ]HUXQJLQGHQ/HLEMDJHQ 'DULLKQ0\[LQV6FKUHLKHUXP %LOOV$XJHQZXUGHQJUR(UVDKZLH-DQHDEUXWVFKWHZDUI VLFK]XU6HLWHZROOWHVLHQRFKKDOWHQGRFKVHLQH+DQGJULII LQV/HHUH 'LH'HWHNWLYLQYHUVFKZDQGLQGHQ)OXWHQ ,PVHOEHQ$XJHQEOLFNVFKRGHU)LVFKDXVGHP:DVVHU6HLQ +LQWHUOHLEIXKUKHUXPGDV:DVVHUVFKlXPWHXQGGLH%HVWLH ULEHLGH.LHIHUVRZHLWDXIGDHU%LOOXQG0\[LQYHUVFKOLQ JHQNRQQWH 9HU]ZHLIHOWZDUIVLFK%LOODXIGHQ5FNHQ(UZROOWHIHXHUQ GDVDFNWHGHUVFKZHUH+XEVFKUDXEHUDE 'XUFKGHQ5XFNJHULHWGLH0QGXQJDXVGHUXUVSUQJ OLFKHQ5LFKWXQJXQGGLH.XJHOJDUEHUDWWHUWHDP.RSIGHU %HVWLHYRUEHL ª5XQWHU©VFKULH0\[LQXQG%LOO&RQROO\KHFKWHWHLQV :DVVHU'DQQVFKQDSSWHGHU)LVFK]X
:lKUHQG0\[LQPLWVHLQHU.DPSIWUXSSHLQGDV5HLFKGHV 6FKZDU]HQ7RGHVDXIJHEURFKHQZDUKDWWHGHU0DJLHUYHU VXFKW6XNR]XVLFK]XWHOHSRUWLHUHQXPDQ,QIRUPDWLRQHQ]X JHODQJHQ0LW(UIROJ(UIROJORVYHUOLHIGDJHJHQGHU3ODQ 6XNRLQ6LQFODLUV1lKH]XWHOHSRUWLHUHQ 6XNRªODQGHWH©]ZDULP+DU]IDQG6LQFODLUMHGRFKQLFKW 'DQQPDFKWHHUVLFKDXIGLH6XFKHQDFK.RPPLVVDU 0DOOPDQQV:DJHQ(UIDQGLKQWDWVlFKOLFK6XNRKDWWHNHLQHQ 6FKOVVHOGHVKDOEPXWHHUVLFKDXIHLQHHWZDVXQNRQYHQWLR QHOOH$UWXQG:HLVH(LQVWLHJLQGDV)DKU]HXJYHUVFKDIIHQ6R HWZDVOHKQWHHU]ZDUDEDEHULQGLHVHP)DOOEHIDQGHUVLFKLQ HLQHU1RWODJH 6XNRKDWWHGDVWHFKQLVFKH:LVVHQHLQHQ:DJHQNXU] ]XVFKOLHHQ$XFKEHLGHPGXQNHOEODXHQ0HUFHGHVEHUHLWHWH LKPGLHVNHLQH6FKZLHULJNHLWHQ 9RUVLFKWLJOHQNWHHUGHQ:DJHQEHUGHQ:DOGERGHQ'DV )DKU]HXJVFKDXNHOWHKLQXQGKHU'LH6FKHLQZHUIHUULVVHQ WLHIH/|FKHULQGLHKHUUVFKHQGH'XQNHOKHLW %DOGHUUHLFKWHHUHLQHVFKPDOH6WUDH'LH8QWHUODJHZXUGH EHVVHU6XNRVDKHLQHQ0LWWHOVWUHLIHQXQGEWHHUVWHLQPDOGDV 5HFKWVIDKUHQ +LHULP*UHQ]JHELHWZDUDP7DJHVFKRQZHQLJORVLQGHU 1DFKWHUVWUHFKW.HLQ:DJHQEHJHJQHWHGHP&KLQHVHQ ]XVlW]OLFKKDWWHHUGDV*OFNNHLQHU*UHQ]NRQWUROOHLQGLH $UPH]XIDKUHQVRGDHUDXIDWPHQNRQQWHDOVVFKOLHOLFK GDVHUVWH+LQZHLVVFKLOGDXIGLH6WDGW%DG+DU]EXUJDXI WDXFKWH 'RUWZROOWHGHU&KLQHVHWHOHIRQLHUHQ 1DWUOLFKGUHKWHQVLFKVHLQH*HGDQNHQZlKUHQGGHU)DKUW QXUXPGHQ)DOO (LQE|VHV6FKLFNVDOKDWWHLKQYRQVHLQHQ)UHXQGHQJHWUHQQW XQG6XNRIUDJWHVLFKZRVLFK-RKQXQG.RPPLVVDU 0DOOPDQQMHW]WEHIDQGHQ(UKDWWHPLFKLQHLQHU1HEHOZRONH YHUVFKZLQGHQVHKHQJHZLVVHUPDHQDOVHLQOHW]WHV /HEHQV]HLFKHQXQGGDPLWZDUGHU.RQWDNWDEJHEURFKHQ
:lKUHQG6XNRGXUFKGLHILQVWHUH*HJHQGIXKUNlPSIWHQ VHLQH)UHXQGHVLFKHUOLFKXPLKU/HEHQIDOOVVLHQRFKOHEWHQ 'DVSDWHGHP&KLQHVHQEHUKDXSWQLFKW $XIGHU6FKQHOOVWUDHEHVFKOHXQLJWHHU=XP*OFNZDUGLH )DKUEDKQWURFNHQXQGHUEUDXFKWHNHLQH$QJVWYRU*ODWWHLV ]XKDEHQ :HLWHUYRUQVDKHU/LFKWHULQGHU'XQNHOKHLWOHXFKWHQ 'DVZDU%DG+DU]EXUJ 6FKRQEDOGUROOWHHULQGHQ2UWKLQHLQ 'LH6WDGWODJLQY|OOLJHU5XKH:LHJURHEXQWH$XJHQ ZLUNWHQGLH$PSHODQODJHQGLHLPJOHLFKPlLJHQ5K\WKPXV LKUH/LFKWHUZHFKVHOWHQ 6RVHKU6XNRVLFKDQIDQJVEHUVHLQH5HWWXQJJHIUHXWKDWWH MHW]WlUJHUWHHUVLFKGDUEHU:lKUHQGVHLQH)UHXQGHYLHO OHLFKWXPLKU/HEHQNlPSIWHQXQGDXI8QWHUVWW]XQJKRIIWHQ VDHUXQWlWLJLQHLQHPIUHPGHQ/DQGIHVWXQGNRQQWHQLFKWV WXQ 'LHVHV:LVVHQPDFKWHLKQIDVWZDKQVLQQLJ (UIKOWHVLFKZLHDXIHLQ$EVWHOOJOHLVJHVFKREHQQLFKW PHKUDOVHLQ6WDWLVWLPK|OOLVFKHQ6SLHO:lKUHQGHUGXUFK GHQQlFKWOLFKHQ2UWIXKUVXFKWHQVHLQH$XJHQQDFKGHP EODXHQ+LQZHLVVFKLOGDXIGLH$XWREDKQ $QHLQHU$PSHOHQWGHFNWHHUHV 5HFKWVJLQJHVDE 0LWTXLHWVFKHQGHQ5HLIHQ]RJGHU&KLQHVHGHQ0HUFHGHVLQ GLH.XUYH(UIXKUYRUEHLDQ]DKOUHLFKHQ*HVFKlIWHQGHUHQ 6FKDXIHQVWHUKHOOHUOHXFKWHWXQGPLW6FKHUHQJLWWHUQDEJH VLFKHUWZDUHQ'LH6WUDHVWLHJHWZDVDQ =DKOUHLFKH6FKLOGHUZLHVHQDXI+RWHOVXQG3HQVLRQHQKLQ :HQLJH0LQXWHQVSlWHUODJGHU2UWKLQWHULKP6XNREHIDQG VLFKDXIGHPGLUHNWHQ:HJ]XU$XWREDKQ(UIXKULQ5LFKWXQJ *RVODUXQGZROOWHGRUWDXIIDKUHQZRVLHDEJHIDKUHQZDUHQ 0LWHLQHP%OLFNDXIGHQ7DQNDQ]HLJHUVWHOOWHHUIHVWGDHU WDQNHQPXWH%LV]XU$XWREDKQVFKDIIWHHUHVQRFK9RUKHU IDQGHUVRZLHVRNHLQHRIIHQH7DQNVWHOOH
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lKH ZDU=XGHPZDUHVQLFKWQXUHLQ3XQNWVRQGHUQPHKUHUHGLH PLWKRKHU*HVFKZLQGLJNHLWGLFKWQHEHQHLQDQGHUKHUIORJHQ XQGUDNHWHQDUWLJEHUGLH%HUJHJOLWWHQ 6XNRIXKUODQJVDPHU 9RULKPODJHLQH.XUYH6LHZDUJHVWUHFNWXQGVFKLHQNHLQ (QGHQHKPHQ]XZROOHQ*HIl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
'HU&KLQHVHEOLHEUXKLJ(UVDKVLFKVHLQH*HJQHULQQHQ JHQDXDQ 'LH*HVLFKWHUHULQQHUWHQLKQDQPLWURWHU)DUEHEHVWRFKHQH )UDW]HQ'LH+H[HQWUXJHQ.RSIWFKHUXQG6XNRVDKDXFK GLH/DQ]HQLQLKUHQ+lQGHQ (UDWPHWHWLHIGXUFK 'LH)UDJHZRKHUGLH+H[HQNDPHQEUDXFKWHHUVLFKQLFKW ]XVWHOOHQ)ULKQZDUQXUZLFKWLJGDVLHGDZDUHQXQGGD HUVLFKJHJHQVLH]XU:HKUVHW]HQPXWH 'LH/DQ]HQPDFKWHQLKP6RUJHQ 'HU&KLQHVHIKOWHQDFKVHLQHQ:DIIHQ'LH6LOEHUNXJHO 3LVWROHZDUHEHQVRYRUKDQGHQZLHGLH'lPRQHQSHLWVFKH0LW LKUKRIIWH6XNRXQWHUGHQ+H[HQDXIUlXPHQ]XN|QQHQ 'DVFKOHXGHUWHQVLHGLHHUVWHQEHLGHQ/DQ]HQ$OOHVJLQJVR VFKQHOOGD6XNRQXUQRFKGHQ.RSIHLQ]LHKHQNRQQWH,P QlFKVWHQ$XJHQEOLFNGXUFKEUDFKHQGLHJOKHQGHQ/DQ]HQ GLH)URQWVFKHLEHGHV0HUFHGHV 6XNRVSUWHGLH+LW]HGLHYRQGLHVHQK|OOLVFKHQ6WlEHQ DXVJLQJ :lKUHQGGLH6SOLWWHUGHUJHERUVWHQHQ6FKHLEHDXILKQ UHJQHWHQZDUIHUVLFK]XU6HLWHXQGGLH/DQ]HQYHUIHKOWHQ LKQQXUNQDSS6LH]DFNWHQLQGLH3ROVWHUGHU5FNVLW]EDQN XQGULVVHQGRUWWLHIH/|FKHU 'HU&KLQHVHPXWHVRUDVFKZLHP|JOLFKDXVGLHVHP /HLKZDJHQZHQQGHU0HUFHGHVIULKQQLFKW]XU7RGHVIDOOH ZHUGHQVROOWH9RQGUDXHQK|UWHHUGDV.UHLVFKHQGHU +H[HQ(UVWUHFNWHGHQ$UPDXVIDQGGLH9HUULHJHOXQJGHU %HLIDKUHUWUXQGGUFNWHVLHDXI 'LHNDOWH1DFKWOXIWWUDIVHLQ*HVLFKW6XNREHXJWHVHLQHQ .RSIYRUXQGOLHVLFKPLWHLQHU5ROOHDXVGHP:DJHQIDOOHQ (UODQGHWHVLFKHUEOLHEDXIDOOHQYLHUHQKRFNHQXQGSHLOWH VFKUlJEHUGLHODQJH.KOHUVFKQDX]HKLQZHJ 'LH+H[HQKLHOWHQ.ULHJVUDW6LHKDWWHQEHJULIIHQGDGLH EHLGHQ/DQ]HQLKUHQ*HJQHUYHUIHKOWKDWWHQXQGEHUDW VFKODJWHQQXQHLQHQZHLWHUHQ$QJULII
6XNR]RJGLH%HUHWWD(UKLHOWVLHLQGHUUHFKWHQ+DQGLQGLH OLQNHKDWWHHUGLHYRQ0\[LQHUEHXWHWH'lPRQHQSHLWVFKH JHQRPPHQ6RJHUVWHWKRIIWHHUGHQ+H[HQHQWJHJHQWUHWHQ ]XN|QQHQ 'DQQZXUGHHUDEJHOHQNW ,P)RQGGHV:DJHQVIODFNHUWHHVSO|W]OLFKDXI'HU :LGHUVFKHLQGHU)ODPPHQWUDI6XNRV$XJHQZLQNHO (UGUHKWHGHQ.RSIJLQJHWZDVKRFKEOLFNWHJHQDXHUKLQ XQGEHPHUNWHGDGLH6LW]EDQN)HXHUJHIDQJHQKDWWH 'DVSDWH6XNREHUKDXSWQLFKWGHQQZHQQGHU:DJHQ DQILQJ]XEUHQQHQVDHUKLHUIHVW 'LH%HLIDKUHUWUVWDQGQRFKRIIHQXQG6XNRVDKLQGHU .RQVROH]ZLVFKHQGHQEHLGHQ6LW]HQHLQHQ)HXHUO|VFKHUHLQ JHNOHPPW (UNURFKZLHGHULQGDV,QQHUHGHV:DJHQVVWHFNWHVHLQH %HUHWWDZHJXQGULVWDWWGHVVHQGHQ)HXHUO|VFKHUDXVGHU +DOWHUXQJ %OLW]VFKQHOOGUFNWHHUGHQ$XVO|VHNQRSIQDFKXQWHQXQG VSUKWHGHQKHOOHQ6FKDXPEHUGLHKLQWHUH6LW]EDQN 'HQ)ODPPHQZXUGHGHU6DXHUVWRIIHQW]RJHQVLHVDQNHQLQ VLFK]XVDPPHQ 'HU&KLQHVHZROOWHDXIDWPHQGRFK:XWJHKHXOOLHLKQKHU XPIDKUHQ,UJHQGZLHPXWHQGLH+H[HQEHPHUNWKDEHQGD QLFKWDOOHVQDFK3ODQOLHI =ZHLYRQLKQHQJULIIHQ6XNRDQ(VZDUHQGLHEHLGHQGLH LKUHJOKHQGHQ/DQ]HQJHVFKOHXGHUWKDWWHQ6LHNUHLVFKWHQ XQGWREWHQGRFK6XNROLHVLFKDXIQLFKWVHLQ (UVFKZHQNWHGLH+DQGPLWGHP/|VFKHU 'HU6FKDXPWUDIYROO (UNODWVFKWHGHQEHLGHQDQIOLHJHQGHQ+H[HQLQGLH *HVLFKWHUXQGVWRSSWHLKUH$WWDFNH*OHLFK]HLWLJVFKOXJ6XNR PLWGHU'lPRQHQSHLWVFKH]X(UEHVDGLH:DIIHODQJH JHQXJXPJHQDXGLHhEXQJ]XKDEHQGLHQ|WLJZDU 'LHGUHL5LHPHQNODWVFKWHQGHQ+H[HQLQLKUH)UDW]HQ $XVGHP:XWJHKHXOZXUGHQ$QJVWVFKUHLH
'LH6DWDQVGLHQHULQQHQYHUVXFKWHQ]XHQWNRPPHQIORJHQ GDEHLHLQH3DUDEHOXPLQGLH'XQNHOKHLW]XVWRHQGRFKGHU =HUIDOOVSUR]HOLHVLFKQLFKWDXIKDOWHQ 'LH+H[HQ]HUILHOHQ]X6WDXEGHUODQJVDP]X%RGHQ UHJQHWH,KUH%HVHQ]HUEUDFKHQXQGILHOHQKLQWHUKHU 6XNRJULQVWHKDUW =ZHLZHQLJHU $EHUYLHUEOHLEHQQRFK 6LHKDWWHQGDV(QGHLKUHU$UWJHQRVVHQPLWHUOHEWVFKULHQ 6XNR6FKPlKUXIHHQWJHJHQXQGIRUPLHUWHQVLFK 'DVDOOHVGDXHUWHYLHO]XODQJH'HU&KLQHVHOLHVLFKDXI QLFKWVHLQ (U]LHOWHPLWGHU%HUHWWDEHUGLH.KOHUKDXEHKLQZHJXQG KROWHPLW]ZHL6FKVVHQ]ZHL+H[HQYRQGHQ%HLQHQ0LWWHQ DXIGHU6WUDHO|VWHQVLHVLFKDXI 'DZDUHQHVQXUQRFK]ZHLGDFKWH6XNR8QGIULKQZDU $QJULIIGLHEHVWH9HUWHLGLJXQJ (UVWUPWHYRU 'lPRQHQSHLWVFKHQXQG%HUHWWDEHLGH:DIIHQVROOWHQLKP DXFKGLHOHW]WHQ+H[HQDXVGHP:HJVFKDIIHQ(LQHVFKOHX GHUWHLKUH/DQ]H6LHZDUJXWJH]LHOWDEHUGLH7HXIHOVEXKOHULQ XQWHUVFKlW]WH6XNRV5HDNWLRQ 3O|W]OLFKODJGHU&KLQHVHIODFKUROOWHVLFKXPGLHHLJHQH $FKVHIHXHUWHLP/LHJHQXQGWUDI 'DV(FKRGHV6FKXVVHVVFKZDQJQRFKEHUGLH6WUDHDOV 6XNREHUHLWVZLHGHUDXIGHQ%HLQHQVWDQG0LWPlFKWLJHQ 6SUQJHQMDJWHHUDXIGLHOHW]WH+H[H]X :lKUHQGGLHDQGHUHYHUJLQJULVLHGHQUHFKWHQ$UPKRFK XPLKUH)HXHUODQ]HDXI6XNR]XVFKOHXGHUQ 'HU&KLQHVHNDWDSXOWLHUWHVLFKORVXQGILHOLKULQGHQ$UP (UKHEHOWHLKQKHUXPVWLHGHU+H[HVHLQ.QLHLQV.UHX]VR GDVLH]X%RGHQJLQJXQGNQLHWHVLFKGDQQDXIVLHZREHLHU LKUGLH0QGXQJGHU%HUHWWDLQGHQ1DFNHQSUHWH ª(LQH%HZHJXQJXQGLFKGUFNHDE©GURKWHHU 'LH+H[HODJVWLOO
6LHZDJWHVLFKQLFKW]XUKUHQ6FKOLHOLFKKDWWHVLHJH VHKHQZDVGLH3LVWROHYHUVFKRXQGZLHLKUH$UWJHQRVVHQ GXUFKGLH6LOEHUNXJHOQYHUQLFKWHWZRUGHQZDUHQ 6XNRVDKGLH+H[H]XPHUVWHQPDOYRQQDKHP6LHKDWWHHLQH +DXWZLH/HGHUNHLQIHVWHV)OHLVFKVRQGHUQHKHUHLQKDUWHV ZLGHUVWDQGVIlKLJHV=HXJ8QWHUGHU+DXW]XFNWHHV0XVNHOQ XQG6HKQHQDUEHLWHWHQXQGYRQLKUJLQJHLQEHVWLDOLVFKHU *HVWDQNDXV 'DV+DDUZDUXQWHUHLQHPGXQNOHQ.RSIWXFKYHUERUJHQ WURW]GHPVDK6XNRDQGHQ6HLWHQHLQSDDUJUDXH6WUlKQHQ VFKLPPHUQ 'LHVH+H[HKDWWHHUVLFKDXIEHZDKUW'HQQVLHPXWH ZLVVHQZRVLFK-RKQ6LQFODLUEHIDQG ª:HQQGXGLFKUKUVWVFKLHHLFKGLUHLQHVLOEHUQH.XJHO GXUFKGHQ.RSI©IOVWHUWH6XNRDOVHUVLFKHUKREª/RVGX NDQQVWDXIVWHKHQ© (UVHOEVWO|VWHVLFKYRQGHU+H[HXQGOLHVLHDXIGLH)H NRPPHQ6LH]|JHUWHQRFKNRQQWHHVQLFKWJODXEHQ(UVWDOV 6XNRVLHPLWGHP)XDQVWLHJHKRUFKWHVLH 6FKZDQNHQGVWDQGVLHGD 6XNRZDUQXUHLQHQ6FKULWWYRQLKUHQWIHUQWXQGKLHOWGLH :DIIHDXIVLHJHULFKWHW'LHJHIlKUOLFKH/DQ]HODJDP%RGHQ $EHUGLH+H[HJDEQRFKQLFKWDXI6LHVSLHOWHLKUH PDJLVFKHQ)lKLJNHLWHQDXV (LQNXU]HV.RSIUXFNHQQDFKUHFKWVXUSO|W]OLFKVFKRVVHQ JUQH6WUDKOHQDXVLKUHQ$XJHQ 6LHWUDIHQGLH/DQ]H $OVZUGHQXQVLFKWEDUH+lQGHVLHIKUHQVFKZDQJVLH SO|W]OLFKYRP%RGHQKRFKGUHKWHVLFKHLQPDOXPGLHHLJHQH $FKVHXQG]LHOWHDXIGHQ&KLQHVHQ 6XNRVFKOXJPLWGHU'lPRQHQSHLWVFKH]X 'LH6FKQUHXQGGHU6WDEWUDIHQVLFK3O|W]OLFKVFKLHQHLQH JUQH:XQGHUNHU]HDXI]XVSUKHQ(VJDEHLQSXIIHQGHV *HUlXVFKXQGGLH/DQ]HZDUYHUVFKZXQGHQ 6XNRODFKWHUDXKDOVHUGDVHQWVHW]WH*HVLFKWGHU+H[HVDK
6LHKDWWHVLFKDXILKUHPDJLVFKHQ.UlIWHYHUODVVHQMHW]W VFKDXWHVLHGXPPDXVGHU:lVFKH ª0LWGLHVHQ7ULFNVNRPPVWGXQLFKWZHLWHU©HUNOlUWH6XNR LKUª'XZLUVWMHW]WJHQDXGDVWXQZDVLFKGLUVDJH© ª:DVZLOOVWGXYRQPLU"©NUlFK]WHGLH7HXIHOVEXKOHULQ ª,FKKDEHQXUHLQSDDU)UDJHQDXIGLHLFK$QWZRUWHQ P|FKWH©6XNRJLQJ]XUFNª.RPPVFKRQKLHUPLWWHQDXI GHU6WUDHLVWHVPLUHLQZHQLJ]XJHIlKUOLFK© 'LH+H[HIROJWH6LHKDWWHHLQHXQJHKHXUH$QJVWYRU6XNRV %HUHWWDXQGGHU'lPRQHQSHLWVFKH ª=X%RGHQ©YHUODQJWHGHU&KLQHVHª.QLHGLFKQLHGHU© 'LH+H[HJHKRUFKWH 6XNRWDWGLHVQLFKWZHLOHU6SDGDUDQKDWWHGLH+H[H]X GHPWLJHQHUZROOWHQXUVLFKHUJHKHQ,QGLHVHU6WHOOXQJZDU HVIUVLHVFKZHUHLQHQ$QJULII]XVWDUWHQ 6XNRVWUHFNWHGHQ$UPDXV'LH0QGXQJGHU%HUHWWDZLHV DXIGHQ.RSIGHU7HXIHOVEXKOHULQ ª'XZHLWGDLFKGLFKPLWHLQHP6FKXYHUQLFKWHQNDQQ© VDJWH6XNRª'HLQHIQI+H[HQVFKZHVWHUQKDEHQIUPLFK NHLQ3UREOHPEHGHXWHW,FKNDQQDEHUGHLQ/HEHQVFKRQHQ© 'LH+H[HKRUFKWHDXI6LHKREGHQ.RSIXQGEOLFNWH6XNR DXVLKUHQJUQHQ$XJHQDQ 'HU&KLQHVHQLFNWHª:LOOVWGXGDLFKGHLQK|OOLVFKHV /HEHQVFKRQH"© ª-D© ª'DQQZLUVWGXPLUMHW]WVDJHQZRVLFK-RKQ6LQFODLUEH ILQGHW8QGZDVLKUPLWLKPDQJHVWHOOWKDEW© ª(UHULVWQLFKWPHKUKLHU© ª'DVZHLLFKVHOEVW,FKKDEHLKQLQGHU:RONHYHUVFKZLQ GHQVHKHQ:DVLVWGDQDFKSDVVLHUW"© ª(UZDULP%HUJ© ª8QGGDQQ"© 'LH+H[HEHULFKWHWHVWRFNHQGZDVPLUZLGHUIDKUHQZDU 6XNRNDPDXVGHP6WDXQHQQLFKWPHKUKHUDXV(UHUIXKUGD LFKGDV%XFKGHUJUDXVDPHQ7UlXPHXQGDXFKHLQH:DIIH
JHJHQGHQ6FKZDU]HQ7RGJHIXQGHQKDWWH ª(VLVWWDWVlFKOLFKHLQVLOEHUQHU%XPHUDQJ"©IUDJWH6XNR ª:DUXPVROOWHLFKOJHQ"$XHUGHPKDEHLFKHVVHOEVWJH VHKHQ©HUZLGHUWHGLH+H[H 6XNRQLFNWHª'DPLWNDQQ-RKQ6LQFODLUDOVRGHQ6FKZDU]HQ 7RGEHVLHJHQ© ª-D© ª0DQKDWHVLKPHLQIDFKJHPDFKWGLH:DIIH]XILQGHQ© ª-DVLHZDUHLQ/RFNPLWWHO:LUVROOWHQLKQW|WHQ© ª:DVLKUQLFKWJHVFKDIIWKDEW© ª*HQDX© ª8QGMHW]W"© ª,FKZHLQLFKWZRVLFK6LQFODLUDXIKlOW9LHOOHLFKWVFKRQ DXIGHP)ULHGKRIDP(QGHGHU:HOWZRGHU6FKZDU]H7RG DXILKQZDUWHWXQGZRDXFKGHLQ*UDEVFKRQJHVFKDXIHOWLVW© ª0HLQ*UDE"© ª-D-HGHUDXVGHP6LQFODLU7HDPKDWGRUWVHLQ*UDE'RUW ZHUGHWLKUIUDOOH(ZLJNHLWHQOLHJHQ© 'DVZDULQWHUHVVDQWVRJDUPHKUDOVGDV6XNREHUOHJWH ILHEHUKDIW'LH+H[HKDWWHYRQHLQHP)ULHGKRIJHVSURFKHQ 6LHZXWHDOVRZRHUZDUXQGZLHPDQGRUWKLQJHODQJHQ NRQQWH .ODUGD6XNRDQEL(UZROOWHVLFKGHQ)ULHGKRIHLQPDO DQVHKHQ$EHUGDQQEHVWLPPWHHUGLH5LFKWOLQLHQXQG]HLJWH GHU+H[HZRHVODQJJLQJ ª,KUZROOWHWPLFKMDVRZLHVR]XGLHVHP)ULHGKRIEULQJHQ© VDJWHHUª,FKELQHLQYHUVWDQGHQ6FKDIIPLFKKLQ© 'LH+H[HIL[LHUWH6XNRDXVLKUHQJUQHQ$XJHQª'XZLOOVW ZLUNOLFKGRUW© ª-D]XP7HXIHO© 'LH+H[HVWDQGDXI(LQJHPHLQHV*ULQVHQXPVSLHOWHLKUH /LSSHQª(VLVWJXW&KLQHVHLFKZHUGHGLUGHLQHQ:XQVFK HUIOOHQ:LUEHLGHUHLVHQJHPHLQVDP]XP)ULHGKRIDP(QGH GHU:HOW'RUWZLUGVLFKGHLQXQG6LQFODLUV6FKLFNVDOHUIOOHQ© 6XNRKREGLH+DQGª$EZDUWHQ©
$XV5LFKWXQJ*RVODUWDXFKWHHLQ:DJHQDXI'LH/LFKWHU ZXUGHQVFKQHOOJU|HUEOHQGHWHQGDQQZDUGDV)DKU]HXJ YRUEHL 'LH+H[HKDWWHNHLQHQ)OXFKWYHUVXFKXQWHUQRPPHQGDIU ]HLFKQHWHVLHHLQHQ.UHLVDXIGHQ%RGHQXQGPXUPHOWH %HVFKZ|UXQJHQ3O|W]OLFKHQWVWDQGHLQ:LQG]XJGHUDXFK 6XNRHUIDWHXQGLQGHQ.UHLVKLQHLQUL :LHLP.UDPSIKLHOWHUVHLQH:DIIHQIHVW'LFKWYRUVLFKVDK HUGDV*HVLFKWGHU+H[HGDQQVFKLHQHV]XH[SORGLHUHQXQG LPQlFKVWHQ$XJHQEOLFNZXWH6XNRQLFKWVPHKU 'LHPDJLVFKHQ'LPHQVLRQHQKLHOWHQLKQJHSDFNW'LH6WHOOH ZRHUXQGGLH+H[HHEHQQRFKJHVWDQGHQKDWWHZDUSO|W]OLFK OHHU ª:HQQ6LHVLFKEHZHJHQVFKLHHQZLU© 'LHVFKDUIHEHIHKOVJHZRKQWH6WLPPHNODQJKLQWHUPLUDXI XQGLFKNRQQWHQLFKWYHUPHLGHQGDPLUHLQH*lQVHKDXW EHUGHQ5FNHQOLHI %LVKHUKDWWHDOOHVVRJXWJHNODSSW,FKKDWWHGDV%XFKJHIXQ GHQPHLQH:DIIHHUKDOWHQXQGZDUGHP%HUJZLHGHUHQW VFKOSIWGRFKQXQKDWWHQXQV6ROGDWHQXPVWHOOW 6LHNRQQWHQDOOHV]HUVW|UHQ :LUZXUGHQYRQPHKUHUHQ/LFKWVWUDKOHQDQJHOHXFKWHW-HW]W VFKZHQNWHPDQVLHKHUXP,FKNRQQWHZLHGHUNODUVHKHQ .DULQ0DOOPDQQOlFKHOWH'HU6SRWWIXQNHOWHDXVGHQ$XJHQ GHU8QWRWHQXQGGDVVDKDXFKGHU%HIHKOVKDEHU ª'LUZLUGGDV/DFKHQQRFKYHUJHKHQ©GURKWHHU6FKZHUH 6FKULWWHQlKHUWHQVLFKGHP/LFKWNUHLVGXUFKEUDFKHQLKQXQG GDQQVWDQGGHU2IIL]LHUQHEHQ.DULQ (UIDWHVLHDPUHFKWHQ$UPª'XNRPPVWDXVGHP:HVWHQ ZLH"6SLRQH$JHQWHQVXEYHUVLYHV3DFN$XIHXFKKDEHQZLU JHUDGHJHZDUWHWLKUZHUGHWHXFK© ª/DVVHQ6LHPLFKORV©VDJWH.DULQ0DOOPDQQ 'HU2IIL]LHUODFKWH
ª:ROOHQ6LHVWHUEHQ"©IUDJWHGLH8QWRWHPLWPHWDOOLVFKHU 6WLPPH 2EZRKOLFKQLFKWJHUDGHHLQ)UHXQGGLHVHV2IIL]LHUVZDU HQWVFKORLFKPLFKGRFKLKQ]XZDUQHQ'LHVH0lQQHUWDWHQ QXULKUH3IOLFKW+|FKVWZDKUVFKHLQOLFKZDUHQVLHGDPLW EHVFKlIWLJWGDV6HLOEDKQXQJOFN]XXQWHUVXFKHQ6LHZDUHQ GHU%DKQGDQQELVKLHUREHQKLQJHIROJW3HFKGDZLULKQHQ LQGLH$UPHJHODXIHQZDUHQ ª6LHVROOWHQDXIGLH)UDXK|UHQ©VDJWHLFKª6LHLVWPlFKWL JHUDOV6LHXQG,KUH0lQQHU© 'HU2IIL]LHUIXKUKHUXP,FKVDKLKQ]XPHUVWHQPDOYRQ QDKHP(UZDUQRFKMXQJ9LHOOHLFKWIQIXQG]ZDQ]LJ-DKUH DOW(KHUZHQLJHU(UKDWWHHLQQLFKWXQV\PSDWKLVFKHV*HVLFKW XQGZHQQGLHYHUNQLIIHQHQ/LSSHQQLFKWJHZHVHQZlUHQ KlWWHPDQLKQVRJDUDOVHLQHQJXWDXVVHKHQGHQMXQJHQ0DQQ EH]HLFKQHQN|QQHQ'RFKVHLQ'LHQVWUDQJKDWWHLKQLUJHQG ZLHVWXPSIIUQRUPDOH(LQIOVVHZHUGHQODVVHQ ª6LHVLQGEHUKDXSWQLFKWJHIUDJWZRUGHQ©IXKUHUPLFKDQ ª,FKZROOWH,KQHQQXUHLQHQ5DWVFKODJJHEHQ© ª'DUDXISIHLIHLFK©(UQLFNWHVHLQHQ0lQQHUQ]Xª3DFNW LKQ8PGLH)UDXNPPHUHLFKPLFK© %HYRULFKPLFKYHUVDKXPNODPPHUWHQYLHUKDUWH)lXVWH PHLQH$UPH0DQULPLFK]XUFNDXVGHP/LFKWVFKHLQKHU DXV(LQ0DQQPXWH]XPLQGHVWQRFKGDVHLQGHQQHUKLHOW GLH/DPSH 'HU2IIL]LHUZDQGWHVLFKZLHGHUDQGLH8QWRWHª6LHVLQG DOVRJHIlKUOLFK"©K|KQWHHUª'DQQ]HLJHQ6LHPLUPDOZLH :HQQ6LHHLQHQ)OXFKWYHUVXFKPDFKHQGDQQ© (UVSUDFKQLFKWPHKUZHLWHUGHQQ.DULQ0DOOPDQQIDWH ]X3O|W]OLFKXPNODPPHUWHQIQI)LQJHUGLH.HKOHGHV 0DQQHV (UEDUPXQJVORVGUFNWHQVLH]X 'HU2IIL]LHUU|FKHOWH(UJLQJLQGLH.QLHULVHLQH$UPH KRFKXQGYHUVXFKWHGHQ*ULII]XVSUHQJHQGRFK.DULQ 0DOOPDQQJDEXPNHLQHQ'HXWQDFK
6LHZROOWHGLHVHQ0DQQW|WHQ (LQHUGHU6ROGDWHQOLHPLFKORVª,FKVFKLHH©VFKULHHU XQGVHW]WHHLQHQ:DUQVFKXYRUGLH)HGHU8QWRWHQ .DULQ0DOOPDQQ]XFNWHQLFKWHLQPDO]XVDPPHQVRQGHUQ GUFNWHZHLWHU]X 'HU2IIL]LHUJLQJLPPHUPHKULQGLH.QLH6HLQH$UPH VFKOXJHQKDOWORVXPKHU 'DVFKRGHU6ROGDWJH]LHOW 8QGGLH.XJHOWUDIPLWWHQLQGLH%UXVWGHU)UDX .DULQ0DOOPDQQ]XFNWHQXU6LHKlWWH]XVDPPHQEUHFKHQ PVVHQGRFKGDV(LQVFKXORFKLQLKUHP.|USHUVFKORVLFK VRVFKQHOODOVZlUHHVQLH]XYRUGDJHZHVHQ 9|OOLJXQYHUOHW]WZUJWHGLH)UDXZHLWHU (VZDUOHEHQVJHIlKUOLFKZDVLFKWDWDEHULFKNRQQWHEHL HLQHP0RUGYHUVXFKQLFKW]XVHKHQ 0LWHLQHP5XFNVSUHQJWHLFKGHQ*ULIISDFNWHGHQY|OOLJ EHUUDVFKWHQ6ROGDWHQXQGGUHKWHLKQKHUXP*OHLFK]HLWLJ ]RJLFKPHLQH%HUHWWDXQGGUFNWHLKPGLH0QGXQJLQV .UHX] ª+DXWDE©VFKULHLFKGHQDQGHUHQ]Xª:HJPLWHXFK©6LH ZDUHQYRQGHPOHW]WHQ9RUJDQJVREHHLQGUXFNWGDVLHQLFKW DQGHUVNRQQWHQDOVPHLQHP%HIHKO)ROJH]XOHLVWHQ $XIGHP$EVDW]PDFKWHQVLHNHKUWXQGUDQQWHQZHJ ,FKVWLHGHQ6ROGDWYRQPLUGHUPLUDOV'HFNXQJJHGLHQW KDWWH(UILHO]X%RGHQUDSSHOWHVLFKZLHGHUDXIXQGUDQQWH ZDVVHLQH)HKHUJDEHQ 'HU2IIL]LHUKLQJQRFKLPPHULP:UJHJULIIGHU)UDX ª/DLKQORV©VFKULHLFK ª1HLQ©NQXUUWHVLH ª6ROOLFKGLUHLQH.XJHOGXUFKGHQ6FKlGHOMDJHQ"© ª'DQQZLUVWGXQLHGHLQH)UHXQGHZLHGHUVHKHQ© ª'DVLVWPLULP$XJHQEOLFNHJDO© ,FKZHLQLFKWREPHLQH6WLPPHVRKDUWJHNOXQJHQKDWWH DEHU.DULQ0DOOPDQQOLHGHQ2IIL]LHUWDWVlFKOLFKORVGHULQ VLFK]XVDPPHQILHOXQGDXIGHP*HVLFKWOLHJHQEOLHE
0LWVFKXEHUHLWHU:DIIHJLQJLFKQHEHQLKPLQGLH.QLHXQG IKOWHQDFKVHLQHP3XOV(UZDUQRFK]XVSUHQXQGLFK DWPHWHEHIUHLWDXI ,FKVWDQGDXIXQGVFKWWHOWHGHQ.RSIª:DVLVWQXUDXVGLU JHZRUGHQ.DULQ0DOOPDQQ"(LQPRUGHQGHV0RQVWHU© ª,FKVWHKHDXIGHU6HLWHGHV6FKZDU]HQ7RGV© ,FKQLFNWHª'DVKDEHLFKJHPHUNW© ª:LOOVWGXQXQ]XLKP"©IUDJWHVLH ª1DWUOLFK© ª'DQQNRPP]XPLU© ,FKWUDWDXIVLH]X$OVLFKQRFKHLQHQ6FKULWWYRQLKUHQWIHUQW ZDUULHIVLHª6WRSS© ª:DVLVW"© 6LHOlFKHOWH,FKDKQWHGDVLHHWZDVLQGHU+LQWHUKDQG KLHOWXQGZXUGHGRFKEHUUDVFKW 9|OOLJXQHUZDUWHWVDFNWHXQWHUPLUGHU%RGHQZHJ,FK VFKULHDXIK|UWHLKU/DFKHQXQGILHO 5DVHQGVFKQHOOVDXVWHLFKLQHLQHQVWRFNGXQNOHQ6FKDFKW KLQHLQ,FKEHUVFKOXJPLFKGDEHLVFKZHQNWH$UPHXQG %HLQHHUZDUWHWHHLQHQP|UGHULVFKHQ$XISUDOOGHUPLUDOOH .QRFKHQEUDFKXQGZDUEHUUDVFKWDOVGHU)DOOLQHLQHQ 6FKZHEH]XVWDQGEHUJLQJ 3O|W]OLFKIKOWHLFKPLFKOHLFKWXQGIUHL ,FKKlWWHODFKHQN|QQHQYRU)UHXGH8PPLFKKHUXPVFKLO OHUWHQ)DUEHQ6HOWVDPH*HELOGHHLQHVVFK|QHUDOVGDVDQGH UH'DQQDEHUZXUGHQGLH)DUEHQYHUGUlQJWXQGZLHHLQHILQ VWHUH'URKXQJVFKREVLFKHLQHDQGHUH*HVWDOWLQPHLQ %OLFNIHOG'HU6FKZDU]H7RG (UVFKZDQJVHLQH6HQVHXQGULHIPLW'RQQHUVWLPPH ª:LOONRPPHQLQPHLQHP5HLFK-RKQ6LQFODLU'HLQ*UDELVW EHUHLWVJHVFKDXIHOW© 'DVZDUHQGLHOHW]WHQ:RUWH 'DQDFKZXWHLFKQLFKWVPHKU
'LHJLHULJHQ.LHIHUGHV5LHVHQILVFKVVFKQDSSWHQ]XXQGVLH KlWWHQ%LOO&RQROO\DXFK]HUPDOPWGRFKGHU5HSRUWHUZDUI VLFKLPOHW]WHQ$XJHQEOLFN]XU6HLWHHQWJLQJGHP]XVFKQDS SHQGHQ0DXOXQGVWU]WHLQGHQ6HH 6RIRUWWDXFKWHHUXQWHUXQGVXFKWHQDFK-DQH&ROOLQVGLHHU ]XYRUDXVGHQ$XJHQYHUORUHQKDWWHQ%LOOKDWWHJURH$QJVW GLHEHZXWORVH'HWHNWLYLQQLFKWPHKU]XILQGHQGHQQGDV :DVVHUZDUHLQHWUEH%UKH=XGHPZXWHHUQLFKWZHOFKH 7LHUHQRFKLQGHU7LHIHGHV6HHVODXHUWHQ 'DQQVDK%LOOGLH8PULVVHGHV.|USHUV(UYHUGRSSHOWH VHLQH$QVWUHQJXQJHQXQGVFKZDPPDXIGLH'HWHNWLYLQ]X GLHGLFKWXQWHUKDOEGHU2EHUIOlFKHGDKLQVFKZHEWH %LOOSDFNWHVLHKHEHOWHVHLQH+lQGHXQWHULKUH$FKVHOQXQG WDXFKWHPLWLKUDXI 0\[LQZDUDXIGHPDEJHVWU]WHQ+XEVFKUDXEHU]XUFN JHEOLHEHQGHQQHUZROOWHGHQ'LQLFKWK\YHUQLFKWHQVRQVW ZUGHGHU5LHVHQILVFKNHLQH5XKHJHEHQ 0\[LQVWHOOWHVLFKKLQ(UVWDQGDXIGHPVFKZDQNHQGHQ +XEVFKUDXEHUXQGGDV:DVVHUXPVSLHOWHEHUHLWVVHLQH)H $EHUHUEHKLHOWGLH1HUYHQXQGEDVWHOWHHLVNDOWDQVHLQHP 3ODQ (UZXWHGDGHU)LVFKHLQ]ZHLWHVPDODXIWDXFKHQZUGH XQGGDUDXIEDXWHHUVHLQH$WWDFNH 0\[LQ]RJHLQH+DQGJUDQDWHXQWHUVHLQHP0DQWHOKHUYRU ,QGHU1lKHGHV+XEVFKUDXEHUVEHJDQQGDV:DVVHUZLHGHU ]XVFKlXPHQ(VZDUIEUHLWH:HOOHQGLHJHJHQGDV8IHU DQUROOWHQXQGGRUWYHUOLHIHQ 'DQQVFKRGDV0DXODXVGHP:DVVHU *HZDOWLJXQGDQJVWHLQIO|HQG:LHGHUNODSSWHQGLHEHLGHQ .LHIHUDXVHLQDQGHUGDKDWWH0\[LQEHUHLWVGLH+DQGJUDQDWH VFKDUIJHPDFKW(U]LHOWHOHJWHGHQ$UP]XUFNXQGVFKOHX GHUWHGDV+|OOHQHLPLWWHQLQGDV0DXOGHV)LVFKV ,QVWLQNWLYNODSSWHGLH%HVWLHGLH.LHIHU]XVDPPHQ 0\[LQ]lKOWHLQ*HGDQNHQ 'DQQHUIROJWHGLH([SORVLRQ
'HU0DJLHUYHUQDKPHLQHQGXPSINOLQJHQGHQ6FKODJXQG LPQlFKVWHQ0RPHQWZDUGLH*HIDKUJHEDQQW 'HUKLQWHUH/HLEGHV)LVFKVZKOWHGDV:DVVHUDXIHU SHLWVFKWHGLH:HOOHQ]XFNWHWDXFKWHDXIILHOZLHGHU]XUFN XQGJHULHWLQHLQHUDVHQGH.UHLVEHZHJXQJ 0\[LQNPPHUWHGLHVQLFKW(UPXWHVRVFKQHOOZLHP|J OLFKVHLQHQ3ODW]YHUODVVHQGHQQGHU+XEVFKUDXEHUVDQNXQG HVZDUJHIlKUOLFKLQVHLQHU1lKH]XEOHLEHQ'HU6WUXGHO NRQQWHHLQHQ6FKZLPPHUOHLFKWPLWLQGLH7LHIHUHLHQ 'HU0DJLHUVWLHVLFKDE 'HUNOHLQH.|USHUWDXFKWHLP+HFKWVSUXQJLQGLH)OXWHQ XQGVFKZDPPVRIRUWGHP8IHU]X $XFK%LOO&RQROO\XQG-DQHZlKOWHQGLHVHQ:HJ'LH 'HWHNWLYLQZDUGXUFKGHQSO|W]OLFKHQ6FKRFNZLHGHU HUZDFKW6LHPDFKWHDXWRPDWLVFK6FKZLPPEHZHJXQJHQ ZlKUHQG%LOOQHEHQLKUKHUNUDXOWH 0\[LQHUUHLFKWHGDV8IHUDOVHUVWHU *HQDXGDVDFNWHGHU+XEVFKUDXEHUDE %LOOXQG-DQHVWDQGHQQRFKELV]XGHQ+IWHQLP:DVVHUDOV VLHKLQWHUVLFKHLQJHZDOWLJHV*XUJHOQXQG6FKPDW]HQYHU QDKPHQ%ODVHQVWLHJHQGHU2EHUIOlFKHHQWJHJHQZRVLHPLW VDWWHQ/DXWHQ]HUSODW]WHQ'DV:DVVHUZXUGHYRP*UXQGKHU DXIJHZKOWGHU6RJELOGHWHWDQ]HQGH.UHLVH 'LHGUHLNRQQWHQYRQ*OFNVDJHQGDVLHGRUWQLFKW KLQHLQJHUDWHQZDUHQXQGQRFKIUKJHQXJGDV8IHU HUUHLFKWKDWWHQ %LOOXQG-DQHZDWHWHQDQ/DQG'HU5HSRUWHUVWW]WHGLH EORQGH'HWHNWLYLQGLHNHXFKHQGXQGVSXFNHQGHLQHQ)X YRUGHQDQGHUHQVHW]WH -DQHZDU]LHPOLFKDP(QGHPLWLKUHQ.UlIWHQNHLQ:XQGHU EHLGHPZDVKLQWHULKUODJ %DOGELOGHWHQKDXVKRKH%lXPHHLQVFKW]HQGHV'DFKXQG GLHGUHLOLHHQVLFK]ZLVFKHQULHVLJHQ)DUQHQQLHGHUVLQNHQ -DQHILHODXIGHQ5FNHQ6LHDWPHWHVFKZHU,KUH%UXVWKRE XQGVHQNWHVLFK'LH.OHLGXQJGDPSIWHLQGHUVFKZOHQ
7URSHQOXIWGLH/XQJHQGHU0HQVFKHQVWDFKHQ 1XU0\[LQKDWWHQGLH6WUDSD]HQQLFKWVDXVJHPDFKW(U ZLUNWHZLHLPPHU1XUVHLQHQDVVH.OHLGXQJHULQQHUWHDQGDV $EHQWHXHU %LOOKDWWHVLFKJHVHW]WXQGEHLGH+lQGHXQWHUVHLQ.LQQ JHOHJW1XUODQJVDPQRUPDOLVLHUWHVLFKVHLQ$WHP (UNRQQWHDXFKZLHGHUNODUGHQNHQUXWVFKWHKLQEHU]X -DQHXQGUHLFKWHLKUGLH+DQG 'LH'HWHNWLYLQOLHVLFKKRFK]LHKHQ %LOOOlFKHOWHVLHDQª:LUKDEHQHVJHVFKDIIW©VDJWHHUª:LU KDEHQHVWDWVlFKOLFKJHVFKDIIW© -DQHQLFNWHQXU 'HU5HSRUWHUGUHKWHGHQ.RSI6HLQXQG0\[LQV%OLFN WUDIHQVLFKª7ROOZLHGXGHQ)LVFKHUOHGLJWKDVW©OREWH%LOO GHQNOHLQHQ0DJLHUPLWGHUJUQOLFKVFKLOOHUQGHQ+DXW 0\[LQKREQXUGLH6FKXOWHUQ'DQQVDJWHHUª(VLVWVFKDGH GDLFKKLHUPHLQH.UlIWHQLFKWDXVVSLHOHQNDQQ,FKZUGH DXFKJHUQPHLQH+LOIVWUXSSHQKHUKROHQDEHUHVJHKWQLFKW© %LOOVFKWWHOWHGHQ.RSIª/DGHLQHVFKZDU]HQ9DPSLUH PDOOLHEHUGD©EHPHUNWHHUª(VLVWQRFKQLHJXWJHJDQJHQ ZHQQPDQGHQ7HXIHOPLW%HHO]HEXEDXVWUHLEHQZLOO© ª(VZDUDXFKQXUHLQ*HGDQNH©VDJWH0\[LQSLNLHUW )U|VWHOQG]RJ-DQH&ROOLQVGLH6FKXOWHUQKRFK6LHVDKEOD DXV'DV+DDUKLQJLKUVWUlKQLJLQGLH6WLUQLKUH/LSSHQ ]LWWHUWHQ%LOOOHJWHHLQHQ$UPXPLKUH6FKXOWHUQª:DVLVWPLW GLU"©IUDJWHHUª+DVWGX6FKPHU]HQ"© ª1HLQ© ª$EHU"© ª,FKJODXEHLFKEHNRPPH)LHEHU©IOVWHUWH-DQH ª.HLQH$QJVW©PHLQWH%LOORSWLPLVWLVFKª(VZLUGVFKRQ QLFKWVRVFKOLPPZHUGHQ:LUVLQGDXIMHGHQ)DOOJHUHWWHW© -DQHEOLFNWHLKQDQª)UZLHODQJH"© 'DUDXIZXWHGHU5HSRUWHUDXFKNHLQH$QWZRUW(UVFKDXWH 0\[LQDQª+DVWGXHLQHQ9RUVFKODJ"© 'HU0DJLHUQLFNWHª(VEOHLEWEHLXQVHUHP3ODQ:LUZHUGHQ
XQVELV]XGLHVHP)ULHGKRIGXUFKVFKODJHQ(LQHDQGHUH 0|JOLFKNHLWJLEWHVQLFKW© 'DPLWZDUDXFK%LOOHLQYHUVWDQGHQ 'DQQVSUDFK0\[LQHLQHQ.HUQSXQNWDQª:HOFKH:DIIHQ EHVLW]HQZLU"© %LOO&RQROO\YHU]RJGDV*HVLFKWª6LHKWQLFKWJXWDXV©HU ZLGHUWHHUª'LHEHLGHQ0DVFKLQHQSLVWROHQVLQGIXWVFK-DQH KDWQRFKLKUH$UPHHSLVWROHLFKPHLQHHEHQIDOOVXQGGLHPLW 6LOEHUNXJHOQJHODGHQH%HUHWWD'DPLWPVVHQZLUDXV NRPPHQ© ª8QGGLH+DQGJUDQDWHQ"©IUDJWH0\[LQ ª9HUGDPPWGLHKlWWHLFKIDVWYHUJHVVHQ.ODULFKKDEH]ZHL +|OOHQHLHU©%LOOJULQVWH ª,FKHEHQIDOOV©JDE0\[LQ]XUFN ª'DQQVLHKWHVMDJDUQLFKWVRVFKOHFKWIUXQVDXV©ULHIGHU 5HSRUWHURSWLPLVWLVFK ª'HQ6FKZDU]HQ7RGN|QQHQZLUGDPLWQLFKWEHVLHJHQ© GlPSIWH0\[LQVHLQH+RIIQXQJHQ ª:LUN|QQHQDEHU-RKQ6LQFODLUXQWHUVWW]HQ© ª9RUDXVJHVHW]WZLUILQGHQLKQ©DQWZRUWHWHGHU0DJLHU ª6HLWZDQQELVWGXVRSHVVLPLVWLVFK"©IUDJWH%LOO&RQROO\ ª,FKIKOHPLFKKLHUQLFKWZRKO©DQWZRUWHWH0\[LQHKUOLFK ª'DVLVWQLFKWPHLQ5HLFK,FKVSUHGHQIHLQGOLFKHQ$WHPLFK ZHLYRQGHQ*HIDKUHQ© ª7URW]GHPKDVWGXXQVEHJOHLWHW©ZDUI%LOOHLQ ª-DZHLOLFKGDUDQLQWHUHVVLHUWELQGDGHU6FKZDU]H7RG HQGOLFKYHUQLFKWHWZLUG(LQPDOPXHVVRZHLWVHLQ(VNDQQ QLFKWLPPHUVRZHLWHUJHKHQ© ª'XZLOOVWQRFKGLH0DFKW"©HUNXQGLJWHVLFK%LOO ª-D© ª'DQQVLQGZLU)HLQGH© 0\[LQEOLFNWHGHQ5HSRUWHUDQ'LH$XJHQGHV0DJLHUV ZLUNWHQOHEORV(UKREGLH6FKXOWHUQ %LOOYHU]RJGLH0XQGZLQNHOª(LQHVFKZLHULJH6LWXDWLRQ QLFKWZDKU"©
0\[LQQLFNWH -DQH&ROOLQVPLVFKWHVLFKHLQª'DLVWQRFK$VPRGLQD+DVW GXVLHYHUJHVVHQ"© ª1HLQEHVWLPPWQLFKW© ª8QGZLHZLOOVWGXGDQQGLH0DFKWHUULQJHQ"© 0\[LQVWLHHLQHQ=LVFKODXWDXVª:LFKWLJIUPLFKLVW DOOHLQGDGHU6FKZDU]H7RGEHVLHJWZLUG:HQQHUDXV JHVFKDOWHWZLUGNDQQLFKPLFKDXIHLQHQDQGHUHQ*HJQHU NRQ]HQWULHUHQ8QGGDVZLUG$VPRGLQDVHLQ© ª'LHDOOHUGLQJVPlFKWLJHULVWDOVGHU6FKZDU]H7RG©ZDUI GHU5HSRUWHUHLQª$XHUGHPKDVWGXQRFKGHQ6SXNYHU JHVVHQ6RYLHOLFKZHLVWHKWHUDXI$VPRGLQDV6HLWH© 0\[LQZLQNWHDEª'HU6SXNEOHLEWLQVHLQHP5HLFKXQG EHZDFKWGLHVFKZDU]HQ6HHOHQ© ª(UN|QQWHVLFKDEHUJHVW|UWIKOHQ©JDE%LOO]XEHGHQNHQ ª:DVZLOOVWGX"©IXKU0\[LQGHQ5HSRUWHUDQª:LOOVWGX GDLFKDXIJHEH"© ª'DVLVWGHLQH6DFKH©HUZLGHUWH%LOONKOª'HQQLP 3ULQ]LSELVWGXIHLJH'XVFKLFNVWXQVYRUXQGVWHOOVWGLFK VHOEVWQLFKWGHP.DPSI© 0\[LQVSUDQJDXI(UZDUZWHQG -DQHVFKDXWH%LOODQª:LUVROOWHQXQVQLFKWVWUHLWHQVRQGHUQ EHUOHJHQZLHHVZHLWHUJHKW© ª=XP)ULHGKRILVWGRFKNODU© ª:HLWGXGHQQZRHULVW"©IUDJWH-DQHGHQ5HSRUWHU ª1HLQ© -DQHVSUDFK0\[LQDQª'X"© 'HU0DJLHUKREGLH6FKXOWHUQª*HQDXZHLLFKHVQLFKW,FK K|UWHGDYRQGDHUVLFKGRUWEHILQGHQVROOZRGLH%HUJH EHJLQQHQ'DPVVHQZLUKLQ© ª(LQH(QWIHUQXQJNDQQVWGXQLFKWDQJHEHQ"©IUDJWH%LOO ª1HLQ© ª'DVLVWQDWUOLFKVFKOHFKW6RN|QQHQZLUWDJHODQJGXUFK GLHVH+|OOHZDQGHUQXQGILQGHQQLFKWV'DIlOOWPLUHWZDV HLQ©%LOO&RQROO\VFKOXJVLFKJHJHQGLH6WLUQª:HLWGX
HLJHQWOLFKZLHZLUKLHUZLHGHUZHJNRPPHQ"© ª1HLQ© ª5HL]HQG©PXUPHOWHGHU5HSRUWHUª6REHVWHKWGXUFKDXV GLH*HIDKUGDZLUIULPPHUDXIGLHVHPYHUGDPPWHQ )ULHGKRIEOHLEHQ© ª'DVLVWP|JOLFK©0\[LQOlFKHOWHKLQWHUJUQGLJª'HVKDOE PVVHQZLUGHQ6FKZDU]HQ7RGDXVVFKDOWHQ© ª+LPPHO©VW|KQWH%LOOª,FKGUHKHQRFKPDOGXUFK©(U ZLQNWHDEª1DMDHVLVWQLFKWV]XlQGHUQ'DQQZROOHQZLU XQVPDODXIGHQ0DUVFKEHJHEHQ© -DQHQLHVWH ª3URVW©VDJWH%LOOXQGUHFNWHVLFKZREHLHUEHUVHLQH IHXFKWHQ.OHLGXQJVVWFNHVFKLPSIWH 0\[LQEOLFNWHVLFKXPª:LUKlWWHQ%XVFKPHVVHUPLW QHKPHQVROOHQ©PXUPHOWHHUª(VZLUGVFKZHUVHLQVLFK GXUFKGHQ'VFKXQJHO]XVFKODJHQ© ª'DULQKDEHLFK(UIDKUXQJ©HUZLGHUWH%LOOª,FKELQVFKRQ RIWJHQXJDXI'VFKXQJHOSIDGHQJHZDQGHUW/DPLFKQXU PDFKHQ©'HU5HSRUWHUJLQJYRU 'DV)DUQNUDXWHUUHLFKWHGLH+|KHGHU0HQVFKHQ8PVLH KHUXPZDUHVQLFKWUXKLJ(VEUXPPWHXQGVXPPWH,QVHNWHQ JURZLH8QWHUDUPHVFKZLUUWHQGXUFKGLH/XIW(LQ7LHU ZDUEHVRQGHUVJUR(VVDKDXVZLHHLQH0LVFKXQJDXV)OLHJH XQG5DXSH ª'DVLVWHLQH0HJDQHXUD©VDJWH%LOOXQGEOLHEVWHKHQDOV HLQ7LHUGLFKWDQVHLQHP*HVLFKWYRUEHLVWULFKª9RQGHP%LHVW P|FKWHLFKQLFKWJHVWRFKHQZHUGHQ© -DQHNODPPHUWHVLFKDQLKQ0\[LQVFKULWWDQGHQEHLGHQ YRUEHLXQGEHUQDKPGLH)KUXQJ'HUNOHLQH0DJLHUZDULQ GHPKRKHQ)DUQNUDXWNDXP]XVHKHQ -DQHXQG%LOOKLHOWHQVLFKKLQWHULKP:LQ]LJIKOWHQVLHVLFK LQGLHVHPJUDXHQKDIWHQ/DQGXQGREZRKOVLHEHZDIIQHW ZDUHQKDWWHQVLH$QJVW 'HU%RGHQXQWHULKQHQZXUGHZHLFKHU,QGHQ7ULWWVWHOOHQ VDPPHOWHVLFKEUDFNLJHV:DVVHU
0\[LQEOLHEVWHKHQXQGGUHKWHVLFKXPª:LUHUUHLFKHQGLH 1lKHGHU6PSIH© ª8QGZDVKHLWGDV"©IUDJWH%LOO ª'DZLUPLWJHIlKUOLFKHQ7LHUHQUHFKQHQPVVHQ© ª0LFKNDQQQLFKWVPHKUHUVFKWWHUQ© 'DLUUWHGHUJXWH%LOO$OVHUGDV6WDPSIHQYHUQDKPXQGGDV XUZHOWKDIWH)DXFKHQ]XFNWHHUHEHQVR]XVDPPHQZLH-DQH &ROOLQVXQG0\[LQ 'LHGUHLZDUHQVWHKHQJHEOLHEHQª:DVZDUGDV"©IOVWHUWH -DQH&ROOLQVlQJVWOLFK %LOOKREGLH6FKXOWHUQª.HLQH$KQXQJ© ª,FKVHKHPDOQDFK©VDJWH0\[LQ %HYRUGLHDQGHUHQSURWHVWLHUHQNRQQWHQZDUHUVFKRQLP GLFKWHQ)DUQYHUVFKZXQGHQ ª5LHVLJH)LVFKHJHZDOWLJH9|JHO'DQQPVVHQDXFK 6DXULHULQGHU1lKHVHLQ©VDJWH-DQHXQGVLHVSUDFKGDPLW %LOO&RQROO\DXVGHU6HHOHREZRKOHUHVQLFKW]XJDE 6LHZDUWHWHQ 'DV6WDPSIHQZXUGHODXWHU'HU%RGHQXQWHULKQHQ]LWWHUWH %LOOKREGHQ%OLFN(UYHUVXFKWH]ZLVFKHQGHQKRKHQ%lXPHQ KLQGXUFK]XVFKDXHQGRFKHUNHQQHQNRQQWHHUQLFKWV 'LH)DUQHQDKPHQLKPGLH6LFKW -DQHXQGHUZDUHQQHUY|V,KUH+HU]HQNORSIWHQVFKQHOOHU 'DV%OXWUDVWHGXUFKGLH$GHUQ 'DQQNHKUWH0\[LQ]XUFN ª:DVLVW"©IUDJWH%LOO ª(LQ6DXULHU©HUNOlUWH0\[LQ -DQHV$XJHQZXUGHQJURGRFK0\[LQEHUXKLJWHGLH 'HWHNWLYLQVRIRUWª1XUHLQ%URQWRVDXULHUHUZLUGXQVQLFKWV WXQ'DVLVWHLQUHLQHU3IODQ]HQIUHVVHU© ª1LFKWVWXQLVWJXW©VDJWH%LOOª'HUNDQQXQVLQGHQ%RGHQ VWDPSIHQRKQHGDHUHVPHUNW© ª:LUPVVHQXQVHEHQYRUVHKHQ.RPPWPLWKLHULQGHU 1lKHLVWHLQ:DVVHUWPSHOGRUWN|QQWLKULKQVHKHQ© ª9HU]LFKWH©VDJWH-DQHVFKQHOO
ª$EHUZLUPVVHQGDUDQYRUEHL© ª%LOOVDJGXGRFKZDV© 'HU5HSRUWHUJDEVLFKHLQHQLQQHUOLFKHQ5XFNª2ND\ZLU IROJHQ0\[LQ© 'HU%RGHQZXUGHQRFKZHLFKHU0DQFKPDOKDWWHQVLHGDV *HIKODXIHLQHU*XPPLPDWWH]XODXIHQ 'DV)DUQNUDXWZLFKGDIUZXFKVKRKHV]DUWHV*UDVDXV GHP%RGHQGDVGHQGUHLHQELV]XU+IWHUHLFKWH6LHKDWWHQ HLQEHVVHUHV%OLFNIHOGXQG-DQHDOVDXFK%LOOVDKHQJOHLFK ]HLWLJGHQJHZDOWLJHQ6FKDWWHQ 'HQ%URQWRVDXULHU ª0HLQ*RWW©KDXFKWH-DQHªGHULVWMDULHVLJ© 'DVZDUJHQDXGHUULFKWLJH$XVGUXFN'HU%URQWRVDXULHU VWDQGYRUHLQHPWPSHODUWLJHQ:DVVHUORFK'DV7LHUZDUHLQ UHJHOUHFKWHV*HELUJH (VKDWWHHLQHQJHZDOWLJHQ.|USHUHLQHQODQJHQ+DOVGHU VLFKQDFKREHQKLQYHUMQJWHXQGHLQHQ]XP.|USHUJH PHVVHQNOHLQHQ.RSIPLWHLQHUVSLW]HQ6FKQDX]H 'HU6DXULHUKDWWHGHQ+DOVJHVHQNWVRIIGDV:DVVHUDXV GHP7PSHO+LQXQGZLHGHUULFKWHWHHUVLFK]XVHLQHUYROOHQ *U|HDXI|IIQHWHVHLQ0DXOXQGIUDYRQGHQ%lXPHQGLH %OlWWHUXQGNOHLQHUHQ=ZHLJH %LOOXQG-DQHVWDQGHQXQGVWDXQWHQ %LVKHUKDWWHQVLHGLHVH7LHUHQXULQ0XVHHQJHVHKHQMHW]W DEHUVDKHQVLHHVLQQDWXUD 8QGGDVPXWHQVLHHUVWHLQPDOYHUNUDIWHQ (VZDUHQDXFKDQGHUH7LHUHXPGDV:DVVHUORFKYHUVDP PHOW%LOOVDKHLQHJHZDOWLJH(FKVHGLHDXI]ZHL%HLQHQVWDQG XQGZLQ]LJH8QWHUDUPHKDWWHVRGDVLHQLFKWDXIDOOHQ YLHUHQODXIHQNRQQWH9RULKUHP.RSIXQGYRUGHP*HEL DOOHUGLQJVNRQQWHPDQVFKRQ$QJVWEHNRPPHQ (EHQIDOOVDQZHVHQGZDUHQ]DKOUHLFKH9|JHO3WHUD QRGRQWHQXQG*HVFK|SIHGLHDQ$GOHUHULQQHUWHQQXU ZHVHQWOLFKJU|HU6LHWUDQNHQXQGNPPHUWHQVLFKQLFKWXP GLH0HQVFKHQ
%LVDXIGLH]ZHLEHLQLJH(FKVH 6LHGUHKWHSO|W]OLFKGHQ.RSI ª9HUGDPPW©NHXFKWH%LOOªGLHKDWXQVJHVHKHQ© 'HU5HSRUWHUVROOWHUHFKWEHKDOWHQ'LH(FKVHKDWWHVLHHQW GHFNW6LH|IIQHWHLKU0DXO]HLJWHJHIlKUOLFKH=lKQHXQG VWLHHLQGURKHQGHV.QXUUHQDXV 'DV7LHUPDPLQGHVWHQV]HKQ
ª1DWUOLFK© ª8QGZDVKlWWHQRFKJHVFKHKHQN|QQHQ"©HUNXQGLJWHVLFK 6XSHULQWHQGHQW3RZHOO .RPPLVVDU0DOOPDQQKREGLH6FKXOWHUQª.HLQH$KQXQJ :HUYRQXQVZHLGHQQVFKRQZLHHVLP-HQVHLWVDXVVLHKW© ª'HQNHQ6LHDQGLH%HULFKWH9HUVWRUEHQHUGLHZLHGHULQV /HEHQ]XUFNJHNHKUWVLQG©JDE3RZHOO]XEHGHQNHQ ª'DVLVWGRFKJDUQLFKWHUIRUVFKW© ª7URW]GHPN|QQWHPDQHLQH+\SRWKHVHZDJHQ©'DVZDU W\SLVFK6LU-DPHV3RZHOO+DWWHHUVLFKHLQPDOLQHLQH7KHRULH YHUELVVHQVRKLHOWHUGDUDQIHVWXQGHUZROOWHLKUYRUDOOHQ 'LQJHQDXIGHQ*UXQGJHKHQª:DVNDQQVLHHUOHEWKDEHQ"© ª,FKZHLHVQLFKW© ª.|QQWHLKU*HLVWYRP6FKZDU]HQ7RGDEJHIDQJHQZRUGHQ VHLQ"© ª0|JOLFK©VW|KQWH:LOO ª'DQQZlUHQXUGLH)UDJHZRVLFKLKU.|USHUEHILQGHW© ª,P*UDE© 3RZHOOKREGLH$XJHQEUDXHQª6RVLFKHUZlUHLFKGDJDU QLFKWPHKUDQ,KUHU6WHOOH:HQQGDVKLHUDKPKLQWHUXQV OLHJWVROOWHQZLUXQVGDUXPNPPHUQ© ª6LHVLQGMDVHKURSWLPLVWLVFK6LU© 'HU6XSHULQWHQGHQWOlFKHOWHª'DVPXPDQVHLQ.RSI KRFKOLHEHU0DOOPDQQZLUVFKDIIHQHVVFKRQ© 6YHQ-DQVVRQXQG$UW&RUQZDOOKDWWHQGDV*HVSUlFK ]ZDQJVOlXILJPLWEHNRPPHQ-HW]WODFKWHQVLH ª:DVLVW"©IUDJWH3RZHOO $UW&RUQZDOODQWZRUWHWHª,FKKDEGDV*HIKO6LHEHU VFKlW]HQQRFKLPPHU,KUHQ:XQGHUPDQQ-RKQ6LQFODLU %LVKHUKDWHUVLFKQLFKWEOLFNHQODVVHQ,FKJODXEHQLFKWGDUDQ GDHUNRPPW© 3RZHOOGHXWHWHDXIGDVIULVFKH*UDEª8QGIUZHQVROOGDV VHLQ"©IUDJWHHU ª(LQH7lXVFKXQJ© ª1HLQ-RKQ6LQFODLUZLUGNRPPHQ©
ª1XQJXWZHQQ,KUH6HOLJNHLWGDYRQDEKlQJW©NQXUUWHGHU 1RUZHJHU 'DQDFKVFKZLHJHQGLH0lQQHU-HGHUKLQJZLHGHUVHLQHQ HLJHQHQWUEHQ*HGDQNHQQDFK 'DV.OLPDPDFKWHLKQHQDOOHQ]XVFKDIIHQ(VZDUOlQJVW QLFKWVRGDVLHVLFKGDUDQJHZ|KQWKDWWHQ1DFKZLHYRU WULHELKQHQGLHVFKZOH+LW]HGHQ6FKZHLDXVDOOHQ3RUHQ,Q GHU/XIWVXUUWHQXQGVXPPWHQGLH,QVHNWHQ+DQGJURH %LHVWHUGRFKNHLQVYRQLKQHQVWDFK]X 'LH=HLWYHUUDQQ .HLQKHOOHU6FKHLQORFNHUWHGDVHLQW|QLJH*UDXGHV +LPPHOVDXI1LFKWHLQH:RONHVFKZHEWHEHUGHQ%lXPHQ 'LH0lQQHUKDWWHQGHQ(LQGUXFNDOVZlUHGDV)LUPDPHQW HLQH%HWRQGHFNH $XIGHU(UGHJDEHVGHQ7DJXQGGLH1DFKW'LHVHVHZLJH :HFKVHOVSLHOIHKOWHKLHUY|OOLJ,QGLHVHU:HOWZDUHVQXU7DJ RGHUQXU1DFKWMHQDFKGHPZLHPDQHVEHWUDFKWHWH .HLQ8QJHKHXHUKDWWHQDFKGHPHUVWHQ$QJULIIYHUVXFKW GLH0lQQHUDQ]XJUHLIHQ6LHVFKLHQHQ]XPHUNHQGDGLHVHU 5DEHDXIGLH*HIDQJHQHQDFKWHWHXQGNHLQHQDQVLHKHUDQOLH 6YHQ-DQVVRQHUKREVLFK(UNUDPWHLQVHLQHP5XFNVDFN KHUXPXQGKROWHHLQH:DVVHUIODVFKHKHUYRU(UVFKWWHOWHVLH KLQXQGKHU-HGHUK|UWHGDVKRKOH6FKZDSSHQ ª,VWQLFKWPHKUYLHOGULQ©VDJWHGHU1RUZHJHUª7XWPLU OHLG© 6LU3RZHOOZLQNWHDEª'DQNHLFKYHU]LFKWH© $XFK:LOO0DOOPDQQVFKWWHOWHGHQ.RSI6RWUDQNHQQXU GLHEHLGHQ:LVVHQVFKDIWOHU 6FKOLHOLFKZDUI6YHQ-DQVVRQGLH)ODVFKHZWHQGZHJ ª'DVZDU V©VDJWHHU $XFK:LOO0DOOPDQQVWDQGDXI(UZROOWHVHLQH%HLQHEH ZHJHQXQGJLQJLP.UHLVEHUGHQ)ULHGKRI 3O|W]OLFKEOLHEHUVWHKHQZLHYRUHLQH:DQGJHODXIHQ6HLQ NUlFK]HQGHU5XIPDFKWHDXFKGLHDQGHUHQDXIPHUNVDP ª:DVLVWORV"©ULHI$UW&RUQZDOO
0DOOPDQQGHXWHWHDXIGHQ%DXPZRGHU5DEHVDª'LH /XIWXQWHUGHP$VW6HKWGRFK© $OOHVWDUUWHQLQGLH5LFKWXQJ :LOOKDWWHUHFKW 'LH/XIWEHZHJWHVLFK6LHSXOVLHUWHEHJDQQ]XNQLVWHUQ NOHLQH)XQNHQVSUKWHQXQGSO|W]OLFK]HLFKQHWHQVLFKGLH 8PULVVH]ZHLHU*HVWDOWHQDE ,PQlFKVWHQ$XJHQEOLFNHUW|QWHHLQJUHOOHV.UHLVFKHQXQG VFKQHOOZLHHLQ%OLW]VWUDKOVFKRSO|W]OLFKHLQ:HVHQDXVGHP PDJLVFKHQ=HQWUXPKRFKLQGLH/XIW (VZDUHLQH+H[H 'LH:LVVHQVFKDIWOHUYHUIROJWHQVLHPLWGHQ%OLFNHQ ZlKUHQG0DOOPDQQXQG3RZHOOZHLWHUKLQGRUWKLQVFKDXWHQ ZRVLFKGLH/XIWYHUGLFKWHWKDWWH 'DVWDQGHLQH]ZHLWH*HVWDOW (LQ0DQQ (WZDVIUHPGDUWLJDXVVHKHQG ª6XNR©VW|KQWH.RPPLVVDU0DOOPDQQª'DVGDVLVWGRFK QLFKWP|JOLFK© $XFK3RZHOOZDUJHVFKRFNW6HOEVWLKPILHOHVVFKZHUGLH %HKHUUVFKXQJ]XZDKUHQ 6XNRKDWWHGLH'LPHQVLRQVUHLVHJXWEHUVWDQGHQ(UIKOWH SO|W]OLFKIHVWHQ%RGHQXQWHUGHQ)HQPDFKWHHLQ]ZHL 6FKULWWHWDXPHOWHXQGILQJVLFKZLHGHU (UZLVFKWHVLFKEHUGDV*HVLFKW 'DQQVDKHUVLFKXPZREHLVLFKVHLQH$XJHQHUVWDXQW ZHLWHWHQ ª3RZHOO"©IOVWHUWHHUª8QGGX:LOO"©(UQlKHUWHVLFKODQJ VDPK|UWHGDV.UHLVFKHQGHU+H[HXQGVDJWHª0RPHQW PDO© 'HU&KLQHVHEOLHEVWHKHQ+RFKEHULKQHQIORJGLH+H[H LKU%HVHQJOKWHVLHVWLHILQVWHUH'URKXQJHQDXVXQG ZQVFKWHDOOHQGLH3HVWDQGHQ+DOV 6XNRKROWHVHLQH:DIIHKHUYRUXQG]LHOWHJHQDX 'DVPHUNWHDXFKGHU5DEH%HYRUGLHDQGHUHQVLFKYHU
VDKHQYHUOLHHUVHLQHQ3ODW]XQGVWLHSIHLOVFKQHOOGHU NUHLVFKHQGHQ+H[HHQWJHJHQ ª1LFKWVFKLHHQ©ULHI:LOO0DOOPDQQXQGILHO6XNRLQGHQ $UPZHLOHUNHLQH$QVWDOWHQPDFKWHGLH:DIIH]XVHQNHQ ª:LHVR"© ª'DVHUOHGLJWGHU5DEH©:LOO0DOOPDQQOLHGHQ&KLQHVHQ ORV6XNRKREGLH6FKXOWHUQ'HV0HQVFKHQ:LOOHLVWVHLQ +LPPHOUHLFKGDFKWHHU 'LH+H[HDKQWHGLH*HIDKU6LHGUHKWHVLFKJHGDQNHQVFKQHOO LQGHU/XIWXQGZROOWHGHPXQJHVWPHQ$QJULIIHQWNRPPHQ 'RFKGHU5DEHZDUVFKODXHU(LQJHVFKLFNWHU)OJHOVFKODJ XQGHUNU]WHGHQ:HJDE 'DQQVWLHHUIURQWDODXIVLH]X (LQJHOOHQGHU6FKUHLHLQ5|FKHOQGDQQHLQ%OLW]'LH+H[H ZDUYHUVFKZXQGHQ $VFKHUHJQHWH]X%RGHQ 'LH0lQQHUDWPHWHQDXI6XNRVWHFNWHVHLQH:DIIHZHJ YHUIROJWHGHQ5DEHQGHU]XUFNIORJXQGZLHGHUDXIVHLQHP $VW3ODW]QDKP 'DQQPHLQWHHUª'DVLVWHLQ'LQJ© 3RZHOOWUDWYRUª:REHILQGHWVLFK-RKQ6LQFODLU"©IUDJWHHU 6XNRJULQVWHª'DVP|FKWHLFKDXFKJHUQZLVVHQ,FKKDEH HLQHOlQJHUH'LPHQVLRQVUHLVHKLQWHUPLU0DOKLHUPDOGD,FK JODXEH0\[LQZLUGDOW© ,UULWLHUW]RJ3RZHOOGLH$XJHQEUDXHQ]XVDPPHQª:LUK|U WHQGD-RKQHEHQIDOOV© ª%HVWLPPWZLUGHUNRPPHQ©HUZLGHUWH6XNR ª:DVPDFKW6LHVRVLFKHU"© 'HU&KLQHVHHUNOlUWHZDVLKPZLGHUIDKUHQZDU'LH 0lQQHUK|UWHQVWDXQHQG]X,QPDQFKH$XJHQVWDKOVLFK DXFKVRHWZDVZLH1LFKWEHJUHLIHQ6XNREHULFKWHWHZLHHUGLH +H[HQJHWURIIHQKDWWHXQGGDVLHLKPYRP)ULHGKRIDP (QGHGHU:HOWHU]lKOWHQ 0DOOPDQQGHXWHWHLQGLH5XQGHª+LHULVWGHU)ULHGKRI 8QGKLHUVLQGDXFKXQVHUH*UlEHU©
ª'LHOHW]WH5XKHVWlWWHIUGDV6LQFODLU7HDP©VDJWH3RZHOO PLW*UDEHVVWLPPH 6XNRKREGLH6FKXOWHUQª1RFKIHKOHQHLQLJH©6HLQH 6WLPPHNODQJRSWLPLVWLVFK ª6LHGHQNHQDQ%LOO&RQROO\XQG-DQH&ROOLQV"©PHLQWH 3RZHOO ª8QGDQ0\[LQ©VDJWH6XNRª'HU0DJLHUZROOWHVLFKPLW %LOOXQG-DQHKLHUKHU]XP)ULHGKRIWHOHSRUWLHUHQ© 3RZHOOXQG:LOO0DOOPDQQEOLHEYRUhEHUUDVFKXQJGLH/XIW ZHJ 6XNRGUHKWHVLFKXPª:ROOWLKUPLUQLFKWGLHDQGHUHQ *HQWOHPHQYRUVWHOOHQ":LUVLQGMHW]W%XQGHVJHQRVVHQ:HU ZHLZDVQRFKDOOHVDXIXQV]XNRPPW© 'HU&KLQHVHHUIXKUGLH1DPHQ'HU0DQQPLWGHP .RSIYHUEDQGKLH6YHQ-DQVVRQXQGZDU1RUZHJHU6HLQ .ROOHJHK|UWHDXI$UW&RUQZDOO(UNDPDXV(QJODQG ª8QGVLHEHLGHKDEHQZLUNOLFKDP6GSROJHDUEHLWHW"© 'LH:LVVHQVFKDIWOHUQLFNWHQ $UW&RUQZDOOHUNOlUWHGDQQZDVLKQHQZLGHUIDKUHQZDU (VNODQJDOOHVXQJODXEOLFKGRFK6XNRZXWHDXV(UIDKUXQJ GDIUGLH0lFKWHGHU)LQVWHUQLVQLFKWVXQJODXEOLFKRGHUXQ P|JOLFKZDU6LHVSLHOWHQPLWGHQ.UlIWHQGHU1DWXUVWHOOWHQ GLH*HVHW]HGHU3K\VLNGXUFK0DJLHDXIGHQ.RSIXQG PDQLSXOLHUWHQGLH0HQVFKHQ'HVKDOEZDUHVVRVFKZHU LKQHQEHL]XNRPPHQ ª:DVXQWHUQHKPHQZLU"©IUDJWHGHU&KLQHVH ª:LUN|QQHQQXUZDUWHQ©HUZLGHUWH:LOO0DOOPDQQª8QG ]ZDUDXI-RKQ6LQFODLU©(UEOLFNWH6XNRDQª:LHVLHKWHV GHQQPLW:DIIHQDXV"© ª,FKKDEHGLH%HUHWWDXQGGLH'lPRQHQSHLWVFKH© ª'DVLVWLPPHUKLQHWZDV© 6XNRGUHKWHVLFKª'LH'lPRQHQSHLWVFKHN|QQWHLFKJOHLFK PDODQGHP5DEHQDXVSURELHUHQ ª1HLQQLFKW©ULHI:LOO 6XNRZDUHUVWDXQWª:LHVRQLFKW"©
ª:HLOLFK© 3RZHOOVSUDQJHLQª'LHVHU5DEHLVWNHLQQRUPDOHV7LHU,Q LKPVWHFNWGHU*HLVW.DULQ0DOOPDQQV© -HW]WZDUGHU&KLQHVHSHUSOH[ ª'DVLVWGRFKQLFKWP|JOLFK©IOVWHUWHHU :LOOQLFNWHª'RFKHVVWLPPW© ª8QGQXQ"© .RPPLVVDU0DOOPDQQKREGLH6FKXOWHUQª(LQH(UNOlUXQJ KDEHLFKDXFKQLFKW$XIMHGHQ)DOOEHZDFKWGLHVHU5DEHXQV (UKDWGLH$XJHQPHLQHUYHUVWRUEHQHQ)UDX© 6XNRVFKDOWHWHVFKQHOOª:HQQHUXQVEHUZDFKWKHLWGDV GDHUDXIGHUDQGHUHQ6HLWHVWHKW© 0DOOPDQQQLFNWH ª*WLJHU+LPPHO©VW|KQWHGHU&KLQHVHªDXFKGDVQRFK© 0LWWOHUZHLOHKDWWHHUJHPHUNWLQZDVHUGDKLQHLQJHUDWHQZDU 'HU6FKZDU]H7RGKDWWHZLUNOLFKlXHUVWJHVFKLFNWVHLQH )lGHQJH]RJHQ'LQJHGLHVFKHLQEDUQLFKWVPLWHLQDQGHU]X WXQKDWWHQWUDIHQVLFKDQHLQHPJHPHLQVDPHQ=LHO 7RGGHV6LQFODLU7HDPV 6RODXWHWHGHU:DKOVSUXFKGHQGHU6FKZDU]H7RGXQWHU DOOHQ8PVWlQGHQHLQKDOWHQZROOWH$XFKZHQQHUGDEHLHLQ VHKUJURHV5LVLNRHLQJLQJ =XGHPZDU6XNRMHW]WVLFKHUGDDXFK%LOO-DQHXQG0\[LQ EDOGDXIWDXFKHQZUGHQ)ULKQQXUHLQH)UDJHGHU=HLW ª6LHZLVVHQGDQQZRKODXFKNHLQHQ5DW"©ZDQGWHVLFK 3RZHOODQGHQ&KLQHVHQ ª1HLQNHLQHQEHVRQGHUHQ© ª8QGZDVVFKODJHQ6LHVRQVWQRFKYRU"© ª:DVVROOHUVFKRQYRUVFKODJHQ"©ULHI$UW&RUQZDOOª:LU N|QQHQQXUKLHUVLW]HQXQGDXIXQVHU(QGHZDUWHQ0HKU QLFKW© ª6RODQJHPDQQRFKOHEWVROOPDQQLHPDOVDXIJHEHQ©NRQ WHUWH6XSHULQWHQGHQW3RZHOOª0HUNHQ6LHVLFKGDVMXQJHU 0DQQ© ª$FKK|UDXI©
ª$UWUHLGLFK]XVDPPHQ©VDJWH6YHQ ª2ND\)UHXQGHVHW]HQZLUXQV]XVDPPHQXQGVLQJHQHLQ /LHGFKHQ'DVKDEHLFKIUKHUDOV.LQGLPPHUJHPDFKWZHQQ LFK$QJVWKDWWHXQGLQGHQ.HOOHUJHVFKLFNWZXUGH,FKKDEH GDQQJHVXQJHQXQGGLH$QJVWZDUZHJ© ª5HLHQ6LHVLFKELWWH]XVDPPHQ©VDJWH3RZHOO 6XNRKDWWHQHEHQ:LOO3ODW]JHQRPPHQ'HU&KLQHVHKLHOW GHQ*ULIIGHU'lPRQHQSHLWVFKHXPNODPPHUW(UEHODXHUWH QRFKLPPHUGHQ5DEHQ:LOOPHUNWHHV ª/DLKQLQ5XKH© ª,VWHVZLUNOLFKGHLQHYHUVWRUEHQH)UDXGLHLQGLHVHPNRPL VFKHQ9RJHOVWHFNW"© ª-D© ª:RKHUZHLWGXGDVGHQQ"© ª,FKKDEHHVDQLKUHQ$XJHQJHVHKHQ'LHVHV7LHUKDWGLH JOHLFKHQ$XJHQZLH.DULQ© ª'DVELOGHVWGXGLUQXUHLQ:LOO© ª1HLQZLUNOLFKQLFKW© 'HU&KLQHVHKROWHWLHI/XIWª2ND\QHKPHQZLUHVDOVRKLQ GD.DULQLQGHP5DEHQVWHFNWª(UGHXWHWHLQGLH5XQGH ª0LFKZUGHQXULQWHUHVVLHUHQZHOFKHLQH%HZDQGWQLVHVPLW DOOGLHVHQ*UlEHUQKDW'LHVHKHQGRFKQLFKWQHXDXV'D OLHJHQVLFKHUOLFKZHOFKHXQWHUGHU(UGH)UDJHLVWQXUZHU"© ª:LOOVWGXQDFKVHKHQ"© 6XNRVFKWWHOWHGHQ.RSIª6RZHLWJHKWPHLQH1HXJLHUGH QXQDXFKZLHGHUQLFKW© 'HU&KLQHVHEUDXFKWHJDUQLFKWQHXJLHULJ]XVHLQHUHUKLHOW LQGHQQlFKVWHQ0LQXWHQHLQH$QWZRUWDXIVHLQH)UDJH (VEHJDQQDOOHVY|OOLJKDUPORV =XHUVWZDQNWHHLQ*UDEVWHLQ(UVWDQGYRQ6XNRXQG%LOO DXVJHVHKHQUHFKWVXQGUDJWHVFKLHIDXVGHPIHXFKWHQ%RGHQ 'RFKMHW]WVFKZDQNWHHUKLQXQGKHUZLHYRQ*HLVWHUKDQG EHZHJW (VZDUHLQHKRKH3ODWWH6LHHULQQHUWHDQHLQ5HFKWHFN 3O|W]OLFKNLSSWHVLHXP
0LWHLQHPGXPSIHQ*HUlXVFKVFKOXJGLH*UDESODWWHDXI GDV(UGUHLFK'DV*HUlXVFKK|UWHQDXFK6XNRXQG:LOO 0DOOPDQQIDWHQDFKGHP$UPGHV&KLQHVHQª-HW]WJHKW V ORV©IOVWHUWHHU ª:DVJHKWORV"© ª'HU)ULHGKRI,FKPHLQHEDOGZLVVHQZLUZDUXPGLH *UDEVWHLQHKLHUVWHKHQ'HULVWGRFKQLFKWYRQXQJHIlKU XPJHIDOOHQ'DWXWVLFKZDVXQWHUGHU(UGHJODXEPLU© 'DVLFKGRUWHWZDVWDWZDU6XNRQDWUOLFKOlQJVWNODU8QG HUKDWWHGDVXQEHVWLPPWH*HIKOGLFKWYRUHLQHUK|OOLVFKHQ hEHUUDVFKXQJ]XVWHKHQ $EHUQLFKWQXUGLHHLQH*UDESODWWHNLSSWHXPVRQGHUQGLH DQGHUHQJHULHWHQHEHQIDOOVLQV:DQNHQ$OVZUGHQVLHYRQ +lQGHQJHVFKDXNHOWVRVFKZDQNWHQVLHYRQHLQHU6HLWH]XU DQGHUHQEHYRUVLHHQGJOWLJ]X%RGHQNLSSWHQ /lQJVWKDWWHQ3RZHOOXQGGLHEHLGHQ:LVVHQVFKDIWOHU EHPHUNWZDVGDYRUVLFKJLQJ:HLWULVVHQVLHGLH$XJHQDXI XQGNDPHQDXVGHP6WDXQHQQLFKWPHKUKHUDXV ª'DVLVW*HLVWHUVSXN©IOVWHUWH6YHQ-DQVVRQXQGVFKOXJ KDVWLJHLQ.UHX]]HLFKHQ $UW&RUQZDOOVDJWHQLFKWV(UVWLHUWHQXUDXIGLH*UDEVWHLQH $PEHVWHQYRQLKQHQKDWWHVLFKQRFK3RZHOOLQGHU*HZDOW (UKREQXUGLH$XJHQEUDXHQDOVHUDXIGLHIDOOHQGHQ*UDE VWHLQHEOLFNWH-HGHUZDUWHWHGDUDXIGDHWZDVJHVFKDK ª:DVEHGHXWHWGDV"©IUDJWH6YHQ-DQVVRQ 1LHPDQGDQWZRUWHWHLKP ª6RVDJWGRFKZDV©VFKULHHUª,FK© $OOHVFKZLHJHQXQGDXFK6YHQ-DQVVRQVSUDFKNHLQ:RUW PHKU(UKDWWHMHGRFK0KHVHLQH$QJVWLP=DXP]XKDOWHQ 1DFKGHPVlPWOLFKH*UDEVWHLQHJHIDOOHQZDUHQJHVFKDK ]XQlFKVWQLFKWV(VKHUUVFKWHHLQHQDKH]XWUJHULVFKH5XKH LQGLHGDV.UlFK]HQGHV5DEHQI|UPOLFKKLQHLQKDFNWHXQGVLH ]HUUL'LH0HQVFKHQ]XFNWHQ]XVDPPHQ 1XU6XNRUHDJLHUWHQLFKWZlKUHQG:LOOHLQHQ%OLFNDXIGHQ 9RJHOZDUI
'LHVHU5DEHVFKLHQPHKU]XZLVVHQ (VEHJDQQPLWGHP*UDEDXIGHPGHUHUVWH6WHLQXPJH IDOOHQZDU3O|W]OLFK]HLJWHGLH(UGH5LVVHXQGILHOODQJVDP LQHLQDQGHU.OHLQH*UDVVRGHQXQG.UXPHQEUDFKHQDEVLH UXWVFKWHQZLHLQHLQHP7ULFKWHUDXIGHQ0LWWHOSXQNWGHV *UDEHV]XZREHUHLWVHLQHgIIQXQJ]XVHKHQZDU 1LHPDQGVSUDFKHLQ:RUW$OOHVWDUUWHQZLHK\SQRWLVLHUW DXIGDV*UDE :DVZUGHJHVFKHKHQ" .DPMHW]WGHU6FKZDU]H7RG"+DWWHHUEHZXWGLHVHQ:HJ JHZlKOWRGHUVFKLFNWHHUVHLQH'LHQHUYRU" 8QGGDQQHQWVWLHJGDVHUVWH0RQVWHUGLHVHP*UDEDXIGHP )ULHGKRIDP(QGHGHU:HOW ª9HUGDPPW©IOVWHUWH%LOO&RQROO\ª:LUKlWWHQGLHVHQ:HJ GRFKQLFKWQHKPHQVROOHQ© 0\[LQVDJWHQLFKWVGD]X -DQHJLQJVLFKHUKHLWVKDOEHU]ZHL6FKULWWH]XUFN $XWRPDWLVFK]RJVLHLKUH$UPHHSLVWROH,QLKUHQ$XJHQ IODFNHUWHGLH$QJVW6LHKDWWHGLH/LSSHQIHVW]X VDPPHQJHSUHWXQGHVNRVWHWHVLHXQJHKHXUH0KHVLFK ]XEHKHUUVFKHQ ª1XUNHLQH3DQLN©PXUPHOWH%LOO(UOLHGLH5LHVHQHFKVH QLFKWDXVGHQ$XJHQ (QWIHUQWHULQQHUWHVLHLKQDQHLQJHZDOWLJHV.URNRGLOGDV VLFKDXIJHULFKWHWKDWWHVLFKMHW]WDXIVHLQHQ]ZHL%HLQHQ QlKHUWHXQGVHLQH2SIHUIL[LHUWH ª6ROOHQZLUQLFKWIOLHKHQ"©IUDJWH-DQH 'HU5HSRUWHUVFKWWHOWHGHQ.RSIª.RPPWQLFKWLQ)UDJH 'DV7LHUFKHQVFKDIIHQZLU©(UUlXVSHUWHVLFKª$XHUGHP ZlUHHVYLHOVFKQHOOHUDOVZLU© 1LHPDQGKDWWHHWZDVHLQ]XZHQGHQ %LOOKLHOWOlQJVWGLH3LVWROHLQGHU+DQG1XUIUDJWHHUVLFK REHUPLWHLQHU.XJHOHWZDVDXVULFKWHQNRQQWH'HU3DQ]HU
GLHVHU(FKVHVDKLKPYHUGDPPWKDUWDXV'DZUGHQGLH *HVFKRVVHVLFKHUOLFKDESUDOOHQ 9LHOOHLFKWKDWWHQVLHHLQH&KDQFHZHQQVLHGLH$XJHQGHU (FKVHWUDIHQGRFKGDVLHGHQ.RSI]LHPOLFKUDVFKEHZHJWH ZDUHLQJHQDXHV=LHOHQVRJXWZLHXQP|JOLFK 0\[LQKLHOWGLH*UDQDWHLQGHU+DQG$EJH]RJHQKDWWHHU QRFKQLFKW(UZDUWHWH 'LH(FKVHVWDPSIWHGXUFKGHQ6XPSIUXQGXPGDV :DVVHUORFK%LOO-DQHXQG0\[LQKRIIWHQGDUDXIGDVLH LUJHQGZDQQHLQVLQNHQZUGHGRFKVLHVDKHQVLFKJHWlXVFKW 'DV7LHUULVHLQH%HLQHLPPHUZLHGHUDXVGHPVFKODPPLJHQ 8QWHUJUXQGKHUYRU :HLWKDWWHHVGDV0DXODXIJHULVVHQ'LHEHLGHQJHIlKUOLFKHQ =DKQUHLKHQZDUHQVFKDUIZLH'ROFKH (LQ%LXQGHVZDUDXV 1RFK]HKQ
,Q*HGDQNHQ]lKOWHHUPLW =ZHLXQG]ZDQ]LJGUHLXQG]ZDQ]LJ -HW]W 0\[LQVFKOHXGHUWHGDVH[SORVLYH(L (UKDWWHDXIGDV0DXOGHU(FKVHJH]LHOWXQGKlWWHDXFK JHWURIIHQGRFKGLH%HVWLHNODSSWHLPOHW]WHQ0RPHQWLKUH EHLGHQ.LHIHU]XVDPPHQVRGDGLH+DQGJUDQDWHJHJHQ LKUHQ.RSISUDOOWH]X%RGHQILHOXQGGRUWH[SORGLHUWH 'LH'HWRQDWLRQHUVWLFNWH]XP7HLOLP6FKODPP'UHFN*UDV XQG:DVVHUUHVWHIORJHQKRFKXQGELOGHWHQHLQHQVFKPXW]LJHQ 9RUKDQJ'HU(FKVHVHOEVWJHVFKDKQLFKWV 8QYHUVHKUWJLQJVLHZHLWHU9LHOOHLFKWQRFKZWHQGHUXQG ZLOGHU 0\[LQPXWHVLFKEHHLOHQGDHUVLFKLQ6LFKHUKHLWEUDFKWH (UKDWWHGRUWHLQH,GHH]XODQJHJHVWDQGHQXQGGHQ(UIROJ VHLQH$QJULIIVDEJHZDUWHWGDVUlFKWHVLFKQXQ 'LH(FKVHZDUVFKQHOOHUDOVHUJHGDFKWKDWWH6LHVFKOXJ QLFKWPLWLKUHQYHUNU]WHQ$UPHQ]XVRQGHUQVFKOHXGHUWH GDVUHFKWH%HLQYRU 0\[LQZLFKQLFKWUDVFKJHQXJ]XUFN(UZXUGHDQGHU +IWHJHWURIIHQXQGILHOGDQQ]X%RGHQ 'LH%HVWLHPDFKWHGHQQlFKVWHQ6FKULWW :LHHLQJUQHU%HUJVWDQGVLHYRUGHP0DJLHU0\[LQKDWWH VLFKDXIGHQ5FNHQJHZlO]WXQGVFKDXWH]XGHU(FKVHKRFK :HLWNODSSWHVLHLKU0DXODXI(VZDUNODUGDVLH0\[LQ YHUVFKOLQJHQZROOWH'DVVDKHQDXFK%LOOXQG-DQH 'LHEHLGHQKDWWHQVLFKHWZDV]XUFNJH]RJHQVWDQGHQLQ UHODWLYVLFKHUHU'HFNXQJNRQQWHQDEHUQLFKW]XVHKHQZLHGLH (FKVHGHQ0DJLHUW|WHWH0\[LQKDWWHLKQHQGDV/HEHQJH UHWWHWMHW]WPXWHQVLHVLFKUHYDQFKLHUHQ $XFKZHQQGLH&KDQFHJHULQJZDU %LOO&RQROO\OLHIYRU :lKUHQGGLH(FKVHLKUHQ2EHUN|USHUZHLWHUQDFKXQWHQ QHLJWHXQG-DQHPLWDQJVWHUIOOWHQ$XJHQGHP5HSRUWHUKLQ WHUKHUEOLFNWHUDQQWH%LOO&RQROO\VFKLHHQGDXIGDV5HSWLO]X
(UKDWWH]XU6LFKHUKHLWDXFK-DQH&ROOLQV3LVWROHPLWJH QRPPHQGHQQZHQQVHLQHOHHUJHVFKRVVHQZDUNRQQWHHUPLW GHUDQGHUHQ:DIIHZHLWHUIHXHUQ 'LHVPDONODSSWHHVEHVVHU 'LH%HVWLHKDWWHLQJLHULJHU(UZDUWXQJLKU0DXOZHLWDXIJH ULVVHQ%LOO]LHOWHDXIGLHgIIQXQJXQGVFKDIIWHHVGUHL.XJHOQ LQGHQ5DFKHQ]XMDJHQ :LOGZDUIGLH(FKVHGHQ.RSIKRFK3O|W]OLFKTXROO%OXWDXV LKUHP0DXOGLHYHUNU]WHQ$UPHIXKUHQXQNRQWUROOLHUWLQ GLH+|KHHLQE|VHV)DXFKHQHUUHLFKWH%LOOV2KUHQXQGGLH %HVWLHZDQNWH]XUFN 1HEHQ0\[LQEOLHE%LOO&RQROO\VWHKHQ(UEFNWHVLFK SDFNWHGLH6FKXOWHUGHV0DJLHUVXQG]RJLKQHLQ6WFN ]XUFNZlKUHQG%LOOZHLWHUKLQGLH(FKVHLP$XJHEHKLHOW 6LHZDQNWHLQGHQYRQGHU([SORVLRQJHULVVHQHQ.UDWHU VDFNWH]XVDPPHQXQGILHODXIGLH6HLWH )DXFKHQGVFKOXJGLHVWHUEHQGH%HVWLHXPVLFK6FKODPP XQG'UHFNZLUEHOWHQKRFKGD]ZLVFKHQEUDFNLJHV:DVVHUXQG GLFNH*UDVVRGHQ $XFKGLHDQGHUHQ7LHUHZDUHQDXIPHUNVDPJHZRUGHQ6LH EHREDFKWHWHQGHQ.DPSI 0\[LQUDSSHOWHVLFKDXIª'DVZDUNQDSS©PXUPHOWHHU ª9LHOHQ'DQNEULJHQV© %LOOJULQVWHHUOHLFKWHUWª+lWWHDXFKQLFKWJHGDFKWGDLFK HLQPDOHLQHP0DJLHUGDV/HEHQUHWWH$EHUVRLVWGDVQXQPDO LP/HEHQ(LQPDOREHQHLQPDOXQWHQ© 'LH(FKVHODJLQGHQOHW]WHQ=XFNXQJHQ1RFKHLQPDOUL GDV5HSWLOGLH(UGHDXIGDQQODJHVVWLOO ª*HVFKDIIW©NHXFKWH%LOO 'DZDU-DQHEHLLKQHQ6LHKDWWHLKUH+DQGDXIGLH%UXVW JHSUHWGRUWZRGDV+HU]VFKOXJª+LPPHOKDEHLFKHLQH $QJVWDXVJHVWDQGHQ© 'HU5HSRUWHUVFKWWHOWHGHQ.RSIª:DVLVWORVPLWGLU"'X ELVWGRFKVRQVWQLFKWVRlQJVWOLFK© ª,FKZHLHVDXFKQLFKW©
ª0DFKWGDVYLHOOHLFKWGLH*HJHQGKLHU"© ª.DQQVHLQ,FKLFKILQGHGDVDOOHVVRXQZLUNOLFKVRJUDX VDPXQGXQKHLPOLFK© %LOOOlFKHOWHWU|VWHQGª.HLQH$QJVWZLUVFKDIIHQHVVFKRQ :LUVLQGIUGLH%HVWLHQXQYHUGDXOLFK© ª'HLQHQ+XPRUP|FKWHLFKKDEHQ©VDJWH-DQHª,FKILQGH PLFKKLHUQLFKW]XUHFKW(VVWLPPWLFKVWHFNWHVFKRQLQGHQ EHOVWHQ6LWXDWLRQHQDEHUGDVZDUDXIGHU(UGHGDKDWWHLFK %H]XJVSXQNWHGRFKKLHUJLEWHVQLFKWV1LFKWHLQPDO=HLW'LH LVWDXIJHKREHQ,QGLHVHU:HOWLVWDOOHVVRJOHLFK'HU7DJGLH 1DFKW©6LHKREGLH6FKXOWHUQª*LEWHVGLHVHEHLGHQ%HJULIIH KLHUEHUKDXSW"© ª.DXP©JDE%LOO&RQROO\]X ª'DVPDFKWPLFKVRQLHGHUJHVFKODJHQ©HUNOlUWHGLHEORQGH 'HWHNWLYLQª+LQ]XNRPPWHLQHIUFKWHUOLFKH$QJVWGDYRU IULPPHULQGLHVHU:HOWYHUVFKROOHQ]XEOHLEHQGHQQQLH PDQGYRQXQVNHQQWGHQ5FNZHJ© ª'HQILQGHQZLU©VDJWH%LOO ª=XHUVWHLQPDOPVVHQZLUGHQ)ULHGKRIVXFKHQ©VFKOXJ 0\[LQYRUª:HQQZLUGRUWVLQGVHKHQZLUZHLWHU© ª+RIIVWGXQRFKLPPHUDXI-RKQ"©IUDJWH-DQH&ROOLQVGHQ 5HSRUWHUGLUHNW ª-D© ª,FKZHLQLFKW(KUOLFKQLFKW:HVKDOEVROOWHHUKHUNRP PHQ"© ª:HLOGHU6FKZDU]H7RGHVVRZLOO(UVXFKWGLH(QW VFKHLGXQJZLOOHQGOLFKZLVVHQZRUDQHULVW'LH(UVFKDIIXQJ $VPRGLQDVKDWLKQSUDNWLVFKLQGLHVH6LWXDWLRQJHGUlQJW ZHQQGXYHUVWHKVWZDVLFKPHLQH(UEUDXFKWHLQHQ(UIROJ PLWDOOHQ0LWWHOQPXHUYHUVXFKHQLKQ]XHUULQJHQ$XFK ZHQQHVGDEHLDXI.RVWHQVHLQHUHLJHQHQ6LFKHUKHLWJHKW(U KDW6LQFODLUGDV%XFKGHUJUDXVDPHQ7UlXPHDOV/RFNPLWWHO KLQWHUODVVHQREZRKOHUZHLGD-RKQ6LQFODLULKQGDQQ EHVLHJHQNDQQZHQQHUVLFKPLWGHP,QKDOWYHUWUDXWJHPDFKW KDW(VJHKWNHLQ:HJGDUDQYRUEHL,QGLHVHU:HOWZLUGXQG
PXHV]XHLQHUHQGJOWLJHQ(QWVFKHLGXQJNRPPHQ© 'LHODQJH5HGHKDWWH0\[LQJHKDOWHQ -DQHK|UWH]X ,QLKUIHVWLJWHVLFKGLHhEHU]HXJXQJGD-RKQGRFKQRFK HLQWUHIIHQZUGH'DQQZDUHQGLH+DXSWDNWHXUHGHV7HDPV ]XVDPPHQ$QGHP2UWZRVLHLKUHOHW]WHQ5XKHVWlWWHQILQ GHQVROOWHQIDOOVHV-RKQQLFKWVFKDIIWHGHQ6FKZDU]HQ7RG]X EHVLHJHQ %LOO&RQROO\KREGLH6FKXOWHUQª,FKVHKHQXUQRFKHLQH 0|JOLFKNHLW©PHLQWHHU -DQHVFKDXWHLKQIUDJHQGDQ ª:LUJHKHQZHLWHU© ª7ROOHU9RUVFKODJ© 6LHZDUIHQQRFKHLQHQ%OLFN]XUFNhEHUGHUWRWHQ(FKVH ]RJHQGLHDGOHUlKQOLFKHQ9|JHOLKUH.UHLVH:DUHQVLHYLHO OHLFKW$DVIUHVVHU".HLQHUZXWHHVXQGHVLQWHUHVVLHUWHDXFK QLHPDQGHQ 'LHGUHL0HQVFKHQWDXFKWHQZLHGHUKLQHLQLQGHQIHXFKWHQ 8UZHOWGVFKXQJHO6LHIKOHQVLFKVRXQHQGOLFKNOHLQXQGYHU ORUHQ]ZLVFKHQGHQULHVLJHQ%lXPHQXQGGHPJHZDOWLJHQ )DUQNUDXW%LVMHW]WKDWWHQVLHGLH%HVWLHQEHVLHJHQN|QQHQ GLHVLHDQJULIIHQ6LHZDUHQJHVSDQQWZDVQRFKDOOHVDXIVLH ODXHUWH $XFKGHU%URQWRVDXULHUKDWWHVHLQHQ3ODW]DQGHU:DVVHU VWHOOHYHUODVVHQ (UVWDPSIWHGXUFKGHQ'VFKXQJHO6HLQHJHZDOWLJHQ)H NQLFNWHQNOHLQHUH%lXPHZLH6WUHLFKK|O]HU6LHILHOHQQLFKW JDQ]DXIGHQ%RGHQVRQGHUQZXUGHQDXIKDOEHU6WUHFNHYRQ GHQVWlUNHUHQbVWHQXQG=ZHLJHQGHUEULJHQ%lXPHDXIJH KDOWHQVRGDVLHEHUGHP(UGERGHQHLQXQGXUFKGULQJOLFKHV *HZLUUELOGHWHQ -DQH%LOOXQG0\[LQPHLQWHQGXUFKHLQHQODQJHQJUQHQ 7XQQHO]XVFKUHLWHQ 'DV3IODQ]HQZHUNOLHNDXP/XIWGXUFK(VZDUVFKZO XQGVWLFNLJ
=XP*OFNSDVVLHUWHGHU5LHVHQVDXULHUQLFKWLKUHQ:HJ GDIUVDKHQVLHMHGRFKHLQH5LHVHQVFKODQJHGLHVLFKEHU LKQHQYRQ%DXP]X%DXPVFKRE 6LHEOLHEHQVWHKHQ 'LH6FKODQJHZDUDXI%HXWHMDJG8QGVLHVDKHQDXFKGDV 2SIHU(LQ7LHUHWZDGRSSHOWVRJURZLHHLQ.DQLQFKHQ GDV]ZLVFKHQGHQ=ZHLJHQKRFNWHXQGQLFKWDKQWHLQZHOFK HLQHU*HIDKUHVVFKZHEWH ,QGHU/lQJHPDGHU6FKODQJHQOHLEPLQGHVWHQVVLHEHQ
DOVZlUHGDVDOOHVQXUHLQ6SD]LHUJDQJ :RVROOWHGHU)ULHGKRIOLHJHQ"$P%HJLQQGHU%HUJH"9RQ GHQ%HUJHQVDKHQVLHQLFKWV]XGHPQDKPHQLKQHQGLHJH ZDOWLJHQ%lXPHGLH6LFKW $EHUGLH6WUXNWXUGHV%RGHQVlQGHUWHVLFK 1LFKWPHKU0RRVRGHU)DUQHEHVWLPPWHQGHQ8QWHUJUXQG VRQGHUQGXQNOHV*HVWHLQGDVGHU%HVFKDIIHQKHLWQDFK]X XUWHLOHQHLQHQYXONDQLVFKHQ8UVSUXQJKDEHQPXWH (LQ$Q]HLFKHQIUGLH1lKHGHU%HUJH %LOOKRIIWHHV 'RFKJOHLFK]HLWLJKDWWHHU$QJVWYRUGHU=XNXQIW 'LH6]HQHZDUJHVSHQVWLVFK hEHUDOODXIGHP)ULHGKRIEHZHJWHQVLFKGLHIODFKHQ *UDEKJHO'LH(UGHZXUGHDXIJHZKOWDOVZUGHQULHVLJH +lQGHYRQXQWHQKHUJHJHQVLHGUFNHQ (VZDUHQDXFK+lQGH 'RFKNHLQHQRUPDOHQVRQGHUQ7RWHQNODXHQ %HLPHUVWHQ*UDEZDUGHU9RUJDQJVFKRQDPZHLWHVWHQIRUW JHVFKULWWHQ:LOOXQG6XNRVDKHQGLH6NHOHWWKDQGGLHVLFK YRUVLFKWLJDXVGHUIHXFKWHQ(UGHVFKREGLH)LQJHUEHZHJWH XQGZLHVXFKHQGXPKHUWDVWHWH ª6FKLH©IOVWHUWHGHU.RPPLVVDUª6FKLHGRFK© 6XNRVFKWWHOWHGHQ.RSIª:DVQW]WGDV"'LHNRPPHQ YRQEHUDOO,FKZUGHQXUPHLQH0XQLWLRQYHUJHXGHQ© 0DOOPDQQQLFNWH(UKDWWHHVHLQJHVHKHQ$XVZHLWDXIJH ULVVHQHQ$XJHQEHREDFKWHWHQGLH0lQQHUGHQ)RUWODXIGHV XQKHLPOLFKHQ*HVFKHKHQV (VEOLHEQLFKWEHLGHU+DQG (LQ$UPHUVFKLHQHLQ6WFN6FKXOWHUGHUNQ|FKHUQH %UXVWNRUEGHUXQWHUH/HLEGLH%HLQH (LQ6NHOHWWHQWVWLHJGHP*UDE 'LH(UGHILHOLQ.UXPHQYRQVHLQHQ.QRFKHQQLHGHUVHOEVW GHUNDKOH6FKlGHOZXUGHEODQN
6HNXQGHQODQJEOLHEGDV6NHOHWWYRUGHP*UDEVWHKHQ'DQQ VFKDXWHHVVLFKXP'LH0lQQHUVFKLHQGHU.Q|FKHUQHJDU QLFKWZDKU]XQHKPHQ(UEOLFNWHQXUDXIVHLQH$UWJHQRVVHQ GLHLQUHJHOPlLJHU)ROJHDXVGHQ*UlEHUQNOHWWHUWHQ 8QGDOOHVDKHQJOHLFKDXV 6LHKDWWHQGLHJOHLFKH*U|HGLH6FKlGHOGLH6FKXOWHUEUHLWH DOOHVVWLPPWHEHUHLQ :LOO0DOOPDQQ]lKOWHPLWEHEHQGHQ/LSSHQ ª(OI]Z|OIGUHL]HKQ©%LV]ZDQ]LJNDPHU 6RYLHOH*HULSSHEHY|ONHUWHQGHQ)ULHGKRIXQGEOLHEHQYRU LKUHQ*UlEHUQVWHKHQ :LOO0DOOPDQQZDUIHLQHQ%OLFNQDFKOLQNV 'RUWVWDQGHQGLHEHLGHQ:LVVHQVFKDIWOHUXQG3RZHOO 6HOEVWGHUVRQVWVREHKHUUVFKWH6XSHULQWHQGHQWKDWWHGLH $XJHQKLQWHUVHLQHU%ULOOHZHLWDXIJHULVVHQXQGNRQQWHQLFKW JODXEHQZDVHUVDK:RKO]XPHUVWHQ0DOZXUGHHUKDXWQDK PLWGHP*UDXHQNRQIURQWLHUWELVKHUKDWWHHUQXULQGHQ %HULFKWHQJHOHVHQZDVHVDOOHVDQ8QHUNOlUOLFKHPJDE 1XQVDKHUHVVHOEVW $UW&RUQZDOOVWDQGOHLFKWJHEFNWGDKDWWHGLH+lQGH]X )lXVWHQJHEDOOWXQGVWLHUWHDXIGLHNQ|FKHUQHQ0RQVWHU 'DEHLZDUHQVLHQLFKWHLQPDOJUR6LHUHLFKWHQVHOEVWGHP HWZDVNOHLQHUHQ6XNRQXUELV]XU6FKXOWHU$EHUYRQLKQHQ JLQJHLQHVRVWDUNH'URKXQJDXVGDHVGLH0lQQHUVFKDX GHUWH -HGHUDKQWHGDPLWGHU$QNXQIWGHU6NHOHWWHGLHOHW]WH 5XQGHHLQJHOlXWHWZRUGHQZDU 6YHQ-DQVVRQVFKOXFK]WHDXI6HLQH1HUYHQZDUHQDP VFKZlFKVWHQ(UKDWWHGLH+lQGHYRUVHLQ*HVLFKWJHVFKODJHQ XQGVWDUUWHGXUFKGLHJHVSUHL]WHQ)LQJHU ª1HLQ©VW|KQWHHUª1HLQGDVGDUIGRFKQLFKWZDKUVHLQ ,FKZHUGHKLHUQRFKZDKQVLQQLJ© 3RZHOOIXKUKHUXPIDWHGHQ0DQQDQGHU6FKXOWHUXQG VFKWWHOWHLKQGXUFKª5HLHQ6LHVLFK]XVDPPHQ©IXKUHU GHQ1RUZHJHUDQª'HQNHQ6LHZLUKlWWHQNHLQH$QJVW"©
ª,FKZLOODEHUQLFKW,FKZLOOQLFKW©0LWHLQHUUDVFKHQ 'UHKXQJEHIUHLWHVLFKGHU:LVVHQVFKDIWOHUXQGEHYRU3RZHOO UHDJLHUHQNRQQWHHUKLHOWHUHLQHQ6FKODJLQGHQ0DJHQ 'HU6XSHULQWHQGHQWILHO]XVDPPHQ'HU+LHEKDWWHLKQKDUW JHWURIIHQ(UNUPPWHVLFKDP%RGHQ 6YHQ-DQVVRQULEHLGH$UPHKRFKª1LHPDQG©EUOOWHHU ªQLHPDQGZLUGPLFKDXIKDOWHQ© 6XNRDKQWHZDVIROJHQZUGHXQGHUVWDUWHWH7URW]GHP NDPHU]XVSlW-DQVVRQKDWWHEHUHLWVDXIGHP$EVDW]NHKUW JHPDFKWXQGUDQQWHDXIGHQ5DQGGHV)ULHGKRIV]X (UZROOWHLP'VFKXQJHOYHUVFKZLQGHQ 'DZDUQRFKGHU5DEH %OLW]VFKQHOOO|VWHHUVLFKYRQVHLQHP$VWEUHLWHWHGLH)OJHO DXVXQGMDJWHKLQWHUGHP)OFKWLJHQKHU 'DV7LHUZDUVFKQHOOHUDOV6XNR 'HU&KLQHVHVSUWHZLHHVEHUVHLQHQ.RSIKLQZHJVWULFK 'HU/XIW]XJGHU)OJHOOLHVHLQH+DDUHIODWWHUQGRFKGDV 8QKHLONRQQWHDXFK6XNRQLFKWDXIKDOWHQ %HYRU6YHQ-DQVVRQ]ZLVFKHQGHQ%lXPHQYHUVFKZDQG ZDUGHU5DEHEHLLKP :LHHLQ6WHLQILHOHUDXIGHQ:LVVHQVFKDIWOHUQLHGHU -DQVVRQEUOOWHLQSDQLVFKHP6FKUHFNHQDOVLKQGHU9RJHO PLWVHLQHP*HZLFKW]X%RGHQGUFNWHXQGPLWGHP6FKQDEHO ]XKDFNWH 'HU6FKUHLYHUVWXPPWH 'DQQZDU6XNRGD (UKREGLHUHFKWH+DQGXQGVHLQH)DXVWKLHOWGLH 'lPRQHQSHLWVFKHXPNODPPHUW +DUWGURVFKHU]X 'LHGUHL5LHPHQIXKUHQLQGDVGXQNOH*HILHGHUGHVULHVLJHQ 0RQVWHUYRJHOV)HGHUQVWlXEWHQKRFKXQGWUXGHOWHQ]X %RGHQ)DVWPHQVFKOLFKEUOOWHGHU5DEHDXI 'LHVHQ6FKUHLK|UWHDXFK.RPPLVVDU0DOOPDQQ(UJODXEWH GDULQGLH6WLPPHVHLQHUYHUVWRUEHQHQ)UDXHUNDQQW]XKDEHQ 'HU.RPPLVVDUVDKURW
ª1LFKW©EUOOWHHU6XNR]XGHUZLHYHUELVVHQDXIGHQ9RJHO HLQVFKOXJª/DLKQLQ5XKH© 6XNRZROOWHQLFKWDXILKQK|UHQ:LHHLQH0DVFKLQHVFKOXJ HUZHLWHU 'HU5DEHYHUVXFKWH]XIOLHKHQ(UEUHLWHWHVHLQH)OJHODXV GRFK6XNROLHLKQJDUQLFKWHUVWYRP%RGHQKRFKNRPPHQ 'DZDU0DOOPDQQKHUDQ $UW&RUQZDOOZROOWHLKQVWRSSHQGRFKGHU.RPPLVVDU UlXPWHLKQPLWHLQHP)DXVWKLHE]XU6HLWH'HU(QJOlQGHUILHO ]X%RGHQXQGEHUVFKOXJVLFK $QGHU6FKXOWHUULGHU.RPPLVVDU6XNRKHUXP ª/DLKQ© 6XNRVWLH0DOOPDQQYRQVLFK 'RFKVROHLFKWJDEGHU.RPPLVVDUQLFKWDXI:XFKWLJZDUI HUVLFKJHJHQGHQ&KLQHVHQ 6XNRNRQQWHGLHVHP$XISUDOOQLFKWVWDQGKDOWHQ (UZXUGHDEJHOHQNWGHU5DEHHUKROWHVLFKZLHGHUEUHLWHWH GLH]HU]DXVWHQ)OJHODXVXQGZROOWHKRFKIOLHJHQ (UVFKDIIWHHVQLFKW'LH0DJLHGHU'lPRQHQSHLWVFKHKDWWH LKQ]XVHKUJHVFKZlFKW 0DOOPDQQZWHWHZLHHLQ%HUVHUNHU6HLQH)lXVWHJOLFKHQ 'UHVFKIOHJHOQDOVHUQDFK6XNRV.RSIVFKOXJGRFKGHU &KLQHVHNRQQWHLPPHUZLHGHUDXVZHLFKHQ 'DQQNRQWHUWHHU +DUWVFKRVHLQHUHFKWH)DXVWYRU(LQ6FKODJZLHDXVGHP /HKUEXFK0DOOPDQQZXUGHDQGHU.LQQVSLW]HJHWURIIHQ NLSSWHQDFKKLQWHQYHUGUHKWHGLH$XJHQXQGILHOHLQIDFKXP (LQNODVVLVFKHU.RDQGHPMHGHU%R[WUDLQHUVHLQHUHLQH )UHXGHJHKDEWKlWWH 6XNRUXKWHVLFKQLFKWDXVVRQGHUQZDQGWHVLFKZLHGHUGHP K|OOLVFKHQ5DEHQ]X 'LHVPDOKLHOWLKQNHLQHUDE(UZROOWHHVGHP%LHVWGDV HLQHQ6DXULHUJHVFKDIIWKDWWH]HLJHQ 'HU9RJHOZDUYHUOHW]WDEHUHUZDUQRFKQLFKWNDPSIXQ IlKLJ6HLQVSLW]HU6FKQDEHOKDFNWHGHP&KLQHVHQHQWJHJHQ
XQG6XNRKWHWHVLFK]XQDKHDQLKQKHUDQ]XNRPPHQGHQQ VRZLHGHU6FKQDEHODXVVDKULHUWLHIH:XQGHQ :LHGHUZ|ONWHQ)HGHUQDXIDOV6XNR]XVFKOXJ'DV .UlFK]HQZXUGHOHLVHUXQGYHU]ZHLIHOWHU'HU9RJHOVFKLHQ ]XZLVVHQGDHUVLFKDXIGHU9HUOLHUHUVHLWHEHIDQG +DVWLJEHZHJWHHUVHLQHQ6FKlGHOYHUVXFKWHLPPHUZLHGHU QDFK6XNR]XKDFNHQXQGLKQ]XWUHIIHQ 'HU&KLQHVHEHZHJWHVLFKPLWGHU*HVFKPHLGLJNHLWHLQHV HUIDKUHQHQ.lPSIHUV6HLQ.DUDWHWUDLQLQJNDPLKP]XJXWH (UZXWHZLHPDQGHQ+LHEHQDXVZLFKXQGLPPHUZLHGHU /FNHQIDQGXP]X]XVFKODJHQ 'HU5LHVHQUDEHEHVDHLQHXQJHKHXHUVWDUNH0DJLH%HL 'lPRQHQGHUQLHGHUHQ6WXIHUHLFKWHPHLVWHQVHLQ6FKODJPLW GHU3HLWVFKHXPVLH]XYHUQLFKWHQ 'LHVHU9RJHOMHGRFKElXPWHVLFKLPPHUZLHGHUJHJHQVHLQ 6FKLFNVDODXIHUZROOWHHLQIDFKQLFKWGHU9HUOLHUHUVHLQ 6XNRKDWWHNHLQH/XVWGHQ.DPSILQGLH/lQJH]X]LHKHQ (LQPDOPXWH6FKOXVHLQ (UZDUIVLFKYRU6HLQHOLQNH+DQGNDQWHIKUWHHLQHQ 6HQVHQVFKODJWUDIGHQ+DOVGHV5DEHQXQGNQLFNWHLKQZHJ *OHLFK]HLWLJKlPPHUWH6XNRGLH'lPRQHQSHLWVFKHLQGHQ .|USHUGHV9RJHOV 'LHVHUOHW]WH6FKODJUHLFKWH 'HU5DEHVWLHHLQHQKHXOHQGHQ.ODJHODXWDXVXQGILHOLQ VLFK]XVDPPHQZlKUHQGGHU&KLQHVH]XUFNVSUDQJ 6FKZHUDWPHQGEOLHEHUVWHKHQ +DWWHHUGDV7LHUEHVLHJW" -DGHU9RJHOVWDUE 3O|W]OLFKILHOHQGLHUHVWOLFKHQ)HGHUQYRQLKPDE6LHWUX GHOWHQ]X%RGHQXQGYHUNRKOWHQGRUW'DVJOHLFKHJHVFKDK PLWGHP.RSI$XFKGHUYHUNRKOWHZlKUHQGGQQH 5DXFKVFKZDGHQDXVGHP.|USHUGUDQJHQXQGJHJHQGHQ EOHLJUDXHQ+LPPHOVWLHJHQ 1LFKWVEOLHEZLHHVZDU %LVDXIGLH$XJHQ
.DULQ0DOOPDQQV$XJHQEOLHEHQDXIGHP%RGHQOLHJHQ XQG6XNRKDWWHGDV*HIKOYRQLKQHQDQNODJHQGDQJHVWDUUW ]XZHUGHQVRGDHUVLFKDEZDQGWH ,Q]ZLVFKHQZDU:LOO0DOOPDQQDXVVHLQHU%HZXWORVLJNHLW HUZDFKW8QGHUKDWWHGHQOHW]WHQ7HLOGHV.DPSIHVYHUIROJW $XFK3RZHOOXQGGHUHQJOLVFKH*HRORJHZDUHQYRQGLHVHP .DPSIIDV]LQLHUWNHLQHUDFKWHWHDXIGHQ.RPPLVVDU (UULFKWHWHVLFKDXIEOLHENQLHQGDP%RGHQKRFNHQXQG VWDUUWHDXIGHQEUHLWHQ5FNHQGHV&KLQHVHQ 'HQ5DEHQVDKHUQLFKW ,Q0DOOPDQQV+LUQNOLQNWHHWZDVDXV 6XNRKDWWHGHQ9RJHOJHW|WHWGDPLWKDWWHHUDXFK.DULQGLH 9HUVWRUEHQHXPJHEUDFKW 0DOOPDQQGDFKWHQLFKWPHKUORJLVFKVHLQ+DQGHOQZXUGH QXUQRFKYRP+DGLNWLHUW 6HLQH+DQGJOLWWXQWHUGLH$FKVHOZRGLH:DIIHVWHFNWH /DQJVDP]RJHUGLH3LVWROHKHUYRU]LHOWHXQGOHJWHDXI6XNRV XQJHVFKW]WHQ5FNHQDQ %LOO&RQROO\EOLHEVWHKHQ6HLQIRUGHUQGHU5XIKLHOW0\[LQ ]XUFN 'HU0DJLHUGUHKWHVLFKXPª:DVJLEWHV"©IUDJWHHU %LOOGHXWHWHPLWHLQHP.RSIQLFNHQ]X%RGHQª6FKlW]HZLU VLQGEDOGGD© -DQH&ROOLQVZXUGHZDFK6LHZDULQGHQOHW]WHQ0LQXWHQ QXUQRFKGDKLQJHZDQNW 6FKZHLYHUNOHEWXQGGUHFNYHUNUXVWHWZDULKU*HVLFKWDOV VLHGHQ5HSRUWHUXQJOlXELJDQVFKDXWHª:LHNRPPVWGXGHQQ GDUDXI"© &RQROO\ZLHVDXIGHQ%RGHQª'DVVFKZDU]H*HVWHLQGDLVW HUNDOWHWH/DYD'HPQDFKPXHVLQGHU1lKHHLQHQ9XONDQ JHEHQ8QG9XONDQHVLQG%HUJH:LHXQVGHUJXWH0\[LQYHU UDWHQKDWVROOGHU)ULHGKRILQGHU1lKHGHU%HUJHOLHJHQ )ROJOLFKLVWHVQLFKWPHKUZHLWELV]XXQVHUHP=LHO©
-DQHEOLFNWH0\[LQDQDOVZUGHVLHGHP5HSRUWHUQLFKWVR UHFKWWUDXHQ 'HU0DJLHUQLFNWHª%LOOKDWUHFKW© ,Q-DQHV$XJHQJORPPDOWHU*ODQ]XQG.DPSIHVZLOOHDXI 2EZRKOVLHZXWHGDPLWGHP(UUHLFKHQGHV)ULHGKRIVGLH 6FKUHFNHQQRFKOlQJVWNHLQ(QGHKDWWHQVRQGHUQHUVWULFKWLJ EHJLQQHQZUGHQZDUVLHGRFKIURKGLHVHQ3ODW]EDOG]X HUUHLFKHQ 6LHJLQJHQZHLWHU 8QGZHQLJVSlWHUVFKRQIKUWHGHU:HJDXIZlUWV(LQ ,QGL]GDVLHGLH%HUJHWDWVlFKOLFKYRUVLFKKDWWHQ ª.DQQVWGXQRFK"©IUDJWH%LOOGHULQ]ZLVFKHQDXFKVFKZHU DWPHWH -DQHZROOWHOlFKHOQGRFKHVZXUGHQXUHLQH*ULPDVVH %LOOZXWH%HVFKHLG(UJLQJYRUXQGIDWH-DQHXQWHU6LH SURWHVWLHUWHDEHUGHU5HSRUWHUOLHVLFKQLFKWGDYRQDEKDOWHQ GLH'HWHNWLYLQGHQ5HVWGHV:HJV]XVWW]HQ 'LHULHVLJHQ%lXPHZXUGHQZHQLJHU'DV8QWHUKRO]ZDU OlQJVWQLFKWPHKUVRGLFKWXQGYHUILO]W6LHNDPHQOHLFKWHU YRUDQDXHUGHPIKUWHGHU3IDGMHW]WZDDJHUHFKWZHLWHU 6LHNRQQWHQEHVVHUDXVVFKUHLWHQ 3O|W]OLFKEOLHE0\[LQVWHKHQ $XFK%LOOKLHOW(UZLVFKWHVLFKGHQ6FKZHLDXVGHP *HVLFKWXQGIUDJWHª:DVLVW"© 0\[LQKREGHQ)LQJHUZLHHLQ0DQQGHUGLH:LQGULFKWXQJ SUIWª,FKVSUHHWZDV©PHOGHWHHU ª8QGZDV"© ª*HIDKU© ª:HUGHQZLUDQJHJULIIHQ"© ª1HLQDEHULFKUHGHYRQHLQHUDOOJHPHLQHQ*HIDKUGLHLQ GHU/XIWOLHJW:LUPWHQXQVHU=LHOJOHLFKHUUHLFKWKDEHQ© ª,VWGHU6FKZDU]H7RGLQGHU1lKH"©%LOOKDWWHVHLQH6WLPPH XQZLOONUOLFK]XHLQHP)OVWHUQJHVHQNWGRFK0\[LQVFKW WHOWHGHQ.RSIª6HLQH$XVVWUDKOXQJVSUHLFKQRFKQLFKW© ª:HVVHQ$XVVWUDKOXQJ"©
ª,UJHQGZRLQGHU(UGHODXHUWHWZDV(VN|QQHQGLH*HKLOIHQ GHV'lPRQHQVHLQQHKPHLFKDQ© ª'DVNDQQMDKHLWHUZHUGHQ©NQLUVFKWH%LOOXQGWDVWHWHQDFK VHLQHU:DIIH ª1RFKLVWHVQLFKWVRZHLW©VFKZlFKWHGHU0DJLHUDE 6LHJLQJHQZHLWHU9RUVLFKWLJHUDOV]XYRU6LHVLFKHUWHQQDFK DOOHQ6HLWHQXQGDXFK0\[LQSDWHDXIZLHHLQ/XFKV(LQHQ 3IDGJDEHVQLFKWDXFKNHLQHQ:LOGZHFKVHO6LHPRJHOWHQ VLFKGXUFKGDVKRKH)DUQNUDXWZlKUHQGXQWHULKUHQ)HQ KLQXQGZLHGHUOHLFKWH5DXFKVFKZDGHQDXVGHP%RGHQ VWLHJHQ(VZDUQRFKKHLHUJHZRUGHQ'LH/XIWNRQQWHPDQ NDXPDWPHQ6LHVWDFKLQGHQ/XQJHQIOJHOQ -DQHZXUGHLPPHUPDWWHU%LOOKlWWHJHUQHLQH3DXVHHLQJH OHJWGRFKGDVZDUQLFKWGULQ 6LHPXWHQZHLWHU 8USO|W]OLFKWDXFKWHYRULKQHQHLQH/LFKWXQJDXI ª'HU)ULHGKRI©KDXFKWH0\[LQªZLUKDEHQLKQHUUHLFKW© %LOOVDJWHQLFKWV6HLQH$XJHQZXUGHQIDVWWHOOHUJURXQGHU VWDUUWHDXIGLH6]HQHGLHLKPVRXQJODXEOLFKHUVFKLHQGDHU VLHHLQIDFKQLFKWEHJUHLIHQNRQQWH $XIGHP)ULHGKRIKLHOWHQVLFKQLFKWQXUPHKUHUHEHNDQQWH 0HQVFKHQXQG]DKOUHLFKHKHOOH6NHOHWWHDXIVRQGHUQHLQH 3HUVRQVFKLHQGXUFK]XGUHKHQRGHUQLFKWPHKUNODUEHL 9HUVWDQG]XVHLQ 'DVZDU:LOO0DOOPDQQ (UKROWHXQWHUVHLQHU$FKVHOHLQH:DIIHKHUYRUXQG]LHOWH DXI6XNRVXQJHVFKW]WHQ5FNHQ (LQHKDOEH6HNXQGHEUDXFKWH%LOOXPUHDJLHUHQ]XN|QQHQ ª:LOO©EUOOWHHU 0DOOPDQQUXFNWHKHUXPXQGDXFKGHU&KLQHVHGUHKWHVLFK DXIGHU6WHOOH -HW]WHUVWVDKHUZDV:LOO0DOOPDQQYRUJHKDEWKDWWHXQGHU UHDJLHUWHZLHHLQ%OLW]
,QODQJHQ6SUQJHQMDJWHHUDXIGHQ.RPPLVVDU]XGHU NDXPEHJULIIZDVSDVVLHUWHVRVFKQHOOIHJWH0DOOPDQQGLH :DIIHDXVVHLQHU+DQG 'DQQVWUHFNWHLKQHLQZHLWHUHUJXWJH]LHOWHU+LHE]X%RGHQ 6XNRZLQNWH%LOO]Xª'DQNH© -DQH&ROOLQV%LOOXQG0\[LQVFKULWWHQDXIGHQ&KLQHVHQ]X $OOHOlFKHOWHQGRFKHVZDUNHLQIURKHV/lFKHOQVRQGHUQHKHU HLQHUOHLFKWHUWHV 8QGDXFK3RZHOOWUDWQlKHU%ODLP*HVLFKWGHU6FKODJLQ GHQ0DJHQPDFKWHLKP]XVFKDIIHQ 'LH)UHXQGHEHJUWHQVLFK ª:LUVROOWHQQDFK0U-DQVVRQVHKHQ©VFKOXJ3RZHOOYRU ª,FKJODXEHHVVLHKWQLFKWJXWDXV© 'DKDWWHGHU6XSHULQWHQGHQWUHFKW 6YHQ-DQVVRQZDUWRW 'HU5DEHKDWWHLKQGRFKQRFKXPJHEUDFKW (UVFKWWHUWVWDQGHQGLH0HQVFKHQYRUGHU/HLFKHGHV :LVVHQVFKDIWOHUV$UW&RUQZDOOV$XJHQZXUGHQIHXFKWXQG HUVFKOXJHLQ.UHX]]HLFKHQEHUGHQ7RWHQ 6XNRKDOIGHP.RPPLVVDUDXIGLH%HLQH$XFK0DOOPDQQ VFKDXWHDXIGHQ7RWHQ ª'HU5DEHKDWLKQXPJHEUDFKW©VDJWH6XNR :LOOQLFNWHª,FKZHLZDVGXGDPLWVDJHQZLOOVW(UZDU QLFKWPHLQH)UDX© ª1HLQVRQGHUQGDV%|VH© 'HU.RPPLVVDUSUHWHGLH/LSSHQ]XVDPPHQXQGQLFNWH 6XNRZDUIURKGDHUVRGDFKWHhEHUGHQ9RUIDOOYHUORUHQ VLHNHLQ:RUW$OOHUGLQJVODJHQGLH$XJHQQRFKGD ª+LPPHOGDVVLQG© 6XNROHJWHGHP.RPPLVVDUGLH+DQGDXIGLH6FKXOWHUª6LH VLQGEULJJHEOLHEHQ:LOO© ª:LOOVWGXVLH]HUVW|UHQ"© 6XNROlFKHOWHª,FKVHKHNHLQHQ*UXQG© 'HU.RPPLVVDUQLFNWH %LOO&RQROO\ZLQNWHLKQHQ]X(UXQG-DQHVDKHQDXVZLH
$EHQWHXUHU0LW]HUULVVHQHU.OHLGXQJDEJHNlPSIWDEHUGHP XQElQGLJHQ:LOOHQVLFKGHQQRFKGXUFK]XVFKODJHQ 'HU5HSRUWHUEHULFKWHWHLQ6WLFKZRUWHQZDVLKQHQZLGHU IDKUHQZDU6HOEVW3RZHOOK|UWHJHVSDQQW]XXQGVFKWWHOWH KLQXQGZLHGHUGHQ.RSI 6FKOLHOLFKPHLQWHGHU6XSHULQWHQGHQWª:LUN|QQHQDOVR GDPLWUHFKQHQGD-RKQ6LQFODLUKLHUHEHQIDOOVDXIWDXFKW"© ª1DWUOLFK© 0\[LQGHU0DJLHUKLHOWVLFKHWZDVDEVHLWVXQGODXVFKWH GHQ*HVSUlFKHQ'DEHLEHKLHOWHUGLHZHLHQ6NHOHWWHLP $XJHGLHVLFKHEHQIDOOVQLFKWUKUWHQXQGVWXPPZLH'HQN PlOHUYRULKUHQDXIJHEURFKHQHQ*UlEHUQVWDQGHQ :HOFKH)XQNWLRQPRFKWHQVLHKDEHQ" 'LHVH)UDJHVWHOOWHVLFKQLFKWQXUGHU0DJLHUVRQGHUQ%LOO &RQROO\VSUDFKVLHODXWDXV :LOO0DOOPDQQKREGLH6FKXOWHUQª,FKZHLQLFKWZHVKDOE VLHDXVGHU(UGHJHVWLHJHQVLQG© ª9LHOOHLFKWHLQH6FKXW]PDQQVFKDIWIUGHQ6FKZDU]HQ7RG© YHUPXWHWH-DQH ª0|JOLFK©PXUPHOWH%LOO&RQROO\(UEOLFNWHGLH'HWHNWLYLQ DQ-DQH&ROOLQVJLQJHVEHVVHU6LHKDWWHVLFKLQGHQOHW]WHQ 0LQXWHQJXWHUKROW,QLKUHP$XJHQIODPPWHGHUDOWHhEHU OHEHQVZLOOHDXI $XIGHP)ULHGKRIKHUUVFKWHHLQHEHGUFNHQGH6WLOOHGHQQ DXFKGLH0HQVFKHQVFKZLHJHQ1LFKWHLQ:LQGKDXFKIXKU EHUGLHDXIJHEURFKHQHQ*UlEHUDEHUMHGHUVSUWHGLH$XUD GHV%|VHQGLHEHUDOOODXHUWH 'LHVH8PJHEXQJZDUJHIlKUOLFK %LOOVWLHGHQ&KLQHVHQDQª:DVPHLQVWGX6XNRQHKPHQ ZLUXQVGHU6NHOHWWHDQ"© ª:LUVROOHQVLHNLOOHQ"© ª*HQDX©%LOOJULQVWHKDUWª:HQQVLHVFKRQHLQPDOYRQGHU %LOGIOlFKHYHUVFKZXQGHQVLQGZLUGHVGHU6FKZDU]H7RG OlQJVWQLFKWVROHLFKWKDEHQ© 'HUJXWH%LOOVWHFNWHZLHGHUYROOHU7DWHQGUDQJ(UIDQGGLH
,GHHGHV&KLQHVHQJDUQLFKWPDOVRVFKOHFKW$EHUGHQEHLGHQ 0lQQHUQEOLHENHLQH=HLWPHKUVLHLQGLH7DWXP]XVHW]HQ 'LH6NHOHWWHYHUlQGHUWHQVLFK 6LHEOLHEHQ]ZDULQGHU*U|HJOHLFKGRFKGDV:HLHGHU .QRFKHQYHUVFKZDQGHVZXUGHGXQNOHUQDKPHLQHQ VFKPXW]LJHQ)DUEWRQDQXQGZXUGHJUDX %LOOXQG6XNRPDFKWHQGLHDQGHUHQDXIGLHVH8PZDQGOXQJ DXIPHUNVDP 'LH0HQVFKHQVWDXQWHQ 1LHPDQGJULIIHLQ ,PPHUVWlUNHUGXQNHOWHQGLH.QRFKHQQDFK-HW]WZDUHQVLH VFKRQQLFKWPHKUJUDXVRQGHUQVFKZDU]=XGHPJOlQ]WHQ VLHDOVZlUHQVLHPLW6FKXKFUHPHHLQJHULHEHQZRUGHQ9RU LKQHQDXVGHP%RGHQGUDQJHLQGQQHU5DXFKGHUHWZDLQ .RSIK|KHGHU6NHOHWWHVFKZHEWHXQGGDQQLQGHUHQ 0XQGK|KOHQGUDQJDOVZUGHHUYRQHLQHP6WDXEVDXJHUHLQ JHVRJHQ hEHUDOOZDUHQGLH5DXFKIDKQHQ]XVHKHQVLHOHJWHQHLQHQ UHJHOUHFKWHQ1HEHOXP0HQVFKXQG0RQVWHU ª:DVKDWGDVGHQQQXQZLHGHU]XEHGHXWHQ"©IOVWHUWH%LOO (UKDWWHVHLQHPLW6LOEHUNXJHOQJHODGHQH%HUHWWDJH]RJHQXQG ZDUEHUHLWEHLHLQHP$QJULIIVHLQ/HEHQ]XYHUWHLGLJHQ 'LH6NHOHWWHWDWHQLKQHQQLFKWV 1RFKQLFKW $OOHUGLQJVYHUlQGHUWHQVLFKLKUH$XJHQK|KOHQ6LHIOOWHQ VLFKSO|W]OLFKPLWHLQHPGXQNOHQ5RWXQGZLUNWHQGDEHLZLH 6FKlFKWHGLHLQGLH+|OOHIKUWHQ -DQH&ROOLQVVWLHGHQ5HSRUWHUDQª:HLWGXZLHGLHDXV VHKHQ"©KDXFKWHVLH %LOOJDEGLH$QWZRUWª:LHGHU6FKZDU]H7RG© ª*HQDX-HGHVGLHVHU6NHOHWWHLVWHLQHJHWUHXH1DFKELOGXQJ GHV'lPRQV© %HLGLHVHQ:RUWHQUDQQQLFKWQXU-DQH&ROOLQVHLQ6FKDXHU EHUGHQ5FNHQ-HGHPZDUNODUGDGHU6FKZDU]H7RG VHLQH$UPHHXPVLFKYHUVDPPHOWKDWWH
6LHKDWWHQHVDOVRQLFKWQXUPLWHLQHP*HJQHU]XWXQ VRQGHUQPLW]ZDQ]LJ+HOIHUQ]XVlW]OLFK ª'HUKDWDOOHVYHUGDPPWJXWYRUEHUHLWHW©PXUPHOWH%LOO ª:LUVLW]HQLQGHU.OHPPH© 6XNRKDWWHVHLQH'lPRQHQSHLWVFKHJH]RJHQ(UVWLH 6XSHULQWHQGHQW3RZHOODQª0|FKWHQ6LHPHLQH3LVWROH KDEHQ"© :LHDXFKGLHDQGHUHQKDWWH3RZHOOGDV*HVFKHKHQIDV VXQJVORVEHREDFKWHW-HW]WEOLFNWHHU6XNRDQª,FKVROOHLQH :DIIHWUDJHQ"© ª(VZlUH]XPLQGHVWYRUWHLOKDIW© +LQWHUGHQGLFNHQ%ULOOHQJOlVHUQIODFNHUWHQ3RZHOOV$XJHQ XQUXKLJ6FKOLHOLFKQLFNWHHUXQGVDJWHª*XW6XNRLFK ZHUGHGLH:DIIHQHKPHQ© 'HU&KLQHVHUHLFKWHLKPGLH%HUHWWD ª8QG6LH"© 6XNROlFKHOWHª,FKKDEHGLH'lPRQHQSHLWVFKH6LHLVWHEHQ VRYLHOZHUWZDV,KQHQ0\[LQEHVWlWLJHQNDQQ© 0\[LQVDJWHMHGRFKQLFKWV(UKDWWHVLFKXQJHKHXHUJH lUJHUWDOVZLULKPGLH:DIIHZHJQDKPHQ=XHUVWKDWWHHUYHU VXFKWVLHVLFK]XUFN]XKROHQGRFKQXQIUDJWHHUQLFKWPHKU 6XNRJDEGLH:DIIHQLHPDOVDXVGHU+DQG 'LH9HUZDQGOXQJGHU6NHOHWWHZDUQXQY|OOLJDEJHVFKORV VHQ=ZDQ]LJVFKZDU]H*HVWDOWHQVWDQGHQYRULKUHQ*UlEHUQ :LHDXIHLQJHKHLPHV.RPPDQGRKLQVHW]WHQVLHVLFKLQ %HZHJXQJ 0LWODQJVDPHQ6FKULWWHQVWDNVWHQVLHDXIHLQDQGHU]XWUDIHQ VLFKMHGRFKQLFKWVRQGHUQELOGHWHQLQGHU0LWWHGHVXQKHLP OLFKHQ)ULHGKRIVHLQHQ.UHLV 'LH6SDQQXQJZXFKV 1LHPDQGZDJWHHVMHW]WQRFK]XVSUHFKHQ$XFKYRQDXHQ GUDQJNHLQ*HUlXVFKPHKUDQGLHPHQVFKOLFKHQ2KUHQ(V VFKLHQDOVKLHOWHVHOEVWGLH1DWXUGHQ$WHPDQ *OHLFKPXWHHWZDVJHVFKHKHQ 8QGHVJHVFKDKDXFKZDV
3O|W]OLFKVFKZHEWHQGLH$XJHQGHV5DEHQLQGLH+|KHDOV ZUGHQXQVLFKWEDUH)lGHQVLHDQKHEHQ *HEDQQWYHUIROJWHQGLH=XVFKDXHUGHQ:HJGLHVHU$XJHQ %HVRQGHUV:LOO0DOOPDQQZDUIDV]LQLHUWXQGDEJHVWRHQ ]XJOHLFK $UW&RUQZDOONRQQWHGDVDOOHVQLFKWPHKUPLWDQVHKHQ(U KDWWHVHLQ*HVLFKWLQEHLGH+lQGHYHUJUDEHQ6HLQH1HUYHQ VWUHLNWHQ 'LH$XJHQZDQGHUWHQDXIGHQYRQGHQ6NHOHWWHQJHELOGHWHQ .UHLV]X6LHJOLWWHQQXUVWRFNHQGYRUDQDOVZUGHQVLHYRQ LUJHQGHWZDV]XUFNJHKDOWHQ 1DFKHWZDHLQHUKDOEHQ0LQXWHKDWWHQVLHGHQ.UHLV HUUHLFKWVFKZHEWHQEHUGLH.|SIHGHU6NHOHWWHKLQZHJELV VLHVLFKLP0LWWHOSXQNWGHV.UHLVHVEHIDQGHQXQGHLQZHQLJ VHQNWHQ .QDSSEHUGHQ6FKlGHOQGHU6NHOHWWHEOLHEHQVLHLQGHU /XIWVWHKHQ 6HNXQGHQYHUJLQJHQ 1RFKJHVFKDKQLFKWV 'DQQDEHUVDKMHGHU=XVFKDXHUGDV9LEULHUHQREHUKDOEGHV .UHLVHV'LH/XIWJHULHWLQ%HZHJXQJVLHVFKLHQVLFK]XYHU GLFKWHQ.RQWXUHQGLHHQWIHUQWbKQOLFKNHLWPLWHLQHP PHQVFKOLFKHQ.|USHUKDWWHQ $EHUHVZDUHQ]ZHL6WHOOHQDQGHQHQVLFKGLH/XIWYHUGLFK WHWKDWWH $OVR]ZHL*HVWDOWHQ ª-RKQGDVPX-RKQVHLQ©IOVWHUWH-DQH&ROOLQVXQGEL VLFKYRU$XIUHJXQJLQGLH/LSSH 1LHPDQGVSUDFK-HGHUZXUGHYRQGHPXQKHLPOLFKHQ *HVFKHKHQLQGHQ%DQQJH]RJHQ -HW]WZDUHQGLH*HVWDOWHQEHVVHU]XHUNHQQHQ =XHUVWHUVFKLHQHLQ)UDXHQN|USHU/DQJHGXQNOH+DDUHHLQ EODVVHV*HVLFKWLQGDVGLHVWHKHQGHQ$XJHQJHQDX KLQHLQSDWHQDOVKlWWHQVLHQXUGDUDXIJHZDUWHWYRQGHQ +|KOHQDXIJHVRJHQ]XZHUGHQ
'LH)UDXZDU ª.DULQ©VW|KQWH:LOO0DOOPDQQXQGVFKWWHOWHYHU]ZHLIHOW GHQ.RSI 'DQQHUVFKLHQGHU0DQQ 8QGGLHVPDOKDXFKWH-DQH&ROOLQVGHQ1DPHQª-RKQ© ,FKZDUHVLQGHU7DW8QGLFKKDWWHGLH=HLWUHLVHHLQLJHU PDHQJXWEHUVWDQGHQ 8Q]lKOLJH(LQGUFNHZDUHQZLHHLQZLOGHU5HJHQDXIPLFK QLHGHUJHJDQJHQ,FKIORJGXUFK'LPHQVLRQHQXQG=RQHQGLH QLHHLQHV0HQVFKHQ$XJHJHVHKHQKDWWHXQGZRKODXFK QLHPDOVVHKHQZUGH6FKUHFNHQVELOGHUYHUORUHQHU/lQGHU XQKHLPOLFKH:VWHQJUDXVDPH.RQWLQHQWHNDOWH6WHUQH GDQQZLHGHUIDUELJH/LFKWHUXQGGLH6FKZlU]H 'LHDEHUSO|W]OLFKDXIK|UWHDOVLFKIHVWHQ%RGHQXQWHU PHLQHQ)HQVSUWH ,FKZDUDP=LHO ,P/DQGGHV6FKZDU]HQ7RGV 0HLQH)HNRQQWHQPHLQ.|USHUJHZLFKWNDXPKDOWHQLQ GHQ.QLHQIKOWHLFKHLQ=LWWHUQYRUPHLQHQ$XJHQWDQ]WHQ .UHLVH 7LHIDWPHWHLFKGXUFK )HXFKWHXQGJOHLFK]HLWLJDXFKKHLH/XIWVWDFKLQPHLQH /XQJHQ'LHVHV$WPHQZDUNHLQH(UIULVFKXQJLFKIKOWHPLFK ZLHLQHLQHU:DVFKNFKH 6SDOWEUHLW|IIQHWHLFKGLH$XJHQ 1RFKNRQQWHLFKQLFKWNODUVHKHQGRFKLFKJODXEWH VFKZDU]H7RWHQVFKlGHO]XHUNHQQHQ$OOHUGLQJVQLFKWHLQHQ VRQGHUQPHKUHUH'LH.|SIHKDWWHQPLFKHLQJHNUHLVWXQGDOV PHLQ%OLFNQDFKXQWHQZDQGHUWHVDKLFKDXFKGLHNQRFKLJHQ VFKZDU]HQ.|USHU ,FKZDULKU*HIDQJHQHU $EHUQRFKMHPDQGVWDQGQHEHQPLU (LQH)UDX
,FKVWUHQJWHPHLQ*HGlFKWQLVDQGLH(ULQQHUXQJNHKUWH ]XUFN 'HU.DPSIPLWGHQ+H[HQGHUVLOEHUQH%XPHUDQJGDV 9HUODVVHQGHU+|KOHGDQQGLH)UDX .DULQ0DOOPDQQ 6LHZDUHVGLHQHEHQPLUVWDQG.DULQ0DOOPDQQKDWWHGLH PDJLVFKH5HLVHPLWJHPDFKW $OOPlKOLFKNOlUWHVLFKPHLQ%OLFN,FKVWHOOWHIHVWGDLFK EHUGLH.|SIHGHU6NHOHWWHKLQZHJVFKDXHQNRQQWH:DV LFKVDKYHUVHW]WHPLUHLQHQIUHXGLJHQ6FKRFN 0HLQH)UHXQGHZDUHQKLHU %LOO&RQROO\-DQH6XNR:LOO0DOOPDQQXQGVRJDU-DPHV 3RZHOOVRZLHHLQ0DQQGHQLFKQLFKWNDQQWH(LQHQ]ZHLWHQ VDKLFKUHJXQJVORVDP%RGHQOLHJHQ1HEHQLKPVWDQG0\[LQ GHU0DJLHU 1DUUWHPLFKGHU6SXN"+DWWHGHU6FKZDU]H7RGPLWPLUVHLQ 6SLHOFKHQJHWULHEHQXQGJDXNHOWHPLUMHW]W%LOGHUYRUGLHHV EHUKDXSWQLFKWJDE":ROOWHHUPLFKTXlOHQPLFKGHPWLJHQ XQGQHUYOLFK]HUUWWHQ" =X]XWUDXHQZDUHVLKPXQGLFKWDWVRDOVZUGHQPHLQH )UHXQGHIUPLFKQLFKWH[LVWLHUHQ ,FKZDUWHWHHUVWHLQPDODEZLHVLFKGLH'LQJHHQWZLFNHOWHQ %|VH$XJHQVWDUUWHQPLFKDQ5RWH$XJHQZLHLFKVLHVFKRQ HLQSDDUPDOEHLPHLQHP(U]IHLQGJHVHKHQKDWWH$EHUHUZDU QRFKQLFKWGD 'HQQGLHVHQ'lPRQNRQQWHPDQQLFKWEHUVHKHQ'DV ULHVLJH6NHOHWWPLWGHUJHZDOWLJHQ6HQVHZDUHLQ%LOGGHV *UDXHQV'HP6FKZDU]HQ7RGEHUHLWHWHHV 6SDVLFKVR]X ]HLJHQGHQQHUZROOWH)XUFKWXQG6FKUHFNHQYHUEUHLWHQ 'DVDOOHLQZDUVHLQ=LHO 7RG9HUQLFKWXQJ&KDRV 1HEHQPLUODFKWH.DULQ0DOOPDQQDXI6LHGUHKWHGHQ.RSI GDPLWVLHPLFKDQVHKHQNRQQWHª1XQELVWGXHQGJOWLJLQ VHLQHP5HLFK©HUNOlUWHVLHª8QGQLFKWVDEHUDXFKJDUQLFKWV ZLUGGHQ6FKZDU]HQ7RGGDUDQKLQGHUQGLFK]XW|WHQ'HLQH
=HLWLVWDEJHODXIHQ-RKQ6LQFODLU8QGDXFKGLH=HLWGHLQHU )UHXQGH6FKDXVLHGLUJHQDXDQGLHGRUWYHUVDPPHOWVLQG 6LHKRIIHQDXIGLFKDEHUHVPXLKQHQNODUVHLQGDVLHNHLQH &KDQFHKDEHQ1LFKWJHJHQXQV© 'DVZDUHQJURH:RUWHGLHMHGRFKDQPLUDESUDOOWHQGHQQ VFKRQRIWJHQXJKDWWHLFKJHK|UWZLH'lPRQHQSURW]WHQXQG PLWLKUHU0DFKWXQG6WlUNHDQJDEHQQXUXPLKUH*HJQHULQ $QJVWXQG6FKUHFNHQ]XYHUVHW]HQ=X%HJLQQPHLQHU /DXIEDKQZDULFKGDUDXIKHUHLQJHIDOOHQGRFKQXQOLHHQ PLFKGLHJURVSUHFKHULVFKHQ:RUWHUHODWLYNDOW 9LHOOHLFKWZROOWHQVLHVLFKVHOEVWGDPLW0XWPDFKHQ ,FKVDKPLUGLH6NHOHWWHDQ :DIIHQKLHOWHQVLHQLFKWLQGHQNQRFKLJHQ)LQJHUQ'DVZDU VFKRQHLQ9RUWHLO$EHUREHVPHLQH)UHXQGHVFKDIIWHQGLH ]ZDQ]LJ*HULSSH]XEHVLHJHQZDUIUDJOLFK .DULQ0DOOPDQQEHUQDKPZLHGHUGDV:RUW'LHVPDO VSUDFKVLHQLFKWPLFKDQVRQGHUQLKUHQHKHPDOLJHQ*DWWHQ ª:LOO©ULHIVLH 'HU.RPPLVVDUUKUWHVLFKQLFKW ª:LOONRPPKHU© 'LHHUVWH0DFKWSUREH,FKZDUJHVSDQQWZDV.DULQ 0DOOPDQQYRUKDWWH8QGZLH:LOOGDUDXIUHDJLHUWH ,FKKREGLHUHFKWH+DQGXQGZLQNWHGHQ)UHXQGHQEHUXKL JHQG]X6LHYHUVWDQGHQXQGQLFNWHQ :LOOWUDXWHVLFKQRFKQLFKWHLQIDFKORV]XJHKHQ'HVKDOE PDFKWHHVLKPGLH8QWRWHHLQZHQLJOHLFKWHU6LHWUDWHLQHQ 6FKULWWYRUXQGGLH6NHOHWWH|IIQHWHQGHQ.UHLVGHQVLHDOOHU GLQJVKLQWHULKUVRIRUWZLHGHUVFKORVVHQGDPLWLFKQLFKWHQW ZLVFKHQNRQQWH9RQGLHVHQ*HVWDOWHQJLQJHLQHE|VH$XUD DXV,FKVSUWHHVEHVRQGHUVGDUDQGDVLFKPHLQ.UHX] HUZlUPWKDWWH :UGHHVPLFKDXFKGLHVPDOQLFKWLP6WLFKODVVHQ" ,FKKRIIWHHVXQGUHFKQHWHIHVWGDPLW'DV.UHX]XQGGHU %XPHUDQJGDPLWPWHGHU6FKZDU]H7RGHLJHQWOLFK]X VFKDIIHQVHLQGDFKWHLFK
'RFKYRUHUVWZDUHUQRFKQLFKWGDXQGGDV*HVFKHKHQ NRQ]HQWULHUWHVLFKDXI:LOO0DOOPDQQXQGGHVVHQWRWH)UDX 6LHVFKULWWHQDXIHLQDQGHU]X 7DW:LOOHLQHQ6FKULWWVRPDFKWH.DULQ]ZHL6LHQlKHUWHQ VLFK]LHPOLFKVFKQHOO 3O|W]OLFKEOLHEGHU.RPPLVVDUVWHKHQ $XFK.DULQVWRSSWH ,KU*HVLFKW]HLJWHQLFKWVYRQGHPZDVVLHYLHOOHLFKWGDFKWH 6LHIUDJWHQXUª:LOOVWGXPLFKQLFKWLQGLH$UPHVFKOLHHQ :LOO"© ª1HLQ© 'LH$QWZRUWEHUUDVFKWHPLFK,FKKDWWH:LOOQRFKDOV JHEURFKHQHQ0DQQJHVHKHQGHUXPVHLQH)UDXWUDXHUWHXQG DOOHVJHJHEHQKlWWHXPVLH]XUFN]XEHNRPPHQ 8QGMHW]WGLHVH$QWZRUW ,UJHQGHLQH:DQGOXQJZDUPLWLKPYRUJHJDQJHQ9LHOOHLFKW KDWWHQDQGHUHLKQEHHLQIOXWDXILKQHLQJHUHGHWXQGLKQPLW GHQXQDElQGHUOLFKHQ7DWVDFKHQNRQIURQWLHUW ,KQXQGVHLQH)UDXYHUEDQGQLFKWVPHKU 'DVZDUJXWVR ª$EHUGXKDVWGLFKGRFKQDFKPLUJHVHKQW©VDJWH.DULQ ª$XVGHP-HQVHLWVKDEHLFKEHREDFKWHWZLHGXXPPLFK JHWUDXHUWKDVW-HGHQ$EHQGKDVWGXPHLQ%LOGDQJHVFKDXW KDVWPLWPLUJHVSURFKHQKDVWQDFKPLUJHUXIHQXQGLFK:LOO LFKKDEHQXUJHODFKWGHQQOlQJVWZDULFKHLQH'LHQHULQGHV 6FKZDU]HQ7RGV© :LOO0DOOPDQQK|UWHGLH:RUWHXQGUHDJLHUWHQLFKW6HLQ *HVLFKWZDUHLQH0DVNH(VZLUNWHZLHDXV6WHLQJHKDXHQ VHOEVWVHLQH$XJHQEOLFNWHQZLH]ZHL.LHVHO *ODWWXQGNDOW ª1D:LOO":LOOVWGXHVGLUQLFKWEHUOHJHQ",FKNDQQGLU GHLQ/HEHQVFKHQNHQZHQQGX]XPLUNRPPVW'XEUDXFKVW GLFKQXUDXIXQVHUH6HLWH]XVWHOOHQGDQQLVWDOOHVNODU9RQ GHLQHQ)UHXQGHQXQGYRUDOOHQ'LQJHQYRQ-RKQ6LQFODLU NDQQVWGXNHLQH+LOIHPHKUHUZDUWHQ6LHZHUGHQVFKRQEDOG
XQWHUGHU(UGHOLHJHQ,KUH.QRFKHQYHUPRGHUQDXIGHP )ULHGKRIDP(QGHGHU:HOWGXDEHU:LOOGXZLUVWOHEHQ0LW PLUOHEHQ© ª:DVZlUHGDVIUHLQ/HEHQ"©IUDJWHGHU.RPPLVVDUPLW WRQORVHU6WLPPH ª(LQZXQGHUEDUHV/HEHQ'XJHK|UWHVW]XPHQJHUHQ.UHLV GHV6FKZDU]HQ7RGV8QGGXKlWWHVWDOOHVZDVGXGLUQXU ZQVFKHQNDQQVW0DFKW5HLFKWXP*HOG© :LOOKREGHQUHFKWHQ$UPª,FKJHEHGLUHLQH$QWZRUW .DULQ© ª'LHZlUH"© ª,FKYHU]LFKWHDXIGHLQHQ9RUVFKODJ,FKKDEHZDVLFK EUDXFKH,FKZLOOQLFKWGLH0DFKWXQGDXFKQLFKWGHQ 5HLFKWXPGHQGXPLUELHWHVWXQGGHUDXIGLH+|OOHDXIJHEDXW LVW1HLQGDUDQVROOVWGXHUVWLFNHQ.DULQ,FKELQGDUDXIQLFKW DQJHZLHVHQGDVPHUNHGLU© ª,VWGDVGHLQOHW]WHV:RUW"© ª1HLQ© ª'DQQKDVWGXHVGLUGRFKQRFKEHUOHJW"© ª,FKZLOOGLUQRFKHLQH$QWZRUWJHEHQ.DULQ©HUZLGHUWH :LOOPLWWRQORVHU6WLPPHª(LQH$QWZRUWGLHLFKPLUJHQDX EHUOHJWKDEHXQGGLHLFKDXFKQLFKWEHUHXHQZHUGH© :lKUHQGGLHVHU:RUWHKDWWHHUGHQ$UPVLQNHQODVVHQXQG VHLQH+DQGZDULQGHQ-DFNHQDXVVFKQLWWJHUXWVFKW %OLW]VFKQHOO]RJHUVHLQH:DIIHVFKZHQNWHGHQ$UPHLQ ZHQLJ]XU6HLWHXQG]LHOWDXIVHLQHWRWH)UDX ª:DVKDVWGXYRU"©IUDJWHVLH ª,FKZROOWHGLUHLQH$QWZRUWJHEHQ.DULQ© ª'XZLOOVWPLFKHUVFKLHHQ"© ª-DLFKZHUGHGLFKW|WHQ©6HLQH:RUWHWURSIWHQLQGLHDWHP ORVH6WLOOH -HGHUYRQXQVZDUEHUUDVFKW0LUOLHIHLQH*lQVHKDXWEHU GHQ5FNHQ,FKZROOWH]XHUVWHLQJUHLIHQGRFKLFKVDJWHPLU GDGLHVHV*HVSUlFKQXU:LOOXQGVHLQHWRWH)UDXHWZDV DQJLQJ'LHEHLGHQPXWHQHVXQWHUVLFKDXVPDFKHQ
%HVWLPPWKDWWHGHU.RPPLVVDUODQJHJHQXJEHUVHLQHQ (QWVFKOXQDFKJHGDFKW ,FKNRQQWHPLUJXWYRUVWHOOHQZLHVFKZHUHVLKPJHIDOOHQ ZDUVLFKDXIGLHVH$UWXQG:HLVH]XHQWVFKHLGHQ $XFKGLHDQGHUHQZDUHQHQWVHW]W,FKVDKHVDQLKUHQ *HVLFKWHUQ-DQHKDWWHGLH$XJHQZHLWDXIJHULVVHQ%LOO &RQROO\VWDUUWH]X%RGHQ6XNRV*HVLFKWZLUNWHYHUVWHLQHUW XQGDXFK3RZHOOVFKDXWHXQJOlXELJ ª(VWXWPLUQLFKWHLQPDOOHLG.DULQ©VDJWHGHU.RPPLVVDU PLWIHVWHU6WLPPH 'LH8QWRWHVFKLHQ]XPHUNHQGD:LOOHVHUQVWPHLQWH6LH JLQJHLQHQ6FKULWW]XUFNª'XGXZLOOVWZLUNOLFK"© :LOO0DOOPDQQJDEGLHHQWVSUHFKHQGH$QWZRUW'LHHLQ]LJ IULKQULFKWLJH (UVFKR 'LHHUVWH.XJHOMDJWHHULQGLH%UXVWVHLQHUXQWRWHQ)UDX 'HU5FNVWRVFKOHXGHUWH.DULQ0DOOPDQQQDFKKLQWHQGRFK VLHILHOQLFKWVLHKLHOWVLFKDXIGHQ%HLQHQ 'DVFKR:LOOHLQ]ZHLWHV0DOXQGGLH7UlQHQUDQQHQ GDEHLDQVHLQHQ:DQJHQKHUDE 'LH]ZHLWHJHZHLKWH6LOEHUNXJHOKDWWHHULQGLH6WLUQGHU 8QWRWHQJHVHW]W .DULQ0DOOPDQQILHOXP 1XQZDUVLHHQGJOWLJWRW'LHVPDODXVJHO|VFKWGXUFKGLH +DQGLKUHV0DQQHV :LOO0DOOPDQQOLHGHQUHFKWHQ$UPVLQNHQ'LH :DIIHQPQGXQJ]HLJWH]X%RGHQ 6HNXQGHQODQJVWDUUWHHUDXIGDVZDVYRQ.DULQ0DOOPDQQ EULJJHEOLHEHQZDU .QRFKHQXQG6WDXE 'DQQGUHKWHVLFK:LOOXP:LHHLQH0DULRQHWWHVFKULWWHU]X GHQDQGHUHQ]XUFN ,QQHUKDOEGHV6NHOHWWNUHLVHVLQGHPLFKVWDQGEHJDQQGLH (UGH]XYLEULHUHQ5|WOLFKH'lPSIHVWLHJHQDXVGHP%RGHQ 0LUZXUGHHVPXOPLJ
,FKZROOWHDXVGHP.UHLVGRFKGLH*HULSSHVWUHFNWHQLKUH $UPHDXVXQGVFKORVVHQLKQ ,FKOLHIJHJHQGLH.QRFKHQXQGSUDOOWHGDYRQDEZLHEHL HLQHU*XPPLZDQG 8PPHLQ.UHX]KHUDXV]XKROHQXQGGHQ.UHLVGDPLW]X VSUHQJHQGD]XZDUHV]XVSlW 'HU6FKZDU]H7RGKDWWHVLFKEHUHLWVPDQLIHVWLHUW 'LH6NHOHWWHKDWWHQGLHNDKOHQ6FKlGHOLQGHQ1DFNHQJHOHJW XQGVWDUUWHQQDFKREHQ]XLKUHP+HUUQXQG0HLVWHUGHQQ DXVGHU:RONHVFKlOWHVLFKGLHJUDXVDPH*HVWDOWPHLQHV (U]IHLQGHV 'HU6FKZDU]H7RGZDUGD ,FKNDQQGLH*HIKOHNDXPEHVFKUHLEHQGLHPLFKLQGLHVHP $XJHQEOLFNEHUILHOHQ (VZDU$QJVWGDEHL*HQXJWXXQJ+RIIQXQJXQGDXFK =RUQ -DLFKKDWHLKQ'LHVHQYHUIOXFKWHQ'lPRQGHUEHUHLWV VRYLHO/HLGEHUGLH:HOWJHEUDFKWKDWWHXQGPLUXQGPHLQHQ )UHXQGHQQXQVHLQH0DFKWGHPRQVWULHUWH (UVFKZHEWHKRFKEHUXQV (LQULHVLJHVVFKZDU]HV6NHOHWWPLWURWJOKHQGHQ$XJHQ XQGZLHLPPHUKLHOWHUVHLQHJHZDOWLJH7RGHVVHQVHLQGHU +DQGGXUFKGLH.DULQ0DOOPDQQQDFKLKUHU+RFK]HLWJH VWRUEHQZDU ,FKVSUWHGLH%HGURKXQJZLHHLQHQ+DXFKGHUPHLQHQ .|USHUVWUHLIWH)U|VWHOQG]RJLFKGLH6FKXOWHUQKRFK $XFKGLHDQGHUHQ)UHXQGHZDUHQHUVWDUUW,KUH%OLFNHNOHE WHQDQGHUVFKUHFNOLFKHQ*HVWDOWGLHPLWGHU6HQVHHLQHQ +DOENUHLVVFKOXJXQGGDEHLVFKDXULJDXIODFKWHVRGDHVZLH HLQ'RQQHUVFKODJEHUGHQHLQVDPHQ)ULHGKRIEUDXVWH 'HU.UHLVO|VWHVLFKDXI 'LH6NHOHWWHWUDWHQ]XUFNJLQJHQPLWK|O]HUQZLUNHQGHQ 6FKULWWHQ]XLKUHQ*UlEHUQXQGEOLHEHQGRUWVWHKHQ
(LQH:DFKHIULKUHQ+HUUQ 0LUVROOWHHVHJDOVHLQLFKZROOWHGHQ6FKZDU]HQ7RGEH VLHJHQ$EHUVFKDIIWHLFKGDVDXFK"8USO|W]OLFKEHJDQQLFK]X ]ZHLIHOQ8QHQGOLFKNOHLQXQGYHUORUHQIKOWHLFKPLFKMHW]W ZRHUGHU*HZDOWLJHEHUPLUVFKZHEWHXQGPLFKPLWVHLQHU P|UGHULVFKHQ6HQVHEHGURKWH $XHUGHPZDUGDVKLHUVHLQ5HLFKGLHVHU)ULHGKRIVDK LKQDOV6FK|SIHUKLHUOLHHUVLFKYRQNHLQHPDQGHUHQ HWZDVQHKPHQ 8QGLFKVROOWHLKQEHVLHJHQ $EHULFKKDWWHPHLQH)UHXQGH:HOFKHV6FKLFNVDOVLHKLHU KHUJHWULHEHQKDWWHGDVZXWHLFKQLFKW0LUZDUQXUEHZXW GDVLHDXIPHLQHU6HLWHVWDQGHQ'LHVHV:LVVHQOLHPLFK QLFKWPHKUVRWUEHLQGLH=XNXQIWEOLFNHQ 'HU6FKZDU]H7RGKDWWHPHLQH*HGDQNHQHQWZHGHUHUUDWHQ RGHUJHOHVHQ (UODFKWHDXIXQGEUOOWHª9HUODVVHGLFKQXUQLFKWDXIGHLQH )UHXQGH*HLVWHUMlJHU'XELVWKLHULQPHLQHP5HLFKXQG LFKVRUJHGDIUGDVLHVWHUEHQ=XYRUVROOVWGXYHUQLFKWHW ZHUGHQXQGGDPLWGLHDQGHUHQQLFKWHLQJUHLIHQZHUGHLFK VLHPLWHLQHP%DQQEHOHJHQ© 'HU'lPRQKDWWHGLH:RUWHNDXPDXVJHVSURFKHQDOVHUVLH DXFKVFKRQLQGLH7DWXPVHW]WH1LHPDQGDXFKLFKQLFKW NRQQWHLKQGDUDQKLQGHUQ $XVVHLQHQ$XJHQVFKRVVHQXUSO|W]OLFKURWH%OLW]HGLHPLFK DQ%OXWVWUDKOHQHULQQHUWHQ'LH%OLW]HIDVHUWHQVLFKEHUGHQ .|SIHQPHLQHU)UHXQGHDXVHLQDQGHUXQGZXUGHQ]XHLQHP 1HW]GDVVLFKJHGDQNHQVFKQHOODXIVLHOHJWH 'DVPDJLVFKH1HW]OlKPWHVLH 6XNR%LOO-DQH3RZHOOXQG0\[LQNRQQWHQVLFKQLFKW EHZHJHQ6LHVWDQGHQDXIGHP)OHFNDOVZlUHQVLH]X6WHLQ JHZRUGHQ ,QXQQDWUOLFKHQDQJHVSDQQWHQ+DOWXQJHQVRZLHVLHPLFK JHUDGHDQJHVFKDXWKDWWHQ 0DOOPDQQKLHOWVRJDUQRFKVHLQH:DIIHLQGHU+DQG
'HU6FKZDU]H7RGEHZHJWHVHLQ0DXOXQGODFKWHGURKHQG ª6R*HLVWHUMlJHUGLHZlUHQDXVJHVFKDOWHW© ,FKQLFNWHª2ND\XQGZDVKDVWGXPLWPLUYRU"© ª.HLQH%DQJH-RKQ6LQFODLUGLFKZHUGHLFKQLFKWPDJLVFK OlKPHQ2EZRKOHVHLQHVWDUNH0DJLHLVWZLHGXJHVHKHQ KDVWGHQQDXFK0\[LQLVWGDYRQHLQJHIDQJHQZRUGHQ,FK KDEHPLUIUGLFKHWZDV%HVRQGHUHVHLQIDOOHQODVVHQ© 6RHWZDVKDWWHLFKPLUJHUDGHJHGDFKW/HLFKWZROOWHHVGHU 6FKZDU]H7RGVLFKQLFKWPDFKHQ(UZDUHLQ'lPRQXQGHU PXWHPLUVHLQH6WlUNHEHZHLVHQHUNRQQWHHVQLFKWDXI UDVFKH$UWXQG:HLVHKLQWHUVLFKEULQJHQGDVJLQJJHJHQ VHLQH1DWXU ª'XZLUVWQLFKWDXIGLHVHP)ULHGKRIVWHUEHQ©VDJWHHU ª+LHUZLUGQXUGHLQ*UDEVHLQ:HQQGXWRWELVWVFKDIIHLFK GHLQHQ.DGDYHUKLHUKHU© 'LHOHW]WHQ:RUWHZDUHQGDV=HLFKHQIUGLHVFKZDU]HQ 6NHOHWWH6LHYHUOLHHQLKUH3OlW]HVWHOOWHQVLFKLQ*UXSSHQDXI XQGVFKULWWHQPLUHQWJHJHQ ,FKEHUOHJWHRELFKMHW]WVFKRQVFKLHHQVROOWHOLHHVDEHU EOHLEHQXQGZDUWHWHDXIHLQHJQVWLJHUH*HOHJHQKHLW 'LHULHVLJH*HVWDOWGHV6FKZDU]HQ7RGVVFKZHEWHEHUPLU XQGVDK]XZLHVLFKGLH6NHOHWWHHWZDHLQHQ6FKULWWYRU PLUWHLOWHQXQGPLFKLQGLH=DQJHQDKPHQ ª)ROJHLKQHQ©GRQQHUWHGHU6FKZDU]H7RGª6LHZHUGHQ GLFK]XGHLQHP6WHUEHSODW]EHJOHLWHQ© 0LUEOLHEQLFKWVDQGHUHVEULJDOVGHU$XIIRUGHUXQJ)ROJH ]XOHLVWHQ(LQJHUDKPWYRQGHQVFKZDU]HQ6NHOHWWHQVFKULWW LFKTXHUEHUGHQ)ULHGKRIYRUEHLDQPHLQHQ)UHXQGHQGLH VLFKQLFKWEHZHJHQNRQQWHQXQGJLQJGRUWKLQZRGHU 'VFKXQJHOEHJDQQ 'HQVFKPDOHQ3IDGKDWWHLFK]XYRUQLFKWJHVHKHQ(UVWDOV LFKGLFKWGDYRUVWDQGVDKLFKGDHUVLFKLQGLH+|KHZDQG DXIHLQHQ%HUJ]XGHUHEHQVRVFKZDU]ZLHGLH6NHOHWWHZDU $OOHUGLQJVVDKLFKDXIGHU6SLW]HHLQURWHV/HXFKWHQXQGPLU ZDUNODUGDLFKGRUWPHLQHQ7RGILQGHQVROOWH
3O|W]OLFKYHUVSUWHLFK$QJVW 7URW]PHLQHUQHXHQ:DIIHXQGREZRKOLFKGD]XQRFKGDV .UHX]EHLPLUWUXJKDWWHLFKSO|W]OLFK$QJVWHVQLFKW]X VFKDIIHQ,FKJLQJEHUGDVGXQNOHULVVLJH*HVWHLQPLWGHP *HIKOLP+HU]HQGHP(QGHHQWJHJHQ]XVFKUHLWHQ,FKKDWWH HUOHEWZDVGHU6FKZDU]H7RGDOOHVNRQQWHZLHHUPHLQH )UHXQGHDXVJHVFKDOWHWKDWWH (LQHJUDXVDPH9LVLRQHLQVFKUHFNOLFKHU'lPRQGHUQXU +DXQGGLH9HUQLFKWXQJNDQQWH 'HU:HJZXUGHVWHLOHU,FKDWPHWHVFKZHU/lQJVWZDUGHU :DOG]XUFNJHWUHWHQYRUPLUVDKLFKEHUHLWVGLH%HUJVSLW]H HLQJHKOOWLQHLQGVWHUHVURWHV*ORVHQ /DJGRUWGLH+|OOH" +DUWSUHWHLFKGLH/LSSHQ]XVDPPHQXQGVRJGLH/XIW VFKDUIGXUFKGLH1DVHHLQ,FKNRQ]HQWULHUWHPLFKDXIGLHYRU PLUOLHJHQGH$XIJDEHYHUVXFKWHQLFKWDQHLQHHYHQWXHOOH 1LHGHUODJH]XGHQNHQ ,Q*LSIHOQlKHZXUGHGHU:HJQRFKEHVFKZHUOLFKHU'HU )HOVXQWHUPLUZDUSRU|V0DQFKH(LQNHUEXQJHQVDKHQDXV ZLH6WXIHQLQGLHLFK]XP*OFNPHLQH)HKLQHLQVHW]HQ NRQQWH'DEHLPXWHLFKJURH6FKULWWHPDFKHQXQGPLFKPLW GHPMHZHLOLJHQ6WDQGEHLQLPPHUZLHGHUDEVWHPPHQ0HLQ *HVLFKWJOlQ]WHDOVKlWWHPDQHVPLWHLQHU6SHFNVFKZDUWHHLQ JHULHEHQ 'HU6FKZHLUDQQPLUDXVDOOHQ3RUHQGLH/XIWXQGGDV .OLPDPDFKWHQPLUVFKZHU]XVFKDIIHQ 'LH6NHOHWWHEOLHEHQLPPHUDQPHLQHU6HLWH,KQHQPDFKWH GDV6WHLJHQQLFKWDXV0DQFKPDOKDWWHLFKGDV*HIKOVLH ZUGHQVRJDUEHUGHQ9XONDQIHOVVFKZHEHQ 9HJHWDWLRQJDEHVQLFKWPHKU1XUQRFKVFKZDU]H)HOVHQ 8QGKRFKEHUPLUZDUGHUJUDXHHLQW|QLJH+LPPHO :HOFKHLQ.RQWLQHQW :HQQLFKGHQ%OLFNKRENRQQWHLFK]XP*LSIHOVFKDXHQ 'RUWZDUWHWHGHU6FKZDU]H7RGEHUHLWV 'LHVPDOZUGHHV]XHLQHPHQGJOWLJHQ.DPSINRPPHQ
GHVVHQZDULFKPLUVLFKHU(LQ.DPSIYRQGHPQLHPDQG ZXWHZLHHUHQGHWH2EZRKOLFKGHQ%XPHUDQJEHVDZDU LFKJDUQLFKWPDOVRVLFKHUGLH$XVHLQDQGHUVHW]XQJIUPLFK HQWVFKHLGHQ]XN|QQHQ'HU6FKZDU]H7RGKDWWHPLFKKLHULQ HLQH:HOWJHORFNWGLHHUUHJLHUWHZRHUGDV6DJHQKDWWHQXQG LFKQXUHLQ=ZHUJZDU (LQ=ZHUJPLWGHU9HUPHVVHQKHLWHLQHV5LHVHQ :LHVFKUHFNOLFKZDUGLHVH:HOW(LQILQVWHUHU2UWLPVWXUP JHSHLWVFKWHQ0HHUGHU'LPHQVLRQ(LQH*HEXUWVVWlWWHGHV *UDXHQVWHXIOLVFKXQGPLWGHP%URGHPGHU+|OOHDQJH UHLFKHUW +LHUPXWHQVLFKGLHJUDXVDPHQ*HVWDOWHQZRKOIKOHQ $QGLHVHP2UWXQGLQGLHVHU:HOWZXUGHMHGHQ7DJXQGMHGH 6WXQGHHWZDV1HXHVJHERUHQDEHUHWZDV%|VHVGDVGHP 6FKZDU]HQ7RGGLHQWH $XIDOOHQYLHUHQPXWHLFKGLHOHW]WHQ
,FKZXWHGDLFKZLH.DULQ0DOOPDQQVWHUEHQVROOWH 'XUFKHLQHQ6FKODJGLHVHUP|UGHULVFKHQ:DIIH ,FKWDVWHWHYRUVLFKWLJQDFKPHLQHP.UHX](VZDUQRFKYRU KDQGHQXQGZXUGHYRQGHU.OHLGXQJYHUGHFNW :UGHHVPLUKHOIHQ".RQQWHHVLQGLHVHP/DQGLQGHPGDV *UDXHQ]X+DXVHZDUEHUKDXSWVHLQH.UDIWHQWIDOWHQ":DU GDV%|VHOHW]WHQ(QGHVQLFKWVWlUNHU" :HQQLFKGDUDQGDFKWHEHJDQQPHLQ+HU]]XUDVHQ(VZDU GLH$QJVWJHJHQGLHDXFKLFKQLFKWJHIHLWELQ ª-RKQ6LQFODLU©GRQQHUWHPLUGHU6FKZDU]H7RGHQWJHJHQ ª(QGOLFKELVWGXGD©(UVFKZDQJVHLQH6HQVH8QZLOONUOLFK ]RJLFKGHQ.RSIHLQ'LH.OLQJHUDVLHUWHGLFKWEHUPHLQHQ +DDUVFKRSIKLQZHJXQG]HLFKQHWHHLQHQEOXWURWHQ6WULFK ª:DVPHLQVWGXZLHODQJHLFKDXIGLHVH6WXQGHJHZDUWHW KDEH1XUZLUEHLGHVWHKHQXQVJHJHQEHUXQGHLQHUYRQXQV NDQQQXUGHU6LHJHUVHLQ© ,FKVWUHFNWHGHQ$UPDXVª:DVLVWPLWGHLQHQ6NHOHWWHQ"© IUDJWHLFK0HLQH6WLPPHNUDW]WHª,FKGDFKWHLPPHUGX ZUGHVWPLWPLUDOOHLQNlPSIHQ© ª6LHVLQGQXUGLH$XISDVVHU6LHZHUGHQGLUQLFKWVWXQDEHU MHPDQGPXGHLQHQ.DGDYHUMDYHUVFKDUUHQ8QGGDVZHUGHQ GLH6NHOHWWHEHUQHKPHQ©(UVWDPSIWHPLWGHPUHFKWHQ .QRFKHQIXDXI6RIRUWZDOOWHHLQHEOXWURWH1HEHOZRONH KRFKGLHDQVHLQHP.QRFKHQN|USHUHPSRUVWLHJXQGLKQHLQ KOOWH ª7RGIU-RKQ6LQFODLUXQGVHLQH)UHXQGH©VFKOHXGHUWHHU PLUKDHUIOOWHQWJHJHQª6RVROOHVXQGVRZLUGHVVHLQ© ª:DUXPIlQJVWGXQLFKWDQ"©IUDJWHLFKXQG]RJODQJVDP GHQ5HLYHUVFKOXPHLQHU-DFNHQDFKXQWHQ (UVDKGLHVXQGVFKWWHOWHVHLQHQ7RWHQVFKlGHOª'HLQ .UHX]ZLUGGLUQLFKWVQW]HQ-RKQ6LQFODLUGHQQLFKELQQLFKW DOOHLQ,FKKDEH8QWHUVWW]XQJHUKDOWHQXQGGXZLUVWGLFK ZXQGHUQZHQQGXPHLQH)UHXQGHVLHKVW© (UEUHLWHWHEHLGH$UPHDXV'HUURWH1HEHOZXUGHGLFKWHU XQGLPVHOEHQ$XJHQEOLFNVFKlOWHQVLFKYLHU*HVWDOWHQGDUDXV
KHUYRU*HVWDOWHQGLHLFKVHKUJXWNDQQWHGHQHQLFKEHUHLWV EHJHJQHWZDUGLHDOOH*UDXVDPNHLWHQGHU+|OOHLQVLFKYHUHL QLJWHQ (VZDUHQGLH+RUURU5HLWHU 0\[LQGHU0DJLHUVSUWHGHQP|UGHULVFKHQ$QVWXUPGHU 6FKZDU]HQ0DJLHXQGHUVWHPPWHVLFKGDJHJHQDQ 1HEHQLKPHUVWDUUWHQGLH0HQVFKHQSO|W]OLFKLQLKUHQ %HZHJXQJHQDEHUHUZDUNHLQ0HQVFKHUZDUHLQ'lPRQ 8QGHUNDQQWHHLQHQ*HJHQ]DXEHU 0\[LQDNWLYLHUWHVHLQH.UlIWH,P*HLVWIRUPXOLHUWHHU *HJHQIRUPHOQVFKLFNWHVLHDXIGLH5HLVHGDPLWVHLQ *HGDQNHQVWURPGHU0DFKWGHV'lPRQVHQWJHJHQZLUNWH (VZDUHLQYHUELVVHQHUODXWORVHU.DPSILQGHPGHU =HLWIDNWRUHLQH5ROOHVSLHOWH:DVEHLGHQ0HQVFKHQELQQHQ 6HNXQGHQZLUNVDPZXUGHGDXHUWHEHL0\[LQGRSSHOWVR ODQJHXQGHUUHLFKWHQLFKWGLH)ROJHQGLHGHU6FKZDU]H7RG DQYLVLHUWKDWWH 0\[LQHUVWDUUWH]ZDUDEHUHUZDUQLFKWZHKUORV (UJLQJQXUDXIGDV6SLHOHLQ'HU0DJLHUZLHJWHVHLQHQ )HLQGLQ6LFKHUKHLW 'LH0HQVFKHQOLHHQVLFKWlXVFKHQXQGDXFKGHU6FKZDU]H 7RGZXUGHKLQWHUJDQJHQ(UPHUNWHQLFKWGD0\[LQQXU VFKDXVSLHOHUWH =ZDUKDWWHGHU0DJLHUQLFKWPHKUGLHQRUPDOH.UDIWDEHU HUNRQQWHGHQNHQHUNRQQWHVLFKEHZHJHQXQGHUZUGHLQ GLH$XVHLQDQGHUVHW]XQJHLQJUHLIHQ 0\[LQVWDQGVRGDHUDXVGHQ$XJHQZLQNHOQGLHZHLWHUHQ 9RUJlQJHEHREDFKWHQNRQQWH (UVDKGDVLFKGLH6NHOHWWHIRUPLHUWHQXQG-RKQ6LQFODLULQ HLQHUXQKHLPOLFKHQ3UR]HVVLRQ]XP$XVJDQJGHV)ULHGKRIV EHJOHLWHWHQ6LHVFKULWWHQODXWORVDQGHQDXIJHEURFKHQHQ *UlEHUQYRUEHLXQGYHUVFKZDQGHQLP'VFKXQJHO 0\[LQEOLHEQRFKUXKLJ
(UEHREDFKWHWHVDKZLHVLFKGHU6FKZDU]H7RGLQGLH/XIW HUKREXQGHLQHP%HUJJLSIHOHQWJHJHQVWUHEWH'RUWVROOWH-RKQ 6LQFODLUVWHUEHQ 'HUNOHLQHDEHUPlFKWLJH0DJLHUGDFKWHGDUDQGDHUHV HLJHQWOLFK-RKQ6LQFODLU]XYHUGDQNHQKDWWHQRFKDP/HEHQ ]XVHLQ(UKlWWH]ZDUDXFKZHLWHUJHOHEWDOOHUGLQJVWLHIDXI GHP0HHUHVJUXQGZRKLQGHU6FKZDU]H7RGLKQYHUEDQQW KDWWH0\[LQZDUYRQGHP*HLVWHUMlJHUDXVGHP7LHIVFKODI JHZHFNWZRUGHQ 'HU0DJLHUYHUGDQNWHGHP6LQFODLU7HDPGHPQDFKVHLQH ([LVWHQ]8QGGDDXVJHUHFKQHW-RKQ6LQFODLUVWHUEHQVROOWH GDVJLQJLKPJHJHQGHQ6WULFK (VNRVWHWHLKQh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|W]OLFKVFKZLQGHOWHLKQ(UNRQQWHVLFKNDXPDXIGHQ %HLQHQKDOWHQXQGPXWH]XJHEHQGDHUYRQGHU0DJLHGHV VWDUNHQ'lPRQVGRFKVFKOLPPHUHUIDWZRUGHQZDUDOVHU HUZDUWHWKDWWH 0\[LQZDUNODUGDHUJHJHQGHQ6FKZDU]HQ7RGQLFKWV DXVULFKWHQNRQQWH'HUZDUPRPHQWDQHLQIDFK]XPlFKWLJ $EHUGDZDUHQQRFKGLH6NHOHWWHGLH+HOIHUGHV6FKZDU]HQ 7RGV:HQQVLHVLFKDXI-RKQ6LQFODLUVWU]WHQKDWWHGHU *HLVWHUMlJHUNHLQH&KDQFH
8QGGDVZROOWH0\[LQXQEHGLQJWYHUPHLGHQ'HVKDOE PXWHHUGLH6NHOHWWHDXVVFKDOWHQ 1XUZLHVFKDIIWHPDQGDV" 0\[LQZDUHLQ'lPRQGHUVLFKLQGHQ'LPHQVLRQHQGHV *UDXHQVDXVNDQQWH(UKDWWHEHUHLWVPHKUHUHGLHVHU5HLFKH GXUFKZDQGHUWXQGHVJDEDXFK*HVFK|SIHGLHDXILKQ K|UWHQ 'LH6FKZDU]HQ9DPSLUH :HVHQGLHVLFKELVKHUQXUVHOWHQDXIGHU(UGHJH]HLJW KDWWHQVRQGHUQLQHLQHUDQGHUHQ'LPHQVLRQ]X+DXVHZDUHQ XQGGRUWOHEWHQ'LHVH0RQVWHUVWDQGHQYROODXI0\[LQV6HLWH VLHJHKRUFKWHQLKPGHQQHUZDULKU+HUU 'LHZROOWHHUKROHQ 0\[LQZXWHGDHUVLFKHLQH$XIJDEHJHVWHOOWKDWWHGLH NDXPO|VEDUZDUDEHUHUPXWHHVYHUVXFKHQ (UDOOHLQNRQQWHGLH6NHOHWWHQLFKWEHVLHJHQ =ZDUZDUHQGLH9DPSLUHQLFKWJHUDGH)UHXQGHGHU 0HQVFKHQLP*HJHQWHLOVLHWUDFKWHWHQGDQDFKVREDOGVLHDXI GHU(UGHZDUHQGHQ%HZRKQHUQGDV%OXWDXV]XVDXJHQGRFK ZHQQ0\[LQHVEHIDKOZUGHQVLHJHJHQLKUHQ7ULHEDQJHKHQ XQGVLFKDXIGLH6HLWHGHU0HQVFKHQVFKODJHQ6LHPXWHQ HVWXQ 0\[LQZROOWHVLHGXUFKHLQH%HVFKZ|UXQJKHUEHLUXIHQ 1RUPDOHUZHLVHJHQJWHHLQ*HGDQNHHLQNXU]HUJHLVWLJHU .RQWDNWXPVLH]XKROHQGRFKGLHVH:HOWKLHUZDUDQGHUV +LHUUHJLHUWHGHU6FKZDU]H7RGXQGKLHUZDUQXUVHLQH 0DJLHZLUNVDP'LHVH0DJLHPXWH0\[LQHUVWGXUFK EUHFKHQ 6FKZDU]H0DJLHJHJHQ6FKZDU]H0DJLH :HOFKHZDUVWlUNHU" 0\[LQVHW]WHVLFKDXIGHQ%RGHQNUHX]WHGDEHLGLH%HLQH VFKORGLH$XJHQKDOEXQGHQWVSDQQWHVLFK'DQDFKNRQ]HQ WULHUWHHUVHLQH*HGDQNHQDXIHLQIHUQHV5HLFKGDVLQHLQHU =ZLVFKHQHEHQHODJ(UGDFKWHDQVHLQH+HOIHUVXFKWHGHQ JHGDQNOLFKHQ.RQWDNWGRFKVHLQ*HKLUQEOLHEOHHU
.HLQH$QWZRUW 0\[LQYHUVWlUNWHGHQ*HGDQNHQNRQWDNW(UVSUWHGLH PDJLVFKH6SHUUHGLHVHLQ*HKLUQ]XEHHLQIOXVVHQGURKWH 'LH6SHUUHZDUXQJHKHXHUVWDUNGHU6FKZDU]H7RGKDWWHDOO VHLQH0DJLHDXIJHERWHQXPVHLQ5HLFK]XVFKW]HQ (VZDUIDVWXQP|JOLFKVLH]XGXUFKEUHFKHQ 0\[LQVSUWHZLHVHLQH.UlIWHHUODKPWHQ'HU'lPRQ VW|KQWHDXIVHLQH+DXWQDKPHLQHDQGHUH)DUEHDQ 6LHVFKLOOHUWHMHW]WGXQNHOJUQGLH$XJHQOHXFKWHWHQ 8QJHKHXHUVWDUNHJHLVWLJH.UlIWHUDQJHQPLWHLQDQGHU(V ZDUHLQ]lKHVYHUELVVHQHV5LQJHQXQG0\[LQVDKVLFK EHUHLWVDXIGHU9HUOLHUHUVWUDHDOVHWZDV6HOWVDPHVJHVFKDK 8USO|W]OLFKKDWWHHU.RQWDNW (UHPSILQJHLQHQ*HGDQNHQLPSXOV !'XKDVWXQVJHUXIHQ0HLVWHU" 'DVZDU*RUDQGHU$QIKUHU !-DIRUPXOLHUWH0\[LQ !:DVVROOHQZLUWXQ" !,FKEUDXFKHHXUH+LOIH.RPPWLQGDV5HLFKGHV6FKZDU]HQ 7RGV'LH*UHQ]HQVLQGSO|W]OLFKGQQJHZRUGHQ,FKKDEHHV JHVFKDIIW6FKQHOOEHHLOWHXFK,FKEUDXFKH+LOIH(VJHKWXP PHLQHXQGDXFKXPHXUH([LVWHQ] 'LH:RUWHKDOIHQ0\[LQYHUQDKPGLH$QWZRUW !:LUNRPPHQ 'DQQZDUGHU.RQWDNWXQWHUEURFKHQ 'HU0DJLHUILHOODQJVDPDXIGLH6HLWH(UZDUUHVWORV HUVFK|SIWXQGKDWWHVLFKGXUFKGLH%HVFKZ|UXQJY|OOLJYHU DXVJDEW9RQDOOHGHPKDWWHQGLHHUVWDUUWHQ0HQVFKHQQLFKWV EHPHUNW6LHVWDQGHQQRFKLPPHUDXIGHP)OHFN 0\[LQHUKROWHVLFKQXUODQJVDP(UVWUHFNWHGLH$UPHDXV ZLQNHOWHVLHDQXQGVWW]WHVLFKYRP%RGHQDE:LHHLQNOHL QHV.LQGHUKREHUVLFKEOLHEVWHKHQXQVLFKHUVFKZDQNHQG DOVZUGHHUGDV/DXIHQOHUQHQ 6HLQ%OLFNILHODXIGLH%HUJVSLW]H'RUWZDOOWHQURWH1HEHO 6FKHPHQKDIWJODXEWHGHU0DJLHUGLH8PULVVHGHV6FKZDU]HQ
7RGV]XHUNHQQHQ-RKQ6LQFODLUVDKHUQLFKW'HU1HEHOKDWWH LKQYHUVFKOXFNW :DUGHU.DPSIVFKRQHQWEUDQQW".DPHQ0\[LQXQGVHLQH +HOIHUYLHOOHLFKW]XVSlW" (UVFKDXWHIXUFKWHGLH6WLUQUROOWHPLWGHQ$XJHQGRFKGLH 6LFKWZXUGHQLFKWEHVVHU0\[LQNRQQWHQLFKWVHUNHQQHQ=X VWDUNZDUGHU1HEHO 3O|W]OLFKK|UWHHUGDV%UDXVHQ 6HLQ%OLFNJOLWWZHJYRQGHU%HUJVSLW]H(UEOLFNWHQDFKREHQ LQGHQJUDXHQ+LPPHOXQGDXVLKPVWDFKHQXQ]lKOLJH GXQNOH3XQNWH 'LH9DPSLUHZDUHQGD )UHLQHQ0RPHQWKDWWH0\[LQGLH%HIUFKWXQJGD GLH9|JHOHLQJUHLIHQXQGGLH9DPSLUH]XP.DPSIVWHOOHQ ZUGHQGRFKXQJHKLQGHUWIORJHQGLH%OXWVDXJHUGHP %RGHQHQWJHJHQ $OOHQYRUDQ*RUDQ (UZDUHLQHULHVLJH)OHGHUPDXVPLWHLQHU)OJHOVSDQQZHLWH YRQPHKUHUHQ
VDJWHHULQHLQHU6SUDFKHGLHQXUHUVHLQH$UWJHQRVVHQXQG 0\[LQYHUVWDQGHQ 'HU0DJLHUQLFNWHª,KUZLWZRLKUHXFKKLHUEHILQGHW"© IUDJWHHU ª-DLP5HLFKGHV6FKZDU]HQ7RGV$EHUZLUVLQGRKQH 6FKZLHULJNHLWHQKLQHLQJHNRPPHQ$XFKDQGHU*UHQ]HKLHOW XQVQLHPDQGDXI(VVFKHLQW9HUlQGHUXQJHQJHJHEHQ]X KDEHQ© ª'LHKDWHVLQGHU7DWJHJHEHQ©VDJWH0\[LQXQGQLFNWH ª:LHVROOHQZLUGLUKHOIHQ"©IUDJWH*RUDQXQGGHXWHWHDXI VHLQH$UPDGD'DEHLVWUHFNWHHUHLQH.UDOOHQKDQGDXVXQG PDFKWHHLQHZHLWDXVKROHQGH%HZHJXQJ 0\[LQHUNOlUWHHVLKP(UVSUDFKYRQGHQ6NHOHWWHQGLHGHQ 6FKZDU]HQ7RGEHJOHLWHWKDWWHQXQG*RUDQ]HLJWHVLFKVHKU RSWLPLVWLVFKª:LUVFKDIIHQVLHVFKRQ©VDJWHHU 0\[LQZLQNWHDEª9RUVLFKW]XYLHO2SWLPLVPXVLVWIHKODP 3ODW]H'HQNHLPPHUGDUDQZRZLUXQVEHILQGHQ8QVHUH .UlIWHVLQGJHVFKZlFKW© 'DUDXIHUZLGHUWH*RUDQQLFKWV 0\[LQVFKQLSSWHPLWGHQ)LQJHUQª'XZLUVWPLFKWUDJHQ© RUGQHWHHUDQXQGGHU5LHVHQYDPSLUEUHLWHWHVHLQHZLH /HGHUKlXWHDXVVHKHQGHQ)OJHODXV 'HU0DJLHUQDKPGDUDXI3ODW] *RUDQVWLHHLQHQKHOOHQ6FKUHLDXVXQGHUKREVLFKYRQGHU (UGH'LHDQGHUHQ9DPSLUHKDWWHQVLFKOlQJVWXPLKQYHU VDPPHOW$XFKVLHIORJHQKRFKKLHOWHQVLFKMHGRFKKLQWHULKP XQGVFKZHEWHQLKUHP=LHO]X (VZDUGHU%HUJDXIGHPLFK]XPOHW]WHQ.DPSIJHJHQGHQ 6FKZDU]HQ7RGDQJHWUHWHQZDU 8QGRELFKGLH+RUURU5HLWHUNDQQWH 3O|W]OLFKGDFKWHLFKZLHGHUDQGDV:RUW$(%$=XPHUVWHQ PDOKDWWHLFKGLHVHQ%HJULIILQHLQHPDOWHQVSDQLVFKHQ.ORVWHU KRFKREHQLQGHQ3\UHQlHQJHK|UW'DPDOVHU]lKOWHPDQPLU
YRQGHQJHIlKUOLFKHQ+RUURU5HLWHUQXQGGDQQVWDQGHQVLH SO|W]OLFKYRUPLU 6LHULWWHQDXISHFKVFKZDU]HQ3IHUGHQWUXJHQOHGHUQH 5VWXQJHQXQGKLHOWHQ/DQ]HQLQLKUHQNQRFKLJHQ)lXVWHQ 'LH6NHOHWWJHVLFKWHUVFKLPPHUWHQEOHLFKVLHZDUHQDEHUWURW] GHPGXQNHO(VZDUHLQ)DUENRQWUDVWZLHLKQQXUGLH+|OOH JHERUHQKDEHQNRQQWH ,QZHQLJHQ6HNXQGHQVFKRVVHQPLU]DKOUHLFKH*HGDQNHQ GXUFKGHQ.RSIXQGLFKGDFKWHDQGLH(QWVWHKXQJGLHVHU 5HLWHUDQLKUH+HUNXQIWXQGLKUH7DWHQ $(%$MHGHU%XFKVWDEHVWDQGIUHLQHQ1DPHQ $ $VWDURWK ( (XU\QRPH % %DHO $ $PGXFLDV 9LHU'lPRQHQQDPHQ9LHUJUDXVDPH5HLWHU/HLEZlFKWHU UDQJKRKHU'lPRQHQGLHLP5HLFKGHU)LQVWHUQLVHLQHQJUDX VDPHQ7HUURUDXVEWHQ(VKLHGDVLHDXFKGLH5HLWHUGHU $SRNDO\SVHJHZHVHQVHLQHQGLHLP0LWWHODOWHUGLHYLHU 3ODJHQJHEUDFKWKDWWHQ .ULHJ3HVW+XQJHUXQG7RG 8QGMHW]WVWDQGHQVLHYRUPLU'DVKHLWVLHIODQNLHUWHQGHQ 6FKZDU]HQ7RG (UKDWWHVLFKGLH+RUURU5HLWHUDXVJHOLHKHQXPPLFKHQG JOWLJYHUQLFKWHQ]XN|QQHQ:DKUVFKHLQOLFKWUDXWHHUVLFK VHOEVWQLFKWVRYLHO]XGHVKDOEPXWHHUGLH5HLWHUKROHQ 9LHUEOHLFKVFKZDU]H.QRFKHQJHVLFKWHUVWDUUWHQPLFKDQ ,QDFKW$XJHQK|KOHQVDKLFKHLQGVWHUHV*OLPPHQZDV PLUQXUHLQHVYHUVSUDFK 'HQ7RG 1RFKJULIIHQVLHQLFKWDQQRFKKRFNWHQVLHZLH6WDWXHQDXI GHQ5FNHQLKUHUVFKZDU]HQ*lXOH6LHZXUGHQZHLWHUKLQ YRQGHQ1HEHOZRONHQXPNUHLVWHLQJHKOOWLQHLQHQURWHQ GDPSIHQGHQZRJHQGHQ6FKOHLHU =XVDPPHQPLWGHP6FKZDU]HQ7RGERWHQVLHHLQJUDX
VDPHV%LOGXQGVLHZDUHQHEHQVRPHLQH)HLQGH=XGHPKDWWH LFK0DULQJRGHQ+|OOHQUHLWHUYHUQLFKWHWGHULP5HLFKGHV 6SXNVDQLKUHU6HLWHJHNlPSIWKDWWH -HW]WZROOWHQVLHVLFKUlFKHQMHW]WZUGHQVLHVLFKUlFKHQ ,FKKDEHPLUDXFKQLH,OOXVLRQHQJHPDFKWGHQQLFKZXWH GDLFKZLHGHUHLQPDODXIVLHWUHIIHQZUGH 1XQZDUHVVRZHLW 'LH$WPRVSKlUHDXIGLHVHQ%HUJKDWWHVLFKYHUGLFKWHW6LH ZDUQRFKJUDXVDPHUJHZRUGHQXQGHVZDUPLUDOVVWULFKHQ HLVNDOWH)LQJHUEHUPHLQHQ5FNHQ 1LFKWVNRQQWHGDVJUDXVDPH)LQDOHMHW]WQRFKDXIKDOWHQ,FK KROWHWLHI/XIWXQGIDWHGDGXUFKDXFKPHKU0XW6S|WWLVFK IUDJWHLFKª+DVWGXHLJHQWOLFK$QJVWDOOHLQJHJHQPLFKDQ]X WUHWHQ"© 'HU6FKZDU]H7RGVFKWWHOWHVHLQHQEODQNHQ6FKlGHO ª1HLQ$QJVWQLFKW$EHULFKZLOOVLFKHUJHKHQ,FKZLOOGD GXHQGOLFKYHUQLFKWHWZLUVWXQGGDEHLZHUGHQPLUPHLQH )UHXQGHKHOIHQ6LHZHUGHQGLFKZHKUORVPDFKHQGDPLWLFK GLUGHQ7RGHVVWRYHUVHW]HQNDQQ=XODQJHVFKRQKDVWGX GLFKDXIGHU:HOWKHUXPJHWULHEHQ)UGLFKLVWNHLQ3ODW] PHKUGRUW© 'DVZDUHQKDUWH:RUWHGRFKVLHHUVFKWWHUWHQPLFKQLFKW ,FKKDWWHHVJHZXW6FKOLHOLFKZROOWHGHU6FKZDU]H7RG GLHVHQ.DPSIXQGHUVROOWHLKQKDEHQ ª,P%XFKGHUJUDXVDPHQ7UlXPHVWHKWMHGRFK]XOHVHQGD LFKGLFKYHUQLFKWHQZHUGH©KLHOWLFKLKPHQWJHJHQª8QGZDV GLH6FKULIWSURSKH]HLWKDWZLUGHLQWUHWHQ© ª1HLQ©GRQQHUWHHUª1LHPDOVZLUGGLHVH3URSKH]HLXQJ :LUNOLFKNHLW,FKELQVWlUNHUXQGZLUZHUGHQGLFKW|WHQ-RKQ 6LQFODLU©(UKREGLHUHFKWH+DQG *OHLFK]HLWLJJOLWWPHLQH+DQGXQWHUGLH-DFNH'LH)LQJHU IDQGHQGHQ%XPHUDQJGHULP*UWHOVWHFNWH ª5HLWHWLKQQLHGHU©EUOOWHGHU6FKZDU]H7RG 'LH+RUURU5HLWHUJDORSSLHUWHQDQ 6LHZDUHQVFKQHOOVRYHUGDPPWVFKQHOO,FKEUDFKWHPHLQH
+DQGPLWGHU:DIIHQLFKWPHKUKHUYRUDOVGHUHUVWH5HLWHU VFKRQYRUPLUDXIWDXFKWHVHLQHQUHFKWHQ$UPKREXQGGLH /DQ]HDXIPLFKVFKOHXGHUQZROOWH ,QGLHVHP$XJHQEOLFNK|UWHLFKGDV%UDXVHQ (VHQWVWDQGLQGHU/XIW$XVGHQ$XJHQZLQNHOQQDKPLFK GLHJHIOJHOWHQ:HVHQZDKUGLHSO|W]OLFKYRQDOOHQ6HLWHQ DXIWDXFKWHQ,FKVDKEOLW]HQGH=lKQHLQZHLWDXIJHULVVHQHQ 0lXOHUQXQGZXWHGDGLH5LHVHQYDPSLUHPLUDXVHLQHU IUHPGHQ'LPHQVLRQ]X+LOIHNDPHQ hEHUGHQ*UXQGGDFKWHLFKQLFKWQDFKGHQQLFKPXWH PLFKGHU$WWDFNHGHVHUVWHQ5HLWHUVHUZHKUHQ $OVHUGHQ$UPPLWGHU/DQ]HQDFKXQWHQVWLHVSUDQJLFK KRFKGXFNWHPLFKJOHLFK]HLWLJ]XU6HLWHZHJ0HLQH)LQJHU SDFNWHQVHLQHQ$UPXQGKLHOWHQLKQHLVHUQIHVW ,FKULGHQ5HLWHUYRQVHLQHP5R :LHKHUQGVWLHJGDV3IHUGDXIGHQ+LQWHUEHLQHQKRFK)HXHU GUDQJDXVVHLQHQ1VWHUQ,FKHUKLHOWHLQHQ+XIWULWWJHJHQGLH UHFKWH6FKXOWHUXQGKDWWHGDV*HIKOVlPWOLFKHVLFKGRUW EHILQGOLFKHQ6HKQHQZUGHQJHULVVHQ ,FKYHUORUGDV*OHLFKJHZLFKWXQGSUDOOWHKDUWDXIGHQ SRU|VHQ)HOV6RIRUWZlO]WHLFKPLFKKHUXPXQGVDKDXIGHP 5FNHQOLHJHQGGLH$UPHHGHUIOLHJHQGHQ9DPSLUH $XIGHPJU|WHQKRFNWH0\[LQGHU0DJLHU(UKDWWHGHQ UHFKWHQ$UPHUKREHQGLH+DQG]XU)DXVWJHEDOOWXQGWULHE VHLQH*HVFK|SIHGXUFKVFKULOOH6FKUHLHDQ (VZDUHLQP|UGHULVFKHU.DPSI 'LH9DPSLUHJULIIHQQLFKWGLH5HLWHUDQVRQGHUQGLH 6NHOHWWH :LHHLQ6FKZDUP0FNHQILHOHQVLHEHUGLH0RQVWHUKHU 6LHSDFNWHQPLWLKUHQ.UDOOHQGLH*HULSSHVFKOHXGHUWHQVLH KRFKXQGULVVHQVLHEXFKVWlEOLFKDXVHLQDQGHU .QRFKHQUROOWHQGHQ%HUJKLQDE 'HU6FKZDU]H7RGZDUJHVW|UWZRUGHQ6HLQ5H]HSWJLQJ
QLFKWDXI$XVVHLQHP0DXOGUDQJHQVFKUHFNOLFKH/DXWH(U VFKZDQJZLOGGLHP|UGHULVFKH6HQVHXQGUlXPWHDXI 'LHODQJH.OLQJHWUDIGLH9DPSLUHXQGYHUOHW]WHVLHVFKZHU 9LHOHVWDUEHQ $QGHUHNRQQWHQIOLHKHQ 'DQQNRQQWHLFKQLFKWPHKUZHLWHUEHREDFKWHQGHQQGLH 5HLWHUKDWWHQVLFKZLHGHUDQLKUHHLJHQWOLFKH$XIJDEHHU LQQHUW 6LHJULIIHQPLFKZHLWHUDQ :lKUHQGXPXQVKHUXPDXIGHU6SLW]HGHV%HUJHVGDV &KDRVWREWHVWHOOWHLFKPLFKGHP5HLWHUGHUVHLQ3IHUGYHU ORUHQKDWWH]XP.DPSI(VZDUGLH*HVWDOWPLWHLQHP$DXI GHU%UXVW(QWZHGHUGHU/HLEZlFKWHUYRQ$VWDURWKRGHUYRQ $PGXFLDV 0LUZDUHVHJDO %OLW]VFKQHOOULLFKPHLQ.UHX]KHUYRU,FKHUZDUWHWHYRQ LKP+LOIHGRFKGLHEOLHEDXV 'LH6FKZDU]H0DJLHZDUVWlUNHU )UGHQ%UXFKWHLOHLQHU6HNXQGHZDULFKJHVFKRFNW'LH =HLWVSDQQHUHLFKWHGHP5HLWHU (UVFKOHXGHUWHVHLQH/DQ]H ,FKZROOWHZHJVFKDIIWHHVQLFKWJDQ]UXWVFKWHDXVXQG GDQQYHUVSUWHLFKHLQHQXQJHKHXHUKDUWHQ6FKODJDQGHU OLQNHQ6FKXOWHU'LH6FKPHU]HQSHLWVFKWHQLQPLUKRFK,FK VFKULHDXIZlKUHQGLFKJOHLFK]HLWLJ]X%RGHQJHZRUIHQ ZXUGH ,QPHLQHU6FKXOWHUVWHFNWHGLH/DQ]H 0LWGHP0XWGHU9HU]ZHLIOXQJSDFNWHLFKGHQKDUWHQ :DIIHQVWLOXQGULGLH/DQ]HZLHGHUKHUYRU %OXWTXROODXVGHU:XQGHQlWHGHQVFKZDU]HQ9XONDQ VWHLQXQGYHUVLFNHUWHGDULQ ,FKVFKOHXGHUWHGLH/DQ]H]XUFNGRFKGHU5HLWHUZLFK VSLHOHQGDXVXQGODFKWHQRFK 3O|W]OLFKZDUHQDXFKGLHDQGHUHQGD 6LHXPNUHLVWHQPLFKXQGLFKVDKLKUHYRQGLFNHQ
/HGHUSDQ]HUQXPKOOWHQ%HLQHGLFKWYRUPLU 'LH6SLW]HQLKUHU:DIIHQ]HLJWHQQDFKXQWHQ*HQDXDXI PHLQHXQJHVFKW]WH%UXVW 0DFKWHLFKHLQHIDOVFKH%HZHJXQJZDUHVYRUEHL 6WLOOEOLHELFKOLHJHQ ,FKNRQQWHQDFKYRUQVFKDXHQGDPLUDP)XHQGHNHLQ 5HLWHUGLH6LFKWYHUVSHUUWH'DEHLVDKLFK]ZDQJVOlXILJGHP .DPSIGHU9DPSLUHJHJHQGLH6NHOHWWH]X /HW]WHUHYHUORUHQREZRKOGHU6FKZDU]H7RGQRFKLPPHU VFKUHFNOLFKDXIUlXPWH (UZLUEHOWHPLWVHLQHU6HQVHDOVZ|JHVLHQLFKWV hEHUVHLQHP.RSIHQWVWDQGHLQURWHVEL]DUUHV0XVWHUGDV VHLQH6FKOlJHQDFK]HLFKQHWH =DKOUHLFKH9DPSLUHYHUJLQJHQ 'RFKQRFKZDUHQ0\[LQXQGGHU/HLWYDPSLUEULJ$XFK VLHVWU]WHQVLFKLQGDV.DPSIJHWPPHOXQGDXFKVLHVROOWHQ YRQGHU6HQVHJHWURIIHQZHUGHQGRFK0\[LQZDUJHVFKLFNW XQGZLFKGHQ6FKOlJHQLPPHUZLHGHUDXV 2IWKDDUVFKDUIQXUZLVFKWHGLH6HQVHEHUVHLQHQ.RSIKLQ ZHJ'HU0DJLHUKDWWHZLUNOLFKGDV*OFNGHV7FKWLJHQ %LVMHW]W :LHGHUZXUGHQGLH6NHOHWWH]HUWUPPHUW8QGLKUH .QRFKHQUROOWHQGHPJUDXHQYROOHQ)ULHGKRI]X ,QGHU/XIWVSLHOWHQVLFKVFKUHFNOLFKH6]HQHQDE'lPRQHQ EHNlPSIWHQVLFKPLWHLQHU(UEDUPXQJVORVLJNHLWGLHPLU HLQHQ6FKDXHUEHUGHQ5FNHQWULHE 'LH9DPSLUHZDUHQVWlUNHU]XGHP]DKOHQPlLJEHUOHJHQ 8QGGHU6FKZDU]H7RGYHUOLHVHLQHQ3ODW]VFKZHEWHSO|W] OLFKLQGHU/XIWXQGMDJWHZHLWHUKLQVHLQH6HQVHLQGLH VFKZDU]HQ9DPSLUH -HW]WZHQGHWHVLFKGDV%ODWW 'LHVHP'lPRQNRQQWHQGLH9DPSLUHQLFKWVDQKDEHQ *HULHWHQVLHLQVHLQH1lKHZXUGHQVLHYHUQLFKWHW 'DVVDKDXFK0\[LQZlKUHQGVLFKGHU6FKZDU]H7RG LPPHUPHKU]XLKPKLQDUEHLWHWH
ª,FKZHUGHGLUGHQ.RSIYRQGHQ6FKXOWHUQVFKODJHQ© GURKWHHUXQGVHLQHGRQQHUQGH6WLPPHEHUW|QWHVRJDUGHQ .DPSIOlUP :LHGHUVFKOXJHUPLWGHU6HQVH]X 'LFKWYRU0\[LQVWDUEHLQ9DPSLUGDQQHLQ]ZHLWHU ,QGLHVHP$XJHQEOLFN|IIQHWHVLFKGHUJUDXH+LPPHO,FK EHNDPGLHVJHQDXPLWZHLOHVSUDNWLVFKEHUPLUJHVFKDK 8QGLFKVDK]ZHL:HVHQKHUDEVWRHQZLHLFKVLHQRFKQLH LQPHLQHP/HEHQJHVHKHQKDWWH (VZDUHQ(QJHO 1HLQ7RGHVHQJHO 6LHVFKZHEWHQEOLW]VFKQHOOQlKHUXQGKLHOWHQGDEHLJHQDX DXI0\[LQGHQ0DJLHU]X ,FKNRQQWHVLHHUNHQQHQXQGVDK*HVFK|SIHGHUHQ$QEOLFN PLUGHQ$WHPUDXEWH )UDXHQPLWEUDQGURWHQ+DDUHQHLQJHKOOWLQHLQHVFKZDU]H HQJH/HGHUKRVHGDUEHUHLQNQDSSHV7ULNRWDXV/HGHUGDV ELVGLFKWXQWHUGLH%UVWHUHLFKWHXQGGDV6WFN+DXWELVKLQ ]XP%HJLQQGHU+RVHIUHLOLH 'RFKGDVZDUHVQLFKWZDVPLUGLH)DVVXQJUDXEWH'LH )UDXHQKDWWHQJHZDOWLJH)OJHOVFKZDU]ZLHGLH1DFKWXQG YHUJOHLFKEDUPLWGHQ6FKZLQJHQGHU(QJHO 'HVKDOE7RGHVHQJHO $EHUZRNDPHQVLHKHU" :HOFKH'LPHQVLRQKDWWHVLFKGDJH|IIQHW"5RWH+DDUH IODWWHUWHQZLHODQJH)DKQHQLP)OXJZLQGXQGEHLP$QEOLFN GHUURWHQ+DDUIOOHPXWHLFKDXWRPDWLVFKDQ$VPRGLQDGLH 7RFKWHUGHV7HXIHOVGHQNHQ$XFKVLHKDWWHURWHV+DDU 'HU6FKZDU]H7RGKDWWHVLFKLQ]ZLVFKHQLPPHUQlKHUDQ 0\[LQKHUDQJHDUEHLWHW%DOGKDWWHHUGHQ0DJLHUHUUHLFKW GRFKGDVOLHHQGLHEHLGHQ)UDXHQQLFKW]X 6LHIORJHQ]ZLVFKHQGHQ6FKZDU]HQ7RGXQG0\[LQZDQG WHQGHPNQ|FKHUQHQ'lPRQLKU*HVLFKW]XXQGULHIHQ ª.PPHUHGXGLFKXP-RKQ6LQFODLU,KQQHKPHQZLUPLW© 6LHKDWWHQGLH:RUWHNDXPDXVJHVSURFKHQDOVVLHDXFK
VFKRQKDQGHOWHQ%HYRUVLFK0\[LQYHUVDKZXUGHQHUXQG GHU)OXJYDPSLUYRQGHQEHLGHQ)UDXHQJHSDFNWXQGPLW JHULVVHQ 0\[LQV*HJHQZHKUNDP]XVSlW ,FKK|UWHVHLQ6FKUHLHQGDVPLWGHU(QWIHUQXQJYHUHEEWH XQGLPPHUOHLVHUZXUGHELVHVJDQ]YHUVWXPPWH 'DQQZDUHQHUXQGGLH7RGHVHQJHOYHUVFKZXQGHQ 'HU6FKZDU]H7RGKDWWHZLHGHU=HLWIUPLFK 8QGHUZDQGWHVLFKPLU]X /DQJVDPVFKZHEWHHUQlKHU(UEHDFKWHWHGLHUHVWOLFKHQ 9DPSLUHQLFKWGLHDOOHVDPWGLH)OXFKWHUJULIIHQXQGDOV NOHLQHGXQNOH3XQNWHLQGHU)HUQHYHUVFKZDQGHQ -HW]WJDEHVIUPLFKNHLQH+LOIHPHKU ,FKJHJHQLKQXQGJHJHQGLHYLHU+|OOHQUHLWHU :HOFKHLQ*UDXHQ 'LH5HLWHUWUDWHQ]XUFN8QGSO|W]OLFKZDUHQDXFKGLHYLHU 3IHUGHGD0KHORVVFKZDQJHQVLFKGLH+RUURU5HLWHUDXI LKUH5FNHQ6LHKLHOWHQZLHGHULKUH:DIIHQLQGHQ+lQGHQ 9RQHLQHU/DQ]HQVSLW]HWURSIWH%OXW 0HLQ%OXW 'DEHLZXUGHLFKZLHGHUDQGLH6FKPHU]HQHULQQHUW,FK VFKLHOWHQDFKPHLQHUOLQNHQ6FKXOWHUXQGHUVFKUDNEHUGLH *U|HGHU:XQGH1RFKLPPHUTXROO%OXWKHUYRU:HQQLFK QLFKWEDOGLQlU]WOLFKH%HKDQGOXQJNDPZUGHLFKYHUEOXWHQ 'RFKZLHVROOWHLFKLQGLHVHU:HOWHLQHQ$U]WILQGHQ" 'LH5HLWHUKLHOWHQDXIGHQ6FKZDU]HQ7RG]XWHLOWHQVLFKLQ ]ZHL*UXSSHQXQGQDKPHQUHFKWVXQGOLQNVYRQLKP $XIVWHOOXQJ ,FKVDKGLH6HQVH *UQVFKZDU]HV'lPRQHQEOXWWURSIWHYRQGHU.OLQJH]X %RGHQWUDIGDV*HVWHLQXQGYHUGDPSIWH]LVFKHQG 'LHPLW'lPRQHQEOXWJHWUlQNWH6HQVHVROOWHDXFKPLUGHQ 7RGEULQJHQ ª:HKUORV©VFKULHGHU6FKZDU]H7RGª-HW]WELVWGXZHKUORV -RKQ6LQFODLU©
8QGHUODFKWH (VZDUHLQK|KQLVFKHVJHPHLQHV*HOlFKWHU*UDXHQKDIW XQGWULXPSKLHUHQG]XJOHLFK(VKDOOWHEHUGDV/DQGZXUGH VFKZlFKHUXQGYHUVLFNHUWHLQGHU)HUQH 0HLQ.UHX]ODJRIIHQDXIGHU%UXVW,QPHLQHP+RVHQJUWHO VWHFNWHGHUPDJLVFKH%XPHUDQJ %HLGH:DIIHQNRQQWHLFKQLFKWHLQVHW]HQ'LH9HUOHW]XQJ EHKLQGHUWHPLFK]XVHKUDXHUGHPODJLFKDXIGHP5FNHQ ª8QGMHW]W]XPHLQHU5DFKH©EUOOWHPLUGHU6FKZDU]H7RG HQWJHJHQª1DJHOWLKQIHVW©EHIDKOHUGHQYLHU+RUURU 5HLWHUQ 6LHJHKRUFKWHQ 6\QFKURQKREHQVLHLKUHP|UGHULVFKHQ/DQ]HQ :DUHVDXV":DUGDVPHLQ(QGH"6ROOWHLFKKLHUDXIGLHVHP YHUGDPPWHQ%HUJPHLQ/HEHQYHUOLHUHQ" 1HLQXQGDEHUPDOVQHLQ ,FKZROOWHQLFKWVWHUEHQ1LFKWMHW]WQLFKWKLHU ,FKKDWWHGDV.UHX]LFKKDWWHGHQ%XPHUDQJXQGLFKKDWWH DOOPHLQHQ0XW :HUKDWWHGDV.UHX]JHVFKPLHGHW":HUKDWWHHVPLWVHLQHQ ,QVLJQLHQYHUVHKHQ" 'LHYLHU(U]HQJHO 0LFKDHO5DSKDHO*DEULHOXQG8ULHO 8QGODXWVRODXWLFKNRQQWHVFKULHLFKGLHYLHU1DPHQ ,FKVFKOHXGHUWHVLHI|UPOLFKGHP6FKZDU]HQ7RGHQWJHJHQ LKPXQGGHQYLHU5HLWHUQ 3O|W]OLFKJHVFKDKHV 'DV.UHX]OHJWHVHLQH.UlIWHIUHL(VHQWIDOWHWHDOOVHLQH 0DFKW]XGHUHVIlKLJZDU $QGHQYLHU(FNHQVWUDKOWHHVJOHLHQGKHOODXI$EHUQLFKW QXUGLH$XUDKOOWHPLFKHLQDXVGHQ6WUDKOHQVFKRVVHQ JUHOOH%OLW]H6LHMDJWHQDOVP|UGHULVFKH6SHHUHDXIGLHYLHU +RUURU5HLWHU]X
6LHOl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|UHQZDU ,FKVHOEVWVDKGLH5HLWHUQLFKWPHKU=XVHKUEOHQGHWHQPLFK GLH6WUDKOHQDEHUKLQWHULKQHQJODXEWHLFKYHUVFKZRPPHQ YLHU*HVLFKWHU]XVHKHQ *HVLFKWHUYRQ:HVHQZLHVLHHVDXIGHU(UGHQLFKWJDE VRQGHUQQXULQHLQHPDQGHUHQIHUQHQ5HLFKQDFKGHPVLFK YLHOOHLFKWMHGHU*OlXELJHLP*UXQGHVHLQHV+HU]HQVVHKQW 'LH6WUDKOHQOLHIHQJHQDXDXIGLH*HVLFKWHU]XXQGYHU VFKZDQGHQGDULQ :HUZDUHQGLHVH(UVFKHLQXQJHQ" 'LH(U]HQJHO" *ULIIHQVLHVHOEVWHLQXPPLFK]XVFKW]HQ",FKZXWHHV QLFKWXQGGDFKWHDXFKQLFKWGDUEHUQDFK,FKODJQRFKDXI GHP%RGHQXQGEHREDFKWHWHZLHVLFKGLH$XUDLPPHUZHLWHU DXVGHKQWHXQGVRJDUGHQ6FKZDU]HQ7RGHUIDWH (UNlPSIWHGDJHJHQDQEHPKWHVLFKDXV/HLEHVNUlIWHQ GLHVHUZHLPDJLVFKHQ)DOOH]XHQWULQQHQGRFKGLH/LFKW IHVVHOQKLHOWHQLKQ (UPXWHDXIGHP%HUJEOHLEHQ ,FKEHZHJWHPHLQH$UPHGLH%HLQHXQGLFKZDUHUVWDXQW GDHVNODSSWH 'DQQVWDQGLFKDXI
(VZDUHLQVFKZLHULJHV8QWHUIDQJHQGDPLFKPHLQH9HU OHW]XQJVHKUEHKLQGHUWH 0KVDPVWHPPWHLFKPLFKKRFK :HQQLFKGLH/XIWHLQVRJVWDFKVLHLQGHQ/XQJHQIOJHOQ 'HU%OXWYHUOXVWKDWWHPLFKJHVFKZlFKWDEHULFKZDUQLFKWVR VFKZDFKGDLFKQLFKWPLWGHUUHFKWHQ+DQGPHLQHQ %XPHUDQJDXVGHP*UWHOKlWWH]LHKHQN|QQHQ 1XQVWDQGLFKGHP6FKZDU]HQ7RGPLWGHU:DIIHLQGHU +DQGJHJHQEHU(LQYHUOHW]WHU*HLVWHUMlJHUGDEHLNDXP IlKLJVLFKDXIGHQ%HLQHQ]XKDOWHQYHUVFKODJHQLQHLQH IUHPGH:HOWDEHUUHVWORVHQWVFKORVVHQGHQ6FKZDU]HQ7RG HLQIUDOOHPDO]XYHUQLFKWHQ 8QWHUPLUEHZHJWHVLFKGHU)HOVHQ,FKKDWWHGDV*HIKODXI HLQHP6FKLII]XVWHKHQGDVGLH:HOOHQHLQPDOKRFKXQGGDQQ ZLHGHUQLHGHUVFKOHXGHUWH ,FKUDQJPLWPHLQHU.RQGLWLRQ $EHUDXFKGHP6FKZDU]HQ7RGJLQJHVQLFKWEHVVHU'LH :HLH0DJLHZDULQVHLQ5HLFKHLQJHEURFKHQ(UKDWWHVLH XQWHUVFKlW]WDOVHUPLWVHLQHP6SLHOEHJDQQ (UKDWWHEHZXWKRFKJHUHL]WXQGGDVNRQQWHLKPMHW]W]XP 9HUKlQJQLVZHUGHQ 1RFKLPPHUVWUDKOWHPHLQ.UHX]:HQQLFKGHQ%OLFN VHQNWHVDKLFKYRUPHLQHU%UXVWQXUHLQHJOHLHQGH6FKHLEH GHUHQLQWHQVLYH.UDIWGLH+RUURU5HLWHUYHUQLFKWHWH 'LHYLHU*HVWDOWHQYHUJLQJHQ 6LH]HUSODW]WHQXQGLKUH7HLOHIORJHQUDNHWHQDUWLJQDFK DOOHQ6HLWHQGDYRQ $(%$H[LVWLHUWHQLFKWPHKU 'LH+|OOHKDWWHHLQH1LHGHUODJHHUOLWWHQ $EHUQRFKZDUGHU6FKZDU]H7RGQLFKWEHVLHJW'DV/LFKW ZXUGHVFKZlFKHUILHOLQVLFK]XVDPPHQXQGEHUPLUVDK LFKZLHGHUGHQJUDXHQ+LPPHO (LQHXQJHKHXUH(UUHJXQJKLHOWPLFKJHSDFNW -HPHKUGDV/LFKWLQVLFK]XVDPPHQILHOXPVRVWlUNHUUHDN WLYLHUWHVLFKGHU6FKZDU]H7RG
6HLQH.UlIWHQDKPHQ]X ,FKVDKGLHVVHKUGHXWOLFK(UVFKDIIWHHV]XP%HLVSLHOGLH 6HQVHZLHGHU]XKHEHQ,QVHLQHQ$XJHQK|KOHQZXUGHGDV 5RWLQWHQVLYHUOHXFKWHWHJHIlKUOLFKXQGZHQQLFKGLHVHQ 'lPRQSDFNHQZROOWHGDQQPXWHLFKHVMHW]WWXQ 1XUQLFKWPHKU]|JHUQ ,QGHUUHFKWHQ+DQGKLHOWLFKGHQ%XPHUDQJ/DQJVDP EHZHJWHLFKGHQ$UPQDFKKLQWHQKROWHZHLWDXVZlKUHQG GHU6FKZDU]H7RGLPJOHLFKHQ5K\WKPXVGLH6HQVHVFKZDQJ :HUZDUVWlUNHU" :HUZDUVFKQHOOHU" ,FKGDFKWHQLFKWPHKULFKNRQ]HQWULHUWHPLFKQXUQRFKDXI HLQV $XIGHQDOOHVHQWVFKHLGHQGHQ:XUI ,FKJODXEWHHLQ]LVFKHQGHV*HUlXVFK]XK|UHQDOVGHU %XPHUDQJPHLQH+DQGYHUOLHXQGLQPHLQHP*HKLUQ KlPPHUWHHLQH6WLPPH 'XELVWGHU6RKQGHV/LFKWV'LULVWHVYHUJ|QQWGHQ ILQVWHUHQ'lPRQ]XW|WHQ 'HU%XPHUDQJEHIDQGVLFKDXIVHLQHP:HJ8QGSO|W]OLFK ZDUHVPLUDOVOLHIHGLH=HLWODQJVDPHUDE ,FKVDKDOOHVJDQ]JHQDXZLHHLQH)LOPV]HQHLQ=HLWOXSH ,FKKDWWHGHQ%XPHUDQJJHZRUIHQGHU6FKZDU]H7RG VFKOXJJOHLFK]HLWLJPLWGHU6HQVH]X (UKROWHGHQ6FKODJZHLWDXVGHU6FKXOWHUXQGZHQQGLH 6HQVHULFKWLJWUDIZDULFKWRW (VNDPGDUDXIDQZHUVFKQHOOHUZDU6HLQHRGHUPHLQH :DIIH 'DEHLKDWWHLFKGDV*HIKOGHU%XPHUDQJZUGHVHLQ=LHO YRQDOOHLQILQGHQ (UNRUULJLHUWHSO|W]OLFKVHLQH)OXJULFKWXQJVWLHJHWZDVDQ XQGIORJDXIGHQ+DOVGHV6FKZDU]HQ7RGV]X 'LH6HQVH]LVFKWHKHUDE
,FKZROOWHPLFK]XU6HLWHZHUIHQZHJDXVGHU*HIDKUHQ ]RQHGRFKLFKVFKDIIWHHVQLFKW ,UJHQGHWZDVKLHOWPLFKDXIGHU6WHOOHIHVW,FKZXWHQLFKW ZDVHVZDU6FKLFNVDO9RUEHVWLPPXQJ0DJLH" (VZDUPLJGDUEHUQDFK]XGHQNHQLFKPXWHPLFKDXI GHQ%XPHUDQJNRQ]HQWULHUHQ (UIORJXQGIORJ 8QG 0HLQ*RWWHUWUDI $XIHLQPDOHUUHLFKWHHLQ6FKUHLPHLQH2KUHQZLHLFKLKQ VFKDXULJHUXQGJHOOHQGHUQRFKQLHJHK|UWKDWWH3O|W]OLFK VFKZHEWHGHU.RSIGHV6FKZDU]HQ7RGVEHUGHP5XPSIGHV 'lPRQV$XVGHP.QRFKHQN|USHUVDKLFKHLQH)ODPPH VFKLHHQXQGJOHLFK]HLWLJYHUVWXPPWHGHULUUH7RGHVVFKUHL ZLHDEJHULVVHQ 'LH6HQVHUXWVFKWHGHP'lPRQDXVGHU+DQG6LHSUDOOWH DXIGDV*HVWHLQXQGEOLHEPLWGHU6SLW]HLQHLQHU)HOVVSDOWH VWHFNHQ$EHUGDVVDKLFKQXUDP5DQGH 0LUJLQJHVXPPHLQHQ(U]JHJQHU 'LH)ODPPHQVFKRVVHQK|KHU6LHHUIDWHQVHLQHQEHUGHP 5XPSIWDQ]HQGHQ6FKlGHOIUDHQVLFKKLQGXUFKXQG]HU VFKPRO]HQLKQ]XHLQHUJOKHQGHQ0DVVHGLH]X%RGHQ WURSIWHXQGLPSRU|VHQ9XONDQJHVWHLQYHUVLFNHUWH $XFKVHLQ5XPSIYHUJLQJ (UZXUGHHEHQVRHLQ5DXEGHUUHLQLJHQGHQ)ODPPHQXQG ZHQLJVSlWHUVDKLFKYRQPHLQHP(U]JHJQHUQLFKWVPHKU 'HU6FKZDU]H7RGZDUHQGJOWLJYHUQLFKWHW (UNRQQWHPLUQLFKWPHKUJHIlKUOLFKZHUGHQ :LHLP7UDXPVFKULWWLFKYRUEFNWHPLFKKREPHLQHQ %XPHUDQJDXIXQGVWHFNWHLKQHLQ(UZDUQDFKGHP:XUI QLFKW]XPLU]XUFNJHNHKUW 'HU6RKQGHV/LFKWVKDWWHJHVLHJW 'DV%|VHZDUDXVJHO|VFKW 8QEHZXWKRELFKGHQ.RSIXQGVDQGWHHLQHQ%OLFN]XP +LPPHOREZRKOHVLQGLHVHU+RUURU:HOWDQVLFKPLJZDU
GRFKLFKNRQQWHHLQIDFKQLFKWDQGHUV0HLQH/LSSHQPXUPHO WHQ:RUWHDXVGHQHQHLQ'DQNJHEHWZXUGH ,FKVHW]WHHLQHQ)XYRUGHQDQGHUHQVFKULWWGHQ%HUJKLQ XQWHUVWROSHUWHILHOUDIIWHPLFKZLHGHUKRFKWDXPHOWHZHLWHU XQGVSUWHLQGHUOLQNHQ6FKXOWHULPPHUJU|HUH6FKPHU]HQ ,FKPXWHZHLWHULFKPXWHHV 'DQQILHOLFK 3O|W]OLFKZDUGLH:HOWXPPLFKKHUXPGXQNHO1LFKWHLQ PDOGHQ$XISUDOOPHUNWHLFK (WZDVNODWVFKWHLQPHLQ*HVLFKW 5HFKWVOLQNVOLQNVUHFKWV+lQGH(QWIHUQWK|UWHLFKHLQH 6WLPPHª-RKQNRPP]XGLU© 0KVDPVFKOXJLFKGLH$XJHQDXI6RIRUWVSUWHLFKZLHGHU GHQ6FKPHU]LQPHLQHUUHFKWHQ6FKXOWHU,FKPHUNWHHLQHQ 'UXFNGDQQGLH6WLPPHYRQ-DQH&ROOLQV ª%LWWH-RKQ© $XIHLQPDOZDULFKGD 8QGVLHVWDQGHQXPPLFKKHUXP 6XNR%LOO-DQH:LOO0DOOPDQQ3RZHOOPLWHLQHPOHLFKWHQ /lFKHOQDXIGHQ/LSSHQXQGGHUHQJOLVFKH:LVVHQVFKDIWOHU ª,KULKUOHEW"©NUlFK]WHLFK ª-DZDUXPQLFKW"©IUDJWH6XNRHUVWDXQW ª-DDEHULKUZDUWGRFKDXV6WHLQ,FKKDEHVHOEVWJHVHKHQ DFK8QVLQQLKUNRQQWHWHXFKMHGHQIDOOVQLFKWPHKUEH ZHJHQ© 5DWORVEOLFNWHQVLFKPHLQH)UHXQGHDQ,KUHQ*HVLFKWHUQ HQWQDKPLFKGDVLHPLFKIUHLQHQ6SLQQHUKLHOWHQ ª'HU6FKZDU]H7RGLVWQLFKWPHKU©VDJWHLFKLQGLH6WLOOH KLQHLQ 'DQQIUDJWH%LOOª+DVWGXLKQHUOHGLJW"© ª-D© ª:LHGHQQ"© ª0LWPHLQHPVLOEHUQHQ%XPHUDQJ©
ª8QGZRKHUKDVWGXGHQ"©ZROOWH-DQH&ROOLQVZLVVHQ ª'DVLVWHLQHODQJH*HVFKLFKWH,FKZHUGHVLHHXFKHU]lKOHQ ZHQQZLU© ª+HZDVLVWGDV"©ULHI%LOO&RQROO\SO|W]OLFKª9HUGDPPW PLUZLUGNDOW© 'DQQVDKHQZLUHVDOOH 8USO|W]OLFKYHUVFKZDQGGLH:HOWLQGHUZLUXQVEHIDQGHQ 6LHYHUO|VFKWHHLQIDFK (VJDENHLQHQ'VFKXQJHOPHKUNHLQH8UZHOWNHLQHQ )ULHGKRINHLQHQ%HUJVRQGHUQ(LV :RKLQGHU%OLFNJOLWWQXU(LV (LQVFKDUIHU:LQGSILIIEHUGLH(EHQHDEHUZLUVDKHQDXFK HLQHIDKOH6RQQHDP+LPPHO 'LH6RQQH 0HLQ*RWWZLUZDUHQDXIXQVHUHUKHUUOLFKHQ:HOW7LHI DWPHWHLFKGXUFKXQGLFKIDQGHLJHQWOLFKQXUHLQH(UNOlUXQJ IUGLHVHQ'LPHQVLRQVZDQGHO 0LWGHU9HUQLFKWXQJGHV6FKZDU]HQ7RGVKDWWHDXFKVHLQH :HOWDXIJHK|UW]XH[LVWLHUHQ ª*ODXEWLKUPLUQXQGDHUQLFKWPHKULVW"©IUDJWHLFK PHLQH)UHXQGH 'LHVPDOQLFNWHQVLH 8QGGDQQYHUQDKPHQZLUGDV.QDWWHUQYRQ+XEVFKUDXEHU PRWRUHQ3O|W]OLFKKLQJHQEHUXQV]ZHL0DVFKLQHQLQGHU NODUHQ/XIW %LOOXQG-DQHVSUDQJHQDXIXQGZLQNWHQZlKUHQG6XNREHL PLUEOLHEHEHQVR6XSHULQWHQGHQW3RZHOO ª,FKGDQNH,KQHQ-RKQ©VDJWHHUXQGVHLQH6WLPPHNUDW]WH LP+DOV(WZDVZDVPDQK|FKVWVHOWHQEHL3RZHOOHUOHEWH 'LH+XEVFKUDXEHUODQGHWHQXQGZHQLJVSlWHUVWHFNWHQZLU LQZDUPHU.OHLGXQJ'LHVHEHLGHQ+HOLNRSWHUJHK|UWHQ]X HLQHP5HWWXQJVWUXSSGHUQDFKGHQYHUPLWHQ:LVVHQ VFKDIWOHUQVXFKWH $UW&RUQZDOOJDEHLQH(UNOlUXQJDEXQGHUVDJWHGLH :DKUKHLWGDEHL
1XUZROOWHPDQVLHLKPQLFKWVRUHFKWJODXEHQ9HUVWlQG OLFKGHQQGLH)HOVVSDOWHLP(LVH[LVWLHUWHQLFKWPHKU -DQHIUDJWHPLFKª:RVWHFNWHLJHQWOLFK0\[LQGHU0DJLHU"© ,FKKREGLH6FKXOWHUQª:HQQLFKGDVZWHZlUHPLU ZRKOHU+lWWHHUVLFKQLFKWDP.DPSIEHWHLOLJWLFKJODXEH NDXPGDLFKGHU6LHJHUJHEOLHEHQZlUH© ª:HQQZLUZDVIULKQWXQN|QQWHQ© ª:HUGHQZLUDOOHVLQGLH:HJHOHLWHQXPLKP]XKHOIHQ© YROOHQGHWHLFKGHQ6DW]XQGGDFKWHGDEHLDQGLHVHOWVDPHQ 7RGHVHQJHOGLH0\[LQZHJJHVFKDIIWKDWWHQ6LFKHUZDUHQHV 'LHQHULQQHQYRQ$VPRGLQDGHU7HXIHOVWRFKWHU 'HQ6FKZDU]HQ7RGJDEHVQLFKWPHKUGRFK$VPRGLQD NRQQWHMHW]WYROODXIWUXPSIHQ .HLQHURVLJHQ$XVVLFKWHQIUGLH=XNXQIWXQGIUPLFKXQG PHLQH)UHXQGH (1'(