',(7(8)(/68+5 $OVGDVHUVWH.LQGYHUVFKZDQGDKQWHQRFKQLHPDQGHWZDV%|VHV 'LH/HXWHLP'RUIZDUHQ]ZDULUULWLHUWG...
5 downloads
190 Views
261KB 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
',(7(8)(/68+5 $OVGDVHUVWH.LQGYHUVFKZDQGDKQWHQRFKQLHPDQGHWZDV%|VHV 'LH/HXWHLP'RUIZDUHQ]ZDULUULWLHUWGLH(OIWHUQGHU.OHLQHQDP %RGHQ]HUVW|UWDEHUPDQEHUXKLJWHVLFKQDFKHLQLJHQ:RFKHQ ZLHGHU 'DQQYHUVFKZDQGHQGLHEHLGHQQlFKVWHQ.LQGHU(LQ*H VFKZLVWHUSDDU8QGSO|W]OLFKZDUGLH+|OOHORV -HGHUYHUGlFKWLJWHMHGHQ0DQVFKDXWHVLFKVFKLHIDQGLH3ROL]HL HUPLWWHOWHLQGHQ:RKQXQJHQGXUFKVXFKWHGLH+lXVHUDEHUVLH IDQGQLFKWV 1LFKWGLHJHULQJVWH6SXUZDUYRQGHQGUHLYHUVFKZXQGHQHQ .LQGHUQ]XHQWGHFNHQ $XVGHPIHUQHQ/RQGRQUHLVWHQVRJDU%HDPWHYRQ6FRWODQG
-HW]WZXUGHQLFKWQXUGHU2UWJHPLHGHQVRQGHUQDXFKGHVVHQ %HZRKQHU1LHPDQGNDXIWHGHQ%DXHUQRGHU+DQGZHUNHUQDXV 0LOWRQEXUU\PHKUHWZDVDEPDQZROOWHPLWGHQ9HUIOXFKWHQ QLFKWV]XWXQKDEHQ ,Q0LOWRQEXUU\EUHLWHWHVLFKGLH$QJVWDXV(LQNOHLQHV :LUWVFKDIWVJHIJHEUDFK]XVDPPHQ'LH%DXHUQEOLHEHQDXILKUHQ :DUHQVLW]HQVLHNRQQWHQGLH:DUHQZHJZHUIHQZHLOLKQHQ NHLQHUPHKUHWZDVDEQDKP%LV]XUQlFKVWHQ6WDGWKDWWHVLFKGDV *HUFKWEDOGKHUXPJHVSURFKHQXQGGLH(LQZRKQHUDXV 0LOWRQEXUU\WUDIHQKLHUHEHQIDOOVDXIWDXEH2KUHQ 9RP%UJHUPHLVWHUZXUGHHLQH.ULVHQVLW]XQJHLQEHUXIHQ9LHU YHUWUDXHQVZUGLJH3HUVRQHQZXUGHQGD]XDXVHUZlKOW 'HU3IDUUHUGHU/HKUHUGHU$SRWKHNHUXQGGHU'RUISROL]LVW $OOHGLHVLFKLP:RKQ]LPPHUGHV%UJHUPHLVWHUVEHLJHVFKORVVH QHQ9RUKlQJHQYHUVDPPHOWKDWWHQZDUHQVLFKHLQLJGDHWZDV JHVFKHKHQPXWHhEHUGHP2UWODJHLQ6FKDWWHQHLQ)OXFKXQG GHUPXWHYRQLKPJHQRPPHQZHUGHQ $EHUZLH" 'LH0lQQHUGLVNXWLHUWHQKLQXQGKHU6LHNDPHQ]XNHLQHP (UJHEQLV6LHNDXWHQGDVQRFKPDOGXUFKZDVDXFKGLH%HDPWHQ YRQ6FRWODQG
6FKZHOOHGHV*RWWHVKDXVHV]XVHW]HQ+DEHLFKUHFKW"© ª-D©VWLPPWHGHU%UJHUPHLVWHU]XXQGGLHDQGHUHQGUHL 0lQQHUQLFNWHQ ª,FKKDEHDOVRLPPHUQDFKJH]lKOWXQGDXIJHVFKULHEHQZHULQ GLH.LUFKHJHNRPPHQLVW©UHGHWHGHU3IDUUHUZHLWHUª,KUVHLGIDVW LPPHUGDJHZHVHQDQGHUHLP'RUIDXFKDEHUHLQHQGHQKDEHLFK QLHLQPHLQHP*RWWHVKDXVJHVHKHQ© 1DFKGLHVHQ:RUWHQHQWVWDQGHLQH3DXVHGLHGHU3IDUUHUHUVW ZLUNHQOLH(UVDKGLHJHVSDQQWHQ%OLFNHGHUYLHU0lQQHUDXIVLFK JHULFKWHWXQGPHUNWHDXFKZLHQHUY|VGLH/HXWHJHZRUGHQ ZDUHQ 'HU$SRWKHNHUUXWVFKWHXQUXKLJDXIVHLQHP6WXKOKLQXQG KHU'HU3ROL]LVWNDXWHDQVHLQHQ6FKQXUUEDUWHQGHQGHU/HKUHU EOLQ]HOWHPLWGHQ$XJHQXQGGHU%UJHUPHLVWHUWUDQNKDVWLJVHLQ *ODVOHHU$OVHUHVDXIVHW]WHZDUVHLQH*HGXOGDP(QGHª6DJHQ 6LHHQGOLFKZHQ6LHPHLQHQ+HUU3IDUUHU© ª5LFN+ROORZD\© -HW]WZDUHVKHUDXV'HU3IDUUHUKRIIWHQXUGDGLH0lQQHU JHQJHQG&RXUDJHKDEHQZUGHQGHQ1DPHQIUVLFK]XEH KDOWHQ ª'HUDOWH+ROORZD\"©IOVWHUWHGHU%UJHUPHLVWHU ª-DGHU© ª$EHUGHUYHUNDXIWGRFKQXU3OXQGHU$OWH0|EHOXQGLUJHQG ZHOFKHQ'UHFN© ª,FKKDEHLKQQLHLQGHU.LUFKHJHVHKHQ©KLHOWGHU3IDUUHUHQW JHJHQª'DVNDQQYLHOH*UQGHKDEHQGLHY|OOLJKDUPORVVLQG RGHUDEHUHLQHQEHVWLPPWHQ© 'LH0lQQHUVDKHQVLFKDQ1LFKWQXUHLQHPOLHIHLQNDOWHU 6FKDXHUEHUGHQ5FNHQXQGGDV/LFKWGHU3HWUROHXPODPSHOLH LKUH*HVLFKWHU]XP7HLOLP+DOEGXQNHOQVRGDVLHHLQHQIUDW]HQ KDIWHQ$XVGUXFNDQQDKPHQ ,P2IHQNQDFNWHGDV+RO]DOVHVYRQGHQ)ODPPHQ]HUULVVHQ ZXUGH,UJHQGZRLQGHQ'DFKVSDUUHQYHUILQJVLFKGHU1DFKWZLQG XQGEOLHVGRUWVHLQHNODJHQGH0HORGLH ª5LFN+ROORZD\©PXUPHOWHGHU%UJHUPHLVWHUª:HUKlWWHGDV JHGDFKW© ª1RFKLVWQLFKWVEHZLHVHQ©ULHIGHU3IDUUHUVFKQHOOGHPGLHVH $QWZRUWQLFKWSDWHZHLOVLHGLH*HGDQNHQGHU0lQQHULQHLQH
5LFKWXQJWULHEGLHGHU3IDUUHUQLFKWZROOWHª,FKKDEHHVQXUDOV HLQH0|JOLFKNHLWDQJHGHXWHW© ª:DVZLVVHQZLUHLJHQWOLFKYRQLKP"©IUDJWHGHU$SRWKHNHUGHU ELVKHUDPVFKZHLJVDPVWHQJHZHVHQZDU ª-DZDVZLVVHQZLUYRQLKP"©ZLHGHUKROWHGHU%UJHUPHLVWHU ª6RYLHOZLHQLFKWV© 'LH0lQQHUVFKDXWHQVLFKDQ5DWORVH*HVLFKWHU6FKXOWHU ]XFNHQ%LVGHU%UJHUPHLVWHUGDV:RUWHUJULII,UJHQGZLHIKOWH HUVLFKGD]XYHUSIOLFKWHW ª(ULVWQLFKWLQ0LOWRQEXUU\JHERUHQ©VDJWHHUª9RU]HKQ-DKUHQ LVWHUKHUJH]RJHQ(UNDPPLWHLQHPDOWHQ:DJHQXQGKDWVHLQ *HVFKlIWHU|IIQHW©'HU%UJHUPHLVWHUZLHVDXIGHQ/HKUHUª6LH PWHQHVGRFKDPEHVWHQZLVVHQ6LHZRKQHQVFKOLHOLFKQXU GUHL+lXVHUZHLWHU© ª,FKKDEHPLFKQLHXPLKQJHNPPHUW(UOHEWDOOHLQKDWNHLQH )UDXNHLQH.LQGHU© %HLGHPOHW]WHQ:RUWVWRFNWHHUXQGVHQNWHGHQ.RSI ª:LHGHPDXFKVHL©VDJWHGHU3IDUUHUª,FKELQGDIUGDZLU LKQJHQDXEHREDFKWHQ9LHOOHLFKWIlOOWXQVHWZDVDQLKPDXI.DQQ MDVHLQGDHUVLFKYHUGlFKWLJPDFKW© 'LHDQGHUHQ0lQQHUZDUHQHEHQIDOOVGHU0HLQXQJ 0LWGLHVHP(UJHEQLVO|VWHQVLHLKUH=XVDPPHQNXQIWDXIXQG JLQJHQQDFK+DXVH ,KUHQ)UDXHQHU]lKOWHQVLHZLUNOLFKQLFKWVXQGGHU3IDUUHUEHWH WHLQGHU.LUFKHIUGLHYHUVFKZXQGHQHQ.LQGHU 5LFN+ROORZD\DKQWHYRQDOOHGHPQLFKWV$EHUGLH0lQQHU ZDUHQLPPHULQVHLQHU1lKH$XFKQDFKWV 6RYHUJLQJGHU:LQWHU 8QGHLQHV7DJHVNXU]YRUGHP2VWHUIHVWHQWGHFNWHGHU/HKUHU LP6WDOOGHV0DQQHVHLQHQDOWHQ.DUWRQ+ROORZD\KDWWHLKQHUVW HLQHQ7DJ]XYRUGRUWKLQJHVWHOOW 'HU/HKUHU|IIQHWHGHQ.DUWRQXQGZXUGHVWHLIYRU(QWVHW]HQ =XVDPPHQJHNQOOWODJGRUW.LQGHUNOHLGXQJ (VZDUHQJHQDXGLH6DFKHQGLHGLHGUHLYHUVFKZXQGHQHQ .LQGHUJHWUDJHQKDWWHQ
,UJHQGHWZDVEUDXWHVLFKJHJHQLKQ]XVDPPHQ'DVIKOWH5LFN +ROORZD\GDZDUHUVRJDUVLFKHU(UEHUOHJWHILHEHUKDIWZDVHU XQWHUQHKPHQVROOWH )OXFKW" 'DVNDPLQ)UDJHDEHUZHQQHUIORKGDQQPDFKWHHUVLFKHUVW UHFKWYHUGlFKWLJ$OVRLP'RUIEOHLEHQXQGDOOH6SXUHQYHU ZLVFKHQ:DVQDWUOLFKVFKZHUVHLQZUGH$EHUHUZROOWHHVYRU 2VWHUQQRFKJHVFKDIIWKDEHQ1XUPXWHHU]XVHKHQGDHU LUJHQGZLHDXVGHP+DXVNDPRKQHGDPDQLKQEHPHUNWH 6HLQ/DGHQODJ]ZDUIUGHQ9HUNDXIJQVWLJGLUHNWDQGHU +DXSWVWUDHDEHUKLHUNRQQWHPDQLKQDXFKLPPHUJOHLFKVHKHQ ZDVQDWUOLFKVFKOHFKWZDU $QGLHVHP7DJZDUHQQXU]ZHL.XQGHQLQVHLQHQ/DGHQ JHNRPPHQbOWHUH)UDXHQGLHLUJHQGHLQHQ.UDPNDXIWHQ1lK JDUQXQG.Q|SIH'DYRQNRQQWHPDQQLFKWUHLFKZHUGHQ$EHUHU ZROOWH*HOG *HOGXQG*ROG 8QGGDIUWDWHUDOOHV'HQ$QIDQJKDWWHHUJHPDFKW$OVVLFK GHU7HXIHOLKPRIIHQEDUWHKDWWHHUQLFKWHLQH6HNXQGHJH]|JHUW VLFKDXIGHQQ3DNWHLQ]XODVVHQ 6HHOHQVROOWHHULKPEHVRUJHQ 6HHOHQYRQMXQJHQ0HQVFKHQ(UVWGDQQNRQQWHVLFKGHU6DWDQ ZLHGHUIUHLHQWIDOWHQGHQQHUZDUHLQJHVSHUUWLQHLQWHXIOLVFKHV 8KUZHUNDXV6LOEHUXQGNRQQWHQLFKWKHUDXV 'HU7HXIHOLQHLQHU8KU 'DVZROOWH+ROORZD\QLFKWJODXEHQ%HVWLPPWZDUHVQLFKWGHU 7HXIHOVRQGHUQQXUHLQDQGHUHU'lPRQ$EHUGDVZROOWHHUQRFK KHUDXVILQGHQ ª(LQHQUHFKWVFK|QHQ$EHQGZQVFKHLFK0U+ROORZD\© $OVGHU.DXIPDQQGLH6WLPPHK|UWH]XFNWHHU]XVDPPHQXQG ZDQGWHVLFKKDVWLJXP 'HU3IDUUHUEHUTXHUWHGLH6WUDHXQGOIWHWHK|IOLFKVHLQHQ GXQNOHQ+XW +ROORZD\JULQVWH(UQLFNWHQXUXQGVDKGHP3IDUUHUQDFK $XFKHLQHUYRQGLHVHQ+HXFKOHUQGDFKWHHU$EHUHLQJHIlKU OLFKHUGDVVSUWH+ROORZD\ +DVWLJVFKORHUGLH7UXQGYHU]RJVLFKZLHGHULQVHLQHQ /DGHQZRDOOHVEHUHLQDQGHUVWDQGRGHUODJ'LHGXQNOHQ
+RO]UHJDOHDQGHQ:lQGHQTXROOHQIDVWEHU+ROORZD\KDWWH DOOHVKLQHLQJHVWRSIWZDVHUGHQ%DXHUQELOOLJRGHUXPVRQVW DEQHKPHQNRQQWH.|UEH)ODVFKHQ7LHJHO*HIlH.DQQHQ 3IDQQHQ7|SIHDOWH:DDJHQ6FK|SINHOOHQDOOHVZDUYRUKDQGHQ *HEUDXFKWQDWUOLFKXQGGHVKDOEELOOLJHU'LH/HXWHLP2UW KDWWHQRIWYRQGLHVHQSUHLVZHUWHQ$QJHERWHQ*HEUDXFKJHPDFKW $XFKGLH*DUWHQXQG$FNHUJHUlWHZXUGHQJHNDXIWGLHQRFK LQQHUKDOEGHV9HUNDXIVUDXPHVVWDQGHQ +ROORZD\ZRKQWHHLQH(WDJHK|KHU,QGUHLNOHLQHQZLQNOLJHQ 5lXPHQ$XFKGRUWVWDQGDOWHU3OXQGHUKHUXP'LHZHUWYROOHQ 6WFNHDOOHUGLQJVEHIDQGHQVLFKLQHLQHP1HEHQUDXPGHV/DGHQV 'RUWKRUWHWH+ROORZD\GLH*HJHQVWlQGHGLHHUYRQVHLQHQ 5DXE]JHQPLWJHEUDFKWKDWWH$OWH6FKUlQNHXQG.RPPRGHQGLH HULQ6FKO|VVHUQXQG%XUJHQJHVWRKOHQKDWWH (UDKQWHPLWGHPVLFKHUHQ*HVSUHLQHV*HVFKlIWVPDQQHVGD GLHVH'LQJHQRFKHLQPDOZHUWYROOZHUGHQZUGHQXQGZDUIVLH GHVKDOEQLFKWZHJ%HLHLQHU1DFKWXQG1HEHODNWLRQKDWWHHU DXFKGLH8KUHUEHXWHW6LHKDWWHYHUVWHFNWLQHLQHU0DXHUQLVFKH LP.HOOHUHLQHVDOWHQ*XWVKDXVHVJHVWDQGHQGDVZRKONHLQHP PHKUJHK|UWH'LH8KUZDUHLQHOHLFKWH%HXWHIU+ROORZD\JH ZHVHQ6LHJHILHOLKPDXVJH]HLFKQHWELVHUHLQHV7DJHVKHUDXVJH IXQGHQKDWWHZHOFKHV*HKHLPQLVGLH8KUEDUJ -DVLHZDUZLUNOLFKHLQH7HXIHOVXKU 5LFNKDWWHLKUJUDXHQKDIWHV3ULQ]LSHUNDQQWXQGVLFKGDQDFK JHULFKWHW$XFKMHW]WDOVHURIIL]LHOOGHQ/DGHQJHVFKORVVHQKDWWH EHWUDWHUGLH.DPPHU]QGHWH]ZHL.HU]HQDQXQGVWHOOWHVLHYRU GLH8KUXPVLHLQ5XKH]XEHWUDFKWHQ (LJHQWOLFKVDKVLHY|OOLJKDUPORVDXVPLWLKUHPJOlQ]HQGHQ =LIIHUEODWWGHPZDUPHQ%UDXQWRQGHV+RO]HVGHQEHLGHQVFKZH UHQ3HUSHQGLNHOQXQGGHP3HQGHOGD]ZLVFKHQ %HLGHVNRQQWHPDQQXUVHKHQZHQQPDQGLHVFKPDOH7ULP XQWHUHQ7HLOGHU8KUDXIVFKOR +ROORZD\ZXWHGDVLFKGHU'lPRQLUJHQGZDQQZLHGHU PHOGHQZUGH8QGGDQQPXWH5LFNUHDJLHUHQ (LQQHXHV2SIHU (UDWPHWHGXUFKGLH1DVHXQGVSUWHGHQ6WDXEGHUVLFKDXIVHL QHQ6FKOHLPKlXWHQIHVWJHVHW]WKDWWH,QGLHVHU1DFKWZROOWHHUGLH OHW]WHQ6SXUHQEHVHLWLJHQGLHDQGDVVFKUHFNOLFKH9HUEUHFKHQ
HULQQHUWHQ=ZLVFKHQ0LWWHUQDFKWXQG0RUJHQZDUGLHEHVWH=HLW XPVROFKH'LQJH]XHUOHGLJHQ %LVGDKLQMHGRFKZROOWHHUVFKODIHQ'DVKDWWHHULPPHUJHNRQQW GHQQ*HZLVVHQVELVVHEHODVWHWHQGHQMlKULJHQ0DQQQLFKWGHU HLQHHQWIHUQWHbKQOLFKNHLWPLWHLQHP%lUHQDXIZLHV,Q5LFN +ROORZD\V*HVLFKWZXFKHUWHHLQGXQNOHU%DUW'HU0DQQZDU EUHLWLQGHQ6FKXOWHUQKDWWHWURW]VHLQHUEUDXQHQ+DDUHKHOOH $XJHQXQGJLQJVWHWVHLQZHQLJJHEFNW'DVPXWHHULQGLHVHP +DXVDXFKGHQQGLH'HFNHQZDUHQQLFKWVHKUKRFK$OWH +RO]GLHOHQEHGHFNWHQGHQ)XERGHQ:HQQ+ROORZD\GDUEHU KLQZHJVFKULWWEHZHJWHQVLHVLFKXQGNQDUUWHQ 6HLQ%HWWVWDQGLQGHUNOHLQVWHQ.DPPHU(LQDOWHV)HOGEHWWPLW HLQHU0DWUDW]HGDUDXI)UNDOWH7DJHEHVDHUQRFKHLQH 6FKDIIHOOGHFNHGLHVFKRQZLGHUOLFKVWDQN 'DV)HQVWHULQGHU.DPPHUZDUQLFKWJU|HUDOV]ZHL 0HQVFKHQN|SIH%HYRUVLFK+ROORZD\KLQOHJWH|IIQHWHHUHVQRFK XQGVFKDXWHQDFKGUDXHQ +LQWHUGHP+DXVEHJDQQGHUYHUZLOGHUWH*DUWHQ(UZDUYRQ HLQHP=DXQXPJHEHQGHUDQHLQLJHQ6WHOOHQJURH/|FKHUXQG 5LVVH]HLJWH+ROORZD\GDFKWHJDUQLFKWGDUDQLKQ]XIOLFNHQ HEHQVRZHQLJZLHHUGDUDQGDFKWHGDV8QNUDXWDXVGHP*DUWHQ ]XVFKDIIHQ )ULKQUHLFKWHGDVXQGZDVGLH/HXWHVDJWHQGDVZDULKP VRZLHVRHJDO $QJH]RJHQOHJWHHUVLFKLQV%HWW1XUGLHDOWHQ6FKXKHVWUHLIWHHU YRQGHQ)HQ(LQH8KUGLHLKQZHFNWHEUDXFKWHHUQLFKW +ROORZD\ZXUGHDXFKVRZDFKHUKDWWHHLQHQLQQHUHQ:HFNHU GHULKQDXVGHP6FKODIVFKHXFKWH %DOGILHOHQLKPGLH$XJHQ]X6FKZHUHWLHIH$WHP]JHYHU ULHWHQZLHIHVWGHU0DQQVFKOLHI(UEHNDPQLFKWPLWZDV GUDXHQYRUVLFKJLQJ 'LHIQI0lQQHUKDWWHQUHDJLHUW 3IDUUHU%UJHUPHLVWHU$SRWKHNHU3ROL]LVWXQG/HKUHUKDWWHQ VLFKJHWURIIHQXPGHQ0DQQ]XEHVWUDIHQGHQVLHDOVGHQ0|UGHU DQVDKHQ 'HU3IDUUHUWUXJHLQHWZDVJU|HUHV+RO]NUHX]'LHDQGHUHQ 0lQQHUKDWWHQVLFKEHZDIIQHW6RJDUGHU$SRWKHNHUWUXJHLQ *HZHKU(UKDWWHQRFKQLHJHVFKRVVHQXQGZDUEOHLFK
1LHPDQGLP'RUIZXWHZDVGLH0lQQHUYRUKDWWHQ6LH VFKZLHJHQHLVHUQDOVVLHVLFKDXI6FKOHLFKZHJHQGHP+DXVQlKHU WHQXQGHVXPVWHOOWHQ=XYRUKDWWHQVLHVLFKVFKRQDEJHVSURFKHQ 'HU%UJHUPHLVWHUGHU3IDUUHUXQGGHU3ROL]LVWZROOWHQLQGDV +DXVHLQGULQJHQZlKUHQGGLHDQGHUHQGUDXHQ:DFKHKLHOWHQ 'HU/HKUHUDQGHU9RUGHUGHU$SRWKHNHUDQGHU5FNVHLWHGHV +DXVHV%HLGHZDUHQEHUHLWVRIRUW]XVFKLHHQZHQQGHU0|UGHU ]XIOFKWHQYHUVXFKWH 'HU3ROL]LVW|IIQHWHGLH7U'DV6FKOREHUHLWHWHLKPNHLQH 6FKZLHULJNHLWHQ$OVHUVWHUEHWUDWHUDXFKGDV*HVFKlIW'DV *HZHKUKLHOWHUVFKXEHUHLW,KPIROJWHGHU3IDUUHUXQGGHQ 6FKOXELOGHWHGHU%UJHUPHLVWHUGHUVLFKDXIVHLQH6FKURWIOLQWH YHUOLH (VZDUHLQHGXQNOHPRQGORVH1DFKW'HVKDOEGUDQJDXFK NDXP/LFKWLQGDV*HVFKlIWXQGHVZDUNHLQ:XQGHUGDGLH 0lQQHUGLHVLFKKLHUQLFKWDXVNDQQWHQLP'XQNHOQJHJHQ LUJHQGZHOFKH'LQJHOLHIHQGLHKHUXPVWDQGHQ %HYRUGHU3ROL]LVW/LFKWPDFKHQNRQQWHKDWWHGHU3IDUUHUVFKRQ HLQH6FKVVHOXPJHVWRHQ6LHILHOYRQLKUHP6WDQGSODW]XQG]HU EUDFKNOLUUHQG 'LH0lQQHU]XFNWHQ]XVDPPHQ:DUGDV*HUlXVFKJHK|UW ZRUGHQ"/DXVFKHQGEOLHEHQVLHVWHKHQ 1HLQQLFKWVUKUWHVLFK 6LHDWPHWHQDXI ª:LUPVVHQQDFKREHQ©ZLVSHUWHGHU3IDUUHUª'RUWVFKOlIWHU© ª$EHUQLFKWRKQH/LFKW©VDJWHGHU%UJHUPHLVWHU ª(LQHQ0RPHQWQRFK©IOVWHUWHGHUGULWWHLP%XQGH(U]Q GHWHGHQ'RFKWGHUWUDJEDUHQ3HWUROHXPODPSHDQGLHHUGDQQDQ VHLQHU*UWHOVFKQDOOHEHIHVWLJWH (LQZDUPHU6FKHLQKOOWHGLH0lQQHUHLQXQGOHXFKWHWHJHUDGH VRZHLWGDVLHLQ]ZHL6FKULWW(QWIHUQXQJDOOHVHUNHQQHQ NRQQWHQ :LFKWLJIUVLHZDUDOOHLQGLHVFKPDOHXQGVWHLOH7UHSSHGLHLP +LQWHUJUXQGGHV9HUNDXIVUDXPHVLQGLHREHUH(WDJHIKUWH 'DUEHUJDEHVQXUQRFKGDV'DFK 'LH0lQQHUZDUHQ]LHPOLFKRSWLPLVWLVFK6LHKDWWHQGDV *HUlXVFKGHU]HUEUHFKHQGHQ6FKVVHOVFKRQZLHGHUYHUJHVVHQ XQGUHFKQHWHQQLFKWPHKUGDPLWGDHVJHK|UWZRUGHQZDU
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|SIWXQGZROOWHQVLFK *HZLKHLWYHUVFKDIIHQ )U+ROORZD\JLQJHVXPVQDFNWH/HEHQ8QGGDVZROOWHHUVR WHXHUZLHP|JOLFKYHUNDXIHQ$OVHU]XP6FKUDQNJLQJZRHU VHLQH:DIIHDXIEHZDKUWHHLQEHOJLVFKHV6WXUPJHZHKUPLWDXI JHVHW]WHP%DMRQHWWGDFKWHHUIUHLQHQ0RPHQWDQGHQ7HXIHO 2EHULKPEHLVWHKHQZUGH" .DXPDXVGLHVHU6DFKHPXWHHUVLFKVHOEVWEHIUHLHQ'XUFKGDV )HQVWHUNOHWWHUQNRQQWHHUQLFKWGHU.HUOGDXQWHQLP*DUWHQKlWWH VRIRUW$ODUPJHVFKODJHQ %OLHEGLH7UHSSH 1DWUOLFKUHFKQHWHHUGDPLWGDDXFKZHOFKHLP+DXVZDUHQ DEHUGLHZROOWHHUYRQGHU7UHSSHSXW]HQIDOOVVLHHVZDJHQ VROOWHQ]XLKPKRFK]XNRPPHQ 'LH:DIIHZDUJHODGHQXQGEHIDQGVLFKDXVJH]HLFKQHWLQ6FKX 5LFN+ROORZD\NRQQWHVLFKDXIVLHYHUODVVHQ 'LH6FKXKH]RJHUQLFKWDQ(UZROOWHVLFKP|JOLFKVWODXWORV EHZHJHQ 9RUGHU7UEOLHEHUVWHKHQ+DUWXQGNDOWZDUVHLQ/lFKHOQGDV GLH0XQGZLQNHONHUEWH'LH+lQGHXPNODPPHUWHQGHQ6FKDIW GHV*HZHKUHVVRIHVWGDGLH.Q|FKHOZHLKHUYRUWUDWHQ'LH 6SLW]HGHV%DMRQHWWVVFKLPPHUWH
'LHOLQNH+DQGOHJWHGHU0DQQDXIGLHHLVHUQH.OLQNH-HW]WZDU HUIURKGDGLH7UQLFKWNQDUUWHZHQQHUVLHDXI]RJ%HYRUHU |IIQHWHKRUFKWHHUQRFKHLQPDO 'DZDUHQWDWVlFKOLFK*HUlXVFKHDXIGHU7UHSSH]XK|UHQ'DV +RO]NRQQWHPDQQLFKWEHUOLVWHQ(VNQDUUWHXQGNQGLJWHMHGHQ %HVXFKHUVRIRUWDQ 'LHZUGHQVLFKZXQGHUQ 0LWHLQHP5XFNUL5LFN+ROORZD\GLH7UDXIPDFKWHHLQHQ JURHQ6FKULWWXQGVWDQGDXIGHU6FKZHOOH (UVDKVLHVRIRUW'HU6FKHLQHLQHUNOHLQHQ/DPSHXPIORUWHGLH GUHL*HVWDOWHQGLHZLHDQJHZXU]HOWVWHKHQEOLHEHQDOVVLH5LFN +ROORZD\HUNDQQWHQ 6FKUlJQDFKXQWHQULFKWHWHHUGLH0QGXQJGHV*HZHKUHVXQG GLH6SLW]HGHV%DMRQHWWV6HLQH6WLPPHKDWWHHLQHQK|KQLVFKHQ .ODQJDOVHUIUDJWHª:DVYHUVFKDIIWPLUGHQQGLH(KUH,KUHV %HVXFKHV*HQWOHPHQ"© .HLQHUGHU0lQQHUZXWHVRVFKQHOOHLQH$QWZRUW+ROORZD\V $XIWDXFKHQKDWWHVLHY|OOLJEHUUDVFKW6LHKDWWHQJHGDFKWHU ZUGHLP%HWWOLHJHQXQGVFKODIHQHLQHIUZDKULUULJH$QQDKPH 5LFN+ROORZD\KDWWHGHQ6SLHHLQIDFKXPJHGUHKWMHW]WPXWHQ VLHLKP5HGHXQG$QWZRUWVWHKHQXQGQLFKWHULKQHQ 'HU%lUWLJHODFKWHUDXKª6LHKDQ©VDJWHHUª6RJDUGHU3IDUUHU EHILQGHWVLFKDXIYHUERWHQHQ:HJHQ© 'HU*HLVWOLFKHZXWHZDVHU]XWXQKDWWH=XGHPZDUHUGLUHNW DQJHVSURFKHQZRUGHQª(VVLQGNHLQHYHUERWHQHQ:HJH©HU ZLGHUWHHUVFKDUIXQGGUlQJWHVLFKDQGHP3ROL]LVWHQYRUEHL GDPLWHU+ROORZD\DQVFKDXHQNRQQWHª(VLVWGHU:HJGHU 9HUJHOWXQJ:LUZLVVHQGDGXHLQ6QGHUELVW© +ROORZD\V/DFKHQXQWHUEUDFKGLH5HGHGHV3IDUUHUVª(LQ 6QGHU©SUXVWHWHHUª*ODXEWLKUGHQQLKUVHLGKHLOLJ"© ª1HLQ1LHPDQGYRQXQVLVWKHLOLJXQGNDQQVLFKPLWGHP (EHQELOGGHV+HUUQYHUJOHLFKHQ:LUDOOHVLQG6QGHUDEHUZLU KDEHQQLFKWVROFKH6FKXOGDXIXQVJHODGHQZLHGX5LFN +ROORZD\© ª8QGZDVVROOLFKJHWDQKDEHQ"© ª:RVLQGGLH.LQGHU"©
5LFNJULQVWHVS|WWLVFKª:HOFKH.LQGHU"© 'LH*HVWDOWGHV3IDUUHUVVWUHFNWHVLFK6HLQ%OLFNZXUGHIODP PHQGª'XZDJVWHVPLULQV$QJHVLFKW]XOJHQ"+DVWGXQLFKW VHOEVWXQVFKXOGLJH*HVFK|SIHHQWIKUWXQGJHW|WHW":HOFKHU 6DWDQKDWGLFKGD]XYHUOHLWHW"5HGH© ª6DWDQLVWJXW©+ROORZD\ODFKWHZHLWHUª$EHULFKVHKHNHLQH .LQGHU7XWPLUOHLG,KUPWVLHVFKRQZRDQGHUVVXFKHQ8QG MHW]WZLOOLFKVFKODIHQ© ª1HLQ5LFN+ROORZD\© 1LFKWQXUGHUPXWPDOLFKH0|UGHUVRQGHUQDXFKGLHEHLGHQ %HJOHLWHUGHV3IDUUHUV]XFNWHQ]XVDPPHQ6HOWHQRGHUQRFKQLH KDWWHHUVRODXWJHVSURFKHQ 8QG+ROORZD\PHUNWHGDHVGHP*HLVWOLFKHQHUQVWZDU7LHIH )DOWHQKDWWHQVLFKLQVHLQ*HVLFKWJHJUDEHQ(UXPNODPPHUWHGDV .UHX]GDVYRUVHLQHU%UXVWKLQJPLWEHLGHQ+lQGHQ ª:HQQGXGHQ:HJQLFKWIUHLJLEVWYHUVXFKHQZLUHVPLW *HZDOW©VDJWHGHU*HLVWOLFKHª2EZRKOLFKGDJHJHQELQXQGHV PLUPHLQ*ODXEHYHUELHWHWDEHUZLGULJH8PVWlQGH]ZLQJHQ PLFK*HZDOWDQ]XZHQGHQZHQQGXQLFKWZLOOVW© 8P+ROORZD\V0XQGZLQNHO]XFNWHHVª,FKMDJHGLUHLQH.XJHO GXUFKGHQ6FKlGHO3IDIIHGDPHUNVWGXQLFKWVPHKU©(UVSLHDXV ª8QGLKUEHLGHQGDODWHXUH*HZHKUHIDOOHQ© 'HU3ROL]LVWXQGGHU%UJHUPHLVWHUVDKHQVLFKDQ6LHZDUHQ NHLQH+HOGHQVRQGHUQQRUPDOH0HQVFKHQXQGVLHKDWWHQ$QJVW 'RFKGHU0XWGHV*HLVWOLFKHQLPSRQLHUWHLKQHQVRGDVLHVLFK GHU$XIIRUGHUXQJZLGHUVHW]WHQ ª1HLQ©VDJWHGHU%UJHUPHLVWHUODXW ,QGHP$XJHQEOLFNJLQJGHU3IDUUHUYRU'LH$QWZRUWKDWWHZLH HLQ6WDUWVLJQDODXILKQJHZLUNW 5LFN+ROORZD\VDKHLQGDVHLQH$UJXPHQWHQLFKWEHU ]HXJWHQ(UJLQJHLQHQ6FKULWW]XUFNXQGVFKR 'HU6FKXGU|KQWHGXUFKGDV7UHSSHQKDXV(LQH0QGXQJV IODPPHOHXFKWHWHEOlXOLFKYRUGHP*HZHKUDXI$OOH$QZHVHQGHQ K|UWHQGHQGXPSIHQ(LQVFKODJGHU.XJHOXQGVDKHQZLHGHU 3IDUUHUQDFKKLQWHQNLSSWHGDEHLJHJHQGHQ'RUISROL]LVWHQILHO XQGGLHVHQIDVWXPUL 'HU%UJHUPHLVWHUKDQGHOWHLQVWLQNWLY 2KQH]XEHUOHJHQGUFNWHHUDE(VZDUHLQ5HIOH[GHULKQVR
KDQGHOQOLH'LH)OLQWHVWUHXWHVWDUNXQGZDULQLKUHU:LUNXQJ IUDSSLHUHQG $OVGHU%UJHUPHLVWHUDEGUFNWHGRQQHUWHGLH)OLQWHVRODXW DXIGDPDQGDV*HIKOKDEHQNRQQWHGDV+DXVZUGH]XVDP PHQEUHFKHQ +ROORZD\ZXUGHLQGLH.DPPHUJHVFKOHXGHUWXQGNUDFKWH VFKZHUDXIVHLQ%HWWZRHU6HNXQGHQVSlWHUVHLQ/HEHQDXV KDXFKWH 'HU%UJHUPHLVWHUDEHUEOHLFKLP*HVLFKWXQGPLW]LWWHUQGHQ .QLHQNPPHUWHVLFKXPGHQ3IDUUHU 1RFKOHEWHGHU*HLVWOLFKHDEHUHUPXWHGULQJHQGLQlU]WOLFKH %HKDQGOXQJ'LH*HZHKUNXJHOVWHFNWH]ZDULP.|USHUDEHUVLH ZDUQLFKWVRWLHIHLQJHGUXQJHQZHLOVLHJHQDXGLH0LWWHGHV (LFKHQNUHX]HVJHWURIIHQKDWWHXQGLKUVRPLWHLQZHQLJYRQLKUHU :XFKWJHQRPPHQZXUGH(LQURWHUQDVVHU)OHFNEUHLWHWHVLFKDXI GHPGXQNOHQ5RFNGHV3IDUUHUVDXVGHVVHQ*HVLFKWZHLXQG VFKPHU]YHU]HUUWZDU 9RQXQWHQK|UWHQVLH6FKULWWHXQGSROWHUQGH*HUlXVFKHª:DV LVWJHVFKHKHQ"©(VZDUGHU/HKUHUGHUGLHVULHI ª+ROGHQ$U]W©VFKULHGHU3ROL]LVWZlKUHQGVLFKGHU %UJHUPHLVWHUDXIGLH6WXIHJHVHW]WKDWWH,KPZDUKXQGHHOHQG ]XPXWH 'HU/HKUHUUDQQWHORV 'LHQlFKVWHQ0LQXWHQZROOWHQHLQIDFKQLFKWYRUEHLJHKHQ 8QKHLPOLFKODQJNDPHQVLHGHP3ROL]LVWHQYRUGHUHEHQIDOOVDXI GHU7UHSSHKRFNWHXQGGHQ.RSIGHV3IDUUHUVLQVHLQHQ6FKR JHEHWWHWKDWWH+RIIHQWOLFKEHUOHEWHGHU*HLVWOLFKH 'HU$SRWKHNHUHUVFKLHQ0LWWRQORVHU6WLPPHHUNOlUWHLKPGHU %UJHUPHLVWHUZDVVLFKDEJHVSLHOWKDWWH (QGOLFKWUDIGHU$U]WHLQ8QGPLWLKP]DKOUHLFKH(LQZRKQHU GLHYRQGHQ6FKVVHQDXIJHVFKUHFNWZRUGHQZDUHQ'HU3ROL]LVW VFKLFNWHVLHPLWEDUVFKHU6WLPPHZHJ 'HU'RNWRUNPPHUWHVLFKXPGHQ6FKZHUYHUOHW]WHQ(LQSDDU PDOVFKWWHOWHHUGHQ.RSI ª:DVLVWORV"© ª:HQQZLULKQUHWWHQZROOHQPXHULQHLQ.UDQNHQKDXV JHEUDFKWZHUGHQ,FKKRIIHQXUGDHUGHQ7UDQVSRUWLQGLH6WDGW EHUVWHKW/DVVHQ6LHPHLQH.XWVFKHDQVSDQQHQ©
6RIRUWUDQQWHGHU/HKUHUORV .HLQHUGHU0lQQHUEHDQWZRUWHWHGLH)UDJHQGLHJHVWHOOW ZXUGHQ$OOH]LWWHUWHQXPGHQ3IDUUHU ª8QGZDVLVWPLWLKP"©IUDJWHGHU$U]W(UKREGLH+DQGXQG GHXWHWHDXIGHQ7RWHQLQGHU.DPPHU ª,KPNDQQNHLQHUPHKUKHOIHQ©ZXUGHLKPJHDQWZRUWHW 'HU3ROL]LVWYHUVFKORGLH7U )QI0LQXWHQVSlWHUVWDQGGLH.XWVFKHIDKUEHUHLWYRUGHP +DXVZRDXFKVFKRQGHU(LQVDUJHUZDUWHWH(LQLJH+HOIHUWUDQV SRUWLHUWHQGHQVFKZHUYHUOHW]WHQ3IDUUHUXQWHU$XIVLFKWGHV$U]WHV EHKXWVDPQDFKXQWHQ'HU*HLVWOLFKHZDUEHL%HZXWVHLQ(U EOLFNWHLQGLHEHVRUJWHQ*HVLFKWHUGHU0lQQHUXQGYHUVXFKWH VRJDU]XOlFKHOQGRFKHVZXUGHQXUHLQH*ULPDVVH 9RUVLFKWLJOHJWHQVLHLKQLQGLH.XWVFKH6LHKDWWHHLQH 6SH]LDOIHGHUXQJGLHGLHVFKOLPPVWHQ6W|HGHU)DKUEDKQ HLQLJHUPDHQGlPSIWH'HU'RNWRUVHOEVWQDKPDXIGHP%RFN 3ODW]1HEHQLKPVDVHLQ*HKLOIHHLQEUHLWVFKXOWULJHUMXQJHU 0DQQGHUULFKWLJDQSDFNHQNRQQWH 'HU%UJHUPHLVWHUGUFNWHGHP$U]WGLH+DQGª%ULQJHQ6LH XQVHUHQ3IDUUHUGXUFK© ª,FKWXHPHLQ%HVWHV© 'LH.XWVFKHIXKUDQ6WDXEZDOOWHXQWHULKUHQ5lGHUQKRFK'HU %UJHUPHLVWHUVDKGHP*HIlKUWVRODQJHQDFKELVHVVHLQHQ %OLFNHQHQWVFKZXQGHQZDU 'DQQJLQJHU]XUFNLQV+DXVZRGLHDQGHUHQDXILKQZDU WHWHQ'HU3ROL]LVWKDWWHHVWDWVlFKOLFKJHVFKDIIWXQGGLH1HX JLHULJHQKLQDXVJHVFKLFNW1XUGHU6DUJPDFKHUXQGGHU7RWHQ JUlEHUZDUHQQRFKGD(LQODQJHUGUUHU0DQQGHULPPHUHLQHQ IOHFNLJHQ=\OLQGHUWUXJXQGPLWVHLQHQGQQHQ+lQJHEDFNHQ OHLGHQGDXVVDK ª.|QQHQZLU"©IUDJWHGHU%UJHUPHLVWHU 'LH0lQQHUQLFNWHQ ª8PZDVJHKWHVGHQQ"©'HU7RWHQJUlEHUKDWWHGLH)UDJH JHVWHOOW5DWORVVDKHUVLFKXP ª:LUVXFKHQGLH/HLFKHQGHUGUHLYHUVFKZXQGHQHQ.LQGHU© 1DWUOLFKZXWHGHU0DQQ%HVFKHLG(UZXUGHQRFKEODVVHU ª:RGHQQ"+LHULP+DXV"© ª-D©
ª2*RWWGDQQLVWMD© 'HU3ROL]LVWVFKQLWWLKPPLWHLQHUNQDSSHQ+DQGEHZHJXQJGDV :RUWDEª-DGX/HLFKHQKHQJVW(ULVWHVRGHUHUZDUHV5LFN +ROORZD\KDWVLHJHW|WHW© 'HU7RWHQJUlEHUYHUGUHKWHGLH$XJHQ)HKOWHQXUQRFKGDHU RKQPlFKWLJJHZRUGHQZlUH$XIMHGHQ)DOOEHWHLOLJWHHUVLFKDQ GHU6XFKH'LH0lQQHUILQJHQPLWGHP'DFKERGHQDQ1LFKWLP .HOOHUZLHHVYLHOOHLFKWQRUPDOJHZHVHQZlUH(LQHQLFKW]X HUNOlUHQGH)XUFKWKLHOWVLHGDYRQDE6LHVW|EHUWHQDOOHVGXUFK IDQGHQQLFKWVXQGGXUFKVXFKWHQGDV=LPPHUPLWGHP7RWHQ $XFKKLHUHQWGHFNWHQVLHNHLQH6SXUYRQGHQYHUVFKZXQGHQHQ .LQGHUQLQGHQXQWHUHQ5lXPHQHEHQIDOOVQLFKWXQGVREOLHEQXU QRFKGHU.HOOHU -HGHUWUXJHLQH/DPSH'HU3ROL]LVWJLQJYRU$XFKLKPZDU XQKHLPOLFK]XPXWH'LH/DPSHLQVHLQHU+DQG]LWWHUWH'HU 6FKHLQWDQ]WHKHNWLVFKEHUGLH:lQGH 6LHVWLHJHQKLQWHUHLQDQGHUGLHDXVJHWUHWHQH6WHLQWUHSSHKLQDE 1LHPDQGNRQQWHDXIUHFKWJHKHQ*HGXFNWJLQJHQVLHZHLWHUXQG GXUFKVW|EHUWHQGLH.HOOHUUlXPH (VZDUHQQXU%UHWWHUYHUVFKOlJH)HXFKWNODPPPLWVFKLPPHO EH]RJHQHQ:lQGHQ,QGHQ5lXPHQODJDOOHUOHL*HUPSHO$OWH 6lFNHZHJJHZRUIHQH.OHLGXQJVVWFNH%UHWWHU%RKOHQHLQSDDU :HUN]HXJHDOWH/DSSHQ 'LH.LQGHUIDQGHQVLHQLFKW 'HU%UJHUPHLVWHUGUHKWHVLFKXPª2EZLULKQXPVRQVWYHU GlFKWLJWKDEHQ"©IUDJWHHU +DVWLJVFKWWHOWHGHU/HKUHUGHQ.RSIª1HLQGDQQKlWWHHU QLFKWVRVFKOLPPUHDJLHUW© ª6WLPPWDXFKZLHGHU© ª1RFKPDOYRQYRUQ©VFKOXJGHU$SRWKHNHUYRUª'LH.LQGHU PVVHQGRFKLUJHQGZRVHLQ© ª(UN|QQWHVLHDXFKGUDXHQYHUVFKDUUWKDEHQ©'LHVH 9HUPXWXQJVSUDFKGHU7RWHQJUlEHUDXV 'LH0lQQHUVDKHQVLFKDQ(LQH6FKZHLJHSDXVHHQWVWDQG(LQ IURVWLJHV*HIKOKDWWHVLFKDOOHU0HQVFKHQEHPlFKWLJWª-DGDVLVW P|JOLFK©PXUPHOWHGHU3ROL]LVWª7URW]GHPELQLFKGDIUGDZLU KLHUQRFKZHLWHUVXFKHQ© 'LHDQGHUHQVWLPPWHQ]X
6RQDKPHQVLFKGLH0lQQHUQRFKHLQPDOGLH9HUVFKOlJHYRU %LVGHU/HKUHUHLQH(QWGHFNXQJPDFKWH,PJU|WHQ5DXPVWDQG HLQ6FKUDQNPLW]ZHL7UHQ'HU/HKUHUKDWWHVLHQRFKHLQPDODXI JH]RJHQXQGZDULQGDV0|EHOVWFNKLQHLQJHNOHWWHUW(UQDKPDQ GDHVGLFKWDQGHU0DXHUVWDQGNORSIWHJHJHQGLH5FNZDQG XQGZXQGHUWHVLFKVHKUGDHVKRKONODQJ 6RIRUWPDFKWHHUGLHDQGHUHQGDUDXIDXIPHUNVDP ª:LUPVVHQGHQ6FKUDQN]XU6HLWHUFNHQ©VFKOXJGHU %UJHUPHLVWHUYRU 'DVWDWHQGLH0lQQHUDXFK,QJHPHLQVDPHU$UEHLWVFKDIIWHQVLH HVXQGZDUHQEHUUDVFKWGDVLFKKLQWHUGHP6FKUDQNHLQHWU EUHLWHgIIQXQJEHIDQG 'DKLQWHUZDUHVGXQNHO 1LHPDQGVDJWHHWZDVGRFKMHGHUGHU$QZHVHQGHQDKQWHGD VLHGLFKWYRUGHU/|VXQJGHVJUDXHQYROOHQ5lWVHOVVWDQGHQ 'HU%UJHUPHLVWHUPDFKWHGHQ$QIDQJZHLOVLFKVHOEVWGHU 3ROL]LVWQLFKWWUDXWH(UJLQJDXIGLH.QLHQLHGHUXQGNURFKYRU 'LH/DPSHKLHOWHULQGHUUHFKWHQ+DQG6LH]LWWHUWHXQGGHU 6FKHLQZDUIJHVSHQVWLVFKH6FKDWWHQ 'HU%UJHUPHLVWHUOHXFKWHWHLQGDV9HUOLHV$OOHK|UWHQGHQ HUVWLFNWHQ6FKUHL ª:DVLVW"© 'HU%UJHUPHLVWHUJDENHLQH$QWZRUW(U]RJVLFKZLHGHU ]XUFN$OOHUGLQJVNUDW]WHHWZDVEHUGHQ%RGHQ 'LH0lQQHUVDKHQVLFKDQ)XUFKWVDPZDUHQLKUH%OLFNH'DQQ VDKMHGHUZDVGHU%UJHUPHLVWHUPLWGHUOLQNHQ+DQGDXVGHP /RFKJH]RJHQKDWWH (VZDUHLQ6DUJ (LQZHLHU.LQGHUVDUJ 6HNXQGHQODQJVSUDFKNHLQHUGHU0lQQHUHLQ:RUW$OOHZDUHQ YLHO]XHQWVHW]WXPVLFKDXVGUFNHQ]XN|QQHQ6LHVWDUUWHQGHQ 6DUJDQDOVZlUHHUHLQIUHPGHV/HEHZHVHQ 'HU%UJHUPHLVWHUEOLHEDXIGHP%RGHQKRFNHQ(UEOLFNWH]X GHQ0lQQHUQKRFK ª'DVLQGQRFK]ZHL©IOVWHUWHHUª(EHQIDOOVZHLH© ª'LH.LQGHU©KDXFKWHGHU/HKUHU
ª+ROVWGXVLHKHUYRU"©IUDJWHGHU$SRWKHNHU ª-D© 'LH$UEHLWYHUULFKWHWHQGHU%UJHUPHLVWHUXQGGHU3ROL]LVW 6FKRQEDOGVWDQGHQGLHGUHL6lUJHQHEHQHLQDQGHU'LH0lQQHU VWDUUWHQDXIGLH'HFNHO.HLQHUWUDXWHVLFKGDVLQGLH+DQG]X QHKPHQZDVJHVFKHKHQPXWH 'HU3ROL]LVWUlXVSHUWHVLFKª:LUZLUPVVHQGLH6lUJH|IIQHQ© 6HLQH6WLPPHNODQJGXPSI 1LFNHQ (VZDUHLQJHVSHQVWLVFKHV%LOG7DQ]HQGKXVFKWHGHU:LGHU VFKHLQGHU)ODPPHQEHUGLH:lQGHXQGVFKXIGRUWHLQEL]DUUHV 0XVWHU6HOEVWGLH/XIWVFKLHQVLFK]XYHUGLFKWHQZDUVFKZHUHU]X DWPHQXQGMHGHUVSUWHGDHLQXQVLFKWEDUHU*DVW]ZLVFKHQ LKQHQODXHUWH 'DV*UDXHQ ª'DQQZLOOLFKPDO©VDJWHGHU3ROL]LVWOHLVHEFNWHVLFKXQG PDFKWHVLFKDQGHQ9HUVFKOVVHQGHVHUVWHQ6DUJHV]XVFKDIIHQ(U O|VWHVLHKLHYWHGHQ'HFNHODEHUQRFKQLFKWDQVRQGHUQ|IIQHWH HUVWGLH9HUVFKOVVHGHUEHLGHQDQGHUHQ6lUJH ª6R©VDJWHHUªMHW]WN|QQHQZLUVLH|IIQHQ© 'HU%UJHUPHLVWHUGHU/HKUHUXQGGHU3ROL]LVWKDWWHQVLFK JHEFNW-HGHUIKOWHVLFKMHW]WYHUDQWZRUWOLFK6LHPXWHQHVWXQ HVIKUWHNHLQ:HJGDUDQYRUEHL ª-HW]W©IOVWHUWHGHU%UJHUPHLVWHU *HPHLQVDPKREHQVLHGLHVFKPDOHQ6DUJGHFNHOKRFKVRGDGLH NOHLQHQ6lUJHRIIHQYRULKQHQVWDQGHQXQGVLHKLQHLQVFKDXHQ NRQQWHQ 6LHKDWWHQPLWYLHOHPJHUHFKQHWPLWJUDXHQKDIWHQ%LOGHUQDEHU QLFKWPLWGHPZDVVLHQXQVDKHQ 'LH.LQGHUWUXJHQVFKZDU]H.XWWHQ,KUH.|USHUZDUHQQLFKW YHUZHVW'LH)LQJHUKDWWHQODQJH1lJHODOVZlUHQGLHVHLP6DUJ ZHLWHUJHZDFKVHQ $EHUGDVZDUQLFKWGDV6FKOLPPVWHVRQGHUQHVJDEHWZDVDQGH UHVHWZDVVR:DKQZLW]LJHVGDPDQHVNDXPJODXEHQNRQQWH 'LH.LQGHUKDWWHQNHLQH*HVLFKWHUPHKUVRQGHUQSXUH 7HXIHOVIUDW]HQ
ª2*RWW©VW|KQWHGHU%UJHUPHLVWHUXQGVFKOXJKDVWLJHLQ .UHX]]HLFKHQª'DVGDVGDUIGRFKQLFKWZDKUVHLQ©(U VFKOXFNWHXQGGUHKWHGHQ.RSIXPQLFKWPHKULQGLH*HVLFKWHU EOLFNHQ]XPVVHQ6LHVDKHQZLUNOLFKVFKHXOLFKDXV 'UHLPDOGLHGUHLHFNLJH)UDW]HGHV6DWDQVGLHEHLGHQ+|UQHUGLH DXVGHQVFKPDOHQ6WLUQHQZXFKVHQGDVJULQVHQGH0DXOOHLFKW JH|IIQHWGDPLWPDQGLH6WLIW]lKQHVHKHQNRQQWH -DGDVZDUGDVJHQDXH$EELOGGHV6DWDQV 'HU7HXIHOZDULQGLH.LQGHUJHIDKUHQRGHUKDWWHVLFKLKUH 6HHOHQJHKROW 'HP/HKUHUZXUGHHVVFKOHFKW(UZDQGWHVLFKDEXQGZUJWH %OHLFKWDXPHOWHHUDXVGHP9HUOLHVXQGEOLHELP*DQJVWHKHQZR HUVLFKVFKZHUDWPHQGJHJHQGLH:DQGOHKQWH(U]LWWHUWHVRGD VHLQH=lKQHZLOGDXIHLQDQGHUVFKOXJHQ6HLQH/LSSHQVWDPPHOWHQ *HEHWHLUJHQGZHOFKH:RUWHGLHLKPJHUDGHHLQILHOHQ (LQZDKUKDIWVFKOLPPHV%LOG 'HU3ROL]LVWKROWHLKQ]XUFN.UDPSIKDIWYHUPLHGGHU/HKUHU HVDXIGLH6lUJH]XVFKDXHQ ª:LUPVVHQHWZDVWXQ©VDJWHGHU%UJHUPHLVWHUª+LHUODVVHQ N|QQHQZLUVLHQLFKW© ª$EHUZDV"©IUDJWHGHU/HKUHU ª9LHOOHLFKWVLQGVLHJDUQLFKWWRW©YHUPXWHWHGHU/HLFKHQ EHVWDWWHU ª:LHVR"© 6FKDUIVDKHQGLHDQGHUHQLKQDQ ª,FKPHLQHHVN|QQWHVHLQQLFKWZDKU"© ª8QG"© ª'DQQGDQQPWHQZLUVLHHEHQW|WHQ© ª1HLQ©+DUWXQGVFKDUINODQJGLH$EOHKQXQJGHV%UJHU PHLVWHUVª'DVNRPPWQLFKWLQ)UDJH© ª:DVGHQQ"© ª:LUZHUGHQVLHEHJUDEHQ)UHXQGH6RZLHVLHVLQG,QLKUHQ 6lUJHQ:LUYHUVFKDUUHQVLHGLFKWDQGHU.VWHLQXQKHLOLJHU(UGH ZRYRUEHU]ZHLWDXVHQG-DKUHQGHUDOWH'UXLGHJHOHEWKDEHQ VROO1RFKKHXWHZLUGGLHVHU3ODW]JHPLHGHQ'DVROOHQVLHLKUH OHW]WH5XKHVWlWWHEHNRPPHQ© 'LHDQGHUHQVWLPPWHQ]X ª$EHUZLHPDFKHQZLUHV"©IUDJWHGHU/HKUHU
ª$XIMHGHQ)DOOVDJHQZLUGHQDQGHUHQQLFKWVGDYRQ1LHPDQG GDUIHWZDVYRQGLHVHQJUDXHQKDIWHQ9RUJlQJHQZLVVHQ:LU ZHUGHQVLHEHJUDEHQXQGQLFKWPHKUGDUEHUUHGHQ© 'LH0lQQHUQLFNWHQ ª$EHU]XHUVWPXLFKGDV+DXVYHUVLHJHOQGDQLHPDQGPHKU KLQHLQNDQQ©VDJWHGHU3ROL]LVW 'HU0HLQXQJZDUHQGLHDQGHUHQDXFK 'HU7RWHQJUlEHUYHUVFKORGLH6lUJHZLHGHU'LH0lQQHUYHUDE UHGHWHQVLFKIUGHQDQGHUHQ$EHQG'DQQZROOWHQVLH]XGHQ .OLSSHQ]LHKHQXQGGLHGUHL6lUJHGRUWYHUVFKDUUHQ(EHQIDOOV LKUHQ0|UGHU )UDJHQJLQJHQVLHDXVGHP:HJ6LHJDEHQQXU]XGD +ROORZD\GHU0|UGHUGHU.LQGHUJHZHVHQZDU0HKUQLFKW 'DQQNXU]QDFK0LWWHUQDFKWGHVQlFKVWHQ7DJHVGHU+LPPHO ZDUEHZ|ONWXQGNHLQ6WHUQOXJWHKHUYRUJLQJHQGLH0lQQHU LKUHUWUDXULJHQ3IOLFKWQDFK6LHKDWWHQGUHL6WXQGHQ]XYRUHUIDK UHQGDGHU3IDUUHUVHLQHQ9HUOHW]XQJHQHUOHJHQZDU$XFKHLQH VHKUGHSULPLHUHQGH1DFKULFKW 'HU7RWHQJUlEHUKDWWHVHLQHQ:DJHQ]XU9HUIJXQJJHVWHOOW(U KDWWHHLQHRIIHQH/DGHIOlFKHDXIGHUQLFKWQXUGLHGUHLZHLHQ 6lUJHVWDQGHQXQGVRUJIlOWLJDEJHGHFNWZDUHQVRQGHUQDXFKHLQH YLHUWH7RWHQNLVWHLQGHU5LFN+ROORZD\ODJ 0LWNQDUUHQGHQ5lGHUQIXKUGHU/HLFKHQZDJHQGXUFKGHQ2UW XQGQlKHUWHVLFKGHU.VWHZREHLHUGHQVFKPDOHQJHZXQGHQHQ :HJQDKPGHU]XGHQ.OLSSHQIKUWHZRDXFKGDVHLQVDPH+DXV VWDQGGDVLUJHQGHLQHPUHLFKHQ0DQQDXV/RQGRQJHK|UWH 'HUNDP]ZHLPDOLP-DKUKHUXQGIHLHUWHHLQUDXVFKHQGHV)HVW (UNPPHUWHVLFKQLFKWXPGHQYHUIOXFKWHQ2UWKLHOWGDVDOOHVIU 6SLQQHUHLXQG$EHUJODXEH 'RFKGLH(LQKHLPLVFKHQZXWHQHVEHVVHU 6FKZHLJHQGKREHQVLHGLH*UlEHUDXVZlKUHQGGHU:LQGGXUFK LKUH+DDUHIXKUXQGGDV/LHGYRQ7RGXQG9HUJlQJOLFKNHLWVDQJ .HLQ.UHX]VFKPFNWHGLH*UlEHUGHUGUHL.LQGHUXQGDXFKEHL +ROORZD\ZDUNHLQFKULVWOLFKHV6\PERO]XVHKHQ ,QXQKHLOLJHU(UGHZDUHQGLH/HLFKHQYHUVFKDUUWZRUGHQ6LH VROOWHQGRUWELVLQDOOH(ZLJNHLWOLHJHQEOHLEHQ 'DQQNDPGHU(UVWH:HOWNULHJ'LH0lQQHUZXUGHQHLQJH ]RJHQ,P-DKUHWDXFKWHSO|W]OLFKGHU0DQQDXV/RQGRQDXI
GHPGDV+DXVEHLGHQ.OLSSHQJHK|UWH(UHUIXKUGDLP'RUIHLQ +DXVOHHUVWDQG'HU0DQQNPPHUWHVLFKQLFKWXPGDV9HUERW VRQGHUQGUDQJLQGDV+DXVHLQ(UZDUVHKUDQJHWDQYRQGHQDOWHQ 0|EHOQXQGEHVRQGHUVGLH6WDQGXKUVWDFKLKPLQV$XJH 1LHPDQGKDWWHLKPJHVDJWZDVHVPLWGLHVHU8KUIUHLQH %HGHXWXQJKDWWHXQGZHOFKH9HUELQGXQJHV]ZLVFKHQ+ROORZD\ GHQGUHLWRWHQ.LQGHUQXQGGHU8KUJDE :RKHUVROOWHQGLH/HXWHGLHVDXFKZLVVHQ" 'HU.lXIHUDEHUQDKPDOOHVPLW'LH0|EHOXQGDXFKGLH8KU YHUVFKZDQGHQLQGHU9HUVHQNXQJ 'LH=HLWGHFNWHGHQ0DQWHOGHV9HUJHVVHQVEHUGLHVFKUHFN OLFKHQ9RUJlQJHXQGDXVGHP.ULHJNDPQXUGHU%UJHUPHLVWHU ]XUFN'LHDQGHUHQZDUHQLP)HOGJHEOLHEHQ 'HU%UJHUPHLVWHUJLQJQRFKHLQPDOYRUVHLQHP7RGHLQGDV +DXV(UIDQGHVKDOEDXVJHUlXPWYRUXQGHUVWDXIGHP 6WHUEHEHWWYHUWUDXWHHUVHLQHU)UDXXQGVHLQHQEHLGHQ.LQGHUQGDV VFKUHFNOLFKH*HKHLPQLVDQ(UEDWGHQ+HUUJRWWXP9HU]HLKXQJ GDQQVWDUEHU 'RFKGLH9HUELQGXQJ]ZLVFKHQGHU7HXIHOVXKUXQGGHQ7RWHQ ULQLH,P-DKUHHUVWVROOWHVLHDXIJUDXHQKDIWH$UWXQG:HLVH ZLHGHUDNWLYLHUWZHUGHQ 'XUFKGLH5XLQHSILIIGHU:LQGXQGIXKUPLUXQDQJHQHKPLQGHQ 1DFNHQ6FKXWWWUPWHVLFKYRUPHLQHQ)HQ]XHLQHPNOHLQHQ %HUJDXI9RUVSULQJHQGH0DXHUQXQGOHHUH)HQVWHUK|KOHQJDEHQ 'HFNXQJXQG6LFKWJOHLFK]HLWLJ 9RQGHP9DPSLUDEHUKDWWHLFKQRFKNHLQH6SXUJHVHKHQ$XFK 6XNRQLFKWGHUVLFKDQGHU6XFKHEHWHLOLJWH (LQ7HOHIRQDQUXIEHLP
KDWWHXQGVRJDUZLGHUVWDQGVIlKLJJHJHQ:DVVHUZDU 6RVDKGLH/DJHDXVDOV6XNRXQGLFKORVIXKUHQ'LH$UEHLW KDWWHQZLUXQVJHWHLOW:lKUHQGLFKYRQ:HVWHQKHULQGLH5XLQH HLQGUDQJKDWWH6XNRGHQ|VWOLFKHQ:HJJHQRPPHQ -HW]WVXFKWHQZLUXQVHUHQª)UHXQG©,FKVDK]ZDUYLHO6FKXWW XQGKRFKJHZDFKVHQHV8QNUDXWDEHUYRQGHP9DPSLUHQWGHFNWH LFKQLFKWV:HQQWDWVlFKOLFKHLQHUKLHUKHUXPJHLVWHUQVROOWHGDQQ KDWWHHUVLFKEHVWLPPWLP.HOOHUYHUVWHFNW'LH5lXPHZDUHQ VLFKHUOLFKQRFKQLFKW]XVDPPHQJHEURFKHQ ,FKVXFKWHGHQ(LQVWLHJXQGPXWHGDEHLEHUGHQ6FKXWWKJHO VWHLJHQ$OVLFKGLHK|FKVWH6WHOOHHUUHLFKWKDWWHXQGPLUHLQHQ 5XQGEOLFNHUODXEWHGDHQWGHFNWHLFKLKQ (UNURFK]ZLVFKHQ]ZHL0DXHUUHVWHQKLQGXUFKXQGYHUVXFKWH LPPHULQ'HFNXQJHLQHU:DQG]XEOHLEHQ6HLQ=LHOZDUHLQHVGHU JURHQ)HQVWHULPXQWHUHQ7HLO 0LFKEHPHUNWHHUQLFKWZHLOHUPLUGHQ5FNHQ]XZDQGWH6HLQ *HVLFKWNRQQWHLFKQLFKWVHKHQQXUGHQODQJHQVFKZDU]HQ 0DQWHOPLWGHPURWHQ)XWWHUGHUVLFKDXIEDXVFKWHDOVHLQ :LQGVWRLKQWUDI :LUNOLFKHLQ9DPSLU ,FKKHW]WHORV (UK|UWHPHLQH6FKULWWHNUHLVHOWHKHUXPXQGVWDUUWHLQGLH 0QGXQJGHU%HUHWWDGLHLFKQDWUOLFKJH]RJHQKDWWH,FKZHL QLFKWZDVPLFKGDYRQDEKLHOW]XVFKLHHQREZRKOVlPWOLFKH $Q]HLFKHQDXIHLQHQ%OXWVDXJHUKLQZLHVHQ'LHVFKZDU]HQ+DDUH GLH'UDFXODDXFKJHKDEWKDWWHGDVKDJHUH*HVLFKWGLHODQJHQ =lKQHGLHEOXWXQWHUODXIHQHQ$XJHQDOOHVZDUVRSHUIHNWGDHV PLUVFKRQ]XSHUIHNWYRUNDP 8QGGHVKDOE]|JHUWHLFK ª+HZDVLVWORV"©IUDJWHGHU0DQQPLW]LWWHUQGHU6WLPPHDOV LFKLKPGLH:DIIHQPQGXQJLQGHQ1DFNHQGUFNWH ,FKJDENHLQHQ$QWZRUWGHQQPLUZDUHWZDVDXIJHIDOOHQ0LW GHUOLQNHQ+DQGJULIILFKLQVHLQ+DDUXQGKLHOWLPQlFKVWHQ $XJHQEOLFNGLH3HUFNH]ZLVFKHQGHQ)LQJHUQ3O|W]OLFKZXUGH GHU0DQQURWVHQNWHGHQ.RSIXQGJULII]ZLVFKHQVHLQH/LSSHQ (UKROWHGDVNQVWOLFKH9DPSLUJHELKHUYRUXQGZDUIHV ZWHQGZHJª0DQQ©VDJWHHULPEUHLWHVWHQ(DVWHQG6ODQJ ªNDQQPDQVLFKKLHUGHQQNHLQHQ6SDHUODXEHQ"©
,FKOLHGLH%HUHWWDYHUVFKZLQGHQª6FKRQJXW0U9DPSLU© VDJWHLFK ª:DVVROOGDVEHUKDXSW"©IXKUHUPLFKDQZHLOHUZLHGHU0XW JHIDWKDWWHª:DVHUODXEHQ6LHVLFKHLJHQWOLFKPLFKKLHUPLWHLQHU :DIIH]XEHGURKHQ"© ,FK]HLJWHLKPPHLQHQ$XVZHLV ª3ROL]HL"©IUDJWHHU ª-D8QGZLUVLQGJHUXIHQZRUGHQZHLO6LHHLQH)UDXLQ,KUHU OlFKHUOLFKHQ9HUNOHLGXQJHUVFKUHFNWKDEHQ© (UZDQGVLFKYRU/DFKHQª'LHDOWH+H[HKDWWDWVlFKOLFKJH JODXEWHLQHQ9DPSLUYRUVLFK]XVHKHQ.ODVVHZLUNOLFK©(U NODWVFKWHLQEHLGH+lQGHª$OVREHVGLHVJlEH© ,FKKlWWHLKPMDHLQHDQGHUH$QWZRUWJHEHQN|QQHQOLHHV MHGRFKEOHLEHQ1LHPDQGYRQXQVKDWWHHWZDVGDYRQZHQQLFK LKPHU]lKOWHGDHVGRFK9DPSLUHJDE (LQHKDOEH6WXQGHVSlWHUZDUGLH6DFKHHUOHGLJW,FKNRQQWH GHP0DQQDXFKNHLQH9RUZUIHPDFKHQ6LFKDOV9DPSLU]XYHU NOHLGHQYHUVWLHQLFKWJHJHQGDV*HVHW] 6XNRXQGLFKIXKUHQZLHGHU]XUFN,Q]ZLVFKHQZDUEHLP
NHLWHQEHUHLWHWHDOVHLQ7HDPPLW1DGLQH%HUJHULQGHUZHLEOLFKHQ +DXSWUROOHHLQHQ)LOPGUHKHQZROOWH 'DPLWZDUEHU1DGLQH%HUJHUDOOHVJHVDJW6LHKDWWHHLQHQ H[RWLVFKHQ%HUXIXQGZDU)LOPVFKDXVSLHOHULQ=ZHLPDOKDWWHLFK PLWLKU]XWXQJHKDEW1DGLQHZDUHLQHWROOH)UDX%HLLKUKlWWH LFKZLUNOLFKQLFKW!1HLQVDJHQN|QQHQGRFKEHLPOHW]WHQ%DOO PLVFKWHQRFK-DQH&ROOLQVPLWXQGGLHZDFKWHPLW$UJXVDXJHQ EHUXQVGDPLWZLUMDNHLQH'XPPKHLWHQPDFKWHQ 1XQGHQQLFKZDUJHVSDQQWZDVGLHJXWH1DGLQHYRQPLU ZROOWH9RUVLFKWLJ|IIQHWHLFKGHQ%ULHIXQGPLUUXWVFKWHHLQH KDQGVFKULIWOLFKXQGDXI%WWHQSDSLHUJHVFKULHEHQH(LQODGXQJLQ GLH+lQGH /LHEHU-RKQ ,FKKRIIHGD'XPLUQLFKWE|VHELVWZHLOLFKVRODQJHQLFKWVPHKU YRQ PLUKDEHK|UHQODVVHQ$EHUGXZHLWMDVHOEVWZLHKHNWLVFKGDV )LOPJHVFKlIWLVW'DNRPPWGDV3ULYDWOHEHQKDOW]XNXU] ,FKZHUGHDPQlFKVWHQ:RFKHQHQGHGUHLLJ-DKUHDOWXQGKDEHYRU GLHVHQ*HEXUWVWDJPLW)UHXQGHQJUR]XIHLHUQ*OHLFK]HLWLJZLOOLFK PLFKDQGLHVHP7DJYHUOREHQ 0HLQ$XVHUZlKOWHUHULVW$QWLTXLWlWHQKlQGOHUEHVLW]WHLQDOWHV+DXV DQGHU.VWHYRQ:DOHV+LHUZROOHQZLUPHLQHQ*HEXUWVWDJXQG XQVHUH9HUOREXQJIHLHUQ'X-RKQELVWKHU]OLFKHLQJHODGHQXQGLFK KDEHVHKUGDGXNRPPVW$OOHVZHLWHUHPQGOLFK 'HLQH1DGLQH (VIROJWHQRFKHLQH7HOHIRQQXPPHUXQWHUGHU1DGLQH%HUJHU]X HUUHLFKHQZDU ,FKEHUOHJWH'LH(LQODGXQJZDU]LHPOLFKSO|W]OLFKJHNRPPHQ GHQQKHXWHKDWWHQZLUVFKRQ0LWWZRFK $OOHUGLQJVKDWWHLFKQLFKWVDP:RFKHQHQGHYRUXQGLFKKDWWH 1DGLQH]XGHPODQJHQLFKWPHKUJHVHKHQ,FKIUHXWHPLFKZLUN OLFKVLHZLHGHU]XVHKHQ 9HUOREHQZROOWHVLHVLFK,FKOlFKHOWHPGHXQGDXFKHWZDVYHU ORUHQ:LHGHUEHUNDPHQPLFKGLH(ULQQHUXQJHQDQXQVHUH EHLGHQJHPHLQVDPHUOHEWHQ)lOOH,FKVDKVLHQRFKJHQDXYRUPLU 0DOEORQGGDQQZLHGHUVFKZDU]1DGLQHZHFKVHOWHGLH+DDU IDUEHGDVZDUHLQNOHLQHU7LFNYRQLKU6HLWGHU%HJHJQXQJPLW
GHPXQKHLPOLFKHQ0|QFKKDWWHVLHVLFKJHVFKZRUHQQLHZLHGHU *UXVHOILOPH]XGUHKHQ'DVVFKLHQVLHDXFKGXUFKJHKDOWHQ]X KDEHQGHQQLFKKDWWHQLFKWVDQGHUHVPHKUJHK|UW$XIMHGHQ)DOO ZDULFKJHVSDQQWVLHZLHGHU]XVHKHQ 'HU7HOHIRQQXPPHUQDFK]XXUWHLOHQPXWHVLHVLFKEHUHLWVLQ :DOHVDXIKDOWHQ 'DV*HVSUlFKZUGHWHXHUZHUGHQDEHU1DGLQHZDUPLUGLHV ZHUW,FKULHIDQ (LQ+RWHOSRUWLHUPHOGHWHVLFK,FKVDJWHPHLQHQ1DPHQXQG EDW0LVV%HUJHUVSUHFKHQ]XGUIHQ 0DQYHUEDQGPLFKZHLWHU 'DQQK|UWHLFKLKUH6WLPPHª-RKQ©ULHIVLHª%LVWGXHVZLUN OLFK"2GHUKDWGHU.QDEHYRQGHU5H]HSWLRQGHQ1DPHQIDOVFK YHUVWDQGHQ"©,KUH6WLPPHNODQJIUHXGLJHUUHJW ª,FKELQHVLQGHU7DWGXJURHU6WDU©VDJWHLFKXQGK|UWHHLQ VLOEHUKHOOHV/DFKHQ ª'DQQKDVWGXPHLQH(LQODGXQJHUKDOWHQ"© ª6RHEHQ© ª8QG"© ,FKOLHVLHEHZXWHLQZHQLJ]DSSHOQXQGJDEHUVWPDONHLQH $QWZRUW ª-RKQELWWHVDJVFKRQ©GUlQJWHVLHª,FKVWHUEHKLHUIDVWYRU 6SDQQXQJ© ª$P:RFKHQHQGHKDEHLFKQLFKWVYRU8QGLFKKRIIHDXFKQLFKW GDHWZDVGD]ZLVFKHQNRPPW© 6LHXQWHUEUDFKPLFKª'DQQNRPPVWGX-RKQ"© ª:LHHVDXVVLHKWMD© (LQ-XEHOVFKUHLZDUGLH$QWZRUW ª8QGGXYHUOREVWGLFK"© ª-D-RKQ© ª:HULVWGHQQGHU*OFNOLFKH"© ª(VLVWHLQEHNDQQWHU$QWLTXLWlWHQKlQGOHUDXV/RQGRQXQG KHLW'RQ0LWFKHOO© ª.HQQHLFKQLFKW© ª'XLQWHUHVVLHUVWGLFKMDDXFKQLFKWIUDOWH0|EHO© ª1XQMD+DXSWVDFKHLKUYHUVWHKWHXFKJXW©VDJWHLFKXQG VSUWHHLQOHLFKWHV.UDW]HQLP+DOV ª-DGDVWXQZLU©
ª+|UVWGXGDQQPLWGHU)LOPHUHLDXI"©ZROOWHLFKZLVVHQ ª1HLQ'RQKDWQLFKWVGDJHJHQ© ª6RJDQ]EHJHLVWHUWNOLQJWGHLQH6WLPPHQLFKW©VDJWHLFKª+DVW GXLUJHQGHWZDV"© ª:LHVR"© ª,FKIUDJHQXU© (LQH3DXVHHQWVWDQGª9LHOOHLFKW-RKQ,FKELQPLUQLFKWVR VLFKHU(VN|QQWHVHLQ© ª6DJHV1DGLQH© ª8QVLQQ-RKQ$EHUZLUUHGHQGDUEHUGDVNDQQLFKGLUYHU VSUHFKHQ6LHK]XGDGXIUKEHLPLUELVWGDQQKDEHQZLUQRFK IUXQVHLQZHQLJ=HLW© ª2ND\LFKIDKUHLQGHU1DFKWORV'XPXWPLUQXUQRFKGLH JHQDXH$GUHVVHVDJHQ© 'HQ2UWNDQQWHLFKQLFKW(LQHVGHU]DKOUHLFKHQ'|UIHUGLHHV EHUDOOLQ:DOHVJDE(LQVDPDQGHU.VWHOLHJHQGXQGQRFK XUVSUQJOLFK ª'DV+DXVLVWDXIMHGHQ)DOOQLFKW]XEHUVHKHQ(VOLHJW]LHP OLFKQDKHDQGHQ.OLSSHQ5LFKWLJURPDQWLVFK© ª,FKELQJHVSDQQW©VDJWHLFK 'DVZDULFKZLUNOLFK8QGLFKGDFKWHDXFKQRFKODQJHEHUGDV *HVSUl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lGHQGDQQlFK]WHGDV
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lQGH]XP %HLVSLHO$EHU]ZLVFKHQGLHVHQDOWHQ0|EHOQNRQQWHVLHQLFKW OHEHQ'DIKOWHVLHVLFKHLQJHHQJW8QGLKU]XNQIWLJHU9HUOREWHU KDWWHGDV+DXVPLWDOOHQ'LQJHQYROOJHVWRSIW$QWLTXLWlWHQIU GLHHUQLFKWHLQPDOKDWWH]XEH]DKOHQEUDXFKHQZHLOGLH6DFKHQ LKPYHUHUEWZRUGHQZDUHQYRQHLQHPVHLQHU9RUIDKUHQPWWHU OLFKHUVHLWVGHUHEHQIDOOV$QWLTXLWlWHQKlQGOHUJHZHVHQZDU 'HUZDU|IWHULQGLHVH*HJHQGJHIDKUHQXQGKDWWHKLHU !DEJHUlXPWZLHPDQVRVFK|QVDJW 0RPHQWDQEHIDQGVLFK1DGLQH%HUJHUDOOHLQLQGHPGVWHUHQ +DXV,KU)DVW9HUOREWHUZDUZHJJHIDKUHQZHLOHUQRFKHWZDV EHVRUJHQZROOWH1DGLQHZROOWHQLFKWPLWIDKUHQ6LHKDWWHNHLQH /XVWKLQDXVLQGHQ)UKMDKUVUHJHQ]XODXIHQGHUDXVGHUGLFKWHQ JUDXHQ:RONHQGHFNHILHOXQGJHJHQGLH6FKHLEHQKlPPHUWH +LHUDQGHU.VWHZDUHVLPPHUZLQGLJ9RP0HHUKHUZKOWH VLFKGHU:LQGKHUDQVFKOHXGHUWHGDV:DVVHUYRUVLFKKHUXQG ZDUIHVJHJHQGLH)HOVHQ :DOHVHLQZLOGHVURPDQWLVFKHV/DQG 'DUDQPXWH1DGLQH%HUJHUGHQNHQDOVVLHVLFKDEZDQGWH6LH NRQQWHGDVDQGHQ6FKHLEHQKHUDEODXIHQGH:DVVHUQLFKWPHKU VHKHQXQGKRIIWHGD'RQEDOG]XUFNNHKUHQZUGH(VZDU QLFKWMHGHUPDQQV6DFKHDOOHLQLQVROFKHLQHP+DXV]XEOHLEHQ ,QGHQ.HOOHUKDWWHVLFK1DGLQHQRFKJDUQLFKWKLQHLQJHWUDXW 'DYRUIUFKWHWHVLHVLFK
3HUVRQDOZDUDXFKQLFKWGD(VZUGHHUVWVSlWHUHLQWUHIIHQ 'LHGXQNHOKDDULJH6FKDXVSLHOHULQ]QGHWHVLFKHLQH=LJDUHWWH DQXQGEOLHVGHQ5DXFKLQGHQ5DXPKLQHLQ(UZDUVRJUR JHQDXULFKWLJIUGLHDOWHQ0|EHO,Q]ZLVFKHQJDEHVLQGLHVHP *HPlXHUDXFKHOHNWULVFKHV/LFKWXQGGLH.FKHZDUPLWDOOHP .RPIRUWHLQJHULFKWHW1DGLQHZUGHHVDQQLFKWVIHKOHQ,KU ]XNQIWLJHU9HUOREWHUZDUVHKUUHLFK7URW]GHPIUDJWHVLHVLFKRE HVQLFKWHLQH:DKQVLQQVLGHHZDUVLFKPLWLKP]XYHUOREHQ 'RQZDUHLQOLHEHUQHWWHU0HQVFKZLUNOLFKDEHUHUKDWWHHEHQ VHLQH0DFNHQ 1DGLQHEHUOHJWHKLQXQGKHU6LHVFKULWWGLH6HLWHQGHVNRVW EDUHQ7HSSLFKVDEUDXFKWHGDFKWHQDFKXQGIUDJWHVLFKREVLH DOOHVULFKWLJJHPDFKWKDWWH 8QGEHLZHPNRQQWHVLHVLFK5DWKROHQ")UHXQGHKDWWHVLHQLFKW =ZDUXQJHKHXHUYLHOH%HNDQQWHZLHGDVMDLQGHU)LOPEUDQFKHVR EOLFKLVWDEHUGLH.ROOHJHQZDUHQNHLQH)UHXQGHGLHGDFKWHQ QXUDQLKUHQHLJHQHQ9RUWHLO1DGLQHZXWHNHLQHQPLWGHPVLH EHULKUH3UREOHPHUHGHQNRQQWH 'DZDULKU-RKQ6LQFODLUHLQJHIDOOHQXQGGDHUNRPPHQ ZUGHHPSIDQGVLHDOVHLQHQJURHQ/LFKWEOLFN,KPNRQQWHVLH VLFKDQYHUWUDXHQXQGHUZUGHDXFK9HUVWlQGQLVGDIUKDEHQ GDVLHVLFKLQGHP+DXVQLFKWZRKOIKOWH 'LHVHV*HPlXHUOHEWH'DZDUQLFKWQXUGHU6WXUPGHUXPGLH 0DXHUQWRVWHVRQGHUQHVJDEQRFKHWZDVDQGHUHVGDVVLHEHXQ UXKLJWH(WZDVQLFKW)DEDUHVQLFKW*UHLIEDUHV8QKHLPOLFKHV 'LHVHV+DXVRGHUGLH8PJHEXQJPXWHQHLQVFKUHFNOLFKHV *HKHLPQLVEHZDKUHQ 6LHZXWHQLFKWZDVHVZDUDEHUVLHIKOWHHV:LHGDV1HW] HLQHU6SLQQHEUHLWHWHHVVLFKDXVHVEHUILHOVLHUHJHOUHFKWXQG XPZREVLH1DGLQHKDWWHGDV*HIKOLQGHQJURHQ+DOOHQXQG =LPPHUQNHLQH/XIWPHKU]XEHNRPPHQ'LHVHEUHLWH7UHSSHGLH PLW6WXFNYHU]LHUWHQ'HFNHQGDVNQDUUHQGH+RO]GLHGLFNHQ %RKOHQGLH)HQVWHUXQG 1DGLQHXQWHUEUDFKLKUH:DQGHUXQJXQGEOLHEDEUXSWVWHKHQ 6LHEHIDQGVLFKLQ1lKHGHU7UGLHRIIHQVWDQGXQGVLHK|UWH JHQDXGDV*HUlXVFK .LQGHUODFKHQ (VNDPYRQXQWHQ(QWZHGHUDXVGHU+DOOHRGHUDXVHLQHPGHU
5lXPHGLHVLFKGDUXPJUXSSLHUWHQ$EHUHVZDUHQNHLQH.LQGHU LP+DXVGHVKDOENRQQWHHVQLFKWVHLQGD.LQGHUVSUDFKHQ2GHU VROOWHQHWZDDXVGHPQDKHQ'RUIZHOFKHHLQJHWURIIHQVHLQ" 1DGLQH%HUJHUZROOWHUXIHQGRFKLUJHQGHLQ=ZDQJKLHOWVLH GDYRU]XUFN6WDWWGHVVHQQlKHUWHVLHVLFKGHURIIHQVWHKHQGHQ =LPPHUWUXPGHQ5DXP]XYHUODVVHQ6LHZROOWHKLQDXVLQGHQ EUHLWHQ.RUULGRUGHUGLH+DOOHLP4XDGUDWXPOLHI 1DGLQH%HUJHUVSLW]WHGLH2KUHQ :LHGHUGLH.LQGHUVWLPPHQ (VPXWHQVLFKHUOLFK]ZHLRGHUGUHLVHLQGLHPLWHLQDQGHUVSUD FKHQ$OOHUGLQJVNRQQWH1DGLQHQLFKWXQWHUVFKHLGHQREHV -XQJHQRGHU0lGFKHQVWLPPHQZDUHQ 6LHNODQJHQ]XJOHLFK 9RUGHUEUHLWHQ%UVWXQJEOLHEVLHVWHKHQOHJWHLKUH+lQGHDXI GHQODFNLHUWHQ+DULGODXIXQGVFKDXWHLQGLH7LHIH 9RQGHQ.LQGHUQVDKVLHQLFKWV $EHUVLHKDWWHGRFKLKUH6WLPPHQJHK|UW 1DGLQHV+HU]NORSIWHVFKQHOOHU6LHUDIIWHLKUHQ0XW]XVDPPHQ XQGULHIª+DOORGDXQWHQLVWGDMHPDQG"© .HLQH$QWZRUW 'LH)LOPVFKDXVSLHOHULQULHIQRFKHLQPDOXQGLQGHU+DOOHEOLHE HVLPPHUQRFKVWLOO 1DGLQHV%OLFNIODFNHUWH:DVVROOWHVLHWXQ"'DVLFKGRUW MHPDQGEHIDQGGDVKDWWHVLHVHKUGHXWOLFKJHK|UWDEHUZDUXP PHOGHWHVLFKGDQQNHLQHU" :HQQGRFKQXULKU)UHXQGGDJHZHVHQZlUH'RQ0LWFKHOO KlWWHEHVWLPPWHLQH$QWZRUWJHZXW$EHUGHUZDUXQWHUZHJV XQGZUGHHUVWVSlWHUHLQWUHIIHQ 'DV+DXVYHUODVVHQNRQQWHVLH]ZDUDEHUVLHZROOWHQLFKWGXUFK GLH'XQNHOKHLWXQGVLFKLUJHQGZRLQ0LOWRQEXUU\YHUNULHFKHQ :DVKlWWHVLHGHQ'RUIEHZRKQHUQDXFKHU]lKOHQVROOHQ"0DQ KlWWHVLHDXVJHODFKWGHQ%HULFKWIUHLQH)DUFHJHKDOWHQIUGLH :LFKWLJWXHUHLHLQHUEHUNDQGLGHOWHQ6FKDXVSLHOHULQ 6RlKQOLFKGDFKWHVLH$EHUKLHUREHQZROOWHVLHDXFKQLFKW EOHLEHQEHUZDQGVLFKVHOEVWXQGVFKULWWDXIGLHEUHLWH7UHSSH]X GLHLP%RJHQQDFKXQWHQIKUWH 'DV/LFKWEUDQQWH]ZDUDEHUGLHVH'LQJHJHILHOHQLKUQLFKW 1DGLQHV0HLQXQJQDFKZDUHVQLFKWKHOOJHQXJ'LHJURHQ
/HXFKWHUDQGHU'HFNHEUDQQWHQHLQIDFK]XPDWW 1DGLQHELVLFKDXIGLH/LSSHQ1XUNHLQH3DQLNVFKlUIWHVLH VLFKHLQGXKDVWVFKRQHLQLJHVHUOHEWXQGZLUVWGLFKGRFKGXUFK .LQGHUVWLPPHQQLFKWEDQJHPDFKHQODVVHQ 6FKULWWIU6FKULWWJLQJVLHGLH6WXIHQKLQXQWHU'HUGXQNHOURWH 7HSSLFKVFKOXFNWHMHGHV*HUlXVFKVRGDLKUH$QNXQIWJDUQLFKW EHPHUNWZHUGHQZUGH 1DGLQH%HUJHU]ZDQJVLFK]XU5XKH'LH$WPRVSKlUHGHV +DXVHVVROOWHQLFKWDXIVLHDEIlUEHQ $OVVLHGLH+lOIWHGHU7UHSSHKLQWHUVLFKJHODVVHQKDWWH]XFNWH VLHZLHGHU]XVDPPHQ $EHUPDOVK|UWHVLHGLH6WLPPHQ -HPDQGODFKWH $EHUHVZDUHLQUDXKHV/DFKHQGDVVRJDUQLFKW]XHLQHP.LQG SDVVHQZROOWH ,UJHQGZLHNODQJHVZLOGDEJHKDFNWXQGJHIlKUOLFK 1DGLQHV)XUFKWZXFKV $EHUVLHJLQJZHLWHU6WXIHIU6WXIHOLHVLHKLQWHUVLFKXQG DWPHWHDXIDOVVLHLQGHU+DOOHVWDQG,KUH%OLFNHVDXJWHQVLFKDQ GHUVFKZHUHQ(LQJDQJVWUIHVW 6LHZDUJHVFKORVVHQ +DWWHQGLH.LQGHUGLHVHQ:HJJHQRPPHQRGHUZDUHQVLHDXI HLQHPDQGHUHQLQGDV+DXVJHODQJW"9LHOOHLFKWGXUFKV)HQVWHUHLQ JHVWLHJHQ6LHUHFKQHWHPLWDOOHP 0HKUHUH7UHQ]ZHLJWHQDE,QGHU0LWWHGHU+DOOHODJHLQ JURHU7HSSLFK(LQ)OJHOVWDQGKLHUDQGHQ:lQGHQKLQJHQ JURHgOVFKLQNHQHLQZXFKWLJHU/VWHUGHUPLW*ODVSOlWWFKHQ EHUVlWZDU]RJXQZLOONUOLFKGLH$XIPHUNVDPNHLWGHU(LQ WUHWHQGHQDXIVLFK 8QWHUGHP/VWHUEOLHEGLH)UDXVWHKHQ ,UJHQGZLHSDWHVLHQLFKWVRUHFKWLQGLHVHV*HPlXHU1DGLQH WUXJHLQHOHJDQWHVZHLQURWHV.RVWPGHVVHQ5RFN]LHPOLFKHQJ JHVFKQLWWHQXQGJHVFKOLW]WZDU'DV.RVWPXQWHUVWULFKGHXWOLFK LKUHELHJVDPH)LJXU'DGHU5RFNQLFKW]XODQJZDUNDPHQDXFK GLHIDQWDVWLVFKJHZDFKVHQHQ%HLQH]XU*HOWXQJ'DVGXQNOH+DDU ILHODOV5LQJHOORFNHQIULVXUELVIDVWDXIGLH6FKXOWHUQXQGXP UDKPWHGDVDSDUWH*HVLFKWGHUEHNDQQWHQ)LOPVFKDXVSLHOHULQ :LHGHUK|UWH1DGLQHGLH6WLPPHQ
6LH]XFNWHKHUXP *HQDXJHJHQEHUZDUHQVLHDXIJHNOXQJHQZRGLH7UGHV =LPPHUVVSDOWEUHLWRIIHQVWDQG 'DPXWHQVLHVHLQ 1DGLQHIU|VWHOWHDOVLKUGLHVEHZXWZXUGHXQGVLHVFKUHFNWH DXIDOVVLHSO|W]OLFKGDV*HUlXVFKK|UWH 'LUHNWEHULKU 'HU.URQOHXFKWHUEHJDQQ]XVFKZDQNHQ1DGLQHZDUIHLQHQ %OLFNQDFKREHQVDKGDVLFKGLHNOHLQHQ*ODVSDLOOHWWHQEHZHJWHQ XQGJHJHQHLQDQGHUNOLUUWHQ 6LHYHUXUVDFKWHQGLHVHVHOWVDPH0XVLNGLH1DGLQHHLQH *lQVHKDXWEHUGHQ5FNHQMDJWH-HGHQ0RPHQWNRQQWHGHU /HXFKWHUIDOOHQXQG1DGLQHVDK]XGDVLHZHJNDP +DVWLJOLHIVLHDXIGLH7U]XKLQWHUGHUGLH6WLPPHQDXIJH NOXQJHQZDUHQ 9RUGHP5DXPEOLHEVLHVWHKHQ ,PVHOEHQ$XJHQEOLFNK|UWHGDV.OLUUHQDXI 1DGLQHILHOHLQ6WHLQYRP+HU]HQVLH]XFNWHMHGRFK]XVDPPHQ DOVVLHDEHUPDOVGLH6WLPPHYHUQDKP 8QGQXQNRQQWHVLHHWZDVYHUVWHKHQ ª:LUNRPPHQZLHGHUGHU7HXIHOOlWXQVZLUPVVHQLQGDV +DXVHVJHK|UWXQV©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lFKWLJHV6WFNGDVVHLQHQ3ODW]DQHLQHU:DQGVHLWHKDWWH
XQGDXIGDVLKU]XNQIWLJHU9HUOREWHUEHVRQGHUVVWRO]ZDU 'LH8KUEWHDXIVLHHLQHJHZLVVH)DV]LQDWLRQDXVGDVPXWH VRJDU1DGLQH%HUJHU]XJHEHQ 2KQHHVHLJHQWOLFK]XZROOHQVFKULWWVLHDXIGLH6WDQGXKU]X 'LHVH8KUZDU]LHPOLFKEUHLW%UHLWHUDOVGLHQRUPDOHQ8KUHQ XQGLQGHUXQWHUHQ+lOIWHOLHIVLHDXVHLQDQGHUVRGDGHU6RFNHO ZXFKWLJHUZDUDOVGDV2EHUWHLO0DQNRQQWHLKQDXFK DXIVFKOLHHQ1DGLQHVDKGLH7UXQGGHQLP6FKORVWHFNHQGHQ 6FKOVVHO,KUH+DQGZDUVFKRQXQWHUZHJVGRFKGDQQ]XFNWHVLH ZLHGHU]XUFN1HLQVLHWUDXWHVLFKQLFKWGLH7U]X|IIQHQ ,KU%OLFNZDQGHUWHK|KHUXQGEOLHEDXIGHP]LHPOLFKJURHQ =LIIHUEODWWKDIWHQ 'LHU|PLVFKHQ=LIIHUQZDUHQDXIGLHUXQGHOHLFKWEOlXOLFK VFKLPPHUQGH8QWHUODJHJHQLHWHWXQGVLHVDKDXFKGLHEHLGHQ =HLJHUYRQGHQHQVLFKGHUJU|HUHODQJVDPEHZHJWH 'LH6WDQGXKUJLQJJHQDXREZRKOVLHVFKRQVRDOWZDU(LQ 0HLVWHUVHLQHV)DFKVPXWHVLHDQJHIHUWLJWKDEHQ 'HU$QEOLFNGLHVHU8KUZHFNWHVHOWVDPH*HIKOHLQLKU'LHVHV ZLUNOLFKIDQWDVWLVFKH6FKPXFNVWFNVWLHVLHDEXQG]RJVLH JOHLFK]HLWLJDQ 6LHZXWHQLFKWZHVKDOEDEHUVLHKDWWHGDV*HIKOGDYRQGHU 8KUHLQH%HGURKXQJDXVJLQJ 'LH)LOPVFKDXVSLHOHULQIU|VWHOWH6LHVWDQGGDYRUZDJWHVLFK QLFKW]XUKUHQXQGKDWWHGLH.LQGHUY|OOLJYHUJHVVHQVRVHKUZDU VLHLQGHQ$QEOLFNYHUWLHIW 1DGLQHQDJWHDXIGHU/LSSH(LQ6FKDXHUULHVHOWHEHULKUHQ 5FNHQ6LHNRQQWHQLFKWVDJHQZRKHUGLHVHV*HIKOGHU %HGURKXQJNDPHVZDUHLQIDFKGD 9LHOOHLFKWJLQJLKUDXFKGHU6FKODJGHU8KUDXIGLH1HUYHQ *OHLFKPlLJEHZHJWHVLFKGDV3HQGHO 7DFNWDFNWDFN 8QGGHU0LQXWHQ]HLJHUZDQGHUWHZHLWHU'UHL0LQXWHQYRU ]ZHLXQG]ZDQ]LJ8KU1DGLQHGDFKWHDQLKUHQ)UHXQGGHUQRFK QLFKWGDZDUXQGXPGHQVLHVLFK6RUJHQPDFKWH :DUXPNDPHUQLFKW" ,KUH*HGDQNHQZXUGHQDEJHOHQNW'HQQDEHUPDOV]RJVLHGDV =LIIHUEODWWLQVHLQHQ%DQQ 'DVEOlXOLFKH6FKLPPHUQZDUGRFKQLFKWQRUPDOGHQQVLHKDWWH
GDV*HIKODOVZUGHVLFKLQQHUKDOEGHV=LIIHUEODWWHVHWZDV EHZHJHQ 1DGLQHVFKOXFNWH 'DZDUGRFKHWZDV ,PVHOEHQ$XJHQEOLFNVFKOXJGLH8KUDQ =HKQPDO 1DGLQH%HUJHUHUVFKUDN=HKQGXPSIH*ORFNHQVFKOlJHKDOOWHQ GXUFKGDV=LPPHUXQGMHGHQHLQ]HOQHQ6FKODJVFKLHQVLHN|USHU OLFK]XVSUHQHUGUDQJLKUGXUFKXQGGXUFK 'HUOHW]WH6FKODJ 'DJHVFKDKHV 8USO|W]OLFKYHUlQGHUWHVLFKGDV=LIIHUEODWW$XVGHP,QQHUQ VFKlOWHVLFKHLQHJUlOLFKH)UDW]HKHUYRU 'LH)UDW]HGHV7HXIHOV (VZDUZlUPHUJHZRUGHQ'HUOHW]WH6FKQHHWDXWHDXIGHQ%HUJHQ GDIUDEHUILHOGHU5HJHQYRP+LPPHODOVZUGHHUGRUWDXV .DQQHQJHJRVVHQ 'RQ0LWFKHOOIOXFKWH(UKDWWHYRUJHKDEWVFKRQOlQJVW]X+DXVH ]XVHLQDEHUGHU:HLQKlQGOHUKDWWHLKQDXIJHKDOWHQXQGLKQQRFK LQVHLQHQ.HOOHUJHIKUWZRHVHLQLJHHUOHVHQH.RVWEDUNHLWHQ]X SURELHUHQJDE 'RQKDWWHVLHSURELHUW(LJHQWOLFKVFKRQ]XYLHOHUKlWWHQLFKW PHKUIDKUHQGUIHQDEHUZLHVROOWHHUVRQVWDQVHLQ=LHOJHODQJHQ" $XHUGHPJDEHVKLHUNHLQH3ROL]HLGLHNRQWUROOLHUWH0DQEHIDQG VLFKMDQLFKWLQGHU*URVWDGW 0LWFKHOOOHQNWHVHLQHQNQDOOURWHQ-DJXDUGHQQRFKVLFKHUEHU GLH6WUDHQ(UVFKLHQGHUHLQ]LJH$XWRIDKUHUKLHULQGHU*HJHQG ]XVHLQGHQQQLHPDQGNDPLKPHQWJHJHQ 'LHVWDUNHQ+DORJHQOHXFKWHQZDUIHQLKUEUHLWHVKHOOHV %DQGDXIGLH)DKUEDKQ8Q]lKOLJH5HJHQWURSIHQJOLW]HUWHQ ZLH'LDPDQWHQDXIZHQQVLHYRQGHQ/LFKWVSHHUHQJHWURIIHQ ZXUGHQ 'RQ0LWFKHOOZDUIURKZHQQHUHQGOLFKLP%HWWODJ'LHOHW]WHQ 7DJHZDUHQDXIUHJHQGJHZHVHQXQGGHUIROJHQGHZUGHQRFK DXIUHJHQGHUZHUGHQ (UGDFKWHDQVHLQH)DVW9HUOREWH9RUHLQHPKDOEHQ-DKUKDWWHQ
VLHVLFKNHQQHQJHOHUQWEHLHLQHU)LOPSUHPLHUHDXIGLHLKQHLQ %HNDQQWHUJHVFKOHSSWKDWWH 6RIRUWZDUHUYRQ1DGLQH%HUJHUIDV]LQLHUWJHZHVHQ'LHVH)UDX VWHOOWHIULKQDOOHVLQGHQ6FKDWWHQ(UKDWWHVFKRQYLHOH0lGFKHQ JHKDEWYRP&DOOJLUOELV]XU0LOOLRQlUVWRFKWHUDEHUVRHWZDVZLH 1DGLQHZDUQRFKQLFKWGDEHLJHZHVHQ +LPPHOZDUGDVHLQH)UDX 8QGHUZDU1DGLQHDXFKV\PSDWKLVFKJHZHVHQ.HLQ:XQGHU GHQQGHUMlKULJH$QWLTXLWlWHQKlQGOHUZDUHLQJXWDXVVHKHQGHU 0DQQ'LH)UDXHQOLHIHQGHP6FKZDU]KDDULJHQUHJHOUHFKWQDFK HUKDWWHNHLQH0KHXQGZHQQHUVHLQ3OD\ER\OlFKHOQDXIVHW]WH GDQQZDUVFKRQPHLVWHQVDOOHVNODU 8QGMHW]WGLH9HUOREXQJ (LQWLHIHU(LQVFKQLWWLQVHLQHP/HEHQ(UPXWHVHLQH'HYLVH lQGHUQIUKHUKDWWHHUVFKQHOOPLWGHQ0lGFKHQJHVFKODIHQXQG MHW]WZDU1DGLQHGD 'RQZDUHKUOLFKJHJHQVLFKVHOEVW(UZXWHQLFKWREHULKUWUHX EOHLEHQZUGHLP0RPHQWMHGHQIDOOVNDPIULKQNHLQHDQGHUHLQ )UDJH 'LH6WUDHIKUWHEHUJDXI8QGQRFKLPPHUVFKWWHWHHVZLHDXV (LPHUQ%UDXQH)OXWHQVSOWHQGHP:DJHQHQWJHJHQ'HU5HJHQ KDWWHGLHOHKPLJHQ+lQJHDXVJHZDVFKHQGDV:DVVHUDXIGLH 6WUDHJHWUDJHQZRHVKLQDEJHZLUEHOWZXUGHXQGGHPHLQVDPHQ )DKUHUHQWJHJHQVFKlXPWH 'LH:LVFKHUIXKUHQLQGHUVWlUNVWHQ6WXIHEHUGLH6FKHLEH 7URW]GHPNRQQWHQVLHGLH:DVVHUPDVVHQNDXPVFKDIIHQ%DOG KDWWHGHU)DKUHUGLHK|FKVWH6WHOOHGHU6WUDHHUUHLFKW$QGHU OLQNHQ6HLWHJLQJHVLQGLH7LHIH'RUWZDUGLH6WUDHOHLGHU QLFKWEHVRQGHUVJXWDEJHVLFKHUWQXUHLQSDDU*UHQ]SIlKOHGDV ZDUDOOHV 'DV0HHUZLUNWHZLHHLQHZRJHQGHGXQNHOJUDXH)OlFKH1XU KLQXQGZLHGHUVFKlXPWHGHU.DPPHLQHU:HOOHDXIDQVRQVWHQ UROOWHQGLHJUDXHQ:HOOHQGHU.VWH]X 'LH&DUGLJDQ%D\ZDUIULKUH6WUPHXQG:LOGKHLWEHNDQQW =DKOUHLFKH6FKLIIHZDUHQEHUHLWVDQGHQ.OLSSHQ]HUVFKHOOW (LQHZHLWHUH.XUYH0LWFKHOOQDKPVLHYRUVLFKWLJGDGHU 6WUDHQEHODJPLWHLQHU6FKODPPVFKLFKWEHU]RJHQZDU(UZDU VRQVWHLQIORWWHUHU)DKUHUGRFKKLHUPXWHHUVLFKGHQ9HU
KlOWQLVVHQDQSDVVHQVRQVWODQGHWHHU]ZLVFKHQGHQ.OLSSHQ 9RULKPODJGDV'RUI (UDWPHWHDXIDOVHUGLH+lXVHUYRQ0LOWRQEXUU\VDK+LHUXQG GDEUDQQWHHLQHLQVDPHV/LFKW'LH%DXWHQYHUVFKZDQGHQLP JUDXHQGLFKWHQ5HJHQVFKOHLHU 0LWFKHOOKDWWHGDV'RUIVFKQHOOHUUHLFKWGXUFKIXKUHVXQGGLH YLHU5lGHUVFKOHXGHUWHQKRKH:DVVHUIRQWlQHQQDFKDOOHQ6HLWHQ ZHJZHQQVLHGXUFKGLHJURHQ3IW]HQUROOWHQ 0LWFKHOOZDUIURKHQGOLFKQDFK+DXVH]XNRPPHQ(UVFKOLG GHUWHI|UPOLFKPLWVHLQHP-DJXDULQGLH.XUYHQKLQHLQGDV $TXDSODQLQJPDFKWHVHLQHP:DJHQ]XVFKDIIHQGLH5HLIHQ UXWVFKWHQZLHDXI6FKPLHUVHLIHEHUGHQ%HODJ 'RQ0LWFKHOOEHXJWHVLFKDP/HQNUDGHWZDVYRUXQGVFKDXWH VFKUlJGXUFKGLHEUHLWH)URQWVFKHLEH(UVXFKWHVHLQ+DXVXQG ZROOWHVHKHQREKLQWHUGHQ)HQVWHUQQRFK/LFKWEUDQQWH 'HU5HJHQPDFKWHLKPHLQHQ6WULFKGXUFKGLH5HFKQXQJ'RQ 0LWFKHOOVDKQXUGLHJUDXH:DQG ,P.RIIHUUDXPUXPSHOWHQGLHIODFKHQ:HLQNLVWHQJHJHQHLQ DQGHUZHQQHUGLH.XUYHQQDKP$QGDV*HUlXVFKKDWWHHUVLFK LQ]ZLVFKHQJHZ|KQWXQGGLH)ODVFKHQZDUHQJXWYHUSDFNW 1RFK]ZHL.XUYHQGDQQKDWWHHUHVKLQWHUVLFK'LHHUVWH VFKDIIWHHUJXWJLQJGDQQLQGLH]ZHLWHKLQHLQIROJWHPLWVHLQHQ %OLFNHQGHQ/LFKWVSHHUHQGHU6FKHLQZHUIHUXQGULSO|W]OLFKGLH $XJHQZHLWDXIZlKUHQGHUJOHLFK]HLWLJDXIGLH%UHPVHWUDW 9RULKPDXIGHU6WUDHVWDQGHQGUHL.LQGHU 'DV/LFKWGHU6FKHLQZHUIHUKDWWHVLHJHWURIIHQXQG'RQ 0LWFKHOOVDKVLHWURW]GHV5HJHQV]LHPOLFKGHXWOLFK:LH 'HQNPlOHUVWDQGHQVLHQHEHQHLQDQGHUXQGZDQGWHQLKPGHQ 5FNHQ]X 1XUGUHL6FKULWWHYRQGHQ.LQGHUQHQWIHUQWEUDFKWHHUVHLQHQ -DJXDU]XP6WHKHQ 0LWFKHOOVFKOXFNWH(UZLVFKWHVLFKEHUGLH6WLUQXQGIKOWHGHQ NDOWHQ6FKZHL'DVZDUZLUNOLFKHLQ+DPPHU'UHL.LQGHUPLW WHQLPVWU|PHQGHQ5HJHQXQGQDKHEHLVHLQHP+DXV:RNDPHQ VLHKHU"8QGZDVVXFKWHQVLHLQGHU1DFKWDXIGHPHLQVDPHQ:HJ GD]XEHLVWU|PHQGHP5HJHQ" 'RQVFKWWHOWHGHQ.RSI'LH.LQGHUJLQJHQDXFKQLFKWZHJ REZRKOVLHGHQ:DJHQJHK|UWKDEHQPXWHQ
6LHEOLHEHQVWHKHQXQGUKUWHQVLFKQLFKW (UGUFNWHDXIGLH+XSH 'DV+RUQWXWHWHVHLQ6LJQDOKLQDXVLQGLH1DFKWDEHUGLH.LQGHU UHDJLHUWHQQLFKW ª9HUGDPPW©VFKLPSIWH0LWFKHOO(UKDWWHHLQJHVHKHQGDHUVR QLFKWZHLWHUNDP-HW]WPXWHHUGRFKWDWVlFKOLFKDXVVWHLJHQXQG ZXUGHQRFKNODWVFKQD 1RFKHLQPDOEHWlWLJWHHUGLH+XSH$OVVLFKZLHGHUXPQLFKWV WDWZDUHUHVOHLG 'RQ0LWFKHOOVWLHGLH)DKUHUWUDXIXQGVFKZDQJVHLQHQ .|USHUDXVGHP:DJHQ6RIRUWNODWVFKWHGDV:DVVHUDXIVHLQH %HLQHGRFK]XP*OFNKDWWHHUGHQ0DQWHOZlKUHQGGHU)DKUW DQJHODVVHQ(UVWHPPWHVLFKY|OOLJDXVGHP)DKU]HXJJLQJDQGHU ODQJHQ.KOHUVFKQDX]HHQWODQJVSUWHZLHGHU5HJHQLQVHLQ *HVLFKWIXKUXQGKDWWHJHUDGHGLH+lOIWHGHU6WUHFNH]ZLVFKHQ VLFKXQGGHQ.LQGHUQKLQWHUVLFKJHODVVHQDOVVLFKGLHGUHL XPGUHKWHQ 'HU6FKRFNWUDIGHQ0DQQY|OOLJXQYRUEHUHLWHW (UKDWWHHUZDUWHWQRUPDOH.LQGHUJHVLFKWHU]XVHKHQDEHUEHU GHQODQJHQVFKZDU]HQ8PKlQJHQ]HLFKQHWHQVLFKGUHL*HVLFKWHU DEGLHHVJDUQLFKWJHEHQGXUIWH (VZDUHQ7HXIHOVIUDW]HQ 1DGLQH%HUJHUNRQQWHHLQHQ6FKUHLQLFKWYHUPHLGHQ$XWRPDWLVFK GUDQJHUEHUGLH/LSSHQDOVVLHGLH)UDW]HDXIGHP=LIIHUEODWW DQVWDUUWH1DWUOLFKKDWWHVLHVFKRQ$EELOGXQJHQYRP7HXIHO JHVHKHQ'LHVHV*HVLFKWVDKQLFKWJDQ]VRDXV(VKDWWHHWZDV PHQVFKOLFKHUH=JHDQVLFKDXFKZHQQ+|UQHUDXVGHP6FKlGHO ZXFKVHQ'HU0XQGVWDQGRIIHQGLH$XJHQEOLFNWHQNDOWGLH 3XSLOOHQ]HLJWHQHLQHJHOEH)DUEHXQGDXVGHP*HVLFKWKDOOWHGHU IDVVXQJVORVHQ)LOPVFKDXVSLHOHULQHLQK|KQLVFKHV*HOlFKWHUHQW JHJHQ 1DGLQHVFKZDQNWH'LHVHV%LOGZDUVRVFKUHFNOLFKGDVLHHV NDXPIDVVHQNRQQWH6LHKDWWH$QJVWYRUGLHVHU)UDW]HGHUHQ /DFKHQSO|W]OLFKVWRSSWH 'DIUEHJDQQVLH]XUHGHQª'XELVWGHP7RGJHZHLKW1DGLQH %HUJHU0RUJHQXP0LWWHUQDFKWZHUGHLFKGHLQH7RGHVVWXQGH
HLQOlXWHQ8QGQLFKWQXUGXZLUVWVWHUEHQDOOHZHUGHQXPNRP PHQGHQQGLHVHV+DXVJHK|UWPLU0LUDOOHLQ© 0LWGLHVHQ:RUWHQYHUVFKZDQGGLH)UDW]HXQGGLHHQWVHW]WH 1DGLQHVWDUUWHDXIGLHY|OOLJQRUPDOH8KU6LHVWDQGGDXQG WLFNWHDOVZlUHQLFKWVJHVFKHKHQ 'LH6FKDXVSLHOHULQZDQNWH]XUFN(UVWDOVVLHGLH:DQGLP 5FNHQVSUWHEOLHEVLHVWHKHQ6LHNRQQWHVLFKNDXPDXIGHQ %HLQHQKDOWHQVRVHKU]LWWHUWHVLH 'DQQZDUIVLHVLFKSO|W]OLFKKHUXPXQGUDQQWHLQGLH+DOOHKLQ HLQZRHLQ]ZHLVLW]LJHV6RIDDXVGHU%LHGHUPHLHU=HLWVWDQG 1DGLQHZDUIVLFKKLQHLQXQGEHJDQQ]XVFKOXFK]HQ 6LHDKQWHQLFKWGDGDVHEHQ(UOHEWHQXUGHU$XIWDNW]XZHLWH UHQJUDXHQYROOHQ(UHLJQLVVHQVHLQVROOWH 'RQ0LWFKHOOZDJWHVLFKNHLQHQ6FKULWWZHLWHUYRU=XVHKUKDWWH LKQGHU$QEOLFNJHVFKRFNW(UVFKWWHOWHGHQ.RSIVSUWHSO|W] OLFKGHQ5HJHQQLFKWPHKUGHUDXILKQKHUXQWHUSUDVVHOWHHUVDK QXUQRFKGLHVFKUHFNOLFKHQ*HVLFKWHUGHUGUHL.LQGHU 6LHZDUHQJUDXHQKDIW 7HXIHOVIUDW]HQ 8QGVLHILQJHQDQ]XVSUHFKHQª:LUZDUQHQGLFK6WHUEOLFKHU© VDJWHQVLHDOOHGUHLDXIHLQPDOª'LHVHV+DXVJHK|UWQLFKWGLUVRQ GHUQXQV)OLHKVRODQJHGXHVQRFKNDQQVWVRQVWZLUVWGXHEHQVR VWHUEHQZLHGLHMXQJH)UDX'HLQH8KUOlXIWDE'RQ0LWFKHOO'HU )OXFKGHU9HUJDQJHQKHLWKDWGLFKHUUHLFKW9HUVFKZLQGHEHYRUHV ]XVSlWIUGLFKLVW'DV+DXVPXOHHUEOHLEHQHVJHK|UWXQV© 'LHGUHLKDWWHQVRODXWJHVSURFKHQGDVLHPLWLKUHQ6WLPPHQ GDV3UDVVHOQGHV5HJHQVEHUW|QWHQ8QG'RQ0LWFKHOOK|UWH JHQDX]X(UYHUVWDQG]ZDUMHGHV:RUWDEHUHUEHJULIIHVQLFKW :DVVROOWHQGLHVH$QGHXWXQJHQ" (UZROOWHQDFKIUDJHQ'DVZDUMHGRFKQLFKWPHKUP|JOLFK 3O|W]OLFKO|VWHQVLFKGLH.RQWXUHQGHUGUHL.LQGHUYRUVHLQHQ $XJHQDXIGDQQZDUHQVLHYHUVFKZXQGHQ $OVKlWWHVLHGHU(UGERGHQYHUVFKOXFNW 'RQ0LWFKHOOZLVFKWHVLFKEHUGLH6WLUQ(UVFKOHXGHUWHQXU :DVVHUDEPHKUQLFKW8QGMHW]WPHUNWHHUGDHUWURW]VHLQHV 0DQWHOVELVDXIGLH+DXWQDZDU(UVWDQGLPVWU|PHQGHQ5HJHQ
QHEHQVHLQHP:DJHQXQGVWDUUWHLQGLHJUDXH:DQG 1LFKWVYRQGHQ.LQGHUQ]XVHKHQQLFKWVPHKUYRQHLQHU :DUQXQJ]XK|UHQ :DUGDVDOOHVQXUHLQH7lXVFKXQJJHZHVHQ" 0LWFKHOOZXWHVHOEVWQLFKWZLHHULQVHLQHQ:DJHQJHNRPPHQ ZDU$XIMHGHQ)DOOIDQGHUVLFKUDXFKHQGKLQWHUGHP/HQNUDG ZLHGHUXQGVWDUUWHDXIGLH)URQWVFKHLEH 7DXVHQG*HGDQNHQJOHLFK]HLWLJZLUEHOWHQGXUFKVHLQHQ.RSI GRFKHVZDULKPQLFKWP|JOLFKVLH]XRUGQHQ 7LHIDWPHWHHUHLQ 'LH6FKHLEHQZDUHQEHVFKODJHQHUVWDUUWHLQV/HHUHXQGLUJHQG ZDQQVWDUWHWHHU $XWRPDWLVFKVWHXHUWHHUGHQ:HJ]XVHLQHP+DXVKRFK/LQNV ZRHV]XGHQ.OLSSHQJLQJVDKHUGLHNQRUULJHQ%lXPHGLHLKUH b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lUHHUQRFKDXVJHUXWVFKW GRFK'RQHUUHLFKWHGHQ(LQJDQJRKQH6FKDGHQ]XQHKPHQ +DVWLJVFKORHUDXI 7URSIQDVWDQGHULQGHU'LHOHXQGVFKWWHOWHVLFKZLHHLQ+XQG 6RIRUWK|UWHHUGDV6FKOXFK]HQ(WZDVYHUNUDPSIWHVLFKLQVHLQHP 0DJHQ(UKDWWHYRUJHKDEWVHLQHU)DVW9HUOREWHQQLFKWVYRQ VHLQHP(UOHEQLV]XEHULFKWHQGRFKVLHVFKLHQVFKRQDXFKHLQLJHV KLQWHUVLFK]XKDEHQGHQQVRYHU]ZHLIHOWKDWWHHU1DGLQHQRFKQLH HUOHEW6LHODJDXIGHP6RIDXQGZHLQWH 1HEHQLKUEOLHEHUVWHKHQ6LHKDWWHGHQ0DQQJDUQLFKWZDKU JHQRPPHQ(UVWDOVHUVLHEHUKUWHVFKUHFNWHVLHDXI 0LWFKHOOEHNDPHLQHQ6FKUHFN8QZLOONUOLFKSUDOOWHHU]XUFN
:DVZDUQXUJHVFKHKHQ"'LHYHUZHLQWHQ$XJHQGLH$QJVWDXI LKUHP*HVLFKWGDV=LWWHUQGHU/LSSHQHVZDUVFKUHFNOLFK (UVHW]WHVLFKQHEHQVLHXQGOHJWHHLQHQ$UPXPVLHª:DVLVW GHQQSDVVLHUW"©IUDJWHHU 1DGLQH]RJGLH1DVHKRFK'LH7UlQHQKDWWHQGXQNOH6SXUHQ DXILKUHQ:DQJHQKLQWHUODVVHQ6LHZLHVPLWGHP.RSI]XU7U KLQWHUGHUGLH8KUDXFKVWDQG ª'RQ©IOVWHUWHVLHZREHLLKUH6WLPPHNDXP]XYHUVWHKHQZDU ª'RQGDLQGHP=LPPHUGLH8KUVLH© ª:DVLVWGHQQPLWGHU8KU"© ª6LH]HLJWHLQ7HXIHOVJHVLFKW© 2EZRKO'RQ0LWFKHOOHLQHQJHOLQGHQ6FKUHFNEHNDPKDWWHHU VLFKGRFKVHKULQGHU*HZDOWXQGJDEPLWNHLQHP=XFNHQ]XYHU VWHKHQZLHVHKULKQGLH1DFKULFKWJHWURIIHQKDWWH6WDWWGHVVHQ ODFKWHHUDXIXQGHUZLGHUWHª:LHNDQQHLQH8KUHLQ*HVLFKW ]HLJHQ"© ª'XJODXEVWPLUQLFKW"© ª(VIlOOWPLU]XPLQGHVWVFKZHU© ª$EHUHVZDUVR:LUNOLFK,FKKDEHHVPLWGHQHLJHQHQ$XJHQ JHVHKHQXQGLFKKDEHDXFK.LQGHUVWLPPHQJHK|UW:LUNOLFKGLH 6WLPPHQYRQ.LQGHUQLQGHP5DXPZRGLH8KUVWHKW'RQGLH VHV+DXVLVWYHUIOXFKW,FKZLOOQLFKWPHKULQGLHVHP+DXVEOHLEHQ 'DEHNRPPHLFK$QJVW+LHUODXHUWHWZDVLFKVSUHHV© 'RQ0LWFKHOOVWULFKEHUGLH+DDUHVHLQHU)UHXQGLQª$EHUGDV LVWGRFK8QVLQQ1DGLQHGDV+DXVLVWY|OOLJQRUPDO© 1DGLQH%HUJHUULFKWHWHVLFKKDVWLJDXIª1HLQ©'LH$QWZRUWZDU HLQ.UHLVFKHQª1LFKWVLVWQRUPDO*DUQLFKWV,FKKDEHHVGRFK VHOEVWHUOHEW:LUNOLFK'DVLVWVFKOLPPDOOHVLVWVFKOLPPVHKU VFKOLPPVRJDU,FKZLOOKLHUUDXV© ª-HW]W"©IUDJWH'RQ0LWFKHOONKO ª-DQHLQLFK©6LHVFKOXJGLH+lQGHJHJHQHLQDQGHUXQG VFKWWHOWHGHQ.RSIª,FKZHL EHUKDXSWQLFKWVPHKU%LWWH'RQ YHUVWHKPLFKDEHUGDVLVWDOOHVVRVFKUHFNOLFKIUPLFK,FKKDEH GLUYRQYRUQKHUHLQJHVDJWGDLFKGLHVHV+DXVQLFKWPDJ(VLVW PLU]XGVWHUGLH$WPRVSKlUHVW|UWPLFKYHUVWHKVWGX"© ª1DWUOLFKGXEUDXFKVWKLHUMDDXFKQLFKW]XOHEHQ$EHULFK KDEHQXQPDOXQVHUH9HUOREXQJVIHLHUKLHUDQJHVHW]W:LUN|QQHQ MHW]WQLFKWDOOHVUFNJlQJLJPDFKHQ©
ª-DGXKDVWUHFKW© ª8QGZLHKDVWGXGLFKHQWVFKLHGHQ"©IUDJWH'RQ0LWFKHOO ª7XZDVGXZLOOVW© 0LWFKHOOOlFKHOWHDOVHUDXIVWDQG(UVWMHW]WVDK1DGLQHZLHQD HUZDUª$EHUZDVLVWGHQQPLWGLUSDVVLHUW'RQ"+DVWGXLP 5HJHQJHVWDQGHQ"© ª-DOHLGHULFKPXWHHLQHQ5HLIHQZHFKVHOQ7XWPLUOHLGGHV KDOEELQLFKDXFKVRVSlWJHNRPPHQ©(UKDWWHVLFKEOLW]VFKQHOO GLH$XVUHGH]XUHFKWJHOHJWZHLOHUVHLQH)UHXQGLQQLFKWQRFK ZHLWHUEHXQUXKLJHQZROOWH 1DGLQHOlFKHOWHNUDPSIKDIWª1XQMDGXPXWHVZLVVHQ$EHU GLHVH8KU"©6LHKREGLH6FKXOWHUQª,FKVFKHLQHGDV*UDXHQ LUJHQGZLHDQ]X]LHKHQ© ª:LHVR"© 1DGLQH]HUNQOOWHHLQ7DVFKHQWXFKª,FKKDEHGLUGRFKPDOYRQ GLHVHP)HVWHU]lKOWZRHLQ'U7RGGDV*UDXHQYHUEUHLWHWKDW 8QGDXFKYRQGHP0|QFK'DVZDUHQ'LQJHGLHPLWGHPQRU PDOHQ9HUVWDQGQLFKW]XHUNOlUHQVLQG© ª'DIUKDVWGXMDGHLQHQ-RKQ6LQFODLUDOV%HVFKW]HUHLQJH ODGHQ©PHLQWHGHU0DQQHWZDVVS|WWLVFK ª:DVVROOGDVKHLHQ"© ª1LFKWVQXUVR© ª(ULVWQLFKWPHLQ-RKQ6LQFODLU$EHUZHQQHUQLFKWJHZHVHQ ZlUHKlWWHVWGXPLFKQLFKWNHQQHQJHOHUQW(UKDWPLUGDV/HEHQ JHUHWWHW6RHWZDVYHUJLWPDQQLFKW© ª:LHVFK|QIULKQ© 1DGLQH%HUJHUKROWHWLHI/XIW6LHZROOWH]XHLQHUVFKDUIHQ (UZLGHUXQJDQVHW]HQEHUOHJWHHVVLFKMHGRFKDQGHUVXQGVDJWH QLFKWV6LHVFKOXFNWHGLH%HPHUNXQJKLQXQWHUXQGEOLFNWH]X %RGHQZlKUHQG'RQ0LWFKHOOLQGDV=LPPHUJLQJZRGLH8KU VWDQG 6LHVDKY|OOLJQRUPDODXV (UVFKDXWHVLFKVRUJIlOWLJXPNRQQWHDEHUQLFKWVHQWGHFNHQ ZDVLKQLUJHQGZLHJHVW|UWKlWWH 'DVVDJWHHUDXFK1DGLQH 6LHQLFNWHª,VWMDVFKRQJXW'RQ(QWVFKXOGLJHDEHULFKKDWWH HLQHQVFKOHFKWHQ7DJ© ª$PEHVWHQLVWHVZHQQGXGDUEHUVFKOlIVW0RUJHQVLHKWDOOHV
JDQ]DQGHUVDXV'DV:HWWHUVROODXFKEHVVHUZHUGHQZLHLFK JHK|UWKDEH©(UJLQJDXI1DGLQH]XXQGOHJWHHLQHQ$UPXPLKUH 6FKXOWHUQZREHLHUOlFKHOWHª'XZLUVWVHKHQPRUJHQVFKHLQWGLH 6RQQHXQGDOOHVLVWYHUJHVVHQ© 1DGLQHQLFNWHDXWRPDWLVFKZlKUHQGVLFKLKUH*HGDQNHQLQHLQH JDQ]DQGHUH5LFKWXQJEHZHJWHQ 6SlWHUODJVLHLP%HWWKDWWHGLH'HFNHELV]XP.LQQKRFKJH ]RJHQXQGODXVFKWHDXIGLHSUDVVHOQGHQ:DVVHUVWUDKOHQLQGHU 'XVFKHQHEHQDQ'RQQDKPQRFKNXU]HLQ%DG(UZDUELVDXIGLH +DXWGXUFKJHIURUHQ 1DGLQH%HUJHUDEHUZDUQXUIURKGDVLH-RKQ6LQFODLUDQJH UXIHQXQGGLHVHU]XJHVDJWKDWWH=XGHPGDFKWHVLHEHU'RQ 0LWFKHOOQDFK6HLQH5HDNWLRQYRUKLQKDWWHLKU]XGHQNHQJH JHEHQ2EHUZLUNOLFKGHUULFKWLJH3DUWQHUIUVLHZDU" $OVHULQV%HWWNDPXQGVHLQH+DQGLKUHQ.|USHUEHUKUWHGD UFNWHVLHYRQLKPZHJ ª%LWWH'RQKHXWHQLFKW© ª,VWVFKRQRND\©'HU$QWLTXLWlWHQKlQGOHUGUHKWHVLFKDXIGLH DQGHUH6HLWHXQGVFKOLHIVRIRUWHLQ 1DGLQH%HUJHUDEHUODJQRFKODQJHZDFKXQGODXVFKWHDXIMHGHV *HUlXVFK0DQFKPDOJODXEWHVLHVRJDUXQWHQLP+DXVKHOOH .LQGHUVWLPPHQ]XK|UHQ ,FKIXKUDXVGHP5HJHQLQVFK|QHUHV:HWWHUKLQHLQ$OVLFKGLH 3URYLQ]:DOHVHUUHLFKWHYHUVFKZDQGHQGLHGLFNHQ:RONHQYRP +LPPHOXQGHLQKHOOHV%ODXVFKLPPHUWHGXUFK 0HLQH/DXQHVWHLJHUWHVLFKXPHLQLJH3UR]HQWH ,FKZDUDOOHLQJHIDKUHQXQGKDWWHPLUGDIUHLQHQ7DJ8UODXE JHQRPPHQ-DQH&ROOLQVZXWH%HVFKHLGZHQLFKEHVXFKHQ ZROOWHXQGKDWWHGLH1DVHJHUPSIW ª'DZLUGGHU9HUOREWHDEHUVDXHUVHLQ©KDWWHVLHPLUDP7HOHIRQ JHVDJW ª:LHVR"(VZDUGRFKQLFKWV]ZLVFKHQXQV© ª+lWWHDEHUOHLFKWHWZDVZHUGHQN|QQHQ© ª1HLQGXKDVW]XJXWDXIJHSDW© 0LWHLQHPZWHQGHQ/DXWKDWWH-DQH&ROOLQVGHQ+|UHUDXIJH OHJW,FKZDUJHIDKUHQ
$XIGHUQRUPDOHQ.DUWHKDWWHLFKGHQ2UW0LOWRQEXUU\QLFKW JHIXQGHQ,FKPXWHHUVWDXIHLQHU6SH]LDONDUWHQDFKVFKDXHQXQG KDWWHGRUWIHVWJHVWHOOWGDGDV'RUILQGHU1lKHYRQ$EHUDHURQ ODJGHPQlFKVWJU|HUHQ2UW 'HQKDWWHLFKDXFKDXIHLQHUQRUPDOHQ.DUWHJHIXQGHQ1DFKWV KDWWHLFKORVIDKUHQZROOHQZDUDEHUQLFKWULFKWLJDXVGHP%HWW JHNRPPHQVRGDLFKHUVWLQGHQ0RUJHQVWXQGHQDXV/RQGRQ DEGDPSIWH )DVWHLQH6WXQGHGDXHUWHHVELVGHU5LHVHQPRORFKKLQWHUPLU ODJGRFKQXQIXKULFKEHUHLWVGXUFKGDVJUQH:DOHVPLWVHLQHQ ]DKOUHLFKHQ:lOGHUQ%HUJHQ+JHOQ%XUJHQXQGZLOGURPDQ WLVFKHQ6FKO|VVHUQ 'LH:DOLVHUZDUHQHLQ9|ONFKHQIUVLFK,FKKDWWHVLHEHUHLWVGHV |IWHUHQNHQQHQJHOHUQWZHLOPLFKJHIlKUOLFKH$EHQWHXHULQGLHVH *HJHQGIKUWHQ 'HU%HQWOH\OLHIJXW,FKZROOWHPLUVRVFKQHOONHLQHQQHXHQ :DJHQNDXIHQDXFKZHQQ%LOO&RQROO\LPPHUKHW]WHGDLFK PLFKGRFKNOHLQHUVHW]HQVROOWH,FKKDWWHPLFKDQGHQ6LOEHU JUDXHQJHZ|KQW0LUNDPHUVRYRUDOVZlUHHUHLQ6WFNYRQPLU 8QWHUZHJVKLHOWLFKDQHLQHP*DVWKRIDQXQGD]ZHLNOHLQH +DPPHONRWHOHWWV]X0LWWDJ6LHVFKPHFNWHQJXWXQGZDUHQDXV JH]HLFKQHWJHZU]W*HVlWWLJWIXKULFKZHLWHU (LQH6WXQGHVSlWHUHUUHLFKWHLFKGLHJU|HUH6WDGWIDQG +LQZHLVVFKLOGHUXQGIXKUVFKRQEDOGEHUGLHVFKPDOH6WUDHGLH QDFK0LOWRQEXUU\IKUWH ,FKNDPSUDNWLVFKDXVGHQ%HUJHQKLHUZDUHQQXUQRFKGLH $XVOlXIHU]XVHKHQ6DQIWH+JHODXIGHQHQQRFKGDVEUDXQH :LQWHUJUDV]XVHKHQZDUEHWWHWHQGLH6WUDHHLQ 9LHO9HUNHKUKHUUVFKWHQLFKW,FKZXUGHQXUHLQSDDUPDOEHU KROWYRQVFKQHOOHQ)OLW]HUQGHUHQ)DKUHUHVEHVRQGHUVJXWPHLQ WHQ'LHNRQQWHQUDVHQZLHVLHZROOWHQLFKOLHHVODQJVDPDQ JHKHQ 'DQQEHUKROWHPLFKHLQZHLHU7ULXPSKPLWRIIHQHP9HUGHFN 'DVZXUGHVRJDU]LHPOLFKNQDSSLFKPXWHELVDQGHQlXHUHQ 6WUDHQUDQGDXVZHLFKHQ 5RWEORQGH+DDUHIODWWHUWHQLP:LQGDQGHU6WLUQGXUFKHLQ %DQGJHKDOWHQ 'DVZDUHLQH)DKUHULQ
,FKKDWWHVLHQLFKWULFKWLJHUNHQQHQN|QQHQDOOHVZDU]XVFKQHOO JHJDQJHQ 'RFKLFKVDKVLHZLHGHU 6HKUVFKQHOOVFKRQXQGKLQWHUGHUQlFKVWHQ.XUYH'DKDWWHVLH LKUHQ)OLW]HUQlPOLFKLQGHQ*UDEHQJHVHW]WZREHLVLFKGHU .KOHUQRFKLP6WDFKHOGUDKW]DXQYHUIDQJHQKDWWH'LH)DKUHULQ NOHWWHUWHVRHEHQIOXFKHQGDXVGHP*UDEHQXQGUHLQLJWHVLFKGLH .OHLGXQJZlKUHQGHLQLJHDXIGHU:LHVHVWHKHQGH6FKDIHWHLO QDKPVORV]XVFKDXWHQ ,FKKLHOWXQGVWLHJDXV 'LH5RWEORQGHNDPDXIPLFK]X 6LHWUXJHLQHQVFKLFNHQKHOOEODXHQ+RVHQDQ]XJDXV&RUG %HLGHUZHLHQ%OXVHKDWWHVLHGLHGUHLREHUVWHQ.Q|SIHRIIHQ JHODVVHQXQGLQGHUOLQNHQ+DQGVFKOHQNHUWHVLHOlVVLJHLQH 6RQQHQEULOOH ª3HFK©VDJWHVLH ª1HLQ©HUZLGHUWHLFKª8QYHUP|JHQ© ª:LHPHLQHQ6LHGDV"© ª6LHKlWWHQDXIGLHVHQHQJHQ6WUDHQQLFKWVRUDVHQVROOHQ© ª6SDUHQ6LHVLFK,KUH%HOHKUXQJHQ:HQQ6LH.DYDOLHUVLQG VHKHQ6LH]XGD6LHPHLQHQ:DJHQZLHGHUIORWWNULHJHQ© ª,FKZLOOHVYHUVXFKHQ0LVV© ª0LWFKHOO0DULRQ0LWFKHOO© ª2K©VDJWHLFKQXU ª6LHNHQQHQPLFK"© ª1HLQ$EHUYRQ,KUHP%UXGHUKDEHLFKJHK|UW(UVROOVLFKMD KHXWHYHUOREHQ© ª.ODUGDZLOOLFKKLQ© ª'DKlWWHQZLUEHLGHGHQJOHLFKHQ:HJ© ª6R"© ª,FKELQHEHQIDOOVHLQJHODGHQZRUGHQXQGNRPPHH[WUDDXV /RQGRQ© ª:RKHUNHQQHQ6LHGHQQPHLQHQ%UXGHU"©IUDJWHVLHPLFK ª$XHUGHPZHLLFKQRFKQLFKW,KUHQ1DPHQ© ,FKVWHOOWHPLFKUDVFKYRU ª-RKQ6LQFODLU"1LHJHK|UWHKUOLFK'DEHLNHQQHLFKGLH %HNDQQWHQPHLQHV%UXGHUV]LHPOLFKJHQDX© ª,FKJHK|UH]XUDQGHUHQ6HLWH©
ª=X1DGLQH"'DQQVLQG6LHYRP)LOP©6RHWZDVZLH,QWHUHVVH EOLW]WHLQLKUHQ$XJHQDXI ª'DVQLFKW© 'DV,QWHUHVVHHUORVFK,FKKDWWHGLH)UDXVLHZDUVFKlW]XQJV ZHLVH0LWWH=ZDQ]LJVRIRUWULFKWLJHLQJHVWXIW'DVURWEORQGH *LUOJHK|UWH]XGHQ0HQVFKHQGHQHQDOOHVLQGHQ6FKRJHIDOOHQ ZDU6LHZDU]LHPOLFKDUURJDQWXQGGLH0lQQHUPXWHQVFKRQ HWZDV!%HVRQGHUHVVHLQZHQQVLHEHLLKUODQGHQZROOWHQ ª7URW]GHPN|QQWHQ6LHPDOQDFKPHLQHP:DJHQVFKDXHQ© VDJWHVLH ª-DQDWUOLFK© ,FKVSUDQJLQGHQ*UDEHQEFNWHPLFKXQGVDKGLH%HVFKHUXQJ 'DZDUQLFKWVPHKU]XPDFKHQ$OVLFKPLFKDXIULFKWHWHVWDQG 0DULRQ0LWFKHOODP5DQGXQGKDWWHEHLGH+lQGHLQGLH+IWHQ JHVWW]W ª8QG"© ª6LHZHUGHQQLFKWPHKUIDKUHQN|QQHQ© 6LHYHU]RJGDV*HVLFKWª:DUXPQLFKW"© ª:HLOGLH9RUGHUDFKVH,KUHV:DJHQVJHEURFKHQLVW'HQN|QQHQ 6LHDXIGHQ6FKURWWZHUIHQ© ª0LVWYHUGDPPWHU©'DVNODQJQLFKWJHUDGHODG\OLNH6LHZDUI PLULKUHQ:DJHQVFKOVVHO]Xª+ROHQ6LHZHQLJVWHQVQRFKPHLQ *HSlFNDXVGHP.RIIHUUDXP© ,FKWDWHV 6LHGDFKWHJDUQLFKWGDUDQPLUEHLP7UDJHQ]XKHOIHQ6RNOHW WHUWHLFKPLW]ZHLVFKZHUHQ.RIIHUQLQGHQ+lQGHQDXVGHP *UDEHQXQGYHUVWDXWHVLHLP%HQWOH\ ,FKVFKOXJGLH+DXEH]Xª:LUN|QQHQ0LVV0LWFKHOO© 6LHQLFNWHª*HK|UHQ6LH]XGHQNRQVHUYDWLYHQ7\SHQ"©IUDJWH VLHEHLP(LQVWHLJHQ ª:LHVR"© ª6ROFKHLQHQ:DJHQIlKUWGRFKNHLQ0DQQLQ,KUHP$OWHU'HU VHW]WDXI6SRUWOLFKNHLW© ª(VJLEW$XVQDKPHQ© ª'DVVHKHLFK©6LHVDKVLFKXP,FKKDWWH=HLWVLH]XEHWUDFKWHQ 0DULRQ0LWFKHOOKDWWHHLQVFKPDOHV3URILOPLW]DKOUHLFKHQ 6RPPHUVSURVVHQDXIGHQ:DQJHQGLHDEHUQLFKWVW|UWHQ'HU 0XQGKDWWHHLQHQOHLFKWDUURJDQWHQ=XJGLH+lQGHZDUHQ
VFKPDOVFKODQNXQGVHKUJHSIOHJW'HU/DFNVWLPPWHPLWGHP /LSSHQVWLIWEHUHLQ ª8QG7HOHIRQEHVLW]HQ6LHDXFK"© ª-DLFKPXHUUHLFKEDUVHLQ© ª:DVPDFKHQ6LHGHQQEHUXIOLFK"© ,FKOLHPLU=HLWPLWGHU$QWZRUWXQGVWDUWHWHHUVW:lKUHQGGHU %HQWOH\DQUROOWHVDJWHLFKª$FKQLFKWV%HVRQGHUHV,FKELQHLQ 9HUWUHWHU6LHZUGHQYLHOOHLFKW.OLQNHQSXW]HUVDJHQ© ª:LVVHQ6LHZDV0U6LQFODLU"© ª1HLQ© ª'DVJODXEHLFK,KQHQQLFKW© ª'DVEHUODVVHLFK,KQHQ©,FKOHQNWHGHQ%HQWOH\LQGLHQlFKVWH .XUYH ª$EHULFKILQGHQRFKKHUDXVZHUVLFKKLQWHUGLHVHU0DVNH YHUELUJW©NQGLJWHVLHPLUDQª6ROHLFKWJHEHLFKQLFKWDXI ,FKVFKlW]HVRJDUGD6LHHVIDXVWGLFNKLQWHUGHQ2KUHQKDEHQ© ,FKVFKHQNWHLKUHLQHQWZDIIQHQGHV/lFKHOQª7XQ6LHVLFK NHLQHQ=ZDQJDQ0LVV0LWFKHOO© 'DQQVDKLFK]XPHUVWHQ0DOGDV+DXV2EZRKOLFKHVQLFKW NDQQWHJDEHVNHLQHDQGHUH0|JOLFKNHLW(VPXWHHVHLQIDFKVHLQ (VVWDQGDXIGHU6SLW]HHLQHU)HOVZDQG7UXW]LJUHFNWHQVLFKGLH 0DXHUQLQGHQNODUHQ+LPPHO(VZDUJUDGOLQLJXQGRKQH 6FKQ|UNHOJHEDXWZHUGHQ.HLQHYHUVSLHOWHQ%DONRQHXQG(UNHU 'LHVHV+DXVSDWHVLFKGHUNOLPDWLVFKKDUWHQ8PJHEXQJDQ =ZHLDOWH(LFKHQElXPHVWDQGHQ]ZLVFKHQ+DXVXQG6FKOXFKW XQGEUHLWHWHQGLHbVWHZLHHLQ'DFKDXV'DZLUQLFKWGLHHUVWHQ *lVWHZDUHQHUNDQQWHLFKDQGHQDEJHVWHOOWHQ:DJHQYRU GHP+DXV ª*HIlOOWHV,KQHQ"©IUDJWHPLFK0DULRQ0LWFKHOO ª-D© ª0LUQLFKW© ª8QGZDUXPQLFKW"© ª,FKPDJGLHVHDOWHQ.lVWHQQLFKW6LHVLQGPXIILJXQGGXQNHO ,FKEUDXFKH6RQQH6DQG0HHU© ª:DVPDFKHQ6LHHLJHQWOLFKEHUXIOLFK"©MHW]WZDULFKQHXJLHULJ ª1LFKWV©DQWZRUWHWHVLHPLWHQWZDIIQHQGHU2IIHQKHLWª,FKOHEH VRLQGHQ7DJKLQHLQ© ª8QGGDVNDQQPDQ"©
ª6LFKHU(VLVWGRFKJHQJHQG*HOGYRUKDQGHQ(UEWHLOXQGVR ,FKOHEHYRQGHQ=LQVHQ,P:LQWHU*VWDDGRGHU6W0RULW]LP 6RPPHU,EL]DRGHUGLH%DKDPDV-HQDFKGHPZDVJHUDGH!LQLVW© ,FKOHQNWHGHQ:DJHQLQHLQH/FNH]ZLVFKHQ]ZHLGXQNHO EODXHQ0HUFHGHV&RXSpVª8QGVRHWZDVIOOW6LHDXV"© ª-D0DQJHZ|KQWVLFKGDUDQ© 'HU0HLQXQJZDULFKQLFKW%LVMHW]WKDWWHQZLUQLFKWVPLWEH NRPPHQGRFKDOVLFKGLH:DJHQWUDXIVWLHK|UWHQZLUVFKRQ GDV/DFKHQXQGGDV.OLUUHQGHU*OlVHU 6RIRUWKHOOWHVLFKGDV*HVLFKWPHLQHU%HLIDKUHULQDXIª'D VFKHLQWMDVFKRQZDVORV]XVHLQ© ª+|UWVLFKVRDQ© :lKUHQGLFKGLH7UDEVFKORVWUPWH0DULRQ0LWFKHOOEHUHLWV GLH6WXIHQKRFK ,FKJLQJODQJVDPHU 'DZXUGHGLH7UDXIJH]RJHQ(LQVFKZDU]KDDULJHU7\SLP ZHLHQ'LQQHUMDFNHWWKLHOWHLQH6HNWIODVFKHLQGHU+DQGDXV GHUHQgIIQXQJGHUKHOOH6FKDXPSHUOWH ª+L%UGHUFKHQ©ULHI0DULRQXQGGUFNWHGHP0DQQ]ZHL .VVHUHFKWVXQGOLQNVDXIGLH:DQJHQª,KUVHLGMDVFKRQVFKZHU LQ6WLPPXQJZLHLFKK|UH© ª-DGXELVWGLHOHW]WH© ª6KLWLFKKDEHGHQ:DJHQLQGHQ*UDEHQJHVHW]W© 'HU0DQQODFKWHª'DVJHVFKLHKWGLUUHFKW'XIlKUVWMDDXFK LPPHUZLHHLQH:LOGH© 0DULRQKREGLH6FKXOWHUQª,FKKDEHHEHQ7HPSHUDPHQW©'DQQ GHXWHWHVLHDXIPLFKª'DVLVWEULJHQV-RKQ6LQFODLU(UKDWPLFK DXIJHOHVHQ© 'LH$XJHQEUDXHQGHV0DQQHVUXFNWHQLQGLH+|KH)UHLQHQ ZLQ]LJHQ0RPHQWZXUGHVHLQ%OLFNVWDUUGDQQKDWWHHUVLFK ZLHGHULQGHU*HZDOWª6LHVLQGDOVR-RKQ6LQFODLU© ª-D© (UUHLFKWHPLUGLH+DQG6LHZDUNOHEULJYRP6HNW ª,VWHUZLUNOLFK9HUWUHWHU"©IUDJWH0DULRQ ,FKYHUVXFKWHHVQRFKPLWHLQHPEHVFKZ|UHQGHQ%OLFNKDWWH MHGRFKNHLQHQ(UIROJ ª4XDWVFK0DULRQ-RKQ6LQFODLULVW3ROL]LVW(ULVWHLQ 6FRWODQG
'DV*LUOJUXEGLH6FKQHLGH]lKQHLQGLH8QWHUOLSSH)OFKWLJH 5|WHKXVFKWHEHUGLH:DQJHQª+DEHLFKPLUGRFKJOHLFKJH GDFKW:LHHLQ.OLQNHQSXW]HUVLHKWHUQLFKWDXV© ª,FKKRIIH6LHYHU]HLKHQPLU©VDJWHLFKªDEHULFKP|FKWHQLFKW GDMHGHUKLHUPHLQHQ%HUXIHUIlKUW,FKELQSULYDWKLHUDXIGLHVHU 9HUOREXQJVIHLHU© ª:LUNOLFK"©IUDJWHGHU$QWLTXLWlWHQKlQGOHU ª-D0U0LWFKHOO© ª2ND\NRPPWUHLQ(VLVWJHQXJGD© ,FKEHWUDWGLH+DOOHGHV+DXVHV6LHZDUIHVWOLFKJHVFKPFNW ZRUGHQhEHUDOOKLQJHQ*LUODQGHQXQGDXFK%OXPHQIHKOWHQ QLFKW6RHEHQVHW]WHVLFKMHPDQGDQGHQ)OJHOXQGVSLHOWHGHQ $%%$6RQJ!6XSHU7URRSHU 8QJHIlKU]ZDQ]LJ3HUVRQHQZDUHQDQZHVHQG/HXWHYRP)LOP XQG%HNDQQWHGHV$QWLTXLWlWHQKlQGOHUV,FKZXUGHNHLQHPYRU JHVWHOOWXQGGDVZDUDXFKJXWVR 0DULRQKDWWHEHUHLWVHLQHQ%HNDQQWHQJHIXQGHQXQGZDULQGHV VHQ$UPHJHIOFKWHW(LQZHLEORQGHU3OD\ER\7\SPLWEUHLWHQ 6FKXOWHUQXQGHLQHU3RSSHU)ULVXU ,FKVXFKWH1DGLQH%HUJHU6RVHKULFKDXFKPHLQH$XJHQYHU GUHKWHLFKVDKVLHQLFKW'DIUIXKUMHPDQGHLQHQ:DJHQKHUDQ DXIGHPJHIOOWH6HNWJOlVHUVWDQGHQ,FKQDKPHLQ*ODVXQG ZROOWHHVDQGLH/LSSHQVHW]HQDOVLFKVFKUlJKLQWHUPLUHLQH 6WLPPHK|UWH ª:LOOVWGXDXIPLFKDQVWRHQ-RKQ"© ,FKGUHKWHPLFKXP 9RUPLUVWDQG1DGLQH%HUJHU ,FKKDWWHVLHODQJHQLFKWPHKUJHVHKHQQLFKWHLQPDODXIGHU /HLQZDQGZHLOPLUGLH=HLWQLFKWJHEOLHEHQZDUGRFKVLHKDWWH VLFKZLUNOLFKQLFKWYHUlQGHUW 8QGGDVVDJWHLFKLKUDXFK ª+|UDXIGX6FKPHLFKOHU© ,FKVWHOOWHPHLQ*ODVZHJ(VZDUGDV=HLFKHQIU1DGLQH6LH NWHPLFKDXIEHLGH:DQJHQ,FKVSUWHLKUHQJHVFKPHLGLJHQ .|USHUXQGVDKJOHLFK]HLWLJLKUHQ9HUOREWHQLP+LQWHUJUXQGGHV 5DXPHVVWHKHQYRQZRHUXQVDUJZ|KQLVFKEHREDFKWHWH
1DGLQHKLHOWPLFKOlQJHUIHVWDOVJHZ|KQOLFK'DIUIOVWHUWHVLH PLUHWZDVLQV2KU ª,FKPXGLFKVSUHFKHQ-RKQ8QEHGLQJW© ,FKVFKREVLHZHJOlFKHOWHVWUDKOHQGXQG]LVFKWHGDEHLGXUFK GLH=lKQHª3UREOHPH"© ª-D© ª3ULYDWH"© ª0HKUGLHLQGHLQHQ%HUHLFKIDOOHQ© 0HLQ*HIKO(VKDWWHPLFKQLFKWJHWURJHQ1DGLQHV6WLPPH KDWWHDP7HOHIRQEHGUFNWJHNOXQJHQ(VVFKLHQDOVRGRFKHWZDV GDKLQWHU]XVWHFNHQ ª7URW]GHPGXVLHKVWEH]DXEHUQGDXV1DGLQH©VDJWHLFKXQG LFKPHLQWHHVHKUOLFK 6LHWUXJHLQODFKVIDUEHQHVVFKXOWHUIUHLHV.OHLGGDVQXUYRQ ]ZHLGQQHQ7UlJHPJHKDOWHQZXUGH'LHVFKZDU]HQ+DDUHKDWWH VLH]XP7HLOKRFKJHVWHFNWDQGHQ6HLWHQILHOHQVLHZLHGHULQ .RUNHQ]LHKHUORFNHQKHUXQWHU'HQ+DOVVFKPFNWHHLQHVFKOLFKWH 3HUOHQNHWWH$QVRQVWHQWUXJVLHLP*HJHQVDW]]XHLQLJHQDQGHUHQ 'DPHQNDXP6FKPXFN 9RQ0DULRQ0LWFKHOOVDKLFKQLFKWVPHKU,FKQDKPDQGDVLH VLFKXP]RJ 1DGLQHKDNWHVLFKEHLPLUXQWHUª-HW]WPXWGXPLUDEHUHUVW HU]lKOHQZLHHVGLUHUJDQJHQLVW:DVJLEWHV1HXHV"© ª6HKUYLHO© ª8QG"© ª'U7RGLVWZLHGHUGD© (UVFKUHFNHQ]HLFKQHWHLKU*HVLFKWª'DVJLEWHVGRFKQLFKW© ª/HLGHU© ª8QG"+DWWHWLKUVFKRQ$XVHLQDQGHUVHW]XQJHQ"© ª0HKUDOVHLQPDO(ULVWGDEHLVLFKHLQHVFKODJNUlIWLJH7UXSSH DXI]XEDXHQGLHVLFKGLH0RUGOLJDQHQQW(VVLHKW]LHPOLFKEHO DXV1DGLQH$EHUGDYRQZROOHQZLUKHXWHQLFKWUHGHQ© 1DGLQHEOLFNWH]X%RGHQª1HLQVLFKHUQLFKW(VLVWMDDXFKHLQ WROOHU7DJ©6LHVFKOXFNWH ,FKOHJWH]ZHL)LQJHUXQWHULKU.LQQXQGKREGHQ.RSIOHLFKWDQ ª0lGFKHQZDVLVWORVPLWGLU"© 6LHVDKPLFKDXVIHXFKWHQ$XJHQDQª-RKQLFKJODXEHLFKKDEH YLHOHVIDOVFKJHPDFKW©
ª$FKGDVGDUIVWGXQLFKWVRHQJVHKHQ1DGLQH(VZDUYLHO OHLFKWHWZDVYLHOIUGLFK© ª.DQQVHLQ© ª:RWUHIIHQZLUXQV"© ª,QHLQHU9LHUWHOVWXQGHREHQLQHLQHP=LPPHU'LHIQIWH7U DXIGHUUHFKWHQ6HLWH'RUWKLQ]LHKHLFKPLFKLPPHU]XUFNZHQQ LFKDOOHLQVHLQZLOO© ª2ND\LFKELQSQNWOLFK©:LUWUHQQWHQXQVZLHGHU,FKQDKP HLQ*ODV6HNWXQGVDKPLFKXP'LHPHLVWHQNDQQWHLFKQLFKWDEHU PLUILHOHLQlOWHUHU0DQQDXIGHPHVlKQOLFKHUJLQJZLHPLU (UKDWWHVLFKLQHLQH(FNHJHVWHOOW(UWUXJHLQHQGXQNOHQ$Q]XJ GHVVHQ6FKQLWWVFKRQDXVGHU0RGHJHNRPPHQZDU (UEHWUDFKWHWHGLH*HVHOOVFKDIWWHLOVPLWNULWLVFKHQWHLOVPLW PGHQ$XJHQ ,FKEOLHEQHEHQLKPVWHKHQª6LHVFKHLQHQKLHUDXFKNDXPHLQHQ ]XNHQQHQ"©VSUDFKLFKLKQDQ ª-DGDVVWLPPW©'HU0DQQUFNWHDQVHLQHU%ULOOHª'DEHL VWDPPHLFKYRQKLHU,FKNRPPHDXV0LOWRQEXUU\XQGELQGHU %UJHUPHLVWHU0U0LWFKHOOKDWPLFKHLQJHODGHQ© ª,FKELQDXV/RQGRQ(LQ%HNDQQWHUGHU%UDXW© 'HU0DQQOlFKHOWHª6LHLVWHLQSDWHQWHV0lGFKHQZLUNOLFK 1LFKWHLQJHELOGHW© ª8QGGHU%UlXWLJDP"© ª1XQMDLFKZLOOQLFKWV6FKOHFKWHVVDJHQDEHUHULVW]LHPOLFK DUURJDQWGDVILQGHQZLULP'RUI(QWVFKXOGLJHQ6LHGDLFKPLFK QRFKQLFKWYRUJHVWHOOWKDEH0HLQ1DPHLVW3DWULFN.LERUDQ© ,FKVDJWHLKPDXFKPHLQHQ1DPHQYHUVFKZLHJDEHUGHQ%HUXI 'DQQHUVFKLHQ0DULRQ0LWFKHOOREHQDQGHU7UHSSH6HOEVWDXV GLHVHU(QWIHUQXQJNRQQWHPDQVHKHQGDVLHHLQHQ7UDXPDXV WUNLVIDUEHQHP7OODOV.OHLGWUXJ ª.LQGHU©ULHIVLHXQGLKUH6WLPPHEHUNODQJVHOEVWGHQ3DUW\ OlUPª.DQQPLUGHQQQLHPDQGKHOIHQ",FKEHNRPPHPHLQ.OHLG DP5FNHQQLFKW]X(LQ.XIUGHQGHUHVVFKDIIW© 'DVZDUHWZDVIUGHQEORQGKDDULJHQ3OD\ER\5FNVLFKWVORV UlXPWHHULP:HJHVWHKHQGH*lVWH]XU6HLWHXQGVSULQWHWHGLH 6WXIHQKRFK ª+L)UHGG\GXELVWZLHLPPHUGHU6FKQHOOVWH© ª.ODU%HLHLQHU)UDXZLHGLU©
0DULRQODFKWHKHOOª.RPPZLUJHKHQLQV=LPPHU© )UHGG\OHJWHVHLQHQ$UPXPVLHXQGGLHEHLGHQYHUVFKZDQGHQ XQWHUGHP%HLIDOOGHU*lVWH ,FKK|UWHZLHMHPDQGVDJWHª0DQQGLHJHKWDEHUVFKRQIUK DP7DJHUDQ© ª9LHOOHLFKWPXVLHZDVQDFKKROHQ"©'LHIUDJHQGH$QWZRUW VWDPPWHDXVHLQHP)UDXHQPXQG %UJHUPHLVWHU.LERUDQYHU]RJGDV*HVLFKWXQGZLVFKWHVLFK EHUGHQ0XQG ,FKPHUNWHVHLQH*HIKOVUHJXQJXQGIUDJWHª'DVKLHULVWQLFKW VR,KU)DOORGHU"© ª*DQ]XQGJDUQLFKW© ª6LQG6LHDOOHLQJHNRPPHQ"© (UQLFNWHª-DPHLQH)UDXOHEWQLFKWPHKU,FKELQVHLW]ZHL -DKUHQ:LWZHU© ª'DVWXWPLUOHLG© ª6FKRQJXW©'HU%UJHUPHLVWHUQDKPHLQHQ6FKOXFNª6LHKDWWH .UHEV9LHOOHLFKWKlWWHPDQVLHLQGHU*URVWDGWUHWWHQN|QQHQ DEHUKLHUDXIGHP/DQG"©(UVFKWWHOWHGHQ.RSIª'DLVWQLFKWV]X PDFKHQ,FKZROOWHHUVWPHLQHQ3RVWHQDXIJHEHQDEHUPDQKDW PLFKVRODQJHEHNQLHWELVLFKZHLWHUPDFKWH,VWJHZLVVHUPDHQ HLQHDOWH)DPLOLHQWUDGLWLRQ,FKKRIIHGDPHLQ6RKQDXFKPDO VRHLQVFKOlJW© ª'DQQKDWWH,KU9DWHUGDV$PWDXFK"©IUDJWHLFK ª8QGPHLQ*URYDWHU© ª$OOH$FKWXQJGDVILQGHWPDQVHOWHQ© ª:LVVHQ6LH0U6LQFODLULQ0LOWRQEXUU\LVWYLHOHVDQGHUV+LHU NPPHUQVLFKGLH/HXWHQLFKWXP3DUWHLHQ'LHZlKOHQLUJHQG HLQHQGHUGXPPJHQXJLVWGDV$PW]XEHUQHKPHQ'DVZDU HEHQGLH7UDJLNXQVHUHU)DPLOLH© ,FKPXWHODFKWHQ'HU%UJHUPHLVWHUVSUDFKPLWHLQHU /HLGHQVELWWHUPLHQH,UJHQGZLHJHILHOHUPLU ª6LHP|JHQ0U0LWFKHOOQLFKWVRUHFKW"©IUDJWHLFKLKQ ª:DVKHLWP|JHQ"0LW0LWFKHOOLVWHVNRPLVFK(UKDWVLFKLQV 1HVWJHVHW]W6HLQ*URYDWHUKDWVFKRQEHLXQVLP'RUI $QWLTXLWlWHQJHVDPPHOW© ª:LH"© ª-DGHUDOWH0LWFKHOOLVWEHUGDV/DQGJHIDKUHQXQGKDWVLFK
0|EHO]XVDPPHQJHKROW2EHUVLHJHVWRKOHQRGHUEH]DKOWKDW ZHLLFKQLFKW$XFKGLH6DFKHQYRQGHP0|UGHU5LFN+ROORZD\ KDWHUDQVLFKJHQRPPHQ7HLOHGDYRQVWHKHQMHW]WEHLVHLQHP (QNHOLP+DXV© ª6LHPHLQHQKLHU"© ª.ODU©'HU%UJHUPHLVWHUGHXWHWHDXIHLQHGHUYHUVFKORVVHQHQ 7UHQJHJHQEHUª'DKLQWHUILQGHQ6LHHLQHDOWH8KU'LHKDW VFKRQEHLGHP.LQGHUP|UGHUJHVWDQGHQ© ª(U]lKOHQ6LH© ª:LHVR"©'HU%UJHUPHLVWHUVDKPLFKVNHSWLVFKDQª6LHVLQG KLHUDXIHLQHU9HUOREXQJVIHLHUZROOHQVLFKDPVLHUHQXQGLFKVROO ,KQHQEOXWLJH*HVFKLFKWHQHU]lKOHQ"© ª-DELWWH© ª:HQQ6LHPHLQHQ,FKNHQQHGLH*HVFKLFKWHYRQPHLQHP *URYDWHU(UZDUQlPOLFKGDEHLDOVHVJHVFKDKJHK|UWHJH ZLVVHUPDHQ]XGHQ,QLWLDWRUHQ© 0U.LERUDQHU]lKOWHPLUZDVVLFKGDPDOV]XJHWUDJHQKDWWHXQG GDGLHGUHL.LQGHUVRZLHLKU0|UGHUKLHULQGHU1lKHGHV+DXVHV XQWHUXQKHLOLJHU'UXLGHQHUGHODJHQ ª:DV6LHELVMHW]WJHK|UWKDEHQ0U6LQFODLUVLQG7DWVDFKHQ'DV DQGHUHLVW6SHNXODWLRQ© ª=XP%HLVSLHO"© ª'DGLH.LQGHUKLHULQGLHVHP+DXVVSXNHQVROOHQ6HQVLEOH 0HQVFKHQVSUHQGDV© ª8QG0U0LWFKHOO"© .LERUDQZLQNWHDEª+DWPLWDOOGHPQLFKWVDP+XWGHQNHLFK 1HHGDVLVWHLQ*HVFKlIWVPDQQDEHU6LHPVVHQ,KUH%HNDQQWH IUDJHQ0LVV%HUJHUZLUGGDEHVWLPPWDQGHUVGHQNHQ© ,FKQLFNWHJHGDQNHQYHUORUHQª'DVJODXEHLFKDXFK©PXUPHOWH LFKXQGGDFKWHVFKDUIQDFK 1DGLQH%HUJHUZROOWHXQEHGLQJWPLWPLUUHGHQZLHVLHPLUYHU VLFKHUWHhEHUGDV7KHPDKDWWHVLHNHLQH$QGHXWXQJHQJHPDFKW DEHUHVVROOWHLQPHLQ0HWLHUIDOOHQ'HU%UJHUPHLVWHUHU]lKOWH PLUGDYRQGDHVLQGHP+DXVVSXNHQZUGH6WDQGHQGLH EHLGHQ$XVVDJHQLQHLQHPXQPLWWHOEDUHQ=XVDPPHQKDQJ" 8QZLOONUOLFKEOLFNWHLFK]XU'HFNH6LH]HLJWHHLQHPDWWZHLH )DUEH,FKVDKDXFKGLH]DKOUHLFKHQ6WXFNYHU]LHUXQJHQGLH EHUDOOYHUWHLOWZDUHQ
,FKZDUVRLQ*HGDQNHQYHUVXQNHQGDVLHGHUJHOOHQGH6FKUHL SO|W]OLFKKDUWGXUFKEUDFK -HGHU]XFNWH]XVDPPHQ $XFKLFK $XIHLQPDOZXUGHHVVWLOO'LH0HQVFKHQVWDQGHQVWDUUDXILKUHQ 3OlW]HQXQGODXVFKWHQREVLFKGHU6FKUHLZLHGHUKROHQZUGH(U ZDUQLFKWKLHUXQWHQDXIJHNOXQJHQVRQGHUQKDWWHVHLQH4XHOOH REHQDXIGHUHUVWHQ(WDJH %HYRUVLFKLUJHQGZHUUKUHQNRQQWHVWDUWHWHLFK'LHVPDOZDU LFKHVGHULP:HJHVWHKHQGH0HQVFKHQ]XU6HLWHGUFNWHXQGPLU VRIUHLH%DKQVFKDIIWH ,FKHUUHLFKWHGLHEUHLWH7UHSSHXQGMDJWHGLHHUVWHQ6WXIHQKRFK 'DQQVWRSSWHLFKZLHYRUHLQH:DQGJHODXIHQ $P(QGHGHU7UHSSHHUVFKLHQHLQH*HVWDOW(VZDUGHU ZHLEORQGH3OD\ER\PLWGHP0DULRQ0LWFKHOOYHUVFKZXQGHQ ZDU(UWRUNHOWH4XHULQVHLQHP+DOVVWHFNWHHLQ0HVVHU (LJHQWOLFKKlWWHGHU0DQQOlQJVWWRWVHLQPVVHQ ,FKZDUVRHLQLJHVJHZRKQWDEHUGLHVHU$QEOLFNJLQJPLUYHU GDPPWXQWHUGLH+DXW +HIWLJELLFKGLH=lKQH]XVDPPHQXQGVWDUUWHDXIGHQ0DQQ GHUZLHYRQHLQHPXQVLFKWEDUHQ%DQGJHKDOWHQDXIGHUREHUVWHQ 6WXIHVWHKHQJHEOLHEHQZDUXQGMHW]WVFKZDQNWH 'HQ6FKUHLYRUKLQKDWWHHLQH)UDXDXVJHVWRHQGDVZDUGHXW OLFK]XK|UHQJHZHVHQ $EHUMHW]WVFKULHQDQGHUH ,FKK|UWHGLHHQWVHW]WHQ5XIHKLQWHUPLU'LH0HQVFKHQXQWHQLQ GHU+DOOHKDWWHGDV(QWVHW]HQJHSDFNW ,FKYHUQDKPHLQHQGXPSIHQ$XIVFKODJ:DKUVFKHLQOLFKZDU MHPDQGGHU*lVWHLQ2KQPDFKWJHIDOOHQ ,FKMDJWHGLHUHVWOLFKHQ6WXIHQKRFK 'UHLODQJH6SUQJHEUDFKWHQPLFKDQPHLQ=LHOXQGLFKVWW]WH GHQ0DQQDEGHUPLUVRHEHQHQWJHJHQIDOOHQZROOWH ,PVHOEHQ$XJHQEOLFNEUDFKHQGHVVHQ$XJHQ'HUZHLEORQGH 3OD\ER\ZDUWRW ,FK]RJLKQLQGDVQlFKVWH=LPPHU (VZDUHLQDOV6DORQHLQJHULFKWHWHU5DXP'RUWOHJWHLFKLKQ
QHEHQGHP6RID]X%RGHQXQGEUHLWHWHHLQH'HFNHEHULKQDXV )U6HNXQGHQVFKORLFKGLH$XJHQXQGGDFKWHGDUEHUQDFK GDLFKZLHGHUPLWWHQLQHLQHP)DOOVWHFNWH1DGLQH%HUJHUKDWWH PLUZLUNOLFKQLFKWXPVRQVW%HVFKHLGJHJHEHQ 1XUZHUZDUGHU0|UGHU"2GHUKDWWHLFKHVKLHUYLHOOHLFKWPLW HLQHU0|UGHULQ]XWXQ" ,FKYHUOLHGHQ5DXPXQGOLHIEHUGHQ)OXU8QWHQLQGHU+DOOH VSUDFKHQDOOHGXUFKHLQDQGHUMHPDQGULHIQDFKGHU3ROL]HLLFK NPPHUWHPLFKQLFKWGDUXP )UPLFKZDU0DULRQ0LWFKHOOZLFKWLJHU ,FKIDQGVLHLQHLQHPGHU=LPPHU9|OOLJDSDWKLVFKKRFNWHVLH DXIGHP%HWWXQGPHUNWHQLFKWZLHLFKGLH7UDXIVWLHXQG QHEHQLKUVWHKHQEOLHE (UVWDOVLFKVLHEHUKUWH]XFNWHVLH]XVDPPHQ,KU.RSIIORJ KRFKVLHVDKPLFKLKU*HVLFKWYHU]HUUWHVLFKXQGZXUGH]XHLQHU *ULPDVVHGHV*UDXHQV ª1HLQ©VFKULHVLHª1LFKWLFKZLOOQLFKW© ,FKIDWHVLHKDUWDQª5HLHQ6LHVLFK]XVDPPHQ0LVV 0LWFKHOO© 'DZXUGHVLH]XU)XULH%HYRULFKHVYHUKLQGHUQNRQQWHVSUDQJ VLHDXIXQGZROOWHPLUPLWDOOHQ]HKQ)LQJHUQGXUFKV*HVLFKW IDKUHQ,KUH$XJHQOHXFKWHWHQZLOGVLHWREWHXQGVFKULH,FKKDWWH 0KHLKUH]XSDFNHQGHQ+lQGHDE]XZHKUHQXQGPXWH]XP $OOKHLOPLWWHOLQVROFKHQ6LWXDWLRQHQJUHLIHQ ,FKYHUSDWHLKUHLQHQ6FKODJLQV*HVLFKW (VNODWVFKWHODXWXQGVRIRUWZXUGHGLH)UDXUXKLJHU6LHVDFNWH ZLHGHU]XVDPPHQXQGVFKOXFK]WHª,FKZDUHVGRFKQLFKW© MDPPHUWHVLHZREHL7UlQHQEHULKUH:DQJHQOLHIHQª,FKKDEH LKQQLFKWJHW|WHW,FKZDUHVQLFKW© ,FKOLHVLHLQ5XKHVDKHLQHQ$VFKHQEHFKHUXQG]QGHWH PLUHLQH=LJDUHWWHDQ'LH)UDXPXWHVLFKHUVWEHUXKLJHQ VRQVWHUKLHOWLFKNHLQHNODUH$XVVDJH6LHVWDQGXQWHUHLQHP UHJHOUHFKWHQ6FKRFN ,FKKDWWHPLFKDXIGLH/HKQHGHV6RIDVJHVHW]WXQGVWDQGMHW]W DXIDOVLFKYRP*DQJKHU6FKULWWHK|UWH %HYRULFKDQGHU7UZDUVWDQG'RQ0LWFKHOOVFKRQDXIGHU 6FKZHOOH(UVFKDXWHPLFKDQXQGHUVDKYHUGDPPWEODDXV0LU JLQJHVVLFKHUOLFKQLFKWDQGHUV
ª:RLVWHU"©IUDJWHHUPLWNDXP]XYHUVWHKHQGHU6WLPPH ª,FKKDEHLKQLQHLQDQGHUHV=LPPHUJHOHJW© (UQLFNWH'DQQEOLFNWHHUDXIVHLQH6FKZHVWHUª+DWVLHLKQ HUPRUGHW"© ª.HLQH$KQXQJ© ª6RQVWZDUGRFKQLHPDQGREHQ© ª'DVVWLPPW© ª'DQQGDQQNRPPWQXUVLHDOV7lWHULQLQ)UDJH©(UODFKWH VFKULOOª,FKUHGHZLHHLQ3ROL]LVWQLFKWZDKU",VWGDVDXFK,KUH 0HLQXQJ6LQFODLU"© ª1LFKWXQEHGLQJW© ª6LHKDEHQHLQHDQGHUH(UNOlUXQJ"© ª1HLQGRFKLFKZUGHYRUVFKODJHQGDZLU]XHUVWHLQPDO,KUH 6FKZHVWHUUHGHQODVVHQZHQQVLHZLHGHU]XVLFKJHNRPPHQLVW© ª-DQDWUOLFK© ,FKGUFNWHGLH=LJDUHWWHDXV$POLHEVWHQZlUHHVPLUJHZHVHQ ZHQQLFKPLFKPLW0DULRQKlWWHDOOHLQXQWHUKDOWHQN|QQHQDEHU LFKNRQQWH'RQLQVHLQHPHLJHQHQ+DXVMDVFKOHFKWZHJVFKLFNHQ 0DULRQKREGHQ.RSI6LHVDKLKUHQ%UXGHUGHUDXIVLH]XHLOWH XQGVLHXPDUPWH ª'RQ©IOVWHUWHVLHª%LWWH'RQLFKZDUHVQLFKW'XPXWPLU JODXEHQ© ª,FKJODXEHGLUMD© ª2PHLQ*RWWLFKZHLQLFKWZDVLFKPDFKHQVROO(VHVZDU VRVFKUHFNOLFK© ª6LQG6LHLQGHU/DJHXQVGHQ9RUJDQJ]XHUNOlUHQ"©HUNXQ GLJWHLFKPLFKYRUVLFKWLJ ª.DXP6LHVHKHQGRFKZLHHVLKUJHKW©'LH$QWZRUWJDE'RQ 0LWFKHOO ª,FKKDWWH,KUH6FKZHVWHUJHIUDJW© ª:DVZROOHQ6LHZLVVHQ"©IUDJWHVLHRKQHPLFKGDEHLDQ]X VHKHQ ª:HQQ6LHVDJHQGD6LHHVQLFKWZDUHQGDQQPXHVHLQHQ DQGHUHQ7lWHUJHEHQ0LVV0LWFKHOO8QGYLHOOHLFKWKDEHQ6LHLKQ VRJDUJHVHKHQ6LHZlUHQDOVRHLQHZLFKWLJH=HXJLQ© ª1DWUOLFKGDVKDEHLFK© -HW]WZXUGHHVLQWHUHVVDQW 6WRFNHQGEHJDQQVLH]XHU]lKOHQª,FKLFKNDPPLWPHLQHP
.OHLGQLFKW]XUHFKWXQG)UHGG\ZROOWHPLUKHOIHQ(UNDPDXFK KRFKXQGLFKQXQMDLFKIUHXWHPLFKDXILKQ:LUZDUHQPDO ]XVDPPHQJHZHVHQ(UQDKPPLFKLQGLH$UPHNWHPLFKXQG VWDQGGDEHLPLWGHP5FNHQ]XU7U,FKNRQQWHDXIGLH7U VFKDXHQ8QGGDGDWDXFKWHGLHVH*HVWDOWDXI© ª:HOFKH*HVWDOW"© ª6LHZDUNOHLQ:LHHLQ.LQG$EHUVLHVLHKDWWHHLQ0HVVHU,FK VDKVLHDXFKLKU*HVLFKWGDVZLHGLH)UDW]HGHV7HXIHOVDXVVDK XQGVFKULH)UHGG\OLHPLFKORV(UGUHKWHVLFKXP'DVFKOHX GHUWHGLHNOHLQH*HVWDOWGDV0HVVHU©0DULRQV6WLPPHYHUVDJWH XQGHQGHWHLQHLQHP6FKOXFK]HQ 'RQ0LWFKHOOVWDUUWHPLFKDQª'DVUHLFKWMDZRKO0U6LQFODLU 2GHUPHLQHQ6LHQLFKW"© ,FKQLFNWHª)DVW0U0LWFKHOO© 'DV0lGFKHQHU]lKOWHZHLWHUª,FKVDKLKQIDOOHQK|UWHZLHGLH *HVWDOWODFKWHXQGGDQQYHUVFKZDQG$QVFKOLHHQGVFKULHLFKQXU QRFKZHLODOOHVVRVFKUHFNOLFKZDU© ª6LHKDEHQGLHVHQ5DXPQLFKWYHUODVVHQ"©IUDJWHLFK ª1HLQ© ª'DQQZLVVHQ6LHDXFKQLFKWZRGLH*HVWDOWKLQJHODXIHQLVW"© 6LHQLFNWH ,FKEOLFNWH'RQ0LWFKHOODQª+DEHQ6LHYLHOOHLFKWHLQH (UNOlUXQJIUGLHVHOWVDPHQ9RUJlQJH"© ª.HLQH© ª8QG6LHEULQJHQGLHVH*HVFKLFKWHQGLHPDQVLFKEHUGDV +DXVHU]lKOWQLFKWLQHLQHQXUVlFKOLFKHQ=XVDPPHQKDQJPLW GHP0RUG"© ª,FKZHLQLFKWVRUHFKW© ª$EHUEHUGLH*HVFKLFKWHQVLQG6LHLQIRUPLHUW"© ª*HZL© ª,KQHQLVWQLFKWVDXIJHIDOOHQ",FKPHLQH6LHEHVLW]HQGDV+DXV MDQLFKWHUVWVHLWJHVWHUQ© ª-DXQGQHLQ©JDEHU]Xª,P+DXVLVWPLUQLFKWVDXIJHIDOOHQ DEHUDXIGHU)DKUWKLHUKHULVWHWZDVSDVVLHUWIUGDVLFKNHLQH (UNOlUXQJILQGH(VZDUVFKRQQDFKGHP'RUIDOVLFKGUHL *HVWDOWHQPLWGHQ7HXIHOVJHVLFKWHUQDXIGHU6WUDHVDK6LHVDKHQ VRDXVZLHPHLQH6FKZHVWHUVLHEHVFKULHEHQKDW© ª8QGVLHKDEHQZLUNOLFKQLFKWVJHVDJW"©KDNWHLFKQDFK
ª'RFK6LHZDUQWHQPLFK6LHVDJWHQGDPHLQH9HUOREWHXQG LFKGDV+DXVYHUODVVHQVROOWHQDEHULFKKDEHPLFKQLFKWGDUXP JHNPPHUW'DV+DXVZUGHDXHUGHPLKQHQJHK|UHQ:DV VROOWHLFKGHQQPDFKHQ"9HUVFKZLQGHQ",FKNRQQWHGLH3DUW\GRFK QLFKWDEVDJHQ©6HLQH6WLPPHNODQJDXIHLQPDOVFKULOO ª6LFKHU©JDELFK]Xª$EHUMHW]WPVVHQZLUUHDJLHUHQ© ª:ROOHQ6LHGLH3ROL]HLKROHQ"© ,FKOlFKHOWHVFKLHIª'LHLVWMDVFKRQKLHU,FKP|FKWHDXFKQLFKW GLH'RUISROL]LVWHQLQGHQ)DOOKLQHLQ]LHKHQGRFKLFKZHUGHGDIU VRUJHQGDGLH*lVWHDEUHLVHQ© 'RQ0LWFKHOOQLFNWHª'DVLVWDXFKLQPHLQHP6LQQH© ª.RPPHQ6LHZLUJHKHQQDFKXQWHQ© ª8QGZDVJHVFKLHKWPLWLKU"©(UGHXWHWHDXIVHLQH6FKZHVWHU 0DULRQVWDQGDXIª,FKJHKHPLW©VDJWHVLHª,QGLHVHP=LPPHU EOHLEHLFKDXINHLQHQ)DOO© 'DIUKDWWHLFKYROOVWHV9HUVWlQGQLV*HPHLQVDPYHUOLHHQZLU GHQ5DXP0DULRQZXUGHYRQLKUHP%UXGHUJHVWW]WDOVZLUEHU GHQ*DQJXQGDXIGLH7UHSSH]XVFKULWWHQ 'LH*lVWHVDKHQXQV6LHVWDQGHQLQGHU+DOOHZLHGLHgOJ|W]HQ :HQQJHVSURFKHQZXUGHGDQQQXUIOVWHUQG$OOHQVWDQGGLH $QJVWLQGHQ*HVLFKWHUQJHVFKULHEHQ$XVIODFNHUQGHQ$XJHQ EOLFNWHQVLHXQVHQWJHJHQDOVZLUGLH6WXIHQKLQDEVFKULWWHQ $XFK1DGLQH%HUJHUVDKLFK6LHVWDQG]LHPOLFKQDKGHU7UHSSH XQGVLHVDKDXVDOVZROOWHVLHHWZDVIUDJHQVLFKDEHUQLFKWWUDXWH ,FKOLHGLH*HVFKZLVWHUYRUJHKHQXQGEOLHEGLFKWEHLGHU7UHSSH VWHKHQ0DQVWDUUWHPLFKDQ(VVFKLHQVLFKKHUXPJHVSURFKHQ]X KDEHQGDLFKYRQGHU3ROL]HLZDUGDVIKOWHLFKLUJHQGZLH ª/DGLHVDQG*HQWOHPHQ©EHJDQQLFKPLWHLQHUNXU]HQ (UNOlUXQJª8QYRUKHUJHVHKHQH(UHLJQLVVH]ZLQJHQPLFKGD]X GLH)HLHUDXI]XO|VHQ,FKKRIIHLFKKDQGOHLQ,KUHP6LQQH© *HPXUPHOZXUGHODXW$OOHVSUDFKHQGXUFKHLQDQGHU,FKVDK VNHSWLVFKH%OLFNHXQGVWHOOWHPLFKRIIL]LHOOYRU$QGHU5HDNWLRQ PHUNWHLFKGDGLH$QZHVHQGHQ%HVFKHLGJHZXWKDWWHQ ª(VLVWZLUNOLFKEHVVHUZHQQ6LHIDKUHQ©JDELFKQRFKHLQPDO EHNDQQWª$OOHVZHLWHUHEHUODVVHQ6LHELWWHPLU© 'LH*lVWHZDUHQHUOHLFKWHUW6LHJLQJHQDXFKRKQH]XPXUUHQ QDKPHQLKUH0lQWHOXQGYHUVFKZDQGHQ 'UDXHQZDUHVZLQGLJJHZRUGHQ'LH%|HQIXKUHQGXUFKGLH
RIIHQH7ULQGHQ5DXPXQGEOLHVHQHLQLJHEUHQQHQGH.HU]HQDXV (UVWH0RWRUHQEUXPPWHQDXI'LH:DJHQIXKUHQDE.HLQHU YHUDEVFKLHGHWHVLFKQXUKLQXQGZLHGHUZXUGH1DGLQHHLQ EHGDXHUQGHU%OLFN]XJHZRUIHQ ,FKVFKORGLH7UXQGGUHKWHPLFKXP 1LFKWDOOHZDUHQJHJDQJHQ$XHUPLUEHIDQGHQVLFKQRFK 1DGLQH%HUJHUGLH*HVFKZLVWHU0LWFKHOOXQGGHU%UJHUPHLVWHU .LERUDQLP+DXV'HQVSUDFKLFKDQª0|FKWHQ6LHQLFKWDXFK JHKHQ+HUU%UJHUPHLVWHU"© ª1HLQLFKEOHLEH© ª+DEHQ6LHHLQHQ*UXQG"© ª9LHOOHLFKWNDQQLFKGDEHLPLWKHOIHQGDV5lWVHO]XO|VHQ 6FKOLHOLFKNHQQHLFKGLH9RUJHVFKLFKWH© :DVGHU%UJHUPHLVWHUGDVDJWHNODQJSODXVLEHO,FKZDUHLQ YHUVWDQGHQGDHUEOLHE 8QGGLH*HVFKZLVWHUVRZLH1DGLQH%HUJHU" 'LH)LOPVFKDXVSLHOHULQDKQWHPHLQH*HGDQNHQ6LHVFKWWHOWH GHQ.RSIª1HLQ-RKQLFKJHKHQLFKW© ,FKDWPHWHWLHIHLQª1DGLQHHVLVWEHVVHUZHQQGXGLFK]XUFN ]LHKVW*ODXEPLU© 6LHVFKWWHOWHGHQ.RSIª:RVROOWHLFKPLFKGHQQYHUNULHFKHQ"© ª$EHUKLHUEHILQGHVWGXGLFKLQ*HIDKU© ª,QGLHVHP+DXVIKOHLFKPLFKVLFKHUHUDOVLUJHQGZRDOOHLQGDV NDQQVWGXPLUJODXEHQ© ,FKNDQQWH1DGLQH%HUJHU6LHUHDJLHUWHVRlKQOLFKZLH-DQH &ROOLQV:HQQVLHVLFKHLQPDOHWZDVLQGHQ.RSIJHVHW]WKDWWH GDQQZDUVLHQLFKWGXUFK*HOGXQGJXWH:RUWHGDYRQDE]X EULQJHQ 'HVKDOEVWLPPWHLFK]Xª2ND\1DGLQHGXNDQQVWKLHUEOHLEHQ $EHUPDFKPLUELWWHNHLQH9RUZUIH© ª1HLQQHLQ© ª'DVJOHLFKHJLOWQDWUOLFKDXFKIUPLFK©VDJWH'RQ0LWFKHOO ª,FKODVVHPHLQH9HUOREWHQLFKWLP6WLFK© $XFKGDKDWWHLFKNHLQ*HJHQDUJXPHQW,FKZXWHDXFKZDV ZHLWHUNDP0DULRQJDEHVPLUGHXWOLFKJHQXJ]XYHUVWHKHQ ª$XFKPLFKZLUGPDQKLHUQLFKWDXVGHP+DXVEHNRPPHQ© HUNOlUWHVLHPLWIHVWHU6WLPPHª,FKEOHLEH© 0LWGLHVHU$QWZRUWKDWWHLFKJHUHFKQHW
ª'LH)UDJHLVWZLHZLUXQVYHUKDOWHQ©PHLQWH%UJHUPHLVWHU .LERUDQ ,FKVFKDXWHPLFKXP,QGHU+DOOHVDKHV]ZDUQLFKWDXVZLHDXI HLQHP6FKODFKWIHOGDEHUHVIHKOWHQLFKWPHKUYLHO(LQLJH*lVWH KDWWHQLQLKUHU$QJVWGLHYROOHQ7DEOHWWVXPJHVWRHQ'LH*OlVHU ZDUHQ]HUEURFKHQGLH*HWUlQNHDXVJHODXIHQ ª$PEHVWHQLVWZHQQZLU]XVDPPHQEOHLEHQ©VFKOXJLFKYRU ª8QG]ZDUKLHULQGHU+DOOHGDVLQGZLUDXFKVFKQHOODQGHU7U© ª'DQQVROOHQZLUZDUWHQELVHWZDVJHVFKLHKW"©KDNWHGHU %UJHUPHLVWHUQDFK ª(UVWHLQPDOMD,FKZHLQLFKWZRLFKGLH*HJQHUVXFKHQVROO© JDELFK]X ª9LHOOHLFKWZHLLFKHV-RKQ© 1DGLQH%HUJHUKDWWHGLH:RUWHJHVSURFKHQhEHUUDVFKWEOLFNWH LFKVLHDQ 6LHOlFKHOWHYHUOHJHQª,FKZROOWHGLUGRFKHWZDVHU]lKOHQELQ DEHUQLFKWGD]XJHNRPPHQZHLOGLHVHUVFKUHFNOLFKH0RUG SDVVLHUWLVW*HVWHUQZDULFKDOOHLQLP+DXV'RQZROOWHQRFK:HLQ KROHQXQGGDKDWWHLFKHLQXQKHLPOLFKHV(UOHEQLV© 1DGLQHEHULFKWHWHZDVYRUJHIDOOHQZDU,FKK|UWHVHKUDXI PHUNVDP]XXQGPLFKLQWHUHVVLHUWHEHVRQGHUVGLH8KUYRQGHU VLHJHVSURFKHQKDWWH 6LHVFKLHQ1DGLQHV(U]lKOXQJHQQDFK]XXUWHLOHQHLQZLFKWLJHV ,QGL]]XU/|VXQJGHV)DOOHV]XVHLQ ª:RVWHKWGLH8KU"© 1DGLQHGUHKWHVLFKKDOEXQGGHXWHWHDXIHLQHYHUVFKORVVHQH7U ª'DKLQWHU© %HYRULFKJLQJVDJWHGHU%UJHUPHLVWHUª'LHVH8KUKDW EULJHQVLQGHU:RKQXQJGHV.LQGHUP|UGHUVJHVWDQGHQ© 'DV]ZHLWOHW]WH:RUWEUDFKWHPLFKDXIHLQH,GHHª6DJHQ6LH 0U.LERUDQ,KU*URYDWHUZDUGRFK]XJHJHQDOVGHU.LQGHU P|UGHUJHIDWZXUGH© ª(UKDWLKQVRJDUHUVFKRVVHQ© ª2ND\DXFKGDV:LHKDEHQGLH.LQGHUHLJHQWOLFKDXVJHVHKHQ DOVVLHJHIXQGHQZXUGHQ":LVVHQ6LHGDVYLHOOHLFKW"© ª0HLQ9DWHUKDWHVPLUHU]lKOW6LHZDUHQY|OOLJQRUPDOELV DXIGHQ.RSI*HVLFKWHUKDWWHQVLHQLFKWPHKUVRQGHUQQXUQRFK 7HXIHOVIUDW]HQ©
$OVHUGDVVDJWHVFKULH0DULRQ0LWFKHOODXIXQGVWDUUWHLKQDXV VFKRFNJHZHLWHWHQ$XJHQDQ ª:DVKDWVLH"©IUDJWH.LERUDQ ª6ROFKHLQ.LQGKDWGHQ%ORQGHQJHW|WHW©DQWZRUWHWHLFK ª2*RWW©'HU%UJHUPHLVWHUZXUGHEOHLFKª'DQQGDQQJLEW HVVLHWDWVlFKOLFK'DQQVWLPPHQGLHDOWHQ*HVFKLFKWHQGLH EHVDJHQGDHVKLHUVSXNHQVROO© ª(VVLHKWVRDXV© ª8QGZLHZROOHQ6LH7RWHXPEULQJHQ"©IUDJWH'RQ0LWFKHOO ª(UVWHLQPDOPXLFKVLHKDEHQ©HUZLGHUWHLFKª,FKZHL VFKOLHOLFKQLFKWZRVLHVLFKDXIKDOWHQ© ª+LHULP+DXV©EHKDXSWHWH1DGLQH ª'DVVDJVWGXVR+DVWGX%HZHLVH"© ª'LH8KU© ,FKQLFNWHXQGOLHPLFKMHW]WQLFKWPHKUDXIKDOWHQVRQGHUQ JLQJDXIGLH7U]XKLQWHUGHUVLFKGLHJHKHLPQLVYROOH8KU EHIDQG'LHZROOWHLFKPLUDQVHKHQ ,QGHP5DXPURFKHVPXIILJ,FKPDFKWH/LFKWXQGVDKGLH8KU VRIRUW6LHVWDFKGLUHNWLQV$XJHPDQNRQQWHZLUNOLFKQLFKWDQLKU YRUEHLVFKDXHQ (LQHQ6FKULWWGDYRUEOLHELFKVWHKHQ'LH8KUVDKY|OOLJQRUPDO DXV(LQDOWHVHQJOLVFKHV6WDQGPRGHOOYLHOOHLFKW]ZHLKXQGHUW -DKUHDOWLFKELQGDNHLQ)DFKPDQQ0LUILHOZHLWHUKLQDXIGD GLHVHV6WFNQRFKVHKUJXWHUKDOWHQZDU(VZDUQLFKWUHVWDXULHUW ZRUGHQLFKVDKHVLQVHLQHP8U]XVWDQGYRUPLU 'DV7LFNHQZDUQLFKWEHUPlLJODXWXQGPLWHLQHP%OLFNDXI GDV=LIIHUEODWWVWHOOWHLFKIHVWGDGLH8KUGLHULFKWLJH=HLWDQ ]HLJWH$XIGLH0LQXWHJHQDX 1LHPDQGZDUPLULQGDV=LPPHUJHIROJW(LQHJHZLVVH6FKHX KLHOWGLH0HQVFKHQGDYRUDE6LHZDUHQLQGHURIIHQHQ7U VWHKHQJHEOLHEHQ $OOH]XFNWHQZLU]XVDPPHQDOVGLH8KUVFKOXJ $FKWPDO 9LHU6WXQGHQYRU0LWWHUQDFKW,UJHQGZLHNDPPLUGLHVHU%HJULII LQGHQ6LQQ ,FKZROOWHHWZDVDXVSURELHUHQXQGKROWHPHLQ.UHX]KHUYRU'LH DQGHUHQEHREDFKWHWHQVWDXQHQGZLHLFKGDV.UX]LIL[GHP =LIIHUEODWWQlKHUWHXQGSO|W]OLFKHWZDV6HOWVDPHVJHVFKDK
:LHYHUUFNWEHJDQQHQVLFKGLH=HLJHU]XGUHKHQ'DVDOWH+RO] lFK]WHXQGVW|KQWHDOVZlUH/HEHQLQLKP'LH8KUVFKOXJXQ XQWHUEURFKHQGLH*HZLFKWHVFKOHXGHUWHQKLQXQGKHUGLH 3HUSHQGLNHOVFKOXJHQHEHQIDOOVDXVXQGLFKWUDWVLFKHUKHLWVKDOEHU HLQHQ6FKULWW]XUFNXPQLFKWJHWURIIHQ]XZHUGHQ 6REDOGHLQHJHZLVVH(QWIHUQXQJ]ZLVFKHQGHU8KUXQGGHP .UHX]EHVWDQGOLHIHQGLH=HLJHUZLHGHUQRUPDO6LHSHQGHOWHQ VLFKVRJDUDXIGLHKHUUVFKHQGH=HLWHLQ (LQ3KlQRPHQZLUNOLFK ,FKGUHKWHPLFKXP $XVEODVVHQ*HVLFKWHUQVWDUUWHQPLFKGLH=XUFNJHEOLHEHQHQ DQ,QGHQ$XJHQODVLFKGLHXQDXVJHVSURFKHQH)UDJH ª7XWPLUOHLGDEHULFKZHLVHOEVWQLFKWDXVZHOFKHP*UXQGGLH 8KUVRUHDJLHUWH© ª'LHLVWGHP%|VHQJHZHLKW©VDJWH1DGLQH ª'DVEHIUFKWHLFKDXFK© ª0DQVROOWHVLHEHUGLH.OLSSHQZHUIHQ©VFKOXJGHU%UJHU PHLVWHUYRU 'LHVH,GHHZDUJDUQLFKWVRVFKOHFKW,FKQDKPPLUYRUPLFK QlKHUGDPLW]XEHIDVVHQ'RFK]XQlFKVWZROOWHLFKQRFKHLQLJH :DIIHQDXVGHP.RIIHUKROHQ ,FKYHUOLHGDV=LPPHUXQGVFKORGLH7UZREHLLFKHUNOlUWH ZDVLFKYRUKDWWH ª$EHUNRPPHQ6LHVFKQHOOZLHGHU©VDJWH0LWFKHOO ª1DWUOLFK© ,FKJLQJQDFKGUDXHQ(VZDULQ]ZLVFKHQGXQNHOJHZRUGHQ ,FKNRQQWHEHUGHQHWZDIQI]LJ
(VJHVFKDKEHZXWGHQQLFKZXUGHGDV*HIKOQLFKWORVGD PDQPLFKKHLPOLFKEHREDFKWHWH ,FKNRQQWHQLFKWV9HUGlFKWLJHVHQWGHFNHQDEHUGDV*HIKOGHU GURKHQGHQ*HIDKUEOLHE %HVRQGHUVLQWHUHVVLHUWHPLFKGHU%DXPGHUDPQlFKVWHQ]XU .OLSSHVWDQG(UKDWWHHLQHQJHZDOWLJHQ6WDPPXQGGDVGLFNH $VWZHUNZDULQGHUDXVODGHQGHQ.URQHLQHLQDQGHUJHIORFKWHQ 1RFKWUXJGHU%DXPNHLQH%OlWWHULFKNRQQWHGXUFKGDV$VWZHUN VFKDXHQXQGVDK$XVVFKQLWWHGHVJUDXHQGVWHUHQ+LPPHOV 'DQQVDKLFKGLH%HZHJXQJ(VZDUHLQKXVFKHQGHU6FKDWWHQ GLUHNWDP6WDPPXQGVRJXWZLHNDXP]XHUNHQQHQ $EHUHUZDUGDGDUDQJDEHVNHLQHQ=ZHLIHO ,FKGUFNWHGLH.RIIHUUDXPKDXEHZLHGHU]XXQGVWDUWHWH'HU %HZHJXQJZROOWHLFKDXIGHQ*UXQGJHKHQ 1DFKHWZD]HKQ6FKULWWHQEOLHELFKDEUXSWVWHKHQ-HW]WZDUHV NHLQ6FKDWWHQPHKUVRQGHUQHLQHNOHLQH*HVWDOW1LFKWJU|HUDOV GLHHLQHV.LQGHVXQGVLHVWDQGQHEHQGHP6WDPP8QG]ZDUVR GLFKWGDVLHIDVWGDPLWYHUVFKPRO] 'RFKHWZDVZDUDQGHUV:HQQDXFKYRQGHP.|USHUQLFKWYLHO ]XHUNHQQHQZDUVRVDKLFKGRFKGDVJOLW]HUQGH(WZDVGDVGLFKW EHUGHP+DOVVFKZHEWH(VZDUGHU.RSI 1HLQNHLQ.RSIVRQGHUQHLQH7HXIHOVIUDW]H ,FKUDQQWH8QGGDVZXUGHDXFKYRQGHPNOHLQHQDEHUJHIlKU OLFKHQ:HVHQHUNDQQWGHQQHVPDFKWHDXIGHP$EVDW]NHKUWXQG ZLVFKWHGDYRQ6RIRUWEHIDQGVLFKGHUGLFNH(LFKHQVWDPP ]ZLVFKHQLKPXQGPLU,FKNRQQWHHVQLFKWPHKUVHKHQ +HIWLJDWPHQGEOLHELFKVWHKHQhEHUPLUEHIDQGHQVLFKGLH NQRUULJHQbVWHXQG=ZHLJH 8QGGRUWODXHUWHDXFKGLH*HIDKU'DV:HVHQKDWWHQXUDOV /RFNYRJHOJHGLHQW ,FKPHUNWH]XVSlWLQZHOFKHLQHUDIILQLHUWH)DOOHLFKYROOKLQ HLQJHVWROSHUWZDUXQGZXUGHY|OOLJEHUUDVFKWDOVGHUZXFKWLJH .|USHUYRQREHQKHUDXIPLFKNQDOOWHXQGPLFKPLWVHLQHP *HZLFKW]X%RGHQUL (VEOLHEPLUNHLQH=HLWPHKUGLH$UPHQRFKDXV]XVWUHFNHQ0LW GHP.RSI]XHUVWEHUKUWHLFKGLH(UGHVDKHLQHQ%OLW]XQGKDWWH HUVWHLQPDO6HQGHSDXVH
'LH*HVFKZLVWHU0LWFKHOO1DGLQH%HUJHUXQGDXFKGHU %UJHUPHLVWHUVDKHQZLHVLFKGLH7UKLQWHUPLUVFKOR6LH EOLHEHQDOOHLQ]XUFN$OOHLQPLWLKUHQ*HGDQNHQXQG*HIKOHQ -HGHUVSUWHMHW]WGLH$QJVW $EHU1DGLQHPHUNWHQRFKHWZDVDQGHUHV6LHKDWWHJHQDXPLW EHNRPPHQZLHZHQLJVLFKLKU9HUOREWHUXPVLHJHNPPHUWKDWWH (UVRUJWHVLFKPHKUXPVHLQH6FKZHVWHU1DGLQHIKOWHVLFKYHU QDFKOlVVLJW8QGLKUZDUHQDXFKQLFKWGLH%OLFNHHQWJDQJHQGLH LKU0DULRQ0LWFKHOO]XJHZRUIHQKDWWH +lPLVFKWULXPSKLHUHQGDEVFKlW]HQG 1DGLQHGDFKWHGDUEHUQDFK9LHOOHLFKWKDWWHVLHZLUNOLFKQLFKW GLHULFKWLJH(QWVFKHLGXQJJHWURIIHQ'LHVHU'RQ0LWFKHOOZDU ]ZDUHLQJXWDXVVHKHQGHU0DQQGRFKZHULKQQlKHUNDQQWHGHU PXWHIHVWVWHOOHQGDPlQQOLFKHV$XVVHKHQQRFKODQJHNHLQHQ 0DQQDXVPDFKWH%HL'RQZDU]XYLHO)DVVDGH8QGGDVNDQQWH VLH]XU*HQJHYRQPDQFKHP6FKDXVSLHOHUNROOHJHQ =XGHPOLHIHQLKUH,QWHUHVVHQJHJHQVlW]OLFKHLQHHFKWH3DUWQHU VFKDIWZUGHHV]ZLVFKHQLKQHQEHLGHQZRKOQLHJHEHQ'DVVWDQG IU1DGLQHIHVW $XFKMHW]WKDWWHHUVHLQHQ$UPIUVRUJOLFKXPGLH6FKXOWHUQGHU 6FKZHVWHUJHOHJW6LFKHU0DULRQKDWWHHLQLJHVKLQWHUVLFKDEHUVLH PXWHHVLQ]ZLVFKHQYHUNUDIWHWKDEHQ (LQGLFNHU.ORZROOWHYRP0DJHQKHUKRFKVWHLJHQGRFK 1DGLQHVFKOXFNWHWDSIHU 0LWFKHOO]QGHWHVLFKHLQH=LJDUHWWHDQª$OVRLFKJODXEHQLFKW GDHUHVVFKDIIW©VDJWHHU ª8QGZDUXPQLFKW"©IUDJWH1DGLQHSDW]LJ 'RQOLHGHQ5DXFKGXUFKGLH1DVHDXVVWU|PHQª+DWHUYLHO OHLFKWGHQ0RUGYHUKLQGHUW"1HLQ2GHUKDWHUGLH*HJQHU JHVWHOOW"'XVLHKVWPHLQHOLHEH1DGLQHVRWROOLVWGHLQ6XSHUPDQQ 6LQFODLUDXFKQLFKW© )HVWEOLFNWH1DGLQH%HUJHULKUHQ9HUOREWHQDQª(UVWHQVELQLFK QLFKWPHKUGHLQHOLHEH1DGLQHXQG]ZHLWHQVLVW-RKQ6LQFODLUNHLQ 6XSHUPDQQ'ULWWHQVVLQGZLUQRFKQLFKWYHUOREW'LH9HUOREXQJ KlWWHMDHUVWQRFKVWDWWILQGHQVROOHQ© 0LWFKHOOV$XJHQEUDXHQ]RJHQVLFK]XVDPPHQª:DVVROOGDV GHQQKHLHQ"© ª'DLFKHVPLUQRFKEHUOHJHQZHUGH©
6HNXQGHQZDUGHU0DQQVSUDFKORV'DQQODFKWHHUODXWDXIª,VW GDVHLQHGHLQHU)LOPVWDUODXQHQ"© ª1HLQ'RQGDVLVWPHLQ(UQVW© 0DULRQODFKWHHEHQIDOOVª,FKKDEHGLUJOHLFKJHVDJWGDVLH QLFKWYLHOWDXJWDEHUGXZROOWHVWMDQLFKWDXIPLFKK|UHQ*HZDUQW KDEHLFKGLFKGHV|IWHUHQ© ª6HLUXKLJMHW]W© ª.LQGHUQXQVWUHLWHWHXFKGRFKQLFKW©PLVFKWHVLFK.LERUDQ GHU%UJHUPHLVWHUHLQªDOVZHQQZLUQLFKW6RUJHQJHQXJKlWWHQ 6LHZHUGHQHVVLFKEHVWLPPWQRFKEHUOHJHQ0LVV%HUJHU© ª1HLQ© ª.RPPW=HLWNRPPW5DW©VDJWH0LWFKHOOª,FKIUDJHPLFKQXU ZR6LQFODLUEOHLEW(ULVWMDODQJHJHQXJZHJ6FKOLHOLFKZROOWHHU QXUVHLQH6DFKHQDXVGHP.RIIHUUDXPKROHQ© ª9LHOOHLFKWKDWHU$QJVWEHNRPPHQ©YHUPXWHWH0DULRQ ª'XNDQQVWMDPDOQDFKVHKHQ©IRUGHUWH1DGLQHGLH)UDXDXI ª,FK":LHNlPHLFKGD]X"(ULVWVFKOLHOLFKGHLQ%HNDQQWHUGX KlOWVWGRFKVRYLHOYRQLKP© ª-DGDVKDOWHLFKDXFK©HUZLGHUWH1DGLQH2KQHVLFKXPGLH DQGHUHQ]XNPPHUQOLHIVLH]XU7UXQG]RJVLHDXI 'LH6FKDXVSLHOHULQEOLFNWHQDFKGUDXHQ6LHVDKGLHOHHUHQ 6WXIHQXQGGLHUHVWOLFKHQ:DJHQGLHQRFKYRUGHP+DXVSDUNWHQ 1XUYRQ-RKQ6LQFODLUVDKVLHQLFKWV 1DGLQHVFKOXFNWH3O|W]OLFKVFKOXJLKU+HU]VFKQHOOHU*HIORKHQ ZDU-RKQQLFKWHLQ0DQQZLHHUOLHIQLFKWZHJ'DHUMHGRFKQLFKW ]XVHKHQZDUNDP1DGLQHGHU*HGDQNHGDLKPHWZDVSDVVLHUW VHLQN|QQWH (LQH*lQVHKDXWNURFKEHULKUHQ5FNHQ$POLHEVWHQZlUHVLH QDFKGUDXHQJHODXIHQDEHUGRUWIKOWHVLHVLFKVFKXW]ORV 6LH]RJVLFKZLHGHU]XUFN ª1XQKDVWGXLKQJHVHKHQ"©0DULRQ0LWFKHOOV6WLPPHNODQJ ODXHUQGXQGVS|WWLVFK]XJOHLFK ª1HLQLFKKDEHLKQQLFKWJHVHKHQ© ª'DQQKDWHUZRKOGDV:HLWHJHVXFKW© ª6HLQ:DJHQVWHKWQRFKDXIGHP3DUNSODW]8QG]X)XZLUGHU MDQLFKWJHODXIHQVHLQ© ª:HUZHL© ª-HW]WK|UWDXIPLWGHP6WUHLW©PLVFKWHVLFK'RQ0LWFKHOOHLQ
ª,FKKDEHDXIMHGHQ)DOO+XQJHU© ª*HKHVVHQHVLVWJHQJHQGGD©PHLQWHVHLQH6FKZHVWHU 'DKDWWHVLHQLFKWJHORJHQ,QHLQHP1HEHQUDXPZDUHLQ%IHWW DXIJHEDXWZRUGHQ(LQOlQGOLFKGHIWLJHV 'HU0DQQ]RJGLH7UDXIXQGPDFKWH/LFKW (UZROOWHGHQ5DXPEHWUHWHQXQGKDWWHEHUHLWVHLQHQ)XYRU JHVHW]WDOVHU]XUFNSUDOOWHXQGHLQHQXQWHUGUFNWHQ6FKUHL DXVVWLH ª:DVLVW"©ULHIGHU%UJHUPHLVWHU (UZDUDOVHUVWHUEHL0LWFKHOOGLHDQGHUHQVWDQGHQ6HNXQGHQ VSlWHUQHEHQLKP -HW]WVDKHQVLHHVDOOH 'DV%IHWWZDUTXHU]XU7UDXIJHEDXWZRUGHQXQGQRFKDEJH GHFNW9RUGHQ7LVFKHQMHGRFKVWDQGHWZDVGDVEHUKDXSWQLFKWLQ GLHVHQ5DKPHQSDWH 'UHLZHLH.LQGHUVlUJH ª2QHLQ©VW|KQWH0DULRQ0LWFKHOOª'DVLVW:DKQVLQQGDVGDUI QLFKWVHLQ+DOWHPLFKELWWH'RQ© 6LHNLSSWHQDFKKLQWHQXQGLKU%UXGHUPXWHVLHWDWVlFKOLFK DXIIDQJHQ 1HEHQ1DGLQHVWDQGGHU%UJHUPHLVWHU(UKDWWHGLH+lQGH JHEDOOWXQGIOVWHUWHª'UHLZHLH6lUJH:LHGDPDOV$OOHVLVW ZLHGDPDOV© ª:DVLVWZLHGDPDOV"© ª,FKZHLHVYRQPHLQHP*URYDWHU'LHHUPRUGHWHQ.LQGHU VLQGLQGUHLZHLHQ6lUJHQEHVWDWWHWZRUGHQXQGMHW]WVWHKHQKLHU DXFKZHOFKH9LHOOHLFKWVLQGHVVRJDUGLHVHOEHQ© ª'LHPWHQGRFKOlQJVWYHUPRGHUWVHLQ© ª1RUPDOHUZHLVHMD$EHUZLVVHQ6LHZHOFKH.UlIWHKLHUPLW VSLHOHQ0LVV%HUJHU"© ª1HLQ© ª6HKHQ6LH© 'LH0LWFKHOOVVSUDFKHQQLFKW1XU'RQUlXVSHUWHVLFK%H PHUNXQJHQZDUHQLKPHEHQVRYHUJDQJHQZLHVHLQHU6FKZHVWHU $OOHZXWHQGDGLH*HIDKUQRFKOlQJVWQLFKWYRUEHLZDUGDVLH YLHOOHLFKWMHW]WHUVWULFKWLJDQIDQJHQZUGH
ª,FKUKUHGLH7RWHQNLVWHQQLFKWDQ©NUHLVFKWH0DULRQ ª'DVKDWDXFKQLHPDQGYRQGLUYHUODQJW©JDE'RQ]XUFN 0DULRQZDUQLFKW]XEUHPVHQª8QGEHUKDXSW©VDJWHVLH ª:DVVROOLFKKLHUQRFK"6RJDUGLHVHU6LQFODLULVWYHUVFKZXQGHQ ,FKKDXHDXFKDE0LFKKlOWKLHUQLFKWVPHKU,FKELQGRFKQLFKW YHUUFNWQRFKOlQJHULQGLHVHP+DXV]XEOHLEHQ(LQ7RWHUUHLFKW PLU,FKP|FKWHQLFKWDOVQlFKVWHGDOLHJHQ© 'DKDWWHVLHLP3ULQ]LSUHFKW$XFKGLHDQGHUHQGDFKWHQlKQ OLFKVLHVSUDFKHQHVQXUQLFKWDXV 0DULRQ0LWFKHOOGUHKWHVLFKDXIGHU6WHOOHVFKDXWHZLHGHULQGLH 'LHOHXQGVFKULH]XP]ZHLWHQPDO /DXWORVKDWWHVLFKKLQWHUGHP5FNHQGHUDQGHUHQHWZDVYHU lQGHUW6LHVDKHQHVDOVVLHLQGLH+DOOHEOLFNWHQ $QGHQVWUDWHJLVFKZLFKWLJHQ6WHOOHQVWDQGHQGLHGUHL.LQGHU PLWLKUHQ7HXIHOVIUDW]HQ 8QGDOOHGUHLKLHOWHQ0HVVHULQLKUHQ+lQGHQ /DQJHZDULFKQLFKWEHZXWORV,FK|IIQHWHGLH$XJHQXQG PHUNWHGDLFKJHVFKOHSSWZXUGH-HPDQGKDWWHPLFKXQWHUGHQ $FKVHOK|KOHQJHSDFNWXQGVFKOHLIWHPLFKEHUGHQ%RGHQHLQHP XQEHNDQQWHQ=LHOHQWJHJHQ0HLQH+DFNHQZKOWHQVLFKLQ GLH(UGHXQGKLQWHUOLHHQWLHIH5LQQHQGLHGHQJHQDXHQ:HJ PDUNLHUWHQ ,FKPHUNWHMHGH8QHEHQKHLWXQGVSUWHDXFKZLHXQUHJHOPlLJ GLH3HUVRQJLQJGLHPLFKVFKOHSSWH :RKLQ" 'DJDEHVDQVLFKQXUHLQH0|JOLFKNHLW$XIGLH.OLSSH]X +LQXQWHUVWU]HQXQGIHUWLJ ,FKVFKOXFNWHDOVPLUGLHVHU*HGDQNHNDPDEHUQRFKZDUHV QLFKWVRZHLW=XGHPZROOWHLFKJHUQVHKHQZHUPLFKGD DEVFKOHSSWH ,FKVFKLHOWHKRFK9LHOVHKHQNRQQWHLFKQLFKW(LQYHUVFKZRP PHQHUVFKHLQHQGHV*HVLFKWDXVGHPNQXUUHQGH/DXWHGUDQJHQ GLHDEHUPLWHLQHP6SUHFKHQRGHU$WPHQQLFKW]XYHUJOHLFKHQ ZDUHQ 2ND\PDFKWHQZLUGHP6SLHOHLQ(QGH,FKKDWWHQlPOLFKNHLQH /XVWPLWPLUZHLWHUKLQ0HKOVDFNVSLHOHQ]XODVVHQ
8USO|W]OLFKVWHPPWHLFKPHLQH)HKDUWLQGHQ%RGHQIDQGDQ HLQHPDXVGHU(UGHZDFKVHQGHQ6WHLQQRFK:LGHUVWDQGXQGZDUI PLFKQDFKYRUQ'DVJHVFKDKVRSO|W]OLFKGDGLH3UDQNHQDXV PHLQHQ$FKVHOK|KOHQUXWVFKWHQ ,FKVWDQG 8QGNDVVLHUWHHLQHQ7UHIIHU ,FKVDKQRFKGLH+DQGYRUPHLQHP*HVLFKWXQGKDWWHGDQDFK GDV*HIKOVlPWOLFKH=lKQHZUGHQPLULP0XQGGXUFKHLQ DQGHUSXU]HOQ0LWGHQ$UPHQUXGHUWHLFKZDUMHGRFKQLFKWLQGHU /DJHPHLQHQ6WXU]]XEUHPVHQ:LHGHUJLQJLFK]X%RGHQ 'LHVPDOMHGRFKILHOLFKDXIGHQ5FNHQ8QGZXUGHQLFKW EHZXWORVZDVHLQJURHU9RUWHLOZDU ,FKODJDXIGHP5FNHQNl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|UGHU -DGDVPXWHHUVHLQ5LFN+ROORZD\KDWWHHUJHKHLHQ'HU %UJHUPHLVWHUKDWWHHVPLUMDGHXWOLFK]XYHUVWHKHQJHJHEHQ6HLQ *URYDWHUKDWWHLKQHUVFKRVVHQQXQVWDQGHUYRUPLU 9RQGHQ7RWHQ]XUFNJHNHKUW ,FKKDWWHRIWJHQXJPLW=RPELHV]XWXQJHKDEW=ZDUIUFKWHWH LFKPLFKLPPHUQRFKYRULKQHQGRFKLFKJHULHWQLFKWLQ3DQLN RGHUYHUILHOLQZLOGHQ6FKUHFNHQLFKEOLHEJHODVVHQ 8QGDXFKGDVGXPSIH*HIKODXVPHLQHP.RSIYHUVFKZDQG ZLHGHU/DQJVDPNRQQWHLFKHLQHQNODUHQ*HGDQNHQIDVVHQ
ª:HQQGXGLFKHLQHQ6FKULWWDXIPLFK]XEHZHJVWVFKLHHLFK© 'HU=RPELHJUXQ]WHQXU (UVWLHUWHPLFKDQXQGEHVRQGHUVKDWWHHVLKPGDV.UHX]DQ JHWDQGDVLFK]XP*OFNQLFKWYHUORUHQKDWWH8QGHUVWMHW]W PHUNWHLFKZLHQDKHZLUGHQ.OLSSHQZDUHQ'DV5DXVFKHQGHU %UDQGXQJZDUODXWHUJHZRUGHQ/LQNVYRQPLUILHOQDFKHLQSDDU
ª:DUXPKDVWGXVLHJHW|WHW"© ª:HLOGHU7HXIHOHVVRZROOWH(UKDWPLFKDQJHVSURFKHQXQGLFK ELQ]XVHLQHP'LHQHUJHZRUGHQ© ª,VWHUGLUHUVFKLHQHQ"©IUDJWHLFK ª-D© ª:LH"© ª+DVWGXGLHDOWH8KUJHVHKHQ"'DULQVWHFNWGHU6DWDQ6LHLVW LKPJHZHLKWZRUGHQXQGGLHOlXWHWGLH7RGHVVWXQGHVHLQHU )HLQGHHLQ:HQQMHPDQGVWLUEWVFKOlJWVLH8QGVLHZLUGDXFK VFKODJHQZHQQLFKGLFKW|WH0DQQ© ª:DVLVWPLWGHQ.LQGHUQ"© ª6LHILQGHQNHLQH5XKH,FKKDEHVLHGDPDOVHQWIKUWXQGGHP 6DWDQJHRSIHUW6LHVLQGHLQ7HLOYRQLKPJHZRUGHQXQGVWHKHQ PLU]XU6HLWHZHQQ*HIDKUGURKW© ª6LQGVLHLP+DXV"© ª-DGDNDQQVWGXVLHILQGHQ%HLGHQDQGHUHQ$OOHYLHUGLH ]XUFNJHEOLHEHQVLQGZHUGHQVWHUEHQ'LH+|OOHZLUGLKUH )UHXGHKDEHQGHU6DWDQNDQQODFKHQ1LHPDQGKlOWGHQ7RGDXI DXFKGXQLFKW(LQHUPXWHVFKRQVHLQ/HEHQODVVHQ'XUFK=XIDOO KDWHUHLQ.LQGJHVHKHQ(VKDWVRIRUWVHLQ0HVVHUJHZRUIHQ© ,FKK|UWHGLH:RUWHXQGGDFKWHILHEHUKDIWQDFK'LHVHU=RPELH KDWWHPLFKLQHLQH)DOOHJHORFNW,FKZDUI|UPOLFKKLQHLQJHVWROSHUW XQGKDWWHPHLQH)UHXQGHDOOHLQJHODVVHQ6LHZDUHQGHQNOHLQHQ WHXIOLVFKHQ*HVFK|SIHQKLOIORVDXVJHOLHIHUWZUGHQVLFKJHJHQ GLHPLW0DJLHDXIJHODGHQHQ0RQVWHUQLFKWZHKUHQN|QQHQ $EHULFKNRQQWHHVREZRKOLFKHUVWGHQ8QWRWHQDXVGHP:HJ VFKDIIHQPXWH 1RFKKRFNWHLFKDXIGHP%RGHQXQGOLHGHQ=RPELHLQGLH :DIIHQPQGXQJVFKDXHQ(UUKUWHVLFKQLFKWVWLHUWHPLFKQXUDQ XQGWDWDXFKQLFKWVDOVLFKODQJVDPDXIVWDQG (VZDUQLFKWOHLFKWVLFK]XHUKHEHQXQGGDEHLGLH:DIIHVR]X KDOWHQZLH]XYRU'HVKDOEIRUGHUWHLFK+ROORZD\DXIª'UHKGLFK XP© (U]|JHUWHHLQHQ0RPHQWVWLHHLQXQZLOOLJHV.QXUUHQDXV JHKRUFKWHDEHU 8QGHUEHUUDVFKWHPLFK (UKLHEQRFKZlKUHQGHUVLFKGUHKWHPLWHLQHP)XLQGHQ %RGHQXQGVFKOHXGHUWHPLU'UHFNXQG6DQGLQV*HVLFKW
,QVWLQNWLYGUFNWHLFKDEDEHULFKZXWHJOHLFKGDLFKQLFKW JHWURIIHQKDWWH 'DIUWUDI+ROORZD\ (LQZXFKWLJHU7ULWWWUDIPHLQUHFKWHV+DQGJHOHQNXQGIHJWHPLU GLH:DIIHDXVGHQ)LQJHUQ 6LHODQGHWHLUJHQGZRKLQWHUPLUXQGLFKGUHKWHPLFKXPGLH HLJHQH$FKVHVRGDPLFKGHUQlFKVWH7ULWWGHUPHLQHP.RSI JHJROWHQKDWWHYHUIHKOWH ,FKSUDOOWHJHJHQ]ZHLJURH6WHLQHHWZDVNOLUUWHXQGDOVLFK PLFKLQGLH+|KHZXFKWHWHVSUWHLFKLP1DFNHQHLQHQNXU]HQ 5XFN ,PQlFKVWHQ$XJHQEOLFNILHOGDV.UHX]YRQPHLQHU%UXVWZHLO GLH.HWWHJHULVVHQZDU 'HQ*UXQGNRQQWHLFKVHKHQ 'DV.UHX]ZDUPLWVHLQHU6FKPDOVHLWHXQJOFNOLFK]ZLVFKHQGLH EHLGHQ6WHLQHJHUXWVFKW'HU=XIDOOKDWWHHVGLHHLQ]LJH/FNH ILQGHQODVVHQ%HLP+RFKNRPPHQZDUGDQQGLH.HWWH]HUULVVHQ 'DVNRQQWHHLQW|GOLFKHV3HFKIUPLFKZHUGHQGHQQZDIIHQORV VWDQGLFKQXQGHPJHIlKUOLFKHQ=RPELHJHJHQEHU ,FKVFKQHOOWHDXVPHLQHU+RFNVWHOOXQJKRFKXQGNRQQWHPLFK JHUDGHQRFK]XU6HLWHGUHKHQXPHLQHP+DPPHUVFKODJ]XHQW JHKHQ'LH)DXVWNUDFKWHGDIUDXIGHQ)HOVHQ %HLGHQPDFKWHHVQLFKWVDXV'HP6WHLQQLFKWXQGDXFKQLFKW GHU+DQGGHQQVLHZDURKQH/HEHQRKQH*HIKO 'DQQJULIILFKDQ ,FK]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQGXFNWHPLFKXQG UDQQWHYRU 'HU=RPELHZDUHWZDVXQEHZHJOLFKNDPQLFKWVFKQHOOJHQXJ ZHJXQGLFKUDPPWHPHLQHQ6FKlGHOLQVHLQHQ/HLE *HPHLQVDPWDXPHOWHQZLU]XUFN:lKUHQGVLFKGHU8QWRWH DXIGHQ%HLQHQKLHOWVWROSHUWHLFKEHUVHLQH)HILHOKLQUROOWH PLFKVRIRUWKHUXPXQGIHGHUWHZLHGHUKRFK 'HU=RPELHJULIIQLFKWDQ'DIUEFNWHHUVLFKXQGZXFKWHWH HLQHQJHZDOWLJHQ6WHLQKRFK 'HUZDUVRVFKZHUGDVHOEVWGLHVHVXQWRWH0RQVWHU0KH KDWWHLKQLQGLH+|KH]XVWHPPHQ:DVHUPLWGLHVHP6WHLQ ZROOWHODJDXIGHU+DQG0LFK]HUVFKPHWWHUQ 6RZHLWOLHLFKHVQLFKWNRPPHQ0HLQ7ULWWLQGLH6HLWHZDUIGHQ
6HHOHQORVHQ]X%RGHQ(UUROOWHGHP$EJUXQGLPPHUQlKHU 1LFKWVDQGHUHVKDWWHLFKJHZROOW 0LWGHQEORHQ)lXVWHQNRQQWHLFKLKQQLFKWEHVLHJHQ(UZDUMD VFKRQWRW(VZUGHPLUQLFKWJHOLQJHQLKQQRFKHLQPDOXP]X EULQJHQ1LFKWDXIQRUPDOH$UWXQG:HLVH$EHUZHQQHUEHUGHQ $EJUXQGVWU]WHXQG]ZLVFKHQGLH.OLSSHQILHOKDWWHLFK=HLWDQ PHLQH:DIIHQ]XNRPPHQ%LV+ROORZD\ZLHGHUDXIWDXFKWHZDU DXFKLFKILW 6RPHLQH5HFKQXQJ ,FKNlPSIWH (LQZHLWHUHU+LHEWULHEGHQ8QWRWHQQRFKPHKU]XUFN 5FNZlUWVWRUNHOWHHUDXIGHQ.OLSSHQUDQG]X'HU:LQGSDFNWH XQVEHLGHXQGVFKWWHOWHXQVUHJHOUHFKWGXUFK 6FKRQMHW]WVFKPHU]WHQPLUPHLQH+lQGH,FKZUGHPLUDQ GLHVHUVHHOHQORVHQ0DVFKLQHGLH.QRFKHQDXIVFKODJHQGHVKDOE JULIILFK]XHLQHP+LOIVPLWWHO $XIGHU(UGHXQGLQXQPLWWHOEDUHU1l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lFKVWHU6FKODJJHJHQGHQ+DOV8QG ZLHGHUVSUDQJLFKDXILKQ]X ,FKVDKEHUHLWVGDV(QGHGHU6WUHFNH=ZHLK|FKVWHQVGUHL 6FKULWWHKLQWHULKPJLQJHVLQGLHJHIlKUOLFKH7LHIHQRFKHLQ+LHE GDQQNRQQWHLFKHVSDFNHQ ,FKJHULHWGDEHLLQHLQHVROFKH(XSKRULHGDLFKGLH9RUVLFKW YHUJD )URQWDOJLQJLFKPHLQHQ*HJQHUDQ 'DVUlFKWHVLFK
3O|W]OLFKVFKQHOOWHQGLH$UPHGHV=RPELHVYRUXQGHKHLFK PLFKYHUVDKXPNODPPHUWHQGLH+lQGHGHQ$VW,FKZDUQRFKLP YROOHQ/DXIXQGSUDOOWHJHJHQLKQ*OHLFK]HLWLJZLFKHU]XU6HLWH DXVXQGVWHOOWHPLUHLQ%HLQ ,FKVWROSHUWH 3O|W]OLFKZDUGHU$EJUXQGYRUPHLQHQ$XJHQ1RFKNRQQWHLFK PLFKIDQJHQPHUNWHZLHPLUGHU$VWDXVGHQ+lQGHQJHULVVHQ ZXUGHXQGGDQQEHNDPLFKGHQ+LHELQGHQ5FNHQ (VZDUHLQ+DPPHU ,FKZXUGHQDFKYRUQJHVFKOHXGHUWHLQHXUZHOWKDIWH.UDIWUL PLFKYRQGHQ%HLQHQLFKVDKGLH.DQWHHUKLHOWQRFKHLQHQ6WR XQGZXUGHEHUGLH)HOVOHLVWHKLQZHJNDWDSXOWLHUW ,QGDV5DXVFKHQGHU%UDQGXQJPLVFKWHVLFKGDV/DFKHQPHLQHV XQWRWHQ*HJQHUV 1LHPDQGZDJWHVLFK]XUKUHQ 'LH$QJVWIUDVLFKZLH6lXUHLQGLH+HU]HQGHUYLHU0HQVFKHQ -HGHUUHDJLHUWHDQGHUV :lKUHQGGHU%UJHUPHLVWHUXQG1DGLQH%HUJHUYRU6FKUHFNHQ QLFKWVVDJHQNRQQWHQ]LWWHUWH0DULRQ0LWFKHOODPJDQ]HQ/HLE 6LHKDWWHGLH$UPHKDOEHUKREHQXQGGLH+lQGH]X)lXVWHQ JHEDOOW,KUH$XJHQZDUHQZHLWDXIJHULVVHQGLH=lKQHNODSSHUWHQ DXIHLQDQGHUXQGPLWILHEULJHP%OLFNVWDUUWHVLHDXIGLHWHXIOLVFKH (UVFKHLQXQJDQGHU7U (LQ.LQGQXUGRFKPLWHLQHP0HVVHULQGHU+DQGXQGHLQHU 7HXIHOVIUDW]H 'RQ0LWFKHOOVDJWHQLFKWV(UNRQQWHQLFKWVSUHFKHQ=XVHKU KDWWHLKQGDV$XIWDXFKHQGHUGUHLWHXIOLVFKHQ.LQGHUJHVFKRFNW (UZDUZHLJHZRUGHQXQGGHUNDOWH6FKZHLODJDXIVHLQHU6WLUQ 'LH.LQGHUVWDUUWHQGLH0HQVFKHQQXUDQXQGGLH.OLQJHQGHU 0HVVHUZDUIHQEOLW]HQGH5HIOH[H ª:DVVROOHQZLUWXQ"©KDXFKWH0DULRQ ª1LFKWV©'LHVHWRQORVH$QWZRUWNDPYRQLKUHP%UXGHU(U KDWWHHLQHQ%OLFN]XU7UHSSHJHZRUIHQ'LHVHU)OXFKWZHJZDU HEHQIDOOVYHUVSHUUWZHLOGRUWDXFKHLQ.LQGVWDQG (VZUGHNHLQHQYRUEHLODVVHQ 8QGGDVGULWWHKDWWHVLFKYRUGHP)HQVWHUDXIJHEDXW
6LHWUXJHQVFKZDU]H*HZlQGHUGLHDOOHUGLQJVVFKPXW]LJXQG ]HUNQLWWHUWZLUNWHQ,KUH)LQJHUQlJHOZDUHQEHUGXUFKVFKQLWWOLFK ODQJ 6LHPXWHQLP*UDEZHLWHUJHZDFKVHQVHLQ %UJHUPHLVWHU.LERUDQIKOWHGLH)LQJHUGHU6FKDXVSLHOHULQDQ VHLQHU+DQG6LHZDUHQNDOW6lPWOLFKHV%OXWVFKLHQDXVLKQHQ JHZLFKHQ]XVHLQ ª:DVVROOHQZLUWXQ"©ZLVSHUWHVLH ª,FKZHLHVQLFKW© ª$EHUZLUN|QQHQXQVGRFKQLFKWVRRKQHZHLWHUHVW|WHQ ODVVHQ©VFKOXFK]WH1DGLQH ª1HLQ© ª8QGGLU'RQ")lOOWGLUQLFKWVHLQ"© $OVVLFKGHU$QWLTXLWlWHQKlQGOHUDQJHVSURFKHQIKOWHGUHKWHHU GHQ.RSIª1HLQYHUGDPPWPLUIlOOWQLFKWVHLQ+lWWHVWGHLQHQ 6LQFODLUIUDJHQN|QQHQDEHUGHUKDWVLFKMDDXVGHP6WDXE JHPDFKW© ª'XELVWJHPHLQ© 0LWFKHOOODFKWHQXU ª9LHOOHLFKWZHLLFKHWZDV©VDJWHGHU%UJHUPHLVWHUGHQQZLH DXFKGLHDQGHUHQKDWWHHUJHVHKHQGDVLFKGLHGUHLNOHLQHQ 0RQVWHUODQJVDPLQ%HZHJXQJVHW]WHQ ª8QGZDV"© ª:DUWHWHVDE© .LERUDQUDIIWHDOOVHLQHQ0XW]XVDPPHQXQGWUDWHLQHQ6FKULWW YRU(UKREGLH+DQGXQGULHIPLWODXWHU6WLPPHª+DOW© :DVQLHPDQGHUZDUWHWKDWWHJHVFKDK 'LHGUHL7HXIHOVNLQGHUVWRSSWHQ .LERUDQDWPHWHDXVGLHHUVWH+UGHKDWWHHUJHQRPPHQ(U VSUDFKGLHWHXIOLVFKHQNOHLQHQ*HVWDOWHQZHLWHUKLQGLUHNWDQª,FK ZHLZHULKUVHLG©VDJWHHUªDEHUDXFKLKUPWPHLQHQ1DPHQ NHQQHQZHQQLKUJHQDXEHUOHJW,FKKHLH.LERUDQ(ULQQHUW LKUHXFK"© 'LHNOHLQHQ0RQVWHU]HLJWHQNHLQH5HDNWLRQ 'HU%UJHUPHLVWHUEHXJWHVLFKYRU%HVFKZ|UHQGJOLWWVHLQ%OLFN LQGLH5XQGHª.LERUDQ©-HGHQ%XFKVWDEHQEHWRQWHHUª(ULQQHUW LKUHXFKQLFKW"'HQNW]XUFNDQHXUHQ7RG+ROORZD\KDWHXFK HUPRUGHW(XFKGUHL=ZHL0lGFKHQXQGHLQHQ-XQJHQ$EHUHV
JDE0lQQHULP'RUIGLHVLFK]XVDPPHQVFKORVVHQXPHXUHQ 7RG]XUlFKHQ'HU3IDUUHUGHU%UJHUPHLVWHUGHU3ROL]LVWGHU $SRWKHNHUXQGGHU/HKUHU6LHVFKORVVHQHLQ%QGQLVXPGHQ JHKHLPQLVYROOHQ0|UGHU]XILQGHQ8QGVLHKDEHQLKQDXFKJH IXQGHQ+ROORZD\NRQQWHQLFKWPHKUIOFKWHQ:LUVWHOOWHQLKQ XQGZLUNlPSIWHQJHJHQLKQ©'HU%UJHUPHLVWHUZDUVRLQ)DKUW GDHUVHLQHQ*URYDWHUPLWVLFKVHOEVWYHUZHFKVHOWHGDQQDEHU VFKZHQNWHHUZLHGHUXPª0HLQ*URYDWHUKDW+ROORZD\HUVFKRV VHQQDFKGHPHUGHQ3IDUUHUJHW|WHWKDWWH:LWLKUGDV"© .HLQH$QWZRUW .LERUDQVSUDFKZHLWHUª6LHKDEHQHXFKKLHUREHQEHJUDEHQ QHEHQGHP.LQGHUP|UGHU,KUVHLGMDQLFKWPHKUQRUPDOJHZHVHQ XQVHUH9RUIDKUHQPXWHQHVWXQZLUNOLFK© ª:LUZDUHQGHP7HXIHOJHZHLKW©=XPHUVWHQPDOVSUDFKHLQHV GHUNOHLQHQ0RQVWHU'LH6WLPPHGUDQJGXPSIXQWHUGLHVHU 7HXIHOVIUDW]HKHUYRUYRQGHUPDQQLFKWZXWHREVLHHLQH0DVNH ZDURGHUQLFKWª(VKDWWHNHLQHQ=ZHFNPHKUJHKDEW'LH$UEHLW GHLQHU9RUIDKUHQZDUY|OOLJXPVRQVWJHZHVHQ©HUNOlUWHPDQ GHP%UJHUPHLVWHU ª'DVN|QQWLKUQLFKWVRVHKHQ©.LERUDQYHUVXFKWHDOOHVXPGLH GUHL*HVFK|SIHDXI]XKDOWHQª6LHGDFKWHQGDPDOVQRFKGD VLHHXFKILQGHQN|QQWHQXQGVLHKRIIWHQGDLKUZHLWHUKLQDP /HEHQZlUHW© ª:LUOHEHQMDDXFK© ª:DVLVWGDVIUHLQ/HEHQ"6FKOLPPVHKUVFKOLPP©ULHIGHU %UJHUPHLVWHUGHQGUHL0RQVWHUQHQWJHJHQª,KUVHLGQLFKWHLQJH JDQJHQLQGDV3DUDGLHVLKUNHQQWQXUGHQ7HXIHODQGHQHXFK 5LFN+ROORZD\YHUNDXIWKDW1LHZHUGHWLKUHXUHQ)ULHGHQILQGHQ LKUZHUGHWLPPHUDOVUXKHORVH*HLVWHUKHUXPLUUHQDEHUGHU 6HHOHQIULHGHQEOHLEWHXFKYHUZHKUW8QGZDUXPZROOWLKUW|WHQ" :DVKDEHQGLH/HXWHHXFKKLHUJHWDQ"1LFKWVJDUQLFKWV© ª(VLVWXQVHU*HELHW© ª:LHVR"© ª'HLQH9RUIDKUHQKDEHQXQVLQGHUXQKHLOLJHQ(UGHYHUVFKDUUW GDVPXWGXGRFKZLVVHQ-DGLHVH(UGHZDUXQKHLOLJGHQQGLH 0DJLHHLQHVDOWHQ'UXLGHQZLUNWHQRFKQDFK:LUYHUIDXOWHQQLFKW ZLUVWDUEHQQLFKWZLUEOLHEHQLQXQVHUHQIHXFKWHQ*UlEHUQXQG ZDUWHWHQDEELVGLH=HLWJQVWLJZDU©
ª:HUIKUWHHXFK"©IUDJWH.LERUDQª'HU7HXIHO"© ª1HLQ5LFN+ROORZD\(ULVWXQVHU)KUHU© ª8QGZDUXPKDEWLKULKQQLFKWPLWJHEUDFKW"© 'DODFKWHQGLHGUHLNOHLQHQ0RQVWHUJOHLFK]HLWLJDEHUHVZDU NHLQIUHXQGOLFKHVKHOOHV/DFKHQVRQGHUQHLQE|VHVJUDXVDPHV ª+ROORZD\OlXIWGUDXHQKHUXPXQGVLFKHUWGRUWGDV+DXVDE(U NDQQJHQDXVHKHQZHUHVYHUODVVHQZLOO© 'LHVHGXUFKGLH%OXPHJHVSURFKHQH%HPHUNXQJYHUVWDQG .LERUDQVHKUZRKO(UVSUWHZLHHVNDOWVHLQHQ5FNHQKLQDEOLHI XQGHUGDFKWHGDEHLQLFKWVRVHKUDQVLFKVRQGHUQDQGHQ 2EHULQVSHNWRUDXV/RQGRQGHUGDV+DXVYHUODVVHQKDWWH ª:LUZLVVHQGDHLQHUIHKOW©HUKLHOWHUVRJOHLFKGLH%H VWlWLJXQJª(LQHUYRQHXFKKDWGDV+DXVYHUODVVHQZLUKDEHQLKQ JHVHKHQ8QGHUKDWXQVDXFKJHVHKHQ:LUORFNWHQLKQLQGLH )DOOHGDPLWVLFK5LFN+ROORZD\PLWLKPEHVFKlIWLJHQNDQQ'HQQ 5LFNZLOODXFKQLFKWGDKLHUMHPDQGKHUXPOlXIW$OOHVJHK|UW LKPDXFKGLH8KU© ª'LH8KU"© ª-DGLHEHVRQGHUV© .LERUDQEHJULIIGDHV]ZLVFKHQGHU8KUGHQ7HXIHOVNLQGHUQ XQGGLHVHP5LFN+ROORZD\HLQHXUVlFKOLFKH9HUELQGXQJJDE 'RFKGDVZDULP0RPHQWQLFKWVRZLFKWLJ9LHOZLFKWLJHUXQG DNXWHUHUVFKLHQLKPGHU)DOOGHV2EHULQVSHNWRUV]XVHLQ ª:REHILQGHWVLFKGHU0DQQMHW]WGHUYRUKLQGDV+DXVYHU ODVVHQKDW"© 'LHVH)UDJHSXWVFKWHGLH6SDQQXQJLQGHQ0HQVFKHQQRFK K|KHUDOV]XYRU -HGHUVWDUUWHGLHGUHLNOHLQHQ0RQVWHUDQGRFKGLHOLHHQVLFK PLWGHU$QWZRUW=HLW (LQHVHOWVDPH%HNOHPPXQJOHJWHVLFKEHUGHQ5DXP1DGLQH %HUJHUVSUWHZLHLKU+HU]REHQLP+DOVNORSIWH8QWHU 8PVWlQGHQHUIXKUVLHMHW]WYRQ-RKQ6LQFODLUV7RG'DVEUDFKWHVLH QDKHDQGHQ:DKQVLQQ $EHUDXFKGLH*HVFKZLVWHU0LWFKHOOVWDQGHQODXHUQGGD)UVLH JLQJHVHEHQIDOOVXPDOOHVRGHUQLFKWV ª+ROORZD\KDWLKQ© 'LH$QWZRUWZDUZLHHLQ3HLWVFKHQKLHEGHQQGLH0HQVFKHQ GXFNWHQVLFKI|UPOLFK]XVDPPHQ
'HUDXVGHP*UDEJHVWLHJHQH.LQGHUP|UGHUKDWWHVLFKGHV 2EHULQVSHNWRUVEHPlFKWLJW .LERUDQVW|KQWHDXIZlKUHQG'RQ0LWFKHOOVDJWHª,FKKDEHHV GRFKJOHLFKJHZXW© 1XU1DGLQHUHDJLHUWHRKQHlXHUH$Q]HLFKHQGRFKLQLKUHP ,QQHUQVDKHVDQGHUVDXV'RUWMDJWHQVLFKGLH*HGDQNHQ 'D]LWWHUWHVLH$EHUVLHGDFKWHDXFKDQGLH9HUJDQJHQKHLW$Q 'U7RGGHQ-RKQ6LQFODLUEHVLHJWKDWWHXQGDQGHQXQKHLPOLFKHQ 0|QFKGHUDXFKQLFKWVJHJHQGHQ*HLVWHUMlJHUKDWWHDXVULFKWHQ N|QQHQ 9LHOOHLFKWKDWWH-RKQGRFKHLQH&KDQFH 6LHEHWHWHGDUXPXQGIDOWHWHVRJDUGLH+lQGH'LH6WLPPHHLQHV 7HXIHOVNLQGVXQWHUEUDFKLKUHQ*HGDQNHQODXI ª+ROORZD\KDWHVEHUQRPPHQHXUHQ)UHXQG]XW|WHQ:LU KDEHQDQGHUH$XIJDEHQ:LUZHUGHQHXFKW|WHQ© 'DVKDWWH]ZDUMHGHUDQJHQRPPHQRGHUJHDKQWDEHUGDVVR GHXWOLFK]XK|UHQZDUIUGLH$QZHVHQGHQHLQUHJHOUHFKWHU 6FKRFN 8QGVLHZDUHQZDIIHQORVNRQQWHQVLFKQLFKWZHKUHQ 'DVZXUGHDXFKGHP%UJHUPHLVWHUNODU/DQJVDPWUDWHU ]XUFN(UZROOWHQLFKW]XQDKHVHLQGRFKGLH.LQGHU]RJHQGHQ .UHLVVRIRUWHQJHUYHUVSHUUWHQZHLWHUKLQGLH)OXFKWZHJH ª9HUGDPPW©NHXFKWH'RQ0LWFKHOOª'LHEULQJHQHVIHUWLJXQG PDFKHQXQVDOOH©:LOGVFKDXWHHUVLFKXPZlKUHQGVHLQH 6FKZHVWHUSO|W]OLFKGLH1HUYHQYHUORU ª,FKZLOODEHUQLFKWVWHUEHQ©NUHLVFKWHVLHª,FKZLOOQLFKW©6LH ULGLH$UPHKRFKEDOOWHGLH+lQGHXQGVWDPSIWHZLOGPLWGHP UHFKWHQ)XDXIVRGDGHU+RO]ERGHQYLEULHUWH ª:DVPDFKHQZLU"©IUDJWH1DGLQH%HUJHUGHQ%UJHUPHLVWHU PLW]LWWHUQGHU6WLPPH ª,FKZHLHVQLFKW© ª:LUPVVHQYRUEHL© ª*HQDXGDVPHLQHLFKDXFK©VDJWH'RQ0LWFKHOO(UKDWWHGLH JHIOVWHUWHQ:RUWHYHUQRPPHQXQGUHDJLHUWH 8USO|W]OLFKVWLHHUVLFKDE6HOWHQLQVHLQHP/HEHQZDUHUVR VFKQHOOJHUDQQW(UIORJI|UPOLFKDXIGLH7UHSSH]XXQGZROOWH QDFKREHQKLQHQWIOLHKHQ ª'RQ©NUHLVFKWH0DULRQª1LPPPLFKPLW©
'HU0DQQNPPHUWHVLFKQLFKWGDUXP 'LH6WXIHQ (UZDUIVHLQHQ.|USHUYRUQDKPGLHHUVWHQGUHLXQG 'DV7HXIHOVNLQGGDVLQ7UHSSHQQlKHJHODXHUWKDWWHUHDJLHUWH MHW]WHUVW (VGUHKWHVLFKKDOEKREGHQ$UPHWZDVIOLUUWHGXUFKGLH/XIW XQGWUDIPLWW|GOLFKHU3Ul]LVLRQGHQ5FNHQGHVIOLHKHQGHQ 0DQQHV =XHUVWVFKLHQHVDOVZUGH'RQ0LWFKHOOVHLQHQ/DXIQLFKW XQWHUEUHFKHQDOVZlUHJDUQLFKWVJHZHVHQGDQQDEHUVDFNWHHU SO|W]OLFK]XVDPPHQ,QHLQHUUHIOH[DUWLJHQ%HZHJXQJVWUHFNWHHU QRFKVHLQHQOLQNHQ$UPDXVXQGGLH+DQGNODWVFKWHDXIGHQ/DXI GHV*HOlQGHUV(UZROOWHVLFKGDUDQIHVWNODPPHUQIDQGMHGRFK QLFKWGLH.UDIWXQGYHUORUGHQ+DOW *OHLFK]HLWLJDXFKGDVhEHUJHZLFKW 'RQ0LWFKHOONLSSWHQDFKKLQWHQXQGUROOWHVLFKPHKUPDOVEHU VFKODJHQGXQGYRP*HOlFKWHUGHUGUHL7HXIHOVNLQGHUEHJOHLWHWGLH 7UHSSHKLQDE(WZDHLQ
,KUHGXPSIHQ6FKOlJHWULHEHQGHQ0HQVFKHQ$QJVWVFKDXHU EHUGHQ5FNHQ 7RWHQJHOlXW 'DV.LQG]|JHUWH 8QGGDUHDJLHUWH.LERUDQª6WRGLH7UDXI©]LVFKWHHU1DGLQH %HUJHU]X *OHLFK]HLWLJUDQQWHHUDXI0DULRQ0LWFKHOO]XHUUHLFKWHVLHXQG ULVLHYRQGHP7RWHQZHJ 'DIORJGDV0HVVHU 'RFK.LERUDQKDWWHVLFKLQVWLQNWLYJHGXFNW(UXQGGDV 0lGFKHQEHIDQGHQVLFKQLFKWPHKULQGHU)OXJEDKQGHU:DIIHVR GDGLH.OLQJHVLHYHUIHKOWHXQGLQGLHGULWWXQWHUVWH6WXIHKLHEZR VLHVWHFNHQEOLHE .LERUDQDEHU]HUUWHGLHVFKUHLHQGH0DULRQDXIGLH7U]XP 1HEHQ]LPPHU]X 6LHVWDQGZHLWRIIHQ 'RFKGDZDUQRFKGDVGULWWH.LQG(VZROOWHHEHQIDOOVVHLQ 0HVVHUVFKOHXGHUQ 1DGLQH%HUJHUEHUZDQGVLFKVHOEVW6LHKDWWHELVKHUQXU]X JHVFKDXWMHW]WDEHUVSUDQJVLHYRUHUUHLFKWHGHQLQGHU+DOOH VWHKHQGHQ)OJHOXQGVFKQDSSWHHLQH6HNWIODVFKHGLHLUJHQG MHPDQGYRQGHQ3DUW\JlVWHQGRUWDEJHVWHOOWKDWWH :XFKWLJVFKOHXGHUWHVLHGLH)ODVFKH 8QGWUDI 'DVJOlVHUQH:XUIJHVFKRKLHEJHJHQGHQ+LQWHUNRSIGHVWHXI OLVFKHQ.LQGHV'HU7UHIIHUVFKOHXGHUWHGDVNOHLQH0RQVWHUQDFK YRUQVRGDGHU%UJHUPHLVWHUXQG0DULRQ0LWFKHOO=HLWJHZDQ QHQ6LHNRQQWHQLQGDV=LPPHUIOFKWHQ 1DGLQH%HUJHUIROJWHLKQHQVRIRUW +DUWUDPPWHVLHGLH7U]XVDKGHQYRQLQQHQVWHFNHQGHQ 6FKOVVHOXQGVFKORDE ª*HVFKDIIW©NHXFKWHVLH,QLKUHQ$XJHQIODFNHUWHHU .LERUDQQLFNWHXQGOHKQWHVLFKJHJHQGLH:DQG6LHEHIDQGHQ VLFKGRUWZRGLHGUHLZHLHQ6lUJHVWDQGHQXQGGDV%IHWWDXI JHEDXWZDU8QGGHU5DXPKDWWHHLQ)HQVWHU (LQH)OXFKWFKDQFH 1DGLQHOLHIKLQ6LHGUHKWHDP*ULIIXQGVFKULHVFKOXFK]HQGXQG HQWWlXVFKWDXI
ª:DVLVWORV"© 1DGLQHLUUWHKHUXPª'HUYHUGDPPWH%JHONOHPPW© ª1HLQ©%UJHUPHLVWHU.LERUDQVFKORIU6HNXQGHQGLH$XJHQ 'DVZDUHLQH(QWWlXVFKXQJ 0DULRQ0LWFKHOOODFKWHNUHLVFKHQGDXI(VVFKLHQDOVKDEHVLH GHQ9HUVWDQGYHUORUHQ ª,FKKHOIH,KQHQ©VDJWHGHU%UJHUPHLVWHUXQGOLHI]XP)HQVWHU 1DGLQHWUDW]XU6HLWH $XFK.LERUDQVFKDIIWHHVQLFKWGHQ%JHOKHUXP]XUHLHQ ª'DQQPVVHQZLUHEHQGLH6FKHLEHHLQVFKODJHQ©VDJWHGLH 6FKDXVSLHOHULQ ª:RPLW"©.LERUDQVFKDXWHVLFKXP 0DULRQ0LWFKHOOKRFNWHLQHLQHU(FNH6LHZDULQVLFK]XVDP PHQJHVXQNHQXQGVWLHUWH]X%RGHQ1XUXQWHULKUHU:DQJHQKDXW ]XFNWHHVKLQXQGZLHGHU 1DGLQH%HUJHUKDWWHLKUHQHUVWHQ6FKUHFNHQEHUZXQGHQ6LH SDFNWHHLQHPLW6DODWJHIOOWH6FKVVHOXQGVFKOHXGHUWHVLHGHP )HQVWHUHQWJHJHQ .OLUUHQG]HUEUDFKGLH6FKHLEH .DOWH/XIWILHOLQGDV=LPPHU:LH0HVVHUKLQJHQQRFKGLH 6FKHUEHQVSLW]HQLP.LWW0LWGHP(OOERJHQVFKOXJ1DGLQHVLHDXV GHP5DKPHQZlKUHQGVLFKGHU%UJHUPHLVWHUXP0DULRQ 0LWFKHOONPPHUWHXQGVLHDXIGLH%HLQH]RJ 'DV*LUOOLHDOOHVZLOOHQORVPLWVLFKJHVFKHKHQ 1DGLQHZDUDP)HQVWHUVWHKHQJHEOLHEHQ6LHZROOWHVLFKJHUDGH KLQDXVOHKQHQDOVVLHSO|W]OLFKGLHNOHLQH*HVWDOWPLWGHU 7HXIHOVIUDW]HVDK 6LHVWDQGGLUHNWYRUGHP)HQVWHU 1DGLQH%HUJHUZDUXQIlKLJHWZDV]XVDJHQ,KUH*HVLFKWV]JH HUVWDUUWHQZlKUHQGGDVNOHLQH0RQVWHUODQJVDPVHLQHUHFKWH +DQGPLWGHP0HVVHUKREXQGHLQZLVVHQGHV*ULQVHQGLHEUHLWHQ /LSSHQNHUEWH ,FKILHO 9RUPLUEHIDQGVLFKGLHJQDGHQORVH7LHIH=XGHPKDWWHLFKGLH $XJHQZHLWDXIJHULVVHQVDKGHQ6FKDXPGHU%UDQGXQJXQGK|UWH GDV7RVHQGHU:HOOHQ
$OOGLHVH(LQGUFNHQDKPLFKLQ%UXFKWHLOHQYRQ6HNXQGHQ ZDKUEHYRULFKGHQJURHQ6FKODJYHUVSUWHGHUPHLQHQ.|USHU HUVFKWWHUWH ,FKZDUQLFKWXQWHQ]ZLVFKHQGLH.OLSSHQJHIDOOHQVRQGHUQ KDWWHXQYHUVFKlPWHV*OFNJHKDEW(LQ9RUVSUXQJGHUZLHHLQH 1DVHDXVGHU)HOVZDQGZXFKVKDWWHPLFKJHUHWWHW 9RUOlXILJMHGHQIDOOV ,FKODJVFKUlJDXIGHP)HOVHQGHUDQHLQLJHQ6WHOOHQPLW0RRV EHZDFKVHQZDUXQGDQDQGHUHQZLHGHUXPYRQ:LQGXQG5HJHQ DXVJHZDFKVHQHVEODQNHV*HVWHLQ]HLJWH0HLQH%HLQHEDXPHOWHQ EHUGHP$EJUXQGGRFK]XP*OFNODJLFKPLWGHPJU|WHQ7HLO GHV2EHUN|USHUVDXIGHU)HOVSODWWHXQGNRQQWHPLFKZHLWHU ]LHKHQ (VODJDXIGHU+DQGGDVLFKGHU=RPELHEHU]HXJHQZUGH ZDVPLWPLUJHVFKHKHQZDUXQGVLFKHUOLFKZUGHHUDXFKYHU VXFKHQPLFK]ZLVFKHQGLH.OLSSHQ]XVWU]HQ ,FKNURFKYRUGHQQLFKKDWWHJHVHKHQGDGLH)HOVQDVHSUDN WLVFKLQGLH:DQGKLQHLQZXFKVXQGGRUWHLQHZLQ]LJH+|KOH ELOGHWHZRLFKPLFK]ZDUQLFKWYHUNULHFKHQNRQQWHDEHUGXUFK DXVJHVFKW]WODJ 'LH+lOIWHPHLQHV.|USHUVZXUGHDXIMHGHQ)DOODEJHGHFNWDOV LFKPLFKVFKOLHOLFKKLQKRFNWHXQGPHLQHQ5FNHQJHJHQGLH UDXKH:DQGKLQWHUPLUSUHWH 1XUDOOPlKOLFKEHUXKLJWHVLFKPHLQDXIJHUHJWHU+HU]VFKODJ,FK DWPHWHZLHGHUWLHIHUGXUFKXQGZLVFKWHPLUPLWGHP-DFNHWWlUPHO GHQ6FKZHLYRQGHU6WLUQ 7LHIXQWHUPLUODJGDV0HHU(LQHGXQNOHZRJHQGH2EHUIOlFKH GLHHUVWDQGHQKHUYRUVSULQJHQGHQ)HOVHQJHEURFKHQXQGDXIJH VFKlXPWZXUGHVRGDGDV:DVVHULQODQJHQ)RQWlQHQKRFK VSULW]WHXQGDQGHU:DQGZLHGHUKHUDEOLHI (LQIHLQHU5HJHQDXV6WDXEXQGNOHLQHUHQ6WHLQHQZLVFKWHYRU PLULQGLH7LHIH)UPLFKHLQ=HLFKHQGDVLFKGHU=RPELHGLFKW DP5DQGDXIKLHOW :DVZUGHHUWXQ" ,FKUKUWHPLFKQLFKWZDJWHQLFKW]XDWPHQXQGK|UWHHLQ ZLOGHV.QXUUHQ 'DQQGLHUDXKH6WLPPHXQGGLHDEJHKDFNWNOLQJHQGHQ:RUWH GLHPLFKKDUWWUDIHQ
ª,FKZHLGDGXQLFKWJHIDOOHQELVW$EHULFKZHUGHGLFKKROHQ 0HQVFK© 'DVZDUHLQ9HUVSUHFKHQ 1XQMDVROOWHHUNRPPHQ0HLQHQ2SWLPLVPXVKDWWHLFKQLFKW YHUORUHQ9LHOOHLFKWGHVKDOEQLFKWZHLOLFKVRHEHQQXUPLWNQDS SHU1RWHLQHPIUFKWHUOLFKHQ7RGHQWJDQJHQZDU ,FKODXHUWH 8QGGHU8QWRWHNDP:LHGHUUXWVFKWH*HVWHLQDQPLUYRUEHL GLHVPDOHWZDVPHKU+ROORZD\ZUGH6FKZLHULJNHLWHQKDEHQ ZHQQHUGLH:DQGKHUXQWHUNOHWWHUWH ,FKK|UWHGDV6FKDUUHQXQG5XWVFKHQYHUQDKPHLQHQ)OXFK DEHUGHU.LQGHUP|UGHUGDFKWHQLFKWDQ$XIJDEH(UNOHWWHUWH ZHLWHU ,FKUFNWHHWZDVYRU 8QGQXQEHZDKUKHLWHWHVLFKGLH7KHVHGD=RPELHVQLFKW GHQNHQN|QQHQ(LQQRUPDOHU0HQVFKLQVHLQHU/DJHZlUHQLHVR QDFKXQWHQJHNOHWWHUWZLHGHU8QWRWH(UKDQJHOWHVLFKHLQIDFK ZHLWHUXQGLFKVDKSO|W]OLFKVHLQH)H :HQQGDVNHLQH&KDQFHZDU 8PHLQH:LQ]LJNHLWUXWVFKWHLFKZHLWHUYRUXQGVWUHFNWHODQJ VDPGLH$UPHDXV (VPXWHHLQIDFKNODSSHQ 'DQQJULIILFK]X 0HLQH+lQGHJOLFKHQSO|W]OLFK6FKUDXEVW|FNHQDOVVLHGLH *HOHQNHGHV=RPELHVXPNODPPHUWHQ (LQZLOGHU5XFNGHPHLQ)OXFKGHVXQWRWHQ0|UGHUVIROJWH XQGLFKOLHORV +ROORZD\KDWWHHVQLFKWJHVFKDIIWVLFKDQGHUJODWWHQ)HOVZDQG IHVW]XNUDOOHQ7URW]VHLQHUJHZDOWLJHQ.UlIWHZDULKPGLHVQLFKW JHOXQJHQ(UKDWWHGHQSK\VLNDOLVFKHQ*HVHW]HQQDFKJHEHQ PVVHQXQGZLUEHOWHDQPLUYRUEHLLQGLH7LHIH ,FKZDUIPLFKKDVWLJ]XUFNGHQQIDVWKlWWHPLFKGHU.|USHU QRFKJHVWUHLIWXQGPLWJHULVVHQVRDEHUUDXVFKWHHULQGLH7LHIH$OV LFKLKPQDFKVDKHUNDQQWHLFKWURW]GHUKHUUVFKHQGHQ'XQNHOKHLW GHQ.|USHUPLWGHQDXVJHEUHLWHWHQ$UPHQXQG%HLQHQ(UIORJ ZLHHLQ)DOOVFKLUPVSULQJHURKQH6FKLUP 'HU$XIVFKODJJLQJLP7RVHQGHU%UDQGXQJXQWHU(LQQRUPDOHU 0HQVFKZlUHWRWJHZHVHQQLFKWGLHVHU=RPELH(UZUGHEHU
OHEHQXQGZLHGHUNRPPHQ'DPLWPXWHLFKUHFKQHQ $EHUHUVWHLQPDOPXWHLFK]XVHKHQZLHGHUYRQGLHVHU )HOVQDVHGLHPLUGDV/HEHQJHUHWWHWKDWWHZHJ]XNRPPHQ:DV YRUKLQJXWJHZHVHQZDUHUZLHVVLFKQXQDOV+LQGHUQLV (VZUGHZLUNOLFKQLFKWHLQIDFKVHLQDQGHUJODWWHQ:DQGKRFK ]XNOHWWHUQ,FKVWUHFNWHPHLQH$UPHLQGLH+|KHWDVWHWHEHUGHQ )HOVXQGVXFKWHQDFKLUJHQGZHOFKHQ(LQNHUEXQJHQLP*HVWHLQ ZRLFKHLQLJHUPDHQ+DOWILQGHQNRQQWH /LQNVYRQPLULFKPXWHPLFKVFKRQZHLWVWUHFNHQH[LVWLHUWH HLQVFKPDOHU6SDOW1LFKWEUHLWHUDOVHLQH.LQGHUKDQG'RUWIDWH LFK]XIDQGGDGHQ+DOWHSXQNWXQGVXFKWHPLWPHLQHUUHFKWHQ +DQGQDFKZHLWHUHQ6WW]HQ'LHJDEHVDXFK ,FKZLOOQLFKWODQJHPHLQH.OHWWHUHLEHVFKUHLEHQDXIMHGHQ)DOO NDPLFKREHQDQ:LHGDVZXWHLFKVHOEVWQLFKW,FKODJKLQWHUKHU ]HUVFKXQGHQXQGY|OOLJHUVFK|SIWDXIGHP%DXFKXQGUDQJYHU ]ZHLIHOWQDFK$WHP 0HLQH/XQJHQVFKLHQHQ]XJHVWRSIW]XVHLQXQGHVGDXHUWHZLUN OLFK0LQXWHQELVLFKPLFKZLHGHUDXIGLH%HLQHTXlOHQNRQQWH 7URW]GHPWRUNHOWHLFKQRFKZLHHLQ%HWUXQNHQHUDEHUPHLQ *HKLUQDUEHLWHWHNODUXQGSUl]LVH 1RFKKDWWHLFKNHLQHQ*HJQHUHUOHGLJW :HGHUGLHGUHL7HXIHOVNLQGHUQRFKGHQ=RPELHGHUVLFKHUOLFK ]XUFNNRPPHQZUGH ,FKGDFKWHDXFKDQGLH0HQVFKHQGLHVLFKLQJURHU*HIDKU EHIDQGHQ+DWWHQVLHHVEHUVWDQGHQRGHUZDUHQLKQHQGLHWHXI OLVFKHQ*HVFK|SIH]XYRUJHNRPPHQ" ,FKZROOWHVFKRQORVUHQQHQDOVPLUHLQILHOGDLFKXQEHZDIIQHW ZDU'LHEHLGHQGLFKWQHEHQHLQDQGHUVWHKHQGHQ6WHLQHZDUHQ VFKQHOO]XILQGHQ 8QGLFKKDWWHDXFKVHKUEDOGPHLQ.UHX]ZLHGHU )HKOWHGLH%HUHWWD:RNRQQWHGLH3LVWROHQXUJHODQGHWVHLQ",FK YHUJHJHQZlUWLJWHPLUQRFKHLQPDOGLHJHIlKUOLFKH6LWXDWLRQXQG UHFKQHWHQDFK$QVFKOLHHQGJLQJLFKLQGLH5LFKWXQJLQGHULFK GLH:DIIHYHUPXWHWH )DVWZlUHLFKGDUEHUJHVWROSHUW $OVLFKGLH%HUHWWDLQPHLQHU+DQGVSUWHIKOWHLFKPLFKZRKO HU8QGQXQKLHOWPLFKQLFKWVPHKU
1DGLQH%HUJHU]XFNWH]XUFN2EZRKOVLHQLFKWVVDJWHZXWHGHU %UJHUPHLVWHUVRIRUWZHUGRUWYRUGHP)HQVWHUVWDQG(UVFKDXWH GLH6FKDXVSLHOHULQDQ 1DGLQHQLFNWH ª'DQQLVWHVDXV©IOVWHUWH.LERUDQ ª:HQQQXU-RKQ6LQFODLUKLHUZlUH©KDXFKWH1DGLQH ª(UN|QQWHXQVDXFKQLFKWPHKUKHOIHQ© 6LHIXKUKHUXPª'RFK0U.LERUDQ(UN|QQWHHV,FKNHQQHLKQ XQGYHUWUDXH© ª$EHU6LHKDEHQGRFKJHK|UWZDVGLHVHNOHLQHQ0RQVWHUXQV JHVDJWKDEHQ6LQFODLUZLUGDXI+ROORZD\JHWURIIHQVHLQ8QGZDV ZLOOHUJHJHQVROFKHLQH*HVWDOWDXVULFKWHQ"© ª:LH"© ª'DYRQVHKHLFKQLFKWV© 1DGLQHDWPHWHWLHIHLQ6LHNRQQWHGHQ%UJHUPHLVWHUYHUVWHKHQ DEHUVLHHULQQHUWHVLFKDXFKDQHLQH6LWXDWLRQDOV'U7RGVLHLQ VHLQHQ.ODXHQJHKDEWXQGVLHVRJXWZLHNHLQHQ$XVZHJPHKU JHVHKHQKDWWHZLHGDQQ-RKQ6LQFODLUDXIJHWDXFKWZDUXQGLKP LKUH%HIUHLXQJDXVGHQ+lQGHQGLHVHV6DWDQVJHODQJ 'DPDOVZDUHVMHGRFKQXUHLQ*HJQHUJHZHVHQ+LHUKDWWHQVLH HVPLWGUHLWHXIOLVFKHQ:HVHQ]XWXQ 'DVZDUVFKOLPPHU 6LHGDFKWHDQLKUHQ)DVW9HUOREWHQ(LQ0HVVHUKDWWHLKQJHW|WHW 1DWUOLFKHPSIDQG1DGLQH7UDXHUDEHUQLFKWVRVWDUNZLHHV HLJHQWOLFKGHU)DOOKlWWHVHLQPVVHQ,KUH%LQGXQJ]XHLQDQGHU ZDUGRFKQLFKWVRHQJJHZHVHQ 'XPSIH6FKOlJHJHJHQGLH7UXQWHUEUDFKHQGLH*HGDQNHQGHU 6FKDXVSLHOHULQ 1DGLQH]XFNWH]XVDPPHQ ª-HW]WYHUVXFKHQVLHHVVFKRQYRQ]ZHL6HLWHQ©VDJWHGHU %UJHUPHLVWHU,QVHLQHU6WLPPHVFKZDQJ3DQLNPLW ª6ROOHQZLUQLFKWGRFKDXVGHP)HQVWHUNOHWWHUQ"© +HIWLJVFKWWHOWH.LERUDQGHQ.RSIª1HLQLFKZLOOQLFKWLQHLQ 0HVVHUODXIHQ© ª$EHUZLUN|QQHQDXFKQLFKWGXUFKGLH7U© ª'DVVWLPPW© :LHGHUHU]LWWHUWHVLHXQWHUHLQHP$QVWXUP'LHEHLGHQ 0HQVFKHQVDQQHQILHEHUKDIWEHUHLQHQ$XVZHJQDFK0DQ
PWHHLQHQ*HJHQVWDQGKDEHQPLWGHPPDQVLFKYHUWHLGLJHQ NDQQGDFKWH1DGLQH,KUH%OLFNHLUUWHQGXUFKGHQ5DXPIORJHQ DXFKEHUGDV.DOWH%IHWWGDVQXU]XP7HLODEJHGHFNWZDUXQG SO|W]OLFKZXUGHQLKUH$XJHQJUR ª:DVLVW"©IUDJWHGHU%UJHUPHLVWHU $QVWHOOHHLQHU$QWZRUWGHXWHWH1DGLQHDXIHLQHQ*HJHQVWDQG GHUGLFKWQHEHQGHP6WDQJHQEURWODJ(LQ0HVVHU ª,FKQHKPHHV©VDJWHVLHPLWNDXP]XYHUVWHKHQGHU6WLPPH ª8QGGDQQNOHWWHUHLFKGXUFKGDV)HQVWHU© ª1HLQGLHVLQGVWlUNHU© ª'DQQVFKODJHQ6LHGRFKHWZDVDQGHUHVYRUYHUGDPPW© ª,FKZHLQLFKWV© ª'HVKDOEQHKPHLFKGDV0HVVHU©1DGLQH%HUJHUOLHVLFKQLFKW EHLUUHQ6LHJULII]X ,KUH)LQJHUXPNODPPHUWHQGHQEUDXQHQ+RO]JULII7LHIVDXJWH VLHGLH/XIWHLQ6LHKDWWHVLFKHQWVFKORVVHQ]X]XVFKODJHQXQGVLH ZUGHVLFKGXUFKQLFKWVGDYRQDEKDOWHQODVVHQª:HQQLFKGLHVHV :HVHQHUOHGLJWKDEHN|QQHQ6LHPLWGHP0lGFKHQIROJHQ©VDJWH VLHNUlFK]HQG .LERUDQQLFNWH$XIJHUHJWEHREDFKWHWHHUZLH1DGLQHDXIGDV )HQVWHU]XVFKULWW6LHJLQJVWHLIZLHHLQH0DULRQHWWHDEHUDXFK VHKUHQWVFKORVVHQ +DUWXPNODPPHUWHQGLHIQI)LQJHUGHUUHFKWHQ+DQGGHQ *ULII'LH.OLQJHZLHV]X%RGHQ1DGLQHZROOWHGDV0HVVHUYRQ REHQQDFKXQWHQ]LHKHQ9RUGHP)HQVWHUEOLHEVLHVWHKHQ 6LHVFKDXWHGXUFKGLH]HUEURFKHQH6FKHLEH9LHOVDKVLHQLFKWGD VLFKXPGDV+DXVKHUXPGLH'XQNHOKHLW]XVDPPHQEDOOWH 'HU1DFKWZLQGEOLHVLKULQV*HVLFKWXQGZHKWHDXFKZLQ]LJH 6FKHUEHQUHVWHDXVGHP5DKPHQ9RQGHPWHXIOLVFKHQ.LQG NRQQWHVLHQLFKWVVHKHQHVKDWWHVLFK]XUFNJH]RJHQ1DGLQH UHFKQHWHIHVWGDPLWGDHVLUJHQGZRDXIVLHODXHUWH (VILHOLKUVFKZHUMHW]WQRFKVWDQGKDIW]XEOHLEHQ'HU0XWKDWWH VLHHWZDVYHUODVVHQDEHUZXFKWLJH6FKOlJHJHJHQGLH7UEHVWlUN WHQVLHZLHGHULQLKUHP9RUKDEHQ 6LHGXUIWHMHW]WQLFKWPHKU]|JHUQ$XFKZHQQGLH7UQRFKVR VWDELOZDULUJHQGZDQQZUGHVLHEUHFKHQ8QGGLHVHNOHLQHQ 0RQVWHUKDWWHQPHKU.UDIWDOVQRUPDOH.LQGHUGDYRQZDUGLH )LOPVFKDXVSLHOHULQIHVWEHU]HXJW
6LHEHXJWHVLFKYRU ,KU%OLFNZLQNHOZXUGHMHW]WEHVVHU1DGLQHYHUGUHKWHGLH $XJHQVRGDVLHHWZDV]XU6HLWHVFKLHOHQNRQQWH (UVWQDFKOLQNVGDQQQDFKUHFKWV 1LFKWV]XVHKHQ ª:DVLVW"©]LVFKWH.LERUDQKLQWHULKU ª(VVFKHLQWQLFKWPHKUGD]XVHLQ© ª:LUNOLFK"©+RIIQXQJNODQJLQGHU)UDJHPLW ª0DOVHKHQ©1DGLQH%HUJHUULVNLHUWHHWZDV6LHNOHWWHUWHDXIGLH KRKH)HQVWHUEDQNXQGGXFNWHVLFKGDPLWVLHYRQGHQUHVWOLFKHQ 6FKHUEHQVSOLWWHUQQLFKWJHWURIIHQZXUGH 'DQQKROWHVLHQRFKHLQPDOWLHI/XIWVWLHVLFKDEXQGVSUDQJ QDFKGUDXHQ 6LHNDPJXWDXINQLFNWHQLFKWPLWGHP)XXPXQGOLHI]ZHL 6FKULWWHYRUXPVLFKUDVFKXP]XGUHKHQ 'DV*HVFK|SINDPDXVGHP6FKDWWHQGHU+DXVZDQG1DGLQH VDKGLHKXVFKHQGH%HZHJXQJXQGQDKPDXFKGDV%OLW]HQGHU JHIlKUOLFKHQ0HVVHUNOLQJHZDKU :DKOORVVWLHVLHHLQSDDUPDO]X 6LHVSUWH:LGHUVWDQGVDKGDVYHU]HUUWH*HVLFKWGLFKWYRUVLFK GLH)DXVWPLWGHP0HVVHU]XFNWH]XUFNVSUWHGHQEUHQQHQGHQ 6FKPHU]DQGHU6FKXOWHUJOHLFKGDUDXIDXFKDQGHU+IWHXQG ZXWHGDVLHJHWURIIHQZDU 'LHVH(UNHQQWQLVOlKPWHLKUH5HDNWLRQHQ1DGLQHOLHI]XUFN VWROSHUWHXQGILHO *UlOLFKODFKWHGDV*HVFK|SIDXI 1DGLQHODJDP%RGHQVDKGDVNOHLQH0RQVWHUEHUVLFKGDVLKU SO|W]OLFKVHKUJURYRUNDP $XIGHUWHXIOLVFKHQ)UDW]HVSLHJHOWHVLFK7ULXPSKZLGHUGLH $XJHQVFKLPPHUWHQU|WOLFKXQGUROOWHQLQGHQ+|KOHQ 1DGLQHV%OLFNLUUWHDEVWUHLIWHGDV)HQVWHUVLHVDKGRUWGHQ %UJHUPHLVWHUGHVVHQ*HVWDOWVLFKYRUGHU+HOOLJNHLWDEKRE6LH ZROOWHVFKUHLHQGRFKNHLQ/DXWGUDQJDXVLKUHP0XQG 'DVWHXIOLVFKH*HVFK|SIYRULKUOHEWHREZRKOVLHHVHLQSDDUPDO JHWURIIHQKDWWH 6RZDUHVQLFKW]XW|WHQ 'DZDUIVLFKGDV0RQVWHUQDFKYRUQVWLHZXFKWLJ]X
,PVHOEHQ0RPHQWNUDFKWHHLQ6FKX 'DVKHOOHSHLWVFKHQGH*HUlXVFKUROOWHEHUGDV3ODWHDX'LH %HZHJXQJGHVWHXIOLVFKHQ.LQGHVZXUGHJHVWRSSWGHU(LQVFKODJ GHV*HVFKRVVHVWULHEHV]XU6HLWHXQGGDVNOHLQH0RQVWHUSUDOOWH QHEHQ1DGLQH%HUJHU]X%RGHQ 6FKUHLHQGEOLHEHVOLHJHQ (LQH*HVWDOWKHW]WHKHUDQ 'DVZDULFK ,FKKDWWHGHQ6FKUHLGHV%UJHUPHLVWHUVJHK|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ª1DGLQH©IOVWHUWHLFKª$OOHVRND\"© 6LH|IIQHWHGLH$XJHQXQGULFKWHWHVLFKDXIª-RKQ©KDXFKWHVLH XQGEOLFNWHPLFKDQDOVN|QQWHVLHHVJDUQLFKWEHJUHLIHQGDLFK HVZDUXQGGDQQULHIVLHZLHGHUDEHUGLHVPDOVWlUNHU ª-RKQ© (VZDUHLQ6FKUHLHLQ5XIGHU9HU]ZHLIOXQJXQGGHU (UOHLFKWHUXQJ6LHZDUILKUH$UPHKRFKXPNODPPHUWHPHLQHQ 1DFNHQXQGSUHWHVLFKHQJDQPLFK ª0U6LQFODLU© 'HUQlFKVWH5XIULPLFKDXVPHLQHUPRPHQWDQHQ/HWKDUJLH ,FKVWLH1DGLQHYRQPLUGUHKWHPLFKXQGVDKGHQ0DQQDP )HQVWHU%UJHUPHLVWHU.LERUDQZLQNWHGDQQYHUVFKZDQGHUPLW HLQHPJURWHVNZLUNHQGHQ6SUXQJXQGLFKVDKHLQHQDQGHUHQ 6FKDWWHQHLQHQZHVHQWOLFKNOHLQHUHQ 'DV7HXIHOVNLQG ,FKUDQQWHORV
'LH=HLWHUVWGHQQRUPDOHQ:HJ]XQHKPHQXQGGXUFKGHQ (LQJDQJGDV+DXV]XEHWUHWHQQDKPLFKPLUQLFKW,FKKlWWHZHUW YROOH6HNXQGHQYHUORUHQ 0HLQ=LHOZDUGDV)HQVWHU ,FKSUDOOWHIDVWJHJHQGLH0DXHUQVRYLHO0KHEHUHLWHWHHVPLU GHQHLJHQHQ6FKZXQJ]XEUHPVHQ'LH%HUHWWDVWHFNWHLFKLQGHQ +RVHQEXQGPHLQH$UPHIORJHQKRFKXQGHVJHODQJPLUGHQ 5DQGGHU)HQVWHUEDQN]XXPNODPPHUQ +DVWLJ]RJLFKPLFKKRFK (LQ.OLPP]XJUHLFKWH,FKKRFNWHJHNUPPWDXIGHU%DQNXQG EOLFNWHLQV=LPPHU 'RUWZDUGLH+|OOHORV 'HQWHXIOLVFKHQ:HVHQPXWHHVJHOXQJHQVHLQGLH7UHLQ]X WUHWHQ6LHODJDXIGHP%RGHQEHLGH0RQVWHUEHIDQGHQVLFKLP 5DXPXQGDWWDFNLHUWHQ0DULRQ0LWFKHOOXQGGHQ%UJHUPHLVWHU 9RQ'RQ0LWFKHOOVDKLFKQLFKWV 'DV0lGFKHQEHIDQGVLFKLQJU|HUHU*HIDKUZlKUHQGVLFK .LERUDQ]XUFNJH]RJHQXQGGHQODQJHQ7LVFK]ZLVFKHQVLFKXQG HLQHVGHU*HVFK|SIHJHEUDFKWKDWWH 0LW6FKZXQJVSUDQJLFKLQGHQ5DXP *HQDXLQGHP$XJHQEOLFNGUHKWHVLFKGDV*HVFK|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|WLJHQ(UIROJ'LH6FKVVHOQXQG6FKDOHQPDFKWHQVLFK VHOEVWlQGLJVLHUXWVFKWHQGHPNOHLQHQ0RQVWHUHQWJHJHQXQGGHU 7LVFKNLSSWHXP
'DV7HXIHOVNLQGZXUGHXQWHUGHP7LVFKEHJUDEHQ ª9RUVLFKW©VFKULHGHU%UJHUPHLVWHU ,FKVSUDQJ]XU6HLWHXQGZLUEHOWHJOHLFK]HLWLJKHUXP 'DV]ZHLWH:HVHQKDWWHGHQ$UPEHUHLWVHUKREHQXPGDV 0HVVHU]XVFKOHXGHUQ ,FKZDUVFKQHOOHU 9RUGHP/DXIGHU%HUHWWDEOLW]WHHVDXI'DV:HVHQNDPQLFKW PHKUGD]XVHLQ0HVVHU]XZHUIHQGHQQGDVJHZHLKWH 6LOEHUJHVFKRZDUIHV]XUFNELVHVYRUGHU:DQGDXIJHKDOWHQ ZXUGH 1RFKHLQ*HJQHU -HW]WHUVWEHPHUNWHLFKZHOFKHLQH.UDIWLQGHQNOHLQHQDEHU JHIlKUOLFKHQ:HVHQVWHFNWH(VKLHYWHGHQVFKZHUHQ7LVFKKRFK XQGZROOWHLKQPLUHQWJHJHQNLSSHQ ,FKNDPQLFKWVFKQHOOJHQXJZHJVRGDGLH.DQWHEHUPHLQ 6FKLHQEHLQVFKUDPPWH (VWDWYHUIOXFKWZHKXQGLFKYHU]RJGDV*HVLFKW 'DVNOHLQH0RQVWHUMHGRFKJULIIQLFKWDQVRQGHUQOLHIDXIGDV )HQVWHU]X 'LFKWGDYRUVHW]WHHV]XHLQHP6SUXQJDQ0LWHLQHP6DW] ZROOWHHVVLFKGXUFKGLH6FKHLEHVFKQHOOHQ 'DJHJHQKDWWHLFKHWZDV 0HLQ6FKXNUDFKWH ,QGHU/XIWZXUGHGDVGULWWH7HXIHOVNLQGKHUXPJHZLUEHOW NQDOOWHJHJHQGLHLQQHUH)HQVWHUEDQNXQGUXWVFKWHPLWGHU+lOIWH GHV2EHUN|USHUVEHUGLH%UVWXQJ 6REOLHEHVOLHJHQ 8QGVRYHUJLQJHVDXFK 'DV7HXIHOVJHVLFKW]HUILHOXQGGHU.|USHUJLQJEHULQGDV 6WDGLXPGHU9HUZHVXQJ :LHEHLGHQEHLGHQDQGHUHQ ,FKVWHFNWHGLH:DIIHZHJXQGQLFNWHGHP%UJHUPHLVWHU]X ª'LH*HIDKULVWYRUEHL©VDJWHLFK ª-D©IOVWHUWHHU 0HKUNRQQWHHUQLFKWVDJHQ,FKDEHUZLHVLKQDQVLFKXP 1DGLQH%HUJHU]XNPPHUQª+ROHQ6LHVLHKHU© (UQLFNWHXQGYHUVFKZDQGGXUFKGLH7U(UOLHVLHRIIHQXQG LFKNRQQWHLQGLH+DOOHVFKDXHQ
'RUWVDKLFK'RQ0LWFKHOO (UODJGLFKWYRUGHU7UHSSHXQGIUPLFKVWDQGIHVWGDLKP NHLQ$U]WGHU:HOWPHKUKHOIHQNRQQWH 'LHVHWHXIOLVFKHQ:HVHQKDWWHQVLFKHLQ]ZHLWHV2SIHUJHKROW ,FKJLQJ]X0DULRQ0LWFKHOO6LHKDWWHVLFKZlKUHQGGHUJHVDP WHQ=HLWQLFKWJHUKUWVRQGHUQDXIGHP%RGHQJHVHVVHQXQGVLFK PLWGHP5FNHQDQGLH:DQGJHOHKQW 'HQ.RSIKLHOWVLHJHVHQNW0LUVFKZDQWH%|VHVDOVLFKVDFKWLKU .LQQDQKRE :LOOHQORVOLHVLHHVJHVFKHKHQ ,FKVDKDXFKGHQ*UXQG 'DV0l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|KH GHU+IWHJHWURIIHQZRUGHQ ,FKGLULJLHUWH0DULRQ]XHLQHP6WXKODXIGHQVLHVLFKDSDWKLVFK QLHGHUOLH 'DQQNPPHUWHLFKPLFKXP1DGLQH'LH:XQGHQZDUHQQLFKW VFKOLPPVLHVFKPHU]WHQQXUZUGHQMHGRFKVFKQHOOYHUKHLOHQ 6LFKHUOLFKJDEHVLQGLHVHP+DXVHLQHQ9HUEDQGVNDVWHQ'HU %UJHUPHLVWHUZROOWHREHQLP%DGQDFKVHKHQ ª'XKDVWHVDOVRGRFKQRFKJHVFKDIIW©IOVWHUWH1DGLQHZREHL VLHLPPHUZLHGHUYRQ:HLQNUlPSIHQJHVFKWWHOWZXUGH ª-DQDWUOLFK© ª$EHUGLHDQGHUHQKDEHQQLFKWGDUDQJHJODXEW1XULFK© :DVVROOWHLFKGD]XVDJHQ",FKKDWWHMDVHOEVWQLFKWPHKUGDPLW JHUHFKQHWQDFKGHPZDVDOOHVJHVFKHKHQZDU$EHUGDVNRQQWH LFKLKUQLFKWVDJHQXQGPHLQWHGHVKDOEª1DMDLUJHQGZLHSDFNH LFKHVLPPHUNOHLQH1DGLQH©
ª,FKZHL-RKQLFKZHL©%HYRULFKPLFKYHUVDKSUHWHVLH LKUH/LSSHQDXIPHLQHQ0XQGXQGVFKRELKUHNOHLQH=XQJHQ VSLW]H]ZLVFKHQPHLQH=lKQH 'HU.XVDJWHDOOHV (LQ5lXVSHUQOLHXQVDXVHLQDQGHUIDKUHQ'HU%UJHUPHLVWHU VWDQGPLWGHU+DXVDSRWKHNHEHUHLWª1LFKWGDLFKXQEHGLQJW VW|UHQZLOODEHUHVLVWZLFKWLJ© ,FKODFKWHª6FKRQJXW© (VVWHOOWHVLFKKHUDXVGD.LERUDQHLQHQ.XUVXVDOV6DQLWlWHU PLWJHPDFKWKDWWH(UYHUVWDQGHWZDVYRQGHU(UVWHQ+LOIHXQG YHUEDQG1DGLQHV:XQGHQIDFKPlQQLVFK ,FKVDKPLFKXP (VZDUHLQVFKDXULJHV%LOGGDVGLHVH+DOOHERW9RUDOOHQ'LQJHQ PLWGHP7RWHQDQGHU7UHSSH8QGLQGHUREHUHQ(WDJHODJQRFK HLQH]ZHLWH/HLFKH 6LHDE]XWUDQVSRUWLHUHQZDU6DFKHGHU3ROL]HL1XUZROOWHLFKVLH QRFKQLFKWHLQVFKDOWHQGHQQGHU)DOOZDUQRFKQLFKWEHHQGHW'DV VDJWHLFKDXFKGHQEHLGHQ ª'DQQGDQQPVVHQZLUGDPLWUHFKQHQGD5LFN+ROORZD\ KLHUKHU]XUFNNHKUW"©IUDJWHGHU%UJHUPHLVWHU ,FKQLFNWH ª8QG"© ,FKOlFKHOWHVFKZDFKª(LQHHUNDQQWH*HIDKULVWQXUKDOEVR VFKOLPP©HUNOlUWHLFKª,FKZHUGHKLHUDXI+ROORZD\ZDUWHQ© ª:LH"© ª,FKVHW]HPLFKKLHULQGLH+DOOH© ª$EHUVFKDIIHQ6LHGDVGHQQ"© ª8QGREHUGDVVFKDIIW©HUZLGHUWH1DGLQH%HUJHUZREHLLKUH $XJHQEOLW]WHQª'DNHQQHQ6LH-RKQ6LQFODLUDEHUVFKOHFKW 0U.LERUDQ+DWHUXQVQLFKWDXFKDXVGHU.OHPPHJHKROIHQ"© ª:DUMDQXUHLQH)UDJH(QWVFKXOGLJXQJ© ,FKZLQNWHDE ª'DLVWQRFKHWZDV©VDJWHPLUGHU%UJHUPHLVWHUª'LHVH6WDQG XKUPXPLW+ROORZD\LQHLQHPXQPLWWHOEDUHQ=XVDPPHQKDQJ VWHKHQ,FKZHLQLFKWZLHLFKHVDXVGUFNHQVROODEHUGLH8KU VFKHLQWIULKQHLQH$UW6HHOH]XVHLQ© ,FKIXKUPLWGHP=HLJHILQJHUEHULQHLQHQ1DVHQUFNHQª'DV ZDUJDUQLFKWVFKOHFKW+HUU%UJHUPHLVWHU8QGVLFKHUOLFKKDEHQ
6LH]LHPOLFKJHQDXGHQ.HUQGHV3UREOHPVJHWURIIHQ-DHLQH$UW 6HHOH6RN|QQWHPDQHVVHKHQ©,FK|IIQHWHGLH=LPPHUWUXQG VFKDXWHDXIGLH8KU6LHVWDQGY|OOLJQRUPDODQGHU:DQG ª:UGHQ6LHPLUKHOIHQGDV'LQJLQGLH+DOOH]XVFKOHSSHQ"© .LERUDQQLFNWH 'LH8KUZDUVFKZHU'RFKLQJHPHLQVDPHU$UEHLWJHODQJHV XQVVLHLQGLH+DOOH]XYHUIUDFKWHQ ,FKJLQJQRFKHLQPDOQDFKGUDXHQ|IIQHWHGLH.RIIHUUDXP KDXEHXQGQDKPHLQHEHVWLPPWH:DIIHKHUYRU 'HVWHURV6FKZHUW ,PKDUWHQ.DPSIKDWWHLFKHVGHP'lPRQHQKHQNHUDEJHQRP PHQ1XQJHK|UWHHVPLU,FKKDWWHHVLQHLQHUZHLFKHQ /HGHUVFKHLGHVWHFNHQ'LHOLHLFKOLHJHQXQGQDKPQXUGDV 6FKZHUW $XIGHP:HJLQV+DXVEHVDKLFKPLUGLH.OLQJH 6LHVFKLPPHUWHEOlXOLFKXQGZDUIDQWDVWLVFKJHVFKOLIIHQ'LHVHV 6FKZHUWZDUZLUNOLFKHWZDV%HVRQGHUHV,FKNRQQWHVWRO]GDUDXI VHLQHVLQGHQ+lQGHQ]XKDOWHQ9RUNQDSSHLQHU:RFKHKDWWHLFK HVEHNRPPHQXQGZROOWHHVQXQ]XPHUVWHQ0DOHLQVHW]HQ 'HU%UJHUPHLVWHUXQG1DGLQH%HUJHUVDKHQPLFKEHUUDVFKW DQDOVLFKPLWGLHVHU:DIIH]XUFNNHKUWH ª:DVZROOHQ6LHGHQQGDPLW"©IUDJWH.LERUDQ 0HLQH$QWZRUWNODQJGLSORPDWLVFKª/DVVHQ6LHVLFKEHU UDVFKHQ+HUU%UJHUPHLVWHU© 'LH(LQJDQJVWUEHIDQGVLFKPLUGLUHNWJHJHQEHU,FKVDDXI HLQHP6WXKOXQGZDUWHWH +LQWHUPLUVWDQGGLH8KU'DV6FKZHUWKDWWHLFKEHUPHLQH .QLHJHOHJWGDV.UHX]KLQJRIIHQYRUPHLQHU%UXVW 6RHUZDUWHWHLFKGHQ=RPELH 1DGLQH%HUJHUGHQ%UJHUPHLVWHUXQG0DULRQ0LWFKHOOKDWWH LFKQDFKREHQJHVFKLFNW6LHVROOWHQHUVWZLHGHULQGLH+DOOH NRPPHQZHQQDOOHVYRUEHLZDU 'LH=HLWNDQQODQJZHUGHQZHQQPDQGDKRFNWXQGZDUWHW +LQWHUPLUYHUQDKPLFKGDV7LFNHQGHU8KU,P$QIDQJKDWWHHV PLFKHLQZHQLJEHXQUXKLJWMHW]WZDULFKGDUDQJHZ|KQW (LQSDDUPDOVFKRQKDWWHLFKQDFKJHUHFKQHWZLHODQJHHVZRKO
GDXHUQZUGHELVGHU=RPELHNDP:HQQHUDQGHU)HOVZDQG KRFKNOHWWHUQZROOWHNRQQWHLFKKLHUZDUWHQELVLFK6FKLPPHO DQJHVHW]WKDWWH6LFKHUOLFKJDEHVQRFKHLQHQDQGHUHQ:HJGHULQ :DVVHUK|KH]ZLVFKHQGLH)HOVHQVFKQLWWXQGGDQQ]XHLQHP EHJHKEDUHQ3IDGZXUGH 1HEHQPLUVWDQGHLQH)ODVFKHPLW0LQHUDOZDVVHU+LQXQG ZLHGHUQDKPLFKHLQHQ6FKOXFN /lQJVWKDWWHGLH8KUHOIPDOJHVFKODJHQXQGLFKIUDJWHPLFKRE +ROORZD\EHUKDXSWQRFKYRU0LWWHUQDFKWHLQWUHIIHQZUGH 'DV/LFKWEUDQQWHMHGHQIDOOVVRZXUGHLKPGHU:HJJHZLHVHQ )DVWYLHUXQG]ZDQ]LJ8KU 1XUQRFKGUHL0LQXWHQIHKOWHQ 0HLQHLQQHUH6SDQQXQJZXFKV,FKDKQWHGDGHU8QWRWHEDOG HLQWUHIIHQZUGH'DVKDWWHLFKJHZLVVHUPDHQLP*HIKOVSUWH HVLQGHQ)LQJHUVSLW]HQ 'UHL0LQXWHQN|QQHQVLFKJDQ]VFK|QLQGLH/lQJH]LHKHQGDQQ DEHUZDUHVVRZHLW 0LWWHUQDFKW )UHLQHQ0RPHQWK|UWHGDV7LFN7DFNGHU8KUDXI'DQDFK EHJDQQVLH]XVFKODJHQ=Z|OIPDO 8QGPLWGHPOHW]WHQ6FKODJZXUGHGLH(LQJDQJVWUPLW 9HKHPHQ]DXIJHWUHWHQ 'HU=RPELHZDUGD ,FKEOLHEQLFKWVLW]HQVRQGHUQVWDQGDXI 'LH7UIHJWHELV]XU:DQGXQGZXUGHYRQGRUWZLHGHU]XUFN JHVFKOHXGHUW+LQWHUGHP5FNHQGHV=RPELHVNQDOOWHVLHLQV 6FKOR%UHLWZXFKWLJXQGJHIlKUOLFKVWDQG5LFN+ROORZD\GD $EHUZLHVDKHUDXV 'HU6WXU]PXWHLKPHLQLJH.QRFKHQJHEURFKHQKDEHQ(LQH 6FKXOWHUVDVFKLHIHLQ$UPVWDQGVFKUlJDEGHU.RSIZDUDQGHU UHFKWHQ6HLWHJHVSOLWWHUW $EHUHUVSUWHNHLQH6FKPHU]HQHUOHEWHZHLWHUXQGZROOWH PLFKW|WHQ /DQJVDPNDPHUQlKHU ,FKWUDW]XU6HLWHXQGVWLHGHQ6WXKOZHJGHUPLFKMHW]WLQ PHLQHU%HZHJXQJVIUHLKHLWVW|UWH0LWEHLGHQ+lQGHQKLHOWLFK
GHQ6FKZHUWJULIIIHVW,FKZUGHGLH:DIIH]XPHUVWHQ0DOHLQ VHW]HQDEHUQLFKWJHJHQ5LFN+ROORZD\ 0HLQ3ODQVDKDQGHUVDXV )QI6FKULWWHZDUHUQRFKYRQPLUHQWIHUQWDOVLFKPLWXQJH KHXUHU:XFKW]XVFKOXJ 6HLWOLFKKlPPHUWHLFKGLH.OLQJHJHJHQGLHDOWH6WDQGXKU(V NOLPSHUWHVSOLWWHUWH+RO]EUDFKGDV3HQGHOIORJYRQHLQHU6HLWH ]XUDQGHUHQXQGPLWGHQ*HZLFKWHQZDUHVGDVJOHLFKH6SLHO +ROORZD\DEHUVFKULH 6HLQ/DXIZXUGHSO|W]OLFKJHEUHPVWHUNQLFNWHVHLWOLFKHLQXQG KDWWH0KHVLFKDXIGHQ%HLQHQ]XKDOWHQ 'HU]ZHLWH6FKODJ 'LHVPDOWUDILFKGLH8KUYRQYRUQ'LHVFKDUIH.OLQJHVlJWHLQ GDV+RO]VFKOLW]WHHVDXIXQGLFKYHUQDKPHLQHQJHOOHQGHQ 6FKUHL +ROORZD\]XFNWH]XVDPPHQ(UVFKWWHOWHVLFKZLHLP)LHEHU XQGDOVLFKPLWGHPGULWWHQ+LHEGLH8KUIDVWLQGHU0LWWHDXVHLQ DQGHUVFKOXJILHOHU]X%RGHQXQGZlO]WHVLFKVFKUHLHQGXPGLH HLJHQH$FKVH (VVWLPPWH =ZLVFKHQGHU8KUXQG5LFN+ROORZD\EHVWDQGHLQHPDJLVFKH 9HUELQGXQJGLHLFKMHW]WVWXIHQZHLVH]HUVW|UWH 'UHL6FKOlJHKDWWHQJHUHLFKWGHU8QWRWHODJDP%RGHQ$EHULFK ZROOWHPHKU 'HUYLHUWH6FKODJVROOWHDOOHVNODUPDFKHQ :HLWKROWHLFKDXV8QGGLHVPDO]LHOWHLFKDXIGDV+HU]GHU8KU GDV=LIIHUEODWW 'HVWHURV6FKZHUWKLHEHVLQ]ZHL7HLOH(VJDEHUVWHLQHQ VLQJHQGHQ7RQGHUGDQQLQHLQJHZDOWLJHV.UHLVFKHQEHUJLQJ GDVVLFKZLHGHUlQGHUWHXQG]XHLQHP)DXFKHQZXUGH 3O|W]OLFKTXROO5DXFKDXVGHU6FKQLWWVWHOOHGHUURWJHIlUEWZDU XQGDXVGHPVLFKHLQH7HXIHOVIUDW]HPDWHULDOLVLHUWHLQGLHLFKGHQ QlFKVWHQ6FKODJVHW]WH 'DV6FKZHUW]HUWHLOWHGHQ5DXFKDEHUHU]HUIDVHUWHDXFKVRXQG LFKK|UWHQLFKWQXUIHUQH6FKUHLHGLHDXVLUJHQGHLQHUDQGHUHQ 'LPHQVLRQ]XNRPPHQVFKLHQHQVRQGHUQYHUQDKPDXFKGLH ODXWHQ7RGHVUXIHGHV=RPELHV 5LFN+ROORZD\VWDUE
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lQGLJZDU ,KQWURPPHOWHLFKDXVGHP%HWW (LQHKDOEH6WXQGHVSlWHUZDUGDQQDOOHVJHNOlUW'LH7RWHQ ZXUGHQZHJJHVFKDIIW 1DGLQH%HUJHUZHLQWHDOVPDQ'RQ0LWFKHOOLQGHQ=LQNVDUJ OHJWHXQGLKQKLQDXVWUXJ6HLQH6FKZHVWHUVDVFKRQLQHLQHP .DVWHQZDJHQ6LHVSUDFKPLWVLFKVHOEVW9LHOOHLFKWKDWWHVLH*OFN XQGZUGHEHLHQWVSUHFKHQGHU%HKDQGOXQJJHVXQGXQGDXVGHU $QVWDOWHQWODVVHQ :LUPXWHQXQVQRFKOlQJHUH=HLWLQGHP+DXVDXIKDOWHQ (VJDOW]DKOUHLFKH)UDJHQ]XNOlUHQXQGVRJDUGHU&RPPLV VLRQHUSHUV|QOLFKWUDIHLQ0LWLKPUHGHWHLFKODQJHXQWHUYLHU $XJHQ :LUWUHQQWHQXQVLQEHLGHUVHLWLJHP(LQYHUQHKPHQ (VZXUGHVFKRQKHOODOVZLUGDV+DXVDXIGHQ.OLSSHQ YHUOLHHQ1DGLQHJLQJQHEHQPLU ª'XNDQQVWPLWPLUIDKUHQ©VFKOXJLFKYRU ª*HUQ© :LUYHUDEVFKLHGHWHQXQVYRQGHP%UJHUPHLVWHUGHUGLHVHQ 7DJZRKOQLHYHUJHVVHQZUGH ª:LOOVWGXGLUHNWQDFK/RQGRQ"©IUDJWH1DGLQHYLHOVSlWHUDOV ZLUGXUFKGLHKJHOLJH/DQGVFKDIWYRQ:DOHVUROOWHQ ª1HLQLFKNDQQQRFKHLQHQ7DJDXVVFKODIHQ:LHVR"© 6LHOlFKHOWHHWZDVYHUNUDPSIWª:HLOHVQLFKWZHLWYRQKLHUHLQ QHWWHVNOHLQHV+RWHOJLEWGHVVHQ%HVLW]HULFKJXWNHQQH:LUKDEHQ
GRUWPDOHLQHQ)HUQVHKILOPJHGUHKWXQGGLH$EHQGHIHXFKW IU|KOLFKLQGHU+RWHOEDUYHUEUDFKW© 1DWUOLFKHULQQHUWHVLFKGHU%HVLW]HUDQ1DGLQH%HUJHU:LU HUKLHOWHQDXFKHLQ=LPPHU ,FKEOLFNWHEHUUDVFKWDXIGDV)UDQ]|VLVFKH%HWW ª8QGGDVROOHQZLUVFKODIHQ"©IUDJWHLFKPLWHWZDVNUDW]LJHU 6WLPPH 1DGLQHQLFNWHPLU]Xª:DUXPQLFKW"© -D)UHXQGHZDUXPHLJHQWOLFKQLFKW"6FKOLHOLFKELQLFKDXFK QXUHLQ0DQQXQGZHU1DGLQH%HUJHUNHQQWGHUNDQQPHLQH $QWZRUWVHKUJXWYHUVWHKHQ